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 811-021979
Nuveen Investment Trust V
(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: September 30
Date of reporting period: September 30, 2021
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.
ITEM 1. | REPORTS TO STOCKHOLDERS. |
Income Fund
Fund Name | Class A | Class C | Class R6 | Class I | |
Nuveen Preferred Securities and Income Fund | NPSAX | NPSCX | NPSFX | NPSRX |
Total Returns as of September 30, 2021* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | 10-Year | Expense Ratios | |
Class A Shares at NAV | 12/19/06 | 11.79% | 6.16% | 8.03% | 1.03% |
Class A Shares at maximum Offering Price | 12/19/06 | 6.51% | 5.14% | 7.51% | - |
ICE BofA U.S. All Capital Securities Index | - | 8.84% | 6.27% | 7.71% | - |
Preferred Securities and Income Blended Benchmark (New)** 1 | - | 9.20% | 7.12% | 7.27% | - |
Preferred Securities and Income Blended Benchmark (Old)*** | - | 10.05% | 7.49% | 7.44% | - |
Lipper Flexible Income Funds Classification Average | - | 9.41% | 5.21% | 6.27% | - |
Class C Shares | 12/19/06 | 10.96% | 5.38% | 7.38% | 1.78% |
Class I Shares | 12/19/06 | 12.11% | 6.44% | 8.30% | 0.78% |
Total Returns as of September 30, 2021* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | Since Inception | Expense Ratios | |
Class R6 Shares | 6/30/16 | 12.16% | 6.50% | 6.89% | 0.69% |
Share Class | ||||
Class A1 | Class C | Class R6 | Class I | |
Dividend Yield | 4.48% | 3.90% | 4.96% | 4.90% |
SEC 30-Day Yield | 2.72% | 2.12% | 3.18% | 3.10% |
Fund Allocation (% of net assets) | |
$1,000 Par (or similar) Institutional Preferred | 47.4% |
Contingent Capital Securities | 34.6% |
$25 Par (or similar) Retail Preferred | 16.8% |
Investments Purchased with Collateral from Securities Lending | 0.7% |
Repurchase Agreements | 0.4% |
Other Assets Less Liabilities | 0.1% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
HSBC Holdings PLC | 1.7% |
Deutsche Bank AG | 1.5% |
HSBC Holdings PLC | 1.4% |
Credit Suisse Group AG | 1.3% |
Lloyds Banking Group PLC | 1.3% |
Portfolio Composition (% of net assets) | |
Banks | 49.4% |
Insurance | 13.9% |
Capital Markets | 12.0% |
Diversified Financial Services | 4.0% |
Other 1 | 19.5% |
Investments Purchased with Collateral from Securities Lending | 0.7% |
Repurchase Agreements | 0.4% |
Other Assets Less Liabilities | 0.1% |
Net Assets | 100% |
Bond Credit Quality (% of total investment exposure) | |
BBB | 62.5% |
BB or Lower | 35.6% |
N/R (not rated) | 1.9% |
Total | 100% |
Country Allocation3(% of net assets) | |
United States | 56.9% |
United Kingdom | 13.4% |
Switzerland | 7.4% |
France | 5.8% |
Spain | 2.5% |
Australia | 2.2% |
Netherlands | 1.9% |
Canada | 1.7% |
Germany | 1.6% |
Italy | 1.4% |
Other | 4.4% |
Investments Purchased with Collateral from Securities Lending | 0.7% |
Other Assets Less Liabilities | 0.1% |
Net Assets | 100% |
1 | See Portfolio of Investments for details on "other" Portfolio Composition. | |
2 | The Fund’s investment limitations with respect to ratings are based on the highest rating provided by any independent rating agency, including agencies other than the three named above. | |
3 | Includes 2.0% (as a percentage of net assets) in emerging market countries. |
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 | $1,036.95 | $1,033.06 | $1,038.34 | $1,038.12 |
Expenses Incurred During the Period | $ 5.06 | $ 8.87 | $ 3.47 | $ 3.78 |
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 | $1,020.10 | $1,016.34 | $1,021.66 | $1,021.36 |
Expenses Incurred During the Period | $ 5.01 | $ 8.80 | $ 3.45 | $ 3.75 |
Principal Amount (000)/ Shares | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
LONG-TERM INVESTMENTS – 98.8% | ||||||
$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 47.4% | ||||||
Automobiles – 1.5% | ||||||
23,815 | General Motors Financial Co Inc | 5.700% | N/A (3) | BB+ | $27,417,019 | |
53,368 | General Motors Financial Co Inc | 5.750% | N/A (3) | BB+ | 58,302,405 | |
Total Automobiles | 85,719,424 | |||||
Banks – 18.3% | ||||||
29,600 | Bank of America Corp | 6.250% | N/A (3) | BBB+ | 32,560,000 | |
17,626 | Bank of America Corp | 6.500% | N/A (3) | BBB+ | 19,723,494 | |
21,206 | Bank of America Corp | 6.300% | N/A (3) | BBB+ | 24,598,960 | |
10,750 | Bank of America Corp | 6.100% | N/A (3) | BBB+ | 11,987,648 | |
25,141 | CIT Group Inc, (4) | 5.800% | N/A (3) | Ba3 | 25,675,246 | |
51,037 | Citigroup Inc | 5.950% | N/A (3) | BBB- | 55,694,126 | |
45,869 | Citigroup Inc | 6.300% | N/A (3) | BBB- | 49,515,585 | |
12,595 | Citigroup Inc | 6.250% | N/A (3) | BBB- | 14,581,357 | |
48,436 | Citigroup Inc | 5.000% | N/A (3) | BBB- | 50,590,191 | |
20,295 | Citizens Financial Group Inc | 4.000% | N/A (3) | BB+ | 20,777,006 | |
9,846 | Citizens Financial Group Inc | 6.375% | N/A (3) | BB+ | 10,521,436 | |
23,396 | CoBank ACB | 6.250% | N/A (3) | BBB+ | 26,747,009 | |
5,865 | Commerzbank AG, 144A | 8.125% | 9/19/23 | Baa3 | 6,608,205 | |
29,665 | Farm Credit Bank of Texas, 144A | 5.700% | N/A (3) | Baa1 | 32,572,170 | |
9,461 | Fifth Third Bancorp, (4) | 4.500% | N/A (3) | Baa3 | 10,279,377 | |
11,720 | Goldman Sachs Group Inc | 3.800% | N/A (3) | BBB- | 11,998,350 | |
9,768 | HSBC Capital Funding Dollar 1 LP, 144A | 10.176% | N/A (3) | BBB | 16,071,290 | |
29,515 | Huntington Bancshares Inc/OH | 5.625% | N/A (3) | Baa3 | 34,603,386 | |
4,109 | JPMorgan Chase & Co, (3-Month LIBOR reference rate + 3.800% spread), (5) | 3.926% | N/A (3) | BBB+ | 4,113,685 | |
35,828 | JPMorgan Chase & Co | 5.000% | N/A (3) | BBB+ | 37,395,475 | |
18,045 | JPMorgan Chase & Co | 6.100% | N/A (3) | BBB+ | 19,611,306 | |
61,961 | JPMorgan Chase & Co | 6.750% | N/A (3) | BBB+ | 68,002,197 | |
40,012 | JPMorgan Chase & Co | 3.650% | N/A (3) | BBB+ | 40,212,060 | |
15,491 | KeyCorp | 5.000% | N/A (3) | Baa3 | 17,272,465 | |
4,570 | Lloyds Bank PLC, 144A, (4) | 12.000% | N/A (3) | Baa3 | 4,717,702 | |
14,785 | M&T Bank Corp | 3.500% | N/A (3) | Baa2 | 14,674,113 | |
9,548 | M&T Bank Corp, (4) | 5.125% | N/A (3) | Baa2 | 10,524,173 | |
8,046 | M&T Bank Corp | 6.450% | N/A (3) | Baa2 | 8,780,198 | |
21,245 | PNC Financial Services Group Inc | 3.400% | N/A (3) | Baa2 | 21,191,888 |
Principal Amount (000)/ Shares | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Banks (continued) | ||||||
21,189 | PNC Financial Services Group Inc, (3-Month LIBOR reference rate + 3.678% spread), (5) | 3.804% | N/A (3) | Baa2 | $21,240,722 | |
14,930 | PNC Financial Services Group Inc | 5.000% | N/A (3) | Baa2 | 16,594,423 | |
12,453 | Regions Financial Corp | 5.750% | N/A (3) | BB+ | 13,888,831 | |
13,427 | SVB Financial Group | 4.100% | N/A (3) | Baa2 | 13,800,271 | |
16,440 | SVB Financial Group | 4.000% | N/A (3) | Baa2 | 16,851,000 | |
61,186 | Truist Financial Corp | 4.800% | N/A (3) | Baa2 | 64,464,346 | |
17,791 | Truist Financial Corp | 5.100% | N/A (3) | Baa2 | 20,450,755 | |
13,146 | Truist Financial Corp | 5.050% | N/A (3) | Baa2 | 13,507,515 | |
6,580 | Wells Fargo & Co | 7.950% | 11/15/29 | Baa1 | 8,987,474 | |
16,603 | Wells Fargo & Co | 5.900% | N/A (3) | Baa2 | 17,868,979 | |
54,705 | Wells Fargo & Co | 3.900% | N/A (3) | Baa2 | 56,414,531 | |
42,281 | Wells Fargo & Co | 5.875% | N/A (3) | Baa2 | 47,122,597 | |
7,490 | Zions Bancorp NA | 5.800% | N/A (3) | BB+ | 7,790,502 | |
7,645 | Zions Bancorp NA | 7.200% | N/A (3) | BB+ | 8,271,431 | |
Total Banks | 1,028,853,475 | |||||
Capital Markets – 2.2% | ||||||
11,300 | Bank of New York Mellon Corp | 4.700% | N/A (3) | Baa1 | 12,401,750 | |
13,210 | Charles Schwab Corp | 4.000% | N/A (3) | BBB | 13,771,425 | |
8,010 | Charles Schwab Corp | 7.000% | N/A (3) | BBB | 8,150,175 | |
27,486 | Charles Schwab Corp | 5.375% | N/A (3) | BBB | 30,543,818 | |
1,250 | Dresdner Funding Trust I, 144A | 8.151% | 6/30/31 | Ba1 | 1,783,125 | |
25,800 | Goldman Sachs Group Inc, (4) | 5.300% | N/A (3) | BBB- | 28,449,660 | |
27,229 | Goldman Sachs Group Inc | 5.500% | N/A (3) | BBB- | 29,407,320 | |
Total Capital Markets | 124,507,273 | |||||
Communications Equipment – 0.3% | ||||||
15,580 | Vodafone Group PLC | 4.125% | 6/04/81 | BB+ | 15,775,373 | |
Consumer Finance – 2.2% | ||||||
24,490 | Ally Financial Inc | 4.700% | N/A (3) | BB- | 25,490,416 | |
20,925 | Ally Financial Inc | 4.700% | N/A (3) | BB- | 21,866,625 | |
2,186 | American Express Co, (4) | 3.553% | N/A (3) | Baa2 | 2,188,604 | |
25,685 | American Express Co | 3.550% | N/A (3) | Baa2 | 26,169,162 | |
20,630 | Capital One Financial Corp | 3.950% | N/A (3) | Baa3 | 21,248,900 | |
11,705 | Discover Financial Services | 6.125% | N/A (3) | Ba2 | 13,135,585 | |
10,000 | Discover Financial Services | 5.500% | N/A (3) | Ba2 | 10,840,000 | |
Total Consumer Finance | 120,939,292 | |||||
Diversified Financial Services – 2.3% | ||||||
20,560 | American AgCredit Corp, 144A | 5.250% | N/A (3) | BB+ | 20,919,800 | |
12,830 | Capital Farm Credit ACA, 144A | 5.000% | N/A (3) | BB | 13,228,628 |
Principal Amount (000)/ Shares | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Diversified Financial Services (continued) | ||||||
3,955 | Citigroup Capital III | 7.625% | 12/01/36 | Baa3 | $5,819,411 | |
32,650 | Compeer Financial ACA, 144A, (6) | 6.750% | N/A (3) | BB+ | 34,445,750 | |
6,700 | Compeer Financial ACA, 144A | 4.875% | N/A (3) | BB+ | 6,800,500 | |
23,337 | Equitable Holdings Inc | 4.950% | N/A (3) | BBB- | 25,320,645 | |
21,248 | Voya Financial Inc, (4) | 6.125% | N/A (3) | BBB- | 22,716,237 | |
Total Diversified Financial Services | 129,250,971 | |||||
Electric Utilities – 1.5% | ||||||
13,885 | Edison International | 5.375% | N/A (3) | BB+ | 14,357,784 | |
7,270 | Electricite de France SA, 144A | 5.250% | N/A (3) | BBB | 7,542,625 | |
37,749 | Emera Inc | 6.750% | 6/15/76 | BB+ | 44,883,939 | |
14,140 | Southern Co | 4.000% | 1/15/51 | BBB | 14,946,970 | |
Total Electric Utilities | 81,731,318 | |||||
Food Products – 2.5% | ||||||
13,835 | Dairy Farmers of America Inc, 144A | 7.125% | N/A (3) | BB+ | 13,973,350 | |
42,301 | Land O' Lakes Inc, 144A | 7.000% | N/A (3) | BB | 44,733,307 | |
37,847 | Land O' Lakes Inc, 144A | 7.250% | N/A (3) | BB | 40,685,525 | |
39,890 | Land O' Lakes Inc, 144A | 8.000% | N/A (3) | BB | 42,981,475 | |
Total Food Products | 142,373,657 | |||||
Independent Power & Renewable Electricity Producers – 0.4% | ||||||
6,555 | AES Andes SA, 144A | 7.125% | 3/26/79 | BB | 6,958,133 | |
13,450 | AES Andes SA, 144A | 6.350% | 10/07/79 | BB | 14,227,006 | |
Total Independent Power & Renewable Electricity Producers | 21,185,139 | |||||
Industrial Conglomerates – 1.0% | ||||||
58,672 | General Electric Co, (3-Month LIBOR reference rate + 3.330% spread), (5) | 3.446% | N/A (3) | BBB- | 57,425,221 | |
Insurance – 9.3% | ||||||
9,895 | Aegon NV | 5.500% | 4/11/48 | Baa1 | 11,520,787 | |
10,025 | American International Group Inc | 5.750% | 4/01/48 | BBB- | 11,503,688 | |
47,922 | Assurant Inc | 7.000% | 3/27/48 | BB+ | 55,980,125 | |
66,840 | Assured Guaranty Municipal Holdings Inc, 144A, (4) | 6.400% | 12/15/66 | BBB+ | 72,505,158 | |
12,610 | AXIS Specialty Finance LLC | 4.900% | 1/15/40 | BBB | 13,440,154 | |
16,218 | Enstar Finance LLC | 5.750% | 9/01/40 | BB+ | 17,281,444 | |
13,545 | Fidelis Insurance Holdings Ltd, 144A | 6.625% | 4/01/41 | BB+ | 13,807,472 | |
36,866 | Markel Corp | 6.000% | N/A (3) | BBB- | 40,847,528 | |
23,883 | MetLife Inc, 144A | 9.250% | 4/08/38 | BBB | 36,305,022 | |
15,470 | MetLife Inc | 3.850% | N/A (3) | BBB | 16,166,150 | |
6,931 | MetLife Inc, (4) | 5.875% | N/A (3) | BBB | 8,149,257 | |
17,099 | PartnerRe Finance B LLC | 4.500% | 10/01/50 | Baa1 | 18,029,861 | |
23,987 | Provident Financing Trust I | 7.405% | 3/15/38 | BB+ | 29,577,415 |
Principal Amount (000)/ Shares | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Insurance (continued) | ||||||
3,085 | Prudential Financial Inc | 3.700% | 10/01/50 | BBB+ | $3,215,166 | |
41,288 | QBE Insurance Group Ltd, 144A | 7.500% | 11/24/43 | Baa1 | 46,139,340 | |
20,951 | QBE Insurance Group Ltd, 144A, (4) | 5.875% | N/A (3) | Baa2 | 23,360,365 | |
14,681 | QBE Insurance Group Ltd, Reg S | 6.750% | 12/02/44 | BBB | 16,626,232 | |
17,570 | SBL Holdings Inc, 144A | 6.500% | N/A (3) | BB | 17,350,375 | |
66,824 | SBL Holdings Inc, 144A | 7.000% | N/A (3) | BB | 67,492,240 | |
Total Insurance | 519,297,779 | |||||
Multi-Utilities – 1.2% | ||||||
35,086 | CenterPoint Energy Inc | 6.125% | N/A (3) | BBB- | 37,191,160 | |
4,200 | CMS Energy Corp | 4.750% | 6/01/50 | BBB- | 4,724,622 | |
6,839 | NiSource Inc | 5.650% | N/A (3) | BBB- | 7,215,145 | |
17,730 | Sempra Energy | 4.875% | N/A (3) | BBB- | 19,237,050 | |
Total Multi-Utilities | 68,367,977 | |||||
Oil, Gas & Consumable Fuels – 1.5% | ||||||
11,854 | Enbridge Inc | 6.000% | 1/15/77 | BBB- | 13,129,343 | |
26,437 | Enbridge Inc | 5.750% | 7/15/80 | BBB- | 29,872,488 | |
18,830 | Energy Transfer LP | 6.500% | N/A (3) | BB | 19,608,997 | |
12,980 | MPLX LP | 6.875% | N/A (3) | BB+ | 13,174,700 | |
9,205 | Transcanada Trust | 5.500% | 9/15/79 | BBB | 10,148,512 | |
Total Oil, Gas & Consumable Fuels | 85,934,040 | |||||
Trading Companies & Distributors – 2.6% | ||||||
46,645 | AerCap Global Aviation Trust, 144A | 6.500% | 6/15/45 | BB+ | 50,546,388 | |
22,035 | AerCap Holdings NV | 5.875% | 10/10/79 | BB+ | 22,993,302 | |
12,350 | Air Lease Corp | 4.650% | N/A (3) | BB+ | 12,921,187 | |
15,564 | ILFC E-Capital Trust I, 144A | 3.460% | 12/21/65 | B+ | 12,606,840 | |
53,849 | ILFC E-Capital Trust I, 144A | 3.710% | 12/21/65 | BB+ | 44,896,604 | |
Total Trading Companies & Distributors | 143,964,321 | |||||
U.S. Agency – 0.1% | ||||||
6,770 | Farm Credit Bank of Texas, 144A | 6.200% | N/A (3) | BBB+ | 7,399,610 | |
Wireless Telecommunication Services – 0.5% | ||||||
21,619 | Vodafone Group PLC | 7.000% | 4/04/79 | BB+ | 26,445,533 | |
Total $1,000 Par (or similar) Institutional Preferred (cost $2,454,704,449) | 2,659,170,403 |
Principal Amount (000) | Description (1), (7) | Coupon | Maturity | Ratings (2) | Value | |
CONTINGENT CAPITAL SECURITIES – 34.6% | ||||||
Banks – 26.4% | ||||||
$ 10,702 | Australia & New Zealand Banking Group Ltd/United Kingdom, 144A | 6.750% | N/A (3) | Baa2 | $ 12,485,060 |
Principal Amount (000) | Description (1), (7) | Coupon | Maturity | Ratings (2) | Value | |
Banks (continued) | ||||||
$ 36,225 | Banco Bilbao Vizcaya Argentaria SA | 6.500% | N/A (3) | Ba2 | $39,394,687 | |
23,172 | Banco Bilbao Vizcaya Argentaria SA | 6.125% | N/A (3) | Ba2 | 25,170,585 | |
16,450 | Banco Mercantil del Norte SA/Grand Cayman, 144A | 7.625% | N/A (3) | Ba2 | 18,341,750 | |
7,200 | Banco Mercantil del Norte SA/Grand Cayman, 144A | 7.500% | N/A (3) | Ba2 | 8,019,000 | |
36,235 | Banco Santander SA | 4.750% | N/A (3) | Ba1 | 36,907,884 | |
33,000 | Banco Santander SA, Reg S | 7.500% | N/A (3) | Ba1 | 35,970,000 | |
53,205 | Barclays PLC | 7.750% | N/A (3) | BBB- | 57,993,450 | |
39,900 | Barclays PLC | 6.125% | N/A (3) | BBB- | 44,164,512 | |
16,650 | Barclays PLC | 4.375% | N/A (3) | BBB- | 16,638,345 | |
52,615 | Barclays PLC | 8.000% | N/A (3) | BBB- | 59,422,329 | |
9,150 | BNP Paribas SA, 144A | 7.000% | N/A (3) | BBB | 10,926,839 | |
55,991 | BNP Paribas SA, 144A | 7.375% | N/A (3) | BBB | 64,949,560 | |
47,955 | BNP Paribas SA, 144A | 6.625% | N/A (3) | BBB | 51,896,901 | |
42,038 | Credit Agricole SA, 144A | 7.875% | N/A (3) | BBB | 46,821,504 | |
40,819 | Credit Agricole SA, 144A | 8.125% | N/A (3) | BBB | 49,288,942 | |
31,396 | Credit Suisse Group AG, 144A | 5.250% | N/A (3) | BB+ | 32,848,065 | |
14,435 | Danske Bank A/S, Reg S | 4.375% | N/A (3) | BBB- | 14,688,479 | |
10,485 | Danske Bank A/S, Reg S | 6.125% | N/A (3) | BBB- | 11,153,419 | |
7,491 | Danske Bank A/S, Reg S | 7.000% | N/A (3) | BBB- | 8,418,011 | |
7,880 | HSBC Holdings PLC | 4.000% | N/A (3) | BBB | 7,899,700 | |
70,865 | HSBC Holdings PLC | 6.000% | N/A (3) | BBB | 77,685,756 | |
28,325 | HSBC Holdings PLC | 6.375% | N/A (3) | BBB | 30,626,406 | |
89,177 | HSBC Holdings PLC | 6.375% | N/A (3) | BBB | 97,329,561 | |
23,245 | ING Groep NV | 6.500% | N/A (3) | BBB | 25,653,182 | |
35,070 | ING Groep NV | 5.750% | N/A (3) | BBB | 38,379,907 | |
30,865 | ING Groep NV, Reg S | 6.750% | N/A (3) | BBB | 33,609,516 | |
44,735 | Intesa Sanpaolo SpA, 144A,(4) | 7.700% | N/A (3) | BB- | 50,545,629 | |
47,280 | Lloyds Banking Group PLC | 7.500% | N/A (3) | Baa3 | 54,849,926 | |
64,896 | Lloyds Banking Group PLC | 7.500% | N/A (3) | Baa3 | 72,602,400 | |
22,370 | Macquarie Bank Ltd/London, 144A | 6.125% | N/A (3) | BB+ | 24,517,520 | |
45,364 | Natwest Group PLC | 8.000% | N/A (3) | BBB- | 53,586,225 | |
31,345 | NatWest Group PLC | 6.000% | N/A (3) | BBB- | 35,079,130 | |
24,375 | Nordea Bank Abp, 144A | 6.625% | N/A (3) | BBB+ | 28,016,137 | |
16,411 | Societe Generale SA, 144A | 6.750% | N/A (3) | BB | 18,452,200 | |
25,820 | Societe Generale SA, 144A | 4.750% | N/A (3) | BB+ | 26,384,942 | |
10,183 | Societe Generale SA, 144A | 8.000% | N/A (3) | BB | 11,923,071 | |
35,590 | Societe Generale SA, 144A | 7.875% | N/A (3) | BB+ | 39,219,824 | |
29,330 | Standard Chartered PLC, 144A,(4) | 4.300% | N/A (3) | BBB- | 28,853,387 | |
22,321 | Standard Chartered PLC, 144A,(4) | 6.000% | N/A (3) | BBB- | 24,484,128 | |
7,365 | Standard Chartered PLC, 144A | 7.500% | N/A (3) | BBB- | 7,567,538 | |
17,349 | Standard Chartered PLC, 144A | 7.750% | N/A (3) | BBB- | 18,693,548 |
Principal Amount (000) | Description (1), (7) | Coupon | Maturity | Ratings (2) | Value | |
Banks (continued) | ||||||
$ 26,560 | UniCredit SpA, Reg S | 8.000% | N/A (3) | B+ | $ 28,983,600 | |
1,341,835 | Total Banks | 1,480,442,555 | ||||
Capital Markets – 8.2% | ||||||
50,349 | Credit Suisse Group AG, 144A | 7.500% | N/A (3) | BB+ | 53,873,430 | |
17,260 | Credit Suisse Group AG, 144A | 6.375% | N/A (3) | BB+ | 18,942,850 | |
69,350 | Credit Suisse Group AG, 144A | 7.250% | N/A (3) | BB+ | 76,871,007 | |
22,473 | Credit Suisse Group AG, 144A | 7.500% | N/A (3) | BB+ | 24,551,753 | |
78,385 | Deutsche Bank AG | 6.000% | N/A (3) | BB- | 82,500,212 | |
28,125 | UBS Group AG, 144A,(4) | 3.875% | N/A (3) | BBB | 28,121,906 | |
45,355 | UBS Group AG, 144A | 7.000% | N/A (3) | BBB | 49,480,491 | |
58,827 | UBS Group AG, Reg S | 7.000% | N/A (3) | BBB | 66,915,713 | |
4,180 | UBS Group AG, Reg S | 5.125% | N/A (3) | BBB | 4,527,450 | |
50,625 | UBS Group AG, Reg S | 6.875% | N/A (3) | BBB | 57,397,613 | |
424,929 | Total Capital Markets | 463,182,425 | ||||
$ 1,766,764 | Total Contingent Capital Securities ($1,835,376,449) | 1,943,624,980 |
Shares | Description (1) | Coupon | Ratings (2) | Value | ||
$25 PAR (OR SIMILAR) RETAIL PREFERRED – 16.8% | ||||||
Banks – 4.7% | ||||||
499,100 | Bank of America Corp | 4.375% | BBB+ | $13,151,285 | ||
569,136 | CoBank ACB, (8) | 6.250% | BBB+ | 58,905,576 | ||
168,671 | CoBank ACB, (8) | 6.200% | BBB+ | 18,402,006 | ||
441,610 | Farm Credit Bank of Texas, 144A, (8) | 6.750% | Baa1 | 47,252,270 | ||
563,126 | Fifth Third Bancorp, (4) | 6.625% | Baa3 | 15,936,466 | ||
280,000 | Huntington Bancshares Inc/OH, (8) | 2.831% | Baa3 | 6,160,000 | ||
285,287 | KeyCorp | 6.125% | Baa3 | 8,672,725 | ||
420,000 | PNC Financial Services Group Inc, (4) | 6.125% | Baa2 | 10,911,600 | ||
745,483 | Regions Financial Corp, (4) | 6.375% | BB+ | 21,216,446 | ||
287,113 | Regions Financial Corp, (4) | 5.700% | BB+ | 8,159,752 | ||
610,175 | Synovus Financial Corp, (4) | 5.875% | BB- | 16,639,472 | ||
309,800 | Truist Financial Corp, (4) | 4.750% | Baa2 | 8,225,190 | ||
342,966 | Wells Fargo & Co, (4) | 4.750% | Baa2 | 8,982,280 | ||
327,000 | Western Alliance Bancorp, (6), (8) | 4.250% | Ba1 | 8,488,920 | ||
445,441 | Wintrust Financial Corp | 6.875% | BB | 12,748,521 | ||
Total Banks | 263,852,509 | |||||
Capital Markets – 1.6% | ||||||
223,890 | Goldman Sachs Group Inc, (4) | 5.500% | Ba1 | 6,071,897 | ||
725,688 | Morgan Stanley | 7.125% | Baa3 | 20,689,365 | ||
552,788 | Morgan Stanley | 6.875% | Baa3 | 15,489,120 | ||
1,379,881 | Morgan Stanley | 5.850% | Baa3 | 40,885,874 |
Shares | Description (1) | Coupon | Ratings (2) | Value | ||
Capital Markets (continued) | ||||||
334,490 | Morgan Stanley | 6.375% | Baa3 | $ 9,549,689 | ||
Total Capital Markets | 92,685,945 | |||||
Consumer Finance – 0.2% | ||||||
350,835 | Synchrony Financial | 5.625% | BB- | 9,353,261 | ||
Diversified Financial Services – 1.7% | ||||||
408,534 | AgriBank FCB, (8) | 6.875% | BBB+ | 43,917,405 | ||
558,300 | Equitable Holdings Inc, (4) | 5.250% | BBB- | 15,090,849 | ||
1,158,054 | Voya Financial Inc, (4) | 5.350% | BBB- | 34,232,076 | ||
Total Diversified Financial Services | 93,240,330 | |||||
Diversified Telecommunication Services – 0.1% | ||||||
314,900 | AT&T Inc | 4.750% | BBB- | 8,303,913 | ||
Food Products – 1.4% | ||||||
506,287 | CHS Inc, (4) | 7.875% | N/R | 14,464,620 | ||
1,376,502 | CHS Inc, (4) | 7.100% | N/R | 38,638,411 | ||
528,896 | CHS Inc | 6.750% | N/R | 14,872,555 | ||
12,881 | CHS Inc, (4) | 7.500% | N/R | 376,254 | ||
45,900 | Dairy Farmers of America Inc, 144A, (6), (8) | 7.875% | BB+ | 4,590,000 | ||
66,700 | Dairy Farmers of America Inc, 144A, (6), (8) | 7.875% | BB+ | 6,770,050 | ||
Total Food Products | 79,711,890 | |||||
Insurance – 4.6% | ||||||
1,422,280 | American Equity Investment Life Holding Co, (4) | 5.950% | BB | 38,885,135 | ||
853,711 | American Equity Investment Life Holding Co, (4) | 6.625% | BB | 24,535,654 | ||
1,320,871 | Aspen Insurance Holdings Ltd, (4) | 5.950% | BB+ | 35,769,187 | ||
603,290 | Aspen Insurance Holdings Ltd, (4) | 5.625% | BB+ | 16,493,949 | ||
229,700 | Assurant Inc | 5.250% | BB+ | 6,206,494 | ||
875,674 | Athene Holding Ltd | 6.350% | BBB | 25,972,491 | ||
756,816 | Athene Holding Ltd, (4) | 6.375% | BBB | 21,470,870 | ||
358,971 | Axis Capital Holdings Ltd | 5.500% | BBB | 9,121,453 | ||
251,820 | Delphi Financial Group Inc, (6), (8) | 3.315% | BBB | 5,917,770 | ||
592,716 | Enstar Group Ltd | 7.000% | BB+ | 17,360,652 | ||
1,026,075 | Maiden Holdings North America Ltd | 7.750% | N/R | 25,108,055 | ||
85,997 | Reinsurance Group of America Inc, (4) | 6.200% | BBB+ | 2,257,421 | ||
863,405 | Reinsurance Group of America Inc, (4) | 5.750% | BBB+ | 24,442,995 | ||
221,929 | Selective Insurance Group Inc, (4) | 4.600% | BBB- | 5,776,812 | ||
Total Insurance | 259,318,938 | |||||
Multi-Utilities – 0.1% | ||||||
134,500 | NiSource Inc | 6.500% | BBB- | 3,690,680 | ||
Oil, Gas & Consumable Fuels – 1.3% | ||||||
239,400 | Energy Transfer LP | 7.600% | BB | 6,071,184 |
Shares | Description (1) | Coupon | Ratings (2) | Value | ||
Oil, Gas & Consumable Fuels (continued) | ||||||
832,558 | NuStar Energy LP | 8.500% | B2 | $20,172,880 | ||
1,237,707 | NuStar Energy LP | 7.625% | B2 | 26,326,028 | ||
753,936 | NuStar Logistics LP | 6.860% | B | 18,773,007 | ||
Total Oil, Gas & Consumable Fuels | 71,343,099 | |||||
Thrifts & Mortgage Finance – 0.7% | ||||||
400,000 | Federal Agricultural Mortgage Corp | 6.000% | N/R | 10,673,520 | ||
1,041,927 | New York Community Bancorp Inc, (4) | 6.375% | Ba2 | 29,840,789 | ||
Total Thrifts & Mortgage Finance | 40,514,309 | |||||
Trading Companies & Distributors – 0.4% | ||||||
844,551 | Air Lease Corp, (4) | 6.150% | BB+ | 22,870,441 | ||
Total $25 Par (or similar) Retail Preferred (cost $878,956,220) | 944,885,315 | |||||
Total Long-Term Investments (cost $5,169,037,118) | 5,547,680,698 |
Shares | Description (1) | Coupon | Value | |||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 0.7% | ||||||
MONEY MARKET FUNDS – 0.7% | ||||||
40,026,580 | State Street Navigator Securities Lending Government Money Market Portfolio, (9) | 0.030% (10) | $ 40,026,580 | |||
Total Investments Purchased with Collateral from Securities Lending (cost $40,026,580) | 40,026,580 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||
SHORT-TERM INVESTMENTS – 0.4% | ||||||
REPURCHASE AGREEMENTS – 0.4% | ||||||
$ 25,900 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/21, repurchase price $25,899,698, collateralized by $26,948,300, U.S. Treasury Bonds, 1.875%, due 2/15/41, value $26,417,762 | 0.000% | 10/01/21 | $ 25,899,698 | ||
Total Short-Term Investments (cost $25,899,698) | 25,899,698 | |||||
Total Investments (cost $5,234,963,396) – 99.9% | 5,613,606,976 | |||||
Other Assets Less Liabilities – 0.1% (11) | 3,020,123 | |||||
Net Assets – 100% | $ 5,616,627,099 |
Futures Contracts - Short | ||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | Variation Margin Receivable/ (Payable) |
U.S. Treasury 10-Year Note | (1,472) | 12/21 | $(195,798,139) | $(193,729,000) | $2,069,139 | $207,000 |
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) | Perpetual security. Maturity date is not applicable. | |
(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 $37,628,467. | |
(5) | Variable rate security. The rate shown is the coupon as of the end of the reporting period. | |
(6) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. | |
(7) | Contingent Capital Securities (“CoCos”) are hybrid securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer. For example, the terms may specify an automatic write-down of principal or a mandatory conversion into the issuer’s common stock under certain adverse circumstances, such as the issuer’s capital ratio falling below a specified level. | |
(8) | For fair value measurement disclosure purposes, investment classified as Level 2. | |
(9) | 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. | |
(10) | The rate shown is the one-day yield as of the end of the reporting period. | |
(11) | Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter ("OTC") derivatives as presented on the Statement of Assets and Liabilities, when applicable. The unrealized appreciation (depreciation) of OTC cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable. | |
144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. | |
LIBOR | London Inter-Bank Offered Rate | |
N/A | Not Applicable. | |
Reg S | Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States. |
Assets | |
Long-term investments, at value (cost $5,169,037,118)(1) | $5,547,680,698 |
Investment purchased with collateral from securities lending, at value (cost approximates value) | 40,026,580 |
Short-term investments, at value (cost approximates value) | 25,899,698 |
Cash | 5,789,375 |
Cash collateral at brokers for investments in futures contracts(2) | 1,663,764 |
Receivable for: | |
Dividends | 4,742,676 |
Interest | 47,653,238 |
Investments sold | 16,282,225 |
Shares sold | 14,223,491 |
Variation margin on futures contracts | 207,000 |
Other assets | 374,327 |
Total assets | 5,704,543,072 |
Liabilities | |
Payable for: | |
Collateral from securities lending program | 40,026,580 |
Dividends | 2,972,160 |
Investments purchased - regular settlement | 27,092,540 |
Shares redeemed | 12,829,222 |
Accrued expenses: | |
Management fees | 2,930,126 |
Trustees fees | 264,311 |
12b-1 distribution and service fees | 313,331 |
Other | 1,487,703 |
Total liabilities | 87,915,973 |
Net assets | $5,616,627,099 |
Class A Shares | |
Net assets | $ 597,656,580 |
Shares outstanding | 33,500,119 |
Net asset value ("NAV") per share | $ 17.84 |
Offering price per share (NAV per share plus maximum sales charge of 4.75% of offering price) | $ 18.73 |
Class C Shares | |
Net assets | $ 232,617,784 |
Shares outstanding | 13,032,732 |
NAV and offering price per share | $ 17.85 |
Class R6 Shares | |
Net assets | $ 944,234,724 |
Shares outstanding | 52,777,801 |
NAV and offering price per share | $ 17.89 |
Class I Shares | |
Net assets | $3,842,118,011 |
Shares outstanding | 215,143,326 |
NAV and offering price per share | $ 17.86 |
Fund level net assets consist of: | |
Capital paid-in | $5,443,053,655 |
Total distributable earnings | 173,573,444 |
Fund level net assets | $5,616,627,099 |
Authorized shares - per class | Unlimited |
Par value per share | $ 0.01 |
(1) | Includes securities loaned of $37,628,467. |
(2) | Cash pledged to collateralize the net payment obligations for investments in derivatives. |
Investment Income | |
Dividends | $ 55,961,092 |
Interest | 196,635,737 |
Securities lending income, net | 117,701 |
Total investment income | 252,714,530 |
Expenses | |
Management fees | 30,665,750 |
12b-1 service fees - Class A Shares | 1,315,813 |
12b-1 distribution and service fees - Class C Shares | 2,343,027 |
12b-1 distribution and service fees - Class R3 Shares(1) | 13,744 |
Shareholder servicing agent fees | 2,562,341 |
Interest expense | 92,844 |
Custodian fees | 318,866 |
Professional fees | 201,690 |
Trustees fees | 129,980 |
Shareholder reporting expenses | 322,419 |
Federal and state registration fees | 351,540 |
Other | 24,474 |
Total expenses | 38,342,488 |
Net investment income (loss) | 214,372,042 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments and foreign currency | 15,660,019 |
Futures contracts | 2,358,134 |
Change in net unrealized appreciation (depreciation) of: | |
Investments and foreign currency | 271,055,986 |
Futures contracts | 2,722,673 |
Net realized and unrealized gain (loss) | 291,796,812 |
Net increase (decrease) in net assets from operations | $506,168,854 |
(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 reinvestment or through an exchange from other Nuveen mutual funds. |
Year Ended 9/30/21 | Year Ended 9/30/20 | |
Operations | ||
Net investment income (loss) | $ 214,372,042 | $ 200,926,968 |
Net realized gain (loss) from: | ||
Investments and foreign currency | 15,660,019 | (49,820,389) |
Futures contracts | 2,358,134 | (11,927,812) |
Swaps | — | (2,222,747) |
Change in net unrealized appreciation (depreciation) of: | ||
Investments and foreign currency | 271,055,986 | (60,947,893) |
Futures contracts | 2,722,673 | (653,534) |
Swaps | — | 1,150,645 |
Net increase (decrease) in net assets from operations | 506,168,854 | 76,505,238 |
Distributions to Shareholders | ||
Dividends: | ||
Class A Shares | (24,863,918) | (22,381,281) |
Class C Shares | (9,343,513) | (10,869,756) |
Class R3 Shares(1) | (123,631) | (99,790) |
Class R6 Shares | (33,907,594) | (22,477,503) |
Class I Shares | (164,197,788) | (151,218,507) |
Decrease in net assets from distributions to shareholders | (232,436,444) | (207,046,837) |
Fund Share Transactions | ||
Proceeds from sale of shares | 2,511,404,036 | 2,069,830,048 |
Proceeds from shares issued to shareholders due to reinvestment of distributions | 202,562,578 | 179,694,455 |
2,713,966,614 | 2,249,524,503 | |
Cost of shares redeemed | (1,314,089,393) | (2,036,765,732) |
Net increase (decrease) in net assets from Fund share transactions | 1,399,877,221 | 212,758,771 |
Net increase (decrease) in net assets | 1,673,609,631 | 82,217,172 |
Net assets at the beginning of period | 3,943,017,468 | 3,860,800,296 |
Net assets at the end of period | $ 5,616,627,099 | $ 3,943,017,468 |
(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 reinvestment or through an exchange from other Nuveen mutual funds. |
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended September 30, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | |
Class A (12/06) | |||||||||
2021 | $16.73 | $0.76 | $ 1.18 | $ 1.94 | $(0.83) | $ — | $(0.83) | $17.84 | |
2020 | 17.21 | 0.83 | (0.45) | 0.38 | (0.86) | — | (0.86) | 16.73 | |
2019 | 16.75 | 0.90 | 0.46 | 1.36 | (0.90) | — | (0.90) | 17.21 | |
2018 | 17.72 | 0.90 | (0.97) | (0.07) | (0.90) | — | (0.90) | 16.75 | |
2017 | 17.14 | 0.90 | 0.62 | 1.52 | (0.94) | — | (0.94) | 17.72 | |
Class C (12/06) | |||||||||
2021 | 16.74 | 0.63 | 1.18 | 1.81 | (0.70) | — | (0.70) | 17.85 | |
2020 | 17.21 | 0.70 | (0.44) | 0.26 | (0.73) | — | (0.73) | 16.74 | |
2019 | 16.77 | 0.78 | 0.44 | 1.22 | (0.78) | — | (0.78) | 17.21 | |
2018 | 17.73 | 0.77 | (0.96) | (0.19) | (0.77) | — | (0.77) | 16.77 | |
2017 | 17.15 | 0.77 | 0.62 | 1.39 | (0.81) | — | (0.81) | 17.73 | |
Class R6 (06/16) | |||||||||
2021 | 16.77 | 0.83 | 1.18 | 2.01 | (0.89) | — | (0.89) | 17.89 | |
2020 | 17.25 | 0.89 | (0.46) | 0.43 | (0.91) | — | (0.91) | 16.77 | |
2019 | 16.79 | 0.95 | 0.46 | 1.41 | (0.95) | — | (0.95) | 17.25 | |
2018 | 17.74 | 0.97 | (0.97) | — | (0.95) | — | (0.95) | 16.79 | |
2017 | 17.15 | 0.95 | 0.62 | 1.57 | (0.98) | — | (0.98) | 17.74 | |
Class I (12/06) | |||||||||
2021 | 16.74 | 0.81 | 1.19 | 2.00 | (0.88) | — | (0.88) | 17.86 | |
2020 | 17.22 | 0.87 | (0.45) | 0.42 | (0.90) | — | (0.90) | 16.74 | |
2019 | 16.77 | 0.95 | 0.44 | 1.39 | (0.94) | — | (0.94) | 17.22 | |
2018 | 17.73 | 0.94 | (0.95) | (0.01) | (0.95) | — | (0.95) | 16.77 | |
2017 | 17.14 | 0.95 | 0.62 | 1.57 | (0.98) | — | (0.98) | 17.73 |
Ratios/Supplemental Data | ||||
Ratios to Average Net Assets(c) | ||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) |
11.79% | $ 597,657 | 0.99% | 4.32% | 14% |
2.33 | 458,391 | 1.03 | 4.97 | 37 |
8.45 | 416,289 | 1.03 | 5.44 | 34 |
(0.39) | 383,353 | 1.03 | 5.20 | 30 |
9.11 | 458,980 | 1.04 | 5.19 | 9 |
10.96 | 232,618 | 1.74 | 3.57 | 14 |
1.63 | 235,790 | 1.78 | 4.21 | 37 |
7.54 | 260,290 | 1.79 | 4.69 | 34 |
(1.07) | 276,059 | 1.78 | 4.47 | 30 |
8.31 | 291,647 | 1.79 | 4.46 | 9 |
12.16 | 944,235 | 0.68 | 4.65 | 14 |
2.66 | 453,348 | 0.69 | 5.32 | 37 |
8.77 | 382,299 | 0.70 | 5.73 | 34 |
(0.01) | 673,119 | 0.71 | 5.63 | 30 |
9.42 | 4,021 | 0.72 | 5.51 | 9 |
12.11 | 3,842,118 | 0.74 | 4.57 | 14 |
2.57 | 2,792,500 | 0.78 | 5.20 | 37 |
8.66 | 2,800,599 | 0.78 | 5.69 | 34 |
(0.09) | 2,650,158 | 0.78 | 5.47 | 30 |
9.43 | 3,035,551 | 0.78 | 5.47 | 9 |
(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) | The Fund has a contractual fee waiver/expense reimbursement agreement with the Adviser, but did not receive a fee waiver/expense reimbursement during the periods presented herein. See Note 7 - Management Fees and Other Transactions with Affiliates, Management Fees for more information. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
Value | % of Net Assets | |
Country: | ||
United Kingdom | $ 750,486,240 | 13.4% |
Switzerland | 413,530,277 | 7.4 |
France | 327,406,408 | 5.8 |
Spain | 137,443,156 | 2.5 |
Australia | 123,128,518 | 2.2 |
Netherlands | 109,163,391 | 1.9 |
Canada | 98,034,282 | 1.7 |
Germany | 89,108,418 | 1.6 |
Italy | 79,529,229 | 1.4 |
Other | 249,432,232 | 4.4 |
Total non-U.S. securities | $2,377,262,151 | 42.3% |
Level 1 | Level 2 | Level 3 | Total | |
Long-Term Investments*: | ||||
$1,000 Par (or similar) Institutional Preferred | $ — | $2,659,170,403 | $ — | $2,659,170,403 |
Contingent Capital Securities | — | 1,943,624,980 | — | 1,943,624,980 |
$25 Par (or similar) Retail Preferred | 744,481,318 | 200,403,997** | — | 944,885,315 |
Investments Purchased with Collateral from Securities Lending | 40,026,580 | — | — | 40,026,580 |
Short-Term Investments: | ||||
Repurchase Agreements | — | 25,899,698 | — | 25,899,698 |
Investments in Derivatives: | ||||
Futures Contracts*** | 2,069,139 | — | — | 2,069,139 |
Total | $786,577,037 | $4,829,099,078 | $ — | $5,615,676,115 |
* | Refer to the Fund's Portfolio of Investments for industry classifications. |
** | Refer to the Fund's Portfolio of Investments for securities classified as Level 2. |
*** | Represents net unrealized appreciation (depreciation) as reported in the Fund's Portfolio of Investments. |
Counterparty | Short-Term Investments, at Value | Collateral Pledged (From) Counterparty |
Fixed Income Clearing Corporation | $25,899,698 | $(26,417,762) |
Asset Class out on Loan | Long-Term Investments, at Value | Total Collateral Received |
$1,000 Par (or similar) Institutional Preferred | $23,085,088 | $23,654,860 |
Contingent Capital Securities | $ 4,338,862 | $ 4,415,580 |
$25 Par (or similar) Retail Preferred | $10,204,517 | $11,956,140 |
$37,628,467 | $40,026,580 |
Average notional amount of futures contracts outstanding* | $179,520,765 |
* | 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 the end of each fiscal quarter within the current fiscal period. |
Location on the Statement of Assets and Liabilities | ||||||
Asset Derivatives | (Liability) Derivatives | |||||
Underlying Risk Exposure | Derivative Instrument | Location | Value | Location | Value | |
Interest rate | Futures contracts | Receivable for variation margin on futures contracts** | $2,069,139 | — | $ — |
Underlying Risk Exposure | Derivative Instrument | Net Realized Gain (Loss) from Futures Contracts | Change in net Unrealized Appreciation (Depreciation) of Futures Contracts |
Interest rate | Futures contracts | $2,358,134 | $2,722,673 |
Year Ended 9/30/21 | Year Ended 9/30/20 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold: | |||||
Class A | 11,922,417 | $ 210,085,022 | 11,753,037 | $ 195,406,185 | |
Class A – automatic conversion of Class C Shares | 7,509 | 132,718 | — | — | |
Class A - automatic conversion of Class R3 Shares | 251,245 | 4,479,699 | — | — | |
Class C | 2,577,549 | 45,555,914 | 3,018,249 | 51,114,830 | |
Class R3(1) | 86,505 | 1,512,818 | 192,889 | 2,723,003 | |
Class R6 | 37,067,835 | 656,128,075 | 14,148,938 | 226,588,031 | |
Class I | 90,130,117 | 1,593,509,790 | 96,458,330 | 1,593,997,999 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 1,271,233 | 22,429,537 | 1,221,797 | 20,313,209 | |
Class C | 498,716 | 8,791,619 | 598,821 | 9,968,473 | |
Class R3(1) | 6,683 | 117,913 | 5,584 | 92,139 | |
Class R6 | 1,882,645 | 33,386,241 | 1,328,993 | 22,125,087 | |
Class I | 7,802,803 | 137,837,268 | 7,633,690 | 127,195,547 | |
153,505,257 | 2,713,966,614 | 136,360,328 | 2,249,524,503 | ||
Shares redeemed: | |||||
Class A | (7,352,832) | (129,339,236) | (9,769,365) | (160,262,711) | |
Class C | (4,122,450) | (72,507,967) | (4,650,693) | (76,526,327) | |
Class C – automatic conversion to Class A Shares | (7,505) | (132,718) | — | — | |
Class R3(1) | (21,135) | (375,110) | (97,306) | (1,565,508) | |
Class R3 – automatic conversion to Class A Shares | (249,565) | (4,479,699) | — | — | |
Class R6 | (13,198,700) | (232,626,251) | (10,616,657) | (172,880,021) | |
Class I | (49,578,571) | (874,628,412) | (99,967,576) | (1,625,531,165) | |
(74,530,758) | (1,314,089,393) | (125,101,597) | (2,036,765,732) | ||
Net increase (decrease) | 78,974,499 | $ 1,399,877,221 | 11,258,731 | $ 212,758,771 |
(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 reinvestment or through an exchange from other Nuveen mutual funds. |
Tax cost of investments | $5,264,412,739 |
Gross unrealized: | |
Appreciation | $ 363,313,332 |
Depreciation | (12,049,956) |
Net unrealized appreciation (depreciation) of investments | $ 351,263,376 |
Undistributed net ordinary income1, 2 | $11,543,987 |
Undistributed net long-term capital gains | — |
1 | Undistributed net ordinary income (on a tax basis) has not been reduced for the dividends declared during the period September 1, 2021 through September 30, 2021 and paid October 1, 2021. |
2 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
2021 | |
Distributions from net ordinary income2 | $232,436,444 |
Distributions from net long-term capital gains | — |
2020 | |
Distributions from net ordinary income2 | $207,046,837 |
Distributions from net long-term capital gains | — |
2 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
Not subject to expiration: | |
Short-term | $ 83,014,035 |
Long-term | 83,802,462 |
Total | $166,816,497 |
Average Daily Net Assets | Fund-Level Fee Rate |
For the first $125 million | 0.5500% |
For the next $125 million | 0.5375 |
For the next $250 million | 0.5250 |
For the next $500 million | 0.5125 |
For the next $1 billion | 0.5000 |
For the next $3 billion | 0.4750 |
For the next $5 billion | 0.4500 |
For net assets over $10 billion | 0.4375 |
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 |
Sales charges collected (Unaudited) | $1,450,511 |
Paid to financial intermediaries (Unaudited) | 1,334,565 |
Commission advances (Unaudited) | $905,319 |
12b-1 fees retained (Unaudited) | $370,117 |
CDSC retained (Unaudited) | $64,593 |
% of DRD | 56.1% |
% of QDI | 100.0% |
October 1, 2020 through December 31, 2020 | 7.6% |
January 1, 2021 through September 30, 2021 | 10.3% |
% of Section 163(j) Interest Dividends | 13.2% |
• | Centralization of Functions – ongoing initiatives to centralize investment leadership, market approach and shared support functions within Nuveen and its affiliates in seeking to operate more effectively the business and enhance the 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; and modifying portfolio management teams for various funds; |
• | Investment Team Integrations – continuing to integrate and adjust the members of certain investment teams, in part, to allow greater access to tools and resources within the Nuveen organization and its affiliates; |
• | Capital Initiatives – continuing to invest capital to support new Nuveen funds with initial capital as well as to support existing funds and facilitate regulatory or logistical changes; |
• | 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, increase operating efficiencies, implement enhancements to strengthen key compliance program elements and support international business growth and other corporate objectives; |
• | Investment Oversight – preparing reports to the Board addressing, among other things, fund performance; market conditions; investment teams; new products; changes to mandates, policies and benchmarks; and other management proposals; |
• | Risk Management and Valuation Services - continuing to oversee and manage risk including, among other things, conducting daily calculations and monitoring of risk measures across the Nuveen funds, instituting appropriate investment risk controls, providing risk reporting throughout the firm, participating in internal oversight committees, 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, maintains the valuation policies and procedures, facilitates valuation committee meetings, manages relationships with pricing vendors, and prepares relevant valuation reports and designs methods to simplify and enhance valuation workflow within the organization; |
• | 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 designed 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 |
• | Dividend Management Services – continuing to manage the dividends 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. |
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 Trustee |
Independent Trustees: | ||||
Terence J. Toth 1959 333 W. Wacker Drive Chicago, IL 60606 | Chair and Trustee | 2008 | Formerly, a Co-Founding Partner, Promus Capital (investment advisory firm) (2008-2017); Director, Quality Control Corporation (manufacturing) (since 2012); member: Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (philanthropy) (since 2012), and chair of its investment committee; 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). | 143 |
Jack B. Evans 1948 333 W. Wacker Drive Chicago, IL 60606 | 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). | 143 |
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 Trustee |
William C. Hunter 1948 333 W. Wacker Drive Chicago, IL 60606 | 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. | 143 |
Amy B. R. Lancellotta 1959 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2021 | Formerly, Managing Director, Independent Directors Council (IDC) (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). | 143 |
Joanne T. Medero 1954 333 W. Wacker Drive Chicago, IL 60606 | 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). | 143 |
Albin F. Moschner 1952 333 W. Wacker Drive Chicago, IL 60606 | 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). | 143 |
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 Trustee |
John K. Nelson 1962 333 W. Wacker Drive Chicago, IL 60606 | 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. | 143 |
Judith M. Stockdale 1947 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 1997 | Board Member, Land Trust Alliance (national public charity addressing natural land and water conservation in the U.S.) (since 2013); formerly, Board Member, U.S. Endowment for Forestry and Communities (national endowment addressing forest health, sustainable forest production and markets, and economic health of forest-reliant communities in the U.S.) (2013-2019); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation (private foundation endowed to support both natural land conservation and artistic vitality); prior thereto, Executive Director, Great Lakes Protection Fund (endowment created jointly by seven of the eight Great Lakes states' Governors to take a regional approach to improving the health of the Great Lakes) (1990-1994). | 143 |
Carole E. Stone 1947 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2007 | Former Director, Chicago Board Options Exchange (2006-2017), and C2 Options Exchange, Incorporated (2009-2017); formerly, Director, Cboe Global Markets, Inc., (2010-2020) (formerly named CBOE Holdings, Inc.); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010). | 143 |
Matthew Thornton III 1958 333 W. Wacker Drive Chicago, IL 60606 | 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). | 143 |
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 Trustee |
Margaret L. Wolff 1955 333 W. Wacker Drive Chicago, IL 60606 | 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 (legal services, Mergers & Acquisitions Group) (2005-2014); Member of the Board of Trustees of New York-Presbyterian Hospital (since 2005); Member (since 2004) and Chair (since 2015) 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. | 143 |
Robert L. Young 1963 333 W. Wacker Drive Chicago, IL 60606 | 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). | 143 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed(2) | Principal Occupation(s) 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) and Senior Vice President (2013-2016) of Nuveen; Senior Managing Director of Nuveen Securities, LLC (since 2018) and of Nuveen Fund Advisors, LLC (since 2019). | |
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) and Nuveen Fund Advisors, LLC (since 2017); Vice President and Associate General Counsel of Nuveen (since 2013) and Vice President, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2018). | |
Diana R. Gonzalez 1978 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2017 | Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC (since 2017); Vice President and Associate General Counsel of Nuveen (since 2017); formerly, 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), Vice President (2011- 2016) 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. |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed(2) | Principal Occupation(s) During Past 5 Years | |
Jacques M. Longerstaey 1963 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | Vice President | 2019 | Senior Managing Director, Chief Risk Officer, Nuveen (since May 2019); Senior Managing Director (since May 2019) of Nuveen Fund Advisors, LLC; formerly, Chief Investment and Model Risk Officer, Wealth & Investment Management Division, Wells Fargo Bank (NA) (2013-2019). | |
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) and Managing Director and Assistant Secretary (2008-2016); Senior Managing Director (since 2017) and Assistant Secretary (since 2008) of Nuveen Securities, LLC, formerly Executive Vice President (2016-2017) and Managing Director (2008-2016); 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), Managing Director (2008-2016) and Assistant Secretary (2007-2016); Senior Managing Director (since 2017), Secretary (since 2016) of Nuveen Asset Management, LLC, formerly, Associate General Counsel (2011-2020), Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2011-2016); Vice President (since 2007) and Secretary (since 2016), formerly, Assistant Secretary, of NWQ Investment Management Company, LLC, Santa Barbara Asset Management, LLC and 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); formerly. Managing Director, Head of Wealth Management Product Structuring & COO Multi Asset Investing. The Blackstone Group (2013-2017). | |
Christopher M. Rohrbacher 1971 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2008 | Managing Director and Assistant Secretary (since 2017) of Nuveen Securities, LLC; Managing Director (since 2017), General Counsel (since 2020), and Assistant Secretary (since 2016), formerly, Senior Vice President (2016-2017), of Nuveen Fund Advisors, LLC; Managing Director, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC (since 2020); Managing Director (since 2017) and Associate General Counsel (since 2016), formerly, Senior Vice President (2012-2017) and Assistant General Counsel (2008-2016) of Nuveen. | |
William A. Siffermann 1975 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2017 | Managing Director (since 2017), formerly Senior Vice President (2016-2017) and Vice President (2011-2016) of Nuveen. | |
E. Scott Wickerham 1973 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | 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; formerly, Senior Director, TIAA-CREF Fund Administration (2014-2015); has held various positions with TIAA since 2006. |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed(2) | Principal Occupation(s) During Past 5 Years | |
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), formerly, Assistant General Counsel (2008-2016) of Nuveen. | |
Gifford R. Zimmerman 1956 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Chief Compliance Officer | 1988 | Formerly: Managing Director (2002-2020) and Assistant Secretary (2002-2020) of Nuveen Securities, LLC; formerly, Managing Director (2002-2020), Assistant Secretary (1997-2020) and Co-General Counsel (2011-2020) of Nuveen Fund Advisors, LLC; formerly, Managing Director (2004-2020) and Assistant Secretary (1994-2020) of Nuveen Investments, Inc.; formerly, Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (2011-2020); formerly, Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (2002-2020), Santa Barbara Asset Management, LLC (2006-2020) and Winslow Capital Management, LLC (2010-2020); Chartered Financial Analyst. |
Serving Investors for Generations
Income Fund
Fund Name | Class A | Class C | Class R6 | Class I |
Nuveen NWQ Flexible Income Fund | NWQAX | NWQCX | NQWFX | NWQIX |
Effective December 31, 2021, the Fund will remove “NWQ” from its name. Please see the Portfolio Managers’ Comments and Notes to Financial Statements sections of this Annual Report for more information |
Total Returns as of September 30, 2021* | |||||||
Average Annual | Expense Ratios** | ||||||
Inception Date | 1-Year | 5-Year | 10-Year | Gross | Net | ||
Class A Shares at NAV | 12/09/09 | 8.71% | 5.72% | 6.97% | 1.04% | 0.96% | |
Class A Shares at maximum Offering Price | 12/09/09 | 3.55% | 4.69% | 6.45% | - | - | |
Bloomberg U.S. Aggregate Bond Index | - | (0.90)% | 2.94% | 3.01% | - | - | |
Flexible Income Blended Benchmark***1 | - | 6.57% | 5.53% | 6.14% | - | - | |
ICE BofA Fixed Rate Preferred Securities Index | - | 6.86% | 5.54% | 6.79% | - | - | |
Lipper Flexible Income Funds Classification Average | - | 9.41% | 5.21% | 6.27% | - | - | |
Class C Shares | 12/09/09 | 7.97% | 4.95% | 6.32% | 1.79% | 1.71% | |
Class I Shares | 12/09/09 | 9.02% | 5.98% | 7.25% | 0.79% | 0.71% |
Total Returns as of September 30, 2021* | |||||||
Average Annual | Expense Ratios** | ||||||
Inception Date | 1-Year | 5-Year | Since Inception | Gross | Net | ||
Class R6 Shares | 6/30/16 | 9.09% | 6.09% | 6.74% | 0.72% | 0.64% |
Share Class | ||||
Class A1 | Class C | Class R6 | Class I | |
Dividend Yield | 4.00% | 3.43% | 4.47% | 4.41% |
SEC 30-Day Yield - Subsidized | 2.25% | 1.61% | 2.65% | 2.60% |
SEC 30-Day Yield - Unsubsidized | 2.20% | 1.57% | 2.60% | 2.55% |
Fund Allocation (% of net assets) | |
Corporate Bonds | 50.3% |
$1,000 Par (or similar) Institutional Preferred | 18.7% |
Common Stocks | 12.0% |
Convertible Preferred Securities | 7.4% |
$25 Par (or similar) Retail Preferred | 4.8% |
Structured Notes | 3.1% |
Convertible Bonds | 1.2% |
Investments Purchased with Collateral from Securities Lending | 0.7% |
Repurchase Agreements | 2.9% |
Other Assets Less Liabilities | (1.1)% |
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets) | |
McDonald's Corp | 0.8% |
Medtronic PLC | 0.7% |
Cisco Systems Inc | 0.7% |
Walmart Inc | 0.7% |
Bristol-Myers Squibb Co | 0.7% |
Portfolio Composition (% of net assets) | |
Banks | 9.2% |
Media | 7.2% |
Technology Hardware, Storage & Peripherals | 5.7% |
Electric Utilities | 5.3% |
Health Care Providers & Services | 4.5% |
Semiconductors & Semiconductor Equipment | 4.4% |
Consumer Finance | 3.8% |
Automobiles | 3.3% |
Oil, Gas & Consumable Fuels | 2.9% |
Multi-Utilities | 2.9% |
Capital Markets | 2.8% |
Machinery | 2.4% |
Insurance | 2.3% |
Food & Staples Retailing | 2.3% |
Auto Components | 2.2% |
Life Sciences Tools & Services | 2.2% |
Specialty Retail | 2.0% |
Hotels, Restaurants & Leisure | 2.0% |
Chemicals | 1.8% |
Equity Real Estate Investment Trust | 1.7% |
Metals & Mining | 1.6% |
Communications Equipment | 1.5% |
Diversified Telecommunication Services | 1.5% |
Other 1 | 18.9% |
Structured Notes | 3.1% |
Investments Purchased with Collateral from Securities Lending | 0.7% |
Repurchase Agreements | 2.9% |
Other Assets Less Liabilities | (1.1)% |
Net Assets | 100% |
Bond Credit Quality (% of total investment exposure) | |
A | 3.6% |
BBB | 41.1% |
BB or Lower | 48.0% |
N/R (not rated) | 7.3% |
Total | 100% |
1 | See Portfolio of Investments for details on "other" Portfolio Composition. |
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 | $1,035.87 | $1,032.51 | $1,037.66 | $1,037.06 |
Expenses Incurred During the Period | $ 4.85 | $ 8.66 | $ 3.27 | $ 3.57 |
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 | $1,020.31 | $1,016.55 | $1,021.86 | $1,021.56 |
Expenses Incurred During the Period | $ 4.81 | $ 8.59 | $ 3.24 | $ 3.55 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
LONG-TERM INVESTMENTS – 97.5% | ||||||||
CORPORATE BONDS – 50.3% | ||||||||
Auto Components – 0.7% | ||||||||
$ 6,320 | Adient US LLC, 144A | 9.000% | 4/15/25 | BB- | $6,825,600 | |||
4,265 | American Axle & Manufacturing Inc, (3) | 6.500% | 4/01/27 | B+ | 4,446,262 | |||
2,000 | Dana Financing Luxembourg Sarl, 144A | 5.750% | 4/15/25 | BB+ | 2,062,800 | |||
12,585 | Total Auto Components | 13,334,662 | ||||||
Automobiles – 2.6% | ||||||||
10,810 | Ford Motor Co | 8.500% | 4/21/23 | BB+ | 11,890,350 | |||
7,635 | Ford Motor Co | 9.000% | 4/22/25 | BB+ | 9,181,317 | |||
20,780 | General Motors Co | 6.600% | 4/01/36 | BBB | 27,894,241 | |||
39,225 | Total Automobiles | 48,965,908 | ||||||
Banks – 0.3% | ||||||||
4,650 | CIT Group Inc | 5.000% | 8/01/23 | BBB- | 4,969,688 | |||
Beverages – 0.9% | ||||||||
3,225 | Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc | 4.900% | 2/01/46 | BBB+ | 3,964,218 | |||
10,560 | Anheuser-Busch InBev Finance Inc | 4.900% | 2/01/46 | BBB+ | 13,083,636 | |||
13,785 | Total Beverages | 17,047,854 | ||||||
Biotechnology – 0.5% | ||||||||
8,760 | Emergent BioSolutions Inc, 144A | 3.875% | 8/15/28 | BB- | 8,519,100 | |||
Capital Markets – 0.9% | ||||||||
6,060 | Donnelley Financial Solutions Inc | 8.250% | 10/15/24 | B+ | 6,202,410 | |||
2,685 | Morgan Stanley | 5.875% | 3/15/70 | Baa3 | 3,098,956 | |||
5,990 | Raymond James Financial Inc | 4.950% | 7/15/46 | A- | 7,737,135 | |||
14,735 | Total Capital Markets | 17,038,501 | ||||||
Chemicals – 1.8% | ||||||||
9,000 | Ashland LLC | 6.875% | 5/15/43 | BB+ | 11,745,000 | |||
21,689 | Trinseo Materials Operating SCA / Trinseo Materials Finance Inc, 144A | 5.375% | 9/01/25 | B | 22,014,335 | |||
30,689 | Total Chemicals | 33,759,335 | ||||||
Communications Equipment – 0.8% | ||||||||
4,925 | Viasat Inc, 144A | 5.625% | 9/15/25 | BB- | 4,991,154 | |||
9,200 | Viasat Inc, 144A | 5.625% | 4/15/27 | BB+ | 9,591,000 | |||
14,125 | Total Communications Equipment | 14,582,154 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
Consumer Finance – 0.8% | ||||||||
$ 9,289 | Ally Financial Inc | 5.750% | 11/20/25 | Baa3 | $10,621,490 | |||
4,035 | Capital One Financial Corp | 3.950% | 9/01/70 | Baa3 | 4,156,050 | |||
13,324 | Total Consumer Finance | 14,777,540 | ||||||
Containers & Packaging – 1.2% | ||||||||
16,875 | Sealed Air Corp, 144A | 6.875% | 7/15/33 | BB+ | 22,045,162 | |||
Diversified Telecommunication Services – 1.1% | ||||||||
2,235 | Embarq Corp | 7.995% | 6/01/36 | BB | 2,396,791 | |||
11,707 | GCI LLC, 144A | 4.750% | 10/15/28 | B | 12,290,031 | |||
5,567 | Lumen Technologies Inc | 7.650% | 3/15/42 | BB | 6,235,040 | |||
19,509 | Total Diversified Telecommunication Services | 20,921,862 | ||||||
Electric Utilities – 1.2% | ||||||||
6,075 | Edison International | 5.750% | 6/15/27 | BBB- | 6,994,837 | |||
2,200 | PG&E Corp | 5.250% | 7/01/30 | BB | 2,252,250 | |||
13,350 | Vistra Operations Co LLC, 144A | 5.000% | 7/31/27 | BB+ | 13,783,875 | |||
21,625 | Total Electric Utilities | 23,030,962 | ||||||
Entertainment – 0.4% | ||||||||
6,875 | Liberty Interactive LLC | 8.500% | 7/15/29 | BB | 7,803,125 | |||
Equity Real Estate Investment Trust – 1.3% | ||||||||
6,805 | Crown Castle International Corp | 3.300% | 7/01/30 | BBB+ | 7,252,386 | |||
5,475 | Iron Mountain Inc, 144A | 4.875% | 9/15/29 | BB- | 5,735,063 | |||
10,400 | Office Properties Income Trust | 4.500% | 2/01/25 | BBB- | 11,147,864 | |||
22,680 | Total Equity Real Estate Investment Trust | 24,135,313 | ||||||
Food & Staples Retailing – 1.6% | ||||||||
17,389 | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC, 144A | 7.500% | 3/15/26 | BB | 18,780,120 | |||
10,210 | SEG Holding LLC / SEG Finance Corp, 144A | 5.625% | 10/15/28 | BB- | 10,643,925 | |||
27,599 | Total Food & Staples Retailing | 29,424,045 | ||||||
Health Care Providers & Services – 3.8% | ||||||||
9,025 | Centene Corp | 4.625% | 12/15/29 | BBB- | 9,835,445 | |||
1,148 | Encompass Health Corp | 5.750% | 9/15/25 | B+ | 1,169,525 | |||
4,425 | Encompass Health Corp | 4.750% | 2/01/30 | B+ | 4,653,994 | |||
2,900 | Encompass Health Corp | 4.625% | 4/01/31 | B+ | 3,048,045 | |||
5,750 | HCA Inc | 5.875% | 5/01/23 | Baa3 | 6,181,365 | |||
7,300 | HCA Inc | 5.125% | 6/15/39 | BBB- | 9,058,887 | |||
17,652 | MEDNAX Inc, 144A | 6.250% | 1/15/27 | B+ | 18,556,665 | |||
6,345 | Molina Healthcare Inc, 144A | 3.875% | 11/15/30 | BB- | 6,630,525 | |||
4,050 | Tenet Healthcare Corp, 144A | 7.500% | 4/01/25 | B+ | 4,298,063 | |||
8,560 | Tenet Healthcare Corp, 144A | 4.250% | 6/01/29 | B+ | 8,688,400 | |||
67,155 | Total Health Care Providers & Services | 72,120,914 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
Hotels, Restaurants & Leisure – 1.2% | ||||||||
$ 17,925 | McDonald's Corp | 4.875% | 12/09/45 | BBB+ | $ 22,790,761 | |||
Interactive Media & Services – 1.0% | ||||||||
17,940 | TripAdvisor Inc, 144A | 7.000% | 7/15/25 | BB- | 19,016,400 | |||
IT Services – 0.5% | ||||||||
8,390 | Alliance Data Systems Corp, 144A | 4.750% | 12/15/24 | N/R | 8,593,525 | |||
Life Sciences Tools & Services – 0.6% | ||||||||
9,875 | Avantor Funding Inc, 144A | 4.625% | 7/15/28 | BB | 10,393,437 | |||
Machinery – 2.4% | ||||||||
8,690 | ATS Automation Tooling Systems Inc, 144A | 4.125% | 12/15/28 | B+ | 8,911,856 | |||
13,170 | Harsco Corp, 144A | 5.750% | 7/31/27 | B+ | 13,647,413 | |||
7,675 | Roller Bearing Co of America Inc, 144A, (WI/DD, Settling 10/07/21) | 4.375% | 10/15/29 | B+ | 7,866,875 | |||
12,930 | Stevens Holding Co Inc, 144A | 6.125% | 10/01/26 | BB- | 13,948,237 | |||
42,465 | Total Machinery | 44,374,381 | ||||||
Media – 6.1% | ||||||||
7,650 | CCO Holdings LLC / CCO Holdings Capital Corp, 144A | 5.125% | 5/01/27 | BB+ | 7,966,021 | |||
14,500 | Charter Communications Operating LLC / Charter Communications Operating Capital | 6.484% | 10/23/45 | BBB- | 19,713,915 | |||
8,360 | DISH DBS Corp | 7.750% | 7/01/26 | B2 | 9,440,321 | |||
7,450 | DISH DBS Corp | 5.125% | 6/01/29 | B2 | 7,299,436 | |||
18,324 | Nexstar Media Inc, 144A | 5.625% | 7/15/27 | B+ | 19,386,334 | |||
4,350 | Nexstar Media Inc, 144A | 4.750% | 11/01/28 | B+ | 4,512,516 | |||
9,255 | Sirius XM Radio Inc, 144A | 4.000% | 7/15/28 | BB | 9,411,178 | |||
26,204 | ViacomCBS Inc | 6.875% | 4/30/36 | BBB | 37,446,589 | |||
96,093 | Total Media | 115,176,310 | ||||||
Metals & Mining – 1.4% | ||||||||
6,600 | ArcelorMittal SA | 7.000% | 10/15/39 | BBB- | 9,314,250 | |||
5,000 | Constellium SE, 144A | 3.750% | 4/15/29 | B | 4,869,600 | |||
8,600 | Southern Copper Corp | 5.875% | 4/23/45 | BBB+ | 11,627,200 | |||
20,200 | Total Metals & Mining | 25,811,050 | ||||||
Mortgage Real Estate Investment Trust – 0.2% | ||||||||
3,850 | HAT Holdings I LLC / HAT Holdings II LLC, 144A | 6.000% | 4/15/25 | BB+ | 4,023,250 | |||
Multiline Retail – 1.0% | ||||||||
19,344 | Nordstrom Inc, (3) | 5.000% | 1/15/44 | BBB- | 18,969,239 | |||
Multi-Utilities – 0.4% | ||||||||
6,425 | Consolidated Edison Co of New York Inc | 3.950% | 4/01/50 | A- | 7,331,443 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
Oil, Gas & Consumable Fuels – 1.7% | ||||||||
$ 4,650 | Cheniere Corpus Christi Holdings LLC | 5.125% | 6/30/27 | BBB- | $5,375,897 | |||
14,425 | Enviva Partners LP / Enviva Partners Finance Corp, 144A | 6.500% | 1/15/26 | BB- | 14,920,859 | |||
9,939 | Phillips 66 | 4.650% | 11/15/34 | A3 | 11,850,238 | |||
29,014 | Total Oil, Gas & Consumable Fuels | 32,146,994 | ||||||
Professional Services – 0.3% | ||||||||
5,495 | Clarivate Science Holdings Corp, 144A | 3.875% | 7/01/28 | B1 | 5,495,000 | |||
Real Estate Management & Development – 0.4% | ||||||||
8,306 | Greystar Real Estate Partners LLC, 144A | 5.750% | 12/01/25 | BB- | 8,430,590 | |||
Road & Rail – 1.0% | ||||||||
15,229 | XPO CNW Inc | 6.700% | 5/01/34 | B+ | 18,678,673 | |||
Semiconductors & Semiconductor Equipment – 2.7% | ||||||||
19,258 | Amkor Technology Inc, 144A | 6.625% | 9/15/27 | BB | 20,630,132 | |||
16,870 | Broadcom Inc, 144A | 3.187% | 11/15/36 | BBB- | 16,821,010 | |||
7,250 | Entegris Inc, 144A | 4.375% | 4/15/28 | BB | 7,594,375 | |||
3,500 | Lam Research Corp | 4.875% | 3/15/49 | A2 | 4,717,921 | |||
46,878 | Total Semiconductors & Semiconductor Equipment | 49,763,438 | ||||||
Software – 1.5% | ||||||||
7,800 | SS&C Technologies Inc, 144A | 5.500% | 9/30/27 | B+ | 8,236,273 | |||
16,900 | VMware Inc | 4.700% | 5/15/30 | Baa2 | 19,922,491 | |||
24,700 | Total Software | 28,158,764 | ||||||
Specialty Retail – 2.0% | ||||||||
15,181 | Bath & Body Works Inc | 6.875% | 11/01/35 | BB | 19,052,155 | |||
8,730 | Gap Inc, 144A | 3.625% | 10/01/29 | BB | 8,751,825 | |||
10,155 | Gap Inc, 144A | 3.875% | 10/01/31 | BB | 10,155,000 | |||
34,066 | Total Specialty Retail | 37,958,980 | ||||||
Technology Hardware, Storage & Peripherals – 4.1% | ||||||||
34,044 | Hewlett Packard Enterprise Co | 6.350% | 10/15/45 | BBB+ | 45,709,919 | |||
8,269 | NCR Corp, 144A | 5.250% | 10/01/30 | BB- | 8,670,294 | |||
9,529 | Seagate HDD Cayman | 4.875% | 6/01/27 | BB+ | 10,722,031 | |||
10,335 | Seagate HDD Cayman | 4.091% | 6/01/29 | BB+ | 10,851,750 | |||
62,177 | Total Technology Hardware, Storage & Peripherals | 75,953,994 | ||||||
Tobacco – 0.8% | ||||||||
12,625 | Altria Group Inc | 5.800% | 2/14/39 | A3 | 15,524,734 | |||
Trading Companies & Distributors – 1.1% | ||||||||
12,600 | Ashtead Capital Inc, 144A | 4.000% | 5/01/28 | BBB- | 13,391,198 | |||
4,875 | United Rentals North America Inc | 5.250% | 1/15/30 | BB | 5,338,125 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
Trading Companies & Distributors (continued) | ||||||||
$ 1,775 | United Rentals North America Inc | 3.875% | 2/15/31 | BB | $ 1,819,375 | |||
19,250 | Total Trading Companies & Distributors | 20,548,698 | ||||||
$ 834,443 | Total Corporate Bonds (cost $862,504,145) | 941,615,786 |
Principal Amount (000)/ Shares | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 18.7% | ||||||||
Auto Components – 1.5% | ||||||||
$ 7,160 | Dana Inc | 4.250% | 9/01/30 | BB+ | $7,363,701 | |||
19,955 | Goodyear Tire & Rubber Co, 144A | 5.250% | 7/15/31 | BB- | 21,252,075 | |||
Total Auto Components | 28,615,776 | |||||||
Automobiles – 0.7% | ||||||||
3,613 | General Motors Financial Co Inc | 5.700% | N/A (4) | BB+ | 4,159,466 | |||
8,413 | General Motors Financial Co Inc, (3) | 6.500% | N/A (4) | BB+ | 9,485,658 | |||
Total Automobiles | 13,645,124 | |||||||
Banks – 6.2% | ||||||||
3,375 | Bank of America Corp | 6.250% | N/A (4) | BBB+ | 3,712,500 | |||
14,726 | Bank of America Corp | 6.500% | N/A (4) | BBB+ | 16,478,394 | |||
4,815 | Bank of America Corp | 6.300% | N/A (4) | BBB+ | 5,585,400 | |||
7,725 | CIT Group Inc | 5.800% | N/A (4) | Ba3 | 7,889,156 | |||
25,871 | Citigroup Inc | 6.250% | N/A (4) | BBB- | 29,951,115 | |||
3,000 | JPMorgan Chase & Co | 6.100% | N/A (4) | BBB+ | 3,260,400 | |||
18,425 | JPMorgan Chase & Co | 6.750% | N/A (4) | BBB+ | 20,221,438 | |||
3,225 | Lloyds Bank PLC, 144A | 12.000% | N/A (4) | Baa3 | 3,329,232 | |||
14,377 | PNC Financial Services Group Inc, (3-Month LIBOR reference rate + 3.678% spread), (5) | 3.804% | N/A (4) | Baa2 | 14,412,094 | |||
5,925 | Wells Fargo & Co | 5.875% | N/A (4) | Baa2 | 6,603,472 | |||
4,883 | Zions Bancorp NA | 7.200% | N/A (4) | BB+ | 5,283,113 | |||
Total Banks | 116,726,314 | |||||||
Capital Markets – 1.2% | ||||||||
6,600 | Ares Finance Co III LLC, 144A | 4.125% | 6/30/51 | BBB | 6,830,749 | |||
6,575 | Goldman Sachs Group Inc | 3.650% | N/A (4) | BBB- | 6,583,219 | |||
7,075 | Goldman Sachs Group Inc | 5.300% | N/A (4) | BBB- | 7,801,602 | |||
350 | Goldman Sachs Group Inc | 4.950% | N/A (4) | BBB- | 371,000 | |||
Total Capital Markets | 21,586,570 | |||||||
Consumer Finance – 2.3% | ||||||||
20,627 | Ally Financial Inc | 4.700% | N/A (4) | BB- | 21,469,300 | |||
11,300 | Ally Financial Inc | 4.700% | N/A (4) | BB- | 11,808,500 |
Principal Amount (000)/ Shares | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
Consumer Finance (continued) | ||||||||
$ 9,875 | American Express Co | 3.550% | N/A (4) | Baa2 | $ 10,061,144 | |||
Total Consumer Finance | 43,338,944 | |||||||
Electric Utilities – 2.5% | ||||||||
23,745 | Emera Inc | 6.750% | 6/15/76 | BB+ | 28,233,042 | |||
15,390 | NextEra Energy Capital Holdings Inc | 5.650% | 5/01/79 | BBB | 18,052,464 | |||
Total Electric Utilities | 46,285,506 | |||||||
Food Products – 0.5% | ||||||||
3,200 | Land O' Lakes Inc, 144A | 7.000% | N/A (4) | BB | 3,384,000 | |||
3,300 | Land O' Lakes Inc, 144A | 7.250% | N/A (4) | BB | 3,547,500 | |||
2,042 | Land O' Lakes Inc, 144A | 8.000% | N/A (4) | BB | 2,200,255 | |||
Total Food Products | 9,131,755 | |||||||
Insurance – 1.0% | ||||||||
4,950 | Enstar Finance LLC | 5.750% | 9/01/40 | BB+ | 5,274,581 | |||
10,255 | Liberty Mutual Group Inc, 144A, (3) | 7.800% | 3/15/37 | Baa3 | 13,773,615 | |||
Total Insurance | 19,048,196 | |||||||
Media – 0.3% | ||||||||
5,650 | DISH DBS Corp | 7.375% | 7/01/28 | B2 | 5,991,684 | |||
Multi-Utilities – 0.5% | ||||||||
8,721 | Sempra Energy | 4.875% | N/A (4) | BBB- | 9,462,285 | |||
Oil, Gas & Consumable Fuels – 0.8% | ||||||||
12,781 | Transcanada Trust | 5.875% | 8/15/76 | BBB | 14,314,720 | |||
Technology Hardware, Storage & Peripherals – 1.2% | ||||||||
10,170 | Dell International LLC / EMC Corp | 6.020% | 6/15/26 | BBB | 12,097,497 | |||
9,800 | NCR Corp, 144A | 5.125% | 4/15/29 | N/R | 10,106,250 | |||
Total Technology Hardware, Storage & Peripherals | 22,203,747 | |||||||
Total $1,000 Par (or similar) Institutional Preferred (cost $344,556,404) | 350,350,621 |
Shares | Description (1) | Value | ||||||
COMMON STOCKS – 12.0% | ||||||||
Aerospace & Defense – 0.8% | ||||||||
47,400 | General Dynamics Corp | $9,291,822 | ||||||
268,300 | Thales SA, Sponsored ADR | 5,211,727 | ||||||
Total Aerospace & Defense | 14,503,549 | |||||||
Banks – 0.3% | ||||||||
105,900 | Wells Fargo & Co | 4,914,819 |
Shares | Description (1) | Value | ||||||
Capital Markets – 0.4% | ||||||||
353,084 | Ares Capital Corp, (3), (6) | $ 7,178,198 | ||||||
Communications Equipment – 0.7% | ||||||||
257,000 | Cisco Systems Inc | 13,988,510 | ||||||
Diversified Telecommunication Services – 0.4% | ||||||||
281,900 | AT&T Inc | 7,614,119 | ||||||
Electric Utilities – 0.5% | ||||||||
86,100 | Entergy Corp | 8,550,591 | ||||||
Electrical Equipment – 0.4% | ||||||||
222,600 | nVent Electric PLC | 7,196,658 | ||||||
Entertainment – 0.5% | ||||||||
169,500 | Nintendo Co Ltd, Sponsored ADR | 10,042,875 | ||||||
Equity Real Estate Investment Trust – 0.2% | ||||||||
157,300 | Healthcare Realty Trust Inc | 4,684,394 | ||||||
Food & Staples Retailing – 0.7% | ||||||||
96,000 | Walmart Inc | 13,380,480 | ||||||
Health Care Equipment & Supplies – 0.7% | ||||||||
111,800 | Medtronic PLC | 14,014,130 | ||||||
Health Care Providers & Services – 0.7% | ||||||||
44,600 | Cigna Corp | 8,927,136 | ||||||
112,100 | Fresenius Medical Care AG & Co KGaA, Sponsored ADR | 3,920,137 | ||||||
Total Health Care Providers & Services | 12,847,273 | |||||||
Hotels, Restaurants & Leisure – 0.8% | ||||||||
60,000 | McDonald's Corp | 14,466,600 | ||||||
Independent Power & Renewable Electricity Producers – 0.5% | ||||||||
124,867 | NextEra Energy Partners LP | 9,409,977 | ||||||
Industrial Conglomerates – 0.5% | ||||||||
109,325 | Siemens AG, Sponsored ADR | 8,979,955 | ||||||
Metals & Mining – 0.2% | ||||||||
75,400 | BHP Group PLC, Sponsored ADR, (3) | 3,822,026 | ||||||
Multi-Utilities – 0.5% | ||||||||
70,091 | Sempra Energy | 8,866,512 | ||||||
Oil, Gas & Consumable Fuels – 0.4% | ||||||||
117,900 | Valero Energy Corp | 8,320,203 |
Shares | Description (1) | Value | ||||||
Pharmaceuticals – 1.4% | ||||||||
84,500 | AstraZeneca PLC, Sponsored ADR | $5,075,070 | ||||||
209,800 | Bristol-Myers Squibb Co | 12,413,866 | ||||||
245,500 | GlaxoSmithKline PLC, Sponsored ADR, (3) | 9,380,555 | ||||||
Total Pharmaceuticals | 26,869,491 | |||||||
Road & Rail – 0.4% | ||||||||
139,700 | Knight-Swift Transportation Holdings Inc | 7,145,655 | ||||||
Semiconductors & Semiconductor Equipment – 0.5% | ||||||||
73,600 | Applied Materials Inc | 9,474,528 | ||||||
Technology Hardware, Storage & Peripherals – 0.5% | ||||||||
647,400 | Hewlett Packard Enterprise Co | 9,225,450 | ||||||
Total Common Stocks (cost $214,388,464) | 225,495,993 |
Shares | Description (1) | Coupon | Ratings (2) | Value | ||||
CONVERTIBLE PREFERRED SECURITIES – 7.4% | ||||||||
Banks – 1.7% | ||||||||
5,870 | Bank of America Corp | 7.250% | BBB+ | $8,467,005 | ||||
15,930 | Wells Fargo & Co | 7.500% | Baa2 | 23,608,260 | ||||
Total Banks | 32,075,265 | |||||||
Electric Utilities – 1.1% | ||||||||
132,600 | NextEra Energy Inc | 4.872% | A- | 7,771,686 | ||||
246,000 | NextEra Energy Inc | 6.219% | BBB | 12,573,060 | ||||
Total Electric Utilities | 20,344,746 | |||||||
Health Care Technology – 0.7% | ||||||||
183,850 | Change Healthcare Inc | 6.000% | N/R | 12,792,283 | ||||
Life Sciences Tools & Services – 1.6% | ||||||||
241,750 | Avantor Inc | 6.250% | N/R | 30,438,743 | ||||
Multi-Utilities – 0.8% | ||||||||
143,600 | Dominion Energy Inc | 7.250% | BBB- | 13,947,868 | ||||
Professional Services – 0.3% | ||||||||
62,100 | Clarivate PLC | 5.250% | N/R | 5,383,449 | ||||
Semiconductors & Semiconductor Equipment – 1.2% | ||||||||
15,075 | Broadcom Inc | 8.000% | N/R | 23,095,051 | ||||
Total Convertible Preferred Securities (cost $112,947,100) | 138,077,405 |
Shares | Description (1) | Coupon | Ratings (2) | Value | ||||
$25 PAR (OR SIMILAR) RETAIL PREFERRED – 4.8% | ||||||||
Banks – 0.7% | ||||||||
127,954 | Citigroup Inc, (3) | 7.125% | BBB- | $3,573,755 | ||||
379,500 | Western Alliance Bancorp, (7), (8) | 4.250% | Ba1 | 9,851,820 | ||||
Total Banks | 13,425,575 | |||||||
Capital Markets – 0.3% | ||||||||
191,181 | Morgan Stanley | 7.125% | Baa3 | 5,450,570 | ||||
Consumer Finance – 0.7% | ||||||||
310,900 | Capital One Financial Corp | 5.000% | Baa3 | 8,229,523 | ||||
30,679 | GMAC Capital Trust I, (3) | 5.910% | Ba2 | 774,338 | ||||
145,600 | Synchrony Financial | 5.625% | BB- | 3,881,696 | ||||
Total Consumer Finance | 12,885,557 | |||||||
Equity Real Estate Investment Trust – 0.2% | ||||||||
156,375 | National Storage Affiliates Trust | 6.000% | N/R | 4,098,589 | ||||
Food Products – 1.0% | ||||||||
63,115 | CHS Inc | 7.875% | N/R | 1,803,195 | ||||
195,213 | CHS Inc | 7.100% | N/R | 5,479,629 | ||||
384,432 | CHS Inc | 6.750% | N/R | 10,810,228 | ||||
Total Food Products | 18,093,052 | |||||||
Insurance – 1.3% | ||||||||
60,674 | Argo Group US Inc, (3) | 6.500% | BBB- | 1,583,592 | ||||
284,806 | Athene Holding Ltd | 6.350% | BBB | 8,447,346 | ||||
215,565 | Athene Holding Ltd | 6.375% | BBB | 6,115,579 | ||||
294,032 | Enstar Group Ltd | 7.000% | BB+ | 8,612,197 | ||||
Total Insurance | 24,758,714 | |||||||
Multi-Utilities – 0.6% | ||||||||
430,660 | Algonquin Power & Utilities Corp, (3) | 6.200% | BB+ | 11,920,669 | ||||
Total $25 Par (or similar) Retail Preferred (cost $84,589,775) | 90,632,726 |
Shares | Description (1) | Coupon | Issue Price | Cap Price | Maturity | Value | ||
STRUCTURED NOTES – 3.1% | ||||||||
270,500 | Citigroup Global Markets Holdings Inc., Synthetic Buy-Write Notes Based Upon the Common Stock of TripAdvisor, Inc. (Cap 116.67% of the Issue Price), 144A , (7) | 14.000% | $36.2456 | $42.2877 | 2/24/22 | $9,156,449 | ||
91,700 | Citigroup Global Markets Holdings Inc., Synthetic Buy-Write Notes Linked to Common Stock of Take-Two Interactive Software Inc (Cap 112.50% of the Issue Price), 144A , (7) | 9.000% | $166.6159 | $187.4429 | 12/22/21 | 14,357,231 | ||
200,400 | JPMorgan Chase Bank, National Association Mandatory Exchangeable Note, Linked to Common Stock of Tenet Healthcare Corporation (Cap 124.75% of the Issue Price) , (7) | 10.000% | $66.2820 | $82.6868 | 11/23/21 | 13,451,180 | ||
144,000 | Merrill Lynch International & Co. C.V., Structured Warrant, Linked to Common Stock of Micron Technology Inc. (Cap 115.22% of the Issue Price) , (7) | 10.000% | $82.6648 | $95.2464 | 1/21/22 | 10,534,734 | ||
167,800 | Merrill Lynch International & Co. C.V., Structured Warrant, Linked to Common Stock of Teradata Corp (Cap 112.08% of the Issue Price) , (7) | 0.140% | $57.6381 | $64.6008 | 4/19/22 | 9,671,673 | ||
Total Structured Notes (cost $60,172,480) | 57,171,267 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
CONVERTIBLE BONDS – 1.2% | ||||||||
Media – 0.8% | ||||||||
$ 20,825 | Liberty Interactive LLC | 4.000% | 11/15/29 | BB | $ 16,243,500 | |||
Wireless Telecommunication Services – 0.4% | ||||||||
8,925 | Liberty Interactive LLC | 3.750% | 2/15/30 | BB | 6,928,031 | |||
$ 29,750 | Total Convertible Bonds (cost $22,156,298) | 23,171,531 | ||||||
Total Long-Term Investments (cost $1,701,314,666) | 1,826,515,329 |
Shares | Description (1) | Coupon | Value | |||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 0.7% | ||||||
MONEY MARKET FUNDS – 0.7% | ||||||
13,127,265 | State Street Navigator Securities Lending Government Money Market Portfolio, (9) | 0.030% (10) | $ 13,127,265 | |||
Total Investments Purchased with Collateral from Securities Lending (cost $13,127,265) | 13,127,265 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||||
SHORT-TERM INVESTMENTS – 2.9% | ||||||||
REPURCHASE AGREEMENTS – 2.9% | ||||||||
$ 54,482 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/21, repurchase price $54,482,145, collateralized $40,880,100 U.S. Treasury Inflation Indexed Notes, 0.125%, due 4/15/22, value $46,542,236; $9,350,700 U.S. Treasury Notes, 0.500%, due 6/30/27, value $9,029,634 | 0.000% | 10/01/21 | $ 54,482,145 | ||||
Total Short-Term Investments (cost $54,482,145) | 54,482,145 | |||||||
Total Investments (cost $1,768,924,076) – 101.1% | 1,894,124,739 | |||||||
Other Assets Less Liabilities – (1.1)% (11) | (20,567,501) | |||||||
Net Assets – 100% | $1,873,557,238 |
Options Written | ||||||
Description (12) | Type | Number of Contracts | Notional Amount (13) | Exercise Price | Expiration Date | Value |
Applied Materials Inc (premiums received $169,624) | Call | (361) | $(5,415,000) | $150 | 10/15/21 | $(4,332) |
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) | Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $12,677,951. | |
(4) | Perpetual security. Maturity date is not applicable. | |
(5) | Variable rate security. The rate shown is the coupon as of the end of the reporting period. | |
(6) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives. | |
(7) | For fair value measurement disclosure purposes, investment classified as Level 2. | |
(8) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. | |
(9) | 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. | |
(10) | The rate shown is the one-day yield as of the end of the reporting period. | |
(11) | 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. | |
(12) | Exchange-traded, unless otherwise noted. | |
(13) | For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Exercise Price by 100. | |
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 | |
LIBOR | London Inter-Bank Offered Rate | |
N/A | Not Applicable. | |
WI/DD | Purchased on a when-issued or delayed delivery basis. |
Assets | |
Long-term investments, at value (cost $1,701,314,666)(1) | $1,826,515,329 |
Investment purchased with collateral from securities lending, at value (cost approximates value) | 13,127,265 |
Short-term investments, at value (cost approximates value) | 54,482,145 |
Cash | 3,143,570 |
Receivable for: | |
Dividends | 786,090 |
Due from affiliate | 35,558 |
Interest | 18,713,117 |
Reclaims | 77,976 |
Shares sold | 3,287,657 |
Other assets | 119,312 |
Total assets | 1,920,288,019 |
Liabilities | |
Options written, at value (premiums received $169,624) | 4,332 |
Payable for: | |
Collateral from securities lending program | 13,127,265 |
Dividends | 151,441 |
Investments purchased - regular settlement | 17,419,236 |
Investments purchased - when-issued/delayed-delivery settlement | 7,840,181 |
Shares redeemed | 6,270,234 |
Accrued expenses: | |
Management fees | 966,954 |
Trustees fees | 52,177 |
12b-1 distribution and service fees | 291,714 |
Other | 607,247 |
Total liabilities | 46,730,781 |
Net assets | $1,873,557,238 |
Class A Shares | |
Net assets | $ 298,733,574 |
Shares outstanding | 13,416,373 |
Net asset value ("NAV") per share | $ 22.27 |
Offering price per share (NAV per share plus maximum sales charge of 4.75% of offering price) | $ 23.38 |
Class C Shares | |
Net assets | $ 276,034,527 |
Shares outstanding | 12,424,425 |
NAV and offering price per share | $ 22.22 |
Class R6 Shares | |
Net assets | $ 14,880,708 |
Shares outstanding | 663,730 |
NAV and offering price per share | $ 22.42 |
Class I Shares | |
Net assets | $1,283,908,429 |
Shares outstanding | 57,588,163 |
NAV and offering price per share | $ 22.29 |
Fund level net assets consist of: | |
Capital paid-in | $1,848,705,293 |
Total distributable earnings | 24,851,945 |
Fund level net assets | $1,873,557,238 |
Authorized shares - per class | Unlimited |
Par value per share | $ 0.01 |
(1) | Includes securities loaned of $12,677,951. |
Investment Income | |
Dividends | $ 22,811,452 |
Interest | 57,995,296 |
Securities lending income, net | 111,116 |
Payment from affiliate | 35,558 |
Tax withheld | (64,293) |
Total investment income | 80,889,129 |
Expenses | |
Management fees | 11,727,657 |
12b-1 service fees - Class A Shares | 716,336 |
12b-1 distribution and service fees - Class C Shares | 2,735,499 |
Shareholder servicing agent fees | 1,115,790 |
Interest expense | 10,890 |
Custodian fees | 142,580 |
Professional fees | 125,735 |
Trustees fees | 47,914 |
Shareholder reporting expenses | 426,330 |
Federal and state registration fees | 164,364 |
Other | 15,712 |
Total expenses before fee waiver/expense reimbursement | 17,228,807 |
Fee waiver/expense reimbursement | (1,412,533) |
Net expenses | 15,816,274 |
Net investment income (loss) | 65,072,855 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from: | |
Investments | 13,408,927 |
Options written | 1,231 |
Change in net unrealized appreciation (depreciation) of: | |
Investments | 64,611,491 |
Options written | 165,292 |
Net realized and unrealized gain (loss) | 78,186,941 |
Net increase (decrease) in net assets from operations | $143,259,796 |
Year Ended 9/30/21 | Year Ended 9/30/20 | |
Operations | ||
Net investment income (loss) | $ 65,072,855 | $ 63,735,696 |
Net realized gain (loss) from: | ||
Investments | 13,408,927 | (52,553,831) |
Options written | 1,231 | 301,006 |
Change in net unrealized appreciation (depreciation) of: | ||
Investments | 64,611,491 | 2,703,606 |
Options written | 165,292 | — |
Net increase (decrease) in net assets from operations | 143,259,796 | 14,186,477 |
Distributions to Shareholders | ||
Dividends: | ||
Class A Shares | (12,116,702) | (13,760,149) |
Class C Shares | (9,533,349) | (11,985,677) |
Class R6 Shares | (460,978) | (353,971) |
Class I Shares | (52,878,328) | (59,414,084) |
Decrease in net assets from distributions to shareholders | (74,989,357) | (85,513,881) |
Fund Share Transactions | ||
Proceeds from sale of shares | 583,992,891 | 770,135,346 |
Proceeds from shares issued to shareholders due to reinvestment of distributions | 73,767,550 | 85,141,825 |
657,760,441 | 855,277,171 | |
Cost of shares redeemed | (446,475,445) | (596,857,685) |
Net increase (decrease) in net assets from Fund share transactions | 211,284,996 | 258,419,486 |
Net increase (decrease) in net assets | 279,555,435 | 187,092,082 |
Net assets at the beginning of period | 1,594,001,803 | 1,406,909,721 |
Net assets at the end of period | $1,873,557,238 | $1,594,001,803 |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | |||||||||
Class (Commencement Date) Year Ended September 30, | 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 (12/09) | ||||||||||
2021 | $21.36 | $0.81 | $ 1.04 | $1.85 | $(0.94) | $ — | $ — | $(0.94) | $22.27 | |
2020 | 22.06 | 0.88 | (0.39) | 0.49 | (1.19) | — | — | (1.19) | 21.36 | |
2019 | 21.44 | 1.02 | 0.76 | 1.78 | (1.16) | — | — | (1.16) | 22.06 | |
2018 | 22.13 | 1.01 | (0.52) | 0.49 | (1.18) | — | — | (1.18) | 21.44 | |
2017 | 21.81 | 1.11 | 0.33 | 1.44 | (1.12) | — | — | (1.12) | 22.13 | |
Class C (12/09) | ||||||||||
2021 | 21.31 | 0.64 | 1.04 | 1.68 | (0.77) | — | — | (0.77) | 22.22 | |
2020 | 22.01 | 0.72 | (0.39) | 0.33 | (1.03) | — | — | (1.03) | 21.31 | |
2019 | 21.40 | 0.86 | 0.75 | 1.61 | (1.00) | — | — | (1.00) | 22.01 | |
2018 | 22.08 | 0.85 | (0.52) | 0.33 | (1.01) | — | — | (1.01) | 21.40 | |
2017 | 21.77 | 0.95 | 0.32 | 1.27 | (0.96) | — | — | (0.96) | 22.08 | |
Class R6 (06/16) | ||||||||||
2021 | 21.50 | 0.89 | 1.04 | 1.93 | (1.01) | — | — | (1.01) | 22.42 | |
2020 | 22.20 | 0.96 | (0.40) | 0.56 | (1.26) | — | — | (1.26) | 21.50 | |
2019 | 21.57 | 1.11 | 0.74 | 1.85 | (1.22) | — | — | (1.22) | 22.20 | |
2018 | 22.19 | 1.13 | (0.51) | 0.62 | (1.24) | — | — | (1.24) | 21.57 | |
2017 | 21.88 | 1.21 | 0.26 | 1.47 | (1.16) | — | — | (1.16) | 22.19 | |
Class I (12/09) | ||||||||||
2021 | 21.38 | 0.87 | 1.03 | 1.90 | (0.99) | — | — | (0.99) | 22.29 | |
2020 | 22.08 | 0.93 | (0.39) | 0.54 | (1.24) | — | — | (1.24) | 21.38 | |
2019 | 21.47 | 1.08 | 0.74 | 1.82 | (1.21) | — | — | (1.21) | 22.08 | |
2018 | 22.16 | 1.07 | (0.53) | 0.54 | (1.23) | — | — | (1.23) | 21.47 | |
2017 | 21.84 | 1.17 | 0.33 | 1.50 | (1.18) | — | — | (1.18) | 22.16 |
Ratios/Supplemental Data | |||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(d) | ||||||||
Total Return(b), (c) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Net Investment Income (Loss) Excluding Payment From Affiliates | Expenses | Net Investment Income (Loss) | Net Investment Income (Loss) Excluding Payment From Affiliates | Portfolio Turnover Rate(e) | |
8.71% | $ 298,734 | 1.04% | 3.58% | 3.57% | 0.95% | 3.66% | 3.65% | 30% | |
2.35 | 264,865 | 1.04 | 4.04 | N/A | 0.96 | 4.13 | N/A | 38 | |
8.69 | 221,484 | 1.06 | 4.75 | N/A | 0.96 | 4.85 | N/A | 24 | |
2.27 | 176,014 | 1.08 | 4.54 | N/A | 0.96 | 4.66 | N/A | 29 | |
6.77 | 125,547 | 1.12 | 4.95 | N/A | 0.96 | 5.11 | N/A | 24 | |
7.97 | 276,035 | 1.79 | 2.83 | 2.82 | 1.70 | 2.91 | 2.90 | 30 | |
1.59 | 262,068 | 1.79 | 3.29 | N/A | 1.71 | 3.38 | N/A | 38 | |
7.85 | 223,364 | 1.81 | 4.00 | N/A | 1.71 | 4.10 | N/A | 24 | |
1.49 | 182,049 | 1.83 | 3.80 | N/A | 1.71 | 3.91 | N/A | 29 | |
6.04 | 128,801 | 1.87 | 4.22 | N/A | 1.71 | 4.37 | N/A | 24 | |
9.09 | 14,881 | 0.72 | 3.89 | 3.88 | 0.64 | 3.97 | 3.96 | 30 | |
2.69 | 6,682 | 0.72 | 4.38 | N/A | 0.64 | 4.46 | N/A | 38 | |
9.03 | 649 | 0.74 | 5.12 | N/A | 0.64 | 5.22 | N/A | 24 | |
2.86 | 272 | 0.75 | 5.01 | N/A | 0.64 | 5.12 | N/A | 29 | |
6.95 | 43 | 0.80 | 5.35 | N/A | 0.63 | 5.51 | N/A | 24 | |
9.02 | 1,283,908 | 0.79 | 3.82 | 3.81 | 0.70 | 3.90 | 3.89 | 30 | |
2.60 | 1,060,386 | 0.79 | 4.29 | N/A | 0.71 | 4.38 | N/A | 38 | |
8.91 | 961,413 | 0.80 | 4.99 | N/A | 0.71 | 5.09 | N/A | 24 | |
2.53 | 632,596 | 0.83 | 4.81 | N/A | 0.71 | 4.92 | N/A | 29 | |
7.05 | 413,189 | 0.86 | 5.24 | N/A | 0.71 | 5.40 | N/A | 24 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | During the fiscal year ended 2021, the Fund received voluntary compensation from the Adviser. The Fund’s Total Return for each share class would decrease by an amount equaling less than 0.01% if such voluntary compensation were excluded. See Note 7-Management Fees and Other Transactions with Affiliates for more information. |
(c) | 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. |
(d) | After fee waiver and/or expense reimbursement from the Adviser, when applicable. See Note 7 – Management Fees and Other Transactions with Affiliates, for more information. |
(e) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
N/A | Fund did not have Payments From Affiliates for periods prior to the fiscal year ended September 30, 2021. |
Level 1 | Level 2 | Level 3 | Total | |
Long-Term Investments*: | ||||
Corporate Bonds | $ — | $ 941,615,786 | $ — | $ 941,615,786 |
$1,000 Par (or similar) Institutional Preferred | — | 350,350,621 | — | 350,350,621 |
Common Stocks | 225,495,993 | — | — | 225,495,993 |
Convertible Preferred Securities | 138,077,405 | — | — | 138,077,405 |
$25 Par (or similar) Retail Preferred | 80,780,906 | 9,851,820** | — | 90,632,726 |
Structured Notes | — | 57,171,267 | — | 57,171,267 |
Convertible Bonds | — | 23,171,531 | — | 23,171,531 |
Investments Purchased with Collateral from Securities Lending | 13,127,265 | — | — | 13,127,265 |
Short-Term Investments: | ||||
Repurchase Agreements | — | 54,482,145 | — | 54,482,145 |
Investments in Derivatives: | ||||
Options Written | (4,332) | — | — | (4,332) |
Total | $457,477,237 | $1,436,643,170 | $ — | $1,894,120,407 |
* | Refer to the Fund's Portfolio of Investments for industry classifications. |
** | Refer to the Fund's Portfolio of Investments for securities classified as Level 2. |
Counterparty | Short-Term Investments, at Value | Collateral Pledged (From) Counterparty |
Fixed Income Clearing Corporation | $54,482,145 | $(55,571,870) |
Asset Class out on Loan | Long-Term Investments, at Value | Total Collateral Received |
Common Stocks | $ 6,011,943 | $ 6,171,969 |
$1,000 Par (or similar) Institutional Preferred | $ 3,091,385 | $ 3,221,570 |
Corporate Bonds | $ 2,937,257 | $ 3,082,865 |
$25 Par (or similar) Retail Preferred | $ 637,366 | $ 650,861 |
$12,677,951 | $13,127,265 |
Average notional amount of outstanding options written* | $(5,415,000) |
* | The average notional amount is calculated based on the outstanding notional at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period. The Fund wrote call options during the current fiscal period. However the Fund did not have any such positions outstanding at the beginning of the fiscal period or at the end of each fiscal quarter within the current fiscal period and therefore are not included as part of this calculation. |
Underlying Risk Exposure | Derivative Instrument | Net Realized Gain (Loss) from Options Written | Change in Net Unrealized Appreciation (Depreciation) of Options Written | |
Equity price | Options written | $1,231 | $165,292 |
Year Ended 9/30/21 | Year Ended 9/30/20 | ||||
Shares | Amount | Shares | Amount | ||
Shares sold: | |||||
Class A | 3,908,647 | $ 86,693,116 | 5,469,009 | $ 118,261,432 | |
Class A – automatic conversion of Class C Shares | 4,029 | 88,963 | — | — | |
Class C | 2,268,130 | 50,169,131 | 4,052,604 | 87,617,607 | |
Class R6 | 494,981 | 11,097,087 | 605,008 | 13,311,022 | |
Class I | 19,629,637 | 435,944,594 | 25,654,804 | 550,945,285 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 538,418 | 11,936,665 | 637,377 | 13,618,018 | |
Class C | 424,858 | 9,395,795 | 559,344 | 11,925,868 | |
Class R6 | 12,715 | 283,470 | 14,871 | 322,014 | |
Class I | 2,348,984 | 52,151,620 | 2,771,662 | 59,275,925 | |
29,630,399 | 657,760,441 | 39,764,679 | 855,277,171 | ||
Shares redeemed: | |||||
Class A | (3,436,627) | (76,080,859) | (3,744,898) | (78,677,896) | |
Class C | (2,561,954) | (56,616,512) | (2,460,839) | (51,681,376) | |
Class C – automatic conversion to Class A Shares | (4,038) | (88,963) | — | — | |
Class R6 | (154,768) | (3,450,716) | (338,319) | (7,374,455) | |
Class I | (13,983,751) | (310,238,395) | (22,369,613) | (459,123,958) | |
(20,141,138) | (446,475,445) | (28,913,669) | (596,857,685) | ||
Net increase (decrease) | 9,489,261 | $ 211,284,996 | 10,851,010 | $ 258,419,486 |
Tax cost of investments | $1,813,522,799 |
Gross unrealized: | |
Appreciation | $ 144,529,899 |
Depreciation | (63,932,291) |
Net unrealized appreciation (depreciation) of investments | $ 80,597,608 |
Undistributed net ordinary income1, 2 | $17,058,189 |
Undistributed net long-term capital gains | — |
1 | Undistributed net ordinary income (on a tax basis) has not been reduced for the dividends declared during the period September 1, 2021 through September 30, 2021 and paid October 1, 2021. |
2 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
2021 | |
Distributions from net ordinary income2 | $74,989,357 |
Distributions from net long-term capital gains | — |
2020 | |
Distributions from net ordinary income2 | $85,513,881 |
Distributions from net long-term capital gains | — |
2 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
Not subject to expiration: | |
Short-term | $29,136,466 |
Long-term | 37,084,263 |
Total | $66,220,729 |
Average Daily Net Assets | Fund-Level Fee Rate |
For the first $125 million | 0.5500% |
For the next $125 million | 0.5375 |
For the next $250 million | 0.5250 |
For the next $500 million | 0.5125 |
For the next $1 billion | 0.5000 |
For the next $3 billion | 0.4750 |
For the next $5 billion | 0.4500 |
For net assets over $10 billion | 0.4375 |
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 |
Sales charges collected (Unaudited) | $965,926 |
Paid to financial intermediaries (Unaudited) | 880,449 |
Commission advances (Unaudited) | $717,309 |
12b-1 fees retained (Unaudited) | $522,077 |
CDSC retained (Unaudited) | $34,140 |
% of DRD | 27.6% | |
% of QDI | 30.1% |
October 1, 2020 through December 31, 2020 | 54.4% | |
January 1, 2021 through September 30, 2021 | 49.2% |
% of Section 163(j) Interest Dividends | 68.7% |
• | Centralization of Functions – ongoing initiatives to centralize investment leadership, market approach and shared support functions within Nuveen and its affiliates in seeking to operate more effectively the business and enhance the 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; and modifying portfolio management teams for various funds; |
• | Investment Team Integrations – continuing to integrate and adjust the members of certain investment teams, in part, to allow greater access to tools and resources within the Nuveen organization and its affiliates; |
• | Capital Initiatives – continuing to invest capital to support new Nuveen funds with initial capital as well as to support existing funds and facilitate regulatory or logistical changes; |
• | 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, increase operating efficiencies, implement enhancements to strengthen key compliance program elements and support international business growth and other corporate objectives; |
• | Investment Oversight – preparing reports to the Board addressing, among other things, fund performance; market conditions; investment teams; new products; changes to mandates, policies and benchmarks; and other management proposals; |
• | Risk Management and Valuation Services - continuing to oversee and manage risk including, among other things, conducting daily calculations and monitoring of risk measures across the Nuveen funds, instituting appropriate investment risk controls, providing risk reporting throughout the firm, participating in internal oversight committees, 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, maintains the valuation policies and procedures, facilitates valuation committee meetings, manages relationships with pricing vendors, and prepares relevant valuation reports and designs methods to simplify and enhance valuation workflow within the organization; |
• | 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 designed 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 |
• | Dividend Management Services – continuing to manage the dividends 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. |
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 Trustee |
Independent Trustees: | ||||
Terence J. Toth 1959 333 W. Wacker Drive Chicago, IL 60606 | Chair and Trustee | 2008 | Formerly, a Co-Founding Partner, Promus Capital (investment advisory firm) (2008-2017); Director, Quality Control Corporation (manufacturing) (since 2012); member: Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (philanthropy) (since 2012), and chair of its investment committee; 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). | 143 |
Jack B. Evans 1948 333 W. Wacker Drive Chicago, IL 60606 | 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). | 143 |
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 Trustee |
William C. Hunter 1948 333 W. Wacker Drive Chicago, IL 60606 | 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. | 143 |
Amy B. R. Lancellotta 1959 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2021 | Formerly, Managing Director, Independent Directors Council (IDC) (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). | 143 |
Joanne T. Medero 1954 333 W. Wacker Drive Chicago, IL 60606 | 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). | 143 |
Albin F. Moschner 1952 333 W. Wacker Drive Chicago, IL 60606 | 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). | 143 |
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 Trustee |
John K. Nelson 1962 333 W. Wacker Drive Chicago, IL 60606 | 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. | 143 |
Judith M. Stockdale 1947 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 1997 | Board Member, Land Trust Alliance (national public charity addressing natural land and water conservation in the U.S.) (since 2013); formerly, Board Member, U.S. Endowment for Forestry and Communities (national endowment addressing forest health, sustainable forest production and markets, and economic health of forest-reliant communities in the U.S.) (2013-2019); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation (private foundation endowed to support both natural land conservation and artistic vitality); prior thereto, Executive Director, Great Lakes Protection Fund (endowment created jointly by seven of the eight Great Lakes states' Governors to take a regional approach to improving the health of the Great Lakes) (1990-1994). | 143 |
Carole E. Stone 1947 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2007 | Former Director, Chicago Board Options Exchange (2006-2017), and C2 Options Exchange, Incorporated (2009-2017); formerly, Director, Cboe Global Markets, Inc., (2010-2020) (formerly named CBOE Holdings, Inc.); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010). | 143 |
Matthew Thornton III 1958 333 W. Wacker Drive Chicago, IL 60606 | 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). | 143 |
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 Trustee |
Margaret L. Wolff 1955 333 W. Wacker Drive Chicago, IL 60606 | 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 (legal services, Mergers & Acquisitions Group) (2005-2014); Member of the Board of Trustees of New York-Presbyterian Hospital (since 2005); Member (since 2004) and Chair (since 2015) 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. | 143 |
Robert L. Young 1963 333 W. Wacker Drive Chicago, IL 60606 | 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). | 143 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed(2) | Principal Occupation(s) 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) and Senior Vice President (2013-2016) of Nuveen; Senior Managing Director of Nuveen Securities, LLC (since 2018) and of Nuveen Fund Advisors, LLC (since 2019). | |
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) and Nuveen Fund Advisors, LLC (since 2017); Vice President and Associate General Counsel of Nuveen (since 2013) and Vice President, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2018). | |
Diana R. Gonzalez 1978 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2017 | Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC (since 2017); Vice President and Associate General Counsel of Nuveen (since 2017); formerly, 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), Vice President (2011- 2016) 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. |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed(2) | Principal Occupation(s) During Past 5 Years | |
Jacques M. Longerstaey 1963 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | Vice President | 2019 | Senior Managing Director, Chief Risk Officer, Nuveen (since May 2019); Senior Managing Director (since May 2019) of Nuveen Fund Advisors, LLC; formerly, Chief Investment and Model Risk Officer, Wealth & Investment Management Division, Wells Fargo Bank (NA) (2013-2019). | |
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) and Managing Director and Assistant Secretary (2008-2016); Senior Managing Director (since 2017) and Assistant Secretary (since 2008) of Nuveen Securities, LLC, formerly Executive Vice President (2016-2017) and Managing Director (2008-2016); 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), Managing Director (2008-2016) and Assistant Secretary (2007-2016); Senior Managing Director (since 2017), Secretary (since 2016) of Nuveen Asset Management, LLC, formerly, Associate General Counsel (2011-2020), Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2011-2016); Vice President (since 2007) and Secretary (since 2016), formerly, Assistant Secretary, of NWQ Investment Management Company, LLC, Santa Barbara Asset Management, LLC and 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); formerly. Managing Director, Head of Wealth Management Product Structuring & COO Multi Asset Investing. The Blackstone Group (2013-2017). | |
Christopher M. Rohrbacher 1971 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2008 | Managing Director and Assistant Secretary (since 2017) of Nuveen Securities, LLC; Managing Director (since 2017), General Counsel (since 2020), and Assistant Secretary (since 2016), formerly, Senior Vice President (2016-2017), of Nuveen Fund Advisors, LLC; Managing Director, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC (since 2020); Managing Director (since 2017) and Associate General Counsel (since 2016), formerly, Senior Vice President (2012-2017) and Assistant General Counsel (2008-2016) of Nuveen. | |
William A. Siffermann 1975 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2017 | Managing Director (since 2017), formerly Senior Vice President (2016-2017) and Vice President (2011-2016) of Nuveen. | |
E. Scott Wickerham 1973 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | 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; formerly, Senior Director, TIAA-CREF Fund Administration (2014-2015); has held various positions with TIAA since 2006. |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed(2) | Principal Occupation(s) During Past 5 Years | |
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), formerly, Assistant General Counsel (2008-2016) of Nuveen. | |
Gifford R. Zimmerman 1956 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Chief Compliance Officer | 1988 | Formerly: Managing Director (2002-2020) and Assistant Secretary (2002-2020) of Nuveen Securities, LLC; formerly, Managing Director (2002-2020), Assistant Secretary (1997-2020) and Co-General Counsel (2011-2020) of Nuveen Fund Advisors, LLC; formerly, Managing Director (2004-2020) and Assistant Secretary (1994-2020) of Nuveen Investments, Inc.; formerly, Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (2011-2020); formerly, Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (2002-2020), Santa Barbara Asset Management, LLC (2006-2020) and Winslow Capital Management, LLC (2010-2020); Chartered Financial Analyst. |
Serving Investors for Generations
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, William C. Hunter and Albin F. Moschner, 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. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of 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 has 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. Hunter was formerly a Senior Vice President at the Federal Reserve Bank of Chicago. As part of his role as Senior Vice President, Mr. Hunter was the senior officer responsible for all operations of each of the Economic Research, Statistics, and Community and Consumer Affairs units at the Federal Reserve Bank of Chicago. In such capacity, Mr. Hunter oversaw the subunits of the Statistics and Community and Consumer Affairs divisions responsible for the analysis and evaluation of bank and bank holding company financial statements and financial filings. Prior to serving as Senior Vice President at the Federal Reserve Bank of Chicago, Mr. Hunter was the Vice President of the Financial Markets unit at the Federal Reserve Bank of Atlanta where he supervised financial staff and bank holding company analysts who analyzed and evaluated bank and bank holding company financial statements. Mr. Hunter also currently serves on the Boards of Directors of Xerox Corporation and Wellmark, Inc. as well as on the Audit Committees of such Boards. As an Audit Committee member, Mr. Hunter’s responsibilities include, among other things, reviewing financial statements, internal audits and internal controls over financial reporting. Mr. Hunter also formerly was a Professor of Finance at the University of Connecticut School of Business and has authored numerous scholarly articles on the topics of finance, accounting and economics.
Mr. Moschner, 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).
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
The following tables show the amount of fees that KPMG LLP 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 KPMG LLP 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.
The Audit Committee has delegated certain pre-approval responsibilities to its Chair (or, in her absence, any other member of the Audit Committee).
Fiscal Year Ended September 30, 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 Preferred Securities and Income Fund | 30,490 | 0 | 0 | 0 | ||||||||||||
Nuveen NWQ Flexible Income Fund | 30,490 | 0 | 0 | 0 | ||||||||||||
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Total | $ | 60,980 | $ | 0 | $ | 0 | $ | 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 Preferred Securities and Income Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen NWQ Flexible Income Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
September 30, 2020 | 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 Preferred Securities and Income Fund | 29,900 | 0 | 0 | 0 | ||||||||||||
Nuveen NWQ Flexible Income Fund | 29,900 | 0 | 0 | 0 | ||||||||||||
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Total | $ | 59,800 | $ | 0 | $ | 0 | $ | 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 Preferred Securities and Income Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen NWQ Flexible Income Fund | 0 | % | 0 | % | 0 | % | 0 | % |
Fiscal Year Ended September 30, 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 Trust V | $ | 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 September 30, 2020 | 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 Trust V | $ | 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 September 30, 2021 | Total Non-Audit Fees Billed to Funds | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Funds) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) | Total | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen Preferred Securities and Income Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen NWQ Flexible Income Fund | 0 | 0 | 0 | 0 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 0 | $ | 0 | $ | 0 | $ | 0 |
“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 September 30, 2020 | Total Non-Audit Fees Billed to Funds | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Funds) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) | Total | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen Preferred Securities and Income Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen NWQ Flexible Income Fund | 0 | 0 | 0 | 0 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 0 | $ | 0 | $ | 0 | $ | 0 |
“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.
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 Trust V
By (Signature and Title) | /s/ Mark J. Czarniecki | |
Mark J. Czarniecki | ||
Vice President and Secretary |
Date: December 3, 2021
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: December 3, 2021
By (Signature and Title) | /s/ E. Scott Wickerham | |
E. Scott Wickerham | ||
Vice President and Controller | ||
(principal financial officer) |
Date: December 3, 2021