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
investment 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 investment
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
investment management division, of Teachers Insurance and Annuity Association of America (also
known as “TIAA”), a leading financial services provider. TIAA is 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 and/or unaffiliated subadvisers (“Subadvisers”) who provide
discretionary portfolio management services with respect to Fund 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
by Fund.
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
implementation.
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, counterparty exposures and
liquidity. 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 may oversee a Fund’s utilization of residual cash management programs and vehicles, and
securities lending programs, if applicable, which are typically associated with the relevant Fund
custodian.
NFAL also generally provides certain administrative services to the Funds, 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).
For its services to a Fund, NFAL generally receives advisory fees from the Fund (or in the case of
bank collective investment trusts, from the Fund’s trustee). Fund investors should carefully review
the Funds’ prospectuses or other offering documents for more detailed information regarding
services NFAL provides to a Fund.
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.
For the avoidance of doubt, nothing shall prohibit or impede a client from voluntarily or otherwise
communicating directly with or providing information to any governmental or regulatory authority
about their accounts, any underlying facts or circumstances, or disputes or concerns.
Investment Restrictions
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, 2023, NFAL’s discretionary assets under management (AUM) were
approximately $150.3 billion.