Nuveen Mortgage and Income Fund (JLS) N-CSR Certified annual shareholder report (management investment company)

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  811-22329

Nuveen Mortgage and Income Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Name and address of agent for service)

Registrant’s telephone number, including area code:  (312) 917-7700      

Date of fiscal year end:  December 31         

Date of reporting period:  December 31, 2023      

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

Closed-End

Funds

Closed-End

Funds

Nuveen

December

31,

2023

Annual

Report

Nuveen

Global

High

Income

Fund

JGH

Nuveen

Core

Plus

Impact

Fund

NPCT

Nuveen

Mortgage

and

Income

Fund

JLS

2

Table

of

Contents

Letter

to

Shareholders

3

Important

Notices

4

Portfolio

Managers’

Comments

5

Fund

Leverage

9

Common

Share

Information

11

About

the

Funds’

Benchmarks

13

Performance

Overview

and

Holdings

Summaries

14

Report

of

Independent

Registered

Public

Accounting

Firm

21

Portfolios

of

Investments

23

Statement

of

Assets

and

Liabilities

51

Statement

of

Operations

52

Statement

of

Changes

in

Net

Assets

53

Statement

of

Cash

Flows

55

Financial

Highlights

58

Notes

to

Financial

Statements

63

Shareholder

Update

81

Important

Tax

Information

110

Additional

Fund

Information

111

Glossary

of

Terms

Used

in

this

Report

112

Board

Members

&

Officers

114

Letter

to

Shareholders

3

Dear

Shareholders,

Financial

markets

spent

the

past

year

focused

on

the

direction

of

inflation

and

whether

policy

makers

would

be

able

to

deliver

a

soft

landing

in

their

economies.

After

more

than

a

year

and

a

half

of

interest

rate

increases

by

the

U.S.

Federal

Reserve

(Fed)

and

other

central

banks,

financial

conditions

have

tightened

and

inflation

rates

have

cooled

considerably.

The

Fed

increased

the

target

fed

funds

rate

from

near

zero

in

March

2022

to

a

range

of

5.25%

to

5.50%

at

its

latest

increase

in

July

2023,

then

left

the

rate

unchanged

through

January

2024.

At

its

December

2023

policy

meeting,

the

Fed

acknowledged

the

fed

funds

rate

may

have

reached

its

peak,

and

then

in

January

2024

removed

the

suggestion

that

another

hike

was

possible.

But

current

inflation

rates

remain

above

central

banks’

targets,

and

the

trajectory

from

here

is

difficult

to

predict

given

that

monetary

policy

acts

on

the

economy

with

long

and

variable

lags.

Surprisingly,

economies

were

relatively

resilient

for

much

of

2023.

The

“most

predicted

recession”

did

not

materialize

in

the

U.S.

during

2023,

while

U.K.

and

European

economic

growth

had

begun

to

show

signs

of

stagnation

or

decline

in

the

second

half

of

the

year.

U.S.

gross

domestic

product

rose

3.3%

in

the

fourth

quarter

of

2023,

slower

than

4.9%

in

the

third

quarter

but

still

ahead

of

2.1%

in

the

second

quarter

and

2.0%

in

the

first

quarter.

For

2023

overall,

GDP

grew

2.5%

(from

the

2022

annual

level

to

the

2023

annual

level),

compared

to

1.9%

in

2022.

Much

of

the

growth

was

driven

by

a

relatively

strong

jobs

market,

which

kept

consumer

sentiment

and

spending

elevated

despite

long-term

interest

rates

nearing

multi-year

highs,

a

series

of

U.S.

regional

bank

failures

and

shocks

from

flaring

geopolitical

tensions.

While

central

banks

are

likely

nearing

the

end

of

this

interest

rate

hiking

cycle,

there

are

still

upside

risks

to

inflation

and

downside

risks

to

the

economy.

Some

labor

market

and

consumer

indicators

are

softening.

Government

funding

and

deficits

remain

a

concern,

especially

as

the

U.S.

election

year

gets

underway.

The

markets

will

continue

to

try

to

anticipate

monetary

policy

shifts

as

the

Fed

evaluates

incoming

data

and

adjusts

its

rate

setting

activity

on

a

meeting-

by-meeting

basis.

Geopolitical

risks

–

from

relations

with

China,

to

wars

in

Europe

and

the

Middle

East

–

also

expand

the

range

of

outcomes

from

economies

and

markets

around

the

world.

All

these

uncertainties,

and

others,

will

remain

sources

of

short-term

market

volatility.

In

this

environment,

Nuveen

remains

committed

to

filtering

the

market

noise

for

investable

opportunities

that

ultimately

serve

long-term

investment

objectives.

Maintaining

a

long-term

perspective

is

also

important

for

investors,

and

we

encourage

you

to

review

your

time

horizon,

risk

tolerance

and

investment

goals

with

your

financial

professional.

On

behalf

of

the

other

members

of

the

Nuveen

Fund

Board,

we

look

forward

to

continuing

to

earn

your

trust

in

the

months

and

years

ahead.

Terence

J.

Toth

Co-Chair

of

the

Board

February

22,

2024

4

Important

Notices

Portfolio

Manager

Update

for

JGH

Effective

March

21,

2023,

John

Espinosa,

Brenda

Langenfeld,

CFA,

and

Katherine

Renfrew

have

been

added

as

portfolio

managers

and

Anders

Persson

no

longer

serves

as

a

portfolio

manager

of

the

Fund.

Mr.

Persson

continues

in

his

role

as

Chief

Investment

Officer

of

Nuveen

Global

Fixed

Income.

There

were

no

other

changes

to

the

portfolio

management

of

the

Fund

during

the

reporting

period.

Portfolio

Managers’

Comments

5

Nuveen

Global

High

Income

Fund

(JGH)

Nuveen

Core

Plus

Impact

Fund

(NPCT)

Nuveen

Mortgage

and

Income

Fund

(JLS)

The

Nuveen

Global

High

Income

Fund

(JGH)

features

portfolio

management

by

Nuveen

Asset

Management,

LLC

(NAM)

an

affiliate

of

Nuveen

Fund

Advisors,

LLC,

the

Fund’s

investment

adviser.

The

Fund’s

portfolio

managers

are

Kevin

Lorenz,

CFA,

Jacob

Fitzpatrick,

CFA,

Brenda

Langenfeld,

CFA,

Katherine

Renfrew

and

John

Espinosa.

The

Nuveen

Core

Plus

Impact

Fund

(NPCT)

features

portfolio

management

by

Nuveen

Asset

Management,

LLC

(NAM)

an

affiliate

of

Nuveen

Fund

Advisors,

LLC,

the

Fund’s

investment

adviser.

The

Fund’s

portfolio

managers

are

Stephen

Liberatore,

CFA,

Jessica

Zarzycki,

CFA

and

Kristal

Seales,

CFA.

The

Nuveen

Mortgage

and

Income

Fund

(JLS)

features

portfolio

management

by

Teachers

Advisors,

LLC

(TAL),

an

affiliate

of

Nuveen

Fund

Advisors,

LLC,

the

Fund’s

investment

adviser.

The

Fund’s

portfolio

managers

are

Aashh

Parekh,

CFA,

Nicholas

Travaglino

and

Stephen

Virgilio.

Effective

March

21,

2023,

John

Espinosa,

Brenda

Langenfeld,

and

Katherine

Renfrew

were

added

as

portfolio

managers

of

the

Nuveen

Global

High

Income

Fund

(JGH).

Anders

Persson

continues

in

his

role

as

Chief

Investment

Officer

of

Nuveen

Global

Fixed

Income

but

no

longer

serves

as

a

portfolio

manager

of

the

Fund.

Kevin

Lorenz

and

Jacob

Fitzpatrick

continue

to

serve

as

portfolio

managers

of

the

Fund.

Here

the

Funds’

portfolio

management

teams

review

economic

and

financial

market

conditions,

key

investment

strategies

and

the

performance

of

the

Funds

for

the

twelve-month

reporting

period

ended

December

31,

2023.

For

more

information

on

the

Funds’

investment

objectives

and

policies,

please

refer

to

the

Shareholder

Update

section

at

the

end

of

the

report.

What

factors

affected

the

economy

and

financial

markets

during

the

twelve-month

reporting

period

ended

December

31,

2023?

The

U.S.

economy

performed

better

than

expected

despite

persistent

inflationary

pressure

and

rising

interest

rates

during

the

twelve-month

period

ended

December

31,

2023.

Gross

domestic

product

rose

at

an

annualized

rate

of

3.3%

in

the

fourth

quarter

of

2023,

after

sharply

accelerating

to

5.2%

(annualized)

in

third

quarter

of

2023,

according

to

the

U.S.

Bureau

of

Economic

Analysis

initial

estimate.

For

the

year

as

a

whole,

GDP

was

up

2.5%

(from

the

2022

annual

level

to

the

2023

annual

level),

compared

with

an

increase

of

1.9%

in

2022.

During

the

reporting

period,

price

pressures

eased

in

comparison

to

2022

given

normalization

in

supply

chains,

falling

energy

prices

and

aggressive

measures

by

the

U.S.

Federal

Reserve

(Fed)

and

other

global

central

banks

to

tighten

financial

conditions

and

slow

demand

in

their

economies.

Nevertheless,

during

the

reporting

period

inflation

levels

remained

higher

than

central

banks’

target

levels.

The

Fed

raised

its

target

fed

funds

rate

four

times

during

the

reporting

period,

bringing

it

to

a

range

of

5.25%

to

5.50%

as

of

July

2023

and

voting

to

hold

it

at

that

level

at

its

remaining

meetings

in

2023.

During

the

beginning

of

the

reporting

period,

the

Fed’s

activity

led

to

significant

volatility

in

bond

and

stock

markets,

given

the

uncertainty

of

how

rising

interest

rates

would

affect

the

economy.

One

of

the

most

highly

visible

impacts

occurred

in

the

U.S.

regional

banking

sector

in

March

2023,

when

Silicon

Valley

Bank,

Signature

Bank,

First

Republic

Bank

and

Silvergate

Bank

failed.

In

the

same

month,

Swiss

bank

UBS

agreed

to

buy

Credit

Suisse,

which

was

considered

vulnerable

in

the

current

environment.

The

Fed’s

monetary

tightening

policy

also

contributed

to

an

increase

in

the

U.S.

dollar’s

value

relative

to

major

world

currencies,

which

acts

as

a

headwind

to

the

profits

of

international

companies

and

U.S.

domestic

companies

with

overseas

earnings.

During

the

reporting

period,

elevated

inflation

and

higher

borrowing

costs

weighed

on

some

segments

of

the

economy,

including

the

real

estate

market.

Consumer

spending,

however,

has

remained

more

resilient

than

expected,

in

part

because

of

a

still-strong

labor

market,

another

key

gauge

of

the

economy’s

health.

As

of

December

2023,

the

unemployment

rate

was

3.7%,

near

its

pre-

pandemic

low,

with

monthly

job

growth

continuing

to

moderate.

The

strong

labor

market

and

wage

gains

helped

the

U.S.

economy

during

the

reporting

period,

even

as

the

Fed

sought

to

soften

job

growth

to

help

curb

inflation

pressures.

Portfolio

Managers’

Comments

(continued)

6

During

the

reporting

period,

investors

also

continued

to

monitor

government

funding

and

deficits.

The

U.S.

government

avoided

a

default

scenario

after

approving

an

increase

to

the

debt

ceiling

limit

in

June

2023.

At

the

same

time,

the

potential

for

a

government

shutdown

loomed

but

was

ultimately

avoided

with

funding

resolutions

passed

in

September

and

November

2023.

Notably,

in

August

2023,

ratings

agency

Fitch

downgraded

U.S.

debt

from

AAA

to

AA+

based

on

concerns

about

the

U.S.’s

growing

fiscal

debt

and

reduced

confidence

in

fiscal

management.

Nuveen

Global

High

Income

Fund

(JGH)

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

December

31,

2023?

The

Fund

seeks

to

deliver

high

current

income

through

a

diversified

portfolio

of

global

high-income

securities

that

may

span

the

capital

structure

and

credit

spectrum,

including

high

yield

bonds

from

the

U.S.

and

developed

markets

(DM)

and

emerging

markets

(EM),

as

well

as

preferred

securities

and

contingent

capital

securities

(CoCos).

The

Fund

uses

leverage,

which

is

discussed

in

more

detail

later

in

the

Fund

Leverage

section

of

this

report.

During

the

reporting

period,

the

portfolio

management

team

positioned

the

Fund

more

defensively

because

of

the

slowing

economy

and

lagged

effects

of

higher

interest

rates

and

increased

funding

costs

on

companies.

Following

a

late-year

rally

in

CCC-rated

debt,

the

portfolio

management

team

decreased

the

Fund’s

CCC

exposure

from

an

overweight

to

an

underweight.

Proceeds

shifted

into

BBB-rated

and

BB-rated

debt,

improving

the

Fund’s

overall

credit

quality,

and

reducing

its

BB

underweight.

In

terms

of

sectors,

the

portfolio

management

team

continued

to

emphasize

more

defensive,

non-cyclical

industries

over

more

cyclical,

economic-growth

dependent

industries.

The

Fund

maintained

overweight

positions

in

energy,

banking,

basic

industry,

electric

utilities,

and

insurance,

and

underweights

in

capital

goods,

cyclicals,

gaming,

packaging,

and

aerospace

and

defense.

The

Fund

also

maintained

out-of-benchmark

allocations

to

senior

loans,

preferred

securities,

and

CoCos.

Following

weakness

caused

by

the

banking

crisis

in

March

2023,

the

portfolio

management

team

increased

exposure

to

CoCos,

particularly

those

issued

by

global

systemically

important

banks

(GSIBs)

based

on

their

strong

stress

test

results

and

improving

valuations.

The

Fund’s

senior

loan

exposure

also

increased

during

the

reporting

period

as

the

yields

offered

in

the

segment

remained

attractive

versus

high

yield

bonds.

The

portfolio

management

team

further

decreased

EM

sovereign

debt

exposure

because

of

geopolitical

events

and

expectations

for

a

slowing

global

economy.

JGH’s

duration

was

kept

close

to

neutral

versus

its

benchmark’s

duration

during

the

reporting

period.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

December

31,

2023?

For

the

twelve-month

reporting

period

ended

December

31,

2023,

JGH

outperformed

the

Bloomberg

Global

High

Yield

Index

(USD

Hedged).

For

the

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

Bloomberg

Global

High

Yield

Index

(USD

Hedged).

Security

selection

within

the

DM

high

yield

corporate

sector

contributed

to

relative

performance,

particularly

in

the

energy,

technology

and

health

care

sectors.

Energy

credits

broadly

benefited

from

widespread

de-leveraging

and

improving

balance

sheets

among

companies

in

the

sector,

as

well

as

several

merger

and

acquisition

announcements.

In

technology,

the

Fund

benefited

from

its

lack

of

exposure

to

certain

stressed

communications-related

companies,

while

remaining

overweight

to

lower-quality

technology

companies.

Health

care

holdings

benefited

from

improving

credit

spreads

as

labor

inflation

tempered,

while

there

was

generally

an

increase

in

patient

volumes

back

to

pre-Covid

levels.

Within

the

EM

high

yield

segment,

the

Fund

continued

to

benefit

from

its

lack

of

exposure

to

distressed

Chinese

real

estate

development

companies

in

the

benchmark.

Significant

policy

changes

implemented

by

China’s

government

in

2020

continued

to

have

wide-ranging

negative

impacts

on

the

country’s

real

estate

market

and

economy.

The

Fund’s

use

of

leverage

through

bank

borrowings

contributed

to

relative

performance

during

the

reporting

period

and

was

also

accretive

to

overall

common

share

income.

Leverage

is

discussed

in

more

detail

later

in

the

Fund

Leverage

section

of

this

report.

The

EM

sovereign

debt

segment

detracted

from

relative

performance

primarily

because

of

the

Fund’s

lack

of

exposure

to

Argentina’s

sovereign

debt,

which

served

to

partially

offset

the

outperformance

during

the

reporting

period.

These

distressed

bonds

rallied

toward

the

end

of

the

reporting

period

following

the

country’s

election

of

a

new

president

who

announced

an

economic

reform

package.

The

portfolio

management

team

remained

skeptical

about

the

sustainability

of

these

reforms

and

continued

to

avoid

owning

Argentina

sovereign

bonds

in

JGH’s

portfolio.

7

Within

the

Fund’s

out-of-benchmark

exposure

to

preferred

securities

and

CoCos,

its

small

position

in

Credit

Suisse

Additional

Tier

1

CoCos

also

detracted

from

relative

performance.

These

securities

were

written

down

to

zero

following

UBS’s

takeover

of

Credit

Suisse

in

March

2023.

Nuveen

Core

Plus

Impact

Fund

(NPCT)

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

December

31,

2023?

The

Fund

seeks

total

return

through

high

current

income

and

capital

appreciation,

investing

primarily

in

fixed

income

investments

while

giving

special

consideration

to

certain

impact

and

environmental,

social

and

governance

(“ESG”)

criteria.

The

Fund

uses

leverage,

which

is

discussed

in

more

detail

later

in

the

Fund

Leverage

section

of

this

report.

During

the

reporting

period,

the

portfolio

management

team

continued

to

seek

out

attractively

valued,

yield-producing

securities

with

a

focus

on

expanding

impact

exposure.

At

the

end

of

the

reporting

period,

the

portfolio

held

approximately

62%

in

impact

investments

and

38%

in

issuers

demonstrating

ESG

leadership.

Impact

investing

focuses

on

projects

that

create

a

positive

social

or

environmental

impact,

while

ESG

leadership

focuses

on

companies

that

are

implementing

better

standards

in

their

business

practices.

The

portion

of

the

portfolio

invested

in

accordance

with

the

impact

framework

is

not

additionally

subject

to

ESG

criteria.

The

Fund

remained

broadly

diversified

across

impact

categories,

with

approximately

34%

in

renewable

energy

and

climate

change,

18%

in

natural

resources,

9%

in

community

and

economic

development,

and

1%

in

affordable

housing.

At

the

sector

level,

the

Fund

remained

primarily

invested

in

corporate

bonds,

including

investment

grade,

below

investment

grade

and

emerging

markets

(EM)

corporate

bonds.

The

portfolio

also

included

preferred

securities,

commercial

mortgage-backed

securities

(CMBS),

and

government-related

credit,

with

small

allocations

to

senior

loans,

municipal

bonds

and

asset-backed

securities

(ABS).

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

December

31,

2023?

For

the

twelve-month

reporting

period

ended

December

31,

2023,

NPCT

underperformed

the

NPCT

Blended

Benchmark,

which

consists

of

60%

Bloomberg

MSCI

U.S.

Green

Bond

Index

and

40%

Bloomberg

U.S.

Corporate

High

Yield

Bond

Index.

For

the

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

NPCT

Blended

Benchmark.

The

Fund’s

out-of-benchmark

allocation

to

CMBS

was

the

primary

detractor

from

relative

performance.

Consistent

with

its

mandate,

the

Fund

emphasizes

single-asset,

single-borrower

pools

of

energy

efficient

properties

that

carry

engineering

certifications,

such

as

LEED

(Leadership

in

Energy

and

Environmental

Design)

or

BREEAM

(Building

Research

Establishment

Environmental

Assessment

Methodology).

Most

of

these

CMBS

collateral

pools

are

high

quality,

well-tenanted

office

or

office-anchored

developments

in

thriving

central

business

districts.

The

portfolio

management

team

remains

confident

in

the

credit

worthiness

of

the

borrower

and

asset

value

of

the

collateral,

and

believes

the

securities

offer

attractive

relative

value.

However,

the

market

continued

to

indiscriminately

sell

CMBS

with

office

exposure,

creating

a

headwind

for

performance

over

the

reporting

period.

The

Fund’s

underweight

allocations

to

government-related

agency

and

credit

relative

to

the

NPCT

Blended

Benchmark

were

positive

contributors,

which

served

to

partially

offset

the

Fund’s

underperformance

during

the

reporting

period.

Spreads

in

those

higher

quality

sectors

experienced

less

tightening

than

in

other,

more

credit-sensitive

sectors

such

as

investment

grade

and

below

investment

grade

corporate

bonds.

In

addition,

the

Fund

was

overweight

corporate

bonds,

on

average,

during

the

reporting

period,

which

further

contributed

to

relative

performance.

The

Fund’s

use

of

leverage

through

bank

borrowings,

reverse

repurchase

agreements

and

the

issuance

of

variable

rate

preferred

shares

detracted

from

relative

performance

during

the

reporting

period.

Leverage

is

discussed

in

more

detail

later

in

the

Fund

Leverage

section

of

this

report.

During

the

reporting

period,

the

Fund

used

cross-currency

swaps

and

foreign

exchange

forwards

to

hedge

its

euro

exposure

to

U.S.

dollars.

The

cross-currency

swaps

and

the

foreign

exchange

forwards

had

a

negligible

impact

on

relative

results

during

the

reporting

period.

Portfolio

Managers’

Comments

(continued)

8

Nuveen

Mortgage

and

Income

Fund

(JLS)

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

December

31,

2023?

The

Fund’s

objective

is

to

generate

high

current

income

through

opportunistic

investments

in

securitized

credit.

The

Fund

invests

in

mortgage-backed

securities

(MBS),

including

residential

mortgage-backed

securities

(RMBS)

and

commercial

mortgage-backed

securities

(CMBS),

and

non-mortgage

related

asset-backed

securities

(ABS).

ABS

includes

but

is

not

limited

to

collateralized

loan

obligations

as

well

as

pools

of

consumer

auto

loans,

credit

card

receivables,

aircraft

leases

and

maintenance

agreements,

timeshare

agreements,

and

solar

cells.

The

Fund

uses

leverage,

which

is

discussed

in

more

detail

in

the

Fund

Leverage

section

of

this

report.

During

the

reporting

period,

the

Fund

remained

tactical,

adding

to

RMBS

and

CMBS

exposures

when

relative

value

opportunities

or

market

weakness

presented

an

attractive

entry

point.

ABS

positioning

favored

securities

offering

credit

exposure

with

marginal

duration

extension.

Toward

the

end

of

the

reporting

period,

the

Fund

took

advantage

of

the

market

rally

to

trim

positions

that

performed

well

and

had

limited

upside

going

forward

and

used

the

proceeds

to

pay

down

leverage.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

December

31,

2023?

For

the

twelve-month

reporting

period

ended

December

31,

2023,

JLS

outperformed

the

JLS

Linked

Benchmark,

which

consists

of

a

50/50

blend

of

USD-denominated,

investment

grade

fixed

and

floating-rate

ABS

and

fixed-rate

CMBS.

For

the

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

JLS

Linked

Benchmark.

The

largest

contributor

to

relative

performance

was

the

Fund’s

MBS

positioning.

MBS

performed

well

as

spreads

tightened

and

mortgage

market

fundamentals

remained

relatively

strong,

with

the

rally

late

in

the

reporting

period

boosting

performance.

Collateralized

loan

obligations

(CLOs)

added

to

relative

performance,

as

the

rising

yield

curve

over

much

of

the

reporting

period

benefited

floating-rate

securities

including

CLOs.

The

Fund’s

selection

within

the

ABS

sector

also

provided

a

positive

contribution

to

relative

performance.

Partially

offsetting

the

Fund’s

relative

outperformance

was

its

exposure

to

CMBS.

The

CMBS

sector

was

the

leading

detractor

during

the

reporting

period,

particularly

the

office

sector

which

continued

to

be

negatively

impacted

by

the

uncertainty

of

the

return-to-

office

outlook

and

the

health

of

the

regional

banking

sector.

The

Fund’s

use

of

leverage

through

bank

borrowings

and

reverse

repurchase

agreements

contributed

to

relative

performance

during

the

reporting

period

and

was

also

accretive

to

overall

common

share

income.

Leverage

is

discussed

in

more

detail

later

in

the

Fund

Leverage

section

of

this

report.

This

material

is

not

intended

to

be

a

recommendation

or

investment

advice,

does

not

constitute

a

solicitation

to

buy,

sell

or

hold

a

security

or

an

investment

strategy

and

is

not

provided

in

a

fiduciary

capacity.

The

information

provided

does

not

take

into

account

the

specific

objectives

or

circumstances

of

any

particular

investor,

or

suggest

any

specific

course

of

action.

Investment

decisions

should

be

made

based

on

an

investor’s

objectives

and

circumstances

and

in

consultation

with

his

or

her

advisors.

Certain

statements

in

this

report

are

forward-looking

statements.

Discussions

of

specific

investments

are

for

illustration

only

and

are

not

intended

as

recommendations

of

individual

investments.

The

forward-looking

statements

and

other

views

expressed

herein

are

those

of

the

portfolio

managers

as

of

the

date

of

this

report.

Actual

future

results

or

occurrences

may

differ

significantly

from

those

anticipated

in

any

forward-looking

statements

and

the

views

expressed

herein

are

subject

to

change

at

any

time,

due

to

numerous

market

and

other

factors.

The

Funds

disclaim

any

obligation

to

update

publicly

or

revise

any

forward-looking

statements

or

views

expressed

herein.

Each

Fund

uses

credit

quality

ratings

for

its

portfolio

securities

provided

by

Moody’s

Investors

Service,

Inc.

(Moody’s),

Standard

&

Poor’s

(S&P)

and

Fitch,

Inc.

(Fitch).

For

JGH

and

NPCT,

if

all

three

of

Moody’s,

S&P,

and

Fitch

provide

a

rating

for

a

security,

the

middle

rating

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.

For

JLS,

the

highest

rating

given

by

Moody’s,

S&P

and

Fitch

is

used.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

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.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Fund

Leverage

9

IMPACT

OF

THE

FUND’S

LEVERAGE

STRATEGY

ON

PERFORMANCE

One

important

factor

impacting

the

common

share

returns

of

the

Funds

relative

to

their

comparative

benchmarks

was

the

use

of

leverage

through

bank

borrowings,

Taxable

Fund

Preferred

Shares

(TFP)

for

NPCT

and

reverse

repurchase

agreements

for

NPCT

and

JLS.

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.

JLS's

use

of

leverage

contributed

while

JGH's

use

of

leverage

significantly

contributed

to

relative

performance

over

the

reporting

period.

In

addition,

JLS

and

JGH's

use

of

leverage

was

accretive

to

overall

common

share

income.

NPCT's

use

of

leverage

detracted

from

relative

performance

over

the

reporting

period.

JGH

also

continued

to

use

interest

rate

swap

contracts

to

partially

hedge

its

future

interest

cost

of

leverage.

The

interest

rate

swaps

contributed

to

relative

performance

during

the

reporting

period.

As

of

December

31,

2023,

the

Funds’

percentages

of

leverage

are

as

shown

in

the

accompanying

table.

*Effective

leverage

is

a

Fund’s

effective

economic

leverage,

and

includes

both

regulatory

leverage

and

the

leverage

effects

of

reverse

repurchase

agreements,

certain

derivative

and

other

investments

in

a

Fund’s

portfolio

that

increase

the

Fund’s

investment

exposure.

Regulatory

leverage

consists

of

preferred

shares

issued

or

borrowings

of

the

Fund.

Both

of

these

are

part

of

a

Fund’s

capital

structure.

A

Fund,

however,

may

from

time

to

time

borrow

on

a

typically

transient

basis

in

connection

with

its

day-to-day

operations,

primarily

in

connection

with

the

need

to

settle

portfolio

trades.

Such

incidental

borrowings

are

excluded

from

the

calculation

of

a

Fund’s

effective

leverage

ratio.

Regulatory

leverage

is

subject

to

asset

coverage

limits

set

forth

in

the

Investment

Company

Act

of

1940.

THE

FUNDS’

REGULATORY

LEVERAGE

Bank

Borrowings

As

noted

previously,

the

Funds

employ

leverage

through

the

use

of

bank

borrowings.

The

Funds’

bank

borrowings

activities

are

as

shown

in

the

accompanying

table.

Refer

to

Notes

to

Financial

Statements

for

further

details.

Reverse

Repurchase

Agreements

As

noted

previously,

JLS

and

NPCT

use

reverse

repurchase

agreements,

in

which

the

Fund

sells

to

a

counterparty

a

security

that

it

holds

with

a

contemporaneous

agreement

to

repurchase

the

same

security

at

an

agreed-upon

price

and

date.

The

Funds’

transactions

in

reverse

repurchase

agreements

are

as

shown

in

the

accompanying

table.

JGH

NPCT

JLS

Effective

Leverage

*

27.74%

35.78%

26.33%

Regulatory

Leverage

*

27.74%

29.76%

5.09%

Current

Reporting

Period

Subsequent

to

the

Close

of

the

Reporting

Period

Fund

Outstanding

Balance

as

of

January

1,

2023

Draws

Paydowns

Outstanding

Balance

as

of

December

31,

2023

Average

Balance

Outstanding

Draws

Paydowns

Outstanding

Balance

as

of

February

22,

2024

JGH

$127,000,000

$

-

$(8,000,000)

$119,000,000

$120,906,849

$-

$-

$

119,000,000

NPCT

$105,500,000

$

-

$(30,000,000)

$75,500,000

$98,815,068

$-

$-

$75,500,000

JLS

$12,495,000

$

825,000

$(7,800,000)

$5,520,000

$9,418,151

$-

$(1,000,000)

$4,520,000

10

Fund

Leverage

(continued)

Refer

to

Notes

to

Financial

Statements

for

further

details.

Taxable

Fund

Preferred

Shares

As

noted

previously,

in

addition

to

bank

borrowings,

NPCT

also

issued

TFP.

The

Fund’s

transactions

in

TFP

are

as

shown

in

the

accompanying

table.

Refer

to

Notes

to

Financial

Statements

for

further

details.

Current

Reporting

Period

Subsequent

to

the

Close

of

the

Reporting

Period

Fund

Outstanding

Balance

as

January

1,

2023

Sales

Purchases

Outstanding

Balance

as

of

December

31,

2023

Average

Balance

Outstanding

Sales

Purchases

Outstanding

Balance

as

of

February

22,

2024

NPCT

$45,820,000

  $183,280,000

$(183,280,000)

$45,820,000

$45,820,000

$12,000,000

$(12,000,000)

$45,820,000

JLS

$32,145,000

   $123,203,000

$(124,100,000)

$31,248,000

$31,597,438

$30,478,000

$(30,478,000)

$31,248,000

Current

Reporting

Period

Subsequent

to

the

Close

of

the

Reporting

Period

Fund

Outstanding

Balance

as

of

January

1,

2023

Issuance

Redemptions

Outstanding

Balance

as

of

December

31,

2023

Average

Balance

Outstanding

Sales

Purchases

Outstanding

Balance

as

of

February

22,

2024

NPCT

$70,000,000

$-

$-

$70,000,000

$70,000,000

  $

-

  $

-

  $70,000,000

Common

Share

Information

11

COMMON

SHARE

DISTRIBUTION

INFORMATION

FOR

JGH

AND

JLS

The

following

information

regarding

the

distributions

for

JGH

and

JLS

are

current

as

of

December

31,

2023,

the

Funds’

fiscal

and

tax

year

end,

and

may

differ

from

previously

issued

distribution

notices.

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

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.

The

following

table

provides

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

a

Fund

is

paid

back

to

you.

A

return

of

capital

distribution

does

not

necessarily

reflect

a

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.

The

amounts

and

sources

of

distributions

reported

in

this

notice

are

for

financial

reporting

purposes

and

are

not

being

provided

for

tax

reporting

purposes.

The

actual

amounts

and

character

of

the

distributions

for

tax

reporting

purposes

will

be

reported

to

shareholders

on

Form

1099-DIV,

which

will

be

sent

to

shareholders

shortly

after

calendar

year-end.

Because

distribution

source

estimates

are

updated

throughout

the

current

fiscal

year

based

on

a

Fund’s

performance,

those

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

the

sources

of

distributions

and

may

include

amounts

attributed

to

realized

gains

and/or

returns

of

capital.

More

details

about

each

Fund’s

distributions

are

available

on

www.nuveen.com/en-us/

closed-end-funds.

COMMON

SHARE

DISTRIBUTION

INFORMATION

FOR

NPCT

The

following

information

regarding

the

Fund’s

distributions

is

current

as

of

December

31,

2023,

the

Fund’s

fiscal

and

tax

year

end,

and

may

differ

from

previously

issued

distribution

notifications.

On

November

29,

2023,

the

Funds’

Board

of

Trustees

(the

“Board”)

updated

the

Fund’s

distribution

policy.

Effective

for

distributions

payable

on

December

29,

2023,

the

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).

The

Fund

intends

to

distribute

all

or

substantially

all

of

its

net

investment

income

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,

the

Fund

may

distribute

more

or

less

than

its

net

investment

income

during

the

period.

In

the

event

the

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.

If

the

Fund’s

distribution

includes

anything

other

than

net

investment

income,

the

Fund

will

provide

a

notice

to

shareholders

of

its

best

estimate

of

the

distribution

sources

at

that

the

time

of

the

distribution.

These

estimates

may

not

match

the

final

tax

characterization

(for

the

full

year’s

distributions)

contained

in

shareholders’

1099-DIV

forms

after

the

end

of

the

year.

Data

as

of

December

31,

2023

Current

Month

Percentage

of

Distributions

Fiscal

YTD

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)

76.29%

0.00%

23.71%

$1.2420

$0.9475

$0.0000

$0.2945

JLS

(FYE

12/31)

100.00%

0.00%

0.00%

$1.5686

$1.5686

$0.0000

$0.0000

Common

Share

Information

(continued)

12

The

following

table

provides

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

Fund

attributes

these

estimates

equally

to

each

regular

distribution

throughout

the

year.

The

amounts

and

sources

of

distributions

reported

in

this

notice

are

for

financial

reporting

purposes

and

are

not

being

provided

for

tax

reporting

purposes.

The

actual

amounts

and

character

of

the

distributions

for

tax

reporting

purposes

will

be

reported

to

shareholders

on

Form

1099-DIV,

which

will

be

sent

to

shareholders

shortly

after

calendar

year-end.

Because

distribution

source

estimates

are

updated

throughout

the

current

fiscal

year

based

on

a

Fund’s

performance,

those

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

the

sources

of

distributions

and

may

include

amounts

attributed

to

realized

gains

and/or

returns

of

capital.

More

details

about

each

Fund’s

distributions

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.

During

the

current

reporting

period,

the

Funds

did

not

repurchase

any

of

their

outstanding

common

shares.

As

of

December

31,

2023,

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.

OTHER

COMMON

SHARE

INFORMATION

As

of

December

31,

2023,

the

Funds’

common

share

prices

were

trading

at

a

premium/(discount)

to

their

common

share

NAVs

and

trading

at

an

average

premium/(discount)

to

NAV

during

the

current

reporting

period,

as

follows:

Data

as

of

December

31,

2023

Fiscal

YTD

Per

Share

Sources

of

Distribution

Percentage

of

the

Distribution

Fund

Per

Share

Distribution

Net

Investment

Income

Long-Term

Gains

Short-Term

Gains

Return

of

Capital

Net

Investment

Income

Long-Term

Gains

Short-Term

Gains

Return

of

Capital

NPCT

(FYE

12/31)

$1.0360

$0.4447

$0.0000

$0.0000

$0.5913

42.93%

0.00%

0.00%

57.07%

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

JGH

NPCT

JLS

Common

share

NAV

$13.37

$11.94

$18.78

Common

share

price

$12.20

$10.08

$16.88

Premium/(Discount)

to

NAV

(8.75)%

(15.58)%

(10.12)%

Average

premium/(discount)

to

NAV

(10.84)%

(14.65)%

(13.80)%

About

the

Funds’

Benchmarks

13

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,

investment

grade

fixed

income

securities

issued

by

U.S.

and

non-U.S.

companies

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.

JLS

Linked

Benchmark:

Represents

the

linked

returns

between

the

Bloomberg

U.S.

Aggregate

Bond

Index

(defined

herein)

through

October

13,

2019,

and

the

ICE

BofA

U.S.

ABS

&

CMBS

Index

(defined

herein)

subsequent

to

October

13,

2019.

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.

14

Nuveen

Global

High

Income

Fund

Performance

Overview

and

Holdings

Summaries

as

of

December

31,

2023

JGH

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Fund

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

Bloomberg

Global

High

Yield

Index

(USD

Hedged).

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

may

be

higher

or

lower

than

the

data

shown.

Returns

do

not

reflect

the

deduction

of

taxes

that

shareholders

may

have

to

pay

on

Fund

distributions

or

upon

the

sale

of

Fund

shares.

Returns

at

NAV

are

net

of

Fund

expenses,

and

assume

reinvestment

of

distributions.

Comparative

index

return

information

is

provided

for

the

Fund’s

shares

at

NAV

only.

Indexes

are

not

available

for

direct

investment.

Daily

Common

Share

NAV

and

Share

Price

Growth

of

an

Assumed

$10,000

Investment

as

of December

31,

2023

 -

Common

Share

Price 

Total

Returns

as

of

December

31,

2023

Average

Annual

Inception

Date

1-Year

5-Year

Since

Inception

JGH

at

Common

Share

NAV

11/24/14

15.15%

4.77%

3.82%

JGH

at

Common

Share

Price

11/24/14

20.80%

7.15%

4.82%

Bloomberg

Global

High

Yield

Index

(USD

Hedged)

—

13.66%

4.43%

4.38%

15

Holdings

Summaries

as

of

December

31,

2023

This

data

relates

to

the

securities

held

in

the

Fund’s

portfolio

of

investments

as

of

the

end

of

the

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

The

Funds

uses

credit

quality

ratings

for

its

portfolio

securities

provided

by

Standard

&

Poor’s

Group,

Moody’s

Investors

Service,

Inc.

and

Fitch,

Inc.

If

all

three

provide

a

rating

for

a

security,

the

middle

is

used;

if

two

of

the

three

agencies

rate

a

security,

the

lower

rating

is

used;

and

if

only

one

rating

agency

rates

a

security,

that

rating

is

used.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

rat-

ings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC,

CC,

C

and

D

are

below-in-

vestment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Fund

Allocation

(%

of

net

assets)

Corporate

Bonds

90

.4‌

%

Sovereign

Debt

14

.4‌

%

Variable

Rate

Senior

Loan

Interests

11

.7‌

%

$1,000

Par

(or

similar)

Institutional

Preferred

9

.0‌

%

Contingent

Capital

Securities

7

.8‌

%

$25

Par

(or

similar)

Retail

Preferred

0

.9‌

%

Asset-Backed

Securities

0

.2‌

%

Common

Stocks

0

.2‌

%

Repurchase

Agreements

2

.2‌

%

Other

Assets

&

Liabilities,

Net

1.6%

Borrowings

(38.4)%

Net

Assets

100‌

%

Top

Five

Issuers

(%

of

total

investments)

Petroleos

Mexicanos

1.9%

Albion

Financing

2SARL

1.3%

Colombia

Government

International

Bond

1.2%

Triton

Water

Holdings

Inc

1.2%

Talen

Energy

Supply

LLC

1.1%

Portfolio

Composition

1

(%

of

total

investments)

Energy

12.6%

Materials

8.0%

Utilities

6.5%

Banks

6.5%

Media

&

Entertainment

5.6%

Financial

Services

5.0%

Capital

Goods

4.8%

Telecommunication

Services

4.7%

Consumer

Discretionary

Distribution

&

Retail

4.2%

Health

Care

Equipment

&

Services

3.7%

Consumer

Services

3.3%

Transportation

3.0%

Automobiles

&

Components

2.8%

Food,

Beverage

&

Tobacco

2.8%

Software

&

Services

2.7%

Commercial

&

Professional

Services

2.6%

Insurance

2.4%

Pharmaceuticals,

Biotechnology

&

Life

Sciences

2.0%

Technology

Hardware

&

Equipment

1.3%

Household

&

Personal

Products

1.2%

Other

2.0%

Sovereign

Debt

10.5%

Asset-Backed

Securities

0.2%

Repurchase

Agreements

1.6%

Total

100%

Portfolio

Credit

Quality

(%

of

total

investments)

BBB

12.5%

BB

or

Lower

86.9%

N/R

(not

rated)

0.5%

N/A

(not

applicable)

0.1%

Total

100‌

%

Country

Allocation

2,3

(%

of

total

investments)

United

States

54

.1‌

%

Canada

5

.7‌

%

Mexico

4

.1‌

%

Colombia

2

.8‌

%

Australia

2

.3‌

%

Netherlands

2

.0‌

%

Luxembourg

2

.0‌

%

France

1

.9‌

%

Spain

1

.8‌

%

United

Kingdom

1

.8‌

%

South

Africa

1

.6‌

%

Israel

1

.4‌

%

Other

18

.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

25.9%

(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.

16

Nuveen

Core

Plus

Impact

Fund

Performance

Overview

and

Holdings

Summaries

as

of

December

31,

2023

NPCT

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Fund

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.

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

may

be

higher

or

lower

than

the

data

shown.

Returns

do

not

reflect

the

deduction

of

taxes

that

shareholders

may

have

to

pay

on

Fund

distributions

or

upon

the

sale

of

Fund

shares.

Returns

at

NAV

are

net

of

Fund

expenses,

and

assume

reinvestment

of

distributions.

Comparative

index

return

information

is

provided

for

the

Fund’s

shares

at

NAV

only.

Indexes

are

not

available

for

direct

investment.

Daily

Common

Share

NAV

and

Share

Price

Growth

of

an

Assumed

$10,000

Investment

as

of December

31,

2023

 -

Common

Share

Price 

Total

Returns

as

of

December

31,

2023

Average

Annual

Inception

Date

1-Year

Since

Inception

NPCT

at

Common

Share

NAV

4/27/21

6.21%

(10.76)%

NPCT

at

Common

Share

Price

4/27/21

7.77%

(15.31)%

Bloomberg

U.S.

Aggregate

Bond

Index

—

5.53%

(2.71)%

NPCT

Blended

Benchmark

—

9.27%

(0.65)%

17

Holdings

Summaries

as

of

December

31,

2023

This

data

relates

to

the

securities

held

in

the

Fund’s

portfolio

of

investments

as

of

the

end

of

the

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

The

Fund

uses

credit

quality

ratings

for

its

portfolio

securities

provided

by

Standard

&

Poor’s

Group,

Moody’s

Investors

Service,

Inc.

and

Fitch,

Inc.

If

all

three

provide

a

rating

for

a

security,

the

middle

is

used;

if

two

of

the

three

agencies

rate

a

security,

the

lower

rating

is

used;

and

if

only

one

rating

agency

rates

a

security,

that

rating

is

used.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

rat-

ings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC,

CC,

C

and

D

are

below-in-

vestment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Fund

Allocation

(%

of

net

assets)

Corporate

Bonds

86

.6‌

%

$1,000

Par

(or

similar)

Institutional

Preferred

20

.6‌

%

Mortgage-Backed

Securities

19

.1‌

%

Sovereign

Debt

10

.0‌

%

$25

Par

(or

similar)

Retail

Preferred

5

.9‌

%

Municipal

Bonds

3

.5‌

%

Asset-Backed

Securities

3

.5‌

%

Variable

Rate

Senior

Loan

Interests

3

.1‌

%

Repurchase

Agreements

1

.1‌

%

Other

Assets

&

Liabilities,

Net

2.3%

Reverse

Repurchase

Agreements,

including

accrued

interest

(

13

.4‌

)

%

Borrowings

(22.0)%

TFP

Shares,

Net

(

20

.3‌

)

%

Net

Assets

100‌

%

Portfolio

Composition

1

(%

of

total

investments)

Utilities

28.7%

Banks

13.7%

Capital

Goods

5.0%

Financial

Services

4.3%

Materials

4.2%

Equity

Real

Estate

Investment

Trusts

(REITs)

2.6%

Energy

2.5%

Technology

Hardware

&

Equipment

2.3%

Commercial

&

Professional

Services

2.2%

Transportation

1.9%

Media

&

Entertainment

1.4%

Consumer

Discretionary

Distribution

&

Retail

1.3%

Automobiles

&

Components

1.2%

Consumer

Durables

&

Apparel

1.0%

Diversified

Financials

1.0%

Insurance

0.9%

Telecommunication

Services

0.6%

Real

Estate

Management

&

Development

0.5%

Consumer

Services

0.4%

Mortgage-Backed

Securities

12.5%

Sovereign

Debt

6.5%

Municipal

Bonds

2.3%

Asset-Backed

Securities

2.3%

Repurchase

Agreements

0.7%

Total

100%

Portfolio

Credit

Quality

(%

of

total

long-term

investments)

AAA

3.0%

AA

3.0%

A

9.0%

BBB

40.9%

BB

or

Lower

34.5%

N/R

(not

rated)

9.6%

Total

100‌

%

Country

Allocation

2,3

(%

of

total

investments)

United

States

61

.8‌

%

Italy

5

.0‌

%

Chile

4

.4‌

%

United

Kingdom

4

.1‌

%

Mexico

3

.4‌

%

Canada

2

.6‌

%

Australia

2

.5‌

%

Indonesia

2

.4‌

%

India

2

.0‌

%

South

Korea

1

.7‌

%

Benin

1

.6‌

%

United

Arab

Emirates

1

.5‌

%

Other

7

.0‌

%

Total

100‌

%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

Includes

19.6%

(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.

18

Nuveen

Mortgage

and

Income

Fund

Performance

Overview

and

Holdings

Summaries

as

of

December

31,

2023

JLS

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Fund

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

linked

returns

between

the

Bloomberg

U.S.

Aggregate

Bond

Index

(through

October

13,

2019),

and

the

ICE

BofA

U.S.

ABS

&

CMBS

Index

(subsequent

to

October

13,

2019).

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

may

be

higher

or

lower

than

the

data

shown.

Returns

do

not

reflect

the

deduction

of

taxes

that

shareholders

may

have

to

pay

on

Fund

distributions

or

upon

the

sale

of

Fund

shares.

Returns

at

NAV

are

net

of

Fund

expenses,

and

assume

reinvestment

of

distributions.

Comparative

index

return

information

is

provided

for

the

Fund’s

shares

at

NAV

only.

Indexes

are

not

available

for

direct

investment.

Daily

Common

Share

NAV

and

Share

Price

Growth

of

an

Assumed

$10,000

Investment

as

of December

31,

2023

 -

Common

Share

Price 

Total

Returns

as

of

December

31,

2023

Average

Annual

Inception

Date

1-Year

5-Year

10-Year

JLS

at

Common

Share

NAV

11/25/09

8.18%

1.63%

3.72%

JLS

at

Common

Share

Price

11/25/09

14.79%

0.65%

4.29%

Bloomberg

U.S.

Aggregate

Bond

Index

—

5.53%

1.10%

1.81%

JLS

Blended

Benchmark

—

5.55%

2.25%

2.38%

19

Holdings

Summaries

as

of

December

31,

2023

This

data

relates

to

the

securities

held

in

the

Fund’s

portfolio

of

investments

as

of

the

end

of

the

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

The

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

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.

Fund

Allocation

(%

of

net

assets)

Mortgage-Backed

Securities

97

.0‌

%

Asset-Backed

Securities

38

.7‌

%

Short-Term

U.S.

Government

and

Agency

Obligations

1

.1‌

%

Other

Assets

&

Liabilities,

Net

(0.5)%

Reverse

Repurchase

Agreements,

including

accrued

interest

(

30

.9‌

)

%

Borrowings

(5.4)%

Net

Assets

100‌

%

Portfolio

Credit

Quality

(%

of

total

investments)

U.S.

Treasury/Agency

0.8%

AAA

0.1%

AA

2.2%

A

10.3%

BBB

17.7%

BB

or

Lower

39.3%

N/R

(not

rated)

29.6%

Total

100‌

%

Report

of

Independent

Registered

Public

Accounting

Firm

21

To

the

Board

of

Trustees

and

Shareholders

of

Nuveen

Global

High

Income

Fund,

Nuveen

Core

Plus

Impact

Fund

and

Nuveen

Mortgage

and

Income

Fund

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

portfolios

of

investments,

of

each

of

the

funds

listed

in

the

table

below

(hereafter

collectively

referred

to

as

the

"Funds")

as

of

December

31,

2023,

the

related

statements

of

operations,

of

cash

flows,

and

of

changes

in

net

assets

for

each

of

the

periods

indicated

in

the

table

below,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

in

the

table

below

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

December

31,

2023,

the

results

of

each

of

their

operations

and

each

of

their

cash

flows,

the

changes

in

each

of

their

net

assets

and

each

of

the

financial

highlights

for

each

of

the

periods

indicated

in

the

table

below,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Nuveen

Global

High

Income

Fund

(1)

Nuveen

Core

Plus

Impact

Fund

(2)

Nuveen

Mortgage

and

Income

Fund

(1)

(1)

Statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

as

of

December

31,

2023,

and

the

related

statements

of

operations

and

cash

flows

for

the

year

ended

December

31,

2023,

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2023

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2023.

(2)

Consolidated

statement

of

asset

and

liabilities,

including

the

consolidated

portfolio

of

investments,

as

of

December

31,

2023,

and

the

related

consolidated

statements

of

operations

and

cash

flows

for

the

year

ended

December

31,

2023,

consolidated

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2023

and

the

consolidated

financial

highlights

for

the

years

ended

December

31,

2023

and

2022,

and

the

period

April

27,

2021

(commencement

of

operations)

through

December

31,

2021.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2023

by

correspondence

with

the

custodian,

agent

banks

and

brokers;

when

replies

were

not

received

from

agent

banks,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

Report

of

Independent

Registered

Public

Accounting

Firm

(continued)

22

/s/

PricewaterhouseCoopers

LLP

Chicago,

Illinois

February

28,

2024

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Nuveen

Funds

since

2002.

23

Nuveen

Global

High

Income

Fund

Portfolio

of

Investments

December

31,

2023

JGH

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

LONG-TERM

INVESTMENTS

-

134.6% 

(98.4%

of

Total

Investments)

X

–

CORPORATE

BONDS

-

90.4%

(66.1%

of

Total

Investments)

X

280,154,182

Automobiles

&

Components

-

3.4%

$

3,000

Dana

Inc

4.250%

9/01/30

$

2,658,981

1,810

Ford

Motor

Credit

Co

LLC

7.350%

3/06/30

1,944,485

3,000

Goodyear

Tire

&

Rubber

Co/The

5.250%

4/30/31

2,745,124

3,000

IHO

Verwaltungs

GmbH,

144A

,

(cash

6.375%,

PIK

7.125%)

6.375%

5/15/29

2,944,089

476

Nemak

SAB

de

CV,

144A

3.625%

6/28/31

395,501

Total

Automobiles

&

Components

10,688,180

Banks

-

0.8%

875

Access

Bank

PLC,

144A

6.125%

9/21/26

781,987

650

Akbank

TAS,

144A

6.800%

2/06/26

651,625

1,250

Grupo

Aval

Ltd,

144A

4.375%

2/04/30

1,061,155

Total

Banks

2,494,767

Capital

Goods

-

3.6%

2,090

Albion

Financing

1

SARL

/

Aggreko

Holdings

Inc,

144A

6.125%

10/15/26

2,070,270

5,470

Albion

Financing

2SARL,

144A

8.750%

4/15/27

5,333,250

625

Cemex

SAB

de

CV,

144A

5.125%

9/08/72

592,726

1,060

Chart

Industries

Inc,

144A

9.500%

1/01/31

1,151,341

1,950

GrafTech

Global

Enterprises

Inc,

144A

9.875%

12/15/28

1,503,938

530

Windsor

Holdings

III

LLC,

144A

8.500%

6/15/30

553,865

Total

Capital

Goods

11,205,390

Commercial

&

Professional

Services

-

3.5%

1,750

ADT

Security

Corp/The,

144A

4.125%

8/01/29

1,610,438

1,275

ADT

Security

Corp/The,

144A

4.875%

7/15/32

1,179,362

2,000

Allied

Universal

Holdco

LLC/Allied

Universal

Finance

Corp/

Atlas

Luxco

4

Sarl,

144A

4.625%

6/01/28

1,818,183

1,500

Garda

World

Security

Corp,

144A

4.625%

2/15/27

1,446,284

1,000

Gtcr

W-2

Merger

Sub,

LLC,

144A

7.500%

1/15/31

1,056,722

2,225

MPH

Acquisition

Holdings

LLC,

144A

5.500%

9/01/28

1,992,276

1,100

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc,

144A

6.250%

1/15/28

1,093,586

600

VT

Topco

Inc,

144A

8.500%

8/15/30

624,222

Total

Commercial

&

Professional

Services

10,821,073

Consumer

Discretionary

Distribution

&

Retail

-

4.5%

2,605

Asbury

Automotive

Group

Inc,

144A

5.000%

2/15/32

2,367,432

1,035

Asbury

Automotive

Group

Inc,

144A

4.625%

11/15/29

957,997

1,500

Avis

Budget

Car

Rental

LLC

/

Avis

Budget

Finance

Inc,

144A

8.000%

2/15/31

1,497,937

650

(b)

B2W

Digital

Lux

Sarl,

144A

4.375%

12/20/30

128,508

2,000

Kohl's

Corp

4.625%

5/01/31

1,570,002

945

LCM

Investments

Holdings

II

LLC,

144A

4.875%

5/01/29

877,824

535

LCM

Investments

Holdings

II

LLC,

144A

8.250%

8/01/31

558,382

3,900

Michaels

Cos

Inc/The,

144A

7.875%

5/01/29

2,455,401

750

Michaels

Cos

Inc/The,

144A

5.250%

5/01/28

592,939

2,500

Staples

Inc,

144A

7.500%

4/15/26

2,326,069

Nuveen

Global

High

Income

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

24

JGH

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Consumer

Discretionary

Distribution

&

Retail

(continued)

$

1,000

Staples

Inc,

144A

10.750%

4/15/27

$

728,633

Total

Consumer

Discretionary

Distribution

&

Retail

14,061,124

Consumer

Durables

&

Apparel

-

0.2%

725

Wolverine

World

Wide

Inc,

144A

4.000%

8/15/29

569,125

Total

Consumer

Durables

&

Apparel

569,125

Consumer

Services

-

3.7%

1,050

Churchill

Downs

Inc,

144A

5.750%

4/01/30

1,023,741

1,980

Cinemark

USA

Inc,

144A

5.250%

7/15/28

1,816,461

835

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co

Inc,

144A

4.625%

1/15/29

757,654

400

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co

Inc,

144A

6.750%

7/15/30

351,201

1,700

Life

Time

Inc,

144A

5.750%

1/15/26

1,687,776

360

LIGHT

+

WONDER

INTL

INC,

144A

7.500%

9/01/31

375,500

675

MGM

China

Holdings

Ltd,

144A

5.875%

5/15/26

660,726

925

NCL

Corp

Ltd,

144A

8.375%

2/01/28

979,478

1,000

NCL

Corp

Ltd,

144A

5.875%

3/15/26

977,158

1,665

Raising

Cane's

Restaurants

LLC,

144A

9.375%

5/01/29

1,776,861

1,000

Wynn

Macau

Ltd,

144A

5.500%

10/01/27

944,622

Total

Consumer

Services

11,351,178

Energy

-

15.4%

1,335

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp,

144A

5.375%

6/15/29

1,283,427

1,200

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp,

144A

6.875%

4/01/27

1,203,000

1,430

Callon

Petroleum

Co,

144A

7.500%

6/15/30

1,442,185

875

Civitas

Resources

Inc,

144A

8.750%

7/01/31

931,479

1,440

Civitas

Resources

Inc,

144A

8.375%

7/01/28

1,503,281

1,500

Ecopetrol

SA

8.875%

1/13/33

1,629,722

625

Ecopetrol

SA

6.875%

4/29/30

619,360

1,000

Ecopetrol

SA

5.875%

11/02/51

756,670

2,351

Energian

Israel

Finance

Ltd,

144A,

Reg

S

5.875%

3/30/31

1,981,183

485

Energian

Israel

Finance

Ltd,

144A,

Reg

S

8.000%

9/02/53

461,609

275

EQM

Midstream

Partners

LP,

144A

7.500%

6/01/27

283,359

335

EQM

Midstream

Partners

LP,

144A

7.500%

6/01/30

360,131

985

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp

8.250%

1/15/29

1,013,609

500

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co,

144A

6.000%

2/01/31

481,945

1,305

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co,

144A

6.000%

4/15/30

1,265,604

1,305

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co,

144A

6.250%

4/15/32

1,255,294

1,500

Leviathan

Bond

Ltd,

144A,

Reg

S

6.500%

6/30/27

1,407,546

500

Medco

Laurel

Tree

Pte

Ltd,

144A

6.950%

11/12/28

472,518

1,500

MEDCO

MAPLE

TREE

PTE

LTD,

144A

8.960%

4/27/29

1,520,981

768

Medco

Oak

Tree

Pte

Ltd,

144A

7.375%

5/14/26

760,896

2,000

MEG

Energy

Corp,

144A

5.875%

2/01/29

1,943,284

1,325

Parkland

Corp,

144A

4.500%

10/01/29

1,214,323

1,890

Parkland

Corp/Canada,

144A

4.625%

5/01/30

1,738,800

980

Petrobras

Global

Finance

BV

6.900%

3/19/49

972,263

6,671

Petroleos

Mexicanos

6.700%

2/16/32

5,535,459

25

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Energy

(continued)

$

1,000

Petroleos

Mexicanos

10.000%

2/07/33

$

1,004,052

1,500

Petroleos

Mexicanos

6.500%

1/23/29

1,323,013

206

Saka

Energi

Indonesia

PT,

144A

4.450%

5/05/24

203,837

1,290

Shelf

Drilling

Holdings

Ltd,

144A

9.625%

4/15/29

1,262,347

1,000

SierraCol

Energy

Andina

LLC,

144A

6.000%

6/15/28

841,675

1,000

SM

Energy

Co

6.750%

9/15/26

997,396

1,410

Sunoco

LP

/

Sunoco

Finance

Corp

4.500%

4/30/30

1,305,395

423

Transocean

Inc,

144A

8.750%

2/15/30

441,672

500

Transocean

Titan

Financing

Ltd,

144A

8.375%

2/01/28

518,744

1,109

Tullow

Oil

PLC,

144A

10.250%

5/15/26

989,505

3,000

USA

Compression

Partners

LP

/

USA

Compression

Finance

Corp

6.875%

9/01/27

2,964,441

880

Venture

Global

LNG

Inc,

144A

8.125%

6/01/28

888,709

2,860

Venture

Global

LNG

Inc,

144A

9.875%

2/01/32

2,979,088

Total

Energy

47,757,802

Equity

Real

Estate

Investment

Trusts

(REITs)

-

1.3%

1,910

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC,

144A

8.000%

6/15/27

1,988,967

1,000

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC,

144A

3.375%

6/15/26

939,869

1,080

Uniti

Group

LP

/

Uniti

Group

Finance

Inc

/

CSL

Capital

LLC,

144A

10.500%

2/15/28

1,094,909

Total

Equity

Real

Estate

Investment

Trusts

(REITs)

4,023,745

Financial

Services

-

5.5%

2,000

Compass

Group

Diversified

Holdings

LLC,

144A

5.000%

1/15/32

1,801,473

600

Compass

Group

Diversified

Holdings

LLC,

144A

5.250%

4/15/29

566,772

1,125

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp

7.750%

2/01/28

1,128,922

2,000

Hunt

Cos

Inc,

144A

5.250%

4/15/29

1,784,025

1,550

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

4.375%

2/01/29

1,294,343

1,275

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

5.250%

5/15/27

1,145,235

693

Mexico

Remittances

Funding

Fiduciary

Estate

Management

Sarl,

144A

4.875%

1/15/28

613,998

1,250

NFP

Corp,

144A

6.875%

8/15/28

1,270,751

1,000

NFP

Corp,

144A

7.500%

10/01/30

1,064,297

600

NFP

Corp,

144A

8.500%

10/01/31

650,340

3,500

OneMain

Finance

Corp

7.875%

3/15/30

3,602,798

2,100

PennyMac

Financial

Services

Inc,

144A

7.875%

12/15/29

2,161,671

Total

Financial

Services

17,084,625

Food,

Beverage

&

Tobacco

-

2.3%

1,000

Minerva

Luxembourg

SA,

144A

8.875%

9/13/33

1,057,294

3,300

Primo

Water

Holdings

Inc,

144A

4.375%

4/30/29

3,040,596

3,425

Triton

Water

Holdings

Inc,

144A

6.250%

4/01/29

2,984,031

Total

Food,

Beverage

&

Tobacco

7,081,921

Health

Care

Equipment

&

Services

-

2.5%

1,750

CHS/Community

Health

Systems

Inc,

144A

4.750%

2/15/31

1,375,736

1,000

CHS/Community

Health

Systems

Inc,

144A

10.875%

1/15/32

1,045,130

450

CHS/Community

Health

Systems

Inc,

144A

5.625%

3/15/27

418,110

460

DaVita

Inc,

144A

3.750%

2/15/31

377,821

2,000

Global

Medical

Response

Inc,

144A

6.500%

10/01/25

1,584,100

Nuveen

Global

High

Income

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

26

JGH

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Health

Care

Equipment

&

Services

(continued)

$

1,295

LifePoint

Health

Inc,

144A

11.000%

10/15/30

$

1,363,832

1,500

Tenet

Healthcare

Corp

6.125%

10/01/28

1,495,755

Total

Health

Care

Equipment

&

Services

7,660,484

Household

&

Personal

Products

-

1.4%

3,325

Kronos

Acquisition

Holdings

Inc

/

KIK

Custom

Products

Inc,

144A

7.000%

12/31/27

3,175,375

1,175

Kronos

Acquisition

Holdings

Inc

/

KIK

Custom

Products

Inc,

144A

5.000%

12/31/26

1,145,625

Total

Household

&

Personal

Products

4,321,000

Insurance

-

2.0%

2,475

Acrisure

LLC

/

Acrisure

Finance

Inc,

144A

4.250%

2/15/29

2,234,803

2,125

Acrisure

LLC

/

Acrisure

Finance

Inc,

144A

10.125%

8/01/26

2,220,447

1,500

Credit

Suisse

Group

AG

7.500%

1/17/72

172,500

1,000

Fidelis

Insurance

Holdings

Ltd,

144A

6.625%

4/01/41

972,500

1,000

SBL

Holdings

Inc,

144A

6.500%

12/30/49

615,000

Total

Insurance

6,215,250

Materials

-

10.2%

1,200

AngloGold

Ashanti

Holdings

PLC

6.500%

4/15/40

1,174,865

900

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

PLC,

144A

4.000%

9/01/29

761,829

1,925

Arsenal

AIC

Parent

LLC,

144A

8.000%

10/01/30

2,008,468

495

Avient

Corp,

144A

7.125%

8/01/30

514,928

1,000

Braskem

Netherlands

Finance

BV,

144A

8.500%

1/12/31

930,000

750

Cemex

SAB

de

CV,

144A

3.875%

7/11/31

670,774

1,325

Cemex

SAB

de

CV,

144A

9.125%

12/30/49

1,411,125

700

Cia

de

Minas

Buenaventura

SAA,

144A

5.500%

7/23/26

668,169

875

Constellium

SE,

144A

3.750%

4/15/29

793,940

500

First

Quantum

Minerals

Ltd,

144A

8.625%

6/01/31

423,750

875

First

Quantum

Minerals

Ltd,

144A

6.875%

3/01/26

783,243

3,000

FMG

Resources

August

2006

Pty

Ltd,

144A

5.875%

4/15/30

2,972,438

300

Gold

Fields

Orogen

Holdings

BVI

Ltd,

144A

6.125%

5/15/29

307,866

2,070

Mineral

Resources

Ltd,

144A

8.500%

5/01/30

2,157,615

1,580

Mineral

Resources

Ltd,

144A

8.000%

11/01/27

1,619,953

710

NOVA

Chemicals

Corp,

144A

8.500%

11/15/28

744,549

600

OCP

SA,

144A

5.125%

6/23/51

453,815

960

Olympus

Water

US

Holding

Corp,

144A

4.250%

10/01/28

863,803

1,160

Olympus

Water

US

Holding

Corp,

144A

6.250%

10/01/29

1,030,266

585

Owens-Brockway

Glass

Container

Inc,

144A

7.250%

5/15/31

593,126

945

Pactiv

Evergreen

Group

Issuer

Inc/Pactiv

Evergreen

Group

Issuer

LLC,

144A

4.375%

9/30/28

883,476

1,500

Sasol

Financing

USA

LLC

5.500%

3/18/31

1,262,721

500

Sasol

Financing

USA

LLC,

144A

8.750%

5/03/29

509,814

450

Summit

Materials

LLC

/

Summit

Materials

Finance

Corp,

144A

7.250%

1/15/31

474,167

4,270

SunCoke

Energy

Inc,

144A

4.875%

6/30/29

3,840,514

2,000

Trinseo

Materials

Operating

SCA

/

Trinseo

Materials

Finance

Inc,

144A

5.125%

4/01/29

814,978

2,850

Tronox

Inc,

144A

4.625%

3/15/29

2,524,525

27

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Materials

(continued)

$

214

Volcan

Cia

Minera

SAA,

144A

4.375%

2/11/26

$

132,961

380

WR

Grace

Holdings

LLC,

144A

4.875%

6/15/27

365,598

Total

Materials

31,693,276

Media

&

Entertainment

-

7.1%

100

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp,

144A

4.500%

8/15/30

90,148

642

Cinemark

USA

Inc,

144A

8.750%

5/01/25

645,210

1,700

CSC

Holdings

LLC,

144A

11.250%

5/15/28

1,751,612

1,500

CSC

Holdings

LLC,

144A

6.500%

2/01/29

1,323,900

1,250

CSC

Holdings

LLC,

144A

5.375%

2/01/28

1,104,167

2,285

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor

Inc,

144A

5.875%

8/15/27

2,146,933

2,550

DISH

DBS

Corp

5.125%

6/01/29

1,314,244

1,750

DISH

Network

Corp,

144A

11.750%

11/15/27

1,826,750

1,000

Getty

Images

Inc,

144A

9.750%

3/01/27

1,005,833

1,545

Gray

Escrow

Inc,

144A

5.375%

11/15/31

1,165,700

1,325

Gray

Television

Inc,

144A

4.750%

10/15/30

997,393

1,275

LCPR

Senior

Secured

Financing

DAC,

144A

5.125%

7/15/29

1,110,698

1,225

Rackspace

Technology

Global

Inc,

144A

3.500%

2/15/28

491,966

530

Univision

Communications

Inc,

144A

7.375%

6/30/30

528,480

2,500

UPC

Broadband

Finco

BV,

144A

4.875%

7/15/31

2,200,275

925

Virgin

Media

Secured

Finance

PLC,

144A

5.500%

5/15/29

893,774

4,000

VZ

Secured

Financing

BV,

144A

5.000%

1/15/32

3,414,886

Total

Media

&

Entertainment

22,011,969

Pharmaceuticals,

Biotechnology

&

Life

Sciences

-

2.1%

2,740

Bausch

Health

Cos

Inc,

144A

4.875%

6/01/28

1,650,146

220

Emergent

BioSolutions

Inc,

144A

3.875%

8/15/28

89,100

2,650

Organon

&

Co

/

Organon

Foreign

Debt

Co-Issuer

BV,

144A

5.125%

4/30/31

2,265,339

1,300

Teva

Pharmaceutical

Finance

Netherlands

III

BV

6.750%

3/01/28

1,328,600

1,000

Teva

Pharmaceutical

Finance

Netherlands

III

BV

8.125%

9/15/31

1,090,581

Total

Pharmaceuticals,

Biotechnology

&

Life

Sciences

6,423,766

Real

Estate

Management

&

Development

-

1.4%

1,758

Anywhere

Real

Estate

Group

LLC

/

Anywhere

Co-Issuer

Corp,

144A

7.000%

4/15/30

1,621,579

2,175

Kennedy-Wilson

Inc

5.000%

3/01/31

1,726,950

1,125

Kennedy-Wilson

Inc

4.750%

3/01/29

939,285

Total

Real

Estate

Management

&

Development

4,287,814

Software

&

Services

-

3.3%

4,200

Ahead

DB

Holdings

LLC,

144A

6.625%

5/01/28

3,659,250

2,225

CA

Magnum

Holdings,

144A

5.375%

10/31/26

2,069,250

2,000

Condor

Merger

Sub

Inc,

144A

7.375%

2/15/30

1,826,503

3,000

Virtusa

Corp,

144A

7.125%

12/15/28

2,568,750

Total

Software

&

Services

10,123,753

Technology

Hardware

&

Equipment

-

1.3%

3,125

Imola

Merger

Corp,

144A

4.750%

5/15/29

2,969,074

1,000

NCR

Corp

ATM,

144A

9.500%

4/01/29

1,062,496

Total

Technology

Hardware

&

Equipment

4,031,570

Nuveen

Global

High

Income

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

28

JGH

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Telecommunication

Services

-

5.7%

$

1,830

Altice

France

SA/France,

144A

5.500%

10/15/29

$

1,434,948

355

Altice

France

SA/France,

144A

8.125%

2/01/27

327,250

1,550

C&W

Senior

Financing

DAC,

144A

6.875%

9/15/27

1,444,135

1,000

Cablevision

Lightpath

LLC,

144A

3.875%

9/15/27

878,145

725

CT

Trust,

144A

5.125%

2/03/32

633,623

1,905

Frontier

Communications

Holdings

LLC,

144A

6.000%

1/15/30

1,625,239

1,500

Frontier

Communications

Holdings

LLC,

144A

8.625%

3/15/31

1,529,403

2,375

Iliad

Holding

SASU,

144A

7.000%

10/15/28

2,363,337

1,155

Iliad

Holding

SASU,

144A

6.500%

10/15/26

1,152,740

1,500

Liberty

Costa

Rica

Senior

Secured

Finance,

144A

10.875%

1/15/31

1,534,880

900

Millicom

International

Cellular

SA,

144A

5.125%

1/15/28

838,215

250

Millicom

International

Cellular

SA,

144A

4.500%

4/27/31

207,853

1,375

Sitios

Latinoamerica

SAB

de

CV,

144A

5.375%

4/04/32

1,278,060

2,880

Vmed

O2

UK

Financing

I

PLC,

144A

4.750%

7/15/31

2,570,705

Total

Telecommunication

Services

17,818,533

Transportation

-

2.5%

1,000

Aeropuertos

Dominicanos

Siglo

XXI

SA,

144A

6.750%

3/30/29

999,500

1,100

Allegiant

Travel

Co,

144A

7.250%

8/15/27

1,076,286

1,000

American

Airlines

Inc,

144A

8.500%

5/15/29

1,055,999

500

Cargo

Aircraft

Management

Inc,

144A

4.750%

2/01/28

457,605

1,340

First

Student

Bidco

Inc

/

First

Transit

Parent

Inc,

144A

4.000%

7/31/29

1,161,887

580

GN

Bondco

LLC,

144A

9.500%

10/15/31

566,248

750

Grupo

Aeromexico

SAB

de

CV,

144A

8.500%

3/17/27

723,921

1,750

Transnet

SOC

Ltd,

144A

8.250%

2/06/28

1,761,025

Total

Transportation

7,802,471

Utilities

-

6.7%

750

AES

Espana

BV,

144A

5.700%

5/04/28

680,625

2,000

AmeriGas

Partners

LP

/

AmeriGas

Finance

Corp,

144A

9.375%

6/01/28

2,065,355

2,815

Atlantica

Sustainable

Infrastructure

PLC,

144A

4.125%

6/15/28

2,638,195

1,625

Electricidad

Firme

de

Mexico

Holdings

SA

de

CV,

144A

4.900%

11/20/26

1,463,674

1,000

EnfraGen

Energia

Sur

SA

/

EnfraGen

Spain

SA

/

Prime

Energia

SpA,

144A

5.375%

12/30/30

781,008

1,400

Eskom

Holdings

SOC

Ltd,

144A

6.350%

8/10/28

1,359,951

500

Eskom

Holdings

SOC

Ltd,

144A

8.450%

8/10/28

506,500

4,425

Ferrellgas

LP

/

Ferrellgas

Finance

Corp,

144A

5.875%

4/01/29

4,180,111

750

NPC

Ukrenergo,

144A

6.875%

11/09/28

197,250

250

Suburban

Propane

Partners

LP/Suburban

Energy

Finance

Corp,

144A

5.000%

6/01/31

226,647

2,250

Superior

Plus

LP

/

Superior

General

Partner

Inc,

144A

4.500%

3/15/29

2,086,358

3,750

Talen

Energy

Supply

LLC,

144A

8.625%

6/01/30

3,984,496

599

UEP

Penonome

II

SA,

144A

6.500%

10/01/38

455,196

Total

Utilities

20,625,366

Total

Corporate

Bonds

(cost

$302,860,923)

280,154,182

29

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

SOVEREIGN

DEBT

-

14.4%

(10.5%

of

Total

Investments)

X

44,711,553

Angola

-

1.0%

$

1,500

Angolan

Government

International

Bond,

144A

8.250%

5/09/28

$

1,379,820

1,050

Angolan

Government

International

Bond,

144A

8.750%

4/14/32

921,883

900

Angolan

Government

International

Bond,

144A

8.000%

11/26/29

798,210

Total

Angola

3,099,913

Colombia

-

1.6%

3,175

Colombia

Government

International

Bond

3.250%

4/22/32

2,519,931

1,320

Colombia

Government

International

Bond

7.500%

2/02/34

1,392,636

1,400

Colombia

Government

International

Bond

3.125%

4/15/31

1,138,395

Total

Colombia

5,050,962

Cote

d'Ivoire

-

0.7%

2,239

Ivory

Coast

Government

International

Bond,

144A

5.750%

12/31/32

2,111,830

Total

Cote

d'Ivoire

2,111,830

Dominican

Republic

-

1.2%

1,500

Dominican

Republic

International

Bond,

144A

4.875%

9/23/32

1,363,725

1,175

Dominican

Republic

International

Bond,

144A

5.300%

1/21/41

1,014,906

1,000

Dominican

Republic

International

Bond,

144A

4.500%

1/30/30

920,000

650

Dominican

Republic

International

Bond,

144A

5.500%

2/22/29

634,562

Total

Dominican

Republic

3,933,193

Ecuador

-

0.3%

1,768

Ecuador

Government

International

Bond,

144A

5.000%

7/31/30

817,131

371

Ecuador

Government

International

Bond,

144A

1.000%

7/31/35

131,999

80

Ecuador

Government

International

Bond,

144A

0.000%

7/31/30

22,689

Total

Ecuador

971,819

Egypt

-

1.1%

2,300

Egypt

Government

International

Bond,

144A

7.053%

1/15/32

1,570,362

1,700

Egypt

Government

International

Bond,

144A

7.600%

3/01/29

1,294,822

975

Egypt

Government

International

Bond,

144A

8.500%

1/31/47

604,418

Total

Egypt

3,469,602

El

Salvador

-

0.3%

925

El

Salvador

Government

International

Bond,

144A

8.625%

2/28/29

827,875

Total

El

Salvador

827,875

Guatemala

-

0.3%

1,000

Guatemala

Government

Bond,

144A

6.125%

6/01/50

946,250

Total

Guatemala

946,250

Nuveen

Global

High

Income

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

30

JGH

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Honduras

-

0.6%

$

1,250

Honduras

Government

International

Bond,

144A

6.250%

1/19/27

$

1,196,875

750

Honduras

Government

International

Bond,

144A

5.625%

6/24/30

667,500

Total

Honduras

1,864,375

Iraq

-

0.5%

1,744

Iraq

International

Bond,

144A

5.800%

1/15/28

1,627,682

Total

Iraq

1,627,682

Jordan

-

0.6%

825

Jordan

Government

International

Bond,

144A

5.850%

7/07/30

766,298

500

Jordan

Government

International

Bond,

144A

7.750%

1/15/28

516,590

500

Jordan

Government

International

Bond,

144A

6.125%

1/29/26

497,580

Total

Jordan

1,780,468

Kenya

-

0.8%

2,000

Republic

of

Kenya

Government

International

Bond,

144A

7.000%

5/22/27

1,871,980

825

Republic

of

Kenya

Government

International

Bond,

144A

6.300%

1/23/34

659,851

Total

Kenya

2,531,831

Mongolia

-

0.4%

675

Mongolia

Government

International

Bond,

144A

4.450%

7/07/31

563,709

500

Mongolia

Government

International

Bond,

144A

8.650%

1/19/28

522,654

Total

Mongolia

1,086,363

Morocco

-

0.2%

530

Morocco

Government

International

Bond,

144A

6.500%

9/08/33

558,653

Total

Morocco

558,653

Nigeria

-

0.7%

1,425

Nigeria

Government

International

Bond,

144A

7.875%

2/16/32

1,278,937

1,200

Nigeria

Government

International

Bond,

144A

6.125%

9/28/28

1,062,000

Total

Nigeria

2,340,937

Oman

-

0.3%

800

Oman

Government

International

Bond,

144A

6.750%

10/28/27

844,000

Total

Oman

844,000

Paraguay

-

0.2%

600

Paraguay

Government

International

Bond,

144A

3.849%

6/28/33

529,800

Total

Paraguay

529,800

Republic

of

Serbia

-

0.5%

1,375

Serbia

International

Bond,

144A

6.500%

9/26/33

1,409,375

Total

Republic

of

Serbia

1,409,375

31

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Rwanda

-

0.6%

$

2,450

Rwanda

International

Government

Bond,

144A

5.500%

8/09/31

$

1,956,937

Total

Rwanda

1,956,937

Senegal

-

0.6%

2,100

Senegal

Government

International

Bond,

144A

6.250%

5/23/33

1,873,242

Total

Senegal

1,873,242

South

Africa

-

0.3%

1,400

Republic

of

South

Africa

Government

International

Bond

5.000%

10/12/46

1,033,984

Total

South

Africa

1,033,984

Turkey

-

0.9%

1,500

Turkey

Government

International

Bond

6.500%

9/20/33

1,433,343

1,250

Turkey

Government

International

Bond

5.875%

6/26/31

1,165,625

Total

Turkey

2,598,968

Ukraine

-

0.1%

675

Ukraine

Government

International

Bond,

144A

7.750%

9/01/27

180,225

750

Ukraine

Government

International

Bond,

144A

7.253%

3/15/35

174,000

500

Ukraine

Government

International

Bond,

144A

6.876%

5/21/31

113,281

Total

Ukraine

467,506

Uzbekistan

-

0.6%

1,075

Republic

of

Uzbekistan

International

Bond,

144A

5.375%

2/20/29

1,016,228

745

Republic

of

Uzbekistan

International

Bond,

144A

7.850%

10/12/28

779,760

Total

Uzbekistan

1,795,988

Total

Sovereign

Debt

(cost

$50,244,140)

44,711,553

Principal

Amount

(000)

Description

(a)

Coupon

(c)

Reference

Rate

(c)

Spread

(c)

Maturity

(d)

Value

X

–

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

-

11.7%

(8.6%

of

Total

Investments)

(c)

X

36,259,913

Capital

Goods

-

2.1%

$

2,498

Emrld

Borrower

LP,

Term

Loan

B

8.356%

SOFR30A

3.000%

5/31/30

$

2,510,043

900

TransDigm,

Inc.,

Term

Loan

J

8.598%

SOFR90A

3.250%

2/28/31

905,107

3,018

Windsor

Holdings

III,

LLC,

Term

Loan

B

9.841%

TSFR1M

4.500%

8/01/30

3,043,840

Total

Capital

Goods

6,458,990

Consumer

Discretionary

Distribution

&

Retail

-

1.2%

1,455

Great

Outdoors

Group,

LLC,

Term

Loan

B

9.110%

SOFR30A

3.750%

3/05/28

1,457,072

1,955

PetSmart,

Inc.,

Term

Loan

B

9.206%

SOFR30A

3.750%

2/12/28

1,936,428

219

WOOF

Holdings,

Inc,

Term

Loan,

First

Lien

9.360%

SOFR90A

3.750%

12/21/27

178,293

Total

Consumer

Discretionary

Distribution

&

Retail

3,571,793

Nuveen

Global

High

Income

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

32

JGH

Principal

Amount

(000)

Description

(a)

Coupon

(c)

Reference

Rate

(c)

Spread

(c)

Maturity

(d)

Value

Consumer

Services

-

0.9%

$

1,293

Carnival

Corporation,

Term

Loan

B

8.357%

TSFR1M

3.000%

8/09/27

$

1,298,351

405

Formula

One

Holdings

Limited,

Term

Loan

B

7.598%

SOFR90A

2.250%

1/15/30

406,584

348

GVC

Holdings

(Gibraltar)

Limited,

Term

Loan

B

8.948%

SOFR90A

3.500%

10/31/29

349,331

644

Life

Time

Fitness

Inc

,

Term

Loan

B

10.611%

SOFR180A

4.750%

1/15/26

648,974

Total

Consumer

Services

2,703,240

Food,

Beverage

&

Tobacco

-

0.9%

866

Sunshine

Investments

B.V.,

Term

Loan

9.630%

SOFR90A

4.250%

5/05/29

868,008

1,950

Triton

Water

Holdings,

Inc,

Term

Loan

8.860%

SOFR90A

3.250%

3/31/28

1,935,380

Total

Food,

Beverage

&

Tobacco

2,803,388

Health

Care

Equipment

&

Services

-

2.5%

407

Embecta

Corp,

Term

Loan,

(WI/

DD)

TBD

TBD

TBD

TBD

400,096

566

ICON

Luxembourg

S.A.R.L.,

Term

Loan

7.860%

SOFR90A

2.250%

7/03/28

568,404

2,977

Medline

Borrower,

LP,

Term

Loan

B

8.356%

SOFR30A

3.000%

10/21/28

2,995,643

2,803

Onex

TSG

Intermediate

Corp.,

Term

Loan

B

10.395%

TSFR3M

4.750%

2/28/28

2,773,342

1,164

Select

Medical

Corporation,

Term

Loan

B1

8.356%

SOFR30A

3.000%

3/05/27

1,166,333

4

US

Radiology

Specialists,

Inc.,

Term

Loan

10.748%

SOFR90A

5.250%

12/15/27

3,641

Total

Health

Care

Equipment

&

Services

7,907,459

Household

&

Personal

Products

-

0.2%

780

Journey

Personal

Care

Corp.,

Term

Loan

B

9.720%

1-Month

LIBOR

4.250%

3/01/28

772,200

Total

Household

&

Personal

Products

772,200

Insurance

-

0.2%

623

USI,

Inc.,

Term

Loan

8.598%

SOFR90A

3.250%

9/27/30

625,189

Total

Insurance

625,189

Materials

-

0.8%

2,125

Nouryon

Finance

B.V.,

Term

Loan

B

9.467%

TSFR3M

4.000%

4/03/28

2,135,276

279

W.R.

Grace

&

Co.-Conn.,

Term

Loan

B

9.360%

SOFR90A

3.750%

9/22/28

280,622

Total

Materials

2,415,898

Pharmaceuticals,

Biotechnology

&

Life

Sciences

-

0.7%

141

ICON

Luxembourg

S.A.R.L.,

Term

Loan

7.860%

SOFR90A

2.250%

7/03/28

141,618

1,989

Jazz

Financing

Lux

S.a.r.l.,

Term

Loan

8.970%

SOFR30A

3.500%

5/05/28

2,001,515

Total

Pharmaceuticals,

Biotechnology

&

Life

Sciences

2,143,133

Software

&

Services

-

0.4%

1,163

Open

Text

Corporation,

Term

Loan

B

8.206%

SOFR30A

2.750%

1/31/30

1,166,971

Total

Software

&

Services

1,166,971

33

Principal

Amount

(000)

Description

(a)

Coupon

(c)

Reference

Rate

(c)

Spread

(c)

Maturity

(d)

Value

Telecommunication

Services

-

0.2%

$

628

GOGO

Intermediate

Holdings

LLC,

Term

Loan

B

9.220%

SOFR30A

3.750%

4/28/28

$

630,009

Total

Telecommunication

Services

630,009

Transportation

-

1.4%

675

AAdvantage

Loyalty

IP

Ltd.,

Term

Loan

10.427%

SOFR90A

4.750%

4/20/28

694,460

3,122

Air

Canada,

Term

Loan

B

9.139%

TSFR3M

3.500%

8/11/28

3,135,861

593

Brown

Group

Holding,

LLC,

Term

Loan

B2

9.126%

SOFR30A

+

SOFR90A

3.750%

6/09/29

594,888

10

SkyMiles

IP

Ltd.,

Term

Loan

B

9.166%

SOFR90A

3.750%

10/20/27

10,153

Total

Transportation

4,435,362

Utilities

-

0.2%

622

Talen

Energy

Supply,

LLC,

Term

Loan

B

9.869%

SOFR90A

4.500%

5/17/30

626,281

Total

Utilities

626,281

Total

Variable

Rate

Senior

Loan

Interests

(cost

$35,868,559)

36,259,913

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

9.0%

(6.5%

of

Total

Investments)

X

27,776,208

Automobiles

&

Components

-

0.4%

$

1,473

General

Motors

Financial

Co

Inc

5.750%

N/A

(e)

$

1,306,551

Total

Automobiles

&

Components

1,306,551

Banks

-

1.1%

840

Citigroup

Inc

7.625%

N/A

(e)

857,724

1,000

NBK

Tier

1

Ltd,

144A

3.625%

N/A

(e)

899,500

345

PNC

Financial

Services

Group

Inc/The

6.200%

N/A

(e)

335,422

475

Turkiye

Garanti

Bankasi

AS,

144A

7.177%

5/24/27

467,495

825

Wells

Fargo

&

Co

7.625%

N/A

(e)

865,682

Total

Banks

3,425,823

Capital

Goods

-

0.9%

1,000

AerCap

Global

Aviation

Trust,

144A

6.500%

6/15/45

1,001,490

1,750

AerCap

Holdings

NV

5.875%

10/10/79

1,727,947

Total

Capital

Goods

2,729,437

Energy

-

1.3%

2,000

Enbridge

Inc

8.500%

1/15/84

2,127,292

1,900

Energy

Transfer

LP

6.500%

N/A

(e)

1,805,532

Total

Energy

3,932,824

Financial

Services

-

0.4%

1,500

Ally

Financial

Inc

4.700%

N/A

(e)

1,125,092

Total

Financial

Services

1,125,092

Food,

Beverage

&

Tobacco

-

0.7%

1,500

Land

O'

Lakes

Inc,

144A

8.000%

N/A

(e)

1,305,000

1,000

Land

O'

Lakes

Inc,

144A

7.000%

N/A

(e)

745,000

Total

Food,

Beverage

&

Tobacco

2,050,000

Nuveen

Global

High

Income

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

34

JGH

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

Insurance

-

0.9%

$

1,000

Assurant

Inc

7.000%

3/27/48

$

1,008,105

1,765

Enstar

Finance

LLC

5.750%

9/01/40

1,652,112

Total

Insurance

2,660,217

Media

&

Entertainment

-

0.5%

1,750

Paramount

Global

6.375%

3/30/62

1,575,000

Total

Media

&

Entertainment

1,575,000

Technology

Hardware

&

Equipment

-

0.4%

1,500

Vodafone

Group

PLC

4.125%

6/04/81

1,287,759

Total

Technology

Hardware

&

Equipment

1,287,759

Telecommunication

Services

-

0.4%

1,300

Network

i2i

Ltd,

144A

5.650%

N/A

(e)

1,281,059

Total

Telecommunication

Services

1,281,059

Utilities

-

2.0%

2,000

Edison

International

5.375%

N/A

(e)

1,891,598

1,000

Emera

Inc

6.750%

6/15/76

979,219

1,500

NRG

Energy

Inc,

144A

10.250%

N/A

(e)

1,561,629

2,000

Vistra

Corp,

144A

7.000%

N/A

(e)

1,970,000

Total

Utilities

6,402,446

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$29,106,141)

27,776,208

Principal

Amount

(000)

Description

(a),(f)

Coupon

Maturity

Value

X

–

CONTINGENT

CAPITAL

SECURITIES

-

7.8%

(5.7%

of

Total

Investments)

X

24,182,881

Banks

-

6.8%

$

1,800

Banco

Bilbao

Vizcaya

Argentaria

SA

9.375%

N/A

(e)

$

1,925,257

1,980

Banco

Mercantil

del

Norte

SA/Grand

Cayman,

144A

6.750%

N/A

(e)

1,952,104

1,200

Banco

Santander

SA

9.625%

N/A

(e)

1,311,000

1,000

Banco

Santander

SA,

Reg

S

7.500%

N/A

(e)

1,000,000

1,100

Banco

Santander

SA

4.750%

N/A

(e)

927,015

1,000

Bancolombia

SA

4.625%

12/18/29

926,575

1,475

Barclays

PLC

8.000%

N/A

(e)

1,447,583

1,000

BBVA

Bancomer

SA/Texas,

144A

8.450%

6/29/38

1,066,070

1,000

BNP

Paribas

SA,

144A

7.000%

N/A

(e)

981,676

2,000

ING

Groep

NV

6.500%

N/A

(e)

1,947,774

2,000

Intesa

Sanpaolo

SpA,

144A

7.700%

N/A

(e)

1,965,216

1,000

Lloyds

Banking

Group

PLC

8.000%

N/A

(e)

1,001,998

2,000

Macquarie

Bank

Ltd/London,

144A

6.125%

N/A

(e)

1,857,904

1,665

Societe

Generale

SA,

144A

10.000%

N/A

(e)

1,779,076

1,200

UniCredit

SpA,

Reg

S

8.000%

N/A

(e)

1,192,800

Total

Banks

21,282,048

35

Principal

Amount

(000)

Description

(a),(f)

Coupon

Maturity

Value

Financial

Services

-

1.0%

$

1,050

Deutsche

Bank

AG

6.000%

N/A

(e)

$

950,237

1,030

UBS

Group

AG,

144A

9.250%

N/A

(e)

1,141,513

750

UBS

Group

AG,

144A

9.250%

N/A

(e)

809,083

Total

Financial

Services

2,900,833

Total

Contingent

Capital

Securities

(cost

$23,968,333)

24,182,881

Shares  

Description

(a)

Coupon

Value

X

–

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

0.9%

(0.7%

of

Total

Investments)

X

2,836,300

Banks

-

0.1%

25,200

Western

Alliance

Bancorp

4.250%

$

434,700

Total

Banks

434,700

Energy

-

0.5%

60,000

NuStar

Energy

LP

12.405%

1,533,600

Total

Energy

1,533,600

Insurance

-

0.3%

35,000

American

Equity

Investment

Life

Holding

Co

6.625%

868,000

Total

Insurance

868,000

Total

$25

Par

(or

similar)

Retail

Preferred

(cost

$2,961,185)

2,836,300

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X–

ASSET-BACKED

SECURITIES

-

0.2%

(0.2%

of

Total

Investments)

X

648,570

$

750

(g)

Industrial

DPR

Funding

Ltd,

144A

5.380%

4/15/34

$

648,570

Total

Asset-Backed

Securities

(cost

$750,000)

648,570

Shares

Description

(a)

Value

X

–

COMMON

STOCKS

-

0.2%

(0.1%

of

Total

Investments)

X

624,698

Semiconductors

&

Semiconductor

Equipment

-

0.0%

717

(h)

Bright

Bidco

BV

$

260

Total

Semiconductors

&

Semiconductor

Equipment

260

Transportation

-

0.2%

47,127

(h)

Grupo

Aeromexico

SAB

de

CV

624,438

Total

Transportation

624,438

Total

Common

Stocks

(cost

$885,858)

624,698

Total

Long-Term

Investments

(cost

$446,645,139)

417,194,305

Nuveen

Global

High

Income

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

36

JGH

A

Investments

in

Derivatives

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

2.2% (1.6%

of

Total

Investments)

X

–

REPURCHASE

AGREEMENTS

-

2.2%

(1.6%

of

Total

Investments)

X

6,825,000

$

6,825

(i)

Fixed

Income

Clearing

Corp

(FICC)

5.310%

1/02/24

$

6,825,000

Total

Repurchase

Agreements

(cost

$6,825,000)

6,825,000

Total

Short-Term

Investments

(cost

$6,825,000)

6,825,000

Total

Investments

(cost

$453,470,139

)

-

136.8%

424,019,305

Borrowings

-

(38.4)%

(j),(k)

(119,000,000)

Other

Assets

&

Liabilities,

Net

-   1.6%

4,921,090

Net

Assets

Applicable

to

Common

Shares

-

100%

$

309,940,395

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

(l)

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

$

3,109,963

$

3,109,963

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)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(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

London

Inter-Bank

Offered

Rate

("LIBOR"),

or

(ii)

the

prime

rate

offered

by

one

or

more

major

United

States

banks.

Senior

loans

may

be

considered

restricted

in

that

the

Fund

ordinarily

is

contractually

obligated

to

receive

approval

from

the

agent

bank

and/or

borrower

prior

to

the

disposition

of

a

senior

loan.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(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)

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.

(g)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(h)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(i)

Agreement

with

Fixed

Income

Clearing

Corporation,

5.310%

dated

12/29/23

to

be

repurchased

at

$6,829,027

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.375%

and

maturity

date

2/15/42,

valued

at

$6,961,578.

(j)

Borrowings

as

a

percentage

of

Total

Investments

is

28.1%.

(k)

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.

(l)

Effective

date

represents

the

date

on

which

both

the

Fund

and

counterparty

commence

interest

payment

accruals

on

each

contract.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

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

SOFR

180A

180

Day

Average

Secured

Overnight

Financing

Rate

37

SOFR

30A

30

Day

Average

Secured

Overnight

Financing

Rate

SOFR

90A

90

Day

Average

Secured

Overnight

Financing

Rate

TBD

Senior

loan

purchased

on

a

when-issued

or

delayed-delivery

basis.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date

of

the

transaction.

In

addition,

senior

loans

typically

trade

without

accrued

interest

and

therefore

a

coupon

rate

is

not

available

prior

to

settlement.

At

settlement,

if

still

unknown,

the

borrower

or

counterparty

will

provide

the

Fund

with

the

final

coupon

rate

and

maturity

date.

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

38

Nuveen

Core

Plus

Impact

Fund

Consolidated

Portfolio

of

Investments

December

31,

2023

NPCT

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

LONG-TERM

INVESTMENTS

-

152.3% 

(99.3%

of

Total

Investments)

X

–

CORPORATE

BONDS

-

86.6%

(56.4%

of

Total

Investments)

X

297,291,905

Automobiles

&

Components

-

1.9%

$

4,000

Dana

Inc

4.250%

9/01/30

$

3,545,308

3,510

Ford

Motor

Co

3.250%

2/12/32

2,919,280

Total

Automobiles

&

Components

6,464,588

Banks

-

14.1%

5,000

(b)

Citigroup

Inc

2.014%

1/25/26

4,804,564

17,000

Intesa

Sanpaolo

SpA,

144A

4.950%

6/01/42

12,104,378

3,583

JPMorgan

Chase

&

Co

0.768%

8/09/25

3,474,336

5,000

(b)

Lloyds

Banking

Group

PLC

4.976%

8/11/33

4,869,552

10,000

(b)

Standard

Chartered

PLC,

144A

5.300%

1/09/43

9,007,955

15,000

UniCredit

SpA,

144A

5.459%

6/30/35

14,107,167

Total

Banks

48,367,952

Capital

Goods

-

3.0%

5,800

(b)

GATX

Corp

3.100%

6/01/51

3,816,375

5,000

Sociedad

de

Transmision

Austral

SA,

144A

4.000%

1/27/32

4,414,946

2,305

YMCA

of

Greater

New

York

5.021%

8/01/38

2,057,490

Total

Capital

Goods

10,288,811

Commercial

&

Professional

Services

-

0.5%

2,040

New

York

Public

Library

Astor

Lenox

&

Tilden

Foundations/

The/NY

4.305%

7/01/45

1,798,387

Total

Commercial

&

Professional

Services

1,798,387

Consumer

Discretionary

Distribution

&

Retail

-

2.1%

10,000

Nordstrom

Inc

5.000%

1/15/44

7,107,020

Total

Consumer

Discretionary

Distribution

&

Retail

7,107,020

Consumer

Durables

&

Apparel

-

1.5%

5,000

EUR

(c)

Arcelik

AS,

Reg

S

3.000%

5/27/26

5,271,649

Total

Consumer

Durables

&

Apparel

5,271,649

Consumer

Services

-

0.6%

2,160

YMCA

of

Greater

New

York

2.303%

8/01/26

1,993,851

Total

Consumer

Services

1,993,851

Diversified

Financials

-

1.5%

5,400

EUR

(c)

Power

Finance

Corp

Ltd

1.841%

9/21/28

5,209,965

Total

Diversified

Financials

5,209,965

Energy

-

3.8%

15,000

(b)

Santos

Finance

Ltd,

144A

3.649%

4/29/31

13,061,670

Total

Energy

13,061,670

Equity

Real

Estate

Investment

Trusts

(REITs)

-

4.0%

9,915

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC,

144A

3.375%

6/15/26

9,318,802

2,000

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC,

144A

3.750%

9/15/30

1,684,311

1,000

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC,

144A

8.000%

6/15/27

1,041,344

39

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

$

2,000

Host

Hotels

&

Resorts

LP

2.900%

12/15/31

$

1,677,970

Total

Equity

Real

Estate

Investment

Trusts

(REITs)

13,722,427

Financial

Services

-

3.4%

2,400

Community

Preservation

Corp/The

2.867%

2/01/30

2,102,149

4,292

Starwood

Property

Trust

Inc,

144A

3.625%

7/15/26

4,065,726

5,710

Starwood

Property

Trust

Inc,

144A

4.375%

1/15/27

5,381,275

Total

Financial

Services

11,549,150

Materials

-

6.4%

1,550

Cemex

SAB

de

CV,

144A

9.125%

12/30/49

1,650,750

5,000

LG

Chem

Ltd,

144A

2.375%

7/07/31

4,135,163

5,000

LYB

International

Finance

III

LLC

3.800%

10/01/60

3,539,126

8,108

Star

Energy

Geothermal

Wayang

Windu

Ltd,

144A

6.750%

4/24/33

8,081,893

5,000

(b)

Teck

Resources

Ltd

5.200%

3/01/42

4,626,729

Total

Materials

22,033,661

Media

&

Entertainment

-

2.1%

10,000

Discovery

Communications

LLC

4.000%

9/15/55

7,115,410

Total

Media

&

Entertainment

7,115,410

Real

Estate

Management

&

Development

-

0.5%

2,250

EUR

(c)

GTC

Aurora

Luxembourg

SA,

Reg

S

2.250%

6/23/26

1,828,018

Total

Real

Estate

Management

&

Development

1,828,018

Technology

Hardware

&

Equipment

-

3.5%

5,000

SK

Battery

America

Inc,

Reg

S

2.125%

1/26/26

4,620,116

10,000

Vodafone

Group

PLC

5.125%

6/04/81

7,528,696

Total

Technology

Hardware

&

Equipment

12,148,812

Telecommunication

Services

-

1.0%

5,000

Verizon

Communications

Inc

2.987%

10/30/56

3,319,237

Total

Telecommunication

Services

3,319,237

Transportation

-

3.0%

5,000

Delta

Air

Lines

2019-1

Class

AA

Pass

Through

Trust

3.204%

4/25/24

4,959,702

7,000

Norfolk

Southern

Corp

4.100%

5/15/21

5,270,783

Total

Transportation

10,230,485

Utilities

-

33.7%

1,750

AES

Corp/The

2.450%

1/15/31

1,470,070

15,000

(b)

Brooklyn

Union

Gas

Co/The,

144A

4.273%

3/15/48

11,649,108

5,100

Clearway

Energy

Operating

LLC,

144A

3.750%

1/15/32

4,430,501

7,050

Colbun

SA,

144A

3.150%

1/19/32

6,101,914

2,244

Consolidated

Edison

Co

of

New

York

Inc

4.300%

12/01/56

1,864,108

5,000

EUR

(c)

EDP

-

Energias

de

Portugal

SA

1.875%

3/14/82

4,644,649

6,188

India

Cleantech

Energy2021

1,

144A

4.700%

8/10/26

5,615,610

6,650

Interchile

SA,

144A

4.500%

6/30/56

5,476,284

6,674

(d)

Inversiones

Latin

America

Power

Ltda,

144A

5.125%

6/15/33

3,497,106

2,000

Leeward

Renewable

Energy

Operations

LLC,

144A

4.250%

7/01/29

1,741,982

7,330

(b)

Liberty

Utilities

Finance

GP

1,

144A

2.050%

9/15/30

5,945,622

2,033

NextEra

Energy

Operating

Partners

LP,

144A

7.250%

1/15/29

2,128,362

Nuveen

Core

Plus

Impact

Fund

(continued)

Consolidated

Portfolio

of

Investments

December

31,

2023

40

NPCT

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Utilities

(continued)

$

7,000

Pattern

Energy

Operations

LP

/

Pattern

Energy

Operations

Inc,

144A

4.500%

8/15/28

$

6,621,017

2,667

Solar

Star

Funding

LLC,

144A

5.375%

6/30/35

2,644,413

13,000

(b)

Southern

California

Edison

Co

3.650%

6/01/51

9,792,641

4,000

Southern

Co

Gas

Capital

Corp

3.150%

9/30/51

2,688,048

5,000

Star

Energy

Geothermal

Darajat

II

/

Star

Energy

Geothermal

Salak,

144A

4.850%

10/14/38

4,579,056

8,075

Sunnova

Energy

Corp,

144A

5.875%

9/01/26

6,873,924

9,695

Sweihan

PV

Power

Co

PJSC2022

1,

144A

3.625%

1/31/49

7,957,253

4,084

Topaz

Solar

Farms

LLC,

144A

5.750%

9/30/39

4,057,770

9,135

Topaz

Solar

Farms

LLC,

144A

4.875%

9/30/39

8,372,007

2,641

UEP

Penonome

II

SA,

144A

6.500%

10/01/38

2,008,218

5,800

Vena

Energy

Capital

Pte

Ltd,

Reg

S

3.133%

2/26/25

5,621,149

Total

Utilities

115,780,812

Total

Corporate

Bonds

(cost

$362,294,983)

297,291,905

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

20.6%

(13.5%

of

Total

Investments)

X

70,869,924

Banks

-

6.9%

$

10,375

Banco

Nacional

de

Comercio

Exterior

SNC/Cayman

Islands,

144A

2.720%

8/11/31

$

8,826,300

4,250

Citigroup

Inc

4.150%

N/A

(e)

3,647,505

3,250

JPMorgan

Chase

&

Co

3.650%

N/A

(e)

2,974,185

10,195

PNC

Financial

Services

Group

Inc/The

3.400%

N/A

(e)

8,155,231

Total

Banks

23,603,221

Capital

Goods

-

3.1%

12,000

Air

Lease

Corp

4.650%

N/A

(e)

10,773,550

Total

Capital

Goods

10,773,550

Financial

Services

-

1.8%

7,200

American

Express

Co

3.550%

N/A

(e)

6,172,560

Total

Financial

Services

6,172,560

Insurance

-

1.3%

4,800

Swiss

Re

Finance

Luxembourg

SA,

144A

5.000%

4/02/49

4,584,000

Total

Insurance

4,584,000

Utilities

-

7.5%

5,000

Algonquin

Power

&

Utilities

Corp

4.750%

1/18/82

4,225,000

2,500

CMS

Energy

Corp

4.750%

6/01/50

2,257,327

2,500

CMS

Energy

Corp

3.750%

12/01/50

1,973,435

8,000

EUR

(c)

Engie

SA,

Reg

S

1.875%

N/A

(e)

7,303,240

4,600

Sempra

4.125%

4/01/52

3,947,576

5,000

Southern

Co/The

3.750%

9/15/51

4,552,515

1,500

Vistra

Corp,

144A

7.000%

N/A

(e)

1,477,500

Total

Utilities

25,736,593

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$83,644,459)

70,869,924

41

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X–

MORTGAGE-BACKED

SECURITIES

-

19.1%

(12.5%

of

Total

Investments)

X

65,698,986

$

6,500

(f)

Alen

2021-ACEN

Mortgage

Trust,

(TSFR1M

reference

rate

+

4.114%

spread),

144A

9.476%

4/15/34

$

2,970,035

5,000

(f)

BAMLL

Commercial

Mortgage

Securities

Trust

2021-JACX,

(TSFR1M

reference

rate

+

3.864%

spread),

144A

9.226%

9/15/38

4,008,901

4,000

BBCMS

Mortgage

Trust

2020-C6,

144A

3.688%

2/15/53

2,651,885

3,840

Benchmark

2019-B10

Mortgage

Trust,

144A

3.899%

3/15/62

2,643,013

7,887

COMM

2020-CX

Mortgage

Trust,

144A

2.683%

11/10/46

4,869,301

45,743

Freddie

Mac

Multifamily

ML

Certificates,

2021

ML12,

(I/O)

1.224%

7/25/41

4,482,326

28,242

Freddie

Mac

Multifamily

ML

Certificates,

2021

ML10,

(I/O)

2.058%

1/25/38

4,382,528

64,977

Freddie

Mac

Multifamily

ML

Certificates,

2021

ML11,

(I/O),

144A

0.667%

3/25/38

3,581,549

24,660

Freddie

Mac

Multifamily

ML

Certificates,

2023

ML18

1.508%

9/25/37

2,592,259

680

Hudson

Yards

2016-10HY

Mortgage

Trust,

144A

2.835%

8/10/38

632,578

2,500

Hudson

Yards

2019-55HY

Mortgage

Trust,

144A

2.943%

12/10/41

1,797,075

5,000

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2018-AON,

144A

4.613%

7/05/31

1,069,328

10,000

MFT

Trust

2020-ABC,

144A

3.477%

2/10/42

4,194,962

700

(f)

Natixis

Commercial

Mortgage

Securities

Trust

2019-MILE,

(TSFR1M

reference

rate

+

3.579%

spread),

144A

8.941%

7/15/36

494,680

5,661

(f)

Natixis

Commercial

Mortgage

Securities

Trust

2019-MILE,

(TSFR1M

reference

rate

+

2.829%

spread),

144A

8.191%

7/15/36

4,290,958

7,420

NYC

Commercial

Mortgage

Trust

2021-909,

144A

3.206%

4/10/43

3,553,307

80,369

SLG

Office

Trust

2021-OVA,

(I/O),

144A

0.258%

7/15/41

1,197,482

3,860

SLG

Office

Trust

2021-OVA,

144A

2.851%

7/15/41

2,927,259

8,000

SLG

Office

Trust

2021-OVA,

144A

2.851%

7/15/41

5,699,168

3,500

SUMIT

2022-BVUE

Mortgage

Trust,

144A

2.892%

2/12/41

2,164,533

7,000

VNDO

Trust

2016-350P,

144A

3.903%

1/10/35

5,495,859

Total

Mortgage-Backed

Securities

(cost

$99,588,326)

65,698,986

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

SOVEREIGN

DEBT

-

10.0%

(6.5%

of

Total

Investments)

X

34,393,841

Benin

-

2.5%

$

10,000

EUR

Benin

Government

International

Bond,

144A

4.950%

1/22/35

$

8,668,217

Total

Benin

8,668,217

Chile

-

1.1%

$

5,000

Chile

Government

International

Bond

3.100%

5/07/41

3,801,311

Total

Chile

3,801,311

Mexico

-

2.2%

5,000

EUR

Mexico

Government

International

Bond

2.250%

8/12/36

4,324,945

3,150

Mexico

Government

International

Bond

4.875%

5/19/33

3,035,649

Total

Mexico

7,360,594

United

States

-

4.2%

7,060

United

States

Treasury

Note/Bond

4.750%

11/15/43

7,572,953

4,934

United

States

Treasury

Note/Bond

4.375%

11/30/28

5,048,870

1,922

United

States

Treasury

Note/Bond

4.875%

11/30/25

1,941,896

Total

United

States

14,563,719

Total

Sovereign

Debt

(cost

$39,486,279)

34,393,841

Nuveen

Core

Plus

Impact

Fund

(continued)

Consolidated

Portfolio

of

Investments

December

31,

2023

42

NPCT

Shares  

Description

(a)

Coupon

Value

X

–

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

5.9%

(3.8%

of

Total

Investments)

X

20,094,273

Capital

Goods

-

1.5%

269,000

Triton

International

Ltd

5.750%

$

5,162,110

Total

Capital

Goods

5,162,110

Financial

Services

-

1.5%

300,000

Affiliated

Managers

Group

Inc

4.200%

4,992,000

Total

Financial

Services

4,992,000

Real

Estate

Management

&

Development

-

0.3%

77,904

Brookfield

Property

Partners

LP

5.750%

895,117

Total

Real

Estate

Management

&

Development

895,117

Utilities

-

2.6%

100,426

Brookfield

Infrastructure

Partners

LP

5.125%

1,661,046

200,000

Brookfield

Renewable

Partners

LP

5.250%

3,410,000

200,000

CMS

Energy

Corp

4.200%

3,974,000

Total

Utilities

9,045,046

Total

$25

Par

(or

similar)

Retail

Preferred

(cost

$28,938,056)

20,094,273

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(g)

Value

–

MUNICIPAL

BONDS

-

3.5%

(2.3%

of

Total

Investments)

X

12,048,989

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

$

707,566

Total

Arizona

707,566

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

253,481

Total

District

of

Columbia

253,481

Indiana

-

0.0%

234

(d)

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

-

1.4%

City

of

Detroit,

Michigan,

General

Obligation

Bonds,

Series

2021

:

1,000

2.960%,

4/01/27

No

Opt.

Call

898,128

500

3.110%,

4/01/28

No

Opt.

Call

438,006

2,245

3.244%,

4/01/29

No

Opt.

Call

1,917,561

425

3.344%,

4/01/30

No

Opt.

Call

353,240

1,575

Detroit,

Wayne

County,

Michigan,

General

Obligation

Bonds,

Taxable

Series

2021B,

3.644%,

4/01/34

4/31

at

100.00

1,232,941

Total

Michigan

4,839,876

Montana

-

0.3%

1,000

County

of

Gallatin,

Montana,

Series

2022,

11.500%,

9/01/27,

144A

9/25

at

103.00

1,059,356

Total

Montana

1,059,356

43

A

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(g)

Value

New

York

-

1.5%

$

5,300

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Taxable

Green

Climate

Certified

Series

2020C-2,

5.175%,

11/15/49

No

Opt.

Call

$

5,188,687

Total

New

York

5,188,687

Total

Municipal

Bonds

(cost

$15,192,201)

12,048,989

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X–

ASSET-BACKED

SECURITIES

-

3.5%

(2.3%

of

Total

Investments)

X

11,887,061

$

1,000

Frontier

Issuer

LLC,

2023

1,

144A

8.300%

8/20/53

$

992,928

1,000

Frontier

Issuer

LLC,

2023

1,

144A

11.500%

8/20/53

985,286

2,126

GoodLeap

Sustainable

Home

Solutions

Trust

2021-3,

144A

3.500%

5/20/48

1,384,634

2,306

GoodLeap

Sustainable

Home

Solutions

Trust

2021-4,

144A

3.500%

7/20/48

1,680,198

4,293

(h)

Mosaic

Solar

Loan

Trust

2019-2,

144A

0.000%

9/20/40

1,309,655

4,895

(h)

Mosaic

Solar

Loan

Trust

2020-1,

144A

0.000%

4/20/46

3,111,815

2,500

Tesla

Auto

Lease

Trust

2021-B,

144A

1.320%

9/22/25

2,422,545

Total

Asset-Backed

Securities

(cost

$15,960,168)

11,887,061

Principal

Amount

(000)

Description

(a)

Coupon

(i)

Reference

Rate

(i)

Spread

(i)

Maturity

(j)

Value

X

–

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

-

3.1%

(2.0%

of

Total

Investments)

(i)

X

10,725,148

Commercial

&

Professional

Services

-

2.8%

$

10,365

Liberty

Tire

Recycling

Holdco,

LLC,

Term

Loan

10.110%

SOFR90A

4.500%

5/07/28

$

9,652,301

Total

Commercial

&

Professional

Services

9,652,301

Utilities

-

0.3%

1,071

ExGen

Renewables

IV,

LLC,

Term

Loan

8.150%

SOFR90A

2.500%

12/15/27

1,072,847

Total

Utilities

1,072,847

Total

Variable

Rate

Senior

Loan

Interests

(cost

$11,401,908)

10,725,148

Total

Long-Term

Investments

(cost

$656,506,380)

523,010,127

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

1.1% (0.7%

of

Total

Investments)

X

–

REPURCHASE

AGREEMENTS

-

1.1%

(0.7%

of

Total

Investments)

X

3,575,000

$

3,575

(k)

Fixed

Income

Clearing

Corp

(FICC)

5.310%

1/02/24

$

3,575,000

Total

Repurchase

Agreements

(cost

$3,575,000)

3,575,000

Total

Short-Term

Investments

(cost

$3,575,000)

3,575,000

Total

Investments

(cost

$660,081,380

)

-

153.4%

526,585,127

Borrowings

-

(22.0)%

(l),(m)

(75,500,000)

Reverse

Repurchase

Agreements,

including

accrued

interest

-

(13.4)%(n)

(46,171,781)

TFP

Shares,

Net

-

(20.3)%(o)

(69,679,262)

Other

Assets

&

Liabilities,

Net

-   2.3%

8,111,066

Net

Assets

Applicable

to

Common

Shares

-

100%

$

343,345,150

Nuveen

Core

Plus

Impact

Fund

(continued)

Consolidated

Portfolio

of

Investments

December

31,

2023

44

NPCT

Investments

in

Derivatives

Forward

Foreign

Currency

Contracts

Currency

Purchased

Notional

Amount

(Local

Currency)

Currency

Sold

Notional

Amount

(Local

Currency)

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

U.S.

Dollar

7,301,062

Euro

6,858,671

JPMorgan

Chase

Bank,

N.A.

1/16/24

$

(274,393)

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

$

204,848

$

25,316

$

179,532

Citibank

N.A.

Fixed

semi-annual

1.875%

Fixed

annual

3.472%

USD

EUR

7/02/31

5,904,500

5,000,000

563,907

16,125

547,782

Citibank

N.A.

Fixed

semi-annual

1.875%

Fixed

annual

3.493%

USD

EUR

7/02/31

3,543,900

3,000,000

344,778

(7,086)

351,864

Citibank

N.A.

Fixed

semi-annual

2.250%

Fixed

annual

3.775%

USD

EUR

8/12/36

5,909,000

5,000,000

674,244

12,327

661,917

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

478,944

(3,155)

482,099

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

482,120

4,251

477,869

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

479,350

(4)

479,354

Total

$

3,228,191

$

47,774

$

3,180,417

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

$64,430,295

have

been

pledged

as

collateral

for

reverse

repurchase

agreements.

(c)

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.

(d)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(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)

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.

Optional

Call

Provisions

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(h)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(i)

Senior

loans

generally

pay

interest

at

rates

which

are

periodically

adjusted

by

reference

to

a

base

short-term,

floating

lending

rate

(Reference

Rate)

plus

an

assigned

fixed

rate

(Spread).

These

floating

lending

rates

are

generally

(i)

the

lending

rate

referenced

by

the

London

Inter-Bank

Offered

Rate

("LIBOR"),

or

(ii)

the

prime

rate

offered

by

one

or

more

major

United

States

banks.

Senior

loans

may

be

considered

restricted

in

that

the

Fund

ordinarily

is

contractually

obligated

to

receive

approval

from

the

agent

bank

and/or

borrower

prior

to

the

disposition

of

a

senior

loan.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(j)

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.

(k)

Agreement

with

Fixed

Income

Clearing

Corporation,

5.310%

dated

12/29/23

to

be

repurchased

at

$3,577,109

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

3.375%

and

maturity

date

5/15/33,

valued

at

$3,646,537.

(l)

Borrowings

as

a

percentage

of

Total

Investments

is

14.3%.

(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)

Reverse

Repurchase

Agreements,

including

accrued

interest

as

a

percentage

of

Total

investments

is

8.8%.

(o)

TFP

Shares,

Net

as

a

percentage

of

Total

Investments

is

13.2%.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

EUR

Euro

I/O

Interest

only

security

45

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

90A

90

Day

Average

Secured

Overnight

Financing

Rate

TSFR

1M

CME

Term

SOFR

1

Month

See

Notes

to

Financial

Statements

46

Nuveen

Mortgage

and

Income

Fund

Portfolio

of

Investments

December

31,

2023

JLS

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

LONG-TERM

INVESTMENTS

-

135.7% 

(99.2%

of

Total

Investments)

X–

MORTGAGE-BACKED

SECURITIES

-

97.0%

(70.9%

of

Total

Investments)

X

99,777,597

$

500

(b)

Alen

2021-ACEN

Mortgage

Trust,

(TSFR1M

reference

rate

+

4.114%

spread),

144A

9.476%

4/15/34

$

228,464

1,000

(c)

BANK

2017

-BNK6

3.851%

7/15/60

836,932

1,000

BANK

2019-BNK21,

2019

BN21,

144A

2.500%

10/17/52

525,834

1,000

BBCMS

Mortgage

Trust

2020-C6,

2020

C6,

144A

3.688%

2/15/53

758,055

1,500

Benchmark

2020-B18

Mortgage

Trust,

2020

B18,

144A

4.139%

7/15/53

1,329,904

845

(c)

CD

2016-CD1

Mortgage

Trust

3.631%

8/10/49

541,406

1,500

CD

2016-CD2

Mortgage

Trust

3.978%

11/10/49

1,141,990

1,978

(c)

CD

2017-CD3

Mortgage

Trust

4.538%

2/10/50

862,748

24

CF

2020-P1

Mortgage

Trust,

2020

P1,

144A

2.840%

4/15/25

23,272

672

CFK

Trust

2019-FAX,

2019

FAX,

144A

4.637%

1/15/39

596,562

418

CHL

Mortgage

Pass-Through

Trust

2006-HYB1

4.271%

3/20/36

374,871

1,500

(c)

COMM

2013-LC13

Mortgage

Trust,

144A

5.391%

8/10/46

1,305,454

925

(c)

COMM

2014-CCRE15

Mortgage

Trust

4.559%

2/10/47

812,022

700

COMM

2014-CCRE15

Mortgage

Trust,

144A

4.559%

2/10/47

575,005

1,000

(c)

COMM

2014-CCRE17

Mortgage

Trust

4.377%

5/10/47

916,672

1,452

(c)

COMM

2014-CCRE19

Mortgage

Trust,

144A

4.697%

8/10/47

1,246,002

1,000

(c)

Comm

2014-UBS2

Mortgage

Trust

4.947%

3/10/47

878,162

1,500

(c)

COMM

2014-UBS3

Mortgage

Trust,

144A

4.767%

6/10/47

789,391

1,400

COMM

2015-CCRE22

Mortgage

Trust,

144A

3.000%

3/10/48

965,895

2,000

(c)

COMM

2015-CCRE23

Mortgage

Trust

4.287%

5/10/48

1,650,453

1,800

(c)

COMM

2015-CCRE24

Mortgage

Trust

3.463%

8/10/48

1,459,862

1,245

COMM

2015-CCRE25

Mortgage

Trust

3.768%

8/10/48

1,024,084

800

(c)

COMM

2015-CCRE25

Mortgage

Trust

4.516%

8/10/48

738,601

1,160

(c)

COMM

Mortgage

Trust

4.585%

2/10/47

1,049,841

3,000

(b),(c)

Connecticut

Avenue

Securities

Trust

2021-R01,

(SOFR30A

reference

rate

+

6.000%

spread),

2021

R01,

144A

11.337%

10/25/41

3,079,423

625

(b)

Connecticut

Avenue

Securities

Trust

2021-R03,

(SOFR30A

reference

rate

+

5.500%

spread),

2021

R03,

144A

10.837%

12/25/41

632,799

2,100

(b)

Connecticut

Avenue

Securities

Trust

2022-R01,

(SOFR30A

reference

rate

+

6.000%

spread),

2022

R01,

144A

11.337%

12/25/41

2,150,792

2,550

(b),(c)

Connecticut

Avenue

Securities

Trust

2022-R02,

(SOFR30A

reference

rate

+

4.500%

spread),

2022

R02,

144A

9.837%

1/25/42

2,631,360

3,000

(b)

Connecticut

Avenue

Securities

Trust

2022-R03,

(SOFR30A

reference

rate

+

6.250%

spread),

2022

R03,

144A

6.349%

3/25/42

3,295,364

1,000

(b)

Connecticut

Avenue

Securities

Trust

2022-R03,

(SOFR30A

reference

rate

+

9.850%

spread),

2022

R03,

144A

14.823%

3/25/42

1,130,848

2,840

(b)

Connecticut

Avenue

Securities

Trust

2022-R05,

(SOFR30A

reference

rate

+

7.000%

spread),

2022

R05,

144A

12.337%

4/25/42

3,047,983

100

(b)

Connecticut

Avenue

Securities

Trust

2022-R07,

(SOFR30A

reference

rate

+

4.650%

spread),

144A

9.987%

6/25/42

108,493

1,900

(b)

Connecticut

Avenue

Securities

Trust

2022-R07,

(SOFR30A

reference

rate

+

12.000%

spread),

2022

R07,

144A

17.337%

6/25/42

2,255,113

960

(b),(c)

Connecticut

Avenue

Securities

Trust

2022-R07,

(SOFR30A

reference

rate

+

6.800%

spread),

144A

12.137%

6/25/42

1,063,298

450

(b)

Connecticut

Avenue

Securities

Trust

2022-R09,

(SOFR30A

reference

rate

+

6.750%

spread),

144A

12.087%

9/25/42

494,105

2,250

(b),(c)

Connecticut

Avenue

Securities

Trust

2023-R05,

(SOFR30A

reference

rate

+

4.750%

spread),

144A

10.087%

6/25/43

2,369,396

2,280

(b),(c)

Connecticut

Avenue

Securities

Trust

2023-R06,

(SOFR30A

reference

rate

+

3.900%

spread),

144A

9.188%

7/25/43

2,331,893

33,000

DOLP

Trust

2021-NYC,

2021

NYC,

(I/O),

144A

0.665%

5/10/41

1,199,534

4,000

(b),(c)

Fannie

Mae

-

CAS,

(SOFR30A

reference

rate

+

5.550%

spread),

144A

10.887%

1/25/43

4,304,528

639

FARM

21-1

Mortgage

Trust,

2021

1,

144A

3.240%

7/25/51

465,032

83

Flagstar

Mortgage

Trust

2017-2,

144A

3.992%

10/25/47

74,482

7,624

Freddie

Mac

Multifamily

ML

Certificates,

2021

ML12,

(I/O)

1.224%

7/25/41

747,054

47

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X–

MORTGAGE-BACKED

SECURITIES

(continued)

$

3,000

(b)

Freddie

Mac

STACR

REMIC

Trust

2021-DNA6,

(SOFR30A

reference

rate

+

7.500%

spread),

2021

DNA6,

144A

12.837%

10/25/41

$

3,160,119

2,275

(b)

Freddie

Mac

STACR

REMIC

Trust

2022-DNA1,

(SOFR30A

reference

rate

+

3.400%

spread),

2022

DNA1,

144A

8.737%

1/25/42

2,271,581

1,000

(b)

Freddie

Mac

STACR

REMIC

Trust

2022-DNA1,

(SOFR30A

reference

rate

+

7.100%

spread),

2022

DNA1,

144A

12.437%

1/25/42

1,036,761

4,900

(b),(d)

Freddie

Mac

STACR

REMIC

Trust

2022-DNA2,

(SOFR30A

reference

rate

+

4.750%

spread),

2022

DNA2,

144A

10.087%

2/25/42

5,081,357

3,750

(b),(c)

Freddie

Mac

STACR

REMIC

Trust

2022-DNA3,

(SOFR30A

reference

rate

+

5.650%

spread),

144A

8.647%

4/25/42

3,984,036

455

(b)

Freddie

Mac

STACR

REMIC

Trust

2022-DNA3,

(SOFR30A

reference

rate

+

4.350%

spread),

2022

DNA3,

144A

9.687%

4/25/42

479,106

113

(b)

Freddie

Mac

Strips,

(SOFR30A

reference

rate

+

5.806%

spread),

2014

327,

(I/O)

0.467%

3/15/44

9,765

6,987

(b),(c)

Government

National

Mortgage

Association,

(SOFR30A

reference

rate

+

6.250%

spread),

2020

133,

(I/O)

0.912%

9/20/50

939,497

1,500

GS

Mortgage

Securities

Corp

Trust

2017-SLP,

144A

4.591%

10/10/32

1,372,616

892

(b)

GS

Mortgage

Securities

Corp

Trust

2018-TWR,

(TSFR1M

reference

rate

+

4.222%

spread),

144A

9.584%

7/15/31

65,586

1,000

(b)

GS

Mortgage

Securities

Corp

Trust

2018-TWR,

(TSFR1M

reference

rate

+

1.747%

spread),

144A

7.109%

7/15/31

625,025

700

(b)

GS

Mortgage

Securities

Corp

Trust

2018-TWR,

(TSFR1M

reference

rate

+

3.097%

spread),

144A

8.459%

7/15/31

167,231

700

(b)

GS

Mortgage

Securities

Corp

Trust

2018-TWR,

(TSFR1M

reference

rate

+

2.397%

spread),

144A

7.759%

7/15/31

255,518

1,100

(b)

GS

Mortgage

Securities

Corp

Trust

2018-TWR,

(TSFR1M

reference

rate

+

1.897%

spread),

144A

7.259%

7/15/31

506,028

1,400

(b)

GS

Mortgage

Securities

Corp

Trust

2021-ARDN,

(TSFR1M

reference

rate

+

3.464%

spread),

2021

ARDN,

144A

8.826%

11/15/36

1,314,208

1,000

(b)

GS

Mortgage

Securities

Corp

Trust

2021-ARDN,

(TSFR1M

reference

rate

+

2.864%

spread),

2021

ARDN,

144A

8.226%

11/15/36

942,326

2,000

(c)

GS

Mortgage

Securities

Trust

2016-GS4

3.952%

11/10/49

1,650,025

1,000

Hudson

Yards

2019-55HY

Mortgage

Trust,

144A

2.943%

12/10/41

718,830

377

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2019-ICON

UES,

144A

4.452%

5/05/32

362,817

441

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2019-ICON

UES,

144A

4.452%

5/05/32

422,485

366

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2020-NNN,

2020

NNN,

144A

3.972%

1/16/37

159,400

845

(c)

JP

Morgan

Mortgage

Trust

2018-6,

2018

6,

144A

3.888%

12/25/48

715,728

2,000

(c)

JPMBB

Commercial

Mortgage

Securities

Trust

2014-C22

4.559%

9/15/47

1,491,589

1,000

(c)

JPMBB

Commercial

Mortgage

Securities

Trust

2015-C27

3.898%

2/15/48

921,942

760

(c)

JPMBB

Commercial

Mortgage

Securities

Trust

2015-C29

4.118%

5/15/48

712,495

1,189

(c)

JPMBB

Commercial

Mortgage

Securities

Trust

2016-C1

4.702%

3/17/49

1,068,694

2,000

(c)

JPMCC

Commercial

Mortgage

Securities

Trust

2017-JP5

3.904%

3/15/50

1,503,298

1,500

JPMCC

Commercial

Mortgage

Securities

Trust

2017-JP6,

144A

4.454%

7/15/50

885,680

1,930

(c)

JPMCC

Commercial

Mortgage

Securities

Trust

2017-JP6

3.704%

7/15/50

1,240,551

1,849

(c)

JPMCC

Commercial

Mortgage

Securities

Trust

2017-JP7,

144A

4.453%

9/15/50

1,288,218

1,214

(c)

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2014

C19

4.000%

12/15/47

1,125,291

226

Morgan

Stanley

Capital

I

Trust

2015-MS1

4.023%

5/15/48

207,893

182

Morgan

Stanley

Mortgage

Loan

Trust

2007-15AR

3.278%

11/25/37

121,110

1,000

MRCD

2019-MARK

Mortgage

Trust,

2019

PARK,

144A

2.718%

12/15/36

594,200

250

MSCG

Trust

2015-ALDR,

144A

3.462%

6/07/35

213,929

750

MSCG

Trust

2015-ALDR,

144A

3.462%

6/07/35

656,617

1,050

(b)

Natixis

Commercial

Mortgage

Securities

Trust

2019-MILE,

(TSFR1M

reference

rate

+

4.329%

spread),

2019

MILE,

144A

9.691%

7/15/36

687,257

1,000

(b)

Natixis

Commercial

Mortgage

Securities

Trust

2019-MILE,

(TSFR1M

reference

rate

+

2.829%

spread),

144A

8.191%

7/15/36

757,986

Nuveen

Mortgage

and

Income

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

48

JLS

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X–

MORTGAGE-BACKED

SECURITIES

(continued)

$

494

(b)

OPEN

Trust,

(TSFR1M

reference

rate

+

5.236%

spread),

2023

AIR,

144A

10.598%

10/15/28

$

497,622

1,000

(b)

PKHL

Commercial

Mortgage

Trust

2021-MF,

(TSFR1M

reference

rate

+

2.114%

spread),

2021

MF,

144A

7.476%

7/15/38

806,086

40,180

SLG

Office

Trust

2021-OVA,

(I/O),

144A

0.258%

7/15/41

598,674

1,624

(b),(c)

SMR

2022-IND

Mortgage

Trust,

(TSFR1M

reference

rate

+

3.950%

spread),

2022

IND,

144A

9.312%

2/15/39

1,464,132

1,500

Spruce

Hill

Mortgage

Loan

Trust

2020-SH1,

2020

SH1,

144A

3.827%

1/28/50

1,367,480

127,100

SUMIT

2022-BVUE

Mortgage

Trust,

2022

BVUE,

(I/O),

144A

0.082%

2/12/41

635,614

428

(c)

UBS-Barclays

Commercial

Mortgage

Trust

2013-C5,

144A

3.649%

3/10/46

381,937

1,500

VNDO

Trust

2016-350P,

144A

3.903%

1/10/35

1,177,684

1,300

(c)

Wells

Fargo

Commercial

Mortgage

Trust

2015-NXS1

4.140%

5/15/48

1,118,594

Total

Mortgage-Backed

Securities

(cost

$112,636,837)

99,777,597

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X–

ASSET-BACKED

SECURITIES

-

38.7%

(28.3%

of

Total

Investments)

X

39,836,657

1,176

AASET

2020-1

Trust,

2020

1A,

144A

6.413%

1/16/40

$

293,297

1,500

(b),(c)

ACRE

Commercial

Mortgage

2021-FL4

Ltd,

(TSFR1M

reference

rate

+

2.714%

spread),

2021

FL4,

144A

8.073%

12/18/37

1,414,716

515

Affirm

Asset

Securitization

Trust

2023-B,

144A

11.320%

9/15/28

524,533

779

(c)

Air

Canada

2020-2

Class

A

Pass

Through

Trust,

2020

A,

144A

5.250%

4/01/29

762,877

585

(c)

Air

Canada

2020-2

Class

B

Pass

Through

Trust,

2020

A,

144A

9.000%

10/01/25

593,106

550

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

2021

2A,

144A

4.080%

2/20/28

484,083

295

Bojangles

Issuer

LLC,

2020

1A,

144A

3.832%

10/20/50

275,411

500

(b)

Bonanza

RE

Ltd,

(3-Month

U.S.

Treasury

Bill

reference

rate

+

4.910%

spread),

2020

A,

144A

10.264%

12/23/24

468,700

250

(b)

Bonanza

RE

Ltd,

144A

4.555%

1/08/24

100,000

750

(b)

Bonanza

RE

Ltd,

(3-Month

U.S.

Treasury

Bill

reference

rate

+

8.250%

spread),

144A

12.787%

1/08/26

748,725

250

(b)

Bonanza

RE

Ltd,

144A

5.359%

1/08/25

192,475

250

(b)

Bonanza

RE

Ltd,

(3-Month

U.S.

Treasury

Bill

reference

rate

+

5.780%

spread),

144A

11.134%

3/16/25

236,375

500

(c)

British

Airways

2020-1

Class

A

Pass

Through

Trust,

2020

A,

144A

4.250%

11/15/32

465,695

397

(c)

British

Airways

2020-1

Class

B

Pass

Through

Trust,

2020

A,

144A

8.375%

11/15/28

410,169

2,000

Cars

Net

Lease

Mortgage

Notes

Series

2020-1,

2020

1A,

144A

4.690%

12/15/50

1,706,610

775

CARS-DB4

LP,

2020

1A,

144A

4.520%

2/15/50

704,069

2

(e)

Carvana

Auto

Receivables

Trust

2021-P2,

2021

P2,

144A

0.000%

5/10/28

533,125

250

(b)

Cayuga

Park

CLO

Ltd,

(TSFR3M

reference

rate

+

6.262%

spread),

2020

1A,

144A

1.000%

7/17/34

244,859

385

(b)

CIFC

Funding

2020-II

Ltd,

(3-Month

LIBOR

reference

rate

+

6.762%

spread),

2020

2A,

144A

12.177%

10/20/34

387,347

375

(b)

CIFC

Funding

2022-II

Ltd,

(TSFR3M

reference

rate

+

7.000%

spread),

2022

2A,

144A

12.397%

4/19/35

378,786

750

(b)

CIFC

Funding

2022-IV

Ltd,

(SOFR

reference

rate

+

3.550%

spread),

2022

4A,

144A

8.944%

7/16/35

754,254

250

(b)

Citrus

Re

Ltd,

(3-Month

U.S.

Treasury

Bill

reference

rate

+

5.240%

spread),

144A

5.100%

6/07/29

249,975

250

Cologix

Data

Centers

US

Issuer

LLC,

2021

1A,

144A

5.990%

12/26/51

207,439

1,118

CyrusOne

Data

Centers

Issuer

I,

2023

1A,

144A

5.450%

4/20/48

995,185

916

EWC

Master

Issuer

LLC,

2022

1A,

144A

5.500%

3/15/52

868,711

1,500

Frontier

Issuer

LLC,

2023

1,

144A

11.500%

8/20/53

1,477,929

1,500

Frontier

Issuer

LLC,

2023

1,

144A

8.300%

8/20/53

1,489,392

500

(b)

Goldentree

Loan

Opportunities

IX

Ltd,

(TSFR3M

reference

rate

+

5.922%

spread),

2014

9A,

144A

11.312%

10/29/29

504,940

49

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X–

ASSET-BACKED

SECURITIES

(continued)

$

500

(b)

GoldentTree

Loan

Management

US

CLO

1

Ltd,

(3-Month

LIBOR

reference

rate

+

7.762%

spread),

2021

11A,

144A

8.563%

10/20/34

$

430,223

1,000

(b)

Gracie

Point

International

Funding

2023-2,

(SOFR90A

reference

rate

+

5.400%

spread),

2023

2A,

144A

10.746%

3/01/27

999,832

485

Hardee's

Funding

LLC,

2020

1A,

144A

3.981%

12/20/50

426,034

498

Helios

Issuer,

LLC,

2023

B,

144A

6.000%

8/22/50

459,555

500

Hertz

Vehicle

Financing

III

LLC,

2022

1A,

144A

4.850%

6/25/26

473,779

250

(b)

Hestia

Re

Ltd,

(1-Month

U.S.

Treasury

Bill

reference

rate

+

9.370%

spread),

144A

14.724%

4/22/25

232,500

163

HIN

Timeshare

Trust

2020-A,

2020

A,

144A

6.500%

10/09/39

153,278

228

HIN

Timeshare

Trust

2020-A,

2020

A,

144A

5.500%

10/09/39

215,749

638

Jack

in

the

Box

Funding

LLC,

2019

1A,

144A

4.476%

8/25/49

606,076

309

Lunar

Aircraft

2020-1,

2020

1A,

144A

3.376%

2/15/45

273,410

500

(b)

Madison

Park

Funding

XXXVI

Ltd,

(TSFR3M

reference

rate

+

5.460%

spread),

2019

36A,

144A

5.764%

4/15/35

499,815

1,125

(b)

Magnetite

XXIII

Ltd,

(TSFR3M

reference

rate

+

6.562%

spread),

2019

23A,

144A

7.484%

1/25/35

1,126,143

250

(b)

Matterhorn

Re

Ltd,

(SOFR

reference

rate

+

5.250%

spread),

144A

5.889%

3/24/25

243,750

500

Mercury

Financial

Credit

Card

Master

Trust,

2022

3A,

144A

10.680%

6/21/27

500,936

500

Mercury

Financial

Credit

Card

Master

Trust,

2023

1A,

144A

9.590%

9/20/27

504,158

500

Mercury

Financial

Credit

Card

Master

Trust,

2023

1A,

144A

8.040%

9/20/27

505,467

125

MetroNet

Infrastructure

Issuer

LLC,

2023

1A,

144A

10.850%

4/20/53

122,741

125

MetroNet

Infrastructure

Issuer

LLC,

2023

1A,

144A

8.010%

4/20/53

124,244

1,385

Mexico

Remittances

Funding

Fiduciary

Estate

Management

Sarl,

144A

4.875%

1/15/28

1,227,995

1,194

(e)

Mosaic

Solar

Loan

Trust

2019-2,

144A

0.000%

9/20/40

364,374

759

(e)

Mosaic

Solar

Loan

Trust

2020-1,

144A

0.000%

4/20/46

482,452

774

Mosaic

Solar

Loan

Trust

2020-2,

2020

2A,

144A

5.420%

8/20/46

690,954

442

MVW

2020-1

LLC,

2020

1A,

144A

4.210%

10/20/37

424,536

205

MVW

2020-1

LLC,

2020

1A,

144A

7.140%

10/20/37

198,698

500

(b)

Neuberger

Berman

Loan

Advisers

NBLA

CLO

53

Ltd,

(TSFR3M

reference

rate

+

7.625%

spread),

2023

23-53A,

144A

12.992%

10/24/32

504,595

500

Oportun

Funding

2022-1

LLC,

2022

1,

144A

6.000%

6/15/29

486,324

255

Oportun

Funding

XIV

LLC,

2021

A,

144A

5.400%

3/08/28

237,825

1,000

Oportun

Issuance

Trust

2021-B,

2021

B,

144A

5.410%

5/08/31

918,578

350

Oportun

Issuance

Trust

2021-C,

2021

C,

144A

5.570%

10/08/31

300,118

925

(b)

Palmer

Square

CLO

2023-1

Ltd,

(TSFR3M

reference

rate

+

5.300%

spread),

2023

1A,

144A

10.716%

1/20/36

941,101

625

(b)

Palmer

Square

CLO

Ltd,

(TSFR3M

reference

rate

+

6.350%

spread),

2022

1A,

144A

11.766%

4/20/35

629,004

250

Purchasing

Power

Funding

2021-A

LLC,

2021

A,

144A

4.370%

10/15/25

246,141

863

Purewest

Funding

LLC,

2021

1,

144A

4.091%

12/22/36

828,405

400

(b)

Residential

Reinsurance

2020

Ltd,

(3-Month

U.S.

Treasury

Bill

reference

rate

+

6.010%

spread),

2020

A,

144A

6.510%

12/06/24

395,400

500

(b)

Residential

Reinsurance

2022

Ltd,

(3-Month

U.S.

Treasury

Bill

reference

rate

+

7.690%

spread),

144A

13.044%

12/06/26

508,650

500

(b)

SD

Re

Ltd,

(3-Month

U.S.

Treasury

Bill

reference

rate

+

9.250%

spread),

144A

14.604%

11/19/24

490,850

40

Sierra

Timeshare

2019-3

Receivables

Funding

LLC,

144A

4.180%

8/20/36

38,405

246

Sierra

Timeshare

2020-2

Receivables

Funding

LLC,

2020

2A,

144A

6.590%

7/20/37

238,880

1,000

(b)

Sixth

Street

CLO

XIX

Ltd,

(3-Month

LIBOR

reference

rate

+

6.162%

spread),

2021

19A,

144A

6.035%

7/20/34

992,688

439

Start

II

LTD,

2019

1,

144A

5.095%

3/15/44

381,563

1,000

(b)

TCW

CLO

2021-2

Ltd,

(3-Month

LIBOR

reference

rate

+

7.122%

spread),

2021

2A,

144A

6.985%

7/25/34

970,108

500

(b)

Ursa

Re

II

Ltd,

(3-Month

U.S.

Treasury

Bill

reference

rate

+

7.000%

spread),

144A

12.354%

12/06/25

512,050

1,013

Vivint

Solar

Financing

V

LLC,

2018

1A,

144A

7.370%

4/30/48

944,775

Nuveen

Mortgage

and

Income

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

50

JLS

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X–

ASSET-BACKED

SECURITIES

(continued)

$

556

VR

Funding

LLC,

2020

1A,

144A

6.420%

11/15/50

$

511,715

Total

Asset-Backed

Securities

(cost

$43,393,405)

39,836,657

Total

Long-Term

Investments

(cost

$156,030,242)

139,614,254

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

1.1% (0.8%

of

Total

Investments)

X

–

U.S.

GOVERNMENT

AND

AGENCY

OBLIGATIONS

-

1.1%

(0.8%

of

Total

Investments)

X

1,059,671

$

600

Federal

Home

Loan

Bank

Discount

Notes

0.000%

1/04/24

$

599,737

460

Federal

Home

Loan

Bank

Discount

Notes

0.000%

1/02/24

459,934

Total

U.S.

Government

and

Agency

Obligations

(cost

$1,059,671)

1,059,671

Total

Short-Term

Investments

(cost

$1,059,671)

1,059,671

Total

Investments

(cost

$157,089,913

)

-

136.8%

140,673,925

Borrowings

-

(5.4)%

(f),(g)

(5,520,000)

Reverse

Repurchase

Agreements,

including

accrued

interest

-

(30.9)%(h)

(31,771,192)

Other

Assets

&

Liabilities,

Net

-   (0.5)%

(514,374)

Net

Assets

Applicable

to

Common

Shares

-

100%

$

102,868,359

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)

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

$47,498,605

have

been

pledged

as

collateral

for

reverse

repurchase

agreements.

(d)

Investment,

or

portion

of

investment,

is

hypothecated.

The

total

value

of

investments

hypothecated

as

of

the

end

of

the

reporting

period

was

$4,666,552.

(e)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(f)

Borrowings

as

a

percentage

of

Total

Investments

is

3.9%.

(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

$37,226,200

have

been

pledged

as

collateral

for

borrowings.

(h)

Reverse

Repurchase

Agreements,

including

accrued

interest

as

a

percentage

of

Total

investments

is

22.6%.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

I/O

Interest

only

security

LIBOR

London

Inter-Bank

Offered

Rate

SOFR

30A

30

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

51

.

December

31,

2023

JGH

NPCT

(1)

JLS

ASSETS

Long-term

investments,

at

value

†

$

417,194,305‌

$

523,010,127‌

$

139,614,254‌

Short-term

investments,

at

value

◊

6,825,000‌

3,575,000‌

1,059,671‌

Cash

denominated

in

foreign

currencies

^

35‌

630‌

–‌

Cash

collateral

at

broker

for

investments

in

swaps

contracts

–‌

626,223‌

–‌

Swaps

premiums

paid

–‌

47,774‌

–‌

Unrealized

appreciation

on

cross

currency

swap

contracts

–‌

3,180,417‌

–‌

Unrealized

appreciation

on

interest

rate

swaps

contracts

3,109,963‌

–‌

–‌

Receivables:

Dividends

6,694‌

131,250‌

–‌

Interest

6,844,127‌

6,014,088‌

732,397‌

Investments

sold

1,609,677‌

194,785‌

68,970‌

Reclaims

–‌

136,062‌

850‌

Other

389,947‌

40,649‌

58,727‌

Total

assets

435,979,748‌

536,957,005‌

141,534,869‌

LIABILITIES

Cash

overdraft

2,000,972‌

1,054,478‌

1,078,252‌

Cash

collateral

due

to

broker

3,167,269‌

–‌

–‌

Borrowings

119,000,000‌

75,500,000‌

5,520,000‌

Reverse

repurchase

agreements,

including

accrued

interest

–‌

46,171,781‌

31,771,192‌

Unrealized

depreciation

on

forward

foreign

currency

contracts

–‌

274,393‌

–‌

TFP

Shares,

Net

**

–‌

69,679,262‌

–‌

Payables:

Management

fees

309,191‌

436,692‌

114,281‌

Interest

925,121‌

394,096‌

38,575‌

Investments

purchased

-

when-issued/delayed-delivery

settlement

399,728‌

–‌

–‌

Accrued

expenses:

Custodian

fees

63,714‌

48,749‌

26,846‌

Investor

relations

672‌

600‌

165‌

Trustees

fees

116,867‌

8,165‌

60,129‌

Professional

fees

6,027‌

—‌

46,700‌

Shareholder

reporting

expenses

48,981‌

30,842‌

10,310‌

Shareholder

servicing

agent

fees

371‌

4,674‌

55‌

Other

440‌

8,123‌

5‌

Total

liabilities

126,039,353‌

193,611,855‌

38,666,510‌

Commitments

and

contingencies

(2)

Net

assets

applicable

to

common

shares

$

309,940,395‌

$

343,345,150‌

$

102,868,359‌

Common

shares

outstanding

23,177,393‌

28,755,000‌

5,476,626‌

Net

asset

value

("NAV")

per

common

share

outstanding

$

13

.37‌

$

11

.94‌

$

18

.78‌

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

460,945,840‌

535,188,988‌

121,692,869‌

Total

distributable

earnings

(loss)

(

151,237,219‌

)

(

192,131,388‌

)

(

18,879,276‌

)

Net

assets

applicable

to

common

shares

$

309,940,395‌

$

343,345,150‌

$

102,868,359‌

Authorized

shares:

Common

Unlimited

Unlimited

Unlimited

Preferred

—

Unlimited

—

†

Long-term

investments,

cost

$

446,645,139‌

$

656,506,380‌

$

156,030,242‌

◊

Short-term

investments,

cost

$

6,825,000‌

$

3,575,000‌

$

1,059,671‌

^

Cash

denominated

in

foreign

currencies,

cost

$

34‌

$

621‌

$

—‌

**

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

52

Year

Ended

December

31,

2023

JGH

NPCT

(1)

JLS

INVESTMENT

INCOME

Dividends

$

329,016‌

$

1,628,517‌

$

—‌

Interest

29,959,914‌

28,093,315‌

12,548,540‌

Rehypothecation

income

—‌

—‌

633‌

Tax

withheld

—‌

(

12,099‌

)

—‌

Total

investment

income

30,288,930‌

29,709,733‌

12,549,173‌

EXPENSES

–

–

–

Management

fees

3,570,237‌

5,289,100‌

1,380,371‌

Shareholder

servicing

agent

fees

2,344‌

30,799‌

192‌

Interest

expense

and

amortization

of

offering

costs

7,260,601‌

12,766,241‌

2,681,933‌

Trustees

fees

14,546‌

30,324‌

5,006‌

Custodian

expenses

62,637‌

66,978‌

38,499‌

Investor

relations

expenses

124,297‌

97,835‌

29,436‌

Professional

fees

135,078‌

221,549‌

128,366‌

Shareholder

reporting

expenses

92,271‌

63,016‌

23,252‌

Stock

exchange

listing

fees

7,355‌

8,672‌

7,355‌

Other

19,854‌

65,055‌

8,310‌

Total

expenses

11,289,220‌

18,639,569‌

4,302,720‌

Net

investment

income

(loss)

18,999,710‌

11,070,164���

8,246,453‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

(

14,419,006‌

)

(

36,132,614‌

)

(

151,201‌

)

Forward

foreign

currency

contracts

—‌

82,081‌

—‌

Swaps

contracts

2,667,393‌

824,930‌

—‌

Foreign

currency

transactions

(

204,428‌

)

(

143,938‌

)

—‌

Net

realized

gain

(loss)

(

11,956,041‌

)

(

35,369,541‌

)

(

151,201‌

)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

36,520,407‌

46,780,664‌

96,125‌

Forward

foreign

currency

contracts

—‌

(

50,807‌

)

—‌

Swaps

contracts

(

1,331,812‌

)

(

1,991,964‌

)

—‌

Foreign

currency

translations

(

32‌

)

(

20,277‌

)

—‌

Net

change

in

unrealized

appreciation

(depreciation)

35,188,563‌

44,717,616‌

96,125‌

Net

realized

and

unrealized

gain

(loss)

23,232,522‌

9,348,075‌

(

55,076‌

)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

$

42,232,232‌

$

20,418,239‌

$

8,191,377‌

(1)

Consolidated

Statement

of

Operations

(as

disclosed

in

Notes

to

Financial

Statements).

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

53

JGH

NPCT

(1)

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/23

Year

Ended

12/31/22

OPERATIONS

Net

investment

income

(loss)

$

18,999,710‌

$

21,989,990‌

$

11,070,164‌

$

19,365,225‌

Net

realized

gain

(loss)

(11,956,041‌)

(20,189,080‌)

(35,369,541‌)

(20,400,796‌)

Net

change

in

unrealized

appreciation

(depreciation)

35,188,563‌

(59,351,712‌)

44,717,616‌

(175,982,209‌)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

42,232,232‌

(57,550,802‌)

20,418,239‌

(177,017,780‌)

DISTRIBUTIONS

TO

COMMON

SHAREHOLDERS

Dividends

(21,961,088‌)

(22,939,413‌)

(12,788,503‌)

(22,475,554‌)

Return

of

Capital

(6,825,234‌)

(8,489,132‌)

(17,001,677‌)

(13,065,626‌)

Total

distributions

(28,786,322‌)

(31,428,545‌)

(29,790,180‌)

(35,541,180‌)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

13,445,910‌

(88,979,347‌)

(9,371,941‌)

(212,558,960‌)

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

296,494,485‌

385,473,832‌

352,717,091‌

565,276,051‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

309,940,395‌

$

296,494,485‌

$

343,345,150‌

$

352,717,091‌

See

Notes

to

Financial

Statements

54

JLS

Year

Ended

12/31/23

Year

Ended

12/31/22

OPERATIONS

Net

investment

income

(loss)

$

8,246,453‌

$

6,134,798‌

Net

realized

gain

(loss)

(151,201‌)

(1,934,077‌)

Net

change

in

unrealized

appreciation

(depreciation)

96,125‌

(16,720,905‌)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

8,191,377‌

(12,520,184‌)

DISTRIBUTIONS

TO

COMMON

SHAREHOLDERS

Dividends

(8,590,403‌)

(4,701,855‌)

Return

of

Capital

–‌

(1,122,866‌)

Total

distributions

(8,590,403‌)

(5,824,721‌)

CAPITAL

SHARE

TRANSACTIONS

Common

shares:

Cost

of

shares

repurchased

and

retired

–‌

(172,212‌)

Net

increase

(decrease)

applicable

to

common

shares

from

capital

share

transactions

—‌

(172,212‌)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

(399,026‌)

(18,517,117‌)

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

103,267,385‌

121,784,502‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

102,868,359‌

$

103,267,385‌

(1)

Consolidated

Statement

of

Changes

in

Net

Assets

(as

disclosed

in

Notes

to

Financial

Statements).

Statement

of

Cash

Flows

See

Notes

to

Financial

Statements

55

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:

Year

Ended

December

31,

2023

JGH

NPCT

(1)

JLS

CASH

FLOWS

FROM

OPERATING

ACTIVITIES

Net

Increase

(Decrease)

in

Net

Assets

Applicable

to

Common

Shares

from

Operations

$

42,232,232‌

$

20,418,239‌

$

8,191,377‌

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

(

143,009,742‌

)

(

60,631,262‌

)

(

40,334,301‌

)

Proceeds

from

sale

and

maturities

of

investments

150,823,002‌

109,500,431‌

47,331,919‌

Proceeds

from

(Purchase

of)

short-term

investments,

net

9,470,154‌

(

2,731,729‌

)

898,767‌

Proceeds

from

(Purchase

of)

closed

foreign

currency

spot

transactions

(

32‌

)

(

33,085‌

)

—‌

Proceeds

from

litigation

settlement

38,469‌

—‌

—‌

Premiums

received

(paid)

for

credit

default

swaps

contracts

—‌

(

333‌

)

—‌

Amortization

(Accretion)

of

premiums

and

discounts,

net

(

595,749‌

)

524,163‌

(

324,801‌

)

Amortization

of

deferred

offering

costs

—‌

24,021‌

—‌

(Increase)

Decrease

in:

Receivable

for

dividends

19,869‌

(

78,008‌

)

—‌

Receivable

for

interest

(

137,351‌

)

615,953‌

(

32,990‌

)

Receivable

for

reclaims

15,707‌

35,054‌

153‌

Receivable

for

investments

sold

152,120‌

(

168,208‌

)

(

68,970‌

)

Other

assets

(

218,981‌

)

9,390‌

(

4,957‌

)

Increase

(Decrease)

in:

Payable

for

interest

435,483‌

101,616‌

213,919‌

Payable

for

investments

purchased

-

when-issued/delayed-delivery

settlement

(

2,935,900‌

)

—‌

—‌

Payable

for

unfunded

senior

loans

(

239,130‌

)

—‌

—‌

Payable

for

management

fees

(

3,296‌

)

(

45,034‌

)

(

8,906‌

)

Accrued

custodian

fees

(

41,593‌

)

(

18,296‌

)

(

9,136‌

)

Accrued

investor

relations

fees

672‌

600‌

165‌

Accrued

Trustees

fees

13,136‌

(

15,932‌

)

5,627‌

Accrued

professional

fees

3,260‌

(

14,441‌

)

(

2,830‌

)

Accrued

shareholder

reporting

expenses

8,596‌

6,395‌

1,454‌

Accrued

shareholder

servicing

agent

fees

190‌

3,583‌

34‌

Accrued

other

expenses

(

5,275‌

)

17,649‌

(

3,476‌

)

Net

realized

(gain)

loss

from

investments

14,419,006‌

36,132,614‌

151,201‌

Net

realized

(gain)

loss

from

foreign

currency

transactions

204,428‌

143,938‌

—‌

Net

realized

(gain)

loss

from

paydowns

(

40,246‌

)

(

170,138‌

)

51,842‌

Net

change

in

unrealized

(appreciation)

depreciation

of

investments

(

36,520,407‌

)

(

46,780,664‌

)

(

96,125‌

)

Net

change

in

unrealized

(appreciation)

depreciation

of

Forward

foreign

currency

—‌

50,807‌

—‌

Net

change

in

unrealized

(appreciation)

depreciation

of

swaps

contracts

1,331,812‌

1,991,964‌

—‌

Net

change

in

unrealized

(appreciation)

depreciation

on

foreign

currency

translations

32‌

20,277‌

—‌

Net

cash

provided

by

(used

in)

operating

activities

35,420,466‌

58,909,564‌

15,959,966‌

CASH

FLOWS

FROM

FINANCING

ACTIVITIES

Proceeds

from

borrowings

—‌

—‌

825,000‌

(Repayments)

of

borrowings

(

8,000,000‌

)

(

30,000,000‌

)

(

7,800,000‌

)

Proceeds

from

reverse

repurchase

agreements

—‌

183,280,000‌

123,203,000‌

(Repayments

of)

reverse

repurchase

agreements

—‌

(

183,280,000‌

)

(

124,100,000‌

)

Increase

(Decrease)

in:

Cash

overdraft

2,000,972‌

1,054,478‌

502,669‌

Cash

collateral

due

to

broker

(

995,060‌

)

—‌

—‌

Cash

distributions

paid

to

common

shareholders

(

28,786,322‌

)

(

29,790,180‌

)

(

8,590,635‌

)

Net

cash

provided

by

(used

in)

financing

activities

(

35,780,410‌

)

(

58,735,702‌

)

(

15,959,966‌

)

Net

increase

(decrease)

in

Cash

and

cash

denominated

in

foreign

currencies

and

Cash

Collateral

at

Brokers

(

359,944‌

)

173,862‌

–‌

Cash,

cash

denominated

in

foreign

currencies

and

Cash

Collateral

at

Brokers

at

the

beginning

of

period

359,979‌

452,991‌

—‌

Cash,

cash

denominated

in

foreign

currencies

and

Cash

Collateral

at

Brokers

at

the

end

of

period

$

35‌

$

626,853‌

$

—‌

(1)

Consolidated

Statement

of

Cash

Flows

(as

disclosed

in

Notes

to

Financial

Statements).

See

Notes

to

Financial

Statements

56

JGH

NPCT

JLS

Cash

$

—

$

—

$

—

Cash

denominated

in

foreign

currencies

35

630

—

Cash

collateral

at

broker

for

investments

in

swaps

contracts

—

626,223

—

Total

Cash

and

cash

denominated

in

foreign

currencies

and

Cash

Collateral

at

Brokers

$

35

$

626,853

$

—

SUPPLEMENTAL

DISCLOSURE

OF

CASH

FLOW

INFORMATION

JGH

NPCT

JLS

Cash

paid

for

interest

(excluding

borrowing

and

amortization

of

offering

costs)

$

6,690,013‌

$

12,582,684‌

$

2,454,025‌

Financial

Highlights

58

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

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(d)

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(e)

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.

59

Ratios

of

Interest

Expense

to

Average

Net

Assets

Applicable

to

Common

Shares

JGH

NPCT

12/31/23

2.46

%

3.77

%

12/31/22

1.04

1.33

12/31/21

0.35

0.18

(e),(f)

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

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

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

(f)

2.28‌

(f)

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)

Consolidated

Financial

Highlights

(as

disclosed

in

Notes

to

Financial

Statements).

(e)

For

the

period

April

27,

2021

(commencement

of

operations)

through

December

31,

2021.

(f)

Annualized.

Financial

Highlights

(continuted)

60

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

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.

61

Ratios

of

Interest

Expense

to

Average

Net

Assets

Applicable

to

Common

Shares

JLS

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

.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

(d)

3

.26‌

(d)

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)

During

the

fiscal

year

ended

December

31,

2019,

the

Adviser

voluntarily

reimbursed

the

Fund

for

certain

expenses

incurred

in

connection

with

its

restructuring.

62

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(c)

Asset

Coverage

Per

$1

Liquidation

Preference(d)

JGH

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

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

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

of

debt

is

calculated

by

subtracting

the

Fund's

liabilities

and

indebtedness

not

represented

by

senior

securities

from

the

Fund's

total

assets,

dividing

the

results

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)

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.

(d)

Includes

all

preferred

shares

presented

for

the

Fund.

(e)

For

the

period

April

27,

2021

(commencement

of

operations)

through

December

31,

2021.

Notes

to

Financial

Statements

63

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

diversified

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

December

31,

2023,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

fiscal

year

ended

December

31,

2023

(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.

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.

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

64

Notes

to

Financial

Statements

(continued)

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

$25,591,693

representing

7%

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

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

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

the

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.

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

Funds

are

maintained

in

U.S.

dollars.

Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

end

of

each

day.

Purchases

and

sales

of

securities,

income

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

dates

of

the

transactions.

Net

realized

foreign

currency

gains

and

losses

resulting

from

changes

in

exchange

rates

associated

with

(i)

foreign

currency,

(ii)

investments

and

(iii)

derivatives

include

foreign

currency

gains

and

losses

between

trade

date

and

settlement

date

of

the

transactions,

foreign

currency

transactions,

and

the

difference

between

the

amounts

of

interest

and

dividends

recorded

on

the

books

of

the

Funds

and

the

amounts

actually

received

are

recognized

as

a

component

of

“Net

realized

gain

(loss)

from

investments

and foreign

currency

transactions”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

currency

exchange

rates

and

changes

in

foreign

exchange

rates

associated

with

(i)

investments

and

(ii)

other

assets

and

liabilities

are

recognized

as

a

component

of

“Change

in

net

unrealized

appreciation

(depreciation)

of

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

net

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:

NPCT

Total

long-term

investments

at

value

$24,258,940

Net

assets

applicable

to

Common

Shares

25,591,693

Net

investment

income

(loss)

612,836

Net

realized

gain

(loss)

from

investments

and

foreign

currency

24,856

Change

in

net

unrealized

appreciation

(depreciation)

from

investments

and

foreign

currency

3,071,983

65

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.

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.

JGH

Value

%

of

Total

Investments

Country:

Canada

$

23,944,537

5.7

%

Mexico

17,376,854

4.1

Colombia

11,667,126

2.8

Australia

9,782,776

2.3

Netherlands

8,431,204

2.0

Luxembourg

8,378,508

2.0

France

8,039,026

1.9

Spain

7,801,467

1.8

United

Kingdom

7,551,151

1.8

South

Africa

6,741,861

1.6

Israel

5,807,910

1.4

Other

78,938,241

18.5

Total

non-U.S.

Securities

$194,460,661

45.9%

NPCT

Value

%

of

Total

Investments

Country:

Italy

$

26,211,545

5.0

%

Chile

23,291,561

4.4

United

Kingdom

21,406,203

4.1

Mexico

17,837,644

3.4

Canada

13,922,775

2.6

Australia

13,061,670

2.5

Indonesia

12,660,949

2.4

India

10,825,575

2.0

South

Korea

8,755,278

1.7

Benin

8,668,217

1.6

United

Arab

Emirates

7,957,253

1.5

Other

36,423,033

7.0

Total

non-U.S.

Securities

$201,021,703

38.2%

66

Notes

to

Financial

Statements

(continued)

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.

New

Accounting

Pronouncement: 

In

March

2020,

FASB

issued

Accounting

Standards

Update

("ASU")

2020-04,

Reference

Rate

Reform:

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

The

main

objective

of

the

new

guidance

is

to

provide

relief

to

companies

that

will

be

impacted

by

the

expected

change

in

benchmark

interest

rates,

when

participating

banks

will

no

longer

be

required

to

submit

London

Interbank

Offered

Rate

(LIBOR)

quotes

by

the

UK

Financial

Conduct

Authority

(FCA).

The

new

guidance

allows

companies

to,

provided

the

only

change

to

existing

contracts

are

a

change

to

an

approved

benchmark

interest

rate,

account

for

modifications

as

a

continuance

of

the

existing

contract

without

additional

analysis.

For

new

and

existing

contracts,

the

Funds

may

elect

to

apply

the

amendments

as

of

March

12,

2020

through

December

31,

2022.

In

December

2022,

FASB

deferred

ASU

2022-04

and

issued

ASU

2022-06,

Reference

Rate

Reform:

Deferral

of

the

Sunset

Date

of

Topic

848,

which

extends

the

application

of

the

amendments

through

December

31,

2024.

Management

has

not

yet

elected

to

apply

the

amendments,

is

continuously

evaluating

the

potential

effect

a

discontinuation

of

LIBOR

could

have

on

the

Funds’

investments

and

has

currently

determined

that

it

is

unlikely

the

ASU’s

adoption

will

have

a

significant

impact

on

the

Funds’

financial

statements

and

various

filings.

New

Accounting

Pronouncement:

In

June

2022,

the

FASB

issued

ASU

2022-03

to

clarify

the

guidance

in

Topic

820,

Fair

Value

Measurement

("Topic

820").

The

amendments

in

ASU

2022-03

affect

all

entities

that

have

investments

in

equity

securities

measured

at

fair

value

that

are

subject

to

a

contractual

sale

restriction.

ASU

2022-03

(1)

clarifies

the

guidance

in

Topic

820,

when

measuring

the

fair

value

of

an

equity

security

subject

to

contractual

restrictions

that

prohibit

the

sale

of

equity

security,

(2)

amends

a

related

illustrative

example,

and

(3)

introduces

new

disclosure

requirements

for

equity

securities

subject

to

contractual

sale

restrictions

that

are

measured

at

fair

value

in

accordance

with

Topic

820.

For

public

business

entities,

the

amendments

in

ASU

2022-03

are

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

those

fiscal

years.

For

all

other

entities,

the

amendments

are

effective

for

fiscal

years

beginning

after

December

15,

2024,

and

interim

periods

within

those

fiscal

years.

Early

adoption

is

permitted

for

both

interim

and

annual

financial

statements

that

have

not

yet

been

issued

or

made

available

for

issuance.

During

the

current

fiscal

period,

the

Funds

adopted

the

new

guidance

and

there

was

no

material

impact

to

the

Funds.

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. 

67

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:

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.

JGH

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Corporate

Bonds

$

–

$

280,154,182

$

–

$

280,154,182

Sovereign

Debt

–

44,711,553

–

44,711,553

Variable

Rate

Senior

Loan

Interests

–

36,259,913

–

36,259,913

$1,000

Par

(or

similar)

Institutional

Preferred

–

27,776,208

–

27,776,208

Contingent

Capital

Securities

–

24,182,881

–

24,182,881

$25

Par

(or

similar)

Retail

Preferred

2,836,300

–

–

2,836,300

Asset-Backed

Securities

–

–

648,570

648,570

Common

Stocks

–

624,698

–

624,698

Short-Term

Investments:

Repurchase

Agreements

–

6,825,000

–

6,825,000

Investments

in

Derivatives:

Interest

Rate

Swaps*

–

3,109,963

–

3,109,963

Total

$

2,836,300

$

423,644,398

$

648,570

$

427,129,268

NPCT

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Corporate

Bonds

$

–

$

297,291,905

$

–

$

297,291,905

$1,000

Par

(or

similar)

Institutional

Preferred

–

70,869,924

–

70,869,924

Mortgage-Backed

Securities

–

65,698,986

–

65,698,986

Sovereign

Debt

–

34,393,841

–

34,393,841

$25

Par

(or

similar)

Retail

Preferred

20,094,273

–

–

20,094,273

Municipal

Bonds

–

12,048,989

–

12,048,989

Asset-Backed

Securities

–

7,465,591

4,421,470

11,887,061

Variable

Rate

Senior

Loan

Interests

–

10,725,148

–

10,725,148

Short-Term

Investments:

Repurchase

Agreements

–

3,575,000

–

3,575,000

Investments

in

Derivatives:

Forward

Foreign

Currency

Contracts*

–

(274,393)

–

(274,393)

Cross

Currency

Swaps*

–

3,180,417

–

3,180,417

Total

$

20,094,273

$

504,975,408

$

4,421,470

$

529,491,151

JLS

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Mortgage-Backed

Securities

$

–

$

99,777,597

$

–

$

99,777,597

Asset-Backed

Securities

–

38,456,706

1,379,951

39,836,657

Short-Term

Investments:

U.S.

Government

and

Agency

Obligations

–

1,059,671

–

1,059,671

Total

$

–

$

139,293,974

$

1,379,951

$

140,673,925

*

Represents

net

unrealized

appreciation

(depreciation)

as

reported

in

Fund's

Portfolio

of

Investments.

68

Notes

to

Financial

Statements

(continued)

The

following

is

a

reconciliation

of

the

Funds’

Level

3

investments

held

at

the

beginning

and

end

of

the

measurement

period:

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

Common

Stocks

Balance

at

the

beginning

of

period

$-

$413,340

Gains

(losses):

-

-

Net

realized

gains

(losses)

-

-

Change

in

net

unrealized

appreciation

(depreciation)

-

211,358

Purchases

at

cost

-

-

Sales

at

proceeds

-

-

Net

discounts

(premiums)

-

-

Transfers

into

648,570

-

Transfers

(out

of)

-

(624,698)

Balance

at

the

end

of

period

$648,570

-

Change

in

net

unrealized

appreciation

(depreciation)

during

the

period

of

Level

3

securities

held

as

of

period

end

$15,008

$-

Level

3

NPCT

Asset-Backed

Securities

Balance

at

the

beginning

of

period

$-

Gains

(losses):

-

Net

realized

gains

(losses)

-

Change

in

net

unrealized

appreciation

(depreciation)

-

Purchases

at

cost

-

Sales

at

proceeds

-

Net

discounts

(premiums)

-

Transfers

into

4,421,470

Transfers

(out

of)

-

Balance

at

the

end

of

period

$4,421,470

Change

in

net

unrealized

appreciation

(depreciation)

during

the

period

of

Level

3

securities

held

as

of

period

end

$(814,213)

Level

3

JLS

Asset-Backed

Securities

Balance

at

the

beginning

of

period

$11

Gains

(losses):

-

Net

realized

gains

(losses)

(1,554)

Change

in

net

unrealized

appreciation

(depreciation)

221,997

Purchases

at

cost

-

Sales

at

proceeds

(8)

Net

discounts

(premiums)

72,851

Transfers

into

1,379,951

Transfers

(out

of)

(293,297)

Balance

at

the

end

of

period

$1,379,951

Change

in

net

unrealized

appreciation

(depreciation)

during

the

period

of

Level

3

securities

held

as

of

period

end

$(515,350)

Fund

Asset

Class

Market

Value

Techniques

Unobservable

Inputs

Range

Weighted

Average

JGH

Asset-Backed

Securities

$648,570

Indicative

Quote

Broker

Quote

$86.48

N/A

69

.

The

table

below

presents

the

transfers

in

and

out

of

the

three

valuation

levels

for

the

Funds

as

of

the

end

of

the

reporting

period

when

compared

to

the

valuation

levels

at

the

end

of

the

previous

fiscal

year.

Changes

in

valuation

inputs

or

methodologies

may

result

in

transfers

into

or

out

of

an

assigned

level

within

the

fair

value

hierarchy.

Transfers

in

or

out

of

levels

are

generally

due

to

the

availability

of

publicly

available

information

and

to

the

significance

or

extent

the

Adviser

determines

that

the

valuation

inputs

or

methodologies

may

impact

the

valuation

of

those

securities.

4.

Portfolio

Securities

Unfunded

Commitments

for

JGH

and

NPCT:

Pursuant

to

the

terms

of

certain

of

the

variable

rate

senior

loan

agreements,

JGH

and

NPCT

may

have

unfunded

senior

loan

commitments.

Each

Fund

will

maintain

with

its

custodian,

cash,

liquid

securities

and/or

liquid

senior

loans

having

an

aggregate

value

at

least

equal

to

the

amount

of

unfunded

senior

loan

commitments.

As

of

the

end

of

the

reporting

period,

JGH

and

NPCT

had

no

such

outstanding

unfunded

senior

loan

commitments.

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.

Fund

Asset

Class

Market

Value

Techniques

Unobservable

Inputs

Range

Weighted

Average

NPCT

Asset-Backed

Securities

$4,421,470

Indicative

Quote

Broker

Quote

$30.51

-

$63.57

$48.12

Fund

Asset

Class

Market

Value

Techniques

Unobservable

Inputs

Range

Weighted

Average

JLS

Asset-Backed

Securities

$1,379,951

Indicative

Quote

Broker

Quote

$30.51

-

$21,325

$70.56

Level

1

Level

2

Level

3

Transfers

In

(Transfers

Out)

Transfers

In

(Transfers

Out)

Transfers

In

(Transfers

Out)

JGH

Common

Stocks

$-

$-

$624,698

$-

$-

$(624,698)

Asset-Backed

Securities

$-

$-

$-

$(648,570)

$648,570

$-

NPCT

Asset-Backed

Securities

$-

$-

$-

$(4,421,470)

$4,421,470

$-

JLS

Asset-Backed

Securities

$-

$-

$293,297

$(1,379,951)

$1,379,951

$(293,297)

Fund

Counterparty

Short-term

Investments,

at

Value

Collateral

Pledged

(From)

Counterparty

JGH

Fixed

Income

Clearing

Corporation

$6,825,000

$(6,961,578)

NPCT

Fixed

Income

Clearing

Corporation

3,575,000

(3,646,537)

70

Notes

to

Financial

Statements

(continued)

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.

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.

The

following

table

presents

the

forward

foreign

currency

contracts

subject

to

netting

agreements

and

the

collateral

delivered

related

to

those

forward

foreign

currency

contracts

as

of

the

end

of

the

reporting

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.

Fund

Non-U.S.

Government

Purchases

U.S.

Government

Purchases

Non-U.S.

Government

Sales

and

Maturities

U.S.

Government

Sales

JGH

$

143,009,742

$

—

$

150,823,002

$

—

NPCT

24,593,279

36,037,983

87,393,894

22,106,537

JLS

15,906,423

24,427,878

16,107,244

31,224,675

Fund

Average

Notional

Amount

of

Forward

Contracts

Outstanding

*

NPCT

$

7,603,250

Fund

Counterparty

Gross

Unrealized

Appreciation

on

Forward

Foreign

Currency

Contracts*

Gross

Unrealized

(Depreciation)

on

Forward

Foreign

Currency

Contracts*

Net

Unrealized

Collateral

Pledged

to

(from)

Counterparty

Net

Exposure

NPCT

JPMorgan

Chase

Bank,

N.A.

$

-

$

(274,393)

$

(274,393)

$

-

$

(274,393)

*  Represents

gross

unrealized

appreciation

(depreciation)

for

the

counterparty

as

reported

in

the

Funds’

Portfolio

of

Investments.

71

Fund

Average

Notional

Amount

of

Swap

Contracts

Outstanding

*

NPCT

$

36,453,095

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)

contracts

from

swaps

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.

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:

Fund

Average

Notional

Amount

of

Interest

Rate

Swap

Contracts

Outstanding

*

JGH

$

87,400,000

72

Notes

to

Financial

Statements

(continued)

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:

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

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

$

3,109,963

$

-  

$

3,109,963

$

-  

$

(3,167,269)

(57,306)

NPCT

Citibank

N.A.

$

1,741,095

$

-  

$

1,741,095

$

46,682

$

(1,450,000)

337,777

J.P.

Morgan

Securities

Inc.

482,099

-  

482,099

(3,155)

(241,960)

236,984

Morgan

Stanley

Capital

Services

LLC

957,223

-  

957,223

4,247

(840,899)

120,571

$

3,180,417

$

-  

$

3,180,417

$

47,774

$

(2,532,859)

695,332

**  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

*

$

3,109,963

-

$

–

1

1

1

1

1

1

1

1

NPCT

Forward

Foreign

Currency

Contracts

Foreign

currency

exchange

rate

-

–

Unrealized

depreciation

on

forward

contracts

*

(274,393)

Cross

Currency

Swaps

Foreign

currency

exchange

rate

Unrealized

appreciation

on

cross

currency

swap

contracts

*

3,180,417

-

–

1

1

1

1

1

1

1

1

Derivative

Instrument

Risk

Exposure

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

JGH

Swap

contracts

Interest

rate

$

2,667,393

$

(1,331,812)

NPCT

Forward

contracts

Foreign

currency

exchange

rate

82,081

(50,807)

Swap

contracts

Foreign

currency

exchange

rate

824,930

(1,991,964)

73

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:

Transactions

in common

shares

for

the

Funds

during

the

Funds’

current

and

prior

fiscal

period,

where

applicable,

were

as

follows:

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.

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

$69,679,262

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:

JLS

Year

Ended

12/31/23

Year

Ended

12/31/22

Common

Shares:

Repurchased

and

retired

—

(10,814)

Weighted

average

common

share:

Price

per

share

repurchased

and

retired

$–

$15.90

Discount

per

share

repurchased

and

retired

–%

(15.69)%

74

Notes

to

Financial

Statements

(continued)

The

average

liquidation

preference

of

TFP

Shares

outstanding

and

the

annualized

dividend

rate

for

the

Fund

during

the

current

fiscal

period

were

as

follows:

Preferred

Share

Transactions

:

Transactions

in

preferred

shares

during

the

Fund’s

current

and

prior

fiscal

period,

where

applicable,

are

noted

in

the

following

table.

Transactions

in

TFP

Shares

for

NPCT,

where

applicable,

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.

Differences

between

amounts

for

financial

statement

and

federal

income

tax

purposes

are

primarily

due

to

timing

differences

in

recognizing

gains

and

losses

on

investment

transactions.

Temporary

differences

do

not

require

reclassification.

As

of

year

end,

permanent

differences

that

resulted

in

reclassifications

among

the

components

of

net

assets

relate

primarily

to

bond

premium

amortization

adjustments,

complex

securities

character

adjustments,

foreign

currency

transactions,

investments

in

MBS,

nondeductible

expenses,

paydowns,

return

of

capital

and

long-term

capital

gain

distributions

received

from

portfolio

investments,

and

treatment

of

notional

principal

contracts.

Temporary

and

permanent

differences

have

no

impact

on

a

Fund’s

net

assets.

As

of

year

end,

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

year

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

6.13

%

Year

Ended

December

31,

2022

NPCT

Series

Shares

Amount

TFP

Shares

Issued

A

70,000

$70,00,000

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

JGH

$

453,558,178

$

9,596,670

$

(36,025,580)

$

(26,428,910)

NPCT

662,510,144

4,924,843

(137,896,062)

(132,971,219)

JLS

157,210,651

2,158,837

(18,695,563)

(16,536,726)

75

The

tax

character

of

distributions

paid

was

as

follows:

As

of

year

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:

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)

12/31/23

12/31/22

Fund

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

JGH

$

21,961,088

$

—

$

6,825,234

$

22,939,413

$

—

$

8,489,132

NPCT

12,788,503

—

17,001,677

22,475,554

—

13,065,626

JLS

8,590,403

—

—

4,701,855

—

1,122,866

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

76

Notes

to

Financial

Statements

(continued)

The

annual

complex-level

fee,

payable

monthly,

for

each

Fund

is

calculated

by

multiplying

the

current

complex-wide

fee

rate,

determined

according

to

the

following

schedule

by

the

Fund’s

daily

managed

assets:

*  "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).

**

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.

As

of

December

31,

2023,

the

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:

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

Fund

Complex-Level

Fee

JGH

0

.1602%

NPCT

0

.1602%

JLS

0

.1602%

Fund

Maximum

Commitment

Amount

JGH

$

140,000,000

NPCT

80,000,000

JLS

22,500,000

77

As

of

the

end

of

the

reporting

period,

each

Fund’s

outstanding

balance

on

its

Borrowings

was

as

follows:

JGH

has

entered

into

a

364-day

revolving

line

of

credit.

On

November

13,

2023,

the

Fund

amended

its

Borrowings

and

changed

its

Interest

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%

(one-month

Term

SOFR

plus

0.80%

prior

to

November

13,

2023).

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%.

Maximum

commitment

downsized

to

$140,000,000.

NPCT

has

entered

into

a

committed

financing

agreement.

On

November

1,

2023,

the

Fund

amended

its

Borrowings

and

changed

its

Interest

on

these

Borrowings

to

the

drawn

amount

at

a

rate

per

annum

equal

to

Fed

Funds

plus

0.80%

(Fed

Funds

plus

0.70%

per

annum

on

the

amount

borrowed

prior

to

November

1,

2023)

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.

Maximum

commitment

downsized

to

$80,000,000.

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

$4,666,552

in

Hypothecated

Securities.

During

the

current

fiscal

period,

the

Fund

earned

Rehypothecation

Fees

of

$633,

which

is

recognized

as

"Rehypothecation

income"

on

the

Statement

of

Operations.

Reverse

Repurchase

Agreements:

During

the

current

fiscal

period,

NPCT

&

JLS

utilized

reverse

repurchase

agreements

as

a

means

of

leverage.

The

Fund

may

enter

into

a

reverse

repurchase

agreement

with

brokers,

dealers,

banks

or

other

financial

institutions

that

have

been

determined

by

the

Adviser

to

be

creditworthy.

In

a

reverse

repurchase

agreement,

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

Fund

Outstanding

balance

on

Borrowings

JGH

$

119,000,000

NPCT

75,500,000

JLS

5,520,000

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

JGH

365

$

120,906,849

5.94

%

NPCT

365

98,815,068

5.82

JLS

365

9,418,151

6.78

78

Notes

to

Financial

Statements

(continued)

may

also

be

viewed

as

the

borrowing

of

money

by

the

Fund.

Cash

received

in

exchange

for

securities

delivered,

plus

accrued

interest

payments

to

be

made

by

the

Fund

to

a

counterparty,

are

reflected

as

a

liability

on

the

Statement

of

Assets

and

Liabilities.

Interest

payments

made

by

the

Fund

to

counterparties

are

recognized

as

a

component

of

"Interest

expense" on

the

Statement

of

Operations.

In

a

reverse

repurchase

agreement,

the

Fund

retains

the

risk

of

loss

associated

with

the

sold

security. 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)

3/05/24

$

(33,820,000)

$

(34,013,400)

NPCT

TD

Securities

(USA),

LLC

5.89%

(12,000,000)

1/18/24

(12,000,000)

(12,158,381)

Total

$(45,820,000)

$(45,820,000)

$(46,171,781)

JLS

Royal

Bank

of

Canada

6.88%

(13,123,000)

1/16/24

(13,123,000)

(13,354,727)

JLS

Societe

Generale

6.64%

(17,355,000)

1/12/24

(17,355,000)

(17,610,982)

JLS

TD

Securities

(USA),

LLC

5.85%

(770,000)

On-Demand

(770,000)

(805,483)

Total

$(31,248,000)

$(31,248,000)

$(31,771,192)

Fund

Utilization

period

(days

outstanding)

Average

daily

balance

outstanding

Weighted

Average

annual

interest

rate

NPCT

365

$

(45,820,000)

5.59%

JLS

365

(31,597,438)

6.32%

Fund

Counterparty

Reverse

Repurchase

Agreements*

Collateral

Pledged

to

Counterparty

NPCT

Societe

Generale

$

(34,013,400)

$

(48,105,535)

TD

Securities

(USA),

LLC

(12,158,381)

(16,324,760)

JLS

Royal

Bank

of

Canada

(13,354,727)

(21,805,661)

Societe

Generale

(17,610,982)

(24,763,142)

TD

Securities

(USA),

LLC

(805,483)

(929,802)

*

Represents

gross

value

and

accrued

interest

for

the

counterparty

as

reported

in

the

preceding

table.

79

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

Update

(Unaudited)

81

CURRENT

INVESTMENT

OBJECTIVE,

INVESTMENT

POLICIES

AND

PRINCIPAL

RISKS

OF

THE

FUND

NUVEEN

GLOBAL

HIGH

INCOME

FUND

(JGH)

Investment

Objective

The

Fund’s

investment

objective

is

to

provide

a

high

level

of

current

income.

Investment

Policies

Under

normal

conditions,

the

Fund

will

invest

at

least

80%

of

its

Managed

Assets

(as

defined

below)

in

global

income-producing

securities

including,

but

not

limited

to,

corporate

debt

securities,

U.S.

and

foreign

government

debt

securities,

mortgage-

and

asset-backed

securities,

preferred

securities,

secured

and

unsecured

loans,

convertible

debt

securities

and

contingent

capital

securities.

The

Fund

will

pursue

its

investment

objective

by

following

the

sub-adviser’s

global

high-income

strategy,

which

invests

in

a

portfolio

of

high

yield

(below

investment

grade)

bonds

and

other

income

producing

securities

from

around

the

world

and

across

the

capital

structure

and

credit

spectrum.

“Managed

Assets”

mean

the

total

assets

of

the

Fund,

minus

the

sum

of

its

accrued

liabilities

(other

than

Fund

liabilities

incurred

for

the

express

purpose

of

creating

leverage).

Total

assets

for

this

purpose

shall

include

assets

attributable

to

the

Fund’s

use

of

leverage

(whether

or

not

those

assets

are

reflected

in

the

Fund’s

financial

statements

for

purposes

of

generally

accepted

accounting

principles),

and

derivatives

will

be

valued

at

their

market

value.

Under

normal

market

conditions:

The

Fund

will

invest

at

least

65%

of

its

Managed

Assets

in

securities

that,

at

the

time

of

investment,

are

rated

below

the

four

highest

grades

(those

rated

BB/Ba

or

lower)

by

at

least

one

nationally

recognized

statistical

rating

organization

(“NRSRO”)

or

are

unrated

but

judged

to

be

of

comparable

quality

by

the

Fund’s

sub-adviser.

The

Fund

will

invest

at

least

40%

of

its

Managed

Assets

in

securities

of

issuers

located

outside

of

the

United

States;

however,

no

more

than

25%

of

its

Managed

Assets

may

be

invested

in

securities

of

issuers

located

in

emerging

market

countries.

No

more

than

15%

of

the

Fund’s

Managed

Assets

may

be

exposed

to

currencies

other

than

the

U.S.

dollar,

net

of

any

currency

hedging

transactions.

The

Fund

will

invest

no

more

than

10%

of

its

Managed

Assets

in

U.S.

dollar

cash

or

cash

equivalents.

The

foregoing

policies

apply

only

at

the

time

of

any

new

investment.

Approving

Changes

in

Investment

Policies

The

Board

of

Trustees

of

the

Fund

may

change

the

policies

described

above

without

a

shareholder

vote.

However,

with

respect

to

the

Fund’s

policy

of

investing

at

least

80%

of

its

Managed

Assets

in

global

income-producing

securities

including,

but

not

limited

to,

corporate

debt

securities,

U.S.

and

foreign

government

debt

securities,

mortgage-

and

asset-backed

securities,

preferred

securities,

secured

and

unsecured

loans,

convertible

debt

securities

and

contingent

capital

securities,

such

policy

may

not

be

changed

without

60

days’

prior

written

notice

to

shareholders.

Portfolio

Contents

The

Fund

generally

invests

in

corporate

debt

securities

and

debt

securities

of

governmental

issuers

in

all

countries,

including

emerging

market

countries.

The

Fund

will

classify

an

issuer

of

a

security

as

being

a

U.S.

or

non-U.S.

issuer

based

on

the

determination

of

an

unaffiliated,

recognized

financial

data

provider.

Such

determinations

are

based

on

a

number

of

criteria,

such

as

the

issuer’s

country

of

domicile,

the

primary

exchange

on

which

the

security

predominately

trades,

the

location

from

which

the

majority

of

the

issuer’s

revenue

comes,

and

the

issuer’s

reporting

currency.

Furthermore,

a

country

is

considered

to

be

an

“emerging

market”

if

it

has

a

relatively

low

gross

national

product

per

capita

compared

to

the

world’s

major

economies

and

the

potential

for

rapid

economic

growth.

The

Fund

considers

a

country

an

emerging

market

country

based

on

the

determination

of

an

international

organization,

such

as

the

International

Monetary

Fund

(“IMF”),

or

an

unaffiliated,

recognized

financial

data

provider.

Corporate

debt

securities

are

fully

taxable

debt

obligations

issued

by

corporations.

These

securities

fund

capital

improvements,

expansions,

debt

refinancing

or

acquisitions

that

require

more

capital

than

would

ordinarily

be

available

from

a

single

lender.

Investors

in

corporate

debt

securities

lend

money

to

the

issuing

corporation

in

exchange

for

interest

payments

and

repayment

of

the

principal

at

a

set

maturity

date.

Rates

on

corporate

debt

securities

are

set

according

to

prevailing

interest

rates

at

the

time

of

the

issue,

the

credit

rating

of

the

issuer,

the

length

of

the

maturity

and

other

terms

of

the

security,

such

as

a

call

feature.

Corporate

debt

securities

are

subject

to

the

risk

of

an

issuer’s

inability

to

meet

principal

and

interest

payments

on

the

obligations

and

may

also

be

subject

to

price

volatility

due

to

such

factors

as

market

interest

rates,

market

perception

of

the

creditworthiness

of

the

issuer

and

general

market

liquidity.

In

addition,

corporate

restructurings,

such

as

mergers,

leveraged

buyouts,

takeovers

or

similar

corporate

transactions

are

often

financed

by

an

increase

in

a

corporate

issuer’s

debt

securities.

As

a

result

of

the

added

debt

burden,

the

credit

quality

and

market

value

of

an

issuer’s

existing

debt

securities

may

decline

significantly.

Debt

securities

of

governmental

issuers

in

all

countries,

including

emerging

market

countries,

may

include:

fixed-income

securities

issued

or

guaranteed

by

governments

and

governmental

agencies

or

instrumentalities;

fixed-income

securities

issued

by

government

owned,

controlled

or

sponsored

entities;

interests

in

entities

organized

and

operated

for

the

purpose

of

restructuring

the

investment

characteristics

of

instruments

issued

82

Shareholder

Update

(Unaudited)

(continued)

by

any

of

the

above

issuers;

Brady

Bonds,

which

are

debt

securities

issued

under

the

framework

of

the

Brady

Plan

as

a

means

for

debtor

nations

to

restructure

their

outstanding

external

indebtedness;

participations

in

loans

between

governments

and

financial

institutions;

or

fixed

income

securities

issued

by

supranational

entities

such

as

the

World

Bank

or

the

European

Economic

Community.

A

supranational

entity

is

a

bank,

commission

or

company

established

or

financially

supported

by

the

national

governments

of

one

or

more

countries

to

promote

reconstruction

or

development.

The

Fund

invests

in

convertible

securities,

which

may

include

convertible

debt,

convertible

preferred

stock,

synthetic

convertible

securities

and

may

also

include

secured

and

unsecured

debt,

based

upon

the

judgment

of

the

Fund’s

sub-adviser.

Convertible

securities

may

pay

interest

or

dividends

that

are

based

on

a

fixed

or

floating

rate.

A

convertible

security

is

a

preferred

stock,

warrant

or

other

security

that

may

be

converted

into

or

exchanged

for

a

prescribed

amount

of

common

stock

or

other

security

of

the

same

or

a

different

issuer

or

into

cash

within

a

particular

period

of

time

at

a

specified

price

or

formula.

The

Fund

invests

in

contingent

capital

securities

(sometimes

referred

to

as

“CoCos”).

CoCos

are

hybrid

securities,

issued

primarily

by  non-

U.S. financial

institutions,

which

have

loss

absorption

mechanisms

benefitting

the

issuer

built

into

their

terms.

CoCos

generally

provide

for

mandatory

conversion

into

the

common

stock

of

the

issuer

or

a

write-down

of

the

principal

amount

or

value

of

the

CoCos

upon

the

occurrence

of

certain

triggers

linked

to

regulatory

capital

thresholds.

In

addition,

they

may

provide

for

mandatory

conversion

or

a

principal

write-down

upon

the

occurrence

of

certain

events

such

as

regulatory

actions

calling

into

question

the

issuing

banking

institution’s

continued

viability

as

a

going-concern.

Equity

conversion

or

principal

write-down

features

are

tailored

to

the

issuer

and

its

regulatory

requirements

and,

unlike

traditional

convertible

securities,

conversions

are

not

voluntary.

The

Fund

may

invest

in

mortgage-backed

securities

(“MBS”)

guaranteed

by,

or

secured

by

collateral

that

is

guaranteed

by,

the

United

States

government,

its

agencies,

instrumentalities

or

sponsored

corporations.

MBS

are

structured

debt

obligations

collateralized

by

pools

of

commercial

or

residential

mortgages.

Pools

of

mortgage

loans

and

mortgage-related

loans,

such

as

mezzanine

loans,

are

assembled

into

pools

of

assets

that

secure

or

back

securities

sold

to

investors

by

various

governmental,

government-related

and

private

organizations.

MBS

in

which

the

Fund

may

invest

include

those

with

fixed,

floating

or

variable

interest

rates,

those

with

interest

rates

that

change

based

on

a

specified

index

of

interest

rates

and

those

with

interest

rates

that

change

inversely

to

changes

in

interest

rates,

as

well

as

those

that

do

not

bear

interest.

The

Fund

may

invest

in

commercial

mortgage-backed

securities

(“CMBS”).

CMBS

generally

are

multi-class

debt

or

pass-through

certificates

secured

or

backed

by

mortgage

loans

on

commercial

properties.

CMBS

generally

are

structured

to

provide

protection

to

the

senior

class

investors

against

potential

losses

on

the

underlying

mortgage

loans.

This

protection

generally

is

provided

by

having

the

holders

of

subordinated

classes

of

securities

take

the

first

loss

if

there

are

defaults

on

the

underlying

commercial

mortgage

loans.

Other

protection,

which

may

benefit

all

of

the

classes

or

particular

classes,

may

include

issuer

guarantees,

reserve

funds,

cross-collateralization

and

over-collateralization.

The

Fund

may

invest

in

CMBS

issued

or

sponsored

by

commercial

banks,

savings

and

loan

institutions,

mortgage

bankers,

private

mortgage

insurance

companies

and

other  non-

governmental issuers.

CMBS

have

no

governmental

guarantee.

The

Fund

may

also

invest

in

asset-backed

securities

(“ABS”).

ABS

are

securities

that

are

primarily

serviced

by

the

cash

flows

of

a

discrete

pool

of

receivables

or

other

financial

assets,

either

fixed

or

revolving,

that

by

their

terms

convert

into

cash

within

a

finite

time

period.

Asset-backed

securitization

is

a

financing

technique

in

which

financial

assets,

in

many

cases

themselves

less

liquid,

are

pooled

and

converted

into

instruments

that

may

be

offered

and

sold

in

the

capital

markets.

While

residential

mortgages

were

the

first

financial

assets

to

be

securitized

in

the

form

of

MBS,  non-

mortgage related

securitizations

have

grown

to

include

many

other

types

of

financial

assets,

such

as

credit

card

receivables,

auto

loans

and

student

loans.

The

Fund

may

invest

in

preferred

securities.

Traditional

preferred

securities

are

generally

equity

securities

of

the

issuer

that

have

priority

over

the

issuer’s

common

shares

as

to

the

payment

of

dividends

(i.e.,

the

issuer

cannot

pay

dividends

on

its

common

shares

until

the

dividends

on

the

preferred

shares

are

current)

and

as

to

the

payout

of

proceeds

of

a

bankruptcy

or

other

liquidation,

but

are

subordinate

to

an

issuer’s

senior

debt

and

junior

debt

as

to

both

types

of

payments.

Additionally,

in

a

bankruptcy

or

other

liquidation,

traditional

preferred

securities

are

generally

subordinate

to

an

issuer’s

trade

creditors

and

other

general

obligations.

Traditional

preferred

securities

may

be

perpetual

or

have

a

term,

and

typically

have

a

fixed

liquidation

(or

“par”)

value.

The

term

“preferred

securities”

also

includes

certain

hybrid

securities

and

other

types

of

preferred

securities

that

do

not

have

the

traditional

features

described

above.

The

Fund

may

invest

in

fixed

and

floating

rate

loans.

Loans

may

include

senior

loans

and

secured

and

unsecured

junior

loans,

including

subordinated

loans,

second

lien

or

more

junior

loans

and

bridge

loans.

Loans

are

typically

arranged

through

private

negotiations

between

borrowers

in

the

United

States

or

in

foreign

or

emerging

markets

which

may

be

corporate

issuers

or

issuers

of

sovereign

debt

obligations

and

one

or

more

financial

institutions

and

other

lenders.

The

Fund

may

invest

in

loans

by

purchasing

assignments

of

all

or

a

portion

of

loans

or

loan

participations

from

third

parties.

Loan

participations

are

loans

that

are

shared

by

a

group

of

lenders.

The

Fund

may

invest

in

Real

Estate

Investment

Trusts

(“REITs”).

A

common

type

of

real

estate

company,

a

REIT,

is

a

company

that

pools

investors’

funds

for

investment

primarily

in

income-producing

real

estate

or

in

real

estate

related

loans

(such

as

mortgages)

or

other

interests.

Therefore,

a

REIT

normally

derives

its

income

from

rents

or

from

interest

payments,

and

may

realize

capital

gains

by

selling

properties

that

have

appreciated

in

value.

REITs

generally

pay

relatively

high

dividends

(as

compared

to

other

types

of

companies)

and

the

Fund

intends

to

use

these

REIT

dividends

in

an

effort

to

meet

its

primary

objective

of

high

current

income.

The

Fund’s

investments

include

investment

grade

and

below

investment

grade

securities.

Below

investment

grade

securities

(such

securities

are

commonly

referred

to

as

“high

yield”

or

“junk”)

generally

provide

high

income

in

an

effort

to

compensate

investors

for

their

higher

risk

of

default,

which

is

the

failure

to

make

required

interest

or

principal

payments.

The

Fund

may

invest

in

zero

coupon

bonds.

A

zero

coupon

bond

is

a

bond

that

typically

does

not

pay

interest

for

the

entire

life

of

the

obligation

or

for

an

initial

period

after

the

issuance

of

the

obligation.

83

The

Fund

may

invest

in

payment-in-kind

securities

(“PIKs”).

PIKs

pay

dividends

or

interest

in

the

form

of

additional

securities

of

the

issuer,

rather

than

in

cash.

Each

of

these

instruments

is

typically

issued

and

traded

at

a

deep

discount

from

its

face

amount.

The

amount

of

the

discount

varies

depending

on

such

factors

as

the

time

remaining

until

maturity

of

the

securities,

prevailing

interest

rates,

the

liquidity

of

the

security

and

the

perceived

credit

quality

of

the

issuer.

The

Fund

may

invest

in

illiquid

securities

(i.e.,

securities

that

are

not

readily

marketable),

including,

but

not

limited

to,

restricted

securities

(securities

the

disposition

of

which

is

restricted

under

the

federal

securities

laws),

securities

that

may

be

resold

only

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended

(the

“1933

Act”),

and

repurchase

agreements

with

maturities

in

excess

of

seven

days.

The

Fund

may

enter

into

certain

derivative

instruments

in

pursuit

of

its

investment

objective,

including

to

seek

to

enhance

return,

to

hedge

certain

risks

of

its

investments

in

fixed-income

securities

or

as

a

substitute

for

a

position

in

the

underlying

asset.

Such

instruments

include

options,

financial

futures

contracts,

swap

contracts

(including

interest

rate,

credit

default

swaps

and

currency

swaps),

options

on

financial

futures,

options

on

swap

contracts,

forward

foreign

currency

contracts

and

options

on

foreign

currencies

or

other

derivative

instruments.

The

Fund’s

use

of

currency-related

derivative

instruments

will

be

limited

to

hedging

purposes

only. 

The

Fund

may

also

invest

in

securities

of

other

open-

or closed-end investment

companies

(including

exchange-traded

funds

(“ETFs”))

that

invest

primarily

in

securities

of

the

types

in

which

the

Fund

may

invest

directly,

to

the

extent

permitted

by

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

the

rules

and

regulations

issued

thereunder

and

applicable

exemptive

orders

issued

by

the

Securities

and

Exchange

Commission

(“SEC”).

Use

of

Leverage

The

Fund

uses

leverage

to

pursue

its

investment

objective.

The

Fund

may

use

leverage

to

the

extent

permitted

by

the

1940

Act.

The

Fund

may

source

leverage

through

a

number

of

methods

including

the

issuance

of

preferred

shares

of

beneficial

interest

and

borrowings. In

addition,

the

Fund

may

also

use

certain

derivatives

that

have

the

economic

effect

of

leverage

by

creating

additional

investment

exposure.

The

amount

and

sources

of

leverage

will

vary

depending

on

market

conditions.

Temporary

Defensive

Periods

During

temporary

defensive

periods

the

Fund

may

deviate

from

its

investment

objective

and

policies,

and

in

order

to

keep

the

Fund’s

cash

fully

invested,

the

Fund

may

invest

any

percentage

of

its

total

assets

in

U.S.

dollar

cash

or

cash

equivalents,

including

obligations

issued

or

guaranteed

by

the

U.S. government,

its

agencies

and

instrumentalities.

The

Fund

may

not

achieve

its

investment

objective

during

such

periods.

84

Shareholder

Update

(Unaudited)

(continued)

NUVEEN

CORE

PLUS

IMPACT

FUND

(NPCT)

Investment

Objective

The

Fund’s

investment

objective

is

to

seek

total

return

through

high

current

income

and

capital

appreciation,

while

giving

special

consideration

to

certain

impact

and

environmental,

social

and

governance

(“ESG”)

criteria.

Investment

Policies

Under

normal

market

conditions,

the

Fund

will

invest

at

least

80%

of

its

net

assets

plus

the

amount

of

any

borrowings

for

investment

purposes

in

fixed-income

investments

of

any

type,

which

are

subject

to

the

Impact

Criteria

(as

defined

below)

or

Nuveen’s

ESG

criteria.

The

Fund

seeks

to

achieve

its

investment

objective

by

investing

in

fixed-income

investments

of

any

type,

including

asset-backed

securities,

corporate

bonds,

preferred

securities,

residential

and

commercial

mortgage-backed

securities,

taxable

and

tax-exempt

municipal

bonds,

senior

loans

and

loan

participations

and

assignments,

sovereign

debt

instruments,

debt

securities

issued

by

supranational

agencies,

and

U.S.

government

securities

(securities

issued

or

guaranteed

by

the

U.S.

government

or

its

agencies

or

instrumentalities). 

The

Fund’s

investment

in

fixed-income

investments

of

any

type

is

subject

to

Nuveen’s

proprietary

public

market

impact

framework

criteria

(the

“Impact

Criteria”)

or

Nuveen’s

ESG

criteria.

The

Impact

Criteria

are

designed

to

identify

investments

that

will

generate

positive,

measurable

social

and

environmental

impact

alongside

a

competitive

financial

return.

These

investments

provide

direct

access

to

issuers

and/or

individual

projects

across

four

social

and

environmental

themes:

Affordable

Housing,

Community

and

Economic

Development,

Renewable

Energy

and

Climate

Change,

and

Natural

Resources.

The

portion

of

the

Fund

invested

in

accordance

with

the

Impact

Criteria

is

not

required

to

meet

ESG

criteria

provided

by

a

third

party.

The

Fund

may

seek

to

provide

exposure

to

certain

Regulation

S

securities

by

investing

in

Core

Plus

Impact

Fund,

Ltd.

(the

“Subsidiary”),

a

wholly

owned

subsidiary

of

the

Fund,

which

will

invest

primarily

in

Regulation S

securities.

“Managed

Assets”

mean

the

total

assets

of

the

Fund,

minus

the

sum

of

its

accrued

liabilities

(other

than

Fund

liabilities

incurred

for

the

express

purpose

of

creating

leverage).

Total

assets

for

this

purpose

shall

include

assets

attributable

to

the

Fund’s

use

of

leverage

(whether

or

not

those

assets

are

reflected

in

the

Fund’s

financial

statements

for

purposes

of

generally

accepted

accounting

principles),

and

derivatives

will

be

valued

at

their

market

value.

Under

normal

market

conditions:

The

Fund

will

invest

at

least

80%

of

its

net

assets

plus

the

amount

of

any

borrowings

for

investment

purposes

in

fixed-income

investments

of

any

type,

which

are

subject

to

the

Impact

Criteria

or

Nuveen’s

ESG

criteria.

The

Fund

may

invest

up

to

50%

of

its

Managed

Assets

(as

defined

above)

in

below

investment

grade

investments

(investments

rated

BB+/

Ba1

or

lower

at

the

time

of

investment

or

are

unrated

but

judged

by

the

Fund’s

sub-adviser

to

be

of

comparable

quality).

The

Fund

may

invest

no

more

than

10%

of

its

Managed

Assets

in

investments

rated

CCC/Caa

or

lower

at

the

time

of

investment

(or

are

unrated

but

judged

by

the

Fund’s

sub-adviser

to

be

of

comparable

quality),

including

defaulted

investments.

The

Fund

may

invest

without

limitation

in

investments

of

foreign

issuers,

with

no

more

than

30%

of

its

Managed

Assets

in

investments

of

foreign

issuers

that

are

located

in

emerging

market

countries.

The

Fund

may

invest

without

limitation

in

restricted

and

illiquid

investments

(including

investments

that

may

only

be

resold

pursuant

to

Rule

144A

under

the

1933

Act).

The

foregoing

policies

apply

only

at

the

time

of

any

new

investment.

Approving

Changes

in

Investment

Policies

The

Board

of

Trustees

of

the

Fund

may

change

the

policies

described

above

without

a

shareholder

vote.

However,

with

respect

to

the

Fund’s

policy

to

invest

at

least

80%

of

its

net

assets

plus

the

amount

of

any

borrowings

for

investment

purposes

in

fixed-income

investments

of

any

type,

which

are

subject

to

the

Impact

Criteria

or

Nuveen’s

ESG

criteria,

such

policy

may

not

be

changed

without

60

days’

prior

written

notice

to

shareholders.

Portfolio

Contents

The

Fund

generally

invests

in

a

portfolio

of

fixed-income

investments

of

any

type,

including

asset-backed

securities,

corporate

bonds,

preferred

securities,

residential

and

commercial

mortgage-backed

securities,

taxable

and

tax-exempt

municipal

bonds,

senior

loans

and

loan

participations

and

assignments,

sovereign

debt

instruments,

debt

securities

issued

by

supranational

agencies,

and

U.S.

government

securities

(securities

issued

or

guaranteed

by

the

U.S.

government

or

its

agencies

or

instrumentalities).

Corporate

bonds

are

fully

taxable

debt

obligations

issued

by

corporations.

These

securities

fund

capital

improvements,

expansions,

debt

refinancing

or

acquisitions

that

require

more

capital

than

would

ordinarily

be

available

from

a

single

lender.

Investors

in

corporate

bonds

lend

money

to

the

issuing

corporation

in

exchange

for

interest

payments

and

repayment

of

the

principal

at

a

set

maturity

date.

Rates

on

corporate

bonds

are

set

according

to

prevailing

interest

rates

at

the

time

of

the

issue,

the

credit

rating

of

the

issuer,

the

length

of

the

maturity

and

other

terms

of

the

security,

such

as

a

call

feature.

85

Corporate

bonds

come

in

many

varieties

and

may

differ

in

the

way

that

interest

is

calculated,

the

amount

and

frequency

of

payments,

the

type

of

collateral,

if

any,

and

the

presence

of

special

features

(e.g., conversion

rights).

The

Fund’s

investments

in

corporate

bonds

may

include,

but

are

not

limited

to,

senior,

junior,

secured

and

unsecured

bonds,

notes

and

other

debt

securities,

and

may

be

fixed

rate,

variable

rate

or

floating

rate,

among

other

things.

Holders

of

corporate

bonds,

as

creditors,

have

a

prior

legal

claim

over

common

and

preferred

stockholders

as

to

both

income

and

assets

of

the

issuer

for

the

principal

and

interest

due

to

them,

and

may

have

a

prior

claim

over

other

creditors,

but

are

generally

subordinate

to

any

existing

lenders

in

the

issuer’s

capital

structure.

The

Fund

will

invest

in

investments

of

emerging

market

issuers.

The

Fund’s

emerging

market

investments

include

a

broad

range

of

investments

of

emerging

market

issuers

such

as

government

bonds,

corporate

bonds,

and

other

sovereign

or

quasi-sovereign

debt

instruments.

The

Fund

will

classify

an

issuer

of

an

investment

based

on

the

issuer’s

country

of

origin,

generally

as

determined

by

an

unaffiliated,

recognized

financial

data

provider.

An

issuer’s

country

or

origin

is

based

on

a

number

of

criteria,

such

as

the

issuer’s

country

of

domicile

or

country

in

which

the

issuer

conducts

its

primary

operations,

the

primary

exchange

on

which

its

securities

trade,

the

location

from

which

the

majority

of

the

issuer’s

revenue

comes,

and

the

issuer’s

reporting

currency.

The

term

“emerging

market”

describes

any

country

or

market

that

is

generally

considered

to

be

emerging

or

developing

by

major

organizations

in

the

international

financial

community,

such

as

the

International

Finance

Corporation,

or

by

financial

industry

analysts

like

MSCI,

Inc.,

which

compiles

the

MSCI

Emerging

Markets

Index,

and

J.P.

Morgan

Chase

&

Co.,

which

compiles

several

fixed-income

emerging

markets

benchmarks;

or

other

countries

or

markets

with

similar

emerging

characteristics.

Emerging

markets

can

include

every

nation

in

the

world

except

the

United

States,

Canada,

Japan,

Australia,

New

Zealand

and

most

nations

located

in

Western

Europe.

Notwithstanding

the

foregoing,

the

fixed-

income

portfolio

management

team

generally

views

Israel

as

an

emerging

market.

The

Fund

may

invest

in

sovereign

securities.

Sovereign

securities

are

issued

or

guaranteed

by

foreign

sovereign

governments

or

their

agencies,

authorities,

political

subdivisions

or

instrumentalities,

and supranational agencies.

A

supranational

agency

is

a

multinational

union

or

association

in

which

member

countries

cede

authority

and

sovereignty

on

a

limited

number

of

matters

to

the

group,

whose

decisions

are

binding

upon

its

members.

Quasi-sovereign

securities

typically

are

issued

by

companies

or

agencies

that

may

receive

financial

support

or

backing

from

a

local

government

or

in

which

the

government

owns

a

majority

of

the

issuer’s

voting

shares.

The

ability

of

a foreign sovereign

issuer,

especially

in

an

emerging

market

country,

to

make

timely

and

ultimate

payments

on

its

debt

obligations

will

be

strongly

influenced

by

the

sovereign

issuer’s

balance

of

payments,

including

export

performance,

its

access

to

international

credits

and

investments,

fluctuations

of

interest

rate

and

the

extent

of

its

foreign

reserves.

A

country

whose

exports

are

concentrated

in

a

few

commodities

or

whose

economy

depends

on

certain

strategic

imports

could

be

vulnerable

to

fluctuations

in

international

prices

of

these

commodities

or

imports.

To

the

extent

that

a

country

receives

payment

for

its

export

in

currencies

other

than

dollars,

its

ability

to

make

debt

payments

denominated

in

dollars

could

be

adversely

affected.

If

a

sovereign

issuer

cannot

generate

sufficient

earnings

from

foreign

trade

to

service

its

external

debt,

it

may

need

to

depend

on

continuing

loans

and

aid

from

foreign

governments,

commercial

banks

and

multinational

organizations.

There

may

be

no

bankruptcy

proceedings

similar

to

those

in

the

U.S.

by

which

defaulted

interest

may

be

collected.

The

Fund

may

invest

in

taxable

and

tax-exempt

municipal

securities,

including

municipal

bonds,

and

notes

and

other

securities

issued

by

states,

cities

and

local

authorities

and

certain

possessions

and

territories

of

the

United

States

(such

as

Puerto

Rico

and

Guam)

to

finance

or

refinance

public

purpose

projects

such

as

roads,

schools,

and

water

supply

systems.

Municipal

bonds

may

also

be

issued

to

finance

and

refinance

privately

owned

facilities

or

projects

deemed

to

serve

a

public

purpose.

Municipal

bonds

may

be

issued

on

a

long-term

basis

to

provide

long-term

financing.

The

repayment

of

such

debt

may

be

secured

generally

by

a

pledge

of

the

full

faith

and

credit

taxing

power

of

the

issuer,

a

limited

or

special

tax,

or

any

other

revenue

source,

including

project

revenue.

Municipal

bonds

may

also

be

issued

to

finance

projects

on

a

short-term

interim

basis,

anticipating

repayment

with

the

proceeds

of

long-term

debt.

The

Fund

may

invest

in

asset-backed

securities

(“ABS”).

ABS

are

securities

that

are

primarily

serviced

by

the

cash

flows

of

a

discrete

pool

of

receivables

or

other

financial

assets,

either

fixed

or

revolving,

that

by

their

terms

convert

into

cash

within

a

finite

time

period.

Asset-backed

securitization

is

a

financing

technique

in

which

financial

assets,

in

many

cases

themselves

less

liquid,

are

pooled

and

converted

into

instruments

that

may

be

offered

and

sold

in

the

capital

markets.

In

a

basic

securitization

structure,

an

entity,

often

a

financial

institution,

originates

or

otherwise

acquires

a

pool

of

financial

assets,

either

directly

or

through

an

affiliate.

It

then

sells

the

financial

assets,

again

either

directly

or

through

an

affiliate,

to

a

specially

created

investment

vehicle

that

issues

securities

“backed”

or

supported

by

those

financial

assets,

which

securities

are

ABS.

Payment

on

the

ABS

depends

primarily

on

the

cash

flows

generated

by

the

assets

in

the

underlying

pool

and

other

rights

designed

to

assure

timely

payment,

such

as

liquidity

facilities,

guarantees

or

other

features

generally

known

as

credit

enhancements.

The

Fund

may

invest

in

U.S.

government

obligations.

Securities

issued

or

guaranteed

by

U.S.

government

agencies

and

instrumentalities

include

obligations

that

are

supported

by:

(a)

the

full

faith

and

credit

of

the

U.S.

Treasury

(e.g.,

direct

pass-through

certificates

of

the

Government

National

Mortgage

Association);

(b)

the

limited

authority

of

the

issuer

or

guarantor

to

borrow

from

the

U.S.

Treasury

(e.g.,

obligations

of

Federal

Home

Loan

Banks);

or

(c)

only

the

credit

of

the

issuer

or

guarantor

(e.g.,

obligations

of

the

Federal

Home

Loan

Mortgage

Corporation).

In

the

case

of

obligations

not

backed

by

the

full

faith

and

credit

of

the

U.S.

Treasury,

the

agency

issuing

or

guaranteeing

the

obligation

is

principally

responsible

for

ultimate

repayment.

The

Fund

may

invest

in

mortgage-backed

securities

(“MBS”),

including

commercial

mortgage-backed

securities

(“CMBS”).

MBS

is

a

type

of

pass-through

security,

which

is

a

security

representing

pooled

debt

obligations

repackaged

as

interests

that

pass

income

through

an

intermediary

to

investors.

In

the

case

of

mortgage-backed

securities,

the

ownership

interest

is

in

a

pool

of

mortgage

loans.

CMBS

are

backed

by

a

pool

of

mortgages

on

commercial

property.

The

Fund

may

invest

in

preferred

securities.

Traditional

preferred

securities

are

generally

equity

securities

of

the

issuer

that

have

priority

over

the

issuer’s

common

shares

as

to

the

payment

of

dividends

(i.e.,

the

issuer

cannot

pay

dividends

on

its

common

shares

until

the

dividends

on

the

preferred

shares

are

current)

and

as

to

the

payout

of

proceeds

of

a

bankruptcy

or

other

liquidation,

but

are

subordinate

to

an

issuer’s

senior

debt

and

junior

debt

as

to

both

types

of

payments.

Additionally,

in

a

bankruptcy

or

other

liquidation,

traditional

preferred

securities

are

generally

subordinate

to

an

issuer’s

trade

creditors

and

other

general

obligations.

Traditional

preferred

securities

may

be

perpetual

or

have

a

term,

and

typically

have

a

fixed

liquidation

(or

“par”)

value.

86

Shareholder

Update

(Unaudited)

(continued)

The

term

“preferred

securities”

also

includes

certain

hybrid

securities

and

other

types

of

preferred

securities

that

do

not

have

the

traditional

features

described

above.

Preferred

securities

that

are

hybrid

securities

often

behave

similarly

to

investments

in

traditional

preferred

securities

and

are

regarded

by

market

investors

as

being

part

of

the

preferred

securities

market.

Such

hybrid

securities

possess

varying

combinations

of

features

of

both

debt

and

traditional

preferred

securities

and

as

such

they

may

constitute

senior

debt,

junior

debt

or

preferred

shares

in

an

issuer’s

capital

structure.

Thus,

they

may

not

be

subordinate

to

a

company’s

debt

securities

(as

are

traditional

preferred

securities).

The

Fund

may

invest

in

loans,

including

senior

secured

loans,

unsecured

and/or

subordinated

loans,

loan

participations,

unfunded

contracts

and

assignments.

These

loans

are

typically

made

by

or

issued

to

corporations

primarily

to

finance

acquisitions,

refinance

existing

debt,

support

organic

growth,

or

pay

out

dividends,

and

are

typically

originated

by

large

banks

and

are

then

syndicated

out

to

institutional

investors

as

well

as

to

other

banks.

Loans

typically

bear

interest

at

a

floating

rate,

although

some

loans

pay

a

fixed

rate.

Floating

rate

loans

have

interest

rates

that

reset

periodically,

typically

monthly

or

quarterly.

The

interest

rates

on

floating

rate

loans

are

generally

based

on

the

Secured

Overnight

Financing

Rate

(“SOFR”),

a

U.S.

bank’s

prime

or

base

rate,

the

overnight

federal

funds

rate

or

another

rate.

Due

to

their

lower

place

in

the

borrower’s

capital

structure,

unsecured

and/or

subordinated

loans

involve

a

higher

degree

of

overall

risk

than

senior

bank

loans

of

the

same

borrower.

Loan

participations

are

loans

that

are

shared

by

a

group

of

lenders.

Unfunded

commitments

are

contractual

obligations

by

lenders

(such

as

the

Fund)

to

loan

an

amount

in

the

future

or

that

is

due

to

be

contractually

funded

in

the

future.

Assignments

may

be

arranged

through

private

negotiations

between

potential

assignees

and

potential

assignors,

and

the

rights

and

obligations

acquired

by

the

purchaser

of

an

assignment

may

differ

from,

and

be

more

limited

than,

those

held

by

the

assigning

lender.

Loans

may

have

restrictive

covenants

limiting

the

ability

of

a

borrower

to

further

encumber

its

assets.

The

types

of

covenants

included

in

loan

agreements

generally

vary

depending

on

market

conditions,

the

creditworthiness

of

the

borrower,

the

nature

of

the

collateral

securing

the

loan

and

other

factors.

Such

restrictive

covenants

normally

allow

for

early

intervention

and

proactive

mitigation

of

credit

risk

by

providing

lenders

with

the

ability

to

(1)

intervene

and

either

prevent

or

restrict

actions

that

may

potentially

compromise

the

borrower’s

ability

to

repay

the

loan

and/or

(2)

obtain

concessions

from

the

borrower

in

exchange

for

waiving

or

amending

a

particular

covenant.

Loans

with

fewer

or

weaker

restrictive

covenants

may

limit

the

Fund’s

ability

to

intervene

or

obtain

additional

concessions

from

borrowers.

The

Fund’s

portfolio

may

contain

restricted

and

illiquid

investments

(i.e.,

investments

that

are

not

readily

marketable),

including,

but

not

limited

to,

restricted

investments

(investments

the

disposition

of

which

is

restricted

under

the

federal

securities

laws),

investments

that

may

be

resold

only

pursuant

to

Rule

144A

under

the

1933

Act

that

are

deemed

to

be

illiquid,

and

certain

repurchase

agreements.

Restricted

investments

may

be

sold

only

in

privately

negotiated

transactions

or

in

a

public

offering

with

respect

to

which

a

registration

statement

is

in

effect

under

the

1933

Act.

The

Fund

may

also

invest

directly

in

Regulation

S

securities

that

are

freely

tradable

in

the

U.S.

Regulation

S

securities

are

debt

or

equity

securities

of

U.S.

and

foreign

issuers

offered

through

private

offerings

exempt

from

registration

with

the

SEC

pursuant

to

Regulation

S

of

the

1933

Act.

Offerings

of

Regulation

S

securities

may

be

conducted

outside

of

the

United

States,

and

Regulation

S

securities

may

be

relatively

less

liquid

as

a

result

of

legal

or

contractual

restrictions

on

resale.

The

Fund

may

seek

to

provide

exposure

to

Regulation

S

securities

that

are

not

freely

tradable

in

the

U.S.

by

investing

in

the

Subsidiary,

which

will

invest

primarily

in

Regulation

S

securities.

The

Fund

may

invest

in

zero

coupon

bonds.

A

zero

coupon

bond

is

a

bond

that

typically

does

not

pay

interest

for

the

entire

life

of

the

obligation

or

for

an

initial

period

after

the

issuance

of

the

obligation.

The

Fund

may

invest

in

payment-in-kind

securities

(“PIKs”).

PIKs

pay

dividends

or

interest

in

the

form

of

additional

securities

of

the

issuer,

rather

than

in

cash.

Each

of

these

instruments

is

typically

issued

and

traded

at

a

deep

discount

from

its

face

amount.

The

amount

of

the

discount

varies

depending

on

such

factors

as

the

time

remaining

until

maturity

of

the

securities,

prevailing

interest

rates,

the

liquidity

of

the

security

and

the

perceived

credit

quality

of

the

issuer.

The

Fund

may

invest

in

securities

of

other

open-end

or

closed-end

investment

companies,

including

ETFs,

that

invest

primarily

in

the

types

of

investments

in

which

the

Fund

may

invest

directly.

The

Fund

may

invest

without

limitation

in

credit

default

swaps,

and

may

enter

into

credit

default

swaps

as

either

a

buyer

or

a

seller.

The

credit

default

swaps

in

which

the

Fund

may

invest

include

credit

default

swap

indices

(“CDX”)

and

those

in

which

the

underlying

reference

instrument

is

the

debt

obligation

of

a

single

reference

issuer

(“single-name

CDS”).

A

CDX

is

a

portfolio

of

credit

default

swaps

with

similar

characteristics,

such

as

credit

default

swaps

on

high-yield

bonds.

Certain

CDX

instruments

are

subject

to

mandatory

central

clearing

and

exchange

trading,

which

may

reduce

counterparty

credit

risk

and

increase

liquidity

compared

to

other

credit

default

swaps

or

CDX

transactions.

Unlike

other

types

of

credit

default

swaps,

single-name

CDS

do

not

have

the

benefit

of

diversification

across

many

issuers.

In

addition

to

credit

default

swaps,

the

Fund

also

may

invest

in

certain

derivative

instruments

in

pursuit

of

its

investment

objective.

Such

instruments

include

financial

futures

contracts

and

options

thereon,

forward

contracts,

swaps

(with

varying

terms,

including

interest

rate

swaps),

options

on

swaps

and

other

fixed-income

derivative

instruments.

The

Fund’s

sub-adviser

may

use

derivative

instruments

to

attempt

to

hedge

some

of

the

risk

of

the

Fund’s

investments,

to

limit

exposure

to

losses

due

to

changes

to

foreign

currency

exchange

rates

or

as

a

substitute

for

a

position

in

the

underlying

asset.

Use

of

Leverage

The

Fund

uses

leverage

to

pursue

its

investment

objective.

The

Fund

may

use

leverage

to

the

extent

permitted

by

the

1940

Act.

The

Fund

may

source

leverage

through

a

number

of

methods

including

through

borrowings,

issuing

preferred

shares

of

beneficial

interest,

the

issuance

of

debt

securities,

entering

into

reverse

repurchase

agreements

(effectively

a

borrowing),

and

investing

in

residual

interest

certificates

of

tender

option

bond

trusts,

also

called

inverse

floating

rate

securities,

that

have

the

economic

effect

of

leverage

because

the

Fund’s

investment

exposure

to

the

87

underlying

bonds

held

by

the

trust

have

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

certificates.

In

addition,

the

Fund

may

use

derivatives

that

may

have

the

economic

effect

of

leverage

by

creating

additional

investment

exposure.

The

amount

and

sources

of

leverage

will

vary

depending

on

market

conditions.

Temporary

Defensive

Periods

During

temporary

defensive

periods

the

Fund

may

deviate

from

its

investment

objective

and

policies.

During

such

periods,

the

Fund

may

invest

up

to

100%

of

its

Managed

Assets

in

short-term

investments,

including

high

quality,

short-term

securities

or

may

invest

in

short-,

intermediate-,

or

long-

term

U.S.

Treasury

securities.

The

Fund

may

not

achieve

its

investment

objective

during

such

periods.

88

Shareholder

Update

(Unaudited)

(continued)

NUVEEN

MORTGAGE

AND

INCOME

FUND

(JLS)

Investment

Objective

The

Fund’s

investment

objective

is

to

generate

high

current

income

through

opportunistic

investments

in

securitized

credit.

Investment

Policies

Under

normal

market

circumstances,

the

Fund

invests

at

least

65%

of

its

Managed

Assets

(as

defined

below)

in

MBS,

including

residential

MBS

(“RMBS”)

and

CMBS.

As

a

fundamental

policy,

the

Fund

concentrates

its

investments

in

MBS

and

expressly

treats

MBS

as

a

single

industry

or

group

of

industries. 

“Managed

Assets”

mean

the

total

assets

of

the

Fund,

minus

the

sum

of

its

accrued

liabilities

(other

than

Fund

liabilities

incurred

for

the

express

purpose

of

creating

leverage).

Total

assets

for

this

purpose

shall

include

assets

attributable

to

the

Fund’s

use

of

leverage

(whether

or

not

those

assets

are

reflected

in

the

Fund’s

financial

statements

for

purposes

of

generally

accepted

accounting

principles),

and

derivatives

will

be

valued

at

their

market

value.

Under

normal

market

conditions:

The

Fund

may

invest

up

to

35%

of

its

Managed

Assets

in non-mortgage related

ABS,

including

but

not

limited

to

any

asset

that

generates

reliable

cash

flows

including

collateralized

loan

obligations

(“CLOs”)

as

well

as

pools

of

consumer

auto

loans,

credit

card

receivables,

aircraft

leases

and

maintenance

agreements,

timeshare

agreements,

and

solar

photovoltaics.

The

Fund

may

investment

up

to

5%

of

its

Managed

Assets

in

catastrophe

bonds.

The

Fund

may

not

enter

into

futures

contracts

or

related

options

or

forward

contracts,

if

more

than

30%

of

the

Fund’s

Managed

Assets

would

be

represented

by

futures

contracts

or

more

than

5%

of

the

Fund’s

Managed

Assets

would

be

committed

to

initial

margin

deposits

and

premiums

on

futures

contracts

and

related

options.

The

Fund

may

not

sell

securities

short,

unless

the

Fund

owns

or

has

the

right

to

obtain

securities

equivalent

in

kind

and

amount

to

the

securities

sold

at

no

added

cost,

and

provided

that

transactions

in

options,

futures

contracts,

options

on

futures

contracts,

or

other

derivative

instruments

are

not

deemed

to

constitute

selling

securities

short.

The

foregoing

policies

apply

only

at

the

time

of

any

new

investment.

Approving

Changes

in

Investment

Policies

The

Board

of

Trustees

of

the

Fund

may

change

the

policies

described

above

without

a

shareholder

vote.

However,

with

respect

to

the

Fund’s

policy

of

concentrating

its

investments

in

MBS

such

policy

may

not

be

changed

without

the

approval

of

the

holders

of

a

majority

of

the

outstanding

common

shares

and

preferred

shares

voting

together

as

a

single

class,

and

the

approval

of

the

holders

of

a

majority

of

the

outstanding

preferred

shares,

voting

separately

as

a

single

class.

A

“majority

of

the

outstanding”

shares

means

(i)

67%

or

more

of

the

shares

present

at

a

meeting,

if

the

holders

of

more

than

50%

of

the

shares

are

present

or

represented

by

proxy

or

(ii)

more

than

50%

of

the

shares,

whichever

is

less.

Portfolio

Contents

The

Fund

generally

invests

in

MBS.

MBS

are

structured

debt

obligations

collateralized

by

pools

of

commercial

or

residential

mortgages.

Pools

of

mortgage

loans

and

mortgage-related

loans,

such

as

mezzanine

loans,

are

assembled

into

pools

of

assets

that

secure

or

back

securities

sold

to

investors

by

various

governmental,

government-related

and

private

organizations.

MBS

in

which

the

Fund

may

invest

include

those

with

fixed,

floating

or

variable

interest

rates,

those

with

interest

rates

that

change

based

on

a

specified

index

of

interest

rates

and

those

with

interest

rates

that

change

inversely

to

changes

in

interest

rates,

as

well

as

those

that

do

not

bear

interest.

The

Fund

may

invest

in

subprime

mortgages

or

MBS

that

are

backed

by

subprime

mortgages.

The

Fund

may

invest

in

RMBS.

RMBS

are

securities

with

payments

which

depend

(except

for

rights

or

other

assets

designed

to

assure

the

servicing

or

timely

distribution

of

proceeds

to

holders

of

such

securities)

primarily

on

the

cash

flow

from

residential

mortgage

loans

made

to

borrowers

that

are

secured

on

a

first

priority

basis

or

second

priority

basis,

subject

to

permitted

liens,

easements

and

other

encumbrances

by

residential

real

estate (one-to four-family

properties)

the

proceeds

of

which

are

used

to

purchase

real

estate

and

purchase

or

construct

dwellings

thereon

(or

to

refinance

indebtedness

previously

so

used).

Residential

mortgage

loans

are

obligations

of

the

borrowers

thereunder

only

and

are

not

typically

insured

or

guaranteed

by

any

other

person

or

entity.

The

ability

of

a

borrower

to

repay

a

loan

secured

by

residential

property

is

dependent

upon

the

income

or

assets

of

the

borrower.

A

number

of

factors,

including

a

general

economic

downturn,

acts

of

God,

terrorism,

social

unrest

and

civil

disturbances,

may

impair

borrowers’

abilities

to

repay

their

loans.

The non-agency RMBS

in

which

the

Fund

may

invest

are

issued

by,

among

others,

commercial

banks,

investment

banks,

and

mortgage

originators.

Timely

payment

of

principal

and

interest

on

mortgage-related

securities

backed

by

pools

created

by non-governmental issuers

often

is

supported

partially

by

various

forms

of

insurance

or

guarantees,

including

individual

loan,

title,

pool

and

hazard

insurance.

The

insurance

and

guarantees

are

issued

by

private

insurers.

The

agency

RMBS

in

which

the

Fund

may

invest

represent

participations

in,

are

secured

by

or

payable

from,

mortgage

loans

secured

by

real

residential

property.

Agency

RMBS

may

include

agency

mortgage

pass-through

certificates

issued

or

guaranteed

by

the

Government

National

Mortgage

Association

(“GNMA”),

the

Federal

National

Mortgage

Association

(“FNMA”)

and/or

the

Federal

Home

Loan

Mortgage

Corporation

89

(“FHLMC”).

These

mortgage

pass-through

certificates

provide

for

the

pass-through

to

investors

of

their

pro

rata

share

of

monthly

payments

(including

any

prepayments)

made

by

the

individual

borrowers

on

the

pooled

mortgage

loans,

net

of

any

fees

paid

to

the

guarantor

of

such

securities

and

the

servicer

of

the

underlying

loans.

GNMA,

FNMA

and

FHLMC

guarantee

timely

distributions

of

interest

and

principal

to

shareholders.

Agency

RMBS

may

also

include

agency

collateralized

mortgage

obligations

(“CMOs”),

which

are

debt

obligations

issued

by

GNMA,

FNMA

or

FHLMC.

The

Fund

may

invest

in

CMBS.

CMBS

generally

are

multi-class

debt

or

pass-through

certificates

secured

or

backed

by

mortgage

loans

on

commercial

properties.

CMBS

generally

are

structured

to

provide

protection

to

the

senior

class

investors

against

potential

losses

on

the

underlying

mortgage

loans.

This

protection

generally

is

provided

by

having

the

holders

of

subordinated

classes

of

securities

take

the

first

loss

if

there

are

defaults

on

the

underlying

commercial

mortgage

loans.

Other

protection,

which

may

benefit

all

of

the

classes

or

particular

classes,

may

include

issuer

guarantees,

reserve

funds,

cross-collateralization

and

over-collateralization.

The

Fund

may

invest

in

CMBS

issued

or

sponsored

by

commercial

banks,

savings

and

loan

institutions,

mortgage

bankers,

private

mortgage

insurance

companies

and

other non-governmental issuers.

CMBS

have

no

governmental

guarantee.

The

Fund

also

may

invest

in

stripped

MBS

(“Stripped

MBS”).

Stripped

MBS

are

created

by

segregating

the

cash

flows

from

underlying

mortgage

loans

or

mortgage

securities

to

create

two

or

more

new

securities,

each

with

a

specified

percentage

of

the

underlying

security’s

principal

or

interest

payments.

Mortgage

securities

may

be

partially

stripped

so

that

each

investor

class

receives

some

interest

and

some

principal.

When

securities

are

completely

stripped,

however,

all

of

the

interest

is

distributed

to

holders

of

one

type

of

security,

known

as

an

interest-only

security

(“IO”),

and

all

of

the

principal

is

distributed

to

holders

of

another

type

of

security

known

as

a

principal-only

security

(“PO”).

Strips

can

be

created

in

a

pass-through

structure

or

as

tranches

of

a

CMO. The

yields

to

maturity

on

IOs

and

POs

are

very

sensitive

to

the

rate

of

principal

payments

(including

prepayments)

on

the

related

underlying

mortgage

assets.

The

Fund

may

also

invest

in

ABS.

ABS

are

securities

that

are

primarily

serviced

by

the

cash

flows

of

a

discrete

pool

of

receivables

or

other

financial

assets,

either

fixed

or

revolving,

that

by

their

terms

convert

into

cash

within

a

finite

time

period.

Asset-backed

securitization

is

a

financing

technique

in

which

financial

assets,

in

many

cases

themselves

less

liquid,

are

pooled

and

converted

into

instruments

that

may

be

offered

and

sold

in

the

capital

markets.

While

residential

mortgages

were

the

first

financial

assets

to

be

securitized

in

the

form

of

MBS, non-mortgage related

securitizations

have

grown

to

include

many

other

types

of

financial

assets,

such

as

credit

card

receivables,

auto

loans

and

student

loans.

The

Fund

may

invest

in

catastrophe

bonds,

which

typically

are

backed

by

a

secured

collateral

account.

Exposure

to

catastrophe

bonds

results

in

gains

or

losses

that

typically

are

contingent

upon,

or

formulaically

related

to,

defined

trigger

events.

Examples

of

trigger

events

include

hurricanes,

earthquakes,

weather-related

phenomena

or

statistics

relating

to

such

events.

If

a

trigger

event,

as

defined

within

the

terms

of

the

bond,

involves

losses

or

other

metrics

exceeding

a

specific

magnitude

in

the

geographic

region

and/or

time

period

specified

therein,

the

Fund

may

lose

a

portion

or

all

of

its

investments

in

such

security,

including

accrued

interest

and/or

principal

invested

in

such

security.

If

no

trigger

event

occurs,

the

Fund

would

typically

recover

its

principal

plus

interest.

The

Fund

may

invest

in

CLOs

and

other

collateralized

debt

obligations

(“CDOs”).

CLOs

and

other

CDOs

are

types

of

asset-backed

securities.

A

CLO

is

a

trust

typically

collateralized

by

a

pool

of

loans,

which

may

include,

among

others,

domestic

and

foreign

senior

secured

loans,

senior

unsecured

loans,

and

subordinate

corporate

loans,

including

loans

that

may

be

rated

below

investment

grade

or

equivalent

unrated

loans.

Other

CDOs

are

trusts

backed

by

other

types

of

assets

representing

obligations

of

various

parties.

CLOs

and

other

CDOs

may

charge

management

fees

and

administrative

expenses.

The

Fund’s

may

invest

in

below

investment

securities.

Below

investment

securities

(such

securities

are

commonly

referred

to

as

“high

yield”

or

“junk”)

generally

provide

high

income

in

an

effort

to

compensate

investors

for

their

higher

risk

of

default,

which

is

the

failure

to

make

required

interest

or

principal

payments.

The

Fund

may

enter

into

repurchase

agreements

(the

purchase

of

a

security

coupled

with

an

agreement

to

resell

that

security

at

a

higher

price)

with

respect

to

its

permitted

investments.

The

Fund’s

repurchase

agreements

will

provide

that

the

value

of

the

collateral

underlying

the

repurchase

agreement

will

always

be

at

least

equal

to

the

repurchase

price,

including

any

accrued

interest

earned

on

the

agreement,

and

will

be  marked-

to-market daily.

The

Fund

may

also

utilize

reverse

repurchase

agreements

when

it

is

anticipated

that

the

interest

income

to

be

earned

from

the

investment

of

the

proceeds

of

the

transaction

is

greater

than

the

interest

expense

of

the

transaction.

The

Fund

may

invest

in

illiquid

securities

(i.e.,

securities

that

are

not

readily

marketable),

including,

but

not

limited

to,

restricted

securities

(securities

the

disposition

of

which

is

restricted

under

the

federal

securities

laws),

securities

that

may

be

resold

only

pursuant

to

Rule

144A

under

the

1933

Act,

and

repurchase

agreements

with

maturities

in

excess

of

seven

days.

The

Fund

may

enter

into

certain

derivative

instruments

in

pursuit

of

its

investment

objective,

including

to

seek

to

enhance

return,

to

hedge

certain

risks

of

its

investments

in

fixed-income

securities

or

as

a

substitute

for

a

position

in

the

underlying

asset.

Such

instruments

include

financial

futures

contracts,

swap

contracts

(including

interest

rate

and

credit

default

swaps),

options

on

financial

futures,

options

on

swap

contracts

or

other

derivative

instruments.

The

Fund

may

also

invest

in

securities

of

other

open-

or closed-end investment

companies

(including

ETFs)

that

invest

primarily

in

securities

of

the

types

in

which

the

Fund

may

invest

directly,

to

the

extent

permitted

by

the

1940

Act,

the

rules

and

regulations

issued

thereunder

and

applicable

exemptive

orders

issued

by

the

SEC.

90

Shareholder

Update

(Unaudited)

(continued)

Use

of

Leverage

The

Fund

uses

leverage

to

pursue

its

investment

objective.

The

Fund

may

use

leverage

to

the

extent

permitted

by

the

1940

Act.

The

Fund

may

source

leverage

through

a

number

of

methods

including

the

issuance

of

preferred

shares

of

beneficial

interest,

entering

into

reverse

repurchase

agreements

(effectively

a

secured

borrowing)

and

borrowings. In

addition,

the

Fund

may

also

use

certain

derivatives

that

have

the

economic

effect

of

leverage

by

creating

additional

investment

exposure.

The

amount

and

sources

of

leverage

will

vary

depending

on

market

conditions.

Temporary

Defensive

Periods

During

temporary

defensive

periods

the

Fund

may

deviate

from

its

investment

objective

and

policies,

and

in

order

to

keep

the

Fund’s

cash

fully

invested,

the

Fund

may

invest

any

percentage

of

its

total

assets

in

high

quality

investments.

The

Fund

may

not

achieve

its

investment

objective

during

such

periods.

91

PRINCIPAL

RISKS

OF

THE

FUNDS

The

factors

that

are

most

likely

to

have

a

material

effect

on

a

particular

Fund’s

portfolio

as

a

whole

are

called

“principal

risks.”

Each

Fund

is

subject

to

the

principal

risks

indicated

below,

whether

through

direct

investment

or

derivative

positions.

Each

Fund

may

be

subject

to

additional

risks

other

than

those

identified

and

described

below

because

the

types

of

investments

made

by

a

Fund

can

change

over

time.

Risk

JGH

NPCT

JLS

Portfolio

Level

Risks

Asset-Backed

Securities

("ABS")

Risk

X

X

X

Below

Investment

Grade

Risk

X

X

X

Bond

Market

Liquidity

Risk

X

X

-

Call

Risk

X

X

X

Catastrophe

Bond

Risk

-

-

X

Certain

Risks

of

Holding

Fund

Assets

Outside

the

United

States

X

-

-

Collateralized

Debt

Obligation

(“CDO”)

Risk

-

-

X

Collateralized

Loan

Obligation

(“CLO”)

Risk

-

-

X

Commercial

Mortgage-Backed

Securities

(“CMBS”)

and

Mortgage-Backed

Securities

(“MBS”)

Risk

X

X

X

Concentration

Risk

-

-

X

Contingent

Capital

Securities

(“

CoCos

”)

Risk

X

-

-

Convertible

Securities

Risk

X

-

-

Credit

Risk

X

X

X

Credit

Risk

Associated

with

Originators

and

Servicers

of

Residential

and

Commercial

Mortgage

Loans

-

X

X

Credit

Spread

Risk

X

X

X

Debt

Securities

Risk

X

X

X

Distressed

or

Defaulted

Securities

Risk

-

X

-

Deflation

Risk

X

X

X

Derivatives

Risk

X

X

X

Duration

Risk

X

X

X

Emerging

Markets

Risk

X

X

-

Extension

Risk

-

-

X

Financial

Futures

and

Options

Transactions

Risk

X

X

X

Foreign

Currency

Risk

X

X

-

Foreign

Currency

Contracts

Risk

X

-

-

Hedging

Risk

X

X

X

Illiquid

Investments

Risk

X

X

X

Impact

Criteria

and

Environmental,

Social

and

Governance

(“ESG”)

Criteria

Investing

Risk

-

X

-

Income

Risk

X

-

X

Inflation

Risk

X

X

X

Interest

Rate

Risk

X

X

X

Interest

Rate

Risk

Associated

with

Non-Agency

Residential

Mortgage-Backed

Securities

(“RMBS”)

and

Commercial

Mortgage-Backed

Securities

(“CMBS”)

-

X

X

Inverse

Floating

Rate

Securities

Risk

-

X

-

Loan

Participation

Risk

X

-

-

Loan

Risk

X

X

-

Mortgage-Backed

Securities

(“MBS”)

Prepayment

Risk

-

X

X

92

Shareholder

Update

(Unaudited)

(continued)

Risk

JGH

NPCT

JLS

Portfolio

Level

Risks

Non-Agency

Residential

Mortgage-Backed

Securities

(“RMBS”)

Risk

-

X

X

Non-Mortgage

Related

Asset-Backed

Securities

(“ABS”)

Risk

-

X

X

Non-U.S.

Securities

Risk

X

-

-

Other

Investment

Companies

Risk

X

X

X

Preferred

Securities

Risk

X

X

-

Real

Estate

Related

Securities

Risk

X

-

-

Regulation

S

Securities

Risk

-

X

-

Reinvestment

Risk

X

X

X

Senior

Loan

Risk

X

X

-

Senior

Loan

Agent

Risk

X

-

-

Structural

Risks

Associated

with

Commercial

Mortgage-Backed

Securities

(“CMBS”)

and

Non-Agency

Residential

Mortgage-Backed

Securities

(“RMBS”)

-

X

X

Subordination

Risk

Associated

with

Commercial

Mortgage-Backed

Securities

(“CMBS”)

and

Non-Agency

Residential

Mortgage-Backed

Securities

(“RMBS”)

-

X

X

Subprime

Mortgage

Market

Risk

-

-

X

Sovereign

Government

and

Supranational

Debt

Risk

X

X

-

Swap

Transactions

Risk

X

X

X

Unrated

Securities

Risk

X

X

X

U.S.

Government

Securities

Risk

X

X

X

Valuation

Risk

X

X

X

When-Issued

and

Delayed-Delivery

Transactions

Risk

X

-

-

“Widening”

Risk

-

-

X

Zero

Coupon

or

Pay-Ink-Kind

Securities

Risk

X

X

-

Risk

JGH

NPCT

JLS

Fund

Level

and

Other

Risks

Anti-Takeover

Provisions

X

X

X

Borrowing

Risk

X

X

X

Counterparty

Risk

X

-

X

Cybersecurity

Risk

X

-

X

Distribution

Risk

-

X

-

Global

Economic

Risk

X

X

X

Investment

and

Market

Risk

X

X

X

Legislation

and

Regulatory

Risk

X

X

X

Leverage

Risk

X

X

X

Limited

Term

and

Tender

Offer

Risk

-

X

-

Market

Discount

from

Net

Asset

Value

X

X

X

Recent

Market

Conditions

X

X

X

Reverse

Repurchase

Agreement

Risk

X

X

X

Risk

of

Taxable

Income

in

Excess

of

Economic

Income

-

-

X

Subsidiary

Risk

-

X

-

Fund

Tax

Risk

X

X

X

93

Portfolio

Level

Risks:

Asset-Backed

Securities

(“ABS”)

Risk.

Asset-backed

securities

represent

participations

in,

or

are

secured

by

and

payable

from,

pools

of

assets

including

company

receivables,

truck

and

auto

loans,

leases

and

credit

card

receivables.

These

securities

may

be

in

the

form

of

pass-through

instruments

or

asset-backed

bonds.

Asset-backed

securities

are

issued

by

non-governmental

entities

and

carry

no

direct

or

indirect

government

guarantee;

the

asset

pools

that

back

asset-backed

securities

are

securitized

through

the

use

of

privately-formed

trusts

or

special

purpose

corporations.

Payments

on

asset-backed

securities

depend

upon

assets

held

by

the

issuer

and

collections

of

the

underlying

loans.

The

value

of

these

securities

depends

on

many

factors,

including

changing

interest

rates,

the

availability

of

information

about

the

pool

and

its

structure,

the

credit

quality

of

the

underlying

assets,

the

market’s

perception

of

the

servicer

of

the

pool,

and

any

credit

enhancement

provided.

In

certain

market

conditions,

asset-backed

securities

may

experience

volatile

fluctuations

in

value

and

periods

of

illiquidity.

Below

Investment

Grade

Risk.

Investments

of

below

investment

grade

quality

are

regarded

as

having

speculative

characteristics

with

respect

to

the

issuer’s

capacity

to

pay

dividends

or

interest

and

repay

principal,

and

may

be

subject

to

higher

price

volatility

and

default

risk

than

investment

grade

investments

of

comparable

terms

and

duration.

Issuers

of

lower

grade

investments

may

be

highly

leveraged

and

may

not

have

available

to

them

more

traditional

methods

of

financing.

The

prices

of

these

lower

grade

investments

are

typically

more

sensitive

to

negative

developments,

such

as

a

decline

in

the

issuer’s

revenues

or

a

general

economic

downturn.

The

secondary

market

for

lower

rated

investments

may

not

be

as

liquid

as

the

secondary

market

for

more

highly

rated

investments,

a

factor

which

may

have

an

adverse

effect

on

the

Fund’s

ability

to

dispose

of

a

particular

security.

If

a

below

investment

grade

investment

goes

into

default,

or

its

issuer

enters

bankruptcy,

it

might

be

difficult

to

sell

that

security

in

a

timely

manner

at

a

reasonable

price.

Bond

Market

Liquidity

Risk.

Dealer

inventories

of

bonds,

which

provide

an

indication

of

the

ability

of

financial

intermediaries

to

“make

markets”

in

those

bonds,

are

at

or

near

historic

lows

in

relation

to

market

size.

This

reduction

in

market

making

capacity

has

the

potential

to

decrease

liquidity

and

increase

price

volatility

in

the

fixed

income

markets

in

which

the

Fund

invests,

particularly

during

periods

of

economic

or

market

stress.

In

addition,

recent

federal

banking

regulations

may

cause

certain

dealers

to

reduce

their

inventories

of

bonds,

which

may

further

decrease

the

Fund’s

ability

to

buy

or

sell

bonds.

As

a

result

of

this

decreased

liquidity,

the

Fund

may

have

to

accept

a

lower

price

to

sell

a

security,

sell

other

securities

to

raise

cash,

or

give

up

an

investment

opportunity,

any

of

which

could

have

a

negative

effect

on

performance.

If

the

Fund

needed

to

sell

large

blocks

of

bonds

to

meet

shareholder

redemption

requests

or

to

raise

cash,

those

sales

could

further

reduce

the

bonds’

prices

and

hurt

performance.

Call

Risk.

The

Fund

may

invest

in

securities

that

are

subject

to

call

risk.

Such

securities

may

be

redeemed

at

the

option

of

the

issuer,

or

“called,”

before

their

stated

maturity

or

redemption

date.

In

general,

an

issuer

will

call

its

instruments

if

they

can

be

refinanced

by

issuing

new

instruments

that

bear

a

lower

interest

rate.

The

Fund

is

subject

to

the

possibility

that

during

periods

of

falling

interest

rates,

an

issuer

will

call

its

high

yielding

securities.

The

Fund

would

then

be

forced

to

invest

the

unanticipated

proceeds

at

lower

interest

rates,

resulting

in

a

decline

in

the

Fund’s

income.

Catastrophe

Bonds

Risk.

Exposure

to

catastrophe

bonds

results

in

gains

or

losses

that

typically

are

contingent

upon,

or

formulaically

related

to,

defined

trigger

events.

Examples

of

trigger

events

include

hurricanes,

earthquakes,

weather-related

phenomena

or

statistics

relating

to

such

events.

Catastrophe

bonds

carry

large

uncertainties

and

major

risk

exposures

to

adverse

conditions.

If

a

trigger

event,

as

defined

within

the

terms

of

the

bond,

involves

losses

or

other

metrics

exceeding

a

specific

magnitude

in

the

geographic

region

and/or

time

period

specified

therein,

the

Fund

may

lose

a

portion

or

all

of

its

investments

in

such

security,

including

accrued

interest

and/or

principal

invested

in

such

security.

Such

losses

may

be

substantial.

If

no

trigger

event

occurs,

the

Fund

typically

would

recover

its

principal

plus

interest.

The

rating,

if

any,

of

catastrophe

bonds,

reflects

the

rating

agency’s

calculated

probability

that

a

pre-defined

trigger

event

will

occur.

Thus,

lower-

rated

bonds

have

a

greater

likelihood

of

a

triggering

event

occurring

and

resulting

in

a

loss

to

the

Fund.

Catastrophe

bonds

often

provide

for

an

extension

of

maturity

to

process

and

audit

loss

claims

when

a

trigger

event

has,

or

possibly

has,

occurred.

An

extension

of

maturity

may

increase

volatility.

Event-linked

exposure

also

may

expose

the

Fund

to

certain

other

risks

including

credit

risk,

counterparty

risk,

adverse

regulatory

or

jurisdictional

interpretations

and

adverse

tax

consequences.

Catastrophe

bonds

may

also

be

illiquid.

Certain

Risks

of

Holding

Fund

Assets

Outside

the

United

States.

The

Fund

may

hold

investments

in

non-U.S.

banks

and

securities

depositories.

Some

non-U.S.

banks

and

securities

depositories

may

be

recently

organized

or

new

to

the

foreign

custody

business,

and

there

may

be

limited

or

no

regulatory

oversight

of

their

operations.

The

laws

of

certain

countries

limit

the

Fund’s

ability

to

recover

its

assets

if

a

non-U.S.

bank

or

depository,

or

any

of

its

agents,

goes

bankrupt.

In

addition,

it

is

often

more

expensive

for

the

Fund

to

purchase,

sell

and

hold

securities

in

certain

non-U.S.

markets

than

in

the

United

States.

The

increased

expense

of

investing

in

non-U.S.

markets

reduces

the

amount

the

Fund

can

earn

on

its

investments

and

typically

results

in

a

higher

operating

expense

ratio

for

the

Fund

than

for

investment

companies

invested

only

in

the

United

States.

Collateralized

Debt

Obligation

(“CDO”)

Risk.

The

risks

of

an

investment

in

CDOs

depend

largely

on

the

type

of

the

collateral

securities

and

the

class

of

the

CDO

in

which

the

Fund

invests.

In

addition

to

the

normal

risks

associated

with

fixed-income

securities,

CDOs

carry

additional

risks

including,

but

not

limited

to,

the

risk

that:

(1)

distributions

from

collateral

securities

may

not

be

adequate

to

make

interest

or

other

payments;

(2)

the

quality

of

the

collateral

may

decline

in

value

or

default;

(3)

the

fact

that

the

CDOs

may

be

subordinate

to

other

classes;

and

(4)

the

complex

structure

of

the

security

may

not

be

fully

understood

at

the

time

of

investment

and

may

produce

disputes

with

the

issuer

or

unexpected

investment

results.

Collateralized

Loan

Obligation

(“CLO”)

Risk.

A

CLO

is

an

asset-backed

security

whose

underlying

collateral

is

a

pool

of

loans,

which

may

include,

among

others,

domestic

and

foreign

floating

rate

and

fixed

rate

senior

secured

loans,

senior

unsecured

loans,

and

subordinate

corporate

loans,

including

loans

that

may

be

rated

below

investment

grade

or

equivalent

unrated

loans.

In

addition

to

the

risks

associated

with

loans,

illiquid

investments

and

high-yield

securities

described

below,

investments

in

CLOs

carry

additional

risks

including,

but

not

limited

to,

the

risk

that:

(1)

distributions

from

the

collateral

may

not

be

adequate

to

make

interest

or

other

payments;

(2)

the

quality

of

the

collateral

may

decline

in

value

or

94

Shareholder

Update

(Unaudited)

(continued)

default;

(3)

the

Fund

may

invest

in

tranches

of

CLOs

that

are

subordinate

to

other

tranches;

(4)

the

complex

structure

of

the

CLO

may

not

be

fully

understood

at

the

time

of

investment

and

may

produce

disputes

with

the

issuer

or

unexpected

investment

results;

and

(5)

the

CLO’s

manager

may

perform

poorly.

CLOs

may

charge

management

and

other

administrative

fees,

which

are

in

addition

to

those

of

the

Fund.

Commercial

Mortgage-Backed

Securities

(“CMBS”)

and

Mortgage-Backed

Securities

(“MBS”)

Risk.

CMBS

and

MBS,

including

collateralized

debt

obligations

and

collateralized

mortgage

obligations,

differ

from

conventional

debt

securities

because

principal

is

paid

back

over

the

life

of

the

security

rather

than

at

maturity.

CMBS

and

MBS

are

subject

to

prepayment

or

call

risk,

which

is

the

risk

that

a

borrower’s

payments

may

be

received

earlier

than

expected

due

to

changes

in

prepayment

rates

on

underlying

loans.

Faster

prepayments

often

happen

when

interest

rates

are

falling.

As

a

result,

the

Fund

may

reinvest

these

early

payments

at

lower

interest

rates,

thereby

reducing

the

Fund’s

income.

CMBS

and

MBS

also

are

subject

to

extension

risk.

An

unexpected

rise

in

interest

rates

could

reduce

the

rate

of

prepayments

and

extend

the

life

of

the

CMBS

and

MBS,

causing

the

price

of

the

CMBS

and

MBS

and

the

Fund’s

share

price

to

fall

and

would

make

the

CMBS

and

MBS

more

sensitive

to

interest

rate

changes.

An

unexpectedly

high

rate

of

defaults

on

the

mortgages

held

by

a

mortgage

pool

will

adversely

affect

the

value

of

CMBS

and

MBS

and

will

result

in

losses

to

the

Fund.

Privately

issued

mortgage-related

securities

are

not

subject

to

the

same

underwriting

requirements

for

the

underlying

mortgages

that

are

applicable

to

those

mortgage-related

securities

that

have

government

or

government-sponsored

entity

guarantee.

As

a

result,

the

mortgage

loans

underlying

privately

issued

mortgage-related

securities

may,

and

frequently

do,

have

less

favorable

collateral,

credit

risk

or

other

underwriting

characteristics

than

government

or

government-sponsored

mortgage-related

securities

and

have

wider

variances

in

a

number

of

terms

including

interest

rate,

term,

size,

purpose

and

borrower

characteristics.

Concentration

Risk.

The

Fund’s

investments

are

concentrated

in

issuers

of

one

or

a

few

specific

economic

sectors,

so

the

Fund

may

be

subject

to

more

risks

than

if

it

were

broadly

diversified

across

the

economy.

Contingent

Capital

Securities

(“

CoCos

”)

Risk.

A

loss

absorption

mechanism

trigger

event

for

CoCos

would

likely

be

the

result

of,

or

related

to,

the

deterioration

of

the

issuer’s

financial

condition

(e.g.,

a

decrease

in

the

issuer’s

capital

ratio)

and

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

trigger

event,

the

market

price

of

the

issuer’s

common

stock

received

by

the

Fund

will

have

likely

declined,

perhaps

substantially,

and

may

continue

to

decline,

which

may

adversely

affect

the

Fund’s

net

asset

value.

Further,

the

issuer’s

common

stock

would

be

subordinate

to

the

issuer’s

other

classes

of

securities

and

therefore

would

worsen

the

Fund’s

standing

in

a

bankruptcy

proceeding.

In

addition,

because

the

common

stock

of

the

issuer

may

not

pay

a

dividend,

investors

in

these

instruments

could

experience

a

reduced

income

rate,

potentially

to

zero.

In

view

of

the

foregoing,

CoCos

are

often

rated

below

investment

grade

and

are

subject

to

the

risks

of

below

investment

grade

securities.

CoCos

may

be

subject

to

an

automatic

write-down

(i.e.,

the

automatic

write-down

of

the

principal

amount

or

value

of

the

securities,

potentially

to

zero,

and

the

cancellation

of

the

securities)

under

certain

circumstances,

which

could

result

in

the

Fund

losing

a

portion

or

all

of

its

investment

in

such

securities.

In

addition,

the

Fund

may

not

have

any

rights

with

respect

to

repayment

of

the

principal

amount

of

the

securities

that

has

not

become

due

or

the

payment

of

interest

or

dividends

on

such

securities

for

any

period

from

(and

including)

the

interest

or

dividend

payment

date

falling

immediately

prior

to

the

occurrence

of

such

automatic

write-down.

An

automatic

write-down

could

also

result

in

a

reduced

income

rate

if

the

dividend

or

interest

payment

is

based

on

the

security’s

par

value.

Coupon

payments

on

CoCos

may

be

discretionary

and

may

be

cancelled

by

the

issuer

for

any

reason

or

may

be

subject

to

approval

by

the

issuer’s

regulator

and

may

be

suspended

in

the

event

there

are

insufficient

distributable

reserves.

In

certain

scenarios,

investors

in

CoCos

may

suffer

a

loss

of

capital

ahead

of

equity

holders

or

when

equity

holders

do

not.

There

is

no

guarantee

that

the

Fund

will

receive

a

return

of

principal

on

CoCos.

Any

indication

that

an

automatic

write-down

or

conversion

event

may

occur

can

be

expected

to

have

a

material

adverse

effect

on

the

market

price

of

CoCos.

The

prices

of

CoCos

may

be

volatile.

Additionally,

the

trading

behavior

of

a

given

issuer’s

CoCo

may

be

strongly

impacted

by

the

trading

behavior

of

other

issuers’

CoCos,

such

that

negative

information

from

an

unrelated

CoCo

may

cause

a

decline

in

value

of

one

or

more

CoCos

held

by

a

fund.

Accordingly,

the

trading

behavior

of

CoCos

may

not

follow

the

trading

behavior

of

other

similarly

structured

securities.

CoCos

are

issued

primarily

by

financial

institutions.

Therefore,

CoCos

present

substantially

increased

risks

at

times

of

financial

turmoil,

which

could

affect

financial

institutions

more

than

companies

in

other

sectors

and

industries.

Convertible

Securities

Risk.

Convertible

securities

have

characteristics

of

both

equity

and

debt

securities

and,

as

a

result,

are

exposed

to

certain

additional

risks

that

are

typically

associated

with

debt,

including

but

not

limited

to

Interest

Rate

Risk,

Credit

Risk,

Below

Investment

Grade

Risk

and

Unrated

Securities

Risk.

The

value

of

a

convertible

security

is

influenced

by

both

the

yield

of

non-convertible

securities

of

comparable

issuers

and

by

the

value

of

the

underlying

common

stock.

Convertible

securities

generally

offer

lower

interest

or

dividend

yields

than

non-convertible

securities

of

similar

credit

quality.

The

market

values

of

convertible

securities

tend

to

decline

as

interest

rates

increase

and,

conversely,

to

increase

as

interest

rates

decline.

However,

the

convertible

security’s

market

value

tends

to

reflect

the

market

price

of

the

common

stock

of

the

issuing

company

when

that

stock

price

is

greater

than

the

convertible

security’s

“conversion

price.”

The

conversion

price

is

defined

as

the

predetermined

price

at

which

the

convertible

security

could

be

exchanged

for

the

associated

common

stock.

As

the

market

price

of

the

underlying

common

stock

declines,

the

price

of

the

convertible

security

tends

to

be

influenced

more

by

the

yield

of

the

convertible

security.

Thus,

the

convertible

security

may

not

decline

in

price

to

the

same

extent

as

the

underlying

common

stock.

Convertible

securities

fall

below

debt

obligations

of

the

same

issuer

in

order

of

preference

or

priority

in

the

event

of

a

liquidation

and

are

typically

unrated

or

rated

lower

than

such

debt

obligations.

Credit

Risk.

Issuers

of

securities

in

which

the

Fund

may

invest

may

default

on

their

obligations

to

pay

principal

or

interest

when

due.

This

non-

payment

would

result

in

a

reduction

of

income

to

the

Fund,

a

reduction

in

the

value

of

a

security

experiencing

non-payment

and

potentially

a

decrease

in

the

net

asset

value

(“NAV”)

of

the

Fund.

With

respect

to

the

Fund’s

investments

that

are

secured,

there

can

be

no

assurance

that

liquidation

of

collateral

would

satisfy

the

issuer’s

obligation

in

the

event

of

non-payment

of

scheduled

dividend,

interest

or

principal

or

that

such

95

collateral

could

be

readily

liquidated.

In

the

event

of

the

bankruptcy

of

an

issuer,

the

Fund

could

experience

delays

or

limitations

with

respect

to

its

ability

to

realize

the

benefits

of

any

collateral

securing

an

investment.

To

the

extent

that

the

credit

rating

assigned

to

a

security

in

the

Fund’s

portfolio

is

downgraded,

the

market

price

and

liquidity

of

such

security

may

be

adversely

affected.

Credit

Risk

Associated

with

Originators

and

Servicers

of

Residential

and

Commercial

Mortgage

Loans.

In

the

past,

a

number

of

originators

and

servicers

of

residential

and

commercial

mortgage

loans,

including

some

of

the

largest

originators

and

servicers

in

the

residential

and

commercial

mortgage

loan

market,

experienced

serious

financial

difficulties.

These

difficulties

resulted

from

many

factors,

including

increased

competition

among

originators

for

borrowers,

decreased

originations

by

such

originators

of

mortgage

loans

and

increased

delinquencies

and

defaults

on

such

mortgage

loans,

as

well

as

increases

in

claims

for

repurchases

of

mortgage

loans

previously

sold

by

them

under

agreements

that

require

repurchase

in

the

event

of

breaches

of

representations

regarding

loan

quality

and

characteristics.

Such

difficulties

may

affect

the

performance

of

non-agency

RMBS

and

CMBS

backed

by

mortgage

loans.

Furthermore,

the

inability

of

the

originator

to

repurchase

such

mortgage

loans

in

the

event

of

loan

representation

breaches

or

the

servicer

to

repurchase

such

mortgage

loans

upon

a

breach

of

its

servicing

obligations

also

may

affect

the

performance

of

related

non-agency

RMBS

and

CMBS.

Delinquencies

and

losses

on

mortgage

loans

originated

by

mortgage

lenders

may

arise

or

increase

as

a

result

of

inadequate

underwriting

procedures

and

policies,

including

inadequate

due

diligence,

failure

to

comply

with

predatory

and

other

lending

laws

and,

particularly

in

the

case

of

any

“no

documentation”

or

“limited

documentation”

mortgage

loans

that

may

support

non-

agency

RMBS,

inadequate

verification

of

income

and

employment

history.

Delinquencies

and

losses

on,

and

claims

for

repurchase

of,

mortgage

loans

originated

by

mortgage

lenders

also

may

arise

from

fraudulent

activities

of

borrowers,

lenders,

appraisers,

and

other

residential

mortgage

industry

participants

such

as

mortgage

brokers,

including

misstatements

of

income

and

employment

history,

identity

theft

and

overstatements

of

the

appraised

value

of

mortgaged

properties.

Many

of

these

originators

and

servicers

are

highly

leveraged.

These

difficulties

may

also

increase

the

chances

that

these

entities

may

default

on

their

warehousing

or

other

credit

lines

or

become

insolvent

or

bankrupt

and

thereby

increase

the

likelihood

that

repurchase

obligations

will

not

be

fulfilled

and

the

potential

for

loss

to

holders

of

non-agency

RMBS,

CMBS

and

subordinated

security

holders.

The

servicers

of

non-agency

RMBS

and

CMBS

are

often

the

same

entities

as,

or

affiliates

of,

the

originators

of

these

mortgage

loans.

Accordingly,

the

financial

risks

relating

to

originators

of

non-agency

RMBS

and

CMBS

described

immediately

above

also

may

affect

the

servicing

of

non-agency

RMBS

and

CMBS.

In

the

case

of

such

servicers,

and

other

servicers,

financial

difficulties

may

have

a

negative

effect

on

the

ability

of

servicers

to

pursue

collection

on

mortgage

loans

that

are

experiencing

increased

delinquencies

and

defaults

and

to

maximize

recoveries

on

sale

of

underlying

properties

following

foreclosure.

Non-agency

RMBS

and

CMBS

typically

provide

that

the

servicer

is

required

to

make

advances

in

respect

of

delinquent

mortgage

loans.

However,

servicers

experiencing

financial

difficulties

may

not

be

able

to

perform

these

obligations

or

obligations

that

they

may

have

to

other

parties

of

transactions

involving

these

securities.

Like

originators,

these

entities

are

typically

highly

leveraged.

Such

difficulties

may

cause

servicers

to

default

under

their

financing

arrangements.

In

certain

cases,

such

entities

may

be

forced

to

seek

bankruptcy

protection.

Due

to

the

application

of

the

provisions

of

bankruptcy

law,

servicers

who

have

sought

bankruptcy

protection

may

not

be

required

to

advance

such

amounts.

Even

if

a

servicer

were

able

to

advance

amounts

in

respect

of

delinquent

mortgage

loans,

its

obligation

to

make

such

advances

may

be

limited

to

the

extent

that

it

does

not

expect

to

recover

such

advances

due

to

the

deteriorating

credit

of

the

delinquent

mortgage

loans

or

declining

value

of

the

related

mortgaged

properties.

Moreover,

servicers

may

over

advance

against

a

particular

mortgage

loan

or

charge

too

many

costs

of

resolution

or

foreclosure

of

a

mortgage

loan

to

a

securitization,

which

could

increase

the

potential

losses

to

holders

of

non-agency

RMBS

and

CMBS.

In

such

transactions,

a

servicer’s

obligation

to

make

such

advances

may

also

be

limited

to

the

amount

of

its

servicing

fee.

In

addition,

if

an

issue

of

non-agency

RMBS

and

CMBS

provides

for

interest

on

advances

made

by

the

servicer,

in

the

event

that

foreclosure

proceeds

or

payments

by

borrowers

are

not

sufficient

to

cover

such

interest,

such

interest

will

be

paid

to

the

servicer

from

available

collections

or

other

mortgage

income,

thereby

reducing

distributions

made

on

the

non-agency

RMBS

and

CMBS

and,

in

the

case

of

senior-subordinated

non-agency

RMBS

and

CMBS

described

below,

first

from

distributions

that

would

otherwise

be

made

on

the

most

subordinated

non-agency

RMBS

and

CMBS

of

such

issue.

Any

such

financial

difficulties

may

increase

the

possibility

of

a

servicer

termination

and

the

need

for

a

transfer

of

servicing

and

any

such

liabilities

or

inability

to

assess

such

liabilities

may

increase

the

difficulties

and

costs

in

affecting

such

transfer

and

the

potential

loss,

through

the

allocation

of

such

increased

cost

of

such

transfer,

to

subordinated

security

holders.

There

can

be

no

assurance

that

originators

and

servicers

of

mortgage

loans

will

not

experience

serious

financial

difficulties,

including

becoming

subject

to

bankruptcy

or

insolvency

proceedings,

or

that

underwriting

procedures

and

policies

and

protections

against

fraud

will

be

sufficient

in

the

future

to

prevent

such

financial

difficulties

or

significant

levels

of

default

or

delinquency

on

mortgage

loans.

Credit

Spread

Risk.

Credit

spread

risk

is

the

risk

that

credit

spreads

(i.e.,

the

difference

in

yield

between

securities

that

is

due

to

differences

in

their

credit

quality)

may

increase

when

the

market

believes

that

securities

generally

have

a

greater

risk

of

default.

Increasing

credit

spreads

may

reduce

the

market

values

of

the

Fund’s

securities.

Credit

spreads

often

increase

more

for

lower

rated

and

unrated

securities

than

for

investment

grade

securities.

In

addition,

when

credit

spreads

increase,

reductions

in

market

value

will

generally

be

greater

for

longer-maturity

securities.

Debt

Securities

Risk.

Issuers

of

debt

instruments

in

which

the

Fund

may

invest

may

default

on

their

obligations

to

pay

principal

or

interest

when

due.

This

non-payment

would

result

in

a

reduction

of

income

to

the

Fund,

a

reduction

in

the

value

of

a

debt

instrument

experiencing

non-payment

and,

potentially,

a

decrease

in

the

NAV

of

the

Fund.

There

can

be

no

assurance

that

liquidation

of

collateral

would

satisfy

the

issuer’s

obligation

in

the

event

of

non-payment

of

scheduled

interest

or

principal

or

that

such

collateral

could

be

readily

liquidated.

In

the

event

of

bankruptcy

of

an

issuer,

the

Fund

could

experience

delays

or

limitations

with

respect

to

its

ability

to

realize

the

benefits

of

any

collateral

securing

a

security.

To

the

extent

that

the

credit

rating

assigned

to

a

security

in

the

Fund’s

portfolio

is

downgraded,

the

market

price

and

liquidity

of

such

security

may

be

adversely

affected.

Distressed

or

Defaulted

Securities

Risk.

Investments

in

“distressed”

securities,

meaning

those

whose

issuers

are

experiencing

financial

difficulties

or

distress

at

the

time

of

acquisition,

present

a

substantial

risk

of

future

default.

In

the

event

distressed

securities

become

defaulted

securities

or

the

Fund

otherwise

holds

defaulted

securities,

the

Fund

may

incur

losses,

including

additional

expenses,

to

the

extent

it

is

required

to

seek

recovery

96

Shareholder

Update

(Unaudited)

(continued)

upon

a

default

in

the

payment

of

principal

or

interest

on

those

securities.

In

any

reorganization

or

liquidation

proceeding

relating

to

a

portfolio

security,

the

Fund

may

lose

its

entire

investment

or

may

be

required

to

accept

cash

or

securities

with

a

value

less

than

its

original

investment.

Defaulted

or

distressed

securities

may

be

subject

to

restrictions

on

resale.

Deflation

Risk.

Deflation

risk

is

the

risk

that

prices

throughout

the

economy

decline

over

time.

Deflation

may

have

an

adverse

effect

on

the

creditworthiness

of

issuers

and

may

make

issuer

default

more

likely,

which

may

result

in

a

decline

in

the

value

of

the

Fund’s

portfolio.

Derivatives

Risk.

The

use

of

derivatives

involves

additional

risks

and

transaction

costs

which

could

leave

the

Fund

in

a

worse

position

than

if

it

had

not

used

these

instruments.

Derivative

instruments

can

be

used

to

acquire

or

to

transfer

the

risk

and

returns

of

a

security

or

other

asset

without

buying

or

selling

the

security

or

asset.

These

instruments

may

entail

investment

exposures

that

are

greater

than

their

cost

would

suggest.

As

a

result,

a

small

investment

in

derivatives

can

result

in

losses

that

greatly

exceed

the

original

investment.

Derivatives

can

be

highly

volatile,

illiquid

and

difficult

to

value.

An

over-the-counter

derivative

transaction

between

the

Fund

and

a

counterparty

that

is

not

cleared

through

a

central

counterparty

also

involves

the

risk

that

a

loss

may

be

sustained

as

a

result

of

the

failure

of

the

counterparty

to

the

contract

to

make

required

payments.

The

payment

obligation

for

a

cleared

derivative

transaction

is

guaranteed

by

a

central

counterparty,

which

exposes

the

Fund

to

the

creditworthiness

of

the

central

counterparty.

The

use

of

certain

derivatives

involves

leverage,

which

can

cause

the

Fund’s

portfolio

to

be

more

volatile

than

if

the

portfolio

had

not

been

leveraged.

Leverage

can

significantly

magnify

the

effect

of

price

movements

of

the

reference

asset,

disproportionately

increasing

the

Fund’s

losses

and

reducing

the

Fund’s

opportunities

for

gains

when

the

reference

asset

changes

in

unexpected

ways.

In

some

instances,

such

leverage

could

result

in

losses

that

exceed

the

original

amount

invested.

It

is

possible

that

regulatory

or

other

developments

in

the

derivatives

market,

including

changes

in

government

regulation

could

adversely

impact

the

Fund’s

ability

to

invest

in

certain

derivatives

or

successfully

use

derivative

instruments.

Duration

Risk.

Duration

is

the

sensitivity,

expressed

in

years,

of

the

price

of

a

fixed-income

security

to

changes

in

the

general

level

of

interest

rates

(or

yields).

Securities

with

longer

durations

tend

to

be

more

sensitive

to

interest

rate

(or

yield)

changes,

which

typically

corresponds

to

increased

volatility

and

risk,

than

securities

with

shorter

durations.

For

example,

if

a

security

or

portfolio

has

a

duration

of

three

years

and

interest

rates

increase

by

1%,

then

the

security

or

portfolio

would

decline

in

value

by

approximately

3%.

Duration

differs

from

maturity

in

that

it

considers

potential

changes

to

interest

rates,

and

a

security’s

coupon

payments,

yield,

price

and

par

value

and

call

features,

in

addition

to

the

amount

of

time

until

the

security

matures.

The

duration

of

a

security

will

be

expected

to

change

over

time

with

changes

in

market

factors

and

time

to

maturity.

Emerging

Markets

Risk.

Risks

of

investing

in

securities

of

emerging

markets

issuers

include:

smaller

market

capitalization

of

securities

markets,

which

may

suffer

periods

of

relative

illiquidity;

significant

price

volatility;

restrictions

on

foreign

investment;

and

possible

restrictions

on

repatriation

of

investment

income

and

capital.

In

addition,

foreign

investors

may

be

required

to

register

the

proceeds

of

sales;

and

future

economic

or

political

crises

could

lead

to

price

controls,

forced

mergers,

expropriation

or

confiscatory

taxation,

seizure,

nationalization,

or

creation

of

government

monopolies.

Certain

emerging

markets

also

may

face

other

significant

internal

or

external

risks,

including

a

heightened

risk

of

war,

and

ethnic,

religious

and

racial

conflicts.

In

addition,

governments

in

many

emerging

market

countries

participate

to

a

significant

degree

in

their

economies

and

securities

markets,

which

may

impair

investment

and

economic

growth,

and

which

may

in

turn

diminish

the

value

of

the

securities

in

those

markets.

The

considerations

noted

below

in

“Non-U.S.

Securities

Risk”

are

generally

intensified

for

investments

in

emerging

market

countries.

Extension

Risk.

Extension

risk

is

the

flip

side

of

call

or

prepayment

risk.

Extension,

or

slower

prepayments

of

the

underlying

mortgage

loans,

would

extend

the

time

it

would

take

to

receive

cash

flows

and

would

generally

compress

the

yield

on

non-agency

RMBS

and

CMBS.

Rising

interest

rates

can

cause

the

average

maturity

of

the

Fund

to

lengthen

due

to

a

drop

in

mortgage

prepayments.

This

will

increase

both

the

sensitivity

to

rising

interest

rates

and

the

potential

for

price

declines

of

the

Fund.

Financial

Futures

and

Options

Transactions

Risk.

The

Fund

may

use

certain

transactions

for

hedging

the

portfolio’s

exposure

to

credit

risk

and

the

risk

of

increases

in

interest

rates,

which

could

result

in

poorer

overall

performance

for

the

Fund.

There

may

be

an

imperfect

correlation

between

price

movements

of

the

futures

and

options

and

price

movements

of

the

portfolio

securities

being

hedged.

If

the

Fund

engages

in

futures

transactions

or

in

the

writing

of

options

on

futures,

it

will

be

required

to

maintain

initial

margin

and

maintenance

margin

and

may

be

required

to

make

daily

variation

margin

payments

in

accordance

with

applicable

rules

of

the

exchanges

and

the

Commodity

Futures

Trading

Commission

(“CFTC”).

If

the

Fund

purchases

a

financial

futures

contract

or

a

call

option

or

writes

a

put

option

in

order

to

hedge

the

anticipated

purchase

of

securities,

and

if

the

Fund

fails

to

complete

the

anticipated

purchase

transaction,

the

Fund

may

have

a

loss

or

a

gain

on

the

futures

or

options

transaction

that

will

not

be

offset

by

price

movements

in

the

securities

that

were

the

subject

of

the

anticipatory

hedge.

There

can

be

no

assurance

that

a

liquid

market

will

exist

at

a

time

when

the

Fund

seeks

to

close

out

a

derivatives

or

futures

or

a

futures

option

position,

and

the

Fund

would

remain

obligated

to

meet

margin

requirements

until

the

position

is

closed.

Foreign

Currency

Risk.

Because

the

Fund

may

invest

in

securities

denominated

or

quoted

in

currencies

other

than

the

U.S.

dollar,

changes

in

foreign

currency

exchange

rates

may

affect

the

value

of

securities

held

by

the

Fund

and

the

unrealized

appreciation

or

depreciation

of

investments.

Currencies

of

certain

countries

may

be

volatile

and

therefore

may

affect

the

value

of

securities

denominated

in

such

currencies,

which

means

that

the

Fund’s

NAV

could

decline

as

a

result

of

changes

in

the

exchange

rates

between

foreign

currencies

and

the

U.S.

dollar.

In

addition,

certain

countries,

particularly

emerging

market

countries,

may

impose

foreign

currency

exchange

controls

or

other

restrictions

on

the

transferability,

repatriation

or

convertibility

of

currency.

Forward

Currency

Contracts

Risk.

Forward

currency

contracts

are

not

standardized;

rather,

banks

and

dealers

act

as

principals

in

these

markets,

negotiating

each

transaction

on

an

individual

basis.

Forward

and

“cash”

trading

is

substantially

unregulated;

there

is

no

limitation

on

daily

price

movements

and

speculative

position

limits

are

not

applicable.

The

principals

who

deal

in

the

forward

currency

markets

are

not

required

to

continue

to

make

markets

in

the

securities

they

trade

and

these

markets

can

experience

periods

of

illiquidity,

sometimes

of

significant

duration.

There

have

been

periods

during

which

certain

participants

in

these

markets

have

refused

to

quote

prices

for

certain

securities

or

have

quoted

prices

with

97

an

unusually

wide

spread

between

the

price

at

which

they

were

prepared

to

buy

and

that

at

which

they

were

prepared

to

sell.

Market

illiquidity

or

disruption

could

result

in

major

losses

to

the

Fund.

In

addition,

trading

forward

currency

contracts

can

have

the

effect

of

financial

leverage

by

creating

additional

investment

exposure.

Hedging

Risk.

The

Fund’s

use

of

derivatives

or

other

transactions

to

reduce

risk

involves

costs

and

will

be

subject

to

the

investment

adviser’s

and/or

the

sub-adviser’s

ability

to

predict

correctly

changes

in

the

relationships

of

such

hedge

instruments

to

the

Fund’s

portfolio

holdings

or

other

factors.

No

assurance

can

be

given

that

the

investment

adviser’s

and/or

the

sub-adviser’s

judgment

in

this

respect

will

be

correct,

and

no

assurance

can

be

given

that

the

Fund

will

enter

into

hedging

or

other

transactions

at

times

or

under

circumstances

in

which

it

may

be

advisable

to

do

so.

Hedging

activities

may

reduce

the

Fund’s

opportunities

for

gain

by

offsetting

the

positive

effects

of

favorable

price

movements

and

may

result

in

net

losses.

Illiquid

Investments

Risk.

Illiquid

investments

are

investments

that

are

not

readily

marketable.

These

investments

may

include

restricted

investments,

including

Rule

144

A

securities,

which

cannot

be

resold

to

the

public

without

an

effective

registration

statement

under

the

1933

Act,

or

if

they

are

unregistered

may

be

sold

only

in

a

privately

negotiated

transaction

or

pursuant

to

an

available

exemption

from

registration.

The

Fund

may

not

be

able

to

readily

dispose

of

such

investments

at

prices

that

approximate

those

at

which

the

Fund

could

sell

the

investments

if

they

were

more

widely

traded

and,

as

a

result

of

such

illiquidity,

the

Fund

may

have

to

sell

other

investments

or

engage

in

borrowing

transactions

if

necessary

to

raise

cash

to

meet

its

obligations.

Limited

liquidity

can

also

affect

the

market

price

of

investments,

thereby

adversely

affecting

the

Fund’s

NAV

and

ability

to

make

dividend

distributions.

The

financial

markets

in

general

have

in

recent

years

experienced

periods

of

extreme

secondary

market

supply

and

demand

imbalance,

resulting

in

a

loss

of

liquidity

during

which

market

prices

were

suddenly

and

substantially

below

traditional

measures

of

intrinsic

value.

During

such

periods,

some

investments

could

be

sold

only

at

arbitrary

prices

and

with

substantial

losses.

Periods

of

such

market

dislocation

may

occur

again

at

any

time.

Impact

Criteria

and

Environmental,

Social

and

Governance

(“ESG”)

Criteria

Investing

Risk.

Because

the

Impact

Criteria

and/or

Nuveen’s

ESG

investment

criteria

may

exclude

investments

of

certain

issuers

for

non-financial

reasons,

the

Fund

may

forgo

some

market

opportunities

available

to

funds

that

do

not

use

these

criteria.

This

may

cause

the

Fund

to

underperform

the

market

as

a

whole

or

other

funds

that

do

not

use

an

Impact

Criteria

or

ESG

investment

strategy

or

that

use

a

different

methodology

or

different

factors

to

determine

an

investment’s

impact

and/

or

ESG

investment

criteria.

In

addition,

there

is

a

risk

that

the

companies

identified

by

the

Impact

Criteria

or

Nuveen’s

ESG

investment

criteria

do

not

operate

as

expected

when

addressing

social

and

environmental

impact

and

ESG

issues.

A

company’s

social

and

environmental

impact

and

ESG

performance

or

the

Fund’s

sub-adviser’s

assessment

of

a

company’s

social

and

environmental

impact

and

ESG

performance

could

vary

over

time,

which

could

cause

the

Fund

to

be

temporarily

invested

in

companies

that

do

not

comply

with

the

Fund’s

approach

towards

considering

Impact

Criteria

or

ESG

investment

criteria.

There

are

significant

differences

in

interpretations

of

what

it

means

for

a

company

to

have

positive

Impact

Criteria

or

ESG

investment

criteria.

While

the

Fund’s

sub-adviser

believes

its

evaluation

of

Impact

Criteria

and/or

ESG

investment

criteria

is

reasonable,

the

portfolio

decisions

it

makes

may

differ

with

other

investors’

or

advisers’

views.

In

making

investment

decisions,

the

Fund’s

sub-adviser

relies

on

information

and

data

that

could

be

incomplete

or

erroneous,

which

could

cause

the

Fund’s

sub-adviser

to

incorrectly

assess

a

company’s

Impact

Criteria

and/or

ESG

investment

criteria.

The

third-party

data

providers

may

differ

in

the

data

they

provide

for

a

given

investment

or

between

industries,

or

may

only

take

into

account

one

of

many

ESG-related

components

of

a

company.

Accordingly,

the

information

used

by

the

Fund’s

sub-

adviser

to

evaluate

the

ESG

criteria

of

the

Fund’s

investments

may

not

be

complete

or

accurate,

and

may

vary

across

providers

and

issuers,

as

ESG

is

not

a

uniformly

defined

characteristic.

Furthermore,

data

availability

and

reporting

with

respect

to

Impact

Criteria

or

the

ESG

investment

criteria

may

not

always

be

available

or

may

become

unreliable.

Income

Risk.

The

Fund’s

income

could

decline

due

to

falling

market

interest

rates.

This

is

because,

in

a

falling

interest

rate

environment,

the

Fund

generally

will

have

to

invest

the

proceeds

from

maturing

portfolio

securities

in

lower-yielding

securities.

Inflation

Risk.

Inflation

risk

is

the

risk

that

the

value

of

assets

or

income

from

investments

will

be

worth

less

in

the

future

as

inflation

decreases

the

value

of

money.

As

inflation

increases,

the

real

value

of

the

common

shares

and

distributions

can

decline.

Currently,

inflation

rates

are

elevated

relative

to

normal

market

conditions

and

could

increase.

Interest

Rate

Risk.

Interest

rate

risk

is

the

risk

that

municipal

securities

in

the

Fund’s

portfolio

will

decline

in

value

because

of

changes

in

market

interest

rates.

Generally,

when

market

interest

rates

rise,

the

market

value

of

such

securities

will

fall,

and

vice

versa.

As

interest

rates

decline,

issuers

of

municipal

securities

may

prepay

principal

earlier

than

scheduled,

forcing

the

Fund

to

reinvest

in

lower-yielding

securities

and

potentially

reducing

the

Fund’s

income.

As

interest

rates

increase,

slower

than

expected

principal

payments

may

extend

the

average

life

of

municipal

securities,

potentially

locking

in

a

below-market

interest

rate

and

reducing

the

Fund’s

value.

In

typical

market

interest

rate

environments,

the

prices

of

longer-

term

municipal

securities

generally

fluctuate

more

than

prices

of

shorter-term

municipal

securities

as

interest

rates

change.

Interest

Rate

Risk

Associated

with

Non-Agency

Residential

Mortgage-Backed

Securities

(“RMBS”)

and

Commercial

Mortgage-Backed

Securities

(“CMBS”).

The

rate

of

interest

payable

on

certain

non-agency

RMBS

and

CMBS

may

be

set

or

effectively

capped

at

the

weighted

average

net

coupon

of

the

underlying

mortgage

loans

themselves,

often

referred

to

as

an

“available

funds

cap.”

As

a

result

of

this

cap,

the

return

to

the

holder

of

such

non-agency

RMBS

and

CMBS

is

dependent

on

the

relative

timing

and

rate

of

delinquencies

and

prepayments

of

mortgage

loans

bearing

a

higher

rate

of

interest.

In

general,

early

prepayments

will

have

a

greater

negative

impact

on

the

yield

to

the

holder

of

such

non-agency

RMBS

and

CMBS.

The

value

of

fixed

rate

debt

securities

can

be

expected

to

vary

inversely

with

changes

in

prevailing

interest

rates.

Fixed

rate

debt

securities

with

longer

maturities,

which

tend

to

produce

higher

yields,

are

subject

to

potentially

greater

capital

appreciation

and

depreciation

than

securities

with

shorter

maturities.

98

Shareholder

Update

(Unaudited)

(continued)

Inverse

Floating

Rate

Securities

Risk.

The

Fund

may

invest

in

inverse

floating

rate

securities.

In

general,

income

on

inverse

floating

rate

securities

will

decrease

when

short-term

interest

rates

increase

and

increase

when

short-term

interest

rates

decrease.

Investments

in

inverse

floating

rate

securities

may

subject

the

Fund

to

the

risks

of

reduced

or

eliminated

interest

payments

and

losses

of

principal.

In

addition,

inverse

floating

rate

securities

may

increase

or

decrease

in

value

at

a

greater

rate

than

the

underlying

interest

rate,

which

effectively

leverages

the

Fund’s

investment.

As

a

result,

the

market

value

of

such

securities

generally

will

be

more

volatile

than

that

of

fixed

rate

securities.

The

Fund

may

invest

in

inverse

floating

rate

securities

issued

by

special

purpose

trusts

that

have

recourse

to

the

Fund.

In

such

instances,

the

Fund

may

be

at

risk

of

loss

that

exceeds

its

investment

in

the

inverse

floating

rate

securities.

The

Fund

may

be

required

to

sell

its

inverse

floating

rate

securities

at

less

than

favorable

prices,

or

liquidate

other

Fund

portfolio

holdings

in

certain

circumstances,

including,

but

not

limited

to,

the

following:

If

the

Fund

has

a

need

for

cash

and

the

securities

in

a

special

purpose

trust

are

not

actively

trading

due

to

adverse

market

conditions;

If

special

purpose

trust

sponsors

(as

a

collective

group

or

individually)

experience

financial

hardship

and

consequently

seek

to

terminate

their

respective

outstanding

special

purpose

trusts;

and

If

the

value

of

an

underlying

security

declines

significantly

and

if

additional

collateral

has

not

been

posted

by

the

Fund.

Loan

Participation

Risk.

The

Fund

may

purchase

a

participation

interest

in

a

loan

and

by

doing

so

acquire

some

or

all

of

the

interest

of

a

bank

or

other

lending

institution

in

a

loan

to

a

borrower.

A

participation

typically

will

result

in

the

Fund

having

a

contractual

relationship

only

with

the

lender,

not

the

borrower.

As

a

result,

the

Fund

assumes

the

credit

risk

of

the

lender

selling

the

participation

in

addition

to

the

credit

risk

of

the

borrower.

By

purchasing

a

participation,

the

Fund

will

have

the

right

to

receive

payments

of

principal,

interest

and

any

fees

to

which

it

is

entitled

only

from

the

lender

selling

the

participation

and

only

upon

receipt

by

the

lender

of

the

payments

from

the

borrower.

In

the

event

of

insolvency

or

bankruptcy

of

the

lender

selling

the

participation,

the

Fund

may

be

treated

as

a

general

creditor

of

the

lender

and

may

not

have

a

senior

claim

to

the

lender’s

interest

in

the

loan.

If

the

Fund

only

acquires

a

participation

in

the

loan

made

by

a

third

party,

the

Fund

may

not

be

able

to

control

the

exercise

of

any

remedies

that

the

lender

would

have

under

the

loan.

Such

third

party

participation

arrangements

are

designed

to

give

loan

investors

preferential

treatment

over

high

yield

investors

in

the

event

of

a

deterioration

in

the

credit

quality

of

the

borrower.

Even

when

these

arrangements

exist,

however,

there

can

be

no

assurance

that

the

principal

and

interest

owed

on

the

loan

will

be

repaid

in

full.

Loan

Risk.

The

lack

of

an

active

trading

market

for

certain

loans

may

impair

the

ability

of

the

Fund

to

realize

full

value

in

the

event

of

the

need

to

sell

a

loan

and

may

make

it

difficult

to

value

such

loans.

Portfolio

transactions

in

loans

may

settle

in

as

short

as

seven

days

but

typically

can

take

up

to

two

or

three

weeks,

and

in

some

cases

much

longer.

As

a

result

of

these

extended

settlement

periods,

the

Fund

may

incur

losses

if

it

is

required

to

sell

other

investments

or

temporarily

borrow

to

meet

its

cash

needs.

The

risks

associated

with

unsecured

loans,

which

are

not

backed

by

a

security

interest

in

any

specific

collateral,

are

higher

than

those

for

comparable

loans

that

are

secured

by

specific

collateral.

For

secured

loans,

there

is

a

risk

that

the

value

of

any

collateral

securing

a

loan

in

which

the

Fund

has

an

interest

may

decline

and

that

the

collateral

may

not

be

sufficient

to

cover

the

amount

owed

on

the

loan.

Interests

in

loans

made

to

finance

highly

leveraged

companies

or

transactions

such

as

corporate

acquisitions

may

be

especially

vulnerable

to

adverse

changes

in

economic

or

market

conditions.

Loans

may

have

restrictive

covenants

limiting

the

ability

of

a

borrower

to

further

encumber

its

assets.

However,

in

periods

of

high

demand

by

lenders

like

the

Fund

for

loan

investments,

borrowers

may

limit

these

covenants

and

weaken

a

lender’s

ability

to

access

collateral

securing

the

loan;

reprice

the

credit

risk

associated

with

the

borrower;

and

mitigate

potential

loss.

The

Fund

may

experience

relatively

greater

realized

or

unrealized

losses

or

delays

and

expenses

in

enforcing

its

rights

with

respect

to

loans

with

fewer

restrictive

covenants.

Additionally,

loans

may

not

be

considered

“securities”

and,

as

a

result,

the

Fund

may

not

be

entitled

to

rely

on

the

anti-

fraud

protections

of

the

securities

laws.

Because

junior

loans

have

a

lower

place

in

an

issuer’s

capital

structure

and

may

be

unsecured,

junior

loans

involve

a

higher

degree

of

overall

risk

than

senior

loans

of

the

issuer.

Mortgage-Backed

Securities

(“MBS”)

Prepayment

Risk.

MBS

represent

an

interest

in

a

pool

of

mortgages.

These

mortgages

typically

permit

borrowers

to

prepay

amounts

owing,

often

with

no

penalty.

In

periods

of

falling

interest

rates,

the

rate

of

prepayments

tends

to

increase,

forcing

the

Fund

to

reinvest

in

lower-yielding

securities.

However,

MBS

prepayment

risk

may

not

be

the

same

as

call

risk

for

a

corporate

bond

of

similar

maturity,

making

this

risk

difficult

to

estimate.

Non-Agency

Residential

Mortgage-Backed

Securities

(“RMBS”)

Risk.

Non-agency

RMBS

are

securities

issued

by

non-governmental

issuers,

the

payments

on

which

depend

(except

for

rights

or

other

assets

designed

to

assure

the

servicing

or

timely

distribution

of

proceeds

to

holders

of

such

securities)

primarily

on

the

cash

flow

from

residential

mortgage

loans

made

to

borrowers

that

are

secured

(on

a

first

priority

basis

or

second

priority

basis,

subject

to

permitted

liens,

easements

and

other

encumbrances)

by

residential

real

estate

(one-

to

four-

family

properties)

the

proceeds

of

which

are

used

to

purchase

real

estate

and

purchase

or

construct

dwellings

thereon

(or

to

refinance

indebtedness

previously

so

used).

Non-agency

RMBS

have

no

direct

or

indirect

government

guarantees

of

payment

and

are

subject

to

various

risks

as

described

herein.

Non-Mortgage

Related

Asset-Backed

Securities

(“ABS”)

Risk

.

Investing

in

ABS

entails

various

risks,

including

credit

risks,

liquidity

risks,

interest

rate

risks,

market

risks

and

legal

risks.

Credit

risk

is

an

important

issue

in

ABS

because

of

the

significant

credit

risks

inherent

in

the

underlying

collateral

and

because

issuers

are

primarily

private

entities.

The

structure

of

ABS

and

the

terms

of

the

investors’

interest

in

the

collateral

can

vary

widely

depending

on

the

type

of

collateral,

the

desires

of

investors

and

the

use

of

credit

enhancements.

Although

the

basic

elements

of

all

ABS

are

similar,

individual

transactions

can

differ

markedly

in

both

structure

and

execution.

Important

determinants

of

the

risk

associated

with

issuing

or

holding

the

securities

include

the

process

by

which

principal

and

interest

payments

are

allocated

and

distributed

to

investors,

how

credit

losses

affect

the

issuing

vehicle

and

the

return

to

investors

in

such

ABS,

whether

collateral

represents

a

fixed

set

of

specific

assets

or

accounts,

whether

the

underlying

collateral

assets

are

revolving

or

closed-end,

under

what

terms

(including

the

maturity

of

the

ABS

itself)

any

remaining

balance

in

the

accounts

may

revert

to

the

issuing

entity

and

the

extent

to

which

the

entity

that

is

the

actual

source

of

the

collateral

assets

is

obligated

to

provide

support

to

the

issuing

vehicle

or

to

the

investors

in

such

ABS.

The

Fund

may

invest

in

ABS

that

are

subordinate

in

right

of

payment

and

rank

junior

to

other

securities

that

are

secured

by

or

represent

an

ownership

interest

in

the

same

pool

of

assets.

In

addition,

many

of

the

transactions

in

which

99

such

securities

are

issued

have

structural

features

that

divert

payments

of

interest

and/or

principal

to

more

senior

classes

when

the

delinquency

or

loss

experience

of

the

pool

exceeds

certain

levels.

As

a

result,

such

securities

have

a

higher

risk

of

loss

as

a

result

of

delinquencies

or

losses

on

the

underlying

assets.

Non-U.S.

Securities

Risk.

Investments

in

securities

of

non-U.S.

issuers

involve

special

risks,

including:

less

publicly

available

information

about

non-

U.S.

issuers

or

markets

due

to

less

rigorous

disclosure

or

accounting

standards

or

regulatory

practices;

many

non-U.S.

markets

are

smaller,

less

liquid

and

more

volatile;

the

economies

of

non-U.S.

countries

may

grow

at

slower

rates

than

expected

or

may

experience

a

downturn

or

recession;

the

impact

of

economic,

political,

social

or

diplomatic

events;

and

withholding

and

other

non-U.S.

taxes

may

decrease

the

Fund’s

return.

These

risks

are

more

pronounced

to

the

extent

that

the

Fund

invests

a

significant

amount

of

its

assets

in

issuers

located

in

one

region.

Other

Investment

Companies

Risk.

The

Fund

may

invest

in

the

securities

of

other

investment

companies,

including

ETFs.

Investing

in

an

investment

company

exposes

the

Fund

to

all

of

the

risks

of

that

investment

company’s

investments.

The

Fund,

as

a

holder

of

the

securities

of

other

investment

companies,

will

bear

its

pro

rata

portion

of

the

other

investment

companies’

expenses,

including

advisory

fees.

These

expenses

are

in

addition

to

the

direct

expenses

of

the

Fund’s

own

operations.

As

a

result,

the

cost

of

investing

in

investment

company

shares

may

exceed

the

costs

of

investing

directly

in

its

underlying

investments.

In

addition,

securities

of

other

investment

companies

may

be

leveraged.

As

a

result,

the

Fund

may

be

indirectly

exposed

to

leverage

through

an

investment

in

such

securities

and

therefore

magnify

the

Fund’s

leverage

risk.

With

respect

to

ETF’s,

an

ETF

that

is

based

on

a

specific

index

may

not

be

able

to

replicate

and

maintain

exactly

the

composition

and

relative

weighting

of

securities

in

the

index.

The

value

of

an

ETF

based

on

a

specific

index

is

subject

to

change

as

the

values

of

its

respective

component

assets

fluctuate

according

to

market

volatility.

ETFs

typically

rely

on

a

limited

pool

of

authorized

participants

to

create

and

redeem

shares,

and

an

active

trading

market

for

ETF

shares

may

not

develop

or

be

maintained.

The

market

value

of

shares

of

ETFs

and

closed-end

funds

may

differ

from

their

NAV.

Preferred

Securities

Risk.

Preferred

securities

are

subordinated

to

bonds

and

other

debt

instruments

in

a

company’s

capital

structure,

and

therefore

are

subject

to

greater

credit

risk.

In

addition,

preferred

stockholders

(such

as

the

Fund,

to

the

extent

it

invests

in

preferred

stocks

of

other

issuers)

generally

have

no

voting

rights

with

respect

to

the

issuing

company

unless

preferred

dividends

have

been

in

arrears

for

a

specified

number

of

periods,

at

which

time

the

preferred

stockholders

may

elect

a

number

of

directors

to

the

issuer’s

board.

Generally,

once

all

the

arrearages

have

been

paid,

the

preferred

stockholders

no

longer

have

voting

rights.

In

the

case

of

certain

taxable

preferred

stocks,

holders

generally

have

no

voting

rights,

except

(i)

if

the

issuer

fails

to

pay

dividends

for

a

specified

period

of

time

or

(ii)

if

a

declaration

of

default

occurs

and

is

continuing.

In

such

an

event,

rights

of

preferred

stockholders

generally

would

include

the

right

to

appoint

and

authorize

a

trustee

to

enforce

the

trust

or

special

purpose

entity’s

rights

as

a

creditor

under

the

agreement

with

its

operating

company.

In

certain

varying

circumstances,

an

issuer

of

preferred

stock

may

redeem

the

securities

prior

to

a

specified

date.

For

instance,

for

certain

types

of

preferred

stock,

a

redemption

may

be

triggered

by

a

change

in

U.S.

federal

income

tax

or

securities

laws.

As

with

call

provisions,

a

redemption

by

the

issuer

may

negatively

impact

the

return

of

the

security

held

by

the

Fund.

Real

Estate

Related

Securities

Risk.

Real

estate

companies

have

been

subject

to

substantial

fluctuations

and

declines

on

a

local,

regional

and

national

basis

in

the

past

and

may

continue

to

be

in

the

future.

Real

property

values

and

incomes

from

real

property

may

decline

due

to

general

and

local

economic

conditions,

overbuilding

and

increased

competition

for

tenants,

increases

in

property

taxes

and

operating

expenses,

changes

in

zoning

laws,

casualty

or

condemnation

losses,

regulatory

limitations

on

rents,

changes

in

neighborhoods

and

in

demographics,

increases

in

market

interest

rates,

or

other

factors.

Factors

such

as

these

may

adversely

affect

companies

that

own

and

operate

real

estate

directly,

companies

that

lend

to

them,

and

companies

that

service

the

real

estate

industry.

Equity

REITs

may

be

affected

by

changes

in

the

values

of

and

incomes

from

the

properties

they

own,

while

mortgage

REITs

may

be

affected

by

the

credit

quality

of

the

mortgage

loans

they

hold.

REITs

are

subject

to

other

risks

as

well,

including

the

fact

that

REITs

are

dependent

on

specialized

management

skills,

which

may

affect

their

ability

to

generate

cash

flow

for

operating

purposes

and

to

make

distributions

to

shareholders

or

unitholders.

REITs

may

have

limited

diversification

and

are

subject

to

the

risks

associated

with

obtaining

financing

for

real

property.

A

U.S.

domestic

REIT

can

pass

its

income

through

to

shareholders

or

unitholders

without

any

U.S.

federal

income

tax

at

the

entity

level

if

it

complies

with

various

requirements

under

the

Code.

There

is

the

risk

that

a

REIT

held

by

the

Fund

will

fail

to

qualify

for

this

tax-free

pass-through

treatment

of

its

income,

in

which

case

the

REIT

would

become

subject

to

U.S.

federal

income

tax.

Similarly,

REITs

formed

under

the

laws

of

non-U.S.

countries

may

fail

to

qualify

for

corporate

tax

benefits

made

available

by

the

governments

of

such

countries.

The

Fund,

as

a

holder

of

a

REIT,

will

bear

its

pro

rata

portion

of

the

REIT’s

expenses.

Regulation

S

Securities

Risk.

The

risk

that

Regulation

S

securities

may

be

less

liquid

than

publicly

traded

securities.

Regulation

S

securities

may

not

be

subject

to

the

disclosure

and

other

investor

protection

requirements

that

would

be

applicable

to

publicly

traded

securities.

As

a

result,

Regulation

S

securities

may

involve

a

high

degree

of

business

and

financial

risk

and

may

result

in

losses.

Reinvestment

Risk.

Reinvestment

risk

is

the

risk

that

income

from

the

Fund’s

portfolio

will

decline

if

and

when

the

Fund

invests

the

proceeds

from

matured,

traded

or

called

securities

at

market

interest

rates

that

are

below

the

portfolio’s

current

earnings

rate.

A

decline

in

income

could

affect

the

common

shares’

market

price,

NAV

and/or

a

common

shareholder’s

overall

returns.

Senior

Loan

Risk.

Senior

loans

typically

hold

the

most

senior

position

in

the

capital

structure

of

a

business

entity,

are

typically

secured

with

specific

collateral

and

have

a

claim

on

the

assets

and/or

stock

of

the

issuer

that

is

senior

to

that

held

by

subordinated

debt

holders

and

stockholders

of

the

issuer.

Senior

loans

are

usually

rated

below

investment

grade,

and

share

the

same

risks

of

other

below

investment

grade

debt

instruments.

Although

the

Fund

may

invest

in

senior

loans

that

are

secured

by

specific

collateral,

there

can

be

no

assurance

that

the

liquidation

of

such

collateral

would

satisfy

an

issuer’s

obligation

to

the

Fund

in

the

event

of

issuer

default

or

that

such

collateral

could

be

readily

liquidated

under

such

circumstances.

If

the

terms

of

a

senior

loan

do

not

require

the

issuer

to

pledge

additional

collateral

in

the

event

of

a

decline

in

the

value

of

the

already

pledged

collateral,

the

Fund

will

be

exposed

to

the

risk

that

the

value

of

the

collateral

will

not

at

all

times

equal

or

exceed

the

amount

of

the

issuer’s

obligations

under

the

senior

loan.

100

Shareholder

Update

(Unaudited)

(continued)

In

the

event

of

bankruptcy

of

an

issuer,

the

Fund

could

also

experience

delays

or

limitations

with

respect

to

its

ability

to

realize

the

benefits

of

any

collateral

securing

a

senior

loan.

Some

senior

loans

are

subject

to

the

risk

that

a

court,

pursuant

to

fraudulent

conveyance

or

other

similar

laws,

could

subordinate

the

senior

loans

to

presently

existing

or

future

indebtedness

of

the

issuer

or

take

other

action

detrimental

to

lenders,

including

the

Fund.

Such

court

action

could

under

certain

circumstances

include

invalidation

of

senior

loans.

Senior

Loan

Agent

Risk.

A

financial

institution’s

employment

as

an

agent

under

a

senior

loan

might

be

terminated

in

the

event

that

it

fails

to

observe

a

requisite

standard

of

care

or

becomes

insolvent.

A

successor

agent

would

generally

be

appointed

to

replace

the

terminated

agent,

and

assets

held

by

the

agent

under

the

loan

agreement

would

likely

remain

available

to

holders

of

such

indebtedness.

However,

if

assets

held

by

the

terminated

agent

for

the

benefit

of

the

Fund

were

determined

to

be

subject

to

the

claims

of

the

agent’s

general

creditors,

the

Fund

might

incur

certain

costs

and

delays

in

realizing

payment

on

a

senior

loan

or

loan

participation

and

could

suffer

a

loss

of

principal

and/or

interest.

In

situations

involving

other

interposed

financial

institutions

(e.g.,

an

insurance

company

or

government

agency)

similar

risks

may

arise.

Structural

Risks

Associated

with

Commercial

Mortgage-Backed

Securities

(“CMBS”)

and

Non-Agency

Residential

Mortgage-Backed

Securities

(“RMBS”).

Because

non-agency

RMBS

generally

are

ownership

or

participation

interests

in

pools

of

mortgage

loans

secured

by

a

pool

of

one-

to

four-family

residential

properties

underlying

the

mortgage

loan

pool,

the

non-agency

RMBS

are

entitled

to

payments

provided

for

in

the

underlying

agreement

only

when

and

if

funds

are

generated

by

the

underlying

mortgage

loan

pool.

This

likelihood

of

the

return

of

interest

and

principal

may

be

assessed

as

a

credit

matter.

However,

the

holders

of

non-agency

RMBS

do

not

have

the

legal

status

of

secured

creditors,

and

cannot

accelerate

a

claim

for

payment

on

their

securities,

or

force

a

sale

of

the

mortgage

loan

pool

in

the

event

that

insufficient

funds

exist

to

pay

such

amounts

on

any

date

designated

for

such

payment.

The

holders

of

non-agency

RMBS

do

not

typically

have

any

right

to

remove

a

servicer

solely

as

a

result

of

a

failure

of

the

mortgage

pool

to

perform

as

expected.

A

similar

risk

is

associated

with

CMBS.

Subordination

Risk

Associated

with

Non-Agency

Residential

Mortgage-Backed

Securities

(“RMBS”)

and

Commercial

Mortgage

Backed

Securities

(“CMBS”).

Non-agency

RMBS

and

CMBS

may

be

subordinated

to

one

or

more

other

senior

classes

of

securities

of

the

same

series

for

purposes

of,

among

other

things,

offsetting

losses

and

other

shortfalls

with

respect

to

the

related

underlying

mortgage

loans.

For

example,

in

the

case

of

certain

non-agency

RMBS

and

CMBS,

no

distributions

of

principal

will

generally

be

made

with

respect

to

any

class

until

the

aggregate

principal

balances

of

the

corresponding

senior

classes

of

securities

have

been

reduced

to

zero.

As

a

result,

non-agency

RMBS

and

CMBS

may

be

more

sensitive

to

risk

of

loss,

write-downs,

the

non-fulfillment

of

repurchase

obligations,

over-advancing

on

a

pool

of

loans

and

the

costs

of

transferring

servicing

than

senior

classes

of

securities.

Subprime

Mortgage

Market

Risk.

The

residential

mortgage

market

in

the

United

States

in

the

recent

past

experienced

difficulties

that,

should

similar

conditions

occur

in

the

future,

may

adversely

affect

the

performance

and

market

value

of

certain

mortgages

and

mortgage-related

securities.

Delinquencies

and

losses

on

residential

mortgage

loans

(especially

subprime

and

second-line

mortgage

loans)

may

increase,

and

a

decline

in

or

flattening

of

housing

values

may

exacerbate

such

delinquencies

and

losses.

Borrowers

with

adjustable

rate

mortgage

loans

are

more

sensitive

to

changes

in

interest

rates,

which

affect

their

monthly

mortgage

payments,

and

may

be

unable

to

secure

replacement

mortgages

at

comparably

low

interest

rates.

Any

significant

reduction

in

investor

demand

for

mortgage

loans

and

mortgage-related

securities

or

increase

in

investor

yield

requirements

may

cause

limited

liquidity

in

the

secondary

market

for

mortgage-related

securities,

which

could

adversely

affect

the

market

value

of

mortgage-related

securities.

If

the

economy

of

the

United

States

were

to

deteriorate,

the

incidence

of

mortgage

foreclosures,

especially

subprime

mortgages,

could

increase,

which

may

adversely

affect

the

value

of

any

MBS

owned

by

the

Fund.

Sovereign

Government

and

Supranational

Debt

Risk.

Investments

in

sovereign

debt,

including

supranational

debt,

involves

special

risks.

Foreign

governmental

issuers

of

debt

or

the

governmental

authorities

that

control

the

repayment

of

the

debt

may

be

unable

or

unwilling

to

repay

principal

or

pay

interest

when

due.

In

the

event

of

default,

there

may

be

limited

or

no

legal

recourse

in

that,

generally,

remedies

for

defaults

must

be

pursued

in

the

courts

of

the

defaulting

party.

Political

conditions,

especially

a

sovereign

entity’s

willingness

to

meet

the

terms

of

its

debt

obligations,

are

of

considerable

significance.

The

ability

of

a

foreign

sovereign

issuer,

especially

an

emerging

market

country,

to

make

timely

payments

on

its

debt

obligations

will

also

be

strongly

influenced

by

the

sovereign

issuer’s

balance

of

payments,

including

export

performance,

its

access

to

international

credit

facilities

and

investments,

fluctuations

of

interest

rates

and

the

extent

of

its

foreign

reserves.

A

country

whose

exports

are

concentrated

in

a

few

commodities

or

whose

economy

depends

on

certain

strategic

imports

could

be

vulnerable

to

fluctuations

in

international

prices

of

these

commodities

or

imports.

If

a

sovereign

issuer

cannot

generate

sufficient

earnings

from

foreign

trade

to

service

its

external

debt,

it

may

need

to

depend

on

continuing

loans

and

aid

from

foreign

governments,

commercial

banks,

and

multinational

organizations.

The

cost

of

servicing

external

debt

will

also

generally

be

adversely

affected

by

rising

international

interest

rates,

as

many

external

debt

obligations

bear

interest

at

rates

which

are

adjusted

based

upon

international

interest

rates.

Foreign

investment

in

certain

sovereign

debt

is

restricted

or

controlled

to

varying

degrees,

including

requiring

governmental

approval

for

the

repatriation

of

income,

capital

or

proceeds

of

sales

by

foreign

investors.

There

are

no

bankruptcy

proceedings

similar

to

those

in

the

U.S.

by

which

defaulted

sovereign

debt

may

be

collected.

Swap

Transactions

Risk.

The

Fund

may

enter

into

debt-related

derivative

instruments

such

as

credit

default

swap

contracts

and

interest

rate

swaps.

Like

most

derivative

instruments,

the

use

of

swaps

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

In

addition,

the

use

of

swaps

requires

an

understanding

by

the

investment

adviser

and/or

the

sub-adviser

of

not

only

the

referenced

asset,

rate

or

index,

but

also

of

the

swap

itself.

If

the

investment

adviser

and/or

the

sub-adviser

is

incorrect

in

its

forecasts

of

default

risks,

market

spreads

or

other

applicable

factors

or

events,

the

investment

performance

of

the

Fund

would

diminish

compared

with

what

it

would

have

been

if

these

techniques

were

not

used.

Unrated

Securities

Risk.

The

Fund

may

purchase

securities

that

are

not

rated

by

any

rating

organization.

Unrated

securities

determined

by

the

Fund’s

investment

adviser

to

be

of

comparable

quality

to

rated

investments

which

the

Fund

may

purchase

may

pay

a

higher

dividend

or

interest

rate

than

such

rated

investments

and

be

subject

to

a

greater

risk

of

illiquidity

or

price

changes.

Less

public

information

is

typically

available

about

unrated

investments

or

issuers

than

rated

investments

or

issuers.

Some

unrated

securities

may

not

have

an

active

trading

market

or

may

be

difficult

to

value,

which

means

the

Fund

might

have

difficulty

selling

them

promptly

at

an

acceptable

price.

To

the

extent

that

the

Fund

invests

in

unrated

securities,

the

Fund’s

ability

to

achieve

its

investment

objectives

will

be

more

dependent

on

the

investment

adviser’s

credit

analysis

than

would

be

the

case

when

the

Fund

invests

in

rated

securities.

101

U.S.

Government

Securities

Risk.

U.S.

government

securities

are

guaranteed

only

as

to

the

timely

payment

of

interest

and

the

payment

of

principal

when

held

to

maturity.

Accordingly,

the

current

market

values

for

these

securities

will

fluctuate

with

changes

in

interest

rates.

Securities

issued

or

guaranteed

by

U.S.

government

agencies

and

instrumentalities

are

supported

by

varying

degrees

of

credit

but

generally

are

not

backed

by

the

full

faith

and

credit

of

the

U.S.

government.

No

assurance

can

be

given

that

the

U.S.

government

will

provide

financial

support

to

its

agencies

and

instrumentalities

if

it

is

not

obligated

by

law

to

do

so.

Valuation

Risk.

The

securities

in

which

the

Fund

invests

typically

are

valued

by

a

pricing

service

utilizing

a

range

of

market-based

inputs

and

assumptions,

including

readily

available

market

quotations

obtained

from

broker-dealers

making

markets

in

such

instruments,

cash

flows

and

transactions

for

comparable

instruments.

There

is

no

assurance

that

the

Fund

will

be

able

to

sell

a

portfolio

security

at

the

price

established

by

the

pricing

service,

which

could

result

in

a

loss

to

the

Fund.

Pricing

services

generally

price

securities

assuming

orderly

transactions

of

an

institutional

“round

lot”

size,

but

some

trades

may

occur

in

smaller,

“odd

lot”

sizes,

often

at

lower

prices

than

institutional

round

lot

trades.

Different

pricing

services

may

incorporate

different

assumptions

and

inputs

into

their

valuation

methodologies,

potentially

resulting

in

different

values

for

the

same

securities.

As

a

result,

if

the

Fund

were

to

change

pricing

services,

or

if

the

Fund’s

pricing

service

were

to

change

its

valuation

methodology,

there

could

be

a

material

impact,

either

positive

or

negative,

on

the

Fund’s

NAV.

When-Issued

and

Delayed-Delivery

Transactions

Risk.

The

Fund

may

invest

in

securities

on

a

“when-issued”

or

“delayed-delivery”

basis.

When-issued

and

delayed-delivery

transactions

may

involve

an

element

of

risk

because

no

interest

accrues

on

the

securities

prior

to

settlement

and,

because

securities

are

subject

to

market

fluctuations,

the

value

of

the

securities

at

time

of

delivery

may

be

less

(or

more)

than

their

cost.

A

separate

account

of

the

Fund

will

be

established

with

its

custodian

consisting

of

cash

equivalents

or

liquid

securities

having

a

market

value

at

all

times

at

least

equal

to

the

amount

of

any

delayed

payment

commitment.

“Widening”

Risk.

The

prices

of

non-agency

RMBS

or

CMBS

may

decline

substantially,

for

reasons

that

may

not

be

attributable

to

any

of

the

other

risks

described

herein.

In

particular,

purchasing

assets

at

what

may

appear

to

be

“undervalued”

levels

is

no

guarantee

that

these

assets

will

not

be

trading

at

even

more

“undervalued”

levels

at

a

time

of

valuation

or

at

the

time

of

sale.

It

may

not

be

possible

to

predict,

or

to

protect

against,

such

“spread

widening”

risk.

Zero

Coupon

or

Pay-In-Kind Securities  Risk.

Zero

coupon

and pay-in-kind

securities

may

be

subject

to

greater

fluctuation

in

value

and

less liquidity

in

the

event

of

adverse

market

conditions

than

comparably

rated securities

paying

cash

interest

at

regular

interest

payment

periods.

Prices on

non-cash-paying

instruments

may

be

more

sensitive

to

changes

in

the issuer’s

financial

condition,

fluctuation

in

interest

rates

and

market demand/supply

imbalances

than

cash-paying

securities

with

similar

credit ratings,

and

thus

may

be

more

speculative.

Fund

Level

and

Other

Risks:

Anti-Takeover

Provisions.

The

Fund’s

organizational

documents

include

provisions

that

could

limit

the

ability

of

other

entities

or

persons

to

acquire

control

of

the

Fund

or

convert

the

Fund

to

open-end

status.

Borrowing

Risk.

In

addition

to

borrowing

for

leverage,

the

Fund

may

borrow

for

temporary

or

emergency

purposes,

to

pay

dividends,

repurchase

its

shares,

or

clear

portfolio

transactions.

Borrowing

may

exaggerate

changes

in

the

NAV

of

the

Fund’s

shares

and

may

affect

the

Fund’s

net

income.

When

the

Fund

borrows

money,

it

must

pay

interest

and

other

fees,

which

will

reduce

the

Fund’s

returns

if

such

costs

exceed

the

returns

on

the

portfolio

securities

purchased

or

retained

with

such

borrowings.

Any

such

borrowings

are

intended

to

be

temporary.

However,

under

certain

market

circumstances,

such

borrowings

might

be

outstanding

for

longer

periods

of

time.

Counterparty

Risk.

Changes

in

the

credit

quality

of

the

companies

that

serve

as

the

Fund’s

counterparties

with

respect

to

derivatives

or

other

transactions

supported

by

another

party’s

credit

will

affect

the

value

of

those

instruments.

Certain

entities

that

have

served

as

counterparties

in

the

markets

for

these

transactions

have

incurred

or

may

incur

in

the

future

significant

financial

hardships

including

bankruptcy

and

losses

as

a

result

of

exposure

to

sub-prime

mortgages

and

other

lower-quality

credit

investments.

As

a

result,

such

hardships

have

reduced

these

entities’

capital

and

called

into

question

their

continued

ability

to

perform

their

obligations

under

such

transactions.

By

using

such

derivatives

or

other

transactions,

the

Fund

assumes

the

risk

that

its

counterparties

could

experience

similar

financial

hardships.

In

the

event

of

the

insolvency

of

a

counterparty,

the

Fund

may

sustain

losses

or

be

unable

to

liquidate

a

derivatives

position.

Cybersecurity

Risk.

The

Fund

and

its

service

providers

are

susceptible

to

operational

and

information

security

risk

resulting

from

cyber

incidents.

Cyber

incidents

refer

to

both

intentional

attacks

and

unintentional

events

including:

processing

errors,

human

errors,

technical

errors

including

computer

glitches

and

system

malfunctions,

inadequate

or

failed

internal

or

external

processes,

market-wide

technical-related

disruptions,

unauthorized

access

to

digital

systems

(through

“hacking”

or

malicious

software

coding),

computer

viruses,

and

cyber-attacks

which

shut

down,

disable,

slow

or

otherwise

disrupt

operations,

business

processes

or

website

access

or

functionality

(including

denial

of

service

attacks).

Cyber

incidents

could

adversely

impact

the

Fund

and

cause

the

Fund

to

incur

financial

loss

and

expense,

as

well

as

face

exposure

to

regulatory

penalties,

reputational

damage,

and

additional

compliance

costs

associated

with

corrective

measures.

In

addition,

substantial

costs

may

be

incurred

in

order

to

prevent

any

cyber

incidents

in

the

future.

Furthermore,

the

Fund

cannot

control

the

cybersecurity

plans

and

systems

put

in

place

by

its

service

providers

or

any

other

third

parties

whose

operations

may

affect

the

Fund.

Distribution

Risk.

The

Fund’s

distributions

will

be

composed

of

net

investment

income

and

a

supplemental

amount

generally

representing

the

potential

for

capital

appreciation,

which

will

take

the

form

of

realized

capital

gains

and/or

a

return

of

capital.

The

return

of

capital

component

of

a

Fund

distribution

may

(but

will

not

necessarily)

represent

unrealized

capital

gains.

A

return

of

capital

is

a

non-taxable

distribution

of

a

portion

of

the

Fund’s

capital.

If

over

the

life

of

a

shareholder’s

investment,

the

total

return

of

the

Fund’s

overall

strategy

is

less

than

the

distribution

rate,

a

return

of

capital

will

represent

a

portion

of

a

shareholder’s

original

principal

(in

effect

a

partial

return

of

the

amount

a

shareholder

invested

in

the

Fund).

A

return

of

capital

reduces

a

shareholder’s

tax

cost

basis

(but

not

below

zero)

in

Fund

shares,

which

could

result

in

more

taxable

gain

or

less

taxable

loss

when

the

shareholder

sells

their

shares.

This

may

cause

the

shareholder

to

pay

taxes

even

if

he

or

she

sells

shares

for

less

than

the

original

price.

The

Fund’s

distribution

policy,

rate

of

distributions

on

the

Common

Shares

and

the

portion

of

distributions

composed

of

net

investment

income,

102

Shareholder

Update

(Unaudited)

(continued)

realized

capital

gain

and

return

of

capital

may

vary

over

time.

Shareholders

who

periodically

receive

the

payment

of

a

distribution

consisting

of

a

return

of

capital

may

be

under

the

impression

that

they

are

receiving

net

income

or

profits

when

they

are

not.

Shareholders

should

not

assume

that

the

source

of

a

return

of

capital

distribution

from

the

Fund

is

net

income

or

profit.

Global

Economic

Risk.

National

and

regional

economies

and

financial

markets

are

becoming

increasingly

interconnected,

which

increases

the

possibilities

that

conditions

in

one

country,

region

or

market

might

adversely

impact

issuers

in

a

different

country,

region

or

market.

Changes

in

legal,

political,

regulatory,

tax

and

economic

conditions

may

cause

fluctuations

in

markets

and

assets

prices

around

the

world,

which

could

negatively

impact

the

value

of

the

Fund’s

investments.

Major

economic

or

political

disruptions,

particularly

in

large

economies

like

China’s,

may

have

global

negative

economic

and

market

repercussions.

Additionally,

instability

in

various

countries,

such

as

Afghanistan

and

Syria,

war,

natural

and

environmental

disasters

and

the

spread

of

infectious

illnesses

or

other

public

health

emergencies

,

terrorist

attacks

in

the

United

States

and

around

the

world,

growing

social

and

political

discord

in

the

United

States,

the

European

debt

crisis,

the

response

of

the

international

community—through

economic

sanctions

and

otherwise—to

international

events,

further

downgrade

of

U.S.

government

securities,

changes

in

the

U.S.

president

or

political

shifts

in

Congress

and

other

similar

events

may

adversely

affect

the

global

economy

and

the

markets

and

issuers

in

which

the

Fund

invests.

Recent

examples

of

such

events

include

Hamas’

attack

on

Israel

in

October

2023

and

the

ensuing

conflict,

the

outbreak

of

a

novel

coronavirus

known

as

COVID-19

that

was

first

detected

in

China

in

December

2019

and

heightened

concerns

regarding

North

Korea’s

nuclear

weapons

and

long-

range

ballistic

missile

programs.

In

addition,

Russia’s

invasion

of

Ukraine

in

February

2022

has

resulted

in

sanctions

imposed

by

several

nations,

such

as

the

United

States,

United

Kingdom,

European

Union

and

Canada.

The

current

sanctions

and

potential

further

sanctions

may

negatively

impact

certain

sectors

of

Russia’s

economy,

but

also

may

negatively

impact

the

value

of

the

Fund’s

investments

that

do

not

have

direct

exposure

to

Russia.

These

events

could

reduce

consumer

demand

or

economic

output,

result

in

market

closure,

travel

restrictions

or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economy.

These

events

could

also

impair

the

information

technology

and

other

operational

systems

upon

which

the

Fund’s

service

providers,

including

the

Fund’s

sub-adviser,

rely,

and

could

otherwise

disrupt

the

ability

of

employees

of

the

Fund’s

service

providers

to

perform

essential

tasks

on

behalf

of

the

Fund.

The

Fund

does

not

know

and

cannot

predict

how

long

the

securities

markets

may

be

affected

by

these

events

and

the

future

impact

of

these

and

similar

events

on

the

global

economy

and

securities

markets

is

uncertain.

The

Fund

may

be

adversely

affected

by

abrogation

of

international

agreements

and

national

laws

which

have

created

the

market

instruments

in

which

the

Fund

may

invest,

failure

of

the

designated

national

and

international

authorities

to

enforce

compliance

with

the

same

laws

and

agreements,

failure

of

local,

national

and

international

organizations

to

carry

out

the

duties

prescribed

to

them

under

the

relevant

agreements,

revisions

of

these

laws

and

agreements

which

dilute

their

effectiveness

or

conflicting

interpretation

of

provisions

of

the

same

laws

and

agreements.

Governmental

and

quasi-governmental

authorities

and

regulators

throughout

the

world

have

in

the

past

responded

to

major

economic

disruptions

with

a

variety

of

significant

fiscal

and

monetary

policy

changes,

including

but

not

limited

to,

direct

capital

infusions

into

companies,

new

monetary

programs

and

dramatically

lower

interest

rates.

An

unexpected

or

quick

reversal

of

these

policies,

or

the

ineffectiveness

of

these

policies,

could

increase

volatility

in

securities

markets,

which

could

adversely

affect

the

Fund’s

investments.

Investment

and

Market

Risk.

An

investment

in

common

shares

is

subject

to

investment

risk,

including

the

possible

loss

of

the

entire

principal

amount

that

you

invest.

Common

shares

frequently

trade

at

a

discount

to

their

NAV.

An

investment

in

common

shares

represents

an

indirect

investment

in

the

securities

owned

by

the

Fund.

Common

shares

at

any

point

in

time

may

be

worth

less

than

your

original

investment,

even

after

taking

into

account

the

reinvestment

of

Fund

dividends

and

distributions.

Legislation

and

Regulatory

Risk.

At

any

time

after

the

date

of

this

report,

legislation

or

additional

regulations

may

be

enacted

that

could

negatively

affect

the

assets

of

the

Fund,

securities

held

by

the

Fund

or

the

issuers

of

such

securities.

Fund

shareholders

may

incur

increased

costs

resulting

from

such

legislation

or

additional

regulation.

There

can

be

no

assurance

that

future

legislation,

regulation

or

deregulation

will

not

have

a

material

adverse

effect

on

the

Fund

or

will

not

impair

the

ability

of

the

Fund

to

achieve

its

investment

objectives.

Leverage

Risk.

The

use

of

leverage

creates

special

risks

for

common

shareholders,

including

potential

interest

rate

risks

and

the

likelihood

of

greater

volatility

of

NAV

and

market

price

of,

and

distributions

on,

the

common

shares.

The

use

of

leverage

in

a

declining

market

will

likely

cause

a

greater

decline

in

the

Fund’s

NAV,

which

may

result

at

a

greater

decline

of

the

common

share

price,

than

if

the

Fund

were

not

to

have

used

leverage.

The

Fund

will

pay

(and

common

shareholders

will

bear)

any

costs

and

expenses

relating

to

the

Fund’s

use

of

leverage,

which

will

result

in

a

reduction

in

the

Fund’s

NAV.

The

investment

adviser

may,

based

on

its

assessment

of

market

conditions

and

composition

of

the

Fund’s

holdings,

increase

or

decrease

the

amount

of

leverage.

Such

changes

may

impact

the

Fund’s

distributions

and

the

price

of

the

common

shares

in

the

secondary

market.

There

is

no

assurance

that

the

Fund’s

use

of

leverage

will

be

successful.

The

Fund

may

seek

to

refinance

its

leverage

over

time,

in

the

ordinary

course,

as

current

forms

of

leverage

mature

or

it

is

otherwise

desirable

to

refinance;

however,

the

form

that

such

leverage

will

take

cannot

be

predicted

at

this

time.

If

the

Fund

is

unable

to

replace

existing

leverage

on

comparable

terms,

its

costs

of

leverage

will

increase.

Accordingly,

there

is

no

assurance

that

the

use

of

leverage

may

result

in

a

higher

yield

or

return

to

common

shareholders.

The

amount

of

fees

paid

to

the

investment

adviser

and

the

sub-adviser

for

investment

advisory

services

will

be

higher

if

the

Fund

uses

leverage

because

the

fees

will

be

calculated

based

on

the

Fund’s

Managed

Assets

-

this

may

create

an

incentive

for

the

investment

adviser

and

the

sub-

adviser

to

leverage

the

Fund

or

increase

the

Fund’s

leverage.

Limited

Term

and

Tender

Offer

Risks.

Because

the

assets

of

the

Fund

will

be

liquidated

in

connection

with

its

termination

or

to

pay

for

Common

Shares

tendered

in

an

Eligible

Tender

Offer,

the

Fund

may

be

required

to

sell

portfolio

securities

when

it

otherwise

would

not,

including

at

times

when

market

conditions

are

not

favorable,

or

at

a

time

when

a

particular

security

is

in

default

or

bankruptcy,

or

otherwise

in

severe

distress,

which

may

cause

the

Fund

to

lose

money.

103

The

Fund

may

be

required

to

dispose

of

portfolio

investments

in

connection

with

any

reduction

in

its

outstanding

leverage

necessary

in

order

to

maintain

its

desired

leverage

ratios

following

an

Eligible

Tender

Offer.

It

is

likely

that

during

the

pendency

of

an

Eligible

Tender

Offer,

and

possibly

for

a

time

thereafter,

the

Fund

will

hold

a

greater

than

normal

percentage

of

its

total

assets

in

money

market

mutual

funds,

cash,

cash

equivalents,

securities

issued

or

guaranteed

by

the

U.S.

government

or

its

instrumentalities

or

agencies,

high

quality,

short-term

money

market

instruments,

short-term

debt

securities,

certificates

of

deposit,

bankers’

acceptances

and

other

bank

obligations,

commercial

paper

or

other

liquid

debt

securities,

which

may

adversely

affect

the

Fund’s

investment

performance.

If

the

tax

basis

for

the

portfolio

investments

sold

is

less

than

the

sale

proceeds,

the

Fund

will

recognize

capital

gains,

which

it

will

be

required

to

distribute

to

Common

Shareholders.

In

addition,

the

Fund’s

purchase

of

tendered

Common

Shares

pursuant

to

an

Eligible

Tender

Offer

will

have

tax

consequences

for

tendering

Common

Shareholders

and

may

have

tax

consequences

for

non-tendering

Common

Shareholders.

All

Common

Shareholders

remaining

after

an

Eligible

Tender

Offer

will

be

subject

to

proportionately

higher

expenses

due

to

the

reduction

in

the

Fund’s

total

assets

resulting

from

payment

for

the

tendered

Common

Shares.

Such

reduction

in

the

Fund’s

total

assets

also

may

result

in

less

investment

flexibility,

reduced

diversification

and

greater

volatility

for

the

Fund,

and

may

have

an

adverse

effect

on

the

Fund’s

investment

performance.

If

the

Fund

conducts

an

Eligible

Tender

Offer,

there

can

be

no

assurance

that

the

number

of

tendered

Common

Shares

would

not

result

in

the

Fund’s

net

assets

totaling

less

than

the

Termination

Threshold,

in

which

case

the

Eligible

Tender

Offer

will

be

terminated,

no

Common

Shares

will

be

repurchased

pursuant

to

the

Eligible

Tender

Offer

and

the

Fund

will

terminate

on

the

Termination

Date.

The

investment

adviser

may

have

a

conflict

of

interest

in

recommending

to

the

Board

of

Trustees

that

the

Fund

have

a

continued

existence

without

limitation

of

time.

The

Fund

is

not

required

to

conduct

additional

tender

offers

following

an

Eligible

Tender

Offer

and

conversion

to

a

continued

existence

without

limitation

of

time.

Therefore,

remaining

Common

Shareholders

may

not

have

another

opportunity

to

participate

in

a

tender

offer.

A

Fund

portfolio

holding

default

may

significantly

reduce

net

investment

income

and,

therefore,

Common

Share

dividends;

and

may

prevent

or

inhibit

the

Fund

from

fully

being

able

to

liquidate

its

portfolio

at

or

prior

to

the

Termination

Date.

Market

Discount

from

Net

Asset

Value.

Shares

of

closed-end

investment

companies

like

the

Fund

frequently

trade

at

prices

lower

than

their

NAV.

This

characteristic

is

a

risk

separate

and

distinct

from

the

risk

that

the

Fund’s

NAV

could

decrease

as

a

result

of

investment

activities.

Whether

investors

will

realize

gains

or

losses

upon

the

sale

of

the

common

shares

will

depend

not

upon

the

Fund’s

NAV

but

entirely

upon

whether

the

market

price

of

the

common

shares

at

the

time

of

sale

is

above

or

below

the

investor’s

purchase

price

for

the

common

shares.

Furthermore,

management

may

have

difficulty

meeting

the

Fund’s

investment

objectives

and

managing

its

portfolio

when

the

underlying

securities

are

redeemed

or

sold

during

periods

of

market

turmoil

and

as

investors’

perceptions

regarding

closed-end

funds

or

their

underlying

investments

change.

Because

the

market

price

of

the

common

shares

will

be

determined

by

factors

such

as

relative

supply

of

and

demand

for

the

common

shares

in

the

market,

general

market

and

economic

circumstances,

and

other

factors

beyond

the

control

of

the

Fund,

the

Fund

cannot

predict

whether

the

common

shares

will

trade

at,

below

or

above

NAV.

The

common

shares

are

designed

primarily

for

long-term

investors,

and

you

should

not

view

the

Fund

as

a

vehicle

for

short-term

trading

purposes.

Recent

Market

Conditions.

Periods

of

unusually

high

financial

market

volatility

and

restrictive

credit

conditions,

at

times

limited

to

a

particular

sector

or

geographic

area,

have

occurred

in

the

past

and

may

be

expected

to

recur

in

the

future.

Some

countries,

including

the

United

States,

have

adopted

or

have

signaled

protectionist

trade

measures,

relaxation

of

the

financial

industry

regulations

that

followed

the

financial

crisis,

and/

or

reductions

to

corporate

taxes.

The

scope

of

these

policy

changes

is

still

developing,

but

the

equity

and

debt

markets

may

react

strongly

to

expectations

of

change,

which

could

increase

volatility,

particularly

if

a

resulting

policy

runs

counter

to

the

market’s

expectations.

The

outcome

of

such

changes

cannot

be

foreseen

at

the

present

time.

In

addition,

geopolitical

and

other

risks,

including

environmental

and

public

health

risks,

may

add

to

instability

in

the

world

economy

and

markets

generally.

As

a

result

of

increasingly

interconnected

global

economies

and

financial

markets,

the

value

and

liquidity

of

the

Fund’s

investments

may

be

negatively

affected

by

events

impacting

a

country

or

region,

regardless

of

whether

the

Fund

invests

in

issuers

located

in

or

with

significant

exposure

to

such

country

or

region.

Ukraine

has

experienced

ongoing

military

conflict,

most

recently

in

February

2022

when

Russia

invaded

Ukraine;

this

conflict

may

expand

and

military

attacks

could

occur

elsewhere

in

Europe.

Europe

has

also

been

struggling

with

mass

migration

from

the

Middle

East

and

Africa.

The

ultimate

effects

of

these

events

and

other

socio-political

or

geographical

issues

are

not

known

but

could

profoundly

affect

global

economies

and

markets.

Additionally,

in

October

2023

armed

conflict

broke

out

between

Israel

and

the

militant

group

Hamas

after

Hamas

infiltrated

Israel’s

southern

border

from

the

Gaza

Strip.

Israel

has

since

declared

war

against

Hamas

and

it’s

possible

that

this

conflict

could

escalate

into

a

greater

regional

conflict.

The

ultimate

effects

of

these

events

and

other

socio-political

or

geographical

issues

are

not

known

but

could

profoundly

affect

global

economies

and

markets.

The

ongoing

trade

war

between

China

and

the

United

States,

including

the

imposition

of

tariffs

by

each

country

on

the

other

country’s

products,

has

created

a

tense

political

environment.

These

actions

may

trigger

a

significant

reduction

in

international

trade,

the

oversupply

of

certain

manufactured

goods,

substantial

price

reductions

of

goods

and

possible

failure

of

individual

companies

and/or

large

segments

of

China’s

export

industry,

which

could

have

a

negative

impact

on

the

Fund’s

performance.

U.S.

companies

that

source

material

and

goods

from

China

and

those

that

make

large

amounts

of

sales

in

China

would

be

particularly

vulnerable

to

an

escalation

of

trade

tensions.

Uncertainty

regarding

the

outcome

of

the

trade

tensions

and

the

potential

for

a

trade

war

could

cause

the

U.S.

dollar

to

decline

against

safe

haven

currencies,

such

as

the

Japanese

yen

and

the

euro.

Events

such

as

these

and

their

consequences

are

difficult

to

predict

and

it

is

unclear

whether

further

tariffs

may

be

imposed

or

other

escalating

actions

may

be

taken

in

the

future.

The

impact

of

these

developments

in

the

near-

and

long-term

is

unknown

and

could

have

additional

adverse

effects

on

economies,

financial

markets

and

asset

valuations

around

the

world.

The

U.S.

Federal

Reserve

(the

“Fed”)

has

in

the

past

raised

interest

rates

and

has

signaled

an

intention

to

continue

to

do

so

or

maintain

higher

interest

rates

until

current

inflation

levels

re-align

with

the

Fed’s

long-term

inflation

target.

Changing

interest

rate

environments

impact

the

various

sectors

of

the

economy

in

different

ways.

For

example,

in

March

2023,

the

Federal

Deposit

Insurance

Corporation

(“FDIC”)

was

appointed

receiver

for

each

of

Silicon

Valley

Bank

and

Signature

Bank,

the

second-

and

third-largest

bank

failures

in

U.S.

history,

which

failures

may

be

attributable,

in

part,

to

rising

interest

rates.

Bank

failures

may

have

a

destabilizing

impact

on

the

broader

banking

industry

or

markets

generally.

104

Shareholder

Update

(Unaudited)

(continued)

Reverse

Repurchase

Agreement

Risk.

A

reverse

repurchase

agreement,

in

economic

essence,

constitutes

a

securitized

borrowing

by

the

Fund

from

the

security

purchaser.

The

Fund

may

enter

into

reverse

repurchase

agreements

for

the

purpose

of

creating

a

leveraged

investment

exposure

and,

as

such,

their

usage

involves

essentially

the

same

risks

associated

with

a

leveraging

strategy

generally

since

the

proceeds

from

these

agreements

may

be

invested

in

additional

portfolio

securities.

Reverse

repurchase

agreements

tend

to

be

short-term

in

tenor,

and

there

can

be

no

assurances

that

the

purchaser

(lender)

will

commit

to

extend

or

“roll”

a

given

agreement

upon

its

agreed-upon

repurchase

date

or

an

alternative

purchaser

can

be

identified

on

similar

terms.

Reverse

repurchase

agreements

also

involve

the

risk

that

the

purchaser

fails

to

return

the

securities

as

agreed

upon,

files

for

bankruptcy

or

becomes

insolvent.

The

Fund

may

be

restricted

from

taking

normal

portfolio

actions

during

such

time,

could

be

subject

to

loss

to

the

extent

that

the

proceeds

of

the

agreement

are

less

than

the

value

of

securities

subject

to

the

agreement

and

may

experience

adverse

tax

consequences.

Risk

of

Taxable

Income

in

Excess

of

Economic

Income.

The

Fund

expects

to

acquire

debt

instruments

in

the

secondary

market

for

less

than

their

stated

redemption

price

at

maturity.

The

discount

at

which

such

debt

instruments

are

acquired

may

reflect

doubts

about

their

ultimate

collectability

rather

than

current

market

interest

rates.

The

amount

of

such

discount

will

nevertheless

generally

be

treated

as

“market

discount”

for

federal

income

tax

purposes.

Market

discount

on

a

debt

instrument

accrues

ratably

on

a

daily

basis,

unless

an

election

is

made

to

accrue

market

discount

on

the

basis

of

the

constant

yield

to

maturity

of

the

debt

instrument,

based

generally

on

the

assumption

that

all

future

payments

on

the

debt

instrument

will

be

made.

Absent

an

election

to

accrue

currently,

accrued

market

discount

is

reported

as

income

when,

and

to

the

extent

that,

any

payment

of

principal

of

the

debt

instrument

is

made.

Payments

on

residential

mortgage

loans

are

ordinarily

made

monthly,

and

consequently

accrued

market

discount

may

have

to

be

included

in

income

each

month

as

if

the

debt

instrument

were

assured

of

ultimately

being

collected

in

full.

Similarly,

many

of

the

debt

instruments

(including

MBS)

that

the

Fund

may

purchase

will

likely

have

been

issued

with

original

issue

discount

(“OID”),

which

discount

might

reflect

doubt

as

to

whether

the

entire

principal

amount

of

such

debt

instruments

will

ultimately

prove

to

be

collectible.

The

Fund

will

be

required

to

report

such

OID

based

on

a

constant

yield

method

and

income

will

be

accrued

and

be

currently

taxable

based

on

the

assumption

that

all

future

projected

payments

due

on

such

debt

instruments

will

be

made.

Finally,

in

the

event

that

any

debt

instruments

(including

MBS)

acquired

by

the

Fund

are

delinquent

as

to

mandatory

principal

and

interest

payments,

or

in

the

event

payments

with

respect

to

a

particular

debt

instrument

are

not

made

when

due,

the

Fund

may

nonetheless

be

required

to

continue

to

recognize

the

unpaid

interest

as

taxable

income

as

it

accrues,

despite

doubt

as

to

its

ultimate

collectability.

Similarly,

the

Fund

may

be

required

to

accrue

interest

income

with

respect

to

subordinate

MBS

at

its

stated

rate

regardless

of

whether

corresponding

cash

payments

are

received

or

are

ultimately

collectible.

Subsidiary

Risk.

By

investing

in

the

Subsidiary,

the

Fund

is

indirectly

exposed

to

the

risks

associated

with

the

Subsidiary’s

investments

in

Regulation

S

securities

that

are

not

freely

tradable

in

the

U.S.

Regulation

S

securities

are

debt

or

equity

securities

of

U.S.

and

foreign

issuers

offered

through

private

offerings

exempt

from

registration

with

the

SEC

pursuant

to

Regulation

S

of

the

1933

Act.

Offerings

of

Regulation

S

securities

may

be

conducted

outside

of

the

United

States,

and

Regulation

S

securities

may

be

relatively

less

liquid

as

a

result

of

legal

or

contractual

restrictions

on

resale.

Although

Regulation

S

securities

may

be

resold

in

privately

negotiated

transactions,

the

price

realized

from

these

sales

could

be

less

than

the

price

originally

paid

by

the

Fund.

Further,

companies

whose

securities

are

not

publicly

traded

may

not

be

subject

to

the

disclosure

of

other

investor

protection

requirements

that

would

be

applicable

if

their

securities

were

publicly

traded.

Accordingly,

Regulation

S

securities

may

involve

a

high

degree

of

business

and

financial

risk

and

may

result

in

substantial

losses.

There

can

be

no

assurance

that

the

investment

objective

of

the

Subsidiary

will

be

achieved.

The

Subsidiary

is

not

registered

under

the

1940

Act,

and,

unless

otherwise

noted

in

this

prospectus,

is

not

subject

to

all

the

investor

protections

of

the

1940

Act.

However,

the

Fund

wholly

owns

and

controls

the

Subsidiary,

and

the

Fund

and

the

Subsidiary

are

both

managed

by

the

Fund’s

sub-adviser

making

it

unlikely

that

the

Subsidiary

will

take

action

contrary

to

the

interests

of

the

Fund

and

its

Common

Shareholders.

The

Board

of

Trustees

has

oversight

responsibility

for

the

investment

activities

of

the

Fund,

including

its

investment

in

the

Subsidiary,

and

the

Fund’s

role

as

sole

shareholder

of

the

Subsidiary.

The

Subsidiary

is

subject

to

the

same

investment

restrictions

and

limitations,

and

follows

the

same

compliance

policies

and

procedures,

as

the

Fund.

Changes

in

the

laws

of

the

United

States

and/or

the

Cayman

Islands

could

result

in

the

inability

of

the

Fund

and/or

the

Subsidiary

to

operate

anticipated

and

could

adversely

affect

the

Fund.

Fund

Tax

Risk.

The

Fund

has

elected

to

be

treated

and

intends

to

qualify

each

year

as

a

Regulated

Investment

Company

(“RIC”)

under

the

Internal

Revenue

Code

of

1986,

as

amended

(the

“Code”).

As

a

RIC,

the

Fund

is

not

expected

to

be

subject

to

U.S.

federal

income

tax

to

the

extent

that

it

distributes

its

investment

company

taxable

income

and

net

capital

gains.

To

qualify

for

the

special

tax

treatment

available

to

a

RIC,

the

Fund

must

comply

with

certain

investment,

distribution,

and

diversification

requirements.

Under

certain

circumstances,

the

Fund

may

be

forced

to

sell

certain

assets

when

it

is

not

advantageous

in

order

to

meet

these

requirements,

which

may

reduce

the

Fund’s

overall

return.

If

the

Fund

fails

to

meet

any

of

these

requirements,

subject

to

the

opportunity

to

cure

such

failures

under

applicable

provisions

of

the

Code,

the

Fund’s

income

would

be

subject

to

a

double

level

of

U.S.

federal

income

tax.

The

Fund’s

income,

including

its

net

capital

gain,

would

first

be

subject

to

U.S.

federal

income

tax

at

regular

corporate

rates,

even

if

such

income

were

distributed

to

shareholders

and,

second,

all

distributions

by

the

Fund

from

earnings

and

profits,

including

distributions

of

net

capital

gain

(if

any),

would

be

taxable

to

shareholders

as

dividends.

105

EFFECTS

OF

LEVERAGE

The

following

table

is

furnished

in

response

to

requirements

of

the

SEC.

It

is

designed

to

illustrate

the

effects

of

leverage

through

the

use

of

senior

securities,

as

that

term

is

defined

under

Section

18

of

the

1940

Act,

as

well

as

certain

other

forms

of

leverage,

such

as

reverse

repurchase

agreements

and

investments

in

inverse

floating

rate

securities,

on

common

share

total

return,

assuming

investment

portfolio

total

returns

(consisting

of

income

and

changes

in

the

value

of

investments

held

in

a

Fund’s

portfolio)

of

-10%,

-5%,

0%,

5%

and

10%.

The

table

below

reflects

each

Fund’s

(i)

continued

use

of

leverage

as

of

December

31,

2023

as

a

percentage

of

Managed

Assets

(including

assets

attributable

to

such

leverage),

(ii)

the

estimated

annual

effective

interest

expense

rate

payable

by

the

Funds

on

such

instruments

(based

on

actual

leverage

costs

incurred

during

the

fiscal

year

ended

December

31,

2023)

as

set

forth

in

the

table,

and

(iii)

the

annual

return

that

the

Fund’s

portfolio

must

experience

(net

of

expenses)

in

order

to

cover

such

costs

of

leverage

based

on

such

estimated

annual

effective

interest

expense

rate.

The

information

below

does

not

reflect

any

Fund’s

use

of

certain

derivative

instruments.

The

numbers

are

merely

estimates,

used

for

illustration.

The

costs

of

leverage

may

vary

frequently

and

may

be

significantly

higher

or

lower

than

the

estimated

rate.

The

assumed

investment

portfolio

returns

in

the

table

below

are

hypothetical

figures

and

are

not

necessarily

indicative

of

the

investment

portfolio

returns

experienced

or

expected

to

be

experienced

by

the

Funds.

Your

actual

returns

may

be

greater

or

less

than

those

appearing

below.

Common

Share

total

return

is

composed

of

two

elements

—

the

distributions

paid

by

the

Fund

to

holders

of

common

shares

(the

amount

of

which

is

largely

determined

by

the

net

investment

income

of

the

Fund

after

paying

dividend

payments

on

any

preferred

shares

issued

by

the

Fund

and

expenses

on

any

forms

of

leverage

outstanding)

and

gains

or

losses

on

the

value

of

the

securities

and

other

instruments

the

Fund

owns.

As

required

by

SEC

rules,

the

table

assumes

that

the

Funds

are

more

likely

to

suffer

capital

losses

than

to

enjoy

capital

appreciation.

For

example,

to

assume

a

total

return

of

0%,

the

Fund

must

assume

that

the

income

it

receives

on

its

investments

is

entirely

offset

by

losses

in

the

value

of

those

investments.

This

table

reflects

hypothetical

performance

of

the

Fund’s

portfolio

and

not

the

actual

performance

of

the

Fund’s

common

shares,

the

value

of

which

is

determined

by

market

forces

and

other

factors.

Should

the

Fund

elect

to

add

additional

leverage

to

its

portfolio,

any

benefits

of

such

additional

leverage

cannot

be

fully

achieved

until

the

proceeds

resulting

from

the

use

of

such

leverage

have

been

received

by

the

Fund

and

invested

in

accordance

with

the

Fund’s

investment

objectives

and

policies.

As

noted

above,

the

Fund’s

willingness

to

use

additional

leverage,

and

the

extent

to

which

leverage

is

used

at

any

time,

will

depend

on

many

factors.

JGH

NPCT

JLS

Estimated

Leverage

as

a

Percentage

of

Managed

Assets

(Including

Assets

Attributable

to

Leverage)

27.74%

35.78%

26.33%

Estimated

Annual

Effective

Leverage

Expense

Rate

Payable

by

Fund

on

Leverage

5.96%

5.94%

6.53%

Annual

Return

Fund

Portfolio

Must

Experience

(net

of

expenses)

to

Cover

Estimated

Annual

Effective

Interest

Expense

Rate

on

Leverage

1.65%

2.13%

1.72%

Common

Share

Total

Return

for

(10.00)%

Assumed

Portfolio

Total

Return

-16.13%

-18.88%

-15.91%

Common

Share

Total

Return

for

(5.00)%

Assumed

Portfolio

Total

Return 

-9.21%

-11.10%

-9.12%

Common

Share

Total

Return

for

0.00%

Assumed

Portfolio

Total

Return

-2.29%

-3.31%

-2.34%

Common

Share

Total

Return

for

5.00%

Assumed

Portfolio

Total

Return

4.63%

4.48%

4.45%

Common

Share

Total

Return

for

10.00%

Assumed

Portfolio

Total

Return

11.55%

12.26%

11.24%

106

Shareholder

Update

(Unaudited)

(continued)

DIVIDEND

REINVESTMENT

PLAN

Nuveen

Closed-End

Funds

Automatic

Reinvestment

Plan

Your

Nuveen

Closed-End

Fund

allows

you

to

conveniently

reinvest

distributions

in

additional

Fund

shares.

By

choosing

to

reinvest,

you’ll

be

able

to

invest

money

regularly

and

automatically,

and

watch

your

investment

grow

through

the

power

of

compounding.

Just

like

distributions

in

cash,

there

may

be

times

when

income

or

capital

gains

taxes

may

be

payable

on

distributions

that

are

reinvested.

It

is

important

to

note

that

an

automatic

reinvestment

plan

does

not

ensure

a

profit,

nor

does

it

protect

you

against

loss

in

a

declining

market.

Easy

and

convenient

To

make

recordkeeping

easy

and

convenient,

each

quarter

you’ll

receive

a

statement

showing

your

total

distributions,

the

date

of

investment,

the

shares

acquired

and

the

price

per

share,

and

the

total

number

of

shares

you

own.

How

shares

are

purchased

The

shares

you

acquire

by

reinvesting

will

either

be

purchased

on

the

open

market

or

newly

issued

by

the

Fund.

If

the

shares

are

trading

at

or

above

NAV

at

the

time

of

valuation,

the

Fund

will

issue

new

shares

at

the

greater

of

the

NAV

or

95%

of

the

then-current

market

price.

If

the

shares

are

trading

at

less

than

NAV,

shares

for

your

account

will

be

purchased

on

the

open

market.

If

Computershare

Trust

Company,

N.A.

(the

“Plan

Agent”)

begins

purchasing

Fund

shares

on

the

open

market

while

shares

are

trading

below

NAV,

but

the

Fund’s

shares

subsequently

trade

at

or

above

their

NAV

before

the

Plan

Agent

is

able

to

complete

its

purchases,

the

Plan

Agent

may

cease

open-market

purchases

and

may

invest

the

uninvested

portion

of

the

distribution

in

newly-issued

Fund

shares

at

a

price

equal

to

the

greater

of

the

shares’

NAV

or

95%

of

the

shares’

market

value

on

the

last

business

day

immediately

prior

to

the

purchase

date.

Distributions

received

to

purchase

shares

in

the

open

market

will

normally

be

invested

shortly

after

the

distribution

payment

date.

No

interest

will

be

paid

on

distributions

awaiting

reinvestment.

Because

the

market

price

of

the

shares

may

increase

before

purchases

are

completed,

the

average

purchase

price

per

share

may

exceed

the

market

price

at

the

time

of

valuation,

resulting

in

the

acquisition

of

fewer

shares

than

if

the

distribution

had

been

paid

in

shares

issued

by

the

Fund.

A

pro

rata

portion

of

any

applicable

brokerage

commissions

on

open

market

purchases

will

be

paid

by

Dividend

Reinvestment

Plan

(the

“Plan”)

participants.

These

commissions

usually

will

be

lower

than

those

charged

on

individual

transactions.

Flexible

You

may

change

your

distribution

option

or

withdraw

from

the

Plan

at

any

time,

should

your

needs

or

situation

change.

You

can

reinvest

whether

your

shares

are

registered

in

your

name,

or

in

the

name

of

a

brokerage

firm,

bank,

or

other

nominee.

Ask

your

investment

adviser

if

his

or

her

firm

will

participate

on

your

behalf.

Participants

whose

shares

are

registered

in

the

name

of

one

firm

may

not

be

able

to

transfer

the

shares

to

another

firm

and

continue

to

participate

in

the

Plan.

The

Fund

reserves

the

right

to

amend

or

terminate

the

Plan

at

any

time.

Although

the

Fund

reserves

the

right

to

amend

the

Plan

to

include

a

service

charge

payable

by

the

participants,

there

is

no

direct

service

charge

to

participants

in

the

Plan

at

this

time.

Call

today

to

start

reinvesting

distributions

For

more

information

on

the

Nuveen

Automatic

Reinvestment

Plan

or

to

enroll

in

or

withdraw

from

the

Plan,

speak

with

your

financial

professional

or

call

us

at

(800)

257-8787.

107

CHANGES

OCCURRING

DURING

THE

FISCAL

YEAR

The

following

information

in

this

annual

report

is

a

summary

of

certain

changes

during

the

most

recent

fiscal

year.

This

information

may

not

reflect

all

of

the

changes

that

have

occurred

since

you

purchased

shares

of

the

Fund.

During

the

most

recent

fiscal

year,

there

have

been

no

changes

required

to

be

reported

in

connection

with:

(i)

the

Fund’s

investment

objective

and

principal

investment

policies

that

have

not

been

approved

by

shareholders,

(ii)

the

principal

risks

of

the

Fund,

(iii)

the

portfolio

managers

of

the

Fund;

(iv)

the

Fund’s

charter

or

by-laws

that

would

delay

or

prevent

a

change

of

control

of

the

Fund

that

have

not

been

approved

by

shareholders,

except

as

follows:

Amended

and

Restated

Bylaws

On

October

5,

2020,

the

Nuveen

Global

High

Income

Fund,

Nuveen

Core

Plus

Impact

Fund

and

Nuveen

Mortgage

and

Income

Fund

(each

a

“Fund”

and

collectively

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

voting

rights

as

other

common

shareholders

only

to

the

extent

authorized

by

the

other

disinterested

shareholders

(the

“Control

Share

By-Law”).

On

January

14,

2021,

a

shareholder

of

certain

Nuveen

closed-end

funds

filed

a

civil

complaint

in

the

U.S.

District

Court

for

the

Southern

District

of

New

York

(the

“District

Court”)

against

certain

Nuveen

funds

and

their

trustees,

seeking

a

declaration

that

such

funds’

Control

Share

By-Laws

violate

the

1940

Act,

rescission

of

such

fund’s

Control

Share

By-Laws

and

a

permanent

injunction

against

such

funds

applying

the

Control

Share

By-Laws.

On

February

18,

2022,

the

District

Court

granted

judgment

in

favor

of

the

plaintiff’s

claim

for

rescission

of

such

funds’

Control

Share

By-Laws

and

the

plaintiff’s

declaratory

judgment

claim,

and

declared

that

such

funds’

Control

Share

By-Laws

violate

Section

18(i)

of

the

1940

Act.

Following

review

of

the

judgment

of

the

District

Court,

on

February

22,

2022,

the

Board

amended

the

Funds’

bylaws

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

Fund’s

Control

Share

By-Law

will

be

automatically

reinstated

and

apply

to

any

beneficial

owner

of

common

shares

acquired

in

a

Control

Share

Acquisition,

regardless

of

whether

such

Control

Share

Acquisition

occurs

before

or

after

such

reinstatement,

for

the

duration

of

the

stay

or

upon

issuance

of

the

mandate

reversing,

overturning,

vacating

or

otherwise

nullifying

the

judgment

of

the

District

Court.

On

February

25,

2022,

the

Board

and

the

Funds

appealed

the

District

Court’s

decision

to

the

U.S.

Court

of

Appeals

for

the

Second

Circuit.

On

November

30,

2023,

the

U.S.

Court

of

Appeals

for

the

Second

Circuit

upheld

the

opinion

of

the

District

Court.

Principal

Risks

The

following

risks

were

removed

as

principal

risks

of

the

Funds:

Frequent

Trading

Risk.

The

Fund

may

engage

in

active

and

frequent

trading

of

its

portfolio

investments,

which

may

result

in

the

Fund

having

high

portfolio

turnover.

Effects

of

frequent

trading

may

include

high

transaction

costs,

which

may

lower

the

Fund’s

return,

and

realization

of

greater

short-

term

capital

gains,

distributions

of

which

are

taxable

as

ordinary

income

to

taxable

shareholders.

London

Inter-Offered

Bank

Rate

(“LIBOR”)

Replacement

Risk.

LIBOR

is

an

index

rate

that

historically

has

been

widely

used

in

lending

transactions

and

remains

a

common

reference

rate

for

setting

the

floating

interest

rate

on

private

loans.

The

use

of

the

LIBOR

will

begin

to

be

phased

out

in

the

near

future,

which

may

adversely

affect

the

Fund’s

investments

whose

value

is

tied

to

LIBOR.

While

the

Secured

Overnight

Financing

Rate

(“SOFR”)

has

been

recommended

as

the

replacement

rate

for

LIBOR,

and

some

product

markets

have

adopted

the

use

of

SOFR,

LIBOR

may

still

be

used

as

a

reference

rate

until

such

time

that

private

markets

have

fully

transitioned

to

using

SOFR

or

other

alternative

reference

rates

recommended

by

applicable

market

regulators.

The

transition

process

away

from

LIBOR

may

involve,

among

other

things,

increased

volatility

or

illiquidity

in

markets

for

instruments

that

currently

rely

on

LIBOR.

The

potential

effect

of

a

discontinuation

of

LIBOR

on

the

Fund’s

investments

will

vary

depending

on,

among

other

things:

(1)

existing

fallback

provisions

that

provide

a

replacement

reference

rate

if

LIBOR

is

no

longer

available;

(2)

termination

provisions

in

individual

contracts;

and

(3)

how,

and

when

industry

participants

develop

and

adopt

new

reference

rates

and

fallbacks

for

both

legacy

and

new

products

and

instruments

held

by

the

Fund.

Accordingly,

it

is

difficult

to

predict

the

full

impact

of

the

transition

away

from

LIBOR

until

it

is

clearer

how

the

Fund’s

products

and

instruments

will

be

impacted

by

this

transition.

Non-U.S.

Settlement

Risk.

Settlement

and

clearance

procedures

in

certain

non-U.S.

markets

differ

significantly

from

those

in

the

United

States.

Non-U.S.

settlement

and

clearance

procedures

and

trade

regulations

also

may

involve

certain

risks

(such

as

delays

in

payment

for

or

delivery

of

securities)

not

typically

associated

with

the

settlement

of

U.S.

investments.

Communications

between

the

United

States

and

emerging

market

countries

may

be

unreliable,

increasing

the

risk

of

delayed

settlements

or

losses

of

security

certificates.

At

times,

settlement

in

certain

non-U.S.

countries

have

not

kept

pace

with

the

number

of

securities

transactions.

These

problems

may

make

it

difficult

for

the

Fund

to

carry

out

transactions.

If

the

Fund

cannot

settle

or

is

delayed

in

settling

a

purchase

of

securities,

it

may

miss

attractive

investment

opportunities

and

certain

of

its

assets

may

be

uninvested

with

no

return

earned

thereon

for

some

period.

If

the

Fund

cannot

settle

or

is

delayed

in

settling

a

sale

of

securities,

it

may

lose

money

if

the

value

of

the

security

then

declines

or,

if

it

has

contracted

to

sell

the

security

to

another

party,

the

Fund

could

be

liable

for

any

losses

incurred.

The

following

principal

risk

has

been

added

for

the

Nuveen

Core

Plus

Impact

Fund

(NPCT)

and

Nuveen

Global

High

Income

Fund

(JGH):

Coupon

or

Pay-In-Kind Securities  Risk.

Zero

coupon

and pay-in-kind

securities

may

be

subject

to

greater

fluctuation

in

value

and

less liquidity

in

the

event

of

adverse

market

conditions

than

comparably

rated securities

paying

cash

interest

at

regular

interest

payment

periods.

Prices on

non-

cash-paying

instruments

may

be

more

sensitive

to

changes

in

the issuer’s

financial

condition,

fluctuation

in

interest

rates

and

market demand/supply

imbalances

than

cash-paying

securities

with

similar

credit ratings,

and

thus

may

be

more

speculative.

108

Shareholder

Update

(Unaudited)

(continued)

The

following

risk

factors

were

added

as

principal

risks

for

the

Nuveen

Global

High

Income

Fund

(JGH):

Sovereign

Government

and

Supranational

Debt

Risk.

Investments

in

sovereign

debt,

including

supranational

debt,

involves

special

risks.

Foreign

governmental

issuers

of

debt

or

the

governmental

authorities

that

control

the

repayment

of

the

debt

may

be

unable

or

unwilling

to

repay

principal

or

pay

interest

when

due.

In

the

event

of

default,

there

may

be

limited

or

no

legal

recourse

in

that,

generally,

remedies

for

defaults

must

be

pursued

in

the

courts

of

the

defaulting

party.

Political

conditions,

especially

a

sovereign

entity’s

willingness

to

meet

the

terms

of

its

debt

obligations,

are

of

considerable

significance.

The

ability

of

a

foreign

sovereign

issuer,

especially

an

emerging

market

country,

to

make

timely

payments

on

its

debt

obligations

will

also

be

strongly

influenced

by

the

sovereign

issuer’s

balance

of

payments,

including

export

performance,

its

access

to

international

credit

facilities

and

investments,

fluctuations

of

interest

rates

and

the

extent

of

its

foreign

reserves.

A

country

whose

exports

are

concentrated

in

a

few

commodities

or

whose

economy

depends

on

certain

strategic

imports

could

be

vulnerable

to

fluctuations

in

international

prices

of

these

commodities

or

imports.

If

a

sovereign

issuer

cannot

generate

sufficient

earnings

from

foreign

trade

to

service

its

external

debt,

it

may

need

to

depend

on

continuing

loans

and

aid

from

foreign

governments,

commercial

banks,

and

multinational

organizations.

The

cost

of

servicing

external

debt

will

also

generally

be

adversely

affected

by

rising

international

interest

rates,

as

many

external

debt

obligations

bear

interest

at

rates

which

are

adjusted

based

upon

international

interest

rates.

Foreign

investment

in

certain

sovereign

debt

is

restricted

or

controlled

to

varying

degrees,

including

requiring

governmental

approval

for

the

repatriation

of

income,

capital

or

proceeds

of

sales

by

foreign

investors.

There

are

no

bankruptcy

proceedings

similar

to

those

in

the

U.S.

by

which

defaulted

sovereign

debt

may

be

collected.

U.S.

Government

Securities

Risk.

U.S.

government

securities

are

guaranteed

only

as

to

the

timely

payment

of

interest

and

the

payment

of

principal

when

held

to

maturity.

Accordingly,

the

current

market

values

for

these

securities

will

fluctuate

with

changes

in

interest

rates.

Securities

issued

or

guaranteed

by

U.S.

government

agencies

and

instrumentalities

are

supported

by

varying

degrees

of

credit

but

generally

are

not

backed

by

the

full

faith

and

credit

of

the

U.S.

government.

No

assurance

can

be

given

that

the

U.S.

government

will

provide

financial

support

to

its

agencies

and

instrumentalities

if

it

is

not

obligated

by

law

to

do

so.

The

following

risk

factors

were

added

as

principal

risks

for

the

Nuveen

Core

Plus

Impact

Fund

(NPCT):

Deflation

Risk.

Deflation

risk

is

the

risk

that

prices

throughout

the

economy

decline

over

time.

Deflation

may

have

an

adverse

effect

on

the

creditworthiness

of

issuers

and

may

make

issuer

default

more

likely,

which

may

result

in

a

decline

in

the

value

of

the

Fund’s

portfolio.

Preferred

Securities

Risk.

Preferred

securities

are

subordinated

to

bonds

and

other

debt

instruments

in

a

company’s

capital

structure,

and

therefore

are

subject

to

greater

credit

risk.

In

addition,

preferred

stockholders

(such

as

the

Fund,

to

the

extent

it

invests

in

preferred

stocks

of

other

issuers)

generally

have

no

voting

rights

with

respect

to

the

issuing

company

unless

preferred

dividends

have

been

in

arrears

for

a

specified

number

of

periods,

at

which

time

the

preferred

stockholders

may

elect

a

number

of

directors

to

the

issuer’s

board.

Generally,

once

all

the

arrearages

have

been

paid,

the

preferred

stockholders

no

longer

have

voting

rights.

In

the

case

of

certain

taxable

preferred

stocks,

holders

generally

have

no

voting

rights,

except

(i)

if

the

issuer

fails

to

pay

dividends

for

a

specified

period

of

time

or

(ii)

if

a

declaration

of

default

occurs

and

is

continuing.

In

such

an

event,

rights

of

preferred

stockholders

generally

would

include

the

right

to

appoint

and

authorize

a

trustee

to

enforce

the

trust

or

special

purpose

entity’s

rights

as

a

creditor

under

the

agreement

with

its

operating

company.

In

certain

varying

circumstances,

an

issuer

of

preferred

stock

may

redeem

the

securities

prior

to

a

specified

date.

For

instance,

for

certain

types

of

preferred

stock,

a

redemption

may

be

triggered

by

a

change

in

U.S.

federal

income

tax

or

securities

laws.

As

with

call

provisions,

a

redemption

by

the

issuer

may

negatively

impact

the

return

of

the

security

held

by

the

Fund.

The

following

principal

risk

was

consolidated

into

a

single

risk

factor

entitled,

“Emerging

Markets

Risk,”

and

is

therefore

no

longer

included

as

a

stand-alone

principal

risk:

Foreign/Emerging

Markets

Issuer

Risk.

Investments

in

foreign

issuers

involve

special

risks

not

presented

by

investments

in

U.S.

issuers,

including

the

following:

(i)

less

publicly

available

information

about

foreign

issuers

or

markets

due

to

less

rigorous

disclosure

or

accounting

standards

or

regulatory

practices;

(ii)

many

foreign

markets

are

smaller,

less

liquid

and

more

volatile;

(iii)

potential

adverse

effects

of

fluctuations

in

currency

exchange

rates

or

controls

on

the

value

of

the

Fund’s

investments;

(iv)

the

economies

of

foreign

countries

may

grow

at

slower

rates

than

expected

or

may

experience

a

downturn

or

recession;

(v)

the

impact

of

economic,

political,

social

or

diplomatic

events;

(vi)

possible

seizure

of

a

company’s

assets;

(vii)

restrictions

imposed

by

foreign

countries

limiting

the

ability

of

foreign

issuers

to

make

payments

of

principal

and/or

interest

due

to

blockages

of

foreign

currency

exchanges

or

otherwise

and

(viii)

withholding

and

other

foreign

taxes

may

decrease

the

Fund’s

return.

These

risks

are

more

pronounced

to

the

extent

that

the

Fund

invests

in

issuers

in

emerging

market

countries.

The

following

principal

risk

was

consolidated

into

a

single

risk

factor

entitled,

“Credit

Risk,”

and

is

therefore

no

longer

included

as

a

stand-alone

principal

risk:

Issuer

Credit

Risk.

Issuers

of

investments

in

which

the

Fund

may

invest

may

default,

or

may

be

in

default

at

the

time

of

purchase,

on

their

obligations

to

pay,

principal

or

interest

when

due.

This

non-payment

would

result

in

a

reduction

of

income

to

the

Fund,

a

reduction

in

the

value

of

a

debt

security

experiencing

non-payment

and,

potentially,

a

decrease

in

the

NAV

of

the

Fund.

With

respect

to

the

Fund’s

investments

that

are

secured,

there

can

be

no

assurance

that

liquidation

of

collateral

would

satisfy

the

issuer’s

obligation

in

the

event

of

non-payment

of

scheduled

dividend,

interest

or

principal

or

that

such

collateral

could

be

readily

liquidated.

In

the

event

of

the

bankruptcy

of

an

issuer,

the

Fund

could

experience

delays

or

limitations

with

respect

to

its

ability

to

realize

the

benefits

of

any

collateral

securing

an

investment.

To

the

extent

that

the

credit

rating

assigned

to

an

investment

in

the

Fund’s

portfolio

is

downgraded,

the

market

price

and

liquidity

of

such

investment

may

be

adversely

affected.

Portfolio

Managers

Nuveen

Global

High

Income

Fund

(“JGH”)

109

Effective

March

21,

2023,

John

Espinosa,

Brenda

Langenfeld,

and

Katherine

Renfrew

have

been

added

as

portfolio

managers

and

Anders

Persson

no

longer

serves

as

a

portfolio

manager

of

JGH.

The

day-to-day

operation

of

JGH

and

the

execution

of

its

specific

investment

strategies

is

the

primary

responsibility

of

each

of

JGH’s

portfolio

managers.

Biographies

of

John

Espinosa,

Brenda

Langenfeld,

and

Katherine

Renfrew

are

presented

below:

John

Espinosa

oversees

all

investment

research

across

Nuveen’s

global

fixed

income

team.

He

is

also

a

portfolio

manager

across

the

firm’s

emerging

markets

debt

and

international

bond

strategies

and

specializes

in

sovereign

credit,

rates

and

foreign

currency.

John

is

a

member

of

the

Investment

Committee,

which

establishes

investment

policy

for

all

global

fixed

income

products.

John

has

nearly

two

decades

of

Fixed

Income

investment

industry

experience

and

previously

managed

the

organization’s

global

sovereign

and

emerging

markets

debt

research

teams.

John

joined

the

firm

in

2004

as

a

quantitative

analyst

and

associate

portfolio

manager

for

the

CREF

Bond

Total

Return

group

and

entered

the

financial

services

industry

in

2001.

He

was

selected

for

The

Asset

Magazine’s

“Most

Astute

Asian

G3

Bond

Investors”

list

from

2008-

2015,

ranking

number

one

in

the

U.S.

in

2011,

and

also

recognized

as

2019’s

top

manager

for

risk-adjusted

returns

within

international

fixed

income

by

Citywire

Professional

Buyer

magazine.

John

graduated

with

a

B.B.A.

in

Economics

and

International

Business

from

Manhattan

College,

an

M.A.

in

Economics

from

Fordham

University,

and

holds

a

Certificate

in

Advanced

Risk

and

Investment

Management

from

the

Yale

School

of

Management.

Brenda

Langenfeld

is

a

portfolio

manager

for

Nuveen’s

global

fixed

income

team

and

a

member

of

the

preferred

securities

sector

team.

She

is

the

lead

manager

for

Nuveen’s

preferred

and

income-focused

closed-end

funds

and

portfolio

manager

of

the

Preferred

Securities

and

Income

strategy.

Brenda

is

also

co-manager

for

the

Real

Asset

Income

strategy

since

2015,

which

invests

in

income

generating

debt

and

equity

securities

from

both

the

real

estate

and

infrastructure

segments,

and

in

2020

she

became

co-manager

of

the

Credit

Income

strategy.

Brenda

joined

the

preferred

securities

sector

team

in

2011.

Prior

to

her

portfolio

management

roles,

Brenda

was

a

member

of

the

high-grade

credit

sector

team,

responsible

for

trading

corporate

bonds.

Previously,

she

was

a

member

of

the

securitized

debt

sector

team,

trading

mortgage-backed

securities,

asset-backed

securities

and

commercial

mortgage-backed

securities.

Brenda

graduated

with

a

B.B.A.

in

Finance

and

International

Business

from

the

University

of

Wisconsin-Madison.

She

also

holds

the

CFA

designation

and

is

a

member

of

the

CFA

Society

of

Chicago

and

the

CFA

Institute.

Katherine

Renfrew

is

a

portfolio

manager

for

Nuveen’s

global

fixed

income

team

and

the

sector

lead

for

emerging

markets

corporates

and

quasi-

sovereigns

and

all

developed

markets

quasi-sovereigns.

She

is

the

longest-tenured

member

of

Nuveen’s

International

and

Emerging

Markets

Debt

team

and

serves

as

a

portfolio

manager

for

Nuveen’s

suite

of

emerging

markets

debt

strategies.

Katherine

joined

the

firm

in

1997

and

has

held

several

roles

relating

to

emerging

markets

debt

including

South

American

regional

analyst,

trader,

manager

for

the

firm’s

investments

in

Eastern

Europe,

Middle

East

and

Africa

(EMEA)

regions,

and

Asian

and

EMEA

regional

analyst.

Prior

to

joining

the

firm,

she

was

a

fixed

income

securities

analyst

at

MONY

Capital

Management

and

a

financial

analyst

at

Mattel

Toys.

She

was

ranked

as

one

of

the

Top

20

female

portfolio

managers

in

the

United

States

by

Citywire

Professional

Buyer

magazine

in

2019

and

2018.

Katherine

graduated

with

a

B.S.

in

Economics

and

a

B.S.

in

Engineering

from

the

University

of

Michigan

and

an

M.B.A.

in

Finance

and

Accounting

from

the

Columbia

Business

School

at

Columbia

University.

110

Important

Tax

Information

(Unaudited)

As

required

by

the

Internal

Revenue

Code

and

Treasury

Regulations,

certain

tax

information,

as

detailed

below,

must

be

provided

to

shareholders.

Shareholders

are

advised

to

consult

their

tax

advisor

with

respect

to

the

tax

implications

of

their

investment.

The

amounts

listed

below

may

differ

from

the

actual

amounts

reported

on

Form

1099-DIV,

which

will

be

sent

to

shareholders

shortly

after

calendar

year

end.

Long-Term

Capital

Gains

As

of

year

end,

each

Fund

designates

the

following

distribution

amounts,

or

maximum

amount

allowable,

as

being

from

net

long-term

capital

gains

pursuant

to

Section

852(b)(3)

of

the

Internal

Revenue

Code:

Dividends

Received

Deduction

(DRD)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

eligible

for

the

dividends

received

deduction

for

corporate

shareholders:

Qualified

Dividend

Income

(QDI)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

treated

as

qualified

dividend

income

for

individuals

pursuant

to

Section

1(h)(11)

of

the

Internal

Revenue

Code:

Qualified

Interest

Income

(QII)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

treated

as

qualified  interest

income

and/or short-term

capital

gain

dividends pursuant

to

Section

871(k)

of

the

Internal

Revenue

Code:

163(j)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

dividends

treated

as

Section

163(j)

interest

dividends

pursuant

to

Section

163(j)

of

the

Internal

Revenue

Code:

Fund

Net

Long-Term

Capital

Gains

JGH

$

—

NPCT

—

JLS

—

Fund

Percentage

JGH

5

.5

%

NPCT

15

.7

JLS

–

Fund

Percentage

JGH

12

.5

%

NPCT

18

.8

JLS

–

Fund

1/1

to

Current

Year

End

Percentage

JGH

47

.2

%

NPCT

58

.9

JLS

79

.9

Fund

Percentage

JGH

83

.1

%

NPCT

88

.7

JLS

93

.4

111

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*

Jack

B.

Evans**

Michael

A.

Forrester*

William

C.

Hunter**

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

consultant

effective

January

1,

2024.

**

Retired

from

the

Funds'

Board

of

Trustees

effective

December

31,

2023.

***

Effective

January

1,

2024.

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

PricewaterhouseCoopers

LLP

One

North

Wacker

Drive

Chicago,

IL

60606

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

112

Glossary

of

Terms

Used

in

this

Report

(Unaudited)

19(a)

Notice:

Section

19(a)

of

the

Investment

Company

Act

of

1940

requires

that

the

payment

of

any

distribution

which

is

made

from

a

source

other

than

the

fund’s

net

income

be

accompanied

by

a

written

notice

that

discloses

the

estimated

sources

of

such

payment.

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.

Gross

Domestic

Product

(GDP):

The

total

market

value

of

all

final

goods

and

services

produced

in

a

country/region

in

a

given

year,

equal

to

total

consumer,

investment

and

government

spending,

plus

the

value

of

exports,

minus

the

value

of

imports.

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.

113

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.

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).

114

Board

Members

&

Officers

(Unaudited)

The

management

of

the

Funds,

including

general

supervision

of

the

duties

performed

for

the

Funds

by

the

Adviser,

is

the

responsibility

of

the

Board

of

Trustees

of

the

Funds.

None

of

the

trustees

who

are

not

“interested”

persons

of

the

Funds

(referred

to

herein

as

“independent

board

members”)

has

ever

been

a

director

or

employee

of,

or

consultant

to,

Nuveen

or

its

affiliates.

The

names

and

business

addresses

of

the

trustees

and

officers

of

the

Funds,

their

principal

occupations

and

other

affiliations

during

the

past

five

years,

the

number

of

portfolios

each

Trustee

oversees

and

other

directorships

they

hold

are

set

forth

below.

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

and

Term

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Board

Member

Independent

Trustees:

Terence

J.

Toth

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Co-Chair

and

Board

Member

2008

Class

II

Formerly,

a

Co-Founding

Partner,

Promus

Capital

(investment

advisory

firm)

(2008-2017);

formerly,

Director,

Quality

Control

Corporation

(manufacturing)

(2012-2021);

Chair

of

the

Board

of

the

Kehrein

Center

for

the

Arts

(philanthropy)

(since

2021);

member:

Catalyst

Schools

of

Chicago

Board

(since

2008)

and

Mather

Foundation

Board

(philanthropy)

(since

2012),

formerly,

Chair

of

its

Investment

Committee

(2017-2022);

formerly,

Member,

Chicago

Fellowship

Board

(philanthropy)

(2005-2016);

formerly,

Director,

Fulcrum

IT

Services

LLC

(information

technology

services

firm

to

government

entities)

(2010-2019);

formerly,

Director,

LogicMark

LLC

(health

services)

(2012-2016);

formerly,

Director,

Legal

&

General

Investment

Management

America,

Inc.

(asset

management)

(2008-2013);

formerly,

CEO

and

President,

Northern

Trust

Global

Investments

(financial

services)

(2004-2007);

Executive

Vice

President,

Quantitative

Management

&

Securities

Lending

(2000-2004);

prior

thereto,

various

positions

with

Northern

Trust

Company

(financial

services)

(since

1994);

formerly,

Member,

Northern

Trust

Mutual

Funds

Board

(2005-2007),

Northern

Trust

Global

Investments

Board

(2004-2007),

Northern

Trust

Japan

Board

(2004-2007),

Northern

Trust

Securities

Inc.

Board

(2003-

2007)

and

Northern

Trust

Hong

Kong

Board

(1997-2004).

211

Joseph

A.

Boateng

1963

730

Third

Avenue

New

York,

NY

10017

Board

Member

2024

Class

II

Chief

Investment

Officer,

Casey

Family

Programs

(since

2007).

Director

of

U.S.

Pension

Plans,

Johnson

&

Johnson

(2002-2006);

Board

Member,

Lumina

Foundation;

and

Waterside

School;

Emeritus

Board

Member,

Year-Up

Puget

Sound;

Investment

Advisory

Committee

Member,

Seattle

City

Employees’

Retirement

System;

Investment

Committee

Member,

The

Seattle

Foundation.

190

Michael

A.

Forrester

1967

730

Third

Avenue

New

York,

NY

10017

Board

Member

2024

Class

I

Chief

Executive

Officer

(2014–2021)

and

Chief

Operating

Officer

(2007–2014),

Copper

Rock

Capital

Partners,

LLC;

Trustee,

Dexter

Southfield

School;

Member,

Governing

Council

of

the

Independent

Directors

Council.

190

Thomas

J.

Kenny

1963

730

Third

Avenue

New

York,

NY

10017

Co-Chair

and

Board

Member

2024

Class

I

Advisory

Director

(2010–2011),

Partner

(2004–2010),

Managing

Director

(1999–2004)

and

Co-Head

of

Global

Cash

and

Fixed

Income

Portfolio

Management

Team

(2002–2010),

Goldman

Sachs

Asset

Management;

Director

and

Chair

of

the

Finance

and

Investment

Committee,

Aflac

Incorporated;

Director,

ParentSquare.

211

Amy

B.

R.

Lancellotta

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2021

Class

II

Formerly,

Managing

Director,

Independent

Directors

Council

(IDC)

(supports

the

fund

independent

director

community

and

is

part

of

the

Investment

Company

Institute

(ICI),

which

represents

regulated

investment

companies)

(2006-2019);

formerly,

various

positions

with

ICI

(1989-2006);

President

(since

2023)

and

Member

(since

2020)

of

the

Board

of

Directors,

Jewish

Coalition

Against

Domestic

Abuse

(JCADA).

211

115

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

and

Term

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Board

Member

Joanne

T.

Medero

1954

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2021

Class

III

Formerly,

Managing

Director,

Government

Relations

and

Public

Policy

(2009-2020)

and

Senior

Advisor

to

the

Vice

Chairman

(2018-

2020),

BlackRock,

Inc.

(global

investment

management

firm);

formerly,

Managing

Director,

Global

Head

of

Government

Relations

and

Public

Policy,

Barclays

Group

(IBIM)

(investment

banking,

investment

management

and

wealth

management

businesses)

(2006-2009);

formerly,

Managing

Director,

Global

General

Counsel

and

Corporate

Secretary,

Barclays

Global

Investors

(global

investment

management

firm)

(1996-2006);

formerly,

Partner,

Orrick,

Herrington

&

Sutcliffe

LLP

(law

firm)

(1993-1995);

formerly,

General

Counsel,

Commodity

Futures

Trading

Commission

(government

agency

overseeing

U.S.

derivatives

markets)

(1989-1993);

formerly,

Deputy

Associate

Director/Associate

Director

for

Legal

and

Financial

Affairs,

Office

of

Presidential

Personnel,

The

White

House

(1986-1989);

Member

of

the

Board

of

Directors,

Baltic-American

Freedom

Foundation

(seeks

to

provide

opportunities

for

citizens

of

the

Baltic

states

to

gain

education

and

professional

development

through

exchanges

in

the

U.S.)

(since

2019).

211

Albin

F.

Moschner

1952

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2016

Class

III

Founder

and

Chief

Executive

Officer,

Northcroft

Partners,

LLC,

(management

consulting)

(since

2012);

formerly,

Chairman

(2019),

and

Director

(2012-2019),

USA

Technologies,

Inc.,

(provider

of

solutions

and

services

to

facilitate

electronic

payment

transactions);

formerly,

Director,

Wintrust

Financial

Corporation

(1996-2016);

previously,

held

positions

at

Leap

Wireless

International,

Inc.

(consumer

wireless

services),

including

Consultant

(2011-2012),

Chief

Operating

Officer

(2008-2011),

and

Chief

Marketing

Officer

(2004-2008);

formerly,

President,

Verizon

Card

Services

division

of

Verizon

Communications,

Inc.

(2000-2003);

formerly,

President,

One

Point

Services

at

One

Point

Communications

(telecommunication

services)

(1999-2000);

formerly,

Vice

Chairman

of

the

Board,

Diba,

Incorporated

(internet

technology

provider)

(1996-1997);

formerly,

various

executive

positions

(1991-1996)

including

Chief

Executive

Officer

(1995-1996)

of

Zenith

Electronics

Corporation

(consumer

electronics).

211

John

K.

Nelson

1962

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2013

Class

II

Member

of

Board

of

Directors

of

Core12

LLC.

(private

firm

which

develops

branding,

marketing

and

communications

strategies

for

clients)

(since

2008);

served

The

President’s

Council

of

Fordham

University

(2010-2019)

and

previously

a

Director

of

the

Curran

Center

for

Catholic

American

Studies

(2009-2018);

formerly,

senior

external

advisor

to

the

Financial

Services

practice

of

Deloitte

Consulting

LLP.

(2012-2014);

former

Chair

of

the

Board

of

Trustees

of

Marian

University

(2010-2014

as

trustee,

2011-2014

as

Chair);

formerly

Chief

Executive

Officer

of

ABN

AMRO

Bank

N.V.,

North

America,

and

Global

Head

of

the

Financial

Markets

Division

(2007-2008),

with

various

executive

leadership

roles

in

ABN

AMRO

Bank

N.V.

between

1996

and

2007.

211

Loren

M.

Starr

1961

730

Third

Avenue

New

York,

NY

10017

Board

Member

2024

Class

III

Independent

Consultant/Advisor

(since

2021).

Vice

Chair,

Senior

Managing

Director

(2020–2021),

Chief

Financial

Officer,

Senior

Managing

Director

(2005–2020),

Invesco

Ltd.;

Director,

AMG.

210

116

Board

Members

&

Officers

(Unaudited)

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

and

Term

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Board

Member

Matthew

Thornton

III

1958

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2020

Class

III

Formerly,

Executive

Vice

President

and

Chief

Operating

Officer

(2018-2019),

FedEx

Freight

Corporation,

a

subsidiary

of

FedEx

Corporation

(FedEx)

(provider

of

transportation,

e-commerce

and

business

services

through

its

portfolio

of

companies);

formerly,

Senior

Vice

President,

U.S.

Operations

(2006-2018),

Federal

Express

Corporation,

a

subsidiary

of

FedEx;

formerly

Member

of

the

Board

of

Directors

(2012-2018),

Safe

Kids

Worldwide®

(a

non-profit

organization

dedicated

to

preventing

childhood

injuries).

Member

of

the

Board

of

Directors

(since

2014),

The

Sherwin-Williams

Company

(develops,

manufactures,

distributes

and

sells

paints,

coatings

and

related

products);

Director

(since

2020),

Crown

Castle

International

(provider

of

communications

infrastructure).

211

Margaret

L.

Wolff

1955

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2016

Class

I

Formerly,

member

of

the

Board

of

Directors

(2013-2017)

of

Travelers

Insurance

Company

of

Canada

and

The

Dominion

of

Canada

General

Insurance

Company

(each,

a

part

of

Travelers

Canada,

the

Canadian

operation

of

The

Travelers

Companies,

Inc.);

formerly,

Of

Counsel,

Skadden,

Arps,

Slate,

Meagher

&

Flom

LLP

(Mergers

&

Acquisitions

Group)

(legal

services)

(2005-

2014);

Member

of

the

Board

of

Trustees

of

New

York-Presbyterian

Hospital

(since

2005);

Member

(since

2004)

formerly,

Chair

(2015-

2022)

of

the

Board

of

Trustees

of

The

John

A.

Hartford

Foundation

(a

philanthropy

dedicated

to

improving

the

care

of

older

adults);

formerly,

Member

(2005-2015)

and

Vice

Chair

(2011-2015)

of

the

Board

of

Trustees

of

Mt.

Holyoke

College.

211

Robert

L.

Young

1963

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2017

Class

I

Formerly,

Chief

Operating

Officer

and

Director,

J.P.

Morgan

Investment

Management

Inc.

(financial

services)

(2010-2016);

formerly,

President

and

Principal

Executive

Officer

(2013-2016),

and

Senior

Vice

President

and

Chief

Operating

Officer

(2005-2010),

of

J.P.

Morgan

Funds;

formerly,

Director

and

various

officer

positions

for

J.P.

Morgan

Investment

Management

Inc.

(formerly,

JPMorgan

Funds

Management,

Inc.

and

formerly,

One

Group

Administrative

Services)

and

JPMorgan

Distribution

Services,

Inc.

(financial

services)

(formerly,

One

Group

Dealer

Services,

Inc.)

(1999-2017).

211

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Officers

of

the

Funds:

David

J.

Lamb

1963

333

W.

Wacker

Drive

Chicago,

IL

60606

Chief

Administrative

Officer

2015

Managing

Director

of

Nuveen

Fund

Advisors,

LLC;

Senior

Managing

Director

of

Nuveen

Securities,

LLC;

Senior

Managing

Director

of

Nuveen;

has

previously

held

various

positions

with

Nuveen.

Brett

E.

Black

1972

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Chief

Compliance

Officer

2022

Managing

Director,

Chief

Compliance

Officer

of

Nuveen;

formerly,

Vice

President

(2014-2022),

Chief

Compliance

Officer

and

Anti-Money

Laundering

Compliance

Officer

(2017-2022)

of

BMO

Funds,

Inc.

Mark

J.

Czarniecki

1979

901

Marquette

Avenue

Minneapolis,

MN

55402

Vice

President

and

Assistant

Secretary

2013

Managing

Director

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

and

Nuveen

Fund

Advisors,

LLC;

Managing

Director

and

Associate

General

Counsel

of

Nuveen;

Managing

Director

Assistant

Secretary

and

Associate

General

Counsel

of

Nuveen

Asset

Management,

LLC;

has

previously

held

various

positions

with

Nuveen;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC.

117

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Jeremy

D.

Franklin

1983

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2024

Vice

President

and

Assistant

Secretary,

Nuveen

Fund

Advisors,

LLC;

Vice

President

Associate

General

Counsel

and

Assistant

Secretary,

Nuveen

Asset

Management,

LLC,

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Vice

President

and

Associate

General

Counsel,

Teachers

Insurance

and

Annuity

Association

of

America;

Vice

President

and

Assistant

Secretary,

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds;

Vice

President,

Associate

General

Counsel,

and

Assistant

Secretary,

TIAA

Separate

Account

VA-1

and

College

Retirement

Equities

Fund.

Diana

R.

Gonzalez

1978

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2017

Vice

President

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC;

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC,

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Vice

President

and

Associate

General

Counsel

of

Nuveen.

Nathaniel

T.

Jones

1979

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Treasurer

2016

Senior

Managing

Director

of

Nuveen;

Managing

Director

of

Nuveen

Fund

Advisors,

LLC;

has

previously

held

various

positions

with

Nuveen;

Chartered

Financial

Analyst.

Brian

H.

Lawrence

1982

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                            

Vice

President

and

Assistant

Secretary

2023

Vice

President

and

Associate

General

Counsel

of

Nuveen;

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

formerly

Corporate

Counsel

of

Franklin

Templeton

(2018-2022).

Tina

M.

Lazar

1961

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2002

Managing

Director

of

Nuveen

Securities,

LLC.

Brian

J.

Lockhart

1974

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2019

Senior

Managing

Director

and

Head

of

Investment

Oversight

of

Nuveen;

Managing

Director

of

Nuveen

Fund

Advisors,

LLC;

has

previously

held

various

positions

with

Nuveen;

Chartered

Financial

Analyst

and

Certified

Financial

Risk

Manager.

John

M.

McCann

1975

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                            

Vice

President

and

Assistant

Secretary

2022

Managing

Director,

General

Counsel

and

Secretary

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC;

Managing

Director

and

Assistant

Secretary

of

TIAA

SMA

Strategies

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

College

Retirement

Equities

Fund,

TIAA

Separate

Account

VA-1,

TIAA-

CREF

Funds,

TIAA-CREF

Life

Funds,

Teachers

Insurance

and

Annuity

Association

of

America,

Teacher

Advisors

LLC,

TIAA-CREF

Investment

Management,

LLC,

and

Nuveen

Alternative

Advisors

LLC;

has

previously  held

various

positions

with

Nuveen/TIAA.

Kevin

J.

McCarthy

1966

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

2007

Executive

Vice

President,

Secretary

and

General

Counsel

of

Nuveen

Investments,

Inc.;

Executive

Vice

President

and

Assistant

Secretary

of

Nuveen

Securities,

LLC  and

Nuveen

Fund

Advisors,

LLC;

Executive

Vice

President

and

Secretary

of

Nuveen

Asset

Management,

LLC;

Executive

Vice

President,

General

Counsel

and

Secretary

of

Teachers

Advisors,

LLC,

TIAA-CREF

Investment

Management,

LLC

and

Nuveen

Alternative

Investments,

LLC;

Executive

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary  of

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds;

has

previously

held

various

positions

with

Nuveen;

Vice

President

and

Secretary

of

Winslow

Capital

Management,

LLC;

formerly,

Vice

President

(2007-2021)

and

Secretary

(2016-2021)

of

NWQ

Investment

Management

Company,

LLC

and

Santa

Barbara

Asset

Management,

LLC.  

Jon

Scott

Meissner

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                            

Vice

President

and

Assistant

Secretary

2019

Managing

Director,

Mutual

Fund

Tax

and

Expense

Administration

of

Nuveen,

TIAA-

CREF

Funds,

TIAA-CREF

Life

Funds,

TIAA

Separate

Account

VA-1

and

the

CREF

Accounts;

Managing

Director

of

Nuveen

Fund

Advisors,

LLC,

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

has

previously

held

various

positions

with

TIAA.

James

Nelson

III

1976

730

Third

Avenue

New

York,

NY

10017                                                            

Vice

President

2024

Senior

Managing

Director,

Global

Head

of

Product,

Publics,

Nuveen;

formerly,

Head

of

North

American

Product

Management

&

Pricing,

Invesco

(2018-2023).

118

Board

Members

&

Officers

(Unaudited)

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Mary

Beth

Ramsay

1965

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                            

Vice

President

2024

Chief

Risk

Officer,

Nuveen

and

TIAA

Financial

Risk;

Head

of

Nuveen

Risk

&

Compliance;

Executive

Vice

President,

Teachers

Insurance

and

Annuity

Association

of

America;

formerly,

Senior

Vice

President,

Head

of

Sales

and

Client

Solutions

(2019-2022)

and

U.S.

Chief

Pricing

Actuary

(2016-2019),

SCOR

Global

Life

Americas;

Member

of

the

Board

of

Directors

of

Society

of

Actuaries.

William

A.

Siffermann

1975

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2017

Managing

Director

of

Nuveen.

E.

Scott

Wickerham

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                                

Vice

President

and

Controller

2019

Senior

Managing

Director,

Head

of

Public

Investment

Finance

of

Nuveen;

Senior

Managing

Director

of

Nuveen

Fund

Advisors,

LLC

and

Nuveen

Asset

Management,

LLC;

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

of

the

TIAA-CREF

Funds,

the

TIAA-CREF

Life

Funds,

the

TIAA

Separate

Account

VA-1

and

the

CREF

Accounts;

has

previously

held

various

positions

with

TIAA.

Mark

L.

Winget

1968

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Secretary

2008

Vice

President

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

and

Nuveen

Fund

Advisors,

LLC;

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC

and

Nuveen

Asset

Management,

LLC;

Vice

President

and

Associate

General

Counsel

of

Nuveen.

Rachael

Zufall

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                                

Vice

President

and

Assistant

Secretary

2022

Managing

Director

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

the

CREF

Accounts,

TIAA

Separate

Account

VA-1,

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Teacher

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director

of

Nuveen,

LLC

and

of

TIAA.

(1)

The

Board

of

Trustees

is

divided

into

three

classes,

Class

I,

Class

II,

and

Class

III,

with

each

being

elected

to

serve

until

the

third

succeeding

annual

shareholders’

meeting

subsequent

to

its

election

or

thereafter

in

each

case

when

its

respective

successors

are

duly

elected

or

appointed,

except

two

board

members

are

elected

by

the

holders

of

Preferred

Shares,

when

applicable,

to

serve

until

the

next

annual

shareholders’

meeting

subsequent

to

its

election

or

thereafter

in

each

case

when

its

respective

successors

are

duly

elected

or

appointed.

The

year

first

elected

or

appointed

represents

the

year

in

which

the

board

member

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

complex.

(2)

Officers

serve

indefinite

terms

until

their

successor

has

been

duly

elected

and

qualified,

their

death

or

their

resignation

or

removal.  The

year

first

elected

or

appointed

represents

the

year

in

which

the

Officer

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

Complex.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

EAN-B-1223P

3342533-INV-Y-02/25

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.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/fund-governance. (To view the code, click on Code of Conduct.)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Joseph A. Boateng⁽¹⁾, Albin F. Moschner, John K. Nelson, Loren M. Starr⁽²⁾ and Robert L. Young, who are “independent” for purposes of Item 3 of Form N-CSR.

Mr. Boateng has served as the Chief Investment Officer for Casey Family Programs since 2007. He was previously Director of U.S. Pension Plans for Johnson & Johnson from 2002-2006. Mr. Boateng is a board member of the Lumina Foundation and Waterside School, an emeritus board member of Year Up Puget Sound, member of the Investment Advisory Committee and former Chair for the Seattle City Employees’ Retirement System, and an Investment Committee Member for The Seattle Foundation. Mr. Boateng received a B.S. from the University of Ghana and an M.B.A. from the University of California, Los Angeles.

Mr. Moschner is a consultant in the wireless industry and, in July 2012, founded Northcroft Partners, LLC, a management consulting firm that provides operational, management and governance solutions. Prior to founding Northcroft Partners, LLC, Mr. Moschner held various positions at Leap Wireless International, Inc., a provider of wireless services, where he was as a consultant from February 2011 to July 2012, Chief Operating Officer from July 2008 to February 2011, and Chief Marketing Officer from August 2004 to June 2008. Before he joined Leap Wireless International, Inc., Mr. Moschner was President of the Verizon Card Services division of Verizon Communications, Inc. from 2000 to 2003, and President of One Point Services at One Point Communications from 1999 to 2000. Mr. Moschner also served at Zenith Electronics Corporation as Director, President and Chief Executive Officer from 1995 to 1996, and as Director, President and Chief Operating Officer from 1994 to 1995.

Mr. Nelson formerly served on the Board of Directors of Core12, LLC from 2008 to 2023, a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank’s Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank’s representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).

Mr. Starr was Vice Chair, Senior Managing Director from 2020 to 2021, and Chief Financial Officer, Senior Managing Director from 2005 to 2020, for Invesco Ltd. Mr. Starr is also a Director and member of the Audit Committee for AMG. He is former Chair and member of the Board of Directors, Georgia Leadership Institute for School Improvement (GLISI); former Chair and member of the Board of Trustees, Georgia Council on Economic Education (GCEE).

Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. (“J.P. Morgan Investment”) and its affiliates (collectively, “J.P. Morgan”). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan’s domestic retail mutual fund and institutional commingled and separate account businesses, and co-led these activities for J.P. Morgan’s global retail and institutional investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm’s midwestern mutual fund practice.

(1) Mr. Boateng was elected or appointed as a board member of each of the Nuveen Funds except Nuveen Core Equity Alpha Fund, Nuveen Core Plus Impact Fund, Nuveen Credit Strategies Income Fund, Nuveen Dow 30SM Dynamic Overwrite Fund, Nuveen Floating Rate Income Fund, Nuveen Global High Income Fund, Nuveen Minnesota Quality Municipal Income Fund, Nuveen Missouri Quality Municipal Income Fund, Nuveen Mortgage and Income Fund, Nuveen Multi-Asset Income Fund, Nuveen Multi-Market Income Fund, Nuveen Municipal Credit Opportunities Fund, Nuveen NASDAQ 100 Dynamic Overwrite Fund, Nuveen Preferred and Income Term Fund, Nuveen Preferred & Income Opportunities Fund, Nuveen Real Asset Income and Growth Fund, Nuveen Real Estate Income Fund, Nuveen S&P 500 Dynamic Overwrite Fund, Nuveen S&P 500 Buy-Write Income Fund, Nuveen Variable Rate Preferred & Income Fund, and Nuveen Virginia Quality Municipal Income Fund, for which he serves as a consultant.

(2) Mr. Starr was elected or appointed as a board member of each of the Nuveen Funds except Nuveen Multi-Market Income Fund, for which he serves as a consultant.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The following tables show the amount of fees that PricewaterhouseCoopers LLP, the Fund’s auditor, billed to the Fund during the Fund’s last two full fiscal years. For engagements with PricewaterhouseCoopers LLP the Audit Committee approved in advance all audit services and non-audit services that PricewaterhouseCoopers LLP provided to the Fund, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Fund to its accountant during the fiscal year in which the services are provided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chair (or, in his absence, any other member of the Audit Committee).

Fiscal Year Ended	Audit Fees Billed to Fund 1			Audit-Related Fees Billed to Fund  2			Tax Fees Billed to Fund 3			All Other Fees Billed to Fund 4
December 31, 2023	$	64,245		$	0		$	2,500		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%		0	%
December 31, 2022	$	63,850		$	0		$	0		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%		0	%

¹ “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

² “Audit Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.

³ “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.

⁴ “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE

ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

The following tables show the amount of fees billed by PricewaterhouseCoopers LLP to Nuveen Fund Advisors, LLC (formerly Nuveen Fund Advisors, Inc.) (the “Adviser”), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two full fiscal years.

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to PricewaterhouseCoopers LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Fund’s audit is completed.

Fiscal Year Ended	Audit-Related Fees  Billed to Adviser and  Affiliated  Fund Service Providers			Tax Fees Billed to  Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser  and Affiliated Fund  Service  Providers
December 31, 2023	$	0		$	0		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%
December 31, 2022	$	0		$	0		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%

NON-AUDIT SERVICES

The following table shows the amount of fees that PricewaterhouseCoopers LLP billed during the Fund’s last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non-audit services that PricewaterhouseCoopers LLP provides to the Adviser and any Affiliated Fund Services Provider, if the engagement related directly to the Fund’s operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from PricewaterhouseCoopers LLP about any non-audit services that PricewaterhouseCoopers LLP rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating PricewaterhouseCoopers LLP’s independence.

Fiscal Year Ended	Total Non-Audit Fees  Billed to Fund		Total Non-Audit Fees billed to Adviser and Affiliated  Fund Service  Providers (engagements  related directly to the operations and financial reporting of the Fund)		Total Non-Audit Fees billed to Adviser and  Affiliated Fund Service  Providers (all other engagements)		Total
December 31, 2023	$	2,500	$	0	$	0	$	2,500
December 31, 2022	$	0	$	0	$	0	$	0

“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.

Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund’s independent accountants and (ii) all audit and non-audit services to be performed by the Fund’s independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chair for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are Joseph A. Boateng, Albin F. Moschner, John K. Nelson, Chair, Loren M. Starr, Margaret L. Wolff and Robert L. Young.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Nuveen Fund Advisors, LLC is the registrant’s investment adviser (also referred to as the “Adviser”). The Adviser is responsible for the on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Teachers Advisors, LLC (“Teachers Advisors” or “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has delegated to the Sub-Adviser the full responsibility for proxy voting on securities held in the registrant’s portfolio and related duties in accordance with the Sub-Adviser’s policies and procedures. The Adviser periodically monitors the Sub-Adviser’s voting to ensure that it is carrying out its duties. The Sub-Adviser’s proxy voting policies and procedures are summarized as follows:

Proxy Voting Guidelines

The Fund has adopted policies and procedures to govern the Fund’s voting of proxies of portfolio companies. The Fund seeks to use proxy voting as a tool to promote positive returns for long-term shareholders. The Fund believes that sound corporate governance practices and responsible corporate behavior create the framework from which public companies can be managed in the long-term interests of shareholders.

As a general matter, the Fund’s Board has delegated to Teachers Advisors responsibility for voting proxies of the Fund’s portfolio companies in accordance with the Nuveen Proxy Voting Policies, attached as an Appendix to this filing.

Teachers Advisors has a dedicated team of professionals responsible for reviewing and voting proxies. In analyzing a proposal, in addition to exercising their professional judgment, these professionals utilize various sources of information to enhance their ability to evaluate the proposal. These sources may include research from third party proxy advisory firms and other consultants, various corporate governance-focused organizations, related publications and TIAA investment professionals. Based on their analysis of proposals and guided by the Nuveen Proxy Voting Policies, these professionals then vote in a manner intended solely to advance the best interests of the Fund’s shareholders. Occasionally, when a proposal relates to issues not addressed in the Nuveen Proxy Voting Policies, Teachers Advisors may seek guidance from the Fund’s Board or a designated committee thereof.

The Fund and Teachers Advisors believe that they have implemented policies, procedures and processes designed to prevent conflicts of interest from influencing proxy voting decisions. These include (i) oversight by TIAA’s Board of Trustees and or a designated committee thereof; (ii) a clear separation of proxy voting functions from external client relationship and sales functions; and (iii) the active monitoring of required annual disclosures of potential conflicts of interest by individuals who have direct roles in executing or influencing the Fund’s proxy voting (e.g., Teachers Advisors’ proxy voting professionals, a Trustee, or a senior executive of the Fund, Teachers Advisors or Teachers Advisors’ affiliates) by Teachers Advisors’ legal and compliance professionals.

There could be rare instances in which an individual who has a direct role in executing or influencing the Fund’s proxy voting (e.g., Teachers Advisors’ proxy voting professionals, a Trustee or a senior executive of the Fund, Teachers Advisors or Teachers Advisors’ affiliates) is either a director or executive of a portfolio company or may have some other association with a portfolio company. In such cases, this individual is required to recuse himself or herself from all decisions related to proxy voting for that portfolio company.

A record of all proxy votes cast for the Fund for the 12-month period ended June 30 can be obtained, free of charge, at www.tiaa.org, and on the SEC’s website at www.sec.gov.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Nuveen Fund Advisors, LLC is the registrant’s investment adviser (also referred to as the “Adviser”). The Adviser is responsible for the selection and on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Teachers Advisors LLC (“Teachers Advisors”) also referred to as the (“Sub-Adviser”) since October 14, 2019, as sub-adviser to provide discretionary investment advisory services. The following section provides information on the portfolio managers of the Sub-Adviser.

ITEM 8(a)(1). PORTFOLIO MANAGER BIOGRAPHIES

As of the date of filing this report, the following individuals at the Sub-Adviser (the “Portfolio Managers”) have primary responsibility for the day-to-day implementation of the registrant’s investment strategies:

Aashh Parekh, CFA, is a lead portfolio manager for Nuveen’s global fixed income’s securitized credit platform, specializing in asset-backed securities. He manages portfolios across a variety of securitized and asset-backed security (ABS) mandates and collateral types including index eligible, CLO, off the run, and Esoteric ABS. Aashh served as Head of Securities Research for the firm in his prior role as an ABS senior research analyst. Prior to joining the firm in 2005, he held a variety of analyst roles in the telecom industry.

Nicholas Travaglino is a portfolio manager for Nuveen’s global fixed income team and leads manager for the Multi-Sector Fixed Income strategy. Nick also directs the securitized sector team, which selects residential mortgage-backed, commercial mortgage-backed and asset-backed securities for all portfolios. He is also the co-manager of the Inflation-Linked Bond strategy and the Multi-Sector Bond strategy. Nick is also a member of the Investment Committee, which establishes investment policy for all global fixed income products. Prior to joining the firm in 2014, Nicholas worked for Royal Bank of Canada Capital Markets, where he managed a $2 billion Agency MBS position within RBC’s proprietary trading unit. He also worked for Citigroup Global Markets, where he was responsible for positioning and trading Citi’s long duration CMO book. Nicholas began his career in portfolio management at Freddie Mac and entered the investment industry in 1997.

Stephen Virgilio is a senior trader for Nuveen’s global fixed income team and member of the securitized sector team. He is responsible for managing the organization’s structured product fixed income best execution initiatives, along with trading ABS, CMBS and Non-Agency MBS securities in both the primary and secondary markets. Prior to joining the firm in 2007, he worked at Standard & Poor’s providing securities pricing evaluations on securitized products, and at Citigroup Global Markets where he was a member of the asset backed finance group working on the origination and structuring of consumer ABS debt transactions. Prior to that, he held various positions in trading, investment management, capital markets, and securities valuations. He started his career with Citigroup Asset Management as a portfolio associate.

ITEM 8(a)(2). OTHER ACCOUNTS MANAGED BY PORTFOLIO MANAGERS

Other Accounts Managed. In addition to managing the registrant, the Portfolio Managers are also primarily responsible for the day-to-day portfolio management of the following accounts:

Portfolio Manager	Type of Account Managed	Number of Accounts		Assets*
Aashh Parekh	Registered Investment Company		1	$	85.57 million
	Other Pooled Investment Vehicles		0	$	0
	Other Accounts		0	$	0
Nicholas Travaglino	Registered Investment Company		5	$	15.28 billion
	Other Pooled Investment Vehicles		2	$	621.57 million
	Other Accounts		5	$	448.70 million
Stephen Virgilio	Registered Investment Company		0	$	0
	Other Pooled Investment Vehicles		0	$	0
	Other Accounts		0	$	0

* Assets are as of December 31, 2023.

POTENTIAL MATERIAL CONFLICTS OF INTEREST

Certain portfolio managers of the Fund also manage other registered investment companies or unregistered investment pools and investment accounts, including accounts for TIAA, its affiliated investment advisers, or other client or proprietary accounts (collectively, “Accounts”), which may raise potential conflicts of interest. Teachers Advisors and its affiliated investment advisers have put in place policies and procedures designed to mitigate any such conflicts. Additionally, TIAA or its affiliates, may be involved in certain investment opportunities that have the effect of restricting or limiting Fund participation in such investment opportunities. Such conflicts and mitigating policies and procedures include the following:

TIAA. TIAA or its affiliates, including Nuveen, sponsor an array of financial products for retirement and other investment goals, and provide services worldwide to a diverse customer base. Accordingly, from time to time, the Fund may be restricted from purchasing or selling securities, or from engaging in other investment activities because of regulatory, legal or contractual restrictions that arise due to an Account’s investments and/or the internal policies of TIAA or its affiliates designed to comply with such restrictions. As a result, there may be periods, for example, when Teachers Advisors will not initiate or recommend certain types of transactions in certain securities or instruments with respect to which investment limits have been reached.

The investment activities of TIAA or its affiliates may also limit the investment strategies and rights of the Fund. For example, in certain circumstances where the Fund invests in securities issued by companies that operate in certain regulated industries, in certain emerging or international markets, or are subject to corporate or regulatory ownership definitions, or invest in certain futures and derivative transactions, there may be limits on the aggregate amount invested by TIAA or its affiliates, for the Fund and Accounts that may not be exceeded without the grant of a license or other regulatory or corporate consent. If certain aggregate ownership thresholds are reached or certain transactions undertaken, the ability of Teachers Advisors, on behalf of the Fund or Accounts, to purchase or dispose of investments or exercise rights or undertake business transactions may be restricted by regulation or otherwise impaired. As a result, Teachers Advisors, on behalf of the Fund or Accounts, may limit purchases, sell existing investments, or otherwise restrict or limit the exercise of rights (including voting rights) when Teachers Advisors, in its sole discretion, deems it appropriate in light of potential regulatory or other restrictions on ownership or other consequences resulting from reaching investment thresholds.

Conflicting Positions. Investment decisions made for the Fund may differ from, and may conflict with, investment decisions made by Teachers Advisors or any of its affiliated investment advisers for Accounts due to differences in investment objectives, investment strategies, account benchmarks, client risk profiles and other factors. As a result of such differences, if an Account were to sell a significant position in a security while the Fund maintained its position in that security, the market price of such security could decrease and adversely impact the Fund’s performance. In the case of a short sale, the selling Account would benefit from any decrease in price.

Conflicts may also arise in cases where one or more Funds or Accounts are invested in different parts of an issuer’s capital structure. For example, a Fund (or an Account) could acquire debt obligations of a company while an Account (or a Fund) acquires an equity investment in the same company. In negotiating the terms and conditions of any such investments, Teachers Advisors (or, in the case of an Account, an affiliated investment adviser) may find that the interests of the debt-holding fund (or Account) and the

equity-holding Account (or Fund) may conflict. If that issuer encounters financial problems, decisions over the terms of the workout could raise conflicts of interest (including, for example, conflicts over proposed waivers and amendments to debt covenants). For example, a debt-holding Fund (or Account) may be better served by a liquidation of an issuer in which they could be paid in full, while an equity-holding Account (or Fund) might prefer a reorganization of the issuer that would have the potential to retain value for the equity holders. As another example, holders of an issuer’s senior securities may be able to act to direct cash flows away from junior security holders, and both the junior and senior security holders may be a Fund (or an Account). Any of the foregoing conflicts of interest will be discussed and resolved on a case-by-case basis pursuant to policies and procedures designed to mitigate any such conflicts. Any such discussions will factor in the interests of the relevant parties and applicable laws and regulations. Teachers Advisors may seek to avoid such conflicts, and, as a result, Teachers Advisors may choose not to make such investments on behalf of the Fund, which may adversely affect the Fund’s performance if similarly attractive opportunities are not available or identified.

Allocation of Investment Opportunities. Even where Accounts have similar investment mandates as the Fund, Teachers Advisors or its affiliated investment advisers may determine that investment opportunities, strategies or particular purchases or sales are appropriate for one or more Accounts, but not for the Fund, or are appropriate for the Fund but in different amounts, terms or timing than is appropriate for an Account. As a result, the amount, terms or timing of an investment by the Fund may differ from, and performance may be lower than, investments and performance of an Account.

Aggregation and Allocation of Orders. Teachers Advisors and its affiliated investment advisers may aggregate orders of Funds and Accounts, in each case consistent with the applicable adviser’s policy to seek best execution for all orders. Although aggregating orders is a common means of reducing transaction costs for participating Accounts and Funds, Teachers Advisors or its affiliated investment advisers may be perceived as causing one Fund or Account to participate in an aggregated transaction in order to increase Teachers Advisors’ or its affiliated investment advisers’ overall allocation of securities in that transaction or future transactions. Allocations of aggregated trades may also be perceived as creating an incentive for Teachers Advisors to disproportionately allocate securities expected to increase in value to certain Accounts at the expense of a Fund. In addition, a Fund may bear the risk of potentially higher transaction costs if aggregated trades are only partially filled or if orders are not aggregated at all.

Teachers Advisors and its affiliated investment advisers have adopted procedures designed to mitigate the foregoing conflicts of interest by treating each Fund and Account they advise fairly and equitably over time in the allocation of investment opportunities and the aggregation and allocation of orders. The procedures also are designed to mitigate conflicts in potentially inconsistent trading and provide guidelines for trading priority. Moreover, Teachers Advisors’ or its affiliated investment advisers’ trading activities are subject to supervisory review and compliance monitoring to help address and mitigate conflicts of interest and ensure that Funds and Accounts are being treated fairly and equitably over time.

For example, in allocating investment opportunities, a portfolio manager considers an Account’s or Fund’s investment objectives, investment restrictions, cash position, need for liquidity, sector concentration and other objective criteria. In addition, orders for the same single security are generally aggregated with other orders for the same single security received at the same time. If aggregated orders are fully executed, each participating Account or Fund is allocated its pro rata share on an average price and trading cost basis. In the event the order is only partially filled, each participating Account or Fund receives a pro rata share. Portfolio managers are also subject to restrictions on potentially inconsistent trading of single securities, although a portfolio manager may sell a single security short if the security is included in an Account’s or Fund’s benchmark and the portfolio manager is underweight in that security relative to the applicable Account’s or Fund’s benchmark. Moreover, the procedures set forth guidelines under which trading for long sales of single securities over short sales of the same or closely related securities are monitored to ensure that the trades are treated fairly and equitably. Additionally, the Fund’s portfolio managers’ decisions for executing those trades are also monitored.

Teachers Advisors’ procedures also address basket trades (trades in a wide variety of securities—on average approximately 100 different issuers) used in quantitative strategies. However, basket trades are generally not aggregated or subject to the same types of restrictions on potentially inconsistent trading as single-security trades because basket trades are tailored to a particular index or model portfolio based on the risk profile of a particular Account or Fund pursuing a particular quantitative strategy. In addition, basket trades are not subject to the same monitoring as single-security trades because an automated and systematic process is used to execute trades; however, the Fund’s portfolio managers’ decisions for executing those trades are monitored.

Research. Teachers Advisors allocates brokerage commissions to brokers who provide execution and research services for the Fund and some or all of Teachers Advisors’ other clients. Such research services may not always be utilized in connection with the Funds or other client Accounts that may have provided the commission or a portion of the commission paid to the broker

providing the services. Teachers Advisors is authorized to pay, on behalf of the Fund, higher brokerage fees than another broker might have charged in recognition of the value of brokerage or research services provided by the broker. Teachers Advisors has adopted procedures with respect to these so-called “soft dollar” arrangements, including the use of brokerage commissions to pay for brokers’ in-house and non-proprietary research, the process for allocating brokerage, and Teachers Advisors’ practices regarding the use of third-party soft dollars.

IPO Allocation. Teachers Advisors has adopted procedures designed to ensure that it allocates initial public offerings to the Funds and Teachers Advisors’ other clients in a fair and equitable manner, consistent with its fiduciary obligations to its clients.

Compensation. The compensation paid to Teachers Advisors for managing Funds, as well as certain other clients, is based on a percentage of assets under management, whereas the compensation paid to Teachers Advisors for managing certain other clients is based on cost. However, no client currently pays Teachers Advisors a performance-based fee. Nevertheless, Teachers Advisors may be perceived as having an incentive to allocate securities that are expected to increase in value to accounts in which Teachers Advisors has a proprietary interest or to certain other accounts in which Teachers Advisors receives a larger asset-based fee.

ITEM 8(a)(3). FUND MANAGER COMPENSATION

As of the most recently completed fiscal year end, the primary Portfolio Managers’ compensation is as follows:

Fixed-income portfolio managers are compensated through a combination of base salary, annual performance awards, long-term compensation awards and, for certain portfolio managers, equity-like performance based plans. Currently, the annual performance awards and long-term compensation awards are determined using both quantitative (75%) and qualitative factors (25%) including, but not limited to, Information Ratio, ranking versus Morningstar peers, risk-adjusted variation in return vs. benchmark and, management/peer reviews.

The variable component of a portfolio manager’s compensation is remunerated as: (1) a current year cash bonus; and (2) a long-term performance award, which is on a 3-year cliff vesting cycle and (3) an equity-like profits interest plan. Fifty percent (50%) of the long-term award is based on the Fund(s) managed by the portfolio manager during the 3-year vesting period, while the value of the long-term award is based on the performance of the TIAA organization as a whole. The equity-like profits interest vests over time and entitles participants to a percentage of Teachers Advisors’ annual profits and the profits of its affiliate Nuveen Asset Management. The equity-like profits interest is allocated to individual portfolio managers based on such person’s overall contribution to Teachers Advisors and Nuveen Asset Management.

Risk-adjusted investment performance is calculated, where records are available, over one, three, and five years, each ending December 31. For each year, the gross excess return (on a before-tax basis) of a portfolio manager’s mandate(s) is calculated versus each mandate’s assigned benchmark. For managers with less than a 5-year track record, there is a 50% weighting for the 1-year return and a 50% weighting for the 3-year return. Please see the Funds’ Prospectuses for more information regarding their benchmark indices. An Information Ratio is then calculated utilizing the gross excess return in the numerator and the 52-week realized Active Risk (tracking error), in the denominator to generate risk-adjusted investment performance. Investment performance relative to industry peers is evaluated using Morningstar percentile rankings with equal weighting to each of the 1-, 3-, and 5-year rankings.

Utilizing the quantitative and qualitative factors discussed above, total compensation is calculated and then compared to the compensation data obtained from surveys that include comparable investment firms. It should be noted that the total compensation can be increased or decreased based on the performance of the fixed-income group as a unit and the relative success of the TIAA organization in achieving its financial and operational objectives.

ITEM 8(a)(4). OWNERSHIP OF JLS SECURITIES AS OF DECEMBER 31, 2023

Name of Portfolio Manager	None		$1 - $10,000	$10,001  - $50,000		$50,001  - $100,000		$100,001  - $500,000	$500,001  - $1,000,000	Over $1,000,000
Aashh Parekh							X
Nicholas Travaglino		X
Stephen Virgilio					X

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15 (b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15 (b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

File the exhibits listed below as part of this Form.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant’s website at www.nuveen.com/fund-governance and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT Attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(a)(4) Change in registrant’s independent public accountant. Not applicable.

(b) If the report is filed under Section  13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section  1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section  18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT 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.

(Registrant) Nuveen Mortgage and Income Fund

By (Signature and Title)	/s/ David J. Lamb
	David J. Lamb
	Chief Administrative Officer
Date: March 7, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ David J. Lamb
	David J. Lamb
	Chief Administrative Officer
	(principal executive officer)
Date: March 7, 2024
By (Signature and Title)	/s/ E. Scott Wickerham
	E. Scott Wickerham
	Vice President and Controller
	(principal financial officer)
Date: March 7, 2024