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: December 31
Date of reporting period: June 30, 2022
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
30 June
2022
Nuveen Equity Funds
| Fund Name | Class A | Class C | Class R6 | Class I | ||||
| Nuveen Global Infrastructure Fund | FGIAX | FGNCX | FGIWX | FGIYX | ||||
| Nuveen Global Real Estate Securities Fund | NGJAX | NGJCX | NGJFX | NGJIX | ||||
| Nuveen Real Asset Income Fund | NRIAX | NRICX | NRIFX | NRIIX | ||||
| Nuveen Real Estate Securities Fund | FREAX | FRLCX | FREGX | FARCX |
Semiannual Report
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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,
The first half of 2022 was challenging for financial markets. While global economic activity began to slow from post-pandemic peaks as pent-up demand waned and crisis-era monetary and fiscal support programs were phased out, persistently high inflation and central banks’ response have contributed to heightened uncertainty about financial and economic conditions.
Inflation has surged partially due to supply chain bottlenecks and exacerbated by Russia’s war in Ukraine and recent lockdowns across China to contain a large-scale COVID-19 outbreak. This has necessitated more forceful responses from the U.S. Federal Reserve (Fed) and other central banks, who now face an even more difficult task of slowing inflation without pulling their respective economies into recession. As anticipated, the Fed began the rate hiking cycle in March 2022, raising its short-term rate by 0.25% from near zero for the first time since the pandemic was declared two years ago. Larger increases of 0.50% in May and 0.75% in both June and July 2022 followed, bringing the target fed funds rate to a range of 2.25% to 2.50%. Additional rate hikes are expected in the remainder of this year, although Fed officials will closely monitor inflation data along with other economic measures and modify their rate setting policy based upon these factors. U.S. gross domestic product growth has now contracted for two consecutive quarters, according to preliminary government estimates, as consumer and business activity has slowed in part due to higher prices and borrowing costs. However, the still strong labor market suggests not all areas of the economy are weakening.
In the meantime, while markets will likely continue fluctuating with the daily headlines, we encourage investors to keep a long-term perspective. To learn more about how well your portfolio is aligned to your time horizon, risk tolerance and investment goals, consider reviewing it 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
August 22, 2022
4
Important Semiannual Shareholder Report Notice
For Shareholders of
Nuveen Global Infrastructure Fund
Nuveen Global Real Estate Securities Fund
Nuveen Real Asset Income Fund
Nuveen Real Estate Securities Fund
Portfolio Manager Commentaries in Semiannual Shareholder Reports
The Funds’ include portfolio manager commentary in their annual shareholder reports. For the Funds’ most recent annual portfolio manager discussion, please refer to the Portfolio Managers’ Comments section of each Fund’s December 31, 2021 annual shareholder report.
For current information on your 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 within this report and the Fund’s most recent prospectus at www.nuveen.com.
For average annual total returns as of the end of this reporting period, please refer to the Fund Performance, Expense Ratios and Holdings Summaries section within this report.
5
Risk Considerations and Dividend Information
Risk Considerations
Nuveen Global Infrastructure Fund
Mutual fund investing involves risk; principal loss is possible. Concentration in infrastructure-related securities involves sector risk and concentration risk, particularly greater exposure to adverse economic, regulatory, political, legal, liquidity, and tax risks associated with master limited partnerships (MLPs) and real estate investment trusts (REITS). Foreign investments involve additional risks including currency fluctuations and economic and political instability. These risks are magnified in emerging markets. Common stocks are subject to market risk or the risk of decline. Small- and mid-cap stocks are subject to greater price volatility. The use of derivatives involves substantial financial risks and transaction costs. The Fund’s potential investment in other investment companies means shareholders bear their proportionate share of fund expenses and indirectly, the expenses of other investment companies. Fund investments in exchange trade funds (ETFs) may involve tracking error. Preferred securities may involve greater credit risk than other debt instruments.
Nuveen Global Real Estate Securities Fund
Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. The real estate industry is greatly affected by economic downturns or by changes in real estate values, rents, property taxes, interest rates, tax treatment, regulations, or the legal structure of the REIT. Prices of equity securities may decline significantly over short or extended periods of time. 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 active management, derivatives, preferred security, and, small and mid-cap risks, are described in detail in the Fund’s prospectus.
Nuveen Real Asset Income Fund
Mutual fund investing involves risk; principal loss is possible. Equity investments such as those held by the Fund are subject to market risk, call risk, derivatives risk, other investment companies risk, common stock risk, and tax risks associated with master limited partnerships (MLPs). Concentration in specific sectors may involve greater risk and volatility than more diversified investments: real estate sector involves the risk of exposure to economic downturns and changes in real estate values, rents, property taxes, interest rates and tax laws; infrastructure-related securities may involve greater exposure to adverse economic, regulatory, political, legal, and other changes affecting such securities. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity, and differing legal and accounting standards. These risks are magnified in emerging markets. Investments in small- and mid-cap companies are subject to greater volatility. In addition, the Fund will bear its proportionate share of any fees and expenses paid by the exchange trade funds (ETFs) in which it invests.
Debt or fixed income securities such as those held by the Fund are subject to market risk, credit risk, interest rate 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. Preferred securities are subordinated to bonds and other debt instruments in a company’s capital structure and therefore are subject to greater credit risk. Asset-backed and mortgage-backed securities are subject to additional risks such as prepayment risk, liquidity risk, default risk and adverse economic developments.
Nuveen Real Estate Securities Fund
Mutual fund investing involves risk; principal loss is possible. Common stocks and REITs such as those held in the Fund involve market risk, concentration risk, sector risk, and non-diversification risk. The real estate industry is greatly affected by economic downturns that may persist as well as changes in property values, taxes, and regulatory developments. Foreign investments involve additional risks including currency fluctuations, and economic or political instability. These risks are magnified in emerging markets. The use of derivatives involves substantial financial risks and transaction costs. Small cap stocks may experience more volatility than large cap stocks.
6
Dividend Information
Regular dividends are declared and distributed annually for Nuveen Global Infrastructure Fund, declared daily and distributed monthly for Nuveen Real Asset Income Fund and declared and distributed quarterly for Nuveen Global Real Estate Securities Fund and Nuveen Real Estate Securities Fund. To permit a Fund to maintain a more stable dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net investment income it actually earned during the period.
In certain instances, a portion of each Fund’s distributions may be paid from sources or comprised of elements other than ordinary income, including capital gains and/or a return of capital. This is generally due to the fact that the tax character of Fund distributions for a fiscal year is dependent upon the amount and tax character of distributions received from securities held in the Fund’s portfolio. Distributions received from certain securities in which the Fund invests, most notably real estate investment trust (REIT) securities, may be characterized for tax purposes as ordinary income, long-term capital gain and/or a return of capital. The issuer of a security typically reports the tax character of its distributions only once per year, generally during the first two months of the following calendar year. The full amount of the distributions received from such securities is included in the Fund’s ordinary income during the course of the year until such time the Fund is notified by the issuer of the actual tax character. To the extent that at the time of a particular distribution the Fund estimates that a portion of that distribution is attributable to a source or sources other than ordinary income, the Fund would send shareholders a notice to that effect. The final determination of the sources and tax character of all distributions for the fiscal year is made after the end of the fiscal year.
Additional Dividend Information for Nuveen Global Real Estate Securities Fund, Nuveen Real Asset Income Fund and Nuveen Real Estate Securities Fund
Nuveen Global Real Estate Securities Fund, Nuveen Real Asset Income Fund and Nuveen Real Estate Securities Fund seek to pay regular dividends at a rate that reflects the cash flow received from each Fund’s investments in portfolio securities. Fund distributions are not intended to include expected portfolio appreciation; however, the Funds invest in securities that make payments which ultimately may be fully or partially characterized for tax purposes by the securities’ issuers as gains or return of capital. While the reported sources of distributions may include capital gains and/or return of capital for tax purposes, the Funds intend to distribute only the net cash flow received as opposed to a distribution rate based on long-term total return. This tax treatment will generally “flow through” to the Funds’ distributions, but the specific tax treatment is often not known with certainty until after the end of the Funds’ tax year. As a result, certain portions of the regular distributions by Nuveen Real Asset Income Fund and Nuveen Real Estate Securities Fund throughout the year were later re-characterized for tax purposes as either long-term gains (both realized and unrealized), or as a non-taxable return of capital, as set forth in each Fund’s table below. Nuveen Global Real Estate Securities Fund did not have any such distribution re-characterizations.
Nuveen Real Asset Income Fund – Data as of June 30, 2022
| Calendar Year 2022 | ||||||||||||||||||||||||||||||
| Estimated Percentage of the Distribution | Estimated Per Share Amounts | |||||||||||||||||||||||||||||
| Share Class | Ticker Symbol | Net Investment Income | Realized Gains | Return of Capital | Distributions | Net Investment Income | Realized Gains | Return of Capital | ||||||||||||||||||||||
Class A | NRIAX | 89.7% | 0.0% | 10.3% | $ | 0.5220 | $ | 0.4685 | $ | 0.0000 | $ | 0.0535 | ||||||||||||||||||
Class C | NRICX | 87.7% | 0.0% | 12.3% | $ | 0.4330 | $ | 0.3796 | $ | 0.0000 | $ | 0.0534 | ||||||||||||||||||
Class R6 | NRIFX | 88.8% | 0.0% | 11.2% | $ | 0.5615 | $ | 0.4989 | $ | 0.0000 | $ | 0.0626 | ||||||||||||||||||
Class I | NRIIX | 90.1% | 0.0% | 9.9% | $ | 0.5520 | $ | 0.4973 | $ | 0.0000 | $ | 0.0547 | ||||||||||||||||||
7
Risk Considerations and Dividend Information (continued)
Nuveen Real Estate Securities Fund – Data as of June 30, 2022(1)
| Calendar Year 2022 | ||||||||||||||||||||||||||||||
| Estimated Percentage of the Distribution | Estimated Per Share Amounts | |||||||||||||||||||||||||||||
| Share Class | Ticker Symbol | Net Investment Income | Realized Gains | Return of Capital | Distributions | Net Investment Income | Realized Gains | Return of Capital | ||||||||||||||||||||||
Class A | FREAX | 58.5% | 41.5% | 0.0% | $ | 0.1649 | $ | 0.0965 | $ | 0.0684 | $ | 0.0000 | ||||||||||||||||||
Class C | FRLCX | 21.4% | 78.6% | 0.0% | $ | 0.0857 | $ | 0.0184 | $ | 0.0673 | $ | 0.0000 | ||||||||||||||||||
Class R6 | FREGX | 67.8% | 32.2% | 0.0% | $ | 0.2064 | $ | 0.1399 | $ | 0.0665 | $ | 0.0000 | ||||||||||||||||||
Class I | FARCX | 64.3% | 35.7% | 0.0% | $ | 0.1942 | $ | 0.1249 | $ | 0.0693 | $ | 0.0000 | ||||||||||||||||||
| (1) | The Fund owns REIT securities which attribute their distributions to various sources, including net investment income, gains and return of capital. |
These estimates should not be used for tax reporting purposes, and the distribution sources may differ for financial reporting than for tax reporting. The final determination of the tax characteristics of all distributions paid in 2022 will be made in early 2023 and reported you on Form 1099-DIV. More details about each Fund’s distributions and the basis for these estimates are available on www.nuveen.com.
8
Fund Performance, Expense Ratios and Holdings Summaries
The Fund Performance, Expense Ratios and Holdings Summaries for each Fund are shown within this section of the report.
Fund Performance
Performance data shown represents past performance and does not predict or guarantee 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.
Holding Summaries
The Holdings Summaries 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. Refer to the Fund’s Portfolio of Investments for individual security information.
9
Fund Performance, Expense Ratios and Holdings Summaries (continued)
June 30, 2022
Nuveen Global Infrastructure Fund
Refer to the first page of this Fund Performance, Expense Ratios and Holdings Summaries section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for further definition of terms used in this section.
Fund Performance and Expense Ratios*
| Inception Date | Total Returns as of June 30, 2022** | |||||||||||||||||||||||||||
| Cumulative | Average Annual | Expense Ratios*** | ||||||||||||||||||||||||||
| 6-Month | 1-Year | 5-Year | 10-Year | Gross | Net | |||||||||||||||||||||||
Class A Shares at NAV | 12/17/07 | (4.88)% | 3.13% | 5.72% | 8.04% | 1.32% | 1.21% | |||||||||||||||||||||
Class A Shares at maximum Offering Price | 12/17/07 | (10.32)% | (2.83)% | 4.48% | 7.40% | — | — | |||||||||||||||||||||
S&P Global Infrastructure Index (Net) | — | (0.94)% | 4.77% | 3.93% | 6.31% | — | — | |||||||||||||||||||||
Lipper Global Infrastructure Funds Classification Average | — | (6.62)% | (0.56)% | 5.61% | 7.40% | — | — | |||||||||||||||||||||
Class C Shares | 11/03/08 | (5.30)% | 2.29% | 4.91% | 7.40% | 2.07% | 1.96% | |||||||||||||||||||||
Class I Shares | 12/17/07 | (4.89)% | 3.31% | 5.98% | 8.31% | 1.07% | 0.96% | |||||||||||||||||||||
| Inception Date | Total Returns as of June 30, 2022** | |||||||||||||||||||||||||||
| Cumulative | Average Annual | Expense Ratios*** | ||||||||||||||||||||||||||
| 6-Month | 1-Year | 5-Year | Since Inception | Gross | Net | |||||||||||||||||||||||
Class R6 Shares | 6/30/16 | (4.79)% | 3.48% | 6.11% | 6.47% | 0.99% | 0.88% | |||||||||||||||||||||
| * | For purposes of Fund performance, relative results are measured against the S&P Global Infrastructure Index (Net). |
| ** | Class A Shares have a maximum 5.75% 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 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 other Fund expenses through July 31, 2024 so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 1.00% 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, the total annual Fund operating expenses for Class R6 Shares will be less than the expense limitation. This expense limitation may be terminated or modified prior to that date only with the approval of the Board of Directors of the Fund. |
10
Nuveen Global Infrastructure Fund
Holdings Summaries as of June 30, 2022
Fund Allocation
(% of net assets)
Common Stocks | 86.2% | |||
Real Estate Investment Trust Common Stocks | 9.2% | |||
Investment Companies | 0.2% | |||
Repurchase Agreements | 4.3% | |||
Other Assets Less Liabilities | 0.1% | |||
Net Assets | 100% | |||
Top Five Common Stock & Real
Estate Investment Trust
Common Stock Holdings
(% of net assets)
Transurban Group | 4.9% | |||
NextEra Energy Inc | 4.7% | |||
American Tower Corp | 4.0% | |||
Enbridge Inc | 4.0% | |||
Aena SME SA | 2.9% | |||
Portfolio Composition1
(% of net assets)
Transportation Infrastructure | 19.6% | |||
Electric Utilities | 17.0% | |||
Oil, Gas & Consumable Fuels | 16.3% | |||
Multi-Utilities | 10.8% | |||
Specialized | 8.9% | |||
Commercial Services & Supplies | 5.4% | |||
Construction & Engineering | 3.9% | |||
Other | 13.5% | |||
Investment Companies | 0.2% | |||
Repurchase Agreements | 4.3% | |||
Other Assets Less Liabilities | 0.1% | |||
Net Assets | 100% | |||
Country Allocation2
(% of net assets)
United States | 53.3% | |||
Canada | 9.2% | |||
Australia | 7.7% | |||
Spain | 7.0% | |||
France | 4.6% | |||
Italy | 4.3% | |||
New Zealand | 2.4% | |||
Japan | 2.3% | |||
Mexico | 2.3% | |||
Germany | 1.5% | |||
Other | 5.3% | |||
Other Assets Less Liabilities | 0.1% | |||
Net Assets | 100% | |||
| 1 | See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the Portfolio Composition above. |
| 2 | Includes 4.2% (as a percentage of net assets) in emerging market countries. |
11
Fund Performance, Expense Ratios and Holdings Summaries (continued)
June 30, 2022
Nuveen Global Real Estate Securities Fund
Refer to the first page of this Fund Performance, Expense Ratios and Holdings Summaries section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for further definition of terms used in this section.
Fund Performance and Expense Ratios*
| Inception Date | Total Returns as of June 30, 2022** | |||||||||||||||||||||||
| Cumulative | Average Annual | Expense Ratios*** | ||||||||||||||||||||||
| 6-Month | 1-Year | Since Inception | Gross | Net | ||||||||||||||||||||
Class A Shares at NAV | 3/20/18 | (20.41)% | (11.55)% | 5.72% | 1.89% | 1.29% | ||||||||||||||||||
Class A Shares at maximum Offering Price | 3/20/18 | (24.99)% | (16.64)% | 4.26% | — | — | ||||||||||||||||||
FTSE EPRA/Nareit Developed Index (Net) | — | (20.71)% | (13.44)% | 2.22% | — | — | ||||||||||||||||||
Lipper Global Real Estate Funds Classification Average | — | (20.80)% | (13.11)% | 3.59% | — | — | ||||||||||||||||||
Class C Shares | 3/20/18 | (20.70)% | (12.27)% | 4.91% | 2.64% | 2.04% | ||||||||||||||||||
Class R6 Shares | 3/20/18 | (20.26)% | (11.27)% | 6.05% | 1.54% | 0.94% | ||||||||||||||||||
Class I Shares | 3/20/18 | (20.32)% | (11.41)% | 5.97% | 1.64% | 1.04% | ||||||||||||||||||
| * | For purposes of Fund performance, relative results are measured against the FTSE EPRA/Nareit Developed Index (Net). |
| ** | Class A Shares have a maximum 5.75% 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 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 other Fund expenses through July 31, 2024 so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 1.09% 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, the total annual Fund operating expenses for Class R6 Shares will be less than the expense limitation. This expense limitation may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund. |
12
Nuveen Global Real Estate Securities Fund
Holdings Summaries as of June 30, 2022
Fund Allocation
(% of net assets)
Real Estate Investment Trust Common Stocks | 82.0% | |||
Common Stocks | 16.2% | |||
Repurchase Agreements | 2.6% | |||
Other Assets Less Liabilities | (0.8)% | |||
Net Assets | 100% | |||
Top Five Common Stock & Real
Estate Investment Trust
Common Stock Holdings
(% of net assets)
Prologis Inc | 5.3% | |||
Public Storage | 3.8% | |||
American Tower Corp | 3.5% | |||
Equinix Inc | 3.0% | |||
Welltower Inc | 2.5% | |||
Portfolio Composition1
(% of net assets)
Specialized | 21.0% | |||
Industrial | 15.8% | |||
Residential | 13.8% | |||
Real Estate Management & Development | 13.5% | |||
Retail | 10.9% | |||
Office | 6.9% | |||
Health Care | 6.6% | |||
Diversified | 5.2% | |||
Other | 4.5% | |||
Repurchase Agreements | 2.6% | |||
Other Assets Less Liabilities | (0.8)% | |||
Net Assets | 100% | |||
Country Allocation2
(% of net assets)
United States | 63.2% | |||
Japan | 8.7% | |||
Canada | 4.8% | |||
Australia | 4.0% | |||
United Kingdom | 4.0% | |||
Hong Kong | 3.7% | |||
Singapore | 3.0% | |||
Germany | 2.1% | |||
Sweden | 1.7% | |||
Belgium | 1.5% | |||
Other | 4.1% | |||
Other Assets Less Liabilities | (0.8)% | |||
Net Assets | 100% | |||
| 1 | See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the Portfolio Composition above. |
| 2 | Includes 0.8% (as a percentage of net assets) in emerging market countries. |
13
Fund Performance, Expense Ratios and Holdings Summaries (continued)
June 30, 2022
Nuveen Real Asset Income Fund
Refer to the first page of this Fund Performance, Expense Ratios and Holdings Summaries section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for further definition of terms used in this section.
Fund Performance and Expense Ratios*
| Inception Date | Total Returns as of June 30, 2022** | Expense Ratios | ||||||||||||||||||||||
| Cumulative | Average Annual | |||||||||||||||||||||||
| 6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||||||||||
Class A Shares at NAV | 9/13/11 | (9.97)% | (6.85)% | 2.83% | 5.84% | 1.14% | ||||||||||||||||||
Class A Shares at maximum Offering Price | 9/13/11 | (15.15)% | (12.21)% | 1.62% | 5.22% | — | ||||||||||||||||||
Bloomberg U.S. Corporate High Yield Bond Index | — | (14.19)% | (12.81)% | 2.10% | 4.47% | — | ||||||||||||||||||
Real Asset Income Blended Benchmark | — | (12.58)% | (8.99)% | 2.75% | 5.21% | — | ||||||||||||||||||
Lipper Real Return Funds Classification Average | — | (5.88)% | (0.24)% | 5.29% | 2.88% | — | ||||||||||||||||||
Class C Shares | 9/13/11 | (10.28)% | (7.51)% | 2.06% | 5.21% | 1.89% | ||||||||||||||||||
Class I Shares | 9/13/11 | (9.85)% | (6.61)% | 3.08% | 6.10% | 0.89% | ||||||||||||||||||
| Total Returns as of June 30, 2022** | ||||||||||||||||||||||||
| Cumulative | Average Annual | |||||||||||||||||||||||
| Inception Date | 6-Month | 1-Year | 5-Year | Since Inception | Expense Ratios | |||||||||||||||||||
Class R6 Shares | 6/30/16 | (9.84)% | (6.55)% | 3.17% | 3.93% | 0.80% | ||||||||||||||||||
| * | For purposes of Fund performance, relative results are measured against the Real Asset Income Blended Benchmark. The Fund’s Blended Benchmark consists of: 1) 25% FTSE EPRA/Nareit (Financial Times Stock Exchange - European Public Real Estate Association/National Association of Real Estate Investment Trusts) Developed Index (Net), 2) 22% S&P Global Infrastructure Index (Net), 3) 20% ICE Hybrid & Preferred Infrastructure 7% Issuer Constrained Custom Index, 4) 20% Bloomberg U.S. Corporate High Yield Bond Index and 5) 13% FTSE Nareit (Financial Times Stock Exchange National Association of Real Estate Investment Trusts) Preferred Stock Index. Refer to the Glossary of Terms Used in This Report for details on the Fund’s Blended Benchmark composition through March 31, 2021. |
| ** | Class A Shares have a maximum 5.75% 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 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. |
14
Nuveen Real Asset Income Fund
Holdings Summaries as of June 30, 2022
Fund Allocation
(% of net assets)
Common Stocks | 26.8% | |||
Real Estate Investment Trust Common Stocks | 21.9% | |||
Corporate Bonds | 18.7% | |||
$25 Par (or similar) Retail Preferred | 12.5% | |||
$1,000 Par (or similar) Institutional Preferred | 10.3% | |||
Convertible Preferred Securities | 5.0% | |||
Investment Companies | 0.8% | |||
Variable Rate Senior Loan Interests | 0.4% | |||
Asset-Backed Securities | 0.3% | |||
Investments Purchased with Collateral from Securities Lending | 0.8% | |||
Repurchase Agreements | 2.1% | |||
Other Assets Less Liabilities | 0.4% | |||
Net Assets | 100% | |||
Top Five Common Stock & Real
Estate Investment Trust
Common Stock Holdings
(% of net assets)
Williams Cos Inc/The | 1.6% | |||
Enbridge Inc | 1.6% | |||
Kinder Morgan Inc | 1.3% | |||
VICI Properties Inc | 1.1% | |||
Emera Inc | 1.1% | |||
Portfolio Composition1
(% of net assets)
Oil, Gas & Consumable Fuels | 15.7% | |||
Electric Utilities | 14.0% | |||
Equity Real Estate Investment Trust | 11.7% | |||
Multi-Utilities | 8.2% | |||
Retail | 5.5% | |||
Real Estate Management & Development | 4.3% | |||
Diversified | 3.8% | |||
Gas Utilities | 3.3% | |||
Specialized | 3.2% | |||
Office | 3.2% | |||
Independent Power & Renewable Electricity Producers | 3.2% | |||
Industrial | 3.0% | |||
Other | 16.5% | |||
Investment Companies | 0.8% | |||
Asset-Backed Securities | 0.3% | |||
Investments Purchased with Collateral from Securities Lending | 0.8% | |||
Repurchase Agreements | 2.1% | |||
Other Assets Less Liabilities | 0.4% | |||
Net Assets | 100% | |||
Country Allocation2
(% of net assets)
United States | 55.1% | |||
Canada | 14.6% | |||
Australia | 4.6% | |||
United Kingdom | 4.3% | |||
Singapore | 3.0% | |||
Italy | 2.3% | |||
Hong Kong | 2.3% | |||
Spain | 2.2% | |||
Germany | 1.2% | |||
France | 1.2% | |||
Other | 8.8% | |||
Other Assets Less Liabilities | 0.4% | |||
Net Assets | 100% | |||
| 1 | See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the Portfolio Composition above. |
| 2 | Includes 6.0% (as a percentage of net assets) in emerging market countries. |
15
Fund Performance, Expense Ratios and Holdings Summaries (continued)
June 30, 2022
Nuveen Real Estate Securities Fund
Refer to the first page of this Fund Performance, Expense Ratios and Holdings Summaries section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for further definition of terms used in this section.
Fund Performance and Expense Ratios*
| Inception Date | Total Returns as of June 30, 2022** | |||||||||||||||||||||||||||
| Cumulative | Average Annual | Expense Ratios*** | ||||||||||||||||||||||||||
| 6-Month | 1-Year | 5-Year | 10-Year | Gross | Net | |||||||||||||||||||||||
Class A Shares at NAV | 9/29/95 | (19.71)% | (5.46)% | 5.15% | 7.01% | 1.28% | 1.22% | |||||||||||||||||||||
Class A Shares at maximum Offering Price | 9/29/95 | (24.32)% | (10.88)% | 3.91% | 6.38% | — | — | |||||||||||||||||||||
MSCI US REIT Index | — | (20.32)% | (6.41)% | 5.30% | 7.32% | — | — | |||||||||||||||||||||
Real Estate Securities Blended Benchmark | — | (19.81)% | (5.91)% | 5.42% | 7.38% | — | — | |||||||||||||||||||||
Lipper Real Estate Funds Classification Average | (20.22)% | (8.15)% | 5.25% | 6.88% | — | — | ||||||||||||||||||||||
Class C Shares | 2/01/00 | (19.99)% | (6.17)% | 4.36% | 6.37% | 2.03% | 1.97% | |||||||||||||||||||||
Class I Shares | 6/30/95 | (19.63)% | (5.23)% | 5.40% | 7.28% | 1.03% | 0.97% | |||||||||||||||||||||
| Total Returns as of June 30, 2022** | ||||||||||||||||||||||||||||
| Cumulative | Average Annual | Expense Ratios*** | ||||||||||||||||||||||||||
| Inception Date | 6-Month | 1-Year | 5-Year | Since Inception | Gross | Net | ||||||||||||||||||||||
Class R6 Shares | 4/30/13 | (19.57)% | (5.11)% | 5.56% | 6.30% | 0.89% | 0.83% | |||||||||||||||||||||
| * | For purposes of Fund performance, relative results are measured against the Real Estate Securities Blended Benchmark. The Fund’s Blended Benchmark consists of: 1) 50% MSCI US REIT Index and 2) 50% MSCI USA IMI REITs Index. The Fund’s performance was measured against the MSCI US REIT Index through September 30, 2021. Refer to the Glossary of Terms Used in This Report for further details. |
| ** | Class A Shares have a maximum 5.75% 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 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, 2024 so that the total annual operating expenses of the Fund (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.97% 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, the total annual operating expenses for the Class R6 shares will be less than the expense limitation. This expense limitation may be terminated or modified prior to July 31, 2024 only with the approval of the Board of Directors of the Fund. |
16
Nuveen Real Estate Securities Fund
Holdings Summaries as of June 30, 2022
Fund Allocation
(% of net assets)
Real Estate Investment Trust Common Stocks | 95.7% | |||
Common Stocks | 1.0% | |||
Repurchase Agreements | 3.2% | |||
Other Assets Less Liabilities | 0.1% | |||
Net Assets | 100% | |||
Portfolio Composition1
(% of net assets)
Specialized | 32.4% | |||
Residential | 17.5% | |||
Industrial | 15.7% | |||
Retail | 10.0% | |||
Health Care | 9.0% | |||
Office | 7.6% | |||
Other | 4.5% | |||
Repurchase Agreements | 3.2% | |||
Other Assets Less Liabilities | 0.1% | |||
Net Assets | 100% | |||
Top Five Common Stock & Real
Estate Investment Trust
Common Stock Holdings
(% of net assets)
Prologis Inc | 8.5% | |||
Public Storage | 6.0% | |||
American Tower Corp | 5.5% | |||
Equinix Inc | 4.8% | |||
Welltower Inc | 3.9% | |||
| 1 | See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the Portfolio Composition above. |
17
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 June 30, 2022.
The beginning of the period is January 1, 2022.
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 Global Infrastructure Fund
| Share Class | ||||||||||||||||
| Class A | Class C | Class R6 | Class I | |||||||||||||
Actual Performance | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 951.24 | $ | 946.96 | $ | 952.05 | $ | 951.07 | ||||||||
Expenses Incurred During the Period | $ | 5.90 | $ | 9.51 | $ | 4.36 | $ | 4.64 | ||||||||
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 | $ | 1,018.74 | $ | 1,015.03 | $ | 1,020.33 | $ | 1,020.03 | ||||||||
Expenses Incurred During the Period | $ | 6.11 | $ | 9.84 | $ | 4.51 | $ | 4.81 | ||||||||
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.22%, 1.97%, 0.90% and 0.96% for Classes A, C, R6, and I respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
18
Nuveen Global Real Estate Securities Fund
| Share Class | ||||||||||||||||
| Class A | Class C | Class R6 | Class I | |||||||||||||
Actual Performance | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 795.88 | $ | 793.02 | $ | 797.38 | $ | 796.83 | ||||||||
Expenses Incurred During the Period | $ | 5.74 | $ | 9.02 | $ | 4.14 | $ | 4.63 | ||||||||
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 | $ | 1,018.40 | $ | 1,014.73 | $ | 1,020.18 | $ | 1,019.64 | ||||||||
Expenses Incurred During the Period | $ | 6.46 | $ | 10.14 | $ | 4.66 | $ | 5.21 | ||||||||
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.29%, 2.03%, 0.93% and 1.04% for Classes A, C, R6 and I respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Nuveen Real Asset Income Fund
| Share Class | ||||||||||||||||
| Class A | Class C | Class R6 | Class I | |||||||||||||
Actual Performance | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 900.30 | $ | 897.22 | $ | 901.59 | $ | 901.48 | ||||||||
Expenses Incurred During the Period | $ | 5.42 | $ | 8.94 | $ | 3.87 | $ | 4.24 | ||||||||
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 | $ | 1,019.09 | $ | 1,015.37 | $ | 1,020.73 | $ | 1,020.33 | ||||||||
Expenses Incurred During the Period | $ | 5.76 | $ | 9.49 | $ | 4.11 | $ | 4.51 | ||||||||
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.15%, 1.90%, 0.82% and 0.90% for Classes A, C, R6 and I respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Nuveen Real Estate Securities Fund
| Share Class | ||||||||||||||||
| Class A | Class C | Class R6 | Class I | |||||||||||||
Actual Performance | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 802.85 | $ | 800.05 | $ | 804.31 | $ | 803.71 | ||||||||
Expenses Incurred During the Period | $ | 5.45 | $ | 8.79 | $ | 3.80 | $ | 4.34 | ||||||||
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 | $ | 1,018.74 | $ | 1,015.03 | $ | 1,020.58 | $ | 1,019.98 | ||||||||
Expenses Incurred During the Period | $ | 6.11 | $ | 9.84 | $ | 4.26 | $ | 4.86 | ||||||||
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.22%, 1.97%, 0.85% and 0.97% for Classes A, C, R6 and I respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
19
Nuveen Global Infrastructure Fund
Portfolio of Investments June 30, 2022
(Unaudited)
| Shares | Description (1) | Value | ||||||||||||||
LONG-TERM INVESTMENTS – 95.6% | ||||||||||||||||
COMMON STOCKS – 86.2% | ||||||||||||||||
| Commercial Services & Supplies – 5.4% | ||||||||||||||||
| 22,307 | Casella Waste Systems Inc, (2) | $ | 1,621,273 | |||||||||||||
| 1,247,516 | Cleanaway Waste Management Ltd, (3) | 2,171,529 | ||||||||||||||
| 33,467 | GFL Environmental Inc | 863,449 | ||||||||||||||
| 50,096 | Republic Services Inc | 6,556,064 | ||||||||||||||
| 117,518 | Waste Connections Inc | 14,567,531 | ||||||||||||||
| 33,432 | Waste Management Inc | 5,114,427 | ||||||||||||||
Total Commercial Services & Supplies | 30,894,273 | |||||||||||||||
| Construction & Engineering – 3.9% | ||||||||||||||||
| 43,264 | Eiffage SA, (3) | 3,913,661 | ||||||||||||||
| 339,443 | Ferrovial SA, (3) | 8,636,705 | ||||||||||||||
| 109,021 | Vinci SA, (3) | 9,785,879 | ||||||||||||||
Total Construction & Engineering | 22,336,245 | |||||||||||||||
| Diversified Telecommunication Services – 2.6% | ||||||||||||||||
| 199,393 | Cellnex Telecom SA, 144A, (3) | 7,760,009 | ||||||||||||||
| 674,902 | HKBN Ltd | 766,348 | ||||||||||||||
| 104,053 | IHS Holding Ltd, (2) | 1,086,313 | ||||||||||||||
| 401,304 | Infrastrutture Wireless Italiane SpA, 144A, (3) | 4,079,773 | ||||||||||||||
| 732,160 | NetLink NBN Trust | 511,189 | ||||||||||||||
| 34,707 | Radius Global Infrastructure Inc, (2) | 529,629 | ||||||||||||||
Total Diversified Telecommunication Services | 14,733,261 | |||||||||||||||
| Electric Utilities – 17.0% | ||||||||||||||||
| 42,683 | Alliant Energy Corp | 2,501,651 | ||||||||||||||
| 39 | Alupar Investimento SA | 193 | ||||||||||||||
| 385,593 | CK Infrastructure Holdings Ltd, (3) | 2,368,671 | ||||||||||||||
| 91,964 | EDP – Energias de Portugal SA, (3) | 428,583 | ||||||||||||||
| 5,911 | Elia Group SA/NV, (3) | 839,483 | ||||||||||||||
| 1,008,387 | Enel SpA, (3) | 5,530,216 | ||||||||||||||
| 46,542 | Entergy Corp | 5,242,491 | ||||||||||||||
| 465,569 | Equatorial Energia SA | 2,031,852 | ||||||||||||||
| 49,447 | Eversource Energy | 4,176,788 | ||||||||||||||
| 262,198 | Exelon Corp | 11,882,813 | ||||||||||||||
| 131,581 | FirstEnergy Corp | 5,051,395 | ||||||||||||||
| 634,706 | Iberdrola SA, (3) | 6,608,180 | ||||||||||||||
20
| Shares | Description (1) | Value | ||||||||||||||
| Electric Utilities (continued) | ||||||||||||||||
| 347,985 | NextEra Energy Inc | $ | 26,954,918 | |||||||||||||
| 17,893 | Orsted AS, 144A, (3) | 1,884,560 | ||||||||||||||
| 394,397 | Power Grid Corp of India Ltd, (3) | 1,058,674 | ||||||||||||||
| 7,316 | Southern Co/The | 521,704 | ||||||||||||||
| 38,729 | SSE PLC, (3) | 764,329 | ||||||||||||||
| 785,219 | Terna – Rete Elettrica Nazionale, (3) | 6,173,575 | ||||||||||||||
| 177,993 | Xcel Energy Inc | 12,594,785 | ||||||||||||||
Total Electric Utilities | 96,614,861 | |||||||||||||||
| Gas Utilities – 1.5% | ||||||||||||||||
| 121,201 | AltaGas Ltd | 2,557,349 | ||||||||||||||
| 372,741 | APA Group, (3) | 2,902,821 | ||||||||||||||
| 530,039 | Snam SpA, (3) | 2,780,778 | ||||||||||||||
Total Gas Utilities | 8,240,948 | |||||||||||||||
| Independent Power & Renewable Electricity Producers – 3.1% | ||||||||||||||||
| 74,832 | Brookfield Renewable Corp | 2,664,768 | ||||||||||||||
| 100,883 | Clearway Energy Inc | 3,514,764 | ||||||||||||||
| 330,879 | Meridian Energy Ltd, (3) | 965,553 | ||||||||||||||
| 70,778 | NextEra Energy Partners LP | 5,248,896 | ||||||||||||||
| 141,774 | RWE AG, (3) | 5,243,659 | ||||||||||||||
Total Independent Power & Renewable Electricity Producers | 17,637,640 | |||||||||||||||
| IT Services – 0.2% | ||||||||||||||||
| 181,075 | NEXTDC Ltd, (2), (3) | 1,332,702 | ||||||||||||||
| Machinery – 0.4% | ||||||||||||||||
| 78,390 | Evoqua Water Technologies Corp, (2) | 2,548,459 | ||||||||||||||
| Media – 0.2% | ||||||||||||||||
| 2,411,120 | Converge Information and Communications Technology Solutions Inc, (2), (3) | 929,347 | ||||||||||||||
| Multi-Utilities – 10.8% | ||||||||||||||||
| 99,536 | Ameren Corp | 8,994,073 | ||||||||||||||
| 105,968 | Brookfield Infrastructure Corp | 4,503,640 | ||||||||||||||
| 278,122 | CenterPoint Energy Inc | 8,226,849 | ||||||||||||||
| 191,618 | Dominion Energy Inc | 15,293,032 | ||||||||||||||
| 83,933 | DTE Energy Co | 10,638,508 | ||||||||||||||
| 49,156 | E.ON SE, (3) | 414,045 | ||||||||||||||
| 7,368 | National Grid PLC ADR | 476,636 | ||||||||||||||
| 45,213 | NiSource Inc | 1,333,331 | ||||||||||||||
| 1,320,002 | Sembcorp Industries Ltd, (3) | 2,709,342 | ||||||||||||||
| 43,329 | Sempra Energy | 6,511,049 | ||||||||||||||
| 91,872 | Veolia Environnement SA, (2), (3) | 2,252,085 | ||||||||||||||
Total Multi-Utilities | 61,352,590 | |||||||||||||||
21
Nuveen Global Infrastructure Fund (continued)
Portfolio of Investments June 30, 2022
(Unaudited)
| Shares | Description (1) | Value | ||||||||||||||
| Oil, Gas & Consumable Fuels – 16.3% | ||||||||||||||||
| 98,892 | Cheniere Energy Inc | $ | 13,155,603 | |||||||||||||
| 92,037 | DT Midstream Inc | 4,511,654 | ||||||||||||||
| 535,754 | Enbridge Inc | 22,640,964 | ||||||||||||||
| 43,853 | Energy Transfer LP | 437,653 | ||||||||||||||
| 11,538 | Enterprise Products Partners LP | 281,181 | ||||||||||||||
| 33,928 | Gibson Energy Inc | 628,374 | ||||||||||||||
| 103,864 | Keyera Corp | 2,372,282 | ||||||||||||||
| 661,826 | Kinder Morgan Inc | 11,092,204 | ||||||||||||||
| 74,662 | ONEOK Inc | 4,143,741 | ||||||||||||||
| 51,010 | Pembina Pipeline Corp | 1,803,104 | ||||||||||||||
| 97,112 | Targa Resources Corp | 5,794,673 | ||||||||||||||
| 308,261 | TC Energy Corp | 15,968,648 | ||||||||||||||
| 312,558 | Williams Cos Inc/The | 9,754,935 | ||||||||||||||
Total Oil, Gas & Consumable Fuels | 92,585,016 | |||||||||||||||
| Road & Rail – 3.8% | ||||||||||||||||
| 11,525 | Canadian Pacific Railway Ltd | 804,906 | ||||||||||||||
| 205,883 | CSX Corp | 5,982,960 | ||||||||||||||
| 121,016 | East Japan Railway Co, (3) | 6,189,864 | ||||||||||||||
| 4,912 | Norfolk Southern Corp | 1,116,448 | ||||||||||||||
| 34,195 | Union Pacific Corp | 7,293,110 | ||||||||||||||
Total Road & Rail | 21,387,288 | |||||||||||||||
| Transportation Infrastructure – 19.6% | ||||||||||||||||
| 129,434 | Aena SME SA, 144A, (2), (3) | 16,515,896 | ||||||||||||||
| 212,559 | Atlantia SpA, (3) | 4,989,708 | ||||||||||||||
| 1,304,012 | Atlas Arteria Ltd, (3) | 7,265,607 | ||||||||||||||
| 2,352,569 | Auckland International Airport Ltd, (2), (3) | 10,538,578 | ||||||||||||||
| 1,118,872 | China Merchants Port Holdings Co Ltd, (3) | 1,905,637 | ||||||||||||||
| 1,061,101 | COSCO SHIPPING Ports Ltd, (3) | 750,399 | ||||||||||||||
| 196,163 | Enav SpA, 144A, (2), (3) | 822,807 | ||||||||||||||
| 19,494 | Flughafen Zurich AG, (2), (3) | 2,953,821 | ||||||||||||||
| 67,125 | Fraport AG Frankfurt Airport Services Worldwide, (2), (3) | 2,935,530 | ||||||||||||||
| 562,864 | Getlink SE, (3) | 9,982,576 | ||||||||||||||
| 98,391 | Grupo Aeroportuario del Centro Norte SAB de CV ADR | 5,039,587 | ||||||||||||||
| 49,963 | Grupo Aeroportuario del Pacifico SAB de CV ADR | 6,973,836 | ||||||||||||||
| 4,377 | Grupo Aeroportuario del Sureste SAB de CV ADR | 859,599 | ||||||||||||||
| 226,604 | International Container Terminal Services Inc, (3) | 758,720 | ||||||||||||||
| 72,489 | Japan Airport Terminal Co Ltd, (2), (3) | 2,880,147 | ||||||||||||||
| 213,789 | Kamigumi Co Ltd, (3) | 4,132,850 | ||||||||||||||
| 518,091 | Port of Tauranga Ltd, (3) | 2,009,297 | ||||||||||||||
| 976,198 | Qube Holdings Ltd, (3) | 1,841,260 | ||||||||||||||
22
| Shares | Description (1) | Value | ||||||||||||||
| Transportation Infrastructure (continued) | ||||||||||||||||
| 2,812,672 | Transurban Group, (3) | $ | 27,984,123 | |||||||||||||
Total Transportation Infrastructure | 111,139,978 | |||||||||||||||
| Water Utilities – 1.4% | ||||||||||||||||
| 13,448 | American Water Works Co Inc | 2,000,659 | ||||||||||||||
| 205,835 | Pennon Group PLC, (3) | 2,395,125 | ||||||||||||||
| 113,301 | Severn Trent PLC, (3) | 3,761,613 | ||||||||||||||
Total Water Utilities | 8,157,397 | |||||||||||||||
Total Common Stocks (cost $415,527,790) | 489,890,005 | |||||||||||||||
| Shares | Description (1) | Value | ||||||||||||||
REAL ESTATE INVESTMENT TRUST COMMON STOCKS – 9.2% | ||||||||||||||||
| Health Care – 0.3% | ||||||||||||||||
| 488,563 | Parkway Life Real Estate Investment Trust, (3) | $ | 1,713,422 | |||||||||||||
| Specialized – 8.9% | ||||||||||||||||
| 89,730 | American Tower Corp | 22,934,091 | ||||||||||||||
| 72,853 | Crown Castle International Corp | 12,266,988 | ||||||||||||||
| 22,681 | Digital Realty Trust Inc | 2,944,674 | ||||||||||||||
| 3,062 | Equinix Inc | 2,011,795 | ||||||||||||||
| 32,548 | SBA Communications Corp | 10,416,988 | ||||||||||||||
Total Specialized | 50,574,536 | |||||||||||||||
Total Real Estate Investment Trust Common Stocks (cost $47,476,959) | 52,287,958 | |||||||||||||||
| Shares | Description (1) | Value | ||||||||||||||
| INVESTMENT COMPANIES – 0.2% | ||||||||||||||||
| 874,568 | Cordiant Digital Infrastructure Ltd/Fund | $ | 1,101,817 | |||||||||||||
Total Investment Companies (cost $1,227,285) | 1,101,817 | |||||||||||||||
Total Long-Term Investments (cost $464,232,034) | 543,279,780 | |||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||||||||||||
| SHORT-TERM INVESTMENTS – 4.3% | ||||||||||||||||
| REPURCHASE AGREEMENTS – 4.3% | ||||||||||||||||
| $ | 24,211 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/22, repurchase price $24,211,028, collateralized by $28,404,200, U.S. Treasury Note, 0.500%, due 10/31/27, value $24,695,259 | 0.240% | 7/01/22 | $ | 24,211,028 | ||||||||||
Total Short-Term Investments (cost $24,211,028) | 24,211,028 | |||||||||||||||
Total Investments (cost $488,443,062) – 99.9% | 567,490,808 | |||||||||||||||
Other Assets Less Liabilities – 0.1% | 627,852 | |||||||||||||||
Net Assets – 100% | $ | 568,118,660 | ||||||||||||||
23
Nuveen Global Infrastructure Fund (continued)
Portfolio of Investments June 30, 2022
(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) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
| (3) | For fair value measurement disclosure purposes, investment classified as Level 2. |
| 144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
| ADR | American Depositary Receipt |
See accompanying notes to financial statements.
24
Nuveen Global Real Estate Securities Fund
Portfolio of Investments June 30, 2022
(Unaudited)
| Shares | Description (1) | Value | ||||||||||||||
LONG-TERM INVESTMENTS – 98.2% | ||||||||||||||||
REAL ESTATE INVESTMENT TRUST COMMON STOCKS – 82.0% | ||||||||||||||||
| Diversified – 5.2% | ||||||||||||||||
| 42 | Activia Properties Inc, (2) | $ | 125,479 | |||||||||||||
| 5,431 | Armada Hoffler Properties Inc | 69,734 | ||||||||||||||
| 11,009 | Broadstone Net Lease Inc | 225,795 | ||||||||||||||
| 23,667 | Charter Hall Group, (2) | 177,529 | ||||||||||||||
| 1,975 | Essential Properties Realty Trust Inc | 42,443 | ||||||||||||||
| 1,698 | Gecina SA, (2) | 159,357 | ||||||||||||||
| 124,896 | Home REIT PLC | 172,713 | ||||||||||||||
| 147 | Hulic REIT Inc, (2) | 173,391 | ||||||||||||||
| 17,941 | Land Securities Group PLC, (2) | 145,591 | ||||||||||||||
| 70,458 | LXI REIT Plc, (2) | 122,053 | ||||||||||||||
| 178,539 | Mirvac Group, (2) | 244,044 | ||||||||||||||
| 157 | Nomura Real Estate Master Fund Inc, (2) | 196,109 | ||||||||||||||
| 389 | Star Asia Investment Corp | 176,036 | ||||||||||||||
| 62,629 | Stockland, (2) | 156,371 | ||||||||||||||
| 47 | Tokyu REIT Inc, (2) | 68,934 | ||||||||||||||
Total Diversified | 2,255,579 | |||||||||||||||
| Health Care – 6.6% | ||||||||||||||||
| 2,635 | Aedifica SA, (2) | 253,177 | ||||||||||||||
| 3,787 | CareTrust REIT Inc | 69,832 | ||||||||||||||
| 954 | Global Medical REIT Inc | 10,713 | ||||||||||||||
| 2,486 | Healthcare Trust of America Inc | 69,384 | ||||||||||||||
| 15,058 | Healthpeak Properties Inc | 390,153 | ||||||||||||||
| 9,520 | NorthWest Healthcare Properties Real Estate Investment Trust | 89,194 | ||||||||||||||
| 16,660 | Parkway Life Real Estate Investment Trust, (2) | 58,428 | ||||||||||||||
| 16,483 | Ventas Inc | 847,721 | ||||||||||||||
| 13,188 | Welltower Inc | 1,086,032 | ||||||||||||||
Total Health Care | 2,874,634 | |||||||||||||||
| Hotels – 1.8% | ||||||||||||||||
| 15 | Hoshino Resorts REIT Inc, (2) | 72,594 | ||||||||||||||
| 600 | Host Hotels & Resorts Inc | 9,408 | ||||||||||||||
| 156 | Japan Hotel REIT Investment Corp, (2) | 78,222 | ||||||||||||||
| 5,610 | Park Hotels & Resorts Inc | 76,128 | ||||||||||||||
| 4,674 | Pebblebrook Hotel Trust | 77,448 | ||||||||||||||
| 14,691 | RLJ Lodging Trust | 162,042 | ||||||||||||||
25
Nuveen Global Real Estate Securities Fund (continued)
Portfolio of Investments June 30, 2022
(Unaudited)
| Shares | Description (1) | Value | ||||||||||||||
| Hotels (continued) | ||||||||||||||||
| 1,139 | Ryman Hospitality Properties Inc, (3) | $ | 86,598 | |||||||||||||
| 4,956 | Summit Hotel Properties Inc, (3) | 36,030 | ||||||||||||||
| 12,495 | Xenia Hotels & Resorts Inc, (3) | 181,552 | ||||||||||||||
Total Hotels | 780,022 | |||||||||||||||
| Industrial – 15.8% | ||||||||||||||||
| 410 | Americold Realty Trust Inc | 12,316 | ||||||||||||||
| 93 | ARGAN SA, (2) | 8,701 | ||||||||||||||
| 4,418 | Dream Industrial Real Estate Investment Trust | 41,462 | ||||||||||||||
| 6,060 | Duke Realty Corp | 332,997 | ||||||||||||||
| 1,437 | EastGroup Properties Inc | 221,772 | ||||||||||||||
| 7,824 | First Industrial Realty Trust Inc | 371,483 | ||||||||||||||
| 111,118 | Frasers Logistics & Commercial Trust, (2) | 106,444 | ||||||||||||||
| 79 | GLP J-REIT, (2) | 96,811 | ||||||||||||||
| 22,267 | Goodman Group, (2) | 274,947 | ||||||||||||||
| 64 | LaSalle Logiport REIT, (2) | 78,748 | ||||||||||||||
| 167,117 | Mapletree Industrial Trust, (2) | 312,850 | ||||||||||||||
| 29,868 | Mapletree Logistics Trust, (2) | 36,145 | ||||||||||||||
| 79 | Mitsui Fudosan Logistics Park Inc, (2) | 298,885 | ||||||||||||||
| 777 | Plymouth Industrial REIT Inc | 13,629 | ||||||||||||||
| 19,707 | Prologis Inc | 2,318,529 | ||||||||||||||
| 81,045 | Property for Industry Ltd, (2) | 123,414 | ||||||||||||||
| 1,746 | Rexford Industrial Realty Inc | 100,552 | ||||||||||||||
| 12,259 | Segro PLC, (2) | 146,345 | ||||||||||||||
| 16,326 | STAG Industrial Inc | 504,147 | ||||||||||||||
| 41,850 | Summit Industrial Income REIT | 556,288 | ||||||||||||||
| 7,356 | Terreno Realty Corp | 409,950 | ||||||||||||||
| 133,127 | Tritax Big Box REIT PLC, (2) | 295,004 | ||||||||||||||
| 97,046 | Urban Logistics REIT PLC, (2) | 191,255 | ||||||||||||||
Total Industrial | 6,852,674 | |||||||||||||||
| Office – 6.9% | ||||||||||||||||
| 5,393 | Alexandria Real Estate Equities Inc | 782,147 | ||||||||||||||
| 3,872 | Boston Properties Inc | 344,530 | ||||||||||||||
| 6,561 | Corporate Office Properties Trust | 171,833 | ||||||||||||||
| 4,976 | Cousins Properties Inc | 145,448 | ||||||||||||||
| 45 | Daiwa Office Investment Corp, (2) | 231,164 | ||||||||||||||
| 14,237 | Douglas Emmett Inc | 318,624 | ||||||||||||||
| 123,637 | GDI Property Group Partnership, (2) | 77,667 | ||||||||||||||
| 51 | Kenedix Office Investment Corp, (2) | 256,481 | ||||||||||||||
| 1,360 | Kilroy Realty Corp | 71,169 | ||||||||||||||
26
| Shares | Description (1) | Value | ||||||||||||||
| Office (continued) | ||||||||||||||||
| 3,755 | NSI NV, (2) | $ | 129,277 | |||||||||||||
| 127 | Orix JREIT Inc, (2) | 172,540 | ||||||||||||||
| 4,205 | Paramount Group Inc | 30,402 | ||||||||||||||
| 13,780 | Piedmont Office Realty Trust Inc | 180,794 | ||||||||||||||
| 65,252 | Precinct Properties New Zealand Ltd, (2) | 55,744 | ||||||||||||||
Total Office | 2,967,820 | |||||||||||||||
| Residential – 13.8% | ||||||||||||||||
| 12,007 | American Homes 4 Rent | 425,528 | ||||||||||||||
| 4,634 | Apartment Income REIT Corp | 192,774 | ||||||||||||||
| 4,717 | AvalonBay Communities Inc | 916,277 | ||||||||||||||
| 4,592 | Boardwalk Real Estate Investment Trust | 149,404 | ||||||||||||||
| 4,551 | Camden Property Trust | 612,019 | ||||||||||||||
| 327 | Centerspace | 26,667 | ||||||||||||||
| 2,800 | Equity Residential | 202,216 | ||||||||||||||
| 848 | Essex Property Trust Inc | 221,760 | ||||||||||||||
| 33,023 | Ingenia Communities Group, (2) | 90,957 | ||||||||||||||
| 15,300 | InterRent Real Estate Investment Trust | 142,516 | ||||||||||||||
| 18,140 | Killam Apartment Real Estate Investment Trust | 241,688 | ||||||||||||||
| 3,883 | Mid-America Apartment Communities Inc | 678,244 | ||||||||||||||
| 9,219 | Minto Apartment Real Estate Investment Trust, 144A | 104,853 | ||||||||||||||
| 41 | Nippon Accommodations Fund Inc, (2) | 206,281 | ||||||||||||||
| 4,949 | Sun Communities Inc | 788,673 | ||||||||||||||
| 15,010 | UDR Inc | 691,060 | ||||||||||||||
| 16,946 | UNITE Group PLC/The, (2) | 220,274 | ||||||||||||||
| 2,141 | Xior Student Housing NV, (2) | 93,171 | ||||||||||||||
Total Residential | 6,004,362 | |||||||||||||||
| Retail – 10.9% | ||||||||||||||||
| 9,048 | Acadia Realty Trust | 141,330 | ||||||||||||||
| 5,333 | Agree Realty Corp | 384,669 | ||||||||||||||
| 162,441 | CapitaLand Integrated Commercial Trust, (2) | 253,931 | ||||||||||||||
| 3,635 | Federal Realty OP LP | 348,015 | ||||||||||||||
| 78,317 | Fortune Real Estate Investment Trust, (2) | 64,963 | ||||||||||||||
| 46 | Kenedix Retail REIT Corp, (2) | 93,368 | ||||||||||||||
| 23,459 | Kimco Realty Corp | 463,784 | ||||||||||||||
| 4,825 | Kite Realty Group Trust | 83,424 | ||||||||||||||
| 6,599 | Klepierre SA, (2) | 127,704 | ||||||||||||||
| 58,354 | Link REIT, (2) | 476,832 | ||||||||||||||
| 45,458 | Mapletree Commercial Trust, (2) | 59,912 | ||||||||||||||
| 1,002 | National Retail Properties Inc | 43,086 | ||||||||||||||
27
Nuveen Global Real Estate Securities Fund (continued)
Portfolio of Investments June 30, 2022
(Unaudited)
| Shares | Description (1) | Value | ||||||||||||||
| Retail (continued) | ||||||||||||||||
| 11,702 | NETSTREIT Corp | $ | 220,817 | |||||||||||||
| 2,084 | Realty Income Corp | 142,254 | ||||||||||||||
| 20,470 | RioCan Real Estate Investment Trust | 318,373 | ||||||||||||||
| 179,734 | Scentre Group, (2) | 322,721 | ||||||||||||||
| 6,868 | Simon Property Group Inc | 651,911 | ||||||||||||||
| 17,209 | SITE Centers Corp | 231,805 | ||||||||||||||
| 68,051 | Supermarket Income REIT PLC | 98,992 | ||||||||||||||
| 130,284 | Waypoint REIT Ltd, (2) | 208,989 | ||||||||||||||
Total Retail | 4,736,880 | |||||||||||||||
| Specialized – 21.0% | ||||||||||||||||
| 5,892 | American Tower Corp | 1,505,936 | ||||||||||||||
| 3,413 | Crown Castle International Corp | 574,681 | ||||||||||||||
| 13,898 | CubeSmart | 593,723 | ||||||||||||||
| 6,756 | Digital Realty Trust Inc | 877,131 | ||||||||||||||
| 1,989 | Equinix Inc | 1,306,813 | ||||||||||||||
| 883 | Extra Space Storage Inc | 150,216 | ||||||||||||||
| 2,839 | Four Corners Property Trust Inc | 75,489 | ||||||||||||||
| 11,125 | Gaming and Leisure Properties Inc | 510,192 | ||||||||||||||
| 2,675 | Life Storage Inc | 298,691 | ||||||||||||||
| 753 | National Storage REIT, (2) | 1,117 | ||||||||||||||
| 4,717 | PotlatchDeltic Corp | 208,444 | ||||||||||||||
| 5,260 | Public Storage | 1,644,644 | ||||||||||||||
| 20,307 | Safestore Holdings PLC, (2) | 262,946 | ||||||||||||||
| 1,018 | SBA Communications Corp | 325,811 | ||||||||||||||
| 26,582 | VICI Properties Inc | 791,878 | ||||||||||||||
Total Specialized | 9,127,712 | |||||||||||||||
Total Real Estate Investment Trust Common Stocks (cost $34,098,580) | 35,599,683 | |||||||||||||||
| Shares | Description (1) | Value | ||||||||||||||
COMMON STOCKS – 16.2% | ||||||||||||||||
Diversified Telecommunication Services – 1.5% | ||||||||||||||||
| 9,643 | Cellnex Telecom SA, 144A, (2) | $ | 375,288 | |||||||||||||
| 6,324 | IHS Holding Ltd, (3) | 66,022 | ||||||||||||||
| 11,237 | Infrastrutture Wireless Italiane SpA, 144A, (2) | 114,239 | ||||||||||||||
| 6,317 | Radius Global Infrastructure Inc, (3) | 96,397 | ||||||||||||||
Total Diversified Telecommunication Services | 651,946 | |||||||||||||||
| Equity Real Estate Investment Trust – 0.4% | ||||||||||||||||
| 19,933 | Nexus Industrial REIT | 150,055 | ||||||||||||||
28
| Shares | Description (1) | Value | ||||||||||||||
| Hotels, Restaurants & Leisure – 0.2% | ||||||||||||||||
| 13,380 | Playa Hotels & Resorts NV, (3) | $ | 91,921 | |||||||||||||
| Household Durables – 0.3% | ||||||||||||||||
| 137,067 | Cairn Homes PLC | 142,921 | ||||||||||||||
| IT Services – 0.3% | ||||||||||||||||
| 17,211 | NEXTDC Ltd, (2), (3) | 126,672 | ||||||||||||||
| Real Estate Management & Development – 13.5% | ||||||||||||||||
| 106,844 | Ascendas India Trust, (2) | 90,040 | ||||||||||||||
| 131,930 | Capitaland Investment Ltd/Singapore, (2) | 363,113 | ||||||||||||||
| 3,693 | Castellum AB, (2) | 47,607 | ||||||||||||||
| 4,767 | Catena AB, (2) | 172,521 | ||||||||||||||
| 10,635 | Cibus Nordic Real Estate AB, (2) | 164,578 | ||||||||||||||
| 75,379 | Corp Inmobiliaria Vesta SAB de CV | 140,566 | ||||||||||||||
| 15,074 | CRE Inc/Japan, (2), (3) | 188,130 | ||||||||||||||
| 17,403 | CTP NV, (2) | 200,335 | ||||||||||||||
| 6,736 | DIC Asset AG, (2) | 74,531 | ||||||||||||||
| 13,667 | Dios Fastigheter AB, (2) | 95,327 | ||||||||||||||
| 2,211 | Entra ASA, 144A, (2) | 28,016 | ||||||||||||||
| 41,610 | ESR Group Ltd, 144A, (2), (3) | 112,832 | ||||||||||||||
| 23,261 | Grainger PLC | 79,624 | ||||||||||||||
| 80,107 | Hongkong Land Holdings Ltd, (2) | 402,308 | ||||||||||||||
| 3,562 | Hulic Co Ltd, (2) | 27,628 | ||||||||||||||
| 4,841 | Hysan Development Co Ltd, (2) | 14,605 | ||||||||||||||
| 9,321 | Keihanshin Building Co Ltd, (2) | 90,128 | ||||||||||||||
| 18,501 | Langham Hospitality Investments and Langham Hospitality Investments Ltd, (2) | 2,267 | ||||||||||||||
| 3,234 | LEG Immobilien SE, (2) | 269,139 | ||||||||||||||
| 6,530 | Lifestyle Communities Ltd, (2) | 61,226 | ||||||||||||||
| 34,626 | Mitsui Fudosan Co Ltd, (2) | 743,934 | ||||||||||||||
| 7,487 | New World Development Co Ltd, (2) | 26,969 | ||||||||||||||
| 7,956 | Sagax AB, (2) | 147,502 | ||||||||||||||
| 49,183 | Samhallsbyggnadsbolaget i Norden AB, (2) | 82,207 | ||||||||||||||
| 14,791 | Sumitomo Realty & Development Co Ltd, (2) | 390,463 | ||||||||||||||
| 53,857 | Sun Hung Kai Properties Ltd, (2) | 637,670 | ||||||||||||||
| 19,455 | TAG Immobilien AG, (2) | 222,748 | ||||||||||||||
| 27,421 | Tricon Residential Inc | 278,049 | ||||||||||||||
| 1,829 | VGP NV, (2) | 291,764 | ||||||||||||||
| 899 | VIB Vermoegen AG, (2) | 22,643 | ||||||||||||||
| 11,012 | Vonovia SE, (2) | 340,716 | ||||||||||||||
29
Nuveen Global Real Estate Securities Fund (continued)
Portfolio of Investments June 30, 2022
(Unaudited)
| Shares | Description (1) | Value | ||||||||||||||
| Real Estate Management & Development (continued) | ||||||||||||||||
| 4,602 | Wihlborgs Fastigheter AB, (2) | $ | 32,193 | |||||||||||||
Total Real Estate Management & Development | 5,841,379 | |||||||||||||||
Total Common Stocks (cost $7,969,094) | 7,004,894 | |||||||||||||||
Total Long-Term Investments (cost $42,067,674) | $ | 42,604,577 | ||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||||||||||||
SHORT-TERM INVESTMENTS – 2.6% | ||||||||||||||||
| REPURCHASE AGREEMENTS – 2.6% | ||||||||||||||||
| $ | 1,145 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/22, repurchase price $1,145,460, collateralized by $1,349,500, U.S. Treasury Note, 0.375%, due 9/30/27, value $1,168,418 | 0.240% | 7/01/22 | $ | 1,145,460 | ||||||||||
Total Short-Term Investments (cost $1,145,460) | 1,145,460 | |||||||||||||||
Total Investments (cost $43,213,134) – 100.8% | 43,750,037 | |||||||||||||||
Other Assets Less Liabilities – (0.8)% | (339,302 | ) | ||||||||||||||
Net Assets – 100% | $ | 43,410,735 | ||||||||||||||
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 fair value measurement disclosure purposes, investment classified as Level 2. |
| (3) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
| 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. |
| REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
30
Nuveen Real Asset Income Fund
Portfolio of Investments June 30, 2022
(Unaudited)
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
LONG-TERM INVESTMENTS – 96.7% | ||||||||||||||||||||||||||||
COMMON STOCKS – 26.8% | ||||||||||||||||||||||||||||
| Air Freight & Logistics – 0.0% | ||||||||||||||||||||||||||||
| 9,011 | Oesterreichische Post AG, (2) | $ | 257,773 | |||||||||||||||||||||||||
| Capital Markets – 0.2% | ||||||||||||||||||||||||||||
| 1,901,202 | Greencoat Renewables PLC | 2,350,990 | ||||||||||||||||||||||||||
| Diversified Financial Services – 0.2% | ||||||||||||||||||||||||||||
| 2,115,232 | Sdcl Energy Efficiency Income Trust PLC, (2) | 2,998,120 | ||||||||||||||||||||||||||
| Diversified Telecommunication Services – 1.2% | ||||||||||||||||||||||||||||
| 4,121,932 | HKBN Ltd | 4,680,432 | ||||||||||||||||||||||||||
| 941,773 | HKT Trust & HKT Ltd, (2) | 1,264,841 | ||||||||||||||||||||||||||
| 13,836,422 | NetLink NBN Trust | 9,660,498 | ||||||||||||||||||||||||||
Total Diversified Telecommunication Services | 15,605,771 | |||||||||||||||||||||||||||
| Electric Utilities – 5.4% | ||||||||||||||||||||||||||||
| 453,281 | Cia de Transmissao de Energia Eletrica Paulista, (2) | 1,989,484 | ||||||||||||||||||||||||||
| 549,463 | CK Infrastructure Holdings Ltd, (2) | 3,375,314 | ||||||||||||||||||||||||||
| 147,849 | CLP Holdings Ltd, (2) | 1,228,667 | ||||||||||||||||||||||||||
| 543,896 | Contact Energy Ltd, (2) | 2,469,263 | ||||||||||||||||||||||||||
| 302,888 | Emera Inc | 14,189,051 | ||||||||||||||||||||||||||
| 387,147 | Endesa SA, (2) | 7,323,817 | ||||||||||||||||||||||||||
| 1,549,313 | Enel SpA, (2) | 8,496,773 | ||||||||||||||||||||||||||
| 334,958 | OGE Energy Corp | 12,915,980 | ||||||||||||||||||||||||||
| 40,673 | Pinnacle West Capital Corp | 2,974,010 | ||||||||||||||||||||||||||
| 412,031 | Red Electrica Corp SA, (2) | 7,799,570 | ||||||||||||||||||||||||||
| 506,791 | SSE PLC, (2) | 10,001,686 | ||||||||||||||||||||||||||
Total Electric Utilities | 72,763,615 | |||||||||||||||||||||||||||
| Equity Real Estate Investment Trust – 0.3% | ||||||||||||||||||||||||||||
| 548,955 | Nexus Industrial REIT | 4,132,515 | ||||||||||||||||||||||||||
| Gas Utilities – 2.1% | ||||||||||||||||||||||||||||
| 772,777 | APA Group, (2) | 6,018,209 | ||||||||||||||||||||||||||
| 421,385 | Enagas SA, (2) | 9,319,578 | ||||||||||||||||||||||||||
| 512,307 | Italgas SpA, (2) | 2,989,488 | ||||||||||||||||||||||||||
| 7,208 | Naturgy Energy Group SA, (2) | 208,280 | ||||||||||||||||||||||||||
| 1,951,375 | Snam SpA, (2) | 10,237,627 | ||||||||||||||||||||||||||
Total Gas Utilities | 28,773,182 | |||||||||||||||||||||||||||
| Health Care Providers & Services – 0.3% | ||||||||||||||||||||||||||||
| 172,457 | Chartwell Retirement Residences | 1,493,859 | ||||||||||||||||||||||||||
31
Nuveen Real Asset Income Fund (continued)
Portfolio of Investments June 30, 2022
(Unaudited)
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| Health Care Providers & Services (continued) | ||||||||||||||||||||||||||||
| 271,579 | Sienna Senior Living Inc | $ | 2,740,686 | |||||||||||||||||||||||||
Total Health Care Providers & Services | 4,234,545 | |||||||||||||||||||||||||||
| Household Durables – 0.2% | ||||||||||||||||||||||||||||
| 120,859 | Persimmon PLC, (2) | 2,749,771 | ||||||||||||||||||||||||||
| Independent Power & Renewable Electricity Producers – 1.2% | ||||||||||||||||||||||||||||
| 3,629 | Atlantica Sustainable Infrastructure PLC | 117,071 | ||||||||||||||||||||||||||
| 1,617 | Canadian Solar Infrastructure Fund Inc, (2) | 1,459,593 | ||||||||||||||||||||||||||
| 105,333 | Capital Power Corp | 3,683,218 | ||||||||||||||||||||||||||
| 186,477 | Clearway Energy Inc | 5,961,670 | ||||||||||||||||||||||||||
| 25,807 | NextEra Energy Partners LP | 1,913,847 | ||||||||||||||||||||||||||
| 195,217 | TransAlta Renewables Inc | 2,494,810 | ||||||||||||||||||||||||||
Total Independent Power & Renewable Electricity Producers | 15,630,209 | |||||||||||||||||||||||||||
| Industrial Conglomerates – 0.1% | ||||||||||||||||||||||||||||
| 961,170 | NWS Holdings Ltd, (2) | 913,266 | ||||||||||||||||||||||||||
| Media – 0.2% | ||||||||||||||||||||||||||||
| 263,890 | SES SA, (2) | 2,309,846 | ||||||||||||||||||||||||||
| Multi-Utilities – 2.4% | ||||||||||||||||||||||||||||
| 123,204 | ACEA SpA, (2) | 1,826,394 | ||||||||||||||||||||||||||
| 404,552 | Algonquin Power & Utilities Corp | 5,437,189 | ||||||||||||||||||||||||||
| 201,067 | Canadian Utilities Ltd | 5,996,708 | ||||||||||||||||||||||||||
| 169,178 | E.ON SE, (2) | 1,424,999 | ||||||||||||||||||||||||||
| 199,751 | National Grid PLC ADR | 12,921,892 | ||||||||||||||||||||||||||
| 1,164,157 | REN – Redes Energeticas Nacionais SGPS SA, (2) | 3,504,758 | ||||||||||||||||||||||||||
| 420,488 | Vector Ltd, (2) | 1,094,930 | ||||||||||||||||||||||||||
Total Multi-Utilities | 32,206,870 | |||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 8.5% | ||||||||||||||||||||||||||||
| 226,116 | DT Midstream Inc | 11,084,206 | ||||||||||||||||||||||||||
| 500,827 | Enbridge Inc | 21,164,949 | ||||||||||||||||||||||||||
| 105,677 | Energy Transfer LP | 1,054,656 | ||||||||||||||||||||||||||
| 250,470 | Enterprise Products Partners LP | 6,103,954 | ||||||||||||||||||||||||||
| 314,877 | Gibson Energy Inc | 5,831,780 | ||||||||||||||||||||||||||
| 145,166 | Keyera Corp | 3,315,631 | ||||||||||||||||||||||||||
| 1,007,030 | Kinder Morgan Inc | 16,877,823 | ||||||||||||||||||||||||||
| 62,274 | Magellan Midstream Partners LP | 2,974,206 | ||||||||||||||||||||||||||
| 113,197 | ONEOK Inc | 6,282,434 | ||||||||||||||||||||||||||
| 217,841 | Pembina Pipeline Corp | 7,700,253 | ||||||||||||||||||||||||||
| 150,177 | Plains GP Holdings LP | 1,549,827 | ||||||||||||||||||||||||||
| 176,732 | TC Energy Corp | 9,155,135 | ||||||||||||||||||||||||||
32
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels (continued) | ||||||||||||||||||||||||||||
| 690,231 | Williams Cos Inc/The | $ | 21,542,110 | |||||||||||||||||||||||||
Total Oil, Gas & Consumable Fuels | 114,636,964 | |||||||||||||||||||||||||||
| Real Estate Management & Development – 2.5% | ||||||||||||||||||||||||||||
| 369,092 | Amot Investments Ltd, (2) | 2,230,651 | ||||||||||||||||||||||||||
| 4,648,649 | Ascendas India Trust, (2) | 3,917,520 | ||||||||||||||||||||||||||
| 111,120 | Cibus Nordic Real Estate AB, (2) | 1,719,597 | ||||||||||||||||||||||||||
| 2,067,151 | Corp Inmobiliaria Vesta SAB de CV | 3,854,803 | ||||||||||||||||||||||||||
| 144,847 | DIC Asset AG, (2) | 1,602,674 | ||||||||||||||||||||||||||
| 617,046 | Hongkong Land Holdings Ltd, (2) | 3,098,887 | ||||||||||||||||||||||||||
| 153,443 | Kennedy-Wilson Holdings Inc | 2,906,210 | ||||||||||||||||||||||||||
| 6,995 | LEG Immobilien SE, (2) | 582,135 | ||||||||||||||||||||||||||
| 22,896 | New World Development Co Ltd, (2) | 82,475 | ||||||||||||||||||||||||||
| 1,007,153 | Sino Land Co Ltd, (2) | 1,487,238 | ||||||||||||||||||||||||||
| 622,022 | Sun Hung Kai Properties Ltd, (2) | 7,364,774 | ||||||||||||||||||||||||||
| 256,774 | TAG Immobilien AG, (2) | 2,939,912 | ||||||||||||||||||||||||||
| 40,680 | Vonovia SE, (2) | 1,258,658 | ||||||||||||||||||||||||||
Total Real Estate Management & Development | 33,045,534 | |||||||||||||||||||||||||||
| Road & Rail – 0.2% | ||||||||||||||||||||||||||||
| 1,294,757 | Aurizon Holdings Ltd, (2) | 3,405,250 | ||||||||||||||||||||||||||
| Thrifts & Mortgage Finance – 0.0% | ||||||||||||||||||||||||||||
| 20,505 | Real Estate Credit Investments Ltd/Fund | 36,942 | ||||||||||||||||||||||||||
| Transportation Infrastructure – 1.5% | ||||||||||||||||||||||||||||
| 131,591 | Atlantia SpA, (2) | 3,089,028 | ||||||||||||||||||||||||||
| 1,151,014 | Atlas Arteria Ltd, (2) | 6,413,143 | ||||||||||||||||||||||||||
| 1,214,159 | China Merchants Port Holdings Co Ltd, (2) | 2,067,928 | ||||||||||||||||||||||||||
| 2,461,752 | COSCO SHIPPING Ports Ltd, (2) | 1,740,925 | ||||||||||||||||||||||||||
| 1,797,976 | Dalrymple Bay Infrastructure Ltd | 2,444,875 | ||||||||||||||||||||||||||
| 62,646 | Enav SpA, 144A, (2), (3) | 262,769 | ||||||||||||||||||||||||||
| 27,451 | Grupo Aeroportuario del Pacifico SAB de CV ADR | 3,831,611 | ||||||||||||||||||||||||||
| 208,937 | Jiangsu Expressway Co Ltd, (2), (3) | 210,776 | ||||||||||||||||||||||||||
Total Transportation Infrastructure | 20,061,055 | |||||||||||||||||||||||||||
| Water Utilities – 0.3% | ||||||||||||||||||||||||||||
| 2,975,614 | Guangdong Investment Ltd, (2) | 3,145,317 | ||||||||||||||||||||||||||
| 54,330 | United Utilities Group PLC, (2) | 676,315 | ||||||||||||||||||||||||||
Total Water Utilities | 3,821,632 | |||||||||||||||||||||||||||
Total Common Stocks (cost $336,839,920) | 359,933,850 | |||||||||||||||||||||||||||
33
Nuveen Real Asset Income Fund (continued)
Portfolio of Investments June 30, 2022
(Unaudited)
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
REAL ESTATE INVESTMENT TRUST COMMON STOCKS – 21.9% | ||||||||||||||||||||||||||||
| Diversified – 3.8% | ||||||||||||||||||||||||||||
| 1,153,462 | Abacus Property Group, (2) | $ | 2,050,601 | |||||||||||||||||||||||||
| 177,706 | Armada Hoffler Properties Inc | 2,281,745 | ||||||||||||||||||||||||||
| 261,632 | Broadstone Net Lease Inc | 5,366,072 | ||||||||||||||||||||||||||
| 395,283 | Charter Hall Long Wale REIT, (2) | 1,167,917 | ||||||||||||||||||||||||||
| 23,049 | Essential Properties Realty Trust Inc | 495,323 | ||||||||||||||||||||||||||
| 21,117 | Gecina SA, (2) | 1,981,829 | ||||||||||||||||||||||||||
| 112,507 | Global Net Lease Inc | 1,593,099 | ||||||||||||||||||||||||||
| 576,951 | GPT Group/The, (2) | 1,686,245 | ||||||||||||||||||||||||||
| 705,657 | Growthpoint Properties Australia Ltd, (2) | 1,665,676 | ||||||||||||||||||||||||||
| 4,389,785 | Home REIT PLC | 6,070,428 | ||||||||||||||||||||||||||
| 970 | Hulic REIT Inc, (2) | 1,144,145 | ||||||||||||||||||||||||||
| 96,333 | ICADE, (2) | 4,727,537 | ||||||||||||||||||||||||||
| 494,176 | LXI REIT Plc, (2) | 856,051 | ||||||||||||||||||||||||||
| 701,461 | Mirvac Group, (2) | 958,821 | ||||||||||||||||||||||||||
| 10,581 | Star Asia Investment Corp | 4,788,277 | ||||||||||||||||||||||||||
| 1,711,014 | Stockland, (2) | 4,272,033 | ||||||||||||||||||||||||||
| 1,179,867 | Stride Property Group, (2) | 1,221,355 | ||||||||||||||||||||||||||
| 1,994 | United Urban Investment Corp, (2) | 2,096,171 | ||||||||||||||||||||||||||
| 78,038 | WP Carey Inc | 6,466,229 | ||||||||||||||||||||||||||
Total Diversified | 50,889,554 | |||||||||||||||||||||||||||
| Health Care – 1.9% | ||||||||||||||||||||||||||||
| 1,155,035 | Assura PLC | 919,540 | ||||||||||||||||||||||||||
| 94,985 | CareTrust REIT Inc | 1,751,523 | ||||||||||||||||||||||||||
| 184,617 | Global Medical REIT Inc | 2,073,249 | ||||||||||||||||||||||||||
| 15,117 | Healthpeak Properties Inc | 391,682 | ||||||||||||||||||||||||||
| 48,596 | Medical Properties Trust Inc | 742,061 | ||||||||||||||||||||||||||
| 830,317 | NorthWest Healthcare Properties Real Estate Investment Trust | 7,779,384 | ||||||||||||||||||||||||||
| 507,391 | Physicians Realty Trust | 8,853,973 | ||||||||||||||||||||||||||
| 1,197,437 | Target Healthcare REIT PLC | 1,580,082 | ||||||||||||||||||||||||||
| 17,527 | Universal Health Realty Income Trust | 932,612 | ||||||||||||||||||||||||||
Total Health Care | 25,024,106 | |||||||||||||||||||||||||||
| Industrial – 3.0% | ||||||||||||||||||||||||||||
| 1,279,418 | Centuria Industrial REIT, (2) | 2,488,486 | ||||||||||||||||||||||||||
| 590,621 | Dexus Industria REIT, (2) | 1,101,790 | ||||||||||||||||||||||||||
| 608,522 | Dream Industrial Real Estate Investment Trust | 5,710,803 | ||||||||||||||||||||||||||
| 5,170,440 | Frasers Logistics & Commercial Trust, (2) | 4,952,960 | ||||||||||||||||||||||||||
| 64,122 | Industrial Logistics Properties Trust | 902,838 | ||||||||||||||||||||||||||
| 128,886 | Intervest Offices & Warehouses NV | 3,376,652 | ||||||||||||||||||||||||||
34
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| Industrial (continued) | ||||||||||||||||||||||||||||
| 4,685,111 | Mapletree Industrial Trust, (2) | $ | 8,770,711 | |||||||||||||||||||||||||
| 1,687,117 | Mapletree Logistics Trust, (2) | 2,041,675 | ||||||||||||||||||||||||||
| 1,791,600 | PLA Administradora Industrial S de RL de CV | 2,405,490 | ||||||||||||||||||||||||||
| 16,898 | Plymouth Industrial REIT Inc | 296,391 | ||||||||||||||||||||||||||
| 105,686 | STAG Industrial Inc | 3,263,584 | ||||||||||||||||||||||||||
| 2,430,956 | Urban Logistics REIT PLC, (2) | 4,790,835 | ||||||||||||||||||||||||||
Total Industrial | 40,102,215 | |||||||||||||||||||||||||||
| Mortgage – 1.2% | ||||||||||||||||||||||||||||
| 256,932 | Ares Commercial Real Estate Corp | 3,142,278 | ||||||||||||||||||||||||||
| 99,737 | Blackstone Mortgage Trust Inc | 2,759,723 | ||||||||||||||||||||||||||
| 270,790 | KKR Real Estate Finance Trust Inc | 4,725,286 | ||||||||||||||||||||||||||
| 269,069 | Starwood Property Trust Inc | 5,620,851 | ||||||||||||||||||||||||||
Total Mortgage | 16,248,138 | |||||||||||||||||||||||||||
| Office – 3.2% | ||||||||||||||||||||||||||||
| 463,186 | Brandywine Realty Trust | 4,465,113 | ||||||||||||||||||||||||||
| 1,198,331 | Centuria Office REIT, (2) | 1,408,875 | ||||||||||||||||||||||||||
| 47,608 | Covivio, (2) | 2,659,748 | ||||||||||||||||||||||||||
| 5,758,210 | Cromwell Property Group, (2) | 3,004,746 | ||||||||||||||||||||||||||
| 368,024 | Dexus, (2) | 2,263,148 | ||||||||||||||||||||||||||
| 292,841 | Easterly Government Properties Inc | 5,575,693 | ||||||||||||||||||||||||||
| 3,108,199 | GDI Property Group Partnership, (2) | 1,952,524 | ||||||||||||||||||||||||||
| 9,196 | Highwoods Properties Inc | 314,411 | ||||||||||||||||||||||||||
| 2,610 | Ichigo Office REIT Investment Corp, (2) | 1,627,436 | ||||||||||||||||||||||||||
| 98,146 | NSI NV, (2) | 3,378,962 | ||||||||||||||||||||||||||
| 153 | Orix JREIT Inc, (2) | 207,863 | ||||||||||||||||||||||||||
| 319,239 | Piedmont Office Realty Trust Inc | 4,188,416 | ||||||||||||||||||||||||||
| 256,001 | Postal Realty Trust Inc | 3,814,415 | ||||||||||||||||||||||||||
| 58,370 | SL Green Realty Corp | 2,693,775 | ||||||||||||||||||||||||||
| 707,610 | True North Commercial Real Estate Investment Trust | 3,452,292 | ||||||||||||||||||||||||||
| 54,254 | Vornado Realty Trust | 1,551,122 | ||||||||||||||||||||||||||
Total Office | 42,558,539 | |||||||||||||||||||||||||||
| Residential – 0.1% | ||||||||||||||||||||||||||||
| 50,290 | Apartment Income REIT Corp | 2,092,064 | ||||||||||||||||||||||||||
| Retail – 5.5% | ||||||||||||||||||||||||||||
| 1,322,104 | CapitaLand China Trust, (2) | 1,094,872 | ||||||||||||||||||||||||||
| 3,266,459 | CapitaLand Integrated Commercial Trust, (2) | 5,106,193 | ||||||||||||||||||||||||||
| 396,528 | Choice Properties Real Estate Investment Trust | 4,328,168 | ||||||||||||||||||||||||||
| 483,055 | Crombie Real Estate Investment Trust | 6,053,199 | ||||||||||||||||||||||||||
35
Nuveen Real Asset Income Fund (continued)
Portfolio of Investments June 30, 2022
(Unaudited)
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| Retail (continued) | ||||||||||||||||||||||||||||
| 5,069,415 | Fortune Real Estate Investment Trust, (2) | $ | 4,205,044 | |||||||||||||||||||||||||
| 2,172,006 | Frasers Centrepoint Trust, (2) | 3,582,867 | ||||||||||||||||||||||||||
| 1,632 | Kenedix Retail REIT Corp, (2) | 3,312,548 | ||||||||||||||||||||||||||
| 390,441 | Link REIT, (2) | 3,190,435 | ||||||||||||||||||||||||||
| 981,100 | Mapletree Commercial Trust, (2) | 1,293,053 | ||||||||||||||||||||||||||
| 69,133 | National Retail Properties Inc | 2,972,719 | ||||||||||||||||||||||||||
| 53,542 | Realty Income Corp | 3,654,777 | ||||||||||||||||||||||||||
| 247,852 | RioCan Real Estate Investment Trust | 3,854,877 | ||||||||||||||||||||||||||
| 8,443 | Saul Centers Inc | 397,750 | ||||||||||||||||||||||||||
| 5,244,457 | Scentre Group, (2) | 9,416,681 | ||||||||||||||||||||||||||
| 96,736 | Simon Property Group Inc | 9,182,181 | ||||||||||||||||||||||||||
| 76,580 | Spirit Realty Capital Inc | 2,893,192 | ||||||||||||||||||||||||||
| 1,653,812 | Supermarket Income REIT PLC | 2,405,757 | ||||||||||||||||||||||||||
| 146,711 | Urstadt Biddle Properties Inc | 2,376,718 | ||||||||||||||||||||||||||
| 2,488,546 | Waypoint REIT Ltd, (2) | 3,991,891 | ||||||||||||||||||||||||||
Total Retail | 73,312,922 | |||||||||||||||||||||||||||
| Specialized – 3.2% | ||||||||||||||||||||||||||||
| 242,748 | Four Corners Property Trust Inc | 6,454,669 | ||||||||||||||||||||||||||
| 264,388 | Gaming and Leisure Properties Inc | 12,124,834 | ||||||||||||||||||||||||||
| 59,526 | Iron Mountain Inc | 2,898,321 | ||||||||||||||||||||||||||
| 102,478 | National Storage Affiliates Trust | 5,131,073 | ||||||||||||||||||||||||||
| 4,689 | Public Storage | 1,466,110 | ||||||||||||||||||||||||||
| 494,023 | VICI Properties Inc | 14,716,945 | ||||||||||||||||||||||||||
Total Specialized | 42,791,952 | |||||||||||||||||||||||||||
Total Real Estate Investment Trust Common Stocks (cost $301,786,764) |
| 293,019,490 | ||||||||||||||||||||||||||
| Principal Amount (000) (4) | Description (1) | Coupon | Maturity | Ratings (5) | Value | |||||||||||||||||||||||
CORPORATE BONDS – 18.7% | ||||||||||||||||||||||||||||
| Air Freight & Logistics – 0.1% | ||||||||||||||||||||||||||||
| $ | 2,300 | Cargo Aircraft Management Inc, 144A | 4.750% | 2/01/28 | BB | $ | 2,097,462 | |||||||||||||||||||||
| Building Products – 0.3% | ||||||||||||||||||||||||||||
| 3,730 | Advanced Drainage Systems Inc, 144A | 6.375% | 6/15/30 | Ba2 | 3,642,606 | |||||||||||||||||||||||
| Capital Markets – 0.2% | ||||||||||||||||||||||||||||
| 2,700 | Hunt Cos Inc, 144A | 5.250% | 4/15/29 | BB- | 2,295,000 | |||||||||||||||||||||||
| Chemicals – 0.0% | ||||||||||||||||||||||||||||
| 500 | Calumet Specialty Products Partners LP / Calumet Finance Corp, 144A |
| 11.000% | 4/15/25 | B- | 475,895 | ||||||||||||||||||||||
36
| Principal Amount (000) (4) | Description (1) | Coupon | Maturity | Ratings (5) | Value | |||||||||||||||||||||||
| Commercial Services & Supplies – 0.5% | ||||||||||||||||||||||||||||
| $ | 860 | Clean Harbors Inc, 144A | 4.875% | 7/15/27 | BB | $ | 786,900 | |||||||||||||||||||||
| 1,500 | Clean Harbors Inc, 144A | 5.125% | 7/15/29 | BB | 1,361,250 | |||||||||||||||||||||||
| 1,570 | Covanta Holding Corp, 144A | 4.875% | 12/01/29 | B | 1,277,540 | |||||||||||||||||||||||
| 1,300 | GFL Environmental Inc, 144A | 3.500% | 9/01/28 | BB- | 1,114,750 | |||||||||||||||||||||||
| 2,085 | GFL Environmental Inc, 144A | 4.750% | 6/15/29 | B- | 1,725,338 | |||||||||||||||||||||||
| 850 | Stericycle Inc, 144A | 3.875% | 1/15/29 | BB | 694,875 | |||||||||||||||||||||||
Total Commercial Services & Supplies | 6,960,653 | |||||||||||||||||||||||||||
| Communications Equipment – 0.3% | ||||||||||||||||||||||||||||
| 875 | America Movil SAB de CV, 144A | 5.375% | 4/04/32 | A- | 776,562 | |||||||||||||||||||||||
| 650 | Liquid Telecommunications Financing Plc, 144A | 5.500% | 9/04/26 | B1 | 568,594 | |||||||||||||||||||||||
| 3,325 | Viasat Inc, 144A | 6.500% | 7/15/28 | BB- | 2,290,327 | |||||||||||||||||||||||
Total Communications Equipment | 3,635,483 | |||||||||||||||||||||||||||
| Construction & Engineering – 0.2% | ||||||||||||||||||||||||||||
| 1,800 | GMR Hyderabad International Airport Ltd, 144A | 5.375% | 4/10/24 | BB+ | 1,742,400 | |||||||||||||||||||||||
| 1,500 | IHS Netherlands Holdco BV, 144A | 8.000% | 9/18/27 | BB- | 1,313,850 | |||||||||||||||||||||||
Total Construction & Engineering | 3,056,250 | |||||||||||||||||||||||||||
| Diversified Financial Services – 0.5% | ||||||||||||||||||||||||||||
| 968 | Cometa Energia SA de CV, 144A | 6.375% | 4/24/35 | Baa3 | 935,006 | |||||||||||||||||||||||
| 975 | Genesis Energy LP / Genesis Energy Finance Corp | 7.750% | 2/01/28 | B | 843,424 | |||||||||||||||||||||||
| 550 | Indian Railway Finance Corp Ltd, 144A | 3.570% | 1/21/32 | BBB- | 469,827 | |||||||||||||||||||||||
| 1,815 | Minejesa Capital BV, 144A | 5.625% | 8/10/37 | Baa3 | 1,468,389 | |||||||||||||||||||||||
| 15,424 BRL | Swiss Insured Brazil Power Finance Sarl, 144A | 9.850% | 7/16/32 | AAA | 2,534,552 | |||||||||||||||||||||||
Total Diversified Financial Services | 6,251,198 | |||||||||||||||||||||||||||
| Diversified Telecommunication Services – 0.6% | ||||||||||||||||||||||||||||
| 1,325 | Altice France SA/France, 144A | 5.500% | 1/15/28 | B | 1,067,764 | |||||||||||||||||||||||
| 1,925 | Altice France SA/France, 144A | 5.125% | 7/15/29 | B | 1,453,375 | |||||||||||||||||||||||
| 200 | Cablevision Lightpath LLC, 144A | 3.875% | 9/15/27 | B+ | 165,500 | |||||||||||||||||||||||
| 3,280 | Cellnex Finance Co SA, 144A | 3.875% | 7/07/41 | BBB- | 2,246,177 | |||||||||||||||||||||||
| 1,750 | Frontier Communications Holdings LLC, 144A, (6) | 6.000% | 1/15/30 | BB- | 1,346,537 | |||||||||||||||||||||||
| 865 | Iliad Holding SASU, 144A | 6.500% | 10/15/26 | BB- | 778,474 | |||||||||||||||||||||||
| 1,030 | Iliad Holding SASU, 144A | 7.000% | 10/15/28 | BB- | 896,034 | |||||||||||||||||||||||
Total Diversified Telecommunication Services | 7,953,861 | |||||||||||||||||||||||||||
| Electric Utilities – 1.6% | ||||||||||||||||||||||||||||
| 1,806 | Acwa Power Management And Investments One Ltd, 144A | 5.950% | 12/15/39 | Baa3 | 1,824,444 | |||||||||||||||||||||||
| 1,925 | Adani Green Energy UP Ltd / Prayatna Developers Pvt Ltd / Parampujya Solar Energ, 144A |
| 6.250% | 12/10/24 | BB+ | 1,838,375 | ||||||||||||||||||||||
| 350 | Adani Transmission Step-One Ltd, 144A | 4.250% | 5/21/36 | BBB- | 293,924 | |||||||||||||||||||||||
| 650 | AES Panama Generation Holdings SRL, 144A | 4.375% | 5/31/30 | Baa3 | 555,319 | |||||||||||||||||||||||
37
Nuveen Real Asset Income Fund (continued)
Portfolio of Investments June 30, 2022
(Unaudited)
| Principal Amount (000) (4) | Description (1) | Coupon | Maturity | Ratings (5) | Value | |||||||||||||||||||||||
| Electric Utilities (continued) | ||||||||||||||||||||||||||||
| $ | 1,500 | Cikarang Listrindo Tbk PT, 144A | 4.950% | 9/14/26 | BB+ | $ | 1,389,585 | |||||||||||||||||||||
| 2,325 | Clearway Energy Operating LLC, 144A | 3.750% | 2/15/31 | BB | 1,874,462 | |||||||||||||||||||||||
| 800 | Consorcio Transmantaro SA, 144A | 5.200% | 4/11/38 | BBB | 714,000 | |||||||||||||||||||||||
| 1,400 EUR | EDP – Energias de Portugal SA, Reg S | 4.496% | 4/30/79 | BB+ | 1,419,448 | |||||||||||||||||||||||
| 625 | Electricidad Firme de Mexico Holdings SA de CV, 144A | 4.900% | 11/20/26 | Ba2 | 511,332 | |||||||||||||||||||||||
| 1,200 | Empresa de Transmision Electrica SA, 144A | 5.125% | 5/02/49 | Baa2 | 1,004,772 | |||||||||||||||||||||||
| 5,700,000 COP | Empresas Publicas de Medellin ESP, 144A | 8.375% | 11/08/27 | Baa3 | 1,078,958 | |||||||||||||||||||||||
| 1,500 | Lamar Funding Ltd, 144A | 3.958% | 5/07/25 | BB | 1,421,136 | |||||||||||||||||||||||
| 1,133 | LLPL Capital Pte Ltd, 144A | 6.875% | 2/04/39 | Baa3 | 1,053,976 | |||||||||||||||||||||||
| 1,515 GBP | NGG Finance PLC, Reg S | 5.625% | 6/18/73 | BBB- | 1,740,012 | |||||||||||||||||||||||
| 1,500 | NRG Energy Inc, 144A | 3.625% | 2/15/31 | BB+ | 1,175,985 | |||||||||||||||||||||||
| 2,175 | Pacific Gas and Electric Co | 3.300% | 8/01/40 | BBB- | 1,499,584 | |||||||||||||||||||||||
| 1,155 | Pattern Energy Operations LP / Pattern Energy Operations Inc, 144A |
| 4.500% | 8/15/28 | BB- | 1,004,850 | ||||||||||||||||||||||
| 1,000 | ReNew Wind Energy AP2 / ReNew Power Pvt Ltd other 9 Subsidiaries, 144A |
| 4.500% | 7/14/28 | Ba3 | 782,678 | ||||||||||||||||||||||
Total Electric Utilities | 21,182,840 | |||||||||||||||||||||||||||
| Electrical Equipment – 0.1% | ||||||||||||||||||||||||||||
| 2,130 | Vertiv Group Corp, 144A | 4.125% | 11/15/28 | BB- | 1,729,390 | |||||||||||||||||||||||
Energy Equipment & Services – 0.1% | ||||||||||||||||||||||||||||
| 850 | Archrock Partners LP / Archrock Partners Finance Corp, 144A | 6.250% | 4/01/28 | B+ | 752,505 | |||||||||||||||||||||||
| 1,000 | Galaxy Pipeline Assets Bidco Ltd, 144A | 3.250% | 9/30/40 | Aa2 | 789,278 | |||||||||||||||||||||||
Total Energy Equipment & Services | 1,541,783 | |||||||||||||||||||||||||||
| Equity Real Estate Investment Trust – 3.6% | ||||||||||||||||||||||||||||
| 5,000 | American Tower Corp | 2.300% | 9/15/31 | BBB+ | 3,960,320 | |||||||||||||||||||||||
| 4,400 | Brixmor Operating Partnership LP | 2.500% | 8/16/31 | BBB | 3,450,313 | |||||||||||||||||||||||
| 5,000 | Crown Castle International Corp | 2.100% | 4/01/31 | BBB+ | 3,976,862 | |||||||||||||||||||||||
| 1,455 | CTR Partnership LP / CareTrust Capital Corp, 144A | 3.875% | 6/30/28 | BB+ | 1,242,570 | |||||||||||||||||||||||
| 2,250 | Equinix Inc | 2.500% | 5/15/31 | BBB+ | 1,823,205 | |||||||||||||||||||||||
| 3,500 | Goodman US Finance Five LLC, 144A | 4.625% | 5/04/32 | BBB+ | 3,433,076 | |||||||||||||||||||||||
| 1,740 | HAT Holdings I LLC / HAT Holdings II LLC, 144A | 3.375% | 6/15/26 | Baa3 | 1,496,400 | |||||||||||||||||||||||
| 1,300 | HAT Holdings I LLC / HAT Holdings II LLC, 144A | 3.750% | 9/15/30 | Baa3 | 1,036,750 | |||||||||||||||||||||||
| 800 | Iron Mountain Inc, 144A | 4.500% | 2/15/31 | BB- | 653,716 | |||||||||||||||||||||||
| 2,195 | Iron Mountain Information Management Services Inc, 144A | 5.000% | 7/15/32 | BB- | 1,771,612 | |||||||||||||||||||||||
| 3,600 | Mid-America Apartments LP | 1.700% | 2/15/31 | A- | 2,847,155 | |||||||||||||||||||||||
| 1,375 | MPT Operating Partnership LP / MPT Finance Corp | 3.500% | 3/15/31 | BBB- | 1,083,720 | |||||||||||||||||||||||
| 1,600 | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 144A |
| 4.875% | 5/15/29 | B+ | 1,373,864 | ||||||||||||||||||||||
| 2,450 | RHP Hotel Properties LP / RHP Finance Corp, 144A, (6) | 4.500% | 2/15/29 | B+ | 2,077,353 | |||||||||||||||||||||||
| 1,370 | RLJ Lodging Trust LP, 144A | 3.750% | 7/01/26 | BB- | 1,187,199 | |||||||||||||||||||||||
38
| Principal Amount (000) (4) | Description (1) | Coupon | Maturity | Ratings (5) | Value | |||||||||||||||||||||||
| Equity Real Estate Investment Trust (continued) | ||||||||||||||||||||||||||||
| $ | 1,430 | RLJ Lodging Trust LP, 144A | 4.000% | 9/15/29 | BB- | $ | 1,174,619 | |||||||||||||||||||||
| 5,525 | SBA Communications Corp | 3.125% | 2/01/29 | BB- | 4,522,213 | |||||||||||||||||||||||
| 3,035 | Scentre Group Trust 2, 144A | 5.125% | 9/24/80 | BBB+ | 2,502,170 | |||||||||||||||||||||||
| 3,650 | VICI Properties LP | 5.125% | 5/15/32 | BBB- | 3,439,541 | |||||||||||||||||||||||
| 1,695 | VICI Properties LP / VICI Note Co Inc, 144A | 4.500% | 1/15/28 | BBB- | 1,544,645 | |||||||||||||||||||||||
| 3,595 | Welltower Inc | 3.850% | 6/15/32 | BBB+ | 3,276,046 | |||||||||||||||||||||||
| 1,140 | XHR LP, 144A | 4.875% | 6/01/29 | B+ | 977,957 | |||||||||||||||||||||||
Total Equity Real Estate Investment Trust | 48,851,306 | |||||||||||||||||||||||||||
| Gas Utilities – 0.6% | ||||||||||||||||||||||||||||
| 1,710 CAD | AltaGas Ltd | 5.250% | 1/11/82 | BB+ | 1,124,466 | |||||||||||||||||||||||
| 2,025 | Ferrellgas LP / Ferrellgas Finance Corp, 144A | 5.375% | 4/01/26 | B | 1,758,075 | |||||||||||||||||||||||
| 2,225 | Ferrellgas LP / Ferrellgas Finance Corp, 144A | 5.875% | 4/01/29 | B | 1,806,217 | |||||||||||||||||||||||
| 2,550 | National Gas Co of Trinidad & Tobago Ltd, 144A | 6.050% | 1/15/36 | BBB- | 2,397,000 | |||||||||||||||||||||||
| 700 | Superior Plus LP / Superior General Partner Inc, 144A | 4.500% | 3/15/29 | BB- | 595,000 | |||||||||||||||||||||||
Total Gas Utilities | 7,680,758 | |||||||||||||||||||||||||||
| Health Care Providers & Services – 0.6% | ||||||||||||||||||||||||||||
| 830 | Encompass Health Corp | 4.750% | 2/01/30 | B+ | 695,573 | |||||||||||||||||||||||
| 2,170 | Encompass Health Corp | 4.625% | 4/01/31 | B+ | 1,757,103 | |||||||||||||||||||||||
| 3,925 | Tenet Healthcare Corp, 144A | 6.125% | 10/01/28 | B+ | 3,358,936 | |||||||||||||||||||||||
| 2,300 | Tenet Healthcare Corp, 144A | 6.125% | 6/15/30 | BB- | 2,121,934 | |||||||||||||||||||||||
Total Health Care Providers & Services | 7,933,546 | |||||||||||||||||||||||||||
| Hotels, Restaurants & Leisure – 0.7% | ||||||||||||||||||||||||||||
| 2,375 | CDI Escrow Issuer Inc, 144A | 5.750% | 4/01/30 | B+ | 2,161,250 | |||||||||||||||||||||||
| 1,650 | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc, 144A |
| 4.625% | 1/15/29 | B | 1,406,625 | ||||||||||||||||||||||
| 400 | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc, 144A |
| 6.750% | 7/15/30 | CCC+ | 307,000 | ||||||||||||||||||||||
| 2,250 | Hilton Domestic Operating Co Inc, 144A | 4.000% | 5/01/31 | N/R | 1,869,750 | |||||||||||||||||||||||
| 1,605 | Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 144A |
| 5.000% | 6/01/29 | BB- | 1,300,050 | ||||||||||||||||||||||
| 1,775 | Marriott International Inc/MD | 2.750% | 10/15/33 | BBB | 1,395,821 | |||||||||||||||||||||||
| 1,065 | Marriott Ownership Resorts Inc, 144A | 4.500% | 6/15/29 | B+ | 885,737 | |||||||||||||||||||||||
Total Hotels, Restaurants & Leisure | 9,326,233 | |||||||||||||||||||||||||||
| Independent Power & Renewable Electricity Producers – 1.1% | ||||||||||||||||||||||||||||
| 1,197 | Alfa Desarrollo SpA, 144A | 4.550% | 9/27/51 | BBB- | $ | 858,679 | ||||||||||||||||||||||
| 1,720 | Atlantica Sustainable Infrastructure PLC, 144A | 4.125% | 6/15/28 | BB+ | 1,497,743 | |||||||||||||||||||||||
| 674 | Azure Power Energy Ltd, 144A | 3.575% | 8/19/26 | BB+ | 556,402 | |||||||||||||||||||||||
| 3,570 | Clearway Energy Operating LLC, 144A | 3.750% | 1/15/32 | BB | 2,829,225 | |||||||||||||||||||||||
| 1,300 | EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA, 144A |
| 5.375% | 12/30/30 | BBB- | 877,500 | ||||||||||||||||||||||
| 475 | Israel Electric Corp Ltd, Reg S, 144A | 3.750% | 2/22/32 | BBB+ | 424,881 | |||||||||||||||||||||||
39
Nuveen Real Asset Income Fund (continued)
Portfolio of Investments June 30, 2022
(Unaudited)
| Principal Amount (000) (4) | Description (1) | Coupon | Maturity | Ratings (5) | Value | |||||||||||||||||||||||
| Independent Power & Renewable Electricity Producers (continued) | ||||||||||||||||||||||||||||
| $ | 1,500 | Kallpa Generacion SA, 144A | 4.125% | 8/16/27 | Baa3 | $ | 1,350,000 | |||||||||||||||||||||
| 3,315 | TerraForm Power Operating LLC, 144A | 4.750% | 1/15/30 | BB- | 2,839,264 | |||||||||||||||||||||||
| 968 | UEP Penonome II SA, 144A | 6.500% | 10/01/38 | BB | 901,073 | |||||||||||||||||||||||
| 2,900 | Vistra Operations Co LLC, 144A | 5.125% | 5/13/25 | BBB- | 2,871,450 | |||||||||||||||||||||||
Total Independent Power & Renewable Electricity Producers | 15,006,217 | |||||||||||||||||||||||||||
| Internet Software & Services – 0.2% | ||||||||||||||||||||||||||||
| 3,075 | Cogent Communications Group Inc, 144A | 3.500% | 5/01/26 | BB | 2,829,000 | |||||||||||||||||||||||
| Machinery – 0.1% | ||||||||||||||||||||||||||||
| 1,775 | WASH Multifamily Acquisition Inc, 144A | 5.750% | 4/15/26 | B- | 1,672,937 | |||||||||||||||||||||||
| Media – 0.8% | ||||||||||||||||||||||||||||
| 4,600 | CCO Holdings LLC / CCO Holdings Capital Corp | 4.500% | 5/01/32 | BB+ | 3,724,620 | |||||||||||||||||||||||
| 1,225 | Directv Financing LLC / Directv Financing Co-Obligor Inc, 144A |
| 5.875% | 8/15/27 | BBB- | 1,045,011 | ||||||||||||||||||||||
| 1,485 | DISH DBS Corp, 144A | 5.250% | 12/01/26 | Ba3 | 1,164,002 | |||||||||||||||||||||||
| 1,770 | DISH DBS Corp, 144A | 5.750% | 12/01/28 | Ba3 | 1,310,526 | |||||||||||||||||||||||
| 1,500 | Lamar Media Corp | 3.625% | 1/15/31 | BB | 1,227,630 | |||||||||||||||||||||||
| 3,600 | VZ Secured Financing BV, 144A | 5.000% | 1/15/32 | BB | 2,988,000 | |||||||||||||||||||||||
Total Media | 11,459,789 | |||||||||||||||||||||||||||
| Mortgage Real Estate Investment Trust – 0.6% | ||||||||||||||||||||||||||||
| 5,385 | Blackstone Mortgage Trust Inc, 144A | 3.750% | 1/15/27 | Ba2 | 4,388,775 | |||||||||||||||||||||||
| 1,875 | Starwood Property Trust Inc, 144A | 3.625% | 7/15/26 | BB+ | 1,589,063 | |||||||||||||||||||||||
| 1,500 | Starwood Property Trust Inc, 144A | 4.375% | 1/15/27 | BB+ | 1,302,090 | |||||||||||||||||||||||
| 605 CAD | Transcanada Trust | 4.200% | 3/04/81 | BBB | 384,235 | |||||||||||||||||||||||
Total Mortgage Real Estate Investment Trust | 7,664,163 | |||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 3.3% | ||||||||||||||||||||||||||||
| 1,800 | Antero Midstream Partners LP / Antero Midstream Finance Corp, 144A |
| 7.875% | 5/15/26 | BB | 1,798,002 | ||||||||||||||||||||||
| 915 | Calumet Specialty Products Partners LP / Calumet Finance Corp, 144A |
| 8.125% | 1/15/27 | B- | 773,536 | ||||||||||||||||||||||
| 1,270 | CNX Midstream Partners LP, 144A | 4.750% | 4/15/30 | BB | 1,066,800 | |||||||||||||||||||||||
| 2,735 | Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp, 144A |
| 5.625% | 5/01/27 | BB | 2,434,150 | ||||||||||||||||||||||
| 1,820 | DT Midstream Inc, 144A | 4.375% | 6/15/31 | BB+ | 1,524,250 | |||||||||||||||||||||||
| 424 | Energean Israel Finance Ltd, Reg S, 144A | 5.375% | 3/30/28 | BB- | 359,385 | |||||||||||||||||||||||
| 1,200 | EnLink Midstream LLC, 144A | 5.625% | 1/15/28 | BB+ | 1,100,721 | |||||||||||||||||||||||
| 1,500 | EnLink Midstream LLC | 5.375% | 6/01/29 | BB+ | 1,312,812 | |||||||||||||||||||||||
| 410 | EQM Midstream Partners LP, 144A | 7.500% | 6/01/27 | BB | 395,465 | |||||||||||||||||||||||
| 1,215 | EQM Midstream Partners LP | 5.500% | 7/15/28 | BB | 1,048,996 | |||||||||||||||||||||||
| 1,090 | EQM Midstream Partners LP, 144A | 7.500% | 6/01/30 | BB | 1,047,103 | |||||||||||||||||||||||
| 1,300 | EQM Midstream Partners LP, 144A, (6) | 4.750% | 1/15/31 | BB | 1,036,750 | |||||||||||||||||||||||
| 560 CAD | Gibson Energy Inc | 5.250% | 12/22/80 | BB | 377,626 | |||||||||||||||||||||||
40
| Principal Amount (000) (4) | Description (1) | Coupon | Maturity | Ratings (5) | Value | |||||||||||||||||||||||
| Oil, Gas & Consumable Fuels (continued) | ||||||||||||||||||||||||||||
| $ | 1,620 | Hess Midstream Operations LP, 144A | 5.500% | 10/15/30 | BB+ | $ | 1,453,950 | |||||||||||||||||||||
| 750 | Holly Energy Partners LP / Holly Energy Finance Corp, 144A | 6.375% | 4/15/27 | BB+ | 705,945 | |||||||||||||||||||||||
| 975 CAD | Keyera Corp | 6.875% | 6/13/79 | BB | 729,122 | |||||||||||||||||||||||
| 3,470 | Kinetik Holdings LP, 144A | 5.875% | 6/15/30 | BB+ | 3,305,574 | |||||||||||||||||||||||
| 1,425 | Leviathan Bond Ltd, Reg S, 144A | 6.750% | 6/30/30 | BB | 1,281,885 | |||||||||||||||||||||||
| 1,750 | New Fortress Energy Inc, 144A | 6.500% | 9/30/26 | BB- | 1,585,083 | |||||||||||||||||||||||
| 1,350 | NGL Energy Operating LLC / NGL Energy Finance Corp, 144A |
| 7.500% | 2/01/26 | BB- | 1,215,000 | ||||||||||||||||||||||
| 300 | Oleoducto Central SA, 144A | 4.000% | 7/14/27 | Baa3 | 250,286 | |||||||||||||||||||||||
| 3,543 CAD | Pembina Pipeline Corp | 4.800% | 1/25/81 | BB+ | 2,294,059 | |||||||||||||||||||||||
| 1,000 | Peru LNG Srl, 144A | 5.375% | 3/22/30 | B+ | 807,500 | |||||||||||||||||||||||
| 275 | Promigas SA ESP / Gases del Pacifico SAC, 144A | 3.750% | 10/16/29 | Baa3 | 221,752 | |||||||||||||||||||||||
| 1,190 | Sunoco LP / Sunoco Finance Corp | 5.875% | 3/15/28 | BB | 1,084,991 | |||||||||||||||||||||||
| 2,345 | Sunoco LP / Sunoco Finance Corp, 144A | 4.500% | 4/30/30 | BB | 1,893,314 | |||||||||||||||||||||||
| 5,175 | Targa Resources Corp, (WI/DD, Settling 7/07/22) | 5.200% | 7/01/27 | BBB- | 5,197,381 | |||||||||||||||||||||||
| 1,350 | Targa Resources Corp, (WI/DD, Settling 7/07/22) | 6.250% | 7/01/52 | BBB- | 1,354,258 | |||||||||||||||||||||||
| 3,015 | TransMontaigne Partners LP / TLP Finance Corp | 6.125% | 2/15/26 | B- | 2,664,506 | |||||||||||||||||||||||
| 849 | Tullow Oil PLC, 144A | 10.250% | 5/15/26 | B2 | 810,795 | |||||||||||||||||||||||
| 1,325 | USA Compression Partners LP / USA Compression Finance Corp |
| 6.875% | 9/01/27 | BB- | 1,175,937 | ||||||||||||||||||||||
| 1,675 | Western Midstream Operating LP | 5.300% | 2/01/30 | BBB- | 1,448,875 | |||||||||||||||||||||||
Total Oil, Gas & Consumable Fuels | 43,755,809 | |||||||||||||||||||||||||||
| Real Estate Management & Development – 0.7% | ||||||||||||||||||||||||||||
| 2,200 | Cushman & Wakefield US Borrower LLC, 144A | 6.750% | 5/15/28 | BB | 2,043,250 | |||||||||||||||||||||||
| 1,225 | Howard Hughes Corp/The, 144A | 4.125% | 2/01/29 | BB | 944,828 | |||||||||||||||||||||||
| 1,300 | Howard Hughes Corp/The, 144A | 4.375% | 2/01/31 | BB | 962,107 | |||||||||||||||||||||||
| 1,175 | Kennedy-Wilson Inc | 4.750% | 3/01/29 | BB | 951,750 | |||||||||||||||||||||||
| 2,250 | Kennedy-Wilson Inc | 5.000% | 3/01/31 | BB | 1,743,750 | |||||||||||||||||||||||
| 2,775 EUR | Peach Property Finance GmbH, 144A | 4.375% | 11/15/25 | BB+ | 2,225,455 | |||||||||||||||||||||||
Total Real Estate Management & Development | 8,871,140 | |||||||||||||||||||||||||||
| Road & Rail – 0.3% | ||||||||||||||||||||||||||||
| 525 | ENA Master Trust, 144A | 4.000% | 5/19/48 | BBB | 407,547 | |||||||||||||||||||||||
| 1,735 | First Student Bidco Inc / First Transit Parent Inc, 144A | 4.000% | 7/31/29 | BB+ | 1,387,634 | |||||||||||||||||||||||
| 500 | Rumo Luxembourg Sarl, 144A, (6) | 4.200% | 1/18/32 | Ba2 | 398,750 | |||||||||||||||||||||||
| 1,400 | Transnet SOC Ltd, 144A | 4.000% | 7/26/22 | BB- | 1,335,180 | |||||||||||||||||||||||
Total Road & Rail | 3,529,111 | |||||||||||||||||||||||||||
| Specialty Retail – 0.2% | ||||||||||||||||||||||||||||
| 535 | Asbury Automotive Group Inc, 144A | 4.625% | 11/15/29 | BB | 442,044 | |||||||||||||||||||||||
| 1,130 | Asbury Automotive Group Inc, 144A | 5.000% | 2/15/32 | BB | 923,775 | |||||||||||||||||||||||
| 1,380 | LCM Investments Holdings II LLC, 144A | 4.875% | 5/01/29 | BB- | 1,050,318 | |||||||||||||||||||||||
Total Specialty Retail | 2,416,137 | |||||||||||||||||||||||||||
41
Nuveen Real Asset Income Fund (continued)
Portfolio of Investments June 30, 2022
(Unaudited)
| Principal Amount (000) (4) | Description (1) | Coupon | Maturity | Ratings (5) | Value | |||||||||||||||||||||||
| Trading Companies & Distributors – 0.5% | ||||||||||||||||||||||||||||
| $ | 2,090 | Albion Financing 1 SARL / Aggreko Holdings Inc, 144A | 6.125% | 10/15/26 | BB+ | $ | 1,788,679 | |||||||||||||||||||||
| 2,735 | Albion Financing 2SARL, 144A, (6) | 8.750% | 4/15/27 | BB- | 2,290,562 | |||||||||||||||||||||||
| 1,015 | NESCO Holdings II Inc, 144A | 5.500% | 4/15/29 | B | 850,063 | |||||||||||||||||||||||
| 3,000 | United Rentals North America Inc | 3.875% | 2/15/31 | BB+ | 2,530,762 | |||||||||||||||||||||||
Total Trading Companies & Distributors | 7,460,066 | |||||||||||||||||||||||||||
| Transportation Infrastructure – 0.7% | ||||||||||||||||||||||||||||
| 1,400 | Adani Ports & Special Economic Zone Ltd, 144A | 4.000% | 7/30/27 | BBB- | 1,287,426 | |||||||||||||||||||||||
| 575 | Aeropuerto Internacional de Tocumen SA, 144A | 4.000% | 8/11/41 | BBB | 466,425 | |||||||||||||||||||||||
| 400 | Aeropuerto Internacional de Tocumen SA, 144A | 5.125% | 8/11/61 | BBB | 315,826 | |||||||||||||||||||||||
| 2,810 | Aeropuertos Dominicanos Siglo XXI SA, 144A | 6.750% | 3/30/29 | BB- | 2,565,390 | |||||||||||||||||||||||
| 1,037 | Autopistas del Sol SA/Costa Rica, 144A | 7.375% | 12/30/30 | B | 986,098 | |||||||||||||||||||||||
| 1,700 | DP World Ltd/United Arab Emirates, 144A | 5.625% | 9/25/48 | Baa3 | 1,590,319 | |||||||||||||||||||||||
| 1,800 | Mexico City Airport Trust, 144A | 4.250% | 10/31/26 | BBB | 1,657,548 | |||||||||||||||||||||||
Total Transportation Infrastructure | 8,869,032 | |||||||||||||||||||||||||||
| Wireless Telecommunication Services – 0.2% | ||||||||||||||||||||||||||||
| 475 | CT Trust, 144A | 5.125% | 2/03/32 | Ba1 | 380,594 | |||||||||||||||||||||||
| 1,000 | Telefonica Moviles Chile SA, 144A | 3.537% | 11/18/31 | BBB+ | 840,000 | |||||||||||||||||||||||
| 2,495 | Vmed O2 UK Financing I PLC, 144A | 4.750% | 7/15/31 | BB+ | 2,015,585 | |||||||||||||||||||||||
Total Wireless Telecommunication Services | 3,236,179 | |||||||||||||||||||||||||||
Total Corporate Bonds (cost $289,139,868) | 251,383,844 | |||||||||||||||||||||||||||
| Shares | Description (1) | Coupon | Ratings (5) | Value | ||||||||||||||||||||||||
$25 PAR (OR SIMILAR) RETAIL PREFERRED – 12.5% |
| |||||||||||||||||||||||||||
| Diversified Financial Services – 0.1% | ||||||||||||||||||||||||||||
| 60,992 | Brookfield Finance Inc, (6) | 4.625% | BBB | $ | 1,058,046 | |||||||||||||||||||||||
| 37,130 | National Rural Utilities Cooperative Finance Corp, (6) | 5.500% | A3 | 891,863 | ||||||||||||||||||||||||
Total Diversified Financial Services | 1,949,909 | |||||||||||||||||||||||||||
| Electric Utilities – 1.5% | ||||||||||||||||||||||||||||
| 31,827 | CMS Energy Corp | 5.875% | BBB- | 742,206 | ||||||||||||||||||||||||
| 103,937 | DTE Energy Co, (6) | 4.375% | BBB- | 2,023,653 | ||||||||||||||||||||||||
| 65,648 | Duke Energy Corp, (6) | 5.750% | BBB- | 1,654,986 | ||||||||||||||||||||||||
| 15,236 | Duke Energy Corp | 5.625% | BBB- | 383,947 | ||||||||||||||||||||||||
| 36,322 | Entergy Arkansas LLC | 4.875% | A | 880,808 | ||||||||||||||||||||||||
| 17,408 | Entergy Louisiana LLC, (6) | 4.875% | A | 421,622 | ||||||||||||||||||||||||
| 22,010 | Entergy Mississippi LLC | 4.900% | A | 539,685 | ||||||||||||||||||||||||
| 1,441 | Entergy New Orleans LLC | 5.500% | BBB | 35,319 | ||||||||||||||||||||||||
| 36,030 | Entergy Texas Inc | 5.375% | BBB- | 905,074 | ||||||||||||||||||||||||
| 102,721 | Georgia Power Co | 5.000% | Baa2 | 2,517,692 | ||||||||||||||||||||||||
42
| Shares | Description (1) | Coupon | Ratings (5) | Value | ||||||||||||||||||||||||
| Electric Utilities (continued) | ||||||||||||||||||||||||||||
| 69,424 | Integrys Holding Inc, (2), (3), (6) | 6.000% | BBB | $ | 1,562,040 | |||||||||||||||||||||||
| 16,376 | Southern Co/The | 5.250% | BBB- | 385,163 | ||||||||||||||||||||||||
| 176,069 | Southern Co/The | 4.950% | BBB- | 3,847,636 | ||||||||||||||||||||||||
| 195,671 | Southern Co/The | 4.200% | BBB- | 3,727,533 | ||||||||||||||||||||||||
Total Electric Utilities | 19,627,364 | |||||||||||||||||||||||||||
| Equity Real Estate Investment Trust – 7.6% | ||||||||||||||||||||||||||||
| 238,731 | Agree Realty Corp | 4.250% | Baa2 | 4,309,095 | ||||||||||||||||||||||||
| 184,460 | American Homes 4 Rent | 5.875% | BB+ | 4,510,047 | ||||||||||||||||||||||||
| 12,262 | American Homes 4 Rent | 6.250% | BB+ | 311,087 | ||||||||||||||||||||||||
| 143,076 | Armada Hoffler Properties Inc | 6.750% | N/R | 3,518,239 | ||||||||||||||||||||||||
| 226,573 | Centerspace | 6.625% | N/R | 5,841,052 | ||||||||||||||||||||||||
| 55,170 | Chatham Lodging Trust | 6.625% | N/R | 1,209,878 | ||||||||||||||||||||||||
| 75,293 | City Office REIT Inc, (6) | 6.625% | N/R | 1,593,953 | ||||||||||||||||||||||||
| 121,306 | DiamondRock Hospitality Co | 8.250% | N/R | 3,111,499 | ||||||||||||||||||||||||
| 130,995 | Digital Realty Trust Inc | 5.250% | Baa3 | 3,176,629 | ||||||||||||||||||||||||
| 110,833 | Digital Realty Trust Inc | 5.850% | Baa3 | 2,778,583 | ||||||||||||||||||||||||
| 158,172 | Digital Realty Trust Inc | 5.200% | Baa3 | 3,762,912 | ||||||||||||||||||||||||
| 1,961 | DigitalBridge Group Inc | 7.125% | N/R | 42,394 | ||||||||||||||||||||||||
| 34,829 | Federal Realty OP LP | 5.000% | Baa2 | 880,477 | ||||||||||||||||||||||||
| 3,431 | Global Net Lease Inc | 7.250% | BB- | 80,663 | ||||||||||||||||||||||||
| 248,980 | Hudson Pacific Properties Inc, (6) | 4.750% | Baa3 | 4,743,069 | ||||||||||||||||||||||||
| 182,792 | Kimco Realty Corp | 5.250% | Baa2 | 4,365,987 | ||||||||||||||||||||||||
| 10,262 | Kimco Realty Corp | 5.125% | Baa2 | 247,827 | ||||||||||||||||||||||||
| 5,766 | Mid-America Apartment Communities Inc | 8.500% | BBB | 337,311 | ||||||||||||||||||||||||
| 88,419 | National Storage Affiliates Trust | 6.000% | N/R | 2,192,791 | ||||||||||||||||||||||||
| 151,463 | Pebblebrook Hotel Trust | 6.300% | N/R | 3,139,828 | ||||||||||||||||||||||||
| 72,724 | Pebblebrook Hotel Trust | 6.375% | N/R | 1,490,842 | ||||||||||||||||||||||||
| 95,048 | Pebblebrook Hotel Trust | 5.700% | N/R | 1,785,952 | ||||||||||||||||||||||||
| 51,563 | PS Business Parks Inc | 5.200% | BBB | 962,681 | ||||||||||||||||||||||||
| 161,661 | PS Business Parks Inc | 4.875% | Baa2 | 2,866,249 | ||||||||||||||||||||||||
| 4,257 | Public Storage, (6) | 5.150% | A3 | 103,488 | ||||||||||||||||||||||||
| 7,714 | Public Storage | 5.050% | A3 | 184,827 | ||||||||||||||||||||||||
| 124,939 | Public Storage | 4.875% | A3 | 2,852,357 | ||||||||||||||||||||||||
| 41,833 | Public Storage | 4.750% | A3 | 935,804 | ||||||||||||||||||||||||
| 52,305 | Public Storage | 4.700% | A3 | 1,154,894 | ||||||||||||||||||||||||
| 101,536 | Public Storage, (6) | 4.625% | A3 | 2,232,777 | ||||||||||||||||||||||||
| 8,179 | Public Storage | 4.125% | A3 | 159,163 | ||||||||||||||||||||||||
| 3,801 | Public Storage | 3.900% | A3 | 67,810 | ||||||||||||||||||||||||
| 10,307 | Public Storage | 3.875% | A3 | 186,866 | ||||||||||||||||||||||||
43
Nuveen Real Asset Income Fund (continued)
Portfolio of Investments June 30, 2022
(Unaudited)
| Shares | Description (1) | Coupon | Ratings (5) | Value | ||||||||||||||||||||||||
| Equity Real Estate Investment Trust (continued) | ||||||||||||||||||||||||||||
| 52,666 | Public Storage | 4.000% | A3 | $ | 962,208 | |||||||||||||||||||||||
| 91,939 | Public Storage | 4.000% | A3 | 1,665,015 | ||||||||||||||||||||||||
| 105,306 | Public Storage | 4.100% | A3 | 2,019,769 | ||||||||||||||||||||||||
| 1,091 | Public Storage | 3.950% | A3 | 19,900 | ||||||||||||||||||||||||
| 371 | Rexford Industrial Realty Inc | 5.875% | BB+ | 9,219 | ||||||||||||||||||||||||
| 191,555 | Rexford Industrial Realty Inc | 5.625% | BB+ | 4,714,169 | ||||||||||||||||||||||||
| 56,620 | Saul Centers Inc | 6.125% | N/R | 1,314,031 | ||||||||||||||||||||||||
| 76,246 | Saul Centers Inc | 6.000% | N/R | 1,725,066 | ||||||||||||||||||||||||
| 95,048 | SITE Centers Corp | 6.375% | BB+ | 2,316,320 | ||||||||||||||||||||||||
| 1,499 | SL Green Realty Corp | 6.500% | BB | 37,445 | ||||||||||||||||||||||||
| 15,932 | Spirit Realty Capital Inc | 6.000% | Baa3 | 381,253 | ||||||||||||||||||||||||
| 137,661 | Summit Hotel Properties Inc | 6.250% | N/R | 2,769,739 | ||||||||||||||||||||||||
| 67,940 | Summit Hotel Properties Inc | 5.875% | N/R | 1,290,860 | ||||||||||||||||||||||||
| 101,536 | Sunstone Hotel Investors Inc | 6.125% | N/R | 2,083,519 | ||||||||||||||||||||||||
| 110,231 | Sunstone Hotel Investors Inc | 5.700% | N/R | 2,270,759 | ||||||||||||||||||||||||
| 905 | UMH Properties Inc | 6.375% | N/R | 22,833 | ||||||||||||||||||||||||
| 90,492 | Urstadt Biddle Properties Inc | 6.250% | N/R | 2,084,936 | ||||||||||||||||||||||||
| 87,730 | Urstadt Biddle Properties Inc | 5.875% | N/R | 1,889,704 | ||||||||||||||||||||||||
| 235,329 | Vornado Realty Trust | 5.250% | Ba1 | 4,664,221 | ||||||||||||||||||||||||
| 166,700 | Vornado Realty Trust | 5.250% | Ba1 | 3,260,652 | ||||||||||||||||||||||||
| 94,177 | Vornado Realty Trust | 4.450% | Ba1 | 1,604,776 | ||||||||||||||||||||||||
Total Equity Real Estate Investment Trust | 102,243,425 | |||||||||||||||||||||||||||
| Gas Utilities – 0.3% | ||||||||||||||||||||||||||||
| 35,258 | AltaGas Ltd | 5.290% | BB | 858,532 | ||||||||||||||||||||||||
| 64,303 | South Jersey Industries Inc | 5.625% | BB+ | 1,118,872 | ||||||||||||||||||||||||
| 73,070 | Spire Inc | 5.900% | BBB | 1,796,061 | ||||||||||||||||||||||||
Total Gas Utilities | 3,773,465 | |||||||||||||||||||||||||||
| Independent Power & Renewable Electricity Producers – 0.4% | ||||||||||||||||||||||||||||
| 97,771 | Brookfield BRP Holdings Canada Inc | 4.625% | BBB- | 1,665,040 | ||||||||||||||||||||||||
| 167,335 | Brookfield Renewable Partners LP | 5.250% | BBB- | 3,481,405 | ||||||||||||||||||||||||
Total Independent Power & Renewable Electricity Producers | 5,146,445 | |||||||||||||||||||||||||||
| Multi-Utilities – 1.8% | ||||||||||||||||||||||||||||
| 34,627 | Algonquin Power & Utilities Corp | 6.200% | BB+ | 844,206 | ||||||||||||||||||||||||
| 61,962 | BIP Bermuda Holdings I Ltd, (6) | 5.125% | BBB- | 1,323,508 | ||||||||||||||||||||||||
| 32,987 | Brookfield Infrastructure Finance ULC | 5.000% | BBB- | 602,672 | ||||||||||||||||||||||||
| 177,238 | Brookfield Infrastructure Partners LP | 5.125% | BBB- | 3,313,464 | ||||||||||||||||||||||||
| 49,448 | Brookfield Infrastructure Partners LP | 5.000% | BBB- | 906,382 | ||||||||||||||||||||||||
| 112,268 | CMS Energy Corp | 5.875% | BBB- | 2,674,224 | ||||||||||||||||||||||||
44
| Shares | Description (1) | Coupon | Ratings (5) | Value | ||||||||||||||||||||||||
| Multi-Utilities (continued) | ||||||||||||||||||||||||||||
| 998 | CMS Energy Corp | 5.625% | BBB- | $ | 24,551 | |||||||||||||||||||||||
| 147,967 | CMS Energy Corp | 4.200% | BBB- | 2,629,374 | ||||||||||||||||||||||||
| 61,411 | DTE Energy Co, (6) | 5.250% | BBB- | 1,461,582 | ||||||||||||||||||||||||
| 117,844 | DTE Energy Co, (6) | 4.375% | BBB- | 2,236,679 | ||||||||||||||||||||||||
| 67,212 | NiSource Inc | 6.500% | BBB- | 1,754,233 | ||||||||||||||||||||||||
| 267,173 | Sempra Energy, (6) | 5.750% | BBB- | 6,307,955 | ||||||||||||||||||||||||
Total Multi-Utilities | 24,078,830 | |||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 0.0% | ||||||||||||||||||||||||||||
| 32,342 | NuStar Energy LP | 7.625% | B2 | 665,922 | ||||||||||||||||||||||||
| Real Estate Management & Development – 0.8% | ||||||||||||||||||||||||||||
| 155,071 | Brookfield Property Partners LP | 6.375% | BB | 3,056,449 | ||||||||||||||||||||||||
| 190,522 | Brookfield Property Partners LP, (6) | 6.500% | BB | 3,800,914 | ||||||||||||||||||||||||
| 204,287 | Brookfield Property Partners LP | 5.750% | BB | 3,489,222 | ||||||||||||||||||||||||
Total Real Estate Management & Development | 10,346,585 | |||||||||||||||||||||||||||
| Trading Companies & Distributors – 0.0% | ||||||||||||||||||||||||||||
| 3,066 | Fortress Transportation and Infrastructure Investors LLC |
| 8.250% | B | 67,237 | |||||||||||||||||||||||
Total $25 Par (or similar) Retail Preferred (cost $189,908,634) | 167,899,182 | |||||||||||||||||||||||||||
| Principal Amount (000) (4) | Description (1) | Coupon | Maturity | Ratings (5) | Value | |||||||||||||||||||||||
$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 10.3% |
| |||||||||||||||||||||||||||
Diversified Financial Services – 0.3% |
| |||||||||||||||||||||||||||
| $ | 730 | National Rural Utilities Cooperative Finance Corp |
| 5.250% | 4/20/46 | A3 | $ | 671,402 | ||||||||||||||||||||
| 3,702 | Transcanada Trust | 5.625% | 5/20/75 | BBB | 3,493,869 | |||||||||||||||||||||||
Total Diversified Financial Services | 4,165,271 | |||||||||||||||||||||||||||
| Electric Utilities – 2.8% | ||||||||||||||||||||||||||||
| 3,545 | American Electric Power Co Inc | 3.875% | 2/15/62 | BBB | 2,803,234 | |||||||||||||||||||||||
| 945 | CMS Energy Corp | 3.750% | 12/01/50 | BBB- | 722,386 | |||||||||||||||||||||||
| 1,800 | ComEd Financing III | 6.350% | 3/15/33 | Baa2 | 1,874,864 | |||||||||||||||||||||||
| 5,830 | Duke Energy Corp | 4.875% | N/A (7) | BBB- | 5,305,300 | |||||||||||||||||||||||
| 3,320 | Edison International | 5.000% | N/A (7) | BB+ | 2,641,493 | |||||||||||||||||||||||
| 2,120 | Edison International | 5.375% | N/A (7) | BB+ | 1,722,500 | |||||||||||||||||||||||
| 2,100 GBP | Electricite de France SA, Reg S | 5.875% | N/A (7) | BBB- | 2,085,122 | |||||||||||||||||||||||
| 6,890 | Emera Inc | 6.750% | 6/15/76 | BB+ | 6,648,643 | |||||||||||||||||||||||
| 4,325 | Enel SpA, 144A | 8.750% | 9/24/73 | BBB- | 4,436,109 | |||||||||||||||||||||||
| 5,920 | NextEra Energy Capital Holdings Inc | 5.650% | 5/01/79 | BBB | 5,201,912 | |||||||||||||||||||||||
| 505 | PPL Capital Funding Inc | 4.915% | 3/30/67 | BBB | 372,438 | |||||||||||||||||||||||
| 1,177 | Southern California Edison Co, (3-Month LIBOR reference rate + 4.199% spread), (8) |
| 4.516% | N/A (7) | BB+ | 1,083,313 | ||||||||||||||||||||||
| 2,970 | Southern Co/The | 4.000% | 1/15/51 | BBB- | 2,662,546 | |||||||||||||||||||||||
Total Electric Utilities | 37,559,860 | |||||||||||||||||||||||||||
45
Nuveen Real Asset Income Fund (continued)
Portfolio of Investments June 30, 2022
(Unaudited)
| Principal Amount (000) (4) | Description (1) | Coupon | Maturity | Ratings (5) | Value | |||||||||||||||||||||||
| Independent Power & Renewable Electricity Producers – 0.2% | ||||||||||||||||||||||||||||
| 895 GBP | SSE PLC, Reg S | 3.740% | N/A (7) | BBB- | $ | 972,637 | ||||||||||||||||||||||
| 1,313 | Vistra Corp, 144A | 8.000% | N/A (7) | Ba3 | 1,263,762 | |||||||||||||||||||||||
| 740 | Vistra Corp, 144A | 7.000% | N/A (7) | Ba3 | 671,550 | |||||||||||||||||||||||
Total Independent Power & Renewable Electricity Producers | 2,907,949 | |||||||||||||||||||||||||||
| Marine – 0.2% | ||||||||||||||||||||||||||||
| 2,195 | Royal Capital BV, Reg S | 4.875% | N/A (7) | N/R | 2,162,075 | |||||||||||||||||||||||
| Multi-Utilities – 2.6% | ||||||||||||||||||||||||||||
| 2,490 | Algonquin Power & Utilities Corp | 4.750% | 1/18/82 | BB+ | 2,066,653 | |||||||||||||||||||||||
| 7,610 | CenterPoint Energy Inc | 6.125% | N/A (7) | BBB- | 6,503,523 | |||||||||||||||||||||||
| 3,710 | CMS Energy Corp | 4.750% | 6/01/50 | BBB- | 3,250,776 | |||||||||||||||||||||||
| 2,685 | Dominion Energy Inc | 5.750% | 10/01/54 | BBB- | 2,493,942 | |||||||||||||||||||||||
| 3,125 | Dominion Energy Inc | 4.350% | N/A (7) | BBB- | 2,570,313 | |||||||||||||||||||||||
| 3,335 | Dominion Energy Inc | 4.650% | N/A (7) | BBB- | 2,963,610 | |||||||||||||||||||||||
| 2,884 | NiSource Inc | 5.650% | N/A (7) | BBB- | 2,595,512 | |||||||||||||||||||||||
| 4,296 | RWE AG, Reg S | 6.625% | 7/30/75 | BBB- | 4,209,376 | |||||||||||||||||||||||
| 4,100 | Sempra Energy | 4.125% | 4/01/52 | BBB- | 3,287,260 | |||||||||||||||||||||||
| 5,320 | Sempra Energy | 4.875% | N/A (7) | BBB- | 4,894,298 | |||||||||||||||||||||||
Total Multi-Utilities | 34,835,263 | |||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 3.9% | ||||||||||||||||||||||||||||
| 8,902 | Enbridge Inc | 6.000% | 1/15/77 | BBB- | 8,234,734 | |||||||||||||||||||||||
| 10,234 | Enbridge Inc | 5.500% | 7/15/77 | BBB- | 9,029,333 | |||||||||||||||||||||||
| 3,792 | Enbridge Inc | 6.250% | 3/01/78 | BBB- | 3,375,406 | |||||||||||||||||||||||
| 3,480 | Enbridge Inc | 5.750% | 7/15/80 | BBB- | 3,181,834 | |||||||||||||||||||||||
| 3,103 | Energy Transfer LP, (3-Month LIBOR reference rate + 3.018% spread), (8) |
| 4.304% | 11/01/66 | Ba1 | 2,191,494 | ||||||||||||||||||||||
| 1,615 | Energy Transfer LP | 6.500% | N/A (7) | BB | 1,427,527 | |||||||||||||||||||||||
| 6,981 | Enterprise Products Operating LLC | 5.250% | 8/16/77 | Baa2 | 5,799,682 | |||||||||||||||||||||||
| 4,755 | Enterprise Products Operating LLC | 5.375% | 2/15/78 | Baa2 | 3,753,380 | |||||||||||||||||||||||
| 2,289 CAD | Inter Pipeline Ltd/AB | 6.625% | 11/19/79 | BB | 1,647,842 | |||||||||||||||||||||||
| 2,540 CAD | Keyera Corp | 5.950% | 3/10/81 | BB | 1,736,285 | |||||||||||||||||||||||
| 805 | MPLX LP | 6.875% | N/A (7) | BB+ | 764,492 | |||||||||||||||||||||||
| 1,025 | Plains All American Pipeline LP | 6.125% | N/A (7) | BB | 727,750 | |||||||||||||||||||||||
| 4,650 | Transcanada Trust | 5.875% | 8/15/76 | BBB | 4,417,500 | |||||||||||||||||||||||
| 3,020 | Transcanada Trust | 5.500% | 9/15/79 | BBB | 2,689,095 | |||||||||||||||||||||||
| 2,905 | Transcanada Trust | 5.600% | 3/07/82 | BBB | 2,636,287 | |||||||||||||||||||||||
Total Oil, Gas & Consumable Fuels | 51,612,641 | |||||||||||||||||||||||||||
| Real Estate Management & Development – 0.1% | ||||||||||||||||||||||||||||
| 2,000 | AT Securities BV, Reg S | 5.250% | N/A (7) | BBB- | 1,796,250 | |||||||||||||||||||||||
46
| Principal Amount (000) (4) | Description (1) | Coupon | Maturity | Ratings (5) | Value | |||||||||||||||||||||||
| Road & Rail – 0.2% | ||||||||||||||||||||||||||||
| $ | 2,545 | BNSF Funding Trust I | 6.613% | 12/15/55 | A | $ | 2,486,193 | |||||||||||||||||||||
Total $1,000 Par (or similar) Institutional Preferred (cost $153,074,685) |
| 137,525,502 | ||||||||||||||||||||||||||
| Shares | Description (1) | Coupon | Ratings (5) | Value | ||||||||||||||||||||||||
| CONVERTIBLE PREFERRED SECURITIES - 5.0% | ||||||||||||||||||||||||||||
| Commercial Services & Supplies – 0.2% | ||||||||||||||||||||||||||||
| 52,280 | GFL Environmental Inc | 6.000% | N/R | $ | 3,105,955 | |||||||||||||||||||||||
| Electric Utilities – 2.6% | ||||||||||||||||||||||||||||
| 102,303 | American Electric Power Co Inc, (6) | 6.125% | BBB | 5,524,362 | ||||||||||||||||||||||||
| 131,747 | NextEra Energy Inc | 4.872% | A- | 7,418,674 | ||||||||||||||||||||||||
| 160,519 | NextEra Energy Inc | 5.279% | BBB | 7,969,768 | ||||||||||||||||||||||||
| 67,402 | NextEra Energy Inc | 6.219% | BBB | 3,312,808 | ||||||||||||||||||||||||
| 31,158 | PG&E Corp | 5.500% | N/R | 2,978,705 | ||||||||||||||||||||||||
| 145,283 | Southern Co/The | 6.750% | BBB- | 7,697,093 | ||||||||||||||||||||||||
Total Electric Utilities | 34,901,410 | |||||||||||||||||||||||||||
| Equity Real Estate Investment Trust – 0.2% | ||||||||||||||||||||||||||||
| 19,467 | Equity Commonwealth | 6.500% | N/R | 507,222 | ||||||||||||||||||||||||
| 19,733 | LXP Industrial Trust | 6.500% | N/R | 1,021,116 | ||||||||||||||||||||||||
| 34,466 | RPT Realty | 7.250% | BB | 1,645,752 | ||||||||||||||||||||||||
Total Equity Real Estate Investment Trust | 3,174,090 | |||||||||||||||||||||||||||
| Gas Utilities – 0.3% | ||||||||||||||||||||||||||||
| 63,522 | Spire Inc, (2) | 7.500% | N/R | 3,350,150 | ||||||||||||||||||||||||
| Independent Power & Renewable Electricity Producers – 0.3% | ||||||||||||||||||||||||||||
| 39,537 | AES Corp/The | 6.875% | BB | 3,413,229 | ||||||||||||||||||||||||
| Multi-Utilities – 1.4% | ||||||||||||||||||||||||||||
| 52,820 | Algonquin Power & Utilities Corp | 7.750% | N/R | 2,311,403 | ||||||||||||||||||||||||
| 222,165 | DTE Energy Co | 6.250% | BBB- | 11,423,724 | ||||||||||||||||||||||||
| 43,305 | NiSource Inc, (6) | 7.750% | BBB- | 4,924,645 | ||||||||||||||||||||||||
Total Multi-Utilities | 18,659,772 | |||||||||||||||||||||||||||
Total Convertible Preferred Securities (cost $62,958,674) |
| 66,604,606 | ||||||||||||||||||||||||||
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| INVESTMENT COMPANIES – 0.8% | ||||||||||||||||||||||||||||
| 2,278,973 | Digital 9 Infrastructure PLC/Fund | $ | 3,068,259 | |||||||||||||||||||||||||
| 1,014,520 | Greencoat UK Wind PLC/Funds | 1,903,636 | ||||||||||||||||||||||||||
| 1,459,240 | JLEN Environmental Assets Group Ltd Foresight Group Holdings |
| 2,171,454 | |||||||||||||||||||||||||
| 28 | Keppel Infrastructure Trust, (2) | 11 | ||||||||||||||||||||||||||
| 766,533 | Renewables Infrastructure Group Ltd/The, |
| 1,264,291 | |||||||||||||||||||||||||
47
Nuveen Real Asset Income Fund (continued)
Portfolio of Investments June 30, 2022
(Unaudited)
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| INVESTMENT COMPANIES (continued) | ||||||||||||||||||||||||||||
| 923,194 | Sequoia Economic Infrastructure Income Fund Ltd |
| $ | 1,033,573 | ||||||||||||||||||||||||
| 1,028,068 | Starwood European Real Estate Finance Ltd |
| 1,146,344 | |||||||||||||||||||||||||
Total Investment Companies (cost $11,129,890) |
| 10,587,568 | ||||||||||||||||||||||||||
| Principal Amount (000) | Description (1) | Coupon (9) | Reference Rate (9) | Spread (9) | Maturity (10) | Ratings (5) | Value | |||||||||||||||||||||
| VARIABLE RATE SENIOR LOAN INTERESTS – 0.4% (9) | ||||||||||||||||||||||||||||
| Electric Utilities – 0.1% | ||||||||||||||||||||||||||||
| $ | 1,895 | ExGen Renewables IV, LLC, Term Loan | 4.080% | 3-Month LIBOR | 2.500% | 12/15/27 | BB- | $ | 1,834,075 | |||||||||||||||||||
| Real Estate Management & Development – 0.2% | ||||||||||||||||||||||||||||
| 3,052 | Brookfield Property REIT Inc., Term Loan B, First Lien | 4.125% | SOFR30A | 2.500% | 8/24/25 | BB+ | 2,930,267 | |||||||||||||||||||||
| Specialty Retail – 0.1% | ||||||||||||||||||||||||||||
| 856 | PECF USS Intermediate Holding III Corporation, Term Loan B | 5.916% | 1-Month LIBOR | 4.250% | 11/04/28 | B2 | 775,298 | |||||||||||||||||||||
| 5,803 | Total Variable Rate Senior Loan Interests (cost $5,785,913) |
| 5,539,640 | |||||||||||||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (5) | Value | |||||||||||||||||||||||
| ASSET-BACKED SECURITIES – 0.3% | ||||||||||||||||||||||||||||
| $ | 550 | Alen 2021-ACEN Mortgage Trust, 144A, (1-Month LIBOR reference rate + 4.000% spread), (8) | 5.324% | 4/15/34 | BB- | $ | 520,203 | |||||||||||||||||||||
| 1,060 | Benchmark 2020-B18 Mortgage Trust, 144A | 4.139% | 7/15/53 | B- | 914,608 | |||||||||||||||||||||||
| 200 | COMM 2014-UBS3 Mortgage Trust, 144A | 4.926% | 6/10/47 | N/R | 181,096 | |||||||||||||||||||||||
| 405 | COMM 2015-CCRE24 Mortgage Trust | 3.463% | 8/10/48 | BBB- | 349,685 | |||||||||||||||||||||||
| 400 | GS Mortgage Securities Corp Trust 2017-SLP, 144A | 4.744% | 10/10/32 | B | 388,906 | |||||||||||||||||||||||
| 120 | GS Mortgage Securities Corp Trust 2018 GS10, 144A | 5.067% | 3/10/33 | B- | 107,834 | |||||||||||||||||||||||
| 560 | GS Mortgage Securities Trust 2016-GS4 | 4.080% | 11/10/49 | A- | 496,470 | |||||||||||||||||||||||
| 400 | Natixis Commercial Mortgage Securities Trust 2019-MILE, 144A, (1-Month LIBOR reference rate + 2.750% spread), (8) | 4.074% | 7/15/36 | N/R | 388,432 | |||||||||||||||||||||||
| 1,300 | Natixis Commercial Mortgage Securities Trust 2019-MILE, 144A, (1-Month LIBOR reference rate + 4.250% spread), (8) | 5.574% | 7/15/36 | N/R | 1,228,520 | |||||||||||||||||||||||
| 4,995 | Asset-Backed Securities (cost $4,886,097) |
| 4,575,754 | |||||||||||||||||||||||||
Total Long-Term Investments (cost $1,355,510,445) |
| 1,297,069,436 | ||||||||||||||||||||||||||
48
| Shares | Description (1) | Coupon | Value | |||||||||||||||||||||||||
| INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 0.8% | ||||||||||||||||||||||||||||
| Money Market Funds – 0.8% | ||||||||||||||||||||||||||||
| 10,956,724 | State Street Navigator Securities Lending Government Money Market Portfolio, (11) |
| 1.560% (12) | $ | 10,956,724 | |||||||||||||||||||||||
Total Investments Purchased with Collateral from Securities Lending (cost $10,956,724) |
| 10,956,724 | ||||||||||||||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||||||||||||||||||||||||
SHORT-TERM INVESTMENTS – 2.1% | ||||||||||||||||||||||||||||
| REPURCHASE AGREEMENTS – 2.1% | ||||||||||||||||||||||||||||
| $ | 27,790 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/22, repurchase price $27,789,922, collateralized by $32,603,000, U.S. Treasury Notes, 0.500%, due 10/31/27, value $28,345,792 |
| 0.240% | 7/01/22 | $ | 27,789,922 | |||||||||||||||||||||
Total Short-Term Investments (cost $27,789,922) |
| 27,789,922 | ||||||||||||||||||||||||||
Total Investments (cost $1,394,257,091) – 99.6% |
| 1,335,816,082 | ||||||||||||||||||||||||||
Other Assets Less Liabilities – 0.4% (13) | 5,471,461 | |||||||||||||||||||||||||||
Net Assets – 100% | $ | 1,341,287,543 | ||||||||||||||||||||||||||
Investments in Derivatives
Futures Contracts – Short
| Description | Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation Depreciation) | |||||||||||||||
U.S. Treasury 10-Year Note | (61 | ) | 9/22 | $ | (7,334,651 | ) | $ | (7,230,406 | ) | $ | 104,245 | |||||||||
U.S. Treasury Ultra 10-Year Note | (75 | ) | 9/22 | (9,714,060 | ) | (9,553,125 | ) | 160,935 | ||||||||||||
U.S. Treasury Ultra Bond | (40 | ) | 9/22 | (6,341,959 | ) | (6,173,750 | ) | 168,209 | ||||||||||||
| Total | $ | (23,390,670 | ) | $ | (22,957,281 | ) | $ | 433,389 | ||||||||||||
49
Nuveen Real Asset Income Fund (continued)
Portfolio of Investments June 30, 2022
(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 fair value measurement disclosure purposes, investment classified as Level 2. |
| (3) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
| (4) | Principal Amount (000) denominated in U.S. Dollars, unless otherwise noted. |
| (5) | 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. |
| (6) | 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 $10,629,777. |
| (7) | Perpetual security. Maturity date is not applicable. |
| (8) | Variable rate security. The rate shown is the coupon as of the end of the reporting period. |
| (9) | 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. |
| (10) | 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. |
| (11) | 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. |
| (12) | The rate shown is the one-day yield as of the end of the reporting period. |
| (13) | Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as well as the OTC cleared and exchange-traded derivatives, when applicable. 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. |
| 144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
| ADR | American Depositary Receipt |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| COP | Colombian Peso |
| EUR | Euro |
| GBP | Pound Sterling |
| 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. |
| REIT | Real Estate Investment Trust |
| SOFR30A | 30 Day Average Secured Overnight Financing Rate |
| WI/DD | Purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
50
Nuveen Real Estate Securities Fund
Portfolio of Investments June 30, 2022
(Unaudited)
| Shares | Description (1) | Value | ||||||||||||||
LONG-TERM INVESTMENTS – 96.7% | ||||||||||||||||
REAL ESTATE INVESTMENT TRUST COMMON STOCKS – 95.7% | ||||||||||||||||
| Diversified – 1.2% | ||||||||||||||||
| 269,556 | Armada Hoffler Properties Inc | $ | 3,461,099 | |||||||||||||
| 547,829 | Broadstone Net Lease Inc | 11,235,973 | ||||||||||||||
| 98,013 | Essential Properties Realty Trust Inc | 2,106,299 | ||||||||||||||
Total Diversified | 16,803,371 | |||||||||||||||
| Health Care – 9.0% | ||||||||||||||||
| 190,263 | CareTrust REIT Inc | 3,508,450 | ||||||||||||||
| 47,300 | Global Medical REIT Inc | 531,179 | ||||||||||||||
| 124,433 | Healthcare Trust of America Inc | 3,472,925 | ||||||||||||||
| 748,723 | Healthpeak Properties Inc | 19,399,413 | ||||||||||||||
| 815,128 | Ventas Inc | 41,922,033 | ||||||||||||||
| 652,141 | Welltower Inc | 53,703,811 | ||||||||||||||
Total Health Care | 122,537,811 | |||||||||||||||
| Hotels – 2.3% | ||||||||||||||||
| 30,255 | Host Hotels & Resorts Inc | 474,399 | ||||||||||||||
| 283,441 | Park Hotels & Resorts Inc | 3,846,294 | ||||||||||||||
| 234,829 | Pebblebrook Hotel Trust | 3,891,117 | ||||||||||||||
| 727,908 | RLJ Lodging Trust | 8,028,825 | ||||||||||||||
| 56,505 | Ryman Hospitality Properties Inc, (2) | 4,296,075 | ||||||||||||||
| 245,801 | Summit Hotel Properties Inc, (2) | 1,786,973 | ||||||||||||||
| 638,031 | Xenia Hotels & Resorts Inc, (2) | 9,270,591 | ||||||||||||||
Total Hotels | 31,594,274 | |||||||||||||||
| Industrial – 15.7% | ||||||||||||||||
| 20,743 | Americold Realty Trust Inc | 623,120 | ||||||||||||||
| 307,020 | Duke Realty Corp | 16,870,749 | ||||||||||||||
| 73,405 | EastGroup Properties Inc | 11,328,594 | ||||||||||||||
| 386,855 | First Industrial Realty Trust Inc | 18,367,875 | ||||||||||||||
| 39,937 | Plymouth Industrial REIT Inc | 700,495 | ||||||||||||||
| 981,272 | Prologis Inc | 115,446,651 | ||||||||||||||
| 89,204 | Rexford Industrial Realty Inc | 5,137,258 | ||||||||||||||
| 819,834 | STAG Industrial Inc | 25,316,474 | ||||||||||||||
| 367,280 | Terreno Realty Corp | 20,468,514 | ||||||||||||||
Total Industrial | 214,259,730 | |||||||||||||||
| Office – 7.6% | ||||||||||||||||
| 275,021 | Alexandria Real Estate Equities Inc | 39,886,296 | ||||||||||||||
51
Nuveen Real Estate Securities Fund (continued)
Portfolio of Investments June 30, 2022
(Unaudited)
| Shares | Description (1) | Value | ||||||||||||||
| Office (continued) | ||||||||||||||||
| 192,374 | Boston Properties Inc | $ | 17,117,439 | |||||||||||||
| 326,145 | Corporate Office Properties Trust | 8,541,738 | ||||||||||||||
| 252,615 | Cousins Properties Inc | 7,383,936 | ||||||||||||||
| 729,140 | Douglas Emmett Inc | 16,318,153 | ||||||||||||||
| 67,486 | Kilroy Realty Corp | 3,531,542 | ||||||||||||||
| 213,410 | Paramount Group Inc | 1,542,954 | ||||||||||||||
| 684,023 | Piedmont Office Realty Trust Inc | 8,974,382 | ||||||||||||||
Total Office | 103,296,440 | |||||||||||||||
| Residential – 17.5% | ||||||||||||||||
| 606,885 | American Homes 4 Rent | 21,508,004 | ||||||||||||||
| 235,072 | Apartment Income REIT Corp | 9,778,995 | ||||||||||||||
| 238,320 | AvalonBay Communities Inc | 46,293,660 | ||||||||||||||
| 225,794 | Camden Property Trust | 30,364,777 | ||||||||||||||
| 16,832 | Centerspace | 1,372,650 | ||||||||||||||
| 140,340 | Equity Residential | 10,135,355 | ||||||||||||||
| 42,246 | Essex Property Trust Inc | 11,047,752 | ||||||||||||||
| 195,205 | Mid-America Apartment Communities Inc | 34,096,457 | ||||||||||||||
| 245,550 | Sun Communities Inc | 39,130,848 | ||||||||||||||
| 743,773 | UDR Inc | 34,243,309 | ||||||||||||||
Total Residential | 237,971,807 | |||||||||||||||
| Retail – 10.0% | ||||||||||||||||
| 449,752 | Acadia Realty Trust | 7,025,126 | ||||||||||||||
| 265,433 | Agree Realty Corp | 19,145,682 | ||||||||||||||
| 182,723 | Federal Realty OP LP | 17,493,900 | ||||||||||||||
| 1,213,419 | Kimco Realty Corp | 23,989,294 | ||||||||||||||
| 244,334 | Kite Realty Group Trust | 4,224,535 | ||||||||||||||
| 50,394 | National Retail Properties Inc | 2,166,942 | ||||||||||||||
| 579,837 | NETSTREIT Corp | 10,941,524 | ||||||||||||||
| 106,045 | Realty Income Corp | 7,238,632 | ||||||||||||||
| 341,417 | Simon Property Group Inc | 32,407,302 | ||||||||||||||
| 858,520 | SITE Centers Corp | 11,564,264 | ||||||||||||||
Total Retail | 136,197,201 | |||||||||||||||
| Specialized – 32.4% | ||||||||||||||||
| 292,156 | American Tower Corp | 74,672,152 | ||||||||||||||
| 172,555 | Crown Castle International Corp | 29,054,811 | ||||||||||||||
| 700,233 | CubeSmart | 29,913,954 | ||||||||||||||
| 335,860 | Digital Realty Trust Inc | 43,604,704 | ||||||||||||||
| 98,773 | Equinix Inc | 64,895,836 | ||||||||||||||
| 44,077 | Extra Space Storage Inc | 7,498,379 | ||||||||||||||
52
| Shares | Description (1) | Value | ||||||||||||||
| Specialized (continued) | ||||||||||||||||
| 145,493 | Four Corners Property Trust Inc | $ | 3,868,659 | |||||||||||||
| 553,436 | Gaming and Leisure Properties Inc | 25,380,575 | ||||||||||||||
| 133,413 | Life Storage Inc | 14,896,896 | ||||||||||||||
| 239,157 | PotlatchDeltic Corp | 10,568,348 | ||||||||||||||
| 260,926 | Public Storage | 81,583,732 | ||||||||||||||
| 50,763 | SBA Communications Corp | 16,246,698 | ||||||||||||||
| 1,339,613 | VICI Properties Inc | 39,907,071 | ||||||||||||||
Total Specialized | 442,091,815 | |||||||||||||||
Total Real Estate Investment Trust Common Stocks (cost $990,461,672) | 1,304,752,449 | |||||||||||||||
| Shares | Description (1) | Value | ||||||||||||||
COMMON STOCKS – 1.0% | ||||||||||||||||
Real Estate Management & Development – 1.0% | ||||||||||||||||
| 1,375,857 | Tricon Residential Inc | $ | 13,951,190 | |||||||||||||
Total Common Stocks (cost $18,679,339) | 13,951,190 | |||||||||||||||
Total Long-Term Investments (cost $1,009,141,011) | 1,318,703,639 | |||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||||||||||||
SHORT-TERM INVESTMENTS – 3.2% | ||||||||||||||||
| REPURCHASE AGREEMENTS – 3.2% | ||||||||||||||||
| $ | 43,545 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/22, repurchase price $43,545,149, collateralized by $51,299,700, U.S. Treasury Note, 0.375%, due 9/30/27, value $44,416,069 | 0.240% | 7/01/22 | $ | 43,545,149 | ||||||||||
Total Short-Term Investments (cost $43,545,149) | 43,545,149 | |||||||||||||||
Total Investments (cost $1,052,686,160) – 99.9% | 1,362,248,788 | |||||||||||||||
Other Assets Less Liabilities – 0.1% | 789,927 | |||||||||||||||
Net Assets – 100% | $ | 1,363,038,715 | ||||||||||||||
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. |
| (2) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
| REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
53
Statement of Assets and Liabilities
June 30, 2022
(Unaudited)
| Global Infrastructure | Global Real Estate Securities | Real Asset Income | Real Estate Securities | |||||||||||||
Assets | ||||||||||||||||
Long-term investments, at value (cost $464,232,034, $42,067,674, $1,355,510,445 and $1,009,141,011, respectively)(1) | $ | 543,279,780 | $ | 42,604,577 | $ | 1,297,069,436 | $ | 1,318,703,639 | ||||||||
Investment purchased with collateral from securities lending, at value (cost approximates value) | — | — | 10,956,724 | — | ||||||||||||
Short-term investments, at value (cost approximates value) | 24,211,028 | 1,145,460 | 27,789,922 | 43,545,149 | ||||||||||||
Cash | 42,723 | — | 25,866 | — | ||||||||||||
Cash collateral at brokers for investments in futures contracts(2) | — | — | 576,240 | — | ||||||||||||
Cash denominated in foreign currencies (cost $311,915, $173,283, $1,209,743 and $—, respectively) | 312,359 | 171,913 | 1,209,483 | — | ||||||||||||
Receivable for: | ||||||||||||||||
Dividends | 1,262,633 | 157,137 | 5,376,682 | 4,874,713 | ||||||||||||
Interest | 161 | 8 | 6,384,790 | 290 | ||||||||||||
Investments sold | 5,230,683 | 268,633 | 19,409,299 | 10,006,152 | ||||||||||||
Reclaims | 233,092 | 14,766 | 756,447 | 33,119 | ||||||||||||
Shares sold | 215,638 | 30,397 | 3,762,483 | 1,750,532 | ||||||||||||
Other assets | 87,966 | 42,751 | 137,389 | 372,851 | ||||||||||||
Total assets | 574,876,063 | 44,435,642 | 1,373,454,761 | 1,379,286,445 | ||||||||||||
Liabilities | ||||||||||||||||
Payable for: | ||||||||||||||||
Collateral from securities lending program | — | — | 10,956,724 | — | ||||||||||||
Dividends | — | 272,319 | 291,456 | 1,855,873 | ||||||||||||
Investments purchased – regular settlement | 4,510,063 | 404,170 | 7,469,878 | 10,508,376 | ||||||||||||
Investments purchased – when-issued/delayed-delivery settlement | — | — | 8,759,014 | — | ||||||||||||
Shares redeemed | 1,297,720 | 2,168 | 2,478,871 | 1,634,310 | ||||||||||||
Variation margin on futures contracts | — | — | 255,312 | — | ||||||||||||
Accrued expenses: | ||||||||||||||||
Custodian fees | 281,020 | 319,534 | 467,227 | 192,933 | ||||||||||||
Directors/Trustees fees | 45,632 | 441 | 88,927 | 334,677 | ||||||||||||
Management fees | 376,224 | 1,632 | 796,687 | 872,548 | ||||||||||||
12b-1 distribution and service fees | 21,162 | 100 | 130,286 | 39,472 | ||||||||||||
Other | 225,582 | 24,543 | 472,836 | 809,541 | ||||||||||||
Total liabilities | 6,757,403 | 1,024,907 | 32,167,218 | 16,247,730 | ||||||||||||
Net assets | $ | 568,118,660 | $ | 43,410,735 | $ | 1,341,287,543 | $ | 1,363,038,715 | ||||||||
Class A Shares | ||||||||||||||||
Net assets | $ | 49,056,606 | $ | 266,515 | $ | 173,186,326 | $ | 154,661,207 | ||||||||
Shares outstanding | 4,412,965 | 14,040 | 8,177,005 | 8,688,748 | ||||||||||||
Net asset value (“NAV”) per share | $ | 11.12 | $ | 18.98 | $ | 21.18 | $ | 17.80 | ||||||||
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price) | $ | 11.80 | $ | 20.14 | $ | 22.47 | $ | 18.89 | ||||||||
Class C Shares | ||||||||||||||||
Net assets | $ | 12,482,804 | $ | 52,020 | $ | 110,111,296 | $ | 8,373,294 | ||||||||
Shares outstanding | 1,145,843 | 2,742 | 5,196,971 | 488,838 | ||||||||||||
NAV and offering price per share | $ | 10.89 | $ | 18.97 | $ | 21.19 | $ | 17.13 | ||||||||
Class R6 Shares | ||||||||||||||||
Net assets | $ | 80,745,194 | $ | 41,303,177 | $ | 175,240,210 | $ | 361,778,040 | ||||||||
Shares outstanding | 7,263,200 | 2,175,514 | 8,226,262 | 19,630,281 | ||||||||||||
NAV and offering price per share | $ | 11.12 | $ | 18.99 | $ | 21.30 | $ | 18.43 | ||||||||
Class I Shares | ||||||||||||||||
Net assets | $ | 425,834,056 | $ | 1,789,023 | $ | 882,749,711 | $ | 838,226,174 | ||||||||
Shares outstanding | 38,417,075 | 94,293 | 41,679,837 | 46,126,976 | ||||||||||||
NAV and offering price per share | $ | 11.08 | $ | 18.97 | $ | 21.18 | $ | 18.17 | ||||||||
Fund level net assets consist of: | ||||||||||||||||
Capital paid-in | $ | 471,912,560 | $ | 42,798,309 | $ | 1,603,175,556 | $ | 868,837,607 | ||||||||
Total distributable earnings (loss) | 96,206,100 | 612,426 | (261,888,013 | ) | 494,201,108 | |||||||||||
Fund level net assets | $ | 568,118,660 | $ | 43,410,735 | $ | 1,341,287,543 | $ | 1,363,038,715 | ||||||||
Authorized shares – per class | 2 billion | Unlimited | 2 billion | 2 billion | ||||||||||||
Par value per share | $ | 0.0001 | $ | 0.01 | $ | 0.0001 | $ | 0.0001 | ||||||||
| (1) | Includes securities loaned of $10,629,777 for Real Asset Income. |
| (2) | Cash pledged to collateralize the net payment obligations for investments in derivatives. |
See accompanying notes to financial statements.
54
Six Months Ended June 30, 2022
(Unaudited)
Global Infrastructure | Global Real Estate Securities | Real Asset Income | Real Estate Securities | |||||||||||||
Investment Income | ||||||||||||||||
Dividends | $ | 8,738,816 | $ | 725,352 | $ | 30,840,427 | $ | 18,123,911 | ||||||||
Interest | 2,477 | 99 | 10,484,176 | 4,522 | ||||||||||||
Foreign tax withheld on dividend income | (819,243 | ) | (33,190 | ) | (1,558,004 | ) | (15,415 | ) | ||||||||
Foreign tax withheld from interest income | — | — | (3,783 | ) | — | |||||||||||
Securities lending income, net | — | 913 | 40,306 | — | ||||||||||||
Total investment income | 7,922,050 | 693,174 | 39,803,122 | 18,113,018 | ||||||||||||
Expenses | ||||||||||||||||
Management fees | 2,778,405 | 251,841 | 5,302,956 | 7,672,938 | ||||||||||||
12b-1 service fees – Class A Shares | 63,303 | 318 | 230,042 | 227,100 | ||||||||||||
12b-1 distribution and service fees – Class C Shares | 69,030 | 200 | 616,988 | 50,471 | ||||||||||||
Shareholder servicing agent fees | 187,658 | 2,037 | 611,801 | 839,166 | ||||||||||||
Interest expense | 1,894 | 542 | 4,572 | 7,056 | ||||||||||||
Custodian expenses | 176,615 | 149,137 | 339,952 | 111,048 | ||||||||||||
Directors/Trustees fees | 9,332 | 836 | 22,950 | 27,420 | ||||||||||||
Professional fees | 85,037 | 42,226 | 72,884 | 110,195 | ||||||||||||
Shareholder reporting expenses | 28,456 | 10,778 | 228,872 | 120,027 | ||||||||||||
Federal and state registration fees | 39,754 | 46,352 | 47,089 | 44,260 | ||||||||||||
Other | 10,981 | 7,862 | 15,312 | 16,595 | ||||||||||||
Total expenses before fee waiver/expense reimbursement | 3,450,465 | 512,129 | 7,493,418 | 9,226,276 | ||||||||||||
Fee waiver/expense reimbursement | (355,755 | ) | (250,785 | ) | (90,403 | ) | (592,016 | ) | ||||||||
Net expenses | 3,094,710 | 261,344 | 7,403,015 | 8,634,260 | ||||||||||||
Net investment income (loss) | 4,827,340 | 431,830 | 32,400,107 | 9,478,758 | ||||||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments and foreign currency | 16,500,103 | 660,344 | 8,592,627 | 157,488,484 | ||||||||||||
Futures contracts | — | — | 2,476,623 | — | ||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments and foreign currency | (52,193,172 | ) | (13,893,010 | ) | (194,767,488 | ) | (551,798,751 | ) | ||||||||
Futures contracts | — | — | 809,726 | — | ||||||||||||
Net realized and unrealized gain (loss) | (35,693,069 | ) | (13,232,666 | ) | (182,888,512 | ) | (394,310,267 | ) | ||||||||
Net increase (decrease) in net assets from operations | $ | (30,865,729 | ) | $ | (12,800,836 | ) | $ | (150,488,405 | ) | $ | (384,831,509 | ) | ||||
See accompanying notes to financial statements.
55
Statement of Changes in Net Assets
| Global Infrastructure | Global Real Estate Securities | |||||||||||||||||||
Unaudited | Year Ended | Unaudited | Year Ended | |||||||||||||||||
Operations | ||||||||||||||||||||
Net investment income (loss) | $ | 4,827,340 | $ | 12,165,386 | $ | 431,830 | $ | 1,624,255 | ||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investments and foreign currency | 16,500,103 | 53,984,584 | 660,344 | 8,958,997 | ||||||||||||||||
Futures contracts | — | — | — | — | ||||||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Investments and foreign currency | (52,193,172 | ) | 23,332,023 | (13,893,010 | ) | 6,617,646 | ||||||||||||||
Futures contracts | — | — | — | — | ||||||||||||||||
Net increase (decrease) in net assets from operations | (30,865,729 | ) | 89,481,993 | (12,800,836 | ) | 17,200,898 | ||||||||||||||
Distributions to Shareholders | ||||||||||||||||||||
Dividends: | ||||||||||||||||||||
Class A Shares | — | (3,604,891 | ) | (2,598 | ) | (87,511 | ) | |||||||||||||
Class C Shares | — | (1,026,320 | ) | (252 | ) | (6,190 | ) | |||||||||||||
Class R3 Shares(1) | — | — | — | — | ||||||||||||||||
Class R6 Shares | — | (9,653,975 | ) | (516,344 | ) | (9,023,460 | ) | |||||||||||||
Class I Shares | — | (34,268,367 | ) | (20,537 | ) | (247,608 | ) | |||||||||||||
Decrease in net assets from distributions to shareholders | — | (48,553,553 | ) | (539,731 | ) | (9,364,769 | ) | |||||||||||||
Fund Share Transactions | ||||||||||||||||||||
Proceeds from sale of shares | 70,420,121 | 139,586,370 | 20,613,730 | 5,225,331 | ||||||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | — | 34,833,077 | 31,080 | 5,469,725 | ||||||||||||||||
| 70,420,121 | 174,419,447 | 20,644,810 | 10,695,056 | |||||||||||||||||
Cost of shares redeemed | (144,295,921 | ) | (152,166,790 | ) | (39,876,351 | ) | (1,279,466 | ) | ||||||||||||
Net increase (decrease) in net assets from Fund share transactions | (73,875,800 | ) | 22,252,657 | (19,231,541 | ) | 9,415,590 | ||||||||||||||
Net increase (decrease) in net assets | (104,741,529 | ) | 63,181,097 | (32,572,108 | ) | 17,251,719 | ||||||||||||||
Net assets at the beginning of period | 672,860,189 | 609,679,092 | 75,982,843 | 58,731,124 | ||||||||||||||||
Net assets at the end of period | $ | 568,118,660 | $ | 672,860,189 | $ | 43,410,735 | $ | 75,982,843 | ||||||||||||
| (1) | Class R3 Shares of Global Infrastructure and Real Estate Securities converted to Class A Shares at the close of business on June 4, 2021, and are no longer available for dividend reinvestment or through an exchange from other Nuveen mutual funds. |
See accompanying notes to financial statements.
56
| Real Asset Income | Real Estate Securities | |||||||||||||||||||
Unaudited | Year Ended 12/31/21 | Unaudited | Year Ended | |||||||||||||||||
Operations | ||||||||||||||||||||
Net investment income (loss) | $ | 32,400,107 | $ | 70,025,361 | $ | 9,478,758 | $ | 30,832,461 | ||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investments and foreign currency | 8,592,627 | 103,371,771 | 157,488,484 | 479,706,321 | ||||||||||||||||
Futures contracts | 2,476,623 | 1,191,894 | — | — | ||||||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Investments and foreign currency | (194,767,488 | ) | (2,707,306 | ) | (551,798,751 | ) | 326,569,885 | |||||||||||||
Futures contracts | 809,726 | (443,972 | ) | — | — | |||||||||||||||
Net increase (decrease) in net assets from operations | (150,488,405 | ) | 171,437,748 | (384,831,509 | ) | 837,108,667 | ||||||||||||||
Distributions to Shareholders | ||||||||||||||||||||
Dividends: | ||||||||||||||||||||
Class A Shares | (4,223,083 | ) | (9,878,535 | ) | (1,461,852 | ) | (28,095,425 | ) | ||||||||||||
Class C Shares | (2,344,552 | ) | (6,508,088 | ) | (43,325 | ) | (1,640,115 | ) | ||||||||||||
Class R3 Shares(1) | — | — | — | (47,135 | ) | |||||||||||||||
Class R6 Shares | (5,635,894 | ) | (13,725,185 | ) | (4,244,492 | ) | (76,509,938 | ) | ||||||||||||
Class I Shares | (22,637,674 | ) | (54,358,576 | ) | (9,787,048 | ) | (210,357,965 | ) | ||||||||||||
Decrease in net assets from distributions to shareholders | (34,841,203 | ) | (84,470,384 | ) | (15,536,717 | ) | (316,650,578 | ) | ||||||||||||
Fund Share Transactions | ||||||||||||||||||||
Proceeds from sale of shares | 166,147,635 | 298,889,134 | 175,927,592 | 574,976,310 | ||||||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 32,815,788 | 79,542,852 | 11,770,394 | 257,002,859 | ||||||||||||||||
| 198,963,423 | 378,431,986 | 187,697,986 | 831,979,169 | |||||||||||||||||
Cost of shares redeemed | (229,063,274 | ) | (517,543,363 | ) | (676,883,511 | ) | (1,345,479,459 | ) | ||||||||||||
Net increase (decrease) in net assets from Fund share transactions | (30,099,851 | ) | (139,111,377 | ) | (489,185,525 | ) | (513,500,290 | ) | ||||||||||||
Net increase (decrease) in net assets | (215,429,459 | ) | (52,144,013 | ) | (889,553,751 | ) | 6,957,799 | |||||||||||||
Net assets at the beginning of period | 1,556,717,002 | 1,608,861,015 | 2,252,592,466 | 2,245,634,667 | ||||||||||||||||
Net assets at the end of period | $ | 1,341,287,543 | $ | 1,556,717,002 | $ | 1,363,038,715 | $ | 2,252,592,466 | ||||||||||||
| (1) | Class R3 Shares of Global Infrastructure and Real Estate Securities converted to Class A Shares at the close of business on June 4, 2021, and are no longer available for dividend reinvestment or through an exchange from other Nuveen mutual funds. |
See accompanying notes to financial statements.
57
Global Infrastructure
Selected data for a share outstanding throughout each period:
| Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||||||
Class (Commencement Date)
Year Ended December 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net | From Accumulated Net Realized Gains | Return of Capital | Total | Ending NAV | |||||||||||||||||||||||||||||||
Class A (12/07) |
| |||||||||||||||||||||||||||||||||||||||
2022(e) | $ | 11.69 | $ | 0.08 | $ | (0.65 | ) | $ | (0.57 | ) | $ | — | $ | — | $ | — | $ | — | $ | 11.12 | ||||||||||||||||||||
2021 | 10.97 | 0.19 | 1.37 | 1.56 | (0.20 | ) | (0.64 | ) | — | (0.84 | ) | 11.69 | ||||||||||||||||||||||||||||
2020 | 11.45 | 0.13 | (0.46 | ) | (0.33 | ) | (0.11 | ) | (0.04 | ) | — | (0.15 | ) | 10.97 | ||||||||||||||||||||||||||
2019 | 9.48 | 0.22 | 2.56 | 2.78 | (0.20 | ) | (0.61 | ) | — | (0.81 | ) | 11.45 | ||||||||||||||||||||||||||||
2018 | 10.93 | 0.20 | (1.05 | ) | (0.85 | ) | (0.22 | ) | (0.36 | ) | (0.02 | ) | (0.60 | ) | 9.48 | |||||||||||||||||||||||||
2017 | 9.69 | 0.22 | 1.66 | 1.88 | (0.23 | ) | (0.41 | ) | — | (0.64 | ) | 10.93 | ||||||||||||||||||||||||||||
Class C (11/08) |
| |||||||||||||||||||||||||||||||||||||||
2022(e) | 11.50 | 0.03 | (0.64 | ) | (0.61 | ) | — | — | — | — | 10.89 | |||||||||||||||||||||||||||||
2021 | 10.87 | 0.10 | 1.35 | 1.45 | (0.18 | ) | (0.64 | ) | — | (0.82 | ) | 11.50 | ||||||||||||||||||||||||||||
2020 | 11.35 | 0.05 | (0.46 | ) | (0.41 | ) | (0.03 | ) | (0.04 | ) | — | (0.07 | ) | 10.87 | ||||||||||||||||||||||||||
2019 | 9.41 | 0.14 | 2.52 | 2.66 | (0.11 | ) | (0.61 | ) | — | (0.72 | ) | 11.35 | ||||||||||||||||||||||||||||
2018 | 10.85 | 0.12 | (1.04 | ) | (0.92 | ) | (0.14 | ) | (0.36 | ) | (0.02 | ) | (0.52 | ) | 9.41 | |||||||||||||||||||||||||
2017 | 9.62 | 0.14 | 1.65 | 1.79 | (0.15 | ) | (0.41 | ) | — | (0.56 | ) | 10.85 | ||||||||||||||||||||||||||||
Class R6 (6/16) | ||||||||||||||||||||||||||||||||||||||||
2022(e) | 11.68 | 0.09 | (0.65 | ) | (0.56 | ) | — | — | — | — | 11.12 | |||||||||||||||||||||||||||||
2021 | 10.96 | 0.23 | 1.37 | 1.60 | (0.24 | ) | (0.64 | ) | — | (0.88 | ) | 11.68 | ||||||||||||||||||||||||||||
2020 | 11.42 | 0.16 | (0.44 | ) | (0.28 | ) | (0.14 | ) | (0.04 | ) | — | (0.18 | ) | 10.96 | ||||||||||||||||||||||||||
2019 | 9.47 | 0.26 | 2.54 | 2.80 | (0.24 | ) | (0.61 | ) | — | (0.85 | ) | 11.42 | ||||||||||||||||||||||||||||
2018 | 10.91 | 0.22 | (1.03 | ) | (0.81 | ) | (0.25 | ) | (0.36 | ) | (0.02 | ) | (0.63 | ) | 9.47 | |||||||||||||||||||||||||
2017 | 9.65 | 0.27 | 1.66 | 1.93 | (0.26 | ) | (0.41 | ) | — | (0.67 | ) | 10.91 | ||||||||||||||||||||||||||||
Class I (12/07) |
| |||||||||||||||||||||||||||||||||||||||
2022(e) | 11.65 | 0.09 | (0.66 | ) | (0.57 | ) | — | — | — | — | 11.08 | |||||||||||||||||||||||||||||
2021 | 10.93 | 0.22 | 1.37 | 1.59 | (0.23 | ) | (0.64 | ) | — | (0.87 | ) | 11.65 | ||||||||||||||||||||||||||||
2020 | 11.40 | 0.15 | (0.44 | ) | (0.29 | ) | (0.14 | ) | (0.04 | ) | — | (0.18 | ) | 10.93 | ||||||||||||||||||||||||||
2019 | 9.44 | 0.25 | 2.54 | 2.79 | (0.22 | ) | (0.61 | ) | — | (0.83 | ) | 11.40 | ||||||||||||||||||||||||||||
2018 | 10.89 | 0.22 | (1.04 | ) | (0.82 | ) | (0.25 | ) | (0.36 | ) | (0.02 | ) | (0.63 | ) | 9.44 | |||||||||||||||||||||||||
2017 | 9.66 | 0.26 | 1.64 | 1.90 | (0.26 | ) | (0.41 | ) | — | (0.67 | ) | 10.89 | ||||||||||||||||||||||||||||
58
| Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||
| Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||||||||||
| Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | ||||||||||||||||||||||||||||
| (4.88 | )% | $ | 49,057 | 1.33 | %* | 1.25 | %* | 1.22 | %* | 1.36 | %* | 58 | % | |||||||||||||||||||||
| 14.44 | 52,495 | 1.32 | 1.56 | 1.21 | 1.66 | 128 | ||||||||||||||||||||||||||||
| (2.76 | ) | 44,235 | 1.35 | 1.11 | 1.22 | 1.24 | 181 | |||||||||||||||||||||||||||
| 29.27 | 57,379 | 1.36 | 1.85 | 1.22 | 1.99 | 144 | ||||||||||||||||||||||||||||
| (7.88 | ) | 55,856 | 1.35 | 1.74 | 1.22 | 1.87 | 174 | |||||||||||||||||||||||||||
| 19.38 | 87,876 | 1.42 | 1.85 | 1.22 | 2.05 | 161 | ||||||||||||||||||||||||||||
| (5.30 | ) | 12,483 | 2.08 | * | 0.48 | * | 1.97 | * | 0.59 | * | 58 | |||||||||||||||||||||||
| 13.58 | 14,905 | 2.07 | 0.79 | 1.96 | 0.89 | 128 | ||||||||||||||||||||||||||||
| (3.56 | ) | 18,465 | 2.10 | 0.37 | 1.97 | 0.49 | 181 | |||||||||||||||||||||||||||
| 28.37 | 24,640 | 2.11 | 1.11 | 1.97 | 1.26 | 144 | ||||||||||||||||||||||||||||
| (8.60 | ) | 24,556 | 2.11 | 1.00 | 1.97 | 1.13 | 174 | |||||||||||||||||||||||||||
| 18.55 | 29,227 | 2.17 | 1.11 | 1.97 | 1.31 | 161 | ||||||||||||||||||||||||||||
| (4.79 | ) | 80,745 | 1.01 | * | 1.49 | * | 0.90 | * | 1,60 | * | 58 | |||||||||||||||||||||||
| 14.84 | 133,575 | 0.99 | 1.89 | 0.88 | 2.00 | 128 | ||||||||||||||||||||||||||||
| (2.39 | ) | 107,342 | 1.01 | 1.44 | 0.88 | 1.57 | 181 | |||||||||||||||||||||||||||
| 29.70 | 60,187 | 1.03 | 2.11 | 0.89 | 2.26 | 144 | ||||||||||||||||||||||||||||
| (7.56 | ) | 11,520 | 1.02 | 1.93 | 0.89 | 2.06 | 174 | |||||||||||||||||||||||||||
| 19.95 | 19,575 | 1.02 | 2.24 | 0.80 | 2.46 | 161 | ||||||||||||||||||||||||||||
| (4.89 | ) | 425,834 | 1.08 | * | 1.48 | * | 0.97 | * | 1.59 | * | 58 | |||||||||||||||||||||||
| 14.78 | 471,885 | 1.07 | 1.79 | 0.96 | 1.89 | 128 | ||||||||||||||||||||||||||||
| (2.55 | ) | 439,399 | 1.10 | 1.37 | 0.97 | 1.50 | 181 | |||||||||||||||||||||||||||
| 29.69 | 477,180 | 1.11 | 2.10 | 0.97 | 2.24 | 144 | ||||||||||||||||||||||||||||
| (7.67 | ) | 345,782 | 1.10 | 1.98 | 0.97 | 2.11 | 174 | |||||||||||||||||||||||||||
| 19.61 | 472,564 | 1.17 | 2.14 | 0.97 | 2.34 | 161 | ||||||||||||||||||||||||||||
| (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 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 Investment in Derivatives) divided by the average long-term market value during the period. |
| (e) | Unaudited. For the six months ended June 30, 2022. |
| * | Annualized. |
See accompanying notes to financial statements.
59
Financial Highlights (continued)
Global Real Estate Securities
Selected data for a share outstanding throughout each period:
| Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||
Class (Commencement Date)
Year Ended December 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | ||||||||||||||||||||||||||||
Class A (03/18) | ||||||||||||||||||||||||||||||||||||
2022(f) | $ | 24.08 | $ | 0.16 | $ | (5.06 | ) | $ | (4.90 | ) | $ | (0.20 | ) | $ | — | $ | (0.20 | ) | $ | 18.98 | ||||||||||||||||
2021 | 21.25 | 0.54 | 5.32 | 5.86 | (1.08 | ) | (1.95 | ) | (3.03 | ) | 24.08 | |||||||||||||||||||||||||
2020 | 22.22 | 0.30 | (0.64 | ) | (0.34 | ) | (0.45 | ) | (0.18 | ) | (0.63 | ) | 21.25 | |||||||||||||||||||||||
2019 | 19.07 | 0.36 | 4.84 | 5.20 | (1.33 | ) | (0.72 | ) | (2.05 | ) | 22.22 | |||||||||||||||||||||||||
2018(e) | 20.00 | 0.32 | (0.54 | ) | (0.22 | ) | (0.53 | ) | (0.18 | ) | (0.71 | ) | 19.07 | |||||||||||||||||||||||
Class C (03/18) | ||||||||||||||||||||||||||||||||||||
2022(f) | 24.06 | 0.09 | (5.06 | ) | (4.97 | ) | (0.12 | ) | — | (0.12 | ) | 18.97 | ||||||||||||||||||||||||
2021 | 21.25 | 0.35 | 5.31 | 5.66 | (0.90 | ) | (1.95 | ) | (2.85 | ) | 24.06 | |||||||||||||||||||||||||
2020 | 22.21 | 0.14 | (0.62 | ) | (0.48 | ) | (0.30 | ) | (0.18 | ) | (0.48 | ) | 21.25 | |||||||||||||||||||||||
2019 | 19.06 | 0.19 | 4.84 | 5.03 | (1.16 | ) | (0.72 | ) | (1.88 | ) | 22.21 | |||||||||||||||||||||||||
2018(e) | 20.00 | 0.20 | (0.55 | ) | (0.35 | ) | (0.41 | ) | (0.18 | ) | (0.59 | ) | 19.06 | |||||||||||||||||||||||
Class R6 (03/18) | ||||||||||||||||||||||||||||||||||||
2022(f) | 24.09 | 0.17 | (5.03 | ) | (4.86 | ) | (0.24 | ) | — | (0.24 | ) | 18.99 | ||||||||||||||||||||||||
2021 | 21.27 | 0.56 | 5.38 | 5.94 | (1.17 | ) | (1.95 | ) | (3.12 | ) | 24.09 | |||||||||||||||||||||||||
2020 | 22.23 | 0.37 | (0.63 | ) | (0.26 | ) | (0.52 | ) | (0.18 | ) | (0.70 | ) | 21.27 | |||||||||||||||||||||||
2019 | 19.07 | 0.43 | 4.85 | 5.28 | (1.40 | ) | (0.72 | ) | (2.12 | ) | 22.23 | |||||||||||||||||||||||||
2018(e) | 20.00 | 0.37 | (0.55 | ) | (0.18 | ) | (0.57 | ) | (0.18 | ) | (0.75 | ) | 19.07 | |||||||||||||||||||||||
Class I (03/18) | ||||||||||||||||||||||||||||||||||||
2022(f) | 24.07 | 0.18 | (5.05 | ) | (4.87 | ) | (0.23 | ) | — | (0.23 | ) | 18.97 | ||||||||||||||||||||||||
2021 | 21.25 | 0.59 | 5.32 | 5.91 | (1.14 | ) | (1.95 | ) | (3.09 | ) | 24.07 | |||||||||||||||||||||||||
2020 | 22.22 | 0.34 | (0.63 | ) | (0.29 | ) | (0.50 | ) | (0.18 | ) | (0.68 | ) | 21.25 | |||||||||||||||||||||||
2019 | 19.07 | 0.47 | 4.79 | 5.26 | (1.39 | ) | (0.72 | ) | (2.11 | ) | 22.22 | |||||||||||||||||||||||||
2018(e) | 20.00 | 0.36 | (0.54 | ) | (0.18 | ) | (0.57 | ) | (0.18 | ) | (0.75 | ) | 19.07 | |||||||||||||||||||||||
60
| Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||
| Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||||||||||
| Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment | Portfolio Turnover Rate(d) | ||||||||||||||||||||||||||||
| (20.41 | )% | $ | 267 | 2.19 | %* | 0.62 | %* | 1.29 | %* | 1.52 | %* | 54 | % | |||||||||||||||||||||
| 28.21 | 254 | 1.89 | 1.60 | 1.29 | 2.19 | 130 | ||||||||||||||||||||||||||||
| (1.32 | ) | 37 | 2.45 | 0.33 | 1.30 | 1.48 | 159 | |||||||||||||||||||||||||||
| 27.55 | 35 | 3.21 | (0.31 | ) | 1.30 | 1.60 | 198 | |||||||||||||||||||||||||||
| (1.21 | ) | 24 | 2.65 | 0.67 | 1.30 | 2.02 | 161 | |||||||||||||||||||||||||||
| (20.70 | ) | 52 | 2.94 | * | (0.04 | )* | 2.04 | * | 0.86 | * | 54 | |||||||||||||||||||||||
| 27.16 | 53 | 2.64 | 0.85 | 2.04 | 1.44 | 130 | ||||||||||||||||||||||||||||
| (2.04 | ) | 27 | 3.20 | (0.44 | ) | 2.05 | 0.71 | 159 | ||||||||||||||||||||||||||
| 26.56 | 33 | 3.96 | (1.05 | ) | 2.05 | 0.86 | 198 | |||||||||||||||||||||||||||
| (1.77 | ) | 24 | 3.41 | (0.09 | ) | 2.05 | 1.27 | 161 | ||||||||||||||||||||||||||
| (20.26 | ) | 41,303 | 1.83 | * | 0.65 | * | 0.93 | * | 1.55 | * | 54 | |||||||||||||||||||||||
| 28.57 | 73,585 | 1.54 | 1.74 | 0.94 | 2.33 | 130 | ||||||||||||||||||||||||||||
| (0.95 | ) | 58,480 | 2.15 | 0.72 | 1.00 | 1.87 | 159 | |||||||||||||||||||||||||||
| 27.91 | 27,709 | 2.88 | 0.01 | 0.97 | 1.93 | 198 | ||||||||||||||||||||||||||||
| (0.97 | ) | 23,770 | 2.38 | 0.94 | 1.02 | 2.30 | 161 | |||||||||||||||||||||||||||
| (20.32 | ) | 1,789 | 1.94 | * | 0.78 | * | 1.04 | * | 1.68 | * | 54 | |||||||||||||||||||||||
| 28.48 | 2,091 | 1.64 | 1.86 | 1.04 | 2.45 | 130 | ||||||||||||||||||||||||||||
| (1.02 | ) | 188 | 2.20 | 0.56 | 1.05 | 1.71 | 159 | |||||||||||||||||||||||||||
| 27.80 | 190 | 2.96 | 0.15 | 1.05 | 2.06 | 198 | ||||||||||||||||||||||||||||
| (1.03) | 26 | 2.42 | 0.86 | 1.05 | 2.24 | 161 | ||||||||||||||||||||||||||||
| (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 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 Investment in Derivatives) divided by the average long-term market value during the period. |
| (e) | For the period March 20, 2018 (commencement of operations) though December 31, 2018. |
| (f) | Unaudited. For the six months ended June 30, 2022. |
| * | Annualized. |
See accompanying notes to financial statements.
61
Financial Highlights (continued)
Real Asset Income
Selected data for a share outstanding throughout each period:
| Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||||||
Class (Commencement Date)
Year Ended December 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Return of Capital | Total | Ending NAV | |||||||||||||||||||||||||||||||
Class A (9/11) |
| |||||||||||||||||||||||||||||||||||||||
2022(e) | $ | 24.07 | $ | 0.49 | $ | (2.86 | ) | $ | (2.37 | ) | $ | (0.52 | ) | $ | — | $ | — | $ | (0.52 | ) | $ | 21.18 | ||||||||||||||||||
2021 | 22.75 | 1.05 | 1.54 | 2.59 | (1.27 | ) | — | — | (1.27 | ) | 24.07 | |||||||||||||||||||||||||||||
2020 | 24.76 | 0.90 | (1.91 | ) | (1.01 | ) | (1.00 | ) | — | — | (1.00 | ) | 22.75 | |||||||||||||||||||||||||||
2019 | 21.46 | 0.99 | 3.73 | 4.72 | (1.38 | ) | — | (0.04 | ) | (1.42 | ) | 24.76 | �� | |||||||||||||||||||||||||||
2018 | 24.14 | 1.12 | (2.61 | ) | (1.49 | ) | (1.07 | ) | — | (0.12 | ) | (1.19 | ) | 21.46 | ||||||||||||||||||||||||||
2017 | 22.76 | 1.11 | 1.59 | 2.70 | (1.32 | ) | — | — | (1.32 | ) | 24.14 | |||||||||||||||||||||||||||||
Class C (9/11) |
| |||||||||||||||||||||||||||||||||||||||
2022(e) | 24.07 | 0.40 | (2.85 | ) | (2.45 | ) | (0.43 | ) | — | — | (0.43 | ) | 21.19 | |||||||||||||||||||||||||||
2021 | 22.76 | 0.86 | 1.55 | 2.41 | (1.10 | ) | — | — | (1.10 | ) | 24.07 | |||||||||||||||||||||||||||||
2020 | 24.77 | 0.73 | (1.90 | ) | (1.17 | ) | (0.84 | ) | — | — | (0.84 | ) | 22.76 | |||||||||||||||||||||||||||
2019 | 21.47 | 0.81 | 3.74 | 4.55 | (1.21 | ) | — | (0.04 | ) | (1.25 | ) | 24.77 | ||||||||||||||||||||||||||||
2018 | 24.15 | 0.95 | (2.62 | ) | (1.67 | ) | (0.89 | ) | — | (0.12 | ) | (1.01 | ) | 21.47 | ||||||||||||||||||||||||||
2017 | 22.77 | 0.94 | 1.59 | 2.53 | (1.15 | ) | — | — | (1.15 | ) | 24.15 | |||||||||||||||||||||||||||||
Class R6 (6/16) | ||||||||||||||||||||||||||||||||||||||||
2022(e) | 24.21 | 0.52 | (2.87 | ) | (2.35 | ) | (0.56 | ) | — | — | (0.56 | ) | 21.30 | |||||||||||||||||||||||||||
2021 | 22.87 | 1.13 | 1.56 | 2.69 | (1.35 | ) | — | — | (1.35 | ) | 24.21 | |||||||||||||||||||||||||||||
2020 | 24.89 | 1.00 | (1.95 | ) | (0.95 | ) | (1.07 | ) | — | — | (1.07 | ) | 22.87 | |||||||||||||||||||||||||||
2019 | 21.56 | 1.10 | 3.73 | 4.83 | (1.46 | ) | — | (0.04 | ) | (1.50 | ) | 24.89 | ||||||||||||||||||||||||||||
2018 | 24.24 | 1.20 | (2.63 | ) | (1.43 | ) | (1.13 | ) | — | (0.12 | ) | (1.25 | ) | 21.56 | ||||||||||||||||||||||||||
2017 | 22.83 | 1.22 | 1.58 | 2.80 | (1.39 | ) | — | — | (1.39 | ) | 24.24 | |||||||||||||||||||||||||||||
Class I (9/11) |
| |||||||||||||||||||||||||||||||||||||||
2022(e) | 24.07 | 0.51 | (2.85 | ) | (2.34 | ) | (0.55 | ) | — | — | (0.55 | ) | 21.18 | |||||||||||||||||||||||||||
2021 | 22.75 | 1.10 | 1.55 | 2.65 | (1.33 | ) | — | — | (1.33 | ) | 24.07 | |||||||||||||||||||||||||||||
2020 | 24.76 | 0.94 | (1.90 | ) | (0.96 | ) | (1.05 | ) | — | — | (1.05 | ) | 22.75 | |||||||||||||||||||||||||||
2019 | 21.46 | 1.05 | 3.73 | 4.78 | (1.44 | ) | — | (0.04 | ) | (1.48 | ) | 24.76 | ||||||||||||||||||||||||||||
2018 | 24.14 | 1.18 | (2.61 | ) | (1.43 | ) | (1.13 | ) | — | (0.12 | ) | (1.25 | ) | 21.46 | ||||||||||||||||||||||||||
2017 | 22.76 | 1.18 | 1.58 | 2.76 | (1.38 | ) | — | — | (1.38 | ) | 24.14 | |||||||||||||||||||||||||||||
62
| Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||
| Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||||||||||
| Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | ||||||||||||||||||||||||||||
| (9.97 | )% | $ | 173,186 | 1.17 | %* | 4.26 | %* | 1.15 | %* | 4.28 | %* | 36 | % | |||||||||||||||||||||
| 11.60 | 192,591 | 1.14 | 4.42 | 1.14 | 4.42 | 73 | ||||||||||||||||||||||||||||
| (3.71 | ) | 173,139 | 1.16 | 4.16 | 1.16 | 4.17 | 104 | |||||||||||||||||||||||||||
| 22.39 | 220,665 | 1.14 | 4.16 | 1.14 | 4.16 | 85 | ||||||||||||||||||||||||||||
| (6.38 | ) | 178,651 | 1.14 | 4.85 | 1.14 | 4.85 | 94 | |||||||||||||||||||||||||||
| 12.07 | 225,282 | 1.15 | 4.64 | 1.15 | 4.64 | 84 | ||||||||||||||||||||||||||||
| (10.28 | ) | 110,111 | 1.92 | * | 3.47 | * | 1.90 | * | 3.49 | * | 36 | |||||||||||||||||||||||
| 10.75 | 134,834 | 1.89 | 3.62 | 1.89 | 3.62 | 73 | ||||||||||||||||||||||||||||
| (4.43 | ) | 156,391 | 1.91 | 3.40 | 1.91 | 3.41 | 104 | |||||||||||||||||||||||||||
| 21.50 | 217,976 | 1.89 | 3.41 | 1.89 | 3.41 | 85 | ||||||||||||||||||||||||||||
| (7.09 | ) | 186,043 | 1.89 | 4.10 | 1.89 | 4.11 | 94 | |||||||||||||||||||||||||||
| 11.25 | 241,844 | 1.90 | 3.94 | 1.90 | 3.94 | 84 | ||||||||||||||||||||||||||||
| (9.84 | ) | 175,240 | 0.84 | * | 4.48 | * | 0.82 | * | 4.50 | * | 36 | |||||||||||||||||||||||
| 11.99 | 252,907 | 0.80 | 4.75 | 0.80 | 4.75 | 73 | ||||||||||||||||||||||||||||
| (3.40 | ) | 223,948 | 0.82 | 4.62 | 0.81 | 4.63 | 104 | |||||||||||||||||||||||||||
| 22.82 | 80,903 | 0.80 | 4.59 | 0.80 | 4.59 | 85 | ||||||||||||||||||||||||||||
| (6.08 | ) | 27,654 | 0.81 | 5.18 | 0.81 | 5.19 | 94 | |||||||||||||||||||||||||||
| 12.47 | 29,332 | 0.81 | 5.10 | 0.81 | 5.10 | 84 | ||||||||||||||||||||||||||||
| (9.85 | ) | 882,750 | 0.92 | * | 4.51 | * | 0.90 | * | 4.53 | * | 36 | |||||||||||||||||||||||
| 11.88 | 976,385 | 0.89 | 4.64 | 0.89 | 4.64 | 73 | ||||||||||||||||||||||||||||
| (3.47 | ) | 1,055,383 | 0.91 | 4.37 | 0.91 | 4.37 | 104 | |||||||||||||||||||||||||||
| 22.69 | 1,725,703 | 0.89 | 4.42 | 0.89 | 4.42 | 85 | ||||||||||||||||||||||||||||
| (6.13 | ) | 1,312,280 | 0.89 | 5.10 | 0.89 | 5.11 | 94 | |||||||||||||||||||||||||||
| 12.35 | 1,607,267 | 0.90 | 4.96 | 0.90 | 4.96 | 84 | ||||||||||||||||||||||||||||
| (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 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 Investment in Derivatives) divided by the average long-term market value during the period. |
| (e) | Unaudited. For the six months ended June 30, 2022. |
| * | Annualized. |
See accompanying notes to financial statements.
63
Financial Highlights (continued)
Real Estate Securities
Selected data for a share outstanding throughout each period:
| Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||
Class (Commencement Date)
Year Ended December 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net | From Accumulated Net Realized Gains | Total | Ending NAV | ||||||||||||||||||||||||||||
Class A (9/95) |
| |||||||||||||||||||||||||||||||||||
2022(e) | $ | 22.36 | $ | 0.09 | $ | (4.49 | ) | $ | (4.40 | ) | $ | (0.16 | ) | $ | — | $ | (0.16 | ) | $ | 17.80 | ||||||||||||||||
2021 | 18.40 | 0.23 | 7.12 | 7.35 | (0.33 | ) | (3.06 | ) | (3.39 | ) | 22.36 | |||||||||||||||||||||||||
2020 | 20.22 | 0.21 | (1.54 | ) | (1.33 | ) | (0.14 | ) | (0.35 | ) | (0.49 | ) | 18.40 | |||||||||||||||||||||||
2019 | 18.03 | 0.33 | 4.16 | 4.49 | (0.33 | ) | (1.97 | ) | (2.30 | ) | 20.22 | |||||||||||||||||||||||||
2018 | 20.23 | 0.31 | (1.43 | ) | (1.12 | ) | (0.34 | ) | (0.74 | ) | (1.08 | ) | 18.03 | |||||||||||||||||||||||
2017 | 21.75 | 0.32 | 0.85 | 1.17 | (0.37 | ) | (2.32 | ) | (2.69 | ) | 20.23 | |||||||||||||||||||||||||
Class C (2/00) |
| |||||||||||||||||||||||||||||||||||
2022(e) | 21.51 | 0.01 | (4.30 | ) | (4.29 | ) | (0.09 | ) | — | (0.09 | ) | 17.13 | ||||||||||||||||||||||||
2021 | 17.80 | 0.03 | 6.90 | 6.93 | (0.16 | ) | (3.06 | ) | $ | (3.22 | ) | 21.51 | ||||||||||||||||||||||||
2020 | 19.55 | 0.06 | (1.46 | ) | (1.40 | ) | — | (0.35 | ) | (0.35 | ) | 17.80 | ||||||||||||||||||||||||
2019 | 17.49 | 0.16 | 4.03 | 4.19 | (0.16 | ) | (1.97 | ) | (2.13 | ) | 19.55 | |||||||||||||||||||||||||
2018 | 19.63 | 0.17 | (1.39 | ) | (1.22 | ) | (0.18 | ) | (0.74 | ) | (0.92 | ) | 17.49 | |||||||||||||||||||||||
2017 | 21.18 | 0.15 | 0.82 | 0.97 | (0.20 | ) | (2.32 | ) | (2.52 | ) | 19.63 | |||||||||||||||||||||||||
Class R6 (4/13) |
| |||||||||||||||||||||||||||||||||||
2022(e) | 23.15 | 0.13 | (4.64 | ) | (4.51 | ) | (0.21 | ) | — | (0.21 | ) | 18.43 | ||||||||||||||||||||||||
2021 | 18.98 | 0.32 | 7.34 | 7.66 | (0.43 | ) | (3.06 | ) | (3.49 | ) | 23.15 | |||||||||||||||||||||||||
2020 | 20.85 | 0.30 | (1.59 | ) | (1.29 | ) | (0.23 | ) | (0.35 | ) | (0.58 | ) | 18.98 | |||||||||||||||||||||||
2019 | 18.54 | 0.44 | 4.27 | 4.71 | (0.43 | ) | (1.97 | ) | (2.40 | ) | 20.85 | |||||||||||||||||||||||||
2018 | 20.75 | 0.44 | (1.51 | ) | (1.07 | ) | (0.40 | ) | (0.74 | ) | (1.14 | ) | 18.54 | |||||||||||||||||||||||
2017 | 22.23 | 0.46 | 0.82 | 1.28 | (0.44 | ) | (2.32 | ) | (2.76 | ) | 20.75 | |||||||||||||||||||||||||
Class I (6/95) |
| |||||||||||||||||||||||||||||||||||
2022(e) | 22.83 | 0.11 | (4.58 | ) | (4.47 | ) | (0.19 | ) | — | (0.19 | ) | 18.17 | ||||||||||||||||||||||||
2021 | 18.74 | 0.27 | 7.27 | 7.54 | (0.39 | ) | (3.06 | ) | (3.45 | ) | 22.83 | |||||||||||||||||||||||||
2020 | 20.59 | 0.27 | (1.58 | ) | (1.31 | ) | (0.19 | ) | (0.35 | ) | (0.54 | ) | 18.74 | |||||||||||||||||||||||
2019 | 18.34 | 0.39 | 4.22 | 4.61 | (0.39 | ) | (1.97 | ) | (2.36 | ) | 20.59 | |||||||||||||||||||||||||
2018 | 20.55 | 0.39 | (1.47 | ) | (1.08 | ) | (0.39 | ) | (0.74 | ) | (1.13 | ) | 18.34 | |||||||||||||||||||||||
2017 | 22.07 | 0.40 | 0.84 | 1.24 | (0.44 | ) | (2.32 | ) | (2.76 | ) | 20.55 | |||||||||||||||||||||||||
64
| Ratio/Supplemental Data | ||||||||||||||||||||||||||||||||||
| Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||||||||||
| Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | ||||||||||||||||||||||||||||
| (19.71 | )% | $ | 154,661 | 1.29 | %* | 0.81 | %* | 1.22 | %* | 0.88 | %* | 39 | % | |||||||||||||||||||||
| 40.98 | 207,384 | 1.28 | 1.02 | 1.24 | 1.05 | 101 | ||||||||||||||||||||||||||||
| (6.37 | ) | 176,739 | 1.30 | 1.20 | N/A | N/A | 135 | |||||||||||||||||||||||||||
| 25.24 | 249,172 | 1.30 | 1.56 | N/A | N/A | 109 | ||||||||||||||||||||||||||||
| (5.78 | ) | 264,414 | 1.26 | 1.61 | N/A | N/A | 131 | |||||||||||||||||||||||||||
| 5.34 | 459,034 | 1.29 | 1.47 | N/A | N/A | 131 | ||||||||||||||||||||||||||||
| (19.99 | ) | 8,373 | 2.04 | * | 0.05 | * | 1.97 | * | 0.12 | * | 39 | |||||||||||||||||||||||
| 39.85 | 12,195 | 2.03 | 0.13 | 2.00 | 0.16 | 101 | ||||||||||||||||||||||||||||
| (7.03 | ) | 14,874 | 2.05 | 0.32 | N/A | N/A | 135 | |||||||||||||||||||||||||||
| 24.28 | 37,352 | 2.06 | 0.79 | N/A | N/A | 109 | ||||||||||||||||||||||||||||
| (6.46 | ) | 43,152 | 2.02 | 0.89 | N/A | N/A | 131 | |||||||||||||||||||||||||||
| 4.59 | 66,953 | 2.04 | 0.71 | N/A | N/A | 131 | ||||||||||||||||||||||||||||
| (19.57 | ) | 361,778 | 0.92 | * | 1.13 | * | 0.85 | * | 1.20 | * | 39 | |||||||||||||||||||||||
| 41.48 | 556,126 | 0.89 | 1.42 | 0.85 | 1.46 | 101 | ||||||||||||||||||||||||||||
| (5.95 | ) | 437,016 | 0.90 | 1.66 | N/A | N/A | 135 | |||||||||||||||||||||||||||
| 25.74 | 479,973 | 0.88 | 2.03 | N/A | N/A | 109 | ||||||||||||||||||||||||||||
| (5.39 | ) | 346,185 | 0.88 | 2.21 | N/A | N/A | 131 | |||||||||||||||||||||||||||
| 5.78 | 277,978 | 0.87 | 2.04 | N/A | N/A | 131 | ||||||||||||||||||||||||||||
| (19.63 | ) | 838,226 | 1.04 | * | 0.98 | * | 0.97 | * | 1.05 | * | 39 | |||||||||||||||||||||||
| 41.32 | 1,476,888 | 1.03 | 1.19 | 0.99 | 1.23 | 101 | ||||||||||||||||||||||||||||
| (6.12 | ) | 1,604,544 | 1.05 | 1.46 | N/A | N/A | 135 | |||||||||||||||||||||||||||
| 25.56 | 2,148,012 | 1.06 | 1.80 | N/A | N/A | 109 | ||||||||||||||||||||||||||||
| (5.51 | ) | 2,302,536 | 1.02 | 1.96 | N/A | N/A | 131 | |||||||||||||||||||||||||||
| 5.61 | 2,945,935 | 1.04 | 1.78 | N/A | N/A | 131 | ||||||||||||||||||||||||||||
| (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 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 Investment in Derivatives) divided by the average long-term market value during the period. |
| N/A | Fund did not have waiver/reimbursement for periods prior to fiscal year ended December 31, 2021. |
| (e) | Unaudited. For the six months ended June 30, 2022. |
| * | Annualized. |
See accompanying notes to financial statements.
65
(Unaudited)
1. General Information
Trust and Fund Information
Nuveen Investment Funds, Inc. and Nuveen Investment Trust V (each a “Trust” and collectively, the “Trusts”), are open-end management investment companies registered under the Investment Company Act of 1940 (the “1940 Act”) as amended. Nuveen Investment Funds, Inc. is comprised of Nuveen Global Infrastructure Fund (“Global Infrastructure”), Nuveen Real Asset Income Fund (“Real Asset Income”) and Nuveen Real Estate Securities Fund (“Real Estate Securities”), among others, and Nuveen Investment Trust V is comprised of Nuveen Global Real Estate Securities Fund (“Global Real Estate Securities”), among others, (each a “Fund” and collectively, the “Funds”), as diversified funds. Nuveen Investment Funds, Inc. was incorporated in the State of Maryland on August 20, 1987 and Nuveen Investment Trust V was organized as a Massachusetts business trust on September 27, 2006.
Current Fiscal Period
The end of the reporting period for the Funds is June 30, 2022, and the period covered by these Notes to Financial Statements is the six months ended June 30, 2022 (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 a 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 Shares 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 quarter 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 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 of the significant accounting policies consistently followed by the Funds.
Compensation
Neither Trust pays compensation directly to those of its directors/trustees 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/Trustees (the “Board”) has adopted a deferred compensation plan for independent directors/trustees that enables directors/trustees 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.
66
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.
The tax character of Fund distributions for a fiscal year is dependent upon the amount and tax character of distributions received from securities held in the Funds’ portfolios. Distributions received from certain securities in which the Funds invest, most notably real estate investment trust (“REIT”) securities, may be characterized for tax purposes as ordinary income, long-term capital gain and/or a return of capital. The issuer of a security reports the tax character of its distributions only once per year, generally during the first two months of the calendar year. The distribution is included in the Funds’ ordinary income until such time the Fund is notified by the issuer of the actual tax character.
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.
As of the end of the end of the reporting period, the following Funds’ investments in non-U.S. securities were as follows:
| Global Infrastructure | Value | % of Net Assets | ||||||
| Country: | ||||||||
Canada | $ | 52,142,715 | 9.2 | % | ||||
Australia | 43,498,042 | 7.7 | ||||||
Spain | 39,520,790 | 7.0 | ||||||
France | 25,934,201 | 4.6 | ||||||
Italy | 24,376,857 | 4.3 | ||||||
New Zealand | 13,513,429 | 2.4 | ||||||
Japan | 13,202,861 | 2.3 | ||||||
Mexico | 12,873,022 | 2.3 | ||||||
Germany | 8,593,234 | 1.5 | ||||||
Other | 31,196,076 | 5.3 | ||||||
| Total non-U.S securities | $ | 264,851,227 | 46.6 | % | ||||
| Global Real Estate Securities | ||||||||
| Country: | ||||||||
Japan | $ | 3,765,326 | 8.7 | % | ||||
Canada | 2,071,882 | 4.8 | ||||||
Australia | 1,742,240 | 4.0 | ||||||
United Kingdom | 1,734,795 | 4.0 | ||||||
Hong Kong | 1,625,614 | 3.7 | ||||||
Singapore | 1,280,863 | 3.0 | ||||||
Germany | 929,777 | 2.1 | ||||||
Sweden | 741,935 | 1.7 | ||||||
Belgium | 638,112 | 1.5 | ||||||
Other | 1,784,419 | 4.1 | ||||||
| Total non-U.S securities | $ | 16,314,963 | 37.6 | % | ||||
67
Notes to Financial Statements (Unaudited) (continued)
| Real Asset Income | Value | % of | ||||||
| Country: | ||||||||
Canada | $ | 195,487,200 | 14.6 | % | ||||
Australia | 61,646,159 | 4.6 | ||||||
United Kingdom | 57,879,002 | 4.3 | ||||||
Singapore | 40,420,361 | 3.0 | ||||||
Italy | 31,338,189 | 2.3 | ||||||
Hong Kong | 30,891,373 | 2.3 | ||||||
Spain | 29,389,737 | 2.2 | ||||||
Germany | 16,039,458 | 1.2 | ||||||
France | 15,649,883 | 1.2 | ||||||
Other | 117,407,816 | 8.8 | ||||||
| Total | $ | 596,149,178 | 44.5 | % | ||||
Indemnifications
Under each Trust’s organizational documents, its officers and directors/trustees are indemnified against certain liabilities arising out of the performance of their duties to each Trust. In addition, in the normal course of business, each Trust enters into contracts that provide general indemnifications to other parties. Each Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Trust that have not yet occurred. However, each Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
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 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 amortization of premiums for financial reporting purposes. Interest income also reflects payment-in-kind (“PIK”) interest, paydown gains and losses and fee income, if any. PIK interest represents income received in the form of securities in lieu of cash. Fee income consists primarily of amendment fees, when applicable. Amendment fees are earned as compensation for evaluating and accepting changes to an original senior loan agreement and are recognized when received. 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 Global Infrastructure, Global Real Estate Securities and Real Estate Securities that are not directly attributable to a specific class of shares are prorated among the classes of each Fund based on the relative net assets of each class. Income and expenses of Real Asset Income that are not directly attributable to a specific class of shares are prorated among the classes based on the relative settled shares of each class. Expenses directly attributable to a class of shares 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 net assets for Global Infrastructure, Global Real Estate Securities and Real Estate Securities and relative settled shares for Real Asset Income.
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 Derivatives 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.
68
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 changes 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 the amendments, is continually 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 quotation 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 will become 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.
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.
For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Funds’ net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Board. These foreign securities are generally classified as Level 2.
69
Notes to Financial Statements (Unaudited) (continued)
Prices of certain American Depositary Receipts (“ADR”) held by the Funds that trade in the United States are valued based on the last traded price, official closing price, or an evaluated price provided by the pricing service and are generally classified as Level 1 or 2.
Investments in investment companies are valued at their respective NAVs on the valuation date and are generally classified as Level 1.
Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities 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.
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:
| Global Infrastructure | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 297,742,288 | $ | 192,147,717 | ** | $ | — | $ | 489,890,005 | |||||||
Real Estate Investment Trust Common Stocks | 50,574,536 | 1,713,422 | ** | — | 52,287,958 | |||||||||||
Investment Companies | 1,101,817 | — | — | 1,101,817 | ||||||||||||
| Short-Term Investments: | ||||||||||||||||
Repurchase Agreements | — | 24,211,028 | — | 24,211,028 | ||||||||||||
| Total | $ | 349,418,641 | $ | 218,072,167 | $ | — | $ | 567,490,808 | ||||||||
| Global Real Estate Securities | ||||||||||||||||
| Long-Term Investments*: | ||||||||||||||||
Real Estate Investment Trust Common Stocks | $ | 28,192,816 | $ | 7,406,867 | ** | $ | — | $ | 35,599,683 | |||||||
Common Stocks | 1,045,555 | 5,959,339 | ** | — | 7,004,894 | |||||||||||
| Short-Term Investments: | ||||||||||||||||
Repurchase Agreements | — | 1,145,460 | — | 1,145,460 | ||||||||||||
| Total | $ | 29,238,371 | $ | 14,511,666 | $ | — | $ | 43,750,037 | ||||||||
| Real Asset Income | ||||||||||||||||
| Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 221,375,831 | $ | 138,558,019 | ** | $ | — | $ | 359,933,850 | |||||||
Real Estate Investment Trust Common Stocks | 193,347,766 | 99,671,724 | ** | — | 293,019,490 | |||||||||||
Corporate Bonds | — | 251,383,844 | — | 251,383,844 | ||||||||||||
$25 Par (or similar) Retail Preferred | 166,337,142 | 1,562,040 | ** | — | 167,899,182 | |||||||||||
$1,000 Par (or similar) Institutional Preferred | — | 137,525,502 | — | 137,525,502 | ||||||||||||
Convertible Preferred Securities | 63,254,456 | 3,350,150 | ** | — | 66,604,606 | |||||||||||
Investment Companies | 10,587,557 | 11 | ** | — | 10,587,568 | |||||||||||
Variable Rate Senior Loan Interests | — | 5,539,640 | — | 5,539,640 | ||||||||||||
Asset-Backed Securities | — | 4,575,754 | — | 4,575,754 | ||||||||||||
| Investments Purchased with Collateral from Securities Lending | 10,956,724 | — | — | 10,956,724 | ||||||||||||
| Short-Term Investments: | ||||||||||||||||
Repurchase Agreements | — | 27,789,922 | — | 27,789,922 | ||||||||||||
| Investments in Derivatives: | ||||||||||||||||
Futures Contracts*** | 433,389 | — | — | 433,389 | ||||||||||||
| Total | $ | 666,292,865 | $ | 669,956,606 | $ | — | $ | 1,336,249,471 | ||||||||
70
| Real Estate Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments*: | ||||||||||||||||
Real Estate Investment Trust Common Stocks | $ | 1,304,752,449 | $ | — | $ | — | $ | 1,304,752,449 | ||||||||
Common Stocks | 13,951,190 | — | — | 13,951,190 | ||||||||||||
| Short-Term Investments: | ||||||||||||||||
Repurchase Agreements | — | 43,545,149 | — | 43,545,149 | ||||||||||||
| Total | $ | 1,318,703,639 | $ | 43,545,149 | $ | — | $ | 1,362,248,788 | ||||||||
| * | 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. |
| *** | 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, Real Asset Income may have unfunded senior loan commitments. The 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 Fund had no such outstanding unfunded senior loan commitments.
Participation Commitments
With respect to the senior loans held in Real Asset Income’s portfolio, the Fund may: 1) invest in assignments; 2) act as a participant in primary lending syndicates; or 3) invest in participations. If the 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 Fund 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.
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 | |||||||
| Global Infrastructure | Fixed Income Clearing Corporation | $ | 24,211,028 | $ | (24,695,259 | ) | ||||
| Global Real Estate Securities | Fixed Income Clearing Corporation | 1,145,460 | (1,168,418 | ) | ||||||
| Real Asset Income | Fixed Income Clearing Corporation | 27,789,922 | (28,345,792 | ) | ||||||
| Real Estate Securities | Fixed Income Clearing Corporation | 43,545,149 | (44,416,069 | ) | ||||||
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 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.
71
Notes to Financial Statements (Unaudited) (continued)
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 Statement of Operations.
As of the end of the current reporting period, the total value of the securities on loan and the total value of collateral received were as follows:
| Fund | Asset Class out on Loan | Long-Term Investments, at Value | Total Collateral Received | |||||||
| Real Asset Income | Convertible Preferred Securities | $ | 4,836,954 | $ | 4,936,629 | |||||
| Corporate Bonds | 3,452,178 | 3,647,868 | ||||||||
| $25 Par (or similar) Retail Preferred | 2,340,645 | 2,372,227 | ||||||||
| $ | 10,629,777 | $ | 10,956,724 | |||||||
Investment Transactions
Long-term purchases and sales (including maturities but excluding investments purchased with collateral from securities lending and derivative transactions, where applicable) during the current fiscal period were as follows:
| Global Infrastructure | Global Real Estate | Real Asset Income | Real Estate Securities | |||||||||||||
| Purchases | $ | 354,210,852 | $ | 29,646,724 | $ | 514,515,496 | $ | 693,178,980 | ||||||||
| Sales and maturities | 436,301,300 | 48,733,326 | 539,795,783 | 1,183,654,802 | ||||||||||||
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 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 broker 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, Real Asset Income continued using interest rate futures contracts to partially hedge the portfolio against movements in interest rates.
72
The average notional amount of futures contracts outstanding during the current fiscal period was as follows:
| Real Asset Income | ||||
| Average notional amount of futures contracts outstanding* | $ | 22,994,369 | ||
| * | 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 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 on the Statement of Assets and Liabilities | ||||||||||||||
Asset Derivatives | (Liability) Derivatives | |||||||||||||
Underlying Risk Exposure | Derivative Instrument | Location | Value | Location | Value | |||||||||
Real Asset Income | ||||||||||||||
| Interest rate | Futures contracts | — | $ | — | Payable for variation margin on futures contracts* | $ | 433,389 | |||||||
| * | Value represents the cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Fund’s Portfolio of Investments and not the daily 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 | ||||||||
| Real Asset Income | Interest rate | Futures contracts | $ | 2,476,623 | $ | 809,726 | ||||||
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.
73
Notes to Financial Statements (Unaudited) (continued)
5. Fund Shares
Transactions in Fund shares during the current and prior fiscal period were as follows:
| Six Months Ended 6/30/22 | Year Ended 12/31/21 | |||||||||||||||
| Global Infrastructure | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold: | ||||||||||||||||
Class A | 296,768 | $ | 3,449,925 | 1,015,539 | $ | 11,544,506 | ||||||||||
Class A – automatic conversion of Class C Shares | — | — | 374 | 4,216 | ||||||||||||
Class A – automatic conversion of Class R3 Shares | — | — | 6,992 | 82,860 | ||||||||||||
Class C | 26,846 | 303,452 | 190,457 | 2,194,695 | ||||||||||||
Class R3(1) | — | — | 1,062 | 11,808 | ||||||||||||
Class R6 | 642,304 | 7,411,714 | 1,580,138 | 18,109,552 | ||||||||||||
Class I | 5,177,074 | 59,255,030 | 9,414,515 | 107,638,733 | ||||||||||||
| Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | — | — | 301,757 | 3,485,937 | ||||||||||||
Class C | — | — | 84,048 | 954,809 | ||||||||||||
Class R3(1) | — | — | — | — | ||||||||||||
Class R6 | — | — | 631,908 | 7,301,462 | ||||||||||||
Class I | — | — | 2,004,767 | 23,090,869 | ||||||||||||
| 6,142,992 | 70,420,121 | 15,231,557 | 174,419,447 | |||||||||||||
| Shares redeemed: | ||||||||||||||||
Class A | (372,982 | ) | (4,274,212 | ) | (866,839 | ) | (10,011,506 | ) | ||||||||
Class C | (176,827 | ) | (1,987,162 | ) | (676,572 | ) | (7,471,440 | ) | ||||||||
Class C – automatic conversion to Class A Shares | — | — | (378 | ) | (4,216 | ) | ||||||||||
Class R3(1) | — | — | (15,527 | ) | (172,037 | ) | ||||||||||
Class R3(1) – automatic conversion to Class A Shares | — | — | (6,882 | ) | (82,860 | ) | ||||||||||
Class R6 | (4,819,883 | ) | (54,877,946 | ) | (567,862 | ) | (6,668,327 | ) | ||||||||
Class I | (7,280,871 | ) | (83,156,601 | ) | (11,097,745 | ) | (127,756,404 | ) | ||||||||
| (12,650,563 | ) | (144,295,921 | ) | (13,231,805 | ) | (152,166,790 | ) | |||||||||
| Net increase (decrease) | (6,507,571 | ) | $ | (73,875,800 | ) | 1,999,752 | $ | 22,252,657 | ||||||||
| Six Months Ended 6/30/22 | Year Ended 12/31/21 | |||||||||||||||
| Global Real Estate Securities | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold: | ||||||||||||||||
Class A | 4,476 | $ | 101,782 | 40,263 | $ | 1,030,924 | ||||||||||
Class C | 1,491 | 33,875 | 1,115 | 28,009 | ||||||||||||
Class R6 | 898,678 | 20,155,356 | 96,242 | 2,373,854 | ||||||||||||
Class I | 14,699 | 322,717 | 79,741 | 1,792,544 | ||||||||||||
| Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 115 | 2,347 | 3,504 | 83,718 | ||||||||||||
Class C | 5 | 104 | 110 | 2,622 | ||||||||||||
Class R6 | 408 | 8,376 | 214,932 | 5,139,646 | ||||||||||||
Class I | 984 | 20,253 | 10,195 | 243,739 | ||||||||||||
| 920,856 | 20,644,810 | 446,102 | 10,695,056 | |||||||||||||
| Shares redeemed: | ||||||||||||||||
Class A | (1,105 | ) | (24,692 | ) | (34,949 | ) | (840,353 | ) | ||||||||
Class C | (965 | ) | (21,990 | ) | (264 | ) | (6,549 | ) | ||||||||
Class R6 | (1,778,538 | ) | (39,658,474 | ) | (5,793 | ) | (140,897 | ) | ||||||||
Class I | (8,250 | ) | (171,195 | ) | (11,921 | ) | (291,667 | ) | ||||||||
| (1,788,858 | ) | (39,876,351 | ) | (52,927 | ) | (1,279,466 | ) | |||||||||
| Net increase (decrease) | (868,002 | ) | $ | (19,231,541 | ) | 393,175 | $ | 9,415,590 | ||||||||
74
| Six Months Ended 6/30/22 | Year Ended 12/31/21 | |||||||||||||||
| Real Asset Income | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold: | ||||||||||||||||
Class A | 1,118,566 | $ | 25,816,988 | 1,792,702 | $ | 42,440,791 | ||||||||||
Class A – automatic conversion of Class C Shares | — | — | 9,393 | 219,399 | ||||||||||||
Class C | 267,300 | 6,170,296 | 478,014 | 11,362,466 | ||||||||||||
Class R6 | 336,815 | 7,570,982 | 1,293,574 | 30,801,645 | ||||||||||||
Class I | 5,524,173 | 126,589,369 | 9,036,711 | 214,064,833 | ||||||||||||
| Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 176,728 | 4,023,899 | 399,311 | 9,482,178 | ||||||||||||
Class C | 98,154 | 2,236,870 | 260,539 | 6,183,058 | ||||||||||||
Class R6 | 236,149 | 5,423,638 | 570,135 | 13,609,600 | ||||||||||||
Class I | 928,228 | 21,131,381 | 2,118,947 | 50,268,016 | ||||||||||||
| 8,686,113 | 198,963,423 | 15,959,326 | 378,431,986 | |||||||||||||
| Shares redeemed: | ||||||||||||||||
Class A | (1,120,208 | ) | (25,716,653 | ) | (1,811,562 | ) | (42,836,654 | ) | ||||||||
Class C | (769,491 | ) | (17,576,814 | ) | (2,000,655 | ) | (47,153,673 | ) | ||||||||
Class C – automatic conversion to Class A Shares | — | — | (9,390 | ) | (219,399 | ) | ||||||||||
Class R6 | (2,794,641 | ) | (63,413,986 | ) | (1,208,956 | ) | (29,290,159 | ) | ||||||||
Class I | (5,337,742 | ) | (122,355,821 | ) | (16,990,034 | ) | (398,043,478 | ) | ||||||||
| (10,022,082 | ) | (229,063,274 | ) | (22,020,597 | ) | (517,543,363 | ) | |||||||||
| Net increase (decrease) | (1,335,969 | ) | $ | (30,099,851 | ) | (6,061,271 | ) | $ | (139,111,377 | ) | ||||||
| Six Months Ended 6/30/22 | Year Ended 12/31/21 | |||||||||||||||
| Real Estate Securities | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold: | ||||||||||||||||
Class A | 610,935 | $ | 12,483,349 | 1,629,030 | $ | 34,500,446 | ||||||||||
Class A – automatic conversion of Class C Shares | 101 | 2,061 | 1,604 | 32,211 | ||||||||||||
Class A – automatic conversion of Class R3 Shares | — | — | 551,348 | 12,102,095 | ||||||||||||
Class C | 31,726 | 621,794 | 59,172 | 1,230,714 | ||||||||||||
Class R3(1) | — | — | 42,137 | 845,650 | ||||||||||||
Class R6 | 3,248,213 | 67,866,652 | 6,992,804 | 153,906,759 | ||||||||||||
Class I | 4,582,395 | 94,953,736 | 17,311,360 | 372,358,435 | ||||||||||||
| Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 66,821 | 1,297,738 | 1,163,771 | 25,038,845 | ||||||||||||
Class C | 2,096 | 39,028 | 71,822 | 1,484,443 | ||||||||||||
Class R3(1) | — | — | 2,323 | 46,381 | ||||||||||||
Class R6 | 176,368 | 3,558,947 | 3,027,403 | 67,437,483 | ||||||||||||
Class I | 343,665 | 6,874,681 | 7,426,676 | 162,995,707 | ||||||||||||
| 9,062,320 | 187,697,986 | 38,279,450 | 831,979,169 | |||||||||||||
| Shares redeemed: | ||||||||||||||||
Class A | (1,263,707 | ) | (25,321,159 | ) | (3,675,242 | ) | (75,060,181 | ) | ||||||||
Class C | (111,738 | ) | (2,193,843 | ) | (398,335 | ) | (7,690,571 | ) | ||||||||
Class C – automatic conversion to Class A Shares | (105 | ) | (2,061 | ) | (1,660 | ) | (32,211 | ) | ||||||||
Class R3(1) | — | — | (167,655 | ) | (3,458,671 | ) | ||||||||||
Class R3(1) – automatic conversion to Class A Shares | — | — | (541,481 | ) | (12,102,095 | ) | ||||||||||
Class R6 | (7,817,030 | ) | (162,593,968 | ) | (9,027,341 | ) | (202,987,795 | ) | ||||||||
Class I | (23,492,443 | ) | (486,772,480 | ) | (45,663,701 | ) | (1,044,147,935 | ) | ||||||||
| (32,685,023 | ) | (676,883,511 | ) | (59,475,415 | ) | (1,345,479,459 | ) | |||||||||
| Net increase (decrease) | (23,622,703 | ) | $ | (489,185,525 | ) | (21,195,965 | ) | $ | (513,500,290 | ) | ||||||
| (1) | Class R3 Shares were converted to Class A Shares at the close of business on June 4, 2021, and are no longer available for dividend 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 net capital gains to shareholders and 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.
Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed each Fund’s tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements.
75
Notes to Financial Statements (Unaudited) (continued)
As of the end of the reporting period, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes was as follows:
| Fund | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | ||||||||||||
| Global Infrastructure | $ | 503,169,349 | $ | 90,009,012 | $ | (25,687,553 | ) | $ | 64,321,459 | |||||||
| Global Real Estate Securities | 44,986,145 | 4,001,872 | (5,237,980 | ) | (1,236,108 | ) | ||||||||||
| Real Asset Income | 1,423,259,468 | 61,192,618 | (148,202,615 | ) | (87,009,997 | ) | ||||||||||
| Real Estate Securities | 1,101,808,567 | 359,085,549 | (98,645,328 | ) | 260,440,221 | |||||||||||
For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.
As of prior fiscal period end, the components of accumulated earnings on a tax basis were as follows:
| Fund | Undistributed | Undistributed | Unrealized | Capital Loss | Late-Year Loss | Other Book-to-Tax Differences | Total | |||||||||||||||||||||
| Global Infrastructure | $ | 4,758,872 | $ | 4,922,415 | $ | 117,436,603 | $ | — | $ | — | $ | (46,096 | ) | $ | 127,071,794 | |||||||||||||
| Global Real Estate Securities | 575,241 | 725,299 | 12,652,452 | — | — | — | 13,952,992 | |||||||||||||||||||||
| Real Asset Income | 1,553,859 | — | 107,632,265 | (185,656,105 | ) | — | (88,424 | ) | (76,558,405 | ) | ||||||||||||||||||
| Real Estate Securities | 37,723,244 | 44,974,398 | 812,238,972 | — | — | (367,280 | ) | 894,569,334 | ||||||||||||||||||||
As of prior fiscal period end, the Funds had capital loss carryforwards, which will not expire:
| Fund | Short-Term | Long-Term | Total | |||||||||
| Global Infrastructure | $ | — | $ | — | $ | — | ||||||
| Global Real Estate Securities | — | — | — | |||||||||
| Real Asset Income | 132,761,495 | 52,894,610 | 185,656,105 | |||||||||
| Real Estate Securities | — | — | — | |||||||||
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 schedules:
| Average Daily Net Assets | Global Infrastructure and Global Real Estate Securities | Real Estate Securities | ||||||
| For the first $125 million | 0.7500 | % | 0.7000 | % | ||||
| For the next $125 million | 0.7375 | 0.6875 | ||||||
| For the next $250 million | 0.7250 | 0.6750 | ||||||
| For the next $500 million | 0.7125 | 0.6625 | ||||||
| For the next $1 billion | 0.7000 | 0.6500 | ||||||
| For the next $3 billion | 0.6750 | 0.6250 | ||||||
| For the next $2.5 billion | 0.6500 | 0.6000 | ||||||
| For the next $2.5 billion | 0.6375 | 0.5875 | ||||||
| For net assets over $10 billion | 0.6250 | 0.5750 | ||||||
| Average Daily Net Assets | Real Asset Income | |||
| For the first $125 million | 0.6000 | % | ||
| For the next $125 million | 0.5875 | |||
| For the next $250 million | 0.5750 | |||
| For the next $500 million | 0.5625 | |||
| For the next $1 billion | 0.5500 | |||
| For the next $3 billion | 0.5250 | |||
| For the next $5 billion | 0.5000 | |||
| For net assets over $10 billion | 0.4875 | |||
76
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 (except for Global Real Estate Securities and Real Asset Income) 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 not 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 a 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 June 30, 2022, the complex-level fee for each Fund was as follows: |
| Fund | Complex-Level Fee | |||
Global Infrastructure | 0.1677 | % | ||
Global Real Estate Securities | 0.1571 | % | ||
Real Asset Income | 0.1571 | % | ||
Real Estate Securities | 0.2000 | % | ||
The Adviser has agreed to waive fees and/or reimburse expenses (“Expense Cap”) of the Funds so that the total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 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 limitations that expire may be terminated or modified prior to that date only with the approval of the Board.
| Fund | Temporary Expense Cap | Temporary Expense Cap Expiration Date | ||||||
Global Infrastructure | 1.00 | % | July 31, 2024 | |||||
Global Real Estate Securities | 1.09 | July 31, 2024 | ||||||
Real Asset Income | 0.95 | July 31, 2024 | ||||||
Real Estate Securities | 0.97 | July 31, 2024 | ||||||
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:
| Global Infrastructure | Global Real Estate | Real Asset Income | Real Estate Securities | |||||||||||||
| Sales charges collected | $ | 22,237 | $ | 2,239 | $ | 96,644 | $ | 26,343 | ||||||||
| Paid to financial intermediaries | 19,557 | 1,983 | 89,174 | 23,167 | ||||||||||||
77
Notes to Financial Statements (Unaudited) (continued)
The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
During the current fiscal period, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:
| Global Infrastructure | Global Real Estate Securities | Real Asset Income | Real Estate Securities | |||||||||||||
| Commission advances | $ | 2,637 | $ | 250 | $ | 84,077 | $ | 6,448 | ||||||||
To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on C Shares during the first year following a purchase were retained by the Distributor. During the current fiscal period, the Distributor retained such 12b-1 fees as follows:
| Global Infrastructure | Global Real Estate Securities | Real Asset Income | Real Estate Securities | |||||||||||||
| 12b-1 fees retained | $ | 11,788 | $ | 169 | $ | 94,607 | $ | — | ||||||||
The remaining 12b-1 fees charged to each Fund 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:
| Global Infrastructure | Global Real Estate Securities | Real Asset Income | Real Estate Securities | |||||||||||||
| CDSC retained | $ | 3,584 | $ | 219 | $ | 10,128 | $ | — | ||||||||
Affiliate Owned Shares
As of the end of the reporting period, the percentage of Fund shares owned by TIAA are as follows:
| Global Real Estate Securities | ||||
| TIAA owned shares | 94% | |||
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, $2.700 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 2023 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. The Participating Funds also incurred a 0.05% upfront fee on the increased commitments from select lenders. 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.
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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 One Lincoln Street Boston, MA 02111 | Legal Counsel Chapman and Cutler LLP Chicago, IL 60603 | Transfer Agent and DST Asset Manager Solutions, Inc. (DST) 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.FlNRA.org. | ||||||||||||||
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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 the “Funds”) has adopted and implemented a liquidity risk management program (the “Program”), which is designed to manage the Fund’s liquidity risk. The Program consists of various protocols for assessing and managing each Fund’s liquidity risk. The Funds’ Board of Trustees previously designated Nuveen Fund Advisors, LLC, the Funds’ investment 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 (the LOSC”). The LOSC is composed of personnel from the adviser and Teachers Advisors, LLC, an affiliate of the adviser.
At a May 23-25, 2022 meeting of the Board, the Administrator provided the Board with a written report addressing the Program’s operation, adequacy and effectiveness of implementation for calendar year 2021 (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, the LMAT assesses each Fund’s liquidity risk no less frequently than annually based on various factors, such as (1) the Fund’s investment strategy and the liquidity of portfolio investments, (ii) cash flow projections, and (ii) 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 Fund portfolio investment is classified into one of four liquidity categories (including the most liquid, “Highly Liquid”, and the least liquid, “lliquid”, 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, and use third- party vendor data.
Any Fund that does not primarily hold highly liquid investments must, among other things, determine a minimum percentage of Fund 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 llliquid 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 Board and the Securities and Exchange Commission any time a Fund’s holdings of llliquid investments exceeds 15% of net assets. During the Review Period, no Fund exceeded the 15% limit on llliquid investments.
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Glossary of Terms Used in this Report
(Unaudited)
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 volatility of a portfolio relative to the overall market. A beta less than 1.0 indicates lower risk than the market; a beta greater than 1.0 indicates higher risk than the market.
Bloomberg Global Capital Securities Index: An index designed to measure the performance of fixed-rate, investment grade capital securities denominated in USD, EUR and GBP. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Bloomberg U.S. Corporate High Yield Bond Index: An index 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.
FTSE Nareit (Financial Times Stock Exchange National Association of Real Estate Investment Trusts) Preferred Stock Index: An index designed to measure the performance of publicly traded U.S. REIT preferred stocks. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
FTSE EPRA/Nareit (Financial Times Stock Exchange – European Public Real Estate Association/National Association of Real Estate Investment Trusts) Developed Index (Net): An index designed to measure the performance of listed real estate companies and REITs worldwide. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
ICE Hybrid & Preferred Infrastructure 7% Issuer Constrained Custom Index: An index designed to measure the performance of the energy and utilities subgroups of the ICE BofA All Capital Securities Index. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Lipper Global Infrastructure Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper Global Infrastructure Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
Lipper Global Real Estate Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper Global Real Estate Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
Lipper Real Estate Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper Real Estate Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
Lipper Real Return Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper Real Return Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
MSCI US REIT Index: An index designed to measure the performance of U.S. large, mid and small-cap equity REITs. The index represents about 99% of the U.S. REIT universe and securities are classified under the Equity REITs Industry (under the Real Estate sector) according to the Global Industry Classification Standard (GICS), have core real estate exposure (i.e., only selected Specialized REITs are eligible which does not include cell tower REITs) and carry REIT tax status. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
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Glossary of Terms Used in this Report (Unaudited) (continued)
MSCI USA IMI REITs Index: An index which is designed to measure the performance of U.S. large, mid, and small cap equity REITs. All securities in the index are classified in the Equity REITs Industry (under the Real Estate sector) according to the Global Industry Classification Standard (GICS). Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
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.
Real Asset Income Blended Benchmark (through March 31, 2021): Consists of: 1) 28% S&P Global Infrastructure Index (Net), (defined herein), 2) 21% FTSE EPRA/Nareit (Financial Times Stock Exchange - European Public Real Estate Association/National Association of Real Estate Investment Trusts Developed Index (Net), (defined herein), 3) 18% Wells Fargo Hybrid & Preferred Securities REIT Index (defined herein, index was discontinued on April 1, 2021), 4) 18% Bloomberg U.S. Corporate High Yield Bond Index (defined herein), and 5) 15% Bloomberg Global Capital Securities Index (defined herein). Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Real Asset Income Blended Benchmark (effective April 1, 2021): Consists of the previous composition through March 31, 2021, and thereafter: 1) 25% FTSE EPRA/Nareit (Financial Times Stock Exchange – European Public Real Estate Association/National Association of Real Estate Investment Trusts) Developed Index (Net) (defined herein), 2) 22% S&P Global Infrastructure Index (Net) (defined herein), 3) 20% ICE Hybrid & Preferred Infrastructure 7% Issuer Constrained Custom Index, (defined herein), 4) 20% Bloomberg U.S. Corporate High Yield Bond Index (defined herein), and 5) 13% Financial Times Stock Exchange National Association of Real Estate Investment Trusts (FTSE Nareit) Preferred Stock Index, (defined herein). Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Real Estate Securities Blended Benchmark (effective October 1, 2021): Consists of 1) 50% MSCI US REIT Index (defined herein), and 2) 50% MSCI USA IMI REITs Index (defined herein). The Fund’s performance was measured against the MSCI US REIT Index through September 30, 2021. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
S&P Global Infrastructure Index (Net): An index designed to measure the performance of listed infrastructure companies from around the world. To create diversified exposure across the global listed infrastructure market, the index has balanced weights across three distinct infrastructure clusters: utilities, transportation, and energy. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
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.
Wells Fargo Hybrid & Preferred Securities REIT Index (discontinued on April 1, 2021): An index designed to measure the performance of preferred securities issued in the U.S. market by REITs (index was discontinued on April 1, 2021). Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
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Annual Investment Management Agreement Approval Process
(Unaudited)
At a meeting held on May 23-25, 2022 (the “May Meeting”), the Board of Trustees or Directors, as applicable (the “Board” and each Trustee or Director, a “Board Member”) of the Funds, which is comprised entirely of Board Members who are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) (the “Independent Board Members”), approved, for each Fund, the renewal of the management agreement (each, an “Investment Management Agreement”) with Nuveen Fund Advisors, LLC (the “Adviser”) pursuant to which the Adviser serves as investment adviser to such Fund and the sub-advisory agreement (each, a “Sub-Advisory Agreement”) with Nuveen Asset Management, LLC (the “Sub-Adviser”) pursuant to which the Sub-Adviser serves as the sub-adviser to such Fund for an additional one-year term. As the Board is comprised of all Independent Board Members, the references to the Board and the Independent Board Members are interchangeable.
Following up to an initial two-year period, the Board considers the renewal of each Investment Management Agreement and Sub-Advisory Agreement on behalf of the applicable Fund on an annual basis. The Investment Management Agreements and Sub-Advisory Agreements are collectively referred to as the “Advisory Agreements,” and the Adviser and the Sub-Adviser are collectively, the “Fund Advisers” and each, a “Fund Adviser.” The Board has established various standing committees composed of various Independent Board Members that are assigned specific responsibilities to enhance the effectiveness of the Board’s oversight and decision making. Throughout the year, the Board and its committees meet regularly and, at these meetings, receive regular and/or special reports that cover an extensive array of topics and information that are relevant to the Board’s annual consideration of the renewal of the advisory agreements for the Nuveen funds. Such information may address, among other things, fund performance and risk information; the Adviser’s strategic plans; product initiatives for various funds; the review of the funds and investment teams; compliance, regulatory and risk management matters; the trading practices of the various sub-advisers to the Nuveen funds; management of distributions; valuation of securities; fund expenses; payments to financial intermediaries, including 12b-1 fees and sub-transfer agency fees, if applicable; securities lending; liquidity management; and overall market and regulatory developments. The Board also seeks to meet periodically with the Nuveen funds’ sub-advisers and/or portfolio teams, when feasible. The Board further meets, among other things, to specifically consider the annual renewal of the advisory agreements for the Nuveen funds.
In connection with its annual consideration of the advisory agreements for the Nuveen funds, the Board, through its independent legal counsel, requested and received extensive materials and information prepared specifically for its review of such advisory agreements by the Adviser and by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data. The materials cover a wide range of topics including, but not limited to, a description of the nature, extent and quality of services provided by the Fund Advisers; a review of product actions taken during 2021 (such as mergers, liquidations, fund launches, changes to investment teams, and changes to investment policies); a review of each sub-adviser to the Nuveen funds and/or the applicable investment teams; an analysis of fund performance in absolute terms and as compared to the performance of certain peer funds and benchmarks with a focus on any performance outliers; an analysis of the fees and expense ratios of the Nuveen funds in absolute terms and as compared to those of certain peer funds with a focus on any expense outliers; a review of management fee schedules; a review of temporary and permanent expense caps and fee waivers for open-end funds (as applicable) and related expense savings; a description of portfolio manager compensation; a review of the performance of various service providers; a description of various initiatives Nuveen had undertaken or continued in 2021 and 2022 for the benefit of particular fund(s) and/or the complex; a description of the profitability or financial data of Nuveen and the sub-advisers to the Nuveen funds; and a description of indirect benefits received by the Adviser and the sub-advisers as a result of their relationships with the Nuveen funds. The information prepared specifically for the annual review supplemented the information provided to the Board and its committees and the evaluations of the Nuveen funds by the Board and its committees during the year. The Board’s review of the advisory agreements for the Nuveen funds is based on all the information provided to the Board and its committees throughout the year as well as the information prepared specifically with respect to the annual review of such advisory agreements.
In continuing its practice, the Board met prior to the May Meeting to begin its considerations of the renewal of the Advisory Agreements. Accordingly, on April 13-14, 2022 (the “April Meeting”), the Board met to review and discuss, in part, the performance of the Nuveen funds and the Adviser’s evaluation of each sub-adviser to the Nuveen funds and/or its investment teams. At the April Meeting, the Board Members asked questions and requested additional information that was provided for the May Meeting.
The Independent Board Members considered the review of the advisory agreements for the Nuveen funds to be an ongoing process and employed the accumulated information, knowledge and experience the Board Members had gained during their tenure on the boards governing the Nuveen funds and working with the Adviser and sub-advisers in their review of the advisory agreements. The contractual arrangements are a result of multiple years of review, negotiation and information provided in connection with the boards’ annual review of the Nuveen funds’ advisory arrangements and oversight of the Nuveen funds.
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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
The Independent Board Members were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel at which no representatives from the Adviser or the Sub-Adviser were present. In connection with their annual review, the Independent Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements, including guidance from court cases evaluating advisory fees.
The Board’s decision to renew the Advisory Agreements was not based on a single identified factor, but rather the decision reflected the comprehensive consideration of all the information provided to the Board and its committees throughout the year as well as the materials prepared specifically in connection with the renewal process. Each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the approval process and may place different emphasis on the relevant information year to year in light of, among other things, changing market and economic conditions. A summary of the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements is set forth below.
A. Nature, Extent and Quality of Services
In evaluating the renewal of the Advisory Agreements, the Independent Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser’s services provided to the respective Fund with particular focus on the services and enhancements to such services provided during the last year. The Independent Board Members considered the Investment Management Agreements and the Sub-Advisory Agreements separately in the course of their review. With this approach, they considered the respective roles of the Adviser and the Sub-Adviser in providing services to the Funds.
The Board recognized that the Nuveen funds operate in a highly regulated industry and, therefore, the Adviser has provided a wide array of management, oversight and administrative services to manage and operate the funds, and the scope and complexity of these services have expanded over time as a result of, among other things, regulatory, market and other developments. The Board accordingly considered the Adviser’s dedication of extensive resources, time, people and capital employed to support and manage the Nuveen funds as well as the Adviser’s continued program of developing improvements and innovations for the benefit of the funds and shareholders and to meet the ever increasing regulatory requirements applicable to the funds. In this regard, the Board received and reviewed information regarding, among other things, the Adviser’s investment oversight responsibilities, regulatory and compliance services, administrative duties and other services. The Board considered the Adviser’s investment oversight team’s extensive services in overseeing the various sub-advisers to the Nuveen funds; evaluating fund performance; and preparing reports to the Board addressing, among other things, fund performance, market conditions, investment team matters, product developments and management proposals. The Board further recognized the range of services the various teams of the Adviser provided including, but not limited to, overseeing operational and risk management; managing liquidity; overseeing the daily valuation process and managing distributions in seeking to deliver long-term fund earnings to shareholders consistent with the respective Nuveen fund’s product design and positioning. The Board also considered the structure of investment personnel compensation of each Fund Adviser and whether the structure provides appropriate incentives to attract and maintain qualified personnel and to act in the best interests of the respective Nuveen fund.
The Board further recognized that the Adviser’s compliance and regulatory functions were integral to the investment management of the Nuveen funds. The Board recognized such services included, but were not limited to, managing compliance policies; monitoring compliance with applicable policies, law and regulations; devising internal compliance programs and a framework to review and assess compliance programs; overseeing sub-adviser compliance testing; preparing compliance training materials; and responding to regulatory requests. The Board further considered information regarding the Adviser’s business continuity and disaster recovery plans as well as information regarding its information security program, including presentations of such program provided at a site visit in 2022, to help identify and manage information security risks.
In addition to the above functions, the Board considered that the Adviser also provides, among other things, fund administration services (such as preparing fund tax returns and other tax compliance services; preparing regulatory filings; interacting with the Nuveen funds’ independent public accountants and overseeing other service providers; and managing fund budgets and expenses); product management services (such as evaluating and enhancing products and strategies); legal services (such as helping to prepare and file registration statements and proxy statements; overseeing fund activities and providing legal interpretations regarding such activities; maintaining regulatory registrations and negotiating agreements with other fund service providers; and monitoring changes in regulatory requirements and commenting on rule proposals impacting investment companies); and oversight of shareholder services and transfer agency functions (such as overseeing transfer agent service providers which include registered shareholder customer service and transaction processing; overseeing proxy solicitation and tabulation services; and overseeing the production and distribution of financial reports by service providers).
The Board also considered the quality of support services and communications the Adviser provided the Board, including, in part, organizing and administrating Board meetings and supporting Board committees; preparing regular and ad hoc reports on fund performance, market conditions and investment team matters; providing due diligence reports addressing product development and management proposals; and coordinating site visits of the Board and presentations by investment teams and senior management.
In addition to the services provided, the Board considered the financial resources of the Adviser and its affiliates and their willingness to make investments in the technology, personnel and infrastructure to support the Nuveen funds, including maintaining a seed capital budget to support new
84
or existing funds and/or facilitate changes for a respective fund. Further, the Board noted the benefits to shareholders of investing in a fund that is a part of a large fund complex with a variety of investment disciplines, capabilities, expertise and resources available to navigate and support the Nuveen funds including during stressed times. The Board recognized the overall reputation and capabilities of the Adviser and its affiliates, the Adviser’s continuing commitment to provide high quality services, its willingness to implement operational or organizational changes in seeking, among other things, to enhance efficiencies and services to the Nuveen funds and its responsiveness to the Board’s questions and/or concerns raised throughout the year and during the annual review of advisory agreements. The Board also considered the significant risks borne by the Adviser and its affiliates in connection with their services to the Nuveen funds, including entrepreneurial risks in sponsoring new funds and ongoing risks with managing the funds such as investment, operational, reputational, regulatory, compliance and litigation risks.
In evaluating services, the Board reviewed various highlights of the initiatives the Adviser and its affiliates have undertaken or continued in 2021 and 2022 to benefit the Nuveen complex and/or particular Nuveen funds and meet the requirements of an increasingly complex regulatory environment including, but not limited to:
| • | Centralization of Functions – ongoing initiatives to centralize investment leadership and create a more cohesive market approach and centralized shared support model (including through the consolidation of certain affiliated sub-advisers) in seeking to operate more effectively and enhance the research capabilities and services to the Nuveen funds; |
| • | Fund Improvements and Product Management Initiatives – continuing to proactively manage the Nuveen fund complex as a whole and at the individual fund level with an aim to continually improve product platforms and investment strategies to better serve shareholders through, among other things, rationalizing the product line and gaining efficiencies through mergers, repositionings and liquidations; launching new funds; reviewing and updating investment policies and benchmarks; soft closing certain funds; modifying the conversion periods on certain share classes; and evaluating and adjusting portfolio management teams as appropriate for various funds; |
| • | Capital Initiatives – continuing to invest capital to support new Nuveen funds with initial capital as well as to support existing funds; |
| • | Liquidity Management – continuing to operate the liquidity management program of the applicable Nuveen funds including monitoring daily their liquidity profile and assessing annually the overall liquidity risk of such funds; |
| • | Compliance Program Initiatives – continuing efforts to mitigate compliance risk with a focus on environmental, social and governance (“ESG”) controls and processes, increase operating efficiencies, implement enhancements to strengthen ongoing execution of key compliance program elements, support international business growth and facilitate integration of Nuveen’s operating model; |
| • | Investment Oversight – preparing reports to the Board addressing, among other things, fund performance; market conditions; investment team matters; product developments; changes to mandates, policies and benchmarks; and other management proposals as well as preparing and coordinating investment presentations to the Board; |
| • | Risk Management and Valuation Services – continuing to oversee and manage risk including, among other things, conducting ongoing calculations and monitoring of risk measures across the Nuveen funds, instituting investment risk controls, providing risk reporting throughout Nuveen, participating in internal oversight committees, dedicating the resources and time to develop the processes necessary to help address fund compliance with the new derivatives rule and continuing to implement an operational risk framework that seeks to provide greater transparency of operational risk matters across the complex as well as provide multiple other risk programs that seek to provide a more disciplined and consistent approach to identifying and mitigating Nuveen’s operational risks. Further, the securities valuation team continues, among other things, to oversee the daily valuation process of the portfolio securities of the funds, maintain the valuation policies and procedures, facilitate valuation committee meetings, manage relationships with pricing vendors, prepare relevant valuation reports and design methods to simplify and enhance valuation workflow within the organization and implement processes and procedures to help address compliance with the new valuation rule applicable to the funds; |
| • | Regulatory Matters – continuing efforts to monitor regulatory trends and advocate on behalf of Nuveen and/or the Nuveen funds, to implement and comply with new or revised rules and mandates and to respond to regulatory inquiries and exams; |
| • | Government Relations – continuing efforts of various Nuveen teams and Nuveen’s affiliates to develop policy positions on a broad range of issues that may impact the Nuveen funds, advocate and communicate these positions to lawmakers and other regulatory authorities and work with trade associations to ensure these positions are represented; |
| • | Business Continuity, Disaster Recovery and Information Security – continuing efforts of Nuveen to periodically test and update business continuity and disaster recovery plans and, together with its affiliates, to maintain an information security program that seeks to identify and manage information security risks, and provide reports to the Board, at least annually, addressing, among other things, management’s security risk assessment, cyber risk profile, potential impact of new or revised laws and regulations, incident tracking and other relevant information technology risk-related reports; and |
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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
| • | Distribution Management Services – continuing to manage the distributions among the varying types of Nuveen funds within the Nuveen complex to be consistent with the respective fund’s product design and positioning in striving to deliver those earnings to shareholders in a relatively consistent manner over time as well as assisting in the development of new products or the restructuring of existing funds. |
The Board further considered the division of responsibilities between the Adviser and the Sub-Adviser and recognized that the Sub-Adviser and its investment personnel generally are responsible for the management of each Fund’s portfolio under the oversight of the Adviser and the Board. The Board considered an analysis of the Sub-Adviser provided by the Adviser which included, among other things, the assets under management of the applicable investment team and changes thereto, a summary of the applicable investment team and changes thereto, the investment process and philosophy of the applicable investment team, the performance of the Nuveen funds sub-advised by the Sub-Adviser over various periods of time and a summary of any significant policy and/or other changes to the Nuveen funds sub-advised by the Sub-Adviser. The Board further considered at the May Meeting or prior meetings evaluations of the Sub-Adviser’s compliance programs and trade execution. The Board noted that the Adviser recommended the renewal of the Sub-Advisory Agreements.
Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.
B. The Investment Performance of the Funds and Fund Advisers
In evaluating the quality of the services provided by the Fund Advisers, the Board also received and considered a variety of investment performance data of the Nuveen funds they advise. In evaluating performance, the Board recognized that performance data may differ significantly depending on the ending date selected, particularly during periods of market volatility, and therefore considered the broader perspective of performance over a variety of time periods that may include full market cycles. In this regard, the Board reviewed, among other things, Fund performance over the quarter, one-, three- and five-year periods ending December 31, 2021 and March 31, 2022 (or for shorter periods available to the extent a Fund was not in existence during such periods). The performance data was based on Class A shares; however, the performance of other classes should be substantially similar as they invest in the same portfolio of securities and differences in performance among the classes would be principally attributed to the variations in the expense structures of the classes. The performance data prepared for the annual review of the advisory agreements for the Nuveen funds supplemented the fund performance data that the Board received throughout the year at its meetings representing differing time periods. In its review, the Board took into account the discussions with representatives of the Adviser; the Adviser’s analysis regarding fund performance that occurred at these Board meetings with particular focus on funds that were considered performance outliers (both overperformance and underperformance); the factors contributing to the performance; and any recommendations or steps taken to address performance concerns. Regardless of the time period reviewed by the Board, the Board recognized that shareholders may evaluate performance based on their own holding periods which may differ from the periods reviewed by the Board and lead to differing results.
In its review, the Board reviewed both absolute and relative fund performance during the annual review over the various time periods. With respect to the latter, the Board considered fund performance in comparison to the performance of peer funds (the “Performance Peer Group”) and recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks). For Nuveen funds that had changes in portfolio managers or other significant changes to their investment strategies or policies since March 2019, the Board reviewed certain tracking performance data comparing the performance of such funds before and after such changes. In considering performance data, the Board is aware of certain inherent limitations with such data, including that differences between the objective(s), strategies and other characteristics of the Nuveen funds compared to the respective Performance Peer Group and/or benchmark(s); differences in the composition of the Performance Peer Group over time; and differences in the types and/or levels of any leverage and related costs with that of the Performance Peer Group would all necessarily contribute to differences in performance results and limit the value of the comparative information. Further, the Board recognized the inherent limitations in comparing the performance of an actively managed fund to a benchmark index due to the fund’s pursuit of an investment strategy that does not directly follow the index. To assist the Board in its review of the comparability of the relative performance, the Adviser has ranked the relevancy of the peer group to the Funds as low, medium or high.
The Board also evaluated performance in light of various relevant factors which may include, among other things, general market conditions, issuer-specific information, asset class information, leverage and fund cash flows. In relation to general market conditions, the Board had recognized the recent periods in 2022 of general market volatility and underperformance. In their review from year to year, the Board Members consider and may place different emphasis on the relevant information in light of changing circumstances in market and economic conditions. Further, the Board recognized that the market and economic conditions may significantly impact a fund’s performance, particularly over shorter periods, and such performance may be more reflective of such economic or market events and not necessarily reflective of management skill. Accordingly, depending on the facts and circumstances including any differences between the respective Nuveen fund and its benchmark and/or Performance Peer Group, the Board may be satisfied with a fund’s performance notwithstanding that its performance may be below that of its benchmark or peer group for certain periods. However, with respect to any Nuveen funds for which the Board has identified performance issues, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers whether any steps are necessary or appropriate to address such issues, and reviews the results of any steps undertaken.
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The Board’s determinations with respect to each Fund are summarized below.
For Nuveen Global Infrastructure Fund (the “Global Infrastructure Fund”), the Board noted that the Fund outperformed its benchmark and ranked in the third quartile of its Performance Peer Group for the one-, three- and five-year periods ended December 31, 2021. Further, the Fund outperformed its benchmark for the one-, three- and five-year periods ended March 31, 2022 and ranked in the second quartile of its Performance Peer Group for the one-year period and third quartile for the three- and five-year periods ended March 31, 2022. Based on its review, the Board was generally satisfied with the Fund’s overall performance.
For Nuveen Global Real Estate Securities Fund (the “Global Real Estate Securities Fund”), the Board noted that the Fund outperformed its benchmark for the one- and three-year periods ended December 31, 2021 and ranked in the second quartile of its Performance Peer Group for the one-year period ended December 31, 2021 and first quartile for the three-year period ended December 31, 2021. Further, the Fund outperformed its benchmark and ranked in the first quartile of its Performance Peer Group for the one- and three-year periods ended March 31, 2022. Based on its review, the Board was generally satisfied with the Fund’s overall performance.
For Nuveen Real Asset Income Fund (the “Real Asset Income Fund”), the Board noted that although the Fund’s performance was below the performance of its blended benchmark for the three- and five-year periods ended December 31, 2021, the Fund outperformed its blended benchmark for the one-year period ended December 31, 2021. The Fund also ranked in the fourth quartile of its Performance Peer Group for the one- and three-year periods ended December 31, 2021, but ranked in the third quartile for the five-year period ended December 31, 2021. Although the Fund’s performance was below the performance of its blended benchmark for the three- and five-year periods ended March 31, 2022, the Fund outperformed its blended benchmark for the one-year period ended March 31, 2022. The Fund also ranked in the fourth quartile of its Performance Peer Group for the one-, three- and five-year periods ended March 31, 2022. In its review, the Board noted that the Performance Peer Group was ranked low for relevancy. The Board further considered the factors that impacted relative performance. Based on its review, the Board was generally satisfied with the Fund’s overall performance.
For Nuveen Real Estate Securities Fund (the “Real Estate Securities Fund”), the Board noted that although the Fund’s performance was below the performance of its blended benchmark for the one-, three- and five-year periods ended December 31, 2021, the Fund ranked in the third quartile of its Performance Peer Group for such periods. Further, although the Fund’s performance was below the performance of its blended benchmark for the five-year period ended March 31, 2022, the Fund outperformed its blended benchmark for the one- and three-year periods ended March 31, 2022. The Fund further ranked in the first quartile of its Performance Peer Group for the one-year period ended March 31, 2022 and third quartile for the three- and five-year periods ended March 31, 2022. Based on its review, the Board was generally satisfied with the Fund’s overall performance.
C. Fees, Expenses and Profitability
1. Fees and Expenses
As part of its annual review, the Board considered the contractual management fee and net management fee (the management fee after taking into consideration fee waivers and/or expense reimbursements, if any) paid by a Nuveen fund to the Adviser in light of the nature, extent and quality of the services provided. The Board also considered the total operating expense ratio of a fund before and after any fee waivers and/or expense reimbursements. More specifically, the Independent Board Members reviewed, among other things, each fund’s gross and net management fee rates (i.e., before and after expense reimbursements and/or fee waivers, if any) and net total expense ratio in relation to those of a comparable universe of funds (the “Peer Universe”) and/or to a more focused subset of comparable funds (the “Peer Group”) established by Broadridge (subject to certain exceptions). The Independent Board Members reviewed the methodology Broadridge employed to establish its Peer Universe and Peer Group and recognized that differences between the applicable fund and its respective Peer Universe and/or Peer Group as well as changes to the composition of the Peer Group and/or Peer Universe from year to year may limit some of the value of the comparative data. The Independent Board Members take these limitations and differences into account when reviewing comparative peer data. The Independent Board Members also considered a fund’s operating expense ratio as it more directly reflected the shareholder’s costs in investing in the respective fund.
In their review, the Independent Board Members considered, in particular, each fund with a net expense ratio of six basis points or higher compared to that of its peer average (each, an “Expense Outlier Fund”) and an analysis as to the factors contributing to each such fund’s higher relative net expense ratio. Accordingly, in reviewing the comparative data between a fund and its peers, the Board generally considered the fund’s net expense ratio and fees to be higher if they were over 10 basis points higher, slightly higher if they were 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Group. The Independent Board Members also considered, in relevant part, a fund’s net management fee and net total expense ratio in light of its performance history.
In their review of the fee arrangements for the Nuveen funds, the Independent Board Members considered the management fee schedules, including the complex-wide and fund-level breakpoint schedules, and the expense reimbursements and/or fee waivers provided by Nuveen for each fund, as applicable. The Board noted that across the Nuveen fund complex, the complex-wide fee breakpoints reduced fees by approximately $72.5 million and fund-level breakpoints reduced fees by approximately $89.1 million in 2021. Further, fee caps and waivers for all applicable Nuveen funds saved approximately an additional $13.6 million in fees for shareholders in 2021.
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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
With respect to the Sub-Adviser, the Board also considered, among other things, the sub-advisory fee schedule paid to the Sub-Adviser in light of the sub-advisory services provided to the respective Fund and comparative data of the fees the Sub-Adviser charges to other clients, if any. In its review, the Board recognized that the compensation paid to the Sub-Adviser is the responsibility of the Adviser, not the Funds.
The Independent Board Members noted that (a) the Global Infrastructure Fund had a net management fee that was in line with the peer average and a net expense ratio that was below the peer average; (b) the Global Real Estate Securities Fund had a net management fee and a net expense ratio that were below the respective peer average; (c) the Real Asset Income Fund had a net management fee that was higher than the peer average, but a net expense ratio that was below the peer average; and (d) the Real Estate Securities Fund had a net management fee and a net expense ratio that were in line with the respective peer average.
Based on its review of the information provided, the Board determined that each Fund’s management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.
2. Comparisons with the Fees of Other Clients
In determining the appropriateness of fees, the Board also considered information regarding the fee rates the respective Fund Advisers charged to certain other types of clients and the type of services provided to these other clients. With respect to the Adviser and/or the Sub-Adviser, such other clients may include: retail and institutional managed accounts advised by the Sub-Adviser; hedge funds or other structured products managed by the Sub-Adviser; investment companies offered outside the Nuveen family and sub-advised by the Sub-Adviser; foreign investment companies offered by Nuveen and sub-advised by the Sub-Adviser; and collective investment trusts sub-advised by the Sub-Adviser. The Board further noted that the Adviser also advised, and the Sub-Adviser sub-advised, certain exchange-traded funds (“ETFs”) sponsored by Nuveen. The Board recognized that each Fund had an affiliated sub-adviser and, with respect to affiliated sub-advisers, the Board reviewed, among other things, the range of fees assessed for managed accounts, hedge funds (along with their performance fee), foreign investment companies and ETFs offered by Nuveen, as applicable. The Board also reviewed the fee range and average fee rate of certain selected investment strategies offered in retail and institutional managed accounts advised by the Sub-Adviser, the hedge funds advised by the Sub-Adviser (along with their performance fee) and non-Nuveen investment companies sub-advised by certain affiliated sub-advisers.
In considering the fee data of other clients, the Board recognized, among other things, that differences in the amount, type and level of services provided to the Nuveen funds relative to other types of clients as well as any differences in portfolio investment policies, the types of assets managed and related complexities in managing such assets, the entrepreneurial and other risks associated with a particular strategy, investor profiles, account sizes and regulatory requirements will contribute to the variations in the fee schedules. The Board recognized the breadth of services the Adviser had provided to the Nuveen funds compared to these other types of clients as the funds operate in a highly regulated industry with increasing regulatory requirements as well as the increased entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the funds. Similarly, with respect to foreign funds, the Board recognized that the differences in the client base, governing bodies, distribution jurisdiction and operational complexities would also contribute to variations in management fees of the Nuveen funds compared to those of the foreign funds. Further, with respect to ETFs, the Board considered that certain Nuveen ETFs were passively managed compared to the active management of other Nuveen funds which also contributed to the differences in fee levels between such Nuveen ETFs and the actively-managed funds. In general, higher fee levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. The Board further considered that the Sub-Adviser’s fee is essentially for portfolio management services and therefore more comparable to the fees it receives for retail wrap accounts and other external sub-advisory mandates. The Board concluded the varying levels of fees were justified given, among other things, the inherent differences in the products and the level of services provided to the Nuveen funds versus other clients, the differing regulatory requirements and legal liabilities and the entrepreneurial, legal and regulatory risks incurred in sponsoring and advising a registered investment company.
3. Profitability of Fund Advisers
In their review, the Independent Board Members considered information regarding Nuveen’s level of profitability for its advisory services to the Nuveen funds for the calendar years 2021 and 2020. The Board reviewed, among other things, the net margins (pre-tax) for Nuveen Investments, Inc. (“Nuveen Investments”), the gross and net revenue margins (pre- and post-tax and excluding distribution) and the revenues, expenses and net income (pre- and post-tax and before distribution expenses) of Nuveen Investments from the Nuveen funds only; and comparative profitability data comparing the operating margins of Nuveen Investments compared to the adjusted operating margins of certain peers that had publicly available data and with the most comparable assets under management (based on asset size and asset composition) for each of the last two calendar years. The Board also reviewed the revenues, expenses and operating margin (pre- and post-tax) the Adviser derived from its ETF product line for the 2021 and 2020 calendar years.
In reviewing the profitability data, the Independent Board Members recognized the subjective nature of calculating profitability as the information is not audited and is dependent on cost allocation methodologies to allocate corporate-wide overhead/shared service expenses, TIAA (defined below) corporate-wide overhead expenses and partially fund related expenses to the Nuveen complex and its affiliates and to further allocate such
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expenses between the Nuveen fund and non-fund businesses. The Independent Board Members reviewed a description of the cost allocation methodologies employed to develop the financial information, a summary of the history of changes to the methodology over the years from 2010 to 2021, and the net revenue margins derived from the Nuveen funds (pre-tax and including and excluding distribution) and total company margins from Nuveen Investments compared to the firm-wide adjusted operating margins of the peers for each calendar year from 2012 to 2021.
The Board had also appointed four Independent Board Members to serve as the Board’s liaisons, with the assistance of independent counsel, to review the development of the profitability data and to report to the full Board. In its evaluation, the Board, however, recognized that other reasonable and valid allocation methodologies could be employed and could lead to significantly different results. The Independent Board Members also reviewed a summary of the key drivers that affected Nuveen’s revenues and expenses impacting profitability in 2021 versus 2020.
In reviewing the comparative peer data noted above, the Board considered that the operating margins of Nuveen Investments compared favorably to the peer group range of operating margins; however, the Independent Board Members also recognized the limitations of the comparative data given that peer data is not generally public and the calculation of profitability is subjective and affected by numerous factors (such as types of funds a peer manages, its business mix, its cost of capital, the numerous assumptions underlying the methodology used to allocate expenses and other factors) that can have a significant impact on the results.
Aside from Nuveen’s profitability, the Board recognized that the Adviser is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA”). Accordingly, the Board also reviewed a balance sheet for TIAA reflecting its assets, liabilities and capital and contingency reserves for the 2021 and 2020 calendar years to consider the financial strength of TIAA. The Board recognized the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility. The Board also noted the reinvestments Nuveen, its parent and/or other affiliates made into its business through, among other things, the investment of seed capital in certain Nuveen funds and continued investments in enhancements to technological capabilities.
In addition to Nuveen, the Independent Board Members considered the profitability of the Sub-Adviser from its relationships with the Nuveen funds. In this regard, the Independent Board Members reviewed, among other things, the Sub-Adviser’s revenues, expenses and net revenue margins (pre- and post-tax) for its advisory activities to the respective funds for the calendar years ended December 31, 2021 and December 31, 2020. The Independent Board Members also reviewed a profitability analysis reflecting the revenues, expenses and revenue margin (pre- and post-tax) by asset type for the Sub-Adviser for the calendar years ending December 31, 2021 and December 31, 2020 and the pre- and post-tax revenue margins from 2021 and 2020.
In evaluating the reasonableness of the compensation, the Independent Board Members also considered any other ancillary benefits derived by the respective Fund Adviser from its relationship with the Nuveen funds as discussed in further detail below.
Based on a consideration of all the information provided, the Board noted that Nuveen’s and the Sub-Adviser’s level of profitability was acceptable and not unreasonable in light of the services provided.
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
The Board considered whether there have been economies of scale with respect to the management of the Nuveen funds and whether these economies of scale have been appropriately shared with the funds. The Board recognized that although economies of scale are difficult to measure and certain expenses may not decline with a rise in assets, there are several methods to help share the benefits of economies of scale, including breakpoints in the management fee schedule, fee waivers and/or expense limitations, the pricing of Nuveen funds at scale at inception and investments in Nuveen’s business which can enhance the services provided to the funds for the fees paid. The Board noted that Nuveen generally has employed these various methods, and the Board considered the extent to which the Nuveen funds will benefit from economies of scale as their assets grow. In this regard, the Board recognized that the management fee of the Adviser is generally comprised of a fund-level component and a complex-level component each with its own breakpoint schedule, subject to certain exceptions. The Board reviewed the fund-level and complex-level fee schedules. The Board considered that the fund-level breakpoint schedules are designed to share economies of scale with shareholders if the particular fund grows, and the complex-level breakpoint schedule is designed to deliver the benefits of economies of scale to shareholders when the eligible assets in the complex pass certain thresholds even if the assets of a particular fund are unchanged or have declined.
In addition to the fund-level and complex-level fee schedules, the Independent Board Members considered the temporary and/or permanent expense caps applicable to certain Nuveen funds (including the amounts of fees waived or amounts reimbursed to the respective funds in 2021 and 2020), including the temporary expense caps applicable to the Funds. The Board recognized that such waivers and reimbursements applicable to the respective Nuveen funds are another means for potential economies of scale to be shared with shareholders of such funds and can provide a protection from an increase in expenses if the assets of the applicable funds decline. As noted above, the Independent Board Members also recognized the continued reinvestment in Nuveen’s business.
Based on its review, the Board concluded that the current fee arrangements together with the reinvestment in Nuveen’s business appropriately shared any economies of scale with shareholders.
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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
E. Indirect Benefits
The Independent Board Members received and considered information regarding other benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the Nuveen funds. The Independent Board Members recognized that an affiliate of the Adviser serves as principal underwriter providing distribution and/or shareholder services to the open-end funds. The Independent Board Members further noted that, subject to certain exceptions, certain classes of the Nuveen open-end funds pay 12b-1 fees and while a majority of such fees were paid to third party financial intermediaries, the Board reviewed the amount retained by the Adviser’s affiliate.
In addition, the Independent Board Members also noted that various sub-advisers (including the Sub-Adviser) may engage in soft dollar transactions pursuant to which they may receive the benefit of research products and other services provided by broker-dealers executing portfolio transactions on behalf of the applicable Nuveen funds. The Board noted that the Sub-Adviser reimburses the various funds that it sub-advises that invest in equity securities (subject to certain exceptions that include the Funds) for the research-related component of soft dollar commissions. However, the Board recognized that these costs will be phased out for the Funds effective January 1, 2023. Further, the Board noted that any benefits for a sub-adviser when transacting in fixed-income securities may be more limited as such securities generally trade on a principal basis and therefore do not generate brokerage commissions.
Based on its review, the Board concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
F. Other Considerations
The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, concluded that the terms of each Advisory Agreement were reasonable, that the respective Fund Adviser’s fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.
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Notes
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Nuveen:
Serving Investors for Generations
Since 1898, financial professionals and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
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.
Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial professionals, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 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-FREGIF-0622D 2329976-INV-B-08-23 |
| 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: September 6, 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: September 6, 2022
| By (Signature and Title) | /s/ E. Scott Wickerham | |
E. Scott Wickerham Vice President and Controller (principal financial officer) |
Date: September 6, 2022