Washington, D.C. 20549
Mark L. Winget
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.
Closed-End Funds
30 June 2021
Nuveen Closed-End Funds
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JRS
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Nuveen Real Estate Income Fund
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JRI
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Nuveen Real Asset Income and Growth Fund
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As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds annual and semi-annual shareholder reports will not be
sent to you by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds website (www.nuveen.com), and you will be notified by mail each time a report is posted and provided with
a website link to access the report.
You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting
the financial intermediary (such as a broker-dealer or bank) through which you hold your Fund shares or, if you are a direct investor, by enrolling at www.nuveen.com/e-reports.
You may elect to receive all future shareholder reports in paper free of charge at any time by contacting your financial intermediary or, if you are a direct investor,
by calling 800-257-8787 and selecting option #2 or (ii) by logging into your Investor Center account at www.computershare.com/investor and clicking on
Communication Preferences. Your election to receive reports in paper will apply to all funds held in your account with your financial intermediary or, if you are a direct investor, to all your directly held Nuveen Funds and any other
directly held funds within the same group of related investment companies.
Semiannual Report
IMPORTANT DISTRIBUTION NOTICE
for
Shareholders of the Nuveen Real Estate Income Fund (JRS)
Semiannual Shareholder Report for the period ending June 30, 2021
The Nuveen Real Estate Income Fund (JRS) seeks to offer attractive cash flow to its shareholders, by converting the expected long-term total return potential of the
Funds investments in REITs into regular quarterly distributions. Following is a discussion of the Managed Distribution Policy the Fund uses to achieve this.
The Fund pays quarterly common share distributions that seek to convert the Funds expected long-term total return potential into regular cash flow. As a result,
the Funds regular common share distributions (presently $0.1900 per share) may be derived from a variety of sources, including:
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distributions from portfolio companies (REITs),
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realized capital gains or,
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possibly, returns of capital representing in certain cases unrealized capital appreciation.
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Such distributions are sometimes referred to as managed distributions. The Fund seeks to establish a distribution rate that roughly corresponds to the
Advisers projections of the total return that could reasonably be expected to be generated by the Fund over an extended period of time. The Adviser may consider many factors when making such projections, including, but not limited to,
long-term historical returns for the asset classes in which the Fund invests. As portfolio and market conditions change, the distribution amount and distribution rate on the Common Shares under the Funds Managed Distribution Policy could
change.
When it pays a distribution, the Fund provides holders of its Common Shares a notice of the estimated sources of the Funds distributions (i.e., what
percentage of the distributions is estimated to constitute ordinary income, short-term capital gains, long-term capital gains, and/or a non-taxable return of capital) on a year-to-date basis. It does this by posting the notice on its website
(www.nuveen.com/cef), and by sending it in written form.
You should not draw any conclusions about the Funds investment performance from the amount of this
distribution or from the terms of the Funds Managed Distribution Policy. The Funds actual financial performance will likely vary from month-to-month and from year-to-year, and there may be extended periods when the distribution rate will
exceed the Funds actual total returns. The Managed Distribution Policy provides that the Board may amend or terminate the Policy at any time without prior notice to Fund shareholders. There are presently no reasonably foreseeable circumstances
that might cause the Fund to terminate its Managed Distribution Policy.
Table of Contents
3
Chairs Letter to Shareholders
Dear Shareholders,
More than a
year has passed since the World Health Organization declared COVID-19 a global pandemic in March 2020, resulting in a year marked by a global economic downturn, financial market turbulence and some immeasurable losses of life. Although the health
crisis persists, with the widespread distribution of vaccines in the U.S. and extraordinary economic interventions by governments and central banks around the world, we collectively look forward to what our new normal might be.
Global economic activity has continued to rebound, driving both gross domestic product growth and inflation higher, especially in the U.S. Vaccinations have enabled a
further reopening of economies while governments and central banks have taken extraordinary measures to support the recoveries. To extend relief programs enacted earlier in the crisis, the U.S. government passed $900 billion in aid to individuals
and businesses in late December 2020. Another $1.9 trillion relief package was signed into law in March 2021, providing extended unemployment benefits, direct payments to individuals and families, assistance to state and local municipalities, grants
to education and public health, and other support. Currently, Congress is working on an infrastructure spending plan, although its final shape and whether it passes remains to be seen. The U.S. Federal Reserve (Fed) and other central banks around
the world have upgraded their economic forecasts but remain committed to sustaining the recovery by maintaining accommodative monetary conditions. However, as economies have reopened, the surge in consumer demand has outpaced supply chain capacity,
resulting in a jump in inflation indicators in recent months. Whether inflation persists is a subject of debate by economists and some market observers, while the Fed and other central banks believe it to be more transitory.
While the markets longer-term outlook has brightened, we expect intermittent bouts of volatility to continue. Markets are closely monitoring central bank signals,
particularly if inflation remains elevated, as a sooner-than-expected shift to monetary tightening could slow the economic recovery. Additionally, COVID-19 cases are rising again, as more virulent strains such as the delta variant have spread, both
case counts and hospitalizations are rising, and vaccination rollouts have been uneven around the country and around the world. The recovery hinges on controlling the virus, and estimates vary considerably on when economic activity might be fully
restored and what level of public inoculation would be sufficient to contain the spread of the virus, particularly in light of new variants. On the political front, the Biden administrations full policy agenda and the potential for
Congressional gridlock remain to be seen, either of which could cause investment outlooks to shift. Short-term market fluctuations can provide your Fund opportunities to invest in new ideas as well as upgrade existing positioning while providing
long-term value for shareholders. For more than 120 years, the careful consideration of risk and reward has guided Nuveens focus on delivering long-term results to our shareholders.
If you have concerns about whats coming next, it may be an opportune time to assess your portfolio. We encourage you to review your time horizon, risk tolerance
and investment goals with your financial professional.
On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in
the months and years ahead.
Sincerely,
Terence J. Toth
Chair of the Board
August 23, 2021
4
Important Semiannual Shareholder Report Notice
For Shareholders of
Nuveen Real Estate Income Fund (JRS)
Nuveen Real Asset Income and Growth
Fund (JRS)
Semiannual Shareholder Report for the period ending June 30, 2021
Beginning with this semiannual shareholder report, the Funds will only include portfolio manager commentaries in their annual shareholder reports. For the Funds
most recent annual portfolio manager discussion, please refer to the Portfolio Managers Comments section of each Funds December 31, 2020 annual shareholder report.
For current information on your Funds investment objectives, portfolio management team and average annual total returns please refer to the Funds website at
www.nuveen.com.
For changes that occurred to your Fund both during and subsequent to this reporting period, please refer to the Notes to Financial Statements
section of this report.
For average annual total returns as of the end of this reporting period, please refer to the Performance Overview and Holding Summaries
section within this report.
5
Fund Leverage
IMPACT OF THE FUNDS LEVERAGE STRAGEGY ON PERFORMANCE
One important factor impacting the returns of the Funds common shares relative to its comparative benchmarks was the Funds use of leverage through bank
borrowings. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income. The opportunity arises when short-term rates that the Fund pays on its leveraging instruments are lower than
the interest the Fund earns on its portfolio securities that it has bought with the proceeds of that leverage. This has been particularly true in the recent market environment where short-term rates have been low by historical standards.
However, use of leverage can expose Fund common shares to additional price volatility. When a Fund uses leverage, the Funds common shares will experience a greater
increase in their net asset value if the securities acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the securities acquired through leverage decline in
value. All this will make the shares total return performance more variable over time.
In addition, common share income in levered funds will typically
decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. In recent quarters, fund leverage expenses have generally tracked the overall movement of short-term interest
rates. While fund leverage expenses are somewhat higher than their recent lows, leverage nevertheless continues to provide the opportunity for incremental common share income, particularly over longer-term periods.
The Funds also continued to use interest rate swap contracts to partially hedge the interest cost of leverage. The impact of the swap contracts on total return
performance was positive during this reporting period.
As of June 30, 2021, the Funds percentages of leverage are as shown in the accompanying table.
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JRS
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JRI
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Effective Leverage*
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28.33
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%
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27.78
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%
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Regulatory Leverage*
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28.33
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%
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27.78
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%
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*
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Effective leverage is a Funds effective economic leverage, and includes both regulatory leverage and the leverage
effects of certain derivative and other investments in the Funds portfolio that increase the Funds investment exposure. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a
Funds capital structure. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings
are excluded from the calculation of a Funds effective leverage ratio. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.
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THE FUNDS REGULATORY LEVERAGE
Bank Borrowings
As noted previously, the Funds employ leverage through the use of bank borrowings. The Funds bank borrowing activities are as shown in the accompanying table.
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Current Reporting Period
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Subsequent to the Close of
the Reporting Period
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Fund
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Outstanding
Balance as of
January 1, 2021
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Draws
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Paydowns
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Outstanding
Balance as of
June 30, 2021
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Average
Balance
Outstanding
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Draws
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Paydowns
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Outstanding
Balance as of
August 26, 2021
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JRS
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$110,000,000
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$23,000,000
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$
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$133,000,000
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$116,411,602
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$
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$
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$133,000,000
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JRI
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$166,035,000
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$14,500,000
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$
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$180,535,000
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$173,389,144
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$5,800,000
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$
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$186,335,000
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Refer to Notes to Financial Statements, Note 8 Borrowing Arrangements for further details.
6
Common Share Information
JRS
DISTRIBUTION INFORMATION
The following 19(a) Notice presents JRSs most current distribution information as of May 31, 2021 as required by certain exempted
regulatory relief the Fund has received.
Because the ultimate tax character of your distributions depends on the Funds performance for its entire fiscal year
(which is the calendar year for the Fund) as well as certain fiscal year-end (FYE) tax adjustments, estimated distribution source information you receive with each distribution may differ from the tax information reported to you on your Funds
IRS Form 1099 statement.
DISTRIBUTION INFORMATION AS OF MAY 31, 2021
This notice provides shareholders with information regarding fund distributions, as required by current securities laws. You should not draw any conclusions about the
Funds investment performance from the amount of this distribution or from the terms of the Funds Managed Distribution Policy.
The Fund may in certain
periods distribute more than its income and net realized capital gains, and the Fund currently estimates that it has done so for the fiscal year-to-date period. In such instances, a portion of the distribution may be a return of capital. A return of
capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Funds investment performance and should not be confused with
yield or income.
The amounts and sources of distributions set forth below are only estimates and are not being provided for tax reporting
purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will
send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. More details about the Funds distributions and the basis for these estimates are available on
www.nuveen.com/cef.
The following table provides estimates of the Funds distribution sources, reflecting year-to-date cumulative experience through the latest
month-end. The Fund attributes these estimates equally to each regular distribution throughout the year. Consequently, the estimated information shown below is for the current distribution, and also represents an updated estimate for all prior
months in the year.
Data as of May 31, 2021
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Estimated Per Share Sources of Distribution1
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Estimated Percentage of the Distribution1
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JRS (FYE 12/31)
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Per Share
Distribution
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Net
Investment
Income
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Long-Term
Gains
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Short-Term
Gains
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Return of
Capital
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Net
Investment
Income
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Long-Term
Gains
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Short-Term
Gains
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Return of
Capital
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Current Quarter
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$0.1900
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$0.0003
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$0.0281
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$0.0000
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$0.1616
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0.2
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%
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14.8
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%
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0.0
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%
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85.0
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%
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Fiscal YTD
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$0.3800
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$0.0006
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$0.0563
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$0.0000
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$0.3231
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0.2
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%
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14.8
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%
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0.0
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%
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85.0
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%
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1
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Net investment income (NII) is a projection through the end of the current calendar quarter using actual data through the
stated month-end date above. Capital gain amounts are as of the stated date above. JRS owns REIT securities which attribute their distributions to various sources including NII, gains, and return of capital. The estimated per share sources above
include an allocation of the NII based on prior year attributions which can be expected to differ from the actual final attributions for the current year.
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7
Common Share Information (continued)
The following table provides information regarding JRS distributions and total return
performance over various time periods. This information is intended to help you better understand whether returns for the specified time periods were sufficient to meet distributions.
Data as of May 31, 2021
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Annualized
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Cumulative
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JRS (FYE 12/31)
Inception Date
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Quarterly
Distribution
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Fiscal YTD
Distribution
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Net Asset
Value (NAV)
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5-Year
Return on NAV
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Fiscal YTD
Dist Rate on NAV1
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Fiscal YTD
Return on NAV
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Fiscal YTD
Dist Rate on NAV1
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Nov 2001
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$0.1900
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$0.3800
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$11.43
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7.38
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%
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6.65
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%
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20.83
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%
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3.32
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%
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1
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As a percentage of 5/31/21 NAV.
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JRIs DISTRIBUTION INFORMATION
The following information regarding
JRIs distributions is current as of June 30, 2021, the date of the distribution data included within the Funds most recent distribution notice of the time this report was prepared. The Funds distribution levels may vary over time
based on the Funds investment activities and portfolio investment value changes.
The Fund has adopted a managed distribution program. The goal of the
Funds managed distribution program is to provide shareholders relatively consistent and predictable cash flow by systematically converting its expected long-term return potential into regular distributions. As a result, regular distributions
throughout the year will likely include a portion of expected long-term and/or short-term gains (both realized and unrealized), along with net investment income.
Important points to understand about Nuveen fund managed distributions are:
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The Fund seeks to establish a relatively stable common share distribution rate that roughly corresponds to the projected
total return from its investment strategy over an extended period of time. However, you should not draw any conclusions about the Funds past or future investment performance from its current distribution rate.
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Actual common share returns will differ from projected long-term returns (and therefore the Funds distribution rate),
at least over shorter time periods. Over a specific timeframe, the difference between actual returns and total distributions will be reflected in an increasing (returns exceed distributions) or a decreasing (distributions exceed returns) Fund net
asset value.
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Each periods distributions are expected to be paid from some or all of the following sources:
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net investment income consisting of regular interest and dividends,
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net realized gains from portfolio investments, and
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unrealized gains, or, in certain cases, a return of principal (non-taxable
distributions).
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A non-taxable distribution is a payment of a portion of the Funds capital.
When the Funds returns exceed distributions, it may represent portfolio gains generated, but not realized as a taxable capital gain. In periods when the Funds returns fall short of distributions, it will represent a portion of your
original principal unless the shortfall is offset during other time periods over the life of your investment (previous or subsequent) when the Funds total return exceeds distributions.
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Because distribution source estimates are updated throughout the current fiscal year based on the Funds performance,
these estimates may differ from both the tax information reported to you in the Funds 1099 statement, as well as the ultimate economic sources of distributions over the life of your investment.
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8
The following table provides information regarding
the Funds distributions and total return performance over various time periods. This information is intended to help you better understand whether the Funds returns for the specified time periods were sufficient to meet its
distributions.
Data as of June 30, 2021
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Annualized
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Cumulative
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Inception
Date
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Latest
Monthly
Per Share
Distribution
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Current
Distribution on
NAV
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1-Year
Return on
NAV
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5-Year
Return on
NAV
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Fiscal YTD
Distributions on
NAV
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Fiscal
YTD Return
on NAV
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4/25/2012
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$0.0965
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6.77%
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34.30%
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5.39%
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3.39%
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11.79%
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The following table provides estimates of the Funds distribution sources, reflecting year-to-date cumulative experience through the
latest month-end. These estimates are for informational purposes only. The Fund attributes these estimates equally to each regular distribution throughout the year. Consequently, the estimated information shown below is for the current distribution,
and also represents an updated estimate for all prior months in the year.
The amounts and sources of distributions reported in this notice are for financial
reporting purposes and are not being provided for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes will be reported to shareholders on Form 1099-DIV which will be sent to shareholders shortly
after calendar year-end. More details about the Funds distributions and the basis for these estimates are available on www.nuveen.com/cef.
Data as of June
30, 2021
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Fiscal YTD
Percentage of Distribution
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Fiscal YTD
Per Share Amounts
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Net
Investment
Income
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Realized
Gains
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Return of
Capital
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Distributions
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Net
Investment
Income
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Realized
Gains
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Return of
Capital
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70.94%
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0.00%
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29.06%
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$0.5790
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$0.4108
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$0.0000
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$0.1682
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NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS
The Nuveen Closed-End Funds monthly and quarterly periodic distributions to shareholders are posted on www.nuveen.com and can be found on Nuveens enhanced
closed-end fund resource page, which is at https://www.nuveen.com/resource-center-closed-end-funds, along with other Nuveen closed-end fund product updates. To ensure timely access to the latest information, shareholders may use a subscribe
function, which can be activated at this web page (https://www.nuveen.com/subscriptions).
COMMON SHARE REPURCHASES
During August 2021 (subsequent to the close of the reporting period), the Funds Board of Trustees reauthorized an open-market share repurchase program, allowing
each Fund to repurchase an aggregate of up to approximately 10% of its outstanding common shares.
As of June 30, 2021, and since the inception of the
Funds repurchase programs, the Funds have cumulatively repurchased and retired common shares as shown in the accompanying table.
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JRS
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JRI
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Common shares cumulatively repurchased and retired
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0
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206,500
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Common shares authorized for repurchase
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2,885,000
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2,745,000
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During the current reporting period, the Funds did not repurchase any of their outstanding common shares.
9
Common Share Information (continued)
OTHER COMMON SHARE INFORMATION
As of June 30, 2021, the Funds common share prices were trading at a premium/(discount) to their common share NAVs and trading at an average
premium/(discount) to NAV during the current reporting period, as follows.
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JRS
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JRI
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Common share NAV
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$
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11.65
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$
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17.10
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Common share price
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$
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11.09
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$
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16.07
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Premium/(Discount) to NAV
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(4.81
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)%
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(6.02
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)%
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Average premium/(discount) to NAV
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(8.69
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)%
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(9.87
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)%
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10
THIS PAGE INTENTIONALLY LEFT BLANK
11
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JRS
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Nuveen Real Estate Income Fund
Performance Overview and Holding Summaries as of June 30, 2021
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Refer to the Glossary of Terms Used in this Report for further definitions of terms used in this
section.
Average Annual Total Returns as of June 30, 2021
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Cumulative
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Average Annual
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6-Month
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1-Year
|
|
|
5-Year
|
|
|
10-Year
|
|
JRS at Common Share NAV
|
|
|
25.16%
|
|
|
|
44.75%
|
|
|
|
7.02%
|
|
|
|
9.99%
|
|
JRS at Common Share Price
|
|
|
36.30%
|
|
|
|
61.49%
|
|
|
|
7.25%
|
|
|
|
8.83%
|
|
JRS Custom Blended Fund Performance Benchmark1
|
|
|
16.15%
|
|
|
|
31.68%
|
|
|
|
6.57%
|
|
|
|
8.82%
|
|
Wilshire U.S. Real Estate Securities Index (WILRESI)
|
|
|
22.70%
|
|
|
|
37.55%
|
|
|
|
6.46%
|
|
|
|
9.49%
|
|
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not
reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses and assume reinvestment of distributions. Comparative index return information is
provided for the Funds shares at NAV only. Indexes are not available for direct investment.
Daily Common Share NAV and Share Price
1
|
The JRS Custom Blended Fund Performance Benchmark consists of: 1) 60% Wilshire U.S. Real Estate Securities Index
(WILRESI), 2) 40% Financial Times Stock Exchange National Association of Real Estate Investments Trust (FTSE Nareit) Preferred Stock Index.
|
12
This data relates to the securities held in the
Funds portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poors Group,
Moodys Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment
grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Fund Allocation
(% of net
assets)
|
|
|
|
|
Real Estate Investment Trust Common Stocks
|
|
|
90.8%
|
|
Real Estate Investment Trust Preferred Stocks
|
|
|
42.1%
|
|
Corporate Bonds
|
|
|
3.6%
|
|
Repurchase Agreements
|
|
|
5.9%
|
|
Other Assets Less Liabilities
|
|
|
(2.9)%
|
|
Net Assets Plus Borrowings
|
|
|
139.5%
|
|
Borrowings
|
|
|
(39.5)%
|
|
Net Assets
|
|
|
100%
|
|
Portfolio Credit Quality
(% of total
long-term fixed-income securities)
|
|
|
|
|
A
|
|
|
18.9%
|
|
BBB
|
|
|
46.5%
|
|
BB or Lower
|
|
|
16.0%
|
|
N/R (not rated)
|
|
|
18.6%
|
|
Total
|
|
|
100%
|
|
Portfolio Composition
(% of
total investments)
|
|
|
|
|
Specialized
|
|
|
22.1%
|
|
Residential
|
|
|
18.4%
|
|
Office
|
|
|
16.0%
|
|
Retail
|
|
|
12.3%
|
|
Industrial
|
|
|
10.1%
|
|
Hotels
|
|
|
5.8%
|
|
Other1
|
|
|
11.2%
|
|
Repurchase Agreements
|
|
|
4.1%
|
|
Total
|
|
|
100%
|
|
Top Five Common Stock Holdings
(% of total investments)
|
|
|
|
|
Prologis Inc
|
|
|
6.0%
|
|
Equinix Inc
|
|
|
4.6%
|
|
Public Storage
|
|
|
3.5%
|
|
Alexandria Real Estate Equities Inc
|
|
|
3.5%
|
|
Equity Residential
|
|
|
3.1%
|
|
Top Five Preferred Stock Issuers
(% of
total investments)
|
|
|
|
|
Public Storage
|
|
|
6.1%
|
|
Highwoods Properties Inc
|
|
|
3.3%
|
|
Vornado Realty Trust
|
|
|
3.1%
|
|
PS Business Parks Inc
|
|
|
1.7%
|
|
Rexford Industrial Realty Inc
|
|
|
1.4%
|
|
1
|
See Portfolio of Investments for details on other Portfolio Composition.
|
13
|
|
|
JRI
|
|
Nuveen Real Asset Income and Growth Fund
Performance Overview and Holding Summaries as of June 30, 2021
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within
this section.
Average Annual Total Returns as of June 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative
|
|
|
Average Annual
|
|
|
|
6-Month
|
|
|
1-Year
|
|
|
5-Year
|
|
|
Since
Inception
|
|
JRI at Common Share NAV
|
|
|
11.79%
|
|
|
|
34.30%
|
|
|
|
5.39%
|
|
|
|
8.26%
|
|
JRI at Common Share Price
|
|
|
24.08%
|
|
|
|
49.75%
|
|
|
|
7.31%
|
|
|
|
8.02%
|
|
JRI Custom Blended Fund Performance Benchmark1
|
|
|
6.84%
|
|
|
|
22.05%
|
|
|
|
6.32%
|
|
|
|
6.83%
|
|
MSCI World Index (Net)
|
|
|
13.05%
|
|
|
|
39.04%
|
|
|
|
14.83%
|
|
|
|
11.87%
|
|
Since inception returns are from 4/25/12. Past performance is not predictive of future results. Current performance may be higher or
lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions.
Comparative index return information is provided for the Funds shares at NAV only. Indexes are not available for direct investment.
Daily Common Share NAV
and Share Price
1
|
The JRI Custom Blended Fund Performance Benchmark consists of: 1) 25% of the return of the Financial Times Stock Exchange
European Public Real Estate Association/National Association of Real Estate Investment Trusts (FTSE EPRA/Nareit) Developed Index (Net), 2) 22% of the return of the S&P Global Infrastructure Index (Net), 3) 20% of the return of the ICE
Hybrid & Preferred Infrastructure 7% Issuer Constrained Custom Index, 4) 20% of the Bloomberg Barclays U.S. Corporate High Yield Bond Index and 5) 13% of the return of the Financial Times Stock Exchange National Association of Real Estate
Investment Trusts (FTSE Nareit) Preferred Stock Index.
|
14
This data relates to the securities held in the
Funds portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poors
Group, Moodys Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are
investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Fund Allocation
(% of net
assets)
|
|
|
|
|
Common Stocks
|
|
|
35.5%
|
|
Real Estate Investment Trust Common Stocks
|
|
|
33.4%
|
|
Corporate Bonds
|
|
|
20.8%
|
|
$25 Par (or similar) Retail Preferred
|
|
|
19.7%
|
|
$1,000 Par (or similar) Institutional Preferred
|
|
|
13.8%
|
|
Convertible Preferred Securities
|
|
|
9.4%
|
|
Investment Companies
|
|
|
1.0%
|
|
Convertible Bonds
|
|
|
0.8%
|
|
Whole Loans
|
|
|
0.8%
|
|
Variable Rate Senior Loan Interests
|
|
|
0.5%
|
|
Mortgage-Backed Securities
|
|
|
0.3%
|
|
Repurchase Agreements
|
|
|
2.3%
|
|
Other Assets Less Liabilities
|
|
|
0.2%
|
|
Net Assets Plus Borrowings
|
|
|
138.5%
|
|
Borrowings
|
|
|
(38.5)%
|
|
Net Assets
|
|
|
100%
|
|
Top Five Common Stock Holdings
(% of
total common stocks)
|
|
|
|
|
Williams Cos Inc
|
|
|
7.2%
|
|
SSE PLC
|
|
|
4.4%
|
|
Enterprise Products Partners LP
|
|
|
3.7%
|
|
Enagas SA
|
|
|
3.5%
|
|
Enbridge Inc
|
|
|
3.3%
|
|
Portfolio Composition
(% of
total investments)
|
|
|
|
|
Real Estate Investment Trust Common Stocks
|
|
|
24.1%
|
|
Electric Utilities
|
|
|
14.4%
|
|
Oil, Gas & Consumable Fuels
|
|
|
13.6%
|
|
Equity Real Estate Investment Trust
|
|
|
10.8%
|
|
Multi-Utilities
|
|
|
8.0%
|
|
Real Estate Management & Development
|
|
|
5.9%
|
|
Gas Utilities
|
|
|
4.4%
|
|
Independent Power & Renewable Electricity Producers
|
|
|
2.7%
|
|
Diversified Telecommunication Services
|
|
|
2.2%
|
|
Other1
|
|
|
12.2%
|
|
Repurchase Agreements
|
|
|
1.7%
|
|
Total
|
|
|
100%
|
|
Portfolio Credit Quality
(%
of total fixed-income investments)
|
|
|
|
|
AAA
|
|
|
0.4%
|
|
AA
|
|
|
0.1%
|
|
A
|
|
|
2.6%
|
|
BBB
|
|
|
45.2%
|
|
BB or Lower
|
|
|
36.6%
|
|
N/R (not rated)
|
|
|
15.1%
|
|
Total
|
|
|
100%
|
|
Country Allocation2
(% of total investments)
|
|
|
|
|
United States
|
|
|
54.1%
|
|
Canada
|
|
|
14.5%
|
|
Australia
|
|
|
5.0%
|
|
United Kingdom
|
|
|
3.9%
|
|
Singapore
|
|
|
3.0%
|
|
Spain
|
|
|
3.0%
|
|
Hong Kong
|
|
|
2.3%
|
|
Italy
|
|
|
1.6%
|
|
France
|
|
|
1.3%
|
|
Germany
|
|
|
1.2%
|
|
China
|
|
|
1.1%
|
|
Other
|
|
|
9.0%
|
|
Total
|
|
|
100%
|
|
1
|
See Portfolio of Investments for details on other Portfolio Composition.
|
2
|
Includes 5.9% (as a percentage of total investments) in emerging markets countries.
|
15
Shareholder Meeting Report
The annual meeting of shareholders was held on April 6, 2021 for JRS and JRI. The meeting was held
virtually due to public health concerns regarding the ongoing COVID-19 pandemic; at this meeting the shareholders were asked to elect Board members.
|
|
|
|
|
|
|
|
|
|
|
JRS
|
|
|
JRI
|
|
|
|
Common
Shares
|
|
|
Common
Shares
|
|
Approval of the Board Members was reached as follows:
|
|
|
|
|
|
|
|
|
Jack B. Evans
|
|
|
|
|
|
|
|
|
For
|
|
|
15,646,895
|
|
|
|
15,514,310
|
|
Withhold
|
|
|
5,494,985
|
|
|
|
6,088,059
|
|
Total
|
|
|
21,141,880
|
|
|
|
21,602,369
|
|
Albin F. Moschner
|
|
|
|
|
|
|
|
|
For
|
|
|
15,691,969
|
|
|
|
15,565,789
|
|
Withhold
|
|
|
5,449,911
|
|
|
|
6,036,580
|
|
Total
|
|
|
21,141,880
|
|
|
|
21,602,369
|
|
Matthew Thornton III
|
|
|
|
|
|
|
|
|
For
|
|
|
20,724,009
|
|
|
|
20,769,226
|
|
Withhold
|
|
|
417,871
|
|
|
|
833,143
|
|
Total
|
|
|
21,141,880
|
|
|
|
21,602,369
|
|
16
|
|
|
JRS
|
|
Nuveen Real Estate Income Fund
Portfolio of Investments June 30, 2021
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Description (1)
|
|
|
|
|
|
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
LONG-TERM INVESTMENTS 136.5% (95.9% of Total Investments)
|
|
|
|
|
|
|
|
REAL ESTATE INVESTMENT TRUST COMMON STOCKS 90.8% (63.7% of Total
Investments)
|
|
|
|
|
|
|
|
|
|
|
Health Care 6.5% (4.5% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
351,325
|
|
|
Healthpeak Properties Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
11,695,609
|
|
|
120,715
|
|
|
Welltower Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,031,417
|
|
|
|
|
|
Total Health Care
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,727,026
|
|
|
|
|
|
|
|
|
|
|
Hotels 3.7% (2.6% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
619,830
|
|
|
Sunstone Hotel Investors Inc, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,698,288
|
|
|
252,720
|
|
|
Xenia Hotels & Resorts Inc, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,733,446
|
|
|
|
|
|
Total Hotels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,431,734
|
|
|
|
|
|
|
|
|
|
|
Industrial 10.7% (7.5% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
140,120
|
|
|
First Industrial Realty Trust Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,318,468
|
|
|
239,163
|
|
|
Prologis Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,587,153
|
|
|
|
|
|
Total Industrial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35,905,621
|
|
|
|
|
|
|
|
|
|
|
Office 14.3% (10.1% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
91,945
|
|
|
Alexandria Real Estate Equities Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,728,473
|
|
|
76,025
|
|
|
Boston Properties Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,711,705
|
|
|
172,065
|
|
|
Douglas Emmett Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,784,825
|
|
|
86,710
|
|
|
Highwoods Properties Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,916,691
|
|
|
178,915
|
|
|
Hudson Pacific Properties Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,977,415
|
|
|
74,525
|
|
|
Kilroy Realty Corp
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,189,921
|
|
|
35,855
|
|
|
SL Green Realty Corp
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,868,400
|
|
|
|
|
|
Total Office
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48,177,430
|
|
|
|
|
|
|
|
|
|
|
Residential 23.5% (16.5% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
378,935
|
|
|
American Homes 4 Rent
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,721,625
|
|
|
203,122
|
|
|
Apartment Income REIT Corp
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,634,077
|
|
|
70,238
|
|
|
AvalonBay Communities Inc, (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,657,968
|
|
|
68,420
|
|
|
Camden Property Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,077,281
|
|
|
72,795
|
|
|
Equity LifeStyle Properties Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,409,396
|
|
|
191,320
|
|
|
Equity Residential
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,731,640
|
|
|
291,210
|
|
|
Invitation Homes Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,859,221
|
|
|
|
|
|
Total Residential
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
79,091,208
|
|
|
|
|
|
|
|
|
|
|
Retail 10.9% (7.6% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53,825
|
|
|
Federal Realty Investment Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,306,675
|
|
|
361,660
|
|
|
Kimco Realty Corp
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,540,611
|
|
|
228,415
|
|
|
Macerich Co/The
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,168,574
|
|
|
105,515
|
|
|
Regency Centers Corp
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,760,346
|
|
|
71,390
|
|
|
Simon Property Group Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,314,967
|
|
|
169,555
|
|
|
SITE Centers Corp
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,553,499
|
|
|
|
|
|
Total Retail
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36,644,672
|
|
|
|
|
|
|
|
|
|
|
Specialized 21.2% (14.9% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,995
|
|
|
CoreSite Realty Corp
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,364,327
|
|
|
225,925
|
|
|
CubeSmart
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,464,846
|
|
|
70,455
|
|
|
Digital Realty Trust Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,600,660
|
|
|
27,240
|
|
|
Equinix Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,862,824
|
|
|
77,655
|
|
|
Life Storage Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,336,264
|
|
|
55,890
|
|
|
Public Storage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,805,564
|
|
|
|
|
|
Total Specialized
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
71,434,485
|
|
|
|
|
|
Total Real Estate Investment Trust Common Stocks
(cost $209,386,526)
|
|
|
|
305,412,176
|
|
17
|
|
|
|
|
JRS
|
|
Nuveen Real Estate Income Fund (continued)
|
|
Portfolio of Investments June 30, 2021
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Description (1)
|
|
Coupon
|
|
|
|
|
|
Ratings (4)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
REAL ESTATE INVESTMENT TRUST PREFERRED STOCKS 42.1% (29.6% of Total
Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified 5.6% (3.9% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35,010
|
|
|
Armada Hoffler Properties Inc
|
|
|
6.750%
|
|
|
|
|
|
|
|
N/R
|
|
|
$
|
936,867
|
|
|
10,130
|
|
|
CTO Realty Growth Inc, (2), (5), (WI/DD)
|
|
|
6.375%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
257,505
|
|
|
43,965
|
|
|
DigitalBridge Group Inc, (2)
|
|
|
7.125%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
1,152,323
|
|
|
35,015
|
|
|
DigitalBridge Group Inc, (2)
|
|
|
7.150%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
898,135
|
|
|
7,350
|
|
|
PS Business Parks Inc
|
|
|
4.875%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
204,330
|
|
|
120,575
|
|
|
PS Business Parks Inc
|
|
|
5.200%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
3,220,558
|
|
|
105,035
|
|
|
PS Business Parks Inc
|
|
|
5.200%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
2,677,342
|
|
|
74,625
|
|
|
PS Business Parks Inc
|
|
|
5.250%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
1,982,786
|
|
|
44,578
|
|
|
VEREIT Inc
|
|
|
6.700%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
1,126,486
|
|
|
232,045
|
|
|
Vornado Realty Trust
|
|
|
5.250%
|
|
|
|
|
|
|
|
Baa3
|
|
|
|
6,260,574
|
|
|
|
|
|
Total Diversified
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,716,906
|
|
|
|
|
|
|
|
|
|
|
Health Care 0.3% (0.2% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,765
|
|
|
Diversified Healthcare Trust
|
|
|
5.625%
|
|
|
|
|
|
|
|
BB-
|
|
|
|
139,455
|
|
|
28,875
|
|
|
Diversified Healthcare Trust
|
|
|
6.250%
|
|
|
|
|
|
|
|
BB-
|
|
|
|
716,100
|
|
|
|
|
|
Total Health Care
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
855,555
|
|
|
|
|
|
|
|
|
|
|
Hotels 4.5% (3.2% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
95,245
|
|
|
Chatham Lodging Trust, (2), (5)
|
|
|
6.625%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
2,476,370
|
|
|
132,110
|
|
|
DiamondRock Hospitality Co
|
|
|
8.250%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
3,798,162
|
|
|
6,460
|
|
|
Hersha Hospitality Trust
|
|
|
6.500%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
152,133
|
|
|
9,075
|
|
|
Hersha Hospitality Trust
|
|
|
6.500%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
213,716
|
|
|
57,425
|
|
|
Hersha Hospitality Trust
|
|
|
6.875%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
1,427,580
|
|
|
22,025
|
|
|
Pebblebrook Hotel Trust
|
|
|
6.300%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
557,012
|
|
|
52,335
|
|
|
Pebblebrook Hotel Trust
|
|
|
6.375%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
1,319,889
|
|
|
88,755
|
|
|
Pebblebrook Hotel Trust, (2)
|
|
|
6.375%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
2,419,461
|
|
|
87,125
|
|
|
Pebblebrook Hotel Trust
|
|
|
6.500%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
2,184,224
|
|
|
10,000
|
|
|
Summit Hotel Properties Inc
|
|
|
6.450%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
251,800
|
|
|
17,825
|
|
|
Sunstone Hotel Investors Inc
|
|
|
6.125%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
506,052
|
|
|
|
|
|
Total Hotels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,306,399
|
|
|
|
|
|
|
|
|
|
|
Industrial 3.6% (2.6% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,985
|
|
|
Monmouth Real Estate Investment Corp
|
|
|
6.125%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
833,531
|
|
|
10,115
|
|
|
Plymouth Industrial REIT Inc
|
|
|
7.500%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
268,048
|
|
|
59,877
|
|
|
Prologis Inc, (5)
|
|
|
8.540%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
4,347,070
|
|
|
145,755
|
|
|
Rexford Industrial Realty Inc
|
|
|
5.625%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
3,986,399
|
|
|
51,355
|
|
|
Rexford Industrial Realty Inc
|
|
|
5.875%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
1,293,124
|
|
|
57,851
|
|
|
Rexford Industrial Realty Inc
|
|
|
5.875%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
1,551,564
|
|
|
|
|
|
Total Industrial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,279,736
|
|
|
|
|
|
|
|
|
|
|
Office 8.5% (5.9% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,713
|
|
|
Highwoods Properties Inc, (5)
|
|
|
8.625%
|
|
|
|
|
|
|
|
Baa3
|
|
|
|
15,891,250
|
|
|
152,510
|
|
|
SL Green Realty Corp
|
|
|
6.500%
|
|
|
|
|
|
|
|
Ba1
|
|
|
|
3,881,379
|
|
|
120,109
|
|
|
Vornado Realty Trust
|
|
|
5.250%
|
|
|
|
|
|
|
|
Baa3
|
|
|
|
3,222,524
|
|
|
49,189
|
|
|
Vornado Realty Trust
|
|
|
5.400%
|
|
|
|
|
|
|
|
Baa3
|
|
|
|
1,275,963
|
|
|
163,688
|
|
|
Vornado Realty Trust
|
|
|
5.700%
|
|
|
|
|
|
|
|
Baa3
|
|
|
|
4,259,162
|
|
|
|
|
|
Total Office
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,530,278
|
|
|
|
|
|
|
|
|
|
|
Residential 2.7% (1.9% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40,730
|
|
|
American Homes 4 Rent
|
|
|
5.875%
|
|
|
|
|
|
|
|
BB
|
|
|
|
1,047,576
|
|
|
65,105
|
|
|
American Homes 4 Rent
|
|
|
5.875%
|
|
|
|
|
|
|
|
BB
|
|
|
|
1,681,011
|
|
|
117,810
|
|
|
American Homes 4 Rent
|
|
|
6.250%
|
|
|
|
|
|
|
|
Ba1
|
|
|
|
3,252,734
|
|
|
34,373
|
|
|
Mid-America Apartment Communities Inc
|
|
|
8.500%
|
|
|
|
|
|
|
|
BBB-
|
|
|
|
2,223,589
|
|
|
12,330
|
|
|
UMH Properties Inc
|
|
|
6.375%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
324,772
|
|
|
23,603
|
|
|
UMH Properties Inc
|
|
|
6.750%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
618,399
|
|
|
|
|
|
Total Residential
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,148,081
|
|
|
|
|
|
|
|
|
|
|
Retail 6.7% (4.7% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
147,810
|
|
|
Federal Realty Investment Trust
|
|
|
5.000%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
3,905,140
|
|
|
152,512
|
|
|
Kimco Realty Corp
|
|
|
5.125%
|
|
|
|
|
|
|
|
Baa2
|
|
|
|
3,954,636
|
|
|
82,978
|
|
|
Kimco Realty Corp
|
|
|
5.250%
|
|
|
|
|
|
|
|
Baa2
|
|
|
|
2,219,661
|
|
18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Description (1)
|
|
Coupon
|
|
|
|
|
|
Ratings (4)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
Retail (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
63,645
|
|
|
National Retail Properties Inc
|
|
|
5.200%
|
|
|
|
|
|
|
|
Baa2
|
|
|
$
|
1,645,860
|
|
|
129,000
|
|
|
Saul Centers Inc
|
|
|
6.000%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
3,515,250
|
|
|
4,870
|
|
|
Saul Centers Inc
|
|
|
6.125%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
128,471
|
|
|
5,494
|
|
|
Simon Property Group Inc
|
|
|
8.375%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
383,619
|
|
|
116,200
|
|
|
SITE Centers Corp
|
|
|
6.375%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
3,128,104
|
|
|
22,845
|
|
|
Spirit Realty Capital Inc
|
|
|
6.000%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
598,539
|
|
|
53,645
|
|
|
Urstadt Biddle Properties Inc
|
|
|
5.875%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
1,406,035
|
|
|
60,825
|
|
|
Urstadt Biddle Properties Inc
|
|
|
6.250%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
1,592,399
|
|
|
|
|
|
Total Retail
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,477,714
|
|
|
|
|
|
|
|
|
|
|
Specialized 10.2% (7.2% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,100
|
|
|
Digital Realty Trust Inc
|
|
|
5.200%
|
|
|
|
|
|
|
|
Baa3
|
|
|
|
622,778
|
|
|
20,495
|
|
|
Digital Realty Trust Inc
|
|
|
5.250%
|
|
|
|
|
|
|
|
Baa3
|
|
|
|
532,870
|
|
|
18,665
|
|
|
Digital Realty Trust Inc
|
|
|
5.850%
|
|
|
|
|
|
|
|
Baa3
|
|
|
|
530,273
|
|
|
21,150
|
|
|
EPR Properties
|
|
|
5.750%
|
|
|
|
|
|
|
|
Ba1
|
|
|
|
543,978
|
|
|
51,191
|
|
|
National Storage Affiliates Trust
|
|
|
6.000%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
1,382,157
|
|
|
33,800
|
|
|
Public Storage
|
|
|
3.875%
|
|
|
|
|
|
|
|
A3
|
|
|
|
859,534
|
|
|
9,735
|
|
|
Public Storage
|
|
|
3.900%
|
|
|
|
|
|
|
|
A3
|
|
|
|
255,252
|
|
|
100,000
|
|
|
Public Storage, (2)
|
|
|
4.000%
|
|
|
|
|
|
|
|
A3
|
|
|
|
2,528,000
|
|
|
75,615
|
|
|
Public Storage
|
|
|
4.125%
|
|
|
|
|
|
|
|
A3
|
|
|
|
1,969,771
|
|
|
79,525
|
|
|
Public Storage
|
|
|
4.625%
|
|
|
|
|
|
|
|
A3
|
|
|
|
2,190,118
|
|
|
21,030
|
|
|
Public Storage
|
|
|
4.700%
|
|
|
|
|
|
|
|
A3
|
|
|
|
588,630
|
|
|
25,629
|
|
|
Public Storage
|
|
|
4.750%
|
|
|
|
|
|
|
|
A3
|
|
|
|
706,848
|
|
|
78,350
|
|
|
Public Storage
|
|
|
4.875%
|
|
|
|
|
|
|
|
A3
|
|
|
|
2,164,027
|
|
|
44,825
|
|
|
Public Storage
|
|
|
4.900%
|
|
|
|
|
|
|
|
A3
|
|
|
|
1,143,486
|
|
|
119,850
|
|
|
Public Storage
|
|
|
4.950%
|
|
|
|
|
|
|
|
A3
|
|
|
|
3,005,838
|
|
|
147,424
|
|
|
Public Storage
|
|
|
5.050%
|
|
|
|
|
|
|
|
A3
|
|
|
|
3,903,787
|
|
|
344,335
|
|
|
Public Storage
|
|
|
5.600%
|
|
|
|
|
|
|
|
A3
|
|
|
|
9,847,981
|
|
|
63,895
|
|
|
QTS Realty Trust Inc
|
|
|
7.125%
|
|
|
|
|
|
|
|
B
|
|
|
|
1,647,852
|
|
|
|
|
|
Total Specialized
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34,423,180
|
|
|
|
|
|
Total Real Estate Investment Trust Preferred Stocks
(cost $133,788,156)
|
|
|
|
141,737,849
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (4)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
CORPORATE BONDS 3.6% (2.6% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Real Estate Investment Trust 3.6% (2.6% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
7,500
|
|
|
VEREIT Operating Partnership LP
|
|
|
2.200%
|
|
|
|
6/15/28
|
|
|
|
BBB
|
|
|
$
|
7,609,768
|
|
|
1,466
|
|
|
Vornado Realty LP
|
|
|
2.150%
|
|
|
|
6/01/26
|
|
|
|
Baa2
|
|
|
|
1,485,693
|
|
|
2,911
|
|
|
Welltower Inc
|
|
|
4.000%
|
|
|
|
6/01/25
|
|
|
|
BBB+
|
|
|
|
3,208,538
|
|
$
|
11,877
|
|
|
Total Corporate Bonds (cost $12,288,751)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,303,999
|
|
|
|
|
|
Total Long-Term Investments (cost $355,463,433)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
459,454,024
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
Coupon
|
|
|
Maturity
|
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS 5.9% (4.1% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPURCHASE AGREEMENTS 5.9% (4.1% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
19,785
|
|
|
Repurchase Agreement with Fixed Income Clearing Corporation, dated
6/30/21, repurchase price $19,785,298, collateralized by $20,554,400, U.S. Treasury Notes, 1.875%, due 2/15/41, value $20,181,058
|
|
|
0.000%
|
|
|
|
7/01/21
|
|
|
|
|
|
|
$
|
19,785,298
|
|
|
|
|
|
Total Short-Term Investments (cost $19,785,298)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,785,298
|
|
|
|
|
|
Total Investments (cost $375,248,731)
142.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
479,239,322
|
|
|
|
|
|
Borrowings (39.5)% (6), (7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(133,000,000
|
)
|
|
|
|
|
Other Assets Less Liabilities (2.9)% (8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9,728,262
|
)
|
|
|
|
|
Net Assets 100%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
336,511,060
|
|
19
|
|
|
|
|
JRS
|
|
Nuveen Real Estate Income Fund (continued)
|
|
Portfolio of Investments June 30, 2021
|
|
|
(Unaudited)
|
Investments in Derivatives
Interest Rate Swaps OTC Uncleared
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty
|
|
Notional
Amount
|
|
|
Fund
Pay/Receive
Floating Rate
|
|
|
Floating Rate Index
|
|
|
Fixed Rate
(Annualized)
|
|
|
Fixed Rate
Payment
Frequency
|
|
|
Effective
Date (9)
|
|
|
Optional
Termination
Date
|
|
|
Maturity
Date
|
|
|
Value
|
|
|
Unrealized
Appreciation
(Depreciation)
|
|
Morgan Stanley Capital Services LLC
|
|
$
|
72,400,000
|
|
|
|
Receive
|
|
|
|
1-Month LIBOR
|
|
|
|
1.994
|
%
|
|
|
Monthly
|
|
|
|
6/01/18
|
|
|
|
7/01/25
|
|
|
|
7/01/27
|
|
|
$
|
(5,019,515
|
)
|
|
$
|
(5,019,515
|
)
|
For Fund portfolio compliance purposes, the Funds 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 applicable to common shares unless otherwise
noted.
|
(2)
|
Non-income producing; issuer has not declared an
ex-dividend date within the past twelve months.
|
(3)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in
derivatives.
|
(4)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poors Group
(Standard & Poors), Moodys Investors Service, Inc. (Moodys) 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 & Poors, Baa by Moodys or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
(5)
|
For fair value measurement disclosure purposes, investment classified as Level 2.
|
(6)
|
Borrowings as a percentage of Total Investments is 27.8%.
|
(7)
|
The Fund may pledge up to 100% of its eligible investments (excluding any investments separately pledged as collateral for
specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings. As of the end of the reporting period investments with a value of $249,608,310 have been pledged as collateral for borrowings.
|
(8)
|
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.
|
(9)
|
Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each
contract.
|
LIBOR
|
London Inter-Bank Offered Rate
|
REIT
|
Real Estate Investment Trust
|
WI/DD
|
Purchased on a when-issued or delayed delivery basis.
|
See accompanying notes to financial statements.
20
|
|
|
JRI
|
|
Nuveen Real Asset Income
and Growth Fund
Portfolio of Investments June 30, 2021
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
Description (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM INVESTMENTS 136.0% (98.3% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS 35.5% (25.7% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Air Freight & Logistics 0.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,343
|
|
|
|
|
Oesterreichische Post AG
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,720,029
|
|
|
68,012
|
|
|
|
|
PostNL NV, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
369,535
|
|
|
|
|
|
|
|
Total Air Freight & Logistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,089,564
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Services & Supplies 0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,316,247
|
|
|
|
|
China Everbright Environment Group Ltd, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,879,286
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified Financial Services 0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
882,882
|
|
|
|
|
Sdcl Energy Efficiency Income Trust PLC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,428,910
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified Telecommunication Services 1.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,014,429
|
|
|
|
|
HKBN Ltd
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,438,807
|
|
|
424,135
|
|
|
|
|
HKT Trust & HKT Ltd, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
577,704
|
|
|
7,239,913
|
|
|
|
|
NetLink NBN Trust, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,117,844
|
|
|
|
|
|
|
|
Total Diversified Telecommunication Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,134,355
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric Utilities 7.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,236,021
|
|
|
|
|
AusNet Services Ltd, (2), Reg S
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,930,685
|
|
|
42,116
|
|
|
|
|
CEZ AS, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,248,953
|
|
|
191,744
|
|
|
|
|
Cia de Transmissao de Energia Eletrica Paulista
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
967,240
|
|
|
73,469
|
|
|
|
|
CK Infrastructure Holdings Ltd, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
437,649
|
|
|
32,504
|
|
|
|
|
Emera Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,474,689
|
|
|
167,661
|
|
|
|
|
Endesa SA, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,070,102
|
|
|
111,638
|
|
|
|
|
Enel Chile SA, ADR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
329,332
|
|
|
52,579
|
|
|
|
|
Enel SpA, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
488,610
|
|
|
113,365
|
|
|
|
|
OGE Energy Corp
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,814,732
|
|
|
117,828
|
|
|
|
|
Power Assets Holdings Ltd, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
722,999
|
|
|
34,716
|
|
|
|
|
PPL Corp, (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
971,007
|
|
|
196,297
|
|
|
|
|
Red Electrica Corp SA, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,644,486
|
|
|
2,632,738
|
|
|
|
|
Spark Infrastructure Group, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,439,313
|
|
|
350,828
|
|
|
|
|
SSE PLC, (2), Reg S
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,286,264
|
|
|
155,598
|
|
|
|
|
Transmissora Alianca de Energia Eletrica SA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,154,362
|
|
|
|
|
|
|
|
Total Electric Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33,980,423
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Real Estate Investment Trust 0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
49,114
|
|
|
|
|
Nexus Real Estate Investment Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
397,001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Utilities 4.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
158,067
|
|
|
|
|
AltaGas Ltd
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,317,928
|
|
|
89,208
|
|
|
|
|
APA Group, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
595,252
|
|
|
254,320
|
|
|
|
|
Enagas SA, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,878,082
|
|
|
299,559
|
|
|
|
|
Italgas SpA, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,959,473
|
|
|
77,991
|
|
|
|
|
Naturgy Energy Group SA, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,007,213
|
|
|
880,989
|
|
|
|
|
Snam SpA, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,096,302
|
|
|
|
|
|
|
|
Total Gas Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,854,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care Providers & Services 0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53,903
|
|
|
|
|
Chartwell Retirement Residences
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
576,166
|
|
|
107,849
|
|
|
|
|
Sienna Senior Living Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,430,330
|
|
|
|
|
|
|
|
Total Health Care Providers & Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,006,496
|
|
21
|
|
|
|
|
JRI
|
|
Nuveen Real Asset Income and Growth Fund (continued)
|
|
Portfolio of Investments June 30, 2021
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
Description (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Independent Power & Renewable Electricity Producers 1.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,322
|
|
|
|
|
Atlantica Sustainable Infrastructure PLC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,016,925
|
|
|
692
|
|
|
|
|
Canadian Solar Infrastructure Fund Inc, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
786,955
|
|
|
63,982
|
|
|
|
|
Clearway Energy Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,613,626
|
|
|
217,555
|
|
|
|
|
TransAlta Renewables Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,655,752
|
|
|
|
|
|
|
|
Total Independent Power & Renewable Electricity
Producers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,073,258
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial Conglomerates 0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
415,189
|
|
|
|
|
NWS Holdings Ltd, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
441,670
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multi-Utilities 2.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,369
|
|
|
|
|
ACEA SpA, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
401,562
|
|
|
88,484
|
|
|
|
|
Canadian Utilities Ltd
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,455,509
|
|
|
70,407
|
|
|
|
|
Engie SA, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
965,461
|
|
|
50,697
|
|
|
|
|
National Grid PLC, Sponsored ADR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,241,566
|
|
|
1,081,631
|
|
|
|
|
REN Redes Energeticas Nacionais SGPS SA, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,000,372
|
|
|
315,004
|
|
|
|
|
Vector Ltd
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
891,761
|
|
|
|
|
|
|
|
Total Multi-Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,956,231
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels 9.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
137,254
|
|
|
|
|
Enbridge Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,495,650
|
|
|
258,341
|
|
|
|
|
Enterprise Products Partners LP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,233,768
|
|
|
139,930
|
|
|
|
|
Gibson Energy Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,680,976
|
|
|
178,814
|
|
|
|
|
Kinder Morgan Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,259,779
|
|
|
42,946
|
|
|
|
|
Magellan Midstream Partners LP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,100,489
|
|
|
27,376
|
|
|
|
|
ONEOK Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,523,201
|
|
|
152,256
|
|
|
|
|
Pembina Pipeline Corp
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,838,144
|
|
|
155,083
|
|
|
|
|
Plains GP Holdings LP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,851,691
|
|
|
92,955
|
|
|
|
|
TC Energy Corp
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,599,758
|
|
|
452,098
|
|
|
|
|
Williams Cos Inc, (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,003,202
|
|
|
111,678
|
|
|
|
|
Z Energy Ltd, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
213,890
|
|
|
|
|
|
|
|
Total Oil, Gas & Consumable Fuels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
44,800,548
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate Management & Development 4.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
263,490
|
|
|
|
|
Amot Investments Ltd, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,729,877
|
|
|
13
|
|
|
|
|
Ascendas India Trust, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13
|
|
|
168,552
|
|
|
|
|
Cibus Nordic Real Estate AB, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,026,726
|
|
|
45,286
|
|
|
|
|
Citycon Oyj, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
385,697
|
|
|
718,505
|
|
|
|
|
Corp Inmobiliaria Vesta SAB de CV
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,399,957
|
|
|
125,172
|
|
|
|
|
DIC Asset AG, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,161,518
|
|
|
120,564
|
|
|
|
|
Dios Fastigheter AB, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,248,185
|
|
|
286,758
|
|
|
|
|
Hongkong Land Holdings Ltd, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,365,665
|
|
|
280,698
|
|
|
|
|
Hysan Development Co Ltd
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,118,916
|
|
|
40,903
|
|
|
|
|
Kennedy-Wilson Holdings Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
812,743
|
|
|
2,393,700
|
|
|
|
|
Land & Houses PCL, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
593,712
|
|
|
438,014
|
|
|
|
|
New World Development Co Ltd, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,271,518
|
|
|
2,136,521
|
|
|
|
|
Sino Land Co Ltd, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,368,083
|
|
|
|
|
|
|
|
Total Real Estate Management & Development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,482,610
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Road & Rail 0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
724,359
|
|
|
|
|
Aurizon Holdings Ltd, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,017,592
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation Infrastructure 1.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
215,103
|
|
|
|
|
Atlas Arteria Ltd, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,027,550
|
|
|
1,032,613
|
|
|
|
|
China Merchants Port Holdings Co Ltd, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,508,083
|
|
|
1,184,065
|
|
|
|
|
COSCO SHIPPING Ports Ltd, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
924,482
|
|
|
30,855
|
|
|
|
|
Dalrymple Bay Infrastructure Ltd
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48,593
|
|
|
610,106
|
|
|
|
|
Jiangsu Expressway Co Ltd, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
690,498
|
|
|
12,807
|
|
|
|
|
Macquarie Infrastructure Corp
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
490,124
|
|
|
|
|
|
|
|
Total Transportation Infrastructure
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,689,330
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Water Utilities 1.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,626,361
|
|
|
|
|
Guangdong Investment Ltd, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,335,963
|
|
22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
Description (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Water Utilities (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
289,334
|
|
|
|
|
Inversiones Aguas Metropolitanas SA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
157,986
|
|
|
133,228
|
|
|
|
|
Pennon Group PLC, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,093,708
|
|
|
222,979
|
|
|
|
|
United Utilities Group PLC, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,009,593
|
|
|
|
|
|
|
|
Total Water Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,597,250
|
|
|
|
|
|
|
|
Total Common Stocks (cost $144,430,965)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
166,828,774
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
Description (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REAL ESTATE INVESTMENT TRUST COMMON STOCKS 33.4% (24.1% of Total
Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified 5.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
515,212
|
|
|
|
|
Abacus Property Group, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,214,696
|
|
|
25,561
|
|
|
|
|
Alpine Income Property Trust Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
486,170
|
|
|
45,893
|
|
|
|
|
Broadstone Net Lease Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,074,355
|
|
|
457,696
|
|
|
|
|
Charter Hall Long Wale REIT, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,627,010
|
|
|
3,482
|
|
|
|
|
Cofinimmo SA, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
530,412
|
|
|
740,106
|
|
|
|
|
GPT Group, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,707,413
|
|
|
430,037
|
|
|
|
|
Growthpoint Properties Australia Ltd, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,309,763
|
|
|
260
|
|
|
|
|
Hulic Reit Inc, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
437,593
|
|
|
22,218
|
|
|
|
|
ICADE, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,917,210
|
|
|
96,747
|
|
|
|
|
Land Securities Group PLC, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
902,907
|
|
|
725,892
|
|
|
|
|
LXI REIT Plc, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,338,331
|
|
|
2,213,310
|
|
|
|
|
Mapletree North Asia Commercial Trust, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,712,197
|
|
|
2,889
|
|
|
|
|
Star Asia Investment Corp, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,614,255
|
|
|
701,939
|
|
|
|
|
Stockland, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,444,326
|
|
|
195,603
|
|
|
|
|
Stride Property Group, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
326,326
|
|
|
55,669
|
|
|
|
|
Washington Real Estate Investment Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,280,387
|
|
|
56,845
|
|
|
|
|
WP Carey Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,241,774
|
|
|
|
|
|
|
|
Total Diversified
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,165,125
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care 4.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,250
|
|
|
|
|
CareTrust REIT Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
423,948
|
|
|
79,619
|
|
|
|
|
Global Medical REIT Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,175,176
|
|
|
110,849
|
|
|
|
|
Healthcare Trust of America Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,959,668
|
|
|
4,209
|
|
|
|
|
LTC Properties Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
161,584
|
|
|
149,905
|
|
|
|
|
Medical Properties Trust Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,013,091
|
|
|
285,803
|
|
|
|
|
NorthWest Healthcare Properties Real Estate Investment Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,935,037
|
|
|
142,166
|
|
|
|
|
Omega Healthcare Investors Inc, (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,159,204
|
|
|
146,377
|
|
|
|
|
Physicians Realty Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,703,583
|
|
|
118,321
|
|
|
|
|
Sabra Health Care REIT Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,153,442
|
|
|
|
|
|
|
|
Total Health Care
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,684,733
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotels 1.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
181,267
|
|
|
|
|
MGM Growth Properties LLC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,637,998
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial 4.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
223,804
|
|
|
|
|
APN Industria REIT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
557,235
|
|
|
927,142
|
|
|
|
|
Ascendas Real Estate Investment Trust, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,037,412
|
|
|
911,849
|
|
|
|
|
Centuria Industrial REIT, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,539,328
|
|
|
461,441
|
|
|
|
|
Dream Industrial Real Estate Investment Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,687,979
|
|
|
2,107,916
|
|
|
|
|
ESR-REIT, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
643,628
|
|
|
3,148,101
|
|
|
|
|
Frasers Logistics & Commercial Trust, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,374,990
|
|
|
39,703
|
|
|
|
|
Industrial Logistics Properties Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,037,836
|
|
|
962,021
|
|
|
|
|
Mapletree Industrial Trust, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,025,558
|
|
|
781,156
|
|
|
|
|
PLA Administradora Industrial S de RL de CV
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,186,586
|
|
|
690,355
|
|
|
|
|
Urban Logistics REIT PLC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,499,300
|
|
|
403,624
|
|
|
|
|
Warehouse Reit PLC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
837,500
|
|
|
36,788
|
|
|
|
|
WPT Industrial Real Estate Investment Trust, (WI/DD)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
666,967
|
|
|
|
|
|
|
|
Total Industrial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,094,319
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage 2.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
54,830
|
|
|
|
|
Ares Commercial Real Estate Corp
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
805,453
|
|
|
136,537
|
|
|
|
|
Blackstone Mortgage Trust Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,354,165
|
|
23
|
|
|
|
|
JRI
|
|
Nuveen Real Asset Income and Growth Fund (continued)
|
|
Portfolio of Investments June 30, 2021
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
Description (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
95,467
|
|
|
|
|
KKR Real Estate Finance Trust Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,064,951
|
|
|
27,962
|
|
|
|
|
Nexpoint Real Estate Finance Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
584,126
|
|
|
60,370
|
|
|
|
|
Starwood Property Trust Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,579,883
|
|
|
|
|
|
|
|
Total Mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,388,578
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Office 5.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
149,024
|
|
|
|
|
Brandywine Realty Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,043,119
|
|
|
538,241
|
|
|
|
|
Centuria Office REIT, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
942,345
|
|
|
62,445
|
|
|
|
|
Columbia Property Trust Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,085,919
|
|
|
27,219
|
|
|
|
|
Covivio, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,330,142
|
|
|
39,820
|
|
|
|
|
Dexus, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
317,434
|
|
|
42,004
|
|
|
|
|
Dream Office Real Estate Investment Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
778,002
|
|
|
139,378
|
|
|
|
|
Easterly Government Properties Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,938,088
|
|
|
6,382
|
|
|
|
|
Franklin Street Properties Corp
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33,569
|
|
|
1,119,509
|
|
|
|
|
GDI Property Group, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
939,992
|
|
|
1,562
|
|
|
|
|
Highwoods Properties Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
70,555
|
|
|
554
|
|
|
|
|
Ichigo Office REIT Investment Corp, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
492,043
|
|
|
75,609
|
|
|
|
|
Intervest Offices & Warehouses NV, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,048,653
|
|
|
59,692
|
|
|
|
|
NSI NV
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,303,882
|
|
|
122,832
|
|
|
|
|
Piedmont Office Realty Trust Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,268,707
|
|
|
63,481
|
|
|
|
|
Postal Realty Trust Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,157,893
|
|
|
722,083
|
|
|
|
|
Precinct Properties New Zealand Ltd, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
807,406
|
|
|
4,550
|
|
|
|
|
SL Green Realty Corp
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
364,000
|
|
|
270,391
|
|
|
|
|
True North Commercial Real Estate Investment Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,616,326
|
|
|
41,598
|
|
|
|
|
Vornado Realty Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,941,379
|
|
|
|
|
|
|
|
Total Office
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,479,454
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,266
|
|
|
|
|
Altarea SCA, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
475,962
|
|
|
35,382
|
|
|
|
|
BSR Real Estate Investment Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
467,396
|
|
|
|
|
|
|
|
Total Residential
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
943,358
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail 8.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
243,872
|
|
|
|
|
APN Convenience Retail REIT, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
680,142
|
|
|
2,195,344
|
|
|
|
|
CapitaLand China Trust, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,238,786
|
|
|
193,700
|
|
|
|
|
Choice Properties Real Estate Investment Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,232,957
|
|
|
150,567
|
|
|
|
|
Crombie Real Estate Investment Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,154,775
|
|
|
57,266
|
|
|
|
|
CT Real Estate Investment Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
756,709
|
|
|
2,017,743
|
|
|
|
|
Fortune Real Estate Investment Trust, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,161,740
|
|
|
1,252,099
|
|
|
|
|
Frasers Centrepoint Trust, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,266,467
|
|
|
873
|
|
|
|
|
Kenedix Retail REIT Corp, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,360,674
|
|
|
104,562
|
|
|
|
|
National Retail Properties Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,901,866
|
|
|
190,840
|
|
|
|
|
RioCan Real Estate Investment Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,399,280
|
|
|
14,965
|
|
|
|
|
Saul Centers Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
680,159
|
|
|
604,301
|
|
|
|
|
Scentre Group, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,236,594
|
|
|
242,133
|
|
|
|
|
Shopping Centres Australasia Property Group, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
455,235
|
|
|
61,485
|
|
|
|
|
Simon Property Group Inc, (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,022,563
|
|
|
66,055
|
|
|
|
|
Spirit Realty Capital Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,160,071
|
|
|
1,648
|
|
|
|
|
Urstadt Biddle Properties Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31,938
|
|
|
557,609
|
|
|
|
|
Waypoint REIT, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,093,082
|
|
|
|
|
|
|
|
Total Retail
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37,833,038
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialized 2.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
133,892
|
|
|
|
|
Automotive Properties Real Estate Investment Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,342,593
|
|
|
154,236
|
|
|
|
|
CatchMark Timber Trust Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,804,561
|
|
|
182,335
|
|
|
|
|
Charter Hall Social Infrastructure REIT, (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
474,303
|
|
|
1,268
|
|
|
|
|
CoreSite Realty Corp
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
170,673
|
|
|
79,392
|
|
|
|
|
Four Corners Property Trust Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,192,013
|
|
|
74,255
|
|
|
|
|
Gaming and Leisure Properties Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,440,234
|
|
|
160
|
|
|
|
|
VICI Properties Inc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,963
|
|
|
|
|
|
|
|
Total Specialized
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,429,340
|
|
|
|
|
|
|
|
Total Real Estate Investment Trust Common Stocks
(cost $133,485,498)
|
|
|
|
|
|
|
|
156,655,943
|
|
24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000) (4)
|
|
|
|
|
Description (1)
|
|
|
|
|
|
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (5)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CORPORATE BONDS 20.8% (15.0% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Air Freight & Logistics 0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,500
|
|
|
|
|
Cargo Aircraft Management Inc, 144A
|
|
|
|
|
|
|
|
|
|
|
4.750%
|
|
|
|
2/01/28
|
|
|
|
BB
|
|
|
$
|
1,529,745
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto Components 0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,225
|
|
|
|
|
NESCO Holdings II Inc, 144A
|
|
|
|
|
|
|
|
|
|
|
5.500%
|
|
|
|
4/15/29
|
|
|
|
B
|
|
|
|
1,278,594
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chemicals 0.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100
|
|
|
|
|
Calumet Specialty Products Partners LP / Calumet
Finance Corp, 144A
|
|
|
|
11.000%
|
|
|
|
4/15/25
|
|
|
|
B
|
|
|
|
108,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Services & Supplies 0.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
500
|
|
|
|
|
Adani Ports & Special Economic Zone Ltd, 144A
|
|
|
|
|
|
|
|
|
|
|
4.200%
|
|
|
|
8/04/27
|
|
|
|
BBB
|
|
|
|
520,890
|
|
|
500
|
|
|
|
|
Clean Harbors Inc, 144A
|
|
|
|
|
|
|
|
|
|
|
5.125%
|
|
|
|
7/15/29
|
|
|
|
BB+
|
|
|
|
543,750
|
|
|
475
|
|
|
|
|
GFL Environmental Inc, 144A
|
|
|
|
|
|
|
|
|
|
|
3.500%
|
|
|
|
9/01/28
|
|
|
|
BB
|
|
|
|
473,812
|
|
|
650
|
|
|
|
|
GFL Environmental Inc, 144A
|
|
|
|
|
|
|
|
|
|
|
4.750%
|
|
|
|
6/15/29
|
|
|
|
B
|
|
|
|
674,895
|
|
|
225
|
|
|
|
|
Stericycle Inc, 144A
|
|
|
|
|
|
|
|
|
|
|
3.875%
|
|
|
|
1/15/29
|
|
|
|
BB
|
|
|
|
224,557
|
|
|
2,350
|
|
|
|
|
Total Commercial Services & Supplies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,437,904
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Communications Equipment 0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
225
|
|
|
|
|
Liquid Telecommunications Financing Plc, 144A
|
|
|
|
|
|
|
|
|
|
|
5.500%
|
|
|
|
9/04/26
|
|
|
|
B1
|
|
|
|
230,389
|
|
|
745
|
|
|
|
|
Viasat Inc, 144A
|
|
|
|
|
|
|
|
|
|
|
5.625%
|
|
|
|
9/15/25
|
|
|
|
BB
|
|
|
|
759,155
|
|
|
675
|
|
|
|
|
Viasat Inc, 144A
|
|
|
|
|
|
|
|
|
|
|
6.500%
|
|
|
|
7/15/28
|
|
|
|
BB
|
|
|
|
719,860
|
|
|
1,645
|
|
|
|
|
Total Communications Equipment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,709,404
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction & Engineering 0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
600
|
|
|
|
|
GMR Hyderabad International Airport Ltd, 144A
|
|
|
|
|
|
|
|
|
|
|
5.375%
|
|
|
|
4/10/24
|
|
|
|
BB+
|
|
|
|
621,105
|
|
|
300
|
|
|
|
|
GMR Hyderabad International Airport Ltd, 144A
|
|
|
|
|
|
|
|
|
|
|
4.250%
|
|
|
|
10/27/27
|
|
|
|
BB+
|
|
|
|
291,517
|
|
|
600
|
|
|
|
|
IHS Netherlands Holdco BV, 144A
|
|
|
|
|
|
|
|
|
|
|
8.000%
|
|
|
|
9/18/27
|
|
|
|
B2
|
|
|
|
649,500
|
|
|
1,500
|
|
|
|
|
Total Construction & Engineering
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,562,122
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified Financial Services 0.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
366
|
|
|
|
|
Cometa Energia SA de CV, 144A
|
|
|
|
|
|
|
|
|
|
|
6.375%
|
|
|
|
4/24/35
|
|
|
|
Baa3
|
|
|
|
419,526
|
|
|
650
|
|
|
|
|
Minejesa Capital BV, 144A
|
|
|
|
|
|
|
|
|
|
|
5.625%
|
|
|
|
8/10/37
|
|
|
|
Baa3
|
|
|
|
703,625
|
|
|
6,139
|
|
|
BRL
|
|
Swiss Insured Brazil Power Finance Sarl, 144A
|
|
|
|
|
|
|
|
|
|
|
9.850%
|
|
|
|
7/16/32
|
|
|
|
AAA
|
|
|
|
1,280,572
|
|
|
|
|
|
|
|
Total Diversified Financial Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,403,723
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified Telecommunication Services 1.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
600
|
|
|
|
|
Altice France SA/France, 144A
|
|
|
|
|
|
|
|
|
|
|
5.500%
|
|
|
|
1/15/28
|
|
|
|
B
|
|
|
|
622,620
|
|
|
775
|
|
|
|
|
Altice France SA/France, 144A
|
|
|
|
|
|
|
|
|
|
|
5.125%
|
|
|
|
7/15/29
|
|
|
|
B
|
|
|
|
778,797
|
|
|
1,405
|
|
|
|
|
Cellnex Finance Co SA, 144A, (WI/DD)
|
|
|
|
|
|
|
|
|
|
|
3.875%
|
|
|
|
7/07/41
|
|
|
|
BB+
|
|
|
|
1,400,729
|
|
|
460
|
|
|
|
|
Level 3 Financing Inc, 144A
|
|
|
|
|
|
|
|
|
|
|
4.625%
|
|
|
|
9/15/27
|
|
|
|
BB
|
|
|
|
477,443
|
|
|
850
|
|
|
|
|
Level 3 Financing Inc, 144A
|
|
|
|
|
|
|
|
|
|
|
4.250%
|
|
|
|
7/01/28
|
|
|
|
BB
|
|
|
|
862,546
|
|
|
450
|
|
|
|
|
Switch Ltd, 144A
|
|
|
|
|
|
|
|
|
|
|
4.125%
|
|
|
|
6/15/29
|
|
|
|
BB
|
|
|
|
461,813
|
|
|
965
|
|
|
|
|
Vmed O2 UK Financing I PLC, 144A, (WI/DD)
|
|
|
|
|
|
|
|
|
|
|
4.750%
|
|
|
|
7/15/31
|
|
|
|
BB
|
|
|
|
979,475
|
|
|
750
|
|
|
|
|
Zayo Group Holdings Inc, 144A
|
|
|
|
|
|
|
|
|
|
|
4.000%
|
|
|
|
3/01/27
|
|
|
|
B1
|
|
|
|
744,840
|
|
|
6,255
|
|
|
|
|
Total Diversified Telecommunication Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,328,263
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric Utilities 1.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
290
|
|
|
|
|
Acwa Power Management And Investments One Ltd, 144A
|
|
|
|
5.950%
|
|
|
|
12/15/39
|
|
|
|
Baa3
|
|
|
|
344,024
|
|
|
700
|
|
|
|
|
Adani Green Energy UP Ltd / Prayatna Developers Pvt Ltd /
Parampujya Solar Energy,
144A
|
|
|
|
6.250%
|
|
|
|
12/10/24
|
|
|
|
BB+
|
|
|
|
774,550
|
|
|
374
|
|
|
|
|
Adani Transmission Ltd, 144A
|
|
|
|
|
|
|
|
|
|
|
4.250%
|
|
|
|
5/21/36
|
|
|
|
BBB
|
|
|
|
380,902
|
|
|
200
|
|
|
|
|
Cikarang Listrindo Tbk PT, 144A
|
|
|
|
|
|
|
|
|
|
|
4.950%
|
|
|
|
9/14/26
|
|
|
|
BB+
|
|
|
|
204,760
|
|
|
925
|
|
|
|
|
Clearway Energy Operating LLC, 144A
|
|
|
|
|
|
|
|
|
|
|
3.750%
|
|
|
|
2/15/31
|
|
|
|
BB
|
|
|
|
920,375
|
|
|
1,800,000
|
|
|
COP
|
|
Empresas Publicas de Medellin ESP, 144A
|
|
|
|
|
|
|
|
|
|
|
8.375%
|
|
|
|
11/08/27
|
|
|
|
Baa3
|
|
|
|
453,247
|
|
|
855
|
|
|
|
|
Instituto Costarricense de Electricidad, 144A
|
|
|
|
|
|
|
|
|
|
|
6.950%
|
|
|
|
11/10/21
|
|
|
|
B1
|
|
|
|
858,206
|
|
|
600
|
|
|
|
|
Lamar Funding Ltd, 144A
|
|
|
|
|
|
|
|
|
|
|
3.958%
|
|
|
|
5/07/25
|
|
|
|
Ba3
|
|
|
|
601,500
|
|
|
638
|
|
|
|
|
LLPL Capital Pte Ltd, 144A
|
|
|
|
|
|
|
|
|
|
|
6.875%
|
|
|
|
2/04/39
|
|
|
|
Baa3
|
|
|
|
740,863
|
|
|
600
|
|
|
|
|
NRG Energy Inc
|
|
|
|
|
|
|
|
|
|
|
6.625%
|
|
|
|
1/15/27
|
|
|
|
BB+
|
|
|
|
621,132
|
|
|
675
|
|
|
|
|
Pacific Gas and Electric Co
|
|
|
|
|
|
|
|
|
|
|
3.300%
|
|
|
|
8/01/40
|
|
|
|
BBB
|
|
|
|
609,575
|
|
|
395
|
|
|
|
|
Pattern Energy Operations LP / Pattern Energy Operations Inc, 144A
|
|
|
|
4.500%
|
|
|
|
8/15/28
|
|
|
|
BB
|
|
|
|
408,904
|
|
|
995
|
|
|
|
|
TerraForm Power Operating LLC, 144A
|
|
|
|
|
|
|
|
|
|
|
4.750%
|
|
|
|
1/15/30
|
|
|
|
BB
|
|
|
|
1,019,049
|
|
|
|
|
|
|
|
Total Electric Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,937,087
|
|
25
|
|
|
|
|
JRI
|
|
Nuveen Real Asset Income and Growth Fund (continued)
|
|
Portfolio of Investments June 30, 2021
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000) (4)
|
|
|
|
|
Description (1)
|
|
|
|
|
|
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (5)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy Equipment & Services 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
325
|
|
|
|
|
Archrock Partners LP / Archrock Partners Finance Corp, 144A
|
|
|
|
6.250%
|
|
|
|
4/01/28
|
|
|
|
B+
|
|
|
$
|
339,271
|
|
|
350
|
|
|
|
|
Galaxy Pipeline Assets Bidco Ltd, 144A
|
|
|
|
|
|
|
|
|
|
|
3.250%
|
|
|
|
9/30/40
|
|
|
|
Aa2
|
|
|
|
347,583
|
|
|
675
|
|
|
|
|
Total Energy Equipment & Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
686,854
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Real Estate Investment Trust 3.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
565
|
|
|
|
|
CTR Partnership LP / CareTrust Capital Corp, 144A
|
|
|
|
3.875%
|
|
|
|
6/30/28
|
|
|
|
BB+
|
|
|
|
576,933
|
|
|
425
|
|
|
|
|
Diversified Healthcare Trust
|
|
|
|
4.375%
|
|
|
|
3/01/31
|
|
|
|
BB
|
|
|
|
406,938
|
|
|
1,125
|
|
|
|
|
GLP Capital LP / GLP Financing II Inc
|
|
|
|
4.000%
|
|
|
|
1/15/31
|
|
|
|
BBB
|
|
|
|
1,212,165
|
|
|
770
|
|
|
|
|
HAT Holdings I LLC / HAT Holdings II LLC, 144A
|
|
|
|
3.375%
|
|
|
|
6/15/26
|
|
|
|
BB+
|
|
|
|
775,775
|
|
|
1,175
|
|
|
|
|
HAT Holdings I LLC / HAT Holdings II LLC, 144A
|
|
|
|
3.750%
|
|
|
|
9/15/30
|
|
|
|
BB+
|
|
|
|
1,147,094
|
|
|
485
|
|
|
|
|
Iron Mountain Inc, 144A
|
|
|
|
5.250%
|
|
|
|
3/15/28
|
|
|
|
BB
|
|
|
|
507,577
|
|
|
300
|
|
|
|
|
Iron Mountain Inc, 144A
|
|
|
|
4.500%
|
|
|
|
2/15/31
|
|
|
|
BB
|
|
|
|
303,750
|
|
|
2,025
|
|
|
|
|
MPT Operating Partnership LP / MPT Finance Corp
|
|
|
|
3.500%
|
|
|
|
3/15/31
|
|
|
|
BBB
|
|
|
|
2,045,230
|
|
|
650
|
|
|
|
|
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 144A
|
|
|
|
4.875%
|
|
|
|
5/15/29
|
|
|
|
B+
|
|
|
|
672,392
|
|
|
1,200
|
|
|
|
|
Retail Properties of America Inc
|
|
|
|
4.750%
|
|
|
|
9/15/30
|
|
|
|
BBB
|
|
|
|
1,329,342
|
|
|
1,600
|
|
|
|
|
RHP Hotel Properties LP / RHP Finance Corp, 144A
|
|
|
|
4.500%
|
|
|
|
2/15/29
|
|
|
|
B1
|
|
|
|
1,601,312
|
|
|
560
|
|
|
|
|
RLJ Lodging Trust LP, 144A
|
|
|
|
3.750%
|
|
|
|
7/01/26
|
|
|
|
BB
|
|
|
|
565,600
|
|
|
1,625
|
|
|
|
|
SBA Communications Corp
|
|
|
|
3.875%
|
|
|
|
2/15/27
|
|
|
|
BB
|
|
|
|
1,668,721
|
|
|
1,260
|
|
|
|
|
Scentre Group Trust 2, 144A
|
|
|
|
5.125%
|
|
|
|
9/24/80
|
|
|
|
BBB+
|
|
|
|
1,343,475
|
|
|
575
|
|
|
|
|
Uniti Group LP / Uniti Group Finance Inc / CSL Capital LLC, 144A
|
|
|
|
4.750%
|
|
|
|
4/15/28
|
|
|
|
BB+
|
|
|
|
573,562
|
|
|
875
|
|
|
|
|
VICI Properties LP / VICI Note Co Inc, 144A
|
|
|
|
4.625%
|
|
|
|
12/01/29
|
|
|
|
BB
|
|
|
|
929,687
|
|
|
825
|
|
|
|
|
VICI Properties LP / VICI Note Co Inc, 144A
|
|
|
|
4.125%
|
|
|
|
8/15/30
|
|
|
|
BB
|
|
|
|
847,126
|
|
|
440
|
|
|
|
|
XHR LP, 144A
|
|
|
|
4.875%
|
|
|
|
6/01/29
|
|
|
|
B
|
|
|
|
454,300
|
|
|
16,480
|
|
|
|
|
Total Equity Real Estate Investment Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,960,979
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Utilities 0.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
740
|
|
|
|
|
LBC Tank Terminals Holding Netherlands BV, 144A
|
|
|
|
6.875%
|
|
|
|
5/15/23
|
|
|
|
B
|
|
|
|
738,150
|
|
|
1,300
|
|
|
|
|
National Gas Co of Trinidad & Tobago Ltd, 144A
|
|
|
|
6.050%
|
|
|
|
1/15/36
|
|
|
|
BBB
|
|
|
|
1,339,000
|
|
|
1,060
|
|
|
|
|
Suburban Propane Partners LP/Suburban Energy Finance
Corp
|
|
|
|
5.875%
|
|
|
|
3/01/27
|
|
|
|
BB
|
|
|
|
1,112,899
|
|
|
3,100
|
|
|
|
|
Total Gas Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,190,049
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care Providers & Services 1.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,130
|
|
|
|
|
CHS/Community Health Systems Inc, 144A
|
|
|
|
|
|
|
|
|
|
|
6.875%
|
|
|
|
4/15/29
|
|
|
|
CCC
|
|
|
|
1,182,511
|
|
|
375
|
|
|
|
|
CHS/Community Health Systems Inc, 144A
|
|
|
|
|
|
|
|
|
|
|
4.750%
|
|
|
|
2/15/31
|
|
|
|
B
|
|
|
|
376,406
|
|
|
450
|
|
|
|
|
Cushman & Wakefield US Borrower LLC, 144A
|
|
|
|
|
|
|
|
|
|
|
6.750%
|
|
|
|
5/15/28
|
|
|
|
Ba3
|
|
|
|
485,307
|
|
|
1,000
|
|
|
|
|
Encompass Health Corp
|
|
|
|
|
|
|
|
|
|
|
4.750%
|
|
|
|
2/01/30
|
|
|
|
B+
|
|
|
|
1,062,500
|
|
|
250
|
|
|
|
|
HCA Inc
|
|
|
|
|
|
|
|
|
|
|
3.500%
|
|
|
|
9/01/30
|
|
|
|
Baa3
|
|
|
|
266,343
|
|
|
575
|
|
|
|
|
LifePoint Health Inc, 144A
|
|
|
|
|
|
|
|
|
|
|
5.375%
|
|
|
|
1/15/29
|
|
|
|
CCC+
|
|
|
|
560,625
|
|
|
1,425
|
|
|
|
|
Tenet Healthcare Corp, 144A
|
|
|
|
|
|
|
|
|
|
|
6.125%
|
|
|
|
10/01/28
|
|
|
|
B
|
|
|
|
1,518,537
|
|
|
5,205
|
|
|
|
|
Total Health Care Providers & Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,452,229
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotels, Restaurants & Leisure 1.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
200
|
|
|
|
|
Cedar Fair LP / Canadas Wonderland Co / Magnum Management Corp /
Millennium Op, 144A
|
|
|
|
5.500%
|
|
|
|
5/01/25
|
|
|
|
Ba2
|
|
|
|
208,750
|
|
|
1,000
|
|
|
|
|
Hilton Domestic Operating Co Inc, 144A
|
|
|
|
|
|
|
|
|
|
|
4.000%
|
|
|
|
5/01/31
|
|
|
|
N/R
|
|
|
|
1,008,870
|
|
|
1,475
|
|
|
|
|
Hilton Domestic Operating Co Inc, 144A
|
|
|
|
|
|
|
|
|
|
|
3.625%
|
|
|
|
2/15/32
|
|
|
|
BB
|
|
|
|
1,456,562
|
|
|
620
|
|
|
|
|
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations
Borrower Esc, 144A
|
|
|
|
5.000%
|
|
|
|
6/01/29
|
|
|
|
B2
|
|
|
|
633,950
|
|
|
425
|
|
|
|
|
Marriott Ownership Resorts Inc, 144A
|
|
|
|
|
|
|
|
|
|
|
4.500%
|
|
|
|
6/15/29
|
|
|
|
B1
|
|
|
|
430,844
|
|
|
350
|
|
|
|
|
MGM Growth Properties Operating Partnership LP / MGP Finance
Co-Issuer Inc, 144A
|
|
|
|
4.625%
|
|
|
|
6/15/25
|
|
|
|
BB+
|
|
|
|
373,930
|
|
|
555
|
|
|
|
|
MGM Growth Properties Operating Partnership LP / MGP
Finance Co-Issuer Inc
|
|
|
|
4.500%
|
|
|
|
1/15/28
|
|
|
|
BB+
|
|
|
|
586,912
|
|
|
4,625
|
|
|
|
|
Total Hotels, Restaurants & Leisure
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,699,818
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Household Durables 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
775
|
|
|
|
|
WASH Multifamily Acquisition Inc, 144A
|
|
|
|
|
|
|
|
|
|
|
5.750%
|
|
|
|
4/15/26
|
|
|
|
B
|
|
|
|
809,178
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Independent Power & Renewable Electricity Producers 1.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
545
|
|
|
|
|
Atlantica Sustainable Infrastructure PLC, 144A
|
|
|
|
|
|
|
|
|
|
|
4.125%
|
|
|
|
6/15/28
|
|
|
|
BB+
|
|
|
|
555,246
|
|
|
500
|
|
|
|
|
Azure Power Energy Ltd, 144A
|
|
|
|
|
|
|
|
|
|
|
5.500%
|
|
|
|
11/03/22
|
|
|
|
Ba2
|
|
|
|
507,500
|
|
|
1,675
|
|
|
|
|
Calpine Corp, 144A
|
|
|
|
|
|
|
|
|
|
|
3.750%
|
|
|
|
3/01/31
|
|
|
|
BB+
|
|
|
|
1,595,186
|
|
|
300
|
|
|
|
|
Clearway Energy Operating LLC, 144A
|
|
|
|
|
|
|
|
|
|
|
4.750%
|
|
|
|
3/15/28
|
|
|
|
BB
|
|
|
|
314,625
|
|
26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000) (4)
|
|
|
|
|
Description (1)
|
|
|
|
|
|
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (5)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Independent Power & Renewable Electricity Producers (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
600
|
|
|
|
|
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA, 144A
|
|
|
|
5.375%
|
|
|
|
12/30/30
|
|
|
|
BBB
|
|
|
$
|
597,000
|
|
|
525
|
|
|
|
|
NRG Energy Inc, 144A
|
|
|
|
|
|
|
|
|
|
|
5.250%
|
|
|
|
6/15/29
|
|
|
|
BB+
|
|
|
|
558,469
|
|
|
404
|
|
|
|
|
UEP Penonome II SA, 144A
|
|
|
|
|
|
|
|
|
|
|
6.500%
|
|
|
|
10/01/38
|
|
|
|
BB
|
|
|
|
412,337
|
|
|
4,549
|
|
|
|
|
Total Independent Power & Renewable
Electricity Producers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,540,363
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Internet Software & Services 0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,525
|
|
|
|
|
Cogent Communications Group Inc, 144A
|
|
|
|
|
|
|
|
|
|
|
3.500%
|
|
|
|
5/01/26
|
|
|
|
BB
|
|
|
|
1,559,313
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Media 1.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
475
|
|
|
|
|
Altice Financing SA, 144A
|
|
|
|
|
|
|
|
|
|
|
5.000%
|
|
|
|
1/15/28
|
|
|
|
B
|
|
|
|
465,581
|
|
|
200
|
|
|
|
|
Cablevision Lightpath LLC, 144A
|
|
|
|
|
|
|
|
|
|
|
3.875%
|
|
|
|
9/15/27
|
|
|
|
B+
|
|
|
|
197,668
|
|
|
1,600
|
|
|
|
|
CCO Holdings LLC / CCO Holdings Capital Corp
|
|
|
|
|
|
|
|
|
|
|
4.500%
|
|
|
|
5/01/32
|
|
|
|
BB+
|
|
|
|
1,658,000
|
|
|
1,775
|
|
|
|
|
CSC Holdings LLC, 144A
|
|
|
|
|
|
|
|
|
|
|
4.625%
|
|
|
|
12/01/30
|
|
|
|
B+
|
|
|
|
1,741,470
|
|
|
625
|
|
|
|
|
Lamar Media Corp
|
|
|
|
|
|
|
|
|
|
|
3.750%
|
|
|
|
2/15/28
|
|
|
|
BB
|
|
|
|
635,938
|
|
|
4,675
|
|
|
|
|
Total Media
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,698,657
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage Real Estate Investment Trust 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
250
|
|
|
|
|
Starwood Property Trust Inc
|
|
|
|
|
|
|
|
|
|
|
4.750%
|
|
|
|
3/15/25
|
|
|
|
BB+
|
|
|
|
260,000
|
|
|
750
|
|
|
|
|
Starwood Property Trust Inc, 144A, (WI/DD)
|
|
|
|
|
|
|
|
|
|
|
3.625%
|
|
|
|
7/15/26
|
|
|
|
Ba3
|
|
|
|
755,625
|
|
|
1,000
|
|
|
|
|
Total Mortgage Real Estate Investment Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,015,625
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels 3.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
600
|
|
|
|
|
Antero Midstream Partners LP / Antero Midstream Finance Corp, 144A
|
|
|
|
7.875%
|
|
|
|
5/15/26
|
|
|
|
BB
|
|
|
|
670,566
|
|
|
300
|
|
|
|
|
Calumet Specialty Products Partners LP / Calumet Finance Corp
|
|
|
|
7.750%
|
|
|
|
4/15/23
|
|
|
|
B
|
|
|
|
298,500
|
|
|
665
|
|
|
|
|
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp, 144A
|
|
|
|
5.625%
|
|
|
|
5/01/27
|
|
|
|
BB
|
|
|
|
682,456
|
|
|
745
|
|
|
|
|
DT Midstream Inc, 144A
|
|
|
|
|
|
|
|
|
|
|
4.375%
|
|
|
|
6/15/31
|
|
|
|
BB+
|
|
|
|
761,234
|
|
|
163
|
|
|
|
|
Energean Israel Finance Ltd, 144A
|
|
|
|
|
|
|
|
|
|
|
5.375%
|
|
|
|
3/30/28
|
|
|
|
BB
|
|
|
|
167,273
|
|
|
100
|
|
|
|
|
EnLink Midstream LLC, 144A
|
|
|
|
|
|
|
|
|
|
|
5.625%
|
|
|
|
1/15/28
|
|
|
|
BB+
|
|
|
|
105,639
|
|
|
450
|
|
|
|
|
EQM Midstream Partners LP
|
|
|
|
|
|
|
|
|
|
|
5.500%
|
|
|
|
7/15/28
|
|
|
|
BB
|
|
|
|
486,261
|
|
|
525
|
|
|
|
|
EQM Midstream Partners LP, 144A
|
|
|
|
|
|
|
|
|
|
|
4.750%
|
|
|
|
1/15/31
|
|
|
|
BB
|
|
|
|
540,981
|
|
|
305
|
|
|
|
|
Genesis Energy LP / Genesis Energy Finance Corp
|
|
|
|
|
|
|
|
5.625%
|
|
|
|
6/15/24
|
|
|
|
B+
|
|
|
|
305,763
|
|
|
955
|
|
|
CAD
|
|
Keyera Corp
|
|
|
|
|
|
|
|
|
|
|
5.950%
|
|
|
|
3/10/81
|
|
|
|
BB
|
|
|
|
795,202
|
|
|
500
|
|
|
|
|
Leviathan Bond Ltd , Reg S, 144A
|
|
|
|
|
|
|
|
|
|
|
6.750%
|
|
|
|
6/30/30
|
|
|
|
BB
|
|
|
|
563,119
|
|
|
1,050
|
|
|
|
|
M/I Homes Inc
|
|
|
|
|
|
|
|
|
|
|
4.950%
|
|
|
|
2/01/28
|
|
|
|
BB
|
|
|
|
1,095,412
|
|
|
875
|
|
|
|
|
New Fortress Energy Inc, 144A
|
|
|
|
|
|
|
|
|
|
|
6.500%
|
|
|
|
9/30/26
|
|
|
|
BB
|
|
|
|
894,075
|
|
|
575
|
|
|
|
|
NGL Energy Operating LLC / NGL Energy Finance Corp, 144A
|
|
|
|
7.500%
|
|
|
|
2/01/26
|
|
|
|
BB
|
|
|
|
603,750
|
|
|
225
|
|
|
|
|
NuStar Logistics LP
|
|
|
|
|
|
|
|
|
|
|
6.375%
|
|
|
|
10/01/30
|
|
|
|
BB
|
|
|
|
248,603
|
|
|
200
|
|
|
|
|
Oleoducto Central SA, 144A
|
|
|
|
|
|
|
|
|
|
|
4.000%
|
|
|
|
7/14/27
|
|
|
|
Baa3
|
|
|
|
206,344
|
|
|
1,535
|
|
|
CAD
|
|
Pembina Pipeline Corp
|
|
|
|
|
|
|
|
|
|
|
4.800%
|
|
|
|
1/25/81
|
|
|
|
BB+
|
|
|
|
1,213,326
|
|
|
900
|
|
|
|
|
Peru LNG Srl, 144A
|
|
|
|
|
|
|
|
|
|
|
5.375%
|
|
|
|
3/22/30
|
|
|
|
BB
|
|
|
|
776,250
|
|
|
200
|
|
|
|
|
Promigas SA ESP / Gases del Pacifico SAC, 144A
|
|
|
|
|
|
|
|
|
|
|
3.750%
|
|
|
|
10/16/29
|
|
|
|
Baa3
|
|
|
|
198,410
|
|
|
1,575
|
|
|
|
|
Sunoco LP / Sunoco Finance Corp
|
|
|
|
|
|
|
|
|
|
|
5.875%
|
|
|
|
3/15/28
|
|
|
|
BB
|
|
|
|
1,673,437
|
|
|
200
|
|
|
|
|
Targa Resources Partners LP / Targa Resources Partners Finance Corp, 144A
|
|
|
|
4.000%
|
|
|
|
1/15/32
|
|
|
|
BB+
|
|
|
|
205,730
|
|
|
640
|
|
|
|
|
TransMontaigne Partners LP / TLP Finance Corp
|
|
|
|
|
|
|
|
|
|
|
6.125%
|
|
|
|
2/15/26
|
|
|
|
BB
|
|
|
|
654,400
|
|
|
400
|
|
|
|
|
Transportadora de Gas del Sur SA, 144A
|
|
|
|
|
|
|
|
|
|
|
6.750%
|
|
|
|
5/02/25
|
|
|
|
CCC+
|
|
|
|
374,000
|
|
|
550
|
|
|
|
|
Tullow Oil PLC, 144A
|
|
|
|
|
|
|
|
|
|
|
10.250%
|
|
|
|
5/15/26
|
|
|
|
B
|
|
|
|
577,115
|
|
|
500
|
|
|
|
|
USA Compression Partners LP / USA Compression Finance Corp
|
|
|
|
6.875%
|
|
|
|
9/01/27
|
|
|
|
BB
|
|
|
|
534,140
|
|
|
500
|
|
|
|
|
Western Midstream Operating LP
|
|
|
|
|
|
|
|
|
|
|
5.050%
|
|
|
|
2/01/30
|
|
|
|
BB
|
|
|
|
560,002
|
|
|
|
|
|
|
|
Total Oil, Gas & Consumable Fuels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,191,988
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate Management & Development 1.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
475
|
|
|
|
|
Howard Hughes Corp, 144A
|
|
|
|
|
|
|
|
|
|
|
4.125%
|
|
|
|
2/01/29
|
|
|
|
BB
|
|
|
|
475,009
|
|
|
525
|
|
|
|
|
Howard Hughes Corp, 144A
|
|
|
|
|
|
|
|
|
|
|
4.375%
|
|
|
|
2/01/31
|
|
|
|
BB
|
|
|
|
523,099
|
|
|
1,150
|
|
|
|
|
Hunt Cos Inc, 144A
|
|
|
|
|
|
|
|
|
|
|
5.250%
|
|
|
|
4/15/29
|
|
|
|
BB
|
|
|
|
1,115,500
|
|
|
550
|
|
|
|
|
Kennedy-Wilson Inc
|
|
|
|
|
|
|
|
|
|
|
4.750%
|
|
|
|
3/01/29
|
|
|
|
BB
|
|
|
|
566,500
|
|
|
1,025
|
|
|
|
|
Kennedy-Wilson Inc
|
|
|
|
|
|
|
|
|
|
|
5.000%
|
|
|
|
3/01/31
|
|
|
|
BB
|
|
|
|
1,054,469
|
|
|
725
|
|
|
EUR
|
|
Peach Property Finance GmbH, 144A
|
|
|
|
|
|
|
|
|
|
|
4.375%
|
|
|
|
11/15/25
|
|
|
|
BB
|
|
|
|
901,110
|
|
|
|
|
|
|
|
Total Real Estate Management & Development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,635,687
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Road & Rail 0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
200
|
|
|
|
|
ENA Master Trust, 144A
|
|
|
|
|
|
|
|
|
|
|
4.000%
|
|
|
|
5/19/48
|
|
|
|
BBB
|
|
|
|
201,222
|
|
|
500
|
|
|
|
|
Rumo Luxembourg Sarl, 144A
|
|
|
|
|
|
|
|
|
|
|
5.875%
|
|
|
|
1/18/25
|
|
|
|
BB
|
|
|
|
523,755
|
|
27
|
|
|
|
|
JRI
|
|
Nuveen Real Asset Income and Growth Fund (continued)
|
|
Portfolio of Investments June 30, 2021
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000) (4)
|
|
|
|
|
Description (1)
|
|
|
|
|
|
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (5)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Road & Rail (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
500
|
|
|
|
|
Rumo Luxembourg Sarl, 144A
|
|
|
|
|
|
|
|
|
|
|
5.250%
|
|
|
|
1/10/28
|
|
|
|
BB
|
|
|
$
|
535,200
|
|
|
1,200
|
|
|
|
|
Total Road & Rail
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,260,177
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty Retail 0.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
800
|
|
|
|
|
Ferrellgas LP / Ferrellgas Finance Corp, 144A
|
|
|
|
|
|
|
|
|
|
|
5.375%
|
|
|
|
4/01/26
|
|
|
|
B
|
|
|
|
793,000
|
|
|
875
|
|
|
|
|
Ferrellgas LP / Ferrellgas Finance Corp, 144A
|
|
|
|
|
|
|
|
|
|
|
5.875%
|
|
|
|
4/01/29
|
|
|
|
B
|
|
|
|
864,062
|
|
|
400
|
|
|
|
|
LCM Investments Holdings II LLC, 144A
|
|
|
|
|
|
|
|
|
|
|
4.875%
|
|
|
|
5/01/29
|
|
|
|
BB
|
|
|
|
410,000
|
|
|
275
|
|
|
|
|
Superior Plus LP / Superior General Partner Inc,
144A
|
|
|
|
|
|
|
|
4.500%
|
|
|
|
3/15/29
|
|
|
|
BB
|
|
|
|
283,256
|
|
|
2,350
|
|
|
|
|
Total Specialty Retail
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,350,318
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading Companies & Distributors 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
890
|
|
|
|
|
Fortress Transportation and Infrastructure Investors LLC, 144A
|
|
|
|
|
|
|
|
6.500%
|
|
|
|
10/01/25
|
|
|
|
Ba3
|
|
|
|
924,487
|
|
|
125
|
|
|
|
|
United Rentals North America Inc
|
|
|
|
|
|
|
|
|
|
|
3.875%
|
|
|
|
2/15/31
|
|
|
|
BB
|
|
|
|
127,188
|
|
|
1,015
|
|
|
|
|
Total Trading Companies & Distributors
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,051,675
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation Infrastructure 0.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
616
|
|
|
|
|
Aeropuerto Internacional de Tocumen SA, 144A
|
|
|
|
|
|
|
|
|
|
|
6.000%
|
|
|
|
11/18/48
|
|
|
|
BB+
|
|
|
|
669,888
|
|
|
1,025
|
|
|
|
|
Aeropuertos Dominicanos Siglo XXI SA, 144A
|
|
|
|
|
|
|
|
|
|
|
6.750%
|
|
|
|
3/30/29
|
|
|
|
B+
|
|
|
|
1,072,406
|
|
|
426
|
|
|
|
|
Autopistas del Sol SA/Costa Rica, 144A
|
|
|
|
|
|
|
|
|
|
|
7.375%
|
|
|
|
12/30/30
|
|
|
|
B
|
|
|
|
436,649
|
|
|
600
|
|
|
|
|
DP World PLC, 144A
|
|
|
|
|
|
|
|
|
|
|
5.625%
|
|
|
|
9/25/48
|
|
|
|
Baa3
|
|
|
|
749,220
|
|
|
2,667
|
|
|
|
|
Total Transportation Infrastructure
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,928,163
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wireless Telecommunication Services 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
150
|
|
|
|
|
Hughes Satellite Systems Corp
|
|
|
|
|
|
|
|
|
|
|
5.250%
|
|
|
|
8/01/26
|
|
|
|
BBB
|
|
|
|
168,027
|
|
|
865
|
|
|
|
|
Hughes Satellite Systems Corp
|
|
|
|
|
|
|
|
|
|
|
6.625%
|
|
|
|
8/01/26
|
|
|
|
BB
|
|
|
|
969,881
|
|
|
1,015
|
|
|
|
|
Total Wireless Telecommunication Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,137,908
|
|
|
|
|
|
|
|
Total Corporate Bonds (cost $95,467,749)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
97,464,573
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
Description (1)
|
|
|
|
|
|
|
|
Coupon
|
|
|
|
|
|
Ratings (5)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$25 PAR (OR SIMILAR) RETAIL PREFERRED 19.7% (14.3% of Total
Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified Financial Services 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,918
|
|
|
|
|
Brookfield Finance Inc
|
|
|
|
|
|
|
|
|
|
|
4.625%
|
|
|
|
|
|
|
|
BBB
|
|
|
$
|
539,266
|
|
|
12,244
|
|
|
|
|
National Rural Utilities Cooperative Finance Corp
|
|
|
|
|
|
|
|
|
|
|
5.500%
|
|
|
|
|
|
|
|
A3
|
|
|
|
335,241
|
|
|
|
|
|
|
|
Total Diversified Financial Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
874,507
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric Utilities 2.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41,677
|
|
|
|
|
DTE Energy Co
|
|
|
|
|
|
|
|
|
|
|
4.375%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
1,081,518
|
|
|
5,651
|
|
|
|
|
Duke Energy Corp
|
|
|
|
|
|
|
|
|
|
|
5.750%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
162,353
|
|
|
19,763
|
|
|
|
|
Entergy Arkansas LLC
|
|
|
|
|
|
|
|
|
|
|
4.875%
|
|
|
|
|
|
|
|
A
|
|
|
|
505,538
|
|
|
14,350
|
|
|
|
|
Entergy Texas Inc
|
|
|
|
|
|
|
|
|
|
|
5.375%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
399,647
|
|
|
44,293
|
|
|
|
|
Georgia Power Co
|
|
|
|
|
|
|
|
|
|
|
5.000%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
1,189,267
|
|
|
93,896
|
|
|
|
|
Integrys Holding Inc, (2), (6)
|
|
|
|
|
|
|
|
|
|
|
6.000%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
2,488,244
|
|
|
23,160
|
|
|
|
|
NextEra Energy Capital Holdings Inc
|
|
|
|
|
|
|
|
|
|
|
5.250%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
587,338
|
|
|
55,519
|
|
|
|
|
Southern Co
|
|
|
|
|
|
|
|
|
|
|
5.250%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
1,417,955
|
|
|
66,706
|
|
|
|
|
Southern Co
|
|
|
|
|
|
|
|
|
|
|
4.950%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
1,789,055
|
|
|
87,377
|
|
|
|
|
Southern Co
|
|
|
|
|
|
|
|
|
|
|
4.200%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
2,256,074
|
|
|
|
|
|
|
|
Total Electric Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,876,989
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Real Estate Investment Trust 10.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48,853
|
|
|
|
|
American Homes 4 Rent
|
|
|
|
|
|
|
|
|
|
|
5.875%
|
|
|
|
|
|
|
|
BB
|
|
|
|
1,256,499
|
|
|
70,496
|
|
|
|
|
American Homes 4 Rent
|
|
|
|
|
|
|
|
|
|
|
5.875%
|
|
|
|
|
|
|
|
BB
|
|
|
|
1,820,207
|
|
|
2,118
|
|
|
|
|
American Homes 4 Rent
|
|
|
|
|
|
|
|
|
|
|
6.250%
|
|
|
|
|
|
|
|
Ba1
|
|
|
|
58,478
|
|
|
65,604
|
|
|
|
|
Armada Hoffler Properties Inc
|
|
|
|
|
|
|
|
|
|
|
6.750%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
1,755,563
|
|
|
103,144
|
|
|
|
|
Centerspace
|
|
|
|
|
|
|
|
|
|
|
6.625%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
2,703,404
|
|
|
24,635
|
|
|
|
|
Chatham Lodging Trust, (2), (6)
|
|
|
|
|
|
|
|
|
|
|
6.625%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
640,510
|
|
|
42,280
|
|
|
|
|
City Office REIT Inc
|
|
|
|
|
|
|
|
|
|
|
6.625%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
1,101,817
|
|
|
55,790
|
|
|
|
|
DiamondRock Hospitality Co
|
|
|
|
|
|
|
|
|
|
|
8.250%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
1,603,963
|
|
|
63,441
|
|
|
|
|
Digital Realty Trust Inc
|
|
|
|
|
|
|
|
|
|
|
5.250%
|
|
|
|
|
|
|
|
Baa3
|
|
|
|
1,649,466
|
|
28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
Description (1)
|
|
|
|
|
|
|
|
Coupon
|
|
|
|
|
|
Ratings (5)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Real Estate Investment Trust (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41,897
|
|
|
|
|
Digital Realty Trust Inc
|
|
|
|
|
|
|
|
|
|
|
5.850%
|
|
|
|
|
|
|
|
Baa3
|
|
|
$
|
1,190,294
|
|
|
59,684
|
|
|
|
|
Digital Realty Trust Inc
|
|
|
|
|
|
|
|
|
|
|
5.200%
|
|
|
|
|
|
|
|
Baa3
|
|
|
|
1,681,895
|
|
|
1,125
|
|
|
|
|
DigitalBridge Group Inc, (6)
|
|
|
|
|
|
|
|
|
|
|
7.125%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
28,958
|
|
|
2,297
|
|
|
|
|
Federal Realty Investment Trust
|
|
|
|
|
|
|
|
|
|
|
5.000%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
60,687
|
|
|
65,983
|
|
|
|
|
Kimco Realty Corp
|
|
|
|
|
|
|
|
|
|
|
5.250%
|
|
|
|
|
|
|
|
Baa2
|
|
|
|
1,765,045
|
|
|
1,884
|
|
|
|
|
Mid-America Apartment Communities Inc
|
|
|
|
|
|
|
|
|
|
|
8.500%
|
|
|
|
|
|
|
|
BBB-
|
|
|
|
121,876
|
|
|
72,992
|
|
|
|
|
Monmouth Real Estate Investment Corp
|
|
|
|
|
|
|
|
|
|
|
6.125%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
1,844,508
|
|
|
16,804
|
|
|
|
|
National Retail Properties Inc
|
|
|
|
|
|
|
|
|
|
|
5.200%
|
|
|
|
|
|
|
|
Baa2
|
|
|
|
434,551
|
|
|
19,795
|
|
|
|
|
National Storage Affiliates Trust
|
|
|
|
|
|
|
|
|
|
|
6.000%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
534,465
|
|
|
46,921
|
|
|
|
|
Pebblebrook Hotel Trust
|
|
|
|
|
|
|
|
|
|
|
6.500%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
1,176,310
|
|
|
49,428
|
|
|
|
|
Pebblebrook Hotel Trust
|
|
|
|
|
|
|
|
|
|
|
6.375%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
1,246,574
|
|
|
65,041
|
|
|
|
|
Pebblebrook Hotel Trust
|
|
|
|
|
|
|
|
|
|
|
6.300%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
1,644,887
|
|
|
30,359
|
|
|
|
|
Pebblebrook Hotel Trust, (6)
|
|
|
|
|
|
|
|
|
|
|
6.375%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
827,586
|
|
|
63,829
|
|
|
|
|
PS Business Parks Inc
|
|
|
|
|
|
|
|
|
|
|
5.200%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
1,704,873
|
|
|
111,884
|
|
|
|
|
PS Business Parks Inc
|
|
|
|
|
|
|
|
|
|
|
4.875%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
3,110,375
|
|
|
43,365
|
|
|
|
|
Public Storage
|
|
|
|
|
|
|
|
|
|
|
4.875%
|
|
|
|
|
|
|
|
A3
|
|
|
|
1,197,741
|
|
|
100
|
|
|
|
|
Public Storage
|
|
|
|
|
|
|
|
|
|
|
4.750%
|
|
|
|
|
|
|
|
A3
|
|
|
|
2,758
|
|
|
34,865
|
|
|
|
|
Public Storage
|
|
|
|
|
|
|
|
|
|
|
4.625%
|
|
|
|
|
|
|
|
A3
|
|
|
|
960,182
|
|
|
1,569
|
|
|
|
|
QTS Realty Trust Inc
|
|
|
|
|
|
|
|
|
|
|
7.125%
|
|
|
|
|
|
|
|
B
|
|
|
|
40,465
|
|
|
85,664
|
|
|
|
|
Rexford Industrial Realty Inc
|
|
|
|
|
|
|
|
|
|
|
5.625%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
2,342,910
|
|
|
22,519
|
|
|
|
|
Saul Centers Inc
|
|
|
|
|
|
|
|
|
|
|
6.125%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
594,051
|
|
|
34,046
|
|
|
|
|
Saul Centers Inc
|
|
|
|
|
|
|
|
|
|
|
6.000%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
927,754
|
|
|
44,160
|
|
|
|
|
SITE Centers Corp
|
|
|
|
|
|
|
|
|
|
|
6.375%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
1,188,787
|
|
|
12,443
|
|
|
|
|
SL Green Realty Corp
|
|
|
|
|
|
|
|
|
|
|
6.500%
|
|
|
|
|
|
|
|
Ba1
|
|
|
|
316,674
|
|
|
10,719
|
|
|
|
|
Summit Hotel Properties Inc
|
|
|
|
|
|
|
|
|
|
|
6.450%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
269,904
|
|
|
56,140
|
|
|
|
|
Summit Hotel Properties Inc
|
|
|
|
|
|
|
|
|
|
|
6.250%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
1,465,815
|
|
|
63,192
|
|
|
|
|
Sunstone Hotel Investors Inc
|
|
|
|
|
|
|
|
|
|
|
6.450%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
1,627,194
|
|
|
45,340
|
|
|
|
|
Sunstone Hotel Investors Inc
|
|
|
|
|
|
|
|
|
|
|
6.125%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
1,287,203
|
|
|
53,584
|
|
|
|
|
UMH Properties Inc
|
|
|
|
|
|
|
|
|
|
|
6.750%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
1,403,901
|
|
|
37,710
|
|
|
|
|
Urstadt Biddle Properties Inc
|
|
|
|
|
|
|
|
|
|
|
6.250%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
987,248
|
|
|
36,797
|
|
|
|
|
Urstadt Biddle Properties Inc
|
|
|
|
|
|
|
|
|
|
|
5.875%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
964,449
|
|
|
13,034
|
|
|
|
|
Vornado Realty Trust
|
|
|
|
|
|
|
|
|
|
|
5.700%
|
|
|
|
|
|
|
|
Baa3
|
|
|
|
339,145
|
|
|
124,783
|
|
|
|
|
Vornado Realty Trust
|
|
|
|
|
|
|
|
|
|
|
5.250%
|
|
|
|
|
|
|
|
Baa3
|
|
|
|
3,347,928
|
|
|
|
|
|
|
|
|
|
|
|
74,440
|
|
|
|
|
Vornado Realty Trust
|
|
|
|
|
|
|
|
|
|
|
5.250%
|
|
|
|
|
|
|
|
Baa3
|
|
|
|
2,008,391
|
|
|
|
|
|
|
|
Total Equity Real Estate Investment Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
51,235,291
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Utilities 0.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
88,998
|
|
|
|
|
South Jersey Industries Inc
|
|
|
|
|
|
|
|
|
|
|
5.625%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
2,337,977
|
|
|
17,389
|
|
|
|
|
Spire Inc
|
|
|
|
|
|
|
|
|
|
|
5.900%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
491,761
|
|
|
|
|
|
|
|
Total Gas Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,829,738
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Independent Power & Renewable Electricity Producers 0.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43,659
|
|
|
|
|
Brookfield BRP Holdings Canada Inc, (6)
|
|
|
|
|
|
|
|
|
|
|
4.625%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
1,107,629
|
|
|
38,977
|
|
|
|
|
Brookfield Renewable Partners LP
|
|
|
|
|
|
|
|
|
|
|
5.750%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
801,801
|
|
|
74,724
|
|
|
|
|
Brookfield Renewable Partners LP
|
|
|
|
|
|
|
|
|
|
|
5.250%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
1,957,769
|
|
|
|
|
|
|
|
Total Independent Power & Renewable
Electricity Producers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,867,199
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multi-Utilities 2.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,091
|
|
|
|
|
Algonquin Power & Utilities Corp
|
|
|
|
|
|
|
|
|
|
|
6.200%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
644,239
|
|
|
15,164
|
|
|
|
|
Brookfield Infrastructure Finance ULC, (6)
|
|
|
|
|
|
|
|
|
|
|
5.000%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
385,166
|
|
|
82,143
|
|
|
|
|
Brookfield Infrastructure Partners LP
|
|
|
|
|
|
|
|
|
|
|
5.350%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
1,670,559
|
|
|
82,770
|
|
|
|
|
Brookfield Infrastructure Partners LP
|
|
|
|
|
|
|
|
|
|
|
5.125%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
2,165,263
|
|
|
23,966
|
|
|
|
|
Brookfield Infrastructure Partners LP
|
|
|
|
|
|
|
|
|
|
|
5.000%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
623,356
|
|
|
51,408
|
|
|
|
|
CMS Energy Corp
|
|
|
|
|
|
|
|
|
|
|
5.875%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
1,425,030
|
|
|
29,183
|
|
|
|
|
CMS Energy Corp, (2), (6)
|
|
|
|
|
|
|
|
|
|
|
4.200%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
737,454
|
|
|
64,424
|
|
|
|
|
Dominion Energy Inc
|
|
|
|
|
|
|
|
|
|
|
5.250%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
1,646,678
|
|
|
2,332
|
|
|
|
|
DTE Energy Co
|
|
|
|
|
|
|
|
|
|
|
5.250%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
61,821
|
|
|
23,326
|
|
|
|
|
NiSource Inc
|
|
|
|
|
|
|
|
|
|
|
6.500%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
668,523
|
|
|
121,193
|
|
|
|
|
Sempra Energy
|
|
|
|
|
|
|
|
|
|
|
5.750%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
3,334,019
|
|
|
|
|
|
|
|
Total Multi-Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,362,108
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels 0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,441
|
|
|
|
|
NuStar Energy LP
|
|
|
|
|
|
|
|
|
|
|
7.625%
|
|
|
|
|
|
|
|
B2
|
|
|
|
319,291
|
|
29
|
|
|
|
|
JRI
|
|
Nuveen Real Asset Income and Growth Fund (continued)
|
|
Portfolio of Investments June 30, 2021
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
Description (1)
|
|
|
|
|
|
|
|
Coupon
|
|
|
|
|
|
Ratings (5)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate Management & Development 1.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
75,228
|
|
|
|
|
Brookfield Property Partners LP
|
|
|
|
|
|
|
|
|
|
|
6.375%
|
|
|
|
|
|
|
|
BB+
|
|
|
$
|
1,978,496
|
|
|
77,571
|
|
|
|
|
Brookfield Property Partners LP
|
|
|
|
|
|
|
|
|
|
|
6.500%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
2,026,154
|
|
|
88,242
|
|
|
|
|
Brookfield Property Partners LP
|
|
|
|
|
|
|
|
|
|
|
5.750%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
2,203,403
|
|
|
45,226
|
|
|
|
|
Landmark Infrastructure Partners LP
|
|
|
|
|
|
|
|
|
|
|
7.900%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
1,151,002
|
|
|
|
|
|
|
|
Total Real Estate Management & Development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,359,055
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading Companies & Distributors 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,590
|
|
|
|
|
Fortress Transportation and Infrastructure Investors
LLC
|
|
|
|
|
|
|
|
8.250%
|
|
|
|
|
|
|
|
B
|
|
|
|
803,093
|
|
|
|
|
|
|
|
Total $25 Par (or similar) Retail Preferred (cost
$85,961,242)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
92,527,271
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000) (4)
|
|
|
|
|
Description (1)
|
|
|
|
|
|
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (5)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED 13.8% (10.0% of Total
Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified Financial Services 0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
155
|
|
|
|
|
National Rural Utilities Cooperative Finance Corp
|
|
|
|
|
|
|
|
|
|
|
5.250%
|
|
|
|
4/20/46
|
|
|
|
A3
|
|
|
$
|
167,940
|
|
|
1,650
|
|
|
|
|
Transcanada Trust
|
|
|
|
|
|
|
|
|
|
|
5.625%
|
|
|
|
5/20/75
|
|
|
|
BBB
|
|
|
|
1,786,125
|
|
|
1,805
|
|
|
|
|
Total Diversified Financial Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,954,065
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric Utilities 4.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,580
|
|
|
|
|
AusNet Services Holdings Pty Ltd
|
|
|
|
|
|
|
|
|
|
|
5.750%
|
|
|
|
3/17/76
|
|
|
|
BBB
|
|
|
|
1,595,009
|
|
|
995
|
|
|
|
|
ComEd Financing III
|
|
|
|
|
|
|
|
|
|
|
6.350%
|
|
|
|
3/15/33
|
|
|
|
Baa2
|
|
|
|
1,219,665
|
|
|
2,600
|
|
|
|
|
Duke Energy Corp
|
|
|
|
|
|
|
|
|
|
|
4.875%
|
|
|
|
N/A (7)
|
|
|
|
BBB
|
|
|
|
2,762,500
|
|
|
1,970
|
|
|
|
|
Edison International
|
|
|
|
|
|
|
|
|
|
|
5.375%
|
|
|
|
N/A (7)
|
|
|
|
BB+
|
|
|
|
1,984,381
|
|
|
900
|
|
|
GBP
|
|
Electricite de France SA, Reg S
|
|
|
|
|
|
|
|
|
|
|
5.875%
|
|
|
|
N/A (7)
|
|
|
|
BBB
|
|
|
|
1,412,792
|
|
|
3,303
|
|
|
|
|
Emera Inc
|
|
|
|
|
|
|
|
|
|
|
6.750%
|
|
|
|
6/15/76
|
|
|
|
BB+
|
|
|
|
3,868,639
|
|
|
2,210
|
|
|
|
|
Enel SpA, 144A
|
|
|
|
|
|
|
|
|
|
|
8.750%
|
|
|
|
9/24/73
|
|
|
|
BBB
|
|
|
|
2,569,125
|
|
|
895
|
|
|
|
|
NextEra Energy Capital Holdings Inc
|
|
|
|
|
|
|
|
|
|
|
4.800%
|
|
|
|
12/01/77
|
|
|
|
BBB
|
|
|
|
1,005,825
|
|
|
1,755
|
|
|
|
|
NextEra Energy Capital Holdings Inc
|
|
|
|
|
|
|
|
|
|
|
5.650%
|
|
|
|
5/01/79
|
|
|
|
BBB
|
|
|
|
2,039,368
|
|
|
895
|
|
|
|
|
Southern Co
|
|
|
|
|
|
|
|
|
|
|
4.000%
|
|
|
|
1/15/51
|
|
|
|
BBB
|
|
|
|
946,462
|
|
|
695
|
|
|
|
|
SSE PLC
|
|
|
|
|
|
|
|
|
|
|
4.750%
|
|
|
|
9/16/77
|
|
|
|
BBB
|
|
|
|
718,560
|
|
|
|
|
|
|
|
Total Electric Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,122,326
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marine 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
940
|
|
|
|
|
Royal Capital BV, Reg S
|
|
|
|
|
|
|
|
|
|
|
4.875%
|
|
|
|
N/A (7)
|
|
|
|
N/R
|
|
|
|
978,775
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multi-Utilities 2.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,395
|
|
|
|
|
CenterPoint Energy Inc
|
|
|
|
|
|
|
|
|
|
|
6.125%
|
|
|
|
N/A (7)
|
|
|
|
BBB
|
|
|
|
3,607,187
|
|
|
630
|
|
|
|
|
CMS Energy Corp
|
|
|
|
|
|
|
|
|
|
|
4.750%
|
|
|
|
6/01/50
|
|
|
|
BBB
|
|
|
|
702,056
|
|
|
1,275
|
|
|
|
|
Dominion Energy Inc
|
|
|
|
|
|
|
|
|
|
|
4.650%
|
|
|
|
N/A (7)
|
|
|
|
BBB
|
|
|
|
1,354,688
|
|
|
1,045
|
|
|
|
|
Dominion Energy Inc
|
|
|
|
|
|
|
|
|
|
|
5.750%
|
|
|
|
10/01/54
|
|
|
|
BBB
|
|
|
|
1,141,048
|
|
|
895
|
|
|
|
|
NiSource Inc
|
|
|
|
|
|
|
|
|
|
|
5.650%
|
|
|
|
N/A (7)
|
|
|
|
BBB
|
|
|
|
954,294
|
|
|
1,912
|
|
|
|
|
RWE AG, Reg S
|
|
|
|
|
|
|
|
|
|
|
6.625%
|
|
|
|
7/30/75
|
|
|
|
BBB
|
|
|
|
2,215,262
|
|
|
2,580
|
|
|
|
|
Sempra Energy
|
|
|
|
|
|
|
|
|
|
|
4.875%
|
|
|
|
N/A (7)
|
|
|
|
BBB
|
|
|
|
2,799,300
|
|
|
11,732
|
|
|
|
|
Total Multi-Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,773,835
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels 5.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,180
|
|
|
|
|
Enbridge Inc
|
|
|
|
|
|
|
|
|
|
|
6.000%
|
|
|
|
1/15/77
|
|
|
|
BBB
|
|
|
|
4,635,397
|
|
|
4,765
|
|
|
|
|
Enbridge Inc
|
|
|
|
|
|
|
|
|
|
|
5.500%
|
|
|
|
7/15/77
|
|
|
|
BBB
|
|
|
|
5,069,960
|
|
|
1,690
|
|
|
|
|
Enbridge Inc
|
|
|
|
|
|
|
|
|
|
|
6.250%
|
|
|
|
3/01/78
|
|
|
|
BBB
|
|
|
|
1,844,698
|
|
|
1,550
|
|
|
|
|
Enbridge Inc
|
|
|
|
|
|
|
|
|
|
|
5.750%
|
|
|
|
7/15/80
|
|
|
|
BBB
|
|
|
|
1,728,250
|
|
|
555
|
|
|
|
|
Energy Transfer LP
|
|
|
|
|
|
|
|
|
|
|
6.500%
|
|
|
|
N/A (7)
|
|
|
|
BB
|
|
|
|
565,823
|
|
|
1,384
|
|
|
|
|
Energy Transfer LP, (3-Month LIBOR reference rate +
3.018% spread), (8)
|
|
|
|
3.193%
|
|
|
|
11/01/66
|
|
|
|
Ba1
|
|
|
|
1,119,303
|
|
|
3,115
|
|
|
|
|
Enterprise Products Operating LLC
|
|
|
|
|
|
|
|
|
|
|
5.250%
|
|
|
|
8/16/77
|
|
|
|
Baa2
|
|
|
|
3,265,997
|
|
|
2,120
|
|
|
|
|
Enterprise Products Operating LLC
|
|
|
|
|
|
|
|
|
|
|
5.375%
|
|
|
|
2/15/78
|
|
|
|
Baa2
|
|
|
|
2,207,345
|
|
|
915
|
|
|
CAD
|
|
Inter Pipeline Ltd
|
|
|
|
|
|
|
|
|
|
|
6.625%
|
|
|
|
11/19/79
|
|
|
|
BB
|
|
|
|
810,420
|
|
|
2,073
|
|
|
|
|
Transcanada Trust
|
|
|
|
|
|
|
|
|
|
|
5.875%
|
|
|
|
8/15/76
|
|
|
|
BBB
|
|
|
|
2,313,986
|
|
|
1,344
|
|
|
|
|
Transcanada Trust
|
|
|
|
|
|
|
|
|
|
|
5.500%
|
|
|
|
9/15/79
|
|
|
|
BBB
|
|
|
|
1,464,960
|
|
|
|
|
|
|
|
Total Oil, Gas & Consumable Fuels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,026,139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate Management & Development 0.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,500
|
|
|
|
|
AT Securities BV, Reg S
|
|
|
|
|
|
|
|
|
|
|
5.250%
|
|
|
|
N/A (7)
|
|
|
|
BBB
|
|
|
|
2,611,250
|
|
30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000) (4)
|
|
|
|
|
Description (1)
|
|
|
|
|
|
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (5)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Road & Rail 0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,134
|
|
|
|
|
BNSF Funding Trust I
|
|
|
|
|
|
|
|
|
|
|
6.613%
|
|
|
|
12/15/55
|
|
|
|
A
|
|
|
$
|
1,298,249
|
|
|
|
|
|
|
|
Total $1,000 Par (or similar) Institutional Preferred
(cost $59,462,873)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
64,764,639
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
Description (1)
|
|
|
|
|
|
|
|
Coupon
|
|
|
|
|
|
Ratings (5)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONVERTIBLE PREFERRED SECURITIES 9.4% (6.8% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Services & Supplies 0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,162
|
|
|
|
|
GFL Environmental Inc
|
|
|
|
|
|
|
|
|
|
|
6.000%
|
|
|
|
|
|
|
|
N/R
|
|
|
$
|
1,880,859
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric Utilities 4.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
62,276
|
|
|
|
|
American Electric Power Co Inc
|
|
|
|
|
|
|
|
|
|
|
6.125%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
3,059,620
|
|
|
45,680
|
|
|
|
|
American Electric Power Co Inc
|
|
|
|
|
|
|
|
|
|
|
6.125%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
2,340,643
|
|
|
58,829
|
|
|
|
|
NextEra Energy Inc
|
|
|
|
|
|
|
|
|
|
|
4.872%
|
|
|
|
|
|
|
|
A
|
|
|
|
3,303,248
|
|
|
71,677
|
|
|
|
|
NextEra Energy Inc
|
|
|
|
|
|
|
|
|
|
|
5.279%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
3,509,306
|
|
|
30,095
|
|
|
|
|
NextEra Energy Inc
|
|
|
|
|
|
|
|
|
|
|
6.219%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
1,486,693
|
|
|
18,080
|
|
|
|
|
PG&E Corp
|
|
|
|
|
|
|
|
|
|
|
5.500%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
1,832,770
|
|
|
64,873
|
|
|
|
|
Southern Co
|
|
|
|
|
|
|
|
|
|
|
6.750%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
3,284,520
|
|
|
|
|
|
|
|
Total Electric Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,816,800
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Real Estate Investment Trust 0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,691
|
|
|
|
|
Equity Commonwealth
|
|
|
|
|
|
|
|
|
|
|
6.500%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
279,416
|
|
|
8,718
|
|
|
|
|
Lexington Realty Trust
|
|
|
|
|
|
|
|
|
|
|
6.500%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
524,824
|
|
|
15,731
|
|
|
|
|
RPT Realty
|
|
|
|
|
|
|
|
|
|
|
7.250%
|
|
|
|
|
|
|
|
BB
|
|
|
|
896,824
|
|
|
|
|
|
|
|
Total Equity Real Estate Investment Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,701,064
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Utilities 0.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,052
|
|
|
|
|
South Jersey Industries Inc
|
|
|
|
|
|
|
|
|
|
|
8.750%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
1,174,701
|
|
|
28,362
|
|
|
|
|
Spire Inc, (2)
|
|
|
|
|
|
|
|
|
|
|
7.500%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
1,530,697
|
|
|
9,661
|
|
|
|
|
UGI Corp
|
|
|
|
|
|
|
|
|
|
|
7.250%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
1,029,863
|
|
|
|
|
|
|
|
Total Gas Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,735,261
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Independent Power & Renewable Electricity Producers 0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,196
|
|
|
|
|
AES Corp
|
|
|
|
|
|
|
|
|
|
|
6.875%
|
|
|
|
|
|
|
|
BB
|
|
|
|
1,957,344
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multi-Utilities 3.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,583
|
|
|
|
|
Algonquin Power & Utilities Corp
|
|
|
|
|
|
|
|
|
|
|
7.750%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
1,171,082
|
|
|
46,896
|
|
|
|
|
CenterPoint Energy Inc
|
|
|
|
|
|
|
|
|
|
|
7.000%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
2,125,327
|
|
|
34,119
|
|
|
|
|
Dominion Energy Inc
|
|
|
|
|
|
|
|
|
|
|
7.250%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
3,313,978
|
|
|
99,206
|
|
|
|
|
DTE Energy Co
|
|
|
|
|
|
|
|
|
|
|
6.250%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
4,903,753
|
|
|
19,334
|
|
|
|
|
NiSource Inc
|
|
|
|
|
|
|
|
|
|
|
7.750%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
1,987,342
|
|
|
13,621
|
|
|
|
|
Sempra Energy
|
|
|
|
|
|
|
|
|
|
|
6.750%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
1,345,346
|
|
|
|
|
|
|
|
Total Multi-Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,846,828
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Water Utilities 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,231
|
|
|
|
|
Essential Utilities Inc
|
|
|
|
|
|
|
|
|
|
|
6.000%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
985,269
|
|
|
|
|
|
|
|
Total Convertible Preferred Securities (cost
$42,087,364)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43,923,425
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
Description (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENT COMPANIES 1.0% (0.7% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
443,961
|
|
|
|
|
Greencoat UK Wind PLC/Funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
777,490
|
|
|
490,760
|
|
|
|
|
JLEN Environmental Assets Group Ltd
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
678,190
|
|
|
346,814
|
|
|
|
|
Real Estate Credit Investments Ltd/Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
710,888
|
|
|
492,182
|
|
|
|
|
Renewables Infrastructure Group Ltd
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
871,769
|
|
|
413,430
|
|
|
|
|
Sequoia Economic Infrastructure Income Fund Ltd
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
635,950
|
|
|
778,441
|
|
|
|
|
Starwood European Real Estate Finance Ltd
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,012,208
|
|
|
|
|
|
|
|
Total Investment Companies (cost $4,511,951)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,686,495
|
|
31
|
|
|
|
|
JRI
|
|
Nuveen Real Asset Income and Growth Fund (continued)
|
|
Portfolio of Investments June 30, 2021
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
|
|
Description (1)
|
|
|
|
|
|
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (5)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONVERTIBLE BONDS 0.8% (0.6% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels 0.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,195
|
|
|
|
|
Cheniere Energy Inc
|
|
|
|
|
|
|
|
|
|
|
4.250%
|
|
|
|
3/15/45
|
|
|
|
N/R
|
|
|
$
|
2,690,854
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate Management & Development 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
970
|
|
|
|
|
Tricon Residential Inc, 144A
|
|
|
|
|
|
|
|
|
|
|
5.750%
|
|
|
|
3/31/22
|
|
|
|
N/R
|
|
|
|
1,081,453
|
|
$
|
4,165
|
|
|
|
|
Total Convertible Bonds (cost $3,245,421)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,772,307
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
|
|
Description (1)
|
|
|
|
|
|
|
|
Interest
Rate (9)
|
|
|
Maturity
|
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WHOLE LOANS 0.8% (0.5% of Total Investments) (10), (11)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Loans 0.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
13,956
|
|
|
|
|
NCH Corp, (12), (13), (14)
|
|
|
|
|
|
|
|
|
|
|
11.925%
|
|
|
|
8/01/49
|
|
|
|
|
|
|
$
|
2,102,417
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multifamily Loans 0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,383
|
|
|
|
|
NCH Corp, (12), (13), (14)
|
|
|
|
|
|
|
|
|
|
|
11.925%
|
|
|
|
8/01/49
|
|
|
|
|
|
|
|
1,401,833
|
|
$
|
18,339
|
|
|
|
|
Total Whole Loans (cost $19,035,238)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,504,250
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
|
|
Description (1)
|
|
Coupon (15)
|
|
|
Reference
Rate (15)
|
|
|
Spread (15)
|
|
|
Maturity (16)
|
|
|
Ratings (5)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VARIABLE RATE SENIOR LOAN INTERESTS 0.5% (0.4% of Total Investments)
(15)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric Utilities 0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
669
|
|
|
|
|
ExGen Renewables IV, LLC, Term Loan
|
|
|
3.500%
|
|
|
|
3-Month LIBOR
|
|
|
|
2.500%
|
|
|
|
12/15/27
|
|
|
|
BB
|
|
|
$
|
670,563
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate Management & Development 0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,933
|
|
|
|
|
GGP, Term Loan B
|
|
|
2.604%
|
|
|
|
1-Month LIBOR
|
|
|
|
2.500%
|
|
|
|
8/24/25
|
|
|
|
BB+
|
|
|
|
1,890,005
|
|
$
|
2,602
|
|
|
|
|
Total Variable Rate Senior Loan Interests (cost
$2,592,965)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,560,568
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
|
|
Description (1)
|
|
|
|
|
|
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (5)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MORTGAGE-BACKED SECURITIES 0.3% ( 0.2% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
200
|
|
|
|
|
Alen 2021-ACEN Mortgage Trust, 144A, (1-Month LIBOR
reference rate + 4.000% spread), (8)
|
|
|
|
4.073%
|
|
|
|
4/15/34
|
|
|
|
BB
|
|
|
$
|
201,658
|
|
|
100
|
|
|
|
|
COMM 2014-CCRE19 Mortgage Trust, 144A
|
|
|
|
4.865%
|
|
|
|
8/10/47
|
|
|
|
BBB
|
|
|
|
98,966
|
|
|
165
|
|
|
|
|
COMM 2015-CCRE24 Mortgage Trust
|
|
|
|
3.463%
|
|
|
|
8/10/48
|
|
|
|
BBB
|
|
|
|
151,694
|
|
|
215
|
|
|
|
|
GS Mortgage Securities Trust 2016-GS4
|
|
|
|
3.930%
|
|
|
|
11/10/49
|
|
|
|
A
|
|
|
|
215,260
|
|
|
310
|
|
|
|
|
Natixis Commercial Mortgage Securities Trust 2019-MILE, 144A,
(1-Month LIBOR reference rate + 2.750% spread), (8)
|
|
|
|
2.823%
|
|
|
|
7/15/36
|
|
|
|
N/R
|
|
|
|
309,907
|
|
|
525
|
|
|
|
|
Natixis Commercial Mortgage Securities Trust
2019-MILE, 144A, (1-Month LIBOR reference rate + 4.250% spread), (8)
|
|
|
|
4.323%
|
|
|
|
7/15/36
|
|
|
|
N/R
|
|
|
|
515,774
|
|
$
|
1,515
|
|
|
|
|
Mortgage-Backed Securities (cost $1,490,410)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,493,259
|
|
|
|
|
|
|
|
Total Long-Term Investments (cost
$591,771,676)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
638,181,504
|
|
32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
|
|
Description (1)
|
|
|
|
|
|
Coupon
|
|
|
Maturity
|
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS 2.3% (1.7% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPURCHASE AGREEMENTS 2.3% (1.7% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,243
|
|
|
|
|
Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/21, repurchase price
$3,243,340, collateralized by $3,691,900, U.S. Treasury Notes, 1.375%, due 11/15/40, value $3,308,289
|
|
|
0.000%
|
|
|
|
7/01/21
|
|
|
|
|
|
|
$
|
3,243,340
|
|
|
7,826
|
|
|
|
|
Repurchase Agreement with Fixed Income Clearing
Corporation, dated 6/30/21, repurchase price $7,825,979, collateralized by $8,908,200, U.S. Treasury Notes, 1.375%, due 11/15/40, value $7,982,582
|
|
|
0.000%
|
|
|
|
7/01/21
|
|
|
|
|
|
|
|
7,825,979
|
|
$
|
11,069
|
|
|
|
|
Total Short-Term Investments (cost
$11,069,319)
|
|
|
|
|
|
|
|
|
|
|
|
11,069,319
|
|
|
|
|
|
|
|
Total Investments (cost $602,840,995)
138.3%
|
|
|
|
|
|
|
|
|
|
|
|
649,250,823
|
|
|
|
|
|
|
|
Borrowings (38.5)% (17),
(18)
|
|
|
|
|
|
|
|
|
|
|
|
(180,535,000
|
)
|
|
|
|
|
|
|
Other Assets Less Liabilities 0.2%
(19)
|
|
|
|
|
|
|
|
|
|
|
|
667,438
|
|
|
|
|
|
|
|
Net Assets 100%
|
|
|
|
|
|
|
|
|
|
|
$
|
469,383,261
|
|
Investments in Derivatives
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
|
|
|
(20
|
)
|
|
|
9/21
|
|
|
$
|
(2,636,523
|
)
|
|
$
|
(2,650,000
|
)
|
|
$
|
(13,477
|
)
|
|
$
|
(4,688
|
)
|
U.S. Treasury 10-Year Ultra Note
|
|
|
(46
|
)
|
|
|
9/21
|
|
|
|
(6,681,026
|
)
|
|
|
(6,771,344
|
)
|
|
|
(90,318
|
)
|
|
|
(22,281
|
)
|
U.S. Treasury Long Bond
|
|
|
(11
|
)
|
|
|
9/21
|
|
|
|
(1,726,892
|
)
|
|
|
(1,768,250
|
)
|
|
|
(41,358
|
)
|
|
|
(7,219
|
)
|
U.S. Treasury Ultra Bond
|
|
|
(7
|
)
|
|
|
9/21
|
|
|
|
(1,299,581
|
)
|
|
|
(1,348,813
|
)
|
|
|
(49,232
|
)
|
|
|
(7,875
|
)
|
Total
|
|
|
|
|
|
|
|
|
|
$
|
(12,344,022
|
)
|
|
$
|
(12,538,407
|
)
|
|
$
|
(194,385
|
)
|
|
$
|
(42,063
|
)
|
Interest Rate Swaps
OTC Uncleared
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty
|
|
Notional
Amount
|
|
|
Fund
Pay/Receive
Floating Rate
|
|
|
Floating Rate Index
|
|
|
Fixed Rate
(Annualized)
|
|
|
Fixed Rate
Payment
Frequency
|
|
|
Effective
Date (20)
|
|
|
Optional
Termination
Date
|
|
|
Maturity
Date
|
|
|
Value
|
|
|
Unrealized
Appreciation
(Depreciation)
|
|
Morgan Stanley Capital Services LLC
|
|
$
|
112,400,000
|
|
|
|
Receive
|
|
|
|
1-Month LIBOR
|
|
|
|
1.994
|
%
|
|
|
Monthly
|
|
|
|
6/01/18
|
|
|
|
7/01/25
|
|
|
|
7/01/27
|
|
|
$
|
(7,792,728
|
)
|
|
$
|
(7,792,728
|
)
|
33
|
|
|
|
|
JRI
|
|
Nuveen Real Asset Income and Growth Fund (continued)
|
|
Portfolio of Investments June 30, 2021
|
|
|
(Unaudited)
|
For Fund portfolio compliance purposes, the Funds 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 applicable to common shares unless otherwise
noted.
|
(2)
|
For fair value measurement disclosure purposes, investment classified as Level 2.
|
(3)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in
derivatives.
|
(4)
|
Principal Amount (000) denominated in U.S. Dollars, unless otherwise noted.
|
(5)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poors Group
(Standard & Poors), Moodys Investors Service, Inc. (Moodys) 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 & Poors, Baa by Moodys or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
(6)
|
Non-income producing; issuer has not declared an
ex-dividend date within the past twelve months.
|
(7)
|
Perpetual security. Maturity date is not applicable.
|
(8)
|
Variable rate security. The rate shown is the coupon as of the end of the reporting period.
|
(9)
|
Represents the interest rate, coupon and maturity in effect as of the end of the reporting period.
|
(10)
|
Securities purchased as part of a private placement, which have not been registered with the U.S. Securities and Exchange
Commission under the Securities Act of 1933.
|
(11)
|
Interest rates on whole loans are the net coupon rates in effect (after reducing the coupon rate by any mortgage servicing
fees paid to mortgage servicers) as of the end of the reporting period.
|
(12)
|
Loan is currently default with regards to scheduled interest and/or principal payments.
|
(13)
|
Interest only Represents securities that entitle holders to receive only interest payments on the mortgage.
Principal balance on the loan is due at maturity. The interest rate disclosed represents the net coupon rate in effect as of the end of the reporting period.
|
(14)
|
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair
value measurement disclosure purposes, investment classified as Level 3.
|
(15)
|
Senior loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating
lending rate (Reference Rate) plus an assigned fixed rate (Spread). These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate (LIBOR), or (ii) the prime rate offered by one
or more major United States banks. Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan. The rate shown is
the coupon as of the end of the reporting period.
|
(16)
|
Senior loans generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment
conditions and because there may be significant economic incentives for a borrower to prepay, prepayments of senior loans may occur. As a result, the actual remaining maturity of senior loans held may be substantially less than the stated maturities
shown.
|
(17)
|
Borrowings as a percentage of Total Investments is 27.8%.
|
(18)
|
The Fund may pledge up to 100% of its eligible investments (excluding any investments separately pledged as collateral for
specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings.
|
(19)
|
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.
|
(20)
|
Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each
contract.
|
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
|
Reg S
|
Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without
registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic
issuers that are made outside the United States.
|
REIT
|
Real Estate Investment Trust
|
WI/DD
|
Purchased on a when-issued or delayed delivery basis.
|
See accompanying notes to financial statements.
34
Statement of Assets and Liabilities
June 30, 2021
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
JRS
|
|
|
JRI
|
|
Assets
|
|
|
|
|
|
|
|
|
Long-term investments, at value (cost $355,463,433 and $591,771,676, respectively)
|
|
$
|
459,454,024
|
|
|
$
|
638,181,504
|
|
Short-term investments, at value (cost approximates value)
|
|
|
19,785,298
|
|
|
|
11,069,319
|
|
Cash
|
|
|
|
|
|
|
3,484,440
|
|
Cash collateral at broker for investments in futures
contracts(1)
|
|
|
|
|
|
|
229,003
|
|
Cash denominated in foreign currencies (cost $ and $79,568, respectively)
|
|
|
|
|
|
|
79,340
|
|
Receivable for:
|
|
|
|
|
|
|
|
|
Dividends
|
|
|
1,453,003
|
|
|
|
2,508,600
|
|
Interest
|
|
|
20,276
|
|
|
|
2,508,024
|
|
Investments sold
|
|
|
|
|
|
|
9,883,803
|
|
Reclaims
|
|
|
|
|
|
|
224,648
|
|
Other assets
|
|
|
131,412
|
|
|
|
35,282
|
|
Total assets
|
|
|
480,844,013
|
|
|
|
668,203,963
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Borrowings
|
|
|
133,000,000
|
|
|
|
180,535,000
|
|
Unrealized depreciation on interest rate swaps
|
|
|
5,019,515
|
|
|
|
7,792,728
|
|
Payable for:
|
|
|
|
|
|
|
|
|
Dividends
|
|
|
5,360,515
|
|
|
|
2,601,913
|
|
Investments purchased regular settlement
|
|
|
|
|
|
|
3,704,739
|
|
Investments purchased when-issued/delayed-delivery settlement
|
|
|
253,250
|
|
|
|
3,120,000
|
|
Variation margin on futures contracts
|
|
|
|
|
|
|
42,063
|
|
Accrued expenses:
|
|
|
|
|
|
|
|
|
Interest
|
|
|
75,043
|
|
|
|
5,178
|
|
Management fees
|
|
|
328,626
|
|
|
|
511,213
|
|
Trustees fees
|
|
|
135,319
|
|
|
|
40,596
|
|
Other
|
|
|
160,685
|
|
|
|
467,272
|
|
Total liabilities
|
|
|
144,332,953
|
|
|
|
198,820,702
|
|
Net assets applicable to common shares
|
|
$
|
336,511,060
|
|
|
$
|
469,383,261
|
|
Common shares outstanding
|
|
|
28,892,471
|
|
|
|
27,453,680
|
|
Net asset value (NAV) per common share
outstanding
|
|
$
|
11.65
|
|
|
$
|
17.10
|
|
Net assets applicable to common shares consist of:
|
|
|
|
|
|
|
|
|
Common shares, $0.01 par value per share
|
|
$
|
288,925
|
|
|
$
|
274,537
|
|
Paid-in surplus
|
|
|
252,454,463
|
|
|
|
600,765,662
|
|
Total distributable earnings
|
|
|
83,767,672
|
|
|
|
(131,656,938
|
)
|
Net assets applicable to common shares
|
|
$
|
336,511,060
|
|
|
$
|
469,383,261
|
|
Authorized shares:
|
|
|
|
|
|
|
|
|
Common
|
|
|
Unlimited
|
|
|
|
Unlimited
|
|
Preferred
|
|
|
Unlimited
|
|
|
|
Unlimited
|
|
(1)
|
Cash pledged to collateralize the net payment obligations for investments in derivatives is in addition to the Funds
securities pledged as collateral as noted in the Portfolio of Investments.
|
See accompanying notes to financial statements.
35
Statement of Operations
Six Months Ended June 30, 2021
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
JRS
|
|
|
JRI
|
|
Investment Income
|
|
|
|
|
|
|
|
|
Dividends
|
|
$
|
7,965,228
|
|
|
$
|
14,232,184
|
|
Interest
|
|
|
22,775
|
|
|
|
4,227,227
|
|
Foreign tax withheld on dividend income
|
|
|
|
|
|
|
(747,260
|
)
|
Total investment income
|
|
|
7,988,003
|
|
|
|
17,712,151
|
|
Expenses
|
|
|
|
|
|
|
|
|
Management fees
|
|
|
1,789,140
|
|
|
|
2,941,183
|
|
Interest expense
|
|
|
420,731
|
|
|
|
788,169
|
|
Custodian fees
|
|
|
21,884
|
|
|
|
149,781
|
|
Trustees fees
|
|
|
5,179
|
|
|
|
7,895
|
|
Professional fees
|
|
|
29,797
|
|
|
|
41,874
|
|
Shareholder reporting expenses
|
|
|
29,449
|
|
|
|
30,937
|
|
Shareholder servicing agent fees
|
|
|
2,053
|
|
|
|
12,652
|
|
Stock exchange listing fees
|
|
|
3,898
|
|
|
|
3,703
|
|
Investor relations expenses
|
|
|
37,621
|
|
|
|
84,241
|
|
Other
|
|
|
6,523
|
|
|
|
10,461
|
|
Total expenses
|
|
|
2,346,275
|
|
|
|
4,070,896
|
|
Net investment income (loss)
|
|
|
5,641,728
|
|
|
|
13,641,255
|
|
Realized and Unrealized Gain (Loss)
|
|
|
|
|
|
|
|
|
Net realized gain (loss) from:
|
|
|
|
|
|
|
|
|
Investments and foreign currency
|
|
|
15,685,586
|
|
|
|
22,105,869
|
|
Futures contracts
|
|
|
|
|
|
|
706,884
|
|
Swaps
|
|
|
(675,203
|
)
|
|
|
(1,048,243
|
)
|
Change in net unrealized appreciation (depreciation) of:
|
|
|
|
|
|
|
|
|
Investments and foreign currency
|
|
|
46,286,609
|
|
|
|
11,878,946
|
|
Futures contracts
|
|
|
|
|
|
|
(257,520
|
)
|
Swaps
|
|
|
2,264,296
|
|
|
|
3,515,288
|
|
Net realized and unrealized gain (loss)
|
|
|
63,561,288
|
|
|
|
36,901,224
|
|
Net increase (decrease) in net assets applicable to common shares
from operations
|
|
$
|
69,203,016
|
|
|
$
|
50,542,479
|
|
See accompanying notes to financial statements.
36
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JRS
|
|
|
JRI
|
|
|
|
Unaudited
Six Months
Ended
6/30/21
|
|
|
Year
Ended
12/31/20
|
|
|
Unaudited
Six Months
Ended
6/30/21
|
|
|
Year
Ended
12/31/20
|
|
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
|
$
|
5,641,728
|
|
|
$
|
7,614,621
|
|
|
$
|
13,641,255
|
|
|
$
|
21,881,278
|
|
Net realized gain (loss) from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments and foreign currency
|
|
|
15,685,586
|
|
|
|
(19,914,317
|
)
|
|
|
22,105,869
|
|
|
|
(93,827,013
|
)
|
Futures contracts
|
|
|
|
|
|
|
|
|
|
|
706,884
|
|
|
|
(436,408
|
)
|
Swaps
|
|
|
(675,203
|
)
|
|
|
(890,726
|
)
|
|
|
(1,048,243
|
)
|
|
|
(1,382,402
|
)
|
Change in net unrealized appreciation (depreciation) of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments and foreign currency
|
|
|
46,286,609
|
|
|
|
(9,287,104
|
)
|
|
|
11,878,946
|
|
|
|
(492,585
|
)
|
Futures contracts
|
|
|
|
|
|
|
|
|
|
|
(257,520
|
)
|
|
|
63,135
|
|
Swaps
|
|
|
2,264,296
|
|
|
|
(5,064,799
|
)
|
|
|
3,515,288
|
|
|
|
(7,863,030
|
)
|
Net increase (decrease) in net assets applicable to common shares
from operations
|
|
|
69,203,016
|
|
|
|
(27,542,325
|
)
|
|
|
50,542,479
|
|
|
|
(82,057,025
|
)
|
Distributions to Common Shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
|
|
|
(10,979,139
|
)
|
|
|
(19,967,963
|
)
|
|
|
(15,895,680
|
)
|
|
|
(27,263,356
|
)
|
Return of capital
|
|
|
|
|
|
|
(1,990,315
|
)
|
|
|
|
|
|
|
(6,226,479
|
)
|
Decrease in net assets applicable to common shares from distributions
to common shareholders
|
|
|
(10,979,139
|
)
|
|
|
(21,958,278
|
)
|
|
|
(15,895,680
|
)
|
|
|
(33,489,835
|
)
|
Capital Share Transactions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of shares repurchased and retired
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(180,935
|
)
|
Net increase (decrease) in net assets applicable to common shares
from capital share transactions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(180,935
|
)
|
Net increase (decrease) in net assets applicable to common shares
|
|
|
58,223,877
|
|
|
|
(49,500,603
|
)
|
|
|
34,646,799
|
|
|
|
(115,727,795
|
)
|
Net assets applicable to common shares at the beginning of
period
|
|
|
278,287,183
|
|
|
|
327,787,786
|
|
|
|
434,736,462
|
|
|
|
550,464,257
|
|
Net assets applicable to common shares at the end of
period
|
|
$
|
336,511,060
|
|
|
$
|
278,287,183
|
|
|
$
|
469,383,261
|
|
|
$
|
434,736,462
|
|
See accompanying notes to financial statements.
37
Statement of Cash Flows
Six Months Ended June 30, 2021
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
JRS
|
|
|
JRI
|
|
Cash Flows from Operating Activities:
|
|
|
|
|
|
|
|
|
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
|
|
$
|
69,203,016
|
|
|
$
|
50,542,479
|
|
Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from
operations to net cash provided by (used in) operating activities:
|
|
|
|
|
|
|
|
|
Purchases of investments
|
|
|
(214,423,168
|
)
|
|
|
(261,084,614
|
)
|
Proceeds from sales and maturities of investments
|
|
|
205,681,886
|
|
|
|
244,561,382
|
|
Proceeds from (Purchase of) short-term investments, net
|
|
|
(15,923,767
|
)
|
|
|
5,385,787
|
|
Proceeds from (Payments for) closed foreign currency spot contracts
|
|
|
|
|
|
|
(49,792
|
)
|
Amortization (Accretion) of premiums and discounts, net
|
|
|
14,816
|
|
|
|
36,665
|
|
(Increase) Decrease in:
|
|
|
|
|
|
|
|
|
Receivable for dividends
|
|
|
211,588
|
|
|
|
(517,502
|
)
|
Receivable for interest
|
|
|
(20,276
|
)
|
|
|
(148,740
|
)
|
Receivable for investments sold
|
|
|
1,751,338
|
|
|
|
(6,935,134
|
)
|
Receivable for reclaims
|
|
|
|
|
|
|
(58,454
|
)
|
Other assets
|
|
|
(21,116
|
)
|
|
|
(7,992
|
)
|
Increase (Decrease) in:
|
|
|
|
|
|
|
|
|
Investments purchased regular settlement
|
|
|
|
|
|
|
(600,137
|
)
|
Investments purchased when-issued/delayed-delivery settlement
|
|
|
253,250
|
|
|
|
3,120,000
|
|
Payable for variation margin on futures contracts
|
|
|
|
|
|
|
24,250
|
|
Accrued management fees
|
|
|
51,930
|
|
|
|
33,019
|
|
Accrued interest
|
|
|
26,624
|
|
|
|
(12,303
|
)
|
Accrued Trustees fees
|
|
|
26,515
|
|
|
|
9,797
|
|
Accrued other expenses
|
|
|
22,479
|
|
|
|
123,650
|
|
Net realized (gain) loss from investments
|
|
|
(15,685,586
|
)
|
|
|
(22,105,869
|
)
|
Change in net unrealized appreciation (depreciation) of:
|
|
|
|
|
|
|
|
|
Investments and foreign currency
|
|
|
(46,286,609
|
)
|
|
|
(11,878,946
|
)
|
Swaps
|
|
|
(2,264,296
|
)
|
|
|
(3,515,288
|
)
|
Net cash provided by (used in) operating activities
|
|
|
(17,381,376
|
)
|
|
|
(3,077,742
|
)
|
Cash Flow from Financing Activities:
|
|
|
|
|
|
|
|
|
Proceeds from borrowings
|
|
|
23,000,000
|
|
|
|
14,500,000
|
|
Cash distributions paid to common shareholders
|
|
|
(5,618,624
|
)
|
|
|
(13,293,767
|
)
|
Net cash provided by (used in) financing activities
|
|
|
17,381,376
|
|
|
|
1,206,233
|
|
Net Increase (Decrease) in Cash, Cash Denominated in Foreign Currencies and Cash Collateral at
Brokers
|
|
|
|
|
|
|
(1,871,509
|
)
|
Cash, cash denominated in foreign currency, and cash collateral at
brokers at the beginning of period
|
|
|
|
|
|
|
5,664,292
|
|
Cash, cash denominated in foreign currency, and cash collateral at
brokers at the end of period
|
|
$
|
|
|
|
$
|
3,792,783
|
|
|
|
|
Supplemental Disclosure of Cash Flow Information
|
|
|
|
|
|
|
Cash paid for interest on borrowings (excluding borrowing
costs)
|
|
$
|
394,107
|
|
|
$
|
788,862
|
|
|
The following table provides a reconciliation of cash and cash collateral at brokers to the
statement of assets and liabilities:
|
|
Cash
|
|
$
|
|
|
|
$
|
3,484,440
|
|
Cash denominated in foreign currencies
|
|
|
|
|
|
|
79,340
|
|
Cash collateral at brokers for investments in futures
|
|
|
|
|
|
|
229,003
|
|
Total cash, cash denominated in foreign currencies and cash
collateral at brokers
|
|
$
|
|
|
|
$
|
3,792,783
|
|
See accompanying notes to financial statements.
38
THIS PAGE INTENTIONALLY LEFT BLANK
39
Financial Highlights
Selected data for a share outstanding throughout each period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Operations
|
|
|
Less Distributions to
Common Shareholders
|
|
|
Common Shares
|
|
|
|
Beginning
Common
Share
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
|
|
|
Discount
from
Shares
Repurchased
and Retired
|
|
|
Ending
NAV
|
|
|
Ending
Share
Price
|
|
|
JRS
|
|
Year Ended 12/31:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021(e)
|
|
$
|
9.63
|
|
|
$
|
0.20
|
|
|
$
|
2.20
|
|
|
$
|
2.40
|
|
|
$
|
(0.38
|
)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(0.38
|
)
|
|
|
|
|
|
$
|
11.65
|
|
|
$
|
11.09
|
|
2020
|
|
|
11.35
|
|
|
|
0.26
|
|
|
|
(1.22
|
)
|
|
|
(0.96
|
)
|
|
|
(0.23
|
)
|
|
|
(0.46
|
)
|
|
|
(0.07
|
)
|
|
|
(0.76
|
)
|
|
|
|
|
|
|
9.63
|
|
|
|
8.44
|
|
2019
|
|
|
9.47
|
|
|
|
0.27
|
|
|
|
2.37
|
|
|
|
2.64
|
|
|
|
(0.27
|
)
|
|
|
(0.49
|
)
|
|
|
|
|
|
|
(0.76
|
)
|
|
|
|
|
|
|
11.35
|
|
|
|
10.62
|
|
2018
|
|
|
11.35
|
|
|
|
0.33
|
|
|
|
(1.36
|
)
|
|
|
(1.03
|
)
|
|
|
(0.33
|
)
|
|
|
(0.37
|
)
|
|
|
(0.15
|
)
|
|
|
(0.85
|
)
|
|
|
|
|
|
|
9.47
|
|
|
|
8.46
|
|
2017
|
|
|
11.39
|
|
|
|
0.41
|
|
|
|
0.55
|
|
|
|
0.96
|
|
|
|
(0.62
|
)
|
|
|
|
|
|
|
(0.38
|
)
|
|
|
(1.00
|
)
|
|
|
|
|
|
|
11.35
|
|
|
|
11.26
|
|
2016
|
|
|
11.71
|
|
|
|
0.39
|
|
|
|
0.27
|
|
|
|
0.66
|
|
|
|
(0.98
|
)
|
|
|
|
|
|
|
|
|
|
|
(0.98
|
)
|
|
|
|
|
|
|
11.39
|
|
|
|
10.77
|
|
|
JRI
|
|
Year Ended 12/31:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021(e)
|
|
|
15.84
|
|
|
|
0.50
|
|
|
|
1.34
|
|
|
|
1.84
|
|
|
|
(0.58
|
)
|
|
|
|
|
|
|
|
|
|
|
(0.58
|
)
|
|
|
|
|
|
|
17.10
|
|
|
|
16.07
|
|
2020
|
|
|
20.04
|
|
|
|
0.80
|
|
|
|
(3.78
|
)
|
|
|
(2.98
|
)
|
|
|
(0.99
|
)
|
|
|
|
|
|
|
(0.23
|
)
|
|
|
(1.22
|
)
|
|
|
|
*
|
|
|
15.84
|
|
|
|
13.46
|
|
2019
|
|
|
16.48
|
|
|
|
0.91
|
|
|
|
3.94
|
|
|
|
4.85
|
|
|
|
(1.29
|
)
|
|
|
|
|
|
|
|
|
|
|
(1.29
|
)
|
|
|
|
|
|
|
20.04
|
|
|
|
18.36
|
|
2018
|
|
|
19.61
|
|
|
|
1.05
|
|
|
|
(2.93
|
)
|
|
|
(1.88
|
)
|
|
|
(1.12
|
)
|
|
|
|
|
|
|
(0.15
|
)
|
|
|
(1.27
|
)
|
|
|
0.02
|
|
|
|
16.48
|
|
|
|
13.63
|
|
2017
|
|
|
18.09
|
|
|
|
1.14
|
|
|
|
1.66
|
|
|
|
2.80
|
|
|
|
(1.28
|
)
|
|
|
|
|
|
|
|
|
|
|
(1.28
|
)
|
|
|
|
|
|
|
19.61
|
|
|
|
17.80
|
|
2016
|
|
|
17.27
|
|
|
|
1.12
|
|
|
|
1.04
|
|
|
|
2.16
|
|
|
|
(1.14
|
)
|
|
|
|
|
|
|
(0.21
|
)
|
|
|
(1.35
|
)
|
|
|
0.01
|
|
|
|
18.09
|
|
|
|
15.74
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings at End of Period
|
|
|
|
Aggregate
Amount
Outstanding
(000)
|
|
|
Asset
Coverage
Per $1,000
|
|
|
|
|
JRS
|
|
|
|
|
|
|
|
|
Year Ended 12/31:
|
|
|
|
|
|
|
|
|
2021(e)
|
|
$
|
133,000
|
|
|
$
|
3,530
|
|
2020
|
|
|
110,000
|
|
|
|
3,530
|
|
2019
|
|
|
131,500
|
|
|
|
3,493
|
|
2018
|
|
|
126,000
|
|
|
|
3,172
|
|
2017
|
|
|
145,300
|
|
|
|
3,257
|
|
2016
|
|
|
144,750
|
|
|
|
3,274
|
|
|
|
|
JRI
|
|
|
|
|
|
|
|
|
Year Ended 12/31:
|
|
|
|
|
|
|
|
|
2021(e)
|
|
|
180,535
|
|
|
|
3,600
|
|
2020
|
|
|
166,035
|
|
|
|
3,618
|
|
2019
|
|
|
222,225
|
|
|
|
3,477
|
|
2018
|
|
|
215,225
|
|
|
|
3,103
|
|
2017
|
|
|
225,225
|
|
|
|
3,406
|
|
2016
|
|
|
73,275
|
|
|
|
3,408
|
|
40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Share Supplemental Data/
Ratios Applicable to Common Shares
|
|
Common Share
Total Returns
|
|
|
|
|
|
Ratios to Average Net Assets(c)
|
|
|
|
|
Based
on
NAV(b)
|
|
|
Based
on
Share
Price(b)
|
|
|
Ending
Net
Assets
(000)
|
|
|
Expenses
|
|
|
Net
Investment
Income (Loss)
|
|
|
Portfolio
Turnover
Rate(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25.16
|
%
|
|
|
36.30
|
%
|
|
$
|
336,511
|
|
|
|
1.55
|
%**
|
|
|
3.72
|
%**
|
|
|
50
|
%
|
|
(7.42
|
)
|
|
|
(12.24
|
)
|
|
|
278,287
|
|
|
|
1.79
|
|
|
|
2.83
|
|
|
|
116
|
|
|
28.18
|
|
|
|
34.80
|
|
|
|
327,788
|
|
|
|
2.45
|
|
|
|
2.40
|
|
|
|
104
|
|
|
(9.44
|
)
|
|
|
(17.93
|
)
|
|
|
273,616
|
|
|
|
2.43
|
|
|
|
3.10
|
|
|
|
67
|
|
|
8.72
|
|
|
|
14.23
|
|
|
|
327,908
|
|
|
|
2.13
|
|
|
|
3.56
|
|
|
|
52
|
|
|
5.53
|
|
|
|
10.43
|
|
|
|
329,121
|
|
|
|
1.81
|
|
|
|
3.33
|
|
|
|
101
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11.79
|
|
|
|
24.08
|
|
|
|
469,383
|
|
|
|
1.82
|
**
|
|
|
6.10
|
**
|
|
|
40
|
|
|
(14.15
|
)
|
|
|
(19.31
|
)
|
|
|
434,736
|
|
|
|
2.20
|
|
|
|
5.26
|
|
|
|
102
|
|
|
30.18
|
|
|
|
45.48
|
|
|
|
550,464
|
|
|
|
2.80
|
|
|
|
4.84
|
|
|
|
90
|
|
|
(9.90
|
)
|
|
|
(17.07
|
)
|
|
|
452,703
|
|
|
|
2.77
|
|
|
|
5.73
|
|
|
|
92
|
|
|
15.81
|
|
|
|
21.62
|
|
|
|
541,875
|
|
|
|
2.47
|
|
|
|
5.90
|
|
|
|
100
|
|
|
12.82
|
|
|
|
12.37
|
|
|
|
176,439
|
|
|
|
2.18
|
|
|
|
6.19
|
|
|
|
107
|
|
(a)
|
Per share Net Investment Income (Loss) is calculated using the average daily shares method.
|
(b)
|
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at
NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest
price for the last dividend declared in the period may often be based on the Funds market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and
reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be
reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be
different from the price used in the calculation. Total returns are not annualized.
(c)
|
Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to reverse
repurchase agreements and/or borrowings (as described in Note 8 Borrowing Arrangements), where applicable.
|
|
|
Each ratio includes the effect of all interest expense paid and other costs related to reverse repurchase agreements
and/or borrowings as follows:
|
|
|
|
|
|
JRS
|
|
|
|
Year Ended 12/31:
|
|
2021(e)
|
|
|
0.28
|
%**
|
2020
|
|
|
0.48
|
|
2019
|
|
|
1.15
|
|
2018
|
|
|
1.14
|
|
2017
|
|
|
0.79
|
|
2016
|
|
|
0.50
|
|
|
|
|
|
|
JRI
|
|
|
|
Year Ended 12/31:
|
|
2021(e)
|
|
|
0.35
|
%**
|
2020
|
|
|
0.66
|
|
2019
|
|
|
1.28
|
|
2018
|
|
|
1.20
|
|
2017
|
|
|
0.82
|
|
2016
|
|
|
0.56
|
|
(d)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4
Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period.
|
(e)
|
Unaudited. For the six months ended June 30, 2021.
|
*
|
Rounds to less than $0.01 per share.
|
See accompanying notes to financial statements.
41
Notes to Financial Statements
(Unaudited)
1. General Information
Fund Information
The funds covered in this report and their corresponding New York Stock Exchange (NYSE) symbols are as follows (each a Fund and collectively, the
Funds):
|
|
|
Nuveen Real Estate Income Fund (JRS)
|
|
|
|
Nuveen Real Asset Income and Growth Fund (JRI)
|
The Funds are registered under the Investment Company Act of 1940 (the 1940 Act), as amended, as diversified closed-end management investment companies. JRS
and JRI were organized as Massachusetts business trusts on August 27, 2001 and January 10, 2012, respectively.
The end of the reporting period for the Funds is
June 30, 2021, and the period covered by these Notes to Financial Statements is the six months ended June 30, 2021 (the current fiscal period).
Investment Adviser and Sub-Adviser
The Funds investment adviser is
Nuveen Fund Advisors, LLC (the Adviser), a subsidiary of Nuveen, LLC (Nuveen). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility
for management of the Funds, oversees the management of the Funds portfolios, manages the Funds business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions.
The Adviser has entered into sub-advisory agreements with Security Capital Research & Management Incorporated (Security Capital), under which Security Capital manages JRSs investment portfolio, while the Adviser manages
JRSs investments in swap contracts and Nuveen Asset Management, LLC (NAM), a subsidiary of the Adviser, under which NAM manages the investment portfolio of JRI.
Other Matters
The outbreak of the novel coronavirus (COVID-19) and
subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global
economy. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds normal course of business, results of operations,
investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.
2. Significant Accounting Policies
The accompanying financial statements were
prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may
differ from those estimates. Each Fund is an investment company and follows the accounting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification 946, Financial Services Investment Companies.
The net asset value (NAV) for financial reporting purposes may differ from the NAV for processing security and common share transactions. The NAV for financial reporting purposes includes security and common share transactions through
the date of the report. Total return is computed based on the NAV used for processing security and common share transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.
Compensation
The Funds pay no compensation directly to those of its trustees
who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Funds Board of Trustees (the Board) has adopted a deferred
compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as
though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
Distributions to Common Shareholders
Distributions to common shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are
determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
42
Each Fund makes quarterly cash distributions to
common shareholders of a stated dollar amount per share. Subject to approval and oversight by the Board, each Fund seeks to maintain a stable distribution level designed to deliver the long-term return potential of each Funds investment
strategy through regular quarterly distributions (a Managed Distribution Program). Total distributions during a calendar year generally will be made from each Funds net investment income, net realized capital gains and net
unrealized capital gains in the Funds portfolio, if any. The portion of distributions paid attributed to net unrealized gains, if any, is distributed from the Funds assets and is treated by shareholders as a nontaxable distribution
(return of capital) for tax purposes. In the event that total distributions during a calendar year exceed a Funds total return on NAV, the difference will reduce NAV per share. If a Funds total return on NAV exceeds total
distributions during a calendar year, the excess will be reflected as an increase in NAV per share. The final determination of the source and character of all distributions paid by a Fund during the fiscal year is made after the end of the fiscal
year and is reflected in the financial statements contained in the annual report as of December 31 each year.
The tax character of Fund distributions for a fiscal
year is dependent upon the amount and tax character of distributions received from securities held in a Funds portfolio. Distributions received from certain securities in which a Fund invests, most notably real estate investment trust
securities, may be characterized for tax purposes as ordinary income, long-term capital gain and/or a return of capital. The issuer of a security reports the tax character of its distributions only once per year, generally during the first two
months of the calendar year. The distribution is included in a Funds ordinary income until such time a Fund is notified by the issuer of the actual tax character.
Foreign Currency Transactions and Translation
To the extent that the Funds
invest in securities and/or contracts that are denominated in a currency other than U.S. dollars, the Funds will be subject to currency risk, which is the risk that an increase in the U.S. dollar relative to the foreign currency will reduce returns
or portfolio value. Generally, when the U.S. dollar rises in value against a foreign currency, the Funds investments denominated in that currency will lose value because its currency is worth fewer U.S. dollars; the opposite effect occurs if
the U.S. dollar falls in relative value. Investments and other assets and liabilities denominated in foreign currencies are converted into U.S. dollars on a spot (i.e. cash) basis at the spot rate prevailing in the foreign currency exchange market
at the time of valuation. Purchases and sales of investments and income denominated in foreign currencies are translated into U.S. dollars on the respective dates of such transactions.
The books and records of the Funds are maintained in U.S. dollars. Assets, including investments, and liabilities denominated in foreign currencies are translated into
U.S. dollars at the end of each day. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign currency, (ii) investments and
(iii) derivatives include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference
between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received are recognized as a component of Net realized gain (loss) from investments and foreign currency on the Statement of
Operations, when applicable.
The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates
associated with
(i) investments and (ii) other assets and liabilities are recognized as a component of Change in net unrealized appreciation
(depreciation) of investments and foreign currency on the Statement of Operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange rates associated with investments in derivatives are recognized as a
component of the respective derivatives related Change in net unrealized appreciation (depreciation) on the Statement of Operations, when applicable.
As of the end of the reporting period, JRIs investments in non-U.S. securities were as follows:
|
|
|
|
|
|
|
|
|
JRI
|
|
Value
|
|
|
% of Total
Investments
|
|
Country:
|
|
|
|
|
|
|
|
|
Canada
|
|
$
|
93,951,293
|
|
|
|
14.5
|
%
|
Australia
|
|
|
32,536,365
|
|
|
|
5.0
|
%
|
United Kingdom
|
|
|
25,502,682
|
|
|
|
3.9
|
%
|
Singapore
|
|
|
19,416,895
|
|
|
|
3.0
|
%
|
Spain
|
|
|
19,169,782
|
|
|
|
3.0
|
%
|
Hong Kong
|
|
|
14,904,752
|
|
|
|
2.3
|
%
|
Italy
|
|
|
10,515,072
|
|
|
|
1.6
|
%
|
France
|
|
|
8,502,984
|
|
|
|
1.3
|
%
|
Germany
|
|
|
7,889,140
|
|
|
|
1.2
|
%
|
China
|
|
|
7,338,312
|
|
|
|
1.1
|
%
|
Other
|
|
|
55,767,279
|
|
|
|
9.0
|
%
|
Total non-U.S.
securities
|
|
$
|
295,494,556
|
|
|
|
45.9
|
%
|
43
Notes to Financial Statements (continued)
(Unaudited)
Indemnifications
Under the Funds organizational documents, their officers
and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other
parties. The Funds maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these
contracts and expects the risk of loss to be remote.
Investments and Investment Income
Securities transactions are accounted for as of the trade date for financial reporting purposes. Trade date for senior and subordinated loans purchased in the
primary market is considered the date on which the loan allocations are determined. Trade date for senior and subordinated loans purchased in the secondary market is the date on which the transaction is entered into. Realized
gains and losses on securities transactions are based upon the specific identification method. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when information is available. Non-cash dividends received in the
form of stock, if any, are recognized on the ex-dividend date and recorded at fair value. Interest income, is recorded on an accrual basis and includes accretion of discounts and amortization of premiums for financial reporting purposes. Interest
income also reflects payment-in-kind (PIK) interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash. Fee income consists primarily of amendment fees. Amendment fees
are earned as compensation for evaluating and accepting changes to an original senior loan agreement and are recognized when received.
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable master repurchase agreements, International Swaps and
Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements (netting agreements). Generally, the right to offset in netting agreements allows the Fund to offset certain securities and derivatives with a specific
counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
The Funds investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 4 Portfolio Securities and
Investments in Derivatives.
New Accounting Pronouncements and Rule Issuances
Reference Rate Reform
In March 2020, FASB issued Accounting Standards Update
(ASU) 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in
benchmark interest rates, when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Financial Conduct Authority (FCA). The new guidance allows companies to, provided the only change to
existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For new and existing contracts, the Funds may elect to apply the amendments as
of March 12, 2020 through December 31, 2022. Management has not yet elected to apply the amendments, is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds investments and has currently determined
that it is unlikely the ASUs adoption will have a significant impact on the Funds financial statements and various filings.
Securities and Exchange
Commission (SEC) Adopts New Rules to Modernize Fund Valuation Framework
In December 2020, the SEC voted to adopt a new rule governing fund valuation
practices. New Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations,
subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are readily available for purposes of Section 2(a)(41) of the 1940 Act, which requires a fund to fair value a security when market
quotation are not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on
related issues, including the role of a board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, with a compliance date of September 8, 2022. A fund may
voluntarily comply with the rules after the effective date, and in advance of the compliance date, under certain conditions. Management is currently assessing the impact of these provisions on the Funds financial statements.
3. Investment Valuation and Fair Value Measurements
The Funds
investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly
transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to maximize the use of observable market
44
data and minimize the use of unobservable inputs and
to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from
sources independent of the reporting entity. Unobservable inputs reflect managements assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information
available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
|
|
|
Level 1
|
|
Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
|
Level 2
|
|
Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
|
Level 3
|
|
Prices are determined using significant unobservable inputs (including managements assumptions in determining the fair value of investments).
|
A description of the valuation techniques applied to the Funds major classifications of assets and liabilities measured at fair
value follows:
Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their sale price at the official
close of business of such market or exchange on the valuation date. Foreign equity securities and registered investment companies that trade on a foreign exchange are valued at the last sale price or official closing price reported on the exchange
where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. To the extent these securities are actively traded and that valuation adjustments are not applied, they are generally classified as Level 1. If
there is no official close of business, then the latest available sale price is utilized. If no sales are reported, then the mean of the latest available bid and ask prices is utilized and these securities are generally classified as Level 2.
Prices of fixed-income securities are generally provided by an independent pricing service (pricing service) approved by the Board. The pricing service
establishes a securitys fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from
security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligors credit characteristics considered relevant. In pricing certain securities, particularly
less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.
Prices of certain American Depositary Receipts (ADR) held by the Funds that trade in the United States are valued based on the last traded price, official
closing price, or an evaluated price provided by the pricing service and are generally classified as Level 1 or 2.
For events affecting the value of foreign
securities between the time when the exchange on which they are traded closes and the time when the Funds net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Board. These foreign
securities are generally classified as Level 2.
Investments in investment companies are valued at their respective NAVs on the valuation date and are generally
classified as Level 1.
Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price and are generally
classified as Level 1.
Swap contracts are marked-to-market daily based upon a price supplied by a pricing service. Swaps are generally classified as
Level 2.
Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally classified
as Level 2.
Commercial and multifamily whole loans are generally fair valued using a discounted cash flow methodology designed to incorporate, among other
things, the present value of the projected stream of cash flows for such investments (the discounted cash flow methodology). For commercial and multifamily whole loans, the discounted cash flow methodology takes into account a number of
relevant factors, including changes in prevailing interest rates, yield spreads, the borrowers creditworthiness (i.e. the debt service coverage ratio), lien position, delinquency status, and the projected rate of prepayments. For first lien
loans, if the resulting price from the discounted cash flow methodology is lower than the current average loss recovery on commercial mortgage-backed securities (the price floor), the loan will be fair valued at the price floor (the
price floor methodology). In addition, for all loans, if the resulting price from the discounted cash flow methodology is above the loans par value plus any prepayment penalty (the price ceiling), the loan will be fair
valued at the price ceiling (the anticipated recovery rate methodology). Newly purchased loans are initially fair valued at their purchase price and subsequently fair valued using the discounted cash flow methodology. Loans with a
pending short payoff will be fair valued at the anticipated recovery rate. If the Funds Valuation Committee, as described below, concludes that the fundamentals of a loan or its underlying collateral do not support the use of the discounted
cash flow, price ceiling or price floor methodologies, a fair value determination may be made that incorporates other relevant factors (e.g., third-party appraisal of loan collateral). Valuations of commercial and multifamily whole loans are
determined no less frequently than weekly. Although the Adviser believes the pricing methodologies to be reasonable and appropriate, the actual values that may be
45
Notes to Financial Statements (continued)
(Unaudited)
realized upon a current sale of commercial and multifamily whole loans can only be determined in negotiations between the Funds and third parties, and may vary
significantly from fair value prices used by the Funds.
The significant unobservable inputs used in the determination of fair value using the discounted cash flow
methodology for commercial and multifamily whole loans include yield and liquidity spreads and debt service coverage ratios, ceilings, floors and appraisals. Significant increases (decreases) in yield and liquidity spreads would result in lower
(higher) fair values. A significant decrease (increase) in the debt service coverage ratio of a loans borrower could result in lower (higher) fair values.
Real
estate owned properties are valued, whenever possible, using a third-party appraisal or brokers opinion of value. If a third-party appraisal or brokers opinion is not available, a property is valued at the current average loss recovery
on commercial mortgage-backed securities (the average recovery rate methodology). There were no real estate owned properties held by the Funds as of the end of the reporting period.
Any portfolio security or derivative for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair
value are valued at fair value, as determined in good faith using procedures approved by the Board. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a
current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and
rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligors credit characteristics considered
relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2 of the fair value hierarchy; otherwise they would be classified as Level 3.
The following table summarizes the market value of the Funds investments as of the end of the reporting period, based on the inputs used to value them:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JRS
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Long-Term Investments*:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate Investment Trust Common Stocks
|
|
$
|
305,412,176
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
305,412,176
|
|
Real Estate Investment Trust Preferred Stocks
|
|
|
118,765,654
|
|
|
|
22,972,195
|
**
|
|
|
|
|
|
|
141,737,849
|
|
Corporate Bonds
|
|
|
|
|
|
|
12,303,999
|
|
|
|
|
|
|
|
12,303,999
|
|
|
|
|
|
|
Short-Term Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreements
|
|
|
|
|
|
|
19,785,298
|
|
|
|
|
|
|
|
19,785,298
|
|
|
|
|
|
|
Investments in Derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate Swaps***
|
|
|
|
|
|
|
(5,019,515
|
)
|
|
|
|
|
|
|
(5,019,515
|
)
|
Total
|
|
$
|
424,177,830
|
|
|
$
|
50,041,977
|
|
|
$
|
|
|
|
$
|
474,219,807
|
|
|
|
|
|
|
JRI
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Investments*:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks
|
|
$
|
81,510,649
|
|
|
$
|
85,318,125
|
**
|
|
$
|
|
|
|
$
|
166,828,774
|
|
Real Estate Investment Trust Common Stocks
|
|
|
106,631,588
|
|
|
|
50,024,355
|
**
|
|
|
|
|
|
|
156,655,943
|
|
Corporate Bonds
|
|
|
|
|
|
|
97,464,573
|
|
|
|
|
|
|
|
97,464,573
|
|
$25 Par (or similar) Retail Preferred
|
|
|
88,661,063
|
|
|
|
3,866,208
|
**
|
|
|
|
|
|
|
92,527,271
|
|
$1,000 Par (or similar) Institutional Preferred
|
|
|
|
|
|
|
64,764,639
|
|
|
|
|
|
|
|
64,764,639
|
|
Convertible Preferred Securities
|
|
|
42,392,728
|
|
|
|
1,530,697
|
**
|
|
|
|
|
|
|
43,923,425
|
|
Investment Companies
|
|
|
4,686,495
|
|
|
|
|
|
|
|
|
|
|
|
4,686,495
|
|
Convertible Bonds
|
|
|
|
|
|
|
3,772,307
|
|
|
|
|
|
|
|
3,772,307
|
|
Whole Loans
|
|
|
|
|
|
|
|
|
|
|
3,504,250
|
**
|
|
|
3,504,250
|
|
Variable Rate Senior Loan Interests
|
|
|
|
|
|
|
2,560,568
|
|
|
|
|
|
|
|
2,560,568
|
|
Mortgage-Backed Securities
|
|
|
|
|
|
|
1,493,259
|
|
|
|
|
|
|
|
1,493,259
|
|
|
|
|
|
|
Short-Term Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreements
|
|
|
|
|
|
|
11,069,319
|
|
|
|
|
|
|
|
11,069,319
|
|
|
|
|
|
|
Investments in Derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures Contracts***
|
|
|
(194,385
|
)
|
|
|
|
|
|
|
|
|
|
|
(194,385
|
)
|
Interest Rate Swaps***
|
|
|
|
|
|
|
(7,792,728
|
)
|
|
|
|
|
|
|
(7,792,728
|
)
|
Total
|
|
$
|
323,688,138
|
|
|
$
|
314,071,322
|
|
|
$
|
3,504,250
|
|
|
$
|
641,263,710
|
|
*
|
Refer to the Funds Portfolio of Investments for industry classifications and whole loan categories, where
applicable.
|
**
|
Refer to the Funds Portfolio of Investments for securities classified as Level 2 and/or Level 3, where applicable.
|
***
|
Represents net unrealized appreciation (depreciation) as reported in the Funds Portfolio of Investments.
|
46
4. Portfolio Securities and Investments in
Derivatives
Portfolio Securities
Unfunded Commitments
Pursuant to the terms of certain of the variable rate senior loan agreements, JRI may have unfunded senior loan commitments. The Fund will maintain with its custodian,
cash, liquid securities and/or liquid senior loans having an aggregate value at least equal to the amount of unfunded senior loan commitments. As of the end of the reporting period, the Fund had no such outstanding unfunded senior loan commitments.
Participation Commitments
With respect to the senior loans held in
JRIs portfolio, the Fund may: 1) invest in assignments; 2) act as a participant in primary lending syndicates; or 3) invest in participations. If the Fund purchases a participation of a senior loan interest, the Fund would typically enter into
a contractual agreement with the lender or other third party selling the participation, rather than directly with the borrower. As such, the Fund not only assumes the credit risk of the borrower, but also that of the selling participant or other
persons interpositioned between the Fund and the borrower. As of the end of the reporting period, the Fund had no such outstanding participation commitments.
Whole Loans
Whole loans and participating mortgages may bear a greater risk of
loss arising from a default on the part of the borrower of the underlying loans than do traditional mortgage-backed securities. This is because whole loans and participating mortgages, unlike most mortgage-backed securities, generally are not backed
by any government guarantee or private credit enhancement. Such risk may be greater during a period of declining or stagnant real estate values.
JRI may invest in
single family, multi-family and commercial loans. A participating loan is a whole loan that contains provisions for the lender to participate in the income stream provided by the property, including net cash flow and capital proceeds. An outstanding
participating loan agreement may provide excess cash flows and certain appreciation rights after the mortgage obligation has been fully paid and before the sale of the property to a third party.
On occasion real estate property may be acquired through foreclosure or deed in lieu of foreclosure on whole loans or similar obligations. The Fund may incur costs and
delays or loss in the collection of principal and/or interest to which it is entitled in the event of such foreclosure. Also there is no assurance that the subsequent sale of the foreclosed property will produce an amount equal to the sum of the
unpaid principal balance of the loan as of the date the borrower went into default, the accrued unpaid interest, and all of the foreclosure expenses. In such case, the Fund may suffer a loss.
The Fund may also receive rental or other income as a result of holding real estate. This income would generally fail to meet the test for qualifying income
set forth in Section 851 of the Internal Revenue Code and could result in adverse tax consequences to the Fund. In addition; the Fund may incur expenses associated with maintaining or improving any real estate owned. When such events occur,
real estate income is recognized on a net basis on the
Statement of Operations and capital improvements are recorded as an addition to the cost basis of the
property, which will increase any loss at sale.
As of the end of the reporting period, the Fund did not own any real estate property.
The delinquency loan profile as to the timely payment of principal and interest of the whole loans in which JRI was invested as of the end of the reporting period is as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
|
|
|
30 Days
|
|
|
60 Days
|
|
|
90 Days
|
|
|
120+ Days
|
|
|
Total
|
|
Whole Loan Category
|
|
Value
|
|
|
%*
|
|
|
Value
|
|
|
%*
|
|
|
Value
|
|
|
%*
|
|
|
Value
|
|
|
%*
|
|
|
Value
|
|
|
%*
|
|
|
Value
|
|
|
%*
|
|
Multifamily Loans
|
|
$
|
|
|
|
|
|
%
|
|
$
|
|
|
|
|
|
%
|
|
$
|
|
|
|
|
|
%
|
|
$
|
|
|
|
|
|
%
|
|
$
|
1,401,833
|
|
|
|
40.0
|
%
|
|
$
|
1,401,833
|
|
|
|
40.0
|
%
|
Commercial Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,102,417
|
|
|
|
60.0
|
%
|
|
|
2,102,417
|
|
|
|
60.0
|
%
|
* As a of percentage of the total value of the whole loan category as of the end of
the reporting period.
|
|
|
|
|
|
Repurchase Agreements
In connection with
transactions in repurchase agreements, it is each Funds policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued
interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.
47
Notes to Financial Statements (continued)
(Unaudited)
The following table presents the repurchase agreements for the Funds that are subject to netting agreements as of the end of the reporting period, and the collateral
delivered related to those repurchase agreements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund
|
|
Counterparty
|
|
|
|
|
Short-Term
Investments, at Value
|
|
|
Collateral
Pledged (From)
Counterparty
|
|
JRS
|
|
Fixed Income Clearing Corporation
|
|
|
|
|
|
$
|
19,785,298
|
|
|
$
|
(20,181,058
|
)
|
JRI
|
|
Fixed Income Clearing Corporation
|
|
|
|
|
|
|
11,069,319
|
|
|
|
(11,290,871
|
)
|
Zero Coupon Securities
A zero coupon security
does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of
the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Investment Transactions
Long-term purchases and sales (including maturities
but excluding derivative transactions) during the current fiscal period were as follows:
|
|
|
|
|
|
|
|
|
|
|
JRS
|
|
|
JRI
|
|
Purchases
|
|
$
|
214,423,168
|
|
|
$
|
261,084,614
|
|
Sales and maturities
|
|
|
205,681,886
|
|
|
|
244,561,382
|
|
The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery
basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in its portfolio with a current
value at least equal to the amount of the when-issued/delayed-delivery purchase commitments. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the reporting period, such amounts are recognized on the
Statement of Assets and Liabilities.
Investments in Derivatives
Each Fund
is authorized to invest in certain derivative instruments, such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion
from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when
applicable. Even though the Funds investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Futures Contracts
Upon execution of a futures contract, a Fund is obligated to
deposit cash or eligible securities, also known as initial margin, into an account at its clearing broker equal to a specified percentage of the contract amount. Cash held by the broker to cover initial margin requirements on open
futures contracts, if any, is recognized as Cash collateral at brokers for investments in futures contracts on the Statement of Assets and Liabilities. Investments in futures contracts obligate a Fund and the clearing broker to settle
monies on a daily basis representing changes in the prior days mark-to-market of the open contracts. If a Fund has unrealized appreciation the clearing
broker would credit the Funds account with an amount equal to appreciation and conversely if a Fund has unrealized depreciation the clearing broker would debit the Funds account with an amount equal to depreciation. These daily cash
settlements are also known as variation margin. Variation margin is recognized as a receivable and/or payable for Variation margin on futures contracts on the Statement of Assets and Liabilities.
During the period the futures contract is open, changes in the value of the contract are recognized as an unrealized gain or loss by marking-to-market on a daily basis to reflect the changes in market value of the contract, which is recognized as a component of Change in net unrealized appreciation (depreciation) of
futures contracts on the Statement of Operations. When the contract is closed or expired, a Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when
originally entered into, which is recognized as a component of Net realized gain (loss) from futures contracts on the Statement of Operations.
Risks of
investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the
value of the contract may not correlate with a change in the value of the underlying securities or indices.
48
During the current fiscal period, JRI continued using
interest rate futures contracts to partially hedge the portfolio against movements in interest rates.
The average notional amount of futures contracts outstanding
during the current fiscal period was as follows:
|
|
|
|
|
|
|
JRI
|
|
Average notional amount of futures contracts outstanding*
|
|
|
$11,019,686
|
|
*
|
The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the
beginning of the current fiscal period and at the end of each quarter within the current fiscal period.
|
The following table presents the fair value
of all futures contracts held by the Fund as of the end of the reporting period, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying Risk
Exposure
|
|
Derivative
Instrument
|
|
Asset Derivatives
|
|
|
|
|
|
(Liability) Derivatives
|
|
|
Location
|
|
Value
|
|
|
|
|
|
Location
|
|
Value
|
|
JRI
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate
|
|
Futures contracts
|
|
|
|
$
|
|
|
|
|
|
|
|
Payable for variation margin on future contracts*
|
|
$
|
(194,385
|
)
|
*
|
Value represents the cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Funds
Portfolio of Investments and not the daily asset and/or liability derivatives location as described in the table above.
|
The following table
presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on futures contracts on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund
|
|
Underlying
Risk Exposure
|
|
Derivative
Instrument
|
|
Net Realized
Gain (Loss) from
Futures Contracts
|
|
|
Change in Net
Unrealized
Appreciation
(Depreciation) of
Futures Contracts
|
|
JRI
|
|
Interest rate
|
|
Futures contracts
|
|
$
|
706,884
|
|
|
$
|
(257,520
|
)
|
Interest Rate Swap Contracts
Interest rate
swap contracts involve a Funds agreement with the counterparty to pay or receive a fixed rate payment in exchange for the counterparty receiving or paying a variable rate payment. Forward interest rate swap contracts involve a Funds
agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Fund a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the
effective date).
The amount of the payment obligation for an interest rate swap is based on the notional amount and the termination date of the contract.
Interest rate swap contracts do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the net amount of interest
payments that the Fund is to receive.
Interest rate swap contracts are valued daily. Upon entering into an interest rate swap contract (and beginning on the
effective date for a forward interest rate swap contract), the Fund accrues the fixed rate payment expected to be paid or received and the variable rate payment expected to be received or paid on the interest rate swap contracts on a daily basis,
and recognizes the daily change in the fair value of the Funds contractual rights and obligations under the contracts. For an over-the-counter (OTC) swap that is not cleared through a clearing house (OTC Uncleared), the
amount recorded on these transactions is recognized on the Statement of Assets and Liabilities as a component of Unrealized appreciation or depreciation on interest rate swaps.
Upon the execution of an OTC swap cleared through a clearing house (OTC Cleared), the Fund is obligated to deposit cash or eligible securities, also known as
initial margin, into an account at its clearing broker equal to a specified percentage of the contract amount. Cash deposited by the Fund to cover initial margin requirements on open swap contracts, if any, is recognized as a component
of Cash collateral at brokers for investments in swaps on the Statement of Assets and Liabilities. Investments in OTC Cleared swaps obligate the Fund and the clearing broker to settle monies on a daily basis representing changes in the
prior days mark-to-market of the swap contract. If the Fund has unrealized appreciation, the clearing broker will credit the Funds account with an amount equal to the appreciation. Conversely, if the Fund has unrealized
depreciation, the clearing broker will debit the Funds account with an amount equal to the depreciation. These daily cash settlements are also known as variation margin. Variation margin for OTC Cleared swaps is recognized as a
receivable and/or payable for Variation margin on swap contracts on the Statement of Assets and Liabilities. Upon the execution of an OTC Uncleared swap, neither the Fund nor the counterparty is required to deposit initial margin as the
trades are recorded bilaterally between both parties to the swap contract, and the terms of the variation margin are subject to a predetermined threshold negotiated by the Fund and the counterparty. Variation margin for OTC Uncleared swaps is
recognized as a component of Unrealized appreciation or depreciation on interest rate swaps as described in the preceding paragraph.
49
Notes to Financial Statements (continued)
(Unaudited)
The net amount of periodic payments settled in cash are recognized as a component of Net realized gain (loss) from swaps on the Statement of Operations, in
addition to the net realized gain or loss recorded upon the termination of the swap contract. For tax purposes, payments expected to be received or paid on the swap contracts are treated as ordinary income or expense, respectively. Changes in the
value of the swap contracts during the fiscal period are recognized as a component of Change in net unrealized appreciation (depreciation) of swaps on the Statement of Operations. In certain instances, payments are made or received upon
entering into the swap contract to compensate for differences between the stated terms of the swap agreements and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Payments received
or made at the beginning of the measurement period, if any, are recognized as Interest rate swaps premiums received and/or paid on the Statement of Assets and Liabilities.
During the current fiscal period, the Funds continued to use interest rate swap contracts to partially hedge their future interest cost of leverage, which is through the
use of bank borrowings.
The average notional amount of interest rate swap contracts outstanding during the current fiscal period was as follows:
|
|
|
|
|
|
|
|
|
|
|
JRS
|
|
|
JRI
|
|
Average notional amount of interest rate swap contracts
outstanding*
|
|
|
$72,400,000
|
|
|
|
$112,400,000
|
|
*
|
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 following table presents the fair value of all swap contracts held by
the Funds as of the end of the reporting period, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying
Risk Exposure
|
|
Derivative
Instrument
|
|
Asset Derivatives
|
|
|
|
|
|
(Liability) Derivatives
|
|
|
Location
|
|
Value
|
|
|
|
|
|
Location
|
|
Value
|
|
JRS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate
|
|
Swaps (OTC Uncleared)
|
|
|
|
$
|
|
|
|
|
|
|
|
Unrealized depreciation on interest rate swaps**
|
|
$
|
(5,019,515
|
)
|
JRI
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate
|
|
Swaps (OTC Uncleared)
|
|
|
|
$
|
|
|
|
|
|
|
|
Unrealized depreciation on interest rate swaps**
|
|
$
|
(7,792,728
|
)
|
**
|
Some swap contracts require a counterparty to pay or receive a premium, which is disclosed in the Statement of Assets and
Liabilities, when applicable, and is not reflected in the cumulative unrealized appreciation (depreciation) presented above.
|
The following table
presents the swap contracts subject to netting agreements and the collateral delivered related to those swap contracts as of the end of the reporting period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund
|
|
Counterparty
|
|
Gross
Unrealized
Appreciation
on Interest
Rate Swaps***
|
|
|
Gross
Unrealized
(Depreciation)
on Interest
Rate Swaps***
|
|
|
Net Unrealized
Appreciation
(Depreciation)
on Interest
Rate Swaps
|
|
|
Collateral
Pledged
to (from)
Counterparty
|
|
|
Net
Exposure
|
|
JRS
|
|
Morgan Stanley Capital Services LLC
|
|
$
|
|
|
|
$
|
(5,019,515
|
)
|
|
$
|
(5,019,515
|
)
|
|
$
|
4,891,986
|
|
|
$
|
(127,529
|
)
|
JRI
|
|
Morgan Stanley Capital Services LLC
|
|
|
|
|
|
|
(7,792,728
|
)
|
|
|
(7,792,728
|
)
|
|
|
7,561,949
|
|
|
|
(230,779
|
)
|
***
|
Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Funds Portfolio of
Investments.
|
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation)
recognized on swap contracts on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund
|
|
Underlying
Risk Exposure
|
|
Derivative
Instrument
|
|
Net Realized
Gain (Loss)
from Swaps
|
|
|
Change in Net
Unrealized
Appreciation
(Depreciation)
of Swaps
|
|
JRS
|
|
Interest rate
|
|
Swaps
|
|
$
|
(675,203
|
)
|
|
$
|
2,264,296
|
|
JRI
|
|
Interest rate
|
|
Swaps
|
|
|
(1,048,243
|
)
|
|
|
3,515,288
|
|
Market and Counterparty Credit Risk
In the
normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform
(counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk,
50
consist principally of cash due from counterparties
on forward, option and swap transactions, when applicable. The extent of each Funds exposure to counterparty credit risk in respect to these financial assets approximates its carrying value as recorded on the Statement of Assets and
Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources
to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of
each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as
collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the
pre-determined threshold amount.
5. Fund Shares
Common Share
Transactions
Transactions in common shares during the Funds current and prior fiscal period, where applicable, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JRI
|
|
|
|
|
|
|
Six Months Ended
6/30/21
|
|
|
Year Ended
12/31/20
|
|
Common shares repurchased and retired
|
|
|
|
|
|
|
|
|
|
|
(15,500
|
)
|
Weighted average common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Price per share repurchased and retired
|
|
|
|
|
|
|
|
|
|
$
|
11.65
|
|
Discount per share repurchased and retired
|
|
|
|
|
|
|
|
|
|
|
15.72
|
%
|
6. Income Tax Information
Each Fund is a
separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment company taxable income to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue
Code applicable to regulated investment companies. In any year when the Funds realize net capital gains, each Fund may choose to distribute all or a portion of its net capital gains to shareholders, or alternatively, to retain all or a portion of
its net capital gains and pay federal corporate income taxes on such retained gains.
For all open tax years and all major taxing jurisdictions, management of the
Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax
year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the
next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax
purposes are primarily due to the recognition of premium amortization and timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are
reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
The table below presents the cost and unrealized appreciation (depreciation) of each Funds investment portfolio, as determined on a federal income tax basis, as of
June 30, 2021.
For purposes of this disclosure, derivative tax cost is generally the sum of any upfront fees or premiums exchanged and any amounts unrealized
for income statement reporting but realized in income and/or capital gains for tax reporting. If a particular derivative category does not disclose any tax unrealized appreciation or depreciation, the change in value of those derivatives have
generally been fully realized for tax purposes.
|
|
|
|
|
|
|
|
|
|
|
JRS
|
|
|
JRI
|
|
Tax cost of investments
|
|
$
|
386,112,119
|
|
|
$
|
618,489,463
|
|
Gross unrealized:
|
|
|
|
|
|
|
|
|
Appreciation
|
|
$
|
104,796,597
|
|
|
$
|
65,938,014
|
|
Depreciation
|
|
|
(16,688,909
|
)
|
|
|
(43,163,767
|
)
|
Net unrealized appreciation (depreciation) of investments
|
|
$
|
88,107,688
|
|
|
$
|
22,774,247
|
|
51
Notes to Financial Statements (continued)
(Unaudited)
Permanent differences, primarily due to distribution reallocations, bond premium amortization adjustments, treatment of notional principal contracts, complex securities
character adjustments, foreign currency transactions, investments in partnerships, and investments in passive foreign investment companies, resulted in reclassifications among the Funds components of common share net assets as of
December 31, 2020, the Funds last tax year end.
|
|
|
|
|
|
|
|
|
The tax components of undistributed net ordinary income and net long-term capital gains as of December 31, 2020, the Funds last tax year end, were as follows:
|
|
|
|
JRS
|
|
|
JRI
|
|
Undistributed net ordinary income
|
|
$
|
|
|
|
$
|
|
|
Undistributed net long-term capital gains
|
|
|
|
|
|
|
|
|
|
The tax character of distributions paid during the Funds last tax year ended December 31, 2020 was designated for purposes of the dividends paid deduction as follows:
|
|
|
|
JRS
|
|
|
JRI
|
|
Distributions from net ordinary income1
|
|
$
|
6,628,285
|
|
|
$
|
27,263,356
|
|
Distributions from net long-term capital gains
|
|
|
13,339,678
|
|
|
|
|
|
Return of capital
|
|
|
1,990,315
|
|
|
|
6,226,479
|
|
|
1 Net ordinary income consists of
net taxable income derived from dividends, interest, and net short term capital gains, if any.
|
|
As of December 31, 2020, the Funds last tax year end, the Funds had unused capital losses carrying forward available for federal
income tax purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.
|
|
|
|
|
|
|
|
|
|
|
JRS
|
|
|
JRI2
|
|
Not subject to expiration:
|
|
|
|
|
|
|
|
|
Short-term
|
|
$
|
14,022,815
|
|
|
$
|
63,886,513
|
|
Long-term
|
|
|
|
|
|
|
110,027,962
|
|
Total
|
|
$
|
14,022,815
|
|
|
$
|
173,914,475
|
|
|
2 A portion of JRIs
capital loss carryforwards are subject to an annual limitation under the Internal Revenue Code and related regulations
|
|
7. Management Fees
Each Funds
management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. Security Capital and NAM are compensated for their services to the Funds from the management fees paid to the Adviser.
Each Funds management fee consists of two components a fund-level fee, based only on the amount of assets within each individual Fund, and a
complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the
amount of complex-wide assets managed by the Adviser.
The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:
|
|
|
|
|
|
|
|
|
Average Daily Managed Assets*
|
|
JRS
|
|
|
JRI
|
|
For the first $500 million
|
|
|
0.7000
|
%
|
|
|
0.8000
|
%
|
For the next $500 million
|
|
|
0.6750
|
|
|
|
0.7750
|
|
For the next $500 million
|
|
|
0.6500
|
|
|
|
0.7500
|
|
For the next $500 million
|
|
|
0.6250
|
|
|
|
0.7250
|
|
For managed assets over $2 billion
|
|
|
0.6000
|
|
|
|
0.7000
|
|
The annual complex-level fee, payable monthly, for each Fund is calculated by multiplying the current complex-wide fee rate, determined
according to the following schedule by each Funds daily managed assets:
|
|
|
|
|
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
|
|
52
|
|
|
|
|
Complex-Level Eligible Asset Breakpoint Level*
|
|
Effective Complex-Level Fee Rate at Breakpoint Level
|
|
$80 billion
|
|
|
0.1773
|
%
|
$91 billion
|
|
|
0.1691
|
|
$125 billion
|
|
|
0.1599
|
|
$200 billion
|
|
|
0.1505
|
|
$250 billion
|
|
|
0.1469
|
|
$300 billion
|
|
|
0.1445
|
|
*
|
For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to
certain types of leverage. For these purposes, leverage includes the funds use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond
(TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trusts issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such
assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and closed-end funds that constitute eligible assets. Eligible
assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Advisers assumption of the management of
the former First American Funds effective January 1, 2011, but do not include certain assets of certain Nuveen funds that were reorganized into funds advised by an affiliate of the Adviser during the 2019 calendar year. As of June 30, 2021, the
complex-level fee for each Fund was 0.1539%.
|
8. Borrowing Arrangements
Borrowings
Each Fund entered into a borrowing arrangement
(Borrowings) as a means of leverage. As of the end of the reporting period, each Funds maximum commitment amount under these Borrowings is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
JRS
|
|
|
JRI
|
|
Maximum commitment amount
|
|
$
|
150,000,000
|
|
|
$
|
190,500,000
|
|
As of the end of the reporting period, each Funds outstanding balance on its Borrowings was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
JRS
|
|
|
JRI
|
|
Outstanding balance on Borrowings
|
|
$
|
133,000,000
|
|
|
$
|
180,535,000
|
|
For JRS interest is charged on these Borrowings at 1-Month LIBOR (London Inter-Bank Offered Rate)
plus 0.61% per annum on the amounts borrowed. For JRI interest is charged on these Borrowings at 1-Month LIBOR (London Inter-Bank Offered Rate) plus 0.775% per annum on the amounts borrowed and 0.125% per
annum on the undrawn balance.
During the current fiscal period, the average daily balance outstanding (which was for the entire reporting period) and average annual
interest rate on each Funds Borrowings were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
JRS
|
|
|
JRI
|
|
Average daily balance outstanding
|
|
$
|
116,411,602
|
|
|
$
|
173,389,144
|
|
Average annual interest rate
|
|
|
0.73
|
%
|
|
|
0.92
|
%
|
In order to maintain these Borrowings, the Funds must meet certain collateral, asset coverage and other requirements. Borrowings
outstanding are fully secured by eligible securities held in each Funds portfolio of investments.
Borrowings outstanding are recognized as
Borrowings on the Statement of Assets and Liabilities. Interest expense and other fees incurred on the drawn amount and undrawn balance are recognized as a component of Interest expense on the Statement of Operations.
Inter-Fund Borrowing and Lending
The SEC has granted an exemptive order
permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests
or when a sale of securities fails, resulting in an unanticipated cash shortfall) (the Inter-Fund Program). The closed-end Nuveen funds, including the Funds covered by this shareholder report, will participate only as
lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the
requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund
may borrow on an unsecured basis through the Inter-Fund Program unless the funds outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has
a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund
53
Notes to Financial Statements (continued)
(Unaudited)
loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a funds total outstanding
borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its aggregate outstanding
loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a funds inter-fund loans to any one fund shall not exceed 5% of the lending funds net assets; (6) the duration of inter-fund loans will be
limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each interfund loan may be called on one business days notice by a lending fund and may be repaid on any day by a borrowing
fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the funds investment objective and investment policies. The Board is responsible for overseeing the
Inter-Fund Program.
The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the
risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one
days notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund
could result in a lost investment opportunity or additional borrowing costs.
During the current reporting period, none of the Funds covered by this shareholder
report have entered into any inter-fund loan activity.
9. Subsequent Events
Borrowings
During July 2021, JRI amended its borrowings and increased its
maximum commitment amount to $215,500,000 and decreased its interest on Borrowings to 1-Month LIBOR plus 0.7000% per annum on the amount borrowed and 0.125% per annum on the undrawn balance. All other terms remained unchanged.
54
Risk Considerations (Unaudited)
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution,
and are not federally insured by the Federal Deposit Insurance Corporation.
Nuveen Real Estate Income Fund (JRS)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Funds investment objectives will be achieved. Closed-end fund
shares may frequently trade at a discount or premium to their net asset value. Real estate investments may suffer due to economic downturns and changes in commercial real estate values, rents, property taxes, interest rates and tax laws. The
Funds concentration in real estate may involve greater risk and volatility than more diversified investments. Prices of equity securities may decline significantly over short or extended periods of time. Debt or fixed income
securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and
magnifies the Funds potential return and its risks; there is no guarantee a funds leverage strategy will be successful. For these and other risks such as preferred securities risk, see the Funds web page at
www.nuveen.com/JRS.
Nuveen Real Asset Income and Growth Fund (JRI)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Funds investment objectives will be achieved. Closed-end fund
shares may frequently trade at a discount or premium to their net asset value. Concentration in specific sectors may involve greater risk and volatility than more diversified investments: real estate investments may suffer due to
economic downturns and changes in real estate values, rents, property taxes, interest rates and tax laws; infrastructure-related securities may face adverse economic, regulatory, political, and legal changes. Prices of equity securities may
decline significantly over short or extended periods of time. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As
interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Funds potential return and its risks; there is no guarantee a funds leverage strategy will be successful. For these and other risks such
as foreign investment risk, see the Funds web page at www.nuveen.com/JRI.
55
Additional Fund Information (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Board of Trustees
|
|
|
|
|
|
|
|
|
Jack B. Evans
|
|
William C. Hunter
|
|
Amy B.R. Lancellotta
|
|
Albin F. Moschner
|
|
Joanne T. Medero
|
|
John K. Nelson
|
Judith M. Stockdale
|
|
Carole E. Stone
|
|
Matthew Thornton III
|
|
Terence J. Toth
|
|
Margaret L. Wolff
|
|
Robert L. Young
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Adviser
Nuveen Fund Advisors, LLC
333 West Wacker Drive
Chicago, IL 60606
|
|
Custodian
State Street Bank
&
Trust Company
One Lincoln Street
Boston, MA 02111
|
|
Legal Counsel
Chapman and Cutler LLP
Chicago, IL 60603
|
|
Independent Registered
Public Accounting Firm
KPMG
LLP
200 East Randolph Street
Chicago, IL 60601
|
|
Transfer Agent and
Shareholder Services
Computershare
Trust
Company, N.A.
150 Royall Street
Canton, MA 02021
(800) 257-8787
|
Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third
quarters of each fiscal year as an exhibit to its report on Form N-PORT. You may obtain this information on the SECs website at http://www.sec.gov.
Nuveen Funds Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period
ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveens website at www.nuveen.com and (ii) a description of the policies and procedures that each
fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at
http://www.sec.gov.
CEO Certification Disclosure
Each Funds Chief
Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and
Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
Common Share Repurchases
Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as
is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock, as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.
|
|
|
|
|
|
|
|
|
|
|
JRS
|
|
|
JRI
|
|
Common shares repurchased
|
|
|
0
|
|
|
|
0
|
|
FINRA BrokerCheck
The
Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is
available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.
56
Glossary of Terms Used in this Report
(Unaudited)
∎
|
|
Average Annual Total Return: This is a commonly used method to express an investments performance over a
particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investments actual cumulative performance (including change in NAV or market price and reinvested dividends and capital
gains distributions, if any) over the time period being considered.
|
∎
|
|
JRI Custom Blended Fund Performance Benchmark (old): A five index blend comprised of weightings approximating the
Funds proposed portfolio. The Funds proposed portfolio may differ significantly from the blended portfolio and actual returns may be substantially lower. Benchmark returns do not include the effects of any sales charges or management
fees.
|
|
|
|
|
|
Weighting
Percentage
|
|
Index
|
|
Definition
|
28%
|
|
S&P Global Infrastructure Index (Net)
|
|
An unmanaged index comprised of 75 of the largest publicly listed infrastructure companies that meet specific investability requirements.
|
21%
|
|
FTSE EPRA/Nareit Developed Index (Net)
|
|
An index designed to track the performance of listed real estate companies and REITs worldwide.
|
18%
|
|
Wells Fargo Hybrid & Preferred Securities REIT Index
|
|
An Index designed to track the performance of preferred securities issued in the U.S. market by real estate investment trusts (REITs). The index is composed exclusively of preferred shares
and depositary shares.
|
18%
|
|
Bloomberg Barclays U.S. Corporate High Yield Bond Index
|
|
An index that covers the U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bond market.
|
15%
|
|
Bloomberg Barclays Global Capital Securities Index
|
|
An index that tracks fixed-rate, investment grade capital securities denominated in USD, EUR and GBP.
|
∎
|
|
JRI Custom Blended Fund Performance Benchmark (new): (Effective April 1, 2021) A five index blend comprised of
weightings approximating the Funds proposed portfolio. The Funds proposed portfolio may differ significantly from the blended portfolio and actual returns may be substantially lower. Performance prior to 4/1/2021 reflects JRI Custom
Blended Fund Performance Benchmarks previous composition. Benchmark returns do not include the effects of any sales charges or management fees.
|
|
|
|
|
|
Weighting
Percentage
|
|
Index
|
|
Definition
|
22%
|
|
S&P Global Infrastructure Index (Net)
|
|
An unmanaged index comprised of 75 of the largest publicly listed infrastructure companies that meet specific investability requirements.
|
25%
|
|
FTSE EPRA/Nareit Developed Index (Net)
|
|
An index designed to track the performance of listed real estate companies and REITs worldwide.
|
20%
|
|
ICE Hybrid & Preferred Infrastructure 7% Issuer Constrained Custom Index
|
|
An index designed to represent the performance of the energy and utilities subgroups of the ICE BofA All Capital Securities Index.
|
13%
|
|
FTSE Nareit Preferred Stock Index
|
|
An index that is designed to track the performance of the U.S. REITs preferred stocks.
|
20%
|
|
Bloomberg Barclays U.S. Corporate High Yield Index
|
|
An index that covers the U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bond market.
|
∎
|
|
JRS Custom Blended Fund Performance Benchmark (old): A blended return comprised of: 1) 60% Wilshire U.S. Real Estate
Securities Index (WILRESI). The Wilshire U.S. Real Estate Securities Index measures the performance of publicly traded real estate investment trusts (REITs) and 2) 40% Wells Fargo Hybrid and Preferred Securities REIT Index (inception date
5/31/2007). The Wells Fargo Hybrid and Preferred Securities REIT Index is designed to track the performance of preferred securities issued in the
|
57
Glossary of Terms Used in this Report (continued)
(Unaudited)
|
U.S. market by REITs. The index is composed exclusively of preferred shares and depositary shares. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management
fees.
|
∎
|
|
JRS Custom Blended Fund Performance Benchmark (new): (Effective April, 1, 2021) a blended return comprised of: 1)
60% Wilshire U.S. Real Estate Securities Index (WILRESI). The Wilshire U.S. Real Estate Securities Index measures the performance of publicly traded real estate investment trusts (REITs) and 2) 40% FTSE Nareit Preferred Stock Index. The FTSE Nareit
Preferred Stock Index consists of all publicly traded, nonconvertible, perpetual preferred stocks that meet a minimum size requirement of $50 million of face value, and were issued by companies that are members of the FTSE Nareit All REITs Index.
Performance prior to 4/1/2021 reflects JRS Custom Blended Fund Performance Benchmarks previous composition. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.
|
∎
|
|
Effective Leverage: Effective leverage is a funds effective economic leverage, and includes both regulatory
leverage (see below) and the leverage effects of certain derivative investments in the funds portfolio.
|
∎
|
|
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more
than 100% of the investment capital.
|
∎
|
|
Net Asset Value (NAV) Per Share: A funds Net Assets is equal to its total assets (securities, cash, accrued
earnings and receivables) less its total liabilities. NAV per share is equal to the funds Net Assets divided by its number of shares outstanding.
|
∎
|
|
Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of
these are part of a funds capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
|
∎
|
|
Wilshire U.S. Real Estate Securities Index (WILRESI): A float-adjusted market capitalization index that is reviewed
quarterly. This index is designed to measure the performance of publicly traded real estate investment trusts and to serve as a proxy for direct real estate investments. Index returns assume reinvestment of distributions, but do not reflect any
applicable sales charges or management fees.
|
58
Annual Investment Management Agreement Approval Process
(Unaudited)
At a meeting held on May 25-27, 2021 (the May Meeting), the Boards of Trustees (collectively, the
Board and each Trustee, a Board Member) of the Funds, which are comprised entirely of Board Members who are not interested persons (as defined under the Investment Company Act of 1940 (the
1940 Act)) (the Independent Board Members), approved, for their respective Fund, the renewal of the management agreement (each, an Investment Management Agreement) with Nuveen Fund Advisors,
LLC (the Adviser), pursuant to which the Adviser serves as the investment adviser to such Fund and the sub-advisory agreement (each, a
Sub-Advisory Agreement) with (a) in the case of Nuveen Real Estate Income Fund (the Real Estate Income Fund), Security Capital Research & Management
Incorporated (Security Capital), pursuant to which Security Capital serves as the investment sub-adviser to such Fund; and (b) in the case of Nuveen Real Asset Income and Growth Fund
(the Real Asset Income and Growth Fund), Nuveen Asset Management, LLC (NAM, and Security Capital and NAM are each, a Sub-Adviser), pursuant to which NAM
serves as the investment sub-adviser to such Fund. Although the 1940 Act requires that continuances of the Advisory Agreements (as defined below) be approved by the
in-person vote of a majority of the Independent Board Members, the May Meeting was held virtually through the internet in view of the health risks associated with holding an
in-person meeting during the COVID-19 pandemic and governmental restrictions on gatherings. The May Meeting was held virtually in reliance on certain exemptive relief
the Securities and Exchange Commission provided to registered investment companies providing temporary relief from the in-person voting requirements of the 1940 Act with respect to the approval of a
funds advisory agreement in light of these challenges.
Following up to an initial two-year period, the Board considers
the renewal of each Investment Management Agreement and Sub-Advisory Agreement on behalf of the applicable Fund on an annual basis. The Investment Management Agreements and
Sub-Advisory Agreements are collectively referred to as the Advisory Agreements and the Adviser and each Sub-Adviser are collectively, the
Fund Advisers and each, a Fund Adviser. Throughout the year, the Board and its committees meet regularly and, at these meetings, receive regular and/or special reports that cover an extensive array of topics and
information that are relevant to its annual consideration of the renewal of the advisory agreements for the Nuveen funds. Such information may address, among other things, fund performance and risk information; the Advisers strategic plans;
product initiatives for various funds; the review of the funds and investment teams; compliance, regulatory and risk management matters; the trading practices of the various sub-advisers to the funds;
valuation of securities; fund expenses; securities lending; liquidity management; overall market and regulatory developments; and with respect to closed-end funds, capital management initiatives, institutional
ownership, management of leverage financing and the secondary market trading of the closed-end funds and any actions to address discounts. The Board also seeks to meet periodically with the Nuveen funds sub-advisers and portfolio teams, when feasible.
In addition, in connection with the annual consideration of the advisory
agreements for the Nuveen funds, the Board, through its independent legal counsel, requested and received extensive materials and information prepared specifically for its annual consideration of the renewal of such advisory agreements by the
Adviser and by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data. The materials cover a wide range of topics including, but not limited to, a description of the nature, extent
and quality of services provided by the Fund Advisers; a review of product actions taken during 2020 (such as mergers, liquidations, fund launches, changes to investment teams, and changes to investment policies); a review of each sub-adviser to the Nuveen funds and the applicable investment teams; an analysis of fund performance in absolute terms and as compared to the performance of certain peer funds and benchmarks with a focus on any
performance outliers; an analysis of the fees and expense ratios of the Nuveen funds in absolute terms and as compared to those of certain peer funds with a focus on any expense outliers; a review of management fee schedules; a description of
portfolio manager compensation; an overview of the secondary market trading of shares of the Nuveen closed-end funds (including, among other things, an analysis of performance, distribution and valuation and
capital-raising trends in the broader closed-end fund market and with respect to Nuveen closed-end funds and a review of the leverage management actions taken on behalf
of the closed-end funds particularly during the periods of market volatility generally caused by the COVID-19 pandemic); a review of the performance of various service
providers; a description of various initiatives Nuveen had undertaken or continued during the year for the benefit of particular fund(s) and/or the complex; a description of the profitability or financial data of Nuveen and the sub-advisers to the Nuveen funds; and a description of indirect benefits received by the Adviser and the sub-advisers as a result of their
59
Annual Investment Management Agreement Approval Process (continued)
(Unaudited)
relationships with the Nuveen funds. The information prepared specifically for the annual review supplemented the information provided to the Board and its committees
and the evaluations of the Nuveen funds by the Board and its committees during the year.
In continuing its practice, the Board met prior to the May Meeting to begin
its considerations of the renewal of the Advisory Agreements. Accordingly, on April 21-22, 2021 (the April Meeting), the Board met to review and discuss, in part, the performance of the
Nuveen funds and the Advisers evaluation of each sub-adviser to the Nuveen funds. At the April Meeting, the Board Members asked questions and requested additional information that was provided for the
May Meeting. The Board reviewed fund performance throughout the year and in its review, the Board recognized the volatile market conditions that occurred in early 2020 arising, in part, from the public health crisis caused by the novel coronavirus
known as COVID-19 and the resulting impact on a funds performance for 2020 and thereafter. Accordingly, the Board considered performance data measured over various periods of time as summarized in more
detail below.
The Independent Board Members considered the review of the advisory agreements for the Nuveen funds to be an ongoing process and employed the
accumulated information, knowledge and experience the Board Members had gained during their tenure on the boards governing the Nuveen funds and working with the Adviser and sub-advisers in their review of the
advisory agreements. The contractual arrangements are a result of multiple years of review, negotiation and information provided in connection with the boards annual review of the Nuveen funds advisory arrangements and oversight of the
Nuveen funds.
The Independent Board Members were advised by independent legal counsel during the annual review process as well as throughout the year, including
meeting in executive sessions with such counsel at which no representatives from the Adviser or the Sub-Advisers were present. In connection with their annual review, the Independent Board Members also
received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements.
The Boards
decision to renew the Advisory Agreements was not based on a single identified factor, but rather the decision reflected the comprehensive consideration of all the information provided throughout the year and at the April and May Meetings, and each
Board Member may have attributed different levels of importance to the various factors and information considered in connection with the approval process. The following summarizes the principal factors and information, but not all the factors, the
Board considered in deciding to renew the Advisory Agreements as well as the Boards conclusions.
A.
|
|
Nature, Extent and Quality of Services
|
In evaluating the renewal of the Advisory Agreements, the
Independent Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Advisers services provided to the respective Fund with particular focus on the services and enhancements to such
services provided during the last year. The Independent Board Members considered the Investment Management Agreements and the Sub-Advisory Agreements separately in the course of their review. With this
approach, they considered the respective roles of the Adviser and the Sub-Advisers in providing services to the applicable Fund(s).
The Board recognized that the Nuveen funds operate in a highly regulated industry and, therefore, the Adviser has provided a wide array of management,
oversight and administrative services to manage and operate the funds, and the scope and complexity of these services have expanded over time as a result of, among other things, regulatory and other developments. The Board accordingly considered the
extensive resources, tools and capabilities available to the Adviser to operate and manage the Nuveen funds. With respect to the Adviser, as a general matter, some of these services it and its affiliates provide to the Nuveen funds include, but are
not limited to: product management (such as setting dividends, analyzing fund expenses, providing competitive analysis, and providing due diligence support); investment oversight, risk management and securities valuation services (such as overseeing
and reviewing the various sub-advisers to the Nuveen funds and their investment teams; analyzing fund performance and risk data; overseeing operational and risk management; participating in financial
statement, marketing and risk disclosures; providing daily valuation services and developing related valuation policies, procedures and methodologies; periodic testing of audit and regulatory requirements; participating in product development and
management processes; participating in leverage management, liquidity monitoring and counterparty credit oversight; providing due diligence and overseeing fund accounting and custody providers; overseeing third party
60
pricing services and periodically
assessing investment and liquidity risks); fund administration (such as preparing fund tax returns and other tax compliance services; preparing regulatory filings; overseeing the funds independent public accountants and other service
providers; analyzing products and enhancements; and managing fund budgets and expenses); oversight of shareholder services and transfer agency functions (such as overseeing transfer agent service providers which include registered shareholder
customer service and transaction processing; overseeing proxy solicitation and tabulation services; and overseeing the production and distribution of financial reports by service providers); Board relations services (such as organizing and
administering Board and committee meetings, preparing various reports to the Board and committees and providing other support services); compliance and regulatory oversight services (such as managing compliance policies; monitoring compliance with
applicable fund policies and laws and regulations; devising internal compliance programs and a framework to review and assess compliance programs; evaluating the compliance programs of the various sub-advisers
to the Nuveen funds and certain other service providers; responding to regulatory requests; and preparing compliance training materials); legal support and oversight of outside law firms (such as helping to prepare and file registration statements
and proxy statements; overseeing fund activities and providing legal interpretations regarding such activities; maintaining regulatory registrations and negotiating agreements with other fund service providers; and monitoring changes in regulatory
requirements and commenting on rule proposals impacting investment companies); and with respect to closed-end funds, managing leverage, monitoring asset coverage and promoting an orderly secondary market.
In evaluating services, the Board reviewed various highlights of the initiatives the Adviser and its affiliates have undertaken or continued in 2020 to
benefit the Nuveen complex and/or particular Nuveen funds and meet the requirements of an increasingly complex regulatory environment including, but not limited to:
|
|
|
Centralization of Functions ongoing initiatives to centralize investment leadership, 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;
|
|
|
|
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 Nuveens 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
|
61
Annual Investment Management Agreement Approval Process (continued)
(Unaudited)
|
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 Nuveens 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, managements 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;
|
|
|
|
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 funds 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; and
|
|
|
|
with respect specifically to closed-end funds, such continuing services also
included:
|
|
|
|
Leverage Management Services continuing to actively manage the various forms of leverage utilized across the
complex, including through committing resources and focusing on sourcing/structure development and bank provider management, which was key to navigating the respective funds through the COVID-related market volatility in 2020;
|
|
|
|
Capital Management, Market Intelligence and Secondary Market Services ongoing capital management efforts
through shelf offerings, share repurchases, tender offers and capital return programs as well as providing market data analysis to help understand closed-end fund ownership cycles and their impact on secondary
market trading as well as to improve proxy solicitation efforts; and
|
|
|
|
Closed-end Fund Investor Relations Program maintaining the closed-end
fund investor relations program which, among other things, raises awareness, provides educational materials and cultivates advocacy for closed-end funds and the Nuveen
closed-end fund product line.
|
In its review, the Board recognized that Nuveens risk
management, compliance, technology and operations capabilities are all integral to providing its investment management services to the Nuveen funds. Further, the Board noted the benefits to shareholders of investing in a Nuveen fund, as each Nuveen
fund is a part of a large fund complex with a variety of investment disciplines, capabilities, expertise and resources available to navigate and support the funds including during stressed times as occurred in the market in the first half of 2020.
The Board recognized the impact of the COVID-19 pandemic during the year and the adaptations required by service providers to continue to deliver their services to the Nuveen funds, including working remotely.
In this regard, the Board noted the ability of the Adviser and the various sub-advisers to the Nuveen funds to provide continuously their services notwithstanding the significant disruptions caused by the
pandemic. In addition to the services provided by the Adviser, the Board also considered the risks borne by the Adviser and its affiliates in managing the Nuveen funds, including entrepreneurial, operational, reputational, regulatory and litigation
risks.
The Board further considered the division of responsibilities between the Adviser and the respective
Sub-Adviser and recognized that the Sub-Advisers and their investment personnel generally are responsible for the management of each applicable Funds portfolio
under the oversight of the Adviser and the Board. The Board considered an analysis of each Sub-Adviser provided by the Adviser which included, among other things, the assets under management of the applicable
62
Sub-Adviser or investment team and changes thereto, a summary of the applicable investment team and changes
thereto, the investment process and philosophy of the applicable investment team, the performance of the Nuveen funds sub-advised by such Sub-Adviser over various
periods of time and a summary of any significant policy and/or other changes to the Nuveen funds sub-advised by such Sub-Adviser. The Board further considered at the May
Meeting or prior meetings evaluations of each Sub-Advisers compliance programs and trade execution. The Board also considered the structure of investment personnel compensation programs and whether this
structure provides appropriate incentives to act in the best interests of the respective Nuveen funds. The Board noted that the Adviser recommended the renewal of the Sub-Advisory Agreements.
Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality
of services provided to the respective Funds under each applicable Advisory Agreement.
B.
|
|
The Investment Performance of the Funds and Fund Advisers
|
In evaluating the quality of the
services provided by the Fund Advisers, the Board also received and considered a variety of investment performance data of the Nuveen funds they advise. In evaluating performance, the Board recognized that performance data may differ significantly
depending on the ending date selected, particularly during periods of market volatility, and therefore considered performance over a variety of time periods that may include full market cycles. In this regard, the Board reviewed, among other things,
Fund performance over the quarter, one-, three- and five-year periods ending December 31, 2020 as well as performance data periods ending nearer to the May Meeting,
including the quarter, one-, three- and five-year periods ending March 31, 2021 and May 14, 2021. The performance data prepared for the annual review of the advisory agreements for the Nuveen funds
supplemented the fund performance data that the Board received throughout the year at its meetings representing differing time periods. In its review, the Board took into account the discussions with representatives of the Adviser; the
Advisers analysis regarding fund performance that occurred at these Board meetings with particular focus on funds that were considered performance outliers (both overperformance and underperformance); the factors contributing to the
performance; and any recommendations or steps taken to address performance concerns. Regardless of the time period reviewed by the Board, the Board recognized that shareholders may evaluate performance based on their own holding periods which may
differ from the periods reviewed by the Board and lead to differing results.
In its review, the Board reviewed both absolute and relative fund
performance during the annual review over the various time periods. With respect to the latter, the Board considered fund performance in comparison to the performance of peer funds (the Performance Peer Group) and recognized
and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks). For Nuveen funds that had changes in portfolio managers since 2018 or significant changes, among other things, to their investment
strategies or policies since 2019, the Board reviewed certain performance data comparing the performance of such funds before and after such changes. In considering performance data, the Board is aware of certain inherent limitations with such data,
including that differences between the objective(s), strategies and other characteristics of the Nuveen funds compared to the respective Performance Peer Group and/or benchmark(s) (such as differences in the use of leverage) as well as differences
in the composition of the Performance Peer Group over time will necessarily contribute to differences in performance results and limit the value of the comparative information. To assist the Board in its review of the comparability of the relative
performance, the Adviser has ranked the relevancy of the peer group to the funds as low, medium or high.
The Board also evaluated performance in
light of various relevant factors, including, among other things, general market conditions, issuer-specific information, asset class information, leverage and fund cash flows. In relation to general market conditions, the Board recognized the
significant market decline in the early part of 2020 in connection with, among other things, the impact of the COVID-19 pandemic and that such a period of underperformance and market volatility may
significantly weigh on the longer term performance results. Accordingly, depending on the facts and circumstances including any differences between the respective Nuveen fund and its benchmark and/or Performance Peer Group, the Board may be
satisfied with a funds performance notwithstanding that its performance may be below that of its benchmark or peer group for certain periods. However, with respect to any Nuveen funds for which the Board had identified performance issues, the
Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers whether any steps are necessary or appropriate to address such issues, and reviews the results of any steps undertaken.
63
Annual Investment Management Agreement Approval Process (continued)
(Unaudited)
The secondary market trading of shares of the Nuveen closed-end funds continues to be a priority for the Board
given its importance to shareholders, and therefore data reflecting the premiums and discounts at which the shares of the closed-end funds trade are reviewed by the Board during its annual review and by the
Board and/or its Closed-end Fund committee during its respective quarterly meetings throughout the year. The Board continuously reviews all closed-end fund discounts and
the funds performance relative to both primary and secondary benchmarks and peers. In its review, the Board considers, among other things, changes to investment mandates and guidelines, enhanced and attractive distribution policies, leverage
levels and types, fund reorganizations, share repurchases and similar capital market actions and effective communications programs to build greater awareness and deepen understanding of closed-end funds.
The Boards determinations with respect to each Fund are summarized below.
For the Real Estate Income Fund, the Board noted that the Funds performance was below the performance of its blended benchmark for the one-, three- and five-year periods ended December 31, 2020 and that the Fund ranked in the fourth quartile of its Performance Peer Group for the one- and five-year
periods ended December 31, 2020 and the third quartile of its Performance Peer Group for the three-year period ended December 31, 2020. Although the Funds performance was below the performance of its blended benchmark for the
five-year period ended March 31, 2021, the Fund outperformed its blended benchmark and ranked in the first quartile of its Performance Peer Group for the one- and three-year periods ended March 31,
2021 and ranked in the third quartile of its Performance Peer Group for the five-year period ended March 31, 2021. For the periods ended May 14, 2021, the Fund outperformed its blended benchmark for the
one-, three- and five-year periods and ranked in the first quartile of its Performance Peer Group for the one- and three-year periods and second quartile of its
Performance Peer Group for the five-year period. In considering performance, the Board, however, recognized that the Performance Peer Group was classified as low for relevancy. Based on its review, the Board was satisfied with the Funds
overall performance.
For the Real Asset Income and Growth Fund, the Board noted that the Funds performance was below the performance of its
blended benchmark for the one-, three- and five-year periods ended December 31, 2020 and the Fund ranked in the fourth quartile of its Performance Peer Group for
the one- and three-year periods ended December 31, 2020 and third quartile for the five-year period ended December 31, 2020. While the Funds performance was below the performance of its blended
benchmark for the three- and five-year periods ended March 31, 2021, the Fund outperformed its blended benchmark for the one-year period ended March 31, 2021. In addition, although the Fund ranked in
the fourth quartile of its Performance Peer Group for the three-year period ended March 31, 2021, the Fund ranked in the second quartile of its Performance Peer Group for the one-year period ended
March 31, 2021 and third quartile for the five-year period ended March 31, 2021. For the periods ended May 14, 2021, although the Funds performance was below the performance of its blended benchmark for the three- and five-year
periods, the Fund outperformed its blended benchmark for the one-year period. Further, for the periods ended May 14, 2021, although the Fund ranked in the fourth quartile of its Performance Peer Group for
the three-year period, the Fund ranked in the first quartile for the one-year period and third quartile for the five-year period. In considering performance, the Board, however, recognized that the Performance
Peer Group was classified as low for relevancy. Based on its review, the Board was satisfied with the Funds overall performance.
C.
|
|
Fees, Expenses and Profitability
|
As part of its annual review, the Board considered the contractual management
fee and net management fee (the management fee after taking into consideration fee waivers and/or expense reimbursements, if any) paid by a Nuveen fund to the Adviser in light of the nature, extent and quality of the services provided. The Board
also considered the total operating expense ratio of each fund before and after any fee waivers and/or expense reimbursements. More specifically, the Independent Board Members reviewed, among other things, each funds gross and net management
fee rates (i.e., before and after expense reimbursements and/or fee waivers, if any) and net total expense ratio in relation to those of a comparable universe of funds (the Peer Universe) established by Broadridge. The
Independent Board Members reviewed the methodology Broadridge employed to establish its Peer Universe and recognized that differences between the applicable fund and its respective Peer Universe as well as changes to the composition of the Peer
Universe from year to year may limit some
64
of the value of the comparative
data. The Independent Board Members also considered a funds operating expense ratio as it more directly reflected the shareholders costs in investing in the respective fund.
In their review, the Independent Board Members considered, in particular, each fund with a net expense ratio (excluding investment-related costs of
leverage) of six basis points or higher compared to that of its peer average (each, an Expense Outlier Fund) and an analysis as to the factors contributing to each such funds higher relative net expense ratio. In addition,
although the Board reviewed a funds total net expenses both including and excluding investment-related expenses (i.e., leverage costs) and taxes for certain of the
closed-end funds, the Board recognized that leverage expenses will vary across funds and in comparison to peers because of differences in the forms and terms of leverage employed by the respective fund.
Accordingly, in reviewing the comparative data between a fund and its peers, the Board generally considered the funds net expense ratio and fees (excluding leverage costs and leveraged assets) to be higher if they were over 10 basis points
higher, slightly higher if they were 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Universe. The Independent Board Members
also considered, in relevant part, a funds net management fee and net total expense ratio in light of its performance history.
In their review
of the fee arrangements for the Nuveen funds, the Independent Board Members considered the management fee schedules, including the complex-wide and fund-level breakpoint
schedules. The Board noted that across the Nuveen fund complex, the complex-wide fee breakpoints reduced fees by approximately $58.4 million and fund-level breakpoints reduced fees by approximately $69.6 million in 2020.
With respect to the Sub-Advisers, the Board also considered the
sub-advisory fee schedule paid to each Sub-Adviser in light of the sub-advisory services provided to the respective Fund, the
breakpoint schedule and comparative data of the fees such Sub-Adviser charges to other clients, if any. In its review, the Board recognized that the compensation paid to the
Sub-Advisers is the responsibility of the Adviser, not the Funds.
The Independent Board Members noted that
(a) the Real Estate Income Fund had a net management fee and a net expense ratio that were below the respective peer averages; and (b) the Real Asset Income and Growth Fund had a net management fee that was in line with the peer average
and a net expense ratio that was below the peer average.
Based on its review of the information provided, the Board determined that each Funds
management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.
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2.
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Comparisons with the Fees of Other Clients
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In determining the appropriateness of fees, the Board
also considered information regarding the fee rates the respective Fund Advisers charged to certain other types of clients and the type of services provided to these other clients. With respect to the Adviser and/or NAM, such other clients may
include retail and institutional managed accounts advised by such Sub-Adviser; hedge funds managed by such Sub-Adviser; investment companies offered outside the Nuveen
family and sub-advised by such Sub-Adviser; foreign investment companies offered by Nuveen and sub-advised by such Sub-Adviser; and collective investment trusts sub-advised by such Sub-Adviser. The Board further noted that the Adviser also advised
certain exchange-traded funds (ETFs) sponsored by Nuveen.
The Board recognized that NAM was an affiliated sub-adviser and, with respect to affiliated sub-advisers, reviewed, among other things, the range of fees assessed for managed accounts, hedge funds (along with their
performance fee) and foreign investment companies offered by Nuveen. The Board also reviewed the fee range and average fee rate of certain selected investment strategies offered in retail and institutional managed accounts advised by NAM, the hedge
funds advised by NAM (along with their performance fee) and non-Nuveen investment companies sub-advised by certain affiliated
sub-advisers.
In considering the fee data of other clients, the Board recognized, among other things, the
differences in the amount, type and level of services provided to the Nuveen funds relative to other clients as well as the differences in portfolio investment policies, investor profiles, account sizes and regulatory requirements, all of which
contribute to the variations in the fee schedules. The Board recognized the breadth of services the Adviser had provided to the Nuveen funds compared to the other types of clients as the funds operate in a highly regulated industry with increasing
regulatory requirements as well as
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Annual Investment Management Agreement Approval Process (continued)
(Unaudited)
the increased entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the funds. Further, with respect to ETFs,
the Board considered that Nuveen ETFs were passively managed compared to the active management of the other Nuveen funds which contributed to the differences in fee levels between the Nuveen ETFs and other Nuveen funds. In general, higher fee levels
reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. The Board further considered that
NAMs fee is essentially for portfolio management services and therefore more comparable to the fees it receives for retail wrap accounts and other external sub-advisory mandates. The Board concluded the
varying levels of fees were justified given, among other things, the inherent differences in the products and the level of services provided to the Nuveen funds versus other clients, the differing regulatory requirements and legal liabilities and
the entrepreneurial, legal and regulatory risks incurred in sponsoring and advising a registered investment company.
The Board recognized that
Security Capital was an unaffiliated sub-adviser. With respect to Security Capital, the Independent Board Members reviewed the average fee rates that such Sub-Adviser
charges for other clients. The Independent Board Members noted that the Sub-Advisory Agreement with Security Capital, including the fees thereunder, was the result of arms length negotiations and that
Security Capitals fees were reasonable in relation to the fees it assessed other clients.
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3.
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Profitability of Fund Advisers
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In their review, the Independent Board Members considered
information regarding Nuveens level of profitability for its advisory services to the Nuveen funds for the calendar years 2020 and 2019. The Board reviewed, among other things, Nuveens net margins
(pre-tax) (both including and excluding distribution expenses); gross and net revenue margins (pre- and post-tax and excluding
distribution) from Nuveen funds only; revenues, expenses and net income (pre- and post-tax and before distribution expenses) of Nuveen for fund advisory services; and
comparative profitability data comparing the operating margins of Nuveen compared to the adjusted operating margins of certain peers that had publicly available data and with the most comparable assets under management (based on asset size and asset
composition) for each of the last two calendar years. In reviewing the peer comparison data, the Independent Board Members noted that Nuveen Investments, Inc.s operating margins were on the low range compared to the total company adjusted
operating margins of the peers. The Board also reviewed the revenues and expenses the Adviser derived from its ETF product line for the 2019 and 2020 calendar years.
In reviewing the profitability data, the Independent Board Members recognized the subjective nature of calculating profitability as the information is
not audited and is dependent on cost allocation methodologies to allocate corporate-wide expenses to the Nuveen complex and its affiliates and to further allocate such Nuveen complex expenses between the Nuveen fund and non-fund businesses. Generally, fund-specific expenses are allocated to the Nuveen funds and partial fund-related expenses and/or corporate overhead and shared costs (such as legal and compliance, accounting and
finance, information technology and human resources and office services) are partially attributed to the funds pursuant to cost allocation methodologies. The Independent Board Members reviewed a description of the cost allocation methodologies
employed to develop the financial information, a summary of the history of changes to the methodology over the years from 2010 to 2020, and the net revenue margins derived from the Nuveen funds (pre-tax and
including and excluding distribution) and total company margins from Nuveen Investments, Inc. compared to the firm-wide adjusted margins of the peers for each calendar year from 2010 to 2020. The Board had also appointed three Independent Board
Members to serve as the Boards liaisons, with the assistance of independent counsel, to review the development of the profitability data and any proposed changes to the cost allocation methodology prior to incorporating any such changes and to
report to the full Board. The Board recognized that other reasonable and valid allocation methodologies could be employed and could lead to significantly different results. The Independent Board Members also considered the key drivers behind the
revenue and expense changes that impacted Nuveens net margins between 2019 and 2020. The Board also noted the reinvestments Nuveen and/or its parent made into its business through, among other things, the investment of seed capital in certain
Nuveen funds and continued investments in enhancements to information technology, portfolio accounting systems and the global trading platform.
In
reviewing the comparative peer data noted above, the Board considered that the operating margins of Nuveen Investments, Inc. were in the lower half of the peer group range; however, the Independent Board Members also recognized
66
the limitations of the comparative
data given that peer data is not generally public and the calculation of profitability is subjective and affected by numerous factors (such as types of funds a peer manages, its business mix, its cost of capital, the numerous assumptions underlying
the methodology used to allocate expenses and other factors) that can have a significant impact on the results.
Aside from Nuveens
profitability, the Board recognized that the Adviser is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). Accordingly, the Board also reviewed a balance
sheet for TIAA reflecting its assets, liabilities and capital and contingency reserves for the 2020 and 2019 calendar years to consider the financial strength of TIAA. The Board recognized the benefit of an investment adviser and its parent with
significant resources, particularly during periods of market volatility as experienced with the COVID-19 pandemic.
In addition to Nuveen, the Independent Board Members considered the profitability of the Sub-Advisers from their
relationships with the Nuveen funds. With respect to NAM, the Independent Board Members reviewed, among other things, such Sub-Advisers revenues, expenses and net revenue margins (pre- and post-tax) for its advisory activities for the calendar year ended December 31, 2020 as well as its pre- and post-tax net revenue margins for 2020 compared to such margins for 2019. The Independent Board Members also reviewed a profitability analysis reflecting the revenues, expenses and revenue margin (pre- and post-tax) by asset type for NAM for the calendar year ending December 31, 2020 and the pre- and post-tax revenue margins from 2020 and 2019. With respect to Security Capital, the Independent Board Members considered a profitability and margin analysis for such
Sub-Adviser, generally including revenues, expenses and operating margins for its advisory services to the applicable Nuveen funds for the calendar years 2020 and 2019.
In evaluating the reasonableness of the compensation, the Independent Board Members also considered any other ancillary benefits derived by the
respective Fund Adviser from its relationship with the Nuveen funds as discussed in further detail below.
Based on a consideration of all the
information provided, the Board noted that Nuveens and each Sub-Advisers level of profitability was acceptable and not unreasonable in light of the services provided.
D.
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Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
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The Board considered
whether there have been economies of scale with respect to the management of the Nuveen funds and whether these economies of scale have been appropriately shared with the funds. The Board recognized that although economies of scale are difficult to
measure and certain expenses may not decline with a rise in assets, there are several methods to help share the benefits of economies of scale, including breakpoints in the management fee schedule, fee waivers and/or expense limitations, the pricing
of Nuveen funds at scale at inception and investments in Nuveens business which can enhance the services provided to the funds for the fees paid. The Board noted that Nuveen generally has employed these various methods, and the Board
considered the extent to which the Nuveen funds will benefit from economies of scale as their assets grow. In this regard, the Board noted that the management fee of the Adviser is generally comprised of a fund-level component and a complex-level
component each with its own breakpoint schedule, subject to certain exceptions. The Board reviewed the fund-level and complex-level fee schedules. The Board considered that the fund-level breakpoint schedules are designed to share economies of scale
with shareholders if the particular fund grows, and the complex-level breakpoint schedule is designed to deliver the benefits of economies of scale to shareholders when the eligible assets in the complex pass certain thresholds even if the assets of
a particular fund are unchanged or have declined. With respect to the Nuveen closed-end funds, the Independent Board Members noted that, although such funds may from time to time make additional share
offerings, the growth of their assets would occur primarily through the appreciation of such funds investment portfolios. Further, in the calculation of the complex-level component, the Board noted that it had approved the acquisition of
several Nuveen funds by similar TIAA-CREF funds in 2019. However, to mitigate the loss of the assets of these Nuveen funds deemed eligible to be included in the calculation of the complex-wide fee when these Nuveen funds left the complex upon
acquisition, Nuveen agreed to credit approximately $604.5 million to assets under management to the Nuveen complex in calculating the complex-wide component.
The Independent Board Members also recognized the Advisers continued reinvestment in its business through various initiatives including maintaining
a seed account available for investments into Nuveen funds and investing in its internal
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Annual Investment Management Agreement Approval Process (continued)
(Unaudited)
infrastructure, information technology and other systems that will, among other things, consolidate and enhance accounting systems, integrate technology
platforms to support growth and efficient data processing, and further develop its global trading platform to enhance the investment process for the investment teams.
Based on its review, the Board concluded that the current fee arrangements together with the Advisers reinvestment in its business appropriately
shared any economies of scale with shareholders.
The Independent Board Members received and considered information regarding
other benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the Nuveen funds. The Board considered the compensation that an affiliate of the Adviser received for serving as co-manager in the initial public offerings of new closed-end funds and for serving as an underwriter on shelf offerings of existing
closed-end funds. In addition, the Independent Board Members also noted that various sub-advisers (including each Sub-Adviser)
may engage in soft dollar transactions pursuant to which they may receive the benefit of research products and other services provided by broker-dealers executing portfolio transactions on behalf of the applicable Nuveen funds. The Board also noted
that any benefits for a sub-adviser when transacting in fixed-income securities may be more limited as such securities generally trade on a principal basis and therefore do not generate brokerage commissions.
Based on its review, the Board concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were
reasonable and within acceptable parameters.
The Board Members did not identify any single factor discussed previously as
all-important or controlling. The Board Members, including the Independent Board Members, concluded that the terms of each Advisory Agreement were fair and reasonable, that the respective Fund Advisers
fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.
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Notes
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Notes
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Notes
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Nuveen:
Serving Investors for Generations
Since 1898, financial professionals and their clients have relied on Nuveen to provide
dependable investment solutions through continued adherence to
proven, long-term investing
principles. Today, we offer a range of high quality solutions designed to
be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen is the investment
manager of TIAA. We have grown into one of the worlds premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise
in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides.
As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.
Find
out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your
financial professional, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk
considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen,
333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at:
www.nuveen.com/closed-end-funds
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Nuveen Securities, LLC, member FINRA and SIPC |
333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com
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ESA-C-0621D 1739057-INV-B-08/22
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