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: December 31, 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
December 31,
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 |
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3
Chair’s Letter to Shareholders
Dear Shareholders,
With more economic indicators pointing to a broadening contraction across the world’s economies, the conversation has shifted from debating whether a global recession would happen to considering how long and severe a recession would be. Higher than expected inflation has made the outcome more unpredictable, as it has dampened consumer sentiment, pushed central banks into raising interest rates more aggressively and contributed to considerable turbulence in the markets over the past year.
Inflation has surged partially due to pandemic-related supply chain bottlenecks, exacerbated by Russia’s war in Ukraine and China’s recurring COVID-19 lockdowns throughout the year until China’s zero-COVID policy effectively ended in December 2022. This necessitated forceful responses from the U.S. Federal Reserve (Fed) and other central banks, who signaled their intentions to slow inflation even if it meant tolerating materially slower economic growth and some softening in the labor market. In March 2022, the Fed began the fastest interest rate hiking cycle in its history, raising the target fed funds rate by 4.50% over a ten-month span to a range of 4.50% to 4.75% by January 2023. While inflation began to ease over the second half of 2022, it remains far higher than the Fed’s inflation target. Fed officials are closely monitoring inflation data and other economic measures to modify their rate setting policy based upon these factors and has more recently slowed the pace of monetary tightening. But additional rate hikes are expected until the Fed sees sustainable progress toward its inflation goals. Despite contracting in the first half of 2022, U.S. gross domestic product grew 2.1% in the year overall compared to 2021. Consumer spending remained relatively resilient in 2022, supported by a surprisingly strong labor market that suggested not all areas of the economy were weakening in unison.
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, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
Terence J. Toth
Chair of the Board
February 23, 2023
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Comments
Nuveen Global Infrastructure Fund
Nuveen Global Real Estate Securities Fund
Nuveen Real Asset Income Fund
Nuveen Real Estate Securities Fund
These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Fund Advisors, LLC, the Funds’ investment adviser. The Nuveen Global Infrastructure Fund portfolio managers are Jay L. Rosenberg, Tryg T. Sarsland, Jagdeep S. Ghuman and Noah P. Hauser, CFA. For the Nuveen Global Real Estate Securities Fund, portfolios managers include Jay L. Rosenberg, Scott C. Sedlak, Benjamin T. Kerl and Jagdeep S. Ghuman. For the Nuveen Real Asset Income Fund, the portfolio management team includes Jay L. Rosenberg, Tryg T. Sarsland, Brenda A. Langenfeld, CFA, Jean C. Lin, CFA, and Benjamin T. Kerl. For the Nuveen Real Estate Securities Fund the portfolio management team includes Jay L. Rosenberg, Scott C. Sedlak, Sarah J. Wade and Benjamin T. Kerl.
Here the Funds’ portfolio management teams review U.S. and global economic and market conditions, key investment strategies and the performance of the Funds for the twelve-month reporting period ended December 31, 2022. For more information on the Funds’ investment objectives and policies, please refer to the prospectus.
What factors affected the U.S. and global economy and financial market conditions during the twelve-month reporting period ended December 31, 2022?
In 2022, the U.S. economy grew at a pace of 2.1%, normalizing from its rapid post-pandemic recovery in 2021 when it expanded 5.9%, according to the U.S. Bureau of Economic Analysis. Although a moderation was largely expected, gross domestic product (GDP) unexpectedly contracted in the first half of the year. China’s Zero-COVID restrictions (later lifted in December 2022) and the Russia-Ukraine war worsened existing pandemic-related supply chain disruptions and drove food and energy prices higher. Inflation rose more than expected over much of 2022, which pressured global central banks to respond with more aggressive measures and increased recession risks.
Beginning in March 2022, the U.S. Federal Reserve (Fed) raised its target fed funds rate seven times during the reporting period, bringing it from near zero at the start of the year to a range of 4.25% to 4.50%. In early 2023, after the close of the reporting period, the Fed raised its rate by 0.25% to a range of 4.50% to 4.75%. The Fed’s activity led to significant volatility in bond and stock markets in 2022. In addition, it contributed to a surge in the U.S. dollar’s value relative to major world currencies, which acts as a headwind to the profits of international companies and U.S. domestic companies with overseas earnings. Global currency and bond markets were further roiled in September 2022 by an unpopular fiscal spending proposal in the U.K. but recovered after the plans were abandoned.
Inflation and higher borrowing costs weighed on consumer confidence and spending and notably cooled the housing market in 2022. However, the labor market, another key gauge of the economy’s health, remained resilient. By July 2022, the economy had recovered the 22 million jobs lost since the beginning of the pandemic. As of December 2022, the unemployment rate remained near its pre-pandemic low of 3.5%, although monthly job growth appeared to be slowing. The strong labor market and wage gains helped U.S. GDP return to expansion in the third and fourth quarters of 2022, growing at an annualized rate of 3.2% and 2.9%, respectively.
The global infrastructure sector significantly outperformed other areas within global stock and bond markets that experienced sharp declines during the reporting period. The highly cyclical pipeline industry was the top performer for the second year in a row based on rising energy prices and decreased supply of crude oil. The U.S. real estate investment trust (REIT) common equity segment underperformed the broader equity market decline as investor concerns shifted from inflation and rising rates to the potential for a recession. Global REITs also performed poorly, with returns slightly below their U.S. peers. The office property segment was under
5
Portfolio Managers’ Comments (continued)
significant pressure because usage remains lower than pre-pandemic levels, and the demand outlook remains uncertain, particularly for central business district office space. The apartment segment also faltered as rental rates began to moderate after a long period of substantial increases.
The fixed income market offered no respite from the year’s equity market sell-off, as U.S. Treasury yields rose sharply during the reporting period. Returns were broadly negative across fixed income asset classes. In the high yield corporate market, spreads widened but the generally shorter duration of the asset class helped it hold up better than more rate-sensitive sectors such as Treasuries and investment grade corporate bonds. The high yield segment also benefited from strong corporate earnings. New issuance was light and retail demand persisted. Spreads widened even more in the highly rate-sensitive perpetual preferred securities segment, which lagged both the high yield corporate market and infrastructure equities, but outperformed REIT equities.
Nuveen Global Infrastructure Fund
What key strategies were used to manage the Fund during the twelve-month reporting period ended December 31, 2022?
The investment objective of the Fund is long-term growth of capital and income. The Fund seeks growth opportunity from global economic development by investing in U.S. and non-U.S. infrastructure companies that own or operate vital structures, facilities and services. The Fund is structured using a number of core infrastructure companies that the portfolio management team believes should provide long-term outperformance versus the market, combined with more opportunistic holdings that are undervalued by the market in the short term. The Fund has exposure around the globe to a mixture of holdings that represent significant value, as well as positions in companies that may prove to be more stable in a slowly growing global economy.
Russia’s invasion of Ukraine in February 2022 served as a catalyst for the portfolio management team to reduce the Fund’s exposure to more cyclical areas within infrastructure, such as toll roads and airports. As the reporting period progressed, the increasing evidence of a global recession caused the portfolio management team to continue to maintain an underweight to these areas. The portfolio management team added to more defensive areas of infrastructure, particularly electric utilities with a focus on U.S.-domiciled, regulated companies. Given the benchmark’s heavy concentration in utilities, the Fund remained underweight. Toward the end of the reporting period, exposure to waste and pipelines, which typically perform well during elevated periods of inflation, was increased. From a geographic standpoint, the portfolio management team’s outlook for North America was the most favorable, leading the Fund to maintain its highest U.S. exposure since inception. Concerns about the energy crisis and impending European recession precluded the Fund from adding exposure in Europe.
How did the Fund perform during the twelve-month reporting period ended December 31, 2022?
For the twelve-month reporting period ended December 31, 2022, the Fund’s Class A Shares at NAV significantly underperformed the S&P Global Infrastructure Index (Net). For purposes of this Performance Commentary, references to relative performance are in comparison to the S&P Global Infrastructure Index (Net).
The Fund’s underperformance was driven primarily by asset allocation. The technology infrastructure sector, which includes cellular tower and data center companies, was the most significant detractor from relative performance. Approximately 12% of the Fund’s portfolio was invested in the sector, while the index had no representation. The cash flows of these companies are linked to long-term contracts, which typically helps during times of elevated uncertainty and volatility. However, this same factor can weigh on their share prices during periods of rising interest rates. Coupled with already elevated valuations, the rapid rate increase sparked a double-digit decline in the technology infrastructure sector, including large Fund holdings such as American Tower Corporation, Crown Castle Inc., Cellnex Telecom S.A. and SBA Communications Corporation. The portfolio management team remains committed to the overall sector and maintained these holdings because the cellular tower and data center industries are somewhat insulated in the event of a recession. Secular growth trends remain in place and support relatively strong demand for asset utilization.
Allocation and selection in toll roads also detracted from relative performance. The Fund has maintained a significant underweight to Italian transportation infrastructure company Atlantia S.p.A., the largest weight in the index, since the Morandi bridge collapse in Genoa. However, shares advanced sharply after the Italian government approved a takeover bid for Atlantia and the company was taken private in December 2022.
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Partially offsetting the underperformance was the Fund’s underweight versus the benchmark in the electric utilities sector, which lagged the overall infrastructure universe. Elevated inflation and higher interest rates kept returns in check for electric utility companies because of their slower growing, more rate-sensitive business models. More specifically, the portfolio management team significantly underweighted European utilities, most notably E.ON SE and Enel SpA, which were under additional pressure following Russia’s invasion of Ukraine. Shares of European utilities dropped sharply because a substantial amount of their natural gas has traditionally been procured from Russia.
Nuveen Global Real Estate Securities Fund
What key strategies were used to manage the Fund during the twelve-month reporting period ended December 31, 2022?
The Fund seeks long-term capital appreciation with a secondary objective to provide current income. The Fund invests in income-producing equities of companies engaged in the real estate industry. Applying a fundamentally based, relative value process, the portfolio management team diversifies across geographies and sectors of listed global commercial real estate by investing in common stocks, preferred securities and other equity securities issued by U.S. and non-U.S. companies in the real estate industry, including real estate investment trusts (REITs) and similar REIT-like entities. Equity securities in which the Fund may invest may be of any market capitalization, including small and mid-capitalization companies.
Throughout the reporting period, the Fund’s portfolio management team generally maintained a bias toward higher-quality, higher market cap companies and assets within the REIT sector, with significant consideration given to companies’ balance sheet dynamics. Specifically, the portfolio management team preferred companies with lower overall leverage and less debt maturing in the short term because rising interest rates have increased the cost of financing. Given slowing economic activity and the potential for a recession in the U.S., the Fund continued to shift out of some shorter-lease-duration sub-property types and into more defensive groups with longer-term lease structures, adding exposure to the defensive net lease category funded by a reduction in the industrial space. However, the Fund remained overweight in the industrial sector, given the underlying strength in fundamentals for the group because of high occupancy rates. The industrial sector also features in-place rents that remain well below market, providing the opportunity for internal growth as those leases expire.
The Fund increased its U.S. exposure while trimming European exposure because of continuing fundamental deterioration in that region. The Fund also increased exposure to Japan after the country relaxed its COVID protocols and China discontinued its strict zero-COVID policy.
How did the Fund perform during the twelve-month reporting period ended December 31, 2022?
For the twelve-month reporting period ended December 31, 2022, the Fund’s Class A Shares at NAV performed in line with the FTSE EPRA Nareit Developed Index (Net). For purposes of this Performance Commentary, references to relative performance are in comparison to the FTSE EPRA Nareit Developed Index (Net).
The Fund’s security selection positively contributed to relative performance, both at the property type and country level. Selection was particularly favorable among North American holdings, as well as the industrial and office property types. The industrial sector continued to demonstrate the strongest underlying fundamentals of any sub-property type. Secular tailwinds from ongoing retail ecommerce market share gains continued to boost demand for fulfillment and distribution facilities, while supply remained well in check. An overweight to Summit Industrial Income REIT contributed the most to relative performance in the segment. In early November 2022, shares rallied following a takeout offer from two private companies at a significant premium. The Fund continued to maintain this position at the end of the reporting period.
An underweight and security selection within the office group also contributed to the Fund’s relative performance. The future of the office sector is perhaps more uncertain than any other segment of real estate because of lasting impacts from the COVID pandemic. Return-to-work dynamics have varied among markets and industries, and occupancy levels have not fully recovered. Those challenges, coupled with the segment’s longer-term leases that demonstrate higher interest rate sensitivity, pressured shares in the sector significantly lower.
7
Portfolio Managers’ Comments (continued)
The Fund’s underweight in Asia partially offset these favorable impacts, especially Hong Kong shares, which performed strongly during the reporting period. Security selection in real estate management and development also detracted from relative performance, particularly an overweight position in Pan-European developer VGP SA. The company has a significant number of logistics complexes and semi-industrial park developments underway, but market volatility and slowing buyer commitments led to uncertainty surrounding the pricing of these assets. This negatively impacted company earnings and the ability to finance future developments, which pushed shares lower. The portfolio management team believed the market overreacted and maintained the Fund’s overweight in VGP based on attractive valuation.
Security selection and an underweight in the net lease property type, particularly Realty Income Corporation, also detracted on a relative basis. The net lease group is typically more defensive and often performs well relative to other sectors when real estate struggles, which was the case throughout the year. Although the Fund owned Realty Income, it represented a much larger weight in the benchmark and outperformed the overall sector. The portfolio management team continued to maintain underweight exposure in the Fund throughout the reporting period and believed other companies in the segment offered superior relative value.
Nuveen Real Asset Income Fund
What key strategies were used to manage the Fund during the twelve-month reporting period ended December 31, 2022?
The Fund seeks to provide a high level of income and the potential for capital appreciation by investing in a global portfolio of infrastructure and commercial real estate related securities (i.e. real assets) across the capital structure and around the world. These securities include a combination of infrastructure and real estate common stock, infrastructure and real estate preferred stock, and infrastructure and real estate related debt.
The Fund’s portfolio management team attempts to add value versus the comparative blended performance benchmark in two ways: by re-allocating among the five main security types when the team sees value at differing times and, more importantly, through individual security selection. The Russia-Ukraine war, surging inflation and rapidly rising interest rates served as catalysts for rebalancing the Fund’s sector exposures to a more defensive posture early in 2022. Overall equity exposure was reduced from an overweight to an underweight because of both market movement and portfolio management decisions. The portfolio management team reduced the infrastructure equity exposure following the segment’s strong relative performance. Real estate equity exposure declined because of market action and a decision to lower industrial exposure, an area that can be sensitive to the economic cycle. As the reporting period progressed, the Fund’s exposure to preferred stock also shifted to an underweight because of equity conversions and calls, lack of new issuance, and the portfolio management team’s preference for corporate investment grade debt. The Fund’s debt exposure was increased, given the likelihood for continued equity market volatility, combined with the attractive yields and pricing available in this segment of the capital structure. As yields increased throughout the reporting period, the portfolio management team was able to move up the quality spectrum within debt exposure, including some investment grade credits, while not sacrificing income. The Fund ended the reporting period with its debt allocation as its largest overweight.
How did the Fund perform during the twelve-month reporting period ended December 31, 2022?
For the twelve-month reporting period ended December 31, 2022, the Fund’s Class A Shares at NAV outperformed the Real Asset Income Blended Benchmark, which consists of: 1) 25% FTSE EPRA Nareit 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 Preferred Stock Index. For purposes of this Performance Commentary, references to relative performance are in comparison to the Real Asset Income Blended Benchmark.
During the reporting period, the Fund’s relative performance was broadly positive with all five segments represented in its portfolio contributing to the outperformance, led by the real estate and infrastructure common equity segments. Despite being the worst-performing segment in absolute returns during the reporting period, real estate equity contributed the most to the Fund’s relative performance. Within real estate, an underweight in the apartment sector added the most value as the segment struggled throughout the reporting period, declining as rental rates began to moderate after a long period of significant increases. Security selection in the industrial area was also beneficial as the Fund holdings significantly outperformed the blended benchmark.
8
Infrastructure common equity also aided the Fund’s relative performance because of security selection and an overweight to the more defensive asset class early in the reporting period. The largest contributor was the Fund’s significant overweight to pipeline common equity within the segment. Pipeline companies continued to perform well on the back of the global economic recovery. These companies have also benefited from better capital discipline and margin improvement. Additionally, the pipeline group has seen more investor interest because of higher inflation, given the more cyclical nature of these businesses, along with higher correlation to rising commodity prices, especially crude oil and natural gas. The Fund’s overweight to Williams Companies Inc. and an out-of-index position in Enbridge Inc. provided most of the relative performance benefit. The Fund continued to maintain both positions at the end of the reporting period.
Partially offsetting the outperformance was an underweight to transportation stocks, particularly airports, that detracted from relative performance. The airport segment represents a material weight in the infrastructure index, while the Fund typically contains limited or no exposure because of the companies’ lower dividend yields. This structural underweight detracted because airports provided some of the best total returns over the reporting period. Warmer winter weather, which dampened energy prices, led to a more optimistic market in Europe where many airport companies are located.
The Fund continued using interest rate futures to partially hedge the portfolio against movements in interest rates. The interest rate futures contributed to relative performance during the reporting period.
Nuveen Real Estate Securities Fund
What key strategies were used to manage the Fund during the twelve-month reporting period ended December 31, 2022?
The Fund seeks to provide above average current income and long-term capital appreciation by investing in income-producing equities of companies engaged in the real estate industry. Applying a fundamentally based, relative value process, the portfolio management team diversifies across geographies and sectors of listed U.S. commercial real estate.
The traditionally defensive public commercial real estate group fell nearly 25% in 2022, weighed down by investor concerns surrounding inflation, higher interest rates and the potential for a recession, underperforming other defensive sectors and broader markets during the year’s sharp equity market decline. As a result, the Fund’s portfolio management team continued to emphasize higher quality, higher market cap companies and assets within the REIT sector throughout the reporting period. Because of rapidly rising interest rates, the Fund was shifted toward companies with lower overall leverage and less debt maturing in the short term because of the increased cost of financing. The portfolio management team lowered weights in some shorter-lease-duration sub-property types, while adding to more defensive groups with longer-term lease structures such as the net lease category. The portfolio management team continued to seek out companies with higher potential earnings growth rates relative to peers and those that still have the potential to raise dividends in 2023.
How did the Fund perform during the twelve-month reporting period ended December 31, 2022?
For the twelve-month reporting period ended December 31, 2022, the Fund’s Class A Shares at NAV performed in line with the Real Estate Securities Blended Benchmark, which consists of: 1) 50% MSCI US REIT Index and 2) 50% MSCI USA IMI REITs Index. For purposes of this Performance Commentary, references to relative performance are in comparison to the Real Estate Securities Blended Benchmark.
Security selection contributed to relative performance, led by the Fund’s exposures in gaming. The Fund’s gaming holdings collectively posted double-digit gains for the year in the midst of the sharp real estate market decline. Overweight positions in Gaming and Leisure Properties, Inc. and VICI Properties Inc. contributed the most to relative performance. These companies benefited from the strong credit dynamics of their tenants, their longer-term lease structures, and an ongoing recovery in U.S. consumer behavior following the COVID-19 pandemic. Both holdings remained in the portfolio at the end of the reporting period. Security selection also aided results in the self-storage sector, driven by the Fund’s underweight position in Extra Space Storage. The company underperformed following downward revisions to its full-year earnings guidance while its peers raised guidance. Additionally, Extra Space utilized more floating-rate debt to finance its operations, which has been a headwind given rising interest rates. The Fund continued to maintain a significant underweight at the end of the reporting period.
9
Portfolio Managers’ Comments (continued)
Offsetting the contributors over the reporting period were the Fund’s underweight allocations to the mall REITs and retailed focused net lease property types, which detracted on a relative basis. The mall underweight was the result of the portfolio management team’s preference for open-air retail and community center retail versus traditional malls. The net lease underweight was based on the segment’s sensitivity to rising interest rates, given the longer-duration nature of their lease structures. However, retail generally held up much better than expected based on U.S. consumers’ resilience despite market volatility, rising interest rates and increasing risks of recession. The Fund’s underweights to Simon Property Group Inc. in the mall segment and Realty Income Corporation in net lease accounted for the majority of relative underperformance. The Fund continued to maintain these underweight positions at the end of the reporting period.
10
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. These and other risk considerations are described in detail in the Fund’s prospectus.
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. 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. These and other risk considerations are described in detail in the Fund’s prospectus.
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. These and other risk considerations are described in detail in the Fund’s prospectus.
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Risk Considerations and Dividend Information (continued)
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 Global Real Estate Securities Fund and Nuveen Real Asset Income 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 Real Estate Securities Fund did not have any such distribution re-characterizations.
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Nuveen Global Real Estate Securities Fund – Data as of December 31, 2022(1)
| Calendar Year 2022 | ||||||||||||||||||||||||||||||
| Percentage of the Distribution | 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 | NGJAX | 50.7% | 34.0% | 15.3% | $ | 0.9280 | $ | 0.4709 | $ | 0.3151 | $ | 0.1420 | ||||||||||||||||||
Class C | NGJCX | 41.2% | 40.5% | 18.3% | $ | 0.7773 | $ | 0.3202 | $ | 0.3151 | $ | 0.1420 | ||||||||||||||||||
Class R6 | NGJFX | 54.2% | 31.6% | 14.2% | $ | 0.9977 | $ | 0.5406 | $ | 0.3151 | $ | 0.1420 | ||||||||||||||||||
Class I | NGJIX | 53.3% | 32.2% | 14.5% | $ | 0.9778 | $ | 0.5207 | $ | 0.3151 | $ | 0.1420 | ||||||||||||||||||
| (1) | The Fund owns REIT securities which attribute their distributions to various sources, including net investment income, gains and return of capital. |
Nuveen Real Asset Income Fund – Data as of December 31, 2022
| Calendar Year 2022 | ||||||||||||||||||||||||||||||
| Percentage of the Distribution | 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 | 87.0% | 0.0% | 13.0% | $ | 1.0475 | $ | 0.9108 | $ | 0.0000 | $ | 0.1367 | ||||||||||||||||||
Class C | NRICX | 84.4% | 0.0% | 15.6% | $ | 0.8785 | $ | 0.7418 | $ | 0.0000 | $ | 0.1367 | ||||||||||||||||||
Class R6 | NRIFX | 87.8% | 0.0% | 12.2% | $ | 1.1205 | $ | 0.9838 | $ | 0.0000 | $ | 0.1367 | ||||||||||||||||||
Class I | NRIIX | 87.6% | 0.0% | 12.4% | $ | 1.1040 | $ | 0.9673 | $ | 0.0000 | $ | 0.1367 | ||||||||||||||||||
The amount and sources of distributions reported in this notice are for financial reporting purpose and are not being provided for tax reporting purposes.The actual amounts and character of the distributions for tax reporting purposes will be reported to shareholders on Form 1099-DIV which will be sent to shareholders shortly after calender year-end. More details about each Fund’s distributions and the basis for these estimates are available on www.nuveen.com.
13
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.
14
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 December 31, 2022** | |||||||||||||||||||||||
| Average Annual | Expense Ratios*** | |||||||||||||||||||||||
| 1-Year | 5-Year | 10-Year | Gross | Net | ||||||||||||||||||||
Class A Shares at NAV | 12/17/07 | (6.28)% | 4.43% | 6.88% | 1.32% | 1.21% | ||||||||||||||||||
Class A Shares at maximum Offering Price | 12/17/07 | (11.64)% | 3.19% | 6.25% | — | — | ||||||||||||||||||
S&P Global Infrastructure Index (Net) | — | (0.99)% | 2.99% | 5.61% | — | — | ||||||||||||||||||
Lipper Global Infrastructure Funds Classification Average | — | (8.35)% | 4.36% | 6.45% | — | — | ||||||||||||||||||
Class C Shares at NAV | 11/03/08 | (7.04)% | 3.62% | 6.24% | 2.07% | 1.96% | ||||||||||||||||||
Class C Shares at maximum Offering Price | 11/03/08 | (7.04)% | 3.62% | 6.24% | — | — | ||||||||||||||||||
Class I Shares | 12/17/07 | (6.15)% | 4.68% | 7.14% | 1.07% | 0.96% | ||||||||||||||||||
| Inception Date | Total Returns as of December 31, 2022** | |||||||||||||||||||||||
| Average Annual | Expense Ratios*** | |||||||||||||||||||||||
| 1-Year | 5-Year | Since Inception | Gross | Net | ||||||||||||||||||||
Class R6 Shares | 6/30/16 | (6.06)% | 4.77% | 5.74% | 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 reflected in the maximum Offering Price total returns presented for less than 1-Year, when and where applicable. 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 July 31, 2024 only with the approval of the Board of Directors of the Fund. |
Growth of an Assumed $10,000 Investment as of December 31, 2022 – Class A Shares
The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
15
Fund Performance, Expense Ratios and Holdings Summaries (continued)
December 31, 2022
Nuveen Global Infrastructure Fund
Holdings Summaries as of December 31, 2022
Fund Allocation
(% of net assets)
Common Stocks | 91.0% | |||
Real Estate Investment Trust Common Stocks | 5.9% | |||
Investment Companies | 0.3% | |||
Investments Purchased with | 0.8% | |||
Repurchase Agreements | 2.4% | |||
Other Assets Less Liabilities | (0.4)% | |||
Net Assets | 100% | |||
Top Five Common Stock & Real
Estate Investment Trust
Common Stock Holdings
(% of net assets)
Transurban Group | 5.6% | |||
NextEra Energy Inc | 4.2% | |||
Enbridge Inc | 3.5% | |||
Williams Cos Inc/The | 3.0% | |||
Vinci SA | 2.8% | |||
Portfolio Composition1
(% of net assets)
Transportation Infrastructure | 21.2% | |||
Electric Utilities | 18.9% | |||
Oil, Gas & Consumable Fuels | 16.9% | |||
Multi-Utilities | 9.5% | |||
Specialized | 5.7% | |||
Construction & Engineering | 5.7% | |||
Commercial Services & Supplies | 5.4% | |||
Other | 13.6% | |||
Investment Companies | 0.3% | |||
Investments Purchased with | 0.8% | |||
Repurchase Agreements | 2.4% | |||
Other Assets Less Liabilities | (0.4)% | |||
Net Assets | 100% | |||
Country Allocation2
(% of net assets)
United States | 48.4% | |||
Canada | 8.8% | |||
Australia | 8.6% | |||
Spain | 7.8% | |||
France | 5.9% | |||
Japan | 3.4% | |||
New Zealand | 3.1% | |||
Italy | 3.0% | |||
Mexico | 2.7% | |||
United Kingdom | 1.8% | |||
Other | 6.9% | |||
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 table above. |
| 2 | Includes 4.4% (as a percentage of net assets) in emerging market countries. |
16
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 December 31, 2022** | |||||||||||||||||||
| Average Annual | Expense Ratios*** | |||||||||||||||||||
| 1-Year | Since Inception | Gross | Net | |||||||||||||||||
Class A Shares at NAV | 3/20/18 | (25.09)% | 3.78% | 1.89% | 1.29% | |||||||||||||||
Class A Shares at maximum Offering Price | 3/20/18 | (29.40)% | 2.50% | — | — | |||||||||||||||
FTSE EPRA/Nareit Developed Index (Net) | — | (25.09)% | 0.78% | — | — | |||||||||||||||
Lipper Global Real Estate Funds Classification Average | — | (25.50)% | 1.89% | — | — | |||||||||||||||
Class C Shares at NAV | 3/20/18 | (25.66)% | 2.99% | 2.64% | 2.04% | |||||||||||||||
Class C Shares at maximum Offering Price | 3/20/18 | (25.66)% | 2.99% | — | — | |||||||||||||||
Class R6 Shares | 3/20/18 | (24.84)% | 4.11% | 1.54% | 0.94% | |||||||||||||||
Class I Shares | 3/20/18 | (24.90)% | 4.03% | 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 reflected in the maximum Offering Price total returns presented for less than 1-Year, when and where applicable. 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 July 31, 2024 only with the approval of the Board of Trustees of the Fund. |
Growth of an Assumed $10,000 Investment as of December 31, 2022 – Class A Shares
The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
17
Fund Performance, Expense Ratios and Holdings Summaries (continued)
December 31, 2022
Nuveen Global Real Estate Securities Fund
Holdings Summaries as of December 31, 2022
Fund Allocation
(% of net assets)
Real Estate Investment Trust Common Stocks | 82.7% | |||
Common Stocks | 14.9% | |||
Investments Purchased with | 0.1% | |||
Repurchase Agreements | 2.2% | |||
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 | 6.2% | |||
Public Storage | 4.0% | |||
Equinix Inc | 3.1% | |||
American Tower Corp | 2.5% | |||
Digital Realty Trust Inc | 2.3% | |||
Portfolio Composition1
(% of net assets)
Specialized | 20.6% | |||
Industrial | 15.5% | |||
Retail | 13.9% | |||
Residential | 13.9% | |||
Real Estate Management & Development | 11.8% | |||
Health Care | 6.1% | |||
Office | 5.4% | |||
Diversified | 5.4% | |||
Other | 5.0% | |||
Investments Purchased with | 0.1% | |||
Repurchase Agreements | 2.2% | |||
Other Assets Less Liabilities | 0.1% | |||
Net Assets | 100% | |||
Country Allocation2
(% of net assets)
United States | 63.0% | |||
Japan | 10.0% | |||
Hong Kong | 5.0% | |||
Canada | 4.3% | |||
United Kingdom | 3.8% | |||
Australia | 3.2% | |||
Singapore | 2.2% | |||
Spain | 1.9% | |||
Belgium | 1.3% | |||
Germany | 1.2% | |||
Other | 4.0% | |||
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 table above. |
| 2 | Includes 0.6% (as a percentage of net assets) in emerging market countries. |
18
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 December 31, 2022** | Expense Ratios | ||||||||||||||||||
| Average Annual | ||||||||||||||||||||
| 1-Year | 5-Year | 10-Year | ||||||||||||||||||
Class A Shares at NAV | 9/13/11 | (12.00)% | 1.62% | 4.67% | 1.14% | |||||||||||||||
Class A Shares at maximum Offering Price | 9/13/11 | (17.06)% | 0.42% | 4.05% | — | |||||||||||||||
Bloomberg U.S. Corporate High Yield Bond Index | — | (11.19)% | 2.31% | 4.03% | — | |||||||||||||||
Real Asset Income Blended Benchmark | — | (14.24)% | 1.51% | 4.14% | — | |||||||||||||||
Lipper Real Return Funds Classification Average | — | (5.16)% | 3.93% | 2.32% | — | |||||||||||||||
Class C Shares at NAV | 9/13/11 | (12.64)% | 0.86% | 4.05% | 1.89% | |||||||||||||||
Class C Shares at maximum Offering Price | 9/13/11 | (12.64)% | 0.86% | 4.05% | — | |||||||||||||||
Class I Shares | 9/13/11 | (11.77)% | 1.87% | 4.93% | 0.89% | |||||||||||||||
| Total Returns as of December 31, 2022** | Expense Ratios | |||||||||||||||||||
| Average Annual | ||||||||||||||||||||
| Inception Date | 1-Year | 5-Year | Since Inception | |||||||||||||||||
Class R6 Shares | 6/30/16 | (11.72)% | 1.96% | 3.28% | 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 reflected in the maximum Offering Price total returns presented for less than 1-Year, when and where applicable. 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. |
Growth of an Assumed $10,000 Investment as of December 31, 2022 – Class A Shares
The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
19
Fund Performance, Expense Ratios and Holdings Summaries (continued)
December 31, 2022
Nuveen Real Asset Income Fund
Holdings Summaries as of December 31, 2022
Fund Allocation
(% of net assets)
Corporate Bonds | 23.7% | |||
Common Stocks | 23.1% | |||
Real Estate Investment Trust Common Stocks | 21.6% | |||
$25 Par (or similar) Retail Preferred | 12.8% | |||
$1,000 Par (or similar) Institutional Preferred | 9.7% | |||
Convertible Preferred Securities | 3.5% | |||
Investment Companies | 0.3% | |||
Asset-Backed and Mortgage-Backed Securities | 0.3% | |||
Variable Rate Senior Loan Interests | 0.2% | |||
Investments Purchased with Collateral from Securities Lending | 0.2% | |||
Repurchase Agreements | 4.1% | |||
Other Assets Less Liabilities | 0.5% | |||
Net Assets | 100% | |||
Top Five Common Stock & Real
Estate Investment Trust
Common Stock Holdings
(% of net assets)
Williams Cos Inc/The | 1.8% | |||
Enbridge Inc | 1.5% | |||
Pembina Pipeline Corp | 1.0% | |||
VICI Properties Inc | 1.0% | |||
National Grid PLC | 0.9% | |||
Portfolio Composition1
(% of net assets)
Oil, Gas & Consumable Fuels | 16.1% | |||
Electric Utilities | 15.5% | |||
Equity Real Estate Investment Trusts | 12.4% | |||
Multi-Utilities | 6.9% | |||
Retail | 5.9% | |||
Specialized | 3.6% | |||
Diversified | 3.5% | |||
Independent Power And Renewable Electricity Producers |
| 3.5% |
| |
Industrial | 3.3% | |||
Real Estate Management & Development | 3.0% | |||
Gas Utilities | 3.0% | |||
Other | 17.9% | |||
Investment Companies | 0.3% | |||
Asset-Backed And Mortgage-Backed Securities | 0.3% | |||
Investments Purchased with | 0.2% | |||
Repurchase Agreements | 4.1% | |||
Other Assets Less Liabilities | 0.5% | |||
Net Assets | 100% | |||
Country Allocation2
(% of net assets)
United States | 61.0% | |||
Canada | 12.3% | |||
Australia | 4.2% | |||
United Kingdom | 3.5% | |||
Hong Kong | 2.9% | |||
Singapore | 2.8% | |||
Italy | 1.6% | |||
Spain | 1.5% | |||
Mexico | 1.1% | |||
Japan | 0.9% | |||
Other | 7.7% | |||
Other Assets Less Liabilities | 0.5% | |||
Net Assets | 100% | |||
| 1 | See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the table above. |
| 2 | Includes 5.7% (as a percentage of net assets) in emerging market countries. |
20
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 December 31, 2022** | |||||||||||||||||||||||
| Average Annual | Expense Ratios*** | |||||||||||||||||||||||
| 1-Year | 5-Year | 10-Year | Gross | Net | ||||||||||||||||||||
Class A Shares at NAV | 9/29/95 | (24.87)% | 3.19% | 6.02% | 1.28% | 1.22% | ||||||||||||||||||
Class A Shares at maximum Offering Price | 9/29/95 | (29.18)% | 1.98% | 5.40% | — | — | ||||||||||||||||||
MSCI US REIT Index | — | (24.51)% | 3.69% | 6.48% | — | — | ||||||||||||||||||
Real Estate Securities Blended Benchmark | — | (24.75)% | 3.61% | 6.43% | — | — | ||||||||||||||||||
Lipper Real Estate Funds Classification Average | — | (25.83)% | 3.18% | 5.83% | — | — | ||||||||||||||||||
Class C Shares at NAV | 2/01/00 | (25.45)% | 2.41% | 5.39% | 2.03% | 1.97% | ||||||||||||||||||
Class C Shares at maximum Offering Price | 2/01/00 | (25.45)% | 2.41% | 5.39% | — | — | ||||||||||||||||||
Class I Shares | 6/30/95 | (24.70)% | 3.46% | 6.29% | 1.03% | 0.97% | ||||||||||||||||||
| Total Returns as of December 31, 2022** | ||||||||||||||||||||||||
| Average Annual | Expense Ratios*** | |||||||||||||||||||||||
| Inception Date | 1-Year | 5-Year | Since Inception | Gross | Net | |||||||||||||||||||
Class R6 Shares | 4/30/13 | (24.59)% | 3.61% | 5.26% | 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 reflected in the maximum Offering Price total returns presented for less than 1-Year, when and where applicable. 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. |
Growth of an Assumed $10,000 Investment as of December 31, 2022 – Class A Shares
The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
21
Fund Performance, Expense Ratios and Holdings Summaries (continued)
December 31, 2022
Nuveen Real Estate Securities Fund
Holdings Summaries as of December 31, 2022
Fund Allocation
(% of net assets)
Real Estate Investment Trust | 95.6% | |||
Common Stocks | 0.6% | |||
Repurchase Agreements | 2.6% | |||
Other Assets Less Liabilities | 1.2% | |||
Net Assets | 100% | |||
Portfolio Composition1
(% of net assets)
Specialized | 32.0% | |||
Industrial | 16.2% | |||
Residential | 16.2% | |||
Retail | 13.8% | |||
Health Care | 8.8% | |||
Office | 5.1% | |||
Other | 4.1% | |||
Repurchase Agreements | 2.6% | |||
Other Assets Less Liabilities | 1.2% | |||
Net Assets | 100% | |||
Top Five Common Stock & Real
Estate Investment Trust
Common Stock Holdings
(% of net assets)
Prologis Inc | 9.9% | |||
Public Storage | 6.4% | |||
Equinix Inc | 5.0% | |||
American Tower Corp | 3.9% | |||
Digital Realty Trust Inc | 3.7% | |||
| 1 | See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the table above. |
22
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including up-front and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the period ended December 31, 2022.
The beginning of the period is July 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 | $ | 985.27 | $ | 981.69 | $ | 986.75 | $ | 986.77 | ||||||||
Expenses Incurred During the Period | $ | 6.10 | $ | 9.84 | $ | 4.46 | $ | 4.86 | ||||||||
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 | $ | 1,019.06 | $ | 1,015.27 | $ | 1,020.72 | $ | 1,020.32 | ||||||||
Expenses Incurred During the Period | $ | 6.21 | $ | 10.01 | $ | 4.53 | $ | 4.94 | ||||||||
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.22%, 1.97%, 0.89% and 0.97% for Classes A, C, R6, and I respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
23
Expense Examples (continued)
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 | $ | 941.26 | $ | 937.44 | $ | 942.56 | $ | 942.48 | ||||||||
Expenses Incurred During the Period | $ | 6.36 | $ | 10.01 | $ | 4.70 | $ | 5.19 | ||||||||
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 | $ | 1,018.65 | $ | 1,014.87 | $ | 1,020.37 | $ | 1,019.86 | ||||||||
Expenses Incurred During the Period | $ | 6.61 | $ | 10.41 | $ | 4.89 | $ | 5.40 | ||||||||
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.30%, 2.05%, 0.96% and 1.06% for Classes A, C, R6 and I respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
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 | $ | 977.43 | $ | 973.66 | $ | 979.13 | $ | 978.68 | ||||||||
Expenses Incurred During the Period | $ | 5.78 | $ | 9.50 | $ | 4.04 | $ | 4.54 | ||||||||
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 | $ | 1,019.36 | $ | 1,015.58 | $ | 1,021.12 | $ | 1,020.62 | ||||||||
Expenses Incurred During the Period | $ | 5.90 | $ | 9.70 | $ | 4.13 | $ | 4.63 | ||||||||
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.16%, 1.91%, 0.81% and 0.91% for Classes A, C, R6 and I respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
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 | $ | 935.74 | $ | 931.78 | $ | 937.59 | $ | 936.92 | ||||||||
Expenses Incurred During the Period | $ | 5.95 | $ | 9.59 | $ | 4.10 | $ | 4.74 | ||||||||
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 | $ | 1,019.06 | $ | 1,015.27 | $ | 1,020.97 | $ | 1,020.32 | ||||||||
Expenses Incurred During the Period | $ | 6.21 | $ | 10.01 | $ | 4.28 | $ | 4.94 | ||||||||
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.22%, 1.97%, 0.84% and 0.97% for Classes A, C, R6 and I respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
24
Report of Independent Registered Public Accounting Firm
To the Board of Directors of Nuveen Investment Funds, Inc. and Board of Trustees of Nuveen Investment Trust V and Shareholders of Nuveen Global Infrastructure Fund, Nuveen Global Real Estate Securities Fund, Nuveen Real Asset Income Fund and Nuveen Real Estate Securities Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Global Infrastructure Fund, Nuveen Real Asset Income Fund and Nuveen Real Estate Securities Fund (three of the funds constituting Nuveen Investment Funds, Inc.) and Nuveen Global Real Estate Securities Fund (one of the funds constituting Nuveen Investment Trust V) (hereafter collectively referred to as the “Funds”) as of December 31, 2022, the related statements of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2022 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, brokers and agent banks; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Chicago, Illinois
February 28, 2023
We have served as the auditor of one or more investment companies in Nuveen Funds since 2002.
25
Nuveen Global Infrastructure Fund
Portfolio of Investments December 31, 2022
| Shares | Description (1) | Value | ||||||||||||||
LONG-TERM INVESTMENTS – 97.2% | ||||||||||||||||
COMMON STOCKS – 91.0% | ||||||||||||||||
| Commercial Services & Supplies – 5.4% | ||||||||||||||||
| 689,516 | Cleanaway Waste Management Ltd | $ | 1,228,602 | |||||||||||||
| 88,223 | Republic Services Inc | 11,379,885 | ||||||||||||||
| 67,896 | Waste Connections Inc | 9,000,294 | ||||||||||||||
| 36,971 | Waste Management Inc | 5,800,010 | ||||||||||||||
Total Commercial Services & Supplies | 27,408,791 | |||||||||||||||
| Construction & Engineering – 5.7% | ||||||||||||||||
| 41,725 | Eiffage SA | 4,104,239 | ||||||||||||||
| 389,913 | Ferrovial SA | 10,208,981 | ||||||||||||||
| 144,516 | Vinci SA | 14,406,348 | ||||||||||||||
Total Construction & Engineering | 28,719,568 | |||||||||||||||
| Diversified Telecommunication Services – 2.5% | ||||||||||||||||
| 266,410 | Cellnex Telecom SA, 144A | 8,837,143 | ||||||||||||||
| 92,742 | IHS Holding Ltd (2) | 570,363 | ||||||||||||||
| 287,494 | Infrastrutture Wireless Italiane SpA, 144A | 2,900,298 | ||||||||||||||
| 641,572 | NetLink NBN Trust | 397,625 | ||||||||||||||
Total Diversified Telecommunication Services | 12,705,429 | |||||||||||||||
| Electric Utilities – 18.9% | ||||||||||||||||
| 108,753 | Alliant Energy Corp | 6,004,253 | ||||||||||||||
| 1,601 | American Electric Power Co Inc | 152,015 | ||||||||||||||
| 520,097 | CK Infrastructure Holdings Ltd | 2,713,885 | ||||||||||||||
| 61,179 | CLP Holdings Ltd | 445,724 | ||||||||||||||
| 22,469 | Contact Energy Ltd | 109,957 | ||||||||||||||
| 57,257 | Duke Energy Corp | 5,896,899 | ||||||||||||||
| 870,987 | EDP – Energias de Portugal SA | 4,341,700 | ||||||||||||||
| 5,283 | Elia Group SA/NV | 751,045 | ||||||||||||||
| 13,220 | Emera Inc | 505,270 | ||||||||||||||
| 618,010 | Enel SpA | 3,323,745 | ||||||||||||||
| 8,986 | Entergy Corp | 1,010,925 | ||||||||||||||
| 100,561 | Eversource Energy | 8,431,034 | ||||||||||||||
| 86,194 | Hydro One Ltd, 144A | 2,308,904 | ||||||||||||||
| 597,558 | Iberdrola SA | 6,975,586 | ||||||||||||||
| 252,465 | NextEra Energy Inc | 21,106,074 | ||||||||||||||
| 25,625 | Orsted AS, 144A | 2,316,645 | ||||||||||||||
| 126,090 | PG&E Corp (2) | 2,050,223 | ||||||||||||||
| 394,397 | Power Grid Corp of India Ltd | 1,016,836 | ||||||||||||||
| 13,201 | PPL Corp | 385,733 | ||||||||||||||
26
| Shares | Description (1) | Value | ||||||||||||||
| Electric Utilities (continued) | ||||||||||||||||
| 106,617 | Southern Co/The | $ | 7,613,520 | |||||||||||||
| 35,490 | SSE PLC | 729,921 | ||||||||||||||
| 710,888 | Terna – Rete Elettrica Nazionale | 5,250,045 | ||||||||||||||
| 175,112 | Xcel Energy Inc | 12,277,102 | ||||||||||||||
Total Electric Utilities | 95,717,041 | |||||||||||||||
| Gas Utilities – 1.3% | ||||||||||||||||
| 16,314 | AltaGas Ltd | 281,700 | ||||||||||||||
| 446,604 | APA Group | 3,264,409 | ||||||||||||||
| 30,546 | Enagas SA | 507,934 | ||||||||||||||
| 492,188 | Snam SpA | 2,386,539 | ||||||||||||||
Total Gas Utilities | 6,440,582 | |||||||||||||||
| Independent Power And Renewable Electricity Producers – 3.8% | ||||||||||||||||
| 74,830 | Brookfield Renewable Corp, Class A | 2,060,818 | ||||||||||||||
| 106,896 | Clearway Energy Inc, Class C | 3,406,775 | ||||||||||||||
| 20,702 | EDP Renovaveis SA | 456,180 | ||||||||||||||
| 707,256 | Meridian Energy Ltd | 2,352,466 | ||||||||||||||
| 56,233 | NextEra Energy Partners LP (3) | 3,941,371 | ||||||||||||||
| 161,546 | RWE AG | 7,141,575 | ||||||||||||||
Total Independent Power And Renewable Electricity Producers | 19,359,185 | |||||||||||||||
| IT Services – 0.4% | ||||||||||||||||
| 336,690 | NEXTDC Ltd (2) | 2,077,581 | ||||||||||||||
| Machinery – 0.0% | ||||||||||||||||
| 2,683 | Evoqua Water Technologies Corp (2) | 106,247 | ||||||||||||||
| Multi-Utilities – 9.5% | ||||||||||||||||
| 40,403 | Brookfield Infrastructure Corp, Class A | 1,571,677 | ||||||||||||||
| 159,038 | CenterPoint Energy Inc | 4,769,550 | ||||||||||||||
| 76,190 | CMS Energy Corp | 4,825,113 | ||||||||||||||
| 102,415 | Dominion Energy Inc | 6,280,088 | ||||||||||||||
| 88,840 | DTE Energy Co | 10,441,365 | ||||||||||||||
| 310 | National Grid PLC, Sponsored ADR | 18,699 | ||||||||||||||
| 1,447,837 | Sembcorp Industries Ltd | 3,655,483 | ||||||||||||||
| 57,360 | Sempra Energy | 8,864,414 | ||||||||||||||
| 44,507 | Veolia Environnement SA | 1,143,581 | ||||||||||||||
| 70,084 | WEC Energy Group Inc | 6,571,076 | ||||||||||||||
Total Multi-Utilities | 48,141,046 | |||||||||||||||
| Oil, Gas & Consumable Fuels – 16.9% | ||||||||||||||||
| 89,098 | Cheniere Energy Inc | 13,361,136 | ||||||||||||||
| 82,516 | DT Midstream Inc | 4,559,834 | ||||||||||||||
| 455,774 | Enbridge Inc | 17,820,763 | ||||||||||||||
| 39,487 | Energy Transfer LP | 468,711 | ||||||||||||||
27
Nuveen Global Infrastructure Fund (continued)
Portfolio of Investments December 31, 2022
| Shares | Description (1) | Value | ||||||||||||||
| Oil, Gas & Consumable Fuels (continued) | ||||||||||||||||
| 130,344 | Enterprise Products Partners LP | $ | 3,143,897 | |||||||||||||
| 31,383 | Gibson Energy Inc | 547,928 | ||||||||||||||
| 10,995 | Keyera Corp | 240,282 | ||||||||||||||
| 243,872 | Kinder Morgan Inc | 4,409,206 | ||||||||||||||
| 47,020 | ONEOK Inc | 3,089,214 | ||||||||||||||
| 192,092 | Pembina Pipeline Corp | 6,520,346 | ||||||||||||||
| 105,862 | Targa Resources Corp | 7,780,857 | ||||||||||||||
| 206,905 | TC Energy Corp | 8,248,694 | ||||||||||||||
| 455,782 | Williams Cos Inc/The | 14,995,228 | ||||||||||||||
Total Oil, Gas & Consumable Fuels | 85,186,096 | |||||||||||||||
| Road & Rail – 4.0% | ||||||||||||||||
| 32,019 | Canadian National Railway Co | 3,806,419 | ||||||||||||||
| 33,147 | Canadian Pacific Railway Ltd | 2,472,435 | ||||||||||||||
| 19,201 | Central Japan Railway Co | 2,357,490 | ||||||||||||||
| 49,983 | CSX Corp | 1,548,473 | ||||||||||||||
| 107,759 | East Japan Railway Co | 6,137,729 | ||||||||||||||
| 19,305 | Union Pacific Corp | 3,997,487 | ||||||||||||||
Total Road & Rail | 20,320,033 | |||||||||||||||
| Transportation Infrastructure – 21.2% | ||||||||||||||||
| 100,717 | Aena SME SA, 144A (2) | 12,625,712 | ||||||||||||||
| 12,378 | Aeroports de Paris (2) | 1,658,299 | ||||||||||||||
| 1,534,301 | Atlas Arteria Ltd | 6,909,679 | ||||||||||||||
| 2,319,685 | Auckland International Airport Ltd (2) | 11,504,688 | ||||||||||||||
| 899,689 | China Merchants Port Holdings Co Ltd | 1,313,535 | ||||||||||||||
| 270,460 | Enav SpA, 144A | 1,147,269 | ||||||||||||||
| 41,711 | Flughafen Zurich AG (2) | 6,454,369 | ||||||||||||||
| 33,311 | Fraport AG Frankfurt Airport Services Worldwide (2) | 1,349,014 | ||||||||||||||
| 546,898 | Getlink SE | 8,757,559 | ||||||||||||||
| 71,590 | Grupo Aeroportuario del Centro Norte SAB de CV, ADR | 4,427,126 | ||||||||||||||
| 45,718 | Grupo Aeroportuario del Pacifico SAB de CV, ADR | 6,574,706 | ||||||||||||||
| 10,475 | Grupo Aeroportuario del Sureste SAB de CV, ADR | 2,440,570 | ||||||||||||||
| 326,595 | International Container Terminal Services Inc | 1,172,146 | ||||||||||||||
| 98,813 | Japan Airport Terminal Co Ltd (2) | 4,873,183 | ||||||||||||||
| 191,673 | Kamigumi Co Ltd | 3,902,082 | ||||||||||||||
| 459,570 | Port of Tauranga Ltd | 1,828,560 | ||||||||||||||
| 913,711 | Qube Holdings Ltd | 1,742,932 | ||||||||||||||
| 3,232,395 | Transurban Group | 28,438,131 | ||||||||||||||
Total Transportation Infrastructure | 107,119,560 | |||||||||||||||
28
| Shares | Description (1) | Value | ||||||||||||||
| Water Utilities – 1.4% | ||||||||||||||||
| 40,830 | Pennon Group PLC | $ | 438,987 | |||||||||||||
| 202,778 | Severn Trent PLC | 6,478,376 | ||||||||||||||
Total Water Utilities | 6,917,363 | |||||||||||||||
Total Common Stocks (cost $385,607,530) | 460,218,522 | |||||||||||||||
| Shares | Description (1) | Value | ||||||||||||||
REAL ESTATE INVESTMENT TRUST COMMON STOCKS – 5.9% | ||||||||||||||||
| Health Care – 0.2% | ||||||||||||||||
| 429,503 | Parkway Life Real Estate Investment Trust | $ | 1,206,551 | |||||||||||||
| Specialized – 5.7% | ||||||||||||||||
| 53,890 | American Tower Corp | 11,417,135 | ||||||||||||||
| 32,073 | Crown Castle Inc | 4,350,382 | ||||||||||||||
| 30,067 | Digital Realty Trust Inc | 3,014,818 | ||||||||||||||
| 1,041 | Equinix Inc | 681,886 | ||||||||||||||
| 33,351 | SBA Communications Corp | 9,348,619 | ||||||||||||||
Total Specialized | 28,812,840 | |||||||||||||||
Total Real Estate Investment Trust Common Stocks (cost $28,685,792) | 30,019,391 | |||||||||||||||
| Shares | Description (1) | Value | ||||||||||||||
| INVESTMENT COMPANIES – 0.3% | ||||||||||||||||
| 346,173 | 3i Infrastructure PLC | $ | 1,397,548 | |||||||||||||
Total Investment Companies (cost $1,366,919) | 1,397,548 | |||||||||||||||
Total Long-Term Investments (cost $415,660,241) | 491,635,461 | |||||||||||||||
| Shares | Description (1) | Coupon | Value | |||||||||||||
| INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 0.8% | ||||||||||||||||
| MONEY MARKET FUNDS – 0.8% | ||||||||||||||||
| 3,995,160 | State Street Navigator Securities Lending Government Money Market Portfolio (4) | 4.340% (5) | $ | 3,995,160 | ||||||||||||
Total Investments Purchased with Collateral from Securities Lending (cost $3,995,160) | 3,995,160 | |||||||||||||||
29
Nuveen Global Infrastructure Fund (continued)
Portfolio of Investments December 31, 2022
| Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||||||||||||
SHORT-TERM INVESTMENTS – 2.4% | ||||||||||||||||
REPURCHASE AGREEMENTS – 2.4% | ||||||||||||||||
| $ | 12,262 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/22, repurchase price $12,263,508, collateralized by $10,971,100, U.S. Government Treasury Bond, 4.250%, due 11/15/40, value $11,301,944; $1,834,000, U.S. Treasury Bond, 1.375%, due 11/15/40, value $1,205,122 | 1.280% | 1/03/23 | $ | 12,261,764 | ||||||||||
Total Short-Term Investments (cost $12,261,764) | 12,261,764 | |||||||||||||||
Total Investments (cost $431,917,165) – 100.4% | 507,892,385 | |||||||||||||||
Other Assets Less Liabilities – (0.4)% | (1,871,411) | |||||||||||||||
Net Assets – 100% | $ | 506,020,974 | ||||||||||||||
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) | Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $3,867,917. |
| (4) | 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. |
| (5) | The rate shown is the one-day yield as of the end of the reporting period. |
| 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.
30
Nuveen Global Real Estate Securities Fund
Portfolio of Investments December 31, 2022
| Shares | Description (1) | Value | ||||||||||||||
LONG-TERM INVESTMENTS – 97.6% | ||||||||||||||||
REAL ESTATE INVESTMENT TRUST COMMON STOCKS – 82.7% | ||||||||||||||||
| Diversified – 5.4% | ||||||||||||||||
| 20,886 | Abacus Property Group | $ | 37,176 | |||||||||||||
| 41 | Activia Properties Inc | 128,530 | ||||||||||||||
| 1,473 | Armada Hoffler Properties Inc | 16,939 | ||||||||||||||
| 16,107 | Broadstone Net Lease Inc | 261,094 | ||||||||||||||
| 6,218 | Charter Hall Group | 50,440 | ||||||||||||||
| 26,774 | Charter Hall Long Wale REIT | 80,271 | ||||||||||||||
| 2,701 | Elme Communities | 48,078 | ||||||||||||||
| 2,300 | Gecina SA | 234,324 | ||||||||||||||
| 8,432 | Goodman Property Trust | 10,817 | ||||||||||||||
| 8,076 | H&R Real Estate Investment Trust | 72,231 | ||||||||||||||
| 130,552 | Home Reit PLC | 60,055 | ||||||||||||||
| 141 | Hulic Reit Inc | 175,615 | ||||||||||||||
| 9,633 | Land Securities Group PLC | 71,970 | ||||||||||||||
| 64,316 | LXI REIT Plc | 87,890 | ||||||||||||||
| 24,164 | Merlin Properties Socimi SA | 226,632 | ||||||||||||||
| 49,245 | Mirvac Group | 71,244 | ||||||||||||||
| 97 | Nomura Real Estate Master Fund Inc | 120,173 | ||||||||||||||
| 379 | Star Asia Investment Corp | 159,369 | ||||||||||||||
| 90,209 | Stockland | 222,172 | ||||||||||||||
Total Diversified | 2,135,020 | |||||||||||||||
| Health Care – 6.1% | ||||||||||||||||
| 243,575 | Assura PLC | 160,633 | ||||||||||||||
| 1,223 | CareTrust REIT Inc | 22,723 | ||||||||||||||
| 137 | Community Healthcare Trust Inc | 4,905 | ||||||||||||||
| 17,001 | Healthcare Realty Trust Inc, Class A | 327,609 | ||||||||||||||
| 12,611 | Healthpeak Properties Inc | 316,158 | ||||||||||||||
| 1,307 | Omega Healthcare Investors Inc | 36,531 | ||||||||||||||
| 21,138 | Parkway Life Real Estate Investment Trust | 59,380 | ||||||||||||||
| 7,847 | Sabra Health Care REIT Inc | 97,538 | ||||||||||||||
| 10,996 | Ventas Inc | 495,370 | ||||||||||||||
| 13,746 | Welltower Inc | 901,050 | ||||||||||||||
Total Health Care | 2,421,897 | |||||||||||||||
| Hotel & Resort – 1.9% | ||||||||||||||||
| 1,056 | Apple Hospitality REIT Inc | 16,664 | ||||||||||||||
| 40 | Hoshino Resorts REIT Inc | 215,439 | ||||||||||||||
| 6,245 | Park Hotels & Resorts Inc | 73,629 | ||||||||||||||
31
Nuveen Global Real Estate Securities Fund (continued)
Portfolio of Investments December 31, 2022
| Shares | Description (1) | Value | ||||||||||||||
| Hotel & Resort (continued) | ||||||||||||||||
| 1,815 | Pebblebrook Hotel Trust | $ | 24,303 | |||||||||||||
| 13,919 | RLJ Lodging Trust | 147,402 | ||||||||||||||
| 1,426 | Ryman Hospitality Properties Inc | 116,618 | ||||||||||||||
| 12,496 | Xenia Hotels & Resorts Inc | 164,697 | ||||||||||||||
Total Hotel & Resort | 758,752 | |||||||||||||||
| Industrial – 15.5% | ||||||||||||||||
| 10,798 | Americold Realty Trust Inc | 305,691 | ||||||||||||||
| 24,053 | Centuria Industrial REIT | 50,824 | ||||||||||||||
| 2,130 | EastGroup Properties Inc | 315,368 | ||||||||||||||
| 2,597 | First Industrial Realty Trust Inc | 125,331 | ||||||||||||||
| 95,441 | Frasers Logistics & Commercial Trust | 82,636 | ||||||||||||||
| 77 | GLP J-Reit | 88,679 | ||||||||||||||
| 35 | LaSalle Logiport REIT | 42,677 | ||||||||||||||
| 2,940 | LXP Industrial Trust | 29,459 | ||||||||||||||
| 75,633 | Mapletree Industrial Trust | 125,330 | ||||||||||||||
| 103,634 | Mapletree Logistics Trust | 123,232 | ||||||||||||||
| 27 | Mitsubishi Estate Logistics REIT Investment Corp | 86,572 | ||||||||||||||
| 41 | Mitsui Fudosan Logistics Park Inc | 149,875 | ||||||||||||||
| 3,234 | Montea NV | 231,745 | ||||||||||||||
| 56,343 | Nexus Industrial REIT | 401,142 | ||||||||||||||
| 21,745 | Prologis Inc | 2,451,314 | ||||||||||||||
| 71,101 | Property for Industry Ltd | 103,811 | ||||||||||||||
| 7,857 | Rexford Industrial Realty Inc | 429,307 | ||||||||||||||
| 6,552 | Terreno Realty Corp | 372,612 | ||||||||||||||
| 129,171 | TF Administradora Industrial S de RL de CV | 185,671 | ||||||||||||||
| 122,015 | Tritax Big Box REIT PLC | 204,488 | ||||||||||||||
| 124,423 | Urban Logistics REIT PLC | 202,591 | ||||||||||||||
Total Industrial | 6,108,355 | |||||||||||||||
| Office – 5.4% | ||||||||||||||||
| 4,240 | Alexandria Real Estate Equities Inc | 617,641 | ||||||||||||||
| 4,062 | Allied Properties Real Estate Investment Trust | 76,800 | ||||||||||||||
| 1,792 | Boston Properties Inc | 121,103 | ||||||||||||||
| 6,475 | Corporate Office Properties Trust | 167,962 | ||||||||||||||
| 46 | Daiwa Office Investment Corp | 223,442 | ||||||||||||||
| 17,178 | Douglas Emmett Inc | 269,351 | ||||||||||||||
| 78 | Kenedix Office Investment Corp | 189,436 | ||||||||||||||
| 4,323 | NSI NV | 107,591 | ||||||||||||||
| 186 | Orix JREIT Inc | 263,869 | ||||||||||||||
| 10,744 | Piedmont Office Realty Trust Inc, Class A | 98,522 | ||||||||||||||
Total Office | 2,135,717 | |||||||||||||||
32
| Shares | Description (1) | Value | ||||||||||||||
| Residential – 13.9% | ||||||||||||||||
| 11,293 | American Homes 4 Rent, Class A | $ | 340,371 | |||||||||||||
| 5,125 | Apartment Income REIT Corp | 175,839 | ||||||||||||||
| 3,228 | AvalonBay Communities Inc | 521,387 | ||||||||||||||
| 4,011 | Camden Property Trust | 448,751 | ||||||||||||||
| 26 | Comforia Residential REIT Inc | 58,575 | ||||||||||||||
| 126 | Daiwa Securities Living Investments Corp | 110,244 | ||||||||||||||
| 7,432 | Dream Residential Real Estate Investment Trust | 50,538 | ||||||||||||||
| 4,506 | Equity LifeStyle Properties Inc | 291,088 | ||||||||||||||
| 6,650 | Equity Residential | 392,350 | ||||||||||||||
| 2,490 | Essex Property Trust Inc | 527,681 | ||||||||||||||
| 33,348 | Ingenia Communities Group | 100,912 | ||||||||||||||
| 19,801 | InterRent Real Estate Investment Trust | 187,188 | ||||||||||||||
| 3,521 | Invitation Homes Inc | 104,362 | ||||||||||||||
| 91 | Kenedix Residential Next Investment Corp | 142,038 | ||||||||||||||
| 17,512 | Killam Apartment Real Estate Investment Trust | 209,653 | ||||||||||||||
| 3,235 | Mid-America Apartment Communities Inc | 507,863 | ||||||||||||||
| 9,385 | Minto Apartment Real Estate Investment Trust | 97,385 | ||||||||||||||
| 29 | Nippon Accommodations Fund Inc | 133,047 | ||||||||||||||
| 1,998 | Sun Communities Inc | 285,714 | ||||||||||||||
| 10,984 | UDR Inc | 425,410 | ||||||||||||||
| 24,667 | UNITE Group PLC/The | 270,614 | ||||||||||||||
| 3,498 | Xior Student Housing NV | 108,672 | ||||||||||||||
Total Residential | 5,489,682 | |||||||||||||||
| Retail – 13.9% | ||||||||||||||||
| 10,647 | Acadia Realty Trust | 152,784 | ||||||||||||||
| 7,536 | Agree Realty Corp | 534,528 | ||||||||||||||
| 2,972 | Brixmor Property Group Inc | 67,375 | ||||||||||||||
| 186,119 | CapitaLand Integrated Commercial Trust | 283,871 | ||||||||||||||
| 10,232 | CT Real Estate Investment Trust | 117,812 | ||||||||||||||
| 670 | Federal Realty Investment Trust | 67,697 | ||||||||||||||
| 39,362 | Fortune Real Estate Investment Trust | 31,921 | ||||||||||||||
| 36,187 | Frasers Centrepoint Trust | 56,763 | ||||||||||||||
| 75 | Kenedix Retail REIT Corp | 145,049 | ||||||||||||||
| 39,170 | Kimco Realty Corp | 829,621 | ||||||||||||||
| 78,590 | Link REIT | 575,069 | ||||||||||||||
| 961 | Mapletree Pan Asia Commercial Trust | 1,198 | ||||||||||||||
| 2,091 | National Retail Properties Inc | 95,684 | ||||||||||||||
| 4,176 | NETSTREIT Corp | 76,546 | ||||||||||||||
| 10,913 | Realty Income Corp | 692,212 | ||||||||||||||
| 4,519 | Regency Centers Corp | 282,437 | ||||||||||||||
33
Nuveen Global Real Estate Securities Fund (continued)
Portfolio of Investments December 31, 2022
| Shares | Description (1) | Value | ||||||||||||||
| Retail (continued) | ||||||||||||||||
| 18,565 | RioCan Real Estate Investment Trust | $ | 289,718 | |||||||||||||
| 128,622 | Scentre Group | 250,370 | ||||||||||||||
| 2,701 | Simon Property Group Inc | 317,313 | ||||||||||||||
| 21,879 | SITE Centers Corp | 298,867 | ||||||||||||||
| 120,651 | Waypoint REIT Ltd | 225,347 | ||||||||||||||
| 8,132 | Wereldhave NV | 108,881 | ||||||||||||||
Total Retail | 5,501,063 | |||||||||||||||
| Specialized – 20.6% | ||||||||||||||||
| 4,570 | American Tower Corp | 968,200 | ||||||||||||||
| 2,490 | Crown Castle Inc | 337,744 | ||||||||||||||
| 7,215 | CubeSmart | 290,404 | ||||||||||||||
| 9,234 | Digital Realty Trust Inc | 925,893 | ||||||||||||||
| 1,899 | Equinix Inc | 1,243,902 | ||||||||||||||
| 318 | Extra Space Storage Inc | 46,803 | ||||||||||||||
| 10,078 | Four Corners Property Trust Inc | 261,323 | ||||||||||||||
| 8,248 | Gaming and Leisure Properties Inc | 429,638 | ||||||||||||||
| 3,732 | Life Storage Inc | 367,602 | ||||||||||||||
| 511 | National Storage REIT | 805 | ||||||||||||||
| 5,630 | Public Storage | 1,577,470 | ||||||||||||||
| 16,367 | Safestore Holdings PLC | 186,639 | ||||||||||||||
| 2,240 | SBA Communications Corp | 627,894 | ||||||||||||||
| 26,482 | VICI Properties Inc | 858,017 | ||||||||||||||
Total Specialized | 8,122,334 | |||||||||||||||
Total Real Estate Investment Trust Common Stocks (cost $31,711,723) | 32,672,820 | |||||||||||||||
| Shares | Description (1) | Value | ||||||||||||||
COMMON STOCKS – 14.9% | ||||||||||||||||
| Diversified Telecommunication Services – 1.8% | ||||||||||||||||
| 15,423 | Cellnex Telecom SA, 144A | $ | 511,599 | |||||||||||||
| 6,194 | IHS Holding Ltd (2), (3) | 38,093 | ||||||||||||||
| 7,127 | Infrastrutture Wireless Italiane SpA, 144A | 71,899 | ||||||||||||||
| 6,706 | Radius Global Infrastructure Inc, Class A (3) | 79,265 | ||||||||||||||
Total Diversified Telecommunication Services | 700,856 | |||||||||||||||
| Health Care Providers & Services – 0.1% | ||||||||||||||||
| 6,510 | Sienna Senior Living Inc | 52,407 | ||||||||||||||
| Hotels, Restaurants & Leisure – 0.4% | ||||||||||||||||
| 24,246 | Playa Hotels & Resorts NV (3) | 158,327 | ||||||||||||||
| Household Durables – 0.3% | ||||||||||||||||
| 115,620 | Cairn Homes PLC | 107,569 | ||||||||||||||
34
| Shares | Description (1) | Value | ||||||||||||||
| IT Services – 0.5% | ||||||||||||||||
| 29,127 | NEXTDC Ltd (3) | $ | 179,731 | |||||||||||||
| Real Estate Management & Development – 11.8% | ||||||||||||||||
| 49,499 | Capitaland India Trust | 41,752 | ||||||||||||||
| 37,956 | Capitaland Investment Ltd/Singapore | 104,899 | ||||||||||||||
| 5,228 | Catena AB | 195,279 | ||||||||||||||
| 9,095 | Cibus Nordic Real Estate AB (3) | 125,097 | ||||||||||||||
| 68,956 | CK Asset Holdings Ltd | 422,919 | ||||||||||||||
| 6,907 | CRE Inc/Japan | 58,524 | ||||||||||||||
| 8,155 | CTP NV | 96,522 | ||||||||||||||
| 8,694 | Dios Fastigheter AB | 62,891 | ||||||||||||||
| 77,914 | Grainger PLC | 237,369 | ||||||||||||||
| 63,353 | Hongkong Land Holdings Ltd | 291,475 | ||||||||||||||
| 3,295 | LEG Immobilien SE | 214,896 | ||||||||||||||
| 39,253 | Mitsubishi Estate Co Ltd | 508,467 | ||||||||||||||
| 45,838 | Mitsui Fudosan Co Ltd | 837,780 | ||||||||||||||
| 2,427 | Sino Land Co Ltd | 3,027 | ||||||||||||||
| 4,959 | Sumitomo Realty & Development Co Ltd | 116,873 | ||||||||||||||
| 48,786 | Sun Hung Kai Properties Ltd | 666,386 | ||||||||||||||
| 117 | Swire Properties Ltd | 297 | ||||||||||||||
| 27,651 | TAG Immobilien AG | 179,460 | ||||||||||||||
| 20,129 | Tricon Residential Inc | 155,195 | ||||||||||||||
| 1,959 | VGP NV | 163,915 | ||||||||||||||
| 4,054 | Vonovia SE | 95,498 | ||||||||||||||
| 12,631 | Wihlborgs Fastigheter AB | 95,385 | ||||||||||||||
Total Real Estate Management & Development | 4,673,906 | |||||||||||||||
Total Common Stocks (cost $6,384,850) | 5,872,796 | |||||||||||||||
Total Long-Term Investments (cost $38,096,573) | 38,545,616 | |||||||||||||||
| Shares | Description (1) | Coupon | Value | |||||||||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 0.1% | ||||||||||||||||
| MONEY MARKET FUNDS – 0.1% | ||||||||||||||||
| 20,072 | State Street Navigator Securities Lending Government Money Market Portfolio (4) | 4.340% (5) | $ | 20,072 | ||||||||||||
Total Investments Purchased with Collateral from Securities Lending (cost $20,072) | 20,072 | |||||||||||||||
35
Nuveen Global Real Estate Securities Fund (continued)
Portfolio of Investments December 31, 2022
| Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||||||||||||
SHORT-TERM INVESTMENTS – 2.2% | ||||||||||||||||
| REPURCHASE AGREEMENTS – 2.2% | ||||||||||||||||
| $ | 878 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/22, repurchase price $877,975, collateralized by $869,200, U.S. Government Treasury Bond, 4.250%, due 11/15/40, value $895,412 | 1.280% | 1/03/23 | $ | 877,850 | ||||||||||
Total Short-Term Investments (cost $877,850) | 877,850 | |||||||||||||||
Total Investments (cost $38,994,495) – 99.9% | 39,443,538 | |||||||||||||||
Other Assets Less Liabilities – 0.1% | 52,523 | |||||||||||||||
Net Assets – 100% | $ | 39,496,061 | ||||||||||||||
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. |
| (2) | Investment, 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 $19,680. |
| (3) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
| (4) | 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. |
| (5) | The rate shown is the one-day yield as of the end of the reporting period. |
| 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.
36
Nuveen Real Asset Income Fund
Portfolio of Investments December 31, 2022
| Principal Amount (000) (3) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
LONG-TERM INVESTMENTS – 95.2% | ||||||||||||||||||||||||||||
CORPORATE BONDS – 23.7% | ||||||||||||||||||||||||||||
| Air Freight & Logistics – 0.2% | ||||||||||||||||||||||||||||
| $ | 2,300 | Cargo Aircraft Management Inc, 144A | 4.750% | 2/01/28 | BB | $ | 2,087,503 | |||||||||||||||||||||
| Building Products – 0.3% | ||||||||||||||||||||||||||||
| 3,730 | Advanced Drainage Systems Inc, 144A | 6.375% | 6/15/30 | Ba2 | 3,624,292 | |||||||||||||||||||||||
| Capital Markets – 0.2% | ||||||||||||||||||||||||||||
| 2,700 | Hunt Cos Inc, 144A | 5.250% | 4/15/29 | BB– | 2,269,384 | |||||||||||||||||||||||
| Commercial Services & Supplies – 0.8% | ||||||||||||||||||||||||||||
| 1,500 | Clean Harbors Inc, 144A | 5.125% | 7/15/29 | BB | 1,391,178 | |||||||||||||||||||||||
| 2,660 | Clean Harbors Inc, 144A | 4.875% | 7/15/27 | BB | 2,520,350 | |||||||||||||||||||||||
| 1,570 | Covanta Holding Corp, 144A | 4.875% | 12/01/29 | B | 1,286,254 | |||||||||||||||||||||||
| 4,240 | Waste Connections Inc | 4.200% | 1/15/33 | BBB+ | 3,937,874 | |||||||||||||||||||||||
Total Commercial Services & Supplies | 9,135,656 | |||||||||||||||||||||||||||
| Communications Equipment – 0.0% | ||||||||||||||||||||||||||||
| 650 | Liquid Telecommunications Financing Plc, 144A | 5.500% | 9/04/26 | B+ | 464,750 | |||||||||||||||||||||||
| Construction & Engineering – 0.3% | ||||||||||||||||||||||||||||
| 1,800 | GMR Hyderabad International Airport Ltd, 144A | 5.375% | 4/10/24 | BB+ | 1,769,832 | |||||||||||||||||||||||
| 1,500 | IHS Netherlands Holdco BV, 144A | 8.000% | 9/18/27 | B+ | 1,315,020 | |||||||||||||||||||||||
Total Construction & Engineering | 3,084,852 | |||||||||||||||||||||||||||
| Diversified Financial Services – 0.5% | ||||||||||||||||||||||||||||
| 947 | Cometa Energia SA de CV, 144A | 6.375% | 4/24/35 | Baa3 | 908,019 | |||||||||||||||||||||||
| 725 | Genesis Energy LP / Genesis Energy Finance Corp | 7.750% | 2/01/28 | B | 667,348 | |||||||||||||||||||||||
| 550 | Indian Railway Finance Corp Ltd, 144A | 3.570% | 1/21/32 | BBB– | 470,547 | |||||||||||||||||||||||
| 1,815 | Minejesa Capital BV, 144A | 5.625% | 8/10/37 | Baa3 | 1,412,988 | |||||||||||||||||||||||
| 15,306 | BRL | Swiss Insured Brazil Power Finance Sarl, 144A | 9.850% | 7/16/32 | AAA | 2,500,452 | ||||||||||||||||||||||
Total Diversified Financial Services | 5,959,354 | |||||||||||||||||||||||||||
| Diversified Telecommunication Services – 0.7% | ||||||||||||||||||||||||||||
| 2,700 | Cablevision Lightpath LLC, 144A | 3.875% | 9/15/27 | B1 | 2,225,188 | |||||||||||||||||||||||
| 3,280 | Cellnex Finance Co SA, 144A | 3.875% | 7/07/41 | BBB– | 2,243,520 | |||||||||||||||||||||||
| 2,750 | Frontier Communications Holdings LLC, 144A (4) | 6.000% | 1/15/30 | BB– | 2,160,325 | |||||||||||||||||||||||
| 1,030 | Iliad Holding SASU, 144A | 7.000% | 10/15/28 | BB– | 930,904 | |||||||||||||||||||||||
| 865 | Iliad Holding SASU, 144A | 6.500% | 10/15/26 | BB– | 802,247 | |||||||||||||||||||||||
Total Diversified Telecommunication Services | 8,362,184 | |||||||||||||||||||||||||||
| Electric Utilities – 4.2% | ||||||||||||||||||||||||||||
| 1,807 | Acwa Power Management And Investments One Ltd, 144A |
| 5.950% | 12/15/39 | BBB– | 1,679,933 | ||||||||||||||||||||||
| 1,925 | Adani Green Energy UP Ltd / Prayatna Developers Pvt Ltd / Parampujya Solar Energy, 144A |
| 6.250% | 12/10/24 | BB+ | 1,871,100 | ||||||||||||||||||||||
37
Nuveen Real Asset Income Fund (continued)
Portfolio of Investments December 31, 2022
| Principal Amount (000) (3) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
| Electric Utilities (continued) | ||||||||||||||||||||||||||||
| $ | 338 | Adani Transmission Step-One Ltd, 144A | 4.250% | 5/21/36 | Baa3 | $ | 256,734 | |||||||||||||||||||||
| 650 | AES Panama Generation Holdings SRL, 144A | 4.375% | 5/31/30 | Baa3 | 564,655 | |||||||||||||||||||||||
| 3,250 | American Electric Power Co Inc | 5.950% | 11/01/32 | BBB+ | 3,393,383 | |||||||||||||||||||||||
| 5,500 | CenterPoint Energy Houston Electric LLC | 4.450% | 10/01/32 | A | 5,302,172 | |||||||||||||||||||||||
| 1,500 | Cikarang Listrindo Tbk PT, 144A | 4.950% | 9/14/26 | BB+ | 1,398,433 | |||||||||||||||||||||||
| 1,825 | Clearway Energy Operating LLC, 144A | 3.750% | 2/15/31 | BB | 1,515,204 | |||||||||||||||||||||||
| 800 | Consorcio Transmantaro SA, 144A | 5.200% | 4/11/38 | BBB | 721,000 | |||||||||||||||||||||||
| 1,400 | EUR | EDP – Energias de Portugal SA , Reg S | 4.496% | 4/30/79 | BB+ | 1,471,537 | ||||||||||||||||||||||
| 3,775 | EDP Finance BV, 144A | 6.300% | 10/11/27 | BBB | 3,877,139 | |||||||||||||||||||||||
| 625 | Electricidad Firme de Mexico Holdings SA de CV, 144A | 4.900% | 11/20/26 | Ba2 | 549,219 | |||||||||||||||||||||||
| 1,200 | Empresa de Transmision Electrica SA, 144A | 5.125% | 5/02/49 | Baa2 | 968,339 | |||||||||||||||||||||||
| 5,700,000 | COP | Empresas Publicas de Medellin ESP, 144A | 8.375% | 11/08/27 | Baa3 | 876,428 | ||||||||||||||||||||||
| 1,250 | Exelon Corp | 4.050% | 4/15/30 | BBB | 1,160,497 | |||||||||||||||||||||||
| 7,000 | ITC Holdings Corp, 144A | 4.950% | 9/22/27 | BBB+ | 6,903,225 | |||||||||||||||||||||||
| 1,500 | Lamar Funding Ltd, 144A | 3.958% | 5/07/25 | BB+ | 1,419,165 | |||||||||||||||||||||||
| 1,109 | LLPL Capital Pte Ltd, 144A | 6.875% | 2/04/39 | Baa3 | 976,615 | |||||||||||||||||||||||
| 2,681 | GBP | NGG Finance PLC , Reg S | 5.625% | 6/18/73 | BBB– | 3,058,716 | ||||||||||||||||||||||
| 1,500 | NRG Energy Inc, 144A | 3.625% | 2/15/31 | BB+ | 1,140,296 | |||||||||||||||||||||||
| 1,675 | Pacific Gas and Electric Co | 3.300% | 8/01/40 | BBB– | 1,134,089 | |||||||||||||||||||||||
| 905 | Pattern Energy Operations LP / Pattern Energy Operations Inc, 144A |
| 4.500% | 8/15/28 | BB– | 811,454 | ||||||||||||||||||||||
| 1,000 | ReNew Wind Energy AP2 / ReNew Power Pvt Ltd other 9 Subsidiaries, 144A |
| 4.500% | 7/14/28 | Ba3 | 839,687 | ||||||||||||||||||||||
| 3,250 | Southern Co Gas Capital Corp | 5.150% | 9/15/32 | BBB+ | 3,189,636 | |||||||||||||||||||||||
| 5,700 | WEC Energy Group Inc | 5.150% | 10/01/27 | BBB+ | 5,760,822 | |||||||||||||||||||||||
Total Electric Utilities | 50,839,478 | |||||||||||||||||||||||||||
| Energy Equipment & Services – 0.1% | ||||||||||||||||||||||||||||
| 1,000 | Galaxy Pipeline Assets Bidco Ltd, 144A | 3.250% | 9/30/40 | Aa2 | 773,188 | |||||||||||||||||||||||
| Equity Real Estate Investment Trusts – 4.2% | ||||||||||||||||||||||||||||
| 3,005 | Agree LP | 4.800% | 10/01/32 | Baa1 | 2,780,016 | |||||||||||||||||||||||
| 4,360 | AvalonBay Communities Inc | 5.000% | 2/15/33 | A– | 4,289,873 | |||||||||||||||||||||||
| 1,455 | CTR Partnership LP / CareTrust Capital Corp, 144A | 3.875% | 6/30/28 | BB+ | 1,229,514 | |||||||||||||||||||||||
| 3,250 | Digital Realty Trust LP | 5.550% | 1/15/28 | BBB | 3,271,488 | |||||||||||||||||||||||
| 3,500 | Goodman US Finance Five LLC, 144A | 4.625% | 5/04/32 | BBB+ | 3,189,328 | |||||||||||||||||||||||
| 2,195 | Iron Mountain Information Management Services Inc, 144A | 5.000% | 7/15/32 | BB– | 1,823,387 | |||||||||||||||||||||||
| 9,000 | Kimco Realty Corp | 4.600% | 2/01/33 | BBB+ | 8,230,642 | |||||||||||||||||||||||
| 11,000 | Prologis LP | 4.625% | 1/15/33 | A | 10,648,738 | |||||||||||||||||||||||
| 2,000 | Realty Income Corp | 5.625% | 10/13/32 | A– | 2,031,255 | |||||||||||||||||||||||
| 1,430 | RLJ Lodging Trust LP, 144A | 4.000% | 9/15/29 | BB– | 1,159,252 | |||||||||||||||||||||||
| 1,370 | RLJ Lodging Trust LP, 144A | 3.750% | 7/01/26 | BB– | 1,220,106 | |||||||||||||||||||||||
| 5,025 | SBA Communications Corp | 3.125% | 2/01/29 | BB | 4,178,237 | |||||||||||||||||||||||
38
| Principal Amount (000) (3) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
| Equity Real Estate Investment Trusts (continued) | ||||||||||||||||||||||||||||
| $ | 3,035 | Scentre Group Trust 2, 144A | 5.125% | 9/24/80 | BBB+ | $ | 2,543,330 | |||||||||||||||||||||
| 1,195 | VICI Properties LP / VICI Note Co Inc, 144A | 4.500% | 1/15/28 | BBB– | 1,096,564 | |||||||||||||||||||||||
| 3,595 | Welltower Inc | 3.850% | 6/15/32 | BBB+ | 3,050,648 | |||||||||||||||||||||||
| 1,140 | XHR LP, 144A | 4.875% | 6/01/29 | B+ | 933,804 | |||||||||||||||||||||||
Total Equity Real Estate Investment Trusts | 51,676,182 | |||||||||||||||||||||||||||
| Gas Utilities – 0.8% | ||||||||||||||||||||||||||||
| 2,810 | CAD | AltaGas Ltd | 5.250% | 1/11/82 | BB+ | 1,687,328 | ||||||||||||||||||||||
| 3,065 | CAD | AltaGas Ltd | 7.350% | 8/17/82 | BB+ | 2,205,102 | ||||||||||||||||||||||
| 1,775 | Ferrellgas LP / Ferrellgas Finance Corp, 144A | 5.375% | 4/01/26 | B | 1,614,623 | |||||||||||||||||||||||
| 1,975 | Ferrellgas LP / Ferrellgas Finance Corp, 144A | 5.875% | 4/01/29 | B | 1,624,280 | |||||||||||||||||||||||
| 2,550 | National Gas Co of Trinidad & Tobago Ltd, 144A | 6.050% | 1/15/36 | BBB– | 2,339,625 | |||||||||||||||||||||||
| 700 | Superior Plus LP / Superior General Partner Inc, 144A | 4.500% | 3/15/29 | BB– | 598,500 | |||||||||||||||||||||||
Total Gas Utilities | 10,069,458 | |||||||||||||||||||||||||||
| Health Care Providers & Services – 0.7% | ||||||||||||||||||||||||||||
| 2,170 | Encompass Health Corp | 4.625% | 4/01/31 | B+ | 1,865,151 | |||||||||||||||||||||||
| 830 | Encompass Health Corp | 4.750% | 2/01/30 | B+ | 728,858 | |||||||||||||||||||||||
| 2,300 | Tenet Healthcare Corp, 144A | 6.125% | 6/15/30 | BB– | 2,191,440 | |||||||||||||||||||||||
| 3,925 | Tenet Healthcare Corp, 144A | 6.125% | 10/01/28 | B+ | 3,514,131 | |||||||||||||||||||||||
Total Health Care Providers & Services | 8,299,580 | |||||||||||||||||||||||||||
| Hotels, Restaurants & Leisure – 0.5% | ||||||||||||||||||||||||||||
| 2,375 | CDI Escrow Issuer Inc, 144A | 5.750% | 4/01/30 | B+ | 2,129,019 | |||||||||||||||||||||||
| 2,250 | Hilton Domestic Operating Co Inc, 144A | 4.000% | 5/01/31 | BB+ | 1,882,418 | |||||||||||||||||||||||
| 1,605 | Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 144A |
| 5.000% | 6/01/29 | BB– | 1,380,300 | ||||||||||||||||||||||
| 1,065 | Marriott Ownership Resorts Inc, 144A | 4.500% | 6/15/29 | B+ | 883,552 | |||||||||||||||||||||||
Total Hotels, Restaurants & Leisure | 6,275,289 | |||||||||||||||||||||||||||
| Independent Power And Renewable Electricity Producers – 1.5% | ||||||||||||||||||||||||||||
| 1,196 | Alfa Desarrollo SpA2021 1, 144A | 4.550% | 9/27/51 | BBB- | 908,234 | |||||||||||||||||||||||
| 1,720 | Atlantica Sustainable Infrastructure PLC, 144A | 4.125% | 6/15/28 | BB+ | 1,524,753 | |||||||||||||||||||||||
| 651 | Azure Power Energy Ltd, 144A | 3.575% | 8/19/26 | BB+ | 501,540 | |||||||||||||||||||||||
| 1,350 | Calpine Corp, 144A | 3.750% | 3/01/31 | BB+ | 1,086,960 | |||||||||||||||||||||||
| 1,620 | CAD | Capital Power Corp | 7.950% | 9/09/82 | BB | 1,177,072 | ||||||||||||||||||||||
| 3,570 | Clearway Energy Operating LLC, 144A | 3.750% | 1/15/32 | BB | 2,869,657 | |||||||||||||||||||||||
| 1,300 | EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA, 144A | 5.375% | 12/30/30 | BBB– | 909,979 | |||||||||||||||||||||||
| 475 | Israel Electric Corp Ltd, 144A , Reg S | 3.750% | 2/22/32 | BBB+ | 415,479 | |||||||||||||||||||||||
| 1,500 | Kallpa Generacion SA, 144A | 4.125% | 8/16/27 | Baa3 | 1,374,437 | |||||||||||||||||||||||
| 585 | NextEra Energy Operating Partners LP, 144A | 4.500% | 9/15/27 | Ba1 | 536,602 | |||||||||||||||||||||||
| 3,315 | TerraForm Power Operating LLC, 144A | 4.750% | 1/15/30 | BB– | 2,884,045 | |||||||||||||||||||||||
| 1,311 | UEP Penonome II SA2020 1, 144A | 6.500% | 10/01/38 | BB | 958,709 | |||||||||||||||||||||||
| 2,900 | Vistra Operations Co LLC, 144A | 5.125% | 5/13/25 | BBB– | 2,835,388 | |||||||||||||||||||||||
Total Independent Power And Renewable Electricity Producers |
| 17,982,855 | ||||||||||||||||||||||||||
39
Nuveen Real Asset Income Fund (continued)
Portfolio of Investments December 31, 2022
| -Principal Amount (000) (3) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
| Internet Software & Services – 0.2% | ||||||||||||||||||||||||||||
| $ | 3,075 | Cogent Communications Group Inc, 144A | 3.500% | 5/01/26 | BB | $ | 2,793,461 | |||||||||||||||||||||
| Machinery – 0.3% | ||||||||||||||||||||||||||||
| 2,335 | Chart Industries Inc, 144A | 7.500% | 1/01/30 | Ba3 | 2,347,352 | |||||||||||||||||||||||
| 1,775 | WASH Multifamily Acquisition Inc, 144A | 5.750% | 4/15/26 | B– | 1,672,938 | |||||||||||||||||||||||
Total Machinery | 4,020,290 | |||||||||||||||||||||||||||
| Media – 0.8% | ||||||||||||||||||||||||||||
| 1,000 | CCO Holdings LLC / CCO Holdings Capital Corp, 144A | 6.375% | 9/01/29 | BB+ | 939,740 | |||||||||||||||||||||||
| 4,600 | CCO Holdings LLC / CCO Holdings Capital Corp | 4.500% | 5/01/32 | BB+ | 3,661,600 | |||||||||||||||||||||||
| 1,225 | Directv Financing LLC / Directv Financing Co-Obligor Inc, 144A |
| 5.875% | 8/15/27 | BBB– | 1,095,959 | ||||||||||||||||||||||
| 1,500 | Lamar Media Corp | 3.625% | 1/15/31 | BB | 1,240,091 | |||||||||||||||||||||||
| 3,600 | VZ Secured Financing BV, 144A | 5.000% | 1/15/32 | BB | 2,925,437 | |||||||||||||||||||||||
Total Media | 9,862,827 | |||||||||||||||||||||||||||
| Mortgage Real Estate Investment Trusts – 0.5% | ||||||||||||||||||||||||||||
| 4,885 | Blackstone Mortgage Trust Inc, 144A | 3.750% | 1/15/27 | Ba2 | 4,200,632 | |||||||||||||||||||||||
| 1,875 | Starwood Property Trust Inc, 144A | 3.625% | 7/15/26 | BB+ | 1,640,625 | |||||||||||||||||||||||
Total Mortgage Real Estate Investment Trusts | 5,841,257 | |||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 4.0% | ||||||||||||||||||||||||||||
| 800 | Antero Midstream Partners LP / Antero Midstream Finance Corp, 144A |
| 7.875% | 5/15/26 | BB | 809,813 | ||||||||||||||||||||||
| 915 | Calumet Specialty Products Partners LP / Calumet Finance Corp, 144A |
| 8.125% | 1/15/27 | B– | 855,525 | ||||||||||||||||||||||
| 1,270 | CNX Midstream Partners LP, 144A | 4.750% | 4/15/30 | BB | 1,042,245 | |||||||||||||||||||||||
| 2,735 | Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp, 144A |
| 5.625% | 5/01/27 | BB | 2,543,550 | ||||||||||||||||||||||
| 1,820 | DT Midstream Inc, 144A | 4.375% | 6/15/31 | BB+ | 1,526,798 | |||||||||||||||||||||||
| 1,500 | DT Midstream Inc | 4.300% | 4/15/32 | N/R | 1,317,818 | |||||||||||||||||||||||
| 424 | Energean Israel Finance Ltd, 144A , Reg S | 5.375% | 3/30/28 | BB– | 378,950 | |||||||||||||||||||||||
| 200 | Energean Israel Finance Ltd, 144A , Reg S | 5.875% | 3/30/31 | BB– | 174,250 | |||||||||||||||||||||||
| 3,025 | Energy Transfer LP | 5.550% | 2/15/28 | BBB– | 3,000,588 | |||||||||||||||||||||||
| 1,200 | EnLink Midstream LLC, 144A | 5.625% | 1/15/28 | BB+ | 1,142,998 | |||||||||||||||||||||||
| 1,500 | EnLink Midstream LLC | 5.375% | 6/01/29 | BB+ | 1,387,917 | |||||||||||||||||||||||
| 1,300 | EQM Midstream Partners LP, 144A | 4.750% | 1/15/31 | BB | 1,062,750 | |||||||||||||||||||||||
| 590 | EQM Midstream Partners LP, 144A | 7.500% | 6/01/30 | BB | 568,477 | |||||||||||||||||||||||
| 1,215 | EQM Midstream Partners LP | 5.500% | 7/15/28 | BB | 1,086,402 | |||||||||||||||||||||||
| 1,105 | CAD | Gibson Energy Inc | 5.250% | 12/22/80 | BB | 693,220 | ||||||||||||||||||||||
| 1,620 | Hess Midstream Operations LP, 144A | 5.500% | 10/15/30 | BB+ | 1,482,067 | |||||||||||||||||||||||
| 1,445 | CAD | Keyera Corp | 6.875% | 6/13/79 | BB | 1,009,141 | ||||||||||||||||||||||
| 4,575 | Kinder Morgan Inc | 4.800% | 2/01/33 | BBB | 4,241,553 | |||||||||||||||||||||||
| 3,470 | Kinetik Holdings LP, 144A | 5.875% | 6/15/30 | BB+ | 3,254,107 | |||||||||||||||||||||||
| 1,425 | Leviathan Bond Ltd, 144A , Reg S | 6.750% | 6/30/30 | BB | 1,343,473 | |||||||||||||||||||||||
| 1,350 | NGL Energy Operating LLC / NGL Energy Finance Corp, 144A |
| 7.500% | 2/01/26 | B | 1,202,028 | ||||||||||||||||||||||
| 300 | Oleoducto Central SA, 144A | 4.000% | 7/14/27 | Baa3 | 264,659 | |||||||||||||||||||||||
| 2,715 | ONEOK Inc | 6.100% | 11/15/32 | BBB | 2,714,866 | |||||||||||||||||||||||
40
| -Principal Amount (000) (3) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
| Oil, Gas & Consumable Fuels (continued) | ||||||||||||||||||||||||||||
| $ | 3,833 | CAD | Pembina Pipeline Corp | 4.800% | 1/25/81 | BB+ | $ | 2,313,671 | ||||||||||||||||||||
| 1,000 | Peru LNG Srl, 144A | 5.375% | 3/22/30 | B+ | 835,010 | |||||||||||||||||||||||
| 275 | Promigas SA ESP / Gases del Pacifico SAC, 144A | 3.750% | 10/16/29 | Baa3 | 223,707 | |||||||||||||||||||||||
| 2,345 | Sunoco LP / Sunoco Finance Corp | 4.500% | 4/30/30 | BB+ | 2,035,577 | |||||||||||||||||||||||
| 1,190 | Sunoco LP / Sunoco Finance Corp | 5.875% | 3/15/28 | BB+ | 1,126,979 | |||||||||||||||||||||||
| 4,675 | Targa Resources Corp | 5.200% | 7/01/27 | BBB– | 4,582,117 | |||||||||||||||||||||||
| 1,350 | Targa Resources Corp | 6.250% | 7/01/52 | BBB– | 1,274,063 | |||||||||||||||||||||||
| 510 | CAD | Transcanada Trust | 4.200% | 3/04/81 | BBB | 300,079 | ||||||||||||||||||||||
| 849 | Tullow Oil PLC, 144A | 10.250% | 5/15/26 | B– | 680,898 | |||||||||||||||||||||||
| 1,500 | Venture Global Calcasieu Pass LLC, 144A | 4.125% | 8/15/31 | BB | 1,277,992 | |||||||||||||||||||||||
| 1,175 | Western Midstream Operating LP | 4.550% | 2/01/30 | BBB– | 1,025,681 | |||||||||||||||||||||||
Total Oil, Gas & Consumable Fuels | 48,778,969 | |||||||||||||||||||||||||||
| Real Estate Management & Development – 0.7% | ||||||||||||||||||||||||||||
| 2,200 | Cushman & Wakefield US Borrower LLC, 144A | 6.750% | 5/15/28 | BB | 2,099,592 | |||||||||||||||||||||||
| 1,225 | Howard Hughes Corp, 144A | 4.125% | 2/01/29 | BB | 1,025,938 | |||||||||||||||||||||||
| 1,300 | Howard Hughes Corp/The, 144A | 4.375% | 2/01/31 | BB | 1,051,790 | |||||||||||||||||||||||
| 1,175 | Kennedy-Wilson Inc | 4.750% | 3/01/29 | BB | 931,242 | |||||||||||||||||||||||
| 2,250 | Kennedy-Wilson Inc | 5.000% | 3/01/31 | BB | 1,693,671 | |||||||||||||||||||||||
| 2,775 | EUR | Peach Property Finance GmbH, 144A | 4.375% | 11/15/25 | BB | 2,193,657 | ||||||||||||||||||||||
Total Real Estate Management & Development | 8,995,890 | |||||||||||||||||||||||||||
| Road & Rail – 0.1% | ||||||||||||||||||||||||||||
| 525 | ENA Master Trust, 144A | 4.000% | 5/19/48 | BBB | 367,493 | |||||||||||||||||||||||
| 500 | Rumo Luxembourg Sarl, 144A (4) | 4.200% | 1/18/32 | Ba2 | 400,000 | |||||||||||||||||||||||
Total Road & Rail | 767,493 | |||||||||||||||||||||||||||
| Specialty Retail – 0.1% | ||||||||||||||||||||||||||||
| 1,380 | LCM Investments Holdings II LLC, 144A | 4.875% | 5/01/29 | BB– | 1,105,088 | |||||||||||||||||||||||
| Trading Companies & Distributors – 0.4% | ||||||||||||||||||||||||||||
| 4,465 | United Rentals North America Inc, 144A | 6.000% | 12/15/29 | BBB– | 4,437,094 | |||||||||||||||||||||||
| Transportation Infrastructure – 0.8% | ||||||||||||||||||||||||||||
| 1,400 | Adani Ports & Special Economic Zone Ltd, 144A | 4.000% | 7/30/27 | BBB– | 1,223,348 | |||||||||||||||||||||||
| 875 | Aeropuerto Internacional de Tocumen SA, 144A | 4.000% | 8/11/41 | BBB | 721,057 | |||||||||||||||||||||||
| 400 | Aeropuerto Internacional de Tocumen SA, 144A | 5.125% | 8/11/61 | BBB | 326,663 | |||||||||||||||||||||||
| 2,810 | Aeropuertos Dominicanos Siglo XXI SA, 144A | 6.750% | 3/30/29 | BB– | 2,718,675 | |||||||||||||||||||||||
| 996 | Autopistas del Sol SA/Costa Rica, 144A | 7.375% | 12/30/30 | B | 891,229 | |||||||||||||||||||||||
| 1,700 | DP World Ltd/United Arab Emirates, 144A | 5.625% | 9/25/48 | Baa3 | 1,591,513 | |||||||||||||||||||||||
| 1,800 | Mexico City Airport Trust, 144A | 4.250% | 10/31/26 | BBB | 1,716,750 | |||||||||||||||||||||||
Total Transportation Infrastructure | 9,189,235 | |||||||||||||||||||||||||||
41
Nuveen Real Asset Income Fund (continued)
Portfolio of Investments December 31, 2022
| -Principal Amount (000) (3) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
| Wireless Telecommunication Services – 0.8% | ||||||||||||||||||||||||||||
| $ | 875 | America Movil SAB de CV, 144A | 5.375% | 4/04/32 | Baa3 | $ | 789,688 | |||||||||||||||||||||
| 475 | CT Trust, 144A | 5.125% | 2/03/32 | Ba1 | 417,094 | |||||||||||||||||||||||
| 2,900 | Sprint Spectrum Co LLC / Sprint Spectrum Co II LLC / Sprint Spectrum Co III LLC, 144A |
| 5.152% | 3/20/28 | A1 | 2,858,027 | ||||||||||||||||||||||
| 1,000 | Telefonica Moviles Chile SA, 144A | 3.537% | 11/18/31 | BBB+ | 819,190 | |||||||||||||||||||||||
| 4,500 | T-Mobile USA Inc | 5.200% | 1/15/33 | BBB– | 4,459,427 | |||||||||||||||||||||||
Total Wireless Telecommunication Services | 9,343,426 | |||||||||||||||||||||||||||
Total Corporate Bonds (cost $316,292,925) | 286,039,035 | |||||||||||||||||||||||||||
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
COMMON STOCKS – 23.1% |
| |||||||||||||||||||||||||||
| Capital Markets – 0.1% | ||||||||||||||||||||||||||||
| 701,510 | Greencoat Renewables PLC | $ | 851,066 | |||||||||||||||||||||||||
| Diversified Financial Services – 0.3% | ||||||||||||||||||||||||||||
| 2,751,281 | Sdcl Energy Efficiency Income Trust PLC | 3,209,746 | ||||||||||||||||||||||||||
| Diversified Telecommunication Services – 0.7% | ||||||||||||||||||||||||||||
| 632,345 | HKT Trust & HKT Ltd |
| 774,068 | |||||||||||||||||||||||||
| 11,554,688 | NetLink NBN Trust | 7,161,206 | ||||||||||||||||||||||||||
Total Diversified Telecommunication Services | 7,935,274 | |||||||||||||||||||||||||||
| Electric Utilities – 4.5% | ||||||||||||||||||||||||||||
| 416,060 | Cia de Transmissao de Energia Eletrica Paulista | 1,815,943 | ||||||||||||||||||||||||||
| 718,662 | CK Infrastructure Holdings Ltd |
| 3,750,005 | |||||||||||||||||||||||||
| 355,305 | CLP Holdings Ltd |
| 2,588,599 | |||||||||||||||||||||||||
| 639,886 | Contact Energy Ltd |
| 3,131,406 | |||||||||||||||||||||||||
| 144,425 | Emera Inc |
| 5,519,936 | |||||||||||||||||||||||||
| 57,624 | Endesa SA |
| 1,086,012 | |||||||||||||||||||||||||
| 1,120,894 | Enel SpA |
| 6,028,327 | |||||||||||||||||||||||||
| 127,530 | OGE Energy Corp |
| 5,043,811 | |||||||||||||||||||||||||
| 751,860 | Power Assets Holdings Ltd |
| 4,109,267 | |||||||||||||||||||||||||
| 340,076 | Red Electrica Corp SA |
| 5,913,294 | |||||||||||||||||||||||||
| 89,794 | Southern Co/The |
| 6,412,190 | |||||||||||||||||||||||||
| 415,087 | SSE PLC | 8,537,068 | ||||||||||||||||||||||||||
Total Electric Utilities | 53,935,858 | |||||||||||||||||||||||||||
| Gas Utilities – 1.7% | ||||||||||||||||||||||||||||
| 858,282 | APA Group | 6,273,531 | ||||||||||||||||||||||||||
| 324,437 | Enagas SA |
| 5,394,901 | |||||||||||||||||||||||||
| 16,361 | Naturgy Energy Group SA |
| 425,206 | |||||||||||||||||||||||||
| 1,836,300 | Snam SpA | 8,903,918 | ||||||||||||||||||||||||||
Total Gas Utilities | 20,997,556 | |||||||||||||||||||||||||||
42
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| Health Care Providers & Services – 0.3% | ||||||||||||||||||||||||||||
| 218,149 | Chartwell Retirement Residences | $ | 1,359,806 | |||||||||||||||||||||||||
| 321,436 | Sienna Senior Living Inc | 2,587,631 | ||||||||||||||||||||||||||
Total Health Care Providers & Services | 3,947,437 | |||||||||||||||||||||||||||
| Household Durables – 0.1% | ||||||||||||||||||||||||||||
| 101,434 | Persimmon PLC | 1,487,288 | ||||||||||||||||||||||||||
| Independent Power And Renewable Electricity Producers – 1.1% | ||||||||||||||||||||||||||||
| 12,892 | Atlantica Sustainable Infrastructure PLC |
| 333,903 | |||||||||||||||||||||||||
| 1,324 | Canadian Solar Infrastructure Fund Inc |
| 1,250,129 | |||||||||||||||||||||||||
| 92,724 | Capital Power Corp |
| 3,172,750 | |||||||||||||||||||||||||
| 185,539 | Clearway Energy Inc, Class A |
| 5,551,327 | |||||||||||||||||||||||||
| 25,726 | NextEra Energy Partners LP |
| 1,803,135 | |||||||||||||||||||||||||
| 64,224 | TransAlta Renewables Inc (5) | 533,619 | ||||||||||||||||||||||||||
Total Independent Power And Renewable Electricity Producers |
| 12,644,863 | ||||||||||||||||||||||||||
| Industrial Conglomerates – 0.0% | ||||||||||||||||||||||||||||
| 499,019 | NWS Holdings Ltd | 430,748 | ||||||||||||||||||||||||||
| Media – 0.1% | ||||||||||||||||||||||||||||
| 200,241 | SES SA | 1,304,328 | ||||||||||||||||||||||||||
| Multi-Utilities – 2.6% | ||||||||||||||||||||||||||||
| 452,441 | Algonquin Power & Utilities Corp |
| 2,947,216 | |||||||||||||||||||||||||
| 145,471 | Canadian Utilities Ltd, Class A |
| 3,937,601 | |||||||||||||||||||||||||
| 65,466 | Dominion Energy Inc |
| 4,014,375 | |||||||||||||||||||||||||
| 42,924 | DTE Energy Co |
| 5,044,858 | |||||||||||||||||||||||||
| 180,694 | National Grid PLC, Sponsored ADR |
| 10,899,462 | |||||||||||||||||||||||||
| 6,453 | NorthWestern Corp |
| 382,921 | |||||||||||||||||||||||||
| 993,794 | REN – Redes Energeticas Nacionais SGPS SA |
| 2,681,367 | |||||||||||||||||||||||||
| 385,323 | Vector Ltd | 1,007,869 | ||||||||||||||||||||||||||
Total Multi-Utilities |
| 30,915,669 | ||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 8.3% | ||||||||||||||||||||||||||||
| 128,868 | DT Midstream Inc |
| 7,121,246 | |||||||||||||||||||||||||
| 455,113 | Enbridge Inc |
| 17,794,918 | |||||||||||||||||||||||||
| 97,434 | Energy Transfer LP |
| 1,156,542 | |||||||||||||||||||||||||
| 399,717 | Enterprise Products Partners LP |
| 9,641,174 | |||||||||||||||||||||||||
| 270,423 | Gibson Energy Inc |
| 4,721,418 | |||||||||||||||||||||||||
| 37,801 | Keyera Corp |
| 826,094 | |||||||||||||||||||||||||
| 583,436 | Kinder Morgan Inc |
| 10,548,523 | |||||||||||||||||||||||||
| 26,472 | Magellan Midstream Partners LP |
| 1,329,159 | |||||||||||||||||||||||||
| 90,968 | ONEOK Inc |
| 5,976,598 | |||||||||||||||||||||||||
| 365,792 | Pembina Pipeline Corp |
| 12,416,396 | |||||||||||||||||||||||||
| 111,508 | Plains GP Holdings LP, Class A |
| 1,387,159 | |||||||||||||||||||||||||
43
Nuveen Real Asset Income Fund (continued)
Portfolio of Investments December 31, 2022
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels (continued) | ||||||||||||||||||||||||||||
| 129,235 | TC Energy Corp |
| $ | 5,152,219 | ||||||||||||||||||||||||
| 667,910 | Williams Cos Inc/The | 21,974,239 | ||||||||||||||||||||||||||
Total Oil, Gas & Consumable Fuels |
| 100,045,685 | ||||||||||||||||||||||||||
| Real Estate Management & Development – 1.7% | ||||||||||||||||||||||||||||
| 341,133 | Amot Investments Ltd |
| 2,003,738 | |||||||||||||||||||||||||
| 2,982,250 | Capitaland India Trust |
| 2,515,510 | |||||||||||||||||||||||||
| 114,913 | Cibus Nordic Real Estate AB (5) |
| 1,580,568 | |||||||||||||||||||||||||
| 846,553 | CK Asset Holdings Ltd |
| 5,192,055 | |||||||||||||||||||||||||
| 186,286 | Hongkong Land Holdings Ltd |
| 857,067 | |||||||||||||||||||||||||
| 28,156 | Kennedy-Wilson Holdings Inc |
| 442,894 | |||||||||||||||||||||||||
| 1,313,429 | Sino Land Co Ltd |
| 1,638,220 | |||||||||||||||||||||||||
| 480,425 | Sun Hung Kai Properties Ltd |
| 6,562,300 | |||||||||||||||||||||||||
| 2,186 | Swire Properties Ltd | 5,557 | ||||||||||||||||||||||||||
Total Real Estate Management & Development |
| 20,797,909 | ||||||||||||||||||||||||||
| Road & Rail – 0.2% | ||||||||||||||||||||||||||||
| 978,225 | Aurizon Holdings Ltd | 2,478,272 | ||||||||||||||||||||||||||
| Transportation Infrastructure – 1.4% | ||||||||||||||||||||||||||||
| 1,372,943 | Atlas Arteria Ltd |
| 6,183,008 | |||||||||||||||||||||||||
| 981,053 | China Merchants Port Holdings Co Ltd |
| 1,432,326 | |||||||||||||||||||||||||
| 912,345 | COSCO SHIPPING Ports Ltd | 724,031 | ||||||||||||||||||||||||||
| 1,147,658 | Dalrymple Bay Infrastructure Ltd | 1,900,170 | ||||||||||||||||||||||||||
| 154,900 | Enav SpA, 144A | 657,073 | ||||||||||||||||||||||||||
| 41,670 | Grupo Aeroportuario del Pacifico SAB de CV, ADR | 5,992,563 | ||||||||||||||||||||||||||
Total Transportation Infrastructure |
| 16,889,171 | ||||||||||||||||||||||||||
Total Common Stocks (cost $260,102,359) |
| 277,870,870 | ||||||||||||||||||||||||||
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
REAL ESTATE INVESTMENT TRUST COMMON STOCKS – 21.6% |
| |||||||||||||||||||||||||||
| Diversified – 3.5% | ||||||||||||||||||||||||||||
| 1,277,541 | Abacus Property Group | $ | 2,273,965 | |||||||||||||||||||||||||
| 42,941 | Armada Hoffler Properties Inc | 493,822 | ||||||||||||||||||||||||||
| 389,577 | Broadstone Net Lease Inc | 6,315,043 | ||||||||||||||||||||||||||
| 857,693 | Charter Hall Long Wale REIT | 2,571,461 | ||||||||||||||||||||||||||
| 23,221 | Cofinimmo SA | 2,079,477 | ||||||||||||||||||||||||||
| 19,405 | Gecina SA | 1,976,981 | ||||||||||||||||||||||||||
| 655,556 | Growthpoint Properties Australia Ltd | 1,321,858 | ||||||||||||||||||||||||||
| 3,970,455 | Home Reit PLC | 1,826,431 | ||||||||||||||||||||||||||
| 838 | Hulic Reit Inc | 1,043,726 | ||||||||||||||||||||||||||
| 84,585 | ICADE | 3,648,211 | ||||||||||||||||||||||||||
| 1,254,740 | LXI REIT Plc | 1,714,639 | ||||||||||||||||||||||||||
44
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| Diversified (continued) | ||||||||||||||||||||||||||||
| 186,030 | Merlin Properties Socimi SA | $ | 1,744,756 | |||||||||||||||||||||||||
| 9,714 | Star Asia Investment Corp | 4,084,733 | ||||||||||||||||||||||||||
| 2,055,575 | Stockland | 5,062,588 | ||||||||||||||||||||||||||
| 715,038 | Stride Property Group | 644,648 | ||||||||||||||||||||||||||
| 68,416 | WP Carey Inc | 5,346,710 | ||||||||||||||||||||||||||
Total Diversified |
| 42,149,049 | ||||||||||||||||||||||||||
| Health Care – 2.1% | ||||||||||||||||||||||||||||
| 6,136,587 | Assura PLC | 4,046,970 | ||||||||||||||||||||||||||
| 31,332 | CareTrust REIT Inc | 582,149 | ||||||||||||||||||||||||||
| 423 | Community Healthcare Trust Inc | 15,143 | ||||||||||||||||||||||||||
| 174,174 | Healthcare Realty Trust Inc, Class A | 3,356,333 | ||||||||||||||||||||||||||
| 90,030 | Healthpeak Properties Inc | 2,257,052 | ||||||||||||||||||||||||||
| 178,098 | Omega Healthcare Investors Inc | 4,977,839 | ||||||||||||||||||||||||||
| 481,135 | Physicians Realty Trust | 6,962,023 | ||||||||||||||||||||||||||
| 226,552 | Sabra Health Care REIT Inc | 2,816,042 | ||||||||||||||||||||||||||
Total Health Care |
| 25,013,551 | ||||||||||||||||||||||||||
| Hotel & Resort – 0.2% | ||||||||||||||||||||||||||||
| 128,022 | Apple Hospitality REIT Inc | 2,020,187 | ||||||||||||||||||||||||||
| Industrial – 3.3% | ||||||||||||||||||||||||||||
| 1,122,103 | Centuria Industrial REIT | 2,371,006 | ||||||||||||||||||||||||||
| 540,159 | Dexus Industria REIT | 1,062,109 | ||||||||||||||||||||||||||
| 397,946 | Dream Industrial Real Estate Investment Trust | 3,435,738 | ||||||||||||||||||||||||||
| 4,868,522 | Frasers Logistics & Commercial Trust | 4,215,332 | ||||||||||||||||||||||||||
| 92,338 | Intervest Offices & Warehouses NV | 1,901,743 | ||||||||||||||||||||||||||
| 428,411 | LondonMetric Property PLC | 889,275 | ||||||||||||||||||||||||||
| 409,114 | LXP Industrial Trust | 4,099,322 | ||||||||||||||||||||||||||
| 2,801,883 | Mapletree Industrial Trust | 4,642,955 | ||||||||||||||||||||||||||
| 3,506,419 | Mapletree Logistics Trust | 4,169,510 | ||||||||||||||||||||||||||
| 966,128 | Nexus Industrial REIT | 6,878,489 | ||||||||||||||||||||||||||
| 13,655 | Plymouth Industrial REIT Inc | 261,903 | ||||||||||||||||||||||||||
| 2,387,130 | TF Administradora Industrial S de RL de CV | 3,431,274 | ||||||||||||||||||||||||||
| 1,650,541 | Urban Logistics REIT PLC | 2,687,478 | ||||||||||||||||||||||||||
Total Industrial |
| 40,046,134 | ||||||||||||||||||||||||||
| Mortgage – 0.6% | ||||||||||||||||||||||||||||
| 82,115 | Ares Commercial Real Estate Corp | 844,963 | ||||||||||||||||||||||||||
| 56,044 | Blackstone Mortgage Trust Inc, Class A | 1,186,451 | ||||||||||||||||||||||||||
| 133,757 | KKR Real Estate Finance Trust Inc | 1,867,248 | ||||||||||||||||||||||||||
| 172,166 | Starwood Property Trust Inc | 3,155,803 | ||||||||||||||||||||||||||
Total Mortgage |
| 7,054,465 | ||||||||||||||||||||||||||
45
Nuveen Real Asset Income Fund (continued)
Portfolio of Investments December 31, 2022
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| Office – 1.6% | ||||||||||||||||||||||||||||
| 1,118,979 | Centuria Office REIT | $ | 1,162,787 | |||||||||||||||||||||||||
| 19,478 | Covivio | 1,156,185 | ||||||||||||||||||||||||||
| 2,524,155 | Cromwell Property Group | 1,149,924 | ||||||||||||||||||||||||||
| 306,355 | Dexus | 1,608,383 | ||||||||||||||||||||||||||
| 22,584 | Douglas Emmett Inc | 354,117 | ||||||||||||||||||||||||||
| 348,323 | Easterly Government Properties Inc | 4,970,569 | ||||||||||||||||||||||||||
| 1,224,027 | GDI Property Group Partnership | 597,011 | ||||||||||||||||||||||||||
| 55,535 | Highwoods Properties Inc | 1,553,869 | ||||||||||||||||||||||||||
| 989 | Ichigo Office REIT Investment Corp | 638,163 | ||||||||||||||||||||||||||
| 68,192 | NSI NV | 1,697,159 | ||||||||||||||||||||||||||
| 258,575 | Piedmont Office Realty Trust Inc, Class A | 2,371,133 | ||||||||||||||||||||||||||
| 137,540 | Postal Realty Trust Inc, Class A | 1,998,456 | ||||||||||||||||||||||||||
| 19,001 | SL Green Realty Corp | 640,714 | ||||||||||||||||||||||||||
Total Office |
| 19,898,470 | ||||||||||||||||||||||||||
| Residential – 0.8% | ||||||||||||||||||||||||||||
| 175,763 | Apartment Income REIT Corp | 6,030,429 | ||||||||||||||||||||||||||
| 15,738 | Centerspace | 923,348 | ||||||||||||||||||||||||||
| 4,590 | Essex Property Trust Inc | 972,713 | ||||||||||||||||||||||||||
| 50,241 | Xior Student Housing NV | 1,560,831 | ||||||||||||||||||||||||||
Total Residential |
| 9,487,321 | ||||||||||||||||||||||||||
| Retail – 5.9% | ||||||||||||||||||||||||||||
| 39,721 | Brixmor Property Group Inc | 900,475 | ||||||||||||||||||||||||||
| 1,307,541 | CapitaLand China Trust | 1,093,859 | ||||||||||||||||||||||||||
| 4,032,830 | CapitaLand Integrated Commercial Trust | 6,150,918 | ||||||||||||||||||||||||||
| 262,992 | Choice Properties Real Estate Investment Trust | 2,866,885 | ||||||||||||||||||||||||||
| 362,040 | Crombie Real Estate Investment Trust | 4,240,734 | ||||||||||||||||||||||||||
| 316,893 | CT Real Estate Investment Trust | 3,648,716 | ||||||||||||||||||||||||||
| 3,697,461 | Fortune Real Estate Investment Trust | 2,998,531 | ||||||||||||||||||||||||||
| 2,665,437 | Frasers Centrepoint Trust | 4,181,003 | ||||||||||||||||||||||||||
| 2,054 | Kenedix Retail REIT Corp | 3,972,397 | ||||||||||||||||||||||||||
| 60,467 | Kimco Realty Corp | 1,280,691 | ||||||||||||||||||||||||||
| 814,604 | Link REIT | 5,960,730 | ||||||||||||||||||||||||||
| 73,313 | National Retail Properties Inc | 3,354,803 | ||||||||||||||||||||||||||
| 95,679 | Realty Income Corp | 6,068,919 | ||||||||||||||||||||||||||
| 17,262 | Regency Centers Corp | 1,078,875 | ||||||||||||||||||||||||||
| 200,816 | RioCan Real Estate Investment Trust | 3,133,857 | ||||||||||||||||||||||||||
| 327,961 | RPT Realty | 3,292,728 | ||||||||||||||||||||||||||
| 8,759 | Saul Centers Inc | 356,316 | ||||||||||||||||||||||||||
| 2,774,702 | Scentre Group | 5,401,122 | ||||||||||||||||||||||||||
| 47,455 | Simon Property Group Inc | 5,575,013 | ||||||||||||||||||||||||||
46
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| Retail (continued) | ||||||||||||||||||||||||||||
| 100,620 | Urstadt Biddle Properties Inc, Class A | $ | 1,906,749 | |||||||||||||||||||||||||
| 2,004,423 | Waypoint REIT Ltd | 3,743,781 | ||||||||||||||||||||||||||
Total Retail |
| 71,207,102 | ||||||||||||||||||||||||||
| Specialized – 3.6% | ||||||||||||||||||||||||||||
| 41,147 | Crown Castle Inc | 5,581,179 | ||||||||||||||||||||||||||
| 44,024 | Digital Realty Trust Inc | 4,414,287 | ||||||||||||||||||||||||||
| 358,231 | Four Corners Property Trust Inc | 9,288,930 | ||||||||||||||||||||||||||
| 188,031 | Gaming and Leisure Properties Inc | 9,794,535 | ||||||||||||||||||||||||||
| 65,810 | National Storage Affiliates Trust | 2,377,057 | ||||||||||||||||||||||||||
| 359,173 | VICI Properties Inc | 11,637,205 | ||||||||||||||||||||||||||
Total Specialized |
| 43,093,193 | ||||||||||||||||||||||||||
Total Real Estate Investment Trust Common Stocks (cost $270,244,152) |
| 259,969,472 | ||||||||||||||||||||||||||
| Shares | Description (1) | Coupon | Ratings (2) | Value | ||||||||||||||||||||||||
$25 PAR (OR SIMILAR) RETAIL PREFERRED – 12.8% |
| |||||||||||||||||||||||||||
| Diversified Financial Services – 0.1% | ||||||||||||||||||||||||||||
| 53,077 | Brookfield Finance Inc | 4.625% | BBB | $ | 806,770 | |||||||||||||||||||||||
| 33,587 | National Rural Utilities Cooperative Finance Corp | 5.500% | A3 | 808,775 | ||||||||||||||||||||||||
Total Diversified Financial Services | 1,615,545 | |||||||||||||||||||||||||||
| Electric Utilities – 1.8% | ||||||||||||||||||||||||||||
| 59,297 | CMS Energy Corp | 5.875% | BBB– | 1,315,207 | ||||||||||||||||||||||||
| 152,397 | DTE Energy Co | 4.375% | BBB– | 2,907,735 | ||||||||||||||||||||||||
| 102,171 | Duke Energy Corp (4) | 5.750% | BBB– | 2,389,780 | ||||||||||||||||||||||||
| 59,342 | Duke Energy Corp | 5.625% | BBB– | 1,352,998 | ||||||||||||||||||||||||
| 36,219 | Entergy Arkansas LLC | 4.875% | A | 728,002 | ||||||||||||||||||||||||
| 15,687 | Entergy Louisiana LLC | 4.875% | A | 317,976 | ||||||||||||||||||||||||
| 21,082 | Entergy Mississippi LLC | 4.900% | A | 429,440 | ||||||||||||||||||||||||
| 14,731 | Entergy New Orleans LLC | 5.500% | BBB | 325,555 | ||||||||||||||||||||||||
| 33,205 | Entergy Texas Inc | 5.375% | BBB– | 755,082 | ||||||||||||||||||||||||
| 95,540 | Georgia Power Co | 5.000% | Baa2 | 2,248,056 | ||||||||||||||||||||||||
| 69,424 | Integrys Holding Inc (4) | 6.000% | BBB | 1,614,108 | ||||||||||||||||||||||||
| 14,911 | NextEra Energy Capital Holdings Inc (4) | 5.650% | BBB | 340,865 | ||||||||||||||||||||||||
| 46,051 | Southern Co/The (4) | 5.250% | BBB– | 975,360 | ||||||||||||||||||||||||
| 182,117 | Southern Co/The | 4.200% | BBB– | 3,159,730 | ||||||||||||||||||||||||
| 159,771 | Southern Co/The (4) | 4.950% | BBB– | 3,137,902 | ||||||||||||||||||||||||
Total Electric Utilities | 21,997,796 | |||||||||||||||||||||||||||
| Equity Real Estate Investment Trusts – 8.0% | ||||||||||||||||||||||||||||
| 314,322 | Agree Realty Corp (4) | 4.250% | Baa2 | 5,063,727 | ||||||||||||||||||||||||
| 53,247 | American Homes 4 Rent | 6.250% | BB+ | 1,236,709 | ||||||||||||||||||||||||
| 171,545 | American Homes 4 Rent | 5.875% | BB+ | 3,801,437 | ||||||||||||||||||||||||
47
Nuveen Real Asset Income Fund (continued)
Portfolio of Investments December 31, 2022
| Shares | Description (1) | Coupon | Ratings (2) | Value | ||||||||||||||||||||||||
| Equity Real Estate Investment Trusts (continued) | ||||||||||||||||||||||||||||
| 130,924 | Armada Hoffler Properties Inc | 6.750% | N/R | $ | 2,748,095 | |||||||||||||||||||||||
| 212,234 | Centerspace | 6.625% | N/R | 5,358,908 | ||||||||||||||||||||||||
| 47,795 | Chatham Lodging Trust | 6.625% | N/R | 957,812 | ||||||||||||||||||||||||
| 65,624 | City Office REIT Inc | 6.625% | N/R | 1,239,637 | ||||||||||||||||||||||||
| 106,627 | DiamondRock Hospitality Co | 8.250% | N/R | 2,652,880 | ||||||||||||||||||||||||
| 115,636 | Digital Realty Trust Inc | 5.850% | Baa3 | 2,637,657 | ||||||||||||||||||||||||
| 122,543 | Digital Realty Trust Inc | 5.250% | Baa3 | 2,575,854 | ||||||||||||||||||||||||
| 141,396 | Digital Realty Trust Inc | 5.200% | Baa3 | 2,857,613 | ||||||||||||||||||||||||
| 130,337 | Federal Realty Investment Trust | 5.000% | Baa2 | 2,630,201 | ||||||||||||||||||||||||
| 23,157 | Global Net Lease Inc | 7.250% | BB– | 486,992 | ||||||||||||||||||||||||
| 220,534 | Hudson Pacific Properties Inc (4) | 4.750% | Ba1 | 2,763,291 | ||||||||||||||||||||||||
| 117,921 | Kimco Realty Corp | 5.125% | Baa2 | 2,337,194 | ||||||||||||||||||||||||
| 206,552 | Kimco Realty Corp | 5.250% | Baa2 | 4,203,333 | ||||||||||||||||||||||||
| 4,783 | Mid-America Apartment Communities Inc | 8.500% | BBB | 255,890 | ||||||||||||||||||||||||
| 114,039 | National Storage Affiliates Trust | 6.000% | N/R | 2,549,342 | ||||||||||||||||||||||||
| 65,369 | Pebblebrook Hotel Trust | 6.375% | N/R | 1,189,716 | ||||||||||||||||||||||||
| 85,435 | Pebblebrook Hotel Trust | 5.700% | N/R | 1,409,677 | ||||||||||||||||||||||||
| 148,359 | Pebblebrook Hotel Trust | 6.300% | N/R | 2,640,790 | ||||||||||||||||||||||||
| 40,262 | Public Storage | 3.875% | A3 | 655,063 | ||||||||||||||||||||||||
| 96,121 | Public Storage | 4.000% | A3 | 1,598,492 | ||||||||||||||||||||||||
| 82,544 | Public Storage | 4.000% | A3 | 1,378,485 | ||||||||||||||||||||||||
| 95,065 | Public Storage | 4.100% | A3 | 1,623,710 | ||||||||||||||||||||||||
| 36,193 | Public Storage | 5.150% | A3 | 762,948 | ||||||||||||||||||||||||
| 49,996 | Public Storage | 4.700% | A3 | 964,923 | ||||||||||||||||||||||||
| 90,706 | Public Storage | 4.625% | A3 | 1,733,392 | ||||||||||||||||||||||||
| 62,441 | Public Storage | 3.900% | A3 | 1,021,535 | ||||||||||||||||||||||||
| 39,880 | Public Storage | 4.750% | A3 | 804,380 | ||||||||||||||||||||||||
| 30,617 | Public Storage | 5.050% | A3 | 662,246 | ||||||||||||||||||||||||
| 15,366 | Public Storage (4) | 5.600% | A3 | 357,874 | ||||||||||||||||||||||||
| 112,204 | Public Storage | 4.875% | A3 | 2,260,911 | ||||||||||||||||||||||||
| 30,208 | Public Storage | 4.125% | A3 | 519,880 | ||||||||||||||||||||||||
| 50,956 | Public Storage (4) | 3.950% | A3 | 836,697 | ||||||||||||||||||||||||
| 188,030 | Rexford Industrial Realty Inc | 5.625% | BBB– | 4,001,278 | ||||||||||||||||||||||||
| 16,204 | Rexford Industrial Realty Inc | 5.875% | BBB– | 359,891 | ||||||||||||||||||||||||
| 24,446 | RLJ Lodging Trust | 1.950% | N/R | 581,570 | ||||||||||||||||||||||||
| 66,020 | Saul Centers Inc | 6.000% | N/R | 1,299,934 | ||||||||||||||||||||||||
| 46,640 | Saul Centers Inc | 6.125% | N/R | 974,776 | ||||||||||||||||||||||||
| 107,855 | SITE Centers Corp | 6.375% | BB+ | 2,394,381 | ||||||||||||||||||||||||
| 45,958 | SL Green Realty Corp | 6.500% | BB | 929,271 | ||||||||||||||||||||||||
| 60,916 | Spirit Realty Capital Inc | 6.000% | Baa3 | 1,355,381 | ||||||||||||||||||||||||
48
| Shares | Description (1) | Coupon | Ratings (2) | Value | ||||||||||||||||||||||||
| Equity Real Estate Investment Trusts (continued) | ||||||||||||||||||||||||||||
| 60,553 | Summit Hotel Properties Inc | 5.875% | N/R | $ | 1,037,273 | |||||||||||||||||||||||
| 112,781 | Summit Hotel Properties Inc | 6.250% | N/R | 2,061,637 | ||||||||||||||||||||||||
| 91,257 | Sunstone Hotel Investors Inc | 6.125% | N/R | 1,770,386 | ||||||||||||||||||||||||
| 101,273 | Sunstone Hotel Investors Inc | 5.700% | N/R | 1,821,901 | ||||||||||||||||||||||||
| 39,039 | UMH Properties Inc | 6.375% | N/R | 868,618 | ||||||||||||||||||||||||
| 83,262 | Urstadt Biddle Properties Inc | 5.875% | N/R | 1,705,206 | ||||||||||||||||||||||||
| 83,589 | Urstadt Biddle Properties Inc | 6.250% | N/R | 1,825,584 | ||||||||||||||||||||||||
| 208,457 | Vornado Realty Trust | 5.250% | Ba1 | 3,347,819 | ||||||||||||||||||||||||
| 149,686 | Vornado Realty Trust | 5.250% | Ba1 | 2,430,901 | ||||||||||||||||||||||||
| 84,563 | Vornado Realty Trust | 4.450% | Ba1 | 1,150,057 | ||||||||||||||||||||||||
Total Equity Real Estate Investment Trusts | 96,693,155 | |||||||||||||||||||||||||||
| Gas Utilities – 0.2% | ||||||||||||||||||||||||||||
| 50,006 | South Jersey Industries Inc (4) | 5.625% | BB+ | 837,600 | ||||||||||||||||||||||||
| 64,832 | Spire Inc | 5.900% | BBB | 1,463,907 | ||||||||||||||||||||||||
Total Gas Utilities | 2,301,507 | |||||||||||||||||||||||||||
| Independent Power And Renewable Electricity Producers – 0.4% | ||||||||||||||||||||||||||||
| 87,631 | Brookfield BRP Holdings Canada Inc | 4.625% | BBB– | 1,215,442 | ||||||||||||||||||||||||
| 161,775 | Brookfield Renewable Partners LP | 5.250% | BBB– | 3,047,841 | ||||||||||||||||||||||||
Total Independent Power And Renewable Electricity Producers | 4,263,283 | |||||||||||||||||||||||||||
| Multi-Utilities – 1.7% | ||||||||||||||||||||||||||||
| 53,144 | BIP Bermuda Holdings I Ltd (4) | 5.125% | BBB– | 860,933 | ||||||||||||||||||||||||
| 27,667 | Brookfield Infrastructure Finance ULC | 5.000% | BBB– | 425,795 | ||||||||||||||||||||||||
| 145,412 | Brookfield Infrastructure Partners LP | 5.125% | BBB– | 2,333,848 | ||||||||||||||||||||||||
| 44,251 | Brookfield Infrastructure Partners LP (4) | 5.000% | BBB– | 681,023 | ||||||||||||||||||||||||
| 140,638 | CMS Energy Corp | 4.200% | BBB– | 2,485,088 | ||||||||||||||||||||||||
| 102,001 | CMS Energy Corp (4) | 5.875% | BBB– | 2,284,822 | ||||||||||||||||||||||||
| 27,557 | CMS Energy Corp | 5.625% | BBB– | 599,916 | ||||||||||||||||||||||||
| 145,902 | DTE Energy Co | 4.375% | BBB– | 2,545,990 | ||||||||||||||||||||||||
| 64,014 | DTE Energy Co (4) | 5.250% | BBB– | 1,357,097 | ||||||||||||||||||||||||
| 62,084 | NiSource Inc | 6.500% | BBB– | 1,508,020 | ||||||||||||||||||||||||
| 236,663 | Sempra Energy | 5.750% | BBB– | 5,119,021 | ||||||||||||||||||||||||
Total Multi-Utilities | 20,201,553 | |||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 0.0% | ||||||||||||||||||||||||||||
| 26,930 | NuStar Energy LP | 10.397% | B2 | 548,833 | ||||||||||||||||||||||||
| Real Estate Management & Development – 0.6% | ||||||||||||||||||||||||||||
| 144,900 | Brookfield Property Partners LP | 6.500% | BB | 2,293,767 | ||||||||||||||||||||||||
| 179,450 | Brookfield Property Partners LP | 5.750% | BB | 2,427,959 | ||||||||||||||||||||||||
| 136,443 | Brookfield Property Partners LP | 6.375% | BB | 2,075,298 | ||||||||||||||||||||||||
| 1,748 | DigitalBridge Group Inc | 7.125% | N/R | 33,037 | ||||||||||||||||||||||||
Total Real Estate Management & Development | 6,830,061 | |||||||||||||||||||||||||||
Total $25 Par (or similar) Retail Preferred (cost $192,210,292) | 154,451,733 | |||||||||||||||||||||||||||
49
Nuveen Real Asset Income Fund (continued)
Portfolio of Investments December 31, 2022
| Principal Amount (000) (3) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 9.7% |
| |||||||||||||||||||||||||||
| Diversified Financial Services – 0.3% | ||||||||||||||||||||||||||||
| $ | 560 | National Rural Utilities Cooperative Finance Corp | 5.250% | 4/20/46 | A3 | $ | 504,026 | |||||||||||||||||||||
| 3,057 | Transcanada Trust | 5.625% | 5/20/75 | BBB | 2,888,865 | |||||||||||||||||||||||
Total Diversified Financial Services | 3,392,891 | |||||||||||||||||||||||||||
| Electric Utilities – 2.8% | ||||||||||||||||||||||||||||
| 3,220 | American Electric Power Co Inc | 3.875% | 2/15/62 | BBB | 2,508,722 | |||||||||||||||||||||||
| 1,145 | CMS Energy Corp | 3.750% | 12/01/50 | BBB– | 862,260 | |||||||||||||||||||||||
| 1,800 | ComEd Financing III | 6.350% | 3/15/33 | Baa2 | 1,768,677 | |||||||||||||||||||||||
| 5,180 | Duke Energy Corp | 4.875% | N/A (6) | BBB– | 4,726,750 | |||||||||||||||||||||||
| 2,890 | Edison International | 5.000% | N/A (6) | BB+ | 2,415,894 | |||||||||||||||||||||||
| 1,820 | Edison International | 5.375% | N/A (6) | BB+ | 1,489,470 | |||||||||||||||||||||||
| 2,000 | GBP | Electricite de France SA , Reg S | 5.875% | N/A (6) | BBB– | 1,979,777 | ||||||||||||||||||||||
| 4,395 | Emera Inc | 6.750% | 6/15/76 | BB+ | 4,220,167 | |||||||||||||||||||||||
| 3,925 | Enel SpA, 144A | 8.750% | 9/24/73 | BBB– | 3,928,252 | |||||||||||||||||||||||
| 5,290 | NextEra Energy Capital Holdings Inc | 5.650% | 5/01/79 | BBB | 4,804,402 | |||||||||||||||||||||||
| 1,730 | NextEra Energy Capital Holdings Inc | 3.800% | 3/15/82 | BBB | 1,409,681 | |||||||||||||||||||||||
| 335 | PPL Capital Funding Inc | 7.395% | 3/30/67 | BBB | 287,932 | |||||||||||||||||||||||
| 972 | Southern California Edison Co (3-Month LIBOR reference rate + 4.199% spread) (7) |
| 4.516% | N/A (6) | BB+ | 950,130 | ||||||||||||||||||||||
| 2,645 | Southern Co/The | 4.000% | 1/15/51 | BBB– | 2,406,950 | |||||||||||||||||||||||
Total Electric Utilities | 33,759,064 | |||||||||||||||||||||||||||
| Independent Power And Renewable Electricity Producers – 0.2% | ||||||||||||||||||||||||||||
| 1,695 | GBP | SSE PLC , Reg S | 3.740% | N/A (6) | BBB– | 1,859,827 | ||||||||||||||||||||||
| 1,073 | Vistra Corp, 144A | 8.000% | N/A (6) | Ba3 | 1,024,787 | |||||||||||||||||||||||
| 570 | Vistra Corp, 144A | 7.000% | N/A (6) | Ba3 | 518,662 | |||||||||||||||||||||||
Total Independent Power And Renewable Electricity Producers | 3,403,276 | |||||||||||||||||||||||||||
| Marine – 0.2% | ||||||||||||||||||||||||||||
| 1,995 | Royal Capital BV , Reg S | 4.875% | N/A (6) | N/R | 1,915,300 | |||||||||||||||||||||||
| Multi-Utilities – 2.2% | ||||||||||||||||||||||||||||
| 6,655 | CenterPoint Energy Inc | 6.125% | N/A (6) | BBB– | 6,255,700 | |||||||||||||||||||||||
| 3,640 | CMS Energy Corp | 4.750% | 6/01/50 | BBB– | 3,148,452 | |||||||||||||||||||||||
| 3,055 | Dominion Energy Inc | 4.650% | N/A (6) | BBB– | 2,673,125 | |||||||||||||||||||||||
| 2,805 | Dominion Energy Inc | 5.750% | 10/01/54 | BBB– | 2,627,591 | |||||||||||||||||||||||
| 3,295 | Dominion Energy Inc | 4.350% | N/A (6) | BBB– | 2,767,581 | |||||||||||||||||||||||
| 2,569 | NiSource Inc | 5.650% | N/A (6) | BBB– | 2,395,592 | |||||||||||||||||||||||
| 3,390 | Sempra Energy | 4.125% | 4/01/52 | BBB– | 2,624,999 | |||||||||||||||||||||||
| 4,625 | Sempra Energy | 4.875% | N/A (6) | BBB– | 4,276,645 | |||||||||||||||||||||||
Total Multi-Utilities | 26,769,685 | |||||||||||||||||||||||||||
50
| Principal Amount (000) (3) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 3.8% | ||||||||||||||||||||||||||||
| $ | 3,055 | Enbridge Inc | 5.750% | 7/15/80 | BBB– | $ | 2,762,386 | |||||||||||||||||||||
| 3,327 | Enbridge Inc | 6.250% | 3/01/78 | BBB– | 3,026,834 | |||||||||||||||||||||||
| 3,530 | Enbridge Inc | 7.625% | 1/15/83 | BBB– | 3,481,677 | |||||||||||||||||||||||
| 7,024 | Enbridge Inc | 5.500% | 7/15/77 | BBB– | 6,210,068 | |||||||||||||||||||||||
| 6,187 | Enbridge Inc | 6.000% | 1/15/77 | BBB– | 5,681,147 | |||||||||||||||||||||||
| 2,643 | Energy Transfer LP (3-Month LIBOR reference rate + 3.018% spread) (7) |
| 7.457% | 11/01/66 | Ba1 | 2,040,660 | ||||||||||||||||||||||
| 1,320 | Energy Transfer LP | 6.500% | N/A (6) | BB | 1,135,200 | |||||||||||||||||||||||
| 6,091 | Enterprise Products Operating LLC |
| 5.250% | 8/16/77 | Baa2 | 4,899,165 | ||||||||||||||||||||||
| 4,290 | Enterprise Products Operating LLC | 5.375% | 2/15/78 | Baa2 | 3,271,370 | |||||||||||||||||||||||
| 1,954 | CAD | Inter Pipeline Ltd/AB | 6.625% | 11/19/79 | BB | 1,338,764 | ||||||||||||||||||||||
| 2,385 | CAD | Keyera Corp | 5.950% | 3/10/81 | BB | 1,530,751 | ||||||||||||||||||||||
| 660 | MPLX LP | 6.875% | N/A (6) | BB+ | 650,100 | |||||||||||||||||||||||
| 745 | Plains All American Pipeline LP (3-Month LIBOR reference rate + 4.110% spread) (7) |
| 8.716% | N/A (6) | BB | 640,700 | ||||||||||||||||||||||
| 4,135 | Transcanada Trust | 5.875% | 8/15/76 | BBB | 3,930,683 | |||||||||||||||||||||||
| 2,535 | Transcanada Trust | 5.600% | 3/07/82 | BBB | 2,167,425 | |||||||||||||||||||||||
| 2,640 | Transcanada Trust | 5.500% | 9/15/79 | BBB | 2,278,900 | |||||||||||||||||||||||
| 745 | Transcanada Trust | 5.300% | 3/15/77 | BBB | 625,800 | |||||||||||||||||||||||
Total Oil, Gas & Consumable Fuels |
| 45,671,630 | ||||||||||||||||||||||||||
| Road & Rail – 0.2% | ||||||||||||||||||||||||||||
| 2,140 | BNSF Funding Trust I | 6.613% | 12/15/55 | A | 2,014,382 | |||||||||||||||||||||||
Total $1,000 Par (or similar) Institutional Preferred (cost $128,943,551) |
| 116,926,228 | ||||||||||||||||||||||||||
| Shares | Description (1) | Coupon | Ratings (2) | Value | ||||||||||||||||||||||||
| CONVERTIBLE PREFERRED SECURITIES – 3.5% | ||||||||||||||||||||||||||||
| Commercial Services & Supplies – 0.3% | ||||||||||||||||||||||||||||
| 46,033 | GFL Environmental Inc | 6.000% | N/R | $ | 2,977,875 | |||||||||||||||||||||||
| Electric Utilities – 2.0% | ||||||||||||||||||||||||||||
| 91,409 | American Electric Power Co Inc | 6.125% | BBB | 4,714,876 | ||||||||||||||||||||||||
| 139,117 | NextEra Energy Inc | 5.279% | BBB | 7,053,232 | ||||||||||||||||||||||||
| 114,774 | NextEra Energy Inc | 6.926% | BBB | 5,760,507 | ||||||||||||||||||||||||
| 59,968 | NextEra Energy Inc | 6.219% | BBB | 3,027,785 | ||||||||||||||||||||||||
| 27,097 | PG&E Corp | 5.500% | N/R | 3,908,471 | ||||||||||||||||||||||||
Total Electric Utilities | 24,464,871 | |||||||||||||||||||||||||||
| Equity Real Estate Investment Trusts – 0.2% | ||||||||||||||||||||||||||||
| 17,495 | Equity Commonwealth | 6.500% | N/R | 438,293 | ||||||||||||||||||||||||
| 17,921 | LXP Industrial Trust | 6.500% | N/R | 851,248 | ||||||||||||||||||||||||
| 31,871 | RPT Realty | 7.250% | BB | 1,592,913 | ||||||||||||||||||||||||
Total Equity Real Estate Investment Trusts |
| 2,882,454 | ||||||||||||||||||||||||||
51
Nuveen Real Asset Income Fund (continued)
Portfolio of Investments December 31, 2022
| Shares | Description (1) | Coupon | Ratings (2) | Value | ||||||||||||||||||||||||
| Gas Utilities – 0.3% | ||||||||||||||||||||||||||||
| 63,522 | Spire Inc | 7.500% | N/R | $ | 3,177,370 | |||||||||||||||||||||||
| Independent Power And Renewable Electricity Producers – 0.3% | ||||||||||||||||||||||||||||
| 35,534 | AES Corp/The | 6.875% | BB | 3,624,823 | ||||||||||||||||||||||||
| Multi-Utilities – 0.4% | ||||||||||||||||||||||||||||
| 48,136 | Algonquin Power & Utilities Corp | 7.750% | N/R | 1,149,006 | ||||||||||||||||||||||||
| 37,998 | NiSource Inc | 7.750% | BBB– | 3,923,674 | ||||||||||||||||||||||||
Total Multi-Utilities |
| 5,072,680 | ||||||||||||||||||||||||||
Total Convertible Preferred Securities (cost $40,157,915) |
| 42,200,073 | ||||||||||||||||||||||||||
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
INVESTMENT COMPANIES – 0.3% |
| |||||||||||||||||||||||||||
| 537,620 | Digital 9 Infrastructure PLC/Fund | $ | 562,403 | |||||||||||||||||||||||||
| 616,594 | JLEN Environmental Assets Group Ltd Foresight Group Holdings |
| 893,716 | |||||||||||||||||||||||||
| 707,705 | Renewables Infrastructure Group Ltd/The | 1,109,894 | ||||||||||||||||||||||||||
| 559,198 | Sequoia Economic Infrastructure Income Fund Ltd |
| 592,739 | |||||||||||||||||||||||||
| 895,968 | Starwood European Real Estate Finance Ltd | 964,031 | ||||||||||||||||||||||||||
Total Investment Companies (cost $4,749,189) |
| 4,122,783 | ||||||||||||||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES – 0.3% |
| |||||||||||||||||||||||||||
| $ | 550 | Alen 2021-ACEN Mortgage Trust , 144A (1-Month LIBOR reference rate + 4.000% spread) (7) |
| 8.318% | 4/15/34 | BB– | $ | 425,686 | ||||||||||||||||||||
| 1,127 | Benchmark 2020-B18 Mortgage Trust , 144A | 4.139% | 7/15/53 | B– | 912,746 | |||||||||||||||||||||||
| 200 | COMM 2014-UBS3 Mortgage Trust , 144A | 4.767% | 6/10/47 | N/R | 179,977 | |||||||||||||||||||||||
| 453 | COMM 2015-CCRE24 Mortgage Trust | 3.463% | 8/10/48 | BBB– | 369,956 | |||||||||||||||||||||||
| 150 | GS Mortgage Securities Corp II , 144A 2018 GS10 |
| 5.067% | 3/10/33 | B– | 126,273 | ||||||||||||||||||||||
| 400 | GS Mortgage Securities Corp Trust 2017-SLP , 144A |
| 4.591% | 10/10/32 | B | 381,233 | ||||||||||||||||||||||
| 1,300 | Natixis Commercial Mortgage Securities Trust 2019-MILE , 144A (1-Month LIBOR reference rate + 4.250% spread) (7) |
| 8.568% | 7/15/36 | N/R | 1,159,963 | ||||||||||||||||||||||
| 400 | Natixis Commercial Mortgage Securities Trust 2019-MILE , 144A (1-Month LIBOR reference rate + 2.750% spread) (7) |
| 7.068% | 7/15/36 | N/R | 356,995 | ||||||||||||||||||||||
| $ | 4,580 | Total Asset-Backed and Mortgage-Backed Securities (cost $4,469,613) |
| 3,912,829 | ||||||||||||||||||||||||
52
| Principal Amount (000) | Description (1) | Coupon (8) | Reference Rate (8) | Spread (8) | Maturity (9) | Ratings (2) | Value | |||||||||||||||||||||
| VARIABLE RATE SENIOR LOAN INTERESTS – 0.2% (8) | ||||||||||||||||||||||||||||
| Electric Utilities – 0.2% | ||||||||||||||||||||||||||||
| $ | 1,896 | ExGen Renewables IV, LLC, Term Loan | 7.240% | 3-Month LIBOR | 2.500% | 12/15/27 | BB– | $ | 1,880,481 | |||||||||||||||||||
| $ | 1,896 | Total Variable Rate Senior Loan Interests (cost $1,888,692) |
| 1,880,481 | ||||||||||||||||||||||||
Total Long-Term Investments (cost $1,219,058,688) |
| 1,147,373,504 | ||||||||||||||||||||||||||
| Shares | Description (1) | Coupon | Value | |||||||||||||||||||||||||
| INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 0.2% | ||||||||||||||||||||||||||||
| MONEY MARKET FUNDS – 0.2% | ||||||||||||||||||||||||||||
| 2,821,499 | State Street Navigator Securities Lending Government Money Market Portfolio (10) |
| 4.340% (11) | $ | 2,821,499 | |||||||||||||||||||||||
Total Investments Purchased with Collateral from Securities Lending (cost $2,821,499) |
| 2,821,499 | ||||||||||||||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||||||||||||||||||||||||
SHORT-TERM INVESTMENTS – 4.1% | ||||||||||||||||||||||||||||
| REPURCHASE AGREEMENTS – 4.1% | ||||||||||||||||||||||||||||
| $ | 49,012 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/22, repurchase price $49,018,683, collateralized by $48,528,600, U.S. Government Treasury Bond, 4.250%, due 11/15/40, value $49,992,028 |
| 1.280% | 1/03/23 | $ | 49,011,713 | |||||||||||||||||||||
Total Short-Term Investments (cost $49,011,713) |
| 49,011,713 | ||||||||||||||||||||||||||
Total Investments (cost $1,270,891,900) – 99.5% |
| 1,199,206,716 | ||||||||||||||||||||||||||
Other Assets Less Liabilities – 0.5% (12) |
| 6,352,323 | ||||||||||||||||||||||||||
Net Assets – 100% | $ | 1,205,559,039 | ||||||||||||||||||||||||||
Investments in Derivatives
Futures Contracts – Short
| Description | Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
U.S. Treasury 10-Year Note | (75 | ) | 3/23 | $ | (8,452,015 | ) | $ | (8,422,266 | ) | $ | 29,749 | |||||||||
U.S. Treasury Ultra 10-Year Note | (235 | ) | 3/23 | (27,956,663 | ) | (27,796,093 | ) | 160,570 | ||||||||||||
U.S. Treasury Ultra Bond | (65 | ) | 3/23 | (8,819,462 | ) | (8,730,313 | ) | 89,149 | ||||||||||||
Total | $ | (45,228,140 | ) | $ | (44,948,672 | ) | $ | 279,468 | ||||||||||||
53
Nuveen Real Asset Income Fund (continued)
Portfolio of Investments December 31, 2022
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. |
| (2) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. |
| (3) | Principal Amount (000) denominated in U.S. Dollars, unless otherwise noted. |
| (4) | Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $2,682,049. |
| (5) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
| (6) | Perpetual security. Maturity date is not applicable. |
| (7) | Variable rate security. The rate shown is the coupon as of the end of the reporting period. |
| (8) | Senior loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate (Reference Rate) plus an assigned fixed rate (Spread). These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate (“LIBOR”), or (ii) the prime rate offered by one or more major United States banks. Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan. The rate shown is the coupon as of the end of the reporting period. |
| (9) | Senior loans generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments of senior loans may occur. As a result, the actual remaining maturity of senior loans held may be substantially less than the stated maturities shown. |
| (10) | 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. |
| (11) | The rate shown is the one-day yield as of the end of the reporting period. |
| (12) | 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 |
See accompanying notes to financial statements.
54
Nuveen Real Estate Securities Fund
Portfolio of Investments December 31, 2022
| Shares | Description (1) | Value | ||||||||||||||
LONG-TERM INVESTMENTS – 96.2% | ||||||||||||||||
REAL ESTATE INVESTMENT TRUST COMMON STOCKS – 95.6% | ||||||||||||||||
| Diversified – 1.3% | ||||||||||||||||
| 62,399 | Armada Hoffler Properties Inc | $ | 717,589 | |||||||||||||
| 684,074 | Broadstone Net Lease Inc | 11,088,840 | ||||||||||||||
| 114,365 | Elme Communities | 2,035,697 | ||||||||||||||
Total Diversified | 13,842,126 | |||||||||||||||
| Health Care – 8.8% | ||||||||||||||||
| 51,718 | CareTrust REIT Inc | 960,920 | ||||||||||||||
| 5,780 | Community Healthcare Trust Inc | 206,924 | ||||||||||||||
| 715,962 | Healthcare Realty Trust Inc, Class A | 13,796,588 | ||||||||||||||
| 533,705 | Healthpeak Properties Inc | 13,379,984 | ||||||||||||||
| 54,943 | Omega Healthcare Investors Inc | 1,535,657 | ||||||||||||||
| 332,204 | Sabra Health Care REIT Inc | 4,129,296 | ||||||||||||||
| 459,781 | Ventas Inc | 20,713,134 | ||||||||||||||
| 581,908 | Welltower Inc | 38,144,069 | ||||||||||||||
Total Health Care | 92,866,572 | |||||||||||||||
| Hotel & Resort – 2.2% | ||||||||||||||||
| 44,726 | Apple Hospitality REIT Inc | 705,776 | ||||||||||||||
| 264,303 | Park Hotels & Resorts Inc | 3,116,132 | ||||||||||||||
| 76,822 | Pebblebrook Hotel Trust | 1,028,647 | ||||||||||||||
| 589,092 | RLJ Lodging Trust | 6,238,484 | ||||||||||||||
| 60,368 | Ryman Hospitality Properties Inc | 4,936,895 | ||||||||||||||
| 525,895 | Xenia Hotels & Resorts Inc | 6,931,296 | ||||||||||||||
Total Hotel & Resort | 22,957,230 | |||||||||||||||
| Industrial – 16.2% | ||||||||||||||||
| 456,998 | Americold Realty Trust Inc | 12,937,613 | ||||||||||||||
| 90,148 | EastGroup Properties Inc | 13,347,313 | ||||||||||||||
| 109,962 | First Industrial Realty Trust Inc | 5,306,766 | ||||||||||||||
| 124,446 | LXP Industrial Trust | 1,246,949 | ||||||||||||||
| 920,486 | Prologis Inc | 103,766,387 | ||||||||||||||
| 332,551 | Rexford Industrial Realty Inc | 18,170,586 | ||||||||||||||
| 275,579 | Terreno Realty Corp | 15,672,178 | ||||||||||||||
Total Industrial | 170,447,792 | |||||||||||||||
| Office – 5.1% | ||||||||||||||||
| 179,485 | Alexandria Real Estate Equities Inc | 26,145,580 | ||||||||||||||
| 75,895 | Boston Properties Inc | 5,128,984 | ||||||||||||||
| 274,036 | Corporate Office Properties Trust | 7,108,494 | ||||||||||||||
55
Nuveen Real Estate Securities Fund (continued)
Portfolio of Investments December 31, 2022
| Shares | Description (1) | Value | ||||||||||||||
| Office (continued) | ||||||||||||||||
| 726,980 | Douglas Emmett Inc | $ | 11,399,046 | |||||||||||||
| 453,948 | Piedmont Office Realty Trust Inc, Class A | 4,162,703 | ||||||||||||||
Total Office | 53,944,807 | |||||||||||||||
| Residential – 16.2% | ||||||||||||||||
| 477,971 | American Homes 4 Rent, Class A | 14,406,046 | ||||||||||||||
| 216,911 | Apartment Income REIT Corp | 7,442,216 | ||||||||||||||
| 136,612 | AvalonBay Communities Inc | 22,065,570 | ||||||||||||||
| 170,469 | Camden Property Trust | 19,072,072 | ||||||||||||||
| 190,724 | Equity LifeStyle Properties Inc | 12,320,770 | ||||||||||||||
| 280,347 | Equity Residential | 16,540,473 | ||||||||||||||
| 105,298 | Essex Property Trust Inc | 22,314,752 | ||||||||||||||
| 147,826 | Invitation Homes Inc | 4,381,563 | ||||||||||||||
| 136,960 | Mid-America Apartment Communities Inc | 21,501,350 | ||||||||||||||
| 84,586 | Sun Communities Inc | 12,095,798 | ||||||||||||||
| 464,993 | UDR Inc | 18,009,179 | ||||||||||||||
Total Residential | 170,149,789 | |||||||||||||||
| Retail – 13.8% | ||||||||||||||||
| 450,625 | Acadia Realty Trust | 6,466,469 | ||||||||||||||
| 321,389 | Agree Realty Corp | 22,796,122 | ||||||||||||||
| 125,019 | Brixmor Property Group Inc | 2,834,181 | ||||||||||||||
| 28,388 | Federal Realty Investment Trust | 2,868,324 | ||||||||||||||
| 1,651,753 | Kimco Realty Corp | 34,984,129 | ||||||||||||||
| 88,378 | National Retail Properties Inc | 4,044,177 | ||||||||||||||
| 176,087 | NETSTREIT Corp | 3,227,675 | ||||||||||||||
| 461,981 | Realty Income Corp | 29,303,455 | ||||||||||||||
| 190,998 | Regency Centers Corp | 11,937,375 | ||||||||||||||
| 114,365 | Simon Property Group Inc | 13,435,600 | ||||||||||||||
| 915,400 | SITE Centers Corp | 12,504,364 | ||||||||||||||
Total Retail | 144,401,871 | |||||||||||||||
| Specialized – 32.0% | ||||||||||||||||
| 194,694 | American Tower Corp | 41,247,871 | ||||||||||||||
| 105,443 | Crown Castle Inc | 14,302,289 | ||||||||||||||
| 302,423 | CubeSmart | 12,172,526 | ||||||||||||||
| 390,787 | Digital Realty Trust Inc | 39,184,212 | ||||||||||||||
| 80,414 | Equinix Inc | 52,673,582 | ||||||||||||||
| 13,440 | Extra Space Storage Inc | 1,978,099 | ||||||||||||||
| 426,523 | Four Corners Property Trust Inc | 11,059,741 | ||||||||||||||
| 353,550 | Gaming and Leisure Properties Inc | 18,416,420 | ||||||||||||||
| 156,844 | Life Storage Inc | 15,449,134 | ||||||||||||||
| 238,348 | Public Storage | 66,782,726 | ||||||||||||||
56
| Shares | Description (1) | Value | ||||||||||||||
| Specialized (continued) | ||||||||||||||||
| 93,899 | SBA Communications Corp | $ | 26,320,829 | |||||||||||||
| 1,119,878 | VICI Properties Inc | 36,284,048 | ||||||||||||||
Total Specialized | 335,871,477 | |||||||||||||||
Total Real Estate Investment Trust Common Stocks (cost $766,724,445) | 1,004,481,664 | |||||||||||||||
| Shares | Description (1) | Value | ||||||||||||||
COMMON STOCKS – 0.6% | ||||||||||||||||
| Real Estate Management & Development – 0.6% | ||||||||||||||||
| 851,889 | Tricon Residential Inc | $ | 6,568,064 | |||||||||||||
Total Common Stocks (cost $9,674,777) | 6,568,064 | |||||||||||||||
Total Long-Term Investments (cost $776,399,222) | 1,011,049,728 | |||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||||||||||||
SHORT-TERM INVESTMENTS – 2.6% | ||||||||||||||||
| REPURCHASE AGREEMENTS – 2.6% | ||||||||||||||||
| $ | 27,547 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/22, repurchase price $27,550,748, collateralized by $27,275,300, U.S. Government Treasury Bond, 4.250%, due 11/15/40, value $28,097,814 | 1.280% | 1/03/23 | $ | 27,546,831 | ||||||||||
Total Short-Term Investments (cost $27,546,831) | 27,546,831 | |||||||||||||||
Total Investments (cost $803,946,053) – 98.8% | 1,038,596,559 | |||||||||||||||
Other Assets Less Liabilities – 1.2% | 12,442,619 | |||||||||||||||
Net Assets – 100% | $ | 1,051,039,178 | ||||||||||||||
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. |
| REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
57
Statement of Assets and Liabilities
December 31, 2022
Global Infrastructure | Global Real Estate | Real Asset Income | Real Estate Securities | |||||||||||||
Assets | ||||||||||||||||
Long-term investments, at value (cost $415,660,241, $38,096,573, $1,219,058,688 and $776,399,222, respectively)(1) | $ | 491,635,461 | $ | 38,545,616 | $ | 1,147,373,504 | $ | 1,011,049,728 | ||||||||
Investment purchased with collateral from securities lending, at value (cost approximates value) | 3,995,160 | 20,072 | 2,821,499 | — | ||||||||||||
Short-term investments, at value (cost approximates value) | 12,261,764 | 877,850 | 49,011,713 | 27,546,831 | ||||||||||||
Cash | 30,398 | 27,087 | 49,932 | — | ||||||||||||
Cash collateral at brokers for investments in futures contracts(2) | — | — | 1,063,156 | — | ||||||||||||
Cash denominated in foreign currencies (cost $101,035, $—, $20,714 and $—, respectively) | 101,014 | — | 21,533 | — | ||||||||||||
Receivable for: | ||||||||||||||||
Dividends | 1,056,320 | 165,043 | 3,765,934 | 4,831,012 | ||||||||||||
Interest | 872 | 62 | 6,581,618 | 1,959 | ||||||||||||
Investments sold | 4,573,724 | 409,707 | 4,832,169 | 15,505,743 | ||||||||||||
Reclaims | 254,790 | 15,630 | 897,784 | 33,119 | ||||||||||||
Shares sold | 1,701,918 | 413 | 3,675,973 | 4,006,602 | ||||||||||||
Variation margin on futures | — | — | 57,734 | — | ||||||||||||
Reimbursement from Adviser | 63,065 | 4,270 | 105,657 | 170,629 | ||||||||||||
Other assets | 70,664 | 16,280 | 132,180 | 349,018 | ||||||||||||
Total assets | 515,745,150 | 40,082,030 | 1,220,390,386 | 1,063,494,641 | ||||||||||||
Liabilities | ||||||||||||||||
Cash overdraft denominated in foreign currencies (cost $—, $12,857, $— and $—, respectively) | — | 12,861 | — | — | ||||||||||||
Payable for: | ||||||||||||||||
Capital gain taxes | 54,737 | — | — | — | ||||||||||||
Collateral from securities lending program | 3,995,160 | 20,072 | 2,821,499 | — | ||||||||||||
Dividends | — | — | 265,479 | 93 | ||||||||||||
Investments purchased – regular settlement | 4,390,582 | 329,377 | 5,629,242 | 5,239,464 | ||||||||||||
Shares redeemed | 465,185 | — | 4,263,170 | 5,337,186 | ||||||||||||
Accrued expenses: | ||||||||||||||||
Custodian fees | 230,649 | 185,137 | 412,664 | 173,302 | ||||||||||||
Directors/Trustees fees | 46,678 | 645 | 92,312 | 323,308 | ||||||||||||
Management fees | 344,600 | 17,779 | 759,733 | 672,192 | ||||||||||||
12b-1 distribution and service fees | 19,460 | 136 | 114,575 | 33,945 | ||||||||||||
Other | 177,125 | 19,962 | 472,673 | 675,973 | ||||||||||||
Total liabilities | 9,724,176 | 585,969 | 14,831,347 | 12,455,463 | ||||||||||||
Net assets | $ | 506,020,974 | $ | 39,496,061 | $ | 1,205,559,039 | $ | 1,051,039,178 | ||||||||
Class A Shares | ||||||||||||||||
Net assets | $ | 47,824,450 | $ | 482,223 | $ | 154,979,070 | $ | 131,155,443 | ||||||||
Shares outstanding | 4,640,261 | 28,206 | 7,679,462 | 9,402,891 | ||||||||||||
Net asset value (“NAV”) per share | $ | 10.31 | $ | 17.10 | $ | 20.18 | $ | 13.95 | ||||||||
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price) | $ | 10.94 | $ | 18.14 | $ | 21.41 | $ | 14.80 | ||||||||
Class C Shares | ||||||||||||||||
Net assets | $ | 10,462,575 | $ | 47,130 | $ | 91,024,400 | $ | 6,377,228 | ||||||||
Shares outstanding | 1,032,672 | 2,758 | 4,508,321 | 478,280 | ||||||||||||
NAV and offering price per share | $ | 10.13 | $ | 17.09 | $ | 20.19 | $ | 13.33 | ||||||||
Class R6 Shares | ||||||||||||||||
Net assets | $ | 76,160,699 | $ | 37,200,053 | $ | 161,185,211 | $ | 313,047,110 | ||||||||
Shares outstanding | 7,402,873 | 2,175,955 | 7,938,345 | 21,550,199 | ||||||||||||
NAV and offering price per share | $ | 10.29 | $ | 17.10 | $ | 20.30 | $ | 14.53 | ||||||||
Class I Shares | ||||||||||||||||
Net assets | $ | 371,573,250 | $ | 1,766,655 | $ | 798,370,358 | $ | 600,459,397 | ||||||||
Shares outstanding | 36,212,171 | 103,397 | 39,562,398 | 42,020,349 | ||||||||||||
NAV and offering price per share | $ | 10.26 | $ | 17.09 | $ | 20.18 | $ | 14.29 | ||||||||
Fund level net assets consist of: | ||||||||||||||||
Capital paid-in | $ | 451,427,133 | $ | 42,884,130 | $ | 1,520,358,199 | $ | 859,693,254 | ||||||||
Total distributable earnings (loss) | 54,593,841 | (3,388,069 | ) | (314,799,160 | ) | 191,345,924 | ||||||||||
Fund level net assets | $ | 506,020,974 | $ | 39,496,061 | $ | 1,205,559,039 | $ | 1,051,039,178 | ||||||||
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 $3,867,917, $19,680, $2,682,049 and $—, respectively. |
| (2) | Cash pledged to collateralize the net payment obligations for investments in derivatives. |
See accompanying notes to financial statements.
58
Year Ended December 31, 2022
| Global Infrastructure | Global Real Estate Securities | Real Asset Income | Real Estate Securities | |||||||||||||
Investment Income | ||||||||||||||||
Dividends | $ | 14,851,049 | $ | 1,420,693 | $ | 52,928,872 | $ | 37,304,544 | ||||||||
Interest | 70,909 | 3,261 | 23,115,230 | 133,658 | ||||||||||||
Foreign tax withheld on dividend income | (1,225,935 | ) | (57,661 | ) | (2,510,800 | ) | (32,313 | ) | ||||||||
Foreign tax withheld from interest income | — | — | (6,409 | ) | — | |||||||||||
Securities lending income, net | 697 | 608 | 123,619 | — | ||||||||||||
Other income | 126,130 | 8,495 | 210,178 | 339,424 | ||||||||||||
Total investment income | 13,822,850 | 1,375,396 | 73,860,690 | 37,745,313 | ||||||||||||
Expenses | ||||||||||||||||
Management fees | 5,241,325 | 442,972 | 10,034,243 | 13,132,691 | ||||||||||||
12b-1 service fees – Class A Shares | 125,008 | 816 | 443,261 | 410,658 | ||||||||||||
12b-1 distribution and service fees – Class C Shares | 126,978 | 451 | 1,133,247 | 88,629 | ||||||||||||
Shareholder servicing agent fees | 382,959 | 3,822 | 1,190,350 | 1,458,315 | ||||||||||||
Interest expense | 3,566 | 380 | 8,286 | 13,008 | ||||||||||||
Custodian fees | 336,494 | 182,360 | 618,940 | 243,083 | ||||||||||||
Directors/Trustees fees | 19,597 | 1,584 | 47,130 | 48,916 | ||||||||||||
Professional fees | 148,002 | 106,446 | 164,032 | 192,978 | ||||||||||||
Shareholder reporting expenses | 54,064 | 42,891 | 448,858 | 214,439 | ||||||||||||
Federal and state registration fees | 79,295 | 88,984 | 94,236 | 86,553 | ||||||||||||
Other | 13,892 | 9,066 | 23,188 | 24,832 | ||||||||||||
Total expenses before fee waiver/expense reimbursement | 6,531,180 | 879,772 | 14,205,771 | 15,914,102 | ||||||||||||
Fee waiver/expense reimbursement | (702,014 | ) | (413,813 | ) | (237,212 | ) | (1,183,903 | ) | ||||||||
Net expenses | 5,829,166 | 465,959 | 13,968,559 | 14,730,199 | ||||||||||||
Net investment income (loss) | 7,993,684 | 909,437 | 59,892,131 | 23,015,114 | ||||||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments and foreign currency* | 6,599,616 | (2,330,271 | ) | (36,589,439 | ) | 138,032,500 | ||||||||||
Futures contracts | — | — | 5,619,001 | — | ||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments and foreign currency** | (55,254,082 | ) | (13,976,226 | ) | (207,968,922 | ) | (626,710,873 | ) | ||||||||
Futures contracts | — | — | 655,805 | — | ||||||||||||
Net realized and unrealized gain (loss) | (48,654,466 | ) | (16,306,497 | ) | (238,283,555 | ) | (488,678,373 | ) | ||||||||
Net increase (decrease) in net assets from operations | $ | (40,660,782) | $ | (15,397,060) | $ | (178,391,424) | $ | (465,663,259) | ||||||||
* Net of foreign capital gains tax | $ | 2,986 | $ | — | $ | — | $ | — | ||||||||
** Net of change in foreign capital gains tax | $ | (54,737) | $ | — | $ | — | $ | — | ||||||||
See accompanying notes to financial statements.
59
Statement of Changes in Net Assets
| Global Infrastructure | Global Real Estate Securities | |||||||||||||||||||
| Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/22 | Year Ended 12/31/21 | |||||||||||||||||
Operations | ||||||||||||||||||||
Net investment income (loss) | $ | 7,993,684 | $ | 12,165,386 | $ | 909,437 | $ | 1,624,255 | ||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investments and foreign currency | 6,599,616 | 53,984,584 | (2,330,271 | ) | 8,958,997 | |||||||||||||||
Futures contracts | — | — | — | — | ||||||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Investments and foreign currency | (55,254,082 | ) | 23,332,023 | (13,976,226 | ) | 6,617,646 | ||||||||||||||
Futures contracts | — | — | — | — | ||||||||||||||||
Net increase (decrease) in net assets from operations | (40,660,782 | ) | 89,481,993 | (15,397,060 | ) | 17,200,898 | ||||||||||||||
Distributions to Shareholders | ||||||||||||||||||||
Dividends: | ||||||||||||||||||||
Class A Shares | (2,836,621 | ) | (3,604,891 | ) | (18,609 | ) | (87,511 | ) | ||||||||||||
Class C Shares | (557,634 | ) | (1,026,320 | ) | (1,733 | ) | (6,190 | ) | ||||||||||||
Class R3 Shares(1) | — | — | — | — | ||||||||||||||||
Class R6 Shares | (4,822,019 | ) | (9,653,975 | ) | (1,841,864 | ) | (9,023,460 | ) | ||||||||||||
Class I Shares | (23,601,452 | ) | (34,268,367 | ) | (81,795 | ) | (247,608 | ) | ||||||||||||
Return of Capital: | ||||||||||||||||||||
Class A Shares | — | — | (2,406 | ) | — | |||||||||||||||
Class C Shares | — | — | (329 | ) | — | |||||||||||||||
Class R6 Shares | — | — | (328,590 | ) | — | |||||||||||||||
Class I Shares | — | — | (13,330 | ) | — | |||||||||||||||
Decrease in net assets from distributions to shareholders | (31,817,726 | ) | (48,553,553 | ) | (2,288,656 | ) | (9,364,769 | ) | ||||||||||||
Fund Share Transactions | ||||||||||||||||||||
Proceeds from sale of shares | 140,015,164 | 139,586,370 | 21,088,272 | 5,225,331 | ||||||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 22,768,154 | 34,833,077 | 152,307 | 5,469,725 | ||||||||||||||||
| 162,783,318 | 174,419,447 | 21,240,579 | 10,695,056 | |||||||||||||||||
Cost of shares redeemed | (257,144,025 | ) | (152,166,790 | ) | (40,041,645 | ) | (1,279,466 | ) | ||||||||||||
Net increase (decrease) in net assets from Fund share transactions | (94,360,707 | ) | 22,252,657 | (18,801,066 | ) | 9,415,590 | ||||||||||||||
Net increase (decrease) in net assets | (166,839,215 | ) | 63,181,097 | (36,486,782 | ) | 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 | $ | 506,020,974 | $ | 672,860,189 | $ | 39,496,061 | $ | 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.
60
| Real Asset Income | Real Estate Securities | |||||||||||||||||||
| Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/22 | Year Ended 12/31/21 | |||||||||||||||||
Operations | ||||||||||||||||||||
Net investment income (loss) | $ | 59,892,131 | $ | 70,025,361 | $ | 23,015,114 | $ | 30,832,461 | ||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investments and foreign currency | (36,589,439 | ) | 103,371,771 | 138,032,500 | 479,706,321 | |||||||||||||||
Futures contracts | 5,619,001 | 1,191,894 | — | — | ||||||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Investments and foreign currency | (207,968,922 | ) | (2,707,306 | ) | (626,710,873 | ) | 326,569,885 | |||||||||||||
Futures contracts | 655,805 | (443,972 | ) | — | — | |||||||||||||||
Net increase (decrease) in net assets from operations | (178,391,424 | ) | 171,437,748 | (465,663,259 | ) | 837,108,667 | ||||||||||||||
Distributions to Shareholders | ||||||||||||||||||||
Dividends: | ||||||||||||||||||||
Class A Shares | (7,399,982 | ) | (9,878,535 | ) | (24,430,891 | ) | (28,095,425 | ) | ||||||||||||
Class C Shares | (3,832,003 | ) | (6,508,088 | ) | (1,201,614 | ) | (1,640,115 | ) | ||||||||||||
Class R3 Shares(1) | — | — | — | (47,135 | ) | |||||||||||||||
Class R6 Shares | (8,886,496 | ) | (13,725,185 | ) | (57,910,284 | ) | (76,509,938 | ) | ||||||||||||
Class I Shares | (39,732,630 | ) | (54,358,576 | ) | (120,957,743 | ) | (210,357,965 | ) | ||||||||||||
Return of Capital: | ||||||||||||||||||||
Class A Shares | (1,110,633 | ) | — | — | — | |||||||||||||||
Class C Shares | (707,162 | ) | — | — | — | |||||||||||||||
Class R6 Shares | (1,234,763 | ) | — | — | — | |||||||||||||||
Class I Shares | (5,620,661 | ) | — | — | — | |||||||||||||||
Decrease in net assets from distributions to shareholders | (68,524,330 | ) | (84,470,384 | ) | (204,500,532 | ) | (316,650,578 | ) | ||||||||||||
Fund Share Transactions | ||||||||||||||||||||
Proceeds from sale of shares | 318,192,012 | 298,889,134 | 291,469,050 | 574,976,310 | ||||||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 64,848,302 | 79,542,852 | 163,101,644 | 257,002,859 | ||||||||||||||||
| 383,040,314 | 378,431,986 | 454,570,694 | 831,979,169 | |||||||||||||||||
Cost of shares redeemed | (487,282,523 | ) | (517,543,363 | ) | (985,960,191 | ) | (1,345,479,459 | ) | ||||||||||||
Net increase (decrease) in net assets from Fund share transactions | (104,242,209 | ) | (139,111,377 | ) | (531,389,497 | ) | (513,500,290 | ) | ||||||||||||
Net increase (decrease) in net assets | (351,157,963 | ) | (52,144,013 | ) | (1,201,553,288 | ) | 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 | $ | 1,205,559,039 | $ | 1,556,717,002 | $ | 1,051,039,178 | $ | 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.
61
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 | $ | 11.69 | $ | 0.13 | $ | (0.88 | ) | $ | (0.75 | ) | $ | (0.25 | ) | $ | (0.38 | ) | $ | — | $ | (0.63 | ) | $ | 10.31 | |||||||||||||||||
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 | |||||||||||||||||||||||||
Class C (11/08) |
| |||||||||||||||||||||||||||||||||||||||
2022 | 11.50 | 0.04 | (0.87 | ) | (0.83 | ) | (0.16 | ) | (0.38 | ) | — | (0.54 | ) | 10.13 | ||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Class R6 (6/16) | ||||||||||||||||||||||||||||||||||||||||
2022 | 11.68 | 0.16 | �� | (0.89 | ) | (0.73 | ) | (0.28 | ) | (0.38 | ) | — | $ | (0.66 | ) | 10.29 | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Class I (12/07) |
| |||||||||||||||||||||||||||||||||||||||
2022 | 11.65 | 0.16 | (0.90 | ) | (0.74 | ) | (0.27 | ) | (0.38 | ) | — | $ | (0.65 | ) | 10.26 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
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)(d) | Expenses | Net Investment Income (Loss)(d) | Portfolio Turnover Rate(e) | ||||||||||||||||||||||||||||
| (6.28 | )% | $ | 47,824 | 1.34 | % | 1.06 | % | 1.22 | % | 1.18 | % | 121 | % | |||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| (7.04 | ) | 10,463 | 2.09 | 0.28 | 1.97 | 0.40 | 121 | |||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| (6.06 | ) | 76,161 | 1.02 | 1.33 | 0.90 | 1.45 | 121 | |||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| (6.15 | ) | 371,573 | 1.09 | 1.28 | 0.97 | 1.40 | 121 | |||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||
| (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) | Includes voluntary compensation from the Adviser as further described in the Management Fees and Other Transactions with Affiliates Note in the Notes to the Financial Statements. |
| (e) | 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. |
See accompanying notes to financial statements.
63
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 | Return of Capital | Total | Ending NAV | |||||||||||||||||||||||||||||||
Class A (03/18) |
| |||||||||||||||||||||||||||||||||||||||
2022 | $ | 24.08 | $ | 0.37 | $ | (6.42 | ) | $ | (6.05 | ) | $ | (0.47 | ) | $ | (0.32 | ) | $ | (0.14 | ) | $ | (0.93 | ) | $ | 17.10 | ||||||||||||||||
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(f) | 20.00 | 0.32 | (0.54 | ) | (0.22 | ) | (0.53 | ) | (0.18 | ) | — | (0.71 | ) | 19.07 | ||||||||||||||||||||||||||
Class C (03/18) |
| |||||||||||||||||||||||||||||||||||||||
2022 | 24.06 | 0.21 | (6.40 | ) | (6.19 | ) | (0.32 | ) | (0.32 | ) | (0.14 | ) | (0.78 | ) | 17.09 | |||||||||||||||||||||||||
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(f) | 20.00 | 0.20 | (0.55 | ) | (0.35 | ) | (0.41 | ) | (0.18 | ) | — | (0.59 | ) | 19.06 | ||||||||||||||||||||||||||
Class R6 (03/18) | ||||||||||||||||||||||||||||||||||||||||
2022 | 24.09 | 0.37 | (6.36 | ) | (5.99 | ) | (0.54 | ) | (0.32 | ) | (0.14 | ) | (1.00 | ) | 17.10 | |||||||||||||||||||||||||
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(f) | 20.00 | 0.37 | (0.55 | ) | (0.18 | ) | (0.57 | ) | (0.18 | ) | — | (0.75 | ) | 19.07 | ||||||||||||||||||||||||||
Class I (03/18) |
| |||||||||||||||||||||||||||||||||||||||
2022 | 24.07 | 0.39 | (6.39 | ) | (6.00 | ) | (0.52 | ) | (0.32 | ) | (0.14 | ) | (0.98 | ) | 17.09 | |||||||||||||||||||||||||
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(f) | 20.00 | 0.36 | (0.54 | ) | (0.18 | ) | (0.57 | ) | (0.18 | ) | — | (0.75 | ) | 19.07 | ||||||||||||||||||||||||||
64
| 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)(d) | Expenses | Net Investment | Portfolio Turnover Rate(e) | ||||||||||||||||||||||||||||
| (25.09 | )% | $ | 482 | 2.14 | % | 1.05 | % | 1.30 | % | 1.90 | % | 102 | % | |||||||||||||||||||||
| 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 | |||||||||||||||||||||||
| (25.66 | ) | 47 | 2.89 | 0.22 | 2.05 | 1.07 | 102 | |||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||
| (24.84 | ) | 37,200 | 1.79 | 1.01 | 0.95 | 1.86 | 102 | |||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||
| (24.90 | ) | 1,767 | 1.89 | 1.09 | 1.05 | 1.94 | 102 | |||||||||||||||||||||||||||
| 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) | Includes voluntary compensation from the Adviser as further described in the Management Fees and Other Transactions with Affiliates Note in the Notes to the Financial Statements. |
| (e) | 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. |
| (f) | For the period March 20, 2018 (commencement of operations) though December 31, 2018. |
| * | Annualized. |
See accompanying notes to financial statements.
65
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 | $ | 24.07 | $ | 0.91 | $ | (3.75 | ) | $ | (2.84 | ) | $ | (0.91 | ) | $ | — | $ | (0.14 | ) | $ | (1.05 | ) | $ | 20.18 | |||||||||||||||||
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 | ||||||||||||||||||||||||||
Class C (9/11) |
| |||||||||||||||||||||||||||||||||||||||
2022 | 24.07 | 0.74 | (3.74 | ) | (3.00 | ) | (0.74 | ) | — | (0.14 | ) | (0.88 | ) | 20.19 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Class R6 (6/16) | ||||||||||||||||||||||||||||||||||||||||
2022 | 24.21 | 0.98 | (3.77 | ) | (2.79 | ) | (0.98 | ) | — | (0.14 | ) | (1.12 | ) | 20.30 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Class I (9/11) |
| |||||||||||||||||||||||||||||||||||||||
2022 | 24.07 | 0.97 | (3.76 | ) | (2.79 | ) | (0.96 | ) | — | (0.14 | ) | (1.10 | ) | 20.18 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
66
| 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)(d) | Expenses | Net Investment Income (Loss)(d) | Portfolio Turnover Rate(e) | ||||||||||||||||||||||||||||
| (12.00 | )% | $ | 154,979 | 1.17 | % | 4.16 | % | 1.16 | % | 4.18 | % | 73 | % | |||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| (12.64 | ) | 91,024 | 1.92 | 3.38 | 1.91 | 3.40 | 73 | |||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| (11.72 | ) | 161,185 | 0.82 | 4.43 | 0.81 | 4.45 | 73 | |||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| (11.77 | ) | 798,370 | 0.92 | 4.41 | 0.91 | 4.43 | 73 | |||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||
| (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) | Includes voluntary compensation from the Adviser as further described in the Management Fees and Other Transactions with Affiliates Note in the Notes to the Financial Statements. |
| (e) | 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. |
See accompanying notes to financial statements.
67
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 | $ | 22.36 | $ | 0.25 | $ | (5.82 | ) | $ | (5.57 | ) | $ | (0.74 | ) | $ | (2.10 | ) | $ | (2.84 | ) | $ | 13.95 | |||||||||||||||
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 | |||||||||||||||||||||||
Class C (2/00) |
| |||||||||||||||||||||||||||||||||||
2022 | 21.51 | 0.09 | (5.58 | ) | (5.49 | ) | (0.59 | ) | (2.10 | ) | (2.69 | ) | 13.33 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
Class R6 (4/13) |
| |||||||||||||||||||||||||||||||||||
2022 | 23.15 | 0.33 | (6.03 | ) | (5.70 | ) | (0.82 | ) | (2.10 | ) | (2.92 | ) | 14.53 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
Class I (6/95) |
| |||||||||||||||||||||||||||||||||||
2022 | 22.83 | 0.28 | (5.93 | ) | (5.65 | ) | (0.79 | ) | (2.10 | ) | (2.89 | ) | 14.29 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
68
| 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)(d) | Expenses | Net Investment Income (Loss)(d) | Portfolio Turnover Rate(e) | ||||||||||||||||||||||||||||
| (24.87 | )% | $ | 131,155 | 1.30 | % | 1.26 | % | 1.22 | % | 1.34 | % | 78 | % | |||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| (25.45 | ) | 6,377 | 2.05 | 0.48 | 1.97 | 0.56 | 78 | |||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| (24.59 | ) | 313,047 | 0.93 | 1.62 | 0.85 | 1.70 | 78 | |||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| (24.70 | ) | 600,459 | 1.05 | 1.40 | 0.97 | 1.48 | 78 | |||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||
| (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) | Includes voluntary compensation from the Adviser as further described in the Management Fees and Other Transactions with Affiliates Note in the Notes to the Financial Statements. |
| (e) | 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. |
See accompanying notes to financial statements.
69
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 December 31, 2022, and the period covered by these Notes to Financial Statements is the fiscal year ended December 31, 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.
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.
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. For the current fiscal period, dividend income, net
70
realized gain (loss) and unrealized appreciation (depreciation) recognized on the Statement of Operations reflect the amounts of ordinary income, capital gain, and/or return of capital as reported by the issuers of such securities as of the current calendar year end.
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 | $ | 44,324,417 | 8.8 | % | ||||
Australia | 43,661,335 | 8.6 | ||||||
Spain | 39,611,536 | 7.8 | ||||||
France | 30,070,027 | 5.9 | ||||||
Japan | 17,270,484 | 3.4 | ||||||
New Zealand | 15,795,670 | 3.1 | ||||||
Italy | 15,007,897 | 3.0 | ||||||
Mexico | 13,442,401 | 2.7 | ||||||
United Kingdom | 9,063,531 | 1.8 | ||||||
Other | 34,846,495 | 6.9 | ||||||
| Total non-U.S securities | $ | 263,093,793 | 52.0 | % | ||||
| Global Real Estate Securities | ||||||||
| Country: | ||||||||
Japan | $ | 3,954,273 | 10.0 | % | ||||
Hong Kong | 1,991,095 | 5.0 | ||||||
Canada | 1,710,067 | 4.3 | ||||||
United Kingdom | 1,482,249 | 3.8 | ||||||
Australia | 1,269,293 | 3.2 | ||||||
Singapore | 879,061 | 2.2 | ||||||
Spain | 738,231 | 1.9 | ||||||
Belgium | 504,332 | 1.3 | ||||||
Germany | 489,854 | 1.2 | ||||||
Other | 1,543,830 | 4.0 | ||||||
| Total non-U.S securities | $ | 14,562,285 | 36.9 | % | ||||
| Real Asset Income | ||||||||
| Country: | ||||||||
Canada | $ | 148,800,138 | 12.3 | % | ||||
Australia | 50,893,634 | 4.2 | ||||||
United Kingdom | 41,673,019 | 3.5 | ||||||
Hong Kong | 34,867,146 | 2.9 | ||||||
Singapore | 34,130,293 | 2.8 | ||||||
Italy | 19,517,570 | 1.6 | ||||||
Spain | 18,666,345 | 1.5 | ||||||
Mexico | 13,387,512 | 1.1 | ||||||
Japan | 10,989,148 | 0.9 | ||||||
Other | 91,024,616 | 7.7 | ||||||
| Total non-U.S securities | $ | 463,949,421 | 38.5 | % | ||||
71
Notes to Financial Statements (continued)
Foreign Taxes
The Funds may be subject to foreign taxes on income, gains, on investments or foreign currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest.
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. With respect to certain counterparties, in accordance with the terms of the netting agreements, collateral posted to the Funds is held in a segregated account by the Funds’ custodian and/or with respect to those amounts which can be sold or repledged, are presented in the Funds’ Portfolio of Investments or Statements of Assets and Liabilities.
The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 4 – Portfolio Securities and Investments in Derivatives.
New Accounting Pronouncements and Rule Issuances
Reference Rate Reform
In March 2020, FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates, when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Financial Conduct Authority (FCA). The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. In December 2022, FASB deferred ASU 2022-04 and issued ASU 2022-06, Reference Rate Reform: Deferral of the Sunset Date of Topic 848, which extends the application of the amendments through December 31, 2024. Management has not yet elected to apply the amendments, is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds’ investments and has currently determined that it is unlikely the ASU’s adoption will have a significant impact on the Funds’ financial statements and various filings.
72
New Rules to Modernize Fund Valuation Framework Take Effect
A new rule adopted by the Securities and Exchange Commission (the “SEC”) governing fund valuation practices, Rule 2a-5 under the 1940 Act, has established requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of Section 2(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotations are not readily available. Separately, new SEC Rule 31a-4 under the 1940 Act sets forth the recordkeeping requirements associated with fair value determinations. The Funds adopted a valuation policy conforming to the new rules, effective September 1, 2022, and there was no material impact to the Funds.
FASB issues ASU 2022-03-Fair Value Measurement (Topic 820), Fair Value Measurement of Equity Securities to Contractual Sale Restrictions (“ASU 2022-03”)
In June 2022, the FASB issued ASU 2022-03 to clarify the guidance in Topic 820, Fair Value Measurement (“Topic 820”). The amendments in ASU 2022-03 affect all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. ASU 2022-03 (1) clarifies the guidance in Topic 820, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, (2) amends a related illustrative example, and (3) introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. For public business entities, the amendments in ASU 2022-03 are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. 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 Adviser, subject to oversight of 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 last reported sales price or official closing price 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 reported sales price or official closing price on the principal exchange where traded, and converted to U.S. dollars at the prevailing rates of exchange on the valuation date. 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 Adviser, subject to the oversight of the Board. To the extent these securities are actively traded and no valuation adjustments are applied, they are generally classified as Level 1. When valuation adjustments are applied to the most recent last sales price or official closing price, these securities are generally classified as Level 2.
Prices of fixed-income securities are generally provided by pricing services approved by the Adviser, which is subject to review by the Adviser and oversight of the Board. Pricing services establish 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, pricing services may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.
Prices of certain American Depositary Receipts (“ADR”) held by the Funds that trade in the United States are valued based on the last traded price, official closing price, or an evaluated price provided by the independent pricing service and are generally classified as Level 1 or 2.
Investments in investment companies are valued at their respective NAVs or share price 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.
73
Notes to Financial Statements (continued)
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.
For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the valuations derived using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in good faith using alternative procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair value of a security is 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; 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 | $ | 258,084,708 | $ | 202,133,814 | $ | — | $ | 460,218,522 | ||||||||
Real Estate Investment Trust Common Stocks | 28,812,840 | 1,206,551 | — | 30,019,391 | ||||||||||||
Investment Companies | 1,397,548 | — | — | 1,397,548 | ||||||||||||
| Investments Purchased with Collateral from Securities Lending | 3,995,160 | — | — | 3,995,160 | ||||||||||||
| Short-Term Investments: | ||||||||||||||||
Repurchase Agreements | �� | — | 12,261,764 | — | 12,261,764 | |||||||||||
| Total | $ | 292,290,256 | $ | 215,602,129 | $ | — | $ | 507,892,385 | ||||||||
| Global Real Estate Securities | ||||||||||||||||
| Long-Term Investments*: | ||||||||||||||||
Real Estate Investment Trust Common Stocks | $ | 25,762,155 | $ | 6,910,665 | $ | — | $ | 32,672,820 | ||||||||
Common Stocks | 720,655 | 5,152,141 | — | 5,872,796 | ||||||||||||
| Investments Purchased with Collateral from Securities Lending | 20,072 | — | — | 20,072 | ||||||||||||
| Short-Term Investments: | ||||||||||||||||
Repurchase Agreements | — | 877,850 | — | 877,850 | ||||||||||||
| Total | $ | 26,502,882 | $ | 12,940,656 | $ | — | $ | 39,443,538 | ||||||||
| Real Asset Income | ||||||||||||||||
| Long-Term Investments*: | ||||||||||||||||
Corporate Bonds | $ | — | $ | 286,039,035 | $ | — | $ | 286,039,035 | ||||||||
Common Stocks | 169,235,429 | 108,635,441 | — | 277,870,870 | ||||||||||||
Real Estate Investment Trust Common Stocks | 171,033,788 | 88,935,684 | — | 259,969,472 | ||||||||||||
$25 Par (or similar) Retail Preferred | 152,837,625 | 1,614,108 | — | 154,451,733 | ||||||||||||
$1,000 Par (or similar) Institutional Preferred | — | 116,926,228 | — | 116,926,228 | ||||||||||||
Convertible Preferred Securities | 39,022,703 | 3,177,370 | — | 42,200,073 | ||||||||||||
Investment Companies | 4,122,783 | — | — | 4,122,783 | ||||||||||||
Asset-Backed and Mortgage-Backed Securities | — | 3,912,829 | — | 3,912,829 | ||||||||||||
Variable Rate Senior Loan Interests | — | 1,880,481 | — | 1,880,481 | ||||||||||||
| Investments Purchased with Collateral from Securities Lending | 2,821,499 | — | — | 2,821,499 | ||||||||||||
| Short-Term Investments: | ||||||||||||||||
Repurchase Agreements | — | 49,011,713 | — | 49,011,713 | ||||||||||||
| Investments in Derivatives: | ||||||||||||||||
Futures Contracts** | 279,468 | — | — | 279,468 | ||||||||||||
| Total | $ | 539,353,295 | $ | 660,132,889 | $ | — | $ | 1,199,486,184 | ||||||||
| Real Estate Securities | ||||||||||||||||
| Long-Term Investments*: | ||||||||||||||||
Real Estate Investment Trust Common Stocks | $ | 1,004,481,664 | $ | — | $ | — | $ | 1,004,481,664 | ||||||||
Common Stocks | 6,568,064 | — | — | 6,568,064 | ||||||||||||
| Short-Term Investments: | ||||||||||||||||
Repurchase Agreements | — | 27,546,831 | — | 27,546,831 | ||||||||||||
| Total | $ | 1,011,049,728 | $ | 27,546,831 | $ | — | $ | 1,038,596,559 | ||||||||
| * | Refer to the Fund’s Portfolio of Investments for industry and country classifications, where applicable. |
| ** | Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments. |
74
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 | $ | 12,261,764 | $ | (12,507,066 | ) | ||||
| Global Real Estate Securities | Fixed Income Clearing Corporation | 877,850 | (895,412 | ) | ||||||
| Real Asset Income | Fixed Income Clearing Corporation | 49,011,713 | (49,992,028 | ) | ||||||
| Real Estate Securities | Fixed Income Clearing Corporation | 27,546,831 | (28,097,814 | ) | ||||||
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.
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 | |||||||
| Global Infrastructure | Common Stocks | $ | 3,867,917 | $ | 3,995,160 | |||||
| Global Real Estate Securities | Common Stocks | $ | 19,680 | $ | 20,072 | |||||
| Real Asset Income | $25 Par (or similar) Retail Preferred | $ | 1,776,998 | $ | 1,868,714 | |||||
| Corporate Bonds | 905,051 | 952,785 | ||||||||
| $ | 2,682,049 | $ | 2,821,499 | |||||||
75
Notes to Financial Statements (continued)
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 Securities | Real Asset Income | Real Estate Securities | |||||||||||||
| Purchases | $ | 682,490,307 | $ | 49,309,204 | $ | 976,634,788 | $ | 1,162,779,440 | ||||||||
| Sales and maturities | 801,854,251 | 69,265,153 | 1,089,799,846 | 1,861,113,329 | ||||||||||||
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.
76
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* | $ | 30,867,958 | ||
| * | 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 | Receivable for variation margin on futures contracts* | $ | 279,468 | — | $ | — | |||||||
| * | 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 | $ | 5,619,001 | $ | 655,805 | ||||||
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.
77
Notes to Financial Statements (continued)
5. Fund Shares
Transactions in Fund shares during the current and prior fiscal period were as follows:
| Year Ended 12/31/22 | Year Ended 12/31/21 | |||||||||||||||
| Global Infrastructure | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold: | ||||||||||||||||
Class A | 687,679 | $ | 7,809,997 | 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 | 89,018 | 962,925 | 190,457 | 2,194,695 | ||||||||||||
Class R3(1) | — | — | 1,062 | 11,808 | ||||||||||||
Class R6 | 924,426 | 10,470,416 | 1,580,138 | 18,109,552 | ||||||||||||
Class I | 10,826,552 | 120,771,826 | 9,414,515 | 107,638,733 | ||||||||||||
| Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 266,618 | 2,733,959 | 301,757 | 3,485,937 | ||||||||||||
Class C | 51,432 | 514,448 | 84,048 | 954,809 | ||||||||||||
Class R3(1) | — | — | — | — | ||||||||||||
Class R6 | 315,262 | 3,236,403 | 631,908 | 7,301,462 | ||||||||||||
Class I | 1,594,162 | 16,283,344 | 2,004,767 | 23,090,869 | ||||||||||||
| 14,755,149 | 162,783,318 | 15,231,557 | 174,419,447 | |||||||||||||
| Shares redeemed: | ||||||||||||||||
Class A | (803,215 | ) | (8,944,911 | ) | (866,839 | ) | (10,011,506 | ) | ||||||||
Class C | (403,602 | ) | (4,435,143 | ) | (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 | (5,277,594 | ) | (59,964,306 | ) | (567,862 | ) | (6,668,327 | ) | ||||||||
Class I | (16,729,415 | ) | (183,799,665 | ) | (11,097,745 | ) | (127,756,404 | ) | ||||||||
| (23,213,826 | ) | (257,144,025 | ) | (13,231,805 | ) | (152,166,790 | ) | |||||||||
| Net increase (decrease) | (8,458,677 | ) | $ | (94,360,707 | ) | 1,999,752 | $ | 22,252,657 | ||||||||
| Year Ended 12/31/22 | Year Ended 12/31/21 | |||||||||||||||
| Global Real Estate Securities | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold: | ||||||||||||||||
Class A | 20,080 | $ | 396,487 | 40,263 | $ | 1,030,924 | ||||||||||
Class C | 1,491 | 33,875 | 1,115 | 28,009 | ||||||||||||
Class R6 | 901,441 | 20,205,235 | 96,242 | 2,373,854 | ||||||||||||
Class I | 22,159 | 452,675 | 79,741 | 1,792,544 | ||||||||||||
| Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 1,174 | 19,855 | 3,504 | 83,718 | ||||||||||||
Class C | 65 | 1,091 | 110 | 2,622 | ||||||||||||
Class R6 | 2,171 | 37,458 | 214,932 | 5,139,646 | ||||||||||||
Class I | 5,449 | 93,903 | 10,195 | 243,739 | ||||||||||||
| 954,030 | 21,240,579 | 446,102 | 10,695,056 | |||||||||||||
| Shares redeemed: | ||||||||||||||||
Class A | (3,602 | ) | (68,338 | ) | (34,949 | ) | (840,353 | ) | ||||||||
Class C | (1,009 | ) | (22,719 | ) | (264 | ) | (6,549 | ) | ||||||||
Class R6 | (1,782,623 | ) | (39,730,596 | ) | (5,793 | ) | (140,897 | ) | ||||||||
Class I | (11,071 | ) | (219,992 | ) | (11,921 | ) | (291,667 | ) | ||||||||
| (1,798,305 | ) | (40,041,645 | ) | (52,927 | ) | (1,279,466 | ) | |||||||||
| Net increase (decrease) | (844,275 | ) | $ | (18,801,066 | ) | 393,175 | $ | 9,415,590 | ||||||||
78
| Year Ended 12/31/22 | Year Ended 12/31/21 | |||||||||||||||
| Real Asset Income | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold: | ||||||||||||||||
Class A | 2,047,951 | $ | 44,996,303 | 1,792,702 | $ | 42,440,791 | ||||||||||
Class A – automatic conversion of Class C Shares | | 1,455 | | 30,867 | 9,393 | 219,399 | ||||||||||
Class C | 362,923 | 8,174,252 | 478,014 | 11,362,466 | ||||||||||||
Class R6 | 2,588,252 | 53,899,559 | 1,293,574 | 30,801,645 | ||||||||||||
Class I | 9,625,427 | 211,091,031 | 9,036,711 | 214,064,833 | ||||||||||||
| Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 374,710 | 8,090,088 | 399,311 | 9,482,178 | ||||||||||||
Class C | 200,487 | 4,340,748 | 260,539 | 6,183,058 | ||||||||||||
Class R6 | 452,383 | 9,894,071 | 570,135 | 13,609,600 | ||||||||||||
Class I | 1,969,751 | 42,523,395 | 2,118,947 | 50,268,016 | ||||||||||||
| 17,623,339 | 383,040,314 | 15,959,326 | 378,431,986 | |||||||||||||
| Shares redeemed: | ||||||||||||||||
Class A | (2,746,573 | ) | (59,043,855 | ) | (1,811,562 | ) | (42,836,654 | ) | ||||||||
Class C | (1,654,643 | ) | (35,771,002 | ) | (2,000,655 | ) | (47,153,673 | ) | ||||||||
Class C – automatic conversion to Class A Shares | (1,454 | ) | (30,867 | ) | (9,390 | ) | (219,399 | ) | ||||||||
Class R6 | (5,550,229 | ) | (121,190,763 | ) | (1,208,956 | ) | (29,290,159 | ) | ||||||||
Class I | (12,597,958 | ) | (271,246,036 | ) | (16,990,034 | ) | (398,043,478 | ) | ||||||||
| (22,550,857 | ) | (487,282,523 | ) | (22,020,597 | ) | (517,543,363 | ) | |||||||||
| Net increase (decrease) | (4,927,518 | ) | $ | (104,242,209 | ) | (6,061,271 | ) | $ | (139,111,377 | ) | ||||||
| Year Ended 12/31/22 | Year Ended 12/31/21 | |||||||||||||||
| Real Estate Securities | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold: | ||||||||||||||||
Class A | 1,435,406 | $ | 25,678,919 | 1,629,030 | $ | 34,500,446 | ||||||||||
Class A – automatic conversion of Class C Shares | 141 | 2,743 | 1,604 | 32,211 | ||||||||||||
Class A – automatic conversion of Class R3 Shares | — | — | 551,348 | 12,102,095 | ||||||||||||
Class C | 56,599 | 1,010,858 | 59,172 | 1,230,714 | ||||||||||||
Class R3(1) | — | — | 42,137 | 845,650 | ||||||||||||
Class R6 | 5,229,801 | 101,776,800 | 6,992,804 | 153,906,759 | ||||||||||||
Class I | 8,671,060 | 162,999,730 | 17,311,360 | 372,358,435 | ||||||||||||
| Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 1,460,698 | 21,730,363 | 1,163,771 | 25,038,845 | ||||||||||||
Class C | 75,099 | 1,063,941 | 71,822 | 1,484,443 | ||||||||||||
Class R3(1) | — | — | 2,323 | 46,381 | ||||||||||||
Class R6 | 3,253,845 | 50,470,437 | 3,027,403 | 67,437,483 | ||||||||||||
Class I | 5,870,713 | 89,836,903 | 7,426,676 | 162,995,707 | ||||||||||||
| 26,053,362 | 454,570,694 | 38,279,450 | 831,979,169 | |||||||||||||
| Shares redeemed: | ||||||||||||||||
Class A | (2,767,952 | ) | (49,944,459 | ) | (3,675,242 | ) | (75,060,181 | ) | ||||||||
Class C | (220,129 | ) | (3,906,441 | ) | (398,335 | ) | (7,690,571 | ) | ||||||||
Class C – automatic conversion to Class A Shares | (147 | ) | (2,743 | ) | (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 | (10,956,177 | ) | (216,987,402 | ) | (9,027,341 | ) | (202,987,795 | ) | ||||||||
Class I | (37,214,783 | ) | (715,119,146 | ) | (45,663,701 | ) | (1,044,147,935 | ) | ||||||||
| (51,159,188 | ) | (985,960,191 | ) | (59,475,415 | ) | (1,345,479,459 | ) | |||||||||
| Net increase (decrease) | (25,105,826 | ) | $ | (531,389,497 | ) | (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 and 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.
79
Notes to Financial Statements (continued)
Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing gains and losses on investment transactions. Temporary differences do not require reclassification. As of year end, permanent differences that resulted in reclassifications among the components of net assets relate primarily to bond premium amortization adjustments, complex securities character adjustments, distribution reallocations, foreign currency transactions, foreign taxes paid, investments in partnerships, investments in passive foreign investment companies, paydowns, return of capital and long-term capital gain distributions received from portfolio investments, tax equalization, and taxes paid. Temporary and permanent differences have no impact on a Fund’s net assets.
As of year end, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes were as follows:
| Fund | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | ||||||||||||
| Global Infrastructure | $ | 450,652,595 | $ | 82,597,655 | $ | (25,357,865 | ) | $ | 57,239,790 | |||||||
| Global Real Estate Securities | 41,517,092 | 3,183,118 | (5,256,672 | ) | (2,073,554 | ) | ||||||||||
| Real Asset Income | 1,290,209,436 | 50,856,016 | (141,579,268 | ) | (90,723,252 | ) | ||||||||||
| Real Estate Securities | 849,028,552 | 270,011,826 | (80,443,819 | ) | 189,568,007 | |||||||||||
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 year end, the components of accumulated earnings on a tax basis were as follows:
| Fund | Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Unrealized Appreciation (Depreciation) | Capital Loss Carryforwards | Late-Year Loss Deferrals | Other Book-to-Tax Differences | Total | |||||||||||||||||||||
| Global Infrastructure | $ | — | $ | — | $ | 57,225,618 | $ | — | $ | (2,535,076 | ) | $ | (96,701 | ) | $ | 54,593,841 | ||||||||||||
| Global Real Estate Securities | — | — | (2,073,361 | ) | (1,314,708 | ) | — | — | (3,388,069 | ) | ||||||||||||||||||
| Real Asset Income | — | — | (90,749,383 | ) | (223,968,678 | ) | — | (81,099 | ) | (314,799,160 | ) | |||||||||||||||||
| Real Estate Securities | — | 2,090,462 | 189,568,007 | — | — | (312,545 | ) | 191,345,924 | ||||||||||||||||||||
The tax character of distributions paid was as follows:
| 12/31/22 | 12/31/21 | |||||||||||||||||||||||
| Fund | Ordinary Income | Long-Term Capital Gains | Return of Capital | Ordinary Income | Long-Term Capital Gains | Return of Capital | ||||||||||||||||||
| Global Infrastructure | $ | 13,569,228 | $ | 18,248,498 | $ | — | $ | 33,796,309 | $ | 14,757,244 | $ | — | ||||||||||||
| Global Real Estate Securities | 1,218,702 | 725,299 | 344,655 | 7,778,836 | 1,585,933 | — | ||||||||||||||||||
| Real Asset Income | 59,851,111 | — | 8,673,219 | 84,470,384 | — | — | ||||||||||||||||||
| Real Estate Securities | 60,683,855 | 143,816,677 | — | 163,383,568 | 153,267,010 | — | ||||||||||||||||||
As of year end, the Funds had capital loss carryforwards, which will not expire:
| Fund | Short-Term | Long-Term | Total | |||||||||
| Global Infrastructure | $ | — | $ | — | $ | — | ||||||
| Global Real Estate Securities | 1,314,708 | — | 1,314,708 | |||||||||
| Real Asset Income | 157,656,459 | 66,312,219 | 223,968,678 | |||||||||
| 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.
80
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 | |||
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 December 31, 2022, the complex-level fee for each Fund was as follows: |
| Fund | Complex-Level Fee | |||
Global Infrastructure | 0.1705 | % | ||
Global Real Estate Securities | 0.1590 | % | ||
Real Asset Income | 0.1590 | % | ||
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 period 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 not be less than the expense limitation. The expense limitation expiring July 31, 2024, may be terminated or modified prior to that date only with the approval of the Board.
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Notes to Financial Statements (continued)
| 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
The Funds receives voluntary compensation from the Adviser in amounts that approximate the cost of research services obtained from broker-dealers and research providers if the Adviser had purchased the research services directly. This income received by the Funds, which is disclosed below, is recognized in “Other income” on the Statement of Operations.
| Global Infrastructure | Global Real Estate Securities | Real Asset Income | Real Estate Securities | |||||||||||||
| Other income | $ | 126,130 | $ | 8,495 | $ | 210,178 | $ | 339,424 | ||||||||
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 (Unaudited) | $ | 55,187 | $ | 13,623 | $ | 150,894 | $ | 32,723 | ||||||||
| Paid to financial intermediaries (Unaudited) | 49,167 | 11,903 | 138,227 | 28,725 | ||||||||||||
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 (Unaudited) | $ | 11,212 | $ | 250 | $ | 106,437 | $ | 8,300 | ||||||||
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 (Unaudited) | $ | 16,885 | $ | 332 | $ | 150,582 | $ | — | ||||||||
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 (Unaudited) | $ | 5,189 | $ | 219 | $ | 15,329 | $ | 615 | ||||||||
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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 | 93% | |||
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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(Unaudited)
As required by the Internal Revenue Code and Treasury Regulations, certain tax information, as detailed below, must be provided to shareholders. Shareholders are advised to consult their tax advisor with respect to the tax implications of their investment. The amounts listed below may differ from the actual amounts reported on Form 1099-DIV, which will be sent to shareholders shortly after calendar year end.
Long-Term Capital Gains
As of year end, each Fund designates the following distribution amounts, or maximum amount allowable, as being from Section 1250 gains and net long-term capital gains pursuant to Section 852(b)(3) of the Internal Revenue Code:
| Fund | Section 1250 Gains | Net Long-Term Capital Gains | ||||||
| Global Infrastructure | $ | — | $ | 18,248,498 | ||||
| Global Real Estate Securities | 28,266 | 697,033 | ||||||
| Real Asset Income | — | — | ||||||
| Real Estate Securities | 1,432,075 | 175,444,256 | ||||||
Dividends Received Deduction (DRD)
Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders:
| Fund | Percentage | |||
| Global Infrastructure | 30.7 | % | ||
| Global Real Estate Securities | 0.4 | |||
| Real Asset Income | 17.7 | |||
| Real Estate Securities | 0.4 | |||
Qualified Dividend Income (QDI)
Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions treated as qualified dividend income for individuals pursuant to Section 1(h)(11) of the Internal Revenue Code:
| Fund | Percentage | |||
| Global Infrastructure | 95.6 | % | ||
| Global Real Estate Securities | 31.4 | |||
| Real Asset Income | 52.9 | |||
| Real Estate Securities | 0.9 | |||
Qualified Interest Income (QII)
Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions treated as qualified interest income and/or short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code:
| Fund | 1/1 to Current Year End Percentage | |||
| Global Infrastructure | 0.4 | % | ||
| Global Real Estate Securities | 0.3 | |||
| Real Asset Income | 17.8 | |||
| Real Estate Securities | 0.3 | |||
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Qualified Business Income (QBI)
Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions treated as qualified business income for individuals pursuant to Section 199A of the Internal Revenue Code:
| Fund | Percentage | |||
| Global Infrastructure | 3.5 | % | ||
| Global Real Estate Securities | 30.8 | |||
| Real Asset Income | 15.8 | |||
| Real Estate Securities | 34.4 | |||
Foreign Source Income and Foreign Tax Credit Pass Through
Each Fund listed below has made an election under Section 853 of the Internal Revenue Code to pass through foreign taxes paid:
| Fund | Foreign Source Income | Foreign Source Income Per Share | Qualifying Foreign Taxes Paid | Qualifying Foreign Taxes Paid Per Share | ||||||||||||
| Global Infrastructure | $ | 10,555,442 | $ | 0.21416 | $ | 1,211,385 | $ | 0.02458 | ||||||||
| Global Real Estate Securities | — | — | — | — | ||||||||||||
| Real Asset Income | — | — | — | — | ||||||||||||
| Real Estate Securities | — | — | — | — | ||||||||||||
163(j)
Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary dividends treated as Section 163(j) interest dividends pursuant to Section 163(j) of the Internal Revenue Code:
| Fund | Percentage | |||
| Global Infrastructure | 0.3 | % | ||
| Global Real Estate Securities | 0.1 | |||
| Real Asset Income | 26.8 | |||
| Real Estate Securities | 0.1 | |||
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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 | |||||||
| ||||||||||||||
| 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. | ||||||||||||||
| ||||||||||||||
| 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. | ||||||||||||||
| ||||||||||||||
| 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. | ||||||||||||||
86
Glossary of Terms Used in this Report
(Unaudited)
19(a) Notice: Section 19(a) of the Investment Company Act of 1940 requires that the payment of any distribution which is made from a source other than the fund’s net income be accompanied by a written notice that discloses the estimated sources of such payment.
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.
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
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 U.S. 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.
87
Glossary of Terms Used in this Report (Unaudited) (continued)
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.
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% FTSE Nareit (Financial Times Stock Exchange National Association of Real Estate Investment Trusts) 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.
88
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 Directors/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.
89
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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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
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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
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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| • | 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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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
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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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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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
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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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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Directors/Trustees and Officers
(Unaudited)
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Directors/Trustees of the Funds. The number of Directors/Trustees of the Funds is currently set at ten. None of the Directors/Trustees who are not “interested” persons of the Funds (referred to herein as “Independent Directors/Trustees”) has ever been a Directors/Trustees or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the Directors/Trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.
The Funds’ Statement of Additional Information (“SAl”) includes more information about the Directors/Trustees. To request a free copy, call Nuveen Investments at (800) 257-8787 or visit the Funds’ website at www.nuveen.com.
| Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen By Directors/ | ||||
| Independent Directors/Trustees: | ||||||||
Terence J. Toth 1959 333 W. Wacker Drive Chicago, IL 60606 | Chair and Director/Trustee | 2008 | Formerly, a Co-Founding Partner, Promus Capital (investment advisory firm) (2008-2017); formerly, Director, Quality Control Corporation (manufacturing) (2012-2021); Chair of the Board of the Kehrein Center for the Arts (philanthropy) (since 2021); member: Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (philanthropy) (since 2012), and chair of its investment committee; formerly, Member, Chicago Fellowship Board (philanthropy) 2005-2016); formerly, Director, Fulcrum IT Services LLC (information technology services firm to government entities) (2010-2019); formerly, Director, LogicMark LLC (health services) (2012-2016); formerly, Director, Legal & General Investment Management America, Inc. (asset management) (2008-2013); formerly, CEO and President, Northern Trust Global Investments (financial services) (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (financial services) (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004). | 142 | ||||
Jack B. Evans 1948 333 W. Wacker Drive Chicago, IL 60606 | Director/Trustee | 1999 | Chairman (since 2019), formerly, President (1996-2019), The Hall-Perrine Foundation, (private philanthropic corporation); Life Trustee of Coe College; formerly, Member and President Pro-Tem of the Board of Regents for the State of Iowa University System (2007-2013); Director and Chairman (2009-2021), United Fire Group, a publicly held company; Director, Public Member, American Board of Orthopaedic Surgery (2015-2020); Director (2000-2004), Alliant Energy; Director (1996-2015), The Gazette Company (media and publishing); Director (1997-2003), Federal Reserve Bank of Chicago; President and Chief Operating Officer (1972-1995), SCI Financial Group, Inc., (regional financial services firm). | 142 | ||||
William C. Hunter 1948 333 W. Wacker Drive Chicago, lL 60606 | Director/Trustee | 2003 | Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director of Wellmark, Inc. (since 2009); past Director (2005-2015), and past President (2010-2014) Beta Gamma Sigma, Inc., The International Business Honor Society; formerly, Director (2004-2018) of Xerox Corporation; formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University. | 142 | ||||
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| Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen By Director/ | ||||
Amy B. R. Lancellotta 1959 333 W. Wacker Drive Chicago, IL 60606 | Director/Trustee | 2021 | Formerly, Managing Director, Independent Directors Council (I DC) (supports the fund independent director community and is part of the Investment Company Institute (ICI), which represents regulated investment companies) (2006-2019); formerly, various positions with ICI (1989-2006); Member of the Board of Directors, Jewish Coalition Against Domestic Abuse (JCADA) (since 2020). | 142 | ||||
Joanne T. Medero 1954 333 W. Wacker Drive Chicago, IL 60606 | Director/Trustee | 2021 | Formerly, Managing Director, Government Relations and Public Policy (2009-2020) and Senior Advisor to the Vice Chairman (2018-2020), BlackRock, Inc. (global investment management firm); formerly, Managing Director, Global Head of Government Relations and Public Policy, Barclays Group (IBIM) (investment banking, investment management and wealth management businesses) (2006-2009); formerly, Managing Director, Global General Counsel and Corporate Secretary, Barclays Global Investors (global investment management firm) (1996-2006); formerly, Partner, Orrick, Herrington & Sutcliffe LLP (law firm) (1993-1995); formerly, General Counsel, Commodity Futures Trading Commission (government agency overseeing U.S. derivatives markets) (1989-1993); formerly, Deputy Associate Director/Associate Director for Legal and Financial Affairs, Office of Presidential Personnel, The White House (1986-1989); Member of the Board of Directors, Baltic-American Freedom Foundation (seeks to provide opportunities for citizens of the Baltic states to gain education and professional development through exchanges in the U.S.) (since 2019). | 142 | ||||
Albin F. Moschner 1952 333 W. Wacker Drive Chicago, IL 60606 | Director/Trustee | 2016 | Founder and Chief Executive Officer, Northcroft Partners, LLC, (management consulting) (since 2012); formerly, Chairman (2019), and Director (2012-2019), USA Technologies, Inc., (provider of solutions and services to facilitate electronic payment transactions); formerly, Director, Wintrust Financial Corporation (1996-2016); previously, held positions at Leap Wireless International, Inc. (consumer wireless services), including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (telecommunication services) (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (internet technology provider) (1996-1997); formerly, various executive positions (1991-1996) including Chief Executive Officer (1995-1996) of Zenith Electronics Corporation (consumer electronics). | 142 | ||||
John K. Nelson 1962 333 W. Wacker Drive Chicago, IL 60606 | Director/Trustee | 2013 | Member of Board of Directors of Core12 LLC. (private firm which develops branding, marketing and communications strategies for clients) (since 2008); served The President’s Council of Fordham University (2010-2019) and previously a Director of the Curran Center for Catholic American Studies (2009-2018); formerly, senior external advisor to the Financial Services practice of Deloitte Consulting LLP. (2012-2014); former Chair of the Board of Trustees of Marian University (2010-2014 as trustee, 2011-2014 as Chair); formerly Chief Executive Officer of ABN AMRO Bank N.V., North America, and Global Head of the Financial Markets Division (2007-2008), with various executive leadership roles in ABN AMRO Bank N.V. between 1996 and 2007. | 142 |
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Directors/Trustees and Officers (Unaudited) (continued)
| Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen By Director/ | ||||
Matthew Thornton Ill 1958 333 W. Wacker Drive Chicago, IL 60606 | Director/Trustee | 2020 | Formerly, Executive Vice President and Chief Operating Officer (2018-2019), FedEx Freight Corporation, a subsidiary of FedEx Corporation (FedEx) (provider of transportation, e-commerce and business services through its portfolio of companies); formerly, Senior Vice President, U.S. Operations (2006-2018), Federal Express Corporation, a subsidiary of FedEx; formerly Member of the Board of Directors (2012-2018), Safe Kids Worldwide® (a non-profit organization dedicated to preventing childhood injuries). Member of the Board of Directors (since 2014), The Sherwin-Williams Company (develops, manufactures, distributes and sells paints, coatings and related products); Director (since 2020), Crown Castle International (provider of communications infrastructure). | 142 | ||||
Margaret L. Wolff 1955 333 W. Wacker Drive Chicago, IL 60606 | Director/Trustee | 2016 | Formerly, member of the Board of Directors (2013-2017) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions Group) (legal services) (2005-2014); Member of the Board of Trustees of New York-Presbyterian Hospital (since 2005); Member (since 2004), formerly, Chair (2015-2022) of the Board of Trustees of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College. | 142 | ||||
Robert L. Young 1963 333 W. Wacker Drive Chicago, IL 60606 | Director/Trustee | 2017 | Formerly, Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. (financial services) (2010-2016); formerly, President and Principal Executive Officer (2013-2016), and Senior Vice President and Chief Operating Officer (2005-2010), of J.P. Morgan Funds; formerly, Director and various officer positions for J.P. Morgan Investment Management Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One Group Administrative Services) and JPMorgan Distribution Services, Inc. (financial services) (formerly, One Group Dealer Services, Inc.) (1999-2017). | 142 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (2) | Principal Occupation(s) Including other Directorships During Past 5 Years | |||
| Officers of the Funds: | ||||||
Christopher E. Stickrod 1976 333 W. Wacker Drive Chicago, IL 60606 | Chief Administrative Officer | 2020 | Senior Managing Director (since 2017) and Head of Advisory Product (since 2020), formerly, Managing Director (2016-2017) of Nuveen; Senior Managing Director of Nuveen Securities, LLC (since 2018) and of Nuveen Fund Advisors, LLC (since 2019). | |||
Brett E. Black 1972 333 West Wacker Drive Chicago, IL 60606 | Vice President and Chief Compliance Officer | 2022 | Enterprise Senior Compliance Officer of Nuveen (since 2022); formerly, Vice President (2014-2022), Chief Compliance Officer (2017-2022), Deputy Chief Compliance Officer (2014-2017) of BMO Funds, Inc. | |||
Mark J. Czarniecki 1979 901 Marquette Avenue Minneapolis, MN 55402 | Vice President and Secretary | 2013 | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2016); Managing Director (since 2022), formerly, Vice President (2017-2022) and Assistant Secretary (since 2017) of Nuveen Fund Advisors, LLC; Managing Director and Associate General Counsel (since January 2022), formerly, Vice President and Associate General Counsel of Nuveen (2013-2021); Managing Director (since 2022), formerly, Vice President (2018-2022), Assistant Secretary and Associate General Counsel (since 2018) of Nuveen Asset Management, LLC. | |||
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Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (2) | Principal Occupation(s) Including other Directorships During Past 5 Years | |||
Diana R. Gonzalez 1978 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | Vice President and Assistant Secretary | 2017 | Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC (since 2017); Vice President, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC (since 2022); Vice President and Associate General Counsel of Nuveen (since 2017); Associate General Counsel of Jackson National Asset Management, LLC (2012-2017). | |||
Nathaniel T. Jones 1979 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Treasurer | 2016 | Senior Managing Director (since 2021), formerly, Managing Director (2017-2021), Senior Vice President (2016-2017), of Nuveen; Managing Director (since 2015) of Nuveen Fund Advisors, LLC; Chartered Financial Analyst. | |||
Tina M. Lazar 1961 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2002 | Managing Director (since 2017), formerly, Senior Vice President (2014-2017) of Nuveen Securities, LLC. | |||
Brian J. Lockhart 1974 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2019 | Managing Director (since 2019) of Nuveen Fund Advisors, LLC; Senior Managing Director (since 2021), formerly, Managing Director (2017-2021), Vice President (2010-2017) of Nuveen; Head of Investment Oversight (since 2017), formerly, Team Leader of Manager Oversight (2015-2017); Chartered Financial Analyst and Certified Financial Risk Manager. | |||
John M. McCann 1975 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | Vice President and Assistant Secretary | 2022 | Managing Director and Assistant Secretary of Nuveen Fund Advisors, LLC (since 2021); Managing Director, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC (since 2021); Managing Director (since 2021) and Assistant Secretary (since 2016) of TIAA SMA Strategies LLC; Managing Director (since 2019, formerly, Vice President and Director), Associate General Counsel and Assistant Secretary of College Retirement Equities Fund, TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds; Managing Director (since 2018), formerly, Vice President and Director, Associate General Counsel and Assistant Secretary of Teachers Insurance and Annuity Association of America, Teacher Advisors LLC and TIAA-CREF Investment Management, LLC; Vice President (since 2017), Associate General Counsel and Assistant Secretary (since 2011) of Nuveen Alternative Advisors LLC; General Counsel and Assistant Secretary of Covariance Capital Management, Inc. (2014-2017). | |||
Kevin J. McCarthy 1966 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2007 | Senior Managing Director (since 2017) and Secretary and General Counsel (since 2016) of Nuveen Investments, Inc., formerly, Executive Vice President (2016-2017); Senior Managing Director (since 2017) and Assistant Secretary (since 2008) of Nuveen Securities, LLC, formerly, Executive Vice President (2016-2017); Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Fund Advisors, LLC, formerly, Co-General Counsel (2011-2020), Executive Vice President (2016-2017); Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Asset Management, LLC, formerly, Associate General Counsel (2011-2020), Executive Vice President (2016-2017); formerly, Vice President (2007-2021) and Secretary (2016-2021) of NWQ Investment Management Company, LLC and Santa Barbara Asset Management, LLC; Vice President and Secretary of Winslow Capital Management, LLC (since 2010); Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Alternative Investments, LLC. | |||
Jon Scott Meissner 1973 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | Vice President and Assistant Secretary | 2019 | Managing Director of Mutual Fund Tax and Financial Reporting groups at Nuveen (since 2017); Managing Director of Nuveen Fund Advisors, LLC (since 2019); Senior Director of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC (since 2016); Senior Director (since 2015) Mutual Fund Taxation to the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and the CREF Accounts; has held various positions with TIAA since 2004. | |||
Deann D. Morgan 1969 730 Third Avenue New York, NY 10017 | Vice President | 2020 | President, Nuveen Fund Advisors, LLC (since 2020); Executive Vice President, Global Head of Product at Nuveen (since 2019); Co-Chief Executive Officer of Nuveen Securities, LLC (since 2020); Managing Member of MDR Collaboratory LLC (since 2018); Managing Director, Head of Wealth Management Product Structuring & COO Multi Asset Investing. The Blackstone Group (2013-2017). |
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Directors/Trustees and Officers (Unaudited) (continued)
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (2) | Principal Occupation(s) Including other Directorships During Past 5 Years | |||
William A Siffermann 1975 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2017 | Managing Director (since 2017), formerly Senior Vice President (2016-2017), of Nuveen. | |||
Trey S. Stenersen 1965 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | Vice President | 2022 | Senior Managing Director of Teacher Advisors LLC and TIAA-CREF Investment Management, LLC (since 2018); Senior Managing Director (since 2019) and Chief Risk Officer (since 2022), formerly Head of Investment Risk Management (2017- 2022) of Nuveen; Senior Managing Director (since 2018) of Nuveen Alternative Advisors LLC. | |||
E. Scott Wickerham 1973 730 Third Avenue New York, NY 10017 | Vice President and Controller | 2019 | Senior Managing Director, Head of Public Investment Finance at Nuveen (since 2019), formerly, Managing Director; Senior Managing Director (since 2019) of Nuveen Fund Advisors, LLC; Principal Financial Officer, Principal Accounting Officer and Treasurer (since 2017) of the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and Principal Financial Officer, Principal Accounting Officer (since 2020) and Treasurer (since 2017) of the CREF Accounts; has held various positions with TIAA since 2006. | |||
Mark L. Winget 1968 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2008 | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2008), and Nuveen Fund Advisors, LLC (since 2019); Vice President, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC (since 2020); Vice President (since 2010) and Associate General Counsel (since 2019), of Nuveen. | |||
Gifford R. Zimmerman 1956 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 1988 | Managing Director and Assistant Secretary of Nuveen Securities, LLC (since 2022); Managing Director, Assistant Secretary and General Counsel (since 2022), formerly, Co-General Counsel (2011-2020) of Nuveen Fund Advisors, LLC; formerly, Managing Director (2004-2020) and Assistant Secretary (1994-2020) of Nuveen Investments, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2022) of Nuveen Asset Management, LLC; Vice President and Assistant Secretary (since 2022) of Winslow Capital Management, LLC; formerly, Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (2002-2020) and Santa Barbara Asset Management, LLC (2006-2020) Chartered Financial Analyst. | |||
Rachael Zufall 1973 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | Vice President and Assistant Secretary | 2022 | Managing Director (since 2017), Associate General Counsel and Assistant Secretary (since 2014) of the CREF Accounts, TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds; Managing Director (since 2017), Associate General Counsel and Assistant Secretary (since 2011) of Teacher Advisors, LLC and TIAA-CREF Investment Management, LLC; Managing Director of Nuveen, LLC and of TIAA (since 2017). |
| (1) | Directors/Trustees serve an indefinite term until his/her successor is elected or appointed. The year first elected or appointed represents the year in which the Directors/Trustees was first elected or appointed to any fund in the Nuveen Fund Complex. |
| (2) | Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the officer was first elected or appointed to any fund in the Nuveen Fund Complex. |
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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 | MAN-FREGIF-1222D 2703131-INV-Y-02/24 |
| ITEM 2. | CODE OF ETHICS. |
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/fund-governance. (To view the code, click on Code of Conduct.)
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone, Jack B. Evans, Albin F. Moschner, John K. Nelson and Robert L. Young, who are “independent” for purposes of Item 3 of Form N-CSR.
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Ms. Stone formerly served on the Board of Directors of CBOE Global Markets, Inc. (formerly, CBOE Holdings, Inc.), the Chicago Board Options Exchange, and the C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.
Mr. Moschner is a consultant in the wireless industry and, in July 2012, founded Northcroft Partners, LLC, a management consulting firm that provides operational, management and governance solutions. Prior to founding Northcroft Partners, LLC, Mr. Moschner held various positions at Leap Wireless International, Inc., a provider of wireless services, where he was as a consultant from February 2011 to July 2012, Chief Operating Officer from July 2008 to February 2011, and Chief Marketing Officer from August 2004 to June 2008. Before he joined Leap Wireless International, Inc., Mr. Moschner was President of the Verizon Card Services division of Verizon Communications, Inc. from 2000 to 2003, and President of One Point Services at One Point Communications from 1999 to 2000. Mr. Moschner also served at Zenith Electronics Corporation as Director, President and Chief Executive Officer from 1995 to 1996, and as Director, President and Chief Operating Officer from 1994 to 1995.
Mr. Nelson is on the Board of Directors of Core12, LLC. (since 2008), a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank’s Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank’s representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).
Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. (“J.P. Morgan Investment”) and its affiliates (collectively, “J.P. Morgan”). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan’s domestic retail mutual fund and institutional commingled and separate account businesses, and co-led these activities for J.P. Morgan’s global retail and institutional investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm’s midwestern mutual fund practice.
| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
The following tables show the amount of fees that PricewaterhouseCoopers the Funds’ auditor, billed to the Funds’ during the Funds’ last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PricewaterhouseCoopers provided to the Funds, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The preapproval exception for services provided directly to the Funds waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Funds during the fiscal year in which the services are provided; (B) the Funds did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.
Fiscal Year Ended December 31, 2022 | Audit Fees Billed to Funds 1 | Audit-Related Fees Billed to Funds 2 | Tax Fees Billed to Funds 3 | All Other Fees Billed to Funds 4 | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen Global Infrastructure Fund | 54,050 | 0 | 36,103 | 0 | ||||||||||||
Nuveen Real Estate Securities Fund | 56,106 | 0 | 0 | 0 | ||||||||||||
Nuveen Real Asset Income Fund | 56,435 | 0 | 139 | 0 | ||||||||||||
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|
|
|
|
| |||||||||
Total | $ | 166,591 | $ | 0 | $ | 36,241 | $ | 0 | ||||||||
| 1 | “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
| 2 | “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage. |
| 3 | “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
| 4 | “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage. |
| Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||||||
| Audit Fees Billed to Funds | Audit-Related Fees Billed to Funds | Tax Fees Billed to Funds | All Other Fees Billed to Funds | |||||||||||||
Fund Name | ||||||||||||||||
Nuveen Global Infrastructure Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Real Estate Securities Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Real Asset Income Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
December 31, 2021 | Audit Fees Billed to Funds 1 | Audit-Related Fees Billed to Funds 2 | Tax Fees Billed to Funds 3 | All Other Fees Billed to Funds 4 | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen Global Infrastructure Fund | 48,140 | 0 | 2,748 | 0 | ||||||||||||
Nuveen Real Estate Securities Fund | 53,135 | 7,500 | 0 | 0 | ||||||||||||
Nuveen Real Asset Income Fund | 50,960 | 0 | 0 | 0 | ||||||||||||
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| |||||||||
Total | $ | 152,235 | $ | 7,500 | $ | 2,748 | $ | 0 | ||||||||
| 1 | “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
| 2 | “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage. |
| 3 | “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
| 4 | “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage. |
| Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||||||
| Audit Fees Billed to Funds | Audit-Related Fees Billed to Funds | Tax Fees Billed to Funds | All Other Fees Billed to Funds | |||||||||||||
Fund Name | ||||||||||||||||
Nuveen Global Infrastructure Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Real Estate Securities Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Real Asset Income Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Fiscal Year Ended December 31, 2022 | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | |||||||||
Nuveen Investment Funds, Inc. | $ | 0 | $ | 0 | $ | 0 | ||||||
| Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||
| Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | ||||||||||
| 0 | % | 0 | % | 0 | % | |||||||
Fiscal Year Ended December 31, 2021 | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | |||||||||
Nuveen Investment Funds, Inc. | $ | 0 | $ | 0 | $ | 0 | ||||||
| Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||
| Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | ||||||||||
| 0 | % | 0 | % | 0 | % | |||||||
Fiscal Year Ended December 31, 2022 | Total Non-Audit Fees Billed to Trust | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) | Total | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen Global Infrastructure Fund | 36,103 | 0 | 0 | 36,103 | ||||||||||||
Nuveen Real Estate Securities Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen Real Asset Income Fund | 139 | 0 | 0 | 139 | ||||||||||||
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|
|
|
|
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| |||||||||
Total | $ | 36,241 | $ | 0 | $ | 0 | $ | 36,242 | ||||||||
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.
Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
Fiscal Year Ended December 31, 2021 | Total Non-Audit Fees Billed to Trust | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) | Total | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen Global Infrastructure Fund | 2,748 | 0 | 0 | 2,748 | ||||||||||||
Nuveen Real Estate Securities Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen Real Asset Income Fund | 0 | 0 | 0 | 0 | ||||||||||||
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|
|
|
|
|
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| |||||||||
Total | $ | 2,748 | $ | 0 | $ | 0 | $ | 2,748 | ||||||||
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Funds by the Funds’ independent accountant and (ii) all audit and non-audit services to be performed by the Funds’ independent accountant for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Funds. Regarding tax and research projects conducted by the independent accountant for the Funds and Affiliated Fund Service Providers (with respect to operations and financial reports of the Trust), such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee Chair for her verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.
| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
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 of Trustees implemented after the registrant last provided disclosure in response to this Item.
| ITEM 11. | CONTROLS AND PROCEDURES. |
| (a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
| ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 13. | EXHIBITS. |
File the exhibits listed below as part of this Form.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Investment Funds, Inc.
| By (Signature and Title) | /s/ Mark J. Czarniecki | |
| Mark J. Czarniecki | ||
| Vice President and Secretary |
Date: March 9, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title) | /s/ Christopher E. Stickrod | |
| Christopher E. Stickrod | ||
| Chief Administrative Officer | ||
| (principal executive officer) |
Date: March 9, 2023
| By (Signature and Title) | /s/ E. Scott Wickerham | |
| E. Scott Wickerham | ||
| Vice President and Controller | ||
| (principal financial officer) |
Date: March 9, 2023