Nuveen Fund Advisors, LLC (“NFAL”) provides fund management services primarily to investment
companies registered under the Investment Company Act of 1940, as amended (the “1940 Act”)
(including open-end funds, closed-end funds and exchange-traded funds (“ETFs”)). NFAL also
provides management services to a series of products offered through one or more bank collective
trusts, and an investment company with variable capital incorporated with limited liability in Ireland
and established as an umbrella fund with segregated liability between funds, pursuant to the
European Communities (Undertaking for Collective Investment in Transferable Securities
(“UCITS”)) Regulations, 2011, as amended. 1940 Act-registered funds, bank collective trusts and
UCITS funds are each referred to herein as a “Fund,” and collectively, “Funds.”
NFAL is a subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is a subsidiary, and represents the Asset
Management division, of Teachers Insurance and Annuity Association of America (also known as
“TIAA”), a leading financial services provider. TIAA constitutes the ultimate principal owner of
NFAL. See Item 10.
Types of Advisory Services
NFAL currently provides management services to Funds, as defined herein. NFAL may also
provide management services to other investment vehicles or client types in the future. NFAL
typically will engage affiliated or unaffiliated subadvisers (“Subadvisers”) who provide discretionary
portfolio management services with respect to the assets allocated to each Subadviser. The
allocation of responsibilities between NFAL and the Subadvisers may vary by Fund. For detailed
information about a particular Subadviser, please refer to the relevant Subadviser’s Form ADV.
Any description of a Subadviser’s services or practices contained herein is qualified in its entirety
by the Subadviser’s Form ADV. Certain actions ascribed herein to NFAL may be effectuated by a
Subadviser. See also Item 8.
NFAL’s services for the Funds generally include product development and management,
investment oversight and risk management, and fund administration. NFAL’s specific services vary
In providing Fund management services to the Funds, NFAL is involved in new product
development and ongoing coordination of Fund management activities. For most Funds, NFAL
conducts ongoing monitoring of the Fund and the relevant Subadviser’s services, including
evaluation and analysis of performance and portfolio characteristics, and provides regular reporting
to NFAL’s clients, typically the relevant Fund’s governing body (e.g., board of directors/trustees).
For certain multi-asset class or multi-manager Funds, NFAL sets asset allocation targets and
ranges, and re-allocates assets among asset classes and/or Subadvisers as a result of market
movements, asset flows, the need to raise cash for share dividends and distributions, and other
factors. For Funds with leverage, NFAL sets various parameters with respect to a Fund’s structural
or effective leverage, which may include target levels, ranges and/or upper boundaries; provides
ongoing leverage monitoring and oversight; and in certain cases, assists with or directs
NFAL provides ongoing risk
management services for Funds, with an emphasis on the identification
and quantification of risk factors, the impact of the use of derivatives, and counterparty exposures.
NFAL helps oversee the valuation of portfolio securities, and makes or assists in fair valuation
determinations for certain Fund portfolio securities for which a fair market value is not readily
available or reliable.
NFAL serves as evaluator and supervisor of unit investment trusts (“UITs”) for which its affiliated
broker-dealer, Nuveen Securities, LLC (“Nuveen Securities”) serves as sponsor. As evaluator,
NFAL causes the securities in the portfolios to be valued upon initial deposit; causes the
determination of the purchase and redemption value for the UIT units; and is also responsible for
the dissemination of daily pricing and posting pricing to Nuveen’s UIT website. As supervisor, NFAL
provides ongoing monitoring of securities held in the UIT portfolios for material negative credit
events or certain corporate actions which may result in the supervisor advising the UIT Trustee to
remove a security from a UIT portfolio.
NFAL may oversee a Fund’s utilization of residual cash management programs and vehicles, which
are typically associated with the relevant Fund custodian.
NFAL is also involved in fund administration, which may include preparing or assisting in the
preparation of shareholder reports or other financial information; preparing or verifying Fund
characteristics for internal or external purposes; and providing oversight and coordination among
Fund service providers (e.g., custodians, transfer agents, administrators and auditors).
NFAL or its related persons providing management or other services to a Fund generally receive
advisory, administration, co-administration and/or distribution fees from the Fund and/or from
investment advisers to the Fund. Fund investors should carefully review the Funds’ prospectuses
or other offering documents for more detailed information regarding services NFAL provides to a
Certain of the foregoing activities are provided in consultation with and/or under the oversight or
direction of the relevant Fund’s governing body (e.g., board of directors). See also Item 13.
Certain accounts for which NFAL provides fund management services may employ the use of
commodity interests (e.g., futures, options on futures and swaps) and may be deemed to be
commodity pools. NFAL has registered as a commodity pool operator (“CPO”) with the Commodity
Futures Trading Commission (“CFTC”). Subadvisers that provide direct advice with respect to
commodity interests are registered with the CFTC as a commodity trading advisor or operate under
an exemption or exclusion from registration. For detailed information about a particular Subadviser,
please refer to the relevant Subadviser’s Form ADV.
NFAL provides Fund management services based upon the investment objectives, goals and
restrictions set forth in a Fund’s prospectus or other offering materials, and the governance and
operational needs of the Fund.
Assets Under Management
As of December 31, 2018, NFAL’s discretionary assets under management (AUM) were
approximately $135.3 billion.