| NPCT | Nuveen Core Plus Impact Fund
Portfolio of Investments September 30, 2021 | |
| (Unaudited) |
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
LONG-TERM INVESTMENTS – 132.4% (96.4% of Total Investments) |
| |||||||||||||||||||
CORPORATE BONDS – 88.7% (64.6% of Total Investments) |
| |||||||||||||||||||
| Airlines – 0.4% | ||||||||||||||||||||
| $ | 2,000 | Delta Air Lines Inc | 3.750% | 10/28/29 | Baa3 | $ | 2,036,098 | |||||||||||||
| Auto Components – 0.9% | ||||||||||||||||||||
| 5,000 | Dana Inc, (11) | 4.250% | 9/01/30 | BB+ | 5,142,250 | |||||||||||||||
| Automobiles – 2.9% | ||||||||||||||||||||
| 15,300 | Harley-Davidson Inc, (11) | 4.625% | 7/28/45 | BBB+ | 16,374,844 | |||||||||||||||
| Banks – 9.9% | ||||||||||||||||||||
| 5,000 | Alimentation Couche-Tard Inc, 144A | 3.625% | 5/13/51 | BBB | 5,163,651 | |||||||||||||||
| 5,000 | Barclays PLC | 3.811% | 3/10/42 | BBB+ | 5,306,725 | |||||||||||||||
| 17,000 | Intesa Sanpaolo SpA, 144A | 4.950% | 6/01/42 | BB+ | 17,617,960 | |||||||||||||||
| 10,000 | Standard Chartered PLC, 144A | 5.300% | 1/09/43 | BBB+ | 12,141,271 | |||||||||||||||
| 15,000 | UniCredit SpA, 144A | 5.459% | 6/30/35 | Baa3 | 16,548,668 | |||||||||||||||
| 52,000 | Total Banks | 56,778,275 | ||||||||||||||||||
| Building Products – 0.9% | ||||||||||||||||||||
| 5,000 | Carrier Global Corp, (11) | 3.577% | 4/05/50 | BBB | 5,312,222 | |||||||||||||||
| Capital Markets – 1.5% | ||||||||||||||||||||
| 9,000 | Banco BTG Pactual SA/Cayman Islands, 144A | 2.750% | 1/11/26 | Ba2 | 8,741,250 | |||||||||||||||
| Chemicals – 4.5% | ||||||||||||||||||||
| 5,000 | International Flavors & Fragrances Inc, 144A | 3.468% | 12/01/50 | BBB | 5,247,381 | |||||||||||||||
| 5,000 | LG Chem Ltd, 144A | 2.375% | 7/07/31 | BBB+ | 4,918,363 | |||||||||||||||
| 5,000 | LYB International Finance III LLC | 3.800% | 10/01/60 | BBB | 5,190,783 | |||||||||||||||
| 8,867 | Star Energy Geothermal Wayang Windu Ltd, 144A | 6.750% | 4/24/33 | Ba3 | 10,152,715 | |||||||||||||||
| 23,867 | Total Chemicals | 25,509,242 | ||||||||||||||||||
| Communications Equipment – 1.8% | ||||||||||||||||||||
| 10,000 | Vodafone Group PLC | 5.125% | 6/04/81 | BB+ | 10,301,400 | |||||||||||||||
| Diversified Consumer Services – 1.1% | ||||||||||||||||||||
| 6,160 | YMCA of Greater New York | 2.303% | 8/01/26 | BBB | 6,181,179 | |||||||||||||||
| Diversified Financial Services – 1.5% | ||||||||||||||||||||
| 2,400 | Community Preservation Corp | 2.867% | 2/01/30 | AA- | 2,487,983 | |||||||||||||||
| 5,400 | Power Finance Corp Ltd, (10) | 1.840% | 9/21/28 | Baa3 | 6,272,264 | |||||||||||||||
| 7,800 | Total Diversified Financial Services | 8,760,247 | ||||||||||||||||||
| Diversified Telecommunication Services – 0.9% | ||||||||||||||||||||
| 5,000 | Verizon Communications Inc | 3.700% | 3/22/61 | A- | 5,279,639 | |||||||||||||||
| Electric Utilities – 16.5% | ||||||||||||||||||||
| 2,765 | Consolidated Edison Co of New York Inc | 4.500% | 5/15/58 | A- | 3,341,075 | |||||||||||||||
| 5000 | EDP – Energias de Portugal SA, (10) | 1.875% | 3/15/82 | Ba2 | 5,679,204 | |||||||||||||||
| 9,000 | India Cleantech Energy, 144A | 4.700% | 8/10/26 | Ba3 | 9,105,750 | |||||||||||||||
| 6,650 | Interchile SA, 144A | 4.500% | 6/30/56 | Baa1 | 6,942,600 | |||||||||||||||
| 10,890 | Inversiones Latin America Power Ltda, 144A | 5.125% | 6/15/33 | Ba1 | 10,699,425 | |||||||||||||||
| 2,000 | Leeward Renewable Energy Operations LLC, 144A | 4.250% | 7/01/29 | Ba3 | 2,032,860 | |||||||||||||||
| 7,330 | Liberty Utilities Finance GP 1, 144A, (11) | 2.050% | 9/15/30 | BBB+ | 7,092,046 | |||||||||||||||
| 7,000 | Pattern Energy Operations LP / Pattern Energy Operations Inc, 144A | 4.500% | 8/15/28 | BB- | 7,297,500 | |||||||||||||||
| 13,000 | Southern California Edison Co, (11) | 3.650% | 6/01/51 | A- | 13,341,245 | |||||||||||||||
1
| NPCT | Nuveen Core Plus Impact Fund (continued) | |
| Portfolio of Investments September 30, 2021 | ||
| (Unaudited) | ||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
| Electric Utilities (continued) | ||||||||||||||||||||
| $ | 5,000 | Star Energy Geothermal Darajat II / Star Energy Geothermal Salak, 144A | 4.850% | 10/14/38 | Baa3 | $ | 5,587,500 | |||||||||||||
| 4,750 | Topaz Solar Farms LLC, 144A, (11) | 5.750% | 9/30/39 | BB | 5,690,420 | |||||||||||||||
| 10,540 | Topaz Solar Farms LLC, 144A | 4.875% | 9/30/39 | BB | 11,362,700 | |||||||||||||||
| 5,800 | Vena Energy Capital Pte Ltd, Reg S | 3.133% | 2/26/25 | BBB- | 5,958,952 | |||||||||||||||
| 89,725 | Total Electric Utilities | 94,131,277 | ||||||||||||||||||
| Electronic Equipment, Instruments & Components – 0.9% | ||||||||||||||||||||
| 5,000 | SK Battery America Inc, Reg S | 2.125% | 1/26/26 | Baa3 | 4,936,175 | |||||||||||||||
| Equity Real Estate Investment Trust – 4.0% | ||||||||||||||||||||
| 9,915 | HAT Holdings I LLC / HAT Holdings II LLC, 144A | 3.375% | 6/15/26 | BB+ | 10,063,725 | |||||||||||||||
| 2,000 | HAT Holdings I LLC / HAT Holdings II LLC, 144A | 3.750% | 9/15/30 | BB+ | 2,020,000 | |||||||||||||||
| 5,000 | Scentre Group Trust 2, 144A | 5.125% | 9/24/80 | BBB+ | 5,373,500 | |||||||||||||||
| 2,000 | Starwood Property Trust Inc, 144A, (11) | 5.500% | 11/01/23 | BB+ | 2,097,960 | |||||||||||||||
| 3,075 | Vornado Realty LP | 3.400% | 6/01/31 | Baa2 | 3,182,002 | |||||||||||||||
| 21,990 | Total Equity Real Estate Investment Trust | 22,737,187 | ||||||||||||||||||
| Gas Utilities – 7.3% | ||||||||||||||||||||
| 15,000 | Brooklyn Union Gas Co, 144A, (11) | 4.273% | 3/15/48 | A- | 16,938,438 | |||||||||||||||
| 6,937 | National Fuel Gas Co, (11) | 2.950% | 3/01/31 | BBB | 7,024,119 | |||||||||||||||
| 17,825 | Southern Co Gas Capital Corp | 3.150% | 9/30/51 | A- | 17,853,963 | |||||||||||||||
| 39,762 | Total Gas Utilities | 41,816,520 | ||||||||||||||||||
| Health Care Providers & Services – 1.7% | ||||||||||||||||||||
| 10,000 | HCA Inc, (11) | 3.500% | 7/15/51 | BBB- | 9,912,831 | |||||||||||||||
| Household Durables – 1.0% | ||||||||||||||||||||
| 5,000 | Arcelik AS, (10) | 3.000% | 5/27/26 | BB+ | 5,868,742 | |||||||||||||||
| Independent Power & Renewable Electricity Producers – 8.8% | ||||||||||||||||||||
| 5,000 | AES Corp | 2.450% | 1/15/31 | BBB- | 4,931,217 | |||||||||||||||
| 6,270 | Atlantica Sustainable Infrastructure PLC, 144A | 4.125% | 6/15/28 | BB+ | 6,480,045 | |||||||||||||||
| 7,000 | Azure Power Energy Ltd, 144A | 3.575% | 8/19/26 | BB+ | 7,087,444 | |||||||||||||||
| 2,400 | Clearway Energy Operating LLC, 144A | 4.750% | 3/15/28 | BB | 2,540,640 | |||||||||||||||
| 5,100 | Clearway Energy Operating LLC, 144A | 3.750% | 1/15/32 | BB | 5,093,625 | |||||||||||||||
| 1,985 | Continuum Energy Levanter Pte Ltd, 144A | 4.500% | 2/09/27 | BB+ | 2,054,475 | |||||||||||||||
| 2,000 | NextEra Energy Operating Partners LP, 144A | 4.500% | 9/15/27 | Ba1 | 2,150,000 | |||||||||||||||
| 8,375 | Renewable Energy Group Inc, 144A, (11) | 5.875% | 6/01/28 | BB | 8,657,656 | |||||||||||||||
| 8,075 | Sunnova Energy Corp, 144A, (11) | 5.875% | 9/01/26 | B1 | 8,226,406 | |||||||||||||||
| 2,958 | UEP Penonome II SA, 144A | 6.500% | 10/01/38 | BB | 3,083,653 | |||||||||||||||
| 49,163 | Total Independent Power & Renewable Electricity Producers | 50,305,161 | ||||||||||||||||||
| Machinery – 1.3% | ||||||||||||||||||||
| 5,000 | Mueller Water Products Inc, 144A | 4.000% | 6/15/29 | Ba1 | 5,176,000 | |||||||||||||||
| 2,305 | YMCA of Greater New York | 5.021% | 8/01/38 | BBB | 2,524,825 | |||||||||||||||
| 7,305 | Total Machinery | 7,700,825 | ||||||||||||||||||
| Media – 1.8% | ||||||||||||||||||||
| 10,000 | Discovery Communications LLC, (11) | 4.000% | 9/15/55 | BBB- | 10,456,986 | |||||||||||||||
| Metals & Mining – 1.0% | ||||||||||||||||||||
| 5,000 | Teck Resources Ltd | 5.200% | 3/01/42 | BBB- | 5,972,389 | |||||||||||||||
| Mortgage Real Estate Investment Trust – 1.7% | ||||||||||||||||||||
| 9,745 | Starwood Property Trust Inc, 144A, (11) | 3.625% | 7/15/26 | BB+ | 9,818,088 | |||||||||||||||
| Multiline Retail – 1.7% | ||||||||||||||||||||
| 10,000 | Nordstrom Inc | 5.000% | 1/15/44 | BBB- | 9,806,265 | |||||||||||||||
2
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
| Multi-Utilities – 0.5% | ||||||||||||||||||||
| $ | 2,244 | Consolidated Edison Co of New York Inc | 4.300% | 12/01/56 | A- | $ | 2,636,544 | |||||||||||||
| Oil, Gas & Consumable Fuels – 5.9% | ||||||||||||||||||||
| 14,828 | Kinder Morgan Inc | 5.300% | 12/01/34 | BBB | 18,300,271 | |||||||||||||||
| 15,000 | Santos Finance Ltd, 144A | 3.649% | 4/29/31 | BBB | 15,275,419 | |||||||||||||||
| 29,828 | Total Oil, Gas & Consumable Fuels | 33,575,690 | ||||||||||||||||||
| Pharmaceuticals – 0.9% | ||||||||||||||||||||
| 5,000 | Takeda Pharmaceutical Co Ltd | 3.375% | 7/09/60 | BBB+ | 5,218,956 | |||||||||||||||
| Real Estate Management & Development – 0.5% | ||||||||||||||||||||
| 2,250 | GTC Aurora Luxembourg SA, (10) | 2.250% | 6/23/26 | Ba1 | 2,649,568 | |||||||||||||||
| Road & Rail – 4.0% | ||||||||||||||||||||
| 5,000 | Kansas City Southern | 4.200% | 11/15/69 | BBB | 5,791,151 | |||||||||||||||
| 15,000 | Norfolk Southern Corp | 4.100% | 5/15/21 | BBB+ | 16,851,052 | |||||||||||||||
| 20,000 | Total Road & Rail | 22,642,203 | ||||||||||||||||||
| Trading Companies & Distributors – 2.8% | ||||||||||||||||||||
| 10,800 | GATX Corp, (11) | 3.100% | 6/01/51 | BBB | 10,206,112 | |||||||||||||||
| 6,000 | Triton Container International Ltd, 144A | 3.150% | 6/15/31 | BBB- | 6,056,244 | |||||||||||||||
| 16,800 | Total Trading Companies & Distributors | 16,262,356 | ||||||||||||||||||
| $ | 479,939 | Total Corporate Bonds (cost $503,233,188) | 506,864,409 | |||||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
| $1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 13.8% (10.0% of Total Investments) | ||||||||||||||||||||
| Banks – 6.1% | ||||||||||||||||||||
| $ | 10,375 | Banco Nacional de Comercio Exterior SNC/Cayman Islands, 144A | 2.720% | 8/11/31 | Baa3 | $ | 10,413,906 | |||||||||||||
| 6,250 | JPMorgan Chase & Co | 3.650% | N/A (3) | BBB+ | 6,281,250 | |||||||||||||||
| 11,195 | PNC Financial Services Group Inc | 3.400% | N/A (3) | Baa2 | 11,167,013 | |||||||||||||||
| 6,820 | SVB Financial Group | 4.000% | N/A (3) | Baa2 | 6,990,500 | |||||||||||||||
| 34,640 | Total Banks | 34,852,669 | ||||||||||||||||||
| Communications Equipment – 0.9% | ||||||||||||||||||||
| 5,000 | Vodafone Group PLC | 4.125% | 6/04/81 | BB+ | 5,062,700 | |||||||||||||||
| Consumer Finance – 2.5% | ||||||||||||||||||||
| 3,000 | Ally Financial Inc | 4.700% | N/A (3) | BB- | 3,122,550 | |||||||||||||||
| 11,200 | American Express Co | 3.550% | N/A (3) | Baa2 | 11,411,120 | |||||||||||||||
| 14,200 | Total Consumer Finance | 14,533,670 | ||||||||||||||||||
| Electric Utilities – 1.3% | ||||||||||||||||||||
| 2,500 | CMS Energy Corp | 3.750% | 12/01/50 | BBB– | 2,525,000 | |||||||||||||||
| 5,000 | Southern Co, (11) | 3.750% | 9/15/51 | BBB | 5,094,000 | |||||||||||||||
| 7,500 | Total Electric Utilities |
| 7,619,000 | |||||||||||||||||
| Independent Power & Renewable Electricity Producers – 0.8% | ||||||||||||||||||||
| 4,331 | AES Andes SA, 144A | 6.350% | 10/07/79 | BB | 4,581,202 | |||||||||||||||
| Multi-Utilities – 2.1% | ||||||||||||||||||||
| 2,500 | CMS Energy Corp | 4.750% | 6/01/50 | BBB– | 2,812,275 | |||||||||||||||
| 8,000 | Engie SA, (10) | 1.875% | N/A (3) | BBB | 9,289,966 | |||||||||||||||
| 10,500 | Total Multi-Utilities | 12,102,241 | ||||||||||||||||||
| $ | 76,171 | Total $1,000 Par (or similar) Institutional Preferred (cost $78,290,504) |
| 78,751,482 | ||||||||||||||||
3
| NPCT | Nuveen Core Plus Impact Fund (continued) | |
| Portfolio of Investments September 30, 2021 | ||
| (Unaudited) | ||
| Shares | Description (1) | Coupon | Ratings (2) | Value | ||||||||||||||||
$25 PAR (OR SIMILAR) RETAIL PREFERRED – 7.3% (5.3% of Total Investments) |
| |||||||||||||||||||
| Banks – 1.6% | ||||||||||||||||||||
| 300,000 | First Republic Bank/CA, (4) | 4.000% | BBB– | $ | 7,296,000 | |||||||||||||||
| 75,000 | First Republic Bank/CA | 4.250% | BBB– | 1,882,500 | ||||||||||||||||
Total Banks |
| 9,178,500 | ||||||||||||||||||
| Capital Markets – 1.3% | ||||||||||||||||||||
| 300,000 | Affiliated Managers Group Inc | 4.200% | Baa1 | 7,380,000 | ||||||||||||||||
| Independent Power & Renewable Electricity Producers – 0.9% | ||||||||||||||||||||
| 200,000 | Brookfield Renewable Partners LP | 5.250% | BBB– | 5,280,000 | ||||||||||||||||
| Multi-Utilities – 1.3% | ||||||||||||||||||||
| 100,426 | Brookfield Infrastructure Partners LP | 5.125% | BBB– | 2,565,884 | ||||||||||||||||
| 200,000 | CMS Energy Corp | 4.200% | BBB– | 4,992,000 | ||||||||||||||||
Total Multi-Utilities |
| 7,557,884 | ||||||||||||||||||
| Real Estate Management & Development – 0.3% | ||||||||||||||||||||
| 77,904 | Brookfield Property Partners LP | 5.750% | BB | 1,828,407 | ||||||||||||||||
| Trading Companies & Distributors – 1.8% | ||||||||||||||||||||
| 404,000 | Triton International Ltd | 5.750% | BB | 10,499,960 | ||||||||||||||||
Total $25 Par (or similar) Retail Preferred (cost $41,815,556) |
| 41,724,751 | ||||||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
MORTGAGE-BACKED SECURITIES – 6.8% (5.0% of Total Investments) |
| |||||||||||||||||||
| $ | 3,840 | BENCHMARK 2019-B10 Mortgage Trust, 144A | 4.029% | 3/15/62 | N/R | $ | 3,744,775 | |||||||||||||
| 7,887 | COMM 2020-CX Mortgage Trust, 144A | 2.773% | 11/10/46 | N/R | 7,400,453 | |||||||||||||||
| 28,926 | Freddie Mac Multifamily ML Certificates | 2.055% | 1/25/38 | N/R | 6,066,001 | |||||||||||||||
| 5,000 | JP Morgan Chase Commercial Mortgage Securities Corp, 144A | 4.767% | 7/05/31 | B | 5,035,236 | |||||||||||||||
| 80,369 | SLG Office Trust 2021-OVA, 144A | 0.258% | 7/15/41 | AA– | 1,679,061 | |||||||||||||||
| 3,860 | SLG Office Trust 2021-OVA, 144A | 2.851% | 7/15/41 | N/R | 3,742,353 | |||||||||||||||
| 5,000 | SLG Office Trust 2021-OVA, 144A | 2.851% | 7/15/41 | N/R | 4,594,706 | |||||||||||||||
| 7,000 | VNDO Mortgage Trust, Series 2016-350P, 144A | 4.033% | 1/10/35 | BB– | 6,807,324 | |||||||||||||||
| $ | 141,882 | Total Mortgage-Backed Securities (cost $39,321,118) |
| 39,069,909 | ||||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
ASSET-BACKED SECURITIES – 6.5% ( 4.7% of Total Investments) |
| |||||||||||||||||||
| $ | 6,500 | Alen 2021-ACEN Mortgage Trust, 144A, (1-Month LIBOR reference rate + 4.000% spread), (5) | 4.084% | 4/15/34 | BB– | $ | 6,540,745 | |||||||||||||
| 5,000 | BAMLL Commercial Mortgage Securities Trust 2021-JACX, 144A, (1-Month LIBOR reference rate + 3.750% spread), (5) | 3.850% | 9/15/38 | Ba3 | 4,999,987 | |||||||||||||||
| 66,717 | Freddie Mac Multifamily ML Certificates, 144A | 0.769% | 3/25/38 | N/R | 4,619,920 | |||||||||||||||
| 2,273 | GoodLeap Sustainable Home Solutions Trust 2021-3, 144A | 3.500% | 5/20/48 | N/R | 2,176,060 | |||||||||||||||
| 2,750 | GoodLeap Sustainable Home Solutions Trust 2021-4, 144A | 3.500% | 7/20/48 | BB | 2,719,459 | |||||||||||||||
| 6,382 | Mosaic Solar Loan Trust 2020-1, 144A | 0.000% | 4/20/46 | N/R | 5,393,279 | |||||||||||||||
| 5,184 | Mosaic Solar Loans LLC, 144A | 0.000% | 9/20/40 | N/R | 3,473,098 | |||||||||||||||
| 7,420 | NYC Commercial Mortgage Trust 2021-909, 144A | 3.312% | 4/10/43 | N/R | 6,906,415 | |||||||||||||||
| $ | 102,226 | Asset-Backed Securities (cost $37,185,813) |
| 36,828,963 | ||||||||||||||||
4
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||||||||||
SOVEREIGN DEBT – 5.1% (3.7% of Total Investments) |
| |||||||||||||||||||||||||||
| Benin – 2.0% | ||||||||||||||||||||||||||||
| $ | 10,000 | Benin Government International Bond, 144A |
| 4.950% | 1/22/35 | B+ | $ | 11,287,736 | ||||||||||||||||||||
| Chile – 0.8% | ||||||||||||||||||||||||||||
| 5,000 | Chile Government International Bond |
| 3.100% | 5/07/41 | A1 | 4,825,100 | ||||||||||||||||||||||
| Egypt – 0.4% | ||||||||||||||||||||||||||||
| 2,500 | Egypt Government International Bond, 144A |
| 5.250% | 10/06/25 | B+ | 2,550,500 | ||||||||||||||||||||||
| Indonesia – 0.9% | ||||||||||||||||||||||||||||
| 5,000 | Perusahaan Penerbit SBSN Indonesia III, 144A |
| 3.550% | 6/09/51 | BBB | 4,936,450 | ||||||||||||||||||||||
| Mexico – 1.0% | ||||||||||||||||||||||||||||
| 5,000 | Mexico Government International Bond |
| 2.250% | 8/12/36 | BBB | 5,697,403 | ||||||||||||||||||||||
| $ | 27,500 | Total Sovereign Debt (cost $30,076,452) |
| 29,297,189 | ||||||||||||||||||||||||
| Principal Amount (000) | Description (1) | Coupon (6) | Reference Rate (6) | Spread (6) | Maturity (7) | Ratings (2) | Value | |||||||||||||||||||||
VARIABLE RATE SENIOR LOAN INTERESTS – 2.4% (1.8% of Total Investments) (6) |
| |||||||||||||||||||||||||||
| Airlines – 0.5% | ||||||||||||||||||||||||||||
| $ | 2,500 | SkyMiles IP Ltd., Term Loan B, (WI/DD) | TBD | TBD | TBD | TBD | Baa1 | $ | 2,662,350 | |||||||||||||||||||
| Commercial Services & Supplies – 0.8% | ||||||||||||||||||||||||||||
| 4,489 | LTR Intermediate Holdings, Inc., Term Loan | 5.500% | | 3-Month LIBOR | | 4.500% | 5/07/28 | B- | 4,488,750 | |||||||||||||||||||
| Electric Utilities – 1.1% | ||||||||||||||||||||||||||||
| 6,555 | ExGen Renewables IV, LLC, Term Loan, (WI/DD) | TBD | TBD | TBD | TBD | BB- | 6,563,759 | |||||||||||||||||||||
| $ | 13,544 | Total Variable Rate Senior Loan Interests (cost $13,672,463) |
| 13,714,859 | ||||||||||||||||||||||||
| Principal Amount (000) | Description (1) | Optional Call Provisions (8) | Ratings (2) | Value | ||||||||||||||||||||||||
| MUNICIPAL BONDS – 1.8% (1.3% of Total Investments) |
| |||||||||||||||||||||||||||
Arizona – 0.1% | ||||||||||||||||||||||||||||
| $ | 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 | BBB- | $ | 811,008 | |||||||||||||||||||||
| District of Columbia – 0.1% | ||||||||||||||||||||||||||||
| 220 | 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 | AAA | 314,520 | |||||||||||||||||||||||
| Michigan – 0.9% | ||||||||||||||||||||||||||||
City of Detroit MI: | ||||||||||||||||||||||||||||
| 1,000 | 2.960%, 4/01/27 | No Opt. Call | BB- | 998,047 | ||||||||||||||||||||||||
| 500 | 3.110%, 4/01/28 | No Opt. Call | BB- | 498,392 | ||||||||||||||||||||||||
| 1,745 | 3.244%, 4/01/29 | No Opt. Call | BB- | 1,739,851 | ||||||||||||||||||||||||
| 200 | 3.344%, 4/01/30 | No Opt. Call | BB- | 199,827 | ||||||||||||||||||||||||
| 1,575 | Detroit, Wayne County, Michigan, General Obligation Bonds, Taxable Series 2021B, 3.644%, 4/01/34 |
| 4/31 at 100.00 | BB- | 1,573,238 | |||||||||||||||||||||||
| $ | 5,020 | Total Michigan | 5,009,355 | |||||||||||||||||||||||||
5
| NPCT | Nuveen Core Plus Impact Fund (continued) | |
| Portfolio of Investments September 30, 2021 | ||
| (Unaudited) | ||
| Principal Amount (000) | Description (1) | Optional Call Provisions (8) | Ratings (2) | Value | ||||||||||||||||||||||||
New York – 0.7% | ||||||||||||||||||||||||||||
| $ | 3,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Taxable Green Climate Certified Series 2020C-2, 5.175%, 11/15/49 |
| No Opt. Call | A3 | $ | 4,114,650 | |||||||||||||||||||||
| $ | 9,050 | Total Municipal Bonds (cost $10,189,794) |
| 10,249,533 | ||||||||||||||||||||||||
Total Long-Term Investments (cost $753,784,888) |
| 756,501,095 | ||||||||||||||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||||||||||||||||||||||||
SHORT-TERM INVESTMENTS – 4.9% (3.6% of Total Investments) |
| |||||||||||||||||||||||||||
REPURCHASE AGREEMENTS – 4.9% (3.6% of Total Investments) |
| |||||||||||||||||||||||||||
| $ | 28,222 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/21, repurchase price $28,221,495, |
| 0.000% | 10/01/21 | $ | 28,221,495 | |||||||||||||||||||||
Total Short-Term Investments (cost $28,221,495) |
| 28,221,495 | ||||||||||||||||||||||||||
Total Investments (cost $782,006,383) – 137.3% |
| 784,722,590 | ||||||||||||||||||||||||||
Borrowings - (20.1)% (12), (13) |
| (115,000,000 | ) | |||||||||||||||||||||||||
Reverse Repurchase Agreements, including accrued interest – (25.7)% (14) |
| (147,067,497 | ) | |||||||||||||||||||||||||
Other Assets Less Liabilities – 8.5% (9) |
| 48,597,641 | ||||||||||||||||||||||||||
Net Assets Applicable to Common Shares – 100% |
| $ | 571,252,734 | |||||||||||||||||||||||||
Investments in Derivatives
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 semi-annual 3.562 | % | USD | 6/23/26 | 2,725,875 | $ | 128,296 | $ | 24,517 | $ | 103,779 | |||||||||||||||||||||
| Fixed annual 2.250 | % | EUR | 2,250,000 | |||||||||||||||||||||||||||||
Morgan Stanley Capital Services LLC | Fixed semi-annual 3.337 | % | USD | 9/21/28 | 6,376,320 | 97,305 | (4 | ) | 97,309 | |||||||||||||||||||||||
| Fixed annual 1.841 | % | EUR | 5,400,000 | |||||||||||||||||||||||||||||
Morgan Stanley Capital Services LLC | Fixed semi-annual 4.330 | % | USD | 5/27/26 | 6,088,500 | 331,431 | 4,250 | 327,181 | ||||||||||||||||||||||||
| Fixed annual 3.000 | % | EUR | 5,000,000 | |||||||||||||||||||||||||||||
Citibank N.A. | Fixed semi-annual 3.431 | % | USD | 6/14/29 | 5,905,000 | 105,515 | (4,219 | ) | 109,734 | |||||||||||||||||||||||
| Fixed annual 1.875 | % | EUR | (5,000,000 | ) | ||||||||||||||||||||||||||||
Citibank N.A. | Fixed semi-annual 3.775 | % | USD | 8/12/36 | 5,909,000 | 18,780 | 12,238 | 6,542 | ||||||||||||||||||||||||
| Fixed annual 2.250 | % | EUR | 5,000,000 | |||||||||||||||||||||||||||||
Citibank N.A. | Fixed semi-annual 3.472 | % | USD | 7/02/31 | 5,904,500 | 122,921 | 16,854 | 106,067 | ||||||||||||||||||||||||
| Fixed annual 1.875 | % | EUR | 5,000,000 | |||||||||||||||||||||||||||||
Citibank N.A. | Fixed semi-annual 3.493 | % | USD | 7/02/31 | 3,543,900 | 81,999 | (6,643 | ) | 88,642 | |||||||||||||||||||||||
| Fixed annual 1.875 | % | EUR | 3,000,000 | |||||||||||||||||||||||||||||
Total |
| $ | 886,247 | $ | 46,993 | $ | 839,254 | |||||||||||||||||||||||||
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
6
Fair Value Measurements
The Fund’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/Trustees. 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). |
The following table summarizes the market value of the Fund’s investments as of the end of the reporting period, based on the inputs used to value them:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Long-Term Investments: | ||||||||||||||||
Corporate Bonds | $ | — | $ | 506,864,409 | $ | — | $ | 506,864,409 | ||||||||
$1,000 Par (or similar) Institutional Preferred | — | 78,751,482 | — | 78,751,482 | ||||||||||||
$25 Par (or similar) Retail Preferred | 41,724,751 | — | — | 41,724,751 | ||||||||||||
Mortgage-Backed Securities | — | 39,069,909 | — | 39,069,909 | ||||||||||||
Asset-Backed Securities | — | 36,828,963 | — | 36,828,963 | ||||||||||||
Sovereign Debt | — | 29,297,189 | — | 29,297,189 | ||||||||||||
Variable Rate Senior Loan Interests | — | 13,714,859 | — | 13,714,859 | ||||||||||||
Municipal Bonds | — | 10,249,533 | — | 10,249,533 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Repurchase Agreements | — | 28,221,495 | — | 28,221,495 | ||||||||||||
Investments in Derivatives: | ||||||||||||||||
Cross Currency Swaps* | — | 839,254 | — | 839,254 | ||||||||||||
Total | $ | 41,724,751 | $ | 743,837,093 | $ | — | $ | 785,561,844 | ||||||||
| * | Represents net unrealized appreciation (depreciation). |
7
| NPCT | Nuveen Core Plus Impact Fund (continued) | |
| Portfolio of Investments September 30, 2021 | ||
| (Unaudited) | ||
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.
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| (2) | The Fund uses credit quality ratings for its portfolio securities provided by Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) and Fitch, Inc. (“Fitch”). 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. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody’s, S&P or Fitch. |
| (3) | Perpetual security. Maturity date is not applicable. |
| (4) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
| (5) | Variable rate security. The rate shown is the coupon as of the end of the reporting period. |
| (6) | Senior loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate (Reference Rate) plus an assigned fixed rate (Spread). These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate (“LIBOR”), or (ii) the prime rate offered by one or more major United States banks. Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan. The rate shown is the coupon as of the end of the reporting period. |
| (7) | 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. |
| (8) | 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. |
| (9) | Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as well as the OTC cleared and exchange-traded derivatives, when applicable. |
| (10) | All or a portion of this security is owned by Nuveen Core Plus Impact Fund Offshore Limited which is a 100% owned subsidiary of the Fund. |
| (11) | 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 $110,476,300 have been pledged as collateral for reverse repurchase agreements. |
| (12) | Borrowings as a percentage of Total Investments is 14.7%. |
| (13) | 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 $35,591,350 have been pledged as collateral for borrowings. |
| (14) | Reverse Repurchase Agreements as a percentage of Total Investments is 18.7%. |
| 144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
| LIBOR | London Inter-Bank Offered Rate |
| N/A | Not Applicable. |
| 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. |
| TBD | Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the final coupon rate and maturity date. |
| WI/DD | Purchased on a when-issued or delayed delivery basis. |
8