Nuveen Core Plus Impact Fund (NPCT) N-CSRS Certified semi-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 811-23627

Nuveen Core Plus Impact Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2024

Item 1. Reports to Stockholders.

Closed-End

Funds

Closed-End

Funds

Nuveen

June

30,

2024

Semi-Annual

Report

This

semi-annual

report

contains

the

Funds'

unaudited

financial

statements.

Nuveen

Global

High

Income

Fund

JGH

Nuveen

Core

Plus

Impact

Fund

NPCT

Nuveen

Mortgage

and

Income

Fund

JLS

2

Table

of

Contents

Important

Notices

3

Common

Share

Information

4

About

the

Funds’

Benchmarks

6

Fund

Performance,

Leverage

and

Holdings

Summaries

7

Performance

Overview

and

Holdings

Summaries

9

Portfolios

of

Investments

15

Statement

of

Assets

and

Liabilities

41

Statement

of

Operations

42

Statement

of

Changes

in

Net

Assets

43

Statement

of

Cash

Flows

45

Financial

Highlights

48

Notes

to

Financial

Statements

53

Shareholder

Meeting

Report

69

Additional

Fund

Information

71

Glossary

of

Terms

Used

in

this

Report

72

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

74

Important

Notices

3

Portfolio

manager

commentaries:

The

Funds

include

portfolio

manager

commentary

in

their

annual

shareholder

reports.

For

your

Fund’s

most

recent

annual

portfolio

manager

discussion,

please

refer

to

the

Portfolio

Managers’

Comments

section

of

the

Fund’s

annual

shareholder

report.

Fund

changes:

For

changes

that

occurred

to

your

Fund

both

during

and

after

this

reporting

period,

please

refer

to

the

Notes

to

Financial

Statements

section

of

this

report.

Fund

principal

investment

policies

and

principal

risks:

Refer

to

the

Shareholder

Update

section

of

your

Fund’s

annual

shareholder

report

for

information

on

the

Fund’s

principal

investment

policies

and

principal

risks.

Fund

performance:

For

current

information

on

your

Fund’s

average

annual

total

returns

please

refer

to

the

Fund’s

website

at

www.nuveen.com

.

For

average

annual

total

returns

as

of

the

end

of

this

reporting

period,

please

refer

to

the

Performance

Overview

and

Holding

Summaries

section

within

this

report.

Management

fees:

As

of

May

1,

2024,

each

Fund’s

overall

complex-level

fee

begins

at

a

maximum

rate

of

0.1600%

of

the

Fund’s

average

daily

net

assets,

with

breakpoints

for

eligible

complex-level

assets

above

$124.3

billion.

JGH

-

Portfolio

manager

update:

Effective

April

5,

2024,

Jacob

Fitzpatrick,

CFA

is

no

longer

a

portfolio

manager

of

the

Fund.

JLS

–

Investment

policy

change:

Effective

March

1,

2024,

the

following

policy

changes

were

made

to

the

Fund.

Updated

the

Fund’s

primary

investment

policy

so

that

the

Fund

invests

in

at

least

50%

of

managed

assets

in

mortgage

backed

securities

(MBS)

and

up

to

50%

in

non-mortgage

related

asset

backed

securities

(ABS).

Previously,

the

Fund’s

primary

investment

policy

stated

that

the

Fund

invested

as

least

65%

in

MBS

and

up

to

35%

in

non-mortgage

related

ABS.

Formerly

adopted

a

Name’s

Rule

policy.

Removed

two

outdated

policies

related

to

the

use

of

certain

derivatives

and

ability

to

short

sell

securities.

4

Common

Share

Information

COMMON

SHARE

DISTRIBUTION

INFORMATION

The

following

information

regarding

the

distributions

for

each

fund

are

current

as

of

June

30,

2024,

and

likely

will

vary

over

time

based

on

each

Fund's

investment

activities

and

portfolio

investment

value

changes.

Each

Fund’s

distribution

policy,

which

may

be

changed

by

the

Board,

is

to

make

regular

monthly

cash

distributions

to

holders

of

its

common

shares

(stated

in

terms

of

a

fixed

cents

per

common

share

dividend

distribution

rate

which

may

be

set

from

time

to

time).

Each

Fund

intends

to

distribute

all

or

substantially

all

of

its

net

investment

income

each

year

through

its

regular

monthly

distribution

and

to

distribute

realized

capital

gains

at

least

annually.

In

addition,

in

any

monthly

period,

to

maintain

its

declared

per

common

share

distribution

amount,

a

Fund

may

distribute

more

or

less

than

its

net

investment

income

during

the

period.

In

the

event

a

Fund

distributes

more

than

its

net

investment

income

during

any

yearly

period,

such

distributions

may

also

include

realized

gains

and/or

a

return

of

capital.

To

the

extent

that

a

distribution

includes

a

return

of

capital

the

NAV

per

share

may

erode.

The

practice

of

maintaining

a

stable

distribution

level

had

no

material

effect

on

each

Fund’s

investment

strategy

during

the

most

recent

fiscal

period

and

is

not

expected

to

have

such

an

effect

in

future

periods,

however,

distributions

in

excess

of

Fund

returns

will

cause

its

NAV

per

share

to

erode.

For

additional

information,

refer

to

the

distribution

information

section

below

and

in

the

Notes

to

Financial

Statements

herein.

Actual

amounts

and

sources

for

tax

reporting

purposes

will

be

determined

as

of

the

Fund’s

fiscal

year-end

and

reported

to

shareholders

on

Form

1099-DIV.

Because

distribution

source

estimates

are

updated

throughout

the

current

fiscal

year

based

on

a

fund’s

performance,

these

estimates

may

differ

from

both

the

tax

information

reported

to

you

in

your

fund’s

1099

statement,

as

well

as

the

ultimate

economic

sources

of

distributions

over

the

life

of

your

investment.

The

figures

in

the

table

below

provide

an

estimate

of

the

sources

of

distributions

and

may

include

amounts

attributed

to

realized

gains

and/or

returns

of

capital.

A

return

of

capital

may

occur,

for

example,

when

some

or

all

of

the

money

that

you

invested

in

the

Fund

is

paid

back

to

you.

A

return

of

capital

distribution

does

not

necessarily

reflect

the

Fund’s

investment

performance

and

should

not

be

confused

with

“yield”

or

“income.”

The

Funds

attribute

these

estimates

equally

to

each

regular

distribution

throughout

the

year.

Consequently,

the

estimated

information

shown

below

is

for

the

current

distribution,

and

also

represents

an

updated

estimate

for

all

prior

months

in

the

fiscal

year.

These

estimates

should

not

be

used

for

tax

reporting

purposes.

The

final

determination

for

all

distributions

paid

in

2024

will

be

made

in

early

2025

and

reported

to

you

on

Form

1099-DIV.

More

details

about

the

Fund’s

distributions

and

the

basis

for

these

estimates

are

available

on

www.nuveen.com/en-us/closed-end-funds.

NUVEEN

CLOSED-END

FUND

DISTRIBUTION

AMOUNTS

The

Nuveen

Closed-End

Funds’

monthly

and

quarterly

periodic

distributions

to

shareholders

are

posted

on

www.nuveen.com

and

can

be

found

on

Nuveen’s

enhanced

closed-end

fund

resource

page,

which

is

at

https://www.nuveen.com/resource-center-

closedend

funds,

along

with

other

Nuveen

closed-end

fund

product

updates.

To

ensure

timely

access

to

the

latest

information,

shareholders

may

use

a

subscribe

function,

which

can

be

activated

at

this

web

page

(https://www.nuveen.com/subscriptions).

COMMON

SHARE

REPURCHASES

The

Funds’

Board

of

Trustees

authorized

an

open-market

share

repurchase

program,

allowing

each

Fund

to

repurchase

and

retire

an

aggregate

of

up

to

approximately

10%

of

its

outstanding

common

shares.

Data

as

of

June

30,

2024

Current

Month

Estimated

Percentage

of

Distributions

Fiscal

YTD

Estimated

Per

Share

Amounts

Fund

Net

Investment

Income

Realized

Gains

Return

of

Capital

Total

Distributions

Net

Investment

Income

Realized

Gains

Return

of

Capital

JGH

(FYE

12/31)

84.70%

0.00%

15.30%

$0.6210

$0.5261

$0.0000

$0.0949

NPCT

(FYE

12/31)

50.50%

0.00%

49.50%

$0.5680

$0.2871

$0.0000

$0.2809

JLS

(FYE

12/31)

100.00%

0.00%

0.00%

$0.8635

$0.8635

$0.0000

$0.0000

5

During

the

current

reporting

period,

the

Funds

did

not

repurchase

any

of

their

outstanding

common

shares.

As

of

June

30,

2024,

and

since

the

inception

of

the

Funds’

repurchase

program,

each

Fund

have

cumulatively

repurchased

and

retired

its

outstanding

common

shares

as

shown

in

the

accompanying

table.

JGH

NPCT

JLS

Common

shares

cumulatively

repurchased

and

retired

900,000

0

10,814

Common

shares

authorized

for

repurchase

2,315,000

2,875,000

545,000

6

About

the

Funds’

Benchmarks

Bloomberg

Global

High

Yield

Index

(USD

Hedged):

An

index

designed

to

measure

the

performance

of

the

fixed-rate,

high

yield

debt

of

companies

in

the

U.S.,

developed

markets

and

emerging

markets.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Bloomberg

MSCI

U.S.

Green

Bond

Index:

An

index

designed

to

measure

the

performance

of

USD

-

denominated,

U.S.

and

non-U.S.

fixed

income

securities,

issued

to

fund

projects

with

direct

environmental

benefits.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Bloomberg

U.S.

Aggregate

Bond

Index:

An

index

designed

to

measure

the

performance

of

the

USD-denominated,

fixed-rate,

U.S.

investment

grade

taxable

bond

market.

The

index

includes

Treasuries,

government-related

and

corporate

securities,

mortgage

backed

securities

(MBS),

asset-backed

securities

(ABS)

and

commercial

mortgage-backed

securities

(CMBS).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Bloomberg

U.S.

Corporate

High

Yield

Bond

Index

:

An

index

designed

to

measure

the

performance

of

the

USD-

denominated,

fixed

rate

corporate

high

yield

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

ICE

BofA

U.S.

ABS

&

CMBS

Index:

An

index

that

consists

of

a

50/50

blend

of

USD-denominated

investment

grade

fixed-

and

floating-rate

asset

backed

securities

(ABS)

and

fixed-rate

commercial

mortgage-backed

securities

(CMBS)

publicly

issued

in

the

U.S.

domestic

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

NPCT

Blended

Benchmark:

Consists

of:

1)

60%

Bloomberg

MSCI

U.S.

Green

Bond

Index

(defined

herein),

and

2)

40%

Bloomberg

U.S.

Corporate

High

Yield

Bond

Index

(defined

herein).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Fund

Performance,

Leverage

and

Holdings

Summaries

7

The

Fund

Performance,

Leverage

and

Holding

Summaries

for

each

Fund

are

shown

below

within

this

section

of

the

report.

Fund

Performance

Performance

data

for

each

Fund

shown

below

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

performance

may

be

higher

or

lower

than

the

data

shown.

Returns

do

not

reflect

the

deduction

of

taxes

that

shareholders

may

have

to

pay

on

Fund

distributions

or

upon

the

sale

of

Fund

shares.

Returns

at

NAV

are

net

of

Fund

expenses,

and

assume

reinvestment

of

distributions.

Comparative

index

return

information

is

provided

for

the

Fund’s

shares

at

NAV

only.

Indexes

are

not

available

for

direct

investment.

Total

returns

for

a

period

of

less

than

one

year

are

not

annualized

(i.e.

cumulative

returns).

Since

inception

returns

are

shown

for

share

classes

that

have

less

than

10-years

of

performance.

For

performance,

current

to

the

most

recent

month-end

visit

Nuveen.com

or

call

(800)

257-8787.

Impact

of

Leverage

One

important

factor

impacting

the

returns

of

the

Funds’

common

shares

relative

to

their

comparative

benchmarks

was

the

Funds’

use

of

leverage

through

their

issuance

of

preferred

shares

and/or

investments

in

inverse

floating

rate

securities,

which

represent

leveraged

investments

in

underlying

bonds.

The

Funds

use

leverage

because

our

research

has

shown

that,

over

time,

leveraging

provides

opportunities

for

additional

income.

The

opportunity

arises

when

short-term

rates

that

a

Fund

pays

on

its

leveraging

instruments

are

lower

than

the

interest

the

Fund

earns

on

its

portfolio

of

long-term

bonds

that

it

has

bought

with

the

proceeds

of

that

leverage.

However,

use

of

leverage

can

expose

Fund

common

shares

to

additional

price

volatility.

When

a

Fund

uses

leverage,

the

Fund’s

common

shares

will

experience

a

greater

increase

in

their

net

asset

value

if

the

securities

acquired

through

the

use

of

leverage

increase

in

value,

but

will

also

experience

a

correspondingly

larger

decline

in

their

net

asset

value

if

the

securities

acquired

through

leverage

decline

in

value.

All

this

will

make

the

shares’

total

return

performance

more

variable

over

time.

In

addition,

common

share

income

in

levered

funds

will

typically

decrease

in

comparison

to

unlevered

funds

when

short-term

interest

rates

increase

and

increase

when

short-term

interest

rates

decrease.

In

recent

quarters,

fund

leverage

expenses

have

generally

tracked

the

overall

movement

of

short-term

interest

rates.

While

fund

leverage

expenses

are

higher

than

their

prior

year

lows,

leverage

nevertheless

continues

to

provide

the

opportunity

for

incremental

common

share

income,

particularly

over

longer-

term

periods.

Leverage

Ratios

Each

Fund’s

Effective

Leverage

and

Regulatory

Leverage

Ratios

are

set

forth

below.

“Effective

Leverage”

is

a

Fund’s

effective

economic

leverage,

and

includes

both

regulatory

leverage

and

the

leverage

effects

of

certain

derivative

and

other

investments

in

a

Fund’s

portfolio

that

increase

the

Fund’s

investment

exposure.

“Regulatory

Leverage”

consists

of

preferred

shares

or

borrowings

of

a

Fund.

Regulatory

Leverage

is

a

part

of

a

Fund’s

capital

structure.

Regulatory

leverage

is

subject

to

asset

coverage

limits

set

forth

in

the

Investment

Company

Act

of

1940.

A

Fund,

however,

may

from

time

to

time

borrow

for

temporary

purposes,

typically

on

a

transient

basis

in

connection

with

its

day-to-day

operations,

primarily

in

connection

with

the

need

to

settle

portfolio

trades.

Such

temporary

borrowings

are

excluded

from

the

calculation

of

a

Fund’s

Effective

Leverage

and

Regulatory

Leverage

ratios. 

Holding

Summaries

The

Holdings

Summaries

data

relates

to

the

securities

held

in

each

Fund’s

portfolio

of

investments

as

of

the

end

of

this

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

Refer

to

the

Fund’s

Portfolio

of

Investments

for

individual

security

information.

With

respect

to

JGH

and

NPCT,

the

Funds

use

credit

quality

ratings

for

its

portfolio

securities

provided

by

Standard

&

Poor’s

Group,

Moody’s

Investors

Service,

Inc.

and

Fitch,

Inc.

If

all

three

provide

a

rating

for

a

security,

the

middle

is

used;

if

two

of

the

three

agencies

rate

a

security,

the

lower

rating

is

used;

and

if

only

one

rating

agency

rates

a

security,

that

rating

is

used.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC,

CC,

C

and

D

are

below-investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Fund

Performance,

Leverage

and

Holdings

Summaries

(continued)

8

With

respect

to

JLS,

the

ratings

disclosed

are

the

highest

rating

given

by

Standard

&

Poor’s

Group,

Moody’s

Investors

Service,

Inc.

or

Fitch,

Inc.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC,

CC,

C

and

D

are

below-

investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Nuveen

Global

High

Income

Fund

Fund

Performance,

Leverage

and

Holdings

June

30,

2024

9

JGH

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

Bloomberg

Global

High

Yield

Index

(USD

Hedged).

Daily

Common

Share

NAV

and

Share

Price

Total

Returns

as

of

June

30,

2024

Cumulative

Average

Annual

Inception

Date

6-Month

1-Year

5-Year

Since

Inception

JGH

at

Common

Share

NAV

11/24/14

4.66%

15.65%

2.89%

4.11%

JGH

at

Common

Share

Price

11/24/14

10.07%

26.87%

5.67%

5.61%

Bloomberg

Global

High

Yield

Index

(USD

Hedged)

—

3.88%

12.52%

3.28%

4.56%

Common

Share

NAV

Common

Share

Price

Premium/(Discount)

to

NAV

Average

Premium/(Discount)

to

NAV

$13.36

$12.79

(4.27)%

(5.61)%

10

Fund

Performance,

Leverage

and

Holdings

June

30,

2024

(continued)

Leverage

and

Holdings

Leverage

Effective

Leverage

27.76%

Regulatory

Leverage

27.76%

Fund

Allocation

(%

of

net

assets)

Corporate

Bonds

80.8‌%

Sovereign

Debt

17.0‌%

Variable

Rate

Senior

Loan

Interests

15.9‌%

$1,000

Par

(or

similar)

Institutional

Preferred

14.2‌%

Contingent

Capital

Securities

9.6‌%

$25

Par

(or

similar)

Retail

Preferred

0.4‌%

Common

Stocks

0.3‌%

Asset-Backed

Securities

0.2‌%

Repurchase

Agreements

3.4‌%

Other

Assets

&

Liabilities,

Net

(3.4)%

Borrowings

(38.4)%

Net

Assets

100‌%

Top

Five

Issuers

(%

of

total

investments)

Petroleos

Mexicanos

1.9%

Brightline

East

LLC

1.7%

Level

3

Financing

Inc

1.5%

Organon

&

Co,

Term

Loan

B

1.5%

Phoenix

Newco

Inc

1.4%

Portfolio

Composition

1

(%

of

total

investments)

Energy

8.7%

Banks

8.6%

Financial

Services

6.9%

Media

&

Entertainment

6.7%

Materials

5.5%

Utilities

5.4%

Telecommunication

Services

5.3%

Transportation

5.3%

Health

Care

Equipment

&

Services

5.2%

Capital

Goods

4.4%

Software

&

Services

4.3%

Pharmaceuticals,

Biotechnology

&

Life

Sciences

3.7%

Consumer

Discretionary

Distribution

&

Retail

3.4%

Automobiles

&

Components

3.1%

Insurance

2.0%

Food,

Beverage

&

Tobacco

2.0%

Real

Estate

Management

&

Development

1.5%

Consumer

Services

1.4%

Household

&

Personal

Products

0.9%

Commercial

&

Professional

Services

0.6%

Other

0.5%

Sovereign

Debt

12.1%

Asset-Backed

Securities

0.1%

Repurchase

Agreements

2.4%

Total

100%

Portfolio

Credit

Quality

(%

of

total

investments)

BBB

8.3%

BB

or

Lower

86.9%

N/R

(not

rated)

4.6%

N/A

(not

applicable)

0.2%

Total

100‌%

Country

Allocation

2,3

(%

of

total

investments)

United

States

56.4‌%

Mexico

3.9‌%

Colombia

2.9‌%

United

Kingdom

2.5‌%

Turkey

2.4‌%

France

2.4‌%

Netherlands

1.9‌%

Luxembourg

1.8‌%

South

Africa

1.8‌%

Canada

1.7‌%

Switzerland

1.5‌%

Australia

1.5‌%

Other

19.3‌%

Total

100‌%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

Includes

27.4%

(as

a

percentage

of

total

investments)

in

emerging

market

countries.

3

“Other”

countries

include

forty

countries

that

individually

constitute

less

than

1.4%

as

a

percentage

of

total

investments.

Nuveen

Core

Plus

Impact

Fund

Fund

Performance,

Leverage

and

Holdings

June

30,

2024

11

NPCT

Performance*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

NPCT

Blended

Benchmark.

The

Fund’s

Blended

Benchmark

consists

of:

1)

60%

of

Bloomberg

MSCI

U.S.

Green

Bond

Index

and

2)

40%

Bloomberg

U.S.

Corporate

High

Yield

Bond

Index.

Daily

Common

Share

NAV

and

Share

Price

Total

Returns

as

of

June

30,

2024

Cumulative

Average

Annual

Inception

Date

6-Month

1-Year

Since

Inception

NPCT

at

Common

Share

NAV

4/27/21

4.61%

10.13%

(7.86)%

NPCT

at

Common

Share

Price

4/27/21

13.94%

21.25%

(9.44)%

Bloomberg

U.S.

Aggregate

Bond

Index

—

(0.71)%

2.63%

(2.51)%

NPCT

Blended

Benchmark

—

1.22%

6.83%

(0.17)%

Common

Share

NAV

Common

Share

Price

Premium/(Discount)

to

NAV

Average

Premium/(Discount)

to

NAV

$20.38

$10.88

(46.61)%

(12.32)%

12

Fund

Performance,

Leverage

and

Holdings

June

30,

2024

(continued)

Leverage

and

Holdings

Leverage

Effective

Leverage

34.62%

Regulatory

Leverage

27.90%

Fund

Allocation

(%

of

net

assets)

Corporate

Bonds

83.5‌%

$1,000

Par

(or

similar)

Institutional

Preferred

22.3‌%

Mortgage-Backed

Securities

19.4‌%

$25

Par

(or

similar)

Retail

Preferred

6.1‌%

Sovereign

Debt

5.6‌%

Asset-Backed

Securities

3.8‌%

Municipal

Bonds

3.7‌%

Variable

Rate

Senior

Loan

Interests

3.3‌%

U.S.

Government

and

Agency

Obligations

0.7‌%

Convertible

Bonds

0.1‌%

Repurchase

Agreements

1.7‌%

Other

Assets

&

Liabilities,

Net

2.8%

Reverse

Repurchase

Agreements,

including

accrued

interest

(14.4‌)%

Borrowings

(18.2)%

TFP

Shares,

Net

(20.4‌)%

Net

Assets

100‌%

Portfolio

Composition

1

(%

of

total

investments)

Utilities

29.6%

Banks

15.0%

Financial

Services

7.9%

Capital

Goods

4.9%

Materials

4.3%

Energy

2.5%

Commercial

&

Professional

Services

2.3%

Telecommunication

Services

2.0%

Consumer

Discretionary

Distribution

&

Retail

1.6%

Automobiles

&

Components

1.2%

Consumer

Durables

&

Apparel

1.0%

Transportation

1.0%

Technology

Hardware

&

Equipment

0.9%

Insurance

0.9%

Consumer

Services

0.8%

Real

Estate

Management

&

Development

0.6%

Equity

Real

Estate

Investment

Trusts

(REITs)

0.3%

Mortgage-Backed

Securities

12.9%

Sovereign

Debt

3.7%

Asset-Backed

Securities

2.6%

Municipal

Bonds

2.4%

U.S.

Government

and

Agency

Obligations

0.5%

Repurchase

Agreements

1.1%

Total

100%

Portfolio

Credit

Quality

(%

of

total

long-term

investments)

AAA

0.1%

AA

3.9%

A

9.1%

BBB

37.1%

BB

or

Lower

39.1%

N/R

(not

rated)

10.7%

Total

100‌%

Country

Allocation

2,3

(%

of

total

investments)

United

States

60.3‌%

Italy

5.2‌%

Chile

4.7‌%

United

Kingdom

4.1‌%

Mexico

3.5‌%

Canada

2.8‌%

Australia

2.6‌%

Indonesia

2.4‌%

India

2.1‌%

South

Korea

1.7‌%

Benin

1.6‌%

United

Arab

Emirates

1.5‌%

Other

7.5‌%

Total

100‌%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

Includes

20.7%

(as

a

percentage

of

total

investments)

in

emerging

market

countries.

3

“Other”

countries

include

eight

countries

that

individually

constitute

less

than

1.5%

as

a

percentage

of

total

investments.

Nuveen

Mortgage

and

Income

Fund

Fund

Performance,

Leverage

and

Holdings

June

30,

2024

13

JLS

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

ICE

BofA

US

ABS

&

CMBS

Index.

Daily

Common

Share

NAV

and

Share

Price

Total

Returns

as

of

June

30,

2024

Cumulative

Average

Annual

Inception

Date

6-Month

1-Year

5-Year

10-Year

JLS

at

Common

Share

NAV

11/25/09

8.43%

12.43%

2.45%

3.89%

JLS

at

Common

Share

Price

11/25/09

12.10%

23.60%

1.59%

4.50%

Bloomberg

U.S.

Aggregate

Bond

Index

—

(0.71)%

2.63%

(0.23)%

1.35%

ICE

BofA

US

ABS

&

CMBS

Index

—

2.64%

6.56%

1.42%

2.04%

Common

Share

NAV

Common

Share

Price

Premium/(Discount)

to

NAV

Average

Premium/(Discount)

to

NAV

$19.48

$18.02

(7.49)%

(9.94)%

14

Fund

Performance,

Leverage

and

Holdings

June

30,

2024

(continued)

Leverage

and

Holdings

Leverage

Effective

Leverage

24.58%

Regulatory

Leverage

3.19%

Fund

Allocation

(%

of

net

assets)

Mortgage-Backed

Securities

91.2‌%

Asset-Backed

Securities

41.7‌%

Short-Term

U.S.

Government

and

Agency

Obligations

0.4‌%

Other

Assets

&

Liabilities,

Net

(0.2)%

Reverse

Repurchase

Agreements,

including

accrued

interest

(29.8‌)%

Borrowings

(3.3)%

Net

Assets

100‌%

Portfolio

Credit

Quality

(%

of

total

investments)

U.S.

Treasury/Agency

0.3%

AAA

1.2%

AA

1.2%

A

7.3%

BBB

17.3%

BB

or

Lower

40.8%

N/R

(not

rated)

31.9%

Total

100‌%

15

Nuveen

Global

High

Income

Fund

Portfolio

of

Investments

June

30,

2024

(Unaudited)

JGH

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

LONG-TERM

INVESTMENTS

-

138.4% 

(97.6%

of

Total

Investments)

X

–

CORPORATE

BONDS

-

80.8%

(57.0%

of

Total

Investments)

X

250,272,794

AUTOMOBILES

&

COMPONENTS

-

3.2%

$

3,000

Dana

Inc

4.250%

9/01/30

$

2,618,828

1,000

(b)

Ford

Otomotiv

Sanayi

AS

7.125%

4/25/29

1,009,100

3,000

(b)

Garrett

Motion

Holdings

Inc

/

Garrett

LX

I

Sarl

7.750%

5/31/32

3,040,266

3,000

(b)

IHO

Verwaltungs

GmbH,

(cash

6.375%,

PIK

7.125%)

6.375%

5/15/29

2,964,948

476

(b)

Nemak

SAB

de

CV

3.625%

6/28/31

368,309

TOTAL

AUTOMOBILES

&

COMPONENTS

10,001,451

BANKS

-

0.9%

875

(b)

Access

Bank

PLC

6.125%

9/21/26

830,200

1,250

(b)

Grupo

Aval

Ltd

4.375%

2/04/30

1,073,136

1,000

(b)

Turkiye

Vakiflar

Bankasi

TAO

,

(WI/DD)

0.000%

10/05/34

999,325

TOTAL

BANKS

2,902,661

CAPITAL

GOODS

-

4.1%

2,090

(b)

Albion

Financing

1

SARL

/

Aggreko

Holdings

Inc

6.125%

10/15/26

2,063,098

5,470

(b)

Albion

Financing

2

Sarl

8.750%

4/15/27

5,511,698

2,000

(b)

Alta

Equipment

Group

Inc

9.000%

6/01/29

1,855,417

1,710

(b)

Husky

Injection

Molding

Systems

Ltd

/

Titan

Co-Borrower

LLC

9.000%

2/15/29

1,770,729

500

(b)

IHS

Holding

Ltd

6.250%

11/29/28

446,670

925

(b)

Sisecam

UK

PLC

8.625%

5/02/32

941,844

TOTAL

CAPITAL

GOODS

12,589,456

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.5%

825

(b)

Ambipar

Lux

Sarl

9.875%

2/06/31

800,018

600

(b)

VT

Topco

Inc

8.500%

8/15/30

630,024

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

1,430,042

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

3.5%

650

(b)

B2W

Digital

Lux

Sarl

4.375%

12/20/30

130,000

2,000

(b)

Carvana

Co,

(cash

12.000%,

PIK

12.000%)

12.000%

12/01/28

2,150,652

1,275

Kohl's

Corp

4.625%

5/01/31

1,066,572

790

(b)

LCM

Investments

Holdings

II

LLC

8.250%

8/01/31

824,348

4,900

(b)

Michaels

Cos

Inc/The

7.875%

5/01/29

3,144,280

750

(b)

Michaels

Cos

Inc/The

5.250%

5/01/28

599,998

1,000

(b)

Staples

Inc

10.750%

9/01/29

950,327

879

(b)

Staples

Inc

12.750%

1/15/30

683,632

1,400

(b)

Velocity

Vehicle

Group

LLC

8.000%

6/01/29

1,439,970

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

10,989,779

CONSUMER

DURABLES

&

APPAREL

-

0.2%

725

(b)

Wolverine

World

Wide

Inc

4.000%

8/15/29

606,919

TOTAL

CONSUMER

DURABLES

&

APPAREL

606,919

CONSUMER

SERVICES

-

1.3%

1,980

(b)

Cinemark

USA

Inc

5.250%

7/15/28

1,892,721

835

(b)

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co

Inc

4.625%

1/15/29

760,402

400

(b)

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co

Inc

6.750%

7/15/30

351,262

1,000

(b)

Wynn

Macau

Ltd

5.500%

10/01/27

952,891

TOTAL

CONSUMER

SERVICES

3,957,276

Nuveen

Global

High

Income

Fund

(continued)

Portfolio

of

Investments

June

30,

2024

(Unaudited)

16

JGH

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

ENERGY

-

9.6%

$

875

(b)

Civitas

Resources

Inc

8.750%

7/01/31

$

937,081

80

Ecopetrol

SA

8.375%

1/19/36

78,580

1,500

Ecopetrol

SA

8.875%

1/13/33

1,549,140

625

Ecopetrol

SA

6.875%

4/29/30

600,289

1,000

Ecopetrol

SA

5.875%

11/02/51

694,407

2,351

(b)

Energean

Israel

Finance

Ltd,

Reg

S

5.875%

3/30/31

1,990,827

485

(b)

Energian

Israel

Finance

Ltd,

Reg

S

8.000%

9/02/53

458,325

985

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp

8.250%

1/15/29

1,016,854

745

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp

7.875%

5/15/32

752,101

500

(b)

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co

6.000%

2/01/31

477,217

1,000

(b)

Indika

Energy

Tbk

PT

8.750%

5/07/29

998,857

1,500

(b)

Leviathan

Bond

Ltd,

Reg

S

6.500%

6/30/27

1,402,243

500

(b)

Medco

Laurel

Tree

Pte

Ltd

6.950%

11/12/28

488,785

1,500

(b)

MEDCO

MAPLE

TREE

PTE

LTD

8.960%

4/27/29

1,568,203

391

(b)

Medco

Oak

Tree

Pte

Ltd

7.375%

5/14/26

393,721

980

Petrobras

Global

Finance

BV

6.900%

3/19/49

924,689

1,000

Petroleos

Mexicanos

10.000%

2/07/33

1,003,641

1,500

Petroleos

Mexicanos

6.500%

1/23/29

1,354,640

6,671

Petroleos

Mexicanos

6.700%

2/16/32

5,585,486

290

(b)

Shelf

Drilling

Holdings

Ltd

9.625%

4/15/29

277,322

1,000

(b)

SierraCol

Energy

Andina

LLC

6.000%

6/15/28

893,736

800

(b)

Talos

Production

Inc

9.000%

2/01/29

839,635

401

(b)

Transocean

Inc

8.750%

2/15/30

420,476

1,033

(b)

Tullow

Oil

PLC

10.250%

5/15/26

979,920

880

(b)

Venture

Global

LNG

Inc

8.125%

6/01/28

906,591

2,860

(b)

Venture

Global

LNG

Inc

9.875%

2/01/32

3,112,896

TOTAL

ENERGY

29,705,662

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

0.6%

1,080

(b)

Uniti

Group

LP

/

Uniti

Group

Finance

Inc

/

CSL

Capital

LLC

10.500%

2/15/28

1,057,625

750

(b)

Uniti

Group

LP

/

Uniti

Group

Finance

Inc

/

CSL

Capital

LLC

10.500%

2/15/28

734,461

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

1,792,086

FINANCIAL

SERVICES

-

7.3%

1,500

Credit

Suisse

Group

AG

7.500%

1/17/72

165,000

4,500

(b)

Encore

Capital

Group

Inc

8.500%

5/15/30

4,577,963

2,555

(b)

FirstCash

Inc

6.875%

3/01/32

2,554,658

1,125

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp

7.750%

2/01/28

1,136,944

2,000

(b)

Hunt

Cos

Inc

5.250%

4/15/29

1,817,617

1,550

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

4.375%

2/01/29

1,325,314

1,275

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

5.250%

5/15/27

1,196,744

780

(b)

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

9.000%

6/15/30

776,065

611

(b)

Mexico

Remittances

Funding

Fiduciary

Estate

Management

Sarl

4.875%

1/15/28

556,868

1,000

(b)

NCR

Corp

ATM

9.500%

4/01/29

1,080,741

3,500

OneMain

Finance

Corp

7.875%

3/15/30

3,608,696

2,100

(b)

PennyMac

Financial

Services

Inc

7.875%

12/15/29

2,165,484

2,000

(b)

VistaJet

Malta

Finance

PLC

/

Vista

Management

Holding

Inc

6.375%

2/01/30

1,571,504

TOTAL

FINANCIAL

SERVICES

22,533,598

FOOD,

BEVERAGE

&

TOBACCO

-

1.2%

500

(b)

Minerva

Luxembourg

SA

8.875%

9/13/33

516,379

3,425

(b)

Triton

Water

Holdings

Inc

6.250%

4/01/29

3,303,449

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

3,819,828

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

3.3%

2,405

(b)

CHS/Community

Health

Systems

Inc

10.875%

1/15/32

2,503,092

1,750

(b)

CHS/Community

Health

Systems

Inc

4.750%

2/15/31

1,375,903

450

(b)

CHS/Community

Health

Systems

Inc

5.625%

3/15/27

419,043

17

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

HEALTH

CARE

EQUIPMENT

&

SERVICES

(continued)

$

2,020

(b)

Global

Medical

Response

Inc

10.000%

10/31/28

$

1,970,596

2,500

(b)

LifePoint

Health

Inc

10.000%

6/01/32

2,556,032

1,295

(b)

LifePoint

Health

Inc

11.000%

10/15/30

1,426,790

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

10,251,456

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0.3%

1,085

(b)

Kronos

Acquisition

Holdings

Inc

,

(WI/DD)

8.250%

6/30/31

1,086,085

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

1,086,085

INSURANCE

-

2.1%

1,265

(b)

Acrisure

LLC

/

Acrisure

Finance

Inc

8.250%

2/01/29

1,271,119

1,000

(b)

Acrisure

LLC

/

Acrisure

Finance

Inc

8.500%

6/15/29

1,010,300

1,045

(b)

Ardonagh

Finco

Ltd

7.750%

2/15/31

1,033,050

830

(b)

Ardonagh

Group

Finance

Ltd

8.875%

2/15/32

810,670

1,000

(b)

Fidelis

Insurance

Holdings

Ltd

6.625%

4/01/41

990,023

545

(b)

Howden

UK

Refinance

PLC

/

Howden

UK

Refinance

2

PLC

/

Howden

US

Refinance

LLC

7.250%

2/15/31

540,926

1,000

(b)

SBL

Holdings

Inc

6.500%

12/30/49

807,945

TOTAL

INSURANCE

6,464,033

MATERIALS

-

6.8%

750

AngloGold

Ashanti

Holdings

PLC

6.500%

4/15/40

750,742

1,925

(b)

Arsenal

AIC

Parent

LLC

8.000%

10/01/30

2,020,087

500

(b)

Braskem

Netherlands

Finance

BV

8.500%

1/12/31

510,750

1,325

(b)

Cemex

SAB

de

CV

9.125%

12/30/49

1,413,497

625

(b)

Cemex

SAB

de

CV

5.125%

9/08/72

600,622

700

(b)

Cia

de

Minas

Buenaventura

SAA

5.500%

7/23/26

676,724

300

(b)

First

Quantum

Minerals

Ltd

8.625%

6/01/31

299,496

2,070

(b)

Mineral

Resources

Ltd

8.500%

5/01/30

2,143,001

1,580

(b)

Mineral

Resources

Ltd

8.000%

11/01/27

1,616,446

750

(b)

NOVA

Chemicals

Corp

9.000%

2/15/30

791,300

600

(b)

OCP

SA

5.125%

6/23/51

450,759

1,160

(b)

Olympus

Water

US

Holding

Corp

6.250%

10/01/29

1,058,862

585

(b)

Owens-Brockway

Glass

Container

Inc

7.250%

5/15/31

583,984

1,500

Sasol

Financing

USA

LLC

5.500%

3/18/31

1,264,623

500

(b)

Sasol

Financing

USA

LLC

8.750%

5/03/29

507,598

4,270

(b)

SunCoke

Energy

Inc

4.875%

6/30/29

3,868,483

2,000

(b)

Trinseo

Materials

Operating

SCA

/

Trinseo

Materials

Finance

Inc

5.125%

4/01/29

777,399

1,850

(b)

Tronox

Inc

4.625%

3/15/29

1,669,974

TOTAL

MATERIALS

21,004,347

MEDIA

&

ENTERTAINMENT

-

9.0%

100

(b)

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4.500%

8/15/30

84,658

1,250

(b)

CSC

Holdings

LLC

5.375%

2/01/28

949,713

1,655

(b)

CSC

Holdings

LLC

11.750%

1/31/29

1,411,474

1,700

(b)

CSC

Holdings

LLC

11.250%

5/15/28

1,480,506

2,285

(b)

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor

Inc

5.875%

8/15/27

2,149,240

4,750

(b)

DISH

Network

Corp

11.750%

11/15/27

4,657,373

1,000

(b)

Getty

Images

Inc

9.750%

3/01/27

1,001,992

1,545

(b)

Gray

Escrow

Inc

5.375%

11/15/31

875,823

4,000

(b)

Gray

Television

Inc

7.000%

5/15/27

3,682,814

1,325

(b)

Gray

Television

Inc

4.750%

10/15/30

795,114

715

(b)

Gray

Television

Inc

10.500%

7/15/29

718,846

1,275

(b)

LCPR

Senior

Secured

Financing

DAC

5.125%

7/15/29

1,058,136

2,000

(b)

McGraw-Hill

Education

Inc

8.000%

8/01/29

1,944,825

2,500

(b)

Sunrise

FinCo

I

BV

4.875%

7/15/31

2,270,038

530

(b)

Univision

Communications

Inc

7.375%

6/30/30

492,989

925

(b)

Virgin

Media

Secured

Finance

PLC

5.500%

5/15/29

845,589

Nuveen

Global

High

Income

Fund

(continued)

Portfolio

of

Investments

June

30,

2024

(Unaudited)

18

JGH

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

MEDIA

&

ENTERTAINMENT

(continued)

$

4,000

(b)

VZ

Secured

Financing

BV

5.000%

1/15/32

$

3,410,683

TOTAL

MEDIA

&

ENTERTAINMENT

27,829,813

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

2.6%

2,740

(b)

Bausch

Health

Cos

Inc

4.875%

6/01/28

2,050,507

2,000

(b)

Grifols

SA

4.750%

10/15/28

1,725,949

2,650

(b)

Organon

&

Co

/

Organon

Foreign

Debt

Co-Issuer

BV

5.125%

4/30/31

2,380,368

1,760

(b)

Organon

&

Co

/

Organon

Foreign

Debt

Co-Issuer

BV

7.875%

5/15/34

1,808,406

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

7,965,230

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

1.3%

1,758

(b)

Anywhere

Real

Estate

Group

LLC

/

Anywhere

Co-Issuer

Corp

7.000%

4/15/30

1,437,830

2,175

Kennedy-Wilson

Inc

5.000%

3/01/31

1,778,682

1,125

Kennedy-Wilson

Inc

4.750%

3/01/29

962,529

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

4,179,041

SOFTWARE

&

SERVICES

-

4.7%

5,200

(b)

Ahead

DB

Holdings

LLC

6.625%

5/01/28

4,921,592

2,225

(b)

CA

Magnum

Holdings

5.375%

10/31/26

2,117,543

4,000

(b)

Condor

Merger

Sub

Inc

7.375%

2/15/30

3,695,411

1,023

(b)

Rackspace

Finance

LLC

3.500%

5/15/28

439,836

3,400

Rocket

Software

Inc

9.000%

11/28/28

3,455,253

TOTAL

SOFTWARE

&

SERVICES

14,629,635

TELECOMMUNICATION

SERVICES

-

7.0%

355

(b)

Altice

France

SA

8.125%

2/01/27

266,227

1,550

(b)

C&W

Senior

Finance

Ltd

6.875%

9/15/27

1,487,176

725

(b)

CT

Trust

5.125%

2/03/32

638,857

1,905

(b)

Frontier

Communications

Holdings

LLC

6.000%

1/15/30

1,657,277

1,500

(b)

Frontier

Communications

Holdings

LLC

8.625%

3/15/31

1,545,190

2,375

(b)

Iliad

Holding

SASU

7.000%

10/15/28

2,355,119

2,295

(b)

Iliad

Holding

SASU

8.500%

4/15/31

2,323,776

3,585

(b)

Level

3

Financing

Inc

10.500%

4/15/29

3,576,038

3,000

(b)

Level

3

Financing

Inc

10.500%

5/15/30

2,971,243

1,500

(b)

Liberty

Costa

Rica

Senior

Secured

Finance

10.875%

1/15/31

1,590,000

900

(b)

Millicom

International

Cellular

SA2028

2028

5.125%

1/15/28

849,085

525

(b)

Millicom

International

Cellular

SA

7.375%

4/02/32

523,524

250

(b)

Millicom

International

Cellular

SA

4.500%

4/27/31

215,109

400

(b)

Sitios

Latinoamerica

SAB

de

CV

5.375%

4/04/32

372,396

1,380

(b)

Vmed

O2

UK

Financing

I

PLC

4.750%

7/15/31

1,163,858

TOTAL

TELECOMMUNICATION

SERVICES

21,534,875

TRANSPORTATION

-

6.8%

1,000

(b)

American

Airlines

Inc

8.500%

5/15/29

1,038,967

8,000

(b)

Brightline

East

LLC

11.000%

1/31/30

7,294,921

500

(b)

Cargo

Aircraft

Management

Inc

4.750%

2/01/28

463,770

3,580

(b)

GN

Bondco

LLC

9.500%

10/15/31

3,336,838

750

(b)

Grupo

Aeromexico

SAB

de

CV

8.500%

3/17/27

750,505

5,000

(b)

Hawaiian

Brand

Intellectual

Property

Ltd

/

HawaiianMiles

Loyalty

Ltd

5.750%

1/20/26

4,757,303

1,750

(b)

Transnet

SOC

Ltd

8.250%

2/06/28

1,740,253

2,000

VistaJet

Malta

Finance

PLC

/

Vista

Management

Holding

Inc

9.500%

6/01/28

1,753,249

TOTAL

TRANSPORTATION

21,135,806

UTILITIES

-

4.5%

750

(b)

AES

Espana

BV

5.700%

5/04/28

710,517

500

(b)

Continuum

Green

Energy

India

Pvt

/

Co-Issuers

7.500%

6/26/33

495,750

625

(b)

Electricidad

Firme

de

Mexico

Holdings

SA

de

CV

4.900%

11/20/26

583,826

19

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

UTILITIES

(continued)

$

1,000

(b)

Empresa

de

Transmision

Electrica

SA

5.125%

5/02/49

$

721,803

800

(b)

EnfraGen

Energia

Sur

SA

/

EnfraGen

Spain

SA

/

Prime

Energia

SpA

5.375%

12/30/30

667,488

1,400

(b)

Eskom

Holdings

SOC

Ltd

6.350%

8/10/28

1,356,292

500

(b)

Eskom

Holdings

SOC

Ltd

8.450%

8/10/28

502,500

4,425

(b)

Ferrellgas

LP

/

Ferrellgas

Finance

Corp

5.875%

4/01/29

4,071,215

750

(b)

NPC

Ukrenergo

6.875%

11/09/28

264,375

3,750

(b)

Talen

Energy

Supply

LLC

8.625%

6/01/30

3,998,340

586

(b)

UEP

Penonome

II

SA2020

1

6.500%

10/01/38

491,609

TOTAL

UTILITIES

13,863,715

TOTAL

CORPORATE

BONDS

(cost

$265,326,054)

250,272,794

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

SOVEREIGN

DEBT

-

17.0%

(12.0%

of

Total

Investments)

X

52,503,945

ANGOLA

-

1.1%

$

1,500

(b)

Angolan

Government

International

Bond

8.250%

5/09/28

$

1,410,000

1,050

(b)

Angolan

Government

International

Bond

8.750%

4/14/32

928,914

900

(b)

Angolan

Government

International

Bond

8.000%

11/26/29

809,550

TOTAL

ANGOLA

3,148,464

ARGENTINA

-

0.6%

2,300

Argentine

Republic

Government

International

Bond

3.625%

7/09/35

963,209

2,100

Argentine

Republic

Government

International

Bond

4.250%

1/09/38

958,807

TOTAL

ARGENTINA

1,922,016

BENIN

-

0.3%

1,025

(b)

Benin

Government

International

Bond

7.960%

2/13/38

953,014

TOTAL

BENIN

953,014

BRAZIL

-

0.3%

1,000

Brazilian

Government

International

Bond

7.125%

5/13/54

966,268

TOTAL

BRAZIL

966,268

COLOMBIA

-

1.7%

3,175

Colombia

Government

International

Bond

3.250%

4/22/32

2,428,815

1,320

Colombia

Government

International

Bond

7.500%

2/02/34

1,320,447

1,400

Colombia

Government

International

Bond

3.125%

4/15/31

1,101,869

700

Colombia

Government

International

Bond

8.750%

11/14/53

735,255

TOTAL

COLOMBIA

5,586,386

COTE

D'IVOIRE

-

0.9%

1,700

(b)

Ivory

Coast

Government

International

Bond

8.250%

1/30/37

1,646,790

1,396

(b)

Ivory

Coast

Government

International

Bond

2032

144A

5.750%

12/31/32

1,298,054

TOTAL

COTE

D'IVOIRE

2,944,844

DOMINICAN

REPUBLIC

-

0.7%

1,500

(b)

Dominican

Republic

International

Bond

4.875%

9/23/32

1,341,946

1,175

(b)

Dominican

Republic

International

Bond

5.300%

1/21/41

995,731

TOTAL

DOMINICAN

REPUBLIC

2,337,677

ECUADOR

-

0.5%

1,768

(b)

Ecuador

Government

International

Bond

5.000%

7/31/30

1,117,322

371

(b)

Ecuador

Government

International

Bond

1.000%

7/31/35

184,309

88

(b)

Ecuador

Government

International

Bond

2.500%

7/31/40

39,952

TOTAL

ECUADOR

1,341,583

Nuveen

Global

High

Income

Fund

(continued)

Portfolio

of

Investments

June

30,

2024

(Unaudited)

20

JGH

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

EGYPT

-

1.3%

$

2,300

(b)

Egypt

Government

International

Bond

7.053%

1/15/32

$

1,836,702

1,700

(b)

Egypt

Government

International

Bond

7.600%

3/01/29

1,539,775

975

(b)

Egypt

Government

International

Bond

8.500%

1/31/47

722,865

TOTAL

EGYPT

4,099,342

EL

SALVADOR

-

0.8%

1,575

(b)

El

Salvador

Government

International

Bond

9.250%

4/17/30

1,398,944

925

(b)

El

Salvador

Government

International

Bond

8.625%

2/28/29

817,700

1,000

(b)

El

Salvador

Government

International

Bond

0.250%

4/17/30

31,000

TOTAL

EL

SALVADOR

2,247,644

HONDURAS

-

0.6%

1,250

(b)

Honduras

Government

International

Bond

6.250%

1/19/27

1,183,500

750

(b)

Honduras

Government

International

Bond

5.625%

6/24/30

638,437

TOTAL

HONDURAS

1,821,937

IRAQ

-

0.5%

1,550

(b)

Iraq

International

Bond

5.800%

1/15/28

1,447,154

TOTAL

IRAQ

1,447,154

JORDAN

-

0.4%

825

(b)

Jordan

Government

International

Bond

5.850%

7/07/30

737,520

500

(b)

Jordan

Government

International

Bond

7.750%

1/15/28

494,760

TOTAL

JORDAN

1,232,280

KENYA

-

1.0%

2,000

(b)

Republic

of

Kenya

Government

International

Bond

7.000%

5/22/27

1,901,768

750

(b)

Republic

of

Kenya

Government

International

Bond

9.750%

2/16/31

718,987

825

(b)

Republic

of

Kenya

Government

International

Bond

6.300%

1/23/34

615,568

TOTAL

KENYA

3,236,323

MONGOLIA

-

0.4%

675

(b)

Mongolia

Government

International

Bond

4.450%

7/07/31

567,338

500

(b)

Mongolia

Government

International

Bond

8.650%

1/19/28

520,610

TOTAL

MONGOLIA

1,087,948

NIGERIA

-

0.7%

1,425

(b)

Nigeria

Government

International

Bond

7.875%

2/16/32

1,229,918

1,200

(b)

Nigeria

Government

International

Bond

6.125%

9/28/28

1,051,500

TOTAL

NIGERIA

2,281,418

PANAMA

-

0.3%

1,000

Panama

Government

International

Bond

8.000%

3/01/38

1,053,035

TOTAL

PANAMA

1,053,035

RWANDA

-

0.6%

2,450

(b)

Rwanda

International

Government

Bond

5.500%

8/09/31

1,963,773

TOTAL

RWANDA

1,963,773

SENEGAL

-

0.6%

2,100

(b)

Senegal

Government

International

Bond

6.250%

5/23/33

1,757,729

TOTAL

SENEGAL

1,757,729

SOUTH

AFRICA

-

0.7%

1,475

Republic

of

South

Africa

Government

International

Bond

7.300%

4/20/52

1,333,061

1,400

Republic

of

South

Africa

Government

International

Bond

5.000%

10/12/46

985,236

TOTAL

SOUTH

AFRICA

2,318,297

TURKEY

-

1.9%

1,575

Turkiye

Government

International

Bond

7.625%

5/15/34

1,584,844

1,500

Turkiye

Government

International

Bond

6.500%

9/20/33

1,408,013

1,250

Turkiye

Government

International

Bond

5.875%

6/26/31

1,148,915

21

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

TURKEY

$

1,225

Turkiye

Government

International

Bond

6.000%

1/14/41

$

1,016,750

700

Turkiye

Government

International

Bond

4.875%

4/16/43

494,900

TOTAL

TURKEY

5,653,422

UKRAINE

-

0.2%

750

(b)

Ukraine

Government

International

Bond

7.253%

3/15/35

213,375

675

(b)

Ukraine

Government

International

Bond

7.750%

9/01/27

205,200

500

(b)

Ukraine

Government

International

Bond

6.876%

5/21/31

142,500

TOTAL

UKRAINE

561,075

UZBEKISTAN

-

0.9%

1,075

(b)

Republic

of

Uzbekistan

International

Bond

5.375%

2/20/29

1,002,308

950

(b)

Republic

of

Uzbekistan

International

Bond

3.900%

10/19/31

771,459

745

(b)

Republic

of

Uzbekistan

International

Bond

7.850%

10/12/28

768,549

TOTAL

UZBEKISTAN

2,542,316

TOTAL

SOVEREIGN

DEBT

(cost

$57,483,556)

52,503,945

Principal

Amount

(000)

Description

(a)

Coupon

(c)

Reference

Rate

(c)

Spread

(c)

Maturity

(d)

Value

X

–

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

-

15.9%

(11.2%

of

Total

Investments)

(c)

X

49,278,065

CAPITAL

GOODS

-

1.3%

$

250

Foundation

Building

Materials

Holding

Company

LLC,

Term

Loan

B2

,

(WI/DD)

TBD

TBD

TBD

TBD

$

249,306

898

TransDigm,

Inc.,

Term

Loan

J

8.595%

SOFR90A

3.250%

2/28/31

900,668

3,002

Windsor

Holdings

III,

LLC,

Term

Loan

B

9.339%

SOFR30A

4.000%

8/01/30

3,025,618

TOTAL

CAPITAL

GOODS

4,175,592

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.4%

1,365

GTCR

W

Merger

Sub

LLC,

Term

Loan

B

8.335%

SOFR90A

3.000%

1/31/31

1,368,604

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

1,368,604

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

1.3%

1,900

Johnstone

Supply

LLC,

Term

Loan

8.328%

TSFR3M

3.000%

5/16/31

1,904,750

1,465

PetSmart,

Inc.,

Term

Loan

B

9.194%

SOFR30A

3.750%

2/14/28

1,462,553

345

Wand

NewCo

3,

Inc.,

Term

Loan

B

,

(WI/DD)

TBD

TBD

TBD

TBD

347,679

218

WOOF

Holdings,

Inc,

Term

Loan,

First

Lien

9.346%

SOFR90A

3.750%

12/21/27

181,388

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

3,896,370

CONSUMER

SERVICES

-

0.8%

992

Carnival

Corporation,

Term

Loan

B2

8.094%

SOFR30A

2.750%

8/09/27

998,159

405

Formula

One

Holdings

Limited,

Term

Loan

B

7.585%

SOFR90A

2.250%

1/15/30

406,519

347

GVC

Holdings

(Gibraltar)

Limited,

Term

Loan

B

8.014%

SOFR180A

2.750%

10/31/29

348,356

644

Life

Time

Fitness

Inc

,

Term

Loan

B

9.591%

TSFR3M

4.000%

1/15/26

647,619

TOTAL

CONSUMER

SERVICES

2,400,653

Nuveen

Global

High

Income

Fund

(continued)

Portfolio

of

Investments

June

30,

2024

(Unaudited)

22

JGH

Principal

Amount

(000)

Description

(a)

Coupon

(c)

Reference

Rate

(c)

Spread

(c)

Maturity

(d)

Value

FOOD,

BEVERAGE

&

TOBACCO

-

0.9%

$

862

Pegasus

BidCo

BV,

Term

Loan

9.072%

SOFR90A

3.750%

7/12/29

$

868,021

1,940

Triton

Water

Holdings,

Inc,

Term

Loan

8.595%

SOFR90A

3.250%

3/31/28

1,942,916

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

2,810,937

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

4.1%

167

ICON

Luxembourg

S.A.R.L.,

Term

Loan

B

7.335%

SOFR90A

2.000%

7/03/28

168,103

2,698

Medline

Borrower,

LP,

Term

Loan

B

8.094%

SOFR30A

2.750%

10/23/28

2,706,710

2,789

Onex

TSG

Intermediate

Corp.,

Term

Loan

B

10.346%

SOFR90A

4.750%

2/28/28

2,786,421

1,990

Parexel

International

Corporation,

Term

Loan,

First

Lien

8.708%

SOFR30A

3.250%

11/15/28

1,996,349

4,000

Phoenix

Newco

Inc

,

(WI/DD)

TBD

TBD

TBD

TBD

4,013,120

1,120

Select

Medical

Corporation,

Term

Loan

B1

8.344%

SOFR30A

3.000%

3/05/27

1,122,016

4

US

Radiology

Specialists,

Inc.,

Term

Loan

10.744%

SOFR90A

5.250%

12/15/27

3,656

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

12,796,375

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0.9%

1,995

Illuminate

Merger

Sub

Corp.,

Term

Loan

8.596%

SOFR90A

3.000%

5/16/28

1,991,763

776

Journey

Personal

Care

Corp.,

Term

Loan

B

9.595%

SOFR30A

4.250%

3/01/28

774,836

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

2,766,599

INSURANCE

-

0.2%

620

USI,

Inc.,

Term

Loan

8.081%

SOFR90A

2.750%

9/27/30

621,096

TOTAL

INSURANCE

621,096

MATERIALS

-

1.1%

955

Berlin

Packaging

LLC,

Term

Loan

B

9.190%

SOFR90A

3.750%

5/12/31

958,256

2,119

Nouryon

Finance

B.V.,

Term

Loan

B

8.826%

SOFR90A

3.500%

4/03/28

2,127,199

278

W.R.

Grace

&

Co.-Conn.,

Term

Loan

B

8.594%

SOFR30A

3.250%

9/22/28

279,463

TOTAL

MATERIALS

3,364,918

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

2.7%

42

ICON

Luxembourg

S.A.R.L.,

Term

Loan

7.059%

3-Month

LIBOR

2.000%

7/03/28

41,883

1,977

Jazz

Financing

Lux

S.a.r.l.,

Term

Loan

B

8.458%

SOFR30A

3.000%

5/05/28

1,981,063

6,294

Organon

&

Co,

Term

Loan

B

,

(DD1)

7.829%

TSFR1M

2.500%

5/14/31

6,305,830

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

8,328,776

SOFTWARE

&

SERVICES

-

1.4%

2,500

Fortress

Intermediate

3

Inc

,

(WI/DD)

TBD

TBD

TBD

TBD

2,506,250

743

Open

Text

Corporation,

Term

Loan

B

7.594%

SOFR30A

2.250%

1/31/30

747,588

222

Rackspace

Technology

Global,

Inc.,

Term

Loan,

First

Lien

11.692%

SOFR30A

6.250%

5/15/28

225,128

23

Principal

Amount

(000)

Description

(a)

Coupon

(c)

Reference

Rate

(c)

Spread

(c)

Maturity

(d)

Value

SOFTWARE

&

SERVICES

(continued)

$

800

Ultimate

Software

Group

Inc

(The),

Term

Loan

B

8.576%

TSFR1M

3.250%

2/10/31

$

803,932

TOTAL

SOFTWARE

&

SERVICES

4,282,898

TELECOMMUNICATION

SERVICES

-

0.2%

622

GOGO

Intermediate

Holdings

LLC,

Term

Loan

B

9.194%

1-Month

LIBOR

3.750%

4/28/28

621,230

TOTAL

TELECOMMUNICATION

SERVICES

621,230

TRANSPORTATION

-

0.4%

600

AAdvantage

Loyalty

IP

Ltd.,

Term

Loan

10.336%

SOFR90A

4.750%

4/20/28

620,624

591

Brown

Group

Holding,

LLC,

Term

Loan

B2

8.322%

SOFR30A

+

SOFR90A

3.000%

6/09/29

591,462

5

SkyMiles

IP

Ltd.,

Term

Loan

B

9.075%

TSFR3M

3.750%

10/20/27

5,447

TOTAL

TRANSPORTATION

1,217,533

UTILITIES

-

0.2%

619

Talen

Energy

Supply,

LLC,

Term

Loan

B

8.827%

SOFR90A

3.500%

5/17/30

626,484

TOTAL

UTILITIES

626,484

TOTAL

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

(cost

$48,811,302)

49,278,065

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

14.2%

(10.0%

of

Total

Investments)

X

43,991,056

AUTOMOBILES

&

COMPONENTS

-

1.1%

$

3,664

General

Motors

Financial

Co

Inc

5.750%

N/A

(e)

$

3,492,330

TOTAL

AUTOMOBILES

&

COMPONENTS

3,492,330

BANKS

-

2.9%

1,000

(b)

Banco

del

Estado

de

Chile

7.950%

N/A

(e)

1,033,000

1,000

(b)

Banco

Nacional

de

Comercio

Exterior

SNC/Cayman

Islands

2.720%

8/11/31

887,887

800

Bancolombia

SA

8.625%

12/24/34

817,000

2,000

(f)

Fifth

Third

Bancorp

(TSFR3M

reference

rate

+

3.295%

spread)

8.626%

N/A

(e)

1,971,534

1,500

(f)

First

Citizens

BancShares

Inc/NC

(TSFR3M

reference

rate

+

4.234%

spread)

9.573%

N/A

(e)

1,515,667

1,000

(b)

NBK

Tier

1

Ltd

3.625%

N/A

(e)

923,750

475

(b)

Turkiye

Garanti

Bankasi

AS

7.177%

5/24/27

468,263

385

(b)

Turkiye

Garanti

Bankasi

AS

8.375%

2/28/34

383,556

1,000

(b)

Yapi

ve

Kredi

Bankasi

AS

9.250%

1/17/34

1,025,100

TOTAL

BANKS

9,025,757

CAPITAL

GOODS

-

0.9%

1,000

(b)

AerCap

Global

Aviation

Trust

6.500%

6/15/45

997,693

1,750

AerCap

Holdings

NV

5.875%

10/10/79

1,741,646

TOTAL

CAPITAL

GOODS

2,739,339

ENERGY

-

2.6%

2,000

Enbridge

Inc

8.500%

1/15/84

2,156,064

1,900

Energy

Transfer

LP

6.500%

N/A

(e)

1,874,066

1,000

Energy

Transfer

LP

7.125%

N/A

(e)

990,540

3,000

(f)

Plains

All

American

Pipeline

LP

(TSFR3M

reference

rate

+

4.372%

spread)

9.694%

N/A

(e)

2,986,825

TOTAL

ENERGY

8,007,495

Nuveen

Global

High

Income

Fund

(continued)

Portfolio

of

Investments

June

30,

2024

(Unaudited)

24

JGH

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

FINANCIAL

SERVICES

-

0.7%

$

1,500

Ally

Financial

Inc

4.700%

N/A

(e)

$

1,319,986

1,000

Goldman

Sachs

Group

Inc/The

7.500%

N/A

(e)

1,028,354

TOTAL

FINANCIAL

SERVICES

2,348,340

FOOD,

BEVERAGE

&

TOBACCO

-

0.7%

1,500

(b)

Land

O'

Lakes

Inc

8.000%

N/A

(e)

1,305,000

1,000

(b)

Land

O'

Lakes

Inc

7.000%

N/A

(e)

780,000

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

2,085,000

INSURANCE

-

0.6%

1,765

Enstar

Finance

LLC

5.750%

9/01/40

1,728,074

TOTAL

INSURANCE

1,728,074

MEDIA

&

ENTERTAINMENT

-

0.5%

1,750

Paramount

Global

6.375%

3/30/62

1,545,526

TOTAL

MEDIA

&

ENTERTAINMENT

1,545,526

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.8%

2,500

(b)

EUSHI

Finance

Inc

7.625%

12/15/54

2,509,617

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

2,509,617

TELECOMMUNICATION

SERVICES

-

0.4%

1,500

Vodafone

Group

PLC

4.125%

6/04/81

1,277,475

TOTAL

TELECOMMUNICATION

SERVICES

1,277,475

UTILITIES

-

3.0%

600

(b)

AES

Andes

SA

8.150%

6/10/55

600,000

2,000

Edison

International

5.375%

N/A

(e)

1,948,299

1,000

Emera

Inc

6.750%

6/15/76

992,443

1,500

(b)

NRG

Energy

Inc

10.250%

N/A

(e)

1,640,565

2,000

(b)

Vistra

Corp

8.875%

N/A

(e)

2,068,174

2,000

(b)

Vistra

Corp

7.000%

N/A

(e)

1,982,622

TOTAL

UTILITIES

9,232,103

TOTAL

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

(cost

$44,428,269)

43,991,056

Principal

Amount

(000)

Description

(a),(g)

Coupon

Maturity

Value

X

–

CONTINGENT

CAPITAL

SECURITIES

-

9.6%

(6.8%

of

Total

Investments)

X

29,676,518

BANKS

-

8.1%

$

1,800

Banco

Bilbao

Vizcaya

Argentaria

SA

9.375%

N/A

(e)

$

1,915,769

400

(b)

Banco

de

Credito

e

Inversiones

SA

8.750%

N/A

(e)

419,040

1,975

(b)

Banco

Mercantil

del

Norte

SA/Grand

Cayman

8.375%

N/A

(e)

1,988,436

1,100

Banco

Santander

SA

4.750%

N/A

(e)

983,183

1,200

Banco

Santander

SA

9.625%

N/A

(e)

1,330,206

1,000

Bancolombia

SA

4.625%

12/18/29

965,865

1,475

Barclays

PLC

8.000%

N/A

(e)

1,497,627

1,000

(b)

BBVA

Bancomer

SA/Texas

8.450%

6/29/38

1,030,673

1,500

(b)

BNP

Paribas

SA

8.000%

N/A

(e)

1,505,592

2,000

(b)

BNP

Paribas

SA

7.000%

N/A

(e)

1,970,001

2,000

ING

Groep

NV

6.500%

N/A

(e)

1,978,051

2,000

(b)

Intesa

Sanpaolo

SpA

7.700%

N/A

(e)

1,994,845

2,000

Lloyds

Banking

Group

PLC

8.000%

N/A

(e)

2,044,406

2,000

(b)

Macquarie

Bank

Ltd/London

6.125%

N/A

(e)

1,967,863

1,400

NatWest

Group

PLC

8.125%

N/A

(e)

1,414,483

1,000

(b)

Societe

Generale

SA

10.000%

N/A

(e)

1,037,494

25

Principal

Amount

(000)

Description

(a),(g)

Coupon

Maturity

Value

BANKS

(continued)

$

980

(b)

Societe

Generale

SA

9.375%

N/A

(e)

$

990,883

TOTAL

BANKS

25,034,417

FINANCIAL

SERVICES

-

1.5%

1,650

Deutsche

Bank

AG

6.000%

N/A

(e)

1,561,793

2,030

(b)

UBS

Group

AG

9.250%

N/A

(e)

2,273,381

750

(b)

UBS

Group

AG

9.250%

N/A

(e)

806,927

TOTAL

FINANCIAL

SERVICES

4,642,101

TOTAL

CONTINGENT

CAPITAL

SECURITIES

(cost

$28,969,164)

29,676,518

Shares  

Description

(a)

Coupon

Value

X

–

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

0.4%

(0.3%

of

Total

Investments)

X

1,312,634

BANKS

-

0.1%

25,200

Western

Alliance

Bancorp

4.250%

$

454,860

TOTAL

BANKS

454,860

FINANCIAL

SERVICES

-

0.3%

33,625

Synchrony

Financial

8.250%

857,774

TOTAL

FINANCIAL

SERVICES

857,774

TOTAL

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

(cost

$1,470,625)

1,312,634

Shares

Description

(a)

Value

–

COMMON

STOCKS

-

0.3%

(0.2%

of

Total

Investments)

X

869,933

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0.0%

717

(h)

Bright

Bidco

BV

$

550

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

550

TRANSPORTATION

-

0.3%

47,127

(h)

Grupo

Aeromexico

SAB

de

CV

869,383

TOTAL

TRANSPORTATION

869,383

TOTAL

COMMON

STOCKS

(cost

$885,858)

869,933

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X–

ASSET-BACKED

SECURITIES

-

0.2%

(0.1%

of

Total

Investments)

X

641,483

$

750

(b),(i)

Industrial

DPR

Funding

Ltd,

2022

1A

5.380%

4/15/34

$

641,483

TOTAL

ASSET-BACKED

SECURITIES

(cost

$750,000)

641,483

TOTAL

LONG-TERM

INVESTMENTS

(cost

$448,124,828)

428,546,428

Nuveen

Global

High

Income

Fund

(continued)

Portfolio

of

Investments

June

30,

2024

(Unaudited)

26

JGH

A

Investments

in

Derivatives

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

3.4% (2.4%

of

Total

Investments)

X

–

REPURCHASE

AGREEMENTS

-

3.4%

(2.4%

of

Total

Investments)

X

10,564,825

$

10,225

(j)

Fixed

Income

Clearing

Corporation

5.270%

7/01/24

$

10,225,000

340

(k)

Fixed

Income

Clearing

Corporation

1.600%

7/01/24

339,825

TOTAL

REPURCHASE

AGREEMENTS

(cost

$10,564,825)

10,564,825

TOTAL

SHORT-TERM

INVESTMENTS

(cost

$10,564,825)

10,564,825

TOTAL

INVESTMENTS

(cost

$458,689,653

)

-

141.8%

439,111,253

BORROWINGS

-

(38.4)%

(l),(m)

(119,000,000)

OTHER

ASSETS

&

LIABILITIES,

NET

-   (3.4)%

(10,500,908)

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

-

100%

$

309,610,345

Interest

Rate

Swaps

-

OTC

Uncleared

Counterparty

Notional

Amount

Fund

Pay/Receive

Floating

Rate

Floating

Rate

Index

Fixed

Rate

(Annualized)

Fixed

Rate

Payment

Frequency

Effective

Date

(n)

Optional

Termination

Date

Maturity

Date

Value

Unrealized

Appreciation

(Depreciation)

Morgan

Stanley

Capital

Services

LLC

$

87,400,000

Receive

1-Month

LIBOR

1.994%

Monthly

6/01/18

7/01/25

7/01/27

$

2,853,113

$

2,853,113

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(b)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$283,866,157

or

64.6%

of

Total

Investments.

(c)

Senior

loans

generally

pay

interest

at

rates

which

are

periodically

adjusted

by

reference

to

a

base

short-term,

floating

lending

rate

(Reference

Rate)

plus

an

assigned

fixed

rate

(Spread).

These

floating

lending

rates

are

generally

(i)

the

lending

rate

referenced

by

the

Secured

Overnight

Financing

Rate

(“SOFR”),

or

(ii)

the

prime

rate

offered

by

one

or

more

major

United

States

banks.

Senior

loans

may

be

considered

restricted

in

that

the

Fund

ordinarily

is

contractually

obligated

to

receive

approval

from

the

agent

bank

and/or

borrower

prior

to

the

disposition

of

a

senior

loan.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(d)

Senior

loans

generally

are

subject

to

mandatory

and/or

optional

prepayment.

Because

of

these

mandatory

prepayment

conditions

and

because

there

may

be

significant

economic

incentives

for

a

borrower

to

prepay,

prepayments

of

senior

loans

may

occur.

As

a

result,

the

actual

remaining

maturity

of

senior

loans

held

may

be

substantially

less

than

the

stated

maturities

shown.

(e)

Perpetual

security.

Maturity

date

is

not

applicable.

(f)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(g)

Contingent

Capital

Securities

(“CoCos”)

are

hybrid

securities

with

loss

absorption

characteristics

built

into

the

terms

of

the

security

for

the

benefit

of

the

issuer.

For

example,

the

terms

may

specify

an

automatic

write-down

of

principal

or

a

mandatory

conversion

into

the

issuer’s

common

stock

under

certain

adverse

circumstances,

such

as

the

issuer’s

capital

ratio

falling

below

a

specified

level.

(h)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(i)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(j)

Agreement

with

Fixed

Income

Clearing

Corporation,

5.270%

dated

6/28/24

to

be

repurchased

at

$10,229,491

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.000%

and

maturity

date

1/31/31,

valued

at

$10,429,637.

(k)

Agreement

with

Fixed

Income

Clearing

Corporation,

1.600%

dated

6/28/24

to

be

repurchased

at

$339,870

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.750%

and

maturity

date

8/31/26,

valued

at

$346,763.

(l)

Borrowings

as

a

percentage

of

Total

Investments

is

27.1%.

(m)

The

Fund

may

pledge

up

to

100%

of

its

eligible

investment

(excluding

any

investments

pledged

as

collateral

to

specific

investments

in

derivatives,

when

applicable)

in

the

Portfolio

of

Investments

as

collateral

for

borrowings.

(n)

Effective

date

represents

the

date

on

which

both

the

Fund

and

counterparty

commence

interest

payment

accruals

on

each

contract.

DD1

Portion

of

investment

purchased

on

a

delayed

delivery

basis.

LIBOR

London

Inter-Bank

Offered

Rate

PIK

Payment-in-kind

(“PIK”)

security.  Depending

on

the

terms

of

the

security,

income

may

be

received

in

the

form

of

cash,

securities,

or

a

combination

of

both.  The

PIK

rate

shown,

where

applicable,

represents

the

annualized

rate

of

the

last

PIK

payment

made

by

the

issuer

as

of

the

end

of

the

reporting

period.

27

Reg

S

Regulation

S

allows

U.S.

companies

to

sell

securities

to

persons

or

entities

located

outside

of

the

United

States

without

registering

those

securities

with

the

Securities

and

Exchange

Commission.

Specifically,

Regulation

S

provides

a

safe

harbor

from

the

registration

requirements

of

the

Securities

Act

for

the

offers

and

sales

of

securities

by

both

foreign

and

domestic

issuers

that

are

made

outside

the

United

States.

REIT

Real

Estate

Investment

Trust

SOFR

180A

180

Day

Average

Secured

Overnight

Financing

Rate

SOFR

30A

30

Day

Average

Secured

Overnight

Financing

Rate

SOFR

90A

90

Day

Average

Secured

Overnight

Financing

Rate

TSFR

1M

CME

Term

SOFR

1

Month

TSFR

3M

CME

Term

SOFR

3

Month

WI/DD

When-issued

or

delayed

delivery

security.

See

Notes

to

Financial

Statements

28

Nuveen

Core

Plus

Impact

Fund

Consolidated

Portfolio

of

Investments

June

30,

2024

(Unaudited)

NPCT

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

LONG-TERM

INVESTMENTS

-

148.5% 

(98.8%

of

Total

Investments)

X

–

CORPORATE

BONDS

-

83.5%

(55.6%

of

Total

Investments)

X

286,162,289

AUTOMOBILES

&

COMPONENTS

-

1.9%

$

4,000

Dana

Inc

4.250%

9/01/30

$

3,491,770

3,510

Ford

Motor

Co

3.250%

2/12/32

2,900,782

TOTAL

AUTOMOBILES

&

COMPONENTS

6,392,552

BANKS

-

15.1%

5,000

(b)

Citigroup

Inc

2.014%

1/25/26

4,892,690

2,500

Citigroup

Inc

1.281%

11/03/25

2,460,957

17,000

(c)

Intesa

Sanpaolo

SpA

4.950%

6/01/42

12,703,220

3,583

JPMorgan

Chase

&

Co

0.768%

8/09/25

3,563,387

5,000

(b)

Lloyds

Banking

Group

PLC

4.976%

8/11/33

4,777,218

10,000

(b),(c)

Standard

Chartered

PLC

5.300%

1/09/43

9,201,847

15,000

(b),(c)

UniCredit

SpA

5.459%

6/30/35

14,051,622

TOTAL

BANKS

51,650,941

CAPITAL

GOODS

-

2.4%

5,800

(b)

GATX

Corp

3.100%

6/01/51

3,664,151

5,000

(c)

Sociedad

de

Transmision

Austral

SA

4.000%

1/27/32

4,469,904

TOTAL

CAPITAL

GOODS

8,134,055

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.5%

1,625

(c)

Ambipar

Lux

Sarl

9.875%

2/06/31

1,575,793

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

1,575,793

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

2.3%

10,000

Nordstrom

Inc

5.000%

1/15/44

8,074,720

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

8,074,720

CONSUMER

DURABLES

&

APPAREL

-

1.5%

5,000

EUR

(d)

Arcelik

AS,

Reg

S

3.000%

5/27/26

5,163,320

TOTAL

CONSUMER

DURABLES

&

APPAREL

5,163,320

CONSUMER

SERVICES

-

1.2%

2,160

YMCA

of

Greater

New

York

2.303%

8/01/26

1,993,655

2,305

YMCA

of

Greater

New

York

5.021%

8/01/38

1,975,211

TOTAL

CONSUMER

SERVICES

3,968,866

ENERGY

-

3.8%

15,000

(b),(c)

Santos

Finance

Ltd

3.649%

4/29/31

13,106,197

TOTAL

ENERGY

13,106,197

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

0.5%

2,000

Host

Hotels

&

Resorts

LP

2.900%

12/15/31

1,670,802

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

1,670,802

FINANCIAL

SERVICES

-

8.4%

2,400

Community

Preservation

Corp/The

2.867%

2/01/30

2,090,864

9,915

(c)

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

3.375%

6/15/26

9,349,319

2,000

(c)

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

3.750%

9/15/30

1,744,704

1,000

(c)

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

8.000%

6/15/27

1,039,638

5,400

EUR

(d)

Power

Finance

Corp

Ltd

1.841%

9/21/28

5,182,410

5,710

(c)

Starwood

Property

Trust

Inc

4.375%

1/15/27

5,406,066

4,292

(c)

Starwood

Property

Trust

Inc

3.625%

7/15/26

4,037,370

TOTAL

FINANCIAL

SERVICES

28,850,371

29

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

MATERIALS

-

6.4%

$

345

(c)

Alcoa

Nederland

Holding

BV

7.125%

3/15/31

$

354,569

1,550

(c)

Cemex

SAB

de

CV

9.125%

12/30/49

1,653,525

5,000

(c)

LG

Chem

Ltd

2.375%

7/07/31

4,129,085

5,000

LYB

International

Finance

III

LLC

3.800%

10/01/60

3,396,073

7,830

(c)

Star

Energy

Geothermal

Wayang

Windu

Ltd

6.750%

4/24/33

7,877,191

5,000

(b)

Teck

Resources

Ltd

5.200%

3/01/42

4,467,120

TOTAL

MATERIALS

21,877,563

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.6%

2,250

EUR

(d)

GTC

Aurora

Luxembourg

SA,

Reg

S

2.250%

6/23/26

2,127,317

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

2,127,317

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

1.4%

5,000

SK

Battery

America

Inc,

Reg

S

2.125%

1/26/26

4,695,375

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

4,695,375

TELECOMMUNICATION

SERVICES

-

3.0%

5,000

Verizon

Communications

Inc

2.987%

10/30/56

3,061,097

10,000

Vodafone

Group

PLC

5.125%

6/04/81

7,354,665

TOTAL

TELECOMMUNICATION

SERVICES

10,415,762

TRANSPORTATION

-

1.4%

7,000

Norfolk

Southern

Corp

4.100%

5/15/21

4,939,192

TOTAL

TRANSPORTATION

4,939,192

UTILITIES

-

33.1%

1,750

AES

Corp/The

2.450%

1/15/31

1,440,793

15,000

(b),(c)

Brooklyn

Union

Gas

Co/The

4.273%

3/15/48

11,304,367

5,100

(c)

Clearway

Energy

Operating

LLC

3.750%

1/15/32

4,336,068

7,050

(c)

Colbun

SA

3.150%

1/19/32

5,935,526

2,244

Consolidated

Edison

Co

of

New

York

Inc

4.300%

12/01/56

1,767,361

5,000

EUR

(d)

EDP

-

Energias

de

Portugal

SA

1.875%

3/14/82

4,645,248

5,968

(c)

India

Cleantech

Energy2021

1

4.700%

8/10/26

5,672,109

6,650

(c)

Interchile

SA

4.500%

6/30/56

5,588,387

369

Inversiones

Latin

America

Power

SpA,

(cash

12.000%,

PIK

14.000%)

12.000%

6/15/33

365,008

4,225

(c)

Inversiones

Latin

America

Power

SpA,

(cash

9.500%,

PIK

11.500%)

11.000%

6/15/33

3,802,329

2,000

(c)

Leeward

Renewable

Energy

Operations

LLC

4.250%

7/01/29

1,787,378

7,330

(b),(c)

Liberty

Utilities

Finance

GP

1

2.050%

9/15/30

5,995,447

2,033

(c)

NextEra

Energy

Operating

Partners

LP

7.250%

1/15/29

2,084,781

7,000

(c)

Pattern

Energy

Operations

LP

/

Pattern

Energy

Operations

Inc

4.500%

8/15/28

6,479,317

2,553

(c)

Solar

Star

Funding

LLC

5.375%

6/30/35

2,486,817

13,000

(b)

Southern

California

Edison

Co

3.650%

6/01/51

9,166,900

4,000

Southern

Co

Gas

Capital

Corp

3.150%

9/30/51

2,517,926

5,000

(c)

Star

Energy

Geothermal

Darajat

II

/

Star

Energy

Geothermal

Salak

4.850%

10/14/38

4,574,136

8,075

(c)

Sunnova

Energy

Corp

5.875%

9/01/26

6,278,312

9,492

(c)

Sweihan

PV

Power

Co

PJSC2022

1

3.625%

1/31/49

7,602,890

8,933

(c)

Topaz

Solar

Farms

LLC

4.875%

9/30/39

7,950,579

4,005

(c)

Topaz

Solar

Farms

LLC

5.750%

9/30/39

3,874,609

2,585

(c)

UEP

Penonome

II

SA2020

1

6.500%

10/01/38

2,168,863

5,800

Vena

Energy

Capital

Pte

Ltd,

Reg

S

3.133%

2/26/25

5,694,312

TOTAL

UTILITIES

113,519,463

TOTAL

CORPORATE

BONDS

(cost

$347,728,184)

286,162,289

Nuveen

Core

Plus

Impact

Fund

(continued)

Consolidated

Portfolio

of

Investments

June

30,

2024

(Unaudited)

30

NPCT

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

22.3%

(14.8%

of

Total

Investments)

X

76,271,511

BANKS

-

7.4%

$

10,375

(c)

Banco

Nacional

de

Comercio

Exterior

SNC/Cayman

Islands

2.720%

8/11/31

$

9,211,822

4,250

Citigroup

Inc

4.150%

N/A

(e)

3,966,847

3,250

JPMorgan

Chase

&

Co

3.650%

N/A

(e)

3,074,044

10,195

PNC

Financial

Services

Group

Inc/The

3.400%

N/A

(e)

9,146,647

TOTAL

BANKS

25,399,360

CAPITAL

GOODS

-

3.3%

12,000

Air

Lease

Corp

4.650%

N/A

(e)

11,390,623

TOTAL

CAPITAL

GOODS

11,390,623

FINANCIAL

SERVICES

-

2.0%

7,200

American

Express

Co

3.550%

N/A

(e)

6,711,841

TOTAL

FINANCIAL

SERVICES

6,711,841

INSURANCE

-

1.4%

4,800

(c)

Swiss

Re

Finance

Luxembourg

SA

5.000%

4/02/49

4,620,000

TOTAL

INSURANCE

4,620,000

UTILITIES

-

8.2%

1,700

AES

Corp/The

7.600%

1/15/55

1,721,018

5,000

Algonquin

Power

&

Utilities

Corp

4.750%

1/18/82

4,574,059

2,500

CMS

Energy

Corp

4.750%

6/01/50

2,289,357

2,500

CMS

Energy

Corp

3.750%

12/01/50

2,089,949

8,000

EUR

(d)

Engie

SA,

Reg

S

1.875%

N/A

(e)

7,059,260

4,600

Sempra

4.125%

4/01/52

4,234,072

5,000

Southern

Co/The

3.750%

9/15/51

4,695,005

1,500

(c)

Vistra

Corp

7.000%

N/A

(e)

1,486,967

TOTAL

UTILITIES

28,149,687

TOTAL

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

(cost

$85,225,505)

76,271,511

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X–

MORTGAGE-BACKED

SECURITIES

-

19.4%

(12.9%

of

Total

Investments)

X

66,515,402

$

6,500

(c),(f)

Alen

2021-ACEN

Mortgage

Trust,

(TSFR1M

reference

rate

+

0.041%

spread),

2021

ACEN

9.443%

4/15/34

$

3,300,950

5,000

(c),(f)

BAMLL

Commercial

Mortgage

Securities

Trust

2021-JACX,

(TSFR1M

reference

rate

+

3.864%

spread),

2021

JACX

9.193%

9/15/38

3,827,010

4,000

(c)

BBCMS

Mortgage

Trust

2020-C6,

2020

C6

3.811%

2/15/53

2,741,505

3,840

(c)

Benchmark

2019-B10

Mortgage

Trust,

2019

B10

4.029%

3/15/62

2,725,777

7,887

(c)

COMM

2020-CX

Mortgage

Trust,

2020

CX

2.773%

11/10/46

5,473,287

45,466

Freddie

Mac

Multifamily

ML

Certificates,

2021

ML12,

(I/O)

1.304%

7/25/41

4,323,328

28,051

Freddie

Mac

Multifamily

ML

Certificates,

2021

ML10,

(I/O)

2.127%

1/25/38

4,002,006

64,977

(c)

Freddie

Mac

Multifamily

ML

Certificates,

2021

ML11,

(I/O)

0.770%

3/25/38

3,331,386

24,472

Freddie

Mac

Multifamily

ML

Certificates,

2023

ML18

1.508%

9/25/37

2,540,733

500

(c)

Hudson

Yards

2016-10HY

Mortgage

Trust,

2016

10HY

2.835%

8/10/38

467,936

2,500

(c)

Hudson

Yards

2019-55HY

Mortgage

Trust,

2019

55HY

3.041%

12/10/41

1,935,579

5,000

(c)

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2018-AON,

2018

AON

4.767%

7/05/31

1,133,674

10,000

(c)

MFT

Trust

2020-ABC,

2020

ABC

3.593%

2/10/42

5,407,592

5,661

(c),(f)

Natixis

Commercial

Mortgage

Securities

Trust

2019-MILE,

(TSFR1M

reference

rate

+

2.829%

spread),

2019

MILE

8.158%

7/15/36

4,423,875

700

(c),(f)

Natixis

Commercial

Mortgage

Securities

Trust

2019-MILE,

(TSFR1M

reference

rate

+

0.036%

spread),

2019

MILE

8.908%

7/15/36

508,811

7,420

(c)

NYC

Commercial

Mortgage

Trust

2021-909,

2021

909

3.312%

4/10/43

4,485,533

3,860

(c)

SLG

Office

Trust

2021-OVA,

2021

OVA

2.851%

7/15/41

2,971,650

7,000

(c)

SLG

Office

Trust

2021-OVA,

2021

OVA

2.851%

7/15/41

5,125,338

31

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X–

MORTGAGE-BACKED

SECURITIES

(continued)

$

80,369

(c)

SLG

Office

Trust

2021-OVA,

2021

OVA,

(I/O)

0.258%

7/15/41

$

1,124,780

3,500

(c)

SUMIT

2022-BVUE

Mortgage

Trust,

2022

BVUE

2.989%

2/12/41

2,175,993

5,000

(c)

VNDO

Trust

2016-350P,

2016

350P

4.033%

1/10/35

4,488,659

TOTAL

MORTGAGE-BACKED

SECURITIES

(cost

$96,509,279)

66,515,402

Shares  

Description

(a)

Coupon

Value

X

–

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

6.1%

(4.0%

of

Total

Investments)

X

20,749,968

CAPITAL

GOODS

-

1.6%

269,000

Triton

International

Ltd

5.750%

$

5,509,120

TOTAL

CAPITAL

GOODS

5,509,120

FINANCIAL

SERVICES

-

1.5%

300,000

Affiliated

Managers

Group

Inc

4.200%

4,995,000

TOTAL

FINANCIAL

SERVICES

4,995,000

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.3%

77,904

Brookfield

Property

Partners

LP

5.750%

923,941

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

923,941

UTILITIES

-

2.7%

100,426

Brookfield

Infrastructure

Partners

LP

5.125%

1,863,907

200,000

Brookfield

Renewable

Partners

LP

5.250%

3,678,000

200,000

CMS

Energy

Corp

4.200%

3,780,000

TOTAL

UTILITIES

9,321,907

TOTAL

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

(cost

$28,938,056)

20,749,968

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

–

SOVEREIGN

DEBT

-

5.6%

(3.7%

of

Total

Investments)

X

19,075,769

BENIN

-

2.5%

10,000

EUR

(c)

Benin

Government

International

Bond

4.950%

1/22/35

$

8,451,138

TOTAL

BENIN

8,451,138

CHILE

-

1.1%

$

5,000

Chile

Government

International

Bond

3.100%

5/07/41

3,652,996

TOTAL

CHILE

3,652,996

MEXICO

-

2.0%

5,000

EUR

Mexico

Government

International

Bond

2.250%

8/12/36

4,069,612

3,150

Mexico

Government

International

Bond

4.875%

5/19/33

2,902,023

TOTAL

MEXICO

6,971,635

TOTAL

SOVEREIGN

DEBT

(cost

$25,524,457)

19,075,769

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X–

ASSET-BACKED

SECURITIES

-

3.8%

(2.6%

of

Total

Investments)

X

13,154,097

1,000

(c)

Frontier

Issuer

LLC,

2023

1

8.300%

8/20/53

$

1,026,005

1,000

(c)

Frontier

Issuer

LLC,

2023

1

11.500%

8/20/53

1,009,445

2,065

(c)

GoodLeap

Sustainable

Home

Solutions

Trust

2021-3,

2021

3CS

3.500%

5/20/48

1,398,272

2,282

(c)

GoodLeap

Sustainable

Home

Solutions

Trust

2021-4,

2021

4GS

3.500%

7/20/48

1,632,670

5,481

(c),(g)

Mosaic

Solar

Loan

Trust

2019-2,

2019

2A

0.000%

9/20/40

2,149,198

6,450

(c),(g)

Mosaic

Solar

Loan

Trust

2020-1,

2020

1A

0.000%

4/20/46

3,449,460

Nuveen

Core

Plus

Impact

Fund

(continued)

Consolidated

Portfolio

of

Investments

June

30,

2024

(Unaudited)

32

NPCT

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X–

ASSET-BACKED

SECURITIES

(continued)

$

2,500

(c)

Tesla

Auto

Lease

Trust

2021-B,

2021

B

1.320%

9/22/25

$

2,489,047

TOTAL

ASSET-BACKED

SECURITIES

(cost

$18,027,564)

13,154,097

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(h)

Value

X

–

MUNICIPAL

BONDS

-

3.7%

(2.4%

of

Total

Investments)

X

12,596,817

ARIZONA

-

0.2%

$

810

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

KIPPC

NYC

Public

Charter

Schools

-

Gerard

Facility

Project,

Series

2021C,

3.250%,

7/01/31

No

Opt.

Call

$

714,481

TOTAL

ARIZONA

714,481

DISTRICT

OF

COLUMBIA

-

0.1%

254

District

of

Columbia

Water

and

Sewer

Authority,

Public

Utility

Revenue

Bonds,

Taxable

Senior

Lien

Green

Series

2014A,

4.814%,

10/01/14

No

Opt.

Call

228,419

TOTAL

DISTRICT

OF

COLUMBIA

228,419

INDIANA

-

0.0%

234

(i)

Fort

Wayne,

Indiana

Economic

Development,

Solid

Waste

Facility

Revenue

Bonds,

Do

Good

Foods

LLC

Fort

Wayne,

Taxable

Series

2022A-2,

10.750%,

12/01/29

No

Opt.

Call

23

TOTAL

INDIANA

23

MICHIGAN

-

1.5%

City

of

Detroit,

Michigan,

General

Obligation

Bonds,

Series

2021

:

1,000

2.960%,

4/01/27

No

Opt.

Call

933,713

500

3.110%,

4/01/28

No

Opt.

Call

459,955

2,245

3.244%,

4/01/29

No

Opt.

Call

2,035,199

425

3.344%,

4/01/30

No

Opt.

Call

378,360

1,575

Detroit,

Wayne

County,

Michigan,

General

Obligation

Bonds,

Taxable

Series

2021B,

3.644%,

4/01/34

4/31

at

100.00

1,345,850

TOTAL

MICHIGAN

5,153,077

MONTANA

-

0.3%

1,000

(c)

County

of

Gallatin,

Montana,

Series

2022,

11.500%,

9/01/27

9/25

at

103.00

1,028,285

TOTAL

MONTANA

1,028,285

NEW

HAMPSHIRE

-

0.8%

62,000

New

Hampshire

Business

Finance

Authority,

0.594%,

8/20/39

No

Opt.

Call

2,615,780

TOTAL

NEW

HAMPSHIRE

2,615,780

NEW

YORK

-

0.8%

415

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Taxable

Green

Climate

Certified

Series

2020C-2,

5.175%,

11/15/49

No

Opt.

Call

374,903

2,500

New

York

Transportation

Development

Corp,

6.971%,

6/30/51

No

Opt.

Call

2,481,849

TOTAL

NEW

YORK

2,856,752

TOTAL

MUNICIPAL

BONDS

(cost

$13,706,483)

12,596,817

33

A

Investments

in

Derivatives

Principal

Amount

(000)

Description

(a)

Coupon

(j)

Reference

Rate

(j)

Spread

(j)

Maturity

(k)

Value

X

–

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

-

3.3%

(2.2%

of

Total

Investments)

(j)

X

11,201,905

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

3.0%

$

10,312

Liberty

Tire

Recycling

Holdco,

LLC,

Term

Loan

9.958%

SOFR30A

4.500%

5/08/28

$

10,163,503

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

10,163,503

UTILITIES

-

0.3%

1,035

ExGen

Renewables

IV,

LLC,

Term

Loan

8.109%

3-Month

LIBOR

2.500%

12/15/27

1,038,402

TOTAL

UTILITIES

1,038,402

TOTAL

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

(cost

$11,315,709)

11,201,905

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

U.S.

GOVERNMENT

AND

AGENCY

OBLIGATIONS

-

0.7%

(0.5%

of

Total

Investments)

X

2,386,765

$

1,644

United

States

Treasury

Note/Bond

4.500%

5/31/29

$

1,655,174

604

United

States

Treasury

Note/Bond

4.875%

5/31/26

605,227

126

United

States

Treasury

Note/Bond

4.625%

6/15/27

126,364

TOTAL

U.S.

GOVERNMENT

AND

AGENCY

OBLIGATIONS

(cost

$2,376,556)

2,386,765

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

CONVERTIBLE

BONDS

-

0.1%

(0.1%

of

Total

Investments)

X

299,279

UTILITIES

-

0.1%

$

2,817

(c),(g)

ILAP

Holdings

LTD,

(cash

5.000%,

PIK

5.000%)

5.000%

6/15/33

$

299,279

TOTAL

UTILITIES

299,279

TOTAL

CONVERTIBLE

BONDS

(cost

$436,793)

299,279

TOTAL

LONG-TERM

INVESTMENTS

(cost

$629,788,586)

508,413,802

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

1.7% (1.2%

of

Total

Investments)

X

–

REPURCHASE

AGREEMENTS

-

1.7%

(1.2%

of

Total

Investments)

X

5,927,900

$

4,303

(l)

Fixed

Income

Clearing

Corporation

1.600%

7/01/24

$

4,302,900

1,625

(m)

Fixed

Income

Clearing

Corporation

5.270%

7/01/24

1,625,000

TOTAL

REPURCHASE

AGREEMENTS

(cost

$5,927,900)

5,927,900

TOTAL

SHORT-TERM

INVESTMENTS

(cost

$5,927,900)

5,927,900

TOTAL

INVESTMENTS

(cost

$635,716,486

)

-

150.2%

514,341,702

BORROWINGS

-

(18.2)%

(n),(o)

(62,500,000)

REVERSE

REPURCHASE

AGREEMENTS,

INCLUDING

ACCRUED

INTEREST

-

(14.4)%(p)

(49,166,427)

TFP

SHARES,

NET

-

(20.4)%(q)

(69,700,024)

OTHER

ASSETS

&

LIABILITIES,

NET

-   2.8%

9,507,539

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

-

100%

$

342,482,790

Nuveen

Core

Plus

Impact

Fund

(continued)

Consolidated

Portfolio

of

Investments

June

30,

2024

(Unaudited)

34

NPCT

Cross

Currency

Swaps

-

OTC

Uncleared

Counterparty

Terms

of

payments

to

be

paid

Terms

of

payments

to

be

received

Currency

Maturity

Date

Notional

Amount

(Local

Currency)

Value

Upfront

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Citibank

N.A.

Fixed

annual

2.250%

Fixed

semi-annual

3.562%

USD

EUR

6/23/26

2,725,875

2,250,000

$

301,253

$

25,485

$

275,768

Citibank

N.A.

Fixed

semi-annual

1.875%

Fixed

annual

3.472%

USD

EUR

7/02/31

5,904,500

5,000,000

646,965

15,972

630,993

Citibank

N.A.

Fixed

semi-annual

1.875%

Fixed

annual

3.493%

USD

EUR

7/02/31

3,543,900

3,000,000

394,214

(7,179)

401,393

Citibank

N.A.

Fixed

semi-annual

2.250%

Fixed

annual

3.775%

USD

EUR

8/12/36

5,909,000

5,000,000

720,426

12,344

708,082

JPMorgan

Chase

Bank,

N.A.

Fixed

semi-annual

1.875%

Fixed

annual

3.431%

USD

EUR

6/14/29

5,905,000

5,000,000

571,350

(2,930)

574,280

Morgan

Stanley

Capital

Services

LLC

Fixed

semi-annual

3.000%

Fixed

annual

4.330%

USD

EUR

5/27/26

6,088,500

5,000,000

717,234

4,250

712,984

Morgan

Stanley

Capital

Services

LLC

Fixed

semi-annual

1.841%

Fixed

annual

3.337%

USD

EUR

9/21/28

6,376,320

5,400,000

582,784

(3)

582,787

Total

$

3,934,226

$

47,939

$

3,886,287

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(b)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

reverse

repurchase

agreements.

As

of

the

end

of

the

reporting

period,

investments

with

a

value

of

$67,543,921

have

been

pledged

as

collateral

for

reverse

repurchase

agreements.

(c)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$272,522,888

or

53.0%

of

Total

Investments.

(d)

All

or

a

portion

of

this

security

is

owned

by

Nuveen

Core

Plus

Impact

Fund

Ltd.

which

is

a

100%

owned

subsidiary

of

the

fund.

(e)

Perpetual

security.

Maturity

date

is

not

applicable.

(f)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(g)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(h)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

(i)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(j)

Senior

loans

generally

pay

interest

at

rates

which

are

periodically

adjusted

by

reference

to

a

base

short-term,

floating

lending

rate

(Reference

Rate)

plus

an

assigned

fixed

rate

(Spread).

These

floating

lending

rates

are

generally

(i)

the

lending

rate

referenced

by

the

Secured

Overnight

Financing

Rate

(“SOFR”),

or

(ii)

the

prime

rate

offered

by

one

or

more

major

United

States

banks.

Senior

loans

may

be

considered

restricted

in

that

the

Fund

ordinarily

is

contractually

obligated

to

receive

approval

from

the

agent

bank

and/or

borrower

prior

to

the

disposition

of

a

senior

loan.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(k)

Senior

loans

generally

are

subject

to

mandatory

and/or

optional

prepayment.

Because

of

these

mandatory

prepayment

conditions

and

because

there

may

be

significant

economic

incentives

for

a

borrower

to

prepay,

prepayments

of

senior

loans

may

occur.

As

a

result,

the

actual

remaining

maturity

of

senior

loans

held

may

be

substantially

less

than

the

stated

maturities

shown.

(l)

Agreement

with

Fixed

Income

Clearing

Corporation,

1.600%

dated

6/28/24

to

be

repurchased

at

$4,303,474

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.750%

and

maturity

date

8/31/26,

valued

at

$4,389,006.

(m)

Agreement

with

Fixed

Income

Clearing

Corporation,

5.270%

dated

6/28/24

to

be

repurchased

at

$1,625,713

on

7/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.625%

and

maturity

date

9/30/30,

valued

at

$1,657,508.

(n)

Borrowings

as

a

percentage

of

Total

Investments

is

12.2%.

(o)

The

Fund

may

pledge

up

to

100%

of

its

eligible

investment

(excluding

any

investments

pledged

as

collateral

to

specific

investments

in

derivatives,

when

applicable)

in

the

Portfolio

of

Investments

as

collateral

for

borrowings.

(p)

Reverse

Repurchase

Agreements,

including

accrued

interest

as

a

percentage

of

Total

investments

is

9.6%.

(q)

TFP

Shares,

Net

as

a

percentage

of

Total

Investments

is

13.6%.

EUR

Euro

I/O

Interest

only

security

LIBOR

London

Inter-Bank

Offered

Rate

PIK

Payment-in-kind

(“PIK”)

security.  Depending

on

the

terms

of

the

security,

income

may

be

received

in

the

form

of

cash,

securities,

or

a

combination

of

both.  The

PIK

rate

shown,

where

applicable,

represents

the

annualized

rate

of

the

last

PIK

payment

made

by

the

issuer

as

of

the

end

of

the

reporting

period.

Reg

S

Regulation

S

allows

U.S.

companies

to

sell

securities

to

persons

or

entities

located

outside

of

the

United

States

without

registering

those

securities

with

the

Securities

and

Exchange

Commission.

Specifically,

Regulation

S

provides

a

safe

harbor

from

the

registration

requirements

of

the

Securities

Act

for

the

offers

and

sales

of

securities

by

both

foreign

and

domestic

issuers

that

are

made

outside

the

United

States.

REIT

Real

Estate

Investment

Trust

35

SOFR

30A

30

Day

Average

Secured

Overnight

Financing

Rate

TSFR

1M

CME

Term

SOFR

1

Month

See

Notes

to

Financial

Statements

36

Nuveen

Mortgage

and

Income

Fund

Portfolio

of

Investments

June

30,

2024

(Unaudited)

JLS

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

LONG-TERM

INVESTMENTS

-

132.9% 

(99.7%

of

Total

Investments)

X

–

MORTGAGE-BACKED

SECURITIES

-

91.2%

(68.4%

of

Total

Investments)

X

97,268,873

$

500

(b),(c)

Alen

2021-ACEN

Mortgage

Trust,

(TSFR1M

reference

rate

+

0.041%

spread),

2021

ACEN

9.443%

4/15/34

$

253,919

1,000

(d)

BANK

2017-BNK6,

2017

BNK6

3.851%

7/15/60

876,900

1,000

(c)

BANK

2019-BNK21,

2019

BN21

2.500%

10/17/52

640,222

1,000

(c)

BBCMS

Mortgage

Trust

2020-C6,

2020

C6

3.811%

2/15/53

768,990

1,750

(c)

BBCMS

Trust

2015-SRCH,

2015

SRCH

5.122%

8/10/35

1,478,088

1,500

(c)

Benchmark

2020-B18

Mortgage

Trust,

2020

B18

4.139%

7/15/53

1,386,146

845

(d)

CD

2016-CD1

Mortgage

Trust,

2016

CD1

3.631%

8/10/49

607,718

1,500

CD

2016-CD2

Mortgage

Trust,

2016

CD2

4.109%

11/10/49

1,133,565

1,978

CD

2017-CD3

Mortgage

Trust,

2017

CD3

4.689%

2/10/50

780,000

24

(c)

CF

2020-P1

Mortgage

Trust,

2020

P1

2.840%

4/15/25

23,494

672

(c)

CFK

Trust

2019-FAX,

2019

FAX

4.791%

1/15/39

597,880

389

CHL

Mortgage

Pass-Through

Trust

2006-HYB1,

2006

HYB1

4.780%

3/20/36

344,384

1,500

(c),(d)

COMM

2013-LC13

Mortgage

Trust,

2013

LC13

5.571%

8/10/46

1,239,422

925

(d)

COMM

2014-CCRE15

Mortgage

Trust,

2014

CR15

4.082%

2/10/47

873,645

1,000

(d)

COMM

2014-CCRE17

Mortgage

Trust,

2014

CR17

4.377%

5/10/47

943,391

1,000

(d)

COMM

2014-UBS2

Mortgage

Trust,

2014

UBS2

4.947%

3/10/47

899,297

1,500

(c)

COMM

2014-UBS3

Mortgage

Trust,

2014

UBS3

4.767%

6/10/47

672,818

1,400

(c)

COMM

2015-CCRE22

Mortgage

Trust,

2015

CR22

3.000%

3/10/48

930,694

2,000

(d)

COMM

2015-CCRE23

Mortgage

Trust,

2015

CR23

4.413%

5/10/48

1,822,743

1,800

(d)

COMM

2015-CCRE24

Mortgage

Trust,

2015

CR24

3.463%

8/10/48

1,588,217

800

(d)

COMM

2015-CCRE25

Mortgage

Trust,

2015

CR25

4.668%

8/10/48

770,875

1,245

(d)

COMM

2015-CCRE25

Mortgage

Trust,

2015

CR25

3.768%

8/10/48

1,128,890

654

(d)

COMM

Mortgage

Trust

4.585%

2/10/47

623,473

625

(b),(c)

Connecticut

Avenue

Securities

Trust

2021-R03,

(SOFR30A

reference

rate

+

0.055%

spread),

2021

R03

10.835%

12/25/41

656,876

2,100

(b),(c)

Connecticut

Avenue

Securities

Trust

2022-R01,

(SOFR30A

reference

rate

+

0.060%

spread),

2022

R01

11.335%

12/25/41

2,217,658

2,550

(b),(c),(d)

Connecticut

Avenue

Securities

Trust

2022-R02,

(SOFR30A

reference

rate

+

0.045%

spread),

2022

R02

9.835%

1/25/42

2,687,860

2,000

(b),(c)

Connecticut

Avenue

Securities

Trust

2022-R03,

(SOFR30A

reference

rate

+

6.250%

spread),

2022

R03

11.585%

3/25/42

2,225,069

1,000

(b),(c)

Connecticut

Avenue

Securities

Trust

2022-R03,

(SOFR30A

reference

rate

+

0.099%

spread),

2022

R03

14.823%

3/25/42

1,147,672

2,840

(b),(c)

Connecticut

Avenue

Securities

Trust

2022-R05,

(SOFR30A

reference

rate

+

0.070%

spread),

2022

R05

12.335%

4/25/42

3,118,181

1,900

(b),(c)

Connecticut

Avenue

Securities

Trust

2022-R07,

(SOFR30A

reference

rate

+

0.012%

spread),

2022

R07

17.335%

6/25/42

2,318,558

960

(b),(c),(d)

Connecticut

Avenue

Securities

Trust

2022-R07,

(SOFR30A

reference

rate

+

6.800%

spread),

2022

R07

12.135%

6/25/42

1,089,789

450

(b),(c)

Connecticut

Avenue

Securities

Trust

2022-R09,

(SOFR30A

reference

rate

+

0.068%

spread),

2022

R09

12.085%

9/25/42

503,260

4,000

(b),(c),(d)

Connecticut

Avenue

Securities

Trust

2023-R02,

(SOFR30A

reference

rate

+

0.056%

spread),

2023

R02

10.885%

1/25/43

4,434,222

2,250

(b),(c),(d)

Connecticut

Avenue

Securities

Trust

2023-R05,

(SOFR30A

reference

rate

+

0.048%

spread),

2023

R05

10.085%

6/25/43

2,457,871

2,280

(b),(c),(d)

Connecticut

Avenue

Securities

Trust

2023-R06,

(SOFR30A

reference

rate

+

0.039%

spread),

2023

R06

9.188%

7/25/43

2,423,945

33,000

(c)

DOLP

Trust

2021-NYC,

2021

NYC,

(I/O)

0.665%

5/10/41

1,113,103

82

(c)

Flagstar

Mortgage

Trust

2017-2,

2017

2

3.985%

10/25/47

71,679

7,578

Freddie

Mac

Multifamily

ML

Certificates,

2021

ML12,

(I/O)

1.304%

7/25/41

720,555

3,000

(b),(c),(d)

Freddie

Mac

STACR

REMIC

Trust

2021-DNA6,

(SOFR30A

reference

rate

+

0.075%

spread),

2021

DNA6

12.835%

10/25/41

3,246,464

2,275

(b),(c)

Freddie

Mac

STACR

REMIC

Trust

2022-DNA1,

(SOFR30A

reference

rate

+

0.034%

spread),

2022

DNA1

8.735%

1/25/42

2,351,283

1,000

(b),(c)

Freddie

Mac

STACR

REMIC

Trust

2022-DNA1,

(SOFR30A

reference

rate

+

0.071%

spread),

2022

DNA1

12.435%

1/25/42

1,074,412

37

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X–

MORTGAGE-BACKED

SECURITIES

(continued)

$

4,900

(b),(c)

Freddie

Mac

STACR

REMIC

Trust

2022-DNA2,

(SOFR30A

reference

rate

+

0.048%

spread),

2022

DNA2

10.085%

2/25/42

$

5,234,122

1,000

(b),(c)

Freddie

Mac

STACR

REMIC

Trust

2022-DNA2,

(SOFR30A

reference

rate

+

0.085%

spread),

2022

DNA2

13.788%

2/25/42

1,110,388

3,750

(b),(c),(d)

Freddie

Mac

STACR

REMIC

Trust

2022-DNA3,

(SOFR30A

reference

rate

+

0.057%

spread),

2022

DNA3

8.647%

4/25/42

4,084,848

2,245

(b),(c)

Freddie

Mac

STACR

REMIC

Trust

2022-DNA3,

(SOFR30A

reference

rate

+

0.098%

spread),

2022

DNA3

15.087%

4/25/42

2,571,825

107

(b)

Freddie

Mac

Strips,

(SOFR30A

reference

rate

+

0.058%

spread),

2014

327,

(I/O)

0.472%

3/15/44

8,362

6,700

(b),(d)

Government

National

Mortgage

Association,

(SOFR30A

reference

rate

+

0.063%

spread),

2020

133,

(I/O)

0.917%

9/20/50

658,482

1,100

(b),(c)

GS

Mortgage

Securities

Corp

Trust

2018-TWR,

(TSFR1M

reference

rate

+

0.019%

spread),

2018

TWR

7.226%

7/15/31

429,000

700

(b),(c)

GS

Mortgage

Securities

Corp

Trust

2018-TWR,

(TSFR1M

reference

rate

+

2.397%

spread),

2018

TWR

7.726%

7/15/31

198,450

892

(b),(c)

GS

Mortgage

Securities

Corp

Trust

2018-TWR,

(TSFR1M

reference

rate

+

4.222%

spread),

2018

TWR

9.551%

7/15/31

18,732

1,000

(b),(c)

GS

Mortgage

Securities

Corp

Trust

2018-TWR,

(TSFR1M

reference

rate

+

1.747%

spread),

2018

TWR

7.076%

7/15/31

600,000

700

(b),(c)

GS

Mortgage

Securities

Corp

Trust

2018-TWR,

(TSFR1M

reference

rate

+

3.097%

spread),

2018

TWR

8.426%

7/15/31

117,600

1,000

(b),(c),(d)

GS

Mortgage

Securities

Corp

Trust

2021-ARDN,

(TSFR1M

reference

rate

+

2.864%

spread),

2021

ARDN

8.193%

11/15/36

987,365

1,400

(b),(c),(d)

GS

Mortgage

Securities

Corp

Trust

2021-ARDN,

(TSFR1M

reference

rate

+

0.035%

spread),

2021

ARDN

8.793%

11/15/36

1,380,645

2,000

(d)

GS

Mortgage

Securities

Trust

2016-GS4,

2016

GS4

4.076%

11/10/49

1,698,179

1,000

(c)

Hudson

Yards

2019-55HY

Mortgage

Trust,

2019

55HY

3.041%

12/10/41

774,232

377

(c)

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2019-ICON

UES,

2019

UES

4.601%

5/05/32

359,619

441

(c)

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2019-ICON

UES,

2019

UES

4.601%

5/05/32

418,406

366

(c)

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2020-NNN,

2020

NNN

3.972%

1/16/37

141,880

2,000

(d)

JPMBB

Commercial

Mortgage

Securities

Trust

2014-C22,

2014

C22

4.694%

9/15/47

1,753,813

1,000

(d)

JPMBB

Commercial

Mortgage

Securities

Trust

2015-C27,

2015

C27

3.898%

2/15/48

895,408

760

(d)

JPMBB

Commercial

Mortgage

Securities

Trust

2015-C29,

2015

C29

4.118%

5/15/48

724,323

1,189

(d)

JPMBB

Commercial

Mortgage

Securities

Trust

2016-C1,

2016

C1

4.858%

3/17/49

1,086,779

2,000

(d)

JPMCC

Commercial

Mortgage

Securities

Trust

2017-JP5,

2017

JP5

3.904%

3/15/50

1,663,323

1,930

(d)

JPMCC

Commercial

Mortgage

Securities

Trust

2017-JP6,

2017

JP6

3.851%

7/15/50

1,473,304

1,500

(c)

JPMCC

Commercial

Mortgage

Securities

Trust

2017-JP6,

2017

JP6

4.601%

7/15/50

1,073,928

1,849

(c),(d)

JPMCC

Commercial

Mortgage

Securities

Trust

2017-JP7,

2017

JP7

4.518%

9/15/50

1,472,818

1,214

(d)

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2014

C19,

2014

C19

4.000%

12/15/47

1,152,190

226

Morgan

Stanley

Capital

I

Trust

2015-MS1,

2015

MS1

4.157%

5/15/48

211,807

180

Morgan

Stanley

Mortgage

Loan

Trust

2007-15AR,

2007

15AR

3.370%

11/25/37

122,015

1,000

(c)

MRCD

2019-MARK

Mortgage

Trust,

2019

PARK

2.718%

12/15/36

635,100

250

(c)

MSCG

Trust

2015-ALDR,

2015

ALDR

3.577%

6/07/35

218,466

750

(c)

MSCG

Trust

2015-ALDR,

2015

ALDR

3.577%

6/07/35

666,720

1,050

(b),(c)

Natixis

Commercial

Mortgage

Securities

Trust

2019-MILE,

(TSFR1M

reference

rate

+

0.043%

spread),

2019

MILE

9.658%

7/15/36

707,698

1,000

(b),(c)

Natixis

Commercial

Mortgage

Securities

Trust

2019-MILE,

(TSFR1M

reference

rate

+

2.829%

spread),

2019

MILE

8.158%

7/15/36

781,465

Nuveen

Mortgage

and

Income

Fund

(continued)

Portfolio

of

Investments

June

30,

2024

(Unaudited)

38

JLS

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X–

MORTGAGE-BACKED

SECURITIES

(continued)

$

451

(b),(c)

OPEN

Trust,

(TSFR1M

reference

rate

+

0.052%

spread),

2023

AIR

10.565%

10/15/28

$

454,526

1,000

(b),(c)

PKHL

Commercial

Mortgage

Trust

2021-MF,

(TSFR1M

reference

rate

+

2.114%

spread),

2021

MF

7.443%

7/15/38

800,592

1,000

(b),(c),(d)

PKHL

Commercial

Mortgage

Trust

2021-MF,

(TSFR1M

reference

rate

+

0.099%

spread),

2021

MF

6.323%

7/15/38

955,283

1,624

(b),(c),(d)

SMR

2022-IND

Mortgage

Trust,

(TSFR1M

reference

rate

+

0.040%

spread),

2022

IND

9.279%

2/15/39

1,537,011

127,100

(c)

SUMIT

2022-BVUE

Mortgage

Trust,

2022

BVUE,

(I/O)

0.179%

2/12/41

575,649

1,000

(b),(c)

TX

Trust

2024-HOU,

(TSFR1M

reference

rate

+

0.032%

spread),

2024

1

8.558%

6/15/39

994,573

1,250

(c)

VNDO

Trust

2016-350P,

2016

350P

4.033%

1/10/35

1,122,165

1,300

(d)

Wells

Fargo

Commercial

Mortgage

Trust

2015-NXS1,

2015

NXS1

4.254%

5/15/48

1,154,554

TOTAL

MORTGAGE-BACKED

SECURITIES

(cost

$106,577,565)

97,268,873

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

ASSET-BACKED

SECURITIES

-

41.7%

(31.3%

of

Total

Investments)

X

44,546,257

1,214

(c)

AASET

2020-1

Trust,

2020

1A

6.413%

1/16/40

$

358,156

1,500

(b),(c)

ACRE

Commercial

Mortgage

2021-FL4

Ltd,

(TSFR1M

reference

rate

+

0.027%

spread),

2021

FL4

8.046%

12/18/37

1,435,419

515

(c)

Affirm

Asset

Securitization

Trust

2023-B,

2023

B

11.320%

9/15/28

531,726

490

(c),(d)

Air

Canada

2020-2

Class

B

Pass

Through

Trust,

2020

A

9.000%

10/01/25

498,460

550

(c)

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

2021

2A

4.080%

2/20/28

491,467

983

(c)

Bojangles

Issuer

LLC,

2020

1A

3.832%

10/20/50

932,737

250

(c)

Bonanza

RE

Ltd

5.359%

1/08/25

207,925

750

(b),(c)

Bonanza

RE

Ltd,

(3-Month

U.S.

Treasury

Bill

reference

rate

+

8.450%

spread)

12.787%

1/08/26

754,050

250

(b),(c)

Bonanza

RE

Ltd,

(3-Month

U.S.

Treasury

Bill

reference

rate

+

5.620%

spread)

10.988%

3/16/25

235,850

500

(b),(c)

Bonanza

RE

Ltd,

(3-Month

U.S.

Treasury

Bill

reference

rate

+

0.049%

spread),

2020

A

10.270%

12/23/24

482,500

361

(c),(d)

British

Airways

2020-1

Class

B

Pass

Through

Trust,

2020

A

8.375%

11/15/28

378,006

2,000

(c)

Cars

Net

Lease

Mortgage

Notes

Series

2020-1,

2020

1A

4.690%

12/15/50

1,767,683

775

(c)

CARS-DB4

LP,

2020

1A

4.520%

2/15/50

715,290

3

(c),(e)

Carvana

Auto

Receivables

Trust

2021-P2,

2021

P2

0.000%

5/10/28

481,250

250

(b),(c)

Cayuga

Park

CLO

Ltd,

(TSFR3M

reference

rate

+

6.262%

spread),

2020

1A

1.000%

7/17/34

251,178

385

(b),(c)

CIFC

Funding

2020-II

Ltd,

(3-Month

LIBOR

reference

rate

+

0.068%

spread),

2020

2A

12.086%

10/20/34

387,192

375

(b),(c)

CIFC

Funding

2022-II

Ltd,

(TSFR3M

reference

rate

+

7.000%

spread),

2022

2A

12.327%

4/19/35

377,629

750

(b),(c)

CIFC

Funding

2022-IV

Ltd,

(SOFR

reference

rate

+

0.036%

spread),

2022

4A

8.878%

7/16/35

753,032

250

(b),(c)

Citrus

Re

Ltd,

(3-Month

U.S.

Treasury

Bill

reference

rate

+

5.060%

spread)

5.100%

6/07/25

248,025

250

(c)

Cologix

Data

Centers

US

Issuer

LLC,

2021

1A

5.990%

12/26/51

223,281

1,061

(c)

CyrusOne

Data

Centers

Issuer

I

LLC,

2023

1A

5.450%

4/20/48

993,130

1,000

(b),(c)

Elmwood

CLO

26

Ltd,

(TSFR3M

reference

rate

+

6.450%

spread),

2024

1A

11.741%

4/18/37

1,029,062

911

(c)

EWC

Master

Issuer

LLC,

2022

1A

5.500%

3/15/52

867,384

1,500

(c)

Frontier

Issuer

LLC,

2023

1

11.500%

8/20/53

1,514,168

1,500

(c)

Frontier

Issuer

LLC,

2023

1

8.300%

8/20/53

1,539,008

500

(b),(c)

GoldentTree

Loan

Management

US

CLO

1

Ltd,

(3-Month

LIBOR

reference

rate

+

0.078%

spread),

2021

11A

8.563%

10/20/34

473,515

1,000

(b),(c)

GRACIE

POINT

INTERNATIONAL

FUNDING

2023-2,

(SOFR90A

reference

rate

+

0.054%

spread),

2023

2A

10.749%

3/01/27

1,017,711

173

(b),(c)

Gracie

Point

International

Funding

2024-1

LLC,

(SOFR90A

reference

rate

+

7.150%

spread),

2024

1A

12.500%

3/01/28

173,228

39

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X–

ASSET-BACKED

SECURITIES

(continued)

$

483

(c)

Hardee's

Funding

LLC,

2020

1A

3.981%

12/20/50

$

438,515

500

(c)

Hertz

Vehicle

Financing

III

LLC,

2022

1A

4.850%

6/25/26

482,715

250

(b),(c)

Hestia

Re

Ltd,

(1-Month

U.S.

Treasury

Bill

reference

rate

+

10.080%

spread)

15.440%

4/22/25

240,800

150

(c)

HIN

Timeshare

Trust

2020-A,

2020

A

6.500%

10/09/39

139,465

209

(c)

HIN

Timeshare

Trust

2020-A,

2020

A

5.500%

10/09/39

196,805

750

(c)

Hotwire

Funding

LLC,

2024

1A

9.188%

6/20/54

759,865

268

(c)

LUNAR

AIRCRAFT

2020-1

LTD,

2020

1A

3.376%

2/15/45

254,907

500

(b),(c)

Madison

Park

Funding

XXXVI

Ltd,

(TSFR3M

reference

rate

+

5.460%

spread),

2019

36A

5.764%

4/15/35

498,490

1,125

(b),(c)

Magnetite

XXIII

Ltd,

(TSFR3M

reference

rate

+

6.562%

spread),

2019

23A

7.484%

1/25/35

1,135,985

250

(b),(c)

Matterhorn

Re

Ltd,

(SOFR

reference

rate

+

0.053%

spread)

5.889%

3/24/25

240,075

500

(c)

Mercury

Financial

Credit

Card

Master

Trust,

2022

3A

10.680%

6/21/27

499,701

500

(c)

Mercury

Financial

Credit

Card

Master

Trust,

2023

1A

9.590%

9/20/27

503,283

500

(c)

Mercury

Financial

Credit

Card

Master

Trust,

2023

1A

8.040%

9/20/27

503,517

125

(c)

MetroNet

Infrastructure

Issuer

LLC,

2023

1A

8.010%

4/20/53

127,839

1,000

(c)

MetroNet

Infrastructure

Issuer

LLC,

2024

1A

10.860%

4/20/54

996,396

125

(c)

MetroNet

Infrastructure

Issuer

LLC,

2023

1A

10.850%

4/20/53

124,599

1,223

(c)

Mexico

Remittances

Funding

Fiduciary

Estate

Management

Sarl

4.875%

1/15/28

1,113,735

1,525

(c),(e)

Mosaic

Solar

Loan

Trust

2019-2,

2019

2A

0.000%

9/20/40

597,953

1,000

(c),(e)

Mosaic

Solar

Loan

Trust

2020-1,

2020

1A

0.000%

4/20/46

534,800

678

(c)

Mosaic

Solar

Loan

Trust

2020-2,

2020

2A

5.420%

8/20/46

605,472

1,000

(c)

Mosaic

Solar

Loans

LLC,

2024

1A

10.000%

9/20/49

851,125

170

(c)

MVW

2020-1

LLC,

2020

1A

7.140%

10/20/37

165,492

500

(b),(c)

Neuberger

Berman

CLO

Ltd,

(TSFR3M

reference

rate

+

0.076%

spread),

2023

23-53A

12.948%

10/24/32

509,562

500

(c)

Oportun

Funding

2022-1

LLC,

2022

1

6.000%

6/15/29

494,020

146

(c)

Oportun

Funding

XIV

LLC,

2021

A

5.400%

3/08/28

139,649

937

(c)

Oportun

Issuance

Trust

2021-B,

2021

B

5.410%

5/08/31

868,753

350

(c)

Oportun

Issuance

Trust

2021-C,

2021

C

5.570%

10/08/31

319,007

2,000

(c)

Oportun

Issuance

Trust

2024-1,

2024

1A

12.072%

4/08/31

1,994,960

925

(b),(c)

Palmer

Square

CLO

2023-1

Ltd,

(TSFR3M

reference

rate

+

0.053%

spread),

2023

1A

10.625%

1/20/36

944,368

625

(b),(c)

Palmer

Square

CLO

Ltd,

(TSFR3M

reference

rate

+

6.350%

spread),

2022

1A

11.675%

4/20/35

631,194

750

(b),(c)

Rad

CLO

7

Ltd,

(TSFR3M

reference

rate

+

4.150%

spread),

2020

7A

9.467%

4/17/36

753,175

400

(b),(c)

Residential

Reinsurance

2020

Ltd,

(3-Month

U.S.

Treasury

Bill

reference

rate

+

6.290%

spread),

2020

A

6.510%

12/06/24

382,320

500

(b),(c)

Residential

Reinsurance

2022

Ltd,

(3-Month

U.S.

Treasury

Bill

reference

rate

+

7.690%

spread)

13.050%

12/06/26

491,800

500

(b),(c)

SD

Re

Ltd,

(3-Month

U.S.

Treasury

Bill

reference

rate

+

9.250%

spread)

14.612%

11/19/24

498,500

31

(c)

Sierra

Timeshare

2019-3

Receivables

Funding

LLC,

2019

3A

4.180%

8/20/36

31,028

195

(c)

Sierra

Timeshare

2020-2

Receivables

Funding

LLC,

2020

2A

6.590%

7/20/37

192,266

1,000

(b),(c)

Sixth

Street

CLO

XIX

Ltd,

(3-Month

LIBOR

reference

rate

+

6.162%

spread),

2021

19A

6.035%

7/20/34

1,004,370

415

(c)

Start

II

LTD,

2019

1

5.095%

3/15/44

377,207

481

(c)

Sunnova

Helios

XII

Issuer

LLC,

2023

B

6.000%

8/22/50

437,179

1,000

(b),(c)

TCW

CLO

2021-2

Ltd,

(3-Month

LIBOR

reference

rate

+

0.071%

spread),

2021

2A

6.985%

7/25/34

1,003,891

500

(b),(c)

Ursa

Re

II

Ltd,

(3-Month

U.S.

Treasury

Bill

reference

rate

+

7.000%

spread)

12.355%

12/06/25

515,100

915

(c)

Vivint

Solar

Financing

V

LLC,

2018

1A

7.370%

4/30/48

851,170

501

(c)

VR

Funding

LLC,

2020

1A

6.420%

11/15/50

463,399

500

(c)

Ziply

Fiber

Issuer

LLC,

2024

1A

7.810%

4/20/54

509,188

Nuveen

Mortgage

and

Income

Fund

(continued)

Portfolio

of

Investments

June

30,

2024

(Unaudited)

40

JLS

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X–

ASSET-BACKED

SECURITIES

(continued)

$

1,000

(c)

Ziply

Fiber

Issuer

LLC,

2024

1A

11.170%

4/20/54

$

1,004,555

TOTAL

ASSET-BACKED

SECURITIES

(cost

$47,409,128)

44,546,257

TOTAL

LONG-TERM

INVESTMENTS

(cost

$153,986,693)

141,815,130

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

0.4% (0.3%

of

Total

Investments)

X

–

U.S.

GOVERNMENT

AND

AGENCY

OBLIGATIONS

-

0

.4

%

(

0

.3

%

of

Total

Investments)

X

464,797

$

465

Federal

Home

Loan

Bank

Discount

Notes

0.000%

7/01/24

$

464,797

TOTAL

U.S.

GOVERNMENT

AND

AGENCY

OBLIGATIONS

(cost

$465,000)

464,797

TOTAL

SHORT-TERM

INVESTMENTS

(cost

$465,000)

464,797

TOTAL

INVESTMENTS

(cost

$

154,451,693

)

-

133

.3

%

142,279,927

BORROWINGS

-

(3.3)%

(f),(g)

(

3,520,000

)

REVERSE

REPURCHASE

AGREEMENTS,

INCLUDING

ACCRUED

INTEREST

-

(29.8)%(h)

(

31,759,565

)

OTHER

ASSETS

&

LIABILITIES,

NET

-   (0.2)%

(

295,080

)

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

-

100%

$

106,705,282

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(b)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(c)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$116,098,938

or

81.6%

of

Total

Investments.

(d)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

reverse

repurchase

agreements.

As

of

the

end

of

the

reporting

period,

investments

with

a

value

of

$48,727,053

have

been

pledged

as

collateral

for

reverse

repurchase

agreements.

(e)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(f)

Borrowings

as

a

percentage

of

Total

Investments

is

2.5%.

(g)

The

Fund

may

pledge

up

to

100%

of

its

eligible

investments

(excluding

any

investments

separately

pledged

as

collateral

for

specific

investments

in

derivatives,

when

applicable)

in

the

Portfolio

of

Investments

as

collateral

for

borrowings.

As

of

the

end

of

the

reporting

period,

investments

with

a

value

of

$31,100,920

have

been

pledged

as

collateral

for

borrowings.

(h)

Reverse

Repurchase

Agreements,

including

accrued

interest

as

a

percentage

of

Total

investments

is

22.3%.

I/O

Interest

only

security

LIBOR

London

Inter-Bank

Offered

Rate

SOFR

30A

30

Day

Average

Secured

Overnight

Financing

Rate

SOFR

90A

90

Day

Average

Secured

Overnight

Financing

Rate

TSFR

1M

CME

Term

SOFR

1

Month

TSFR

3M

CME

Term

SOFR

3

Month

See

Notes

to

Financial

Statements

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

41

.

June

30,

2024

(Unaudited)

JGH

NPCT

(1)

JLS

ASSETS

Long-term

investments,

at

value

†

$

428,546,428‌

$

508,413,802‌

$

141,815,130‌

Short-term

investments,

at

value

◊

10,564,825‌

5,927,900‌

464,797‌

Cash

54,395‌

1,209,771‌

–‌

Cash

denominated

in

foreign

currencies

^

34‌

532,069‌

–‌

Cash

collateral

at

broker

for

investments

in

swaps

contracts

–‌

1,800,223‌

–‌

Swaps

premiums

paid

–‌

47,939‌

–‌

Unrealized

appreciation

on

cross

currency

swap

contracts

–‌

3,886,287‌

–‌

Unrealized

appreciation

on

interest

rate

swaps

contracts

2,853,113‌

–‌

–‌

Receivables:

Dividends

6,694‌

106,747‌

–‌

Interest

7,499,462‌

5,819,211‌

787,657‌

Investments

sold

4,525,960‌

26,577‌

–‌

Reclaims

–‌

153,214‌

773‌

Other

80,269‌

40,256‌

28,248‌

Total

assets

454,131,180‌

527,963,996‌

143,096,605‌

LIABILITIES

Cash

overdraft

–‌

–‌

28,875‌

Cash

collateral

due

to

broker

2,816,609‌

–‌

–‌

Borrowings

119,000,000‌

62,500,000‌

3,520,000‌

Reverse

repurchase

agreements,

including

accrued

interest

–‌

49,166,427‌

31,759,565‌

TFP

Shares,

Net

**

–‌

69,700,024‌

–‌

Payables:

Management

fees

301,947‌

412,197‌

111,235‌

Dividends

2,350,923‌

3,276,184‌

833,798‌

Interest

235,200‌

325,833‌

20,588‌

Investments

purchased

-

regular

settlement

7,362,949‌

–‌

–‌

Investments

purchased

-

when-issued/delayed-delivery

settlement

12,285,656‌

–‌

–‌

Accrued

expenses:

Custodian

fees

66,023‌

55,328‌

36,825‌

Investor

relations

–‌

–‌

1,277‌

Trustees

fees

46,184‌

9,161‌

24,177‌

Professional

fees

32,795‌

32,891‌

49,594‌

Shareholder

reporting

expenses

21,380‌

–‌

4,240‌

Shareholder

servicing

agent

fees

1,169‌

3,161‌

1,149‌

Total

liabilities

144,520,835‌

185,481,206‌

36,391,323‌

Commitments

and

contingencies

(2)

Net

assets

applicable

to

common

shares

$

309,610,345‌

$

342,482,790‌

$

106,705,282‌

Common

shares

outstanding

23,177,393‌

28,755,000‌

5,476,626‌

Net

asset

value

("NAV")

per

common

share

outstanding

$

13

.36‌

$

20

.38‌

$

19

.48‌

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

CONSIST

OF:

Common

shares,

$0.01

par

value

per

share

$

231,774‌

$

287,550‌

$

54,766‌

Paid-in

capital

460,945,841‌

401,692,736‌

121,692,870‌

Total

distributable

earnings

(loss)

(

151,567,270‌

)

(

59,497,496‌

)

(

15,042,354‌

)

Net

assets

applicable

to

common

shares

$

309,610,345‌

$

342,482,790‌

$

106,705,282‌

Authorized

shares:

Common

Unlimited

Unlimited

Unlimited

Preferred

—

Unlimited

—

†

Long-term

investments,

cost

$

448,124,828‌

$

629,788,586‌

$

153,986,693‌

◊

Short-term

investments,

cost

$

10,564,825‌

$

5,927,900‌

$

465,000‌

^

Cash

denominated

in

foreign

currencies,

cost

$

34‌

$

534,063‌

$

—‌

**

TFP

Shares,

liquidation

preference

—‌

70,000,000‌

—‌

(1)

Consolidated

Statement

of

Assets

and

Liabilities

(as

disclosed

in

Notes

to

Financial

Statements).

(2)

As

disclosed

in

Notes

to

Financial

Statements.

Statement

of

Operations

See

Notes

to

Financial

Statements

42

Six

Months

Ended

June

30,

2024

(Unaudited)

JGH

NPCT

(1)

JLS

INVESTMENT

INCOME

Dividends

$

239,100‌

$

536,173‌

$

—‌

Interest

15,585,607‌

16,854,833‌

6,958,521‌

Rehypothecation

income

—‌

—‌

10‌

Tax

withheld

(1,363‌)

(7,272‌)

—‌

Total

investment

income

15,823,344‌

17,383,734‌

6,958,531‌

EXPENSES

–

–

–

Management

fees

1,828,946‌

2,523,466‌

672,209‌

Shareholder

servicing

agent

fees

1,842‌

15,570‌

2,020‌

Interest

expense

and

amortization

of

offering

costs

3,897,987‌

5,861,868‌

1,184,061‌

Trustees

fees

7,527‌

13,015‌

2,437‌

Custodian

expenses

26,685‌

26,575‌

20,197‌

Investor

relations

expenses

52,377‌

39,663‌

13,358‌

Professional

fees

52,109‌

78,250‌

57,260‌

Shareholder

reporting

expenses

21,998‌

96,181‌

10,564‌

Stock

exchange

listing

fees

3,830‌

4,515‌

3,830‌

Other

11,282‌

39,172‌

39,434‌

Total

expenses

5,904,583‌

8,698,275‌

2,005,370‌

Net

investment

income

(loss)

9,918,761‌

8,685,459‌

4,953,161‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

(6,929,279‌)

(6,702,225‌)

(631,387‌)

Forward

foreign

currency

contracts

—‌

206,393‌

—‌

Swaps

contracts

1,547,673‌

439,914‌

—‌

Foreign

currency

transactions

(89,627‌)

(246,580‌)

—‌

Net

realized

gain

(loss)

(5,471,233‌)

(6,302,498‌)

(631,387‌)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

9,872,434‌

12,121,469‌

4,244,216‌

Forward

foreign

currency

contracts

—‌

274,393‌

—‌

Swaps

contracts

(256,850‌)

705,870‌

—‌

Foreign

currency

translations

(1‌)

(14,213‌)

—‌

Net

change

in

unrealized

appreciation

(depreciation)

9,615,583‌

13,087,519‌

4,244,216‌

Net

realized

and

unrealized

gain

(loss)

4,144,350‌

6,785,021‌

3,612,829‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

$

14,063,111‌

$

15,470,480‌

$

8,565,990‌

(1)

Consolidated

Statement

of

Operations

(as

disclosed

in

Notes

to

Financial

Statements).

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

43

JGH

NPCT

(1)

Unaudited

Six

Months

Ended

6/30/24

Year

Ended

12/31/23

Unaudited

Six

Months

Ended

6/30/24

Year

Ended

12/31/23

OPERATIONS

Net

investment

income

(loss)

$

9,918,761‌

$

18,999,710‌

$

8,685,459‌

$

11,070,164‌

Net

realized

gain

(loss)

(

5,471,233‌

)

(

11,956,041‌

)

(

6,302,498‌

)

(

35,369,541‌

)

Net

change

in

unrealized

appreciation

(depreciation)

9,615,583‌

35,188,563‌

13,087,519‌

44,717,616‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

14,063,111‌

42,232,232‌

15,470,480‌

20,418,239‌

DISTRIBUTIONS

TO

COMMON

SHAREHOLDERS

Dividends

(

14,393,161‌

)

(

21,961,088‌

)

(

16,332,840‌

)

(

12,788,503‌

)

Return

of

Capital

–‌

(

6,825,234‌

)

–‌

(

17,001,677‌

)

Total

distributions

(

14,393,161‌

)

(

28,786,322‌

)

(

16,332,840‌

)

(

29,790,180‌

)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

(

330,050‌

)

13,445,910‌

(

862,360‌

)

(

9,371,941‌

)

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

309,940,395‌

296,494,485‌

343,345,150‌

352,717,091‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

309,610,345‌

$

309,940,395‌

$

342,482,790‌

$

343,345,150‌

See

Notes

to

Financial

Statements

44

Statement

of

Changes

in

Net

Assets

(continued)

JLS

Unaudited

Six

Months

Ended

6/30/24

Year

Ended

12/31/23

OPERATIONS

Net

investment

income

(loss)

$

4,953,161‌

$

8,246,453‌

Net

realized

gain

(loss)

(

631,387‌

)

(

151,201‌

)

Net

change

in

unrealized

appreciation

(depreciation)

4,244,216‌

96,125‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

8,565,990‌

8,191,377‌

DISTRIBUTIONS

TO

COMMON

SHAREHOLDERS

Dividends

(

4,729,067‌

)

(

8,590,403‌

)

Total

distributions

(

4,729,067‌

)

(

8,590,403‌

)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

3,836,923‌

(

399,026‌

)

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

102,868,359‌

103,267,385‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

106,705,282‌

$

102,868,359‌

(1)

Consolidated

Statement

of

Changes

in

Net

Assets

(as

disclosed

in

Notes

to

Financial

Statements).

Statement

of

Cash

Flows

See

Notes

to

Financial

Statements

45

The

following

table

provides

a

reconciliation

of

cash,

cash

denominated

in

foreign

currencies

and

cash

collateral

at

brokers

to

the

Statement

of

Assets

and

Liabilities:

Six

Months

Ended

June

30,

2024

(Unaudited)

JGH

NPCT

(1)

JLS

CASH

FLOWS

FROM

OPERATING

ACTIVITIES

Net

Increase

(Decrease)

in

Net

Assets

Applicable

to

Common

Shares

from

Operations

$

14,063,111‌

$

15,470,480‌

$

8,565,990‌

Adjustments

to

reconcile

the

net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

to

net

cash

provided

by

(used

in)

operating

activities:

Purchases

of

investments

(

195,057,014‌

)

(

60,789,772‌

)

(

19,038,447‌

)

Proceeds

from

sale

and

maturities

of

investments

186,569,356‌

80,637,707‌

20,539,462‌

Proceeds

from

(Purchase

of)

short-term

investments,

net

(

3,739,825‌

)

(

2,352,900‌

)

594,671‌

Proceeds

from

(Purchase

of)

closed

foreign

currency

spot

transactions

(

1,345‌

)

(

22,302‌

)

—‌

Premiums

received

(paid)

for

credit

default

swaps

contracts

—‌

(

165‌

)

—‌

Amortization

(Accretion)

of

premiums

and

discounts,

net

(

588,087‌

)

(

14,918‌

)

(

165,160‌

)

Amortization

of

deferred

offering

costs

—‌

20,762‌

—‌

(Increase)

Decrease

in:

Receivable

for

dividends

—‌

24,503‌

—‌

Receivable

for

interest

(

655,335‌

)

194,877‌

(

55,260‌

)

Receivable

for

reclaims

—‌

(

17,152‌

)

77‌

Receivable

for

investments

sold

(

2,916,283‌

)

168,208‌

68,970‌

Other

assets

309,678‌

393‌

30,479‌

Increase

(Decrease)

in:

Payable

for

interest

(

689,921‌

)

(

73,617‌

)

(

29,614‌

)

Payable

for

investments

purchased

-

regular

settlement

7,362,949‌

—‌

—‌

Payable

for

investments

purchased

-

when-issued/delayed-delivery

settlement

11,885,928‌

—‌

—‌

Payable

for

management

fees

(

7,244‌

)

(

24,495‌

)

(

3,046‌

)

Accrued

custodian

fees

2,309‌

6,579‌

9,979‌

Accrued

investor

relations

fees

(

672‌

)

(

600‌

)

1,112‌

Accrued

Trustees

fees

(

70,683‌

)

996‌

(

35,952‌

)

Accrued

professional

fees

26,768‌

32,891‌

2,894‌

Accrued

shareholder

reporting

expenses

(

27,601‌

)

(

30,842‌

)

(

6,070‌

)

Accrued

shareholder

servicing

agent

fees

798‌

(

1,513‌

)

1,094‌

Accrued

other

expenses

(

440‌

)

(

8,123‌

)

(

5‌

)

Net

realized

(gain)

loss

from

investments

6,929,279‌

6,702,225‌

631,387‌

Net

realized

(gain)

loss

from

foreign

currency

transactions

89,627‌

246,580‌

—‌

Net

realized

(gain)

loss

from

paydowns

578,494‌

(

55,939‌

)

76,301‌

Net

change

in

unrealized

(appreciation)

depreciation

of

investments

(

9,872,434‌

)

(

12,121,469‌

)

(

4,244,216‌

)

Net

change

in

unrealized

(appreciation)

depreciation

of

forward

foreign

currency

—‌

(

274,393‌

)

—‌

Net

change

in

unrealized

(appreciation)

depreciation

of

swaps

contracts

256,850‌

(

705,870‌

)

—‌

Net

change

in

unrealized

(appreciation)

depreciation

on

foreign

currency

translations

1‌

14,213‌

—‌

Net

cash

provided

by

(used

in)

operating

activities

14,448,264‌

27,026,344‌

6,944,646‌

CASH

FLOWS

FROM

FINANCING

ACTIVITIES

(Repayments)

of

borrowings

—‌

(

13,000,000‌

)

(

2,000,000‌

)

Proceeds

from

reverse

repurchase

agreements

—‌

(

94,640,000‌

)

(

60,956,000‌

)

(Repayments

of)

reverse

repurchase

agreements

—‌

97,640,000‌

60,956,000‌

Increase

(Decrease)

in:

Cash

overdraft

(

2,000,972‌

)

(

1,054,478‌

)

(

1,049,377‌

)

Cash

collateral

due

to

broker

(

350,660‌

)

—‌

—‌

Cash

distributions

paid

to

common

shareholders

(

12,042,238‌

)

(

13,056,656‌

)

(

3,895,269‌

)

Net

cash

provided

by

(used

in)

financing

activities

(

14,393,870‌

)

(

24,111,134‌

)

(

6,944,646‌

)

Net

increase

(decrease)

in

Cash,

cash

denominated

in

foreign

currencies

and

cash

collateral

at

brokers

54,394‌

2,915,210‌

–‌

Cash,

cash

denominated

in

foreign

currencies

and

cash

collateral

at

brokers

at

the

beginning

of

period

35‌

626,853‌

—‌

Cash,

cash

denominated

in

foreign

currencies

and

cash

collateral

at

brokers

at

the

end

of

period

$

54,429‌

$

3,542,063‌

$

—‌

(1)

Consolidated

Statement

of

Cash

Flows

(as

disclosed

in

Notes

to

Financial

Statements).

JGH

NPCT

JLS

Cash

$

54,395

$

1,209,771

$

—

Cash

denominated

in

foreign

currencies

34

532,069

—

Cash

collateral

at

broker

for

investments

in

swaps

contracts

—

1,800,223

—

Total

cash,

cash

denominated

in

foreign

currencies

,

cash

collateral

at

brokers

$

54,429

$

3,542,063

$

—

See

Notes

to

Financial

Statements

46

SUPPLEMENTAL

DISCLOSURE

OF

CASH

FLOW

INFORMATION

JGH

NPCT

JLS

Cash

paid

for

interest

(excluding

borrowing

and

amortization

of

offering

costs)

$

4,530,060‌

$

4,560,668‌

$

173,334‌

Financial

Highlights

48

The

following

data

is

for

a

common

share

outstanding for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

to

Common

Shareholders

Common

Share

Common

Share

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Return

of

Capital

Total

Net

Asset

Value,

End

of

Period

Share

Price,

End

of

Period

JGH

6/30/24(d)

$

13.37

$

0.43

$

0.18

$

0.61

$

(0.62)

$

—

$

—

$

(0.62)

$

13.36

$

12.79

12/31/23

12.79

0.82

1.00

1.82

(0.95)

—

(0.29)

(1.24)

13.37

12.20

12/31/22

16.63

0.95

(3.43)

(2.48)

(0.99)

—

(0.37)

(1.36)

12.79

11.25

12/31/21

16.97

1.04

(0.08)

0.96

(0.98)

—

(0.32)

(1.30)

16.63

15.88

12/31/20

18.14

1.10

(1.16)

(0.06)

(1.07)

—

(0.04)

(1.11)

16.97

15.55

12/31/19

16.01

1.19

2.17

3.36

(1.20)

—

(0.03)

(1.23)

18.14

16.38

NPCT(f)

6/30/24(d)

11.94

0.29

8.72

9.01

(0.57)

—

—

(0.57)

20.38

10.88

12/31/23

12.27

0.38

0.33

0.71

(0.45)

—

(0.59)

(1.04)

11.94

10.08

12/31/22

19.66

0.67

(6.83)

(6.16)

(0.78)

—

(0.45)

(1.23)

12.27

10.36

12/31/21(g)

20.00

0.31

0.07

0.38

(0.36)

(0.03)

(0.33)

(0.72)

19.66

18.30

(a)

Based

on

average

shares

outstanding.

(b)

Total

Return

Based

on

Common

Share

NAV

is

the

combination

of

changes

in

common

share

NAV,

reinvested

dividend

income

at

Common

Share

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

The

last

dividend

declared

in

the

period,

which

is

typically

paid

on

the

first

business

day

of

the

following

month,

is

assumed

to

be

reinvested

at

the

ending

NAV.

The

actual

reinvest

price

for

the

last

dividend

declared

in

the

period

may

often

be

based

on

the

Fund’s

market

price

(and

not

its

NAV),

and

therefore

may

be

different

from

the

price

used

in

the

calculation.

Total

returns

are

not

annualized.

Total

Return

Based

on

Common

Share

Price

is

the

combination

of

changes

in

the

market

price

per

share

and

the

effect

of

reinvested

dividend

income

and

reinvested

capital

gains

distributions,

if

any,

at

the

average

price

paid

per

share

at

the

time

of

reinvestment.

The

last

dividend

declared

in

the

period,

which

is

typically

paid

on

the

first

business

day

of

the

following

month,

is

assumed

to

be

reinvested

at

the

ending

market

price.

The

actual

reinvestment

for

the

last

dividend

declared

in

the

period

may

take

place

over

several

days,

and

in

some

instances

may

not

be

based

on

the

market

price,

so

the

actual

reinvestment

price

may

be

different

from

the

price

used

in

the

calculation.

Total

returns

are

not

annualized.

See

Notes

to

Financial

Statements.

49

Ratios

of

Interest

Expense

to

Average

Net

Assets

Applicable

to

Common

Shares

JGH

NPCT

6/30/24(d)

2.53

%

(e)

3.46

%

(e)

12/31/23

2.46

3.77

12/31/22

1.04

1.33

12/31/21

0.35

0.18

(e),(g)

12/31/20

0.59

—

12/31/19

1.33

—

Common

Share

Supplemental

Data/

Ratios

Applicable

to

Common

Shares

Common

Share

Total

Returns

Ratios

to

Average

Net

Assets

Based

on

Net

Asset

Value(b)

Based

on

Share

Price(b)

Net

Assets,

End

of

Period

(000)

Expenses(c)

Net

Investment

Income

(Loss)(c)

Portfolio

Turnover

Rate

4.66‌

%

10.07‌

%

$

309,610

3.84‌

%

(e)

6.45‌

%

(e)

44‌

%

15.15‌

20.80‌

309,940

3.82‌

6.43‌

35‌

(15.10‌)

(21.07‌)

296,494

2.43‌

6.82‌

26‌

5.82‌

10.84‌

385,474

1.68‌

6.16‌

87‌

0.39‌

2.88‌

393,299

1.87‌

6.94‌

35‌

21.54‌

29.93‌

420,480

2.64‌

6.84‌

43‌

4.61‌

13.94‌

342,483

5.13‌

(e)

4.91‌

(e)

12‌

6.21‌

7.77‌

343,345

5.50‌

3.27‌

11‌

(31.89‌)

(37.45‌)

352,717

2.95‌

4.61‌

10‌

1.90‌

(4.96‌)

565,276

1.47‌

(e)

2.28‌

(e)

17‌

(c)

•

Net

Investment

Income

(Loss)

ratios

reflect

income

earned

and

expenses

incurred

on

assets

attributable

to

preferred

shares

(as

described

in

Notes

to

Financial

Statements),

borrowings

and/or

reverse

repurchase

agreements

(as

described

in

Notes

to

Financial

Statements),

where

applicable.

•

Each

ratio

includes

the

effect

of

all

interest

expenses

paid

and

other

costs

related

to

preferred

shares,

borrowings

and/or

reverse

repurchase

agreements,

where

applicable,

as

follows:

(d)

Unaudited.

(e)

Annualized.

(f)

Consolidated

Financial

Highlights

(as

disclosed

in

Notes

to

Financial

Statements).

(g)

For

the

period

April

27,

2021

(commencement

of

operations)

through

December

31,

2021.

Financial

Highlights

(continuted)

50

The

following

data

is

for

a

common

share

outstanding for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

to

Common

Shareholders

Common

Share

Common

Share

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Return

of

Capital

Total

Discount

Per

Share

Repurchased

and

Retired

Net

Asset

Value,

End

of

Period

Share

Price,

End

of

Period

JLS

6/30/24(d)

$

18.78

$

0.90

$

0.66

$

1.56

$

(0.86)

$

—

$

—

$

(0.86)

$

—

$

19.48

$

18.02

12/31/23

18.86

1.51

(0.02)

1.49

(1.57)

—

—

(1.57)

—

18.78

16.88

12/31/22

22.19

1.12

(3.38)

(2.26)

(0.86)

—

(0.20)

(1.06)

(0.01)

18.86

16.18

12/31/21

22.17

0.83

0.16

0.99

(0.85)

—

(0.12)

(0.97)

—

22.19

20.96

12/31/20

22.83

0.86

(0.55)

0.31

(0.73)

—

(0.24)

(0.97)

—

22.17

19.77

12/31/19

23.02

0.76

0.41

1.17

(0.92)

—

(0.44)

(1.36)

—

22.83

21.96

(a)

Based

on

average

shares

outstanding.

(b)

Total

Return

Based

on

Common

Share

NAV

is

the

combination

of

changes

in

common

share

NAV,

reinvested

dividend

income

at

Common

Share

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

The

last

dividend

declared

in

the

period,

which

is

typically

paid

on

the

first

business

day

of

the

following

month,

is

assumed

to

be

reinvested

at

the

ending

NAV.

The

actual

reinvest

price

for

the

last

dividend

declared

in

the

period

may

often

be

based

on

the

Fund’s

market

price

(and

not

its

NAV),

and

therefore

may

be

different

from

the

price

used

in

the

calculation.

Total

returns

are

not

annualized.

Total

Return

Based

on

Common

Share

Price

is

the

combination

of

changes

in

the

market

price

per

share

and

the

effect

of

reinvested

dividend

income

and

reinvested

capital

gains

distributions,

if

any,

at

the

average

price

paid

per

share

at

the

time

of

reinvestment.

The

last

dividend

declared

in

the

period,

which

is

typically

paid

on

the

first

business

day

of

the

following

month,

is

assumed

to

be

reinvested

at

the

ending

market

price.

The

actual

reinvestment

for

the

last

dividend

declared

in

the

period

may

take

place

over

several

days,

and

in

some

instances

may

not

be

based

on

the

market

price,

so

the

actual

reinvestment

price

may

be

different

from

the

price

used

in

the

calculation.

Total

returns

are

not

annualized.

See

Notes

to

Financial

Statements.

51

Ratios

of

Interest

Expense

to

Average

Net

Assets

Applicable

to

Common

Shares

JLS

6/30/24(d)

2.25

%

(e)

12/31/23

2.60

12/31/22

1.17

12/31/21

0.45

12/31/20

0.91

12/31/19

1.15

Common

Share

Supplemental

Data/

Ratios

Applicable

to

Common

Shares

Common

Share

Total

Returns

Ratios

to

Average

Net

Assets

Based

on

Net

Asset

Value(b)

Based

on

Share

Price(b)

Net

Assets,

End

of

Period

(000)

Expenses(c)

Expenses

After

Reimbursement

Net

Investment

Income

(Loss)(c)

Portfolio

Turnover

Rate

8.43‌

%

12.10‌

%

$

106,705

3.81‌

%

(e)

N/A‌

%

(e)

9.41‌

%

(e)

13‌

%

8.18‌

14.79‌

102,868

4.16‌

N/A‌

7.98‌

28‌

(10.30‌)

(17.88‌)

103,267

2.72‌

N/A‌

5.61‌

47‌

4.47‌

11.02‌

121,785

1.87‌

N/A‌

3.69‌

73‌

1.69‌

(5.36‌)

121,642

2.46‌

1.54‌

4.04‌

117‌

5.16‌

4.27‌

125,253

2.72‌

2.53‌

(f)

3.26‌

(f)

100‌

(c)

•

Net

Investment

Income

(Loss)

ratios

reflect

income

earned

and

expenses

incurred

on

assets

attributable

to

borrowings

and/or

reverse

repurchase

agreements

(as

described

in

Notes

to

Financial

Statements),

where

applicable.

•

Each

ratio

includes

the

effect

of

all

interest

expenses

paid

and

other

costs

related

to

borrowings

and/or

reverse

repurchase

agreements,

where

applicable,

as

follows:

(d)

Unaudited.

(e)

Annualized.

(f)

During

the

fiscal

year

ended

December

31,

2019,

the

Adviser

voluntarily

reimbursed

the

Fund

for

certain

expenses

incurred

in

connection

with

its

restructuring.

52

Financial

Highlights

(continuted)

The

following

table

sets

forth

information

regarding

each

Fund's

outstanding

senior

securities

as

of

the

end

of

each

of

the

Fund's

last

five

fiscal

periods,

as

applicable.

Borrowings

TFP

Shares

Aggregate

Amount

Outstanding

(000)(a)

Asset

Coverage

Per

$1,000

Share(b)

Aggregate

Amount

Outstanding

(000)(a)

Asset

Coverage

Per

$1,000

Share(b)

Asset

Coverage

Per

$1

Liquidation

Preference(c)

JGH

6/30/24(d)

$

119,000

$

3,602

$

—

$

—

$

—

12/31/23

119,000

3,605

—

—

—

12/31/22

127,000

3,335

—

—

—

12/31/21

159,000

3,424

—

—

—

12/31/20

149,200

3,636

—

—

—

12/31/19

175,200

3,400

—

—

—

NPCT

6/30/24(d)

62,500

7,600

70,000

3,585

3.58

12/31/23

75,500

6,475

70,000

3,360

3.36

12/31/22

105,500

5,007

70,000

3,010

3.01

12/31/21(e)

167,000

4,385

—

—

—

JLS

6/30/24(d)

3,520

31,314

—

—

—

12/31/23

5,520

19,636

—

—

—

12/31/22

12,495

9,265

—

—

—

12/31/21

8,455

15,404

—

—

—

12/31/20

15,505

8,845

—

—

—

12/31/19

—

—

—

—

—

(a)

Aggregate

Amount

Outstanding:

Aggregate

amount

outstanding

represents

the

principal

amount

outstanding

or

liquidation

preference,

if

applicable,

as

of

the

end

of

the

relevant

fiscal

year.

(b)

Asset

Coverage

Per

$1,000:

Asset

coverage

per

$1,000

is

calculated

by

subtracting

the

Fund’s

liabilities

and

indebtedness

not

represented

by

senior

securities

from

the

Fund’s

total

assets,

dividing

the

result

by

the

aggregate

amount

of

the

Fund’s

senior

securities

representing

indebtedness

then

outstanding

(if

applicable),

plus

the

aggregate

of

the

involuntary

liquidation

preference

of

the

outstanding

preferred

shares,

if

applicable,

and

multiplying

the

result

by

1,000.

(c)

Includes

all

preferred

shares

presented

for

the

Fund.

(d)

Unaudited.

(e)

For

the

period

April

27,

2021

(commencement

of

operations)

through

December

31,

2021.

Notes

to

Financial

Statements

(Unaudited)

53

1.

General

Information 

Fund

Information:

The

funds

covered

in

this

report

and

their

corresponding

New

York

Stock

Exchange

(“NYSE”)

symbols

are

as

follows

(each

a

“Fund”

and

collectively,

the

“Funds”):

Nuveen

Global

High

Income

Fund

(JGH)

Nuveen

Core

Plus

Impact

Fund

(NPCT)

Nuveen

Mortgage

and

Income

Fund

(JLS)

The

Funds

are

registered

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

as

amended,

as

closed-end

management

investment

companies.

JGH,

NPCT

and

JLS

were

organized

as

Massachusetts

business

trusts

on

August

5,

2014,

December

4,

2020

and

September

10,

2009,

respectively.

Current

Fiscal

Period:

The

end

of

the

reporting

period

for

the

Funds

is

June

30,

2024,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

six

months

ended

June

30,

2024

(the

“current

fiscal

period”).

Investment

Adviser

and

Sub-Adviser:

The

Funds’

investment

adviser

is

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”),

a

subsidiary

of

Nuveen,

LLC

(“Nuveen”).

Nuveen

is

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(TIAA).

The

Adviser

has

overall

responsibility

for

management

of

the

Funds,

oversees

the

management

of

the

Funds’

portfolio,

manages

the

Funds’

business

affairs

and

provides

certain

clerical,

bookkeeping

and

other

administrative

services,

and,

if

necessary,

asset

allocation

decisions.

The

Adviser

has

entered

into

a

sub-

advisory

agreement

with

Nuveen

Asset

Management,

LLC

(“NAM”),

a

subsidiary

of

the

Adviser

and

Teachers

Advisors,

LLC

(“TAL”),

an

affiliate

of

the

Adviser,

(each

a

“Sub-Adviser”

and

collectively,

the

“Sub-Advisers”).

NAM

manages

the

investment

portfolios

of

JGH

and

NPCT,

while

TAL

manages

the

investment

portfolio

of

JLS.

Developments

Regarding

JGH’s

Control

Share

By-Law:

On

January

14,

2021,

the

Fund’s

Board

of

Trustees

(the

“Board”)

received

a

shareholder

demand

letter

(the

“Demand

Letter”)

from

Saba

Capital

CEF

Opportunities

1,

Ltd.

and

Saba

Capital

Management,

L.P.

(collectively,

“Saba”)

demanding

that

the

Fund

(i)

rescind

the

Fund’s

by-law

provisions

pursuant

to

which,

in

summary,

a

shareholder

who

obtains

beneficial

ownership

of

common

shares

in

a

Control

Share

Acquisition

(as

defined

in

the

by-laws)

shall

have

the

same

voting

rights

as

other

common

shareholders

only

to

the

extent

authorized

by

the

other

disinterested

shareholders

(the

“Control

Share

By-Law”)

and

(ii)

commence

judicial

action

against

the

Board

to

ensure

that

the

Control

Share

By-Law

is

withdrawn.

Following

review

of

the

Demand

Letter,

the

Board

determined

that

it

would

not

be

in

the

best

interests

of

the

Fund

or

the

Fund’s

shareholders

to

take

the

actions

requested

in

the

Demand

Letter.

Also

on

January

14,

2021,

Saba

filed

a

civil

complaint

in

the

U.S.

District

Court

for

the

Southern

District

of

New

York

(the

“District

Court”)

against

the

Fund,

certain

other

Nuveen

funds

and

the

Board,

seeking

a

declaration

that

the

Control

Share

By-Law

violates

the

1940

Act,

rescission

of

the

Control

Share

By-Law

and

a

permanent

injunction

against

applying

the

Control

Share

By-Law.

On

February

18,

2022,

the

District

Court

granted

judgment

in

favor

of

Saba’s

claim

for

rescission

of

the

Control

Share

By-Law

and

Saba’s

declaratory

judgment

claim,

and

declared

that

the

Control

Share

By-Law

violates

Section

18(i)

of

the

1940

Act.

Following

review

of

the

judgment

of

the

District

Court,

on

February

22,

2022,

the

Trustees

amended

the

Fund’s

by-laws

to

provide

that

the

Control

Share

By-Law

shall

be

of

no

force

and

effect

for

so

long

as

the

judgment

of

the

District

Court

is

effective

and

that

if

the

judgment

of

the

District

Court

is

reversed,

overturned,

vacated,

stayed,

or

otherwise

nullified,

the

Control

Share

By-Law

will

be

automatically

reinstated

and

apply

to

any

beneficial

owner

of

common

shares

acquired

in

a

Control

Share

Acquisition,

regardless

of

whether

such

Control

Share

Acquisition

occurs

before

or

after

such

reinstatement,

for

the

duration

of

the

stay

or

upon

issuance

of

the

mandate

reversing,

overturning,

vacating

or

otherwise

nullifying

the

judgment

of

the

District

Court.

On

February

25,

2022,

the

Board

and

the

Funds

appealed

the

District

Court’s

decision

to

the

U.S.

Court

of

Appeals

for

the

Second

Circuit.

On

November

30,

2023,

the

U.S.

Court

of

Appeals

for

the

Second

Circuit

upheld

the

opinion

of

the

District

Court.

On

February

28,

2024,

the

Board

of

the

Funds

Amended

and

Restated

By-Laws

to

eliminate

the

“control

share”

provisions.

Developments

Regarding

NPCT’s

and

JLS’s

Control

Share

By-Law:

On

October

5,

2020,

the

Funds

and

certain

other

closed-end

funds

in

the

Nuveen

fund

complex

amended

their

by-laws.

Among

other

things,

the

amended

by-laws

included

provisions

pursuant

to

which,

in

summary,

a

shareholder

who

obtains

beneficial

ownership

of

common

shares

in

a

Control

Share

Acquisition

(as

defined

in

the

by-laws)

shall

have

the

same

Control

Share

By-Law.

On

January

14,

2021,

a

shareholder

of

certain

Nuveen

closed-end

funds

filed

a

civil

complaint

in

the

District

Court

against

certain

Nuveen

funds

and

their

trustees,

seeking

a

declaration

that

such

funds’

Control

Share

By-Laws

violate

the

1940

Act,

rescission

of

such

fund’s

Control

Share

By-Laws

and

a

permanent

injunction

against

such

funds

applying

the

Control

Share

By-Laws.

On

February

18,

2022,

the

District

Court

granted

judgment

in

favor

of

the

plaintiff’s

claim

for

rescission

of

such

funds’

Control

Share

By-Laws

and

the

plaintiff’s

declaratory

judgment

claim,

and

declared

that

such

funds’

Control

Share

By-Laws

violate

Section

18(i)

of

the

1940

Act.

Following

review

of

the

judgment

of

the

District

Court,

on

February

22,

2022,

the

Board

amended

the

Funds’

by-laws

to

provide

that

the

Funds’

Control

Share

By-Law

shall

be

of

no

force

and

effect

for

so

long

as

the

judgment

of

the

District

Court

is

effective

and

that

if

the

judgment

of

the

District

Court

is

reversed,

overturned,

vacated,

stayed,

or

otherwise

nullified,

the

Funds’

Control

Share

By-Law

will

be

automatically

reinstated

and

apply

to

any

beneficial

owner

of

common

shares

acquired

in

a

Control

Share

Acquisition,

regardless

of

whether

such

Control

Share

Acquisition

occurs

before

or

after

such

reinstatement,

for

the

duration

of

the

stay

or

upon

issuance

of

the

mandate

reversing,

overturning,

vacating

or

otherwise

nullifying

the

judgment

of

the

District

Court.

On

February

25,

2022,

the

Board

and

the

Funds

appealed

the

District

Court’s

decision

to

the

U.S.

Court

of

Appeals

for

the

Second

Circuit.

On

November

30,

2023,

the

U.S.

Court

of

Appeals

for

the

Second

Circuit

upheld

the

opinion

of

the

District

Court.

On

February

28,

2024,

the

Board

of

the

Funds

Amended

and

Restated

By-Laws

to

eliminate

the

“control

share”

provisions.

54

Notes

to

Financial

Statements

(Unaudited)

(continued)

Basis

for

Consolidation:

NPCT

is

presented

on

a

consolidated

basis

with

the

Nuveen

Core

Plus

Impact

Fund

Ltd.

(the

“Subsidiary”),

a

wholly-owned

subsidiary

of

NPCT

organized

under

the

laws

of

the

Cayman

Islands.

The

Subsidiary

commenced

operations

on

April

27,

2021

and

is

intended

to

provide

the

Fund

with

exposure

to

Regulation

S

fixed-income

securities.

Regulation

S

securities

are

securities

of

U.S.

and

non-U.S.

issuers

that

are

issued

through

private

placement

transactions

with

the

SEC

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

as

amended.

The

Subsidiary

is

advised

by

the

Adviser

and

has

the

same

investment

objective

as

NPCT,

but

unlike

NPCT,

it

may

invest

in

Regulation

S

securities

without

limitation.

As

of

the

end

of

the

reporting

period,

the

net

assets

of

the

Subsidiary

were

$25,793,175

representing

8%

of

the

Fund’s

consolidated

net

assets.

All

inter-company

transactions

and

balances

have

been

eliminated.

Select

financial

information

related

to

the

Subsidiary

is

as

follows:

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates. Each

Fund

is

an

investment

company

and

follows

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

–

Investment

Companies.

The

net

asset

value

(“NAV”)

for

financial

reporting

purposes

may

differ

from

the

NAV

for

processing

security

and

shareholder

transactions.

The

NAV

for

financial

reporting

purposes

includes

security

and

shareholder

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the

NAV

used

for

processing

security

and

shareholder

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds.

Compensation:

The

Funds pay

no

compensation

directly

to

those

of its

officers,

all

of

whom

receive

remuneration

for

their

services

to

the

Funds

from

the

Adviser

or

its

affiliates.

The Board has

adopted

a

deferred

compensation

plan

for

independent

trustees

that

enables

trustees

to

elect

to

defer

receipt

of

all

or

a

portion

of

the

annual

compensation

they

are

entitled

to

receive

from

certain

Nuveen-advised

funds.

Under

the

plan,

deferred

amounts

are

treated

as

though

equal

dollar

amounts

had

been

invested

in

shares

of

select

Nuveen-advised

funds.

Distributions

to

Common

Shareholders:

Distributions

to

common shareholders

are

recorded

on

the

ex-dividend

date.

The

amount,

character

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

The

Funds’

distribution

policy,

which

may

be

changed

by

the

Board,

is

to

make

regular

monthly

cash

distributions

to

holders

of

their

common

shares

(stated

in

terms

of

a

fixed

cents

per

common

share

dividend

distributions

rate

which

may

be

set

from

time

to

time).

Each

Fund

intends

to

distribute

all

or

substantially

all

of

its

net

investment

income

each

year through

its

regular

monthly

distribution

and

to

distribute

realized

capital

gains

at

least

annually.

In

addition,

in

any

monthly

period,

to

maintain

its

declared

per

common

share

distribution

amount,

a

Fund

may

distribute

more

or

less

than

its

net

investment

income

during

the

period.

In

the

event

a

Fund

distributes

more

than

its

net

investment

income

during

any

yearly

period,

such

distributions

may

also

include

realized

gains

and/or

a

return

of

capital.

To

the

extent

that

a

distribution

includes

a

return

of

capital

the

NAV

per

share

may

erode.

On

November

29,

2023,

the

Board

updated

NPCT's

distribution

policy

as

stated

in

the

previous

paragraph.

Prior

to

the

distribution

paid

on

December

29,

2023,

NPCT

made

monthly

cash

distributions

to

common

shareholders

of

a

stated

dollar

amount

per

share.

Subject

to

approval

and

oversight

by

the

Board,

the

Fund

sought

to

maintain

a

stable

distribution

level

designed

to

deliver

the

long-term

return

potential

of

the

Fund’s

investment

strategy

through

regular

monthly

distributions

(a

“Managed

Distribution

Program”).

Total

distributions

during

a

calendar

year

generally

were

made

from

the

Fund’s

net

investment

income,

net

realized

capital

gains

and

net

unrealized

capital

gains

in

the

Fund’s

portfolio,

if

any.

The

portion

of

distributions

paid

attributed

to

net

unrealized

gains,

if

any,

were

distributed

from

the

Fund’s

assets

and

is

treated

by

common

shareholders

as

a

non-taxable

distribution

(“return

of

capital”)

for

tax

purposes.

Foreign

Currency

Transactions

and

Translation: 

The

books

and

records

of

the

Fund

are

maintained

in

U.S.

dollars.

Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

end

of

each

day.

Purchases

and

sales

of

securities,

income

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

dates

of

the

transactions.

Net

realized

foreign

currency

gains

and

losses

resulting

from

changes

in

exchange

rates

associated

with

(i)

foreign

currency,

(ii)

investments

and

(iii)

derivatives

include

foreign

currency

gains

and

losses

between

trade

date

and

settlement

date

of

the

transactions,

foreign

currency

transactions,

and

the

difference

between

the

amounts

of

interest

and

dividends

recorded

on

the

books

of

the

Fund

and

the

amounts

actually

received

are

recognized

as

a

component

of

“Net

realized

gain

(loss)

from

foreign

currency

transactions”

on

the

Statement

of

Operations,

when

applicable.

NPCT

Total

long-term

investments

at

value

$24,393,791

Net

assets

applicable

to

Common

Shares

25,793,175

Net

investment

income

(loss)

294,030

Net

realized

gain

(loss)

from

investments

and

foreign

currency

-

Change

in

net

unrealized

appreciation

(depreciation)

from

investments

and

foreign

currency

(83,784)

55

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

currency

exchange

rates

and

changes

in

foreign

exchange

rates

associated

with

(i)

investments

and

(ii)

other

assets

and

liabilities

are

recognized

as

a

component

of

“Change

in

unrealized

appreciation

(depreciation)

on foreign

currency

translations”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

exchange

rates

associated

with

investments

in

derivatives

are

recognized

as

a

component

of

the

respective

derivative’s

related

“Change

in

unrealized

appreciation

(depreciation)”

on

the

Statement

of

Operations,

when

applicable.

As

of

the

end

of

the

reporting

period,

the

following

Fund’s

investments

in

non-U.S.

securities

were

as

follows:

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

on

income,

gains

on

investments

or

foreign

currency

repatriation,

a

portion

of

which

may

be

recoverable.

The

Funds

will

accrue

such

taxes

and

recoveries

as

applicable,

based

upon

the

current

interpretation

of

tax

rules

and

regulations

that

exist

in

the

markets

in

which

the

Funds

invest.

Indemnifications:

Under

the

Funds'

organizational

documents, their

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Funds.

In

addition,

in

the

normal

course

of

business,

the Funds

enter

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Funds'

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Funds

that

have

not

yet

occurred.

However,

the Funds

have

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

Investments

and

Investment

Income:

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Trade

date

for

senior

and

subordinated

loans

purchased

in

the

“primary

market”

is

considered

the

date

on

which

the

loan

allocations

are

determined.

Trade

date

for

senior

and

subordinated

loans

purchased

in

the

“secondary

market”

is

the

date

on

which

the

transaction

is

entered

into.

Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Dividend

income

is

recorded

on

the

ex-dividend

date

or,

for

certain

foreign

securities,

when

information

is

available.

Non-cash

dividends

received

in

the

form

of

stock,

if

any,

are

recognized

on

the

ex-dividend

date

and

recorded

at

fair

value.

Interest

income,

is

recorded

on

an

accrual

basis

and

includes

accretion

of

discounts

and

amortization

of

premiums

for

financial

reporting

purposes.

Interest

income

also

reflects

payment-in

kind

(“PIK”)

interest,

paydown

gains

and

losses

and

fee

income,

if

any.

PIK

interest

represents

income

received

in

the

form

of

securities

in

lieu

of

cash.

Fee

income

consists

primarily

of

amendment

fees.

Amendment

fees

are

earned

as

compensation

for

evaluating

and

accepting

changes

to

an

original

senior

loan

agreement

and

are

recognized

when

received.

JGH

Value

%

of

Total

Investments

Country:

Mexico

$

16,993,773

3

.9

%

Colombia

12,926,027

2

.9

United

Kingdom

10,976,440

2

.5

Turkey

10,480,609

2

.4

France

10,449,092

2

.4

Netherlands

8,527,343

1

.9

Luxembourg

7,981,315

1

.8

South

Africa

7,689,563

1

.8

Canada

7,544,209

1

.7

Switzerland

6,570,062

1

.5

Australia

6,478,052

1

.5

Other

84,943,502

19

.3

Total

non-U.S.

Securities

$191,559,987

43.6%

NPCT

Value

%

of

Total

Investments

Country:

Italy

$

26,754,842

5

.2

%

Chile

24,113,429

4

.7

United

Kingdom

21,333,730

4

.1

Mexico

17,836,982

3

.5

Canada

14,583,085

2

.8

Australia

13,106,197

2

.6

Indonesia

12,451,327

2

.4

India

10,854,518

2

.1

South

Korea

8,824,460

1

.7

Benin

8,451,138

1

.6

United

Arab

Emirates

7,602,890

1

.5

Other

38,563,233

7

.5

Total

non-U.S.

Securities

$204,475,831

39.7%

56

Notes

to

Financial

Statements

(Unaudited)

(continued)

Netting

Agreements:

In

the

ordinary

course

of

business,

the

Funds

may

enter

into

transactions

subject

to

enforceable

master

repurchase

agreements,

International

Swaps

and

Derivatives

Association,

Inc.

(ISDA)

master

agreements

or

other

similar

arrangements

(“netting

agreements”).

Generally,

the

right

to

offset

in

netting

agreements

allows

each

Fund

to

offset

certain

securities

and

derivatives

with

a

specific

counterparty,

when

applicable,

as

well

as

any

collateral

received

or

delivered

to

that

counterparty

based

on

the

terms

of

the

agreements.

Generally,

each

Fund

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

With

respect

to

certain

counterparties,

in

accordance

with

the

terms

of

the

netting

agreements,

collateral

posted

to

the

Funds

is

held

in

a

segregated

account

by

the

Funds’

custodian

and/or

with

respect

to

those

amounts

which

can

be

sold

or

repledged,

are

presented

in

the

Funds’

Portfolio

of

Investments

or

Statement

of

Assets

and

Liabilities.

The

Funds’

investments

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

if

any,

are

further

described

later

in

these

Notes

to

Financial

Statements.

3.

Investment

Valuation

and

Fair

Value

Measurements 

The

Funds’

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Adviser,

subject

to

oversight

of

the Board.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the

Funds’

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Equity

securities

and

exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

last

reported sales

price

or

official

closing

price of such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

on

a

foreign

exchange

are

valued

at

the

last

reported sales

price

or

official

closing

price

on

the

principal

exchange

where

traded,

and

converted

to

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the valuation

date.

For

events affecting

the value

of

foreign

securities

between

the

time

when

the

exchange

on

which

they

are

traded

closes

and

the

time

when

the

Funds'

net

assets

are

calculated,

such

securities

will

be

valued

at

fair

value

in

accordance

with

procedures

adopted

by

the

Adviser,

subject

to

the

oversight

of

the

Board. To

the

extent

these

securities

are

actively

traded

and

no

valuation

adjustments

are

applied,

they

are

generally

classified

as

Level

1. When

valuation

adjustments

are

applied

to

the

most

recent

last

sales

price

or

official

closing

price, these

securities

are

generally

classified

as

Level

2.

Prices

of

fixed-income

securities

are

generally

provided

by

pricing

services

approved

by

the

Adviser,

which

is

subject

to

review

by

the

Adviser

and

oversight

of

the

Board. Pricing

services

establish

a

security’s

fair

value

using

methods

that

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

In

pricing

certain

securities,

particularly

less

liquid

and

lower

quality

securities,

pricing

services

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

These

securities

are

generally

classified

as

Level

2.

Repurchase

agreements

are

valued

at

contract

amount

plus

accrued

interest,

which

approximates

market

value.

These

securities

are

generally

classified

as

Level

2.

Forward

foreign

currency

contracts

are

valued

using

the

prevailing

forward

exchange

rate

which

is

derived

from

quotes

provided

by

the

pricing

service

using

the

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the Board,

and

are

generally

classified

as

Level

2. 

Swap

contracts

are

marked-to-market

daily

based

upon

a

price

supplied

by

a

pricing

service.

Swaps

are

generally

classified

as

Level

2. 

For

any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

Adviser

deems

the

valuations

derived

using

the

valuation

procedures

described

above

not

to

reflect

fair

value,

the

Adviser

will

determine

a

fair

value

in

good

faith

using

alternative

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

is

the

amount

that

the

owner

might

reasonably

expect

to

receive

for

it

in

a

current

sale.

A

variety

of

factors

may

be

considered

in

determining

the

fair

value

of

such

securities,

which

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as

Level

2;

otherwise

they

would

be

classified

as

Level

3.

The

following

table

summarizes

the

market

value

of

the

Funds’

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

57

The

Funds

hold

liabilities

in

preferred

shares,

where

applicable,

which

are

not

reflected

in

the

tables

above.

The

fair

values

of

the

Funds’

liabilities

for

preferred

shares

approximate

their

liquidation

preference.

Preferred

shares

are

generally

classified

as

Level

2

and

further

described

later

in

these

Notes

to

Financial

Statements.

The

following

is

a

reconciliation

of

the

Funds’

Level

3

investments

held

at

the

beginning

and

end

of

the

measurement

period:

JGH

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Corporate

Bonds

$

–

$

250,272,794

$

–

$

250,272,794

Sovereign

Debt

–

52,503,945

–

52,503,945

Variable

Rate

Senior

Loan

Interests

–

49,278,065

–

49,278,065

$1,000

Par

(or

similar)

Institutional

Preferred

–

43,991,056

–

43,991,056

Contingent

Capital

Securities

–

29,676,518

–

29,676,518

$25

Par

(or

similar)

Retail

Preferred

1,312,634

–

–

1,312,634

Common

Stocks

869,383

550

–

869,933

Asset-Backed

Securities

–

–

641,483

641,483

Short-Term

Investments:

Repurchase

Agreements

–

10,564,825

–

10,564,825

Investments

in

Derivatives:

Interest

Rate

Swaps*

–

2,853,113

–

2,853,113

Total

$

2,182,017

$

439,140,866

$

641,483

$

441,964,366

NPCT

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Corporate

Bonds

$

–

$

286,162,289

$

–

$

286,162,289

$1,000

Par

(or

similar)

Institutional

Preferred

–

76,271,511

–

76,271,511

Mortgage-Backed

Securities

–

66,515,402

–

66,515,402

$25

Par

(or

similar)

Retail

Preferred

20,749,968

–

–

20,749,968

Sovereign

Debt

–

19,075,769

–

19,075,769

Asset-Backed

Securities

–

7,555,439

5,598,658

13,154,097

Municipal

Bonds

–

12,596,817

–

12,596,817

Variable

Rate

Senior

Loan

Interests

–

11,201,905

–

11,201,905

U.S.

Government

and

Agency

Obligations

–

2,386,765

–

2,386,765

Convertible

Bonds

–

–

299,279

299,279

Short-Term

Investments:

Repurchase

Agreements

–

5,927,900

–

5,927,900

Investments

in

Derivatives:

Cross

Currency

Swaps*

–

3,886,287

–

3,886,287

Total

$

20,749,968

$

491,580,084

$

5,897,937

$

518,227,989

JLS

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Mortgage-Backed

Securities

$

–

$

97,268,873

$

–

$

97,268,873

Asset-Backed

Securities

–

42,932,254

1,614,003

44,546,257

Short-Term

Investments:

U.S.

Government

and

Agency

Obligations

–

464,797

–

464,797

Total

$

–

$

140,665,924

$

1,614,003

$

142,279,927

*

Represents

net

unrealized

appreciation

(depreciation)

as

reported

in

Fund's

Portfolio

of

Investments.

58

Notes

to

Financial

Statements

(Unaudited)

(continued)

The

valuation

techniques

and

significant

unobservable

inputs

used

in

recurring

Level

3

fair

value

measurements

of

assets

as

of

the

end

of

the

reporting

period,

were

as

follows:

Level

3

JGH

Asset-Backed

Securities

Balance

at

the

beginning

of

period

$

648,570

Gains

(losses):

-

Net

realized

gains

(losses)

-

Change

in

net

unrealized

appreciation

(depreciation)

(7,087)

Purchases

at

cost

-

Sales

at

proceeds

-

Net

discounts

(premiums)

-

Transfers

into

-

Transfers

(out

of)

-

Balance

at

the

end

of

period

$

641,483

Change

in

net

unrealized

appreciation

(depreciation)

during

the

period

of

Level

3

securities

held

as

of

period

end

$

(7,087)

Level

3

NPCT

Asset-Backed

Securities

Convertible

Bond

Balance

at

the

beginning

of

period

$

4,421,470

$

-

Gains

(losses):

Net

realized

gains

(losses)

(485,569)

-

Change

in

net

unrealized

appreciation

(depreciation)

(935,541)

(137,514)

Purchases

at

cost

2,758,279

422,511

Sales

at

proceeds

(289,192)

-

Net

discounts

(premiums)

129,211

14,282

Transfers

into

-

-

Transfers

(out

of)

-

-

Balance

at

the

end

of

period

$

5,598,658

$

299,279

Change

in

net

unrealized

appreciation

(depreciation)

during

the

period

of

Level

3

securities

held

as

of

period

end

$

(935,541)

$

(137,514)

Level

3

JLS

Asset-Backed

Securities

Balance

at

the

beginning

of

period

$

1,379,951

Gains

(losses):

-

Net

realized

gains

(losses)

(108,596)

Change

in

net

unrealized

appreciation

(depreciation)

(185,338)

Purchases

at

cost

540,252

Sales

at

proceeds

(44,836)

Net

discounts

(premiums)

32,570

Transfers

into

-

Transfers

(out

of)

-

Balance

at

the

end

of

period

$

1,614,003

Change

in

net

unrealized

appreciation

(depreciation)

during

the

period

of

Level

3

securities

held

as

of

period

end

$

185,338

Fund

Asset

Class

Market

Value

Techniques

Unobservable

Inputs

Range

Weighted

Average

JGH

Asset-Backed

Securities

$641,483

Indicative

Trade

Broker

Quote

85.53%

N/A

Fund

Asset

Class

Market

Value

Techniques

Unobservable

Inputs

Range

Weighted

Average

NPCT

Asset-Backed

Securities

$5,598,658

Indicative

Trade

Broker

Quote

39.21%-53.48%

48.00%

59

.

4.

Portfolio

Securities

Participation

Commitments

for

JGH

and

NPCT:

With

respect

to

the

senior

loans

held

in

JGH’s

and

NPCT’s

portfolio,

the

Funds

may:

1)

invest

in

assignments;

2)

act

as

a

participant

in

primary

lending

syndicates;

or

3)

invest

in

participations.

If

a

Fund

purchases

a

participation

of

a

senior

loan

interest,

the

Fund

would

typically

enter

into

a

contractual

agreement

with

the

lender

or

other

third

party

selling

the

participation,

rather

than

directly

with

the

borrower.

As

such,

the

Fund

not

only

assumes

the

credit

risk

of

the

borrower,

but

also

that

of

the

selling

participant

or

other

persons

interpositioned

between

the

Fund

and

the

borrower.

As

of

the

end

of

the

reporting

period,

JGH

and

NPCT

had

no

such

outstanding

participation

commitments.

Repurchase

Agreements:

In

connection

with

transactions

in

repurchase

agreements,

it

is

each

Fund's

policy

that

its

custodian

take

possession

of

the

underlying

collateral

securities,

the

fair

value

of

which

exceeds

the

principal

amount

of

the

repurchase

transaction,

including

accrued

interest,

at

all

times.

If

the

counterparty

defaults,

and

the

fair

value

of

the

collateral

declines,

realization

of

the

collateral

may

be

delayed

or

limited.

The

following

table

presents

the

repurchase

agreements

for

the

Funds

that

are

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

and

the

collateral

delivered

related

to

those

repurchase

agreements.

Zero

Coupon

Securities:

A

zero

coupon

security

does

not

pay

a

regular

interest

coupon

to

its

holders

during

the

life

of

the

security.

Income

to

the

holder

of

the

security

comes

from

accretion

of

the

difference

between

the

original

purchase

price

of

the

security

at

issuance

and

the

par

value

of

the

security

at

maturity

and

is

effectively

paid

at

maturity.

The

market

prices

of

zero

coupon

securities

generally

are

more

volatile

than

the

market

prices

of

securities

that

pay

interest

periodically.

Purchases

and

Sales:

Long-term

purchases

and

sales during

the

current fiscal

period

were

as

follows:

The

Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period. If

a

Fund

has

outstanding

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

5.

Derivative

Investments

Each

Fund

is

authorized

to

invest

in

certain

derivative

instruments.

As

defined

by

U.S.

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variables.

Investments

in

derivatives

as

of

the

end

of

and/or

during

the

current

fiscal

period,

if

any,

are

included

within

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations,

respectively.

Convertible

Bonds

299,279

Indicative

Trade

Broker

Quote

10.625%

N/A

Total

$5,897,937

Fund

Asset

Class

Market

Value

Techniques

Unobservable

Inputs

Range

Weighted

Average

JLS

Asset-Backed

Securities

$1,614,003

Indicative

Trade

Broker

Quote

$39.21-$19,250

$5,772.05

Fund

Counterparty

Short-term

Investments,

at

Value

Collateral

Pledged

(From)

Counterparty

JGH

Fixed

Income

Clearing

Corporation

$10,564,825

$(10,776,400)

NPCT

Fixed

Income

Clearing

Corporation

5,927,900

(6,046,514)

Fund

Non-U.S.

Government

Purchases

U.S.

Government

Purchases

Non-U.S.

Government

Sales

and

Maturities

U.S.

Government

Sales

JGH

$

195,057,014

$

—

$

186,569,356

$

—

NPCT

26,229,950

34,559,822

34,110,963

46,526,744

JLS

11,081,014

7,957,433

10,386,002

10,153,460

60

Notes

to

Financial

Statements

(Unaudited)

(continued)

Forward

Foreign

Currency

Contracts:

During

the

current

fiscal

period,

NPCT

used

foreign

exchange

forwards

to

hedge

its

exposure

to

Euro

denominated

positions.

A

forward

contract

is

an

agreement

between

two

parties

to

purchase

or

sell

a

specified

quantity

of

a

currency

at

or

before

a

specified

date

in

the

future

at

a

specified

price.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

cash

without

the

delivery

of

foreign

currency.

Forward

contracts

are

typically

traded

in

the

over-the-counter

(“OTC”)

markets

and

all

details

of

the

contract

are

negotiated

between

the

counterparties

to

the

agreement.

Forward

contracts

are

marked-to-market

daily

and

any

resulting

unrealized

gains

or

losses

are

reflected

as

appreciation

or

depreciation

on

the

Statements

of

Assets

and

Liabilities.

The

Funds

realizes

gains

and

losses

at

the

time

the

forward

contracts

are

closed

and

are

included

on

the

Statement

of

Operations.

Risks

may

arise

upon

entering

into

forward

contracts

from

unanticipated

movements

in

the

value

of

a

foreign

currency

relative

to

the

U.S.

dollar;

and

that

losses

may

exceed

amounts

recognized

on

the

Statements

of

Assets

and

Liabilities.

The

average

notional

amount

of

forward

contracts

outstanding

during

the

current

fiscal

period

was

as

follows:

*

The

average

notional

amount

is

calculated

based

on

the

outstanding

notional

amount

of

contracts

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

Interest

Rate

Swap

Contracts:

A

Fund

may

enter

into

an

interest

rate

swap

contract

to

gain

or

reduce

exposure

to

interest

rates,

to

manage

duration,

the

yield

curve

or

interest

rate

risk.

During

the

current

fiscal

period,

JGH

continued

to

utilize

forward

starting

interest

rate

swap

contracts

to

partially

hedge

its

future

interest

cost

of

leverage.

Interest

rate

swap

contracts

involve

the

Fund’s

agreement

with

the

counterparty

to

pay

or

receive

a

fixed

rate

payment

in

exchange

for

the

counterparty

receiving

or

paying

a

variable

rate

payment.

Forward

interest

rate

swap

contracts

involve

the

Fund’s

agreement

with

a

counterparty

to

pay,

in

the

future,

a

fixed

or

variable

rate

payment

in

exchange

for

the

counterparty

paying

the

Fund

a

variable

or

fixed

rate

payment,

the

accruals

for

which

would

begin

at

a

specified

date

in

the

future

(the

“effective

date”).

Upon

entering

into

an

interest

rate

swap

contract

(and

beginning

on

the

effective

date

for

a

forward

interest

rate

swap

contract),

the

Fund

accrues

the

fixed

rate

payment

expected

to

be

paid

or

received

and

the

variable

rate

payment

expected

to

be

received

or

paid

on

the

interest

rate

swap

contracts

on

a

daily

basis,

and

recognizes

the

daily

change

in

the

fair

value

of

the

Fund’s

contractual

rights

and

obligations

under

the

contracts.

The

amount

of

the

payment

obligation

for

an

interest

rate

swap

is

based

on

the

notional

amount

and

the

termination

date

of

the

contract.

Interest

rate

swap

contracts

do

not

involve

the

delivery

of

securities

or

other

underlying

assets

or

principal.

Accordingly,

the

risk

of

loss

on

such

transactions

is

limited

to

the

net

amount

of

interest

payments

that

the

Fund

is

to

receive

from

the

counterparty.

Payments

paid

(received)

at

the

beginning

of

the

measurement

period

are

reflected

as

swap

premiums

paid

(received)

on

the

Statement

of

Assets

and

Liabilities,

when

applicable.

Interest

rate

swaps

can

be

settled

either

directly

with

the

counterparty

(“OTC”)

or

through

a

central

clearinghouse

(“centrally

cleared”).

For

OTC

swaps,

the

daily

change

in

the

market

value

of

the

swap

contract,

along

with

any

daily

interest

fees

accrued,

are

recognized

as

unrealized

appreciation

(depreciation)

on

interest

rate

swaps

contracts on

the

Statement

of

Assets

and

Liabilities.

Upon

the

execution

of

a

centrally

cleared

swap,

a

Fund

is

obligated

to

deposit

cash

or

eligible

securities,

also

known

as

“initial

margin,”

into

an

account

at

its

clearing

broker

equal

to

a

specified

percentage

of

the

contract

amount.

Securities

deposited

for

initial

margin,

if

any,

are

identified

in

the

Portfolio

of

Investments and

cash

deposited

for

initial

margin,

if

any,

is

reflected

on

the

Statement

of

Assets

and

Liabilities.

The

Fund

and

the

clearing

broker

are

obligated

to

settle

monies

on

a

daily

basis

representing

the

changes

in

the

value

of

the

swap

contracts.

These

daily

cash

settlements

are

known

as

“variation

margin”

and

is

recognized

on

the

Statement

of

Assets

and

Liabilities

as

a

receivable

or

payable

for

variation

margin

on

interest

rate

swaps

contracts.

Changes

in

the

value

of

the

swap

contracts

during

the

fiscal

period

are

recognized

as

net

unrealized

appreciation

(depreciation)

of

swaps

contracts on

the

Statement

of

Operations.

The

net

amount

of

periodic

payments

settled

in

cash

are

recognized

as

net

realized

gain

(loss)

from

swap

contracts on

the

Statement

of

Operations,

in

addition

to

the

net

realized

gain

or

loss

recorded

upon

the

termination

of

the

swap

contract.

The

average

notional

amount

of

interest

rate

swap

contracts

outstanding

during

the

current

fiscal

period

was

as

follows:

*

The

average

notional

amount

is

calculated

based

on

the

absolute

aggregate

notional

amount

of

contracts

outstanding

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

Cross

Currency

Swap

Contracts:

NPCT

uses

cross

currency

swap

contracts

to

gain

or

mitigate

exposure

to

foreign

exchange

markets.

A

cross

currency

swap

is

an

agreement

between

two

parties

to

exchange

two

different

currencies

with

the

understanding

that

the

exchange

will

be

reversed

at

a

later

date

at

specified

exchange

rates.

During

the

current

fiscal

period,

NPCT

used

cross

currency

swaps

to

hedge

its

Euro

exposure

to

U.S.

Dollars.

Risks

may

arise

upon

entering

into

these

contracts

from

the

potential

of

default

by

counterparty

and,

depending

on

their

terms,

may

be

subject

to

foreign

exchange

risk.

Fund

Average

Notional

Amount

of

Forward

Contracts

Outstanding

*

NPCT

$

4,952,608

Fund

Average

Notional

Amount

of

Interest

Rate

Swap

Contracts

Outstanding

*

JGH

$

87,400,000

61

Fund

Average

Notional

Amount

of

Swap

Contracts

Outstanding

*

NPCT

$

36,453,095

Cross

currency

swap

contracts

are

valued

daily.

Upon

entering

into

a

cross

currency

swap

contract

the

exchange

of

currencies

takes

place

at

the

current

spot

rate.

For

an

OTC

Uncleared

swap

not

cleared

through

a

clearing

house,

the

amount

recorded

on

these

transactions

is

recognized

on

the

Statement

of

Assets

and

Liabilities

as

a

component

of

“Unrealized

appreciation

or

deprecation

on

cross

currency

swaps

contracts.”

Upon

the

execution

of

an

OTC

Cleared

swap,

the

Fund

is

obligated

to

deposit

cash

or

eligible

securities,

also

known

as

“initial

margin,”

into

an

account

at

its

clearing

broker

equal

to

a

specified

percentage

of

the

contract

amount.

Cash

held

by

the

broker

to

cover

initial

margin

requirements

on

open

swap

contracts,

if

any,

is

recognized

as

“Cash

collateral

at

brokers

for

investments

in

swaps

contracts”

on

the

Statement

of

Assets

and

Liabilities.

Investments

in

OTC

Cleared

swaps

obligate

a

Fund

and

the

clearing

broker

to

settle

monies

on

a

daily

basis

representing

changes

in

the

prior

day’s

“mark-to-market”

of

the

swap.

If

a

Fund

has

unrealized

appreciation,

the

clearing

broker

would

credit

the

Fund’s

account

with

an

amount

equal

to

the

appreciation

and

conversely

if

a

Fund

has

unrealized

depreciation,

the

clearing

broker

will

debit

a

Fund’s

account

with

an

amount

equal

to

the

depreciation.

These

daily

cash

settlements

are

also

known

as

“variation

margin.”

Variation

margin

for

OTC

Cleared

swaps

is

recognized

as

a

receivable

and/or

payable

for

“Variation

margin

on

swaps

contracts”

on

the

Statement

of

Assets

and

Liabilities.

Upon

the

execution

of

an

OTC

Uncleared

swap,

neither

the

Fund

nor

the

counterparty

is

required

to

deposit

initial

margin

as

the

trades

are

recorded

bilaterally

between

both

parties

to

the

swap

contract,

and

the

terms

of

the

variation

margin

are

subject

to

a

predetermined

threshold

negotiated

by

the

Fund

and

the

counterparty.

Variation

margin

for

OTC

Uncleared

swaps

is

recognized

as

a

component

of

“Unrealized

appreciation

(depreciation)

on

cross

currency

swaps

contracts”

as

described

in

the

preceding

paragraph.

The

average

notional

amount

of

cross

currency

swap

contracts

outstanding

during

the

current

fiscal

period

was

as

follows:

The

following

table

presents

the

swap

contracts

subject

to

netting

agreements

and

the

collateral

delivered

related

to

those

swap

contracts

as

of

the

end

of

the

reporting

period.

As

of

the

end

of

the

reporting

period,

the

Funds

have

invested

in

derivative

contracts

which

are

reflected

in

the

Statement

of

Assets

and

Liabilities

as

follows:

*

Value

represents

the

cumulative

unrealized

appreciation

(depreciation)

of

cleared

derivative

contracts

as

reported

in

the

Fund’s

Portfolio

of

Investments.

The

Statement

of

Assets

and

Liabilities

only

reflects

the

current

day

variation

margin

receivable/payable

from/to

brokers

on

open

cleared

derivative

contracts.

During

the

current

fiscal

period,

the

effect

of

derivative

contracts

on

the

Funds’

Statements

of

Operations

was

as

follows:

Fund

Counterparty

Gross

Unrealized

Appreciation

on

Swaps**

Gross

Unrealized

(Depreciation)

on

Swaps**

Net

Unrealized

Appreciation

(Depreciation)

on

Interest

Rate

Swaps

Swaps

Premium

Paid

(Received)

Collateral

Pledged

to

(from)

Counterparty***

Net

Exposure

JGH

Morgan

Stanley

Capital

Services

LLC

$

2,853,113

$

-  

$

2,853,113

$

-  

$

(2,816,609)

36,504

NPCT

Citibank

N.A.

$

2,016,236

$

-  

$

2,016,236

$

46,622

$

(1,920,991)

141,867

J.P.

Morgan

Securities

Inc.

574,280

-  

574,280

(2,930)

(435,028)

136,322

Morgan

Stanley

Capital

Services

LLC

1,295,771

-  

1,295,771

4,247

(1,261,774)

38,244

$

3,886,287

$

-  

$

3,886,287

$

47,939

$

(3,617,793)

316,433

**  Represents

gross

unrealized

appreciation

(depreciation)

for

the

counterparty

as

reported

in

the

Fund's

Portfolio

of

Investments.

***

Amount

is

held

in

a

segregated

account

at

the

Fund’s

custodian

and

not

included

on

the

Statement

of

Assets

and

Liabilities.

Asset

Derivatives

Liability

Derivatives

Derivative

Instrument

Risk

Exposure

Location

Value

Location

Value

JGH

Interest

Rate

Swaps

Interest

rate

Unrealized

appreciation

on

interest

rate

swaps

contracts

$

2,853,113

-

$

–

1

1

1

1

1

1

1

1

NPCT

Cross

Currency

Swaps

Foreign

currency

exchange

rate

Unrealized

appreciation

on

cross

currency

swap

contracts

*

3,886,287

-

–

1

1

1

1

1

1

1

1

62

Notes

to

Financial

Statements

(Unaudited)

(continued)

Market

and

Counterparty

Credit

Risk:

In

the

normal

course

of

business

each

Fund

may

invest

in

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

the

transaction

to

perform

(counterparty

credit

risk).

The

potential

loss

could

exceed

the

value

of

the

financial

assets

recorded

on

the

financial

statements.

Financial

assets,

which

potentially

expose

each

Fund

to

counterparty

credit

risk,

consist

principally

of

cash

due

from

counterparties

on

forward,

option

and

swap

transactions,

when

applicable.

The

extent

of

each

Fund’s

exposure

to

counterparty

credit

risk

in

respect

to

these

financial

assets

approximates

their

carrying

value

as

recorded

on

the

Statement

of

Assets

and

Liabilities.

Each

Fund

helps

manage

counterparty

credit

risk

by

entering

into

agreements

only

with

counterparties

the

Adviser

believes

have

the

financial

resources

to

honor

their

obligations

and

by

having

the

Adviser

monitor

the

financial

stability

of

the

counterparties.

Additionally,

counterparties

may

be

required

to

pledge

collateral

daily

(based

on

the

daily

valuation

of

the

financial

asset)

on

behalf

of

each

Fund

with

a

value

approximately

equal

to

the

amount

of

any

unrealized

gain

above

a

pre-determined

threshold.

Reciprocally,

when

each

Fund

has

an

unrealized

loss,

the

Funds

have

instructed

the

custodian

to

pledge

assets

of

the

Funds

as

collateral

with

a

value

approximately

equal

to

the

amount

of

the

unrealized

loss

above

a

pre-determined

threshold.

Collateral

pledges

are

monitored

and

subsequently

adjusted

if

and

when

the

valuations

fluctuate,

either

up

or

down,

by

at

least

the

pre-determined

threshold

amount.

6.

Fund

Shares

Common Share

Transactions:

The

Funds

did

not

have

any

transactions

in

common

shares

during

the

Funds'

current

and

prior

fiscal

period.

Preferred

Shares

Taxable

Fund

Preferred

Shares:

NPCT

has

issued

and

has

outstanding

Taxable

Fund

Preferred

(“TFP”)

Shares,

with

a

$1,000

liquidation

preference

per

share.

These

TFP

Shares

were

issued

via

private

placement

and

are

not

publicly

available.

The

Fund

is

obligated

to

redeem

its

TFP

Shares

by

the

date

as

specified

in

its

offering

documents

(“Term

Redemption

Date”),

unless

earlier

redeemed

by

the

Fund.

TFP

Shares

are

initially

issued

in

a

pre-specified

mode,

however,

TFP

Shares

can

be

subsequently

designated

as

an

alternative

mode

at

a

later

date

at

the

discretion

of

the

Fund.

The

modes

within

TFP

Shares

detail

the

dividend

mechanics

and

are

described

as

follows.

At

a

subsequent

date,

the

Fund

may

establish

additional

mode

structures

with

the

TFP

Share.

•

Variable

Rate

Mode

(“VRM”)

–

Dividends

for

TFP

Shares

designated

in

this

mode

are

based

upon

a

short-term

index

plus

an

additional

fixed

“spread”

amount

established

at

the

time

of

issuance

or

renewal

/

conversion

of

its

mode.

At

the

end

of

the

period

of

the

mode,

the

Fund

will

be

required

to

either

extend

the

term

of

the

mode,

designate

an

alternative

mode

or

redeem

the

TFP

Shares.

The

fair

value

of

TFP

Shares

while

in

VRM

are

expected

to

approximate

their

liquidation

preference

so

long

as

the

fixed

“spread”

on

the

shares

remains

roughly

in

line

with

the

“spread’

being

demanded

by

investors

on

instruments

having

similar

terms

in

the

current

market.

In

current

market

conditions,

the

Adviser

has

determined

that

the

fair

value

of

the

shares

are

approximately

their

liquidation

preference,

but

their

fair

value

could

vary

if

market

conditions

change

materially.

•

Variable

Rate

Demand

Mode

(“VRDM”)

–

Dividends

for

TFP

Shares

designated

in

this

mode

will

be

established

by

a

remarketing

agent;

therefore,

the

market

value

of

the

TFP

Shares

is

expected

to

approximate

its

liquidation

preference.

While

in

this

mode,

shares

will

have

an

unconditional

liquidity

feature

that

enable

its

shareholders

to

require

a

liquidity

provider,

which

the

Fund

has

entered

into

a

contractual

agreement,

to

purchase

shares

in

the

event

that

the

shares

are

not

able

to

be

successfully

remarketed.

In

the

event

that

shares

within

this

mode

are

unable

to

be

successfully

remarketed

and

are

purchased

by

the

liquidity

provider,

the

dividend

rate

will

be

the

maximum

rate

which

is

designed

to

escalate

according

to

a

specified

schedule

in

order

to

enhance

the

remarketing

agent’s

ability

to

successfully

remarket

the

shares.

The

Fund

is

required

to

redeem

any

shares

that

are

still

owned

by

a

liquidity

provider

after

six

months

of

continuous,

unsuccessful

remarketing.

The

Fund

will

pay

a

liquidity

and

remarketing

fee

on

the

aggregate

principal

amount

of

all

TFP

Shares

while

within

VRDM.

Payments

made

by

the

Fund

to

the

liquidity

provider

and

remarketing

agent

are

recognized

as

“Liquidity

fees”

and

“Remarketing

fees”,

respectively,

on

the

Statement

of

Operations.

For

financial

reporting

purposes,

the

liquidation

preference

of

TFP

Shares

is

recorded

as

a

liability

and

is

recognized

as

a

component

of

“Taxable

Fund

Preferred

(“TFP”)

Shares,

net

of

deferred

offering

costs”

on

the

Statement

of

Assets

and

Liabilities.

Dividends

on

the

TFP

shares

are

treated

as

interest

payments

for

financial

reporting

purposes.

Unpaid

dividends

on

TFP

shares

are

recognized

as

a

component

on

“Interest

payable”

on

the

Statement

of

Assets

and

Liabilities.

Dividends

accrued

on

TFP

Shares

are

recognized

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Derivative

Instrument

Risk

Exposure

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

JGH

Swap

contracts

Interest

rate

$

1,547,673

$

(

256,850

)

NPCT

Forward

contracts

Foreign

currency

exchange

rate

206,393

274,393

Swap

contracts

Foreign

currency

exchange

rate

439,914

705,870

63

Subject

to

certain

conditions,

TFP

Shares

may

be

redeemed,

in

whole

or

in

part,

at

any

time

at

the

option

of

the

Fund.

The

Fund

may

also

be

required

to

redeem

certain

TFP

shares

if

the

Fund

fails

to

maintain

certain

asset

coverage

requirements

and

such

failures

are

not

cured

by

the

applicable

cure

date.

The

redemption

price

per

share

in

all

circumstances

is

equal

to

the

liquidation

preference

per

share

plus

any

accumulated

but

unpaid

dividends.

Cost

incurred

in

connection

with

its

offering

of

TFP

Shares,

were

recorded

as

a

deferred

charge

and

are

being

amortized

over

the

life

of

the

shares.

These

offering

costs

are

recognized

as

a

component

of

“Taxable

Fund

Preferred

(“TFP”)

Shares,

net

of

deferred

offering

costs”

on

the

Statement

of

Assets

and

Liabilities

and

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

As

of

the

end

of

the

reporting

period,

NPCT

had

$69,700,024

TFP

Shares

at

liquidation

preference,

net

of

deferred

offering

costs.

Further

details

of

the

Fund’s

TFP

Shares

outstanding

as

of

the

end

of

the

reporting

period,

were

as

follows:

The

average

liquidation

preference

of

TFP

Shares

outstanding

and

the

annualized

dividend

rate

for

the

Fund

during

the

current

fiscal

period

were

as

follows:

7.

Income

Tax

Information

Each

Fund

is

a

separate

taxpayer

for

federal

income

tax

purposes.

Each

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

Each

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund's

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

each

Fund's

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund's

financial

statements.

As

of

the

end

of

the

reporting

period,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

As

of

prior

fiscal

period

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

Fund

Series

Shares

Outstanding

Liquidation

Preference

Term

Redemption

Date

Mode

NPCT

A

70,000

$

70,000,000

May

2,

2033

VRM

Fund

Average

Liquidation

Preference

of

TFP

Shares

Outstanding

Annualized

Dividend

Rate

NPCT

$

70,000,000

6

.59

%

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

JGH

$

458,698,093

$

9,151,943

$

(

25,885,670

)

$

(

16,733,727

)

NPCT

638,903,967

5,036,756

(

125,664,795

)

(

120,628,039

)

JLS

154,593,418

3,603,161

(

15,916,652

)

(

12,313,491

)

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

JGH

$

—

$

—

$

(

26,428,908

)

$

(

124,430,677

)

$

—

$

(

377,634

)

$

(

151,237,219

)

NPCT

—

—

(

132,960,977

)

(

59,090,946

)

—

(

79,465

)

(

192,131,388

)

JLS

1,387,177

—

(

16,536,726

)

(

3,729,727

)

—

—

(

18,879,276

)

64

Notes

to

Financial

Statements

(Unaudited)

(continued)

As

of

prior

fiscal

period

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

8.

Management

Fees

and

Other

Transactions

with

Affiliates

Management

Fees:

Each

Fund’s

management

fee

compensates

the

Adviser

for

overall

investment

advisory

and

administrative

services

and

general

office

facilities.

The

Sub-Advisers

are

compensated

for

their

services

to

the

Funds

from

the

management

fees

paid

to

the

Adviser.

Each

Fund’s

management

fee

consists

of

two

components

–

a

fund-level

fee,

based

only

on

the

amount

of

assets

within

each

individual

Fund,

and

a

complex-level

fee,

based

on

the

aggregate

amount

of

all

eligible

fund

assets

managed

by

the

Adviser.

This

pricing

structure

enables

Fund

shareholders

to

benefit

from

growth

in

the

assets

within

their

respective

Fund

as

well

as

from

growth

in

the

amount

of

complex-wide

assets

managed

by

the

Adviser.

The

annual

fund-level

fee,

payable

monthly,

for

each

Fund

is

calculated

according

to

the

following

schedule:

For

the

period

January

1,

2024

through

April

30,

2024,

the

annual

complex-level

fee,

payable

monthly,

for

each

Fund

was

calculated

according

to

the

following

schedule:

*  "Managed

assets”

means

the

total

assets

of

the

Fund,

minus

the

sum

of

its

accrued

liabilities

(other

than

the

Fund

liabilities

incurred

for

the

express

purpose

of

creating

effective

leverage).

Total

assets

for

this

purpose

shall

include

assets

attributable

to

the

Fund’s

use

of

effective

leverage

(whether

or

not

those

assets

are

reflected

in

the

Fund’s

financial

statements

for

the

purposes

of

U.S.

GAAP).

Fund

Short-Term

Long-Term

Total

JGH

$

31,444,921

$

92,985,756

$

124,430,677

NPCT

12,840,212

46,250,734

59,090,946

JLS

1,799,219

1,930,508

3,729,727

Average

Daily

Managed

Assets

JGH

Fund-Level

Fee

Rate

NPCT

Fund-Level

Fee

Rate

For

the

first

$500

million

0.7000

%

0.8000

%

For

the

next

$500

million

0.6750

0.7750

For

the

next

$500

million

0.6500

0.7500

For

the

next

$500

million

0.6250

0.7250

For

managed

assets

over

$2

billion

0.6000

0.7000

JLS

Average

Daily

Managed

Assets*

Fund-Level

Fee

Rate

For

the

first

$125

million

0.8000

%

For

the

next

$125

million

0.7875

For

the

next

$150

million

0.7750

For

the

next

$600

million

0.7625

For

managed

assets

over

$1

billion

0.7500

Complex-Level

Eligible

Asset

Breakpoint

Level**

Effective

Complex-Level

Fee

Rate

at

Breakpoint

Level

$55

billion

0.2000

%

$56

billion

0.1996

$57

billion

0.1989

$60

billion

0.1961

$63

billion

0.1931

$66

billion

0.1900

$71

billion

0.1851

$76

billion

0.1806

$80

billion

0.1773

$91

billion

0.1691

$125

billion

0.1599

$200

billion

0.1505

$250

billion

0.1469

$300

billion

0.1445

65

**

For

the

complex-level

fees,

managed

assets

include

closed-end

fund

assets

managed

by

the

Adviser

that

are

attributable

to

certain

types

of

leverage.

For

these

purposes,

leverage

includes

the

funds’

use

of

preferred

stock

and

borrowings

and

certain

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

held

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

securities,

subject

to

an

agreement

by

the

Adviser

as

to

certain

funds

to

limit

the

amount

of

such

assets

for

determining

managed

assets

in

certain

circumstances.

The

complex-level

fee

is

calculated

based

upon

the

aggregate

daily

managed

assets

of

all

Nuveen

open-end

and

closed-end

funds

that

constitute

‘’eligible

assets.”

Eligible

assets

do

not

include

assets

attributable

to

investments

in

other

Nuveen

funds

or

assets

in

excess

of

a

determined

amount

(originally

$2

billion)

added

to

the

Nuveen

fund

complex

in

connection

with

the

Adviser’s

assumption

of

the

management

of

the

former

First

American

Funds

effective

January

1,

2011,

but

do

not

include

certain

assets

of

certain

Nuveen

funds

that

were

reorganized

into

funds

advised

by

an

affiliate

of

the

Adviser

during

the

2019

calendar

year.

Effective

May

1,

2024,

the

annual

complex-level

fee,

payable

monthly,

for

each

fund

is

calculated

according

to

the

following

schedule:

*

The

complex-level

fee

is

calculated

based

upon

the

aggregate

daily

“eligible

assets”

of

all

Nuveen-branded

closed-end

funds

and

Nuveen

branded

open-end

funds

(“Nuveen

Mutual

Funds”).

Except

as

described

below,

eligible

assets

include

the

assets

of

all

Nuveen-branded

closed-end

funds

and

Nuveen

Mutual

Funds

organized

in

the

United

States.

Eligible

assets

do

not

include

the

net

assets

of:

Nuveen

fund-of-funds,

Nuveen

money

market

funds,

Nuveen

index

funds,

Nuveen

Large

Cap

Responsible

Equity

Fund

or

Nuveen

Life

Large

Cap

Responsible

Equity

Fund.

In

addition,

eligible

assets

include

a

fixed

percentage

of

the

aggregate

net

assets

of

the

active

equity

and

fixed

income

Nuveen

Mutual

Funds

advised

by

the

Adviser’s

affiliate,

Teachers

Advisors,

LLC

(except

those

identified

above).

The

fixed

percentage

will

increase

annually

until

May

1,

2033,

at

which

time

eligible

assets

will

include

all

of

the

aggregate

net

assets

of

the

active

equity

and

fixed

income

Nuveen

Mutual

Funds

advised

by

Teachers

Advisors,

LLC

(except

those

identified

above).

Eligible

assets

include

closed-end

fund

assets

managed

by

the

Adviser

that

are

attributable

to

financial

leverage.

For

these

purposes,

financial

leverage

includes

the

closed-end

funds’

use

of

preferred

stock

and

borrowings

and

certain

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

held

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

securities,

subject

to

an

agreement

by

the

Adviser

as

to

certain

funds

to

limit

the

amount

of

such

assets

for

determining

eligible

assets

in

certain

circumstances. 

As

of

June

30,

2024,

the

annual

complex-level

fee

for

each

Fund

was

as

follows:

9.

Commitments

and

Contingencies

In

the

normal

course

of

business,

each

Fund

enters

into

a

variety

of

agreements

that

may

expose

the

Fund

to

some

risk

of

loss.

These

could

include

certain

agreements

related

to

preferred

shares,

which

are

described

elsewhere

in

these

Notes

to

Financial

Statements.

The

risk

of

future

loss

arising

from

such

agreements,

while

not

quantifiable,

is

expected

to

be

remote.

As

of

the

end

of

the

reporting

period,

the

Funds

did

not

have

any

unfunded

commitments.

From

time

to

time,

the

Funds

may

be

party

to

certain

legal

proceedings

in

the

ordinary

course

of

business,

including

proceedings

relating

to

the

enforcement

of

the

Funds’

rights

under

contracts.

As

of

the

end

of

the

reporting

period,

management

has

determined

that

any

legal

proceeding(s)

the

Funds

are

subject

to,

including

those

described

within

this

report,

are

unlikely

to

have

a

material

impact

to

any

of

the

Funds’

financial

statements.

10.

Borrowing

Arrangements

and

Reverse

Repurchase

Agreements

Borrowings:

Each

Fund

has

entered

into

a

borrowing

arrangement

(“Borrowings”)

as

a

means

of

leverage.

As

of

the

end

of

the

reporting

period,

each

Fund’s

maximum

commitment

amount

under

these

Borrowings

is

as

follows:

As

of

the

end

of

the

reporting

period,

each

Fund’s

outstanding

balance

on

its

Borrowings

was

as

follows:

Complex-Level

Asset

Breakpoint

Level*

Complex-Level

Fee

For

the

first

$124.3

billion

0.1600

%

For

the

next

$75.7

billion

0.1350

For

the

next

$200

billion

0.1325

For

eligible

assets

over

$400

billion

0.1300

Fund

Complex-Level

Fee

JGH

0

.1574%

NPCT

0

.1574%

JLS

0

.1574%

Fund

Maximum

Commitment

Amount

JGH

$

140,000,000

NPCT

82,000,000

JLS

22,500,000

66

Notes

to

Financial

Statements

(Unaudited)

(continued)

JGH

has

entered

into

a

364-day

revolving

line

of

credit.

Interest

is

charged

on

these

Borrowings

to

the

drawn

amount

at

a

rate

per

annum

equal

to

one-month

Term

SOFR

(“Secured

Overnight

Financing

Rate”)

plus

0.90%.

The

Fund

also

accrued

a

0.15%

per

annum

commitment

fee

based

on

the

undrawn

balance

based

on

the

maximum

commitment

amount

of

the

Borrowings

to

the

extent

the

unused

portion

of

the

Borrowings

is

less

than

50%

of

the

maximum

commitment

amount

otherwise

the

per

annum

commitment

fee

is

0.25%.

NPCT

has

entered

into

a

committed

financing

agreement.

Interest

is

charged

on

these

Borrowings

to

the

drawn

amount

at

a

rate

per

annum

equal

to

Fed

Funds

plus

0.80%

and

accrues

0.25%

per

annum

on

the

undrawn

balance

if

the

undrawn

portion

of

the

Borrowings

on

a

particular

day

is

more

than

10%

of

the

maximum

commitment

amount.

JLS

has

entered

into

a

committed

financing

agreement.

Interest

is

charged

on

these

Borrowings

at

OBFR

(“Overnight

Bank

Funding

Rate”)

plus

1.70%

per

annum

on

the

amount

borrowed

and

0.50%

per

annum

on

the

undrawn

balance

which

was

waived

for

the

reporting

period.

During

the

current

fiscal

period,

the

average

daily

balance

outstanding

and

average

annual

interest

rate

on

each

Fund’s

Borrowings

were

as

follows:

Other

Borrowings

Information

for

the

Funds:

In

order

to

maintain

these

Borrowings,

the

Funds

must

meet

certain

collateral,

asset

coverage

and

other

requirements.

Each

Fund’s

Borrowings

outstanding

are

fully

secured

by

eligible

securities

held

in

each

Fund’s

portfolio

of

investments.

Each

Fund’s

Borrowings

outstanding

is

recognized

as

“Borrowings”

on

the

Statement

of

Assets

and

Liabilities.

Interest

expense

and

other

fees

incurred

on

the

drawn

amount

and

undrawn

balance

are

recognized

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Rehypothecation

:

JLS

has

entered

into

a

Rehypothecation

Side

Letter

(“Side

Letter”)

with

its

prime

brokerage

lender,

allowing

it

to

re-register

the

Pledged

Collateral

in

its

own

name

or

in

a

name

other

than

the

Fund’s

to

pledge,

repledge,

hypothecate,

rehypothecate,

sell,

lend

or

otherwise

transfer

or

use

the

Pledged

Collateral

(the

“Hypothecated

Securities”)

with

all

rights

of

ownership

as

described

in

the

Side

Letter.

Subject

to

certain

conditions,

the

total

value

of

the

outstanding

Hypothecated

Securities

shall

not

exceed

the

lesser

of

(i)

98%

of

the

outstanding

balance

on

the

Borrowings

to

which

the

Pledged

Collateral

relates

and

(ii)

33

1⁄3

%

of

the

Fund’s

total

assets.

The

Fund

may

designate

any

Pledged

Collateral

as

ineligible

for

rehypothecation.

The

Fund

may

also

recall

Hypothecated

Securities

on

demand.

The

Fund

also

have

the

right

to

apply

and

set-off

an

amount

equal

to

one-hundred

percent

(100%)

of

the

then-current

fair

market

value

of

such

Pledged

Collateral

against

the

current

Borrowings

under

the

Side

Letter

in

the

event

that

the

prime

brokerage

lender

fails

to

timely

return

the

Pledged

Collateral

and

in

certain

other

circumstances.

In

such

circumstances,

however,

the

Fund

may

not

be

able

to

obtain

replacement

financing

required

to

purchase

replacement

securities

and,

consequently,

the

Fund’s

income

generating

potential

may

decrease.

Even

if

a

Fund

is

able

to

obtain

replacement

financing,

it

might

not

be

able

to

purchase

replacement

securities

at

favorable

prices.

The

Fund

will

receive

a

fee

in

connection

with

the

Hypothecated

Securities

(“Rehypothecation

Fees”)

in

addition

to

any

principal,

interest,

dividends

and

other

distributions

paid

on

the

Hypothecated

Securities.

As

of

the

end

of

the

reporting

period,

the

Fund

had

no

in

Hypothecated

Securities.

During

the

current

fiscal

period,

the

Fund

earned

Rehypothecation

Fees

of

$10,

which

is

recognized

as

"Rehypothecation

income"

on

the

Statement

of

Operations.

Reverse

Repurchase

Agreements:

During

the

current

fiscal

period, the

fund utilized

reverse

repurchase

agreements

as

a

means

of

leverage.

Each Fund

may

enter

into

a

reverse

repurchase

agreement

with

brokers,

dealers,

banks

or

other

financial

institutions

that

have

been

determined

by

the

Adviser

to

be

creditworthy.

In

a

reverse

repurchase

agreement,

the

Fund

sells

to

the

counterparty

a

security

that

it

holds

with

a

contemporaneous

agreement

to

repurchase

the

same

security

at

an

agreed-upon

price

and

date,

reflecting

the

interest

rate

effective

for

the

term

of

the

agreement.

It

may

also

be

viewed

as

the

borrowing

of

money

by

the

Fund.

Cash

received

in

exchange

for

securities

delivered,

plus

accrued

interest

payments

to

be

made

by

the

Fund

to

a

counterparty,

are

reflected

as

a

liability

on

the

Statement

of

Assets

and

Liabilities.

Interest

payments

made

by

the

Fund

to

counterparties

are

recognized

as

a

component

of

"Interest

expense" on

the

Statement

of

Operations.

Fund

Outstanding

balance

on

Borrowings

JGH

$

119,000,000

NPCT

62,500,000

JLS

3,520,000

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

JGH

182

$

119,000,000

6

.54

%

NPCT

182

70,587,912

6

.28

JLS

182

4,047,473

7

.17

67

In

a

reverse

repurchase

agreement,

the

Fund

retains

the

risk

of

loss

associated

with

the

sold

security. Reverse

repurchase

agreements

also

involve

the

risk

that

the

purchaser

fails

to

return

the

securities

as

agreed

upon,

files

for

bankruptcy

or

becomes

insolvent.

Upon

a

bankruptcy

or

insolvency

of

a

counterparty,

the

Fund

is

considered

to

be

an

unsecured

creditor

with

respect

to

excess

collateral

and

as

such

the

return

of

excess

collateral

may

be

delayed.

As

of

the

end

of

the

reporting

period,

the

Fund’s

outstanding

balances

on

its

reverse

repurchase

agreements

were

as

follows:

During

the

current

fiscal

period,

the

average

daily

balance

outstanding

and

average

annual

interest

rate

on

the

Funds’

reverse

repurchase

agreements

were

as

follows:

The

following

table

presents

the

reverse

repurchase

agreements

subject

to

netting

agreements

and

the

collateral

delivered

related

to

those

reverse

repurchase

agreements.

/

11.

Inter-Fund

Lending

Inter-Fund

Borrowing

and

Lending:

The SEC

has

granted

an

exemptive

order

permitting

registered

open-end

and

closed-end

Nuveen

funds

to

participate

in

an

inter-fund

lending

facility

whereby

the

Nuveen

funds

may

directly

lend

to

and

borrow

money

from

each

other

for

temporary

purposes

(e.g.,

to

satisfy

redemption

requests

or

when

a

sale

of

securities

“fails,”

resulting

in

an

unanticipated

cash

shortfall)

(the

“Inter-Fund

Program”).

The

closed-end

Nuveen

funds,

including

the

Funds

covered

by

this

shareholder

report,

will

participate

only

as

lenders,

and

not

as

borrowers,

in

the

Inter-Fund

Program

because

such

closed-end

funds

rarely,

if

ever,

need

to

borrow

cash

to

meet

redemptions.

The

Inter-Fund

Program

is

subject

to

a

number

of

conditions,

including,

among

other

things,

the

requirements

that

(1)

no

fund

may

borrow

or

lend

money

through

the

Inter-Fund

Program

unless

it

receives

a

more

favorable

interest

rate

than

is

typically

available

from

a

bank

or

other

financial

institution

for

a

comparable

transaction;

(2)

no

fund

may

borrow

on

an

unsecured

basis

through

the

Inter-Fund

Program

unless

the

fund’s

outstanding

borrowings

from

all

sources

immediately

after

the

inter-fund

borrowing

total

10%

or

less

of

its

total

assets;

provided

that

if

the

borrowing

fund

has

a

secured

borrowing

outstanding

from

any

other

lender,

including

but

not

limited

to

another

fund,

the

inter-fund

loan

must

be

secured

on

at

least

an

equal

priority

basis

with

at

least

an

equivalent

percentage

of

collateral

to

loan

value;

(3)

if

a

fund’s

total

outstanding

borrowings

immediately

after

an

inter-fund

borrowing

would

be

greater

than

10%

of

its

total

assets,

the

fund

may

borrow

through

the

inter-fund

loan

on

a

secured

basis

only;

(4)

no

fund

may

lend

money

if

the

loan

would

cause

its

aggregate

outstanding

loans

through

the

Inter-Fund

Program

to

exceed

15%

of

its

net

assets

at

the

time

of

the

loan;

(5)

a

fund’s

inter-fund

loans

to

any

one

fund

shall

not

exceed

5%

of

the

lending

fund’s

net

assets;

(6)

the

duration

of

inter-

fund

loans

will

be

limited

to

the

time

required

to

receive

payment

for

securities

sold,

but

in

no

event

more

than

seven

days;

and

(7)

each

inter-fund

loan

may

be

called

on

one

business

day’s

notice

by

a

lending

fund

and

may

be

repaid

on

any

day

by

a

borrowing

fund.

In

addition,

a

Nuveen

fund

may

participate

in

the

Inter-Fund

Program

only

if

and

to

the

extent

that

such

participation

is

consistent

with

the

fund’s

investment

objective

and

investment

policies.

The

Board

is

responsible

for

overseeing

the

Inter-Fund

Program.

Fund

Counterparty

Rate

Principal

Amount

Maturity

Value

Value

and

Accrued

Interest

NPCT

Societe

Generale

5.80%

$

(

33,820,000

)

9/05/24

$

(

33,820,000

)

$

(

33,961,668

)

NPCT

Societe

Generale

5.95%

(

3,000,000

)

9/05/24

(

3,000,000

)

(

3,058,509

)

NPCT

TD

Securities

(USA),

LLC

5.85%

(

12,000,000

)

7/17/24

(

12,000,000

)

(

12,146,250

)

Total

$(48,820,000)

$(48,820,000)

$(49,166,427)

JLS

Royal

Bank

of

Canada

6.87%

(

13,123,000

)

7/12/24

(

13,123,000

)

(

13,313,272

)

JLS

Societe

Generale

6.55%

(

17,355,000

)

7/12/24

(

17,355,000

)

(

17,607,761

)

JLS

TD

Securities

(USA),

LLC

5.85%

(

770,000

)

12/31/49

(

770,000

)

(

838,532

)

Total

$(31,248,000)

$(31,248,000)

$(31,759,565)

Fund

Utilization

period

(days

outstanding)

Average

daily

balance

outstanding

Weighted

Average

annual

interest

rate

NPCT

182

$

(48,524,835)

5.58%

JLS

182

(31,248,000)

6.69%

Fund

Counterparty

Reverse

Repurchase

Agreements*

Collateral

Pledged

to

Counterparty

NPCT

Societe

Generale

$

(33,961,668)

$

(47,486,710)

Societe

Generale

(3,058,509)

(4,121,809)

TD

Securities

(USA),

LLC

(12,146,250)

(15,935,402)

JLS

Royal

Bank

of

Canada

(13,313,272)

(20,897,719)

Societe

Generale

(17,607,761)

(24,730,980)

TD

Securities

(USA),

LLC

(838,532)

(647,459)

*

Represents

gross

value

and

accrued

interest

for

the

counterparty

as

reported

in

the

preceding

table.

68

Notes

to

Financial

Statements

(Unaudited)

(continued)

The

limitations

detailed

above

and

the

other

conditions

of

the

SEC

exemptive

order

permitting

the

Inter-Fund

Program

are

designed

to

minimize

the

risks

associated

with

Inter-Fund

Program

for

both

the

lending

fund

and

the

borrowing

fund.

However,

no

borrowing

or

lending

activity

is

without

risk.

When

a

fund

borrows

money

from

another

fund,

there

is

a

risk

that

the

loan

could

be

called

on

one

day’s

notice

or

not

renewed,

in

which

case

the

fund may

have

to

borrow

from

a

bank

at

a

higher

rate

or

take

other

actions

to

payoff

such

loan

if

an

inter-fund

loan

is

not

available

from

another

fund.

Any

delay

in

repayment

to

a

lending

fund

could

result

in

a

lost

investment

opportunity

or

additional

borrowing

costs.

During

the

current

reporting

period,

none

of

the

Funds

covered

by

this

shareholder

report

have

entered

into

any

inter-fund

loan

activity.

Shareholder

Meeting

Report

(Unaudited)

69

The

annual

meeting

of

shareholders

for

NPCT

was

held

on

May

15,

2024

for

shareholders

of

record

on

January

19,

2024

and

subsequently

adjourned

to

May

31,

2024.

At

this

meeting

the

common

and

preferred

shareholders

were

asked

to

elect

three

Class

III

Trustees,

including

a

choice

between

three

nominees

nominated

by

the

existing

Board

of

Trustees,

and

one

nominee

nominated

by

an

activist

shareholder.

Preferred

shareholders

voting

as

a

separate

class

were

asked

to

elect

two

preferred

Trustees.

Additionally,

shareholders

were

asked

to

vote

on

the

ratification

of

the

selection

of

the

independent

registered

public

accounting

firm.

Pursuant

to

the

NPCT’s By-Laws, because

the

number

of

persons

nominated

for

election

as

Trustees

exceeded

the

number

of

Trustees

to

be

elected

(i.e.,

a

contested

election),

the

affirmative

vote

of

a

majority

of

the

shares

outstanding

and

entitled

to

vote

on

the

matter

was

required

to

elect

the

Trustees. 

With

respect

to

the

election

of

Class III

Trustees

at

the

annual

meeting,

no

Class III

Trustee

candidate

received

the

required

affirmative

vote

of

holders

of

a

majority

of

the

outstanding

common

shares

of

the

Fund.

As

a

result,

no

Class III

Trustees

were

elected

at

the

annual

meeting,

and

the

current

Class III

Trustees

continued

to

serve

as

holdover

Trustees

until

the

Fund’s

2025

annual

meeting

of

shareholders

or

until

their

successors

have

been

duly

elected

and

qualified.

Preferred

Trustees

were

elected

by

preferred

shareholders

at

the

annual

meeting.

Shareholders

voted

to

ratify

the

selection

of

the

Fund’s

independent

registered

public

accounting

firm

at

the

annual

meeting.

The

vote

totals

for

NPCT

are

set

forth

below:

NPCT

Common

Shares

Preferred

Shares

The

vote

results

in

the

Election

of

Class

III

Trustees

were

as

follows:

Joanne

T.

Medero*

For

3,985,666

-

Withhold

271,157

-

Abstain

149,521

-

Total

4,406,344

-

Loren

M.

Starr*

For

3,968,377

-

Withhold

274,723

-

Abstain

174,204

-

Total

4,417,304

-

Matthew

Thornton

III*

For

3,985,832

-

Withhold

267,503

-

Abstain

163,971

-

Total

4,417,306

-

Jason

Chen

For

11,231,572

-

Withhold

29,189

-

Abstain

28,762

-

Total

11,289,523

-

The

vote

results

in

Board

Members

were

as

follows:

Albin

F.

Moschner

For

-

70,000

Withhold

-

-

Total

-

70,000

Margaret

L.

Wolff

For

-

70,000

Withhold

-

-

Total

-

70,000

To

approve

the

ratification

of

the

selection

of

the

independent

registered

public

accounting

firm:

PricewaterhouseCoopers

LLP

(“PWC”)

For

15,495,486

-

Withhold

83,713

-

Abstain

127,630

-

Total

15,706,829

-

*

Ms.

Medero,

Mr.

Moschner,

Starr

and

Thornton

III,

incumbent

Class

III

Trustees,

will

continue

to

serve

as

Class

III

Trustees

until

their

successors

are

duly

elected

and

qualify.

70

(Unaudited)

(continued)

The

annual

meeting

of

shareholders

for

JGH

and

JLS

was

held

on

April

12,

2024

for

shareholders

of

record

on

January

19,

2024.

At

this

meeting

the

shareholders

were

asked

to

elect

Class

III

Board

Members.

The

vote

totals

for

JGH

and

JLS

are

set

forth

below:

JGH

JLS

Common

Shares

Common

Shares

Approval

of

the

Board

Members

was

reached

as

follows:

Joanne

T.

Medero

For

18,606,535

3,139,477

Withhold

524,338

56,423

Total

19,130,873

3,195,900

Albin

F.

Moschner

For

18,506,298

3,138,968

Withhold

624,575

56,932

Total

19,130,873

3,195,900

Loren

M.

Starr

For

18,665,172

3,138,972

Withhold

465,701

56,928

Total

19,130,873

3,195,900

Matthew

Thornton

III

For

18,670,934

3,138,221

Withhold

459,939

57,679

Total

19,130,873

3,195,900

71

Additional

Fund

Information

(Unaudited)

Portfolio

of

Investments

Information

Each

Fund

is

required

to

file

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

You

may

obtain

this

information

on

the

SEC’s

website

at

http://www.sec.gov.

Nuveen

Funds’

Proxy

Voting

Information

You

may

obtain

(i)

information

regarding

how

each

fund

voted

proxies

relating

to

portfolio

securities

held

during

the

most

recent

twelve-month

period

ended

June

30,

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787

or

on

Nuveen’s

website

at

www.nuveen.com

and

(ii)

a

description

of

the

policies

and

procedures

that

each

fund

used

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787.

You

may

also

obtain

this

information

directly

from

the

SEC.

Visit

the

SEC

on-line

at

http://www.sec.gov.

CEO

Certification

Disclosure

Each

Fund’s

Chief

Executive

Officer

(CEO)

has

submitted

to

the

New

York

Stock

Exchange

(NYSE)

the

annual

CEO

certification

as

required

by

Section

303A.12(a)

of

the

NYSE

Listed

Company

Manual.

Each

Fund

has

filed

with

the

SEC

the

certification

of

its

CEO

and

Chief

Financial

Officer

required

by

Section

302

of

the

Sarbanes-Oxley

Act.

Common

Share

Repurchases

Each

Fund

intends

to

repurchase,

through

its

open-market

share

repurchase

program,

shares

of

its

own

common

stock

at

such

times

and

in

such

amounts

as

is

deemed

advisable.

During

the

period

covered

by

this

report,

each

Fund

repurchased

shares

of

its

common

stock

as

shown

in

the

accompanying

table.

Any

future

repurchases

will

be

reported

to

shareholders

in

the

next

annual

or

semi-annual

report.

FINRA

BrokerCheck:

The

Financial

Industry

Regulatory

Authority

(FINRA)

provides

information

regarding

the

disciplinary

history

of

FINRA

member

firms

and

associated

investment

professionals.

This

information

as

well

as

an

investor

brochure

describing

FINRA

BrokerCheck

is

available

to

the

public

by

calling

the

FINRA

BrokerCheck

Hotline

number

at

(800)

289-9999

or

by

visiting

www.FINRA.org.

Board

of

Trustees

Joseph

A.

Boateng*

Michael

A.

Forrester*

Thomas

J.

Kenny

Amy

B.R.

Lancellotta

Joanne

T.

Medero

Albin

F.

Moschner

John

K.

Nelson

Loren

M.

Starr

Matthew

Thornton

III

Terence

J.

Toth

Margaret

L.

Wolff

Robert

L.

Young

*Serves

as

a

Trustee

to

JGH

and

JLS

and

a

consultant

to

NPCT.

Investment

Adviser

Nuveen

Fund

Advisors,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Custodian

State

Street

Bank

&

Trust

Company

One

Congress

Street

Suite

1

Boston,

MA

02114-2016

Legal

Counsel

Chapman

and

Cutler

LLP

Chicago,

IL

60603

Independent

Registered

Public

Accounting

Firm

KPMG

LLP

200

East

Randolph

Street

Chicago,

IL

60601

Transfer

Agent

and

Shareholder

Services

Computershare

Trust

Company,

N.A.

150

Royall

Street

Canton,

MA

02021

(800)

257-8787

JGH

NPCT

JLS

Common

shares

repurchased

0

0

0

72

Glossary

of

Terms

Used

in

this

Report

(Unaudited)

Asset-Backed

Securities

(ABS):

Securities

whose

value

and

income

payments

are

derived

from

and

collateralized

by

a

specific

pool

of

underlying

assets.

The

pool

of

assets

typically

is

a

group

of

small

and/or

illiquid

assets

that

may

be

difficult

to

sell

individually.

The

underlying

pools

of

asset-backed

securities

often

include

payments

from

credit

cards,

auto

loans

or

mortgage

loans.

Average

Annual

Total

Return:

This

is

a

commonly

used

method

to

express

an

investment’s

performance

over

a

particular,

usually

multi-year

time

period.

It

expresses

the

return

that

would

have

been

necessary

each

year

to

equal

the

investment’s

actual

cumulative

performance

(including

change

in

NAV

or

offer

price

and

reinvested

dividends

and

capital

gains

distributions,

if

any)

over

the

time

period

being

considered.

Commercial

Mortgage-Backed

Securities

(CMBS):

Commercial

mortgage-backed

securities

are

backed

by

cash

flows

of

a

mortgage

or

pool

of

mortgages

on

commercial

real

estate.

CMBS

generally

are

structured

to

provide

protection

to

the

senior

class

investors

against

potential

losses

on

the

underlying

mortgage

loans.

CMBS

are

typically

characterized

by

the

following:

i)

loans

on

multifamily

housing,

non-residential

property,

ii)

payments

based

on

the

amortization

schedule

of

25-30

years

with

a

balloon

payment

due

usually

after

10

years,

and

iii)

restrictions

on

prepayments.

Contingent

Capital

Securities

(CoCos):

CoCos

are

debt

or

capital

securities

of

primarily

non-U.S.

issuers

with

loss

absorption

contingency

mechanisms

built

into

the

terms

of

the

security,

for

example

a

mandatory

conversion

into

common

stock

of

the

issuer,

or

a

principal

write-down,

which

if

triggered

would

likely

cause

the

CoCos

investment

to

lose

value.

Loss

absorption

mechanisms

would

become

effective

upon

the

occurrence

of

a

specified

contingency

event,

or

at

the

discretion

of

a

regulatory

body.

Specified

contingency

events,

as

identified

in

the

CoCo’s

governing

documents,

usually

reference

a

decline

in

the

issuer’s

capital

below

a

specified

threshold

level,

and/or

certain

regulatory

events.

A

loss

absorption

contingency

event

for

CoCos

would

likely

be

the

result

of,

or

related

to,

the

deterioration

of

the

issuer’s

financial

condition

and/or

its

status

as

a

going

concern.

In

such

a

case,

with

respect

to

CoCos

that

provide

for

conversion

into

common

stock

upon

the

occurrence

of

the

contingency

event,

the

market

price

of

the

issuer’s

common

stock

received

by

the

Acquiring

Fund

will

have

likely

declined,

perhaps

substantially,

and

may

continue

to

decline

after

conversion.

CoCos

rated

below

investment

grade

should

be

considered

high

yield

securities,

or

“junk,”

but

often

are

issued

by

entities

whose

more

senior

securities

are

rated

investment

grade.

CoCos

are

a

relatively

new

type

of

security;

and

there

is

a

risk

that

CoCo

security

issuers

may

suffer

the

sort

of

future

financial

distress

that

could

materially

increase

the

likelihood

(or

the

market’s

perception

of

the

likelihood)

that

an

automatic

write-down

or

conversion

event

on

those

issuers’

CoCos

will

occur.

Additionally,

the

trading

behavior

of

a

given

issuer’s

CoCos

may

be

strongly

impacted

by

the

trading

behavior

of

other

issuers’

CoCos,

such

that

negative

information

from

an

unrelated

CoCo

security

may

cause

a

decline

in

value

of

one

or

more

CoCos

held

by

the

Fund.

Accordingly,

the

trading

behavior

of

CoCos

may

not

follow

the

trading

behavior

of

other

types

of

debt

and

preferred

securities.

Despite

these

concerns,

the

prospective

reward

vs.

risk

characteristics

of

at

least

certain

CoCos

may

be

very

attractive

relative

to

other

fixed-income

alternatives.

Duration:

Duration

is

a

measure

of

the

expected

period

over

which

a

bond’s

principal

and

interest

will

be

paid,

and

consequently

is

a

measure

of

the

sensitivity

of

a

bond’s

or

bond

fund’s

value

to

changes

when

market

interest

rates

change.

Generally,

the

longer

a

bond’s

or

fund’s

duration,

the

more

the

price

of

the

bond

or

fund

will

change

as

interest

rates

change.

Effective

Leverage:

Effective

leverage

is

a

fund’s

effective

economic

leverage,

and

includes

both

regulatory

leverage

(see

below)

and

the

leverage

effects

of

certain

derivative

investments

in

the

fund’s

portfolio.

Leverage:

Leverage

is

created

whenever

a

fund

has

investment

exposure

(both

reward

and/or

risk)

equivalent

to

more

than

100%

of

the

investment

capital.

Mortgage-Backed

Securities

(MBS):

Mortgage-backed

securities

(MBS)

are

bonds

backed

by

pools

of

mortgages,

usually

with

similar

characteristics,

and

which

return

principal

and

interest

in

each

payment.

MBS

are

composed

of

residential

mortgages

(RMBS)

or

commercial

mortgages

(CMBS).

RMBS

are

further

divided

into

agency

RMBS

and

non-agency

RMBS,

depending

on

the

issuer.

Net

Asset

Value

(NAV)

Per

Share:

A

fund’s

Net

Assets

is

equal

to

its

total

assets

(securities,

cash,

accrued

earnings

and

receivables)

less

its

total

liabilities.

NAV

per

share

is

equal

to

the

fund’s

Net

Assets

divided

by

its

number

of

shares

outstanding.

Regulatory

Leverage:

Regulatory

leverage

consists

of

preferred

shares

issued

by

or

borrowings

of

a

fund.

Both

of

these

are

part

of

a

fund’s

capital

structure.

Regulatory

leverage

is

subject

to

asset

coverage

limits

set

forth

in

the

Investment

Company

Act

of

1940.

73

Residential

Mortgage-Backed

Securities

(RMBS):

Residential

mortgage-backed

securities

are

securities

the

payments

on

which

depend

primarily

on

the

cash

flow

from

residential

mortgage

loans

made

to

borrowers

that

are

secured

by

residential

real

estate.

RMBS

consist

of

agency

and

non-agency

RMBS.

Agency

RMBS

have

agency

guarantees

that

assure

investors

that

they

will

receive

timely

payment

of

interest

and

principal,

regardless

of

delinquency

or

default

rates

on

the

underlying

loans.

Agency

RMBS

include

securities

issued

by

the

Government

National

Mortgage

Association,

the

Federal

National

Mortgage

Association

and

the

Federal

Home

Loan

Mortgage

Corporation,

and

other

federal

agencies,

or

issues

guaranteed

by

them.

Non-agency

RMBS

do

not

have

agency

guarantees.

Non-agency

RMBS

have

credit

enhancement

built

into

the

structure

to

shield

investors

from

borrower

delinquencies.

The

spectrum

of

non-agency

residential

mortgage

loans

includes

traditional

jumbo

loans

(prime),

alternative-A

loans

(Alt-A),

and

home

equity

loans

(subprime).

74

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

(Unaudited)

Nuveen

Global

High

Income

Fund

Nuveen

Core

Plus

Impact

Fund

Nuveen

Mortgage

and

Income

Fund

The

Approval

Process

At

meetings

held

on

April

18

and

19,

2024

(the

“Meeting”),

the

Boards

of

Trustees

(collectively,

the

“Board”

and

each

Trustee,

a

“Board

Member”)

of

the

Funds

approved,

for

their

respective

Fund,

the

renewal

of

the

investment

management

agreement

(each

an

“Investment

Management

Agreement”)

with

Nuveen

Fund

Advisors,

LLC

(“NFAL”;

NFAL

is

an

“Adviser”),

pursuant

to

which

NFAL

serves

as

investment

adviser

to

such

Fund.

Similarly,

for

each

Fund,

the

Board

approved

the

renewal

of

the

sub-advisory

agreement

(each

a

“Sub-Advisory

Agreement”)

with

(a)

in

the

case

of

Nuveen

Global

High

Income

Fund

and

Nuveen

Core

Plus

Impact

Fund,

Nuveen

Asset

Management,

LLC

(“NAM”),

pursuant

to

which

NAM

serves

as

the

sub-adviser

to

each

such

Fund;

and

(b)

in

the

case

of

Nuveen

Mortgage

and

Income

Fund,

Teachers

Advisors,

LLC

(“TAL,”

and

NAM

and

TAL

are

each,

a

“Sub-Adviser”),

pursuant

to

which

TAL

serves

as

the

sub-adviser

to

such

Fund.

Further,

the

Board

Members

were

aware

that

Nuveen

Core

Plus

Impact

Fund

gains

exposure

to

certain

investments

by

investing

in

such

Fund’s

wholly-owned

subsidiary

organized

under

the

laws

of

the

Cayman

Islands.

NAM

provides

investment

management

services

to

such

subsidiary.

The

consideration

of

services

to

Nuveen

Core

Plus

Impact

Fund

and

related

management

fees

encompassed

this

arrangement.

The

Board

Members

are

not

“interested

persons”

(as

defined

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”))

and,

therefore,

the

Board

is

deemed

to

be

comprised

of

all

disinterested

Board

Members.

References

to

the

Board

and

the

Board

Members

are

interchangeable.

Below

is

a

summary

of

the

annual

review

process

the

Board

undertook

related

to

its

most

recent

renewal

of

each

Investment

Management

Agreement

and

Sub-Advisory

Agreement

on

behalf

of

the

applicable

Fund.

In

accordance

with

applicable

law,

following

up

to

an

initial

two-year

period,

the

Board

considers

the

renewal

of

each

Investment

Management

Agreement

and

Sub-Advisory

Agreement

on

behalf

of

the

applicable

Fund

on

an

annual

basis.

The

Investment

Management

Agreements

and

Sub-

Advisory

Agreements

are

collectively

referred

to

as

the

“Advisory

Agreements,”

and

NFAL

and

the

Sub-Advisers

are

collectively,

the

“Fund

Advisers”

and

each

a

“Fund

Adviser.”

In

addition,

the

fund

complex

consists

of

the

group

of

funds

advised

by

NFAL

(collectively

referred

to

as

the

“Nuveen

funds”)

and

the

group

of

funds

advised

by

TAL

(collectively

referred

to

as

the

“TC

funds”).

For

clarity,

NFAL

serves

as

Adviser

to

the

Nuveen

funds,

including

the

Funds,

and

TAL,

in

addition

to

serving

as

the

sub-adviser

to

certain

Nuveen

funds

(including

Nuveen

Mortgage

and

Income

Fund),

serves

as

“Adviser”

to

the

TC

funds.

The

Board

Members

considered

that

the

prior

separate

boards

of

the

TC

funds

and

Nuveen

funds

were

consolidated

effective

in

January

2024.

Accordingly,

at

the

Meeting,

the

Board

Members

considered

the

review

of

the

advisory

agreements

for

the

Nuveen

funds

as

well

as

reviewed

the

investment

management

agreements

for

the

TC

funds.

Depending

on

the

appropriate

context,

references

to

“the

Adviser”

may

be

to

NFAL

with

respect

to

the

Nuveen

funds

and/or

TAL

with

respect

to

the

TC

funds.

The

Board

Members

considered

the

review

of

the

advisory

agreements

of

the

Nuveen

funds

and

the

TC

funds

to

be

an

ongoing

process.

The

Board

Members

therefore

employed

the

accumulated

information,

knowledge

and

experience

they

had

gained

during

their

tenure

on

the

respective

board

of

the

TC

funds

or

Nuveen

funds

(as

the

case

may

be)

governing

the

applicable

funds

and

working

with

the

respective

investment

advisers

and

sub-

advisers,

as

applicable,

in

their

review

of

the

advisory

agreements

for

the

fund

complex.

During

the

course

of

the

year

prior

to

the

Meeting,

the

Board

and/or

its

committees

received

a

wide

variety

of

materials

that

covered

a

range

of

topics

relevant

to

the

Board’s

annual

consideration

of

the

renewal

of

the

advisory

agreements,

including

reports

on

fund

investment

results

over

various

periods;

product

initiatives

for

various

funds;

fund

expenses;

compliance,

regulatory

and

risk

management

matters;

trading

practices,

including

soft

dollar

arrangements

(as

applicable);

the

liquidity

and

derivatives

risk

management

programs;

management

of

distributions;

valuation

of

securities;

payments

to

financial

intermediaries

(as

applicable);

securities

lending

(as

applicable);

overall

market

and

regulatory

developments;

and

with

respect

to

closed-end

funds,

capital

management

initiatives,

institutional

ownership,

management

of

leverage

financing

and

the

secondary

market

trading

of

the

closed-end

funds

and

any

actions

to

address

discounts.

The

Board

also

met

periodically

with

and/or

received

presentations

by

key

investment

professionals

managing

a

fund’s

portfolio.

In

particular,

at

the

Board

meeting

held

on

February

27-29,

2024

(the

“February

Meeting”),

the

Board

and/or

its

Investment

Committee

received

the

annual

performance

review

of

the

funds

as

described

in

further

detail

below.

The

presentations,

discussions

and

meetings

throughout

the

year

also

provide

a

means

for

the

Board

to

evaluate

and

consider

the

level,

breadth

and

quality

of

services

provided

by

the

Adviser

and

sub-advisers,

as

applicable,

and

how

such

services

have

changed

over

time

in

light

of

new

or

modified

regulatory

requirements,

changes

to

market

conditions

or

other

factors.

In

connection

with

its

annual

consideration

of

the

advisory

agreements,

the

Board,

through

its

independent

legal

counsel,

requested

and

received

extensive

materials

and

information

prepared

specifically

for

its

review

of

the

advisory

agreements.

The

materials

provided

at

the

Meeting

and/or

prior

meetings

covered

a

wide

range

of

matters

including,

but

not

limited

to,

a

description

of

the

nature,

extent

and

quality

of

services

provided

by

the

Fund

Advisers;

the

consolidation

of

the

Nuveen

fund

family

and

TC

fund

family;

a

review

of

product

actions

advanced

in

2023

for

the

benefit

of

particular

funds

and/or

the

fund

complex;

a

review

of

each

sub-adviser,

if

applicable,

and/or

applicable

investment

team;

an

analysis

of

fund

performance

with

a

focus

on

funds

considered

to

have

met

certain

challenged

performance

measurements;

an

analysis

of

the

fees

and

expense

ratios

of

the

funds

with

a

focus

on

funds

considered

to

have

certain

expense

characteristics;

a

list

of

management

fee

and,

if

applicable,

sub-advisory

fee

schedules;

a

description

of

portfolio

manager

compensation;

an

overview

of

the

primary

and

secondary

markets

for

the

Nuveen

closed-end

funds

(including,

among

other

things,

premium

or

discount

data

and

commentary

regarding

the

leverage

management,

share

repurchase

and

shelf

offering

programs

during

2023);

a

description

of

the

profitability

and/or

financial

data

of

Nuveen,

TAL

and

the

sub-advisers;

and

a

description

of

indirect

75

benefits

received

by

the

Adviser

and

the

sub-advisers

as

a

result

of

their

relationships

with

the

funds,

as

applicable.

The

Board

also

considered

information

provided

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

comparing

fee

and

expense

levels

of

each

respective

fund

to

those

of

a

peer

universe.

The

information

prepared

specifically

for

the

annual

review

supplemented

the

information

provided

to

the

Board

and

its

committees

and

the

evaluations

of

the

funds

by

the

Board

and

its

committees

during

the

year.

The

Board’s

review

of

the

advisory

agreements

for

the

fund

complex

is

based

on

all

the

information

provided

to

the

Board

and

its

committees

over

time.

The

performance,

fee

and

expense

data

and

other

information

provided

by

a

Fund

Adviser,

Broadridge

or

other

service

providers

were

not

independently

verified

by

the

Board

Members.

As

part

of

their

review,

the

Board

Members

and

independent

legal

counsel

met

by

videoconference

in

executive

session

on

April

10,

2024

(the

“April

Executive

Session”)

to

review

and

discuss

materials

provided

in

connection

with

their

annual

review

of

the

advisory

agreements

for

the

fund

complex.

After

reviewing

this

information,

the

Board

Members

requested,

directly

or

through

independent

legal

counsel,

additional

information,

and

the

Board

subsequently

reviewed

and

discussed

the

responses

to

these

follow-up

questions

and

requests.

The

Board

Members

were

advised

by

independent

legal

counsel

during

the

annual

review

process

as

well

as

throughout

the

year,

including

meeting

in

executive

sessions

with

such

counsel

at

which

no

representatives

of

management

were

present.

In

connection

with

their

annual

review,

the

Board

Members

also

received

a

memorandum

from

independent

legal

counsel

outlining

their

fiduciary

duties

and

legal

standards

in

reviewing

the

Advisory

Agreements,

including

guidance

from

court

cases

evaluating

advisory

fees.

The

Board’s

decisions

to

renew

each

Advisory

Agreement

were

not

based

on

a

single

identified

factor,

but

rather

each

decision

reflected

the

comprehensive

consideration

of

all

the

information

provided

to

the

Board

and

its

committees

throughout

the

year

as

well

as

the

materials

prepared

specifically

in

connection

with

the

annual

review

process.

The

contractual

arrangements

may

reflect

the

results

of

prior

year(s)

of

review,

negotiation

and

information

provided

in

connection

with

the

Board’s

annual

review

of

the

funds’

advisory

arrangements

and

oversight

of

the

funds.

Each

Board

Member

may

have

attributed

different

levels

of

importance

to

the

various

factors

and

information

considered

in

connection

with

the

annual

review

process

and

may

have

placed

different

emphasis

on

the

relevant

information

year

to

year

in

light

of,

among

other

things,

changing

market

and

economic

conditions.

A

summary

of

the

principal

factors

and

information,

but

not

all

the

factors,

the

Board

considered

in

deciding

to

renew

the

Advisory

Agreements

is

set

forth

below.

A.

Nature,

Extent

and

Quality

of

Services

In

evaluating

the

renewal

of

the

Advisory

Agreements,

the

Board

Members

received

and

considered

information

regarding

the

nature,

extent

and

quality

of

the

applicable

Fund

Adviser’s

services

provided

to

each

respective

Fund

with

particular

focus

on

the

services

and

enhancements

or

changes

to

such

services

provided

during

the

last

year.

The

Board

Members

considered

the

Investment

Management

Agreements

and

the

Sub-

Advisory

Agreements

separately

in

the

course

of

their

review.

With

this

approach,

they

considered

the

roles

of

NFAL

and

the

Sub-Advisers

in

providing

services

to

the

applicable

Fund(s).

The

Board

considered

that

the

Adviser

provides

a

wide

array

of

management,

oversight

and

other

services

to

manage

and

operate

the

applicable

funds.

The

Board

considered

the

Adviser’s

and

its

affiliates’

dedication

of

resources,

time,

people

and

capital

as

well

as

continual

program

of

improvement

and

innovation

aimed

at

enhancing

the

funds

and

fund

complex

for

investors

and

meeting

the

needs

of

an

increasingly

complex

regulatory

environment.

In

particular,

over

the

past

several

years,

the

Board

considered

the

significant

resources,

both

financial

and

personnel,

the

Adviser

and

its

affiliates

have

committed

in

working

to

consolidate

the

Nuveen

fund

family

and

TC

fund

family

under

one

centralized

umbrella.

The

Board

considered

that

the

organizational

changes

in

bringing

together

Nuveen,

its

affiliates

and

TIAA’s

(as

defined

below)

asset

management

businesses,

consolidating

the

Nuveen

and

TC

fund

families

and

other

initiatives

were

anticipated

to

provide

various

benefits

for

the

funds

through,

among

other

things,

enhanced

operating

efficiencies,

centralized

investment

leadership

and

a

centralized

shared

resources

and

support

model.

As

part

of

these

efforts,

the

boards

of

the

TC

funds

and

Nuveen

funds

were

consolidated

effective

in

January

2024.

In

addition,

in

conjunction

with

these

consolidation

efforts,

the

Board

approved

at

the

Meeting

changes

to

fee

and

breakpoint

structures

(as

applicable)

that

could

provide

cost

savings

to

participating

funds,

as

described

in

further

detail

below.

The

Board

also

reviewed

information

regarding

other

product

actions

undertaken

or

continued

by

management

in

the

2023

calendar

year

in

seeking

to

improve

the

effectiveness

of

the

organization,

the

product

line-up

as

well

as

particular

funds

through,

among

other

things,

continuing

to

review

and

optimize

the

product

line

and

gaining

efficiencies

through

mergers

and

liquidations;

reviewing

and

updating

investment

policies

and

benchmarks;

implementing

fee

waivers

and/or

expense

cap

changes

for

certain

funds;

evaluating

and

adjusting

portfolio

management

teams

as

appropriate

for

various

funds;

and

developing

policy

positions

on

a

broad

range

of

regulatory

proposals

that

may

impact

the

funds

and

communicating

with

lawmakers

and

other

regulatory

authorities

to

help

ensure

these

positions

are

considered.

In

its

review,

the

Board

considered

that

the

funds

operated

in

a

highly

regulated

industry

and

the

scope

and

complexity

of

the

services

and

resources

that

the

Adviser

and

its

affiliates

must

provide

to

manage

and

operate

the

applicable

funds

have

expanded

over

the

years

as

a

result

of,

among

other

things,

regulatory,

market

and

other

developments,

such

as

the

adoption

of

the

tailored

shareholder

report

or

the

revised

fund

name

rule.

In

considering

the

breadth

and

quality

of

services

the

Adviser

and

its

various

teams

provide,

the

Board

considered

that

the

Adviser

provides

investment

advisory

services.

With

respect

to

the

Nuveen

funds,

such

funds

utilize

sub-advisers

to

manage

the

portfolios

of

the

funds

subject

to

the

supervision

of

NFAL.

Accordingly,

the

Board

considered

that

NFAL

and

its

affiliates,

among

other

things,

oversee

and

review

the

performance

of

the

respective

sub-adviser

and

its

investment

team(s);

evaluate

Nuveen

fund

performance

and

market

conditions;

evaluate

investment

strategies

and

recommend

changes

thereto;

set

and

manage

distributions

consistent

with

the

respective

Nuveen

fund’s

product

design;

oversee

trade

execution

and,

as

applicable,

securities

lending;

evaluate

investment

risks;

and

manage

valuation

matters.

With

respect

to

closed-end

Nuveen

funds,

such

services

also

include

managing

leverage;

monitoring

asset

coverage

levels

for

leveraged

funds

and

compliance

with

rating

agency

criteria;

providing

capital

management

and

secondary

market

services

(such

as

implementing

common

share

shelf

offerings,

capital

return

programs

and

common

share

repurchases);

and

maintaining

a

closed-end

fund

investor

relations

program.

The

Board

considered

that,

with

respect

to

such

funds,

management

actively

monitors

any

discount

from

net

asset

value

per

share

at

which

the

respective

Nuveen

fund’s

common

stock

trades

and

76

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

(Unaudited)

(continued)

evaluates

potential

avenues

to

mitigate

the

discount,

including

evaluating

the

level

of

distributions

that

the

fund

pays.

The

Board

further

considered

that

over

the

course

of

the

2023

calendar

year,

the

Nuveen

global

public

product

team

which

supports

the

funds

in

the

fund

complex

and

their

shareholders

assessed

the

investment

personnel

across

the

investment

leadership

teams

which

resulted

in

additions

or

other

modifications

to

the

portfolio

management

teams

of

various

funds.

The

Board

also

reviewed

a

description

of

the

compensation

structure

applicable

to

certain

portfolio

managers.

In

addition

to

the

above

investment

advisory

services,

the

Board

further

considered

the

extensive

compliance,

regulatory,

administrative

and

other

services

the

Adviser

and

its

various

teams

or

affiliates

provide

to

manage

and

operate

the

applicable

funds.

Given

the

highly

regulated

industry

in

which

the

funds

operate,

the

Board

considered

the

breadth

of

the

Adviser’s

compliance

program

and

related

policies

and

procedures.

The

Board

reviewed

various

initiatives

the

Adviser’s

compliance

team

undertook

or

continued

in

2023,

in

part,

to

address

new

regulatory

requirements,

support

international

business

growth

and

product

development,

enhance

international

trading

capabilities,

enhance

monitoring

capabilities

in

light

of

the

new

regulatory

requirements

and

guidance

and

maintain

a

comprehensive

training

program.

The

Board

further

considered,

among

other

things,

that

other

non-advisory

services

provided

included,

among

other

things,

board

support

and

reporting;

establishing

and

reviewing

the

services

provided

by

other

fund

service

providers

(such

as

a

fund’s

custodian,

accountant,

and

transfer

agent);

risk

management,

including

reviews

of

the

liquidity

risk

management

and

derivatives

risk

management

programs;

legal

support

services;

regulatory

advocacy;

and

cybersecurity,

business

continuity

and

disaster

recovery

planning

and

testing.

Aside

from

the

services

provided,

the

Board

considered

the

financial

resources

of

the

Adviser

and/or

its

affiliates

and

their

willingness

to

make

investments

in

the

technology,

personnel

and

infrastructure

to

support

the

funds,

including

to

enhance

global

talent,

middle

office

systems,

software

and

international

and

internal

capabilities.

The

Board

considered

the

access

provided

by

the

Adviser

and

its

affiliates

to

a

seed

capital

budget

to

support

new

or

existing

funds

and/or

facilitate

changes

for

a

respective

fund.

The

Board

considered

the

benefits

to

shareholders

of

investing

in

a

fund

that

is

a

part

of

a

large

fund

complex

with

a

variety

of

investment

disciplines,

capabilities,

expertise

and

resources

available

to

navigate

and

support

the

funds

including

during

stressed

times.

The

Board

considered

the

overall

reputation

and

capabilities

of

the

Adviser

and

its

affiliates

and

the

Adviser’s

continuing

commitment

to

provide

high

quality

services.

In

its

review,

the

Board

also

considered

the

significant

risks

borne

by

the

Adviser

and

its

affiliates

in

connection

with

their

services

to

the

applicable

funds,

including

entrepreneurial

risks

in

sponsoring

and

supporting

new

funds

and

smaller

funds

and

ongoing

risks

with

managing

the

funds,

such

as

investment,

operational,

reputational,

regulatory,

compliance

and

litigation

risks.

With

respect

to

the

Funds,

the

Board

considered

the

division

of

responsibilities

between

NFAL

and

the

Sub-Advisers

and

considered

that

each

Sub-Adviser

and

its

investment

personnel

generally

are

responsible

for

the

management

of

each

applicable

Fund’s

portfolio

under

the

oversight

of

NFAL

and

the

Board.

The

Board

considered

an

analysis

of

each

Sub-Adviser

provided

by

NFAL

which

included,

among

other

things,

a

summary

of

changes

in

the

leadership

teams

and/or

portfolio

manager

teams;

the

performance

of

the

Nuveen

funds

sub-advised

by

the

Sub-Adviser

over

various

periods

of

time;

and

data

reflecting

product

changes

(if

any)

taken

with

respect

to

certain

Nuveen

funds.

The

Board

considered

that

NFAL

recommended

the

renewal

of

the

Sub-Advisory

Agreements.

Based

on

its

review,

the

Board

determined,

in

the

exercise

of

its

reasonable

business

judgment,

that

it

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

to

the

respective

Funds

under

each

applicable

Advisory

Agreement.

B.

The

Investment

Performance

of

the

Funds

and

Fund

Advisers

In

evaluating

the

quality

of

the

services

provided

by

the

Fund

Advisers,

the

Board

also

considered

a

variety

of

investment

performance

data

of

the

Funds.

In

this

regard,

the

Board

and/or

its

Investment

Committee

reviewed,

among

other

things,

performance

of

the

Funds

over

the

quarter,

one-,

three-

and

five-year

periods

ending

December 31,

2023

and

March 31,

2024

(or

for

such

shorter

periods

to

the

extent

a

Fund

was

not

in

existence

during

such

periods).

The

Board

performed

its

annual

review

of

fund

performance

at

its

February

Meeting

and

an

additional

review

at

the

April

Executive

Session

and

also

reviewed

and

discussed

performance

data

at

its

other

regularly

scheduled

quarterly

meetings

throughout

the

year.

The

Board

therefore

took

into

account

the

performance

data,

presentations

and

discussions

(written

and

oral)

that

were

provided

at

the

Meeting

and

in

prior

meetings

over

time

in

evaluating

fund

performance,

including

management’s

analysis

of

a

fund’s

performance

with

particular

focus

on

funds

that

met

certain

challenged

performance

measurements

as

determined

pursuant

to

a

methodology

approved

by

the

Board

or

additional

measurements

as

determined

by

management’s

investment

analysts.

As

various

Nuveen

funds

have

modified

their

portfolio

teams

and/or

made

significant

changes

to

their

portfolio

strategies

over

time,

the

Board

reviewed,

among

other

things,

certain

tracking

performance

data

over

specific

periods

comparing

performance

before

and

after

such

changes.

The

Board

considered

that

performance

data

reflects

performance

over

a

specified

period

which

may

differ

significantly

depending

on

the

ending

dates

selected,

particularly

during

periods

of

market

volatility.

Further,

the

Board

considered

that

shareholders

may

evaluate

performance

based

on

their

own

respective

holding

periods

which

may

differ

from

the

performance

periods

reviewed

by

the

Board

and

lead

to

differing

results.

In

its

evaluation,

the

Board

reviewed

fund

performance

results

from

different

perspectives.

In

general,

subject

to

certain

exceptions,

the

Board

reviewed

both

absolute

and

relative

fund

performance

over

the

various

time

periods

and

considered

performance

results

in

light

of

a

fund’s

investment

objective(s),

strategies

and

risks.

With

respect

to

the

relative

performance,

the

Board

considered

fund

performance

in

comparison

to

the

performance

of

peer

funds

(the

“Performance

Peer

Group”),

subject

to

certain

exceptions,

and

recognized

and/or

customized

benchmarks

(i.e.,

generally

benchmarks

derived

from

multiple

recognized

benchmarks).

In

reviewing

such

comparative

performance,

the

Board

was

cognizant

of

the

inherent

limitations

of

such

data

which

can

make

meaningful

performance

comparisons

generally

difficult.

As

an

illustration,

differences

in

the

composition

of

the

Performance

Peer

Group,

the

investment

objective(s),

strategies,

dates

of

fund

inception

and

other

characteristics

of

the

peers

in

the

Performance

Peer

Group,

the

level,

type

and

cost

of

leverage

(if

any)

of

the

peers,

and

the

varying

sizes

of

peers

all

may

contribute

to

differences

in

the

performance

results

of

a

Performance

Peer

Group

compared

to

the

applicable

fund.

With

respect

to

relative

performance

of

a

fund

compared

to

a

benchmark

index,

differences,

among

other

things,

in

the

investment

objective(s)

and

strategies

of

a

fund

and

the

benchmark

(particularly

an

actively

managed

fund

that

does

not

directly

follow

an

index)

as

well

as

the

costs

of

operating

a

fund

would

necessarily

contribute

to

differences

77

in

performance

results

and

limit

the

value

of

the

comparative

performance

information.

To

assist

the

Board

in

its

review

of

the

comparability

of

the

relative

performance,

management

generally

has

ranked

the

relevancy

of

the

Performance

Peer

Groups

to

the

Funds

as

low,

medium

or

high.

In

its

review

of

relative

performance,

the

Board

considered

a

Fund’s

performance

relative

to

its

Performance

Peer

Group,

among

other

things,

by

evaluating

its

quartile

ranking

with

the

1st

quartile

representing

the

top

performing

funds

within

the

Performance

Peer

Group

and

the

4th

quartile

representing

the

lowest

performing

funds.

The

Board

also

considered

that

secondary

market

trading

of

shares

of

the

Nuveen

closed-end

funds

also

continues

to

be

a

priority

for

the

Board

given

its

importance

to

shareholders,

and

therefore,

the

Board

and/or

its

Closed-end

Fund

committee

reviews

certain

performance

data

reflecting,

among

other

things,

the

premiums

and

discounts

at

which

the

shares

of

the

Nuveen

closed-end

funds

have

traded

at

various

periods

throughout

the

year.

In

its

review,

the

Board

considers,

among

other

things,

changes

to

investment

mandates

and

guidelines,

distribution

policies,

leverage

levels

and

types;

share

repurchases

and

similar

capital

market

actions;

and

effective

communications

programs

to

build

greater

awareness

and

deepen

understanding

of

closed-end

funds.

As

applicable,

the

Board

considered

the

impact

of

leverage

on

a

Nuveen

fund’s

performance.

The

Board

further

considered

that

performance

results

should

include

the

distribution

yields

of

funds

that

seek

to

provide

income

as

part

of

their

investment

objective(s)

to

shareholders.

In

this

regard,

the

Board

considered

that

the

use

of

leverage

by

various

funds

may

have

detracted

from

total

return

performance

of

such

funds

over

various

periods

in

current

market

conditions,

but

the

leverage

also

was

accretive

in

providing

higher

levels

of

income.

The

Board

evaluated

performance

in

light

of

various

relevant

factors

which

may

include,

among

other

things,

general

market

conditions,

issuer-

specific

information,

asset

class

information,

leverage

and

fund

cash

flows.

The

Board

considered

that

long-term

performance

could

be

impacted

by

even

one

period

of

significant

outperformance

or

underperformance

and

that

a

single

investment

theme

could

disproportionately

affect

performance.

Further,

the

Board

considered

that

market

and

economic

conditions

may

significantly

impact

a

fund’s

performance,

particularly

over

shorter

periods,

and

such

performance

may

be

more

reflective

of

such

economic

or

market

events

and

not

necessarily

reflective

of

management

skill.

Although

the

Board

reviews

short-,

intermediate-

and

longer-term

performance

data,

the

Board

considered

that

longer

periods

of

performance

may

reflect

full

market

cycles.

In

their

review

from

year

to

year,

the

Board

Members

consider

and

may

place

different

emphasis

on

the

relevant

information

in

light

of

changing

circumstances

in

market

and

economic

conditions.

In

evaluating

performance,

the

Board

focused

particular

attention

on

funds

with

less

favorable

performance

records.

However,

depending

on

the

facts

and

circumstances,

including

any

differences

between

the

respective

fund

and

its

benchmark

and/or

Performance

Peer

Group,

the

Board

may

be

satisfied

with

a

fund’s

performance

notwithstanding

that

its

performance

may

be

below

that

of

its

benchmark

and/or

peer

group

for

certain

periods.

With

respect

to

any

funds

for

which

the

Board

has

identified

performance

issues,

the

Board

seeks

to

monitor

such

funds

more

closely

until

performance

improves,

discuss

with

the

Adviser

the

reasons

for

such

results,

consider

whether

any

steps

are

necessary

or

appropriate

to

address

such

issues,

discuss

and

evaluate

the

potential

consequences

of

such

steps

and

review

the

results

of

any

steps

undertaken.

The

performance

determinations

with

respect

to

each

Fund

are

summarized

below.

For

Nuveen

Global

High

Income

Fund,

the

Board

considered

that

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

three-year

period

ended

December

31,

2023,

the

Fund

outperformed

its

benchmark

for

the

one-

and

five-year

periods

ended

December

31,

2023

and

ranked

in

the

second

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

and

third

quartile

for

the

three-

and

five-year

periods

ended

December

31,

2023.

In

addition,

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

three-

and

five-year

periods

ended

March

31,

2024,

the

Fund

outperformed

its

benchmark

for

the

one-year

period

ended

March

31,

2024.

Further,

the

Fund

ranked

in

the

first

quartile

of

its

Performance

Peer

Group

for

the

one-year

period,

second

quartile

for

the

three-year

period

and

third

quartile

for

the

five-year

period

ended

March

31,

2024.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

Nuveen

Core

Plus

Impact

Fund,

the

Board

considered

that

although

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-year

periods

ended

December

31,

2023

and

March

31,

2024

and

the

Fund’s

performance

was

below

the

performance

of

its

blended

benchmark

for

the

one-year

period

ended

December

31,

2023,

the

Fund

outperformed

its

blended

benchmark

for

the

one-year

period

ended

March

31,

2024.

In

considering

performance,

the

Board

considered

that

the

Fund’s

Performance

Peer

Group

was

classified

as

low

for

relevancy.

In

its

review,

the

Board

also

considered

that

the

Fund

was

relatively

new

with

a

performance

history

generally

too

limited

to

make

a

meaningful

assessment

of

performance,

and

management

deserved

additional

time

to

develop

a

performance

record.

However,

the

Board

also

considered

management’s

discussion

of

the

Fund’s

performance,

including

the

reasons

for

the

challenged

performance

for

certain

periods,

and

the

Fund’s

more

recent

improved

performance

over

the

fourth

quarter

ended

December

31,

2023

and

first

quarter

ended

March

31,

2024

and

determined

to

renew

the

Advisory

Agreements

and

to

continue

to

monitor

this

Fund.

78

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

(Unaudited)

(continued)

For

Nuveen

Mortgage

and

Income

Fund,

the

Board

considered

that

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

five-year

period

ended

December 31,

2023,

the

Fund

outperformed

its

benchmark

for

the

one-

and

three-year

periods

ended

December

31,

2023

and

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-

and

three-year

periods

ended

December 31,

2023

and

second

quartile

for

the

five-year

period

ended

December

31,

2023.

In

addition,

the

Fund

outperformed

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

March

31,

2024

and

ranked

in

the

second

quartile

of

its

Peer

Peer

Group

for

the

one-year

period,

third

quartile

for

the

three-year

period

and

first

quartile

for

the

five-year

period

ended

March

31,

2024.

In

its

review,

the

Board

considered

that

the

Fund’s

Performance

Peer

Group

was

classified

as

low

for

relevancy.

The

Board

also

considered

that

the

Fund

was

restructured

to

become

a

perpetual

closed-end

fund

with

a

new

investment

objective,

new

sub-adviser

and

revised

investment

mandate

effective

in

October

2019.

The

Board

considered

that

the

Fund’s

performance

prior

to

such

restructuring

would

not

reflect

these

changes.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

C.

Fees,

Expenses

and

Profitability

1.

Fees

and

Expenses

As

part

of

its

annual

review,

the

Board

generally

reviewed,

among

other

things,

with

respect

to

the

Nuveen

closed-end

funds,

the

contractual

management

fee

and

the

actual

management

fee

(i.e.,

the

management

fee

after

taking

into

consideration

fee

waivers

and/or

expense

reimbursements,

if

any)

paid

by

a

Fund

to

the

Adviser

in

light

of

the

nature,

extent

and

quality

of

the

services

provided.

The

Board

also

reviewed

information

about

other

expenses

and

the

total

operating

expense

ratio

of

each

Fund

(after

any

fee

waivers

and/or

expense

reimbursements).

More

specifically,

the

Board

Members

reviewed,

among

other

things,

each

Fund’s

management

fee

rates

and

net

total

expense

ratio

in

relation

to

similar

data

for

a

comparable

universe

of

funds

(the

“Expense

Universe”)

established

by

Broadridge.

The

Board

Members

reviewed

the

methodology

Broadridge

employed

to

establish

its

Expense

Universe

and

considered

that

differences

between

the

applicable

fund

and

its

respective

Expense

Universe

as

well

as

changes

to

the

composition

of

the

Expense

Universe

from

year

to

year,

may

limit

some

of

the

value

of

the

comparative

data.

The

Board

Members

also

considered

that

it

can

be

difficult

to

compare

management

fees

among

funds

as

there

are

variations

in

the

services

that

are

included

for

the

fees

paid.

The

Board

Members

took

these

limitations

and

differences

into

account

when

reviewing

comparative

peer

data.

The

Board

Members

also

considered

a

Fund’s

operating

expense

ratio

as

it

more

directly

reflected

a

shareholder’s

total

costs

in

investing

in

the

respective

fund.

In

their

review,

the

Board

Members

considered,

in

particular,

each

fund

with

a

net

total

expense

ratio

(based

on

common

assets

and

excluding

investment-related

costs

such

as

the

costs

of

leverage

and

taxes

for

closed-end

funds)

meeting

certain

expense

or

fee

criteria

when

compared

to

its

Expense

Universe

and

an

analysis

as

to

the

factors

contributing

to

each

such

fund’s

relative

net

total

expense

ratio.

In

addition,

although

the

Board

reviewed

a

fund’s

net

total

expense

ratio

both

including

and

excluding

investment-related

expenses

(e.g.,

leverage

costs)

for

certain

of

the

closed-end

funds,

the

Board

considered

that

leverage

expenses

will

vary

across

funds

and

peers

because

of

differences

in

the

forms

and

terms

of

leverage

employed

by

the

respective

fund.

Accordingly,

in

reviewing

the

comparative

data

between

a

fund

and

its

peers,

the

Board

generally

considered

the

fund’s

net

total

expense

ratio

and

fees

excluding

investment-related

costs

and

taxes

for

the

closed-end

funds.

The

Board

also

considered

that

the

use

of

leverage

for

closed-end

funds

may

create

a

conflict

of

interest

for

NFAL

and

the

applicable

sub-adviser

given

the

increase

of

assets

from

leverage

upon

which

an

advisory

or

sub-advisory

fee

is

based.

The

Board

Members

considered,

however,

that

NFAL

and

the

sub-advisers

(as

applicable)

would

seek

to

manage

the

potential

conflict

by

recommending

to

the

Board

to

leverage

the

applicable

fund

or

increase

such

leverage

when

NFAL

and/or

a

sub-adviser,

as

applicable,

has

determined

that

such

action

would

be

in

the

best

interests

of

the

respective

fund

and

its

common

shareholders

and

by

periodically

reviewing

with

the

Board

the

fund’s

performance

and

the

impact

of

the

use

of

leverage

on

that

performance.

The

Board

Members

also

considered,

in

relevant

part,

a

Fund’s

management

fee

and

net

total

expense

ratio

in

light

of

the

Fund’s

performance

history,

including

reviewing

certain

funds

identified

by

management

and/or

the

Board

as

having

a

higher

net

total

expense

ratio

or

management

fee

compared

to

their

respective

peers

coupled

with

experiencing

periods

of

challenged

performance

and

considering

the

reasons

for

such

comparative

positions.

In

their

evaluation

of

the

fee

arrangements

for

the

Funds,

the

Board

Members

also

reviewed

the

management

fee

schedules

and

the

expense

reimbursements

and/or

fee

waivers

agreed

to

by

the

Adviser

for

the

respective

fund

(if

any).

In

its

review,

the

Board

considered

that

the

management

fees

of

the

Nuveen

funds

were

generally

comprised

of

two

components,

a

fund-level

component

and

a

complex-level

component,

each

with

its

own

breakpoint

schedule,

subject

to

certain

exceptions.

As

indicated

above,

the

Board

approved

a

revised

fee

schedule

which

would

reduce

and

streamline

the

asset

thresholds

necessary

to

meet

breakpoints

in

the

complex-level

fee

component.

The

Board

considered

that

management

anticipated

approximately

$50

million

in

savings

for

Nuveen

fund

shareholders

as

a

result

of

the

revised

fee

schedule

as

well

as

additional

estimated

savings

over

time.

The

Board

further

considered

management’s

representation

that

there

will

be

no

increase

to

any

Nuveen

fund’s

respective

advisory

agreement

fee

rate

as

a

result

of

the

revised

complex-level

fee

schedule.

In

its

review,

the

Board

considered

that

across

the

Nuveen

fund

and

TC

fund

complex,

management

estimated

that

fund-level

breakpoints

resulted

in

approximately

$82.5

million

in

reduced

fees

overall

in

2023.

In

addition,

the

Board

considered

that

management

determined

that

the

Nuveen

funds

achieved

additional

fee

reductions

of

approximately

$49

million

due

to

the

complex-wide

management

fee

structure

in

2023.

With

respect

to

each

Sub-Adviser,

the

Board

also

considered,

among

other

things,

the

sub-advisory

fee

schedule

paid

to

the

Sub-Adviser

in

light

of

the

sub-advisory

services

provided

to

the

respective

Fund.

In

its

review,

the

Board

considered

that

the

compensation

paid

to

each

Sub-Adviser

is

the

responsibility

of

NFAL,

not

the

applicable

Fund(s).

The

Board’s

considerations

regarding

the

comparative

fee

data

for

each

of

the

Funds

are

set

forth

below.

79

For

Nuveen

Global

High

Income

Fund,

although

the

Fund’s

actual

management

fee

rate

was

above

the

Expense

Universe

median,

the

Fund’s

contractual

management

fee

rate

was

generally

in-line

with

the

Expense

Universe

median,

and

the

Fund’s

net

total

expense

ratio

matched

the

Expense

Universe

median.

For

Nuveen

Core

Plus

Impact

Fund,

the

Fund’s

contractual

management

fee

rate,

actual

management

fee

rate

and

net

total

expense

ratio

were

above

the

Expense

Universe

median.

In

their

review,

the

Board

Members

considered

that

differences

in

the

Fund’s

investment

strategy

relative

to

the

peer

set

and

the

scale

of

the

Fund

contributed

to

the

differential

in

fees

and

expenses.

For

Nuveen

Mortgage

and

Income

Fund,

although

the

Fund’s

contractual

management

fee

rate

and

actual

management

fee

rate

were

above

the

Expense

Universe

median,

the

Fund’s

net

total

expense

ratio

matched

the

Expense

Universe

median.

Based

on

its

review

of

the

information

provided,

the

Board

determined

that

each

Fund’s

management

fees

(as

applicable)

to

a

Fund

Adviser

were

reasonable

in

light

of

the

nature,

extent

and

quality

of

services

provided

to

the

Fund.

2.

Comparisons

with

the

Fees

of

Other

Clients

In

evaluating

the

appropriateness

of

fees,

the

Board

also

considered

that

the

Adviser,

affiliated

sub-advisers

and/or

their

affiliate(s)

provide

investment

management

services

to

other

types

of

clients

which

may

include:

separately

managed

accounts,

retail

managed

accounts,

foreign

funds

(UCITS),

other

investment

companies

(as

sub-advisers),

limited

partnerships

and

collective

investment

trusts.

The

Board

reviewed

the

equal

weighted

average

fee

or

other

fee

data

for

the

other

types

of

clients

managed

in

a

similar

manner

to

certain

of

the

Nuveen

funds

and

TC

funds.

The

Board

considered

the

Adviser’s

rationale

for

the

differences

in

the

management

fee

rates

of

the

funds

compared

to

the

management

fee

rates

charged

to

these

other

types

of

clients.

In

this

regard,

the

Board

considered

that

differences,

including

but

not

limited

to,

the

amount,

type

and

level

of

services

provided

by

the

Adviser

to

the

funds

compared

to

that

provided

to

other

clients

as

well

as

differences

in

investment

policies;

regulatory,

disclosure

and

governance

requirements;

servicing

relationships

with

vendors;

the

manner

of

managing

such

assets;

product

structure;

investor

profiles;

and

account

sizes

all

may

contribute

to

variations

in

relative

fee

rates.

Further,

differences

in

the

client

base,

governing

bodies,

distribution,

jurisdiction

and

operational

complexities

also

would

contribute

to

variations

in

management

fees

assessed

the

funds

compared

to

foreign

fund

clients.

In

addition,

differences

in

the

level

of

advisory

services

required

for

passively

managed

funds

also

contribute

to

differences

in

the

management

fee

levels

of

such

funds

compared

to

actively

managed

funds.

As

a

general

matter,

higher

fee

levels

reflect

higher

levels

of

service

provided

by

the

Adviser,

increased

investment

management

complexity,

greater

product

management

requirements,

and

higher

levels

of

business

risk

or

some

combination

of

these

factors.

The

Board

considered

the

wide

range

of

services

in

addition

to

investment

management

that

the

Adviser

had

provided

to

the

funds

compared

to

other

types

of

clients

as

well

as

the

increased

entrepreneurial,

legal

and

regulatory

risks

that

the

Adviser

incurs

in

sponsoring

and

managing

the

funds.

The

Board

further

considered

that

a

sub-adviser’s

fee

is

essentially

for

portfolio

management

services

and

therefore

more

comparable

to

the

fees

it

receives

for

retail

wrap

accounts

and

other

external

sub-advisory

mandates.

The

Board

concluded

that

the

varying

levels

of

fees

were

reasonable

given,

among

other

things,

the

more

extensive

services,

regulatory

requirements

and

legal

liabilities,

and

the

entrepreneurial,

legal

and

regulatory

risks

incurred

in

sponsoring

and

advising

a

registered

investment

company

compared

to

that

required

in

advising

other

types

of

clients.

3.

Profitability

of

Fund

Advisers

In

their

review,

the

Board

Members

considered

various

profitability

data

relating

to

the

Fund

Advisers’

services

to

the

Nuveen

funds.

With

respect

to

the

Nuveen

funds,

the

Board

Members

reviewed

the

estimated

profitability

information

of

Nuveen

as

a

result

of

its

advisory

services

to

the

Nuveen

funds

overall

as

well

as

profitability

data

of

certain

other

asset

management

firms.

Such

profitability

information

included,

among

other

things,

gross

and

net

revenue

margins

(excluding

distribution)

of

Nuveen

Investments,

Inc.

(“Nuveen

Investments”)

for

services

to

the

Nuveen

funds

on

a

pre-tax

and

after-tax

basis

for

the

2023

and

2022

calendar

years

as

well

as

the

revenues

earned

(less

any

expense

reimbursements/fee

waivers)

and

expenses

incurred

by

Nuveen

Investments

for

its

advisory

activities

to

the

Nuveen

funds

(excluding

distribution)

for

the

2023

and

2022

calendar

years.

The

Board

Members

also

considered

the

rationale

for

the

change

in

Nuveen’s

profitability

from

2022

to

2023.

In

addition,

the

Board

reviewed

the

revenues,

expenses

and

operating

margin

(pre-

and

after-tax)

NFAL

derived

from

its

exchange-traded

fund

(“ETF”)

product

line

for

the

2023

and

2022

calendar

years.

In

developing

the

profitability

data,

the

Board

Members

considered

the

subjective

nature

of

calculating

profitability

as

the

information

is

not

audited

and

is

necessarily

dependent

on

cost

allocation

methodologies

to

allocate

expenses

throughout

the

complex

and

among

the

various

advisory

products.

Given

there

is

no

single

universally

recognized

expense

allocation

methodology

and

that

other

reasonable

and

valid

allocation

methodologies

could

be

employed

and

could

lead

to

significantly

different

results,

the

Board

reviewed,

among

other

things,

a

description

of

the

cost

allocation

methodologies

employed

to

develop

the

financial

information,

a

summary

of

the

refinements

Nuveen

had

made

to

the

methodology

that

had

occurred

over

the

years

from

2010

through

2021

to

provide

Nuveen’s

profitability

analysis,

and

a

historical

expense

analysis

of

Nuveen

Investments’

revenues,

expenses

and

pre-tax

net

revenue

margins

derived

from

its

advisory

services

to

the

Nuveen

funds

(excluding

distribution)

for

the

calendar

years

from

2017

through

2023.

The

Board

of

the

Nuveen

funds

had

also

appointed

two

Board

Members

to

serve

as

the

Board’s

liaisons

to

meet

with

representatives

of

NFAL

and

review

the

development

of

the

profitability

data

and

to

report

to

the

full

Board.

In

addition,

the

Board

considered

certain

comparative

operating

margin

data.

In

this

regard,

the

Board

reviewed

the

operating

margins

of

Nuveen

Investments

compared

to

the

adjusted

operating

margins

of

a

peer

group

of

asset

management

firms

with

publicly

available

data

and

the

most

comparable

assets

under

management

(based

on

asset

size

and

asset

composition)

to

Nuveen.

The

Board

considered

that

the

operating

margins

of

the

peers

were

adjusted

generally

to

address

that

certain

services

provided

by

the

peers

were

not

provided

by

Nuveen.

The

Board

also

reviewed,

among

other

things,

the

net

revenue

margins

(pre-tax)

of

Nuveen

Investments

on

a

company-wide

basis

and

the

net

revenue

margins

(pre-tax)

of

Nuveen

Investments

derived

from

its

services

to

the

Nuveen

funds

only

(including

and

excluding

distribution)

compared

to

the

adjusted

operating

margins

of

the

peer

group

for

each

calendar

year

from

2014

to

2023.

In

their

review

of

the

comparative

data,

the

Board

Members

considered

80

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

(Unaudited)

(continued)

the

limitations

of

the

comparative

data

given

that

peer

data

is

not

generally

public

and

the

calculation

of

profitability

is

subjective

and

affected

by

numerous

factors

(such

as

types

of

funds

a

peer

manages,

its

business

mix,

its

cost

of

capital,

the

numerous

assumptions

underlying

the

methodology

used

to

allocate

expenses

and

other

factors)

that

can

have

a

significant

impact

on

the

results.

Aside

from

the

profitability

data,

the

Board

considered

that

NFAL

and

TAL

are

affiliates

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”).

NFAL

is

a

subsidiary

of

Nuveen,

LLC,

the

investment

management

arm

of

TIAA,

and

TAL

is

an

indirect

wholly

owned

subsidiary

of

TIAA.

Accordingly,

the

Board

also

reviewed

a

balance

sheet

for

TIAA

reflecting

its

assets,

liabilities

and

capital

and

contingency

reserves

for

the

2023

and

2022

calendar

years

to

consider

the

financial

strength

of

TIAA.

The

Board

considered

the

benefit

of

an

investment

adviser

and

its

parent

with

significant

resources,

particularly

during

periods

of

market

volatility.

The

Board

also

considered

the

reinvestments

the

Adviser,

its

parent

and/

or

other

affiliates

made

into

their

business

through,

among

other

things,

the

investment

of

seed

capital

in

certain

funds,

initiatives

in

international

expansion,

investments

in

infrastructure

and

continued

investments

in

enhancements

to

technological

capabilities.

The

Board

Members

considered

the

profitability

of

each

Sub-Adviser

from

its

relationships

with

the

respective

Nuveen

funds.

In

this

regard,

with

respect

to

NAM,

the

Board

Members

reviewed,

among

other

things,

such

Sub-Adviser’s

revenues,

expenses

and

net

revenue

margins

(pre-

and

after-

tax)

for

its

advisory

activities

to

the

respective

Nuveen

funds

for

the

calendar

years

ended

December 31,

2023

and

December

31,

2022.

The

Board

Members

also

reviewed

a

profitability

analysis

reflecting

the

revenues,

expenses

and

revenue

margin

(pre-

and

after-tax)

grouped

by

similar

types

of

funds

(such

as

municipal,

taxable

fixed

income,

equity,

real

assets

and

index/asset

allocation)

for

NAM

for

the

calendar

years

ending

December 31,

2023

and

December

31,

2022.

With

respect

to

TAL,

the

Board

Members

reviewed,

among

other

things,

the

revenues,

expenses

and

net

operating

income

for

such

Sub-Adviser’s

advisory

services

to

the

Nuveen

ETFs

and

Nuveen

closed-end

funds

it

sub-advises

for

the

2023

and

2022

calendar

years.

In

evaluating

the

reasonableness

of

the

compensation,

the

Board

Members

also

considered

the

indirect

benefits

NFAL

or

the

Sub-Advisers

received

that

were

directly

attributable

to

the

management

of

the

applicable

funds

as

discussed

in

further

detail

below.

Based

on

its

review,

the

Board

was

satisfied

that

each

Fund

Adviser’s

level

of

profitability

from

its

relationship

with

each

Nuveen

fund

was

not

unreasonable

over

various

time

frames

in

light

of

the

nature,

extent

and

quality

of

services

provided.

D.

Economies

of

Scale

and

Whether

Fee

Levels

Reflect

These

Economies

of

Scale

The

Board

considered

whether

there

have

been

economies

of

scale

with

respect

to

the

management

of

the

funds

in

the

fund

complex,

including

the

Funds,

whether

these

economies

of

scale

have

been

appropriately

shared

with

such

funds

and

whether

there

is

potential

for

realization

of

further

economies

of

scale.

Although

the

Board

considered

that

economies

of

scale

are

difficult

to

measure

with

any

precision

and

the

rates

at

which

certain

expenses

are

incurred

may

not

decline

with

a

rise

in

assets,

the

Board

considered

that

there

are

various

methods

that

may

be

employed

to

help

share

the

benefits

of

economies

of

scale,

including,

among

other

things,

through

the

use

of

breakpoints

in

the

management

fee

schedule,

fee

waivers

and/or

expense

limitations,

the

pricing

of

funds

at

scale

at

inception

and

investments

in

the

Adviser’s

business

which

can

enhance

the

services

provided

to

the

applicable

funds

for

the

fees

paid.

The

Board

considered

that

the

Adviser

has

generally

employed

one

or

more

of

these

various

methods

among

the

applicable

funds.

In

this

regard,

the

Board

considered,

as

noted

above,

that

the

management

fee

of

NFAL

generally

was

comprised

of

a

fund-level

component

and

a

complex-level

component

each

with

its

own

breakpoint

schedule,

subject

to

certain

exceptions.

With

this

structure,

the

Board

considered

that

the

complex-level

breakpoint

schedule

was

designed

to

deliver

the

benefits

of

economies

of

scale

to

shareholders

when

the

assets

of

eligible

funds

in

the

complex

pass

certain

thresholds

even

if

the

assets

of

a

particular

fund

are

unchanged

or

have

declined,

and

the

fund-level

breakpoint

schedules

were

designed

to

share

economies

of

scale

with

shareholders

if

the

particular

fund

grows.

The

Board

reviewed

the

fund-level

and

complex-level

fee

schedules.

As

summarized

above,

the

Board

approved

a

new

complex-level

breakpoint

schedule

which

would

simplify

and

reduce

the

complex-level

fee

rates

at

various

thresholds

and

expanded

the

eligible

funds

whose

assets

would

be

included

in

calculating

the

complex-level

fee,

effective

May

1,

2024.

Among

other

things,

the

assets

of

certain

TC

funds

advised

by

TAL

would

be

phased

into

the

calculation

of

the

complex-wide

assets

in

determining

the

complex-level

fee

over

a

ten-year

period.

The

Board

considered

the

cost

savings

and

additional

potential

sharing

of

economies

of

scale

as

a

result

of

the

reduced

complex-level

breakpoint

schedule

and

the

additional

assets

from

more

eligible

funds

in

calculating

the

assets

of

the

complex

for

determining

the

complex-level

fee

component.

The

Board

reviewed

the

projected

shareholder

savings

derived

from

such

modifications

over

a

ten-year

period

from

2024

to

2033.

The

Board

considered

management’s

representation

that

there

will

be

no

increase

to

any

fund’s

respective

advisory

agreement

fee

rate.

The

Board

also

considered

that

with

respect

to

Nuveen

closed-end

funds,

although

closed-end

funds

may

make

additional

share

offerings

from

time

to

time,

the

closed-end

funds

have

a

more

limited

ability

to

increase

their

assets

because

the

growth

of

their

assets

will

occur

primarily

from

the

appreciation

of

their

investment

portfolios.

The

Board

Members

also

considered

the

continued

reinvestment

in

Nuveen/TIAA’s

business

to

enhance

its

capabilities

and

services

to

the

benefit

of

its

various

clients.

The

Board

understood

that

many

of

these

investments

were

not

specific

to

individual

funds,

but

rather

incurred

across

a

variety

of

products

and

services

pursuant

to

which

the

family

of

funds

as

a

whole

may

benefit.

The

Board

further

considered

that

the

Adviser

and

its

affiliates

have

provided

certain

additional

services,

including,

but

not

limited

to,

services

required

by

new

regulations

and

regulatory

interpretations,

without

raising

advisory

fees

to

the

funds,

and

this

was

also

a

means

of

sharing

economies

of

scale

with

the

funds

and

their

shareholders.

The

Board

considered

the

Adviser’s

and/or

its

affiliates’

ongoing

efforts

to

streamline

the

product

line-up,

among

other

things,

to

create

more

scaled

funds

which

may

help

improve

both

expense

and

trading

economies.

Based

on

its

review,

the

Board

was

satisfied

that

the

current

fee

arrangements

together

with

the

reinvestment

in

management’s

business

appropriately

shared

any

economies

of

scale

with

shareholders.

81

E.

Indirect

Benefits

The

Board

Members

received

and

considered

information

regarding

various

indirect

benefits

the

respective

Fund

Adviser

or

its

affiliates

may

receive

as

a

result

of

their

relationship

with

the

funds

in

the

fund

complex,

including

the

Funds.

These

benefits

included,

among

other

things,

economies

of

scale

to

the

extent

the

Adviser

or

its

affiliates

share

investment

resources

and/or

personnel

with

other

clients

of

the

Adviser.

The

funds

may

also

be

used

as

investment

options

for

other

products

or

businesses

offered

by

the

Adviser

and/or

its

affiliates,

such

as

variable

products,

fund

of

funds

and

529

education

savings

plans,

and

affiliates

of

the

Adviser

may

serve

as

sub-advisers

to

various

funds

in

which

case

all

advisory

and

sub-advisory

fees

generated

by

such

funds

stay

within

Nuveen.

The

Board

considered

that

an

affiliate

of

the

Adviser

received

compensation

in

2023

for

serving

as

an

underwriter

on

shelf

offerings

of

existing

Nuveen

closed-end

funds

and

reviewed

the

amounts

paid

for

such

services

in

2023

and

2022.

In

addition,

the

Board

Members

considered

that

the

Adviser

and

Sub-Advisers

may

utilize

soft

dollar

brokerage

arrangements

attributable

to

the

respective

funds

to

obtain

research

and

other

services

for

any

or

all

of

their

clients,

although

the

Board

Members

also

considered

reimbursements

of

such

costs

by

the

Adviser

and/or

applicable

Sub-

Adviser.

The

Adviser

and

its

affiliates

may

also

benefit

from

the

advisory

relationships

with

the

funds

in

the

fund

complex

to

the

extent

this

relationship

results

in

potential

investors

viewing

the

TIAA

group

of

companies

as

a

leading

retirement

plan

provider

in

the

academic

and

nonprofit

market

and

a

single

source

for

all

their

financial

service

needs.

The

Adviser

and/or

its

affiliates

may

further

benefit

to

the

extent

that

they

have

pricing

or

other

information

regarding

vendors

the

funds

utilize

in

establishing

arrangements

with

such

vendors

for

other

products.

Based

on

its

review,

the

Board

concluded

that

any

indirect

benefits

received

by

a

Fund

Adviser

as

a

result

of

its

relationship

with

the

applicable

Fund(s)

were

reasonable

in

light

of

the

services

provided.

F.

Other

Considerations

The

Board

Members

did

not

identify

any

single

factor

discussed

previously

as

all-important

or

controlling.

The

Board

Members

concluded

that

the

terms

of

each

Advisory

Agreement

were

reasonable,

that

the

respective

Fund

Adviser’s

fees

were

reasonable

in

light

of

the

services

provided

to

each

applicable

Fund

and

that

the

Advisory

Agreements

be

renewed

for

an

additional

one-year

period.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

ESA-B-0624P

3734734-INV-B-08/25

Nuveen:

Serving

Investors

for

Generations

Since

1898,

financial

advisors

and

their

clients

have

relied

on

Nuveen

to

provide

dependable

investment

solutions

through

continued

adherence

to

proven,

long-term

investing

principles.

Today,

we

offer

a

range

of

high

quality

solutions

designed

to

be

integral

components

of

a

well-diversified

core

portfolio.

Focused

on

meeting

investor

needs.

Nuveen

is

the

investment

manager

of

TIAA.

We

have

grown

into

one

of

the

world’s

premier

global

asset

managers,

with

specialist

knowledge

across

all

major

asset

classes

and

particular

strength

in

solutions

that

provide

income

for

investors

and

that

draw

on

our

expertise

in

alternatives

and

responsible

investing.

Nuveen

is

driven

not

only

by

the

independent

investment

processes

across

the

firm,

but

also

the

insights,

risk

management,

analytics

and

other

tools

and

resources

that

a

truly

world-class

platform

provides.

As

a

global

asset

manager,

our

mission

is

to

work

in

partnership

with

our

clients

to

create

solutions

which

help

them

secure

their

financial

future.

Find

out

how

we

can

help

you.

To

learn

more

about

how

the

products

and

services

of

Nuveen

may

be

able

to

help

you

meet

your

financial

goals,

talk

to

your

financial

advisor,

or

call

us

at

(800)

257-8787.

Please

read

the

information

provided

carefully

before

you

invest.

Investors

should

consider

the

investment

objective

and

policies,

risk

considerations,

charges

and

expenses

of

any

investment

carefully.

Where

applicable,

be

sure

to

obtain

a

prospectus,

which

contains

this

and

other

relevant

information.

To

obtain

a

prospectus,

please

contact

your

securities

representative

or

Nuveen,

333

W.

Wacker

Dr.,

Chicago,

IL

60606.

Please

read

the

prospectus

carefully

before

you

invest

or

send

money.

Learn

more

about

Nuveen

Funds

at:

www.nuveen.com/closed-end-funds

NOT

FDIC

INSURED

MAY

LOSE

VALUE

NO

BANK

GUARANTEE

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this filing.

Item 6. Investments.

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

(b) Not applicable.

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

Not applicable to closed-end investment companies.

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

Not applicable to closed-end investment companies.

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

Not applicable to closed-end investment companies.

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

Not applicable to closed-end investment companies.

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

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

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

Not applicable to this filing.

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

Not applicable to this filing.

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

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

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

Item 16. Controls and Procedures.

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

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

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

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Nuveen Core Plus Impact Fund

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

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

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