N-CSRS 1 d844521dncsrs.htm NUVEEN CORE PLUS IMPACT FUND

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 |  | 811-23627

Nuveen Core Plus Impact Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 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, 2024

Item 1. | Reports to Stockholders.

Closed-End
Funds
Closed-End
Funds
Nuveen
June
30,
2024
Semi-Annual
Report
This
semi-annual
report
contains
the
Funds'
unaudited
financial
statements.
Nuveen
Global
High
Income
Fund
JGH
Nuveen
Core
Plus
Impact
Fund
NPCT
Nuveen
Mortgage
and
Income
Fund
JLS
2
Table
of
Contents
Important
Notices
3
Common
Share
Information
4
About
the
Funds’
Benchmarks
6
Fund
Performance,
Leverage
and
Holdings
Summaries
7
Performance
Overview
and
Holdings
Summaries
9
Portfolios
of
Investments
15
Statement
of
Assets
and
Liabilities
41
Statement
of
Operations
42
Statement
of
Changes
in
Net
Assets
43
Statement
of
Cash
Flows
45
Financial
Highlights
48
Notes
to
Financial
Statements
53
Shareholder
Meeting
Report
69
Additional
Fund
Information
71
Glossary
of
Terms
Used
in
this
Report
72
Statement
Regarding
Basis
for
Approval
of
Investment
Advisory
Contract
74
Important
Notices
3
Portfolio
manager
commentaries:
The
Funds
include
portfolio
manager
commentary
in
their
annual
shareholder
reports.
For
your
Fund’s
most
recent
annual
portfolio
manager
discussion,
please
refer
to
the
Portfolio
Managers’
Comments
section
of
the
Fund’s
annual
shareholder
report.
Fund
changes:
For
changes
that
occurred
to
your
Fund
both
during
and
after
this
reporting
period,
please
refer
to
the
Notes
to
Financial
Statements
section
of
this
report.
Fund
principal
investment
policies
and
principal
risks:
Refer
to
the
Shareholder
Update
section
of
your
Fund’s
annual
shareholder
report
for
information
on
the
Fund’s
principal
investment
policies
and
principal
risks.
Fund
performance:
For
current
information
on
your
Fund’s
average
annual
total
returns
please
refer
to
the
Fund’s
website
at
www.nuveen.com
.
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.
Management
fees:
As
of
May
1,
2024,
each
Fund’s
overall
complex-level
fee
begins
at
a
maximum
rate
of
0.1600%
of
the
Fund’s
average
daily
net
assets,
with
breakpoints
for
eligible
complex-level
assets
above
$124.3
billion.
JGH
-
Portfolio
manager
update:
Effective
April
5,
2024,
Jacob
Fitzpatrick,
CFA
is
no
longer
a
portfolio
manager
of
the
Fund.
JLS
–
Investment
policy
change:
Effective
March
1,
2024,
the
following
policy
changes
were
made
to
the
Fund.
Updated
the
Fund’s
primary
investment
policy
so
that
the
Fund
invests
in
at
least
50%
of
managed
assets
in
mortgage
backed
securities
(MBS)
and
up
to
50%
in
non-mortgage
related
asset
backed
securities
(ABS).
Previously,
the
Fund’s
primary
investment
policy
stated
that
the
Fund
invested
as
least
65%
in
MBS
and
up
to
35%
in
non-mortgage
related
ABS.
Formerly
adopted
a
Name’s
Rule
policy.
Removed
two
outdated
policies
related
to
the
use
of
certain
derivatives
and
ability
to
short
sell
securities.
4
Common
Share
Information
COMMON
SHARE
DISTRIBUTION
INFORMATION
The
following
information
regarding
the
distributions
for
each
fund
are
current
as
of
June
30,
2024,
and
likely
will
vary
over
time
based
on
each
Fund's
investment
activities
and
portfolio
investment
value
changes.
Each
Fund’s
distribution
policy,
which
may
be
changed
by
the
Board,
is
to
make
regular
monthly
cash
distributions
to
holders
of
its
common
shares
(stated
in
terms
of
a
fixed
cents
per
common
share
dividend
distribution
rate
which
may
be
set
from
time
to
time).
Each
Fund
intends
to
distribute
all
or
substantially
all
of
its
net
investment
income
each
year
through
its
regular
monthly
distribution
and
to
distribute
realized
capital
gains
at
least
annually.
In
addition,
in
any
monthly
period,
to
maintain
its
declared
per
common
share
distribution
amount,
a
Fund
may
distribute
more
or
less
than
its
net
investment
income
during
the
period.
In
the
event
a
Fund
distributes
more
than
its
net
investment
income
during
any
yearly
period,
such
distributions
may
also
include
realized
gains
and/or
a
return
of
capital.
To
the
extent
that
a
distribution
includes
a
return
of
capital
the
NAV
per
share
may
erode.
The
practice
of
maintaining
a
stable
distribution
level
had
no
material
effect
on
each
Fund’s
investment
strategy
during
the
most
recent
fiscal
period
and
is
not
expected
to
have
such
an
effect
in
future
periods,
however,
distributions
in
excess
of
Fund
returns
will
cause
its
NAV
per
share
to
erode.
For
additional
information,
refer
to
the
distribution
information
section
below
and
in
the
Notes
to
Financial
Statements
herein.
Actual
amounts
and
sources
for
tax
reporting
purposes
will
be
determined
as
of
the
Fund’s
fiscal
year-end
and
reported
to
shareholders
on
Form
1099-DIV.
Because
distribution
source
estimates
are
updated
throughout
the
current
fiscal
year
based
on
a
fund’s
performance,
these
estimates
may
differ
from
both
the
tax
information
reported
to
you
in
your
fund’s
1099
statement,
as
well
as
the
ultimate
economic
sources
of
distributions
over
the
life
of
your
investment.
The
figures
in
the
table
below
provide
an
estimate
of
the
sources
of
distributions
and
may
include
amounts
attributed
to
realized
gains
and/or
returns
of
capital.
A
return
of
capital
may
occur,
for
example,
when
some
or
all
of
the
money
that
you
invested
in
the
Fund
is
paid
back
to
you.
A
return
of
capital
distribution
does
not
necessarily
reflect
the
Fund’s
investment
performance
and
should
not
be
confused
with
“yield”
or
“income.”
The
Funds
attribute
these
estimates
equally
to
each
regular
distribution
throughout
the
year.
Consequently,
the
estimated
information
shown
below
is
for
the
current
distribution,
and
also
represents
an
updated
estimate
for
all
prior
months
in
the
fiscal
year.
These
estimates
should
not
be
used
for
tax
reporting
purposes.
The
final
determination
for
all
distributions
paid
in
2024
will
be
made
in
early
2025
and
reported
to
you
on
Form
1099-DIV.
More
details
about
the
Fund’s
distributions
and
the
basis
for
these
estimates
are
available
on
www.nuveen.com/en-us/closed-end-funds.
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-
closedend
funds,
along
with
other
Nuveen
closed-end
fund
product
updates.
To
ensure
timely
access
to
the
latest
information,
shareholders
may
use
a
subscribe
function,
which
can
be
activated
at
this
web
page
(https://www.nuveen.com/subscriptions).
COMMON
SHARE
REPURCHASES
The
Funds’
Board
of
Trustees
authorized
an
open-market
share
repurchase
program,
allowing
each
Fund
to
repurchase
and
retire
an
aggregate
of
up
to
approximately
10%
of
its
outstanding
common
shares.
Data
as
of
June
30,
2024
Current
Month
Estimated
Percentage
of
Distributions
Fiscal
YTD
Estimated
Per
Share
Amounts
Fund
Net
Investment
Income
Realized
Gains
Return
of
Capital
Total
Distributions
Net
Investment
Income
Realized
Gains
Return
of
Capital
JGH
(FYE
12/31)
84.70%
0.00%
15.30%
$0.6210
$0.5261
$0.0000
$0.0949
NPCT
(FYE
12/31)
50.50%
0.00%
49.50%
$0.5680
$0.2871
$0.0000
$0.2809
JLS
(FYE
12/31)
100.00%
0.00%
0.00%
$0.8635
$0.8635
$0.0000
$0.0000
5
During
the
current
reporting
period,
the
Funds
did
not
repurchase
any
of
their
outstanding
common
shares.
As
of
June
30,
2024,
and
since
the
inception
of
the
Funds’
repurchase
program,
each
Fund
have
cumulatively
repurchased
and
retired
its
outstanding
common
shares
as
shown
in
the
accompanying
table.
JGH
NPCT
JLS
Common
shares
cumulatively
repurchased
and
retired
900,000
0
10,814
Common
shares
authorized
for
repurchase
2,315,000
2,875,000
545,000
6
About
the
Funds’
Benchmarks
Bloomberg
Global
High
Yield
Index
(USD
Hedged):
An
index
designed
to
measure
the
performance
of
the
fixed-rate,
high
yield
debt
of
companies
in
the
U.S.,
developed
markets
and
emerging
markets.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Bloomberg
MSCI
U.S.
Green
Bond
Index:
An
index
designed
to
measure
the
performance
of
USD
-
denominated,
U.S.
and
non-U.S.
fixed
income
securities,
issued
to
fund
projects
with
direct
environmental
benefits.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Bloomberg
U.S.
Aggregate
Bond
Index:
An
index
designed
to
measure
the
performance
of
the
USD-denominated,
fixed-rate,
U.S.
investment
grade
taxable
bond
market.
The
index
includes
Treasuries,
government-related
and
corporate
securities,
mortgage
backed
securities
(MBS),
asset-backed
securities
(ABS)
and
commercial
mortgage-backed
securities
(CMBS).
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
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.
ICE
BofA
U.S.
ABS
&
CMBS
Index:
An
index
that
consists
of
a
50/50
blend
of
USD-denominated
investment
grade
fixed-
and
floating-rate
asset
backed
securities
(ABS)
and
fixed-rate
commercial
mortgage-backed
securities
(CMBS)
publicly
issued
in
the
U.S.
domestic
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
NPCT
Blended
Benchmark:
Consists
of:
1)
60%
Bloomberg
MSCI
U.S.
Green
Bond
Index
(defined
herein),
and
2)
40%
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.
Fund
Performance,
Leverage
and
Holdings
Summaries
7
The
Fund
Performance,
Leverage
and
Holding
Summaries
for
each
Fund
are
shown
below
within
this
section
of
the
report.
Fund
Performance
Performance
data
for
each
Fund
shown
below
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.
Total
returns
for
a
period
of
less
than
one
year
are
not
annualized
(i.e.
cumulative
returns).
Since
inception
returns
are
shown
for
share
classes
that
have
less
than
10-years
of
performance.
For
performance,
current
to
the
most
recent
month-end
visit
Nuveen.com
or
call
(800)
257-8787.
Impact
of
Leverage
One
important
factor
impacting
the
returns
of
the
Funds’
common
shares
relative
to
their
comparative
benchmarks
was
the
Funds’
use
of
leverage
through
their
issuance
of
preferred
shares
and/or
investments
in
inverse
floating
rate
securities,
which
represent
leveraged
investments
in
underlying
bonds.
The
Funds
use
leverage
because
our
research
has
shown
that,
over
time,
leveraging
provides
opportunities
for
additional
income.
The
opportunity
arises
when
short-term
rates
that
a
Fund
pays
on
its
leveraging
instruments
are
lower
than
the
interest
the
Fund
earns
on
its
portfolio
of
long-term
bonds
that
it
has
bought
with
the
proceeds
of
that
leverage.
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
securities
acquired
through
leverage
decline
in
value.
All
this
will
make
the
shares’
total
return
performance
more
variable
over
time.
In
addition,
common
share
income
in
levered
funds
will
typically
decrease
in
comparison
to
unlevered
funds
when
short-term
interest
rates
increase
and
increase
when
short-term
interest
rates
decrease.
In
recent
quarters,
fund
leverage
expenses
have
generally
tracked
the
overall
movement
of
short-term
interest
rates.
While
fund
leverage
expenses
are
higher
than
their
prior
year
lows,
leverage
nevertheless
continues
to
provide
the
opportunity
for
incremental
common
share
income,
particularly
over
longer-
term
periods.
Leverage
Ratios
Each
Fund’s
Effective
Leverage
and
Regulatory
Leverage
Ratios
are
set
forth
below.
“Effective
Leverage”
is
a
Fund’s
effective
economic
leverage,
and
includes
both
regulatory
leverage
and
the
leverage
effects
of
certain
derivative
and
other
investments
in
a
Fund’s
portfolio
that
increase
the
Fund’s
investment
exposure.
“Regulatory
Leverage”
consists
of
preferred
shares
or
borrowings
of
a
Fund.
Regulatory
Leverage
is
a
part
of
a
Fund’s
capital
structure.
Regulatory
leverage
is
subject
to
asset
coverage
limits
set
forth
in
the
Investment
Company
Act
of
1940.
A
Fund,
however,
may
from
time
to
time
borrow
for
temporary
purposes,
typically
on
a
transient
basis
in
connection
with
its
day-to-day
operations,
primarily
in
connection
with
the
need
to
settle
portfolio
trades.
Such
temporary
borrowings
are
excluded
from
the
calculation
of
a
Fund’s
Effective
Leverage
and
Regulatory
Leverage
ratios.
Holding
Summaries
The
Holdings
Summaries
data
relates
to
the
securities
held
in
each
Fund’s
portfolio
of
investments
as
of
the
end
of
this
reporting
period.
It
should
not
be
construed
as
a
measure
of
performance
for
the
Fund
itself.
Holdings
are
subject
to
change.
Refer
to
the
Fund’s
Portfolio
of
Investments
for
individual
security
information.
With
respect
to
JGH
and
NPCT,
the
Funds
use
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
Performance,
Leverage
and
Holdings
Summaries
(continued)
8
With
respect
to
JLS,
the
ratings
disclosed
are
the
highest
rating
given
by
Standard
&
Poor’s
Group,
Moody’s
Investors
Service,
Inc.
or
Fitch,
Inc.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Credit
ratings
are
subject
to
change.
AAA,
AA,
A
and
BBB
are
investment
grade
ratings;
BB,
B,
CCC,
CC,
C
and
D
are
below-
investment
grade
ratings.
Holdings
designated
N/R
are
not
rated
by
these
national
rating
agencies.
Nuveen
Global
High
Income
Fund
Fund
Performance,
Leverage
and
Holdings
June
30,
2024
9
JGH
Performance*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
Bloomberg
Global
High
Yield
Index
(USD
Hedged).
Daily
Common
Share
NAV
and
Share
Price
Total
Returns
as
of
June
30,
2024
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
JGH
at
Common
Share
NAV
11/24/14
4.66%
15.65%
2.89%
4.11%
JGH
at
Common
Share
Price
11/24/14
10.07%
26.87%
5.67%
5.61%
Bloomberg
Global
High
Yield
Index
(USD
Hedged)
—
3.88%
12.52%
3.28%
4.56%
Common
Share
NAV
Common
Share
Price
Premium/(Discount)
to
NAV
Average
Premium/(Discount)
to
NAV
$13.36
$12.79
(4.27)%
(5.61)%
10
Fund
Performance,
Leverage
and
Holdings
June
30,
2024
(continued)
Leverage
and
Holdings
Leverage
Effective
Leverage
27.76%
Regulatory
Leverage
27.76%
Fund
Allocation
(%
of
net
assets)
Corporate
Bonds
80.8‌%
Sovereign
Debt
17.0‌%
Variable
Rate
Senior
Loan
Interests
15.9‌%
$1,000
Par
(or
similar)
Institutional
Preferred
14.2‌%
Contingent
Capital
Securities
9.6‌%
$25
Par
(or
similar)
Retail
Preferred
0.4‌%
Common
Stocks
0.3‌%
Asset-Backed
Securities
0.2‌%
Repurchase
Agreements
3.4‌%
Other
Assets
&
Liabilities,
Net
(3.4)%
Borrowings
(38.4)%
Net
Assets
100‌%
Top
Five
Issuers
(%
of
total
investments)
Petroleos
Mexicanos
1.9%
Brightline
East
LLC
1.7%
Level
3
Financing
Inc
1.5%
Organon
&
Co,
Term
Loan
B
1.5%
Phoenix
Newco
Inc
1.4%
Portfolio
Composition
1
(%
of
total
investments)
Energy
8.7%
Banks
8.6%
Financial
Services
6.9%
Media
&
Entertainment
6.7%
Materials
5.5%
Utilities
5.4%
Telecommunication
Services
5.3%
Transportation
5.3%
Health
Care
Equipment
&
Services
5.2%
Capital
Goods
4.4%
Software
&
Services
4.3%
Pharmaceuticals,
Biotechnology
&
Life
Sciences
3.7%
Consumer
Discretionary
Distribution
&
Retail
3.4%
Automobiles
&
Components
3.1%
Insurance
2.0%
Food,
Beverage
&
Tobacco
2.0%
Real
Estate
Management
&
Development
1.5%
Consumer
Services
1.4%
Household
&
Personal
Products
0.9%
Commercial
&
Professional
Services
0.6%
Other
0.5%
Sovereign
Debt
12.1%
Asset-Backed
Securities
0.1%
Repurchase
Agreements
2.4%
Total
100%
Portfolio
Credit
Quality
(%
of
total
investments)
BBB
8.3%
BB
or
Lower
86.9%
N/R
(not
rated)
4.6%
N/A
(not
applicable)
0.2%
Total
100‌%
Country
Allocation
2,3
(%
of
total
investments)
United
States
56.4‌%
Mexico
3.9‌%
Colombia
2.9‌%
United
Kingdom
2.5‌%
Turkey
2.4‌%
France
2.4‌%
Netherlands
1.9‌%
Luxembourg
1.8‌%
South
Africa
1.8‌%
Canada
1.7‌%
Switzerland
1.5‌%
Australia
1.5‌%
Other
19.3‌%
Total
100‌%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
2
Includes
27.4%
(as
a
percentage
of
total
investments)
in
emerging
market
countries.
3
“Other”
countries
include
forty
countries
that
individually
constitute
less
than
1.4%
as
a
percentage
of
total
investments.
Nuveen
Core
Plus
Impact
Fund
Fund
Performance,
Leverage
and
Holdings
June
30,
2024
11
NPCT
Performance*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
NPCT
Blended
Benchmark.
The
Fund’s
Blended
Benchmark
consists
of:
1)
60%
of
Bloomberg
MSCI
U.S.
Green
Bond
Index
and
2)
40%
Bloomberg
U.S.
Corporate
High
Yield
Bond
Index.
Daily
Common
Share
NAV
and
Share
Price
Total
Returns
as
of
June
30,
2024
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
Since
Inception
NPCT
at
Common
Share
NAV
4/27/21
4.61%
10.13%
(7.86)%
NPCT
at
Common
Share
Price
4/27/21
13.94%
21.25%
(9.44)%
Bloomberg
U.S.
Aggregate
Bond
Index
—
(0.71)%
2.63%
(2.51)%
NPCT
Blended
Benchmark
—
1.22%
6.83%
(0.17)%
Common
Share
NAV
Common
Share
Price
Premium/(Discount)
to
NAV
Average
Premium/(Discount)
to
NAV
$20.38
$10.88
(46.61)%
(12.32)%
12
Fund
Performance,
Leverage
and
Holdings
June
30,
2024
(continued)
Leverage
and
Holdings
Leverage
Effective
Leverage
34.62%
Regulatory
Leverage
27.90%
Fund
Allocation
(%
of
net
assets)
Corporate
Bonds
83.5‌%
$1,000
Par
(or
similar)
Institutional
Preferred
22.3‌%
Mortgage-Backed
Securities
19.4‌%
$25
Par
(or
similar)
Retail
Preferred
6.1‌%
Sovereign
Debt
5.6‌%
Asset-Backed
Securities
3.8‌%
Municipal
Bonds
3.7‌%
Variable
Rate
Senior
Loan
Interests
3.3‌%
U.S.
Government
and
Agency
Obligations
0.7‌%
Convertible
Bonds
0.1‌%
Repurchase
Agreements
1.7‌%
Other
Assets
&
Liabilities,
Net
2.8%
Reverse
Repurchase
Agreements,
including
accrued
interest
(14.4‌)%
Borrowings
(18.2)%
TFP
Shares,
Net
(20.4‌)%
Net
Assets
100‌%
Portfolio
Composition
1
(%
of
total
investments)
Utilities
29.6%
Banks
15.0%
Financial
Services
7.9%
Capital
Goods
4.9%
Materials
4.3%
Energy
2.5%
Commercial
&
Professional
Services
2.3%
Telecommunication
Services
2.0%
Consumer
Discretionary
Distribution
&
Retail
1.6%
Automobiles
&
Components
1.2%
Consumer
Durables
&
Apparel
1.0%
Transportation
1.0%
Technology
Hardware
&
Equipment
0.9%
Insurance
0.9%
Consumer
Services
0.8%
Real
Estate
Management
&
Development
0.6%
Equity
Real
Estate
Investment
Trusts
(REITs)
0.3%
Mortgage-Backed
Securities
12.9%
Sovereign
Debt
3.7%
Asset-Backed
Securities
2.6%
Municipal
Bonds
2.4%
U.S.
Government
and
Agency
Obligations
0.5%
Repurchase
Agreements
1.1%
Total
100%
Portfolio
Credit
Quality
(%
of
total
long-term
investments)
AAA
0.1%
AA
3.9%
A
9.1%
BBB
37.1%
BB
or
Lower
39.1%
N/R
(not
rated)
10.7%
Total
100‌%
Country
Allocation
2,3
(%
of
total
investments)
United
States
60.3‌%
Italy
5.2‌%
Chile
4.7‌%
United
Kingdom
4.1‌%
Mexico
3.5‌%
Canada
2.8‌%
Australia
2.6‌%
Indonesia
2.4‌%
India
2.1‌%
South
Korea
1.7‌%
Benin
1.6‌%
United
Arab
Emirates
1.5‌%
Other
7.5‌%
Total
100‌%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
2
Includes
20.7%
(as
a
percentage
of
total
investments)
in
emerging
market
countries.
3
“Other”
countries
include
eight
countries
that
individually
constitute
less
than
1.5%
as
a
percentage
of
total
investments.
Nuveen
Mortgage
and
Income
Fund
Fund
Performance,
Leverage
and
Holdings
June
30,
2024
13
JLS
Performance*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
ICE
BofA
US
ABS
&
CMBS
Index.
Daily
Common
Share
NAV
and
Share
Price
Total
Returns
as
of
June
30,
2024
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
JLS
at
Common
Share
NAV
11/25/09
8.43%
12.43%
2.45%
3.89%
JLS
at
Common
Share
Price
11/25/09
12.10%
23.60%
1.59%
4.50%
Bloomberg
U.S.
Aggregate
Bond
Index
—
(0.71)%
2.63%
(0.23)%
1.35%
ICE
BofA
US
ABS
&
CMBS
Index
—
2.64%
6.56%
1.42%
2.04%
Common
Share
NAV
Common
Share
Price
Premium/(Discount)
to
NAV
Average
Premium/(Discount)
to
NAV
$19.48
$18.02
(7.49)%
(9.94)%
14
Fund
Performance,
Leverage
and
Holdings
June
30,
2024
(continued)
Leverage
and
Holdings
Leverage
Effective
Leverage
24.58%
Regulatory
Leverage
3.19%
Fund
Allocation
(%
of
net
assets)
Mortgage-Backed
Securities
91.2‌%
Asset-Backed
Securities
41.7‌%
Short-Term
U.S.
Government
and
Agency
Obligations
0.4‌%
Other
Assets
&
Liabilities,
Net
(0.2)%
Reverse
Repurchase
Agreements,
including
accrued
interest
(29.8‌)%
Borrowings
(3.3)%
Net
Assets
100‌%
Portfolio
Credit
Quality
(%
of
total
investments)
U.S.
Treasury/Agency
0.3%
AAA
1.2%
AA
1.2%
A
7.3%
BBB
17.3%
BB
or
Lower
40.8%
N/R
(not
rated)
31.9%
Total
100‌%
15
Nuveen
Global
High
Income
Fund
Portfolio
of
Investments
June
30,
2024
(Unaudited)
JGH
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
LONG-TERM
INVESTMENTS
-
138.4%
(97.6%
of
Total
Investments)
X
–
CORPORATE
BONDS
-
80.8%
(57.0%
of
Total
Investments)
X
250,272,794
AUTOMOBILES
&
COMPONENTS
-
3.2%
$
3,000
Dana
Inc
4.250%
9/01/30
$
2,618,828
1,000
(b)
Ford
Otomotiv
Sanayi
AS
7.125%
4/25/29
1,009,100
3,000
(b)
Garrett
Motion
Holdings
Inc
/
Garrett
LX
I
Sarl
7.750%
5/31/32
3,040,266
3,000
(b)
IHO
Verwaltungs
GmbH,
(cash
6.375%,
PIK
7.125%)
6.375%
5/15/29
2,964,948
476
(b)
Nemak
SAB
de
CV
3.625%
6/28/31
368,309
TOTAL
AUTOMOBILES
&
COMPONENTS
10,001,451
BANKS
-
0.9%
875
(b)
Access
Bank
PLC
6.125%
9/21/26
830,200
1,250
(b)
Grupo
Aval
Ltd
4.375%
2/04/30
1,073,136
1,000
(b)
Turkiye
Vakiflar
Bankasi
TAO
,
(WI/DD)
0.000%
10/05/34
999,325
TOTAL
BANKS
2,902,661
CAPITAL
GOODS
-
4.1%
2,090
(b)
Albion
Financing
1
SARL
/
Aggreko
Holdings
Inc
6.125%
10/15/26
2,063,098
5,470
(b)
Albion
Financing
2
Sarl
8.750%
4/15/27
5,511,698
2,000
(b)
Alta
Equipment
Group
Inc
9.000%
6/01/29
1,855,417
1,710
(b)
Husky
Injection
Molding
Systems
Ltd
/
Titan
Co-Borrower
LLC
9.000%
2/15/29
1,770,729
500
(b)
IHS
Holding
Ltd
6.250%
11/29/28
446,670
925
(b)
Sisecam
UK
PLC
8.625%
5/02/32
941,844
TOTAL
CAPITAL
GOODS
12,589,456
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
0.5%
825
(b)
Ambipar
Lux
Sarl
9.875%
2/06/31
800,018
600
(b)
VT
Topco
Inc
8.500%
8/15/30
630,024
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
1,430,042
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
3.5%
650
(b)
B2W
Digital
Lux
Sarl
4.375%
12/20/30
130,000
2,000
(b)
Carvana
Co,
(cash
12.000%,
PIK
12.000%)
12.000%
12/01/28
2,150,652
1,275
Kohl's
Corp
4.625%
5/01/31
1,066,572
790
(b)
LCM
Investments
Holdings
II
LLC
8.250%
8/01/31
824,348
4,900
(b)
Michaels
Cos
Inc/The
7.875%
5/01/29
3,144,280
750
(b)
Michaels
Cos
Inc/The
5.250%
5/01/28
599,998
1,000
(b)
Staples
Inc
10.750%
9/01/29
950,327
879
(b)
Staples
Inc
12.750%
1/15/30
683,632
1,400
(b)
Velocity
Vehicle
Group
LLC
8.000%
6/01/29
1,439,970
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
10,989,779
CONSUMER
DURABLES
&
APPAREL
-
0.2%
725
(b)
Wolverine
World
Wide
Inc
4.000%
8/15/29
606,919
TOTAL
CONSUMER
DURABLES
&
APPAREL
606,919
CONSUMER
SERVICES
-
1.3%
1,980
(b)
Cinemark
USA
Inc
5.250%
7/15/28
1,892,721
835
(b)
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co
Inc
4.625%
1/15/29
760,402
400
(b)
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co
Inc
6.750%
7/15/30
351,262
1,000
(b)
Wynn
Macau
Ltd
5.500%
10/01/27
952,891
TOTAL
CONSUMER
SERVICES
3,957,276
Nuveen
Global
High
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
16
JGH
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
ENERGY
-
9.6%
$
875
(b)
Civitas
Resources
Inc
8.750%
7/01/31
$
937,081
80
Ecopetrol
SA
8.375%
1/19/36
78,580
1,500
Ecopetrol
SA
8.875%
1/13/33
1,549,140
625
Ecopetrol
SA
6.875%
4/29/30
600,289
1,000
Ecopetrol
SA
5.875%
11/02/51
694,407
2,351
(b)
Energean
Israel
Finance
Ltd,
Reg
S
5.875%
3/30/31
1,990,827
485
(b)
Energian
Israel
Finance
Ltd,
Reg
S
8.000%
9/02/53
458,325
985
Genesis
Energy
LP
/
Genesis
Energy
Finance
Corp
8.250%
1/15/29
1,016,854
745
Genesis
Energy
LP
/
Genesis
Energy
Finance
Corp
7.875%
5/15/32
752,101
500
(b)
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co
6.000%
2/01/31
477,217
1,000
(b)
Indika
Energy
Tbk
PT
8.750%
5/07/29
998,857
1,500
(b)
Leviathan
Bond
Ltd,
Reg
S
6.500%
6/30/27
1,402,243
500
(b)
Medco
Laurel
Tree
Pte
Ltd
6.950%
11/12/28
488,785
1,500
(b)
MEDCO
MAPLE
TREE
PTE
LTD
8.960%
4/27/29
1,568,203
391
(b)
Medco
Oak
Tree
Pte
Ltd
7.375%
5/14/26
393,721
980
Petrobras
Global
Finance
BV
6.900%
3/19/49
924,689
1,000
Petroleos
Mexicanos
10.000%
2/07/33
1,003,641
1,500
Petroleos
Mexicanos
6.500%
1/23/29
1,354,640
6,671
Petroleos
Mexicanos
6.700%
2/16/32
5,585,486
290
(b)
Shelf
Drilling
Holdings
Ltd
9.625%
4/15/29
277,322
1,000
(b)
SierraCol
Energy
Andina
LLC
6.000%
6/15/28
893,736
800
(b)
Talos
Production
Inc
9.000%
2/01/29
839,635
401
(b)
Transocean
Inc
8.750%
2/15/30
420,476
1,033
(b)
Tullow
Oil
PLC
10.250%
5/15/26
979,920
880
(b)
Venture
Global
LNG
Inc
8.125%
6/01/28
906,591
2,860
(b)
Venture
Global
LNG
Inc
9.875%
2/01/32
3,112,896
TOTAL
ENERGY
29,705,662
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
0.6%
1,080
(b)
Uniti
Group
LP
/
Uniti
Group
Finance
Inc
/
CSL
Capital
LLC
10.500%
2/15/28
1,057,625
750
(b)
Uniti
Group
LP
/
Uniti
Group
Finance
Inc
/
CSL
Capital
LLC
10.500%
2/15/28
734,461
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
1,792,086
FINANCIAL
SERVICES
-
7.3%
1,500
Credit
Suisse
Group
AG
7.500%
1/17/72
165,000
4,500
(b)
Encore
Capital
Group
Inc
8.500%
5/15/30
4,577,963
2,555
(b)
FirstCash
Inc
6.875%
3/01/32
2,554,658
1,125
Genesis
Energy
LP
/
Genesis
Energy
Finance
Corp
7.750%
2/01/28
1,136,944
2,000
(b)
Hunt
Cos
Inc
5.250%
4/15/29
1,817,617
1,550
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp
4.375%
2/01/29
1,325,314
1,275
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp
5.250%
5/15/27
1,196,744
780
(b)
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp
9.000%
6/15/30
776,065
611
(b)
Mexico
Remittances
Funding
Fiduciary
Estate
Management
Sarl
4.875%
1/15/28
556,868
1,000
(b)
NCR
Corp
ATM
9.500%
4/01/29
1,080,741
3,500
OneMain
Finance
Corp
7.875%
3/15/30
3,608,696
2,100
(b)
PennyMac
Financial
Services
Inc
7.875%
12/15/29
2,165,484
2,000
(b)
VistaJet
Malta
Finance
PLC
/
Vista
Management
Holding
Inc
6.375%
2/01/30
1,571,504
TOTAL
FINANCIAL
SERVICES
22,533,598
FOOD,
BEVERAGE
&
TOBACCO
-
1.2%
500
(b)
Minerva
Luxembourg
SA
8.875%
9/13/33
516,379
3,425
(b)
Triton
Water
Holdings
Inc
6.250%
4/01/29
3,303,449
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
3,819,828
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
3.3%
2,405
(b)
CHS/Community
Health
Systems
Inc
10.875%
1/15/32
2,503,092
1,750
(b)
CHS/Community
Health
Systems
Inc
4.750%
2/15/31
1,375,903
450
(b)
CHS/Community
Health
Systems
Inc
5.625%
3/15/27
419,043
17
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
HEALTH
CARE
EQUIPMENT
&
SERVICES
(continued)
$
2,020
(b)
Global
Medical
Response
Inc
10.000%
10/31/28
$
1,970,596
2,500
(b)
LifePoint
Health
Inc
10.000%
6/01/32
2,556,032
1,295
(b)
LifePoint
Health
Inc
11.000%
10/15/30
1,426,790
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
10,251,456
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
0.3%
1,085
(b)
Kronos
Acquisition
Holdings
Inc
,
(WI/DD)
8.250%
6/30/31
1,086,085
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
1,086,085
INSURANCE
-
2.1%
1,265
(b)
Acrisure
LLC
/
Acrisure
Finance
Inc
8.250%
2/01/29
1,271,119
1,000
(b)
Acrisure
LLC
/
Acrisure
Finance
Inc
8.500%
6/15/29
1,010,300
1,045
(b)
Ardonagh
Finco
Ltd
7.750%
2/15/31
1,033,050
830
(b)
Ardonagh
Group
Finance
Ltd
8.875%
2/15/32
810,670
1,000
(b)
Fidelis
Insurance
Holdings
Ltd
6.625%
4/01/41
990,023
545
(b)
Howden
UK
Refinance
PLC
/
Howden
UK
Refinance
2
PLC
/
Howden
US
Refinance
LLC
7.250%
2/15/31
540,926
1,000
(b)
SBL
Holdings
Inc
6.500%
12/30/49
807,945
TOTAL
INSURANCE
6,464,033
MATERIALS
-
6.8%
750
AngloGold
Ashanti
Holdings
PLC
6.500%
4/15/40
750,742
1,925
(b)
Arsenal
AIC
Parent
LLC
8.000%
10/01/30
2,020,087
500
(b)
Braskem
Netherlands
Finance
BV
8.500%
1/12/31
510,750
1,325
(b)
Cemex
SAB
de
CV
9.125%
12/30/49
1,413,497
625
(b)
Cemex
SAB
de
CV
5.125%
9/08/72
600,622
700
(b)
Cia
de
Minas
Buenaventura
SAA
5.500%
7/23/26
676,724
300
(b)
First
Quantum
Minerals
Ltd
8.625%
6/01/31
299,496
2,070
(b)
Mineral
Resources
Ltd
8.500%
5/01/30
2,143,001
1,580
(b)
Mineral
Resources
Ltd
8.000%
11/01/27
1,616,446
750
(b)
NOVA
Chemicals
Corp
9.000%
2/15/30
791,300
600
(b)
OCP
SA
5.125%
6/23/51
450,759
1,160
(b)
Olympus
Water
US
Holding
Corp
6.250%
10/01/29
1,058,862
585
(b)
Owens-Brockway
Glass
Container
Inc
7.250%
5/15/31
583,984
1,500
Sasol
Financing
USA
LLC
5.500%
3/18/31
1,264,623
500
(b)
Sasol
Financing
USA
LLC
8.750%
5/03/29
507,598
4,270
(b)
SunCoke
Energy
Inc
4.875%
6/30/29
3,868,483
2,000
(b)
Trinseo
Materials
Operating
SCA
/
Trinseo
Materials
Finance
Inc
5.125%
4/01/29
777,399
1,850
(b)
Tronox
Inc
4.625%
3/15/29
1,669,974
TOTAL
MATERIALS
21,004,347
MEDIA
&
ENTERTAINMENT
-
9.0%
100
(b)
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4.500%
8/15/30
84,658
1,250
(b)
CSC
Holdings
LLC
5.375%
2/01/28
949,713
1,655
(b)
CSC
Holdings
LLC
11.750%
1/31/29
1,411,474
1,700
(b)
CSC
Holdings
LLC
11.250%
5/15/28
1,480,506
2,285
(b)
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor
Inc
5.875%
8/15/27
2,149,240
4,750
(b)
DISH
Network
Corp
11.750%
11/15/27
4,657,373
1,000
(b)
Getty
Images
Inc
9.750%
3/01/27
1,001,992
1,545
(b)
Gray
Escrow
Inc
5.375%
11/15/31
875,823
4,000
(b)
Gray
Television
Inc
7.000%
5/15/27
3,682,814
1,325
(b)
Gray
Television
Inc
4.750%
10/15/30
795,114
715
(b)
Gray
Television
Inc
10.500%
7/15/29
718,846
1,275
(b)
LCPR
Senior
Secured
Financing
DAC
5.125%
7/15/29
1,058,136
2,000
(b)
McGraw-Hill
Education
Inc
8.000%
8/01/29
1,944,825
2,500
(b)
Sunrise
FinCo
I
BV
4.875%
7/15/31
2,270,038
530
(b)
Univision
Communications
Inc
7.375%
6/30/30
492,989
925
(b)
Virgin
Media
Secured
Finance
PLC
5.500%
5/15/29
845,589
Nuveen
Global
High
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
18
JGH
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
MEDIA
&
ENTERTAINMENT
(continued)
$
4,000
(b)
VZ
Secured
Financing
BV
5.000%
1/15/32
$
3,410,683
TOTAL
MEDIA
&
ENTERTAINMENT
27,829,813
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
2.6%
2,740
(b)
Bausch
Health
Cos
Inc
4.875%
6/01/28
2,050,507
2,000
(b)
Grifols
SA
4.750%
10/15/28
1,725,949
2,650
(b)
Organon
&
Co
/
Organon
Foreign
Debt
Co-Issuer
BV
5.125%
4/30/31
2,380,368
1,760
(b)
Organon
&
Co
/
Organon
Foreign
Debt
Co-Issuer
BV
7.875%
5/15/34
1,808,406
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
7,965,230
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
1.3%
1,758
(b)
Anywhere
Real
Estate
Group
LLC
/
Anywhere
Co-Issuer
Corp
7.000%
4/15/30
1,437,830
2,175
Kennedy-Wilson
Inc
5.000%
3/01/31
1,778,682
1,125
Kennedy-Wilson
Inc
4.750%
3/01/29
962,529
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
4,179,041
SOFTWARE
&
SERVICES
-
4.7%
5,200
(b)
Ahead
DB
Holdings
LLC
6.625%
5/01/28
4,921,592
2,225
(b)
CA
Magnum
Holdings
5.375%
10/31/26
2,117,543
4,000
(b)
Condor
Merger
Sub
Inc
7.375%
2/15/30
3,695,411
1,023
(b)
Rackspace
Finance
LLC
3.500%
5/15/28
439,836
3,400
Rocket
Software
Inc
9.000%
11/28/28
3,455,253
TOTAL
SOFTWARE
&
SERVICES
14,629,635
TELECOMMUNICATION
SERVICES
-
7.0%
355
(b)
Altice
France
SA
8.125%
2/01/27
266,227
1,550
(b)
C&W
Senior
Finance
Ltd
6.875%
9/15/27
1,487,176
725
(b)
CT
Trust
5.125%
2/03/32
638,857
1,905
(b)
Frontier
Communications
Holdings
LLC
6.000%
1/15/30
1,657,277
1,500
(b)
Frontier
Communications
Holdings
LLC
8.625%
3/15/31
1,545,190
2,375
(b)
Iliad
Holding
SASU
7.000%
10/15/28
2,355,119
2,295
(b)
Iliad
Holding
SASU
8.500%
4/15/31
2,323,776
3,585
(b)
Level
3
Financing
Inc
10.500%
4/15/29
3,576,038
3,000
(b)
Level
3
Financing
Inc
10.500%
5/15/30
2,971,243
1,500
(b)
Liberty
Costa
Rica
Senior
Secured
Finance
10.875%
1/15/31
1,590,000
900
(b)
Millicom
International
Cellular
SA2028
2028
5.125%
1/15/28
849,085
525
(b)
Millicom
International
Cellular
SA
7.375%
4/02/32
523,524
250
(b)
Millicom
International
Cellular
SA
4.500%
4/27/31
215,109
400
(b)
Sitios
Latinoamerica
SAB
de
CV
5.375%
4/04/32
372,396
1,380
(b)
Vmed
O2
UK
Financing
I
PLC
4.750%
7/15/31
1,163,858
TOTAL
TELECOMMUNICATION
SERVICES
21,534,875
TRANSPORTATION
-
6.8%
1,000
(b)
American
Airlines
Inc
8.500%
5/15/29
1,038,967
8,000
(b)
Brightline
East
LLC
11.000%
1/31/30
7,294,921
500
(b)
Cargo
Aircraft
Management
Inc
4.750%
2/01/28
463,770
3,580
(b)
GN
Bondco
LLC
9.500%
10/15/31
3,336,838
750
(b)
Grupo
Aeromexico
SAB
de
CV
8.500%
3/17/27
750,505
5,000
(b)
Hawaiian
Brand
Intellectual
Property
Ltd
/
HawaiianMiles
Loyalty
Ltd
5.750%
1/20/26
4,757,303
1,750
(b)
Transnet
SOC
Ltd
8.250%
2/06/28
1,740,253
2,000
VistaJet
Malta
Finance
PLC
/
Vista
Management
Holding
Inc
9.500%
6/01/28
1,753,249
TOTAL
TRANSPORTATION
21,135,806
UTILITIES
-
4.5%
750
(b)
AES
Espana
BV
5.700%
5/04/28
710,517
500
(b)
Continuum
Green
Energy
India
Pvt
/
Co-Issuers
7.500%
6/26/33
495,750
625
(b)
Electricidad
Firme
de
Mexico
Holdings
SA
de
CV
4.900%
11/20/26
583,826
19
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
UTILITIES
(continued)
$
1,000
(b)
Empresa
de
Transmision
Electrica
SA
5.125%
5/02/49
$
721,803
800
(b)
EnfraGen
Energia
Sur
SA
/
EnfraGen
Spain
SA
/
Prime
Energia
SpA
5.375%
12/30/30
667,488
1,400
(b)
Eskom
Holdings
SOC
Ltd
6.350%
8/10/28
1,356,292
500
(b)
Eskom
Holdings
SOC
Ltd
8.450%
8/10/28
502,500
4,425
(b)
Ferrellgas
LP
/
Ferrellgas
Finance
Corp
5.875%
4/01/29
4,071,215
750
(b)
NPC
Ukrenergo
6.875%
11/09/28
264,375
3,750
(b)
Talen
Energy
Supply
LLC
8.625%
6/01/30
3,998,340
586
(b)
UEP
Penonome
II
SA2020
1
6.500%
10/01/38
491,609
TOTAL
UTILITIES
13,863,715
TOTAL
CORPORATE
BONDS
(cost
$265,326,054)
250,272,794
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X
–
SOVEREIGN
DEBT
-
17.0%
(12.0%
of
Total
Investments)
X
52,503,945
ANGOLA
-
1.1%
$
1,500
(b)
Angolan
Government
International
Bond
8.250%
5/09/28
$
1,410,000
1,050
(b)
Angolan
Government
International
Bond
8.750%
4/14/32
928,914
900
(b)
Angolan
Government
International
Bond
8.000%
11/26/29
809,550
TOTAL
ANGOLA
3,148,464
ARGENTINA
-
0.6%
2,300
Argentine
Republic
Government
International
Bond
3.625%
7/09/35
963,209
2,100
Argentine
Republic
Government
International
Bond
4.250%
1/09/38
958,807
TOTAL
ARGENTINA
1,922,016
BENIN
-
0.3%
1,025
(b)
Benin
Government
International
Bond
7.960%
2/13/38
953,014
TOTAL
BENIN
953,014
BRAZIL
-
0.3%
1,000
Brazilian
Government
International
Bond
7.125%
5/13/54
966,268
TOTAL
BRAZIL
966,268
COLOMBIA
-
1.7%
3,175
Colombia
Government
International
Bond
3.250%
4/22/32
2,428,815
1,320
Colombia
Government
International
Bond
7.500%
2/02/34
1,320,447
1,400
Colombia
Government
International
Bond
3.125%
4/15/31
1,101,869
700
Colombia
Government
International
Bond
8.750%
11/14/53
735,255
TOTAL
COLOMBIA
5,586,386
COTE
D'IVOIRE
-
0.9%
1,700
(b)
Ivory
Coast
Government
International
Bond
8.250%
1/30/37
1,646,790
1,396
(b)
Ivory
Coast
Government
International
Bond
2032
144A
5.750%
12/31/32
1,298,054
TOTAL
COTE
D'IVOIRE
2,944,844
DOMINICAN
REPUBLIC
-
0.7%
1,500
(b)
Dominican
Republic
International
Bond
4.875%
9/23/32
1,341,946
1,175
(b)
Dominican
Republic
International
Bond
5.300%
1/21/41
995,731
TOTAL
DOMINICAN
REPUBLIC
2,337,677
ECUADOR
-
0.5%
1,768
(b)
Ecuador
Government
International
Bond
5.000%
7/31/30
1,117,322
371
(b)
Ecuador
Government
International
Bond
1.000%
7/31/35
184,309
88
(b)
Ecuador
Government
International
Bond
2.500%
7/31/40
39,952
TOTAL
ECUADOR
1,341,583
Nuveen
Global
High
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
20
JGH
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
EGYPT
-
1.3%
$
2,300
(b)
Egypt
Government
International
Bond
7.053%
1/15/32
$
1,836,702
1,700
(b)
Egypt
Government
International
Bond
7.600%
3/01/29
1,539,775
975
(b)
Egypt
Government
International
Bond
8.500%
1/31/47
722,865
TOTAL
EGYPT
4,099,342
EL
SALVADOR
-
0.8%
1,575
(b)
El
Salvador
Government
International
Bond
9.250%
4/17/30
1,398,944
925
(b)
El
Salvador
Government
International
Bond
8.625%
2/28/29
817,700
1,000
(b)
El
Salvador
Government
International
Bond
0.250%
4/17/30
31,000
TOTAL
EL
SALVADOR
2,247,644
HONDURAS
-
0.6%
1,250
(b)
Honduras
Government
International
Bond
6.250%
1/19/27
1,183,500
750
(b)
Honduras
Government
International
Bond
5.625%
6/24/30
638,437
TOTAL
HONDURAS
1,821,937
IRAQ
-
0.5%
1,550
(b)
Iraq
International
Bond
5.800%
1/15/28
1,447,154
TOTAL
IRAQ
1,447,154
JORDAN
-
0.4%
825
(b)
Jordan
Government
International
Bond
5.850%
7/07/30
737,520
500
(b)
Jordan
Government
International
Bond
7.750%
1/15/28
494,760
TOTAL
JORDAN
1,232,280
KENYA
-
1.0%
2,000
(b)
Republic
of
Kenya
Government
International
Bond
7.000%
5/22/27
1,901,768
750
(b)
Republic
of
Kenya
Government
International
Bond
9.750%
2/16/31
718,987
825
(b)
Republic
of
Kenya
Government
International
Bond
6.300%
1/23/34
615,568
TOTAL
KENYA
3,236,323
MONGOLIA
-
0.4%
675
(b)
Mongolia
Government
International
Bond
4.450%
7/07/31
567,338
500
(b)
Mongolia
Government
International
Bond
8.650%
1/19/28
520,610
TOTAL
MONGOLIA
1,087,948
NIGERIA
-
0.7%
1,425
(b)
Nigeria
Government
International
Bond
7.875%
2/16/32
1,229,918
1,200
(b)
Nigeria
Government
International
Bond
6.125%
9/28/28
1,051,500
TOTAL
NIGERIA
2,281,418
PANAMA
-
0.3%
1,000
Panama
Government
International
Bond
8.000%
3/01/38
1,053,035
TOTAL
PANAMA
1,053,035
RWANDA
-
0.6%
2,450
(b)
Rwanda
International
Government
Bond
5.500%
8/09/31
1,963,773
TOTAL
RWANDA
1,963,773
SENEGAL
-
0.6%
2,100
(b)
Senegal
Government
International
Bond
6.250%
5/23/33
1,757,729
TOTAL
SENEGAL
1,757,729
SOUTH
AFRICA
-
0.7%
1,475
Republic
of
South
Africa
Government
International
Bond
7.300%
4/20/52
1,333,061
1,400
Republic
of
South
Africa
Government
International
Bond
5.000%
10/12/46
985,236
TOTAL
SOUTH
AFRICA
2,318,297
TURKEY
-
1.9%
1,575
Turkiye
Government
International
Bond
7.625%
5/15/34
1,584,844
1,500
Turkiye
Government
International
Bond
6.500%
9/20/33
1,408,013
1,250
Turkiye
Government
International
Bond
5.875%
6/26/31
1,148,915
21
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
TURKEY
$
1,225
Turkiye
Government
International
Bond
6.000%
1/14/41
$
1,016,750
700
Turkiye
Government
International
Bond
4.875%
4/16/43
494,900
TOTAL
TURKEY
5,653,422
UKRAINE
-
0.2%
750
(b)
Ukraine
Government
International
Bond
7.253%
3/15/35
213,375
675
(b)
Ukraine
Government
International
Bond
7.750%
9/01/27
205,200
500
(b)
Ukraine
Government
International
Bond
6.876%
5/21/31
142,500
TOTAL
UKRAINE
561,075
UZBEKISTAN
-
0.9%
1,075
(b)
Republic
of
Uzbekistan
International
Bond
5.375%
2/20/29
1,002,308
950
(b)
Republic
of
Uzbekistan
International
Bond
3.900%
10/19/31
771,459
745
(b)
Republic
of
Uzbekistan
International
Bond
7.850%
10/12/28
768,549
TOTAL
UZBEKISTAN
2,542,316
TOTAL
SOVEREIGN
DEBT
(cost
$57,483,556)
52,503,945
Principal
Amount
(000)
Description
(a)
Coupon
(c)
Reference
Rate
(c)
Spread
(c)
Maturity
(d)
Value
X
–
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
-
15.9%
(11.2%
of
Total
Investments)
(c)
X
49,278,065
CAPITAL
GOODS
-
1.3%
$
250
Foundation
Building
Materials
Holding
Company
LLC,
Term
Loan
B2
,
(WI/DD)
TBD
TBD
TBD
TBD
$
249,306
898
TransDigm,
Inc.,
Term
Loan
J
8.595%
SOFR90A
3.250%
2/28/31
900,668
3,002
Windsor
Holdings
III,
LLC,
Term
Loan
B
9.339%
SOFR30A
4.000%
8/01/30
3,025,618
TOTAL
CAPITAL
GOODS
4,175,592
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
0.4%
1,365
GTCR
W
Merger
Sub
LLC,
Term
Loan
B
8.335%
SOFR90A
3.000%
1/31/31
1,368,604
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
1,368,604
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
1.3%
1,900
Johnstone
Supply
LLC,
Term
Loan
8.328%
TSFR3M
3.000%
5/16/31
1,904,750
1,465
PetSmart,
Inc.,
Term
Loan
B
9.194%
SOFR30A
3.750%
2/14/28
1,462,553
345
Wand
NewCo
3,
Inc.,
Term
Loan
B
,
(WI/DD)
TBD
TBD
TBD
TBD
347,679
218
WOOF
Holdings,
Inc,
Term
Loan,
First
Lien
9.346%
SOFR90A
3.750%
12/21/27
181,388
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
3,896,370
CONSUMER
SERVICES
-
0.8%
992
Carnival
Corporation,
Term
Loan
B2
8.094%
SOFR30A
2.750%
8/09/27
998,159
405
Formula
One
Holdings
Limited,
Term
Loan
B
7.585%
SOFR90A
2.250%
1/15/30
406,519
347
GVC
Holdings
(Gibraltar)
Limited,
Term
Loan
B
8.014%
SOFR180A
2.750%
10/31/29
348,356
644
Life
Time
Fitness
Inc
,
Term
Loan
B
9.591%
TSFR3M
4.000%
1/15/26
647,619
TOTAL
CONSUMER
SERVICES
2,400,653
Nuveen
Global
High
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
22
JGH
Principal
Amount
(000)
Description
(a)
Coupon
(c)
Reference
Rate
(c)
Spread
(c)
Maturity
(d)
Value
FOOD,
BEVERAGE
&
TOBACCO
-
0.9%
$
862
Pegasus
BidCo
BV,
Term
Loan
9.072%
SOFR90A
3.750%
7/12/29
$
868,021
1,940
Triton
Water
Holdings,
Inc,
Term
Loan
8.595%
SOFR90A
3.250%
3/31/28
1,942,916
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
2,810,937
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
4.1%
167
ICON
Luxembourg
S.A.R.L.,
Term
Loan
B
7.335%
SOFR90A
2.000%
7/03/28
168,103
2,698
Medline
Borrower,
LP,
Term
Loan
B
8.094%
SOFR30A
2.750%
10/23/28
2,706,710
2,789
Onex
TSG
Intermediate
Corp.,
Term
Loan
B
10.346%
SOFR90A
4.750%
2/28/28
2,786,421
1,990
Parexel
International
Corporation,
Term
Loan,
First
Lien
8.708%
SOFR30A
3.250%
11/15/28
1,996,349
4,000
Phoenix
Newco
Inc
,
(WI/DD)
TBD
TBD
TBD
TBD
4,013,120
1,120
Select
Medical
Corporation,
Term
Loan
B1
8.344%
SOFR30A
3.000%
3/05/27
1,122,016
4
US
Radiology
Specialists,
Inc.,
Term
Loan
10.744%
SOFR90A
5.250%
12/15/27
3,656
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
12,796,375
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
0.9%
1,995
Illuminate
Merger
Sub
Corp.,
Term
Loan
8.596%
SOFR90A
3.000%
5/16/28
1,991,763
776
Journey
Personal
Care
Corp.,
Term
Loan
B
9.595%
SOFR30A
4.250%
3/01/28
774,836
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
2,766,599
INSURANCE
-
0.2%
620
USI,
Inc.,
Term
Loan
8.081%
SOFR90A
2.750%
9/27/30
621,096
TOTAL
INSURANCE
621,096
MATERIALS
-
1.1%
955
Berlin
Packaging
LLC,
Term
Loan
B
9.190%
SOFR90A
3.750%
5/12/31
958,256
2,119
Nouryon
Finance
B.V.,
Term
Loan
B
8.826%
SOFR90A
3.500%
4/03/28
2,127,199
278
W.R.
Grace
&
Co.-Conn.,
Term
Loan
B
8.594%
SOFR30A
3.250%
9/22/28
279,463
TOTAL
MATERIALS
3,364,918
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
2.7%
42
ICON
Luxembourg
S.A.R.L.,
Term
Loan
7.059%
3-Month
LIBOR
2.000%
7/03/28
41,883
1,977
Jazz
Financing
Lux
S.a.r.l.,
Term
Loan
B
8.458%
SOFR30A
3.000%
5/05/28
1,981,063
6,294
Organon
&
Co,
Term
Loan
B
,
(DD1)
7.829%
TSFR1M
2.500%
5/14/31
6,305,830
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
8,328,776
SOFTWARE
&
SERVICES
-
1.4%
2,500
Fortress
Intermediate
3
Inc
,
(WI/DD)
TBD
TBD
TBD
TBD
2,506,250
743
Open
Text
Corporation,
Term
Loan
B
7.594%
SOFR30A
2.250%
1/31/30
747,588
222
Rackspace
Technology
Global,
Inc.,
Term
Loan,
First
Lien
11.692%
SOFR30A
6.250%
5/15/28
225,128
23
Principal
Amount
(000)
Description
(a)
Coupon
(c)
Reference
Rate
(c)
Spread
(c)
Maturity
(d)
Value
SOFTWARE
&
SERVICES
(continued)
$
800
Ultimate
Software
Group
Inc
(The),
Term
Loan
B
8.576%
TSFR1M
3.250%
2/10/31
$
803,932
TOTAL
SOFTWARE
&
SERVICES
4,282,898
TELECOMMUNICATION
SERVICES
-
0.2%
622
GOGO
Intermediate
Holdings
LLC,
Term
Loan
B
9.194%
1-Month
LIBOR
3.750%
4/28/28
621,230
TOTAL
TELECOMMUNICATION
SERVICES
621,230
TRANSPORTATION
-
0.4%
600
AAdvantage
Loyalty
IP
Ltd.,
Term
Loan
10.336%
SOFR90A
4.750%
4/20/28
620,624
591
Brown
Group
Holding,
LLC,
Term
Loan
B2
8.322%
SOFR30A
+
SOFR90A
3.000%
6/09/29
591,462
5
SkyMiles
IP
Ltd.,
Term
Loan
B
9.075%
TSFR3M
3.750%
10/20/27
5,447
TOTAL
TRANSPORTATION
1,217,533
UTILITIES
-
0.2%
619
Talen
Energy
Supply,
LLC,
Term
Loan
B
8.827%
SOFR90A
3.500%
5/17/30
626,484
TOTAL
UTILITIES
626,484
TOTAL
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
(cost
$48,811,302)
49,278,065
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X
–
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
14.2%
(10.0%
of
Total
Investments)
X
43,991,056
AUTOMOBILES
&
COMPONENTS
-
1.1%
$
3,664
General
Motors
Financial
Co
Inc
5.750%
N/A
(e)
$
3,492,330
TOTAL
AUTOMOBILES
&
COMPONENTS
3,492,330
BANKS
-
2.9%
1,000
(b)
Banco
del
Estado
de
Chile
7.950%
N/A
(e)
1,033,000
1,000
(b)
Banco
Nacional
de
Comercio
Exterior
SNC/Cayman
Islands
2.720%
8/11/31
887,887
800
Bancolombia
SA
8.625%
12/24/34
817,000
2,000
(f)
Fifth
Third
Bancorp
(TSFR3M
reference
rate
+
3.295%
spread)
8.626%
N/A
(e)
1,971,534
1,500
(f)
First
Citizens
BancShares
Inc/NC
(TSFR3M
reference
rate
+
4.234%
spread)
9.573%
N/A
(e)
1,515,667
1,000
(b)
NBK
Tier
1
Ltd
3.625%
N/A
(e)
923,750
475
(b)
Turkiye
Garanti
Bankasi
AS
7.177%
5/24/27
468,263
385
(b)
Turkiye
Garanti
Bankasi
AS
8.375%
2/28/34
383,556
1,000
(b)
Yapi
ve
Kredi
Bankasi
AS
9.250%
1/17/34
1,025,100
TOTAL
BANKS
9,025,757
CAPITAL
GOODS
-
0.9%
1,000
(b)
AerCap
Global
Aviation
Trust
6.500%
6/15/45
997,693
1,750
AerCap
Holdings
NV
5.875%
10/10/79
1,741,646
TOTAL
CAPITAL
GOODS
2,739,339
ENERGY
-
2.6%
2,000
Enbridge
Inc
8.500%
1/15/84
2,156,064
1,900
Energy
Transfer
LP
6.500%
N/A
(e)
1,874,066
1,000
Energy
Transfer
LP
7.125%
N/A
(e)
990,540
3,000
(f)
Plains
All
American
Pipeline
LP
(TSFR3M
reference
rate
+
4.372%
spread)
9.694%
N/A
(e)
2,986,825
TOTAL
ENERGY
8,007,495
Nuveen
Global
High
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
24
JGH
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
FINANCIAL
SERVICES
-
0.7%
$
1,500
Ally
Financial
Inc
4.700%
N/A
(e)
$
1,319,986
1,000
Goldman
Sachs
Group
Inc/The
7.500%
N/A
(e)
1,028,354
TOTAL
FINANCIAL
SERVICES
2,348,340
FOOD,
BEVERAGE
&
TOBACCO
-
0.7%
1,500
(b)
Land
O'
Lakes
Inc
8.000%
N/A
(e)
1,305,000
1,000
(b)
Land
O'
Lakes
Inc
7.000%
N/A
(e)
780,000
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
2,085,000
INSURANCE
-
0.6%
1,765
Enstar
Finance
LLC
5.750%
9/01/40
1,728,074
TOTAL
INSURANCE
1,728,074
MEDIA
&
ENTERTAINMENT
-
0.5%
1,750
Paramount
Global
6.375%
3/30/62
1,545,526
TOTAL
MEDIA
&
ENTERTAINMENT
1,545,526
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.8%
2,500
(b)
EUSHI
Finance
Inc
7.625%
12/15/54
2,509,617
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
2,509,617
TELECOMMUNICATION
SERVICES
-
0.4%
1,500
Vodafone
Group
PLC
4.125%
6/04/81
1,277,475
TOTAL
TELECOMMUNICATION
SERVICES
1,277,475
UTILITIES
-
3.0%
600
(b)
AES
Andes
SA
8.150%
6/10/55
600,000
2,000
Edison
International
5.375%
N/A
(e)
1,948,299
1,000
Emera
Inc
6.750%
6/15/76
992,443
1,500
(b)
NRG
Energy
Inc
10.250%
N/A
(e)
1,640,565
2,000
(b)
Vistra
Corp
8.875%
N/A
(e)
2,068,174
2,000
(b)
Vistra
Corp
7.000%
N/A
(e)
1,982,622
TOTAL
UTILITIES
9,232,103
TOTAL
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
(cost
$44,428,269)
43,991,056
Principal
Amount
(000)
Description
(a),(g)
Coupon
Maturity
Value
X
–
CONTINGENT
CAPITAL
SECURITIES
-
9.6%
(6.8%
of
Total
Investments)
X
29,676,518
BANKS
-
8.1%
$
1,800
Banco
Bilbao
Vizcaya
Argentaria
SA
9.375%
N/A
(e)
$
1,915,769
400
(b)
Banco
de
Credito
e
Inversiones
SA
8.750%
N/A
(e)
419,040
1,975
(b)
Banco
Mercantil
del
Norte
SA/Grand
Cayman
8.375%
N/A
(e)
1,988,436
1,100
Banco
Santander
SA
4.750%
N/A
(e)
983,183
1,200
Banco
Santander
SA
9.625%
N/A
(e)
1,330,206
1,000
Bancolombia
SA
4.625%
12/18/29
965,865
1,475
Barclays
PLC
8.000%
N/A
(e)
1,497,627
1,000
(b)
BBVA
Bancomer
SA/Texas
8.450%
6/29/38
1,030,673
1,500
(b)
BNP
Paribas
SA
8.000%
N/A
(e)
1,505,592
2,000
(b)
BNP
Paribas
SA
7.000%
N/A
(e)
1,970,001
2,000
ING
Groep
NV
6.500%
N/A
(e)
1,978,051
2,000
(b)
Intesa
Sanpaolo
SpA
7.700%
N/A
(e)
1,994,845
2,000
Lloyds
Banking
Group
PLC
8.000%
N/A
(e)
2,044,406
2,000
(b)
Macquarie
Bank
Ltd/London
6.125%
N/A
(e)
1,967,863
1,400
NatWest
Group
PLC
8.125%
N/A
(e)
1,414,483
1,000
(b)
Societe
Generale
SA
10.000%
N/A
(e)
1,037,494
25
Principal
Amount
(000)
Description
(a),(g)
Coupon
Maturity
Value
BANKS
(continued)
$
980
(b)
Societe
Generale
SA
9.375%
N/A
(e)
$
990,883
TOTAL
BANKS
25,034,417
FINANCIAL
SERVICES
-
1.5%
1,650
Deutsche
Bank
AG
6.000%
N/A
(e)
1,561,793
2,030
(b)
UBS
Group
AG
9.250%
N/A
(e)
2,273,381
750
(b)
UBS
Group
AG
9.250%
N/A
(e)
806,927
TOTAL
FINANCIAL
SERVICES
4,642,101
TOTAL
CONTINGENT
CAPITAL
SECURITIES
(cost
$28,969,164)
29,676,518
Shares
Description
(a)
Coupon
Value
X
–
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
0.4%
(0.3%
of
Total
Investments)
X
1,312,634
BANKS
-
0.1%
25,200
Western
Alliance
Bancorp
4.250%
$
454,860
TOTAL
BANKS
454,860
FINANCIAL
SERVICES
-
0.3%
33,625
Synchrony
Financial
8.250%
857,774
TOTAL
FINANCIAL
SERVICES
857,774
TOTAL
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
(cost
$1,470,625)
1,312,634
Shares
Description
(a)
Value
–
COMMON
STOCKS
-
0.3%
(0.2%
of
Total
Investments)
X
869,933
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
0.0%
717
(h)
Bright
Bidco
BV
$
550
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
550
TRANSPORTATION
-
0.3%
47,127
(h)
Grupo
Aeromexico
SAB
de
CV
869,383
TOTAL
TRANSPORTATION
869,383
TOTAL
COMMON
STOCKS
(cost
$885,858)
869,933
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X–
ASSET-BACKED
SECURITIES
-
0.2%
(0.1%
of
Total
Investments)
X
641,483
$
750
(b),(i)
Industrial
DPR
Funding
Ltd,
2022
1A
5.380%
4/15/34
$
641,483
TOTAL
ASSET-BACKED
SECURITIES
(cost
$750,000)
641,483
TOTAL
LONG-TERM
INVESTMENTS
(cost
$448,124,828)
428,546,428
Nuveen
Global
High
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
26
JGH
A
Investments
in
Derivatives
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
3.4% (2.4%
of
Total
Investments)
X
–
REPURCHASE
AGREEMENTS
-
3.4%
(2.4%
of
Total
Investments)
X
10,564,825
$
10,225
(j)
Fixed
Income
Clearing
Corporation
5.270%
7/01/24
$
10,225,000
340
(k)
Fixed
Income
Clearing
Corporation
1.600%
7/01/24
339,825
TOTAL
REPURCHASE
AGREEMENTS
(cost
$10,564,825)
10,564,825
TOTAL
SHORT-TERM
INVESTMENTS
(cost
$10,564,825)
10,564,825
TOTAL
INVESTMENTS
(cost
$458,689,653
)
-
141.8%
439,111,253
BORROWINGS
-
(38.4)%
(l),(m)
(119,000,000)
OTHER
ASSETS
&
LIABILITIES,
NET
- (3.4)%
(10,500,908)
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
309,610,345
Interest
Rate
Swaps
-
OTC
Uncleared
Counterparty
Notional
Amount
Fund
Pay/Receive
Floating
Rate
Floating
Rate
Index
Fixed
Rate
(Annualized)
Fixed
Rate
Payment
Frequency
Effective
Date
(n)
Optional
Termination
Date
Maturity
Date
Value
Unrealized
Appreciation
(Depreciation)
Morgan
Stanley
Capital
Services
LLC
$
87,400,000
Receive
1-Month
LIBOR
1.994%
Monthly
6/01/18
7/01/25
7/01/27
$
2,853,113
$
2,853,113
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.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$283,866,157
or
64.6%
of
Total
Investments.
(c)
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
Secured
Overnight
Financing
Rate
(“SOFR”),
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.
(d)
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.
(e)
Perpetual
security.
Maturity
date
is
not
applicable.
(f)
Variable
rate
security.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(g)
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.
(h)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(i)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(j)
Agreement
with
Fixed
Income
Clearing
Corporation,
5.270%
dated
6/28/24
to
be
repurchased
at
$10,229,491
on
7/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
4.000%
and
maturity
date
1/31/31,
valued
at
$10,429,637.
(k)
Agreement
with
Fixed
Income
Clearing
Corporation,
1.600%
dated
6/28/24
to
be
repurchased
at
$339,870
on
7/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
0.750%
and
maturity
date
8/31/26,
valued
at
$346,763.
(l)
Borrowings
as
a
percentage
of
Total
Investments
is
27.1%.
(m)
The
Fund
may
pledge
up
to
100%
of
its
eligible
investment
(excluding
any
investments
pledged
as
collateral
to
specific
investments
in
derivatives,
when
applicable)
in
the
Portfolio
of
Investments
as
collateral
for
borrowings.
(n)
Effective
date
represents
the
date
on
which
both
the
Fund
and
counterparty
commence
interest
payment
accruals
on
each
contract.
DD1
Portion
of
investment
purchased
on
a
delayed
delivery
basis.
LIBOR
London
Inter-Bank
Offered
Rate
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.
27
Reg
S
Regulation
S
allows
U.S.
companies
to
sell
securities
to
persons
or
entities
located
outside
of
the
United
States
without
registering
those
securities
with
the
Securities
and
Exchange
Commission.
Specifically,
Regulation
S
provides
a
safe
harbor
from
the
registration
requirements
of
the
Securities
Act
for
the
offers
and
sales
of
securities
by
both
foreign
and
domestic
issuers
that
are
made
outside
the
United
States.
REIT
Real
Estate
Investment
Trust
SOFR
180A
180
Day
Average
Secured
Overnight
Financing
Rate
SOFR
30A
30
Day
Average
Secured
Overnight
Financing
Rate
SOFR
90A
90
Day
Average
Secured
Overnight
Financing
Rate
TSFR
1M
CME
Term
SOFR
1
Month
TSFR
3M
CME
Term
SOFR
3
Month
WI/DD
When-issued
or
delayed
delivery
security.
See
Notes
to
Financial
Statements
28
Nuveen
Core
Plus
Impact
Fund
Consolidated
Portfolio
of
Investments
June
30,
2024
(Unaudited)
NPCT
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
LONG-TERM
INVESTMENTS
-
148.5%
(98.8%
of
Total
Investments)
X
–
CORPORATE
BONDS
-
83.5%
(55.6%
of
Total
Investments)
X
286,162,289
AUTOMOBILES
&
COMPONENTS
-
1.9%
$
4,000
Dana
Inc
4.250%
9/01/30
$
3,491,770
3,510
Ford
Motor
Co
3.250%
2/12/32
2,900,782
TOTAL
AUTOMOBILES
&
COMPONENTS
6,392,552
BANKS
-
15.1%
5,000
(b)
Citigroup
Inc
2.014%
1/25/26
4,892,690
2,500
Citigroup
Inc
1.281%
11/03/25
2,460,957
17,000
(c)
Intesa
Sanpaolo
SpA
4.950%
6/01/42
12,703,220
3,583
JPMorgan
Chase
&
Co
0.768%
8/09/25
3,563,387
5,000
(b)
Lloyds
Banking
Group
PLC
4.976%
8/11/33
4,777,218
10,000
(b),(c)
Standard
Chartered
PLC
5.300%
1/09/43
9,201,847
15,000
(b),(c)
UniCredit
SpA
5.459%
6/30/35
14,051,622
TOTAL
BANKS
51,650,941
CAPITAL
GOODS
-
2.4%
5,800
(b)
GATX
Corp
3.100%
6/01/51
3,664,151
5,000
(c)
Sociedad
de
Transmision
Austral
SA
4.000%
1/27/32
4,469,904
TOTAL
CAPITAL
GOODS
8,134,055
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
0.5%
1,625
(c)
Ambipar
Lux
Sarl
9.875%
2/06/31
1,575,793
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
1,575,793
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
2.3%
10,000
Nordstrom
Inc
5.000%
1/15/44
8,074,720
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
8,074,720
CONSUMER
DURABLES
&
APPAREL
-
1.5%
5,000
EUR
(d)
Arcelik
AS,
Reg
S
3.000%
5/27/26
5,163,320
TOTAL
CONSUMER
DURABLES
&
APPAREL
5,163,320
CONSUMER
SERVICES
-
1.2%
2,160
YMCA
of
Greater
New
York
2.303%
8/01/26
1,993,655
2,305
YMCA
of
Greater
New
York
5.021%
8/01/38
1,975,211
TOTAL
CONSUMER
SERVICES
3,968,866
ENERGY
-
3.8%
15,000
(b),(c)
Santos
Finance
Ltd
3.649%
4/29/31
13,106,197
TOTAL
ENERGY
13,106,197
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
0.5%
2,000
Host
Hotels
&
Resorts
LP
2.900%
12/15/31
1,670,802
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
1,670,802
FINANCIAL
SERVICES
-
8.4%
2,400
Community
Preservation
Corp/The
2.867%
2/01/30
2,090,864
9,915
(c)
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
3.375%
6/15/26
9,349,319
2,000
(c)
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
3.750%
9/15/30
1,744,704
1,000
(c)
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
8.000%
6/15/27
1,039,638
5,400
EUR
(d)
Power
Finance
Corp
Ltd
1.841%
9/21/28
5,182,410
5,710
(c)
Starwood
Property
Trust
Inc
4.375%
1/15/27
5,406,066
4,292
(c)
Starwood
Property
Trust
Inc
3.625%
7/15/26
4,037,370
TOTAL
FINANCIAL
SERVICES
28,850,371
29
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
MATERIALS
-
6.4%
$
345
(c)
Alcoa
Nederland
Holding
BV
7.125%
3/15/31
$
354,569
1,550
(c)
Cemex
SAB
de
CV
9.125%
12/30/49
1,653,525
5,000
(c)
LG
Chem
Ltd
2.375%
7/07/31
4,129,085
5,000
LYB
International
Finance
III
LLC
3.800%
10/01/60
3,396,073
7,830
(c)
Star
Energy
Geothermal
Wayang
Windu
Ltd
6.750%
4/24/33
7,877,191
5,000
(b)
Teck
Resources
Ltd
5.200%
3/01/42
4,467,120
TOTAL
MATERIALS
21,877,563
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.6%
2,250
EUR
(d)
GTC
Aurora
Luxembourg
SA,
Reg
S
2.250%
6/23/26
2,127,317
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
2,127,317
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
1.4%
5,000
SK
Battery
America
Inc,
Reg
S
2.125%
1/26/26
4,695,375
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
4,695,375
TELECOMMUNICATION
SERVICES
-
3.0%
5,000
Verizon
Communications
Inc
2.987%
10/30/56
3,061,097
10,000
Vodafone
Group
PLC
5.125%
6/04/81
7,354,665
TOTAL
TELECOMMUNICATION
SERVICES
10,415,762
TRANSPORTATION
-
1.4%
7,000
Norfolk
Southern
Corp
4.100%
5/15/21
4,939,192
TOTAL
TRANSPORTATION
4,939,192
UTILITIES
-
33.1%
1,750
AES
Corp/The
2.450%
1/15/31
1,440,793
15,000
(b),(c)
Brooklyn
Union
Gas
Co/The
4.273%
3/15/48
11,304,367
5,100
(c)
Clearway
Energy
Operating
LLC
3.750%
1/15/32
4,336,068
7,050
(c)
Colbun
SA
3.150%
1/19/32
5,935,526
2,244
Consolidated
Edison
Co
of
New
York
Inc
4.300%
12/01/56
1,767,361
5,000
EUR
(d)
EDP
-
Energias
de
Portugal
SA
1.875%
3/14/82
4,645,248
5,968
(c)
India
Cleantech
Energy2021
1
4.700%
8/10/26
5,672,109
6,650
(c)
Interchile
SA
4.500%
6/30/56
5,588,387
369
Inversiones
Latin
America
Power
SpA,
(cash
12.000%,
PIK
14.000%)
12.000%
6/15/33
365,008
4,225
(c)
Inversiones
Latin
America
Power
SpA,
(cash
9.500%,
PIK
11.500%)
11.000%
6/15/33
3,802,329
2,000
(c)
Leeward
Renewable
Energy
Operations
LLC
4.250%
7/01/29
1,787,378
7,330
(b),(c)
Liberty
Utilities
Finance
GP
1
2.050%
9/15/30
5,995,447
2,033
(c)
NextEra
Energy
Operating
Partners
LP
7.250%
1/15/29
2,084,781
7,000
(c)
Pattern
Energy
Operations
LP
/
Pattern
Energy
Operations
Inc
4.500%
8/15/28
6,479,317
2,553
(c)
Solar
Star
Funding
LLC
5.375%
6/30/35
2,486,817
13,000
(b)
Southern
California
Edison
Co
3.650%
6/01/51
9,166,900
4,000
Southern
Co
Gas
Capital
Corp
3.150%
9/30/51
2,517,926
5,000
(c)
Star
Energy
Geothermal
Darajat
II
/
Star
Energy
Geothermal
Salak
4.850%
10/14/38
4,574,136
8,075
(c)
Sunnova
Energy
Corp
5.875%
9/01/26
6,278,312
9,492
(c)
Sweihan
PV
Power
Co
PJSC2022
1
3.625%
1/31/49
7,602,890
8,933
(c)
Topaz
Solar
Farms
LLC
4.875%
9/30/39
7,950,579
4,005
(c)
Topaz
Solar
Farms
LLC
5.750%
9/30/39
3,874,609
2,585
(c)
UEP
Penonome
II
SA2020
1
6.500%
10/01/38
2,168,863
5,800
Vena
Energy
Capital
Pte
Ltd,
Reg
S
3.133%
2/26/25
5,694,312
TOTAL
UTILITIES
113,519,463
TOTAL
CORPORATE
BONDS
(cost
$347,728,184)
286,162,289
Nuveen
Core
Plus
Impact
Fund
(continued)
Consolidated
Portfolio
of
Investments
June
30,
2024
(Unaudited)
30
NPCT
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X
–
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
22.3%
(14.8%
of
Total
Investments)
X
76,271,511
BANKS
-
7.4%
$
10,375
(c)
Banco
Nacional
de
Comercio
Exterior
SNC/Cayman
Islands
2.720%
8/11/31
$
9,211,822
4,250
Citigroup
Inc
4.150%
N/A
(e)
3,966,847
3,250
JPMorgan
Chase
&
Co
3.650%
N/A
(e)
3,074,044
10,195
PNC
Financial
Services
Group
Inc/The
3.400%
N/A
(e)
9,146,647
TOTAL
BANKS
25,399,360
CAPITAL
GOODS
-
3.3%
12,000
Air
Lease
Corp
4.650%
N/A
(e)
11,390,623
TOTAL
CAPITAL
GOODS
11,390,623
FINANCIAL
SERVICES
-
2.0%
7,200
American
Express
Co
3.550%
N/A
(e)
6,711,841
TOTAL
FINANCIAL
SERVICES
6,711,841
INSURANCE
-
1.4%
4,800
(c)
Swiss
Re
Finance
Luxembourg
SA
5.000%
4/02/49
4,620,000
TOTAL
INSURANCE
4,620,000
UTILITIES
-
8.2%
1,700
AES
Corp/The
7.600%
1/15/55
1,721,018
5,000
Algonquin
Power
&
Utilities
Corp
4.750%
1/18/82
4,574,059
2,500
CMS
Energy
Corp
4.750%
6/01/50
2,289,357
2,500
CMS
Energy
Corp
3.750%
12/01/50
2,089,949
8,000
EUR
(d)
Engie
SA,
Reg
S
1.875%
N/A
(e)
7,059,260
4,600
Sempra
4.125%
4/01/52
4,234,072
5,000
Southern
Co/The
3.750%
9/15/51
4,695,005
1,500
(c)
Vistra
Corp
7.000%
N/A
(e)
1,486,967
TOTAL
UTILITIES
28,149,687
TOTAL
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
(cost
$85,225,505)
76,271,511
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X–
MORTGAGE-BACKED
SECURITIES
-
19.4%
(12.9%
of
Total
Investments)
X
66,515,402
$
6,500
(c),(f)
Alen
2021-ACEN
Mortgage
Trust,
(TSFR1M
reference
rate
+
0.041%
spread),
2021
ACEN
9.443%
4/15/34
$
3,300,950
5,000
(c),(f)
BAMLL
Commercial
Mortgage
Securities
Trust
2021-JACX,
(TSFR1M
reference
rate
+
3.864%
spread),
2021
JACX
9.193%
9/15/38
3,827,010
4,000
(c)
BBCMS
Mortgage
Trust
2020-C6,
2020
C6
3.811%
2/15/53
2,741,505
3,840
(c)
Benchmark
2019-B10
Mortgage
Trust,
2019
B10
4.029%
3/15/62
2,725,777
7,887
(c)
COMM
2020-CX
Mortgage
Trust,
2020
CX
2.773%
11/10/46
5,473,287
45,466
Freddie
Mac
Multifamily
ML
Certificates,
2021
ML12,
(I/O)
1.304%
7/25/41
4,323,328
28,051
Freddie
Mac
Multifamily
ML
Certificates,
2021
ML10,
(I/O)
2.127%
1/25/38
4,002,006
64,977
(c)
Freddie
Mac
Multifamily
ML
Certificates,
2021
ML11,
(I/O)
0.770%
3/25/38
3,331,386
24,472
Freddie
Mac
Multifamily
ML
Certificates,
2023
ML18
1.508%
9/25/37
2,540,733
500
(c)
Hudson
Yards
2016-10HY
Mortgage
Trust,
2016
10HY
2.835%
8/10/38
467,936
2,500
(c)
Hudson
Yards
2019-55HY
Mortgage
Trust,
2019
55HY
3.041%
12/10/41
1,935,579
5,000
(c)
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2018-AON,
2018
AON
4.767%
7/05/31
1,133,674
10,000
(c)
MFT
Trust
2020-ABC,
2020
ABC
3.593%
2/10/42
5,407,592
5,661
(c),(f)
Natixis
Commercial
Mortgage
Securities
Trust
2019-MILE,
(TSFR1M
reference
rate
+
2.829%
spread),
2019
MILE
8.158%
7/15/36
4,423,875
700
(c),(f)
Natixis
Commercial
Mortgage
Securities
Trust
2019-MILE,
(TSFR1M
reference
rate
+
0.036%
spread),
2019
MILE
8.908%
7/15/36
508,811
7,420
(c)
NYC
Commercial
Mortgage
Trust
2021-909,
2021
909
3.312%
4/10/43
4,485,533
3,860
(c)
SLG
Office
Trust
2021-OVA,
2021
OVA
2.851%
7/15/41
2,971,650
7,000
(c)
SLG
Office
Trust
2021-OVA,
2021
OVA
2.851%
7/15/41
5,125,338
31
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X–
MORTGAGE-BACKED
SECURITIES
(continued)
$
80,369
(c)
SLG
Office
Trust
2021-OVA,
2021
OVA,
(I/O)
0.258%
7/15/41
$
1,124,780
3,500
(c)
SUMIT
2022-BVUE
Mortgage
Trust,
2022
BVUE
2.989%
2/12/41
2,175,993
5,000
(c)
VNDO
Trust
2016-350P,
2016
350P
4.033%
1/10/35
4,488,659
TOTAL
MORTGAGE-BACKED
SECURITIES
(cost
$96,509,279)
66,515,402
Shares
Description
(a)
Coupon
Value
X
–
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
6.1%
(4.0%
of
Total
Investments)
X
20,749,968
CAPITAL
GOODS
-
1.6%
269,000
Triton
International
Ltd
5.750%
$
5,509,120
TOTAL
CAPITAL
GOODS
5,509,120
FINANCIAL
SERVICES
-
1.5%
300,000
Affiliated
Managers
Group
Inc
4.200%
4,995,000
TOTAL
FINANCIAL
SERVICES
4,995,000
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.3%
77,904
Brookfield
Property
Partners
LP
5.750%
923,941
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
923,941
UTILITIES
-
2.7%
100,426
Brookfield
Infrastructure
Partners
LP
5.125%
1,863,907
200,000
Brookfield
Renewable
Partners
LP
5.250%
3,678,000
200,000
CMS
Energy
Corp
4.200%
3,780,000
TOTAL
UTILITIES
9,321,907
TOTAL
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
(cost
$28,938,056)
20,749,968
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
–
SOVEREIGN
DEBT
-
5.6%
(3.7%
of
Total
Investments)
X
19,075,769
BENIN
-
2.5%
10,000
EUR
(c)
Benin
Government
International
Bond
4.950%
1/22/35
$
8,451,138
TOTAL
BENIN
8,451,138
CHILE
-
1.1%
$
5,000
Chile
Government
International
Bond
3.100%
5/07/41
3,652,996
TOTAL
CHILE
3,652,996
MEXICO
-
2.0%
5,000
EUR
Mexico
Government
International
Bond
2.250%
8/12/36
4,069,612
3,150
Mexico
Government
International
Bond
4.875%
5/19/33
2,902,023
TOTAL
MEXICO
6,971,635
TOTAL
SOVEREIGN
DEBT
(cost
$25,524,457)
19,075,769
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X–
ASSET-BACKED
SECURITIES
-
3.8%
(2.6%
of
Total
Investments)
X
13,154,097
1,000
(c)
Frontier
Issuer
LLC,
2023
1
8.300%
8/20/53
$
1,026,005
1,000
(c)
Frontier
Issuer
LLC,
2023
1
11.500%
8/20/53
1,009,445
2,065
(c)
GoodLeap
Sustainable
Home
Solutions
Trust
2021-3,
2021
3CS
3.500%
5/20/48
1,398,272
2,282
(c)
GoodLeap
Sustainable
Home
Solutions
Trust
2021-4,
2021
4GS
3.500%
7/20/48
1,632,670
5,481
(c),(g)
Mosaic
Solar
Loan
Trust
2019-2,
2019
2A
0.000%
9/20/40
2,149,198
6,450
(c),(g)
Mosaic
Solar
Loan
Trust
2020-1,
2020
1A
0.000%
4/20/46
3,449,460
Nuveen
Core
Plus
Impact
Fund
(continued)
Consolidated
Portfolio
of
Investments
June
30,
2024
(Unaudited)
32
NPCT
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X–
ASSET-BACKED
SECURITIES
(continued)
$
2,500
(c)
Tesla
Auto
Lease
Trust
2021-B,
2021
B
1.320%
9/22/25
$
2,489,047
TOTAL
ASSET-BACKED
SECURITIES
(cost
$18,027,564)
13,154,097
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(h)
Value
X
–
MUNICIPAL
BONDS
-
3.7%
(2.4%
of
Total
Investments)
X
12,596,817
ARIZONA
-
0.2%
$
810
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
KIPPC
NYC
Public
Charter
Schools
-
Gerard
Facility
Project,
Series
2021C,
3.250%,
7/01/31
No
Opt.
Call
$
714,481
TOTAL
ARIZONA
714,481
DISTRICT
OF
COLUMBIA
-
0.1%
254
District
of
Columbia
Water
and
Sewer
Authority,
Public
Utility
Revenue
Bonds,
Taxable
Senior
Lien
Green
Series
2014A,
4.814%,
10/01/14
No
Opt.
Call
228,419
TOTAL
DISTRICT
OF
COLUMBIA
228,419
INDIANA
-
0.0%
234
(i)
Fort
Wayne,
Indiana
Economic
Development,
Solid
Waste
Facility
Revenue
Bonds,
Do
Good
Foods
LLC
Fort
Wayne,
Taxable
Series
2022A-2,
10.750%,
12/01/29
No
Opt.
Call
23
TOTAL
INDIANA
23
MICHIGAN
-
1.5%
City
of
Detroit,
Michigan,
General
Obligation
Bonds,
Series
2021
:
1,000
2.960%,
4/01/27
No
Opt.
Call
933,713
500
3.110%,
4/01/28
No
Opt.
Call
459,955
2,245
3.244%,
4/01/29
No
Opt.
Call
2,035,199
425
3.344%,
4/01/30
No
Opt.
Call
378,360
1,575
Detroit,
Wayne
County,
Michigan,
General
Obligation
Bonds,
Taxable
Series
2021B,
3.644%,
4/01/34
4/31
at
100.00
1,345,850
TOTAL
MICHIGAN
5,153,077
MONTANA
-
0.3%
1,000
(c)
County
of
Gallatin,
Montana,
Series
2022,
11.500%,
9/01/27
9/25
at
103.00
1,028,285
TOTAL
MONTANA
1,028,285
NEW
HAMPSHIRE
-
0.8%
62,000
New
Hampshire
Business
Finance
Authority,
0.594%,
8/20/39
No
Opt.
Call
2,615,780
TOTAL
NEW
HAMPSHIRE
2,615,780
NEW
YORK
-
0.8%
415
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Taxable
Green
Climate
Certified
Series
2020C-2,
5.175%,
11/15/49
No
Opt.
Call
374,903
2,500
New
York
Transportation
Development
Corp,
6.971%,
6/30/51
No
Opt.
Call
2,481,849
TOTAL
NEW
YORK
2,856,752
TOTAL
MUNICIPAL
BONDS
(cost
$13,706,483)
12,596,817
33
A
Investments
in
Derivatives
Principal
Amount
(000)
Description
(a)
Coupon
(j)
Reference
Rate
(j)
Spread
(j)
Maturity
(k)
Value
X
–
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
-
3.3%
(2.2%
of
Total
Investments)
(j)
X
11,201,905
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
3.0%
$
10,312
Liberty
Tire
Recycling
Holdco,
LLC,
Term
Loan
9.958%
SOFR30A
4.500%
5/08/28
$
10,163,503
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
10,163,503
UTILITIES
-
0.3%
1,035
ExGen
Renewables
IV,
LLC,
Term
Loan
8.109%
3-Month
LIBOR
2.500%
12/15/27
1,038,402
TOTAL
UTILITIES
1,038,402
TOTAL
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
(cost
$11,315,709)
11,201,905
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X
–
U.S.
GOVERNMENT
AND
AGENCY
OBLIGATIONS
-
0.7%
(0.5%
of
Total
Investments)
X
2,386,765
$
1,644
United
States
Treasury
Note/Bond
4.500%
5/31/29
$
1,655,174
604
United
States
Treasury
Note/Bond
4.875%
5/31/26
605,227
126
United
States
Treasury
Note/Bond
4.625%
6/15/27
126,364
TOTAL
U.S.
GOVERNMENT
AND
AGENCY
OBLIGATIONS
(cost
$2,376,556)
2,386,765
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X
–
CONVERTIBLE
BONDS
-
0.1%
(0.1%
of
Total
Investments)
X
299,279
UTILITIES
-
0.1%
$
2,817
(c),(g)
ILAP
Holdings
LTD,
(cash
5.000%,
PIK
5.000%)
5.000%
6/15/33
$
299,279
TOTAL
UTILITIES
299,279
TOTAL
CONVERTIBLE
BONDS
(cost
$436,793)
299,279
TOTAL
LONG-TERM
INVESTMENTS
(cost
$629,788,586)
508,413,802
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
1.7% (1.2%
of
Total
Investments)
X
–
REPURCHASE
AGREEMENTS
-
1.7%
(1.2%
of
Total
Investments)
X
5,927,900
$
4,303
(l)
Fixed
Income
Clearing
Corporation
1.600%
7/01/24
$
4,302,900
1,625
(m)
Fixed
Income
Clearing
Corporation
5.270%
7/01/24
1,625,000
TOTAL
REPURCHASE
AGREEMENTS
(cost
$5,927,900)
5,927,900
TOTAL
SHORT-TERM
INVESTMENTS
(cost
$5,927,900)
5,927,900
TOTAL
INVESTMENTS
(cost
$635,716,486
)
-
150.2%
514,341,702
BORROWINGS
-
(18.2)%
(n),(o)
(62,500,000)
REVERSE
REPURCHASE
AGREEMENTS,
INCLUDING
ACCRUED
INTEREST
-
(14.4)%(p)
(49,166,427)
TFP
SHARES,
NET
-
(20.4)%(q)
(69,700,024)
OTHER
ASSETS
&
LIABILITIES,
NET
- 2.8%
9,507,539
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
342,482,790
Nuveen
Core
Plus
Impact
Fund
(continued)
Consolidated
Portfolio
of
Investments
June
30,
2024
(Unaudited)
34
NPCT
Cross
Currency
Swaps
-
OTC
Uncleared
Counterparty
Terms
of
payments
to
be
paid
Terms
of
payments
to
be
received
Currency
Maturity
Date
Notional
Amount
(Local
Currency)
Value
Upfront
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Citibank
N.A.
Fixed
annual
2.250%
Fixed
semi-annual
3.562%
USD
EUR
6/23/26
2,725,875
2,250,000
$
301,253
$
25,485
$
275,768
Citibank
N.A.
Fixed
semi-annual
1.875%
Fixed
annual
3.472%
USD
EUR
7/02/31
5,904,500
5,000,000
646,965
15,972
630,993
Citibank
N.A.
Fixed
semi-annual
1.875%
Fixed
annual
3.493%
USD
EUR
7/02/31
3,543,900
3,000,000
394,214
(7,179)
401,393
Citibank
N.A.
Fixed
semi-annual
2.250%
Fixed
annual
3.775%
USD
EUR
8/12/36
5,909,000
5,000,000
720,426
12,344
708,082
JPMorgan
Chase
Bank,
N.A.
Fixed
semi-annual
1.875%
Fixed
annual
3.431%
USD
EUR
6/14/29
5,905,000
5,000,000
571,350
(2,930)
574,280
Morgan
Stanley
Capital
Services
LLC
Fixed
semi-annual
3.000%
Fixed
annual
4.330%
USD
EUR
5/27/26
6,088,500
5,000,000
717,234
4,250
712,984
Morgan
Stanley
Capital
Services
LLC
Fixed
semi-annual
1.841%
Fixed
annual
3.337%
USD
EUR
9/21/28
6,376,320
5,400,000
582,784
(3)
582,787
Total
$
3,934,226
$
47,939
$
3,886,287
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.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
reverse
repurchase
agreements.
As
of
the
end
of
the
reporting
period,
investments
with
a
value
of
$67,543,921
have
been
pledged
as
collateral
for
reverse
repurchase
agreements.
(c)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$272,522,888
or
53.0%
of
Total
Investments.
(d)
All
or
a
portion
of
this
security
is
owned
by
Nuveen
Core
Plus
Impact
Fund
Ltd.
which
is
a
100%
owned
subsidiary
of
the
fund.
(e)
Perpetual
security.
Maturity
date
is
not
applicable.
(f)
Variable
rate
security.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(g)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(h)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns.
(i)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(j)
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
Secured
Overnight
Financing
Rate
(“SOFR”),
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.
(k)
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.
(l)
Agreement
with
Fixed
Income
Clearing
Corporation,
1.600%
dated
6/28/24
to
be
repurchased
at
$4,303,474
on
7/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
0.750%
and
maturity
date
8/31/26,
valued
at
$4,389,006.
(m)
Agreement
with
Fixed
Income
Clearing
Corporation,
5.270%
dated
6/28/24
to
be
repurchased
at
$1,625,713
on
7/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
4.625%
and
maturity
date
9/30/30,
valued
at
$1,657,508.
(n)
Borrowings
as
a
percentage
of
Total
Investments
is
12.2%.
(o)
The
Fund
may
pledge
up
to
100%
of
its
eligible
investment
(excluding
any
investments
pledged
as
collateral
to
specific
investments
in
derivatives,
when
applicable)
in
the
Portfolio
of
Investments
as
collateral
for
borrowings.
(p)
Reverse
Repurchase
Agreements,
including
accrued
interest
as
a
percentage
of
Total
investments
is
9.6%.
(q)
TFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
13.6%.
EUR
Euro
I/O
Interest
only
security
LIBOR
London
Inter-Bank
Offered
Rate
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.
REIT
Real
Estate
Investment
Trust
35
SOFR
30A
30
Day
Average
Secured
Overnight
Financing
Rate
TSFR
1M
CME
Term
SOFR
1
Month
See
Notes
to
Financial
Statements
36
Nuveen
Mortgage
and
Income
Fund
Portfolio
of
Investments
June
30,
2024
(Unaudited)
JLS
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
LONG-TERM
INVESTMENTS
-
132.9%
(99.7%
of
Total
Investments)
X
–
MORTGAGE-BACKED
SECURITIES
-
91.2%
(68.4%
of
Total
Investments)
X
97,268,873
$
500
(b),(c)
Alen
2021-ACEN
Mortgage
Trust,
(TSFR1M
reference
rate
+
0.041%
spread),
2021
ACEN
9.443%
4/15/34
$
253,919
1,000
(d)
BANK
2017-BNK6,
2017
BNK6
3.851%
7/15/60
876,900
1,000
(c)
BANK
2019-BNK21,
2019
BN21
2.500%
10/17/52
640,222
1,000
(c)
BBCMS
Mortgage
Trust
2020-C6,
2020
C6
3.811%
2/15/53
768,990
1,750
(c)
BBCMS
Trust
2015-SRCH,
2015
SRCH
5.122%
8/10/35
1,478,088
1,500
(c)
Benchmark
2020-B18
Mortgage
Trust,
2020
B18
4.139%
7/15/53
1,386,146
845
(d)
CD
2016-CD1
Mortgage
Trust,
2016
CD1
3.631%
8/10/49
607,718
1,500
CD
2016-CD2
Mortgage
Trust,
2016
CD2
4.109%
11/10/49
1,133,565
1,978
CD
2017-CD3
Mortgage
Trust,
2017
CD3
4.689%
2/10/50
780,000
24
(c)
CF
2020-P1
Mortgage
Trust,
2020
P1
2.840%
4/15/25
23,494
672
(c)
CFK
Trust
2019-FAX,
2019
FAX
4.791%
1/15/39
597,880
389
CHL
Mortgage
Pass-Through
Trust
2006-HYB1,
2006
HYB1
4.780%
3/20/36
344,384
1,500
(c),(d)
COMM
2013-LC13
Mortgage
Trust,
2013
LC13
5.571%
8/10/46
1,239,422
925
(d)
COMM
2014-CCRE15
Mortgage
Trust,
2014
CR15
4.082%
2/10/47
873,645
1,000
(d)
COMM
2014-CCRE17
Mortgage
Trust,
2014
CR17
4.377%
5/10/47
943,391
1,000
(d)
COMM
2014-UBS2
Mortgage
Trust,
2014
UBS2
4.947%
3/10/47
899,297
1,500
(c)
COMM
2014-UBS3
Mortgage
Trust,
2014
UBS3
4.767%
6/10/47
672,818
1,400
(c)
COMM
2015-CCRE22
Mortgage
Trust,
2015
CR22
3.000%
3/10/48
930,694
2,000
(d)
COMM
2015-CCRE23
Mortgage
Trust,
2015
CR23
4.413%
5/10/48
1,822,743
1,800
(d)
COMM
2015-CCRE24
Mortgage
Trust,
2015
CR24
3.463%
8/10/48
1,588,217
800
(d)
COMM
2015-CCRE25
Mortgage
Trust,
2015
CR25
4.668%
8/10/48
770,875
1,245
(d)
COMM
2015-CCRE25
Mortgage
Trust,
2015
CR25
3.768%
8/10/48
1,128,890
654
(d)
COMM
Mortgage
Trust
4.585%
2/10/47
623,473
625
(b),(c)
Connecticut
Avenue
Securities
Trust
2021-R03,
(SOFR30A
reference
rate
+
0.055%
spread),
2021
R03
10.835%
12/25/41
656,876
2,100
(b),(c)
Connecticut
Avenue
Securities
Trust
2022-R01,
(SOFR30A
reference
rate
+
0.060%
spread),
2022
R01
11.335%
12/25/41
2,217,658
2,550
(b),(c),(d)
Connecticut
Avenue
Securities
Trust
2022-R02,
(SOFR30A
reference
rate
+
0.045%
spread),
2022
R02
9.835%
1/25/42
2,687,860
2,000
(b),(c)
Connecticut
Avenue
Securities
Trust
2022-R03,
(SOFR30A
reference
rate
+
6.250%
spread),
2022
R03
11.585%
3/25/42
2,225,069
1,000
(b),(c)
Connecticut
Avenue
Securities
Trust
2022-R03,
(SOFR30A
reference
rate
+
0.099%
spread),
2022
R03
14.823%
3/25/42
1,147,672
2,840
(b),(c)
Connecticut
Avenue
Securities
Trust
2022-R05,
(SOFR30A
reference
rate
+
0.070%
spread),
2022
R05
12.335%
4/25/42
3,118,181
1,900
(b),(c)
Connecticut
Avenue
Securities
Trust
2022-R07,
(SOFR30A
reference
rate
+
0.012%
spread),
2022
R07
17.335%
6/25/42
2,318,558
960
(b),(c),(d)
Connecticut
Avenue
Securities
Trust
2022-R07,
(SOFR30A
reference
rate
+
6.800%
spread),
2022
R07
12.135%
6/25/42
1,089,789
450
(b),(c)
Connecticut
Avenue
Securities
Trust
2022-R09,
(SOFR30A
reference
rate
+
0.068%
spread),
2022
R09
12.085%
9/25/42
503,260
4,000
(b),(c),(d)
Connecticut
Avenue
Securities
Trust
2023-R02,
(SOFR30A
reference
rate
+
0.056%
spread),
2023
R02
10.885%
1/25/43
4,434,222
2,250
(b),(c),(d)
Connecticut
Avenue
Securities
Trust
2023-R05,
(SOFR30A
reference
rate
+
0.048%
spread),
2023
R05
10.085%
6/25/43
2,457,871
2,280
(b),(c),(d)
Connecticut
Avenue
Securities
Trust
2023-R06,
(SOFR30A
reference
rate
+
0.039%
spread),
2023
R06
9.188%
7/25/43
2,423,945
33,000
(c)
DOLP
Trust
2021-NYC,
2021
NYC,
(I/O)
0.665%
5/10/41
1,113,103
82
(c)
Flagstar
Mortgage
Trust
2017-2,
2017
2
3.985%
10/25/47
71,679
7,578
Freddie
Mac
Multifamily
ML
Certificates,
2021
ML12,
(I/O)
1.304%
7/25/41
720,555
3,000
(b),(c),(d)
Freddie
Mac
STACR
REMIC
Trust
2021-DNA6,
(SOFR30A
reference
rate
+
0.075%
spread),
2021
DNA6
12.835%
10/25/41
3,246,464
2,275
(b),(c)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA1,
(SOFR30A
reference
rate
+
0.034%
spread),
2022
DNA1
8.735%
1/25/42
2,351,283
1,000
(b),(c)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA1,
(SOFR30A
reference
rate
+
0.071%
spread),
2022
DNA1
12.435%
1/25/42
1,074,412
37
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X–
MORTGAGE-BACKED
SECURITIES
(continued)
$
4,900
(b),(c)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA2,
(SOFR30A
reference
rate
+
0.048%
spread),
2022
DNA2
10.085%
2/25/42
$
5,234,122
1,000
(b),(c)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA2,
(SOFR30A
reference
rate
+
0.085%
spread),
2022
DNA2
13.788%
2/25/42
1,110,388
3,750
(b),(c),(d)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA3,
(SOFR30A
reference
rate
+
0.057%
spread),
2022
DNA3
8.647%
4/25/42
4,084,848
2,245
(b),(c)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA3,
(SOFR30A
reference
rate
+
0.098%
spread),
2022
DNA3
15.087%
4/25/42
2,571,825
107
(b)
Freddie
Mac
Strips,
(SOFR30A
reference
rate
+
0.058%
spread),
2014
327,
(I/O)
0.472%
3/15/44
8,362
6,700
(b),(d)
Government
National
Mortgage
Association,
(SOFR30A
reference
rate
+
0.063%
spread),
2020
133,
(I/O)
0.917%
9/20/50
658,482
1,100
(b),(c)
GS
Mortgage
Securities
Corp
Trust
2018-TWR,
(TSFR1M
reference
rate
+
0.019%
spread),
2018
TWR
7.226%
7/15/31
429,000
700
(b),(c)
GS
Mortgage
Securities
Corp
Trust
2018-TWR,
(TSFR1M
reference
rate
+
2.397%
spread),
2018
TWR
7.726%
7/15/31
198,450
892
(b),(c)
GS
Mortgage
Securities
Corp
Trust
2018-TWR,
(TSFR1M
reference
rate
+
4.222%
spread),
2018
TWR
9.551%
7/15/31
18,732
1,000
(b),(c)
GS
Mortgage
Securities
Corp
Trust
2018-TWR,
(TSFR1M
reference
rate
+
1.747%
spread),
2018
TWR
7.076%
7/15/31
600,000
700
(b),(c)
GS
Mortgage
Securities
Corp
Trust
2018-TWR,
(TSFR1M
reference
rate
+
3.097%
spread),
2018
TWR
8.426%
7/15/31
117,600
1,000
(b),(c),(d)
GS
Mortgage
Securities
Corp
Trust
2021-ARDN,
(TSFR1M
reference
rate
+
2.864%
spread),
2021
ARDN
8.193%
11/15/36
987,365
1,400
(b),(c),(d)
GS
Mortgage
Securities
Corp
Trust
2021-ARDN,
(TSFR1M
reference
rate
+
0.035%
spread),
2021
ARDN
8.793%
11/15/36
1,380,645
2,000
(d)
GS
Mortgage
Securities
Trust
2016-GS4,
2016
GS4
4.076%
11/10/49
1,698,179
1,000
(c)
Hudson
Yards
2019-55HY
Mortgage
Trust,
2019
55HY
3.041%
12/10/41
774,232
377
(c)
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2019-ICON
UES,
2019
UES
4.601%
5/05/32
359,619
441
(c)
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2019-ICON
UES,
2019
UES
4.601%
5/05/32
418,406
366
(c)
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2020-NNN,
2020
NNN
3.972%
1/16/37
141,880
2,000
(d)
JPMBB
Commercial
Mortgage
Securities
Trust
2014-C22,
2014
C22
4.694%
9/15/47
1,753,813
1,000
(d)
JPMBB
Commercial
Mortgage
Securities
Trust
2015-C27,
2015
C27
3.898%
2/15/48
895,408
760
(d)
JPMBB
Commercial
Mortgage
Securities
Trust
2015-C29,
2015
C29
4.118%
5/15/48
724,323
1,189
(d)
JPMBB
Commercial
Mortgage
Securities
Trust
2016-C1,
2016
C1
4.858%
3/17/49
1,086,779
2,000
(d)
JPMCC
Commercial
Mortgage
Securities
Trust
2017-JP5,
2017
JP5
3.904%
3/15/50
1,663,323
1,930
(d)
JPMCC
Commercial
Mortgage
Securities
Trust
2017-JP6,
2017
JP6
3.851%
7/15/50
1,473,304
1,500
(c)
JPMCC
Commercial
Mortgage
Securities
Trust
2017-JP6,
2017
JP6
4.601%
7/15/50
1,073,928
1,849
(c),(d)
JPMCC
Commercial
Mortgage
Securities
Trust
2017-JP7,
2017
JP7
4.518%
9/15/50
1,472,818
1,214
(d)
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2014
C19,
2014
C19
4.000%
12/15/47
1,152,190
226
Morgan
Stanley
Capital
I
Trust
2015-MS1,
2015
MS1
4.157%
5/15/48
211,807
180
Morgan
Stanley
Mortgage
Loan
Trust
2007-15AR,
2007
15AR
3.370%
11/25/37
122,015
1,000
(c)
MRCD
2019-MARK
Mortgage
Trust,
2019
PARK
2.718%
12/15/36
635,100
250
(c)
MSCG
Trust
2015-ALDR,
2015
ALDR
3.577%
6/07/35
218,466
750
(c)
MSCG
Trust
2015-ALDR,
2015
ALDR
3.577%
6/07/35
666,720
1,050
(b),(c)
Natixis
Commercial
Mortgage
Securities
Trust
2019-MILE,
(TSFR1M
reference
rate
+
0.043%
spread),
2019
MILE
9.658%
7/15/36
707,698
1,000
(b),(c)
Natixis
Commercial
Mortgage
Securities
Trust
2019-MILE,
(TSFR1M
reference
rate
+
2.829%
spread),
2019
MILE
8.158%
7/15/36
781,465
Nuveen
Mortgage
and
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
38
JLS
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X–
MORTGAGE-BACKED
SECURITIES
(continued)
$
451
(b),(c)
OPEN
Trust,
(TSFR1M
reference
rate
+
0.052%
spread),
2023
AIR
10.565%
10/15/28
$
454,526
1,000
(b),(c)
PKHL
Commercial
Mortgage
Trust
2021-MF,
(TSFR1M
reference
rate
+
2.114%
spread),
2021
MF
7.443%
7/15/38
800,592
1,000
(b),(c),(d)
PKHL
Commercial
Mortgage
Trust
2021-MF,
(TSFR1M
reference
rate
+
0.099%
spread),
2021
MF
6.323%
7/15/38
955,283
1,624
(b),(c),(d)
SMR
2022-IND
Mortgage
Trust,
(TSFR1M
reference
rate
+
0.040%
spread),
2022
IND
9.279%
2/15/39
1,537,011
127,100
(c)
SUMIT
2022-BVUE
Mortgage
Trust,
2022
BVUE,
(I/O)
0.179%
2/12/41
575,649
1,000
(b),(c)
TX
Trust
2024-HOU,
(TSFR1M
reference
rate
+
0.032%
spread),
2024
1
8.558%
6/15/39
994,573
1,250
(c)
VNDO
Trust
2016-350P,
2016
350P
4.033%
1/10/35
1,122,165
1,300
(d)
Wells
Fargo
Commercial
Mortgage
Trust
2015-NXS1,
2015
NXS1
4.254%
5/15/48
1,154,554
TOTAL
MORTGAGE-BACKED
SECURITIES
(cost
$106,577,565)
97,268,873
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X
–
ASSET-BACKED
SECURITIES
-
41.7%
(31.3%
of
Total
Investments)
X
44,546,257
1,214
(c)
AASET
2020-1
Trust,
2020
1A
6.413%
1/16/40
$
358,156
1,500
(b),(c)
ACRE
Commercial
Mortgage
2021-FL4
Ltd,
(TSFR1M
reference
rate
+
0.027%
spread),
2021
FL4
8.046%
12/18/37
1,435,419
515
(c)
Affirm
Asset
Securitization
Trust
2023-B,
2023
B
11.320%
9/15/28
531,726
490
(c),(d)
Air
Canada
2020-2
Class
B
Pass
Through
Trust,
2020
A
9.000%
10/01/25
498,460
550
(c)
Avis
Budget
Rental
Car
Funding
AESOP
LLC,
2021
2A
4.080%
2/20/28
491,467
983
(c)
Bojangles
Issuer
LLC,
2020
1A
3.832%
10/20/50
932,737
250
(c)
Bonanza
RE
Ltd
5.359%
1/08/25
207,925
750
(b),(c)
Bonanza
RE
Ltd,
(3-Month
U.S.
Treasury
Bill
reference
rate
+
8.450%
spread)
12.787%
1/08/26
754,050
250
(b),(c)
Bonanza
RE
Ltd,
(3-Month
U.S.
Treasury
Bill
reference
rate
+
5.620%
spread)
10.988%
3/16/25
235,850
500
(b),(c)
Bonanza
RE
Ltd,
(3-Month
U.S.
Treasury
Bill
reference
rate
+
0.049%
spread),
2020
A
10.270%
12/23/24
482,500
361
(c),(d)
British
Airways
2020-1
Class
B
Pass
Through
Trust,
2020
A
8.375%
11/15/28
378,006
2,000
(c)
Cars
Net
Lease
Mortgage
Notes
Series
2020-1,
2020
1A
4.690%
12/15/50
1,767,683
775
(c)
CARS-DB4
LP,
2020
1A
4.520%
2/15/50
715,290
3
(c),(e)
Carvana
Auto
Receivables
Trust
2021-P2,
2021
P2
0.000%
5/10/28
481,250
250
(b),(c)
Cayuga
Park
CLO
Ltd,
(TSFR3M
reference
rate
+
6.262%
spread),
2020
1A
1.000%
7/17/34
251,178
385
(b),(c)
CIFC
Funding
2020-II
Ltd,
(3-Month
LIBOR
reference
rate
+
0.068%
spread),
2020
2A
12.086%
10/20/34
387,192
375
(b),(c)
CIFC
Funding
2022-II
Ltd,
(TSFR3M
reference
rate
+
7.000%
spread),
2022
2A
12.327%
4/19/35
377,629
750
(b),(c)
CIFC
Funding
2022-IV
Ltd,
(SOFR
reference
rate
+
0.036%
spread),
2022
4A
8.878%
7/16/35
753,032
250
(b),(c)
Citrus
Re
Ltd,
(3-Month
U.S.
Treasury
Bill
reference
rate
+
5.060%
spread)
5.100%
6/07/25
248,025
250
(c)
Cologix
Data
Centers
US
Issuer
LLC,
2021
1A
5.990%
12/26/51
223,281
1,061
(c)
CyrusOne
Data
Centers
Issuer
I
LLC,
2023
1A
5.450%
4/20/48
993,130
1,000
(b),(c)
Elmwood
CLO
26
Ltd,
(TSFR3M
reference
rate
+
6.450%
spread),
2024
1A
11.741%
4/18/37
1,029,062
911
(c)
EWC
Master
Issuer
LLC,
2022
1A
5.500%
3/15/52
867,384
1,500
(c)
Frontier
Issuer
LLC,
2023
1
11.500%
8/20/53
1,514,168
1,500
(c)
Frontier
Issuer
LLC,
2023
1
8.300%
8/20/53
1,539,008
500
(b),(c)
GoldentTree
Loan
Management
US
CLO
1
Ltd,
(3-Month
LIBOR
reference
rate
+
0.078%
spread),
2021
11A
8.563%
10/20/34
473,515
1,000
(b),(c)
GRACIE
POINT
INTERNATIONAL
FUNDING
2023-2,
(SOFR90A
reference
rate
+
0.054%
spread),
2023
2A
10.749%
3/01/27
1,017,711
173
(b),(c)
Gracie
Point
International
Funding
2024-1
LLC,
(SOFR90A
reference
rate
+
7.150%
spread),
2024
1A
12.500%
3/01/28
173,228
39
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X–
ASSET-BACKED
SECURITIES
(continued)
$
483
(c)
Hardee's
Funding
LLC,
2020
1A
3.981%
12/20/50
$
438,515
500
(c)
Hertz
Vehicle
Financing
III
LLC,
2022
1A
4.850%
6/25/26
482,715
250
(b),(c)
Hestia
Re
Ltd,
(1-Month
U.S.
Treasury
Bill
reference
rate
+
10.080%
spread)
15.440%
4/22/25
240,800
150
(c)
HIN
Timeshare
Trust
2020-A,
2020
A
6.500%
10/09/39
139,465
209
(c)
HIN
Timeshare
Trust
2020-A,
2020
A
5.500%
10/09/39
196,805
750
(c)
Hotwire
Funding
LLC,
2024
1A
9.188%
6/20/54
759,865
268
(c)
LUNAR
AIRCRAFT
2020-1
LTD,
2020
1A
3.376%
2/15/45
254,907
500
(b),(c)
Madison
Park
Funding
XXXVI
Ltd,
(TSFR3M
reference
rate
+
5.460%
spread),
2019
36A
5.764%
4/15/35
498,490
1,125
(b),(c)
Magnetite
XXIII
Ltd,
(TSFR3M
reference
rate
+
6.562%
spread),
2019
23A
7.484%
1/25/35
1,135,985
250
(b),(c)
Matterhorn
Re
Ltd,
(SOFR
reference
rate
+
0.053%
spread)
5.889%
3/24/25
240,075
500
(c)
Mercury
Financial
Credit
Card
Master
Trust,
2022
3A
10.680%
6/21/27
499,701
500
(c)
Mercury
Financial
Credit
Card
Master
Trust,
2023
1A
9.590%
9/20/27
503,283
500
(c)
Mercury
Financial
Credit
Card
Master
Trust,
2023
1A
8.040%
9/20/27
503,517
125
(c)
MetroNet
Infrastructure
Issuer
LLC,
2023
1A
8.010%
4/20/53
127,839
1,000
(c)
MetroNet
Infrastructure
Issuer
LLC,
2024
1A
10.860%
4/20/54
996,396
125
(c)
MetroNet
Infrastructure
Issuer
LLC,
2023
1A
10.850%
4/20/53
124,599
1,223
(c)
Mexico
Remittances
Funding
Fiduciary
Estate
Management
Sarl
4.875%
1/15/28
1,113,735
1,525
(c),(e)
Mosaic
Solar
Loan
Trust
2019-2,
2019
2A
0.000%
9/20/40
597,953
1,000
(c),(e)
Mosaic
Solar
Loan
Trust
2020-1,
2020
1A
0.000%
4/20/46
534,800
678
(c)
Mosaic
Solar
Loan
Trust
2020-2,
2020
2A
5.420%
8/20/46
605,472
1,000
(c)
Mosaic
Solar
Loans
LLC,
2024
1A
10.000%
9/20/49
851,125
170
(c)
MVW
2020-1
LLC,
2020
1A
7.140%
10/20/37
165,492
500
(b),(c)
Neuberger
Berman
CLO
Ltd,
(TSFR3M
reference
rate
+
0.076%
spread),
2023
23-53A
12.948%
10/24/32
509,562
500
(c)
Oportun
Funding
2022-1
LLC,
2022
1
6.000%
6/15/29
494,020
146
(c)
Oportun
Funding
XIV
LLC,
2021
A
5.400%
3/08/28
139,649
937
(c)
Oportun
Issuance
Trust
2021-B,
2021
B
5.410%
5/08/31
868,753
350
(c)
Oportun
Issuance
Trust
2021-C,
2021
C
5.570%
10/08/31
319,007
2,000
(c)
Oportun
Issuance
Trust
2024-1,
2024
1A
12.072%
4/08/31
1,994,960
925
(b),(c)
Palmer
Square
CLO
2023-1
Ltd,
(TSFR3M
reference
rate
+
0.053%
spread),
2023
1A
10.625%
1/20/36
944,368
625
(b),(c)
Palmer
Square
CLO
Ltd,
(TSFR3M
reference
rate
+
6.350%
spread),
2022
1A
11.675%
4/20/35
631,194
750
(b),(c)
Rad
CLO
7
Ltd,
(TSFR3M
reference
rate
+
4.150%
spread),
2020
7A
9.467%
4/17/36
753,175
400
(b),(c)
Residential
Reinsurance
2020
Ltd,
(3-Month
U.S.
Treasury
Bill
reference
rate
+
6.290%
spread),
2020
A
6.510%
12/06/24
382,320
500
(b),(c)
Residential
Reinsurance
2022
Ltd,
(3-Month
U.S.
Treasury
Bill
reference
rate
+
7.690%
spread)
13.050%
12/06/26
491,800
500
(b),(c)
SD
Re
Ltd,
(3-Month
U.S.
Treasury
Bill
reference
rate
+
9.250%
spread)
14.612%
11/19/24
498,500
31
(c)
Sierra
Timeshare
2019-3
Receivables
Funding
LLC,
2019
3A
4.180%
8/20/36
31,028
195
(c)
Sierra
Timeshare
2020-2
Receivables
Funding
LLC,
2020
2A
6.590%
7/20/37
192,266
1,000
(b),(c)
Sixth
Street
CLO
XIX
Ltd,
(3-Month
LIBOR
reference
rate
+
6.162%
spread),
2021
19A
6.035%
7/20/34
1,004,370
415
(c)
Start
II
LTD,
2019
1
5.095%
3/15/44
377,207
481
(c)
Sunnova
Helios
XII
Issuer
LLC,
2023
B
6.000%
8/22/50
437,179
1,000
(b),(c)
TCW
CLO
2021-2
Ltd,
(3-Month
LIBOR
reference
rate
+
0.071%
spread),
2021
2A
6.985%
7/25/34
1,003,891
500
(b),(c)
Ursa
Re
II
Ltd,
(3-Month
U.S.
Treasury
Bill
reference
rate
+
7.000%
spread)
12.355%
12/06/25
515,100
915
(c)
Vivint
Solar
Financing
V
LLC,
2018
1A
7.370%
4/30/48
851,170
501
(c)
VR
Funding
LLC,
2020
1A
6.420%
11/15/50
463,399
500
(c)
Ziply
Fiber
Issuer
LLC,
2024
1A
7.810%
4/20/54
509,188
Nuveen
Mortgage
and
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
40
JLS
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X–
ASSET-BACKED
SECURITIES
(continued)
$
1,000
(c)
Ziply
Fiber
Issuer
LLC,
2024
1A
11.170%
4/20/54
$
1,004,555
TOTAL
ASSET-BACKED
SECURITIES
(cost
$47,409,128)
44,546,257
TOTAL
LONG-TERM
INVESTMENTS
(cost
$153,986,693)
141,815,130
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
0.4% (0.3%
of
Total
Investments)
X
–
U.S.
GOVERNMENT
AND
AGENCY
OBLIGATIONS
-
0
.4
%
(
0
.3
%
of
Total
Investments)
X
464,797
$
465
Federal
Home
Loan
Bank
Discount
Notes
0.000%
7/01/24
$
464,797
TOTAL
U.S.
GOVERNMENT
AND
AGENCY
OBLIGATIONS
(cost
$465,000)
464,797
TOTAL
SHORT-TERM
INVESTMENTS
(cost
$465,000)
464,797
TOTAL
INVESTMENTS
(cost
$
154,451,693
)
-
133
.3
%
142,279,927
BORROWINGS
-
(3.3)%
(f),(g)
(
3,520,000
)
REVERSE
REPURCHASE
AGREEMENTS,
INCLUDING
ACCRUED
INTEREST
-
(29.8)%(h)
(
31,759,565
)
OTHER
ASSETS
&
LIABILITIES,
NET
- (0.2)%
(
295,080
)
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
106,705,282
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.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
Variable
rate
security.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(c)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$116,098,938
or
81.6%
of
Total
Investments.
(d)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
reverse
repurchase
agreements.
As
of
the
end
of
the
reporting
period,
investments
with
a
value
of
$48,727,053
have
been
pledged
as
collateral
for
reverse
repurchase
agreements.
(e)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(f)
Borrowings
as
a
percentage
of
Total
Investments
is
2.5%.
(g)
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
$31,100,920
have
been
pledged
as
collateral
for
borrowings.
(h)
Reverse
Repurchase
Agreements,
including
accrued
interest
as
a
percentage
of
Total
investments
is
22.3%.
I/O
Interest
only
security
LIBOR
London
Inter-Bank
Offered
Rate
SOFR
30A
30
Day
Average
Secured
Overnight
Financing
Rate
SOFR
90A
90
Day
Average
Secured
Overnight
Financing
Rate
TSFR
1M
CME
Term
SOFR
1
Month
TSFR
3M
CME
Term
SOFR
3
Month
See
Notes
to
Financial
Statements
Statement
of
Assets
and
Liabilities
See
Notes
to
Financial
Statements
41
.
June
30,
2024
(Unaudited)
JGH
NPCT
(1)
JLS
ASSETS
Long-term
investments,
at
value
†
$
428,546,428‌
$
508,413,802‌
$
141,815,130‌
Short-term
investments,
at
value
◊
10,564,825‌
5,927,900‌
464,797‌
Cash
54,395‌
1,209,771‌
–‌
Cash
denominated
in
foreign
currencies
^
34‌
532,069‌
–‌
Cash
collateral
at
broker
for
investments
in
swaps
contracts
–‌
1,800,223‌
–‌
Swaps
premiums
paid
–‌
47,939‌
–‌
Unrealized
appreciation
on
cross
currency
swap
contracts
–‌
3,886,287‌
–‌
Unrealized
appreciation
on
interest
rate
swaps
contracts
2,853,113‌
–‌
–‌
Receivables:
Dividends
6,694‌
106,747‌
–‌
Interest
7,499,462‌
5,819,211‌
787,657‌
Investments
sold
4,525,960‌
26,577‌
–‌
Reclaims
–‌
153,214‌
773‌
Other
80,269‌
40,256‌
28,248‌
Total
assets
454,131,180‌
527,963,996‌
143,096,605‌
LIABILITIES
Cash
overdraft
–‌
–‌
28,875‌
Cash
collateral
due
to
broker
2,816,609‌
–‌
–‌
Borrowings
119,000,000‌
62,500,000‌
3,520,000‌
Reverse
repurchase
agreements,
including
accrued
interest
–‌
49,166,427‌
31,759,565‌
TFP
Shares,
Net
**
–‌
69,700,024‌
–‌
Payables:
Management
fees
301,947‌
412,197‌
111,235‌
Dividends
2,350,923‌
3,276,184‌
833,798‌
Interest
235,200‌
325,833‌
20,588‌
Investments
purchased
-
regular
settlement
7,362,949‌
–‌
–‌
Investments
purchased
-
when-issued/delayed-delivery
settlement
12,285,656‌
–‌
–‌
Accrued
expenses:
Custodian
fees
66,023‌
55,328‌
36,825‌
Investor
relations
–‌
–‌
1,277‌
Trustees
fees
46,184‌
9,161‌
24,177‌
Professional
fees
32,795‌
32,891‌
49,594‌
Shareholder
reporting
expenses
21,380‌
–‌
4,240‌
Shareholder
servicing
agent
fees
1,169‌
3,161‌
1,149‌
Total
liabilities
144,520,835‌
185,481,206‌
36,391,323‌
Commitments
and
contingencies
(2)
Net
assets
applicable
to
common
shares
$
309,610,345‌
$
342,482,790‌
$
106,705,282‌
Common
shares
outstanding
23,177,393‌
28,755,000‌
5,476,626‌
Net
asset
value
("NAV")
per
common
share
outstanding
$
13
.36‌
$
20
.38‌
$
19
.48‌
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
CONSIST
OF:
Common
shares,
$0.01
par
value
per
share
$
231,774‌
$
287,550‌
$
54,766‌
Paid-in
capital
460,945,841‌
401,692,736‌
121,692,870‌
Total
distributable
earnings
(loss)
(
151,567,270‌
)
(
59,497,496‌
)
(
15,042,354‌
)
Net
assets
applicable
to
common
shares
$
309,610,345‌
$
342,482,790‌
$
106,705,282‌
Authorized
shares:
Common
Unlimited
Unlimited
Unlimited
Preferred
—
Unlimited
—
†
Long-term
investments,
cost
$
448,124,828‌
$
629,788,586‌
$
153,986,693‌
◊
Short-term
investments,
cost
$
10,564,825‌
$
5,927,900‌
$
465,000‌
^
Cash
denominated
in
foreign
currencies,
cost
$
34‌
$
534,063‌
$
—‌
**
TFP
Shares,
liquidation
preference
—‌
70,000,000‌
—‌
(1)
Consolidated
Statement
of
Assets
and
Liabilities
(as
disclosed
in
Notes
to
Financial
Statements).
(2)
As
disclosed
in
Notes
to
Financial
Statements.
Statement
of
Operations
See
Notes
to
Financial
Statements
42
Six
Months
Ended
June
30,
2024
(Unaudited)
JGH
NPCT
(1)
JLS
INVESTMENT
INCOME
Dividends
$
239,100‌
$
536,173‌
$
—‌
Interest
15,585,607‌
16,854,833‌
6,958,521‌
Rehypothecation
income
—‌
—‌
10‌
Tax
withheld
(1,363‌)
(7,272‌)
—‌
Total
investment
income
15,823,344‌
17,383,734‌
6,958,531‌
EXPENSES
–
–
–
Management
fees
1,828,946‌
2,523,466‌
672,209‌
Shareholder
servicing
agent
fees
1,842‌
15,570‌
2,020‌
Interest
expense
and
amortization
of
offering
costs
3,897,987‌
5,861,868‌
1,184,061‌
Trustees
fees
7,527‌
13,015‌
2,437‌
Custodian
expenses
26,685‌
26,575‌
20,197‌
Investor
relations
expenses
52,377‌
39,663‌
13,358‌
Professional
fees
52,109‌
78,250‌
57,260‌
Shareholder
reporting
expenses
21,998‌
96,181‌
10,564‌
Stock
exchange
listing
fees
3,830‌
4,515‌
3,830‌
Other
11,282‌
39,172‌
39,434‌
Total
expenses
5,904,583‌
8,698,275‌
2,005,370‌
Net
investment
income
(loss)
9,918,761‌
8,685,459‌
4,953,161‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss)
from:
Investments
(6,929,279‌)
(6,702,225‌)
(631,387‌)
Forward
foreign
currency
contracts
—‌
206,393‌
—‌
Swaps
contracts
1,547,673‌
439,914‌
—‌
Foreign
currency
transactions
(89,627‌)
(246,580‌)
—‌
Net
realized
gain
(loss)
(5,471,233‌)
(6,302,498‌)
(631,387‌)
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
9,872,434‌
12,121,469‌
4,244,216‌
Forward
foreign
currency
contracts
—‌
274,393‌
—‌
Swaps
contracts
(256,850‌)
705,870‌
—‌
Foreign
currency
translations
(1‌)
(14,213‌)
—‌
Net
change
in
unrealized
appreciation
(depreciation)
9,615,583‌
13,087,519‌
4,244,216‌
Net
realized
and
unrealized
gain
(loss)
4,144,350‌
6,785,021‌
3,612,829‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
$
14,063,111‌
$
15,470,480‌
$
8,565,990‌
(1)
Consolidated
Statement
of
Operations
(as
disclosed
in
Notes
to
Financial
Statements).
Statement
of
Changes
in
Net
Assets
See
Notes
to
Financial
Statements
43
JGH
NPCT
(1)
Unaudited
Six
Months
Ended
6/30/24
Year
Ended
12/31/23
Unaudited
Six
Months
Ended
6/30/24
Year
Ended
12/31/23
OPERATIONS
Net
investment
income
(loss)
$
9,918,761‌
$
18,999,710‌
$
8,685,459‌
$
11,070,164‌
Net
realized
gain
(loss)
(
5,471,233‌
)
(
11,956,041‌
)
(
6,302,498‌
)
(
35,369,541‌
)
Net
change
in
unrealized
appreciation
(depreciation)
9,615,583‌
35,188,563‌
13,087,519‌
44,717,616‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
14,063,111‌
42,232,232‌
15,470,480‌
20,418,239‌
DISTRIBUTIONS
TO
COMMON
SHAREHOLDERS
Dividends
(
14,393,161‌
)
(
21,961,088‌
)
(
16,332,840‌
)
(
12,788,503‌
)
Return
of
Capital
–‌
(
6,825,234‌
)
–‌
(
17,001,677‌
)
Total
distributions
(
14,393,161‌
)
(
28,786,322‌
)
(
16,332,840‌
)
(
29,790,180‌
)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
(
330,050‌
)
13,445,910‌
(
862,360‌
)
(
9,371,941‌
)
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
309,940,395‌
296,494,485‌
343,345,150‌
352,717,091‌
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
309,610,345‌
$
309,940,395‌
$
342,482,790‌
$
343,345,150‌
See
Notes
to
Financial
Statements
44
Statement
of
Changes
in
Net
Assets
(continued)
JLS
Unaudited
Six
Months
Ended
6/30/24
Year
Ended
12/31/23
OPERATIONS
Net
investment
income
(loss)
$
4,953,161‌
$
8,246,453‌
Net
realized
gain
(loss)
(
631,387‌
)
(
151,201‌
)
Net
change
in
unrealized
appreciation
(depreciation)
4,244,216‌
96,125‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
8,565,990‌
8,191,377‌
DISTRIBUTIONS
TO
COMMON
SHAREHOLDERS
Dividends
(
4,729,067‌
)
(
8,590,403‌
)
Total
distributions
(
4,729,067‌
)
(
8,590,403‌
)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
3,836,923‌
(
399,026‌
)
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
102,868,359‌
103,267,385‌
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
106,705,282‌
$
102,868,359‌
(1)
Consolidated
Statement
of
Changes
in
Net
Assets
(as
disclosed
in
Notes
to
Financial
Statements).
Statement
of
Cash
Flows
See
Notes
to
Financial
Statements
45
The
following
table
provides
a
reconciliation
of
cash,
cash
denominated
in
foreign
currencies
and
cash
collateral
at
brokers
to
the
Statement
of
Assets
and
Liabilities:
Six
Months
Ended
June
30,
2024
(Unaudited)
JGH
NPCT
(1)
JLS
CASH
FLOWS
FROM
OPERATING
ACTIVITIES
Net
Increase
(Decrease)
in
Net
Assets
Applicable
to
Common
Shares
from
Operations
$
14,063,111‌
$
15,470,480‌
$
8,565,990‌
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
(
195,057,014‌
)
(
60,789,772‌
)
(
19,038,447‌
)
Proceeds
from
sale
and
maturities
of
investments
186,569,356‌
80,637,707‌
20,539,462‌
Proceeds
from
(Purchase
of)
short-term
investments,
net
(
3,739,825‌
)
(
2,352,900‌
)
594,671‌
Proceeds
from
(Purchase
of)
closed
foreign
currency
spot
transactions
(
1,345‌
)
(
22,302‌
)
—‌
Premiums
received
(paid)
for
credit
default
swaps
contracts
—‌
(
165‌
)
—‌
Amortization
(Accretion)
of
premiums
and
discounts,
net
(
588,087‌
)
(
14,918‌
)
(
165,160‌
)
Amortization
of
deferred
offering
costs
—‌
20,762‌
—‌
(Increase)
Decrease
in:
Receivable
for
dividends
—‌
24,503‌
—‌
Receivable
for
interest
(
655,335‌
)
194,877‌
(
55,260‌
)
Receivable
for
reclaims
—‌
(
17,152‌
)
77‌
Receivable
for
investments
sold
(
2,916,283‌
)
168,208‌
68,970‌
Other
assets
309,678‌
393‌
30,479‌
Increase
(Decrease)
in:
Payable
for
interest
(
689,921‌
)
(
73,617‌
)
(
29,614‌
)
Payable
for
investments
purchased
-
regular
settlement
7,362,949‌
—‌
—‌
Payable
for
investments
purchased
-
when-issued/delayed-delivery
settlement
11,885,928‌
—‌
—‌
Payable
for
management
fees
(
7,244‌
)
(
24,495‌
)
(
3,046‌
)
Accrued
custodian
fees
2,309‌
6,579‌
9,979‌
Accrued
investor
relations
fees
(
672‌
)
(
600‌
)
1,112‌
Accrued
Trustees
fees
(
70,683‌
)
996‌
(
35,952‌
)
Accrued
professional
fees
26,768‌
32,891‌
2,894‌
Accrued
shareholder
reporting
expenses
(
27,601‌
)
(
30,842‌
)
(
6,070‌
)
Accrued
shareholder
servicing
agent
fees
798‌
(
1,513‌
)
1,094‌
Accrued
other
expenses
(
440‌
)
(
8,123‌
)
(
5‌
)
Net
realized
(gain)
loss
from
investments
6,929,279‌
6,702,225‌
631,387‌
Net
realized
(gain)
loss
from
foreign
currency
transactions
89,627‌
246,580‌
—‌
Net
realized
(gain)
loss
from
paydowns
578,494‌
(
55,939‌
)
76,301‌
Net
change
in
unrealized
(appreciation)
depreciation
of
investments
(
9,872,434‌
)
(
12,121,469‌
)
(
4,244,216‌
)
Net
change
in
unrealized
(appreciation)
depreciation
of
forward
foreign
currency
—‌
(
274,393‌
)
—‌
Net
change
in
unrealized
(appreciation)
depreciation
of
swaps
contracts
256,850‌
(
705,870‌
)
—‌
Net
change
in
unrealized
(appreciation)
depreciation
on
foreign
currency
translations
1‌
14,213‌
—‌
Net
cash
provided
by
(used
in)
operating
activities
14,448,264‌
27,026,344‌
6,944,646‌
CASH
FLOWS
FROM
FINANCING
ACTIVITIES
(Repayments)
of
borrowings
—‌
(
13,000,000‌
)
(
2,000,000‌
)
Proceeds
from
reverse
repurchase
agreements
—‌
(
94,640,000‌
)
(
60,956,000‌
)
(Repayments
of)
reverse
repurchase
agreements
—‌
97,640,000‌
60,956,000‌
Increase
(Decrease)
in:
Cash
overdraft
(
2,000,972‌
)
(
1,054,478‌
)
(
1,049,377‌
)
Cash
collateral
due
to
broker
(
350,660‌
)
—‌
—‌
Cash
distributions
paid
to
common
shareholders
(
12,042,238‌
)
(
13,056,656‌
)
(
3,895,269‌
)
Net
cash
provided
by
(used
in)
financing
activities
(
14,393,870‌
)
(
24,111,134‌
)
(
6,944,646‌
)
Net
increase
(decrease)
in
Cash,
cash
denominated
in
foreign
currencies
and
cash
collateral
at
brokers
54,394‌
2,915,210‌
–‌
Cash,
cash
denominated
in
foreign
currencies
and
cash
collateral
at
brokers
at
the
beginning
of
period
35‌
626,853‌
—‌
Cash,
cash
denominated
in
foreign
currencies
and
cash
collateral
at
brokers
at
the
end
of
period
$
54,429‌
$
3,542,063‌
$
—‌
(1)
Consolidated
Statement
of
Cash
Flows
(as
disclosed
in
Notes
to
Financial
Statements).
JGH
NPCT
JLS
Cash
$
54,395
$
1,209,771
$
—
Cash
denominated
in
foreign
currencies
34
532,069
—
Cash
collateral
at
broker
for
investments
in
swaps
contracts
—
1,800,223
—
Total
cash,
cash
denominated
in
foreign
currencies
,
cash
collateral
at
brokers
$
54,429
$
3,542,063
$
—
See
Notes
to
Financial
Statements
46
SUPPLEMENTAL
DISCLOSURE
OF
CASH
FLOW
INFORMATION
JGH
NPCT
JLS
Cash
paid
for
interest
(excluding
borrowing
and
amortization
of
offering
costs)
$
4,530,060‌
$
4,560,668‌
$
173,334‌
Financial
Highlights
48
The
following
data
is
for
a
common
share
outstanding for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
to
Common
Shareholders
Common
Share
Common
Share
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Return
of
Capital
Total
Net
Asset
Value,
End
of
Period
Share
Price,
End
of
Period
JGH
6/30/24(d)
$
13.37
$
0.43
$
0.18
$
0.61
$
(0.62)
$
—
$
—
$
(0.62)
$
13.36
$
12.79
12/31/23
12.79
0.82
1.00
1.82
(0.95)
—
(0.29)
(1.24)
13.37
12.20
12/31/22
16.63
0.95
(3.43)
(2.48)
(0.99)
—
(0.37)
(1.36)
12.79
11.25
12/31/21
16.97
1.04
(0.08)
0.96
(0.98)
—
(0.32)
(1.30)
16.63
15.88
12/31/20
18.14
1.10
(1.16)
(0.06)
(1.07)
—
(0.04)
(1.11)
16.97
15.55
12/31/19
16.01
1.19
2.17
3.36
(1.20)
—
(0.03)
(1.23)
18.14
16.38
NPCT(f)
6/30/24(d)
11.94
0.29
8.72
9.01
(0.57)
—
—
(0.57)
20.38
10.88
12/31/23
12.27
0.38
0.33
0.71
(0.45)
—
(0.59)
(1.04)
11.94
10.08
12/31/22
19.66
0.67
(6.83)
(6.16)
(0.78)
—
(0.45)
(1.23)
12.27
10.36
12/31/21(g)
20.00
0.31
0.07
0.38
(0.36)
(0.03)
(0.33)
(0.72)
19.66
18.30
(a)
Based
on
average
shares
outstanding.
(b)
Total
Return
Based
on
Common
Share
NAV
is
the
combination
of
changes
in
common
share
NAV,
reinvested
dividend
income
at
Common
Share
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
share
and
the
effect
of
reinvested
dividend
income
and
reinvested
capital
gains
distributions,
if
any,
at
the
average
price
paid
per
share
at
the
time
of
reinvestment.
The
last
dividend
declared
in
the
period,
which
is
typically
paid
on
the
first
business
day
of
the
following
month,
is
assumed
to
be
reinvested
at
the
ending
market
price.
The
actual
reinvestment
for
the
last
dividend
declared
in
the
period
may
take
place
over
several
days,
and
in
some
instances
may
not
be
based
on
the
market
price,
so
the
actual
reinvestment
price
may
be
different
from
the
price
used
in
the
calculation.
Total
returns
are
not
annualized.
See
Notes
to
Financial
Statements.
49
Ratios
of
Interest
Expense
to
Average
Net
Assets
Applicable
to
Common
Shares
JGH
NPCT
6/30/24(d)
2.53
%
(e)
3.46
%
(e)
12/31/23
2.46
3.77
12/31/22
1.04
1.33
12/31/21
0.35
0.18
(e),(g)
12/31/20
0.59
—
12/31/19
1.33
—
Common
Share
Supplemental
Data/
Ratios
Applicable
to
Common
Shares
Common
Share
Total
Returns
Ratios
to
Average
Net
Assets
Based
on
Net
Asset
Value(b)
Based
on
Share
Price(b)
Net
Assets,
End
of
Period
(000)
Expenses(c)
Net
Investment
Income
(Loss)(c)
Portfolio
Turnover
Rate
4.66‌
%
10.07‌
%
$
309,610
3.84‌
%
(e)
6.45‌
%
(e)
44‌
%
15.15‌
20.80‌
309,940
3.82‌
6.43‌
35‌
(15.10‌)
(21.07‌)
296,494
2.43‌
6.82‌
26‌
5.82‌
10.84‌
385,474
1.68‌
6.16‌
87‌
0.39‌
2.88‌
393,299
1.87‌
6.94‌
35‌
21.54‌
29.93‌
420,480
2.64‌
6.84‌
43‌
4.61‌
13.94‌
342,483
5.13‌
(e)
4.91‌
(e)
12‌
6.21‌
7.77‌
343,345
5.50‌
3.27‌
11‌
(31.89‌)
(37.45‌)
352,717
2.95‌
4.61‌
10‌
1.90‌
(4.96‌)
565,276
1.47‌
(e)
2.28‌
(e)
17‌
(c)
•
Net
Investment
Income
(Loss)
ratios
reflect
income
earned
and
expenses
incurred
on
assets
attributable
to
preferred
shares
(as
described
in
Notes
to
Financial
Statements),
borrowings
and/or
reverse
repurchase
agreements
(as
described
in
Notes
to
Financial
Statements),
where
applicable.
•
Each
ratio
includes
the
effect
of
all
interest
expenses
paid
and
other
costs
related
to
preferred
shares,
borrowings
and/or
reverse
repurchase
agreements,
where
applicable,
as
follows:
(d)
Unaudited.
(e)
Annualized.
(f)
Consolidated
Financial
Highlights
(as
disclosed
in
Notes
to
Financial
Statements).
(g)
For
the
period
April
27,
2021
(commencement
of
operations)
through
December
31,
2021.
Financial
Highlights
(continuted)
50
The
following
data
is
for
a
common
share
outstanding for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
to
Common
Shareholders
Common
Share
Common
Share
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Return
of
Capital
Total
Discount
Per
Share
Repurchased
and
Retired
Net
Asset
Value,
End
of
Period
Share
Price,
End
of
Period
JLS
6/30/24(d)
$
18.78
$
0.90
$
0.66
$
1.56
$
(0.86)
$
—
$
—
$
(0.86)
$
—
$
19.48
$
18.02
12/31/23
18.86
1.51
(0.02)
1.49
(1.57)
—
—
(1.57)
—
18.78
16.88
12/31/22
22.19
1.12
(3.38)
(2.26)
(0.86)
—
(0.20)
(1.06)
(0.01)
18.86
16.18
12/31/21
22.17
0.83
0.16
0.99
(0.85)
—
(0.12)
(0.97)
—
22.19
20.96
12/31/20
22.83
0.86
(0.55)
0.31
(0.73)
—
(0.24)
(0.97)
—
22.17
19.77
12/31/19
23.02
0.76
0.41
1.17
(0.92)
—
(0.44)
(1.36)
—
22.83
21.96
(a)
Based
on
average
shares
outstanding.
(b)
Total
Return
Based
on
Common
Share
NAV
is
the
combination
of
changes
in
common
share
NAV,
reinvested
dividend
income
at
Common
Share
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
share
and
the
effect
of
reinvested
dividend
income
and
reinvested
capital
gains
distributions,
if
any,
at
the
average
price
paid
per
share
at
the
time
of
reinvestment.
The
last
dividend
declared
in
the
period,
which
is
typically
paid
on
the
first
business
day
of
the
following
month,
is
assumed
to
be
reinvested
at
the
ending
market
price.
The
actual
reinvestment
for
the
last
dividend
declared
in
the
period
may
take
place
over
several
days,
and
in
some
instances
may
not
be
based
on
the
market
price,
so
the
actual
reinvestment
price
may
be
different
from
the
price
used
in
the
calculation.
Total
returns
are
not
annualized.
See
Notes
to
Financial
Statements.
51
Ratios
of
Interest
Expense
to
Average
Net
Assets
Applicable
to
Common
Shares
JLS
6/30/24(d)
2.25
%
(e)
12/31/23
2.60
12/31/22
1.17
12/31/21
0.45
12/31/20
0.91
12/31/19
1.15
Common
Share
Supplemental
Data/
Ratios
Applicable
to
Common
Shares
Common
Share
Total
Returns
Ratios
to
Average
Net
Assets
Based
on
Net
Asset
Value(b)
Based
on
Share
Price(b)
Net
Assets,
End
of
Period
(000)
Expenses(c)
Expenses
After
Reimbursement
Net
Investment
Income
(Loss)(c)
Portfolio
Turnover
Rate
8.43‌
%
12.10‌
%
$
106,705
3.81‌
%
(e)
N/A‌
%
(e)
9.41‌
%
(e)
13‌
%
8.18‌
14.79‌
102,868
4.16‌
N/A‌
7.98‌
28‌
(10.30‌)
(17.88‌)
103,267
2.72‌
N/A‌
5.61‌
47‌
4.47‌
11.02‌
121,785
1.87‌
N/A‌
3.69‌
73‌
1.69‌
(5.36‌)
121,642
2.46‌
1.54‌
4.04‌
117‌
5.16‌
4.27‌
125,253
2.72‌
2.53‌
(f)
3.26‌
(f)
100‌
(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
Notes
to
Financial
Statements),
where
applicable.
•
Each
ratio
includes
the
effect
of
all
interest
expenses
paid
and
other
costs
related
to
borrowings
and/or
reverse
repurchase
agreements,
where
applicable,
as
follows:
(d)
Unaudited.
(e)
Annualized.
(f)
During
the
fiscal
year
ended
December
31,
2019,
the
Adviser
voluntarily
reimbursed
the
Fund
for
certain
expenses
incurred
in
connection
with
its
restructuring.
52
Financial
Highlights
(continuted)
The
following
table
sets
forth
information
regarding
each
Fund's
outstanding
senior
securities
as
of
the
end
of
each
of
the
Fund's
last
five
fiscal
periods,
as
applicable.
Borrowings
TFP
Shares
Aggregate
Amount
Outstanding
(000)(a)
Asset
Coverage
Per
$1,000
Share(b)
Aggregate
Amount
Outstanding
(000)(a)
Asset
Coverage
Per
$1,000
Share(b)
Asset
Coverage
Per
$1
Liquidation
Preference(c)
JGH
6/30/24(d)
$
119,000
$
3,602
$
—
$
—
$
—
12/31/23
119,000
3,605
—
—
—
12/31/22
127,000
3,335
—
—
—
12/31/21
159,000
3,424
—
—
—
12/31/20
149,200
3,636
—
—
—
12/31/19
175,200
3,400
—
—
—
NPCT
6/30/24(d)
62,500
7,600
70,000
3,585
3.58
12/31/23
75,500
6,475
70,000
3,360
3.36
12/31/22
105,500
5,007
70,000
3,010
3.01
12/31/21(e)
167,000
4,385
—
—
—
JLS
6/30/24(d)
3,520
31,314
—
—
—
12/31/23
5,520
19,636
—
—
—
12/31/22
12,495
9,265
—
—
—
12/31/21
8,455
15,404
—
—
—
12/31/20
15,505
8,845
—
—
—
12/31/19
—
—
—
—
—
(a)
Aggregate
Amount
Outstanding:
Aggregate
amount
outstanding
represents
the
principal
amount
outstanding
or
liquidation
preference,
if
applicable,
as
of
the
end
of
the
relevant
fiscal
year.
(b)
Asset
Coverage
Per
$1,000:
Asset
coverage
per
$1,000
is
calculated
by
subtracting
the
Fund’s
liabilities
and
indebtedness
not
represented
by
senior
securities
from
the
Fund’s
total
assets,
dividing
the
result
by
the
aggregate
amount
of
the
Fund’s
senior
securities
representing
indebtedness
then
outstanding
(if
applicable),
plus
the
aggregate
of
the
involuntary
liquidation
preference
of
the
outstanding
preferred
shares,
if
applicable,
and
multiplying
the
result
by
1,000.
(c)
Includes
all
preferred
shares
presented
for
the
Fund.
(d)
Unaudited.
(e)
For
the
period
April
27,
2021
(commencement
of
operations)
through
December
31,
2021.
Notes
to
Financial
Statements
(Unaudited)
53
1.
General
Information
Fund
Information:
The
funds
covered
in
this
report
and
their
corresponding
New
York
Stock
Exchange
(“NYSE”)
symbols
are
as
follows
(each
a
“Fund”
and
collectively,
the
“Funds”):
Nuveen
Global
High
Income
Fund
(JGH)
Nuveen
Core
Plus
Impact
Fund
(NPCT)
Nuveen
Mortgage
and
Income
Fund
(JLS)
The
Funds
are
registered
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
as
amended,
as
closed-end
management
investment
companies.
JGH,
NPCT
and
JLS
were
organized
as
Massachusetts
business
trusts
on
August
5,
2014,
December
4,
2020
and
September
10,
2009,
respectively.
Current
Fiscal
Period:
The
end
of
the
reporting
period
for
the
Funds
is
June
30,
2024,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
six
months
ended
June
30,
2024
(the
“current
fiscal
period”).
Investment
Adviser
and
Sub-Adviser:
The
Funds’
investment
adviser
is
Nuveen
Fund
Advisors,
LLC
(the
“Adviser”),
a
subsidiary
of
Nuveen,
LLC
(“Nuveen”).
Nuveen
is
the
investment
management
arm
of
Teachers
Insurance
and
Annuity
Association
of
America
(TIAA).
The
Adviser
has
overall
responsibility
for
management
of
the
Funds,
oversees
the
management
of
the
Funds’
portfolio,
manages
the
Funds’
business
affairs
and
provides
certain
clerical,
bookkeeping
and
other
administrative
services,
and,
if
necessary,
asset
allocation
decisions.
The
Adviser
has
entered
into
a
sub-
advisory
agreement
with
Nuveen
Asset
Management,
LLC
(“NAM”),
a
subsidiary
of
the
Adviser
and
Teachers
Advisors,
LLC
(“TAL”),
an
affiliate
of
the
Adviser,
(each
a
“Sub-Adviser”
and
collectively,
the
“Sub-Advisers”).
NAM
manages
the
investment
portfolios
of
JGH
and
NPCT,
while
TAL
manages
the
investment
portfolio
of
JLS.
Developments
Regarding
JGH’s
Control
Share
By-Law:
On
January
14,
2021,
the
Fund’s
Board
of
Trustees
(the
“Board”)
received
a
shareholder
demand
letter
(the
“Demand
Letter”)
from
Saba
Capital
CEF
Opportunities
1,
Ltd.
and
Saba
Capital
Management,
L.P.
(collectively,
“Saba”)
demanding
that
the
Fund
(i)
rescind
the
Fund’s
by-law
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”)
and
(ii)
commence
judicial
action
against
the
Board
to
ensure
that
the
Control
Share
By-Law
is
withdrawn.
Following
review
of
the
Demand
Letter,
the
Board
determined
that
it
would
not
be
in
the
best
interests
of
the
Fund
or
the
Fund’s
shareholders
to
take
the
actions
requested
in
the
Demand
Letter.
Also
on
January
14,
2021,
Saba
filed
a
civil
complaint
in
the
U.S.
District
Court
for
the
Southern
District
of
New
York
(the
“District
Court”)
against
the
Fund,
certain
other
Nuveen
funds
and
the
Board,
seeking
a
declaration
that
the
Control
Share
By-Law
violates
the
1940
Act,
rescission
of
the
Control
Share
By-Law
and
a
permanent
injunction
against
applying
the
Control
Share
By-Law.
On
February
18,
2022,
the
District
Court
granted
judgment
in
favor
of
Saba’s
claim
for
rescission
of
the
Control
Share
By-Law
and
Saba’s
declaratory
judgment
claim,
and
declared
that
the
Control
Share
By-Law
violates
Section
18(i)
of
the
1940
Act.
Following
review
of
the
judgment
of
the
District
Court,
on
February
22,
2022,
the
Trustees
amended
the
Fund’s
by-laws
to
provide
that
the
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
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.
On
November
30,
2023,
the
U.S.
Court
of
Appeals
for
the
Second
Circuit
upheld
the
opinion
of
the
District
Court.
On
February
28,
2024,
the
Board
of
the
Funds
Amended
and
Restated
By-Laws
to
eliminate
the
“control
share”
provisions.
Developments
Regarding
NPCT’s
and
JLS’s
Control
Share
By-Law:
On
October
5,
2020,
the
Funds
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
Control
Share
By-Law.
On
January
14,
2021,
a
shareholder
of
certain
Nuveen
closed-end
funds
filed
a
civil
complaint
in
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
amended
the
Funds’
by-laws
to
provide
that
the
Funds’
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
Funds’
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.
On
November
30,
2023,
the
U.S.
Court
of
Appeals
for
the
Second
Circuit
upheld
the
opinion
of
the
District
Court.
On
February
28,
2024,
the
Board
of
the
Funds
Amended
and
Restated
By-Laws
to
eliminate
the
“control
share”
provisions.
54
Notes
to
Financial
Statements
(Unaudited)
(continued)
Basis
for
Consolidation:
NPCT
is
presented
on
a
consolidated
basis
with
the
Nuveen
Core
Plus
Impact
Fund
Ltd.
(the
“Subsidiary”),
a
wholly-owned
subsidiary
of
NPCT
organized
under
the
laws
of
the
Cayman
Islands.
The
Subsidiary
commenced
operations
on
April
27,
2021
and
is
intended
to
provide
the
Fund
with
exposure
to
Regulation
S
fixed-income
securities.
Regulation
S
securities
are
securities
of
U.S.
and
non-U.S.
issuers
that
are
issued
through
private
placement
transactions
with
the
SEC
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933,
as
amended.
The
Subsidiary
is
advised
by
the
Adviser
and
has
the
same
investment
objective
as
NPCT,
but
unlike
NPCT,
it
may
invest
in
Regulation
S
securities
without
limitation.
As
of
the
end
of
the
reporting
period,
the
net
assets
of
the
Subsidiary
were
$25,793,175
representing
8%
of
the
Fund’s
consolidated
net
assets.
All
inter-company
transactions
and
balances
have
been
eliminated.
Select
financial
information
related
to
the
Subsidiary
is
as
follows:
2.
Significant
Accounting
Policies
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
the
use
of
estimates
made
by
management
and
the
evaluation
of
subsequent
events.
Actual
results
may
differ
from
those
estimates. Each
Fund
is
an
investment
company
and
follows
accounting
guidance
in
the
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
946,
Financial
Services
–
Investment
Companies.
The
net
asset
value
(“NAV”)
for
financial
reporting
purposes
may
differ
from
the
NAV
for
processing
security
and
shareholder
transactions.
The
NAV
for
financial
reporting
purposes
includes
security
and
shareholder
transactions
through
the
date
of
the
report.
Total
return
is
computed
based
on
the
NAV
used
for
processing
security
and
shareholder
transactions.
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
the
Funds.
Compensation:
The
Funds pay
no
compensation
directly
to
those
of its
officers,
all
of
whom
receive
remuneration
for
their
services
to
the
Funds
from
the
Adviser
or
its
affiliates.
The Board has
adopted
a
deferred
compensation
plan
for
independent
trustees
that
enables
trustees
to
elect
to
defer
receipt
of
all
or
a
portion
of
the
annual
compensation
they
are
entitled
to
receive
from
certain
Nuveen-advised
funds.
Under
the
plan,
deferred
amounts
are
treated
as
though
equal
dollar
amounts
had
been
invested
in
shares
of
select
Nuveen-advised
funds.
Distributions
to
Common
Shareholders:
Distributions
to
common shareholders
are
recorded
on
the
ex-dividend
date.
The
amount,
character
and
timing
of
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
The
Funds’
distribution
policy,
which
may
be
changed
by
the
Board,
is
to
make
regular
monthly
cash
distributions
to
holders
of
their
common
shares
(stated
in
terms
of
a
fixed
cents
per
common
share
dividend
distributions
rate
which
may
be
set
from
time
to
time).
Each
Fund
intends
to
distribute
all
or
substantially
all
of
its
net
investment
income
each
year through
its
regular
monthly
distribution
and
to
distribute
realized
capital
gains
at
least
annually.
In
addition,
in
any
monthly
period,
to
maintain
its
declared
per
common
share
distribution
amount,
a
Fund
may
distribute
more
or
less
than
its
net
investment
income
during
the
period.
In
the
event
a
Fund
distributes
more
than
its
net
investment
income
during
any
yearly
period,
such
distributions
may
also
include
realized
gains
and/or
a
return
of
capital.
To
the
extent
that
a
distribution
includes
a
return
of
capital
the
NAV
per
share
may
erode.
On
November
29,
2023,
the
Board
updated
NPCT's
distribution
policy
as
stated
in
the
previous
paragraph.
Prior
to
the
distribution
paid
on
December
29,
2023,
NPCT
made
monthly
cash
distributions
to
common
shareholders
of
a
stated
dollar
amount
per
share.
Subject
to
approval
and
oversight
by
the
Board,
the
Fund
sought
to
maintain
a
stable
distribution
level
designed
to
deliver
the
long-term
return
potential
of
the
Fund’s
investment
strategy
through
regular
monthly
distributions
(a
“Managed
Distribution
Program”).
Total
distributions
during
a
calendar
year
generally
were
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,
were
distributed
from
the
Fund’s
assets
and
is
treated
by
common
shareholders
as
a
non-taxable
distribution
(“return
of
capital”)
for
tax
purposes.
Foreign
Currency
Transactions
and
Translation:
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
foreign
currency
transactions”
on
the
Statement
of
Operations,
when
applicable.
NPCT
Total
long-term
investments
at
value
$24,393,791
Net
assets
applicable
to
Common
Shares
25,793,175
Net
investment
income
(loss)
294,030
Net
realized
gain
(loss)
from
investments
and
foreign
currency
-
Change
in
net
unrealized
appreciation
(depreciation)
from
investments
and
foreign
currency
(83,784)
55
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
unrealized
appreciation
(depreciation)
on foreign
currency
translations”
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
unrealized
appreciation
(depreciation)”
on
the
Statement
of
Operations,
when
applicable.
As
of
the
end
of
the
reporting
period,
the
following
Fund’s
investments
in
non-U.S.
securities
were
as
follows:
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
on
income,
gains
on
investments
or
foreign
currency
repatriation,
a
portion
of
which
may
be
recoverable.
The
Funds
will
accrue
such
taxes
and
recoveries
as
applicable,
based
upon
the
current
interpretation
of
tax
rules
and
regulations
that
exist
in
the
markets
in
which
the
Funds
invest.
Indemnifications:
Under
the
Funds'
organizational
documents, their
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Funds.
In
addition,
in
the
normal
course
of
business,
the Funds
enter
into
contracts
that
provide
general
indemnifications
to
other
parties.
The
Funds'
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Funds
that
have
not
yet
occurred.
However,
the Funds
have
not
had
prior
claims
or
losses
pursuant
to
these
contracts
and
expects
the
risk
of
loss
to
be
remote.
Investments
and
Investment
Income:
Securities
transactions
are
accounted
for
as
of
the
trade
date
for
financial
reporting
purposes.
Trade
date
for
senior
and
subordinated
loans
purchased
in
the
“primary
market”
is
considered
the
date
on
which
the
loan
allocations
are
determined.
Trade
date
for
senior
and
subordinated
loans
purchased
in
the
“secondary
market”
is
the
date
on
which
the
transaction
is
entered
into.
Realized
gains
and
losses
on
securities
transactions
are
based
upon
the
specific
identification
method.
Dividend
income
is
recorded
on
the
ex-dividend
date
or,
for
certain
foreign
securities,
when
information
is
available.
Non-cash
dividends
received
in
the
form
of
stock,
if
any,
are
recognized
on
the
ex-dividend
date
and
recorded
at
fair
value.
Interest
income,
is
recorded
on
an
accrual
basis
and
includes
accretion
of
discounts
and
amortization
of
premiums
for
financial
reporting
purposes.
Interest
income
also
reflects
payment-in
kind
(“PIK”)
interest,
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.
Amendment
fees
are
earned
as
compensation
for
evaluating
and
accepting
changes
to
an
original
senior
loan
agreement
and
are
recognized
when
received.
JGH
Value
%
of
Total
Investments
Country:
Mexico
$
16,993,773
3
.9
%
Colombia
12,926,027
2
.9
United
Kingdom
10,976,440
2
.5
Turkey
10,480,609
2
.4
France
10,449,092
2
.4
Netherlands
8,527,343
1
.9
Luxembourg
7,981,315
1
.8
South
Africa
7,689,563
1
.8
Canada
7,544,209
1
.7
Switzerland
6,570,062
1
.5
Australia
6,478,052
1
.5
Other
84,943,502
19
.3
Total
non-U.S.
Securities
$191,559,987
43.6%
NPCT
Value
%
of
Total
Investments
Country:
Italy
$
26,754,842
5
.2
%
Chile
24,113,429
4
.7
United
Kingdom
21,333,730
4
.1
Mexico
17,836,982
3
.5
Canada
14,583,085
2
.8
Australia
13,106,197
2
.6
Indonesia
12,451,327
2
.4
India
10,854,518
2
.1
South
Korea
8,824,460
1
.7
Benin
8,451,138
1
.6
United
Arab
Emirates
7,602,890
1
.5
Other
38,563,233
7
.5
Total
non-U.S.
Securities
$204,475,831
39.7%
56
Notes
to
Financial
Statements
(Unaudited)
(continued)
Netting
Agreements:
In
the
ordinary
course
of
business,
the
Funds
may
enter
into
transactions
subject
to
enforceable
master
repurchase
agreements,
International
Swaps
and
Derivatives
Association,
Inc.
(ISDA)
master
agreements
or
other
similar
arrangements
(“netting
agreements”).
Generally,
the
right
to
offset
in
netting
agreements
allows
each
Fund
to
offset
certain
securities
and
derivatives
with
a
specific
counterparty,
when
applicable,
as
well
as
any
collateral
received
or
delivered
to
that
counterparty
based
on
the
terms
of
the
agreements.
Generally,
each
Fund
manages
its
cash
collateral
and
securities
collateral
on
a
counterparty
basis.
With
respect
to
certain
counterparties,
in
accordance
with
the
terms
of
the
netting
agreements,
collateral
posted
to
the
Funds
is
held
in
a
segregated
account
by
the
Funds’
custodian
and/or
with
respect
to
those
amounts
which
can
be
sold
or
repledged,
are
presented
in
the
Funds’
Portfolio
of
Investments
or
Statement
of
Assets
and
Liabilities.
The
Funds’
investments
subject
to
netting
agreements
as
of
the
end
of
the
reporting
period,
if
any,
are
further
described
later
in
these
Notes
to
Financial
Statements.
3.
Investment
Valuation
and
Fair
Value
Measurements
The
Funds’
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Adviser,
subject
to
oversight
of
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
Funds’
major
classifications
of
assets
and
liabilities
measured
at
fair
value
follows:
Equity
securities
and
exchange-traded
funds
listed
or
traded
on
a
national
market
or
exchange
are
valued
based
on
their
last
reported sales
price
or
official
closing
price 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
reported sales
price
or
official
closing
price
on
the
principal
exchange
where
traded,
and
converted
to
U.S.
dollars
at
the
prevailing
rates
of
exchange
on
the valuation
date.
For
events affecting
the value
of
foreign
securities
between
the
time
when
the
exchange
on
which
they
are
traded
closes
and
the
time
when
the
Funds'
net
assets
are
calculated,
such
securities
will
be
valued
at
fair
value
in
accordance
with
procedures
adopted
by
the
Adviser,
subject
to
the
oversight
of
the
Board. To
the
extent
these
securities
are
actively
traded
and
no
valuation
adjustments
are
applied,
they
are
generally
classified
as
Level
1. When
valuation
adjustments
are
applied
to
the
most
recent
last
sales
price
or
official
closing
price, these
securities
are
generally
classified
as
Level
2.
Prices
of
fixed-income
securities
are
generally
provided
by
pricing
services
approved
by
the
Adviser,
which
is
subject
to
review
by
the
Adviser
and
oversight
of
the
Board. Pricing
services
establish
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,
pricing
services
may
consider
information
about
a
security,
its
issuer
or
market
activity
provided
by
the
Adviser.
These
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.
Forward
foreign
currency
contracts
are
valued
using
the
prevailing
forward
exchange
rate
which
is
derived
from
quotes
provided
by
the
pricing
service
using
the
procedures
approved
by
the
Adviser,
subject
to
the
oversight
of
the Board,
and
are
generally
classified
as
Level
2.
Swap
contracts
are
marked-to-market
daily
based
upon
a
price
supplied
by
a
pricing
service.
Swaps
are
generally
classified
as
Level
2.
For
any
portfolio
security
or
derivative
for
which
market
quotations
are
not
readily
available
or
for
which
the
Adviser
deems
the
valuations
derived
using
the
valuation
procedures
described
above
not
to
reflect
fair
value,
the
Adviser
will
determine
a
fair
value
in
good
faith
using
alternative
procedures
approved
by
the
Adviser,
subject
to
the
oversight
of
the
Board.
As
a
general
principle,
the
fair
value
of
a
security
is
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;
otherwise
they
would
be
classified
as
Level
3.
The
following
table
summarizes
the
market
value
of
the
Funds’
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
57
The
Funds
hold
liabilities
in
preferred
shares,
where
applicable,
which
are
not
reflected
in
the
tables
above.
The
fair
values
of
the
Funds’
liabilities
for
preferred
shares
approximate
their
liquidation
preference.
Preferred
shares
are
generally
classified
as
Level
2
and
further
described
later
in
these
Notes
to
Financial
Statements.
The
following
is
a
reconciliation
of
the
Funds’
Level
3
investments
held
at
the
beginning
and
end
of
the
measurement
period:
JGH
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Corporate
Bonds
$
–
$
250,272,794
$
–
$
250,272,794
Sovereign
Debt
–
52,503,945
–
52,503,945
Variable
Rate
Senior
Loan
Interests
–
49,278,065
–
49,278,065
$1,000
Par
(or
similar)
Institutional
Preferred
–
43,991,056
–
43,991,056
Contingent
Capital
Securities
–
29,676,518
–
29,676,518
$25
Par
(or
similar)
Retail
Preferred
1,312,634
–
–
1,312,634
Common
Stocks
869,383
550
–
869,933
Asset-Backed
Securities
–
–
641,483
641,483
Short-Term
Investments:
Repurchase
Agreements
–
10,564,825
–
10,564,825
Investments
in
Derivatives:
Interest
Rate
Swaps*
–
2,853,113
–
2,853,113
Total
$
2,182,017
$
439,140,866
$
641,483
$
441,964,366
NPCT
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Corporate
Bonds
$
–
$
286,162,289
$
–
$
286,162,289
$1,000
Par
(or
similar)
Institutional
Preferred
–
76,271,511
–
76,271,511
Mortgage-Backed
Securities
–
66,515,402
–
66,515,402
$25
Par
(or
similar)
Retail
Preferred
20,749,968
–
–
20,749,968
Sovereign
Debt
–
19,075,769
–
19,075,769
Asset-Backed
Securities
–
7,555,439
5,598,658
13,154,097
Municipal
Bonds
–
12,596,817
–
12,596,817
Variable
Rate
Senior
Loan
Interests
–
11,201,905
–
11,201,905
U.S.
Government
and
Agency
Obligations
–
2,386,765
–
2,386,765
Convertible
Bonds
–
–
299,279
299,279
Short-Term
Investments:
Repurchase
Agreements
–
5,927,900
–
5,927,900
Investments
in
Derivatives:
Cross
Currency
Swaps*
–
3,886,287
–
3,886,287
Total
$
20,749,968
$
491,580,084
$
5,897,937
$
518,227,989
JLS
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Mortgage-Backed
Securities
$
–
$
97,268,873
$
–
$
97,268,873
Asset-Backed
Securities
–
42,932,254
1,614,003
44,546,257
Short-Term
Investments:
U.S.
Government
and
Agency
Obligations
–
464,797
–
464,797
Total
$
–
$
140,665,924
$
1,614,003
$
142,279,927
*
Represents
net
unrealized
appreciation
(depreciation)
as
reported
in
Fund's
Portfolio
of
Investments.
58
Notes
to
Financial
Statements
(Unaudited)
(continued)
The
valuation
techniques
and
significant
unobservable
inputs
used
in
recurring
Level
3
fair
value
measurements
of
assets
as
of
the
end
of
the
reporting
period,
were
as
follows:
Level
3
JGH
Asset-Backed
Securities
Balance
at
the
beginning
of
period
$
648,570
Gains
(losses):
-
Net
realized
gains
(losses)
-
Change
in
net
unrealized
appreciation
(depreciation)
(7,087)
Purchases
at
cost
-
Sales
at
proceeds
-
Net
discounts
(premiums)
-
Transfers
into
-
Transfers
(out
of)
-
Balance
at
the
end
of
period
$
641,483
Change
in
net
unrealized
appreciation
(depreciation)
during
the
period
of
Level
3
securities
held
as
of
period
end
$
(7,087)
Level
3
NPCT
Asset-Backed
Securities
Convertible
Bond
Balance
at
the
beginning
of
period
$
4,421,470
$
-
Gains
(losses):
Net
realized
gains
(losses)
(485,569)
-
Change
in
net
unrealized
appreciation
(depreciation)
(935,541)
(137,514)
Purchases
at
cost
2,758,279
422,511
Sales
at
proceeds
(289,192)
-
Net
discounts
(premiums)
129,211
14,282
Transfers
into
-
-
Transfers
(out
of)
-
-
Balance
at
the
end
of
period
$
5,598,658
$
299,279
Change
in
net
unrealized
appreciation
(depreciation)
during
the
period
of
Level
3
securities
held
as
of
period
end
$
(935,541)
$
(137,514)
Level
3
JLS
Asset-Backed
Securities
Balance
at
the
beginning
of
period
$
1,379,951
Gains
(losses):
-
Net
realized
gains
(losses)
(108,596)
Change
in
net
unrealized
appreciation
(depreciation)
(185,338)
Purchases
at
cost
540,252
Sales
at
proceeds
(44,836)
Net
discounts
(premiums)
32,570
Transfers
into
-
Transfers
(out
of)
-
Balance
at
the
end
of
period
$
1,614,003
Change
in
net
unrealized
appreciation
(depreciation)
during
the
period
of
Level
3
securities
held
as
of
period
end
$
185,338
Fund
Asset
Class
Market
Value
Techniques
Unobservable
Inputs
Range
Weighted
Average
JGH
Asset-Backed
Securities
$641,483
Indicative
Trade
Broker
Quote
85.53%
N/A
Fund
Asset
Class
Market
Value
Techniques
Unobservable
Inputs
Range
Weighted
Average
NPCT
Asset-Backed
Securities
$5,598,658
Indicative
Trade
Broker
Quote
39.21%-53.48%
48.00%
59
.
4.
Portfolio
Securities
Participation
Commitments
for
JGH
and
NPCT:
With
respect
to
the
senior
loans
held
in
JGH’s
and
NPCT’s
portfolio,
the
Funds
may:
1)
invest
in
assignments;
2)
act
as
a
participant
in
primary
lending
syndicates;
or
3)
invest
in
participations.
If
a
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,
JGH
and
NPCT
had
no
such
outstanding
participation
commitments.
Repurchase
Agreements:
In
connection
with
transactions
in
repurchase
agreements,
it
is
each
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
Funds
that
are
subject
to
netting
agreements
as
of
the
end
of
the
reporting
period,
and
the
collateral
delivered
related
to
those
repurchase
agreements.
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.
Purchases
and
Sales:
Long-term
purchases
and
sales during
the
current fiscal
period
were
as
follows:
The
Funds
may
purchase
securities
on
a
when-issued
or
delayed-delivery
basis.
Securities
purchased
on
a
when-issued
or
delayed-delivery
basis
may
have
extended
settlement
periods;
interest
income
is
not
accrued
until
settlement
date.
Any
securities
so
purchased
are
subject
to
market
fluctuation
during
this
period. If
a
Fund
has
outstanding
when-issued/delayed-delivery
purchases
commitments
as
of
the
end
of
the
reporting
period,
such
amounts
are
recognized
on
the
Statement
of
Assets
and
Liabilities.
5.
Derivative
Investments
Each
Fund
is
authorized
to
invest
in
certain
derivative
instruments.
As
defined
by
U.S.
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variables.
Investments
in
derivatives
as
of
the
end
of
and/or
during
the
current
fiscal
period,
if
any,
are
included
within
the
Statement
of
Assets
and
Liabilities
and
the
Statement
of
Operations,
respectively.
Convertible
Bonds
299,279
Indicative
Trade
Broker
Quote
10.625%
N/A
Total
$5,897,937
Fund
Asset
Class
Market
Value
Techniques
Unobservable
Inputs
Range
Weighted
Average
JLS
Asset-Backed
Securities
$1,614,003
Indicative
Trade
Broker
Quote
$39.21-$19,250
$5,772.05
Fund
Counterparty
Short-term
Investments,
at
Value
Collateral
Pledged
(From)
Counterparty
JGH
Fixed
Income
Clearing
Corporation
$10,564,825
$(10,776,400)
NPCT
Fixed
Income
Clearing
Corporation
5,927,900
(6,046,514)
Fund
Non-U.S.
Government
Purchases
U.S.
Government
Purchases
Non-U.S.
Government
Sales
and
Maturities
U.S.
Government
Sales
JGH
$
195,057,014
$
—
$
186,569,356
$
—
NPCT
26,229,950
34,559,822
34,110,963
46,526,744
JLS
11,081,014
7,957,433
10,386,002
10,153,460
60
Notes
to
Financial
Statements
(Unaudited)
(continued)
Forward
Foreign
Currency
Contracts:
During
the
current
fiscal
period,
NPCT
used
foreign
exchange
forwards
to
hedge
its
exposure
to
Euro
denominated
positions.
A
forward
contract
is
an
agreement
between
two
parties
to
purchase
or
sell
a
specified
quantity
of
a
currency
at
or
before
a
specified
date
in
the
future
at
a
specified
price.
Non-deliverable
forward
foreign
currency
exchange
contracts
are
settled
with
the
counterparty
in
cash
without
the
delivery
of
foreign
currency.
Forward
contracts
are
typically
traded
in
the
over-the-counter
(“OTC”)
markets
and
all
details
of
the
contract
are
negotiated
between
the
counterparties
to
the
agreement.
Forward
contracts
are
marked-to-market
daily
and
any
resulting
unrealized
gains
or
losses
are
reflected
as
appreciation
or
depreciation
on
the
Statements
of
Assets
and
Liabilities.
The
Funds
realizes
gains
and
losses
at
the
time
the
forward
contracts
are
closed
and
are
included
on
the
Statement
of
Operations.
Risks
may
arise
upon
entering
into
forward
contracts
from
unanticipated
movements
in
the
value
of
a
foreign
currency
relative
to
the
U.S.
dollar;
and
that
losses
may
exceed
amounts
recognized
on
the
Statements
of
Assets
and
Liabilities.
The
average
notional
amount
of
forward
contracts
outstanding
during
the
current
fiscal
period
was
as
follows:
*
The
average
notional
amount
is
calculated
based
on
the
outstanding
notional
amount
of
contracts
at
the
beginning
of
the
current
fiscal
period
and
at
the
end
of
each
fiscal
quarter
within
the
current
fiscal
period.
Interest
Rate
Swap
Contracts:
A
Fund
may
enter
into
an
interest
rate
swap
contract
to
gain
or
reduce
exposure
to
interest
rates,
to
manage
duration,
the
yield
curve
or
interest
rate
risk.
During
the
current
fiscal
period,
JGH
continued
to
utilize
forward
starting
interest
rate
swap
contracts
to
partially
hedge
its
future
interest
cost
of
leverage.
Interest
rate
swap
contracts
involve
the
Fund’s
agreement
with
the
counterparty
to
pay
or
receive
a
fixed
rate
payment
in
exchange
for
the
counterparty
receiving
or
paying
a
variable
rate
payment.
Forward
interest
rate
swap
contracts
involve
the
Fund’s
agreement
with
a
counterparty
to
pay,
in
the
future,
a
fixed
or
variable
rate
payment
in
exchange
for
the
counterparty
paying
the
Fund
a
variable
or
fixed
rate
payment,
the
accruals
for
which
would
begin
at
a
specified
date
in
the
future
(the
“effective
date”).
Upon
entering
into
an
interest
rate
swap
contract
(and
beginning
on
the
effective
date
for
a
forward
interest
rate
swap
contract),
the
Fund
accrues
the
fixed
rate
payment
expected
to
be
paid
or
received
and
the
variable
rate
payment
expected
to
be
received
or
paid
on
the
interest
rate
swap
contracts
on
a
daily
basis,
and
recognizes
the
daily
change
in
the
fair
value
of
the
Fund’s
contractual
rights
and
obligations
under
the
contracts.
The
amount
of
the
payment
obligation
for
an
interest
rate
swap
is
based
on
the
notional
amount
and
the
termination
date
of
the
contract.
Interest
rate
swap
contracts
do
not
involve
the
delivery
of
securities
or
other
underlying
assets
or
principal.
Accordingly,
the
risk
of
loss
on
such
transactions
is
limited
to
the
net
amount
of
interest
payments
that
the
Fund
is
to
receive
from
the
counterparty.
Payments
paid
(received)
at
the
beginning
of
the
measurement
period
are
reflected
as
swap
premiums
paid
(received)
on
the
Statement
of
Assets
and
Liabilities,
when
applicable.
Interest
rate
swaps
can
be
settled
either
directly
with
the
counterparty
(“OTC”)
or
through
a
central
clearinghouse
(“centrally
cleared”).
For
OTC
swaps,
the
daily
change
in
the
market
value
of
the
swap
contract,
along
with
any
daily
interest
fees
accrued,
are
recognized
as
unrealized
appreciation
(depreciation)
on
interest
rate
swaps
contracts on
the
Statement
of
Assets
and
Liabilities.
Upon
the
execution
of
a
centrally
cleared
swap,
a
Fund
is
obligated
to
deposit
cash
or
eligible
securities,
also
known
as
“initial
margin,”
into
an
account
at
its
clearing
broker
equal
to
a
specified
percentage
of
the
contract
amount.
Securities
deposited
for
initial
margin,
if
any,
are
identified
in
the
Portfolio
of
Investments and
cash
deposited
for
initial
margin,
if
any,
is
reflected
on
the
Statement
of
Assets
and
Liabilities.
The
Fund
and
the
clearing
broker
are
obligated
to
settle
monies
on
a
daily
basis
representing
the
changes
in
the
value
of
the
swap
contracts.
These
daily
cash
settlements
are
known
as
“variation
margin”
and
is
recognized
on
the
Statement
of
Assets
and
Liabilities
as
a
receivable
or
payable
for
variation
margin
on
interest
rate
swaps
contracts.
Changes
in
the
value
of
the
swap
contracts
during
the
fiscal
period
are
recognized
as
net
unrealized
appreciation
(depreciation)
of
swaps
contracts on
the
Statement
of
Operations.
The
net
amount
of
periodic
payments
settled
in
cash
are
recognized
as
net
realized
gain
(loss)
from
swap
contracts on
the
Statement
of
Operations,
in
addition
to
the
net
realized
gain
or
loss
recorded
upon
the
termination
of
the
swap
contract.
The
average
notional
amount
of
interest
rate
swap
contracts
outstanding
during
the
current
fiscal
period
was
as
follows:
*
The
average
notional
amount
is
calculated
based
on
the
absolute
aggregate
notional
amount
of
contracts
outstanding
at
the
beginning
of
the
current
fiscal
period
and
at
the
end
of
each
fiscal
quarter
within
the
current
fiscal
period.
Cross
Currency
Swap
Contracts:
NPCT
uses
cross
currency
swap
contracts
to
gain
or
mitigate
exposure
to
foreign
exchange
markets.
A
cross
currency
swap
is
an
agreement
between
two
parties
to
exchange
two
different
currencies
with
the
understanding
that
the
exchange
will
be
reversed
at
a
later
date
at
specified
exchange
rates.
During
the
current
fiscal
period,
NPCT
used
cross
currency
swaps
to
hedge
its
Euro
exposure
to
U.S.
Dollars.
Risks
may
arise
upon
entering
into
these
contracts
from
the
potential
of
default
by
counterparty
and,
depending
on
their
terms,
may
be
subject
to
foreign
exchange
risk.
Fund
Average
Notional
Amount
of
Forward
Contracts
Outstanding
*
NPCT
$
4,952,608
Fund
Average
Notional
Amount
of
Interest
Rate
Swap
Contracts
Outstanding
*
JGH
$
87,400,000
61
Fund
Average
Notional
Amount
of
Swap
Contracts
Outstanding
*
NPCT
$
36,453,095
Cross
currency
swap
contracts
are
valued
daily.
Upon
entering
into
a
cross
currency
swap
contract
the
exchange
of
currencies
takes
place
at
the
current
spot
rate.
For
an
OTC
Uncleared
swap
not
cleared
through
a
clearing
house,
the
amount
recorded
on
these
transactions
is
recognized
on
the
Statement
of
Assets
and
Liabilities
as
a
component
of
“Unrealized
appreciation
or
deprecation
on
cross
currency
swaps
contracts.”
Upon
the
execution
of
an
OTC
Cleared
swap,
the
Fund
is
obligated
to
deposit
cash
or
eligible
securities,
also
known
as
“initial
margin,”
into
an
account
at
its
clearing
broker
equal
to
a
specified
percentage
of
the
contract
amount.
Cash
held
by
the
broker
to
cover
initial
margin
requirements
on
open
swap
contracts,
if
any,
is
recognized
as
“Cash
collateral
at
brokers
for
investments
in
swaps
contracts”
on
the
Statement
of
Assets
and
Liabilities.
Investments
in
OTC
Cleared
swaps
obligate
a
Fund
and
the
clearing
broker
to
settle
monies
on
a
daily
basis
representing
changes
in
the
prior
day’s
“mark-to-market”
of
the
swap.
If
a
Fund
has
unrealized
appreciation,
the
clearing
broker
would
credit
the
Fund’s
account
with
an
amount
equal
to
the
appreciation
and
conversely
if
a
Fund
has
unrealized
depreciation,
the
clearing
broker
will
debit
a
Fund’s
account
with
an
amount
equal
to
the
depreciation.
These
daily
cash
settlements
are
also
known
as
“variation
margin.”
Variation
margin
for
OTC
Cleared
swaps
is
recognized
as
a
receivable
and/or
payable
for
“Variation
margin
on
swaps
contracts”
on
the
Statement
of
Assets
and
Liabilities.
Upon
the
execution
of
an
OTC
Uncleared
swap,
neither
the
Fund
nor
the
counterparty
is
required
to
deposit
initial
margin
as
the
trades
are
recorded
bilaterally
between
both
parties
to
the
swap
contract,
and
the
terms
of
the
variation
margin
are
subject
to
a
predetermined
threshold
negotiated
by
the
Fund
and
the
counterparty.
Variation
margin
for
OTC
Uncleared
swaps
is
recognized
as
a
component
of
“Unrealized
appreciation
(depreciation)
on
cross
currency
swaps
contracts”
as
described
in
the
preceding
paragraph.
The
average
notional
amount
of
cross
currency
swap
contracts
outstanding
during
the
current
fiscal
period
was
as
follows:
The
following
table
presents
the
swap
contracts
subject
to
netting
agreements
and
the
collateral
delivered
related
to
those
swap
contracts
as
of
the
end
of
the
reporting
period.
As
of
the
end
of
the
reporting
period,
the
Funds
have
invested
in
derivative
contracts
which
are
reflected
in
the
Statement
of
Assets
and
Liabilities
as
follows:
*
Value
represents
the
cumulative
unrealized
appreciation
(depreciation)
of
cleared
derivative
contracts
as
reported
in
the
Fund’s
Portfolio
of
Investments.
The
Statement
of
Assets
and
Liabilities
only
reflects
the
current
day
variation
margin
receivable/payable
from/to
brokers
on
open
cleared
derivative
contracts.
During
the
current
fiscal
period,
the
effect
of
derivative
contracts
on
the
Funds’
Statements
of
Operations
was
as
follows:
Fund
Counterparty
Gross
Unrealized
Appreciation
on
Swaps**
Gross
Unrealized
(Depreciation)
on
Swaps**
Net
Unrealized
Appreciation
(Depreciation)
on
Interest
Rate
Swaps
Swaps
Premium
Paid
(Received)
Collateral
Pledged
to
(from)
Counterparty***
Net
Exposure
JGH
Morgan
Stanley
Capital
Services
LLC
$
2,853,113
$
-
$
2,853,113
$
-
$
(2,816,609)
36,504
NPCT
Citibank
N.A.
$
2,016,236
$
-
$
2,016,236
$
46,622
$
(1,920,991)
141,867
J.P.
Morgan
Securities
Inc.
574,280
-
574,280
(2,930)
(435,028)
136,322
Morgan
Stanley
Capital
Services
LLC
1,295,771
-
1,295,771
4,247
(1,261,774)
38,244
$
3,886,287
$
-
$
3,886,287
$
47,939
$
(3,617,793)
316,433
** Represents
gross
unrealized
appreciation
(depreciation)
for
the
counterparty
as
reported
in
the
Fund's
Portfolio
of
Investments.
***
Amount
is
held
in
a
segregated
account
at
the
Fund’s
custodian
and
not
included
on
the
Statement
of
Assets
and
Liabilities.
Asset
Derivatives
Liability
Derivatives
Derivative
Instrument
Risk
Exposure
Location
Value
Location
Value
JGH
Interest
Rate
Swaps
Interest
rate
Unrealized
appreciation
on
interest
rate
swaps
contracts
$
2,853,113
-
$
–
1
1
1
1
1
1
1
1
NPCT
Cross
Currency
Swaps
Foreign
currency
exchange
rate
Unrealized
appreciation
on
cross
currency
swap
contracts
*
3,886,287
-
–
1
1
1
1
1
1
1
1
62
Notes
to
Financial
Statements
(Unaudited)
(continued)
Market
and
Counterparty
Credit
Risk:
In
the
normal
course
of
business
each
Fund
may
invest
in
financial
instruments
and
enter
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk)
or
failure
of
the
other
party
to
the
transaction
to
perform
(counterparty
credit
risk).
The
potential
loss
could
exceed
the
value
of
the
financial
assets
recorded
on
the
financial
statements.
Financial
assets,
which
potentially
expose
each
Fund
to
counterparty
credit
risk,
consist
principally
of
cash
due
from
counterparties
on
forward,
option
and
swap
transactions,
when
applicable.
The
extent
of
each
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.
Each
Fund
helps
manage
counterparty
credit
risk
by
entering
into
agreements
only
with
counterparties
the
Adviser
believes
have
the
financial
resources
to
honor
their
obligations
and
by
having
the
Adviser
monitor
the
financial
stability
of
the
counterparties.
Additionally,
counterparties
may
be
required
to
pledge
collateral
daily
(based
on
the
daily
valuation
of
the
financial
asset)
on
behalf
of
each
Fund
with
a
value
approximately
equal
to
the
amount
of
any
unrealized
gain
above
a
pre-determined
threshold.
Reciprocally,
when
each
Fund
has
an
unrealized
loss,
the
Funds
have
instructed
the
custodian
to
pledge
assets
of
the
Funds
as
collateral
with
a
value
approximately
equal
to
the
amount
of
the
unrealized
loss
above
a
pre-determined
threshold.
Collateral
pledges
are
monitored
and
subsequently
adjusted
if
and
when
the
valuations
fluctuate,
either
up
or
down,
by
at
least
the
pre-determined
threshold
amount.
6.
Fund
Shares
Common Share
Transactions:
The
Funds
did
not
have
any
transactions
in
common
shares
during
the
Funds'
current
and
prior
fiscal
period.
Preferred
Shares
Taxable
Fund
Preferred
Shares:
NPCT
has
issued
and
has
outstanding
Taxable
Fund
Preferred
(“TFP”)
Shares,
with
a
$1,000
liquidation
preference
per
share.
These
TFP
Shares
were
issued
via
private
placement
and
are
not
publicly
available.
The
Fund
is
obligated
to
redeem
its
TFP
Shares
by
the
date
as
specified
in
its
offering
documents
(“Term
Redemption
Date”),
unless
earlier
redeemed
by
the
Fund.
TFP
Shares
are
initially
issued
in
a
pre-specified
mode,
however,
TFP
Shares
can
be
subsequently
designated
as
an
alternative
mode
at
a
later
date
at
the
discretion
of
the
Fund.
The
modes
within
TFP
Shares
detail
the
dividend
mechanics
and
are
described
as
follows.
At
a
subsequent
date,
the
Fund
may
establish
additional
mode
structures
with
the
TFP
Share.
•
Variable
Rate
Mode
(“VRM”)
–
Dividends
for
TFP
Shares
designated
in
this
mode
are
based
upon
a
short-term
index
plus
an
additional
fixed
“spread”
amount
established
at
the
time
of
issuance
or
renewal
/
conversion
of
its
mode.
At
the
end
of
the
period
of
the
mode,
the
Fund
will
be
required
to
either
extend
the
term
of
the
mode,
designate
an
alternative
mode
or
redeem
the
TFP
Shares.
The
fair
value
of
TFP
Shares
while
in
VRM
are
expected
to
approximate
their
liquidation
preference
so
long
as
the
fixed
“spread”
on
the
shares
remains
roughly
in
line
with
the
“spread’
being
demanded
by
investors
on
instruments
having
similar
terms
in
the
current
market.
In
current
market
conditions,
the
Adviser
has
determined
that
the
fair
value
of
the
shares
are
approximately
their
liquidation
preference,
but
their
fair
value
could
vary
if
market
conditions
change
materially.
•
Variable
Rate
Demand
Mode
(“VRDM”)
–
Dividends
for
TFP
Shares
designated
in
this
mode
will
be
established
by
a
remarketing
agent;
therefore,
the
market
value
of
the
TFP
Shares
is
expected
to
approximate
its
liquidation
preference.
While
in
this
mode,
shares
will
have
an
unconditional
liquidity
feature
that
enable
its
shareholders
to
require
a
liquidity
provider,
which
the
Fund
has
entered
into
a
contractual
agreement,
to
purchase
shares
in
the
event
that
the
shares
are
not
able
to
be
successfully
remarketed.
In
the
event
that
shares
within
this
mode
are
unable
to
be
successfully
remarketed
and
are
purchased
by
the
liquidity
provider,
the
dividend
rate
will
be
the
maximum
rate
which
is
designed
to
escalate
according
to
a
specified
schedule
in
order
to
enhance
the
remarketing
agent’s
ability
to
successfully
remarket
the
shares.
The
Fund
is
required
to
redeem
any
shares
that
are
still
owned
by
a
liquidity
provider
after
six
months
of
continuous,
unsuccessful
remarketing.
The
Fund
will
pay
a
liquidity
and
remarketing
fee
on
the
aggregate
principal
amount
of
all
TFP
Shares
while
within
VRDM.
Payments
made
by
the
Fund
to
the
liquidity
provider
and
remarketing
agent
are
recognized
as
“Liquidity
fees”
and
“Remarketing
fees”,
respectively,
on
the
Statement
of
Operations.
For
financial
reporting
purposes,
the
liquidation
preference
of
TFP
Shares
is
recorded
as
a
liability
and
is
recognized
as
a
component
of
“Taxable
Fund
Preferred
(“TFP”)
Shares,
net
of
deferred
offering
costs”
on
the
Statement
of
Assets
and
Liabilities.
Dividends
on
the
TFP
shares
are
treated
as
interest
payments
for
financial
reporting
purposes.
Unpaid
dividends
on
TFP
shares
are
recognized
as
a
component
on
“Interest
payable”
on
the
Statement
of
Assets
and
Liabilities.
Dividends
accrued
on
TFP
Shares
are
recognized
as
a
component
of
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
Derivative
Instrument
Risk
Exposure
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
JGH
Swap
contracts
Interest
rate
$
1,547,673
$
(
256,850
)
NPCT
Forward
contracts
Foreign
currency
exchange
rate
206,393
274,393
Swap
contracts
Foreign
currency
exchange
rate
439,914
705,870
63
Subject
to
certain
conditions,
TFP
Shares
may
be
redeemed,
in
whole
or
in
part,
at
any
time
at
the
option
of
the
Fund.
The
Fund
may
also
be
required
to
redeem
certain
TFP
shares
if
the
Fund
fails
to
maintain
certain
asset
coverage
requirements
and
such
failures
are
not
cured
by
the
applicable
cure
date.
The
redemption
price
per
share
in
all
circumstances
is
equal
to
the
liquidation
preference
per
share
plus
any
accumulated
but
unpaid
dividends.
Cost
incurred
in
connection
with
its
offering
of
TFP
Shares,
were
recorded
as
a
deferred
charge
and
are
being
amortized
over
the
life
of
the
shares.
These
offering
costs
are
recognized
as
a
component
of
“Taxable
Fund
Preferred
(“TFP”)
Shares,
net
of
deferred
offering
costs”
on
the
Statement
of
Assets
and
Liabilities
and
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
As
of
the
end
of
the
reporting
period,
NPCT
had
$69,700,024
TFP
Shares
at
liquidation
preference,
net
of
deferred
offering
costs.
Further
details
of
the
Fund’s
TFP
Shares
outstanding
as
of
the
end
of
the
reporting
period,
were
as
follows:
The
average
liquidation
preference
of
TFP
Shares
outstanding
and
the
annualized
dividend
rate
for
the
Fund
during
the
current
fiscal
period
were
as
follows:
7.
Income
Tax
Information
Each
Fund
is
a
separate
taxpayer
for
federal
income
tax
purposes.
Each
Fund
intends
to
distribute
substantially
all
of
its
net
investment
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.
Each
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
each
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.
As
of
the
end
of
the
reporting
period,
the
aggregate
cost
and
the
net
unrealized
appreciation/(depreciation)
of
all
investments
for
federal
income
tax
purposes
were
as
follows:
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
Series
Shares
Outstanding
Liquidation
Preference
Term
Redemption
Date
Mode
NPCT
A
70,000
$
70,000,000
May
2,
2033
VRM
Fund
Average
Liquidation
Preference
of
TFP
Shares
Outstanding
Annualized
Dividend
Rate
NPCT
$
70,000,000
6
.59
%
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
JGH
$
458,698,093
$
9,151,943
$
(
25,885,670
)
$
(
16,733,727
)
NPCT
638,903,967
5,036,756
(
125,664,795
)
(
120,628,039
)
JLS
154,593,418
3,603,161
(
15,916,652
)
(
12,313,491
)
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
JGH
$
—
$
—
$
(
26,428,908
)
$
(
124,430,677
)
$
—
$
(
377,634
)
$
(
151,237,219
)
NPCT
—
—
(
132,960,977
)
(
59,090,946
)
—
(
79,465
)
(
192,131,388
)
JLS
1,387,177
—
(
16,536,726
)
(
3,729,727
)
—
—
(
18,879,276
)
64
Notes
to
Financial
Statements
(Unaudited)
(continued)
As
of
prior
fiscal
period
end,
the
Funds
had
capital
loss
carryforwards,
which
will
not
expire:
8.
Management
Fees
and
Other
Transactions
with
Affiliates
Management
Fees:
Each
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
Funds
from
the
management
fees
paid
to
the
Adviser.
Each
Fund’s
management
fee
consists
of
two
components
–
a
fund-level
fee,
based
only
on
the
amount
of
assets
within
each
individual
Fund,
and
a
complex-level
fee,
based
on
the
aggregate
amount
of
all
eligible
fund
assets
managed
by
the
Adviser.
This
pricing
structure
enables
Fund
shareholders
to
benefit
from
growth
in
the
assets
within
their
respective
Fund
as
well
as
from
growth
in
the
amount
of
complex-wide
assets
managed
by
the
Adviser.
The
annual
fund-level
fee,
payable
monthly,
for
each
Fund
is
calculated
according
to
the
following
schedule:
For
the
period
January
1,
2024
through
April
30,
2024,
the
annual
complex-level
fee,
payable
monthly,
for
each
Fund
was
calculated
according
to
the
following
schedule:
* "Managed
assets”
means
the
total
assets
of
the
Fund,
minus
the
sum
of
its
accrued
liabilities
(other
than
the
Fund
liabilities
incurred
for
the
express
purpose
of
creating
effective
leverage).
Total
assets
for
this
purpose
shall
include
assets
attributable
to
the
Fund’s
use
of
effective
leverage
(whether
or
not
those
assets
are
reflected
in
the
Fund’s
financial
statements
for
the
purposes
of
U.S.
GAAP).
Fund
Short-Term
Long-Term
Total
JGH
$
31,444,921
$
92,985,756
$
124,430,677
NPCT
12,840,212
46,250,734
59,090,946
JLS
1,799,219
1,930,508
3,729,727
Average
Daily
Managed
Assets
JGH
Fund-Level
Fee
Rate
NPCT
Fund-Level
Fee
Rate
For
the
first
$500
million
0.7000
%
0.8000
%
For
the
next
$500
million
0.6750
0.7750
For
the
next
$500
million
0.6500
0.7500
For
the
next
$500
million
0.6250
0.7250
For
managed
assets
over
$2
billion
0.6000
0.7000
JLS
Average
Daily
Managed
Assets*
Fund-Level
Fee
Rate
For
the
first
$125
million
0.8000
%
For
the
next
$125
million
0.7875
For
the
next
$150
million
0.7750
For
the
next
$600
million
0.7625
For
managed
assets
over
$1
billion
0.7500
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
65
**
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
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
include
certain
assets
of
certain
Nuveen
funds
that
were
reorganized
into
funds
advised
by
an
affiliate
of
the
Adviser
during
the
2019
calendar
year.
Effective
May
1,
2024,
the
annual
complex-level
fee,
payable
monthly,
for
each
fund
is
calculated
according
to
the
following
schedule:
*
The
complex-level
fee
is
calculated
based
upon
the
aggregate
daily
“eligible
assets”
of
all
Nuveen-branded
closed-end
funds
and
Nuveen
branded
open-end
funds
(“Nuveen
Mutual
Funds”).
Except
as
described
below,
eligible
assets
include
the
assets
of
all
Nuveen-branded
closed-end
funds
and
Nuveen
Mutual
Funds
organized
in
the
United
States.
Eligible
assets
do
not
include
the
net
assets
of:
Nuveen
fund-of-funds,
Nuveen
money
market
funds,
Nuveen
index
funds,
Nuveen
Large
Cap
Responsible
Equity
Fund
or
Nuveen
Life
Large
Cap
Responsible
Equity
Fund.
In
addition,
eligible
assets
include
a
fixed
percentage
of
the
aggregate
net
assets
of
the
active
equity
and
fixed
income
Nuveen
Mutual
Funds
advised
by
the
Adviser’s
affiliate,
Teachers
Advisors,
LLC
(except
those
identified
above).
The
fixed
percentage
will
increase
annually
until
May
1,
2033,
at
which
time
eligible
assets
will
include
all
of
the
aggregate
net
assets
of
the
active
equity
and
fixed
income
Nuveen
Mutual
Funds
advised
by
Teachers
Advisors,
LLC
(except
those
identified
above).
Eligible
assets
include
closed-end
fund
assets
managed
by
the
Adviser
that
are
attributable
to
financial
leverage.
For
these
purposes,
financial
leverage
includes
the
closed-end
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
eligible
assets
in
certain
circumstances.
As
of
June
30,
2024,
the
annual
complex-level
fee
for
each
Fund
was
as
follows:
9.
Commitments
and
Contingencies
In
the
normal
course
of
business,
each
Fund
enters
into
a
variety
of
agreements
that
may
expose
the
Fund
to
some
risk
of
loss.
These
could
include
certain
agreements
related
to
preferred
shares,
which
are
described
elsewhere
in
these
Notes
to
Financial
Statements.
The
risk
of
future
loss
arising
from
such
agreements,
while
not
quantifiable,
is
expected
to
be
remote.
As
of
the
end
of
the
reporting
period,
the
Funds
did
not
have
any
unfunded
commitments.
From
time
to
time,
the
Funds
may
be
party
to
certain
legal
proceedings
in
the
ordinary
course
of
business,
including
proceedings
relating
to
the
enforcement
of
the
Funds’
rights
under
contracts.
As
of
the
end
of
the
reporting
period,
management
has
determined
that
any
legal
proceeding(s)
the
Funds
are
subject
to,
including
those
described
within
this
report,
are
unlikely
to
have
a
material
impact
to
any
of
the
Funds’
financial
statements.
10.
Borrowing
Arrangements
and
Reverse
Repurchase
Agreements
Borrowings:
Each
Fund
has
entered
into
a
borrowing
arrangement
(“Borrowings”)
as
a
means
of
leverage.
As
of
the
end
of
the
reporting
period,
each
Fund’s
maximum
commitment
amount
under
these
Borrowings
is
as
follows:
As
of
the
end
of
the
reporting
period,
each
Fund’s
outstanding
balance
on
its
Borrowings
was
as
follows:
Complex-Level
Asset
Breakpoint
Level*
Complex-Level
Fee
For
the
first
$124.3
billion
0.1600
%
For
the
next
$75.7
billion
0.1350
For
the
next
$200
billion
0.1325
For
eligible
assets
over
$400
billion
0.1300
Fund
Complex-Level
Fee
JGH
0
.1574%
NPCT
0
.1574%
JLS
0
.1574%
Fund
Maximum
Commitment
Amount
JGH
$
140,000,000
NPCT
82,000,000
JLS
22,500,000
66
Notes
to
Financial
Statements
(Unaudited)
(continued)
JGH
has
entered
into
a
364-day
revolving
line
of
credit.
Interest
is
charged
on
these
Borrowings
to
the
drawn
amount
at
a
rate
per
annum
equal
to
one-month
Term
SOFR
(“Secured
Overnight
Financing
Rate”)
plus
0.90%.
The
Fund
also
accrued
a
0.15%
per
annum
commitment
fee
based
on
the
undrawn
balance
based
on
the
maximum
commitment
amount
of
the
Borrowings
to
the
extent
the
unused
portion
of
the
Borrowings
is
less
than
50%
of
the
maximum
commitment
amount
otherwise
the
per
annum
commitment
fee
is
0.25%.
NPCT
has
entered
into
a
committed
financing
agreement.
Interest
is
charged
on
these
Borrowings
to
the
drawn
amount
at
a
rate
per
annum
equal
to
Fed
Funds
plus
0.80%
and
accrues
0.25%
per
annum
on
the
undrawn
balance
if
the
undrawn
portion
of
the
Borrowings
on
a
particular
day
is
more
than
10%
of
the
maximum
commitment
amount.
JLS
has
entered
into
a
committed
financing
agreement.
Interest
is
charged
on
these
Borrowings
at
OBFR
(“Overnight
Bank
Funding
Rate”)
plus
1.70%
per
annum
on
the
amount
borrowed
and
0.50%
per
annum
on
the
undrawn
balance
which
was
waived
for
the
reporting
period.
During
the
current
fiscal
period,
the
average
daily
balance
outstanding
and
average
annual
interest
rate
on
each
Fund’s
Borrowings
were
as
follows:
Other
Borrowings
Information
for
the
Funds:
In
order
to
maintain
these
Borrowings,
the
Funds
must
meet
certain
collateral,
asset
coverage
and
other
requirements.
Each
Fund’s
Borrowings
outstanding
are
fully
secured
by
eligible
securities
held
in
each
Fund’s
portfolio
of
investments.
Each
Fund’s
Borrowings
outstanding
is
recognized
as
“Borrowings”
on
the
Statement
of
Assets
and
Liabilities.
Interest
expense
and
other
fees
incurred
on
the
drawn
amount
and
undrawn
balance
are
recognized
as
a
component
of
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
Rehypothecation
:
JLS
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)
33
1⁄3
%
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
have
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
a
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
no
in
Hypothecated
Securities.
During
the
current
fiscal
period,
the
Fund
earned
Rehypothecation
Fees
of
$10,
which
is
recognized
as
"Rehypothecation
income"
on
the
Statement
of
Operations.
Reverse
Repurchase
Agreements:
During
the
current
fiscal
period, the
fund utilized
reverse
repurchase
agreements
as
a
means
of
leverage.
Each 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,
the
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.
Fund
Outstanding
balance
on
Borrowings
JGH
$
119,000,000
NPCT
62,500,000
JLS
3,520,000
Fund
Utilization
Period
(Days
Outstanding)
Average
Daily
Balance
Outstanding
Average
Annual
Interest
Rate
JGH
182
$
119,000,000
6
.54
%
NPCT
182
70,587,912
6
.28
JLS
182
4,047,473
7
.17
67
In
a
reverse
repurchase
agreement,
the
Fund
retains
the
risk
of
loss
associated
with
the
sold
security. 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.
As
of
the
end
of
the
reporting
period,
the
Fund’s
outstanding
balances
on
its
reverse
repurchase
agreements
were
as
follows:
During
the
current
fiscal
period,
the
average
daily
balance
outstanding
and
average
annual
interest
rate
on
the
Funds’
reverse
repurchase
agreements
were
as
follows:
The
following
table
presents
the
reverse
repurchase
agreements
subject
to
netting
agreements
and
the
collateral
delivered
related
to
those
reverse
repurchase
agreements.
/
11.
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
Funds
covered
by
this
shareholder
report,
will
participate
only
as
lenders,
and
not
as
borrowers,
in
the
Inter-Fund
Program
because
such
closed-end
funds
rarely,
if
ever,
need
to
borrow
cash
to
meet
redemptions.
The
Inter-Fund
Program
is
subject
to
a
number
of
conditions,
including,
among
other
things,
the
requirements
that
(1)
no
fund
may
borrow
or
lend
money
through
the
Inter-Fund
Program
unless
it
receives
a
more
favorable
interest
rate
than
is
typically
available
from
a
bank
or
other
financial
institution
for
a
comparable
transaction;
(2)
no
fund
may
borrow
on
an
unsecured
basis
through
the
Inter-Fund
Program
unless
the
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
inter-fund
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.
Fund
Counterparty
Rate
Principal
Amount
Maturity
Value
Value
and
Accrued
Interest
NPCT
Societe
Generale
5.80%
$
(
33,820,000
)
9/05/24
$
(
33,820,000
)
$
(
33,961,668
)
NPCT
Societe
Generale
5.95%
(
3,000,000
)
9/05/24
(
3,000,000
)
(
3,058,509
)
NPCT
TD
Securities
(USA),
LLC
5.85%
(
12,000,000
)
7/17/24
(
12,000,000
)
(
12,146,250
)
Total
$(48,820,000)
$(48,820,000)
$(49,166,427)
JLS
Royal
Bank
of
Canada
6.87%
(
13,123,000
)
7/12/24
(
13,123,000
)
(
13,313,272
)
JLS
Societe
Generale
6.55%
(
17,355,000
)
7/12/24
(
17,355,000
)
(
17,607,761
)
JLS
TD
Securities
(USA),
LLC
5.85%
(
770,000
)
12/31/49
(
770,000
)
(
838,532
)
Total
$(31,248,000)
$(31,248,000)
$(31,759,565)
Fund
Utilization
period
(days
outstanding)
Average
daily
balance
outstanding
Weighted
Average
annual
interest
rate
NPCT
182
$
(48,524,835)
5.58%
JLS
182
(31,248,000)
6.69%
Fund
Counterparty
Reverse
Repurchase
Agreements*
Collateral
Pledged
to
Counterparty
NPCT
Societe
Generale
$
(33,961,668)
$
(47,486,710)
Societe
Generale
(3,058,509)
(4,121,809)
TD
Securities
(USA),
LLC
(12,146,250)
(15,935,402)
JLS
Royal
Bank
of
Canada
(13,313,272)
(20,897,719)
Societe
Generale
(17,607,761)
(24,730,980)
TD
Securities
(USA),
LLC
(838,532)
(647,459)
*
Represents
gross
value
and
accrued
interest
for
the
counterparty
as
reported
in
the
preceding
table.
68
Notes
to
Financial
Statements
(Unaudited)
(continued)
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,
none
of
the
Funds
covered
by
this
shareholder
report
have
entered
into
any
inter-fund
loan
activity.
Shareholder
Meeting
Report
(Unaudited)
69
The
annual
meeting
of
shareholders
for
NPCT
was
held
on
May
15,
2024
for
shareholders
of
record
on
January
19,
2024
and
subsequently
adjourned
to
May
31,
2024.
At
this
meeting
the
common
and
preferred
shareholders
were
asked
to
elect
three
Class
III
Trustees,
including
a
choice
between
three
nominees
nominated
by
the
existing
Board
of
Trustees,
and
one
nominee
nominated
by
an
activist
shareholder.
Preferred
shareholders
voting
as
a
separate
class
were
asked
to
elect
two
preferred
Trustees.
Additionally,
shareholders
were
asked
to
vote
on
the
ratification
of
the
selection
of
the
independent
registered
public
accounting
firm.
Pursuant
to
the
NPCT’s By-Laws, because
the
number
of
persons
nominated
for
election
as
Trustees
exceeded
the
number
of
Trustees
to
be
elected
(i.e.,
a
contested
election),
the
affirmative
vote
of
a
majority
of
the
shares
outstanding
and
entitled
to
vote
on
the
matter
was
required
to
elect
the
Trustees.
With
respect
to
the
election
of
Class III
Trustees
at
the
annual
meeting,
no
Class III
Trustee
candidate
received
the
required
affirmative
vote
of
holders
of
a
majority
of
the
outstanding
common
shares
of
the
Fund.
As
a
result,
no
Class III
Trustees
were
elected
at
the
annual
meeting,
and
the
current
Class III
Trustees
continued
to
serve
as
holdover
Trustees
until
the
Fund’s
2025
annual
meeting
of
shareholders
or
until
their
successors
have
been
duly
elected
and
qualified.
Preferred
Trustees
were
elected
by
preferred
shareholders
at
the
annual
meeting.
Shareholders
voted
to
ratify
the
selection
of
the
Fund’s
independent
registered
public
accounting
firm
at
the
annual
meeting.
The
vote
totals
for
NPCT
are
set
forth
below:
NPCT
Common
Shares
Preferred
Shares
The
vote
results
in
the
Election
of
Class
III
Trustees
were
as
follows:
Joanne
T.
Medero*
For
3,985,666
-
Withhold
271,157
-
Abstain
149,521
-
Total
4,406,344
-
Loren
M.
Starr*
For
3,968,377
-
Withhold
274,723
-
Abstain
174,204
-
Total
4,417,304
-
Matthew
Thornton
III*
For
3,985,832
-
Withhold
267,503
-
Abstain
163,971
-
Total
4,417,306
-
Jason
Chen
For
11,231,572
-
Withhold
29,189
-
Abstain
28,762
-
Total
11,289,523
-
The
vote
results
in
Board
Members
were
as
follows:
Albin
F.
Moschner
For
-
70,000
Withhold
-
-
Total
-
70,000
Margaret
L.
Wolff
For
-
70,000
Withhold
-
-
Total
-
70,000
To
approve
the
ratification
of
the
selection
of
the
independent
registered
public
accounting
firm:
PricewaterhouseCoopers
LLP
(“PWC”)
For
15,495,486
-
Withhold
83,713
-
Abstain
127,630
-
Total
15,706,829
-
*
Ms.
Medero,
Mr.
Moschner,
Starr
and
Thornton
III,
incumbent
Class
III
Trustees,
will
continue
to
serve
as
Class
III
Trustees
until
their
successors
are
duly
elected
and
qualify.
70
(Unaudited)
(continued)
The
annual
meeting
of
shareholders
for
JGH
and
JLS
was
held
on
April
12,
2024
for
shareholders
of
record
on
January
19,
2024.
At
this
meeting
the
shareholders
were
asked
to
elect
Class
III
Board
Members.
The
vote
totals
for
JGH
and
JLS
are
set
forth
below:
JGH
JLS
Common
Shares
Common
Shares
Approval
of
the
Board
Members
was
reached
as
follows:
Joanne
T.
Medero
For
18,606,535
3,139,477
Withhold
524,338
56,423
Total
19,130,873
3,195,900
Albin
F.
Moschner
For
18,506,298
3,138,968
Withhold
624,575
56,932
Total
19,130,873
3,195,900
Loren
M.
Starr
For
18,665,172
3,138,972
Withhold
465,701
56,928
Total
19,130,873
3,195,900
Matthew
Thornton
III
For
18,670,934
3,138,221
Withhold
459,939
57,679
Total
19,130,873
3,195,900
71
Additional
Fund
Information
(Unaudited)
Portfolio
of
Investments
Information
Each
Fund
is
required
to
file
its
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
You
may
obtain
this
information
on
the
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
Each
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.
Each
Fund
has
filed
with
the
SEC
the
certification
of
its
CEO
and
Chief
Financial
Officer
required
by
Section
302
of
the
Sarbanes-Oxley
Act.
Common
Share
Repurchases
Each
Fund
intends
to
repurchase,
through
its
open-market
share
repurchase
program,
shares
of
its
own
common
stock
at
such
times
and
in
such
amounts
as
is
deemed
advisable.
During
the
period
covered
by
this
report,
each
Fund
repurchased
shares
of
its
common
stock
as
shown
in
the
accompanying
table.
Any
future
repurchases
will
be
reported
to
shareholders
in
the
next
annual
or
semi-annual
report.
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.
Board
of
Trustees
Joseph
A.
Boateng*
Michael
A.
Forrester*
Thomas
J.
Kenny
Amy
B.R.
Lancellotta
Joanne
T.
Medero
Albin
F.
Moschner
John
K.
Nelson
Loren
M.
Starr
Matthew
Thornton
III
Terence
J.
Toth
Margaret
L.
Wolff
Robert
L.
Young
*Serves
as
a
Trustee
to
JGH
and
JLS
and
a
consultant
to
NPCT.
Investment
Adviser
Nuveen
Fund
Advisors,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Custodian
State
Street
Bank
&
Trust
Company
One
Congress
Street
Suite
1
Boston,
MA
02114-2016
Legal
Counsel
Chapman
and
Cutler
LLP
Chicago,
IL
60603
Independent
Registered
Public
Accounting
Firm
KPMG
LLP
200
East
Randolph
Street
Chicago,
IL
60601
Transfer
Agent
and
Shareholder
Services
Computershare
Trust
Company,
N.A.
150
Royall
Street
Canton,
MA
02021
(800)
257-8787
JGH
NPCT
JLS
Common
shares
repurchased
0
0
0
72
Glossary
of
Terms
Used
in
this
Report
(Unaudited)
Asset-Backed
Securities
(ABS):
Securities
whose
value
and
income
payments
are
derived
from
and
collateralized
by
a
specific
pool
of
underlying
assets.
The
pool
of
assets
typically
is
a
group
of
small
and/or
illiquid
assets
that
may
be
difficult
to
sell
individually.
The
underlying
pools
of
asset-backed
securities
often
include
payments
from
credit
cards,
auto
loans
or
mortgage
loans.
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
offer
price
and
reinvested
dividends
and
capital
gains
distributions,
if
any)
over
the
time
period
being
considered.
Commercial
Mortgage-Backed
Securities
(CMBS):
Commercial
mortgage-backed
securities
are
backed
by
cash
flows
of
a
mortgage
or
pool
of
mortgages
on
commercial
real
estate.
CMBS
generally
are
structured
to
provide
protection
to
the
senior
class
investors
against
potential
losses
on
the
underlying
mortgage
loans.
CMBS
are
typically
characterized
by
the
following:
i)
loans
on
multifamily
housing,
non-residential
property,
ii)
payments
based
on
the
amortization
schedule
of
25-30
years
with
a
balloon
payment
due
usually
after
10
years,
and
iii)
restrictions
on
prepayments.
Contingent
Capital
Securities
(CoCos):
CoCos
are
debt
or
capital
securities
of
primarily
non-U.S.
issuers
with
loss
absorption
contingency
mechanisms
built
into
the
terms
of
the
security,
for
example
a
mandatory
conversion
into
common
stock
of
the
issuer,
or
a
principal
write-down,
which
if
triggered
would
likely
cause
the
CoCos
investment
to
lose
value.
Loss
absorption
mechanisms
would
become
effective
upon
the
occurrence
of
a
specified
contingency
event,
or
at
the
discretion
of
a
regulatory
body.
Specified
contingency
events,
as
identified
in
the
CoCo’s
governing
documents,
usually
reference
a
decline
in
the
issuer’s
capital
below
a
specified
threshold
level,
and/or
certain
regulatory
events.
A
loss
absorption
contingency
event
for
CoCos
would
likely
be
the
result
of,
or
related
to,
the
deterioration
of
the
issuer’s
financial
condition
and/or
its
status
as
a
going
concern.
In
such
a
case,
with
respect
to
CoCos
that
provide
for
conversion
into
common
stock
upon
the
occurrence
of
the
contingency
event,
the
market
price
of
the
issuer’s
common
stock
received
by
the
Acquiring
Fund
will
have
likely
declined,
perhaps
substantially,
and
may
continue
to
decline
after
conversion.
CoCos
rated
below
investment
grade
should
be
considered
high
yield
securities,
or
“junk,”
but
often
are
issued
by
entities
whose
more
senior
securities
are
rated
investment
grade.
CoCos
are
a
relatively
new
type
of
security;
and
there
is
a
risk
that
CoCo
security
issuers
may
suffer
the
sort
of
future
financial
distress
that
could
materially
increase
the
likelihood
(or
the
market’s
perception
of
the
likelihood)
that
an
automatic
write-down
or
conversion
event
on
those
issuers’
CoCos
will
occur.
Additionally,
the
trading
behavior
of
a
given
issuer’s
CoCos
may
be
strongly
impacted
by
the
trading
behavior
of
other
issuers’
CoCos,
such
that
negative
information
from
an
unrelated
CoCo
security
may
cause
a
decline
in
value
of
one
or
more
CoCos
held
by
the
Fund.
Accordingly,
the
trading
behavior
of
CoCos
may
not
follow
the
trading
behavior
of
other
types
of
debt
and
preferred
securities.
Despite
these
concerns,
the
prospective
reward
vs.
risk
characteristics
of
at
least
certain
CoCos
may
be
very
attractive
relative
to
other
fixed-income
alternatives.
Duration:
Duration
is
a
measure
of
the
expected
period
over
which
a
bond’s
principal
and
interest
will
be
paid,
and
consequently
is
a
measure
of
the
sensitivity
of
a
bond’s
or
bond
fund’s
value
to
changes
when
market
interest
rates
change.
Generally,
the
longer
a
bond’s
or
fund’s
duration,
the
more
the
price
of
the
bond
or
fund
will
change
as
interest
rates
change.
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.
Mortgage-Backed
Securities
(MBS):
Mortgage-backed
securities
(MBS)
are
bonds
backed
by
pools
of
mortgages,
usually
with
similar
characteristics,
and
which
return
principal
and
interest
in
each
payment.
MBS
are
composed
of
residential
mortgages
(RMBS)
or
commercial
mortgages
(CMBS).
RMBS
are
further
divided
into
agency
RMBS
and
non-agency
RMBS,
depending
on
the
issuer.
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
forth
in
the
Investment
Company
Act
of
1940.
73
Residential
Mortgage-Backed
Securities
(RMBS):
Residential
mortgage-backed
securities
are
securities
the
payments
on
which
depend
primarily
on
the
cash
flow
from
residential
mortgage
loans
made
to
borrowers
that
are
secured
by
residential
real
estate.
RMBS
consist
of
agency
and
non-agency
RMBS.
Agency
RMBS
have
agency
guarantees
that
assure
investors
that
they
will
receive
timely
payment
of
interest
and
principal,
regardless
of
delinquency
or
default
rates
on
the
underlying
loans.
Agency
RMBS
include
securities
issued
by
the
Government
National
Mortgage
Association,
the
Federal
National
Mortgage
Association
and
the
Federal
Home
Loan
Mortgage
Corporation,
and
other
federal
agencies,
or
issues
guaranteed
by
them.
Non-agency
RMBS
do
not
have
agency
guarantees.
Non-agency
RMBS
have
credit
enhancement
built
into
the
structure
to
shield
investors
from
borrower
delinquencies.
The
spectrum
of
non-agency
residential
mortgage
loans
includes
traditional
jumbo
loans
(prime),
alternative-A
loans
(Alt-A),
and
home
equity
loans
(subprime).
74
Statement
Regarding
Basis
for
Approval
of
Investment
Advisory
Contract
(Unaudited)
Nuveen
Global
High
Income
Fund
Nuveen
Core
Plus
Impact
Fund
Nuveen
Mortgage
and
Income
Fund
The
Approval
Process
At
meetings
held
on
April
18
and
19,
2024
(the
“Meeting”),
the
Boards
of
Trustees
(collectively,
the
“Board”
and
each
Trustee,
a
“Board
Member”)
of
the
Funds
approved,
for
their
respective
Fund,
the
renewal
of
the
investment
management
agreement
(each
an
“Investment
Management
Agreement”)
with
Nuveen
Fund
Advisors,
LLC
(“NFAL”;
NFAL
is
an
“Adviser”),
pursuant
to
which
NFAL
serves
as
investment
adviser
to
such
Fund.
Similarly,
for
each
Fund,
the
Board
approved
the
renewal
of
the
sub-advisory
agreement
(each
a
“Sub-Advisory
Agreement”)
with
(a)
in
the
case
of
Nuveen
Global
High
Income
Fund
and
Nuveen
Core
Plus
Impact
Fund,
Nuveen
Asset
Management,
LLC
(“NAM”),
pursuant
to
which
NAM
serves
as
the
sub-adviser
to
each
such
Fund;
and
(b)
in
the
case
of
Nuveen
Mortgage
and
Income
Fund,
Teachers
Advisors,
LLC
(“TAL,”
and
NAM
and
TAL
are
each,
a
“Sub-Adviser”),
pursuant
to
which
TAL
serves
as
the
sub-adviser
to
such
Fund.
Further,
the
Board
Members
were
aware
that
Nuveen
Core
Plus
Impact
Fund
gains
exposure
to
certain
investments
by
investing
in
such
Fund’s
wholly-owned
subsidiary
organized
under
the
laws
of
the
Cayman
Islands.
NAM
provides
investment
management
services
to
such
subsidiary.
The
consideration
of
services
to
Nuveen
Core
Plus
Impact
Fund
and
related
management
fees
encompassed
this
arrangement.
The
Board
Members
are
not
“interested
persons”
(as
defined
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”))
and,
therefore,
the
Board
is
deemed
to
be
comprised
of
all
disinterested
Board
Members.
References
to
the
Board
and
the
Board
Members
are
interchangeable.
Below
is
a
summary
of
the
annual
review
process
the
Board
undertook
related
to
its
most
recent
renewal
of
each
Investment
Management
Agreement
and
Sub-Advisory
Agreement
on
behalf
of
the
applicable
Fund.
In
accordance
with
applicable
law,
following
up
to
an
initial
two-year
period,
the
Board
considers
the
renewal
of
each
Investment
Management
Agreement
and
Sub-Advisory
Agreement
on
behalf
of
the
applicable
Fund
on
an
annual
basis.
The
Investment
Management
Agreements
and
Sub-
Advisory
Agreements
are
collectively
referred
to
as
the
“Advisory
Agreements,”
and
NFAL
and
the
Sub-Advisers
are
collectively,
the
“Fund
Advisers”
and
each
a
“Fund
Adviser.”
In
addition,
the
fund
complex
consists
of
the
group
of
funds
advised
by
NFAL
(collectively
referred
to
as
the
“Nuveen
funds”)
and
the
group
of
funds
advised
by
TAL
(collectively
referred
to
as
the
“TC
funds”).
For
clarity,
NFAL
serves
as
Adviser
to
the
Nuveen
funds,
including
the
Funds,
and
TAL,
in
addition
to
serving
as
the
sub-adviser
to
certain
Nuveen
funds
(including
Nuveen
Mortgage
and
Income
Fund),
serves
as
“Adviser”
to
the
TC
funds.
The
Board
Members
considered
that
the
prior
separate
boards
of
the
TC
funds
and
Nuveen
funds
were
consolidated
effective
in
January
2024.
Accordingly,
at
the
Meeting,
the
Board
Members
considered
the
review
of
the
advisory
agreements
for
the
Nuveen
funds
as
well
as
reviewed
the
investment
management
agreements
for
the
TC
funds.
Depending
on
the
appropriate
context,
references
to
“the
Adviser”
may
be
to
NFAL
with
respect
to
the
Nuveen
funds
and/or
TAL
with
respect
to
the
TC
funds.
The
Board
Members
considered
the
review
of
the
advisory
agreements
of
the
Nuveen
funds
and
the
TC
funds
to
be
an
ongoing
process.
The
Board
Members
therefore
employed
the
accumulated
information,
knowledge
and
experience
they
had
gained
during
their
tenure
on
the
respective
board
of
the
TC
funds
or
Nuveen
funds
(as
the
case
may
be)
governing
the
applicable
funds
and
working
with
the
respective
investment
advisers
and
sub-
advisers,
as
applicable,
in
their
review
of
the
advisory
agreements
for
the
fund
complex.
During
the
course
of
the
year
prior
to
the
Meeting,
the
Board
and/or
its
committees
received
a
wide
variety
of
materials
that
covered
a
range
of
topics
relevant
to
the
Board’s
annual
consideration
of
the
renewal
of
the
advisory
agreements,
including
reports
on
fund
investment
results
over
various
periods;
product
initiatives
for
various
funds;
fund
expenses;
compliance,
regulatory
and
risk
management
matters;
trading
practices,
including
soft
dollar
arrangements
(as
applicable);
the
liquidity
and
derivatives
risk
management
programs;
management
of
distributions;
valuation
of
securities;
payments
to
financial
intermediaries
(as
applicable);
securities
lending
(as
applicable);
overall
market
and
regulatory
developments;
and
with
respect
to
closed-end
funds,
capital
management
initiatives,
institutional
ownership,
management
of
leverage
financing
and
the
secondary
market
trading
of
the
closed-end
funds
and
any
actions
to
address
discounts.
The
Board
also
met
periodically
with
and/or
received
presentations
by
key
investment
professionals
managing
a
fund’s
portfolio.
In
particular,
at
the
Board
meeting
held
on
February
27-29,
2024
(the
“February
Meeting”),
the
Board
and/or
its
Investment
Committee
received
the
annual
performance
review
of
the
funds
as
described
in
further
detail
below.
The
presentations,
discussions
and
meetings
throughout
the
year
also
provide
a
means
for
the
Board
to
evaluate
and
consider
the
level,
breadth
and
quality
of
services
provided
by
the
Adviser
and
sub-advisers,
as
applicable,
and
how
such
services
have
changed
over
time
in
light
of
new
or
modified
regulatory
requirements,
changes
to
market
conditions
or
other
factors.
In
connection
with
its
annual
consideration
of
the
advisory
agreements,
the
Board,
through
its
independent
legal
counsel,
requested
and
received
extensive
materials
and
information
prepared
specifically
for
its
review
of
the
advisory
agreements.
The
materials
provided
at
the
Meeting
and/or
prior
meetings
covered
a
wide
range
of
matters
including,
but
not
limited
to,
a
description
of
the
nature,
extent
and
quality
of
services
provided
by
the
Fund
Advisers;
the
consolidation
of
the
Nuveen
fund
family
and
TC
fund
family;
a
review
of
product
actions
advanced
in
2023
for
the
benefit
of
particular
funds
and/or
the
fund
complex;
a
review
of
each
sub-adviser,
if
applicable,
and/or
applicable
investment
team;
an
analysis
of
fund
performance
with
a
focus
on
funds
considered
to
have
met
certain
challenged
performance
measurements;
an
analysis
of
the
fees
and
expense
ratios
of
the
funds
with
a
focus
on
funds
considered
to
have
certain
expense
characteristics;
a
list
of
management
fee
and,
if
applicable,
sub-advisory
fee
schedules;
a
description
of
portfolio
manager
compensation;
an
overview
of
the
primary
and
secondary
markets
for
the
Nuveen
closed-end
funds
(including,
among
other
things,
premium
or
discount
data
and
commentary
regarding
the
leverage
management,
share
repurchase
and
shelf
offering
programs
during
2023);
a
description
of
the
profitability
and/or
financial
data
of
Nuveen,
TAL
and
the
sub-advisers;
and
a
description
of
indirect
75
benefits
received
by
the
Adviser
and
the
sub-advisers
as
a
result
of
their
relationships
with
the
funds,
as
applicable.
The
Board
also
considered
information
provided
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
comparing
fee
and
expense
levels
of
each
respective
fund
to
those
of
a
peer
universe.
The
information
prepared
specifically
for
the
annual
review
supplemented
the
information
provided
to
the
Board
and
its
committees
and
the
evaluations
of
the
funds
by
the
Board
and
its
committees
during
the
year.
The
Board’s
review
of
the
advisory
agreements
for
the
fund
complex
is
based
on
all
the
information
provided
to
the
Board
and
its
committees
over
time.
The
performance,
fee
and
expense
data
and
other
information
provided
by
a
Fund
Adviser,
Broadridge
or
other
service
providers
were
not
independently
verified
by
the
Board
Members.
As
part
of
their
review,
the
Board
Members
and
independent
legal
counsel
met
by
videoconference
in
executive
session
on
April
10,
2024
(the
“April
Executive
Session”)
to
review
and
discuss
materials
provided
in
connection
with
their
annual
review
of
the
advisory
agreements
for
the
fund
complex.
After
reviewing
this
information,
the
Board
Members
requested,
directly
or
through
independent
legal
counsel,
additional
information,
and
the
Board
subsequently
reviewed
and
discussed
the
responses
to
these
follow-up
questions
and
requests.
The
Board
Members
were
advised
by
independent
legal
counsel
during
the
annual
review
process
as
well
as
throughout
the
year,
including
meeting
in
executive
sessions
with
such
counsel
at
which
no
representatives
of
management
were
present.
In
connection
with
their
annual
review,
the
Board
Members
also
received
a
memorandum
from
independent
legal
counsel
outlining
their
fiduciary
duties
and
legal
standards
in
reviewing
the
Advisory
Agreements,
including
guidance
from
court
cases
evaluating
advisory
fees.
The
Board’s
decisions
to
renew
each
Advisory
Agreement
were
not
based
on
a
single
identified
factor,
but
rather
each
decision
reflected
the
comprehensive
consideration
of
all
the
information
provided
to
the
Board
and
its
committees
throughout
the
year
as
well
as
the
materials
prepared
specifically
in
connection
with
the
annual
review
process.
The
contractual
arrangements
may
reflect
the
results
of
prior
year(s)
of
review,
negotiation
and
information
provided
in
connection
with
the
Board’s
annual
review
of
the
funds’
advisory
arrangements
and
oversight
of
the
funds.
Each
Board
Member
may
have
attributed
different
levels
of
importance
to
the
various
factors
and
information
considered
in
connection
with
the
annual
review
process
and
may
have
placed
different
emphasis
on
the
relevant
information
year
to
year
in
light
of,
among
other
things,
changing
market
and
economic
conditions.
A
summary
of
the
principal
factors
and
information,
but
not
all
the
factors,
the
Board
considered
in
deciding
to
renew
the
Advisory
Agreements
is
set
forth
below.
A.
Nature,
Extent
and
Quality
of
Services
In
evaluating
the
renewal
of
the
Advisory
Agreements,
the
Board
Members
received
and
considered
information
regarding
the
nature,
extent
and
quality
of
the
applicable
Fund
Adviser’s
services
provided
to
each
respective
Fund
with
particular
focus
on
the
services
and
enhancements
or
changes
to
such
services
provided
during
the
last
year.
The
Board
Members
considered
the
Investment
Management
Agreements
and
the
Sub-
Advisory
Agreements
separately
in
the
course
of
their
review.
With
this
approach,
they
considered
the
roles
of
NFAL
and
the
Sub-Advisers
in
providing
services
to
the
applicable
Fund(s).
The
Board
considered
that
the
Adviser
provides
a
wide
array
of
management,
oversight
and
other
services
to
manage
and
operate
the
applicable
funds.
The
Board
considered
the
Adviser’s
and
its
affiliates’
dedication
of
resources,
time,
people
and
capital
as
well
as
continual
program
of
improvement
and
innovation
aimed
at
enhancing
the
funds
and
fund
complex
for
investors
and
meeting
the
needs
of
an
increasingly
complex
regulatory
environment.
In
particular,
over
the
past
several
years,
the
Board
considered
the
significant
resources,
both
financial
and
personnel,
the
Adviser
and
its
affiliates
have
committed
in
working
to
consolidate
the
Nuveen
fund
family
and
TC
fund
family
under
one
centralized
umbrella.
The
Board
considered
that
the
organizational
changes
in
bringing
together
Nuveen,
its
affiliates
and
TIAA’s
(as
defined
below)
asset
management
businesses,
consolidating
the
Nuveen
and
TC
fund
families
and
other
initiatives
were
anticipated
to
provide
various
benefits
for
the
funds
through,
among
other
things,
enhanced
operating
efficiencies,
centralized
investment
leadership
and
a
centralized
shared
resources
and
support
model.
As
part
of
these
efforts,
the
boards
of
the
TC
funds
and
Nuveen
funds
were
consolidated
effective
in
January
2024.
In
addition,
in
conjunction
with
these
consolidation
efforts,
the
Board
approved
at
the
Meeting
changes
to
fee
and
breakpoint
structures
(as
applicable)
that
could
provide
cost
savings
to
participating
funds,
as
described
in
further
detail
below.
The
Board
also
reviewed
information
regarding
other
product
actions
undertaken
or
continued
by
management
in
the
2023
calendar
year
in
seeking
to
improve
the
effectiveness
of
the
organization,
the
product
line-up
as
well
as
particular
funds
through,
among
other
things,
continuing
to
review
and
optimize
the
product
line
and
gaining
efficiencies
through
mergers
and
liquidations;
reviewing
and
updating
investment
policies
and
benchmarks;
implementing
fee
waivers
and/or
expense
cap
changes
for
certain
funds;
evaluating
and
adjusting
portfolio
management
teams
as
appropriate
for
various
funds;
and
developing
policy
positions
on
a
broad
range
of
regulatory
proposals
that
may
impact
the
funds
and
communicating
with
lawmakers
and
other
regulatory
authorities
to
help
ensure
these
positions
are
considered.
In
its
review,
the
Board
considered
that
the
funds
operated
in
a
highly
regulated
industry
and
the
scope
and
complexity
of
the
services
and
resources
that
the
Adviser
and
its
affiliates
must
provide
to
manage
and
operate
the
applicable
funds
have
expanded
over
the
years
as
a
result
of,
among
other
things,
regulatory,
market
and
other
developments,
such
as
the
adoption
of
the
tailored
shareholder
report
or
the
revised
fund
name
rule.
In
considering
the
breadth
and
quality
of
services
the
Adviser
and
its
various
teams
provide,
the
Board
considered
that
the
Adviser
provides
investment
advisory
services.
With
respect
to
the
Nuveen
funds,
such
funds
utilize
sub-advisers
to
manage
the
portfolios
of
the
funds
subject
to
the
supervision
of
NFAL.
Accordingly,
the
Board
considered
that
NFAL
and
its
affiliates,
among
other
things,
oversee
and
review
the
performance
of
the
respective
sub-adviser
and
its
investment
team(s);
evaluate
Nuveen
fund
performance
and
market
conditions;
evaluate
investment
strategies
and
recommend
changes
thereto;
set
and
manage
distributions
consistent
with
the
respective
Nuveen
fund’s
product
design;
oversee
trade
execution
and,
as
applicable,
securities
lending;
evaluate
investment
risks;
and
manage
valuation
matters.
With
respect
to
closed-end
Nuveen
funds,
such
services
also
include
managing
leverage;
monitoring
asset
coverage
levels
for
leveraged
funds
and
compliance
with
rating
agency
criteria;
providing
capital
management
and
secondary
market
services
(such
as
implementing
common
share
shelf
offerings,
capital
return
programs
and
common
share
repurchases);
and
maintaining
a
closed-end
fund
investor
relations
program.
The
Board
considered
that,
with
respect
to
such
funds,
management
actively
monitors
any
discount
from
net
asset
value
per
share
at
which
the
respective
Nuveen
fund’s
common
stock
trades
and
76
Statement
Regarding
Basis
for
Approval
of
Investment
Advisory
Contract
(Unaudited)
(continued)
evaluates
potential
avenues
to
mitigate
the
discount,
including
evaluating
the
level
of
distributions
that
the
fund
pays.
The
Board
further
considered
that
over
the
course
of
the
2023
calendar
year,
the
Nuveen
global
public
product
team
which
supports
the
funds
in
the
fund
complex
and
their
shareholders
assessed
the
investment
personnel
across
the
investment
leadership
teams
which
resulted
in
additions
or
other
modifications
to
the
portfolio
management
teams
of
various
funds.
The
Board
also
reviewed
a
description
of
the
compensation
structure
applicable
to
certain
portfolio
managers.
In
addition
to
the
above
investment
advisory
services,
the
Board
further
considered
the
extensive
compliance,
regulatory,
administrative
and
other
services
the
Adviser
and
its
various
teams
or
affiliates
provide
to
manage
and
operate
the
applicable
funds.
Given
the
highly
regulated
industry
in
which
the
funds
operate,
the
Board
considered
the
breadth
of
the
Adviser’s
compliance
program
and
related
policies
and
procedures.
The
Board
reviewed
various
initiatives
the
Adviser’s
compliance
team
undertook
or
continued
in
2023,
in
part,
to
address
new
regulatory
requirements,
support
international
business
growth
and
product
development,
enhance
international
trading
capabilities,
enhance
monitoring
capabilities
in
light
of
the
new
regulatory
requirements
and
guidance
and
maintain
a
comprehensive
training
program.
The
Board
further
considered,
among
other
things,
that
other
non-advisory
services
provided
included,
among
other
things,
board
support
and
reporting;
establishing
and
reviewing
the
services
provided
by
other
fund
service
providers
(such
as
a
fund’s
custodian,
accountant,
and
transfer
agent);
risk
management,
including
reviews
of
the
liquidity
risk
management
and
derivatives
risk
management
programs;
legal
support
services;
regulatory
advocacy;
and
cybersecurity,
business
continuity
and
disaster
recovery
planning
and
testing.
Aside
from
the
services
provided,
the
Board
considered
the
financial
resources
of
the
Adviser
and/or
its
affiliates
and
their
willingness
to
make
investments
in
the
technology,
personnel
and
infrastructure
to
support
the
funds,
including
to
enhance
global
talent,
middle
office
systems,
software
and
international
and
internal
capabilities.
The
Board
considered
the
access
provided
by
the
Adviser
and
its
affiliates
to
a
seed
capital
budget
to
support
new
or
existing
funds
and/or
facilitate
changes
for
a
respective
fund.
The
Board
considered
the
benefits
to
shareholders
of
investing
in
a
fund
that
is
a
part
of
a
large
fund
complex
with
a
variety
of
investment
disciplines,
capabilities,
expertise
and
resources
available
to
navigate
and
support
the
funds
including
during
stressed
times.
The
Board
considered
the
overall
reputation
and
capabilities
of
the
Adviser
and
its
affiliates
and
the
Adviser’s
continuing
commitment
to
provide
high
quality
services.
In
its
review,
the
Board
also
considered
the
significant
risks
borne
by
the
Adviser
and
its
affiliates
in
connection
with
their
services
to
the
applicable
funds,
including
entrepreneurial
risks
in
sponsoring
and
supporting
new
funds
and
smaller
funds
and
ongoing
risks
with
managing
the
funds,
such
as
investment,
operational,
reputational,
regulatory,
compliance
and
litigation
risks.
With
respect
to
the
Funds,
the
Board
considered
the
division
of
responsibilities
between
NFAL
and
the
Sub-Advisers
and
considered
that
each
Sub-Adviser
and
its
investment
personnel
generally
are
responsible
for
the
management
of
each
applicable
Fund’s
portfolio
under
the
oversight
of
NFAL
and
the
Board.
The
Board
considered
an
analysis
of
each
Sub-Adviser
provided
by
NFAL
which
included,
among
other
things,
a
summary
of
changes
in
the
leadership
teams
and/or
portfolio
manager
teams;
the
performance
of
the
Nuveen
funds
sub-advised
by
the
Sub-Adviser
over
various
periods
of
time;
and
data
reflecting
product
changes
(if
any)
taken
with
respect
to
certain
Nuveen
funds.
The
Board
considered
that
NFAL
recommended
the
renewal
of
the
Sub-Advisory
Agreements.
Based
on
its
review,
the
Board
determined,
in
the
exercise
of
its
reasonable
business
judgment,
that
it
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
to
the
respective
Funds
under
each
applicable
Advisory
Agreement.
B.
The
Investment
Performance
of
the
Funds
and
Fund
Advisers
In
evaluating
the
quality
of
the
services
provided
by
the
Fund
Advisers,
the
Board
also
considered
a
variety
of
investment
performance
data
of
the
Funds.
In
this
regard,
the
Board
and/or
its
Investment
Committee
reviewed,
among
other
things,
performance
of
the
Funds
over
the
quarter,
one-,
three-
and
five-year
periods
ending
December 31,
2023
and
March 31,
2024
(or
for
such
shorter
periods
to
the
extent
a
Fund
was
not
in
existence
during
such
periods).
The
Board
performed
its
annual
review
of
fund
performance
at
its
February
Meeting
and
an
additional
review
at
the
April
Executive
Session
and
also
reviewed
and
discussed
performance
data
at
its
other
regularly
scheduled
quarterly
meetings
throughout
the
year.
The
Board
therefore
took
into
account
the
performance
data,
presentations
and
discussions
(written
and
oral)
that
were
provided
at
the
Meeting
and
in
prior
meetings
over
time
in
evaluating
fund
performance,
including
management’s
analysis
of
a
fund’s
performance
with
particular
focus
on
funds
that
met
certain
challenged
performance
measurements
as
determined
pursuant
to
a
methodology
approved
by
the
Board
or
additional
measurements
as
determined
by
management’s
investment
analysts.
As
various
Nuveen
funds
have
modified
their
portfolio
teams
and/or
made
significant
changes
to
their
portfolio
strategies
over
time,
the
Board
reviewed,
among
other
things,
certain
tracking
performance
data
over
specific
periods
comparing
performance
before
and
after
such
changes.
The
Board
considered
that
performance
data
reflects
performance
over
a
specified
period
which
may
differ
significantly
depending
on
the
ending
dates
selected,
particularly
during
periods
of
market
volatility.
Further,
the
Board
considered
that
shareholders
may
evaluate
performance
based
on
their
own
respective
holding
periods
which
may
differ
from
the
performance
periods
reviewed
by
the
Board
and
lead
to
differing
results.
In
its
evaluation,
the
Board
reviewed
fund
performance
results
from
different
perspectives.
In
general,
subject
to
certain
exceptions,
the
Board
reviewed
both
absolute
and
relative
fund
performance
over
the
various
time
periods
and
considered
performance
results
in
light
of
a
fund’s
investment
objective(s),
strategies
and
risks.
With
respect
to
the
relative
performance,
the
Board
considered
fund
performance
in
comparison
to
the
performance
of
peer
funds
(the
“Performance
Peer
Group”),
subject
to
certain
exceptions,
and
recognized
and/or
customized
benchmarks
(i.e.,
generally
benchmarks
derived
from
multiple
recognized
benchmarks).
In
reviewing
such
comparative
performance,
the
Board
was
cognizant
of
the
inherent
limitations
of
such
data
which
can
make
meaningful
performance
comparisons
generally
difficult.
As
an
illustration,
differences
in
the
composition
of
the
Performance
Peer
Group,
the
investment
objective(s),
strategies,
dates
of
fund
inception
and
other
characteristics
of
the
peers
in
the
Performance
Peer
Group,
the
level,
type
and
cost
of
leverage
(if
any)
of
the
peers,
and
the
varying
sizes
of
peers
all
may
contribute
to
differences
in
the
performance
results
of
a
Performance
Peer
Group
compared
to
the
applicable
fund.
With
respect
to
relative
performance
of
a
fund
compared
to
a
benchmark
index,
differences,
among
other
things,
in
the
investment
objective(s)
and
strategies
of
a
fund
and
the
benchmark
(particularly
an
actively
managed
fund
that
does
not
directly
follow
an
index)
as
well
as
the
costs
of
operating
a
fund
would
necessarily
contribute
to
differences
77
in
performance
results
and
limit
the
value
of
the
comparative
performance
information.
To
assist
the
Board
in
its
review
of
the
comparability
of
the
relative
performance,
management
generally
has
ranked
the
relevancy
of
the
Performance
Peer
Groups
to
the
Funds
as
low,
medium
or
high.
In
its
review
of
relative
performance,
the
Board
considered
a
Fund’s
performance
relative
to
its
Performance
Peer
Group,
among
other
things,
by
evaluating
its
quartile
ranking
with
the
1st
quartile
representing
the
top
performing
funds
within
the
Performance
Peer
Group
and
the
4th
quartile
representing
the
lowest
performing
funds.
The
Board
also
considered
that
secondary
market
trading
of
shares
of
the
Nuveen
closed-end
funds
also
continues
to
be
a
priority
for
the
Board
given
its
importance
to
shareholders,
and
therefore,
the
Board
and/or
its
Closed-end
Fund
committee
reviews
certain
performance
data
reflecting,
among
other
things,
the
premiums
and
discounts
at
which
the
shares
of
the
Nuveen
closed-end
funds
have
traded
at
various
periods
throughout
the
year.
In
its
review,
the
Board
considers,
among
other
things,
changes
to
investment
mandates
and
guidelines,
distribution
policies,
leverage
levels
and
types;
share
repurchases
and
similar
capital
market
actions;
and
effective
communications
programs
to
build
greater
awareness
and
deepen
understanding
of
closed-end
funds.
As
applicable,
the
Board
considered
the
impact
of
leverage
on
a
Nuveen
fund’s
performance.
The
Board
further
considered
that
performance
results
should
include
the
distribution
yields
of
funds
that
seek
to
provide
income
as
part
of
their
investment
objective(s)
to
shareholders.
In
this
regard,
the
Board
considered
that
the
use
of
leverage
by
various
funds
may
have
detracted
from
total
return
performance
of
such
funds
over
various
periods
in
current
market
conditions,
but
the
leverage
also
was
accretive
in
providing
higher
levels
of
income.
The
Board
evaluated
performance
in
light
of
various
relevant
factors
which
may
include,
among
other
things,
general
market
conditions,
issuer-
specific
information,
asset
class
information,
leverage
and
fund
cash
flows.
The
Board
considered
that
long-term
performance
could
be
impacted
by
even
one
period
of
significant
outperformance
or
underperformance
and
that
a
single
investment
theme
could
disproportionately
affect
performance.
Further,
the
Board
considered
that
market
and
economic
conditions
may
significantly
impact
a
fund’s
performance,
particularly
over
shorter
periods,
and
such
performance
may
be
more
reflective
of
such
economic
or
market
events
and
not
necessarily
reflective
of
management
skill.
Although
the
Board
reviews
short-,
intermediate-
and
longer-term
performance
data,
the
Board
considered
that
longer
periods
of
performance
may
reflect
full
market
cycles.
In
their
review
from
year
to
year,
the
Board
Members
consider
and
may
place
different
emphasis
on
the
relevant
information
in
light
of
changing
circumstances
in
market
and
economic
conditions.
In
evaluating
performance,
the
Board
focused
particular
attention
on
funds
with
less
favorable
performance
records.
However,
depending
on
the
facts
and
circumstances,
including
any
differences
between
the
respective
fund
and
its
benchmark
and/or
Performance
Peer
Group,
the
Board
may
be
satisfied
with
a
fund’s
performance
notwithstanding
that
its
performance
may
be
below
that
of
its
benchmark
and/or
peer
group
for
certain
periods.
With
respect
to
any
funds
for
which
the
Board
has
identified
performance
issues,
the
Board
seeks
to
monitor
such
funds
more
closely
until
performance
improves,
discuss
with
the
Adviser
the
reasons
for
such
results,
consider
whether
any
steps
are
necessary
or
appropriate
to
address
such
issues,
discuss
and
evaluate
the
potential
consequences
of
such
steps
and
review
the
results
of
any
steps
undertaken.
The
performance
determinations
with
respect
to
each
Fund
are
summarized
below.
For
Nuveen
Global
High
Income
Fund,
the
Board
considered
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
three-year
period
ended
December
31,
2023,
the
Fund
outperformed
its
benchmark
for
the
one-
and
five-year
periods
ended
December
31,
2023
and
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
and
third
quartile
for
the
three-
and
five-year
periods
ended
December
31,
2023.
In
addition,
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
three-
and
five-year
periods
ended
March
31,
2024,
the
Fund
outperformed
its
benchmark
for
the
one-year
period
ended
March
31,
2024.
Further,
the
Fund
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-year
period,
second
quartile
for
the
three-year
period
and
third
quartile
for
the
five-year
period
ended
March
31,
2024.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
Nuveen
Core
Plus
Impact
Fund,
the
Board
considered
that
although
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
one-year
periods
ended
December
31,
2023
and
March
31,
2024
and
the
Fund’s
performance
was
below
the
performance
of
its
blended
benchmark
for
the
one-year
period
ended
December
31,
2023,
the
Fund
outperformed
its
blended
benchmark
for
the
one-year
period
ended
March
31,
2024.
In
considering
performance,
the
Board
considered
that
the
Fund’s
Performance
Peer
Group
was
classified
as
low
for
relevancy.
In
its
review,
the
Board
also
considered
that
the
Fund
was
relatively
new
with
a
performance
history
generally
too
limited
to
make
a
meaningful
assessment
of
performance,
and
management
deserved
additional
time
to
develop
a
performance
record.
However,
the
Board
also
considered
management’s
discussion
of
the
Fund’s
performance,
including
the
reasons
for
the
challenged
performance
for
certain
periods,
and
the
Fund’s
more
recent
improved
performance
over
the
fourth
quarter
ended
December
31,
2023
and
first
quarter
ended
March
31,
2024
and
determined
to
renew
the
Advisory
Agreements
and
to
continue
to
monitor
this
Fund.
78
Statement
Regarding
Basis
for
Approval
of
Investment
Advisory
Contract
(Unaudited)
(continued)
For
Nuveen
Mortgage
and
Income
Fund,
the
Board
considered
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
five-year
period
ended
December 31,
2023,
the
Fund
outperformed
its
benchmark
for
the
one-
and
three-year
periods
ended
December
31,
2023
and
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
one-
and
three-year
periods
ended
December 31,
2023
and
second
quartile
for
the
five-year
period
ended
December
31,
2023.
In
addition,
the
Fund
outperformed
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2024
and
ranked
in
the
second
quartile
of
its
Peer
Peer
Group
for
the
one-year
period,
third
quartile
for
the
three-year
period
and
first
quartile
for
the
five-year
period
ended
March
31,
2024.
In
its
review,
the
Board
considered
that
the
Fund’s
Performance
Peer
Group
was
classified
as
low
for
relevancy.
The
Board
also
considered
that
the
Fund
was
restructured
to
become
a
perpetual
closed-end
fund
with
a
new
investment
objective,
new
sub-adviser
and
revised
investment
mandate
effective
in
October
2019.
The
Board
considered
that
the
Fund’s
performance
prior
to
such
restructuring
would
not
reflect
these
changes.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
C.
Fees,
Expenses
and
Profitability
1.
Fees
and
Expenses
As
part
of
its
annual
review,
the
Board
generally
reviewed,
among
other
things,
with
respect
to
the
Nuveen
closed-end
funds,
the
contractual
management
fee
and
the
actual
management
fee
(i.e.,
the
management
fee
after
taking
into
consideration
fee
waivers
and/or
expense
reimbursements,
if
any)
paid
by
a
Fund
to
the
Adviser
in
light
of
the
nature,
extent
and
quality
of
the
services
provided.
The
Board
also
reviewed
information
about
other
expenses
and
the
total
operating
expense
ratio
of
each
Fund
(after
any
fee
waivers
and/or
expense
reimbursements).
More
specifically,
the
Board
Members
reviewed,
among
other
things,
each
Fund’s
management
fee
rates
and
net
total
expense
ratio
in
relation
to
similar
data
for
a
comparable
universe
of
funds
(the
“Expense
Universe”)
established
by
Broadridge.
The
Board
Members
reviewed
the
methodology
Broadridge
employed
to
establish
its
Expense
Universe
and
considered
that
differences
between
the
applicable
fund
and
its
respective
Expense
Universe
as
well
as
changes
to
the
composition
of
the
Expense
Universe
from
year
to
year,
may
limit
some
of
the
value
of
the
comparative
data.
The
Board
Members
also
considered
that
it
can
be
difficult
to
compare
management
fees
among
funds
as
there
are
variations
in
the
services
that
are
included
for
the
fees
paid.
The
Board
Members
took
these
limitations
and
differences
into
account
when
reviewing
comparative
peer
data.
The
Board
Members
also
considered
a
Fund’s
operating
expense
ratio
as
it
more
directly
reflected
a
shareholder’s
total
costs
in
investing
in
the
respective
fund.
In
their
review,
the
Board
Members
considered,
in
particular,
each
fund
with
a
net
total
expense
ratio
(based
on
common
assets
and
excluding
investment-related
costs
such
as
the
costs
of
leverage
and
taxes
for
closed-end
funds)
meeting
certain
expense
or
fee
criteria
when
compared
to
its
Expense
Universe
and
an
analysis
as
to
the
factors
contributing
to
each
such
fund’s
relative
net
total
expense
ratio.
In
addition,
although
the
Board
reviewed
a
fund’s
net
total
expense
ratio
both
including
and
excluding
investment-related
expenses
(e.g.,
leverage
costs)
for
certain
of
the
closed-end
funds,
the
Board
considered
that
leverage
expenses
will
vary
across
funds
and
peers
because
of
differences
in
the
forms
and
terms
of
leverage
employed
by
the
respective
fund.
Accordingly,
in
reviewing
the
comparative
data
between
a
fund
and
its
peers,
the
Board
generally
considered
the
fund’s
net
total
expense
ratio
and
fees
excluding
investment-related
costs
and
taxes
for
the
closed-end
funds.
The
Board
also
considered
that
the
use
of
leverage
for
closed-end
funds
may
create
a
conflict
of
interest
for
NFAL
and
the
applicable
sub-adviser
given
the
increase
of
assets
from
leverage
upon
which
an
advisory
or
sub-advisory
fee
is
based.
The
Board
Members
considered,
however,
that
NFAL
and
the
sub-advisers
(as
applicable)
would
seek
to
manage
the
potential
conflict
by
recommending
to
the
Board
to
leverage
the
applicable
fund
or
increase
such
leverage
when
NFAL
and/or
a
sub-adviser,
as
applicable,
has
determined
that
such
action
would
be
in
the
best
interests
of
the
respective
fund
and
its
common
shareholders
and
by
periodically
reviewing
with
the
Board
the
fund’s
performance
and
the
impact
of
the
use
of
leverage
on
that
performance.
The
Board
Members
also
considered,
in
relevant
part,
a
Fund’s
management
fee
and
net
total
expense
ratio
in
light
of
the
Fund’s
performance
history,
including
reviewing
certain
funds
identified
by
management
and/or
the
Board
as
having
a
higher
net
total
expense
ratio
or
management
fee
compared
to
their
respective
peers
coupled
with
experiencing
periods
of
challenged
performance
and
considering
the
reasons
for
such
comparative
positions.
In
their
evaluation
of
the
fee
arrangements
for
the
Funds,
the
Board
Members
also
reviewed
the
management
fee
schedules
and
the
expense
reimbursements
and/or
fee
waivers
agreed
to
by
the
Adviser
for
the
respective
fund
(if
any).
In
its
review,
the
Board
considered
that
the
management
fees
of
the
Nuveen
funds
were
generally
comprised
of
two
components,
a
fund-level
component
and
a
complex-level
component,
each
with
its
own
breakpoint
schedule,
subject
to
certain
exceptions.
As
indicated
above,
the
Board
approved
a
revised
fee
schedule
which
would
reduce
and
streamline
the
asset
thresholds
necessary
to
meet
breakpoints
in
the
complex-level
fee
component.
The
Board
considered
that
management
anticipated
approximately
$50
million
in
savings
for
Nuveen
fund
shareholders
as
a
result
of
the
revised
fee
schedule
as
well
as
additional
estimated
savings
over
time.
The
Board
further
considered
management’s
representation
that
there
will
be
no
increase
to
any
Nuveen
fund’s
respective
advisory
agreement
fee
rate
as
a
result
of
the
revised
complex-level
fee
schedule.
In
its
review,
the
Board
considered
that
across
the
Nuveen
fund
and
TC
fund
complex,
management
estimated
that
fund-level
breakpoints
resulted
in
approximately
$82.5
million
in
reduced
fees
overall
in
2023.
In
addition,
the
Board
considered
that
management
determined
that
the
Nuveen
funds
achieved
additional
fee
reductions
of
approximately
$49
million
due
to
the
complex-wide
management
fee
structure
in
2023.
With
respect
to
each
Sub-Adviser,
the
Board
also
considered,
among
other
things,
the
sub-advisory
fee
schedule
paid
to
the
Sub-Adviser
in
light
of
the
sub-advisory
services
provided
to
the
respective
Fund.
In
its
review,
the
Board
considered
that
the
compensation
paid
to
each
Sub-Adviser
is
the
responsibility
of
NFAL,
not
the
applicable
Fund(s).
The
Board’s
considerations
regarding
the
comparative
fee
data
for
each
of
the
Funds
are
set
forth
below.
79
For
Nuveen
Global
High
Income
Fund,
although
the
Fund’s
actual
management
fee
rate
was
above
the
Expense
Universe
median,
the
Fund’s
contractual
management
fee
rate
was
generally
in-line
with
the
Expense
Universe
median,
and
the
Fund’s
net
total
expense
ratio
matched
the
Expense
Universe
median.
For
Nuveen
Core
Plus
Impact
Fund,
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
were
above
the
Expense
Universe
median.
In
their
review,
the
Board
Members
considered
that
differences
in
the
Fund’s
investment
strategy
relative
to
the
peer
set
and
the
scale
of
the
Fund
contributed
to
the
differential
in
fees
and
expenses.
For
Nuveen
Mortgage
and
Income
Fund,
although
the
Fund’s
contractual
management
fee
rate
and
actual
management
fee
rate
were
above
the
Expense
Universe
median,
the
Fund’s
net
total
expense
ratio
matched
the
Expense
Universe
median.
Based
on
its
review
of
the
information
provided,
the
Board
determined
that
each
Fund’s
management
fees
(as
applicable)
to
a
Fund
Adviser
were
reasonable
in
light
of
the
nature,
extent
and
quality
of
services
provided
to
the
Fund.
2.
Comparisons
with
the
Fees
of
Other
Clients
In
evaluating
the
appropriateness
of
fees,
the
Board
also
considered
that
the
Adviser,
affiliated
sub-advisers
and/or
their
affiliate(s)
provide
investment
management
services
to
other
types
of
clients
which
may
include:
separately
managed
accounts,
retail
managed
accounts,
foreign
funds
(UCITS),
other
investment
companies
(as
sub-advisers),
limited
partnerships
and
collective
investment
trusts.
The
Board
reviewed
the
equal
weighted
average
fee
or
other
fee
data
for
the
other
types
of
clients
managed
in
a
similar
manner
to
certain
of
the
Nuveen
funds
and
TC
funds.
The
Board
considered
the
Adviser’s
rationale
for
the
differences
in
the
management
fee
rates
of
the
funds
compared
to
the
management
fee
rates
charged
to
these
other
types
of
clients.
In
this
regard,
the
Board
considered
that
differences,
including
but
not
limited
to,
the
amount,
type
and
level
of
services
provided
by
the
Adviser
to
the
funds
compared
to
that
provided
to
other
clients
as
well
as
differences
in
investment
policies;
regulatory,
disclosure
and
governance
requirements;
servicing
relationships
with
vendors;
the
manner
of
managing
such
assets;
product
structure;
investor
profiles;
and
account
sizes
all
may
contribute
to
variations
in
relative
fee
rates.
Further,
differences
in
the
client
base,
governing
bodies,
distribution,
jurisdiction
and
operational
complexities
also
would
contribute
to
variations
in
management
fees
assessed
the
funds
compared
to
foreign
fund
clients.
In
addition,
differences
in
the
level
of
advisory
services
required
for
passively
managed
funds
also
contribute
to
differences
in
the
management
fee
levels
of
such
funds
compared
to
actively
managed
funds.
As
a
general
matter,
higher
fee
levels
reflect
higher
levels
of
service
provided
by
the
Adviser,
increased
investment
management
complexity,
greater
product
management
requirements,
and
higher
levels
of
business
risk
or
some
combination
of
these
factors.
The
Board
considered
the
wide
range
of
services
in
addition
to
investment
management
that
the
Adviser
had
provided
to
the
funds
compared
to
other
types
of
clients
as
well
as
the
increased
entrepreneurial,
legal
and
regulatory
risks
that
the
Adviser
incurs
in
sponsoring
and
managing
the
funds.
The
Board
further
considered
that
a
sub-adviser’s
fee
is
essentially
for
portfolio
management
services
and
therefore
more
comparable
to
the
fees
it
receives
for
retail
wrap
accounts
and
other
external
sub-advisory
mandates.
The
Board
concluded
that
the
varying
levels
of
fees
were
reasonable
given,
among
other
things,
the
more
extensive
services,
regulatory
requirements
and
legal
liabilities,
and
the
entrepreneurial,
legal
and
regulatory
risks
incurred
in
sponsoring
and
advising
a
registered
investment
company
compared
to
that
required
in
advising
other
types
of
clients.
3.
Profitability
of
Fund
Advisers
In
their
review,
the
Board
Members
considered
various
profitability
data
relating
to
the
Fund
Advisers’
services
to
the
Nuveen
funds.
With
respect
to
the
Nuveen
funds,
the
Board
Members
reviewed
the
estimated
profitability
information
of
Nuveen
as
a
result
of
its
advisory
services
to
the
Nuveen
funds
overall
as
well
as
profitability
data
of
certain
other
asset
management
firms.
Such
profitability
information
included,
among
other
things,
gross
and
net
revenue
margins
(excluding
distribution)
of
Nuveen
Investments,
Inc.
(“Nuveen
Investments”)
for
services
to
the
Nuveen
funds
on
a
pre-tax
and
after-tax
basis
for
the
2023
and
2022
calendar
years
as
well
as
the
revenues
earned
(less
any
expense
reimbursements/fee
waivers)
and
expenses
incurred
by
Nuveen
Investments
for
its
advisory
activities
to
the
Nuveen
funds
(excluding
distribution)
for
the
2023
and
2022
calendar
years.
The
Board
Members
also
considered
the
rationale
for
the
change
in
Nuveen’s
profitability
from
2022
to
2023.
In
addition,
the
Board
reviewed
the
revenues,
expenses
and
operating
margin
(pre-
and
after-tax)
NFAL
derived
from
its
exchange-traded
fund
(“ETF”)
product
line
for
the
2023
and
2022
calendar
years.
In
developing
the
profitability
data,
the
Board
Members
considered
the
subjective
nature
of
calculating
profitability
as
the
information
is
not
audited
and
is
necessarily
dependent
on
cost
allocation
methodologies
to
allocate
expenses
throughout
the
complex
and
among
the
various
advisory
products.
Given
there
is
no
single
universally
recognized
expense
allocation
methodology
and
that
other
reasonable
and
valid
allocation
methodologies
could
be
employed
and
could
lead
to
significantly
different
results,
the
Board
reviewed,
among
other
things,
a
description
of
the
cost
allocation
methodologies
employed
to
develop
the
financial
information,
a
summary
of
the
refinements
Nuveen
had
made
to
the
methodology
that
had
occurred
over
the
years
from
2010
through
2021
to
provide
Nuveen’s
profitability
analysis,
and
a
historical
expense
analysis
of
Nuveen
Investments’
revenues,
expenses
and
pre-tax
net
revenue
margins
derived
from
its
advisory
services
to
the
Nuveen
funds
(excluding
distribution)
for
the
calendar
years
from
2017
through
2023.
The
Board
of
the
Nuveen
funds
had
also
appointed
two
Board
Members
to
serve
as
the
Board’s
liaisons
to
meet
with
representatives
of
NFAL
and
review
the
development
of
the
profitability
data
and
to
report
to
the
full
Board.
In
addition,
the
Board
considered
certain
comparative
operating
margin
data.
In
this
regard,
the
Board
reviewed
the
operating
margins
of
Nuveen
Investments
compared
to
the
adjusted
operating
margins
of
a
peer
group
of
asset
management
firms
with
publicly
available
data
and
the
most
comparable
assets
under
management
(based
on
asset
size
and
asset
composition)
to
Nuveen.
The
Board
considered
that
the
operating
margins
of
the
peers
were
adjusted
generally
to
address
that
certain
services
provided
by
the
peers
were
not
provided
by
Nuveen.
The
Board
also
reviewed,
among
other
things,
the
net
revenue
margins
(pre-tax)
of
Nuveen
Investments
on
a
company-wide
basis
and
the
net
revenue
margins
(pre-tax)
of
Nuveen
Investments
derived
from
its
services
to
the
Nuveen
funds
only
(including
and
excluding
distribution)
compared
to
the
adjusted
operating
margins
of
the
peer
group
for
each
calendar
year
from
2014
to
2023.
In
their
review
of
the
comparative
data,
the
Board
Members
considered
80
Statement
Regarding
Basis
for
Approval
of
Investment
Advisory
Contract
(Unaudited)
(continued)
the
limitations
of
the
comparative
data
given
that
peer
data
is
not
generally
public
and
the
calculation
of
profitability
is
subjective
and
affected
by
numerous
factors
(such
as
types
of
funds
a
peer
manages,
its
business
mix,
its
cost
of
capital,
the
numerous
assumptions
underlying
the
methodology
used
to
allocate
expenses
and
other
factors)
that
can
have
a
significant
impact
on
the
results.
Aside
from
the
profitability
data,
the
Board
considered
that
NFAL
and
TAL
are
affiliates
of
Teachers
Insurance
and
Annuity
Association
of
America
(“TIAA”).
NFAL
is
a
subsidiary
of
Nuveen,
LLC,
the
investment
management
arm
of
TIAA,
and
TAL
is
an
indirect
wholly
owned
subsidiary
of
TIAA.
Accordingly,
the
Board
also
reviewed
a
balance
sheet
for
TIAA
reflecting
its
assets,
liabilities
and
capital
and
contingency
reserves
for
the
2023
and
2022
calendar
years
to
consider
the
financial
strength
of
TIAA.
The
Board
considered
the
benefit
of
an
investment
adviser
and
its
parent
with
significant
resources,
particularly
during
periods
of
market
volatility.
The
Board
also
considered
the
reinvestments
the
Adviser,
its
parent
and/
or
other
affiliates
made
into
their
business
through,
among
other
things,
the
investment
of
seed
capital
in
certain
funds,
initiatives
in
international
expansion,
investments
in
infrastructure
and
continued
investments
in
enhancements
to
technological
capabilities.
The
Board
Members
considered
the
profitability
of
each
Sub-Adviser
from
its
relationships
with
the
respective
Nuveen
funds.
In
this
regard,
with
respect
to
NAM,
the
Board
Members
reviewed,
among
other
things,
such
Sub-Adviser’s
revenues,
expenses
and
net
revenue
margins
(pre-
and
after-
tax)
for
its
advisory
activities
to
the
respective
Nuveen
funds
for
the
calendar
years
ended
December 31,
2023
and
December
31,
2022.
The
Board
Members
also
reviewed
a
profitability
analysis
reflecting
the
revenues,
expenses
and
revenue
margin
(pre-
and
after-tax)
grouped
by
similar
types
of
funds
(such
as
municipal,
taxable
fixed
income,
equity,
real
assets
and
index/asset
allocation)
for
NAM
for
the
calendar
years
ending
December 31,
2023
and
December
31,
2022.
With
respect
to
TAL,
the
Board
Members
reviewed,
among
other
things,
the
revenues,
expenses
and
net
operating
income
for
such
Sub-Adviser’s
advisory
services
to
the
Nuveen
ETFs
and
Nuveen
closed-end
funds
it
sub-advises
for
the
2023
and
2022
calendar
years.
In
evaluating
the
reasonableness
of
the
compensation,
the
Board
Members
also
considered
the
indirect
benefits
NFAL
or
the
Sub-Advisers
received
that
were
directly
attributable
to
the
management
of
the
applicable
funds
as
discussed
in
further
detail
below.
Based
on
its
review,
the
Board
was
satisfied
that
each
Fund
Adviser’s
level
of
profitability
from
its
relationship
with
each
Nuveen
fund
was
not
unreasonable
over
various
time
frames
in
light
of
the
nature,
extent
and
quality
of
services
provided.
D.
Economies
of
Scale
and
Whether
Fee
Levels
Reflect
These
Economies
of
Scale
The
Board
considered
whether
there
have
been
economies
of
scale
with
respect
to
the
management
of
the
funds
in
the
fund
complex,
including
the
Funds,
whether
these
economies
of
scale
have
been
appropriately
shared
with
such
funds
and
whether
there
is
potential
for
realization
of
further
economies
of
scale.
Although
the
Board
considered
that
economies
of
scale
are
difficult
to
measure
with
any
precision
and
the
rates
at
which
certain
expenses
are
incurred
may
not
decline
with
a
rise
in
assets,
the
Board
considered
that
there
are
various
methods
that
may
be
employed
to
help
share
the
benefits
of
economies
of
scale,
including,
among
other
things,
through
the
use
of
breakpoints
in
the
management
fee
schedule,
fee
waivers
and/or
expense
limitations,
the
pricing
of
funds
at
scale
at
inception
and
investments
in
the
Adviser’s
business
which
can
enhance
the
services
provided
to
the
applicable
funds
for
the
fees
paid.
The
Board
considered
that
the
Adviser
has
generally
employed
one
or
more
of
these
various
methods
among
the
applicable
funds.
In
this
regard,
the
Board
considered,
as
noted
above,
that
the
management
fee
of
NFAL
generally
was
comprised
of
a
fund-level
component
and
a
complex-level
component
each
with
its
own
breakpoint
schedule,
subject
to
certain
exceptions.
With
this
structure,
the
Board
considered
that
the
complex-level
breakpoint
schedule
was
designed
to
deliver
the
benefits
of
economies
of
scale
to
shareholders
when
the
assets
of
eligible
funds
in
the
complex
pass
certain
thresholds
even
if
the
assets
of
a
particular
fund
are
unchanged
or
have
declined,
and
the
fund-level
breakpoint
schedules
were
designed
to
share
economies
of
scale
with
shareholders
if
the
particular
fund
grows.
The
Board
reviewed
the
fund-level
and
complex-level
fee
schedules.
As
summarized
above,
the
Board
approved
a
new
complex-level
breakpoint
schedule
which
would
simplify
and
reduce
the
complex-level
fee
rates
at
various
thresholds
and
expanded
the
eligible
funds
whose
assets
would
be
included
in
calculating
the
complex-level
fee,
effective
May
1,
2024.
Among
other
things,
the
assets
of
certain
TC
funds
advised
by
TAL
would
be
phased
into
the
calculation
of
the
complex-wide
assets
in
determining
the
complex-level
fee
over
a
ten-year
period.
The
Board
considered
the
cost
savings
and
additional
potential
sharing
of
economies
of
scale
as
a
result
of
the
reduced
complex-level
breakpoint
schedule
and
the
additional
assets
from
more
eligible
funds
in
calculating
the
assets
of
the
complex
for
determining
the
complex-level
fee
component.
The
Board
reviewed
the
projected
shareholder
savings
derived
from
such
modifications
over
a
ten-year
period
from
2024
to
2033.
The
Board
considered
management’s
representation
that
there
will
be
no
increase
to
any
fund’s
respective
advisory
agreement
fee
rate.
The
Board
also
considered
that
with
respect
to
Nuveen
closed-end
funds,
although
closed-end
funds
may
make
additional
share
offerings
from
time
to
time,
the
closed-end
funds
have
a
more
limited
ability
to
increase
their
assets
because
the
growth
of
their
assets
will
occur
primarily
from
the
appreciation
of
their
investment
portfolios.
The
Board
Members
also
considered
the
continued
reinvestment
in
Nuveen/TIAA’s
business
to
enhance
its
capabilities
and
services
to
the
benefit
of
its
various
clients.
The
Board
understood
that
many
of
these
investments
were
not
specific
to
individual
funds,
but
rather
incurred
across
a
variety
of
products
and
services
pursuant
to
which
the
family
of
funds
as
a
whole
may
benefit.
The
Board
further
considered
that
the
Adviser
and
its
affiliates
have
provided
certain
additional
services,
including,
but
not
limited
to,
services
required
by
new
regulations
and
regulatory
interpretations,
without
raising
advisory
fees
to
the
funds,
and
this
was
also
a
means
of
sharing
economies
of
scale
with
the
funds
and
their
shareholders.
The
Board
considered
the
Adviser’s
and/or
its
affiliates’
ongoing
efforts
to
streamline
the
product
line-up,
among
other
things,
to
create
more
scaled
funds
which
may
help
improve
both
expense
and
trading
economies.
Based
on
its
review,
the
Board
was
satisfied
that
the
current
fee
arrangements
together
with
the
reinvestment
in
management’s
business
appropriately
shared
any
economies
of
scale
with
shareholders.
81
E.
Indirect
Benefits
The
Board
Members
received
and
considered
information
regarding
various
indirect
benefits
the
respective
Fund
Adviser
or
its
affiliates
may
receive
as
a
result
of
their
relationship
with
the
funds
in
the
fund
complex,
including
the
Funds.
These
benefits
included,
among
other
things,
economies
of
scale
to
the
extent
the
Adviser
or
its
affiliates
share
investment
resources
and/or
personnel
with
other
clients
of
the
Adviser.
The
funds
may
also
be
used
as
investment
options
for
other
products
or
businesses
offered
by
the
Adviser
and/or
its
affiliates,
such
as
variable
products,
fund
of
funds
and
529
education
savings
plans,
and
affiliates
of
the
Adviser
may
serve
as
sub-advisers
to
various
funds
in
which
case
all
advisory
and
sub-advisory
fees
generated
by
such
funds
stay
within
Nuveen.
The
Board
considered
that
an
affiliate
of
the
Adviser
received
compensation
in
2023
for
serving
as
an
underwriter
on
shelf
offerings
of
existing
Nuveen
closed-end
funds
and
reviewed
the
amounts
paid
for
such
services
in
2023
and
2022.
In
addition,
the
Board
Members
considered
that
the
Adviser
and
Sub-Advisers
may
utilize
soft
dollar
brokerage
arrangements
attributable
to
the
respective
funds
to
obtain
research
and
other
services
for
any
or
all
of
their
clients,
although
the
Board
Members
also
considered
reimbursements
of
such
costs
by
the
Adviser
and/or
applicable
Sub-
Adviser.
The
Adviser
and
its
affiliates
may
also
benefit
from
the
advisory
relationships
with
the
funds
in
the
fund
complex
to
the
extent
this
relationship
results
in
potential
investors
viewing
the
TIAA
group
of
companies
as
a
leading
retirement
plan
provider
in
the
academic
and
nonprofit
market
and
a
single
source
for
all
their
financial
service
needs.
The
Adviser
and/or
its
affiliates
may
further
benefit
to
the
extent
that
they
have
pricing
or
other
information
regarding
vendors
the
funds
utilize
in
establishing
arrangements
with
such
vendors
for
other
products.
Based
on
its
review,
the
Board
concluded
that
any
indirect
benefits
received
by
a
Fund
Adviser
as
a
result
of
its
relationship
with
the
applicable
Fund(s)
were
reasonable
in
light
of
the
services
provided.
F.
Other
Considerations
The
Board
Members
did
not
identify
any
single
factor
discussed
previously
as
all-important
or
controlling.
The
Board
Members
concluded
that
the
terms
of
each
Advisory
Agreement
were
reasonable,
that
the
respective
Fund
Adviser’s
fees
were
reasonable
in
light
of
the
services
provided
to
each
applicable
Fund
and
that
the
Advisory
Agreements
be
renewed
for
an
additional
one-year
period.
Nuveen
Securities,
LLC,
member
FINRA
and
SIPC
333
West
Wacker
Drive
Chicago,
IL
60606
www.nuveen.com
ESA-B-0624P
3734734-INV-B-08/25
Nuveen:
Serving
Investors
for
Generations
Since
1898,
financial
advisors
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
advisor,
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
NOT
FDIC
INSURED
MAY
LOSE
VALUE
NO
BANK
GUARANTEE

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. | Investments.

(a) | Schedule of Investments is included as part of the Portfolio of Investments filed under Item 1 of this Form N-CSR.

(b) | Not applicable.

Item 7. | Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 8. | Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 9. | Proxy Disclosures for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 10. | Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 11. | Statement Regarding Basis for Approval of Investment Advisory Contract.

See Statement Regarding Basis for Approval of Investment Advisory Contract in Item 1.

Item 12. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this filing.

Item 13. | Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this filing.

Item 14. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. | 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 16. | 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 17. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. | Recovery of Erroneously Awarded Compensation.

(a) | Not applicable.

(b) | Not applicable.

Item 19. | Exhibits.

(a)(1) |  | Not applicable to this filing.
(a)(2) |  | Not applicable to this filing.
(a)(3) |  | Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(4) |  | Not applicable.
(a)(5) |  | Not applicable.
(b) |  | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.

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.

Nuveen Core Plus Impact Fund

Date: September 5, 2024 |  |  |  |  |  | By:/s/ David J. Lamb |  |
|  |  |  |  |  | David J. Lamb |  |
|  |  |  |  |  | Chief Administrative Officer |  |

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.

Date: September 5, 2024 |  |  |  |  |  | By:/s/ David J. Lamb |  |
|  |  |  |  |  | David J. Lamb |  |
|  |  |  |  |  | Chief Administrative Officer |  |
|  |  |  |  |  | (principal executive officer) |  |
Date: September 5, 2024 |  |  |  |  |  | By:/s/ E. Scott Wickerham |  |
|  |  |  |  |  | E. Scott Wickerham |  |
|  |  |  |  |  | Vice President and Controller |  |
|  |  |  |  |  | (principal financial officer) |  |