UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
| Investment Company Act file number | 811-23669 |
Nuveen Multi-Asset Income Fund
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive, Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Mark L. Winget
Nuveen Investments
333 West Wacker Drive, Chicago, IL 60606
(Name and address of agent for service)
Registrant’s telephone number, including area code: (312) 917-7700
Date of fiscal year end: December 31
Date of reporting period: June 30, 2022
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Closed-End Funds
30 June 2022
Nuveen Closed-End Funds
| NMAI | Nuveen Multi-Asset Income Fund |
Semiannual Report
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NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE
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3
Chair’s Letter to Shareholders
Dear Shareholders,
The first half of 2022 was challenging for financial markets. While global economic activity began to slow from post-pandemic peaks as pent-up demand waned and crisis-era monetary and fiscal support programs were phased out, persistently high inflation and central banks’ response have contributed to heightened uncertainty about financial and economic conditions.
Inflation has surged partially due to supply chain bottlenecks and exacerbated by Russia’s war in Ukraine and recent lockdowns across China to contain a large-scale COVID-19 outbreak. This has necessitated more forceful responses from the U.S. Federal Reserve (Fed) and other central banks, who now face an even more difficult task of slowing inflation without pulling their respective economies into recession. As anticipated, the Fed began the rate hiking cycle in March 2022, raising its short-term rate by 0.25% from near zero for the first time since the pandemic was declared two years ago. Larger increases of 0.50% in May and 0.75% in both June and July 2022 followed, bringing the target fed funds rate to a range of 2.25% to 2.50%. Additional rate hikes are expected in the remainder of this year, although Fed officials will closely monitor inflation data along with other economic measures and modify their rate setting policy based upon these factors. U.S. gross domestic product growth has now contracted for two consecutive quarters, according to preliminary government estimates, as consumer and business activity has slowed in part due to higher prices and borrowing costs. However, the still strong labor market suggests not all areas of the economy are weakening.
In the meantime, while markets will likely continue fluctuating with the daily headlines, we encourage investors to keep a long-term perspective. To learn more about how well your portfolio is aligned to your time horizon, risk tolerance and investment goals, consider reviewing it with your financial professional.
On behalf of the other members of the Nuveen Fund Board, I look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
Terence J. Toth
Chair of the Board
August 22, 2022
4
For Shareholders of
Nuveen Multi-Asset Income Fund (NMAI)
Portfolio Manager Commentaries in Semiannual Shareholder Reports
The Fund includes portfolio manager commentary in its annual shareholder reports. For the Fund’s most recent annual portfolio manager discussion, please refer to the Portfolio Managers’ Comments section of the Fund’s December 31, 2021 annual shareholder report.
For current information on your Fund’s investment objectives, portfolio management team and average annual total returns please refer to the Fund’s website at www.nuveen.com.
For changes that occurred to your Fund both during and subsequent to this reporting period, please refer to the Notes to Financial Statements section 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
IMPACT OF THE FUND’S LEVERAGE STRATEGY ON PERFORMANCE
One important factor impacting the returns of the Fund’s common shares relative to its comparative benchmarks was the Fund’s use of leverage through the use of bank borrowings, mortgage dollars rolls and reverse repurchase agreemants. The Fund uses 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 Fund’s 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 bonds 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 tax-exempt 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 Fund’s use of leverage significantly detracted from relative performance during this reporting period.
As of June 30, 2022 the Fund’s percentages of leverage are as shown in the accompanying table.
| NMAI | ||||
Effective Leverage* | 35.27 | % | ||
Regulatory Leverage* | 28.14 | % | ||
| * | Effective leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of reverse repurchase agreements, certain derivative and other investments in the Fund’s portfolio that increase the Fund’s investment exposure. Regulatory leverage consists of preferred shares issued or borrowings of the Fund. Both of these are part of a Fund’s capital structure. The 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 the Fund’s effective leverage ratio. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940. |
THE FUND’S REGULATORY LEVERAGE
Bank Borrowings
As noted previously, the Fund employs leverage through the use of bank borrowings. The Fund’s bank borrowing activities are as shown in the accompanying table.
| Current Reporting Period | Subsequent to the Close of the Reporting Period | |||||||||||||||||||||||||||||||||
Outstanding January 1, 2022 | Draws | Paydowns | Outstanding Balance as of June 30, 2022 | Average Balance Outstanding | Draws | Paydowns | Outstanding Balance as of August 22, 2022 | |||||||||||||||||||||||||||
| $178,550,000 | $64,120,000 | $(43,969,000) | $198,701,000 | $200,306,873 | | $5,000,000 | | $(6,800,000) | | $196,901,000 | | |||||||||||||||||||||||
Refer to Notes to Financial Statements, Note 8 – Fund Leverage for further details.
6
Reverse Repurchase Agreements
As noted previously, the Fund use reverse repurchase agreements, in which the Fund sells to a counterparty a security that it holds with a contemporaneous agreement to repurchase the same security at an agreed-upon price and date. The Fund’s transactions in reverse repurchase agreements are as shown in the accompanying table.
| Current Reporting Period | Subsequent to the Close of the Reporting Period | |||||||||||||||||||||||||||||||||
| Outstanding Balance as of January 1, 2022 | Sales | Purchases | Outstanding Balance as of June 30, 2022 | Average Balance Outstanding | Sales | Purchases | Outstanding Balance as of August 22, 2022 | |||||||||||||||||||||||||||
| $ — | $44,128,750 | $ — | $44,128,750 | $40,699,812 | $15,765,000 | $ — | $59,893,750 | |||||||||||||||||||||||||||
Refer to Notes to Financial Statements, Note 8 – Fund Leverage for further details.
7
DISTRIBUTION INFORMATION
The following information regarding the Fund’s distributions is current as of May 31, 2022, the date of the distribution data included within the Fund’s most recent distribution notice at the time this report was prepared. The Fund’s distribution levels may vary over time based on the Fund’s investment activities and portfolio investment value changes.
This notice provides shareholders with information regarding fund distributions, as required by current securities laws. You should not draw any conclusions about the Fund’s investment performance from the amount of the distribution or from the terms of the Fund’s Managed Distribution Policy.
The following table provides estimates of the Fund’s distribution sources, reflecting year-to-date cumulative experience through the month-end prior to the latest distribution. The Fund attributes these estimates equally to each regular distribution throughout the year. Consequently, the estimated information as of the specified month-end 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 Fund’s distributions and the basis for these estimates are available on www.nuveen.com/cef.
Data as of May 31, 2022
| Per Share Sources of Distribution | Percentage of the Distribution | |||||||||||||||||||||||||||||||||||
| Fund | Per Share Distribution | Net Investment Income | Long-Term Gains | Short-Term Gains | Return of Capital | Net Investment Income | Long-Term Gains | Short-Term Gains | Return of Capital | |||||||||||||||||||||||||||
NMAI (FYE 12/31) | $ | 0.7000 | $ | 0.2687 | $ | 0.4313 | $ | 0.0000 | $ | 0.0000 | 38.40 | % | 61.60 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||
The following table provides information regarding 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.
| Annualized | Cumulative | |||||||||||||||||||||||||||||||||||
| Fund | Inception Date | Latest Monthly Distribution | Fiscal YTD Distribution | Net Asset Value (NAV) | Since Inception Return on NAV | Fiscal YTD Distribution Rate on NAV | Fiscal YTD Return on NAV | Fiscal YTD Distribution Rate on NAV | ||||||||||||||||||||||||||||
NMAI (FYE 12/31) | Nov 21 | $ | 0.3500 | $ | 0.7000 | $ | 17.13 | $ | (11.21 | ) | $ | 8.17 | $ | (12.87 | ) | $ | 4.09 | |||||||||||||||||||
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 Nuveen’s 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).
OTHER COMMON SHARE INFORMATION
As of June 30, 2022, the Fund’s common share price was trading at a premium/(discount) to its common share NAV and trading at an average premium/(discount) to NAV during the current reporting period, as follows:
| NMAI | ||||
Common share NAV | $ | 15.17 | ||
Common share price | $ | 13.20 | ||
Premium/(Discount) to NAV | (12.99 | )% | ||
Average premium/(discount) to NAV | (11.68 | )% | ||
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| NMAI | Nuveen Multi-Asset Income Fund Performance Overview and Holding Summaries as of June 30, 2022 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Cumulative Total Returns as of June 30, 2022*
| Cumulative | ||||||||
| 6-Month | Since Inception | |||||||
| NMAI at Common Share NAV | (21.06)% | (19.56)% | ||||||
| NMAI at Common Share Price | (25.77)% | (29.45)% | ||||||
| S&P 500 Index | (19.96)% | (18.67)% | ||||||
| NMAI Blended Benchmark | (17.10)% | (16.66)% | ||||||
| * | For purposes of Fund performance, relative results are measured against the NMAI Blended Benchmark. NMAI Blended Benchmark consists of: 1) 50% MSCI ACWI Index (Net) and 2) 50% Bloomberg U.S. Corporate High Yield Bond Index. |
Since inception returns are from 11/22/21. Performance data shown represents past performance and does not predict or guarantee 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 Fund’s shares at NAV only. Indexes are not available for direct investment.
Daily Common Share NAV and Share Price
| 1 | The Fund commenced operations on November 22, 2021 following the reorganizations of Nuveen Diversified Dividend and Income Fund (JDD), Nuveen Tax-Advantaged Total Return Strategy Fund (JTA), and Nuveen Tax-Advantaged Dividend Growth Fund (JTD) into the Fund. The Fund was the accounting and performance survivor of the reorganization. Accordingly, its performance history commenced on November 22, 2021. |
10
This data relates to the securities held in the Fund’s 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.
The Fund uses credit quality ratings for its portfolio securities provided by Standard & Poor’s Group, Moody’s Investors Service, Inc. and Fitch, Inc. If all three provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. 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 | 60.6% | |||
| Variable Rate Senior Loan Interests | 18.1% | |||
| Asset-Backed and Mortgage-Backed Securities | 17.8% | |||
| REIT Common Stocks | 17.4% | |||
| $1,000 Par (or similar) Institutional Preferred | 10.3% | |||
| Emerging Market Debt and Foreign Corporate Bonds | 8.9% | |||
| Contingent Capital Securities | 7.7% | |||
| $25 Par (or similar) Retail Preferred | 4.3% | |||
| Corporate Bonds | 3.8% | |||
| Investment Companies | 3.4% | |||
| Warrants | 0.1% | |||
| Repurchase Agreements | 1.6% | |||
| Other Assets Less Liabilities | (6.1)% | |||
Net Assets Plus Borrowings and Reverse Repurchase Agreements | 147.9% | |||
| Borrowings | (39.2)% | |||
| Reverse Repurchase Agreements | (8.7)% | |||
Net Assets | 100% |
Portfolio Credit Quality
(% of total fixed-income investments)
| AAA | 7.0% | |||
| AA | 2.2% | |||
| A | 1.0% | |||
| BBB | 29.2% | |||
| BB or Lower | 43.6% | |||
| N/R | 17.0% | |||
Total | 100% |
Portfolio Composition1
(% of total investments)
| Asset-Backed and Mortgage-Backed Securities | 11.5% | |||
| Real Estate Investment Trust Common Stocks | 11.3% | |||
| Banks | 9.8% | |||
| Emerging Market Debt and Foreign Corporate Bonds | 5.8% | |||
| Oil, Gas & Consumable Fuels | 5.0% | |||
| Pharmaceuticals | 3.1% | |||
| Insurance | 3.1% | |||
| Capital Markets | 2.8% | |||
| Software | 2.5% | |||
| Hotels, Restaurants & Leisure | 2.5% | |||
| Health Care Providers & Services | 2.4% | |||
| Semiconductors & Semiconductor Equipment | 2.1% | |||
| Electric Utilities | 1.9% | |||
| Media | 1.7% | |||
| Transportation Infrastructure | 1.7% | |||
| Interactive Media & Services | 1.6% | |||
| Internet & Direct Marketing Retail | 1.5% | |||
| Multi-Utilities | 1.3% | |||
| Beverages | 1.3% | |||
| Technology Hardware, Storage & Peripherals | 1.1% | |||
| Automobiles | 1.0% | |||
| IT Services | 0.9% | |||
| Food Products | 0.9% | |||
| Other | 20.0% | |||
| Investment Companies | 2.2% | |||
| Repurchase Agreements | 1.0% | |||
Total | 100% |
Top Five Issuers
(% of total investments)
| Fannie Mae Pool | 6.9% | |||
| Vanguard Short-Term Bond ETF | 1.7% | |||
| Ginnie Mae II Pool | 1.6% | |||
| Freddie Mac Pool | 1.2% | |||
| American Tower Corp | 1.0% |
Country Allocation2
(% of total investments)
| United States | 61.4% | |||
| United Kingdom | 4.6% | |||
| China | 3.0% | |||
| Japan | 2.9% | |||
| France | 2.7% | |||
| Switzerland | 2.1% | |||
| Netherlands | 2.0% | |||
| Germany | 1.9% | |||
| Canada | 1.9% | |||
| Brazil | 1.7% | |||
| Australia | 1.5% | |||
| Other | 14.3% | |||
Total | 100% |
| 1 | See the Portfolio of Investments for the remaining industries comprising “Other” and not listed in the Portfolio Composition above. |
| 2 | Includes 14.3% (as a percentage of total investments) in emerging market countries. |
11
The annual meeting of shareholders was held on April 8, 2022 for NMAI. 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.
| NMAI | ||||
| Common Shares | ||||
Approval of the Board Members was reached as follows: | ||||
William C. Hunter | ||||
For | 25,588,094 | |||
Withhold | 1,572,650 | |||
Total | 27,160,744 | |||
Judith M. Stockdale | ||||
For | 25,425,997 | |||
Withhold | 1,734,747 | |||
Total | 27,160,744 | |||
Carole E. Stone | ||||
For | 25,481,855 | |||
Withhold | 1,678,889 | |||
Total | 27,160,744 | |||
Margaret L. Wolff | ||||
For | 25,530,628 | |||
Withhold | 1,630,116 | |||
Total | 27,160,744 | |||
12
| NMAI | Nuveen Multi-Asset Income Fund
| |
| (Unaudited) |
| Shares | Description (1) | Value | ||||||||||||||||||||||||||||||
LONG-TERM INVESTMENTS – 152.5% (99.0% of Total Investments) | ||||||||||||||||||||||||||||||||
COMMON STOCKS – 60.6% (39.4% of Total Investments) | ||||||||||||||||||||||||||||||||
| Aerospace & Defense – 0.8% | ||||||||||||||||||||||||||||||||
| 30,867 | Airbus SE, (2) | $ | 3,019,097 | |||||||||||||||||||||||||||||
| 1,036 | Boeing Co | 141,642 | ||||||||||||||||||||||||||||||
| 6,987 | Raytheon Technologies Corp, (18) | 671,520 | ||||||||||||||||||||||||||||||
Total Aerospace & Defense | 3,832,259 | |||||||||||||||||||||||||||||||
| Air Freight & Logistics – 0.2% | ||||||||||||||||||||||||||||||||
| 20,432 | Deutsche Post AG, (2) | 771,433 | ||||||||||||||||||||||||||||||
| 904 | United Parcel Service Inc | 165,016 | ||||||||||||||||||||||||||||||
Total Air Freight & Logistics | 936,449 | |||||||||||||||||||||||||||||||
| Auto Components – 0.1% | ||||||||||||||||||||||||||||||||
| 31,568 | Valeo, (2) |
| 615,133 | |||||||||||||||||||||||||||||
| Automobiles – 1.1% | ||||||||||||||||||||||||||||||||
| 2,552,200 | Astra International Tbk PT, (2) | 1,137,430 | ||||||||||||||||||||||||||||||
| 677 | Tesla Inc, (18) | 455,905 | ||||||||||||||||||||||||||||||
| 202,000 | Toyota Motor Corp, (2) | 3,116,719 | ||||||||||||||||||||||||||||||
| 6,129 | Volkswagen AG, (2) | 825,207 | ||||||||||||||||||||||||||||||
Total Automobiles | 5,535,261 | |||||||||||||||||||||||||||||||
| Banks – 3.9% | ||||||||||||||||||||||||||||||||
| 287,076 | Banco Bilbao Vizcaya Argentaria SA, (2) | 1,304,065 | ||||||||||||||||||||||||||||||
| 14,403 | Bancolombia SA | 444,045 | ||||||||||||||||||||||||||||||
| 21,190 | Bank of America Corp, (18) | 659,645 | ||||||||||||||||||||||||||||||
| 2,427,000 | Bank of China Ltd, (2) | 969,759 | ||||||||||||||||||||||||||||||
| 502,387 | Barclays PLC, (2) | 939,442 | ||||||||||||||||||||||||||||||
| 91,000 | China Merchants Bank Co Ltd, (2) | 614,652 | ||||||||||||||||||||||||||||||
| 23,036 | Commonwealth Bank of Australia, (2) | 1,439,209 | ||||||||||||||||||||||||||||||
| 5,803 | Credicorp Ltd, (18) | 695,838 | ||||||||||||||||||||||||||||||
| 23,725 | HDFC Bank Ltd | 1,303,926 | ||||||||||||||||||||||||||||||
| 118,155 | HSBC Holdings PLC, (2) | 771,850 | ||||||||||||||||||||||||||||||
| 160,907 | ING Groep NV, (2) | 1,585,191 | ||||||||||||||||||||||||||||||
| 21,027 | JPMorgan Chase & Co | 2,367,850 | ||||||||||||||||||||||||||||||
| 23,944 | KB Financial Group Inc | 890,717 | ||||||||||||||||||||||||||||||
| 110,261 | Nordea Bank Abp, (2) | 975,050 | ||||||||||||||||||||||||||||||
| 2,396 | PNC Financial Services Group Inc, (18) | 378,017 | ||||||||||||||||||||||||||||||
| 20,012 | Shinhan Financial Group Co Ltd, (2) | 573,833 | ||||||||||||||||||||||||||||||
| 47,800 | Sumitomo Mitsui Financial Group Inc, (2) | 1,420,860 | ||||||||||||||||||||||||||||||
| 6,909 | US Bancorp | 317,952 | ||||||||||||||||||||||||||||||
| 48,482 | Wells Fargo & Co, (18) | 1,899,040 | ||||||||||||||||||||||||||||||
Total Banks | 19,550,941 | |||||||||||||||||||||||||||||||
| Beverages – 1.7% | ||||||||||||||||||||||||||||||||
| 19,723 | Coca-Cola Co, (18) | 1,240,774 | ||||||||||||||||||||||||||||||
| 76,574 | Diageo PLC, (2) | 3,307,438 | ||||||||||||||||||||||||||||||
| 27,115 | Fomento Economico Mexicano SAB de CV, (18) | 1,829,992 | ||||||||||||||||||||||||||||||
| 10,395 | Heineken NV, (2) | 946,169 | ||||||||||||||||||||||||||||||
| 13,975 | Keurig Dr Pepper Inc | 494,575 | ||||||||||||||||||||||||||||||
| 7,888 | Monster Beverage Corp, (18) | 731,218 | ||||||||||||||||||||||||||||||
| 1,155 | PepsiCo Inc | 192,492 | ||||||||||||||||||||||||||||||
Total Beverages | 8,742,658 | |||||||||||||||||||||||||||||||
| Biotechnology – 0.6% | ||||||||||||||||||||||||||||||||
| 12,305 | AbbVie Inc | 1,884,634 | ||||||||||||||||||||||||||||||
| 6,463 | Seagen Inc, (18) | 1,143,563 | ||||||||||||||||||||||||||||||
Total Biotechnology | 3,028,197 | |||||||||||||||||||||||||||||||
13
| NMAI | Nuveen Multi-Asset Income Fund (continued) | |
| Portfolio of Investments June 30, 2022 | ||
| (Unaudited) | ||
| Shares | Description (1) | Value | ||||||||||||||||||||
| Building Products – 0.6% | ||||||||||||||||||||||
| 1,132 | Allegion plc | $ | 110,823 | |||||||||||||||||||
| 28,211 | Cie de Saint-Gobain, (2) | 1,218,976 | ||||||||||||||||||||
| 6,300 | Daikin Industries Ltd, (2) | 1,011,522 | ||||||||||||||||||||
| 4,705 | Masco Corp, (18) | 238,073 | ||||||||||||||||||||
| 2,119 | Trane Technologies PLC | 275,194 | ||||||||||||||||||||
Total Building Products | 2,854,588 | |||||||||||||||||||||
| Capital Markets – 1.1% | ||||||||||||||||||||||
| 427 | BlackRock Inc, (18) | 260,060 | ||||||||||||||||||||
| 6,302 | Charles Schwab Corp, (18) | 398,160 | ||||||||||||||||||||
| 3,470 | Goldman Sachs Group Inc, (18) | 1,030,659 | ||||||||||||||||||||
| 31,900 | Hong Kong Exchanges & Clearing Ltd, (2) | 1,577,654 | ||||||||||||||||||||
| 11,808 | Morgan Stanley, (18) | 898,117 | ||||||||||||||||||||
| 37,200 | SBI Holdings Inc/Japan, (2) | 726,874 | ||||||||||||||||||||
| 32,467 | XP Inc | 583,107 | ||||||||||||||||||||
Total Capital Markets | 5,474,631 | |||||||||||||||||||||
| Chemicals – 1.1% | ||||||||||||||||||||||
| 10,594 | Dow Inc, (18) | 546,756 | ||||||||||||||||||||
| 3,919 | DuPont de Nemours Inc, (18) | 217,818 | ||||||||||||||||||||
| 8,380 | International Flavors & Fragrances Inc | 998,226 | ||||||||||||||||||||
| 2,110 | Linde PLC, (18) | 606,688 | ||||||||||||||||||||
| 10,180 | Linde PLC, (2) | 2,928,789 | ||||||||||||||||||||
| 2,091 | PPG Industries Inc, (18) | 239,085 | ||||||||||||||||||||
Total Chemicals | 5,537,362 | |||||||||||||||||||||
| Commercial Services & Supplies – 0.7% | ||||||||||||||||||||||
| 2,478 | Casella Waste Systems Inc | 180,101 | ||||||||||||||||||||
| 137,608 | Cleanaway Waste Management Ltd, (2) | 239,532 | ||||||||||||||||||||
| 3,728 | GFL Environmental Inc, (18) | 96,182 | ||||||||||||||||||||
| 5,569 | Republic Services Inc | 728,815 | ||||||||||||||||||||
| 13,108 | Waste Connections Inc, (18) | 1,624,868 | ||||||||||||||||||||
| 3,748 | Waste Management Inc | 573,369 | ||||||||||||||||||||
Total Commercial Services & Supplies | 3,442,867 | |||||||||||||||||||||
| Communications Equipment – 0.3% | ||||||||||||||||||||||
| 35,993 | Cisco Systems Inc | 1,534,741 | ||||||||||||||||||||
| 1,213 | Motorola Solutions Inc | 254,245 | ||||||||||||||||||||
Total Communications Equipment | 1,788,986 | |||||||||||||||||||||
| Construction & Engineering – 0.7% | ||||||||||||||||||||||
| 4,844 | Eiffage SA, (2) | 438,188 | ||||||||||||||||||||
| 39,150 | Ferrovial SA, (2) | 996,123 | ||||||||||||||||||||
| 22,731 | Vinci SA, (2) | 2,040,367 | ||||||||||||||||||||
Total Construction & Engineering | 3,474,678 | |||||||||||||||||||||
| Construction Materials – 0.5% | ||||||||||||||||||||||
| 47,879 | CRH PLC, (2) | 1,652,247 | ||||||||||||||||||||
| 21,641 | HeidelbergCement AG, (2) | 1,044,855 | ||||||||||||||||||||
Total Construction Materials | 2,697,102 | |||||||||||||||||||||
| Consumer Finance – 0.1% | ||||||||||||||||||||||
| 4,264 | American Express Co | 591,076 | ||||||||||||||||||||
| Containers & Packaging – 0.3% | ||||||||||||||||||||||
| 1,627 | Ball Corp | 111,889 | ||||||||||||||||||||
| 14,012 | Crown Holdings Inc, (18) | 1,291,486 | ||||||||||||||||||||
| 922 | Packaging Corp of America | 126,775 | ||||||||||||||||||||
Total Containers & Packaging | 1,530,150 | |||||||||||||||||||||
14
| Shares | Description (1) | Value | ||||||||||||||||||||
| Diversified Financial Services – 0.3% | ||||||||||||||||||||||
| 1,790 | Berkshire Hathaway Inc, (18) | $ | 488,706 | |||||||||||||||||||
| 48,300 | ORIX Corp, (2) | 809,500 | ||||||||||||||||||||
Total Diversified Financial Services | 1,298,206 | |||||||||||||||||||||
| Diversified Telecommunication Services – 0.5% | ||||||||||||||||||||||
| 22,254 | Cellnex Telecom SA, 144A, (2) | 866,085 | ||||||||||||||||||||
| 74,500 | HKBN Ltd | 84,594 | ||||||||||||||||||||
| 11,544 | IHS Holding Ltd, (18) | 120,519 | ||||||||||||||||||||
| 44,940 | Infrastrutture Wireless Italiane SpA, 144A, (2) | 456,873 | ||||||||||||||||||||
| 318,709 | Koninklijke KPN NV, (2) | 1,134,008 | ||||||||||||||||||||
| 83,200 | NetLink NBN Trust | 58,090 | ||||||||||||||||||||
| 3,864 | Radius Global Infrastructure Inc | 58,965 | ||||||||||||||||||||
Total Diversified Telecommunication Services | 2,779,134 | |||||||||||||||||||||
| Electric Utilities – 2.5% | ||||||||||||||||||||||
| 4,779 | Alliant Energy Corp | 280,097 | ||||||||||||||||||||
| 3,083 | American Electric Power Co Inc, (18) | 295,783 | ||||||||||||||||||||
| 43,000 | CK Infrastructure Holdings Ltd, (2) | 264,146 | ||||||||||||||||||||
| 10,282 | EDP – Energias de Portugal SA, (2) | 47,918 | ||||||||||||||||||||
| 660 | Elia Group SA, (2) | 93,734 | ||||||||||||||||||||
| 291,447 | Enel SpA, (2) | 1,598,360 | ||||||||||||||||||||
| 5,217 | Entergy Corp, (18) | 587,643 | ||||||||||||||||||||
| 51,500 | Equatorial Energia SA | 224,758 | ||||||||||||||||||||
| 5,461 | Eversource Energy, (18) | 461,291 | ||||||||||||||||||||
| 29,471 | Exelon Corp, (18) | 1,335,626 | ||||||||||||||||||||
| 14,677 | FirstEnergy Corp, (18) | 563,450 | ||||||||||||||||||||
| 72,696 | Iberdrola SA, (2) | 756,867 | ||||||||||||||||||||
| 45,853 | NextEra Energy Inc, (18) | 3,551,773 | ||||||||||||||||||||
| 2,070 | Orsted AS, 144A, (2) | 218,020 | ||||||||||||||||||||
| 820 | Southern Co | 58,474 | ||||||||||||||||||||
| 4,273 | SSE PLC, (2) | 84,329 | ||||||||||||||||||||
| 90,592 | Terna – Rete Elettrica Nazionale, (2) | 712,255 | ||||||||||||||||||||
| 19,671 | Xcel Energy Inc | 1,391,920 | ||||||||||||||||||||
Total Electric Utilities | 12,526,444 | |||||||||||||||||||||
| Electrical Equipment – 0.1% | ||||||||||||||||||||||
| 3,636 | Eaton Corp PLC, (18) | 458,100 | ||||||||||||||||||||
| 1,784 | Schneider Electric SE, (2) | 212,573 | ||||||||||||||||||||
Total Electrical Equipment | 670,673 | |||||||||||||||||||||
| Electronic Equipment, Instruments & Components – 0.3% | ||||||||||||||||||||||
| 2,200 | Keyence Corp, (2) | 754,464 | ||||||||||||||||||||
| 1,191 | Samsung SDI Co Ltd, (2) | 491,150 | ||||||||||||||||||||
| 3,530 | TE Connectivity Ltd, (18) | 399,420 | ||||||||||||||||||||
Total Electronic Equipment, Instruments & Components | 1,645,034 | |||||||||||||||||||||
| Energy Equipment & Services – 0.2% | ||||||||||||||||||||||
| 7,238 | Fieldwood Energy LLC, (2) | 861,322 | ||||||||||||||||||||
| 7,368 | Transocean Ltd | 24,535 | ||||||||||||||||||||
Total Energy Equipment & Services | 885,857 | |||||||||||||||||||||
| Entertainment – 0.9% | ||||||||||||||||||||||
| 168,937 | HUYA Inc | 655,476 | ||||||||||||||||||||
| 4,198 | Metro-Goldwyn-Mayer Inc, (2) | 18,051 | ||||||||||||||||||||
| 4,331 | Nintendo Co Ltd, (2) | 1,862,574 | ||||||||||||||||||||
| 56,226 | Universal Music Group NV, (2) | 1,126,545 | ||||||||||||||||||||
| 10,698 | Walt Disney Co, (18) | 1,009,891 | ||||||||||||||||||||
Total Entertainment | 4,672,537 | |||||||||||||||||||||
| Food & Staples Retailing – 1.0% | ||||||||||||||||||||||
| 2,678 | Costco Wholesale Corp, (18) | 1,283,512 | ||||||||||||||||||||
| 411,500 | CP ALL PCL, (2) | 699,086 | ||||||||||||||||||||
| 541,038 | Tesco PLC, (2) | 1,686,200 | ||||||||||||||||||||
| 10,732 | Walmart Inc, (18) | 1,304,796 | ||||||||||||||||||||
Total Food & Staples Retailing | 4,973,594 | |||||||||||||||||||||
15
| NMAI | Nuveen Multi-Asset Income Fund (continued) | |
| Portfolio of Investments June 30, 2022 | ||
| (Unaudited) | ||
| Shares | Description (1) | Value | ||||||||||||||||||||||||||||||
| Food Products – 0.4% | ||||||||||||||||||||||||||||||||
| 7,344 | Mondelez International Inc | $ | 455,989 | |||||||||||||||||||||||||||||
| 8,858 | Nestle SA, (2) | 1,035,258 | ||||||||||||||||||||||||||||||
| 829,000 | WH Group Ltd, 144A, (2) | 641,634 | ||||||||||||||||||||||||||||||
Total Food Products | 2,132,881 | |||||||||||||||||||||||||||||||
| Gas Utilities – 0.2% | ||||||||||||||||||||||||||||||||
| 13,958 | AltaGas Ltd | 294,515 | ||||||||||||||||||||||||||||||
| 43,196 | APA Group, (2) | 336,400 | ||||||||||||||||||||||||||||||
| 59,329 | Snam SpA, (2) | 311,262 | ||||||||||||||||||||||||||||||
Total Gas Utilities | 942,177 | |||||||||||||||||||||||||||||||
| Health Care Equipment & Supplies – 0.8% | ||||||||||||||||||||||||||||||||
| 14,370 | Abbott Laboratories | 1,561,301 | ||||||||||||||||||||||||||||||
| 2,905 | Baxter International Inc | 186,588 | ||||||||||||||||||||||||||||||
| 17,422 | Boston Scientific Corp, (18) | 649,318 | ||||||||||||||||||||||||||||||
| 15,252 | Medtronic PLC | 1,368,867 | ||||||||||||||||||||||||||||||
| 1,224 | Zimmer Biomet Holdings Inc | 128,593 | ||||||||||||||||||||||||||||||
Total Health Care Equipment & Supplies | 3,894,667 | |||||||||||||||||||||||||||||||
| Health Care Providers & Services – 0.7% | ||||||||||||||||||||||||||||||||
| 1,746 | Cigna Corp, (18) | 460,106 | ||||||||||||||||||||||||||||||
| 1,652 | Elevance Health Inc, (18) | 797,222 | ||||||||||||||||||||||||||||||
| 1,369 | HCA Inc | 230,074 | ||||||||||||||||||||||||||||||
| 12,280 | Millennium Health LLC, (3), (4) | 1,793 | ||||||||||||||||||||||||||||||
| 11,534 | Millennium Health LLC, (3), (4) | 530 | ||||||||||||||||||||||||||||||
| 4,050 | UnitedHealth Group Inc | 2,080,202 | ||||||||||||||||||||||||||||||
Total Health Care Providers & Services | 3,569,927 | |||||||||||||||||||||||||||||||
| Hotels, Restaurants & Leisure – 1.6% | ||||||||||||||||||||||||||||||||
| 83,128 | 24 Hour Fitness Worldwide Inc, (2) | 83,128 | ||||||||||||||||||||||||||||||
| 174,789 | 24 Hour Fitness Worldwide Inc, (2) | 65,895 | ||||||||||||||||||||||||||||||
| 458,283 | Arcos Dorados Holdings Inc | 3,088,827 | ||||||||||||||||||||||||||||||
| 92 | Booking Holdings Inc | 160,907 | ||||||||||||||||||||||||||||||
| 3,029 | Hilton Worldwide Holdings Inc, (18) | 337,552 | ||||||||||||||||||||||||||||||
| 7,186 | McDonald’s Corp, (18) | 1,774,080 | ||||||||||||||||||||||||||||||
| 131,280 | Melco Resorts & Entertainment Ltd | 754,860 | ||||||||||||||||||||||||||||||
| 342,000 | Sands China Ltd, (2) | 822,749 | ||||||||||||||||||||||||||||||
| 1,444,800 | Wynn Macau Ltd, (2) | 984,451 | ||||||||||||||||||||||||||||||
Hotels, Restaurants & Leisure | 8,072,449 | |||||||||||||||||||||||||||||||
| Household Durables – 0.9% | ||||||||||||||||||||||||||||||||
| 8,389 | LG Electronics Inc, (2) | 572,098 | ||||||||||||||||||||||||||||||
| 58 | NVR Inc | 232,240 | ||||||||||||||||||||||||||||||
| 48,500 | Sony Group Corp, (2) | 3,955,502 | ||||||||||||||||||||||||||||||
Total Household Durables | 4,759,840 | |||||||||||||||||||||||||||||||
| Household Products – 0.5% | ||||||||||||||||||||||||||||||||
| 9,767 | Procter & Gamble Co, (18) | 1,404,397 | ||||||||||||||||||||||||||||||
| 16,257 | Reckitt Benckiser Group PLC, (2) | 1,222,726 | ||||||||||||||||||||||||||||||
Total Household Products | 2,627,123 | |||||||||||||||||||||||||||||||
| Independent Power & Renewable Electricity Producers – 0.7% | ||||||||||||||||||||||||||||||||
| 8,358 | Brookfield Renewable Corp | 297,628 | ||||||||||||||||||||||||||||||
| 11,251 | Clearway Energy Inc, (18) | 391,985 | ||||||||||||||||||||||||||||||
| 37,856 | Meridian Energy Ltd, (2) | 110,469 | ||||||||||||||||||||||||||||||
| 7,860 | NextEra Energy Partners LP, (18) | 582,898 | ||||||||||||||||||||||||||||||
| 60,807 | RWE AG, (2) | 2,249,010 | ||||||||||||||||||||||||||||||
Total Independent Power & Renewable Electricity Producers | 3,631,990 | |||||||||||||||||||||||||||||||
16
| Shares | Description (1) | Value | ||||||||||||||||||||||||||||
| Industrial Conglomerates – 1.2% | ||||||||||||||||||||||||||||||
| 64,400 | Hitachi Ltd, (2) | $ | 3,063,510 | |||||||||||||||||||||||||||
| 7,179 | Honeywell International Inc, (18) | 1,247,782 | ||||||||||||||||||||||||||||
| 16,909 | Siemens AG, (2) | 1,738,186 | ||||||||||||||||||||||||||||
Total Industrial Conglomerates | 6,049,478 | |||||||||||||||||||||||||||||
| Insurance – 1.1% | ||||||||||||||||||||||||||||||
| 7,818 | American International Group Inc | 399,735 | ||||||||||||||||||||||||||||
| 496,000 | China Life Insurance Co Ltd, (2) | 865,888 | ||||||||||||||||||||||||||||
| 3,876 | Chubb Ltd | 761,944 | ||||||||||||||||||||||||||||
| 3,495 | Marsh & McLennan Cos Inc, (18) | 542,599 | ||||||||||||||||||||||||||||
| 4,418 | MetLife Inc | 277,406 | ||||||||||||||||||||||||||||
| 204,500 | Ping An Insurance Group Co of China Ltd, (2) | 1,407,623 | ||||||||||||||||||||||||||||
| 2,823 | Zurich Insurance Group AG, (2) | 1,231,035 | ||||||||||||||||||||||||||||
Total Insurance | 5,486,230 | |||||||||||||||||||||||||||||
| Interactive Media & Services – 2.3% | ||||||||||||||||||||||||||||||
| 209 | Alphabet Inc | 457,177 | ||||||||||||||||||||||||||||
| 623 | Alphabet Inc, (18) | 1,357,679 | ||||||||||||||||||||||||||||
| 30,581 | Baidu Inc | 4,548,312 | ||||||||||||||||||||||||||||
| 4,094 | Meta Platforms Inc, (18) | 660,158 | ||||||||||||||||||||||||||||
| 5,207 | NAVER Corp, (2) | 971,244 | ||||||||||||||||||||||||||||
| 84,700 | Tencent Holdings Ltd, (2) | 3,833,956 | ||||||||||||||||||||||||||||
Total Interactive Media & Services | 11,828,526 | |||||||||||||||||||||||||||||
| Internet & Direct Marketing Retail – 2.2% | ||||||||||||||||||||||||||||||
| 280,200 | Alibaba Group Holding Ltd, (2) | 3,997,160 | ||||||||||||||||||||||||||||
| 8,060 | Amazon.com Inc, (18) | 856,052 | ||||||||||||||||||||||||||||
| 921,895 | Americanas SA | 2,365,753 | ||||||||||||||||||||||||||||
| 40,996 | Baozun Inc | 448,496 | ||||||||||||||||||||||||||||
| 24,501 | Pinduoduo Inc, (18) | 1,514,162 | ||||||||||||||||||||||||||||
| 186,273 | Vipshop Holdings Ltd, (18) | 1,842,240 | ||||||||||||||||||||||||||||
Total Internet & Direct Marketing Retail | 11,023,863 | |||||||||||||||||||||||||||||
| IT Services – 1.0% | ||||||||||||||||||||||||||||||
| 2,027 | Accenture PLC, (18) | 562,796 | ||||||||||||||||||||||||||||
| 33,000 | Cyxtera Technologies Inc, (18) | 374,220 | ||||||||||||||||||||||||||||
| 2,177 | Fidelity National Information Services Inc | 199,566 | ||||||||||||||||||||||||||||
| 3,313 | Fiserv Inc, (18) | 294,758 | ||||||||||||||||||||||||||||
| 59,300 | Infomart Corp, (2) | 165,601 | ||||||||||||||||||||||||||||
| 694 | Mastercard Inc | 218,943 | ||||||||||||||||||||||||||||
| 101,075 | NEXTDC Ltd, (2) | 743,906 | ||||||||||||||||||||||||||||
| 98,294 | Pagseguro Digital Ltd, (18) | 1,006,531 | ||||||||||||||||||||||||||||
| 89,889 | StoneCo Ltd, (18) | 692,145 | ||||||||||||||||||||||||||||
| 4,756 | Visa Inc, (18) | 936,409 | ||||||||||||||||||||||||||||
Total IT Services | 5,194,875 | |||||||||||||||||||||||||||||
| Life Sciences Tools & Services – 0.4% | ||||||||||||||||||||||||||||||
| 3,449 | Lonza Group AG, (2) | 1,842,239 | ||||||||||||||||||||||||||||
| Machinery – 0.4% | ||||||||||||||||||||||||||||||
| 4,819 | Caterpillar Inc, (18) | 861,444 | ||||||||||||||||||||||||||||
| 958 | Deere & Co | 286,892 | ||||||||||||||||||||||||||||
| 2,264 | Dover Corp, (18) | 274,669 | ||||||||||||||||||||||||||||
| 8,743 | Evoqua Water Technologies Corp, (18) | 284,235 | ||||||||||||||||||||||||||||
| 1,333 | Parker-Hannifin Corp, (18) | 327,985 | ||||||||||||||||||||||||||||
Total Machinery | 2,035,225 | |||||||||||||||||||||||||||||
| Media – 0.6% | ||||||||||||||||||||||||||||||
| 472 | Charter Communications Inc, (18) | 221,146 | ||||||||||||||||||||||||||||
| 20,833 | Comcast Corp | 817,487 | ||||||||||||||||||||||||||||
| 270,000 | Converge Information and Communications Technology Solutions Inc, (2) | 104,069 | ||||||||||||||||||||||||||||
| 2 | Cumulus Media Inc | 16 | ||||||||||||||||||||||||||||
17
| NMAI | Nuveen Multi-Asset Income Fund (continued) | |
| Portfolio of Investments June 30, 2022 | ||
| (Unaudited) | ||
| Shares | Description (1) | Value | ||||||||||||||||||||||||||||
| Media (continued) | ||||||||||||||||||||||||||||||
| 145,216 | Grupo Televisa SAB, (18) | $ | 1,187,867 | |||||||||||||||||||||||||||
| 655,185 | Hibu plc, (2) | 3,276 | ||||||||||||||||||||||||||||
| 159,316 | iClick Interactive Asia Group Ltd | 107,044 | ||||||||||||||||||||||||||||
| 6,370 | Tribune Co, (2) | 64 | ||||||||||||||||||||||||||||
| 72,521 | Vivendi SE, (2) | 740,069 | ||||||||||||||||||||||||||||
Total Media | 3,181,038 | |||||||||||||||||||||||||||||
| Metals & Mining – 1.3% | ||||||||||||||||||||||||||||||
| 37,206 | AngloGold Ashanti Ltd | 550,277 | ||||||||||||||||||||||||||||
| 40,648 | BHP Group Ltd, (2) | 1,163,899 | ||||||||||||||||||||||||||||
| 43,360 | Freeport-McMoRan Inc | 1,268,714 | ||||||||||||||||||||||||||||
| 354,303 | Glencore PLC, (2) | 1,919,059 | ||||||||||||||||||||||||||||
| 3,412 | POSCO Holdings Inc, (2) | 608,486 | ||||||||||||||||||||||||||||
| 759 | Reliance Steel & Aluminum Co | 128,924 | ||||||||||||||||||||||||||||
| 16,557 | Rio Tinto PLC, (2) | 989,887 | ||||||||||||||||||||||||||||
Total Metals & Mining | 6,629,246 | |||||||||||||||||||||||||||||
| Multiline Retail – 0.2% | ||||||||||||||||||||||||||||||
| 1 | PEABODYENERGY WTS, (2) | 10 | ||||||||||||||||||||||||||||
| 5,888 | Target Corp, (18) | 831,562 | ||||||||||||||||||||||||||||
Total Multiline Retail | 831,572 | |||||||||||||||||||||||||||||
| Multi-Utilities – 1.5% | ||||||||||||||||||||||||||||||
| 14,110 | Ameren Corp, (18) | 1,274,980 | ||||||||||||||||||||||||||||
| 11,902 | Brookfield Infrastructure Corp, (18) | 505,835 | ||||||||||||||||||||||||||||
| 38,290 | CenterPoint Energy Inc, (18) | 1,132,618 | ||||||||||||||||||||||||||||
| 21,547 | Dominion Energy Inc, (18) | 1,719,666 | ||||||||||||||||||||||||||||
| 9,400 | DTE Energy Co | 1,191,450 | ||||||||||||||||||||||||||||
| 5,395 | E.ON SE, (2) | 45,442 | ||||||||||||||||||||||||||||
| 859 | National Grid PLC ADR | 55,569 | ||||||||||||||||||||||||||||
| 5,047 | NiSource Inc | 148,836 | ||||||||||||||||||||||||||||
| 145,500 | Sembcorp Industries Ltd, (2) | 298,643 | ||||||||||||||||||||||||||||
| 4,866 | Sempra Energy | 731,214 | ||||||||||||||||||||||||||||
| 10,247 | Veolia Environnement SA, (2) | 251,188 | ||||||||||||||||||||||||||||
| 2,636 | WEC Energy Group Inc | 265,287 | ||||||||||||||||||||||||||||
Total Multi-Utilities | 7,620,728 | |||||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 6.7% | ||||||||||||||||||||||||||||||
| 36,719 | Antero Resources Corp, (18) | 1,125,437 | ||||||||||||||||||||||||||||
| 120,819 | BP PLC, (2) | 567,305 | ||||||||||||||||||||||||||||
| 11,082 | Cheniere Energy Inc | 1,474,238 | ||||||||||||||||||||||||||||
| 7,355 | Chevron Corp, (18) | 1,064,857 | ||||||||||||||||||||||||||||
| 7,434 | ConocoPhillips | 667,648 | ||||||||||||||||||||||||||||
| 6,260 | Diamondback Energy Inc, (18) | 758,399 | ||||||||||||||||||||||||||||
| 10,397 | DT Midstream Inc | 509,661 | ||||||||||||||||||||||||||||
| 60,168 | Enbridge Inc, (18) | 2,542,700 | ||||||||||||||||||||||||||||
| 4,888 | Energy Transfer LP | 48,782 | ||||||||||||||||||||||||||||
| 1,286 | Enterprise Products Partners LP, (18) | 31,340 | ||||||||||||||||||||||||||||
| 3,321 | EOG Resources Inc | 366,771 | ||||||||||||||||||||||||||||
| 80,722 | Equinor ASA, (2) | 2,812,789 | ||||||||||||||||||||||||||||
| 23,963 | Exxon Mobil Corp, (18) | 2,052,191 | ||||||||||||||||||||||||||||
| 3,849 | Gibson Energy Inc | 71,287 | ||||||||||||||||||||||||||||
| 11,584 | Keyera Corp | 264,582 | ||||||||||||||||||||||||||||
| 73,860 | Kinder Morgan Inc, (18) | 1,237,894 | ||||||||||||||||||||||||||||
| 8,373 | ONEOK Inc, (18) | 464,701 | ||||||||||||||||||||||||||||
| 5,724 | Pembina Pipeline Corp | 202,332 | ||||||||||||||||||||||||||||
| 95,552 | Petroleo Brasileiro SA | 1,116,047 | ||||||||||||||||||||||||||||
| 1,744 | Phillips 66 | 142,991 | ||||||||||||||||||||||||||||
| 180,800 | PTT Exploration & Production PCL, (2) | 815,039 | ||||||||||||||||||||||||||||
| 680,400 | PTT PCL, (2) | 655,080 | ||||||||||||||||||||||||||||
| 55,777 | Reliance Industries Ltd, 144A | 3,628,294 | ||||||||||||||||||||||||||||
| 167,388 | Shell PLC, (2) | 4,359,249 | ||||||||||||||||||||||||||||
| 11,006 | Targa Resources Corp, (18) | 656,728 | ||||||||||||||||||||||||||||
| 34,509 | TC Energy Corp | 1,787,648 | ||||||||||||||||||||||||||||
18
| Shares | Description (1) | Value | ||||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels (continued) | ||||||||||||||||||||||||||||||
| 29,639 | TotalEnergies SE, (2) | $ | 1,560,107 | |||||||||||||||||||||||||||
| 536,200 | United Tractors Tbk PT, (2) | 1,024,040 | ||||||||||||||||||||||||||||
| 10,210 | Valero Energy Corp, (18) | 1,085,119 | ||||||||||||||||||||||||||||
| 34,862 | Williams Cos Inc | 1,088,043 | ||||||||||||||||||||||||||||
Total Oil, Gas & Consumable Fuels | 34,181,299 | |||||||||||||||||||||||||||||
| Personal Products – 0.1% | ||||||||||||||||||||||||||||||
| 16,400 | Shiseido Co Ltd, (2) | 661,038 | ||||||||||||||||||||||||||||
| Pharmaceuticals – 4.2% | ||||||||||||||||||||||||||||||
| 37,003 | AstraZeneca PLC, (2) | 4,881,500 | ||||||||||||||||||||||||||||
| 61,043 | Bayer AG, (2) | 3,645,265 | ||||||||||||||||||||||||||||
| 22,205 | Bristol-Myers Squibb Co | 1,709,785 | ||||||||||||||||||||||||||||
| 95,300 | Daiichi Sankyo Co Ltd, (2) | 2,423,716 | ||||||||||||||||||||||||||||
| 59,738 | GSK PLC, (2) | 1,287,449 | ||||||||||||||||||||||||||||
| 6,011 | Johnson & Johnson, (18) | 1,067,013 | ||||||||||||||||||||||||||||
| 11,329 | Merck & Co Inc | 1,032,865 | ||||||||||||||||||||||||||||
| 23,710 | Novartis AG, (2) | 2,010,148 | ||||||||||||||||||||||||||||
| 5,515 | Pfizer Inc, (18) | 289,151 | ||||||||||||||||||||||||||||
| 9,324 | Roche Holding AG, (2) | 3,117,011 | ||||||||||||||||||||||||||||
Total Pharmaceuticals | 21,463,903 | |||||||||||||||||||||||||||||
| Professional Services – 0.3% | ||||||||||||||||||||||||||||||
| 53,200 | Recruit Holdings Co Ltd, (2) | 1,566,763 | ||||||||||||||||||||||||||||
| Real Estate Management & Development – 0.1% | ||||||||||||||||||||||||||||||
| 44,000 | Tricon Residential Inc | 446,160 | ||||||||||||||||||||||||||||
| Road & Rail – 1.2% | ||||||||||||||||||||||||||||||
| 1,286 | Canadian Pacific Railway Ltd | 89,814 | ||||||||||||||||||||||||||||
| 11,660 | Canadian Pacific Railway Ltd | 814,443 | ||||||||||||||||||||||||||||
| 29,807 | CSX Corp, (18) | 866,191 | ||||||||||||||||||||||||||||
| 8,167 | DSV A/S, (2) | 1,148,422 | ||||||||||||||||||||||||||||
| 13,800 | East Japan Railway Co, (2) | 705,858 | ||||||||||||||||||||||||||||
| 551 | Norfolk Southern Corp | 125,237 | ||||||||||||||||||||||||||||
| 11,600 | Union Pacific Corp, (18) | 2,474,048 | ||||||||||||||||||||||||||||
Total Road & Rail | 6,224,013 | |||||||||||||||||||||||||||||
| Semiconductors & Semiconductor Equipment – 2.9% | ||||||||||||||||||||||||||||||
| 1,994 | Analog Devices Inc, (18) | 291,303 | ||||||||||||||||||||||||||||
| 2,166 | Applied Materials Inc, (18) | 197,063 | ||||||||||||||||||||||||||||
| 4,753 | ASML Holding NV, (2) | 2,245,498 | ||||||||||||||||||||||||||||
| 2,435 | Broadcom Inc | 1,182,947 | ||||||||||||||||||||||||||||
| 38,748 | Infineon Technologies AG, (2) | 942,565 | ||||||||||||||||||||||||||||
| 35,291 | Intel Corp, (18) | 1,320,236 | ||||||||||||||||||||||||||||
| 131 | Lam Research Corp | 55,826 | ||||||||||||||||||||||||||||
| 4,785 | Micron Technology Inc, (18) | 264,515 | ||||||||||||||||||||||||||||
| 1,348 | NXP Semiconductors NV | 199,544 | ||||||||||||||||||||||||||||
| 94,889 | Taiwan Semiconductor Manufacturing Co Ltd | 7,757,176 | ||||||||||||||||||||||||||||
| 1,503 | Texas Instruments Inc | 230,936 | ||||||||||||||||||||||||||||
Total Semiconductors & Semiconductor Equipment | 14,687,609 | |||||||||||||||||||||||||||||
| Software – 1.2% | ||||||||||||||||||||||||||||||
| 3,940 | Dassault Systemes SE, (2) | 145,941 | ||||||||||||||||||||||||||||
| 15,224 | Microsoft Corp, (18) | 3,909,980 | ||||||||||||||||||||||||||||
| 3,767 | Oracle Corp | 263,200 | ||||||||||||||||||||||||||||
| 5,063 | Salesforce Inc, (18) | 835,598 | ||||||||||||||||||||||||||||
| 1,799 | ServiceNow Inc, (18) | 855,460 | ||||||||||||||||||||||||||||
Total Software | 6,010,179 | |||||||||||||||||||||||||||||
19
| NMAI | Nuveen Multi-Asset Income Fund (continued) | |
| Portfolio of Investments June 30, 2022 | ||
| (Unaudited) | ||
| Shares | Description (1) | Value | ||||||||||||||||||||||||||||
| Specialty Retail – 0.4% | ||||||||||||||||||||||||||||||
| 5,385 | Home Depot Inc, (18) | $ | 1,476,944 | |||||||||||||||||||||||||||
| 1,333 | Lowe’s Cos Inc | 232,835 | ||||||||||||||||||||||||||||
| 3,273 | TJX Cos Inc | 182,797 | ||||||||||||||||||||||||||||
Total Specialty Retail | 1,892,576 | |||||||||||||||||||||||||||||
| Technology Hardware, Storage & Peripherals – 1.6% | ||||||||||||||||||||||||||||||
| 24,027 | Apple Inc, (18) | 3,284,972 | ||||||||||||||||||||||||||||
| 1,136,000 | Lenovo Group Ltd, (2) | 1,067,507 | ||||||||||||||||||||||||||||
| 88,405 | Samsung Electronics Co Ltd, (2) | 3,899,310 | ||||||||||||||||||||||||||||
Total Technology Hardware, Storage & Peripherals | 8,251,789 | |||||||||||||||||||||||||||||
| Textiles, Apparel & Luxury Goods – 1.1% | ||||||||||||||||||||||||||||||
| 3,732 | adidas AG, (2) | 662,919 | ||||||||||||||||||||||||||||
| 9,017 | EssilorLuxottica SA, (2) | 1,367,091 | ||||||||||||||||||||||||||||
| 3,736 | Kering SA, (2) | 1,936,095 | ||||||||||||||||||||||||||||
| 20,470 | Moncler SpA, (2) | 881,970 | ||||||||||||||||||||||||||||
| 8,644 | NIKE Inc, (18) | 883,417 | ||||||||||||||||||||||||||||
Total Textiles, Apparel & Luxury Goods | 5,731,492 | |||||||||||||||||||||||||||||
| Tobacco – 0.3% | ||||||||||||||||||||||||||||||
| 25,515 | British American Tobacco PLC, (2) | 1,093,682 | ||||||||||||||||||||||||||||
| 1,940 | Philip Morris International Inc | 191,555 | ||||||||||||||||||||||||||||
Total Tobacco | 1,285,237 | |||||||||||||||||||||||||||||
| Trading Companies & Distributors – 0.3% | ||||||||||||||||||||||||||||||
| 22,640 | Ashtead Group PLC, (2) | 952,432 | ||||||||||||||||||||||||||||
| 1,794 | United Rentals Inc, (18) | 435,780 | ||||||||||||||||||||||||||||
Total Trading Companies & Distributors | 1,388,212 | |||||||||||||||||||||||||||||
| Transportation Infrastructure – 2.4% | ||||||||||||||||||||||||||||||
| 14,529 | Aena SME SA, 144A, (2) | 1,853,914 | ||||||||||||||||||||||||||||
| 23,851 | Atlantia SpA, (2) | 559,890 | ||||||||||||||||||||||||||||
| 145,059 | Atlas Arteria Ltd, (2) | 808,230 | ||||||||||||||||||||||||||||
| 261,034 | Auckland International Airport Ltd, (2) | 1,169,329 | ||||||||||||||||||||||||||||
| 122,000 | China Merchants Port Holdings Co Ltd, (2) | 207,788 | ||||||||||||||||||||||||||||
| 115,415 | COSCO SHIPPING Ports Ltd, (2) | 81,620 | ||||||||||||||||||||||||||||
| 22,098 | Enav SpA, 144A, (2) | 92,690 | ||||||||||||||||||||||||||||
| 2,181 | Flughafen Zurich AG, (2) | 330,475 | ||||||||||||||||||||||||||||
| 7,527 | Fraport AG Frankfurt Airport Services Worldwide, (2) | 329,173 | ||||||||||||||||||||||||||||
| 61,753 | Getlink SE, (2) | 1,095,210 | ||||||||||||||||||||||||||||
| 10,974 | Grupo Aeroportuario del Centro Norte SAB de CV ADR | 562,088 | ||||||||||||||||||||||||||||
| 5,739 | Grupo Aeroportuario del Pacifico SAB de CV ADR | 801,050 | ||||||||||||||||||||||||||||
| 485 | Grupo Aeroportuario del Sureste SAB de CV ADR | 95,249 | ||||||||||||||||||||||||||||
| 25,320 | International Container Terminal Services Inc, (2) | 84,777 | ||||||||||||||||||||||||||||
| 7,900 | Japan Airport Terminal Co Ltd, (2) | �� | 313,884 | |||||||||||||||||||||||||||
| 23,800 | Kamigumi Co Ltd, (2) | 460,088 | ||||||||||||||||||||||||||||
| 57,238 | Port of Tauranga Ltd, (2) | 221,985 | ||||||||||||||||||||||||||||
| 107,985 | Qube Holdings Ltd, (2) | 203,676 | ||||||||||||||||||||||||||||
| 311,564 | Transurban Group, (2) | 3,099,844 | ||||||||||||||||||||||||||||
Total Transportation Infrastructure | 12,370,960 | |||||||||||||||||||||||||||||
| Water Utilities – 0.2% | ||||||||||||||||||||||||||||||
| 1,507 | American Water Works Co Inc, (18) | 224,196 | ||||||||||||||||||||||||||||
| 23,051 | Pennon Group PLC, (2) | 268,225 | ||||||||||||||||||||||||||||
| 12,667 | Severn Trent PLC, (2) | 420,547 | ||||||||||||||||||||||||||||
Total Water Utilities | 912,968 | |||||||||||||||||||||||||||||
| Wireless Telecommunication Services – 0.1% | ||||||||||||||||||||||||||||||
| 2,938 | T-Mobile US Inc, (18) | 395,278 | ||||||||||||||||||||||||||||
Total Common Stocks (cost $341,405,454) | 307,907,366 | |||||||||||||||||||||||||||||
20
Principal Amount (000) | Description (1) | Coupon (5) | Reference Rate (5) | Spread (5) | Maturity (6) | Ratings (7) | Value | |||||||||||||||||||||||
VARIABLE RATE SENIOR LOAN INTERESTS – 18.1% (11.7% of Total Investments) |
| |||||||||||||||||||||||||||||
| Airlines – 0.4% | ||||||||||||||||||||||||||||||
| $ | 162 | AAdvantage Loyalty IP Ltd., Term Loan | 5.813% | 3-Month LIBOR | 4.750% | 4/20/28 | Ba2 | $ | 155,338 | |||||||||||||||||||||
| 325 | Air Canada, Term Loan B | 4.250% | 3-Month LIBOR | 3.500% | 8/11/28 | Ba2 | 299,812 | |||||||||||||||||||||||
| 136 | American Airlines, Inc., Term Loan | 2.840% | 6-Month LIBOR | 2.000% | 12/14/23 | Ba3 | 131,613 | |||||||||||||||||||||||
| 514 | Kestrel Bidco Inc., Term Loan B, (DD1) | 4.000% | 3-Month LIBOR | 3.000% | 12/11/26 | BB– | 463,476 | |||||||||||||||||||||||
| 500 | Mileage Plus Holdings LLC, Term Loan B, (DD1) | 7.313% | 3-Month LIBOR | 5.250% | 6/20/27 | Baa3 | 495,250 | |||||||||||||||||||||||
| 250 | SkyMiles IP Ltd., Term Loan B | 4.813% | 3-Month LIBOR | 3.750% | 10/20/27 | Baa1 | 249,063 | |||||||||||||||||||||||
| 369 | United Airlines, Inc., Term Loan B | 5.392% | 1-Month LIBOR | 3.750% | 4/21/28 | Ba1 | 344,617 | |||||||||||||||||||||||
| 2,256 | Total Airlines | 2,139,169 | ||||||||||||||||||||||||||||
| Auto Components – 0.1% | ||||||||||||||||||||||||||||||
| 370 | Adient US LLC, Term Loan B | 4.916% | 1-Month LIBOR | 3.250% | 4/08/28 | BB+ | 345,354 | |||||||||||||||||||||||
| 21 | DexKo Global Inc., Term Loan | 5.402% | 1-Month LIBOR | 3.750% | 10/04/28 | B1 | 19,641 | |||||||||||||||||||||||
| 113 | DexKo Global Inc., Term Loan B | 5.982% | 3-Month LIBOR | 3.750% | 10/04/28 | B1 | 104,492 | |||||||||||||||||||||||
| 504 | Total Auto Components | 469,487 | ||||||||||||||||||||||||||||
| Beverages – 0.3% | ||||||||||||||||||||||||||||||
| 456 | Naked Juice LLC, Term Loan | 5.403% | | SOFR30A + SOFR90A | | 3.250% | 1/20/29 | Ba3 | 425,894 | |||||||||||||||||||||
| 33 | Naked Juice LLC, Term Loan, (DD1) | 4.750% | SOFR90A | 3.250% | 1/20/29 | Ba3 | 30,573 | |||||||||||||||||||||||
| 269 | Naked Juice LLC, Term Loan, Second Lien | 8.154% | 3-Month LIBOR | 6.000% | 1/20/30 | B3 | 247,852 | |||||||||||||||||||||||
| 375 | Pegasus Bidco BV, Term Loan B, (DD1) | 6.547% | SOFR30A | 4.250% | 5/05/29 | B+ | 356,719 | |||||||||||||||||||||||
| 418 | Triton Water Holdings, Inc, Term Loan, (DD1) | 5.750% | 3-Month LIBOR | 3.500% | 3/31/28 | B1 | 371,925 | |||||||||||||||||||||||
| 1,551 | Total Beverages | 1,432,963 | ||||||||||||||||||||||||||||
| Biotechnology – 0.0% | ||||||||||||||||||||||||||||||
| 72 | Grifols Worldwide Operations USA, Inc., Term Loan B, (WI/DD) | TBD | TBD | TBD | TBD | BB+ | 68,229 | |||||||||||||||||||||||
| Building Products – 0.2% | ||||||||||||||||||||||||||||||
| 402 | Chamberlain Group Inc, Term Loan B | 4.506% | 3-Month LIBOR | 3.500% | 10/22/28 | B+ | 364,798 | |||||||||||||||||||||||
| 111 | Cornerstone Building Brands, Inc., Term Loan B | 4.574% | 1-Month LIBOR | 3.250% | 4/12/28 | B+ | 92,917 | |||||||||||||||||||||||
| 168 | Quikrete Holdings, Inc., Term Loan, First Lien | 4.291% | 1-Month LIBOR | 2.625% | 1/31/27 | Ba2 | 157,208 | |||||||||||||||||||||||
| 70 | SRS Distribution Inc, Term Loan, (WI/DD) | TBD | TBD | TBD | TBD | B2 | 64,685 | |||||||||||||||||||||||
| 208 | Standard Industries Inc., Term Loan B | 3.788% | 6-Month LIBOR | 2.500% | 9/22/28 | BBB– | 201,905 | |||||||||||||||||||||||
| 95 | Zurn Holdings, Inc., Term Loan B | 3.916% | 1-Month LIBOR | 2.250% | 10/04/28 | Ba3 | 92,804 | |||||||||||||||||||||||
| 1,054 | Total Building Products | 974,317 | ||||||||||||||||||||||||||||
| Capital Markets – 0.1% | ||||||||||||||||||||||||||||||
| 548 | Astra Acquisition Corp., Term Loan, First Lien | 6.916% | 1-Month LIBOR | 5.250% | 10/22/28 | BB– | 478,726 | |||||||||||||||||||||||
| Chemicals – 0.3% | ||||||||||||||||||||||||||||||
| 1,020 | Atotech B.V., Term Loan B | 4.166% | 1-Month LIBOR | 2.500% | 3/18/28 | B+ | 977,188 | |||||||||||||||||||||||
| 369 | Diamond (BC) B.V., Term Loan B | 3.989% | 3-Month LIBOR | 2.750% | 9/29/28 | Ba3 | 342,382 | |||||||||||||||||||||||
| 79 | INEOS Styrolution US Holding LLC, Term Loan B | 4.416% | 1-Month LIBOR | 2.750% | 1/29/26 | BB+ | 74,873 | |||||||||||||||||||||||
| 319 | PMHC II, Inc., Term Loan B | 5.287% | SOFR90A | 4.250% | 2/03/29 | B– | 279,162 | |||||||||||||||||||||||
| 1 | W.R. Grace & Co.-Conn., Term Loan B | 6.063% | 3-Month LIBOR | 3.750% | 9/22/28 | BB+ | 1,187 | |||||||||||||||||||||||
| 1,788 | Total Chemicals | 1,674,792 | ||||||||||||||||||||||||||||
| Commercial Services & Supplies – 0.5% | ||||||||||||||||||||||||||||||
| 310 | Amentum Government Services Holdings LLC, Term Loan | 5.138% | | SOFR90A + SOFR180A | | 4.000% | 2/07/29 | B1 | 296,051 | |||||||||||||||||||||
| 199 | Anticimex International AB, Term Loan | 5.098% | 3-Month LIBOR | 3.500% | 11/16/28 | B | 188,718 | |||||||||||||||||||||||
| 223 | Covanta Holding Corporation, Term Loan B | 4.166% | 1-Month LIBOR | 2.500% | 11/30/28 | Ba1 | 211,191 | |||||||||||||||||||||||
| 17 | Covanta Holding Corporation, Term Loan C | 4.166% | 1-Month LIBOR | 2.500% | 11/30/28 | Ba1 | 15,859 | |||||||||||||||||||||||
21
| NMAI | Nuveen Multi-Asset Income Fund (continued) | |
| Portfolio of Investments June 30, 2022 | ||
| (Unaudited) | ||
Principal Amount (000) | Description (1) | Coupon (5) | Reference Rate (5) | Spread (5) | Maturity (6) | Ratings (7) | Value | |||||||||||||||||||||||
| Commercial Services & Supplies (continued) | ||||||||||||||||||||||||||||||
| $ | 250 | Garda World Security Corporation, Term Loan B | 5.900% | 1-Month LIBOR | 4.250% | 10/30/26 | BB+ | $ | 232,500 | |||||||||||||||||||||
| 697 | GFL Environmental Inc., Term Loan | 4.239% | 3-Month LIBOR | 3.000% | 5/30/25 | BB– | 680,972 | |||||||||||||||||||||||
| 375 | Intrado Corporation, Term Loan | 5.666% | 1-Month LIBOR | 4.000% | 10/10/24 | B2 | 320,468 | |||||||||||||||||||||||
| 51 | Pitney Bowes Inc., Term Loan B | 5.670% | 1-Month LIBOR | 4.000% | 3/19/28 | BBB– | 48,712 | |||||||||||||||||||||||
| 370 | Prime Security Services Borrower, LLC, Term Loan | 3.557% | | 1 + 3 + 6-Month LIBOR | | 2.750% | 9/23/26 | BB– | 346,832 | |||||||||||||||||||||
| 1 | Vertical US Newco Inc, Term Loan B | 4.019% | 6-Month LIBOR | 3.500% | 7/31/27 | B+ | 1,390 | |||||||||||||||||||||||
| 116 | West Corporation, Term Loan B1 | 5.166% | 1-Month LIBOR | 3.500% | 10/10/24 | B2 | 99,277 | |||||||||||||||||||||||
| 2,609 | Total Commercial Services & Supplies | 2,441,970 | ||||||||||||||||||||||||||||
| Communications Equipment – 0.5% | ||||||||||||||||||||||||||||||
| 234 | Avaya, Inc., Term Loan B | 5.574% | 1-Month LIBOR | 4.250% | 12/15/27 | BB– | 178,425 | |||||||||||||||||||||||
| 45 | Avaya Holdings Corp, Term Loan, (WI/DD) | TBD | TBD | TBD | TBD | BB– | 41,062 | |||||||||||||||||||||||
| 182 | CommScope, Inc., Term Loan B | 4.916% | 1-Month LIBOR | 3.250% | 4/04/26 | B1 | 163,979 | |||||||||||||||||||||||
| 740 | Delta TopCo, Inc., Term Loan B | 5.836% | 3-Month LIBOR | 3.750% | 12/01/27 | B2 | 672,016 | |||||||||||||||||||||||
| 625 | MAXAR TECHNOLOGIES INC., Term Loan, (WI/DD) | TBD | TBD | TBD | TBD | B | 594,272 | |||||||||||||||||||||||
| 331 | MLN US HoldCo LLC, Term Loan, First Lien | 5.620% | 1-Month LIBOR | 4.500% | 11/30/25 | B3 | 221,753 | |||||||||||||||||||||||
| 140 | Plantronics Inc, Term Loan B | 4.166% | 1-Month LIBOR | 2.500% | 7/02/25 | Ba2 | 138,673 | |||||||||||||||||||||||
| 753 | Riverbed Technology, Inc., Exit Term Loan, (cash 7.000%, PIK 2.000%), (DD1) | 7.630% | 3-Month LIBOR | 6.000% | 12/07/26 | Caa1 | 451,486 | |||||||||||||||||||||||
| 125 | ViaSat, Inc., Term Loan | 6.140% | SOFR30A | 4.500% | 3/04/29 | BB+ | 117,031 | |||||||||||||||||||||||
| 3,175 | Total Communications Equipment | 2,578,697 | ||||||||||||||||||||||||||||
| Construction & Engineering – 0.1% | ||||||||||||||||||||||||||||||
| 3 | AECOM, Term Loan B | 3.416% | 1-Month LIBOR | 1.750% | 4/13/28 | BBB– | 2,810 | |||||||||||||||||||||||
| 55 | Brand Energy & Infrastructure Services, Inc., Term Loan | 5.406% | 3-Month LIBOR | 4.250% | 6/21/24 | B– | 48,221 | |||||||||||||||||||||||
| 199 | Centuri Group, Inc, Term Loan B | 4.075% | 3-Month LIBOR | 2.500% | 8/27/28 | Ba2 | 190,925 | |||||||||||||||||||||||
| 257 | Total Construction & Engineering | 241,956 | ||||||||||||||||||||||||||||
| Containers & Packaging – 0.1% | ||||||||||||||||||||||||||||||
| 145 | Clydesdale Acquisition Holdings Inc, Term Loan B | 5.875% | SOFR30A | 4.250% | 3/30/29 | B | 135,938 | |||||||||||||||||||||||
| 17 | Klockner-Pentaplast of America, Inc., Term Loan B | 5.554% | 6-Month LIBOR | 4.750% | 2/09/26 | B | 14,498 | |||||||||||||||||||||||
| 149 | Reynolds Group Holdings Inc. , Term Loan B | 5.166% | 1-Month LIBOR | 3.500% | 9/24/28 | B+ | 139,889 | |||||||||||||||||||||||
| — | (8) | Sabert Corporation, Term Loan | 5.500% | 1-Month LIBOR | 4.500% | 12/10/26 | B | 335 | ||||||||||||||||||||||
| 311 | Total Containers & Packaging | 290,660 | ||||||||||||||||||||||||||||
| Diversified Consumer Services – 0.1% | ||||||||||||||||||||||||||||||
| 245 | Spin Holdco Inc., Term Loan | 5.611% | 3-Month LIBOR | 4.000% | 3/04/28 | B– | 226,263 | |||||||||||||||||||||||
| Diversified Financial Services – 0.1% | ||||||||||||||||||||||||||||||
| 38 | Avaya, Inc., Term Loan B2 | 5.324% | 1-Month LIBOR | 4.000% | 12/15/27 | BB– | 29,084 | |||||||||||||||||||||||
| 154 | Avolon TLB Borrower 1 (US) LLC, Term Loan B3 | 3.345% | 1-Month LIBOR | 1.750% | 1/15/25 | Baa2 | 147,410 | |||||||||||||||||||||||
| 324 | Trans Union, LLC, Term Loan B6 | 3.916% | 1-Month LIBOR | 2.250% | 12/01/28 | BBB– | 310,396 | |||||||||||||||||||||||
| 516 | Total Diversified Financial Services | 486,890 | ||||||||||||||||||||||||||||
| Diversified Telecommunication Services – 0.4% | ||||||||||||||||||||||||||||||
| 119 | Altice France S.A., Term Loan B12 | 4.732% | 3-Month LIBOR | 3.687% | 1/31/26 | B | 108,615 | |||||||||||||||||||||||
| 463 | Altice France S.A., Term Loan B13 | 5.411% | 3-Month LIBOR | 4.000% | 8/14/26 | B | 423,915 | |||||||||||||||||||||||
| 100 | CenturyLink, Inc., Term Loan B | 3.916% | 1-Month LIBOR | 2.250% | 3/15/27 | BBB– | 92,388 | |||||||||||||||||||||||
| 224 | Cincinnati Bell, Inc., Term Loan B2 | 4.875% | SOFR30A | 3.250% | 11/23/28 | B+ | 213,325 | |||||||||||||||||||||||
| 375 | Cyxtera DC Holdings, Inc., Term Loan B, (WI/DD) | TBD | TBD | TBD | TBD | B | 354,812 | |||||||||||||||||||||||
| 368 | Eagle Broadband Investments LLC, Term Loan | 5.313% | 3-Month LIBOR | 3.000% | 11/12/27 | B+ | 347,607 | |||||||||||||||||||||||
| 380 | Frontier Communications Corp., Term Loan B | 6.063% | 3-Month LIBOR | 3.750% | 10/08/27 | BB+ | 357,466 | |||||||||||||||||||||||
22
Principal Amount (000) | Description (1) | Coupon (5) | Reference Rate (5) | Spread (5) | Maturity (6) | Ratings (7) | Value | |||||||||||||||||||||||
| Diversified Telecommunication Services (continued) | ||||||||||||||||||||||||||||||
| $ | — | (8) | Intelsat Jackson Holdings S.A., Term Loan B4, (9) | 10.250% | 3-Month LIBOR | 5.500% | 1/02/24 | N/R | $ | 374 | ||||||||||||||||||||
| 1 | Intelsat Jackson Holdings S.A., Term Loan B5, (9) | 8.625% | N/A | N/A | 1/02/24 | N/R | 608 | |||||||||||||||||||||||
| 2,030 | Total Diversified Telecommunication Services |
| 1,899,110 | |||||||||||||||||||||||||||
| Electric Utilities – 0.1% | ||||||||||||||||||||||||||||||
| 373 | Pacific Gas & Electric Company, Term Loan | 4.688% | 1-Month LIBOR | 3.000% | 6/23/25 | BB | 352,696 | |||||||||||||||||||||||
| 218 | Talen Energy Supply LLC, Term Loan, (WI/DD), (9) | TBD | TBD | TBD | TBD | CCC– | 209,900 | |||||||||||||||||||||||
| 591 | Total Electric Utilities | 562,596 | ||||||||||||||||||||||||||||
| Electrical Equipment – 0.0% | ||||||||||||||||||||||||||||||
| 195 | Vertiv Group Corporation, Term Loan B | 3.870% | 1-Month LIBOR | 2.750% | 3/02/27 | BB– | 181,881 | |||||||||||||||||||||||
| Electronic Equipment, Instruments & Components – 0.1% | ||||||||||||||||||||||||||||||
| 430 | Ingram Micro Inc., Term Loan B | 5.750% | 3-Month LIBOR | 3.500% | 7/02/28 | BB+ | 407,692 | |||||||||||||||||||||||
| 430 | Total Electronic Equipment, Instruments & Components |
| 407,692 | |||||||||||||||||||||||||||
| Entertainment – 0.3% | ||||||||||||||||||||||||||||||
| 847 | AMC Entertainment Holdings, Inc. , Term Loan B, (DD1) | 4.200% | 1-Month LIBOR | 3.000% | 4/22/26 | B– | 716,242 | |||||||||||||||||||||||
| 367 | Crown Finance US, Inc., Term Loan | 4.000% | 3-Month LIBOR | 2.500% | 2/28/25 | CCC | 234,326 | |||||||||||||||||||||||
| 85 | Crown Finance US, Inc., Term Loan | 4.250% | 3-Month LIBOR | 2.750% | 9/20/26 | CCC | 52,537 | |||||||||||||||||||||||
| 71 | Crown Finance US, Inc., Term Loan B1 | 10.076% | 6-Month LIBOR | 8.250% | 5/23/24 | B– | 74,587 | |||||||||||||||||||||||
| 354 | Diamond Sports Group, LLC, Term Loan | 7.000% | 3-Month LIBOR | 2.250% | 8/24/26 | Caa3 | 84,016 | |||||||||||||||||||||||
| 51 | Diamond Sports Group, LLC, Term Loan | 9.181% | 1-Month LIBOR | 8.000% | 5/19/26 | B | 51,429 | |||||||||||||||||||||||
| 119 | Lions Gate Capital Holdings LLC, Term Loan B | 3.916% | 1-Month LIBOR | 2.250% | 3/24/25 | Ba2 | 115,153 | |||||||||||||||||||||||
| 385 | Springer Nature Deutschland GmbH, Term Loan B18 | 3.804% | 3-Month LIBOR | 3.000% | 8/14/26 | BB+ | 370,465 | |||||||||||||||||||||||
| 2,279 | Total Entertainment | 1,698,755 | ||||||||||||||||||||||||||||
| Food & Staples Retailing – 0.2% | ||||||||||||||||||||||||||||||
| 1,053 | US Foods, Inc., Term Loan B | 4.325% | 3-Month LIBOR | 2.750% | 11/22/28 | BB | 1,006,835 | |||||||||||||||||||||||
| 70 | US Foods, Inc., Term Loan B, (WI/DD) | TBD | TBD | TBD | TBD | BB | 66,159 | |||||||||||||||||||||||
| 1,123 | Total Food & Staples Retailing | 1,072,994 | ||||||||||||||||||||||||||||
| Food Products – 0.2% | ||||||||||||||||||||||||||||||
| 254 | CHG PPC Parent LLC, Term Loan | 4.688% | 1-Month LIBOR | 3.000% | 12/08/28 | B1 | 241,009 | |||||||||||||||||||||||
| 231 | H Food Holdings LLC, Term Loan B | 5.354% | 1-Month LIBOR | 3.688% | 5/31/25 | B2 | 208,130 | |||||||||||||||||||||||
| 450 | Sycamore Buyer LLC, Term Loan B, (WI/DD) | TBD | TBD | TBD | TBD | BB+ | 430,200 | |||||||||||||||||||||||
| 935 | Total Food Products | 879,339 | ||||||||||||||||||||||||||||
| Health Care Equipment & Supplies – 0.5% | ||||||||||||||||||||||||||||||
| 464 | Bausch & Lomb, Inc., Term Loan, (DD1) | 4.549% | | CME Term SOFR 1 Month | | 3.250% | 5/05/27 | BB+ | 433,608 | |||||||||||||||||||||
| 103 | Embecta Corp, Term Loan B | 5.054% | | CME Term SOFR 3 Month | | 3.000% | 1/27/29 | Ba3 | 97,839 | |||||||||||||||||||||
| 2,072 | Medline Borrower, LP, Term Loan B, (DD1) | 4.916% | 1-Month LIBOR | 3.250% | 10/21/28 | BB– | 1,927,934 | |||||||||||||||||||||||
| 2,639 | Total Health Care Equipment & Supplies | 2,459,381 | ||||||||||||||||||||||||||||
| Health Care Providers & Services – 2.0% | ||||||||||||||||||||||||||||||
| 144 | 24 Hour Fitness Worldwide, Inc., Exit Term Loan | 1.977% | 3-Month LIBOR | 2.000% | 9/30/26 | N/R | 131,255 | |||||||||||||||||||||||
| 198 | ADMI Corp., Term Loan B2 | 5.041% | 1-Month LIBOR | 3.375% | 12/23/27 | B | 180,537 | |||||||||||||||||||||||
| 372 | AHP Health Partners, Inc., Term Loan B | 5.166% | 1-Month LIBOR | 3.500% | 8/23/28 | B1 | 351,825 | |||||||||||||||||||||||
| 220 | Change Healthcare Holdings LLC, Term Loan B | 4.166% | 1-Month LIBOR | 2.500% | 3/01/24 | B+ | 214,505 | |||||||||||||||||||||||
| 374 | Electron BidCo Inc., Term Loan | 4.666% | 1-Month LIBOR | 3.000% | 11/01/28 | B1 | 351,320 | |||||||||||||||||||||||
| 58 | Element Materials Technology Group US Holdings Inc, Term Loan, (WI/DD) | TBD | TBD | TBD | TBD | B1 | 55,959 | |||||||||||||||||||||||
23
| NMAI | Nuveen Multi-Asset Income Fund (continued) | |
| Portfolio of Investments June 30, 2022 | ||
| (Unaudited) | ||
Principal Amount (000) | Description (1) | Coupon (5) | Reference Rate (5) | Spread (5) | Maturity (6) | Ratings (7) | Value | |||||||||||||||||||||||
| Health Care Providers & Services (continued) | ||||||||||||||||||||||||||||||
| $ | 27 | Element Materials Technology Group US Holdings Inc., Term Loan, (WI/DD), (10) | TBD | TBD | TBD | TBD | B1 | $ | 25,827 | |||||||||||||||||||||
| 953 | Gainwell Acquisition Corp., Term Loan B | 6.250% | 3-Month LIBOR | 4.000% | 10/01/27 | BB– | 903,731 | |||||||||||||||||||||||
| 99 | Global Medical Response, Inc., Term Loan | 5.916% | 1-Month LIBOR | 4.250% | 3/14/25 | B | 92,582 | |||||||||||||||||||||||
| 736 | Global Medical Response, Inc., Term Loan B | 5.250% | 3-Month LIBOR | 4.250% | 10/02/25 | B | 686,209 | |||||||||||||||||||||||
| 306 | ICON Luxembourg S.A.R.L., Term Loan | 4.563% | 3-Month LIBOR | 2.250% | 7/01/28 | BB+ | 296,709 | |||||||||||||||||||||||
| 78 | IQVIA Inc., Term Loan B3 | 4.000% | 3-Month LIBOR | 1.750% | 6/11/25 | BBB– | 75,877 | |||||||||||||||||||||||
| 157 | Onex TSG Intermediate Corp., Term Loan B | 6.416% | 1-Month LIBOR | 4.750% | 2/26/28 | B | 146,944 | |||||||||||||||||||||||
| 375 | Packaging Coordinators Midco Inc., Term Loan, (WI/DD) | TBD | TBD | TBD | TBD | N/R | 355,547 | |||||||||||||||||||||||
| 2,195 | Parexel International Corporation, Term Loan, First Lien | 4.883% | 1-Month LIBOR | 3.250% | 11/15/28 | B1 | 2,067,610 | |||||||||||||||||||||||
| 323 | Phoenix Guarantor Inc, Term Loan B | 4.916% | 1-Month LIBOR | 3.250% | 3/05/26 | B1 | 302,901 | |||||||||||||||||||||||
| 122 | Phoenix Guarantor Inc, Term Loan B3 | 5.142% | 1-Month LIBOR | 3.500% | 3/05/26 | B1 | 114,434 | |||||||||||||||||||||||
| 2,306 | RegionalCare Hospital Partners Holdings, Inc., Term Loan B | 5.416% | 1-Month LIBOR | 3.750% | 11/16/25 | B1 | 2,158,401 | |||||||||||||||||||||||
| 366 | Select Medical Corporation, Term Loan B | 4.170% | 1-Month LIBOR | 2.500% | 3/06/25 | Ba2 | 351,741 | |||||||||||||||||||||||
| 1,135 | Surgery Center Holdings, Inc., Term Loan | 4.950% | 1-Month LIBOR | 3.750% | 8/31/26 | B1 | 1,060,865 | |||||||||||||||||||||||
| 354 | Team Health Holdings, Inc., Term Loan B4 | 5.536% | SOFR30A | 5.250% | 2/17/27 | B | 299,657 | |||||||||||||||||||||||
| 65 | Vizient, Inc., Term Loan B | 3.684% | | CME Term SOFR 1 Month | | 2.250% | 4/27/29 | BB+ | 64,646 | |||||||||||||||||||||
| 10,963 | Total Health Care Providers & Services | 10,289,082 | ||||||||||||||||||||||||||||
| Health Care Technology – 0.1% | ||||||||||||||||||||||||||||||
| 72 | Athenahealth, Inc., Term Loan, (10) | 3.500% | 1-Month LIBOR | 3.500% | 1/27/29 | B+ | 66,939 | |||||||||||||||||||||||
| 428 | Athenahealth, Inc., Term Loan B | 5.009% | SOFR30A | 3.500% | 1/27/29 | B+ | 394,938 | |||||||||||||||||||||||
| 500 | Total Health Care Technology | 461,877 | ||||||||||||||||||||||||||||
| Hotels, Restaurants & Leisure – 2.0% | ||||||||||||||||||||||||||||||
| 365 | 24 Hour Fitness Worldwide, Inc., Exit Term Loan | 7.232% | 3-Month LIBOR | 5.000% | 12/29/25 | CCC– | 123,053 | |||||||||||||||||||||||
| 373 | Alterra Mountain Company, Term Loan | 5.166% | 1-Month LIBOR | 3.500% | 8/17/28 | B | 355,565 | |||||||||||||||||||||||
| 851 | B.C. Unlimited Liability Company, Term Loan B4 | 3.416% | 1-Month LIBOR | 1.750% | 11/19/26 | BB+ | 814,890 | |||||||||||||||||||||||
| 585 | Caesars Resort Collection, LLC, Term Loan B, First Lien | 4.416% | 1-Month LIBOR | 2.750% | 12/22/24 | B+ | 565,155 | |||||||||||||||||||||||
| 200 | Churchill Downs Incorporated, Term Loan B1 | 3.670% | 1-Month LIBOR | 2.000% | 3/17/28 | BBB– | 188,510 | |||||||||||||||||||||||
| 564 | ClubCorp Holdings, Inc., Term Loan B | 5.000% | 3-Month LIBOR | 2.750% | 9/18/24 | B2 | 521,546 | |||||||||||||||||||||||
| 294 | Crown Finance US, Inc., Term Loan B, (DD1) | 4.425% | 6-Month LIBOR | 3.000% | 5/31/23 | CCC+ | 224,544 | |||||||||||||||||||||||
| 125 | Crown Finance US, Inc., Term Loan B1, (cash 7.132%, PIK 8.250%) | 7.000% | 3-Month LIBOR | 7.000% | 5/23/24 | B– | 140,674 | |||||||||||||||||||||||
| 1,472 | Delta 2 (LUX) S.a.r.l., Term Loan | 4.166% | 1-Month LIBOR | 2.500% | 2/01/24 | BB– | 1,438,817 | |||||||||||||||||||||||
| 371 | Equinox Holdings, Inc., Term Loan, First Lien | 5.250% | 3-Month LIBOR | 3.000% | 3/08/24 | CCC | 281,042 | |||||||||||||||||||||||
| 375 | Golden Nugget LLC, Term Loan, (WI/DD) | TBD | TBD | TBD | TBD | N/R | 346,877 | |||||||||||||||||||||||
| 347 | Hilton Grand Vacations Borrower LLC, Term Loan B | 4.666% | 1-Month LIBOR | 3.000% | 8/02/28 | BB+ | 325,964 | |||||||||||||||||||||||
| 684 | NASCAR Holdings, Inc, Term Loan B | 4.166% | 1-Month LIBOR | 2.500% | 10/18/26 | BB+ | 659,152 | |||||||||||||||||||||||
| 57 | PCI Gaming Authority, Term Loan | 4.166% | 1-Month LIBOR | 2.500% | 5/31/26 | BBB– | 54,752 | |||||||||||||||||||||||
| 169 | Penn National Gaming, Inc., Term Loan B11 | 4.375% | SOFR30A | 2.750% | 4/20/29 | BB | 162,317 | |||||||||||||||||||||||
| 292 | Scientific Games Holdings LP, Term Loan B | 4.175% | 3-Month LIBOR | 3.500% | 2/04/29 | BB– | 271,134 | |||||||||||||||||||||||
| 320 | Scientific Games International, Inc., Term Loan B | 4.358% | | CME Term SOFR 1 Month | | 3.000% | 4/07/29 | BB | 304,733 | |||||||||||||||||||||
| 397 | SeaWorld Parks & Entertainment, Inc., Term Loan B | 4.688% | 1-Month LIBOR | 3.000% | 8/25/28 | BB– | 373,726 | |||||||||||||||||||||||
| 2,145 | Stars Group Holdings B.V. (The), Term Loan | 4.500% | 3-Month LIBOR | 2.250% | 7/10/25 | BBB | 2,046,502 | |||||||||||||||||||||||
| 581 | Twin River Worldwide Holdings, Inc., Term Loan B, (DD1) | 4.370% | 1-Month LIBOR | 3.250% | 10/01/28 | BB+ | 541,379 | |||||||||||||||||||||||
24
Principal Amount (000) | Description (1) | Coupon (5) | Reference Rate (5) | Spread (5) | Maturity (6) | Ratings (7) | Value | |||||||||||||||||||||||
| Hotels, Restaurants & Leisure (continued) | ||||||||||||||||||||||||||||||
| $ | 396 | William Morris Endeavor Entertainment, LLC, Term Loan, First Lien | 4.420% | 1-Month LIBOR | 2.750% | 5/16/25 | B | $ | 374,236 | |||||||||||||||||||||
| 122 | IRB Holding Corp, Term Loan B | 4.238% | 1-Month LIBOR | 3.150% | 12/15/27 | B+ | 114,716 | |||||||||||||||||||||||
| 11,085 | Total Hotels, Restaurants & Leisure | 10,229,284 | ||||||||||||||||||||||||||||
| Household Durables – 0.2% | ||||||||||||||||||||||||||||||
| 102 | AI Aqua Merger Sub Inc, Term Loan, (WI/DD) | TBD | TBD | TBD | TBD | B3 | 92,855 | |||||||||||||||||||||||
| 23 | AI Aqua Merger Sub Inc, Term Loan, (WI/DD), (10) | TBD | TBD | TBD | TBD | B3 | 21,104 | |||||||||||||||||||||||
| 60 | Installed Building Products, Inc., Term Loan B | 3.916% | 1-Month LIBOR | 2.250% | 12/14/28 | BB+ | 59,190 | |||||||||||||||||||||||
| 17 | Serta Simmons Bedding, LLC, Term Loan, (9) | 9.009% | 1-Month LIBOR | 7.500% | 8/10/23 | B | 16,789 | |||||||||||||||||||||||
| 298 | Serta Simmons Bedding, LLC, Term Loan, (9) | 9.009% | 1-Month LIBOR | 7.500% | 8/10/23 | B– | 211,839 | |||||||||||||||||||||||
| 443 | Weber-Stephen Products LLC, Term Loan B | 4.916% | 1-Month LIBOR | 3.250% | 10/30/27 | B | 404,490 | |||||||||||||||||||||||
| 943 | Total Household Durables | 806,267 | ||||||||||||||||||||||||||||
| Independent Power & Renewable Electricity Producers – 0.1% | ||||||||||||||||||||||||||||||
| 284 | Talen Energy Corp, Term Loan, (WI/DD), (9) | TBD | TBD | TBD | TBD | Baa3 | 281,515 | |||||||||||||||||||||||
| 3 | Vistra Operations Company LLC, Term Loan B3, First Lien | 3.388% | 1-Month LIBOR | 1.750% | 12/31/25 | BBB– | 2,801 | |||||||||||||||||||||||
| 287 | Total Independent Power & Renewable Electricity Producers |
| 284,316 | |||||||||||||||||||||||||||
| Insurance – 0.8% | ||||||||||||||||||||||||||||||
| 364 | Acrisure, LLC, Term Loan B | 5.166% | 1-Month LIBOR | 3.500% | 2/15/27 | B | 335,307 | |||||||||||||||||||||||
| 595 | Alliant Holdings Intermediate, LLC, Term Loan B4 | 5.009% | 1-Month LIBOR | 3.500% | 11/12/27 | B | 555,399 | |||||||||||||||||||||||
| 249 | AssuredPartners, Inc., Term Loan B | 5.166% | 1-Month LIBOR | 3.500% | 2/13/27 | B | 233,818 | |||||||||||||||||||||||
| 294 | Asurion LLC, Term Loan B4, Second Lien | 6.916% | 1-Month LIBOR | 5.250% | 1/15/29 | B | 251,223 | |||||||||||||||||||||||
| 378 | Asurion LLC, Term Loan B6 | 4.791% | 1-Month LIBOR | 3.125% | 11/03/23 | Ba3 | 364,295 | |||||||||||||||||||||||
| 137 | Asurion LLC, Term Loan B9 | 4.916% | 1-Month LIBOR | 3.250% | 7/31/27 | Ba3 | 124,014 | |||||||||||||||||||||||
| 391 | Broadstreet Partners, Inc., Term Loan B | 4.666% | 1-Month LIBOR | 3.000% | 1/27/27 | B1 | 368,764 | |||||||||||||||||||||||
| 372 | Broadstreet Partners, Inc., Term Loan B2 | 4.916% | 1-Month LIBOR | 3.250% | 1/27/27 | B1 | 349,856 | |||||||||||||||||||||||
| 249 | Hub International Limited, Term Loan B | 4.214% | 3-Month LIBOR | 3.000% | 4/25/25 | B | 236,114 | |||||||||||||||||||||||
| 871 | Hub International Limited, Term Loan B, (DD1) | 4.348% | | 2 + 3-Month LIBOR | 3.250% | 4/25/25 | B | 828,903 | ||||||||||||||||||||||
| 577 | Ryan Specialty Group, LLC, Term Loan | 4.625% | SOFR30A | 3.000% | 9/01/27 | BB– | 556,986 | |||||||||||||||||||||||
| 4,477 | Total Insurance | 4,204,679 | ||||||||||||||||||||||||||||
| Interactive Media & Services – 0.2% | ||||||||||||||||||||||||||||||
| 1,068 | Rackspace Technology Global, Inc., Term Loan B | 3.500% | 3-Month LIBOR | 2.750% | 2/09/28 | B+ | 976,407 | |||||||||||||||||||||||
| Internet & Direct Marketing Retail – 0.1% | ||||||||||||||||||||||||||||||
| 369 | CNT Holdings I Corp, Term Loan | 4.690% | 1-Month LIBOR | 3.500% | 11/08/27 | B | 351,266 | |||||||||||||||||||||||
| IT Services – 0.4% | ||||||||||||||||||||||||||||||
| 119 | Peraton Corp., Term Loan B | 5.416% | 1-Month LIBOR | 3.750% | 2/01/28 | BB– | 112,425 | |||||||||||||||||||||||
| 781 | Syniverse Holdings, Inc., Term Loan | 8.286% | | CME Term SOFR 3 Month | | 7.000% | 5/10/29 | B– | 694,582 | |||||||||||||||||||||
| 588 | Tempo Acquisition LLC, Term Loan B | 4.525% | SOFR30A | 3.000% | 8/31/28 | BB– | 558,137 | |||||||||||||||||||||||
| 463 | Travelport Finance (Luxembourg) S.a.r.l., Term Loan, (cash 3.500%, PIK 6.500%) | 3.750% | 3-Month LIBOR | 1.500% | 2/28/25 | B– | 459,072 | |||||||||||||||||||||||
| 299 | Virtusa Corporation, Term Loan B1 | 5.375% | 1-Month LIBOR | 3.750% | 2/08/29 | B | 283,789 | |||||||||||||||||||||||
| 95 | WEX Inc., Term Loan | 3.916% | 1-Month LIBOR | 2.250% | 4/01/28 | Ba2 | 91,202 | |||||||||||||||||||||||
| 2,345 | Total IT Services | 2,199,207 | ||||||||||||||||||||||||||||
| Leisure Products – 0.0% | ||||||||||||||||||||||||||||||
| 82 | SRAM, LLC , Term Loan B | 4.416% | 1-Month LIBOR | 2.750% | 5/18/28 | BB– | 78,369 | |||||||||||||||||||||||
25
| NMAI | Nuveen Multi-Asset Income Fund (continued) | |
| Portfolio of Investments June 30, 2022 | ||
| (Unaudited) | ||
Principal Amount (000) | Description (1) | Coupon (5) | Reference Rate (5) | Spread (5) | Maturity (6) | Ratings (7) | Value | |||||||||||||||||||||||
| Life Sciences Tools & Services – 0.1% | ||||||||||||||||||||||||||||||
| $ | 74 | Avantor Funding, Inc., Term Loan B5 | 3.916% | 1-Month LIBOR | 2.250% | 11/06/27 | BB+ | $ | 70,956 | |||||||||||||||||||||
| 76 | ICON Luxembourg S.A.R.L., Term Loan | 4.563% | 3-Month LIBOR | 2.250% | 7/01/28 | BB+ | 73,925 | |||||||||||||||||||||||
| 226 | Maravai Intermediate Holdings, LLC, Term Loan B | 3.846% | SOFR90A | 3.000% | 10/19/27 | B+ | 215,360 | |||||||||||||||||||||||
| 376 | Total Life Sciences Tools & Services | 360,241 | ||||||||||||||||||||||||||||
| Machinery – 0.3% | ||||||||||||||||||||||||||||||
| 375 | Ali Group North America Corp., Term Loan B, (DD1) | 4.387% | 1-Month LIBOR | 2.000% | 10/13/28 | Baa3 | 359,625 | |||||||||||||||||||||||
| 373 | Filtration Group Corporation, Term Loan | 5.166% | 1-Month LIBOR | 3.500% | 10/21/28 | B | 349,805 | |||||||||||||||||||||||
| 540 | Gates Global LLC, Term Loan B3 | 4.166% | 1-Month LIBOR | 2.500% | 3/31/27 | Ba3 | 511,170 | |||||||||||||||||||||||
| 134 | Grinding Media Inc., Term Loan B | 4.796% | 3-Month LIBOR | 4.000% | 10/12/28 | B | 122,478 | |||||||||||||||||||||||
| 1,422 | Total Machinery | 1,343,078 | ||||||||||||||||||||||||||||
| Marine – 0.0% | ||||||||||||||||||||||||||||||
| 233 | HGIM Corp., Exit Term Loan | 8.030% | 3-Month LIBOR | 6.000% | 7/02/23 | CCC+ | 219,061 | |||||||||||||||||||||||
| Media – 1.5% | ||||||||||||||||||||||||||||||
| 335 | ABG Intermediate Holdings 2 LLC, Term Loan, (WI/DD) | TBD | TBD | TBD | TBD | B1 | 314,063 | |||||||||||||||||||||||
| 335 | ABG Intermediate Holdings 2 LLC, Term Loan B1, (WI/DD) | 5.275% | SOFR30A | 3.750% | 12/21/28 | B1 | 314,063 | |||||||||||||||||||||||
| 80 | ABG Intermediate Holdings 2 LLC, Term Loan, Second Lien | 7.625% | SOFR30A | 6.000% | 12/20/29 | CCC+ | 74,800 | |||||||||||||||||||||||
| 121 | Cable One, Inc., Term Loan B4 | 3.666% | 1-Month LIBOR | 2.000% | 5/03/28 | BB+ | 116,722 | |||||||||||||||||||||||
| 645 | Cengage Learning, Inc., Term Loan B | 5.750% | 3-Month LIBOR | 4.750% | 7/14/26 | B | 583,610 | |||||||||||||||||||||||
| 1,412 | Clear Channel Outdoor Holdings, Inc., Term Loan B | 4.739% | 3-Month LIBOR | 3.500% | 8/21/26 | B1 | 1,220,244 | |||||||||||||||||||||||
| 427 | CSC Holdings, LLC, Term Loan | 3.574% | 1-Month LIBOR | 2.250% | 1/15/26 | BB | 398,243 | |||||||||||||||||||||||
| 194 | CSC Holdings, LLC, Term Loan B1 | 3.574% | 1-Month LIBOR | 2.250% | 7/17/25 | BB | 181,350 | |||||||||||||||||||||||
| 97 | CSC Holdings, LLC, Term Loan B5 | 3.824% | 1-Month LIBOR | 2.500% | 4/15/27 | BB | 90,760 | |||||||||||||||||||||||
| 49 | Cumulus Media New Holdings Inc., Term Loan B | 4.750% | 6-Month LIBOR | 3.750% | 3/31/26 | B | 47,321 | |||||||||||||||||||||||
| 1,002 | DirecTV Financing, LLC, Term Loan | 6.666% | 1-Month LIBOR | 5.000% | 8/02/27 | BBB– | 925,124 | |||||||||||||||||||||||
| 373 | Dotdash Meredith Inc, Term Loan B | 5.145% | 1-Month LIBOR | 4.000% | 12/01/28 | BB– | 349,219 | |||||||||||||||||||||||
| 277 | Gray Television, Inc., Term Loan B | 3.562% | 1-Month LIBOR | 2.500% | 2/07/24 | BB+ | 271,756 | |||||||||||||||||||||||
| 829 | iHeartCommunications, Inc., Term Loan | 4.666% | 1-Month LIBOR | 3.000% | 5/01/26 | BB– | 772,535 | |||||||||||||||||||||||
| 610 | McGraw-Hill Global Education Holdings, LLC, Term Loan | 5.554% | 6-Month LIBOR | 4.750% | 7/30/28 | BB+ | 553,909 | |||||||||||||||||||||||
| 84 | Mission Broadcasting, Inc., Term Loan B | 3.562% | 1-Month LIBOR | 2.500% | 6/03/28 | BBB– | 81,726 | |||||||||||||||||||||||
| 73 | Outfront Media Capital LLC, Term Loan B | 3.416% | 1-Month LIBOR | 1.750% | 11/18/26 | Ba1 | 69,752 | |||||||||||||||||||||||
| 500 | Radiate Holdco LLC, Term Loan, (WI/DD) | TBD | TBD | TBD | TBD | N/R | 466,158 | |||||||||||||||||||||||
| 577 | Radiate Holdco, LLC, Term Loan B | 4.916% | 1-Month LIBOR | 3.250% | 9/25/26 | B1 | 538,039 | |||||||||||||||||||||||
| 250 | Virgin Media Bristol LLC, Term Loan N | 3.824% | 1-Month LIBOR | 2.500% | 1/31/28 | BB+ | 234,860 | |||||||||||||||||||||||
| 231 | Ziggo Financing Partnership, Term Loan I | 3.824% | 1-Month LIBOR | 2.500% | 4/30/28 | BB | 216,068 | |||||||||||||||||||||||
| 8,501 | Total Media | 7,820,322 | ||||||||||||||||||||||||||||
| Multiline Retail – 0.0% | ||||||||||||||||||||||||||||||
| 2 | Belk, Inc., Term Loan | 9.006% | 3-Month LIBOR | 7.500% | 7/31/25 | B– | 1,553 | |||||||||||||||||||||||
| 7 | Belk, Inc., Term Loan, (cash 5.000%, PIK 8.000%) | 13.000% | 3-Month LIBOR | 13.000% | 7/31/25 | CCC– | 3,227 | |||||||||||||||||||||||
| 9 | Total Multiline Retail | 4,780 | ||||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 0.3% | ||||||||||||||||||||||||||||||
| 1 | DT Midstream, Inc, Term Loan B | 3.688% | 1-Month LIBOR | 2.000% | 6/10/28 | Baa2 | 1,252 | |||||||||||||||||||||||
| 142 | EG America LLC, Term Loan | 6.250% | 3-Month LIBOR | 4.000% | 2/05/25 | B– | 133,499 | |||||||||||||||||||||||
| 370 | Freeport LNG Investments, LLLP, Term Loan B | 4.563% | 3-Month LIBOR | 3.500% | 12/21/28 | B+ | 321,549 | |||||||||||||||||||||||
| 572 | Gulf Finance, LLC, Term Loan | 8.071% | 1-Month LIBOR | 6.750% | 8/25/26 | B | 427,309 | |||||||||||||||||||||||
| 365 | QuarterNorth Energy Holding Inc., Exit Term Loan, Second Lien | 9.666% | 1-Month LIBOR | 8.000% | 8/27/26 | B | 366,303 | |||||||||||||||||||||||
26
Principal Amount (000) | Description (1) | Coupon (5) | Reference Rate (5) | Spread (5) | Maturity (6) | Ratings (7) | Value | |||||||||||||||||||||||
| Oil, Gas & Consumable Fuels (continued) | ||||||||||||||||||||||||||||||
| $ | 234 | TransMontaigne Operating Company L.P., Term Loan B | 4.548% | 1-Month LIBOR | 3.500% | 11/05/28 | BB | $ | 222,642 | |||||||||||||||||||||
| 1,684 | Total Oil, Gas & Consumable Fuels | 1,472,554 | ||||||||||||||||||||||||||||
| Paper & Forest Products – 0.1% | ||||||||||||||||||||||||||||||
| 310 | Asplundh Tree Expert, LLC, Term Loan B | 3.416% | 1-Month LIBOR | 1.750% | 9/04/27 | BBB– | 299,623 | |||||||||||||||||||||||
| Personal Products – 0.1% | ||||||||||||||||||||||||||||||
| — | (8) | Kronos Acquisition Holdings Inc., Term Loan B | 5.416% | 1-Month LIBOR | 3.750% | 12/22/26 | B2 | 14 | ||||||||||||||||||||||
| 746 | Revlon Consumer Products Corporation, Term Loan B, (3), (9) | 5.576% | 6-Month LIBOR | 3.500% | 9/07/23 | D | 532,280 | |||||||||||||||||||||||
| 746 | Total Personal Products | 532,294 | ||||||||||||||||||||||||||||
| Pharmaceuticals – 0.6% | ||||||||||||||||||||||||||||||
| 595 | Bausch Health Companies Inc., Term Loan B3 | 6.549% | SOFR30A | 5.250% | 1/27/27 | BB | 512,854 | |||||||||||||||||||||||
| 241 | Endo Luxembourg Finance Company I S.a r.l., Term Loan | 6.688% | 1-Month LIBOR | 5.000% | 3/25/28 | CCC | 185,106 | |||||||||||||||||||||||
| 1,240 | Jazz Financing Lux S.a.r.l., Term Loan | 5.166% | 1-Month LIBOR | 3.500% | 5/05/28 | BB+ | 1,185,520 | |||||||||||||||||||||||
| 373 | LSCS Holdings, Inc., Term Loan, First Lien | 6.734% | 1-Month LIBOR | 4.500% | 12/16/28 | B2 | 356,334 | |||||||||||||||||||||||
| 29 | Mallinckrodt International Finance S.A., Term Loan B, (DD1), (9) | 7.500% | 3-Month LIBOR | 5.250% | 9/24/24 | B | 25,143 | |||||||||||||||||||||||
| 556 | Organon & Co, Term Loan | 4.625% | 3-Month LIBOR | 3.000% | 6/02/28 | BB | 536,435 | |||||||||||||||||||||||
| 156 | Perrigo Investments, LLC, Term Loan B | 3.645% | | CME Term SOFR 1 Month + 3 Month | | 2.500% | 4/05/29 | Baa3 | 150,735 | |||||||||||||||||||||
| 3,190 | Total Pharmaceuticals | 2,952,127 | ||||||||||||||||||||||||||||
| Professional Services – 0.2% | ||||||||||||||||||||||||||||||
| 250 | CCRR Parent, Inc, Term Loan B, (WI/DD) | TBD | TBD | TBD | TBD | B | 237,813 | |||||||||||||||||||||||
| 114 | CHG Healthcare Services Inc., Term Loan | 4.750% | 3 + 6-Month LIBOR | 3.250% | 9/30/28 | B1 | 108,259 | |||||||||||||||||||||||
| 122 | Dun & Bradstreet Corporation (The), Term Loan | 4.874% | 1-Month LIBOR | 3.250% | 2/08/26 | BB+ | 115,034 | |||||||||||||||||||||||
| 299 | Physician Partners LLC, Term Loan | 5.625% | SOFR30A | 4.000% | 2/01/29 | B | 284,287 | |||||||||||||||||||||||
| 203 | Trans Union, LLC, Term Loan B5 | 3.416% | 1-Month LIBOR | 1.750% | 11/13/26 | BBB– | 191,566 | |||||||||||||||||||||||
| 245 | Verscend Holding Corp., Term Loan B | 5.666% | 1-Month LIBOR | 4.000% | 8/27/25 | BB– | 235,465 | |||||||||||||||||||||||
| 1,233 | Total Professional Services | 1,172,424 | ||||||||||||||||||||||||||||
| Road & Rail – 0.2% | ||||||||||||||||||||||||||||||
| 262 | First Student Bidco Inc, Term Loan B | 5.232% | 3-Month LIBOR | 3.000% | 7/21/28 | BB+ | 234,926 | |||||||||||||||||||||||
| 97 | First Student Bidco Inc, Term Loan C | 5.232% | 3-Month LIBOR | 3.000% | 7/21/28 | BB+ | 87,214 | |||||||||||||||||||||||
| 589 | Hertz Corporation, (The), Term Loan B, (DD1) | 4.920% | 1-Month LIBOR | 3.250% | 6/30/28 | BB+ | 555,962 | |||||||||||||||||||||||
| 112 | Hertz Corporation, (The), Term Loan C, (DD1) | 4.920% | 1-Month LIBOR | 3.250% | 6/30/28 | BB+ | 106,044 | |||||||||||||||||||||||
| 1,060 | Total Road & Rail | 984,146 | ||||||||||||||||||||||||||||
| Semiconductors & Semiconductor Equipment – 0.3% | ||||||||||||||||||||||||||||||
| 1,116 | Bright Bidco B.V., Term Loan B, (DD1) | 4.774% | 3-Month LIBOR | 3.500% | 6/30/24 | CCC | 499,036 | |||||||||||||||||||||||
| 250 | Entegris Inc., Term Loan, (WI/DD) | TBD | TBD | TBD | TBD | Baa3 | 242,500 | |||||||||||||||||||||||
| 860 | MKS Instruments Inc., Term Loan, (WI/DD) | TBD | TBD | TBD | TBD | BBB– | 825,170 | |||||||||||||||||||||||
| 42 | Synaptics Incorporated, Term Loan B | 4.356% | 3-Month LIBOR | 2.250% | 10/20/28 | BBB– | 40,713 | |||||||||||||||||||||||
| 2,268 | Total Semiconductors & Semiconductor Equipment |
| 1,607,419 | |||||||||||||||||||||||||||
| Software – 2.7% | ||||||||||||||||||||||||||||||
| 375 | AppLovin Corporation, Term Loan B, (WI/DD) | TBD | TBD | TBD | TBD | BB– | 356,876 | |||||||||||||||||||||||
| 156 | Apttus Corporation, Term Loan | 5.621% | 3-Month LIBOR | 4.250% | 5/06/28 | BB | 146,524 | |||||||||||||||||||||||
| 375 | Bali Finco Inc, Term Loan, (WI/DD) | TBD | TBD | TBD | TBD | B2 | 368,437 | |||||||||||||||||||||||
| 368 | Banff Merger Sub Inc, Term Loan | 5.416% | 1-Month LIBOR | 3.750% | 10/02/25 | B2 | 343,824 | |||||||||||||||||||||||
27
| NMAI | Nuveen Multi-Asset Income Fund (continued) | |
| Portfolio of Investments June 30, 2022 | ||
| (Unaudited) | ||
Principal Amount (000) | Description (1) | Coupon (5) | Reference Rate (5) | Spread (5) | Maturity (6) | Ratings (7) | Value | |||||||||||||||||||||||
| Software (continued) | ||||||||||||||||||||||||||||||
| $ | 398 | Camelot U.S. Acquisition LLC, Term Loan B, (DD1) | 4.666% | 1-Month LIBOR | 3.000% | 10/31/26 | B1 | $ | 377,500 | |||||||||||||||||||||
| 368 | Camelot U.S. Acquisition LLC, Term Loan B | 4.666% | 1-Month LIBOR | 3.000% | 10/31/26 | B1 | 347,739 | |||||||||||||||||||||||
| 305 | Central Parent Inc., Term Loan, (WI/DD) | TBD | TBD | TBD | TBD | B+ | 289,142 | |||||||||||||||||||||||
| 1,228 | Ceridian HCM Holding Inc., Term Loan B | 4.166% | 1-Month LIBOR | 2.500% | 4/30/25 | B+ | 1,166,526 | |||||||||||||||||||||||
| 250 | DTI Holdco, Inc., Term Loan | 6.275% | SOFR30A | 4.750% | 4/21/29 | B2 | 234,731 | |||||||||||||||||||||||
| 1,177 | Epicor Software Corporation, Term Loan | 4.916% | 1-Month LIBOR | 3.250% | 7/31/27 | B2 | 1,113,688 | |||||||||||||||||||||||
| 1,218 | Finastra USA, Inc., Term Loan, First Lien | 4.739% | 3-Month LIBOR | 3.500% | 6/13/24 | B+ | 1,100,953 | |||||||||||||||||||||||
| 371 | Greeneden U.S. Holdings II, LLC, Term Loan B4 | 5.666% | 1-Month LIBOR | 4.000% | 12/01/27 | B2 | 355,885 | |||||||||||||||||||||||
| 372 | IGT Holding IV AB, Term Loan B2 | 5.650% | 3-Month LIBOR | 3.500% | 3/29/28 | B | 347,982 | |||||||||||||||||||||||
| 524 | Informatica LLC, Term Loan B | 4.438% | 1-Month LIBOR | 2.750% | 10/14/28 | BB– | 498,488 | |||||||||||||||||||||||
| 249 | Instructure Holdings, Inc., Term Loan B | 3.269% | 3-Month LIBOR | 2.750% | 10/29/28 | BB+ | 237,530 | |||||||||||||||||||||||
| 115 | MA FinanceCo., LLC, Term Loan B | 5.915% | 3-Month LIBOR | 4.250% | 6/05/25 | BB+ | 105,532 | |||||||||||||||||||||||
| 372 | Magenta Buyer LLC, Term Loan, First Lien | 6.230% | 3-Month LIBOR | 5.000% | 7/27/28 | BB– | 335,915 | |||||||||||||||||||||||
| 612 | McAfee, LLC, Term Loan B | 5.145% | 1-Month LIBOR | 4.000% | 2/03/29 | BB+ | 558,715 | |||||||||||||||||||||||
| 90 | Mitnick Corporate Purchaser, Inc, Term Loan | 5.924% | | CME Term SOFR 3 Month | | 4.750% | 4/20/29 | B+ | 85,725 | |||||||||||||||||||||
| 500 | Nortonlifelock Inc, Term Loan B, (DD1) | 4.320% | SOF30A | 2.000% | 1/28/29 | BBB– | 475,375 | |||||||||||||||||||||||
| 260 | Proofpoint, Inc., Term Loan, First Lien | 4.825% | 3-Month LIBOR | 3.250% | 8/31/28 | BB– | 242,373 | |||||||||||||||||||||||
| 228 | RealPage, Inc, Term Loan, First Lien | 4.916% | 1-Month LIBOR | 3.250% | 4/22/28 | B+ | 211,629 | |||||||||||||||||||||||
| 548 | Seattle Spinco, Inc., Term Loan B3 | 4.416% | 1-Month LIBOR | 2.750% | 6/21/24 | BB+ | 521,736 | |||||||||||||||||||||||
| 491 | Seattle Spinco, Inc., Term Loan B5 | 5.609% | SOFR30A | 4.000% | 1/14/27 | BB+ | 447,775 | |||||||||||||||||||||||
| 1,025 | Sophia, L.P., Term Loan B | 5.500% | 3-Month LIBOR | 3.250% | 10/07/27 | B2 | 959,166 | |||||||||||||||||||||||
| 177 | SS&C European Holdings Sarl, Term Loan B4 | 3.416% | 1-Month LIBOR | 1.750% | 4/16/25 | BB+ | 169,063 | |||||||||||||||||||||||
| 204 | SS&C Technologies Inc., Term Loan B3 | 3.416% | 1-Month LIBOR | 1.750% | 4/16/25 | BB+ | 194,663 | |||||||||||||||||||||||
| 49 | SS&C Technologies Inc., Term Loan B6 | 3.875% | SOFR30A | 2.250% | 3/22/29 | BB+ | 47,225 | |||||||||||||||||||||||
| 70 | SS&C Technologies Inc., Term Loan B7 | 3.875% | SOFR30A | 2.250% | 3/22/29 | BB+ | 67,374 | |||||||||||||||||||||||
| 79 | Tibco Software Inc., Term Loan B3 | 5.420% | 1-Month LIBOR | 3.750% | 7/03/26 | B+ | 77,827 | |||||||||||||||||||||||
| 750 | UKG Inc., Term Loan, (WI/DD) | TBD | TBD | TBD | TBD | B1 | 704,651 | |||||||||||||||||||||||
| 798 | Ultimate Software Group Inc (The), Term Loan, (DD1) | 4.212% | 3-Month LIBOR | 3.250% | 5/03/26 | B1 | 749,494 | |||||||||||||||||||||||
| 302 | Ultimate Software Group Inc (The), Term Loan, Second Lien, (WI/DD) | TBD | TBD | TBD | TBD | Caa1 | 280,643 | |||||||||||||||||||||||
| 363 | Zelis Healthcare Corporation, Term Loan | 4.562% | 1-Month LIBOR | 3.500% | 9/30/26 | B | 342,764 | |||||||||||||||||||||||
| 14,767 | Total Software | 13,863,470 | ||||||||||||||||||||||||||||
| Specialty Retail – 0.6% | ||||||||||||||||||||||||||||||
| 72 | Avis Budget Car Rental, LLC, Term Loan | 3.420% | 1-Month LIBOR | 1.750% | 8/06/27 | BB+ | 68,163 | |||||||||||||||||||||||
| 249 | Avis Budget Car Rental, LLC, Term Loan C | 5.125% | 1-Month LIBOR | 3.500% | 3/15/29 | BB+ | 239,400 | |||||||||||||||||||||||
| 374 | Driven Holdings, LLC, Term Loan B | 3.517% | 3-Month LIBOR | 3.000% | 12/17/28 | B2 | 350,684 | |||||||||||||||||||||||
| 211 | Jo-Ann Stores, Inc., Term Loan B1, (DD1) | 5.964% | 3-Month LIBOR | 4.750% | 6/30/28 | B | 149,613 | |||||||||||||||||||||||
| 362 | Les Schwab Tire Centers, Term Loan B | 4.000% | 3-Month LIBOR | 3.250% | 11/02/27 | B | 338,729 | |||||||||||||||||||||||
| 1,356 | PetSmart, Inc., Term Loan B | 4.500% | 3-Month LIBOR | 3.750% | 2/12/28 | BB– | 1,280,108 | |||||||||||||||||||||||
| 198 | Restoration Hardware, Inc., Term Loan B | 4.166% | 1-Month LIBOR | 2.500% | 10/15/28 | BB | 175,053 | |||||||||||||||||||||||
| 70 | SRS Distribution Inc., Term Loan | 4.000% | SOFR90A | 3.500% | 6/04/28 | B2 | 64,523 | |||||||||||||||||||||||
| 249 | Staples, Inc., Term Loan B2 | 5.786% | 3-Month LIBOR | 4.500% | 9/12/24 | B | 230,272 | |||||||||||||||||||||||
| 3,141 | Total Specialty Retail | 2,896,545 | ||||||||||||||||||||||||||||
| Technology Hardware, Storage & Peripherals – 0.1% | ||||||||||||||||||||||||||||||
| 362 | NCR Corporation, Term Loan | 3.740% | 3-Month LIBOR | 2.500% | 8/28/26 | BB+ | 351,927 | |||||||||||||||||||||||
| Textiles, Apparel & Luxury Goods – 0.1% | ||||||||||||||||||||||||||||||
| 350 | Birkenstock GmbH & Co. KG, Term Loan B | 5.098% | 6-Month LIBOR | 3.250% | 4/28/28 | BB– | 321,937 | |||||||||||||||||||||||
| 249 | Crocs Inc, Term Loan B | 4.448% | | CME Term SOFR 3 Month + SOFR90A | | 3.500% | 2/19/29 | Ba2 | 227,711 | |||||||||||||||||||||
| 28 | New Trojan Parent, Inc., Term Loan, First Lien | 4.329% | 1 + 3-Month LIBOR | 3.250% | 1/06/28 | B | 24,692 | |||||||||||||||||||||||
| 627 | Total Textiles, Apparel & Luxury Goods | 574,340 | ||||||||||||||||||||||||||||
28
Principal Amount (000) | Description (1) | Coupon (5) | Reference Rate (5) | Spread (5) | Maturity (6) | Ratings (7) | Value | |||||||||||||||||||||||
| Thrifts & Mortgage Finance – 0.0% | ||||||||||||||||||||||||||||||
| $ | 214 | Ditech Holding Corporation, Term Loan, (9) | 0.000% | N/A | N/A | 6/30/22 | N/R | $ | 42,702 | |||||||||||||||||||||
| Trading Companies & Distributors – 0.1% | ||||||||||||||||||||||||||||||
| 177 | Core & Main LP, Term Loan B | 4.124% | 1-Month LIBOR | 2.500% | 6/10/28 | Ba3 | 168,488 | |||||||||||||||||||||||
| 400 | Fly Funding II S.a.r.l., Term Loan B | 3.130% | 3-Month LIBOR | 1.140% | 8/09/25 | BB– | 376,539 | |||||||||||||||||||||||
| 165 | Univar Solutions USA Inc., Term Loan B6 | 3.416% | 1-Month LIBOR | 1.750% | 6/03/28 | BBB– | 162,797 | |||||||||||||||||||||||
| 742 | Total Trading Companies & Distributors | 707,824 | ||||||||||||||||||||||||||||
| Transportation Infrastructure – 0.1% | ||||||||||||||||||||||||||||||
| 150 | Brown Group Holding LLC, Term Loan, (WI/DD) | TBD | TBD | TBD | TBD | B+ | 144,312 | |||||||||||||||||||||||
| 191 | Brown Group Holding, LLC, Term Loan B | 4.166% | 1-Month LIBOR | 2.500% | 4/22/28 | B+ | 181,666 | |||||||||||||||||||||||
| 423 | KKR Apple Bidco, LLC, Term Loan | 4.416% | 1-Month LIBOR | 3.000% | 9/23/28 | B+ | 400,115 | |||||||||||||||||||||||
| 764 | Total Transportation Infrastructure | 726,093 | ||||||||||||||||||||||||||||
| Wireless Telecommunication Services – 0.2% | ||||||||||||||||||||||||||||||
| 372 | GOGO Intermediate Holdings LLC, Term Loan B | 4.989% | 3-Month LIBOR | N/A% | 4/30/28 | B+ | 352,609 | |||||||||||||||||||||||
| 579 | Intelsat Jackson Holdings S.A., Term Loan B, (DD1), (9) | 4.920% | SOFR180A | 4.250% | 1/27/29 | BB– | 533,078 | |||||||||||||||||||||||
| 3 | Intelsat Jackson Holdings S.A., Term Loan B3, (9) | 9.500% | Prime | 4.750% | 11/27/23 | N/R | 2,887 | |||||||||||||||||||||||
| 369 | MetroNet Systems Holdings, LLC, Term Loan, First Lien | 5.055% | SOFR30A | 3.750% | 6/02/28 | B | 342,546 | |||||||||||||||||||||||
| 1,323 | Total Wireless Telecommunication Services |
| 1,231,120 | |||||||||||||||||||||||||||
| $ | 100,199 | Total Variable Rate Senior Loan Interests (cost $98,854,121) |
| 91,708,711 | ||||||||||||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (7) | Value | |||||||||||||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES – 17.8% (11.5% of Total Investments) |
| |||||||||||||||||||||||||||||
| $ | 110 | Connecticut Avenue Securities Trust 2022-R01, 144A, (SOFR30A reference rate + 1.900% spread), (11) |
| 2.826% | 12/25/41 | BBB | $ | 99,095 | ||||||||||||||||||||||
| 560 | Connecticut Avenue Securities Trust 2022-R03, 144A, (SOFR30A reference rate + 3.500% spread), (11) |
| 4.426% | 3/25/42 | BBB– | 532,755 | ||||||||||||||||||||||||
| 410 | Connecticut Avenue Securities Trust 2022-R04, 144A, (SOFR30A reference rate + 3.100% spread), (11) |
| 4.026% | 3/25/42 | BBB– | 383,386 | ||||||||||||||||||||||||
| 60 | Connecticut Avenue Securities Trust 2022-R05, 144A, (SOFR30A reference rate + 3.000% spread), (11) |
| 3.926% | 4/25/42 | Baa3 | 57,027 | ||||||||||||||||||||||||
| 970 | Connecticut Avenue Securities Trust 2022-R06, 144A, (SOFR30A reference rate + 3.850% spread), (11) |
| 4.798% | 5/25/42 | BBB– | 943,337 | ||||||||||||||||||||||||
| 710 | Fannie Mae TBA, (MDR), (WI/DD) | 2.000% | TBA | Aaa | 662,685 | |||||||||||||||||||||||||
| 2,650 | Fannie Mae TBA, (MDR), (WI/DD) | 2.500% | TBA | Aaa | 2,530,483 | |||||||||||||||||||||||||
| 1,770 | Fannie Mae TBA, (MDR), (WI/DD) | 3.000% | TBA | Aaa | 1,729,301 | |||||||||||||||||||||||||
| 600 | Fannie Mae TBA, (MDR), (WI/DD) | 3.500% | TBA | Aaa | 596,243 | |||||||||||||||||||||||||
| 4,800 | Fannie Mae TBA, (MDR), (WI/DD) | 3.500% | TBA | Aaa | 4,615,875 | |||||||||||||||||||||||||
| 1,600 | Fannie Mae TBA, (MDR), (WI/DD) | 4.000% | TBA | Aaa | 1,577,719 | |||||||||||||||||||||||||
| 3,200 | Fannie Mae TBA, (MDR), (WI/DD) | 4.500% | TBA | Aaa | 3,212,125 | |||||||||||||||||||||||||
| 1,755 | Fannie Mae TBA, (MDR), (WI/DD) | 5.000% | TBA | Aaa | 1,791,197 | |||||||||||||||||||||||||
| 3,979 | Fannie Mae Pool FN MA4305, (19) | 2.000% | 12/01/51 | N/R | 3,458,296 | |||||||||||||||||||||||||
| 2,397 | Fannie Mae Pool FN CB2281, (19) | 2.000% | 12/01/51 | N/R | 2,089,667 | |||||||||||||||||||||||||
| 965 | Fannie Mae Pool FN FS0363, (19) | 2.500% | 1/01/52 | N/R | 871,636 | |||||||||||||||||||||||||
| 1,468 | Fannie Mae Pool FN CB2804, (19) | 2.500% | 2/01/52 | N/R | 1,326,762 | |||||||||||||||||||||||||
| 3,225 | Fannie Mae Pool FN CB2859, (19) | 2.500% | 2/01/52 | N/R | 2,912,418 | |||||||||||||||||||||||||
| 1,894 | Fannie Mae Pool FN CB2839, (19) | 2.000% | 2/01/52 | N/R | 1,650,676 | |||||||||||||||||||||||||
| 2,355 | Fannie Mae Pool FN FS0522, (19) | 2.500% | 2/01/52 | N/R | 2,126,208 | |||||||||||||||||||||||||
| 1,513 | Fannie Mae Pool FN FS0548, (19) | 2.500% | 2/01/52 | N/R | 1,365,716 | |||||||||||||||||||||||||
| 1,763 | Fannie Mae Pool FN CB3149, (19) | 2.000% | 3/01/52 | N/R | 1,532,812 | |||||||||||||||||||||||||
| 772 | Fannie Mae Pool FN CB3297 | 2.500% | 4/01/52 | N/R | 696,406 | |||||||||||||||||||||||||
| 6,054 | Fannie Mae Pool FN FS1533, (19) | 3.000% | 4/01/52 | N/R | 5,664,062 | |||||||||||||||||||||||||
| 459 | Fannie Mae Pool FN BV9189, (19) | 3.000% | 4/01/52 | N/R | 428,608 | |||||||||||||||||||||||||
| 3,718 | Fannie Mae Pool FN CB3234, (19) | 3.000% | 4/01/52 | N/R | 3,477,712 | |||||||||||||||||||||||||
| 609 | Fannie Mae Pool FN FS1297, (19) | 3.000% | 4/01/52 | N/R | 568,643 | |||||||||||||||||||||||||
29
| NMAI | Nuveen Multi-Asset Income Fund (continued) | |
| Portfolio of Investments June 30, 2022 | ||
| (Unaudited) | ||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (7) | Value | |||||||||||||||||||||||||
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (continued) |
| |||||||||||||||||||||||||||||
| $ | 2,186 | Fannie Mae Pool FN FS1337, (19) | 2.500% | 4/01/52 | N/R | $ | 1,971,205 | |||||||||||||||||||||||
| 5,081 | Fannie Mae Pool FN FS1535, (19) | 3.000% | 4/01/52 | N/R | 4,753,051 | |||||||||||||||||||||||||
| 1,051 | Fannie Mae Pool FN MA4644, (19) | 4.000% | 5/01/52 | N/R | 1,038,005 | |||||||||||||||||||||||||
| 1,395 | Fannie Mae Pool FN CB3599, (19) | 3.500% | 5/01/52 | N/R | 1,344,761 | |||||||||||||||||||||||||
| 1,999 | Freddie Mac Pool FN SD0912, (19) | 2.000% | 2/01/52 | N/R | 1,742,779 | |||||||||||||||||||||||||
| 2,558 | Freddie Mac Pool FN RA6766, (19) | 2.500% | 2/01/52 | N/R | 2,310,289 | |||||||||||||||||||||||||
| 1,698 | Freddie Mac Pool FN SD0922, (19) | 2.500% | 3/01/52 | N/R | 1,534,118 | |||||||||||||||||||||||||
| 3,902 | Freddie Mac Pool FN RA5714, (19) | 2.000% | 3/01/52 | N/R | 3,400,655 | |||||||||||||||||||||||||
| 408 | Freddie Mac Pool FN QE0543, (19) | 3.000% | 4/01/52 | N/R | 381,493 | |||||||||||||||||||||||||
| 410 | Freddie Mac STACR REMIC Trust 2022-DNA3, 144A, (SOFR30A reference rate + 2.900% spread), (11) |
| 3.826% | 4/25/42 | BBB | 385,411 | ||||||||||||||||||||||||
| 350 | Freddie Mac STACR REMIC Trust 2022-DNA4, 144A, (SOFR30A reference rate + 3.350% spread), (11) |
| 4.276% | 5/25/42 | BBB– | 332,743 | ||||||||||||||||||||||||
| 100 | Freddie Mac STACR REMIC Trust 2022-HQA1, 144A, (SOFR30A reference rate + 3.500% spread), (11) |
| 4.426% | 3/25/42 | BBB– | 95,493 | ||||||||||||||||||||||||
| 90 | Freddie Mac Structured Agency Credit Risk Debt Notes, 144A, (SOFR30A reference rate + 2.300% spread), (11) |
| 3.226% | 8/25/33 | BBB– | 85,076 | ||||||||||||||||||||||||
| 1,000 | Freddie Mac Structured Agency Credit Risk Debt Notes, 144A, (SOFR30A reference rate + 2.400% spread), (11) |
| 3.326% | 2/25/42 | BBB | 922,669 | ||||||||||||||||||||||||
| 1,000 | Freddie Mac Structured Agency Credit Risk Debt Notes, 144A, (SOFR30A reference rate + 4.500% spread), (11) |
| 5.279% | 6/25/42 | BBB– | 1,005,023 | ||||||||||||||||||||||||
| 4,384 | Ginnie Mae II Pool FN MA8042, (19) | 2.500% | 5/20/52 | N/R | 4,017,263 | |||||||||||||||||||||||||
| 3,788 | Ginnie Mae II Pool FN MA8043 | 3.000% | 5/20/52 | N/R | 3,575,762 | |||||||||||||||||||||||||
| 1,700 | Ginnie Mae II Pool, (MDR), (WI/DD) | 2.500% | TBA | Aaa | 1,555,500 | |||||||||||||||||||||||||
| 2,620 | Ginnie Mae II Pool, (MDR), (WI/DD) | 2.000% | TBA | Aaa | 2,326,274 | |||||||||||||||||||||||||
| 1,135 | Ginnie Mae II Pool, (MDR), (WI/DD) | 3.000% | TBA | Aaa | 1,069,826 | |||||||||||||||||||||||||
| 959 | GS Mortgage-Backed Securities Corp Trust 2022-PJ2, 144A |
| 3.000% | 6/25/52 | Aa1 | 848,690 | ||||||||||||||||||||||||
| 331 | GS Mortgage-Backed Securities Trust 2021-PJ10, 144A |
| 2.500% | 3/25/52 | Aa1 | 276,690 | ||||||||||||||||||||||||
| 489 | GS Mortgage-Backed Securities Trust 2022-GR2, 144A |
| 3.000% | 8/26/52 | Aa1 | 425,260 | ||||||||||||||||||||||||
| 341 | GS Mortgage-Backed Securities Trust 2022-HP1, 144A |
| 3.000% | 9/25/52 | Aa1 | 295,970 | ||||||||||||||||||||||||
| 591 | GS Mortgage-Backed Securities Trust 2022-INV1, 144A |
| 3.000% | 7/25/52 | Aa1 | 512,986 | ||||||||||||||||||||||||
| 277 | GS Mortgage-Backed Securities Trust 2022-PJ5, 144A |
| 3.000% | 10/25/52 | Aa1 | 240,608 | ||||||||||||||||||||||||
| 250 | Industrial DPR Funding Ltd, 144A |
| 5.380% | 4/15/34 | BBB | 243,575 | ||||||||||||||||||||||||
| 393 | J.P. Morgan Mortgage Trust 2022-4, 144A |
| 3.000% | 10/25/52 | AA+ | 343,508 | ||||||||||||||||||||||||
| 250 | J.P. Morgan Mortgage Trust 2022-6, 144A |
| 3.000% | 11/25/52 | Aa1 | 216,768 | ||||||||||||||||||||||||
| 616 | J.P. Morgan Mortgage Trust 2022-INV3, 144A |
| 3.000% | 9/25/52 | AAA | 537,791 | ||||||||||||||||||||||||
| 149 | J.P. Morgan Mortgage Trust 2022-LTV2, 144A |
| 3.500% | 9/25/52 | AA+ | 136,175 | ||||||||||||||||||||||||
| 1,910 | JP Morgan Mortgage Trust, 144A |
| 3.250% | 7/25/52 | Aaa | 1,681,384 | ||||||||||||||||||||||||
| 1,358 | JP Morgan Mortgage Trust 2022-2, 144A |
| 3.000% | 8/25/52 | Aa1 | 1,203,368 | ||||||||||||||||||||||||
| 851 | JP Morgan Mortgage Trust 2022-3, 144A |
| 3.000% | 8/25/52 | Aa1 | 749,674 | ||||||||||||||||||||||||
| 778 | RCKT Mortgage Trust 2022-2, 144A |
| 2.500% | 2/25/52 | AAA | 648,210 | ||||||||||||||||||||||||
| 99 | RCKT Mortgage Trust 2022-3, 144A |
| 3.000% | 5/25/52 | Aa1 | 86,094 | ||||||||||||||||||||||||
| 210 | RCKT Mortgage Trust 2022-4, 144A |
| 3.500% | 6/25/52 | Aa1 | 187,458 | ||||||||||||||||||||||||
| 129 | Wells Fargo Mortgage Backed Securities 2021-2 Trust, 144A |
| 2.500% | 6/25/51 | AAA | 107,445 | ||||||||||||||||||||||||
| 198 | Wells Fargo Mortgage Backed Securities 2022-2 Trust, 144A |
| 2.500% | 12/25/51 | AAA | 165,554 | ||||||||||||||||||||||||
| 248 | Wells Fargo Mortgage Backed Securities 2022-INV1 Trust, 144A |
| 3.500% | 3/25/52 | AAA | 223,478 | ||||||||||||||||||||||||
| 149 | Wells Fargo Mortgage Backed Securities 2022-INV1 Trust, 144A |
| 3.000% | 3/25/52 | AAA | 129,534 | ||||||||||||||||||||||||
| $ | 97,797 | Asset-Backed and Mortgage-Backed Securities (cost $92,875,601) |
| 90,008,466 | ||||||||||||||||||||||||||
| Shares | Description (1) | Value | ||||||||||||||||||||||||||||
REAL ESTATE INVESTMENT TRUST COMMON STOCKS – 17.4% (11.3% of Total Investments) |
| |||||||||||||||||||||||||||||
| Diversified – 0.2% | ||||||||||||||||||||||||||||||
| 89,000 | DigitalBridge Group Inc, (18) | $ | 434,320 | |||||||||||||||||||||||||||
| 24,000 | Washington Real Estate Investment Trust | 511,440 | ||||||||||||||||||||||||||||
Total Diversified | 945,760 | |||||||||||||||||||||||||||||
| Health Care – 1.0% | ||||||||||||||||||||||||||||||
| 45,000 | Healthpeak Properties Inc, (18) | 1,165,950 | ||||||||||||||||||||||||||||
| 52,400 | Parkway Life Real Estate Investment Trust, (2) |
| 183,770 | |||||||||||||||||||||||||||
30
| Shares | Description (1) | Value | ||||||||||||||||||||||||||||
| Health Care (continued) | ||||||||||||||||||||||||||||||
| 28,000 | Ventas Inc | $ | 1,440,040 | |||||||||||||||||||||||||||
| 26,000 | Welltower Inc | 2,141,100 | ||||||||||||||||||||||||||||
Total Health Care | 4,930,860 | |||||||||||||||||||||||||||||
| Hotels – 0.2% | ||||||||||||||||||||||||||||||
| 47,000 | Host Hotels & Resorts Inc | 736,960 | ||||||||||||||||||||||||||||
| 31,000 | Park Hotels & Resorts Inc | 420,670 | ||||||||||||||||||||||||||||
Total Hotels | 1,157,630 | |||||||||||||||||||||||||||||
| Industrial – 2.7% | ||||||||||||||||||||||||||||||
| 28,561 | Duke Realty Corp, (18) | 1,569,427 | ||||||||||||||||||||||||||||
| 5,000 | EastGroup Properties Inc | 771,650 | ||||||||||||||||||||||||||||
| 4,000 | Innovative Industrial Properties Inc | 439,480 | ||||||||||||||||||||||||||||
| 57,836 | Prologis Inc | 6,804,405 | ||||||||||||||||||||||||||||
| 53,000 | Rexford Industrial Realty Inc | 3,052,270 | ||||||||||||||||||||||||||||
| 20,000 | Terreno Realty Corp | 1,114,600 | ||||||||||||||||||||||||||||
Total Industrial | 13,751,832 | |||||||||||||||||||||||||||||
| Office – 0.9% | ||||||||||||||||||||||||||||||
| 11,500 | Alexandria Real Estate Equities Inc | 1,667,845 | ||||||||||||||||||||||||||||
| 14,000 | Boston Properties Inc | 1,245,720 | ||||||||||||||||||||||||||||
| 10,000 | Kilroy Realty Corp | 523,300 | ||||||||||||||||||||||||||||
| 17,000 | SL Green Realty Corp | 784,550 | ||||||||||||||||||||||||||||
| 24,000 | Vornado Realty Trust, (18) | 686,160 | ||||||||||||||||||||||||||||
Total Office | 4,907,575 | |||||||||||||||||||||||||||||
| Residential – 4.3% | ||||||||||||||||||||||||||||||
| 69,000 | American Homes 4 Rent, Class A, (18) | 2,445,360 | ||||||||||||||||||||||||||||
| 20,500 | AvalonBay Communities Inc | 3,982,125 | ||||||||||||||||||||||||||||
| 5,000 | Camden Property Trust | 672,400 | ||||||||||||||||||||||||||||
| 31,000 | Equity LifeStyle Properties Inc | 2,184,570 | ||||||||||||||||||||||||||||
| 49,000 | Equity Residential | 3,538,780 | ||||||||||||||||||||||||||||
| 9,000 | Essex Property Trust Inc | 2,353,590 | ||||||||||||||||||||||||||||
| 31,000 | Independence Realty Trust Inc | 642,630 | ||||||||||||||||||||||||||||
| 148,000 | Ingenia Communities Group, (2) | 407,645 | ||||||||||||||||||||||||||||
| 12,000 | Invitation Homes Inc, (18) | 426,960 | ||||||||||||||||||||||||||||
| 7,000 | Mid-America Apartment Communities Inc | 1,222,690 | ||||||||||||||||||||||||||||
| 7,000 | NexPoint Residential Trust Inc | 437,570 | ||||||||||||||||||||||||||||
| 19,500 | Sun Communities Inc | 3,107,520 | ||||||||||||||||||||||||||||
| 12,000 | UDR Inc | 552,480 | ||||||||||||||||||||||||||||
Total Residential | 21,974,320 | |||||||||||||||||||||||||||||
| Retail – 2.3% | ||||||||||||||||||||||||||||||
| 60,000 | Brixmor Property Group Inc | 1,212,600 | ||||||||||||||||||||||||||||
| 90,000 | Kimco Realty Corp, (18) | 1,779,300 | ||||||||||||||||||||||||||||
| 55,000 | Kite Realty Group Trust | 950,950 | ||||||||||||||||||||||||||||
| 19,000 | Realty Income Corp | 1,296,940 | ||||||||||||||||||||||||||||
| 19,000 | Regency Centers Corp, (18) | 1,126,890 | ||||||||||||||||||||||||||||
| 43,000 | Simon Property Group Inc, (18) | 4,081,560 | ||||||||||||||||||||||||||||
| 43,000 | SITE Centers Corp | 579,210 | ||||||||||||||||||||||||||||
| 13,000 | Spirit Realty Capital Inc | 491,140 | ||||||||||||||||||||||||||||
Total Retail | 11,518,590 | |||||||||||||||||||||||||||||
| Specialized – 5.7% | ||||||||||||||||||||||||||||||
| 32,067 | American Tower Corp | 8,196,005 | ||||||||||||||||||||||||||||
| 23,093 | Crown Castle International Corp | 3,888,399 | ||||||||||||||||||||||||||||
| 14,042 | Digital Realty Trust Inc, (18) | 1,823,073 | ||||||||||||||||||||||||||||
| 5,544 | Equinix Inc, (18) | 3,642,519 | ||||||||||||||||||||||||||||
| 8,000 | Extra Space Storage Inc, (18) | 1,360,960 | ||||||||||||||||||||||||||||
| 12,000 | Life Storage Inc, (18) | 1,339,920 | ||||||||||||||||||||||||||||
| 20,000 | National Storage Affiliates Trust | 1,001,400 | ||||||||||||||||||||||||||||
31
| NMAI | Nuveen Multi-Asset Income Fund (continued) | |
| Portfolio of Investments June 30, 2022 | ||
| (Unaudited) | ||
| Shares | Description (1) | Value | ||||||||||||||||||||||||||||
| Specialized (continued) | ||||||||||||||||||||||||||||||
| 10,000 | Public Storage, (18) | $ | 3,126,700 | |||||||||||||||||||||||||||
| 6,245 | SBA Communications Corp, (18) | 1,998,712 | ||||||||||||||||||||||||||||
| 25,000 | VICI Properties Inc | 744,750 | ||||||||||||||||||||||||||||
| 50,000 | Weyerhaeuser Co | 1,656,000 | ||||||||||||||||||||||||||||
Total Specialized | 28,778,438 | |||||||||||||||||||||||||||||
| Total Real Estate Investment Trust Common Stocks (cost $85,412,007) |
| 87,965,005 | ||||||||||||||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (7) | Value | |||||||||||||||||||||||||
$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 10.3% (6.7% of Total Investments) |
| |||||||||||||||||||||||||||||
| Automobiles – 0.4% | ||||||||||||||||||||||||||||||
| $ | 932 | General Motors Financial Co Inc | 5.700% | N/A (12) | BB+ | $ | 810,840 | |||||||||||||||||||||||
| 575 | General Motors Financial Co Inc | 5.750% | N/A (12) | BB+ | 481,563 | |||||||||||||||||||||||||
| 695 | General Motors Financial Co Inc | 6.500% | N/A (12) | BB+ | 589,881 | |||||||||||||||||||||||||
| 2,202 | Total Automobiles | 1,882,284 | ||||||||||||||||||||||||||||
| Banks – 4.4% | ||||||||||||||||||||||||||||||
| 295 | Bank of America Corp | 4.375% | N/A (12) | BBB+ | 244,782 | |||||||||||||||||||||||||
| 240 | Bank of America Corp | 6.300% | N/A (12) | BBB+ | 237,933 | |||||||||||||||||||||||||
| 75 | Bank of America Corp | 6.100% | N/A (12) | BBB+ | 73,851 | |||||||||||||||||||||||||
| 2,410 | Bank of America Corp, (18) | 6.500% | N/A (12) | BBB+ | 2,386,816 | |||||||||||||||||||||||||
| 1,000 | Citigroup Inc | 5.950% | N/A (12) | BBB– | 928,351 | |||||||||||||||||||||||||
| 1,000 | Citigroup Inc | 6.300% | N/A (12) | BBB– | 933,270 | |||||||||||||||||||||||||
| 2,325 | Citigroup Inc, (18) | 6.250% | N/A (12) | BBB– | 2,266,607 | |||||||||||||||||||||||||
| 335 | Citizens Financial Group Inc | 4.000% | N/A (12) | BB+ | 266,794 | |||||||||||||||||||||||||
| 260 | Citizens Financial Group Inc | 6.375% | N/A (12) | BB+ | 226,304 | |||||||||||||||||||||||||
| 325 | CoBank ACB, (18) | 6.250% | N/A (12) | BBB+ | 306,313 | |||||||||||||||||||||||||
| 550 | First Citizens BancShares Inc/NC, (3-Month LIBOR reference rate + 3.972% spread), (11) |
| 5.801% | N/A (12) | BB– | 511,528 | ||||||||||||||||||||||||
| 415 | Goldman Sachs Group Inc | 3.800% | N/A (12) | BBB– | 323,692 | |||||||||||||||||||||||||
| 805 | Huntington Bancshares Inc/OH | 5.625% | N/A (12) | Baa3 | 752,566 | |||||||||||||||||||||||||
| 2,760 | JPMorgan Chase & Co, (18) | 6.750% | N/A (12) | BBB+ | 2,778,423 | |||||||||||||||||||||||||
| 345 | JPMorgan Chase & Co | 3.650% | N/A (12) | BBB+ | 282,555 | |||||||||||||||||||||||||
| 660 | JPMorgan Chase & Co | 5.000% | N/A (12) | BBB+ | 582,450 | |||||||||||||||||||||||||
| 125 | JPMorgan Chase & Co | 6.100% | N/A (12) | BBB+ | 116,725 | |||||||||||||||||||||||||
| 765 | M&T Bank Corp | 6.450% | N/A (12) | Baa2 | 738,219 | |||||||||||||||||||||||||
| 50 | M&T Bank Corp | 5.125% | N/A (12) | Baa2 | 44,793 | |||||||||||||||||||||||||
| 675 | PNC Financial Services Group Inc | 6.000% | N/A (12) | Baa2 | 647,926 | |||||||||||||||||||||||||
| 415 | PNC Financial Services Group Inc | 3.400% | N/A (12) | Baa2 | 315,118 | |||||||||||||||||||||||||
| 448 | PNC Financial Services Group Inc | 5.000% | N/A (12) | Baa2 | 398,492 | |||||||||||||||||||||||||
| 625 | Regions Financial Corp | 5.750% | N/A (12) | Baa3 | 618,881 | |||||||||||||||||||||||||
| 510 | SVB Financial Group | 4.000% | N/A (12) | Baa2 | 388,610 | |||||||||||||||||||||||||
| 200 | SVB Financial Group | 4.100% | N/A (12) | Baa2 | 137,543 | |||||||||||||||||||||||||
| 1,585 | Truist Financial Corp, (18) | 4.800% | N/A (12) | Baa2 | 1,418,416 | |||||||||||||||||||||||||
| 600 | Truist Financial Corp | 5.100% | N/A (12) | Baa2 | 543,000 | |||||||||||||||||||||||||
| 535 | Truist Financial Corp, (3-Month LIBOR reference rate + 3.102% spread), (11) |
| 4.931% | N/A (12) | Baa2 | 458,390 | ||||||||||||||||||||||||
| 1,200 | Wells Fargo & Co, (18) | 3.900% | N/A (12) | Baa2 | 1,033,500 | |||||||||||||||||||||||||
| 1,950 | Wells Fargo & Co | 5.875% | N/A (12) | Baa2 | 1,901,055 | |||||||||||||||||||||||||
| 450 | Zions Bancorp NA | 7.200% | N/A (12) | BB+ | 451,528 | |||||||||||||||||||||||||
| 23,933 | Total Banks | 22,314,431 | ||||||||||||||||||||||||||||
| Capital Markets – 0.6% | ||||||||||||||||||||||||||||||
| 395 | Bank of New York Mellon Corp | 4.700% | N/A (12) | Baa1 | 385,915 | |||||||||||||||||||||||||
| 1,000 | Charles Schwab Corp, (18) | 5.375% | N/A (12) | BBB | 987,500 | |||||||||||||||||||||||||
| 650 | Goldman Sachs Group Inc | 5.300% | N/A (12) | BBB– | 611,189 | |||||||||||||||||||||||||
| 955 | Goldman Sachs Group Inc | 5.500% | N/A (12) | BBB– | 921,861 | |||||||||||||||||||||||||
| 330 | Goldman Sachs Group Inc | 4.125% | N/A (12) | BBB– | 269,775 | |||||||||||||||||||||||||
| 3,330 | Total Capital Markets | 3,176,240 | ||||||||||||||||||||||||||||
32
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (7) | Value | |||||||||||||||||||||||||
| Consumer Finance – 0.5% | ||||||||||||||||||||||||||||||
| $ | 1,040 | Ally Financial Inc | 4.700% | N/A (12) | Ba2 | $ | 824,418 | |||||||||||||||||||||||
| 400 | Ally Financial Inc | 4.700% | N/A (12) | Ba2 | 295,100 | |||||||||||||||||||||||||
| 455 | American Express Co | 3.550% | N/A (12) | Baa2 | 370,193 | |||||||||||||||||||||||||
| 295 | Capital One Financial Corp | 3.950% | N/A (12) | Baa3 | 236,738 | |||||||||||||||||||||||||
| 305 | Discover Financial Services | 6.125% | N/A (12) | Ba2 | 304,969 | |||||||||||||||||||||||||
| 385 | Discover Financial Services | 5.500% | N/A (12) | Ba2 | 300,266 | |||||||||||||||||||||||||
| 2,880 | Total Consumer Finance | 2,331,684 | ||||||||||||||||||||||||||||
| Diversified Financial Services – 0.3% | ||||||||||||||||||||||||||||||
| 555 | American AgCredit Corp, 144A | 5.250% | N/A (12) | BB+ | 507,825 | |||||||||||||||||||||||||
| 390 | Equitable Holdings Inc | 4.950% | N/A (12) | BBB– | 366,488 | |||||||||||||||||||||||||
| 765 | Voya Financial Inc | 6.125% | N/A (12) | BBB– | 721,874 | |||||||||||||||||||||||||
| 1,710 | Total Diversified Financial Services | 1,596,187 | ||||||||||||||||||||||||||||
| Electric Utilities – 0.4% | ||||||||||||||||||||||||||||||
| 310 | American Electric Power Co Inc | 3.875% | 2/15/62 | BBB | 245,135 | |||||||||||||||||||||||||
| 330 | Edison International | 5.000% | N/A (12) | BB+ | 262,558 | |||||||||||||||||||||||||
| 150 | Edison International | 5.375% | N/A (12) | BB+ | 121,875 | |||||||||||||||||||||||||
| 1,000 | Emera Inc, (18) | 6.750% | 6/15/76 | BB+ | 964,970 | |||||||||||||||||||||||||
| 275 | Southern Co/The | 4.000% | 1/15/51 | BBB– | 246,532 | |||||||||||||||||||||||||
| 2,065 | Total Electric Utilities | 1,841,070 | ||||||||||||||||||||||||||||
| Food Products – 0.4% | ||||||||||||||||||||||||||||||
| 2,250 | Land O’ Lakes Inc, 144A | 8.000% | N/A (12) | BB | 2,215,586 | |||||||||||||||||||||||||
| Independent Power & Renewable Electricity Producers – 0.2% | ||||||||||||||||||||||||||||||
| 265 | AES Andes SA, 144A | 7.125% | 3/26/79 | BB | 240,603 | |||||||||||||||||||||||||
| 300 | AES Andes SA, 144A | 6.350% | 10/07/79 | BB | 265,123 | |||||||||||||||||||||||||
| 185 | Vistra Corp, 144A | 8.000% | N/A (12) | Ba3 | 178,062 | |||||||||||||||||||||||||
| 175 | Vistra Corp, 144A | 7.000% | N/A (12) | Ba3 | 158,813 | |||||||||||||||||||||||||
| 925 | Total Independent Power & Renewable Electricity Producers |
| 842,601 | |||||||||||||||||||||||||||
| Industrial Conglomerates – 0.2% | ||||||||||||||||||||||||||||||
| 1,315 | General Electric Co, (3-Month LIBOR reference rate + 3.330% spread), (11) |
| 5.159% | N/A (12) | BBB– | 1,152,203 | ||||||||||||||||||||||||
| Insurance – 1.4% | ||||||||||||||||||||||||||||||
| 233 | American International Group Inc | 5.750% | 4/01/48 | BBB– | 208,197 | |||||||||||||||||||||||||
| 450 | AXIS Specialty Finance LLC | 4.900% | 1/15/40 | BBB | 378,001 | |||||||||||||||||||||||||
| 325 | Enstar Finance LLC | 5.750% | 9/01/40 | BBB– | 295,171 | |||||||||||||||||||||||||
| 235 | Enstar Finance LLC | 5.500% | 1/15/42 | BBB– | 192,050 | |||||||||||||||||||||||||
| 1,230 | Markel Corp, (18) | 6.000% | N/A (12) | BBB– | 1,213,088 | |||||||||||||||||||||||||
| 960 | MetLife Inc, 144A, (18) | 9.250% | 4/08/38 | BBB | 1,127,911 | |||||||||||||||||||||||||
| 745 | Provident Financing Trust I | 7.405% | 3/15/38 | BB+ | 767,350 | |||||||||||||||||||||||||
| 175 | Prudential Financial Inc | 5.125% | 3/01/52 | BBB+ | 161,551 | |||||||||||||||||||||||||
| 420 | QBE Insurance Group Ltd, 144A | 5.875% | N/A (12) | Baa2 | 408,450 | |||||||||||||||||||||||||
| 1,075 | SBL Holdings Inc, 144A | 6.500% | N/A (12) | BB | 865,375 | |||||||||||||||||||||||||
| 1,500 | SBL Holdings Inc, 144A, (18) | 7.000% | N/A (12) | BB | 1,239,378 | |||||||||||||||||||||||||
| 7,348 | Total Insurance | 6,856,522 | ||||||||||||||||||||||||||||
| Media – 0.1% | ||||||||||||||||||||||||||||||
| 560 | Paramount Global | 6.375% | 3/30/62 | Baa3 | 499,968 | |||||||||||||||||||||||||
| Multi-Utilities – 0.5% | ||||||||||||||||||||||||||||||
| 315 | Algonquin Power & Utilities Corp | 4.750% | 1/18/82 | BB+ | 261,444 | |||||||||||||||||||||||||
| 1,250 | CenterPoint Energy Inc | 6.125% | N/A (12) | BBB– | 1,068,253 | |||||||||||||||||||||||||
| 525 | CMS Energy Corp | 4.750% | 6/01/50 | BBB– | 460,015 | |||||||||||||||||||||||||
| 900 | Sempra Energy | 4.875% | N/A (12) | BBB– | 827,983 | |||||||||||||||||||||||||
| 2,990 | Total Multi-Utilities | 2,617,695 | ||||||||||||||||||||||||||||
33
| NMAI | Nuveen Multi-Asset Income Fund (continued) | |
| Portfolio of Investments June 30, 2022 | ||
| (Unaudited) | ||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (7) | Value | |||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 0.1% | ||||||||||||||||||||||||||||||
| $ | 55 | Energy Transfer LP | 7.125% | N/A (12) | BB | $ | 47,198 | |||||||||||||||||||||||
| 265 | Energy Transfer LP | 6.500% | N/A (12) | BB | 234,238 | |||||||||||||||||||||||||
| 270 | MPLX LP | 6.875% | N/A (12) | BB+ | 256,414 | |||||||||||||||||||||||||
| 10 | Transcanada Trust | 5.500% | 9/15/79 | BBB | 8,904 | |||||||||||||||||||||||||
| 270 | Transcanada Trust | 5.600% | 3/07/82 | BBB | 245,025 | |||||||||||||||||||||||||
| 870 | Total Oil, Gas & Consumable Fuels | 791,779 | ||||||||||||||||||||||||||||
| Trading Companies & Distributors – 0.6% | ||||||||||||||||||||||||||||||
| 610 | AerCap Global Aviation Trust, 144A | 6.500% | 6/15/45 | BB+ | 559,885 | |||||||||||||||||||||||||
| 2,500 | AerCap Holdings NV, (18) | 5.875% | 10/10/79 | BB+ | 2,141,567 | |||||||||||||||||||||||||
| 395 | Air Lease Corp | 4.650% | N/A (12) | BB+ | 328,004 | |||||||||||||||||||||||||
| 3,505 | Total Trading Companies & Distributors | 3,029,456 | ||||||||||||||||||||||||||||
| U.S. Agency – 0.1% | ||||||||||||||||||||||||||||||
| 525 | Farm Credit Bank of Texas, 144A | 6.200% | N/A (12) | BBB+ | 498,768 | |||||||||||||||||||||||||
| Wireless Telecommunication Services – 0.1% | ||||||||||||||||||||||||||||||
| 500 | Vodafone Group PLC | 7.000% | 4/04/79 | BB+ | 490,475 | |||||||||||||||||||||||||
| $ | 56,908 | Total $1,000 Par (or similar) Institutional Preferred (cost $59,047,992) |
| 52,136,949 | ||||||||||||||||||||||||||
Principal Amount (000) (13) | Description (1) | Coupon | Maturity | Ratings (7) | Value | |||||||||||||||||||||||||
EMERGING MARKET DEBT AND FOREIGN CORPORATE BONDS – 8.9% (5.8% of Total Investments) |
| |||||||||||||||||||||||||||||
| Africa – 0.0% | ||||||||||||||||||||||||||||||
| $ | 200 | Banque Ouest Africaine de Developpement, 144A |
| 4.700% | 10/22/31 | Baa1 | $ | 166,000 | ||||||||||||||||||||||
| Angola – 0.1% | ||||||||||||||||||||||||||||||
| 335 | Angolan Government International Bond, 144A | 8.250% | 5/09/28 | B3 | 277,514 | |||||||||||||||||||||||||
| 200 | Angolan Government International Bond, 144A | 8.750% | 4/14/32 | B– | 159,330 | |||||||||||||||||||||||||
| 270 | Angolan Government International Bond, 144A | 9.375% | 5/08/48 | B3 | 194,535 | |||||||||||||||||||||||||
Total Angola | 631,379 | |||||||||||||||||||||||||||||
| Argentina – 0.1% | ||||||||||||||||||||||||||||||
| 700 | Argentine Republic Government International Bond |
| 1.125% | 7/09/35 | CCC+ | 150,762 | ||||||||||||||||||||||||
| 475 | Provincia de Buenos Aires/Government Bonds, 144A |
| 3.900% | 9/01/37 | CCC+ | 140,569 | ||||||||||||||||||||||||
| 53 | YPF SA, 144A | 8.750% | 4/04/24 | CCC | 43,564 | |||||||||||||||||||||||||
| 86 | YPF SA, 144A | 8.500% | 3/23/25 | CCC+ | 66,844 | |||||||||||||||||||||||||
| 50 | YPF SA | 8.500% | 7/28/25 | CCC | 33,875 | |||||||||||||||||||||||||
| 139 | YPF SA, 144A | 6.950% | 7/21/27 | CCC+ | 78,882 | |||||||||||||||||||||||||
| 20 | YPF SA | 6.950% | 7/21/27 | CCC+ | 11,350 | |||||||||||||||||||||||||
Total Argentina | 525,846 | |||||||||||||||||||||||||||||
| Australia – 0.2% | ||||||||||||||||||||||||||||||
| 1,225 | QBE Insurance Group Ltd | 6.750% | 12/02/44 | BBB | 1,226,866 | |||||||||||||||||||||||||
| Azerbaijan – 0.1% | ||||||||||||||||||||||||||||||
| 335 | Southern Gas Corridor CJSC | 6.875% | 3/24/26 | BB+ | 329,007 | |||||||||||||||||||||||||
| Barbados – 0.0% | ||||||||||||||||||||||||||||||
| 200 | Barbados Government International Bond, 144A | 6.500% | 10/01/29 | B– | 192,000 | |||||||||||||||||||||||||
| Benin – 0.0% | ||||||||||||||||||||||||||||||
| 190 | EUR | Benin Government International Bond, 144A | 4.950% | 1/22/35 | B+ | 129,356 | ||||||||||||||||||||||||
| 100 | EUR | Benin Government International Bond, 144A |
| 6.875% | 1/19/52 | B+ | 70,840 | |||||||||||||||||||||||
Total Benin | 200,196 | |||||||||||||||||||||||||||||
34
Principal Amount (000) (13) | Description (1) | Coupon | Maturity | Ratings (7) | Value | |||||||||||||||||||||||||
| Bermuda – 0.0% | ||||||||||||||||||||||||||||||
| $ | 200 | Bermuda Government International Bond, 144A |
| 4.750% | 2/15/29 | A+ | $ | 199,870 | ||||||||||||||||||||||
| Brazil – 0.6% | ||||||||||||||||||||||||||||||
| 200 | Arcos Dorados BV, 144A | 6.125% | 5/27/29 | BB | 188,000 | |||||||||||||||||||||||||
| 200 | B3 SA – Brasil Bolsa Balcao, 144A | 4.125% | 9/20/31 | Ba1 | 164,600 | |||||||||||||||||||||||||
| 200 | Banco BTG Pactual SA/Cayman Islands, 144A | 2.750% | 1/11/26 | Ba2 | 177,690 | |||||||||||||||||||||||||
| 200 | Banco do Brasil SA/Cayman, 144A | 4.875% | 1/11/29 | Ba2 | 183,440 | |||||||||||||||||||||||||
| 200 | Braskem Netherlands Finance BV, 144A | 4.500% | 1/31/30 | BBB– | 170,576 | |||||||||||||||||||||||||
| 825 | BRL | Brazil Notas do Tesouro Nacional Serie F | 10.000% | 1/01/25 | Ba2 | 148,571 | ||||||||||||||||||||||||
| 200 | Brazilian Government International Bond | 5.625% | 1/07/41 | Ba2 | 159,337 | |||||||||||||||||||||||||
| 210 | Brazilian Government International Bond | 5.000% | 1/27/45 | Ba2 | 149,768 | |||||||||||||||||||||||||
| 200 | Brazilian Government International Bond | 4.750% | 1/14/50 | Ba2 | 135,406 | |||||||||||||||||||||||||
| 200 | Embraer Netherlands Finance BV, 144A | 6.950% | 1/17/28 | BB+ | 193,600 | |||||||||||||||||||||||||
| 395 | Itau Unibanco Holding SA/Cayman Island, 144A | 2.900% | 1/24/23 | BB | 392,962 | |||||||||||||||||||||||||
| 200 | JSM Global Sarl, 144A | 4.750% | 10/20/30 | Ba1 | 151,500 | |||||||||||||||||||||||||
| 200 | MARB BondCo PLC, 144A | 3.950% | 1/29/31 | BB+ | 153,554 | |||||||||||||||||||||||||
| 200 | Natura &Co Luxembourg Holdings Sarl, 144A | 6.000% | 4/19/29 | BB | 176,000 | |||||||||||||||||||||||||
| 145 | Petrobras Global Finance BV | 6.750% | 6/03/50 | Ba1 | 125,708 | |||||||||||||||||||||||||
| 115 | Petrobras Global Finance BV | 5.500% | 6/10/51 | Ba1 | 87,227 | |||||||||||||||||||||||||
| 200 | Suzano Austria GmbH | 2.500% | 9/15/28 | BBB– | 162,500 | |||||||||||||||||||||||||
| 70 | Vale Overseas Ltd |
| 3.750% | 7/08/30 | BBB | 61,356 | ||||||||||||||||||||||||
Total Brazil | 2,981,795 | |||||||||||||||||||||||||||||
| Cameroon – 0.0% | ||||||||||||||||||||||||||||||
| 100 | EUR | Republic of Cameroon International Bond, 144A |
| 5.950% | 7/07/32 | B | 77,349 | |||||||||||||||||||||||
| Canada – 0.3% | ||||||||||||||||||||||||||||||
| 500 | Enbridge Inc | 5.500% | 7/15/77 | BBB– | 441,144 | |||||||||||||||||||||||||
| 550 | Enbridge Inc | 5.750% | 7/15/80 | BBB– | 502,876 | |||||||||||||||||||||||||
| 625 | GFL Environmental Inc, 144A |
| 5.125% | 12/15/26 | BB– | 597,687 | ||||||||||||||||||||||||
Total Canada | 1,541,707 | |||||||||||||||||||||||||||||
| Chile – 0.4% | ||||||||||||||||||||||||||||||
| 199 | Alfa Desarrollo SpA, 144A |
| 4.550% | 9/27/51 | BBB– | 143,113 | ||||||||||||||||||||||||
| 200 | Antofagasta PLC, 144A |
| 5.625% | 5/13/32 | BBB+ | 192,750 | ||||||||||||||||||||||||
| 200 | Banco del Estado de Chile, 144A |
| 2.704% | 1/09/25 | A1 | 189,115 | ||||||||||||||||||||||||
| 125,000 | CLP | Bonos de la Tesoreria de la Republica en pesos |
| 2.500% | 3/01/25 | N/R | 124,334 | |||||||||||||||||||||||
| 205 | Celulosa Arauco y Constitucion SA, 144A | 5.150% | 1/29/50 | BBB | 167,587 | |||||||||||||||||||||||||
| 200 | Chile Government International Bond | 2.750% | 1/31/27 | A1 | 186,750 | |||||||||||||||||||||||||
| 200 | Corp Nacional del Cobre de Chile, 144A | 3.000% | 9/30/29 | A | 174,204 | |||||||||||||||||||||||||
| 150 | Empresa Nacional de Telecomunicaciones SA, 144A |
| 3.050% | 9/14/32 | BBB | 120,188 | ||||||||||||||||||||||||
| 315 | Empresa Nacional del Petroleo | 3.750% | 8/05/26 | A– | 290,981 | |||||||||||||||||||||||||
| 205 | Interchile SA, 144A |
| 4.500% | 6/30/56 | Baa1 | 168,444 | ||||||||||||||||||||||||
| 160 | VTR Comunicaciones SpA, 144A |
| 5.125% | 1/15/28 | BB+ | 115,421 | ||||||||||||||||||||||||
Total Chile |
| 1,872,887 | ||||||||||||||||||||||||||||
| China – 0.1% | ||||||||||||||||||||||||||||||
| 200 | Agile Group Holdings Ltd | 5.500% | 5/17/26 | N/R | 63,412 | |||||||||||||||||||||||||
| 200 | Country Garden Holdings Co Ltd | 5.625% | 1/14/30 | BBB– | 88,000 | |||||||||||||||||||||||||
| 200 | ENN Clean Energy International Investment Ltd, 144A |
| 3.375% | 5/12/26 | BBB– | 181,614 | ||||||||||||||||||||||||
| 200 | Lenovo Group Ltd, 144A | 3.421% | 11/02/30 | Baa2 | 170,267 | |||||||||||||||||||||||||
| 200 | Tencent Holdings Ltd, 144A |
| 2.390% | 6/03/30 | A+ | 167,406 | ||||||||||||||||||||||||
Total China |
| 670,699 | ||||||||||||||||||||||||||||
| Colombia – 0.3% | ||||||||||||||||||||||||||||||
| 320 | Bancolombia SA |
| 3.000% | 1/29/25 | Baa2 | 294,584 | ||||||||||||||||||||||||
| 350 | Colombia Government International Bond |
| 3.125% | 4/15/31 | Baa2 | 258,053 | ||||||||||||||||||||||||
| 205 | Colombia Government International Bond |
| 3.250% | 4/22/32 | Baa2 | 148,130 | ||||||||||||||||||||||||
| 120 | Ecopetrol SA |
| 5.375% | 6/26/26 | Baa3 | 111,112 | ||||||||||||||||||||||||
35
| NMAI | Nuveen Multi-Asset Income Fund (continued) | |
| Portfolio of Investments June 30, 2022 | ||
| (Unaudited) | ||
Principal Amount (000) (13) | Description (1) | Coupon | Maturity | Ratings (7) | Value | |||||||||||||||||||||||||
| Colombia (continued) | ||||||||||||||||||||||||||||||
| $ | 200 | Ecopetrol SA |
| 4.625% | 11/02/31 | Baa3 | $ | 151,498 | ||||||||||||||||||||||
| 200 | Ecopetrol SA |
| 5.875% | 11/02/51 | Baa3 | 130,730 | ||||||||||||||||||||||||
| 200 | Empresas Publicas de Medellin ESP, 144A |
| 4.250% | 7/18/29 | Baa3 | 155,958 | ||||||||||||||||||||||||
| 200 | Grupo Aval Ltd, 144A |
| 4.375% | 2/04/30 | BB+ | 149,000 | ||||||||||||||||||||||||
| 180 | Millicom International Cellular SA, 144A |
| 6.250% | 3/25/29 | BB+ | 156,600 | ||||||||||||||||||||||||
Total Colombia |
| 1,555,665 | ||||||||||||||||||||||||||||
| Costa Rica – 0.1% | ||||||||||||||||||||||||||||||
| 200 | Costa Rica Government International Bond, 144A |
| 7.000% | 4/04/44 | B | 171,648 | ||||||||||||||||||||||||
| 200 | Costa Rica Government International Bond |
| 7.000% | 4/04/44 | B | 171,648 | ||||||||||||||||||||||||
| 200 | Instituto Costarricense de Electricidad, 144A |
| 6.750% | 10/07/31 | B1 | 186,916 | ||||||||||||||||||||||||
Total Costa Rica |
| 530,212 | ||||||||||||||||||||||||||||
| Cote d“Ivoire – 0.1% | ||||||||||||||||||||||||||||||
| 395 | Ivory Coast Government International Bond |
| 6.125% | 6/15/33 | BB– | 309,387 | ||||||||||||||||||||||||
| 270 | EUR | Ivory Coast Government International Bond |
| 6.875% | 10/17/40 | BB– | 200,143 | |||||||||||||||||||||||
Total Cote d’Ivoire |
| 509,530 | ||||||||||||||||||||||||||||
| Dominican Republic – 0.2% | ||||||||||||||||||||||||||||||
| 170 | Dominican Republic International Bond, 144A |
| 5.500% | 2/22/29 | BB– | 147,771 | ||||||||||||||||||||||||
| 150 | Dominican Republic International Bond, 144A |
| 4.875% | 9/23/32 | BB– | 115,416 | ||||||||||||||||||||||||
| 470 | Dominican Republic International Bond |
| 4.875% | 9/23/32 | BB– | 361,635 | ||||||||||||||||||||||||
| 425 | Dominican Republic International Bond |
| 7.450% | 4/30/44 | BB– | 362,354 | ||||||||||||||||||||||||
Total Dominican Republic |
| 987,176 | ||||||||||||||||||||||||||||
| Ecuador – 0.1% | ||||||||||||||||||||||||||||||
| 119 | Ecuador Government International Bond, 144A |
| 0.000% | 7/31/30 | B– | 49,072 | ||||||||||||||||||||||||
| 823 | Ecuador Government International Bond, 144A |
| 1.000% | 7/31/35 | B– | 396,496 | ||||||||||||||||||||||||
| 137 | Ecuador Government International Bond |
| 1.000% | 7/31/35 | N/R | 66,042 | ||||||||||||||||||||||||
| 467 | Ecuador Government International Bond, 144A |
| 0.500% | 7/31/40 | B– | 190,106 | ||||||||||||||||||||||||
Total Ecuador |
| 701,716 | ||||||||||||||||||||||||||||
| Egypt – 0.2% | ||||||||||||||||||||||||||||||
| 200 | Egypt Government International Bond, 144A |
| 5.800% | 9/30/27 | B+ | 140,732 | ||||||||||||||||||||||||
| 200 | Egypt Government International Bond, 144A |
| 7.600% | 3/01/29 | B+ | 145,503 | ||||||||||||||||||||||||
| 220 | Egypt Government International Bond, 144A |
| 7.300% | 9/30/33 | B+ | 140,752 | ||||||||||||||||||||||||
| 225 | Egypt Government International Bond, 144A |
| 8.500% | 1/31/47 | B+ | 132,817 | ||||||||||||||||||||||||
| 300 | Egypt Government International Bond |
| 7.903% | 2/21/48 | B+ | 170,981 | ||||||||||||||||||||||||
| 205 | Egypt Government International Bond, 144A |
| 8.875% | 5/29/50 | B+ | 124,135 | ||||||||||||||||||||||||
Total Egypt |
| 854,920 | ||||||||||||||||||||||||||||
| El Salvador – 0.0% | ||||||||||||||||||||||||||||||
| 40 | El Salvador Government International Bond |
| 5.875% | 1/30/25 | CCC+ | 14,142 | ||||||||||||||||||||||||
| 135 | El Salvador Government International Bond |
| 6.375% | 1/18/27 | CCC+ | 45,093 | ||||||||||||||||||||||||
| 65 | El Salvador Government International Bond |
| 7.650% | 6/15/35 | CCC+ | 20,765 | ||||||||||||||||||||||||
| 190 | El Salvador Government International Bond, 144A |
| 7.125% | 1/20/50 | CCC+ | 58,913 | ||||||||||||||||||||||||
Total El Salvador |
| 138,913 | ||||||||||||||||||||||||||||
| Ghana – 0.1% | ||||||||||||||||||||||||||||||
| 235 | Ghana Government International Bond, 144A |
| 7.750% | 4/07/29 | B– | 116,913 | ||||||||||||||||||||||||
| 355 | Ghana Government International Bond | 7.625% | 5/16/29 | B– | 172,459 | |||||||||||||||||||||||||
| 250 | Ghana Government International Bond, 144A |
| 8.750% | 3/11/61 | B– | 117,062 | ||||||||||||||||||||||||
| 870 | GHS | Republic of Ghana Government Bonds | 16.500% | 2/06/23 | B– | 102,474 | ||||||||||||||||||||||||
| 200 | Tullow Oil PLC, 144A | 10.250% | 5/15/26 | B2 | 191,000 | |||||||||||||||||||||||||
Total Ghana | 699,908 | |||||||||||||||||||||||||||||
| Guatemala – 0.1% | ||||||||||||||||||||||||||||||
| 200 | Guatemala Government Bond, 144A | 3.700% | 10/07/33 | BB– | 153,620 | |||||||||||||||||||||||||
| 200 | Guatemala Government Bond, 144A | 6.125% | 6/01/50 | Ba1 | 167,619 | |||||||||||||||||||||||||
| 200 | Investment Energy Resources Ltd, 144A | 6.250% | 4/26/29 | BB– | 169,017 | |||||||||||||||||||||||||
Total Guatemala | 490,256 | |||||||||||||||||||||||||||||
36
Principal Amount (000) (13) | Description (1) | Coupon | Maturity | Ratings (7) | Value | |||||||||||||||||||||||||
| Honduras – 0.0% | ||||||||||||||||||||||||||||||
| $ | — | (8) | Honduras Government International Bond | 7.500% | 3/15/24 | BB– | $ | 6 | ||||||||||||||||||||||
| Hungary – 0.0% | ||||||||||||||||||||||||||||||
| 200 | Hungary Government International Bond, 144A | 5.250% | 6/16/29 | BBB | 199,180 | |||||||||||||||||||||||||
| India – 0.3% | ||||||||||||||||||||||||||||||
| 200 | Adani Ports & Special Economic Zone Ltd, 144A | 3.100% | 2/02/31 | BBB– | 155,947 | |||||||||||||||||||||||||
| 193 | Azure Power Energy Ltd, 144A | 3.575% | 8/19/26 | BB+ | 158,972 | |||||||||||||||||||||||||
| 200 | Export-Import Bank of India, 144A | 2.250% | 1/13/31 | BBB– | 156,948 | |||||||||||||||||||||||||
| 200 | Indian Railway Finance Corp Ltd, 144A | 3.570% | 1/21/32 | BBB– | 170,846 | |||||||||||||||||||||||||
| 200 | Network i2i Ltd, 144A | 3.975% | 6/03/71 | BB | 166,808 | |||||||||||||||||||||||||
| 200 | Power Finance Corp Ltd, 144A | 3.950% | 4/23/30 | Baa3 | 176,942 | |||||||||||||||||||||||||
| 200 | ReNew Wind Energy AP2 / ReNew Power Pvt Ltd other 9 Subsidiaries, 144A |
| 4.500% | 7/14/28 | Ba3 | 156,536 | ||||||||||||||||||||||||
| 200 | UltraTech Cement Ltd, 144A | 2.800% | 2/16/31 | Baa3 | 158,430 | |||||||||||||||||||||||||
Total India | 1,301,429 | |||||||||||||||||||||||||||||
| Indonesia – 0.3% | ||||||||||||||||||||||||||||||
| 2,700,000 | IDR | Indonesia Treasury Bond | 7.000% | 9/15/30 | N/R | 179,607 | ||||||||||||||||||||||||
| 200 | Medco Platinum Road Pte Ltd, 144A | 6.750% | 1/30/25 | B+ | 185,250 | |||||||||||||||||||||||||
| 500 | Pertamina Persero PT, 144A | 2.300% | 2/09/31 | Baa2 | 404,796 | |||||||||||||||||||||||||
| 200 | Perusahaan Penerbit SBSN Indonesia III, 144A | 4.700% | 6/06/32 | BBB | 196,554 | |||||||||||||||||||||||||
| 335 | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara |
| 3.875% | 7/17/29 | BBB | 302,234 | ||||||||||||||||||||||||
| 200 | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara |
| 5.250% | 5/15/47 | Baa2 | 165,570 | ||||||||||||||||||||||||
| 200 | Saka Energi Indonesia PT, 144A | 4.450% | 5/05/24 | B+ | 183,238 | |||||||||||||||||||||||||
Total Indonesia | 1,617,249 | |||||||||||||||||||||||||||||
| Iraq – 0.1% | ||||||||||||||||||||||||||||||
| 200 | Iraq International Bond, 144A | 6.752% | 3/09/23 | B– | 195,000 | |||||||||||||||||||||||||
| 300 | Iraq International Bond, 144A | 5.800% | 1/15/28 | N/R | 269,325 | |||||||||||||||||||||||||
Total Iraq | 464,325 | |||||||||||||||||||||||||||||
| Israel – 0.3% | ||||||||||||||||||||||||||||||
| 80 | Energean Israel Finance Ltd, 144A | 4.875% | 3/30/26 | BB– | 70,642 | |||||||||||||||||||||||||
| 85 | Energean Israel Finance Ltd, Reg S, 144A | 4.500% | 3/30/24 | BB– | 79,845 | |||||||||||||||||||||||||
| 295 | Israel Electric Corp Ltd, 144A | 5.000% | 11/12/24 | BBB+ | 298,351 | |||||||||||||||||||||||||
| 807 | Israel Electric Corp Ltd, 144A | 4.250% | 8/14/28 | BBB+ | 775,527 | |||||||||||||||||||||||||
| 32 | Leviathan Bond Ltd, 144A | 6.125% | 6/30/25 | BB | 30,052 | |||||||||||||||||||||||||
| 127 | Leviathan Bond Ltd, Reg S, 144A | 6.500% | 6/30/27 | BB | 117,277 | |||||||||||||||||||||||||
| 75 | Leviathan Bond Ltd, Reg S, 144A | 6.750% | 6/30/30 | BB | 67,468 | |||||||||||||||||||||||||
| 175 | EUR | Teva Pharmaceutical Finance Netherlands II BV | 4.375% | 5/09/30 | Ba2 | 145,479 | ||||||||||||||||||||||||
Total Israel | 1,584,641 | |||||||||||||||||||||||||||||
| Jamaica – 0.1% | ||||||||||||||||||||||||||||||
| 215 | Jamaica Government International Bond | 8.000% | 3/15/39 | B+ | 231,242 | |||||||||||||||||||||||||
| 215 | Jamaica Government International Bond | 7.875% | 7/28/45 | B+ | 225,379 | |||||||||||||||||||||||||
Total Jamaica | 456,621 | |||||||||||||||||||||||||||||
| Jordan – 0.1% | ||||||||||||||||||||||||||||||
| 200 | Jordan Government International Bond, 144A | 4.950% | 7/07/25 | BB– | 180,266 | |||||||||||||||||||||||||
| 200 | Jordan Government International Bond, 144A | 5.850% | 7/07/30 | BB– | 158,008 | |||||||||||||||||||||||||
Total Jordan | 338,274 | |||||||||||||||||||||||||||||
| Kazakhstan – 0.2% | ||||||||||||||||||||||||||||||
| 200 | Development Bank of Kazakhstan JSC, 144A | 5.750% | 5/12/25 | Baa2 | 199,414 | |||||||||||||||||||||||||
| 200 | Kazakhstan Government International Bond, 144A |
| 6.500% | 7/21/45 | Baa2 | 200,752 | ||||||||||||||||||||||||
| 200 | KazMunayGas National Co JSC, 144A | 5.375% | 4/24/30 | Baa2 | 176,214 | |||||||||||||||||||||||||
| 200 | KazMunayGas National Co JSC, 144A | 3.500% | 4/14/33 | Baa2 | 143,447 | |||||||||||||||||||||||||
| 200 | KazMunayGas National Co JSC | 6.375% | 10/24/48 | Baa2 | 165,846 | |||||||||||||||||||||||||
| 200 | Tengizchevroil Finance Co International Ltd, 144A |
| 4.000% | 8/15/26 | Baa2 | 170,000 | ||||||||||||||||||||||||
Total Kazakhstan | 1,055,673 | |||||||||||||||||||||||||||||
37
| NMAI | Nuveen Multi-Asset Income Fund (continued) | |
| Portfolio of Investments June 30, 2022 | ||
| (Unaudited) | ||
Principal Amount (000) (13) | Description (1) | Coupon | Maturity | Ratings (7) | Value | |||||||||||||||||||||||||
| Kenya – 0.1% | ||||||||||||||||||||||||||||||
| $ | 200 | Republic of Kenya Government International Bond, 144A |
| 7.250% | 2/28/28 | B+ | $ | 144,068 | ||||||||||||||||||||||
| 200 | Republic of Kenya Government International Bond, 144A |
| 6.300% | 1/23/34 | B+ | 124,228 | ||||||||||||||||||||||||
Total Kenya | 268,296 | |||||||||||||||||||||||||||||
| Macau – 0.0% | ||||||||||||||||||||||||||||||
| 200 | Sands China Ltd |
| 5.125% | 8/08/25 | Baa2 | 167,726 | ||||||||||||||||||||||||
| Malaysia – 0.1% | ||||||||||||||||||||||||||||||
| 600 | MYR | Malaysia Government Bond | 3.900% | 11/30/26 | A3 | 135,829 | ||||||||||||||||||||||||
| 200 | Petronas Capital Ltd, 144A | 3.500% | 4/21/30 | A2 | 187,878 | |||||||||||||||||||||||||
| 205 | Petronas Capital Ltd, 144A | 3.404% | 4/28/61 | A2 | 153,116 | |||||||||||||||||||||||||
Total Malaysia | 476,823 | |||||||||||||||||||||||||||||
| Mexico – 0.7% | ||||||||||||||||||||||||||||||
| 200 | Banco Nacional de Comercio Exterior SNC/Cayman Islands, 144A |
| 2.720% | 8/11/31 | Baa3 | 175,552 | ||||||||||||||||||||||||
| 200 | Braskem Idesa SAPI, 144A | 6.990% | 2/20/32 | BB– | 154,388 | |||||||||||||||||||||||||
| 200 | Cemex SAB de CV, 144A | 3.875% | 7/11/31 | BB+ | 150,000 | |||||||||||||||||||||||||
| 230 | Comision Federal de Electricidad, 144A | 3.348% | 2/09/31 | Baa1 | 175,492 | |||||||||||||||||||||||||
| 200 | Electricidad Firme de Mexico Holdings SA de CV, 144A |
| 4.900% | 11/20/26 | Ba2 | 163,626 | ||||||||||||||||||||||||
| 200 | Grupo Axo SAPI de CV, 144A | 5.750% | 6/08/26 | Ba2 | 170,102 | |||||||||||||||||||||||||
| 3,800 | MXN | Mexican Bonos | 7.500% | 6/03/27 | BBB+ | 176,590 | ||||||||||||||||||||||||
| 3,600 | MXN | Mexican Bonos | 8.500% | 11/18/38 | BBB+ | 169,736 | ||||||||||||||||||||||||
| 225 | Mexico City Airport Trust | 4.250% | 10/31/26 | BBB | 207,193 | |||||||||||||||||||||||||
| 200 | Mexico Government International Bond | 4.280% | 8/14/41 | Baa1 | 158,067 | |||||||||||||||||||||||||
| 300 | Mexico Government International Bond | 4.400% | 2/12/52 | Baa1 | 225,460 | |||||||||||||||||||||||||
| 200 | Nemak SAB de CV, 144A | 3.625% | 6/28/31 | BBB– | 139,600 | |||||||||||||||||||||||||
| 25 | Petroleos Mexicanos | 6.500% | 1/23/29 | BBB | 20,343 | |||||||||||||||||||||||||
| 545 | Petroleos Mexicanos | 6.840% | 1/23/30 | BBB | 428,681 | |||||||||||||||||||||||||
| 245 | Petroleos Mexicanos | 5.950% | 1/28/31 | BBB | 179,188 | |||||||||||||||||||||||||
| 140 | Petroleos Mexicanos | 6.375% | 1/23/45 | BBB | 84,700 | |||||||||||||||||||||||||
| 712 | Petroleos Mexicanos | 6.750% | 9/21/47 | BBB | 439,660 | |||||||||||||||||||||||||
| 355 | Petroleos Mexicanos | 7.690% | 1/23/50 | BBB | 241,329 | |||||||||||||||||||||||||
Total Mexico | 3,459,707 | |||||||||||||||||||||||||||||
| Mongolia – 0.1% | ||||||||||||||||||||||||||||||
| 300 | Mongolia Government International Bond, 144A | 5.125% | 4/07/26 | B | 269,229 | |||||||||||||||||||||||||
| Morocco – 0.1% | ||||||||||||||||||||||||||||||
| 200 | Morocco Government International Bond, 144A | 5.500% | 12/11/42 | BB+ | 145,407 | |||||||||||||||||||||||||
| 200 | OCP SA, 144A | 3.750% | 6/23/31 | BB+ | 151,000 | |||||||||||||||||||||||||
| 200 | OCP SA, 144A | 5.125% | 6/23/51 | BB+ | 132,255 | |||||||||||||||||||||||||
Total Morocco | 428,662 | |||||||||||||||||||||||||||||
| Namibia – 0.1% | ||||||||||||||||||||||||||||||
| 200 | Namibia International Bonds, 144A | 5.250% | 10/29/25 | BB– | 177,400 | |||||||||||||||||||||||||
| Netherlands – 0.1% | ||||||||||||||||||||||||||||||
| 200 | VEON Holdings BV | 4.000% | 4/09/25 | B+ | 140,000 | |||||||||||||||||||||||||
| 200 | VEON Holdings BV | 3.375% | 11/25/27 | B+ | 103,500 | |||||||||||||||||||||||||
Total Netherlands | 243,500 | |||||||||||||||||||||||||||||
| Nigeria – 0.1% | ||||||||||||||||||||||||||||||
| 200 | Access Bank PLC, 144A | 6.125% | 9/21/26 | B2 | 161,250 | |||||||||||||||||||||||||
| 400 | Nigeria Government International Bond, 144A | 8.375% | 3/24/29 | B2 | 303,500 | |||||||||||||||||||||||||
| 200 | Nigeria Government International Bond, 144A | 7.375% | 9/28/33 | B2 | 130,620 | |||||||||||||||||||||||||
| 200 | Nigeria Government International Bond | 7.625% | 11/28/47 | B2 | 119,502 | |||||||||||||||||||||||||
Total Nigeria | 714,872 | |||||||||||||||||||||||||||||
38
Principal Amount (000) (13) | Description (1) | Coupon | Maturity | Ratings (7) | Value | |||||||||||||||||||||||||
| Oman – 0.2% | ||||||||||||||||||||||||||||||
| $ | 385 | Oman Government International Bond | 5.625% | 1/17/28 | Ba3 | $ | 370,135 | |||||||||||||||||||||||
| 200 | Oman Government International Bond, 144A | 6.250% | 1/25/31 | Ba3 | 192,856 | |||||||||||||||||||||||||
| 400 | Oman Government International Bond | 6.750% | 1/17/48 | Ba3 | 344,120 | |||||||||||||||||||||||||
| 200 | OQ SAOC, 144A | 5.125% | 5/06/28 | BB– | 188,401 | |||||||||||||||||||||||||
Total Oman |
| 1,095,512 | ||||||||||||||||||||||||||||
| Pakistan – 0.2% | ||||||||||||||||||||||||||||||
| 200 | Pakistan Global Sukuk Programme Co Ltd, 144A |
| 7.950% | 1/31/29 | B3 | 173,400 | ||||||||||||||||||||||||
| 200 | Pakistan Government International Bond, 144A | 6.000% | 4/08/26 | B3 | 134,950 | |||||||||||||||||||||||||
| 515 | Pakistan Government International Bond | 6.875% | 12/05/27 | B– | 350,071 | |||||||||||||||||||||||||
| 200 | Pakistan Water & Power Development Authority | 7.500% | 6/04/31 | B– | 110,197 | |||||||||||||||||||||||||
Total Pakistan |
| 768,618 | ||||||||||||||||||||||||||||
| Panama – 0.2% | ||||||||||||||||||||||||||||||
| 200 | Aeropuerto Internacional de Tocumen SA, 144A | 5.125% | 8/11/61 | BBB | 157,913 | |||||||||||||||||||||||||
| 200 | C&W Senior Financing DAC, 144A | 6.875% | 9/15/27 | BB– | 179,500 | |||||||||||||||||||||||||
| 200 | Empresa de Transmision Electrica SA, 144A | 5.125% | 5/02/49 | Baa2 | 167,462 | |||||||||||||||||||||||||
| 190 | Panama Bonos del Tesoro | 3.362% | 6/30/31 | BBB | 167,010 | |||||||||||||||||||||||||
| 155 | Panama Notas del Tesoro | 3.750% | 4/17/26 | BBB | 150,350 | |||||||||||||||||||||||||
Total Panama |
| 822,235 | ||||||||||||||||||||||||||||
| Paraguay – 0.0% | ||||||||||||||||||||||||||||||
| 200 | Paraguay Government International Bond, 144A |
| 2.739% | 1/29/33 | Ba1 | 148,533 | ||||||||||||||||||||||||
| Peru – 0.2% | ||||||||||||||||||||||||||||||
| 120 | Banco de Credito del Peru, 144A | 3.125% | 7/01/30 | BBB– | 109,656 | |||||||||||||||||||||||||
| 65 | Banco de Credito del Peru, 144A | 3.250% | 9/30/31 | BBB– | 56,956 | |||||||||||||||||||||||||
| 300 | Fondo MIVIVIENDA SA, 144A | 4.625% | 4/12/27 | Baa1 | 289,758 | |||||||||||||||||||||||||
| 200 | Kallpa Generacion SA | 4.875% | 5/24/26 | Baa3 | 191,676 | |||||||||||||||||||||||||
| 200 | Peruvian Government International Bond | 3.000% | 1/15/34 | Baa1 | 164,061 | |||||||||||||||||||||||||
| 95 | Volcan Cia Minera SAA, 144A | 4.375% | 2/11/26 | BB | 82,698 | |||||||||||||||||||||||||
Total Peru |
| 894,805 | ||||||||||||||||||||||||||||
| Philippines – 0.0% | ||||||||||||||||||||||||||||||
| 200 | Philippine Government International Bond | 4.200% | 3/29/47 | BBB+ | 174,361 | |||||||||||||||||||||||||
| Qatar – 0.3% | ||||||||||||||||||||||||||||||
| 200 | Ooredoo International Finance Ltd, 144A | 2.625% | 4/08/31 | A2 | 173,457 | |||||||||||||||||||||||||
| 200 | Qatar Energy, 144A | 1.375% | 9/12/26 | AA– | 179,874 | |||||||||||||||||||||||||
| 200 | Qatar Energy, 144A | 2.250% | 7/12/31 | AA– | 170,750 | |||||||||||||||||||||||||
| 510 | Qatar Energy, 144A | 3.300% | 7/12/51 | AA– | 393,585 | |||||||||||||||||||||||||
| 405 | Qatar Government International Bond | 4.400% | 4/16/50 | AA– | 386,589 | |||||||||||||||||||||||||
| 200 | QNB Finance Ltd | 3.500% | 3/28/24 | Aa3 | 198,771 | |||||||||||||||||||||||||
| 200 | QNB Finance Ltd |
| 2.625% | 5/12/25 | Aa3 | 191,780 | ||||||||||||||||||||||||
Total Qatar | 1,694,806 | |||||||||||||||||||||||||||||
| Republic of Uganda – 0.0% | ||||||||||||||||||||||||||||||
| 669,000 | UGX | Republic of Uganda Government Bonds | 14.250% | 8/23/29 | N/R | 173,801 | ||||||||||||||||||||||||
| Romania – 0.0% | ||||||||||||||||||||||||||||||
| 140 | Romanian Government International Bond, 144A | 3.000% | 2/27/27 | BBB– | 123,299 | |||||||||||||||||||||||||
| Russia – 0.1% | ||||||||||||||||||||||||||||||
| 200 | Lukoil Capital DAC, 144A | 3.600% | 10/26/31 | N/R | 104,750 | |||||||||||||||||||||||||
| 9,050 | RUB | Russian Federal Bond – OFZ | 7.100% | 10/16/24 | N/R | 13,987 | ||||||||||||||||||||||||
| 9,125 | RUB | Russian Federal Bond – OFZ | 7.650% | 4/10/30 | N/R | 14,102 | ||||||||||||||||||||||||
| 400 | Russian Foreign Bond – Eurobond | 5.100% | 3/28/35 | N/R | 100,000 | |||||||||||||||||||||||||
| 200 | Russian Foreign Bond – Eurobond |
| 5.250% | 6/23/47 | N/R | 50,000 | ||||||||||||||||||||||||
Total Russia | 282,839 | |||||||||||||||||||||||||||||
39
| NMAI | Nuveen Multi-Asset Income Fund (continued) | |
| Portfolio of Investments June 30, 2022 | ||
| (Unaudited) | ||
Principal Amount (000) (13) | Description (1) | Coupon | Maturity | Ratings (7) | Value | |||||||||||||||||||||||||
| Rwanda – 0.1% | ||||||||||||||||||||||||||||||
| $ | 300 | Rwanda International Government Bond, 144A | 5.500% | 8/09/31 | B+ | $ | 233,835 | |||||||||||||||||||||||
| Saudi Arabia – 0.2% | ||||||||||||||||||||||||||||||
| 200 | Saudi Arabian Oil Co | 2.875% | 4/16/24 | A | 196,124 | |||||||||||||||||||||||||
| 200 | Saudi Arabian Oil Co | 4.250% | 4/16/39 | A | 184,432 | |||||||||||||||||||||||||
| 200 | Saudi Government International Bond | 2.500% | 2/03/27 | A1 | 189,359 | |||||||||||||||||||||||||
| 325 | Saudi Government International Bond, 144A | 2.250% | 2/02/33 | A1 | 270,075 | |||||||||||||||||||||||||
| 385 | Saudi Government International Bond |
| 3.750% | 1/21/55 | A1 | 315,486 | ||||||||||||||||||||||||
Total Saudi Arabia | 1,155,476 | |||||||||||||||||||||||||||||
| Senegal – 0.1% | ||||||||||||||||||||||||||||||
| 100 | EUR | Senegal Government International Bond, 144A | 5.375% | 6/08/37 | Ba3 | 65,427 | ||||||||||||||||||||||||
| 200 | Senegal Government International Bond, 144A | 6.750% | 3/13/48 | Ba3 | 126,760 | |||||||||||||||||||||||||
| 215 | Senegal Government International Bond |
| 6.750% | 3/13/48 | Ba3 | 136,326 | ||||||||||||||||||||||||
Total Senegal | 328,513 | |||||||||||||||||||||||||||||
| Singapore – 0.0% | ||||||||||||||||||||||||||||||
| 200 | BOC Aviation USA Corp, 144A |
| 1.625% | 4/29/24 | A– | 191,586 | ||||||||||||||||||||||||
| South Africa – 0.4% | ||||||||||||||||||||||||||||||
| 200 | AngloGold Ashanti Holdings PLC |
| 3.375% | 11/01/28 | Baa3 | 169,326 | ||||||||||||||||||||||||
| 500 | Eskom Holdings SOC Ltd, 144A | 6.750% | 8/06/23 | CCC+ | 460,000 | |||||||||||||||||||||||||
| 200 | Eskom Holdings SOC Ltd, 144A | 6.350% | 8/10/28 | Ba2 | 179,000 | |||||||||||||||||||||||||
| 3,075 | ZAR | Republic of South Africa Government Bond | 7.000% | 2/28/31 | BB | 148,872 | ||||||||||||||||||||||||
| 2,875 | ZAR | Republic of South Africa Government Bond |
| 8.875% | 2/28/35 | BB | 148,527 | |||||||||||||||||||||||
| 225 | Republic of South Africa Government International Bond |
| 5.875% | 4/20/32 | Ba2 | 191,880 | ||||||||||||||||||||||||
| 200 | Republic of South Africa Government International Bond |
| 5.375% | 7/24/44 | Ba2 | 136,252 | ||||||||||||||||||||||||
| 200 | Republic of South Africa Government International Bond |
| 5.650% | 9/27/47 | Ba2 | 136,140 | ||||||||||||||||||||||||
| 200 | Republic of South Africa Government International Bond |
| 5.750% | 9/30/49 | Ba2 | 136,402 | ||||||||||||||||||||||||
| 250 | Republic of South Africa Government International Bond |
| 7.300% | 4/20/52 | Ba2 | 199,375 | ||||||||||||||||||||||||
Total South Africa | 1,905,774 | |||||||||||||||||||||||||||||
| South Korea – 0.0% | ||||||||||||||||||||||||||||||
| 200 | Shinhan Bank Co Ltd, 144A |
| 4.375% | 4/13/32 | BBB+ | 192,539 | ||||||||||||||||||||||||
| Sri Lanka – 0.0% | ||||||||||||||||||||||||||||||
| 415 | Sri Lanka Government International Bond |
| 6.850% | 11/03/25 | D | 133,748 | ||||||||||||||||||||||||
| Thailand–0.1% | ||||||||||||||||||||||||||||||
| 200 | Bangkok Bank PCL/Hong Kong, 144A |
| 3.466% | 9/23/36 | Baa3 | 167,149 | ||||||||||||||||||||||||
| 6,150 | THB | Thailand Government Bond |
| 2.875% | 12/17/28 | N/R | 176,331 | |||||||||||||||||||||||
Total Thailand | 343,480 | |||||||||||||||||||||||||||||
| Trinidad and Tobago – 0.1% | ||||||||||||||||||||||||||||||
| 200 | Heritage Petroleum Co Ltd, 144A |
| 9.000% | 8/12/29 | BB | 205,250 | ||||||||||||||||||||||||
| 200 | Trinidad & Tobago Government International Bond, 144A |
| 4.500% | 6/26/30 | BBB– | 173,990 | ||||||||||||||||||||||||
Total Trinidad and Tobago | 379,240 | |||||||||||||||||||||||||||||
| Turkey – 0.3% | ||||||||||||||||||||||||||||||
| 200 | Anadolu Efes Biracilik Ve Malt Sanayii AS, 144A | 3.375% | 6/29/28 | BBB– | 138,571 | |||||||||||||||||||||||||
| 200 | Arcelik AS, 144A | 5.000% | 4/03/23 | BB+ | 196,176 | |||||||||||||||||||||||||
| 200 | KOC Holding AS, 144A | 6.500% | 3/11/25 | B+ | 186,016 | |||||||||||||||||||||||||
| 215 | Turkey Government International Bond | 3.250% | 3/23/23 | B+ | 208,107 | |||||||||||||||||||||||||
| 245 | Turkey Government International Bond | 5.125% | 2/17/28 | B+ | 186,200 | |||||||||||||||||||||||||
| 200 | Turkiye Ihracat Kredi Bankasi AS, 144A | 6.125% | 5/03/24 | B2 | 186,477 | |||||||||||||||||||||||||
| 200 | Turkiye Ihracat Kredi Bankasi AS, 144A | 5.750% | 7/06/26 | B2 | 166,800 | |||||||||||||||||||||||||
| 200 | Turkiye Sise ve Cam Fabrikalari AS, 144A | 6.950% | 3/14/26 | B+ | 177,740 | |||||||||||||||||||||||||
Total Turkey |
| 1,446,087 | ||||||||||||||||||||||||||||
40
Principal Amount (000) (13) | Description (1) | Coupon | Maturity | Ratings (7) | Value | |||||||||||||||||||||||||
| Ukraine – 0.1% | ||||||||||||||||||||||||||||||
| $ | 200 | NAK Naftogaz Ukraine via Kondor Finance PLC, Reg S |
| 7.375% | 7/19/22 | CCC | $ | 151,000 | ||||||||||||||||||||||
| 115 | Ukraine Government International Bond | 7.750% | 9/01/22 | CCC+ | 62,100 | |||||||||||||||||||||||||
| 100 | Ukraine Government International Bond | 7.750% | 9/01/26 | CCC+ | 25,250 | |||||||||||||||||||||||||
| 425 | Ukraine Government International Bond, 144A | 6.876% | 5/21/29 | CCC+ | 102,000 | |||||||||||||||||||||||||
| 360 | Ukraine Government International Bond, 144A | 7.253% | 3/15/33 | CCC+ | 88,200 | |||||||||||||||||||||||||
Total Ukraine | 428,550 | |||||||||||||||||||||||||||||
| United Arab Emirates – 0.3% | ||||||||||||||||||||||||||||||
| 200 | Abu Dhabi Government International Bond, 144A |
| 3.125% | 9/30/49 | AA | 155,199 | ||||||||||||||||||||||||
| 500 | DAE Funding LLC, 144A |
| 3.375% | 3/20/28 | Baa3 | 439,100 | ||||||||||||||||||||||||
| 400 | Emirate of Dubai Government International Bonds |
| 3.900% | 9/09/50 | N/R | 288,167 | ||||||||||||||||||||||||
| 435 | Galaxy Pipeline Assets Bidco Ltd, 144A | 2.625% | 3/31/36 | Aa2 | 352,196 | |||||||||||||||||||||||||
| 236 | Galaxy Pipeline Assets Bidco Ltd, 144A | 2.940% | 9/30/40 | Aa2 | 192,358 | |||||||||||||||||||||||||
Total United Arab Emirates | 1,427,020 | |||||||||||||||||||||||||||||
| Uruguay – 0.1% | ||||||||||||||||||||||||||||||
| 80 | Uruguay Government International Bond | 4.375% | 1/23/31 | BBB | 80,825 | |||||||||||||||||||||||||
| 6,200 | UYU | Uruguay Government International Bond | 8.250% | 5/21/31 | BBB | 133,903 | ||||||||||||||||||||||||
Total Uruguay |
| 214,728 | ||||||||||||||||||||||||||||
| Uzbekistan – 0.0% | ||||||||||||||||||||||||||||||
| 200 | Republic of Uzbekistan International Bond |
| 4.750% | 2/20/24 | BB– | 190,714 | ||||||||||||||||||||||||
| Zambia – 0.1% | ||||||||||||||||||||||||||||||
| 425 | Zambia Government International Bond, 144A |
| 8.500% | 4/14/24 | D | 254,983 | ||||||||||||||||||||||||
Total Emerging Market Debt and Foreign Corporate Bonds (cost $57,301,659) |
| 45,312,592 | ||||||||||||||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (7) | Value | |||||||||||||||||||||||||
CONTINGENT CAPITAL SECURITIES – 7.7% (5.0% of Total Investments) (14) |
| |||||||||||||||||||||||||||||
| Banks – 5.6% | ||||||||||||||||||||||||||||||
| $ | 240 | Australia & New Zealand Banking Group Ltd/United Kingdom, 144A |
| 6.750% | N/A (12) | Baa2 | $ | 235,800 | ||||||||||||||||||||||
| 800 | Banco Bilbao Vizcaya Argentaria SA |
| 6.500% | N/A (12) | Ba2 | 730,492 | ||||||||||||||||||||||||
| 600 | Banco Bilbao Vizcaya Argentaria SA |
| 6.125% | N/A (12) | Ba2 | 504,997 | ||||||||||||||||||||||||
| 200 | Banco Mercantil del Norte SA/Grand Cayman, 144A |
| 7.500% | N/A (12) | Ba2 | 181,000 | ||||||||||||||||||||||||
| 500 | Banco Mercantil del Norte SA/Grand Cayman, 144A |
| 7.625% | N/A (12) | Ba2 | 463,273 | ||||||||||||||||||||||||
| 800 | Banco Santander SA |
| 4.750% | N/A (12) | Ba1 | 654,153 | ||||||||||||||||||||||||
| 800 | Banco Santander SA, Reg S |
| 7.500% | N/A (12) | Ba1 | 782,000 | ||||||||||||||||||||||||
| 200 | Bank Hapoalim BM, Reg S, 144A | 3.255% | 1/21/32 | BBB | 171,000 | |||||||||||||||||||||||||
| 1,275 | Barclays PLC | 8.000% | N/A (12) | BBB– | 1,252,687 | |||||||||||||||||||||||||
| 1,265 | Barclays PLC | 7.750% | N/A (12) | BBB– | 1,242,862 | |||||||||||||||||||||||||
| 965 | Barclays PLC | 6.125% | N/A (12) | BBB– | 895,980 | |||||||||||||||||||||||||
| 220 | Barclays PLC | 4.375% | N/A (12) | BBB– | 168,710 | |||||||||||||||||||||||||
| 200 | BBVA Bancomer SA/Texas, 144A | 5.125% | 1/18/33 | BB | 169,100 | |||||||||||||||||||||||||
| 950 | BNP Paribas SA, 144A | 6.625% | N/A (12) | BBB | 910,812 | |||||||||||||||||||||||||
| 290 | BNP Paribas SA, 144A | 7.000% | N/A (12) | BBB | 275,686 | |||||||||||||||||||||||||
| 1,280 | BNP Paribas SA, 144A, (18) | 7.375% | N/A (12) | BBB | 1,267,133 | |||||||||||||||||||||||||
| 805 | Credit Agricole SA, 144A | 7.875% | N/A (12) | BBB | 793,915 | |||||||||||||||||||||||||
| 980 | Credit Agricole SA, 144A | 8.125% | N/A (12) | BBB | 1,003,814 | |||||||||||||||||||||||||
| 270 | Danske Bank A/S | 6.125% | N/A (12) | BBB– | 254,270 | |||||||||||||||||||||||||
| 235 | Danske Bank A/S | 7.000% | N/A (12) | BBB– | 220,606 | |||||||||||||||||||||||||
| 340 | Danske Bank A/S, Reg S | 4.375% | N/A (12) | BBB– | 287,300 | |||||||||||||||||||||||||
| 2,270 | HSBC Holdings PLC, (18) | 6.375% | N/A (12) | BBB | 2,194,975 | |||||||||||||||||||||||||
| 1,740 | HSBC Holdings PLC, (18) | 6.000% | N/A (12) | BBB | 1,559,475 | |||||||||||||||||||||||||
| 305 | HSBC Holdings PLC | 6.375% | N/A (12) | BBB | 291,885 | |||||||||||||||||||||||||
| 900 | ING Groep NV | 6.500% | N/A (12) | BBB | 847,262 | |||||||||||||||||||||||||
| 845 | ING Groep NV | 5.750% | N/A (12) | BBB | 773,175 | |||||||||||||||||||||||||
| 955 | ING Groep NV | 6.750% | N/A (12) | BBB | 922,540 | |||||||||||||||||||||||||
| 340 | Intesa Sanpaolo SpA, 144A | 7.700% | N/A (12) | BB– | 306,254 | |||||||||||||||||||||||||
| 1,025 | Lloyds Banking Group PLC | 7.500% | N/A (12) | Baa3 | 999,039 | |||||||||||||||||||||||||
41
| NMAI | Nuveen Multi-Asset Income Fund (continued) | |
| Portfolio of Investments June 30, 2022 | ||
| (Unaudited) | ||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (7) | Value | |||||||||||||||||||||||||
| Banks (continued) | ||||||||||||||||||||||||||||||
| $ | 1,695 | Lloyds Banking Group PLC | 7.500% | N/A (12) | Baa3 | $ | 1,644,150 | |||||||||||||||||||||||
| 500 | Macquarie Bank Ltd/London, 144A | 6.125% | N/A (12) | BB+ | 452,227 | |||||||||||||||||||||||||
| 1,035 | NatWest Group PLC | 8.000% | N/A (12) | BBB– | 1,023,874 | |||||||||||||||||||||||||
| 810 | NatWest Group PLC | 6.000% | N/A (12) | BBB– | 749,580 | |||||||||||||||||||||||||
| 610 | Nordea Bank Abp, 144A, (18) | 6.625% | N/A (12) | BBB+ | 581,891 | |||||||||||||||||||||||||
| 320 | Societe Generale SA, 144A | 6.750% | N/A (12) | BB | 283,344 | |||||||||||||||||||||||||
| 615 | Societe Generale SA, 144A | 4.750% | N/A (12) | BB+ | 498,970 | |||||||||||||||||||||||||
| 245 | Societe Generale SA, 144A | 8.000% | N/A (12) | BB | 239,990 | |||||||||||||||||||||||||
| 865 | Societe Generale SA, 144A | 7.875% | N/A (12) | BB+ | 847,536 | |||||||||||||||||||||||||
| 370 | Standard Chartered PLC, 144A | 4.300% | N/A (12) | BBB– | 270,438 | |||||||||||||||||||||||||
| 445 | Standard Chartered PLC, 144A | 6.000% | N/A (12) | BBB– | 421,420 | |||||||||||||||||||||||||
| 420 | Standard Chartered PLC, 144A | 7.750% | N/A (12) | BBB– | 415,142 | |||||||||||||||||||||||||
| 435 | UniCredit SpA |
| 8.000% | N/A (12) | BB– | 407,812 | ||||||||||||||||||||||||
| 29,960 | Total Banks |
| 28,196,569 | |||||||||||||||||||||||||||
| Capital Markets – 2.1% | ||||||||||||||||||||||||||||||
| 305 | Credit Suisse Group AG, 144A | 9.750% | N/A (12) | BB | 311,481 | |||||||||||||||||||||||||
| 1,285 | Credit Suisse Group AG, 144A | 7.500% | N/A (12) | BB | 1,185,413 | |||||||||||||||||||||||||
| 300 | Credit Suisse Group AG, 144A | 6.375% | N/A (12) | Ba2 | 247,874 | |||||||||||||||||||||||||
| 1,845 | Credit Suisse Group AG, 144A, (18) | 7.250% | N/A (12) | BB | 1,603,027 | |||||||||||||||||||||||||
| 575 | Credit Suisse Group AG, 144A | 7.500% | N/A (12) | BB | 547,134 | |||||||||||||||||||||||||
| 2,200 | Deutsche Bank AG, (18) | 6.000% | N/A (12) | BB– | 1,897,500 | |||||||||||||||||||||||||
| 1,365 | UBS Group AG, 144A, (18) | 7.000% | N/A (12) | BBB | 1,329,677 | |||||||||||||||||||||||||
| 1,365 | UBS Group AG | 6.875% | N/A (12) | BBB | 1,322,398 | |||||||||||||||||||||||||
| 250 | UBS Group AG, 144A | 4.875% | N/A (12) | BBB | 209,115 | |||||||||||||||||||||||||
| 685 | UBS Group AG, 144A | 3.875% | N/A (12) | BBB | 557,571 | |||||||||||||||||||||||||
| 1,415 | UBS Group AG | 7.000% | N/A (12) | BBB | 1,400,850 | |||||||||||||||||||||||||
| 255 | UBS Group AG, Reg S | 5.125% | N/A (12) | BBB | 228,544 | |||||||||||||||||||||||||
| 11,845 | Total Capital Markets | 10,840,584 | ||||||||||||||||||||||||||||
| $ | 41,805 | Total Contingent Capital Securities (cost $45,120,684) |
| 39,037,153 | ||||||||||||||||||||||||||
| Shares | Description (1) | Coupon | Ratings (7) | Value | ||||||||||||||||||||||||||
$25 PAR (OR SIMILAR) RETAIL PREFERRED – 4.3% (2.8% of Total Investments) |
| |||||||||||||||||||||||||||||
| Banks – 1.2% | ||||||||||||||||||||||||||||||
| 386,400 | Banco Bradesco SA, (2) | 0.000% | N/R | $ | 1,269,923 | |||||||||||||||||||||||||
| 13,325 | CoBank ACB, (2) | 6.250% | BBB+ | 1,333,166 | ||||||||||||||||||||||||||
| 4,750 | Farm Credit Bank of Texas, 144A, (2) | 6.750% | Baa1 | 470,250 | ||||||||||||||||||||||||||
| 37,722 | Fifth Third Bancorp | 6.625% | Baa3 | 950,972 | ||||||||||||||||||||||||||
| 15,925 | KeyCorp | 6.125% | Baa3 | 400,832 | ||||||||||||||||||||||||||
| 22,531 | Regions Financial Corp | 6.375% | Baa3 | 570,260 | ||||||||||||||||||||||||||
| 13,700 | Synovus Financial Corp | 5.875% | BB– | 340,171 | ||||||||||||||||||||||||||
| 7,800 | Western Alliance Bancorp | 4.250% | Ba1 | 171,054 | ||||||||||||||||||||||||||
| 14,500 | Wintrust Financial Corp | 6.875% | BB | 374,535 | ||||||||||||||||||||||||||
Total Banks | 5,881,163 | |||||||||||||||||||||||||||||
| Capital Markets – 0.5% | ||||||||||||||||||||||||||||||
| 5,100 | Goldman Sachs Group Inc | 5.500% | BB+ | 124,644 | ||||||||||||||||||||||||||
| 55,260 | Morgan Stanley | 7.125% | BBB– | 1,449,470 | ||||||||||||||||||||||||||
| 25,000 | Morgan Stanley | 6.875% | BBB– | 644,000 | ||||||||||||||||||||||||||
Total Capital Markets | 2,218,114 | |||||||||||||||||||||||||||||
| Communications Equipment – 0.0% | ||||||||||||||||||||||||||||||
| 3,288 | Riverbed Technology Inc, (2) | 0.000% | N/R | 18,631 | ||||||||||||||||||||||||||
| Consumer Finance – 0.2% | ||||||||||||||||||||||||||||||
| 26,800 | Capital One Financial Corp | 5.000% | Baa3 | 542,700 | ||||||||||||||||||||||||||
| 27,448 | Synchrony Financial | 5.625% | BB– | 524,257 | ||||||||||||||||||||||||||
Total Consumer Finance | 1,066,957 | |||||||||||||||||||||||||||||
42
| Shares | Description (1) | Coupon | Ratings (7) | Value | ||||||||||||||||||||||||||
| Diversified Financial Services – 0.2% | ||||||||||||||||||||||||||||||
| 21,900 | Equitable Holdings Inc | 5.250% | BBB– | $ | 462,090 | |||||||||||||||||||||||||
| 23,800 | Voya Financial Inc | 5.350% | BBB– | 541,926 | ||||||||||||||||||||||||||
Total Diversified Financial Services | 1,004,016 | |||||||||||||||||||||||||||||
| Diversified Telecommunication Services – 0.0% | ||||||||||||||||||||||||||||||
| 7,900 | AT&T Inc | 4.750% | BBB– | 151,285 | ||||||||||||||||||||||||||
| Food Products – 0.4% | ||||||||||||||||||||||||||||||
| 8,807 | CHS Inc | 7.875% | N/R | 240,783 | ||||||||||||||||||||||||||
| 44,746 | CHS Inc | 7.100% | N/R | 1,156,684 | ||||||||||||||||||||||||||
| 24,270 | CHS Inc | 6.750% | N/R | 622,283 | ||||||||||||||||||||||||||
Total Food Products | 2,019,750 | |||||||||||||||||||||||||||||
| Insurance – 1.0% | ||||||||||||||||||||||||||||||
| 41,000 | American Equity Investment Life Holding Co | 5.950% | BB | 934,390 | ||||||||||||||||||||||||||
| 20,300 | American Equity Investment Life Holding Co | 6.625% | BB | 483,140 | ||||||||||||||||||||||||||
| 39,481 | Aspen Insurance Holdings Ltd | 5.950% | BB+ | 952,677 | ||||||||||||||||||||||||||
| 15,200 | Aspen Insurance Holdings Ltd | 5.625% | BB+ | 337,592 | ||||||||||||||||||||||||||
| 11,000 | Assurant Inc | 5.250% | Baa3 | 244,750 | ||||||||||||||||||||||||||
| 25,936 | Athene Holding Ltd | 6.350% | BBB | 637,766 | ||||||||||||||||||||||||||
| 19,590 | Athene Holding Ltd | 6.375% | BBB | 497,586 | ||||||||||||||||||||||||||
| 2,500 | Axis Capital Holdings Ltd | 5.500% | BBB | 54,700 | ||||||||||||||||||||||||||
| 18,700 | Enstar Group Ltd | 7.000% | BBB– | 435,710 | ||||||||||||||||||||||||||
| 25,900 | Reinsurance Group of America Inc | 5.750% | BBB+ | 650,608 | ||||||||||||||||||||||||||
Total Insurance | 5,228,919 | |||||||||||||||||||||||||||||
| Multi-Utilities – 0.1% | ||||||||||||||||||||||||||||||
| 10,000 | NiSource Inc | 6.500% | BBB– | 261,000 | ||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 0.3% | ||||||||||||||||||||||||||||||
| 5,400 | Energy Transfer LP | 7.600% | BB | 125,820 | ||||||||||||||||||||||||||
| 31,400 | NuStar Energy LP | 8.769% | B2 | 723,770 | ||||||||||||||||||||||||||
| 40,500 | NuStar Energy LP | 7.625% | B2 | 833,895 | ||||||||||||||||||||||||||
Total Oil, Gas & Consumable Fuels | 1,683,485 | |||||||||||||||||||||||||||||
| Thrifts & Mortgage Finance – 0.3% | ||||||||||||||||||||||||||||||
| 15,000 | Federal Agricultural Mortgage Corp | 5.700% | N/R | 364,350 | ||||||||||||||||||||||||||
| 42,814 | New York Community Bancorp Inc, (18) | 6.375% | Ba2 | 1,044,662 | ||||||||||||||||||||||||||
Total Thrifts & Mortgage Finance | 1,409,012 | |||||||||||||||||||||||||||||
| Trading Companies & Distributors – 0.1% | ||||||||||||||||||||||||||||||
| 20,500 | Air Lease Corp | 6.150% | BB+ | 483,800 | ||||||||||||||||||||||||||
| 6,800 | WESCO International Inc | 10.625% | B | 186,456 | ||||||||||||||||||||||||||
Total Trading Companies & Distributors | 670,256 | |||||||||||||||||||||||||||||
Total $25 Par (or similar) Retail Preferred (cost $23,114,907) |
| 21,612,588 | ||||||||||||||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (7) | Value | |||||||||||||||||||||||||
CORPORATE BONDS – 3.8% (2.5% of Total Investments) |
| |||||||||||||||||||||||||||||
| Auto Components – 0.1% | ||||||||||||||||||||||||||||||
| $ | 450 | Adient US LLC, 144A | 9.000% | 4/15/25 | BB+ | $ | 468,000 | |||||||||||||||||||||||
| Banks – 0.1% | ||||||||||||||||||||||||||||||
| 200 | BOI Finance BV, 144A | 7.500% | 2/16/27 | B2 | 167,582 | |||||||||||||||||||||||||
| 200 | Credicorp Ltd, 144A | 2.750% | 6/17/25 | BBB | 185,580 | |||||||||||||||||||||||||
| 200 | United Overseas Bank Ltd, 144A | 3.059% | 4/07/25 | Aa1 | 197,408 | |||||||||||||||||||||||||
| 600 | Total Banks | 550,570 | ||||||||||||||||||||||||||||
43
| NMAI | Nuveen Multi-Asset Income Fund (continued) | |
| Portfolio of Investments June 30, 2022 | ||
| (Unaudited) | ||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (7) | Value | |||||||||||||||||||||||||
| Beverages – 0.1% | ||||||||||||||||||||||||||||||
| $ | 145 | Central American Bottling Corp / CBC Bottling Holdco SL / Beliv Holdco SL, 144A |
| 5.250% | 4/27/29 | BB+ | $ | 126,512 | ||||||||||||||||||||||
| 175 | Cia Cervecerias Unidas SA, 144A | 3.350% | 1/19/32 | A– | 148,820 | |||||||||||||||||||||||||
| 320 | Total Beverages | 275,332 | ||||||||||||||||||||||||||||
| Commercial Services & Supplies – 0.2% | ||||||||||||||||||||||||||||||
| 973 | Prime Security Services Borrower LLC / Prime Finance Inc, 144A |
| 5.750% | 4/15/26 | BB– | 907,322 | ||||||||||||||||||||||||
| 325 | Prime Security Services Borrower LLC / Prime Finance Inc, 144A |
| 6.250% | 1/15/28 | B– | 271,894 | ||||||||||||||||||||||||
| 1,298 | Total Commercial Services & Supplies | 1,179,216 | ||||||||||||||||||||||||||||
| Communications Equipment – 0.2% | ||||||||||||||||||||||||||||||
| 1,050 | Avaya Inc, 144A | 6.125% | 9/15/28 | BB– | 685,125 | |||||||||||||||||||||||||
| 410 | Vodafone Group PLC | 4.125% | 6/04/81 | BB+ | 306,631 | |||||||||||||||||||||||||
| 1,460 | Total Communications Equipment | 991,756 | ||||||||||||||||||||||||||||
| Construction Materials – 0.0% | ||||||||||||||||||||||||||||||
| 200 | GCC SAB de CV, 144A | 3.614% | 4/20/32 | BBB– | 163,254 | |||||||||||||||||||||||||
| Diversified Telecommunication Services – 0.1% | ||||||||||||||||||||||||||||||
| 375 | Frontier Communications Holdings LLC, 144A | 5.875% | 10/15/27 | BB+ | 337,163 | |||||||||||||||||||||||||
| Electric Utilities – 0.0% | ||||||||||||||||||||||||||||||
| 200 | Comision Federal de Electricidad, 144A | 4.688% | 5/15/29 | Baa1 | 178,738 | |||||||||||||||||||||||||
| Electronic Equipment, Instruments & Components – 0.1% | ||||||||||||||||||||||||||||||
| 375 | Imola Merger Corp, 144A | 4.750% | 5/15/29 | BB+ | 313,747 | |||||||||||||||||||||||||
| Energy Equipment & Services – 0.0% | ||||||||||||||||||||||||||||||
| 200 | EIG Pearl Holdings Sarl, 144A | 4.387% | 11/30/46 | A1 | 158,035 | |||||||||||||||||||||||||
| Entertainment – 0.0% | ||||||||||||||||||||||||||||||
| 125 | AMC Entertainment Holdings Inc, 144A, (cash 10.000%, PIK 12.000%) |
| 10.000% | 6/15/26 | CCC– | 82,994 | ||||||||||||||||||||||||
| Equity Real Estate Investment Trust – 0.0% | ||||||||||||||||||||||||||||||
| 250 | RLJ Lodging Trust LP, 144A | 3.750% | 7/01/26 | BB– | 216,642 | |||||||||||||||||||||||||
| Health Care Providers & Services – 1.0% | ||||||||||||||||||||||||||||||
| 1,250 | HCA Inc, (18) | 5.000% | 3/15/24 | BBB– | 1,255,631 | |||||||||||||||||||||||||
| 625 | Legacy LifePoint Health LLC, 144A | 6.750% | 4/15/25 | B1 | 604,131 | |||||||||||||||||||||||||
| 750 | Legacy LifePoint Health LLC, 144A | 4.375% | 2/15/27 | B1 | 642,615 | |||||||||||||||||||||||||
| 375 | RegionalCare Hospital Partners Holdings Inc / LifePoint Health Inc, 144A |
| 9.750% | 12/01/26 | CCC+ | 364,688 | ||||||||||||||||||||||||
| 375 | Tenet Healthcare Corp | 6.750% | 6/15/23 | B+ | 386,391 | |||||||||||||||||||||||||
| 625 | Tenet Healthcare Corp, 144A | 4.625% | 9/01/24 | BB– | 600,000 | |||||||||||||||||||||||||
| 250 | Tenet Healthcare Corp, 144A | 4.875% | 1/01/26 | BB– | 230,000 | |||||||||||||||||||||||||
| 625 | Tenet Healthcare Corp, 144A | 4.625% | 6/15/28 | BB– | 544,237 | |||||||||||||||||||||||||
| 250 | Tenet Healthcare Corp, 144A | 6.125% | 10/01/28 | B+ | 213,945 | |||||||||||||||||||||||||
| 5,125 | Total Health Care Providers & Services | 4,841,638 | ||||||||||||||||||||||||||||
Hotels, Restaurants & Leisure – 0.4% | ||||||||||||||||||||||||||||||
| 1,375 | Caesars Entertainment Inc, 144A | 6.250% | 7/01/25 | B1 | 1,325,129 | |||||||||||||||||||||||||
| 250 | Life Time Inc, 144A | 5.750% | 1/15/26 | B | 224,118 | |||||||||||||||||||||||||
| 1,625 | Total Hotels, Restaurants & Leisure | 1,549,247 | ||||||||||||||||||||||||||||
| Independent Power & Renewable Electricity Producers – 0.1% | ||||||||||||||||||||||||||||||
| 200 | Sweihan PV Power Co PJSC, 144A | 3.625% | 1/31/49 | BBB+ | 165,414 | |||||||||||||||||||||||||
| 190 | UEP Penonome II SA, 144A | 6.500% | 10/01/38 | BB | 176,681 | |||||||||||||||||||||||||
| 390 | Total Independent Power & Renewable Electricity Producers |
| 342,095 | |||||||||||||||||||||||||||
44
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (7) | Value | |||||||||||||||||||||||||
| Insurance – 0.5% | ||||||||||||||||||||||||||||||
| $ | 405 | Aegon NV | 5.500% | 4/11/48 | Baa1 | $ | 389,699 | |||||||||||||||||||||||
| 475 | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144A |
| 4.250% | 10/15/27 | B | 411,146 | ||||||||||||||||||||||||
| 1,357 | Assurant Inc, (18) | 7.000% | 3/27/48 | Baa3 | 1,325,816 | |||||||||||||||||||||||||
| 215 | Legal & General Group PLC | 5.250% | 3/21/47 | A3 | 205,970 | |||||||||||||||||||||||||
| 2,452 | Total Insurance | 2,332,631 | ||||||||||||||||||||||||||||
| Machinery – 0.0% | ||||||||||||||||||||||||||||||
| 200 | Sempra Global, 144A | 3.250% | 1/15/32 | BBB+ | 168,036 | |||||||||||||||||||||||||
| Marine – 0.0% | ||||||||||||||||||||||||||||||
| 215 | Misc Capital Two Labuan Ltd, 144A | 3.750% | 4/06/27 | BBB | 201,969 | |||||||||||||||||||||||||
| Media – 0.4% | ||||||||||||||||||||||||||||||
| 250 | Clear Channel Outdoor Holdings Inc, 144A | 7.750% | 4/15/28 | CCC | 181,893 | |||||||||||||||||||||||||
| 250 | Clear Channel Outdoor Holdings Inc, 144A | 7.500% | 6/01/29 | CCC | 179,765 | |||||||||||||||||||||||||
| 500 | DISH DBS Corp, 144A | 5.250% | 12/01/26 | Ba3 | 391,920 | |||||||||||||||||||||||||
| 52 | iHeartCommunications Inc | 8.375% | 5/01/27 | B– | 41,358 | |||||||||||||||||||||||||
| 625 | iHeartCommunications Inc, 144A | 5.250% | 8/15/27 | BB– | 534,894 | |||||||||||||||||||||||||
| 300 | LCPR Senior Secured Financing DAC, 144A | 5.125% | 7/15/29 | BB+ | 250,500 | |||||||||||||||||||||||||
| 69 | McGraw-Hill Education Inc, 144A | 5.750% | 8/01/28 | BB+ | 59,083 | |||||||||||||||||||||||||
| 250 | Outfront Media Capital LLC / Outfront Media Capital Corp, 144A |
| 5.000% | 8/15/27 | B+ | 218,437 | ||||||||||||||||||||||||
| 2,296 | Total Media | 1,857,850 | ||||||||||||||||||||||||||||
| Metals & Mining – 0.0% | ||||||||||||||||||||||||||||||
| 200 | AngloGold Ashanti Holdings PLC | 3.750% | 10/01/30 | Baa3 | 164,654 | |||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 0.2% | ||||||||||||||||||||||||||||||
| 250 | Calumet Specialty Products Partners LP / Calumet Finance Corp, 144A |
| 8.125% | 1/15/27 | B– | 211,348 | ||||||||||||||||||||||||
| 200 | Kosmos Energy Ltd, 144A | 7.750% | 5/01/27 | B+ | 171,045 | |||||||||||||||||||||||||
| 250 | Matador Resources Co | 5.875% | 9/15/26 | BB– | 240,320 | |||||||||||||||||||||||||
| 61 | PBF Holding Co LLC / PBF Finance Corp | 7.250% | 6/15/25 | BB– | 57,020 | |||||||||||||||||||||||||
| 250 | PBF Logistics LP / PBF Logistics Finance Corp | 6.875% | 5/15/23 | BB– | 246,250 | |||||||||||||||||||||||||
| 1,011 | Total Oil, Gas & Consumable Fuels | 925,983 | ||||||||||||||||||||||||||||
| Real Estate Management & Development – 0.0% | ||||||||||||||||||||||||||||||
| 200 | RKPF Overseas 2020 A Ltd | 5.200% | 1/12/26 | Ba3 | 93,621 | |||||||||||||||||||||||||
| Specialty Retail – 0.0% | ||||||||||||||||||||||||||||||
| 150 | Hertz Corp/The, 144A | 4.625% | 12/01/26 | B+ | 125,412 | |||||||||||||||||||||||||
| Wireless Telecommunication Services – 0.3% | ||||||||||||||||||||||||||||||
| 200 | CT Trust, 144A | 5.125% | 2/03/32 | Ba1 | 160,250 | |||||||||||||||||||||||||
| 200 | MTN Mauritius Investments Ltd, 144A | 6.500% | 10/13/26 | Ba2 | 196,208 | |||||||||||||||||||||||||
| 1,250 | Sprint Corp, (18) | 7.875% | 9/15/23 | BB+ | 1,288,487 | |||||||||||||||||||||||||
| 1,650 | Total Wireless Telecommunication Services | 1,644,945 | ||||||||||||||||||||||||||||
| $ | 21,367 | Total Corporate Bonds (cost $22,138,607) | 19,163,528 | |||||||||||||||||||||||||||
| Shares | Description (1) | Value | ||||||||||||||||||||||||||||
INVESTMENT COMPANIES – 3.4% (2.2% of Total Investments) |
| |||||||||||||||||||||||||||||
| 97,548 | Cordiant Digital Infrastructure Ltd/Fund | $ | 122,895 | |||||||||||||||||||||||||||
| 43,959 | iShares MSCI ACWI ETF, (18) | 3,687,721 | ||||||||||||||||||||||||||||
| 175,131 | Vanguard Short-Term Bond ETF, (2) | 13,448,309 | ||||||||||||||||||||||||||||
Total Investment Companies (cost $17,908,335) | 17,258,925 | |||||||||||||||||||||||||||||
| Shares | Description (1) | Value | ||||||||||||||||||||||||||||
WARRANTS – 0.1% (0.1% of Total Investments) |
| |||||||||||||||||||||||||||||
| Entertainment – 0.0% | ||||||||||||||||||||||||||||||
| 34,453 | Cineworld Warrant, (2) | 2,929 | ||||||||||||||||||||||||||||
45
| NMAI | Nuveen Multi-Asset Income Fund (continued) | |
| Portfolio of Investments June 30, 2022 | ||
| (Unaudited) | ||
| Shares | Description (1) | Value | ||||||||||||||||||||||||||||
| Energy Equipment & Services – 0.1% | ||||||||||||||||||||||||||||||
| $ | 3,996 | Fieldwood Energy LLC, (2) | $ | 475,524 | ||||||||||||||||||||||||||
| 2,870 | Fieldwood Energy LLC, (2) | 25,830 | ||||||||||||||||||||||||||||
| 5,530 | Fieldwood Energy LLC, (2) | 33,180 | ||||||||||||||||||||||||||||
Total Energy Equipment & Services | 534,534 | |||||||||||||||||||||||||||||
Total Warrants (cost $54,810) | 537,463 | |||||||||||||||||||||||||||||
Total Long-Term Investments (cost $843,234,177) |
| 772,648,746 | ||||||||||||||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||||||||||||||||||||||||||
SHORT-TERM INVESTMENTS – 1.6% (1.0% of Total Investments) |
| |||||||||||||||||||||||||||||
| REPURCHASE AGREEMENTS – 1.6% (1.0% of Total Investments) | ||||||||||||||||||||||||||||||
| $ | 8,100 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/22, repurchase price $8,099,814, collateralized by $6,962,900, U.S. |
| 0.240% | 7/01/22 | $ | 8,099,814 | |||||||||||||||||||||||
Total Short-Term Investments (cost $8,099,814) |
| 8,099,814 | ||||||||||||||||||||||||||||
Total Investments (cost $851,333,991) – 154.0% |
| 780,748,560 | ||||||||||||||||||||||||||||
Borrowings – (39.2)% (15), (16) | (198,701,000 | ) | ||||||||||||||||||||||||||||
Reverse Repurchase Agreements, including accrued interest – (8.7)% (17) |
| (44,163,673 | ) | |||||||||||||||||||||||||||
Other Assets Less Liabilities – (6.1)% | (30,893,522 | ) | ||||||||||||||||||||||||||||
Net Assets Applicable to Common Shares – 100% |
| $ | 506,990,365 | |||||||||||||||||||||||||||
46
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| (2) | For fair value measurement disclosure purposes, investment classified as Level 2. |
| (3) | 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. |
| (4) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
| (5) | 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. |
| (6) | 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. |
| (7) | The Fund uses credit quality ratings for its portfolio securities provided by Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) and Fitch, Inc. (“Fitch”). If all three provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody’s, S&P or Fitch. |
| (8) | Principal Amount (000) rounds to less than $1,000. |
| (9) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. |
| (10) | Investment, or portion of investment, represents an outstanding unfunded senior loan commitment. |
| (11) | Variable rate security. The rate shown is the coupon as of the end of the reporting period. |
| (12) | Perpetual security. Maturity date is not applicable. |
| (13) | Principal Amount (000) denominated in U.S. Dollars, unless otherwise noted. |
| (14) | Contingent Capital Securities (“CoCos”) are hybrid securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer. For example, the terms may specify an automatic write-down of principal or a mandatory conversion into the issuer’s common stock under certain adverse circumstances, such as the issuer’s capital ratio falling below a specified level. |
| (15) | Borrowings as a percentage of Total Investments is 25.5%. |
| (16) | 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 $354,583,814 have been pledged as collateral for borrowings. |
| (17) | Reverse Repurchase Agreements, including accrued interest as a percentage of Total Investments is 5.7%. |
| (18) | Investment, or portion of investment, is hypothecated. The total value of investments hypothecated as of the end of the reporting period was $201,818,217. |
| (19) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in reverse repurchase agreements. |
| 144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
| ADR | American Depositary Receipt |
| BRL | Brazilian Real |
| CLP | Chilean Peso |
| DD1 | Portion of investment purchased on a delayed delivery basis. |
| ETF | Exchange-Traded Fund |
| EUR | Euro |
| GHS | Ghanaian Cedi |
| IDR | Indian Rupee |
| LIBOR | London Inter-Bank Offered Rate |
| MDR | Denotes investment is subject to dollar roll transactions. |
| MSCI | Morgan Stanley Capital International Inc. |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| N/A | Not Applicable. |
| PIK | Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period. |
| 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. |
| RUB | Russian Rubble |
| SOFR | Secured Overnight Financing Rate |
| SOFR30A | 30 Day Average Secured Overnight Financing Rate |
| TBA | To be announced. Maturity date not known prior to settlement of this transaction. |
| TBD | Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the final coupon rate and maturity date. |
| THB | Thai Baht |
| UGX | Ugandan Shilling |
| UYU | Uruguayan Peso |
| WI/DD | Purchased on a when-issued or delayed delivery basis. |
| ZAR | South African Rand |
See accompanying notes to financial statements.
47
Statement of Assets and Liabilities
June 30, 2022
(Unaudited)
Assets | ||||
Long-term investments, at value (cost $843,234,177) | $ | 772,648,746 | ||
Short-term investments, at value (cost approximates value) | 8,099,814 | |||
Cash denominated in foreign currencies (cost $148,896) | 197,586 | |||
Receivables for: | ||||
Dividends | 760,640 | |||
Interest | 3,444,901 | |||
Investments sold | 17,528,529 | |||
Reclaims | 691,547 | |||
Due from affiliates | 20,403 | |||
Other assets | 251,121 | |||
Total assets | 803,643,287 | |||
Liabilities | ||||
Cash overdraft | 600,416 | |||
Borrowings | 198,701,000 | |||
Reverse repurchase agreements, including accrued interest | 44,163,673 | |||
Payables for: | ||||
Dividends | 11,611,590 | |||
Investments purchased - regular settlement | 756,209 | |||
Investments purchased - when-issued/delayed-delivery settlement | 39,037,455 | |||
Unfunded senior loans | 148,713 | |||
Accrued expenses: | ||||
Interest | 299,653 | |||
Management fees | 569,387 | |||
Trustees fees | 214,411 | |||
Other | 550,415 | |||
Total liabilities | 296,652,922 | |||
Net assets applicable to common shares | $ | 506,990,365 | ||
Common shares outstanding | 33,425,645 | |||
Net asset value (“NAV”) per common share outstanding | $ | 15.17 | ||
Net assets applicable to common shares consist of: | ||||
Common shares, $0.01 par value per share | $ | 334,256 | ||
Paid-in-surplus | 487,158,273 | |||
Total distributable earnings | 19,497,836 | |||
Net assets applicable to common shares | $ | 506,990,365 | ||
Authorized shares: | ||||
Common | Unlimited | |||
Preferred | Unlimited |
See accompanying notes to financial statements.
48
Six Months Ended June 30, 2022
(Unaudited)
Investment Income | ||||
Dividends | $ | 7,540,057 | ||
Interest | 9,096,071 | |||
Foreign tax withheld on dividend income | (436,076 | ) | ||
Total Investment Income | 16,200,052 | |||
Expenses | ||||
Management fees | 3,702,331 | |||
Interest expense | 1,134,075 | |||
Custodian expenses, net | 232,472 | |||
Trustees fees | 19,156 | |||
Professional fees | 91,299 | |||
Shareholder reporting expenses | 115,677 | |||
Shareholder reporting expenses | 380 | |||
Investor relations expenses | 52,295 | |||
Other | 183,549 | |||
Total expenses | 5,531,234 | |||
Net investment income (loss) | 10,668,818 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) from investments and foreign currency | 45,369,132 | |||
Change in net unrealized appreciation (depreciation) of investments and foreign currency | (195,260,558 | ) | ||
Net realized and unrealized gain (loss) | (149,891,426 | ) | ||
Net increase (decrease) in net assets applicable to common shares from operations | $ | (139,222,608 | ) |
See accompanying notes to financial statements.
49
Statement of Changes in Net Assets
Unaudited Six Months Ended 6/30/22 | For the period 11/22/21 (commencement of operations) through 12/31/21 | |||||||
Operations | ||||||||
Net investment income (loss) | $ | 10,668,818 | $ | 2,366,622 | ||||
Net realized gain (loss) from investments and foreign currency | 45,369,132 | 74,803,452 | ||||||
Change in net unrealized appreciation (depreciation) of investments and foreign currency | (195,260,558 | ) | (64,374,361 | ) | ||||
Net increase (decrease) in net assets applicable to common shares from operations | (139,222,608 | ) | 12,795,713 | |||||
Distributions to Common Shareholders | ||||||||
Dividends | (23,397,951 | ) | (11,698,976 | ) | ||||
Decrease in net assets applicable to common shares from distributions to common shareholders | (23,397,951 | ) | (11,698,976 | ) | ||||
Capital Share Transactions | ||||||||
Issued in the reorganization | — | 668,514,167 | ||||||
Net increase (decrease) in net assets applicable to common shares from capital share transactions | — | 668,514,167 | ||||||
Net increase (decrease) in net assets applicable to common shares | (162,620,559 | ) | 669,610,904 | |||||
Net assets applicable to common shares at the beginning of period | 669,610,924 | 20 | ||||||
Net assets applicable to common shares at the end of period | $ | 506,990,365 | $ | 669,610,924 | ||||
See accompanying notes to financial statements.
50
Six Months Ended June 30, 2022
(Unaudited)
Cash Flows from Operating Activities: | ||||
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations | $ | (139,222,608 | ) | |
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 | (829,353,111 | ) | ||
Proceeds from sales and maturities of investments | 868,589,535 | |||
Proceeds from (Purchase of) short-term investments, net | (7,116,401 | ) | ||
Proceeds from (Payments for) closed foreign currency spot contracts | 5,522 | |||
Payment-in-kind distributions | 9,278 | |||
Proceeds from litigation settlement | 498 | |||
Amortization (Accretion) of premiums and discounts, net | (1,118,987 | ) | ||
(Increase) Decrease in: | ||||
Receivable for dividends | 141,225 | |||
Receivable for interest | (76,437 | ) | ||
Receivable for investments sold | 23,888,564 | |||
Receivable for reclaims | (168,518 | ) | ||
Due from affiliates | (20,403 | ) | ||
Other assets | 99,244 | |||
Increase (Decrease) in: | ||||
Payable investments purchased – regular settlement | (1,441,602 | ) | ||
Payable investments purchased – when-issued/delayed-delivery settlement | (119,588,616 | ) | ||
Payable for unfunded senior loans | (27,031 | ) | ||
Accrued management fees | (121,512 | ) | ||
Accrued interest | 252,002 | |||
Accrued Trustees fees | (29,755 | ) | ||
Accrued other expenses | 151,674 | |||
Net realized (gain) loss from investments and foreign currency | (45,369,132 | ) | ||
Change in net unrealized appreciation (depreciation) of investments and foreign currency | 195,260,558 | |||
Net cash provided by (used in) operating activities | (55,256,013 | ) | ||
Cash Flow from Financing Activities: | ||||
Proceeds from borrowings | 64,120,000 | |||
(Repayments of) borrowings | (43,969,000 | ) | ||
Proceeds from reverse repurchase agreements | 44,128,750 | |||
Increase (Decrease) in cash overdraft | 600,416 | |||
Cash distributions paid to common shareholders | (11,786,361 | ) | ||
Net cash provided by (used in) financing activities | 53,093,805 | |||
Net Increase (Decrease) in Cash and Cash Denominated in Foreign Currencies | (2,162,208 | ) | ||
Cash and cash denominated in foreign currencies at the beginning of period | 2,359,794 | |||
Cash and cash denominated in foreign currencies at the end of period | $ | 197,586 | ||
The following table provides a reconciliation of cash and cash denominated in foreign currencies to the statement of assets and liabilities: | ||||
Cash | $ | — | ||
Cash denominated in foreign currencies | 197,586 | |||
Total cash and cash denominated in foreign currencies | $ | 197,586 | ||
| Supplemental Disclosure of Cash Flow Information | ||||
Cash paid for interest (excluding amortization of offering costs) | $ | 825,911 | ||
See accompanying notes to financial statements.
51
Selected data for a share outstanding throughout each period:
| Investment Operations | Less Distributions to Common Shareholders | Common Share | ||||||||||||||||||||||||||||||||||
| Beginning Common Share NAV | Net (Loss) (a) | Net Realized/ Unrealized Gain(Loss) | Total | From Net | From Realized | Total | Ending NAV | Ending Share Price | ||||||||||||||||||||||||||||
Year Ended 12/31: |
| |||||||||||||||||||||||||||||||||||
2022(e) | $ | 20.03 | $ | 0.32 | $ | (4.48 | ) | $ | (4.16 | ) | $ | (0.70 | ) | $ | — | $ | (0.70 | ) | $ | 15.17 | $ | 13.20 | ||||||||||||||
2021(f) | 20.00 | 0.07 | 0.31 | 0.38 | (0.06 | ) | (0.29 | ) | (0.35 | ) | 20.03 | 18.65 | ||||||||||||||||||||||||
| Borrowings at the End of Period | ||||||||
| Aggregate Amount Outstanding (000)(g) | Asset Coverage Per $1,000(h) | |||||||
Year Ended 12/31: |
| |||||||
2022(e) | $ | 198,701 | $ | 3,552 | ||||
2021(f) | 178,550 | 4,750 | ||||||
52
| Common Share Supplemental Data/ Ratios Applicable to Common Shares | ||||||||||||||||||||||
| Common Share Total Returns | Ratios to Average Net Assets(c) | |||||||||||||||||||||
| Based on NAV(b) | Based | Ending Net Assets (000) | Expenses | Net Investment Income(Loss) | Portfolio Turnover Rate(d) | |||||||||||||||||
| (21.06 | )% | (25.77 | )% | $ | 506,990 | 1.86 | %* | 3.59 | %* | 96 | % | |||||||||||
| 1.90 | (5.00 | ) | 669,611 | 1.63 | * | 3.35 | * | 66 | ||||||||||||||
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily common 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 Fund’s 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 common share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per common 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 borrowings and/or reverse repurchase agreements (as described in Note 8 – Fund Leverage). |
• Each ratio includes the effect of all interest expense paid and other costs related to borrowings and/or reverse repurchase agreements as follows: |
| Ratios of Interest Expense to Average Net Assets Applicable to Common Shares | ||||
NMAI | ||||
Year Ended 12/31: | ||||
2022(e) | 0.38 | %* | ||
2021(f) | 0.12 | * | ||
| (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, 2022. |
| (f) | For the period November 22, 2021 (commencement of operations) through December 31, 2021. |
| (g) | Aggregate Amount Outstanding: Aggregate amount outstanding represents the liquidation preference as of the end of the relevant fiscal year. |
| (h) | Asset Coverage Per $1,000: Asset coverage per $1,000 of debt is calculated by subtracting the Fund’s senior securities representing indebtedness then outstanding, and multiplying the result by 1,000. |
| * | Annualized. |
See accompanying notes to financial statements.
53
(Unaudited)
1. General Information
Fund Information
Nuveen Multi-Asset Income Fund (the “Fund”) is registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as a diversified closed-end management investment company. The Fund was formed from the reorganization of three closed-end funds, as further described below, and commenced operations on November 22, 2021. The Fund’s common shares are listed on the New York Stock Exchange (“NYSE”) and trade under the ticker symbol “NMAI.” The Fund was organized as a Massachusetts business trust on April 22, 2021.
Current Fiscal Period
The end of the reporting period for the Fund is June 30, 2022, and the period covered by these Notes to Financial Statements is the six month ended June 30, 2022 (the “current fiscal period”).
Investment Adviser and Sub-Adviser
The Fund’s 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 Fund, oversees the management of the Fund’s portfolio, manages the Fund’s business affairs and provides certain clerical, bookkeeping and other administrative services. The Adviser has entered into sub-advisory agreements (each a “Sub-Advisory Agreement”) with each of Nuveen Asset Management, LLC (“NAM”), Teachers Advisors, LLC (“TAL”) and Winslow Capital Management LLC (“Winslow”) (NAM, TAL and Winslow are each a “Sub-Adviser”), each of which are affiliates of the Adviser. Pursuant to the Sub-Advisory Agreement with NAM, NAM is responsible for the Fund’s dynamic asset allocation strategy and for allocating the Fund’s assets among each of the various Sub-Advisers. NAM, TAL and Winslow under each Sub-Advisory Agreement manages the investment portfolios of the Fund allocated to it.
Developments Regarding the Fund’s Control Share By-Law
On October 5, 2020, the Fund and certain other closed-end funds in the Nuveen fund complex amended their by-laws. Among other things, the amended by-laws included provisions pursuant to which, in summary, a shareholder who obtains beneficial ownership of common shares in a Control Share Acquisition (as defined in the by-laws) shall have the same voting rights as other common shareholders only to the extent authorized by the other disinterested shareholders (the “Control Share By-Law”). On January 14, 2021, a shareholder of certain Nuveen closed-end funds filed a civil complaint in the U.S. District Court for the Southern District of New York (the “District Court”) against certain Nuveen funds and their trustees, seeking a declaration that such funds’ Control Share By-Laws violate the 1940 Act, rescission of such fund’s Control Share By-Laws and a permanent injunction against such funds applying the Control Share By-Laws. On February 18, 2022, the District Court granted judgment in favor of the plaintiff’s claim for rescission of such funds’ Control Share By-Laws and the plaintiff’s declaratory judgment claim, and declared that such funds’ Control Share By-Laws violate Section 18(i) of the 1940 Act. Following review of the judgment of the District Court, on February 22, 2022, the Board of Trustees amended the Fund’s by-laws to provide that the Fund’s Control Share By-Law shall be of no force and effect for so long as the judgment of the District Court is effective and that if the judgment of the District Court is reversed, overturned, vacated, stayed, or otherwise nullified, the Fund’s Control Share By-Law will be automatically reinstated and apply to any beneficial owner of common shares acquired in a Control Share Acquisition, regardless of whether such Control Share Acquisition occurs before or after such reinstatement, for the duration of the stay or upon issuance of the mandate reversing, overturning, vacating or otherwise nullifying the judgment of the District Court. On February 25, 2022, the Board and the Funds appealed the District Court’s decision to the U.S. Court of Appeals for the Second Circuit.
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 Fund’s 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. The Fund is an investment company and follows the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting
54
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 Fund.
Compensation
The Fund pays no compensation directly to those of its trustees or to its officers, all of whom receive remuneration for their services to the Fund from the Adviser or its affiliates. The Fund’s 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 common shares of select Nuveen-advised funds.
Custodian Fee Credit
As an alternative to overnight investments, the Fund has an arrangement with its custodian bank, State Street Bank and Trust Company, (the “Custodian”) whereby certain custodian fees and expenses are reduced by net credits earned on the Fund’s cash on deposit with the bank. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the Custodian. The amount of custodian fee credit earned by a Fund is recognized on the Statement of Operations as a component of “Custodian expenses, net.” During the current reporting period, the custodian fee credit earned by the Fund was as follows:
Custodian Fee Credit | $24 |
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.
The Fund makes quarterly cash distributions to common shareholders of a stated dollar amount per share. Subject to approval and oversight by the Board, the Fund seeks to maintain a stable distribution level designed to deliver the long-term return potential of the Fund’s investment strategy through regular quarterly distributions (a “Managed Distribution Program”). Total distributions during a calendar year generally will be made from the Fund’s net investment income, net realized capital gains and net unrealized capital gains in the Fund’s portfolio, if any. The portion of distributions paid attributed to net unrealized gains, if any, is distributed from the Fund’s 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 Fund’s total return on NAV, the difference will reduce NAV per share. If the Fund’s 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 the 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.
Foreign Currency Transactions and Translation
To the extent that the Fund invests in securities and/or contracts that are denominated in a currency other than U.S. dollars, the Fund 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 Fund’s 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 Fund 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 derivative’s related “Change in net unrealized appreciation (depreciation)” on the Statement of Operations, when applicable.
55
Notes to Financial Statements (Unaudited) (continued)
As of the end of the reporting period, the Fund’s investments in non-U.S. securities were as follows:
| Value | % of Total Investments | |||||||
Country: | ||||||||
United Kingdom | $ | 35,760,647 | 4.6 | % | ||||
China | 23,125,550 | 3.0 | ||||||
Japan | 23,018,473 | 2.9 | ||||||
France | 21,081,190 | 2.7 | ||||||
Switzerland | 16,675,460 | 2.1 | ||||||
Netherlands | 15,644,657 | 2.0 | ||||||
Germany | 14,845,347 | 1.9 | ||||||
Canada | 14,675,714 | 1.9 | ||||||
Brazil | 13,328,888 | 1.7 | ||||||
Australia | 11,755,572 | 1.5 | ||||||
Other | 111,873,115 | 14.3 | ||||||
Total non-U.S. securities | $ | 301,784,613 | 38.6 | % | ||||
Indemnifications
Under the Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts that provide general indemnifications to other parties. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
Investments and Investment Income
Securities transactions are accounted for as of the trade date for financial reporting purposes. Trade date for senior and subordinated loans purchased in the “primary market” is considered the date on which the loan allocations are determined. Trade date for senior and subordinated loans purchased in the “secondary market” is the date on which the transaction is entered into. Realized gains and losses on securities transactions are based upon the specific identification method. Dividend income is recorded on the ex-dividend date or, for foreign securities, when information is available. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded at fair value. Interest income, which is recorded on an accrual basis and includes accretion of discounts and amortization of premiums for financial reporting purposes. Interest income also reflects payment-in-kind (“PIK”) interest, paydown gains and losses and fee income, if any. PIK interest represents income received in the form of securities in lieu of cash. Fee income consists primarily of amendment fees, when applicable. Amendment fees are earned as compensation for evaluating and accepting changes to an original senior loan agreement and are recognized when received. Rehypothecation income is comprised of fees earned in connection with the rehypothecation of pledged collateral as further described in Note 8 – Fund Leverage.
Netting Agreements
In the ordinary course of business, the Fund may enter into transactions subject to enforceable master repurchase agreements, International Swaps and Derivative Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows 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, the Fund manages its cash collateral and securities collateral on a counterparty basis.
The Fund’s 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 changes to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For new and existing contracts, the Fund 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 Fund’s investments and has currently determined that it is unlikely the ASU’s adoption will have a significant impact on the Fund’s financial statements and various filings.
56
Securities and Exchange Commission (“SEC”) Adopts New Rules to Modernize Fund Valuation Framework
In December 2020, the SEC voted to adopt a new rule governing fund valuation practices. New Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of Section 2(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotations are not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of a board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, with a compliance date of September 8, 2022. A fund may voluntarily comply with the rules after the effective date, and in advance of the compliance date, under certain conditions. Management is currently assessing the impact of these provisions on the Fund’s financial statements.
3. Investment Valuation and Fair Value Measurements
The Fund’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
| Level 1 – | Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. | |
| Level 2 – | Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.). | |
| Level 3 – | Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
A description of the valuation techniques applied to the Fund’s 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 certain American Depositary Receipts (“ADR”) held by the Funds that trade in the United States are valued based on the last traded price, official closing price, or an evaluated price provided by the independent pricing service (“pricing service”) and are generally classified as Level 1 or 2.
Prices of fixed-income securities are generally provided by a pricing service approved by the Board. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.
Investments in investment companies are valued at their respective NAVs on the valuation date and are generally classified as Level 1.
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 Fund’s 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.
Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally classified as Level 2.
Any portfolio security or derivative for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Board. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2 of the fair value hierarchy; otherwise they would be classified as Level 3.
57
Notes to Financial Statements (Unaudited) (continued)
The following table summarizes the market value of the Fund’s investments as of the end of the reporting period, based on the inputs used to value them:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 156,531,163 | 151,373,880 | ** | 2,323 | ** | $ | 307,907,366 | ||||||||
Variable Rate Senior Loan Interests | — | 91,176,431 | 532,280 | ** | 91,708,711 | |||||||||||
Asset-Backed and Mortgage-Backed Securities | — | 90,008,466 | — | 90,008,466 | ||||||||||||
Real Estate Investment Trust Common Stocks | 87,373,590 | 591,415 | ** | — | 87,965,005 | |||||||||||
$1,000 Par (or similar) Institutional Preferred | — | 52,136,949 | — | 52,136,949 | ||||||||||||
Emerging Market Debt and Foreign Corporate Bonds | — | 45,312,592 | — | 45,312,592 | ||||||||||||
Contingent Capital Securities | — | 39,037,153 | — | 39,037,153 | ||||||||||||
$25 Par (or similar) Retail Preferred | 18,520,617 | 3,091,971 | ** | — | 21,612,588 | |||||||||||
Corporate Bonds | — | 19,163,528 | — | 19,163,528 | ||||||||||||
Investment Companies | 3,810,616 | 13,448,309 | — | 17,258,925 | ||||||||||||
Warrants | — | 537,463 | ** | — | 537,463 | |||||||||||
Short-Term Investments: | ||||||||||||||||
Repurchase Agreements | — | 8,099,814 | — | 8,099,814 | ||||||||||||
Total | $ | 266,235,986 | $ | 513,977,971 | $ | 534,603 | $ | 780,748,560 | ||||||||
| * | Refer to the Fund’s Portfolio of Investments for industry and country classifications, where applicable. |
| ** | Refer to the Fund’s Portfolio of Investments for securities classified as Level 2 and/or Level 3, when applicable. |
4. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Dollar Roll Transactions
The Fund may enter into mortgage dollar rolls in which the Fund sells mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously contracts to repurchase similar securities on a specified future date. During the roll period, the Fund forgoes principal and interest paid on the securities. The Fund is compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The difference between the sales proceeds and the repurchase price is recorded as a realized gain or loss.
Unfunded Commitments
Pursuant to the terms of certain of the variable rate senior loan agreements, the Fund 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 $148,713 in outstanding unfunded senior loan commitments.
Participation Commitments
With respect to the senior loans held in the Fund’s portfolio, the Fund may: 1) invest in assignments; 2) act as a participant in primary lending syndicates; or 3) invest in participations. If the Fund purchases a participation of a senior loan interest, the Fund would typically enter into a contractual agreement with the lender or other third party selling the participation, rather than directly with the borrower. As such, the Fund not only assumes the credit risk of the borrower, but also that of the selling participant or other persons interpositioned between the Fund and the borrower. As of the end of the reporting period, the Fund had no such outstanding participation commitments.
Repurchase Agreements
In connection with transactions in repurchase agreements, it is the Fund’s policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.
The following table presents the repurchase agreements for the Fund that are subject to netting agreements as of the end of the reporting period, and the collateral delivered related to those repurchase agreements.
| Counterparty | Short-Term Investments, at Value | Collateral Pledged (From) Counterparty | ||||||
Fixed Income Clearing Corporation | $ | 8,099,814 | $ | (8,261,884 | ) | |||
58
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 and dollar roll transactions) during the current fiscal period aggregated $829,353,111 and $868,589,535 respectively.
The Fund 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 Fund has earmarked securities in its portfolio with a current value at least equal to the amount of the when-issued/delayed-delivery purchase commitments. If the 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
The Fund is authorized to invest in certain derivative instruments, such as futures, options and swap contracts. The 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 Fund records derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Fund’s investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Although the Fund is authorized to invest in derivative instruments and may do so in the future, it did not make any such investments during the current fiscal period.
Market and Counterparty Credit Risk
In the normal course of business the 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 the Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of the Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
The 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 the Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when the Fund has an unrealized loss, the Fund has instructed the custodian to pledge assets of the Fund 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
The Fund did not have any transactions in common shares during the current and prior fiscal periods.
6. Income Tax Information
The Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.
The Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Fund’s tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements.
59
Notes to Financial Statements (Unaudited) (continued)
As of the end of the reporting period, the aggregate cost and the unrealized appreciation/(depreciation) of all investments for federal income tax purposes was as follows:
| Fund | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | ||||||||
| Multi-Asset Income | $855,054,410 | $36,363,862 | $ | (110,669,712 | ) | $ | (74,305,850 | ) | ||||
For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.
As of prior fiscal period end, the components of accumulated earnings on a tax basis were as follows:
| Fund | Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Unrealized Appreciation (Depreciation) | Capital Loss Carryforwards | Late-Year Loss Deferrals | Other Book-to-Tax Differences | Total | |||||||||||||||||||||
Multi-Asset Income | $ | — | $ | 62,313,614 | $ | 119,804,781 | $ | — | $ | — | $ | — | $ | 182,118,395 | ||||||||||||||
7. Management Fees
The Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Advisers are compensated for their services to the Fund from the management fees paid to the Adviser.
The Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within the 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 the Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee, payable monthly, is calculated according to the following schedule:
| Average Daily Managed Assets* | Fund-Level Fee Rate | |||
For the first $500 million | 0.7000 | % | ||
For the next $500 million | 0.6750 | |||
For the next $500 million | 0.6500 | |||
For the next $500 million | 0.6250 | |||
For managed assets over $2 billion | 0.6000 | |||
The annual complex-level fee, payable monthly, is calculated by multiplying the current complex-wide fee rate, determined according to the following schedule by the Fund’s 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 | |||
$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 trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain |
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| 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 Adviser’s assumption of the management of the former First American Funds effective January 1, 2011, but do not included 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, 2022, the complex-level fee for the Fund was 0.1571%. |
8. Fund Leverage
Borrowings
The Fund has entered into a $300,000,000 (maximum commitment amount) borrowing arrangements (“Borrowings”) as a means of leverage. As of the end of the reporting period, the outstanding balance on these Borrowings was $198,701,000.
Interest is charged on the Borrowings at a rate per annum equal to OBFR (Overnight Bank Funding Rate) plus a spread that is determined by a portion of the underlying collateral pledged to secure the amount borrowed. The Fund is typically charged an undrawn fee of 0.50% per annum if the undrawn portion of the Borrowings on that day is more than 20% of the maximum commitment amount, which was waived during the reporting period.
During the current fiscal period, the average daily balance outstanding and average annual interest rate on these Borrowings were $200,306,873 and 0.98%, respectively.
In order to maintain these Borrowings, the Fund must meet certain collateral, asset coverage and other requirements. The Fund’s Borrowings outstanding is fully secured by eligible securities held in its portfolio of investments (“Pledged Collateral”).
Borrowings outstanding are recognized as “Borrowings” on the Statement of Assets and Liabilities. Interest expense incurred on the borrowed amount and undrawn balance are recognized as components of “Interest expense” on the Statement of Operations.
Rehypothecation
The Fund has entered into a Rehypothecation Side Letter (“Side Letter”) with its prime brokerage lender, allowing it to re-register the Pledged Collateral in its own name or in a name other than the Fund’s to pledge, repledge, hypothecate, rehypothecate, sell, lend or otherwise transfer or use the Pledged Collateral (the “Hypothecated Securities”) with all rights of ownership as described in the Side Letter. Subject to certain conditions, the total value of the outstanding Hypothecated Securities shall not exceed the lesser of (i) 98% of the outstanding balance on the Borrowings to which the Pledged Collateral relates and (ii) 331⁄3% of the Fund’s total assets. The Fund may designate any Pledged Collateral as ineligible for rehypothecation. The Fund may also recall Hypothecated Securities on demand.
The Fund also has the right to apply and set-off an amount equal to one-hundred percent (100%) of the then-current fair market value of such Pledged Collateral against the current Borrowings under the Side Letter in the event that the prime brokerage lender fails to timely return the Pledged Collateral and in certain other circumstances. In such circumstances, however, the Fund may not be able to obtain replacement financing required to purchase replacement securities and, consequently, the Fund’s income generating potential may decrease. Even if the Fund is able to obtain replacement financing, it might not be able to purchase replacement securities at favorable prices.
The Fund will receive a fee in connection with the Hypothecated Securities (“Rehypothecation Fees”) in addition to any principal, interest, dividends and other distributions paid on the Hypothecated Securities.
As of the end of the reporting period, the Fund had Hypothecated Securities totaling $136,637,173. During the current fiscal period, the Fund did not earn any Rehypothecation Fees.
Reverse Repurchase Agreements
During the current fiscal period, the Fund utilized reverse repurchase agreements as a means of leverage.
The Fund may enter into a reverse repurchase agreement with brokers, dealers, banks or other financial institutions that have been determined by the Adviser to be creditworthy. In a reverse repurchase agreement, a Fund sells to the counterparty a security that it holds with a contemporaneous agreement to repurchase the same security at an agreed-upon price and date, reflecting the interest rate effective for the term of the agreement. It may also be viewed as the borrowing of money by the Fund. Cash received in exchange for securities delivered, plus accrued interest payments to be made by the Fund to a counterparty, are reflected as a liability on the Statement of Assets and Liabilities. Interest payments made by the Fund to counterparties are recognized as a component of “Interest expense” on the Statement of Operations.
In a reverse repurchase agreement, the Fund retains the risk of loss associated with the sold security. In order to minimize risk, the Fund pledges and/or segregates securities and cash as collateral with a fair value at least equal to its purchase obligations under these agreements (including accrued interest). Reverse repurchase agreements also involve the risk that the purchaser fails to return the securities as agreed upon, files for bankruptcy or becomes insolvent. Upon a bankruptcy or insolvency of a counterparty, the Fund is considered to be an unsecured creditor with respect to excess collateral and as such the return of excess collateral may be delayed. A Fund will pledge assets determined to be liquid by the Adviser to cover its obligations under reverse repurchase agreements.
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Notes to Financial Statements (Unaudited) (continued)
As of the end of the reporting period, the Fund’s outstanding balances on its reverse repurchase agreement were as follows:
| Counterparty | Coupon | Principal Amount | Maturity | Value | Value and Accrued Interest | |||||||||||||||
BNP Paribas | 1.600 | % | $ | (44,128,750 | ) | N/A | $ | (44,128,750 | ) | $ | (44,163,673 | ) | ||||||||
N/A - Maturity is not applicable.
During the current fiscal period, the average daily balance outstanding and average interest rate on the Funds’ reverse repurchase agreement were as follows:
Utilization period (days outstanding) | 73 | |||
Average daily balance outstanding | $ | 41,304,315 | ||
Weighted average interest rate | 1.27 | % |
The following table presents the reverse repurchase agreements subject to netting agreements and the collateral delivered related to those reverse repurchase agreements.
| Counterparty | Reverse Repurchase Agreements* | Collateral Pledged to Counterparty | ||||||
BNP Paribas | $ | (44,163,673 | ) | $ | 51,463,151 | |||
| * | Represents gross value and accrued interest for the counterparty as reported in the preceding table. |
9. Inter-Fund Lending
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 Fund 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 fund’s 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 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 fund’s 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 fund’s inter-fund loans to any one fund shall not exceed 5% of the lending fund’s 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 day’s 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 fund’s 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 day’s 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, the Fund did not enter into any inter-fund loan activity.
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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 Multi-Asset Income Fund (NMAI)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Allocation Risk. The Fund’s ability to achieve its investment objective depends upon the Fund’s sub-adviser’s Nuveen Asset Management’s skill in determining the Fund’s allocation to different sub-advisers and strategies. There is the risk that Fund’s sub-adviser Nuveen Asset Management’s evaluations and assumptions used in making such allocations may be incorrect. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. Common stocks have experienced significantly more volatility in returns and may significantly underperform relative to debt securities during certain periods. Preferred securities are subordinated to bonds and other debt instruments in a company’s capital structure, and therefore are subject to greater credit risk. Issuers of debt instruments in which the Fund may invest may default on their obligations to pay principal or interest when due. The Fund is subject to interest rate risk; as interest rates rise, bond prices fall. Investments of below investment grade quality are regarded as having speculative characteristics with respect to the issuer’s capacity to pay dividends or interest and repay principal, and may be subject to higher price volatility and default risk than investment grade investments of comparable terms and duration. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. Investments in non-U.S. securities involve special risks not typically associated with domestic investments including currency risk, if not hedged - the risk that changes in exchange rates will affect the value of the fund’s investments, as well as adverse political, social and economic developments. These risks often are magnified in emerging markets. These and other risk considerations such as foreign currency risk are described in more detail on the Fund’s web page at www.nuveen.com/NMAI.
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Additional Fund Information (Unaudited)
| Board of Trustees | ||||||||||
| Jack B. Evans | William C. Hunter | Amy B.R. Lancellotta | Joanne T. Medero | Albin F. Moschner | 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 One Lincoln Street Boston, MA 02111 | Legal Counsel Chapman and Cutler LLP Chicago, IL 60603 | Independent Registered KPMG LLP 200 East Randolph Street Chicago, IL 60601 | Transfer Agent and Computershare Trust Company, N.A. 150 Royall Street Canton, MA 02021 (800) 257-8787 | ||||
Portfolio of Investments Information
The 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 directly from the SEC’s website at http://www.sec.gov.
Nuveen Funds’ Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
CEO Certification Disclosure
The Fund’s 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. The Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
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.
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Used in this Report
(Unaudited)
| ∎ | Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered. |
| ∎ | Bloomberg U.S. Corporate High Yield Bond Index: An index designed to measure the performance of the USD-denominated, fixed-rate corporate high yield bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. |
| ∎ | Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see below) and the leverage effects of certain derivative investments in the fund’s 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. |
| ∎ | MSCI ACWI Index (Net): An Index designed to measure the performance of large and mid-cap stocks across 23 developed and emerging markets. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. |
| ∎ | NMAI Blended Benchmark: Consists of: 1) 50% MSCI ACWI Index (Net) (defined herein), and 2) 50% Bloomberg U.S. Corporate High Yield Bond Index (defined herein). Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. |
| ∎ | Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s 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 fund’s capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940. |
| ∎ | S&P 500® Index: An index generally considered representative of the U.S. equity market. The index includes 500 leading companies and covers approximately 80% of available market capitalization. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. |
65
Notes
66
Notes
67
Nuveen:
Serving Investors for Generations
Since 1898, financial professionals and their clients have relied on Nuveen to provide
dependable investment solutions through continued adherence to proven, long-term investing
principles. Today, we offer a range of high quality solutions designed to
be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen is the investment manager of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.
Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial 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
| Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com | ESA-D-0622D 2329978-INV-B-08/23 |
Item 2. Code of Ethics.
Not applicable to this filing.
Item 3. Audit Committee Financial Expert.
Not applicable to this filing.
Item 4. Principal Accountant Fees and Services.
Not applicable to this filing.
Item 5. Audit Committee of Listed Registrants.
Not applicable to this filing.
Item 6. Schedule of Investments.
(a) See Portfolio of Investments in Item 1.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to this filing.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to this filing.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this item.
Item 11. Controls and Procedures.
| (a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable.
(a)(4) Change in the registrant’s independent public accountant. Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Multi-Asset Income Fund
| By (Signature and Title) | /s/ Mark L. Winget | |||
| Mark L. Winget | ||||
| Vice President and Secretary |
Date: September 6, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title) | /s/ David J. Lamb | |||
| David J. Lamb | ||||
| Chief Administrative Officer | ||||
| (principal executive officer) |
Date: September 6, 2022
| By (Signature and Title) | /s/ E. Scott Wickerham | |||
| E. Scott Wickerham | ||||
| Vice President and Controller | ||||
| (principal financial officer) |
Date: September 6, 2022