Nuveen Large Cap Select Fund (FLRAX) N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-05309

Nuveen Investment Funds, Inc.

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Mark J. Czarniecki

Vice President and Secretary

333 West Wacker Drive,

Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: August 31

Date of reporting period: August 31, 2023

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

Income

Funds

Mutual

Funds

Nuveen

Taxable

Fixed

August

31,

2023

Annual

Report

Fund

Name

Class

A

Class

C

Class

R6

Class

I

Nuveen

Credit

Income

Fund

FJSIX

FCSIX

—

FJSYX

Nuveen

Flexible

Income

Fund

NWQAX

NWQCX

NQWFX

NWQIX

Nuveen

Floating

Rate

Income

Fund

NFRAX

NFFCX

NFRFX

NFRIX

Nuveen

High

Yield

Income

Fund

NCOAX

NCFCX

NCSRX

NCOIX

Nuveen

Preferred

Securities

and

Income

Fund

NPSAX

NPSCX

NPSFX

NPSRX

Nuveen

Strategic

Income

Fund

FCDDX

FCBCX

FSFRX

FCBYX

2

Table

of

Contents

Chair’s

Letter

to

Shareholders

3

Important

Notices

4

Portfolio

Managers’

Comments

5

Risk

Considerations

and

Dividend

Information

11

About

the

Funds’

Benchmarks

13

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

15

Yields

33

Expense

Examples

35

Report

of

Independent

Registered

Public

Accounting

Firm

37

Portfolios

of

Investments

39

Statement

of

Assets

and

Liabilities

122

Statement

of

Operations

124

Statement

of

Changes

in

Net

Assets

126

Financial

Highlights

132

Notes

to

Financial

Statements

144

Important

Tax

Information

163

Additional

Fund

Information

165

Glossary

of

Terms

Used

in

this

Report

166

Liquidity

Risk

Management

Program

168

Annual

Investment

Management

Agreement

Approval

Process

169

Directors/Trustees

and

Officers

176

Chair’s

Letter

to

Shareholders

3

Dear

Shareholders,

Inflation

concerns

have

continued

to

dominate

the

investment

landscape

in

2023.

Inflation

rates

have

fallen

meaningfully

from

post-pandemic

highs,

helped

by

the

significant

policy

interest

rate

increases

from

the

U.S.

Federal

Reserve

(Fed)

and

other

global

central

banks

since

2022

and

the

normalization

of

supply

chains.

However,

they

currently

remain

above

the

levels

that

central

banks

consider

supportive

of

their

economies’

long-term

growth.

Core

inflation

measures,

which

exclude

volatile

food

and

energy

prices,

in

particular

remain

above

central

banks’

targeted

levels.

At

the

same

time,

the

U.S.

and

other

large

economies

have

remained

relatively

resilient,

even

as

financial

conditions

have

tightened.

U.S.

gross

domestic

product

increased

to

2.1%

in

the

second

quarter

of

2023

from

2.0%

in

the

first

quarter

of

2023,

after

growing

2.1%

in

2022

overall

compared

to

2021.

Consider

that

much

of

this

growth

occurred

while

the

Fed

was

raising

interest

rates

in

one

of

the

fastest

hiking

cycles

in

its

history.

The

Fed

increased

the

target

fed

funds

rate

from

near

zero

in

March

2022

to

a

range

of

5.25%

to

5.50%

as

of

September

2023,

pausing

briefly

in

June

2023

and

again

in

September

2023.

Despite

historically

high

inflation

and

rapidly

rising

interest

rates,

the

jobs

market

has

remained

relatively

strong,

helping

to

support

consumer

sentiment

and

spending.

However,

markets

are

concerned

that

these

conditions

could

keep

upward

pressure

on

prices

and

wages,

leading

to

interest

rates

staying

higher

for

longer

and

a

potentially

deeper

slowdown

in

the

economy.

U.S.

regional

banks

–

after

enduring

the

relatively

contained

collapses

of

Silicon

Valley

Bank,

Signature

Bank

and

First

Republic

Bank

and

major

European

bank

Credit

Suisse

in

March

2023

–

remain

exposed

to

challenges

in

the

commercial

real

estate

sector.

Additionally,

concerns

about

government

funding

and

deficits

persist.

Congress

averted

a

near-term

default

scenario

in

June

2023

and

a

partial

government

shutdown

at

the

end

of

September

2023,

but

funding

will

need

to

be

renegotiated

again

in

November

2023.

Given

the

lingering

upside

risks

to

inflation

and

the

lagging

impact

of

tighter

credit

conditions

on

the

economy,

Fed

officials

are

closely

monitoring

incoming

inflation

data

and

other

economic

measures

to

modify

their

rate

setting

activity

based

upon

these

factors

on

a

meeting-by-meeting

basis.

The

Fed

remains

committed

to

acting

until

it

sees

sustainable

progress

toward

its

inflation

goals.

In

the

meantime,

markets

are

likely

to

continue

reacting

in

the

short

term

to

news

about

inflation

data,

economic

indicators

and

central

bank

policy.

We

encourage

investors

to

keep

a

long-term

perspective

amid

the

short-term

turbulence.

Your

financial

professional

can

help

you

review

how

well

your

portfolio

is

aligned

with

your

time

horizon,

risk

tolerance

and

investment

goals.

On

behalf

of

the

other

members

of

the

Nuveen

Fund

Board,

we

look

forward

to

continuing

to

earn

your

trust

in

the

months

and

years

ahead.

Terence

J.

Toth

Chair

of

the

Board

October

23,

2023

4

Important

Notices

Securities

and

Exchange

Commission

(the

“SEC”)

Adopts

Amendments

for

Tailored

Shareholder

Reports

On

October

26,

2022,

the

SEC

adopted

rule

and

form

amendments

(the

“Amendments”)

that

require

mutual

funds

and

exchange-traded

funds

registered

on

Form

N-1A

to

provide

shareholders

with

streamlined

annual

and

semi-annual

shareholder

reports

(“Tailored

Shareholder

Reports”). The

Amendments

require

funds

to

prepare

a

separate

Tailored

Shareholder

Report

for

each

share

class

of

each

series

of

a

fund.

As

a

result,

shareholders

will

receive

a

report

that

covers

only

the

class

of

a

multi-class

fund

in

which

the

shareholder

invests.

Tailored

Shareholder

Reports

are

meant

to

be

three

to

four

pages

in

length

and

will

highlight

key

information

such

as

a

fund’s

expenses,

performance

and

portfolio

holdings.

Other,

more

detailed

information

that

currently

appears

in

fund

shareholder

reports

will

be

made

available

online,

filed

with

the

SEC,

and

delivered

to

investors

free

of

charge

in

paper

or

electronically

upon

request.

The

first

Tailored

Shareholder

Reports

prepared

for

these

Funds

will

be

for

the

reporting

period

ended

August

31,

2024.

Portfolio

Manager

Update

for

Nuveen

Credit

Income

Fund

Effective

March

21,

2023,

Mark

Zheng,

CFA,

FRM,

Senior

Director,

was

added

as

a

portfolio

manager

of

the

Fund

and

Anders

Persson

was

removed

as

a

portfolio

manager

of

the

Fund.

Mr.

Persson

continues

in

his

role

as

Chief

Investment

Officer

of

Nuveen

Global

Fixed

Income.

Jean

Lin,

Brenda

Langenfeld,

Karina

Bubeck

and

Aashh

Parekh

continue

to

serve

as

portfolio

managers

of

the

Fund.

Portfolio

Manager

Update

for

Nuveen

Flexible

Income

Fund

Effective

October

31,

2022,

Stephen

Peña,

Managing

Director,

was

added

as

a

portfolio

manager

of

the

Fund.

Thomas

Ray

and

Susi

Budiman

continue

to

serve

as

portfolio

managers

of

the

Fund.

Investment

Policy

Changes

for

Nuveen

Flexible

Income

Fund

The

Board

of

Trustees

of

the

Fund

approved

the

following

investment

policy

changes,

which

became

effective

on

June

1,

2023:

Increase

the

Fund’s

minimum

required

investment

in

income

producing

debt

and

preferred

securities,

including

convertible

securities,

from

65%

to

80%

of

net

assets.

Decrease

the

Fund’s

maximum

permitted

investment

in

equity

securities,

excluding

convertible

securities,

from

35%

to

10%

of

net

assets.

Portfolio

Managers’

Comments

5

Nuveen

Credit

Income

Fund

Nuveen

Flexible

Income

Fund

Nuveen

Floating

Rate

Income

Fund

Nuveen

High

Yield

Income

Fund2

Nuveen

Preferred

Securities

and

Income

Fund

Nuveen

Strategic

Income

Fund

These

Funds

feature

portfolio

management

by

Nuveen

Asset

Management,

LLC

(NAM),

an

affiliate

of

Nuveen

Fund

Advisors,

LLC,

the

Funds’

investment

adviser.

Portfolio

managers

Jean

C.

Lin,

CFA,

Karina

L.

Bubeck,

CFA,

Aashh

K.

Parekh,

CFA,

Brenda

A.

Langenfeld,

CFA,

and

Mark

Zheng,

CFA,

FRM,

manage

the

Nuveen

Credit

Income

Fund.

Portfolio

managers

Thomas

J.

Ray,

CFA,

Susi

Budiman,

CFA,

FRM,

and

Stephen

T.

Peña,

manage

the

Nuveen

Flexible

Income

Fund.

Portfolio

managers

Scott

Caraher

and

Kevin

Lorenz,

CFA,

manage

the

Nuveen

Floating

Rate

Income

Fund.

Portfolio

managers

Scott

Caraher

and

Jean

C.

Lin,

CFA,

manage

the

Nuveen

High

Yield

Income

Fund.

Portfolio

managers

Douglas

M.

Baker,

CFA,

and

Brenda

A.

Langenfeld,

CFA,

manage

the

Nuveen

Preferred

Securities

and

Income

Fund.

Portfolio

managers

Nicholas

Travaglino,

Douglas

M.

Baker,

CFA,

Kevin

Lorenz,

CFA,

and

Katherine

Renfrew

manage

the

Nuveen

Strategic

Income

Fund.

Effective

March

21,

2023,

Mark

Zheng,

CFA,

FRM,

Senior

Director,

was

added

as

a

portfolio

manager

of

the

Nuveen

Credit

Income

Fund

and

Anders

Persson

was

removed

as

a

portfolio

manager

of

the

Fund.

Jean

Lin,

Brenda

Langenfeld,

Karina

Bubeck

and

Aashh

Parekh

continue

to

serve

as

portfolio

managers

of

the

Fund.

Effective

October

31,

2022,

Stephen

Peña,

Managing

Director,

was

added

as

a

portfolio

manager

of

the

Nuveen

Flexible

Income

Fund.

Thomas

Ray

and

Susi

Budiman

continue

to

serve

as

portfolio

managers

of

the

Fund.

Here

the

Funds’

portfolio

managers

review

U.S.

economic

and

global

market

conditions,

key

investment

strategies

and

the

Funds’

performance

for

the

annual

reporting

period

ended

August

31,

2023.

For

more

information

on

each

Fund’s

investment

objectives

and

policies,

please

refer

to

the

prospectus.

What

factors

affected

the

U.S.

economy

and

the

global

markets

during

the

twelve-month

annual

reporting

period

ended

August

31,

2023?

The

U.S.

economy

performed

better

than

expected

despite

persistent

inflationary

pressure

and

rising

interest

rates

during

the

twelve-month

period

ended

August

31,

2023.

In

the

second

quarter

of

2023,

the

economy

grew

at

an

annualized

rate

of

2.1%,

according

to

the

third

estimate

from

the

U.S.

Bureau

of

Economic

Analysis,

compared

to

2.2%

in

the

first

quarter

and

in

line

with

2.1%

in

2022

overall.

Early

in

the

reporting

period,

inflation

had

risen

sharply

because

of

supply

chain

disruptions

and

high

food

and

energy

prices,

the

Russia-Ukraine

war

and

China’s

zero-COVID

restrictions

(lifted

in

December

2022).

During

the

reporting

period,

U.S.

inflation

reached

its

peak

level

in

September

2022.

Since

then,

price

pressures

have

eased

given

normalization

in

supply

chains,

falling

energy

prices

and

aggressive

measures

by

the

U.S.

Federal

Reserve

(Fed)

and

other

global

central

banks

to

tighten

financial

conditions

and

slow

demand

in

their

economies.

Nevertheless,

during

the

reporting

period

inflation

levels

remained

much

higher

than

central

banks’

target

levels.

The

Fed

raised

its

target

fed

funds

rate

seven

times

during

the

reporting

period,

bringing

it

to

a

range

of

5.25%

to

5.50%

as

of

July

2023.

In

September

2023,

subsequent

to

the

end

of

the

reporting

period,

the

Fed’s

policy

committee

voted

to

hold

the

rate

steady.

For

much

of

the

reporting

period,

the

Fed’s

activity

led

to

significant

volatility

in

bond

and

stock

markets,

given

the

uncertainty

of

how

rising

interest

rates

would

affect

the

economy.

One

of

the

most

highly

visible

impacts

occurred

in

the

U.S.

regional

banking

sector

in

March

2023,

when

Silicon

Valley

Bank,

Signature

Bank,

First

Republic

Bank

and

Silvergate

Bank

failed.

In

the

same

month,

Swiss

bank

UBS

agreed

to

buy

Credit

Suisse,

which

was

considered

vulnerable

in

the

current

environment.

The

Fed’s

monetary

tightening

policy

also

contributed

to

an

increase

in

the

U.S.

dollar’s

value

relative

to

major

world

currencies,

which

acts

as

a

headwind

to

the

profits

of

international

companies

and

U.S.

domestic

companies

with

overseas

earnings.

During

the

reporting

period,

elevated

inflation

and

higher

borrowing

costs

weighed

on

some

segments

of

the

economy,

including

the

real

estate

market.

Consumer

spending,

however,

has

remained

more

resilient

than

expected,

in

part

because

of

a

still-strong

labor

market,

another

key

gauge

of

the

economy’s

health.

As

of

August

2023,

the

unemployment

rate

was

3.8%,

near

its

pre-

Portfolio

Managers’

Comments

(continued)

6

pandemic

low,

although

monthly

job

growth

continued

to

moderate.

The

strong

labor

market

and

wage

gains

helped

the

U.S.

economy

during

the

reporting

period,

even

as

the

Fed

sought

to

soften

job

growth

to

help

curb

inflation

pressures.

Toward

the

end

of

the

reporting

period,

the

U.S.

Congress

neared

its

September

30,

2023,

deadline

to

approve

federal

funding,

leading

to

investor

concerns

about

a

potential

government

shutdown

and

the

impact

this

could

have

on

the

U.S.

economy.

Nuveen

Credit

Income

Fund

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

August

31,

2023?

The

Fund’s

investment

objective

seeks

to

provide

total

return,

with

an

emphasis

on

a

high

level

of

current

income,

through

diversified

exposure

to

lower

rated

credit

sectors,

including

the

full

spectrum

of

securitized

sectors

and

the

flexibility

to

add

less

liquid

structures

as

opportunities

arise.

During

the

reporting

period,

the

Fund

remained

positioned

approximately

midway

along

its

risk

spectrum

with

slightly

more

than

half

of

its

portfolio

allocated

to

high

yield

corporate

bonds

and

the

remainder

to

a

diversified

mix

of

primarily

lower

quality

credit,

including

senior

loans,

asset-backed

securities

(ABS)

and

commercial

mortgage-backed

securities

(CMBS).

Across

asset

classes,

the

Fund

continued

to

be

positioned

more

defensively

from

a

credit

perspective

with

an

underweight

to

lower

quality,

CCC

rated

securities

because

of

the

late-cycle

economy.

During

the

reporting

period,

the

portfolio

management

team

realized

some

gains

in

the

ABS

sector

to

use

as

a

source

of

funding

to

increase

the

Fund’s

exposure

to

mortgage

credit

because

these

securities

could

potentially

benefit

from

higher

interest

rates.

The

portfolio

management

team

increased

senior

loan

exposure

earlier

in

the

reporting

period

but

then

decreased

it

as

the

interest

rate

cycle

progressed

and

the

sector

became

less

attractive.

Emerging

market

(EM)

exposure

remained

toward

the

lower

end

of

the

Fund’s

historical

range

and

was

broadly

diversified

across

countries

and

corporate

issuers.

During

the

reporting

period,

the

Fund’s

duration

remained

shorter

than

its

benchmark,

which

reduced

the

portfolio’s

interest

rate

sensitivity.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

August

31,

2023?

The

Fund’s

Class

A

Shares

at

NAV

underperformed

the

Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Bond

Index

for

the

reporting

period.

For

the

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Bond

Index.

The

Fund’s

underperformance

was

primarily

a

result

of

its

modest

out-of-benchmark

exposure

in

the

CMBS

sector,

which,

on

average,

underperformed

high

yield

corporate

bonds.

Investor

concerns

surrounding

commercial

real

estate

property

valuations,

particularly

in

the

office

and

retail

segments,

weighed

negatively

on

sentiment

toward

the

sector.

However,

the

portfolio

management

team

maintained

the

Fund’s

CMBS

exposures

after

running

various

stress

tests

on

the

holdings

under

severely

adverse

scenarios.

The

Fund’s

EM

debt

allocation

also

detracted

from

relative

performance

because

the

sector

typically

has

a

longer

duration

than

the

high

yield

sector,

which

caused

a

greater

drop

in

bond

prices

in

the

rising

interest

rate

environment.

EM

debt

spreads

also

generally

rallied

less

than

the

high

yield

debt

sector

during

the

reporting

period.

In

addition,

the

Fund’s

modest

exposure

to

preferred

securities

and

small

allocation

to

contingent

capital

(CoCo)

securities

detracted.

Preferred

securities

broadly

underperformed

given

their

correlation

to

bank

capital,

while

the

CoCo

segment

underperformed

because

of

the

collapse

and

takeover

of

Credit

Suisse

in

Europe.

However,

the

Fund

had

no

exposure

to

Credit

Suisse

or

the

U.S.

regional

banks

that

collapsed

during

the

reporting

period.

The

Fund’s

underperformance

was

partially

offset

by

its

higher-than-benchmark

exposure

to

floating

rate

securities

within

the

loan

and

securitized

segments

of

its

portfolio,

particularly

through

positions

in

agency

credit

risk

transfer

(CRT)

bonds

and

collateralized

loan

obligations

(CLOs).

Agency

CRT

securities

are

issued

by

the

Federal

National

Mortgage

Association

(Fannie

Mae)

and

the

Federal

Home

Loan

Mortgage

Corporation

(Freddie

Mac)

to

effectively

transfer

a

portion

of

the

credit

risk

within

pools

of

conventional

residential

mortgage

loans

from

these

government-sponsored

enterprises

to

the

private

sector.

These

floating

rate

exposures

led

to

a

shorter

duration

for

the

Fund

relative

to

its

benchmark,

which

lessened

the

impact

of

falling

bond

prices

as

interest

rates

rose.

The

loan

market

also

benefited

from

a

strong

technical

backdrop

as

it

experienced

healthy

demand

in

the

face

of

limited

new

issuance,

while

agency

CRT

securities

benefited

from

strong

housing

fundamentals

and

homeowner

credit

performance.

Additionally,

relative

performance

was

aided

by

security

selection

within

the

Fund’s

high

yield

corporate

exposure,

particularly

in

the

energy

and

communications

sectors.

During

the

reporting

period,

the

Fund

used

U.S.

Treasury

futures

as

part

of

an

overall

portfolio

construction

strategy

to

manage

portfolio

duration

and

yield

curve

exposure.

The

interest

rate

futures

had

a

negligible

impact

on

relative

performance

during

the

7

reporting

period.

Additionally,

the

Fund

used

credit

default

swap

index

contracts

(CDX)

to

gain

broad

exposure

to

the

high

yield

bond

market.

The

credit

default

swaps

had

a

negligible

impact

on

relative

performance

during

the

reporting

period.

Nuveen

Flexible

Income

Fund

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

August

31,

2023?

The

investment

objective

of

the

Fund

is

to

provide

current

income

and

positive

risk-adjusted

capital

appreciation

by

investing

in

corporate

securities

across

the

capital

structure

based

on

the

assessment

of

relative

value

and

risk.

During

the

reporting

period,

the

Fund

remained

broadly

diversified

across

credit

sectors,

with

a

defensive,

up-in-quality

bias.

The

Fund

increased

exposure

to

investment

grade

corporates,

as

the

portfolio

management

team

sought

to

improve

credit

quality

and

seniority

in

the

capital

structure

to

mitigate

the

risk

of

an

economic

slowdown

in

the

higher-beta

(i.e.,

riskier)

segments

of

the

credit

markets.

The

Fund

decreased

exposure

to

high

yield

corporates

and

common

stocks

upon

assessing

less

attractive

risk/

reward

outcomes

in

those

segments.

The

Fund

maintained

an

overweight

to

BBB

and

BB

rated

credits,

which

provided

an

attractive

balance

of

quality

and

yield.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

August

31,

2023?

The

Fund’s

Class

A

Shares

at

NAV

underperformed

the

Flexible

Income

Blended

Benchmark

for

the

reporting

period.

For

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

Flexible

Income

Blended

Benchmark,

which

consists

of:

1)

50%

of

the

ICE

BofA

U.S.

Corporate

Index

and

2)

50%

of

the

ICE

BofA

U.S.

High

Yield

Index.

During

the

reporting

period,

the

Fund’s

exposure

to

convertible

securities

detracted

from

relative

performance.

The

largest-

detracting

holding

was

a

convertible

note

issued

by

Liberty

Media

Corporation.

The

company

primarily

generates

revenue

by

selling

consumer

products

through

online

and

televised

interactive

shopping

experiences

and

videos.

The

company

has

been

challenged

by

supply

chain

issues

and

inflation-related

macro

headwinds

that

have

negatively

impacted

margins.

The

portfolio

management

team

reduced

the

Fund’s

position

in

Liberty

Media

Corporation

given

ongoing

profitability

and

cash

flow

headwinds.

Another

detractor

from

the

Fund’s

relative

performance

was

an

underweight

to

non-investment

grade

bonds.

The

high

yield

corporate

bond

market

was

one

of

the

best-performing

fixed

income

market

sectors

during

the

reporting

period,

benefiting

from

healthy

credit

fundamentals

and

a

persistently

strong

U.S.

economy.

The

Fund’s

allocation

to

preferred

securities

was

another

detractor

as

that

sector

of

the

market

faced

significant

headwinds

during

the

regional

banking

crisis

in

the

first

quarter

of

2023.

The

Fund’s

underperformance

was

partially

offset

by

its

exposure

to

common

stocks.

Within

common

stocks,

the

leading

contributor

was

electrical

components

company

nVent

Electric.

nVent

Electric

common

stock

participated

in

the

powerful

rally

among

artificial

intelligence

(AI)-related

stocks

during

the

reporting

period.

The

Fund’s

investment

grade

bond

exposure

also

contributed.

In

particular,

the

Fund

benefited

from

an

overweight

allocation

to

BBB

rated

credits,

which

outperformed

the

higher

credit

quality

cohorts

of

the

investment

grade

corporate

bond

market

during

the

reporting

period.

Nuveen

Floating

Rate

Income

Fund

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

August

31,

2023?

The

principal

investment

objective

of

the

Fund

is

to

seek

a

high

level

of

current

income,

and

secondarily

capital

appreciation,

by

investing

primarily

in

floating

rate

loans

and

other

floating

rate

securities,

a

substantial

portion

of

which

may

be

rated

below

investment

grade.

During

the

reporting

period,

the

Fund

continued

to

tilt

toward

a

higher

quality

mix

of

loans.

In

particular,

it

focused

on

larger,

more

liquid

loans,

which

are

mostly

issued

by

companies

with

greater

scale

and,

therefore,

an

improved

ability

to

manage

elevated

funding

prices

or

pass

through

higher

input

costs

to

consumers.

As

a

result

of

the

increased

economic

uncertainty,

the

portfolio

management

team

selected

higher

quality

senior

loans

and

generally

avoided

issuers

with

weaker

capital

structures.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

August

31,

2023?

The

Fund’s

Class

A

Shares

at

NAV

underperformed

the

Credit

Suisse

Leveraged

Loan

Index

for

the

reporting

period.

For

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

Credit

Suisse

Leveraged

Loan

Index.

Portfolio

Managers’

Comments

(continued)

8

The

Fund's

out-of-benchmark

allocation

to

high

yield

corporate

bonds,

which

is

consistent

with

its

mandate,

was

the

largest

detractor

from

relative

performance.

Within

the

bond

portfolio,

exposure

to

the

information

technology

sector,

including

bonds

issued

by

Avaya,

detracted

from

relative

performance.

The

Avaya

bonds

were

restructured

during

the

reporting

period

and

are

no

longer

held

in

the

portfolio.

In

addition,

the

Fund's

out-of-benchmark

allocation

to

equities

received

from

reorganizations

detracted

from

relative

performance.

The

Fund's

underweight

to

lower

quality

loans

also

detracted,

as

lower

quality

loans

outperformed

higher

quality

loans

during

the

reporting

period.

Partially

offsetting

the

Fund’s

underperformance

was

security

selection

within

the

Fund's

loan

portfolio,

particularly

in

the

health

care

and

energy

sectors.

Nuveen

High

Yield

Income

Fund

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

August

31,

2023?

The

investment

objective

of

the

Fund

is

to

seek

current

income

and

capital

appreciation

by

investing

primarily

in

debt

instruments

such

as

bonds,

loans

and

convertible

securities,

a

substantial

portion

of

which

may

be

rated

below

investment

grade

or,

if

unrated,

of

comparable

quality.

The

Fund

remained

conservatively

positioned

heading

into

2023.

As

credit

markets

stabilized

following

the

volatility

from

the

regional

banking

crisis

and

Credit

Suisse

acquisition

in

March

2023,

the

Fund

began

to

selectively

add

to

risk

assets.

How

did

the

Fund

perform

during

the

twelve-month

annual

reporting

period

ended

August

31,

2023?

The

Fund’s

Class

A

Shares

at

NAV

underperformed

the

ICE

BofA

U.S.

High

Yield

Index

for

the

reporting

period.

For

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

ICE

BofA

U.S.

High

Yield

Index.

During

the

reporting

period,

the

Fund's

out-of-benchmark

allocation

to

senior

loans,

which

is

consistent

with

its

mandate,

was

the

largest

detractor

from

relative

performance.

Within

the

loan

portfolio,

exposure

to

the

consumer

discretionary

and

consumer

staples

sectors,

including

the

loans

issued

by

Revlon

Consumer

Products

Corporation,

detracted

from

relative

performance.

Revlon

filed

for

bankruptcy

in

June

2022

because

of

supply

chain

issues,

increased

competition

and

inflation

issues.

The

Fund

exited

its

position

in

Revlon

during

the

reporting

period.

Partially

offsetting

the

Fund’s

underperformance

was

security

selection

within

the

Fund's

bond

portfolio,

particularly

in

the

media

industry.

The

Fund

increased

exposure

to

the

bonds

of

CSC

Holdings

following

the

drawdown

given

the

portfolio

management

team’s

favorable

view

of

the

company’s

credit

fundamentals

and

the

relative

value

of

the

bonds.

The

bonds

appreciated

through

the

end

of

the

reporting

period

as

sentiment

improved.

Security

selection

within

the

telecommunication

services

industry

in

the

bond

portfolio

was

another

contributor.

The

Fund’s

lack

of

exposure

to

Lumen

Technologies,

a

U.S.

wireline

telecommunications

provider,

also

benefited

performance.

Lumen's

bond

prices

dropped

in

the

first

quarter

of

2023

following

disappointing

earnings

results.

Nuveen

Preferred

Securities

and

Income

Fund

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

August

31,

2023?

The

Fund

seeks

to

provide

a

high

level

of

current

income

and

total

return

by

investing

in

$25

par

retail

preferred

securities,

$1,000

par

institutional

preferred

securities,

Additional

Tier

1

(AT1)

contingent

capital

securities

(CoCos),

and

other

income

producing

securities

across

the

credit

spectrum

from

U.S.

and

non-U.S.

issuers.

At

least

50%

of

the

Fund’s

assets

must

be

invested

in

securities

rated

investment

grade

at

the

time

of

purchase

or,

if

nonrated,

judged

to

be

of

comparable

quality

by

the

Fund’s

portfolio

management

team.

During

the

reporting

period,

the

portfolio

management

team

incorporated

several

active

themes

within

the

Fund’s

portfolio

relative

to

the

Preferred

Securities

and

Income

Blended

Benchmark.

These

included:

an

overweight

to

$1,000

par

preferred

securities;

an

overweight

to

securities

that

have

coupons

with

reset

features

(floating

rate,

fixed-to-floating

rate,

fixed-rate

reset)

with

a

bias

toward

those

with

higher

reset

spreads;

an

underweight

to

U.S.

dollar-denominated

CoCos;

and

a

shorter-duration

profile

relative

to

the

benchmark.

Along

with

capturing

better

relative

value,

the

Fund’s

overweight

to

$1,000

par

preferreds,

which

were

largely

non-fixed

rate

coupon

securities,

was

also

intended

to

position

its

portfolio

defensively

in

a

rising

interest

rate

environment

with

a

shorter-duration

profile

versus

the

benchmark.

However,

the

portfolio

management

team

narrowed

the

duration

gap

during

the

9

reporting

period

through

security

rotation

and

the

purchase

of

U.S.

Treasury

futures

as

confidence

grew

that

the

Fed

was

nearing

the

end

of

its

interest

rate

tightening

cycle.

While

the

Fund’s

absolute

exposure

to

the

CoCo

sector

only

modestly

decreased

from

the

prior

fiscal

year

end,

the

composition

of

CoCo

exposure

within

its

portfolio

materially

shifted.

Most

notably,

the

Fund’s

Credit

Suisse

AT1

CoCos

were

written

down

to

zero

by

the

Swiss

government

and

regulators

during

the

March

2023

banking

crisis.

In

response,

the

European

Central

Bank

(ECB)

and

Bank

of

England

(BOE)

released

statements

confirming

that

AT1

CoCos

from

banks

within

their

jurisdiction

have

hierarchy

over

common

equity.

Given

these

assurances

from

the

ECB

and

BOE,

the

portfolio

management

team

subsequently

increased

the

Fund’s

exposure

to

non-Swiss

AT1

CoCos.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

August

31,

2023?

The

Fund’s

Class

A

Shares

at

NAV

outperformed

the

Preferred

Securities

and

Income

Blended

Benchmark

for

the

reporting

period.

For

the

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

Preferred

Securities

and

Income

Blended

Benchmark,

a

blended

return

consisting

of:

(1)

60%

ICE

BofA

U.S.

All

Capital

Securities

Index

and

(2)

40%

ICE

USD

Contingent

Capital

Index.

The

Fund’s

outperformance

was

driven

primarily

by

the

portfolio’s

overweight

to

shorter-duration

$1,000

par

preferred

securities

with

non-fixed

rate

coupon

structures.

On

average,

shorter-duration

securities

outperformed

because

interest

rates

significantly

increased

during

the

reporting

period.

In

addition,

the

Fund’s

lack

of

exposure

to

the

real

estate

investment

trust

(REIT)

preferred

sector

contributed

to

relative

performance.

Given

negative

headlines

surrounding

commercial

real

estate

exposure

during

the

reporting

period,

the

REIT

sector

underperformed

the

broader

preferred

securities

market.

Partially

offsetting

the

Fund’s

outperformance

was

negative

security

selection

within

its

allocation

to

CoCos.

The

CoCo

segment

faced

significant

volatility

during

the

reporting

period

amid

banking

concerns.

Although

the

Fund

benefited

from

an

underweight

to

Credit

Suisse,

the

other

developed

market

banks

that

the

Fund

favored

generally

underperformed

emerging

market

(EM)

banks.

Consistent

with

the

Fund’s

mandate

and

historical

positioning,

its

portfolio

had

limited

EM

exposure.

In

addition,

the

Fund’s

overweight

to

the

U.S.

regional

bank

sector

detracted

from

relative

performance

because

the

sector

materially

underperformed

U.S.

money

center

banks

and

super-regional

banks.

However,

positive

security

selection

among

U.S.

regional

banks

helped

offset

some

of

the

negative

impact

from

the

overweight

allocation,

including

the

Fund’s

underweight

to

Silicon

Valley

Bank,

and

lack

of

exposure

to

Signature

Bank,

First

Republic

Bank,

and

Silvergate

Bank.

During

the

reporting

period,

the

Fund

used

U.S.

Treasury

futures

as

part

of

an

overall

portfolio

construction

strategy

to

manage

portfolio

duration

and

yield

curve

exposure.

The

interest

rate

futures

had

a

negligible

impact

on

relative

performance

during

the

reporting

period.

Nuveen

Strategic

Income

Fund

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

August

31,

2023?

The

Fund

provides

investors

with

a

broadly

flexible,

multi-sector

portfolio

that

seeks

to

deliver

total

return.

The

portfolio

management

team

actively

manages

a

diversified

portfolio

of

investment

grade

and

high

yield

debt

securities

from

U.S.

and

non-

U.S.

issuers.

During

the

reporting

period,

the

Fund

remained

positioned

with

a

moderate

amount

of

credit

risk

spread

across

a

number

of

sectors

and

industries.

The

Fund

maintained

an

overweight

to

spread

sectors

while

maintaining

moderate

exposure

to

below

investment

grade

assets.

The

Fund

remained

significantly

overweight

mortgage-backed

securities

(MBS)

based

on

attractive

valuations

and

continued

strong

fundamentals

driven

by

elevated

housing

prices

and

locked-in

affordability

for

many

home

borrowers.

The

Fund

also

maintained

overweights

to

the

asset-backed

securities

(ABS)

and

commercial

mortgage-backed

securities

(CMBS)

sectors,

adding

modestly

to

exposure

in

2023.

The

portfolio

management

team

was

confident

in

the

credit

underwriting

of

the

Fund’s

CMBS

holdings

despite

sector

headwinds

that

drove

spreads

wider

during

the

reporting

period,

particularly

in

the

office

and

retail

spaces.

Additionally,

the

Fund

maintained

an

overweight

to

emerging

market

(EM)

debt

because

the

portfolio

management

team

believed

EM

yields

could

help

offset

potential

volatility.

EM

exposure

remained

broadly

diversified

across

countries

and

corporate

issuers

with

approximately

two-thirds

allocated

to

corporate

securities

and

the

rest

to

sovereign

debt.

The

portfolio

management

team

maintained

a

favorable

outlook

for

large

U.S.

banks

expressed

through

the

Fund’s

continued

allocation

to

preferred

securities.

Although

the

Fund’s

duration

modestly

increased

during

the

reporting

period,

it

remained

shorter

than

its

benchmark,

which

reduced

the

portfolio’s

interest

rate

sensitivity.

While

interest

rates

rose

significantly

during

the

reporting

period,

shorter-duration

securities

continued

to

offer

attractive

yields

and

spreads.

Portfolio

Managers’

Comments

(continued)

10

How

did

the

Fund

perform

during

the

twelve-month

annual

reporting

period

ended

August

31,

2023?

The

Fund’s

Class

A

Shares

at

NAV

outperformed

the

Bloomberg

U.S.

Aggregate

Bond

Index

for

the

reporting

period.

For

the

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

Bloomberg

U.S.

Aggregate

Bond

Index.

The

Fund’s

outperformance

was

primarily

driven

by

its

significant

overweight

allocation

to

securitized

products,

particularly

exposure

to

mortgage

credit

through

investments

in

agency

credit

risk

transfer

(CRT)

securities.

Agency

CRT

securities

are

issued

by

the

Federal

National

Mortgage

Association

(Fannie

Mae)

and

the

Federal

Home

Loan

Mortgage

Corporation

(Freddie

Mac)

to

effectively

transfer

a

portion

of

the

credit

risk

within

pools

of

conventional

residential

mortgage

loans

from

these

government-

sponsored

enterprises

to

the

private

sector.

The

Fund’s

positions

in

agency

CRT

securities

generated

higher

yields

and

larger

price

gains

versus

the

MBS

segment

of

the

benchmark,

which

is

composed

of

the

highest

quality

issues.

Agency

CRT

securities

benefited

more

than

the

index

holdings

from

strong

housing

fundamentals

and

homeowner

credit

performance.

The

Fund’s

shorter

duration

versus

the

benchmark

also

contributed

to

relative

performance

because

it

lessened

the

impact

of

falling

bond

prices

as

interest

rates

moved

materially

higher

during

the

reporting

period.

In

addition,

the

Fund

benefited

from

its

allocation

to

and

security

selection

within

below

investment

grade

securities,

including

high

yield

corporate

bonds

and

senior

loans.

Outperformance

was

particularly

notable

within

the

Fund’s

energy

and

consumer-related

holdings.

Partially

offsetting

the

Fund’s

outperformance

was

its

overweight

allocation

to

CMBS,

where

concerns

surrounding

real

estate

property

valuations,

particularly

in

the

office

and

retail

segments,

weighed

negatively

on

the

sector’s

performance.

The

Fund

also

experienced

marginal

underperformance

from

its

positioning

to

benefit

from

a

steeper

yield

curve.

The

yield

curve

flattened

during

the

reporting

period

as

interest

rates

rose

faster

at

the

short

end

versus

the

long

end

of

the

curve.

During

the

reporting

period,

the

Fund

used

U.S.

Treasury

futures

and

Secured

Overnight

Financing

Rate

futures

as

part

of

an

overall

portfolio

construction

strategy

to

manage

portfolio

duration

and

yield

curve

exposure.

The

interest

rate

futures

detracted

from

relative

performance

during

the

reporting

period.

Additionally,

the

Fund

used

credit

default

swap

index

contracts

(CDX)

to

reduce

a

portion

of

the

credit

risk

of

its

high

yield

bond

allocation.

The

credit

default

swaps

had

a

negligible

impact

on

relative

performance

during

the

reporting

period.

This

material

is

not

intended

to

be

a

recommendation

or

investment

advice,

does

not

constitute

a

solicitation

to

buy,

sell

or

hold

a

security

or

an

investment

strategy,

and

is

not

provided

in

a

fiduciary

capacity.

The

information

provided

does

not

take

into

account

the

specific

objectives

or

circumstances

of

any

particular

investor,

or

suggest

any

specific

course

of

action.

Investment

decisions

should

be

made

based

on

an

investor’s

objectives

and

circumstances

and

in

consultation

with

his

or

her

advisors.

Certain

statements

in

this

report

are

forward-looking

statements.

Discussions

of

specific

investments

are

for

illustration

only

and

are

not

intended

as

recommendations

of

individual

investments.

The

forward-looking

statements

and

other

views

expressed

herein

are

those

of

the

portfolio

managers

as

of

the

date

of

this

report.

Actual

future

results

or

occurrences

may

differ

significantly

from

those

anticipated

in

any

forward-looking

statements

and

the

views

expressed

herein

are

subject

to

change

at

any

time,

due

to

numerous

market

and

other

factors.

The

Funds

disclaim

any

obligation

to

update

publicly

or

revise

any

forward-looking

statements

or

views

expressed

herein.

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s

(S&P),

Moody’s

Investors

Service,

Inc.

(Moody’s)

or

Fitch,

Inc

(Fitch).

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

ratings

agencies.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Risk

Considerations

and

Dividend

Information

11

Risk

Considerations

Nuveen

Credit

Income

Fund

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Credit

risk

arises

from

an

issuer’s

ability

to

make

interest

and

principal

payments

when

due,

as

well

as

the

prices

of

bonds

declining

when

an

issuer’s

credit

quality

is

expected

to

deteriorate.

The

Fund’s

income

could

decline

during

periods

of

falling

interest

rates.

Investments

in

below

investment

grade

or

high

yield

securities

are

subject

to

liquidity

risk

and

heightened

credit

risk.

This

Fund

is

subject

to

the

risks

of

investing

in

loans,

including

senior

loans

and

secured

and

unsecured

junior

loans.

Unsecured

loans

are

not

backed

by

a

security

interest

in

collateral

and

involve

a

higher

degree

of

risk

than

secured

loans.

Loans

are

also

subject

to

settlement

risk

due

to

the

lack

of

established

settlement

standards

or

remedies

for

failure

to

settle,

and

may

have

limited

restrictive

covenants

on

borrowers,

which

may

weaken

the

Fund’s

ability

to

access

collateral

securing

the

loan

and

enforce

its

rights

as

a

lender.

The

Fund

may

also

invest

in

a

pool

of

loans

through

collateralized

loan

obligations

(CLOs).

In

addition

to

the

risks

associated

with

loans

and

high

yield

securities,

CLOs

are

subject

to

the

risk

that

distributions

from

the

collateral

may

not

be

adequate

to

make

interest

or

other

payments

owed

to

the

Fund.

Asset-backed

and

mortgage-backed

securities

are

subject

to

additional

risks

such

as

prepayment

risk,

liquidity

risk,

default

risk

and

adverse

economic

developments.

Preferred

securities

are

subordinate

to

bonds

and

other

debt

instruments

in

a

company’s

capital

structure

and

therefore

are

subject

to

greater

credit

risk.

Certain

types

of

preferred,

hybrid

or

debt

securities

with

special

loss

absorption

provisions,

such

as

contingent

capital

securities

(CoCos),

may

be

or

become

so

subordinated

that

they

present

risks

equivalent

to,

or

in

some

cases

even

greater

than,

the

same

company’s

common

stock.

Non-U.S.

investments

involve

risks

such

as

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

These

risks

are

magnified

in

emerging

markets.

These

and

other

risk

considerations,

such

as

call,

derivatives,

illiquid

investments,

interest

rate,

market,

and

valuation

risks,

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

Flexible

Income

Fund

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

Debt

and

fixed

income

securities

such

as

those

held

by

the

Fund,

are

subject

to

market

risk,

credit

risk,

interest

rate

risk,

call

risk,

and

income

risk.

As

interest

rates

rise,

bond

prices

fall.

Below

investment

grade

or

high

yield

debt

securities

are

subject

to

liquidity

risk

and

heightened

credit

risk.

Preferred

securities

are

subordinate

to

bonds

and

other

debt

instruments

in

a

company's

capital

structure

and

therefore

are

subject

to

greater

credit

risk.

Foreign

investments

involve

additional

risks,

including

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

Asset-backed

and

mortgage-backed

securities

are

subject

to

additional

risks

such

as

prepayment

risk,

liquidity

risk

and

adverse

economic

developments.

Concentration

in

the

financial

services

sector

may

involve

greater

exposure

to

adverse

economic

or

regulatory

occurrences.

Equity

investments

such

as

those

held

by

the

Fund,

are

subject

to

market

risk,

common

stock

risk,

covered

call

risk,

short

sale

risk,

and

derivatives

risk.

Nuveen

Floating

Rate

Income

Fund

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

Debt

or

fixed

income

securities

such

as

those

held

by

the

Fund,

are

subject

to

market

risk,

credit

risk,

interest

rate

risk,

derivatives

risk,

liquidity

risk,

and

income

risk.

As

interest

rates

rise,

bond

prices

fall.

Below

investment

grade

or

high

yield

debt

securities

are

subject

to

liquidity

risk

and

heightened

credit

risk.

Foreign

investments

involve

additional

risks,

including

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

The

value

of

the

Fund's

convertible

securities

may

decline

in

response

to

such

factors

as

rising

interest

rates

and

fluctuations

in

the

market

price

of

the

underlying

securities.

This

Fund

is

subject

to

loan

settlement

risk

due

to

the

lack

of

established

settlement

standards

or

remedies

for

failure

to

settle.

Nuveen

High

Yield

Income

Fund

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Investments

in

below

investment

grade

or

high

yield

securities

are

subject

to

liquidity

risk

and

heightened

credit

risk.

Credit

risk

arises

from

an

issuer’s

ability

to

make

interest

and

principal

payments

when

due,

as

well

as

the

prices

of

bonds

declining

when

an

issuer’s

credit

quality

is

expected

to

deteriorate.

The

Fund

is

subject

to

interest

rate

risk;

as

interest

rates

rise,

bond

prices

fall.

This

Fund

is

subject

to

the

risks

of

investing

in

loans,

including

loan

settlement

risk

due

to

the

lack

of

established

settlement

standards

or

remedies

for

failure

to

settle

and

covenant

lite

loan

risk,

which

is

the

risk

that

loans

with

limited

restrictive

covenants

on

borrowers

may

weaken

the

Fund’s

ability

to

access

collateral

securing

the

loan

and

enforce

its

rights

as

a

lender.

Non-U.S.

investments

involve

risks

such

as

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

Risk

Considerations

and

Dividend

Information

(continued)

12

accounting

standards.

These

and

other

risk

considerations,

such

as

active

management,

call,

derivatives,

income,

and

unrated

securities

risks,

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

Preferred

Securities

and

Income

Fund

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

Debt

or

fixed

income

securities

such

as

those

held

by

the

Fund,

are

subject

to

market

risk,

credit

risk,

interest

rate

risk,

derivatives

risk,

illiquid

securities

risk,

concentration

risk,

and

income

risk.

As

interest

rates

rise,

bond

prices

fall.

Below

investment

grade

or

high

yield

debt

securities

are

subject

to

liquidity

risk

and

heightened

credit

risk.

Preferred

securities

are

subordinate

to

bonds

and

other

debt

instruments

in

a

company's

capital

structure

and

therefore

are

subject

to

greater

credit

risk.

Certain

types

of

preferred,

hybrid

or

debt

securities

with

special

loss

absorption

provisions,

such

as

contingent

capital

securities

(CoCos),

may

be

or

become

so

subordinated

that

they

present

risks

equivalent

to,

or

in

some

cases

even

greater

than,

the

same

company's

common

stock.

Foreign

investments

involve

additional

risks,

including

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

Nuveen

Strategic

Income

Fund

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

Debt

or

fixed

income

securities

such

as

those

held

by

the

Fund,

are

subject

to

market

risk,

credit

risk,

interest

rate

risk,

call

risk,

derivatives

risk,

dollar

roll

transaction

risk,

and

income

risk.

As

interest

rates

rise,

bond

prices

fall.

Below

investment

grade

or

high

yield

debt

securities

are

subject

to

liquidity

risk

and

heightened

credit

risk.

Foreign

investments

involve

additional

risks,

including

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

The

Fund

gains

additional

exposure

to

currency

rates,

and

therefore

to

the

risk

of

currency

fluctuation,

through

investment

in

foreign

currency

contracts.

The

risks

of

foreign

investments

are

magnified

in

emerging

markets.

Asset-backed

and

mortgage-backed

securities

are

subject

to

additional

risks

such

as

prepayment

risk,

liquidity

risk,

default

risk

and

adverse

economic

developments.

Dividend

Information

Each

Fund

seeks

to

pay

regular

monthly

dividends

out

of

its

net

investment

income

at

a

rate

that

reflects

its

past

and

projected

net

income

performance.

To

permit

each

Fund

to

maintain

a

more

stable

monthly

dividend,

the

Fund

may

pay

dividends

at

a

rate

that

may

be

more

or

less

than

the

amount

of

net

income

actually

earned

by

the

Fund

during

the

period.

Distributions

to

shareholders

are

determined

on

a

tax

basis,

which

may

differ

from

amounts

recorded

in

the

accounting

records.

In

instances

where

the

monthly

dividend

exceeds

the

earned

net

investment

income,

the

Fund

would

report

a

negative

undistributed

net

ordinary

income.

Refer

Income

Tax

Information

within

the

Notes

to

Financial

Statements

for

additional

information

regarding

the

amounts

of

undistributed

net

ordinary

income

and

undistributed

net

long-term

capital

gains

and

the

character

of

the

actual

distributions

paid

by

the

Fund

during

the

period.

All

monthly

dividends

paid

by

each

Fund

during

the

current

reporting

period

were

paid

from

net

investment

income.

If

a

portion

of

a

Fund’s

monthly

distributions

is

sourced

or

comprised

of

elements

other

than

net

investment

income,

including

capital

gains

and/

or

a

return

of

capital,

shareholders

will

be

notified

of

those

sources.

For

financial

reporting

purposes,

the

per

share

amounts

of

the

Fund’s

distributions

for

the

reporting

period

are

presented

in

this

report’s

Financial

Highlights.

For

income

tax

purposes,

distribution

information

for

each

Fund

as

of

its

most

recent

tax

year

end

is

presented

within

the

Notes

to

Financial

Statements

of

this

report.

About

the

Funds’

Benchmarks

13

Bloomberg

Capital

Securities

Index:

An

Index

designed

to

measure

the

performance

of

USD-denominated

preferred

securities,

including

Tier

1

and

Tier

2

securities.

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

2%

Issuer

Capped

Bond

Index:

An

issuer-constrained

version

of

the

U.S.

Corporate

High

Yield

Bond

Index,

which

is

an

index

designed

to

measure

the

performance

of

the

USD-denominated,

fixed-rate

corporate

high

yield

bond

market

that

limits

each

issuer

to

2%

of

the

index.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Credit

Suisse

Leveraged

Loan

Index:

An

index

designed

to

measure

the

performance

of

the

USD-denominated

leveraged

loan

market.

The

index

includes

issuers

from

developed

countries;

issuers

from

developing

countries

are

excluded.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Flexible

Income

Blended

Benchmark:

Consists

of:

1)

50%

ICE

BofA

U.S.

Corporate

Index

(defined

herein),

and

2)

50%

ICE

BofA

U.S.

High

Yield

Index

(defined

herein).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

ICE

BofA

Contingent

Capital

Securities

(USD

Hedged)

Index:

An

index

designed

to

measure

the

performance

of

all

contingent

capital

debt

publicly

issued

in

the

major

domestic

and

Eurobond

markets,

including

investment

grade

and

sub-investment

grade

issues.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

ICE

BofA

Fixed

Rate

Preferred

Securities

Index:

An

Index

designed

to

measure

the

performance

of

investment

grade

fixed-rate,

USD-denominated

preferred

securities

issued

in

the

U.S.

domestic

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

ICE

BofA

U.S.

All

Capital

Securities

Index:

An

index

designed

to

measure

the

performance

of

investment

grade

and

below

investment

grade

fixed

rate

and

fixed-to-floating

rate,

USD-denominated

hybrid

corporate

and

preferred

securities

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.

ICE

BofA

U.S.

Corporate

Index:

An

index

comprised

of

USD-denominated

investment

grade,

fixed-rate

corporate

debt

securities

publicly

issued

in

the

U.S.

domestic

market

with

at

least

one

year

remaining

to

maturity

and

a

minimum

amount

outstanding

of

$250

million.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

include

the

effects

of

any

sales

charges

or

management

fees.

ICE

BofA

U.S.

High

Yield

Index:

An

index

designed

to

measure

the

performance

of

USD-denominated

below

investment

grade

corporate

debt

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.

ICE

USD

Contingent

Capital

Index:

An

index

designed

to

measure

the

performance

of

USD-denominated

contingent

capital

debt

publicly

issued

in

the

major

domestic

and

Eurobond

markets,

including

investment

grade

and

below

investment

grade

issues.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Lipper

Flexible

Income

Funds

Classification

Average:

Represents

the

average

annualized

total

return

for

all

reporting

funds

in

the

Lipper

Flexible

Income

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges.

About

the

Funds’

Benchmarks

(continued)

14

Lipper

Global

High

Yield

Funds

Classification

Average:

Represents

the

average

annualized

returns

for

all

reporting

funds

in

the

Lipper

Global

High

Yield

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges.

Lipper

High

Yield

Funds

Classification

Average:

Represents

the

average

annualized

total

return

for

all

reporting

funds

in

the

Lipper

High

Yield

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges.

Lipper

Loan

Participation

Funds

Classification

Average:

Represents

the

average

annualized

total

return

for

all

reporting

funds

in

the

Lipper

Loan

Participation

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges.

Lipper

Multi-Sector

Income

Funds

Classification

Average:

Represents

the

average

annualized

returns

for

all

reporting

funds

in

the

Lipper

Multi-Sector

Income

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges.

Preferred

Securities

and

Income

Blended

Benchmark

(effective

January

29,

2021):

Consists

of:

1)

65%

ICE

BofA

Fixed

Rate

Preferred

Securities

Index

(defined

herein),

and

2)

35%

Bloomberg

Capital

Securities

Index

(defined

herein)

through

December

30,

2013,

and

thereafter

1)

60%

ICE

BofA

U.S.

All

Capital

Securities

Index

(defined

herein),

and

2)

40%

ICE

USD

Contingent

Capital

Index

(defined

herein).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Preferred

Securities

and

Income

Blended

Benchmark

(through

January

28,

2021):

Consists

of:

1)

65%

ICE

BofA

Fixed

Rate

Preferred

Securities

Index

(defined

herein),

and

2)

35%

Bloomberg

Capital

Securities

Index

(defined

herein)

through

December

30,

2013,

and

thereafter:

1)

60%

ICE

BofA

U.S.

All

Capital

Securities

Index

(defined

herein),

and

2)

40%

ICE

BofA

Contingent

Capital

Securities

(USD

Hedged)

Index

(defined

herein).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

15

The

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

for

each

Fund

are

shown

within

this

section

of

the

report.

Fund

Performance

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Investment

returns

and

principal

value

will

fluctuate

so

that

when

shares

are

redeemed,

they

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

performance

shown.

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.

Returns

at

net

asset

value

(NAV)

would

be

lower

if

the

sales

charge

were

included.

Returns

assume

reinvestment

of

dividends

and

capital

gains.

For

performance,

current

to

the

most

recent

month-end

visit

Nuveen.com

or

call

(800)

257-8787.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Returns

may

reflect

fee

waivers

and/or

expense

reimbursements

by

the

investment

adviser

during

the

periods

presented.

If

any

such

waivers

and/or

reimbursements

had

not

been

in

place,

returns

would

have

been

reduced.

See

Notes

to

Financial

Statements,

Note

7—Management

Fees

and

Other

Transactions

with

Affiliates

for

more

information.

Returns

reflect

differences

in

sales

charges

and

expenses,

which

are

primarily

differences

in

distribution

and

service

fees,

and

assume

reinvestment

of

dividends

and

capital

gains.

Comparative

index

and

Lipper

return

information

is

provided

for

Class

A

Shares

at

NAV

only.

Expense

Ratios

The

expense

ratios

shown

are

as

of

the

Fund’s

most

recent

prospectus.

The

expense

ratios

shown

reflect

total

operating

expenses

(before

fee

waivers

and/or

expense

reimbursements,

if

any).

The

expense

ratios

include

management

fees

and

other

fees

and

expenses.

Refer

to

the

Financial

Highlights

later

in

this

report

for

the

Fund’s

expense

ratios

as

of

the

end

of

the

reporting

period.

Holdings

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. 

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s,

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.

16

Nuveen

Credit

Income

Fund

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

August

31,

2023

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Bond

Index.

**

Class

A

Shares

have

a

maximum

4.75%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within

less

than

twelve

months,

which

is reflected

in

the

maximum

Offering

Price

total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares

eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors. 

***

The

Fund’s

investment

adviser

has

contractually

agreed

to

waive

fees

and/or

reimburse

expenses

through

July

31,

2025

so

that

the

total

annual

operating

expenses

(excluding

12b-1

distribution

and/or

service

fees,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses)

do

not

exceed

0.75% of

the

average

daily

net

assets

of

any

class

of

Fund

Shares.

This

expense

limitation may

be

terminated

or

modified

prior

to

that

date

only

with

the

approval

of

the

Board

of Directors

of

the

Fund. 

Growth

of

an

Assumed

$10,000

Investment

as

of August

31,

2023 -

Class

A 

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

Total

Returns

as

of

August

31,

2023**

Average

Annual

Expense

Ratios

***

Inception

Date

1-Year

5-Year

10-Year

Gross

Net

Class

A

at

NAV

8/30/01

6.87%

2.10%

3.03%

1.15%

1.00%

Class

A

at

maximum

Offering

Price

8/30/01

1.75%

1.10%

2.53%

—

—

Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Bond

Index

—

7.19%

3.31%

4.47%

—

—

Lipper

Global

High

Yield

Funds

Classification

Average

—

5.92%

2.21%

3.27%

—

—

Class

C

at

NAV

8/30/01

6.09%

1.33%

2.42%

1.90%

1.75%

Class

C

at

maximum

Offering

Price

8/30/01

6.09%

1.33%

2.42%

—

—

Class

I

8/30/01

7.16%

2.32%

3.27%

0.90%

0.75%

17

Holdings

Summaries

as

of

August

31,

2023

Fund

Allocation

(%

of

net

assets)

Corporate

Bonds

55

.9‌

%

Asset-Backed

and

Mortgage-

Backed

Securities

22

.6‌

%

Variable

Rate

Senior

Loan

Interests

10

.0‌

%

$1,000

Par

(or

similar)

Institutional

Preferred

4

.2‌

%

Sovereign

Debt

3

.7‌

%

Contingent

Capital

Securities

1

.8‌

%

$25

Par

(or

similar)

Retail

Preferred

0

.2‌

%

Common

Stocks

0

.0‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

5

.1‌

%

Repurchase

Agreements

0

.9‌

%

Other

Assets

&

Liabilities,

Net

(4.4)%

Net

Assets

100‌

%

Corporate

Bonds:

Industries

1

(%

of

total

corporate

bonds)

Oil,

Gas

&

Consumable

Fuels

14.5%

Media

10.1%

Hotels,

Restaurants

&

Leisure

8.5%

Diversified

Telecommunication

Services

5.2%

Health

Care

Providers

&

Services

5.0%

Metals

&

Mining

4.8%

Chemicals

3.0%

Automobile

Components

3.0%

Automobiles

3.0%

Specialty

Retail

2.9%

Aerospace

&

Defense

2.8%

Commercial

Services

&

Supplies

2.5%

Capital

Markets

2.5%

Trading

Companies

&

Distributors

2.3%

Insurance

2.2%

Electric

Utilities

2.0%

Containers

&

Packaging

1.9%

Consumer

Staples

Distribution

&

Retail

1.9%

Professional

Services

1.8%

IT

Services

1.6%

Consumer

Finance

1.5%

Gas

Utilities

1.5%

Passenger

Airlines

1.3%

Energy

Equipment

&

Services

1.2%

Broadline

Retail

1.1%

Other

11.9%

Total

100%

Bond

Credit

Quality

(%

of

total

long-term

fixed

income)

A

0.6%

BBB

10.6%

BB

or

Lower

77.3%

N/R

(not

rated)

11.2%

N/A

0.3%

Total

100‌

%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

18

Nuveen

Flexible

Income

Fund

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

August

31,

2023

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

Flexible

Income

Blended

Benchmark.

The

Fund’s

Blended

Benchmark

consist

of:

1)

50%

ICE

BofA

U.S.

Corporate

Index

and

2)

50%

ICE

BofA

U.S.

High

Yield

Index.

**

Class

A

Shares

have

a

maximum

4.75%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within

less

than

twelve

months,

which

is

reflected

in

the

maximum

Offering

Price

total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

R6

Shares

have

no

sales

charge

and

are

available

only

to

certain

limited

categories

of

investors

as

described

in

the

prospectus.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

***

The

Fund’s

investment

adviser

has

contractually

agreed

to

waive

fees

and/or

reimburse

expenses

through

July

31,

2025 so

that

total

annual

Fund

operating

expenses

(excluding

12b-1

distribution

and/or

service

fees,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses)

do

not

exceed

0.75%

(1.25%

after

July

31,

2025)

of

the

average

daily

net

assets

of

any

class

of

Fund

shares.

However,

because

Class

R6

Shares

are

not

subject

to

sub-transfer

agent

and

similar

fees,

the

total

annual

Fund

operating

expenses

for

Class

R6

Shares

will

be

less

than

the

expense

limitation.

The

expense

limitation

expiring

July

31,

2025,

may

be

terminated

or

modified

prior

to

that

date

only

with

the

approval

of

the

Board

of

Trustees

of

the

Fund.

The

expense

limitation

in

effect

thereafter

may

be

terminated

or

modified

only

with

the

approval

of

shareholders

of

the

Fund.

Total

Returns

as

of

August

31,

2023**

Average

Annual

Expense

Ratios

***

Inception

Date

1-Year

5-Year

10-Year

Gross

Net

Class

A

at

NAV

12/09/09

2.13%

1.81%

3.99%

1.02%

0.95%

Class

A

at

maximum

Offering

Price

12/09/09

(2.72)%

0.83%

3.49%

—

—

Bloomberg

U.S.

Aggregate

Bond

Index

—

(1.19)%

0.49%

1.48%

—

—

Flexible

Income

Blended

Benchmark

—

3.98%

2.38%

3.55%

—

—

Lipper

Flexible

Income

Funds

Classification

Average

—

0.80%

1.95%

3.58%

—

—

Class

C

at

NAV

12/09/09

1.37%

1.06%

3.37%

1.77%

1.70%

Class

C

at

maximum

Offering

Price

12/09/09

1.37%

1.06%

3.37%

—

—

Class

I

12/09/09

2.40%

2.07%

4.25%

0.77%

0.70%

Total

Returns

as

of

August

31,

2023**

Average

Annual

Expense

Ratios***

Inception

Date

1-Year

5-Year

Since

Inception

Gross

Net

Class

R6

6/30/16

2.48%

2.14%

3.56%

0.71%

0.64%

19

Growth

of

an

Assumed

$10,000

Investment

as

of August

31,

2023 -

Class

A 

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

20

Fund

Performance,

Expense

Ratios

and

Holding

Summaries

August

31,

2023

(continued)

Holdings

Summaries

as

of

August

31,

2023

Fund

Allocation

(%

of

net

assets)

Corporate

Bonds

52

.6‌

%

$1,000

Par

(or

similar)

Institutional

Preferred

26

.9‌

%

Common

Stocks

9

.4‌

%

$25

Par

(or

similar)

Retail

Preferred

4

.7‌

%

Convertible

Preferred

Securities

1

.9‌

%

Convertible

Bonds

0

.7‌

%

Structured

Notes

0

.6‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

1

.4‌

%

Repurchase

Agreements

2

.1‌

%

Other

Assets

&

Liabilities,

Net

(0.3)%

Net

Assets

100‌

%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Walmart

Inc

0.5%

Sanofi,

ADR

0.5%

Public

Storage

0.5%

AstraZeneca

PLC,

Sponsored

ADR

0.5%

Humana

Inc

0.5%

Portfolio

Composition

1

(%

of

net

assets)

Banks

10.2%

Electric

Utilities

5.8%

Media

5.7%

Technology

Hardware,

Storage

&

Peripherals

4.8%

Oil,

Gas

&

Consumable

Fuels

4.8%

Health

Care

Providers

&

Services

4.1%

Insurance

3.9%

Automobiles

3.7%

Consumer

Finance

3.0%

Semiconductors

&

Semiconductor

Equipment

2.6%

Capital

Markets

2.6%

Chemicals

2.5%

Consumer

Staples

Distribution

&

Retail

2.3%

Wireless

Telecommunication

Services

2.3%

Independent

Power

and

Renewable

Electricity

Producers

2.2%

Specialty

Retail

2.0%

Equity

Real

Estate

Investment

Trusts

2.0%

Hotels,

Restaurants

&

Leisure

2.0%

Trading

Companies

&

Distributors

2.0%

Multi-Utilities

1.8%

Electrical

Equipment

1.7%

Food

Products

1.6%

Biotechnology

1.7%

Automobile

Components

1.6%

Other

19.3%

Structured

Notes

0.6%

Investments

Purchased

with

Collateral

from

Securities

Lending

1.4%

Repurchase

Agreements

2.1%

Other

Assets

&

Liabilities,

Net

(0.3)%

Net

Assets

100%

Bond

Credit

Quality

(%

of

total

long-term

fixed

income)

A

4.6%

BBB

57.6%

BB

or

Lower

36.0%

N/R

(not

rated)

1.8%

Total

100‌

%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

Nuveen

Floating

Rate

Income

Fund

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

August

31,

2023

21

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

Credit

Suisse

Leverage

Loan

Index.

**

Class

A

Shares

have

a

maximum

3.00%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$500,000

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within

less

than

twelve

months,

which

is

reflected

in

the

maximum

Offering

Price

total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

R6

Shares

have

no

sales

charge

and

are

available

only

to

certain

limited

categories

of

investors

as

described

in

the

prospectus.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

Total

Returns

as

of

August

31,

2023**

Average

Annual

Expense

Ratios

Inception

Date

1-Year

5-Year

10-Year

Class

A

at

NAV

5/02/11

7.24%

3.48%

3.53%

0.96%

Class

A

at

maximum

Offering

Price

5/02/11

4.02%

2.85%

3.21%

—

Credit

Suisse

Leveraged

Loan

Index

—

9.08%

4.27%

4.27%

—

Lipper

Loan

Participation

Funds

Classification

Average

—

8.08%

3.00%

3.14%

—

Class

C

at

NAV

5/02/11

6.45%

2.71%

2.91%

1.71%

Class

C

at

maximum

Offering

Price

5/02/11

6.45%

2.71%

2.91%

—

Class

I

5/02/11

7.46%

3.74%

3.79%

0.71%

Total

Returns

as

of

August

31,

2023**

Average

Annual

Expense

Ratios

Inception

Date

1-Year

5-Year

Since

Inception

Class

R6

1/28/15

7.59%

3.84%

3.94%

0.63%

22

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

August

31,

2023

(continued)

Growth

of

an

Assumed

$10,000

Investment

as

of August

31,

2023 -

Class

A 

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

23

Holdings

Summaries

as

of

August

31,

2023

Fund

Allocation

(%

of

net

assets)

Variable

Rate

Senior

Loan

Interests

83

.1‌

%

Corporate

Bonds

13

.8‌

%

Common

Stocks

1

.6‌

%

Warrants

0

.8‌

%

Convertible

Preferred

Securities

0

.0‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

0

.3‌

%

Short-Term

Investment

Companies

0

.0‌

%

Other

Assets

&

Liabilities,

Net

1.2%

Borrowings

(0.8)%

Net

Assets

100‌

%

Corporate

Bonds:

Industries

1

(%

of

total

corporate

bonds)

Passenger

Airlines

14.2%

Commercial

Services

&

Supplies

12.5%

Health

Care

Providers

&

Services

10.1%

Media

9.4%

Hotels,

Restaurants

&

Leisure

9.0%

Oil,

Gas

&

Consumable

Fuels

8.9%

Diversified

Telecommunication

Services

6.8%

Specialty

Retail

4.5%

Energy

Equipment

&

Services

4.3%

Consumer

Staples

Distribution

&

Retail

3.8%

Other

16.5%

Total

100%

Portfolio

Credit

Quality

(%

of

total

long-term

fixed

income

investments)

BBB

7.0%

BB

or

Lower

90.5%

N/R

(not

rated)

2.5%

Total

100‌

%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

24

Nuveen

High

Yield

Income

Fund

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

August

31,

2023

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

ICE

BofA

U.S.

High

Yield

Index.

**

Class

A

Shares

have

a

maximum

4.75%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within

less

than

twelve

months,

which

is

reflected

in

the

maximum

Offering

Price

total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

R6

Shares

have

no

sales

charge

and

are

available

only

to

certain

limited

categories

of

investors

as

described

in

the

prospectus.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

***

The

Fund’s

investment

adviser

has

contractually

agreed

to

waive

fees

and/or

reimburse

expenses

so

that

the

total

annual

operating

expenses

of

the

Fund

(excluding

12b-1

distribution

and/or

service

fees,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses)

do

not

exceed

0.79%

through

July

31,

2025

or

1.35%

after

July

31,

2025

of

the

average

daily

net

assets

of

any

class

of

Fund

shares.

However,

because

Class

R6

shares

are

not

subject

to

sub-transfer

agent

and

similar

fees,

the

total

annual

operating

expenses

for

the

Class

R6

shares

will

be

less

than

the

expense

limitation.

The

expense

limitation

expiring

July

31,

2025

may

be

terminated

or

modified

prior

to

that

date

only

with

the

approval

of

the

Board

of

Trustees

of

the

Fund.

The

expense

limitation

in

effect

thereafter

may

be

terminated

or

modified

only

with

the

approval

of

shareholders

of

the

Fund.

Total

Returns

as

of

August

31,

2023**

Average

Annual

Expense

Ratios

***

Inception

Date

1-Year

5-Year

10-Year

Gross

Net

Class

A

at

NAV

4/28/10

6.37%

2.22%

3.44%

1.05%

1.00%

Class

A

at

maximum

Offering

Price

4/28/10

1.31%

1.23%

2.94%

—

—

ICE

BofA

U.S.

High

Yield

Index

—

7.01%

3.16%

4.39%

—

—

Lipper

High

Yield

Funds

Classification

Average

—

6.26%

2.77%

3.61%

—

—

Class

C

at

NAV

4/28/10

5.57%

1.45%

2.83%

1.80%

1.75%

Class

C

at

maximum

Offering

Price

4/28/10

5.57%

1.45%

2.83%

—

—

Class

I

4/28/10

6.62%

2.46%

3.70%

0.80%

0.75%

Total

Returns

as

of

August

31,

2023**

Average

Annual

Expense

Ratios***

Inception

Date

1-Year

5-Year

Since

Inception

Gross

Net

Class

R6

10/1/14

6.70%

2.59%

3.46%

0.67%

0.62%

25

Growth

of

an

Assumed

$10,000

Investment

as

of August

31,

2023 -

Class

A 

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

26

Fund

Performance,

Expense

Ratios

and

Holding

Summaries

August

31,

2023

(continued)

Holdings

Summaries

as

of

August

31,

2023

Fund

Allocation

(%

of

net

assets)

Corporate

Bonds

73

.3‌

%

Variable

Rate

Senior

Loan

Interests

18

.1‌

%

Exchange-Traded

Funds

1

.7‌

%

$1,000

Par

(or

similar)

Institutional

Preferred

1

.7‌

%

Common

Stocks

0

.6‌

%

Warrants

0

.4‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

5

.4‌

%

Short-Term

Investment

Companies

2

.8‌

%

Other

Assets

&

Liabilities,

Net

(4.0)%

Net

Assets

100‌

%

Portfolio

Composition

1

(%

of

net

assets)

Oil,

Gas

&

Consumable

Fuels

10.0%

Media

8.4%

Hotels,

Restaurants

&

Leisure

6.9%

Health

Care

Providers

&

Services

4.2%

Diversified

Telecommunication

Services

4.0%

Aerospace

&

Defense

3.3%

Insurance

3.1%

Specialty

Retail

3.0%

Automobile

Components

2.9%

Commercial

Services

&

Supplies

2.8%

Capital

Markets

2.8%

Metals

&

Mining

2.7%

Health

Care

Equipment

&

Supplies

2.5%

Consumer

Finance

2.4%

Automobiles

2.3%

Trading

Companies

&

Distributors

2.2%

Passenger

Airlines

2.1%

Containers

&

Packaging

2.1%

Professional

Services

1.8%

Software

1.7%

Energy

Equipment

&

Services

1.7%

Chemicals

1.5%

Broadline

Retail

1.4%

Textiles,

Apparel

&

Luxury

Goods

1.3%

Other

17.0%

Exchange-Traded

Funds

1.7%

Investments

Purchased

with

Collateral

from

Securities

Lending

5.4%

Short-Term

Investment

Companies

2.8%

Other

Assets

&

Liabilities,

Net

(4.0)%

Net

Assets

100%

Top

Five

Holdings

(%

of

net

assets)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.4%

BlackRock

Liquidity

Funds

T-Fund

2.9%

Medline

Borrower,

LP,

Term

Loan

B

1.5%

Tenet

Healthcare

Corp

1.1%

CSC

Holdings

LLC

1.0%

Portfolio

Credit

Quality

(%

of

total

long-term

fixed

income

investments)

BBB

6.9%

BB

or

Lower

93.1%

Total

100‌

%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

Nuveen

Preferred

Securities

and

Income

Fund

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

August

31,

2023

27

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

Preferred

Securities

and

Income

Blended

Benchmark.

The

Fund’s

Blended

Benchmark

consists

of:

1)

65%

ICE

BofA

Fixed

Rate

Preferred

Securities

Index

and

2)

35%

Bloomberg

Capital

Securities

Index

through

December

30,

2013,

and

thereafter:

1)

60%

ICE

BofA

U.S.

All

Capital

Securities

Index

and

2)

40%

ICE

USD

Contingent

Capital

Index.

Refer

to

About

the

Funds’

Benchmarks

for

further

details

on

the

Fund's

Blended

Benchmark

composition

through

January

28,

2021.

**

Class

A

Shares

have

a

maximum

4.75%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within

less

than

twelve

months,

which

is

reflected

in

the

maximum

Offering

Price

total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

R6

Shares

have

no

sales

charge

and

are

available

only

to

certain

limited

categories

of

investors

as

described

in

the

prospectus.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

Total

Returns

as

of

August

31,

2023**

Average

Annual

Expense

Ratios

Inception

Date

1-Year

5-Year

10-Year

Class

A

at

NAV

12/19/06

(1.21)%

2.16%

4.02%

0.99%

Class

A

at

maximum

Offering

Price

12/19/06

(5.89)%

1.17%

3.52%

—

ICE

BofA

U.S.

All

Capital

Securities

Index

—

(0.19)%

2.05%

4.44%

—

Preferred

Securities

and

Income

Blended

Benchmark

—

(1.77)%

1.99%

4.24%

—

Lipper

Flexible

Income

Funds

Classification

Average

—

0.80%

1.95%

3.58%

—

Class

C

at

NAV

12/19/06

(1.93)%

1.40%

3.40%

1.74%

Class

C

at

maximum

Offering

Price

12/19/06

(1.93)%

1.40%

3.40%

—

Class

I

12/19/06

(0.94)%

2.41%

4.28%

0.74%

Total

Returns

as

of

August

31,

2023**

Average

Annual

Expense

Ratios

Inception

Date

1-Year

5-Year

Since

Inception

Class

R6

6/30/16

(0.81)%

2.51%

3.54%

0.67%

28

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

August

31,

2023

(continued)

Growth

of

an

Assumed

$10,000

Investment

as

of August

31,

2023 -

Class

A 

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

29

Holdings

Summaries

as

of

August

31,

2023

Fund

Allocation

(%

of

net

assets)

$1,000

Par

(or

similar)

Institutional

Preferred

49

.6‌

%

Contingent

Capital

Securities

30

.8‌

%

$25

Par

(or

similar)

Retail

Preferred

17

.8‌

%

Corporate

Bonds

0

.0‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

2

.4‌

%

Repurchase

Agreements

0

.1‌

%

Other

Assets

&

Liabilities,

Net

(0.7)%

Net

Assets

100‌

%

Top

Five

Holdings

(%

of

net

assets)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

2.4%

HSBC

Holdings

PLC

1.7%

JPMorgan

Chase

&

Co

1.4%

Assured

Guaranty

Municipal

Holdings

Inc

1.3%

Farm

Credit

Bank

of

Texas

1.3%

Portfolio

Composition

1

(%

of

net

assets)

Banks

50.5%

Insurance

15.1%

Capital

Markets

8.9%

Financial

Services

4.6%

Food

Products

4.6%

Other

14.5%

Investments

Purchased

with

Collateral

from

Securities

Lending

2.4%

Repurchase

Agreements

0.1%

Other

Assets

&

Liabilities,

Net

(0.7)%

Net

Assets

100%

Portfolio

Credit

Quality

(%

of

total

long-term

fixed

income

investments)

BBB

68.0%

BB

or

Lower

29.7%

N/R

(not

rated)

2.3%

Total

100‌

%

Country

Allocation

2

(%

of

net

assets)

United

States

59

.0‌

%

United

Kingdom

11

.8‌

%

France

7

.3‌

%

Switzerland

3

.4‌

%

Spain

2

.8‌

%

Canada

2

.5‌

%

Netherlands

2

.4‌

%

Australia

2

.1‌

%

Germany

1

.6‌

%

Ireland

1

.5‌

%

Other

3

.9‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

2

.4‌

%

Other

Assets

&

Liabilities,

Net

(

0

.7‌

)

%

Net

Assets

100‌

%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

Includes

2.3%

(as

a

percentage

of

net

assets)

in

emerging

market

countries.

30

Nuveen

Strategic

Income

Fund

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

August

31,

2023

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

Purposes

of

Fund

performance,

relative

results

are

measured

against

the

Bloomberg

U.S.

Aggregate

Bond

Index.

**

Class

A

Shares

have

a

maximum

4.25%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within

less

than

twelve

months,

which

is

reflected

in

the

maximum

Offering

Price

total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

R6

Shares

have

no

sales

charge

and

are

available

only

to

certain

limited

categories

of

investors

as

described

in

the

prospectus.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

***

The

Fund’s

investment

adviser

has

contractually

agreed

to

waive

fees

and/or

reimburse

expenses

through

July

31,

2025

so

that

the

total

annual

operating

expenses

(excluding

12b-1

distribution

and/or

service

fees,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses)

do

not

exceed

0.59%

of

the

average

daily

net

assets

of

any

class

of

Fund

Shares.

However,

because

the

Class

R6

shares

are

not

subject

to

sub-transfer agent

and

similar

fees,

the

total

annual

operating

expenses

for

the

Class

R6

shares

will

be

less

than

the

expense

limitation.

This

expense

limitation

may

be

terminated

or

modified

prior

to

that

date

only

with

the

approval

of

the

Board

of

Directors

of

the

Fund. 

Total

Returns

as

of

August

31,

2023**

Average

Annual

Expense

Ratios

***

Inception

Date

1-Year

5-Year

10-Year

Gross

Net

Class

A

at

NAV

2/01/00

2.72%

2.30%

2.87%

0.93%

0.83%

Class

A

at

maximum

Offering

Price

2/01/00

(1.61)%

1.42%

2.42%

—

—

Bloomberg

U.S.

Aggregate

Bond

Index

—

(1.19)%

0.49%

1.48%

—

—

Lipper

Multi-Sector

Income

Funds

Classification

Average

—

1.98%

1.42%

2.67%

—

—

Class

C

at

NAV

2/01/00

2.04%

1.55%

2.25%

1.68%

1.58%

Class

C

at

maximum

Offering

Price

2/01/00

2.04%

1.55%

2.25%

—

—

Class

I

2/01/00

2.97%

2.55%

3.12%

0.68%

0.58%

Total

Returns

as

of

August

31,

2023**

Average

Annual

Expense

Ratios***

Inception

Date

1-Year

5-Year

Since

Inception

Gross

Net

Class

R6

1/20/15

3.09%

2.66%

2.58%

0.59%

0.49%

31

Growth

of

an

Assumed

$10,000

Investment

as

of August

31,

2023 -

Class

A 

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

32

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

August

31,

2023

(continued)

Holdings

Summaries

as

of

August

31,

2023

Fund

Allocation

(%

of

net

assets)

Asset-Backed

and

Mortgage-

Backed

Securities

48.7‌%

Corporate

Bonds

26.3‌%

$1,000

Par

(or

similar)

Institutional

Preferred

8.0‌%

Sovereign

Debt

6.9‌%

Variable

Rate

Senior

Loan

Interests

2.8‌%

Contingent

Capital

Securities

2.8‌%

$25

Par

(or

similar)

Retail

Preferred

0.3‌%

Investments

Purchased

with

Collateral

from

Securities

Lending

1.5‌%

Repurchase

Agreements

4.2‌%

Other

Assets

&

Liabilities,

Net

(1.5)%

Net

Assets

100‌%

Corporate

Bonds:

Industries

1

(%

of

total

corporate

bonds)

Banks

11.9%

Oil,

Gas

&

Consumable

Fuels

11.4%

Electric

Utilities

6.7%

Wireless

Telecommunication

Services

4.5%

Capital

Markets

3.9%

Chemicals

3.4%

Insurance

3.4%

Trading

Companies

&

Distributors

3.1%

Metals

&

Mining

3.0%

Media

2.9%

Pharmaceuticals

2.8%

Beverages

2.5%

Energy

Equipment

&

Services

2.2%

Automobiles

2.1%

Financial

Services

1.9%

Broadline

Retail

1.9%

Diversified

REITs

1.9%

Retail

REITs

1.8%

Hotels,

Restaurants

&

Leisure

1.8%

Specialty

Retail

1.7%

Passenger

Airlines

1.4%

Independent

Power

Producers

&

Energy

Traders

1.3%

Health

Care

Providers

&

Services

1.2%

Diversified

Telecommunication

Services

1.1%

Gas

Utilities

1.1%

Other

19.1%

Total

100%

Bond

Credit

Quality

(%

of

total

long-term

fixed

income)

AAA

5.0%

AA

5.4%

A

12.6%

BBB

36.0%

BB

or

Lower

29.1%

N/R

(not

rated)

11.9%

Total

100‌%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

Yields

as

of

August

31,

2023

33

Dividend

Yield

is

the

most

recent

dividend

per

share

(annualized)

divided

by

the

offering

price

per

share.

The

SEC

30-Day

Yield

is

a

standardized

measure

of

a

fund’s

yield

that

accounts

for

the

future

amortization

of

premiums

or

discounts

of

bonds

held

in

the

fund’s

portfolio.

The

SEC

30-Day

Yield

is

computed

under

an

SEC

standardized

formula

and

is

based

on

the

maximum

offer

price

per

share.

Subsidized

yields

reflect

fee

waivers

and/or

expense

reimbursements

from

the

investment

adviser

during

the

period.

If

any

such

waivers

and/or

reimbursements

had

not

been

in

place,

yields

would

have

been

reduced.

Unsubsidized

yields

do

not

reflect

waivers

and/or

reimbursements

from

the

investment

adviser

during

the

period.

Refer

to

the

Notes

to

Financial

Statements,

for

further

details

on

the

investment

adviser’s

most

recent

agreement

with

the

Fund

to

waive

fees

and/or

reimburse

expenses,

where

applicable.

Dividend

Yield

may

differ

from

the

SEC

30-Day

Yield

because

the

fund

may

be

paying

out

more

or

less

than

it

is

earning

and

it

may

not

include

the

effect

of

amortization

of

bond

premium.

Nuveen

Credit

Income

Fund

Share

Class

Class

A

1

Class

C

Class

I

Dividend

Yield

7

.28

%

6

.90

%

7

.91

%

SEC

30-Day

Yield

-

Subsidized

7

.33

%

6

.93

%

7

.96

%

SEC

30-Day

Yield

-

Unsubsidized

7

.08

%

6

.67

%

7

.70

%

Nuveen

Flexible

Income

Fund

Share

Class

Class

A

1

Class

C

Class

R6

Class

I

Dividend

Yield

5

.18

%

4

.68

%

5

.76

%

5

.69

%

SEC

30-Day

Yield

-

Subsidized

5

.16

%

4

.69

%

5

.75

%

5

.68

%

SEC

30-Day

Yield

-

Unsubsidized

5

.08

%

4

.61

%

5

.67

%

5

.59

%

Nuveen

Floating

Rate

Income

Fund

Share

Class

Class

A

1

Class

C

Class

R6

Class

I

Dividend

Yield

8

.93

%

8

.47

%

9

.52

%

9

.46

%

SEC

30-Day

Yield

8

.45

%

7

.97

%

9

.11

%

8

.92

%

Nuveen

High

Yield

Income

Fund

Share

Class

Class

A

1

Class

C

Class

R6

Class

I

Dividend

Yield

7

.00

%

6

.58

%

7

.72

%

7

.58

%

SEC

30-Day

Yield

-

Subsidized

7

.14

%

6

.78

%

7

.90

%

7

.76

%

SEC

30-Day

Yield

-

Unsubsidized

7

.12

%

6

.76

%

7

.87

%

7

.74

%

Nuveen

Preferred

Securities

and

Income

Fund

Share

Class

Class

A

1

Class

C

Class

R6

Class

I

Dividend

Yield

5

.53

%

5

.06

%

6

.12

%

6

.05

%

SEC

30-Day

Yield

5

.86

%

5

.41

%

6

.44

%

6

.38

%

34

Nuveen

Strategic

Income

Fund

Share

Class

Class

A

1

Class

C

Class

R6

Class

I

Dividend

Yield

5

.38

%

4

.86

%

6

.01

%

5

.91

%

SEC

30-Day

Yield

-

Subsidized

6

.17

%

5

.45

%

6

.51

%

6

.44

%

SEC

30-Day

Yield

-

Unsubsidized

6

.09

%

5

.37

%

6

.43

%

6

.35

%

1

The

SEC

Yield

for

Class

A

shares

quoted

in

the

table

reflects

the

maximum

sales

load.

Investors

paying

a

reduced

load

because

of

volume

discounts,

investors

paying

no

load

because

they

qualify

for

one

of

the

several

exclusions

from

the

load

and

existing

shareholders

who

previously

paid

a

load

but

would

like

to

know

the

SEC

Yield

applicable

to

their

shares

on

a

going-forward

basis,

should

understand

the

SEC

Yield

effectively

applicable

to

them

would

be

higher

than

the

figure

quoted

in

the

table.

Expense

Examples

35

As

a

shareholder

of

one

or

more

of

the

Funds,

you

incur

two

types

of

costs:

(1)

transaction

costs, including

up-front

and

back-end

sales

charges

(loads)

or

redemption

fees,

where

applicable;

and

(2)

ongoing

costs,

including

management

fees;

distribution

and

service

(12b-1)

fees,

where

applicable;

and

other

Fund

expenses.

The

Examples

below

are

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Funds

and

to

compare

these

costs

with

the

ongoing

costs

of investing

in

other

mutual

funds.

The

Examples

below

are

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

period

ended

August

31,

2023.

The

beginning

of

the

period

is

March

1,

2023.

The

information

under

“Actual

Performance,”

together

with

the

amount

you

invested,

allows

you

to

estimate

actual

expenses

incurred

over

the

reporting

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.60)

and

multiply

the

result

by

the

cost

shown

for

your

share

class,

in

the

row

entitled

“Expenses

Incurred

During

Period”

to

estimate

the

expenses

incurred

on

your

account

during

this

period.

The

information

under

“Hypothetical

Performance,”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

each

Fund’s

actual

expense

ratios

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expense

you

incurred

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

following

tables

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs.

Therefore,

the

hypothetical

information

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds

or

share

classes.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Nuveen

Credit

Income

Fund

Share

Class

Class

A

Class

C

Class

I

Actual

Performance

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,048.74

$1,044.85

$1,050.14

Expenses

Incurred

During

the

Period

$5.16

$9.02

$3.88

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,020.16

$1,016.38

$1,021.42

Expenses

Incurred

During

the

Period

$5.09

$8.89

$3.82

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

1.00%,

1.75%

and

0.75%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/365

(to

reflect

the

one-half

year

period).

Nuveen

Flexible

Income

Fund

Share

Class

Class

A

Class

C

Class

R6

Class

I

Actual

Performance

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,014.51

$1,010.70

$1,016.23

$1,015.82

Expenses

Incurred

During

the

Period

$4.87

$8.67

$3.30

$3.61

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,020.37

$1,016.59

$1,021.93

$1,021.63

Expenses

Incurred

During

the

Period

$4.89

$8.69

$3.31

$3.62

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.96%,

1.71%,

0.65%

and

0.71%

for

Classes

A,

C,

R6

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/365

(to

reflect

the

one-half

year

period).

Expense

Examples

(continued)

36

Nuveen

Floating

Rate

Income

Fund

Share

Class

Class

A

Class

C

Class

R6

Class

I

Actual

Performance

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,039.58

$1,035.77

$1,041.84

$1,040.91

Expenses

Incurred

During

the

Period

$5.55

$9.39

$3.81

$4.32

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,019.76

$1,015.98

$1,021.48

$1,020.97

Expenses

Incurred

During

the

Period

$5.50

$9.30

$3.77

$4.28

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

1.08%,

1.83%,

0.74%

and

0.84%

for

Classes

A,

C,

R6

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/365

(to

reflect

the

one-half

year

period).

Nuveen

High

Yield

Income

Fund

Share

Class

Class

A

Class

C

Class

R6

Class

I

Actual

Performance

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,041.51

$1,037.59

$1,042.83

$1,042.74

Expenses

Incurred

During

the

Period

$5.15

$8.99

$3.24

$3.86

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,020.16

$1,016.38

$1,022.03

$1,021.42

Expenses

Incurred

During

the

Period

$5.09

$8.89

$3.21

$3.82

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

1.00%,

1.75%,

0.63%

and

0.75%

for

Classes

A,

C,

R6

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/365

(to

reflect

the

one-half

year

period).

Nuveen

Preferred

Securities

and

Income

Fund

Share

Class

Class

A

Class

C

Class

R6

Class

I

Actual

Performance

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$960.53

$956.96

$962.34

$961.83

Expenses

Incurred

During

the

Period

$5.04

$8.73

$3.46

$3.81

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,020.06

$1,016.28

$1,021.68

$1,021.32

Expenses

Incurred

During

the

Period

$5.19

$9.00

$3.57

$3.92

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

1.02%,

1.77%,

0.70%

and

0.77%

for

Classes

A,

C,

R6

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/365

(to

reflect

the

one-half

year

period).

Nuveen

Strategic

Income

Fund

Share

Class

Class

A

Class

C

Class

R6

Class

I

Actual

Performance

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,019.63

$1,016.78

$1,021.46

$1,020.90

Expenses

Incurred

During

the

Period

$4.28

$8.08

$2.55

$3.01

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,020.97

$1,017.19

$1,022.68

$1,022.23

Expenses

Incurred

During

the

Period

$4.28

$8.08

$2.55

$3.01

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.84%,

1.59%,

0.50%

and

0.59%

for

Classes

A,

C,

R6

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/365

(to

reflect

the

one-half

year

period).

Report

of

Independent

Registered

Public

Accounting

Firm

37

To

the

Shareholders

and

Board

of

Directors/Trustees

Nuveen

Investment

Funds,

Inc.,

Nuveen

Investment

Trust

III,

and

Nuveen

Investment

Trust

V:

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities

of

the

funds

listed

in

Appendix

A

(the

Funds),

including

the

portfolios

of

investments,

as

of

August 31, 2023,

the

related

statements

of

operations

and

changes

in

net

assets

for

the

Funds

and

periods

listed

in

Appendix

A,

and

the

related

notes

(collectively,

the

financial

statements)

and

the

financial

highlights

for

the

Funds

and

periods

listed

in

Appendix

A.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Funds

as

of

August 31, 2023,

the

results

of

their

operations

and

the

changes

in

their

net

assets

for

the

Funds

and

periods

listed

in

Appendix

A,

and

the

financial

highlights

for

the

Funds

and

periods

listed

in

Appendix

A,

in

conformity

with

U.S.

generally

accepted

accounting

principles.

The

financial

statements

and

financial

highlights

of

Nuveen

Credit

Income

Fund

and

Nuveen

Strategic

Income

Fund

for

the

periods

ended

June

30,

2022

and

prior

were

audited

by

other

auditors,

whose

report

dated

August

26,

2022

expressed

an

unqualified

opinion

on

those

financial

statements

and

financial

highlights.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

these

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Such

procedures

also

included

confirmation

of

securities

owned

as

of

August 31, 2023,

by

correspondence

with

custodians

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

KPMG

LLP

We

have

served

as

the

auditor

of

one

or

more

Nuveen

investment

companies

since

2014.

Chicago,

Illinois 

October

27,

2023

Report

of

Independent

Registered

Public

Accounting

Firm

(continued)

38

Appendix

A

Nuveen

Investment

Funds,

Inc.

For

the

year

ended

August

31,

2023

(statements

of

operations);

for

the

year

ended

August

31,

2023,

for

the

two

month

period

ended

August

31,

2022,

and

for

the

year

ended

June

30,

2022*

(changes

in

net

assets);

for

the

year

ended

August

31,

2023,

for

the

two

month

period

ended

August

31,

2022,

and

for

each

of

the

years

in

the

four-year

period

ended

June

30,

2022*

(financial

highlights):

Nuveen

Credit

Income

Fund

Nuveen

Strategic

Income

Fund

*

The

statements

of

changes

in

net

assets

and

the

financial

highlights

of

Nuveen

Credit

Income

Fund

and

Nuveen

Strategic

Income

Fund

for

the

periods

ended

June

30,

2022

and

prior

were

audited

by

other

auditors

whose

report

dated

August

26,

2022

expressed

an

unqualified

opinion

on

those

financial

statements

and

financial

highlights.

Nuveen

Investment

Trust

Ill

For

the

year

ended

August

31,

2023

(statements

of

operations);

for

the

year

ended

August

31,

2023,

for

the

eleven

month

period

ended

August

31,

2022

and

the

year

ended

September

30,

2021

(statement

of

changes

in

net

assets);

for

the

year

ended

August

31,

2023,

the

eleven

month

period

ended

August

31,

2022

and

each

of

the

years

in

the

four-year

period

ended

September

30,

2021

(financial

highlights):

Nuveen

Floating

Rate

Income

Fund

Nuveen

High

Yield

Income

Fund

Nuveen

Investment

Trust

V

For

the

year

ended

August

31,

2023

(statements

of

operations);

for

the

year

ended

August

31,

2023,

for

the

eleven

month

period

ended

August

31,

2022

and

the

year

ended

September

30,

2021

(statement

of

changes

in

net

assets);

for

the

year

ended

August

31,

2023,

the

eleven

month

period

ended

August

31,

2022

and

each

of

the

years

in

the

four-year

period

ended

September

30,

2021

(financial

highlights):

Nuveen

Flexible

Income

Fund

Nuveen

Preferred

Securities

and

Income

Fund

39

Nuveen

Credit

Income

Fund

Portfolio

of

Investments

August

31,

2023

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

LONG-TERM

INVESTMENTS

-

98.4% 

X

–

CORPORATE

BONDS

-

55.9%

X

44,929,615

Aerospace

&

Defense

-

1.6%

$

250

Bombardier

Inc,

144A

(b)

7.500%

2/01/29

$

244,971

225

Embraer

Netherlands

Finance

BV,

144A

7.000%

7/28/30

228,023

785

TransDigm

Inc,

144A

6.875%

12/15/30

790,181

Total

Aerospace

&

Defense

1,263,175

Air

Freight

&

Logistics

-

0.3%

300

Cargo

Aircraft

Management

Inc,

144A

4.750%

2/01/28

271,020

Total

Air

Freight

&

Logistics

271,020

Automobile

Components

-

1.7%

265

Clarios

Global

LP

/

Clarios

US

Finance

Co,

144A

6.750%

5/15/28

264,300

500

Dana

Inc

4.500%

2/15/32

403,695

250

Goodyear

Tire

&

Rubber

Co/The

(b)

5.250%

7/15/31

215,313

500

IHO

Verwaltungs

GmbH,

144A

,

(cash

4.750%,

PIK

5.500%)

4.750%

9/15/26

466,696

Total

Automobile

Components

1,350,004

Automobiles

-

1.6%

750

Ford

Motor

Credit

Co

LLC

(SOFR

reference

rate

+

2.950%

spread)

(c)

7.526%

3/06/26

751,853

340

Ford

Motor

Credit

Co

LLC

6.800%

5/12/28

339,861

230

Ford

Motor

Credit

Co

LLC

7.350%

3/06/30

234,092

Total

Automobiles

1,325,806

Beverages

-

0.5%

500

Primo

Water

Holdings

Inc,

144A

4.375%

4/30/29

438,750

Total

Beverages

438,750

Biotechnology

-

0.1%

95

Emergent

BioSolutions

Inc,

144A

3.875%

8/15/28

45,600

Total

Biotechnology

45,600

Broadline

Retail

-

0.6%

500

JSM

Global

Sarl,

144A

(d)

4.750%

10/20/30

63,773

600

Kohl's

Corp

4.625%

5/01/31

441,750

Total

Broadline

Retail

505,523

Building

Products

-

0.3%

200

Cemex

SAB

de

CV,

144A

9.125%

12/30/49

208,936

Total

Building

Products

208,936

Capital

Markets

-

1.4%

250

Compass

Group

Diversified

Holdings

LLC,

144A

5.250%

4/15/29

229,590

500

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

5.250%

5/15/27

438,750

500

NFP

Corp,

144A

6.875%

8/15/28

440,287

Total

Capital

Markets

1,108,627

Chemicals

-

1.7%

240

Avient

Corp,

144A

7.125%

8/01/30

239,770

200

Sasol

Financing

USA

LLC,

144A

8.750%

5/03/29

195,250

385

Star

Energy

Geothermal

Wayang

Windu

Ltd,

144A

6.750%

4/24/33

374,056

Nuveen

Credit

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

40

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Chemicals

(continued)

$

422

Trinseo

Materials

Operating

SCA

/

Trinseo

Materials

Finance

Inc,

144A

5.375%

9/01/25

$

393,134

200

Tronox

Inc,

144A

4.625%

3/15/29

164,807

Total

Chemicals

1,367,017

Commercial

Services

&

Supplies

-

1.4%

500

Allied

Universal

Holdco

LLC/Allied

Universal

Finance

Corp/Atlas

Luxco

4

Sarl,

144A

4.625%

6/01/28

425,000

500

Garda

World

Security

Corp,

144A

4.625%

2/15/27

462,554

250

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc,

144A

(b)

6.250%

1/15/28

238,100

Total

Commercial

Services

&

Supplies

1,125,654

Communications

Equipment

-

0.3%

250

Commscope

Inc,

144A

6.000%

3/01/26

227,191

Total

Communications

Equipment

227,191

Construction

&

Engineering

-

0.2%

150

Brand

Industrial

Services

Inc,

144A

10.375%

8/01/30

154,692

Total

Construction

&

Engineering

154,692

Construction

Materials

-

0.2%

200

Volcan

Cia

Minera

SAA,

144A

4.375%

2/11/26

128,961

Total

Construction

Materials

128,961

Consumer

Finance

-

0.9%

535

Navient

Corp

5.500%

3/15/29

457,409

250

OneMain

Finance

Corp

6.625%

1/15/28

233,750

Total

Consumer

Finance

691,159

Consumer

Staples

Distribution

&

Retail

-

1.0%

500

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC,

144A

5.875%

2/15/28

485,271

350

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC,

144A

6.500%

2/15/28

348,382

Total

Consumer

Staples

Distribution

&

Retail

833,653

Containers

&

Packaging

-

1.0%

300

LABL

Inc,

144A

5.875%

11/01/28

272,625

350

Mauser

Packaging

Solutions

Holding

Co,

144A

7.875%

8/15/26

344,661

250

Pactiv

Evergreen

Group

Issuer

Inc/Pactiv

Evergreen

Group

Issuer

LLC,

144A

4.000%

10/15/27

224,855

Total

Containers

&

Packaging

842,141

Diversified

Telecommunication

Services

-

2.9%

350

Altice

France

SA/France,

144A

8.125%

2/01/27

295,799

425

Cablevision

Lightpath

LLC,

144A

3.875%

9/15/27

354,818

500

Frontier

Communications

Holdings

LLC

(b)

5.875%

11/01/29

370,292

500

Frontier

Communications

Holdings

LLC,

144A

(b)

6.000%

1/15/30

369,398

185

Iliad

Holding

SASU,

144A

6.500%

10/15/26

176,524

500

Level

3

Financing

Inc,

144A

4.625%

9/15/27

376,018

250

Level

3

Financing

Inc,

144A

3.400%

3/01/27

230,737

200

Virgin

Media

Finance

PLC,

144A

5.000%

7/15/30

161,752

Total

Diversified

Telecommunication

Services

2,335,338

41

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Electric

Utilities

-

1.1%

$

275

Edison

International

5.375%

9/15/71

$

242,958

610

Talen

Energy

Supply

LLC,

144A

8.625%

6/01/30

635,137

Total

Electric

Utilities

878,095

Electrical

Equipment

-

0.5%

400

GrafTech

Global

Enterprises

Inc,

144A

(b)

9.875%

12/15/28

390,000

Total

Electrical

Equipment

390,000

Electronic

Equipment

-

0.5%

500

Imola

Merger

Corp,

144A

4.750%

5/15/29

444,429

Total

Electronic

Equipment

444,429

Energy

Equipment

&

Services

-

0.6%

225

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp,

144A

6.250%

4/01/28

214,795

300

Transocean

Titan

Financing

Ltd,

144A

8.375%

2/01/28

308,212

Total

Energy

Equipment

&

Services

523,007

Gas

Utilities

-

0.9%

500

Ferrellgas

LP

/

Ferrellgas

Finance

Corp,

144A

5.375%

4/01/26

470,016

250

Ferrellgas

LP

/

Ferrellgas

Finance

Corp,

144A

5.875%

4/01/29

220,576

Total

Gas

Utilities

690,592

Health

Care

Providers

&

Services

-

2.8%

300

AdaptHealth

LLC,

144A

5.125%

3/01/30

246,086

750

CHS/Community

Health

Systems

Inc,

144A

4.750%

2/15/31

558,750

500

CHS/Community

Health

Systems

Inc,

144A

5.250%

5/15/30

394,314

500

DaVita

Inc,

144A

4.625%

6/01/30

428,877

82

Heartland

Dental

LLC

/

Heartland

Dental

Finance

Corp,

144A

8.500%

5/01/26

77,080

300

LifePoint

Health

Inc,

144A

9.875%

8/15/30

296,250

250

Tenet

Healthcare

Corp

(b)

6.125%

10/01/28

240,782

Total

Health

Care

Providers

&

Services

2,242,139

Health

Care

REITs

-

0.3%

300

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp

5.000%

10/15/27

236,983

Total

Health

Care

REITs

236,983

Hotels,

Restaurants

&

Leisure

-

4.8%

300

Arcos

Dorados

BV,

144A

6.125%

5/27/29

289,125

485

Caesars

Entertainment

Inc,

144A

7.000%

2/15/30

486,856

300

CDI

Escrow

Issuer

Inc,

144A

5.750%

4/01/30

279,002

500

Cinemark

USA

Inc,

144A

(b)

5.875%

3/15/26

480,006

300

Fortune

Star

BVI

Ltd

,

Reg

S

6.850%

7/02/24

266,010

345

NCL

Corp

Ltd,

144A

8.375%

2/01/28

355,615

300

NCL

Corp

Ltd,

144A

5.875%

3/15/26

282,864

1,000

Royal

Caribbean

Cruises

Ltd,

144A

8.250%

1/15/29

1,045,063

130

Scientific

Games

International

Inc,

144A

7.500%

9/01/31

131,816

250

Wynn

Macau

Ltd,

144A

5.625%

8/26/28

220,568

Total

Hotels,

Restaurants

&

Leisure

3,836,925

Household

Durables

-

0.5%

500

Newell

Brands

Inc

5.750%

4/01/46

405,759

Total

Household

Durables

405,759

Nuveen

Credit

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

42

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Insurance

-

1.2%

$

400

Acrisure

LLC

/

Acrisure

Finance

Inc,

144A

7.000%

11/15/25

$

386,558

370

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-

Issuer,

144A

6.750%

4/15/28

364,530

250

BroadStreet

Partners

Inc,

144A

5.875%

4/15/29

220,007

Total

Insurance

971,095

IT

Services

-

0.9%

350

Ahead

DB

Holdings

LLC,

144A

6.625%

5/01/28

303,636

500

MPH

Acquisition

Holdings

LLC,

144A

5.500%

9/01/28

424,617

Total

IT

Services

728,253

Media

-

5.7%

200

Altice

Financing

SA,

144A

5.000%

1/15/28

162,622

750

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp,

144A

7.375%

3/03/31

745,684

500

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp,

144A

6.375%

9/01/29

473,353

500

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp,

144A

5.000%

2/01/28

460,748

265

CSC

Holdings

LLC,

144A

(b)

11.250%

5/15/28

261,376

300

CSC

Holdings

LLC,

144A

4.125%

12/01/30

213,922

125

CSC

Holdings

LLC

5.250%

6/01/24

118,571

500

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor

Inc,

144A

5.875%

8/15/27

443,109

450

DISH

Network

Corp,

144A

11.750%

11/15/27

456,588

225

LCPR

Senior

Secured

Financing

DAC,

144A

5.125%

7/15/29

189,675

250

UPC

Holding

BV,

144A

5.500%

1/15/28

222,500

200

Virgin

Media

Secured

Finance

PLC,

144A

5.500%

5/15/29

182,820

750

VZ

Secured

Financing

BV,

144A

5.000%

1/15/32

611,442

Total

Media

4,542,410

Metals

&

Mining

-

2.7%

600

Arsenal

AIC

Parent

LLC,

144A

8.000%

10/01/30

612,744

500

Cleveland-Cliffs

Inc,

144A

6.750%

4/15/30

476,662

280

FMG

Resources

August

2006

Pty

Ltd,

144A

5.875%

4/15/30

259,825

345

Mineral

Resources

Ltd,

144A

8.500%

5/01/30

346,234

520

SunCoke

Energy

Inc,

144A

4.875%

6/30/29

442,499

Total

Metals

&

Mining

2,137,964

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.5%

500

Rocket

Mortgage

LLC

/

Quicken

Loans

Co-Issuer

Inc,

144A

3.625%

3/01/29

425,566

Total

Mortgage

Real

Estate

Investment

Trusts

(REITs)

425,566

Oil,

Gas

&

Consumable

Fuels

-

8.1%

300

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp,

144A

5.375%

6/15/29

281,114

540

Baytex

Energy

Corp,

144A

8.500%

4/30/30

547,531

285

Callon

Petroleum

Co,

144A

7.500%

6/15/30

281,697

240

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp,

144A

(b)

8.125%

1/15/27

229,380

155

Civitas

Resources

Inc,

144A

8.750%

7/01/31

160,425

250

Civitas

Resources

Inc,

144A

8.375%

7/01/28

257,500

380

CNX

Midstream

Partners

LP,

144A

4.750%

4/15/30

327,917

150

Ecopetrol

SA

8.875%

1/13/33

152,074

194

Energean

Israel

Finance

Ltd,

144A

,

Reg

S

8.000%

9/02/53

196,425

6

Energean

Israel

Finance

Ltd,

144A

,

Reg

S

8.500%

9/30/33

6,075

250

EQM

Midstream

Partners

LP

6.500%

7/15/48

226,937

315

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp

8.875%

4/15/30

313,736

250

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp

8.000%

1/15/27

246,457

200

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co,

144A

5.750%

2/01/29

185,500

175

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co,

144A

6.000%

2/01/31

160,306

43

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

$

300

KazMunayGas

National

Co

JSC,

144A

5.375%

4/24/30

$

272,541

300

Kosmos

Energy

Ltd,

144A

7.750%

5/01/27

269,101

335

Matador

Resources

Co,

144A

6.875%

4/15/28

334,470

250

Medco

Laurel

Tree

Pte

Ltd,

144A

6.950%

11/12/28

226,479

370

Parkland

Corp/Canada,

144A

4.625%

5/01/30

326,181

370

PBF

Holding

Co

LLC

/

PBF

Finance

Corp,

144A

7.875%

9/15/30

369,008

300

Peru

LNG

Srl,

144A

5.375%

3/22/30

232,034

300

Petroleos

Mexicanos,

144A

(b)

10.000%

2/07/33

273,279

300

USA

Compression

Partners

LP

/

USA

Compression

Finance

Corp

6.875%

9/01/27

292,448

330

Venture

Global

LNG

Inc,

144A

8.125%

6/01/28

332,886

Total

Oil,

Gas

&

Consumable

Fuels

6,501,501

Passenger

Airlines

-

0.7%

265

American

Airlines

Inc,

144A

(b)

7.250%

2/15/28

260,314

350

United

Airlines

Inc,

144A

4.625%

4/15/29

311,203

Total

Passenger

Airlines

571,517

Personal

Care

Products

-

0.5%

500

Kronos

Acquisition

Holdings

Inc

/

KIK

Custom

Products

Inc,

144A

(b)

7.000%

12/31/27

440,000

Total

Personal

Care

Products

440,000

Pharmaceuticals

-

0.3%

400

Bausch

Health

Cos

Inc,

144A

4.875%

6/01/28

237,357

Total

Pharmaceuticals

237,357

Professional

Services

-

1.0%

250

ASGN

Inc,

144A

4.625%

5/15/28

224,670

300

Verscend

Escrow

Corp,

144A

9.750%

8/15/26

298,454

300

VT

Topco

Inc,

144A

8.500%

8/15/30

304,500

Total

Professional

Services

827,624

Real

Estate

Management

&

Development

-

0.4%

304

Anywhere

Real

Estate

Group

LLC

/

Anywhere

Co-Issuer

Corp,

144A

(b)

7.000%

4/15/30

273,980

20

Realogy

Group

LLC

/

Realogy

Co-Issuer

Corp,

144A

(b)

5.250%

4/15/30

13,883

Total

Real

Estate

Management

&

Development

287,863

Software

-

0.3%

250

Gen

Digital

Inc,

144A

6.750%

9/30/27

250,630

Total

Software

250,630

Specialized

REITs

-

0.5%

190

Iron

Mountain

Inc,

144A

7.000%

2/15/29

189,480

190

Uniti

Group

LP

/

Uniti

Group

Finance

Inc

/

CSL

Capital

LLC,

144A

10.500%

2/15/28

189,550

Total

Specialized

REITs

379,030

Specialty

Retail

-

1.6%

250

LCM

Investments

Holdings

II

LLC,

144A

4.875%

5/01/29

216,998

200

LCM

Investments

Holdings

II

LLC,

144A

8.250%

8/01/31

200,128

650

Michaels

Cos

Inc/The,

144A

7.875%

5/01/29

450,580

500

Staples

Inc,

144A

7.500%

4/15/26

413,699

Total

Specialty

Retail

1,281,405

Nuveen

Credit

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

44

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Textiles,

Apparel

&

Luxury

Goods

-

0.5%

$

420

Hanesbrands

Inc,

144A

(b)

9.000%

2/15/31

$

421,642

Total

Textiles,

Apparel

&

Luxury

Goods

421,642

Trading

Companies

&

Distributors

-

1.3%

445

Albion

Financing

1

SARL

/

Aggreko

Holdings

Inc,

144A

6.125%

10/15/26

421,081

250

Albion

Financing

2SARL,

144A

8.750%

4/15/27

231,756

400

Windsor

Holdings

III

LLC,

144A

8.500%

6/15/30

401,745

Total

Trading

Companies

&

Distributors

1,054,582

Total

Corporate

Bonds

(cost

$47,082,937)

44,929,615

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X–

ASSET-BACKED

AND

MORTGAGE-BACKED

SECURITIES

-

22.6%

X

18,149,365

1,000

Ashford

Hospitality

Trust,

(1-Month

LIBOR

reference

rate

+

2.922%

spread),

2018

KEYS,

144A(c)

2.860%

6/15/35

$

934,472

3

Carvana

Auto

Receivables

Trust,

2021

P2,

144A(e)

0.000%

5/10/28

604,375

900

COMM

Mortgage

Trust,

2015

CR22,

144A

3.000%

3/10/48

648,291

485

COMM

Mortgage

Trust,

2015

CR25

3.768%

8/10/48

393,198

1,000

COMM

Mortgage

Trust,

2014

UBS3,

144A

4.767%

6/10/47

663,309

1,000

Connecticut

Avenue

Securities

Trust,

(SOFR30A

reference

rate

+

4.500%

spread),

2022

R05,

144A(c)

6.014%

4/25/42

1,019,250

1,000

Connecticut

Avenue

Securities

Trust,

(SOFR30A

reference

rate

+

6.000%

spread),

2021

R01,

144A(c)

11.288%

10/25/41

999,880

500

Connecticut

Avenue

Securities

Trust,

(SOFR30A

reference

rate

+

5.100%

spread),

2023

R01,

144A(c)

10.396%

12/25/42

533,588

565

Connecticut

Avenue

Securities

Trust,

(SOFR30A

reference

rate

+

5.900%

spread),

2023

R06,

144A(c)

11.188%

7/25/43

569,214

850

Connecticut

Avenue

Securities

Trust,

(SOFR30A

reference

rate

+

6.000%

spread),

2022

R01,

144A(c)

11.288%

12/25/41

849,991

500

Elmwood

CLO

16

Ltd,

(TSFR3M

reference

rate

+

7.220%

spread),

2022

3A,

144A(c)

12.546%

4/20/34

497,226

427

FARM

21-1

Mortgage

Trust,

2021

1,

144A

3.240%

7/25/51

295,450

1,000

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

reference

rate

+

7.500%

spread),

2021

DNA6,

144A(c)

12.788%

10/25/41

1,025,979

1,000

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

reference

rate

+

7.100%

spread),

2022

DNA1,

144A(c)

12.388%

1/25/42

1,013,853

650

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

reference

rate

+

4.750%

spread),

2022

DNA2,

144A(c)

10.038%

2/25/42

662,786

500

Frontier

Issuer

LLC,

2023

1,

144A

11.500%

8/20/53

487,516

500

GoldentTree

Loan

Management

US

CLO

1

Ltd,

(3-Month

LIBOR

reference

rate

+

7.762%

spread),

2021

11A,

144A(c)

8.563%

10/20/34

432,993

800

JPMBB

Commercial

Mortgage

Securities

Trust,

2014

C22

4.698%

9/15/47

675,191

500

MetroNet

Infrastructure

Issuer

LLC,

2022

1A,

144A

6.350%

10/20/52

485,494

1,394

Mosaic

Solar

Loan

Trust,

2020

1A,

144A(e)

0.000%

4/20/46

983,415

1,277

Mosaic

Solar

Loan

Trust,

2019

2A,

144A(e)

0.000%

9/20/40

501,701

349

Oportun

Funding

XIV

LLC,

2021

A,

144A

5.400%

3/08/28

338,125

1,000

Palmer

Square

CLO

Ltd,

(TSFR3M

reference

rate

+

5.300%

spread),

2023

1A,

144A(c)

10.626%

1/20/36

1,013,159

250

Purchasing

Power

Funding

LLC,

2021

A,

144A

4.370%

10/15/25

238,774

750

Thayer

Park

CLO

Ltd,

(TSFR3M

reference

rate

+

9.132%

spread),

2017

1A,

144A(c)

1.000%

4/20/34

636,321

1,000

VNDO

Trust,

2016

350P,

144A

4.033%

1/10/35

793,614

927

VR

Funding

LLC,

2020

1A,

144A

6.420%

11/15/50

852,200

Total

Asset-Backed

and

Mortgage-Backed

Securities

(cost

$19,980,521)

18,149,365

45

Principal

Amount

(000)

Description

(a)

Coupon

(f)

Reference

Rate

(f)

Spread

(f)

Maturity

(g)

Value

X

–

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

-

10.0%

(f)

X

8,014,399

Beverages

-

0.4%

$

491

City

Brewing

Company,

LLC,

Term

Loan

9.070%

TSFR3M

3.500%

4/05/28

$

324,225

Total

Beverages

324,225

Chemicals

-

0.5%

280

Lonza

Group

AG,

Term

Loan

B

,

(WI/DD)

TBD

TBD

TBD

TBD

246,799

176

Lonza

Group

AG,

Term

Loan

B,

First

Lien

9.267%

3-Month

LIBOR

3.925%

7/03/28

154,852

Total

Chemicals

401,651

Commercial

Services

&

Supplies

-

0.5%

215

Gopher

Resource,

LLC,

Term

Loan,

First

Lien

8.981%

3-Month

LIBOR

3.250%

1/28/25

167,537

245

Prime

Security

Services

Borrower,

LLC,

Term

Loan

8.182%

SOFR30A

2.750%

9/23/26

245,281

Total

Commercial

Services

&

Supplies

412,818

Construction

&

Engineering

-

0.6%

491

Aegion

Corporation,

Term

Loan

10.070%

SOFR30A

4.750%

5/17/28

488,385

Total

Construction

&

Engineering

488,385

Electric

Utilities

-

0.8%

625

Talen

Energy

Supply,

LLC,

Term

Loan

B

,

(WI/DD)

TBD

TBD

TBD

TBD

628,012

Total

Electric

Utilities

628,012

Entertainment

-

0.0%

36

Diamond

Sports

Group,

LLC,

Term

Loan

(d)

0.000%

12-Month

LIBOR

0.000%

5/19/26

23,046

Total

Entertainment

23,046

Health

Care

Equipment

&

Supplies

-

1.2%

495

Bausch

&

Lomb,

Inc.,

Term

Loan

8.592%

SOFR90A

3.250%

5/05/27

484,979

498

Medline

Borrower,

LP,

Term

Loan

B

8.696%

SOFR30A

3.250%

10/21/28

498,368

Total

Health

Care

Equipment

&

Supplies

983,347

Health

Care

Providers

&

Services

-

0.6%

1

Da

Vinci

Purchaser

Corp.,

Term

Loan

9.320%

3-Month

LIBOR

4.000%

11/26/26

877

2

Onex

TSG

Intermediate

Corp.,

Term

Loan

B

10.381%

TSFR3M

4.750%

2/26/28

2,240

495

Parexel

International

Corporation,

Term

Loan,

First

Lien

8.696%

SOFR30A

3.250%

11/15/28

494,215

2

US

Radiology

Specialists,

Inc.,

Term

Loan

10.681%

SOFR30A

5.250%

12/15/27

1,796

Total

Health

Care

Providers

&

Services

499,128

Nuveen

Credit

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

46

Principal

Amount

(000)

Description

(a)

Coupon

(f)

Reference

Rate

(f)

Spread

(f)

Maturity

(g)

Value

Hotels,

Restaurants

&

Leisure

-

1.1%

$

186

Caesars

Resort

Collection,

LLC,

Term

Loan

B,

First

Lien

,

(WI/DD)

TBD

TBD

TBD

TBD

$

186,581

483

ClubCorp

Holdings,

Inc.,

Term

Loan

B

8.288%

3-Month

LIBOR

2.750%

9/18/24

478,225

241

Life

Time

Fitness

Inc

,

Term

Loan

B

10.611%

TSFR3M

4.750%

1/15/26

242,029

Total

Hotels,

Restaurants

&

Leisure

906,835

Insurance

-

0.3%

250

Asurion

LLC,

Term

Loan

B3,

Second

Lien

10.696%

SOFR30A

5.250%

2/03/28

224,765

Total

Insurance

224,765

Machinery

-

0.2%

125

Emrld

Borrower

LP,

Term

Loan

B

8.331%

SOFR90A

3.000%

5/04/30

125,514

Total

Machinery

125,514

Pharmaceuticals

-

1.4%

590

Jazz

Financing

Lux

S.a.r.l.,

Term

Loan

8.946%

SOFR30A

3.500%

5/05/28

590,817

495

Organon

&

Co,

Term

Loan

8.431%

TSFR1M

3.000%

6/02/28

496,703

Total

Pharmaceuticals

1,087,520

Real

Estate

Management

&

Development

-

0.4%

264

Cushman

&

Wakefield

U.S.

Borrower,

LLC,

Term

Loan

8.681%

SOFR30A

3.250%

1/31/30

261,306

26

Cushman

&

Wakefield

U.S.

Borrower,

LLC,

Term

Loan

B

8.064%

SOFR30A

2.750%

8/21/25

25,796

Total

Real

Estate

Management

&

Development

287,102

Software

-

0.3%

249

Open

Text

Corporation,

Term

Loan

B

8.138%

SOFR90A

2.750%

1/31/30

249,321

Total

Software

249,321

Specialty

Retail

-

0.6%

105

Belron

Finance

US

LLC,

Term

Loan

8.160%

TSFR3M

2.750%

4/06/29

105,230

416

PetSmart,

Inc.,

Term

Loan

B

9.181%

SOFR30A

3.750%

2/12/28

416,198

Total

Specialty

Retail

521,428

Trading

Companies

&

Distributors

-

0.6%

455

Windsor

Holdings

III,

LLC,

Term

Loan

B

9.818%

TSFR1M

4.500%

6/27/30

454,054

Total

Trading

Companies

&

Distributors

454,054

Transportation

Infrastructure

-

0.5%

397

Brown

Group

Holding,

LLC,

Term

Loan

B2

9.119%

TSFR1M

+

TSFR3M

3.750%

6/09/29

397,248

Total

Transportation

Infrastructure

397,248

Total

Variable

Rate

Senior

Loan

Interests

(cost

$8,230,194)

8,014,399

47

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

4.2%

X

3,353,233

Automobiles

-

0.3%

$

225

General

Motors

Financial

Co

Inc

5.700%

N/A

(h)

$

192,772

Total

Automobiles

192,772

Banks

-

1.5%

300

Banco

Nacional

de

Comercio

Exterior

SNC/Cayman

Islands,

144A

2.720%

8/11/31

251,598

150

Fifth

Third

Bancorp

4.500%

N/A

(h)

136,472

150

Huntington

Bancshares

Inc/OH

5.625%

N/A

(h)

136,500

500

PNC

Financial

Services

Group

Inc/The

(TSFR3M

reference

rate

+

3.940%

spread)

(c)

3.804%

N/A

(h)

503,356

170

Wells

Fargo

&

Co

(b)

7.625%

N/A

(h)

174,038

Total

Banks

1,201,964

Consumer

Finance

-

0.6%

500

Ally

Financial

Inc

6.700%

2/14/33

452,644

Total

Consumer

Finance

452,644

Electric

Utilities

-

0.3%

250

NRG

Energy

Inc,

144A

10.250%

N/A

(h)

245,577

Total

Electric

Utilities

245,577

Independent

Power

and

Renewable

Electricity

Producers

-

0.3%

275

Vistra

Corp,

144A

7.000%

N/A

(h)

254,529

Total

Independent

Power

and

Renewable

Electricity

Producers

254,529

Insurance

-

0.3%

310

Enstar

Finance

LLC

5.750%

9/01/40

272,656

Total

Insurance

272,656

Media

-

0.3%

330

Paramount

Global

6.375%

3/30/62

272,250

Total

Media

272,250

Oil,

Gas

&

Consumable

Fuels

-

0.3%

235

Energy

Transfer

LP

6.500%

N/A

(h)

214,332

Total

Oil,

Gas

&

Consumable

Fuels

214,332

Trading

Companies

&

Distributors

-

0.3%

250

AerCap

Global

Aviation

Trust,

144A

6.500%

6/15/45

246,509

Total

Trading

Companies

&

Distributors

246,509

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$3,433,644)

3,353,233

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

SOVEREIGN

DEBT

-

3.7%

X

3,008,587

Angola

-

0.4%

$

400

Angolan

Government

International

Bond

,

144A

8.750%

4/14/32

$

328,000

Total

Angola

328,000

Costa

Rica

-

0.2%

200

Costa

Rica

Government

International

Bond

,

144A

6.550%

4/03/34

201,331

Total

Costa

Rica

201,331

Nuveen

Credit

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

48

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Cote

d'Ivoire

-

0.3%

$

300

Ivory

Coast

Government

International

Bond

,

144A

6.125%

6/15/33

$

255,921

Total

Cote

d'Ivoire

255,921

Dominican

Republic

-

0.3%

300

Dominican

Republic

International

Bond

,

144A

4.875%

9/23/32

254,172

Total

Dominican

Republic

254,172

Ecuador

-

0.2%

400

Ecuador

Government

International

Bond

,

Reg

S

3.500%

7/31/35

146,163

Total

Ecuador

146,163

Jordan

-

0.4%

300

Jordan

Government

International

Bond

,

144A

7.750%

1/15/28

307,410

Total

Jordan

307,410

Morocco

-

0.3%

210

Morocco

Government

International

Bond

,

144A

6.500%

9/08/33

210,787

Total

Morocco

210,787

Namibia

-

0.6%

500

Namibia

International

Bonds

,

144A

5.250%

10/29/25

474,520

Total

Namibia

474,520

Oman

-

0.2%

200

Oman

Government

International

Bond

,

144A

(b)

6.500%

3/08/47

188,000

Total

Oman

188,000

Republic

of

Serbia

-

0.5%

400

Serbia

International

Bond

,

144A

6.250%

5/26/28

397,540

Total

Republic

of

Serbia

397,540

Senegal

-

0.3%

300

Senegal

Government

International

Bond

,

144A

6.250%

5/23/33

244,743

Total

Senegal

244,743

Total

Sovereign

Debt

(cost

$3,173,260)

3,008,587

Principal

Amount

(000)

Description

(a),(i)

Coupon

Maturity

Value

X

–

CONTINGENT

CAPITAL

SECURITIES

-

1.8%

X

1,408,185

Banks

-

1.4%

$

200

Banco

Bilbao

Vizcaya

Argentaria

SA

6.500%

N/A

(h)

$

187,776

200

Bancolombia

SA

6.909%

10/18/27

193,239

300

Barclays

PLC

8.000%

N/A

(h)

268,158

300

ING

Groep

NV

(b)

6.500%

N/A

(h)

283,318

200

Societe

Generale

SA,

144A

8.000%

N/A

(h)

196,569

Total

Banks

1,129,060

Capital

Markets

-

0.4%

350

Deutsche

Bank

AG

6.000%

N/A

(h)

279,125

Total

Capital

Markets

279,125

Total

Contingent

Capital

Securities

(cost

$1,442,273)

1,408,185

49

Shares  

Description

(a)

Coupon

Value

X

–

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

0.2%

X

196,096

Oil,

Gas

&

Consumable

Fuels

-

0.2%

7,660

NuStar

Energy

LP

12.274%

$

196,096

Total

Oil,

Gas

&

Consumable

Fuels

196,096

Total

$25

Par

(or

similar)

Retail

Preferred

(cost

$153,388)

196,096

Shares

Description

(a)

Value

–

COMMON

STOCKS

-

0.0%

X

142

Road

&

Rail

-

0.0%

8,907

Jack

Cooper

Enterprises

Inc

(e),(j)

$

89

Total

Road

&

Rail

89

Semiconductors

&

Semiconductor

Equipment

-

0.0%

130

Bright

Bidco

BV

(e),(j)

53

Total

Semiconductors

&

Semiconductor

Equipment

53

Total

Common

Stocks

(cost

$–)

142

Total

Long-Term

Investments

(cost

$83,496,217)

79,059,622

Shares

Description

(a)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

5.1%

4,135,636

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

(k)

5.350%(l)

$

4,135,636

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$4,135,636)

4,135,636

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

0.9% 

–

REPURCHASE

AGREEMENTS

-

0.9%

X

710,000

$

710

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

8/31/23,

repurchase

price

$710,104,

collateralized

$735,600,

U.S.

Treasury

Bond,

4.125%,

due

8/15/53,

value

$724,276

5.270%

9/01/23

$

710,000

Total

Repurchase

Agreements

(cost

$710,000)

710,000

Total

Short-Term

Investments

(cost

$710,000)

710,000

Total

Investments

(cost

$88,341,853

)

-

104.4%

83,905,258

Other

Assets

&

Liabilities,

Net

-   (4.4)%

(3,556,616)

Net

Assets

-

100%

$

80,348,642

Futures

Contracts

-

Long

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

U.S.

Treasury

5-Year

Note

50

12/23

$

5,312,987

$

5,346,094

$

33,107

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.

(b)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$3,973,351.

(c)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

Nuveen

Credit

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

50

(d)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(e)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(f)

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.

(g)

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.

(h)

Perpetual

security.

Maturity

date

is

not

applicable.

(i)

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.

(j)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(k)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(l)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

LIBOR

London

Inter-Bank

Offered

Rate

PIK

Payment-in-kind

(“PIK”)

security.  Depending

on

the

terms

of

the

security,

income

may

be

received

in

the

form

of

cash,

securities,

or

a

combination

of

both.  The

PIK

rate

shown,

where

applicable,

represents

the

annualized

rate

of

the

last

PIK

payment

made

by

the

issuer

as

of

the

end

of

the

reporting

period.

Reg

S

Regulation

S

allows

U.S.

companies

to

sell

securities

to

persons

or

entities

located

outside

of

the

United

States

without

registering

those

securities

with

the

Securities

and

Exchange

Commission.

Specifically,

Regulation

S

provides

a

safe

harbor

from

the

registration

requirements

of

the

Securities

Act

for

the

offers

and

sales

of

securities

by

both

foreign

and

domestic

issuers

that

are

made

outside

the

United

States.

REIT

Real

Estate

Investment

Trust

SOFR

30A

30

Day

Average

Secured

Overnight

Financing

Rate

SOFR

90A

90

Day

Average

Secured

Overnight

Financing

Rate

TBD

Senior

loan

purchased

on

a

when-issued

or

delayed-delivery

basis.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date

of

the

transaction.

In

addition,

senior

loans

typically

trade

without

accrued

interest

and

therefore

a

coupon

rate

is

not

available

prior

to

settlement.

At

settlement,

if

still

unknown,

the

borrower

or

counterparty

will

provide

the

Fund

with

the

final

coupon

rate

and

maturity

date.

TSFR

1M

CME

Term

SOFR

1

Month

TSFR

3M

CME

Term

SOFR

3

Month

WI/DD

When-issued

or

delayed

delivery

security.

See

Notes

to

Financial

Statements

51

Nuveen

Flexible

Income

Fund

Portfolio

of

Investments

August

31,

2023

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

LONG-TERM

INVESTMENTS

-

96.8% 

X

–

CORPORATE

BONDS

-

52.6%

X

625,937,492

Automobile

Components

-

0.2%

$

2,675

Dana

Inc

(b)

5.625%

6/15/28

$

2,518,138

Total

Automobile

Components

2,518,138

Automobiles

-

2.9%

11,575

Ford

Motor

Co

5.291%

12/08/46

9,089,424

6,365

Ford

Motor

Credit

Co

LLC

7.350%

11/04/27

6,467,602

18,280

General

Motors

Co

6.600%

4/01/36

18,373,869

Total

Automobiles

33,930,895

Beverages

-

1.2%

4,400

Anheuser-Busch

Cos

LLC

/

Anheuser-Busch

InBev

Worldwide

Inc

4.900%

2/01/46

4,093,096

10,560

Anheuser-Busch

InBev

Finance

Inc

4.900%

2/01/46

9,823,429

Total

Beverages

13,916,525

Biotechnology

-

1.3%

17,075

Amgen

Inc

4.875%

3/01/53

15,153,235

Total

Biotechnology

15,153,235

Broadline

Retail

-

0.8%

15,319

Nordstrom

Inc

5.000%

1/15/44

9,727,565

Total

Broadline

Retail

9,727,565

Capital

Markets

-

0.3%

3,990

Raymond

James

Financial

Inc

4.950%

7/15/46

3,475,775

Total

Capital

Markets

3,475,775

Chemicals

-

2.2%

9,625

Ashland

Inc

6.875%

5/15/43

9,408,179

16,175

Celanese

US

Holdings

LLC

6.165%

7/15/27

16,183,659

Total

Chemicals

25,591,838

Communications

Equipment

-

0.9%

12,600

Viasat

Inc,

144A

5.625%

4/15/27

11,256,530

Total

Communications

Equipment

11,256,530

Consumer

Finance

-

1.0%

6,364

Ally

Financial

Inc

(b)

5.750%

11/20/25

6,172,883

5,950

Ally

Financial

Inc

8.000%

11/01/31

6,152,161

Total

Consumer

Finance

12,325,044

Consumer

Staples

Distribution

&

Retail

-

1.7%

13,539

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC,

144A

7.500%

3/15/26

13,761,061

7,160

SEG

Holding

LLC

/

SEG

Finance

Corp,

144A

5.625%

10/15/28

6,909,400

Total

Consumer

Staples

Distribution

&

Retail

20,670,461

Containers

&

Packaging

-

1.4%

15,875

Sealed

Air

Corp,

144A

6.875%

7/15/33

15,965,487

475

Sealed

Air

Corp,

144A

6.125%

2/01/28

466,724

Total

Containers

&

Packaging

16,432,211

Nuveen

Flexible

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

52

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Diversified

Telecommunication

Services

-

0.9%

$

12,707

GCI

LLC,

144A

4.750%

10/15/28

$

11,023,322

Total

Diversified

Telecommunication

Services

11,023,322

Electric

Utilities

-

0.6%

3,400

Edison

International

5.750%

6/15/27

3,407,191

4,100

Vistra

Operations

Co

LLC,

144A

5.000%

7/31/27

3,856,086

Total

Electric

Utilities

7,263,277

Electrical

Equipment

-

1.3%

13,025

Regal

Rexnord

Corp,

144A

6.400%

4/15/33

12,902,754

2,675

Regal

Rexnord

Corp,

144A

6.050%

4/15/28

2,646,671

Total

Electrical

Equipment

15,549,425

Entertainment

-

0.8%

12,325

Warnermedia

Holdings

Inc

5.141%

3/15/52

9,824,375

Total

Entertainment

9,824,375

Equity

Real

Estate

Investment

Trusts

-

1.3%

5,396

GLP

Capital

LP

/

GLP

Financing

II

Inc

5.250%

6/01/25

5,296,591

3,750

GLP

Capital

LP

/

GLP

Financing

II

Inc

5.375%

4/15/26

3,671,853

6,850

Iron

Mountain

Inc,

144A

4.875%

9/15/29

6,190,133

Total

Equity

Real

Estate

Investment

Trusts

15,158,577

Ground

Transportation

-

1.5%

8,279

XPO

CNW

Inc

6.700%

5/01/34

8,222,289

8,060

XPO

Inc,

144A

6.250%

6/01/28

7,897,801

2,145

XPO

Inc,

144A

7.125%

6/01/31

2,156,403

Total

Ground

Transportation

18,276,493

Health

Care

Providers

&

Services

-

3.3%

10,125

Centene

Corp

4.625%

12/15/29

9,309,938

15,125

CVS

Health

Corp

4.780%

3/25/38

13,545,312

13,575

HCA

Inc

5.125%

6/15/39

12,313,921

4,400

Tenet

Healthcare

Corp

(b)

6.125%

10/01/28

4,237,772

Total

Health

Care

Providers

&

Services

39,406,943

Hotel

&

Resort

REITs

-

0.8%

10,900

VICI

Properties

LP

5.625%

5/15/52

9,590,101

Total

Hotel

&

Resort

REITs

9,590,101

Hotels,

Restaurants

&

Leisure

-

1.5%

4,018

Marriott

International

Inc/MD

4.625%

6/15/30

3,807,495

15,075

McDonald's

Corp

4.875%

12/09/45

13,923,275

Total

Hotels,

Restaurants

&

Leisure

17,730,770

Interactive

Media

&

Services

-

1.4%

16,415

TripAdvisor

Inc,

144A

7.000%

7/15/25

16,375,854

Total

Interactive

Media

&

Services

16,375,854

Life

Sciences

Tools

&

Services

-

0.5%

6,900

Avantor

Funding

Inc,

144A

4.625%

7/15/28

6,405,159

Total

Life

Sciences

Tools

&

Services

6,405,159

Machinery

-

1.1%

6,715

ATS

Corp,

144A

4.125%

12/15/28

5,961,785

7,950

Roller

Bearing

Co

of

America

Inc,

144A

4.375%

10/15/29

7,112,626

Total

Machinery

13,074,411

53

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Media

-

5.0%

$

12,075

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp,

144A

5.125%

5/01/27

$

11,351,586

14,500

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

6.484%

10/23/45

13,339,276

16,824

Nexstar

Media

Inc,

144A

5.625%

7/15/27

15,813,599

19,404

Paramount

Global

6.875%

4/30/36

18,688,186

Total

Media

59,192,647

Metals

&

Mining

-

1.2%

6,600

ArcelorMittal

SA

7.000%

10/15/39

6,797,468

7,100

Southern

Copper

Corp

5.875%

4/23/45

6,987,668

Total

Metals

&

Mining

13,785,136

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.7%

8,700

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC,

144A

(b)

6.000%

4/15/25

8,539,687

Total

Mortgage

Real

Estate

Investment

Trusts

(REITs)

8,539,687

Oil,

Gas

&

Consumable

Fuels

-

2.8%

5,125

Cheniere

Corpus

Christi

Holdings

LLC

5.125%

6/30/27

5,070,519

9,775

Columbia

Pipelines

OPCO,

144A

6.544%

11/15/53

9,992,054

5,875

Diamondback

Energy

Inc

6.250%

3/15/33

6,070,990

12,904

Phillips

66

4.650%

11/15/34

12,107,717

Total

Oil,

Gas

&

Consumable

Fuels

33,241,280

Semiconductors

&

Semiconductor

Equipment

-

2.1%

13,308

Amkor

Technology

Inc,

144A

6.625%

9/15/27

13,299,745

8,525

Broadcom

Inc

4.750%

4/15/29

8,221,468

5,320

Broadcom

Inc,

144A

3.187%

11/15/36

3,998,175

Total

Semiconductors

&

Semiconductor

Equipment

25,519,388

Software

-

1.5%

8,734

Oracle

Corp

4.300%

7/08/34

7,831,419

4,750

Oracle

Corp

5.550%

2/06/53

4,415,533

6,475

VMware

Inc

4.700%

5/15/30

6,102,684

Total

Software

18,349,636

Specialty

Retail

-

2.0%

14,309

Bath

&

Body

Works

Inc

6.875%

11/01/35

13,379,595

8,005

Gap

Inc,

144A

3.875%

10/01/31

5,800,865

5,780

Gap

Inc,

144A

3.625%

10/01/29

4,400,217

Total

Specialty

Retail

23,580,677

Technology

Hardware,

Storage

&

Peripherals

-

3.4%

28,844

Hewlett

Packard

Enterprise

Co

6.350%

10/15/45

29,586,817

569

NCR

Corp,

144A

5.250%

10/01/30

510,653

6,129

Seagate

HDD

Cayman

4.875%

6/01/27

5,869,615

4,720

Seagate

HDD

Cayman

4.091%

6/01/29

4,158,753

Total

Technology

Hardware,

Storage

&

Peripherals

40,125,838

Tobacco

-

0.9%

11,250

Altria

Group

Inc

5.800%

2/14/39

10,961,410

Total

Tobacco

10,961,410

Trading

Companies

&

Distributors

-

2.0%

8,600

Ashtead

Capital

Inc,

144A

4.000%

5/01/28

7,946,814

2,775

Ashtead

Capital

Inc,

144A

5.500%

8/11/32

2,644,837

9,875

United

Rentals

North

America

Inc

5.250%

1/15/30

9,384,408

3,449

WESCO

Distribution

Inc,

144A

7.250%

6/15/28

3,510,295

Total

Trading

Companies

&

Distributors

23,486,354

Nuveen

Flexible

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

54

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Wireless

Telecommunication

Services

-

2.1%

$

6,000

AT&T

Inc

(3-Month

LIBOR

reference

rate

+

1.180%

spread)

(c)

6.852%

6/12/24

$

6,026,983

5,000

Liberty

Interactive

LLC

8.500%

7/15/29

1,950,000

9,350

Sprint

LLC

7.125%

6/15/24

9,424,164

4,204

T-Mobile

USA

Inc

4.750%

2/01/28

4,082,599

3,000

T-Mobile

USA

Inc

5.375%

4/15/27

2,994,769

Total

Wireless

Telecommunication

Services

24,478,515

Total

Corporate

Bonds

(cost

$690,450,609)

625,937,492

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

26.9%

X

319,592,108

Automobile

Components

-

1.4%

$

8,635

Dana

Inc

4.250%

9/01/30

$

7,100,297

10,630

Goodyear

Tire

&

Rubber

Co

(b)

5.250%

7/15/31

9,155,088

Total

Automobile

Components

16,255,385

Automobiles

-

0.8%

6,763

General

Motors

Financial

Co

Inc

6.500%

N/A

(d)

5,851,429

3,613

General

Motors

Financial

Co

Inc

5.700%

N/A

(d)

3,095,500

Total

Automobiles

8,946,929

Banks

-

8.5%

10,160

Bank

of

America

Corp

6.500%

N/A

(d)

10,185,400

8,965

Bank

of

America

Corp

6.300%

N/A

(d)

8,940,819

4,691

Bank

of

America

Corp

6.250%

N/A

(d)

4,667,545

23,521

Citigroup

Inc

6.250%

N/A

(d)

23,142,312

1,325

Citigroup

Inc

(TSFR3M

reference

rate

+

4.330%

spread)

(c)

9.699%

N/A

(d)

1,324,994

4,025

First

Citizens

BancShares

Inc/NC

(3-Month

LIBOR

reference

rate

+

3.972%

spread)

(c)

9.524%

N/A

(d)

4,056,453

21,550

JPMorgan

Chase

&

Co

6.750%

N/A

(d)

21,550,000

3,000

JPMorgan

Chase

&

Co

6.100%

N/A

(d)

2,985,000

9,994

PNC

Financial

Services

Group

Inc/The

(b)

6.200%

N/A

(d)

9,320,190

9,100

Wells

Fargo

&

Co

5.875%

N/A

(d)

9,020,375

6,175

Wells

Fargo

&

Co

7.625%

N/A

(d)

6,321,656

Total

Banks

101,514,744

Capital

Markets

-

1.9%

8,175

Ares

Finance

Co

III

LLC,

144A

4.125%

6/30/51

6,191,563

7,075

Goldman

Sachs

Group

Inc

5.300%

N/A

(d)

6,818,531

2,475

Goldman

Sachs

Group

Inc

7.500%

N/A

(d)

2,487,375

350

Goldman

Sachs

Group

Inc

4.950%

N/A

(d)

326,146

7,050

Morgan

Stanley

5.948%

1/19/38

6,855,396

Total

Capital

Markets

22,679,011

Consumer

Finance

-

1.6%

13,802

Ally

Financial

Inc

4.700%

N/A

(d)

9,695,053

8,075

American

Express

Co

3.550%

N/A

(d)

6,722,437

4,035

Capital

One

Financial

Corp

(b)

3.950%

N/A

(d)

3,096,863

Total

Consumer

Finance

19,514,353

Electric

Utilities

-

4.3%

13,450

Edison

International

5.000%

N/A

(d)

11,567,000

22,945

Emera

Inc

6.750%

6/15/76

22,027,200

15,390

NextEra

Energy

Capital

Holdings

Inc

5.650%

5/01/79

14,263,767

55

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

Electric

Utilities

(continued)

$

3,325

NRG

Energy

Inc,

144A

10.250%

N/A

(d)

$

3,266,170

Total

Electric

Utilities

51,124,137

Food

Products

-

0.6%

3,300

Land

O'

Lakes

Inc,

144A

7.250%

N/A

(d)

2,673,000

3,200

Land

O'

Lakes

Inc,

144A

7.000%

N/A

(d)

2,646,378

2,042

Land

O'

Lakes

Inc,

144A

8.000%

N/A

(d)

1,904,165

Total

Food

Products

7,223,543

Independent

Power

and

Renewable

Electricity

Producers

-

2.2%

20,475

Vistra

Corp,

144A

8.000%

N/A

(d)

19,567,158

7,250

Vistra

Corp,

144A

7.000%

N/A

(d)

6,710,313

Total

Independent

Power

and

Renewable

Electricity

Producers

26,277,471

Insurance

-

1.6%

5,825

Enstar

Finance

LLC

5.500%

1/15/42

4,602,698

4,950

Enstar

Finance

LLC

5.750%

9/01/40

4,353,702

10,255

Liberty

Mutual

Group

Inc,

144A

7.800%

3/15/37

10,549,801

Total

Insurance

19,506,201

Media

-

0.7%

1,575

Paramount

Global

6.375%

3/30/62

1,299,375

7,830

Sirius

XM

Radio

Inc,

144A

4.000%

7/15/28

6,780,161

Total

Media

8,079,536

Multi-Utilities

-

1.1%

7,400

Dominion

Energy

Inc

4.350%

N/A

(d)

6,251,124

6,721

Sempra

4.875%

N/A

(d)

6,356,655

Total

Multi-Utilities

12,607,779

Oil,

Gas

&

Consumable

Fuels

-

1.1%

12,781

Transcanada

Trust

5.875%

8/15/76

11,786,034

1,150

Transcanada

Trust

5.600%

3/07/82

958,329

Total

Oil,

Gas

&

Consumable

Fuels

12,744,363

Technology

Hardware,

Storage

&

Peripherals

-

1.1%

14,425

NCR

Corp,

144A

5.125%

4/15/29

13,118,656

Total

Technology

Hardware,

Storage

&

Peripherals

13,118,656

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$354,234,725)

319,592,108

Shares

Description

(a)

Value

X

–

COMMON

STOCKS

-

9.4%

X

111,545,817

Aerospace

&

Defense

-

0.7%

19,300

General

Dynamics

Corp

$

4,374,152

18,400

Huntington

Ingalls

Industries

Inc

4,053,888

Total

Aerospace

&

Defense

8,428,040

Biotechnology

-

0.4%

53,300

Gilead

Sciences

Inc

4,076,384

Total

Biotechnology

4,076,384

Building

Products

-

0.4%

73,400

Carrier

Global

Corp

4,216,830

Total

Building

Products

4,216,830

Nuveen

Flexible

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

56

Shares

Description

(a)

Value

Chemicals

-

0.3%

51,500

DuPont

de

Nemours

Inc

$

3,959,835

Total

Chemicals

3,959,835

Communications

Equipment

-

0.2%

42,400

Cisco

Systems

Inc

2,431,640

Total

Communications

Equipment

2,431,640

Consumer

Staples

Distribution

&

Retail

-

0.6%

40,000

Walmart

Inc

6,504,400

Total

Consumer

Staples

Distribution

&

Retail

6,504,400

Containers

&

Packaging

-

0.2%

56,100

Sealed

Air

Corp

2,079,066

Total

Containers

&

Packaging

2,079,066

Electrical

Equipment

-

0.4%

75,800

nVent

Electric

PLC

4,285,732

Total

Electrical

Equipment

4,285,732

Equity

Real

Estate

Investment

Trusts

-

0.7%

99,796

National

Storage

Affiliates

Trust

2,317,263

21,800

Public

Storage

6,025,084

Total

Equity

Real

Estate

Investment

Trusts

8,342,347

Health

Care

Equipment

&

Supplies

-

0.3%

48,000

Medtronic

PLC

3,912,000

Total

Health

Care

Equipment

&

Supplies

3,912,000

Health

Care

Providers

&

Services

-

0.8%

14,800

Cigna

Group/The

4,088,648

12,800

Humana

Inc

5,908,864

Total

Health

Care

Providers

&

Services

9,997,512

Hotels,

Restaurants

&

Leisure

-

0.5%

20,500

McDonald's

Corp

5,763,575

Total

Hotels,

Restaurants

&

Leisure

5,763,575

Multi-Utilities

-

0.3%

57,782

Sempra

4,057,452

Total

Multi-Utilities

4,057,452

Oil,

Gas

&

Consumable

Fuels

-

0.9%

30,200

ConocoPhillips

3,594,706

69,100

Shell

PLC,

ADR

4,290,419

22,600

Valero

Energy

Corp

2,935,740

Total

Oil,

Gas

&

Consumable

Fuels

10,820,865

Personal

Care

Products

-

0.2%

89,300

Kenvue

Inc

2,058,365

Total

Personal

Care

Products

2,058,365

Pharmaceuticals

-

1.1%

88,800

AstraZeneca

PLC,

Sponsored

ADR

6,022,416

119,800

Sanofi,

ADR

6,370,964

Total

Pharmaceuticals

12,393,380

57

Shares

Description

(a)

Value

Semiconductors

&

Semiconductor

Equipment

-

0.5%

14,800

Applied

Materials

Inc

$

2,260,848

116,500

Intel

Corp

4,093,810

Total

Semiconductors

&

Semiconductor

Equipment

6,354,658

Specialized

Reits

-

0.3%

21,300

American

Tower

Corp

3,862,116

Total

Specialized

Reits

3,862,116

Technology

Hardware,

Storage

&

Peripherals

-

0.3%

231,800

Hewlett

Packard

Enterprise

Co

3,938,282

Total

Technology

Hardware,

Storage

&

Peripherals

3,938,282

Tobacco

-

0.3%

42,300

Philip

Morris

International

Inc

4,063,338

Total

Tobacco

4,063,338

Total

Common

Stocks

(cost

$96,610,690)

111,545,817

Shares  

Description

(a)

Coupon

Value

X

–

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

4.7%

X

56,222,609

Banks

-

0.2%

77,954

Citigroup

Inc

7.125%

$

1,991,725

Total

Banks

1,991,725

Capital

Markets

-

0.4%

190,310

Morgan

Stanley

7.125%

4,809,134

Total

Capital

Markets

4,809,134

Consumer

Finance

-

0.4%

94,600

Capital

One

Financial

Corp

5.000%

1,789,832

194,900

Synchrony

Financial

5.625%

3,182,717

Total

Consumer

Finance

4,972,549

Food

Products

-

1.0%

384,432

CHS

Inc

6.750%

9,726,130

90,213

CHS

Inc

7.100%

2,325,691

Total

Food

Products

12,051,821

Insurance

-

2.3%

182,200

Allstate

Corp/The

7.375%

4,819,190

284,806

Athene

Holding

Ltd

6.350%

6,291,365

220,806

Athene

Holding

Ltd

6.375%

5,387,666

169,032

Enstar

Group

Ltd

7.000%

3,972,252

291,225

Reinsurance

Group

of

America

Inc

7.125%

7,571,850

Total

Insurance

28,042,323

Multi-Utilities

-

0.4%

179,590

Algonquin

Power

&

Utilities

Corp

6.200%

4,355,057

Total

Multi-Utilities

4,355,057

Total

$25

Par

(or

similar)

Retail

Preferred

(cost

$60,974,921)

56,222,609

Nuveen

Flexible

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

58

Shares  

Description

(a)

Coupon

Value

X

–

CONVERTIBLE

PREFERRED

SECURITIES

-

1.9%

X

22,103,915

Banks

-

1.5%

2,870

Bank

of

America

Corp

7.250%

$

3,326,014

12,630

Wells

Fargo

&

Co

7.500%

14,578,178

Total

Banks

17,904,192

Electric

Utilities

-

0.4%

92,079

NextEra

Energy

Inc

6.219%

4,199,723

Total

Electric

Utilities

4,199,723

Total

Convertible

Preferred

Securities

(cost

$24,423,085)

22,103,915

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

–

CONVERTIBLE

BONDS

-

0.7%

X

8,378,998

Electric

Utilities

-

0.5%

$

6,275

FirstEnergy

Corp,

144A

4.000%

5/01/26

$

6,080,810

Total

Electric

Utilities

6,080,810

Wireless

Telecommunication

Services

-

0.2%

8,925

Liberty

Interactive

LLC

3.750%

2/15/30

2,298,188

Total

Wireless

Telecommunication

Services

2,298,188

Total

Convertible

Bonds

(cost

$13,242,802)

8,378,998

59

Shares

Description

(a)

Coupon

Issue

Price

Cap

Price

Maturity

Value

X

–

STRUCTURED

NOTES

-

0.6%

X

6,942,416

292,400

Merrill

Lynch

International

&

Co,

Mandatory

Exchangeable

Note,

Linked

to

Common

Stock

of

Kenvue

Inc

(Cap

114.30%

of

the

Issue

Price)

12.000%

$23.6893

$27.0769

2/20/24

$

6,942,416

Total

Structured

Notes

(cost

$6,926,751)

6,942,416

Total

Long-Term

Investments

(cost

$1,246,863,583)

1,150,723,355

Shares

Description

(a)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

1.4%

17,055,597

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

(e)

5.350%(f)

$

17,055,597

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$17,055,597)

17,055,597

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

2.1% 

–

REPURCHASE

AGREEMENTS

-

2.1%

X

25,370,510

$

24,600

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

8/31/23,

repurchase

price

$24,603,601,

collateralized

$27,293,500,

U.S.

Treasury

Inflation

Index

Bonds,

1.500%,

due

02/15/53,

value

$25,092,023

5.270%

9/01/23

$

24,600,000

771

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

8/31/23,

repurchase

price

$770,544,

collateralized

$797,800,

U.S.

Treasury

Notes,

4.000%,

due

10/31/29,

value

$785,989

1.600%

9/01/23

770,510

Total

Repurchase

Agreements

(cost

$25,370,510)

25,370,510

Total

Short-Term

Investments

(cost

$25,370,510)

25,370,510

Total

Investments

(cost

$1,289,289,690

)

-

100.3%

1,193,149,462

Other

Assets

&

Liabilities,

Net

-   (0.3)%

(3,607,785)

Net

Assets

-

100%

$

1,189,541,677

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.

(b)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$16,357,206.

(c)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(d)

Perpetual

security.

Maturity

date

is

not

applicable.

(e)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(f)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

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.

ADR

American

Depositary

Receipt

LIBOR

London

Inter-Bank

Offered

Rate

REIT

Real

Estate

Investment

Trust

TSFR

3M

CME

Term

SOFR

3

Month

See

Notes

to

Financial

Statements

60

Nuveen

Floating

Rate

Income

Fund

Portfolio

of

Investments

August

31,

2023

Principal

Amount

(000)

Description

(a)

Coupon

(b)

Reference

Rate

(b)

Spread

(b)

Maturity

(c)

Value

LONG-TERM

INVESTMENTS

-

99.3% 

X

–

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

-

83

.1

%

(b)

X

1,280,665,896

Aerospace

&

Defense

-

0.3%

$

5,180

TransDigm,

Inc.,

Term

Loan

I

8.492%

SOFR90A

3.250%

8/24/28

$

5,189,518

Total

Aerospace

&

Defense

5,189,518

Automobile

Components

-

0.9%

3,969

Adient

US

LLC,

Term

Loan

B

8.696%

SOFR30A

3.250%

4/08/28

3,979,306

7,775

Clarios

Global

LP,

Term

Loan

9.081%

SOFR30A

3.750%

4/20/30

7,773,795

1,402

DexKo

Global

Inc.,

Term

Loan

B

7.816%

3

Month

LIBOR

3.750%

10/04/28

1,361,307

1,300

Phinia

Inc,

Term

Loan

B

9.431%

SOFR30A

4.000%

7/03/28

1,304,069

Total

Automobile

Components

14,418,477

Beverages

-

1.2%

444

Arterra

Wines

Canada,

Inc.,

Term

Loan

,

(DD1)

9.003%

TSFR3M

3.500%

11/25/27

422,564

1,534

City

Brewing

Company,

LLC,

Term

Loan

9.070%

TSFR3M

3.500%

4/05/28

1,012,198

3,496

Naked

Juice

LLC,

Term

Loan

,

(DD1)

8.300%

3-Month

LIBOR

3.250%

1/20/29

3,322,953

1,040

Naked

Juice

LLC,

Term

Loan,

Second

Lien

11.342%

SOFR90A

6.000%

1/20/30

848,615

7,213

Sunshine

Investments

B.V.,

Term

Loan

9.615%

SOFR90A

4.250%

5/05/29

7,230,570

6,446

Triton

Water

Holdings,

Inc,

Term

Loan

8.753%

SOFR90A

3.250%

3/31/28

6,346,631

Total

Beverages

19,183,531

Biotechnology

-

0.4%

6,550

Grifols

Worldwide

Operations

USA,

Inc.,

Term

Loan

B

7.481%

SOFR30A

2.000%

11/15/27

6,478,376

Total

Biotechnology

6,478,376

Broadline

Retail

-

0.0%

165

Belk,

Inc.,

Term

Loan

15.000%

Prime

6.500%

7/31/25

141,488

802

Belk,

Inc.,

Term

Loan

,

(cash

10.000%,

PIK

8.000%)

10.000%

N/A

N/A

7/31/25

112,272

Total

Broadline

Retail

253,760

Building

Products

-

0.4%

4,130

Chamberlain

Group

Inc,

Term

Loan

B

8.681%

SOFR30A

3.250%

10/22/28

4,094,178

297

Cornerstone

Building

Brands,

Inc.,

Term

Loan

B

8.660%

TSFR1M

3.250%

4/12/28

290,645

766

Griffon

Corporation,

Term

Loan

B

7.829%

SOFR90A

+

Prime

2.250%

1/19/29

765,384

199

Quikrete

Holdings,

Inc.,

Term

Loan

B1

8.320%

SOFR30A

3.000%

3/18/29

199,886

Total

Building

Products

5,350,093

Capital

Markets

-

0.2%

3,115

Motion

Finco

Sarl,

Term

Loan

B1

8.788%

3-Month

LIBOR

3.250%

11/04/26

3,113,905

Total

Capital

Markets

3,113,905

61

Principal

Amount

(000)

Description

(a)

Coupon

(b)

Reference

Rate

(b)

Spread

(b)

Maturity

(c)

Value

Chemicals

-

1.8%

$

910

Ascend

Performance

Materials

Operations

LLC,

Term

Loan

B

,

(DD1)

9.715%

SOFR90A

4.750%

8/27/26

$

890,235

838

Avient

Corporation,

Term

Loan

B7

7.872%

SOFR90A

2.500%

8/29/29

840,706

4,336

Axalta

Coating

Systems

U.S.

Holdings,

Inc.,

term

Loan

B4

7.812%

SOFR90A

2.500%

12/20/29

4,351,337

1,785

Cpc

Acquisition

Corp

,

Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

1,449,759

3,631

Discovery

Purchaser

Corporation,

Term

Loan

9.617%

SOFR90A

4.375%

8/03/29

3,496,666

575

INEOS

Quattro

Holdings

UK

Ltd,

Term

Loan

9.070%

SOFR30A

3.750%

3/03/30

572,844

818

INEOS

Styrolution

US

Holding

LLC,

Term

Loan

B

8.196%

SOFR30A

2.750%

1/29/26

814,773

1,234

Kraton

Corporation,

Term

Loan

8.766%

SOFR90A

3.250%

3/15/29

1,211,360

5,503

Lonza

Group

AG,

Term

Loan

B

,

(DD1)

9.267%

SOFR90A

3.925%

7/03/28

4,850,074

250

Starfruit

Finco

B.V,

Term

Loan

9.347%

TSFR3M

4.000%

3/03/28

249,687

8,734

Trinseo

Materials

Operating

S.C.A.,

Term

Loan

7.538%

1-Month

LIBOR

2.000%

9/09/24

8,622,645

750

Tronox

Finance

LLC

,

(WI/

DD)

TBD

TBD

TBD

TBD

745,429

Total

Chemicals

28,095,515

Commercial

Services

&

Supplies

-

3.1%

2,119

Amentum

Government

Services

Holdings

LLC,

Term

Loan

9.314%

SOFR30A

4.000%

2/07/29

2,080,305

586

Anticimex

International

AB,

Term

Loan

8.950%

SOFR90A

3.650%

11/16/28

585,318

2,167

Anticimex

International

AB,

Term

Loan

B1

8.450%

SOFR90A

3.150%

11/16/28

2,156,837

4,018

Covanta

Holding

Corporation,

Term

Loan

B

7.831%

SOFR30A

2.500%

11/30/28

4,009,792

306

Covanta

Holding

Corporation,

Term

Loan

C

7.831%

SOFR30A

2.500%

11/30/28

304,746

4,929

Garda

World

Security

Corporation,

Term

Loan

B

9.668%

SOFR30A

4.250%

10/30/26

4,933,238

10,386

GFL

Environmental

Inc.,

Term

Loan

8.469%

TSFR3M

3.000%

5/31/27

10,431,856

161

OMNIA

Partners

LLC,

Term

Loan

(d)

0.500%

N/A

N/A

7/25/30

161,665

1,714

OMNIA

Partners

LLC,

Term

Loan

B

9.601%

SOFR90A

4.250%

7/25/30

1,720,956

12,559

Prime

Security

Services

Borrower,

LLC,

Term

Loan

8.182%

SOFR30A

2.750%

9/23/26

12,576,448

4,080

West

Corporation,

Term

Loan

B3

9.581%

SOFR30A

4.000%

4/10/27

3,915,636

4,935

WIN

Waste

Innovations

Holdings,

Inc.,

Term

Loan

B

,

(DD1)

8.196%

SOFR30A

2.750%

3/25/28

4,284,520

Total

Commercial

Services

&

Supplies

47,161,317

Communications

Equipment

-

1.0%

8,949

CommScope,

Inc.,

Term

Loan

B

8.696%

SOFR30A

3.250%

4/04/26

8,254,024

650

Delta

TopCo,

Inc.,

Term

Loan,

Second

Lien

12.569%

SOFR180A

7.250%

12/01/28

612,085

2,049

EOS

Finco

Sarl,

Term

Loan

11.268%

SOFR90A

6.000%

8/03/29

2,014,915

Nuveen

Floating

Rate

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

62

Principal

Amount

(000)

Description

(a)

Coupon

(b)

Reference

Rate

(b)

Spread

(b)

Maturity

(c)

Value

Communications

Equipment

(continued)

$

3,527

MLN

US

HoldCo

LLC,

Term

Loan

12.110%

TSFR3M

6.700%

10/18/27

$

1,287,206

6,070

MLN

US

HoldCo

LLC,

Term

Loan,

First

Lien

9.838%

SOFR90A

4.500%

11/30/25

880,183

1,343

Riverbed

Technology,

Inc.,

Term

Loan

9.742%

SOFR90A

4.500%

7/01/28

815,239

1,609

ViaSat,

Inc.,

Term

Loan

9.831%

SOFR30A

4.500%

3/04/29

1,577,983

Total

Communications

Equipment

15,441,635

Construction

&

Engineering

-

0.2%

241

Aegion

Corporation,

Term

Loan

10.070%

SOFR30A

4.750%

5/17/28

239,234

2,174

Centuri

Group,

Inc,

Term

Loan

B

7.946%

1

+

3

Month

LIBOR

+

Prime

2.500%

8/27/28

2,174,837

Total

Construction

&

Engineering

2,414,071

Consumer

Finance

-

0.1%

1,547

Fleetcor

Technologies

Operating

Company,

LLC,

Term

Loan

B4

7.181%

SOFR30A

1.750%

4/30/28

1,546,142

Total

Consumer

Finance

1,546,142

Consumer

Staples

Distribution

&

Retail

-

1.0%

1,808

Cardenas

Markets,

Inc.,

Term

Loan

12.092%

SOFR90A

6.750%

8/01/29

1,807,088

13,374

US

Foods,

Inc.,

Term

Loan

B

7.946%

SOFR30A

2.500%

11/22/28

13,402,978

205

US

Foods,

Inc.,

Term

Loan

B

,

(DD1)

7.446%

SOFR30A

2.000%

9/13/26

205,752

Total

Consumer

Staples

Distribution

&

Retail

15,415,818

Containers

&

Packaging

-

1.1%

1,307

Berry

Global,

Inc.,

Term

Loan

Z

7.293%

TSFR3M

1.750%

7/01/26

1,308,790

1,411

Clydesdale

Acquisition

Holdings

Inc,

Term

Loan

B

9.606%

SOFR30A

4.175%

3/30/29

1,403,367

5,775

Klockner-Pentaplast

of

America,

Inc.,

Term

Loan

B

10.170%

6-Month

LIBOR

4.725%

2/09/26

5,442,848

3,027

LABL,

Inc.,

Term

Loan,

First

Lien

,

(DD1)

10.431%

SOFR30A

5.100%

10/29/28

3,022,851

1,786

Reynolds

Group

Holdings

Inc.

,

Term

Loan

B

8.696%

SOFR30A

3.250%

9/24/28

1,787,531

2,999

Reynolds

Group

Holdings

Inc.

,

Term

Loan

B2

8.696%

SOFR30A

3.250%

2/05/26

3,002,167

1,561

TricorBraun

Holdings,

Inc.,

Term

Loan

8.696%

SOFR30A

3.250%

3/03/28

1,525,056

Total

Containers

&

Packaging

17,492,610

Diversified

Consumer

Services

-

0.5%

1,575

AVSC

Holding

Corp.,

Term

Loan

B3

,

(cash

15.000%,

PIK

10.000%)

15.000%

3-Month

LIBOR

15.000%

12/04/26

1,624,800

7,289

Spin

Holdco

Inc.,

Term

Loan

9.230%

3-Month

LIBOR

4.000%

3/04/28

6,140,834

Total

Diversified

Consumer

Services

7,765,634

Diversified

Financial

Services

-

0.0%

1,831

Ditech

Holding

Corporation,

Term

Loan

0.000%

N/A

N/A

12/19/22

32,035

Total

Diversified

Financial

Services

32,035

63

Principal

Amount

(000)

Description

(a)

Coupon

(b)

Reference

Rate

(b)

Spread

(b)

Maturity

(c)

Value

Diversified

Telecommunication

Services

-

3.7%

$

1,683

Altice

France

S.A.,

Term

Loan

B12

9.257%

3-Month

LIBOR

3.688%

1/31/26

$

1,591,511

9,074

Altice

France

S.A.,

Term

Loan

B13

9.626%

3-Month

LIBOR

4.000%

8/14/26

8,563,465

1,483

Cablevision

Lightpath

LLC,

Term

Loan

B

8.675%

TSFR1M

3.250%

12/01/27

1,456,338

1,850

CenturyLink,

Inc.,

Term

Loan

B

7.696%

SOFR30A

2.250%

3/15/27

1,216,964

1,312

Cincinnati

Bell,

Inc.,

Term

Loan

B2

8.681%

SOFR30A

3.250%

11/23/28

1,283,660

603

Connect

Finco

Sarl,

Term

Loan

B

8.831%

SOFR30A

3.500%

12/12/26

602,490

4,605

Cyxtera

DC

Holdings,

Inc.,

Term

Loan

13.931%

TSFR1M

8.500%

12/07/23

4,632,720

13,799

Cyxtera

DC

Holdings,

Inc.,

Term

Loan

B

(e)

0.000%

N/A

N/A

5/01/24

8,483,223

10,509

Dawn

Acquisition

LLC,

Term

Loan

9.253%

SOFR90A

3.750%

12/31/25

8,775,365

2,447

Eagle

Broadband

Investments

LLC,

Term

Loan

8.503%

SOFR90A

3.000%

11/12/27

2,387,506

14,966

Frontier

Communications

Corp.,

Term

Loan

B

9.196%

SOFR30A

3.750%

10/08/27

14,612,429

3,135

Level

3

Financing

Inc.,

Term

Loan

B

,

(DD1)

7.196%

SOFR30A

1.750%

3/01/27

2,978,250

Total

Diversified

Telecommunication

Services

56,583,921

Electric

Utilities

-

1.8%

805

ExGen

Renewables

IV,

LLC,

Term

Loan

8.184%

SOFR90A

2.500%

12/15/27

801,180

1,971

Pacific

Gas

&

Electric

Company,

Term

Loan

8.446%

SOFR30A

3.000%

6/23/25

1,972,249

13,786

Talen

Energy

Supply,

LLC,

Term

Loan

B

,

(DD1)

9.876%

SOFR90A

4.500%

5/17/30

13,852,313

11,171

Talen

Energy

Supply,

LLC,

Term

Loan

C

,

(DD1)

9.876%

SOFR90A

4.500%

5/27/30

11,225,203

Total

Electric

Utilities

27,850,945

Electronic

Equipment,

Instruments

&

Components

-

0.2%

3,727

Ingram

Micro

Inc.,

Term

Loan

B

9.038%

3-Month

LIBOR

3.500%

7/02/28

3,730,979

Total

Electronic

Equipment,

Instruments

&

Components

3,730,979

Entertainment

-

0.8%

12,111

AMC

Entertainment

Holdings,

Inc.

,

Term

Loan

B

,

(DD1)

8.427%

TSFR1M

3.000%

4/22/26

9,642,757

868

Diamond

Sports

Group,

LLC,

Term

Loan,

Second

Lien

(e)

8.314%

SOFR90A

3.250%

8/24/26

24,321

1,192

Lions

Gate

Capital

Holdings

LLC,

Term

Loan

B

7.681%

SOFR30A

2.250%

3/24/25

1,191,718

1,022

Playtika

Holding

Corp,

Term

Loan

8.196%

SOFR30A

2.750%

3/11/28

1,022,126

Total

Entertainment

11,880,922

Financial

Services

-

0.1%

1,687

Trans

Union,

LLC,

Term

Loan

B6

7.570%

SOFR30A

2.250%

12/01/28

1,688,400

Total

Financial

Services

1,688,400

Nuveen

Floating

Rate

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

64

Principal

Amount

(000)

Description

(a)

Coupon

(b)

Reference

Rate

(b)

Spread

(b)

Maturity

(c)

Value

Food

Products

-

0.6%

$

3,773

8th

Avenue

Food

&

Provisions,

Inc.,

Term

Loan,

First

Lien

9.196%

SOFR30A

3.750%

10/01/25

$

3,614,078

2,617

CHG

PPC

Parent

LLC,

Term

Loan

8.446%

SOFR30A

3.000%

12/08/28

2,601,939

3,838

Sycamore

Buyer

LLC,

Term

Loan

B

7.679%

SOFR30A

2.250%

7/22/29

3,721,408

Total

Food

Products

9,937,425

Ground

Transportation

-

1.4%

1,203

First

Student

Bidco

Inc,

Term

Loan

B

8.501%

TSFR3M

3.000%

7/21/28

1,174,787

451

First

Student

Bidco

Inc,

Term

Loan

C

8.501%

3-Month

LIBOR

3.000%

7/21/28

440,148

17,161

Hertz

Corporation,

(The),

Term

Loan

B

8.696%

SOFR30A

3.250%

6/30/28

17,170,258

3,299

Hertz

Corporation,

(The),

Term

Loan

C

8.696%

SOFR30A

3.250%

6/30/28

3,301,011

Total

Ground

Transportation

22,086,204

Health

Care

Equipment

&

Supplies

-

3.5%

22,011

Bausch

&

Lomb,

Inc.,

Term

Loan

8.592%

SOFR90A

3.250%

5/05/27

21,565,596

621

Carestream

Health,

Inc.,

Term

Loan

12.842%

SOFR90A

7.500%

9/30/27

475,044

5,670

CNT

Holdings

I

Corp,

Term

Loan

8.800%

SOFR90A

3.500%

11/08/27

5,669,647

1,265

Embecta

Corp,

Term

Loan

B

8.337%

SOFR180A

3.000%

1/27/29

1,257,816

980

ICU

Medical,

Inc.,

Term

Loan

B

7.892%

SOFR90A

2.500%

12/14/28

980,570

21,790

Medline

Borrower,

LP,

Term

Loan

B

8.696%

SOFR30A

3.250%

10/21/28

21,801,704

1,463

Viant

Medical

Holdings,

Inc.,

Term

Loan,

First

Lien

9.196%

1-Month

LIBOR

3.750%

7/02/25

1,438,275

529

Vyaire

Medical,

Inc.,

Term

Loan

B

10.283%

3-Month

LIBOR

4.750%

4/16/25

383,335

Total

Health

Care

Equipment

&

Supplies

53,571,987

Health

Care

Providers

&

Services

-

4.9%

2,801

Agiliti

Health,

Inc,

Term

Loan

8.247%

TSFR1M

3.000%

5/01/30

2,795,611

6,223

AHP

Health

Partners,

Inc.,

Term

Loan

B

8.946%

SOFR30A

3.500%

8/23/28

6,237,362

4,415

DaVita,

Inc.

,

Term

Loan

B

7.196%

SOFR30A

1.750%

8/12/26

4,379,203

507

Element

Materials

Technology

Group

US

Holdings

Inc.,

Term

Loan

7.903%

SOFR90A

4.250%

4/12/29

498,570

1,099

Element

Materials

Technology

Group

US

Holdings

Inc.,

Term

Loan

9.592%

SOFR90A

4.250%

4/12/29

1,080,234

11

Forefront

Management

Holdings,

LLC,

Term

Loan

(d)

9.617%

SOFR90A

4.250%

3/23/29

10,671

56

Forefront

Management

Holdings,

LLC,

Term

Loan

B

9.619%

SOFR90A

4.250%

3/23/29

55,534

1,677

Global

Medical

Response,

Inc.,

Term

Loan

9.881%

TSFR1M

4.250%

3/14/25

1,189,486

9,382

Global

Medical

Response,

Inc.,

Term

Loan

B

9.780%

SOFR90A

4.250%

10/02/25

6,654,369

54

ICON

Luxembourg

S.A.R.L.,

Term

Loan

7.753%

SOFR90A

2.250%

7/01/28

54,013

1,289

Onex

TSG

Intermediate

Corp.,

Term

Loan

B

10.381%

TSFR3M

4.750%

2/26/28

1,175,404

65

Principal

Amount

(000)

Description

(a)

Coupon

(b)

Reference

Rate

(b)

Spread

(b)

Maturity

(c)

Value

Health

Care

Providers

&

Services

(continued)

$

1,201

Packaging

Coordinators

Midco,

Inc.,

Term

Loan,

First

Lien

9.003%

SOFR90A

3.500%

11/30/27

$

1,196,778

15,428

Parexel

International

Corporation,

Term

Loan,

First

Lien

8.696%

SOFR30A

3.250%

11/15/28

15,403,875

482

Phoenix

Guarantor

Inc,

Term

Loan

B

8.696%

SOFR30A

3.250%

3/05/26

479,653

8,979

Select

Medical

Corporation,

Term

Loan

B1

8.320%

SOFR30A

3.000%

3/06/27

8,994,431

735

Sound

Inpatient

Physicians,

Term

Loan

B

8.631%

TSFR3M

3.000%

6/28/25

365,663

17,367

Surgery

Center

Holdings,

Inc.,

Term

Loan

9.178%

TSFR1M

3.750%

8/31/26

17,419,894

8,131

Team

Health

Holdings,

Inc.,

Term

Loan,

First

Lien

8.196%

1-Month

LIBOR

2.750%

2/06/24

7,968,835

Total

Health

Care

Providers

&

Services

75,959,586

Health

Care

Technology

-

0.0%

17

Athenahealth,

Inc.,

Term

Loan

B

8.820%

SOFR30A

3.500%

1/27/29

16,642

Total

Health

Care

Technology

16,642

Hotels,

Restaurants

&

Leisure

-

8.8%

163

24

Hour

Fitness

Worldwide,

Inc.,

Exit

Term

Loan

18.849%

3-Month

LIBOR

14.000%

9/29/26

85,430

349

24

Hour

Fitness

Worldwide,

Inc.,

Term

Loan

,

(cash

10.529%,

PIK

5.000%)

10.529%

3-Month

LIBOR

5.000%

12/29/25

63,314

8,153

Alterra

Mountain

Company,

Term

Loan

8.946%

SOFR30A

3.500%

8/17/28

8,178,524

3,139

Alterra

Mountain

Company,

Term

Loan

B

9.181%

SOFR30A

3.750%

5/31/30

3,145,774

3,435

B.C.

Unlimited

Liability

Company,

Term

Loan

B4

6.840%

1

Month

LIBOR

1.750%

11/19/26

3,419,975

4,833

Caesars

Entertainment

Corp,

Term

Loan

B

8.681%

SOFR30A

3.250%

1/25/30

4,843,786

2,781

Carnival

Corporation,

Term

Loan

B

8.696%

SOFR30A

3.250%

10/18/28

2,779,264

3,656

Carnival

Corporation,

Term

Loan

B

8.317%

TSFR3M

3.000%

8/08/27

3,657,371

1,784

Churchill

Downs

Incorporated,

Term

Loan

B1

7.431%

SOFR30A

2.000%

3/17/28

1,788,297

2,992

Cinemark

USA,

Inc.,

Term

Loan

B

8.992%

SOFR90A

3.750%

5/18/30

2,993,128

18,128

ClubCorp

Holdings,

Inc.,

Term

Loan

B

8.288%

3-Month

LIBOR

2.750%

9/18/24

17,939,932

4,161

Crown

Finance

US,

Inc.,

Term

Loan

14.381%

SOFR90A

8.500%

7/31/28

4,198,153

6,470

Equinox

Holdings,

Inc.,

Term

Loan,

First

Lien

8.538%

3-Month

LIBOR

3.000%

3/08/24

6,259,837

583

Equinox

Holdings,

Inc.,

Term

Loan,

Second

Lien

12.731%

3-Month

LIBOR

7.000%

3/08/25

510,944

2,199

Everi

Holdings

Inc.,

Term

Loan

B

7.946%

SOFR30A

2.500%

8/03/28

2,200,068

9,578

Fertitta

Entertainment,

LLC,

Term

Loan

B

9.331%

SOFR30A

4.000%

1/27/29

9,499,871

4,293

GVC

Holdings

(Gibraltar)

Limited,

Term

Loan

B

8.437%

SOFR180A

3.500%

10/31/29

4,307,379

3,428

Hilton

Grand

Vacations

Borrower

LLC,

Term

Loan

B

8.446%

SOFR30A

3.000%

8/02/28

3,435,843

Nuveen

Floating

Rate

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

66

Principal

Amount

(000)

Description

(a)

Coupon

(b)

Reference

Rate

(b)

Spread

(b)

Maturity

(c)

Value

Hotels,

Restaurants

&

Leisure

(continued)

$

2,848

IRB

Holding

Corp,

Term

Loan

B

8.431%

SOFR30A

3.000%

12/15/27

$

2,836,948

1,169

Life

Time

Fitness

Inc

,

Term

Loan

B

10.611%

TSFR3M

4.750%

1/15/26

1,175,358

444

Motion

Finco

Sarl,

Term

Loan

B2

8.788%

3-Month

LIBOR

3.250%

11/04/26

444,122

4,585

NASCAR

Holdings,

Inc,

Term

Loan

B

7.946%

SOFR30A

2.500%

10/18/26

4,603,712

4,054

Penn

National

Gaming,

Inc.,

Term

Loan

B

8.181%

SOFR30A

2.750%

4/20/29

4,060,484

3,109

Playa

Resorts

Holding

B.V.,

Term

Loan

B

9.564%

SOFR30A

4.250%

12/15/28

3,111,505

11,167

Scientific

Games

International,

Inc.,

Term

Loan

8.412%

SOFR30A

3.000%

4/07/29

11,189,486

6,527

SeaWorld

Parks

&

Entertainment,

Inc.,

Term

Loan

B

8.446%

SOFR30A

3.000%

8/25/28

6,528,037

8,171

Stars

Group

Holdings

B.V.

(The),

Term

Loan

7.753%

SOFR90A

2.250%

7/10/25

8,180,254

5,112

Stars

Group

Holdings

B.V.

(The),

Term

Loan

B

8.753%

SOFR90A

3.250%

7/04/28

5,121,814

1,258

Station

Casinos

LLC,

Term

Loan

B

7.681%

SOFR30A

2.250%

2/08/27

1,256,400

1,883

Twin

River

Worldwide

Holdings,

Inc.,

Term

Loan

B

9.099%

SOFR90A

3.250%

10/01/28

1,833,797

6,075

William

Morris

Endeavor

Entertainment,

LLC,

Term

Loan,

First

Lien

5.279%

1

+

3

Month

LIBOR

2.750%

5/16/25

6,075,491

Total

Hotels,

Restaurants

&

Leisure

135,724,298

Household

Durables

-

1.0%

8,418

AI

Aqua

Merger

Sub,

Inc.,

Term

Loan

B,

First

Lien

8.216%

3-Month

LIBOR

+

SOFR30A

3.750%

7/30/28

8,402,816

29

Serta

Simmons

Bedding,

LLC,

Term

Loan

12.739%

TSFR3M

7.500%

6/29/28

29,279

6,967

Weber-Stephen

Products

LLC,

Term

Loan

B

8.696%

SOFR30A

3.250%

10/30/27

6,318,002

Total

Household

Durables

14,750,097

Independent

Power

and

Renewable

Electricity

Producers

-

0.2%

2,400

Generation

Bridge

Northeast

LLC,

Term

Loan

B

9.564%

TSFR3M

4.250%

8/07/29

2,403,000

Total

Independent

Power

and

Renewable

Electricity

Producers

2,403,000

Insurance

-

4.4%

2,224

Acrisure,

LLC,

Term

Loan

B

8.946%

1-Month

LIBOR

3.500%

2/15/27

2,184,889

1,975

Acrisure,

LLC,

Term

Loan

B,

First

Lien

9.696%

1-Month

LIBOR

4.250%

2/15/27

1,972,469

6,908

Alliant

Holdings

Intermediate,

LLC,

Term

Loan

B4

8.935%

1-Month

LIBOR

3.500%

11/06/27

6,912,248

58

Alliant

Holdings

Intermediate,

LLC,

Term

Loan

B5

8.814%

SOFR30A

3.500%

2/08/27

58,181

2,681

AssuredPartners,

Inc.,

Term

Loan

8.831%

SOFR30A

3.500%

2/13/27

2,677,931

1,969

AssuredPartners,

Inc.,

Term

Loan

B

8.946%

SOFR30A

3.500%

2/13/27

1,966,463

3,935

AssuredPartners,

Inc.,

Term

Loan

B

8.946%

SOFR30A

3.500%

2/13/27

3,921,121

327

Asurion

LLC,

Term

Loan

B11

9.681%

SOFR30A

4.250%

8/19/28

316,526

67

Principal

Amount

(000)

Description

(a)

Coupon

(b)

Reference

Rate

(b)

Spread

(b)

Maturity

(c)

Value

Insurance

(continued)

$

965

Asurion

LLC,

Term

Loan

B4,

Second

Lien

10.696%

SOFR30A

5.250%

1/20/29

$

849,871

394

Asurion

LLC,

Term

Loan

B8

8.788%

3-Month

LIBOR

3.250%

12/23/26

383,718

3,297

Asurion

LLC,

Term

Loan

B9

8.788%

3-Month

LIBOR

3.250%

7/31/27

3,178,688

3,385

Broadstreet

Partners,

Inc.,

Term

Loan

B

8.446%

SOFR30A

3.000%

1/27/27

3,361,010

7,862

Broadstreet

Partners,

Inc.,

Term

Loan

B2

8.696%

SOFR30A

3.250%

1/27/27

7,818,118

3,250

Broadstreet

Partners,

Inc.,

Term

Loan

B3

9.331%

SOFR30A

4.000%

1/26/29

3,254,404

1,149

Hub

International

Limited,

Term

Loan

B

9.365%

SOFR90A

4.000%

11/10/29

1,152,707

7,377

HUB

International

Limited,

Term

Loan

B

9.584%

SOFR90A

4.250%

6/08/30

7,409,339

11,140

Ryan

Specialty

Group,

LLC,

Term

Loan

8.331%

SOFR30A

3.000%

9/01/27

11,164,132

5,542

USI,

Inc.,

Term

Loan

8.992%

SOFR90A

3.750%

11/16/29

5,553,310

3,911

USI,

Inc.,

Term

Loan

B

8.788%

3-Month

LIBOR

3.250%

12/02/26

3,918,336

Total

Insurance

68,053,461

Interactive

Media

&

Services

-

0.6%

363

Getty

Images,

Inc.,

Term

Loan

B

9.842%

SOFR90A

4.500%

2/19/26

364,273

998

MH

Sub

I

LLC

,

Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

999,161

16,934

Rackspace

Technology

Global,

Inc.,

Term

Loan

B

8.177%

SOFR30A

2.750%

2/09/28

7,699,818

Total

Interactive

Media

&

Services

9,063,252

IT

Services

-

1.2%

997

Ahead

DB

Holdings,

LLC,

Term

Loan

B

9.092%

SOFR90A

3.750%

10/16/27

977,575

287

iQor

US

Inc.,

Exit

Term

Loan

12.931%

SOFR30A

7.600%

11/19/24

284,305

2,807

Perforce

Software,

Inc.,

Term

Loan

B

9.196%

SOFR30A

3.750%

7/01/26

2,710,824

9,045

Syniverse

Holdings,

Inc.,

Term

Loan

12.242%

SOFR90A

7.000%

5/10/29

8,081,908

5,588

Tempo

Acquisition

LLC,

Term

Loan

B

8.331%

SOFR30A

3.000%

8/31/28

5,605,202

Total

IT

Services

17,659,814

Leisure

Products

-

0.3%

3,175

Hayward

Industries,

Inc.,

Term

Loan

8.196%

SOFR30A

2.750%

5/28/28

3,148,095

664

SRAM,

LLC

,

Term

Loan

B

8.196%

SOFR30A

2.750%

5/18/28

663,086

Total

Leisure

Products

3,811,181

Life

Sciences

Tools

&

Services

-

0.1%

429

Avantor

Funding,

Inc.,

Term

Loan

B5

7.681%

SOFR30A

2.250%

11/06/27

430,263

1,158

Curia

Global,

Inc.,

Term

Loan

9.101%

TSFR3M

3.750%

8/30/26

988,478

14

ICON

Luxembourg

S.A.R.L.,

Term

Loan

7.753%

SOFR90A

2.250%

7/01/28

13,557

Total

Life

Sciences

Tools

&

Services

1,432,298

Nuveen

Floating

Rate

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

68

Principal

Amount

(000)

Description

(a)

Coupon

(b)

Reference

Rate

(b)

Spread

(b)

Maturity

(c)

Value

Machinery

-

1.9%

$

357

Ali

Group

North

America

Corporation,

Term

Loan

B

7.446%

SOFR30A

2.000%

10/13/28

$

357,505

1,302

Alliance

Laundry

Systems

LLC,

Term

Loan

B

8.912%

TSFR1M

3.500%

10/08/27

1,305,437

5,142

Chart

Industries,

Inc.,

Term

Loan

B

9.164%

TSFR1M

3.750%

12/08/29

5,151,754

5,009

Emrld

Borrower

LP,

Term

Loan

B

8.331%

SOFR90A

3.000%

5/04/30

5,020,545

9,347

Gates

Global

LLC,

Term

Loan

B3

7.931%

SOFR30A

2.500%

3/31/27

9,347,392

1,349

Grinding

Media

Inc.,

Term

Loan

B

7.649%

SOFR90A

4.000%

10/12/28

1,324,949

735

Madison

IAQ

LLC,

Term

Loan

8.302%

6-Month

LIBOR

3.250%

6/21/28

732,358

7,293

Victory

Buyer

LLC,

Term

Loan

,

(DD1)

9.258%

TSFR3M

3.750%

11/18/28

6,691,636

Total

Machinery

29,931,576

Media

-

7.5%

2,884

ABG

Intermediate

Holdings

2

LLC,

Term

Loan

B1

8.931%

SOFR30A

3.500%

12/21/28

2,888,796

256

ABG

Intermediate

Holdings

2

LLC,

Term

Loan,

Second

Lien

11.431%

SOFR30A

6.000%

12/20/29

258,560

2,473

Altice

Financing

SA,

Term

Loan

10.308%

TSFR3M

5.000%

10/31/27

2,350,397

12,212

Cengage

Learning,

Inc.,

Term

Loan

B

10.323%

3-Month

LIBOR

4.750%

7/14/26

12,200,346

229

Checkout

Holding

Corp.,

Term

Loan

12.870%

SOFR90A

7.500%

5/24/30

139,097

23,306

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

B

8.820%

1

+

3

Month

LIBOR

3.500%

8/23/26

22,849,540

1,088

CSC

Holdings,

LLC,

Term

Loan

7.675%

1-Month

LIBOR

2.250%

1/15/26

1,039,832

1,347

CSC

Holdings,

LLC,

Term

Loan

B1

7.675%

1-Month

LIBOR

2.250%

7/17/25

1,301,637

742

CSC

Holdings,

LLC,

Term

Loan

B5

7.925%

1-Month

LIBOR

2.500%

4/15/27

672,798

6,541

CSC

Holdings,

LLC,

Term

Loan

B6

9.810%

TSFR1M

4.500%

1/18/28

6,178,471

12,830

DirecTV

Financing,

LLC,

Term

Loan

10.446%

SOFR30A

5.000%

8/02/27

12,699,129

6,805

Dotdash

Meredith

Inc,

Term

Loan

B

9.418%

SOFR30A

4.000%

12/01/28

6,575,261

4,595

Formula

One

Holdings

Limited,

Term

Loan

B

8.331%

SOFR30A

3.000%

1/15/30

4,612,943

1,507

Gray

Television,

Inc.,

Term

Loan

E

7.933%

TSFR1M

2.500%

1/02/26

1,500,876

13,692

iHeartCommunications,

Inc.,

Term

Loan

8.446%

SOFR30A

3.000%

5/01/26

12,256,382

155

LCPR

Loan

Financing

LLC,

Term

Loan

B

9.175%

TSFR1M

3.750%

10/15/28

153,286

8,327

McGraw-Hill

Global

Education

Holdings,

LLC,

Term

Loan

9.964%

1

+

3

+

6

Month

LIBOR

4.750%

7/30/28

8,180,537

713

Mission

Broadcasting,

Inc.,

Term

Loan

B

7.933%

TSFR1M

2.500%

6/03/28

711,061

1,447

Outfront

Media

Capital

LLC,

Term

Loan

B

7.081%

SOFR30A

1.750%

11/18/26

1,437,719

1,588

Radiate

Holdco,

LLC,

Term

Loan

B

,

(DD1)

8.696%

SOFR30A

3.250%

9/25/26

1,308,198

69

Principal

Amount

(000)

Description

(a)

Coupon

(b)

Reference

Rate

(b)

Spread

(b)

Maturity

(c)

Value

Media

(continued)

$

5,219

Virgin

Media

Bristol

LLC,

Term

Loan

N

7.925%

CME

Term

SOFR

1

Month

250.000%

1/31/28

$

5,083,306

3,622

WideOpenWest

Finance

LLC,

Term

Loan

B

8.242%

SOFR90A

3.000%

12/20/28

3,586,697

7,371

Ziggo

Financing

Partnership,

Term

Loan

I

7.925%

TSFR1M

2.500%

4/30/28

7,221,771

Total

Media

115,206,640

Metals

&

Mining

-

0.1%

855

Arsenal

AIC

Parent

LLC,

Term

Loan

9.879%

SOFR90A

4.500%

7/27/30

856,924

Total

Metals

&

Mining

856,924

Oil,

Gas

&

Consumable

Fuels

-

2.6%

389

BCP

Renaissance

Parent

LLC,

Term

Loan

B3

8.742%

SOFR90A

3.500%

10/31/26

388,898

16,404

Freeport

LNG

Investments,

LLLP,

Term

Loan

A

8.588%

SOFR90A

3.000%

11/16/26

16,171,728

12,887

Gulf

Finance,

LLC,

Term

Loan

8.711%

SOFR180A

6.750%

8/25/26

12,940,236

5,722

QuarterNorth

Energy

Holding

Inc.,

Exit

Term

Loan,

Second

Lien

13.446%

SOFR30A

8.000%

8/27/26

5,710,558

4,033

TransMontaigne

Operating

Company

L.P.,

Term

Loan

B

6.739%

SOFR30A

3.500%

11/05/28

4,025,871

1,191

Traverse

Midstream

Partners

LLC,

Term

Loan

9.216%

SOFR90A

3.750%

2/16/28

1,192,522

Total

Oil,

Gas

&

Consumable

Fuels

40,429,813

Passenger

Airlines

-

2.9%

4,064

AAdvantage

Loyalty

IP

Ltd.,

Term

Loan

10.338%

SOFR90A

4.750%

4/20/28

4,226,036

10,302

Air

Canada,

Term

Loan

B

9.128%

SOFR90A

3.500%

8/11/28

10,326,988

16,072

Kestrel

Bidco

Inc.,

Term

Loan

B

8.415%

CME

Term

SOFR

3

Month

300.000%

12/11/26

15,789,751

6,559

Mileage

Plus

Holdings

LLC,

Term

Loan

B

10.764%

3-Month

LIBOR

5.250%

6/20/27

6,845,617

988

SkyMiles

IP

Ltd.,

Term

Loan

B

9.076%

SOFR90A

3.750%

10/20/27

1,029,195

6,055

United

Airlines,

Inc.,

Term

Loan

B

9.292%

3-Month

LIBOR

3.750%

4/21/28

6,079,905

Total

Passenger

Airlines

44,297,492

Personal

Care

Products

-

0.3%

571

Conair

Holdings,

LLC,

Term

Loan

B

9.288%

3-Month

LIBOR

3.750%

5/17/28

540,970

2,214

Kronos

Acquisition

Holdings

Inc.,

Term

Loan

B

9.253%

3-Month

LIBOR

3.750%

12/22/26

2,191,586

2,487

Kronos

Acquisition

Holdings

Inc.,

Term

Loan,

First

Lien

11.567%

SOFR90A

6.000%

12/22/26

2,470,795

Total

Personal

Care

Products

5,203,351

Pharmaceuticals

-

3.1%

761

Catalent

Pharma

Solutions

Inc.,

Term

Loan

B3

7.429%

TSFR1M

2.000%

2/22/28

747,327

27,148

Jazz

Financing

Lux

S.a.r.l.,

Term

Loan

8.946%

SOFR30A

3.500%

5/05/28

27,181,867

704

LSCS

Holdings,

Inc.,

Term

Loan,

First

Lien

9.946%

SOFR30A

4.614%

12/16/28

695,660

16,999

Organon

&

Co,

Term

Loan

8.431%

TSFR1M

3.000%

6/02/28

17,057,243

Nuveen

Floating

Rate

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

70

Principal

Amount

(000)

Description

(a)

Coupon

(b)

Reference

Rate

(b)

Spread

(b)

Maturity

(c)

Value

Pharmaceuticals

(continued)

$

2,613

Perrigo

Investments,

LLC,

Term

Loan

B

7.681%

SOFR30A

2.250%

4/05/29

$

2,606,188

Total

Pharmaceuticals

48,288,285

Professional

Services

-

0.8%

2,144

CHG

Healthcare

Services

Inc.,

Term

Loan

8.696%

SOFR30A

3.250%

9/30/28

2,133,782

910

CoreLogic,

Inc.,

Term

Loan

8.946%

SOFR30A

3.500%

6/02/28

851,014

2,082

Dun

&

Bradstreet

Corporation

(The),

Term

Loan

B

8.170%

TSFR1M

2.750%

2/08/26

2,086,722

2,382

Dun

&

Bradstreet

Corporation

(The),

Term

Loan

B2

8.320%

SOFR30A

3.000%

1/18/29

2,384,701

1,050

Physician

Partners

LLC,

Term

Loan

9.392%

SOFR90A

4.000%

2/01/29

984,178

7

Travelport

Finance

(Luxembourg)

S.a.r.l.,

Term

Loan

,

(cash

7.046%,

PIK

6.500%)

7.046%

1-Month

LIBOR

1.600%

2/28/25

6,428

3,832

Verscend

Holding

Corp.,

Term

Loan

B

9.446%

SOFR30A

4.000%

8/27/25

3,836,105

710

VT

Topco,

Inc.,

Term

Loan

B

9.562%

TSFR3M

4.250%

8/10/30

714,583

Total

Professional

Services

12,997,513

Real

Estate

Management

&

Development

-

0.4%

2,591

Cushman

&

Wakefield

U.S.

Borrower,

LLC,

Term

Loan

8.681%

SOFR30A

3.250%

1/31/30

2,566,528

2,500

Cushman

&

Wakefield

U.S.

Borrower,

LLC,

Term

Loan

B

9.331%

SOFR30A

4.000%

1/31/30

2,493,750

278

Cushman

&

Wakefield

U.S.

Borrower,

LLC,

Term

Loan

B

8.064%

SOFR30A

2.750%

8/21/25

277,816

Total

Real

Estate

Management

&

Development

5,338,094

Semiconductors

&

Semiconductor

Equipment

-

0.1%

3,406

Bright

Bidco

B.V.,

Term

Loan

8.000%

3-Month

LIBOR

8.000%

10/31/27

1,413,365

Total

Semiconductors

&

Semiconductor

Equipment

1,413,365

Software

-

11.3%

1,447

Applied

Systems,

Inc.,

Term

Loan,

First

Lien

9.742%

SOFR90A

4.500%

9/19/26

1,454,615

3,138

AppLovin

Corporation,

Term

Loan

B

8.431%

SOFR30A

3.100%

10/21/28

3,136,972

525

Apttus

Corporation,

Term

Loan

9.446%

SOFR30A

4.000%

5/06/28

514,413

8,049

Avaya,

Inc.,

Term

Loan

13.831%

SOFR30A

8.500%

8/01/28

6,751,464

8,632

Banff

Merger

Sub

Inc,

Term

Loan

9.196%

SOFR30A

3.750%

10/02/25

8,639,542

8,297

Camelot

U.S.

Acquisition

LLC,

Term

Loan

B

8.446%

SOFR30A

3.000%

10/31/26

8,308,185

3,335

Camelot

U.S.

Acquisition

LLC,

Term

Loan

B

8.446%

SOFR30A

3.000%

10/31/26

3,338,850

1,774

CCC

Intelligent

Solutions

Inc.,

Term

Loan

B

7.570%

SOFR30A

2.250%

9/21/28

1,773,914

4,044

CDK

Global,

Inc.,

Term

Loan

B

9.492%

SOFR90A

4.250%

6/09/29

4,051,553

2,718

DTI

Holdco,

Inc.,

Term

Loan

10.119%

SOFR90A

4.750%

4/21/29

2,635,875

1,837

Emerald

TopCo

Inc,

Term

Loan

8.820%

SOFR30A

3.500%

7/25/26

1,797,986

71

Principal

Amount

(000)

Description

(a)

Coupon

(b)

Reference

Rate

(b)

Spread

(b)

Maturity

(c)

Value

Software

(continued)

$

12,970

Epicor

Software

Corporation,

Term

Loan

8.696%

SOFR30A

3.250%

7/31/27

$

12,971,862

20,517

Finastra

USA,

Inc.,

Term

Loan,

First

Lien

9.231%

3-Month

LIBOR

3.500%

6/13/24

20,515,175

5,907

Greeneden

U.S.

Holdings

II,

LLC,

Term

Loan

B4

9.446%

SOFR30A

4.000%

12/01/27

5,914,484

1,536

Greenway

Health,

LLC,

Term

Loan,

First

Lien

9.271%

3-Month

LIBOR

3.750%

2/16/24

1,310,174

985

Hyland

Software,

Inc.,

Term

Loan,

First

Lien

8.946%

SOFR30A

3.500%

7/01/24

984,985

2,100

IGT

Holding

IV

AB,

Term

Loan

B2

8.712%

SOFR90A

3.400%

3/29/28

2,094,904

6,540

Informatica

LLC,

Term

Loan

B

8.196%

SOFR30A

2.750%

10/14/28

6,542,643

3,533

Instructure

Holdings,

Inc.,

Term

Loan

B

8.070%

SOFR30A

2.750%

10/29/28

3,530,001

792

iQor

US

Inc.,

Second

Out

Term

Loan

12.931%

SOFR30A

7.600%

11/19/25

558,594

7,944

McAfee,

LLC,

Term

Loan

B

9.168%

SOFR30A

3.750%

2/03/29

7,814,366

5,501

NortonLifeLock

Inc.,

Term

Loan

B

7.431%

SOFR30A

2.000%

1/28/29

5,499,815

23,578

Open

Text

Corporation,

Term

Loan

B

8.138%

SOFR90A

2.750%

1/31/30

23,632,495

391

Project

Ruby

Ultimate

Parent

Corp.,

Term

Loan

8.696%

SOFR30A

3.250%

3/10/28

384,611

2,125

Quartz

Acquireco

LLC,

Term

Loan

B

8.820%

TSFR1M

3.500%

4/14/30

2,127,656

–

(f)

RealPage,

Inc,

Term

Loan,

First

Lien

8.446%

SOFR30A

3.000%

4/22/28

135

6,040

Sophia,

L.P.,

Term

Loan

B

9.038%

3-Month

LIBOR

3.500%

10/07/27

6,038,423

814

SS&C

European

Holdings

Sarl,

Term

Loan

B4

7.196%

SOFR30A

1.750%

4/16/25

815,424

863

SS&C

Technologies

Inc.,

Term

Loan

B3

7.196%

SOFR30A

1.750%

4/16/25

863,541

2,004

SS&C

Technologies

Inc.,

Term

Loan

B6

7.681%

SOFR30A

2.250%

3/22/29

2,006,260

3,021

SS&C

Technologies

Inc.,

Term

Loan

B7

7.681%

SOFR30A

2.250%

3/22/29

3,023,821

12,315

Ultimate

Software

Group

Inc

(The),

Term

Loan

8.618%

SOFR90A

3.250%

5/03/26

12,332,399

4,689

Ultimate

Software

Group

Inc

(The),

Term

Loan

B

9.219%

TSFR3M

3.750%

5/03/26

4,696,294

1,065

Ultimate

Software

Group

Inc

(The),

Term

Loan,

Second

Lien

10.618%

SOFR90A

5.250%

5/03/27

1,062,247

3,288

Vision

Solutions,

Inc.,

Term

Loan

9.863%

TSFR3M

4.000%

5/28/28

3,187,026

3,648

Zelis

Healthcare

Corporation,

Term

Loan

8.933%

CME

Term

SOFR

1

Month

350.000%

9/30/26

3,655,101

Total

Software

173,965,805

Specialty

Retail

-

2.6%

821

Academy,

Ltd.,

Term

Loan

9.288%

3-Month

LIBOR

3.750%

11/06/27

825,419

564

Avis

Budget

Car

Rental,

LLC,

Term

Loan

B

7.196%

SOFR30A

1.750%

8/06/27

562,002

8,082

Avis

Budget

Car

Rental,

LLC,

Term

Loan

C

8.931%

SOFR30A

3.500%

3/15/29

8,093,025

3,817

Driven

Holdings,

LLC,

Term

Loan

B

8.430%

SOFR30A

3.000%

12/17/28

3,740,323

3,687

Jo-Ann

Stores,

Inc.,

Term

Loan

B1

10.362%

SOFR90A

4.750%

6/30/28

1,539,172

Nuveen

Floating

Rate

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

72

Principal

Amount

(000)

Description

(a)

Coupon

(b)

Reference

Rate

(b)

Spread

(b)

Maturity

(c)

Value

Specialty

Retail

(continued)

$

2,198

LBM

Acquisition

LLC,

Term

Loan

B

9.181%

SOFR30A

3.750%

12/18/27

$

2,142,819

1,355

Les

Schwab

Tire

Centers,

Term

Loan

B

8.682%

SOFR30A

3.250%

11/02/27

1,353,873

18,681

PetSmart,

Inc.,

Term

Loan

B

9.181%

SOFR30A

3.750%

2/12/28

18,667,550

555

Restoration

Hardware,

Inc.,

Term

Loan

B

7.946%

SOFR30A

2.500%

10/15/28

539,059

328

Staples,

Inc.,

Term

Loan

10.634%

3-Month

LIBOR

5.000%

4/12/26

281,937

724

Staples,

Inc.,

Term

Loan

B2

10.134%

3-Month

LIBOR

4.500%

9/12/24

714,009

2,220

Wand

NewCo

3,

Inc.,

Term

Loan

8.181%

SOFR30A

2.750%

2/05/26

2,220,893

Total

Specialty

Retail

40,680,081

Technology

Hardware,

Storage

&

Peripherals

-

0.3%

4,713

NCR

Corporation,

Term

Loan

7.946%

SOFR30A

2.500%

8/28/26

4,713,147

Total

Technology

Hardware,

Storage

&

Peripherals

4,713,147

Textiles,

Apparel

&

Luxury

Goods

-

0.5%

4,186

Birkenstock

GmbH

&

Co.

KG,

Term

Loan

B

8.877%

SOFR90A

3.250%

4/28/28

4,179,619

3,280

Crocs

Inc

8.431%

TSFR1M

+

TSFR3M

3.100%

2/19/29

3,296,615

Total

Textiles,

Apparel

&

Luxury

Goods

7,476,234

Trading

Companies

&

Distributors

-

0.9%

4,101

Core

&

Main

LP,

Term

Loan

B

7.407%

1

+

6

Month

LIBOR

2.500%

6/10/28

4,100,391

3,512

Fly

Funding

II

S.a.r.l.,

Term

Loan

B

7.380%

3-Month

LIBOR

1.750%

8/09/25

3,320,154

6,305

Windsor

Holdings

III,

LLC,

Term

Loan

B

9.818%

TSFR1M

4.500%

6/27/30

6,291,885

Total

Trading

Companies

&

Distributors

13,712,430

Transportation

Infrastructure

-

0.7%

422

Brown

Group

Holding,

LLC,

Term

Loan

B

7.820%

SOFR30A

2.500%

4/22/28

418,288

2,629

Brown

Group

Holding,

LLC,

Term

Loan

B2

9.119%

SOFR30A

+

SOFR90A

3.750%

6/09/29

2,630,521

4,917

KKR

Apple

Bidco,

LLC,

Term

Loan

8.196%

SOFR30A

2.750%

9/23/28

4,869,952

2,961

KKR

Apple

Bidco,

LLC,

Term

Loan

9.331%

SOFR30A

4.000%

9/23/28

2,966,313

Total

Transportation

Infrastructure

10,885,074

Wireless

Telecommunication

Services

-

1.3%

2,485

GOGO

Intermediate

Holdings

LLC,

Term

Loan

B

9.196%

SOFR30A

3.750%

4/30/28

2,491,924

12,567

Intelsat

Jackson

Holdings

S.A.,

Term

Loan

B

9.772%

SOFR90A

4.250%

1/27/29

12,582,398

4,627

Iridium

Satellite

LLC,

Term

Loan

B2

7.931%

SOFR30A

2.500%

11/04/26

4,638,901

Total

Wireless

Telecommunication

Services

19,713,223

Total

Variable

Rate

Senior

Loan

Interests

(cost

$1,310,374,917)

1,280,665,896

73

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

CORPORATE

BONDS

-

13

.8

%

X

212,133,489

Automobile

Components

-

0.1%

$

1,000

Clarios

Global

LP

/

Clarios

US

Finance

Co,

144A

6.750%

5/15/28

$

997,360

525

Dana

Financing

Luxembourg

Sarl,

144A

5.750%

4/15/25

515,041

Total

Automobile

Components

1,512,401

Automobiles

-

0.1%

1,500

Ford

Motor

Credit

Co

LLC

5.584%

3/18/24

1,492,269

Total

Automobiles

1,492,269

Commercial

Services

&

Supplies

-

1.7%

12,050

GFL

Environmental

Inc,

144A

5.125%

12/15/26

11,659,763

10,905

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc,

144A

5.750%

4/15/26

10,701,569

4,000

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc,

144A

5.250%

4/15/24

3,964,383

250

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc,

144A

(g)

6.250%

1/15/28

238,100

Total

Commercial

Services

&

Supplies

26,563,815

Communications

Equipment

-

0.3%

3,500

Commscope

Inc,

144A

6.000%

3/01/26

3,180,679

714

Commscope

Inc,

144A

8.250%

3/01/27

473,032

Total

Communications

Equipment

3,653,711

Consumer

Staples

Distribution

&

Retail

-

0.5%

8,000

US

Foods

Inc,

144A

6.250%

4/15/25

8,020,944

Total

Consumer

Staples

Distribution

&

Retail

8,020,944

Containers

&

Packaging

-

0.4%

4,000

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

PLC,

144A

4.000%

9/01/29

3,251,201

2,280

LABL

Inc,

144A

9.500%

11/01/28

2,346,736

1,000

Pactiv

Evergreen

Group

Issuer

Inc/Pactiv

Evergreen

Group

Issuer

LLC,

144A

4.375%

9/30/28

887,502

Total

Containers

&

Packaging

6,485,439

Diversified

Telecommunication

Services

-

0.9%

6,284

Frontier

Communications

Holdings

LLC,

144A

5.875%

10/15/27

5,723,480

1,000

Frontier

Communications

Holdings

LLC

(g)

5.875%

11/01/29

740,584

5,910

Level

3

Financing

Inc,

144A

10.500%

5/15/30

6,003,321

2,000

Level

3

Financing

Inc,

144A

3.400%

3/01/27

1,845,893

Total

Diversified

Telecommunication

Services

14,313,278

Electric

Utilities

-

0.2%

5,340

Bruce

Mansfield

Unit

1

2007

Pass

Through

Trust

(e)

6.850%

6/01/34

53

496

Pacific

Gas

and

Electric

Co

3.150%

1/01/26

462,796

497

Pacific

Gas

and

Electric

Co

4.500%

7/01/40

382,512

2,602

PG&E

Corp

(g)

5.000%

7/01/28

2,393,599

Total

Electric

Utilities

3,238,960

Energy

Equipment

&

Services

-

0.6%

5,000

Shelf

Drilling

Holdings

Ltd,

144A

8.250%

2/15/25

4,924,000

1,000

Shelf

Drilling

Holdings

Ltd,

144A

8.875%

11/15/24

1,002,230

2,000

Transocean

Inc,

144A

11.500%

1/30/27

2,111,070

1,000

Weatherford

International

Ltd,

144A

8.625%

4/30/30

1,024,207

Total

Energy

Equipment

&

Services

9,061,507

Nuveen

Floating

Rate

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

74

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Entertainment

-

0.0%

$

630

AMC

Entertainment

Holdings

Inc,

144A

,

(cash

10.000%,

PIK

12.000%)

10.000%

6/15/26

$

437,228

1,955

Diamond

Sports

Group

LLC

/

Diamond

Sports

Finance

Co,

144A

(e)

5.375%

8/15/26

46,060

2,000

Diamond

Sports

Group

LLC

/

Diamond

Sports

Finance

Co,

144A

(e)

6.625%

8/15/27

40,000

Total

Entertainment

523,288

Health

Care

Providers

&

Services

-

1.4%

585

CHS/Community

Health

Systems

Inc,

144A

8.000%

3/15/26

571,052

250

CHS/Community

Health

Systems

Inc,

144A

6.000%

1/15/29

209,375

2,000

Global

Medical

Response

Inc,

144A

6.500%

10/01/25

1,381,739

1,000

HCA

Inc

5.000%

3/15/24

994,251

492

Heartland

Dental

LLC

/

Heartland

Dental

Finance

Corp,

144A

8.500%

5/01/26

462,480

2,000

Select

Medical

Corp,

144A

6.250%

8/15/26

1,981,043

13,500

Tenet

Healthcare

Corp

4.875%

1/01/26

13,086,659

2,500

Tenet

Healthcare

Corp

4.625%

6/15/28

2,302,045

500

Tenet

Healthcare

Corp

6.125%

10/01/28

481,565

Total

Health

Care

Providers

&

Services

21,470,209

Hotel

&

Resort

REITs

-

0.2%

3,000

RLJ

Lodging

Trust

LP,

144A

3.750%

7/01/26

2,748,750

Total

Hotel

&

Resort

REITs

2,748,750

Hotels,

Restaurants

&

Leisure

-

1.2%

1,250

1011778

BC

ULC

/

New

Red

Finance

Inc,

144A

4.000%

10/15/30

1,058,939

7,230

Caesars

Entertainment

Inc,

144A

6.250%

7/01/25

7,173,876

1,000

Caesars

Entertainment

Inc,

144A

7.000%

2/15/30

1,003,827

1,500

Carnival

Corp,

144A

7.000%

8/15/29

1,521,987

1,000

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co

Inc,

144A

4.625%

1/15/29

865,070

5,500

Life

Time

Inc,

144A

5.750%

1/15/26

5,366,048

2,000

MGM

Resorts

International

6.750%

5/01/25

2,003,322

Total

Hotels,

Restaurants

&

Leisure

18,993,069

Insurance

-

0.4%

2,100

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-

Issuer,

144A

4.250%

10/15/27

1,906,654

4,000

HUB

International

Ltd,

144A

7.250%

6/15/30

4,071,560

Total

Insurance

5,978,214

IT

Services

-

0.2%

2,500

SABRE

GLBL

INC,

144A

7.375%

9/01/25

2,456,996

Total

IT

Services

2,456,996

Media

-

1.3%

3,000

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp,

144A

7.375%

3/03/31

2,982,734

2,900

Clear

Channel

Outdoor

Holdings

Inc,

144A

5.125%

8/15/27

2,597,362

3,730

CSC

Holdings

LLC,

144A

3.375%

2/15/31

2,561,659

508

iHeartCommunications

Inc

6.375%

5/01/26

443,045

500

iHeartCommunications

Inc,

144A

5.250%

8/15/27

395,363

3,900

LCPR

Senior

Secured

Financing

DAC,

144A

5.125%

7/15/29

3,287,700

500

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp,

144A

5.000%

8/15/27

452,500

1,000

Radiate

Holdco

LLC

/

Radiate

Finance

Inc,

144A

4.500%

9/15/26

779,382

7,000

Ziggo

Bond

Co

BV,

144A

6.000%

1/15/27

6,510,196

Total

Media

20,009,941

75

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Metals

&

Mining

-

0.1%

$

1,500

Arsenal

AIC

Parent

LLC,

144A

8.000%

10/01/30

$

1,531,860

Total

Metals

&

Mining

1,531,860

Oil,

Gas

&

Consumable

Fuels

-

1.2%

2,500

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp,

144A

8.125%

1/15/27

2,389,376

1,500

Citgo

Holding

Inc,

144A

9.250%

8/01/24

1,500,300

6,500

Citgo

Petroleum

Corp,

144A

7.000%

6/15/25

6,435,000

4,000

Matador

Resources

Co

5.875%

9/15/26

3,901,352

1,000

NGL

Energy

Operating

LLC

/

NGL

Energy

Finance

Corp,

144A

7.500%

2/01/26

995,575

250

NGL

Energy

Partners

LP

/

NGL

Energy

Finance

Corp

6.125%

3/01/25

245,619

3,307

PBF

Holding

Co

LLC

/

PBF

Finance

Corp

7.250%

6/15/25

3,307,227

Total

Oil,

Gas

&

Consumable

Fuels

18,774,449

Passenger

Airlines

-

2.0%

3,287

Air

Canada,

144A

3.875%

8/15/26

3,035,285

1,500

Allegiant

Travel

Co,

144A

7.250%

8/15/27

1,468,125

20,000

American

Airlines

Inc,

144A

11.750%

7/15/25

21,890,869

1,500

American

Airlines

Inc,

144A

7.250%

2/15/28

1,473,478

1,500

United

Airlines

Inc,

144A

4.625%

4/15/29

1,333,726

1,000

United

Airlines

Inc,

144A

4.375%

4/15/26

942,432

Total

Passenger

Airlines

30,143,915

Pharmaceuticals

-

0.2%

3,000

Organon

&

Co

/

Organon

Foreign

Debt

Co-Issuer

BV,

144A

5.125%

4/30/31

2,556,010

Total

Pharmaceuticals

2,556,010

Professional

Services

-

0.1%

1,000

SABRE

GLBL

INC,

144A

(g)

11.250%

12/15/27

953,337

Total

Professional

Services

953,337

Specialty

Retail

-

0.6%

10,650

Hertz

Corp/The,

144A

4.625%

12/01/26

9,642,403

Total

Specialty

Retail

9,642,403

Trading

Companies

&

Distributors

-

0.1%

2,000

Windsor

Holdings

III

LLC,

144A

8.500%

6/15/30

2,008,724

Total

Trading

Companies

&

Distributors

2,008,724

Total

Corporate

Bonds

(cost

$219,421,252)

212,133,489

Shares

Description

(a)

Value

X

–

COMMON

STOCKS

-

1

.6

%

X

24,260,703

Banks

-

0.0%

28,137

iQor

US

Inc

(h)

$

23,748

Total

Banks

23,748

Broadline

Retail

-

0.0%

99

Belk

Inc

(h)

792

Total

Broadline

Retail

792

Communications

Equipment

-

0.0%

24,672

Windstream

Services

PE

LLC

(h)

234,384

Total

Communications

Equipment

234,384

Nuveen

Floating

Rate

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

76

Shares

Description

(a)

Value

Construction

&

Engineering

-

0.0%

2,687

TNT

Crane

&

Rigging

Inc

(h)

$

16,122

4,761

TNT

Crane

&

Rigging

Inc

(h)

1,190

Total

Construction

&

Engineering

17,312

Diversified

Consumer

Services

-

0.0%

17,726

Cengage

Learning

Holdings

II

Inc

(h)

169,868

Total

Diversified

Consumer

Services

169,868

Diversified

Telecommunication

Services

-

0.0%

18,781

Windstream

Services

PE

LLC

(h)

178,420

Total

Diversified

Telecommunication

Services

178,420

Energy

Equipment

&

Services

-

0.7%

85,364

Quarternorth

Energy

Holding

Inc

(h)

10,072,952

76,990

Transocean

Ltd

(h)

629,778

5,884

Vantage

Drilling

International

(h)

136,803

Total

Energy

Equipment

&

Services

10,839,533

Health

Care

Equipment

&

Supplies

-

0.0%

52,393

Onex

Carestream

Finance

LP

(h)

104,786

Total

Health

Care

Equipment

&

Supplies

104,786

Health

Care

Providers

&

Services

-

0.0%

61,430

Millennium

Health

LLC

(h),(i)

8,478

57,666

Millennium

Health

LLC

(h),(i)

2,191

Total

Health

Care

Providers

&

Services

10,669

Hotels,

Restaurants

&

Leisure

-

0.0%

159,883

24

Hour

Fitness

Worldwide

Inc

(h)

960

76,044

24

Hour

Fitness

Worldwide

Inc

(h)

456

953

Crown

Finance

US

Inc

(h)

20,073

Total

Hotels,

Restaurants

&

Leisure

21,489

Independent

Power

and

Renewable

Electricity

Producers

-

0.6%

115,290

Energy

Harbor

Corp

(h),(j)

9,124,742

Total

Independent

Power

and

Renewable

Electricity

Producers

9,124,742

Marine

Transportation

-

0.0%

1,018

ACBL

HLDG

CORP

(h)

40,720

Total

Marine

Transportation

40,720

Media

-

0.0%

7,105

Catalina

Marketing

Corp

(h)

14,210

Total

Media

14,210

Oil,

Gas

&

Consumable

Fuels

-

0.1%

8,735

California

Resources

Corp

487,762

2,246

Chord

Energy

Corp

362,729

Total

Oil,

Gas

&

Consumable

Fuels

850,491

Professional

Services

-

0.0%

109,621

Skillsoft

Corp

(g),(h)

143,604

Total

Professional

Services

143,604

Semiconductors

&

Semiconductor

Equipment

-

0.0%

63,592

Bright

Bidco

BV

(h),(i)

25,714

46,554

TNT

Crane

and

Rigging

Inc

(h)

19,646

Total

Semiconductors

&

Semiconductor

Equipment

45,360

77

Shares

Description

(a)

Value

Software

-

0.2%

270,704

Avaya

Inc

(h)

$

2,075,488

57,126

Avaya

Inc

(h),(i)

365,087

Total

Software

2,440,575

Total

Common

Stocks

(cost

$36,293,260)

24,260,703

Shares

Description

(a)

Value

X

–

WARRANTS

-

0

.8

%

X

11,446,889

Energy

Equipment

&

Services

-

0.5%

55,057

Quarternorth

Energy

Holding

Inc

$

6,496,726

28,708

Quarternorth

Energy

Holding

Inc

334,936

55,290

Quarternorth

Energy

Holding

Inc

276,450

Total

Energy

Equipment

&

Services

7,108,112

Entertainment

-

0.3%

192,004

Cineworld

Group

PLC

4,044,181

90,106

Cineworld

Warrant

–

Total

Entertainment

4,044,181

Marine

Transportation

-

0.0%

3,029

ACBL

HLDG

CORP

151,450

3,984

ACBL

HLDG

CORP

87,648

1,071

ACBL

HLDG

CORP

42,840

3,029

American

Commercial

Barge

Line

LLC

(i)

1,060

3,984

American

Commercial

Barge

Line

LLC

(i)

996

Total

Marine

Transportation

283,994

Oil,

Gas

&

Consumable

Fuels

-

0.0%

500

California

Resources

Corp

10,600

Total

Oil,

Gas

&

Consumable

Fuels

10,600

Wireless

Telecommunication

Services

-

0.0%

4

Intelsat

SA/Luxembourg

2

Total

Wireless

Telecommunication

Services

2

Total

Warrants

(cost

$4,296,596)

11,446,889

Nuveen

Floating

Rate

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

78

Shares

Description

(a)

Coupon

Value

X

–

CONVERTIBLE

PREFERRED

SECURITIES

-

0

.0

%

X

281,474

Marine

Transportation

-

0.0%

4,313

ACBL

HLDG

CORP

0.000%

$

215,650

2,992

ACBL

HLDG

CORP

0.000%

65,824

Total

Marine

Transportation

281,474

Total

Convertible

Preferred

Securities

(cost

$209,338)

281,474

Total

Long-Term

Investments

(cost

$1,570,595,363)

1,528,788,451

Shares

Description

(a)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.3%

4,518,703

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

(k)

5.350%(l)

$

4,518,703

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$4,518,703)

4,518,703

Shares

Description

(a)

Coupon

Value

SHORT-TERM

INVESTMENTS

-

0.0% 

–

INVESTMENT

COMPANIES

-

0

.0

%

X

446,106

446,106

BlackRock

Liquidity

Funds

T-Fund

3.580%(m)

$

446,106

Total

Investment

Companies

(cost

$446,106)

446,106

Total

Short-Term

Investments

(cost

$446,106)

446,106

Total

Investments

(cost

$

1,575,560,172

)

-

99

.6

%

1,533,753,260

Borrowings

-

(0.8)%

(n)

(

11,600,000

)

Other

Assets

&

Liabilities,

Net

-   1.2%

18,290,352

Net

Assets

-

100%

$

1,540,443,612

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.

(b)

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.

(c)

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.

(d)

Investment,

or

portion

of

investment,

represents

an

outstanding

unfunded

senior

loan

commitment.

(e)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(f)

Principal

Amount

(000)

rounds

to

less

than

$1,000.

(g)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$4,330,225.

(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.

79

(j)

Energy

Harbor

Corp

(ENGH)

common

stock

received

as

part

of

the

bankruptcy

settlements

during

February

2020

for

Bruce

Mansfield

Unit

1

2007

Pass-Through

Trust.

Various

funds

and

accounts

managed

by

Nuveen,

including

the

Fund,

collectively

are

a

substantial

minority

holder

of

ENGH’s

outstanding

shares

of

common

stock,

and

possess

certain

other

rights

with

respect

to

the

corporate

governance

of

ENGH.

Due

to

these

facts,

under

the

federal

securities

laws,

the

securities

of

ENGH

held

by

Nuveen

funds

and

accounts,

including

the

Fund,

cannot

be

sold

except

under

limited

conditions

(which

are

not  currently

satisfied).

The

Fund

is

therefore

unable

to

sell

such

shares

in

ordinary

secondary

market

transactions

at

this

time.

On

March

6,

2023

Vistra

Corp.

(“Vistra”)

announced

that

it

has

executed

a

definitive

agreement

with

Energy

Harbor

Corp.,

pursuant

to

which

Energy

Harbor

will

merge

with

and

into

a

newly-formed

subsidiary

of

Vistra.  The

companies

anticipate

closing

the

transaction

in

the

fourth

quarter

of

2023.  In

connection

with

the

transaction,

Nuveen

funds

and

accounts

expect

to

receive

a

combination

of

cash

and

shares

in

a

newly

formed

entity.

Nuveen

expects

these

shares

to

be

issued

in

a

private

transaction

and

may

have

reduced

secondary

market

liquidity.  The

transaction

is

subject

to

certain

regulatory

approvals

and

there

can

be

no

assurance

that

the

transaction

will

close.

(k)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(l)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

(m)

The

rate

shown

is

the

annualized

seven-day

subsidized

yield

as

of

end

of

the

reporting

period.

(n)

Borrowings

as

a

percentage

of

Total

Investments

is

0.8%.

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.

CME

Chicago

Mercantile

Exchange

DD1

Portion

of

investment

purchased

on

a

delayed

delivery

basis.

LIBOR

London

Inter-Bank

Offered

Rate

N/A

Not

Applicable.

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.

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

TBD

Senior

loan

purchased

on

a

when-issued

or

delayed-delivery

basis.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date

of

the

transaction.

In

addition,

senior

loans

typically

trade

without

accrued

interest

and

therefore

a

coupon

rate

is

not

available

prior

to

settlement.

At

settlement,

if

still

unknown,

the

borrower

or

counterparty

will

provide

the

Fund

with

the

final

coupon

rate

and

maturity

date.

TSFR

1M

CME

Term

SOFR

1

Month

TSFR

3M

CME

Term

SOFR

3

Month

WI/DD

When-issued

or

delayed

delivery

security.

See

Notes

to

Financial

Statements

80

Nuveen

High

Yield

Income

Fund

Portfolio

of

Investments

August

31,

2023

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

LONG-TERM

INVESTMENTS

-

95.8% 

X

–

CORPORATE

BONDS

-

73

.3

%

X

372,720,350

Aerospace

&

Defense

-

2.2%

$

3,174

Bombardier

Inc,

144A

7.500%

2/01/29

$

3,110,157

2,100

Bombardier

Inc,

144A

(b)

6.000%

2/15/28

1,962,718

4,205

TransDigm

Inc,

144A

6.875%

12/15/30

4,232,753

2,000

TransDigm

Inc,

144A

6.750%

8/15/28

2,007,011

Total

Aerospace

&

Defense

11,312,639

Air

Freight

&

Logistics

-

0.5%

2,867

Cargo

Aircraft

Management

Inc,

144A

4.750%

2/01/28

2,590,048

Total

Air

Freight

&

Logistics

2,590,048

Automobile

Components

-

2.5%

3,450

Dana

Inc

4.500%

2/15/32

2,785,496

2,000

Dana

Inc

(b)

5.625%

6/15/28

1,882,720

2,850

Goodyear

Tire

&

Rubber

Co/The

(b)

5.000%

7/15/29

2,529,369

2,850

Goodyear

Tire

&

Rubber

Co/The

5.625%

4/30/33

2,440,090

3,500

IHO

Verwaltungs

GmbH,

144A

,

(cash

4.750%,

PIK

5.500%)

4.750%

9/15/26

3,266,870

Total

Automobile

Components

12,904,545

Automobiles

-

2.3%

4,200

Ford

Motor

Credit

Co

LLC

(SOFR

reference

rate

+

2.950%

spread)

(c)

7.526%

3/06/26

4,210,376

3,908

Ford

Motor

Credit

Co

LLC

7.350%

3/06/30

3,977,535

3,420

Ford

Motor

Credit

Co

LLC

6.800%

5/12/28

3,418,602

Total

Automobiles

11,606,513

Beverages

-

0.8%

3,175

Primo

Water

Holdings

Inc,

144A

4.375%

4/30/29

2,786,063

1,500

Triton

Water

Holdings

Inc,

144A

6.250%

4/01/29

1,275,081

Total

Beverages

4,061,144

Biotechnology

-

0.2%

1,715

Emergent

BioSolutions

Inc,

144A

3.875%

8/15/28

823,200

Total

Biotechnology

823,200

Broadline

Retail

-

1.4%

5,000

Kohl's

Corp

4.625%

5/01/31

3,681,250

2,992

Macy's

Retail

Holdings

LLC,

144A

(b)

6.125%

3/15/32

2,565,640

700

Macy's

Retail

Holdings

LLC,

144A

(b)

5.875%

4/01/29

632,787

Total

Broadline

Retail

6,879,677

Capital

Markets

-

2.1%

2,000

AG

TTMT

Escrow

Issuer

LLC,

144A

8.625%

9/30/27

2,061,214

3,075

Compass

Group

Diversified

Holdings

LLC,

144A

5.250%

4/15/29

2,823,954

3,000

Hunt

Cos

Inc,

144A

5.250%

4/15/29

2,291,518

4,625

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

4.375%

2/01/29

3,652,605

Total

Capital

Markets

10,829,291

81

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Chemicals

-

1.5%

$

2,000

Celanese

US

Holdings

LLC

6.330%

7/15/29

$

1,988,002

2,481

Trinseo

Materials

Operating

SCA

/

Trinseo

Materials

Finance

Inc,

144A

(b)

5.375%

9/01/25

2,311,289

4,195

Tronox

Inc,

144A

4.625%

3/15/29

3,456,829

Total

Chemicals

7,756,120

Commercial

Services

&

Supplies

-

2.4%

5,270

Allied

Universal

Holdco

LLC

/

Allied

Universal

Finance

Corp,

144A

6.625%

7/15/26

5,012,529

1,500

Garda

World

Security

Corp,

144A

4.625%

2/15/27

1,387,662

1,350

Garda

World

Security

Corp,

144A

7.750%

2/15/28

1,339,958

4,925

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc,

144A

(b)

6.250%

1/15/28

4,690,575

Total

Commercial

Services

&

Supplies

12,430,724

Construction

&

Engineering

-

0.2%

1,025

Brand

Industrial

Services

Inc,

144A

10.375%

8/01/30

1,057,062

Total

Construction

&

Engineering

1,057,062

Construction

Materials

-

0.4%

1,800

Gates

Global

LLC

/

Gates

Corp,

144A

6.250%

1/15/26

1,782,065

Total

Construction

Materials

1,782,065

Consumer

Finance

-

1.7%

3,000

Navient

Corp

4.875%

3/15/28

2,612,910

1,975

Navient

Corp

5.500%

3/15/29

1,688,566

2,850

OneMain

Finance

Corp

(b)

4.000%

9/15/30

2,219,124

2,250

OneMain

Finance

Corp

(b)

7.125%

3/15/26

2,213,423

Total

Consumer

Finance

8,734,023

Consumer

Staples

Distribution

&

Retail

-

0.8%

2,785

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC,

144A

6.500%

2/15/28

2,772,130

1,555

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC,

144A

5.875%

2/15/28

1,509,192

Total

Consumer

Staples

Distribution

&

Retail

4,281,322

Containers

&

Packaging

-

1.2%

2,000

Mauser

Packaging

Solutions

Holding

Co,

144A

7.875%

8/15/26

1,969,490

2,000

Owens-Brockway

Glass

Container

Inc,

144A

6.625%

5/13/27

1,976,960

1,460

Owens-Brockway

Glass

Container

Inc,

144A

7.250%

5/15/31

1,473,067

565

Pactiv

Evergreen

Group

Issuer

Inc/Pactiv

Evergreen

Group

Issuer

LLC,

144A

4.375%

9/30/28

501,439

Total

Containers

&

Packaging

5,920,956

Diversified

Telecommunication

Services

-

3.1%

2,000

Altice

France

SA/France,

144A

8.125%

2/01/27

1,690,280

3,500

Cablevision

Lightpath

LLC,

144A

3.875%

9/15/27

2,922,033

2,500

Iliad

Holding

SASU,

144A

7.000%

10/15/28

2,326,414

4,250

Level

3

Financing

Inc,

144A

4.625%

9/15/27

3,196,150

3,000

Level

3

Financing

Inc,

144A

3.400%

3/01/27

2,768,840

3,750

Virgin

Media

Finance

PLC,

144A

5.000%

7/15/30

3,032,850

Total

Diversified

Telecommunication

Services

15,936,567

Electric

Utilities

-

0.8%

1,800

Bruce

Mansfield

Unit

1

2007

Pass

Through

Trust

(d)

6.850%

6/01/34

18

3,750

Talen

Energy

Supply

LLC,

144A

8.625%

6/01/30

3,904,534

Total

Electric

Utilities

3,904,552

Nuveen

High

Yield

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

82

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Electrical

Equipment

-

0.6%

$

3,000

GrafTech

Global

Enterprises

Inc,

144A

9.875%

12/15/28

$

2,925,000

Total

Electrical

Equipment

2,925,000

Electronic

Equipment

-

0.4%

2,350

Imola

Merger

Corp,

144A

4.750%

5/15/29

2,088,814

Total

Electronic

Equipment

2,088,814

Energy

Equipment

&

Services

-

1.3%

2,060

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp,

144A

6.250%

4/01/28

1,966,574

1,500

Transocean

Inc,

144A

11.500%

1/30/27

1,583,303

3,000

Transocean

Titan

Financing

Ltd,

144A

8.375%

2/01/28

3,082,117

Total

Energy

Equipment

&

Services

6,631,994

Entertainment

-

0.4%

2,340

Univision

Communications

Inc,

144A

4.500%

5/01/29

2,014,124

Total

Entertainment

2,014,124

Gas

Utilities

-

1.0%

3,042

Ferrellgas

LP

/

Ferrellgas

Finance

Corp,

144A

5.875%

4/01/29

2,683,969

2,425

Ferrellgas

LP

/

Ferrellgas

Finance

Corp,

144A

5.375%

4/01/26

2,279,575

Total

Gas

Utilities

4,963,544

Ground

Transportation

-

0.5%

2,500

XPO

Inc,

144A

7.125%

6/01/31

2,513,290

Total

Ground

Transportation

2,513,290

Health

Care

Equipment

&

Supplies

-

0.4%

2,735

Embecta

Corp,

144A

5.000%

2/15/30

2,222,188

Total

Health

Care

Equipment

&

Supplies

2,222,188

Health

Care

Providers

&

Services

-

3.8%

3,000

CHS/Community

Health

Systems

Inc,

144A

5.625%

3/15/27

2,639,832

2,500

CHS/Community

Health

Systems

Inc,

144A

4.750%

2/15/31

1,862,500

2,025

CHS/Community

Health

Systems

Inc,

144A

5.250%

5/15/30

1,596,972

3,000

Global

Medical

Response

Inc,

144A

6.500%

10/01/25

2,072,608

920

Heartland

Dental

LLC

/

Heartland

Dental

Finance

Corp,

144A

8.500%

5/01/26

864,800

3,000

LifePoint

Health

Inc,

144A

9.875%

8/15/30

2,962,500

2,000

Select

Medical

Corp,

144A

6.250%

8/15/26

1,981,043

5,515

Tenet

Healthcare

Corp,

144A

6.750%

5/15/31

5,487,702

Total

Health

Care

Providers

&

Services

19,467,957

Health

Care

REITs

-

0.6%

2,250

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp

5.000%

10/15/27

1,777,374

1,800

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp

3.500%

3/15/31

1,166,579

Total

Health

Care

REITs

2,943,953

Hotels,

Restaurants

&

Leisure

-

5.0%

3,050

CDI

Escrow

Issuer

Inc,

144A

5.750%

4/01/30

2,836,520

3,209

Cinemark

USA

Inc,

144A

(b)

5.875%

3/15/26

3,080,681

1,500

Life

Time

Inc,

144A

5.750%

1/15/26

1,463,468

2,000

Merlin

Entertainments

Ltd,

144A

5.750%

6/15/26

1,939,780

3,345

NCL

Corp

Ltd,

144A

8.375%

2/01/28

3,447,922

2,000

NCL

Corp

Ltd,

144A

5.875%

3/15/26

1,885,758

4,480

Royal

Caribbean

Cruises

Ltd,

144A

8.250%

1/15/29

4,681,882

2,300

Royal

Caribbean

Cruises

Ltd,

144A

11.625%

8/15/27

2,506,139

940

Royal

Caribbean

Cruises

Ltd,

144A

7.250%

1/15/30

954,284

83

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Hotels,

Restaurants

&

Leisure

(continued)

$

2,735

Scientific

Games

International

Inc,

144A

7.500%

9/01/31

$

2,773,202

Total

Hotels,

Restaurants

&

Leisure

25,569,636

Household

Durables

-

0.3%

1,750

Newell

Brands

Inc

5.750%

4/01/46

1,420,156

Total

Household

Durables

1,420,156

Insurance

-

2.0%

5,000

Acrisure

LLC

/

Acrisure

Finance

Inc,

144A

7.000%

11/15/25

4,831,976

2,402

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-

Issuer,

144A

6.750%

4/15/28

2,366,484

1,230

AmWINS

Group

Inc,

144A

4.875%

6/30/29

1,103,615

1,655

HUB

International

Ltd,

144A

7.250%

6/15/30

1,684,608

Total

Insurance

9,986,683

Interactive

Media

&

Services

-

0.3%

1,500

Getty

Images

Inc,

144A

9.750%

3/01/27

1,497,539

Total

Interactive

Media

&

Services

1,497,539

IT

Services

-

0.6%

2,000

Ahead

DB

Holdings

LLC,

144A

6.625%

5/01/28

1,735,060

1,500

CA

Magnum

Holdings,

144A

5.375%

10/31/26

1,337,337

Total

IT

Services

3,072,397

Machinery

-

0.5%

2,392

Chart

Industries

Inc,

144A

9.500%

1/01/31

2,575,490

Total

Machinery

2,575,490

Media

-

7.1%

2,500

Altice

Financing

SA,

144A

5.000%

1/15/28

2,032,774

5,000

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp,

144A

5.000%

2/01/28

4,607,480

2,642

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp,

144A

7.375%

3/03/31

2,626,795

2,750

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp,

144A

6.375%

9/01/29

2,603,444

5,090

CSC

Holdings

LLC,

144A

(b)

11.250%

5/15/28

5,020,388

4,000

DISH

Network

Corp,

144A

11.750%

11/15/27

4,058,564

2,000

LCPR

Senior

Secured

Financing

DAC,

144A

6.750%

10/15/27

1,882,500

2,113

LCPR

Senior

Secured

Financing

DAC,

144A

5.125%

7/15/29

1,781,259

1,850

Sirius

XM

Radio

Inc,

144A

4.000%

7/15/28

1,601,954

1,640

UPC

Broadband

Finco

BV,

144A

4.875%

7/15/31

1,353,574

2,450

UPC

Holding

BV,

144A

5.500%

1/15/28

2,180,500

2,113

Virgin

Media

Secured

Finance

PLC,

144A

5.500%

5/15/29

1,931,492

5,220

VZ

Secured

Financing

BV,

144A

5.000%

1/15/32

4,255,633

Total

Media

35,936,357

Metals

&

Mining

-

2.7%

3,490

Arsenal

AIC

Parent

LLC,

144A

8.000%

10/01/30

3,564,127

3,509

Cleveland-Cliffs

Inc,

144A

6.750%

4/15/30

3,345,212

2,000

FMG

Resources

August

2006

Pty

Ltd,

144A

5.875%

4/15/30

1,855,897

2,170

Mineral

Resources

Ltd,

144A

8.500%

5/01/30

2,177,761

3,145

SunCoke

Energy

Inc,

144A

4.875%

6/30/29

2,676,267

Total

Metals

&

Mining

13,619,264

Nuveen

High

Yield

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

84

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.6%

$

2,000

Rocket

Mortgage

LLC

/

Quicken

Loans

Co-Issuer

Inc,

144A

3.625%

3/01/29

$

1,702,265

1,000

Rocket

Mortgage

LLC

/

Quicken

Loans

Co-Issuer

Inc,

144A

2.875%

10/15/26

888,750

340

Rocket

Mortgage

LLC

/

Quicken

Loans

Co-Issuer

Inc,

144A

3.875%

3/01/31

276,748

Total

Mortgage

Real

Estate

Investment

Trusts

(REITs)

2,867,763

Oil,

Gas

&

Consumable

Fuels

-

9.5%

1,835

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp,

144A

5.375%

6/15/29

1,719,479

3,795

Baytex

Energy

Corp,

144A

8.500%

4/30/30

3,847,925

3,148

Callon

Petroleum

Co,

144A

(b)

7.500%

6/15/30

3,111,521

1,750

Callon

Petroleum

Co,

144A

8.000%

8/01/28

1,774,638

760

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp,

144A

8.125%

1/15/27

726,370

1,440

Civitas

Resources

Inc,

144A

8.375%

7/01/28

1,483,200

2,375

Civitas

Resources

Inc,

144A

8.750%

7/01/31

2,458,125

1,530

CNX

Midstream

Partners

LP,

144A

4.750%

4/15/30

1,320,297

4,000

Crestwood

Midstream

Partners

LP

/

Crestwood

Midstream

Finance

Corp,

144A

6.000%

2/01/29

3,926,880

1,500

DT

Midstream

Inc,

144A

4.125%

6/15/29

1,328,879

2,900

Energean

Israel

Finance

Ltd,

144A

,

Reg

S

5.875%

3/30/31

2,554,900

1,615

EnLink

Midstream

LLC,

144A

6.500%

9/01/30

1,619,128

3,550

EQM

Midstream

Partners

LP

6.500%

7/15/48

3,222,504

1,840

EQM

Midstream

Partners

LP,

144A

6.500%

7/01/27

1,828,358

1,908

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp

8.000%

1/15/27

1,880,962

2,525

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp

8.875%

4/15/30

2,514,870

575

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co,

144A

5.750%

2/01/29

533,312

2,930

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co,

144A

6.000%

2/01/31

2,683,982

3,150

Parkland

Corp/Canada,

144A

4.625%

5/01/30

2,776,946

3,075

PBF

Holding

Co

LLC

/

PBF

Finance

Corp,

144A

7.875%

9/15/30

3,066,759

1,800

USA

Compression

Partners

LP

/

USA

Compression

Finance

Corp

6.875%

4/01/26

1,779,786

340

USA

Compression

Partners

LP

/

USA

Compression

Finance

Corp

6.875%

9/01/27

331,441

1,985

Venture

Global

LNG

Inc,

144A

8.125%

6/01/28

2,002,357

Total

Oil,

Gas

&

Consumable

Fuels

48,492,619

Passenger

Airlines

-

1.7%

2,487

Allegiant

Travel

Co,

144A

7.250%

8/15/27

2,434,151

3,000

American

Airlines

Inc,

144A

11.750%

7/15/25

3,283,630

1,945

American

Airlines

Inc,

144A

(b)

7.250%

2/15/28

1,910,610

1,250

United

Airlines

Inc,

144A

4.625%

4/15/29

1,111,439

Total

Passenger

Airlines

8,739,830

Personal

Care

Products

-

0.7%

3,850

Kronos

Acquisition

Holdings

Inc

/

KIK

Custom

Products

Inc,

144A

(b)

7.000%

12/31/27

3,388,000

Total

Personal

Care

Products

3,388,000

Professional

Services

-

1.4%

1,800

ASGN

Inc,

144A

4.625%

5/15/28

1,617,627

2,440

MPH

Acquisition

Holdings

LLC,

144A

5.500%

9/01/28

2,072,132

1,500

Verscend

Escrow

Corp,

144A

9.750%

8/15/26

1,492,270

2,000

VT

Topco

Inc,

144A

8.500%

8/15/30

2,030,000

Total

Professional

Services

7,212,029

85

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Real

Estate

Management

&

Development

-

0.3%

$

1,522

Anywhere

Real

Estate

Group

LLC

/

Anywhere

Co-Issuer

Corp,

144A

7.000%

4/15/30

$

1,372,063

97

Realogy

Group

LLC

/

Realogy

Co-Issuer

Corp,

144A

5.750%

1/15/29

69,470

Total

Real

Estate

Management

&

Development

1,441,533

Software

-

0.6%

3,000

Gen

Digital

Inc,

144A

6.750%

9/30/27

3,007,561

Total

Software

3,007,561

Specialized

REITs

-

1.2%

2,310

Iron

Mountain

Inc,

144A

7.000%

2/15/29

2,303,676

1,815

Iron

Mountain

Information

Management

Services

Inc,

144A

5.000%

7/15/32

1,567,187

2,392

Uniti

Group

LP

/

Uniti

Group

Finance

Inc

/

CSL

Capital

LLC,

144A

10.500%

2/15/28

2,386,341

Total

Specialized

REITs

6,257,204

Specialty

Retail

-

3.0%

1,850

Asbury

Automotive

Group

Inc,

144A

5.000%

2/15/32

1,587,090

1,800

Bath

&

Body

Works

Inc,

144A

6.625%

10/01/30

1,755,580

340

Bath

&

Body

Works

Inc

6.875%

11/01/35

317,913

1,590

LCM

Investments

Holdings

II

LLC,

144A

4.875%

5/01/29

1,380,105

1,200

LCM

Investments

Holdings

II

LLC,

144A

8.250%

8/01/31

1,200,768

6,000

Michaels

Cos

Inc/The,

144A

7.875%

5/01/29

4,159,200

1,500

Michaels

Cos

Inc/The,

144A

5.250%

5/01/28

1,250,625

2,083

Staples

Inc,

144A

7.500%

4/15/26

1,723,469

3,000

Staples

Inc,

144A

10.750%

4/15/27

1,636,230

Total

Specialty

Retail

15,010,980

Textiles,

Apparel

&

Luxury

Goods

-

1.0%

3,000

Hanesbrands

Inc,

144A

(b)

9.000%

2/15/31

3,011,726

2,882

Wolverine

World

Wide

Inc,

144A

4.000%

8/15/29

2,158,647

Total

Textiles,

Apparel

&

Luxury

Goods

5,170,373

Trading

Companies

&

Distributors

-

1.7%

3,508

Albion

Financing

1

SARL

/

Aggreko

Holdings

Inc,

144A

6.125%

10/15/26

3,319,445

1,600

Albion

Financing

2SARL,

144A

(b)

8.750%

4/15/27

1,483,239

4,000

WESCO

Distribution

Inc,

144A

7.250%

6/15/28

4,070,940

Total

Trading

Companies

&

Distributors

8,873,624

Total

Corporate

Bonds

(cost

$384,243,975)

372,720,350

Principal

Amount

(000)

Description

(a)

Coupon

(e)

Reference

Rate

(e)

Spread

(e)

Maturity

(f)

Value

X

–

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

-

18

.1

%

(e)

X

92,009,347

Aerospace

&

Defense

-

1.1%

$

2,487

TransDigm,

Inc.,

Term

Loan

H

8.492%

SOFR90A

3.250%

2/22/27

$

2,496,318

2,993

TransDigm,

Inc.,

Term

Loan

I

8.492%

SOFR90A

3.250%

8/24/28

2,998,111

Total

Aerospace

&

Defense

5,494,429

Automobile

Components

-

0.4%

1,800

Clarios

Global

LP,

Term

Loan

9.081%

SOFR30A

3.750%

4/20/30

1,799,721

Total

Automobile

Components

1,799,721

Nuveen

High

Yield

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

86

Principal

Amount

(000)

Description

(a)

Coupon

(e)

Reference

Rate

(e)

Spread

(e)

Maturity

(f)

Value

Beverages

-

0.3%

$

1,645

Triton

Water

Holdings,

Inc,

Term

Loan

8.753%

SOFR90A

3.250%

3/31/28

$

1,619,932

Total

Beverages

1,619,932

Capital

Markets

-

0.7%

3,541

NFP

Corp.,

Term

Loan

8.696%

SOFR30A

3.250%

2/13/27

3,499,246

Total

Capital

Markets

3,499,246

Commercial

Services

&

Supplies

-

0.4%

2,244

Prime

Security

Services

Borrower,

LLC,

Term

Loan

8.182%

SOFR30A

2.750%

9/23/26

2,247,413

Total

Commercial

Services

&

Supplies

2,247,413

Communications

Equipment

-

1.0%

5,417

CommScope,

Inc.,

Term

Loan

B

8.696%

SOFR30A

3.250%

4/04/26

4,996,464

Total

Communications

Equipment

4,996,464

Containers

&

Packaging

-

0.9%

2,700

Clydesdale

Acquisition

Holdings

Inc,

Term

Loan

B

,

(WI/DD)

TBD

TBD

TBD

TBD

2,685,892

1,980

LABL,

Inc.,

Term

Loan,

First

Lien

10.431%

SOFR30A

5.100%

10/29/28

1,976,878

Total

Containers

&

Packaging

4,662,770

Diversified

Telecommunication

Services

-

0.9%

4,730

Frontier

Communications

Corp.,

Term

Loan

B

9.196%

SOFR30A

3.750%

10/08/27

4,618,563

Total

Diversified

Telecommunication

Services

4,618,563

Health

Care

Equipment

&

Supplies

-

2.1%

2,887

Bausch

&

Lomb,

Inc.,

Term

Loan

8.592%

SOFR90A

3.250%

5/05/27

2,828,122

7,655

Medline

Borrower,

LP,

Term

Loan

B

8.696%

SOFR30A

3.250%

10/21/28

7,659,474

Total

Health

Care

Equipment

&

Supplies

10,487,596

Health

Care

Providers

&

Services

-

0.4%

1,980

US

Radiology

Specialists,

Inc.,

Term

Loan

10.681%

SOFR30A

5.250%

12/15/27

1,930,174

Total

Health

Care

Providers

&

Services

1,930,174

Hotels,

Restaurants

&

Leisure

-

1.9%

170

24

Hour

Fitness

Worldwide,

Inc.,

Exit

Term

Loan

19.684%

3-Month

LIBOR

14.000%

9/29/26

89,208

398

24

Hour

Fitness

Worldwide,

Inc.,

Term

Loan

,

(cash

10.529%,

PIK

5.000%)

10.529%

3-Month

LIBOR

5.000%

12/29/25

72,203

4,489

Caesars

Entertainment

Corp,

Term

Loan

B

8.681%

SOFR30A

3.250%

1/25/30

4,498,872

3,200

Carnival

Corporation,

Term

Loan

B

8.317%

TSFR3M

3.000%

8/08/27

3,201,200

1,990

GVC

Holdings

(Gibraltar)

Limited,

Term

Loan

B

8.437%

SOFR180A

3.500%

10/31/29

1,996,467

Total

Hotels,

Restaurants

&

Leisure

9,857,950

87

Principal

Amount

(000)

Description

(a)

Coupon

(e)

Reference

Rate

(e)

Spread

(e)

Maturity

(f)

Value

Insurance

-

1.1%

$

2,239

Acrisure,

LLC,

Term

Loan

B,

First

Lien

9.696%

1-Month

LIBOR

4.250%

2/15/27

$

2,235,838

650

AmWINS

Group

Inc

,

Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

650,812

2,650

Broadstreet

Partners,

Inc.,

Term

Loan

B3

,

(WI/DD)

TBD

TBD

TBD

TBD

2,653,591

Total

Insurance

5,540,241

Interactive

Media

&

Services

-

0.2%

982

Getty

Images,

Inc.,

Term

Loan

B

9.842%

SOFR90A

4.500%

2/19/26

984,637

Total

Interactive

Media

&

Services

984,637

IT

Services

-

0.5%

2,500

MPH

Acquisition

Holdings

LLC,

Term

Loan

B

9.916%

TSFR3M

4.250%

9/01/28

2,358,013

Total

IT

Services

2,358,013

Machinery

-

0.7%

3,799

Emrld

Borrower

LP,

Term

Loan

B

8.331%

SOFR90A

3.000%

5/04/30

3,807,247

Total

Machinery

3,807,247

Media

-

1.3%

3,591

CSC

Holdings,

LLC,

Term

Loan

B6

9.810%

TSFR1M

4.500%

1/18/28

3,391,983

3,362

DirecTV

Financing,

LLC,

Term

Loan

10.446%

SOFR30A

5.000%

8/02/27

3,328,282

Total

Media

6,720,265

Passenger

Airlines

-

0.4%

1,990

Air

Canada,

Term

Loan

B

9.128%

SOFR90A

3.500%

8/11/28

1,994,746

Total

Passenger

Airlines

1,994,746

Pharmaceuticals

-

1.2%

3,590

Jazz

Financing

Lux

S.a.r.l.,

Term

Loan

8.946%

SOFR30A

3.500%

5/05/28

3,594,326

2,500

Organon

&

Co,

Term

Loan

8.431%

TSFR1M

3.000%

6/02/28

2,508,600

Total

Pharmaceuticals

6,102,926

Professional

Services

-

0.4%

2,135

Verscend

Holding

Corp.,

Term

Loan

B

9.446%

SOFR30A

4.000%

8/27/25

2,137,648

Total

Professional

Services

2,137,648

Software

-

1.1%

1,980

McAfee,

LLC,

Term

Loan

B

9.168%

SOFR30A

3.750%

2/03/29

1,947,825

3,482

Open

Text

Corporation,

Term

Loan

B

8.138%

SOFR90A

2.750%

1/31/30

3,490,492

Total

Software

5,438,317

Textiles,

Apparel

&

Luxury

Goods

-

0.3%

1,796

Hanesbrands,

Inc.,

Term

Loan

B

9.081%

SOFR30A

3.750%

2/14/30

1,797,367

Total

Textiles,

Apparel

&

Luxury

Goods

1,797,367

Nuveen

High

Yield

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

88

Principal

Amount

(000)

Description

(a)

Coupon

(e)

Reference

Rate

(e)

Spread

(e)

Maturity

(f)

Value

Trading

Companies

&

Distributors

-

0.5%

$

2,430

Windsor

Holdings

III,

LLC,

Term

Loan

B

9.818%

TSFR1M

4.500%

6/27/30

$

2,424,946

Total

Trading

Companies

&

Distributors

2,424,946

Wireless

Telecommunication

Services

-

0.3%

1,485

GOGO

Intermediate

Holdings

LLC,

Term

Loan

B

9.196%

SOFR30A

3.750%

4/30/28

1,488,736

Total

Wireless

Telecommunication

Services

1,488,736

Total

Variable

Rate

Senior

Loan

Interests

(cost

$91,674,733)

92,009,347

Shares

Description

(a)

Value

X

–

EXCHANGE-TRADED

FUNDS

-

1

.7

%

X

8,544,693

200,000

Invesco

Senior

Loan

ETF

(b)

$

4,218,000

102,723

SPDR

Blackstone

Senior

Loan

ETF

(b)

4,326,693

Total

Exchange-Traded

Funds

(cost

$8,533,498)

8,544,693

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

–

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

1

.7

%

X

8,302,202

Consumer

Finance

-

0.7%

$

3,892

Ally

Financial

Inc

6.700%

2/14/33

$

3,523,381

Total

Consumer

Finance

3,523,381

Electric

Utilities

-

0.5%

2,725

Edison

International

5.375%

N/A

(g)

2,407,491

Total

Electric

Utilities

2,407,491

Oil,

Gas

&

Consumable

Fuels

-

0.5%

2,600

Energy

Transfer

LP

6.500%

N/A

(g)

2,371,330

Total

Oil,

Gas

&

Consumable

Fuels

2,371,330

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$9,096,652)

8,302,202

Shares

Description

(a)

Value

X

–

COMMON

STOCKS

-

0

.6

%

X

3,077,552

Hotels,

Restaurants

&

Leisure

-

0.0%

182,331

24

Hour

Fitness

Worldwide

Inc

(h)

$

1,093

86,730

24

Hour

Fitness

Worldwide

Inc

(h)

521

Total

Hotels,

Restaurants

&

Leisure

1,614

Independent

Power

and

Renewable

Electricity

Producers

-

0.6%

38,861

Energy

Harbor

Corp

(h),(i)

3,075,693

Total

Independent

Power

and

Renewable

Electricity

Producers

3,075,693

Semiconductors

&

Semiconductor

Equipment

-

0.0%

607

Bright

Bidco

BV

(h),(j)

245

Total

Semiconductors

&

Semiconductor

Equipment

245

Total

Common

Stocks

(cost

$2,658,957)

3,077,552

89

Shares

Description

(a)

Value

X

–

WARRANTS

-

0

.4

%

X

2,038,371

Energy

Equipment

&

Services

-

0.4%

13,860

Quarternorth

Energy

Holding

Inc

$

1,635,480

18,918

Quarternorth

Energy

Holding

Inc

220,716

36,435

Quarternorth

Energy

Holding

Inc

182,175

Total

Energy

Equipment

&

Services

2,038,371

Total

Warrants

(cost

$361,196)

2,038,371

Total

Long-Term

Investments

(cost

$496,569,011)

486,692,515

Shares

Description

(a)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

5.4%

27,539,629

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

(k)

5.350%(l)

$

27,539,629

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$27,539,629)

27,539,629

Shares

Description

(a)

Coupon

Value

SHORT-TERM

INVESTMENTS

-

2.8% 

–

INVESTMENT

COMPANIES

-

2

.8

%

X

14,475,522

14,475,522

BlackRock

Liquidity

Funds

T-Fund

5.001%(m)

$

14,475,522

Total

Investment

Companies

(cost

$14,475,522)

14,475,522

Total

Short-Term

Investments

(cost

$14,475,522)

14,475,522

Total

Investments

(cost

$

538,584,162

)

-

104

.0

%

528,707,666

Other

Assets

&

Liabilities,

Net

-   (4.0)%

(

20,419,536

)

Net

Assets

-

100%

$

508,288,130

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.

(b)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$26,565,203.

(c)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(d)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(e)

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.

(f)

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.

(g)

Perpetual

security.

Maturity

date

is

not

applicable.

(h)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(i)

Energy

Harbor

Corp

(ENGH)

common

stock

received

as

part

of

the

bankruptcy

settlements

during

February

2020

for

Bruce

Mansfield

Unit

1

2007

Pass-Through

Trust.

Various

funds

and

accounts

managed

by

Nuveen,

including

the

Fund,

collectively

are

a

substantial

minority

holder

of

ENGH’s

outstanding

shares

of

common

stock,

and

possess

certain

other

rights

with

respect

to

the

corporate

governance

of

ENGH.

Due

to

these

facts,

under

the

federal

securities

laws,

the

securities

of

ENGH

held

by

Nuveen

funds

and

accounts,

including

the

Fund,

cannot

be

sold

except

under

limited

conditions

(which

are

not  currently

satisfied).

The

Fund

is

therefore

unable

to

sell

such

shares

in

ordinary

secondary

market

transactions

at

this

time.

On

March

6,

2023

Vistra

Corp.

(“Vistra”)

announced

that

it

has

executed

a

definitive

agreement

with

Energy

Harbor

Corp.,

pursuant

to

which

Energy

Harbor

will

merge

with

and

into

a

newly-formed

subsidiary

of

Vistra.  The

companies

anticipate

closing

the

transaction

in

the

fourth

quarter

of

2023.  In

connection

with

the

transaction,

Nuveen

funds

and

accounts

expect

to

receive

a

combination

of

cash

and

shares

in

a

newly

formed

entity.

Nuveen

expects

these

shares

to

be

issued

in

a

private

transaction

and

may

have

reduced

secondary

market

liquidity.  The

transaction

is

subject

to

certain

regulatory

approvals

and

there

can

be

no

assurance

that

the

transaction

will

close.

Nuveen

High

Yield

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

90

(j)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(k)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(l)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

(m)

The

rate

shown

is

the

annualized

seven-day

subsidized

yield

as

of

end

of

the

reporting

period.

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.

ETF

Exchange-Traded

Fund

LIBOR

London

Inter-Bank

Offered

Rate

PIK

Payment-in-kind

(“PIK”)

security.  Depending

on

the

terms

of

the

security,

income

may

be

received

in

the

form

of

cash,

securities,

or

a

combination

of

both.  The

PIK

rate

shown,

where

applicable,

represents

the

annualized

rate

of

the

last

PIK

payment

made

by

the

issuer

as

of

the

end

of

the

reporting

period.

Reg

S

Regulation

S

allows

U.S.

companies

to

sell

securities

to

persons

or

entities

located

outside

of

the

United

States

without

registering

those

securities

with

the

Securities

and

Exchange

Commission.

Specifically,

Regulation

S

provides

a

safe

harbor

from

the

registration

requirements

of

the

Securities

Act

for

the

offers

and

sales

of

securities

by

both

foreign

and

domestic

issuers

that

are

made

outside

the

United

States.

REIT

Real

Estate

Investment

Trust

SOFR

180A

180

Day

Average

Secured

Overnight

Financing

Rate

SOFR

30A

30

Day

Average

Secured

Overnight

Financing

Rate

SOFR

90A

90

Day

Average

Secured

Overnight

Financing

Rate

SPDR

Standard

&

Poor's

Depositary

Receipt

TBD

Senior

loan

purchased

on

a

when-issued

or

delayed-delivery

basis.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date

of

the

transaction.

In

addition,

senior

loans

typically

trade

without

accrued

interest

and

therefore

a

coupon

rate

is

not

available

prior

to

settlement.

At

settlement,

if

still

unknown,

the

borrower

or

counterparty

will

provide

the

Fund

with

the

final

coupon

rate

and

maturity

date.

TSFR

1M

CME

Term

SOFR

1

Month

TSFR

3M

CME

Term

SOFR

3

Month

WI/DD

When-issued

or

delayed

delivery

security.

See

Notes

to

Financial

Statements

91

Nuveen

Preferred

Securities

and

Income

Fund

Portfolio

of

Investments

August

31,

2023

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

LONG-TERM

INVESTMENTS

-

98.2% 

X

–

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

49

.6

%

X

2,176,159,255

Automobiles

-

1.4%

$

46,118

General

Motors

Financial

Co

Inc

(b)

5.750%

N/A

(c)

$

37,816,760

26,979

General

Motors

Financial

Co

Inc

(b)

5.700%

N/A

(c)

23,114,721

Total

Automobiles

60,931,481

Banks

-

19.9%

25,649

Bank

of

America

Corp

6.250%

N/A

(c)

25,520,755

3,000

Bank

of

America

Corp

(TSFR3M

reference

rate

+

3.397%

spread)

(d)

8.806%

N/A

(c)

2,998,840

13,651

Bank

of

America

Corp

6.100%

N/A

(c)

13,418,079

16,626

Bank

of

America

Corp

(b)

6.500%

N/A

(c)

16,667,565

22,726

Bank

of

America

Corp

(b)

6.300%

N/A

(c)

22,664,703

6,780

Bank

of

America

Corp

4.375%

N/A

(c)

5,819,410

49,701

Citigroup

Inc

(b)

5.950%

N/A

(c)

47,917,979

47,169

Citigroup

Inc

(b)

6.300%

N/A

(c)

46,355,335

14,988

Citigroup

Inc

(b)

6.250%

N/A

(c)

14,746,693

35,016

Citigroup

Inc

5.000%

N/A

(c)

33,517,315

8,407

Citigroup

Inc

(TSFR3M

reference

rate

+

4.330%

spread)

(b),(d)

9.699%

N/A

(c)

8,406,959

9,885

Citigroup

Inc

(b)

7.375%

N/A

(c)

9,946,781

11,994

Citigroup

Inc

4.150%

N/A

(c)

10,000,477

17,365

Citizens

Financial

Group

Inc

4.000%

N/A

(c)

13,135,233

3,846

Citizens

Financial

Group

Inc

6.375%

N/A

(c)

3,329,676

22,396

CoBank

ACB

6.250%

N/A

(c)

21,480,984

33,000

CoBank

ACB

6.450%

N/A

(c)

31,447,952

5,865

Commerzbank

AG,

144A

8.125%

9/19/23

5,864,766

29,665

Farm

Credit

Bank

of

Texas,

144A

5.700%

N/A

(c)

27,440,125

1,875

Fifth

Third

Bancorp

(3-Month

LIBOR

reference

rate

+

3.033%

spread)

(b),(d)

8.571%

N/A

(c)

1,790,591

10,336

Fifth

Third

Bancorp

4.500%

N/A

(c)

9,403,842

17,141

First

Citizens

BancShares

Inc/NC

(3-Month

LIBOR

reference

rate

+

3.972%

spread)

(b),(d)

9.524%

N/A

(c)

17,274,946

5,510

Goldman

Sachs

Group

Inc/The

3.800%

N/A

(c)

4,625,480

965

Goldman

Sachs

Group

Inc/The

4.400%

N/A

(c)

837,186

9,768

HSBC

Capital

Funding

Dollar

1

LP,

144A

10.176%

N/A

(c)

11,990,220

26,515

Huntington

Bancshares

Inc/OH

(b)

5.625%

N/A

(c)

24,128,650

10,059

JPMorgan

Chase

&

Co

6.100%

N/A

(c)

10,008,705

4,657

JPMorgan

Chase

&

Co

3.650%

N/A

(c)

4,115,199

62,455

JPMorgan

Chase

&

Co

6.750%

N/A

(c)

62,455,000

31,738

JPMorgan

Chase

&

Co

5.000%

N/A

(c)

31,083,721

6,491

KeyCorp

5.000%

N/A

(c)

5,033,121

10,323

M&T

Bank

Corp

5.125%

N/A

(c)

8,544,155

8,046

M&T

Bank

Corp

6.450%

N/A

(c)

7,723,517

14,785

M&T

Bank

Corp

3.500%

N/A

(c)

10,510,218

11,921

PNC

Financial

Services

Group

Inc/The

(TSFR3M

reference

rate

+

3.940%

spread)

(b),(d)

3.804%

N/A

(c)

12,001,021

16,330

PNC

Financial

Services

Group

Inc/The

3.400%

N/A

(c)

12,493,103

14,835

PNC

Financial

Services

Group

Inc/The

6.000%

N/A

(c)

13,338,148

8,444

PNC

Financial

Services

Group

Inc/The

5.000%

N/A

(c)

7,368,572

7,340

PNC

Financial

Services

Group

Inc/The

(TSFR3M

reference

rate

+

3.302%

spread)

(d)

8.711%

N/A

(c)

7,275,624

6,555

PNC

Financial

Services

Group

Inc/The

(b)

6.200%

N/A

(c)

6,113,052

30,660

PNC

Financial

Services

Group

Inc/The

6.250%

N/A

(c)

27,121,529

14,102

Regions

Financial

Corp

5.750%

N/A

(c)

13,441,598

41,536

Truist

Financial

Corp

(b)

4.800%

N/A

(c)

36,780,128

Nuveen

Preferred

Securities

and

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

92

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

Banks

(continued)

$

12,446

Truist

Financial

Corp

(3-Month

LIBOR

reference

rate

+

3.102%

spread)

(b),(d)

8.654%

N/A

(c)

$

12,315,609

24,314

Truist

Financial

Corp

5.100%

N/A

(c)

21,272,319

6,580

Wells

Fargo

&

Co

7.950%

11/15/29

7,183,348

4,663

Wells

Fargo

&

Co

5.900%

N/A

(c)

4,614,738

37,830

Wells

Fargo

&

Co

3.900%

N/A

(c)

33,536,295

47,503

Wells

Fargo

&

Co

5.875%

N/A

(c)

47,087,349

24,750

Wells

Fargo

&

Co

7.625%

N/A

(c)

25,337,813

7,645

Zions

Bancorp

NA

7.200%

N/A

(c)

7,131,344

7,490

Zions

Bancorp

NA

(3-Month

LIBOR

reference

rate

+

3.800%

spread)

(d)

9.352%

N/A

(c)

6,461,555

Total

Banks

871,077,323

Capital

Markets

-

2.5%

7,300

Bank

of

New

York

Mellon

Corp/The

4.700%

N/A

(c)

7,082,167

16,246

Charles

Schwab

Corp/The

5.375%

N/A

(c)

15,677,390

11,210

Charles

Schwab

Corp/The

4.000%

N/A

(c)

9,700,013

20,175

Goldman

Sachs

Group

Inc

7.500%

N/A

(c)

20,275,875

31,868

Goldman

Sachs

Group

Inc/The

5.500%

N/A

(c)

31,205,037

25,800

Goldman

Sachs

Group

Inc/The

5.300%

N/A

(c)

24,864,750

2,925

Goldman

Sachs

Group

Inc/The

4.125%

N/A

(c)

2,456,693

Total

Capital

Markets

111,261,925

Consumer

Finance

-

1.4%

19,925

Ally

Financial

Inc

4.700%

N/A

(c)

12,825,634

12,040

Ally

Financial

Inc

4.700%

N/A

(c)

8,457,541

13,930

American

Express

Co

3.550%

N/A

(c)

11,596,725

15,295

Capital

One

Financial

Corp

(b)

3.950%

N/A

(c)

11,738,913

11,108

Discover

Financial

Services

(b)

6.125%

N/A

(c)

10,673,758

8,000

Discover

Financial

Services

5.500%

N/A

(c)

5,955,200

Total

Consumer

Finance

61,247,771

Electric

Utilities

-

1.8%

14,161

American

Electric

Power

Co

Inc

3.875%

2/15/62

11,417,371

13,579

Edison

International

5.000%

N/A

(c)

11,677,940

5,247

Edison

International

5.375%

N/A

(c)

4,635,636

40,009

Emera

Inc

6.750%

6/15/76

38,408,640

13,626

Southern

Co/The

4.000%

1/15/51

12,635,611

Total

Electric

Utilities

78,775,198

Financial

Services

-

2.8%

20,885

American

AgCredit

Corp,

144A

5.250%

N/A

(c)

18,483,225

13,295

Capital

Farm

Credit

ACA,

144A

5.000%

N/A

(c)

11,832,550

3,955

Citigroup

Capital

III

7.625%

12/01/36

3,978,037

33

Compeer

Financial

ACA,

144A

10.206%

N/A

(c)

32,917,207

6,700

Compeer

Financial

ACA,

144A

4.875%

N/A

(c)

6,030,000

25,209

Equitable

Holdings

Inc

4.950%

N/A

(c)

24,175,569

26,248

Voya

Financial

Inc

6.125%

N/A

(c)

25,944,311

Total

Financial

Services

123,360,899

Food

Products

-

3.1%

13,835

Dairy

Farmers

of

America

Inc,

144A

7.125%

N/A

(c)

12,313,150

51,917

Land

O'

Lakes

Inc,

144A

7.250%

N/A

(c)

42,052,770

44,310

Land

O'

Lakes

Inc,

144A

8.000%

N/A

(c)

41,319,075

46,321

Land

O'

Lakes

Inc,

144A

7.000%

N/A

(c)

38,307,148

Total

Food

Products

133,992,143

93

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

Independent

Power

and

Renewable

Electricity

Producers

-

0.9%

$

13,450

AES

Andes

SA,

144A

6.350%

10/07/79

$

12,819,374

7,705

AES

Andes

SA,

144A

7.125%

3/26/79

7,368,760

10,900

Vistra

Corp,

144A

7.000%

N/A

(c)

10,088,609

7,395

Vistra

Corp,

144A

8.000%

N/A

(c)

7,067,113

Total

Independent

Power

and

Renewable

Electricity

Producers

37,343,856

Insurance

-

9.5%

7,115

Aegon

NV

5.500%

4/11/48

6,685,254

9,025

American

International

Group

Inc

5.750%

4/01/48

8,521,861

51,650

Assurant

Inc

(b)

7.000%

3/27/48

50,034,708

66,640

Assured

Guaranty

Municipal

Holdings

Inc,

144A

6.400%

12/15/66

58,840,741

19,875

AXIS

Specialty

Finance

LLC

4.900%

1/15/40

15,983,974

15,804

Enstar

Finance

LLC

5.750%

9/01/40

13,900,182

14,288

Enstar

Finance

LLC

5.500%

1/15/42

11,289,846

10,830

Fidelis

Insurance

Holdings

Ltd,

144A

6.625%

4/01/41

10,288,500

31,087

Markel

Group

Inc

6.000%

N/A

(c)

30,146,008

7,425

MetLife

Inc

3.850%

N/A

(c)

6,846,597

24,448

MetLife

Inc,

144A

9.250%

4/08/38

28,298,491

4,531

MetLife

Inc

5.875%

N/A

(c)

4,230,595

15,099

PartnerRe

Finance

B

LLC

4.500%

10/01/50

12,660,969

24,242

Provident

Financing

Trust

I

7.405%

3/15/38

24,017,987

8,234

Prudential

Financial

Inc

5.125%

3/01/52

7,356,178

3,085

Prudential

Financial

Inc

3.700%

10/01/50

2,625,322

36,288

QBE

Insurance

Group

Ltd,

144A

(b)

7.500%

11/24/43

36,277,072

16,911

QBE

Insurance

Group

Ltd

,

Reg

S

6.750%

12/02/44

16,715,969

15,606

QBE

Insurance

Group

Ltd,

144A

(b)

5.875%

N/A

(c)

14,852,271

34,059

SBL

Holdings

Inc,

144A

6.500%

N/A

(c)

19,177,437

65,824

SBL

Holdings

Inc,

144A

7.000%

N/A

(c)

40,105,285

Total

Insurance

418,855,247

Media

-

0.2%

10,628

Paramount

Global

6.375%

3/30/62

8,768,100

Total

Media

8,768,100

Multi-Utilities

-

0.7%

6,789

CMS

Energy

Corp

4.750%

6/01/50

5,929,654

14,740

Sempra

4.125%

4/01/52

11,918,640

14,730

Sempra

4.875%

N/A

(c)

13,931,486

Total

Multi-Utilities

31,779,780

Oil,

Gas

&

Consumable

Fuels

-

2.0%

19,154

Enbridge

Inc

6.000%

1/15/77

18,053,126

15,806

Enbridge

Inc

5.750%

7/15/80

14,390,652

12,755

Enbridge

Inc

7.625%

1/15/83

12,856,504

4,735

Enbridge

Inc

5.500%

7/15/77

4,251,357

11,442

Energy

Transfer

LP

6.500%

N/A

(c)

10,435,676

3,895

Energy

Transfer

LP

7.125%

N/A

(c)

3,446,608

18,330

Transcanada

Trust

5.600%

3/07/82

15,274,939

9,560

Transcanada

Trust

5.500%

9/15/79

8,030,591

Total

Oil,

Gas

&

Consumable

Fuels

86,739,453

Trading

Companies

&

Distributors

-

2.6%

44,469

AerCap

Global

Aviation

Trust,

144A

6.500%

6/15/45

43,848,030

22,977

AerCap

Holdings

NV

(b)

5.875%

10/10/79

22,184,422

14,955

Air

Lease

Corp

4.650%

N/A

(c)

13,014,898

39,963

ILFC

E-Capital

Trust

I,

144A

7.314%

12/21/65

29,440,872

10,564

ILFC

E-Capital

Trust

I,

144A

7.064%

12/21/65

7,641,948

Total

Trading

Companies

&

Distributors

116,130,170

Nuveen

Preferred

Securities

and

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

94

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

U.S.

Agency

-

0.1%

$

6,770

Farm

Credit

Bank

of

Texas,

144A

6.200%

N/A

(c)

$

5,923,750

Total

U.S.

Agency

5,923,750

Wireless

Telecommunication

Services

-

0.7%

22,509

Vodafone

Group

PLC

7.000%

4/04/79

22,671,380

9,350

Vodafone

Group

PLC

4.125%

6/04/81

7,300,779

Total

Wireless

Telecommunication

Services

29,972,159

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$2,338,082,714)

2,176,159,255

Principal

Amount

(000)

Description

(a)

,(e)

Coupon

Maturity

Value

X

–

CONTINGENT

CAPITAL

SECURITIES

-

30

.8

%

X

1,352,751,254

Banks

-

25.9%

$

9,702

Australia

&

New

Zealand

Banking

Group

Ltd/United

Kingdom,

144A

6.750%

N/A

(c)

$

9,495,832

36,385

Banco

Bilbao

Vizcaya

Argentaria

SA

6.500%

N/A

(c)

34,161,245

27,982

Banco

Bilbao

Vizcaya

Argentaria

SA

6.125%

N/A

(c)

23,925,593

16,450

Banco

Mercantil

del

Norte

SA/Grand

Cayman,

144A

(b)

7.625%

N/A

(c)

15,321,644

10,700

Banco

Mercantil

del

Norte

SA/Grand

Cayman,

144A

(b)

7.500%

N/A

(c)

9,761,161

26,200

Banco

Santander

SA

,

Reg

S

7.500%

N/A

(c)

25,145,450

50,835

Banco

Santander

SA

4.750%

N/A

(c)

38,817,459

42,700

Barclays

PLC

6.125%

N/A

(c)

37,893,812

52,965

Barclays

PLC

8.000%

N/A

(c)

47,343,295

33,135

Barclays

PLC

(b)

8.000%

N/A

(c)

32,446,340

43,770

BNP

Paribas

SA,

144A

7.750%

N/A

(c)

42,484,037

12,150

BNP

Paribas

SA,

144A

7.000%

N/A

(c)

11,239,965

12,305

BNP

Paribas

SA,

144A

(b)

9.250%

N/A

(c)

12,678,703

19,606

BNP

Paribas

SA,

144A

7.375%

N/A

(c)

19,212,900

28,905

BNP

Paribas

SA,

144A

6.625%

N/A

(c)

28,546,578

25,065

BNP

Paribas

SA,

144A

(b)

8.500%

N/A

(c)

24,977,273

12,025

Credit

Agricole

SA,

144A

4.750%

N/A

(c)

9,404,752

19,158

Credit

Agricole

SA,

144A

(b)

7.875%

N/A

(c)

19,062,210

42,374

Credit

Agricole

SA,

144A

8.125%

N/A

(c)

42,220,945

6,435

Danske

Bank

A/S

,

Reg

S

4.375%

N/A

(c)

5,485,838

1,746

Danske

Bank

A/S

,

Reg

S

7.000%

N/A

(c)

1,658,700

79,297

HSBC

Holdings

PLC

6.375%

N/A

(c)

76,434,378

50,169

HSBC

Holdings

PLC

6.000%

N/A

(c)

44,890,221

41,510

HSBC

Holdings

PLC

(b)

8.000%

N/A

(c)

41,400,385

22,860

ING

Groep

NV

,

Reg

S

6.750%

N/A

(c)

22,306,194

49,559

ING

Groep

NV

5.750%

N/A

(c)

44,162,025

34,400

ING

Groep

NV

6.500%

N/A

(c)

32,487,136

23,385

Intesa

Sanpaolo

SpA,

144A

7.700%

N/A

(c)

22,138,225

27,366

Lloyds

Banking

Group

PLC

7.500%

N/A

(c)

26,665,613

42,665

Lloyds

Banking

Group

PLC

7.500%

N/A

(c)

39,929,375

28,545

Lloyds

Banking

Group

PLC

8.000%

N/A

(c)

25,839,892

20,370

Macquarie

Bank

Ltd/London,

144A

6.125%

N/A

(c)

18,461,839

35,410

NatWest

Group

PLC

6.000%

N/A

(c)

32,540,839

32,494

NatWest

Group

PLC

(b)

8.000%

N/A

(c)

31,680,025

18,900

Nordea

Bank

Abp,

144A

(b)

6.625%

N/A

(c)

17,860,372

12,183

Societe

Generale

SA,

144A

8.000%

N/A

(c)

11,973,996

12,226

Societe

Generale

SA,

144A

6.750%

N/A

(c)

10,356,278

26,920

Societe

Generale

SA,

144A

7.875%

N/A

(c)

26,808,282

10,075

Societe

Generale

SA,

144A

4.750%

N/A

(c)

8,194,401

50,355

Societe

Generale

SA,

144A

9.375%

N/A

(c)

50,069,668

5,000

Societe

Generale

SA,

144A

5.375%

N/A

(c)

3,760,900

31,875

Standard

Chartered

PLC,

144A

7.750%

N/A

(c)

31,066,883

5,986

Standard

Chartered

PLC,

144A

6.000%

N/A

(c)

5,686,420

95

Principal

Amount

(000)

Description

(a),(e)

Coupon

Maturity

Value

Banks

(continued)

$

21,774

UniCredit

SpA

,

Reg

S

8.000%

N/A

(c)

$

21,369,221

Total

Banks

1,137,366,300

Capital

Markets

-

4.9%

62,450

Credit

Suisse

Group

AG,

144A

7.250%

N/A

(c)

3,122,500

49,069

Credit

Suisse

Group

AG,

144A

7.500%

N/A

(c)

2,453,450

12,260

Credit

Suisse

Group

AG,

144A

6.375%

N/A

(c)

613,000

8,421

Credit

Suisse

Group

AG,

144A

5.250%

N/A

(c)

421,050

61,301

Credit

Suisse

Group

AG,

Claim,

144A

7.500%

N/A

(c)

3,065,050

36,075

Credit

Suisse

Group

AG,

Claim,

144A

9.750%

N/A

(c)

1,803,750

68,029

Deutsche

Bank

AG

6.000%

N/A

(c)

54,253,128

11,000

Deutsche

Bank

AG

(b)

7.500%

N/A

(c)

9,838,937

52,845

UBS

Group

AG,

144A

7.000%

N/A

(c)

52,395,818

45,277

UBS

Group

AG

,

Reg

S

7.000%

N/A

(c)

43,975,286

46,385

UBS

Group

AG

,

Reg

S

6.875%

N/A

(c)

43,442,985

Total

Capital

Markets

215,384,954

Total

Contingent

Capital

Securities

(cost

$1,642,666,567)

1,352,751,254

Shares

Description

(a)

Coupon

Value

X

–

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

17

.8

%

X

780,934,527

Banks

-

4.7%

115,271

CoBank

ACB

6.200%

$

11,238,922

572,086

Farm

Credit

Bank

of

Texas,

144A

6.750%

57,065,579

554,885

Fifth

Third

Bancorp

(b)

6.625%

14,082,981

280,000

Huntington

Bancshares

Inc/OH

8.270%

4,270,000

1,889,003

KeyCorp

6.200%

37,874,510

285,287

KeyCorp

6.125%

6,088,025

1,141,927

New

York

Community

Bancorp

Inc

6.375%

26,195,805

745,483

Regions

Financial

Corp

6.375%

17,854,318

302,269

Regions

Financial

Corp

5.700%

6,181,401

451,961

Synovus

Financial

Corp

5.875%

9,658,407

327,000

Western

Alliance

Bancorp

4.250%

5,146,980

484,833

Wintrust

Financial

Corp

6.875%

11,359,637

Total

Banks

207,016,565

Capital

Markets

-

1.5%

1,344,835

Morgan

Stanley

5.850%

32,020,521

548,497

Morgan

Stanley

6.375%

13,674,030

472,188

Morgan

Stanley

6.875%

11,936,913

264,500

Morgan

Stanley

6.500%

6,850,550

Total

Capital

Markets

64,482,014

Consumer

Finance

-

0.1%

350,835

Synchrony

Financial

5.625%

5,729,136

Total

Consumer

Finance

5,729,136

Diversified

Telecommunication

Services

-

0.1%

314,900

AT&T

Inc

4.750%

6,102,762

Total

Diversified

Telecommunication

Services

6,102,762

Financial

Services

-

1.8%

288,834

AgriBank

FCB

6.875%

28,912,284

558,300

Equitable

Holdings

Inc

5.250%

11,126,919

385,749

Federal

Agricultural

Mortgage

Corp

(b)

6.000%

9,720,759

1,158,054

Voya

Financial

Inc

5.350%

27,330,074

Total

Financial

Services

77,090,036

Nuveen

Preferred

Securities

and

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

96

Shares  

Description

(a)

Coupon

Value

Food

Products

-

1.5%

1,451,502

CHS

Inc

7.100%

$

37,419,721

528,896

CHS

Inc

6.750%

13,381,069

293,870

CHS

Inc

7.875%

7,963,877

44,881

CHS

Inc

(b)

7.500%

1,179,473

66,700

Dairy

Farmers

of

America

Inc,

144A

7.875%

6,203,100

Total

Food

Products

66,147,240

Insurance

-

5.6%

29,696

Allstate

Corp/The

8.735%

756,654

1,472,366

American

Equity

Investment

Life

Holding

Co

5.950%

30,904,962

1,153,711

American

Equity

Investment

Life

Holding

Co

6.625%

26,881,466

1,320,871

Aspen

Insurance

Holdings

Ltd

(b)

9.593%

34,012,428

603,290

Aspen

Insurance

Holdings

Ltd

(b)

5.625%

11,498,707

191,504

Assurant

Inc

5.250%

3,822,420

1,070,787

Athene

Holding

Ltd

6.350%

23,653,685

796,416

Athene

Holding

Ltd

6.375%

19,432,550

605,066

Athene

Holding

Ltd

7.750%

15,259,765

236,820

Delphi

Financial

Group

Inc

8.816%

5,328,450

717,116

Enstar

Group

Ltd

7.000%

16,852,226

1,026,075

Maiden

Holdings

North

America

Ltd

7.750%

18,294,917

763,405

Reinsurance

Group

of

America

Inc

5.750%

18,848,470

556,200

Reinsurance

Group

of

America

Inc

7.125%

14,461,200

221,929

Selective

Insurance

Group

Inc

4.600%

3,661,829

Total

Insurance

243,669,729

Multi-Utilities

-

0.1%

167,800

NiSource

Inc

6.500%

4,178,220

Total

Multi-Utilities

4,178,220

Oil,

Gas

&

Consumable

Fuels

-

1.8%

258,400

Energy

Transfer

LP

7.600%

6,416,072

1,175,242

NuStar

Energy

LP

11.151%

31,026,389

831,904

NuStar

Energy

LP

12.274%

21,296,742

753,936

NuStar

Logistics

LP

12.304%

20,182,867

Total

Oil,

Gas

&

Consumable

Fuels

78,922,070

Trading

Companies

&

Distributors

-

0.6%

844,551

Air

Lease

Corp

6.150%

20,184,769

271,800

WESCO

International

Inc

10.625%

7,411,986

Total

Trading

Companies

&

Distributors

27,596,755

Total

$25

Par

(or

similar)

Retail

Preferred

(cost

$840,534,786)

780,934,527

97

Investments

in

Derivatives

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

CORPORATE

BONDS

-

0

.0

%

X

1,487,016

Capital

Markets

-

0.0%

$

1,800

Deutsche

Bank

AG

,

Reg

S

4.789%

12/30/49

$

1,487,016

Total

Capital

Markets

1,487,016

Total

Corporate

Bonds

(cost

$1,519,196)

1,487,016

Total

Long-Term

Investments

(cost

$4,822,803,263)

4,311,332,052

Shares

Description

(a)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

2.4%

103,755,948

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

(f)

5.350%(g)

$

103,755,948

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$103,755,948)

103,755,948

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

0.1% 

X

–

REPURCHASE

AGREEMENTS

-

0

.1

%

X

4,850,000

$

4,850

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

8/31/23,

repurchase

price

$4,850,710,

collateralized

$5,381,100,

U.S.

Treasury

Inflation

Index

Bonds,

1.500%,

due

2/15/53,

value

$4,947,064

5.270%

9/01/23

$

4,850,000

Total

Repurchase

Agreements

(cost

$4,850,000)

4,850,000

Total

Short-Term

Investments

(cost

$4,850,000)

4,850,000

Total

Investments

(cost

$

4,931,409,211

)

-

100

.7

%

4,419,938,000

Other

Assets

&

Liabilities,

Net

-   (0.7)%

(

32,067,730

)

Net

Assets

-

100%

$

4,387,870,270

Futures

Contracts

-

Long

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

U.S.

Treasury

10-Year

Note

1,925

12/23

$

212,427,382

$

213,735,156

$

1,307,774

U.S.

Treasury

Long

Bond

775

12/23

93,376,902

94,307,813

930,911

U.S.

Treasury

Ultra

Bond

600

12/23

76,283,291

77,681,250

1,397,959

Total

$382,087,575

$385,724,219

$3,636,644

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.

(b)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$98,567,910.

(c)

Perpetual

security.

Maturity

date

is

not

applicable.

(d)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(e)

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.

(f)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(g)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

Nuveen

Preferred

Securities

and

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

98

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

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.

TSFR

3M

CME

Term

SOFR

3

Month

See

Notes

to

Financial

Statements

99

Nuveen

Strategic

Income

Fund

Portfolio

of

Investments

August

31,

2023

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

LONG-TERM

INVESTMENTS

-

95.8% 

X

–

ASSET-BACKED

AND

MORTGAGE-BACKED

SECURITIES

-

48.7%

X

342,021,004

$

1,246

Aaset

Trust,

2021

2A,

144A

2.798%

1/15/47

$

1,076,481

600

ACRE

Commercial

Mortgage

Ltd,

(TSFR1M

reference

rate

+

2.714%

spread),

2021

FL4,

144A(b)

8.026%

12/18/37

553,593

2,000

Adams

Outdoor

Advertising

LP,

2023

1,

144A

6.970%

7/15/53

1,989,812

1,400

AGL

CLO

19

Ltd,

(TSFR3M

reference

rate

+

2.750%

spread),

2022

19A,

144A(b)

8.084%

7/21/35

1,404,315

2,500

Alen

Mortgage

Trust,

(TSFR1M

reference

rate

+

4.114%

spread),

2021

ACEN,

144A(b)

9.425%

4/15/34

1,329,691

624

Ameriquest

Mortgage

Securities

Inc

Asset

Back

Ser

2004-R1,

(TSFR1M

reference

rate

+

0.714%

spread)(b)

2.788%

2/25/34

577,269

1,482

AMSR

Trust,

2020

SFR1,

144A

2.419%

4/17/37

1,392,253

1,000

AMSR

Trust,

2019

SFR1,

144A

3.247%

1/19/39

908,851

1,900

Angel

Oak

Mortgage

Trust,

2020

1,

144A

3.161%

12/25/59

1,630,798

403

Arroyo

Mortgage

Trust,

2019

3,

144A

3.416%

10/25/48

368,518

1,300

Ashford

Hospitality

Trust,

(TSFR1M

reference

rate

+

2.022%

spread),

2018

KEYS,

144A(b)

7.333%

6/15/35

1,249,790

850

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

2021

1A,

144A

2.130%

8/20/27

742,364

2,000

BAMLL

Commercial

Mortgage

Securities

Trust,

(TSFR1M

reference

rate

+

3.000%

spread),

2022

DKLX,

144A(b)

8.311%

1/15/39

1,931,257

2,500

BANK,

2019

BN21,

144A

2.500%

10/17/52

1,281,611

700

BANK,

2017

BNK8

4.231%

11/15/50

442,300

2,700

BANK,

2019

BN18

4.214%

5/15/62

1,907,760

1,200

BANK,

2017

BNK5

4.190%

6/15/60

972,876

1,000

Benchmark

Mortgage

Trust,

2020

IG3,

144A

3.654%

9/15/48

861,075

1,000

Benchmark

Mortgage

Trust,

2020

IG2,

144A

2.791%

9/15/48

782,139

1,700

Benchmark

Mortgage

Trust,

2018

B2

4.434%

2/15/51

1,347,881

1,000

Benchmark

Mortgage

Trust,

2019

B14,

144A

2.500%

12/15/62

499,828

1,500

Benchmark

Mortgage

Trust,

2020

B18,

144A

4.139%

7/15/53

1,306,498

296

Bojangles

Issuer

LLC,

2020

1A,

144A

3.832%

10/20/50

269,955

2,625

Boyce

Park

Clo

Ltd,

(TSFR3M

reference

rate

+

3.100%

spread),

2022

1A,

144A(b)

8.434%

4/21/35

2,516,855

1,275

BX

Commercial

Mortgage

Trust,

(TSFR1M

reference

rate

+

2.114%

spread),

2019

XL,

144A(b)

7.340%

10/15/36

1,261,511

1,368

BX

Commercial

Mortgage

Trust,

(TSFR1M

reference

rate

+

1.960%

spread),

2021

XL2,

144A(b)

7.270%

10/15/38

1,333,904

1,095

BXP

Trust,

2017

CC,

144A

3.552%

8/13/37

801,509

1,500

BXP

Trust,

2021

601L,

144A

2.868%

1/15/44

907,271

1,250

Cars

Net

Lease

Mortgage

Notes

Series,

2020

1A,

144A

4.690%

12/15/50

1,040,377

493

Cars

Net

Lease

Mortgage

Notes

Series,

2020

1A,

144A

3.100%

12/15/50

404,169

1,150

CARS-DB4

LP,

2020

1A,

144A

4.520%

2/15/50

1,015,777

633

CARS-DB5

LP,

2021

1A,

144A

1.920%

8/15/51

544,999

1,775

Carvana

Auto

Receivables

Trust,

2021

N4

2.300%

9/11/28

1,674,258

705

CD

Mortgage

Trust,

2016

CD1

3.631%

8/10/49

466,747

1,440

CD

Mortgage

Trust,

2017

CD3

3.984%

2/10/50

942,730

675

CF

Hippolyta

Issuer

LLC,

2020

1,

144A

2.600%

7/15/60

560,921

1,349

CF

Hippolyta

Issuer

LLC,

2020

1,

144A

2.280%

7/15/60

1,214,492

49

CF

Mortgage

Trust,

2020

P1,

144A

2.840%

4/15/25

46,264

750

CF

Mortgage

Trust,

2020

P1,

144A

3.603%

4/15/52

677,688

2,125

CIFC

Funding

Ltd,

(TSFR3M

reference

rate

+

3.362%

spread),

2020

1A,

144A(b)

8.670%

7/15/36

2,063,738

2,000

CIFC

Funding

Ltd,

(TSFR3M

reference

rate

+

2.262%

spread),

2020

1A,

144A(b)

7.570%

7/15/36

1,961,426

1,760

CIFC

Funding

Ltd,

(TSFR3M

reference

rate

+

3.312%

spread),

2020

2A,

144A(b)

8.638%

10/20/34

1,696,751

1,305

CIFC

Funding

Ltd,

(TSFR3M

reference

rate

+

2.312%

spread),

2020

2A,

144A(b)

7.638%

10/20/34

1,292,366

Nuveen

Strategic

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

100

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X–

ASSET-BACKED

AND

MORTGAGE-BACKED

SECURITIES

(continued)

$

2,500

CIFC

Funding

Ltd,

(SOFR

reference

rate

+

3.550%

spread),

2022

4A,

144A(b)

8.858%

7/16/35

$

2,445,410

385

CIFC

Funding

Ltd,

(3-Month

LIBOR

reference

rate

+

6.762%

spread),

2020

2A,

144A(b)

12.088%

10/20/34

370,906

1,000

CIFC

Funding

Ltd,

(3-Month

LIBOR

reference

rate

+

3.112%

spread),

2018

2A,

144A(b)

5.560%

4/20/31

981,700

850

Citigroup

Commercial

Mortgage

Trust,

(TSFR1M

reference

rate

+

2.014%

spread),

2021

PRM2,

144A(b)

7.325%

10/15/38

815,666

1,000

Citigroup

Commercial

Mortgage

Trust,

2014

GC23,

144A

4.626%

7/10/47

861,082

2,750

Citigroup

Commercial

Mortgage

Trust,

2015

GC29

3.758%

4/10/48

2,555,442

1,690

Citigroup

Commercial

Mortgage

Trust,

2015

GC29

4.276%

4/10/48

1,536,653

1,770

Cologix

Data

Centers

US

Issuer

LLC,

2021

1A,

144A

3.300%

12/26/51

1,567,141

900

COMM

Mortgage

Trust,

2015

LC23

4.698%

10/10/48

808,348

1,120

COMM

Mortgage

Trust,

2014

CR14

4.585%

2/10/47

991,613

2,000

COMM

Mortgage

Trust,

2014

UBS3,

144A

4.767%

6/10/47

1,326,619

1,500

COMM

Mortgage

Trust,

2015

CR24

3.463%

8/10/48

1,211,794

1,400

COMM

Mortgage

Trust,

2014

LC17

4.694%

10/10/47

1,274,050

2,000

COMM

Mortgage

Trust,

2014

UBS3

4.893%

6/10/47

1,779,239

2,628

COMM

Mortgage

Trust,

2015

CR23

4.443%

5/10/48

2,082,299

3,150

COMM

Mortgage

Trust,

2014

UBS2

4.947%

3/10/47

2,990,682

1,755

COMM

Mortgage

Trust,

2014

CR17

4.377%

5/10/47

1,583,285

2,000

COMM

Mortgage

Trust,

2015

CR22,

144A

3.000%

3/10/48

1,440,648

3,000

COMM

Mortgage

Trust,

2015

CR26

4.614%

10/10/48

2,658,452

500

COMM

Mortgage

Trust,

2015

CR24

4.491%

8/10/48

437,739

1,000

COMM

Mortgage

Trust,

2015

CR24

4.491%

8/10/48

917,003

550

COMM

Mortgage

Trust,

2015

CR25

3.768%

8/10/48

445,894

1,000

COMM

Mortgage

Trust,

2019

GC44

3.640%

8/15/57

717,126

1,840

COMM

Mortgage

Trust,

2015

CR22

4.204%

3/10/48

1,622,529

1,500

Commercial

Mortgage

Pass

Through

Certificates,

2022

HC,

144A

4.084%

1/10/39

1,132,436

800

Connecticut

Avenue

Securities

Trust,

(SOFR30A

reference

rate

+

6.850%

spread),

2023

R05,

144A(b)

12.146%

6/25/43

832,391

4,000

Connecticut

Avenue

Securities

Trust,

(SOFR30A

reference

rate

+

3.850%

spread),

2022

R06,

144A(b)

9.138%

5/25/42

4,154,619

4,000

Connecticut

Avenue

Securities

Trust,

(SOFR30A

reference

rate

+

3.500%

spread),

2022

R03,

144A(b)

8.788%

3/25/42

4,116,917

4,000

Connecticut

Avenue

Securities

Trust,

(SOFR30A

reference

rate

+

3.900%

spread),

2023

R06,

144A(b)

8.968%

7/25/43

4,035,496

3,250

Connecticut

Avenue

Securities

Trust,

(SOFR30A

reference

rate

+

6.250%

spread),

2022

R03,

144A(b)

6.349%

3/25/42

3,550,642

3,400

Connecticut

Avenue

Securities

Trust,

(SOFR30A

reference

rate

+

4.500%

spread),

2022

R02,

144A(b)

9.788%

1/25/42

3,457,815

3,000

Connecticut

Avenue

Securities

Trust,

(SOFR30A

reference

rate

+

4.500%

spread),

2022

R05,

144A(b)

6.014%

4/25/42

3,057,748

4,000

Connecticut

Avenue

Securities

Trust,

(SOFR30A

reference

rate

+

7.000%

spread),

2022

R05,

144A(b)

12.288%

4/25/42

4,192,324

4,000

Connecticut

Avenue

Securities

Trust,

(SOFR30A

reference

rate

+

9.850%

spread),

2022

R03,

144A(b)

14.823%

3/25/42

4,440,158

4,000

Connecticut

Avenue

Securities

Trust,

(SOFR30A

reference

rate

+

5.600%

spread),

2022

R08,

144A(b)

9.528%

7/25/42

4,281,750

1,000

Connecticut

Avenue

Securities

Trust,

(SOFR30A

reference

rate

+

4.750%

spread),

2023

R05,

144A(b)

10.046%

6/25/43

1,043,875

4,000

Connecticut

Avenue

Securities

Trust,

(SOFR30A

reference

rate

+

3.750%

spread),

2023

R01,

144A(b)

9.046%

12/25/42

4,165,001

4,000

Connecticut

Avenue

Securities

Trust,

(SOFR30A

reference

rate

+

5.250%

spread),

2022

R04,

144A(b)

10.538%

3/25/42

4,241,484

4,000

Connecticut

Avenue

Securities

Trust,

(SOFR30A

reference

rate

+

4.650%

spread),

2022

R07,

144A(b)

9.946%

6/25/42

4,281,767

625

Connecticut

Avenue

Securities

Trust,

(SOFR30A

reference

rate

+

5.500%

spread),

2021

R03,

144A(b)

10.788%

12/25/41

617,971

101

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X–

ASSET-BACKED

AND

MORTGAGE-BACKED

SECURITIES

(continued)

$

600

Connecticut

Avenue

Securities

Trust,

(SOFR30A

reference

rate

+

6.750%

spread),

2022

R09,

144A(b)

12.046%

9/25/42

$

653,875

31

Connecticut

Avenue

Securities

Trust,

2018

R07,

144A

7.583%

4/25/31

31,034

850

Connecticut

Avenue

Securities

Trust,

(SOFR30A

reference

rate

+

6.000%

spread),

2022

R01,

144A(b)

11.288%

12/25/41

849,991

1,880

Connecticut

Avenue

Securities

Trust,

(SOFR30A

reference

rate

+

3.100%

spread),

2022

R04,

144A(b)

8.388%

3/25/42

1,909,119

4,000

Connecticut

Avenue

Securities

Trust,

(SOFR30A

reference

rate

+

4.750%

spread),

2022

R09,

144A(b)

10.046%

9/25/42

4,244,612

3,000

Crescendo

Royalty

Funding

LP,

2021

1,

144A

3.567%

12/20/51

2,732,767

1,000

CSMC,

2021

NQM1,

144A

2.130%

5/25/65

643,061

1,653

CyrusOne

Data

Centers

Issuer

I,

2023

1A,

144A

5.450%

4/20/48

1,413,285

635

DB

Master

Finance

LLC,

2019

1A,

144A

4.021%

5/20/49

595,656

1,179

DB

Master

Finance

LLC,

2021

1A,

144A

2.493%

11/20/51

996,124

1,179

DB

Master

Finance

LLC,

2021

1A,

144A

2.045%

11/20/51

1,034,233

156

Diamond

Resorts

Owner

Trust,

2021

1A,

144A

2.700%

11/21/33

142,093

156

Diamond

Resorts

Owner

Trust,

2021

1A,

144A

3.830%

11/21/33

141,017

30,450

DOLP

Trust,

2021

NYC,

(I/O),

144A

0.665%

5/10/41

1,133,702

978

Domino's

Pizza

Master

Issuer

LLC,

2021

1A,

144A

2.662%

4/25/51

834,896

1,463

DRIVEN

BRANDS

FUNDING

LLC,

2020

2A,

144A

3.237%

1/20/51

1,263,755

1,605

DRIVEN

BRANDS

FUNDING

LLC,

2020

1A,

144A

3.786%

7/20/50

1,436,682

2,836

EWC

Master

Issuer

LLC,

2022

1A,

144A

5.500%

3/15/52

2,621,516

2,000

Fannie

Mae

-

CAS,

(SOFR30A

reference

rate

+

5.550%

spread),

2023

R02,

144A(b)

10.838%

1/25/43

2,129,076

1,972

Fannie

Mae

Connecticut

Avenue

Securities,

2017

C06

1.800%

2/25/30

20,122

6,181

Fannie

Mae

Pool,

FN

MA4805,

2022

1,

(WI/DD)

4.500%

11/01/52

5,860,760

6,065

Fannie

Mae

Pool,

FN

MA4785,

(WI/DD)

5.000%

10/01/52

5,882,936

6,153

Fannie

Mae

Pool,

FN

MA4919,

(WI/DD)

5.500%

2/01/53

6,077,811

16

Fannie

Mae

Pool

FN

256890,

FN

256890

6.000%

9/01/37

15,939

20

Fannie

Mae

Pool

FN

745101,

FN

745101

6.000%

4/01/32

20,442

59

Fannie

Mae

Pool

FN

745324,

FN

745324

6.000%

3/01/34

58,819

1

Fannie

Mae

Pool

FN

905597,

FN

905597,

(12-Month

LIBOR

reference

rate

+

1.875%

spread)(b)

4.125%

12/01/36

701

11

Fannie

Mae

Pool

FN

946228,

FN

946228,

(12-Month

LIBOR

reference

rate

+

1.587%

spread)(b)

5.837%

9/01/37

10,702

20

Fannie

Mae

Pool

FN

FM1108,

FN

FM1108

5.000%

11/01/44

19,914

131

Fannie

Mae

Pool

FN

FM1136,

FN

FM1136

5.500%

3/01/39

133,492

24

Fannie

Mae

Pool

FN

FM1137,

FN

FM1137

6.000%

9/01/39

24,274

174

Fannie

Mae

REMICS,

(SOFR30A

reference

rate

+

5.836%

spread),

2013

98,

(I/O)(b)

0.548%

9/25/43

16,459

2,585

Flagstar

Mortgage

Trust,

2021

4,

144A

2.500%

6/01/51

1,978,487

86

Flagstar

Mortgage

Trust,

2017

2,

144A

4.012%

10/25/47

75,029

1,269

Flagstar

Mortgage

Trust,

2021

10INV,

144A

3.000%

10/25/51

1,003,984

11,481

Freddie

Mac

Multifamily

ML

Certificates,

2021

ML12,

(I/O)

1.302%

7/25/41

1,117,335

2,000

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

reference

rate

+

3.400%

spread),

2022

DNA1,

144A(b)

8.688%

1/25/42

1,989,331

2,000

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

reference

rate

+

7.500%

spread),

2021

DNA6,

144A(b)

12.788%

10/25/41

2,051,958

2,365

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

reference

rate

+

4.750%

spread),

2022

DNA2,

144A(b)

10.038%

2/25/42

2,411,520

2,550

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

reference

rate

+

2.500%

spread),

2022

DNA1,

144A(b)

7.788%

1/25/42

2,519,953

3,000

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

reference

rate

+

3.750%

spread),

2022

DNA2,

144A(b)

9.038%

2/25/42

3,050,831

4,000

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

reference

rate

+

4.350%

spread),

2022

DNA3,

144A(b)

9.638%

4/25/42

4,162,981

4,000

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

reference

rate

+

7.000%

spread),

2022

HQA1,

144A(b)

9.997%

3/25/42

4,308,065

4,000

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

reference

rate

+

2.900%

spread),

2022

DNA3,

144A(b)

8.188%

4/25/42

4,072,584

Nuveen

Strategic

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

102

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X–

ASSET-BACKED

AND

MORTGAGE-BACKED

SECURITIES

(continued)

$

4,000

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

reference

rate

+

5.650%

spread),

2022

DNA3,

144A(b)

8.647%

4/25/42

$

4,219,484

1,239

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

reference

rate

+

2.400%

spread),

2022

DNA2,

144A(b)

7.688%

2/25/42

1,235,613

4,000

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

reference

rate

+

3.700%

spread),

2022

DNA6,

144A(b)

8.988%

9/25/42

4,174,292

133

Freddie

Mac

Strips,

(SOFR30A

reference

rate

+

5.806%

spread),

2014

327,

(I/O)(b)

0.617%

3/15/44

10,915

4,000

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes,

(SOFR30A

reference

rate

+

4.000%

spread),

2022

HQA2,

144A(b)

9.288%

7/25/42

4,175,595

1,000

Frontier

Issuer

LLC,

2023

1,

144A

11.500%

8/20/53

975,031

1,000

Frontier

Issuer

LLC,

2023

1,

144A

6.600%

8/20/53

967,098

1,000

Frontier

Issuer

LLC,

2023

1,

144A

8.300%

8/20/53

959,070

500

Goldentree

Loan

Opportunities

IX

Ltd,

(TSFR3M

reference

rate

+

5.922%

spread),

2014

9A,

144A(b)

11.291%

10/29/29

495,019

7,246

Government

National

Mortgage

Association,

(SOFR30A

reference

rate

+

6.250%

spread),

2020

133,

(I/O)(b)

1.012%

9/20/50

818,250

4,000

Government

National

Mortgage

Association,

(SOFR30A

reference

rate

+

23.205%

spread),

2023

111(b)

3.432%

8/20/53

3,839,160

2,724

Government

National

Mortgage

Association,

(SOFR30A

reference

rate

+

26.100%

spread),

2023

96(b)

3.314%

7/20/53

2,806,330

2,600

GS

Mortgage

Securities

Corp

Trust,

(TSFR1M

reference

rate

+

1.364%

spread),

2021

ARDN,

144A(b)

6.675%

11/15/36

2,530,709

2,000

GS

Mortgage

Securities

Corp

Trust,

(TSFR1M

reference

rate

+

3.464%

spread),

2021

ARDN,

144A(b)

8.775%

11/15/36

1,855,767

1,500

GS

Mortgage

Securities

Corp

Trust,

(TSFR1M

reference

rate

+

1.897%

spread),

2018

TWR,

144A(b)

7.208%

7/15/31

772,401

1,081

GS

Mortgage

Securities

Corp

Trust,

(1-Month

LIBOR

reference

rate

+

1.497%

spread),

2018

TWR,

144A(b)

3.449%

7/15/31

824,192

1,000

GS

Mortgage

Securities

Trust,

2020

GSA2

2.012%

12/12/53

780,018

1,000

GS

Mortgage

Securities

Trust,

2016

GS3

4.112%

10/10/49

807,137

1,200

GS

Mortgage

Securities

Trust,

2016

GS4

4.078%

11/10/49

973,282

1,425

GS

Mortgage

Securities

Trust,

2019

GC38

4.158%

2/10/52

1,270,289

122

GS

Mortgage-Backed

Securities

Corp

Trust,

2019

PJ2,

144A

4.000%

11/25/49

113,473

6

GS

Mortgage-Backed

Securities

Corp

Trust,

2019

PJ2,

144A

4.000%

11/25/49

5,466

166

GS

Mortgage-Backed

Securities

Corp

Trust,

2021

PJ5,

144A

2.500%

10/25/51

126,777

1,695

GS

Mortgage-Backed

Securities

Trust,

2021

PJ7,

144A

2.500%

1/25/52

1,297,470

2,520

GS

Mortgage-Backed

Securities

Trust,

2021

PJ6,

144A

2.500%

11/25/51

1,956,697

343

GS

Mortgage-Backed

Securities

Trust,

2021

PJ8,

144A

2.500%

1/25/52

262,494

2,925

Hardee's

Funding

LLC,

2020

1A,

144A

3.981%

12/20/50

2,483,887

750

Hertz

Vehicle

Financing

LLC,

2021

1A,

144A

2.050%

12/26/25

707,602

1,000

HI-FI

Music

IP

Issuer

LP,

2022

1A,

144A

3.939%

2/01/62

920,913

393

Hilton

Grand

Vacations

Trust,

2019

AA,

144A

2.840%

7/25/33

364,905

1,866

Horizon

Aircraft

Finance

II

Ltd,

2019

1,

144A

3.721%

7/15/39

1,589,891

883

Horizon

Aircraft

Finance

III

Ltd,

2019

2,

144A

3.425%

11/15/39

687,700

1,000

Hotwire

Funding

LLC,

2021

1,

144A

2.658%

11/20/51

857,826

1,025

Hpefs

Equipment

Trust,

2022

2A,

144A

4.940%

3/20/30

996,029

1,000

Hudson

Yards

Mortgage

Trust,

2019

55HY,

144A

3.041%

12/10/41

669,693

1,500

ILPT

Commercial

Mortgage

Trust,

(TSFR1M

reference

rate

+

2.744%

spread),

2022

LPF2,

144A(b)

8.054%

10/15/39

1,496,715

447

Impac

Secured

Assets

CMN

Owner

Trust,

2000

3

8.000%

10/25/30

394,425

407

Imperial

Fund

Mortgage

Trust,

2021

NQM1,

144A

1.617%

6/25/56

334,000

2,000

Imperial

Fund

Mortgage

Trust,

2020

NQM1,

144A

3.531%

10/25/55

1,653,768

450

Imperial

Fund

Mortgage

Trust,

2021

NQM1,

144A

2.383%

6/25/56

285,861

338

Imperial

Fund

Mortgage

Trust,

2020

NQM1,

144A

2.051%

10/25/55

300,928

103

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X–

ASSET-BACKED

AND

MORTGAGE-BACKED

SECURITIES

(continued)

$

1,250

Industrial

DPR

Funding

Ltd,

2022

1A,

144A(c)

5.380%

4/15/34

$

1,053,313

2,441

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

(TSFR1M

reference

rate

+

2.608%

spread),

2022

NLP,

144A(b)

7.918%

4/15/37

2,141,180

1,622

Jonah

Energy

Abs

I

LLC,

2022

1,

144A

7.200%

11/20/37

1,588,226

180

JP

Morgan

Alternative

Loan

Trust

2007-S1,

(TSFR1M

reference

rate

+

0.674%

spread)(b)

5.989%

4/25/47

169,567

861

JP

Morgan

Mortgage

Trust,

2018

6,

144A

3.890%

12/25/48

712,236

188

JP

Morgan

Mortgage

Trust,

2021

8,

144A

2.500%

12/25/51

144,199

415

JP

Morgan

Mortgage

Trust,

2021

11,

144A

2.500%

1/25/52

317,686

384

JP

Morgan

Mortgage

Trust,

2018

3,

144A

3.500%

9/25/48

330,714

288

JP

Morgan

Mortgage

Trust,

2021

7,

144A

2.500%

11/25/51

220,547

231

JP

Morgan

Mortgage

Trust,

2020

1,

144A

3.828%

6/25/50

193,924

76

JP

Morgan

Mortgage

Trust,

2019

1,

144A

4.000%

5/25/49

69,771

124

JP

Morgan

Mortgage

Trust,

2018

4,

144A

3.500%

10/25/48

107,078

511

JP

Morgan

Mortgage

Trust,

2018

5,

144A

3.500%

10/25/48

436,256

34

JP

Morgan

Mortgage

Trust,

(TSFR1M

reference

rate

+

1.064%

spread),

2019

INV1,

144A(b)

6.362%

10/25/49

33,050

2,000

JPMBB

Commercial

Mortgage

Securities

Trust,

2017

JP6

3.854%

7/15/50

1,568,503

1,400

JPMBB

Commercial

Mortgage

Securities

Trust,

2016

C1,

144A

4.359%

3/17/49

1,147,932

1,335

JPMBB

Commercial

Mortgage

Securities

Trust,

2017

JP7

3.776%

9/15/50

1,020,646

2,500

JPMBB

Commercial

Mortgage

Securities

Trust,

2015

C31

4.776%

8/15/48

1,978,014

1,400

JPMBB

Commercial

Mortgage

Securities

Trust,

2017

JP7,

144A

4.526%

9/15/50

950,084

190

Ladder

Capital

Commercial

Mortgage

Trust,

2013

GCP,

144A

3.985%

2/15/36

167,056

1,473

Lunar

Structured

Aircraft

Portfolio

Notes,

2021

1,

144A

5.682%

10/15/46

1,222,288

1,500

Madison

Park

Funding

LIX

Ltd,

(TSFR3M

reference

rate

+

2.362%

spread),

2021

59A,

144A(b)

7.672%

1/18/34

1,485,529

1,500

Madison

Park

Funding

XXXVI

Ltd,

(TSFR3M

reference

rate

+

3.500%

spread),

2019

36A,

144A(b)

5.981%

4/15/35

1,482,932

1,500

Magnetite

XXIII

Ltd,

(TSFR3M

reference

rate

+

2.312%

spread),

2019

23A,

144A(b)

7.663%

1/25/35

1,486,052

111

MAPS

Ltd,

2018

1A,

144A

4.212%

5/15/43

99,613

330

MAPS

Trust,

2021

1A,

144A

2.521%

6/15/46

285,046

1,000

Mercury

Financial

Credit

Card

Master

Trust,

2023

1A,

144A

9.590%

9/20/27

1,002,862

1,000

Mercury

Financial

Credit

Card

Master

Trust,

2023

1A,

144A

8.040%

9/20/27

1,004,225

2,000

MetroNet

Infrastructure

Issuer

LLC,

2022

1A,

144A

6.350%

10/20/52

1,941,977

1,000

MetroNet

Infrastructure

Issuer

LLC,

2023

1A,

144A

8.010%

4/20/53

970,578

34,356

MFT

Trust,

2020

ABC,

(I/O),

144A

0.235%

2/10/42

282,716

750

Morgan

Stanley

Capital

I

Trust,

2018

H3

4.177%

7/15/51

703,826

265

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

2021

5,

144A

2.500%

8/25/51

202,555

2,000

MRCD

Mortgage

Trust,

2019

PARK,

144A

2.718%

12/15/36

1,267,682

1,500

MSCG

Trust,

2015

ALDR,

144A

3.577%

6/07/35

1,307,954

500

MSCG

Trust,

2015

ALDR,

144A

3.577%

6/07/35

422,710

1,000

MTN

Commercial

Mortgage

Trust,

(TSFR1M

reference

rate

+

2.943%

spread),

2022

LPFL,

144A(b)

7.773%

3/15/39

969,752

214

MVW

LLC,

2021

1WA,

144A

1.940%

1/22/41

192,448

539

MVW

LLC,

2019

2A,

144A

2.680%

10/20/38

494,173

398

MVW

Owner

Trust,

2019

1A,

144A

3.330%

11/20/36

374,337

1,500

Natixis

Commercial

Mortgage

Securities

Trust,

(TSFR1M

reference

rate

+

3.579%

spread),

2019

MILE,

144A(b)

8.890%

7/15/36

1,103,729

1,500

Natixis

Commercial

Mortgage

Securities

Trust,

(TSFR1M

reference

rate

+

4.329%

spread),

2019

MILE,

144A(b)

9.640%

7/15/36

1,030,426

1,100

Navistar

Financial

Dealer

Note

Master

Owner

Trust

II,

(SOFR30A

reference

rate

+

1.800%

spread),

2022

1,

144A(b)

7.046%

5/25/27

1,103,215

Nuveen

Strategic

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

104

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X–

ASSET-BACKED

AND

MORTGAGE-BACKED

SECURITIES

(continued)

$

1,000

Neuberger

Berman

Loan

Advisers

Clo

40

Ltd,

(TSFR3M

reference

rate

+

3.012%

spread),

2021

40A,

144A(b)

8.320%

4/16/33

$

976,161

660

Neuberger

Berman

Loan

Advisers

Clo

40

Ltd,

(TSFR3M

reference

rate

+

6.112%

spread),

2021

40A,

144A(b)

11.420%

4/16/33

628,470

1,625

Neuberger

Berman

Loan

Advisers

CLO

48

Ltd,

(TSFR3M

reference

rate

+

3.200%

spread),

2022

48A,

144A(b)

8.551%

4/25/36

1,584,364

97

New

Residential

Mortgage

Loan

Trust,

2015

2A,

144A

5.371%

8/25/55

91,919

1,000

NLT

Trust,

2021

INV2,

144A

2.569%

8/25/56

644,817

1,000

Oak

Street

Investment

Grade

Net

Lease

Fund

Series,

2021

1A,

144A

4.230%

1/20/51

893,539

845

OBX

Trust,

2021

J2,

144A

2.500%

7/25/51

647,176

41

OBX

Trust,

(TSFR1M

reference

rate

+

0.764%

spread),

2018

1,

144A(b)

4.658%

6/25/57

38,901

2,175

OHA

Credit

Funding

4

Ltd,

(TSFR3M

reference

rate

+

3.462%

spread),

2019

4A,

144A(b)

4.336%

10/22/36

2,173,856

1,150

One

Bryant

Park

Trust,

2019

OBP,

144A

2.516%

9/15/54

936,693

349

Oportun

Funding

XIV

LLC,

2021

A,

144A

3.440%

3/08/28

336,587

349

Oportun

Funding

XIV

LLC,

2021

A,

144A

5.400%

3/08/28

338,125

617

Oportun

Issuance

Trust,

2021

C,

144A

3.610%

10/08/31

548,665

350

Oportun

Issuance

Trust,

2021

C,

144A

5.570%

10/08/31

306,323

2,500

Palmer

Square

CLO

Ltd,

(TSFR3M

reference

rate

+

3.050%

spread),

2022

1A,

144A(b)

8.376%

4/20/35

2,423,755

2,000

Palmer

Square

CLO

Ltd,

(TSFR3M

reference

rate

+

5.300%

spread),

2023

1A,

144A(b)

10.626%

1/20/36

2,026,318

1,000

Palmer

Square

CLO

Ltd,

(TSFR3M

reference

rate

+

3.212%

spread),

2021

3A,

144A(b)

5.462%

1/15/35

959,533

4,000

PNMAC

GMSR

ISSUER

TRUST,

(1-Month

LIBOR

reference

rate

+

3.850%

spread),

2018

GT1,

144A(b)

9.279%

2/25/25

3,999,380

1,000

PNMAC

GMSR

ISSUER

TRUST,

(1-Month

LIBOR

reference

rate

+

2.650%

spread),

2018

GT2,

144A(b)

8.079%

8/25/25

994,458

250

Purchasing

Power

Funding

LLC,

2021

A,

144A

4.370%

10/15/25

238,774

1,723

Purewest

Funding

LLC,

2021

1,

144A

4.091%

12/22/36

1,635,037

1,000

RLGH

Trust,

(1-Month

LIBOR

reference

rate

+

1.828%

spread),

2021

TROT,

144A(b)

1.821%

4/15/36

949,878

285

Sequoia

Mortgage

Trust,

2020

3,

144A

3.000%

4/25/50

234,862

7

Sequoia

Mortgage

Trust,

2019

2,

144A

4.000%

6/25/49

6,531

13

Sequoia

Mortgage

Trust,

2018

7,

144A

4.000%

9/25/48

11,891

1,440

Sesac

Finance

LLC,

2019

1,

144A

5.216%

7/25/49

1,359,331

965

Settlement

Fee

Finance

LLC,

2019

1A,

144A

3.840%

11/01/49

942,728

177

Sierra

Timeshare

Receivables

Funding

LLC,

2019

2A,

144A

4.540%

5/20/36

168,599

161

Sierra

Timeshare

Receivables

Funding

LLC,

2019

3A,

144A

4.180%

8/20/36

151,572

137

Sierra

Timeshare

Receivables

Funding

LLC,

2021

1A,

144A

1.790%

11/20/37

126,836

1,155

SLG

Office

Trust,

2021

OVA,

144A

2.851%

7/15/41

823,656

40,180

SLG

Office

Trust,

2021

OVA,

144A

0.258%

7/15/41

581,927

1,855

SMR

Mortgage

Trust,

(TSFR1M

reference

rate

+

3.950%

spread),

2022

IND,

144A(b)

9.260%

2/15/39

1,736,556

1,872

Sonic

Capital

LLC,

2020

1A,

144A

3.845%

1/20/50

1,709,094

1,500

Spruce

Hill

Mortgage

Loan

Trust,

2020

SH1,

144A

3.827%

1/28/50

1,296,815

910

Start

II

LTD,

2019

1,

144A

5.095%

3/15/44

711,512

2,584

Taco

Bell

Funding

LLC,

2021

1A,

144A

2.294%

8/25/51

2,140,443

1,719

Taco

Bell

Funding

LLC,

2021

1A,

144A

1.946%

8/25/51

1,489,618

1,500

TCW

CLO

Ltd,

(3-Month

LIBOR

reference

rate

+

6.860%

spread),

2021

2A,

144A(b)

6.985%

7/25/34

1,403,554

1,000

TICP

CLO

XIV

Ltd,

(TSFR3M

reference

rate

+

1.912%

spread),

2019

14A,

144A(b)

7.238%

10/20/32

991,882

700

Tricon

American

Homes,

2020

SFR1,

144A

2.548%

7/17/38

630,415

488

UBS-Barclays

Commercial

Mortgage

Trust

2013-C5,

144A

3.649%

3/10/46

446,714

105

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X–

ASSET-BACKED

AND

MORTGAGE-BACKED

SECURITIES

(continued)

$

1,000

Unity-Peace

Park

CLO

Ltd,

(TSFR3M

reference

rate

+

2.000%

spread),

2022

1A,

144A(b)

7.326%

4/20/35

$

981,800

3,000

VB-S1

Issuer

LLC

-

VBTEL,

2022

1A,

144A

4.288%

2/15/52

2,635,498

2,000

Verus

Securitization

Trust,

2021

8,

144A

3.288%

11/25/66

1,374,577

764

Verus

Securitization

Trust,

2020

1,

144A

2.724%

1/25/60

717,239

234

Verus

Securitization

Trust,

2020

4,

144A

2.321%

5/25/65

217,214

600

Verus

Securitization

Trust,

2019

4,

144A

3.207%

11/25/59

529,310

1,011

Vivint

Solar

Financing

V

LLC,

2018

1A,

144A

7.370%

4/30/48

916,602

700

VNDO

Trust,

2016

350P,

144A

4.033%

1/10/35

555,530

999

VR

Funding

LLC,

2020

1A,

144A

2.790%

11/15/50

875,720

185

VR

Funding

LLC,

2020

1A,

144A

6.420%

11/15/50

170,440

42

Washington

Mutual

MSC

Mortgage

Pass-Through

Certificates

Series

2004-RA3

Trust

5.736%

8/25/38

40,725

963

Wells

Fargo

Mortgage

Backed

Securities

Trust,

2021

INV1,

144A

3.315%

8/25/51

758,313

853

Wendy's

Funding

LLC,

2021

1A,

144A

2.370%

6/15/51

709,217

539

Zaxby's

Funding

LLC,

2021

1A,

144A

3.238%

7/30/51

453,470

Total

Asset-Backed

and

Mortgage-Backed

Securities

(cost

$370,084,635)

342,021,004

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

CORPORATE

BONDS

-

26

.3

%

X

184,321,885

Aerospace

&

Defense

-

0.2%

$

1,000

Boeing

Co/The

5.805%

5/01/50

$

972,886

900

Raytheon

Technologies

Corp

1.900%

9/01/31

704,749

Total

Aerospace

&

Defense

1,677,635

Automobile

Components

-

0.2%

1,500

Goodyear

Tire

&

Rubber

Co/The

(d)

5.000%

7/15/29

1,331,247

Total

Automobile

Components

1,331,247

Automobiles

-

0.6%

1,040

Ford

Motor

Credit

Co

LLC

3.375%

11/13/25

969,576

450

Ford

Motor

Credit

Co

LLC

7.350%

3/06/30

458,007

1,225

General

Motors

Financial

Co

Inc

3.600%

6/21/30

1,051,516

1,500

Hyundai

Capital

Services

Inc,

144A

2.125%

4/24/25

1,413,775

Total

Automobiles

3,892,874

Banks

-

3.1%

1,200

Access

Bank

PLC,

144A

6.125%

9/21/26

1,017,120

375

African

Export-Import

Bank/The,

144A

2.634%

5/17/26

336,863

1,000

Akbank

TAS,

144A

(d)

6.800%

2/06/26

977,500

1,050

Banco

Nacional

de

Comercio

Exterior

SNC/Cayman

Islands,

144A

2.720%

8/11/31

880,593

1,000

Banco

Santander

SA

6.921%

8/08/33

999,669

500

Bangkok

Bank

PCL/Hong

Kong,

144A

3.466%

9/23/36

401,424

2,685

Bank

of

America

Corp

1.898%

7/23/31

2,119,518

1,675

Bank

of

America

Corp

3.248%

10/21/27

1,560,441

950

Bank

of

America

Corp

1.922%

10/24/31

744,256

1,035

Banque

Ouest

Africaine

de

Developpement,

144A

4.700%

10/22/31

845,492

1,000

Citigroup

Inc

2.572%

6/03/31

825,841

310

Credit

Suisse

AG/New

York

NY

3.625%

9/09/24

301,537

1,475

Deutsche

Bank

AG/New

York

NY

3.961%

11/26/25

1,423,826

1,675

Development

Bank

of

Kazakhstan

JSC,

144A

2.950%

5/06/31

1,329,531

375

Grupo

Aval

Ltd,

144A

4.375%

2/04/30

297,457

1,000

HSBC

Holdings

PLC

4.583%

6/19/29

944,081

1,400

JPMorgan

Chase

&

Co

1.470%

9/22/27

1,236,630

1,625

JPMorgan

Chase

&

Co

5.350%

6/01/34

1,605,668

Nuveen

Strategic

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

106

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Banks

(continued)

$

1,000

Morgan

Stanley

Bank

NA

5.479%

7/16/25

$

1,001,377

1,000

Turkiye

Garanti

Bankasi

AS,

144A

7.177%

5/24/27

945,780

750

Turkiye

Ihracat

Kredi

Bankasi

AS,

144A

5.750%

7/06/26

702,030

800

Turkiye

Vakiflar

Bankasi

TAO,

144A

5.500%

10/01/26

735,811

750

Wells

Fargo

Bank

NA

5.450%

8/07/26

752,377

Total

Banks

21,984,822

Beverages

-

0.7%

1,200

Anadolu

Efes

Biracilik

Ve

Malt

Sanayii

AS,

144A

3.375%

6/29/28

988,375

900

Anheuser-Busch

InBev

Worldwide

Inc

4.350%

6/01/40

805,145

1,200

Cia

Cervecerias

Unidas

SA,

144A

3.350%

1/19/32

1,003,115

950

Constellation

Brands

Inc

2.875%

5/01/30

819,775

1,125

Primo

Water

Holdings

Inc,

144A

4.375%

4/30/29

987,188

Total

Beverages

4,603,598

Biotechnology

-

0.1%

1,000

Amgen

Inc

5.650%

3/02/53

991,345

Total

Biotechnology

991,345

Broadline

Retail

-

0.5%

1,450

JSM

Global

Sarl,

144A

(e)

4.750%

10/20/30

184,941

1,000

Kohl's

Corp

4.625%

5/01/31

736,250

2,000

Prosus

NV,

144A

3.257%

1/19/27

1,796,277

725

Prosus

NV,

144A

3.680%

1/21/30

596,408

200

Prosus

NV,

144A

4.850%

7/06/27

187,946

Total

Broadline

Retail

3,501,822

Building

Products

-

0.1%

875

Cemex

SAB

de

CV,

144A

9.125%

12/30/49

914,094

Total

Building

Products

914,094

Capital

Markets

-

1.0%

1,000

Compass

Group

Diversified

Holdings

LLC,

144A

5.250%

4/15/29

918,359

1,750

ENN

Clean

Energy

International

Investment

Ltd,

144A

3.375%

5/12/26

1,576,590

2,300

Goldman

Sachs

Group

Inc/The

1.542%

9/10/27

2,031,028

1,250

Morgan

Stanley

Bank

NA

4.754%

4/21/26

1,233,813

665

NFP

Corp,

144A

7.500%

10/01/30

645,453

860

UBS

Group

AG

3.750%

3/26/25

830,785

Total

Capital

Markets

7,236,028

Chemicals

-

0.9%

1,700

Alpek

SAB

de

CV,

144A

4.250%

9/18/29

1,529,822

950

EverArc

Escrow

Sarl,

144A

5.000%

10/30/29

780,491

1,025

OCP

SA,

144A

3.750%

6/23/31

844,520

1,325

Orbia

Advance

Corp

SAB

de

CV,

144A

1.875%

5/11/26

1,181,238

725

Sasol

Financing

USA

LLC

4.375%

9/18/26

651,597

500

Sasol

Financing

USA

LLC,

144A

8.750%

5/03/29

488,125

990

Tronox

Inc,

144A

4.625%

3/15/29

815,795

Total

Chemicals

6,291,588

Commercial

Services

&

Supplies

-

0.1%

1,170

ADT

Security

Corp/The,

144A

4.875%

7/15/32

1,009,242

Total

Commercial

Services

&

Supplies

1,009,242

Communications

Equipment

-

0.1%

1,250

T-Mobile

USA

Inc

2.250%

11/15/31

993,399

Total

Communications

Equipment

993,399

107

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Construction

Materials

-

0.1%

$

1,250

UltraTech

Cement

Ltd,

144A

2.800%

2/16/31

$

1,009,140

Total

Construction

Materials

1,009,140

Consumer

Finance

-

0.1%

1,095

OneMain

Finance

Corp

3.500%

1/15/27

952,924

Total

Consumer

Finance

952,924

Containers

&

Packaging

-

0.2%

785

Amcor

Flexibles

North

America

Inc

2.690%

5/25/31

638,693

715

Mauser

Packaging

Solutions

Holding

Co,

144A

7.875%

8/15/26

704,093

Total

Containers

&

Packaging

1,342,786

Diversified

REITs

-

0.5%

900

Essential

Properties

LP

2.950%

7/15/31

674,484

2,200

SBA

Tower

Trust,

144A

1.840%

4/15/27

1,897,899

500

SBA

Tower

Trust,

144A

1.631%

11/15/26

434,966

270

SBA

Tower

Trust,

144A

1.884%

1/15/26

243,814

240

SBA

Tower

Trust,

144A

2.836%

1/15/25

228,976

Total

Diversified

REITs

3,480,139

Diversified

Telecommunication

Services

-

0.3%

770

Iliad

Holding

SASU,

144A

6.500%

10/15/26

734,723

1,690

Verizon

Communications

Inc

1.750%

1/20/31

1,315,418

Total

Diversified

Telecommunication

Services

2,050,141

Electric

Utilities

-

1.8%

750

AEP

Transmission

Co

LLC

5.400%

3/15/53

744,397

900

AEP

Transmission

Co

LLC

3.650%

4/01/50

678,702

1,035

AES

Espana

BV,

144A

5.700%

5/04/28

938,227

1,000

Duke

Energy

Carolinas

LLC

4.950%

1/15/33

985,019

760

Duke

Energy

Carolinas

LLC

5.350%

1/15/53

738,700

800

Empresas

Publicas

de

Medellin

ESP,

144A

4.375%

2/15/31

620,954

950

Eskom

Holdings

SOC

Ltd,

144A

6.350%

8/10/28

888,250

990

Florida

Power

&

Light

Co

4.800%

5/15/33

967,108

1,175

Georgia

Power

Co

2.650%

9/15/29

1,012,481

750

Interstate

Power

and

Light

Co

3.100%

11/30/51

474,010

875

Israel

Electric

Corp

Ltd,

144A

,

Reg

S

3.750%

2/22/32

740,425

250

NPC

Ukrenergo,

144A

6.875%

11/09/28

69,688

750

Public

Service

Co

of

Colorado

2.700%

1/15/51

452,075

1,500

ReNew

Wind

Energy

AP2

/

ReNew

Power

Pvt

Ltd

other

9

Subsidiaries,

144A

4.500%

7/14/28

1,261,030

1,780

Talen

Energy

Supply

LLC,

144A

8.625%

6/01/30

1,853,352

Total

Electric

Utilities

12,424,418

Electrical

Equipment

-

0.1%

950

GrafTech

Global

Enterprises

Inc,

144A

9.875%

12/15/28

926,250

Total

Electrical

Equipment

926,250

Electronic

Equipment

-

0.2%

1,150

Imola

Merger

Corp,

144A

4.750%

5/15/29

1,022,186

Total

Electronic

Equipment

1,022,186

Energy

Equipment

&

Services

-

0.6%

1,100

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp,

144A

6.875%

4/01/27

1,081,465

2,000

EIG

Pearl

Holdings

Sarl,

144A

3.545%

8/31/36

1,660,000

1,700

Galaxy

Pipeline

Assets

Bidco

Ltd,

144A

2.625%

3/31/36

1,343,555

Total

Energy

Equipment

&

Services

4,085,020

Nuveen

Strategic

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

108

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Entertainment

-

0.1%

$

1,000

Warnermedia

Holdings

Inc

5.050%

3/15/42

$

822,032

Total

Entertainment

822,032

Equity

Real

Estate

Investment

Trusts

(REITs)

-

0.1%

1,000

American

Tower

Corp

2.750%

1/15/27

914,035

Total

Equity

Real

Estate

Investment

Trusts

(REITs)

914,035

Financial

Services

-

0.5%

500

Citrus

Re

Ltd

(3-Month

U.S.

Treasury

Bill

reference

rate

+

5.100%

spread),

144A

(b)

5.100%

6/07/25

491,300

600

DAE

Funding

LLC,

144A

3.375%

3/20/28

533,657

500

Hestia

Re

Ltd

(1-Month

U.S.

Treasury

Bill

reference

rate

+

9.500%

spread),

144A

(b)

14.942%

4/22/25

479,700

1,000

Indian

Railway

Finance

Corp

Ltd,

144A

3.570%

1/21/32

852,430

250

Matterhorn

Re

Ltd

(SOFR

reference

rate

+

5.250%

spread),

144A

(b)

5.889%

3/24/25

241,975

1,000

Sanders

Re

Ltd

(3-Month

U.S.

Treasury

Bill

reference

rate

+

3.050%

spread),

144A

(b)

3.250%

4/07/25

943,300

Total

Financial

Services

3,542,362

Food

Products

-

0.2%

750

BRF

SA,

144A

4.875%

1/24/30

646,606

1,075

Ulker

Biskuvi

Sanayi

AS,

144A

6.950%

10/30/25

1,012,545

Total

Food

Products

1,659,151

Gas

Utilities

-

0.3%

1,125

Ferrellgas

LP

/

Ferrellgas

Finance

Corp,

144A

5.875%

4/01/29

992,592

1,050

Ferrellgas

LP

/

Ferrellgas

Finance

Corp,

144A

5.375%

4/01/26

987,032

Total

Gas

Utilities

1,979,624

Ground

Transportation

-

0.1%

1,000

Transnet

SOC

Ltd,

144A

8.250%

2/06/28

971,000

Total

Ground

Transportation

971,000

Health

Care

Providers

&

Services

-

0.3%

850

CVS

Health

Corp

5.050%

3/25/48

745,544

825

CVS

Health

Corp

1.750%

8/21/30

654,108

1,000

HCA

Inc

3.500%

9/01/30

873,426

Total

Health

Care

Providers

&

Services

2,273,078

Hotels,

Restaurants

&

Leisure

-

0.5%

990

Cinemark

USA

Inc,

144A

5.250%

7/15/28

879,357

750

GENM

Capital

Labuan

Ltd,

144A

3.882%

4/19/31

599,347

1,000

NCL

Corp

Ltd,

144A

5.875%

3/15/26

942,879

1,135

Sands

China

Ltd

(d)

3.500%

8/08/31

912,491

Total

Hotels,

Restaurants

&

Leisure

3,334,074

Independent

Power

and

Renewable

Electricity

Producers

-

0.2%

1,500

EnfraGen

Energia

Sur

SA

/

EnfraGen

Spain

SA

/

Prime

Energia

SpA,

144A

5.375%

12/30/30

1,105,917

Total

Independent

Power

and

Renewable

Electricity

Producers

1,105,917

Independent

Power

Producers

&

Energy

Traders

-

0.4%

1,194

Alfa

Desarrollo

SpA2021

1,

144A

4.550%

9/27/51

862,808

1,454

Sweihan

PV

Power

Co

PJSC2022

1,

144A

3.625%

1/31/49

1,140,458

617

UEP

Penonome

II

SA2020

1,

144A

6.500%

10/01/38

471,912

Total

Independent

Power

Producers

&

Energy

Traders

2,475,178

109

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Insurance

-

0.9%

$

1,600

Allianz

SE,

144A

,

(WI/DD)

6.350%

9/06/53

$

1,602,240

1,000

Berkshire

Hathaway

Finance

Corp

2.875%

3/15/32

872,866

500

Bonanza

RE

Ltd2020

A

(3-Month

U.S.

Treasury

Bill

reference

rate

+

4.870%

spread),

144A

(b)

10.289%

12/23/24

439,500

250

Bonanza

RE

Ltd

(3-Month

U.S.

Treasury

Bill

reference

rate

+

5.750%

spread),

144A

(b)

11.174%

3/16/25

175,000

900

Hartford

Financial

Services

Group

Inc/The

2.800%

8/19/29

787,635

250

Kendall

Re

Ltd2020

A

(3-Month

U.S.

Treasury

Bill

reference

rate

+

4.000%

spread),

144A

(b)

4.040%

5/02/24

247,025

550

Residential

Reinsurance

Ltd2020

A

(3-Month

U.S.

Treasury

Bill

reference

rate

+

6.510%

spread),

144A

(b)

6.510%

12/06/24

547,305

500

Vitality

Re

XII

Ltd2020

A

(3-Month

U.S.

Treasury

Bill

reference

rate

+

2.250%

spread),

144A

(b)

2.250%

1/07/25

497,300

1,000

Vitality

Re

XIV

Ltd

(3-Month

U.S.

Treasury

Bill

reference

rate

+

3.500%

spread),

144A

(b)

8.932%

1/05/27

1,022,600

Total

Insurance

6,191,471

Interactive

Media

&

Services

-

0.2%

1,100

Arches

Buyer

Inc,

144A

4.250%

6/01/28

956,833

535

Baidu

Inc

1.625%

2/23/27

471,740

Total

Interactive

Media

&

Services

1,428,573

IT

Services

-

0.3%

2,075

Ahead

DB

Holdings

LLC,

144A

6.625%

5/01/28

1,800,125

Total

IT

Services

1,800,125

Machinery

-

0.1%

750

John

Deere

Capital

Corp

4.950%

7/14/28

752,479

Total

Machinery

752,479

Marine

Transportation

-

0.2%

1,740

MISC

Capital

Two

Labuan

Ltd,

144A

3.750%

4/06/27

1,626,517

Total

Marine

Transportation

1,626,517

Media

-

0.8%

1,000

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp,

144A

6.375%

9/01/29

946,707

1,000

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

3.900%

6/01/52

639,868

1,000

Comcast

Corp

2.800%

1/15/51

634,307

1,500

CSC

Holdings

LLC,

144A

4.125%

12/01/30

1,069,609

350

CSC

Holdings

LLC,

144A

(d)

11.250%

5/15/28

345,213

925

LCPR

Senior

Secured

Financing

DAC,

144A

5.125%

7/15/29

779,775

1,000

Sirius

XM

Radio

Inc,

144A

4.000%

7/15/28

865,921

Total

Media

5,281,400

Metals

&

Mining

-

0.8%

1,675

AngloGold

Ashanti

Holdings

PLC

3.750%

10/01/30

1,388,786

700

AngloGold

Ashanti

Holdings

PLC

3.375%

11/01/28

605,620

750

Antofagasta

PLC,

144A

5.625%

5/13/32

731,709

1,120

Freeport

Indonesia

PT,

144A

5.315%

4/14/32

1,042,785

2,000

SunCoke

Energy

Inc,

144A

4.875%

6/30/29

1,701,919

Total

Metals

&

Mining

5,470,819

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.2%

1,750

Rocket

Mortgage

LLC

/

Quicken

Loans

Co-Issuer

Inc,

144A

3.625%

3/01/29

1,489,482

Total

Mortgage

Real

Estate

Investment

Trusts

(REITs)

1,489,482

Nuveen

Strategic

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

110

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Multi-Utilities

-

0.1%

$

900

Ameren

Illinois

Co

4.950%

6/01/33

$

881,480

Total

Multi-Utilities

881,480

Oil,

Gas

&

Consumable

Fuels

-

3.0%

720

Civitas

Resources

Inc,

144A

8.375%

7/01/28

741,600

940

Civitas

Resources

Inc,

144A

8.750%

7/01/31

972,900

800

Cosan

Luxembourg

SA,

144A

5.500%

9/20/29

741,731

750

Diamondback

Energy

Inc

4.400%

3/24/51

582,206

1,000

Ecopetrol

SA

5.875%

11/02/51

675,446

100

Ecopetrol

SA

5.875%

5/28/45

70,493

450

Ecopetrol

SA

4.625%

11/02/31

355,523

575

Ecopetrol

SA

6.875%

4/29/30

535,497

300

Empresa

Nacional

del

Petroleo,

144A

6.150%

5/10/33

295,838

900

Empresa

Nacional

del

Petroleo,

144A

3.450%

9/16/31

741,223

826

Energean

Israel

Finance

Ltd,

144A

,

Reg

S

5.375%

3/30/28

750,503

750

Energy

Transfer

LP

5.000%

5/15/50

617,351

900

Enterprise

Products

Operating

LLC

4.450%

2/15/43

765,525

1,000

Enterprise

Products

Operating

LLC

5.350%

1/31/33

1,005,569

1,000

EQM

Midstream

Partners

LP

6.500%

7/15/48

907,748

500

Medco

Laurel

Tree

Pte

Ltd,

144A

6.950%

11/12/28

452,957

1,000

MEG

Energy

Corp,

144A

5.875%

2/01/29

955,331

1,010

Parkland

Corp/Canada,

144A

4.625%

5/01/30

890,386

990

PBF

Holding

Co

LLC

/

PBF

Finance

Corp,

144A

7.875%

9/15/30

987,347

500

Pertamina

Persero

PT,

144A

1.400%

2/09/26

451,514

200

Petroleos

del

Peru

SA,

144A

4.750%

6/19/32

148,326

559

Petroleos

Mexicanos

7.690%

1/23/50

374,018

100

Petroleos

Mexicanos

6.750%

9/21/47

61,893

1,490

Petroleos

Mexicanos

6.700%

2/16/32

1,126,679

800

Phillips

66

Co

5.300%

6/30/33

791,920

553

Saka

Energi

Indonesia

PT,

144A

4.450%

5/05/24

543,306

1,000

SierraCol

Energy

Andina

LLC,

144A

6.000%

6/15/28

758,393

1,000

Thaioil

Treasury

Center

Co

Ltd,

144A

2.500%

6/18/30

799,929

1,780

Transcanada

Trust

5.500%

9/15/79

1,495,236

975

USA

Compression

Partners

LP

/

USA

Compression

Finance

Corp

6.875%

9/01/27

950,456

440

Venture

Global

LNG

Inc,

144A

8.125%

6/01/28

443,847

Total

Oil,

Gas

&

Consumable

Fuels

20,990,691

Paper

&

Forest

Products

-

0.3%

710

Inversiones

CMPC

SA,

144A

6.125%

6/23/33

711,065

1,500

Suzano

Austria

GmbH

3.125%

1/15/32

1,185,081

Total

Paper

&

Forest

Products

1,896,146

Passenger

Airlines

-

0.4%

1,278

American

Airlines

Class

A

Pass

Through

Trust2021

2021

2.875%

7/11/34

1,057,736

382

British

Airways

Class

A

Pass

Through

Trust2020

A,

144A

4.250%

11/15/32

351,666

311

British

Airways

Class

B

Pass

Through

Trust2020

A,

144A

8.375%

11/15/28

315,204

1,000

Grupo

Aeromexico

SAB

de

CV,

144A

8.500%

3/17/27

924,838

Total

Passenger

Airlines

2,649,444

Personal

Care

Products

-

0.1%

1,000

Haleon

US

Capital

LLC

3.625%

3/24/32

888,335

Total

Personal

Care

Products

888,335

Pharmaceuticals

-

0.7%

1,000

Organon

&

Co

/

Organon

Foreign

Debt

Co-Issuer

BV,

144A

5.125%

4/30/31

852,003

1,625

Pfizer

Investment

Enterprises

Pte

Ltd

4.450%

5/19/28

1,594,186

1,000

Pfizer

Investment

Enterprises

Pte

Ltd

5.300%

5/19/53

1,000,364

111

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Pharmaceuticals

(continued)

$

990

Teva

Pharmaceutical

Finance

Netherlands

III

BV

(d)

5.125%

5/09/29

$

915,750

670

Teva

Pharmaceutical

Finance

Netherlands

III

BV

(d)

8.125%

9/15/31

709,848

Total

Pharmaceuticals

5,072,151

Professional

Services

-

0.1%

750

MPH

Acquisition

Holdings

LLC,

144A

5.500%

9/01/28

636,926

Total

Professional

Services

636,926

Retail

REITs

-

0.5%

1,000

Brixmor

Operating

Partnership

LP

2.250%

4/01/28

849,756

1,000

Kite

Realty

Group

Trust

4.750%

9/15/30

915,376

900

Regency

Centers

LP

2.950%

9/15/29

777,703

888

SITE

Centers

Corp

3.625%

2/01/25

844,866

Total

Retail

REITs

3,387,701

Semiconductors

&

Semiconductor

Equipment

-

0.3%

1,200

SK

Hynix

Inc,

144A

1.500%

1/19/26

1,079,765

675

TSMC

Arizona

Corp

3.875%

4/22/27

649,304

Total

Semiconductors

&

Semiconductor

Equipment

1,729,069

Software

-

0.2%

700

Oracle

Corp

5.550%

2/06/53

650,710

750

Salesforce

Inc

2.700%

7/15/41

535,566

Total

Software

1,186,276

Specialized

REITs

-

0.1%

1,000

Uniti

Group

LP

/

Uniti

Group

Finance

Inc

/

CSL

Capital

LLC,

144A

10.500%

2/15/28

997,634

Total

Specialized

REITs

997,634

Specialty

Retail

-

0.5%

850

Lowe's

Cos

Inc

4.250%

4/01/52

672,425

1,125

Michaels

Cos

Inc/The,

144A

5.250%

5/01/28

937,969

1,000

Michaels

Cos

Inc/The,

144A

7.875%

5/01/29

693,200

1,000

Staples

Inc,

144A

7.500%

4/15/26

827,397

Total

Specialty

Retail

3,130,991

Textiles,

Apparel

&

Luxury

Goods

-

0.1%

930

Hanesbrands

Inc,

144A

(d)

9.000%

2/15/31

933,635

Total

Textiles,

Apparel

&

Luxury

Goods

933,635

Tobacco

-

0.1%

750

BAT

International

Finance

PLC

4.448%

3/16/28

711,022

Total

Tobacco

711,022

Trading

Companies

&

Distributors

-

0.8%

880

AerCap

Holdings

NV

(d)

5.875%

10/10/79

849,645

1,410

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.500%

1/15/25

1,361,642

960

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.300%

1/30/32

780,131

1,825

Albion

Financing

2SARL,

144A

8.750%

4/15/27

1,691,820

1,065

Windsor

Holdings

III

LLC,

144A

8.500%

6/15/30

1,069,645

Total

Trading

Companies

&

Distributors

5,752,883

Transportation

Infrastructure

-

0.1%

500

Adani

Ports

&

Special

Economic

Zone

Ltd,

144A

3.100%

2/02/31

344,516

Total

Transportation

Infrastructure

344,516

Nuveen

Strategic

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

112

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Wireless

Telecommunication

Services

-

1.2%

$

1,935

AT&T

Inc

3.500%

9/15/53

$

1,273,626

1,400

C&W

Senior

Financing

DAC,

144A

6.875%

9/15/27

1,299,312

775

CT

Trust,

144A

5.125%

2/03/32

638,197

975

Empresa

Nacional

de

Telecomunicaciones

SA,

144A

3.050%

9/14/32

755,625

1,000

Liberty

Costa

Rica

Senior

Secured

Finance,

144A

10.875%

1/15/31

1,010,000

1,386

Millicom

International

Cellular

SA2028

2028,

144A

5.125%

1/15/28

1,256,709

1,375

Sitios

Latinoamerica

SAB

de

CV,

144A

5.375%

4/04/32

1,229,773

995

Vmed

O2

UK

Financing

I

PLC,

144A

4.750%

7/15/31

831,728

Total

Wireless

Telecommunication

Services

8,294,970

Total

Corporate

Bonds

(cost

$204,001,508)

184,321,885

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

8

.0

%

X

56,469,395

Automobiles

-

0.2%

$

1,735

General

Motors

Financial

Co

Inc

5.700%

N/A

(f)

$

1,486,491

Total

Automobiles

1,486,491

Banks

-

3.5%

1,100

Banco

de

Credito

del

Peru

S.A,

144A

3.125%

7/01/30

1,021,776

1,500

Bank

of

America

Corp

6.100%

N/A

(f)

1,474,406

1,500

Bank

of

America

Corp

(d)

6.125%

N/A

(f)

1,455,000

1,875

Citigroup

Inc

(d)

7.375%

N/A

(f)

1,886,719

750

Citigroup

Inc

6.174%

5/25/34

747,382

2,000

CoBank

ACB

6.250%

N/A

(f)

1,918,288

2,000

Goldman

Sachs

Group

Inc/The

3.800%

N/A

(f)

1,678,940

1,560

Huntington

Bancshares

Inc/OH

5.625%

N/A

(f)

1,419,600

2,450

JPMorgan

Chase

&

Co

3.650%

N/A

(f)

2,164,964

1,275

JPMorgan

Chase

&

Co

5.000%

N/A

(f)

1,248,716

2,000

PNC

Financial

Services

Group

Inc/The

3.400%

N/A

(f)

1,530,080

2,000

Truist

Financial

Corp

(d)

4.800%

N/A

(f)

1,771,000

1,415

Truist

Financial

Corp

5.100%

N/A

(f)

1,237,983

2,900

Wells

Fargo

&

Co

3.900%

N/A

(f)

2,570,850

1,440

Wells

Fargo

&

Co

(d)

7.625%

N/A

(f)

1,474,200

1,230

Wells

Fargo

&

Co

5.875%

N/A

(f)

1,219,237

Total

Banks

24,819,141

Building

Products

-

0.1%

1,125

Cemex

SAB

de

CV,

144A

5.125%

N/A

(f)

1,043,907

Total

Building

Products

1,043,907

Capital

Markets

-

0.9%

2,500

Bank

of

New

York

Mellon

Corp/The

4.700%

N/A

(f)

2,425,400

2,050

Charles

Schwab

Corp/The

5.375%

N/A

(f)

1,978,250

1,955

Goldman

Sachs

Group

Inc

7.500%

N/A

(f)

1,964,775

Total

Capital

Markets

6,368,425

Diversified

Telecommunication

Services

-

0.2%

1,000

Network

i2i

Ltd,

144A

(d)

3.975%

N/A

(f)

914,952

800

Network

i2i

Ltd,

144A

5.650%

N/A

(f)

778,000

Total

Diversified

Telecommunication

Services

1,692,952

Electric

Utilities

-

0.4%

1,500

Edison

International

5.000%

N/A

(f)

1,290,000

1,500

Southern

Co/The

4.000%

1/15/51

1,390,974

Total

Electric

Utilities

2,680,974

113

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

Financial

Services

-

0.1%

$

1,000

Voya

Financial

Inc

6.125%

N/A

(f)

$

988,430

Total

Financial

Services

988,430

Food

Products

-

0.4%

2,730

Land

O'

Lakes

Inc,

144A

8.000%

N/A

(f)

2,545,725

Total

Food

Products

2,545,725

Independent

Power

and

Renewable

Electricity

Producers

-

0.2%

1,304

Vistra

Corp,

144A

7.000%

N/A

(f)

1,206,931

Total

Independent

Power

and

Renewable

Electricity

Producers

1,206,931

Insurance

-

0.8%

2,835

AXIS

Specialty

Finance

LLC

4.900%

1/15/40

2,279,978

1,485

Enstar

Finance

LLC

5.500%

1/15/42

1,173,392

1,000

Hanwha

Life

Insurance

Co

Ltd,

144A

3.379%

2/04/32

897,784

1,500

Prudential

Financial

Inc

6.000%

9/01/52

1,432,740

Total

Insurance

5,783,894

Media

-

0.3%

2,185

Paramount

Global

6.375%

3/30/62

1,802,625

Total

Media

1,802,625

Multi-Utilities

-

0.3%

2,035

Sempra

4.875%

N/A

(f)

1,924,683

Total

Multi-Utilities

1,924,683

Oil,

Gas

&

Consumable

Fuels

-

0.5%

2,235

Enbridge

Inc

5.750%

7/15/80

2,034,867

1,400

Energy

Transfer

LP

6.500%

N/A

(f)

1,276,870

Total

Oil,

Gas

&

Consumable

Fuels

3,311,737

Trading

Companies

&

Distributors

-

0.1%

825

AerCap

Global

Aviation

Trust,

144A

6.500%

6/15/45

813,480

Total

Trading

Companies

&

Distributors

813,480

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$61,717,733)

56,469,395

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

SOVEREIGN

DEBT

-

6

.9

%

X

48,551,936

Angola

-

0.1%

$

1,050

Angolan

Government

International

Bond

,

144A

8.750%

4/14/32

$

861,000

Total

Angola

861,000

Bahrain

-

0.1%

500

Bahrain

Government

International

Bond

,

144A

6.000%

9/19/44

401,458

Total

Bahrain

401,458

Bermuda

-

0.1%

625

Bermuda

Government

International

Bond

,

144A

2.375%

8/20/30

511,125

Total

Bermuda

511,125

Brazil

-

0.1%

570

Brazilian

Government

International

Bond

6.000%

10/20/33

554,396

Total

Brazil

554,396

Nuveen

Strategic

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

114

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Chile

-

0.0%

$

450

Chile

Government

International

Bond

3.100%

5/07/41

$

327,350

Total

Chile

327,350

Colombia

-

0.1%

1,150

Colombia

Government

International

Bond

5.000%

6/15/45

805,898

Total

Colombia

805,898

Costa

Rica

-

0.1%

905

Costa

Rica

Government

International

Bond

,

144A

5.625%

4/30/43

784,090

Total

Costa

Rica

784,090

Cote

d'Ivoire

-

0.4%

1,750

Ivory

Coast

Government

International

Bond

,

144A

6.125%

6/15/33

1,492,872

1,247

Ivory

Coast

Government

International

Bond

,

144A

5.750%

12/31/32

1,128,787

Total

Cote

d'Ivoire

2,621,659

Dominican

Republic

-

0.2%

1,000

Dominican

Republic

International

Bond

,

144A

4.500%

1/30/30

870,947

835

Dominican

Republic

International

Bond

,

144A

5.300%

1/21/41

650,646

12,000

DOP

Dominican

Republic

International

Bond

,

144A

9.750%

6/05/26

214,784

Total

Dominican

Republic

1,736,377

Ecuador

-

0.0%

380

Ecuador

Government

International

Bond

,

144A

5.000%

7/31/30

184,985

Total

Ecuador

184,985

Ghana

-

0.0%

650

Ghana

Government

International

Bond

,

144A

8.125%

3/26/32

280,800

Total

Ghana

280,800

Guatemala

-

0.1%

500

Guatemala

Government

Bond

,

144A

6.600%

6/13/36

499,947

Total

Guatemala

499,947

Hungary

-

0.1%

425

Hungary

Government

International

Bond

,

144A

5.250%

6/16/29

415,194

300

Magyar

Export-Import

Bank

Zrt

,

144A

6.125%

12/04/27

297,831

Total

Hungary

713,025

Indonesia

-

0.1%

950

Perusahaan

Penerbit

SBSN

Indonesia

III

,

144A

3.800%

6/23/50

730,195

Total

Indonesia

730,195

Iraq

-

0.2%

1,696

Iraq

International

Bond

,

144A

5.800%

1/15/28

1,556,484

Total

Iraq

1,556,484

Jamaica

-

0.1%

805

Jamaica

Government

International

Bond

6.750%

4/28/28

830,816

Total

Jamaica

830,816

Jordan

-

0.2%

1,300

Jordan

Government

International

Bond

,

144A

5.850%

7/07/30

1,201,005

Total

Jordan

1,201,005

Kazakhstan

-

0.1%

975

Kazakhstan

Government

International

Bond

,

144A

6.500%

7/21/45

1,021,550

Total

Kazakhstan

1,021,550

115

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Kenya

-

0.3%

$

1,445

Republic

of

Kenya

Government

International

Bond

,

144A

6.300%

1/23/34

$

1,042,945

400

Republic

of

Kenya

Government

International

Bond

,

144A

7.000%

5/22/27

354,000

Total

Kenya

1,396,945

Mexico

-

0.5%

1,950

Mexico

Government

International

Bond

4.280%

8/14/41

1,572,395

1,640

Mexico

Government

International

Bond

4.750%

3/08/44

1,374,492

1,000

Mexico

Government

International

Bond

4.750%

4/27/32

946,955

275

Mexico

Government

International

Bond

5.400%

2/09/28

277,360

Total

Mexico

4,171,202

Mongolia

-

0.1%

795

Mongolia

Government

International

Bond

,

144A

(d)

4.450%

7/07/31

612,641

Total

Mongolia

612,641

Morocco

-

0.2%

850

Morocco

Government

International

Bond

,

144A

5.500%

12/11/42

719,346

920

Morocco

Government

International

Bond

,

144A

3.000%

12/15/32

717,526

280

Morocco

Government

International

Bond

,

144A

5.950%

3/08/28

280,000

Total

Morocco

1,716,872

Nigeria

-

0.0%

415

Nigeria

Government

International

Bond

,

144A

7.875%

2/16/32

337,262

325

Nigeria

Government

International

Bond

,

144A

8.375%

3/24/29

286,000

Total

Nigeria

623,262

Oman

-

0.1%

850

Oman

Government

International

Bond

,

144A

6.000%

8/01/29

853,879

250

Oman

Government

International

Bond

,

144A

6.750%

10/28/27

257,188

Total

Oman

1,111,067

Panama

-

0.2%

1,360

Panama

Bonos

del

Tesoro

3.362%

6/30/31

1,096,078

Total

Panama

1,096,078

Paraguay

-

0.1%

550

Paraguay

Government

International

Bond

,

144A

5.600%

3/13/48

470,679

Total

Paraguay

470,679

Peru

-

0.1%

925

Peruvian

Government

International

Bond

2.783%

1/23/31

784,026

Total

Peru

784,026

Philippines

-

0.2%

550

Philippine

Government

International

Bond

6.375%

10/23/34

602,345

495

Philippine

Government

International

Bond

4.200%

3/29/47

413,961

Total

Philippines

1,016,306

Poland

-

0.1%

630

Republic

of

Poland

Government

International

Bond

5.500%

4/04/53

611,599

Total

Poland

611,599

Qatar

-

0.1%

850

Qatar

Government

International

Bond

,

144A

4.817%

3/14/49

791,224

Total

Qatar

791,224

Republic

of

Serbia

-

0.1%

375

Serbia

International

Bond

,

144A

6.500%

9/26/33

369,660

Total

Republic

of

Serbia

369,660

Nuveen

Strategic

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

116

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Romania

-

0.1%

$

450

Romanian

Government

International

Bond

,

144A

7.625%

1/17/53

$

483,188

Total

Romania

483,188

Rwanda

-

0.2%

1,375

Rwanda

International

Government

Bond

,

144A

5.500%

8/09/31

1,061,321

Total

Rwanda

1,061,321

Saudi

Arabia

-

0.1%

1,365

Saudi

Government

International

Bond

,

144A

3.750%

1/21/55

975,839

Total

Saudi

Arabia

975,839

Senegal

-

0.1%

475

Senegal

Government

International

Bond

,

144A

6.250%

5/23/33

387,510

Total

Senegal

387,510

South

Africa

-

0.2%

1,900

Republic

of

South

Africa

Government

International

Bond

5.375%

7/24/44

1,350,186

Total

South

Africa

1,350,186

Ukraine

-

0.0%

225

Ukraine

Government

International

Bond

,

144A

7.750%

9/01/29

64,018

Total

Ukraine

64,018

United

States

-

1.8%

7,000

United

States

Treasury

Note/Bond

4.375%

8/15/43

6,981,406

6,000

United

States

Treasury

Note/Bond

4.750%

7/31/25

5,983,828

Total

United

States

12,965,234

Uzbekistan

-

0.1%

525

Republic

of

Uzbekistan

International

Bond

,

144A

5.375%

2/20/29

479,719

Total

Uzbekistan

479,719

Vietnam

-

0.1%

400

Vietnam

Government

International

Bond

,

144A

4.800%

11/19/24

391,200

Total

Vietnam

391,200

Total

Sovereign

Debt

(cost

$55,361,874)

48,551,936

Principal

Amount

(000)

Description

(a)

Coupon

(g)

Reference

Rate

(g)

Spread

(g)

Maturity

(h)

Value

X

–

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

-

2

.8

%

(g)

X

19,390,877

Beverages

-

0.0%

$

393

City

Brewing

Company,

LLC,

Term

Loan

9.070%

TSFR3M

3.500%

4/05/28

$

259,380

Total

Beverages

259,380

Building

Products

-

0.1%

420

Cornerstone

Building

Brands,

Inc.,

Term

Loan

B

8.660%

TSFR1M

3.250%

4/12/28

411,358

Total

Building

Products

411,358

Chemicals

-

0.1%

225

Ineos

US

Finance

LLC,

Term

Loan

B

8.820%

SOFR30A

3.500%

2/09/30

223,819

69

W.R.

Grace

&

Co.-Conn.,

Term

Loan

B

9.313%

3-Month

LIBOR

3.750%

9/22/28

69,007

Total

Chemicals

292,826

117

Principal

Amount

(000)

Description

(a)

Coupon

(g)

Reference

Rate

(g)

Spread

(g)

Maturity

(h)

Value

Commercial

Services

&

Supplies

-

0.0%

$

139

GFL

Environmental

Inc.,

Term

Loan

8.469%

TSFR1M

3.000%

5/30/25

$

139,412

Total

Commercial

Services

&

Supplies

139,412

Containers

&

Packaging

-

0.1%

489

Plaze,

Inc.,

Term

Loan

B

8.820%

SOFR30A

3.500%

8/03/26

467,780

157

Reynolds

Group

Holdings

Inc.

,

Term

Loan

B2

8.696%

SOFR30A

3.250%

2/05/26

157,310

Total

Containers

&

Packaging

625,090

Diversified

Telecommunication

Services

-

0.1%

170

Cablevision

Lightpath

LLC,

Term

Loan

B

8.675%

TSFR1M

3.250%

12/01/27

167,121

156

Zayo

Group

Holdings,

Inc.,

Term

Loan

8.446%

SOFR30A

3.000%

3/09/27

125,235

Total

Diversified

Telecommunication

Services

292,356

Electric

Utilities

-

0.1%

940

Talen

Energy

Supply,

LLC,

Term

Loan

B

,

(WI/DD)

TBD

TBD

TBD

TBD

944,531

Total

Electric

Utilities

944,531

Electronic

Equipment,

Instruments

&

Components

-

0.1%

292

Ingram

Micro

Inc.,

Term

Loan

B

9.038%

3-Month

LIBOR

3.500%

7/02/28

292,273

Total

Electronic

Equipment,

Instruments

&

Components

292,273

Health

Care

Equipment

&

Supplies

-

0.4%

1,980

Bausch

&

Lomb,

Inc.,

Term

Loan

8.592%

SOFR90A

3.250%

5/05/27

1,939,915

464

CNT

Holdings

I

Corp,

Term

Loan

8.800%

SOFR90A

3.500%

11/08/27

464,271

591

Medline

Borrower,

LP,

Term

Loan

B

8.696%

SOFR30A

3.250%

10/21/28

591,322

Total

Health

Care

Equipment

&

Supplies

2,995,508

Health

Care

Providers

&

Services

-

0.4%

988

Parexel

International

Corporation,

Term

Loan,

First

Lien

8.696%

SOFR30A

3.250%

11/15/28

985,959

1,482

Select

Medical

Corporation,

Term

Loan

B1

8.320%

SOFR30A

3.000%

3/06/27

1,484,925

Total

Health

Care

Providers

&

Services

2,470,884

Hotels,

Restaurants

&

Leisure

-

0.1%

350

GVC

Holdings

(Gibraltar)

Limited,

Term

Loan

B

8.437%

SOFR180A

3.500%

10/31/29

351,138

489

IRB

Holding

Corp,

Term

Loan

B

8.431%

SOFR30A

3.000%

12/15/27

486,815

Total

Hotels,

Restaurants

&

Leisure

837,953

Household

Durables

-

0.1%

440

Weber-Stephen

Products

LLC,

Term

Loan

B

8.696%

SOFR30A

3.250%

10/30/27

398,940

Total

Household

Durables

398,940

Nuveen

Strategic

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

118

Principal

Amount

(000)

Description

(a)

Coupon

(g)

Reference

Rate

(g)

Spread

(g)

Maturity

(h)

Value

Media

-

0.1%

$

885

DirecTV

Financing,

LLC,

Term

Loan

10.446%

SOFR30A

5.000%

8/02/27

$

875,628

Total

Media

875,628

Passenger

Airlines

-

0.2%

280

Mileage

Plus

Holdings

LLC,

Term

Loan

B

10.764%

3-Month

LIBOR

5.250%

6/20/27

292,250

149

SkyMiles

IP

Ltd.,

Term

Loan

B

9.076%

SOFR90A

3.750%

10/20/27

154,896

1,167

United

Airlines,

Inc.,

Term

Loan

B

9.292%

3-Month

LIBOR

3.750%

4/21/28

1,171,829

Total

Passenger

Airlines

1,618,975

Pharmaceuticals

-

0.3%

970

Jazz

Financing

Lux

S.a.r.l.,

Term

Loan

8.946%

SOFR30A

3.500%

5/05/28

971,423

1,273

Organon

&

Co,

Term

Loan

8.431%

TSFR1M

3.000%

6/02/28

1,277,754

Total

Pharmaceuticals

2,249,177

Semiconductors

&

Semiconductor

Equipment

-

0.1%

730

Ultra

Clean

Holdings,

Inc,

Term

Loan

B

9.196%

SOFR30A

3.750%

8/27/25

732,137

Total

Semiconductors

&

Semiconductor

Equipment

732,137

Software

-

0.1%

265

Camelot

U.S.

Acquisition

LLC,

Term

Loan

B

8.446%

SOFR30A

3.000%

10/31/26

265,570

489

IGT

Holding

IV

AB,

Term

Loan

B2

8.712%

SOFR90A

3.400%

3/29/28

487,528

122

Ultimate

Software

Group

Inc

(The),

Term

Loan

8.618%

SOFR90A

3.250%

5/03/26

122,066

Total

Software

875,164

Specialty

Retail

-

0.2%

520

Les

Schwab

Tire

Centers,

Term

Loan

B

8.682%

SOFR30A

3.250%

11/02/27

520,167

83

LS

Group

OpCo

Acquisition

LLC,

Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

82,948

980

PetSmart,

Inc.,

Term

Loan

B

9.181%

SOFR30A

3.750%

2/12/28

979,290

Total

Specialty

Retail

1,582,405

Trading

Companies

&

Distributors

-

0.2%

1,500

Windsor

Holdings

III,

LLC,

Term

Loan

B

9.818%

TSFR1M

4.500%

6/27/30

1,496,880

Total

Trading

Companies

&

Distributors

1,496,880

Total

Variable

Rate

Senior

Loan

Interests

(cost

$19,495,804)

19,390,877

Principal

Amount

(000)

Description

(a)

,(i)

Coupon

Maturity

Value

X

–

CONTINGENT

CAPITAL

SECURITIES

-

2

.8

%

X

19,378,468

Banks

-

2.6%

$

1,650

Banco

Bilbao

Vizcaya

Argentaria

SA

6.500%

N/A

(f)

$

1,549,156

1,000

Banco

Mercantil

del

Norte

SA/Grand

Cayman,

144A

6.750%

N/A

(f)

978,013

2,060

Banco

Santander

SA

4.750%

N/A

(f)

1,573,010

1,375

Bancolombia

SA

4.625%

12/18/29

1,214,149

700

Bangkok

Bank

PCL/Hong

Kong,

144A

5.000%

N/A

(f)

659,462

1,000

Bank

Hapoalim

BM,

144A

,

Reg

S

3.255%

1/21/32

857,266

2,340

Barclays

PLC

8.000%

N/A

(f)

2,091,632

119

Principal

Amount

(000)

Description

(a),(i)

Coupon

Maturity

Value

Banks

(continued)

$

1,000

BBVA

Bancomer

SA/Texas,

144A

8.450%

6/29/38

$

1,000,452

1,500

BNP

Paribas

SA,

144A

9.250%

N/A

(f)

1,545,555

1,500

Lloyds

Banking

Group

PLC

7.500%

N/A

(f)

1,461,610

2,000

Macquarie

Bank

Ltd/London,

144A

6.125%

N/A

(f)

1,812,650

1,700

Mizrahi

Tefahot

Bank

Ltd,

144A

,

Reg

S

3.077%

4/07/31

1,485,375

2,000

NatWest

Group

PLC

8.000%

N/A

(f)

1,949,900

Total

Banks

18,178,230

Capital

Markets

-

0.2%

1,505

Deutsche

Bank

AG

6.000%

N/A

(f)

1,200,238

Total

Capital

Markets

1,200,238

Total

Contingent

Capital

Securities

(cost

$21,500,461)

19,378,468

Shares

Description

(a)

Coupon

Value

X

–

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

0

.3

%

X

2,208,675

Capital

Markets

-

0.1%

28,850

Morgan

Stanley

6.500%

$

747,215

Total

Capital

Markets

747,215

Financial

Services

-

0.2%

14,600

AgriBank

FCB

6.875%

1,461,460

Total

Financial

Services

1,461,460

Total

$25

Par

(or

similar)

Retail

Preferred

(cost

$2,181,250)

2,208,675

Total

Long-Term

Investments

(cost

$734,343,265)

672,342,240

Shares

Description

(a)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

1.5%

10,376,235

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

(j)

5.350%(k)

$

10,376,235

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$10,376,235)

10,376,235

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

4.2% 

–

REPURCHASE

AGREEMENTS

-

4

.2

%

X

29,611,980

$

1,002

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

8/31/23,

repurchase

price

$1,002,024,

collateralized

$1,037,400,

U.S.

Treasury

Notes,

4.000%,

due

10/31/29,

value

$1,022,042

1.600%

9/01/23

$

1,001,980

28,610

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

8/31/23,

repurchase

price

$28,614,188,

collateralized

$29,638,500,

U.S.

Treasury

Bond,

4.125%,

due

8/15/53,

value

$29,182,244

5.270%

9/01/23

28,610,000

Total

Repurchase

Agreements

(cost

$29,611,980)

29,611,980

Total

Short-Term

Investments

(cost

$29,611,980)

29,611,980

Total

Investments

(cost

$

774,331,480

)

-

101

.5

%

712,330,455

Other

Assets

&

Liabilities,

Net

-   (1.5)%

(

10,808,668

)

Net

Assets

-

100%

$

701,521,787

Nuveen

Strategic

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

120

Investments

in

Derivatives

Credit

Default

Swaps

-

Centrally

Cleared

Counterparty

Referenced

Entity

Buy/Sell

Protection

(l)

Current

Credit

Spread

(m)

Notional

Amount

Fixed

Rate

(Annualized)

Fixed

Rate

Payment

Frequency

Maturity

Date

Value

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Citigroup

Global

Markets,

Inc

CDX.NA.IG.40

Buy

0

.64

%

$

6,500,000

1

.000

%

Quarterly

6/20/28

$

(

113,874

)

$

(

105,073

)

$

(

8,801

)

Total

$

6,500,000

$

(

113,874

)

$(105,073)

$

(

8,801

)

Futures

Contracts

-

Long

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

U.S.

Treasury

10-Year

Note

25

12/23

$

2,751,342

$

2,775,781

$

24,439

U.S.

Treasury

Long

Bond

475

12/23

57,213,937

57,801,563

587,626

U.S.

Treasury

Ultra

10-Year

Note

25

12/23

2,876,223

2,902,734

26,511

U.S.

Treasury

Ultra

Bond

375

12/23

47,975,471

48,550,781

575,310

Total

$110,816,973

$112,030,859

$1,213,886

Futures

Contracts

-

Short

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

3-Month

SOFR

(30)

3/24

$

(

7,130,699

)

$

(

7,095,000

)

$

35,699

3-Month

SOFR

(30)

6/24

(

7,162,800

)

(

7,110,000

)

52,800

3-Month

SOFR

(30)

9/24

(

7,196,199

)

(

7,133,625

)

62,574

3-Month

SOFR

(30)

12/24

(

7,224,050

)

(

7,161,375

)

62,675

3-Month

SOFR

(30)

3/25

(

7,244,299

)

(

7,187,250

)

57,049

3-Month

SOFR

(30)

6/25

(

7,256,262

)

(

7,207,500

)

48,762

3-Month

SOFR

(30)

9/25

(

7,261,162

)

(

7,220,625

)

40,537

3-Month

SOFR

(30)

12/25

(

7,236,112

)

(

7,227,375

)

8,737

Total

$(57,711,583)

$(57,342,750)

$368,833

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.

(b)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(c)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(d)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$10,064,424.

(e)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(f)

Perpetual

security.

Maturity

date

is

not

applicable.

(g)

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.

(h)

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.

(i)

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.

(j)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(k)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

(l)

The

Fund

entered

into

the

credit

default

swaps

to

gain

investment

exposure

to

the

referenced

entity.

Selling

protection

has

a

similar

credit

risk

position

to

owning

the

referenced

entity.

Buying

protection

has

a

similar

credit

risk

position

to

selling

the

referenced

entity

short.

121

(m)

The

credit

spread

generally

serves

as

an

indication

of

the

current

status

of

the

payment/performance

risk

and

therefore

the

likelihood

of

default

of

the

credit

derivative.

The

credit

spread

also

reflects

the

cost

of

buying/selling

protection

and

may

include

upfront

payments

required

to

be

made

to

enter

into

a

credit

default

swap

contract.

Higher

credit

spreads

are

indicative

of

higher

likelihood

of

performance

by

the

seller

of

protection.

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.

DOP

Dominican

Peso

I/O

Interest

only

security

LIBOR

London

Inter-Bank

Offered

Rate

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

Secured

Overnight

Financing

Rate

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

TBD

Senior

loan

purchased

on

a

when-issued

or

delayed-delivery

basis.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date

of

the

transaction.

In

addition,

senior

loans

typically

trade

without

accrued

interest

and

therefore

a

coupon

rate

is

not

available

prior

to

settlement.

At

settlement,

if

still

unknown,

the

borrower

or

counterparty

will

provide

the

Fund

with

the

final

coupon

rate

and

maturity

date.

TSFR

1M

CME

Term

SOFR

1

Month

TSFR

3M

CME

Term

SOFR

3

Month

WI/DD

When-issued

or

delayed

delivery

security.

See

Notes

to

Financial

Statements

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

122

August

31,

2023

Credit

Income

Flexible

Income

Floating

Rate

Income

High

Yield

Income

Preferred

Securities

and

Income

Strategic

Income

ASSETS

Long-term

investments,

at

value

†‡

$

79,059,622‌

$

1,150,723,355‌

$

1,528,788,451‌

$

486,692,515‌

$

4,311,332,052‌

$

672,342,240‌

Investments

purchased

with

collateral

from

securities

lending,

at

value

(cost

approximates

value)

4,135,636‌

17,055,597‌

4,518,703‌

27,539,629‌

103,755,948‌

10,376,235‌

Short-term

investments,

at

value

◊

710,000‌

25,370,510‌

446,106‌

14,475,522‌

4,850,000‌

29,611,980‌

Cash

–‌

–‌

3,528,962‌

346,002‌

316,717‌

90,919‌

Cash

collateral

at

broker

for

investments

in

futures

contracts

(1)

42,994‌

–‌

–‌

–‌

10,472,469‌

4,227,651‌

Receivables:

Dividends

5,876‌

694,447‌

2,468‌

–‌

7,199,020‌

25,094‌

Interest

1,168,527‌

16,411,963‌

14,512,943‌

7,988,385‌

62,901,021‌

5,851,738‌

Investments

sold

964,328‌

–‌

23,954,000‌

6,007,782‌

–‌

871,898‌

Reclaims

–‌

105,166‌

–‌

–‌

–‌

232‌

Reimbursement

from

Adviser

–‌

31,971‌

–‌

–‌

–‌

–‌

Shares

sold

34,376‌

922,012‌

4,176,491‌

409,054‌

9,365,377‌

1,226,124‌

Variation

margin

on

futures

contracts

5,859‌

–‌

–‌

–‌

1,037,500‌

429,688‌

Variation

margin

on

swaps

contracts

–‌

–‌

–‌

–‌

–‌

4,380‌

Other

108,440‌

126,849‌

215,784‌

274,538‌

558,344‌

150,657‌

Total

assets

86,235,658‌

1,211,441,870‌

1,580,143,908‌

543,733,427‌

4,511,788,448‌

725,208,836‌

LIABILITIES

Cash

overdraft

51,377‌

–‌

–‌

–‌

–‌

–‌

Cash

overdraft

denominated

in

foreign

currencies

*

40‌

–‌

–‌

–‌

–‌

–‌

Cash

collateral

due

to

broker

(2)

–‌

–‌

–‌

–‌

–‌

13,181‌

Borrowings

–‌

–‌

11,600,000‌

–‌

–‌

–‌

Credit

default

swaps

premiums

received

–‌

–‌

–‌

–‌

–‌

105,073‌

Payables:

Collateral

from

securities

lending

4,135,636‌

17,055,597‌

4,518,703‌

27,539,629‌

103,755,948‌

10,376,235‌

Dividends

24,734‌

234,503‌

1,329,668‌

85,619‌

2,488,256‌

418,657‌

Interest

1,608‌

1,282‌

27,068‌

1,389‌

6,588‌

476‌

Investments

purchased

-

regular

settlement

—‌

–‌

149,307‌

42,987‌

–‌

1,600,000‌

Investments

purchased

-

when-issued/delayed-

delivery

settlement

1,306,506‌

–‌

15,149,035‌

5,976,438‌

–‌

9,716,202‌

Shares

redeemed

207,195‌

3,356,752‌

5,010,678‌

525,974‌

13,348,454‌

775,453‌

Unfunded

senior

loans

–‌

–‌

262,111‌

–‌

–‌

–‌

Variation

margin

on

futures

contracts

–‌

–‌

–‌

–‌

–‌

15,750‌

Accrued

expenses:

Custodian

fees

40,747‌

112,289‌

233,859‌

76,661‌

293,580‌

115,998‌

Management

fees

24,239‌

601,605‌

750,959‌

242,659‌

2,441,733‌

264,002‌

Directors/Trustees

fees

42,875‌

60,445‌

115,011‌

59,301‌

290,980‌

75,158‌

Professional

fees

8,118‌

13,063‌

32,083‌

8,499‌

40,424‌

12,255‌

Shareholder

reporting

expenses

8,562‌

53,075‌

75,536‌

44,847‌

187,696‌

27,785‌

Shareholder

servicing

agent

fees

19,388‌

241,733‌

361,832‌

248,954‌

841,593‌

125,431‌

12b-1

distribution

and

service

fees

15,991‌

169,849‌

84,446‌

21,773‌

222,590‌

35,300‌

Other

—‌

—‌

—‌

570,567‌

336‌

10,093‌

Total

liabilities

5,887,016‌

21,900,193‌

39,700,296‌

35,445,297‌

123,918,178‌

23,687,049‌

Net

assets

$

80,348,642‌

$

1,189,541,677‌

$

1,540,443,612‌

$

508,288,130‌

$

4,387,870,270‌

$

701,521,787‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

$

224,266,482‌

$

1,515,573,672‌

$

1,864,366,886‌

$

743,356,798‌

$

5,324,133,176‌

$

846,065,508‌

Total

distributable

earnings

(loss)

(143,917,840‌)

(326,031,995‌)

(323,923,274‌)

(235,068,668‌)

(936,262,906‌)

(144,543,721‌)

Net

assets

80,348,642‌

1,189,541,677‌

1,540,443,612‌

508,288,130‌

4,387,870,270‌

701,521,787‌

†

Long-term

investments,

cost

$

83,496,217‌

$

1,246,863,583‌

$

1,570,595,363‌

$

496,569,011‌

$

4,822,803,263‌

$

734,343,265‌

◊

Short-term

investments,

cost

$

710,000‌

$

25,370,510‌

$

446,106‌

$

14,475,522‌

$

4,850,000‌

$

29,611,980‌

‡

Includes

securities

loaned

of

$

3,973,351‌

$

16,357,206‌

$

4,330,225‌

$

26,565,203‌

$

98,567,910‌

$

10,064,424‌

*

Cash

overdraft

denominated

in

foreign

currencies,

cost

$

40‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Statement

of

Assets

and

Liabilities

(continued)

See

Notes

to

Financial

Statements

123

Credit

Income

Flexible

Income

Floating

Rate

Income

High

Yield

Income

Preferred

Securities

and

Income

Strategic

Income

CLASS

A:

Net

assets

$

47,565,571‌

$

190,438,330‌

$

204,408,767‌

$

49,839,722‌

$

459,831,178‌

$

117,023,315‌

Shares

outstanding

7,481,491‌

10,514,499‌

11,360,100‌

2,919,858‌

31,796,830‌

12,247,359‌

Net

asset

value

("NAV")

per

share

$

6.36‌

$

18.11‌

$

17.99‌

$

17.07‌

$

14.46‌

$

9.55‌

Maximum

sales

charge

4.75%

4.75%

3.00%

4.75%

4.75%

4.25%

Offering

price

per

share

(NAV

per

share

plus

maximum

sales

charge)

$

6.68‌

$

19.01‌

$

18.55‌

$

17.92‌

$

15.18‌

$

9.97‌

CLASS

C:

Net

assets

$

6,264,517‌

$

150,632,733‌

$

48,288,654‌

$

13,358,566‌

$

146,125,562‌

$

12,793,525‌

Shares

outstanding

986,709‌

8,332,665‌

2,683,841‌

783,212‌

10,096,811‌

1,345,780‌

NAV

and

offering

price

per

share

$

6.35‌

$

18.08‌

$

17.99‌

$

17.06‌

$

14.47‌

$

9.51‌

CLASS

R6:

Net

assets

$

—‌

$

15,277,770‌

$

271,373,471‌

$

17,730,670‌

$

559,817,252‌

$

243,865,778‌

Shares

outstanding

—‌

837,562‌

15,003,464‌

1,032,422‌

38,593,338‌

25,435,781‌

NAV

and

offering

price

per

share

$

—‌

$

18.24‌

$

18.09‌

$

17.17‌

$

14.51‌

$

9.59‌

CLASS

I:

Net

assets

$

26,518,554‌

$

833,192,844‌

$

1,016,372,720‌

$

427,359,172‌

$

3,222,096,278‌

$

327,839,169‌

Shares

outstanding

4,161,289‌

45,946,751‌

56,423,428‌

25,004,810‌

222,615,881‌

34,313,607‌

NAV

and

offering

price

per

share

$

6.37‌

$

18.13‌

$

18.01‌

$

17.09‌

$

14.47‌

$

9.55‌

Authorized

shares

-

per

class

2

billion

Unlimited

Unlimited

Unlimited

Unlimited

2

billion

Par

value

per

share

$

0.0001

$

0.01

$

0.01

$

0.01

$

0.01

$

0.0001

(1)

Cash

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

derivatives.

(2)

As

disclosed

in

Notes

to

Financial

Statements.

Statement

of

Operations

See

Notes

to

Financial

Statements

124

Year

Ended

August

31,

2023

Credit

Income

Flexible

Income

Floating

Rate

Income

High

Yield

Income

INVESTMENT

INCOME

Dividends

$

88,493‌

$

13,036,301‌

$

4,742,894‌

$

1,095,935‌

Interest

6,939,734‌

57,230,931‌

161,148,909‌

35,255,094‌

Securities

lending

income,

net

47,344‌

172,583‌

152,933‌

307,261‌

Other

income

—‌

133,541‌

—‌

—‌

Tax

withheld

—‌

(36,683‌)

—‌

—‌

Total

investment

income

7,075,571‌

70,536,673‌

166,044,736‌

36,658,290‌

EXPENSES

–

–

–

–

Management

fees

502,467‌

8,833,018‌

11,054,924‌

2,894,933‌

12b-1

service

fees

-

Class

A

123,377‌

520,656‌

564,367‌

124,151‌

12b-1

distribution

and

service

fees

-

Class

C

75,764‌

1,759,494‌

517,319‌

151,926‌

Shareholder

servicing

agent

fees

-

Class

A

44,225‌

134,386‌

166,520‌

68,121‌

Shareholder

servicing

agent

fees

-

Class

C

6,739‌

113,640‌

38,140‌

20,882‌

Shareholder

servicing

agent

fees

-

Class

R6

—‌

379‌

6,751‌

437‌

Shareholder

servicing

agent

fees

-

Class

I

23,895‌

585,066‌

1,030,777‌

559,845‌

Interest

expense

10,590‌

6,475‌

1,208,266‌

27,144‌

Directors/Trustees

fees

3,173‌

48,458‌

71,635‌

18,033‌

Custodian

expenses

56,601‌

156,088‌

556,924‌

102,298‌

Registration

fees

63,814‌

115,938‌

222,079‌

125,464‌

Professional

fees

73,626‌

70,065‌

177,900‌

58,254‌

Shareholder

reporting

expenses

24,493‌

109,694‌

131,339‌

65,773‌

Other

9,262‌

20,712‌

32,016‌

16,198‌

Total

expenses

before

fee

waiver/expense

reimbursement

1,018,026‌

12,474,069‌

15,778,957‌

4,233,459‌

Fee

waiver/expense

reimbursement

(185,757‌)

(952,767‌)

—‌

(327,444‌)

Net

expenses

832,269‌

11,521,302‌

15,778,957‌

3,906,015‌

Net

investment

income

(loss)

6,243,302‌

59,015,371‌

150,265,779‌

32,752,275‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

(5,726,553‌)

(64,233,466‌)

(67,702,336‌)

(44,109,337‌)

Futures

contracts

(1,888‌)

—‌

—‌

—‌

Swaps

contracts

(24,827‌)

—‌

—‌

—‌

Net

realized

gain

(loss)

(5,753,268‌)

(64,233,466‌)

(67,702,336‌)

(44,109,337‌)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

4,518,562‌

28,000,860‌

47,492,721‌

41,951,494‌

Futures

contracts

33,107‌

—‌

—‌

—‌

Swaps

contracts

79,080‌

—‌

—‌

—‌

Change

in

net

unrealized

appreciation

(depreciation)

4,630,749‌

28,000,860‌

47,492,721‌

41,951,494‌

Net

realized

and

unrealized

gain

(loss)

(1,122,519‌)

(36,232,606‌)

(20,209,615‌)

(2,157,843‌)

Net

increase

(decrease)

in

net

assets

from

operations

$

5,120,783‌

$

22,782,765‌

$

130,056,164‌

$

30,594,432‌

Statement

of

Operations

(continued)

See

Notes

to

Financial

Statements

125

Year

Ended

August

31,

2023

Preferred

Securities

and

Income

Strategic

Income

INVESTMENT

INCOME

Dividends

$

63,855,964‌

$

219,733‌

Interest

241,273,392‌

39,082,662‌

Securities

lending

income,

net

855,637‌

103,713‌

Total

investment

income

305,984,993‌

39,406,108‌

EXPENSES

–

–

Management

fees

31,111,612‌

3,548,661‌

12b-1

service

fees

-

Class

A

1,213,134‌

267,333‌

12b-1

distribution

and

service

fees

-

Class

C

1,647,098‌

143,277‌

Shareholder

servicing

agent

fees

-

Class

A

370,400‌

98,560‌

Shareholder

servicing

agent

fees

-

Class

C

125,781‌

13,255‌

Shareholder

servicing

agent

fees

-

Class

R6

25,071‌

11,314‌

Shareholder

servicing

agent

fees

-

Class

I

2,507,333‌

281,271‌

Interest

expense

291,859‌

—‌

Directors/Trustees

fees

179,854‌

24,705‌

Custodian

expenses

438,603‌

213,260‌

Registration

fees

257,008‌

94,584‌

Professional

fees

249,580‌

147,723‌

Shareholder

reporting

expenses

336,249‌

55,519‌

Other

43,051‌

12,948‌

Total

expenses

before

fee

waiver/expense

reimbursement

38,796,633‌

4,912,410‌

Fee

waiver/expense

reimbursement

—‌

(830,497‌)

Net

expenses

38,796,633‌

4,081,913‌

Net

investment

income

(loss)

267,188,360‌

35,324,195‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

and

foreign

currency

(161,540,187‌)

(25,857,200‌)

Futures

contracts

5,839,497‌

(7,441,679‌)

Swaps

contracts

—‌

302,266‌

Net

realized

gain

(loss)

(155,700,690‌)

(32,996,613‌)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

and

foreign

currency

(195,664,094‌)

15,230,028‌

Futures

contracts

3,636,644‌

681,660‌

Swaps

contracts

—‌

(8,801‌)

Change

in

net

unrealized

appreciation

(depreciation)

(192,027,450‌)

15,902,887‌

Net

realized

and

unrealized

gain

(loss)

(347,728,140‌)

(17,093,726‌)

Net

increase

(decrease)

in

net

assets

from

operations

$

(80,539,780‌)

$

18,230,469‌

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

126

Credit

Income

Year

Ended

8/31/23

Two

Months

Ended

8/31/22

Year

Ended

6/30/22

Operations

Net

investment

income

(loss)

$

6,243,302‌

$

959,343‌

$

5,953,454‌

Net

realized

gain

(loss)

(

5,753,268‌

)

(

1,003,130‌

)

(

4,695,087‌

)

Net

change

in

unrealized

appreciation

(depreciation)

4,630,749‌

2,388,758‌

(

14,563,484‌

)

Net

increase

(decrease)

in

net

assets

from

operations

5,120,783‌

2,344,971‌

(

13,305,117‌

)

Distributions

to

Shareholders

Dividends:

Class

A

Shares

(

3,281,093‌

)

(

411,848‌

)

(

2,925,697‌

)

Class

C

Shares

(

442,846‌

)

(

58,807‌

)

(

478,065‌

)

Class

I

Shares

(1,830,098)

(351,885)

(2,603,591)

Return

of

capital:

Class

A

Shares

—‌

(

51,865‌

)

—‌

Class

C

Shares

—‌

(

8,920‌

)

—‌

Class

I

Shares

—‌

(

41,134‌

)

—‌

Decrease

in

net

assets

from

distributions

to

shareholders

(

5,554,037‌

)

(

924,459‌

)

(

6,007,353‌

)

Fund

Share

Transactions

Subscriptions

32,400,921‌

36,718,906‌

74,478,583‌

Reinvestments

of

distributions

5,191,087‌

880,503‌

5,693,978‌

37,592,008‌

37,599,409‌

80,172,561‌

Redemptions

(

78,350,315‌

)

(

3,138,025‌

)

(

162,306,703‌

)

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

(

40,758,307‌

)

34,461,384‌

(

82,134,142‌

)

Net

increase

(decrease)

in

net

assets

(

41,191,561‌

)

35,881,896‌

(

101,446,612‌

)

Net

assets

at

the

beginning

of

period

121,540,203‌

85,658,307‌

187,104,919‌

Net

assets

at

the

end

of

period

$

80,348,642‌

$

121,540,203‌

$

85,658,307‌

See

Notes

to

Financial

Statements

127

Flexible

Income

Year

Ended

8/31/23

Eleven

Months

Ended

8/31/22

Year

Ended

9/30/21

Operations

Net

investment

income

(loss)

$

59,015,371‌

$

62,071,452‌

$

65,072,855‌

Net

realized

gain

(loss)

(

64,233,466‌

)

(

22,798,159‌

)

13,410,158‌

Net

change

in

unrealized

appreciation

(depreciation)

28,000,860‌

(

249,507,043‌

)

64,776,783‌

Net

increase

(decrease)

in

net

assets

from

operations

22,782,765‌

(

210,233,750‌

)

143,259,796‌

Distributions

to

Shareholders

Dividends:

Class

A

Shares

(

13,676,120‌

)

(

11,797,013‌

)

(

12,116,702‌

)

Class

C

Shares

(

10,248,794‌

)

(

8,946,228‌

)

(

9,533,349‌

)

Class

R6

Shares

(

1,006,474‌

)

(

742,040‌

)

(

460,978‌

)

Class

I

Shares

(61,557,787)

(55,624,570)

(52,878,328)

Decrease

in

net

assets

from

distributions

to

shareholders

(

86,489,175‌

)

(

77,109,851‌

)

(

74,989,357‌

)

Fund

Share

Transactions

Subscriptions

194,010,656‌

384,514,694‌

583,992,891‌

Reinvestments

of

distributions

83,952,216‌

75,334,744‌

73,767,550‌

277,962,872‌

459,849,438‌

657,760,441‌

Redemptions

(

519,415,289‌

)

(

551,362,571‌

)

(

446,475,445‌

)

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

(

241,452,417‌

)

(

91,513,133‌

)

211,284,996‌

Net

increase

(decrease)

in

net

assets

(

305,158,827‌

)

(

378,856,734‌

)

279,555,435‌

Net

assets

at

the

beginning

of

period

1,494,700,504‌

1,873,557,238‌

1,594,001,803‌

Net

assets

at

the

end

of

period

$

1,189,541,677‌

$

1,494,700,504‌

$

1,873,557,238‌

See

Notes

to

Financial

Statements

128

Floating

Rate

Income

Year

Ended

8/31/23

Eleven

Months

Ended

8/31/22

Year

Ended

9/30/21

Operations

Net

investment

income

(loss)

$

150,265,779‌

$

69,005,555‌

$

32,669,283‌

Net

realized

gain

(loss)

(

67,702,336‌

)

(

16,720,970‌

)

(

8,740,231‌

)

Net

change

in

unrealized

appreciation

(depreciation)

47,492,721‌

(

94,351,288‌

)

62,295,861‌

Net

increase

(decrease)

in

net

assets

from

operations

130,056,164‌

(

42,066,703‌

)

86,224,913‌

Distributions

to

Shareholders

Dividends:

Class

A

Shares

(

17,194,016‌

)

(

7,138,690‌

)

(

3,923,887‌

)

Class

C

Shares

(

3,567,470‌

)

(

1,309,874‌

)

(

1,099,742‌

)

Class

R6

Shares

(

21,622,055‌

)

(

7,141,660‌

)

(

3,286,851‌

)

Class

I

Shares

(108,611,273)

(54,925,152)

(26,580,531)

Decrease

in

net

assets

from

distributions

to

shareholders

(

150,994,814‌

)

(

70,515,376‌

)

(

34,891,011‌

)

Fund

Share

Transactions

Subscriptions

1,023,241,998‌

2,635,293,845‌

648,316,331‌

Reinvestments

of

distributions

134,159,524‌

62,585,772‌

31,264,656‌

1,157,401,522‌

2,697,879,617‌

679,580,987‌

Redemptions

(

1,920,315,922‌

)

(

1,329,659,883‌

)

(

377,359,108‌

)

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

(

762,914,400‌

)

1,368,219,734‌

302,221,879‌

Net

increase

(decrease)

in

net

assets

(

783,853,050‌

)

1,255,637,655‌

353,555,781‌

Net

assets

at

the

beginning

of

period

2,324,296,662‌

1,068,659,007‌

715,103,226‌

Net

assets

at

the

end

of

period

$

1,540,443,612‌

$

2,324,296,662‌

$

1,068,659,007‌

See

Notes

to

Financial

Statements

129

High

Yield

Income

Year

Ended

8/31/23

Eleven

Months

Ended

8/31/22

Year

Ended

9/30/21

Operations

Net

investment

income

(loss)

$

32,752,275‌

$

25,315,836‌

$

27,444,946‌

Net

realized

gain

(loss)

(

44,109,337‌

)

(

30,363,069‌

)

14,738,521‌

Net

change

in

unrealized

appreciation

(depreciation)

41,951,494‌

(

58,618,202‌

)

26,995,711‌

Net

increase

(decrease)

in

net

assets

from

operations

30,594,432‌

(

63,665,435‌

)

69,179,178‌

Distributions

to

Shareholders

Dividends:

Class

A

Shares

(

3,127,077‌

)

(

2,268,525‌

)

(

2,442,754‌

)

Class

C

Shares

(

835,491‌

)

(

817,974‌

)

(

1,478,044‌

)

Class

R6

Shares

(

1,008,624‌

)

(

347,690‌

)

(

382,235‌

)

Class

I

Shares

(26,708,618)

(21,870,651)

(27,432,689)

Decrease

in

net

assets

from

distributions

to

shareholders

(

31,679,810‌

)

(

25,304,840‌

)

(

31,735,722‌

)

Fund

Share

Transactions

Subscriptions

120,938,042‌

319,175,710‌

297,420,498‌

Reinvestments

of

distributions

30,705,011‌

24,364,224‌

30,297,730‌

151,643,053‌

343,539,934‌

327,718,228‌

Redemptions

(

177,686,532‌

)

(

390,244,003‌

)

(

204,424,085‌

)

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

(

26,043,479‌

)

(

46,704,069‌

)

123,294,143‌

Net

increase

(decrease)

in

net

assets

(

27,128,857‌

)

(

135,674,344‌

)

160,737,599‌

Net

assets

at

the

beginning

of

period

535,416,987‌

671,091,331‌

510,353,732‌

Net

assets

at

the

end

of

period

$

508,288,130‌

$

535,416,987‌

$

671,091,331‌

See

Notes

to

Financial

Statements

130

Preferred

Securities

and

Income

Year

Ended

8/31/23

Eleven

Months

Ended

8/31/22

Year

Ended

9/30/21

Operations

Net

investment

income

(loss)

$

267,188,360‌

$

221,194,609‌

$

214,372,042‌

Net

realized

gain

(loss)

(

155,700,690‌

)

(

27,446,227‌

)

18,018,153‌

Net

change

in

unrealized

appreciation

(depreciation)

(

192,027,450‌

)

(

696,519,836‌

)

273,778,659‌

Net

increase

(decrease)

in

net

assets

from

operations

(

80,539,780‌

)

(

502,771,454‌

)

506,168,854‌

Distributions

to

Shareholders

Dividends:

Class

A

Shares

(

27,424,381‌

)

(

25,258,186‌

)

(

24,863,918‌

)

Class

C

Shares

(

8,092,218‌

)

(

7,777,840‌

)

(

9,343,513‌

)

Class

R3

Shares

(1)

—‌

—‌

(

123,631‌

)

Class

R6

Shares

(

50,835,368‌

)

(

45,822,169‌

)

(

33,907,594‌

)

Class

I

Shares

(194,705,167)

(166,609,787)

(164,197,788)

Return

of

capital:

Class

A

Shares

—‌

(

864,230‌

)

—‌

Class

C

Shares

—‌

(

317,696‌

)

—‌

Class

R3

Shares

—‌

—‌

—‌

Class

R6

Shares

—‌

(

1,475,493‌

)

—‌

Class

I

Shares

—‌

(

5,423,300‌

)

—‌

Decrease

in

net

assets

from

distributions

to

shareholders

(

281,057,134‌

)

(

253,548,701‌

)

(

232,436,444‌

)

Fund

Share

Transactions

Subscriptions

2,764,259,434‌

2,467,230,498‌

2,511,404,036‌

Reinvestments

of

distributions

249,265,746‌

223,486,739‌

202,562,578‌

3,013,525,180‌

2,690,717,237‌

2,713,966,614‌

Redemptions

(

3,390,380,990‌

)

(

2,424,701,187‌

)

(

1,314,089,393‌

)

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

(

376,855,810‌

)

266,016,050‌

1,399,877,221‌

Net

increase

(decrease)

in

net

assets

(

738,452,724‌

)

(

490,304,105‌

)

1,673,609,631‌

Net

assets

at

the

beginning

of

period

5,126,322,994‌

5,616,627,099‌

3,943,017,468‌

Net

assets

at

the

end

of

period

$

4,387,870,270‌

$

5,126,322,994‌

$

5,616,627,099‌

See

Notes

to

Financial

Statements

131

Strategic

Income

Year

Ended

8/31/23

Two

Months

Ended

8/31/22

Year

Ended

6/30/22

Operations

Net

investment

income

(loss)

$

35,324,195‌

$

5,020,408‌

$

27,531,160‌

Net

realized

gain

(loss)

(

32,996,613‌

)

(

5,665,269‌

)

(

8,053,495‌

)

Net

change

in

unrealized

appreciation

(depreciation)

15,902,887‌

14,532,451‌

(

112,557,293‌

)

Net

increase

(decrease)

in

net

assets

from

operations

18,230,469‌

13,887,590‌

(

93,079,628‌

)

Distributions

to

Shareholders

Dividends:

Class

A

Shares

(

5,424,417‌

)

(

719,094‌

)

(

3,806,231‌

)

Class

C

Shares

(

612,879‌

)

(

108,128‌

)

(

613,221‌

)

Class

R6

Shares

(

12,859,679‌

)

(

1,806,717‌

)

(

8,731,621‌

)

Class

I

Shares

(16,165,662)

(2,530,818)

(13,540,313)

Decrease

in

net

assets

from

distributions

to

shareholders

(

35,062,637‌

)

(

5,164,757‌

)

(

26,691,386‌

)

Fund

Share

Transactions

Subscriptions

220,324,700‌

45,375,187‌

365,153,490‌

Reinvestments

of

distributions

29,895,920‌

4,245,251‌

21,214,611‌

250,220,620‌

49,620,438‌

386,368,101‌

Redemptions

(

225,458,838‌

)

(

56,355,925‌

)

(

238,194,913‌

)

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

24,761,782‌

(

6,735,487‌

)

148,173,188‌

Net

increase

(decrease)

in

net

assets

7,929,614‌

1,987,346‌

28,402,174‌

Net

assets

at

the

beginning

of

period

693,592,173‌

691,604,827‌

663,202,653‌

Net

assets

at

the

end

of

period

$

701,521,787‌

$

693,592,173‌

$

691,604,827‌

(1)

Class

R3

Shares

were

converted

to

Class

A

Shares

at

the

close

of

business

on

June

4,

2021

and

are

no

longer

available

for

reinvestment

or

through

an

exchange

from

other

Nuveen

mutual

funds.

Financial

Highlights

132

The

following

data

is

for

a

share outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

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

Credit

Income

Class

A

8/31/23

$

6.36

$

0.47

$

(

0.05

)

$

0.42

$

(

0.42

)

$

—

$

—

$

(

0.42

)

$

6.36

8/31/22(d)

6.22

0.06

0.14

0.20

(

0.05

)

—

(

0.01

)

(

0.06

)

6.36

6/30/22

7.42

0.32

(

1.20

)

(

0.88

)

(

0.32

)

—

—

(

0.32

)

6.22

6/30/21

6.69

0.34

0.71

1.05

(

0.32

)

—

—

(

0.32

)

7.42

6/30/20

7.44

0.38

(

0.75

)

(

0.37

)

(

0.35

)

—

(

0.03

)

(

0.38

)

6.69

6/30/19

7.51

0.46

(

0.04

)

0.42

(

0.49

)

—

—

(

0.49

)

7.44

Class

C

8/31/23

6.35

0.42

(

0.05

)

0.37

(

0.37

)

—

—

(

0.37

)

6.35

8/31/22(d)

6.21

0.05

0.14

0.19

(

0.04

)

—

(

0.01

)

(

0.05

)

6.35

6/30/22

7.41

0.26

(

1.19

)

(

0.93

)

(

0.27

)

—

—

(

0.27

)

6.21

6/30/21

6.69

0.29

0.70

0.99

(

0.27

)

—

—

(

0.27

)

7.41

6/30/20

7.43

0.33

(

0.74

)

(

0.41

)

(

0.30

)

—

(

0.03

)

(

0.33

)

6.69

6/30/19

7.50

0.40

(

0.04

)

0.36

(

0.43

)

—

—

(

0.43

)

7.43

Class

I

8/31/23

6.37

0.48

(

0.04

)

0.44

(

0.44

)

—

—

(

0.44

)

6.37

8/31/22(d)

6.23

0.06

0.14

0.20

(

0.05

)

—

(

0.01

)

(

0.06

)

6.37

6/30/22

7.45

0.34

(

1.22

)

(

0.88

)

(

0.34

)

—

—

(

0.34

)

6.23

6/30/21

6.71

0.36

0.72

1.08

(

0.34

)

—

—

(

0.34

)

7.45

6/30/20

7.47

0.40

(

0.76

)

(

0.36

)

(

0.37

)

—

(

0.03

)

(

0.40

)

6.71

6/30/19

7.54

0.48

(

0.04

)

0.44

(

0.51

)

—

—

(

0.51

)

7.47

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.

See

Notes

to

Financial

Statements

for

more

information.

(d)

For

the

two

months

ended

August

31,

2022.

Prior

to

July

1,

2022,

the

Fund's

fiscal

year

end

was

June

30th.

(e)

Annualized.

See

Notes

to

Financial

Statements

133

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c)

Portfolio

Turnover

Rate

6

.87‌

%

$

47,566

1

.23‌

%

1

.01‌

%

7

.49‌

%

86‌

%

3

.16‌

51,908

1

.50‌

(e)

1

.03‌

(e)

5

.53‌

(e)

6‌

(

12

.23‌

)

51,332

1

.15‌

1

.00‌

4

.51‌

120‌

16

.01‌

77,953

1

.12‌

1

.00‌

4

.75‌

196‌

(

5

.15‌

)

82,545

1

.12‌

1

.00‌

5

.31‌

80‌

5

.86‌

151,673

1

.01‌

1

.00‌

6

.19‌

113‌

6

.09‌

6,265

1

.98‌

1

.76‌

6

.72‌

86‌

3

.02‌

8,926

2

.25‌

(e)

1

.78‌

(e)

4

.77‌

(e)

6‌

(

12

.92‌

)

8,887

1

.90‌

1

.75‌

3

.70‌

120‌

15

.03‌

15,101

1

.87‌

1

.75‌

4

.02‌

196‌

(

5

.75‌

)

22,612

1

.87‌

1

.75‌

4

.58‌

80‌

5

.04‌

35,655

1

.77‌

1

.75‌

5

.46‌

113‌

7

.16‌

26,519

0

.98‌

0

.76‌

7

.61‌

86‌

3

.20‌

60,706

1

.25‌

(e)

0

.78‌

(e)

5

.55‌

(e)

6‌

(

12

.23‌

)

25,439

0

.90‌

0

.75‌

4

.63‌

120‌

16

.40‌

94,051

0

.87‌

0

.75‌

4

.99‌

196‌

(

5

.03‌

)

80,728

0

.86‌

0

.75‌

5

.47‌

80‌

6

.10‌

101,560

0

.76‌

0

.75‌

6

.45‌

113‌

Financial

Highlights

134

The

following

data

is

for

a

share outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

Flexible

Income

Class

A

8/31/23

$

18.93

$

0.81

$

(

0.43

)

$

0.38

$

(

1.20

)

$

—

$

(

1.20

)

$

18.11

8/31/22(e)

22.27

0.72

(

3.16

)

(

2.44

)

(

0.90

)

—

(

0.90

)

18.93

9/30/21

21.36

0.81

1.04

1.85

(

0.94

)

—

(

0.94

)

22.27

9/30/20

22.06

0.88

(

0.39

)

0.49

(

1.19

)

—

(

1.19

)

21.36

9/30/19

21.44

1.02

0.76

1.78

(

1.16

)

—

(

1.16

)

22.06

9/30/18

22.13

1.01

(

0.52

)

0.49

(

1.18

)

—

(

1.18

)

21.44

Class

C

8/31/23

18.90

0.67

(

0.43

)

0.24

(

1.06

)

—

(

1.06

)

18.08

8/31/22(e)

22.22

0.58

(

3.15

)

(

2.57

)

(

0.75

)

—

(

0.75

)

18.90

9/30/21

21.31

0.64

1.04

1.68

(

0.77

)

—

(

0.77

)

22.22

9/30/20

22.01

0.72

(

0.39

)

0.33

(

1.03

)

—

(

1.03

)

21.31

9/30/19

21.40

0.86

0.75

1.61

(

1.00

)

—

(

1.00

)

22.01

9/30/18

22.08

0.85

(

0.52

)

0.33

(

1.01

)

—

(

1.01

)

21.40

Class

R6

8/31/23

19.06

0.87

(

0.43

)

0.44

(

1.26

)

—

(

1.26

)

18.24

8/31/22(e)

22.42

0.79

(

3.19

)

(

2.40

)

(

0.96

)

—

(

0.96

)

19.06

9/30/21

21.50

0.89

1.04

1.93

(

1.01

)

—

(

1.01

)

22.42

9/30/20

22.20

0.96

(

0.40

)

0.56

(

1.26

)

—

(

1.26

)

21.50

9/30/19

21.57

1.11

0.74

1.85

(

1.22

)

—

(

1.22

)

22.20

9/30/18

22.19

1.13

(

0.51

)

0.62

(

1.24

)

—

(

1.24

)

21.57

Class

I

8/31/23

18.95

0.86

(

0.44

)

0.42

(

1.24

)

—

(

1.24

)

18.13

8/31/22(e)

22.29

0.77

(

3.16

)

(

2.39

)

(

0.95

)

—

(

0.95

)

18.95

9/30/21

21.38

0.87

1.03

1.90

(

0.99

)

—

(

0.99

)

22.29

9/30/20

22.08

0.93

(

0.39

)

0.54

(

1.24

)

—

(

1.24

)

21.38

9/30/19

21.47

1.08

0.74

1.82

(

1.21

)

—

(

1.21

)

22.08

9/30/18

22.16

1.07

(

0.53

)

0.54

(

1.23

)

—

(

1.23

)

21.47

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.

See

Notes

to

Financial

Statements

for

more

information.

(d)

Includes

voluntary

compensation

from

the

Adviser

as

further

described

in

the

Notes

to

Financial

Statements.

(e)

For

the

eleven

months

ended

August

31,

2022.

Prior

to

July

1,

2022,

the

Fund's

fiscal

year

end

was

September

30th.

(f)

Annualized.

See

Notes

to

Financial

Statements

135

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c),(d)

Portfolio

Turnover

Rate

2

.13‌

%

$

190,438

1

.03‌

%

0

.96‌

%

4

.45‌

%

26‌

%

(

11

.18‌

)

230,505

1

.02‌

(f)

0

.95‌

(f)

3

.78‌

(f)

31‌

8

.71‌

298,734

1

.04‌

0

.95‌

3

.66‌

30‌

2

.35‌

264,865

1

.04‌

0

.96‌

4

.13‌

38‌

8

.69‌

221,484

1

.06‌

0

.96‌

4

.85‌

24‌

2

.27‌

176,014

1

.08‌

0

.96‌

4

.66‌

29‌

1

.37‌

150,633

1

.78‌

1

.71‌

3

.70‌

26‌

(

11

.81‌

)

208,775

1

.77‌

(f)

1

.70‌

(f)

3

.03‌

(f)

31‌

7

.97‌

276,035

1

.79‌

1

.70‌

2

.91‌

30‌

1

.59‌

262,068

1

.79‌

1

.71‌

3

.38‌

38‌

7

.85‌

223,364

1

.81‌

1

.71‌

4

.10‌

24‌

1

.49‌

182,049

1

.83‌

1

.71‌

3

.91‌

29‌

2

.48‌

15,278

0

.72‌

0

.65‌

4

.75‌

26‌

(

10

.96‌

)

15,113

0

.71‌

(f)

0

.64‌

(f)

4

.12‌

(f)

31‌

9

.09‌

14,881

0

.72‌

0

.64‌

3

.97‌

30‌

2

.69‌

6,682

0

.72‌

0

.64‌

4

.46‌

38‌

9

.03‌

649

0

.74‌

0

.64‌

5

.22‌

24‌

2

.86‌

272

0

.75‌

0

.64‌

5

.12‌

29‌

2

.40‌

833,193

0

.78‌

0

.71‌

4

.69‌

26‌

(

11

.00‌

)

1,040,308

0

.77‌

(f)

0

.70‌

(f)

4

.03‌

(f)

31‌

9

.02‌

1,283,908

0

.79‌

0

.70‌

3

.90‌

30‌

2

.60‌

1,060,386

0

.79‌

0

.71‌

4

.38‌

38‌

8

.91‌

961,413

0

.80‌

0

.71‌

5

.09‌

24‌

2

.53‌

632,596

0

.83‌

0

.71‌

4

.92‌

29‌

136

Financial

Highlights

(continued)

The

following

data

is

for

a

share outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

Floating

Rate

Income

Class

A

8/31/23

$

18.11

$

1.36

$

(0.11)

$

1.25

$

(1.37)

$

—

$

(1.37)

$

17.99

8/31/22(d)

19.06

0.63

(0.93)

(0.30)

(0.65)

—

(0.65)

18.11

9/30/21

17.80

0.72

1.32

2.04

(0.78)

—

(0.78)

19.06

9/30/20

19.08

0.80

(1.14)

(0.34)

(0.94)

—

(0.94)

17.80

9/30/19

19.65

0.93

(0.56)

0.37

(0.94)

—

(0.94)

19.08

9/30/18

19.64

0.79

0.05

0.84

(0.83)

—

(0.83)

19.65

Class

C

8/31/23

18.11

1.23

(0.11)

1.12

(1.24)

—

(1.24)

17.99

8/31/22(d)

19.06

0.50

(0.93)

(0.43)

(0.52)

—

(0.52)

18.11

9/30/21

17.80

0.59

1.31

1.90

(0.64)

—

(0.64)

19.06

9/30/20

19.08

0.66

(1.14)

(0.48)

(0.80)

—

(0.80)

17.80

9/30/19

19.65

0.79

(0.56)

0.23

(0.80)

—

(0.80)

19.08

9/30/18

19.63

0.64

0.06

0.70

(0.68)

—

(0.68)

19.65

Class

R6

8/31/23

18.21

1.45

(0.13)

1.32

(1.44)

—

(1.44)

18.09

8/31/22(d)

19.16

0.69

(0.93)

(0.24)

(0.71)

—

(0.71)

18.21

9/30/21

17.88

0.79

1.33

2.12

(0.84)

—

(0.84)

19.16

9/30/20

19.17

0.86

(1.15)

(0.29)

(1.00)

—

(1.00)

17.88

9/30/19

19.73

1.06

(0.62)

0.44

(1.00)

—

(1.00)

19.17

9/30/18

19.68

0.90

0.02

0.92

(0.87)

—

(0.87)

19.73

Class

I

8/31/23

18.14

1.38

(0.09)

1.29

(1.42)

—

(1.42)

18.01

8/31/22(d)

19.08

0.67

(0.92)

(0.25)

(0.69)

—

(0.69)

18.14

9/30/21

17.81

0.77

1.32

2.09

(0.82)

—

(0.82)

19.08

9/30/20

19.10

0.84

(1.15)

(0.31)

(0.98)

—

(0.98)

17.81

9/30/19

19.67

0.97

(0.55)

0.42

(0.99)

—

(0.99)

19.10

9/30/18

19.65

0.84

0.05

0.89

(0.87)

—

(0.87)

19.67

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.  

(c)

The

Fund

has

a

contractual

fee

waiver/expense

reimbursement

agreement

with

the

Adviser,

but

did

not

receive

a

fee

waiver/expense

reimbursement

during

the

periods

presented

herein.

See

Notes

to

Financial

Statements

for

more

information.

(d)

For

the

eleven

months

ended

August

31,

2022.

Prior

to

July

1,

2022,

the

Fund's

fiscal

year

end

was

September

30th.

(e)

Annualized.

See

Notes

to

Financial

Statements

137

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Expenses(c)

NII

(Loss)(c)

Portfolio

Turnover

Rate

7.24‌

%

$

204,409

1.02‌

%

7.61‌

%

24‌

%

(1.61‌)

246,410

0.94‌

(e)

3.70‌

(e)

37‌

11.67‌

121,925

1.03‌

3.88‌

52‌

(1.81‌)

90,684

1.01‌

4.43‌

63‌

1.93‌

112,723

1.00‌

4.81‌

32‌

4.40‌

220,648

1.04‌

4.02‌

33‌

6.45‌

48,289

1.77‌

6.89‌

24‌

(2.30‌)

55,285

1.69‌

(e)

2.93‌

(e)

37‌

10.79‌

34,192

1.78‌

3.14‌

52‌

(2.50‌)

33,375

1.76‌

3.66‌

63‌

1.21‌

53,639

1.75‌

4.10‌

32‌

3.61‌

87,289

1.79‌

3.28‌

33‌

7.59‌

271,373

0.70‌

8.08‌

24‌

(1.29‌)

227,215

0.61‌

(e)

4.03‌

(e)

37‌

12.03‌

83,970

0.70‌

4.20‌

52‌

(1.46‌)

55,634

0.67‌

4.75‌

63‌

2.34‌

54,122

0.66‌

5.53‌

32‌

4.80‌

2,298

0.65‌

4.58‌

33‌

7.46‌

1,016,373

0.77‌

7.73‌

24‌

(1.32‌)

1,795,387

0.69‌

(e)

3.97‌

(e)

37‌

11.93‌

828,572

0.78‌

4.10‌

52‌

(1.56‌)

535,410

0.76‌

4.65‌

63‌

2.24‌

895,304

0.76‌

5.04‌

32‌

4.65‌

2,126,985

0.79‌

4.29‌

33‌

138

Financial

Highlights

(continued)

The

following

data

is

for

a

share outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

High

Yield

Income

Class

A

8/31/23

$

17.09

$

1.10

$

(0.05)

$

1.05

$

(1.07)

$

—

$

(1.07)

$

17.07

8/31/22(d)

19.77

0.77

(2.68)

(1.91)

(0.77)

—

(0.77)

17.09

9/30/21

18.51

0.86

1.40

2.26

(1.00)

—

(1.00)

19.77

9/30/20

20.16

1.04

(1.57)

(0.53)

(1.12)

—

(1.12)

18.51

9/30/19

20.14

1.03

0.07

1.10

(1.08)

—

(1.08)

20.16

9/30/18

20.36

1.04

(0.12)

0.92

(1.14)

—

(1.14)

20.14

Class

C

8/31/23

17.08

0.97

(0.05)

0.92

(0.94)

—

(0.94)

17.06

8/31/22(d)

19.75

0.64

(2.67)

(2.03)

(0.64)

—

(0.64)

17.08

9/30/21

18.49

0.72

1.40

2.12

(0.86)

—

(0.86)

19.75

9/30/20

20.14

0.89

(1.56)

(0.67)

(0.98)

—

(0.98)

18.49

9/30/19

20.11

0.88

0.08

0.96

(0.93)

—

(0.93)

20.14

9/30/18

20.33

0.89

(0.13)

0.76

(0.98)

—

(0.98)

20.11

Class

R6

8/31/23

17.19

1.19

(0.07)

1.12

(1.14)

—

(1.14)

17.17

8/31/22(d)

19.88

0.84

(2.70)

(1.86)

(0.83)

—

(0.83)

17.19

9/30/21

18.60

0.93

1.42

2.35

(1.07)

—

(1.07)

19.88

9/30/20

20.25

1.11

(1.57)

(0.46)

(1.19)

—

(1.19)

18.60

9/30/19

20.22

1.11

0.07

1.18

(1.15)

—

(1.15)

20.25

9/30/18

20.42

1.12

(0.13)

0.99

(1.19)

—

(1.19)

20.22

Class

I

8/31/23

17.11

1.15

(0.06)

1.09

(1.11)

—

(1.11)

17.09

8/31/22(d)

19.79

0.81

(2.67)

(1.86)

(0.82)

—

(0.82)

17.11

9/30/21

18.53

0.91

1.40

2.31

(1.05)

—

(1.05)

19.79

9/30/20

20.17

1.08

(1.55)

(0.47)

(1.17)

—

(1.17)

18.53

9/30/19

20.15

1.08

0.07

1.15

(1.13)

—

(1.13)

20.17

9/30/18

20.37

1.10

(0.13)

0.97

(1.19)

—

(1.19)

20.15

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.

See

Notes

to

Financial

Statements

for

more

information.

(d)

For

the

eleven

months

ended

August

31,

2022.

Prior

to

July

1,

2022,

the

Fund's

fiscal

year

end

was

September

30th.

(e)

Annualized.

See

Notes

to

Financial

Statements

139

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c)

Portfolio

Turnover

Rate

6.37‌

%

$

49,840

1.07‌

%

1.00‌

%

6.51‌

%

135‌

%

(9.85‌)

50,895

1.05‌

(e)

1.00‌

(e)

4.54‌

(e)

116‌

12.44‌

53,994

1.06‌

0.99‌

4.40‌

134‌

(2.58‌)

39,747

1.04‌

1.00‌

5.43‌

128‌

5.73‌

47,647

1.04‌

1.00‌

5.22‌

70‌

4.68‌

52,494

1.04‌

1.00‌

5.19‌

43‌

5.57‌

13,359

1.82‌

1.75‌

5.72‌

135‌

(10.46‌)

18,123

1.80‌

(e)

1.75‌

(e)

3.76‌

(e)

116‌

11.61‌

30,391

1.81‌

1.75‌

3.69‌

134‌

(3.33‌)

36,222

1.80‌

1.75‌

4.70‌

128‌

4.94‌

54,408

1.80‌

1.75‌

4.47‌

70‌

3.93‌

63,854

1.79‌

1.75‌

4.43‌

43‌

6.70‌

17,731

0.68‌

0.61‌

6.99‌

135‌

(9.50‌)

7,779

0.67‌

(e)

0.62‌

(e)

4.94‌

(e)

116‌

12.87‌

7,568

0.70‌

0.63‌

4.78‌

134‌

(2.19‌)

6,567

0.68‌

0.63‌

5.82‌

128‌

6.09‌

6,651

0.68‌

0.64‌

5.58‌

70‌

5.09‌

7,064

0.68‌

0.64‌

5.54‌

43‌

6.62‌

427,359

0.82‌

0.75‌

6.76‌

135‌

(9.63‌)

458,620

0.80‌

(e)

0.75‌

(e)

4.77‌

(e)

116‌

12.69‌

579,139

0.81‌

0.74‌

4.66‌

134‌

(2.29‌)

427,818

0.79‌

0.75‌

5.67‌

128‌

5.98‌

492,539

0.79‌

0.75‌

5.45‌

70‌

4.93‌

586,060

0.79‌

0.75‌

5.45‌

43‌

140

Financial

Highlights

(continued)

The

following

data

is

for

a

share outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

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

Preferred

Securities

and

Income

Class

A

8/31/23

$

15.49

$

0.79

$

(

0.98

)

$

(

0.19

)

$

(

0.84

)

$

—

$

—

$

(

0.84

)

$

14.46

8/31/22(d)

17.84

0.66

(

2.25

)

(

1.59

)

(

0.73

)

—

(

0.03

)

(

0.76

)

15.49

9/30/21

16.73

0.76

1.18

1.94

(

0.83

)

—

—

(

0.83

)

17.84

9/30/20

17.21

0.83

(

0.45

)

0.38

(

0.86

)

—

—

(

0.86

)

16.73

9/30/19

16.75

0.90

0.46

1.36

(

0.90

)

—

—

(

0.90

)

17.21

9/30/18

17.72

0.90

(

0.97

)

(

0.07

)

(

0.90

)

—

—

(

0.90

)

16.75

Class

C

8/31/23

15.50

0.68

(

0.98

)

(

0.30

)

(

0.73

)

—

—

(

0.73

)

14.47

8/31/22(d)

17.85

0.55

(

2.26

)

(

1.71

)

(

0.61

)

—

(

0.03

)

(

0.64

)

15.50

9/30/21

16.74

0.63

1.18

1.81

(

0.70

)

—

—

(

0.70

)

17.85

9/30/20

17.21

0.70

(

0.44

)

0.26

(

0.73

)

—

—

(

0.73

)

16.74

9/30/19

16.77

0.78

0.44

1.22

(

0.78

)

—

—

(

0.78

)

17.21

9/30/18

17.73

0.77

(

0.96

)

(

0.19

)

(

0.77

)

—

—

(

0.77

)

16.77

Class

R6

8/31/23

15.53

0.84

(

0.97

)

(

0.13

)

(

0.89

)

—

—

(

0.89

)

14.51

8/31/22(d)

17.89

0.71

(

2.26

)

(

1.55

)

(

0.78

)

—

(

0.03

)

(

0.81

)

15.53

9/30/21

16.77

0.83

1.18

2.01

(

0.89

)

—

—

(

0.89

)

17.89

9/30/20

17.25

0.89

(

0.46

)

0.43

(

0.91

)

—

—

(

0.91

)

16.77

9/30/19

16.79

0.95

0.46

1.41

(

0.95

)

—

—

(

0.95

)

17.25

9/30/18

17.74

0.97

(

0.97

)

—

(

0.95

)

—

—

(

0.95

)

16.79

Class

I

8/31/23

15.50

0.83

(

0.98

)

(

0.15

)

(

0.88

)

—

—

(

0.88

)

14.47

8/31/22(d)

17.86

0.70

(

2.26

)

(

1.56

)

(

0.77

)

—

(

0.03

)

(

0.80

)

15.50

9/30/21

16.74

0.81

1.19

2.00

(

0.88

)

—

—

(

0.88

)

17.86

9/30/20

17.22

0.87

(

0.45

)

0.42

(

0.90

)

—

—

(

0.90

)

16.74

9/30/19

16.77

0.95

0.44

1.39

(

0.94

)

—

—

(

0.94

)

17.22

9/30/18

17.73

0.94

(

0.95

)

(

0.01

)

(

0.95

)

—

—

(

0.95

)

16.77

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.

(c)

The

Fund

has

a

contractual

fee

waiver/expense

reimbursement

agreement

with

the

Adviser,

but

did

not

receive

a

fee

waiver/expense

reimbursement

during

the

periods

presented

herein.

See

Notes

to

Financial

Statements

for

more

information.

(d)

For

the

eleven

months

ended

August

31,

2022.

Prior

to

July

1,

2022,

the

Fund's

fiscal

year

end

was

September

30th.

(e)

Annualized.

See

Notes

to

Financial

Statements

141

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Expenses(c)

NII

(Loss)(c)

Portfolio

Turnover

Rate

(

1

.21‌

)

%

$

459,831

1

.01‌

%

5

.36‌

%

22‌

%

(

9

.07‌

)

551,741

0

.99‌

(e)

4

.34‌

(e)

12‌

11

.79‌

597,657

0

.99‌

4

.32‌

14‌

2

.33‌

458,391

1

.03‌

4

.97‌

37‌

8

.45‌

416,289

1

.03‌

5

.44‌

34‌

(

0

.39‌

)

383,353

1

.03‌

5

.20‌

30‌

(

1

.93‌

)

146,126

1

.76‌

4

.62‌

22‌

(

9

.72‌

)

184,904

1

.74‌

(e)

3

.57‌

(e)

12‌

10

.96‌

232,618

1

.74‌

3

.57‌

14‌

1

.63‌

235,790

1

.78‌

4

.21‌

37‌

7

.54‌

260,290

1

.79‌

4

.69‌

34‌

(

1

.07‌

)

276,059

1

.78‌

4

.47‌

30‌

(

0

.81‌

)

559,817

0

.69‌

5

.66‌

22‌

(

8

.84‌

)

1,051,040

0

.67‌

(e)

4

.65‌

(e)

12‌

12

.16‌

944,235

0

.68‌

4

.65‌

14‌

2

.66‌

453,348

0

.69‌

5

.32‌

37‌

8

.77‌

382,299

0

.70‌

5

.73‌

34‌

(

0

.01‌

)

673,119

0

.71‌

5

.63‌

30‌

(

0

.94‌

)

3,222,096

0

.76‌

5

.62‌

22‌

(

8

.91‌

)

3,338,638

0

.74‌

(e)

4

.57‌

(e)

12‌

12

.11‌

3,842,118

0

.74‌

4

.57‌

14‌

2

.57‌

2,792,500

0

.78‌

5

.20‌

37‌

8

.66‌

2,800,599

0

.78‌

5

.69‌

34‌

(

0

.09‌

)

2,650,158

0

.78‌

5

.47‌

30‌

142

Financial

Highlights

(continued)

The

following

data

is

for

a

share outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

Strategic

Income

Class

A

8/31/23

$

9.78

$

0.49

$

(0.23)

$

0.26

$

(0.49)

$

—

$

(0.49)

$

9.55

8/31/22(d)

9.66

0.07

0.12

0.19

(0.07)

—

(0.07)

9.78

6/30/22

11.23

0.35

(1.59)

(1.24)

(0.33)

—

(0.33)

9.66

6/30/21

10.69

0.34

0.53

0.87

(0.33)

—

(0.33)

11.23

6/30/20

10.60

0.36

0.12

0.48

(0.39)

—

(0.39)

10.69

6/30/19

10.17

0.40

0.38

0.78

(0.35)

—

(0.35)

10.60

Class

C

8/31/23

9.73

0.41

(0.22)

0.19

(0.41)

—

(0.41)

9.51

8/31/22(d)

9.61

0.05

0.13

0.18

(0.06)

—

(0.06)

9.73

6/30/22

11.17

0.26

(1.57)

(1.31)

(0.25)

—

(0.25)

9.61

6/30/21

10.64

0.26

0.52

0.78

(0.25)

—

(0.25)

11.17

6/30/20

10.55

0.28

0.12

0.40

(0.31)

—

(0.31)

10.64

6/30/19

10.12

0.32

0.39

0.71

(0.28)

—

(0.28)

10.55

Class

R6

8/31/23

9.82

0.52

(0.23)

0.29

(0.52)

—

(0.52)

9.59

8/31/22(d)

9.69

0.07

0.13

0.20

(0.07)

—

(0.07)

9.82

6/30/22

11.27

0.39

(1.60)

(1.21)

(0.37)

—

(0.37)

9.69

6/30/21

10.73

0.38

0.53

0.91

(0.37)

—

(0.37)

11.27

6/30/20

10.64

0.40

0.12

0.52

(0.43)

—

(0.43)

10.73

6/30/19

10.20

0.44

0.38

0.82

(0.38)

—

(0.38)

10.64

Class

I

8/31/23

9.78

0.51

(0.23)

0.28

(0.51)

—

(0.51)

9.55

8/31/22(d)

9.66

0.07

0.12

0.19

(0.07)

—

(0.07)

9.78

6/30/22

11.23

0.37

(1.58)

(1.21)

(0.36)

—

(0.36)

9.66

6/30/21

10.69

0.37

0.53

0.90

(0.36)

—

(0.36)

11.23

6/30/20

10.60

0.39

0.12

0.51

(0.42)

—

(0.42)

10.69

6/30/19

10.17

0.42

0.39

0.81

(0.38)

—

(0.38)

10.60

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.  

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.

See

Notes

to

Financial

Statements

for

more

information.

(d)

For

the

two

months

ended

August

31,

2022.

Prior

to

July

1,

2022,

the

Fund's

fiscal

year

end

was

June

30th.

(e)

Annualized.

See

Notes

to

Financial

Statements

143

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c)

Portfolio

Turnover

Rate

2.72‌

%

$

117,023

0.96‌

%

0.83‌

%

5.12‌

%

66‌

%

1.94‌

105,182

1.02‌

(e)

0.84‌

(e)

3.99‌

(e)

10‌

(11.26‌)

102,000

0.93‌

0.83‌

3.19‌

75‌

8.25‌

139,845

0.95‌

0.84‌

3.07‌

128‌

4.63‌

101,886

0.97‌

0.84‌

3.42‌

62‌

7.89‌

87,084

0.96‌

0.84‌

3.90‌

54‌

2.04‌

12,794

1.71‌

1.59‌

4.33‌

66‌

1.82‌

18,212

1.77‌

(e)

1.59‌

(e)

3.23‌

(e)

10‌

(11.91‌)

19,754

1.68‌

1.58‌

2.43‌

75‌

7.39‌

30,993

1.70‌

1.59‌

2.33‌

128‌

3.84‌

37,285

1.72‌

1.59‌

2.71‌

62‌

7.11‌

42,024

1.71‌

1.59‌

3.15‌

54‌

3.09‌

243,866

0.62‌

0.50‌

5.45‌

66‌

2.10‌

240,575

0.69‌

(e)

0.51‌

(e)

4.31‌

(e)

10‌

(10.97‌)

236,581

0.59‌

0.49‌

3.59‌

75‌

8.59‌

67,689

0.62‌

0.51‌

3.40‌

128‌

4.96‌

59,099

0.63‌

0.50‌

3.77‌

62‌

8.24‌

50,127

0.62‌

0.50‌

4.26‌

54‌

2.97‌

327,839

0.71‌

0.58‌

5.35‌

66‌

1.99‌

329,623

0.77‌

(e)

0.59‌

(e)

4.23‌

(e)

10‌

(11.01‌)

333,270

0.68‌

0.58‌

3.46‌

75‌

8.51‌

424,677

0.70‌

0.59‌

3.32‌

128‌

4.86‌

395,502

0.72‌

0.59‌

3.71‌

62‌

8.15‌

400,059

0.71‌

0.59‌

4.15‌

54‌

144

Notes

to

Financial

Statements

1.

General

Information 

Trust

and

Fund

Information

:

The

Nuveen

Investment

Funds,

Inc.,

Nuveen

Investment

Trust

III

and

Nuveen

Investment

Trust

V

(each

a

“Trust”

and

collectively,

the

“Trusts”)

are

open-end

management

investment

companies

registered

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

as

amended.

The

Nuveen

Investment

Funds,

Inc.

is

comprised

of

Nuveen

Credit

Income

Fund

(“Credit

Income”)

and

Nuveen

Strategic

Income

Fund

(“Strategic

Income”),

among

others,

Nuveen

Investment

Trust

III

is

comprised

of

Nuveen

Floating

Rate

Income

Fund

(“Floating

Rate

Income”)

and

Nuveen

High

Yield

Income

Fund

(“High

Yield

Income”),

among

others

and

Nuveen

Investment

Trust

V

is

comprised

of

Nuveen

Flexible

Income

Fund

(“Flexible

Income”)

and

Nuveen

Preferred

Securities

and

Income

Fund

(“Preferred

Securities

and

Income”)

among

others

(each

a

“Fund”

and

collectively

the

“Funds”),

as

diversified

funds.

Nuveen

Investment

Funds,

Inc.

was

incorporated

in

the

State

of

Maryland

on

August

20,

1987.

Nuveen

Investment

Trust

III

was

organized

as

a

Massachusetts

business

trust

on

August

20,

1998.

Nuveen

Investment

Trust

V

was

organized

as

a

Massachusetts

business

trust

on

September

27,

2006.

Current

Fiscal

Period:

The

end

of

the

reporting

period

for

the

Funds

is

August

31,

2023,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

fiscal

year

ended

August

31,

2023

(the

"current

fiscal

period").

Investment

Adviser

and

Sub-Advisers:

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’

portfolios,

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

sub-advisory

agreements

with

Nuveen

Asset

Management

LLC

(“NAM”),

a

subsidiary

of

the

Adviser,

under

which

the

Sub-Adviser

manages

the

investment

portfolios

of

the

Funds.

Share

Classes

and

Sales

Charges:

Class

A

Shares

are

generally

sold

with

an

up-front

sales

charge.

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

(“NAV”)

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(“CDSC”)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

are

sold

without

an

up-front

sales

charge

but

are

subject

to

a

CDSC

of

1%

if

redeemed

within

twelve

months

of

purchase.

Class

C

Shares

automatically

convert

to

Class

A

Shares

eight

years

after

purchase.

Class

R6

Shares

and

Class

I

Shares

are

sold

without

an

upfront

sales

charge.

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

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

common

share

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the

NAV

used

for

processing

security

and

common

share

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds.

Compensation

:

None

of

the

Trusts

pay

compensation

directly

to

those

of

its officers,

all

of

whom

receive

remuneration

for

their

services

to

each

Trust

from

the

Adviser

or

its

affiliates.

The

Funds'

Board

of

Directors/Trustees

(the

"Board")

has

adopted

a

deferred

compensation

plan

for

independent

trustees

that

enables

directors/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

Shareholders:

Distributions

to

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.

Foreign

Currency

Transactions

and

Translation:

The

books

and

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

end

of

each

day.

Purchases

and

sales

of

securities,

income

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

dates

of

the

transactions.

Net

realized

foreign

currency

gains

and

losses

resulting

from

changes

in

exchange

rates

associated

with

(i)

foreign

currency,

(ii)

investments

and

(iii)

derivatives

include

foreign

currency

gains

and

losses

between

trade

date

and

settlement

date

of

the

transactions,

foreign

currency

transactions,

and

the

difference

between

the

amounts

of

interest

and

dividends

recorded

on

the

books

of

the

Funds

and

the

amounts

actually

received

are

recognized

as

a

component

of

“Net

realized

gain

(loss)

from

investments

and

foreign

currency”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

currency

exchange

rates

and

changes

in

foreign

exchange

rates

associated

with

(i)

investments

and

(ii)

other

assets

and

liabilities

are

recognized

as

a

component

of

“Change

in

net

unrealized

appreciation

(depreciation)

of

investments

and

foreign

currency”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

exchange

rates

associated

with

investments

in

derivatives

are

recognized

as

a

component

of

the

respective

derivative’s

related

“Change

in

net

unrealized

appreciation

(depreciation)”

on

the

Statement

of

Operations,

when

applicable.

As

of

the

end

of

the

reporting

period,

the

following

Funds'

investments

in

non-U.S.

securities

were

as

follows:

145

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 each

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to each

Trust.

In

addition,

in

the

normal

course

of

business, each

Trust

enters

into

contracts

that

provide

general

indemnifications

to

other

parties. Each

Trust’s

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against each

Trust

that

have

not

yet

occurred.

However, each

Trust

has

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

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,

which

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

and

paydown

gains

and

losses,

if

any.

PIK

interest

represents

income

received

in

the

form

of

securities

in

lieu

of

cash.

Fee

income

consists

primarily

of

amendment

fees,

when

applicable.

Amendment

fees

are

earned

as

compensation

for

evaluating

and

accepting

changes

to

an

original

senior

loan

agreement

and

are

recognized

when

received.

Securities

lending

income

is

comprised

of

fees

earned

from

borrowers

and

income

earned

on

cash

collateral

investments.

Fee

income

and

amendment

fees,

if

any,

are

recognized

as

“Fees”

on

the

Statement

of

Operations.

Multiclass

Operations

and

Allocations:

Income

and

expenses

of

the

Funds that

are

not

directly

attributable

to

a

specific

class

of

shares

are

prorated

among

the

classes

based

on

the

relative

value

of

the

settled

shares

of

each

class.

 Expenses

directly

attributable

to

a

class

of

shares

are

recorded

to

the

specific

class.

12b-1

distribution

and

service

fees

are

allocated

on

a

class-specific

basis.

Sub-transfer

agent

fees

and

similar

fees,

which

are

recognized

as

a

component

of

“Shareholder

servicing

agent

fees”

on

the

Statement

of

Operations,

are

not

charged

to

Class

R6

Shares

and

are

prorated

among

the

other

classes

based

on

their

relative

settled

shares.

Realized

and

unrealized

capital

gains

and

losses

of

the

Funds

are

prorated

among

the

classes

based

on

the

relative

net

assets

of

each

class.

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.

New

Accounting

Pronouncement:

 In

March

2020,

FASB

issued

Accounting

Standards

Update

(“ASU”)

2020-04,

Reference

Rate

Reform:

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

The

main

objective

of

the

new

guidance

is

to

provide

relief

to

companies

that

will

be

impacted

by

the

expected

change

in

benchmark

interest

rates,

when

participating

banks

will

no

longer

be

required

to

submit

London

Interbank

Offered

Rate

(LIBOR)

quotes

by

the

UK

Financial

Conduct

Authority

(FCA).

The

new

guidance

allows

companies

to,

provided

the

only

change

to

existing

contracts

are

a

change

to

an

approved

benchmark

interest

rate,

account

for

modifications

as

a

continuance

of

the

existing

contract

without

additional

analysis.

For

new

and

existing

contracts,

the

Funds

may

elect

to

apply

the

amendments

as

of

March

12,

2020

through

December

31,

2022.

In

December

2022,

FASB

deferred

ASU

2022-04

and

issued

ASU

2022-06,

Reference

Rate

Reform:

Deferral

of

the

Sunset

Preferred

Securities

and

Income

Value

%

of

Net

Assets

Country:

United

Kingdom

$

515,779,858

11.8

%

France

320,990,888

7.3

Switzerland

151,292,889

3.4

Spain

122,049,747

2.8

Canada

111,265,809

2.5

Netherlands

105,640,608

2.4

Australia

95,802,984

2.1

Germany

71,443,847

1.6

Ireland

66,032,453

1.5

Other

169,582,930

3.9

Total

non-U.S.

Securities

$1,729,882,013

39.3%

146

Notes

to

Financial

Statements

(continued)

Date

of

Topic

848,

which

extends

the

application

of

the

amendments

through

December

31,

2024. Management

has

not

yet

elected

to

apply

the

amendments,

is

continuously

evaluating

the

potential

effect

a

discontinuation

of

LIBOR

could

have

on

the

Funds’

investments

and

has

currently

determined

that

it

is

unlikely

the

ASU’s

adoption

will

have

a

significant

impact

on

the

Funds’

financial

statements

and

various

filings.

New

Rule

Issuance:

A

new

rule

adopted

by

the

Securities

and

Exchange

Commission

(the

"SEC")

governing

fund

valuation

practices,

Rule

2a-5

under

the

1940

Act,

has

established

requirements

for

determining

fair

value

in

good

faith

for

purposes

of

the

1940

Act.

Rule

2a-5

permits

fund

boards

to

designate

certain

parties

to

perform

fair

value

determinations,

subject

to

board

oversight

and

certain

other

conditions.

Rule

2a-5

also

defines

when

market

quotations

are

"readily

available"

for

purposes

of

Section

2(a)(41)

of

the

1940

Act,

which

requires

a

fund

to

fair

value

a

security

when

market

quotations

are

not

readily

available.

Separately,

new

SEC

Rule

31a-4

under

the

1940

Act

sets

forth

the

recordkeeping

requirements

associated

with

fair

value

determinations.

The

Funds

adopted

a

valuation

policy

conforming

to

the

new

rules,

effective

September

1,

2022,

and

there

was

no

material

impact

to

the

Funds.

New

Accounting

Pronouncement:

In

June

2022,

the

FASB

issued

ASU

2022-03

to

clarify

the

guidance

in

Topic

820,

Fair

Value

Measurement

("Topic

820").

The

amendments

in

ASU

2022-03

affect

all

entities

that

have

investments

in

equity

securities

measured

at

fair

value

that

are

subject

to

a

contractual

sale

restriction.

ASU

2022-03

(1)

clarifies

the

guidance

in

Topic

820,

when

measuring

the

fair

value

of

an

equity

security

subject

to

contractual

restrictions

that

prohibit

the

sale

of

equity

security,

(2)

amends

a

related

illustrative

example,

and

(3)

introduces

new

disclosure

requirements

for

equity

securities

subject

to

contractual

sale

restrictions

that

are

measured

at

fair

value

in

accordance

with

Topic

820.

For

public

business

entities,

the

amendments

in

ASU

2022-03

are

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

those

fiscal

years.

For

all

other

entities,

the

amendments

are

effective

for

fiscal

years

beginning

after

December

15,

2024,

and

interim

periods

within

those

fiscal

years.

Early

adoption

is

permitted

for

both

interim

and

annual

financial

statements

that

have

not

yet

been

issued

or

made

available

for

issuance.

During

the

current

fiscal

period,

the

Funds

adopted

the

new

guidance

and

there

was

no

material

impact

to

the

Funds.

3.

Investment

Valuation

and

Fair

Value

Measurements 

The

Funds’

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Adviser,

subject

to

oversight

of

the Board.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the

Funds’

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Equity

securities

and

exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

last

reported sales

price

or

official

closing

price of such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

on

a

foreign

exchange

are

valued

at

the

last

reported sales

price

or

official

closing

price

on

the

principal

exchange

where

traded,

and

converted

to

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the valuation

date.

For

events affecting

the value

of

foreign

securities

between

the

time

when

the

exchange

on

which

they

are

traded

closes

and

the

time

when

the

Funds'

net

assets

are

calculated,

such

securities

will

be

valued

at

fair

value

in

accordance

with

procedures

adopted

by

the

Adviser,

subject

to

the

oversight

of

the

Board. To

the

extent

these

securities

are

actively

traded

and

no

valuation

adjustments

are

applied,

they

are

generally

classified

as

Level

1. When

valuation

adjustments

are

applied

to

the

most

recent

last

sales

price

or

official

closing

price, these

securities

are

generally

classified

as

Level

2.

Prices

of

certain

American

Depositary

Receipts

(“ADR”)

held

by

the

Funds

that

trade

in

the

United

States

are

valued

based

on

the

last

traded

price,

official

closing

price,

or

an

evaluated

price

provided

by

the

pricing

services and

are

generally

classified

as

Level

1

or

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.

Investments

in

investment

companies

are

valued

at

their

respective

NAVs

or

share

price on

the

valuation

date

and

are

generally

classified

as

Level

1. 

Futures

contracts

are

valued

using

the

closing

settlement

price

or,

in

the

absence

of

such

a

price,

the

last

traded

price

and

are

generally

classified

as

Level

1.

147

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:

Credit

Income

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Corporate

Bonds

$

–

$

44,929,615

$

–

$

44,929,615

Asset-Backed

and

Mortgage-Backed

Securities

–

16,059,874

2,089,491*

18,149,365

Variable

Rate

Senior

Loan

Interests

–

8,014,399

–

8,014,399

$1,000

Par

(or

similar)

Institutional

Preferred

–

3,353,233

–

3,353,233

Sovereign

Debt

–

3,008,587

–

3,008,587

Contingent

Capital

Securities

–

1,408,185

–

1,408,185

$25

Par

(or

similar)

Retail

Preferred

196,096

–

–

196,096

Common

Stocks

–

–

142*

142

Investments

Purchased

with

Collateral

from

Securities

Lending

4,135,636

–

–

4,135,636

Short-Term

Investments:

Repurchase

Agreements

–

710,000

–

710,000

Investments

in

Derivatives:

Futures

Contracts**

33,107

–

–

33,107

Total

$

4,364,839

$

77,483,893

$

2,089,633

$

83,938,365

Flexible

Income

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Corporate

Bonds

$

–

$

625,937,492

$

–

$

625,937,492

$1,000

Par

(or

similar)

Institutional

Preferred

–

319,592,108

–

319,592,108

Common

Stocks

111,545,817

–

–

111,545,817

$25

Par

(or

similar)

Retail

Preferred

56,222,609

–

–

56,222,609

Convertible

Preferred

Securities

22,103,915

–

–

22,103,915

Convertible

Bonds

–

8,378,998

–

8,378,998

Structured

Notes

–

6,942,416

–

6,942,416

Investments

Purchased

with

Collateral

from

Securities

Lending

17,055,597

–

–

17,055,597

Short-Term

Investments:

Repurchase

Agreements

–

25,370,510

–

25,370,510

Total

$

206,927,938

$

986,221,524

$

–

$

1,193,149,462

Floating

Rate

Income

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Variable

Rate

Senior

Loan

Interests

$

–

$

1,280,665,896

$

–

$

1,280,665,896

Corporate

Bonds

–

212,133,489

–

212,133,489

Common

Stocks

1,623,873

22,235,360

401,470*

24,260,703

Warrants

10,600

11,434,233

2,056*

11,446,889

Convertible

Preferred

Securities

–

281,474

–

281,474

Investments

Purchased

with

Collateral

from

Securities

Lending

4,518,703

–

–

4,518,703

Short-Term

Investments:

Investment

Companies

446,106

–

–

446,106

Total

$

6,599,282

$

1,526,750,452

$

403,526

$

1,533,753,260

148

Notes

to

Financial

Statements

(continued)

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:

High

Yield

Income

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Corporate

Bonds

$

–

$

372,720,350

$

–

$

372,720,350

Variable

Rate

Senior

Loan

Interests

–

92,009,347

–

92,009,347

Exchange-Traded

Funds

8,544,693

–

–

8,544,693

$1,000

Par

(or

similar)

Institutional

Preferred

–

8,302,202

–

8,302,202

Common

Stocks

–

3,077,307

245*

3,077,552

Warrants

–

2,038,371

–

2,038,371

Investments

Purchased

with

Collateral

from

Securities

Lending

27,539,629

–

–

27,539,629

Short-Term

Investments:

Investment

Companies

14,475,522

–

–

14,475,522

Total

$

50,559,844

$

478,147,577

$

245

$

528,707,666

Preferred

Securities

and

Income

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

$1,000

Par

(or

similar)

Institutional

Preferred

$

32,917,207

$

2,143,242,048

$

–

$

2,176,159,255

Contingent

Capital

Securities

–

1,352,751,254

–

1,352,751,254

$25

Par

(or

similar)

Retail

Preferred

729,251,771

51,682,756

–

780,934,527

Corporate

Bonds

–

1,487,016

–

1,487,016

Investments

Purchased

with

Collateral

from

Securities

Lending

103,755,948

–

–

103,755,948

Short-Term

Investments:

Repurchase

Agreements

–

4,850,000

–

4,850,000

Investments

in

Derivatives:

Futures

Contracts**

3,636,644

–

–

3,636,644

Total

$

869,561,570

$

3,554,013,074

$

–

$

4,423,574,644

Strategic

Income

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Asset-Backed

and

Mortgage-Backed

Securities

$

–

$

340,967,691

$

1,053,313*

$

342,021,004

Corporate

Bonds

–

184,321,885

–

184,321,885

$1,000

Par

(or

similar)

Institutional

Preferred

–

56,469,395

–

56,469,395

Sovereign

Debt

–

48,551,936

–

48,551,936

Variable

Rate

Senior

Loan

Interests

–

19,390,877

–

19,390,877

Contingent

Capital

Securities

–

19,378,468

–

19,378,468

$25

Par

(or

similar)

Retail

Preferred

747,215

1,461,460

–

2,208,675

Investments

Purchased

with

Collateral

from

Securities

Lending

10,376,235

–

–

10,376,235

Short-Term

Investments:

Repurchase

Agreements

–

29,611,980

–

29,611,980

Investments

in

Derivatives:

Futures

Contracts**

1,582,719

–

–

1,582,719

Credit

Default

Swaps

-

Centrally

Cleared

–

(8,801)

–

(8,801)

Total

$

12,706,169

$

700,144,891

$

1,053,313

$

713,904,373

*

Refer

to

the

Fund's

Portfolio

of

Investments

for

securities

classified

as

Level

3.

**

Represents

net

unrealized

appreciation

(depreciation)

as

reported

in

Fund's

Portfolio

of

Investments.

149

Level

3

Credit

Income

Common

Stocks

Corporate

Bonds

Asset-Backed

and

Mortgage-Backed

Securities

Balance

at

the

beginning

of

period

$89

$-*

$-

Gains

(losses):

Net

realized

gains

(losses)

(51)

(1,554)

-

Change

in

net

unrealized

appreciation

(depreciation)

104

1,562

-

Purchases

at

cost

-

-

-

Sales

at

proceeds

-

(8)

-

Net

discounts

(premiums)

-

-

-

Transfers

into

-

-

2,089,491

Transfers

(out

of)

-

-

-

Balance

at

the

end

of

period

$142

$-

$2,089,491

Change

in

net

unrealized

appreciation

(depreciation)

during

the

period

of

Level

3

securities

held

as

of

period

end

$53

$-

$(964,358)

*

Value

equals

zero

as

of

the

end

of

the

reporting

period.

Level

3

Floating

Rate

Income

Variable

Rate

Senior

Loan

Interests

Common

Stocks

Warrants

Balance

at

the

beginning

of

period

$2,892,177

$11,979

$-

Gains

(losses):

Net

realized

gains

(losses)

(3,192,610)

-

-

Change

in

net

unrealized

appreciation

(depreciation)

815,632

(1,805,308)

-

Purchases

at

cost

-

2,194,799

-

Sales

at

proceeds

(596,925)

-

-

Net

discounts

(premiums)

81,726

-

-

Transfers

into

-

-

2,056

Transfers

(out

of)

-

-

-

Balance

at

the

end

of

period

$-

$401,470

$2,056

Change

in

net

unrealized

appreciation

(depreciation)

during

the

period

of

Level

3

securities

held

as

of

period

end

$-

$(1,805,308)

$(18,596)

Level

3

High

Yield

Income

Variable

Rate

Senior

Loan

Interests

Common

Stocks

Balance

at

the

beginning

of

period

$5,170,564

$-

Gains

(losses):

Net

realized

gains

(losses)

(5,870,497)

-

Change

in

net

unrealized

appreciation

(depreciation)

1,556,704

245

Purchases

at

cost

-

-

Sales

at

proceeds

(1,063,999)

-

Net

discounts

(premiums)

207,228

-

Transfers

into

-

-

Transfers

(out

of)

-

-

Balance

at

the

end

of

period

$-

$245

Change

in

net

unrealized

appreciation

(depreciation)

during

the

period

of

Level

3

securities

held

as

of

period

end

$-

$245

150

Notes

to

Financial

Statements

(continued)

As

of

the

measurement

date,

the

following

Asset-Backed

and

Mortgage-Backed

Securities

categorized

as

Level

3:

Carvana

Auto

Receivables

Trust,

Industrial

DPR

Funding

Ltd

and

Mosaic

Solar

Loan

Trust

are

priced

at

the

most

recent

observed

broker

quote.

The

following

Common

Stocks

categorized

as

Level

3:

(1)

Avaya

Inc

shares

are

priced

at

a

16.71%

amortized

discount

applied

to

the

end

of

day

bid

price

of

the

common

shares;

(2)

Bright

Bidco

BV

shares

are

prices

at

a

4.25%

discount

applied

to

the

end

of

day

bid

price

of

the

common

shares;

(3)

Jack

Cooper

Enterprises

Inc

shares

are

priced

at

a

place

holder

value;

(4)

Millennium

Health

LLC

shares

are

priced

based

on

updated

financial

statements

which

reflect

the

most

recent

net

asset

values.

The

Warrants

categorized

as

Level

3:

American

Commercial

Barge

Line

LLC

shares

are

priced

at

the

last

published

price

prior

to

the

pricing

vendor

dropping

coverage.

The

table

below

presents

the

transfers

in

and

out

of

the

three

valuation

levels

for

the

Fund

as

of

the

end

of

the

reporting

period

when

compared

to

the

valuation

levels

at

the

end

of

the

previous

fiscal

year.

Changes

in

valuation

inputs

or

methodologies

may

result

in

transfers

into

or

out

of

an

assigned

level

within

the

fair

value

hierarchy.

Transfers

in

or

out

of

levels

are

generally

due

to

the

availability

of

publicly

available

information

and

to

the

significance

or

extent

the

Adviser

determines

that

the

valuation

inputs

or

methodologies

may

impact

the

valuation

of

those

securities.

4.

Portfolio

Securities

Unfunded Commitments:

Pursuant

to

the

terms

of

certain

of

the

variable

rate

senior

loan

agreements,

the

Funds

(except

Flexible

Income

and

Preferred

Securities

and

Income) may

have

unfunded

senior

loan

commitments.

Each

Fund

will

maintain

with

its

custodian,

cash,

liquid

securities

and/or

liquid

senior

loans

having

an

aggregate

value

at

least

equal

to

the

amount

of

unfunded

senior

loan

commitments.

As

of

the

end

of

the

reporting

period,

the

Funds’

outstanding

unfunded

senior

loan

commitments

were

as

follows:

Level

3

Strategic

Income

Corporate

Bonds

Asset-Backed

and

Mortgage-Backed

Securities

Balance

at

the

beginning

of

period

$-*

$1,822,171

Gains

(losses):

Net

realized

gains

(losses)

(1,554)

-

Change

in

net

unrealized

appreciation

(depreciation)

1,562

54,711

Purchases

at

cost

-

-

Sales

at

proceeds

(8)

(934,154)

Net

discounts

(premiums)

-

-

Transfers

into

-

1,053,313

Transfers

(out

of)

-

(942,728)

Balance

at

the

end

of

period

$-

$1,053,313

Change

in

net

unrealized

appreciation

(depreciation)

during

the

period

of

Level

3

securities

held

as

of

period

end

$-

$(95,125)

*

Value

equals

zero

as

of

the

end

of

the

reporting

period.

Level

1

Level

2

Level

3

Transfers

In

(Transfers

Out)

Transfers

In

(Transfers

Out)

Transfers

In

(Transfers

Out)

Credit

Income

Asset-Backed

and

Mortgage-Backed

Securities

$-

$-

$-

$(2,089,491)

$2,089,491

$-

Floating

Rate

Income

Warrants

$-

$-

$-

$(2,056)

$2,056

$-

Strategic

Income

Asset-Backed

and

Mortgage-Backed

Securities

$-

$-

$1,053,313

$(942,728)

$942,728

$(1,053,313)

Fund

Outstanding

Unfunded

Senior

Loan

Commitments

Credit

Income

$

—

Floating

Rate

Income

262,111

High

Yield

Income

—

Strategic

Income

—

151

Participation

Commitments:

With

respect

to

the

senior

loans

held

in

each

Fund’s

portfolio,

the

Funds

(except

Flexible

Income

and

Preferred

Securities

and

Income)

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,

the

Funds

had

no

such

outstanding

participation

commitments.

Securities

Lending:

Each

Fund

may

lend

securities

representing

up

to

one-third

of

the

value

of

its

total

assets

to

broker-dealers,

banks,

and

other

institutions

in

order

to

generate

additional

income.

When

loaning

securities, a

Fund

retains

the

benefits

of

owning

the

securities,

including

the

economic

equivalent

of

dividends

or

interest

generated

by

the

security.

The

loans

are

continuous,

can

be

recalled

at

any

time,

and

have

no

set

maturity.

The

Funds’

custodian,

State

Street

Bank

and

Trust

Company,

serves

as

the

securities

lending

agent

(the

“Agent”).

When

a

Fund

loans

its

portfolio

securities,

it

will

receive,

at

the

inception

of

each

loan,

cash

collateral

equal

to

an

amount

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

actual

percentage

of

the

cash

collateral

will

vary

depending

upon

the

asset

type

of

the

loaned

securities.

Collateral

for

the

loaned

securities

is

invested

in

a

government

money

market

vehicle

maintained

by

the

Agent,

which

is

subject

to

the

requirements

of

Rule

2a-7

under

the

1940

Act.

The

value

of

the

loaned

securities

and

the

liability

to

return

the

cash

collateral

received

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

If

the

market

value

of

the

loaned

securities

increases,

the

borrower

must

furnish

additional

collateral

to

the

Fund,

which

is

also

recognized

on

the

Statement

of

Assets

and

Liabilities.

Securities

out

on

loan

are

subject

to

termination

at

any

time

at

the

option

of

the

borrower

or

the

Fund.

Upon

termination,

the

borrower

is

required

to

return

to

the

Fund

securities

identical

to

the

securities

loaned.

During

the

term

of

the

loan,

the

Fund

bears

the

market

risk

with

respect

to

the

investment

of

collateral

and

the

risk

that

the

Agent

may

default

on

its

contractual

obligations

to

the

Fund.

The

Agent

bears

the

risk

that

the

borrower

may

default

on

its

obligation

to

return

the

loaned

securities

as

the

Agent

is

contractually

obligated

to

indemnify

the

Fund

if

at

the

time

of

a

default

by

a

borrower

some

or

all

of

the

loan

securities

have

not

been

returned.

Securities

lending

income

recognized

by

a

Fund

consists

of

earnings

on

invested

collateral

and

lending

fees,

net

of

any

rebates

to

the

borrower

and

compensation

to

the

Agent.

Such

income

is

recognized

on

the

Statement

of

Operations.

As

of

the

end

of

the

current

reporting

period,

the

total

value

of

the

loaned

securities

and

the

total

value

of

collateral

received

were

as

follows:

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.

Fund

Asset

Class

out

on

Loan

Long-Term

Investments,

at

Value

Total

Collateral

Received

Credit

Income

Corporate

Bonds

$3,479,175

$3,622,431

Contingent

Capital

Securities

280,485

294,030

$1,000

Par

(or

similar)

Institutional

Preferred

173,271

176,820

Sovereign

Debt

40,420

42,355

Total

$3,973,351

$4,135,636

Flexible

Income

$1,000

Par

(or

similar)

Institutional

Preferred

$10,077,310

$10,495,732

Corporate

Bonds

6,279,896

6,559,865

Total

$16,357,206

$17,055,597

Floating

Rate

Income

Corporate

Bonds

$4,231,327

$4,405,460

Common

Stocks

98,898

113,243

Total

$4,330,225

$4,518,703

High

Yield

Income

Corporate

Bonds

$19,832,699

$20,672,529

Exchange

Traded

Funds

6,732,504

6,867,100

Total

$26,565,203

$27,539,629

Preferred

Securities

and

Income

Contingent

Capital

Securities

$57,253,247

$60,904,826

$1,000

Par

(or

similar)

Institutional

Preferred

41,030,403

42,560,518

$25

Par

(or

similar)

Retail

Preferred

284,260

290,604

Total

$98,567,910

$103,755,948

Strategic

Income

Corporate

Bonds

$5,261,175

$5,464,264

$1,000

Par

(or

similar)

Institutional

Preferred

4,196,773

4,288,273

Sovereign

Debt

606,476

623,698

Total

$10,064,424

$10,376,235

Fund

Counterparty

Short-Term

Investments,

at

Value

Collateral

Pledged

(From)

Counterparty

152

Notes

to

Financial

Statements

(continued)

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.

Credit

Default

Swap

Contracts:

A

Fund

may

enter

into

a

credit

default

swap

contract

to

seek

to

maintain

a

total

return

on

a

particular

investment

or

portion

of

its

portfolio,

or

to

take

an

active

long

or

short

position

with

respect

to

the

likelihood

of

a

particular

issuer’s

default.

During

the

current

fiscal

period,

Credit

Income

used

credit

default

index

swap

contracts

to

gain

broad

exposure

to

the

high

yield

bond

market

and

Strategic

Income

used

credit

default

swap

index

contracts

to

reduce

the

credit

risk

of

its

high

yield

bond

allocation.

Credit

default

swap

contracts

involve

one

party

making

a

stream

of

payments

(buyer

of

protection)

to

another

party

(seller

of

protection)

in

exchange

for

the

right

to

receive

a

specified

return

if/when

there

is

a

credit

event

by

a

third

party.

Credit

events

are

agreement

specific

but

may

include

bankruptcy,

failure

to

pay,

or

restructuring.

When

a

Fund

has

bought

(sold)

protection

in

a

credit

default

swap

upon

occurrence

of

a

specific

credit

event

with

respect

to

the

underlying

referenced

entity,

the

Fund

will

either

(i)

receive

(deliver)

that

security,

or

an

equivalent

amount

of

cash,

from

the

counterparty

in

exchange

for

receipt

(payment)

of

the

notional

amount

to

the

counterparty,

or

(ii)

receive

(pay)

a

net

settlement

amount

of

the

credit

default

swap

contract

less

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

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.

Credit

default

swaps

are

“marked-to-market”

on

a

daily

basis

to

reflect

the

value

of

the

swap

agreement

at

the

end

of

each

trading

day

and

are

recognized

as

unrealized

appreciation

(depreciation)

on

the

Statement

of

Operations.

Credit

default

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

credit

default

swaps

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

credit

default

swaps.

The

difference

between

the

value

of

the

security

received

(delivered)

and

the

notional

amount

delivered

(received)

as

well

as

payments

received

or

made

as

a

result

of

a

credit

event

or

termination

of

a

contract

are

recognized

as

realized

gains

or

losses

on

the

Statement

of

Operations.

Credit

Income

Fixed

Income

Clearing

Corporation

$710,000

$(724,276)

Flexible

Income

Fixed

Income

Clearing

Corporation

25,370,510

(25,878,012)

Preferred

Securities

and

Income

Fixed

Income

Clearing

Corporation

4,850,000

(4,947,064)

Strategic

Income

Fixed

Income

Clearing

Corporation

29,611,980

(30,204,286)

Fund

Purchases

Sales

and

Maturities

Credit

Income

$

71,917,382

$

101,132,797

Flexible

Income

330,344,648

558,434,433

Floating

Rate

Income

465,930,325

1,241,199,431

High

Yield

Income

633,336,519

643,537,558

Preferred

Securities

and

Income

1,027,772,593

1,388,476,174

Strategic

Income

454,327,764

422,800,278

153

The

maximum

potential

amount

of

future

payments

the

Fund

could

incur

as

a

buyer

or

seller

of

protection

in

a

credit

default

swap

contract

is

limited

to

the

notional

amount

of

the

contract.

The

maximum

potential

amount

would

be

offset

by

the

recovery

value,

if

any,

of

the

respective

referenced

entity.

The

average

notional

amount

of

credit

default

swap

contracts

outstanding

during

the

current

fiscal

period

was

as

follows:

Futures

Contracts:

During

the

current

fiscal

period,

Credit

Income

and

Preferred

Securities

and

Income

used

U.S.

Treasury

futures

as

part

of

their

overall

portfolio

construction

strategy

to

manage

portfolio

duration

and

yield

curve

exposure.

Strategic

Income

used

U.S.

Treasury

futures

and

Secured

Overnight

Financing

Rate

futures

as

part

of

an

overall

portfolio

construction

strategy

to

manage

portfolio

duration

and

yield

curve

exposure.

A

futures

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

financial

instrument

for

a

set

price

on

a

future

date.

Upon

execution

of

a

futures

contract,

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.

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.

During

the

period

the

futures

contract

is

open,

changes

in

the

market

value

of

the

contract

are

recognized

as

an

unrealized

gain

or

loss

by

“marking-

to-market”

on

a

daily

basis.

The

Fund

and

the

clearing

broker

are

obligated

to

settle

monies

on

a

daily

basis

representing

the

changes

in

the

value

of

the

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

futures

contracts.

When

the

contract

is

closed

or

expired,

the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

contract

on

the

closing

date

and

value

of

the

contract

when

originally

entered

into.

The

net

realized

gain

or

loss

and

the

change

in

unrealized

appreciation

(depreciation)

on

futures

contracts

held

during

the

period

is

included

on

the

Statement

of

Operations.

Risks

of

investments

in

futures

contracts

include

the

possible

adverse

movement

in

the

price

of

the

securities

or

indices

underlying

the

contracts,

the

possibility

that

there

may

not

be

a

liquid

secondary

market

for

the

contracts

and/or

that

a

change

in

the

value

of

the

contract

may

not

correlate

with

a

change

in

the

value

of

the

underlying

securities

or

indices.

The

average

notional

amount

of

futures

contracts

outstanding

during

the

current

fiscal

period

was

as

follows:

As

of the

end

of

the

reporting

period,

the

following

Funds

have

invested

in

derivative

contracts

which

are

reflected

in

the

Statement

of

Assets

and

Liabilities

as

follows:

Fund

Average

Notional

Amount

of

Credit

Default

Swaps

Outstanding*

Credit

Income

$

990,000

Strategic

Income

$

2,600,000

*

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.

Fund

Average

Notional

Amount

of

Futures

Contracts

Outstanding

*

Credit

Income

$

1,062,597

Preferred

Securities

and

Income

160,084,521

Strategic

Income

170,895,385

*

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.

Asset

Derivatives

Liability

Derivatives

Derivative

Instrument

Risk

Exposure

Location

Value

Location

Value

Credit

Income

Futures

Contracts

Interest

rate

Unrealized

appreciation

on

futures

contracts

*

$

33,107

-

$

–

1

1

1

1

1

1

1

1

Preferred

Securities

and

Income

Futures

Contracts

Interest

rate

Unrealized

appreciation

on

futures

contracts

*

3,636,644

-

–

1

1

1

1

1

1

1

1

Strategic

Income

Futures

Contracts

Interest

rate

Unrealized

appreciation

on

futures

contracts

*

1,582,719

-

–

154

Notes

to

Financial

Statements

(continued)

During

the

current

fiscal

period,

the

effect

of

derivative

contracts

on

the

Funds'

Statement

of

Operations

was

as

follows:

Market

and

Counterparty

Credit

Risk:

In

the

normal

course

of

business

each

Fund

may

invest

in

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

the

transaction

to

perform

(counterparty

credit

risk).

The

potential

loss

could

exceed

the

value

of

the

financial

assets

recorded

on

the

financial

statements.

Financial

assets,

which

potentially

expose

each

Fund

to

counterparty

credit

risk,

consist

principally

of

cash

due

from

counterparties

on

forward,

option

and

swap

transactions,

when

applicable.

The

extent

of

each

Fund’s

exposure

to

counterparty

credit

risk

in

respect

to

these

financial

assets

approximates

their

carrying

value

as

recorded

on

the

Statement

of

Assets

and

Liabilities.

Each

Fund

helps

manage

counterparty

credit

risk

by

entering

into

agreements

only

with

counterparties

the

Adviser

believes

have

the

financial

resources

to

honor

their

obligations

and

by

having

the

Adviser

monitor

the

financial

stability

of

the

counterparties.

Additionally,

counterparties

may

be

required

to

pledge

collateral

daily

(based

on

the

daily

valuation

of

the

financial

asset)

on

behalf

of

each

Fund

with

a

value

approximately

equal

to

the

amount

of

any

unrealized

gain

above

a

pre-determined

threshold.

Reciprocally,

when

each

Fund

has

an

unrealized

loss,

the

Funds

have

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.

Asset

Derivatives

Liability

Derivatives

Derivative

Instrument

Risk

Exposure

Location

Value

Location

Value

Credit

Default

Swaps

-

Centrally

Cleared

Credit

-

$

–

Unrealized

depreciation

on

swap

contracts

**

$

(8,801)

1

1

1

1

1

1

1

1

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

value

reflected

in

the

accompanying

Statements

of

Assets

and

Liabilities

is

only

the

receivable

or

payable

for

variation

margin

on

open

futures

contacts.

**

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

credit

default

swap

contracts;

however,

the

value

reflected

in

the

accompanying

Statements

of

Assets

and

Liabilities

is

only

the

receivable

or

payable

for

variation

margin

on

open

credit

default

swap

contacts.

Derivative

Instrument

Risk

Exposure

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Credit

Income

Futures

contracts

Interest

rate

$

(1,888)

$

33,107

Swap

contracts

Credit

(24,827)

79,080

Preferred

Securities

and

Income

Futures

contracts

Interest

rate

5,839,497

3,636,644

Strategic

Income

Futures

contracts

Interest

rate

(7,441,679)

681,660

Swap

contracts

Credit

302,266

(8,801)

155

6.

Fund

Shares

Transactions

in Fund

shares

during

the

current

and

prior

fiscal

period

were

as

follows:

Year

Ended

8/31/23

Two

Months

Ended

8/31/22

Year

Ended

6/30/22

Credit

Income

Shares

Amount

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

1,370,390

$8,579,477

60,356

$385,630

1,318,841

$9,494,449

Class

A

-

automatic

conversion

of

Class

C

Shares

5,173

33,123

198

1,368

181

1,298

Class

C

111,973

701,054

44,595

286,664

108,118

767,238

Class

I

3,652,971

23,087,267

5,580,492

36,045,244

8,821,750

64,215,598

Reinvestments

of

distributions:

Class

A

485,164

3,040,133

67,327

431,100

382,466

2,700,475

Class

C

70,748

442,277

10,584

67,651

67,514

477,445

Class

I

271,994

1,708,677

59,662

381,752

350,312

2,516,058

5,968,413

37,592,008

5,823,214

37,599,409

11,049,182

80,172,561

Redemptions:

Class

A

(2,545,540)

(15,914,334)

(213,920)

(1,369,798)

(3,950,941)

(28,481,462)

Class

C

(596,846)

(3,732,804)

(80,232)

(513,994)

(781,245)

(5,508,093)

Class

C

-

automatic

conversion

to

Class

A

Shares

(5,181)

(33,123)

(199)

(1,368)

(181)

(1,298)

Class

I

(9,288,768)

(58,670,054)

(195,615)

(1,252,865)

(17,717,847)

(128,315,850)

(12,436,335)

(78,350,315)

(489,966)

(3,138,025)

(22,450,214)

(162,306,703)

Net

increase

(decrease)

(6,467,922)

$(40,758,307)

5,333,248

$34,461,384

(11,401,032)

$(82,134,142)

Year

Ended

8/31/23

Eleven

Months

Ended

8/31/22

Year

Ended

9/30/21

Flexible

Income

Shares

Amount

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

1,706,679

$31,349,496

2,051,982

$43,395,542

3,908,647

$86,693,116

Class

A

-

automatic

conversion

of

Class

C

Shares

1,046

19,618

773

15,063

4,029

88,963

Class

C

317,690

5,802,152

968,231

20,585,586

2,268,130

50,169,131

Class

R6

161,770

3,000,041

240,094

5,174,437

494,981

11,097,087

Class

I

8,372,559

153,839,349

14,965,232

315,344,066

19,629,637

435,944,594

Reinvestments

of

distributions:

Class

A

737,515

13,435,614

560,789

11,581,424

538,418

11,936,665

Class

C

555,755

10,105,771

426,470

8,794,848

424,858

9,395,795

Class

R6

21,957

402,805

16,294

337,096

12,715

283,470

Class

I

3,289,392

60,008,026

2,644,023

54,621,376

2,348,984

52,151,620

15,164,363

277,962,872

21,873,888

459,849,438

29,630,399

657,760,441

Redemptions:

Class

A

(4,107,005)

(75,027,114)

(3,853,653)

(79,032,714)

(3,436,627)

(76,080,859)

Class

C

(3,588,303)

(65,413,807)

(2,769,780)

(56,610,478)

(2,561,954)

(56,616,512)

Class

C

-

automatic

conversion

to

Class

A

Shares

(1,049)

(19,618)

(774)

(15,063)

(4,038)

(88,963)

Class

R6

(138,926)

(2,537,973)

(127,357)

(2,578,883)

(154,768)

(3,450,716)

Class

I

(20,600,315)

(376,416,777)

(20,312,303)

(413,125,433)

(13,983,751)

(310,238,395)

(28,435,598)

(519,415,289)

(27,063,867)

(551,362,571)

(20,141,138)

(446,475,445)

Net

increase

(decrease)

(13,271,235)

$(241,452,417)

(5,189,979)

$(91,513,133)

9,489,261

$211,284,996

156

Notes

to

Financial

Statements

(continued)

Year

Ended

8/31/23

Eleven

Months

Ended

8/31/22

Year

Ended

9/30/21

Floating

Rate

Income

Shares

Amount

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

4,935,777

$88,150,892

13,551,835

$253,448,417

3,057,096

$57,723,358

Class

A

-

automatic

conversion

of

Class

C

Shares

955

17,227

56

1,071

168

3,138

Class

C

920,194

16,424,166

1,889,053

35,301,463

426,509

8,050,219

Class

R6

7,384,785

132,794,656

10,599,284

200,849,228

1,213,886

22,572,822

Class

I

43,921,591

785,855,057

114,760,443

2,145,693,666

29,640,494

559,966,794

Reinvestments

of

distributions:

Class

A

808,522

14,447,309

317,556

5,847,005

156,481

2,930,167

Class

C

179,871

3,214,227

63,152

1,163,862

51,823

969,296

Class

R6

1,050,745

18,881,703

328,684

6,097,582

174,422

3,285,824

Class

I

5,458,413

97,616,285

2,683,635

49,477,323

1,283,649

24,079,369

64,660,853

1,157,401,522

144,193,698

2,697,879,617

36,004,528

679,580,987

Redemptions:

Class

A

(7,988,339)

(142,677,896)

(6,663,962)

(122,682,242)

(1,911,842)

(35,575,148)

Class

C

(1,467,210)

(26,242,212)

(694,359)

(12,792,746)

(559,193)

(10,414,528)

Class

C

-

automatic

conversion

to

Class

A

Shares

(955)

(17,227)

(56)

(1,071)

(168)

(3,138)

Class

R6

(5,911,638)

(106,159,588)

(2,831,644)

(52,794,499)

(116,078)

(2,202,856)

Class

I

(91,948,013)

(1,645,218,999)

(61,877,403)

(1,141,389,325)

(17,555,830)

(329,163,438)

(107,316,155)

(1,920,315,922)

(72,067,424)

(1,329,659,883)

(20,143,111)

(377,359,108)

Net

increase

(decrease)

(42,655,302)

$(762,914,400)

72,126,274

$1,368,219,734

15,861,417

$302,221,879

Year

Ended

8/31/23

Eleven

Months

Ended

8/31/22

Year

Ended

9/30/21

High

Yield

Income

Shares

Amount

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

1,101,080

$18,529,001

1,500,570

$27,860,791

1,520,705

$29,402,853

Class

A

-

automatic

conversion

of

Class

C

Shares

4,604

78,366

398

7,093

5,972

117,155

Class

C

112,200

1,901,886

118,553

2,182,576

189,392

3,702,756

Class

R6

622,447

10,602,953

112,595

2,087,033

115,018

2,253,904

Class

I

5,289,557

89,825,836

15,485,412

287,038,217

13,486,053

261,943,830

Reinvestments

of

distributions:

Class

A

169,005

2,860,784

110,743

2,030,857

107,438

2,094,316

Class

C

47,214

798,080

42,446

783,152

73,557

1,428,123

Class

R6

57,719

984,086

17,923

329,845

18,076

353,647

Class

I

1,537,928

26,062,061

1,153,933

21,220,370

1,355,185

26,421,644

8,941,754

151,643,053

18,542,573

343,539,934

16,871,396

327,718,228

Redemptions:

Class

A

(1,332,088)

(22,518,387)

(1,365,824)

(25,180,847)

(1,049,758)

(20,206,270)

Class

C

(432,634)

(7,318,769)

(638,471)

(11,894,931)

(676,630)

(13,154,080)

Class

C

-

automatic

conversion

to

Class

A

Shares

(4,606)

(78,366)

(398)

(7,093)

(5,978)

(117,155)

Class

R6

(100,134)

(1,708,537)

(58,891)

(1,088,848)

(105,319)

(2,056,147)

Class

I

(8,620,066)

(146,062,473)

(19,103,934)

(352,072,284)

(8,666,649)

(168,890,433)

(10,489,528)

(177,686,532)

(21,167,518)

(390,244,003)

(10,504,334)

(204,424,085)

Net

increase

(decrease)

(1,547,774)

$(26,043,479)

(2,624,945)

$(46,704,069)

6,367,062

$123,294,143

157

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.

Year

Ended

8/31/23

Eleven

Months

Ended

8/31/22

Year

Ended

9/30/21

Preferred

Securities

and

Income

Shares

Amount

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

12,796,453

$188,583,674

10,359,212

$171,859,699

11,922,417

$210,085,022

Class

A

-

automatic

conversion

of

Class

C

Shares

3,017

43,887

552

9,091

7,509

132,718

Class

A

-

automatic

conversion

of

Class

R3

Shares

—

—

—

—

251,245

4,479,699

Class

C

1,533,926

22,800,243

1,408,003

23,688,870

2,577,549

45,555,914

Class

R3

(1)

—

—

—

—

86,505

1,512,818

Class

R6

27,724,386

416,611,712

39,902,273

661,420,867

37,067,835

656,128,075

Class

I

144,763,277

2,136,219,918

97,231,970

1,610,251,971

90,130,117

1,593,509,790

Reinvestments

of

distributions:

Class

A

1,671,481

24,616,833

1,422,197

23,479,939

1,271,233

22,429,537

Class

C

517,364

7,628,127

458,851

7,595,861

498,716

8,791,619

Class

R3

(1)

—

—

—

—

6,683

117,913

Class

R6

3,355,213

49,841,637

2,821,696

46,663,173

1,882,645

33,386,241

Class

I

11,351,488

167,179,149

8,809,478

145,747,766

7,802,803

137,837,268

203,716,605

3,013,525,180

162,414,232

2,690,717,237

153,505,257

2,713,966,614

Redemptions:

Class

A

(18,304,616)

(270,158,643)

(9,651,585)

(160,212,474)

(7,352,832)

(129,339,236)

Class

C

(3,882,640)

(57,185,264)

(2,967,859)

(49,210,602)

(4,122,450)

(72,507,967)

Class

C

-

automatic

conversion

to

Class

A

Shares

(3,014)

(43,887)

(552)

(9,091)

(7,505)

(132,718)

Class

R3

(1)

—

—

—

—

(21,135)

(375,110)

Class

R3

-

automatic

conversion

to

Class

A

Shares

—

—

—

—

(249,565)

(4,479,699)

Class

R6

(60,160,199)

(877,477,005)

(27,827,832)

(464,961,000)

(13,198,700)

(232,626,251)

Class

I

(148,884,728)

(2,185,516,191)

(105,798,930)

(1,750,308,020)

(49,578,571)

(874,628,412)

(231,235,197)

(3,390,380,990)

(146,246,758)

(2,424,701,187)

(74,530,758)

(1,314,089,393)

Net

increase

(decrease)

(27,518,592)

$(376,855,810)

16,167,474

$266,016,050

78,974,499

$1,399,877,221

(1)

Class

R3

Shares

were

converted

to

Class

A

Shares

at

the

close

of

business

on

June

4,

2021

and

are

no

longer

available

for

reinvestment

or

through

an

exchange

from

other

Nuveen

mutual

funds.

Year

Ended

8/31/23

Two

Months

Ended

8/31/22

Year

Ended

6/30/22

Strategic

Income

Shares

Amount

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

4,634,136

$44,339,678

449,641

$4,418,739

2,074,903

$22,023,970

Class

A

-

automatic

conversion

of

Class

C

Shares

5

45

1,692

17,629

1,698

17,693

Class

C

364,973

3,469,766

27,874

269,737

175,027

1,905,437

Class

R6

2,391,890

22,945,159

234,052

2,294,446

19,948,897

225,387,789

Class

I

15,578,755

149,570,052

3,902,489

38,374,636

10,873,634

115,818,601

Reinvestments

of

distributions:

Class

A

484,545

4,636,473

62,109

610,080

294,729

3,152,123

Class

C

61,553

585,373

10,661

104,186

55,381

589,068

Class

R6

1,305,476

12,534,248

179,604

1,771,429

800,966

8,544,118

Class

I

1,269,098

12,139,826

179,158

1,759,556

837,346

8,929,302

26,090,431

250,220,620

5,047,280

49,620,438

35,062,581

386,368,101

Redemptions:

Class

A

(3,623,865)

(34,666,204)

(323,423)

(3,165,099)

(4,264,306)

(45,949,857)

Class

C

(952,024)

(9,034,404)

(221,537)

(2,156,843)

(947,420)

(10,091,244)

Class

C

-

automatic

conversion

to

Class

A

Shares

(5)

(45)

(1,701)

(17,629)

(1,706)

(17,693)

Class

R6

(2,765,959)

(26,696,572)

(318,704)

(3,137,555)

(2,343,991)

(24,558,640)

Class

I

(16,231,691)

(155,061,613)

(4,895,084)

(47,878,799)

(15,013,236)

(157,577,479)

(23,573,544)

(225,458,838)

(5,760,449)

(56,355,925)

(22,570,659)

(238,194,913)

Net

increase

(decrease)

2,516,887

$24,761,782

(713,169)

$(6,735,487)

12,491,922

$148,173,188

158

Notes

to

Financial

Statements

(continued)

Each

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund's

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

each

Fund's

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund's

financial

statements.

Differences

between

amounts

for

financial

statement

and

federal

income

tax

purposes

are

primarily

due

to

timing

differences

in

recognizing

gains

and

losses

on

investment

transactions.

Temporary

differences

do

not

require

reclassification.

As

of

year

end,

permanent

differences

that

resulted

in

reclassifications

among

the

components

of

net

assets

relate

primarily

to

bond

premium

amortization

adjustments,

complex

securities

character

adjustments,

foreign

currency

transactions,

investments

in

partnerships,

return

of

capital

and

long-term

capital

gain

distributions

received

from

portfolio

investments,

taxes

paid,

and

treatment

of

notional

principal

contracts.

Temporary

and

permanent

differences

have

no

impact

on

a

Fund's

net

assets.

As

of

year

end,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

As

of

year

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

The

tax

character

of

distributions

paid

was

as

follows:

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Credit

Income

$

88,618,719

$

737,154

$

(5,417,508)

$

(4,680,354)

Flexible

Income

1,323,251,140

18,017,334

(148,119,012)

(130,101,678)

Floating

Rate

Income

1,578,718,447

30,574,049

(75,539,236)

(44,965,187)

High

Yield

Income

539,417,450

8,006,687

(18,716,471)

(10,709,784)

Preferred

Securities

and

Income

4,976,693,051

39,534,605

(592,653,012)

(553,118,407)

Strategic

Income

776,762,937

5,157,105

(68,120,742)

(62,963,637)

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

Credit

Income

$

941,097

$

—

$

(4,680,354)

$

(139,608,541)

$

—

$

(570,042)

$

(143,917,840)

Flexible

Income

—

—

(130,101,677)

(156,956,222)

(33,498,528)

(5,475,568)

(326,031,995)

Floating

Rate

Income

15,606,482

—

(44,965,187)

(282,488,203)

—

(12,076,366)

(323,923,274)

High

Yield

Income

4,490,744

—

(10,709,785)

(225,681,841)

—

(3,167,786)

(235,068,668)

Preferred

Securities

and

Income

10,519,404

—

(553,118,407)

(371,574,046)

—

(22,089,857)

(936,262,906)

Strategic

Income

5,898,486

—

(62,963,730)

(84,004,904)

—

(3,473,573)

(144,543,721)

8/31/23

Two

Months

Ended

8/31/22

6/30/22

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

Credit

Income

$5,554,037

$–

$—

$822,059

$–

$102,400

$6,007,353

$–

$—

Strategic

Income

35,062,637

–

—

5,164,757

–

—

26,691,386

–

—

8/31/23

Eleven

Months

Ended

8/31/22

9/30/21

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

Flexible

Income

$86,489,175

$–

$—

$77,109,851

$–

$—

$74,989,357

$–

$—

Floating

Rate

Income

150,994,814

–

—

70,515,376

–

—

34,891,011

–

—

High

Yield

Income

31,679,810

–

—

25,304,840

–

—

31,735,722

–

—

Preferred

Securities

and

Income

281,057,134

–

—

245,467,982

–

8,080,719

232,436,444

–

—

159

As

of

year

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

8.

Management

Fees

and

Other

Transactions

with

Affiliates

Management

Fees:

Each

Fund’s

management

fee

compensates

the

Adviser

for

the

overall

investment

advisory

and

administrative

services

and

general

office

facilities.

The

Sub-Adviser

is

compensated

for

its

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

each

Fund’s

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

was

calculated

according

to

the

following

schedule:

The

annual

complex-level

fee,

payable

monthly,

for

each

Fund

is

determined

by

taking

the

complex-level

fee

rate,

which

is

based

on

the

aggregate

amount

of

“eligible

assets”

of

all

Nuveen

funds

as

set

forth

in

the

schedule

below,

and

for

Credit

Income

and

Strategic

Income,

making,

as

appropriate,

an

upward

adjustment

to

that

rate

based

upon

the

percentage

of

the

particular

fund’s

assets

that

are

not

“eligible

assets.”

The

complex-level

fee

schedule

for

each

Fund

is

as

follows:

*

The

complex-level

fee

is

calculated

based

upon

the

aggregate

daily

“eligible

assets”

of

all

Nuveen

open-end

and

closed-end

funds.

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

include

certain

assets

of

certain

Nuveen

funds

that

were

reorganized

into

funds

advised

by

an

affiliate

of

the

Adviser

during

the

2019

calendar

year.

Eligible

assets

include

closed-end

fund

assets

managed

by

the

Adviser

that

are

attributable

to

certain

types

of

leverage.

For

these

purposes,

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)

Fund

Short-Term

Long-Term

Total

Credit

Income

$

47,839,941

$

91,768,600

$

139,608,541

Flexible

Income

77,392,504

79,563,718

156,956,222

Floating

Rate

Income

69,551,059

212,937,144

282,488,203

High

Yield

Income

37,045,334

188,636,507

225,681,841

Preferred

Securities

and

Income

111,749,755

259,824,291

371,574,046

Strategic

Income

36,892,620

47,112,284

84,004,904

Average

Daily

Net

Assets

Credit

Income

Flexible

Income

Floating

Rate

Income

High

Yield

Income

Preferred

Securities

and

Income

Strategic

Income

For

the

first

$125

million

0.4000

%

0.5500

%

0.4500

%

0.4500

%

0.5500

%

0.3600

%

For

the

next

$125

million

0.3875

0.5375

0.4375

0.4375

0.5375

0.3475

For

the

next

$250

million

0.3750

0.5250

0.4250

0.4250

0.5250

0.3350

For

the

next

$500

million

0.3625

0.5125

0.4125

0.4125

0.5125

0.3225

For

the

next

$1

billion

0.3500

0.5000

0.4000

0.4000

0.5000

0.3100

For

the

next

$3

billion

0.3250

0.4750

0.3750

0.3750

0.4750

0.2850

For

the

next

$5

billion

0.3000

0.4500

0.3500

0.3500

0.4500

0.2600

For

net

assets

over

$10

billion

0.2875

0.4375

0.3375

0.3375

0.4375

0.2475

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

160

Notes

to

Financial

Statements

(continued)

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

August

31,

2023,

the

complex-level

fee

rate

for

each

Fund

was

as

follows:

The

Adviser

has

agreed

to

waive

fees

and/or

reimburse

expenses

(“Expense

Cap”)

of

the

Funds

so

that

the

total

annual

Fund

operating

expenses

(excluding

12b-1

distribution

and/or

service

fees,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses)

do

not

exceed

the

average

daily

net

assets

of

any

class

of

Fund

shares

in

the

amounts

and

for

the

time

periods

stated

in

the

following

table.

However,

because

Class

R6

Shares

are

not

subject

to

sub-transfer

agent

and

similar

fees,

the

total

annual

fund

operating

expense

for

the

Class

R6

Shares

will

be

less

than

the

expense

limitation.

The

temporary

expense

limitations

may

be

terminated

or

modified

prior

to

expiration

date

only

with

the

approval

of

the

Board.

The

expense

limitations

in

effect

thereafter

may

be

terminated

or

modified

only

with

the

approval

of

shareholders

of

each

Fund.

Distribution

and

Service

Fees:

 Each

Fund

has

adopted

a

distribution

and

service

plan

under

rule

12b-1

under

the

1940

Act.

Class

A

Shares

incur

a

0.25%

annual

12b-1

service

fee.

Class

C

Shares

incur

a

0.75%

annual

12b-1

distribution

fee

and

a

0.25%

annual

12b-1

service

fee.

Class

R6

Shares

and

Class

I

Shares

are

not

subject

to

12b-1

distribution

or

service

fees.

The

fees

under

this

plan

compensate

Nuveen

Securities,

LLC,

(the

“Distributor”),

a

wholly-owned

subsidiary

of

Nuveen,

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Funds

and

establishing

and

maintaining

shareholder

accounts.

Other

Transactions

with

Affiliates:

The

Funds

receive

voluntary

compensation

from

the

Adviser

in

amounts

that

approximate

the

cost

of

research

services

obtained

from

broker-dealers

and

research

providers

if

the

Adviser

had

purchased

the

research

services

directly.

This

income

received

by

the

Funds

is

recognized

in

"Other

income"

on

the

Statement

of

Operations

and

any

amounts

due

to

the Funds

at

the

end

of

the

reporting

period

is

recognized

in

"Reimbursement

from

Adviser"

on

the

Statement

of

Assets

and Liabilities.  During

the

current

fiscal

period,

the

values

of

voluntary

compensation

were

as

follows:

During

the

current

fiscal

period,

the

Distributor,

collected

sales

charges

on

purchases

of

Class

A

Shares,

the

majority

of

which

were

paid

out

as

concessions

to

financial

intermediaries

as

follows:

Fund

Complex-Level

Fee

Credit

Income

0

.2000%

Flexible

Income

0

.1600%

Floating

Rate

Income

0

.1600%

High

Yield

Income

0

.1600%

Preferred

Securities

and

Income

0

.1600%

Strategic

Income

0

.1944%

Fund

Temporary

Expense

Cap

Temporary

Expense

Cap

Expiration

Date

Permanent

Expense

Cap

Credit

Income

0.75%

July

31,

2025

N/A

Flexible

Income

0.75%

July

31,

2025

1.25%

Floating

Rate

Income

0.85%

July

31,

2025

1.10%

High

Yield

Income

0.79%

July

31,

2025

1.35%

Preferred

Securities

and

Income

N/A

N/A

1.25%

Strategic

Income

0.59%

July

31,

2025

N/A

N/A

-

Not

Applicable.

Fund

Amount

Credit

Income

$

—

Flexible

Income

133,541

Floating

Rate

Income

—

High

Yield

Income

—

Preferred

Securities

and

Income

—

Strategic

Income

—

161

The

Distributor

also

received

12b-1

service

fees

on

Class

A

Shares,

substantially

all

of

which

were

paid

to

compensate

financial

intermediaries

for

providing

services

to

shareholders

relating

to

their

investments.

During

the

current

fiscal

period,

the

Distributor

compensated

financial

intermediaries

directly

with

commission

advances

at

the

time

of

purchase

as

follows:

To

compensate

for

commissions

advanced

to

financial

intermediaries,

all

12b-1

service

and

distribution

fees

collected

on

Class

C

Shares

during

the

first

year

following

a

purchase

are

retained

by

the

Distributor.

During

the

current

fiscal

period,

the

Distributor

retained

such

12b-1

fees

as

follows:

The

remaining

12b-1

fees

charged

to

each

Fund

were

paid

to

compensate

financial

intermediaries

for

providing

services

to

shareholders

relating

to

their

investments.

The

Distributor

also

collected

and

retained

CDSC

on

share

redemptions

during

the

current

fiscal

period,

as

follows: 

As

of

the

end

of

the

reporting

period,

the

percentage

of

Fund

shares

owned

by

Nuveen

were

as

follows:

Fund

Sales

Charges

Collected

(Unaudited)

Paid

to

Financial

Intermediaries

(Unaudited)

Credit

Income

$

13,606

$

11,877

Flexible

Income

146,057

131,071

Floating

Rate

Income

138,814

129,466

High

Yield

Income

41,665

36,591

Preferred

Securities

and

Income

731,513

664,823

Strategic

Income

568,313

496,594

Fund

Commission

Advances

(Unaudited)

Credit

Income

$

5,657

Flexible

Income

60,987

Floating

Rate

Income

152,950

High

Yield

Income

6,853

Preferred

Securities

and

Income

347,190

Strategic

Income

25,161

Fund

12b-1

Fees

Retained

(Unaudited)

Credit

Income

$

6,172

Flexible

Income

148,406

Floating

Rate

Income

127,146

High

Yield

Income

15,434

Preferred

Securities

and

Income

245,264

Strategic

Income

17,603

Fund

CDSC

Retained

(Unaudited)

Credit

Income

$

3,050

Flexible

Income

17,722

Floating

Rate

Income

67,019

High

Yield

Income

2,085

Preferred

Securities

and

Income

73,202

Strategic

Income

13,746

162

Notes

to

Financial

Statements

(continued)

9.

Borrowing

Arrangements

Committed

Line

of

Credit:

The

Funds,

along

with

certain

other

funds

managed

by

the

Adviser

(“Participating

Funds”),

have

established

a

364-day,

$2.700

billion

standby

credit

facility

with

a

group

of

lenders,

under

which

the

Participating

Funds

may

borrow

for

temporary

purposes

(other

than

on-

going

leveraging

for

investment

purposes).

Each

Participating

Fund

is

allocated

a

designated

proportion

of

the

facility’s

capacity

(and

its

associated

costs,

as

described

below)

based

upon

a

multi-factor

assessment

of

the

likelihood

and

frequency

of

its

need

to

draw

on

the

facility,

the

size

of

the

Fund

and

its

anticipated

draws,

and

the

potential

importance

of

such

draws

to

the

operations

and

well-being

of

the

Fund,

relative

to

those

of

the

other

Funds.

A

Fund

may

effect

draws

on

the

facility

in

excess

of

its

designated

capacity

if

and

to

the

extent

that

other

Participating

Funds

have

undrawn

capacity.

The

current

credit

facility

was

entered

into

on

June

21,

2023

expiring

on

June

19,

2024,

replacing

the

previous

facility,

which

expired

in June

2023.

The

credit

facility

has

the

following

terms:

0.15%

per

annum

on

unused

commitment

amounts

and

a

drawn

interest

rate

equal

to

the

higher

of

(a)

OBFR

(Overnight

Bank

Funding

Rate)

plus

1.20%

per

annum

or

(b)

the

Fed

Funds

Effective

Rate

plus

1.20%

per

annum

on

amounts

borrowed.

The

Participating

Funds

also

incurred

a

0.05%

upfront

fee

on

the

increased

commitments

from

select

lenders.

Interest

expense

incurred

by

the

Participating

Funds,

when

applicable,

is

recognized

as

a

component

of

“Interest

expense”

on

the

Statement

of

Operations.

Participating

Funds

paid

administration,

legal

and

arrangement

fees,

which

are

recognized

as

a

component

of

“Interest

expense”

on

the

Statement

of

Operations,

and

along

with

commitment

fees,

have

been

allocated

among

such

Participating

Funds

based

upon

the

relative

proportions

of

the

facility’s

aggregate

capacity

reserved

for

them

and

other

factors

deemed

relevant

by

the

Adviser

and

the

Board

of

each

Participating

Fund.

During

each

Fund’s

utilization

period(s)

during

the

current

fiscal

period,

the

average

daily

balance

outstanding

and

average

annual

interest

rate

on

the

Borrowings

were

as

follows:

Borrowings

outstanding

as

of

the

end

of

the

reporting

period,

if

any,

are

recognized

as

“Borrowings”

on

the

Statement

of

Assets

and

Liabilities.

Fund

Nuveen

Owned

Shares

Flexible

Income

-%*

Floating

Rate

Income

-%*

*Rounds

to

less

than

1%.

Fund

Maximum

Outstanding

Balance

Credit

Income

$

16,400,000

Flexible

Income

—

Floating

Rate

Income

100,000,000

High

Yield

Income

—

Preferred

Securities

and

Income

164,300,000

Strategic

Income

337,430

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

Credit

Income

42

$

2,261,598

4.85

%

Flexible

Income

—

—

—

Floating

Rate

Income

152

34,844,490

5.55

High

Yield

Income

—

—

—

Preferred

Securities

and

Income

27

48,322,222

5.78

Strategic

Income

4

337,430

5.53

163

Important

Tax

Information

(Unaudited)

As

required

by

the

Internal

Revenue

Code

and

Treasury

Regulations,

certain

tax

information,

as

detailed

below,

must

be

provided

to

shareholders.

Shareholders

are

advised

to

consult

their

tax

advisor

with

respect

to

the

tax

implications

of

their

investment.

The

amounts

listed

below

may

differ

from

the

actual

amounts

reported

on

Form

1099-DIV,

which

will

be

sent

to

shareholders

shortly

after

calendar

year

end.

Long-Term

Capital

Gains

As

of

year

end,

each

Fund

designates

the

following

distribution

amounts,

or

maximum

amount

allowable,

as

being

from

net

long-term

capital

gains

pursuant

to

Section

852(b)(3)

of

the

Internal

Revenue

Code:

Dividends

Received

Deduction

(DRD)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

eligible

for

the

dividends

received

deduction

for

corporate

shareholders:

Qualified

Dividend

Income

(QDI)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

treated

as

qualified

dividend

income

for

individuals

pursuant

to

Section

1(h)(11)

of

the

Internal

Revenue

Code:

Qualified

Interest

Income

(QII)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

treated

as

qualified

interest

income

and/or

short-term

capital

gain

dividends

pursuant

to

Section

871(k)

of

the

Internal

Revenue

Code:

Fund

Net

Long-Term

Capital

Gains

Credit

Income

$

—

Flexible

Income

—

Floating

Rate

Income

—

High

Yield

Income

—

Preferred

Securities

and

Income

—

Strategic

Income

—

Fund

Percentage

Credit

Income

1

.9

%

Flexible

Income

28

.0

Floating

Rate

Income

0

.3

High

Yield

Income

1

.1

Preferred

Securities

and

Income

54

.1

Strategic

Income

10

.6

Fund

Percentage

Credit

Income

4

.8

%

Flexible

Income

31

.1

Floating

Rate

Income

0

.3

High

Yield

Income

1

.1

Preferred

Securities

and

Income

100

.0

Strategic

Income

20

.0

164

Important

Tax

Information

(Unaudited)

(continued)

163(j)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

dividends

treated

as

Section

163(j)

interest

dividends

pursuant

to

Section

163(j)

of

the

Internal

Revenue

Code:

Fund

Prior

Year

End

to

12/31

Percentage

1/1

to

Current

Year

End

Percentage

Credit

Income

86.2

%

61.2

%

Flexible

Income

47.4

39.2

Floating

Rate

Income

60.4

90.0

High

Yield

Income

91.5

73.5

Preferred

Securities

and

Income

22.7

4.0

Strategic

Income

49.3

67.9

Fund

Percentage

Credit

Income

100

.0

%

Flexible

Income

60

.7

Floating

Rate

Income

88

.4

High

Yield

Income

100

.0

Preferred

Securities

and

Income

15

.5

Strategic

Income

88

.0

165

Additional

Fund

Information

(Unaudited)

Investment

Adviser

Nuveen

Fund

Advisors,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Sub-Adviser

Nuveen

Asset

Management,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Independent

Registered

Public

Accounting

Firm

KPMG

LLP

200

East

Randolph

Street

Chicago,

IL

60601

Custodian

State

Street

Bank

&

Trust

Company

One

Congress

Street

Suite

1

Boston,

MA

02114-2016

Legal

Counsel

Chapman

and

Cutler

LLP

Chicago,

IL

60603

Transfer

Agent

and

Shareholder

Services

DST

Asset

Manager

Solutions,

Inc.

(DST)

P.O.

Box

219140

Kansas

City,

MO

64121-9140

(800)

257-8787

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.

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.

166

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.

Basis

Point:

One

one-hundredth

of

one

percentage

point,

or

0.01%.

For

example,

25

basis

points

equals

0.25%.

Beta:

A

measure

of

the

variability

of

the

change

in

the

share

price

for

a

fund

in

relation

to

a

change

in

the

value

of

the

fund’s

market

benchmark.

Securities

with

betas

higher

than

1.0

have

been,

and

are

expected

to

be,

more

volatile

than

the

benchmark;

securities

with

betas

lower

than

1.0

have

been,

and

are

expected

to

be,

less

volatile

than

the

benchmark.

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

multi-family

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

CoCo

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

CoCo

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

or

fund’s

duration,

the

more

the

price

of

the

bond

or

fund

will

change

as

interest

rates

change.

Hybrid

Security:

A

hybrid

security

combines

two

or

more

different

financial

instruments.

A

hybrid

security

generally

combines

both

debt

and

equity

characteristics.

Gross

Domestic

Product

(GDP):

The

total

market

value

of

all

final

goods

and

services

produced

in

a

country/region

in

a

given

year,

equal

to

total

consumer,

investment

and

government

spending,

plus

the

value

of

exports,

minus

the

value

of

imports.

167

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

and

accrued

earnings)

less

its

total

liabilities.

For

funds

with

multiple

classes,

Net

Assets

are

determined

separately

for

each

share

class.

NAV

per

share

is

equal

to

the

fund’s

(or

share

class’)

Net

Assets

divided

by

its

number

of

shares

outstanding.

Option-adjusted

spread

(OAS):

The

option-adjusted

spread

(OAS)

for

a

fixed-income

security

is

the

amount

of

yield

that

would

need

to

be

added

to

each

of

the

discount

rates

used

to

value

each

of

the

security’s

cash

flows

(typically

based

on

the

yields

of

U.S.

Treasury

securities)

so

that

the

sum

of

the

discounted

value

of

all

of

the

security’s

cash

flows

matches

its

market

price,

using

a

dynamic

pricing

model

that

takes

into

account

any

embedded

options,

such

as

call

features,

applicable

to

the

security.

Tax

Equalization:

The

practice

of

treating

a

portion

of

the

distribution

made

to

a

redeeming

shareholder,

which

represents

their

proportionate

part

of

undistributed

net

investment

income

and

capital

gain

as

a

distribution

for

tax

purposes.

Such

amounts

are

referred

to

as

the

equalization

debits

(or

payments)

and

will

be

considered

a

distribution

to

the

shareholder

of

net

investment

income

and

capital

gain

for

calculation

of

the

Fund’s

dividends

paid

deduction.

Zero

Coupon

Bond:

A

zero

coupon

bond

does

not

pay

a

regular

interest

coupon

to

its

holders

during

the

life

of

the

bond.

Income

to

the

holder

of

the

bond

comes

from

accretion

of

the

difference

between

the

original

purchase

price

of

the

bond

at

issuance

and

the

par

value

of

the

bond

at

maturity

and

is

effectively

paid

at

maturity.

The

market

prices

of

zero

coupon

bonds

generally

are

more

volatile

than

the

market

prices

of

bonds

that

pay

interest

periodically.

168

Liquidity

Risk

Management

Program

(Unaudited)

Discussion

of

the

operation

and

effectiveness

of

the

Funds’

liquidity

risk

management

program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

each

Fund

covered

in

this

Report

(the

“Funds”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”),

which

is

designed

to

manage

the

Funds’

liquidity

risk.

The

Program

consists

of

various

protocols

for

assessing

and

managing

each

Fund’s

liquidity

risk.

The

Funds’

Board

of

Directors/Trustees

(the

“Board”)

previously

designated

Nuveen

Fund

Advisors,

LLC,

the

Funds’

investment

adviser,

as

the

Administrator

of

the

Program.

The

adviser’s

Liquidity

Monitoring

and

Analysis

Team

(“LMAT”)

carries

out

day-to-day

Program

management

with

oversight

by

the

adviser’s

Liquidity

Oversight

Sub-Committee

(the

“LOSC”).

The

LOSC

is

composed

of

personnel

from

the

adviser

and

Teachers

Advisors,

LLC,

an

affiliate

of

the

adviser.

At

a

May

23-25,

2023

meeting

of

the

Board,

the

Administrator

provided

the

Board

with

a

written

report

addressing

the

Program’s

operation,

adequacy

and

effectiveness

of

implementation

for

calendar

year

2022

(the

“Review

Period”),

as

required

under

the

Liquidity

Rule.

The

report

noted

that

the

Program

has

been

and

continues

to

be

adequately

and

effectively

implemented

to

monitor

and

(as

applicable)

respond

to

each

Fund’s

liquidity

developments.

In

accordance

with

the

Program,

the

LMAT

assesses

each

Fund’s

liquidity

risk

no

less

frequently

than

annually

based

on

various

factors,

such

as

(1)

the

Fund’s

investment

strategy

and

the

liquidity

of

portfolio

investments,

(ii)

cash

flow

projections,

and

(ii)

holdings

of

cash

and

cash

equivalents,

borrowing

arrangements,

and

other

funding

sources.

Certain

factors

are

considered

under

both

normal

and

reasonably

foreseeable

stressed

conditions.

Each

Fund

portfolio

investment

is

classified

into

one

of

four

liquidity

categories

(including

the

most

liquid,

“Highly

Liquid”,

and

the

least

liquid,

“llliquid”,

discussed

below),

The

classification

is

based

on

a

determination

of

how

long

it

is

reasonably

expected

to

take

to

convert

the

investment

into

cash,

or

sell

or

dispose

of

the

investment,

in

current

market

conditions

without

significantly

changing

the

market

value

of

the

investment

Liquidity

classification

determinations

take

into

account

various

market,

trading,

and

investment-specific

considerations,

as

well

as

market

depth,

and

use

third-

party

vendor

data.

Any

Fund

that

does

not

primarily

hold

highly

liquid

investments

must,

among

other

things,

determine

a

minimum

percentage

of

Fund

assets

that

must

be

invested

in

highly

liquid

investments

(a

“Highly

Liquid

Investment

Minimum”).

During

the

Review

Period,

Nuveen

Floating

Rate

Fund

determined

that

it

would

hold

a

minimum

of

10%

of

its

assets

in

highly

liquid

investments,

and

it

maintained

at

least

that

amount

during

the

Review

Period.

Similarly

during

the

Review

Period,

Nuveen

High

Yield

Income

Fund

determined

that

it

would

hold

a

minimum

of

20%

of

its

assets

in

highly

liquid

investments,

and

it

maintained

at

least

that

amount

during

the

review

period.

All

of

the

other

Funds

in

this

Report

primarily

held

Highly

Liquid

investments

and

therefore

was

exempt

from

the

requirement

to

adopt

a

Highly

Liquid

Investment

Minimum

and

to

comply

with

the

related

requirements

under

the

Liquidity

Rule.

The

Liquidity

Rule

also

limits

a

Fund’s

investments

in

Illiquid

investments.

Specifically,

the

Liquidity

Rule

prohibits

a

Fund

from

acquiring

Illiquid

investments

if

doing

so

would

result

in

the

Fund

holding

more

than

15%

of

its

net

assets

in

illiquid

investments,

and

requires

certain

reporting

to

the

Fund

Board

and

the

Securities

and

Exchange

Commission

any

time

a

Fund’s

holdings

of

Illiquid

investments

exceeds

15%

of

net

assets.

During

the

Review

Period,

no

Fund

exceeded

the

15%

limit

on

Illiquid

investments.

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

169

At

a

meeting

held

on

May

23-25,

2023

(the

“May

Meeting”),

the

Board

of

Trustees

or

Directors,

as

applicable

(the

“Board”

and

each

Trustee

or

Director,

a

“Board

Member”)

of

the

Funds,

which

is

comprised

entirely

of

Board

Members

who

are

not

“interested

persons”

(as

defined

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”))

(the

“Independent

Board

Members”),

approved,

for

each

Fund,

the

renewal

of

the

management

agreement

(each,

an

“Investment

Management

Agreement”)

with

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”)

pursuant

to

which

the

Adviser

serves

as

the

investment

adviser

to

such

Fund

and

the

sub-advisory

agreement

(each,

a

“Sub-Advisory

Agreement”)

with

Nuveen

Asset

Management,

LLC

(the

“Sub-Adviser”)

pursuant

to

which

the

Sub-Adviser

serves

as

the

sub-adviser

to

such

Fund

for

an

additional

one-year

term.

As

the

Board

is

comprised

of

all

Independent

Board

Members,

the

references

to

the

Board

and

the

Independent

Board

Members

are

interchangeable.

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

the

Adviser

and

the

Sub-Adviser

are

collectively,

the

“Fund

Advisers”

and

each,

a

“Fund

Adviser.”

The

Independent

Board

Members

considered

the

review

of

the

advisory

agreements

for

the

Nuveen

funds

to

be

an

ongoing

process

and

employed

the

accumulated

information,

knowledge

and

experience

the

Board

Members

had

gained

during

their

tenure

on

the

boards

governing

the

Nuveen

funds

and

working

with

the

Adviser

and

the

applicable

sub-advisers

in

their

annual

review

of

the

advisory

agreements.

Throughout

the

year,

the

Board

and

its

committees

meet

regularly

and,

at

these

meetings,

receive

regular

and/or

special

reports

that

cover

an

extensive

array

of

topics

and

information

that

are

relevant

to

the

Board’s

annual

consideration

of

the

renewal

of

the

advisory

agreements

for

the

Nuveen

funds.

Such

information

may

address,

among

other

things,

fund

performance

and

risk

information;

the

Adviser’s

strategic

plans;

product

initiatives

for

various

funds;

the

review

of

the

funds

and

investment

teams;

compliance,

regulatory

and

risk

management

matters;

the

trading

practices

of

the

various

sub-advisers

to

the

Nuveen

funds;

management

of

distributions;

valuation

of

securities;

fund

expenses;

payments

to

financial

intermediaries,

including

12b-1

fees

and

sub-transfer

agency

fees,

if

applicable;

securities

lending;

liquidity

management;

and

overall

market

and

regulatory

developments.

The

Board

also

seeks

to

meet

periodically

with

the

Nuveen

funds’

sub-advisers

and/or

portfolio

teams,

when

feasible.

The

presentations,

discussions,

and

meetings

throughout

the

year

also

provide

a

means

for

the

Board

to

evaluate

the

level,

breadth

and

quality

of

services

provided

by

the

Adviser

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

for

the

Nuveen

funds,

the

Board,

through

its

independent

legal

counsel,

requested

and

received

extensive

materials

and

information

prepared

specifically

for

its

review

of

such

advisory

agreements

by

the

Adviser

and

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data.

The

materials

cover

a

wide

range

of

topics

including,

but

not

limited

to,

a

description

of

the

nature,

extent

and

quality

of

services

provided

by

the

Fund

Advisers;

a

review

of

product

actions

advanced

in

2022

for

the

benefit

of

particular

Nuveen

funds

and/or

the

Nuveen

fund

complex;

a

review

of

each

sub-adviser

to

the

Nuveen

funds

and/or

the

applicable

investment

team;

an

analysis

of

fund

performance

with

a

focus

on

any

Nuveen

funds

considered

performance

outliers;

an

analysis

of

the

fees

and

expense

ratios

of

the

Nuveen

funds

with

a

focus

on

any

Nuveen

funds

considered

expense

outliers;

a

review

of

management

fee

schedules;

a

review

of

temporary

and

permanent

expense

caps

and

fee

waivers

for

open-end

funds

(as

applicable)

and

related

expense

savings;

a

description

of

portfolio

manager

compensation;

a

description

of

the

profitability

or

financial

data

of

Nuveen

and

the

sub-advisers

to

the

Nuveen

funds;

and

a

description

of

indirect

benefits

received

by

the

Adviser

and

the

sub-advisers

as

a

result

of

their

relationships

with

the

Nuveen

funds.

The

information

prepared

specifically

for

the

annual

review

supplemented

the

information

provided

to

the

Board

and

its

committees

and

the

evaluations

of

the

Nuveen

funds

by

the

Board

and

its

committees

during

the

year.

The

Board’s

review

of

the

advisory

agreements

for

the

Nuveen

funds

is

based

on

all

the

information

provided

to

the

Board

and

its

committees

throughout

the

year

as

well

as

the

information

prepared

specifically

with

respect

to

the

annual

review

of

such

advisory

agreements.

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

Independent

Board

Members.

As

part

of

its

review,

the

Board

met

on

April

11-12,

2023

(the

“April

Meeting”)

to

review

and

discuss,

in

part,

the

performance

of

the

Nuveen

funds

and

the

Adviser’s

evaluation

of

each

sub-adviser

to

the

Nuveen

funds

and/or

its

investment

teams.

At

the

April

Meeting,

the

Board

Members

asked

questions

and

requested

additional

information

that

was

provided

for

the

May

Meeting.

The

Independent

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

from

the

Adviser

or

the

Sub-Adviser

were

present.

In

connection

with

their

annual

review,

the

Independent

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

decision

to

renew

the

Advisory

Agreements

was

not

based

on

a

single

identified

factor,

but

rather

the

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

renewal

process.

The

contractual

arrangements

are

a

result

of

multiple

years

of

review,

negotiation

and

information

provided

in

connection

with

the

Board’s

annual

review

of

the

Nuveen

funds’

advisory

arrangements

and

oversight

of

the

Nuveen

funds.

Each

Board

Member

may

have

attributed

different

levels

of

importance

to

the

various

factors

and

information

considered

in

connection

with

the

approval

process

and

may

place

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.

170

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

A.

Nature,

Extent

and

Quality

of

Services

In

evaluating

the

renewal

of

the

Advisory

Agreements,

the

Independent

Board

Members

received

and

considered

information

regarding

the

nature,

extent

and

quality

of

the

applicable

Fund

Adviser’s

services

provided

to

the

respective

Fund

with

particular

focus

on

the

services

and

enhancements

or

changes

to

such

services

provided

during

the

last

year.

The

Independent

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

respective

roles

of

the

Adviser

and

the

Sub-Adviser

in

providing

services

to

the

Funds.

The

Board

recognized

that

the

Adviser

provides

a

wide

array

of

management,

oversight

and

administrative

services

to

manage

and

operate

the

Nuveen

funds

and

that

the

scope

and

complexity

of

these

services,

along

with

the

undertakings

required

of

the

Adviser

in

connection

with

providing

these

services,

have

expanded

over

time

as

a

result

of,

among

other

things,

regulatory,

market

and

other

developments.

The

Board

noted

the

Adviser’s

dedication

of

resources,

time,

personnel

and

capital

and

commitment

to

continuing

to

develop

improvements

and

innovations

that

seek

to

enhance

the

Nuveen

fund

complex

and

meet

the

needs

of

the

Nuveen

funds

in

an

increasingly

complex

regulatory

environment.

The

Board

received

and

reviewed

information

regarding,

among

other

things,

the

Adviser’s

investment

oversight

responsibilities,

regulatory

and

compliance

services,

administrative

duties

and

other

services.

The

Board

considered

the

breadth

and

the

quality

of

the

services

the

Adviser

and

its

various

teams

provide

in

overseeing

the

investment

management

of

the

Nuveen

funds,

including,

among

other

things,

overseeing

and

reviewing

the

services

provided

by

the

various

sub-advisers

to

the

Nuveen

funds

and

their

investment

teams;

evaluating

fund

performance

and

market

conditions;

overseeing

operational

and

investment

risks;

evaluating

investment

strategies

and

recommending

any

changes

thereto;

managing

liquidity;

managing

the

daily

valuation

of

portfolio

securities;

overseeing

trade

execution

and

securities

lending;

and

setting

and

managing

distributions

consistent

with

the

respective

fund’s

product

design.

The

Board

also

reviewed

the

structure

of

investment

personnel

compensation

of

each

Fund

Adviser

and

considered

whether

the

structure

provides

appropriate

incentives

to

attract

and

maintain

qualified

personnel

and

to

act

in

the

best

interests

of

the

respective

Nuveen

fund.

Given

the

Nuveen

funds

operate

in

a

highly

regulated

industry,

the

Board

further

considered

the

extensive

compliance,

regulatory

and

administrative

services

the

Adviser

and

its

various

teams

provide

to

manage

and

operate

the

Nuveen

funds.

The

Board

recognized

such

services

included,

but

were

not

limited

to,

managing

compliance

policies;

monitoring

compliance

with

applicable

policies,

laws

and

regulations;

devising

internal

compliance

programs

in

seeking

to

enhance

compliance

with

regulatory

requirements

and

creating

a

framework

to

review

and

assess

compliance

programs;

overseeing

sub-adviser

compliance

testing;

preparing

compliance

training

materials;

and

responding

to

regulatory

requests.

The

Board

reviewed

highlights

of

the

various

initiatives

Nuveen

compliance

had

taken

in

2022

including,

among

other

things,

additional

due

diligence

of

service

providers

as

their

operating

environments

evolve

post-Covid

to

more

hybrid

in-person

working

arrangements;

investments

in

supporting

and

expanding

international

trading

capabilities;

continuing

efforts

to

enhance

policies

and

controls

to

address

compliance

risks

including

those

related

to

environmental,

social

and

governance

(“ESG”)

matters

and

new

regulatory

developments

or

guidance;

and

establishing

and

maintaining

compliance

policies

and

comprehensive

compliance

training

programs.

The

Board

also

considered

information

regarding

the

Adviser’s

business

continuity,

disaster

recovery

and

information

security

programs

and

the

periodic

testing

and

review

of

such

programs.

In

addition

to

the

above

functions,

the

Board

considered

the

quality

and

extent

of

other

non-advisory

services

the

Adviser

provides

including,

among

other

things,

various

fund

administration

services

(such

as

preparing,

overseeing

or

assisting

with

the

preparation

of

tax

and

regulatory

filings);

product

management

services

(such

as

evaluating

and

enhancing

products

and

strategies);

legal

support

services;

shareholder

services

and

transfer

agency

function

oversight

services;

and

board

support

and

reporting

services.

With

respect

to

board

support

services,

the

Board

reviewed

a

summary

of

the

annual,

quarterly,

and

special

reports

the

Adviser

and/or

its

affiliates

provided

to

the

Board

throughout

2022.

The

Board

further

acknowledged

various

initiatives

the

Adviser

had

undertaken

or

continued

in

2022

in

seeking

to

improve

the

effectiveness

of

its

organization,

the

Nuveen

funds

product

line-up

as

well

as

particular

Nuveen

fund(s)

through,

among

other

things,

rationalizing

the

product

line

and

gaining

efficiencies

through

mergers,

repositionings

and

liquidations;

launching

new

funds;

reviewing

and

updating

investment

policies

and

benchmarks;

reopening

certain

funds

previously

closed

to

new

investors;

adding

or

modifying

the

share

classes

offered

by

certain

funds;

implementing

fee

waivers

and

expense

cap

changes

for

certain

funds

and

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

represented.

Aside

from

the

services

provided,

the

Board

recognized

the

financial

resources

of

the

Adviser

and

its

affiliates

and

their

willingness

to

make

investments

in

the

technology,

personnel

and

infrastructure

to

support

the

Nuveen

funds,

including

maintaining

a

seed

capital

budget

to

support

new

or

existing

funds

and/or

facilitate

changes

for

a

respective

fund.

The

Board

noted

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

Nuveen

funds

including

during

stressed

times.

The

Board

recognized

the

overall

reputation

and

capabilities

of

the

Adviser

and

its

affiliates,

the

Adviser’s

continuing

commitment

to

provide

high

quality

services,

its

willingness

to

implement

operational

or

organizational

changes

in

seeking,

among

other

things,

to

enhance

efficiencies

and

services

to

the

Nuveen

funds

and

its

responsiveness

to

the

Board’s

questions

and/or

concerns

raised

throughout

the

year

and

during

the

annual

review

of

advisory

agreements.

The

Board

also

considered

the

significant

risks

borne

by

the

Adviser

and

its

affiliates

in

connection

with

their

services

to

the

Nuveen

funds,

including

entrepreneurial

risks

in

sponsoring

new

funds

and

ongoing

risks

with

managing

the

funds

such

as

investment,

operational,

reputational,

regulatory,

compliance

and

litigation

risks.

The

Board

further

considered

the

division

of

responsibilities

between

the

Adviser

and

the

Sub-Adviser

and

recognized

that

the

Sub-Adviser

and

its

investment

personnel

generally

are

responsible

for

the

management

of

each

Fund’s

portfolio

under

the

oversight

of

the

Adviser

and

the

Board.

The

Board

considered

an

analysis

of

the

Sub-Adviser

provided

by

the

Adviser

which

included,

among

other

things,

the

assets

under

management

of

the

applicable

investment

team

and

changes

thereto,

a

summary

of

the

applicable

investment

team

and

changes

to

such

team,

the

investment

process

and

philosophy

of

the

applicable

investment

team,

the

performance

of

the

Nuveen

funds

sub-advised

by

the

Sub-Adviser

over

various

periods

171

of

time

and

a

summary

of

any

significant

policy

and/or

other

changes

to

the

Nuveen

funds

sub-advised

by

the

Sub-Adviser.

The

Board

further

considered

at

the

May

Meeting

or

prior

meetings

evaluations

of

the

Sub-Adviser’s

compliance

programs

and

trade

execution.

The

Board

noted

that

the

Adviser

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

Nuveen

funds

prepared

specifically

for

the

annual

review

of

the

advisory

agreements

as

well

as

the

performance

data

the

Board

received

throughout

the

year

representing

different

time

periods.

In

this

regard,

leading

into

the

May

Meeting,

the

Board

reviewed,

among

other

things,

Fund

performance

over

the

quarter,

one-,

three-

and

five-year

periods

ending

December 31,

2022

and

March

31,

2023.

The

performance

data

was

based

on

Class

A

shares;

however,

the

performance

of

other

classes

should

be

substantially

similar

as

they

invest

in

the

same

portfolio

of

securities

and

differences

in

performance

among

the

classes

would

be

principally

attributed

to

the

variations

in

the

expense

structures

of

the

classes.

In

addition,

the

Board

reviewed

and

discussed

performance

data

at

its

regularly

scheduled

quarterly

meetings

during

the

year.

The

Board

therefore

took

into

account

the

performance

data,

presentations

and

discussions

(written

and

oral)

that

have

been

provided

for

the

annual

review

as

well

as

in

prior

meetings

over

time

in

evaluating

fund

performance,

including

the

Adviser’s

analysis

of

a

fund’s

performance

with

particular

focus

on

performance

outliers

(both

overperformance

and

underperformance),

the

factors

contributing

to

performance

(including

relative

to

a

fund’s

benchmark

and

peers

and

the

impact

of

market

conditions)

and

any

recommendations

or

steps

that

had

been

taken

or

were

proposed

to

be

taken

to

address

significant

performance

concerns.

In

this

regard,

the

Board

noted,

among

other

things,

that

certain

Nuveen

funds

had

changes

in

portfolio

managers

or

other

significant

changes

to

their

investment

strategies

or

policies

since

March

2020,

and,

as

a

result,

the

Board

reviewed

certain

tracking

performance

data

comparing

the

performance

of

such

funds

before

and

after

such

changes.

The

Board

recognized

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

noted

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

Nuveen

fund

performance

results

from

different

perspectives.

In

general,

subject

to

certain

exceptions,

the

Board

reviewed

both

absolute

and

relative

fund

performance

during

the

annual

review

over

the

various

time

periods

and

evaluated

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”)

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

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

Nuveen

fund.

With

respect

to

relative

performance

of

a

Nuveen

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

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,

the

Adviser

has

ranked

the

relevancy

of

the

peer

group

to

the

Funds

as

low,

medium

or

high.

The

Board

also

evaluated

Nuveen

fund

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

acknowledged

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

recognized

that

the

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

recognized

that

longer

periods

of

performance

may

reflect

full

market

cycles.

In

relation

to

recent

general

market

conditions,

the

Board

had

recognized

the

general

market

volatility

and

underperformance

of

the

market

in

2022

in

considering

Nuveen

fund

performance.

The

Board

took

into

account

the

Adviser’s

assessment

of

a

fund’s

performance

during

the

recent

period

of

significant

market

volatility.

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

closely

until

performance

improves,

discusses

with

the

Adviser

the

reasons

for

such

results,

considers

whether

any

steps

are

necessary

or

appropriate

to

address

such

issues,

and

reviews

the

results

of

any

steps

undertaken.

The

Board’s

determinations

with

respect

to

each

Fund

are

summarized

below.

For

Nuveen

Credit

Income

Fund

(the

“Credit

Income

Fund”),

the

Board

noted

that

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

three-

and

five-year

periods

ended

December 31,

2022,

the

Fund

outperformed

its

benchmark

for

the

one-year

period

ended

December

31,

2022

and

ranked

in

the

second

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

and

the

third

quartile

for

the

three-

and

five-year

periods

ended

December 31,

2022.

Further,

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-

and

five-year

periods

ended

March 31,

2023,

the

Fund

matched

the

performance

of

its

benchmark

for

the

three-year

period

ended

March

31,

2023.

The

Fund

also

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

ended

March

31,

2023

and

the

second

quartile

for

172

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

the

three-

and

five-year

periods

ended

March 31,

2023.

The

Board

was

also

aware

that

there

were

changes

to

the

Fund’s

investment

objective

and

certain

investment

policies

effective

in

July

2020

and

changes

to

the

portfolio

management

team,

and

that

the

performance

data

prior

to

such

time

would

not

reflect

such

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

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

Nuveen

Flexible

Income

Fund

(the

“Flexible

Income

Fund”),

the

Board

noted

that

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-

and

three-year

periods

ended

December

31,

2022,

the

Fund

outperformed

its

benchmark

and

ranked

in

the

second

quartile

of

its

Performance

Peer

Group

for

the

five-year

period

ended

December

31,

2022.

In

addition,

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-

and

five-year

periods

ended

March

31,

2023,

the

Fund

outperformed

its

benchmark

for

the

three-year

period

ended

March

31,

2023

and

ranked

in

the

second

quartile

of

its

Performance

Peer

Group

for

the

one-

and

three-year

periods

and

first

quartile

for

the

five-year

period

ended

March

31,

2023.

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

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

Nuveen

Floating

Rate

Income

Fund

(the

“Floating

Rate

Income

Fund”),

the

Board

noted

that

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

December 31,

2022

and

March 31,

2023.

However,

the

Fund

ranked

in

the

second

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

ended

December 31,

2022

and

the

first

quartile

for

the

three-

and

five-year

periods

ended

December

31,

2022.

The

Fund

also

ranked

in

the

second

quartile

of

its

Performance

Peer

Group

for

the

one-

and

three-year

periods

ended

March

31,

2023

and

the

first

quartile

for

the

five-year

period

ended

March 31,

2023.

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

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

Nuveen

High

Yield

Income

Fund

(the

“High

Yield

Income

Fund”),

the

Board

noted

that

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

three-

and

five-year

periods

ended

December 31,

2022,

the

Fund

outperformed

its

benchmark

for

the

one-year

period

ended

December 31,

2022.

The

Fund

also

ranked

in

the

second

quartile

of

its

Performance

Peer

Group

for

the

one-

and

five-

year

periods

and

the

third

quartile

for

the

three-year

period

ended

December 31,

2022.

Further,

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

March 31,

2023,

the

Fund

ranked

in

the

second

quartile

of

its

Performance

Peer

Group

for

the

one-

and

three-year

periods

and

the

third

quartile

for

the

five-year

period

ended

March

31,

2023.

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

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

Nuveen

Preferred

Securities

and

Income

Fund

(the

“Preferred

Fund”),

the

Board

noted

that

although

the

Fund’s

performance

was

below

the

performance

of

its

blended

benchmark

for

the

five-year

period

ended

December 31,

2022,

the

Fund

outperformed

its

blended

benchmark

for

the

one-

and

three-year

periods

ended

December

31,

2022

and

ranked

in

the

second

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

and

the

first

quartile

for

the

three-

and

five-year

periods

ended

December 31,

2022.

In

addition,

although

the

Fund’s

performance

was

below

the

performance

of

its

blended

benchmark

for

the

five-year

period

ended

March 31,

2023,

the

Fund

outperformed

its

blended

benchmark

for

the

one-

and

three-year

periods

ended

March 31,

2023

and

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-year

period,

first

quartile

for

the

three-year

period

and

second

quartile

for

the

five-year

period

ended

March 31,

2023.

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

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

Nuveen

Strategic

Income

Fund

(the

“Strategic

Income

Fund”),

the

Board

noted

that

the

Fund

outperformed

its

benchmark

and

ranked

in

the

second

quartile

of

its

Performance

Peer

Group

for

the

one-,

three-

and

five-year

periods

ended

December 31,

2022.

In

addition,

the

Fund

outperformed

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

March

31,

2023

and

ranked

in

the

second

quartile

of

its

Performance

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,

2023.

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

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

173

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

open-end

funds,

the

contractual

management

fee

and

net

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

considered

the

total

operating

expense

ratio

of

a

fund

(after

any

fee

waivers

and/or

expense

reimbursements).

More

specifically,

the

Independent

Board

Members

reviewed,

among

other

things,

each

Nuveen

open-end

fund’s

gross

and

net

management

fee

rates

(i.e.,

before

and

after

fee

waivers

and/or

expense

reimbursements,

if

any)

and

net

total

expense

ratio

in

relation

to

those

of

a

comparable

universe

of

funds

(the

“Peer

Universe”)

and

to

a

more

focused

subset

of

comparable

funds

(the

“Peer

Group”)

established

by

Broadridge

(subject

to

certain

exceptions).

The

Independent

Board

Members

reviewed

the

methodology

Broadridge

employed

to

establish

its

Peer

Universe

and

Peer

Group

(as

applicable)

and

recognized

that

differences

between

the

applicable

fund

and

its

respective

Peer

Universe

and/

or

Peer

Group

as

well

as

changes

to

the

composition

of

the

Peer

Group

and/or

Peer

Universe

from

year

to

year

may

limit

some

of

the

value

of

the

comparative

data.

The

Independent

Board

Members

take

these

limitations

and

differences

into

account

when

reviewing

comparative

peer

data.

The

Independent

Board

Members

also

considered

a

fund’s

operating

expense

ratio

as

it

more

directly

reflected

the

shareholder’s

costs

in

investing

in

the

respective

fund.

In

their

review,

the

Independent

Board

Members

considered,

in

particular,

each

Nuveen

fund

with

a

net

total

expense

ratio

of

six

basis

points

or

higher

compared

to

that

of

its

peer

average

(each,

an

“Expense

Outlier

Fund”)

and

an

analysis

as

to

the

factors

contributing

to

each

such

fund’s

higher

relative

net

total

expense

ratio.

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

to

be

higher

if

they

were

over

10

basis

points

higher,

slightly

higher

if

they

were

6

to

10

basis

points

higher,

in

line

if

they

were

within

approximately

5

basis

points

higher

than

the

peer

average

and

below

if

they

were

below

the

peer

average

of

the

Peer

Group.

The

Independent

Board

Members

also

considered,

in

relevant

part,

a

Nuveen

fund’s

management

fee

and

net

total

expense

ratio

in

light

of

its

performance

history,

including

reviewing

certain

funds

identified

by

the

Adviser

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

addition,

in

their

review

of

the

fee

arrangements

for

the

Nuveen

funds,

the

Independent

Board

Members

considered

the

management

fee

schedules,

including

the

complex-wide

and

fund-level

breakpoint

schedules,

and

the

expense

reimbursements

and/or

fee

waivers

provided

by

Nuveen

for

each

fund,

as

applicable.

The

Board

noted

that

across

the

Nuveen

fund

complex,

the

complex-wide

fee

breakpoints

reduced

fees

by

approximately

$62.4 million

and

fund-level

breakpoints

reduced

fees

by

approximately

$76.1 million

in

2022.

Further,

fee

caps

and

waivers

for

all

applicable

Nuveen

funds

saved

shareholders

approximately

$13.4 million

in

fees

in

2022.

With

respect

to

the

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

and

comparative

data

of

the

fees

the

Sub-Adviser

charges

to

other

clients,

if

any.

In

its

review,

the

Board

recognized

that

the

compensation

paid

to

the

Sub-Adviser

is

the

responsibility

of

the

Adviser,

not

the

Funds.

The

Independent

Board

Members

noted

that

(a)

the

Credit

Income

Fund,

Flexible

Income

Fund,

Preferred

Fund

and

Strategic

Income

Fund

each

had

a

net

management

fee

and

a

net

total

expense

ratio

that

were

below

the

respective

peer

averages;

(b)

the

Floating

Rate

Income

Fund

had

a

net

management

fee

that

was

in

line

with

the

peer

average

and

a

net

total

expense

ratio

that

was

below

the

peer

average;

and

(c)

the

High

Yield

Income

Fund

had

a

net

management

fee

and

a

net

total

expense

ratio

that

were

in

line

with

the

respective

peer

averages.

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

information

regarding

the

fee

rates

the

respective

Fund

Advisers

charged

to

certain

other

types

of

clients

and

the

type

of

services

provided

to

these

other

clients.

With

respect

to

the

Adviser

and/or

the

Sub-Adviser,

such

other

clients

may

include:

retail

and

institutional

managed

accounts

sub-advised

by

the

Sub-Adviser;

hedge

funds

or

other

structured

products

managed

by

the

Sub-Adviser;

investment

companies

offered

outside

the

Nuveen

family

and

sub-advised

by

the

Sub-

Adviser;

foreign

investment

companies

offered

by

Nuveen

and

sub-advised

by

the

Sub-Adviser;

and

collective

investment

trusts

sub-advised

by

the

Sub-Adviser.

The

Board

further

noted

that

the

Adviser

also

advised,

and

the

Sub-Adviser

sub-advised,

certain

exchange-traded

funds

(“ETFs”)

sponsored

by

Nuveen.

The

Board

reviewed,

among

other

things,

the

range

of

fees

assessed

for

managed

accounts,

hedge

funds

(along

with

their

performance

fee),

foreign

investment

companies

and

ETFs

offered

by

Nuveen,

as

applicable.

The

Board

also

reviewed

the

fee

range

and

average

fee

rate

of

certain

selected

investment

strategies

offered

in

retail

and

institutional

managed

accounts

sub-advised

by

the

Sub-Adviser,

the

hedge

funds

advised

by

the

Sub-Adviser

(along

with

their

performance

fee)

and

non-Nuveen

investment

companies

sub-advised

by

certain

affiliated

sub-advisers.

174

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

In

considering

the

comparative

fee

data,

the

Board

recognized

that

differences,

including

but

not

limited

to,

the

amount,

type

and

level

of

services

provided

by

the

Adviser

to

the

Nuveen

funds

compared

to

that

provided

to

other

clients

as

well

as

differences

in

investment

policies;

eligible

portfolio

assets

and

the

manner

of

managing

such

assets;

product

structure;

investor

profiles;

account

sizes;

and

regulatory

requirements

contribute

to

the

variations

in

the

fee

schedules.

Similarly,

differences

in

the

client

base,

governing

bodies,

distribution

jurisdiction

and

operational

complexities

would

also

contribute

to

variations

in

management

fees

assessed

the

Nuveen

funds

compared

to

foreign

fund

clients.

Further,

with

respect

to

ETFs,

the

Board

considered

that

the

Nuveen

ETFs

that

are

designed

to

track

the

performance

of

a

specified

index

(“Index

ETFs”)

were

passively

managed

compared

to

the

active

management

of

other

Nuveen

funds,

which

also

contributed

to

the

differences

in

fee

levels

between

such

Index

ETFs

and

the

actively

managed

funds.

The

Board

acknowledged

the

wide

range

of

services

in

addition

to

investment

management

that

the

Adviser

had

provided

to

the

Nuveen

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

Nuveen

funds.

In

general,

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

further

considered

that

the

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

the

varying

levels

of

fees

were

justified

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

Independent

Board

Members

considered

estimated

profitability

information

of

Nuveen

as

a

result

of

its

advisory

services

to

the

Nuveen

funds

as

well

as

profitability

data

of

other

publicly

traded

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

2022

and

2021

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

and

certain

other

expenses)

for

the

2022

and

2021

calendar

years.

The

Independent

Board

Members

also

considered

a

summary

of

some

of

the

key

factors

that

impacted

Nuveen’s

profitability

in

2022.

In

addition,

the

Board

reviewed

the

revenues,

expenses

and

operating

margin

(pre-

and

after-tax)

the

Adviser

derived

from

its

ETF

product

line

for

the

2022

and

2021

calendar

years.

In

developing

the

profitability

data

of

the

Adviser

for

its

advisory

services

to

the

Nuveen

funds,

the

Independent

Board

Members

recognized

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

perfect

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

history

of

changes

to

the

methodology

over

the

years

from

2010

through

2022,

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

2022.

The

Board

had

also

appointed

four

Independent

Board

Members

to

serve

as

the

Board’s

liaisons,

with

the

assistance

of

independent

counsel,

to

meet

with

representatives

of

the

Adviser

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

recognized

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

2012

to

2022.

Although

the

total

company

operating

margins

of

Nuveen

Investments

were

in

the

bottom

half

of

the

peer

group

range

for

2022

and

2021,

the

Independent

Board

Members

recognized

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

Nuveen’s

profitability,

the

Board

recognized

that

the

Adviser

is

a

subsidiary

of

Nuveen,

LLC,

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”).

Accordingly,

the

Board

also

reviewed

a

balance

sheet

for

TIAA

reflecting

its

assets,

liabilities

and

capital

and

contingency

reserves

for

the

2022

and

2021

calendar

years

to

consider

the

financial

strength

of

TIAA.

The

Board

recognized

the

benefit

of

an

investment

adviser

and

its

parent

with

significant

resources,

particularly

during

periods

of

market

volatility.

The

Board

also

noted

the

reinvestments

Nuveen,

its

parent

and/or

other

affiliates

made

into

its

business

through,

among

other

things,

the

investment

of

seed

capital

in

certain

Nuveen

funds

and

continued

investments

in

enhancements

to

technological

capabilities.

In

addition

to

Nuveen,

the

Independent

Board

Members

considered

the

profitability

of

the

Sub-Adviser

from

its

relationships

with

the

respective

Nuveen

funds.

In

this

regard,

the

Independent

Board

Members

reviewed,

among

other

things,

the

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,

2022

and

December

31,

2021.

The

Independent

Board

Members

also

reviewed

a

profitability

analysis

reflecting

the

revenues,

expenses

and

revenue

margin

(pre-

and

after-tax)

by

asset

type

for

the

Sub-Adviser

for

the

calendar

years

ending

December 31,

2022

and

December

31,

2021.

175

In

evaluating

the

reasonableness

of

the

compensation,

the

Independent

Board

Members

also

considered

any

other

ancillary

benefits

derived

by

the

respective

Fund

Adviser

from

its

relationship

with

the

Nuveen

funds

as

discussed

in

further

detail

below.

Based

on

a

consideration

of

all

the

information

provided,

the

Board

noted

that

Nuveen’s

and

the

Sub-Adviser’s

level

of

profitability

was

acceptable

and

not

unreasonable

in

light

of

the

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

Nuveen

funds,

whether

these

economies

of

scale

have

been

appropriately

shared

with

the

funds

and

whether

there

is

potential

for

realization

of

further

economies

of

scale.

Although

the

Board

recognized

that

economies

of

scale

are

difficult

to

measure

with

any

precision

and

certain

expenses

may

not

decline

with

a

rise

in

assets,

the

Board

considered

that

Nuveen

shares

the

benefits

of

economies

of

scale,

if

any,

in

a

number

of

ways

including

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

Nuveen’s

business

which

can

enhance

the

services

provided

to

the

funds

for

the

fees

paid.

In

this

regard,

the

Board

recognized

that

the

management

fee

of

the

Adviser

is

generally

comprised

of

a

fund-level

component

and

a

complex-level

component

each

with

its

own

breakpoint

schedule,

subject

to

certain

exceptions.

The

Board

reviewed

the

fund-level

and

complex-level

fee

schedules.

With

this

structure,

the

Board

noted

that

the

complex-level

breakpoint

schedule

is

designed

to

deliver

the

benefits

of

economies

of

scale

to

shareholders

when

the

eligible

assets

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

are

designed

to

share

economies

of

scale

with

shareholders

if

the

particular

fund

grows.

In

addition

to

the

fund-level

and

complex-level

fee

schedules,

the

Independent

Board

Members

considered

the

temporary

and/or

permanent

expense

caps

applicable

to

certain

Nuveen

funds

(including

the

amounts

of

fees

waived

or

amounts

reimbursed

to

the

respective

funds

in

2022

and

2021),

including

(a)

the

temporary

expense

caps

applicable

to

the

Credit

Income

Fund,

Flexible

Income

Fund,

Floating

Rate

Income

Fund,

High

Yield

Income

Fund

and

Strategic

Income

Fund;

and

(b)

the

permanent

expense

caps

applicable

to

the

Flexible

Income

Fund,

Floating

Rate

Income

Fund,

High

Yield

Income

Fund

and

Preferred

Fund.

The

Board

recognized

that

such

waivers

and

reimbursements

applicable

to

the

respective

Nuveen

funds

are

another

means

for

potential

economies

of

scale

to

be

shared

with

shareholders

of

such

funds

and

can

provide

a

protection

from

an

increase

in

expenses

if

the

assets

of

the

applicable

funds

decline.

As

noted

above,

the

Independent

Board

Members

also

recognized

the

continued

reinvestment

in

Nuveen’s

business

to

enhance

its

capabilities

and

services

to

the

benefit

of

its

various

clients.

The

Board

understood

that

many

of

these

investments

in

the

Nuveen

business

were

not

specific

to

individual

Nuveen

funds

but

rather

incurred

across

of

a

variety

of

products

and

services

pursuant

to

which

the

family

of

Nuveen

funds

as

a

whole

may

benefit.

In

addition,

the

Board

also

considered

that

Nuveen

has

provided,

without

raising

advisory

fees

to

the

Nuveen

funds,

certain

additional

services,

including,

but

not

limited

to,

services

required

by

new

regulations

and

regulatory

interpretations,

and

this

was

also

a

means

of

sharing

economies

of

scale

with

the

funds

and

their

shareholders.

Based

on

its

review,

the

Board

was

satisfied

that

the

current

fee

arrangements

together

with

the

reinvestment

in

Nuveen’s

business

appropriately

shared

any

economies

of

scale

with

shareholders.

E.

Indirect

Benefits

The

Independent

Board

Members

received

and

considered

information

regarding

other

benefits

the

respective

Fund

Adviser

or

its

affiliates

may

receive

as

a

result

of

their

relationship

with

the

Nuveen

funds.

The

Independent

Board

Members

recognized

that

an

affiliate

of

the

Adviser

serves

as

principal

underwriter

providing

distribution

and/or

shareholder

services

to

the

open-end

funds

for

which

it

may

be

compensated.

The

Independent

Board

Members

further

noted

that,

subject

to

certain

exceptions,

certain

classes

of

the

Nuveen

open-end

funds

pay

12b-1

fees

and

while

a

majority

of

such

fees

were

paid

to

third

party

financial

intermediaries,

the

Board

reviewed

the

amount

retained

by

the

Adviser’s

affiliate.

In

addition,

the

Independent

Board

Members

noted

that

the

various

sub-advisers

to

the

Nuveen

funds

do

not

generally

benefit

from

soft

dollar

arrangements

with

respect

to

Nuveen

fund

portfolio

transactions.

Based

on

its

review,

the

Board

concluded

that

any

indirect

benefits

received

by

a

Fund

Adviser

as

a

result

of

its

relationship

with

the

Funds

were

reasonable

in

light

of

the

services

provided.

F.

Other

Considerations

The

Independent

Board

Members

did

not

identify

any

single

factor

discussed

previously

as

all-important

or

controlling.

The

Independent

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

Fund

and

that

the

Advisory

Agreements

be

renewed

for

an

additional

one-year

period.

176

Directors/Trustees

and

Officers

(Unaudited)

The

management

of

the

Funds,

including

general

supervision

of

the

duties

performed

for

the

Funds

by

the

Adviser,

is

the

responsibility

of

the

Board

of Directors/Trustees

of

the

Funds.

The

number

of Directors/Trustees of

the

Funds

is

currently

set

at

ten.

None

of

the Directors/Trustees

who

are

not

“interested”

persons

of

the

Funds

(referred

to

herein

as

“Independent

Directors/Trustees”)

has

ever

been

a Directors/Trustees

or

employee

of,

or

consultant

to,

Nuveen

or

its

affiliates.

The

names

and

business

addresses

of

the Directors/Trustees

and

officers

of

the

Funds,

their

principal

occupations

and

other

affiliations

during

the

past

five

years,

the

number

of

portfolios

each

oversees

and

other

directorships

they

hold

are

set

forth

below.

The

Funds’

Statement

of

Additional

Information

(“SAI”)

includes

more

information

about

the

Directors/Trustees.

To

request

a

free

copy,

call

Nuveen

Investments

at

(800)

257-8787

or

visit

the

Funds’

website

at

www.nuveen.com.

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Director/Trustee

Independent

Directors/Trustees:

Terence

J.

Toth

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Chair

and

Director/Trustee

2008

Formerly,

a

Co-Founding

Partner,

Promus

Capital

(investment

advisory

firm)

(2008-2017);

formerly,

Director,

Quality

Control

Corporation

(manufacturing)

(2012-2021);

Chair

of

the

Board

of

the

Kehrein

Center

for

the

Arts

(philanthropy)

(since

2021);

member:

Catalyst

Schools

of

Chicago

Board

(since

2008)

and

Mather

Foundation

Board

(philanthropy)

(since

2012),

formerly,

Chair

of

its

Investment

Committee

(2017-2022);

formerly,

Member,

Chicago

Fellowship

Board

(philanthropy)

2005-2016);

formerly,

Director,

Fulcrum

IT

Services

LLC

(information

technology

services

firm

to

government

entities)

(2010-2019);

formerly,

Director,

LogicMark

LLC

(health

services)

(2012-2016);

formerly,

Director,

Legal

&

General

Investment

Management

America,

Inc.

(asset

management)

(2008-2013);

formerly,

CEO

and

President,

Northern

Trust

Global

Investments

(financial

services)

(2004-2007);

Executive

Vice

President,

Quantitative

Management

&

Securities

Lending

(2000-2004);

prior

thereto,

various

positions

with

Northern

Trust

Company

(financial

services)

(since

1994);

formerly,

Member,

Northern

Trust

Mutual

Funds

Board

(2005-2007),

Northern

Trust

Global

Investments

Board

(2004-2007),

Northern

Trust

Japan

Board

(2004-2007),

Northern

Trust

Securities

Inc.

Board

(2003-2007)

and

Northern

Trust

Hong

Kong

Board

(1997-2004).

135

Jack

B.

Evans

1948

333

W.

Wacker

Drive

Chicago,

IL

60606

Director/Trustee

1999

Chairman

(since

2019),

formerly,

President

(1996-2019),

The

Hall-Perrine

Foundation,

(private

philanthropic

corporation);

Life

Trustee

of

Coe

College

and

the

Iowa

College

Foundation;

formerly,

Member

and

President

Pro-Tem

of

the

Board

of

Regents

for

the

State

of

Iowa

University

System

(2007-

2013);

Director

and

Chairman

(2009-2021),

United

Fire

Group,

a

publicly

held

company;

Director,

Public

Member,

American

Board

of

Orthopaedic

Surgery

(2015-2020);

Director

(2000-2004),

Alliant

Energy;

Director

(1996-2015),

The

Gazette

Company

(media

and

publishing);

Director

(1997-

2003),

Federal

Reserve

Bank

of

Chicago;

President

and

Chief

Operating

Officer

(1972-1995),

SCI

Financial

Group,

Inc.,

(regional

financial

services

firm).

135

177

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Director/Trustee

William

C.

Hunter

1948

333

W.

Wacker

Drive

Chicago,

IL

60606

Director/Trustee

2003

Dean

Emeritus,

formerly,

Dean,

Tippie

College

of

Business,

University

of

Iowa

(2006-2012);

Director

of

Wellmark,

Inc.

(since

2009);

past

Director

(2005-2015),

and

past

President

(2010-

2014)

Beta

Gamma

Sigma,

Inc.,

The

International

Business

Honor

Society;

formerly,

Director

(2004-2018)

of

Xerox

Corporation;

formerly,

Dean

and

Distinguished

Professor

of

Finance,

School

of

Business

at

the

University

of

Connecticut

(2003-2006);

previously,

Senior

Vice

President

and

Director

of

Research

at

the

Federal

Reserve

Bank

of

Chicago

(1995-2003);

formerly,

Director

(1997-2007),

Credit

Research

Center

at

Georgetown

University.

135

Amy

B.

R.

Lancellotta

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Director/Trustee

2021

Formerly,

Managing

Director,

Independent

Directors

Council

(IDC)

(supports

the

fund

independent

director

community

and

is

part

of

the

Investment

Company

Institute

(ICI),

which

represents

regulated

investment

companies)

(2006-2019);

formerly,

various

positions

with

ICI

(1989-2006);

Member

of

the

Board

of

Directors,

Jewish

Coalition

Against

Domestic

Abuse

(JCADA)

(since

2020).

135

Joanne

T.

Medero

1954

333

W.

Wacker

Drive

Chicago,

IL

60606

Director/Trustee

2021

Formerly,

Managing

Director,

Government

Relations

and

Public

Policy

(2009-2020)

and

Senior

Advisor

to

the

Vice

Chairman

(2018-2020),

BlackRock,

Inc.

(global

investment

management

firm);

formerly,

Managing

Director,

Global

Head

of

Government

Relations

and

Public

Policy,

Barclays

Group

(IBIM)

(investment

banking,

investment

management

and

wealth

management

businesses)(2006-2009);

formerly,

Managing

Director,

Global

General

Counsel

and

Corporate

Secretary,

Barclays

Global

Investors

(global

investment

management

firm)

(1996-2006);

formerly,

Partner,

Orrick,

Herrington

&

Sutcliffe

LLP

(law

firm)

(1993-1995);

formerly,

General

Counsel,

Commodity

Futures

Trading

Commission

(government

agency

overseeing

U.S.

derivatives

markets)

(1989-1993);

formerly,

Deputy

Associate

Director/Associate

Director

for

Legal

and

Financial

Affairs,

Office

of

Presidential

Personnel,

The

White

House

(1986-1989);

Member

of

the

Board

of

Directors,

Baltic-American

Freedom

Foundation

(seeks

to

provide

opportunities

for

citizens

of

the

Baltic

states

to

gain

education

and

professional

development

through

exchanges

in

the

U.S.)

(since

2019).

135

Albin

F.

Moschner

1952

333

W.

Wacker

Drive

Chicago,

IL

60606

Director/Trustee

2016

Founder

and

Chief

Executive

Officer,

Northcroft

Partners,

LLC,

(management

consulting)

(since

2012);

formerly,

Chairman

(2019),

and

Director

(2012-2019),

USA

Technologies,

Inc.,

(provider

of

solutions

and

services

to

facilitate

electronic

payment

transactions);

formerly,

Director,

Wintrust

Financial

Corporation

(1996-2016);

previously,

held

positions

at

Leap

Wireless

International,

Inc.

(consumer

wireless

services),

including

Consultant

(2011-2012),

Chief

Operating

Officer

(2008-2011),

and

Chief

Marketing

Officer

(2004-2008);

formerly,

President,

Verizon

Card

Services

division

of

Verizon

Communications,

Inc.

(2000-2003);

formerly,

President,

One

Point

Services

at

One

Point

Communications

(telecommunication

services)

(1999-2000);

formerly,

Vice

Chairman

of

the

Board,

Diba,

Incorporated

(internet

technology

provider)

(1996-1997);

formerly,

various

executive

positions

(1991-1996)

including

Chief

Executive

Officer

(1995-1996)

of

Zenith

Electronics

Corporation

(consumer

electronics).

135

178

Directors/Trustees

and

Officers

(Unaudited)

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Director/Trustee

John

K.

Nelson

1962

333

W.

Wacker

Drive

Chicago,

IL

60606

Director/Trustee

2013

Member

of

Board

of

Directors

of

Core12

LLC.

(private

firm

which

develops

branding,

marketing

and

communications

strategies

for

clients)

(since

2008);

served

The

President’s

Council

of

Fordham

University

(2010-2019)

and

previously

a

Director

of

the

Curran

Center

for

Catholic

American

Studies

(2009-2018);

formerly,

senior

external

advisor

to

the

Financial

Services

practice

of

Deloitte

Consulting

LLP.

(2012-2014);

former

Chair

of

the

Board

of

Trustees

of

Marian

University

(2010-2014

as

trustee,

2011-2014

as

Chair);

formerly

Chief

Executive

Officer

of

ABN

AMRO

Bank

N.V.,

North

America,

and

Global

Head

of

the

Financial

Markets

Division

(2007-2008),

with

various

executive

leadership

roles

in

ABN

AMRO

Bank

N.V.

between

1996

and

2007.

135

Matthew

Thornton

III

1958

333

W.

Wacker

Drive

Chicago,

IL

60606

Director/Trustee

2020

Formerly,

Executive

Vice

President

and

Chief

Operating

Officer

(2018-2019),

FedEx

Freight

Corporation,

a

subsidiary

of

FedEx

Corporation

(FedEx)

(provider

of

transportation,

e-commerce

and

business

services

through

its

portfolio

of

companies);

formerly,

Senior

Vice

President,

U.S.

Operations

(2006-2018),

Federal

Express

Corporation,

a

subsidiary

of

FedEx;

formerly

Member

of

the

Board

of

Directors

(2012-2018),

Safe

Kids

Worldwide®

(a

non-profit

organization

dedicated

to

preventing

childhood

injuries).

Member

of

the

Board

of

Directors

(since

2014),

The

Sherwin-Williams

Company

(develops,

manufactures,

distributes

and

sells

paints,

coatings

and

related

products);

Director

(since

2020),

Crown

Castle

International

(provider

of

communications

infrastructure).

135

Margaret

L.

Wolff

1955

333

W.

Wacker

Drive

Chicago,

IL

60606

Director/Trustee

2016

Formerly,

member

of

the

Board

of

Directors

(2013-2017)

of

Travelers

Insurance

Company

of

Canada

and

The

Dominion

of

Canada

General

Insurance

Company

(each,

a

part

of

Travelers

Canada,

the

Canadian

operation

of

The

Travelers

Companies,

Inc.);

formerly,

Of

Counsel,

Skadden,

Arps,

Slate,

Meagher

&

Flom

LLP

(Mergers

&

Acquisitions

Group)

(legal

services)

(2005-2014);

Member

of

the

Board

of

Trustees

of

New

York-Presbyterian

Hospital

(since

2005);

Member

(since

2004)

formerly,

Chair

(2015-2022)

of

the

Board

of

Trustees

of

The

John

A.

Hartford

Foundation

(a

philanthropy

dedicated

to

improving

the

care

of

older

adults);

formerly,

Member

(2005-2015)

and

Vice

Chair

(2011-2015)

of

the

Board

of

Trustees

of

Mt.

Holyoke

College.

135

Robert

L.

Young

1963

333

W.

Wacker

Drive

Chicago,

IL

60606

Director/Trustee

2017

Formerly,

Chief

Operating

Officer

and

Director,

J.P.

Morgan

Investment

Management

Inc.

(financial

services)

(2010-2016);

formerly,

President

and

Principal

Executive

Officer

(2013-2016),

and

Senior

Vice

President

and

Chief

Operating

Officer

(2005-2010),

of

J.P.

Morgan

Funds;

formerly,

Director

and

various

officer

positions

for

J.P.

Morgan

Investment

Management

Inc.

(formerly,

JPMorgan

Funds

Management,

Inc.

and

formerly,

One

Group

Administrative

Services)

and

JPMorgan

Distribution

Services,

Inc.

(financial

services)

(formerly,

One

Group

Dealer

Services,

Inc.)

(1999-2017).

135

179

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Officers

of

the

Funds:

Justin

M.

Pfaff

1981

333

W.

Wacker

Drive

Chicago,

IL

60606

Chief

Administrative

Officer

2023

Managing

Director,

Advisory

Product,

Nuveen

(since

2016).

Chartered

Financial

Analyst.

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Brett

E.

Black

1972

333

West

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Chief

Compliance

Officer

2022

Managing

Director,

Chief

Compliance

Officer

of

Nuveen

(since

2022);

formerly,

Vice

President

(2014-2022),

Chief

Compliance

Officer

and

Anti-Money

Laundering

Compliance

Officer(2017-2022),

Deputy

Chief

Compliance

Officer

(2014-2017)

of

BMO

Funds,

Inc.

Mark

J.

Czarniecki

1979

901

Marquette

Avenue

Minneapolis,

MN

55402

Vice

President

and

Secretary

2013

Managing

Director

(since

2022),

formerly,

Vice

President

(2016-2022),

and

Assistant

Secretary

(since

2016)

of

Nuveen

Securities,

LLC;

Managing

Director

(since

2022),

formerly,

Vice

President

(2017-2022)

and

Assistant

Secretary

(since

2017)

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director

and

Associate

General

Counsel

(since

January

2022),

formerly,

Vice

President

and

Associate

General

Counsel

of

Nuveen

(2013-2021);

Managing

Director

(since

2022),

formerly,

Vice

President

(2018-2022),

Assistant

Secretary

and

Associate

General

Counsel

(since

2018)

of

Nuveen

Asset

Management,

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC

(since

2023).

Diana

R.

Gonzalez

1978

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2017

Vice

President

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC

(since

2017);

Vice

President

and

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC

(since

2022);

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC

(since

2023);

Vice

President

and

Associate

General

Counsel

of

Nuveen

(since

2017);

formerly,

Associate

General

Counsel

of

Jackson

National

Asset

Management

(2012-2017).

Nathaniel

T.

Jones

1979

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Treasurer

2016

Senior

Managing

Director

(since

2021),

formerly,

Managing

Director

(2017-2021),

Senior

Vice

President

(2016-2017)

of

Nuveen;

Managing

Director

(since

2015)

of

Nuveen

Fund

Advisors,

LLC;

Chartered

Financial

Analyst.

Brian

H.

Lawrence

1982

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2023

Vice

President

and

Associate

General

Counsel

of

Nuveen

(since

2023);

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

(since

2023)

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

formerly

Corporate

Counsel

of

Franklin

Templeton

(2018-2022).

Tina

M.

Lazar

1961

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2002

Managing

Director

(since

2017),

formerly,

Senior

Vice

President

(2014-2017)

of

Nuveen

Securities,

LLC.

Brian

J.

Lockhart

1974

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2019

Managing

Director

(since

2019)

of

Nuveen

Fund

Advisors,

LLC;

Senior

Managing

Director

(since

2021),

formerly,

Managing

Director

(2017-2021),

Vice

President

(2010-2017)

of

Nuveen;

Head

of

Investment

Oversight

(since

2017),

formerly,

Team

Leader

of

Manager

Oversight

(2015-2017);

Chartered

Financial

Analyst

and

Certified

Financial

Risk

Manager.

180

Directors/Trustees

and

Officers

(Unaudited)

(continued)

John

M.

McCann

1975

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2022

Managing

Director

(since

2021),

General

Counsel

and

Secretary

(since

2023),

formerly,

Assistant

Secretary

(2021-2023),

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC

(since

2021);

Managing

Director

(since

2021)

and

Assistant

Secretary

(since

2016)

of

TIAA

SMA

Strategies

LLC;

Managing

Director

(since

2019,

formerly,

Vice

President

and

Director),

Associate

General

Counsel

and

Assistant

Secretary

of

College

Retirement

Equities

Fund,

TIAA

Separate

Account

VA-1,

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds;

Managing

Director

(since

2018),

formerly,

Vice

President

and

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Insurance

and

Annuity

Association

of

America,

Teacher

Advisors

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director

(since

2022),

formerly,

Vice

President

(2017-2022),

Associate

General

Counsel

and

Assistant

Secretary

(since

2011)

of

Nuveen

Alternative

Advisors

LLC;

General

Counsel

and

Assistant

Secretary

of

Covariance

Capital

Management,

Inc.

(2014-2017).

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Kevin

J.

McCarthy

1966

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

2007

Executive

Vice

President

(since

2022)

and

Secretary

and

General

Counsel

(since

2016)

of

Nuveen

Investments,

Inc.,

formerly,

Senior

Managing

Director

(2017-

2022);

Executive

Vice

President

(since

2023)

and

Assistant

Secretary

(since

2008)

of

Nuveen

Securities,

LLC,

formerly

Senior

Managing

Director

(2017-2023);

Executive

Vice

President

and

Assistant

Secretary

(since

2023)

of

Nuveen

Fund

Advisors,

LLC,

formerly,

Senior

Managing

Director

(2017-2023),

Secretary

(2016-

2023)

and

Co-General

Counsel

(2011-2020);

Executive

Vice

President

(since

2023)

and

Secretary

(since

2016)

of

Nuveen

Asset

Management,

LLC,

formerly,

Senior

Managing

Director

(2017-2023)

and

Associate

General

Counsel

(2011-2020);

Executive

Vice

President

(since

2021)

and

Secretary

(since

2023)

of

Teachers

Advisors,

LLC,

formerly,

General

Counsel

and

Assistant

Secretary

(2021-2023);

Executive

Vice

President

(since

2017)

and

Secretary

(since

2023)

of

TIAA-CREF

Investment

Management,

LLC,

formerly

General

Counsel

and

Assistant

Secretary

(2017-2023);

formerly,

Vice

President

(2007-2021)

and

Secretary

(2016-2021),

of

NWQ

Investment

Management

Company,

LLC

and

Santa

Barbara

Asset

Management,

LLC;

Vice

President

and

Secretary

of

Winslow

Capital

Management,

LLC

(since

2010);

Executive

Vice

President

(since

2023)

and

Secretary

(since

2016)

of

Nuveen

Alternative

Investments,

LLC,

formerly

Senior

Managing

Director

(2017-2023).

Jon

Scott

Meissner

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2019

Managing

Director,

Mutual

Fund

Tax

and

Expense

Administration

(since

2022),

formerly,

Managing

Director

of

Mutual

Fund

Tax

and

Financial

Reporting

groups

(2017-2022),

at

Nuveen;

Managing

Director

of

Nuveen

Fund

Advisors,

LLC

(since

2019);

Managing

Director

(since

2021),

formerly,

Senior

Director

(2016-2021),

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director,

Mutual

Fund

Tax

and

Expense

Administration

(since

2022),

formerly,

Senior

Director

Mutual

Fund

Taxation

(2015-2022),

to

the

TIAA-CREF

Funds,

the

TIAA-CREF

Life

Funds,

the

TIAA

Separate

Account

VA-1

and

the

CREF

Accounts;

has

held

various

positions

with

TIAA

since

2004.

William

A.

Siffermann

1975

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2017

Managing

Director

(since

2017),

formerly

Senior

Vice

President

(2016-2017)

of

Nuveen.

Trey

S.

Stenersen

1965

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

2022

Senior

Managing

Director

of

Teachers

Advisors

LLC

and

TIAA-CREF

Investment

Management,

LLC

(since

2018);

Senior

Managing

Director

(since

2019)

and

Chief

Risk

Officer

(since

2022),

formerly

Head

of

Investment

Risk

Management

(2017-

2022)

of

Nuveen;

Senior

Managing

Director

(since

2018)

of

Nuveen

Alternative

Advisors

LLC.

E.

Scott

Wickerham

1973

8500

Andrew

Carnegie

Blvd.                                     

Charlotte,

NC

28262

Vice

President

and

Controller

2019

Senior

Managing

Director,

Head

of

Public

Investment

Finance

of

Nuveen

(since

2019),

formerly,

Managing

Director;

Senior

Managing

Director

(since

2019)

of

Nuveen

Fund

Advisors,

LLC;

Senior

Managing

Director

(since

2022)

of

Nuveen

Asset

Management,

LLC;

Senior

Managing

Director

of

Teachers

Advisors,

LLC

(since

2021)

and

TIAA-CREF

Investment

Management,

LLC

(since

2016);

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

(since

2017)

of

the

TIAA-CREF

Funds,

the

TIAA-CREF

Life

Funds,

the

TIAA

Separate

Account

VA-1

and

the

Principal

Financial

Officer,

Principal

Accounting

Officer

(since

2020)

and

Treasurer

(since

2017)

to

the

CREF

Accounts;

has

held

various

positions

with

TIAA

since

2006.

181

Mark

L.

Winget

1968

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

2008

Vice

President

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

(since

2008),

and

Nuveen

Fund

Advisors,

LLC

(since

2019);

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC

(since

2023)

and

Nuveen

Asset

Management,

LLC(since

2020);

Vice

President

(since

2010)

and

Associate

General

Counsel

(since

2019)

of

Nuveen.

Rachael

Zufall

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2022

Managing

Director

and

Assistant

Secretary

(since

2023)

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director

(since

2017),

Associate

General

Counsel

and

Assistant

Secretary

(since

2014)

of

the

CREF

Accounts,

TIAA

Separate

Account

VA-1,

TIAA-

CREF

Funds

and

TIAA-CREF

Life

Funds;

Managing

Director

(since

2017),

Associate

General

Counsel

and

Assistant

Secretary

(since

2011)

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director

of

Nuveen,

LLC

and

of

TIAA

(since

2017).

(1)

Directors/Trustees

serve

an

indefinite

term

until

his/her

successor

is

elected

or

appointed.

The

year

first

elected

or

appointed

represents

the

year

in

which

the

director

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

Fund

Complex.

(2)

Officers

serve

one

year

terms

through

August

of

each

year.

The

year

first

elected

or

appointed

represents

the

year

in

which

the

officer

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

Fund

Complex.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

MAN-TFI-0823P

3131425-INV-Y-10/24

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.nuvee

n.com/mutual-funds

NOT

FDIC

INSURED

MAY

LOSE

VALUE

NO

BANK

GUARANTEE

ITEM 2. CODE OF ETHICS.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Jack B. Evans, Albin F. Moschner, John K. Nelson and Robert L. Young, who are “independent” for purposes of Item 3 of Form N-CSR.

Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.

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

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

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

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

Fiscal Year Ended August 31, 2023	Audit Fees Billed to Funds 1		Audit-Related Fees Billed to Funds 2		Tax Fees Billed to Funds 3		All Other Fees Billed to Funds 4
Fund Name
Nuveen Credit Income Fund		42,490		0		1,382		0
Nuveen Strategic Income Fund		42,521		0		1,382		0
Total	$	85,011	$	0	$	2,764	$	0

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

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

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

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

	Percentage Approved Pursuant to Pre-approval Exception
	Audit Fees Billed to Funds			Audit-Related Fees Billed to Funds			Tax Fees Billed to Funds			All Other Fees Billed to Funds
Fund Name
Nuveen Credit Income Fund		0	%		0	%		0	%		0	%
Nuveen Strategic Income Fund		0	%		0	%		0	%		0	%
August 31, 2022	Audit Fees Billed to Funds 1			Audit-Related Fees Billed to Funds 2			Tax Fees Billed to Funds 3			All Other Fees Billed to Funds 4
Fund Name
Nuveen Credit Income Fund		38,000			0			0			0
Nuveen Strategic Income Fund		38,000			0			0			0
Total	$	76,000		$	0		$	0		$	0

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

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

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

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

	Percentage Approved Pursuant to Pre-approval Exception
	Audit Fees Billed to Funds			Audit-Related Fees Billed to Funds			Tax Fees Billed to Funds			All Other Fees Billed to Funds
Fund Name
Nuveen Credit Income Fund		0	%		0	%		0	%		0	%
Nuveen Strategic Income Fund		0	%		0	%		0	%		0	%

Fiscal Year Ended August 31, 2023	Audit-Related Fees Billed to Adviser and Affiliated  Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
Nuveen Investment Funds, Inc.	$	0		$	0		$	0
	Percentage Approved Pursuant to Pre-approval Exception
	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
		0	%		0	%		0	%
Fiscal Year Ended August 31, 2022	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
Nuveen Investment Funds, Inc.	$	0		$	0		$	0
	Percentage Approved Pursuant to Pre-approval Exception
	Affiliated Fund Service Providers			Affiliated Fund Service Providers			and Affiliated Fund Service Providers
		0	%		0	%		0	%

Fiscal Year Ended August 31, 2023	Total Non-Audit Fees Billed to Trust		Total Non-Audit Fees billed to Adviser and Affiliated  Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust)		Total Non-Audit Fees billed to Adviser and Affiliated  Fund Service Providers (all other engagements)		Total
Fund Name
Nuveen Credit Income Fund		1,382		0		0		1,382
Nuveen Strategic Income Fund		1,382		0		0		1,382
Total	$	2,764	$	0	$	0	$	2,764

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

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

Fiscal Year Ended August 31, 2022	Total Non-Audit Fees Billed to Trust		Total Non-Audit Fees billed to Adviser and related  directly to the operations and financial reporting of the Trust)		Affiliated Fund Service Providers (all other engagements)		Total
Fund Name
Nuveen Credit Income Fund		0		0		0		0
Nuveen Strategic Income Fund		0		0		0		0
Total	$	0	$	0	$	0	$	0

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

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this registrant.

ITEM 6. SCHEDULE OF INVESTMENTS.

a) See Portfolio of Investments in Item 1.

b) Not applicable.

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

Not applicable to this registrant.

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

Not applicable to this registrant.

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

Not applicable to this registrant.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

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

Not applicable.

ITEM 13. EXHIBITS.

File the exhibits listed below as part of this Form.

(a	)(1)	Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant’s website at www.nuveen.com/fund-governance and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)
(a	)(2)	A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule  30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.
(a	)(3)	Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.
(a	)(4)	Change in the registrant’s independent public accountant. Not applicable.
(b	)	If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.

SIGNATURES

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

(Registrant) Nuveen Investment Funds, Inc.

By (Signature and Title)	/s/ Justin M. Pfaff
	Justin M. Pfaff
	Chief Administrative Officer

Date: November 3, 2023

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

By (Signature and Title)	/s/ Justin M. Pfaff
	Justin M. Pfaff
	Chief Administrative Officer
	(principal executive officer)

Date: November 3, 2023

By (Signature and Title)	/s/ E. Scott Wickerham
	E. Scott Wickerham
	Vice President and Funds Controller
	(principal financial officer)

Date: November 3, 2023