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 | 811-09571 |
Nuveen Senior Income Fund
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive, Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Mark L. Winget
Nuveen Investments
333 West Wacker Drive, Chicago, IL 60606
(Name and address of agent for service)
Registrant’s telephone number, including area code: (312) 917-7700
Date of fiscal year end: July 31
Date of reporting period: January 31, 2021
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.
Closed-End Funds
31 January 2021
Nuveen
Closed-End Funds
| NSL | Nuveen Senior Income Fund | |
| JFR | Nuveen Floating Rate Income Fund | |
| JRO | Nuveen Floating Rate Income Opportunity Fund | |
| JSD | Nuveen Short Duration Credit Opportunities Fund | |
| JQC | Nuveen Credit Strategies Income Fund |
As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will not be sent to you by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (www.nuveen.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive shareholder reports and other communications from the Funds electronically at any time by contacting the financial intermediary (such as a broker-dealer or bank) through which you hold your Fund shares or, if you are a direct investor, by enrolling at www.nuveen.com/e-reports.
You may elect to receive all future shareholder reports in paper free of charge at any time by contacting your financial intermediary or, if you are a direct investor, by calling 800-257-8787 and selecting option #2 or (ii) by logging into your Investor Center account at www.computershare.com/investor and clicking on “Communication Preferences”. Your election to receive reports in paper will apply to all funds held in your account with your financial intermediary or, if you are a direct investor, to all your directly held Nuveen Funds and any other directly held funds within the same group of related investment companies.
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NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE
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3
Chair’s Letter to Shareholders
4
Nuveen Senior Income Fund (NSL)
Nuveen Floating Rate Income Fund (JFR)
Nuveen Floating Rate Income Opportunity Fund (JRO)
Nuveen Short Duration Credit Opportunities Fund (JSD)
Nuveen Credit Strategies Income Fund (JQC)
The Funds’ feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Fund Advisers, LLC, the Funds’ investment adviser (the “Adviser”). On December 31, 2020, the Funds’ previous sub-adviser, Symphony Asset Management, LLC (“Symphony”), also an affiliate of the Adviser, was merged with and into NAM (the “Reorganization”). Effective as of the date of the Reorganization, NAM assumed the portfolio management responsibilities for the Funds’ investment portfolio and, as previously approved by the Fund’s Board of Trustees, the Funds’ entered into an amended and restated sub-advisory agreement with NAM, the terms of which were substantially identical to the prior sub-advisory agreement with Symphony. Scott Caraher and Kevin Lorenz, CFA, continue as portfolio managers for the Funds.
Here the portfolio management team reviews key management strategies and the performance of the Funds’ for the six-month reporting period ended January 31, 2021.
An Update on COVID-19 Coronavirus and its Impact on the Securities Markets
The start of vaccinations across Western countries has been encouraging for the markets, although the discovery of new variants of the COVID-19 coronavirus could cause expectations to be reassessed. The vaccine rollouts have also been slower than expected in some regions. Nevertheless, there are more vaccines still in development, some of which have announced positive trial results, and governments are looking to adjust rollout plans to speed distribution.
The economic recovery moderated in late 2020, as a resurgence of infections triggered another tightening in restrictions. Although the slower pace is expected to persist into early 2021, pledges from central banks and governments to sustain the recovery with policy support are underpinning positive economic outlooks for the full year and beyond. In late December 2020, the U.S. government approved a $900 billion relief package, and Congress approved President Biden’s proposed $1.9 trillion stimulus plan on March 9, 2021.
Markets rallied on optimism for normalization in daily life and in the economy, furthering the recovery from the March 2020 sell-off. Although the detection of the virus in China was made public in December 2019, markets did not start to
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, while BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
5
Portfolio Managers’ Comments (continued)
fully acknowledge the risks and potential economic impact until the latter portion of February 2020, when outbreaks outside of China were first reported. Global stock markets sold off severely, with the S&P 500® Index reaching a bear market (a 20% drop from the previous high) within three weeks, the fastest bear market decline in history. Even certain parts of the bond market suffered; below investment grade municipal and corporate bonds generally dropped the furthest, mostly out of concerns for the continued financial stability of lower quality issuers. Demand for safehaven assets, along with mounting recession fears, drove the yield on the 10-year U.S. Treasury note to 0.5% in March 2020, an all-time low. Additionally, oil prices collapsed to an 18-year low on supply glut concerns, as shut-downs across the global economy sharply reduced oil demand, although oil prices have recovered to well above those lows.
While most markets have recovered most of their losses, volatility will likely remain elevated until the health crisis itself is under control (via fewer new cases, lower infection rates and/or wider immunity across populations). The situation remains fluid, given production and logistical challenges with rolling out the vaccine as well as public trust in it, and the potential for more harmful variants of the virus. The distribution of vaccines has narrowed the range of outcomes for the course of the pandemic, but there is still uncertainty in the timing of a full recovery.
Nuveen Fund Advisors, LLC, and the portfolio management teams are monitoring the situation carefully and managing the Funds to best pursue investment objectives while mitigating risks through all market environments.
What strategies were used to manage the Funds during the six-month reporting period ended January 31, 2021?
The Funds invested predominantly in first-lien, senior secured corporate loans. NAM generally focuses on loans of issuers with businesses in defensive sectors that have strong asset coverage, as well as loans of larger issuance and facility sizes. These loans are generally referred to as broadly syndicated loans.
NSL seeks to achieve a high level of current income, consistent with capital preservation by investing primarily in adjustable rate U.S dollar-denominated secured senior loans. The Fund invests at least 80% of its managed assets in adjustable rate senior secured loans. Up to 20% may include U.S. dollar denominated senior loans of non-U.S. borrowers, senior loans that are not secured, other debt securities and equity securities and warrants. The Fund uses leverage.
JFR seeks to achieve a high level of current income by investing in adjustable rate secured and unsecured senior loans and other debt instruments. The Fund invests at least 80% of its managed assets in adjustable rate loans, primarily senior loans, though the loans may include unsecured senior loans and secured and unsecured subordinated loans. At least 65% the Fund’s managed assets must include adjustable rate senior loans that are secured by specific collateral. The Fund uses leverage.
JRO seeks to achieve a high level of current income. The Fund invests at least 80% of its managed assets in adjustable rate loans, primarily senior loans, though the loans may include unsecured senior loans and secured and unsecured subordinated loans. At least 65% of the Fund’s managed assets must include adjustable rate senior loans that are secured by specific collateral. The Fund uses leverage.
JSD seeks to provide current income and the potential for capital appreciation. The Fund invests at least 70% of its managed assets in adjustable rate corporate debt instruments, including senior secured loans, second lien loans and other adjustable rate corporate debt instruments, at least 80% of “assets,” at time of purchase, in loans or securities in the issuing company’s capital structure that are senior to its common equity, including but not limited to debt securities, preferred securities and up to 30% of the Fund’s assets may include other types of debt instruments or short positions consisting primarily of high yield debt. The Fund maintains a portfolio with an average duration that does not exceed two years. The Fund uses leverage.
JQC’s primary investment objective is high current income and its secondary objective is total return. The Fund invests at least 70% of its managed assets in adjustable rate senior secured and second lien loans, at least 80% of “assets,” at time of purchase, in loans or securities in the issuing company’s capital structure that are senior to its common equity, including but not limited to debt securities, preferred securities and up to 30% opportunistically in other types of securities across a company’s capital structure, primarily income-oriented securities such as high yield debt, convertible securities and other forms of corporate debt. The Fund uses leverage.
6
During the reporting period, the Funds continued to be actively managed while maintaining an overall bias towards high quality, more liquid loans relative to the Index. As the market continued to recover, the Funds selectively added credit risk by increasing B-rated credit issues to better participate in the rally in the loan market.
How did the Funds perform during this six-month reporting period ended January 31, 2021?
The tables in the Performance Overview and Holding Summaries section of this report provides total returns at net asset value (NAV) for the period ended January 31, 2021. Each Fund’s total returns on NAV are compared with the performance of a corresponding market index.
For the six-month reporting period ended January 31, 2021, the Funds’ total returns at NAV for the reporting period are as follows: NSL 12.01%, JFR 11.85%, JRO 11.90%, JSD 12.40% and JQC 9.95%. During the reporting period, the Credit Suisse Leveraged Loan Index returned 7.26%.
What factors impacted Fund Performance?
Several factors contributed to NSL, JFR, JRO and JSD’s outperformance versus the Credit Suisse Leveraged Loan Index. The Funds’ exposure to equities received from reorganizations was a top contributor to performance. The most notable contributor in this category came from oil and gas exploration and production (E&P) company California Resources Corporation, reflecting optimism for a cyclical recovery and further stability in oil prices. Similarly, the equities received from broadcast company iHeartMedia Inc. and display advertising firm Clear Channel Outdoor Holdings Inc. contributed to results amid positive COVID-19 vaccine news. The Funds’ took advantage of iHeart’s stock price appreciation and exited the position. The Funds’ continue to hold positions in California Resources Corporation and Clear Channel Outdoor Holdings Inc. Also contributing to the Funds’ relative performance was favorable security selection, most notably within the communication services, financials and health care sectors. Lastly, from a sector allocation perspective, an underweight to the financials sector and an overweight to the communication services sector notably added to the Funds’ outperformance.
Partially offsetting the Funds’ outperformance included an overweight to BBB rated credit issues as higher rated loans underperformed lower quality loans during the reporting period. Disappointing security selection within the utilities sector combined with an overweight to the sector also detracted from performance. Lastly, while at moderate levels, the Funds’ cash balances slightly detracted from performance given the strong returns in the senior loan market during the reporting period.
The Funds noted above are managed in a similar manner, however, JQC has a differentiated mandate. JQC’s credit quality profile is higher relative to the other Funds. Several factors contributed to the Fund’s outperformance relative to the Index during the reporting period, including exposure to equities received from reorganizations. Similar to NSL, JFR, JRO and JSD, the most notable contributor in this category came from oil and gas exploration and production (E&P) company California Resources Corporation, reflecting optimism for a cyclical recovery and further stability in oil prices. Additionally, the equities received from broadcast company iHeartMedia Inc. and display advertising firm Clear Channel Outdoor Holdings Inc. contributed to results amid positive COVID-19 vaccine news. The Fund took advantage of iHeart’s stock price appreciation and exited the position. The Fund continues to hold positions in California Resources and Clear Channel Outdoor Holdings. In addition, favorable security selection within the industrials sector combined with an overweight to the sector contributed to performance. Lastly, from a credit quality perspective, the Fund benefited from favorable security selection within B-rated credit issues.
Partially offsetting JQC’s outperformance was disappointing security selection within the consumer discretionary and energy sectors. In addition, an overweight to BBB rated credit issues detracted from relative performance as higher rated loans underperformed lower quality loans during the reporting period. Lastly, the Fund’s tactical allocation to high yield bonds detracted from relative performance as the asset class generally underperformed senior loans during the reporting period. Security selection within high yield bonds also detracted from performance.
7
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of the Funds’ common shares relative to their comparative benchmarks was the Funds’ use of leverage through bank borrowings, Term Preferred Shares (Term Preferred) for NSL, JFR and JRO, Taxable Fund Preferred Shares (TFP) for NSL, JFR, JRO and JSD and reverse repurchase agreements for JQC. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income. The opportunity arises when short-term rates that a Fund pays on its leveraging instruments are lower than the interest the Fund earns on its portfolio securities that it has bought with the proceeds of that leverage. This has been particularly true in the recent market environment where short-term rates have been low by historical standards.
However, use of leverage can expose Fund common shares to additional price volatility. When a Fund uses leverage, the Fund’s common shares will experience a greater increase in their net asset value if the securities acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the securities acquired through leverage decline in value. All this will make the shares’ total return performance more variable over time.
In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when shortterm interest rates increase and increase when short-term interest rates decrease. In recent quarters, fund leverage expenses have generally tracked the overall movement of short-term interest rates. While fund leverage expenses are somewhat higher than their recent lows, leverage nevertheless continues to provide the opportunity for incremental common share income, particularly over longer-term periods.
The Funds’ use of leverage had a positive impact on total return performance during this reporting period. Following the Funds’ de-leveraging during the sharp market sell-off in March 2020, the Funds continued to gradually add leverage during this period, using proceeds to purchase new portfolio securities amid generally strong markets and steadily rising asset prices. Although the Funds seek to opportunistically add leverage in a risk controlled manner, leverage levels generally remain below their levels prior to the aforementioned market sell-off. Management believes that the potential benefits from leverage continue to outweigh the associated increase in risk and total return variability.
During the current fiscal period, JFR and JRO used cancellable interest rate swaps in which each Fund received payments based upon pre-determined fixed rates and paid one-month LIBOR plus a fixed spread. After a non-callable period, the swap counterparty owns the right on future monthly dates to terminate the swap at par. The purpose of the cancellable interest rate swap is to convert a fixed rate Term Preferred Share issuance to floating rate, and the cancellation dates of the swap correspond to dates on which the Funds can call the Term Preferred Share issue. Collectively, these interest rate swap contracts had a negligible impact on the Funds’ total return performance during the period.
As of January 31, 2021, the Funds’ percentages of leverage are as shown in the accompanying table.
| NSL | JFR | JRO | JSD | JQC | ||||||||||||||||
| Effective Leverage* |
35.37 | % | 35.39 | % | 35.39 | % | 35.34 | % | 35.84 | % | ||||||||||
| Regulatory Leverage* |
35.37 | % | 35.39 | % | 35.39 | % | 35.34 | % | 29.10 | % | ||||||||||
| * | Effective leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of reverse repurchase agreements, certain derivatives and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund’s capital structure. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund’s effective leverage ratio. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940. |
8
THE FUNDS’ LEVERAGE
Bank Borrowings
As noted above, the Funds employ leverage through the use of bank borrowings. The Funds’ bank borrowing activities are as shown in the accompanying table. Paydowns reflect on-going leverage management activity that seeks to maintain each Fund’s leverage ratio within a specified internal operating range.
| Current Reporting Period | Subsequent to the Close of the Reporting Period |
|||||||||||||||||||||||||||||||||||
| Fund | Outstanding Balance as of August 1, 2020 |
Draws | Paydowns | Outstanding Balance as of January 31, 2021 |
Average Balance Outstanding |
Draws | Paydowns | Outstanding Balance as of March 30, 2021 |
||||||||||||||||||||||||||||
| NSL |
$ | 86,200,000 | $ | 25,500,000 | $ | (25,000,000 | ) | $ | 86,700,000 | $ | 91,534,239 | $ | 6,300,000 | $ | — | $ | 93,000,000 | |||||||||||||||||||
| JFR |
$ | 208,100,000 | $ | 60,000,000 | $ | (50,000,000 | ) | $ | 218,100,000 | $ | 221,784,783 | $ | 17,000,000 | $ | — | $ | 235,100,000 | |||||||||||||||||||
| JRO |
$ | 164,900,000 | $ | 29,500,000 | $ | (45,000,000 | ) | $ | 149,400,000 | $ | 159,989,674 | $ | 12,700,000 | $ | — | $ | 162,100,000 | |||||||||||||||||||
| JSD |
$ | 8,500,000 | $ | 5,500,000 | $ | — | $ | 14,000,000 | $ | 11,038,043 | $ | 4,500,000 | $ | — | $ | 18,500,000 | ||||||||||||||||||||
| JQC |
$ | 402,000,000 | $ | 16,000,000 | $ | (25,000,000 | ) | $ | 393,000,000 | $ | 397,413,043 | $ | 9,000,000 | $ | — | $ | 402,000,000 | |||||||||||||||||||
Refer to Notes to Financial Statements, Note 8 – Fund Leverage and Note 10 – Subsequent Events for further details.
Reverse Repurchase Agreements
As noted previously, in addition to bank borrowings, JQC also used reverse repurchase agreements, in which the Fund sells to a counterparty a security that it holds with a contemporaneous agreement to repurchase the same security at an agreed-upon price and date. The Fund’s transactions in reverse repurchase agreements are as shown in the accompanying table.
| Current Reporting Period | Subsequent to the Close of the Reporting Period |
|||||||||||||||||||||||||||||||||
| Outstanding Balance as of August 1, 2020 |
Sales | Purchases | Outstanding Balance as of January 31, 2021 |
Average Balance Outstanding |
Sales | Purchases | Outstanding Balance as of March 30, 2021 |
|||||||||||||||||||||||||||
| $117,000,000 | $ — | $25,000,000 | $142,000,000 | $128,277,174 | $ — | $ — | $142,000,000 | |||||||||||||||||||||||||||
Refer to Notes to Financial Statements, Note 8 – Fund Leverage for further details.
Term Preferred Shares
As noted previously, in addition to bank borrowings, the following Funds also issued Term Preferred. The Funds' transactions in Term Preferred are as shown in the accompanying table.
| Current Reporting Period | Subsequent to the Close of the Reporting Period |
|||||||||||||||||||||||||||||||||||
| Fund | Outstanding Balance as of August 1, 2020 |
Issuance | Redemptions | Outstanding Balance as of January 31, 2021 |
Average Balance Outstanding |
Issuance | Redemptions | Outstanding Balance as of March 30, 2021 |
||||||||||||||||||||||||||||
| NSL* |
$ | 33,000,000 | $ | — | $ | (33,000,000 | ) | $ | — | $ | 17,219,178 | $ | — | $ | — | $ | — | |||||||||||||||||||
| JFR** |
$ | 90,000,000 | $ | — | $ | (90,000,000 | ) | $ | — | $ | 81,076,923 | $ | — | $ | — | $ | — | |||||||||||||||||||
| JRO*** |
$ | 45,000,000 | $ | — | $ | (45,000,000 | ) | $ | — | $ | 41,732,673 | $ | — | $ | — | $ | — | |||||||||||||||||||
| * | For the period August 1, 2020 through October 12, 2020. |
| ** | For the period August 1, 2020 through December 8, 2020. |
| *** | For the period August 1, 2020 through November 9, 2020. |
9
Fund Leverage (continued)
Refer to Notes to Financial Statements, Note 5 – Fund Shares for further details on Term Preferred.
Taxable Fund Preferred Shares
As noted previously, in addition to bank borrowings, NSL, JFR, JRO and JSD also issued TFP. The Fund’s transactions in TFP are as shown in the accompanying table.
| Current Reporting Period | Subsequent to the Close of the Reporting Period |
|||||||||||||||||||||||||||||||||||
| Fund | Outstanding Balance as of August 1, 2020 |
Issuance | Redemptions | Outstanding Balance as of January 31, 2021 |
Average Balance Outstanding |
Issuance | Redemptions | Outstanding Balance as of March 30, 2021 |
||||||||||||||||||||||||||||
| NSL* |
$ | — | $ | 40,000,000 | $ | — | $ | 40,000,000 | $ | 40,000,000 | $ | — | $ | — | $ | 40,000,000 | ||||||||||||||||||||
| JFR** |
$ | — | $ | 100,000,000 | $ | — | $ | 100,000,000 | $ | 100,000,000 | $ | — | $ | — | $ | 100,000,000 | ||||||||||||||||||||
| JRO*** |
$ | — | $ | 75,000,000 | $ | — | $ | 75,000,000 | $ | 75,000,000 | $ | — | $ | — | $ | 75,000,000 | ||||||||||||||||||||
| JSD |
$ | 70,000,000 | $ | — | $ | — | $ | 70,000,000 | $ | 70,000,000 | $ | — | $ | — | $ | 70,000,000 | ||||||||||||||||||||
| * | For the period October 5, 2020 (first issuance date of shares) through January 31, 2021. |
| ** | For the period December 4, 2020 (first issuance date of shares) through January 31, 2021. |
| *** | For the period November 5, 2020 (first issuance date of shares) through January 31, 2021. |
Refer to Notes to Financial Statements, Note 5 – Fund Shares for further details on TFP.
10
NSL, JFR, JRO and JSD COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding NSL’s, JFR’s, JRO’s and JSD’s distributions is current as of January 31, 2021. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investment value changes.
During the current reporting period, each Fund’s distributions to common shareholders were as shown in the accompanying table.
| Per Common Share Amounts | ||||||||||||||||
| Monthly Distribution (Ex-Dividend Date) | NSL | JFR | JRO | JSD | ||||||||||||
| August 2020 |
$ | 0.0305 | $ | 0.0460 | $ | 0.0450 | $ | 0.0705 | ||||||||
| September |
0.0305 | 0.0460 | 0.0450 | 0.0705 | ||||||||||||
| October |
0.0305 | 0.0485 | 0.0475 | 0.0735 | ||||||||||||
| November |
0.0305 | 0.0485 | 0.0475 | 0.0735 | ||||||||||||
| December |
0.0305 | 0.0485 | 0.0475 | 0.0735 | ||||||||||||
| January 2021 |
0.0305 | 0.0485 | 0.0475 | 0.0735 | ||||||||||||
| Total Distributions from Net Investment Income |
$ | 0.1830 | $ | 0.2860 | $ | 0.2800 | $ | 0.4350 | ||||||||
| Current Distribution Rate* |
6.78 | % | 6.31 | % | 6.19 | % | 6.47 | % | ||||||||
| * | Current distribution rate is based on the Fund’s current annualized monthly distribution divided by the Fund’s current market price. The Fund’s monthly distributions to its shareholders may be comprised of ordinary income, net realized capital gains and, if at the end of the fiscal year the Fund’s cumulative net ordinary income and net realized gains are less than the amount of the Fund’s distributions, a return of capital for tax purposes. |
NSL, JFR, JRO and JSD seek to pay regular monthly dividends out of their net investment income at a rate that reflects their 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 common 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 to Note 6 – Income Tax Information 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 NSL, JFR, JRO and JSD during the current reporting period were paid from net investment income. If a portion of the 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 each 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 in Note 6 – Income Tax Information within the Notes to Financial Statements of this report.
Announcement of Level Distribution Policy
On February 25, 2021 (subsequent to the close of this reporting period), NSL, JFR, JRO and JSD announced that their Board of Trustees approved the adoption of a level distribution policy. The level distribution policy is intended to provide shareholders with stable, but not guaranteed, cash flow, independent of the amount or timing of income earned or capital gains realized by the Funds. Each Fund intends to distribute all or substantially all of its net investment income through its regular monthly distribution and to distribute realized capital gains at least annually. In addition, in
11
Common Share Information (continued)
any monthly period, in order to maintain its level distribution amount, each Fund may pay out more or less than its net investment income during the period. As a result, distribution sources may include net investment income, realized gains and return of capital. [If each Fund’s distribution includes anything other than net investment income, each Fund will provide a notice of its best estimate of the distribution sources at that time, which may be viewed at www.nuveen.com/CEFdistributions. These estimates may not match the final tax characterization (for the full year’s distributions) contained in shareholders’ 1099-DIV forms delivered after the end of the calendar year.] The level distribution policy will become effective with each Fund’s March distribution.
JQC DISTRIBUTION INFORMATION
The following information regarding JQC’s distributions is current as of January 31, 2021.
JQC has a capital return plan where a supplemental amount is expected to be included in the Fund’s regular monthly distribution. Under this program, the Fund’s regular monthly distribution is expected to include net investment income, return of capital and potentially capital gains for tax purposes.
The figures in the table below provide an estimate as of January 31, 2021 of the sources (for tax purposes) of the Fund’s distributions. These source estimates include amounts currently estimated to be attributable to realized gains and/or returns of capital. The Fund attributes these non-income sources equally to each regular distribution throughout the fiscal year. The estimated information shown below is for the distributions paid on common shares for all prior months in the current fiscal year. These estimates should not be used for tax reporting purposes, and the distribution sources may differ for financial reporting than for tax reporting. The final determination of the tax characteristics of all distributions paid in 2021 will be made in early 2022 and reported to you on Form 1099-DIV. More details about the tax characteristics of the Fund’s distributions are available on www.nuveen.com/CEFdistributions.
Data as of January 31, 2021
| Current Month Percentage of Distributions |
Calendar YTD Per Share Amounts |
|||||||||||||||||||||||||||
| Net Investment Income |
Realized Gains |
Return of Capital |
Total Distributions |
Net Investment Income |
Realized Gains |
Return of Capital |
||||||||||||||||||||||
| 33.31% | 0.00% | 66.69% | $0.0767 | $0.0255 | $0.0000 | $0.0512 | ||||||||||||||||||||||
The following table provides information regarding Fund distributions and total return performance over various time periods. This information is intended to help you better understand whether Fund returns for the specified time periods were sufficient to meet Fund distributions.
Data as of January 31, 2021
| Annualized | Cumulative | |||||||||||||||||||||||||||
| Inception Date |
Latest Monthly Per Share Distribution |
Current Distribution on NAV |
1-Year Return on NAV |
5-Year Return on NAV |
Calendar YTD Distributions on NAV |
Calendar YTD Return on NAV |
||||||||||||||||||||||
| 6/25/2003 | $0.0767 | 13.04% | 0.60% | 5.44% | 1.09% | 1.52% | ||||||||||||||||||||||
NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS
The Nuveen Closed-End Funds’ monthly and quarterly periodic distributions to shareholders are posted on www.nuveen.com and can be found on Nuveen’s enhanced closed-end fund resource page, which is at https://www.nuveen.com/resource-center-closed-end-funds, along with other Nuveen closed-end fund product updates. To ensure timely access to the latest information, shareholders may use a subscribe function, which can be activated at this web page (https://www.nuveen.com/subscriptions).
12
COMMON SHARE REPURCHASES
During August 2020, the Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding common shares.
As of January 31, 2021, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.
| NSL | JFR | JRO | JSD | JQC | ||||||||||||||||
| Common shares cumulatively repurchased and retired |
15,400 | 147,593 | 39,400 | 10,000 | 5,473,400 | |||||||||||||||
| Common shares authorized for repurchase |
3,860,000 | 5,690,000 | 4,050,000 | 1,005,000 | 13,560,000 | |||||||||||||||
During the current reporting period, the Funds did not repurchase any of their outstanding common shares.
OTHER COMMON SHARE INFORMATION
As of January 31, 2021, and during the current reporting period, the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs as shown in the accompanying table.
| NSL | JFR | JRO | JSD | JQC | ||||||||||||||||
| Common share NAV |
$6.00 | $10.20 | $10.11 | $15.24 | $7.06 | |||||||||||||||
| Common share price |
$5.40 | $9.23 | $9.21 | $13.63 | $6.35 | |||||||||||||||
| Premium/(Discount) to NAV |
(10.00 | )% | (9.51 | )% | (8.90 | )% | (10.56 | )% | (10.06 | )% | ||||||||||
| 6-month average premium/(discount) to NAV |
(12.42 | )% | (12.74 | )% | (12.78 | )% | (13.03 | )% | (11.65 | )% | ||||||||||
13
| NSL | Nuveen Senior Income Fund Performance Overview and Holding Summaries as of January 31, 2021 |
Refer to Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of January 31, 2021
| Cumulative | Average Annual | |||||||||||||||
| 6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
| NSL at Common Share NAV | 12.01% | (1.67)% | 5.72% | 4.91% | ||||||||||||
| NSL at Common Share Price | 17.15% | (1.94)% | 6.89% | 4.09% | ||||||||||||
| Credit Suisse Leveraged Loan Index | 7.26% | 3.53% | 5.61% | 4.40% | ||||||||||||
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
Common Share Price Performance — Weekly Closing Price
14
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
| 1 | See Portfolio of Investments for details on “other” Portfolio Composition. |
15
| JFR | Nuveen Floating Rate Income Fund Performance Overview and Holding Summaries as of January 31, 2021 |
Refer to Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of January 31, 2021
| Cumulative | Average Annual | |||||||||||||||
| 6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
| JFR at Common Share NAV | 11.85% | (0.69)% | 6.01% | 4.99% | ||||||||||||
| JFR at Common Share Price | 18.84% | (2.50)% | 6.09% | 4.23% | ||||||||||||
| Credit Suisse Leveraged Loan Index | 7.26% | 3.53% | 5.61% | 4.40% | ||||||||||||
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
Common Share Price Performance — Weekly Closing Price
16
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
| 1 | See Portfolio of Investments for details on “other” Portfolio Composition. |
17
| JRO | Nuveen Floating Rate Income Opportunity Fund Performance Overview and Holding Summaries as of January 31, 2021 |
Refer to Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of January 31, 2021
| Cumulative | Average Annual | |||||||||||||||
| 6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
| JRO at Common Share NAV | 11.90% | (0.73)% | 6.10% | 5.30% | ||||||||||||
| JRO at Common Share Price | 19.43% | (0.24)% | 7.14% | 4.44% | ||||||||||||
| Credit Suisse Leveraged Loan Index | 7.26% | 3.53% | 5.61% | 4.40% | ||||||||||||
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
Common Share Price Performance — Weekly Closing Price
18
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
| 1 | See Portfolio of Investments for details on “other” Portfolio Composition. |
19
| JSD | Nuveen Short Duration Credit Opportunities Fund Performance Overview and Holding Summaries as of January 31, 2021 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of January 31, 2021
| Cumulative | Average Annual | |||||||||||||||
| 6-Month | 1-Year | 5-Year | Since Inception |
|||||||||||||
| JSD at Common Share NAV | 12.40% | (2.20)% | 5.62% | 4.98% | ||||||||||||
| JSD at Common Share Price | 21.19% | (3.35)% | 6.68% | 3.82% | ||||||||||||
| Credit Suisse Leveraged Loan Index | 7.26% | 3.53% | 5.61% | 4.41% | ||||||||||||
Since inception returns are from May 25, 2011. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
Common Share Price Performance — Weekly Closing Price
20
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
| 1 | See Portfolio of Investments for details on “other” Portfolio Composition. |
21
| JQC | Nuveen Credit Strategies Income Fund Performance Overview and Holding Summaries as of January 31, 2021 |
Refer to Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of January 31, 2021
| Cumulative | Average Annual | |||||||||||||||
| 6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
| JQC at Common Share NAV | 9.95% | 0.60% | 5.44% | 4.75% | ||||||||||||
| JQC at Common Share Price | 16.77% | (0.49)% | 7.66% | 6.22% | ||||||||||||
| Credit Suisse Leveraged Loan Index | 7.26% | 3.53% | 5.61% | 4.40% | ||||||||||||
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
Common Share Price Performance — Weekly Closing Price
22
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
| 1 | See Portfolio of Investments for details on “other” Portfolio Composition. |
23
| NSL | Nuveen Senior Income Fund
| |
| (Unaudited) |
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| LONG-TERM INVESTMENTS – 150.9% (93.8% of Total Investments) |
| |||||||||||||||||||||||||||
| VARIABLE RATE SENIOR LOAN INTERESTS – 133.0% (82.6% of Total Investments) (2) |
| |||||||||||||||||||||||||||
| Aerospace & Defense – 1.5% (0.9% of Total Investments) |
| |||||||||||||||||||||||||||
| $ | 523 | MacDonald, Dettwiler and Associates, Ltd., Term Loan B |
2.880% | 1-Month LIBOR | 2.750% | 10/05/24 | B | $ | 518,278 | |||||||||||||||||||
| 314 | Standard Aero, Term Loan B1 |
3.754% | 3-Month LIBOR | 3.500% | 4/08/26 | B– | 302,815 | |||||||||||||||||||||
| 169 | Standard Aero, Term Loan B2 |
3.754% | 3-Month LIBOR | 3.500% | 4/08/26 | B– | 162,804 | |||||||||||||||||||||
| 969 | Transdigm, Inc., Term Loan E |
2.371% | 1-Month LIBOR | 2.250% | 5/30/25 | Ba3 | 955,760 | |||||||||||||||||||||
| 800 | Transdigm, Inc., Term Loan F |
2.371% | 1-Month LIBOR | 2.250% | 12/09/25 | Ba3 | 787,613 | |||||||||||||||||||||
| 690 | Transdigm, Inc., Term Loan G |
2.371% | 1-Month LIBOR | 2.250% | 8/22/24 | Ba3 | 679,628 | |||||||||||||||||||||
| 3,465 | Total Aerospace & Defense |
3,406,898 | ||||||||||||||||||||||||||
| Air Freight & Logistics – 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 86 | PAE Holding Corp, Delayed Draw |
5.250% | 3-Month LIBOR | 4.500% | 10/19/27 | B | 86,579 | |||||||||||||||||||||
| 1,083 | XPO Logistics, Inc., Term Loan B |
2.121% | 1-Month LIBOR | 2.000% | 2/24/25 | BBB– | 1,084,814 | |||||||||||||||||||||
| 1,169 | Total Air Freight & Logistics |
1,171,393 | ||||||||||||||||||||||||||
| Airlines – 1.6% (1.0% of Total Investments) | ||||||||||||||||||||||||||||
| 242 | American Airlines, Inc., Term Loan B |
2.148% | 1-Month LIBOR | 2.000% | 4/28/23 | Ba3 | 226,213 | |||||||||||||||||||||
| 759 | American Airlines, Inc., Term Loan B |
1.871% | 1-Month LIBOR | 1.750% | 1/29/27 | Ba3 | 694,790 | |||||||||||||||||||||
| 467 | American Airlines, Inc., Term Loan B |
2.127% | 1-Month LIBOR | 2.000% | 12/14/23 | Ba3 | 435,777 | |||||||||||||||||||||
| 1,075 | Delta Air Lines SkyMiles, Term Loan B |
4.750% | 3-Month LIBOR | 3.750% | 10/20/27 | Baa1 | 1,128,954 | |||||||||||||||||||||
| 285 | Delta Air Lines, Inc., Term Loan B |
5.750% | 1-Month LIBOR | 4.750% | 4/29/23 | Baa2 | 290,297 | |||||||||||||||||||||
| 968 | WestJet Airlines, Term Loan |
4.000% | 6-Month LIBOR | 3.000% | 12/11/26 | BB– | 934,611 | |||||||||||||||||||||
| 3,796 | Total Airlines |
3,710,642 | ||||||||||||||||||||||||||
| Auto Components – 2.3% (1.5% of Total Investments) | ||||||||||||||||||||||||||||
| 38 | Adient Global Holdings, Initial Term Loan |
4.463% | 3-Month LIBOR | 4.250% | 5/06/24 | Ba3 | 37,901 | |||||||||||||||||||||
| 111 | Adient Global Holdings, Initial Term Loan |
4.371% | 3-Month LIBOR | 4.250% | 5/06/24 | Ba3 | 111,430 | |||||||||||||||||||||
| 830 | DexKo Global, Inc., Term Loan B |
4.500% | 3-Month LIBOR | 3.500% | 7/24/24 | B1 | 831,867 | |||||||||||||||||||||
| 1,333 | Dun & Bradstreet Corp., Initial Term Loan |
3.878% | 1-Month LIBOR | 3.750% | 2/06/26 | N/R | 1,338,131 | |||||||||||||||||||||
| 1,454 | Johnson Controls Inc., Term Loan B |
3.621% | 1-Month LIBOR | 3.500% | 4/30/26 | B1 | 1,457,191 | |||||||||||||||||||||
| 750 | Les Schwab Tire Centers, Term Loan B |
4.250% | 3-Month LIBOR | 3.500% | 11/02/27 | B | 754,223 | |||||||||||||||||||||
| 898 | Superior Industries International, Inc., Term Loan B |
4.121% | 1-Month LIBOR | 4.000% | 5/23/24 | B1 | 893,096 | |||||||||||||||||||||
| 5,414 | Total Auto Components |
5,423,839 | ||||||||||||||||||||||||||
| Automobiles – 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 521 | Caliber Collision, Term Loan B |
3.121% | 1-Month LIBOR | 3.000% | 2/05/26 | B1 | 516,771 | |||||||||||||||||||||
| 727 | Navistar, Inc., Term Loan B |
3.630% | 1-Month LIBOR | 3.500% | 11/06/24 | Ba2 | 728,500 | |||||||||||||||||||||
| 1,248 | Total Automobiles |
1,245,271 | ||||||||||||||||||||||||||
| Banks – 0.1% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 164 | iQor US, Inc., Exit Priority Term Loan |
8.500% | 3-Month LIBOR | 7.500% | 9/15/27 | N/R | 162,323 | |||||||||||||||||||||
| Beverages – 0.9% (0.6% of Total Investments) | ||||||||||||||||||||||||||||
| 620 | Arterra Wines Canada, Inc., Incremental Term Loan |
4.250% | 3-Month LIBOR | 3.500% | 11/25/27 | B1 | 625,038 | |||||||||||||||||||||
| 1,467 | Jacobs Douwe Egberts, Term Loan B |
2.188% | 1-Month LIBOR | 2.000% | 11/01/25 | BB+ | 1,470,216 | |||||||||||||||||||||
| 2,087 | Total Beverages |
2,095,254 | ||||||||||||||||||||||||||
| Biotechnology – 1.7% (1.0% of Total Investments) | ||||||||||||||||||||||||||||
| 2,015 | Grifols, Inc., Term Loan B, First Lien |
2.092% | 1-Week LIBOR | 2.000% | 11/15/27 | Ba2 | 2,013,532 | |||||||||||||||||||||
| 1,810 | KIK Custom, Term Loan, (WI/DD) |
TBD | TBD | TBD | TBD | N/R | 1,811,285 | |||||||||||||||||||||
| 3,825 | Total Biotechnology |
3,824,817 | ||||||||||||||||||||||||||
| Building Products – 1.4% (0.9% of Total Investments) | ||||||||||||||||||||||||||||
| 104 | LBM Acquisition LLC, Delayed Draw Term Loan, (WI/DD), (7) |
TBD | TBD | TBD | TBD | B+ | 103,986 | |||||||||||||||||||||
24
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| Building Products (continued) | ||||||||||||||||||||||||||||
| $ | 466 | LBM Acquisition LLC, Term Loan B, (WI/DD) |
TBD | TBD | TBD | TBD | B+ | $ | 467,938 | |||||||||||||||||||
| 477 | Ply Gem Industries, Inc., Term Loan B |
3.876% | 1-Month LIBOR | 3.750% | 4/12/25 | B+ | 479,108 | |||||||||||||||||||||
| 160 | Potters Industries, Term Loan B |
4.750% | 3-Month LIBOR | 4.000% | 12/14/27 | B | 160,600 | |||||||||||||||||||||
| 2,103 | Quikrete Holdings, Inc., Term Loan B |
2.621% | 1-Month LIBOR | 2.500% | 1/31/27 | BB– | 2,102,054 | |||||||||||||||||||||
| 3,310 | Total Building Products |
3,313,686 | ||||||||||||||||||||||||||
| Capital Markets – 1.4% (0.8% of Total Investments) | ||||||||||||||||||||||||||||
| 197 | RPI Finance Trust, Term Loan B1 |
1.871% | 1-Month LIBOR | 1.750% | 2/11/27 | BBB– | 198,416 | |||||||||||||||||||||
| 1,999 | Sequa Corporation, Term Loan B, (cash 6.750%, PIK 1.000%) |
7.750% | 3-Month LIBOR | 6.750% | 7/31/23 | B– | 2,001,404 | |||||||||||||||||||||
| 1,073 | Sequa Corporation, Term Loan, Second Lien, (cash 5.000%, PIK 6.750%) |
11.750% | 3-Month LIBOR | 6.750% | 7/31/24 | CCC– | 959,831 | |||||||||||||||||||||
| 3,269 | Total Capital Markets |
3,159,651 | ||||||||||||||||||||||||||
| Chemicals – 1.0% (0.6% of Total Investments) | ||||||||||||||||||||||||||||
| 663 | Ineos US Finance LLC, Term Loan |
2.121% | 1-Month LIBOR | 2.000% | 3/31/24 | BBB– | 660,003 | |||||||||||||||||||||
| 500 | INEOS US Petrochem LLC, Term Loan B, (WI/DD) |
TBD | TBD | TBD | TBD | BB | 502,605 | |||||||||||||||||||||
| 499 | Lummus Technology, Term Loan |
4.121% | 1-Month LIBOR | 4.000% | 6/30/27 | B+ | 501,089 | |||||||||||||||||||||
| 263 | PQ Corporation, Incremental Term Loan B |
4.000% | 3-Month LIBOR | 3.000% | 2/07/27 | BB– | 264,142 | |||||||||||||||||||||
| 324 | Unifrax Holdings, Term Loan, First Lien |
4.004% | 3-Month LIBOR | 3.750% | 12/14/25 | CCC+ | 313,637 | |||||||||||||||||||||
| 2,249 | Total Chemicals |
2,241,476 | ||||||||||||||||||||||||||
| Commercial Services & Supplies – 4.8% (3.0% of Total Investments) | ||||||||||||||||||||||||||||
| 500 | AECOM Management Services Inc., Incremental Term Loan |
5.500% | 3-Month LIBOR | 4.750% | 1/31/27 | B1 | 503,750 | |||||||||||||||||||||
| 526 | Brand Energy & Infrastructure Services, Inc., Term Loan B, First Lien |
5.250% | 3-Month LIBOR | 4.250% | 6/21/24 | B– | 520,725 | |||||||||||||||||||||
| 107 | Education Management LLC, Term Loan A, (5), (6) |
0.000% | N/A | N/A | 7/02/20 | N/R | 1,075 | |||||||||||||||||||||
| 4,003 | Formula One Group, Term Loan B |
3.500% | 1-Month LIBOR | 2.500% | 2/01/24 | B+ | 3,984,792 | |||||||||||||||||||||
| 433 | Garda World Security Corp, Term Loan B, First Lien |
4.990% | 1-Month LIBOR | 4.750% | 10/30/26 | BB+ | 435,061 | |||||||||||||||||||||
| 1,042 | GFL Environmental, Term Loan |
3.500% | 3-Month LIBOR | 3.000% | 5/30/25 | BB– | 1,048,757 | |||||||||||||||||||||
| 318 | Harland Clarke Holdings Corporation, Term Loan B7 |
5.750% | 3-Month LIBOR | 4.750% | 11/03/23 | CCC+ | 287,800 | |||||||||||||||||||||
| 437 | iQor US, Inc., Second Out Term Loan |
8.500% | 3-Month LIBOR | 7.500% | 11/20/25 | N/R | 418,094 | |||||||||||||||||||||
| 277 | KAR Auction Services, Inc., Term Loan B6 |
2.438% | 1-Month LIBOR | 2.250% | 9/19/26 | Ba3 | 275,798 | |||||||||||||||||||||
| 423 | PAE Holding Corp, New Term Loan B |
5.250% | 3-Month LIBOR | 4.500% | 10/19/27 | B | 427,125 | |||||||||||||||||||||
| 130 | Pitney Bowes Inc., Term Loan B |
5.650% | 3-Month LIBOR | 5.500% | 1/07/25 | BBB– | 129,944 | |||||||||||||||||||||
| 683 | Robertshaw US Holding Corp., Initial Term Loan, First Lien |
4.500% | 1-Month LIBOR | 3.500% | 2/28/25 | CCC+ | 657,571 | |||||||||||||||||||||
| 135 | Sabert Corporation, Initial Term Loan |
5.500% | 1-Month LIBOR | 4.500% | 12/10/26 | B | 135,498 | |||||||||||||||||||||
| 1,781 | Travelport LLC, Priority Debt Term Loan, (cash 2.500%, PIK 6.500%), (DD1) |
2.500% | 3-Month LIBOR | 1.500% | 2/28/25 | B+ | 1,770,813 | |||||||||||||||||||||
| 414 | West Corporation, Incremental Term Loan B1 |
4.500% | 3-Month LIBOR | 3.500% | 10/10/24 | BB+ | 406,696 | |||||||||||||||||||||
| 1 | West Corporation, Incremental Term Loan B1 |
4.500% | 1-Month LIBOR | 3.500% | 10/10/24 | BB+ | 1,045 | |||||||||||||||||||||
| 11,210 | Total Commercial Services & Supplies |
11,004,544 | ||||||||||||||||||||||||||
| Communications Equipment – 2.5% (1.6% of Total Investments) | ||||||||||||||||||||||||||||
| 149 | Avaya, Inc., Term Loan B |
4.377% | 1-Month LIBOR | 4.250% | 12/15/24 | BB– | 149,617 | |||||||||||||||||||||
| 1,656 | CommScope, Inc., Term Loan B |
3.371% | 1-Month LIBOR | 3.250% | 4/04/26 | Ba3 | 1,656,295 | |||||||||||||||||||||
| 882 | Mitel US Holdings, Inc., Term Loan, First Lien |
4.640% | 1-Month LIBOR | 4.500% | 11/30/25 | B– | 826,751 | |||||||||||||||||||||
| 1,063 | Plantronics, Term Loan B |
2.647% | 1-Month LIBOR | 2.500% | 7/02/25 | Ba2 | 1,053,998 | |||||||||||||||||||||
| 1,246 | Riverbed Technology, Inc., Term Loan B, First Lien, (DD1) |
7.000% | 3-Month LIBOR | 6.000% | 12/31/25 | B2 | 1,219,134 | |||||||||||||||||||||
| 3 | Riverbed Technology, Inc., Term Loan B, First Lien, (DD1) |
7.000% | 2-Month LIBOR | 6.000% | 12/31/25 | B2 | 3,055 | |||||||||||||||||||||
| 889 | Univision Communications, Inc., Term Loan C5 |
3.750% | 1-Month LIBOR | 2.750% | 3/15/24 | B | 889,244 | |||||||||||||||||||||
| 5,888 | Total Communications Equipment |
5,798,094 | ||||||||||||||||||||||||||
| Construction & Engineering – 0.7% (0.5% of Total Investments) | ||||||||||||||||||||||||||||
| 226 | Pike Corp, Term Loan B |
4.091% | 1-Month LIBOR | 3.970% | 7/24/26 | Ba3 | 226,073 | |||||||||||||||||||||
| 128 | Pike Corporation, Term Loan B |
3.130% | 1-Month LIBOR | 3.000% | 1/21/28 | Ba3 | 128,515 | |||||||||||||||||||||
| 97 | Pike Corporation, Term Loan B, (WI/DD), (7) |
TBD | TBD | TBD | TBD | Ba3 | 97,547 | |||||||||||||||||||||
25
| NSL | Nuveen Senior Income Fund (continued) | |
| Portfolio of Investments January 31, 2021 | ||
| (Unaudited) | ||
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| Construction & Engineering (continued) | ||||||||||||||||||||||||||||
| $ | 1,250 | Traverse Midstream Partners, Term Loan B |
6.500% | 1-Month LIBOR | 5.500% | 9/27/24 | B | $ | 1,233,870 | |||||||||||||||||||
| 1,701 | Total Construction & Engineering |
1,686,005 | ||||||||||||||||||||||||||
| Consumer Finance – 0.6% (0.4% of Total Investments) | ||||||||||||||||||||||||||||
| 1,453 | Verscend Technologies, Tern Loan B |
4.621% | 1-Month LIBOR | 4.500% | 8/27/25 | B+ | 1,456,423 | |||||||||||||||||||||
| Containers & Packaging – 1.5% (0.9% of Total Investments) | ||||||||||||||||||||||||||||
| 985 | Berry Global, Inc., Term Loan Y |
2.133% | 1-Month LIBOR | 2.000% | 7/01/26 | BBB– | 984,813 | |||||||||||||||||||||
| 625 | Charter NEX US, Inc., Initial Term Loan, First Lien |
5.000% | 1-Month LIBOR | 4.250% | 12/01/27 | B | 630,272 | |||||||||||||||||||||
| 343 | Reynolds Group Holdings, Inc., Term Loan, First Lien |
1.871% | 1-Month LIBOR | 1.750% | 2/04/27 | BBB– | 344,293 | |||||||||||||||||||||
| 700 | Reynolds Group Holdings, Inc., Term Loan, First Lien |
3.371% | 1-Month LIBOR | 3.250% | 2/16/26 | B+ | 701,750 | |||||||||||||||||||||
| 722 | TricorBraun Holdings Inc, (WI/DD) |
TBD | TBD | TBD | TBD | B2 | 718,878 | |||||||||||||||||||||
| 163 | TricorBraun Holdings Inc, (WI/DD) |
TBD | TBD | TBD | TBD | B2 | 161,697 | |||||||||||||||||||||
| 3,538 | Total Containers & Packaging |
3,541,703 | ||||||||||||||||||||||||||
| Distributors – 0.4% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 209 | Insurance Auto Actions Inc., Term Loan |
2.375% | 1-Month LIBOR | 2.250% | 6/28/26 | BB+ | 209,739 | |||||||||||||||||||||
| 761 | SRS Distribution, Inc., Term Loan B |
3.121% | 1-Month LIBOR | 3.000% | 5/24/25 | B | 757,808 | |||||||||||||||||||||
| 970 | Total Distributors |
967,547 | ||||||||||||||||||||||||||
| Diversified Consumer Services – 0.8% (0.5% of Total Investments) | ||||||||||||||||||||||||||||
| 1,896 | Cengage Learning Acquisitions, Inc., Term Loan B |
5.250% | 3-Month LIBOR | 4.250% | 6/07/23 | B2 | 1,828,467 | |||||||||||||||||||||
| 73 | Education Management LLC, Elevated Term Loan A1, (5), (6) |
0.000% | N/A | N/A | 7/02/20 | N/R | 916 | |||||||||||||||||||||
| 2 | Education Management LLC, Elevated Term Loan A2, (6) |
9.599% | 3-Month LIBOR | 7.500% | 7/02/20 | N/R | — | |||||||||||||||||||||
| 1,971 | Total Diversified Consumer Services |
1,829,383 | ||||||||||||||||||||||||||
| Diversified Financial Services – 1.8% (1.1% of Total Investments) | ||||||||||||||||||||||||||||
| 640 | Blackstone CQP, Term Loan |
3.736% | 3-Month LIBOR | 3.500% | 9/30/24 | B+ | 641,165 | |||||||||||||||||||||
| 1,252 | Ditech Holding Corporation., Term Loan B, First Lien, (6) |
0.000% | N/A | N/A | 6/30/22 | N/R | 405,360 | |||||||||||||||||||||
| 1,303 | Inmarsat Finance, Term Loan, First Lien |
4.500% | 1-Month LIBOR | 4.500% | 12/11/26 | N/R | 1,308,004 | |||||||||||||||||||||
| 333 | Lions Gate Entertainment Corp., Term Loan B |
2.371% | 1-Month LIBOR | 2.250% | 3/24/25 | Ba2 | 332,387 | |||||||||||||||||||||
| 339 | Orion Advisor Solutions, Term Loan, First Lien |
5.000% | 3-Month LIBOR | 4.000% | 9/24/27 | BB– | 341,185 | |||||||||||||||||||||
| 610 | Sabre, Inc., Term Loan B |
4.750% | 1-Month LIBOR | 4.000% | 12/17/27 | Ba3 | 617,247 | |||||||||||||||||||||
| 553 | Sotheby’s, Term Loan B |
6.500% | 3-Month LIBOR | 7.500% | 1/15/27 | N/R | 556,269 | |||||||||||||||||||||
| 5,030 | Total Diversified Financial Services |
4,201,617 | ||||||||||||||||||||||||||
| Diversified Telecommunication Services – 3.8% (2.4% of Total Investments) | ||||||||||||||||||||||||||||
| 283 | Altice France S.A., Term Loan B12 |
3.814% | 1-Month LIBOR | 3.688% | 1/31/26 | B | 282,271 | |||||||||||||||||||||
| 3,186 | CenturyLink, Inc, Term Loan B |
2.371% | 1-Month LIBOR | 2.250% | 3/15/27 | BB+ | 3,181,864 | |||||||||||||||||||||
| 1,552 | Frontier Communications Corporation, DIP Term Loan, (6) |
5.750% | 1-Month LIBOR | 4.750% | 10/08/21 | B3 | 1,555,624 | |||||||||||||||||||||
| 237 | Intelsat Jackson Holdings, S.A., Term Loan B4, (6) |
8.750% | Prime | 5.500% | 1/02/24 | N/R | 240,333 | |||||||||||||||||||||
| 378 | Intelsat Jackson Holdings, S.A., Term Loan B5, (6) |
8.625% | N/A | N/A | 1/02/24 | N/R | 385,384 | |||||||||||||||||||||
| 2,941 | Numericable Group S.A., Term Loan B13 |
4.127% | 1-Month LIBOR | 4.000% | 8/14/26 | B | 2,946,882 | |||||||||||||||||||||
| 196 | Zayo Group LLC, Initial Dollar Term Loan |
3.121% | 1-Month LIBOR | 3.000% | 3/09/27 | B1 | 195,116 | |||||||||||||||||||||
| 8,773 | Total Diversified Telecommunication Services |
8,787,474 | ||||||||||||||||||||||||||
| Electric Utilities – 0.7% (0.4% of Total Investments) | ||||||||||||||||||||||||||||
| 575 | ExGen Renewables, Term Loan, First Lien |
3.750% | 3-Month LIBOR | 2.750% | 12/11/27 | BB– | 579,600 | |||||||||||||||||||||
| 497 | Pacific Gas & Electric, Revolving Term Loan |
6.750% | Prime | 3.500% | 6/23/25 | N/R | 497,500 | |||||||||||||||||||||
| 606 | Vistra Operations Co., Term Loan B3 |
1.872% | 1-Month LIBOR | 1.750% | 12/31/25 | Baa3 | 607,154 | |||||||||||||||||||||
| 1,678 | Total Electric Utilities |
1,684,254 | ||||||||||||||||||||||||||
| Electrical Equipment – 1.2% (0.7% of Total Investments) | ||||||||||||||||||||||||||||
| 1,932 | Avolon LLC, Term Loan B4 |
2.250% | 1-Month LIBOR | 1.500% | 2/10/27 | Baa2 | 1,923,965 | |||||||||||||||||||||
| 744 | Vertiv Co.,Term Loan B |
3.144% | 1-Month LIBOR | 3.000% | 3/02/27 | B+ | 746,567 | |||||||||||||||||||||
| 2,676 | Total Electrical Equipment |
2,670,532 | ||||||||||||||||||||||||||
26
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| Electronic Equipment, Instruments & Components – 0.4% (0.2% of Total Investments) | ||||||||||||||||||||||||||||
| $ | 866 | BCP Renaissance Parent, Term Loan B |
2.638% | 1-Month LIBOR | 2.500% | 9/28/24 | BB+ | $ | 867,502 | |||||||||||||||||||
| Energy Equipment & Services – 0.1% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 371 | Petroleum GEO-Services ASA/PGS Finance, Inc., Term Loan B |
7.760% | 3-Month LIBOR | 7.500% | 6/13/24 | Caa1 | 302,175 | |||||||||||||||||||||
| Entertainment – 2.5% (1.6% of Total Investments) | ||||||||||||||||||||||||||||
| 571 | AMC Entertainment, Inc., Term Loan B, (DD1) |
5.250% | Prime | 2.000% | 4/22/26 | CCC | 478,361 | |||||||||||||||||||||
| 299 | Cineworld Group PLC, Second Amendment Dollar, Term Loan, (DD1) |
3.019% | 3-Month LIBOR | 2.750% | 9/20/26 | CCC | 235,199 | |||||||||||||||||||||
| 2,368 | Cineworld Group PLC, Term Loan B, (DD1) |
2.771% | 3-Month LIBOR | 2.500% | 2/28/25 | CCC | 1,880,856 | |||||||||||||||||||||
| 900 | IMG Worldwide, Inc., Term Loan B |
2.880% | 1-Month LIBOR | 2.750% | 5/16/25 | B3 | 842,601 | |||||||||||||||||||||
| 977 | Metro-Goldwyn-Mayer, Inc., Term Loan, First Lien |
2.630% | 1-Month LIBOR | 2.500% | 7/03/25 | BB– | 977,197 | |||||||||||||||||||||
| 750 | Metro-Goldwyn-Mayer, Inc., Term Loan, Second Lien |
5.500% | 1-Month LIBOR | 4.500% | 7/06/26 | B3 | 752,816 | |||||||||||||||||||||
| 698 | Springer SBM Two GmbH, Term Loan B16 |
4.500% | 1-Month LIBOR | 3.500% | 8/14/24 | B2 | 700,971 | |||||||||||||||||||||
| 6,563 | Total Entertainment |
5,868,001 | ||||||||||||||||||||||||||
| Equity Real Estate Investment Trust – 0.7% (0.4% of Total Investments) | ||||||||||||||||||||||||||||
| 881 | Realogy Group LLC, Term Loan A |
2.121% | 1-Month LIBOR | 2.000% | 2/08/23 | BB | 878,880 | |||||||||||||||||||||
| 643 | Realogy Group LLC, Term Loan B |
3.000% | 1-Month LIBOR | 2.250% | 2/08/25 | BB | 642,620 | |||||||||||||||||||||
| 1,524 | Total Equity Real Estate Investment Trust |
1,521,500 | ||||||||||||||||||||||||||
| Food & Staples Retailing – 2.3% (1.4% of Total Investments) | ||||||||||||||||||||||||||||
| 681 | BellRing Brands, Term Loan, First Lien |
6.000% | 1-Month LIBOR | 5.000% | 10/21/24 | B+ | 689,652 | |||||||||||||||||||||
| 384 | BJ’s Wholesale Club, Inc., Term Loan, First Lien |
2.126% | 1-Month LIBOR | 2.000% | 2/03/24 | BB+ | 385,209 | |||||||||||||||||||||
| 512 | Hearthside Group Holdings LLC, Term Loan B |
3.808% | 1-Month LIBOR | 3.688% | 5/31/25 | B2 | 510,823 | |||||||||||||||||||||
| 30 | Hearthside Group Holdings, LLC, Incremental Term Loan B3 |
6.000% | 1-Month LIBOR | 5.000% | 5/31/25 | B2 | 30,121 | |||||||||||||||||||||
| 3,733 | US Foods, Inc., New Term Loan |
1.871% | 1-Month LIBOR | 1.750% | 6/27/23 | BB– | 3,707,408 | |||||||||||||||||||||
| 5,340 | Total Food & Staples Retailing |
5,323,213 | ||||||||||||||||||||||||||
| Food Products – 0.3% (0.2% of Total Investments) | ||||||||||||||||||||||||||||
| 4 | American Seafoods Group LLC, Term Loan B |
3.750% | 1-Month LIBOR | 2.750% | 8/21/23 | BB– | 3,623 | |||||||||||||||||||||
| 540 | American Seafoods Group LLC, Term Loan B |
3.750% | 3-Month LIBOR | 2.750% | 8/21/23 | BB– | 542,028 | |||||||||||||||||||||
| 174 | Froneri Lux FinCo SARL, Term Loan, First Lien |
2.371% | 1-Month LIBOR | 2.250% | 1/31/27 | B1 | 173,533 | |||||||||||||||||||||
| 718 | Total Food Products |
719,184 | ||||||||||||||||||||||||||
| Health Care Equipment & Supplies – 1.1% (0.7% of Total Investments) | ||||||||||||||||||||||||||||
| 496 | Greatbatch Ltd., New Term Loan B |
3.500% | 1-Month LIBOR | 2.500% | 10/27/22 | B+ | 496,819 | |||||||||||||||||||||
| 664 | LifeScan, Term Loan B |
6.238% | 3-Month LIBOR | 6.000% | 10/01/24 | B | 640,894 | |||||||||||||||||||||
| 785 | MedPlast, Term Loan, First Lien |
3.871% | 1-Month LIBOR | 3.750% | 7/02/25 | B3 | 768,337 | |||||||||||||||||||||
| 710 | Vyaire Medical, Inc., Term Loan B |
5.750% | 3-Month LIBOR | 4.750% | 4/30/25 | B3 | 623,163 | |||||||||||||||||||||
| 2,655 | Total Health Care Equipment & Supplies |
2,529,213 | ||||||||||||||||||||||||||
| Health Care Providers & Services – 8.6% (5.4% of Total Investments) | ||||||||||||||||||||||||||||
| 275 | AccentCare, Incremental Term Loan B |
5.500% | 3-Month LIBOR | 5.000% | 6/20/26 | B2 | 276,375 | |||||||||||||||||||||
| 1,750 | Air Medical, Term Loan B |
5.750% | 3-Month LIBOR | 4.750% | 10/02/25 | B | 1,755,906 | |||||||||||||||||||||
| 628 | Air Methods, Term Loan, First Lien |
4.500% | 3-Month LIBOR | 3.500% | 4/21/24 | B | 609,504 | |||||||||||||||||||||
| 1 | Albany Molecular Research, Inc., Initial Term Loan, First Lien |
4.250% | 2-Month LIBOR | 3.250% | 8/30/24 | B2 | 978 | |||||||||||||||||||||
| 376 | Albany Molecular Research, Inc., Initial Term Loan, First Lien |
4.250% | 3-Month LIBOR | 3.250% | 8/30/24 | B2 | 377,654 | |||||||||||||||||||||
| 861 | Ardent Health, Term Loan, First Lien |
5.500% | 1-Month LIBOR | 4.500% | 6/28/25 | B1 | 865,770 | |||||||||||||||||||||
| 742 | Aspen Dental, Term Loan B |
4.750% | 1-Month LIBOR | 4.000% | 12/23/27 | N/R | 742,000 | |||||||||||||||||||||
| 1,076 | Brightspring Health, Term Loan B |
3.380% | 1-Month LIBOR | 3.250% | 3/05/26 | N/R | 1,074,787 | |||||||||||||||||||||
| 737 | Catalent Pharma Solutions, Inc., Dollar Term Loan B2 |
3.250% | 1-Month LIBOR | 2.250% | 5/17/26 | BBB– | 740,559 | |||||||||||||||||||||
| 582 | Civitas Solutions, Term Loan B |
4.385% | 1-Month LIBOR | 4.250% | 3/08/26 | B | 583,291 | |||||||||||||||||||||
| 27 | Civitas Solutions, Term Loan C |
4.397% | 1-Month LIBOR | 4.250% | 3/08/26 | B | 26,693 | |||||||||||||||||||||
| 338 | DaVita, Inc., Term Loan B |
1.871% | 1-Month LIBOR | 1.750% | 8/12/26 | BBB– | 338,206 | |||||||||||||||||||||
| 858 | Envision Healthcare Corporation, Initial Term Loan |
3.871% | 1-Month LIBOR | 3.750% | 10/10/25 | Caa1 | 733,432 | |||||||||||||||||||||
| 95 | HCA, Inc., Term Loan B13 |
1.871% | 1-Month LIBOR | 1.750% | 3/18/26 | BBB– | 95,915 | |||||||||||||||||||||
27
| NSL | Nuveen Senior Income Fund (continued) | |
| Portfolio of Investments January 31, 2021 | ||
| (Unaudited) | ||
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| Health Care Providers & Services (continued) | ||||||||||||||||||||||||||||
| $ | 462 | Heartland Dental Care, Inc., Term Loan, First Lien |
3.621% | 1-Month LIBOR | 3.500% | 4/30/25 | B3 | $ | 453,771 | |||||||||||||||||||
| 771 | InnovaCare, Initial Term Loan |
6.750% | 3-Month LIBOR | 5.750% | 12/26/26 | B+ | 772,311 | |||||||||||||||||||||
| 841 | Jordan Health, Initial Term Loan, First Lien |
5.220% | 3-Month LIBOR | 5.000% | 5/15/25 | Caa1 | 772,806 | |||||||||||||||||||||
| 1,543 | Kindred at Home Hospice, Term Loan B, First Lien |
3.375% | 1-Month LIBOR | 3.250% | 7/02/25 | B1 | 1,546,478 | |||||||||||||||||||||
| 2,053 | Lifepoint Health, Inc., New Term Loan B |
3.871% | 1-Month LIBOR | 3.750% | 11/16/25 | B1 | 2,053,966 | |||||||||||||||||||||
| 103 | Quorum Health Corp, Term Loan, (6) |
9.250% | 3-Month LIBOR | 8.250% | 4/29/22 | N/R | 104,322 | |||||||||||||||||||||
| 1,986 | Select Medical Corporation, Term Loan B |
2.530% | 3-Month LIBOR | 2.250% | 3/06/25 | Ba2 | 1,978,729 | |||||||||||||||||||||
| 1,968 | Surgery Center Holdings Inc., Initial Term Loan |
4.250% | 1-Month LIBOR | 3.250% | 9/03/24 | B2 | 1,959,320 | |||||||||||||||||||||
| 1,422 | Team Health, Inc., Initial Term Loan |
3.750% | 1-Month LIBOR | 2.750% | 2/06/24 | B | 1,332,340 | |||||||||||||||||||||
| 750 | US Radiology Specialists, Inc., Term Loan B |
6.250% | 1-Month LIBOR | 5.500% | 12/15/27 | B– | 756,562 | |||||||||||||||||||||
| 20,245 | Total Health Care Providers & Services |
19,951,675 | ||||||||||||||||||||||||||
| Health Care Technology – 2.7% (1.7% of Total Investments) | ||||||||||||||||||||||||||||
| 2,757 | Emdeon, Inc., Term Loan |
3.500% | 1-Month LIBOR | 2.500% | 3/01/24 | B+ | 2,761,784 | |||||||||||||||||||||
| 1,545 | Onex Carestream Finance LP, New Extended Term Loan, First Lien |
7.750% | 3-Month LIBOR | 6.750% | 5/05/23 | N/R | 1,542,720 | |||||||||||||||||||||
| 990 | Onex Carestream Finance LP, New Extended Term Loan, Second Lien, (cash 5.500%, PIK 8.000%) |
5.500% | 3-Month LIBOR | 4.500% | 8/05/23 | CCC+ | 901,372 | |||||||||||||||||||||
| 1,138 | Zelis, Term Loan B |
4.871% | 1-Month LIBOR | 4.750% | 9/30/26 | N/R | 1,138,500 | |||||||||||||||||||||
| 6,430 | Total Health Care Technology |
6,344,376 | ||||||||||||||||||||||||||
| Hotels, Restaurants & Leisure – 15.8% (9.8% of Total Investments) | ||||||||||||||||||||||||||||
| 230 | 24 Hour Fitness Worldwide, Inc., Exit Term Loan |
5.240% | 1-Month LIBOR | 5.000% | 6/17/21 | N/R | 205,621 | |||||||||||||||||||||
| 2,251 | Alterra Mountain Company, Term Loan B, First Lien |
2.871% | 1-Month LIBOR | 2.750% | 7/31/24 | B2 | 2,243,305 | |||||||||||||||||||||
| 299 | Alterra Mountain Company, Term Loan, First Lien |
5.500% | 1-Month LIBOR | 4.500% | 8/01/26 | B | 301,678 | |||||||||||||||||||||
| 555 | Aramark Corporation, Term Loan |
1.871% | 1-Month LIBOR | 1.750% | 3/11/25 | BB+ | 552,021 | |||||||||||||||||||||
| 334 | Boyd Gaming Corporation, Refinancing Term Loan B |
2.342% | 1-Week LIBOR | 2.250% | 9/15/23 | BB– | 334,029 | |||||||||||||||||||||
| 6,837 | Burger King Corporation, Term Loan B4 |
1.871% | 1-Month LIBOR | 1.750% | 11/19/26 | BB+ | 6,801,719 | |||||||||||||||||||||
| 748 | Caesars Resort Collection, Term Loan |
4.621% | 1-Month LIBOR | 4.500% | 7/20/25 | B+ | 749,019 | |||||||||||||||||||||
| 3,190 | Caesars Resort Collection, Term Loan, First Lien |
2.871% | 1-Month LIBOR | 2.750% | 12/22/24 | B+ | 3,140,695 | |||||||||||||||||||||
| 423 | Carnival Corp, Term Loan B |
8.500% | 1-Month LIBOR | 7.500% | 6/30/25 | Ba2 | 437,081 | |||||||||||||||||||||
| 338 | Cineworld Group PLC, Priority Term Loan, (cash 7.000%, PIK 8.250%) |
7.000% | 3-Month LIBOR | 7.000% | 5/23/24 | B– | 421,197 | |||||||||||||||||||||
| 2,124 | CityCenter Holdings LLC, Term Loan B |
3.000% | 1-Month LIBOR | 2.250% | 4/18/24 | B+ | 2,101,244 | |||||||||||||||||||||
| 1,741 | ClubCorp Operations, Inc., Term Loan B |
3.004% | 3-Month LIBOR | 2.750% | 9/18/24 | B– | 1,622,123 | |||||||||||||||||||||
| 1,305 | Equinox Holdings, Inc., Term Loan B1 |
4.000% | 3-Month LIBOR | 3.000% | 3/08/24 | CCC | 1,165,119 | |||||||||||||||||||||
| 480 | Four Seasons Holdings, Inc., Term Loan B |
2.121% | 1-Month LIBOR | 2.000% | 11/30/23 | BB+ | 478,980 | |||||||||||||||||||||
| 1,735 | Golden Nugget LLC, Initial Term Loan B, (DD1) |
3.250% | 2-Month LIBOR | 2.500% | 10/04/23 | B | 1,704,470 | |||||||||||||||||||||
| 1,530 | Hilton Hotels, Term Loan B2 |
1.880% | 1-Month LIBOR | 1.750% | 6/21/26 | BBB– | 1,522,797 | |||||||||||||||||||||
| 1,775 | IRB Holding Corp., Term Loan B |
4.250% | 3-Month LIBOR | 3.250% | 12/15/27 | B | 1,783,715 | |||||||||||||||||||||
| 1,950 | Life Time Fitness, Inc., Term Loan B, (WI/DD) |
TBD | TBD | TBD | TBD | B– | 1,928,998 | |||||||||||||||||||||
| 439 | PCI Gaming, Term Loan B |
2.621% | 1-Month LIBOR | 2.500% | 5/31/26 | BBB– | 438,219 | |||||||||||||||||||||
| 2,859 | Scientific Games Corp., Initial Term Loan B5 |
2.871% | 1-Month LIBOR | 2.750% | 8/14/24 | B+ | 2,815,370 | |||||||||||||||||||||
| 1,201 | Seaworld Parks and Entertainment, Inc., Term Loan B5 |
3.750% | 1-Month LIBOR | 3.000% | 3/31/24 | B2 | 1,178,544 | |||||||||||||||||||||
| 1,780 | Stars Group Holdings, Term Loan B |
3.754% | 3-Month LIBOR | 3.500% | 7/10/25 | BBB– | 1,787,614 | |||||||||||||||||||||
| 1,460 | Station Casinos LLC, Term Loan B |
2.500% | 1-Month LIBOR | 2.250% | 2/08/27 | BB– | 1,441,090 | |||||||||||||||||||||
| 978 | Wyndham International, Inc., Term Loan B |
1.871% | 1-Month LIBOR | 1.750% | 5/30/25 | BB+ | 972,818 | |||||||||||||||||||||
| 525 | Zaxby’s Operating Co LP, Initial Term Loan, First Lien |
4.500% | 1-Month LIBOR | 3.750% | 12/28/27 | B | 529,840 | |||||||||||||||||||||
| 37,087 | Total Hotels, Restaurants & Leisure |
36,657,306 | ||||||||||||||||||||||||||
| Household Durables – 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 687 | Apex Tool Group LLC, Third Amendment Term Loan |
6.500% | 1-Month LIBOR | 5.250% | 8/21/24 | B3 | 688,533 | |||||||||||||||||||||
| 38 | Serta Simmons Holdings LLC, First Out Term Loan |
8.500% | 1-Month LIBOR | 7.500% | 6/01/27 | N/R | 38,305 | |||||||||||||||||||||
| 306 | Serta Simmons Holdings LLC, Second Out Term Loan |
8.500% | 1-Month LIBOR | 7.500% | 6/01/27 | N/R | 283,796 | |||||||||||||||||||||
| 250 | Weber-Stephen Products LLC, Term Loan B |
4.000% | 1-Month LIBOR | 3.250% | 10/30/27 | B1 | 251,187 | |||||||||||||||||||||
| 1,281 | Total Household Durables |
1,261,821 | ||||||||||||||||||||||||||
28
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| Household Products – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| $ | 389 | Reynolds Group Holdings, Inc., Term Loan, First Lien |
2.871% | 1-Month LIBOR | 2.750% | 2/05/23 | B+ | $ | 389,838 | |||||||||||||||||||
| Industrial Conglomerates – 0.3% (0.2% of Total Investments) | ||||||||||||||||||||||||||||
| 729 | Education Adisory Board, Term Loan, First Lien |
4.750% | 6-Month LIBOR | 3.750% | 9/29/24 | B2 | 729,922 | |||||||||||||||||||||
| Insurance – 3.2% (2.0% of Total Investments) | ||||||||||||||||||||||||||||
| 1,128 | Acrisure LLC, Term Loan B |
3.621% | 1-Month LIBOR | 3.500% | 2/15/27 | B | 1,125,066 | |||||||||||||||||||||
| 966 | Acrisure LLC, Term Loan B, (WI/DD) |
TBD | TBD | TBD | TBD | B | 956,710 | |||||||||||||||||||||
| 1,786 | Alliant Holdings I LLC, Term Loan B |
3.371% | 1-Month LIBOR | 3.250% | 5/10/25 | B | 1,779,932 | |||||||||||||||||||||
| 1,333 | Asurion LLC, New Term Loan B8 |
3.371% | 1-Month LIBOR | 3.250% | 12/23/26 | Ba3 | 1,327,398 | |||||||||||||||||||||
| 313 | Asurion LLC, Term Loan B6 |
3.147% | 3-Month LIBOR | 3.000% | 11/03/23 | Ba3 | 313,069 | |||||||||||||||||||||
| 4 | Hub International Holdings, Inc., Term Loan B |
2.910% | 3-Month LIBOR | 2.750% | 4/25/25 | B | 4,118 | |||||||||||||||||||||
| 1,613 | Hub International Holdings, Inc., Term Loan B |
2.965% | 3-Month LIBOR | 2.750% | 4/25/25 | B | 1,601,733 | |||||||||||||||||||||
| 274 | Ryan Specialty Group LLC, Term Loan B |
4.000% | 1-Month LIBOR | 3.250% | 9/01/27 | B1 | 275,342 | |||||||||||||||||||||
| 7,417 | Total Insurance |
7,383,368 | ||||||||||||||||||||||||||
| Interactive Media & Services – 2.8% (1.8% of Total Investments) | ||||||||||||||||||||||||||||
| 1,025 | Ancestry.com, Initial Term Loan |
4.500% | 1-Month LIBOR | 4.000% | 12/06/27 | B1 | 1,031,222 | |||||||||||||||||||||
| 4,542 | Rackspace Hosting, Inc., Refinancing Term Loan B, First Lien |
4.000% | 3-Month LIBOR | 3.000% | 11/03/23 | B+ | 4,548,399 | |||||||||||||||||||||
| 968 | WeddingWire, Inc., Term Loan |
4.712% | 3-Month LIBOR | 4.500% | 12/21/25 | B+ | 952,556 | |||||||||||||||||||||
| 2 | WeddingWire, Inc., Term Loan |
4.659% | 2-Month LIBOR | 4.500% | 12/21/25 | B+ | 2,436 | |||||||||||||||||||||
| 6,537 | Total Interactive Media & Services |
6,534,613 | ||||||||||||||||||||||||||
| Internet & Direct Marketing Retail – 1.1% (0.7% of Total Investments) | ||||||||||||||||||||||||||||
| 1,000 | 1-800 Contacts, Term Loan, First Lien |
4.500% | 6-Month LIBOR | 3.750% | 11/08/27 | B | 1,006,965 | |||||||||||||||||||||
| 1,440 | Uber Technologies, Inc., Term Loan |
5.000% | 1-Month LIBOR | 4.000% | 4/04/25 | B1 | 1,445,867 | |||||||||||||||||||||
| 2,440 | Total Internet & Direct Marketing Retail |
2,452,832 | ||||||||||||||||||||||||||
| Internet Software & Services – 1.9% (1.2% of Total Investments) | ||||||||||||||||||||||||||||
| 2,081 | Epicor Software Corporation, Term Loan, First Lien |
4.250% | 1-Month LIBOR | 3.250% | 7/31/27 | B2 | 2,094,955 | |||||||||||||||||||||
| 2,195 | Greeneden U.S. Holdings II LLC, Term Loan B |
4.750% | 1-Month LIBOR | 4.000% | 12/01/27 | B– | 2,205,534 | |||||||||||||||||||||
| 4,276 | Total Internet Software & Services |
4,300,489 | ||||||||||||||||||||||||||
| IT Services – 4.5% (2.8% of Total Investments) | ||||||||||||||||||||||||||||
| 580 | DTI Holdings, Inc., Replacement Term Loan B1 |
5.750% | 3-Month LIBOR | 4.750% | 9/30/23 | CCC+ | 550,566 | |||||||||||||||||||||
| 588 | GTT Communications, Inc., Term Loan, First Lien, (6) |
3.000% | 3-Month LIBOR | 2.750% | 5/31/25 | CCC | 471,573 | |||||||||||||||||||||
| 645 | KBR, Inc., New Term Loan B |
2.897% | 1-Month LIBOR | 2.750% | 2/07/27 | Ba1 | 645,932 | |||||||||||||||||||||
| 325 | Neustar, Inc., Term Loan B4, First Lien |
4.500% | 3-Month LIBOR | 3.500% | 8/08/24 | B+ | 318,602 | |||||||||||||||||||||
| 1,075 | Sabre, Inc., Term Loan B |
2.121% | 1-Month LIBOR | 2.000% | 2/22/24 | Ba3 | 1,063,751 | |||||||||||||||||||||
| 420 | Science Applications International Corporation, Term Loan B |
1.996% | 1-Month LIBOR | 1.875% | 10/31/25 | BB+ | 420,931 | |||||||||||||||||||||
| 2,000 | Syniverse Holdings, Inc., Initial Term Loan, Second Lien |
10.000% | 3-Month LIBOR | 9.000% | 3/11/24 | CCC– | 1,311,110 | |||||||||||||||||||||
| 1,859 | Syniverse Holdings, Inc., Term Loan C |
6.000% | 3-Month LIBOR | 5.000% | 3/09/23 | CCC+ | 1,701,860 | |||||||||||||||||||||
| 1,062 | Tempo Acquisition, LLC, Extended Term Loan B |
3.750% | 1-Month LIBOR | 3.250% | 10/31/26 | B1 | 1,062,866 | |||||||||||||||||||||
| 6 | West Corporation, Term Loan B |
5.000% | 1-Month LIBOR | 4.000% | 10/10/24 | BB– | 5,772 | |||||||||||||||||||||
| 2,266 | West Corporation, Term Loan B |
5.000% | 3-Month LIBOR | 4.000% | 10/10/24 | BB– | 2,233,788 | |||||||||||||||||||||
| 717 | WEX, Inc., Term Loan B3 |
2.397% | 1-Month LIBOR | 2.250% | 5/17/26 | Ba2 | 717,507 | |||||||||||||||||||||
| 11,543 | Total IT Services |
10,504,258 | ||||||||||||||||||||||||||
| Life Sciences Tools & Services – 2.1% (1.3% of Total Investments) | ||||||||||||||||||||||||||||
| 126 | Inventiv Health, Inc., Term Loan B |
1.871% | 1-Month LIBOR | 1.750% | 8/01/24 | BB | 126,275 | |||||||||||||||||||||
| 2,498 | Parexel International Corp., Term Loan B |
2.807% | 1-Month LIBOR | 2.750% | 9/27/24 | B1 | 2,499,102 | |||||||||||||||||||||
| 2,255 | PPD, Inc., Term Loan B |
2.750% | 1-Month LIBOR | 2.250% | 1/13/28 | Ba2 | 2,268,146 | |||||||||||||||||||||
| 4,879 | Total Life Sciences Tools & Services |
4,893,523 | ||||||||||||||||||||||||||
| Machinery – 1.5% (0.9% of Total Investments) | ||||||||||||||||||||||||||||
| 750 | Alliance Laundry Systems LLC, Term Loan B |
4.250% | 3-Month LIBOR | 3.500% | 10/08/27 | B | 753,593 | |||||||||||||||||||||
| 842 | Gardner Denver, Inc., Extended Term Loan B |
1.871% | 1-Month LIBOR | 1.750% | 2/28/27 | Ba2 | 839,218 | |||||||||||||||||||||
29
| NSL | Nuveen Senior Income Fund (continued) | |
| Portfolio of Investments January 31, 2021 | ||
| (Unaudited) | ||
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| Machinery (continued) | ||||||||||||||||||||||||||||
| $ | 108 | Gardner Denver, Inc., New Term Loan B |
2.871% | 1-Month LIBOR | 2.750% | 1/31/27 | BB+ | $ | 108,719 | |||||||||||||||||||
| 671 | Gates Global LLC, Term Loan B |
3.750% | 1-Month LIBOR | 2.750% | 4/01/24 | B1 | 671,710 | |||||||||||||||||||||
| 33 | NN, Inc., Extended 2017 Incremental Term Loan |
5.871% | 1-Month LIBOR | 5.750% | 10/19/22 | B+ | 32,528 | |||||||||||||||||||||
| 71 | NN, Inc., Term Loan |
6.500% | 1-Month LIBOR | 5.750% | 10/19/22 | B+ | 71,379 | |||||||||||||||||||||
| 998 | Thyssenkrupp Elevator, Term Loan B |
4.478% | 6-Month LIBOR | 4.250% | 7/31/27 | B1 | 1,008,168 | |||||||||||||||||||||
| 3,473 | Total Machinery |
3,485,315 | ||||||||||||||||||||||||||
| Marine – 0.2% (0.2% of Total Investments) | ||||||||||||||||||||||||||||
| 1,017 | Harvey Gulf International Marine, Inc., Exit Term Loan |
7.000% | 3-Month LIBOR | 6.000% | 7/02/23 | Caa1 | 566,769 | |||||||||||||||||||||
| Media – 14.8% (9.2% of Total Investments) | ||||||||||||||||||||||||||||
| 199 | Catalina Marketing Corporation, First Out Term Loan |
8.500% | 1-Month LIBOR | 7.500% | 2/15/23 | N/R | 160,178 | |||||||||||||||||||||
| 320 | Catalina Marketing Corporation, Last Out Term Loan, (cash 2.000%, PIK 9.500%) |
11.500% | 1-Month LIBOR | 1.000% | 8/15/23 | N/R | 94,854 | |||||||||||||||||||||
| 144 | CBS Radio, Inc., Term Loan B2 |
2.623% | Prime | 1.500% | 11/17/24 | BB– | 142,125 | |||||||||||||||||||||
| 3,174 | Cequel Communications LLC, Term Loan B |
2.377% | 1-Month LIBOR | 2.250% | 1/15/26 | BB | 3,161,017 | |||||||||||||||||||||
| 2,697 | Charter Communications Operating Holdings LLC, Term Loan B2 |
1.880% | 1-Month LIBOR | 1.750% | 2/01/27 | BBB– | 2,697,531 | |||||||||||||||||||||
| 3,353 | Clear Channel Outdoor Holdings, Inc., Term Loan B |
3.712% | 3-Month LIBOR | 3.500% | 8/21/26 | B1 | 3,278,137 | |||||||||||||||||||||
| 8 | Clear Channel Outdoor Holdings, Inc., Term Loan B |
3.659% | 2-Month LIBOR | 3.500% | 8/21/26 | B1 | 8,320 | |||||||||||||||||||||
| 959 | CSC Holdings LLC, Refinancing Term Loan |
2.377% | 1-Month LIBOR | 2.250% | 7/17/25 | BB | 955,257 | |||||||||||||||||||||
| 2,871 | CSC Holdings, LLC, Term Loan B5 |
2.627% | 1-Month LIBOR | 2.500% | 4/15/27 | Ba3 | 2,863,117 | |||||||||||||||||||||
| 293 | Cumulus Media, Inc., Term Loan B |
4.750% | 3-Month LIBOR | 3.750% | 3/31/26 | B | 293,971 | |||||||||||||||||||||
| 491 | EW Scripps, Term Loan B2 |
3.313% | 1-Month LIBOR | 2.563% | 5/01/26 | BB | 489,822 | |||||||||||||||||||||
| 415 | Gray Television, Inc., Term Loan B2 |
2.394% | 1-Month LIBOR | 2.250% | 2/07/24 | BB+ | 413,523 | |||||||||||||||||||||
| 356 | Houghton Mifflin Harcourt, Term Loan |
7.250% | 1-Month LIBOR | 6.250% | 11/22/24 | B | 350,270 | |||||||||||||||||||||
| 2,509 | iHeartCommunications Inc., Term Loan B |
3.121% | 1-Month LIBOR | 3.000% | 5/01/26 | B+ | 2,482,142 | |||||||||||||||||||||
| 1,120 | Intelsat Jackson Holdings, S.A., DIP Term Loan, (6) |
6.500% | 3-Month LIBOR | 5.500% | 7/13/21 | N/R | 1,141,262 | |||||||||||||||||||||
| 3,422 | Intelsat Jackson Holdings, S.A., Term Loan B, (6) |
8.000% | Prime | 4.750% | 11/27/23 | N/R | 3,473,314 | |||||||||||||||||||||
| 643 | LCPR Loan Financing LLC, Term Loan B |
5.127% | 1-Month LIBOR | 5.000% | 10/15/26 | BB– | 650,368 | |||||||||||||||||||||
| 2,590 | MCGRAW HILL LLC, Term Loan B, First Lien |
5.750% | 3-Month LIBOR | 4.750% | 11/01/24 | BB | 2,555,329 | |||||||||||||||||||||
| 289 | Meredith Corporation, Incremental Term Loan B |
5.250% | 3-Month LIBOR | 4.250% | 1/31/25 | BB– | 294,592 | |||||||||||||||||||||
| 1,405 | Meredith Corporation, Term Loan B2 |
2.621% | 1-Month LIBOR | 2.500% | 1/31/25 | BB– | 1,397,414 | |||||||||||||||||||||
| 518 | Nexstar Broadcasting, Inc., Term Loan B |
2.894% | 1-Month LIBOR | 2.750% | 9/19/26 | BB | 518,869 | |||||||||||||||||||||
| 1,364 | Nexstar Broadcasting, Inc., Term Loan B3 |
2.371% | 1-Month LIBOR | 2.250% | 1/17/24 | BB | 1,364,805 | |||||||||||||||||||||
| 705 | Sinclair Television Group, Term Loan B2 |
2.380% | 1-Month LIBOR | 2.250% | 1/03/24 | Ba2 | 701,512 | |||||||||||||||||||||
| 1,130 | Virgin Media Bristol LLC, Term Loan, First Lien, (WI/DD) |
TBD | TBD | TBD | TBD | BB– | 1,133,531 | |||||||||||||||||||||
| 913 | WideOpenWest Finance LLC, Term Loan B |
4.250% | 1-Month LIBOR | 3.250% | 8/19/23 | B | 913,452 | |||||||||||||||||||||
| 2,767 | Ziggo B.V., Term Loan |
2.627% | 1-Month LIBOR | 2.500% | 4/30/28 | BB | 2,755,352 | |||||||||||||||||||||
| 34,655 | Total Media |
34,290,064 | ||||||||||||||||||||||||||
| Multiline Retail – 0.7% (0.4% of Total Investments) | ||||||||||||||||||||||||||||
| 1,481 | Belk, Inc., Term Loan, First Lien |
7.750% | 3-Month LIBOR | 6.750% | 7/31/25 | Caa1 | 651,457 | |||||||||||||||||||||
| 851 | EG America LLC, Term Loan, First Lien |
4.254% | 3-Month LIBOR | 4.000% | 2/05/25 | B– | 851,025 | |||||||||||||||||||||
| 2,332 | Total Multiline Retail |
1,502,482 | ||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 1.9% (1.1% of Total Investments) | ||||||||||||||||||||||||||||
| 719 | BCP Renaissance Parent, Term Loan B |
4.500% | 3-Month LIBOR | 3.500% | 11/01/24 | B+ | 705,653 | |||||||||||||||||||||
| 918 | Buckeye Partners, Term Loan, First Lien |
2.897% | 1-Month LIBOR | 2.750% | 11/01/26 | BBB– | 919,149 | |||||||||||||||||||||
| 684 | Fieldwood Energy LLC, DIP Term Loan, (6), (7) |
3.675% | 1-Month LIBOR | 8.750% | 8/05/21 | N/R | 699,002 | |||||||||||||||||||||
| 4,791 | Fieldwood Energy LLC, Exit Term Loan, (DD1), (6) |
0.000% | N/A | N/A | 4/11/22 | N/R | 1,243,754 | |||||||||||||||||||||
| 2,186 | Fieldwood Energy LLC, Exit Term Loan, second Lien, (6) |
0.000% | N/A | N/A | 4/11/23 | N/R | 2,733 | |||||||||||||||||||||
| 937 | Gulf Finance, LLC, Term Loan B |
6.250% | 1-Month LIBOR | 5.250% | 8/25/23 | CCC+ | 729,146 | |||||||||||||||||||||
| 239 | Peabody Energy Corporation, Term Loan B |
2.871% | 1-Month LIBOR | 2.750% | 3/31/25 | Caa1 | 123,421 | |||||||||||||||||||||
| 10,474 | Total Oil, Gas & Consumable Fuels |
4,422,858 | ||||||||||||||||||||||||||
30
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| Paper & Forest Products – 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| $ | 1,077 | Asplundh, Term Loan B |
2.621% | 1-Month LIBOR | 2.500% | 9/04/27 | BBB– | $ | 1,081,787 | |||||||||||||||||||
| Personal Products – 1.0% (0.6% of Total Investments) | ||||||||||||||||||||||||||||
| 927 | Coty, Inc., Term Loan A |
1.882% | 1-Month LIBOR | 1.750% | 4/05/23 | B | 882,524 | |||||||||||||||||||||
| 82 | Coty, Inc., Term Loan B |
2.382% | 1-Month LIBOR | 2.250% | 4/05/25 | B | 77,358 | |||||||||||||||||||||
| 2,550 | Revlon Consumer Products Corporation, Term Loan B, First Lien, (DD1), (5) |
4.250% | 3-Month LIBOR | 3.500% | 9/07/23 | CC | 1,342,700 | |||||||||||||||||||||
| 10 | Revlon Consumer Products Corporation, Term Loan B, First Lien, (DD1), (5) |
4.250% | 2-Month LIBOR | 3.500% | 9/07/23 | CC | 5,600 | |||||||||||||||||||||
| 3,569 | Total Personal Products |
2,308,182 | ||||||||||||||||||||||||||
| Pharmaceuticals – 4.7% (2.9% of Total Investments) | ||||||||||||||||||||||||||||
| 574 | Alphabet Holding Company, Inc., Initial Term Loan, First Lien |
3.621% | 1-Month LIBOR | 3.500% | 9/28/24 | B– | 573,470 | |||||||||||||||||||||
| 2,271 | Concordia Healthcare Corp, Exit Term Loan |
6.500% | 1-Week LIBOR | 5.500% | 9/06/24 | B– | 2,269,938 | |||||||||||||||||||||
| 477 | Elanco Animal Health, Term Loan B |
1.894% | 1-Month LIBOR | 1.750% | 8/01/27 | Baa3 | 476,814 | |||||||||||||||||||||
| 757 | Endo Health Solutions, Inc., Term Loan B |
5.000% | 3-Month LIBOR | 4.250% | 4/29/24 | B+ | 753,368 | |||||||||||||||||||||
| 1,854 | Mallinckrodt International Finance S.A., Term Loan B, First Lien, (DD1), (6) |
5.500% | 6-Month LIBOR | 4.750% | 9/24/24 | D | 1,752,480 | |||||||||||||||||||||
| 576 | Mallinckrodt International Finance S.A., Term Loan, First Lien, (6) |
5.750% | 3-Month LIBOR | 5.000% | 2/24/25 | D | 543,376 | |||||||||||||||||||||
| 500 | Milano, Term Loan B |
4.750% | 3-Month LIBOR | 4.000% | 10/01/27 | B+ | 502,190 | |||||||||||||||||||||
| 1,463 | Valeant Pharmaceuticals International, Inc., Term Loan B |
2.871% | 1-Month LIBOR | 2.750% | 11/27/25 | BB | 1,463,497 | |||||||||||||||||||||
| 2,566 | Valeant Pharmaceuticals International, Inc., Term Loan, First Lien |
3.121% | 1-Month LIBOR | 3.000% | 6/02/25 | BB | 2,570,922 | |||||||||||||||||||||
| 11,038 | Total Pharmaceuticals |
10,906,055 | ||||||||||||||||||||||||||
| Professional Services – 1.3% (0.8% of Total Investments) | ||||||||||||||||||||||||||||
| 1,165 | Ceridian HCM Holding, Inc., Term Loan B |
2.592% | 1-Week LIBOR | 2.500% | 4/30/25 | B+ | 1,165,418 | |||||||||||||||||||||
| 495 | Creative Artists Agency, LLC, Term Loan B |
3.871% | 1-Month LIBOR | 3.750% | 11/26/26 | B | 492,587 | |||||||||||||||||||||
| 996 | Nielsen Finance LLC, Term Loan B4 |
2.133% | 1-Month LIBOR | 2.000% | 10/04/23 | BBB– | 994,883 | |||||||||||||||||||||
| 448 | On Assignment, Inc., Term Loan B3 |
1.871% | 1-Month LIBOR | 1.750% | 4/02/25 | BBB– | 449,022 | |||||||||||||||||||||
| 3,104 | Total Professional Services |
3,101,910 | ||||||||||||||||||||||||||
| Real Estate Management & Development – 1.8% (1.1% of Total Investments) | ||||||||||||||||||||||||||||
| 1,345 | GGP, Initial Term Loan A2 |
3.121% | 1-Month LIBOR | 3.000% | 8/24/23 | BB+ | 1,320,278 | |||||||||||||||||||||
| 1,750 | TNT Crane and Rigging, Inc., Exit Term Loan |
7.500% | 3-Month LIBOR | 6.500% | 10/16/24 | B+ | 1,831,664 | |||||||||||||||||||||
| 908 | Trico Group, LLC, Tranche Term Loan B2, First Lien |
8.500% | 3-Month LIBOR | 7.500% | 2/02/24 | B3 | 927,140 | |||||||||||||||||||||
| 4,003 | Total Real Estate Management & Development |
4,079,082 | ||||||||||||||||||||||||||
| Road & Rail – 3.3% (2.1% of Total Investments) | ||||||||||||||||||||||||||||
| 1,002 | Avolon LLC, Term Loan B3 |
2.500% | 1-Month LIBOR | 1.750% | 1/15/25 | Baa2 | 1,001,061 | |||||||||||||||||||||
| 1,241 | Genesee & Wyoming Inc., Term Loan, First Lien |
2.254% | 3-Month LIBOR | 2.000% | 12/30/26 | BB+ | 1,241,400 | |||||||||||||||||||||
| 650 | Hertz Corporation, Term Loan, (WI/DD), (6), (7) |
TBD | TBD | TBD | TBD | N/R | 641,875 | |||||||||||||||||||||
| 1,678 | Hertz Corporation, Term Loan B1, (DD1), (6) |
3.500% | 1-Month LIBOR | 2.750% | 6/30/23 | N/R | 1,660,444 | |||||||||||||||||||||
| 2,137 | Hertz Corporation, The DIP Term Loan, (DD1), (7) |
4.432% | 1-Month LIBOR | 3.750% | 12/31/21 | N/R | 2,191,983 | |||||||||||||||||||||
| 950 | Quality Distribution, Incremental Term Loan, First Lien |
6.500% | 3-Month LIBOR | 5.500% | 8/18/22 | B– | 948,224 | |||||||||||||||||||||
| 37 | Savage Enterprises LLC, Term Loan B |
3.130% | 1-Month LIBOR | 3.000% | 8/01/25 | BB | 37,103 | |||||||||||||||||||||
| 7,695 | Total Road & Rail |
7,722,090 | ||||||||||||||||||||||||||
| Semiconductors & Semiconductor Equipment – 1.1% (0.7% of Total Investments) | ||||||||||||||||||||||||||||
| 438 | Cabot Microelectronics, Term Loan B1 |
2.125% | 1-Month LIBOR | 2.000% | 11/15/25 | N/R | 439,453 | |||||||||||||||||||||
| 1,611 | Lumileds, Term Loan B |
4.500% | 6-Month LIBOR | 3.500% | 6/30/24 | CCC | 950,468 | |||||||||||||||||||||
| 1,057 | ON Semiconductor Corporation, New Replacement Term Loan B4 |
2.121% | 1-Month LIBOR | 2.000% | 9/19/26 | BB+ | 1,060,685 | |||||||||||||||||||||
| 3,106 | Total Semiconductors & Semiconductor Equipment |
|
2,450,606 | |||||||||||||||||||||||||
| Software – 11.3% (7.0% of Total Investments) | ||||||||||||||||||||||||||||
| 592 | Autodata Solutions, Term Loan, First Lien |
3.621% | 1-Month LIBOR | 3.500% | 5/30/26 | BB– | 592,254 | |||||||||||||||||||||
| 1,037 | Blackboard, Inc., Term Loan B5, First Lien |
7.000% | 3-Month LIBOR | 6.000% | 6/30/24 | B | 1,035,791 | |||||||||||||||||||||
| 552 | Blue Yonder, Term Loan B |
4.000% | 1-Month LIBOR | 3.000% | 1/30/26 | B– | 552,820 | |||||||||||||||||||||
| 1,023 | BMC Software, Inc., Term Loan B |
4.371% | 1-Month LIBOR | 4.250% | 10/02/25 | B2 | 1,023,117 | |||||||||||||||||||||
31
| NSL | Nuveen Senior Income Fund (continued) | |
| Portfolio of Investments January 31, 2021 | ||
| (Unaudited) | ||
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| Software (continued) | ||||||||||||||||||||||||||||
| $ | 1,513 | DiscoverOrg LLC, Term Loan B |
3.897% | 1-Month LIBOR | 3.750% | 2/01/26 | N/R | $ | 1,520,463 | |||||||||||||||||||
| 451 | Dynatrace LLC, Term Loan, First Lien |
2.371% | 1-Month LIBOR | 2.250% | 8/23/25 | BB– | 452,064 | |||||||||||||||||||||
| 1,279 | Ellucian, Term Loan, First Lien |
4.500% | 3-Month LIBOR | 3.750% | 10/07/27 | B | 1,286,187 | |||||||||||||||||||||
| 269 | Globallogic Holdings, Inc., Incremental Term Loan B2 |
4.500% | 1-Month LIBOR | 3.750% | 9/14/27 | B | 269,662 | |||||||||||||||||||||
| 238 | Greenway Health, Term Loan, First Lien |
4.750% | 3-Month LIBOR | 3.750% | 2/16/24 | B– | 224,815 | |||||||||||||||||||||
| 1,500 | Infoblox, Term Loan, First Lien |
4.500% | 6-Month LIBOR | 3.750% | 12/01/27 | B2 | 1,508,827 | |||||||||||||||||||||
| 1,073 | Informatica LLC, Term Loan, First Lien |
3.371% | 1-Month LIBOR | 3.250% | 2/14/27 | B1 | 1,072,080 | |||||||||||||||||||||
| 1,423 | McAfee LLC, Term Loan B |
3.871% | 1-Month LIBOR | 3.750% | 9/29/24 | BB | 1,429,923 | |||||||||||||||||||||
| 788 | Micro Focus International PLC, New Term Loan |
2.871% | 1-Month LIBOR | 2.750% | 6/21/24 | BB– | 783,680 | |||||||||||||||||||||
| 5,319 | Micro Focus International PLC, Term Loan B |
2.871% | 1-Month LIBOR | 2.750% | 6/21/24 | BB | 5,292,387 | |||||||||||||||||||||
| 812 | Micro Focus International PLC, Term Loan B4 |
5.250% | 3-Month LIBOR | 4.250% | 6/05/25 | BB | 824,868 | |||||||||||||||||||||
| 1,290 | Misys, New Term Loan, First Lien, (DD1) |
4.500% | 3-Month LIBOR | 4.250% | 6/13/24 | BB– | 1,269,456 | |||||||||||||||||||||
| 503 | Misys, New Term Loan, First Lien, (DD1) |
4.500% | 6-Month LIBOR | 4.250% | 6/13/24 | BB– | 495,687 | |||||||||||||||||||||
| 248 | Mitchell International, Inc., Initial Term Loan, First Lien |
3.371% | 1-Month LIBOR | 3.250% | 11/29/24 | B2 | 245,595 | |||||||||||||||||||||
| 300 | Mitchell International, Inc., Initial Term Loan, Second Lien |
7.371% | 1-Month LIBOR | 7.250% | 11/30/25 | CCC | 296,311 | |||||||||||||||||||||
| 691 | Perforce Software Inc., Term Loan, First Lien |
3.871% | 1-Month LIBOR | 3.750% | 7/01/26 | B– | 690,835 | |||||||||||||||||||||
| 101 | Skillsoft, Exit Term Loan |
8.500% | 1-Month LIBOR | 7.500% | 4/28/21 | N/R | 103,467 | |||||||||||||||||||||
| 115 | Skillsoft, First-Out Rolled Up Exit Term Loan |
8.500% | 3-Month LIBOR | 7.500% | 12/27/24 | B+ | 118,173 | |||||||||||||||||||||
| 698 | Skillsoft, Takeback Second-Out Term Loan |
8.500% | 3-Month LIBOR | 7.500% | 4/27/25 | B– | 697,703 | |||||||||||||||||||||
| 1,000 | SS&C Technologies, Inc./ Sunshine Acquisition II, Inc., New Term Loan B3 |
1.871% | 1-Month LIBOR | 1.750% | 4/16/25 | BB+ | 996,641 | |||||||||||||||||||||
| 761 | SS&C Technologies, Inc./ Sunshine Acquisition II, Inc., New Term Loan B4 |
1.871% | 1-Month LIBOR | 1.750% | 4/16/25 | BB+ | 758,922 | |||||||||||||||||||||
| 386 | Thomson Reuters IP & S, Term Loan B |
3.121% | 1-Month LIBOR | 3.000% | 10/31/26 | B | 387,467 | |||||||||||||||||||||
| 660 | TIBCO Software, Inc., Term Loan, First Lien |
3.880% | 1-Month LIBOR | 3.750% | 7/03/26 | B+ | 660,276 | |||||||||||||||||||||
| 494 | Ultimate Software, Term Loan, First Lien |
3.871% | 1-Month LIBOR | 3.750% | 5/03/26 | B1 | 495,913 | |||||||||||||||||||||
| 768 | Ultimate Software,Term Loan B |
4.000% | 3-Month LIBOR | 4.000% | 5/03/26 | B1 | 772,879 | |||||||||||||||||||||
| 250 | Xperi Holding Corp, Term Loan B |
4.121% | 1-Month LIBOR | 4.000% | 6/01/25 | BB– | 252,108 | |||||||||||||||||||||
| 26,134 | Total Software |
26,110,371 | ||||||||||||||||||||||||||
| Specialty Retail – 2.6% (1.6% of Total Investments) | ||||||||||||||||||||||||||||
| 500 | Academy, LTD., Term Loan, First Lien |
5.750% | 1-Month LIBOR | 5.000% | 11/06/27 | B | 505,000 | |||||||||||||||||||||
| 665 | Mattress Firm, Inc., Term Loan B |
6.250% | 3-Month LIBOR | 5.250% | 11/25/27 | B+ | 673,106 | |||||||||||||||||||||
| 704 | Petco Animal Supplies, Inc., Term Loan B1, (DD1) |
4.250% | 3-Month LIBOR | 3.250% | 1/26/23 | B2 | 703,726 | |||||||||||||||||||||
| 3,810 | Petsmart Inc., Term Loan B, (WI/DD) |
TBD | TBD | TBD | TBD | BB– | 3,771,900 | |||||||||||||||||||||
| 309 | Staples, Inc., Term Loan |
5.214% | 3-Month LIBOR | 5.000% | 4/12/26 | B | 303,611 | |||||||||||||||||||||
| 5,988 | Total Specialty Retail |
5,957,343 | ||||||||||||||||||||||||||
| Technology Hardware, Storage & Peripherals – 2.7% (1.7% of Total Investments) | ||||||||||||||||||||||||||||
| 963 | Ahead, Term Loan B |
6.000% | 3-Month LIBOR | 5.000% | 10/16/27 | B1 | 971,629 | |||||||||||||||||||||
| 1,007 | Conduent, Inc., Term Loan A |
1.871% | 1-Month LIBOR | 1.750% | 12/07/22 | BB– | 970,104 | |||||||||||||||||||||
| 3,374 | Dell International LLC, Refinancing Term Loan B1 |
2.750% | 1-Month LIBOR | 2.000% | 9/19/25 | Baa3 | 3,385,390 | |||||||||||||||||||||
| 489 | NCR Corporation, Term Loan B |
2.720% | 3-Month LIBOR | 2.500% | 8/28/26 | BB+ | 488,547 | |||||||||||||||||||||
| 399 | Tech Data Corporation, Asset Based Term Loan |
3.621% | 1-Month LIBOR | 3.500% | 7/01/25 | BBB– | 402,142 | |||||||||||||||||||||
| 6,232 | Total Technology Hardware, Storage & Peripherals |
6,217,812 | ||||||||||||||||||||||||||
| Textiles, Apparel & Luxury Goods – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 410 | Careismatic, Term Loan, First Lien, (WI/DD) |
TBD | TBD | TBD | TBD | B1 | 410,000 | |||||||||||||||||||||
| Trading Companies & Distributors – 0.4% (0.2% of Total Investments) | ||||||||||||||||||||||||||||
| 345 | Hayward Industries, Inc., Initial Term Loan, First Lien |
3.621% | 1-Month LIBOR | 3.500% | 8/04/24 | B | 344,273 | |||||||||||||||||||||
| 576 | Univar, Inc., Term Loan B |
2.371% | 1-Month LIBOR | 2.250% | 7/01/24 | BB+ | 577,520 | |||||||||||||||||||||
| 921 | Total Trading Companies & Distributors |
921,793 | ||||||||||||||||||||||||||
| Transportation Infrastructure – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 490 | Atlantic Aviation FBO Inc., Term Loan |
3.880% | 1-Month LIBOR | 3.750% | 12/06/25 | BB | 490,767 | |||||||||||||||||||||
| $ | 321,892 | Total Variable Rate Senior Loan Interests (cost $313,248,627) |
|
307,942,921 | ||||||||||||||||||||||||
32
| Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||||||||||
| CORPORATE BONDS – 14.1% (8.8% of Total Investments) |
| |||||||||||||||||||||||||||
| Aerospace & Defense – 1.3% (0.8% of Total Investments) | ||||||||||||||||||||||||||||
| $ | 1,175 | Bombardier Inc, 144A |
5.750% | 3/15/22 | B | $ | 1,205,844 | |||||||||||||||||||||
| 1,350 | Bombardier Inc, 144A |
6.000% | 10/15/22 | B | 1,339,875 | |||||||||||||||||||||||
| 290 | Bombardier Inc, 144A |
6.125% | 1/15/23 | B | 291,218 | |||||||||||||||||||||||
| 195 | Bombardier Inc, 144A |
|
7.500% | 12/01/24 | CCC | 187,687 | ||||||||||||||||||||||
| 3,010 | Total Aerospace & Defense |
3,024,624 | ||||||||||||||||||||||||||
| Auto Components – 0.9% (0.6% of Total Investments) | ||||||||||||||||||||||||||||
| 1,105 | Adient Global Holdings Ltd, 144A |
4.875% | 8/15/26 | B | 1,118,812 | |||||||||||||||||||||||
| 810 | Adient US LLC, 144A |
|
9.000% | 4/15/25 | Ba3 | 906,188 | ||||||||||||||||||||||
| 1,915 | Total Auto Components |
2,025,000 | ||||||||||||||||||||||||||
| Chemicals – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 345 | Olin Corp, 144A |
|
9.500% | 6/01/25 | BB– | 429,266 | ||||||||||||||||||||||
| Communications Equipment – 0.4% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 500 | CommScope Inc, 144A |
|
8.250% | 3/01/27 | B– | 538,470 | ||||||||||||||||||||||
| 400 | CommScope Technologies LLC, 144A |
|
5.000% | 3/15/27 | B– | 396,500 | ||||||||||||||||||||||
| 900 | Total Communications Equipment |
934,970 | ||||||||||||||||||||||||||
| Diversified Telecommunication Services – 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 750 | Avaya Inc, 144A |
6.125% | 9/15/28 | B | 797,186 | |||||||||||||||||||||||
| 340 | Windstream Escrow LLC / Windstream Escrow Finance Corp, 144A |
|
7.750% | 8/15/28 | B | 344,250 | ||||||||||||||||||||||
| 1,090 | Total Diversified Telecommunication Services |
1,141,436 | ||||||||||||||||||||||||||
| Electric Utilities – 2.9% (1.8% of Total Investments) | ||||||||||||||||||||||||||||
| 1,735 | Bruce Mansfield Unit 1 2007 Pass Through Trust, (6) |
6.850% | 6/01/34 | N/R | 2,169 | |||||||||||||||||||||||
| 418 | Pacific Gas and Electric Co |
3.850% | 11/15/23 | BBB– | 446,143 | |||||||||||||||||||||||
| 258 | Pacific Gas and Electric Co |
3.450% | 7/01/25 | BBB– | 278,336 | |||||||||||||||||||||||
| 2,067 | Pacific Gas and Electric Co |
3.150% | 1/01/26 | BBB– | 2,209,043 | |||||||||||||||||||||||
| 235 | Pacific Gas and Electric Co |
3.300% | 12/01/27 | BBB– | 253,665 | |||||||||||||||||||||||
| 258 | Pacific Gas and Electric Co |
3.750% | 7/01/28 | BBB– | 282,467 | |||||||||||||||||||||||
| 260 | Pacific Gas and Electric Co |
4.550% | 7/01/30 | BBB– | 296,749 | |||||||||||||||||||||||
| 2,608 | Pacific Gas and Electric Co |
|
4.500% | 7/01/40 | BBB– | 2,852,167 | ||||||||||||||||||||||
| 7,839 | Total Electric Utilities |
6,620,739 | ||||||||||||||||||||||||||
| Energy Equipment & Services – 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 420 | Bausch Health Cos Inc, 144A |
6.125% | 4/15/25 | B | 430,315 | |||||||||||||||||||||||
| 975 | Nabors Industries Ltd, 144A |
|
7.250% | 1/15/26 | B– | 790,287 | ||||||||||||||||||||||
| 1,395 | Total Energy Equipment & Services |
1,220,602 | ||||||||||||||||||||||||||
| Entertainment – 0.4% (0.2% of Total Investments) | ||||||||||||||||||||||||||||
| 810 | AMC Entertainment Holdings Inc, 144A |
|
10.500% | 4/15/25 | CCC | 828,731 | ||||||||||||||||||||||
| Equity Real Estate Investment Trust – 0.7% (0.5% of Total Investments) | ||||||||||||||||||||||||||||
| 1,620 | Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC, 144A |
|
7.875% | 2/15/25 | B | 1,738,997 | ||||||||||||||||||||||
| Gas Utilities – 0.8% (0.5% of Total Investments) | ||||||||||||||||||||||||||||
| 1,610 | Ferrellgas LP / Ferrellgas Finance Corp, 144A |
|
10.000% | 4/15/25 | B3 | 1,793,138 | ||||||||||||||||||||||
| Health Care Providers & Services – 1.2% (0.7% of Total Investments) | ||||||||||||||||||||||||||||
| 480 | AHP Health Partners Inc, 144A |
|
9.750% | 7/15/26 | CCC+ | 525,600 | ||||||||||||||||||||||
| 485 | CHS/Community Health Systems Inc, 144A |
8.000% | 3/15/26 | B | 521,375 | |||||||||||||||||||||||
| 150 | CHS/Community Health Systems Inc, 144A |
8.000% | 12/15/27 | B | 163,875 | |||||||||||||||||||||||
| 65 | HCA Inc |
5.375% | 2/01/25 | BB | 72,978 | |||||||||||||||||||||||
| 165 | Tenet Healthcare Corp |
4.625% | 7/15/24 | BB– | 167,937 | |||||||||||||||||||||||
| 90 | Tenet Healthcare Corp, 144A |
6.250% | 2/01/27 | B1 | 94,806 | |||||||||||||||||||||||
| 1,100 | Tenet Healthcare Corp, 144A |
|
6.125% | 10/01/28 | B | 1,148,934 | ||||||||||||||||||||||
| 2,535 | Total Health Care Providers & Services |
2,695,505 | ||||||||||||||||||||||||||
33
| NSL | Nuveen Senior Income Fund (continued) | |
| Portfolio of Investments January 31, 2021 | ||
| (Unaudited) | ||
| Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||||||||||
| Hotels, Restaurants & Leisure – 0.1% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| $ | 235 | Carnival Corp, 144A |
|
11.500% | 4/01/23 | Ba2 | $ | 266,629 | ||||||||||||||||||||
| Household Durables – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 115 | Kronos Acquisition Holdings Inc / KIK Custom Products Inc, 144A |
|
5.000% | 12/31/26 | B2 | 117,300 | ||||||||||||||||||||||
| Media – 2.1% (1.3% of Total Investments) | ||||||||||||||||||||||||||||
| 1,167 | AMC Entertainment Holdings Inc, 144A, (cash 10.000%, PIK 12.000%) |
12.000% | 6/15/26 | D | 852,103 | |||||||||||||||||||||||
| 1,190 | Houghton Mifflin Harcourt Publishers Inc, 144A |
9.000% | 2/15/25 | BB– | 1,252,475 | |||||||||||||||||||||||
| 1 | iHeartCommunications Inc |
6.375% | 5/01/26 | B+ | 1,371 | |||||||||||||||||||||||
| 574 | iHeartCommunications Inc |
8.375% | 5/01/27 | CCC+ | 611,886 | |||||||||||||||||||||||
| 1,380 | iHeartCommunications Inc, 144A |
5.250% | 8/15/27 | B+ | 1,431,005 | |||||||||||||||||||||||
| 245 | Intelsat Luxembourg SA, (6) |
8.125% | 6/01/23 | N/R | 17,834 | |||||||||||||||||||||||
| 635 | Univision Communications Inc, 144A |
9.500% | 5/01/25 | B | 693,737 | |||||||||||||||||||||||
| 5,192 | Total Media |
|
4,860,411 | |||||||||||||||||||||||||
| Metals & Mining – 0.2% (0.2% of Total Investments) | ||||||||||||||||||||||||||||
| 485 | First Quantum Minerals Ltd, 144A |
|
6.875% | 10/15/27 | B– | 523,160 | ||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 1.3% (0.8% of Total Investments) | ||||||||||||||||||||||||||||
| 185 | Ascent Resources Utica Holdings LLC / ARU Finance Corp, 144A |
10.000% | 4/01/22 | B | 188,700 | |||||||||||||||||||||||
| 1,715 | Citgo Holding Inc, 144A |
9.250% | 8/01/24 | B+ | 1,646,400 | |||||||||||||||||||||||
| 230 | CITGO Petroleum Corp, 144A |
6.250% | 8/15/22 | BB | 229,448 | |||||||||||||||||||||||
| 595 | CITGO Petroleum Corp, 144A |
7.000% | 6/15/25 | BB | 603,062 | |||||||||||||||||||||||
| 300 | MEG Energy Corp, 144A |
7.000% | 3/31/24 | B– | 304,110 | |||||||||||||||||||||||
| 3,025 | Total Oil, Gas & Consumable Fuels |
|
2,971,720 | |||||||||||||||||||||||||
| Pharmaceuticals – 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 437 | Advanz Pharma Corp Ltd |
8.000% | 9/06/24 | B– | 444,101 | |||||||||||||||||||||||
| 269 | Endo Dac / Endo Finance LLC / Endo Finco Inc, 144A |
9.500% | 7/31/27 | CCC+ | 307,333 | |||||||||||||||||||||||
| 340 | Endo Dac / Endo Finance LLC / Endo Finco Inc, 144A |
6.000% | 6/30/28 | CCC+ | 284,869 | |||||||||||||||||||||||
| 134 | Par Pharmaceutical Inc, 144A |
7.500% | 4/01/27 | B+ | 144,495 | |||||||||||||||||||||||
| 1,180 | Total Pharmaceuticals |
|
1,180,798 | |||||||||||||||||||||||||
| Specialty Retail – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 125 | PetSmart Inc / PetSmart Finance Corp, 144A, (WI/DD) |
|
7.750% | 2/15/29 | CCC+ | 125,000 | ||||||||||||||||||||||
| Wireless Telecommunication Services – 0.1% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 575 | Intelsat Connect Finance SA, 144A, (6) |
9.500% | 2/15/23 | N/R | 143,750 | |||||||||||||||||||||||
| $ | 34,001 | Total Corporate Bonds (cost $32,227,784) |
|
32,641,776 | ||||||||||||||||||||||||
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| COMMON STOCKS – 3.6% (2.3% of Total Investments) |
| |||||||||||||||||||||||||||
| Banks – 0.1% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 15,167 | iQor US Inc, (8), (9) |
$ | 177,272 | |||||||||||||||||||||||||
| Communications Equipment – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 9,071 | Windstream Services LLC, (8), (9) |
118,676 | ||||||||||||||||||||||||||
| Construction & Engineering – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 2,122 | TNT Crane & Rigging Inc, (5), (9) |
2 | ||||||||||||||||||||||||||
| 1,197 | TNT Crane & Rigging Inc, (8), (9) |
20,349 | ||||||||||||||||||||||||||
| Total Construction & Engineering |
|
20,351 | ||||||||||||||||||||||||||
| Diversified Consumer Services – 0.1% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 12,578 | Cengage Learning Holdings II Inc, (8), (9) |
124,208 | ||||||||||||||||||||||||||
34
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| Diversified Telecommunication Services – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 8,135 | Windstream Services LLC, (8), (9) |
$ | 101,687 | |||||||||||||||||||||||||
| Electric Utilities – 0.4% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 37,457 | Energy Harbor Corp, (8), (9), (10) |
1,022,576 | ||||||||||||||||||||||||||
| Energy Equipment & Services – 0.1% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 40,007 | Transocean Ltd, (9) |
134,423 | ||||||||||||||||||||||||||
| 5,623 | Vantage Drilling International, (8), (9) |
1,125 | ||||||||||||||||||||||||||
| Total Energy Equipment & Services |
|
135,548 | ||||||||||||||||||||||||||
| Entertainment – 0.3% (0.2% of Total Investments) | ||||||||||||||||||||||||||||
| 6,268 | Metro-Goldwyn-Mayer Inc, (8), (9) |
614,264 | ||||||||||||||||||||||||||
| Health Care Providers & Services – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 35,750 | Millennium Health LLC, (5), (9) |
38,074 | ||||||||||||||||||||||||||
| 33,563 | Millennium Health LLC, (5), (9) |
34,066 | ||||||||||||||||||||||||||
| Total Health Care Providers & Services |
|
72,140 | ||||||||||||||||||||||||||
| Hotels, Restaurants & Leisure – 0.1% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 55,426 | 24 Hour Fitness Worldwide Inc, (5) |
55 | ||||||||||||||||||||||||||
| 116,526 | 24 Hour Fitness Worldwide Inc, (8), (9) |
203,921 | ||||||||||||||||||||||||||
| Total Hotels, Restaurants & Leisure |
|
203,976 | ||||||||||||||||||||||||||
| Internet & Direct Marketing Retail – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 5,388 | Catalina Marketing Corp, (8), (9) |
5,388 | ||||||||||||||||||||||||||
| Marine – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 430 | ACBL HLDG CORP, (8), (9) |
10,535 | ||||||||||||||||||||||||||
| Media – 0.4% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 363,854 | Clear Channel Outdoor Holdings Inc, (9) |
724,069 | ||||||||||||||||||||||||||
| 23,063 | Cumulus Media Inc, (9) |
200,187 | ||||||||||||||||||||||||||
| 775,233 | Hibu plc, (8), (9) |
89,927 | ||||||||||||||||||||||||||
| 14,825 | Tribune Co, (5), (9) |
15 | ||||||||||||||||||||||||||
| Total Media |
|
1,014,198 | ||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 1.5% (1.0% of Total Investments) | ||||||||||||||||||||||||||||
| 99,370 | California Resources Corp, (9) |
2,294,453 | ||||||||||||||||||||||||||
| 47,903 | California Resources Corp, (5), (9) |
972,383 | ||||||||||||||||||||||||||
| 12,452 | Whiting Petroleum Corp, (9) |
253,274 | ||||||||||||||||||||||||||
| Total Oil, Gas & Consumable Fuels |
|
3,520,110 | ||||||||||||||||||||||||||
| Pharmaceuticals – 0.1% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 7,999 | Advanz Pharma Corp Ltd, (9) |
130,944 | ||||||||||||||||||||||||||
| Software – 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 6,535 | SkillSoft Corp, (8), (9) |
1,110,950 | ||||||||||||||||||||||||||
| 265 | SkillSoft Corp, (8), (9) |
50,350 | ||||||||||||||||||||||||||
| 389 | SkillSoft Corp, (5), (9) |
— | ||||||||||||||||||||||||||
| 779 | SkillSoft Corp, (5), (9) |
1 | ||||||||||||||||||||||||||
| Total Software |
1,161,301 | |||||||||||||||||||||||||||
| Total Common Stocks (cost $17,401,189) |
8,433,174 | |||||||||||||||||||||||||||
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| WARRANTS – 0.2% (0.1% of Total Investments) |
| |||||||||||||||||||||||||||
| Communications Equipment – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 11,806 | Avaya Holdings Corp, (8) |
$ | 36,894 | |||||||||||||||||||||||||
35
| NSL | Nuveen Senior Income Fund (continued) | |
| Portfolio of Investments January 31, 2021 | ||
| (Unaudited) | ||
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| Marine – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 452 | ACBL HLDG CORP, (8) |
$ | 11,074 | |||||||||||||||||||||||||
| 1,682 | ACBL HLDG CORP, (8) |
49,619 | ||||||||||||||||||||||||||
| 1,279 | ACBL HLDG CORP, (8) |
43,486 | ||||||||||||||||||||||||||
| 3,364 | ACBL HLDG CORP, (8) |
99,238 | ||||||||||||||||||||||||||
| 2,558 | ACBL HLDG CORP, (8) |
86,972 | ||||||||||||||||||||||||||
| Total Marine |
290,389 | |||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 188 | California Resources Corp |
|
739 | |||||||||||||||||||||||||
| Entertainment – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 102,295 | Cineworld Warrant, (8) |
36,519 | ||||||||||||||||||||||||||
| Total Warrants (cost $1,204,857) |
364,541 | |||||||||||||||||||||||||||
| Shares | Description (1) | Coupon | Ratings (4) | Value | ||||||||||||||||||||||||
| CONVERTIBLE PREFERRED SECURITIES – 0.0% (0.0% of Total Investments) |
|
|||||||||||||||||||||||||||
| Marine – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 1,600 | ACBL HLDG CORP, (8), (9) |
0.000% | N/R | $ | 47,200 | |||||||||||||||||||||||
| 1,821 | ACBL HLDG CORP, (8), (9) |
0.000% | N/R | 61,914 | ||||||||||||||||||||||||
| Total Marine |
109,114 | |||||||||||||||||||||||||||
| Total Convertible Preferred Securities (cost $97,141) |
|
109,114 | ||||||||||||||||||||||||||
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| COMMON STOCK RIGHTS – 0.0% (0.0% of Total Investments) |
| |||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 7,052 | Fieldwood Energy Inc, (8), (9) |
$ | — | |||||||||||||||||||||||||
| 1,425 | Fieldwood Energy Inc, (8), (9) |
— | ||||||||||||||||||||||||||
| Total Oil, Gas & Consumable Fuels |
— | |||||||||||||||||||||||||||
| Total Common Stock Rights (cost $201,310) |
— | |||||||||||||||||||||||||||
| Total Long-Term Investments (cost $364,380,908) |
|
349,491,526 | ||||||||||||||||||||||||||
| Shares | Description (1) | Coupon | Value | |||||||||||||||||||||||||
| SHORT-TERM INVESTMENTS – 10.0% (6.2% of Total Investments) |
| |||||||||||||||||||||||||||
| INVESTMENT COMPANIES – 10.0% (6.2% of Total Investments) | ||||||||||||||||||||||||||||
| 23,116,387 | BlackRock Liquidity Funds T-Fund Portfolio, (11) |
0.030% (12) | $ | 23,116,387 | ||||||||||||||||||||||||
| Total Short-Term Investments (cost $23,116,387) |
|
23,116,387 | ||||||||||||||||||||||||||
| Total Investments (cost $387,497,295) – 160.9% |
|
372,607,913 | ||||||||||||||||||||||||||
| Borrowings – (37.5)% (13), (14) |
|
(86,700,000 | ) | |||||||||||||||||||||||||
| Taxable Fund Preferred Shares, net of deferred offering costs – (17.1)% (15) |
|
(39,550,040 | ) | |||||||||||||||||||||||||
| Other Assets Less Liabilities – (6.3)% |
|
(14,850,296 | ) | |||||||||||||||||||||||||
| Net Assets Applicable to Common Shares – 100% |
|
231,507,577 | ||||||||||||||||||||||||||
36
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| (2) | 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. |
| (3) | 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. |
| (4) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (5) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 3 – Investment Valuation and Fair Value Measurements for more information. |
| (6) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. |
| (7) | Investment, or portion of investment, represents an outstanding unfunded senior loan commitment. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in Derivatives for more information. |
| (8) | For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 3 – Investment Valuation and Fair Value Measurements for more information. |
| (9) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
| (10) | Common Stock received as part of the bankruptcy settlements for Bruce Mansfield Unit 1 2007 Pass-Through Trust. |
| (11) | A copy of the most recent financial statements for these investment companies can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov. |
| (12) | The rate shown is the annualized seven-day subsidized yield as of the end of the reporting period. |
| (13) | Borrowings as a percentage of Total Investments is 23.3%. |
| (14) | The Fund segregates 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings. |
| (15) | Taxable Fund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 10.6%. |
| 144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
| 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. |
| TBD | Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the final coupon rate and maturity date. |
| WI/DD | Purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
37
| JFR | Nuveen Floating Rate Income Fund
Portfolio of Investments January 31, 2021 | |
| (Unaudited) |
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| LONG-TERM INVESTMENTS – 149.4% (93.3% of Total Investments) |
| |||||||||||||||||||||||||||
| VARIABLE RATE SENIOR LOAN INTERESTS – 129.6% (81.0% of Total Investments) (2) |
| |||||||||||||||||||||||||||
| Aerospace & Defense – 1.3% (0.8% of Total Investments) | ||||||||||||||||||||||||||||
| $ | 1,309 | MacDonald, Dettwiler and Associates, Ltd., Term Loan B |
2.880% | 1-Month LIBOR | 2.750% | 10/05/24 | B | $ | 1,295,695 | |||||||||||||||||||
| 778 | Standard Aero, Term Loan B1 |
3.754% | 3-Month LIBOR | 3.500% | 4/08/26 | B– | 749,810 | |||||||||||||||||||||
| 418 | Standard Aero, Term Loan B2 |
3.754% | 3-Month LIBOR | 3.500% | 4/08/26 | B– | 403,124 | |||||||||||||||||||||
| 1,458 | Transdigm, Inc., Term Loan E |
2.371% | 1-Month LIBOR | 2.250% | 5/30/25 | Ba3 | 1,438,523 | |||||||||||||||||||||
| 1,748 | Transdigm, Inc., Term Loan F |
2.371% | 1-Month LIBOR | 2.250% | 12/09/25 | Ba3 | 1,721,498 | |||||||||||||||||||||
| 2,223 | Transdigm, Inc., Term Loan G |
2.371% | 1-Month LIBOR | 2.250% | 8/22/24 | Ba3 | 2,188,402 | |||||||||||||||||||||
| 7,934 | Total Aerospace & Defense |
7,797,052 | ||||||||||||||||||||||||||
| Air Freight & Logistics – 0.4% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 172 | PAE Holding Corp, Delayed Draw |
5.250% | 3-Month LIBOR | 4.500% | 10/19/27 | B | 173,159 | |||||||||||||||||||||
| 2,166 | XPO Logistics, Inc., Term Loan B |
2.121% | 1-Month LIBOR | 2.000% | 2/24/25 | BBB– | 2,169,627 | |||||||||||||||||||||
| 2,338 | Total Air Freight & Logistics |
2,342,786 | ||||||||||||||||||||||||||
| Airlines – 1.4% (0.9% of Total Investments) | ||||||||||||||||||||||||||||
| 520 | American Airlines, Inc., Term Loan B |
2.121% | 1-Month LIBOR | 2.000% | 4/28/23 | Ba3 | 485,529 | |||||||||||||||||||||
| 1,558 | American Airlines, Inc., Term Loan B |
1.871% | 1-Month LIBOR | 1.750% | 1/29/27 | Ba3 | 1,425,337 | |||||||||||||||||||||
| 1,072 | American Airlines, Inc., Term Loan B |
2.127% | 1-Month LIBOR | 2.000% | 12/14/23 | Ba3 | 1,000,190 | |||||||||||||||||||||
| 2,675 | Delta Air Lines SkyMiles, Term Loan B |
4.750% | 3-Month LIBOR | 3.750% | 10/20/27 | Baa1 | 2,809,258 | |||||||||||||||||||||
| 568 | Delta Air Lines, Inc., Term Loan B |
4.871% | 1-Month LIBOR | 4.750% | 4/29/23 | Baa2 | 579,579 | |||||||||||||||||||||
| 1,722 | WestJet Airlines, Term Loan |
4.000% | 6-Month LIBOR | 3.000% | 12/11/26 | BB– | 1,662,519 | |||||||||||||||||||||
| 8,115 | Total Airlines |
7,962,412 | ||||||||||||||||||||||||||
| Auto Components – 2.1% (1.3% of Total Investments) | ||||||||||||||||||||||||||||
| 740 | Adient Global Holdings, Term Loan B |
4.371% | 1-Month LIBOR | 4.250% | 5/06/24 | Ba3 | 742,869 | |||||||||||||||||||||
| 252 | Adient Global Holdings, Term Loan B |
4.463% | 3-Month LIBOR | 4.250% | 5/06/24 | Ba3 | 252,676 | |||||||||||||||||||||
| 1,383 | DexKo Global, Inc., Term Loan B |
4.500% | 3-Month LIBOR | 3.500% | 7/24/24 | B1 | 1,386,444 | |||||||||||||||||||||
| 3,064 | Dun & Bradstreet Corp., Initial Term Loan |
3.878% | 1-Month LIBOR | 3.750% | 2/06/26 | N/R | 3,076,324 | |||||||||||||||||||||
| 3,394 | Johnson Controls Inc., Term Loan B |
3.621% | 1-Month LIBOR | 3.500% | 4/30/26 | B1 | 3,400,113 | |||||||||||||||||||||
| 1,750 | Les Schwab Tire Centers, Term Loan B |
4.250% | 3-Month LIBOR | 3.500% | 11/02/27 | B | 1,759,853 | |||||||||||||||||||||
| 1,796 | Superior Industries International, Inc., Term Loan B |
4.121% | 1-Month LIBOR | 4.000% | 5/23/24 | B1 | 1,786,192 | |||||||||||||||||||||
| 12,379 | Total Auto Components |
12,404,471 | ||||||||||||||||||||||||||
| Automobiles – 0.4% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 1,041 | Caliber Collision, Term Loan B |
3.121% | 1-Month LIBOR | 3.000% | 2/05/26 | B1 | 1,033,541 | |||||||||||||||||||||
| 1,455 | Navistar, Inc., Term Loan B |
3.630% | 1-Month LIBOR | 3.500% | 11/06/24 | Ba2 | 1,457,000 | |||||||||||||||||||||
| 2,496 | Total Automobiles |
2,490,541 | ||||||||||||||||||||||||||
| Banks – 0.1% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 328 | iQor US, Inc., Exit Priority Term Loan |
8.500% | 3-Month LIBOR | 7.500% | 9/15/27 | N/R | 324,645 | |||||||||||||||||||||
| Beverages – 0.7% (0.5% of Total Investments) | ||||||||||||||||||||||||||||
| 1,560 | Arterra Wines Canada, Inc., Incremental Term Loan |
4.250% | 3-Month LIBOR | 3.500% | 11/25/27 | B1 | 1,572,675 | |||||||||||||||||||||
| 2,676 | Jacobs Douwe Egberts, Term Loan B |
2.188% | 1-Month LIBOR | 2.000% | 11/01/25 | BB+ | 2,682,781 | |||||||||||||||||||||
| 4,236 | Total Beverages |
4,255,456 | ||||||||||||||||||||||||||
| Biotechnology – 1.4% (0.9% of Total Investments) | ||||||||||||||||||||||||||||
| 3,755 | Grifols, Inc., Term Loan B, First Lien |
2.092% | 1-Week LIBOR | 2.000% | 11/15/27 | Ba2 | 3,753,316 | |||||||||||||||||||||
| 4,530 | KIK Custom, Term Loan, (WI/DD) |
TBD | TBD | TBD | TBD | N/R | 4,533,216 | |||||||||||||||||||||
| 8,285 | Total Biotechnology |
8,286,532 | ||||||||||||||||||||||||||
| Building Products – 1.5% (1.0% of Total Investments) | ||||||||||||||||||||||||||||
| 260 | LBM Acquisition LLC, Delayed Draw Term Loan, (WI/DD), (7) |
TBD | TBD | TBD | TBD | B+ | 260,878 | |||||||||||||||||||||
| 1,170 | LBM Acquisition LLC, Term Loan B, (WI/DD) |
TBD | TBD | TBD | TBD | B+ | 1,173,949 | |||||||||||||||||||||
38
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| Building Products (continued) | ||||||||||||||||||||||||||||
| $ | 636 | Ply Gem Industries, Inc., Term Loan B |
3.876% | 1-Month LIBOR | 3.750% | 4/12/25 | B+ | $ | 638,810 | |||||||||||||||||||
| 390 | Potters Industries, Term Loan B |
4.750% | 3-Month LIBOR | 4.000% | 12/14/27 | B | 391,462 | |||||||||||||||||||||
| 6,406 | Quikrete Holdings, Inc., Term Loan B |
2.621% | 1-Month LIBOR | 2.500% | 1/31/27 | BB– | 6,403,088 | |||||||||||||||||||||
| 8,862 | Total Building Products |
8,868,187 | ||||||||||||||||||||||||||
| Capital Markets – 1.4% (0.8% of Total Investments) | ||||||||||||||||||||||||||||
| 760 | RPI Finance Trust, Term Loan B1 |
1.871% | 1-Month LIBOR | 1.750% | 2/11/27 | BBB– | 763,819 | |||||||||||||||||||||
| 5,399 | Sequa Corporation, Term Loan B, (cash 6.750%, PIK 1.000%) |
7.750% | 3-Month LIBOR | 6.750% | 7/31/23 | B– | 5,405,795 | |||||||||||||||||||||
| 1,955 | Sequa Corporation, Term Loan, Second Lien, (cash 5.000%, PIK 6.750%) |
11.750% | 3-Month LIBOR | 10.750% | 7/31/24 | CCC– | 1,749,838 | |||||||||||||||||||||
| 8,114 | Total Capital Markets |
7,919,452 | ||||||||||||||||||||||||||
| Chemicals – 0.9% (0.6% of Total Investments) | ||||||||||||||||||||||||||||
| 1,181 | Ineos US Finance LLC, Term Loan |
2.121% | 1-Month LIBOR | 2.000% | 3/31/24 | BBB– | 1,176,354 | |||||||||||||||||||||
| 1,300 | INEOS US Petrochem LLC, Term Loan B, (WI/DD) |
TBD | TBD | TBD | TBD | BB | 1,306,773 | |||||||||||||||||||||
| 998 | Lummus Technology, Term Loan |
4.121% | 1-Month LIBOR | 4.000% | 6/30/27 | B+ | 1,002,179 | |||||||||||||||||||||
| 927 | PQ Corporation, Incremental Term Loan B |
4.000% | 3-Month LIBOR | 3.000% | 2/07/27 | BB– | 931,478 | |||||||||||||||||||||
| 813 | Unifrax Holdings, Term Loan, First Lien |
4.004% | 3-Month LIBOR | 3.750% | 12/14/25 | CCC+ | 786,506 | |||||||||||||||||||||
| 5,219 | Total Chemicals |
5,203,290 | ||||||||||||||||||||||||||
| Commercial Services & Supplies – 4.3% (2.7% of Total Investments) | ||||||||||||||||||||||||||||
| 1,000 | AECOM Management Services Inc., Incremental Term Loan |
5.500% | 3-Month LIBOR | 4.750% | 1/31/27 | B1 | 1,007,500 | |||||||||||||||||||||
| 1,090 | Brand Energy & Infrastructure Services, Inc., Term Loan B, First Lien |
5.250% | 3-Month LIBOR | 4.250% | 6/21/24 | B– | 1,079,505 | |||||||||||||||||||||
| 680 | Education Management LLC, Term Loan A, (5), (6) |
0.000% | N/A | N/A | 7/02/20 | N/R | 6,799 | |||||||||||||||||||||
| 9,483 | Formula One Group, Term Loan B |
3.500% | 1-Month LIBOR | 2.500% | 2/01/24 | B+ | 9,439,843 | |||||||||||||||||||||
| 1,058 | Garda World Security Corp, Term Loan B, First Lien |
4.990% | 1-Month LIBOR | 4.750% | 10/30/26 | BB+ | 1,063,482 | |||||||||||||||||||||
| 2,392 | GFL Environmental, Term Loan |
3.500% | 3-Month LIBOR | 3.000% | 5/30/25 | BB– | 2,407,157 | |||||||||||||||||||||
| 778 | Harland Clarke Holdings Corporation, Term Loan B7 |
5.750% | 3-Month LIBOR | 4.750% | 11/03/23 | CCC+ | 704,622 | |||||||||||||||||||||
| 873 | iQor US, Inc., Second Out Term Loan |
8.500% | 3-Month LIBOR | 7.500% | 11/20/25 | N/R | 836,188 | |||||||||||||||||||||
| 415 | KAR Auction Services, Inc., Term Loan B6 |
2.438% | 1-Month LIBOR | 2.250% | 9/19/26 | Ba3 | 413,697 | |||||||||||||||||||||
| 847 | PAE Holding Corp, New Term Loan B |
5.250% | 3-Month LIBOR | 4.500% | 10/19/27 | B | 854,250 | |||||||||||||||||||||
| 266 | Pitney Bowes Inc., Term Loan B |
5.650% | 3-Month LIBOR | 5.500% | 1/07/25 | BBB– | 265,713 | |||||||||||||||||||||
| 1,667 | Robertshaw US Holding Corp., Initial Term Loan, First Lien |
4.500% | 1-Month LIBOR | 3.500% | 2/28/25 | CCC+ | 1,604,202 | |||||||||||||||||||||
| 280 | Sabert Corporation, Initial Term Loan |
5.500% | 1-Month LIBOR | 4.500% | 12/10/26 | B | 280,674 | |||||||||||||||||||||
| 3,820 | Travelport LLC, Priority Debt Term Loan, (cash 2.500%, PIK 6.500%), (DD1) |
2.500% | 3-Month LIBOR | 1.500% | 2/28/25 | B+ | 3,798,641 | |||||||||||||||||||||
| 2 | West Corporation, Incremental Term Loan B1 |
4.500% | 1-Month LIBOR | 3.500% | 10/10/24 | BB+ | 2,366 | |||||||||||||||||||||
| 937 | West Corporation, Incremental Term Loan B1 |
4.500% | 3-Month LIBOR | 3.500% | 10/10/24 | BB+ | 920,400 | |||||||||||||||||||||
| 25,588 | Total Commercial Services & Supplies |
24,685,039 | ||||||||||||||||||||||||||
| Communications Equipment – 2.8% (1.8% of Total Investments) | ||||||||||||||||||||||||||||
| 385 | Avaya, Inc., Term Loan B |
4.377% | 1-Month LIBOR | 4.250% | 12/15/24 | BB– | 385,555 | |||||||||||||||||||||
| 5,252 | CommScope, Inc., Term Loan B |
3.371% | 1-Month LIBOR | 3.250% | 4/04/26 | Ba3 | 5,253,911 | |||||||||||||||||||||
| 825 | Mitel US Holdings, Inc., Term Loan, First Lien |
4.640% | 1-Month LIBOR | 4.500% | 11/30/25 | B– | 773,862 | |||||||||||||||||||||
| 2,210 | Plantronics, Term Loan B |
2.621% | 1-Month LIBOR | 2.500% | 7/02/25 | Ba2 | 2,191,803 | |||||||||||||||||||||
| 3,092 | Riverbed Technology, Inc., Term Loan B, First Lien, (DD1) |
7.000% | 3-Month LIBOR | 6.000% | 12/31/25 | B2 | 3,024,402 | |||||||||||||||||||||
| 7 | Riverbed Technology, Inc., Term Loan B, First Lien, (DD1) |
7.000% | 2-Month LIBOR | 6.000% | 12/31/25 | B2 | 7,580 | |||||||||||||||||||||
| 4,741 | Univision Communications, Inc., Term Loan C5 |
3.750% | 1-Month LIBOR | 2.750% | 3/15/24 | B | 4,739,432 | |||||||||||||||||||||
| 16,512 | Total Communications Equipment |
16,376,545 | ||||||||||||||||||||||||||
| Construction & Engineering – 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 563 | Pike Corp, Term Loan B |
4.091% | 1-Month LIBOR | 3.970% | 7/24/26 | Ba3 | 564,915 | |||||||||||||||||||||
| 320 | Pike Corporation, Term Loan B |
3.130% | 1-Month LIBOR | 3.000% | 1/21/28 | Ba3 | 321,135 | |||||||||||||||||||||
| 243 | Pike Corporation, Term Loan B, (WI/DD), (7) |
TBD | TBD | TBD | TBD | Ba3 | 243,753 | |||||||||||||||||||||
| 1,655 | Traverse Midstream Partners, Term Loan B |
6.500% | 1-Month LIBOR | 5.500% | 9/27/24 | B | 1,633,206 | |||||||||||||||||||||
| 2,781 | Total Construction & Engineering |
2,763,009 | ||||||||||||||||||||||||||
39
| JFR | Nuveen Floating Rate Income Fund (continued) | |
| Portfolio of Investments January 31, 2021 | ||
| (Unaudited) | ||
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| Consumer Finance – 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| $ | 2,906 | Verscend Technologies, Tern Loan B |
4.621% | 1-Month LIBOR | 4.500% | 8/27/25 | B+ | $ | 2,912,848 | |||||||||||||||||||
| Containers & Packaging – 2.0% (1.2% of Total Investments) | ||||||||||||||||||||||||||||
| 2,955 | Berry Global, Inc., Term Loan Y |
2.133% | 1-Month LIBOR | 2.000% | 7/01/26 | BBB– | 2,954,439 | |||||||||||||||||||||
| 1,575 | Charter NEX US, Inc., Initial Term Loan, First Lien |
5.000% | 1-Month LIBOR | 4.250% | 12/01/27 | B | 1,588,285 | |||||||||||||||||||||
| 1,169 | Kloeckner Pentaplast of America Inc., Dollar Term Loan |
5.250% | 1-Month LIBOR | 4.250% | 6/30/22 | B– | 1,170,175 | |||||||||||||||||||||
| 1,761 | Reynolds Group Holdings, Inc., Term Loan, First Lien |
1.871% | 1-Month LIBOR | 1.750% | 2/04/27 | BBB– | 1,767,924 | |||||||||||||||||||||
| 1,725 | Reynolds Group Holdings, Inc., Term Loan, First Lien |
3.371% | 1-Month LIBOR | 3.250% | 2/16/26 | B+ | 1,729,313 | |||||||||||||||||||||
| 1,812 | TricorBraun Holdings Inc, (WI/DD) |
TBD | TBD | TBD | TBD | B2 | 1,803,287 | |||||||||||||||||||||
| 408 | TricorBraun Holdings Inc, (WI/DD) |
TBD | TBD | TBD | TBD | B2 | 405,613 | |||||||||||||||||||||
| 11,405 | Total Containers & Packaging |
11,419,036 | ||||||||||||||||||||||||||
| Distributors – 0.3% (0.2% of Total Investments) | ||||||||||||||||||||||||||||
| 314 | Insurance Auto Actions Inc., Term Loan |
2.375% | 1-Month LIBOR | 2.250% | 6/28/26 | BB+ | 314,609 | |||||||||||||||||||||
| 1,521 | SRS Distribution, Inc., Term Loan B |
3.121% | 1-Month LIBOR | 3.000% | 5/24/25 | B | 1,515,616 | |||||||||||||||||||||
| 1,835 | Total Distributors |
1,830,225 | ||||||||||||||||||||||||||
| Diversified Consumer Services – 0.8% (0.5% of Total Investments) | ||||||||||||||||||||||||||||
| 4,739 | Cengage Learning Acquisitions, Inc., Term Loan B |
5.250% | 3-Month LIBOR | 4.250% | 6/07/23 | B2 | 4,570,513 | |||||||||||||||||||||
| 463 | Education Management LLC, Elevated Term Loan A1, (5), (6) |
0.000% | N/A | N/A | 7/02/20 | N/R | 5,790 | |||||||||||||||||||||
| 13 | Education Management LLC, Elevated Term Loan A2, (6) |
9.599% | 3-Month LIBOR | 7.500% | 7/02/20 | N/R | — | |||||||||||||||||||||
| 5,215 | Total Diversified Consumer Services |
4,576,303 | ||||||||||||||||||||||||||
| Diversified Financial Services–1.8% (1.1% of Total Investments) | ||||||||||||||||||||||||||||
| 1,945 | Blackstone CQP, Term Loan |
3.736% | 3-Month LIBOR | 3.500% | 9/30/24 | B+ | 1,948,157 | |||||||||||||||||||||
| 2,793 | Ditech Holding Corporation., Term Loan B, First Lien, (6) |
0.000% | N/A | N/A | 6/30/22 | N/R | 904,109 | |||||||||||||||||||||
| 3,101 | Inmarsat Finance, Term Loan, First Lien |
5.500% | 1-Month LIBOR | 4.500% | 12/11/26 | N/R | 3,114,294 | |||||||||||||||||||||
| 667 | Lions Gate Entertainment Corp., Term Loan B |
2.371% | 1-Month LIBOR | 2.250% | 3/24/25 | Ba2 | 664,774 | |||||||||||||||||||||
| 843 | Orion Advisor Solutions, Term Loan, First Lien |
5.000% | 3-Month LIBOR | 4.000% | 9/24/27 | BB- | 847,945 | |||||||||||||||||||||
| 1,535 | Sabre, Inc., Term Loan B |
4.750% | 1-Month LIBOR | 4.000% | 12/17/27 | Ba3 | 1,553,236 | |||||||||||||||||||||
| 1,382 | Sotheby’s, Term Loan B |
6.500% | 1-Month LIBOR | 5.500% | 1/15/27 | N/R | 1,390,673 | |||||||||||||||||||||
| 12,266 | Total Diversified Financial Services |
10,423,188 | ||||||||||||||||||||||||||
| Diversified Telecommunication Services–3.2% (2.0% of Total Investments) | ||||||||||||||||||||||||||||
| 1,002 | Altice France S.A., Term Loan B12 |
3.814% | 1-Month LIBOR | 3.688% | 1/31/26 | B | 1,000,809 | |||||||||||||||||||||
| 6,600 | CenturyLink, Inc, Term Loan B |
2.371% | 1-Month LIBOR | 2.250% | 3/15/27 | BB+ | 6,590,623 | |||||||||||||||||||||
| 3,514 | Frontier Communications Corporation, DIP Term Loan, (6) |
5.750% | 1-Month LIBOR | 4.750% | 10/08/21 | B3 | 3,522,597 | |||||||||||||||||||||
| 465 | Intelsat Jackson Holdings, S.A., Term Loan B4, (6) |
8.750% | Prime | 5.500% | 1/02/24 | N/R | 472,679 | |||||||||||||||||||||
| 744 | Intelsat Jackson Holdings, S.A., Term Loan B5, (6) |
8.625% | N/A | N/A | 1/02/24 | N/R | 757,961 | |||||||||||||||||||||
| 5,927 | Numericable Group S.A., Term Loan B13 |
4.127% | 1-Month LIBOR | 4.000% | 8/14/26 | B | 5,938,395 | |||||||||||||||||||||
| 427 | Zayo Group LLC, Initial Dollar Term Loan |
3.121% | 1-Month LIBOR | 3.000% | 3/09/27 | B1 | 425,708 | |||||||||||||||||||||
| 18,679 | Total Diversified Telecommunication Services |
18,708,772 | ||||||||||||||||||||||||||
| Electric Utilities–0.6% (0.4% of Total Investments) | ||||||||||||||||||||||||||||
| 1,250 | ExGen Renewables, Term Loan, First Lien |
3.750% | 3-Month LIBOR | 2.750% | 12/11/27 | BB- | 1,260,000 | |||||||||||||||||||||
| 995 | Pacific Gas & Electric, Term Loan, First Lien |
6.750% | Prime | 3.500% | 6/23/25 | BB | 1,006,567 | |||||||||||||||||||||
| 1,273 | Vistra Operations Co., Term Loan B3 |
1.879% | 1-Month LIBOR | 1.750% | 12/31/25 | Baa3 | 1,276,334 | |||||||||||||||||||||
| 3,518 | Total Electric Utilities |
3,542,901 | ||||||||||||||||||||||||||
| Electrical Equipment–1.3% (0.8% of Total Investments) | ||||||||||||||||||||||||||||
| 4,372 | Avolon LLC, Term Loan B4 |
2.250% | 1-Month LIBOR | 1.500% | 2/10/27 | Baa2 | 4,354,874 | |||||||||||||||||||||
| 1,800 | Energizer Holdings, Inc., Term Loan, First Lien |
2.750% | 1-Month LIBOR | 2.250% | 12/22/27 | BB+ | 1,804,509 | |||||||||||||||||||||
| 1,489 | Vertiv Co.,Term Loan B |
3.144% | 1-Month LIBOR | 3.000% | 3/02/27 | B+ | 1,493,134 | |||||||||||||||||||||
| 7,661 | Total Electrical Equipment |
7,652,517 | ||||||||||||||||||||||||||
40
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| Electronic Equipment, Instruments & Components–0.3% (0.2% of Total Investments) | ||||||||||||||||||||||||||||
| $ | 1,863 | BCP Renaissance Parent, Term Loan B |
2.638% | 1-Month LIBOR | 2.500% | 9/28/24 | BB+ | $ | 1,866,494 | |||||||||||||||||||
| Energy Equipment & Services–0.1% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 927 | Petroleum GEO-Services ASA/PGS Finance, Inc., Term Loan B |
7.760% | 3-Month LIBOR | 7.500% | 6/13/24 | Caa1 | 755,437 | |||||||||||||||||||||
| Entertainment–2.2% (1.4% of Total Investments) | ||||||||||||||||||||||||||||
| 1,825 | AMC Entertainment, Inc., Term Loan B, (DD1) |
5.250% | Prime | 2.000% | 4/22/26 | CCC | 1,528,912 | |||||||||||||||||||||
| 685 | Cineworld Group PLC, Second Amendment Dollar, Term Loan |
2.755% | 3-Month LIBOR | 2.500% | 9/20/26 | CCC | 539,835 | |||||||||||||||||||||
| 4,612 | Cineworld Group PLC, Term Loan B |
2.757% | 6-Month LIBOR | 2.500% | 2/28/25 | CCC | 3,663,613 | |||||||||||||||||||||
| 2,700 | IMG Worldwide, Inc., Term Loan B |
2.880% | 1-Month LIBOR | 2.750% | 5/16/25 | B3 | 2,527,803 | |||||||||||||||||||||
| 1,955 | Metro-Goldwyn-Mayer, Inc., Term Loan, First Lien |
2.630% | 1-Month LIBOR | 2.500% | 7/03/25 | BB- | 1,954,394 | |||||||||||||||||||||
| 1,250 | Metro-Goldwyn-Mayer, Inc., Term Loan, Second Lien |
5.500% | 1-Month LIBOR | 4.500% | 7/06/26 | B3 | 1,254,694 | |||||||||||||||||||||
| 1,250 | Springer SBM Two GmbH, Term Loan B16 |
4.500% | 1-Month LIBOR | 3.500% | 8/14/24 | B2 | 1,254,857 | |||||||||||||||||||||
| 14,277 | Total Entertainment |
12,724,108 | ||||||||||||||||||||||||||
| Equity Real Estate Investment Trust–0.6% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 1,988 | Realogy Group LLC, Term Loan A |
2.121% | 1-Month LIBOR | 2.000% | 2/08/23 | BB | 1,984,736 | |||||||||||||||||||||
| 1,203 | Realogy Group LLC, Term Loan B |
3.000% | 1-Month LIBOR | 2.250% | 2/08/25 | BB | 1,201,377 | |||||||||||||||||||||
| 3,191 | Total Equity Real Estate Investment Trust |
3,186,113 | ||||||||||||||||||||||||||
| Food & Staples Retailing–2.3% (1.4% of Total Investments) | ||||||||||||||||||||||||||||
| 1,590 | BellRing Brands, Term Loan, First Lien |
6.000% | 1-Month LIBOR | 5.000% | 10/21/24 | B+ | 1,609,188 | |||||||||||||||||||||
| 527 | BJ’s Wholesale Club, Inc., Term Loan, First Lien |
2.126% | 1-Month LIBOR | 2.000% | 2/03/24 | BB+ | 528,961 | |||||||||||||||||||||
| 1,025 | Hearthside Group Holdings LLC, Term Loan B |
3.808% | 1-Month LIBOR | 3.688% | 5/31/25 | B2 | 1,021,646 | |||||||||||||||||||||
| 60 | Hearthside Group Holdings, LLC, Incremental Term Loan B3 |
6.000% | 1-Month LIBOR | 5.000% | 5/31/25 | B2 | 60,242 | |||||||||||||||||||||
| 10,230 | US Foods, Inc., New Term Loan |
1.871% | 1-Month LIBOR | 1.750% | 6/27/23 | BB– | 10,160,805 | |||||||||||||||||||||
| 13,432 | Total Food & Staples Retailing |
13,380,842 | ||||||||||||||||||||||||||
| Food Products – 0.4% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 8 | American Seafoods Group LLC, Term Loan B |
3.750% | 1-Month LIBOR | 2.750% | 8/21/23 | BB– | 7,969 | |||||||||||||||||||||
| 1,188 | American Seafoods Group LLC, Term Loan B |
3.750% | 3-Month LIBOR | 2.750% | 8/21/23 | BB– | 1,192,463 | |||||||||||||||||||||
| 1,159 | Froneri Lux FinCo SARL, Term Loan, First Lien |
2.371% | 1-Month LIBOR | 2.250% | 1/31/27 | B1 | 1,155,234 | |||||||||||||||||||||
| 2,355 | Total Food Products |
2,355,666 | ||||||||||||||||||||||||||
| Health Care Equipment & Supplies – 1.1% (0.7% of Total Investments) | ||||||||||||||||||||||||||||
| 992 | Greatbatch Ltd., New Term Loan B |
3.500% | 1-Month LIBOR | 2.500% | 10/27/22 | B+ | 993,637 | |||||||||||||||||||||
| 1,991 | LifeScan, Term Loan B |
6.238% | 3-Month LIBOR | 6.000% | 10/01/24 | B | 1,920,942 | |||||||||||||||||||||
| 2,004 | MedPlast, Term Loan, First Lien |
3.871% | 1-Month LIBOR | 3.750% | 7/02/25 | B3 | 1,961,974 | |||||||||||||||||||||
| 1,421 | Vyaire Medical, Inc., Term Loan B |
5.750% | 3-Month LIBOR | 4.750% | 4/30/25 | B3 | 1,246,326 | |||||||||||||||||||||
| 6,408 | Total Health Care Equipment & Supplies |
6,122,879 | ||||||||||||||||||||||||||
| Health Care Providers & Services – 7.8% (4.9% of Total Investments) | ||||||||||||||||||||||||||||
| 685 | AccentCare, Incremental Term Loan B |
5.500% | 3-Month LIBOR | 5.000% | 6/20/26 | B2 | 688,425 | |||||||||||||||||||||
| 3,500 | Air Medical, Term Loan B |
5.750% | 3-Month LIBOR | 4.750% | 10/02/25 | B | 3,511,813 | |||||||||||||||||||||
| 1,471 | Air Methods, Term Loan, First Lien |
4.500% | 3-Month LIBOR | 3.500% | 4/21/24 | B | 1,426,712 | |||||||||||||||||||||
| 3 | Albany Molecular Research, Inc., Initial Term Loan, First Lien |
4.250% | 2-Month LIBOR | 3.250% | 8/30/24 | B2 | 2,446 | |||||||||||||||||||||
| 940 | Albany Molecular Research, Inc., Initial Term Loan, First Lien |
4.250% | 3-Month LIBOR | 3.250% | 8/30/24 | B2 | 944,135 | |||||||||||||||||||||
| 1,791 | Ardent Health, Term Loan, First Lien |
5.500% | 1-Month LIBOR | 4.500% | 6/28/25 | B1 | 1,801,967 | |||||||||||||||||||||
| 1,857 | Aspen Dental, Term Loan B |
4.750% | 1-Month LIBOR | 4.000% | 12/23/27 | N/R | 1,857,000 | |||||||||||||||||||||
| 2,300 | Brightspring Health, Term Loan B |
3.380% | 1-Month LIBOR | 3.250% | 3/05/26 | N/R | 2,297,178 | |||||||||||||||||||||
| 1,228 | Catalent Pharma Solutions, Inc., Dollar Term Loan B2 |
3.250% | 1-Month LIBOR | 2.250% | 5/17/26 | BBB– | 1,234,266 | |||||||||||||||||||||
| 1,164 | Civitas Solutions, Term Loan B |
4.397% | 1-Month LIBOR | 4.250% | 3/08/26 | B | 1,166,583 | |||||||||||||||||||||
| 53 | Civitas Solutions, Term Loan C |
4.397% | 1-Month LIBOR | 4.250% | 3/08/26 | B | 53,386 | |||||||||||||||||||||
| 677 | DaVita, Inc., Term Loan B |
1.871% | 1-Month LIBOR | 1.750% | 8/12/26 | BBB– | 676,411 | |||||||||||||||||||||
| 2,086 | Envision Healthcare Corporation, Initial Term Loan |
3.871% | 1-Month LIBOR | 3.750% | 10/10/25 | Caa1 | 1,783,614 | |||||||||||||||||||||
| 628 | HCA, Inc., Term Loan B12 |
1.871% | 1-Month LIBOR | 1.750% | 3/13/25 | BBB– | 630,094 | |||||||||||||||||||||
| 1,082 | HCA, Inc., Term Loan B13 |
1.871% | 1-Month LIBOR | 1.750% | 3/18/26 | BBB– | 1,086,624 | |||||||||||||||||||||
| 986 | Heartland Dental Care, Inc., Term Loan, First Lien |
3.621% | 1-Month LIBOR | 3.500% | 4/30/25 | B3 | 967,875 | |||||||||||||||||||||
41
| JFR | Nuveen Floating Rate Income Fund (continued) | |
| Portfolio of Investments January 31, 2021 | ||
| (Unaudited) | ||
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| Health Care Providers & Services (continued) | ||||||||||||||||||||||||||||
| $ | 1,542 | InnovaCare, Initial Term Loan |
6.750% | 3-Month LIBOR | 5.750% | 12/26/26 | B+ | $ | 1,544,621 | |||||||||||||||||||
| 2,133 | Jordan Health, Initial Term Loan, First Lien |
5.220% | 3-Month LIBOR | 5.000% | 5/15/25 | Caa1 | 1,959,986 | |||||||||||||||||||||
| 3,144 | Kindred at Home Hospice, Term Loan B, First Lien |
3.375% | 1-Month LIBOR | 3.250% | 7/02/25 | B1 | 3,150,722 | |||||||||||||||||||||
| 5,135 | Lifepoint Health, Inc., New Term Loan B |
3.871% | 1-Month LIBOR | 3.750% | 11/16/25 | B1 | 5,138,638 | |||||||||||||||||||||
| 27 | MyEyeDr, Delayed Draw Term Loan |
4.250% | 1-Month LIBOR | 4.250% | 8/31/26 | B– | 26,000 | |||||||||||||||||||||
| 61 | MyEyeDr, Delayed Draw Term Loan |
4.379% | 3-Month LIBOR | 4.250% | 8/31/26 | B– | 60,358 | |||||||||||||||||||||
| 349 | MyEyeDr, Term Loan |
4.371% | 1-Month LIBOR | 4.250% | 8/31/26 | B– | 344,374 | |||||||||||||||||||||
| 234 | Quorum Health Corp, Term Loan, (6) |
9.250% | 3-Month LIBOR | 8.250% | 4/29/22 | N/R | 237,022 | |||||||||||||||||||||
| 3,261 | Select Medical Corporation, Term Loan B |
2.530% | 3-Month LIBOR | 2.250% | 3/06/25 | Ba2 | 3,248,370 | |||||||||||||||||||||
| 4,914 | Surgery Center Holdings Inc., Initial Term Loan |
4.250% | 1-Month LIBOR | 3.250% | 9/03/24 | B2 | 4,892,263 | |||||||||||||||||||||
| 3,037 | Team Health, Inc., Initial Term Loan |
3.750% | 1-Month LIBOR | 2.750% | 2/06/24 | B | 2,845,916 | |||||||||||||||||||||
| 1,850 | US Radiology Specialists, Inc., Term Loan B |
6.250% | 3-Month LIBOR | 5.500% | 12/15/27 | B– | 1,866,188 | |||||||||||||||||||||
| 46,138 | Total Health Care Providers & Services |
45,442,987 | ||||||||||||||||||||||||||
| Health Care Technology – 2.5% (1.5% of Total Investments) | ||||||||||||||||||||||||||||
| 6,730 | Emdeon, Inc., Term Loan |
3.500% | 1-Month LIBOR | 2.500% | 3/01/24 | B+ | 6,742,776 | |||||||||||||||||||||
| 2,899 | Onex Carestream Finance LP, New Extended Term Loan, First Lien |
7.750% | 3-Month LIBOR | 6.750% | 5/05/23 | N/R | 2,895,764 | |||||||||||||||||||||
| 2,483 | Onex Carestream Finance LP, New Extended Term Loan, Second Lien, (cash 5.500%, PIK 8.000%) |
5.500% | 3-Month LIBOR | 4.500% | 8/05/23 | CCC+ | 2,259,620 | |||||||||||||||||||||
| 2,426 | Zelis, Term Loan B |
4.871% | 1-Month LIBOR | 4.750% | 9/30/26 | B | 2,431,564 | |||||||||||||||||||||
| 14,538 | Total Health Care Technology |
14,329,724 | ||||||||||||||||||||||||||
| Hotels, Restaurants & Leisure – 16.6% (10.4% of Total Investments) | ||||||||||||||||||||||||||||
| 575 | 24 Hour Fitness Worldwide, Inc., Exit Term Loan |
5.240% | 1-Month LIBOR | 5.000% | 6/17/21 | N/R | 514,052 | |||||||||||||||||||||
| 3,752 | Alterra Mountain Company, Term Loan B, First Lien |
2.871% | 1-Month LIBOR | 2.750% | 7/31/24 | B2 | 3,738,841 | |||||||||||||||||||||
| 2,038 | Alterra Mountain Company, Term Loan, First Lien |
5.500% | 1-Month LIBOR | 4.500% | 8/01/26 | B | 2,054,927 | |||||||||||||||||||||
| 931 | Aramark Corporation, Term Loan |
1.871% | 1-Month LIBOR | 1.750% | 3/11/25 | BB+ | 926,672 | |||||||||||||||||||||
| 1,389 | Boyd Gaming Corporation, Refinancing Term Loan B |
2.342% | 1-Week LIBOR | 2.250% | 9/15/23 | BB– | 1,386,990 | |||||||||||||||||||||
| 21,916 | Burger King Corporation, Term Loan B4 |
1.871% | 1-Month LIBOR | 1.750% | 11/19/26 | BB+ | 21,801,461 | |||||||||||||||||||||
| 1,496 | Caesars Resort Collection, Term Loan |
4.621% | 1-Month LIBOR | 4.500% | 7/20/25 | B+ | 1,498,038 | |||||||||||||||||||||
| 10,395 | Caesars Resort Collection, Term Loan, First Lien |
2.871% | 1-Month LIBOR | 2.750% | 12/22/24 | B+ | 10,235,990 | |||||||||||||||||||||
| 1,050 | Carnival Corp, Term Loan B |
8.500% | 1-Month LIBOR | 7.500% | 6/30/25 | Ba2 | 1,084,990 | |||||||||||||||||||||
| 677 | Cineworld Group PLC, Priority Term Loan, (cash 7.000%, PIK 8.250%) |
7.000% | 3-Month LIBOR | 7.000% | 5/23/24 | B– | 844,006 | |||||||||||||||||||||
| 4,490 | CityCenter Holdings LLC, Term Loan B |
3.000% | 1-Month LIBOR | 2.250% | 4/18/24 | B+ | 4,440,942 | |||||||||||||||||||||
| 4,139 | ClubCorp Operations, Inc., Term Loan B |
3.004% | 3-Month LIBOR | 2.750% | 9/18/24 | B– | 3,855,973 | |||||||||||||||||||||
| 3,946 | Equinox Holdings, Inc., Term Loan B1 |
4.000% | 3-Month LIBOR | 3.000% | 3/08/24 | CCC | 3,523,121 | |||||||||||||||||||||
| 960 | Four Seasons Holdings, Inc., Term Loan B |
2.121% | 1-Month LIBOR | 2.000% | 11/30/23 | BB+ | 957,960 | |||||||||||||||||||||
| 4,340 | Golden Nugget LLC, Initial Term Loan B, (DD1) |
3.250% | 2-Month LIBOR | 2.500% | 10/04/23 | B | 4,264,959 | |||||||||||||||||||||
| 7,788 | Hilton Hotels, Term Loan B2 |
1.880% | 1-Month LIBOR | 1.750% | 6/21/26 | BBB– | 7,748,656 | |||||||||||||||||||||
| 4,900 | Life Time Fitness, Inc., Term Loan B, (WI/DD) |
TBD | TBD | TBD | TBD | B– | 4,847,227 | |||||||||||||||||||||
| 878 | PCI Gaming, Term Loan B |
2.621% | 1-Month LIBOR | 2.500% | 5/31/26 | BBB– | 876,438 | |||||||||||||||||||||
| 7,766 | Scientific Games Corp., Initial Term Loan B5 |
2.871% | 1-Month LIBOR | 2.750% | 8/14/24 | B+ | 7,648,732 | |||||||||||||||||||||
| 3,745 | Seaworld Parks and Entertainment, Inc., Term Loan B5 |
3.750% | 1-Month LIBOR | 3.000% | 3/31/24 | B2 | 3,675,597 | |||||||||||||||||||||
| 4,517 | Stars Group Holdings, Term Loan B |
3.754% | 3-Month LIBOR | 3.500% | 7/10/25 | BBB– | 4,536,131 | |||||||||||||||||||||
| 2,921 | Station Casinos LLC, Term Loan B |
2.500% | 1-Month LIBOR | 2.250% | 2/08/27 | BB– | 2,882,180 | |||||||||||||||||||||
| 1,955 | Wyndham International, Inc., Term Loan B |
1.871% | 1-Month LIBOR | 1.750% | 5/30/25 | BB+ | 1,945,636 | |||||||||||||||||||||
| 1,310 | Zaxby’s Operating Co LP, Initial Term Loan, First Lien |
4.500% | 1-Month LIBOR | 3.750% | 12/28/27 | B | 1,322,078 | |||||||||||||||||||||
| 97,874 | Total Hotels, Restaurants & Leisure |
96,611,597 | ||||||||||||||||||||||||||
| Household Durables – 0.6% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 1,675 | Apex Tool Group LLC, Third Amendment Term Loan |
6.500% | 1-Month LIBOR | 5.250% | 8/21/24 | B3 | 1,677,692 | |||||||||||||||||||||
| 100 | Serta Simmons Holdings LLC, First Out Term Loan |
8.500% | 1-Month LIBOR | 7.500% | 6/01/27 | N/R | 101,325 | |||||||||||||||||||||
| 923 | Serta Simmons Holdings LLC, Second Out Term Loan |
8.500% | 1-Month LIBOR | 7.500% | 6/01/27 | N/R | 855,714 | |||||||||||||||||||||
| 625 | Weber-Stephen Products LLC, Term Loan B |
4.000% | 1-Month LIBOR | 3.250% | 10/30/27 | B1 | 627,969 | |||||||||||||||||||||
| 3,323 | Total Household Durables |
3,262,700 | ||||||||||||||||||||||||||
| Household Products – 0.4% (0.2% of Total Investments) | ||||||||||||||||||||||||||||
| 2,241 | Reynolds Group Holdings, Inc., Term Loan, First Lien |
2.871% | 1-Month LIBOR | 2.750% | 2/05/23 | B+ | 2,244,612 | |||||||||||||||||||||
| Industrial Conglomerates – 0.3% (0.2% of Total Investments) | ||||||||||||||||||||||||||||
| 1,459 | Education Adisory Board, Term Loan, First Lien |
4.750% | 2-Month LIBOR | 3.750% | 9/29/24 | B2 | 1,459,844 | |||||||||||||||||||||
42
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| Insurance – 3.5% (2.2% of Total Investments) | ||||||||||||||||||||||||||||
| $ | 2,573 | Acrisure LLC, Term Loan B |
3.621% | 1-Month LIBOR | 3.500% | 2/15/27 | B | $ | 2,566,966 | |||||||||||||||||||
| 2,417 | Acrisure LLC, Term Loan B, (WI/DD) |
TBD | TBD | TBD | TBD | B | 2,392,983 | |||||||||||||||||||||
| 4,076 | Alliant Holdings I LLC, Term Loan B |
3.371% | 1-Month LIBOR | 3.250% | 5/10/25 | B | 4,062,221 | |||||||||||||||||||||
| 5,720 | Asurion LLC, New Term Loan B8 |
3.371% | 1-Month LIBOR | 3.250% | 12/23/26 | Ba3 | 5,698,817 | |||||||||||||||||||||
| 1,706 | Asurion LLC, Term Loan B6 |
3.121% | 3-Month LIBOR | 3.000% | 11/03/23 | Ba3 | 1,705,195 | |||||||||||||||||||||
| 8 | Hub International Holdings, Inc., Term Loan B |
2.910% | 2-Month LIBOR | 2.750% | 4/25/25 | B | 8,362 | |||||||||||||||||||||
| 3,276 | Hub International Holdings, Inc., Term Loan B |
2.965% | 3-Month LIBOR | 2.750% | 4/25/25 | B | 3,252,892 | |||||||||||||||||||||
| 698 | Ryan Specialty Group LLC, Term Loan B |
4.000% | 1-Month LIBOR | 3.250% | 9/01/27 | B1 | 700,872 | |||||||||||||||||||||
| 20,474 | Total Insurance |
20,388,308 | ||||||||||||||||||||||||||
| Interactive Media & Services – 2.7% (1.7% of Total Investments) | ||||||||||||||||||||||||||||
| 2,075 | Ancestry.com, Initial Term Loan |
4.500% | 1-Month LIBOR | 4.000% | 12/06/27 | B1 | 2,087,595 | |||||||||||||||||||||
| 11,545 | Rackspace Hosting, Inc., Refinancing Term Loan B, First Lien |
4.000% | 3-Month LIBOR | 3.000% | 11/03/23 | B+ | 11,562,294 | |||||||||||||||||||||
| 5 | WeddingWire, Inc., Term Loan |
4.659% | 2-Month LIBOR | 4.500% | 12/21/25 | B+ | 4,922 | |||||||||||||||||||||
| 1,955 | WeddingWire, Inc., Term Loan |
4.712% | 3-Month LIBOR | 4.500% | 12/21/25 | B+ | 1,924,453 | |||||||||||||||||||||
| 15,580 | Total Interactive Media & Services |
15,579,264 | ||||||||||||||||||||||||||
| Internet & Direct Marketing Retail – 1.0% (0.6% of Total Investments) | ||||||||||||||||||||||||||||
| 2,500 | 1-800 Contacts, Term Loan, First Lien |
4.500% | 6-Month LIBOR | 3.750% | 11/08/27 | B | 2,517,413 | |||||||||||||||||||||
| 2,879 | Uber Technologies, Inc., Term Loan |
5.000% | 1-Month LIBOR | 4.000% | 4/04/25 | B1 | 2,891,735 | |||||||||||||||||||||
| 562 | Uber Technologies, Inc., Term Loan |
3.621% | 1-Month LIBOR | 3.500% | 7/13/23 | B1 | 563,899 | |||||||||||||||||||||
| 5,941 | Total Internet & Direct Marketing Retail |
5,973,047 | ||||||||||||||||||||||||||
| Internet Software & Services – 1.8% (1.1% of Total Investments) | ||||||||||||||||||||||||||||
| 6,428 | Epicor Software Corporation, Term Loan, First Lien |
4.250% | 1-Month LIBOR | 3.250 | 7/31/27 | B2 | 6,469,390 | |||||||||||||||||||||
| 4,124 | Greeneden U.S. Holdings II LLC, Term Loan B |
4.750% | 1-Month LIBOR | 4.000% | 12/01/27 | B– | 4,144,852 | |||||||||||||||||||||
| 10,552 | Total Internet Software & Services |
10,614,242 | ||||||||||||||||||||||||||
| IT Services – 3.9% (2.5% of Total Investments) | ||||||||||||||||||||||||||||
| 1,202 | DTI Holdings, Inc., Replacement Term Loan B1 |
5.750% | 3-Month LIBOR | 4.750% | 9/30/23 | CCC+ | 1,140,852 | |||||||||||||||||||||
| 1,476 | GTT Communications, Inc., Term Loan, First Lien, (6) |
3.000% | 3-Month LIBOR | 2.750% | 5/31/25 | CCC | 1,182,928 | |||||||||||||||||||||
| 1,290 | KBR, Inc., New Term Loan B |
2.871% | 1-Month LIBOR | 2.750% | 2/07/27 | Ba1 | 1,291,863 | |||||||||||||||||||||
| 810 | Neustar, Inc., Term Loan B4, First Lien |
4.500% | 3.500% | 8/08/24 | B+ | 794,055 | ||||||||||||||||||||||
| 3,550 | Sabre, Inc., Term Loan B |
2.121% | 1-Month LIBOR | 2.000% | 2/22/24 | Ba3 | 3,511,937 | |||||||||||||||||||||
| 841 | Science Applications International Corporation, Term Loan B |
1.996% | 1-Month LIBOR | 1.875% | 10/31/25 | BB+ | 841,862 | |||||||||||||||||||||
| 3,500 | Syniverse Holdings, Inc., Initial Term Loan, Second Lien |
10.000% | 3-Month LIBOR | 9.000% | 3/11/24 | CCC– | 2,294,442 | |||||||||||||||||||||
| 3,235 | Syniverse Holdings, Inc., Term Loan C |
6.000% | 3-Month LIBOR | 5.000% | 3/09/23 | CCC+ | 2,961,208 | |||||||||||||||||||||
| 2,124 | Tempo Acquisition, LLC, Extended Term Loan B |
3.750% | 1-Month LIBOR | 3.250% | 10/31/26 | B1 | 2,125,732 | |||||||||||||||||||||
| 14 | West Corporation, Term Loan B |
5.000% | 1-Month LIBOR | 4.000% | 10/10/24 | BB– | 13,532 | |||||||||||||||||||||
| 5,311 | West Corporation, Term Loan B |
5.000% | 3-Month LIBOR | 4.000% | 10/10/24 | BB– | 5,236,720 | |||||||||||||||||||||
| 1,433 | WEX, Inc., Term Loan B3 |
2.397% | 1-Month LIBOR | 2.250% | 5/17/26 | Ba2 | 1,435,013 | |||||||||||||||||||||
| 24,786 | Total IT Services |
22,830,144 | ||||||||||||||||||||||||||
| Life Sciences Tools & Services – 2.7% (1.7% of Total Investments) | ||||||||||||||||||||||||||||
| 252 | Inventiv Health, Inc., Term Loan B |
1.871% | 1-Month LIBOR | 1.750% | 8/01/24 | BB | 252,549 | |||||||||||||||||||||
| 7,409 | Parexel International Corp., Term Loan B |
2.807% | 1-Month LIBOR | 2.750% | 9/27/24 | B1 | 7,411,091 | |||||||||||||||||||||
| 7,716 | PPD, Inc., Term Loan B |
2.750% | 1-Month LIBOR | 2.250% | 1/13/28 | Ba2 | 7,760,661 | |||||||||||||||||||||
| 15,377 | Total Life Sciences Tools & Services |
15,424,301 | ||||||||||||||||||||||||||
| Machinery – 1.2% (0.8% of Total Investments) | ||||||||||||||||||||||||||||
| 1,500 | Alliance Laundry Systems LLC, Term Loan B |
4.250% | 3-Month LIBOR | 3.500% | 10/08/27 | B | 1,507,185 | |||||||||||||||||||||
| 2,030 | Gardner Denver, Inc., Extended Term Loan B |
1.871% | 1-Month LIBOR | 1.750% | 2/28/27 | Ba2 | 2,022,458 | |||||||||||||||||||||
| 261 | Gardner Denver, Inc., New Term Loan B |
2.871% | 1-Month LIBOR | 2.750% | 1/31/27 | BB+ | 262,006 | |||||||||||||||||||||
| 1,174 | Gates Global LLC, Term Loan B |
3.750% | 1-Month LIBOR | 2.750% | 4/01/24 | B1 | 1,175,492 | |||||||||||||||||||||
| 81 | NN, Inc., Extended 2017 Incremental Term Loan |
5.871% | 1-Month LIBOR | 5.750% | 10/19/22 | B+ | 81,319 | |||||||||||||||||||||
| 178 | NN, Inc., Term Loan |
6.500% | 1-Month LIBOR | 5.750% | 10/19/22 | B+ | 178,070 | |||||||||||||||||||||
| 1,746 | Thyssenkrupp Elevator, Term Loan B |
4.478% | 6-Month LIBOR | 4.250% | 7/31/27 | B1 | 1,764,294 | |||||||||||||||||||||
| 6,970 | Total Machinery |
6,990,824 | ||||||||||||||||||||||||||
| Marine – 0.3% (0.2% of Total Investments) | ||||||||||||||||||||||||||||
| 3,096 | Harvey Gulf International Marine, Inc., Exit Term Loan |
7.000% | 3-Month LIBOR | 6.000% | 7/02/23 | Caa1 | 1,725,821 | |||||||||||||||||||||
43
| JFR | Nuveen Floating Rate Income Fund (continued) | |
| Portfolio of Investments January 31, 2021 | ||
| (Unaudited) | ||
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| Media – 15.5% (9.7% of Total Investments) | ||||||||||||||||||||||||||||
| $ | 682 | Catalina Marketing Corporation, First Out Term Loan |
8.500% | 1-Month LIBOR | 7.500% | 2/15/23 | N/R | $ | 549,020 | |||||||||||||||||||
| 1,095 | Catalina Marketing Corporation, Last Out Term Loan, (cash 2.000%, PIK 9.500%) |
11.500% | 1-Month LIBOR | 1.000% | 8/15/23 | N/R | 325,119 | |||||||||||||||||||||
| 349 | CBS Radio, Inc., Term Loan B2 |
2.623% | 1-Month LIBOR | 2.500% | 11/17/24 | BB– | 345,160 | |||||||||||||||||||||
| 6,871 | Cequel Communications LLC, Term Loan B |
2.377% | 1-Month LIBOR | 2.250% | 1/15/26 | BB | 6,843,318 | |||||||||||||||||||||
| 4,869 | Charter Communications Operating Holdings LLC, Term Loan B2 |
1.880% | 1-Month LIBOR | 1.750% | 2/01/27 | BBB– | 4,869,905 | |||||||||||||||||||||
| 11,650 | Clear Channel Outdoor Holdings, Inc., Term Loan B |
3.712% | 3-Month LIBOR | 3.500% | 8/21/26 | B1 | 11,391,174 | |||||||||||||||||||||
| 30 | Clear Channel Outdoor Holdings, Inc., Term Loan B |
3.659% | 2-Month LIBOR | 3.500% | 8/21/26 | B1 | 28,911 | |||||||||||||||||||||
| 2,845 | CSC Holdings LLC, Refinancing Term Loan |
2.377% | 1-Month LIBOR | 2.250% | 7/17/25 | BB | 2,833,834 | |||||||||||||||||||||
| 6,581 | CSC Holdings, LLC, Term Loan B5 |
2.627% | 1-Month LIBOR | 2.500% | 4/15/27 | Ba3 | 6,562,457 | |||||||||||||||||||||
| 688 | Cumulus Media, Inc., Term Loan B |
4.750% | 3-Month LIBOR | 3.750% | 3/31/26 | B | 689,865 | |||||||||||||||||||||
| 983 | EW Scripps, Term Loan B2 |
3.313% | 1-Month LIBOR | 2.562% | 5/01/26 | BB | 979,644 | |||||||||||||||||||||
| 830 | Gray Television, Inc., Term Loan B2 |
2.394% | 1-Month LIBOR | 2.250% | 2/07/24 | BB+ | 827,046 | |||||||||||||||||||||
| 850 | Gray Television, Inc., Term Loan C |
2.644% | 1-Month LIBOR | 2.500% | 1/02/26 | BB+ | 849,643 | |||||||||||||||||||||
| 713 | Houghton Mifflin Harcourt, Term Loan |
7.250% | 1-Month LIBOR | 6.250% | 11/22/24 | B | 700,541 | |||||||||||||||||||||
| 6,832 | iHeartCommunications Inc., Term Loan B |
3.121% | 1-Month LIBOR | 3.000% | 5/01/26 | B+ | 6,760,122 | |||||||||||||||||||||
| 2,506 | Intelsat Jackson Holdings, S.A., DIP Term Loan, (6) |
3.600% | 3-Month LIBOR | 3.600% | 7/13/21 | N/R | 2,554,280 | |||||||||||||||||||||
| 8,552 | Intelsat Jackson Holdings, S.A., Term Loan B, (6) |
8.000% | Prime | 4.750% | 11/27/23 | N/R | 8,680,906 | |||||||||||||||||||||
| 1,608 | LCPR Loan Financing LLC, Term Loan B |
5.127% | 1-Month LIBOR | 5.000% | 10/15/26 | BB– | 1,625,921 | |||||||||||||||||||||
| 5,478 | MCGRAW HILL LLC, Term Loan B, First Lien |
5.750% | 3-Month LIBOR | 4.750% | 11/01/24 | BB | 5,404,215 | |||||||||||||||||||||
| 687 | Meredith Corporation, Incremental Term Loan B |
5.250% | 3-Month LIBOR | 4.250% | 1/31/25 | BB– | 700,926 | |||||||||||||||||||||
| 3,315 | Meredith Corporation, Term Loan B2 |
2.621% | 1-Month LIBOR | 2.500% | 1/31/25 | BB– | 3,298,078 | |||||||||||||||||||||
| 1,294 | Nexstar Broadcasting, Inc., Term Loan B |
2.894% | 1-Month LIBOR | 2.750% | 9/19/26 | BB | 1,297,173 | |||||||||||||||||||||
| 3,398 | Nexstar Broadcasting, Inc., Term Loan B3 |
2.371% | 1-Month LIBOR | 2.250% | 1/17/24 | BB | 3,399,141 | |||||||||||||||||||||
| 417 | Red Ventures, Term Loan B |
2.621% | 1-Month LIBOR | 2.500% | 11/08/24 | BB | 413,357 | |||||||||||||||||||||
| 4,197 | Sinclair Television Group, Term Loan B2 |
2.380% | 1-Month LIBOR | 2.250% | 1/03/24 | Ba2 | 4,175,574 | |||||||||||||||||||||
| 1,234 | Sinclair Television Group, Term Loan B2 |
2.630% | 1-Month LIBOR | 2.500% | 9/30/26 | Ba2 | 1,231,295 | |||||||||||||||||||||
| 2,830 | Virgin Media Bristol LLC, Term Loan, First Lien, (WI/DD) |
TBD | TBD | TBD | TBD | BB– | 2,838,844 | |||||||||||||||||||||
| 3,236 | WideOpenWest Finance LLC, Term Loan B |
4.250% | 1-Month LIBOR | 3.250% | 8/19/23 | B | 3,238,696 | |||||||||||||||||||||
| 6,689 | Ziggo B.V., Term Loan |
2.627% | 1-Month LIBOR | 2.500% | 4/30/28 | BB | 6,660,137 | |||||||||||||||||||||
| 91,309 | Total Media |
90,074,302 | ||||||||||||||||||||||||||
| Multiline Retail – 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 2,743 | Belk, Inc., Term Loan, First Lien |
7.750% | 3-Month LIBOR | 6.750% | 7/31/25 | Caa1 | 1,207,072 | |||||||||||||||||||||
| 1,945 | EG America LLC, Term Loan, First Lien |
4.254% | 3-Month LIBOR | 4.000% | 2/05/25 | B– | 1,945,202 | |||||||||||||||||||||
| 4,688 | Total Multiline Retail |
3,152,274 | ||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 1.9% (1.1% of Total Investments) | ||||||||||||||||||||||||||||
| 959 | BCP Renaissance Parent, Term Loan B |
4.500% | 3-Month LIBOR | 3.500% | 11/01/24 | B+ | 940,870 | |||||||||||||||||||||
| 3,077 | Buckeye Partners, Term Loan, First Lien |
2.897% | 1-Month LIBOR | 2.750% | 11/01/26 | BBB– | 3,081,657 | |||||||||||||||||||||
| 1,670 | Fieldwood Energy LLC, DIP Term Loan, (6), (7) |
3.000% | 1-Month LIBOR | 3.000% | 8/05/21 | N/R | 1,707,618 | |||||||||||||||||||||
| 11,742 | Fieldwood Energy LLC, Exit Term Loan, (DD1), (6) |
3.000% | 1-Month LIBOR | 3.000% | 4/11/22 | N/R | 3,048,078 | |||||||||||||||||||||
| 4,881 | Fieldwood Energy LLC, Exit Term Loan, second Lien, (6) |
0.000% | N/A | N/A | 4/11/23 | N/R | 6,102 | |||||||||||||||||||||
| 2,491 | Gulf Finance, LLC, Term Loan B |
6.250% | 1-Month LIBOR | 5.250% | 8/25/23 | CCC+ | 1,938,372 | |||||||||||||||||||||
| 420 | Peabody Energy Corporation, Term Loan B |
2.871% | 1-Month LIBOR | 2.750% | 3/31/25 | Caa1 | 217,053 | |||||||||||||||||||||
| 25,240 | Total Oil, Gas & Consumable Fuels |
10,939,750 | ||||||||||||||||||||||||||
| Paper & Forest Products – 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 2,693 | Asplundh, Term Loan B |
2.621% | 1-Month LIBOR | 2.500% | 9/04/27 | BBB– | 2,704,467 | |||||||||||||||||||||
| Personal Products – 1.0% (0.6% of Total Investments) | ||||||||||||||||||||||||||||
| 3,315 | Coty, Inc., Term Loan A |
1.882% | 1-Month LIBOR | 1.750% | 4/05/23 | B | 3,157,905 | |||||||||||||||||||||
| 164 | Coty, Inc., Term Loan B |
2.382% | 1-Month LIBOR | 2.250% | 4/05/25 | B | 154,716 | |||||||||||||||||||||
| 50 | Revlon Consumer Products Corporation, Term Loan B, First Lien, (DD1), (5) |
4.250% | 2-Month LIBOR | 3.500% | 9/07/23 | CC | 11,265 | |||||||||||||||||||||
| 5,101 | Revlon Consumer Products Corporation, Term Loan B, First Lien, (DD1), (5) |
4.250% | 3-Month LIBOR | 3.500% | 9/07/23 | CC | 2,701,050 | |||||||||||||||||||||
| 8,630 | Total Personal Products |
6,024,936 | ||||||||||||||||||||||||||
44
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| Pharmaceuticals – 5.3% (3.3% of Total Investments) | ||||||||||||||||||||||||||||
| $ | 1,284 | Alphabet Holding Company, Inc., Initial Term Loan, First Lien |
3.621% | 1-Month LIBOR | 3.500% | 9/28/24 | B– | $ | 1,283,017 | |||||||||||||||||||
| 1,975 | Amneal Pharmaceuticals LLC, Initial Term Loan |
3.625% | 1-Month LIBOR | 3.500% | 5/04/25 | B | 1,961,102 | |||||||||||||||||||||
| 5,311 | Concordia Healthcare Corp, Exit Term Loan |
6.500% | 1-Week LIBOR | 5.500% | 9/06/24 | B– | 5,308,289 | |||||||||||||||||||||
| 1,188 | Elanco Animal Health, Term Loan B |
1.894% | 1-Month LIBOR | 1.750% | 8/01/27 | Baa3 | 1,187,170 | |||||||||||||||||||||
| 3,721 | Endo Health Solutions, Inc., Term Loan B |
5.000% | 3-Month LIBOR | 4.250% | 4/29/24 | B+ | 3,702,829 | |||||||||||||||||||||
| 4,639 | Mallinckrodt International Finance S.A., Term Loan B, First Lien, (DD1), (6) |
5.500% | 6-Month LIBOR | 4.750% | 9/24/24 | D | 4,383,767 | |||||||||||||||||||||
| 1,421 | Mallinckrodt International Finance S.A., Term Loan, First Lien, (6) |
5.750% | 3-Month LIBOR | 5.000% | 2/24/25 | D | 1,340,480 | |||||||||||||||||||||
| 1,250 | Milano, Term Loan B |
4.750% | 3-Month LIBOR | 4.000% | 10/01/27 | B+ | 1,255,475 | |||||||||||||||||||||
| 3,687 | Valeant Pharmaceuticals International, Inc., Term Loan B |
2.871% | 1-Month LIBOR | 2.750% | 11/27/25 | BB | 3,687,739 | |||||||||||||||||||||
| 6,539 | Valeant Pharmaceuticals International, Inc., Term Loan, First Lien |
3.121% | 1-Month LIBOR | 3.000% | 6/02/25 | BB | 6,552,847 | |||||||||||||||||||||
| 31,015 | Total Pharmaceuticals |
30,662,715 | ||||||||||||||||||||||||||
| Professional Services – 1.3% (0.8% of Total Investments) | ||||||||||||||||||||||||||||
| 2,206 | Ceridian HCM Holding, Inc., Term Loan B |
2.592% | 1-Week LIBOR | 2.500% | 4/30/25 | B+ | 2,205,102 | |||||||||||||||||||||
| 1,114 | Creative Artists Agency, LLC, Term Loan B |
3.871% | 1-Month LIBOR | 3.750% | 11/26/26 | B | 1,108,320 | |||||||||||||||||||||
| 3,415 | Nielsen Finance LLC, Term Loan B4 |
2.133% | 1-Month LIBOR | 2.000% | 10/04/23 | BBB– | 3,411,985 | |||||||||||||||||||||
| 746 | On Assignment, Inc., Term Loan B3 |
1.871% | 1-Month LIBOR | 1.750% | 4/02/25 | BBB– | 748,369 | |||||||||||||||||||||
| 7,481 | Total Professional Services |
7,473,776 | ||||||||||||||||||||||||||
| Real Estate Management & Development – 1.7% (1.1% of Total Investments) | ||||||||||||||||||||||||||||
| 4,482 | GGP, Initial Term Loan A2 |
3.121% | 1-Month LIBOR | 3.000% | 8/24/23 | BB+ | 4,400,926 | |||||||||||||||||||||
| 3,650 | TNT Crane and Rigging, Inc., Exit Term Loan |
7.500% | 3-Month LIBOR | 6.500% | 10/16/24 | B+ | 3,820,327 | |||||||||||||||||||||
| 1,817 | Trico Group, LLC, Tranche Term Loan B2, First Lien |
8.500% | 3-Month LIBOR | 7.500% | 2/02/24 | B3 | 1,854,280 | |||||||||||||||||||||
| 9,949 | Total Real Estate Management & Development |
10,075,533 | ||||||||||||||||||||||||||
| Road & Rail – 3.1% (1.9% of Total Investments) | ||||||||||||||||||||||||||||
| 2,279 | Avolon LLC, Term Loan B3 |
2.500% | 1-Month LIBOR | 1.750% | 1/15/25 | Baa2 | 2,276,850 | |||||||||||||||||||||
| 2,481 | Genesee & Wyoming Inc., Term Loan, First Lien |
2.254% | 3-Month LIBOR | 2.000% | 12/30/26 | BB+ | 2,482,801 | |||||||||||||||||||||
| 1,500 | Hertz Corporation, Term Loan, (WI/DD), (6), (7) |
TBD | TBD | TBD | TBD | N/R | 1,481,250 | |||||||||||||||||||||
| 4,231 | Hertz Corporation, Term Loan B1, (DD1), (6) |
3.500% | 1-Month LIBOR | 2.750% | 6/30/23 | N/R | 4,186,353 | |||||||||||||||||||||
| 783 | Hertz Corporation, The DIP Term Loan, (DD1) |
8.250% | 1-Month LIBOR | 7.250% | 12/31/21 | N/R | 802,914 | |||||||||||||||||||||
| 4,384 | Hertz Corporation, The DIP Term Loan, (DD1), (7) |
3.750% | 1-Month LIBOR | 3.750% | 12/31/21 | N/R | 4,496,321 | |||||||||||||||||||||
| 1,900 | Quality Distribution, Incremental Term Loan, First Lien |
6.500% | 3-Month LIBOR | 5.500% | 8/18/22 | B– | 1,896,447 | |||||||||||||||||||||
| 74 | Savage Enterprises LLC, Term Loan B |
3.130% | 1-Month LIBOR | 3.000% | 8/01/25 | BB | 74,206 | |||||||||||||||||||||
| 17,632 | Total Road & Rail |
17,697,142 | ||||||||||||||||||||||||||
| Semiconductors & Semiconductor Equipment – 1.0% (0.6% of Total Investments) | ||||||||||||||||||||||||||||
| 877 | Cabot Microelectronics, Term Loan B1 |
2.125% | 1-Month LIBOR | 2.000% | 11/15/25 | N/R | 878,905 | |||||||||||||||||||||
| 4,834 | Lumileds, Term Loan B |
4.500% | 6-Month LIBOR | 3.500% | 6/30/24 | CCC | 2,853,055 | |||||||||||||||||||||
| 1,996 | ON Semiconductor Corporation, New Replacement Term Loan B4 |
2.121% | 1-Month LIBOR | 2.000% | 9/19/26 | BB+ | 2,003,516 | |||||||||||||||||||||
| 7,707 | Total Semiconductors & Semiconductor Equipment |
5,735,476 | ||||||||||||||||||||||||||
| Software – 9.9% (6.2% of Total Investments) | ||||||||||||||||||||||||||||
| 1,160 | Autodata Solutions, Term Loan, First Lien |
3.621% | 1-Month LIBOR | 3.500% | 5/30/26 | BB– | 1,159,657 | |||||||||||||||||||||
| 2,074 | Blackboard, Inc., Term Loan B5, First Lien |
7.000% | 3-Month LIBOR | 6.000% | 6/30/24 | B | 2,071,583 | |||||||||||||||||||||
| 1,103 | Blue Yonder, Term Loan B |
4.000% | 1-Month LIBOR | 3.000% | 1/30/26 | B– | 1,105,641 | |||||||||||||||||||||
| 2,487 | BMC Software, Inc., Term Loan B |
4.371% | 1-Month LIBOR | 4.250% | 10/02/25 | B2 | 2,487,783 | |||||||||||||||||||||
| 3,674 | DiscoverOrg LLC, Term Loan B |
3.897% | 1-Month LIBOR | 3.750% | 2/01/26 | N/R | 3,692,215 | |||||||||||||||||||||
| 954 | Dynatrace LLC, Term Loan, First Lien |
2.371% | 1-Month LIBOR | 2.250% | 8/23/25 | BB– | 957,155 | |||||||||||||||||||||
| 2,927 | Ellucian, Term Loan, First Lien |
4.500% | 3-Month LIBOR | 3.750% | 10/07/27 | B | 2,942,094 | |||||||||||||||||||||
| 673 | Globallogic Holdings, Inc., Incremental Term Loan B2 |
4.500% | 1-Month LIBOR | 3.750% | 9/14/27 | B | 674,154 | |||||||||||||||||||||
| 683 | Greenway Health, Term Loan, First Lien |
4.750% | 3-Month LIBOR | 3.750% | 2/16/24 | B– | 645,750 | |||||||||||||||||||||
| 3,000 | Infoblox, Term Loan, First Lien |
4.500% | 6-Month LIBOR | 3.750% | 12/01/27 | B2 | 3,017,655 | |||||||||||||||||||||
| 3,451 | Informatica LLC, Term Loan, First Lien |
3.371% | 1-Month LIBOR | 3.250% | 2/14/27 | B1 | 3,449,029 | |||||||||||||||||||||
| 3,157 | McAfee LLC, Term Loan B |
3.871% | 1-Month LIBOR | 3.750% | 9/29/24 | BB | 3,171,208 | |||||||||||||||||||||
| 1,569 | Micro Focus International PLC, New Term Loan |
2.871% | 1-Month LIBOR | 2.750% | 6/21/24 | BB– | 1,561,236 | |||||||||||||||||||||
| 10,596 | Micro Focus International PLC, Term Loan B |
2.871% | 1-Month LIBOR | 2.750% | 6/21/24 | BB | 10,543,409 | |||||||||||||||||||||
| 2,179 | Micro Focus International PLC, Term Loan B4 |
5.250% | 3-Month LIBOR | 4.250% | 6/05/25 | BB | 2,214,863 | |||||||||||||||||||||
| 3,305 | Misys, New Term Loan, First Lien, (DD1) |
4.500% | 3-Month LIBOR | 3.500% | 6/13/24 | BB– | 3,253,932 | |||||||||||||||||||||
45
| JFR | Nuveen Floating Rate Income Fund (continued) | |
| Portfolio of Investments January 31, 2021 | ||
| (Unaudited) | ||
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| Software (continued) | ||||||||||||||||||||||||||||
| $ | 1,291 | Misys, New Term Loan, First Lien, (DD1) |
4.500% | 6-Month LIBOR | 3.500% | 6/13/24 | BB– | $ | 1,270,570 | |||||||||||||||||||
| 496 | Mitchell International, Inc., Initial Term Loan, First Lien |
3.371% | 1-Month LIBOR | 3.250% | 11/29/24 | B2 | 491,189 | |||||||||||||||||||||
| 667 | Mitchell International, Inc., Initial Term Loan, Second Lien |
7.371% | 1-Month LIBOR | 7.250% | 11/30/25 | CCC | 658,470 | |||||||||||||||||||||
| 1,679 | Perforce Software Inc., Term Loan, First Lien |
3.871% | 1-Month LIBOR | 3.750% | 7/01/26 | B– | 1,677,743 | |||||||||||||||||||||
| 215 | Skillsoft, Exit Term Loan |
8.500% | 1-Month LIBOR | 7.500% | 4/28/21 | N/R | 220,725 | |||||||||||||||||||||
| 245 | Skillsoft, First-Out Rolled Up Exit Term Loan |
8.500% | 3-Month LIBOR | 7.500% | 12/27/24 | B+ | 252,097 | |||||||||||||||||||||
| 1,488 | Skillsoft, Takeback Second-Out Term Loan |
8.500% | 3-Month LIBOR | 7.500% | 4/27/25 | B– | 1,488,406 | |||||||||||||||||||||
| 1,850 | SS&C Technologies, Inc./ Sunshine Acquisition II, Inc., New Term Loan B3 |
1.871% | 1-Month LIBOR | 1.750% | 4/16/25 | BB+ | 1,843,915 | |||||||||||||||||||||
| 1,409 | SS&C Technologies, Inc./ Sunshine Acquisition II, Inc., New Term Loan B4 |
1.871% | 1-Month LIBOR | 1.750% | 4/16/25 | BB+ | 1,404,104 | |||||||||||||||||||||
| 931 | Thomson Reuters IP & S, Term Loan B |
3.121% | 1-Month LIBOR | 3.000% | 10/31/26 | B | 933,894 | |||||||||||||||||||||
| 1,652 | TIBCO Software, Inc., Term Loan, First Lien |
3.880% | 1-Month LIBOR | 3.750% | 7/03/26 | B+ | 1,652,142 | |||||||||||||||||||||
| 988 | Ultimate Software, Term Loan, First Lien |
3.871% | 1-Month LIBOR | 3.750% | 5/03/26 | B1 | 991,825 | |||||||||||||||||||||
| 1,305 | Ultimate Software,Term Loan B |
4.750% | 3-Month LIBOR | 4.000% | 5/03/26 | B1 | 1,312,665 | |||||||||||||||||||||
| 499 | Xperi Holding Corp, Term Loan B |
4.121% | 1-Month LIBOR | 4.000% | 6/01/25 | BB– | 504,216 | |||||||||||||||||||||
| 57,707 | Total Software |
57,649,325 | ||||||||||||||||||||||||||
| Specialty Retail – 2.4% (1.5% of Total Investments) | ||||||||||||||||||||||||||||
| 1,000 | Academy, LTD., Term Loan, First Lien |
5.750% | 1-Month LIBOR | 5.000% | 11/06/27 | B | 1,010,000 | |||||||||||||||||||||
| 1,420 | Mattress Firm, Inc., Term Loan B |
6.250% | 3-Month LIBOR | 5.250% | 11/25/27 | B+ | 1,437,310 | |||||||||||||||||||||
| 1,722 | Petco Animal Supplies, Inc., Term Loan B1, (DD1) |
4.250% | 3-Month LIBOR | 3.250% | 1/26/23 | B2 | 1,722,038 | |||||||||||||||||||||
| 8,920 | Petsmart Inc., Term Loan B, (WI/DD) |
TBD | TBD | TBD | TBD | BB– | 8,830,800 | |||||||||||||||||||||
| 778 | Staples, Inc., Term Loan |
5.214% | 3-Month LIBOR | 5.000% | 4/12/26 | B | 763,923 | |||||||||||||||||||||
| 13,840 | Total Specialty Retail |
13,764,071 | ||||||||||||||||||||||||||
| Technology Hardware, Storage & Peripherals – 2.7% (1.7% of Total Investments) | ||||||||||||||||||||||||||||
| 1,977 | Ahead, Term Loan B |
6.000% | 3-Month LIBOR | 5.000% | 10/16/27 | B1 | 1,994,714 | |||||||||||||||||||||
| 2,530 | Conduent, Inc., Term Loan A |
1.871% | 1-Month LIBOR | 1.750% | 12/07/22 | BB– | 2,436,977 | |||||||||||||||||||||
| 8,525 | Dell International LLC, Refinancing Term Loan B1 |
2.750% | 1-Month LIBOR | 2.000% | 9/19/25 | Baa3 | 8,552,050 | |||||||||||||||||||||
| 782 | NCR Corporation, Term Loan B |
2.720% | 3-Month LIBOR | 2.500% | 8/28/26 | BB+ | 781,676 | |||||||||||||||||||||
| 997 | Tech Data Corporation, Asset Based Term Loan |
3.621% | 1-Month LIBOR | 3.500% | 7/01/25 | BBB– | 1,005,355 | |||||||||||||||||||||
| 988 | Western Digital, Term Loan B |
1.871% | 1-Month LIBOR | 1.750% | 4/29/23 | BBB– | 991,901 | |||||||||||||||||||||
| 15,799 | Total Technology Hardware, Storage & Peripherals |
15,762,673 | ||||||||||||||||||||||||||
| Textiles, Apparel & Luxury Goods – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 1,035 | Careismatic, Term Loan, First Lien, (WI/DD) |
TBD | TBD | TBD | TBD | B1 | 1,035,000 | |||||||||||||||||||||
| 293 | Samsonite Corporation, Incremental Term Loan B2 |
5.500% | 1-Month LIBOR | 4.500% | 4/25/25 | Ba2 | 295,455 | |||||||||||||||||||||
| 1,328 | Total Textiles, Apparel & Luxury Goods |
1,330,455 | ||||||||||||||||||||||||||
| Trading Companies & Distributors – 0.4% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 838 | Hayward Industries, Inc., Initial Term Loan, First Lien |
3.621% | 1-Month LIBOR | 3.500% | 8/04/24 | B | 836,093 | |||||||||||||||||||||
| 278 | HD Supply Waterworks, Ltd., Term Loan B |
3.750% | 3-Month LIBOR | 2.750% | 8/01/24 | B | 277,731 | |||||||||||||||||||||
| 1,410 | Univar, Inc., Term Loan B |
2.371% | 1-Month LIBOR | 2.250% | 7/01/24 | BB+ | 1,414,334 | |||||||||||||||||||||
| 2,526 | Total Trading Companies & Distributors |
2,528,158 | ||||||||||||||||||||||||||
| Transportation Infrastructure – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 980 | Atlantic Aviation FBO Inc., Term Loan |
3.880% | 1-Month LIBOR | 3.750% | 12/06/25 | BB | 981,534 | |||||||||||||||||||||
| $ | 785,998 | Total Variable Rate Senior Loan Interests (cost $764,025,729) |
|
752,570,748 | ||||||||||||||||||||||||
| Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||||||||||
| CORPORATE BONDS – 13.5% (8.4% of Total Investments) |
| |||||||||||||||||||||||||||
| Aerospace & Defense – 1.3% (0.8% of Total Investments) | ||||||||||||||||||||||||||||
| $ | 2,695 | Bombardier Inc, 144A |
5.750% | 3/15/22 | B | $ | 2,765,744 | |||||||||||||||||||||
| 3,370 | Bombardier Inc, 144A |
6.000% | 10/15/22 | B | 3,344,725 | |||||||||||||||||||||||
| 720 | Bombardier Inc, 144A |
6.125% | 1/15/23 | B | 723,024 | |||||||||||||||||||||||
| 480 | Bombardier Inc, 144A |
7.500% | 12/01/24 | CCC | 462,000 | |||||||||||||||||||||||
| 7,265 | Total Aerospace & Defense |
7,295,493 | ||||||||||||||||||||||||||
46
| Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||||||||||
| Auto Components – 0.9% (0.6% of Total Investments) | ||||||||||||||||||||||||||||
| $ | 2,740 | Adient Global Holdings Ltd, 144A |
4.875% | 8/15/26 | B | $ | 2,774,250 | |||||||||||||||||||||
| 2,025 | Adient US LLC, 144A |
9.000% | 4/15/25 | Ba3 | 2,265,469 | |||||||||||||||||||||||
| 4,765 | Total Auto Components |
5,039,719 | ||||||||||||||||||||||||||
| Chemicals – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 840 | Olin Corp, 144A |
9.500% | 6/01/25 | BB– | 1,045,170 | |||||||||||||||||||||||
| Communications Equipment – 0.3% (0.2% of Total Investments) | ||||||||||||||||||||||||||||
| 1,000 | CommScope Inc, 144A |
8.250% | 3/01/27 | B– | 1,076,940 | |||||||||||||||||||||||
| 1,000 | CommScope Technologies LLC, 144A |
5.000% | 3/15/27 | B– | 991,250 | |||||||||||||||||||||||
| 2,000 | Total Communications Equipment |
2,068,190 | ||||||||||||||||||||||||||
| Diversified Telecommunication Services – 0.4% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 1,500 | Avaya Inc, 144A |
6.125% | 9/15/28 | B | 1,594,372 | |||||||||||||||||||||||
| 845 | Windstream Escrow LLC / Windstream Escrow Finance Corp, 144A |
7.750% | 8/15/28 | B | 855,563 | |||||||||||||||||||||||
| 2,345 | Total Diversified Telecommunication Services |
2,449,935 | ||||||||||||||||||||||||||
| Electric Utilities – 2.8% (1.7% of Total Investments) | ||||||||||||||||||||||||||||
| 4,250 | Bruce Mansfield Unit 1 2007 Pass-Through Trust, (6) |
6.850% | 6/01/34 | N/R | 5,312 | |||||||||||||||||||||||
| 1,025 | Pacific Gas and Electric Co |
3.850% | 11/15/23 | BBB– | 1,094,010 | |||||||||||||||||||||||
| 637 | Pacific Gas and Electric Co |
3.450% | 7/01/25 | BBB– | 689,084 | |||||||||||||||||||||||
| 4,932 | Pacific Gas and Electric Co |
3.150% | 1/01/26 | BBB– | 5,269,589 | |||||||||||||||||||||||
| 590 | Pacific Gas and Electric Co |
3.300% | 12/01/27 | BBB– | 636,862 | |||||||||||||||||||||||
| 637 | Pacific Gas and Electric Co |
3.750% | 7/01/28 | BBB– | 699,311 | |||||||||||||||||||||||
| 633 | Pacific Gas and Electric Co |
4.550% | 7/01/30 | BBB– | 721,901 | |||||||||||||||||||||||
| 6,409 | Pacific Gas and Electric Co |
4.500% | 7/01/40 | BBB– | 7,009,012 | |||||||||||||||||||||||
| 19,113 | Total Electric Utilities |
16,125,081 | ||||||||||||||||||||||||||
| Energy Equipment & Services – 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 1,055 | Bausch Health Cos Inc, 144A |
6.125% | 4/15/25 | B | 1,080,911 | |||||||||||||||||||||||
| 2,425 | Nabors Industries Ltd, 144A |
7.250% | 1/15/26 | B– | 1,965,584 | |||||||||||||||||||||||
| 3,480 | Total Energy Equipment & Services |
3,046,495 | ||||||||||||||||||||||||||
| Entertainment – 0.4% (0.2% of Total Investments) | ||||||||||||||||||||||||||||
| 2,025 | AMC Entertainment Holdings Inc, 144A |
10.500% | 4/15/25 | CCC | 2,071,828 | |||||||||||||||||||||||
| Equity Real Estate Investment Trust – 0.7% (0.5% of Total Investments) | ||||||||||||||||||||||||||||
| 3,880 | Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC, 144A |
7.875% | 2/15/25 | B | 4,165,005 | |||||||||||||||||||||||
| Gas Utilities – 0.8% (0.5% of Total Investments) | ||||||||||||||||||||||||||||
| 4,010 | Ferrellgas LP / Ferrellgas Finance Corp, 144A |
10.000% | 4/15/25 | B3 | 4,466,138 | |||||||||||||||||||||||
| Health Care Providers & Services – 1.1% (0.7% of Total Investments) | ||||||||||||||||||||||||||||
| 1,190 | AHP Health Partners Inc, 144A |
9.750% | 7/15/26 | CCC+ | 1,303,050 | |||||||||||||||||||||||
| 1,000 | CHS/Community Health Systems Inc, 144A |
9.875% | 6/30/23 | CCC– | 1,074,300 | |||||||||||||||||||||||
| 1,220 | CHS/Community Health Systems Inc, 144A |
8.000% | 3/15/26 | B | 1,311,500 | |||||||||||||||||||||||
| 375 | CHS/Community Health Systems Inc, 144A |
8.000% | 12/15/27 | B | 409,687 | |||||||||||||||||||||||
| 165 | HCA Inc |
5.375% | 2/01/25 | BB | 185,252 | |||||||||||||||||||||||
| 415 | Tenet Healthcare Corp |
4.625% | 7/15/24 | BB– | 422,387 | |||||||||||||||||||||||
| 1,365 | Tenet Healthcare Corp, 144A |
6.250% | 2/01/27 | B1 | 1,437,898 | |||||||||||||||||||||||
| 5,730 | Total Health Care Providers & Services |
6,144,074 | ||||||||||||||||||||||||||
| Hotels, Restaurants & Leisure – 0.1% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 575 | Carnival Corp, 144A |
11.500% | 4/01/23 | Ba2 | 652,389 | |||||||||||||||||||||||
| Household Durables – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 295 | Kronos Acquisition Holdings Inc / KIK Custom Products Inc, 144A |
5.000% | 12/31/26 | B2 | 300,900 | |||||||||||||||||||||||
47
| JFR | Nuveen Floating Rate Income Fund (continued) | |
| Portfolio of Investments January 31, 2021 | ||
| (Unaudited) | ||
| Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||||||||||
| Media – 2.0% (1.2% of Total Investments) | ||||||||||||||||||||||||||||
| $ | 2,654 | AMC Entertainment Holdings Inc, 144A, (cash 10.000%, PIK 12.000%) |
12.000% | 6/15/26 | D | $ | 1,937,639 | |||||||||||||||||||||
| 2,800 | Houghton Mifflin Harcourt Publishers Inc, 144A |
9.000% | 2/15/25 | BB– | 2,947,000 | |||||||||||||||||||||||
| 2 | iHeartCommunications Inc |
6.375% | 5/01/26 | B+ | 2,460 | |||||||||||||||||||||||
| 1,482 | iHeartCommunications Inc |
8.375% | 5/01/27 | CCC+ | 1,580,115 | |||||||||||||||||||||||
| 3,080 | iHeartCommunications Inc, 144A |
5.250% | 8/15/27 | B+ | 3,193,837 | |||||||||||||||||||||||
| 605 | Intelsat Luxembourg SA, (6) |
8.125% | 6/01/23 | N/R | 44,038 | |||||||||||||||||||||||
| 1,590 | Univision Communications Inc, 144A |
9.500% | 5/01/25 | B | 1,737,075 | |||||||||||||||||||||||
| 12,213 | Total Media |
11,442,164 | ||||||||||||||||||||||||||
| Metals & Mining – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 1,220 | First Quantum Minerals Ltd, 144A |
6.875% | 10/15/27 | B– | 1,315,990 | |||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 1.3% (0.8% of Total Investments) | ||||||||||||||||||||||||||||
| 465 | Ascent Resources Utica Holdings LLC / ARU Finance Corp, 144A |
10.000% | 4/01/22 | B | 474,300 | |||||||||||||||||||||||
| 4,200 | Citgo Holding Inc, 144A |
9.250% | 8/01/24 | B+ | 4,032,000 | |||||||||||||||||||||||
| 570 | CITGO Petroleum Corp, 144A |
6.250% | 8/15/22 | BB | 568,632 | |||||||||||||||||||||||
| 1,480 | CITGO Petroleum Corp, 144A |
7.000% | 6/15/25 | BB | 1,500,054 | |||||||||||||||||||||||
| 750 | MEG Energy Corp, 144A |
7.000% | 3/31/24 | B– | 760,275 | |||||||||||||||||||||||
| 7,465 | Total Oil, Gas & Consumable Fuels |
7,335,261 | ||||||||||||||||||||||||||
| Pharmaceuticals – 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 1,165 | Advanz Pharma Corp Ltd |
8.000% | 9/06/24 | B– | 1,183,931 | |||||||||||||||||||||||
| 659 | Endo Dac / Endo Finance LLC / Endo Finco Inc, 144A |
9.500% | 7/31/27 | CCC+ | 752,908 | |||||||||||||||||||||||
| 831 | Endo Dac / Endo Finance LLC / Endo Finco Inc, 144A |
6.000% | 6/30/28 | CCC+ | 696,253 | |||||||||||||||||||||||
| 329 | Par Pharmaceutical Inc, 144A |
7.500% | 4/01/27 | B+ | 354,767 | |||||||||||||||||||||||
| 2,984 | Total Pharmaceuticals |
2,987,859 | ||||||||||||||||||||||||||
| Specialty Retail – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 300 | PetSmart Inc / PetSmart Finance Corp, 144A, (WI/DD) |
7.750% | 2/15/29 | CCC+ | 300,000 | |||||||||||||||||||||||
| Wireless Telecommunication Services – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 995 | Intelsat Connect Finance SA, 144A, (6) |
9.500% | 2/15/23 | N/R | 248,750 | |||||||||||||||||||||||
| $ | 81,500 | Total Corporate Bonds (cost $77,195,120) |
78,500,441 | |||||||||||||||||||||||||
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| COMMON STOCKS – 3.6% (2.2% of Total Investments) |
| |||||||||||||||||||||||||||
| Banks – 0.1% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 30,335 | iQor US Inc, (8), (9) |
$ | 354,555 | |||||||||||||||||||||||||
| Communications Equipment – 0.1% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 24,553 | Windstream Services LLC, (8), (9) |
321,227 | ||||||||||||||||||||||||||
| Construction & Engineering – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 3,607 | TNT Crane & Rigging Inc, (5), (9) |
4 | ||||||||||||||||||||||||||
| 2,034 | TNT Crane & Rigging Inc, (8), (9) |
34,578 | ||||||||||||||||||||||||||
| Total Construction & Engineering |
34,582 | |||||||||||||||||||||||||||
| Diversified Consumer Services – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 18,448 | Cengage Learning Holdings II Inc, (8), (9) |
182,174 | ||||||||||||||||||||||||||
| Diversified Telecommunication Services – 0.1% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 18,781 | Windstream Services LLC, (8), (9) |
234,762 | ||||||||||||||||||||||||||
| Electric Utilities – 0.4% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 91,757 | Energy Harbor Corp, (8), (9), (10) |
2,504,966 | ||||||||||||||||||||||||||
| Energy Equipment & Services – 0.1% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 83,230 | Transocean Ltd, (9) |
279,653 | ||||||||||||||||||||||||||
| 7,777 | Vantage Drilling International, (8), (9) |
1,555 | ||||||||||||||||||||||||||
| Total Energy Equipment & Services |
281,208 | |||||||||||||||||||||||||||
48
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| Entertainment – 0.4% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 26,045 | Metro-Goldwyn-Mayer Inc, (8), (9) |
$ | 2,552,410 | |||||||||||||||||||||||||
| Health Care Providers & Services – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 68,990 | Millennium Health LLC, (5), (9) |
73,474 | ||||||||||||||||||||||||||
| 64,762 | Millennium Health LLC, (5), (9) |
65,734 | ||||||||||||||||||||||||||
| Total Health Care Providers & Services |
139,208 | |||||||||||||||||||||||||||
| Hotels, Restaurants & Leisure – 0.1% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 138,556 | 24 Hour Fitness Worldwide Inc, (5) |
139 | ||||||||||||||||||||||||||
| 291,314 | 24 Hour Fitness Worldwide Inc, (8), (9) |
509,799 | ||||||||||||||||||||||||||
| Total Hotels, Restaurants & Leisure |
509,938 | |||||||||||||||||||||||||||
| Internet & Direct Marketing Retail – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 17,539 | Catalina Marketing Corp, (8), (9) |
17,539 | ||||||||||||||||||||||||||
| Marine – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 860 | ACBL HLDG CORP, (8), (9) |
21,070 | ||||||||||||||||||||||||||
| Media – 0.4% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 813,624 | Clear Channel Outdoor Holdings Inc, (9) |
1,619,112 | ||||||||||||||||||||||||||
| 54,123 | Cumulus Media Inc, (9) |
469,788 | ||||||||||||||||||||||||||
| 1,973,746 | Hibu plc, (8), (9) |
228,954 | ||||||||||||||||||||||||||
| 45,942 | Tribune Co, (5), (9) |
46 | ||||||||||||||||||||||||||
| Total Media |
2,317,900 | |||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 1.4% (0.9% of Total Investments) | ||||||||||||||||||||||||||||
| 231,966 | California Resources Corp, (9) |
5,356,095 | ||||||||||||||||||||||||||
| 111,960 | California Resources Corp, (5), (9) |
2,272,676 | ||||||||||||||||||||||||||
| 31,131 | Whiting Petroleum Corp, (9) |
633,205 | ||||||||||||||||||||||||||
| Total Oil, Gas & Consumable Fuels |
8,261,976 | |||||||||||||||||||||||||||
| Pharmaceuticals – 0.1% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 22,895 | Advanz Pharma Corp Ltd, (9) |
374,791 | ||||||||||||||||||||||||||
| Software – 0.4% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 13,940 | SkillSoft Corp, (8), (9) |
2,369,800 | ||||||||||||||||||||||||||
| 585 | SkillSoft Corp, (8), (9) |
111,150 | ||||||||||||||||||||||||||
| 860 | SkillSoft Corp, (5), (9) |
1 | ||||||||||||||||||||||||||
| 1,719 | SkillSoft Corp, (5), (9) |
2 | ||||||||||||||||||||||||||
| Total Software |
2,480,953 | |||||||||||||||||||||||||||
| Total Common Stocks (cost $40,693,658) |
20,589,259 | |||||||||||||||||||||||||||
| Shares | Description (1), (12) | Value | ||||||||||||||||||||||||||
| INVESTMENT COMPANIES – 1.9% (1.2% of Total Investments) |
|
|||||||||||||||||||||||||||
| 353,668 | Eaton Vance Floating-Rate Income Trust |
$ | 4,774,518 | |||||||||||||||||||||||||
| 968,586 | Eaton Vance Senior Income Trust |
6,286,123 | ||||||||||||||||||||||||||
| Total Investment Companies (cost $11,981,509) |
11,060,641 | |||||||||||||||||||||||||||
| Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||||||||||
| ASSET-BACKED SECURITIES – 0.6% (0.3% of Total Investments) |
|
|||||||||||||||||||||||||||
| $ | 1,200 | Dryden 50 Senior Loan Fund, 144A, (3-Month LIBOR reference rate + 6.260% spread), (11) |
6.501% | 7/15/30 | Ba3 | $ | 1,200,158 | |||||||||||||||||||||
| 600 | Flatiron CLO 19 Ltd, 144A, (3-Month LIBOR reference rate + 7.200% spread), (11) |
7.421% | 11/16/32 | BB– | 602,637 | |||||||||||||||||||||||
| 1,250 | Gilbert Park CLO Ltd, 144A, (3-Month LIBOR reference rate + 6.400% spread), (11) |
6.641% | 10/15/30 | Ba3 | 1,250,138 | |||||||||||||||||||||||
| 600 | Neuberger Berman Loan Advisers CLO 28 Ltd, 144A, (3-Month LIBOR reference rate + 5.600% spread), (11) |
5.824% | 4/20/30 | BB– | 582,196 | |||||||||||||||||||||||
| $ | 3,650 | Total Asset-Backed Securities (cost $3,614,031) |
3,635,129 | |||||||||||||||||||||||||
49
| JFR | Nuveen Floating Rate Income Fund (continued) | |
| Portfolio of Investments January 31, 2021 | ||
| (Unaudited) | ||
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| WARRANTS – 0.1% (0.1% of Total Investments) |
||||||||||||||||||||||||||||
| Communications Equipment – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 21,002 | Avaya Holdings Corp, (8) |
$ | 65,631 | |||||||||||||||||||||||||
| Marine – 0.1% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 904 | ACBL HLDG CORP, (8) |
22,148 | ||||||||||||||||||||||||||
| 3,363 | ACBL HLDG CORP, (8) |
99,209 | ||||||||||||||||||||||||||
| 2,558 | ACBL HLDG CORP, (8) |
86,972 | ||||||||||||||||||||||||||
| 6,726 | ACBL HLDG CORP, (8) |
198,417 | ||||||||||||||||||||||||||
| 5,116 | ACBL HLDG CORP, (8) |
173,944 | ||||||||||||||||||||||||||
| Total Marine |
|
580,960 | ||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 439 | California Resources Corp |
1,725 | ||||||||||||||||||||||||||
| Entertainment – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 224,650 | Cineworld Warrant, (8) |
80,200 | ||||||||||||||||||||||||||
| Total Warrants (cost $2,119,370) |
728,246 | |||||||||||||||||||||||||||
| Shares | Description (1) | Coupon | Ratings (4) | Value | ||||||||||||||||||||||||
| CONVERTIBLE PREFERRED SECURITIES – 0.1% (0.0% of Total Investments) |
|
|||||||||||||||||||||||||||
| Marine – 0.1% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 3,200 | ACBL HLDG CORP, (8), (9) |
0.000% | N/R | $ | 94,400 | |||||||||||||||||||||||
| 3,642 | ACBL HLDG CORP, (8), (9) |
0.000% | N/R | 123,828 | ||||||||||||||||||||||||
| Total Marine |
218,228 | |||||||||||||||||||||||||||
| Total Convertible Preferred Securities (cost $194,281) |
|
218,228 | ||||||||||||||||||||||||||
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| COMMON STOCK RIGHTS – 0.0% (0.0% of Total Investments) |
|
|||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 13,053 | Fieldwood Energy Inc, (8), (9) |
$ | — | |||||||||||||||||||||||||
| 2,637 | Fieldwood Energy Inc, (8), (9) |
— | ||||||||||||||||||||||||||
| Total Oil, Gas & Consumable Fuels |
— | |||||||||||||||||||||||||||
| Total Common Stock Rights (cost $372,581) |
— | |||||||||||||||||||||||||||
| Total Long-Term Investments (cost $900,196,279) |
|
867,302,692 | ||||||||||||||||||||||||||
| Shares | Description (1) | Coupon | Value | |||||||||||||||||||||||||
| SHORT-TERM INVESTMENTS – 10.7% (6.7% of Total Investments) |
|
|||||||||||||||||||||||||||
| INVESTMENT COMPANIES – 10.7% (6.7% of Total Investments) | ||||||||||||||||||||||||||||
| 62,324,841 | BlackRock Liquidity Funds T-Fund Portfolio, (12) |
0.030% (13) | $ | 62,324,841 | ||||||||||||||||||||||||
| Total Short-Term Investments (cost $62,324,841) |
62,324,841 | |||||||||||||||||||||||||||
| Total Investments (cost $962,521,120) – 160.1% |
929,627,533 | |||||||||||||||||||||||||||
| Borrowings – (37.6)% (14), (15) |
(218,100,000 | ) | ||||||||||||||||||||||||||
| Taxable Fund Preferred Shares, net of deferred offering costs – (17.1)% (16) |
|
(99,335,822 | ) | |||||||||||||||||||||||||
| Other Assets Less Liabilities – (5.4)% |
(31,410,601 | ) | ||||||||||||||||||||||||||
| Net Assets Applicable to Common Shares – 100% |
|
580,781,110 | ||||||||||||||||||||||||||
50
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub–classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub–classifications into sectors for reporting ease.
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| (2) | 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. |
| (3) | 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. |
| (4) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (5) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 3 – Investment Valuation and Fair Value Measurements for more information. |
| (6) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. |
| (7) | Investment, or portion of investment, represents an outstanding unfunded senior loan commitment. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in Derivatives for more information. |
| (8) | For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 3 – Investment Valuation and Fair Value Measurements for more information. |
| (9) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
| (10) | Common Stock received as part of the bankruptcy settlements for Bruce Mansfield Unit 1 2007 Pass-Through Trust. |
| (11) | Variable rate security. The rate shown is the coupon as of the end of the reporting period. |
| (12) | A copy of the most recent financial statements for these investment companies can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov. |
| (13) | The rate shown is the annualized seven-day subsidized yield as of the end of the reporting period. |
| (14) | Borrowings as a percentage of Total Investments is 23.5%. |
| (15) | The Fund segregates 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings. |
| (16) | Taxable Fund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 10.7%. |
| 144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
| 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. |
| TBD | Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the final coupon rate and maturity date. |
| WI/DD | Purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
51
| JRO | Nuveen Floating Rate Income
Portfolio of Investments January 31, 2021 | |
| (Unaudited) |
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| LONG-TERM INVESTMENTS – 149.7% (94.3% of Total Investments) |
| |||||||||||||||||||||||||||
| VARIABLE RATE SENIOR LOAN INTERESTS – 131.5% (82.8% of Total Investments) (2) |
| |||||||||||||||||||||||||||
| Aerospace & Defense – 1.4% (0.9% of Total Investments) | ||||||||||||||||||||||||||||
| $ | 916 | MacDonald, Dettwiler and Associates, Ltd., Term Loan B |
2.880% | 1-Month LIBOR | 2.750% | 10/05/24 | B | $ | 906,987 | |||||||||||||||||||
| 539 | Standard Aero, Term Loan B1 |
3.754% | 3-Month LIBOR | 3.500% | 4/08/26 | B– | 518,897 | |||||||||||||||||||||
| 289 | Standard Aero, Term Loan B2 |
3.754% | 3-Month LIBOR | 3.500% | 4/08/26 | B– | 278,977 | |||||||||||||||||||||
| 1,672 | Transdigm, Inc., Term Loan E |
2.371% | 1-Month LIBOR | 2.250% | 5/30/25 | Ba3 | 1,648,965 | |||||||||||||||||||||
| 1,266 | Transdigm, Inc., Term Loan F |
2.371% | 1-Month LIBOR | 2.250% | 12/09/25 | Ba3 | 1,247,242 | |||||||||||||||||||||
| 1,055 | Transdigm, Inc., Term Loan G |
2.371% | 1-Month LIBOR | 2.250% | 8/22/24 | Ba3 | 1,039,376 | |||||||||||||||||||||
| 5,737 | Total Aerospace & Defense |
5,640,444 | ||||||||||||||||||||||||||
| Air Freight & Logistics – 0.4% (0.2% of Total Investments) | ||||||||||||||||||||||||||||
| 115 | PAE Holding Corp, Delayed Draw |
5.250% | 3-Month LIBOR | 4.500% | 10/19/27 | B | 115,439 | |||||||||||||||||||||
| 1,444 | XPO Logistics, Inc., Term Loan B |
2.121% | 1-Month LIBOR | 2.000% | 2/24/25 | BBB– | 1,446,419 | |||||||||||||||||||||
| 1,559 | Total Air Freight & Logistics |
1,561,858 | ||||||||||||||||||||||||||
| Airlines – 1.4% (0.9% of Total Investments) | ||||||||||||||||||||||||||||
| 365 | American Airlines, Inc., Term Loan B |
2.121% | 1-Month LIBOR | 2.000% | 4/28/23 | Ba3 | 340,238 | |||||||||||||||||||||
| 939 | American Airlines, Inc., Term Loan B |
1.871% | 1-Month LIBOR | 1.750% | 1/29/27 | Ba3 | 859,600 | |||||||||||||||||||||
| 609 | American Airlines, Inc., Term Loan B |
2.127% | 1-Month LIBOR | 2.000% | 12/14/23 | Ba3 | 568,195 | |||||||||||||||||||||
| 1,900 | Delta Air Lines SkyMiles, Term Loan B |
4.750% | 3-Month LIBOR | 3.750% | 10/20/27 | Baa1 | 1,995,361 | |||||||||||||||||||||
| 426 | Delta Air Lines, Inc., Term Loan B |
4.871% | 1-Month LIBOR | 4.750% | 4/29/23 | Baa2 | 434,430 | |||||||||||||||||||||
| 1,453 | WestJet Airlines, Term Loan |
4.000% | 6-Month LIBOR | 3.000% | 12/11/26 | BB– | 1,403,111 | |||||||||||||||||||||
| 5,692 | Total Airlines |
5,600,935 | ||||||||||||||||||||||||||
| Auto Components – 2.1% (1.3% of Total Investments) | ||||||||||||||||||||||||||||
| 190 | Adient Global Holdings, Initial Term Loan |
4.463% | 3-Month LIBOR | 4.250% | 5/06/24 | Ba3 | 189,508 | |||||||||||||||||||||
| 555 | Adient Global Holdings, Initial Term Loan |
4.371% | 1-Month LIBOR | 4.250% | 5/06/24 | Ba3 | 557,151 | |||||||||||||||||||||
| 1,106 | DexKo Global, Inc., Term Loan B |
4.500% | 3-Month LIBOR | 3.500% | 7/24/24 | B1 | 1,109,156 | |||||||||||||||||||||
| 2,179 | Dun & Bradstreet Corp., Initial Term Loan |
3.878% | 1-Month LIBOR | 3.750% | 2/06/26 | N/R | 2,187,324 | |||||||||||||||||||||
| 2,327 | Johnson Controls Inc., Term Loan B |
3.621% | 1-Month LIBOR | 3.500% | 4/30/26 | B1 | 2,331,506 | |||||||||||||||||||||
| 1,000 | Les Schwab Tire Centers, Term Loan B |
4.250% | 3-Month LIBOR | 3.500% | 11/02/27 | B | 1,005,630 | |||||||||||||||||||||
| 1,347 | Superior Industries International, Inc., Term Loan B |
4.121% | 1-Month LIBOR | 4.000% | 5/23/24 | B1 | 1,339,644 | |||||||||||||||||||||
| 8,704 | Total Auto Components |
8,719,919 | ||||||||||||||||||||||||||
| Automobiles – 0.4% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 781 | Caliber Collision, Term Loan B |
3.121% | 1-Month LIBOR | 3.000% | 2/05/26 | B1 | 775,155 | |||||||||||||||||||||
| 970 | Navistar, Inc., Term Loan B |
3.630% | 1-Month LIBOR | 3.500% | 11/06/24 | Ba2 | 971,334 | |||||||||||||||||||||
| 1,751 | Total Automobiles |
1,746,489 | ||||||||||||||||||||||||||
| Banks – 0.1% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 230 | iQor US, Inc., Exit Priority Term Loan |
8.500% | 3-Month LIBOR | 7.500% | 9/15/27 | N/R | 227,252 | |||||||||||||||||||||
| Beverages – 0.8% (0.5% of Total Investments) | ||||||||||||||||||||||||||||
| 1,090 | Arterra Wines Canada, Inc., Incremental Term Loan |
4.250% | 3-Month LIBOR | 3.500% | 11/25/27 | B1 | 1,098,856 | |||||||||||||||||||||
| 2,216 | Jacobs Douwe Egberts, Term Loan B |
2.188% | 1-Month LIBOR | 2.000% | 11/01/25 | BB+ | 2,221,393 | |||||||||||||||||||||
| 3,306 | Total Beverages |
3,320,249 | ||||||||||||||||||||||||||
| Biotechnology – 1.4% (0.9% of Total Investments) | ||||||||||||||||||||||||||||
| 2,676 | Grifols, Inc., Term Loan B, First Lien |
2.092% | 1-Week LIBOR | 2.000% | 11/15/27 | Ba2 | 2,674,814 | |||||||||||||||||||||
| 3,170 | KIK Custom, Term Loan, (WI/DD) |
TBD | TBD | TBD | TBD | N/R | 3,172,251 | |||||||||||||||||||||
| 5,846 | Total Biotechnology |
5,847,065 | ||||||||||||||||||||||||||
52
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| Building Products – 1.8% (1.2% of Total Investments) | ||||||||||||||||||||||||||||
| $ | 184 | LBM Acquisition LLC, Delayed Draw Term Loan, (WI/DD), (7) |
TBD | TBD | TBD | TBD | B+ | $ | 184,256 | |||||||||||||||||||
| 826 | LBM Acquisition LLC, Term Loan B, (WI/DD) |
TBD | TBD | TBD | TBD | B+ | 829,153 | |||||||||||||||||||||
| 636 | Ply Gem Industries, Inc., Term Loan B |
3.876% | 1-Month LIBOR | 3.750% | 4/12/25 | B+ | 638,810 | |||||||||||||||||||||
| 280 | Potters Industries, Term Loan B |
4.750% | 3-Month LIBOR | 4.000% | 12/14/27 | B | 281,050 | |||||||||||||||||||||
| 5,579 | Quikrete Holdings, Inc., Term Loan B |
2.621% | 1-Month LIBOR | 2.500% | 1/31/27 | BB– | 5,576,780 | |||||||||||||||||||||
| 7,505 | Total Building Products |
7,510,049 | ||||||||||||||||||||||||||
| Capital Markets – 2.1% (1.3% of Total Investments) | ||||||||||||||||||||||||||||
| 891 | Advisor Group Holdings, Inc., Initial Term Loan B |
5.121% | 1-Month LIBOR | 5.000% | 7/31/26 | B2 | 892,916 | |||||||||||||||||||||
| 1,960 | Distributed Power, Term Loan B |
3.233% | 6-Month LIBOR | 3.000% | 11/06/25 | B– | 1,913,450 | |||||||||||||||||||||
| 514 | RPI Finance Trust, Term Loan B1 |
1.871% | 1-Month LIBOR | 1.750% | 2/11/27 | BBB– | 516,613 | |||||||||||||||||||||
| 4,039 | Sequa Corporation, Term Loan B, (cash 6.750%, PIK 1.000%) |
7.750% | 3-Month LIBOR | 6.750% | 7/31/23 | B– | 4,044,490 | |||||||||||||||||||||
| 1,487 | Sequa Corporation, Term Loan, Second Lien, (cash 5.000%, PIK 6.750%) |
11.750% | 3-Month LIBOR | 10.750% | 7/31/24 | CCC– | 1,330,628 | |||||||||||||||||||||
| 8,891 | Total Capital Markets |
8,698,097 | ||||||||||||||||||||||||||
| Chemicals – 0.9% (0.5% of Total Investments) | ||||||||||||||||||||||||||||
| 870 | Ineos US Finance LLC, Term Loan |
2.121% | 1-Month LIBOR | 2.000% | 3/31/24 | BBB– | 866,543 | |||||||||||||||||||||
| 900 | INEOS US Petrochem LLC, Term Loan B, (WI/DD) |
TBD | TBD | TBD | TBD | BB | 904,689 | |||||||||||||||||||||
| 748 | Lummus Technology, Term Loan |
4.121% | 1-Month LIBOR | 4.000% | 6/30/27 | B+ | 751,634 | |||||||||||||||||||||
| 466 | PQ Corporation, Incremental Term Loan B |
4.000% | 3-Month LIBOR | 3.000% | 2/07/27 | BB– | 467,750 | |||||||||||||||||||||
| 568 | Unifrax Holdings, Term Loan, First Lien |
4.004% | 3-Month LIBOR | 3.750% | 12/14/25 | CCC+ | 550,072 | |||||||||||||||||||||
| 3,552 | Total Chemicals |
3,540,688 | ||||||||||||||||||||||||||
| Commercial Services & Supplies – 4.8% (3.0% of Total Investments) | ||||||||||||||||||||||||||||
| 750 | AECOM Management Services Inc., Incremental Term Loan |
5.500% | 3-Month LIBOR | 4.750% | 1/31/27 | B1 | 755,625 | |||||||||||||||||||||
| 696 | Brand Energy & Infrastructure Services, Inc., Term Loan B, First Lien |
5.250% | 3-Month LIBOR | 4.250% | 6/21/24 | B– | 688,741 | |||||||||||||||||||||
| 215 | Education Management LLC, Term Loan A, (5), (6) |
0.000% | N/A | N/A | 7/02/20 | N/R | 2,151 | |||||||||||||||||||||
| 6,696 | Formula One Group, Term Loan B |
3.500% | 1-Month LIBOR | 2.500% | 2/01/24 | B+ | 6,665,035 | |||||||||||||||||||||
| 1,000 | Fort Dearborn Holding Company, Inc., Term Loan, Second Lien |
9.500% | 3-Month LIBOR | 8.500% | 10/21/24 | CCC | 995,000 | |||||||||||||||||||||
| 721 | Garda World Security Corp, Term Loan B, First Lien |
4.990% | 1-Month LIBOR | 4.750% | 10/30/26 | BB+ | 725,101 | |||||||||||||||||||||
| 2,699 | GFL Environmental, Term Loan |
3.500% | 3-Month LIBOR | 3.000% | 5/30/25 | BB– | 2,716,466 | |||||||||||||||||||||
| 540 | Harland Clarke Holdings Corporation, Term Loan B7 |
5.750% | 3-Month LIBOR | 4.750% | 11/03/23 | CCC+ | 488,772 | |||||||||||||||||||||
| 611 | iQor US, Inc., Second Out Term Loan |
8.500% | 3-Month LIBOR | 7.500% | 11/20/25 | N/R | 585,331 | |||||||||||||||||||||
| 346 | KAR Auction Services, Inc., Term Loan B6 |
2.438% | 1-Month LIBOR | 2.250% | 9/19/26 | Ba3 | 344,748 | |||||||||||||||||||||
| 564 | PAE Holding Corp, New Term Loan B |
5.250% | 3-Month LIBOR | 4.500% | 10/19/27 | B | 569,500 | |||||||||||||||||||||
| 193 | Pitney Bowes Inc., Term Loan B |
5.650% | 3-Month LIBOR | 5.500% | 1/07/25 | BBB– | 193,406 | |||||||||||||||||||||
| 1,170 | Robertshaw US Holding Corp., Initial Term Loan, First Lien |
4.500% | 1-Month LIBOR | 3.500% | 2/28/25 | CCC+ | 1,126,341 | |||||||||||||||||||||
| 203 | Sabert Corporation, Initial Term Loan |
5.500% | 1-Month LIBOR | 4.500% | 12/10/26 | B | 203,247 | |||||||||||||||||||||
| 3,132 | Travelport LLC, Priority Debt Term Loan, (DD1), (cash 2.500%, PIK 6.500%) |
2.500% | 3-Month LIBOR | 1.500% | 2/28/25 | B+ | 3,113,889 | |||||||||||||||||||||
| 675 | West Corporation, Incremental Term Loan B1 |
4.500% | 3-Month LIBOR | 3.500% | 10/10/24 | BB+ | 663,548 | |||||||||||||||||||||
| 2 | West Corporation, Incremental Term Loan B1 |
4.500% | 1-Month LIBOR | 3.500% | 10/10/24 | BB+ | 1,706 | |||||||||||||||||||||
| 20,213 | Total Commercial Services & Supplies |
19,838,607 | ||||||||||||||||||||||||||
| Communications Equipment – 2.7% (1.7% of Total Investments) | ||||||||||||||||||||||||||||
| 306 | Avaya, Inc., Term Loan B |
4.377% | 1-Month LIBOR | 4.250% | 12/15/24 | BB– | 306,766 | |||||||||||||||||||||
| 4,390 | CommScope, Inc., Term Loan B |
3.371% | 1-Month LIBOR | 3.250% | 4/04/26 | Ba3 | 4,391,464 | |||||||||||||||||||||
| 877 | Mitel US Holdings, Inc., Term Loan, First Lien |
4.640% | 1-Month LIBOR | 4.500% | 11/30/25 | B– | 822,112 | |||||||||||||||||||||
| 1,607 | Plantronics, Term Loan B |
2.621% | 1-Month LIBOR | 2.500% | 7/02/25 | Ba2 | 1,594,354 | |||||||||||||||||||||
| 2,172 | Riverbed Technology, Inc., Term Loan B, First Lien, (DD1) |
7.000% | 3-Month LIBOR | 6.000% | 12/31/25 | B2 | 2,124,258 | |||||||||||||||||||||
| 5 | Riverbed Technology, Inc., Term Loan B, First Lien, (DD1) |
7.000% | 2-Month LIBOR | 6.000% | 12/31/25 | B2 | 5,324 | |||||||||||||||||||||
| 1,897 | Univision Communications, Inc., Term Loan C5 |
3.750% | 1-Month LIBOR | 2.750% | 3/15/24 | B | 1,896,276 | |||||||||||||||||||||
| 11,254 | Total Communications Equipment |
11,140,554 | ||||||||||||||||||||||||||
53
| JRO | Nuveen Floating Rate Income Opportunity Fund (continued) | |
| Portfolio of Investments January 31, 2021 | ||
| (Unaudited) | ||
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| Construction & Engineering – 0.6% (0.4% of Total Investments) | ||||||||||||||||||||||||||||
| $ | 397 | Pike Corp, Term Loan B |
4.091% | 1-Month LIBOR | 3.970% | 7/24/26 | Ba3 | $ | 397,571 | |||||||||||||||||||
| 225 | Pike Corporation, Term Loan B |
3.130% | 1-Month LIBOR | 3.000% | 1/21/28 | Ba3 | 226,005 | |||||||||||||||||||||
| 171 | Pike Corporation, Term Loan B, (WI/DD), (7) |
TBD | TBD | TBD | TBD | Ba3 | 171,546 | |||||||||||||||||||||
| 1,655 | Traverse Midstream Partners, Term Loan B |
6.500% | 1-Month LIBOR | 5.500% | 9/27/24 | B | 1,633,206 | |||||||||||||||||||||
| 2,448 | Total Construction & Engineering |
2,428,328 | ||||||||||||||||||||||||||
| Consumer Finance – 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 2,179 | Verscend Technologies, Tern Loan B |
4.621% | 1-Month LIBOR | 4.500% | 8/27/25 | B+ | 2,184,636 | |||||||||||||||||||||
| Containers & Packaging – 1.7% (1.1% of Total Investments) | ||||||||||||||||||||||||||||
| 1,970 | Berry Global, Inc., Term Loan Y |
2.133% | 1-Month LIBOR | 2.000% | 7/01/26 | BBB– | 1,969,626 | |||||||||||||||||||||
| 1,100 | Charter NEX US, Inc., Initial Term Loan, First Lien |
5.000% | 1-Month LIBOR | 4.250% | 12/01/27 | B | 1,109,278 | |||||||||||||||||||||
| 821 | Kloeckner Pentaplast of America Inc., Dollar Term Loan |
5.250% | 1-Month LIBOR | 4.250% | 6/30/22 | B– | 821,634 | |||||||||||||||||||||
| 457 | Reynolds Group Holdings, Inc., Term Loan, First Lien |
1.871% | 1-Month LIBOR | 1.750% | 2/04/27 | BBB– | 459,058 | |||||||||||||||||||||
| 1,200 | Reynolds Group Holdings, Inc., Term Loan, First Lien |
3.371% | 1-Month LIBOR | 3.250% | 2/16/26 | B+ | 1,203,000 | |||||||||||||||||||||
| 1,278 | TricorBraun Holdings Inc, (WI/DD) |
TBD | TBD | TBD | TBD | B2 | 1,271,236 | |||||||||||||||||||||
| 287 | TricorBraun Holdings Inc, (WI/DD) |
TBD | TBD | TBD | TBD | B2 | 285,939 | |||||||||||||||||||||
| 7,113 | Total Containers & Packaging |
7,119,771 | ||||||||||||||||||||||||||
| Distributors – 0.3% (0.2% of Total Investments) | ||||||||||||||||||||||||||||
| 262 | Insurance Auto Actions Inc., Term Loan |
2.375% | 1-Month LIBOR | 2.250% | 6/28/26 | BB+ | 262,174 | |||||||||||||||||||||
| 950 | SRS Distribution, Inc., Term Loan B |
3.121% | 1-Month LIBOR | 3.000% | 5/24/25 | B | 947,260 | |||||||||||||||||||||
| 1,212 | Total Distributors |
1,209,434 | ||||||||||||||||||||||||||
| Diversified Consumer Services – 0.8% (0.5% of Total Investments) | ||||||||||||||||||||||||||||
| 3,337 | Cengage Learning Acquisitions, Inc., Term Loan B |
5.250% | 3-Month LIBOR | 4.250% | 6/07/23 | B2 | 3,218,471 | |||||||||||||||||||||
| 147 | Education Management LLC, Elevated Term Loan A1, (5), (6) |
0.000% | N/A | N/A | 7/02/20 | N/R | 1,831 | |||||||||||||||||||||
| 4 | Education Management LLC, Elevated Term Loan A2, (6) |
9.599% | 3-Month LIBOR | 7.500% | 7/02/20 | N/R | — | |||||||||||||||||||||
| 3,488 | Total Diversified Consumer Services |
3,220,302 | ||||||||||||||||||||||||||
| Diversified Financial Services – 1.3% (0.8% of Total Investments) | ||||||||||||||||||||||||||||
| 1,478 | Blackstone CQP, Term Loan |
3.736% | 3-Month LIBOR | 3.500% | 9/30/24 | B+ | 1,479,613 | |||||||||||||||||||||
| 1,969 | Ditech Holding Corporation., Term Loan B, First Lien, (6) |
0.000% | N/A | N/A | 6/30/22 | N/R | 637,503 | |||||||||||||||||||||
| 500 | Lions Gate Entertainment Corp., Term Loan B |
2.371% | 1-Month LIBOR | 2.250% | 3/24/25 | Ba2 | 498,580 | |||||||||||||||||||||
| 594 | Orion Advisor Solutions, Term Loan, First Lien |
5.000% | 3-Month LIBOR | 4.000% | 9/24/27 | BB– | 597,074 | |||||||||||||||||||||
| 1,080 | Sabre, Inc., Term Loan B |
4.750% | 1-Month LIBOR | 4.000% | 12/17/27 | Ba3 | 1,092,830 | |||||||||||||||||||||
| 921 | Sotheby’s, Term Loan B |
6.500% | 3-Month LIBOR | 7.500% | 1/15/27 | N/R | 927,116 | |||||||||||||||||||||
| 6,542 | Total Diversified Financial Services |
5,232,716 | ||||||||||||||||||||||||||
| Diversified Telecommunication Services – 3.3% (2.1% of Total Investments) | ||||||||||||||||||||||||||||
| 691 | Altice France S.A., Term Loan B12 |
3.814% | 1-Month LIBOR | 3.688% | 1/31/26 | B | 689,900 | |||||||||||||||||||||
| 4,922 | CenturyLink, Inc, Term Loan B |
2.371% | 1-Month LIBOR | 2.250% | 3/15/27 | BB+ | 4,915,292 | |||||||||||||||||||||
| 2,548 | Frontier Communications Corporation, DIP Term Loan, (6) |
5.750% | 1-Month LIBOR | 4.750% | 10/08/21 | B3 | 2,554,061 | |||||||||||||||||||||
| 383 | Intelsat Jackson Holdings, S.A., Term Loan B4, (6) |
8.750% | Prime | 5.500% | 1/02/24 | N/R | 389,895 | |||||||||||||||||||||
| 614 | Intelsat Jackson Holdings, S.A., Term Loan B5, (6) |
8.625% | N/A | N/A | 1/02/24 | N/R | 625,213 | |||||||||||||||||||||
| 3,815 | Numericable Group S.A., Term Loan B13 |
4.127% | 1-Month LIBOR | 4.000% | 8/14/26 | B | 3,822,144 | |||||||||||||||||||||
| 374 | Zayo Group LLC, Initial Dollar Term Loan |
3.121% | 1-Month LIBOR | 3.000% | 3/09/27 | B1 | 372,495 | |||||||||||||||||||||
| 13,347 | Total Diversified Telecommunication Services |
13,369,000 | ||||||||||||||||||||||||||
| Electric Utilities – 0.6% (0.4% of Total Investments) | ||||||||||||||||||||||||||||
| 925 | ExGen Renewables, Term Loan, First Lien |
3.750% | 3-Month LIBOR | 2.750% | 12/11/27 | BB– | 932,400 | |||||||||||||||||||||
| 746 | Pacific Gas & Electric, Revolving Term Loan |
6.750% | Prime | 3.500% | 6/23/25 | N/R | 746,250 | |||||||||||||||||||||
| 899 | Vistra Operations Co., Term Loan B3 |
1.875% | 1-Month LIBOR | 1.750% | 12/31/25 | Baa3 | 901,272 | |||||||||||||||||||||
| 2,570 | Total Electric Utilities |
2,579,922 | ||||||||||||||||||||||||||
54
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| Electrical Equipment – 1.0% (0.7% of Total Investments) | ||||||||||||||||||||||||||||
| $ | 3,284 | Avolon LLC, Term Loan B4 |
2.250% | 1-Month LIBOR | 1.500% | 2/10/27 | Baa2 | $ | 3,270,844 | |||||||||||||||||||
| 992 | Vertiv Co.,Term Loan B |
3.144% | 1-Month LIBOR | 3.000% | 3/02/27 | B+ | 995,423 | |||||||||||||||||||||
| 4,276 | Total Electrical Equipment |
4,266,267 | ||||||||||||||||||||||||||
| Electronic Equipment, Instruments & Components – 0.3% (0.2% of Total Investments) | ||||||||||||||||||||||||||||
| 1,322 | BCP Renaissance Parent, Term Loan B |
2.638% | 1-Month LIBOR | 2.500% | 9/28/24 | BB+ | 1,324,527 | |||||||||||||||||||||
| Energy Equipment & Services – 0.1% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 649 | Petroleum GEO-Services ASA/PGS Finance, Inc., Term Loan B |
7.760% | 3-Month LIBOR | 7.500% | 6/13/24 | Caa1 | 528,806 | |||||||||||||||||||||
| Entertainment – 2.3% (1.4% of Total Investments) | ||||||||||||||||||||||||||||
| 1,175 | AMC Entertainment, Inc., Term Loan B, (DD1) |
5.250% | Prime | 2.000% | 4/22/26 | CCC | 984,368 | |||||||||||||||||||||
| 389 | Cineworld Group PLC, Second Amendment Dollar, Term Loan |
3.019% | 3-Month LIBOR | 2.750% | 9/20/26 | CCC | 306,678 | |||||||||||||||||||||
| 3,332 | Cineworld Group PLC, Term Loan B, (DD1) |
3.135% | 3-Month LIBOR | 2.500% | 2/28/25 | CCC | 2,646,358 | |||||||||||||||||||||
| 1,799 | IMG Worldwide, Inc., Term Loan B |
2.880% | 1-Month LIBOR | 2.750% | 5/16/25 | B3 | 1,685,202 | |||||||||||||||||||||
| 1,811 | Metro-Goldwyn-Mayer, Inc., Term Loan, First Lien |
2.630% | 1-Month LIBOR | 2.500% | 7/03/25 | BB– | 1,810,399 | |||||||||||||||||||||
| 1,000 | Metro-Goldwyn-Mayer, Inc., Term Loan, Second Lien |
5.500% | 1-Month LIBOR | 4.500% | 7/06/26 | B3 | 1,003,755 | |||||||||||||||||||||
| 801 | Springer SBM Two GmbH, Term Loan B16 |
4.500% | 1-Month LIBOR | 3.500% | 8/14/24 | B2 | 803,885 | |||||||||||||||||||||
| 10,307 | Total Entertainment |
9,240,645 | ||||||||||||||||||||||||||
| Equity Real Estate Investment Trust – 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 1,365 | Realogy Group LLC, Term Loan A |
2.121% | 1-Month LIBOR | 2.000% | 2/08/23 | BB | 1,362,381 | |||||||||||||||||||||
| 818 | Realogy Group LLC, Term Loan B |
3.000% | 1-Month LIBOR | 2.250% | 2/08/25 | BB | 817,234 | |||||||||||||||||||||
| 2,183 | Total Equity Real Estate Investment Trust |
2,179,615 | ||||||||||||||||||||||||||
| Food & Staples Retailing – 2.3% (1.5% of Total Investments) | ||||||||||||||||||||||||||||
| 1,136 | BellRing Brands, Term Loan, First Lien |
6.000% | 1-Month LIBOR | 5.000% | 10/21/24 | B+ | 1,149,420 | |||||||||||||||||||||
| 535 | BJ’s Wholesale Club, Inc., Term Loan, First Lien |
2.126% | 1-Month LIBOR | 2.000% | 2/03/24 | BB+ | 537,537 | |||||||||||||||||||||
| 769 | Hearthside Group Holdings LLC, Term Loan B |
3.808% | 1-Month LIBOR | 3.688% | 5/31/25 | B2 | 766,235 | |||||||||||||||||||||
| 45 | Hearthside Group Holdings, LLC, Incremental Term Loan B3 |
6.000% | 1-Month LIBOR | 5.000% | 5/31/25 | B2 | 45,181 | |||||||||||||||||||||
| 7,128 | US Foods, Inc., New Term Loan |
1.871% | 1-Month LIBOR | 1.750% | 6/27/23 | BB– | 7,079,521 | |||||||||||||||||||||
| 9,613 | Total Food & Staples Retailing |
9,577,894 | ||||||||||||||||||||||||||
| Food Products – 0.4% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 864 | American Seafoods Group LLC, Term Loan B |
3.750% | 3-Month LIBOR | 2.750% | 8/21/23 | BB– | 867,246 | |||||||||||||||||||||
| 6 | American Seafoods Group LLC, Term Loan B |
3.750% | 1-Month LIBOR | 2.750% | 8/21/23 | BB– | 5,796 | |||||||||||||||||||||
| 776 | Froneri Lux FinCo SARL, Term Loan, First Lien |
2.371% | 1-Month LIBOR | 2.250% | 1/31/27 | B1 | 773,461 | |||||||||||||||||||||
| 1,646 | Total Food Products |
1,646,503 | ||||||||||||||||||||||||||
| Health Care Equipment & Supplies – 1.1% (0.7% of Total Investments) | ||||||||||||||||||||||||||||
| 744 | Greatbatch Ltd., New Term Loan B |
3.500% | 1-Month LIBOR | 2.500% | 10/27/22 | B+ | 745,228 | |||||||||||||||||||||
| 1,407 | LifeScan, Term Loan B |
6.238% | 3-Month LIBOR | 6.000% | 10/01/24 | B | 1,358,320 | |||||||||||||||||||||
| 1,392 | MedPlast, Term Loan, First Lien |
3.871% | 1-Month LIBOR | 3.750% | 7/02/25 | B3 | 1,362,726 | |||||||||||||||||||||
| 1,066 | Vyaire Medical, Inc., Term Loan B |
5.750% | 3-Month LIBOR | 4.750% | 4/30/25 | B3 | 934,744 | |||||||||||||||||||||
| 4,609 | Total Health Care Equipment & Supplies |
4,401,018 | ||||||||||||||||||||||||||
| Health Care Providers & Services – 8.2% (5.2% of Total Investments) | ||||||||||||||||||||||||||||
| 480 | AccentCare, Incremental Term Loan B |
5.500% | 3-Month LIBOR | 5.000% | 6/20/26 | B2 | 482,400 | |||||||||||||||||||||
| 2,500 | Air Medical, Term Loan B |
5.750% | 3-Month LIBOR | 4.750% | 10/02/25 | B | 2,508,438 | |||||||||||||||||||||
| 1,070 | Air Methods, Term Loan, First Lien |
4.500% | 3-Month LIBOR | 3.500% | 4/21/24 | B | 1,038,024 | |||||||||||||||||||||
| 2 | Albany Molecular Research, Inc., Initial Term Loan, First Lien |
4.250% | 2-Month LIBOR | 3.250% | 8/30/24 | B2 | 1,725 | |||||||||||||||||||||
| 663 | Albany Molecular Research, Inc., Initial Term Loan, First Lien |
4.250% | 3-Month LIBOR | 3.250% | 8/30/24 | B2 | 665,864 | |||||||||||||||||||||
| 1,444 | Ardent Health, Term Loan, First Lien |
5.500% | 1-Month LIBOR | 4.500% | 6/28/25 | B1 | 1,453,214 | |||||||||||||||||||||
| 1,309 | Aspen Dental, Term Loan B |
4.750% | 1-Month LIBOR | 4.000% | 12/23/27 | N/R | 1,309,000 | |||||||||||||||||||||
| 1,777 | Brightspring Health, Term Loan B |
3.380% | 1-Month LIBOR | 3.250% | 3/05/26 | N/R | 1,774,911 | |||||||||||||||||||||
55
| JRO | Nuveen Floating Rate Income Opportunity Fund (continued) | |
| Portfolio of Investments January 31, 2021 | ||
| (Unaudited) | ||
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| Health Care Providers & Services (continued) | ||||||||||||||||||||||||||||
| $ | 983 | Catalent Pharma Solutions, Inc., Dollar Term Loan B2 |
3.250% | 1-Month LIBOR | 2.250% | 5/17/26 | BBB– | $ | 987,413 | |||||||||||||||||||
| 873 | Civitas Solutions, Term Loan B |
4.397% | 1-Month LIBOR | 4.250% | 3/08/26 | B | 874,937 | |||||||||||||||||||||
| 40 | Civitas Solutions, Term Loan C |
4.397% | 1-Month LIBOR | 4.250% | 3/08/26 | B | 40,040 | |||||||||||||||||||||
| 507 | DaVita, Inc., Term Loan B |
1.871% | 1-Month LIBOR | 1.750% | 8/12/26 | BBB– | 507,309 | |||||||||||||||||||||
| 1,931 | Envision Healthcare Corporation, Initial Term Loan |
3.871% | 1-Month LIBOR | 3.750% | 10/10/25 | Caa1 | 1,651,284 | |||||||||||||||||||||
| 377 | HCA, Inc., Term Loan B12 |
1.871% | 1-Month LIBOR | 1.750% | 3/13/25 | BBB– | 378,057 | |||||||||||||||||||||
| 600 | HCA, Inc., Term Loan B13 |
1.871% | 1-Month LIBOR | 1.750% | 3/18/26 | BBB– | 602,553 | |||||||||||||||||||||
| 593 | Heartland Dental Care, Inc., Term Loan, First Lien |
3.621% | 1-Month LIBOR | 3.500% | 4/30/25 | B3 | 582,297 | |||||||||||||||||||||
| 1,157 | InnovaCare, Initial Term Loan |
6.750% | 3-Month LIBOR | 5.750% | 12/26/26 | B+ | 1,158,466 | |||||||||||||||||||||
| 1,447 | Jordan Health, Initial Term Loan, First Lien |
5.220% | 3-Month LIBOR | 5.000% | 5/15/25 | Caa1 | 1,329,142 | |||||||||||||||||||||
| 2,604 | Kindred at Home Hospice, Term Loan B, First Lien |
3.375% | 1-Month LIBOR | 3.250% | 7/02/25 | B1 | 2,609,936 | |||||||||||||||||||||
| 3,527 | Lifepoint Health, Inc., New Term Loan B |
3.871% | 1-Month LIBOR | 3.750% | 11/16/25 | B1 | 3,529,089 | |||||||||||||||||||||
| 43 | MyEyeDr, Delayed Draw Term Loan |
4.371% | 1-Month LIBOR | 4.250% | 8/31/26 | B– | 42,525 | |||||||||||||||||||||
| 19 | MyEyeDr, Delayed Draw Term Loan |
4.379% | 3-Month LIBOR | 4.250% | 8/31/26 | B– | 18,318 | |||||||||||||||||||||
| 246 | MyEyeDr, Term Loan |
4.371% | 1-Month LIBOR | 4.250% | 8/31/26 | B– | 242,627 | |||||||||||||||||||||
| 178 | Quorum Health Corp, Term Loan, (6) |
9.250% | 3-Month LIBOR | 8.250% | 4/29/22 | N/R | 180,259 | |||||||||||||||||||||
| 2,716 | Select Medical Corporation, Term Loan B |
2.530% | 3-Month LIBOR | 2.250% | 3/06/25 | Ba2 | 2,706,258 | |||||||||||||||||||||
| 3,456 | Surgery Center Holdings Inc., Initial Term Loan |
4.250% | 1-Month LIBOR | 3.250% | 9/03/24 | B2 | 3,440,831 | |||||||||||||||||||||
| 2,407 | Team Health, Inc., Initial Term Loan |
3.750% | 1-Month LIBOR | 2.750% | 2/06/24 | B | 2,255,553 | |||||||||||||||||||||
| 1,300 | US Radiology Specialists, Inc., Term Loan B |
6.250% | 1-Month LIBOR | 5.500% | 12/15/27 | B– | 1,311,375 | |||||||||||||||||||||
| 34,249 | Total Health Care Providers & Services |
33,681,845 | ||||||||||||||||||||||||||
| Health Care Technology – 2.7% (1.7% of Total Investments) | ||||||||||||||||||||||||||||
| 4,815 | Emdeon, Inc., Term Loan |
3.500% | 1-Month LIBOR | 2.500% | 3/01/24 | B+ | 4,824,284 | |||||||||||||||||||||
| 2,222 | Onex Carestream Finance LP, New Extended Term Loan, First Lien |
7.750% | 3-Month LIBOR | 6.750% | 5/05/23 | N/R | 2,219,242 | |||||||||||||||||||||
| 2,390 | Onex Carestream Finance LP, New Extended Term Loan, Second Lien, (cash 5.500%, PIK 8.000%) |
5.500% | 3-Month LIBOR | 4.500% | 8/05/23 | CCC+ | 2,174,435 | |||||||||||||||||||||
| 1,782 | Zelis, Term Loan B |
4.871% | 1-Month LIBOR | 4.750% | 9/30/26 | N/R | 1,782,000 | |||||||||||||||||||||
| 11,209 | Total Health Care Technology |
10,999,961 | ||||||||||||||||||||||||||
| Hotels, Restaurants & Leisure – 17.0% (10.7% of Total Investments) | ||||||||||||||||||||||||||||
| 345 | 24 Hour Fitness Worldwide, Inc., Exit Term Loan |
5.240% | 3-Month LIBOR | 5.000% | 6/17/21 | N/R | 308,431 | |||||||||||||||||||||
| 3,002 | Alterra Mountain Company, Term Loan B, First Lien |
2.871% | 1-Month LIBOR | 2.750% | 7/31/24 | B2 | 2,991,073 | |||||||||||||||||||||
| 1,417 | Alterra Mountain Company, Term Loan, First Lien |
5.500% | 1-Month LIBOR | 4.500% | 8/01/26 | B | 1,428,443 | |||||||||||||||||||||
| 743 | Aramark Corporation, Term Loan |
1.871% | 1-Month LIBOR | 1.750% | 3/11/25 | BB+ | 739,347 | |||||||||||||||||||||
| 585 | Boyd Gaming Corporation, Refinancing Term Loan B |
2.342% | 1-Week LIBOR | 2.250% | 9/15/23 | BB– | 584,550 | |||||||||||||||||||||
| 15,511 | Burger King Corporation, Term Loan B4 |
1.871% | 1-Month LIBOR | 1.750% | 11/19/26 | BB+ | 15,430,115 | |||||||||||||||||||||
| 1,122 | Caesars Resort Collection, Term Loan |
4.621% | 1-Month LIBOR | 4.500% | 7/20/25 | B+ | 1,123,529 | |||||||||||||||||||||
| 7,673 | Caesars Resort Collection, Term Loan, First Lien |
2.871% | 1-Month LIBOR | 2.750% | 12/22/24 | B+ | 7,555,216 | |||||||||||||||||||||
| 736 | Carnival Corp, Term Loan B |
8.500% | 1-Month LIBOR | 7.500% | 6/30/25 | Ba2 | 761,036 | |||||||||||||||||||||
| 471 | Cineworld Group PLC, Priority Term Loan, (cash 7.000%, PIK 8.250%), (DD1) |
7.000% | 3-Month LIBOR | 7.000% | 5/23/24 | B– | 586,423 | |||||||||||||||||||||
| 3,191 | CityCenter Holdings LLC, Term Loan B |
3.000% | 1-Month LIBOR | 2.250% | 4/18/24 | B+ | 3,156,442 | |||||||||||||||||||||
| 3,008 | ClubCorp Operations, Inc., Term Loan B |
3.004% | 3-Month LIBOR | 2.750% | 9/18/24 | B– | 2,802,480 | |||||||||||||||||||||
| 2,851 | Equinox Holdings, Inc., Term Loan B1 |
4.000% | 3-Month LIBOR | 3.000% | 3/08/24 | CCC | 2,545,297 | |||||||||||||||||||||
| 960 | Four Seasons Holdings, Inc., Term Loan B |
2.121% | 1-Month LIBOR | 2.000% | 11/30/23 | BB+ | 957,960 | |||||||||||||||||||||
| 2,981 | Golden Nugget LLC, Initial Term Loan B, (DD1) |
3.250% | 2-Month LIBOR | 2.500% | 10/04/23 | B | 2,929,008 | |||||||||||||||||||||
| 4,246 | Hilton Hotels, Term Loan B2 |
1.880% | 1-Month LIBOR | 1.750% | 6/21/26 | BBB– | 4,225,091 | |||||||||||||||||||||
| 3,100 | IRB Holding Corp., Term Loan B |
4.250% | 6-Month LIBOR | 3.250% | 12/15/27 | B | 3,115,221 | |||||||||||||||||||||
| 3,450 | Life Time Fitness, Inc., Term Loan B, (WI/DD) |
TBD | TBD | TBD | TBD | B– | 3,412,843 | |||||||||||||||||||||
| 659 | PCI Gaming, Term Loan B |
2.621% | 1-Month LIBOR | 2.500% | 5/31/26 | BBB– | 657,329 | |||||||||||||||||||||
| 5,204 | Scientific Games Corp., Initial Term Loan B5 |
2.871% | 1-Month LIBOR | 2.750% | 8/14/24 | B+ | 5,124,544 | |||||||||||||||||||||
| 1,033 | Seaworld Parks and Entertainment, Inc., Term Loan B5 |
3.750% | 1-Month LIBOR | 3.000% | 3/31/24 | B2 | 1,014,241 | |||||||||||||||||||||
| 3,625 | Stars Group Holdings, Term Loan B |
3.754% | 3-Month LIBOR | 3.500% | 7/10/25 | BBB– | 3,640,628 | |||||||||||||||||||||
| 2,190 | Station Casinos LLC, Term Loan B |
2.500% | 1-Month LIBOR | 2.250% | 2/08/27 | BB– | 2,161,635 | |||||||||||||||||||||
| 1,466 | Wyndham International, Inc., Term Loan B |
1.871% | 1-Month LIBOR | 1.750% | 5/30/25 | BB+ | 1,459,227 | |||||||||||||||||||||
| 930 | Zaxby’s Operating Co LP, Initial Term Loan, First Lien |
4.500% | 1-Month LIBOR | 3.750% | 12/28/27 | B | 938,575 | |||||||||||||||||||||
| 70,499 | Total Hotels, Restaurants & Leisure |
69,648,684 | ||||||||||||||||||||||||||
56
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| Household Durables – 0.6% (0.4% of Total Investments) | ||||||||||||||||||||||||||||
| $ | 1,172 | Apex Tool Group LLC, Third Amendment Term Loan |
6.500% | 1-Month LIBOR | 5.250% | 8/21/24 | B3 | $ | 1,173,415 | |||||||||||||||||||
| 58 | Serta Simmons Holdings LLC, First Out Term Loan |
8.500% | 1-Month LIBOR | 7.500% | 6/01/27 | N/R | 58,815 | |||||||||||||||||||||
| 657 | Serta Simmons Holdings LLC, Second Out Term Loan |
8.500% | 1-Month LIBOR | 7.500% | 6/01/27 | N/R | 609,289 | |||||||||||||||||||||
| 450 | Weber-Stephen Products LLC, Term Loan B |
4.000% | 1-Month LIBOR | 3.250% | 10/30/27 | B1 | 452,137 | |||||||||||||||||||||
| 2,337 | Total Household Durables |
2,293,656 | ||||||||||||||||||||||||||
| Household Products – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 938 | Reynolds Group Holdings, Inc., Term Loan, First Lien |
2.871% | 1-Month LIBOR | 2.750% | 2/05/23 | B+ | 939,134 | |||||||||||||||||||||
| Industrial Conglomerates – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 970 | Education Adisory Board, Term Loan, First Lien |
4.750% | 6-Month LIBOR | 3.750% | 9/29/24 | B2 | 970,728 | |||||||||||||||||||||
| 2 | Education Adisory Board, Term Loan, First Lien |
4.750% | 2-Month LIBOR | 3.750% | 9/29/24 | B2 | 2,501 | |||||||||||||||||||||
| 972 | Total Industrial Conglomerates |
973,229 | ||||||||||||||||||||||||||
| Insurance – 3.0% (1.9% of Total Investments) | ||||||||||||||||||||||||||||
| 1,836 | Acrisure LLC, Term Loan B |
3.621% | 1-Month LIBOR | 3.500% | 2/15/27 | B | 1,831,165 | |||||||||||||||||||||
| 1,703 | Acrisure LLC, Term Loan B, (WI/DD) |
3.621% | 1-Month LIBOR | 3.500% | 2/15/27 | B | 1,686,397 | |||||||||||||||||||||
| 2,541 | Alliant Holdings I LLC, Term Loan B |
3.371% | 1-Month LIBOR | 3.250% | 5/10/25 | B | 2,533,469 | |||||||||||||||||||||
| 2,932 | Asurion LLC, New Term Loan B8 |
3.371% | 1-Month LIBOR | 3.250% | 12/23/26 | Ba3 | 2,920,974 | |||||||||||||||||||||
| 773 | Asurion LLC, Term Loan B6 |
3.121% | 3-Month LIBOR | 3.000% | 11/03/23 | Ba3 | 772,662 | |||||||||||||||||||||
| 2,164 | Hub International Holdings, Inc., Term Loan B |
2.965% | 3-Month LIBOR | 2.750% | 4/25/25 | B | 2,148,492 | |||||||||||||||||||||
| 5 | Hub International Holdings, Inc., Term Loan B |
2.910% | 2-Month LIBOR | 2.750% | 4/25/25 | B | 5,523 | |||||||||||||||||||||
| 499 | Ryan Specialty Group LLC, Term Loan B |
4.000% | 1-Month LIBOR | 3.250% | 9/01/27 | B1 | 500,623 | |||||||||||||||||||||
| 12,453 | Total Insurance |
12,399,305 | ||||||||||||||||||||||||||
| Interactive Media & Services – 2.7% (1.7% of Total Investments) | ||||||||||||||||||||||||||||
| 1,550 | Ancestry.com, Initial Term Loan |
4.500% | 1-Month LIBOR | 4.000% | 12/06/27 | B1 | 1,559,408 | |||||||||||||||||||||
| 8,156 | Rackspace Hosting, Inc., Refinancing Term Loan B, First Lien |
4.000% | 3-Month LIBOR | 3.000% | 11/03/23 | B+ | 8,168,264 | |||||||||||||||||||||
| 1,466 | WeddingWire, Inc., Term Loan |
4.712% | 3-Month LIBOR | 4.500% | 12/21/25 | B+ | 1,443,340 | |||||||||||||||||||||
| 4 | WeddingWire, Inc., Term Loan |
4.659% | 2-Month LIBOR | 4.500% | 12/21/25 | B+ | 3,691 | |||||||||||||||||||||
| 11,176 | Total Interactive Media & Services |
11,174,703 | ||||||||||||||||||||||||||
| Internet & Direct Marketing Retail – 1.1% (0.7% of Total Investments) | ||||||||||||||||||||||||||||
| 2,000 | 1-800 Contacts, Term Loan, First Lien |
4.500% | 6-Month LIBOR | 3.750% | 11/08/27 | B | 2,013,930 | |||||||||||||||||||||
| 2,015 | Uber Technologies, Inc., Term Loan |
5.000% | 1-Month LIBOR | 4.000% | 4/04/25 | B1 | 2,024,070 | |||||||||||||||||||||
| 562 | Uber Technologies, Inc., Term Loan |
3.621% | 1-Month LIBOR | 3.500% | 7/13/23 | B1 | 563,899 | |||||||||||||||||||||
| 4,577 | Total Internet & Direct Marketing Retail |
4,601,899 | ||||||||||||||||||||||||||
| Internet Software & Services – 1.5% (1.0% of Total Investments) | ||||||||||||||||||||||||||||
| 3,535 | Epicor Software Corporation, Term Loan, First Lien |
4.250% | 1-Month LIBOR | 3.250% | 7/31/27 | B2 | 3,557,787 | |||||||||||||||||||||
| 2,765 | Greeneden U.S. Holdings II LLC, Term Loan B |
4.750% | 1-Month LIBOR | 4.000% | 12/01/27 | B– | 2,778,379 | |||||||||||||||||||||
| 6,300 | Total Internet Software & Services |
6,336,166 | ||||||||||||||||||||||||||
| IT Services – 4.4% (2.8% of Total Investments) | ||||||||||||||||||||||||||||
| 809 | DTI Holdings, Inc., Replacement Term Loan B1 |
5.750% | 3-Month LIBOR | 4.750% | 9/30/23 | CCC+ | 767,967 | |||||||||||||||||||||
| 1,037 | GTT Communications, Inc., Term Loan, First Lien, (6) |
3.000% | 3-Month LIBOR | 2.750% | 5/31/25 | CCC | 831,247 | |||||||||||||||||||||
| 968 | KBR, Inc., New Term Loan B |
2.871% | 1-Month LIBOR | 2.750% | 2/07/27 | Ba1 | 968,897 | |||||||||||||||||||||
| 570 | Neustar, Inc., Term Loan B4, First Lien |
4.500% | 3-Month LIBOR | 3.500% | 8/08/24 | B+ | 558,780 | |||||||||||||||||||||
| 500 | Optiv Security, Inc., Term Loan, Second Lien |
8.250% | 1-Month LIBOR | 7.250% | 2/01/25 | CCC– | 425,833 | |||||||||||||||||||||
| 3,550 | Sabre, Inc., Term Loan B |
2.121% | 1-Month LIBOR | 2.000% | 2/22/24 | Ba3 | 3,511,937 | |||||||||||||||||||||
| 700 | Science Applications International Corporation, Term Loan B |
1.996% | 1-Month LIBOR | 1.875% | 10/31/25 | BB+ | 701,551 | |||||||||||||||||||||
| 3,500 | Syniverse Holdings, Inc., Initial Term Loan, Second Lien |
10.000% | 3-Month LIBOR | 9.000% | 3/11/24 | CCC– | 2,294,442 | |||||||||||||||||||||
| 1,999 | Syniverse Holdings, Inc., Term Loan C |
6.000% | 3-Month LIBOR | 5.000% | 3/09/23 | CCC+ | 1,830,330 | |||||||||||||||||||||
| 1,487 | Tempo Acquisition, LLC, Extended Term Loan B |
3.750% | 1-Month LIBOR | 3.250% | 10/31/26 | B1 | 1,488,012 | |||||||||||||||||||||
| 3,825 | West Corporation, Term Loan B |
5.000% | 3-Month LIBOR | 4.000% | 10/10/24 | BB– | 3,771,578 | |||||||||||||||||||||
| 10 | West Corporation, Term Loan B |
5.000% | 1-Month LIBOR | 4.000% | 10/10/24 | BB– | 9,746 | |||||||||||||||||||||
| 956 | WEX, Inc., Term Loan B3 |
2.371% | 1-Month LIBOR | 2.250% | 5/17/26 | Ba2 | 956,676 | |||||||||||||||||||||
| 19,911 | Total IT Services |
18,116,996 | ||||||||||||||||||||||||||
57
| JRO | Nuveen Floating Rate Income Opportunity Fund (continued) | |
| Portfolio of Investments January 31, 2021 | ||
| (Unaudited) | ||
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| Life Sciences Tools & Services – 2.7% (1.7% of Total Investments) |
| |||||||||||||||||||||||||||
| $ | 189 | Inventiv Health, Inc., Term Loan B |
1.871% | 1-Month LIBOR | 1.750% | 8/01/24 | BB | $ | 189,411 | |||||||||||||||||||
| 5,078 | Parexel International Corp., Term Loan B |
2.807% | 1-Month LIBOR | 2.750% | 9/27/24 | B1 | 5,079,323 | |||||||||||||||||||||
| 5,759 | PPD, Inc., Term Loan B |
2.750% | 1-Month LIBOR | 2.250% | 1/13/28 | Ba2 | 5,792,421 | |||||||||||||||||||||
| 11,026 | Total Life Sciences Tools & Services |
|
11,061,155 | |||||||||||||||||||||||||
| Machinery – 1.3% (0.8% of Total Investments) |
| |||||||||||||||||||||||||||
| 1,000 | Alliance Laundry Systems LLC, Term Loan B |
4.250% | 3-Month LIBOR | 3.500% | 10/08/27 | B | 1,004,790 | |||||||||||||||||||||
| 1,725 | Gardner Denver, Inc., Extended Term Loan B |
1.871% | 1-Month LIBOR | 1.750% | 2/28/27 | Ba2 | 1,718,348 | |||||||||||||||||||||
| 193 | Gardner Denver, Inc., New Term Loan B |
2.871% | 1-Month LIBOR | 2.750% | 1/31/27 | BB+ | 193,819 | |||||||||||||||||||||
| 838 | Gates Global LLC, Term Loan B |
3.750% | 1-Month LIBOR | 2.750% | 4/01/24 | B1 | 839,637 | |||||||||||||||||||||
| 57 | NN, Inc., Extended 2017 Incremental Term Loan |
5.871% | 1-Month LIBOR | 5.750% | 10/19/22 | B+ | 56,923 | |||||||||||||||||||||
| 125 | NN, Inc., Term Loan |
6.500% | 1-Month LIBOR | 5.750% | 10/19/22 | B+ | 125,052 | |||||||||||||||||||||
| 1,247 | Thyssenkrupp Elevator, Term Loan B |
4.478% | 6-Month LIBOR | 4.250% | 7/31/27 | B1 | 1,260,210 | |||||||||||||||||||||
| 5,185 | Total Machinery |
|
5,198,779 | |||||||||||||||||||||||||
| Marine – 0.3% (0.2% of Total Investments) |
| |||||||||||||||||||||||||||
| 1,992 | Harvey Gulf International Marine, Inc., Exit Term Loan |
7.000% | 3-Month LIBOR | 6.000% | 7/02/23 | Caa1 | 1,110,496 | |||||||||||||||||||||
| Media – 17.0% (10.7% of Total Investments) |
| |||||||||||||||||||||||||||
| 464 | Catalina Marketing Corporation, First Out Term Loan |
8.500% | 1-Month LIBOR | 7.500% | 2/15/23 | N/R | 373,748 | |||||||||||||||||||||
| 746 | Catalina Marketing Corporation, Last Out Term Loan, (cash 2.000%, PIK 9.500%) |
2.000% | 1-Month LIBOR | 1.000% | 8/15/23 | N/R | 221,326 | |||||||||||||||||||||
| 226 | CBS Radio, Inc., Term Loan B2 |
2.623% | 1-Month LIBOR | 2.500% | 11/17/24 | BB– | 223,339 | |||||||||||||||||||||
| 5,039 | Cequel Communications LLC, Term Loan B |
2.377% | 1-Month LIBOR | 2.250% | 1/15/26 | BB | 5,018,081 | |||||||||||||||||||||
| 3,739 | Charter Communications Operating Holdings LLC, Term Loan B2 |
1.880% | 1-Month LIBOR | 1.750% | 2/01/27 | BBB– | 3,739,781 | |||||||||||||||||||||
| 21 | Clear Channel Outdoor Holdings, Inc., Term Loan B |
3.659% | 2-Month LIBOR | 3.500% | 8/21/26 | B1 | 20,151 | |||||||||||||||||||||
| 8,119 | Clear Channel Outdoor Holdings, Inc., Term Loan B |
3.712% | 3-Month LIBOR | 3.500% | 8/21/26 | B1 | 7,939,298 | |||||||||||||||||||||
| 2,531 | CSC Holdings LLC, Refinancing Term Loan |
2.377% | 1-Month LIBOR | 2.250% | 7/17/25 | BB | 2,520,617 | |||||||||||||||||||||
| 4,636 | CSC Holdings, LLC, Term Loan B5 |
2.627% | 1-Month LIBOR | 2.500% | 4/15/27 | Ba3 | 4,623,139 | |||||||||||||||||||||
| 489 | Cumulus Media, Inc., Term Loan B |
4.750% | 3-Month LIBOR | 3.750% | 3/31/26 | B | 490,335 | |||||||||||||||||||||
| 737 | EW Scripps, Term Loan B2 |
3.313% | 1-Month LIBOR | 2.563% | 5/01/26 | BB | 734,733 | |||||||||||||||||||||
| 553 | Gray Television, Inc., Term Loan B2 |
2.394% | 1-Month LIBOR | 2.250% | 2/07/24 | BB+ | 551,364 | |||||||||||||||||||||
| 637 | Gray Television, Inc., Term Loan C |
2.644% | 1-Month LIBOR | 2.500% | 1/02/26 | BB+ | 637,232 | |||||||||||||||||||||
| 594 | Houghton Mifflin Harcourt, Term Loan |
7.250% | 1-Month LIBOR | 6.250% | 11/22/24 | B | 583,784 | |||||||||||||||||||||
| 5,249 | iHeartCommunications Inc., Term Loan B |
3.121% | 1-Month LIBOR | 3.000% | 5/01/26 | B+ | 5,193,770 | |||||||||||||||||||||
| 2,171 | Inmarsat Finance, Term Loan, First Lien |
4.500% | 1-Month LIBOR | 3.500% | 12/11/26 | N/R | 2,180,006 | |||||||||||||||||||||
| 1,928 | Intelsat Jackson Holdings, S.A., DIP Term Loan, (6) |
6.500% | 3-Month LIBOR | 5.500% | 7/13/21 | N/R | 1,964,872 | |||||||||||||||||||||
| 6,367 | Intelsat Jackson Holdings, S.A., Term Loan B, (6) |
8.000% | Prime | 4.750% | 11/27/23 | N/R | 6,462,030 | |||||||||||||||||||||
| 1,126 | LCPR Loan Financing LLC, Term Loan B |
5.127% | 1-Month LIBOR | 5.000% | 10/15/26 | BB– | 1,138,144 | |||||||||||||||||||||
| 5,843 | MCGRAW HILL LLC, Term Loan B, First Lien |
4.987% | 3-Month LIBOR | 4.750% | 11/01/24 | BB | 5,764,426 | |||||||||||||||||||||
| 458 | Meredith Corporation, Incremental Term Loan B |
5.250% | 3-Month LIBOR | 4.250% | 1/31/25 | BB– | 467,284 | |||||||||||||||||||||
| 2,200 | Meredith Corporation, Term Loan B2 |
2.621% | 1-Month LIBOR | 2.500% | 1/31/25 | BB– | 2,189,188 | |||||||||||||||||||||
| 949 | Nexstar Broadcasting, Inc., Term Loan B |
2.894% | 1-Month LIBOR | 2.750% | 9/19/26 | BB | 951,260 | |||||||||||||||||||||
| 2,481 | Nexstar Broadcasting, Inc., Term Loan B3 |
2.371% | 1-Month LIBOR | 2.250% | 1/17/24 | BB | 2,481,640 | |||||||||||||||||||||
| 313 | Red Ventures, Term Loan B |
2.621% | 1-Month LIBOR | 2.500% | 11/08/24 | BB | 310,018 | |||||||||||||||||||||
| 2,889 | Sinclair Television Group, Term Loan B2 |
2.380% | 1-Month LIBOR | 2.250% | 1/03/24 | Ba2 | 2,874,582 | |||||||||||||||||||||
| 889 | Sinclair Television Group, Term Loan B2 |
2.630% | 1-Month LIBOR | 2.500% | 9/30/26 | Ba2 | 886,533 | |||||||||||||||||||||
| 1,995 | Virgin Media Bristol LLC, Term Loan, First Lien, (WI/DD) |
2.627% | 1-Month LIBOR | 2.500% | 1/31/29 | BB– | 2,001,234 | |||||||||||||||||||||
| 2,230 | WideOpenWest Finance LLC, Term Loan B |
4.250% | 1-Month LIBOR | 3.250% | 8/19/23 | B | 2,232,569 | |||||||||||||||||||||
| 4,966 | Ziggo B.V., Term Loan |
2.627% | 1-Month LIBOR | 2.500% | 4/30/28 | BB | 4,944,699 | |||||||||||||||||||||
| 70,585 | Total Media |
|
69,719,183 | |||||||||||||||||||||||||
| Multiline Retail – 0.6% (0.3% of Total Investments) |
| |||||||||||||||||||||||||||
| 1,869 | Belk, Inc., Term Loan, First Lien |
7.750% | 3-Month LIBOR | 6.750% | 7/31/25 | Caa1 | 822,494 | |||||||||||||||||||||
| 1,459 | EG America LLC, Term Loan, First Lien |
4.254% | 3-Month LIBOR | 4.000% | 2/05/25 | B– | 1,458,901 | |||||||||||||||||||||
| 3,328 | Total Multiline Retail |
|
2,281,395 | |||||||||||||||||||||||||
58
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 1.7% (1.1% of Total Investments) |
| |||||||||||||||||||||||||||
| $ | 959 | BCP Renaissance Parent, Term Loan B |
4.500% | 3-Month LIBOR | 3.500% | 11/01/24 | B+ | $ | 940,870 | |||||||||||||||||||
| 1,137 | Buckeye Partners, Term Loan, First Lien |
2.897% | 1-Month LIBOR | 2.750% | 11/01/26 | BBB– | 1,138,553 | |||||||||||||||||||||
| 1,191 | Fieldwood Energy LLC, DIP Term Loan, (6), (7) |
9.750% | 1-Month LIBOR | 8.750% | 8/05/21 | N/R | 1,217,335 | |||||||||||||||||||||
| 8,355 | Fieldwood Energy LLC, Exit Term Loan, (DD1), (6) |
0.000% | N/A | N/A | 4/11/22 | N/R | 2,168,939 | |||||||||||||||||||||
| 3,211 | Fieldwood Energy LLC, Exit Term Loan, second Lien, (6) |
0.000% | N/A | N/A | 4/11/23 | N/R | 4,014 | |||||||||||||||||||||
| 1,726 | Gulf Finance, LLC, Term Loan B |
6.250% | 1-Month LIBOR | 5.250% | 8/25/23 | CCC+ | 1,343,317 | |||||||||||||||||||||
| 349 | Peabody Energy Corporation, Term Loan B |
2.871% | 1-Month LIBOR | 2.750% | 3/31/25 | Caa1 | 180,522 | |||||||||||||||||||||
| 16,928 | Total Oil, Gas & Consumable Fuels |
|
6,993,550 | |||||||||||||||||||||||||
| Paper & Forest Products – 0.5% (0.3% of Total Investments) |
| |||||||||||||||||||||||||||
| 1,895 | Asplundh, Term Loan B |
2.621% | 1-Month LIBOR | 2.500% | 9/04/27 | BBB– | 1,903,144 | |||||||||||||||||||||
| Personal Products – 0.9% (0.5% of Total Investments) |
| |||||||||||||||||||||||||||
| 1,551 | Coty, Inc., Term Loan A |
1.882% | 1-Month LIBOR | 1.750% | 4/05/23 | B | 1,477,624 | |||||||||||||||||||||
| 35 | Coty, Inc., Term Loan B |
2.382% | 1-Month LIBOR | 2.250% | 4/05/25 | B | 32,733 | |||||||||||||||||||||
| 3,704 | Revlon Consumer Products Corporation, Term Loan B, First Lien, (DD1), (5) |
4.250% | 3-Month LIBOR | 3.500% | 9/07/23 | CC | 1,950,286 | |||||||||||||||||||||
| 15 | Revlon Consumer Products Corporation, Term Loan B, First Lien, (DD1), (5) |
4.250% | 2-Month LIBOR | 3.500% | 9/07/23 | CC | 8,134 | |||||||||||||||||||||
| 5,305 | Total Personal Products |
|
3,468,777 | |||||||||||||||||||||||||
| Pharmaceuticals – 4.1% (2.6% of Total Investments) |
| |||||||||||||||||||||||||||
| 943 | Alphabet Holding Company, Inc., Initial Term Loan, First Lien |
3.621% | 1-Month LIBOR | 3.500% | 9/28/24 | B– | 942,823 | |||||||||||||||||||||
| 3,488 | Concordia Healthcare Corp, Exit Term Loan |
6.500% | 1-Week LIBOR | 5.500% | 9/06/24 | B– | 3,486,684 | |||||||||||||||||||||
| 828 | Elanco Animal Health, Term Loan B |
1.894% | 1-Month LIBOR | 1.750% | 8/01/27 | Baa3 | 827,127 | |||||||||||||||||||||
| 871 | Endo Health Solutions, Inc., Term Loan B |
5.000% | 3-Month LIBOR | 4.250% | 4/29/24 | B+ | 866,619 | |||||||||||||||||||||
| 2,596 | Mallinckrodt International Finance S.A., Term Loan B, First Lien, (DD1), (6) |
5.500% | 6-Month LIBOR | 4.750% | 9/24/24 | D | 2,452,937 | |||||||||||||||||||||
| 470 | Mallinckrodt International Finance S.A., Term Loan, First Lien, (6) |
5.750% | 3-Month LIBOR | 5.000% | 2/24/25 | D | 443,099 | |||||||||||||||||||||
| 750 | Milano, Term Loan B |
4.750% | 3-Month LIBOR | 4.000% | 10/01/27 | B+ | 753,285 | |||||||||||||||||||||
| 2,481 | Valeant Pharmaceuticals International, Inc., Term Loan B |
2.871% | 1-Month LIBOR | 2.750% | 11/27/25 | BB | 2,481,437 | |||||||||||||||||||||
| 4,660 | Valeant Pharmaceuticals International, Inc., Term Loan, First Lien |
3.121% | 1-Month LIBOR | 3.000% | 6/02/25 | BB | 4,669,401 | |||||||||||||||||||||
| 17,087 | Total Pharmaceuticals |
|
16,923,412 | |||||||||||||||||||||||||
| Professional Services – 1.2% (0.7% of Total Investments) |
| |||||||||||||||||||||||||||
| 1,042 | Ceridian HCM Holding, Inc., Term Loan B |
2.592% | 1-Week LIBOR | 2.500% | 4/30/25 | B+ | 1,042,229 | |||||||||||||||||||||
| 792 | Creative Artists Agency, LLC, Term Loan B |
3.871% | 1-Month LIBOR | 3.750% | 11/26/26 | B | 788,139 | |||||||||||||||||||||
| 2,359 | Nielsen Finance LLC, Term Loan B4 |
2.133% | 1-Month LIBOR | 2.000% | 10/04/23 | BBB– | 2,356,230 | |||||||||||||||||||||
| 597 | On Assignment, Inc., Term Loan B3 |
1.871% | 1-Month LIBOR | 1.750% | 4/02/25 | BBB– | 598,695 | |||||||||||||||||||||
| 4,790 | Total Professional Services |
|
4,785,293 | |||||||||||||||||||||||||
| Real Estate Management & Development – 1.7% (1.1% of Total Investments) |
| |||||||||||||||||||||||||||
| 2,689 | GGP, Initial Term Loan A2 |
3.121% | 1-Month LIBOR | 3.000% | 8/24/23 | BB+ | 2,640,555 | |||||||||||||||||||||
| 2,750 | TNT Crane and Rigging, Inc., Exit Term Loan |
7.500% | 3-Month LIBOR | 6.500% | 10/16/24 | B+ | 2,878,329 | |||||||||||||||||||||
| 1,363 | Trico Group, LLC, Tranche Term Loan B2, First Lien |
8.500% | 3-Month LIBOR | 7.500% | 2/02/24 | B3 | 1,390,711 | |||||||||||||||||||||
| 6,802 | Total Real Estate Management & Development |
|
6,909,595 | |||||||||||||||||||||||||
| Road & Rail – 3.3% (2.1% of Total Investments) |
| |||||||||||||||||||||||||||
| 1,708 | Avolon LLC, Term Loan B3 |
2.500% | 1-Month LIBOR | 1.750% | 1/15/25 | Baa2 | 1,706,384 | |||||||||||||||||||||
| 1,985 | Genesee & Wyoming Inc., Term Loan, First Lien |
2.254% | 3-Month LIBOR | 2.000% | 12/30/26 | BB+ | 1,986,241 | |||||||||||||||||||||
| 1,280 | Hertz Corporation, Term Loan, (WI/DD), (6), (7) |
TBD | TBD | TBD | TBD | N/R | 1,264,000 | |||||||||||||||||||||
| 2,965 | Hertz Corporation, Term Loan B1, (DD1), (6) |
3.500% | 1-Month LIBOR | 2.750% | 6/30/23 | N/R | 2,933,284 | |||||||||||||||||||||
| 3,984 | Hertz Corporation, The DIP Term Loan, (DD1), (7) |
8.250% | 1-Month LIBOR | 7.250% | 12/31/21 | N/R | 4,085,804 | |||||||||||||||||||||
| 1,425 | Quality Distribution, Incremental Term Loan, First Lien |
6.500% | 3-Month LIBOR | 5.500% | 8/18/22 | B– | 1,422,335 | |||||||||||||||||||||
| 46 | Savage Enterprises LLC, Term Loan B |
3.130% | 1-Month LIBOR | 3.000% | 8/01/25 | BB | 46,379 | |||||||||||||||||||||
| 13,393 | Total Road & Rail |
|
13,444,427 | |||||||||||||||||||||||||
59
| JRO | Nuveen Floating Rate Income Opportunity Fund (continued) | |
| Portfolio of Investments January 31, 2021 | ||
| (Unaudited) | ||
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| Semiconductors & Semiconductor Equipment – 1.0% (0.6% of Total Investments) |
| |||||||||||||||||||||||||||
| $ | 657 | Cabot Microelectronics, Term Loan B1 |
2.125% | 1-Month LIBOR | 2.000% | 11/15/25 | N/R | $ | 659,179 | |||||||||||||||||||
| 3,368 | Lumileds, Term Loan B |
4.500% | 6-Month LIBOR | 3.500% | 6/30/24 | CCC | 1,987,760 | |||||||||||||||||||||
| 1,409 | ON Semiconductor Corporation, New Replacement Term Loan B4 |
2.121% | 1-Month LIBOR | 2.000% | 9/19/26 | BB+ | 1,414,247 | |||||||||||||||||||||
| 5,434 | Total Semiconductors & Semiconductor Equipment |
|
4,061,186 | |||||||||||||||||||||||||
| Software – 10.5% (6.6% of Total Investments) |
| |||||||||||||||||||||||||||
| 987 | Autodata Solutions, Term Loan, First Lien |
3.621% | 1-Month LIBOR | 3.500% | 5/30/26 | BB– | 987,090 | |||||||||||||||||||||
| 1,481 | Blackboard, Inc., Term Loan B5, First Lien |
7.000% | 3-Month LIBOR | 6.000% | 6/30/24 | B | 1,479,702 | |||||||||||||||||||||
| 827 | Blue Yonder, Term Loan B |
4.000% | 1-Month LIBOR | 3.000% | 1/30/26 | B– | 829,230 | |||||||||||||||||||||
| 2,014 | BMC Software, Inc., Term Loan B |
4.371% | 1-Month LIBOR | 4.250% | 10/02/25 | B2 | 2,014,775 | |||||||||||||||||||||
| 2,574 | DiscoverOrg LLC, Term Loan B |
3.897% | 1-Month LIBOR | 3.750% | 2/01/26 | N/R | 2,586,575 | |||||||||||||||||||||
| 748 | Dynatrace LLC, Term Loan, First Lien |
2.371% | 1-Month LIBOR | 2.250% | 8/23/25 | BB– | 750,112 | |||||||||||||||||||||
| 1,733 | Ellucian, Term Loan, First Lien |
4.500% | 3-Month LIBOR | 3.750% | 10/07/27 | B | 1,742,264 | |||||||||||||||||||||
| 474 | Globallogic Holdings, Inc., Incremental Term Loan B2 |
4.500% | 1-Month LIBOR | 3.750% | 9/14/27 | B | 474,405 | |||||||||||||||||||||
| 432 | Greenway Health, Term Loan, First Lien |
4.750% | 3-Month LIBOR | 3.750% | 2/16/24 | B– | 408,088 | |||||||||||||||||||||
| 2,000 | Infoblox, Term Loan, First Lien |
4.500% | 6-Month LIBOR | 3.750% | 12/01/27 | B2 | 2,011,770 | |||||||||||||||||||||
| 2,295 | Informatica LLC, Term Loan, First Lien |
3.371% | 1-Month LIBOR | 3.250% | 2/14/27 | B1 | 2,293,832 | |||||||||||||||||||||
| 2,342 | McAfee LLC, Term Loan B |
3.871% | 1-Month LIBOR | 3.750% | 9/29/24 | BB | 2,352,097 | |||||||||||||||||||||
| 1,137 | Micro Focus International PLC, New Term Loan |
2.871% | 1-Month LIBOR | 2.750% | 6/21/24 | BB– | 1,131,613 | |||||||||||||||||||||
| 7,680 | Micro Focus International PLC, Term Loan B |
2.871% | 1-Month LIBOR | 2.750% | 6/21/24 | BB | 7,642,059 | |||||||||||||||||||||
| 1,301 | Micro Focus International PLC, Term Loan B4 |
5.250% | 3-Month LIBOR | 4.250% | 6/05/25 | BB | 1,321,864 | |||||||||||||||||||||
| 890 | Misys, New Term Loan, First Lien, (DD1) |
4.500% | 6-Month LIBOR | 3.500% | 6/13/24 | BB– | 875,816 | |||||||||||||||||||||
| 2,278 | Misys, New Term Loan, First Lien, (DD1) |
4.500% | 3-Month LIBOR | 3.500% | 6/13/24 | BB– | 2,242,968 | |||||||||||||||||||||
| 372 | Mitchell International, Inc., Initial Term Loan, First Lien |
3.371% | 1-Month LIBOR | 3.250% | 11/29/24 | B2 | 368,392 | |||||||||||||||||||||
| 667 | Mitchell International, Inc., Initial Term Loan, Second Lien |
7.371% | 1-Month LIBOR | 7.250% | 11/30/25 | CCC | 658,470 | |||||||||||||||||||||
| 1,185 | Perforce Software Inc., Term Loan, First Lien |
3.871% | 1-Month LIBOR | 3.750% | 7/01/26 | B– | 1,184,289 | |||||||||||||||||||||
| 143 | Skillsoft, Exit Term Loan |
8.500% | 1-Month LIBOR | 7.500% | 4/28/21 | N/R | 146,524 | |||||||||||||||||||||
| 163 | Skillsoft, First-Out Rolled Up Exit Term Loan |
8.500% | 3-Month LIBOR | 7.500% | 12/27/24 | B+ | 167,350 | |||||||||||||||||||||
| 988 | Skillsoft, Takeback Second-Out Term Loan |
8.500% | 3-Month LIBOR | 7.500% | 4/27/25 | B– | 988,050 | |||||||||||||||||||||
| 1,577 | SS&C Technologies, Inc./ Sunshine Acquisition II, Inc., New Term Loan B3 |
1.871% | 1-Month LIBOR | 1.750% | 4/16/25 | BB+ | 1,571,530 | |||||||||||||||||||||
| 1,200 | SS&C Technologies, Inc./ Sunshine Acquisition II, Inc., New Term Loan B4 |
1.871% | 1-Month LIBOR | 1.750% | 4/16/25 | BB+ | 1,196,689 | |||||||||||||||||||||
| 500 | Thomson Reuters IP & S, Incremental Term Loan B |
4.000% | 1-Month LIBOR | 3.000% | 10/31/26 | B | 502,500 | |||||||||||||||||||||
| 653 | Thomson Reuters IP & S, Term Loan B |
3.121% | 1-Month LIBOR | 3.000% | 10/31/26 | B | 655,713 | |||||||||||||||||||||
| 1,164 | TIBCO Software, Inc., Term Loan, First Lien |
3.880% | 1-Month LIBOR | 3.750% | 7/03/26 | B+ | 1,164,506 | |||||||||||||||||||||
| 1,000 | TIBCO Software, Inc., Term Loan, Second Lien |
7.380% | 1-Month LIBOR | 7.250% | 3/04/28 | B– | 1,015,940 | |||||||||||||||||||||
| 741 | Ultimate Software, Term Loan, First Lien |
3.871% | 1-Month LIBOR | 3.750% | 5/03/26 | B1 | 743,869 | |||||||||||||||||||||
| 1,035 | Ultimate Software,Term Loan B |
4.750% | 3-Month LIBOR | 4.000% | 5/03/26 | B1 | 1,040,677 | |||||||||||||||||||||
| 333 | Xperi Holding Corp, Term Loan B |
4.121% | 1-Month LIBOR | 4.000% | 6/01/25 | BB– | 336,144 | |||||||||||||||||||||
| 42,914 | Total Software |
|
42,884,903 | |||||||||||||||||||||||||
| Specialty Retail – 2.4% (1.5% of Total Investments) |
| |||||||||||||||||||||||||||
| 750 | Academy, LTD., Term Loan, First Lien |
5.750% | 1-Month LIBOR | 5.000% | 11/06/27 | B | 757,500 | |||||||||||||||||||||
| 1,045 | Mattress Firm, Inc., Term Loan B |
6.250% | 3-Month LIBOR | 5.250% | 11/25/27 | B+ | 1,057,739 | |||||||||||||||||||||
| 1,112 | Petco Animal Supplies, Inc., Term Loan B1, (DD1) |
4.250% | 3-Month LIBOR | 3.250% | 1/26/23 | B2 | 1,112,549 | |||||||||||||||||||||
| 6,230 | Petsmart Inc., Term Loan B, (WI/DD) |
TBD | TBD | TBD | TBD | BB– | 6,167,700 | |||||||||||||||||||||
| 549 | Staples, Inc., Term Loan |
5.214% | 3-Month LIBOR | 5.000% | 4/12/26 | B | 538,664 | |||||||||||||||||||||
| 9,686 | Total Specialty Retail |
|
9,634,152 | |||||||||||||||||||||||||
| Technology Hardware, Storage & Peripherals – 2.8% (1.7% of Total Investments) |
| |||||||||||||||||||||||||||
| 1,614 | Ahead, Term Loan B |
6.000% | 3-Month LIBOR | 5.000% | 10/16/27 | B1 | 1,628,461 | |||||||||||||||||||||
| 1,776 | Conduent, Inc., Term Loan A |
1.871% | 1-Month LIBOR | 1.750% | 12/07/22 | BB– | 1,710,570 | |||||||||||||||||||||
| 6,022 | Dell International LLC, Refinancing Term Loan B1 |
2.750% | 1-Month LIBOR | 2.000% | 9/19/25 | Baa3 | 6,041,718 | |||||||||||||||||||||
| 587 | NCR Corporation, Term Loan B |
2.720% | 3-Month LIBOR | 2.500% | 8/28/26 | BB+ | 586,257 | |||||||||||||||||||||
| 708 | Tech Data Corporation, Asset Based Term Loan |
3.621% | 1-Month LIBOR | 3.500% | 7/01/25 | BBB– | 713,802 | |||||||||||||||||||||
| 598 | Western Digital, Term Loan B |
1.871% | 1-Month LIBOR | 1.750% | 4/29/23 | BBB– | 600,219 | |||||||||||||||||||||
| 11,305 | Total Technology Hardware, Storage & Peripherals |
|
11,281,027 | |||||||||||||||||||||||||
60
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| Textiles, Apparel & Luxury Goods – 0.2% (0.1% of Total Investments) |
| |||||||||||||||||||||||||||
| $ | 725 | Careismatic, Term Loan, First Lien, (WI/DD) |
TBD | TBD | TBD | TBD | B1 | $ | 725,000 | |||||||||||||||||||
| 205 | Samsonite Corporation, Incremental Term Loan B2 |
5.500% | 1-Month LIBOR | 4.500% | 4/25/25 | Ba2 | 207,020 | |||||||||||||||||||||
| 930 | Total Textiles, Apparel & Luxury Goods |
932,020 | ||||||||||||||||||||||||||
| Trading Companies & Distributors – 0.1% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 592 | Hayward Industries, Inc., Initial Term Loan, First Lien |
3.621% | 1-Month LIBOR | 3.500% | 8/04/24 | B | 590,183 | |||||||||||||||||||||
| Transportation Infrastructure – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 735 | Atlantic Aviation FBO Inc., Term Loan |
3.880% | 1-Month LIBOR | 3.750% | 12/06/25 | BB | 736,150 | |||||||||||||||||||||
| 562,277 | Total Variable Rate Senior Loan Interests (cost $547,053,325) |
|
538,985,995 | |||||||||||||||||||||||||
| Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||||||||||
| CORPORATE BONDS – 13.9% (8.7% of Total Investments) |
| |||||||||||||||||||||||||||
| Aerospace & Defense – 1.3% (0.8% of Total Investments) | ||||||||||||||||||||||||||||
| $ | 1,970 | Bombardier Inc, 144A |
5.750% | 3/15/22 | B | $ | 2,021,712 | |||||||||||||||||||||
| 2,385 | Bombardier Inc, 144A |
6.000% | 10/15/22 | B | 2,367,112 | |||||||||||||||||||||||
| 520 | Bombardier Inc, 144A |
6.125% | 1/15/23 | B | 522,184 | |||||||||||||||||||||||
| 345 | Bombardier Inc, 144A |
7.500% | 12/01/24 | CCC | 332,063 | |||||||||||||||||||||||
| 5,220 | Total Aerospace & Defense |
5,243,071 | ||||||||||||||||||||||||||
| Auto Components – 0.9% (0.6% of Total Investments) | ||||||||||||||||||||||||||||
| 1,925 | Adient Global Holdings Ltd, 144A |
4.875% | 8/15/26 | B | 1,949,062 | |||||||||||||||||||||||
| 1,425 | Adient US LLC, 144A |
9.000% | 4/15/25 | Ba3 | 1,594,219 | |||||||||||||||||||||||
| 3,350 | Total Auto Components |
3,543,281 | ||||||||||||||||||||||||||
| Chemicals – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 585 | Olin Corp, 144A |
|
9.500% | 6/01/25 | BB– | 727,886 | ||||||||||||||||||||||
| Communications Equipment – 0.3% (0.2% of Total Investments) | ||||||||||||||||||||||||||||
| 750 | CommScope Inc, 144A |
8.250% | 3/01/27 | B– | 807,705 | |||||||||||||||||||||||
| 600 | CommScope Technologies LLC, 144A |
5.000% | 3/15/27 | B– | 594,750 | |||||||||||||||||||||||
| 1,350 | Total Communications Equipment |
1,402,455 | ||||||||||||||||||||||||||
| Diversified Telecommunication Services – 0.4% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 1,125 | Avaya Inc, 144A |
6.125% | 9/15/28 | B | 1,195,779 | |||||||||||||||||||||||
| 595 | Windstream Escrow LLC / Windstream Escrow Finance Corp, 144A |
|
7.750% | 8/15/28 | B | 602,438 | ||||||||||||||||||||||
| 1,720 | Total Diversified Telecommunication Services |
1,798,217 | ||||||||||||||||||||||||||
| Electric Utilities – 2.7% (1.7% of Total Investments) | ||||||||||||||||||||||||||||
| 2,980 | Bruce Mansfield Unit 1 2007 Pass Through Trust, (6) |
|
6.850% | 6/01/34 | N/R | 3,725 | ||||||||||||||||||||||
| 715 | Pacific Gas and Electric Co |
3.850% | 11/15/23 | BBB– | 763,139 | |||||||||||||||||||||||
| 448 | Pacific Gas and Electric Co |
3.450% | 7/01/25 | BBB– | 483,710 | |||||||||||||||||||||||
| 3,401 | Pacific Gas and Electric Co |
3.150% | 1/01/26 | BBB– | 3,634,219 | |||||||||||||||||||||||
| 410 | Pacific Gas and Electric Co |
3.300% | 12/01/27 | BBB– | 442,565 | |||||||||||||||||||||||
| 447 | Pacific Gas and Electric Co |
3.750% | 7/01/28 | BBB– | 490,889 | |||||||||||||||||||||||
| 378 | Pacific Gas and Electric Co |
4.550% | 7/01/30 | BBB– | 430,858 | |||||||||||||||||||||||
| 4,330 | Pacific Gas and Electric Co |
4.500% | 7/01/40 | BBB– | 4,735,640 | |||||||||||||||||||||||
| 13,109 | Total Electric Utilities |
10,984,745 | ||||||||||||||||||||||||||
| Energy Equipment & Services – 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 745 | Bausch Health Cos Inc, 144A |
6.125% | 4/15/25 | B | 763,297 | |||||||||||||||||||||||
| 1,725 | Nabors Industries Ltd, 144A |
7.250% | 1/15/26 | B– | 1,398,199 | |||||||||||||||||||||||
| 2,470 | Total Energy Equipment & Services |
2,161,496 | ||||||||||||||||||||||||||
| Entertainment – 0.4% (0.2% of Total Investments) | ||||||||||||||||||||||||||||
| 1,415 | AMC Entertainment Holdings Inc, 144A |
10.500% | 4/15/25 | CCC | 1,447,722 | |||||||||||||||||||||||
61
| JRO | Nuveen Floating Rate Income Opportunity Fund (continued) | |
| Portfolio of Investments January 31, 2021 | ||
| (Unaudited) | ||
| Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||||||||||
| Equity Real Estate Investment Trust – 0.7% (0.5% of Total Investments) | ||||||||||||||||||||||||||||
| $ | 2,700 | Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC, 144A |
|
7.875% | 2/15/25 | B | $ | 2,898,329 | ||||||||||||||||||||
| Gas Utilities – 0.8% (0.5% of Total Investments) | ||||||||||||||||||||||||||||
| 2,830 | Ferrellgas LP / Ferrellgas Finance Corp, 144A |
|
10.000% | 4/15/25 | B3 | 3,151,913 | ||||||||||||||||||||||
| Health Care Providers & Services – 1.4% (0.9% of Total Investments) | ||||||||||||||||||||||||||||
| 830 | AHP Health Partners Inc, 144A |
9.750% | 7/15/26 | CCC+ | 908,850 | |||||||||||||||||||||||
| 855 | CHS/Community Health Systems Inc, 144A |
8.000% | 3/15/26 | B | 919,125 | |||||||||||||||||||||||
| 225 | CHS/Community Health Systems Inc, 144A |
8.000% | 12/15/27 | B | 245,812 | |||||||||||||||||||||||
| 120 | HCA Inc |
5.375% | 2/01/25 | BB | 134,729 | |||||||||||||||||||||||
| 295 | Tenet Healthcare Corp |
4.625% | 7/15/24 | BB– | 300,251 | |||||||||||||||||||||||
| 1,060 | Tenet Healthcare Corp, 144A |
6.250% | 2/01/27 | B1 | 1,116,609 | |||||||||||||||||||||||
| 1,940 | Tenet Healthcare Corp, 144A |
6.125% | 10/01/28 | B | 2,026,301 | |||||||||||||||||||||||
| 5,325 | Total Health Care Providers & Services |
5,651,677 | ||||||||||||||||||||||||||
| Hotels, Restaurants & Leisure – 0.1% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 400 | Carnival Corp, 144A |
|
11.500% | 4/01/23 | Ba2 | 453,836 | ||||||||||||||||||||||
| Household Durables – 0.1% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 205 | Kronos Acquisition Holdings Inc / KIK Custom Products Inc, 144A |
|
5.000% | 12/31/26 | B2 | 209,100 | ||||||||||||||||||||||
| Media – 2.1% (1.3% of Total Investments) | ||||||||||||||||||||||||||||
| 1,888 | AMC Entertainment Holdings Inc, 144A, (cash 10.000%, PIK 12.000%) |
|
12.000% | 6/15/26 | D | 1,378,470 | ||||||||||||||||||||||
| 2,100 | Houghton Mifflin Harcourt Publishers Inc, 144A |
9.000% | 2/15/25 | BB– | 2,210,250 | |||||||||||||||||||||||
| 2 | iHeartCommunications Inc |
6.375% | 5/01/26 | B+ | 2,236 | |||||||||||||||||||||||
| 1,127 | iHeartCommunications Inc |
8.375% | 5/01/27 | CCC+ | 1,201,548 | |||||||||||||||||||||||
| 2,465 | iHeartCommunications Inc, 144A |
5.250% | 8/15/27 | B+ | 2,556,106 | |||||||||||||||||||||||
| 420 | Intelsat Luxembourg SA, (6) |
8.125% | 6/01/23 | N/R | 30,572 | |||||||||||||||||||||||
| 1,110 | Univision Communications Inc, 144A |
9.500% | 5/01/25 | B | 1,212,675 | |||||||||||||||||||||||
| 9,112 | Total Media |
8,591,857 | ||||||||||||||||||||||||||
| Metals & Mining – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 855 | First Quantum Minerals Ltd, 144A |
|
6.875% | 10/15/27 | B– | 922,271 | ||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 1.3% (0.8% of Total Investments) | ||||||||||||||||||||||||||||
| 330 | Ascent Resources Utica Holdings LLC / ARU Finance Corp, 144A |
|
10.000% | 4/01/22 | B | 336,600 | ||||||||||||||||||||||
| 2,935 | Citgo Holding Inc, 144A |
9.250% | 8/01/24 | B+ | 2,817,600 | |||||||||||||||||||||||
| 400 | CITGO Petroleum Corp, 144A |
6.250% | 8/15/22 | BB | 399,040 | |||||||||||||||||||||||
| 1,040 | CITGO Petroleum Corp, 144A |
7.000% | 6/15/25 | BB | 1,054,092 | |||||||||||||||||||||||
| 540 | MEG Energy Corp, 144A |
7.000% | 3/31/24 | B– | 547,398 | |||||||||||||||||||||||
| 5,245 | Total Oil, Gas & Consumable Fuels |
5,154,730 | ||||||||||||||||||||||||||
| Pharmaceuticals – 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 733 | Advanz Pharma Corp Ltd |
|
8.000% | 9/06/24 | B– | 744,911 | ||||||||||||||||||||||
| 461 | Endo Dac / Endo Finance LLC / Endo Finco Inc, 144A |
|
9.500% | 7/31/27 | CCC+ | 526,692 | ||||||||||||||||||||||
| 582 | Endo Dac / Endo Finance LLC / Endo Finco Inc, 144A |
|
6.000% | 6/30/28 | CCC+ | 487,629 | ||||||||||||||||||||||
| 230 | Par Pharmaceutical Inc, 144A |
7.500% | 4/01/27 | B+ | 248,014 | |||||||||||||||||||||||
| 2,006 | Total Pharmaceuticals |
2,007,246 | ||||||||||||||||||||||||||
| Specialty Retail – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 200 | PetSmart Inc / PetSmart Finance Corp, (WI/DD), 144A |
|
7.750% | 2/15/29 | CCC+ | 200,000 | ||||||||||||||||||||||
| Wireless Telecommunication Services – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 795 | Intelsat Connect Finance SA, 144A, (6) |
9.500% | 2/15/23 | N/R | 198,750 | |||||||||||||||||||||||
| 58,892 | Total Corporate Bonds (cost $55,868,607) |
56,748,582 | ||||||||||||||||||||||||||
62
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| COMMON STOCKS – 3.6% (2.3% of Total Investments) |
| |||||||||||||||||||||||||||
| Banks – 0.1% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 21,193 | iQor US Inc, (8), (9) |
$ | 247,704 | |||||||||||||||||||||||||
| Communications Equipment – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 5,616 | Windstream Services LLC, (8), (9) |
73,474 | ||||||||||||||||||||||||||
| Construction & Engineering – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 2,758 | TNT Crane & Rigging Inc, (5), (9) |
3 | ||||||||||||||||||||||||||
| 1,556 | TNT Crane & Rigging Inc, (8), (9) |
26,452 | ||||||||||||||||||||||||||
| Total Construction & Engineering |
26,455 | |||||||||||||||||||||||||||
| Diversified Consumer Services – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 16,910 | Cengage Learning Holdings II Inc, (8), (9) |
166,986 | ||||||||||||||||||||||||||
| Diversified Telecommunication Services – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 16,271 | Windstream Services LLC, (8), (9) |
203,388 | ||||||||||||||||||||||||||
| Electric Utilities – 0.4% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 64,338 | Energy Harbor Corp, (8), (9), (10) |
1,756,427 | ||||||||||||||||||||||||||
| Energy Equipment & Services – 0.1% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 63,862 | Transocean Ltd, (9) |
214,577 | ||||||||||||||||||||||||||
| 7,266 | Vantage Drilling International, (8), (9) |
1,453 | ||||||||||||||||||||||||||
| Total Energy Equipment & Services |
216,030 | |||||||||||||||||||||||||||
| Entertainment – 0.6% (0.4% of Total Investments) | ||||||||||||||||||||||||||||
| 23,363 | Metro-Goldwyn-Mayer Inc, (8), (9) |
2,289,574 | ||||||||||||||||||||||||||
| Health Care Providers & Services – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 50,560 | Millennium Health LLC, (5), (9) |
53,846 | ||||||||||||||||||||||||||
| 47,462 | Millennium Health LLC, (5), (9) |
48,174 | ||||||||||||||||||||||||||
| Total Health Care Providers & Services |
102,020 | |||||||||||||||||||||||||||
| Hotels, Restaurants & Leisure – 0.1% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 83,129 | 24 Hour Fitness Worldwide Inc, (5) |
83 | ||||||||||||||||||||||||||
| 174,788 | 24 Hour Fitness Worldwide Inc, (8), (9) |
305,879 | ||||||||||||||||||||||||||
| Total Hotels, Restaurants & Leisure |
305,962 | |||||||||||||||||||||||||||
| Internet & Direct Marketing Retail – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 12,030 | Catalina Marketing Corp, (8), (9) |
12,030 | ||||||||||||||||||||||||||
| Marine – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 573 | ACBL HLDG CORP, (8), (9) |
14,039 | ||||||||||||||||||||||||||
| Media – 0.4% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 640,661 | Clear Channel Outdoor Holdings Inc, (9) |
1,274,915 | ||||||||||||||||||||||||||
| 38,466 | Cumulus Media Inc, (9) |
333,885 | ||||||||||||||||||||||||||
| 1,318,561 | Hibu plc, (8), (9) |
152,953 | ||||||||||||||||||||||||||
| 36,087 | Tribune Co, (5), (9) |
36 | ||||||||||||||||||||||||||
| Total Media |
1,761,789 | |||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 1.4% (0.9% of Total Investments) | ||||||||||||||||||||||||||||
| 159,050 | California Resources Corp, (9) |
3,672,464 | ||||||||||||||||||||||||||
| 76,755 | California Resources Corp, (5), (9) |
1,558,050 | ||||||||||||||||||||||||||
| 21,791 | Whiting Petroleum Corp, (9) |
443,229 | ||||||||||||||||||||||||||
| Total Oil, Gas & Consumable Fuels |
5,673,743 | |||||||||||||||||||||||||||
| Pharmaceuticals – 0.1% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 15,310 | Advanz Pharma Corp Ltd, (9) |
250,625 | ||||||||||||||||||||||||||
63
| JRO | Nuveen Floating Rate Income Opportunity Fund (continued) | |
| Portfolio of Investments January 31, 2021 | ||
| (Unaudited) | ||
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| Software – 0.4% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 9,254 | SkillSoft Corp, (8), (9) |
$ | 1,573,180 | |||||||||||||||||||||||||
| 457 | SkillSoft Corp, (8), (9) |
86,830 | ||||||||||||||||||||||||||
| 672 | SkillSoft Corp, (5), (9) |
1 | ||||||||||||||||||||||||||
| 1,344 | SkillSoft Corp, (5), (9) |
1 | ||||||||||||||||||||||||||
| Total Software |
1,660,012 | |||||||||||||||||||||||||||
| Total Common Stocks (cost $29,052,571) |
14,760,258 | |||||||||||||||||||||||||||
| Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||||||||||
| ASSET-BACKED SECURITIES – 0.6% ( 0.4% of Total Investments) |
| |||||||||||||||||||||||||||
| $ | 800 | Dryden 50 Senior Loan Fund, 144A, (3-Month LIBOR reference rate + 6.260% spread), (11) |
|
6.501% | 7/15/30 | Ba3 | $ | 800,106 | ||||||||||||||||||||
| 400 | Flatiron CLO 19 Ltd, 144A, (3-Month LIBOR reference rate + 7.200% spread), (11) |
|
7.421% | 11/16/32 | BB– | 401,758 | ||||||||||||||||||||||
| 750 | Gilbert Park CLO Ltd, 144A, (3-Month LIBOR reference rate + 6.400% spread), (11) |
|
6.641% | 10/15/30 | Ba3 | 750,082 | ||||||||||||||||||||||
| 400 | Neuberger Berman Loan Advisers CLO 28 Ltd, 144A, (3-Month LIBOR reference rate + 5.600% spread), (11) |
|
0.000% | 4/20/30 | BB– | 388,131 | ||||||||||||||||||||||
| 2,350 | Total Asset-Backed Securities (cost $2,326,021) |
2,340,077 | ||||||||||||||||||||||||||
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| WARRANTS – 0.1% (0.1% of Total Investments) |
| |||||||||||||||||||||||||||
| Communications Equipment – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 15,619 | Avaya Holdings Corp, (8) |
$ | 48,810 | |||||||||||||||||||||||||
| Marine – 0.1% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 603 | ACBL HLDG CORP, (8) |
14,774 | ||||||||||||||||||||||||||
| 2,243 | ACBL HLDG CORP, (8) |
66,168 | ||||||||||||||||||||||||||
| 1,706 | ACBL HLDG CORP, (8) |
58,004 | ||||||||||||||||||||||||||
| 4,486 | ACBL HLDG CORP, (8) |
132,337 | ||||||||||||||||||||||||||
| 3,412 | ACBL HLDG CORP, (8) |
116,008 | ||||||||||||||||||||||||||
| Total Marine |
387,291 | |||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 314 | California Resources Corp |
1,234 | ||||||||||||||||||||||||||
| Entertainment – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 138,768 | Cineworld Warrant, (8) |
49,540 | ||||||||||||||||||||||||||
| Total Warrants (cost $1,597,504) |
486,875 | |||||||||||||||||||||||||||
| Shares | Description (1) | Coupon | Ratings (4) | Value | ||||||||||||||||||||||||
| CONVERTIBLE PREFERRED SECURITIES – 0.0% (0.0% of Total Investments) |
|
|||||||||||||||||||||||||||
| Marine – 0.0% (0.0% of Total Investments) |
|
|||||||||||||||||||||||||||
| 2,133 | ACBL HLDG CORP, (8), (9) |
0.000% | N/R | $ | 62,923 | |||||||||||||||||||||||
| 2,428 | ACBL HLDG CORP, (8), (9) |
0.000% | N/R | 82,552 | ||||||||||||||||||||||||
| Total Marine |
|
145,475 | ||||||||||||||||||||||||||
| Total Convertible Preferred Securities (cost $129,512) |
|
145,475 | ||||||||||||||||||||||||||
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| COMMON STOCK RIGHTS – 0.0% (0.0% of Total Investments) |
| |||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 13,466 | Fieldwood Energy Inc, (8), (9) |
$ | — | |||||||||||||||||||||||||
| 2,721 | Fieldwood Energy Inc, (8), (9) |
— | ||||||||||||||||||||||||||
| Total Oil, Gas & Consumable Fuels |
|
— | ||||||||||||||||||||||||||
| Total Common Stock Rights (cost $384,387) |
|
— | ||||||||||||||||||||||||||
| Total Long-Term Investments (cost $636,411,927) |
|
613,467,262 | ||||||||||||||||||||||||||
64
| Shares | Description (1) | Coupon | Value | |||||||||||||||||||||||||
| SHORT-TERM INVESTMENTS – 9.1% (5.7% of Total Investments) |
| |||||||||||||||||||||||||||
| INVESTMENT COMPANIES – 9.1% (5.7% of Total Investments) | ||||||||||||||||||||||||||||
| 37,170,818 | BlackRock Liquidity Funds T-Fund Portfolio, (12) |
0.030% (13) | $ | 37,170,818 | ||||||||||||||||||||||||
| Total Short-Term Investments (cost $37,170,818) |
|
37,170,818 | ||||||||||||||||||||||||||
| Total Investments (cost $673,582,745) – 158.8% |
|
650,638,080 | ||||||||||||||||||||||||||
| Borrowings – (36.5)% (14), (15) |
|
(149,400,000 | ) | |||||||||||||||||||||||||
| Taxable Fund Preferred Shares, net of deferred offering costs – (18.2)% (16) |
|
(74,546,126 | ) | |||||||||||||||||||||||||
| Other Assets Less Liabilities – (4.1)% |
|
(16,935,531 | ) | |||||||||||||||||||||||||
| Net Assets Applicable to Common Shares – 100% |
|
$ | 409,756,423 | |||||||||||||||||||||||||
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub–classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub–classifications into sectors for reporting ease.
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| (2) | 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. |
| (3) | 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. |
| (4) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (5) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 3 – Investment Valuation and Fair Value Measurements for more information. |
| (6) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. |
| (7) | Investment, or portion of investment, represents an outstanding unfunded senior loan commitment. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in Derivatives for more information. |
| (8) | For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 3 – Investment Valuation and Fair Value Measurements for more information. |
| (9) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
| (10) | Common Stock received as part of the bankruptcy settlements for Bruce Mansfield Unit 1 2007 Pass -Through Trust. |
| (11) | Variable rate security. The rate shown is the coupon as of the end of the reporting period. |
| (12) | A copy of the most recent financial statements for these investment companies can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov. |
| (13) | The rate shown is the annualized seven-day subsidized yield as of the end of the reporting period. |
| (14) | Borrowings as a percentage of Total Investments is 23.0%. |
| (15) | The Fund segregates 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings. |
| (16) | Taxable Fund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 11.5%. |
| 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. |
| 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. |
| TBD | Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the final coupon rate and maturity date. |
| WI/DD | Purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
65
| JSD | Nuveen Short Duration Credit
Portfolio of Investments January 31, 2021 | |
| (Unaudited) |
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| LONG–TERM INVESTMENTS – 149.8% (93.9% of Total Investments) |
| |||||||||||||||||||||||||||
| VARIABLE RATE SENIOR LOAN INTERESTS – 132.1% (82.8% of Total Investments) (2) |
| |||||||||||||||||||||||||||
| Aerospace & Defense – 1.8% (1.1% of Total Investments) |
| |||||||||||||||||||||||||||
| $ | 360 | MacDonald, Dettwiler and Associates, Ltd., Term Loan B |
2.880% | 1-Month LIBOR | 2.750% | 10/05/24 | B | $ | 356,316 | |||||||||||||||||||
| 210 | Standard Aero, Term Loan B1 |
3.754% | 3-Month LIBOR | 3.500% | 4/08/26 | B– | 202,753 | |||||||||||||||||||||
| 113 | Standard Aero, Term Loan B2 |
3.754% | 3-Month LIBOR | 3.500% | 4/08/26 | B– | 109,007 | |||||||||||||||||||||
| 1,835 | Transdigm, Inc., Term Loan F |
2.371% | 1-Month LIBOR | 2.250% | 12/09/25 | Ba3 | 1,807,692 | |||||||||||||||||||||
| 249 | Transdigm, Inc., Term Loan G |
2.371% | 1-Month LIBOR | 2.250% | 8/22/24 | Ba3 | 244,935 | |||||||||||||||||||||
| 2,767 | Total Aerospace & Defense |
2,720,703 | ||||||||||||||||||||||||||
| Air Freight & Logistics – 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 86 | PAE Holding Corp, Delayed Draw |
5.250% | 3-Month LIBOR | 4.500% | 10/19/27 | B | 86,580 | |||||||||||||||||||||
| 722 | XPO Logistics, Inc., Term Loan B |
2.121% | 1-Month LIBOR | 2.000% | 2/24/25 | BBB– | 723,209 | |||||||||||||||||||||
| 808 | Total Air Freight & Logistics |
809,789 | ||||||||||||||||||||||||||
| Airlines – 1.8% (1.1% of Total Investments) | ||||||||||||||||||||||||||||
| 407 | American Airlines, Inc., Term Loan B |
2.121% | 1-Month LIBOR | 2.000% | 4/28/23 | Ba3 | 379,540 | |||||||||||||||||||||
| 770 | American Airlines, Inc., Term Loan B |
1.871% | 1-Month LIBOR | 1.750% | 1/29/27 | Ba3 | 704,859 | |||||||||||||||||||||
| 181 | American Airlines, Inc., Term Loan B |
2.127% | 1-Month LIBOR | 2.000% | 12/14/23 | Ba3 | 169,234 | |||||||||||||||||||||
| 700 | Delta Air Lines SkyMiles, Term Loan B |
4.750% | 3-Month LIBOR | 3.750% | 10/20/27 | Baa1 | 735,133 | |||||||||||||||||||||
| 740 | WestJet Airlines, Term Loan |
4.000% | 6-Month LIBOR | 3.000% | 12/11/26 | BB– | 714,081 | |||||||||||||||||||||
| 2,798 | Total Airlines |
2,702,847 | ||||||||||||||||||||||||||
| Auto Components – 2.1% (1.3% of Total Investments) | ||||||||||||||||||||||||||||
| 25 | Adient Global Holdings, Initial Term Loan |
4.463% | 3-Month LIBOR | 4.250% | 5/06/24 | Ba3 | 25,267 | |||||||||||||||||||||
| 74 | Adient Global Holdings, Initial Term Loan |
4.371% | 1-Month LIBOR | 4.250% | 5/06/24 | Ba3 | 74,287 | |||||||||||||||||||||
| 829 | DexKo Global, Inc., Term Loan B |
4.500% | 3-Month LIBOR | 3.500% | 7/24/24 | B1 | 831,867 | |||||||||||||||||||||
| 419 | Dun & Bradstreet Corp., Initial Term Loan |
3.878% | 1-Month LIBOR | 3.750% | 2/06/26 | N/R | 420,441 | |||||||||||||||||||||
| 970 | Johnson Controls Inc., Term Loan B |
3.621% | 1-Month LIBOR | 3.500% | 4/30/26 | B1 | 971,461 | |||||||||||||||||||||
| 500 | Les Schwab Tire Centers, Term Loan B |
4.250% | 3-Month LIBOR | 3.500% | 11/02/27 | B | 502,815 | |||||||||||||||||||||
| 449 | Superior Industries International, Inc., Term Loan B |
4.121% | 1-Month LIBOR | 4.000% | 5/23/24 | B1 | 446,548 | |||||||||||||||||||||
| 3,266 | Total Auto Components |
3,272,686 | ||||||||||||||||||||||||||
| Banks – 0.1% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 131 | iQor US, Inc., Exit Priority Term Loan |
8.500% | 3-Month LIBOR | 7.500% | 9/15/27 | N/R | 129,858 | |||||||||||||||||||||
| Beverages – 0.6% (0.4% of Total Investments) | ||||||||||||||||||||||||||||
| 410 | Arterra Wines Canada, Inc., Incremental Term Loan |
4.250% | 3-Month LIBOR | 3.500% | 11/25/27 | B1 | 413,331 | |||||||||||||||||||||
| 533 | Jacobs Douwe Egberts, Term Loan B |
2.188% | 1-Month LIBOR | 2.000% | 11/01/25 | BB+ | 534,117 | |||||||||||||||||||||
| 943 | Total Beverages |
947,448 | ||||||||||||||||||||||||||
| Biotechnology – 0.9% (0.6% of Total Investments) | ||||||||||||||||||||||||||||
| 907 | Grifols, Inc., Term Loan B, First Lien |
2.092% | 1-Week LIBOR | 2.000% | 11/15/27 | Ba2 | 906,996 | |||||||||||||||||||||
| 450 | KIK Custom, Term Loan, (WI/DD) |
TBD | TBD | TBD | TBD | N/R | 450,320 | |||||||||||||||||||||
| 1,357 | Total Biotechnology |
1,357,316 | ||||||||||||||||||||||||||
| Building Products – 1.3% (0.8% of Total Investments) | ||||||||||||||||||||||||||||
| 69 | LBM Acquisition LLC, Delayed Draw Term Loan, (WI/DD), (6) |
TBD | TBD | TBD | TBD | B+ | 69,324 | |||||||||||||||||||||
| 311 | LBM Acquisition LLC, Term Loan B, (WI/DD) |
TBD | TBD | TBD | TBD | B+ | 311,959 | |||||||||||||||||||||
| 318 | Ply Gem Industries, Inc., Term Loan B |
3.876% | 1-Month LIBOR | 3.750% | 4/12/25 | B+ | 319,405 | |||||||||||||||||||||
| 100 | Potters Industries, Term Loan B |
4.750% | 3-Month LIBOR | 4.000% | 12/14/27 | B | 100,375 | |||||||||||||||||||||
| 1,133 | Quikrete Holdings, Inc., Term Loan B |
2.621% | 1-Month LIBOR | 2.500% | 1/31/27 | BB– | 1,132,216 | |||||||||||||||||||||
| 1,931 | Total Building Products |
1,933,279 | ||||||||||||||||||||||||||
66
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| Capital Markets – 2.1% (1.3% of Total Investments) | ||||||||||||||||||||||||||||
| $ | 165 | RPI Finance Trust, Term Loan B1 |
1.871% | 1-Month LIBOR | 1.750% | 2/11/27 | BBB– | $ | 165,670 | |||||||||||||||||||
| 2,305 | Sequa Corporation, Term Loan B, (cash 6.750%, PIK 1.000%) |
7.750% | 3-Month LIBOR | 6.750% | 7/31/23 | B– | 2,307,846 | |||||||||||||||||||||
| 795 | Sequa Corporation, Term Loan, Second Lien, (cash 5.000%, PIK 6.750%) |
11.750% | 3-Month LIBOR | 10.750% | 7/31/24 | CCC– | 711,648 | |||||||||||||||||||||
| 3,265 | Total Capital Markets |
3,185,164 | ||||||||||||||||||||||||||
| Chemicals – 0.9% (0.6% of Total Investments) | ||||||||||||||||||||||||||||
| 415 | Ineos US Finance LLC, Term Loan |
2.121% | 1-Month LIBOR | 2.000% | 3/31/24 | BBB– | 413,081 | |||||||||||||||||||||
| 325 | INEOS US Petrochem LLC, Term Loan B, (WI/DD) |
TBD | TBD | TBD | TBD | BB | 326,693 | |||||||||||||||||||||
| 249 | Lummus Technology, Term Loan |
4.121% | 1-Month LIBOR | 4.000% | 6/30/27 | B+ | 250,545 | |||||||||||||||||||||
| 247 | PQ Corporation, Incremental Term Loan B |
4.000% | 3-Month LIBOR | 3.000% | 2/07/27 | BB– | 248,394 | |||||||||||||||||||||
| 215 | Unifrax Holdings, Term Loan, First Lien |
4.004% | 3-Month LIBOR | 3.750% | 12/14/25 | CCC+ | 207,483 | |||||||||||||||||||||
| 1,451 | Total Chemicals |
1,446,196 | ||||||||||||||||||||||||||
| Commercial Services & Supplies – 5.0% (3.1% of Total Investments) | ||||||||||||||||||||||||||||
| 250 | AECOM Management Services Inc., Incremental Term Loan |
5.500% | 3-Month LIBOR | 4.750% | 1/31/27 | B1 | 251,875 | |||||||||||||||||||||
| 358 | Brand Energy & Infrastructure Services, Inc., Term Loan B, First Lien |
5.250% | 3-Month LIBOR | 4.250% | 6/21/24 | B– | 354,500 | |||||||||||||||||||||
| 2,878 | Formula One Group, Term Loan B |
3.500% | 1-Month LIBOR | 2.500% | 2/01/24 | B+ | 2,864,672 | |||||||||||||||||||||
| 289 | Garda World Security Corp, Term Loan B, First Lien |
4.990% | 1-Month LIBOR | 4.750% | 10/30/26 | BB+ | 290,041 | |||||||||||||||||||||
| 652 | GFL Environmental, Term Loan |
3.500% | 3-Month LIBOR | 3.000% | 5/30/25 | BB– | 656,208 | |||||||||||||||||||||
| 130 | Harland Clarke Holdings Corporation, Term Loan B7 |
5.750% | 3-Month LIBOR | 4.750% | 11/03/23 | CCC+ | 117,502 | |||||||||||||||||||||
| 349 | iQor US, Inc., Second Out Term Loan |
8.500% | 3-Month LIBOR | 7.500% | 11/20/25 | N/R | 334,475 | |||||||||||||||||||||
| 277 | KAR Auction Services, Inc., Term Loan B6 |
2.438% | 1-Month LIBOR | 2.250% | 9/19/26 | Ba3 | 275,798 | |||||||||||||||||||||
| 423 | PAE Holding Corp, New Term Loan B |
5.250% | 3-Month LIBOR | 4.500% | 10/19/27 | B | 427,125 | |||||||||||||||||||||
| 67 | Pitney Bowes Inc., Term Loan B |
5.650% | 3-Month LIBOR | 5.500% | 1/07/25 | BBB– | 67,129 | |||||||||||||||||||||
| 424 | Robertshaw US Holding Corp., Initial Term Loan, First Lien |
4.500% | 1-Month LIBOR | 3.500% | 2/28/25 | CCC+ | 408,217 | |||||||||||||||||||||
| 106 | Sabert Corporation, Initial Term Loan |
5.500% | 1-Month LIBOR | 4.500% | 12/10/26 | B | 106,463 | |||||||||||||||||||||
| 1,181 | Travelport LLC, Priority Debt Term Loan, (cash 2.500%, PIK 6.500%), (DD1) |
2.500% | 3-Month LIBOR | 1.500% | 2/28/25 | B+ | 1,174,482 | |||||||||||||||||||||
| 1 | West Corporation, Incremental Term Loan B1 |
4.500% | 1-Month LIBOR | 3.500% | 10/10/24 | BB+ | 820 | |||||||||||||||||||||
| 325 | West Corporation, Incremental Term Loan B1 |
4.500% | 3-Month LIBOR | 3.500% | 10/10/24 | BB+ | 319,143 | |||||||||||||||||||||
| 7,710 | Total Commercial Services & Supplies |
|
7,648,450 | |||||||||||||||||||||||||
| Communications Equipment – 1.9% (1.2% of Total Investments) | ||||||||||||||||||||||||||||
| 137 | Avaya, Inc., Term Loan B |
4.377% | 1-Month LIBOR | 4.250% | 12/15/24 | BB– | 137,008 | |||||||||||||||||||||
| 861 | CommScope, Inc., Term Loan B |
3.371% | 1-Month LIBOR | 3.250% | 4/04/26 | Ba3 | 861,721 | |||||||||||||||||||||
| 661 | Mitel US Holdings, Inc., Term Loan, First Lien |
4.640% | 1-Month LIBOR | 4.500% | 11/30/25 | B– | 620,064 | |||||||||||||||||||||
| 563 | Plantronics, Term Loan B |
2.621% | 1-Month LIBOR | 2.500% | 7/02/25 | Ba2 | 558,222 | |||||||||||||||||||||
| 734 | Riverbed Technology, Inc., Term Loan B, First Lien, (DD1) |
7.000% | 3-Month LIBOR | 6.000% | 12/31/25 | B2 | 717,945 | |||||||||||||||||||||
| 2 | Riverbed Technology, Inc., Term Loan B, First Lien, (DD1) |
7.000% | 2-Month LIBOR | 6.000% | 12/31/25 | B2 | 1,799 | |||||||||||||||||||||
| 67 | Univision Communications, Inc., Term Loan C5 |
3.750% | 1-Month LIBOR | 2.750% | 3/15/24 | B | 66,734 | |||||||||||||||||||||
| 3,025 | Total Communications Equipment |
2,963,493 | ||||||||||||||||||||||||||
| Construction & Engineering – 1.0% (0.6% of Total Investments) | ||||||||||||||||||||||||||||
| 149 | Pike Corp, Term Loan B |
4.091% | 1-Month LIBOR | 3.970% | 7/24/26 | Ba3 | 148,957 | |||||||||||||||||||||
| 84 | Pike Corporation, Term Loan B |
3.130% | 1-Month LIBOR | 3.000% | 1/21/28 | Ba3 | 84,677 | |||||||||||||||||||||
| 64 | Pike Corporation, Term Loan B, (WI/DD), (6) |
TBD | TBD | TBD | TBD | Ba3 | 64,272 | |||||||||||||||||||||
| 1,250 | Traverse Midstream Partners, Term Loan B |
6.500% | 1-Month LIBOR | 5.500% | 9/27/24 | B | 1,233,870 | |||||||||||||||||||||
| 1,547 | Total Construction & Engineering |
1,531,776 | ||||||||||||||||||||||||||
| Consumer Finance – 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 726 | Verscend Technologies, Tern Loan B |
4.621% | 1-Month LIBOR | 4.500% | 8/27/25 | B+ | 728,212 | |||||||||||||||||||||
67
| JSD | Nuveen Short Duration Credit Opportunities Fund (continued) | |
| Portfolio of Investments January 31, 2021 | ||
| (Unaudited) | ||
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| Containers & Packaging – 1.9% (1.2% of Total Investments) | ||||||||||||||||||||||||||||
| $ | 739 | Berry Global, Inc., Term Loan Y |
2.133% | 1-Month LIBOR | 2.000% | 7/01/26 | BBB– | $ | 738,610 | |||||||||||||||||||
| 425 | Charter NEX US, Inc., Initial Term Loan, First Lien |
5.000% | 1-Month LIBOR | 4.250% | 12/01/27 | B | 428,585 | |||||||||||||||||||||
| 759 | Reynolds Group Holdings, Inc., Term Loan, First Lien |
1.871% | 1-Month LIBOR | 1.750% | 2/04/27 | BBB– | 762,364 | |||||||||||||||||||||
| 450 | Reynolds Group Holdings, Inc., Term Loan, First Lien |
3.371% | 1-Month LIBOR | 3.250% | 2/16/26 | B+ | 451,125 | |||||||||||||||||||||
| 478 | TricorBraun Holdings Inc, (WI/DD) |
TBD | TBD | TBD | TBD | B2 | 475,190 | |||||||||||||||||||||
| 107 | TricorBraun Holdings Inc, (WI/DD) |
TBD | TBD | TBD | TBD | B2 | 106,884 | |||||||||||||||||||||
| 2,958 | Total Containers & Packaging |
2,962,758 | ||||||||||||||||||||||||||
| Distributors – 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 210 | Insurance Auto Actions Inc., Term Loan |
2.375% | 1-Month LIBOR | 2.250% | 6/28/26 | BB+ | 209,739 | |||||||||||||||||||||
| 570 | SRS Distribution, Inc., Term Loan B |
3.121% | 1-Month LIBOR | 3.000% | 5/24/25 | B | 568,356 | |||||||||||||||||||||
| 780 | Total Distributors |
778,095 | ||||||||||||||||||||||||||
| Diversified Consumer Services – 0.8% (0.5% of Total Investments) | ||||||||||||||||||||||||||||
| 1,250 | Cengage Learning Acquisitions, Inc., Term Loan B |
5.250% | 3-Month LIBOR | 4.250% | 6/07/23 | B2 | 1,205,963 | |||||||||||||||||||||
| Diversified Financial Services – 1.3% (0.8% of Total Investments) | ||||||||||||||||||||||||||||
| 419 | Blackstone CQP, Term Loan |
3.736% | 3-Month LIBOR | 3.500% | 9/30/24 | B+ | 419,224 | |||||||||||||||||||||
| 990 | Ditech Holding Corporation., Term Loan B, First Lien, (5) |
0.000% | N/A | N/A | 6/30/22 | N/R | 320,565 | |||||||||||||||||||||
| 334 | Lions Gate Entertainment Corp., Term Loan B |
2.371% | 1-Month LIBOR | 2.250% | 3/24/25 | Ba2 | 332,387 | |||||||||||||||||||||
| 219 | Orion Advisor Solutions, Term Loan, First Lien |
5.000% | 3-Month LIBOR | 4.000% | 9/24/27 | BB– | 220,767 | |||||||||||||||||||||
| 405 | Sabre, Inc., Term Loan B |
4.750% | 1-Month LIBOR | 4.000% | 12/17/27 | Ba3 | 409,811 | |||||||||||||||||||||
| 368 | Sotheby’s, Term Loan B |
4.500% | 3-Month LIBOR | 3.500% | 1/15/27 | N/R | 370,846 | |||||||||||||||||||||
| 2,735 | Total Diversified Financial Services |
2,073,600 | ||||||||||||||||||||||||||
| Diversified Telecommunication Services – 4.0% (2.5% of Total Investments) | ||||||||||||||||||||||||||||
| 377 | Altice France S.A., Term Loan B12 |
3.814% | 1-Month LIBOR | 3.688% | 1/31/26 | B | 376,736 | |||||||||||||||||||||
| 2,602 | CenturyLink, Inc, Term Loan B |
2.371% | 1-Month LIBOR | 2.250% | 3/15/27 | BB+ | 2,598,782 | |||||||||||||||||||||
| 1,189 | Frontier Communications Corporation, DIP Term Loan, (5) |
5.750% | 1-Month LIBOR | 4.750% | 10/08/21 | B3 | 1,191,432 | |||||||||||||||||||||
| 195 | Intelsat Jackson Holdings, S.A., Term Loan B4, (5) |
8.750% | Prime | 5.500% | 1/02/24 | N/R | 198,219 | |||||||||||||||||||||
| 312 | Intelsat Jackson Holdings, S.A., Term Loan B5, (5) |
8.625% | N/A | N/A | 1/02/24 | N/R | 317,852 | |||||||||||||||||||||
| 1,361 | Numericable Group S.A., Term Loan B13 |
4.127% | 1-Month LIBOR | 4.000% | 8/14/26 | B | 1,363,723 | |||||||||||||||||||||
| 98 | Zayo Group LLC, Initial Dollar Term Loan |
3.121% | 1-Month LIBOR | 3.000% | 3/09/27 | B1 | 97,558 | |||||||||||||||||||||
| 6,134 | Total Diversified Telecommunication Services |
|
6,144,302 | |||||||||||||||||||||||||
| Electric Utilities – 0.8% (0.5% of Total Investments) | ||||||||||||||||||||||||||||
| 375 | ExGen Renewables, Term Loan, First Lien |
3.750% | 3-Month LIBOR | 2.750% | 12/11/27 | BB– | 378,000 | |||||||||||||||||||||
| 249 | Pacific Gas & Electric, Term Loan, First Lien |
6.750% | Prime | 3.500% | 6/23/25 | BB | 251,642 | |||||||||||||||||||||
| 571 | Vistra Operations Co., Term Loan B3 |
1.875% | 1-Month LIBOR | 1.750% | 12/31/25 | Baa3 | 572,359 | |||||||||||||||||||||
| 1,195 | Total Electric Utilities |
1,202,001 | ||||||||||||||||||||||||||
| Electrical Equipment – 0.8% (0.5% of Total Investments) | ||||||||||||||||||||||||||||
| 721 | Avolon LLC, Term Loan B4 |
2.250% | 1-Month LIBOR | 1.500% | 2/10/27 | Baa2 | 717,867 | |||||||||||||||||||||
| 496 | Vertiv Co.,Term Loan B |
3.144% | 1-Month LIBOR | 3.000% | 3/02/27 | B+ | 497,712 | |||||||||||||||||||||
| 1,217 | Total Electrical Equipment |
1,215,579 | ||||||||||||||||||||||||||
| Electronic Equipment, Instruments & Components – 0.3% (0.2% of Total Investments) | ||||||||||||||||||||||||||||
| 405 | BCP Renaissance Parent, Term Loan B |
2.638% | 1-Month LIBOR | 2.500% | 9/28/24 | BB+ | 405,705 | |||||||||||||||||||||
| Entertainment – 2.5% (1.5% of Total Investments) | ||||||||||||||||||||||||||||
| 466 | AMC Entertainment, Inc., Term Loan B, (DD1) |
5.250% | Prime | 2.000% | 4/22/26 | CCC | 390,396 | |||||||||||||||||||||
| 116 | Cineworld Group PLC, Second Amendment Dollar, Term Loan |
3.019% | 6-Month LIBOR | 2.750% | 9/20/26 | CCC | 91,339 | |||||||||||||||||||||
| 1,137 | Cineworld Group PLC, Term Loan B, (DD1) |
3.135% | 3-Month LIBOR | 2.500% | 2/28/25 | CCC | 903,255 | |||||||||||||||||||||
| 675 | IMG Worldwide, Inc., Term Loan B |
2.880% | 1-Month LIBOR | 2.750% | 5/16/25 | B3 | 631,951 | |||||||||||||||||||||
| 881 | Metro-Goldwyn-Mayer, Inc., Term Loan, First Lien |
2.630% | 1-Month LIBOR | 2.500% | 7/03/25 | BB– | 880,585 | |||||||||||||||||||||
68
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| Entertainment (continued) | ||||||||||||||||||||||||||||
| $ | 400 | Metro-Goldwyn-Mayer, Inc., Term Loan, Second Lien |
5.500% | 1-Month LIBOR | 4.500% | 7/06/26 | B3 | $ | 401,502 | |||||||||||||||||||
| 498 | Springer SBM Two GmbH, Term Loan B16 |
4.500% | 1-Month LIBOR | 3.500% | 8/14/24 | B2 | 500,000 | |||||||||||||||||||||
| 4,173 | Total Entertainment |
3,799,028 | ||||||||||||||||||||||||||
| Equity Real Estate Investment Trust – 0.4% (0.2% of Total Investments) | ||||||||||||||||||||||||||||
| 585 | Realogy Group LLC, Term Loan A |
2.121% | 1-Month LIBOR | 2.000% | 2/08/23 | BB | 583,721 | |||||||||||||||||||||
| Food & Staples Retailing – 1.6% (1.0% of Total Investments) | ||||||||||||||||||||||||||||
| 454 | BellRing Brands, Term Loan, First Lien |
6.000% | 1-Month LIBOR | 5.000% | 10/21/24 | B+ | 459,768 | |||||||||||||||||||||
| 80 | BJ’s Wholesale Club, Inc., Term Loan, First Lien |
2.126% | 1-Month LIBOR | 2.000% | 2/03/24 | BB+ | 80,554 | |||||||||||||||||||||
| 1,974 | US Foods, Inc., New Term Loan |
1.871% | 1-Month LIBOR | 1.750% | 6/27/23 | BB– | 1,960,484 | |||||||||||||||||||||
| 2,508 | Total Food & Staples Retailing |
2,500,806 | ||||||||||||||||||||||||||
| Food Products – 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 540 | American Seafoods Group LLC, Term Loan B |
3.750% | 3-Month LIBOR | 2.750% | 8/21/23 | BB– | 542,028 | |||||||||||||||||||||
| 4 | American Seafoods Group LLC, Term Loan B |
3.750% | 1-Month LIBOR | 2.750% | 8/21/23 | BB– | 3,623 | |||||||||||||||||||||
| 149 | Froneri Lux FinCo SARL, Term Loan, First Lien |
2.371% | 1-Month LIBOR | 2.250% | 1/31/27 | B1 | 148,743 | |||||||||||||||||||||
| 693 | Total Food Products |
694,394 | ||||||||||||||||||||||||||
| Health Care Equipment & Supplies – 1.2% (0.8% of Total Investments) | ||||||||||||||||||||||||||||
| 496 | Greatbatch Ltd., New Term Loan B |
3.500% | 1-Month LIBOR | 2.500% | 10/27/22 | B+ | 496,818 | |||||||||||||||||||||
| 276 | LifeScan, Term Loan B |
6.238% | 3-Month LIBOR | 6.000% | 10/01/24 | B | 266,596 | |||||||||||||||||||||
| 533 | MedPlast, Term Loan, First Lien |
3.871% | 1-Month LIBOR | 3.750% | 7/02/25 | B3 | 521,843 | |||||||||||||||||||||
| 711 | Vyaire Medical, Inc., Term Loan B |
5.750% | 3-Month LIBOR | 4.750% | 4/30/25 | B3 | 623,163 | |||||||||||||||||||||
| 2,016 | Total Health Care Equipment & Supplies |
|
1,908,420 | |||||||||||||||||||||||||
| Health Care Providers & Services – 9.5% (6.0% of Total Investments) | ||||||||||||||||||||||||||||
| 180 | AccentCare, Incremental Term Loan B |
5.500% | 3-Month LIBOR | 5.000% | 6/20/26 | B2 | 180,900 | |||||||||||||||||||||
| 1,000 | Air Medical, Term Loan B |
5.750% | 3-Month LIBOR | 4.750% | 10/02/25 | B | 1,003,375 | |||||||||||||||||||||
| 417 | Air Methods, Term Loan, First Lien |
4.500% | 3-Month LIBOR | 3.500% | 4/21/24 | B | 404,339 | |||||||||||||||||||||
| 483 | Ardent Health, Term Loan, First Lien |
5.500% | 1-Month LIBOR | 4.500% | 6/28/25 | B1 | 486,225 | |||||||||||||||||||||
| 489 | Aspen Dental, Term Loan B |
4.750% | 1-Month LIBOR | 4.000% | 12/23/27 | N/R | 489,000 | |||||||||||||||||||||
| 928 | Brightspring Health, Term Loan B |
3.380% | 1-Month LIBOR | 3.250% | 3/05/26 | N/R | 927,183 | |||||||||||||||||||||
| 491 | Catalent Pharma Solutions, Inc., Dollar Term Loan B2 |
3.250% | 1-Month LIBOR | 2.250% | 5/17/26 | BBB– | 493,706 | |||||||||||||||||||||
| 291 | Civitas Solutions, Term Loan B |
4.397% | 1-Month LIBOR | 4.250% | 3/08/26 | B | 291,646 | |||||||||||||||||||||
| 13 | Civitas Solutions, Term Loan C |
4.397% | 1-Month LIBOR | 4.250% | 3/08/26 | B | 13,346 | |||||||||||||||||||||
| 200 | DaVita, Inc., Term Loan B |
1.871% | 1-Month LIBOR | 1.750% | 8/12/26 | BBB– | 199,658 | |||||||||||||||||||||
| 458 | Envision Healthcare Corporation, Initial Term Loan |
3.871% | 1-Month LIBOR | 3.750% | 10/10/25 | Caa1 | 391,888 | |||||||||||||||||||||
| 67 | HCA, Inc., Term Loan B13 |
1.871% | 1-Month LIBOR | 1.750% | 3/18/26 | BBB– | 67,091 | |||||||||||||||||||||
| 462 | Heartland Dental Care, Inc., Term Loan, First Lien |
3.621% | 1-Month LIBOR | 3.500% | 4/30/25 | B3 | 453,770 | |||||||||||||||||||||
| 771 | InnovaCare, Initial Term Loan |
6.750% | 3-Month LIBOR | 5.750% | 12/26/26 | B+ | 772,311 | |||||||||||||||||||||
| 561 | Jordan Health, Initial Term Loan, First Lien |
5.220% | 3-Month LIBOR | 5.000% | 5/15/25 | Caa1 | 515,204 | |||||||||||||||||||||
| 1,330 | Kindred at Home Hospice, Term Loan B, First Lien |
3.375% | 1-Month LIBOR | 3.250% | 7/02/25 | B1 | 1,332,733 | |||||||||||||||||||||
| 1,706 | Lifepoint Health, Inc., New Term Loan B |
3.871% | 1-Month LIBOR | 3.750% | 11/16/25 | B1 | 1,706,813 | |||||||||||||||||||||
| 103 | Quorum Health Corp, Term Loan, (5) |
9.250% | 3-Month LIBOR | 8.250% | 4/29/22 | N/R | 104,321 | |||||||||||||||||||||
| 1,955 | Select Medical Corporation, Term Loan B |
2.530% | 3-Month LIBOR | 2.250% | 3/06/25 | Ba2 | 1,947,938 | |||||||||||||||||||||
| 1,255 | Surgery Center Holdings Inc., Initial Term Loan |
4.250% | 1-Month LIBOR | 3.250% | 9/03/24 | B2 | 1,249,172 | |||||||||||||||||||||
| 1,127 | Team Health, Inc., Initial Term Loan |
3.750% | 1-Month LIBOR | 2.750% | 2/06/24 | B | 1,055,731 | |||||||||||||||||||||
| 500 | US Radiology Specialists, Inc., Term Loan B |
6.250% | 3-Month LIBOR | 5.500% | 12/15/27 | B– | 504,375 | |||||||||||||||||||||
| 14,787 | Total Health Care Providers & Services |
|
14,590,725 | |||||||||||||||||||||||||
| Health Care Technology – 2.8% (1.7% of Total Investments) | ||||||||||||||||||||||||||||
| 1,213 | Emdeon, Inc., Term Loan |
3.500% | 1-Month LIBOR | 2.500% | 3/01/24 | B+ | 1,215,320 | |||||||||||||||||||||
| 1,400 | Onex Carestream Finance LP, New Extended Term Loan, First Lien |
7.750% | 3-Month LIBOR | 6.750% | 5/05/23 | N/R | 1,398,353 | |||||||||||||||||||||
| 897 | Onex Carestream Finance LP, New Extended Term Loan, Second Lien, (cash 5.500%, PIK 8.000%) |
5.500% | 3-Month LIBOR | 4.500% | 8/05/23 | CCC+ | 816,187 | |||||||||||||||||||||
| 842 | Zelis, Term Loan B |
4.871% | 1-Month LIBOR | 4.750% | 9/30/26 | B | 843,604 | |||||||||||||||||||||
| 4,352 | Total Health Care Technology |
|
4,273,464 | |||||||||||||||||||||||||
69
| JSD | Nuveen Short Duration Credit Opportunities Fund (continued) | |
| Portfolio of Investments January 31, 2021 | ||
| (Unaudited) | ||
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| Hotels, Restaurants & Leisure – 14.1% (8.9% of Total Investments) | ||||||||||||||||||||||||||||
| $ | 230 | 24 Hour Fitness Worldwide, Inc., Exit Term Loan |
5.240% | 3-Month LIBOR | 5.000% | 6/17/21 | N/R | $ | 205,621 | |||||||||||||||||||
| 200 | Alterra Mountain Company, Term Loan, First Lien |
5.500% | 1-Month LIBOR | 4.500% | 8/01/26 | B | 201,118 | |||||||||||||||||||||
| 216 | Boyd Gaming Corporation, Refinancing Term Loan B |
2.342% | 1-Week LIBOR | 2.250% | 9/15/23 | BB– | 216,136 | |||||||||||||||||||||
| 2,153 | Burger King Corporation, Term Loan B4 |
1.871% | 1-Month LIBOR | 1.750% | 11/19/26 | BB+ | 2,141,897 | |||||||||||||||||||||
| 374 | Caesars Resort Collection, Term Loan |
4.621% | 1-Month LIBOR | 4.500% | 7/20/25 | B+ | 374,510 | |||||||||||||||||||||
| 3,834 | Caesars Resort Collection, Term Loan, First Lien |
2.871% | 1-Month LIBOR | 2.750% | 12/22/24 | B+ | 3,775,550 | |||||||||||||||||||||
| 274 | Carnival Corp, Term Loan B |
8.500% | 1-Month LIBOR | 7.500% | 6/30/25 | Ba2 | 282,817 | |||||||||||||||||||||
| 158 | Cineworld Group PLC, Priority Term Loan, (DD1), (cash 7.000%, PIK 8.250%) |
7.000% | 3-Month LIBOR | 7.000% | 5/23/24 | B– | 197,229 | |||||||||||||||||||||
| 1,596 | CityCenter Holdings LLC, Term Loan B |
3.000% | 1-Month LIBOR | 2.250% | 4/18/24 | B+ | 1,578,313 | |||||||||||||||||||||
| 1,160 | ClubCorp Operations, Inc., Term Loan B |
3.004% | 3-Month LIBOR | 2.750% | 9/18/24 | B– | 1,080,394 | |||||||||||||||||||||
| 1,440 | Equinox Holdings, Inc., Term Loan B1 |
4.000% | 3-Month LIBOR | 3.000% | 3/08/24 | CCC | 1,285,393 | |||||||||||||||||||||
| 1,109 | Golden Nugget LLC, Initial Term Loan B, (DD1) |
3.250% | 2-Month LIBOR | 2.500% | 10/04/23 | B | 1,089,324 | |||||||||||||||||||||
| 127 | Hilton Hotels, Term Loan B2 |
1.880% | 1-Month LIBOR | 1.750% | 6/21/26 | BBB– | 126,663 | |||||||||||||||||||||
| 1,175 | IRB Holding Corp., Term Loan B |
4.250% | 3-Month LIBOR | 3.250% | 12/15/27 | B | 1,180,769 | |||||||||||||||||||||
| 1,300 | Life Time Fitness, Inc., Term Loan B, (WI/DD) |
TBD | TBD | TBD | TBD | B– | 1,285,999 | |||||||||||||||||||||
| 439 | PCI Gaming, Term Loan B |
2.621% | 1-Month LIBOR | 2.500% | 5/31/26 | BBB– | 438,219 | |||||||||||||||||||||
| 878 | Penn National Gaming, Inc., Term Loan B |
3.000% | 1-Month LIBOR | 2.250% | 10/15/25 | BB– | 876,045 | |||||||||||||||||||||
| 2,234 | Scientific Games Corp., Initial Term Loan B5 |
2.871% | 1-Month LIBOR | 2.750% | 8/14/24 | B+ | 2,199,669 | |||||||||||||||||||||
| 235 | Seaworld Parks and Entertainment, Inc., Term Loan B5 |
3.750% | 1-Month LIBOR | 3.000% | 3/31/24 | B2 | 231,085 | |||||||||||||||||||||
| 1,176 | Stars Group Holdings, Term Loan B |
3.754% | 3-Month LIBOR | 3.500% | 7/10/25 | BBB– | 1,181,420 | |||||||||||||||||||||
| 1,460 | Station Casinos LLC, Term Loan B |
2.500% | 1-Month LIBOR | 2.250% | 2/08/27 | BB– | 1,441,090 | |||||||||||||||||||||
| 350 | Zaxby’s Operating Co LP, Initial Term Loan, First Lien |
4.500% | 1-Month LIBOR | 3.750% | 12/28/27 | B | 353,227 | |||||||||||||||||||||
| 22,118 | Total Hotels, Restaurants & Leisure |
|
21,742,488 | |||||||||||||||||||||||||
| Household Durables – 0.4% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 239 | Apex Tool Group LLC, Third Amendment Term Loan |
6.500% | 1-Month LIBOR | 5.250% | 8/21/24 | B3 | 238,873 | |||||||||||||||||||||
| 47 | Serta Simmons Holdings LLC, First Out Term Loan |
8.500% | 1-Month LIBOR | 7.500% | 6/01/27 | N/R | 48,134 | |||||||||||||||||||||
| 216 | Serta Simmons Holdings LLC, Second Out Term Loan |
8.500% | 1-Month LIBOR | 7.500% | 6/01/27 | N/R | 200,600 | |||||||||||||||||||||
| 175 | Weber-Stephen Products LLC, Term Loan B |
4.000% | 1-Month LIBOR | 3.250% | 10/30/27 | B1 | 175,831 | |||||||||||||||||||||
| 677 | Total Household Durables |
|
663,438 | |||||||||||||||||||||||||
| Household Products – 0.2% (0.2% of Total Investments) | ||||||||||||||||||||||||||||
| 367 | Reynolds Group Holdings, Inc., Term Loan, First Lien |
2.871% | 1-Month LIBOR | 2.750% | 2/05/23 | B+ | 368,098 | |||||||||||||||||||||
| Industrial Conglomerates – 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 2 | Education Adisory Board, Term Loan, First Lien |
4.750% | 2-Month LIBOR | 3.750% | 9/29/24 | B2 | 1,876 | |||||||||||||||||||||
| 727 | Education Adisory Board, Term Loan, First Lien |
4.750% | 6-Month LIBOR | 3.750% | 9/29/24 | B2 | 728,046 | |||||||||||||||||||||
| 729 | Total Industrial Conglomerates |
|
729,922 | |||||||||||||||||||||||||
| Insurance – 2.0% (1.2% of Total Investments) | ||||||||||||||||||||||||||||
| 880 | Acrisure LLC, Term Loan B |
3.621% | 1-Month LIBOR | 3.500% | 2/15/27 | B | 877,539 | |||||||||||||||||||||
| 638 | Acrisure LLC, Term Loan B, (WI/DD) |
TBD | TBD | TBD | TBD | B | 631,660 | |||||||||||||||||||||
| 352 | Asurion LLC, New Term Loan B8 |
3.371% | 1-Month LIBOR | 3.250% | 12/23/26 | Ba3 | 350,667 | |||||||||||||||||||||
| 3 | Hub International Holdings, Inc., Term Loan B |
2.910% | 2-Month LIBOR | 2.750% | 4/25/25 | B | 2,517 | |||||||||||||||||||||
| 986 | Hub International Holdings, Inc., Term Loan B |
2.965% | 3-Month LIBOR | 2.750% | 4/25/25 | B | 979,161 | |||||||||||||||||||||
| 174 | Ryan Specialty Group LLC, Term Loan B |
4.000% | 1-Month LIBOR | 3.250% | 9/01/27 | B1 | 175,218 | |||||||||||||||||||||
| 3,033 | Total Insurance |
|
3,016,762 | |||||||||||||||||||||||||
| Interactive Media & Services – 3.4% (2.2% of Total Investments) | ||||||||||||||||||||||||||||
| 1,025 | Ancestry.com, Initial Term Loan |
4.500% | 1-Month LIBOR | 4.000% | 12/06/27 | B1 | 1,031,222 | |||||||||||||||||||||
| 3,287 | Rackspace Hosting, Inc., Refinancing Term Loan B, First Lien |
4.000% | 3-Month LIBOR | 3.000% | 11/03/23 | B+ | 3,291,734 | |||||||||||||||||||||
| 977 | WeddingWire, Inc., Term Loan |
4.712% | 3-Month LIBOR | 4.500% | 12/21/25 | B+ | 962,226 | |||||||||||||||||||||
| 3 | WeddingWire, Inc., Term Loan |
4.659% | 2-Month LIBOR | 4.500% | 12/21/25 | B+ | 2,461 | |||||||||||||||||||||
| 5,292 | Total Interactive Media & Services |
|
5,287,643 | |||||||||||||||||||||||||
70
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| Internet & Direct Marketing Retail – 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| $ | 750 | 1–800 Contacts, Term Loan, First Lien |
4.500% | 6-Month LIBOR | 3.750% | 11/08/27 | B | $ | 755,224 | |||||||||||||||||||
| Internet Software & Services – 2.0% (1.3% of Total Investments) | ||||||||||||||||||||||||||||
| 1,384 | Epicor Software Corporation, Term Loan, First Lien |
4.250% | 1-Month LIBOR | 3.250% | 7/31/27 | B2 | 1,393,289 | |||||||||||||||||||||
| 1,715 | Greeneden U.S. Holdings II LLC, Term Loan B |
4.750% | 1-Month LIBOR | 4.000% | 12/01/27 | B– | 1,723,243 | |||||||||||||||||||||
| 3,099 | Total Internet Software & Services |
|
3,116,532 | |||||||||||||||||||||||||
| IT Services – 5.3% (3.3% of Total Investments) | ||||||||||||||||||||||||||||
| 386 | DTI Holdings, Inc., Replacement Term Loan B1 |
5.750% | 3-Month LIBOR | 4.750% | 9/30/23 | CCC+ | 366,425 | |||||||||||||||||||||
| 389 | GTT Communications, Inc., Term Loan, First Lien, (5) |
3.000% | 3-Month LIBOR | 2.750% | 5/31/25 | CCC | 311,717 | |||||||||||||||||||||
| 484 | KBR, Inc., New Term Loan B |
2.871% | 1-Month LIBOR | 2.750% | 2/07/27 | Ba1 | 484,449 | |||||||||||||||||||||
| 210 | Neustar, Inc., Term Loan B4, First Lien |
4.500% | 3-Month LIBOR | 3.500% | 8/08/24 | B+ | 205,866 | |||||||||||||||||||||
| 1,241 | Sabre, Inc., Term Loan B |
2.121% | 1-Month LIBOR | 2.000% | 2/22/24 | Ba3 | 1,227,391 | |||||||||||||||||||||
| 1,500 | Syniverse Holdings, Inc., Initial Term Loan, Second Lien |
10.000% | 3-Month LIBOR | 9.000% | 3/11/24 | CCC– | 983,333 | |||||||||||||||||||||
| 1,471 | Syniverse Holdings, Inc., Term Loan C |
6.000% | 3-Month LIBOR | 5.000% | 3/09/23 | CCC+ | 1,346,541 | |||||||||||||||||||||
| 849 | Tempo Acquisition, LLC, Extended Term Loan B |
3.750% | 1-Month LIBOR | 3.250% | 10/31/26 | B1 | 850,293 | |||||||||||||||||||||
| 4 | West Corporation, Term Loan B |
5.000% | 1-Month LIBOR | 4.000% | 10/10/24 | BB– | 4,225 | |||||||||||||||||||||
| 1,659 | West Corporation, Term Loan B |
5.000% | 3-Month LIBOR | 4.000% | 10/10/24 | BB– | 1,635,254 | |||||||||||||||||||||
| 716 | WEX, Inc., Term Loan B3 |
2.371% | 1-Month LIBOR | 2.250% | 5/17/26 | Ba2 | 717,507 | |||||||||||||||||||||
| 8,909 | Total IT Services |
|
8,133,001 | |||||||||||||||||||||||||
| Life Sciences Tools & Services – 3.7% (2.3% of Total Investments) | ||||||||||||||||||||||||||||
| 1,423 | Parexel International Corp., Term Loan B |
2.807% | 1-Month LIBOR | 2.750% | 9/27/24 | B1 | 1,423,880 | |||||||||||||||||||||
| 4,293 | PPD, Inc., Term Loan B |
2.750% | 1-Month LIBOR | 2.250% | 1/13/28 | Ba2 | 4,317,171 | |||||||||||||||||||||
| 5,716 | Total Life Sciences Tools & Services |
|
5,741,051 | |||||||||||||||||||||||||
| Machinery – 1.9% (1.2% of Total Investments) | ||||||||||||||||||||||||||||
| 750 | Alliance Laundry Systems LLC, Term Loan B |
4.250% | 3-Month LIBOR | 3.500% | 10/08/27 | B | 753,593 | |||||||||||||||||||||
| 688 | Gardner Denver, Inc., Extended Term Loan B |
1.871% | 1-Month LIBOR | 1.750% | 2/28/27 | Ba2 | 685,644 | |||||||||||||||||||||
| 77 | Gardner Denver, Inc., New Term Loan B |
2.871% | 1-Month LIBOR | 2.750% | 1/31/27 | BB+ | 77,336 | |||||||||||||||||||||
| 503 | Gates Global LLC, Term Loan B |
3.750% | 1-Month LIBOR | 2.750% | 4/01/24 | B1 | 503,782 | |||||||||||||||||||||
| 22 | NN, Inc., Extended 2017 Incremental Term Loan |
5.871% | 1-Month LIBOR | 5.750% | 10/19/22 | B+ | 21,685 | |||||||||||||||||||||
| 47 | NN, Inc., Term Loan |
6.500% | 1-Month LIBOR | 5.750% | 10/19/22 | B+ | 46,611 | |||||||||||||||||||||
| 748 | Thyssenkrupp Elevator, Term Loan B |
4.478% | 6-Month LIBOR | 4.250% | 7/31/27 | B1 | 756,126 | |||||||||||||||||||||
| 2,835 | Total Machinery |
|
2,844,777 | |||||||||||||||||||||||||
| Marine – 0.3% (0.2% of Total Investments) | ||||||||||||||||||||||||||||
| 962 | Harvey Gulf International Marine, Inc., Exit Term Loan |
7.000% | 3-Month LIBOR | 6.000% | 7/02/23 | Caa1 | 536,090 | |||||||||||||||||||||
| Media – 13.9% (8.7% of Total Investments) | ||||||||||||||||||||||||||||
| 66 | Catalina Marketing Corporation, First Out Term Loan |
8.500% | 1-Month LIBOR | 7.500% | 2/15/23 | N/R | 53,392 | |||||||||||||||||||||
| 107 | Catalina Marketing Corporation, Last Out Term Loan, (cash 2.000%, PIK 9.500%) |
2.000% | 1-Month LIBOR | 1.000% | 8/15/23 | N/R | 31,618 | |||||||||||||||||||||
| 103 | CBS Radio, Inc., Term Loan B2 |
2.623% | Prime | 1.500% | 11/17/24 | BB– | 101,518 | |||||||||||||||||||||
| 219 | Cequel Communications LLC, Term Loan B |
2.377% | 1-Month LIBOR | 2.250% | 1/15/26 | BB | 217,995 | |||||||||||||||||||||
| 6 | Clear Channel Outdoor Holdings, Inc., Term Loan B |
3.659% | 2-Month LIBOR | 3.500% | 8/21/26 | B1 | 5,626 | |||||||||||||||||||||
| 2,266 | Clear Channel Outdoor Holdings, Inc., Term Loan B |
3.712% | 3-Month LIBOR | 3.500% | 8/21/26 | B1 | 2,216,362 | |||||||||||||||||||||
| 716 | CSC Holdings LLC, Refinancing Term Loan |
2.377% | 1-Month LIBOR | 2.250% | 7/17/25 | BB | 712,740 | |||||||||||||||||||||
| 1,516 | CSC Holdings, LLC, Term Loan B5 |
2.627% | 1-Month LIBOR | 2.500% | 4/15/27 | Ba3 | 1,511,425 | |||||||||||||||||||||
| 149 | Cumulus Media, Inc., Term Loan B |
4.750% | 3-Month LIBOR | 3.750% | 3/31/26 | B | 149,258 | |||||||||||||||||||||
| 491 | EW Scripps, Term Loan B2 |
3.313% | 1-Month LIBOR | 2.562% | 5/01/26 | BB | 489,822 | |||||||||||||||||||||
| 415 | Gray Television, Inc., Term Loan B2 |
2.394% | 1-Month LIBOR | 2.250% | 2/07/24 | BB+ | 413,523 | |||||||||||||||||||||
| 237 | Houghton Mifflin Harcourt, Term Loan |
7.250% | 1-Month LIBOR | 6.250% | 11/22/24 | B | 233,514 | |||||||||||||||||||||
| 1,443 | iHeartCommunications Inc., Term Loan B |
3.121% | 1-Month LIBOR | 3.000% | 5/01/26 | B+ | 1,427,953 | |||||||||||||||||||||
| 868 | Inmarsat Finance, Term Loan, First Lien |
5.500% | 1-Month LIBOR | 4.500% | 12/11/26 | N/R | 872,002 | |||||||||||||||||||||
| 868 | Intelsat Jackson Holdings, S.A., DIP Term Loan, (5) |
6.500% | 3-Month LIBOR | 5.500% | 7/13/21 | N/R | 884,402 | |||||||||||||||||||||
| 2,437 | Intelsat Jackson Holdings, S.A., Term Loan B, (5) |
8.000% | Prime | 4.750% | 11/27/23 | N/R | 2,473,351 | |||||||||||||||||||||
71
| JSD | Nuveen Short Duration Credit Opportunities Fund (continued) | |
| Portfolio of Investments January 31, 2021 | ||
| (Unaudited) | ||
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| Media (continued) | ||||||||||||||||||||||||||||
| $ | 402 | LCPR Loan Financing LLC, Term Loan B |
5.127% | 1-Month LIBOR | 5.000% | 10/15/26 | BB– | $ | 406,480 | |||||||||||||||||||
| 2,543 | MCGRAW HILL LLC, Term Loan B, First Lien |
4.987% | 3-Month LIBOR | 4.750% | 11/01/24 | BB | 2,508,947 | |||||||||||||||||||||
| 199 | Meredith Corporation, Incremental Term Loan B |
5.250% | 3-Month LIBOR | 4.250% | 1/31/25 | BB– | 203,167 | |||||||||||||||||||||
| 939 | Meredith Corporation, Term Loan B2 |
2.621% | 1-Month LIBOR | 2.500% | 1/31/25 | BB– | 933,960 | |||||||||||||||||||||
| 518 | Nexstar Broadcasting, Inc., Term Loan B |
2.894% | 1-Month LIBOR | 2.750% | 9/19/26 | BB | 518,869 | |||||||||||||||||||||
| 987 | Nexstar Broadcasting, Inc., Term Loan B3 |
2.371% | 1-Month LIBOR | 2.250% | 1/17/24 | BB | 986,863 | |||||||||||||||||||||
| 104 | Red Ventures, Term Loan B |
2.621% | 1-Month LIBOR | 2.500% | 11/08/24 | BB | 103,339 | |||||||||||||||||||||
| 522 | Sinclair Television Group, Term Loan B2 |
2.380% | 1-Month LIBOR | 2.250% | 1/03/24 | Ba2 | 519,727 | |||||||||||||||||||||
| 346 | Sinclair Television Group, Term Loan B2 |
2.630% | 1-Month LIBOR | 2.500% | 9/30/26 | Ba2 | 344,763 | |||||||||||||||||||||
| 745 | Virgin Media Bristol LLC, Term Loan, First Lien, (WI/DD) |
TBD | TBD | TBD | TBD | BB– | 747,328 | |||||||||||||||||||||
| 1,218 | WideOpenWest Finance LLC, Term Loan B |
4.250% | 1-Month LIBOR | 3.250% | 8/19/23 | B | 1,219,147 | |||||||||||||||||||||
| 1,097 | Ziggo B.V., Term Loan |
2.627% | 1-Month LIBOR | 2.500% | 4/30/28 | BB | 1,092,184 | |||||||||||||||||||||
| 21,527 | Total Media |
|
21,379,275 | |||||||||||||||||||||||||
| Multiline Retail – 0.8% (0.5% of Total Investments) | ||||||||||||||||||||||||||||
| 1,396 | Belk, Inc., Term Loan, First Lien |
7.750% | 3-Month LIBOR | 6.750% | 7/31/25 | Caa1 | 614,187 | |||||||||||||||||||||
| 608 | EG America LLC, Term Loan, First Lien |
4.254% | 3-Month LIBOR | 4.000% | 2/05/25 | B– | 607,875 | |||||||||||||||||||||
| 2,004 | Total Multiline Retail |
|
1,222,062 | |||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 2.2% (1.4% of Total Investments) | ||||||||||||||||||||||||||||
| 719 | BCP Renaissance Parent, Term Loan B |
4.500% | 3-Month LIBOR | 3.500% | 11/01/24 | B+ | 705,653 | |||||||||||||||||||||
| 844 | Buckeye Partners, Term Loan, First Lien |
2.897% | 1-Month LIBOR | 2.750% | 11/01/26 | BBB– | 844,971 | |||||||||||||||||||||
| 44 | Fieldwood Energy LLC, DIP Term Loan, (5), (6) |
9.750% | 1-Month LIBOR | 8.750% | 8/05/21 | N/R | 45,288 | |||||||||||||||||||||
| 399 | Fieldwood Energy LLC, DIP Term Loan, (5), (6) |
9.750% | 1-Month LIBOR | 8.750% | 8/05/21 | N/R | 407,597 | |||||||||||||||||||||
| 3,112 | Fieldwood Energy LLC, Exit Term Loan, (DD1), (5) |
9.750% | 1-Month LIBOR | 8.750% | 4/11/22 | N/R | 807,884 | |||||||||||||||||||||
| 1,811 | Fieldwood Energy LLC, Exit Term Loan, second Lien, (5) |
0.000% | N/A | N/A | 4/11/23 | N/R | 2,264 | |||||||||||||||||||||
| 592 | Gulf Finance, LLC, Term Loan B |
6.250% | 1-Month LIBOR | 5.250% | 8/25/23 | CCC+ | 460,483 | |||||||||||||||||||||
| 151 | Peabody Energy Corporation, Term Loan B |
2.871% | 1-Month LIBOR | 2.750% | 3/31/25 | Caa1 | 78,156 | |||||||||||||||||||||
| 7,672 | Total Oil, Gas & Consumable Fuels |
|
3,352,296 | |||||||||||||||||||||||||
| Paper & Forest Products – 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 708 | Asplundh, Term Loan B |
2.621% | 1-Month LIBOR | 2.500% | 9/04/27 | BBB– | 711,175 | |||||||||||||||||||||
| Personal Products – 1.1% (0.7% of Total Investments) | ||||||||||||||||||||||||||||
| 492 | Coty, Inc., Term Loan A |
1.882% | 1-Month LIBOR | 1.750% | 4/05/23 | B | 469,014 | |||||||||||||||||||||
| 82 | Coty, Inc., Term Loan B |
2.382% | 1-Month LIBOR | 2.250% | 4/05/25 | B | 77,358 | |||||||||||||||||||||
| 9 | Revlon Consumer Products Corporation, Term Loan B, First Lien, (DD1), (7) |
4.250% | 2-Month LIBOR | 3.500% | 9/07/23 | CC | 4,743 | |||||||||||||||||||||
| 2,160 | Revlon Consumer Products Corporation, Term Loan B, First Lien, (DD1), (7) |
4.250% | 3-Month LIBOR | 3.500% | 9/07/23 | CC | 1,137,324 | |||||||||||||||||||||
| 2,743 | Total Personal Products |
|
1,688,439 | |||||||||||||||||||||||||
| Pharmaceuticals – 5.1% (3.2% of Total Investments) | ||||||||||||||||||||||||||||
| 1,645 | Concordia Healthcare Corp, Exit Term Loan |
6.500% | 1-Week LIBOR | 5.500% | 9/06/24 | B– | 1,644,551 | |||||||||||||||||||||
| 322 | Elanco Animal Health, Term Loan B |
1.894% | 1-Month LIBOR | 1.750% | 8/01/27 | Baa3 | 321,120 | |||||||||||||||||||||
| 1,331 | Endo Health Solutions, Inc., Term Loan B |
5.000% | 3-Month LIBOR | 4.250% | 4/29/24 | B+ | 1,324,549 | |||||||||||||||||||||
| 1,122 | Mallinckrodt International Finance S.A., Term Loan B, First Lien, (DD1), (5) |
5.500% | 6-Month LIBOR | 4.750% | 9/24/24 | D | 1,060,172 | |||||||||||||||||||||
| 373 | Mallinckrodt International Finance S.A., Term Loan, First Lien, (5) |
5.750% | 3-Month LIBOR | 5.000% | 2/24/25 | D | 352,082 | |||||||||||||||||||||
| 500 | Milano, Term Loan B |
4.750% | 3-Month LIBOR | 4.000% | 10/01/27 | B+ | 502,190 | |||||||||||||||||||||
| 839 | Valeant Pharmaceuticals International, Inc., Term Loan B |
2.871% | 1-Month LIBOR | 2.750% | 11/27/25 | BB | 839,219 | |||||||||||||||||||||
| 1,811 | Valeant Pharmaceuticals International, Inc., Term Loan, First Lien |
3.121% | 1-Month LIBOR | 3.000% | 6/02/25 | BB | 1,814,564 | |||||||||||||||||||||
| 7,943 | Total Pharmaceuticals |
|
7,858,447 | |||||||||||||||||||||||||
72
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| Professional Services – 1.4% (0.9% of Total Investments) | ||||||||||||||||||||||||||||
| $ | 968 | Ceridian HCM Holding, Inc., Term Loan B |
2.592% | 1-Week LIBOR | 2.500% | 4/30/25 | B+ | $ | 967,893 | |||||||||||||||||||
| 322 | Creative Artists Agency, LLC, Term Loan B |
3.871% | 1-Month LIBOR | 3.750% | 11/26/26 | B | 320,181 | |||||||||||||||||||||
| 818 | Nielsen Finance LLC, Term Loan B4 |
2.133% | 1-Month LIBOR | 2.000% | 10/04/23 | BBB– | 817,734 | |||||||||||||||||||||
| 2,108 | Total Professional Services |
|
2,105,808 | |||||||||||||||||||||||||
| Real Estate Management & Development – 1.5% (1.0% of Total Investments) | ||||||||||||||||||||||||||||
| 1,345 | GGP, Initial Term Loan A2 |
3.121% | 1-Month LIBOR | 3.000% | 8/24/23 | BB+ | 1,320,278 | |||||||||||||||||||||
| 1,000 | TNT Crane and Rigging, Inc., Exit Term Loan |
7.500% | 3-Month LIBOR | 6.500% | 10/16/24 | B+ | 1,046,665 | |||||||||||||||||||||
| 2,345 | Total Real Estate Management & Development |
|
2,366,943 | |||||||||||||||||||||||||
| Road & Rail – 3.4% (2.1% of Total Investments) | ||||||||||||||||||||||||||||
| 373 | Avolon LLC, Term Loan B3 |
2.500% | 1-Month LIBOR | 1.750% | 1/15/25 | Baa2 | 373,134 | |||||||||||||||||||||
| 992 | Genesee & Wyoming Inc., Term Loan, First Lien |
2.254% | 3-Month LIBOR | 2.000% | 12/30/26 | BB+ | 993,120 | |||||||||||||||||||||
| 430 | Hertz Corporation, Term Loan, (WI/DD), (5), (6) |
TBD | TBD | TBD | TBD | N/R | 424,625 | |||||||||||||||||||||
| 1,119 | Hertz Corporation, Term Loan B1, (DD1), (5) |
3.500% | 1-Month LIBOR | 2.750% | 6/30/23 | N/R | 1,106,964 | |||||||||||||||||||||
| 1,208 | Hertz Corporation, The DIP Term Loan, (DD1), (6) |
3.750% | 1-Month LIBOR | 3.750% | 12/31/21 | N/R | 1,238,802 | |||||||||||||||||||||
| 212 | Hertz Corporation, The DIP Term Loan, (DD1), (6) |
8.250% | 1-Month LIBOR | 7.250% | 12/31/21 | N/R | 217,314 | |||||||||||||||||||||
| 881 | Quality Distribution, Incremental Term Loan, First Lien |
6.500% | 3-Month LIBOR | 5.500% | 8/18/22 | B– | 879,441 | |||||||||||||||||||||
| 28 | Savage Enterprises LLC, Term Loan B |
3.130% | 1-Month LIBOR | 3.000% | 8/01/25 | BB | 27,827 | |||||||||||||||||||||
| 5,243 | Total Road & Rail |
|
5,261,227 | |||||||||||||||||||||||||
| Semiconductors & Semiconductor Equipment – 1.1% (0.7% of Total Investments) | ||||||||||||||||||||||||||||
| 438 | Cabot Microelectronics, Term Loan B1 |
2.125% | 1-Month LIBOR | 2.000% | 11/15/25 | N/R | 439,453 | |||||||||||||||||||||
| 1,046 | Lumileds, Term Loan B |
4.500% | 6-Month LIBOR | 3.500% | 6/30/24 | CCC | 617,292 | |||||||||||||||||||||
| 705 | ON Semiconductor Corporation, New Replacement Term Loan B4 |
2.121% | 1-Month LIBOR | 2.000% | 9/19/26 | BB+ | 707,123 | |||||||||||||||||||||
| 2,189 | Total Semiconductors & Semiconductor Equipment |
|
1,763,868 | |||||||||||||||||||||||||
| Software – 11.1% (7.0% of Total Investments) | ||||||||||||||||||||||||||||
| 444 | Autodata Solutions, Term Loan, First Lien |
3.621% | 1-Month LIBOR | 3.500% | 5/30/26 | BB– | 444,191 | |||||||||||||||||||||
| 839 | Blackboard, Inc., Term Loan B5, First Lien |
7.000% | 3-Month LIBOR | 6.000% | 6/30/24 | B | 838,498 | |||||||||||||||||||||
| 414 | Blue Yonder, Term Loan B |
4.000% | 1-Month LIBOR | 3.000% | 1/30/26 | B– | 414,615 | |||||||||||||||||||||
| 298 | BMC Software, Inc., Term Loan B |
4.371% | 1-Month LIBOR | 4.250% | 10/02/25 | B2 | 297,802 | |||||||||||||||||||||
| 992 | DiscoverOrg LLC, Term Loan B |
3.897% | 1-Month LIBOR | 3.750% | 2/01/26 | N/R | 997,466 | |||||||||||||||||||||
| 285 | Dynatrace LLC, Term Loan, First Lien |
2.371% | 1-Month LIBOR | 2.250% | 8/23/25 | BB– | 286,080 | |||||||||||||||||||||
| 548 | Ellucian, Term Loan, First Lien |
4.500% | 3-Month LIBOR | 3.750% | 10/07/27 | B | 550,673 | |||||||||||||||||||||
| 180 | Globallogic Holdings, Inc., Incremental Term Loan B2 |
4.500% | 1-Month LIBOR | 3.750% | 9/14/27 | B | 179,774 | |||||||||||||||||||||
| 158 | Greenway Health, Term Loan, First Lien |
4.750% | 3-Month LIBOR | 3.750% | 2/16/24 | B– | 149,389 | |||||||||||||||||||||
| 1,250 | Infoblox, Term Loan, First Lien |
4.500% | 6-Month LIBOR | 3.750% | 12/01/27 | B2 | 1,257,356 | |||||||||||||||||||||
| 1,167 | Informatica LLC, Term Loan, First Lien |
3.371% | 1-Month LIBOR | 3.250% | 2/14/27 | B1 | 1,166,262 | |||||||||||||||||||||
| 755 | McAfee LLC, Term Loan B |
3.871% | 1-Month LIBOR | 3.750% | 9/29/24 | BB | 758,140 | |||||||||||||||||||||
| 404 | Micro Focus International PLC, New Term Loan |
2.871% | 1-Month LIBOR | 2.750% | 6/21/24 | BB– | 401,598 | |||||||||||||||||||||
| 2,726 | Micro Focus International PLC, Term Loan B |
2.871% | 1-Month LIBOR | 2.750% | 6/21/24 | BB | 2,712,090 | |||||||||||||||||||||
| 452 | Micro Focus International PLC, Term Loan B4 |
5.250% | 3-Month LIBOR | 4.250% | 6/05/25 | BB | 459,736 | |||||||||||||||||||||
| 496 | Misys, New Term Loan, First Lien, (DD1) |
4.500% | 3-Month LIBOR | 3.500% | 6/13/24 | BB– | 488,319 | |||||||||||||||||||||
| 194 | Misys, New Term Loan, First Lien, (DD1) |
4.500% | 6-Month LIBOR | 3.500% | 6/13/24 | BB– | 190,675 | |||||||||||||||||||||
| 124 | Mitchell International, Inc., Initial Term Loan, First Lien |
3.371% | 1-Month LIBOR | 3.250% | 11/29/24 | B2 | 122,797 | |||||||||||||||||||||
| 133 | Mitchell International, Inc., Initial Term Loan, Second Lien |
7.371% | 1-Month LIBOR | 7.250% | 11/30/25 | CCC | 131,694 | |||||||||||||||||||||
| 444 | Perforce Software Inc., Term Loan, First Lien |
3.871% | 1-Month LIBOR | 3.750% | 7/01/26 | B– | 444,109 | |||||||||||||||||||||
| 63 | Skillsoft, Exit Term Loan |
8.500% | 1-Month LIBOR | 7.500% | 4/28/21 | N/R | 64,370 | |||||||||||||||||||||
| 72 | Skillsoft, First–Out Rolled Up Exit Term Loan |
8.500% | 3-Month LIBOR | 7.500% | 12/27/24 | B+ | 73,519 | |||||||||||||||||||||
| 434 | Skillsoft, Takeback Second–Out Term Loan |
8.500% | 3-Month LIBOR | 7.500% | 4/27/25 | B– | 434,066 | |||||||||||||||||||||
| 633 | SS&C Technologies, Inc./ Sunshine Acquisition II, Inc., New Term Loan B3 |
1.871% | 1-Month LIBOR | 1.750% | 4/16/25 | BB+ | 631,387 | |||||||||||||||||||||
| 482 | SS&C Technologies, Inc./ Sunshine Acquisition II, Inc., New Term Loan B4 |
1.871% | 1-Month LIBOR | 1.750% | 4/16/25 | BB+ | 480,788 | |||||||||||||||||||||
| 977 | SS&C Technologies, Inc./ Sunshine Acquisition II, Inc., Term Loan B5 |
1.871% | 1-Month LIBOR | 1.750% | 4/16/25 | BB+ | 974,135 | |||||||||||||||||||||
73
| JSD | Nuveen Short Duration Credit Opportunities Fund (continued) | |
| Portfolio of Investments January 31, 2021 | ||
| (Unaudited) | ||
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| Software (continued) | ||||||||||||||||||||||||||||
| $ | 257 | Thomson Reuters IP & S, Term Loan B |
3.121% | 1-Month LIBOR | 3.000% | 10/31/26 | B | $ | 258,311 | |||||||||||||||||||
| 445 | TIBCO Software, Inc., Term Loan, First Lien |
3.880% | 1-Month LIBOR | 3.750% | 7/03/26 | B+ | 444,797 | |||||||||||||||||||||
| 494 | Ultimate Software, Term Loan, First Lien |
3.871% | 1-Month LIBOR | 3.750% | 5/03/26 | B1 | 495,913 | |||||||||||||||||||||
| 716 | Ultimate Software,Term Loan B |
4.750% | 3-Month LIBOR | 4.000% | 5/03/26 | B1 | 719,770 | |||||||||||||||||||||
| 208 | Xperi Holding Corp, Term Loan B |
4.121% | 1-Month LIBOR | 4.000% | 6/01/25 | BB– | 210,090 | |||||||||||||||||||||
| 17,084 | Total Software |
|
17,078,410 | |||||||||||||||||||||||||
| Specialty Retail – 2.9% (1.8% of Total Investments) | ||||||||||||||||||||||||||||
| 500 | Academy, LTD., Term Loan, First Lien |
5.750% | 1-Month LIBOR | 5.000% | 11/06/27 | B | 505,000 | |||||||||||||||||||||
| 610 | Mattress Firm, Inc., Term Loan B |
6.250% | 3-Month LIBOR | 5.250% | 11/25/27 | B+ | 617,436 | |||||||||||||||||||||
| 526 | Petco Animal Supplies, Inc., Term Loan B1, (DD1) |
4.250% | 3-Month LIBOR | 3.250% | 1/26/23 | B2 | 526,469 | |||||||||||||||||||||
| 2,620 | Petsmart Inc., Term Loan B, (WI/DD) |
TBD | TBD | TBD | TBD | BB– | 2,593,800 | |||||||||||||||||||||
| 205 | Staples, Inc., Term Loan |
5.214% | 3-Month LIBOR | 5.000% | 4/12/26 | B | 200,775 | |||||||||||||||||||||
| 4,461 | Total Specialty Retail |
|
4,443,480 | |||||||||||||||||||||||||
| Technology Hardware, Storage & Peripherals – 2.5% (1.5% of Total Investments) | ||||||||||||||||||||||||||||
| 929 | Ahead, Term Loan B |
6.000% | 3-Month LIBOR | 5.000% | 10/16/27 | B1 | 937,324 | |||||||||||||||||||||
| 667 | Conduent, Inc., Term Loan A |
1.871% | 1-Month LIBOR | 1.750% | 12/07/22 | BB– | 642,050 | |||||||||||||||||||||
| 995 | Dell International LLC, Refinancing Term Loan B1 |
2.750% | 1-Month LIBOR | 2.000% | 9/19/25 | Baa3 | 997,932 | |||||||||||||||||||||
| 391 | NCR Corporation, Term Loan B |
2.720% | 3-Month LIBOR | 2.500% | 8/28/26 | BB+ | 390,838 | |||||||||||||||||||||
| 264 | Tech Data Corporation, Asset Based Term Loan |
3.621% | 1-Month LIBOR | 3.500% | 7/01/25 | BBB– | 266,419 | |||||||||||||||||||||
| 537 | Western Digital, Term Loan B |
1.871% | 1-Month LIBOR | 1.750% | 4/29/23 | BBB– | 539,167 | |||||||||||||||||||||
| 3,783 | Total Technology Hardware, Storage & Peripherals |
|
3,773,730 | |||||||||||||||||||||||||
| Textiles, Apparel & Luxury Goods – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 270 | Careismatic, Term Loan, First Lien, (WI/DD) |
TBD | TBD | TBD | TBD | B1 | 270,000 | |||||||||||||||||||||
| Trading Companies & Distributors – 0.4% (0.2% of Total Investments) | ||||||||||||||||||||||||||||
| 197 | Hayward Industries, Inc., Initial Term Loan, First Lien |
3.621% | 1-Month LIBOR | 3.500% | 8/04/24 | B | 196,728 | |||||||||||||||||||||
| 387 | Univar, Inc., Term Loan B |
2.371% | 1-Month LIBOR | 2.250% | 7/01/24 | BB+ | 387,817 | |||||||||||||||||||||
| 584 | Total Trading Companies & Distributors |
|
584,545 | |||||||||||||||||||||||||
| Transportation Infrastructure – 0.3% (0.2% of Total Investments) | ||||||||||||||||||||||||||||
| 490 |
Atlantic Aviation FBO Inc., Term Loan |
3.880% | 1-Month LIBOR | 3.750% | 12/06/25 | BB | 490,767 | |||||||||||||||||||||
| 213,154 | Total Variable Rate Senior Loan Interests (cost $207,529,774) |
|
203,001,276 | |||||||||||||||||||||||||
| Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||||||||||
| CORPORATE BONDS – 14.1% (8.9% of Total Investments) |
| |||||||||||||||||||||||||||
| Aerospace & Defense – 1.3% (0.8% of Total Investments) | ||||||||||||||||||||||||||||
| $ | 760 | Bombardier Inc, 144A |
5.750% | 3/15/22 | B | $ | 779,950 | |||||||||||||||||||||
| 885 | Bombardier Inc, 144A |
6.000% | 10/15/22 | B | 878,362 | |||||||||||||||||||||||
| 195 | Bombardier Inc, 144A |
6.125% | 1/15/23 | B | 195,819 | |||||||||||||||||||||||
| 130 | Bombardier Inc, 144A |
|
7.500% | 12/01/24 | CCC | 125,125 | ||||||||||||||||||||||
| 1,970 | Total Aerospace & Defense |
|
1,979,256 | |||||||||||||||||||||||||
74
| Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||||||||||
| Auto Components – 0.9% (0.6% of Total Investments) | ||||||||||||||||||||||||||||
| $ | 730 | Adient Global Holdings Ltd, 144A |
4.875% | 8/15/26 | B | $ | 739,125 | |||||||||||||||||||||
| 530 | Adient US LLC, 144A |
|
9.000% | 4/15/25 | Ba3 | 592,937 | ||||||||||||||||||||||
| 1,260 | Total Auto Components |
|
1,332,062 | |||||||||||||||||||||||||
| Chemicals – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 230 | Olin Corp, 144A |
|
9.500% | 6/01/25 | BB– | 286,178 | ||||||||||||||||||||||
| Communications Equipment – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 250 | CommScope Inc, 144A |
|
8.250% | 3/01/27 | B– | 269,235 | ||||||||||||||||||||||
| Diversified Telecommunication Services – 0.4% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 375 | Avaya Inc, 144A |
6.125% | 9/15/28 | B | 398,593 | |||||||||||||||||||||||
| 220 | Windstream Escrow LLC / Windstream Escrow Finance Corp, 144A |
|
7.750% | 8/15/28 | B | 222,750 | ||||||||||||||||||||||
| 595 | Total Diversified Telecommunication Services |
|
621,343 | |||||||||||||||||||||||||
| Electric Utilities – 2.9% (1.8% of Total Investments) | ||||||||||||||||||||||||||||
| 1,175 | Bruce Mansfield Unit 1 2007 Pass Through Trust, (5) |
6.850% | 6/01/34 | N/R | 1,469 | |||||||||||||||||||||||
| 280 | Pacific Gas and Electric Co |
3.850% | 11/15/23 | BBB– | 298,852 | |||||||||||||||||||||||
| 178 | Pacific Gas and Electric Co |
3.450% | 7/01/25 | BBB– | 191,862 | |||||||||||||||||||||||
| 1,052 | Pacific Gas and Electric Co |
3.150% | 1/01/26 | BBB– | 1,123,606 | |||||||||||||||||||||||
| 935 | Pacific Gas and Electric Co |
3.300% | 12/01/27 | BBB– | 1,009,265 | |||||||||||||||||||||||
| 177 | Pacific Gas and Electric Co |
3.750% | 7/01/28 | BBB– | 194,710 | |||||||||||||||||||||||
| 202 | Pacific Gas and Electric Co |
4.550% | 7/01/30 | BBB– | 231,122 | |||||||||||||||||||||||
| 1,238 | Pacific Gas and Electric Co |
|
4.500% | 7/01/40 | BBB– | 1,353,473 | ||||||||||||||||||||||
| 5,237 | Total Electric Utilities |
|
4,404,359 | |||||||||||||||||||||||||
| Energy Equipment & Services – 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 280 | Bausch Health Cos Inc, 144A |
6.125% | 4/15/25 | B | 286,877 | |||||||||||||||||||||||
| 645 | Nabors Industries Ltd, 144A |
|
7.250% | 1/15/26 | B– | 522,805 | ||||||||||||||||||||||
| 925 | Total Energy Equipment & Services |
|
809,682 | |||||||||||||||||||||||||
| Entertainment – 0.3% (0.2% of Total Investments) | ||||||||||||||||||||||||||||
| 500 | AMC Entertainment Holdings Inc, 144A |
|
10.500% | 4/15/25 | CCC | 511,562 | ||||||||||||||||||||||
| Equity Real Estate Investment Trust – 0.7% (0.5% of Total Investments) | ||||||||||||||||||||||||||||
| 1,035 | Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC, 144A |
|
7.875% | 2/15/25 | B | 1,111,026 | ||||||||||||||||||||||
| Gas Utilities – 0.8% (0.5% of Total Investments) | ||||||||||||||||||||||||||||
| 1,050 | Ferrellgas LP / Ferrellgas Finance Corp, 144A |
|
10.000% | 4/15/25 | B3 | 1,169,437 | ||||||||||||||||||||||
| Health Care Providers & Services – 1.2% (0.8% of Total Investments) | ||||||||||||||||||||||||||||
| 320 | CHS/Community Health Systems Inc, 144A |
|
8.000% | 3/15/26 | B | 344,000 | ||||||||||||||||||||||
| 100 | CHS/Community Health Systems Inc, 144A |
8.000% | 12/15/27 | B | 109,250 | |||||||||||||||||||||||
| 50 | HCA Inc |
5.375% | 2/01/25 | BB | 56,137 | |||||||||||||||||||||||
| 125 | Tenet Healthcare Corp |
4.625% | 7/15/24 | BB– | 127,225 | |||||||||||||||||||||||
| 485 | Tenet Healthcare Corp, 144A |
6.250% | 2/01/27 | B1 | 510,901 | |||||||||||||||||||||||
| 725 | Tenet Healthcare Corp, 144A |
6.125% | 10/01/28 | B | 757,252 | |||||||||||||||||||||||
| 1,805 | Total Health Care Providers & Services |
|
1,904,765 | |||||||||||||||||||||||||
| Hotels, Restaurants & Leisure – 0.1% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 160 | Carnival Corp, 144A |
|
11.500% | 4/01/23 | Ba2 | 181,534 | ||||||||||||||||||||||
| Household Durables – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 80 | Kronos Acquisition Holdings Inc / KIK Custom Products Inc, 144A |
|
5.000% | 12/31/26 | B2 | 81,600 | ||||||||||||||||||||||
75
| JSD | Nuveen Short Duration Credit Opportunities Fund (continued) | |
| Portfolio of Investments January 31, 2021 | ||
| (Unaudited) | ||
| Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||||||||||
| Media – 2.4% (1.5% of Total Investments) | ||||||||||||||||||||||||||||
| $ | 1,079 | AMC Entertainment Holdings Inc, 144A, (cash 10.000%, PIK 12.000%) |
12.000% | 6/15/26 | D | $ | 788,024 | |||||||||||||||||||||
| 910 | Houghton Mifflin Harcourt Publishers Inc, 144A |
9.000% | 2/15/25 | BB– | 957,775 | |||||||||||||||||||||||
| 1 | iHeartCommunications Inc |
6.375% | 5/01/26 | B+ | 903 | |||||||||||||||||||||||
| 396 | iHeartCommunications Inc |
8.375% | 5/01/27 | CCC+ | 422,254 | |||||||||||||||||||||||
| 1,075 | iHeartCommunications Inc, 144A |
5.250% | 8/15/27 | B+ | 1,114,732 | |||||||||||||||||||||||
| 165 | Intelsat Luxembourg SA, (5) |
8.125% | 6/01/23 | N/R | 12,010 | |||||||||||||||||||||||
| 415 | Univision Communications Inc, 144A |
9.500% | 5/01/25 | B | 453,388 | |||||||||||||||||||||||
| 4,041 | Total Media |
|
3,749,086 | |||||||||||||||||||||||||
| Metals & Mining – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 320 | First Quantum Minerals Ltd, 144A |
|
6.875% | 10/15/27 | B– | 345,178 | ||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 1.3% (0.8% of Total Investments) | ||||||||||||||||||||||||||||
| 125 | Ascent Resources Utica Holdings LLC / ARU Finance Corp, 144A |
10.000% | 4/01/22 | B | 127,500 | |||||||||||||||||||||||
| 1,150 | Citgo Holding Inc, 144A |
9.250% | 8/01/24 | B+ | 1,104,000 | |||||||||||||||||||||||
| 150 | CITGO Petroleum Corp, 144A |
6.250% | 8/15/22 | BB | 149,640 | |||||||||||||||||||||||
| 385 | CITGO Petroleum Corp, 144A |
7.000% | 6/15/25 | BB | 390,217 | |||||||||||||||||||||||
| 210 | MEG Energy Corp, 144A |
7.000% | 3/31/24 | B– | 212,877 | |||||||||||||||||||||||
| 2,020 | Total Oil, Gas & Consumable Fuels |
|
1,984,234 | |||||||||||||||||||||||||
| Pharmaceuticals – 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 310 | Advanz Pharma Corp Ltd |
|
8.000% | 9/06/24 | B– | 315,037 | ||||||||||||||||||||||
| 181 | Endo Dac / Endo Finance LLC / Endo Finco Inc, 144A |
9.500% | 7/31/27 | CCC+ | 206,793 | |||||||||||||||||||||||
| 228 | Endo Dac / Endo Finance LLC / Endo Finco Inc, 144A |
6.000% | 6/30/28 | CCC+ | 191,030 | |||||||||||||||||||||||
| 90 | Par Pharmaceutical Inc, 144A |
7.500% | 4/01/27 | B+ | 97,049 | |||||||||||||||||||||||
| 809 | Total Pharmaceuticals |
|
809,909 | |||||||||||||||||||||||||
| Specialty Retail – 0.1% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 100 | PetSmart Inc / PetSmart Finance Corp, (WI/DD), 144A |
|
7.750% | 2/15/29 | CCC+ | 100,000 | ||||||||||||||||||||||
| Wireless Telecommunication Services – 0.1% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 330 | Intelsat Connect Finance SA, (5), 144A |
9.500% | 2/15/23 | N/R | 82,500 | |||||||||||||||||||||||
| 22,717 | Total Corporate Bonds (cost $21,570,887) |
|
21,732,946 | |||||||||||||||||||||||||
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| COMMON STOCKS – 3.3% (2.1% of Total Investments) |
|
|||||||||||||||||||||||||||
| Banks – 0.1% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 12,051 | iQor US Inc, (8), (9) |
$ | 140,852 | |||||||||||||||||||||||||
| Communications Equipment – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 5,845 | Windstream Services LLC, (8), (9) |
76,470 | ||||||||||||||||||||||||||
| Construction & Engineering – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 1,697 | TNT Crane & Rigging Inc, (7), (9) |
2 | ||||||||||||||||||||||||||
| 957 | TNT Crane & Rigging Inc, (8), (9) |
16,269 | ||||||||||||||||||||||||||
| Total Construction & Engineering |
|
16,271 | ||||||||||||||||||||||||||
| Diversified Consumer Services – 0.1% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 9,343 | Cengage Learning Holdings II Inc, (8), (9) |
|
92,262 | |||||||||||||||||||||||||
76
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| Diversified Telecommunication Services – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 3,347 | Windstream Services LLC, (8), (9) |
$ | 41,837 | |||||||||||||||||||||||||
| Electric Utilities – 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 25,367 | Energy Harbor Corp, (8), (9), (10) |
692,519 | ||||||||||||||||||||||||||
| Energy Equipment & Services – 0.1% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 28,730 | Transocean Ltd, (9) |
96,533 | ||||||||||||||||||||||||||
| 3,779 | Vantage Drilling International, (8), (9) |
|
756 | |||||||||||||||||||||||||
| Total Energy Equipment & Services |
|
97,289 | ||||||||||||||||||||||||||
| Health Care Providers & Services – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 12,290 | Millennium Health LLC, (7), (9) |
13,089 | ||||||||||||||||||||||||||
| 11,533 | Millennium Health LLC, (7), (9) |
11,706 | ||||||||||||||||||||||||||
| Total Health Care Providers & Services |
|
24,795 | ||||||||||||||||||||||||||
| Hotels, Restaurants & Leisure – 0.1% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 55,426 | 24 Hour Fitness Worldwide Inc, (7) |
|
55 | |||||||||||||||||||||||||
| 116,526 | 24 Hour Fitness Worldwide Inc, (8), (9) |
|
203,921 | |||||||||||||||||||||||||
| Total Hotels, Restaurants & Leisure |
|
203,976 | ||||||||||||||||||||||||||
| Internet & Direct Marketing Retail – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 1,905 | Catalina Marketing Corp, (8), (9) |
1,905 | ||||||||||||||||||||||||||
| Marine – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 430 | ACBL HLDG CORP, (8), (9) |
10,535 | ||||||||||||||||||||||||||
| Media – 0.4% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 272,893 | Clear Channel Outdoor Holdings Inc, (9) |
|
543,057 | |||||||||||||||||||||||||
| 11,898 | Cumulus Media Inc, (9) |
103,275 | ||||||||||||||||||||||||||
| Total Media |
|
646,332 | ||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 1.5% (0.9% of Total Investments) | ||||||||||||||||||||||||||||
| 64,088 | California Resources Corp, (9) |
1,479,792 | ||||||||||||||||||||||||||
| 30,871 | California Resources Corp, (7), (9) |
626,650 | ||||||||||||||||||||||||||
| 8,561 | Whiting Petroleum Corp, (9) |
174,131 | ||||||||||||||||||||||||||
| Total Oil, Gas & Consumable Fuels |
|
2,280,573 | ||||||||||||||||||||||||||
| Pharmaceuticals – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 2,753 | Advanz Pharma Corp Ltd, (9) |
45,067 | ||||||||||||||||||||||||||
| Software – 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 4,065 | SkillSoft Corp, (8), (9) |
691,050 | ||||||||||||||||||||||||||
| 265 | SkillSoft Corp, (8), (9) |
50,350 | ||||||||||||||||||||||||||
| 389 | SkillSoft Corp, (7), (9) |
— | ||||||||||||||||||||||||||
| 779 | SkillSoft Corp, (7), (9) |
1 | ||||||||||||||||||||||||||
| Total Software |
741,401 | |||||||||||||||||||||||||||
| Total Common Stocks (cost $10,880,849) |
|
5,112,084 | ||||||||||||||||||||||||||
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| WARRANTS – 0.2% (0.1% of Total Investments) |
|
|||||||||||||||||||||||||||
| Communications Equipment – 0.0% (0.0% of Total Investments) |
|
|||||||||||||||||||||||||||
| 8,503 | Avaya Holdings Corp, (8) |
$ | 26,572 | |||||||||||||||||||||||||
| Marine – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 452 | ACBL HLDG CORP, (8) |
11,074 | ||||||||||||||||||||||||||
| 1,682 | ACBL HLDG CORP, (8) |
49,619 | ||||||||||||||||||||||||||
| 1,279 | ACBL HLDG CORP, (8) |
43,486 | ||||||||||||||||||||||||||
| 3,364 | ACBL HLDG CORP, (8) |
99,238 | ||||||||||||||||||||||||||
| 2,558 | ACBL HLDG CORP, (8) |
86,972 | ||||||||||||||||||||||||||
| Total Marine |
290,389 | |||||||||||||||||||||||||||
77
| JSD | Nuveen Short Duration Credit Opportunities Fund (continued) | |
| Portfolio of Investments January 31, 2021 | ||
| (Unaudited) | ||
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 188 | California Resources Corp |
$ | 739 | |||||||||||||||||||||||||
| Entertainment – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 45,953 | Cineworld Warrant, (8) |
16,405 | ||||||||||||||||||||||||||
| Total Warrants (cost $666,828) |
|
334,105 | ||||||||||||||||||||||||||
| Shares | Description (1) | Coupon | Ratings (4) | Value | ||||||||||||||||||||||||
| CONVERTIBLE PREFERRED SECURITIES – 0.1% (0.0% of Total Investments) |
|
|||||||||||||||||||||||||||
| Marine – 0.1% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 1,600 | ACBL HLDG CORP, (8), (9) |
0.000% | N/R | $ | 47,200 | |||||||||||||||||||||||
| 1,821 | ACBL HLDG CORP, (8), (9) |
0.000% | N/R | 61,914 | ||||||||||||||||||||||||
| Total Marine |
109,114 | |||||||||||||||||||||||||||
| Total Convertible Preferred Securities (cost $97,141) |
|
109,114 | ||||||||||||||||||||||||||
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| COMMON STOCK RIGHTS – 0.0% (0.0% of Total Investments) |
|
|||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 7,268 | Fieldwood Energy Inc, (8), (9) |
$ | — | |||||||||||||||||||||||||
| 1,468 | Fieldwood Energy Inc, (8), (9) |
— | ||||||||||||||||||||||||||
| Total Oil, Gas & Consumable Fuels |
|
— | ||||||||||||||||||||||||||
| Total Common Stock Rights (cost $207,458) |
|
— | ||||||||||||||||||||||||||
| Total Long-Term Investments (cost $240,952,936) |
|
230,289,525 | ||||||||||||||||||||||||||
| Shares | Description (1) | Coupon | Value | |||||||||||||||||||||||||
| SHORT-TERM INVESTMENTS – 9.7% (6.1% of Total Investments) |
|
|||||||||||||||||||||||||||
| INVESTMENT COMPANIES – 9.7% (6.1% of Total Investments) |
|
|||||||||||||||||||||||||||
| 14,908,197 | BlackRock Liquidity Funds T-Fund Portfolio, (11) |
0.025% (12) | $ | 14,908,197 | ||||||||||||||||||||||||
| Total Short-Term Investments (cost $14,908,197) |
|
14,908,197 | ||||||||||||||||||||||||||
| Total Investments (cost $255,861,133) – 159.5% |
|
245,197,722 | ||||||||||||||||||||||||||
| Borrowings – (9.1)% (13), (14) |
|
(14,000,000 | ) | |||||||||||||||||||||||||
| Taxable Fund Preferred Shares, net of deferred offering costs – (45.3)% (15) |
|
(69,555,578 | ) | |||||||||||||||||||||||||
| Other Assets Less Liabilities – (5.1)% |
|
(7,952,087 | ) | |||||||||||||||||||||||||
| Net Assets Applicable to Common Shares – 100% |
|
$ | 153,690,057 | |||||||||||||||||||||||||
78
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub–classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub–classifications into sectors for reporting ease.
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| (2) | 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. |
| (3) | 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. |
| (4) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split–rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (5) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. |
| (6) | Investment, or portion of investment, represents an outstanding unfunded senior loan commitment. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in Derivatives for more information. |
| (7) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 3 – Investment Valuation and Fair Value Measurements for more information. |
| (8) | For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 3 – Investment Valuation and Fair Value Measurements for more information. |
| (9) | Non–income producing; issuer has not declared an ex–dividend date within the past twelve months. |
| (10) | Common Stock received as part of the bankruptcy settlements for Bruce Mansfield Unit 1 2007 Pass-Through Trust. |
| (11) | A copy of the most recent financial statements for these investment companies can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov. |
| (12) | The rate shown is the annualized seven-day subsidized yield as of the end of the reporting period. |
| (13) | Borrowings as a percentage of Total Investments is 5.7%. |
| (14) | The Fund segregates 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings. |
| (15) | Taxable Fund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 28.4%. |
| 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. |
| 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. |
| TBD | Senior loan purchased on a when–issued or delayed–delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the final coupon rate and maturity date. |
| WI/DD | Purchased on a when–issued or delayed delivery basis. |
See accompanying notes to financial statements.
79
| JQC | Nuveen Credit Strategies Income Fund
Portfolio of Investments January 31, 2021 | |
| (Unaudited) |
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| LONG-TERM INVESTMENTS – 152.0% (93.9% of Total Investments) |
|
|||||||||||||||||||||||||||
| VARIABLE RATE SENIOR LOAN INTERESTS – 127.9% (79.0% of Total Investments) (2) |
|
|||||||||||||||||||||||||||
| Aerospace & Defense – 1.5% (0.9% of Total Investments) |
|
|||||||||||||||||||||||||||
| $ | 653 | Standard Aero, Term Loan B1 |
3.754% | 3-Month LIBOR | 3.500% | 4/08/26 | B– | $ | 628,884 | |||||||||||||||||||
| 351 | Standard Aero, Term Loan B2 |
3.754% | 3-Month LIBOR | 3.500% | 4/08/26 | B– | 338,110 | |||||||||||||||||||||
| 11,672 | Transdigm, Inc., Term Loan E |
2.371% | 1-Month LIBOR | 2.250% | 5/30/25 | Ba3 | 11,514,293 | |||||||||||||||||||||
| 1,995 | Transdigm, Inc., Term Loan G |
2.371% | 1-Month LIBOR | 2.250% | 8/22/24 | Ba3 | 1,964,420 | |||||||||||||||||||||
| 14,671 | Total Aerospace & Defense |
14,445,707 | ||||||||||||||||||||||||||
| Airlines – 4.6% (2.9% of Total Investments) | ||||||||||||||||||||||||||||
| 10,488 | American Airlines, Inc., Term Loan 2025 |
1.878% | 1-Month LIBOR | 1.750% | 6/27/25 | Ba3 | 9,463,814 | |||||||||||||||||||||
| 1,874 | American Airlines, Inc., Term Loan B |
2.121% | 1-Month LIBOR | 2.000% | 4/28/23 | Ba3 | 1,748,669 | |||||||||||||||||||||
| 3,234 | American Airlines, Inc., Term Loan B |
1.871% | 1-Month LIBOR | 1.750% | 1/29/27 | Ba3 | 2,959,176 | |||||||||||||||||||||
| 2,138 | American Airlines, Inc., Term Loan B |
2.127% | 1-Month LIBOR | 2.000% | 12/14/23 | Ba3 | 1,995,967 | |||||||||||||||||||||
| 9,447 | United Air Lines, Inc., Term Loan B |
1.895% | 1-Month LIBOR | 1.750% | 4/01/24 | Ba1 | 9,299,431 | |||||||||||||||||||||
| 10,350 | United Air Lines, Inc., Term Loan B |
6.250% | 3-Month LIBOR | 5.250% | 6/20/27 | Baa3 | 11,057,888 | |||||||||||||||||||||
| 7,920 | WestJet Airlines, Term Loan |
4.000% | 6-Month LIBOR | 3.000% | 12/11/26 | BB– | 7,645,770 | |||||||||||||||||||||
| 45,451 | Total Airlines |
44,170,715 | ||||||||||||||||||||||||||
| Auto Components – 1.3% (0.8% of Total Investments) | ||||||||||||||||||||||||||||
| 179 | Dun & Bradstreet Corp., Initial Term Loan, (WI/DD) |
TBD | TBD | TBD | TBD | N/R | 179,802 | |||||||||||||||||||||
| 8,727 | Johnson Controls Inc., Term Loan B |
3.621% | 1-Month LIBOR | 3.500% | 4/30/26 | B1 | 8,743,148 | |||||||||||||||||||||
| 2,500 | Les Schwab Tire Centers, Term Loan B |
4.250% | 3-Month LIBOR | 3.500% | 11/02/27 | B | 2,514,075 | |||||||||||||||||||||
| 1,000 | Truck Hero, Inc., Term Loan, (WI/DD) |
TBD | TBD | TBD | TBD | B2 | 1,003,625 | |||||||||||||||||||||
| 12,406 | Total Auto Components |
12,440,650 | ||||||||||||||||||||||||||
| Automobiles – 1.5% (0.9% of Total Investments) | ||||||||||||||||||||||||||||
| 14,550 | Navistar, Inc., Term Loan B |
3.630% | 1-Month LIBOR | 3.500% | 11/06/24 | Ba2 | 14,570,006 | |||||||||||||||||||||
| Beverages – 1.1% (0.7% of Total Investments) |
|
|||||||||||||||||||||||||||
| 1,745 | Arterra Wines Canada, Inc., Incremental Term Loan |
4.250% | 3-Month LIBOR | 3.500% | 11/25/27 | B1 | 1,759,178 | |||||||||||||||||||||
| 8,846 | Jacobs Douwe Egberts, Term Loan B |
2.188% | 1-Month LIBOR | 2.000% | 11/01/25 | BB+ | 8,868,372 | |||||||||||||||||||||
| 10,591 | Total Beverages |
10,627,550 | ||||||||||||||||||||||||||
| Biotechnology – 0.2% (0.1% of Total Investments) |
|
|||||||||||||||||||||||||||
| 1,540 | KIK Custom, Term Loan, (WI/DD) |
TBD | TBD | TBD | TBD | N/R | 1,541,093 | |||||||||||||||||||||
| Building Products – 2.3% (1.4% of Total Investments) | ||||||||||||||||||||||||||||
| 63 | Advanced Drainage Systems, Term Loan B |
2.438% | 1-Month LIBOR | 2.250% | 9/24/26 | Ba1 | 63,769 | |||||||||||||||||||||
| 287 | LBM Acquisition LLC, Delayed Draw Term Loan, (WI/DD), (6) |
TBD | TBD | TBD | TBD | B+ | 288,243 | |||||||||||||||||||||
| 1,293 | LBM Acquisition LLC, Term Loan B, (WI/DD) |
TBD | TBD | TBD | TBD | B+ | 1,297,090 | |||||||||||||||||||||
| 1,000 | MI Windows and Doors, Inc., Initial Term Loan |
4.500% | 1-Month LIBOR | 3.750% | 12/18/27 | B+ | 1,009,375 | |||||||||||||||||||||
| 440 | Potters Industries, Term Loan B |
4.750% | 3-Month LIBOR | 4.000% | 12/14/27 | B | 441,650 | |||||||||||||||||||||
| 1,000 | Park River Holding, Inc., Term Loan, (WI/DD) |
TBD | TBD | TBD | TBD | B | 1,003,625 | |||||||||||||||||||||
| 17,589 | Quikrete Holdings, Inc., Term Loan B |
2.621% | 1-Month LIBOR | 2.500% | 1/31/27 | BB– | 17,580,954 | |||||||||||||||||||||
| 21,672 | Total Building Products |
21,684,706 | ||||||||||||||||||||||||||
| Capital Markets – 0.4% (0.2% of Total Investments) | ||||||||||||||||||||||||||||
| 3,756 | RPI Finance Trust, Term Loan B1 |
1.871% | 1-Month LIBOR | 1.750% | 2/11/27 | BBB– | 3,777,695 | |||||||||||||||||||||
| Chemicals – 1.8% (1.1% of Total Investments) | ||||||||||||||||||||||||||||
| 6,804 | Axalta Coating Systems, Term Loan, First Lien |
2.004% | 3-Month LIBOR | 1.750% | 6/01/24 | Ba1 | 6,791,777 | |||||||||||||||||||||
| 5,957 | Ineos US Finance LLC, Term Loan |
2.121% | 1-Month LIBOR | 2.000% | 3/31/24 | BBB– | 5,933,431 | |||||||||||||||||||||
| 2,175 | INEOS US Petrochem LLC, Term Loan B, (WI/DD) |
TBD | TBD | TBD | TBD | BB | 2,186,332 | |||||||||||||||||||||
80
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| Chemicals (continued) | ||||||||||||||||||||||||||||
| $ | 998 | Lummus Technology, Term Loan |
4.121% | 1-Month LIBOR | 4.000% | 6/30/27 | B+ | $ | 1,002,178 | |||||||||||||||||||
| 908 | Unifrax Holdings, Term Loan, First Lien |
4.004% | 3-Month LIBOR | 3.750% | 12/14/25 | CCC+ | 878,185 | |||||||||||||||||||||
| 16,842 | Total Chemicals |
16,791,903 | ||||||||||||||||||||||||||
| Commercial Services & Supplies – 4.9% (3.1% of Total Investments) |
|
|||||||||||||||||||||||||||
| 1,250 | AECOM Management Services Inc., Incremental Term Loan |
5.500% | 3-Month LIBOR | 4.750% | 1/31/27 | B1 | 1,259,375 | |||||||||||||||||||||
| 10,123 | Formula One Group, Term Loan B |
3.500% | 1-Month LIBOR | 2.500% | 2/01/24 | B+ | 10,076,607 | |||||||||||||||||||||
| 8,712 | Garda World Security Corp, Term Loan B, First Lien |
4.990% | 1-Month LIBOR | 4.750% | 10/30/26 | BB+ | 8,756,463 | |||||||||||||||||||||
| 3,682 | GFL Environmental, Term Loan |
3.500% | 3-Month LIBOR | 3.000% | 5/30/25 | BB– | 3,705,990 | |||||||||||||||||||||
| 2,894 | Sabert Corporation, Initial Term Loan |
5.500% | 1-Month LIBOR | 4.500% | 12/10/26 | B | 2,903,527 | |||||||||||||||||||||
| 13,819 | Trans Union LLC, Term Loan B5 |
1.871% | 1-Month LIBOR | 1.750% | 11/13/26 | BBB– | 13,819,666 | |||||||||||||||||||||
| 6,760 | Travelport LLC, Priority Debt Term Loan, (cash 2.500%, PIK 6.500%), (DD1) |
2.500% | 3-Month LIBOR | 1.500% | 2/28/25 | B+ | 6,721,664 | |||||||||||||||||||||
| 47,240 | Total Commercial Services & Supplies |
47,243,292 | ||||||||||||||||||||||||||
| Communications Equipment – 2.4% (1.5% of Total Investments) | ||||||||||||||||||||||||||||
| 3,000 | Avaya, Inc., Extended Tranche Term Loan B |
4.377% | 1-Month LIBOR | 4.250% | 12/15/27 | BB– | 3,003,750 | |||||||||||||||||||||
| 2,198 | Avaya, Inc., Term Loan B |
4.377% | 1-Month LIBOR | 4.250% | 12/15/24 | BB– | 2,202,239 | |||||||||||||||||||||
| 2,963 | Fleet U.S. Bidco Inc., Term Loan B |
3.371% | 1-Month LIBOR | 3.250% | 10/07/26 | B+ | 2,955,094 | |||||||||||||||||||||
| 3,587 | Mega Broadband Investments, Term Loan B |
3.750% | 3-Month LIBOR | 3.000% | 11/12/27 | B+ | 3,611,429 | |||||||||||||||||||||
| 6,710 | Plantronics, Term Loan B |
2.621% | 1-Month LIBOR | 2.500% | 7/02/25 | Ba2 | 6,655,713 | |||||||||||||||||||||
| 4,960 | Riverbed Technology, Inc., Term Loan B, First Lien, (DD1) |
7.000% | 1-Month LIBOR | 6.000% | 12/31/25 | B2 | 4,851,919 | |||||||||||||||||||||
| 139 | Univision Communications, Inc., Term Loan C5 |
3.750% | 1-Month LIBOR | 2.750% | 3/15/24 | B | 138,889 | |||||||||||||||||||||
| 23,557 | Total Communications Equipment |
23,419,033 | ||||||||||||||||||||||||||
| Containers & Packaging – 2.2% (1.3% of Total Investments) | ||||||||||||||||||||||||||||
| 8,373 | Berry Global, Inc., Term Loan Y |
2.133% | 1-Month LIBOR | 2.000% | 7/01/26 | BBB– | 8,370,909 | |||||||||||||||||||||
| 3,469 | Kloeckner Pentaplast of America Inc., Dollar Term Loan |
5.250% | 1-Month LIBOR | 4.250% | 6/30/22 | B– | 3,472,948 | |||||||||||||||||||||
| 5,000 | Reynolds Group Holdings, Inc., Term Loan, First Lien |
3.371% | 1-Month LIBOR | 3.250% | 2/16/26 | B+ | 5,012,500 | |||||||||||||||||||||
| 3,094 | TricorBraun Holdings Inc, (WI/DD) |
TBD | TBD | TBD | TBD | B2 | 3,078,582 | |||||||||||||||||||||
| 696 | TricorBraun Holdings Inc, (WI/DD) |
TBD | TBD | TBD | TBD | B2 | 692,465 | |||||||||||||||||||||
| 20,632 | Total Containers & Packaging |
20,627,404 | ||||||||||||||||||||||||||
| Diversified Consumer Services – 0.3% (0.2% of Total Investments) | ||||||||||||||||||||||||||||
| 2,992 | Cengage Learning Acquisitions, Inc., Term Loan B, (DD1) |
5.250% | 3-Month LIBOR | 4.250% | 6/07/23 | B2 | 2,885,586 | |||||||||||||||||||||
| Diversified Financial Services – 0.3% (0.2% of Total Investments) | ||||||||||||||||||||||||||||
| 4,673 | Ditech Holding Corporation., Term Loan B, First Lien, (5) |
0.000% | N/A | N/A | 6/30/22 | N/R | 1,512,949 | |||||||||||||||||||||
| 1,001 | Lions Gate Entertainment Corp., Term Loan B |
2.371% | 1-Month LIBOR | 2.250% | 3/24/25 | Ba2 | 997,161 | |||||||||||||||||||||
| 5,674 | Total Diversified Financial Services |
2,510,110 | ||||||||||||||||||||||||||
| Diversified Telecommunication Services – 3.4% (2.1% of Total Investments) | ||||||||||||||||||||||||||||
| 15,011 | CenturyLink, Inc, Term Loan A |
2.121% | 1-Month LIBOR | 2.000% | 1/31/25 | BBB– | 14,949,573 | |||||||||||||||||||||
| 1,193 | CenturyLink, Inc, Term Loan B |
2.371% | 1-Month LIBOR | 2.250% | 3/15/27 | BB+ | 1,191,059 | |||||||||||||||||||||
| 3,045 | Frontier Communications Corporation, DIP Term Loan, (5) |
5.750% | 1-Month LIBOR | 4.750% | 10/08/21 | B3 | 3,052,858 | |||||||||||||||||||||
| 11,775 | Numericable Group S.A., Term Loan B13 |
4.127% | 1-Month LIBOR | 4.000% | 8/14/26 | B | 11,797,559 | |||||||||||||||||||||
| 1,782 | Zayo Group LLC, Initial Dollar Term Loan |
3.121% | 1-Month LIBOR | 3.000% | 3/09/27 | B1 | 1,773,784 | |||||||||||||||||||||
| 32,806 | Total Diversified Telecommunication Services |
32,764,833 | ||||||||||||||||||||||||||
| Electric Utilities – 0.6% (0.4% of Total Investments) | ||||||||||||||||||||||||||||
| 995 | Pacific Gas & Electric, Revolving Term Loan |
6.750% | Prime | 3.500% | 6/23/25 | N/R | 995,000 | |||||||||||||||||||||
| 4,844 | Vistra Operations Co., Term Loan B3 |
1.875% | 1-Month LIBOR | 1.750% | 12/31/25 | Baa3 | 4,857,322 | |||||||||||||||||||||
| 5,839 | Total Electric Utilities |
5,852,322 | ||||||||||||||||||||||||||
81
| JQC | Nuveen Credit Strategies Income Fund (continued) | |
| Portfolio of Investments January 31, 2021 | ||
| (Unaudited) | ||
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| Electrical Equipment – 0.4% (0.2% of Total Investments) | ||||||||||||||||||||||||||||
| $ | 2,168 | Avolon LLC, Term Loan B4 |
2.250% | 1-Month LIBOR | 1.500% | 2/10/27 | Baa2 | $ | 2,159,577 | |||||||||||||||||||
| 1,489 | Vertiv Co.,Term Loan B |
3.144% | 1-Month LIBOR | 3.000% | 3/02/27 | B+ | 1,493,134 | |||||||||||||||||||||
| 3,657 | Total Electrical Equipment |
3,652,711 | ||||||||||||||||||||||||||
| Entertainment – 1.4% (0.9% of Total Investments) | ||||||||||||||||||||||||||||
| 2,235 | AMC Entertainment, Inc., Term Loan B, (DD1) |
5.250% | Prime | 2.000% | 4/22/26 | CCC | 1,872,394 | |||||||||||||||||||||
| 6,954 | Cineworld Group PLC, Term Loan B, (DD1) |
3.135% | 3-Month LIBOR | 2.500% | 2/28/25 | CCC | 5,523,173 | |||||||||||||||||||||
| 2,272 | NASCAR Holdings, Inc., Term Loan B |
2.871% | 1-Month LIBOR | 2.750% | 10/18/26 | BB | 2,275,218 | |||||||||||||||||||||
| 4,161 | Springer SBM Two GmbH, Term Loan B16 |
4.500% | 1-Month LIBOR | 3.500% | 8/14/24 | B2 | 4,176,696 | |||||||||||||||||||||
| 15,622 | Total Entertainment |
13,847,481 | ||||||||||||||||||||||||||
| Food & Staples Retailing – 3.6% (2.2% of Total Investments) | ||||||||||||||||||||||||||||
| 1,497 | Chobani LLC, Term Loan |
4.500% | 1-Month LIBOR | 3.500% | 10/23/27 | B– | 1,504,203 | |||||||||||||||||||||
| 11,500 | Hearthside Group Holdings LLC, Term Loan B |
3.808% | 1-Month LIBOR | 3.688% | 5/31/25 | B2 | 11,462,031 | |||||||||||||||||||||
| 669 | Hearthside Group Holdings, LLC, Incremental Term Loan B3 |
6.000% | 1-Month LIBOR | 5.000% | 5/31/25 | B2 | 675,867 | |||||||||||||||||||||
| 13,534 | JBS USA Holdings, Inc., New Term Loan |
2.121% | 3-Month LIBOR | 2.000% | 5/01/26 | BBB | 13,541,934 | |||||||||||||||||||||
| 7,105 | US Foods, Inc., New Term Loan |
1.871% | 1-Month LIBOR | 1.750% | 6/27/23 | BB– | 7,056,926 | |||||||||||||||||||||
| 34,305 | Total Food & Staples Retailing |
34,240,961 | ||||||||||||||||||||||||||
| Food Products – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 1,990 | Froneri Lux FinCo SARL, Term Loan, First Lien |
2.371% | 1-Month LIBOR | 2.250% | 1/31/27 | B1 | 1,983,234 | |||||||||||||||||||||
| Health Care Equipment & Supplies – 0.6% (0.4% of Total Investments) | ||||||||||||||||||||||||||||
| 6,231 | MedPlast, Term Loan, First Lien |
3.871% | 1-Month LIBOR | 3.750% | 7/02/25 | B3 | 6,100,413 | |||||||||||||||||||||
| Health Care Providers & Services – 10.5% (6.5% of Total Investments) | ||||||||||||||||||||||||||||
| 1,180 | AccentCare, Incremental Term Loan B |
5.500% | 3-Month LIBOR | 5.000% | 6/20/26 | B2 | 1,185,900 | |||||||||||||||||||||
| 10,500 | Air Medical, Term Loan B |
5.750% | 3-Month LIBOR | 4.750% | 10/02/25 | B | 10,535,437 | |||||||||||||||||||||
| 2,969 | Air Methods, Term Loan, First Lien |
4.500% | 3-Month LIBOR | 3.500% | 4/21/24 | B | 2,879,426 | |||||||||||||||||||||
| 12,384 | Albany Molecular Research, Inc., Initial Term Loan, First Lien |
4.250% | 3-Month LIBOR | 3.250% | 8/30/24 | B2 | 12,435,073 | |||||||||||||||||||||
| 32 | Albany Molecular Research, Inc., Initial Term Loan, First Lien |
4.250% | 2-Month LIBOR | 3.250% | 8/30/24 | B2 | 32,215 | |||||||||||||||||||||
| 9,683 | Ardent Health, Term Loan, First Lien |
5.500% | 1-Month LIBOR | 4.500% | 6/28/25 | B1 | 9,741,567 | |||||||||||||||||||||
| 2,000 | Aspen Dental, Term Loan B |
4.750% | 1-Month LIBOR | 4.000% | 12/23/27 | N/R | 2,020,000 | |||||||||||||||||||||
| 7,869 | ATI Holdings Acquisition, Inc., Term Loan |
4.500% | 6-Month LIBOR | 3.500% | 5/10/23 | B2 | 7,863,778 | |||||||||||||||||||||
| 12,219 | Brightspring Health, Term Loan B |
3.380% | 1-Month LIBOR | 3.250% | 3/05/26 | N/R | 12,206,446 | |||||||||||||||||||||
| 3,125 | Brightspring Health, Term Loan B2 |
4.250% | 1-Month LIBOR | 3.750% | 3/05/26 | B1 | 3,146,484 | |||||||||||||||||||||
| 9,309 | Civitas Solutions, Term Loan B |
4.397% | 1-Month LIBOR | 4.250% | 3/08/26 | B | 9,332,663 | |||||||||||||||||||||
| 426 | Civitas Solutions, Term Loan C |
4.397% | 1-Month LIBOR | 4.250% | 3/08/26 | B | 427,090 | |||||||||||||||||||||
| 1,871 | Envision Healthcare Corporation, Initial Term Loan |
3.871% | 1-Month LIBOR | 3.750% | 10/10/25 | Caa1 | 1,599,393 | |||||||||||||||||||||
| 11,126 | Kindred at Home Hospice, Term Loan B, First Lien |
3.375% | 1-Month LIBOR | 3.250% | 7/02/25 | B1 | 11,150,748 | |||||||||||||||||||||
| 3,863 | Lifepoint Health, Inc., New Term Loan B |
3.871% | 1-Month LIBOR | 3.750% | 11/16/25 | B1 | 3,865,218 | |||||||||||||||||||||
| 140 | Quorum Health Corp, Term Loan, (5) |
9.250% | 3-Month LIBOR | 8.250% | 4/29/22 | N/R | 141,909 | |||||||||||||||||||||
| 7,957 | Select Medical Corporation, Term Loan B |
2.530% | 3-Month LIBOR | 2.250% | 3/06/25 | Ba2 | 7,926,890 | |||||||||||||||||||||
| 2,500 | Surgery Center Holdings Inc., Initial Term Loan, (WI/DD) |
TBD | TBD | TBD | TBD | B2 | 2,489,063 | |||||||||||||||||||||
| 1,750 | Team Health, Inc., Initial Term Loan |
3.750% | 1-Month LIBOR | 2.750% | 2/06/24 | B | 1,639,899 | |||||||||||||||||||||
| 100,903 | Total Health Care Providers & Services |
100,619,199 | ||||||||||||||||||||||||||
| Health Care Technology – 1.9% (1.2% of Total Investments) | ||||||||||||||||||||||||||||
| 2,182 | Emdeon, Inc., Term Loan |
3.500% | 1-Month LIBOR | 2.500% | 3/01/24 | B+ | 2,186,549 | |||||||||||||||||||||
| 5,262 | Onex Carestream Finance LP, New Extended Term Loan, First Lien |
7.750% | 3-Month LIBOR | 6.750% | 5/05/23 | N/R | 5,255,177 | |||||||||||||||||||||
| 8,401 | Onex Carestream Finance LP, New Extended Term Loan, Second Lien, (cash 5.500%, PIK 8.000%) |
5.500% | 3-Month LIBOR | 4.500% | 8/05/23 | CCC+ | 7,644,673 | |||||||||||||||||||||
| 3,586 | Zelis, Term Loan B |
4.871% | 1-Month LIBOR | 4.750% | 9/30/26 | B | 3,595,433 | |||||||||||||||||||||
| 19,431 | Total Health Care Technology |
18,681,832 | ||||||||||||||||||||||||||
82
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| Hotels, Restaurants & Leisure – 15.7% (9.7% of Total Investments) | ||||||||||||||||||||||||||||
| $ | 349 | Alterra Mountain Company, Term Loan, First Lien |
5.500% | 1-Month LIBOR | 4.500% | 8/01/26 | B | $ | 351,957 | |||||||||||||||||||
| 2,805 | Aramark Corporation, Term Loan |
1.871% | 1-Month LIBOR | 1.750% | 3/11/25 | BB+ | 2,792,476 | |||||||||||||||||||||
| 4,969 | Arby’s Restaurant Group, Inc., Term Loan B |
3.750% | 6-Month LIBOR | 2.750% | 2/05/25 | B | 4,969,349 | |||||||||||||||||||||
| 15,251 | Burger King Corporation, Term Loan B4 |
1.871% | 1-Month LIBOR | 1.750% | 11/19/26 | BB+ | 15,171,784 | |||||||||||||||||||||
| 1,496 | Caesars Resort Collection, Term Loan |
4.621% | 1-Month LIBOR | 4.500% | 7/20/25 | B+ | 1,498,038 | |||||||||||||||||||||
| 14,976 | Caesars Resort Collection, Term Loan, First Lien |
2.871% | 1-Month LIBOR | 2.750% | 12/22/24 | B+ | 14,746,261 | |||||||||||||||||||||
| 881 | Cineworld Group PLC, Priority Term Loan, (cash 7.000%, PIK 8.250%), (DD1) |
7.000% | 3-Month LIBOR | 7.000% | 5/23/24 | B– | 1,098,277 | |||||||||||||||||||||
| 816 | ClubCorp Operations, Inc., Term Loan B |
3.004% | 3-Month LIBOR | 2.750% | 9/18/24 | B– | 760,201 | |||||||||||||||||||||
| 12,275 | Equinox Holdings, Inc., Term Loan B1 |
4.000% | 3-Month LIBOR | 3.000% | 3/08/24 | CCC | 10,959,218 | |||||||||||||||||||||
| 8,224 | Golden Nugget LLC, Initial Term Loan B, (WI/DD) |
TBD | TBD | TBD | TBD | B | 8,080,827 | |||||||||||||||||||||
| 4,681 | Hilton Hotels, Term Loan B2 |
1.880% | 1-Month LIBOR | 1.750% | 6/21/26 | BBB– | 4,658,005 | |||||||||||||||||||||
| 4,950 | IRB Holding Corp., Term Loan B |
4.250% | 3-Month LIBOR | 3.250% | 12/15/27 | B | 4,974,304 | |||||||||||||||||||||
| 17,500 | Life Time Fitness, Inc., Term Loan B, (WI/DD) |
TBD | TBD | TBD | TBD | B– | 17,311,525 | |||||||||||||||||||||
| 4,851 | Marriott Ownership Resorts, Inc., Term Loan B |
1.871% | 1-Month LIBOR | 1.750% | 8/31/25 | BB | 4,819,905 | |||||||||||||||||||||
| 12,175 | Scientific Games Corp., Initial Term Loan B5 |
2.871% | 1-Month LIBOR | 2.750% | 8/14/24 | B+ | 11,990,113 | |||||||||||||||||||||
| 3,670 | Stars Group Holdings, Term Loan B |
3.754% | 3-Month LIBOR | 3.500% | 7/10/25 | BBB– | 3,686,068 | |||||||||||||||||||||
| 12,285 | Station Casinos LLC, Term Loan B |
2.500% | 1-Month LIBOR | 2.250% | 2/08/27 | BB– | 12,124,145 | |||||||||||||||||||||
| 16,191 | Whataburger Restaurants, Term Loan B |
2.877% | 1-Month LIBOR | 2.750% | 8/03/26 | B+ | 16,217,046 | |||||||||||||||||||||
| 2,444 | Wyndham International, Inc., Term Loan B |
1.871% | 1-Month LIBOR | 1.750% | 5/30/25 | BB+ | 2,432,044 | |||||||||||||||||||||
| 9,533 | YUM Brands, Term Loan B |
1.879% | 1-Month LIBOR | 1.750% | 4/03/25 | BBB– | 9,549,741 | |||||||||||||||||||||
| 2,260 | Zaxby’s Operating Co LP, Initial Term Loan, First Lien |
4.500% | 1-Month LIBOR | 3.750% | 12/28/27 | B | 2,280,837 | |||||||||||||||||||||
| 152,582 | Total Hotels, Restaurants & Leisure |
150,472,121 | ||||||||||||||||||||||||||
| Household Durables – 0.7% (0.4% of Total Investments) | ||||||||||||||||||||||||||||
| 4,263 | Apex Tool Group LLC, Third Amendment Term Loan |
6.500% | 1-Month LIBOR | 5.250% | 8/21/24 | B3 | 4,268,790 | |||||||||||||||||||||
| 122 | Serta Simmons Holdings LLC, Second Out Term Loan |
8.500% | 1-Month LIBOR | 7.500% | 6/01/27 | N/R | 112,654 | |||||||||||||||||||||
| 2,000 | Weber-Stephen Products LLC, Term Loan B |
4.000% | 1-Month LIBOR | 3.250% | 10/30/27 | B1 | 2,009,500 | |||||||||||||||||||||
| 6,385 | Total Household Durables |
6,390,944 | ||||||||||||||||||||||||||
| Household Products – 0.6% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 5,299 | Reynolds Group Holdings, Inc., Term Loan, First Lien |
2.871% | 1-Month LIBOR | 2.750% | 2/05/23 | B+ | 5,308,009 | |||||||||||||||||||||
| Insurance – 4.6% (2.8% of Total Investments) | ||||||||||||||||||||||||||||
| 16,860 | Acrisure LLC, Term Loan B |
3.621% | 1-Month LIBOR | 3.500% | 2/15/27 | B | 16,819,304 | |||||||||||||||||||||
| 1,146 | Alliant Holdings I LLC, Term Loan B3 |
4.250% | 1-Month LIBOR | 3.750% | 11/06/27 | B | 1,149,702 | |||||||||||||||||||||
| 1,471 | Asurion LLC, New Term Loan B8 |
3.371% | 1-Month LIBOR | 3.250% | 12/23/26 | Ba3 | 1,465,161 | |||||||||||||||||||||
| 14,426 | Hub International Holdings, Inc., Term Loan B |
2.965% | 3-Month LIBOR | 2.750% | 4/25/25 | B | 14,324,374 | |||||||||||||||||||||
| 37 | Hub International Holdings, Inc., Term Loan B |
2.910% | 2-Month LIBOR | 2.750% | 4/25/25 | B | 36,824 | |||||||||||||||||||||
| 249 | Ryan Specialty Group LLC, Term Loan B |
4.000% | 1-Month LIBOR | 3.250% | 9/01/27 | B1 | 250,312 | |||||||||||||||||||||
| 1,980 | USI Holdings Corporation, Incremental Term Loan B |
4.254% | 3-Month LIBOR | 4.000% | 12/02/26 | B | 1,985,772 | |||||||||||||||||||||
| 7,898 | USI Holdings Corporation, NewTerm Loan |
3.254% | 3-Month LIBOR | 3.000% | 5/16/24 | B | 7,853,533 | |||||||||||||||||||||
| 44,067 | Total Insurance |
43,884,982 | ||||||||||||||||||||||||||
| Interactive Media & Services – 2.5% (1.5% of Total Investments) | ||||||||||||||||||||||||||||
| 1,350 | Adevinta, Term Loan, First Lien, (WI/DD) |
TBD | TBD | TBD | TBD | Ba3 | 1,352,255 | |||||||||||||||||||||
| 5,275 | Ancestry.com, Initial Term Loan |
4.500% | 1-Month LIBOR | 4.000% | 12/06/27 | B1 | 5,307,019 | |||||||||||||||||||||
| 16,804 | Rackspace Hosting, Inc., Refinancing Term Loan B, First Lien |
4.000% | 3-Month LIBOR | 3.000% | 11/03/23 | B+ | 16,829,692 | |||||||||||||||||||||
| 23,429 | Total Interactive Media & Services |
23,488,966 | ||||||||||||||||||||||||||
| Internet & Direct Marketing Retail – 0.4% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 4,000 | 1-800 Contacts, Term Loan, First Lien |
4.500% | 6-Month LIBOR | 3.750% | 11/08/27 | B | 4,027,860 | |||||||||||||||||||||
83
| JQC | Nuveen Credit Strategies Income Fund (continued) | |
| Portfolio of Investments January 31, 2021 | ||
| (Unaudited) | ||
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| Internet Software & Services – 1.4% (0.9% of Total Investments) | ||||||||||||||||||||||||||||
| $ | 8,629 | Epicor Software Corporation, Term Loan, First Lien, (DD1) |
4.250% | 1-Month LIBOR | 3.250% | 7/31/27 | B2 | $ | 8,685,090 | |||||||||||||||||||
| 4,580 | Greeneden U.S. Holdings II LLC, Term Loan B |
4.750% | 1-Month LIBOR | 4.000% | 12/01/27 | B– | 4,602,639 | |||||||||||||||||||||
| 13,209 | Total Internet Software & Services |
13,287,729 | ||||||||||||||||||||||||||
| IT Services – 3.7% (2.3% of Total Investments) |
|
|||||||||||||||||||||||||||
| 18,293 | Sabre, Inc., Term Loan B |
2.121% | 1-Month LIBOR | 2.000% | 2/22/24 | Ba3 | 18,095,532 | |||||||||||||||||||||
| 5,063 | Syniverse Holdings, Inc., Term Loan C |
6.000% | 3-Month LIBOR | 5.000% | 3/09/23 | CCC+ | 4,635,277 | |||||||||||||||||||||
| 11,049 | Tempo Acquisition, LLC, Extended Term Loan B |
3.750% | 1-Month LIBOR | 3.250% | 10/31/26 | B1 | 11,058,069 | |||||||||||||||||||||
| 2,000 | West Corporation, Term Loan B, (WI/DD) |
TBD | TBD | TBD | TBD | BB– | 1,971,870 | |||||||||||||||||||||
| 36,405 | Total IT Services |
35,760,748 | ||||||||||||||||||||||||||
| Leisure Products – 0.1% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 1,325 | Hayward Industries, Inc., Incremental Term Loan |
4.500% | 1-Month LIBOR | 3.750% | 8/04/26 | B | 1,328,313 | |||||||||||||||||||||
| Life Sciences Tools & Services – 3.1% (1.9% of Total Investments) | ||||||||||||||||||||||||||||
| 22,354 | Parexel International Corp., Term Loan B |
2.807% | 1-Month LIBOR | 2.750% | 9/27/24 | B1 | 22,360,453 | |||||||||||||||||||||
| 7,179 | PPD, Inc., Term Loan B |
2.750% | 1-Month LIBOR | 2.250% | 1/13/28 | Ba2 | 7,220,459 | |||||||||||||||||||||
| 29,533 | Total Life Sciences Tools & Services |
29,580,912 | ||||||||||||||||||||||||||
| Machinery – 2.2% (1.3% of Total Investments) | ||||||||||||||||||||||||||||
| 2,000 | Alliance Laundry Systems LLC, Term Loan B |
4.250% | 3-Month LIBOR | 3.500% | 10/08/27 | B | 2,009,580 | |||||||||||||||||||||
| 12,444 | Gardner Denver, Inc., Extended Term Loan B |
1.871% | 1-Month LIBOR | 1.750% | 2/28/27 | Ba2 | 12,399,226 | |||||||||||||||||||||
| 1,396 | Gardner Denver, Inc., New Term Loan B |
2.871% | 1-Month LIBOR | 2.750% | 1/31/27 | BB+ | 1,398,556 | |||||||||||||||||||||
| 4,987 | Thyssenkrupp Elevator, Term Loan B |
4.478% | 6-Month LIBOR | 4.250% | 7/31/27 | B1 | 5,040,842 | |||||||||||||||||||||
| 20,827 | Total Machinery |
20,848,204 | ||||||||||||||||||||||||||
| Marine – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 2,649 | Harvey Gulf International Marine, Inc., Exit Term Loan |
7.000% | 3-Month LIBOR | 6.000% | 7/02/23 | Caa1 | 1,476,564 | |||||||||||||||||||||
| Media – 12.4% (7.7% of Total Investments) | ||||||||||||||||||||||||||||
| 6,923 | Acquisitions Cogeco Cable II L.P., Term Loan, First Lien |
2.121% | 1-Month LIBOR | 2.000% | 1/04/25 | BB | 6,900,481 | |||||||||||||||||||||
| 412 | Catalina Marketing Corporation, First Out Term Loan |
8.500% | 1-Month LIBOR | 7.500% | 2/15/23 | N/R | 331,287 | |||||||||||||||||||||
| 661 | Catalina Marketing Corporation, Last Out Term Loan, (cash 2.000%, PIK 9.500%) |
2.000% | 1-Month LIBOR | 1.000% | 8/15/23 | N/R | 196,182 | |||||||||||||||||||||
| 9,849 | Cequel Communications LLC, Term Loan B |
2.377% | 1-Month LIBOR | 2.250% | 1/15/26 | BB | 9,809,258 | |||||||||||||||||||||
| 10,714 | Charter Communications Operating Holdings LLC, Term Loan B2 |
1.880% | 1-Month LIBOR | 1.750% | 2/01/27 | BBB– | 10,716,104 | |||||||||||||||||||||
| 26 | Clear Channel Outdoor Holdings, Inc., Term Loan B |
3.659% | 2-Month LIBOR | 3.500% | 8/21/26 | B1 | 25,487 | |||||||||||||||||||||
| 10,270 | Clear Channel Outdoor Holdings, Inc., Term Loan B |
3.712% | 3-Month LIBOR | 3.500% | 8/21/26 | B1 | 10,041,838 | |||||||||||||||||||||
| 11,892 | CSC Holdings, LLC, Term Loan B5 |
2.627% | 1-Month LIBOR | 2.500% | 4/15/27 | Ba3 | 11,858,714 | |||||||||||||||||||||
| 7,500 | Gray Television, Inc., Term Loan B2 |
2.394% | 1-Month LIBOR | 2.250% | 2/07/24 | BB+ | 7,475,812 | |||||||||||||||||||||
| 4,280 | Gray Television, Inc., Term Loan C |
2.644% | 1-Month LIBOR | 2.500% | 1/02/26 | BB+ | 4,280,317 | |||||||||||||||||||||
| 950 | Houghton Mifflin Harcourt, Term Loan |
7.250% | 1-Month LIBOR | 6.250% | 11/22/24 | B | 934,054 | |||||||||||||||||||||
| 3,801 | iHeartCommunications Inc., Term Loan B |
3.121% | 1-Month LIBOR | 3.000% | 5/01/26 | B+ | 3,761,480 | |||||||||||||||||||||
| 3,627 | Intelsat Jackson Holdings, S.A., Term Loan B, (DD1), (5) |
8.000% | Prime | 4.750% | 11/27/23 | N/R | 3,681,310 | |||||||||||||||||||||
| 862 | MCGRAW HILL LLC, Term Loan B, First Lien |
4.987% | 3-Month LIBOR | 4.750% | 11/01/24 | BB | 850,460 | |||||||||||||||||||||
| 1,726 | Nexstar Broadcasting, Inc., Term Loan B |
2.894% | 1-Month LIBOR | 2.750% | 9/19/26 | BB | 1,729,564 | |||||||||||||||||||||
| 6,787 | Nexstar Broadcasting, Inc., Term Loan B3 |
2.371% | 1-Month LIBOR | 2.250% | 1/17/24 | BB | 6,789,456 | |||||||||||||||||||||
| 4,134 | Sinclair Television Group, Term Loan B2 |
2.380% | 1-Month LIBOR | 2.250% | 1/03/24 | Ba2 | 4,113,580 | |||||||||||||||||||||
| 12,000 | Virgin Media Investment Holdings Limited, Term Loan N |
2.627% | 1-Month LIBOR | 2.500% | 1/31/28 | BB+ | 11,969,160 | |||||||||||||||||||||
| 7,973 | WideOpenWest Finance LLC, Term Loan B |
4.250% | 1-Month LIBOR | 3.250% | 8/19/23 | B | 7,980,457 | |||||||||||||||||||||
| 15,595 | Ziggo B.V., Term Loan |
2.627% | 1-Month LIBOR | 2.500% | 4/30/28 | BB | 15,526,611 | |||||||||||||||||||||
| 119,982 | Total Media |
118,971,612 | ||||||||||||||||||||||||||
84
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| Multiline Retail – 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| $ | 1,961 | Belk, Inc., Term Loan, First Lien |
7.750% | 3-Month LIBOR | 6.750% | 7/31/25 | Caa1 | $ | 863,037 | |||||||||||||||||||
| 3,804 | EG America LLC, Term Loan, First Lien |
4.254% | 3-Month LIBOR | 4.000% | 2/05/25 | B– | 3,804,006 | |||||||||||||||||||||
| 5,765 | Total Multiline Retail |
4,667,043 | ||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 2.4% (1.5% of Total Investments) | ||||||||||||||||||||||||||||
| 16,873 | Buckeye Partners, Term Loan, First Lien |
2.897% | 1-Month LIBOR | 2.750% | 11/01/26 | BBB– | 16,899,412 | |||||||||||||||||||||
| 3,970 | EG America LLC, Term Loan B |
4.254% | 3-Month LIBOR | 4.000% | 2/05/25 | B– | 3,969,745 | |||||||||||||||||||||
| 824 | Fieldwood Energy LLC, DIP Term Loan, (5), (6) |
9.750% | 1-Month LIBOR | 8.750% | 8/05/21 | N/R | 842,780 | |||||||||||||||||||||
| 4,969 | Fieldwood Energy LLC, Exit Term Loan, (5) |
0.000% | N/A | N/A | 4/11/22 | N/R | 1,289,887 | |||||||||||||||||||||
| 7,034 | Fieldwood Energy LLC, Exit Term Loan, second Lien, (5) |
0.000% | N/A | N/A | 4/11/23 | N/R | 8,793 | |||||||||||||||||||||
| 33,670 | Total Oil, Gas & Consumable Fuels |
23,010,617 | ||||||||||||||||||||||||||
| Personal Products – 2.5% (1.6% of Total Investments) | ||||||||||||||||||||||||||||
| 3,709 | Coty, Inc., Term Loan A |
1.882% | 1-Month LIBOR | 1.750% | 4/05/23 | B | 3,532,428 | |||||||||||||||||||||
| 7,392 | Coty, Inc., Term Loan B |
2.382% | 1-Month LIBOR | 2.250% | 4/05/25 | B | 6,988,473 | |||||||||||||||||||||
| 5,939 | Knowlton Development Corp Inc., Term Loan B |
3.871% | 1-Month LIBOR | 3.750% | 12/21/25 | N/R | 5,912,162 | |||||||||||||||||||||
| 62 | Revlon Consumer Products Corporation, Term Loan B, First Lien, (7) |
4.250% | 2-Month LIBOR | 3.500% | 9/07/23 | CC | 32,756 | |||||||||||||||||||||
| 14,916 | Revlon Consumer Products Corporation, Term Loan B, First Lien, (7) |
4.250% | 3-Month LIBOR | 3.500% | 9/07/23 | CC | 7,854,170 | |||||||||||||||||||||
| 32,018 | Total Personal Products |
24,319,989 | ||||||||||||||||||||||||||
| Pharmaceuticals – 4.6% (2.8% of Total Investments) | ||||||||||||||||||||||||||||
| 15,348 | Alphabet Holding Company, Inc., Initial Term Loan, First Lien |
3.621% | 1-Month LIBOR | 3.500% | 9/28/24 | B– | 15,341,681 | |||||||||||||||||||||
| 1,243 | Concordia Healthcare Corp, Exit Term Loan |
6.500% | 1-Week LIBOR | 5.500% | 9/06/24 | B– | 1,242,905 | |||||||||||||||||||||
| 2,743 | Endo Health Solutions, Inc., Term Loan B |
5.000% | 3-Month LIBOR | 4.250% | 4/29/24 | B+ | 2,729,179 | |||||||||||||||||||||
| 5,339 | Mallinckrodt International Finance S.A., Term Loan B, First Lien, (DD1), (5) |
5.500% | 6-Month LIBOR | 4.750% | 9/24/24 | D | 5,045,888 | |||||||||||||||||||||
| 1,500 | Milano, Term Loan B |
4.750% | 3-Month LIBOR | 4.000% | 10/01/27 | B+ | 1,506,570 | |||||||||||||||||||||
| 6,316 | Valeant Pharmaceuticals International, Inc., Term Loan B |
2.871% | 1-Month LIBOR | 2.750% | 11/27/25 | BB | 6,316,295 | |||||||||||||||||||||
| 11,801 | Valeant Pharmaceuticals International, Inc., Term Loan, First Lien, (DD1) |
3.121% | 1-Month LIBOR | 3.000% | 6/02/25 | BB | 11,826,272 | |||||||||||||||||||||
| 44,290 | Total Pharmaceuticals |
44,008,790 | ||||||||||||||||||||||||||
| Professional Services – 1.3% (0.8% of Total Investments) | ||||||||||||||||||||||||||||
| 922 | Ceridian HCM Holding, Inc., Term Loan B |
2.592% | 1-Week LIBOR | 2.500% | 4/30/25 | B+ | 921,953 | |||||||||||||||||||||
| 2,970 | Creative Artists Agency, LLC, Term Loan B |
3.871% | 1-Month LIBOR | 3.750% | 11/26/26 | B | 2,955,521 | |||||||||||||||||||||
| 8,885 | Nielsen Finance LLC, Term Loan B4 |
2.133% | 1-Month LIBOR | 2.000% | 10/04/23 | BBB– | 8,875,998 | |||||||||||||||||||||
| 12,777 | Total Professional Services |
12,753,472 | ||||||||||||||||||||||||||
| Real Estate Management & Development – 1.6% (1.0% of Total Investments) | ||||||||||||||||||||||||||||
| 125 | GGP, Initial Term Loan A1 |
3.121% | 1-Month LIBOR | 3.000% | 8/24/21 | BB+ | 124,292 | |||||||||||||||||||||
| 6,596 | GGP, Initial Term Loan A2 |
3.121% | 1-Month LIBOR | 3.000% | 8/24/23 | BB+ | 6,476,346 | |||||||||||||||||||||
| 7,084 | GGP, Term Loan B |
2.621% | 1-Month LIBOR | 2.500% | 8/24/25 | BB+ | 6,891,319 | |||||||||||||||||||||
| 1,500 | TNT Crane and Rigging, Inc., Exit Term Loan |
7.500% | 3-Month LIBOR | 6.500% | 10/16/24 | B+ | 1,569,998 | |||||||||||||||||||||
| 15,305 | Total Real Estate Management & Development |
15,061,955 | ||||||||||||||||||||||||||
| Road & Rail – 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 4,883 | Avolon LLC, Term Loan B3 |
2.500% | 1-Month LIBOR | 1.750% | 1/15/25 | Baa2 | 4,880,043 | |||||||||||||||||||||
| Semiconductors & Semiconductor Equipment – 2.2% (1.3% of Total Investments) | ||||||||||||||||||||||||||||
| 5,699 | Cabot Microelectronics, Term Loan B1 |
2.125% | 1-Month LIBOR | 2.000% | 11/15/25 | N/R | 5,712,885 | |||||||||||||||||||||
| 14,794 | Lumileds, Term Loan B |
4.500% | 6-Month LIBOR | 3.500% | 6/30/24 | CCC | 8,731,481 | |||||||||||||||||||||
| 6,223 | ON Semiconductor Corporation, New Replacement Term Loan B4 |
2.121% | 1-Month LIBOR | 2.000% | 9/19/26 | BB+ | 6,246,257 | |||||||||||||||||||||
| 26,716 | Total Semiconductors & Semiconductor Equipment |
|
20,690,623 | |||||||||||||||||||||||||
85
| JQC | Nuveen Credit Strategies Income Fund (continued) | |
| Portfolio of Investments January 31, 2021 | ||
| (Unaudited) | ||
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||
| Software – 9.8% (6.1% of Total Investments) | ||||||||||||||||||||||||||||
| $ | 9,875 | Blackboard, Inc., Term Loan B5, First Lien |
7.000% | 3-Month LIBOR | 6.000% | 6/30/24 | B | $ | 9,864,681 | |||||||||||||||||||
| 2,218 | Blue Yonder, Term Loan B |
4.000% | 1-Month LIBOR | 3.000% | 1/30/26 | B– | 2,222,393 | |||||||||||||||||||||
| 6,348 | Dynatrace LLC, Term Loan, First Lien |
2.371% | 1-Month LIBOR | 2.250% | 8/23/25 | BB– | 6,368,223 | |||||||||||||||||||||
| 10,113 | Ellucian, Term Loan, First Lien |
4.500% | 3-Month LIBOR | 3.750% | 10/07/27 | B | 10,166,514 | |||||||||||||||||||||
| 4,000 | Infoblox, Term Loan, First Lien |
4.500% | 6-Month LIBOR | 3.750% | 12/01/27 | B2 | 4,023,540 | |||||||||||||||||||||
| 6,143 | Informatica LLC, Term Loan, First Lien |
3.371% | 1-Month LIBOR | 3.250% | 2/14/27 | B1 | 6,139,783 | |||||||||||||||||||||
| 899 | McAfee LLC, Term Loan B |
3.871% | 1-Month LIBOR | 3.750% | 9/29/24 | BB | 902,829 | |||||||||||||||||||||
| 3,037 | Micro Focus International PLC, Term Loan B4 |
5.250% | 3-Month LIBOR | 4.250% | 6/05/25 | BB | 3,086,734 | |||||||||||||||||||||
| 2,617 | Misys, New Term Loan, First Lien, (DD1) |
4.500% | 3-Month LIBOR | 3.500% | 6/13/24 | BB– | 2,575,623 | |||||||||||||||||||||
| 1,021 | Misys, New Term Loan, First Lien, (DD1) |
4.500% | 6-Month LIBOR | 3.500% | 6/13/24 | BB– | 1,005,709 | |||||||||||||||||||||
| 12,805 | Press Ganey Holdings, Inc., Term Loan, First Lien |
3.712% | 3-Month LIBOR | 3.500% | 7/25/26 | B | 12,817,805 | |||||||||||||||||||||
| 339 | Skillsoft, Exit Term Loan |
8.500% | 1-Month LIBOR | 7.500% | 4/28/21 | N/R | 348,293 | |||||||||||||||||||||
| 387 | Skillsoft, First-Out Rolled Up Exit Term Loan |
8.500% | 3-Month LIBOR | 7.500% | 12/27/24 | B+ | 397,797 | |||||||||||||||||||||
| 2,351 | Skillsoft, Takeback Second-Out Term Loan |
8.500% | 3-Month LIBOR | 7.500% | 4/27/25 | B– | 2,350,854 | |||||||||||||||||||||
| 4,245 | SS&C Technologies, Inc./ Sunshine Acquisition II, Inc., New Term Loan B3 |
1.871% | 1-Month LIBOR | 1.750% | 4/16/25 | BB+ | 4,231,426 | |||||||||||||||||||||
| 3,233 | SS&C Technologies, Inc./ Sunshine Acquisition II, Inc., New Term Loan B4 |
1.871% | 1-Month LIBOR | 1.750% | 4/16/25 | BB+ | 3,222,146 | |||||||||||||||||||||
| 2,452 | Ultimate Software, Incremental Term Loan, Second Lien |
7.500% | 3-Month LIBOR | 6.750% | 5/03/27 | Caa1 | 2,546,657 | |||||||||||||||||||||
| 14,813 | Ultimate Software, Term Loan, First Lien |
3.871% | 1-Month LIBOR | 3.750% | 5/03/26 | B1 | 14,877,379 | |||||||||||||||||||||
| 6,811 | Ultimate Software,Term Loan B |
4.750% | 3-Month LIBOR | 4.000% | 5/03/26 | B1 | 6,849,724 | |||||||||||||||||||||
| 93,707 | Total Software |
93,998,110 | ||||||||||||||||||||||||||
| Specialty Retail – 2.4% (1.5% of Total Investments) | ||||||||||||||||||||||||||||
| 1,750 | Academy, LTD., Term Loan, First Lien, (DD1) |
5.750% | 1-Month LIBOR | 5.000% | 11/06/27 | B | 1,767,500 | |||||||||||||||||||||
| 2,915 | Camping World, Term Loan |
3.500% | 1-Month LIBOR | 2.750% | 11/08/23 | B+ | 2,917,326 | |||||||||||||||||||||
| 1,848 | Petco Animal Supplies, Inc., Term Loan B1, (DD1) |
4.250% | 3-Month LIBOR | 3.250% | 1/26/23 | B2 | 1,848,787 | |||||||||||||||||||||
| 16,360 | Petsmart Inc., Term Loan B, (WI/DD) |
TBD | TBD | TBD | TBD | BB– | 16,196,400 | |||||||||||||||||||||
| 22,873 | Total Specialty Retail |
22,730,013 | ||||||||||||||||||||||||||
| Technology Hardware, Storage & Peripherals – 1.6% (1.0% of Total Investments) | ||||||||||||||||||||||||||||
| 2,156 | Ahead, Term Loan B |
6.000% | 3-Month LIBOR | 5.000% | 10/16/27 | B1 | 2,175,318 | |||||||||||||||||||||
| 9,465 | Dell International LLC, Refinancing Term Loan B1 |
2.750% | 1-Month LIBOR | 2.000% | 9/19/25 | Baa3 | 9,495,312 | |||||||||||||||||||||
| 4,087 | Western Digital, Term Loan B |
1.871% | 1-Month LIBOR | 1.750% | 4/29/23 | BBB– | 4,103,080 | |||||||||||||||||||||
| 15,708 | Total Technology Hardware, Storage & Peripherals |
|
15,773,710 | |||||||||||||||||||||||||
| Textiles, Apparel & Luxury Goods – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 1,745 | Careismatic, Term Loan, First Lien, (WI/DD) |
TBD | TBD | TBD | TBD | B1 | 1,745,000 | |||||||||||||||||||||
| Trading Companies & Distributors – 3.3% (2.1% of Total Investments) | ||||||||||||||||||||||||||||
| 17,873 | Hayward Industries, Inc., Initial Term Loan, First Lien |
3.621% | 1-Month LIBOR | 3.500% | 8/04/24 | B | 17,828,599 | |||||||||||||||||||||
| 10,643 | HD Supply Waterworks, Ltd., Term Loan B |
3.750% | 3-Month LIBOR | 2.750% | 8/01/24 | B | 10,657,134 | |||||||||||||||||||||
| 3,259 | Univar, Inc., Term Loan B |
2.371% | 1-Month LIBOR | 2.250% | 7/01/24 | BB+ | 3,268,129 | |||||||||||||||||||||
| 31,775 | Total Trading Companies & Distributors |
31,753,862 | ||||||||||||||||||||||||||
| $ | 1,263,282 | Total Variable Rate Senior Loan Interests (cost $1,244,429,817) |
|
1,224,698,627 | ||||||||||||||||||||||||
| Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||||||||||
| CORPORATE BONDS – 22.4% (13.9% of Total Investments) |
|
|||||||||||||||||||||||||||
| Aerospace & Defense – 1.3% (0.8% of Total Investments) | ||||||||||||||||||||||||||||
| $ | 750 | Bombardier Inc, 144A |
5.750% | 3/15/22 | B | $ | 769,687 | |||||||||||||||||||||
| 9,470 | Bombardier Inc, 144A, (8) |
6.000% | 10/15/22 | B | 9,398,975 | |||||||||||||||||||||||
| 1,275 | Bombardier Inc, 144A |
6.125% | 1/15/23 | B | 1,280,355 | |||||||||||||||||||||||
| 850 | Bombardier Inc, 144A |
7.500% | 12/01/24 | CCC | 818,125 | |||||||||||||||||||||||
| 12,345 | Total Aerospace & Defense |
12,267,142 | ||||||||||||||||||||||||||
86
| Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||||||||||
| Airlines – 1.9% (1.2% of Total Investments) | ||||||||||||||||||||||||||||
| $ | 13,000 | Delta Air Lines Inc, (8) |
3.400% | 4/19/21 | Baa3 | $ | 13,055,251 | |||||||||||||||||||||
| 5,000 | Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd, 144A, (8) |
6.500% | 6/20/27 | Baa3 | 5,468,750 | |||||||||||||||||||||||
| 18,000 | Total Airlines |
18,524,001 | ||||||||||||||||||||||||||
| Auto Components – 0.3% (0.2% of Total Investments) | ||||||||||||||||||||||||||||
| 3,000 | Clarios Global LP / Clarios US Finance Co, 144A, (8) |
6.250% | 5/15/26 | B1 | 3,192,510 | |||||||||||||||||||||||
| Automobiles – 0.8% (0.5% of Total Investments) | ||||||||||||||||||||||||||||
| 4,000 | Ford Motor Credit Co LLC, (8) |
3.470% | 4/05/21 | BB+ | 4,005,000 | |||||||||||||||||||||||
| 4,000 | Ford Motor Credit Co LLC, (8) |
3.813% | 10/12/21 | BB+ | 4,053,120 | |||||||||||||||||||||||
| 8,000 | Total Automobiles |
8,058,120 | ||||||||||||||||||||||||||
| Capital Markets – 0.1% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 1,000 | LPL Holdings Inc, 144A, (8) |
4.625% | 11/15/27 | BB | 1,043,750 | |||||||||||||||||||||||
| Communications Equipment – 0.8% (0.5% of Total Investments) | ||||||||||||||||||||||||||||
| 4,000 | CommScope Inc, 144A, (8) |
5.500% | 3/01/24 | BB– | 4,104,540 | |||||||||||||||||||||||
| 1,500 | CommScope Inc, 144A |
8.250% | 3/01/27 | B– | 1,615,410 | |||||||||||||||||||||||
| 1,750 | CommScope Technologies LLC, 144A |
5.000% | 3/15/27 | B– | 1,734,687 | |||||||||||||||||||||||
| 7,250 | Total Communications Equipment |
7,454,637 | ||||||||||||||||||||||||||
| Consumer Finance – 1.1% (0.7% of Total Investments) | ||||||||||||||||||||||||||||
| 5,000 | DAE Funding LLC, 144A, (8) |
4.500% | 8/01/22 | Baa3 | 5,034,000 | |||||||||||||||||||||||
| 5,000 | Verscend Escrow Corp, 144A, (8) |
9.750% | 8/15/26 | CCC+ | 5,393,500 | |||||||||||||||||||||||
| 10,000 | Total Consumer Finance |
10,427,500 | ||||||||||||||||||||||||||
| Diversified Telecommunication Services – 1.3% (0.8% of Total Investments) | ||||||||||||||||||||||||||||
| 6,000 | Avaya Inc, 144A, (8) |
6.125% | 9/15/28 | B | 6,377,490 | |||||||||||||||||||||||
| 1,000 | Lumen Technologies Inc, (8) |
6.450% | 6/15/21 | BB | 1,016,250 | |||||||||||||||||||||||
| 5,000 | Lumen Technologies Inc, (8) |
5.800% | 3/15/22 | BB | 5,225,000 | |||||||||||||||||||||||
| 12,000 | Total Diversified Telecommunication Services |
12,618,740 | ||||||||||||||||||||||||||
| Electric Utilities – 0.2% (0.1% of Total Investments) |
|
|||||||||||||||||||||||||||
| 3,750 | Bruce Mansfield Unit 1 2007 Pass Through Trust, (5) |
6.850% | 6/01/34 | N/R | 4,687 | |||||||||||||||||||||||
| 265 | Pacific Gas and Electric Co |
3.450% | 7/01/25 | BBB– | 286,443 | |||||||||||||||||||||||
| 1,429 | Pacific Gas and Electric Co, (8) |
3.150% | 1/01/26 | BBB– | 1,526,614 | |||||||||||||||||||||||
| 265 | Pacific Gas and Electric Co |
3.750% | 7/01/28 | BBB– | 290,694 | |||||||||||||||||||||||
| 5,709 | Total Electric Utilities |
2,108,438 | ||||||||||||||||||||||||||
| Equity Real Estate Investment Trust – 1.0% (0.7% of Total Investments) | ||||||||||||||||||||||||||||
| 3,403 | Clear Channel Worldwide Holdings Inc |
9.250% | 2/15/24 | CCC | 3,539,835 | |||||||||||||||||||||||
| 6,000 | Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC, 144A, (8) |
7.875% | 2/15/25 | B | 6,440,730 | |||||||||||||||||||||||
| 9,403 | Total Equity Real Estate Investment Trust |
9,980,565 | ||||||||||||||||||||||||||
| Food & Staples Retailing – 0.7% (0.4% of Total Investments) | ||||||||||||||||||||||||||||
| 4,000 | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC, 144A, (8) |
4.625% | 1/15/27 | BB– | 4,194,580 | |||||||||||||||||||||||
| 2,000 | JBS Investments II GmbH, 144A, (8) |
5.750% | 1/15/28 | BB+ | 2,120,160 | |||||||||||||||||||||||
| 6,000 | Total Food & Staples Retailing |
6,314,740 | ||||||||||||||||||||||||||
| Food Products – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 2,000 | H-Food Holdings LLC / Hearthside Finance Co Inc, 144A |
8.500% | 6/01/26 | CCC | 2,085,000 | |||||||||||||||||||||||
| Gas Utilities – 0.4% (0.2% of Total Investments) | ||||||||||||||||||||||||||||
| 3,000 | Ferrellgas LP / Ferrellgas Finance Corp, 144A |
10.000% | 4/15/25 | B3 | 3,341,250 | |||||||||||||||||||||||
87
| JQC | Nuveen Credit Strategies Income Fund (continued) | |
| Portfolio of Investments January 31, 2021 | ||
| (Unaudited) | ||
| Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||||||||||
| Health Care Providers & Services – 3.7% (2.3% of Total Investments) | ||||||||||||||||||||||||||||
| $ | 3,000 | CHS/Community Health Systems Inc, 144A |
9.875% | 6/30/23 | CCC- | $ | 3,222,900 | |||||||||||||||||||||
| 2,000 | CHS/Community Health Systems Inc, 144A |
6.625% | 2/15/25 | B | 2,105,400 | |||||||||||||||||||||||
| 2,120 | CHS/Community Health Systems Inc, 144A, (8) |
8.000% | 3/15/26 | B | 2,279,000 | |||||||||||||||||||||||
| 725 | CHS/Community Health Systems Inc, 144A |
8.000% | 12/15/27 | B | 792,063 | |||||||||||||||||||||||
| 2,000 | CHS/Community Health Systems Inc, 144A |
6.875% | 4/15/29 | CCC- | 2,042,500 | |||||||||||||||||||||||
| 2,500 | Molina Healthcare Inc, (8) |
5.375% | 11/15/22 | BB– | 2,646,875 | |||||||||||||||||||||||
| 4,850 | RegionalCare Hospital Partners Holdings Inc / LifePoint Health Inc, 144A, (8) |
9.750% | 12/01/26 | CCC+ | 5,288,561 | |||||||||||||||||||||||
| 3,500 | Tenet Healthcare Corp, (8) |
5.125% | 5/01/25 | B1 | 3,545,990 | |||||||||||||||||||||||
| 5,500 | Tenet Healthcare Corp, 144A, (8) |
6.125% | 10/01/28 | B | 5,744,668 | |||||||||||||||||||||||
| 6,805 | Vizient Inc, 144A, (8) |
6.250% | 5/15/27 | B | 7,230,312 | |||||||||||||||||||||||
| 33,000 | Total Health Care Providers & Services |
34,898,269 | ||||||||||||||||||||||||||
| Health Care Technology – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 1,840 | Change Healthcare Holdings LLC / Change Healthcare Finance Inc, 144A |
5.750% | 3/01/25 | B– | 1,887,288 | |||||||||||||||||||||||
| Hotels, Restaurants & Leisure – 1.5% (0.9% of Total Investments) | ||||||||||||||||||||||||||||
| 3,000 | Carnival Corp, 144A, (8) |
11.500% | 4/01/23 | Ba2 | 3,403,770 | |||||||||||||||||||||||
| 4,000 | ESH Hospitality Inc, 144A, (8) |
4.625% | 10/01/27 | BB– | 4,089,920 | |||||||||||||||||||||||
| 1,437 | International Game Technology PLC, 144A, (8) |
6.250% | 2/15/22 | BB | 1,463,944 | |||||||||||||||||||||||
| 5,285 | IRB Holding Corp, 144A |
6.750% | 2/15/26 | CCC+ | 5,446,034 | |||||||||||||||||||||||
| 13,722 | Total Hotels, Restaurants & Leisure |
14,403,668 | ||||||||||||||||||||||||||
| Household Durables – 0.1% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 505 | Kronos Acquisition Holdings Inc / KIK Custom Products Inc, 144A |
5.000% | 12/31/26 | B2 | 515,100 | |||||||||||||||||||||||
| IT Services – 0.7% (0.4% of Total Investments) | ||||||||||||||||||||||||||||
| 6,428 | WEX Inc, 144A, (8) |
4.750% | 2/01/23 | Ba2 | 6,444,199 | |||||||||||||||||||||||
| Leisure Products – 0.4% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 3,900 | Academy Ltd, 144A, (8) |
6.000% | 11/15/27 | B | 4,109,625 | |||||||||||||||||||||||
| Machinery – 0.8% (0.5% of Total Investments) | ||||||||||||||||||||||||||||
| 6,000 | Apex Tool Group LLC / BC Mountain Finance Inc, 144A, (8) |
9.000% | 2/15/23 | CCC | 5,910,000 | |||||||||||||||||||||||
| 1,576 | Navistar International Corp, 144A |
6.625% | 11/01/25 | CCC+ | 1,642,822 | |||||||||||||||||||||||
| 7,576 | Total Machinery |
7,552,822 | ||||||||||||||||||||||||||
| Media – 0.9% (0.6% of Total Investments) | ||||||||||||||||||||||||||||
| 3,000 | Clear Channel Worldwide Holdings Inc, 144A, (8) |
5.125% | 8/15/27 | B1 | 3,063,750 | |||||||||||||||||||||||
| 4,000 | Houghton Mifflin Harcourt Publishers Inc, 144A, (8) |
9.000% | 2/15/25 | BB– | 4,210,000 | |||||||||||||||||||||||
| 6 | iHeartCommunications Inc |
6.375% | 5/01/26 | B+ | 6,316 | |||||||||||||||||||||||
| 480 | Nielsen Co Luxembourg SARL, 144A, (8) |
5.500% | 10/01/21 | BB– | 481,200 | |||||||||||||||||||||||
| 1,086 | Nielsen Finance LLC / Nielsen Finance Co, 144A, (8) |
5.000% | 4/15/22 | BB– | 1,086,000 | |||||||||||||||||||||||
| 8,572 | Total Media |
8,847,266 | ||||||||||||||||||||||||||
| Metals & Mining – 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 2,000 | First Quantum Minerals Ltd, 144A |
6.500% | 3/01/24 | B– | 2,042,080 | |||||||||||||||||||||||
| 2,120 | First Quantum Minerals Ltd, 144A |
6.875% | 10/15/27 | B– | 2,286,802 | |||||||||||||||||||||||
| 4,120 | Total Metals & Mining |
4,328,882 | ||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 2,000 | CITGO Petroleum Corp, 144A, (8) |
7.000% | 6/15/25 | BB | 2,027,100 | |||||||||||||||||||||||
| Pharmaceuticals – 0.3% (0.2% of Total Investments) | ||||||||||||||||||||||||||||
| 1,250 | Advanz Pharma Corp Ltd |
8.000% | 9/06/24 | B– | 1,270,312 | |||||||||||||||||||||||
88
| Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||||||||||
| Pharmaceuticals (continued) | ||||||||||||||||||||||||||||
| $ | 724 | Endo Dac / Endo Finance LLC / Endo Finco Inc, 144A |
9.500% | 7/31/27 | CCC+ | $ | 827,170 | |||||||||||||||||||||
| 913 | Endo Dac / Endo Finance LLC / Endo Finco Inc, 144A |
6.000% | 6/30/28 | CCC+ | 764,957 | |||||||||||||||||||||||
| 362 | Par Pharmaceutical Inc, 144A |
7.500% | 4/01/27 | B+ | 390,352 | |||||||||||||||||||||||
| 3,249 | Total Pharmaceuticals |
3,252,791 | ||||||||||||||||||||||||||
| Road & Rail – 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 5,000 | DAE Funding LLC, 144A, (8) |
5.250% | 11/15/21 | Baa3 | 5,113,500 | |||||||||||||||||||||||
| Software – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 1,500 | SS&C Technologies Inc, 144A |
5.500% | 9/30/27 | B+ | 1,588,515 | |||||||||||||||||||||||
| Specialty Retail – 0.1% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 675 | PetSmart Inc / PetSmart Finance Corp, 144A, (WI/DD) |
7.750% | 2/15/29 | CCC+ | 675,000 | |||||||||||||||||||||||
| 545 | Staples Inc, 144A |
7.500% | 4/15/26 | B1 | 555,949 | |||||||||||||||||||||||
| 1,220 | Total Specialty Retail |
1,230,949 | ||||||||||||||||||||||||||
| Trading Companies & Distributors – 1.3% (0.8% of Total Investments) | ||||||||||||||||||||||||||||
| 3,000 | Air Lease Corp, (8) |
2.300% | 2/01/25 | BBB | 3,096,432 | |||||||||||||||||||||||
| 6,000 | Air Lease Corp, (8) |
3.000% | 2/01/30 | BBB | 6,107,596 | |||||||||||||||||||||||
| 3,000 | Aircastle Ltd, (8) |
5.125% | 3/15/21 | BBB | 3,015,799 | |||||||||||||||||||||||
| 12,000 | Total Trading Companies & Distributors |
12,219,827 | ||||||||||||||||||||||||||
| Wireless Telecommunication Services – 0.9% (0.6% of Total Investments) | ||||||||||||||||||||||||||||
| 4,000 | Hughes Satellite Systems Corp, (8) |
5.250% | 8/01/26 | BBB– | 4,435,200 | |||||||||||||||||||||||
| 6,000 | Intelsat Jackson Holdings SA, 144A, (5) |
8.500% | 10/15/24 | N/R | 4,335,000 | |||||||||||||||||||||||
| 10,000 | Total Wireless Telecommunication Services |
8,770,200 | ||||||||||||||||||||||||||
| $ | 212,339 | Total Corporate Bonds (cost $205,226,803) |
214,606,394 | |||||||||||||||||||||||||
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| COMMON STOCKS – 1.5% (0.9% of Total Investments) |
|
|||||||||||||||||||||||||||
| Diversified Consumer Services – 0.1% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 41,905 | Cengage Learning Holdings II Inc, (9), (10) |
$ | 413,812 | |||||||||||||||||||||||||
| Electric Utilities – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 80,962 | Energy Harbor Corp, (9), (10), (11) |
2,210,263 | ||||||||||||||||||||||||||
| Energy Equipment & Services – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 31,358 | Vantage Drilling International, (9), (10) |
6,272 | ||||||||||||||||||||||||||
| Health Care Providers & Services – 0.1% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 211,860 | Millennium Health LLC, (7), (10) |
225,631 | ||||||||||||||||||||||||||
| 198,883 | Millennium Health LLC, (7), (10) |
201,866 | ||||||||||||||||||||||||||
| Total Health Care Providers & Services |
427,497 | |||||||||||||||||||||||||||
| Internet & Direct Marketing Retail – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 9,796 | Catalina Marketing Corp, (9), (10) |
9,796 | ||||||||||||||||||||||||||
| Media – 0.1% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 338,831 | Clear Channel Outdoor Holdings Inc, (10) |
674,273 | ||||||||||||||||||||||||||
| 43,088 | Cumulus Media Inc, (10) |
374,004 | ||||||||||||||||||||||||||
| 17,987 | Tribune Co, (7), (10) |
18 | ||||||||||||||||||||||||||
| Total Media |
1,048,295 | |||||||||||||||||||||||||||
89
| JQC | Nuveen Credit Strategies Income Fund (continued) | |
| Portfolio of Investments January 31, 2021 | ||
| (Unaudited) | ||
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 135,162 | California Resources Corp, (10) |
$ | 3,120,891 | |||||||||||||||||||||||||
| 64,647 | California Resources Corp, (7), (10) |
1,312,269 | ||||||||||||||||||||||||||
| Total Oil, Gas & Consumable Fuels |
4,433,160 | |||||||||||||||||||||||||||
| Pharmaceuticals – 0.1% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| 74,067 | Advanz Pharma Corp Ltd, (10) |
1,212,477 | ||||||||||||||||||||||||||
| Software – 0.4% (0.3% of Total Investments) | ||||||||||||||||||||||||||||
| 22,018 | SkillSoft Corp, (9), (10) |
3,743,060 | ||||||||||||||||||||||||||
| 955 | SkillSoft Corp, (9), (10) |
181,450 | ||||||||||||||||||||||||||
| 1,405 | SkillSoft Corp, (7), (10) |
1 | ||||||||||||||||||||||||||
| 2,810 | SkillSoft Corp, (7), (10) |
3 | ||||||||||||||||||||||||||
| Total Software |
3,924,514 | |||||||||||||||||||||||||||
| Total Common Stocks (cost $26,941,088) |
13,686,086 | |||||||||||||||||||||||||||
| Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||||||||||
| CONVERTIBLE BONDS – 0.2% (0.1% of Total Investments) |
|
|||||||||||||||||||||||||||
| Media – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||
| $ | 2,000 | DISH Network Corp |
3.375% | 8/15/26 | B1 | $ | 1,844,185 | |||||||||||||||||||||
| $ | 2,000 | Total Convertible Bonds (cost $2,063,400) |
1,844,185 | |||||||||||||||||||||||||
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| WARRANTS – 0.0% (0.0% of Total Investments) |
|
|||||||||||||||||||||||||||
| Communications Equipment – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 37,723 | Avaya Holdings Corp, (9) |
$ | 117,884 | |||||||||||||||||||||||||
| Media – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 4,644 | Cxloyalty Group Holdings Inc, (7) |
5 | ||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 629 | California Resources Corp |
|
2,472 | |||||||||||||||||||||||||
| Entertainment – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 266,347 | Cineworld Warrant, (9) |
95,086 | ||||||||||||||||||||||||||
| Total Warrants (cost $6,030,510) |
215,447 | |||||||||||||||||||||||||||
| Shares | Description (1) | Value | ||||||||||||||||||||||||||
| COMMON STOCK RIGHTS – 0.0% (0.0% of Total Investments) |
|
|||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||
| 45,924 | Fieldwood Energy Inc, (9), (10) |
$ | — | |||||||||||||||||||||||||
| 9,278 | Fieldwood Energy Inc, (9), (10) |
— | ||||||||||||||||||||||||||
| Total Oil, Gas & Consumable Fuels |
— | |||||||||||||||||||||||||||
| Total Common Stock Rights (cost $1,310,866) |
— | |||||||||||||||||||||||||||
| Total Long-Term Investments (cost $1,486,002,484) |
|
1,455,050,739 | ||||||||||||||||||||||||||
90
| Shares | Description (1) | Coupon | Value | |||||||||||||||||||||||||
| SHORT-TERM INVESTMENTS – 9.9% (6.1% of Total Investments) |
|
|||||||||||||||||||||||||||
| INVESTMENT COMPANIES – 9.9% (6.1% of Total Investments) | ||||||||||||||||||||||||||||
| 94,912,139 | BlackRock Liquidity Funds T-Fund Portfolio, (12) |
0.030% (13) | $ | 94,912,139 | ||||||||||||||||||||||||
| Total Short-Term Investments (cost $94,912,139) |
|
94,912,139 | ||||||||||||||||||||||||||
| Total Investments (cost $1,580,914,623) – 161.9% |
|
1,549,962,878 | ||||||||||||||||||||||||||
| Borrowings – (41.0)% (14), (15) |
(393,000,000 | ) | ||||||||||||||||||||||||||
| Reverse Repurchase Agreements – (14.8)% (16) |
(142,000,000 | ) | ||||||||||||||||||||||||||
| Other Assets Less Liabilities – (6.1)% |
(57,311,535 | ) | ||||||||||||||||||||||||||
| Net Assets Applicable to Common Shares – 100% |
|
$ | 957,651,343 | |||||||||||||||||||||||||
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| (2) | 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. |
| (3) | 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. |
| (4) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (5) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. |
| (6) | Investment, or portion of investment, represents an outstanding unfunded senior loan commitment. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in Derivatives for more information. |
| (7) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 3 – Investment Valuation and Fair Value Measurements for more information. |
| (8) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in reverse repurchase agreements. As of the end of the reporting period, investments with a value of $160,711,083 have been pledged as collateral for reverse repurchase agreements. |
| (9) | For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 3 – Investment Valuation and Fair Value Measurements for more information. |
| (10) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
| (11) | Common Stock received as part of the bankruptcy settlements for Bruce Mansfield Unit 1 2007 Pass-Through Trust. |
| (12) | A copy of the most recent financial statements for these investment companies can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov. |
| (13) | The rate shown is the annualized seven-day subsidized yield as of the end of the reporting period. |
| (14) | Borrowings as a percentage of Total Investments is 25.4%. |
| (15) | The Fund segregates 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings. |
| (16) | Reverse Repurchase Agreements as a percentage of Total Investments is 9.2%. |
| 144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
| 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. |
| TBD | Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the final coupon rate and maturity date. |
| WI/DD | Purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
91
Statement of Assets and Liabilities
January 31, 2021
(Unaudited)
| NSL | JFR | JRO | JSD | JQC | ||||||||||||||||
| Assets |
||||||||||||||||||||
| Long-term investments, at value (cost $364,380,908, $900,196,279, $636,411,927, $240,952,936 and $1,486,002,484, respectively) |
$ | 349,491,526 | $ | 867,302,692 | $ | 613,467,262 | $ | 230,289,525 | $ | 1,455,050,739 | ||||||||||
| Short-term investments, at value (cost approximates value) |
23,116,387 | 62,324,841 | 37,170,818 | 14,908,197 | 94,912,139 | |||||||||||||||
| Cash |
— | — | — | — | 243,749 | |||||||||||||||
| Receivable for: |
||||||||||||||||||||
| Interest |
1,965,064 | 4,406,824 | 3,458,823 | 1,281,950 | 7,971,485 | |||||||||||||||
| Investments sold |
8,945,628 | 21,796,588 | 23,077,659 | 6,103,041 | 34,003,461 | |||||||||||||||
| Reclaims |
— | — | — | — | 16,645 | |||||||||||||||
| Other assets |
121,957 | 368,981 | 126,030 | 79,966 | 493,215 | |||||||||||||||
| Total assets |
383,640,562 | 956,199,926 | 677,300,592 | 252,662,679 | 1,592,691,433 | |||||||||||||||
| Liabilities |
||||||||||||||||||||
| Borrowings |
86,700,000 | 218,100,000 | 149,400,000 | 14,000,000 | 393,000,000 | |||||||||||||||
| Reverse repurchase agreements |
— | — | — | — | 142,000,000 | |||||||||||||||
| Cash overdraft |
268,216 | 577,122 | 467,175 | — | — | |||||||||||||||
| Cash overdraft denominated in foreign currencies (cost $—, $—, $—, $55 and $174, respectively) |
— | — | — | 55 | 182 | |||||||||||||||
| Payable for: |
||||||||||||||||||||
| Dividends |
1,156,495 | 2,747,076 | 1,903,752 | 724,236 | 10,201,848 | |||||||||||||||
| Investments purchased – regular settlement |
2,591,135 | 2,046,109 | 2,465,094 | 828,435 | 3,229,592 | |||||||||||||||
| Investments purchased – when-issued/delayed-delivery settlement |
19,354,083 | 46,802,784 | 34,044,562 | 12,156,499 | 82,711,105 | |||||||||||||||
| Unfunded senior loans |
1,421,542 | 3,464,346 | 2,640,475 | 941,318 | 773,705 | |||||||||||||||
| Offering costs |
47,355 | 280,146 | 161,448 | — | — | |||||||||||||||
| Taxable Fund Preferred (“TFP”) Shares, net of deferred offering costs (liquidation preference $40,000,000, $100,000,000, $75,000,000, $70,000,000 and $—, respectively) |
39,550,040 | 99,335,822 | 74,546,126 | 69,555,578 | — | |||||||||||||||
| Accrued expenses: |
||||||||||||||||||||
| Interest |
68,419 | 96,605 | 108,410 | 12,000 | 1,050,760 | |||||||||||||||
| Management fees |
244,247 | 604,663 | 429,633 | 162,083 | 1,028,367 | |||||||||||||||
| Trustees fees |
104,551 | 197,998 | 125,482 | 23,270 | 508,708 | |||||||||||||||
| Other |
626,902 | 1,166,145 | 1,252,012 | 569,148 | 535,823 | |||||||||||||||
| Total liabilities |
152,132,985 | 375,418,816 | 267,544,169 | 98,972,622 | 635,040,090 | |||||||||||||||
| Net assets applicable to common shares |
$ | 231,507,577 | $ | 580,781,110 | $ | 409,756,423 | $ | 153,690,057 | $ | 957,651,343 | ||||||||||
| Common shares outstanding |
38,611,472 | 56,918,468 | 40,541,218 | 10,085,648 | 135,609,290 | |||||||||||||||
| Net asset value ("NAV") per common share outstanding |
$ | 6.00 | $ | 10.20 | $ | 10.11 | $ | 15.24 | $ | 7.06 | ||||||||||
| Net assets applicable to common shares consist of: |
||||||||||||||||||||
| Common shares, $0.01 par value per share |
$ | 386,115 | $ | 569,185 | $ | 405,412 | $ | 100,856 | $ | 1,356,093 | ||||||||||
| Paid-in-surplus |
287,115,526 | 708,175,444 | 502,545,303 | 191,107,960 | 1,243,554,340 | |||||||||||||||
| Total distributable earnings |
(55,994,064 | ) | (127,963,519 | ) | (93,194,292 | ) | (37,518,759 | ) | (287,259,090 | ) | ||||||||||
| Net assets applicable to common shares |
$ | 231,507,577 | $ | 580,781,110 | $ | 409,756,423 | $ | 153,690,057 | $ | 957,651,343 | ||||||||||
| Authorized shares: |
||||||||||||||||||||
| Common |
Unlimited | Unlimited | Unlimited | Unlimited | Unlimited | |||||||||||||||
| Preferred |
Unlimited | Unlimited | Unlimited | Unlimited | Unlimited | |||||||||||||||
See accompanying notes to financial statements.
92
Six Months Ended January 31, 2021
(Unaudited)
| NSL | JFR | JRO | JSD | JQC | ||||||||||||||||
| Investment Income |
||||||||||||||||||||
| Interest and dividends |
$ | 8,190,017 | $ | 20,349,727 | $ | 14,294,030 | $ | 5,517,822 | $ | 32,229,019 | ||||||||||
| Fees |
577,429 | 1,470,364 | 981,505 | 378,266 | 788,352 | |||||||||||||||
| Total investment income |
8,767,446 | 21,820,091 | 15,275,535 | 5,896,088 | 33,017,371 | |||||||||||||||
| Expenses |
||||||||||||||||||||
| Management fees |
1,396,182 | 3,457,254 | 2,456,590 | 922,900 | 6,006,319 | |||||||||||||||
| Interest expense and amortization of offering costs |
956,466 | 2,695,131 | 1,945,101 | 195,833 | 4,075,088 | |||||||||||||||
| Liquidity fees |
— | 139,478 | — | 302,449 | — | |||||||||||||||
| Remarketing fees |
— | 16,389 | — | 35,777 | — | |||||||||||||||
| Custodian fees |
67,832 | 125,738 | 102,039 | 53,287 | 172,080 | |||||||||||||||
| Trustees fees |
4,783 | 12,248 | 8,727 | 3,358 | 20,265 | |||||||||||||||
| Professional fees |
115,419 | 89,699 | 106,192 | 320,448 | 75,360 | |||||||||||||||
| Shareholder reporting expenses |
25,303 | 44,908 | 34,546 | 14,787 | 81,169 | |||||||||||||||
| Shareholder servicing agent fees |
8,739 | 7,930 | 4,653 | 124 | 1,841 | |||||||||||||||
| Stock exchange listing fees |
5,281 | 7,783 | 5,544 | 3,336 | 18,545 | |||||||||||||||
| Investor relations expenses |
6,560 | 16,213 | 11,519 | 3,816 | 184,887 | |||||||||||||||
| Other |
22,410 | 27,099 | 24,553 | 22,874 | 17,740 | |||||||||||||||
| Total expenses |
2,608,975 | 6,639,870 | 4,699,464 | 1,878,989 | 10,653,294 | |||||||||||||||
| Net investment income (loss) |
6,158,471 | 15,180,221 | 10,576,071 | 4,017,099 | 22,364,077 | |||||||||||||||
| Realized and Unrealized Gain (Loss) |
||||||||||||||||||||
| Net realized gain (loss) from: |
||||||||||||||||||||
| Investments and foreign currency |
(5,824,279 | ) | (12,312,189 | ) | (9,091,544 | ) | (4,103,807 | ) | (7,511,506 | ) | ||||||||||
| Swaps |
— | 700,593 | 573,213 | — | — | |||||||||||||||
| Change in net unrealized appreciation (depreciation) of: |
||||||||||||||||||||
| Investments and foreign currency |
24,549,361 | 59,343,107 | 42,227,481 | 17,182,604 | 75,321,840 | |||||||||||||||
| Swaps |
— | (712,604 | ) | (583,039 | ) | — | — | |||||||||||||
| Net realized and unrealized gain (loss) |
18,725,082 | 47,018,907 | 33,126,111 | 13,078,797 | 67,810,334 | |||||||||||||||
| Net increase (decrease) in net assets applicable to common shares from operations |
$ | 24,883,553 | $ | 62,199,128 | $ | 43,702,182 | $ | 17,095,896 | $ | 90,174,411 | ||||||||||
See accompanying notes to financial statements.
93
Statement of Changes in Net Assets
(Unaudited)
| NSL | JFR | |||||||||||||||
| Six Months Ended 1/31/21 |
Year Ended 7/31/20 |
Six Months Ended 1/31/21 |
Year Ended 7/31/20 |
|||||||||||||
| Operations |
||||||||||||||||
| Net investment income (loss) |
$ | 6,158,471 | $ | 14,589,478 | $ | 15,180,221 | $ | 34,105,508 | ||||||||
| Net realized gain (loss) from: |
||||||||||||||||
| Investments and foreign currency |
(5,824,279 | ) | (14,776,047 | ) | (12,312,189 | ) | (30,265,712 | ) | ||||||||
| Swaps |
— | (147,276 | ) | 700,593 | 667,402 | |||||||||||
| Change in net unrealized appreciation (depreciation) of: |
||||||||||||||||
| Investments and foreign currency |
24,549,361 | (24,259,777 | ) | 59,343,107 | (58,340,272 | ) | ||||||||||
| Swaps |
— | 167,345 | (712,604 | ) | 204,383 | |||||||||||
| Net increase (decrease) in net assets applicable to common shares from operations |
24,883,553 | (24,426,277 | ) | 62,199,128 | (53,628,691 | ) | ||||||||||
| Distributions to Common Shareholders |
||||||||||||||||
| Dividends |
(7,065,899 | ) | (16,371,264 | ) | (16,278,682 | ) | (39,729,091 | ) | ||||||||
| Return of Capital |
— | — | — | — | ||||||||||||
| Decrease in net assets applicable to common shares from distributions to common shareholders |
(7,065,899 | ) | (16,371,264 | ) | (16,278,682 | ) | (39,729,091 | ) | ||||||||
| Capital Share Transactions |
||||||||||||||||
| Cost of shares repurchased and retired |
— | — | — | — | ||||||||||||
| Net increase (decrease) in net assets applicable to common shares from capital share transactions |
— | — | — | — | ||||||||||||
| Net increase (decrease) in net assets applicable to common shares |
17,817,654 | (40,797,541 | ) | 45,920,446 | (93,357,782 | ) | ||||||||||
| Net assets applicable to common shares at the beginning of period |
213,689,923 | 254,487,464 | 534,860,664 | 628,218,446 | ||||||||||||
| Net assets applicable to common shares at the end of period |
$ | 231,507,577 | $ | 213,689,923 | $ | 580,781,110 | $ | 534,860,664 | ||||||||
See accompanying notes to financial statements.
94
| JRO | JSD | |||||||||||||||
| Six Months Ended 1/31/21 |
Year Ended 7/31/20 |
Six Months Ended 1/31/21 |
Year Ended 7/31/20 |
|||||||||||||
| Operations |
||||||||||||||||
| Net investment income (loss) |
$ | 10,576,071 | $ | 23,800,246 | $ | 4,017,099 | $ | 9,670,738 | ||||||||
| Net realized gain (loss) from: |
||||||||||||||||
| Investments and foreign currency |
(9,091,544 | ) | (21,104,143 | ) | (4,103,807 | ) | (9,233,945 | ) | ||||||||
| Swaps |
573,213 | 456,353 | — | 521,533 | ||||||||||||
| Change in net unrealized appreciation (depreciation) of: |
||||||||||||||||
| Investments and foreign currency |
42,227,481 | (41,818,574 | ) | 17,182,604 | (19,565,254 | ) | ||||||||||
| Swaps |
(583,039 | ) | 264,075 | — | 69,441 | |||||||||||
| Net increase (decrease) in net assets applicable to common shares from operations |
43,702,182 | (38,402,043 | ) | 17,095,896 | (18,537,487 | ) | ||||||||||
| Distributions to Common Shareholders |
||||||||||||||||
| Dividends |
(11,351,541 | ) | (27,892,358 | ) | (4,387,257 | ) | (10,852,822 | ) | ||||||||
| Return of Capital |
— | — | — | — | ||||||||||||
| Decrease in net assets applicable to common shares from distributions to common shareholders |
(11,351,541 | ) | (27,892,358 | ) | (4,387,257 | ) | (10,852,822 | ) | ||||||||
| Capital Share Transactions |
||||||||||||||||
| Cost of shares repurchased and retired |
— | — | — | (115,771 | ) | |||||||||||
| Net increase (decrease) in net assets applicable to common shares from capital share transactions |
— | — | — | (115,771 | ) | |||||||||||
| Net increase (decrease) in net assets applicable to common shares |
32,350,641 | (66,294,401 | ) | 12,708,639 | (29,506,080 | ) | ||||||||||
| Net assets applicable to common shares at the beginning of period |
377,405,782 | 443,700,183 | 140,981,418 | 170,487,498 | ||||||||||||
| Net assets applicable to common shares at the end of period |
$ | 409,756,423 | $ | 377,405,782 | $ | 153,690,057 | $ | 140,981,418 | ||||||||
See accompanying notes to financial statements.
95
Statement of Changes in Net Assets (continued)
(Unaudited)
| JQC | ||||||||
| Six Months Ended 1/31/21 |
Year Ended 7/31/20 |
|||||||
| Operations |
||||||||
| Net investment income (loss) |
$ | 22,364,077 | $ | 52,765,328 | ||||
| Net realized gain (loss) from: |
||||||||
| Investments and foreign currency |
(7,511,506 | ) | (48,566,692 | ) | ||||
| Swaps |
— | — | ||||||
| Change in net unrealized appreciation (depreciation) of: |
||||||||
| Investments and foreign currency |
75,321,840 | (69,625,716 | ) | |||||
| Swaps |
— | — | ||||||
| Net increase (decrease) in net assets applicable to common shares from operations |
90,174,411 | (65,427,080 | ) | |||||
| Distributions to Common Shareholders |
||||||||
| Dividends |
(65,322,995 | ) | (53,064,705 | ) | ||||
| Return of Capital |
— | (100,485,694 | ) | |||||
| Decrease in net assets applicable to common shares from distributions to common shareholders |
(65,322,995 | ) | (153,550,399 | ) | ||||
| Capital Share Transactions |
||||||||
| Cost of shares repurchased and retired |
— | — | ||||||
| Net increase (decrease) in net assets applicable to common shares from capital share transactions |
— | — | ||||||
| Net increase (decrease) in net assets applicable to common shares |
24,851,416 | (218,977,479 | ) | |||||
| Net assets applicable to common shares at the beginning of period |
932,799,927 | 1,151,777,406 | ||||||
| Net assets applicable to common shares at the end of period |
$ | 957,651,343 | $ | 932,799,927 | ||||
See accompanying notes to financial statements.
96
Six Months Ended January 31, 2021
(Unaudited)
| NSL | JFR | JRO | JSD | JQC | ||||||||||||||||
| Cash Flows from Operating Activities: |
||||||||||||||||||||
| Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations |
$ | 24,883,553 | $ | 62,199,128 | $ | 43,702,182 | $ | 17,095,896 | $ | 90,174,411 | ||||||||||
| Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from operations to net cash provided by (used in) operating activities: |
||||||||||||||||||||
| Purchases of investments |
(78,169,883 | ) | (198,113,873 | ) | (142,306,850 | ) | (58,002,144 | ) | (293,016,503 | ) | ||||||||||
| Proceeds from sales and maturities of investments |
74,247,814 | 198,918,517 | 134,788,007 | 56,613,802 | 346,783,255 | |||||||||||||||
| Proceeds from (Purchase of) short-term investments, net |
(7,684,320 | ) | (17,515,810 | ) | (3,812,746 | ) | (5,848,376 | ) | (58,302,503 | ) | ||||||||||
| Payment-in-kind distributions |
(159,149 | ) | (350,963 | ) | (275,967 | ) | (126,032 | ) | (388,696 | ) | ||||||||||
| Proceeds from litigation settlement |
90 | 90 | 90 | 90 | 306 | |||||||||||||||
| Amortization (Accretion) of premiums and discounts, net |
(1,118,324 | ) | (2,733,809 | ) | (1,896,022 | ) | (654,675 | ) | (3,738,417 | ) | ||||||||||
| Amortization of deferred offering costs |
191,576 | 673,713 | 414,888 | 18,530 | — | |||||||||||||||
| (Increase) Decrease in: |
||||||||||||||||||||
| Receivable for interest |
(492,236 | ) | (712,631 | ) | (940,410 | ) | (355,318 | ) | (298,285 | ) | ||||||||||
| Receivable for investments sold |
(2,722,661 | ) | (8,707,005 | ) | (8,951,953 | ) | (2,276,622 | ) | (8,014,983 | ) | ||||||||||
| Receivable for reclaims |
— | — | — | — | 835 | |||||||||||||||
| Other assets |
(218 | ) | (196,699 | ) | (16,519 | ) | (3,854 | ) | (45,015 | ) | ||||||||||
| Increase (Decrease) in: |
||||||||||||||||||||
| Investments purchased – regular settlement |
2,573,123 | 1,987,164 | 2,430,926 | 810,714 | 3,220,415 | |||||||||||||||
| Investments purchased – when-issued/delayed-delivery settlement |
2,258,673 | 3,024,122 | 3,460,057 | 2,284,135 | 34,035,278 | |||||||||||||||
| Payable for unfunded senior loans |
641,341 | 1,634,119 | 1,327,474 | 287,145 | 773,705 | |||||||||||||||
| Payable for offering costs |
47,355 | 280,146 | 161,448 | — | — | |||||||||||||||
| Accrued management fees |
19,241 | 48,320 | 33,990 | 13,910 | 37,295 | |||||||||||||||
| Accrued interest |
(6,330 | ) | (101,357 | ) | (27,029 | ) | 6,038 | 352,182 | ||||||||||||
| Accrued Trustees fees |
12,806 | 26,356 | 16,818 | 3,035 | 66,287 | |||||||||||||||
| Accrued other expenses |
554,460 | 1,047,133 | 1,159,719 | 523,361 | 274,056 | |||||||||||||||
| Net realized (gain) loss from investments and foreign currency |
5,824,279 | 12,312,189 | 9,091,544 | 4,103,807 | 7,511,506 | |||||||||||||||
| Change in net unrealized appreciation (depreciation) of: |
||||||||||||||||||||
| Investments and foreign currency |
(24,549,361 | ) | (59,343,107 | ) | (42,227,481 | ) | (17,182,604 | ) | (75,321,840 | ) | ||||||||||
| Swaps |
— | 712,604 | 583,039 | — | — | |||||||||||||||
| Net cash provided by (used in) operating activities |
(3,648,171 | ) | (4,911,653 | ) | (3,284,795 | ) | (2,689,162 | ) | 44,103,289 | |||||||||||
| Cash Flow from Financing Activities: |
||||||||||||||||||||
| Proceeds from borrowings |
25,500,000 | 60,000,000 | 29,500,000 | 5,500,000 | 16,000,000 | |||||||||||||||
| (Repayments of) borrowings |
(25,000,000 | ) | (50,000,000 | ) | (45,000,000 | ) | — | (25,000,000 | ) | |||||||||||
| Proceeds from reverse repurchase agreements |
— | — | — | — | 25,000,000 | |||||||||||||||
| Proceeds from TFP Shares issued, at liquidation preference |
40,000,000 | 100,000,000 | 75,000,000 | — | — | |||||||||||||||
| (Payments for) Term Preferred Shares redeemed, at liquidation preference |
(33,000,000 | ) | (90,000,000 | ) | (45,000,000 | ) | — | — | ||||||||||||
| (Payments for) deferred offering costs |
(465,000 | ) | (675,000 | ) | (465,000 | ) | (120,818 | ) | — | |||||||||||
| Increase (Decrease) in: |
||||||||||||||||||||
| Cash overdraft |
268,216 | 577,122 | 467,175 | — | — | |||||||||||||||
| Cash overdraft denominated in foreign currencies |
— | — | — | 2 | 8 | |||||||||||||||
| Cash distributions paid to common shareholders |
(7,065,751 | ) | (16,136,349 | ) | (11,251,047 | ) | (4,353,705 | ) | (65,904,546 | ) | ||||||||||
| Cost of shares repurchased and retired |
— | — | — | (57,896 | ) | — | ||||||||||||||
| Net cash provided by (used in) financing activities |
237,465 | 3,765,773 | 3,251,128 | 967,583 | (49,904,538 | ) | ||||||||||||||
| Net Increase (Decrease) in Cash |
(3,410,706 | ) | (1,145,880 | ) | (33,667 | ) | (1,721,579 | ) | (5,801,249 | ) | ||||||||||
| Cash at the beginning of period |
3,410,706 | 1,145,880 | 33,667 | 1,721,579 | 6,044,998 | |||||||||||||||
| Cash at the end of period |
$ | — | $ | — | $ | — | $ | — | $ | 243,749 | ||||||||||
| Supplemental Disclosure of Cash Flow Information |
||||||||||||||||||||
| Cash paid for interest (excluding borrowing and amortization of offering costs) |
$ | 724,733 | $ | 2,059,668 | $ | 1,512,817 | $ | 161,800 | $ | 3,722,906 | ||||||||||
See accompanying notes to financial statements.
97
(Unaudited)
Selected data for a share outstanding throughout each period:
| Investment Operations | Less Distributions to Common Shareholders |
Common Share | ||||||||||||||||||||||||||||||||||||||||||
| Beginning Common Share NAV |
Net Invest ment Income (Loss)(a) |
Net Realized/ Unrealized Gain (Loss) |
Total | From Net Investment Income |
From Accumu lated Net Realized Gains |
Total | Discount from Shares Repurchased and Retired |
Premium from Shares Sold through Shelf Offering |
Ending NAV |
Ending Share Price |
||||||||||||||||||||||||||||||||||
| NSL |
| |||||||||||||||||||||||||||||||||||||||||||
| Year Ended 7/31: |
| |||||||||||||||||||||||||||||||||||||||||||
| 2021(e) |
$ | 5.53 | $ | 0.16 | $ | 0.49 | $ | 0.65 | $ | (0.18 | ) | $ | — | $ | (0.18 | ) | $ | — | $ | — | $ | 6.00 | $ | 5.40 | ||||||||||||||||||||
| 2020 |
6.59 | 0.38 | (1.02 | ) | (0.64 | ) | (0.42 | ) | — | (0.42 | ) | — | — | 5.53 | 4.78 | |||||||||||||||||||||||||||||
| 2019 |
6.91 | 0.45 | (0.33 | ) | 0.12 | (0.44 | ) | — | (0.44 | ) | — | * | — | 6.59 | 5.90 | |||||||||||||||||||||||||||||
| 2018 |
6.97 | 0.43 | (0.04 | ) | 0.39 | (0.45 | ) | — | (0.45 | ) | — | — | 6.91 | 6.13 | ||||||||||||||||||||||||||||||
| 2017 |
6.76 | 0.46 | 0.21 | 0.67 | (0.46 | ) | — | (0.46 | ) | — | — | 6.97 | 6.83 | |||||||||||||||||||||||||||||||
| 2016 |
7.16 | 0.45 | (0.43 | ) | 0.02 | (0.42 | ) | — | (0.42 | ) | — | * | — | 6.76 | 6.25 | |||||||||||||||||||||||||||||
| JFR |
| |||||||||||||||||||||||||||||||||||||||||||
| Year Ended 7/31: |
| |||||||||||||||||||||||||||||||||||||||||||
| 2021(e) |
9.40 | 0.27 | 0.82 | 1.09 | (0.29 | ) | — | (0.29 | ) | — | — | 10.20 | 9.23 | |||||||||||||||||||||||||||||||
| 2020 |
11.04 | 0.60 | (1.54 | ) | (0.94 | ) | (0.70 | ) | — | (0.70 | ) | — | — | 9.40 | 8.03 | |||||||||||||||||||||||||||||
| 2019 |
11.55 | 0.70 | (0.48 | ) | 0.22 | (0.73 | ) | — | (0.73 | ) | — | — | 11.04 | 9.76 | ||||||||||||||||||||||||||||||
| 2018 |
11.76 | 0.66 | (0.10 | ) | 0.56 | (0.77 | ) | — | (0.77 | ) | — | — | * | 11.55 | 10.30 | |||||||||||||||||||||||||||||
| 2017 |
11.36 | 0.73 | 0.46 | 1.19 | (0.79 | ) | — | (0.79 | ) | — | — | * | 11.76 | 11.83 | ||||||||||||||||||||||||||||||
| 2016 |
12.01 | 0.73 | (0.66 | ) | 0.07 | (0.72 | ) | — | (0.72 | ) | — | — | 11.36 | 10.68 | ||||||||||||||||||||||||||||||
98
| Common Share Supplemental Data/ Ratios Applicable to Common Shares |
||||||||||||||||||||||
| Common Share Total Returns |
Ratios to Average Net Assets(c) | |||||||||||||||||||||
| Based on NAV(b) |
Based |
Ending Net Assets (000) |
Expenses | Net Investment Income (Loss) |
Portfolio Turnover Rate(d) |
|||||||||||||||||
| 12.01 | % | 17.15 | % | $ | 231,508 | 2.35 | %** | 5.54 | %** | 20 | % | |||||||||||
| (9.89 | ) | (12.19 | ) | 213,690 | 3.05 | 6.28 | 43 | |||||||||||||||
| 1.81 | 3.60 | 254,487 | 3.26 | 6.77 | 31 | |||||||||||||||||
| 5.91 | (3.78 | ) | 266,752 | 2.90 | 6.24 | 29 | ||||||||||||||||
| 10.22 | 17.00 | 269,083 | 2.64 | 6.70 | 55 | |||||||||||||||||
| 0.61 | 5.89 | 261,071 | 2.53 | 6.84 | 29 | |||||||||||||||||
| 11.85 | 18.84 | 580,781 | 2.38 | ** | 5.44 | ** | 20 | |||||||||||||||
| (8.82 | ) | (10.98 | ) | 534,861 | 3.01 | 5.93 | 44 | |||||||||||||||
| 2.03 | 1.98 | 628,218 | 3.43 | 6.25 | 32 | |||||||||||||||||
| 5.01 | (6.64 | ) | 657,157 | 2.99 | 5.68 | 29 | ||||||||||||||||
| 10.76 | 18.63 | 663,863 | 2.63 | 6.28 | 59 | |||||||||||||||||
| 0.93 | 7.50 | 626,627 | 2.46 | 6.52 | 26 | |||||||||||||||||
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
| (b) | Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized. |
Total Return Based on Common Share Price is the combination of changes in the market price per common share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
| (c) | • | Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares (as described in Note 5 – Fund Shares) and/or borrowings (as described in Note 8 – Fund Leverage), where applicable. | ||
| • | Each ratio includes the effect of all interest expense paid and other costs related to preferred shares and/or borrowings, where applicable, as follows: |
| (d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
| (e) | For the six months ended January 31, 2021. |
| * | Rounds to less than $0.01 per share. |
| ** | Annualized. |
See accompanying notes to financial statements.
99
Financial Highlights (continued)
(Unaudited)
Selected data for a share outstanding throughout each period:
| Investment Operations | Less Distributions to Common Shareholders |
Common Share | ||||||||||||||||||||||||||||||||||||||||||
| Beginning Common Share NAV |
Net Investment Income (Loss)(a) |
Net Realized/ Unrealized Gain (Loss) |
Total | From Net Investment Income |
From Accumu lated Net Realized Gains |
Total | Discount from Shares Repurchased and Retired |
Premium from Shares Sold through Shelf Offering |
Ending NAV |
Ending Share Price |
||||||||||||||||||||||||||||||||||
| JRO |
| |||||||||||||||||||||||||||||||||||||||||||
| Year Ended 7/31: |
||||||||||||||||||||||||||||||||||||||||||||
| 2021(e) |
$ | 9.31 | $ | 0.26 | $ | 0.82 | $ | 1.08 | $ | (0.28 | ) | $ | — | $ | (0.28 | ) | $ | — | $ | — | $ | 10.11 | $ | 9.21 | ||||||||||||||||||||
| 2020 |
10.94 | 0.59 | (1.53 | ) | (0.94 | ) | (0.69 | ) | — | (0.69 | ) | — | — | 9.31 | 7.97 | |||||||||||||||||||||||||||||
| 2019 |
11.47 | 0.70 | (0.49 | ) | 0.21 | (0.74 | ) | — | (0.74 | ) | — | * | — | 10.94 | 9.70 | |||||||||||||||||||||||||||||
| 2018 |
11.70 | 0.66 | (0.09 | ) | 0.57 | (0.80 | ) | — | (0.80 | ) | — | — | * | 11.47 | 10.23 | |||||||||||||||||||||||||||||
| 2017 |
11.31 | 0.76 | 0.45 | 1.21 | (0.83 | ) | — | (0.83 | ) | — | 0.01 | 11.70 | 11.87 | |||||||||||||||||||||||||||||||
| 2016 |
12.05 | 0.77 | (0.75 | ) | 0.02 | (0.76 | ) | — | (0.76 | ) | — | — | 11.31 | 10.72 | ||||||||||||||||||||||||||||||
| JSD |
| |||||||||||||||||||||||||||||||||||||||||||
| Year Ended 7/31: |
||||||||||||||||||||||||||||||||||||||||||||
| 2021(e) |
13.98 | 0.40 | 1.30 | 1.70 | (0.44 | ) | — | (0.44 | ) | — | — | 15.24 | 13.63 | |||||||||||||||||||||||||||||||
| 2020 |
16.89 | 0.96 | (2.79 | ) | (1.83 | ) | (1.08 | ) | — | (1.08 | ) | — | * | — | 13.98 | 11.64 | ||||||||||||||||||||||||||||
| 2019 |
17.92 | 1.19 | (0.98 | ) | 0.21 | (1.24 | ) | — | (1.24 | ) | — | — | 16.89 | 15.36 | ||||||||||||||||||||||||||||||
| 2018 |
18.07 | 1.19 | (0.04 | ) | 1.15 | (1.30 | ) | — | (1.30 | ) | — | — | 17.92 | 16.67 | ||||||||||||||||||||||||||||||
| 2017 |
17.49 | 1.29 | 0.54 | 1.83 | (1.25 | ) | — | (1.25 | ) | — | — | * | 18.07 | 17.75 | ||||||||||||||||||||||||||||||
| 2016 |
18.63 | 1.21 | (1.16 | ) | 0.05 | (1.16 | ) | (0.03 | ) | (1.19 | ) | — | — | 17.49 | 16.16 | |||||||||||||||||||||||||||||
100
| Common Share Supplemental Data/ Ratios Applicable to Common Shares |
||||||||||||||||||||||
| Common Share Total Returns |
Ratios to Average Net Assets(c) | |||||||||||||||||||||
| Based on NAV(b) |
Based |
Ending Net Assets (000) |
Expenses | Net Investment Income (Loss) |
Portfolio Turnover Rate(d) |
|||||||||||||||||
| 11.90 | % | 19.43 | % | $ | 409,756 | 2.39 | %** | 5.37 | %** | 19 | % | |||||||||||
| (8.91 | ) | (11.13 | ) | 377,406 | 3.07 | 5.85 | 43 | |||||||||||||||
| 1.94 | 2.19 | 443,700 | 3.31 | 6.37 | 34 | |||||||||||||||||
| 5.06 | (7.38 | ) | 465,378 | 2.99 | 5.77 | 30 | ||||||||||||||||
| 11.06 | 18.92 | 465,161 | 2.68 | 6.57 | 57 | |||||||||||||||||
| 0.53 | 6.91 | 435,189 | 2.49 | 6.91 | 27 | |||||||||||||||||
| 12.40 | 21.19 | 153,690 | 2.55 | ** | 5.46 | ** | 21 | |||||||||||||||
| (11.19 | ) | (17.88 | ) | 140,981 | 3.31 | 6.27 | 40 | |||||||||||||||
| 1.30 | (0.30 | ) | 170,487 | 3.45 | 6.89 | 33 | ||||||||||||||||
| 6.66 | 1.33 | 180,884 | 2.96 | 6.69 | 29 | |||||||||||||||||
| 10.68 | 17.91 | 182,468 | 2.52 | 7.18 | 58 | |||||||||||||||||
| 0.62 | 6.52 | 176,531 | 2.27 | 7.05 | 34 | |||||||||||||||||
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
| (b) | Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized. |
| Total Return Based on Common Share Price is the combination of changes in the market price per common share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. |
| (c) | • | Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares (as described in Note 5 – Fund Shares) and/or borrowings (as described in Note 8 – Fund Leverage), where applicable. | ||
| • | Each ratio includes the effect of all interest expense paid and other costs related to preferred shares and/or borrowings, where applicable, as follows: |
| (d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
| (e) | For the six months ended January 31, 2021. |
| * | Rounds to less than $0.01 per share. |
| ** | Annualized. |
See accompanying notes to financial statements.
101
Financial Highlights (continued)
(Unaudited)
Selected data for a share outstanding throughout each period:
| Investment Operations | Less Distributions to Common Shareholders |
Common Share | ||||||||||||||||||||||||||||||||||||||||||
| Beginning Common Share NAV |
Net Investment Income (Loss)(a) |
Net Realized/ Unrealized Gain (Loss) |
Total | From Net Investment Income |
From Accumulated Net Realized Gains |
Return of Capital |
Total | Discount from Shares Repurchased and Retired |
Ending NAV |
Ending Share Price |
||||||||||||||||||||||||||||||||||
| JQC |
| |||||||||||||||||||||||||||||||||||||||||||
| Year Ended 7/31: |
| |||||||||||||||||||||||||||||||||||||||||||
| 2021(e) |
$ | 6.88 | $ | 0.16 | $ | 0.50 | $ | 0.66 | $ | (0.48 | ) | $ | — | $ | — | $ | (0.48 | ) | $ | — | $ | 7.06 | $ | 6.35 | ||||||||||||||||||||
| 2020 |
8.49 | 0.39 | (0.87 | ) | (0.48 | ) | (0.39 | ) | — | (0.74 | ) | (1.13 | ) | — | 6.88 | 5.88 | ||||||||||||||||||||||||||||
| 2019 |
9.11 | 0.46 | (0.17 | ) | 0.29 | (0.60 | ) | — | (0.31 | ) | (0.91 | ) | — | * | 8.49 | 7.68 | ||||||||||||||||||||||||||||
| 2018 |
9.32 | 0.44 | (0.12 | ) | 0.32 | (0.53 | ) | — | — | (0.53 | ) | — | 9.11 | 7.89 | ||||||||||||||||||||||||||||||
| 2017 |
9.25 | 0.52 | 0.18 | 0.70 | (0.63 | ) | — | — | (0.63 | ) | — | 9.32 | 8.69 | |||||||||||||||||||||||||||||||
| 2016 |
9.88 | 0.58 | (0.60 | ) | (0.02 | ) | (0.61 | ) | — | — | (0.61 | ) | — | * | 9.25 | 8.43 | ||||||||||||||||||||||||||||
102
| Common Share Supplemental Data/ Ratios Applicable to Common Shares |
||||||||||||||||||||||
| Common Share Total Returns |
Ratios to Average Net Assets(c) | |||||||||||||||||||||
| Based on NAV(b) |
Based on Share Price(b) |
Ending Net Assets (000) |
Expenses | Net Investment Income (Loss) |
Portfolio Turnover Rate(d) |
|||||||||||||||||
| 9.95 | % | 16.77 | % | $ | 957,651 | 2.24 | %** | 4.71 | %** | 18 | % | |||||||||||
| (5.91 | ) | (9.54 | ) | 932,800 | 3.11 | 5.11 | 52 | |||||||||||||||
| 3.43 | 9.33 | 1,151,777 | 3.42 | 5.25 | 59 | |||||||||||||||||
| 3.64 | (3.09 | ) | 1,237,262 | 3.01 | 4.84 | 45 | ||||||||||||||||
| 7.70 | 10.75 | 1,265,447 | 2.57 | 5.59 | 46 | |||||||||||||||||
| 0.11 | 5.98 | 1,255,254 | 2.41 | 6.32 | 46 | |||||||||||||||||
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
| (b) | Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized. |
Total Return Based on Common Share Price is the combination of changes in the market price per common share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
| (c) | • | Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to reverse repurchase agreements and borrowings (as described in Note 8 – Fund Leverage), where applicable. | ||
| • | Each ratio includes the effect of all interest expense and other costs related to reverse repurchase agreements and borrowings, where applicable, as follows: |
| JQC | Ratios of Interest Expense to Average Net Assets Applicable to Common Shares |
|||
| Year Ended 7/31: |
| |||
| 2021(e) |
0.86 | %** | ||
| 2020 |
1.72 | |||
| 2019 |
2.08 | |||
| 2018 |
1.67 | |||
| 2017 |
1.23 | |||
| 2016 |
1.01 | |||
| (d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
| (e) | For the six months ended January 31, 2021. |
| * | Rounds to less than $0.01 per share. |
| ** | Annualized. |
See accompanying notes to financial statements.
103
Financial Highlights (continued)
(Unaudited)
Selected data for a share outstanding throughout each period:
| Borrowings at the End of Period |
TFP Shares at the End of Period |
VRTP Shares at the End of Period |
Term Preferred at the End of Period |
Borrowings, TFP Shares, VRTP Shares and/or Term Preferred at the End of Period |
||||||||||||||||||||||||||||||||
| Aggregate Amount Outstanding (000) |
Asset Coverage Per $1,000 Share(a) |
Aggregate Amount Outstanding (000) |
Asset Coverage Per $1,000 Share |
Aggregate Amount Outstanding (000) |
Asset Coverage Per $100,000 Share |
Aggregate Amount Outstanding (000) |
Asset Coverage Per $1,000 Share |
Asset Coverage Per $1 Liquidation Preference |
||||||||||||||||||||||||||||
| NSL |
|
|||||||||||||||||||||||||||||||||||
| Year Ended 7/31: |
||||||||||||||||||||||||||||||||||||
| 2021(b) |
$ | 86,700 | $ | 4,132 | $ | 40,000 | $ | 2,827 | $ | — | $ | — | $ | — | $ | — | $ | 2.83 | ||||||||||||||||||
| 2020 |
86,200 | 3,862 | — | — | — | — | 33,000 | 2,793 | 2.79 | |||||||||||||||||||||||||||
| 2019 |
114,000 | 3,610 | — | — | — | — | 43,000 | 2,621 | 2.62 | |||||||||||||||||||||||||||
| 2018 |
114,000 | 3,717 | — | — | — | — | 43,000 | 2,699 | 2.70 | |||||||||||||||||||||||||||
| 2017 |
114,000 | 3,738 | — | — | — | — | 43,000 | 2,714 | 2.71 | |||||||||||||||||||||||||||
| 2016 |
101,000 | 4,030 | — | — | 45,000 | 278,816 | — | — | 2.79 | |||||||||||||||||||||||||||
| JFR |
|
|||||||||||||||||||||||||||||||||||
| Year Ended 7/31: |
||||||||||||||||||||||||||||||||||||
| 2021(b) |
218,100 | 4,121 | 100,000 | 2,826 | — | — | — | — | 2.83 | |||||||||||||||||||||||||||
| 2020 |
208,100 | 4,003 | — | — | — | — | 90,000 | 2,794 | 2.79 | |||||||||||||||||||||||||||
| 2019 |
264,500 | 3,810 | — | — | — | — | 115,000 | 2,655 | 2.66 | |||||||||||||||||||||||||||
| 2018 |
254,300 | 4,077 | — | — | — | — | 125,200 | 2,732 | 2.73 | |||||||||||||||||||||||||||
| 2017 |
254,300 | 4,103 | — | — | — | — | 125,200 | 2,749 | 2.75 | |||||||||||||||||||||||||||
| 2016 |
240,800 | 4,051 | — | — | 108,000 | 279,652 | — | — | 2.80 | |||||||||||||||||||||||||||
| JRO |
|
|||||||||||||||||||||||||||||||||||
| Year Ended 7/31: |
||||||||||||||||||||||||||||||||||||
| 2021(b) |
149,400 | 4,245 | 75,000 | 2,826 | — | — | — | — | 2.83 | |||||||||||||||||||||||||||
| 2020 |
164,900 | 3,562 | — | — | — | — | 45,000 | 2,798 | 2.80 | |||||||||||||||||||||||||||
| 2019 |
178,800 | 3,951 | — | — | — | — | 84,000 | 2,688 | 2.69 | |||||||||||||||||||||||||||
| 2018 |
178,800 | 4,073 | — | — | — | — | 84,000 | 2,771 | 2.77 | |||||||||||||||||||||||||||
| 2017 |
178,800 | 4,071 | — | — | — | — | 84,000 | 2,770 | 2.77 | |||||||||||||||||||||||||||
| 2016 |
166,800 | 4,059 | — | — | 75,000 | 279,979 | — | — | 2.80 | |||||||||||||||||||||||||||
| JSD |
|
|||||||||||||||||||||||||||||||||||
| Year Ended 7/31: |
||||||||||||||||||||||||||||||||||||
| 2021(b) |
14,000 | 16,978 | 70,000 | 2,830 | — | — | — | — | 2.83 | |||||||||||||||||||||||||||
| 2020 |
8,500 | 25,821 | 70,000 | 2,796 | — | — | — | — | 2.80 | |||||||||||||||||||||||||||
| 2019 |
72,000 | 3,854 | — | — | — | — | 35,000 | 2,593 | 2.59 | |||||||||||||||||||||||||||
| 2018 |
72,000 | 3,998 | — | — | — | — | 35,000 | 2,691 | 2.69 | |||||||||||||||||||||||||||
| 2017 |
72,000 | 4,020 | — | — | — | — | 35,000 | 2,705 | 2.71 | |||||||||||||||||||||||||||
| 2016 |
64,000 | 4,305 | — | — | — | — | 35,000 | 2,783 | 2.78 | |||||||||||||||||||||||||||
| JQC |
|
|||||||||||||||||||||||||||||||||||
| Year Ended 7/31: |
||||||||||||||||||||||||||||||||||||
| 2021(b) |
393,000 | 3,437 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| 2020 |
402,000 | 3,320 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| 2019 |
480,000 | 3,400 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| 2018 |
561,000 | 3,205 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| 2017 |
561,000 | 3,256 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| 2016 |
561,000 | 3,238 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
104
| (a) | Beginning with the fiscal year ended July 31, 2017, the Funds are calculating Asset Coverage Per $1,000 of Borrowings as defined under the 1940 Act and not as defined for financial reporting purposes. For purposes of calculating Asset Coverage as defined under the 1940 Act, the outstanding preferred shares are excluded because they are treated as equity for regulatory purposes. The Asset Coverage amounts presented in the table above are calculated in accordance with the 1940 Act, and therefore the Asset Coverage per $1,000 of Borrowings reflects the amount of Fund total assets (less all liabilities not represented by borrowings and preferred shares) per $1,000 of borrowings alone. |
For financial reporting purposes, preferred shares are considered to be debt. For the fiscal year ended July 31, 2016, the Asset Coverage amounts per $1,000 of Borrowings reflected the amount of Fund total assets (less all liabilities not represented by borrowings and preferred shares) per $1,000 of the combined amount of borrowings and outstanding preferred shares and the Asset Coverage amounts per financial reporting purposes as follows:
| (b) | For the six months ended January 31, 2021. |
See accompanying notes to financial statements.
105
(Unaudited)
1. General Information
Fund Information
The funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) symbols are as follows (each a “Fund” and collectively, the “Funds”):
| • | Nuveen Senior Income Fund (NSL) |
| • | Nuveen Floating Rate Income Fund (JFR) |
| • | Nuveen Floating Rate Income Opportunity Fund (JRO) |
| • | Nuveen Short Duration Credit Opportunities Fund (JSD) |
| • | Nuveen Credit Strategies Income Fund (JQC) |
The Funds are registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as diversified closed-end management investment companies. NSL, JFR, JRO, JSD and JQC were organized as Massachusetts business trusts on August 13, 1999, January 15, 2004, April 27, 2004, January 3, 2011 and May 17, 2003, respectively.
The end of the reporting period for the Funds is January 31, 2021, and the period covered by these Notes to Financial Statements is the six months ended January 31, 2021 (the “current fiscal period”).
Investment Adviser and Sub-Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds’ portfolios, manages the Funds’ business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions.
Prior to December 31, 2020, the Adviser had entered into a sub-advisory agreement with Symphony Asset Management, LLC (”Symphony”), an affiliate of the Adviser, under which Symphony managed the investment portfolios of the Funds. Effective as of December 31, 2020, Symphony merged into Nuveen Asset Management, LLC (“NAM” and the “Sub-Adviser”), also an affiliate of the Adviser, and assumed management responsibilities for the Funds’ investment portfolios. In connection with the transfer of sub-advisory responsibilities from Symphony to NAM, the Funds entered into an amended and restated sub-advisory agreement with NAM that is substantially identical to the prior sub-advisory agreement with Symphony.
Other Matters
Coronavirus (COVID-19) Pandemic
The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds’ normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.
Developments Regarding NSL, JFR, JRO and JSD’s Control Share By-Law
On January 14, 2021, the Funds’ Board of Trustees (the “Board”) received a shareholder demand letter from Saba Capital CEF Opportunities 1, Ltd. and Saba Capital Management, L.P. (collectively, “Saba”) demanding that NSL, JFR, JRO and JSD (i) rescind each Fund’s by-law provisions pursuant to which, in summary, a shareholder who obtains beneficial ownership of common shares in a control share acquisition shall have the same voting rights as other common shareholders only to the extent authorized by the other disinterested shareholders (the “Control Share By-Law”) and (ii) commence judicial action against the Board to ensure that the Control Share By-Law is withdrawn. Also on January 14, 2021, Saba filed a civil complaint in the U.S. District Court for the Southern District of New York against the Funds, certain other Nuveen funds and the Board, seeking a declaration that the Control Share By-Law violates the 1940 Act, rescission of the Control Share By-Law and a permanent injunction against applying the Control Share By-Law. Management has determined that this complaint is unlikely to have an impact to each Fund’s financial statements.
106
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 the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services – Investment Companies. The net asset value (“NAV”) for financial reporting purposes may differ from the NAV for processing security and common share 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
The Funds pay no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
Distributions to Common Shareholders
Dividends to common shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
JQC has implemented a capital return plan where a supplemental amount is expected to be included in the Fund’s regular monthly distribution. Under this program, the Fund’s regular monthly distribution is expected to include net investment income, return of capital and potentially capital gains for tax purposes. In the event that total distributions during a calendar year exceed the Fund’s total return on NAV, the difference will reduce NAV per share. If the Fund’s total return on NAV exceeds total distributions during a calendar year, the excess will be reflected as an increase in NAV per share. The final determination of the source and character of all distributions for the fiscal year are made after the end of the fiscal year and is reflected in the financial statements contained in the annual report as of July 31 each year.
Foreign Currency Transactions and Translation
To the extent that the Funds invests in securities and/or contracts that are denominated in a currency other than U.S. dollars, the Funds will be subject to currency risk, which is the risk that an increase in the U.S. dollar relative to the foreign currency will reduce returns or portfolio value. Generally, when the U.S. dollar rises in value against a foreign currency, the Funds’ investments denominated in that currency will lose value because its currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value. Investments and other assets and liabilities denominated in foreign currencies are converted into U.S. dollars on a spot (i.e. cash) basis at the spot rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and income denominated in foreign currencies are translated into U.S. dollars on the respective dates of such transactions.
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 Fund 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.
Indemnifications
Under the Funds’ organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
107
Notes to Financial Statements (continued)
(Unaudited)
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. Fee income and amendment fees, if any, are recognized as “Fees” on the Statement of Operations.
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable master repurchase agreements, International Swaps and Derivative 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.
The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 4 – Portfolio Securities and Investments in Derivatives.
New Accounting Pronouncements and Rule Issuances
Reference Rate Reform
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 at the end of 2021, 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 optional expedients as of March 12, 2020 through December 31, 2022. Management has not yet elected to apply the optional expedients, but is currently assessing the impact of the ASU’s adoption to the Funds’ financial statements and various filings.
Securities and Exchange Commission (“SEC”) Adopts New Rules to Modernize Fund Valuation Framework
In December 2020, the SEC voted to adopt a new rule governing fund valuation practices. New Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit 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 quotation are not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of a board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 will become effective on March 8, 2021, with a compliance date of September 8, 2022. A fund may voluntarily comply with the rules after the effective date, and in advance of the compliance date, under certain conditions. Management is currently assessing the impact of these provisions on the Funds’ financial statements.
3. Investment Valuation and Fair Value Measurements
The Funds’ investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the 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
108
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 sale price at the official close of business of such market or exchange on the valuation date. Foreign equity securities are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. To the extent these securities are actively traded and that valuation adjustments are not applied, they are generally classified as Level 1. If there is no official close of business, then the latest available sale price is utilized. If no sales are reported, then the mean of the latest available bid and ask prices is utilized and are generally classified as Level 2.
Prices of fixed-income securities are generally provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service establishes 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, the pricing service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2.
Investments in investment companies are valued at their respective NAVs on the valuation date and are generally classified as Level 1.
Swap contracts are marked-to-market daily based upon a price supplied by a pricing service. Swaps are generally classified as Level 2.
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 Board. These foreign securities are generally classified as Level 2.
Any portfolio security or derivative for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Board. As a general principle, the fair value of a security would appear to be 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 of the fair value hierarchy; 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:
| NSL | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments*: |
||||||||||||||||
| Variable Rate Senior Loan Interests** |
$ | — | $ | 306,592,630 | $ | 1,350,291 | $ | 307,942,921 | ||||||||
| Corporate Bonds |
— | 32,641,776 | — | 32,641,776 | ||||||||||||
| Common Stocks** |
3,737,350 | 3,651,228 | 1,044,596 | 8,433,174 | ||||||||||||
| Warrants** |
739 | 363,802 | — | 364,541 | ||||||||||||
| Convertible Preferred Securities** |
— | 109,114 | — | 109,114 | ||||||||||||
| Common Stock Rights** |
— | — | *** | — | — | |||||||||||
| Short-Term Investments: |
||||||||||||||||
| Investment Companies |
23,116,387 | — | — | 23,116,387 | ||||||||||||
| Total |
$ | 26,854,476 | $ | 343,358,550 | $ | 2,394,887 | $ | 372,607,913 | ||||||||
109
Notes to Financial Statements (continued)
(Unaudited)
| JFR | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments*: |
||||||||||||||||
| Variable Rate Senior Loan Interests** |
$ | — | $ | 749,845,844 | $ | 2,724,904 | $ | 752,570,748 | ||||||||
| Corporate Bonds |
— | 78,500,441 | — | 78,500,441 | ||||||||||||
| Common Stocks** |
8,732,644 | 9,444,539 | 2,412,076 | 20,589,259 | ||||||||||||
| Investment Companies |
11,060,641 | — | — | 11,060,641 | ||||||||||||
| Asset-Backed Securities |
— | 3,635,129 | — | 3,635,129 | ||||||||||||
| Warrants** |
1,725 | 726,521 | — | 728,246 | ||||||||||||
| Convertible Preferred Securities** |
— | 218,228 | — | 218,228 | ||||||||||||
| Common Stock Rights** |
— | — | *** | — | — | |||||||||||
| Short-Term Investments: |
||||||||||||||||
| Investment Companies |
62,324,841 | — | — | 62,324,841 | ||||||||||||
| Total |
$ | 82,119,851 | $ | 842,370,702 | $ | 5,136,980 | $ | 929,627,533 | ||||||||
| JRO | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments*: |
||||||||||||||||
| Variable Rate Senior Loan Interests** |
$ | — | $ | 537,023,593 | $ | 1,962,402 | $ | 538,985,995 | ||||||||
| Corporate Bonds |
— | 56,748,582 | — | 56,748,582 | ||||||||||||
| Common Stocks** |
6,189,695 | 6,910,369 | 1,660,194 | 14,760,258 | ||||||||||||
| Asset-Backed Securities |
— | 2,340,077 | — | 2,340,077 | ||||||||||||
| Warrants** |
1,234 | 485,641 | — | 486,875 | ||||||||||||
| Convertible Preferred Securities** |
— | 145,475 | — | 145,475 | ||||||||||||
| Common Stock Rights** |
— | — | *** | — | — | |||||||||||
| Short-Term Investments: |
||||||||||||||||
| Investment Companies |
37,170,818 | — | — | 37,170,818 | ||||||||||||
| Total |
$ | 43,361,747 | $ | 603,653,737 | $ | 3,622,596 | $ | 650,638,080 | ||||||||
| JSD | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments*: |
||||||||||||||||
| Variable Rate Senior Loan Interests** |
$ | — | $ | 201,859,209 | $ | 1,142,067 | $ | 203,001,276 | ||||||||
| Corporate Bonds |
— | 21,732,946 | — | 21,732,946 | ||||||||||||
| Common Stocks** |
2,441,855 | 2,018,726 | 651,503 | 5,112,084 | ||||||||||||
| Warrants** |
739 | 333,366 | — | 334,105 | ||||||||||||
| Convertible Preferred Securities** |
— | 109,114 | — | 109,114 | ||||||||||||
| Common Stock Rights** |
— | — | *** | — | — | |||||||||||
| Short-Term Investments: |
||||||||||||||||
| Investment Companies |
14,908,197 | — | — | 14,908,197 | ||||||||||||
| Total |
$ | 17,350,791 | $ | 226,053,361 | $ | 1,793,570 | $ | 245,197,722 | ||||||||
| JQC | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments*: |
||||||||||||||||
| Variable Rate Senior Loan Interests** |
$ | — | $ | 1,216,811,701 | $ | 7,886,926 | $ | 1,224,698,627 | ||||||||
| Corporate Bonds |
— | 214,606,394 | — | 214,606,394 | ||||||||||||
| Common Stocks** |
5,381,645 | 6,564,653 | 1,739,788 | 13,686,086 | ||||||||||||
| Convertible Bonds |
— | 1,844,185 | — | 1,844,185 | ||||||||||||
| Warrants** |
2,472 | 212,970 | 5 | 215,447 | ||||||||||||
| Common Stock Rights** |
— | — | *** | — | — | |||||||||||
| Short-Term Investments: |
||||||||||||||||
| Investment Companies |
94,912,139 | — | — | 94,912,139 | ||||||||||||
| Total |
$ | 100,296,256 | $ | 1,440,039,903 | $ | 9,626,719 | $ | 1,549,962,878 | ||||||||
| * | Refer to the Fund’s Portfolio of Investments for industry classifications, where applicable. |
| ** | Refer to the Fund’s Portfolio of Investments for securities classified as Level 2 and/or Level 3. |
| *** | Value equals zero as of the end of the reporting period. |
110
The following is a reconciliation of the Funds’ Level 3 investments held at the beginning and end of the measurement period:
| NSL | JFR | JRO | ||||||||||||||||||||||
| Level 3 | Level 3 | Level 3 | ||||||||||||||||||||||
| Variable Rate Senior Loan Interests |
Common Stocks | Variable Rate Senior Loan Interests |
Common Stocks | Variable Rate Senior Loan Interests |
Common Stocks | |||||||||||||||||||
| Balance at the beginning of period |
$ | — | $ | 73,596 | $ | — | $ | 142,035 | $ | — | $ | 104,094 | ||||||||||||
| Gains (losses): |
||||||||||||||||||||||||
| Net realized gains (losses) |
(293 | ) | — | (17,265 | ) | — | (5,433 | ) | — | |||||||||||||||
| Change in net unrealized appreciation (depreciation) |
652,681 | (838,479 | ) | 1,301,933 | (1,813,502 | ) | 928,848 | (1,251,016 | ) | |||||||||||||||
| Purchases at cost |
14,922 | 1,809,479 | 37,305 | 4,083,543 | 26,114 | 2,807,116 | ||||||||||||||||||
| Sales at proceeds |
(14,791 | ) | — | (37,074 | ) | — | (22,341 | ) | — | |||||||||||||||
| Net discounts (premiums) |
8,640 | — | 53,052 | — | 38,021 | — | ||||||||||||||||||
| Transfers into |
689,132 | — | 1,386,953 | — | 997,193 | — | ||||||||||||||||||
| Transfers (out of) |
— | — | — | — | — | — | ||||||||||||||||||
| Balance at the end of period |
$ | 1,350,291 | $ | 1,044,596 | $ | 2,724,904 | $ | 2,412,076 | $ | 1,962,402 | $ | 1,660,194 | ||||||||||||
| Change in net unrealized appreciation (depreciation) during the period of Level 3 securities held as of period end |
$ | 652,681 | $ | (838,479 | ) | $ | 1,301,933 | $ | (1,813,502 | ) | $ | 928,848 | $ | (1,251,016 | ) | |||||||||
| JSD | JQC | |||||||||||||||||||
| Level 3 | Level 3 | |||||||||||||||||||
| Variable Rate Senior Loan Interests |
Common Stocks | Variable Rate Senior Loan Interests |
Common Stocks | Warrants | ||||||||||||||||
| Balance at the beginning of period |
$ | — | $ | 25,290 | $ | — | $ | 436,054 | $ | 5 | ||||||||||
| Gains (losses): |
||||||||||||||||||||
| Net realized gains (losses) |
24 | — | 172 | — | — | |||||||||||||||
| Change in net unrealized appreciation (depreciation) |
537,538 | (715,437 | ) | 3,661,787 | (917,262 | ) | — | |||||||||||||
| Purchases at cost |
9,948 | 1,341,650 | — | 2,220,996 | — | |||||||||||||||
| Sales at proceeds |
(11,118 | ) | — | (78,212 | ) | — | — | |||||||||||||
| Net discounts (premiums) |
20,695 | — | 187,903 | — | — | |||||||||||||||
| Transfers into |
584,980 | — | 4,115,276 | — | — | |||||||||||||||
| Transfers (out of) |
— | — | — | — | — | |||||||||||||||
| Balance at the end of period |
$ | 1,142,067 | $ | 651,503 | $ | 7,886,926 | $ | 1,739,788 | $ | 5 | ||||||||||
| Change in net unrealized appreciation (depreciation) during the period of Level 3 securities held as of period end |
$ | 537,538 | $ | (715,437 | ) | $ | 3,661,787 | $ | (917,262 | ) | $ | — | ||||||||
As of the measurement date, the following Common Stocks categorized as Level 3: (1) Millennium Health LLC are priced based on updated financial statements which reflect the most recent net asset values; (2) California Resources Corporation are priced at a 25% discount to the closing price; (3) 24 Hour Fitness Worldwide, Inc., SkillSoft Corporation and TNT Crane & Rigging Inc. are priced at a placeholder value; (4) Tribune Co are priced at last trade price less the distribution amount. The following Variable Rate Senior Loan Interests categorized as Level 3: (1) Revlon Consumer Products Corporation are utilizing a weighted probability model; (2) Education Management LLC are utilizing the stale Reuters price as no vendors are pricing the loan. Warrants categorized as Level 3 are priced at placeholder value.
111
Notes to Financial Statements (continued)
(Unaudited)
The table below presents the transfers in and out of the three valuation levels for the Funds as of the end of the reporting period when compared to the valuation levels at the end of the previous fiscal year. Changes in valuation inputs or methodologies may result in transfers into or out of an assigned level within the fair value hierarchy. Transfers in or out of levels are generally due to the availability of publicly available information and to the significance or extent the Adviser determines that the valuation inputs or methodologies may impact the valuation of those securities.
| Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
| Transfers In | (Transfers Out) | Transfers In | (Transfers Out) | Transfers In | (Transfers Out) | |||||||||||||||||||
| NSL | ||||||||||||||||||||||||
| Variable Rate Senior Loan Interests |
$ | — | $ | — | $ | — | $ | (1,350,291 | ) | $ | 1,350,291 | $ | — | |||||||||||
| JFR | ||||||||||||||||||||||||
| Variable Rate Senior Loan Interests |
$ | — | $ | — | $ | — | $ | (2,724,904 | ) | $ | 2,724,904 | $ | — | |||||||||||
| JRO | ||||||||||||||||||||||||
| Variable Rate Senior Loan Interests |
$ | — | $ | — | $ | — | $ | (1,962,402 | ) | $ | 1,962,402 | $ | — | |||||||||||
| JSD | ||||||||||||||||||||||||
| Variable Rate Senior Loan Interests |
$ | — | $ | — | $ | — | $ | (1,142,067 | ) | $ | 1,142,067 | $ | — | |||||||||||
| JQC | ||||||||||||||||||||||||
| Variable Rate Senior Loan Interests |
$ | — | $ | — | $ | — | $ | (7,886,926 | ) | $ | 7,886,926 | $ | — | |||||||||||
4. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Unfunded Commitments
Pursuant to the terms of certain of the variable rate senior loan agreements, the Funds 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:
| NSL | JFR | JRO | JSD | JQC | ||||||||||||||||
| Outstanding unfunded senior loan commitments |
$ | 1,421,542 | $ | 3,464,346 | $ | 2,640,475 | $ | 941,318 | $ | 773,705 | ||||||||||
Participation Commitments
With respect to the senior loans held in each Fund’s portfolio, the Funds may: 1) invest in assignments; 2) act as a participant in primary lending syndicates; or 3) invest in participations. If a Fund purchases a participation of a senior loan interest, the Fund would typically enter into a contractual agreement with the lender or other third party selling the participation, rather than directly with the borrower. As such, the Fund not only assumes the credit risk of the borrower, but also that of the selling participant or other persons interpositioned between the Fund and the borrower. As of the end of the reporting period, the Funds had no such outstanding participation commitments.
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.
Investment Transactions
Long-term purchases and sales (including maturities but excluding derivative transactions, where applicable) during the current fiscal period were as follows:
| NSL | JFR | JRO | JSD | JQC | ||||||||||||||||
| Purchases |
$ | 78,169,883 | $ | 198,113,873 | $ | 142,306,850 | $ | 58,002,144 | $ | 293,016,503 | ||||||||||
| Sales and maturities |
74,247,814 | 198,918,517 | 134,788,007 | 56,613,802 | 346,783,255 | |||||||||||||||
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. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed-delivery purchase commitments. 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.
112
Investments in Derivatives
Each Fund is authorized to invest in certain derivative instruments, such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Interest Rate Swap Contracts
Interest rate swap contracts involve a Fund’s agreement with the counterparty to pay or receive a fixed rate payment in exchange for the counterparty receiving or paying a variable rate payment. Forward interest rate swap contracts involve a Fund’s agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Fund a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the “effective date”).
The amount of the payment obligation for an interest rate swap is based on the notional amount and the termination date of the contract. Interest rate swap contracts do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the net amount of interest payments that the Fund is to receive.
Interest rate swap contracts are valued daily. Upon entering into an interest rate swap contract (and beginning on the effective date for a forward interest rate swap contract), the Fund accrues the fixed rate payment expected to be paid or received and the variable rate payment expected to be received or paid on the interest rate swap contracts on a daily basis, and recognizes the daily change in the fair value of the Fund’s contractual rights and obligations under the contracts. For an over-the-counter (“OTC”) swap that is not cleared through a clearing house (“OTC Uncleared”), the amount recorded on these transactions is recognized on the Statement of Assets and Liabilities as a component of “Unrealized appreciation or depreciation on interest rate swaps.”
Upon the execution of an OTC swap cleared through a clearing house (“OTC Cleared”), the Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Cash deposited by the Fund to cover initial margin requirements on open swap contracts, if any, is recognized as a component of “Cash collateral at brokers for investment in swaps” on the Statement of Assets and Liabilities. Investments in OTC Cleared swaps obligate the Fund and the clearing broker to settle monies on a daily basis representing changes in the prior day’s “mark-to-market” of the swap contract. If the Fund has unrealized appreciation, the clearing broker will credit the Fund’s account with an amount equal to the appreciation. Conversely, if the Fund has unrealized depreciation, the clearing broker will debit the Fund’s account with an amount equal to the depreciation. These daily cash settlements are also known as “variation margin.” Variation margin for OTC Cleared swaps is recognized as a receivable and/or payable for “Variation margin on swap contracts” on the Statement of Assets and Liabilities. Upon the execution of an OTC Uncleared swap, neither the Fund nor the counterparty is required to deposit initial margin as the trades are recorded bilaterally between both parties to the swap contract, and the terms of the variation margin are subject to a predetermined threshold negotiated by the Fund and the counterparty. Variation margin for OTC Uncleared swaps is recognized as a component of “Unrealized appreciation or depreciation on interest rate swaps” as described in the preceding paragraph.
The net amount of periodic payments settled in cash are recognized as a component of “Net realized gain (loss) from swaps” on the Statement of Operations, in addition to the net realized gain or loss recorded upon the termination of the swap contract. For tax purposes, payments expected to be received or paid on the swap contracts are treated as ordinary income or expense, respectively. Changes in the value of the swap contracts during the fiscal period are recognized as a component of “Change in net unrealized appreciation (depreciation) of swaps” on the Statement of Operations. In certain instances, payments are made or received upon entering into the swap contract to compensate for differences between the stated terms of the swap agreements and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Payments received or made at the beginning of the measurement period, if any, are recognized as “Interest rate swaps premiums received and/or paid” on the Statement of Assets and Liabilities.
During the current fiscal period, JFR and JRO used cancellable interest rate swaps in which each Fund received payments based upon pre-determined fixed rates and paid one-month LIBOR plus a fixed spread. After a non-callable period, the swap counterparty owns the right on future monthly dates to terminate the swap at par. The purpose of the cancellable interest rate swap is to convert a fixed rate Term Preferred Share issuance to floating rate, and the cancellation dates of the swap correspond to dates on which the Funds can call the Term Preferred Share issue.
The average notional amount of interest rate swap contracts outstanding during the current fiscal period was as follows:
| JFR | JRO | |||||||
| Average notional amount of interest rate swap contracts outstanding* |
$ | 36,666,667 | $ | 30,000,000 | ||||
| * | The average notional amount is calculated based on the outstanding notional at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period. |
113
Notes to Financial Statements (continued)
(Unaudited)
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on swap contracts on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.
| Fund | Underlying Risk Exposure |
Derivative Instrument |
Net Realized Gain (Loss) from Swaps |
Change in Net Unrealized Appreciation (Depreciation) of Swaps |
||||||||
| JFR | Interest rate | Swaps | $ | 700,593 | $ | 573,213 | ||||||
| JRO | Interest rate | Swaps | $ | (712,604 | ) | $ | (583,039 | ) | ||||
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.
5. Fund Shares
Common Shares
Common Share Transactions
Transactions in common shares during the Funds’ current and prior fiscal period, where applicable, were as follows:
| JSD | ||||||||
| Six Months Ended 1/31/21 |
Year Ended 7/31/20 |
|||||||
| Common shares repurchased and retired |
— | (10,000 | ) | |||||
| Weighted average common share: |
||||||||
| Price per share repurchased and retired |
— | $ | 11.56 | |||||
| Discount per share repurchased and retired |
— | 17.15 | % | |||||
Preferred Shares
Taxable Fund Preferred Shares
NSL, JFR, JRO and JSD have issued and have outstanding Taxable Fund Preferred (“TFP”) Shares, with a $1,000 liquidation preference per share. These TFP Shares were issued via private placement and are not publicly available.
Each Fund is obligated to redeem its TFP Shares by the date as specified in its offering documents (“Term Redemption Date”), unless earlier redeemed by the Fund. TFP Shares are initially issued in a pre-specified mode, however, TFP Shares can be subsequently designated as an alternative mode at a later date at the discretion of the Funds. The modes within TFP Shares detail the dividend mechanics and are described as follows. At a subsequent date, the Funds may establish additional mode structures with the TFP Share.
| • | Variable Rate Remarketed Mode (“VRRM”) – Dividends for TFP Shares within this mode will be established by a remarketing agent; therefore, the market value of the TFP Shares is expected to approximate its liquidation preference. Shareholders have the ability to request a bestefforts tender of its shares upon seven days notice. If the remarketing agent is unable to identify an alternative purchaser, the shares will be retained by the shareholder requesting tender and the subsequent dividend rate will increase to its step-up dividend rate. If after one consecutive year of unsuccessful remarketing attempts, the Funds will be required to designate an alternative mode or redeem the shares. |
The Funds will pay a remarketing fee on the aggregate principal amount of all TFP shares while designated in VRRM. Payments made by the Funds to the remarketing agent are recognized as “Remarketing fees” on the Statement of Operations.
114
| • | Variable Rate Mode (“VRM”) – Dividends for TFP Shares designated in this mode are based upon a short-term index plus an additional fixed “spread” amount established at the time of issuance or renewal / conversion of its mode. At the end of the period of the mode, the Funds will be required to either extend the term of the mode, designate an alternative mode or redeem the TFP Shares. |
The fair value of TFP Shares while in VRM are expected to approximate their liquidation preference so long as the fixed “spread” on the shares remains roughly in line with the “spread’ being demanded by investors on instruments having similar terms in the current market. In current market conditions, the Adviser has determined that the fair value of the shares are approximately their liquidation preference, but their fair value could vary if market conditions change materially.
| • | Variable Rate Demand Mode (“VRDM”) – Dividends for TFP Shares designated in this mode will be established by a remarketing agent; therefore, the market value of the TFP Shares is expected to approximate its liquidation preference. While in this mode, shares will have an unconditional liquidity feature that enable its shareholders to require a liquidity provider, which each Fund has entered into a contractual agreement, to purchase shares in the event that the shares are not able to be successfully remarketed. In the event that shares within this mode are unable to be successfully remarketed and are purchased by the liquidity provider, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the shares. Each Fund is required to redeem any shares that are still owned by a liquidity provider after six months of continuous, unsuccessful remarketing. |
Each Fund will pay a liquidity and remarketing fee on the aggregate principal amount of all TFP Shares while within VRDM. Payments made by the Funds to the liquidity provider and remarketing agent are recognized as “Liquidity fees” and “Remarketing fees”, respectively, on the Statement of Operations.
For financial reporting purposes, the liquidation preference of TFP Shares is recorded as a liability and is recognized as a component of “Taxable Fund Preferred (“TFP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities. Dividends on the TFP shares are treated as interest payments for financial reporting purposes. Unpaid dividends on TFP shares are recognized as a component on “Interest payable” on the Statement of Assets and Liabilities. Dividends accrued on TFP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
Subject to certain conditions, TFP Shares may be redeemed, in whole or in part, at any time at the option of the Funds. Each Fund may also be required to redeem certain TFP shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share in all circumstances is equal to the liquidation preference per share plus any accumulated but unpaid dividends.
NSL, JFR and JRO incurred offering costs of $465,000, $675,000 and $465,000, respectively, in connection with their offering of TFP Shares, which were recorded as a deferred charge and are being amortized over the life of the shares. These offering costs are recognized as a component of “Taxable Fund Preferred (“TFP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.
As of the end of the reporting, NSL, JFR, JRO and JSD had $39,550,040, $99,335,822, $74,546,126 and $69,555,578 TFP at liquidation preference, net of deferred offering costs, respectively. Further details of the Funds’ TFP outstanding as of the end of the reporting period, were as follows:
| Fund | Series | Shares Outstanding |
Liquidation Preference |
Term Redemption Date |
Mode | |||||||||||||
| NSL | A | 40,000 | $ | 40,000,000 | November 1, 2030 | VRM | ||||||||||||
| JFR | A | 100,000 | $ | 100,000,000 | January 1, 2031 | VRDM | ||||||||||||
| JRO | A | 75,000 | $ | 75,000,000 | December 1, 2030 | VRM | ||||||||||||
| JSD | A |
70,000 | $ | 70,000,000 | November 1, 2029 | VRDM | ||||||||||||
The average liquidation preference of TFP Shares outstanding and the annualized dividend rate for each Fund during the current fiscal period were as follows:
| NSL* | JFR** | JRO*** | JSD | |||||||||||||
| Average liquidation preference of TFP Shares outstanding |
$ | 40,000,000 | $ | 100,000,000 | $ | 75,000,000 | $ | 70,000,000 | ||||||||
| Annualized dividend rate |
1.38 | % | 0.31 | % | 1.36 | % | 0.32 | % | ||||||||
| * | For the period October 5, 2020 (first issuance date of shares) through January 31, 2021. |
| ** | For the period December 4, 2020 (first issuance date of shares) through January 31, 2021. |
| *** | For the period November 5, 2020 (first issuance date of shares) through January 31, 2021. |
Term Preferred Shares
The following Funds had issued and had outstanding Term Preferred Shares (“Term Preferred”), with a $1,000 liquidation preference per share.
On October 12, 2020, December 8, 2020 and November 9, 2020, respectively, NSL, JFR and JRO redeemed all of their outstanding Series 2021, Series 2024 and Series 2027, and Series 2027, respectively, Term Preferred. The Funds’ Term Preferred were redeemed at their $1,000 liquidation preference per share, plus additional amount representing the final accumulated distribution amounts owed, using proceeds from its issuance of TFP (as described above in Taxable Fund Preferred Shares).
115
Notes to Financial Statements (continued)
(Unaudited)
The average liquidation preference of Term Preferred outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:
| NSL* | JFR** | JRO*** | ||||||||||
| Average liquidation preference of Term Preferred outstanding |
$ | 17,219,178 | $ | 81,076,923 | $ | 41,732,673 | ||||||
| Annualized dividend rate |
2.93 | % | 2.90 | % | 3.94 | % | ||||||
| * | For the period August 1, 2020 through October 12, 2020. |
| ** | For the period August 1, 2020 through December 8, 2020. |
| *** | For the period August 1, 2020 through November 9, 2020. |
Term Preferred generally do not trade, and market quotations are generally not available. Term Preferred are short-term instruments that pay a dividend rate, subject to adjustment as set forth in accordance with the offering documents. The fair value of Term Preferred is expected to be approximately its liquidation preference so long as the fixed “spread” on the Term Preferred remains roughly in line with the “spread” being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Funds’ Adviser has determined that the fair value of Term Preferred is approximately its liquidation preference, but its fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation preference of Term Preferred is a liability and is recognized as “Term Preferred Shares (“Term Preferred”), net of deferred offering costs” on the Statement of Assets and Liabilities.
Dividends on Term Preferred (which are treated as interest payments for financial reporting purposes) are at the rates set forth in its offering document. The initial dividend rate will expire approximately two years after the first issuance of shares and will be adjusted upwards semi-annually thereafter. Unpaid dividends on Term Preferred are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. Dividends accrued on Term Preferred are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
Costs incurred in connection with each Fund’s offering of Term Preferred were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as components of “Term Preferred Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.
In conjunction with NSL’s redemption of Series 2021, JFR’s redemption of Series 2024 and Series 2027 and JRO’s redemption of Series 2027 of Term Preferred, the remaining deferred offering costs of $233,332, $628,538 and $387,633, respectively, were fully expensed during the current fiscal period, as the redemptions were deemed an extinguishment of debt.
Preferred Share Transactions
Transactions in preferred shares during the Funds’ current and prior fiscal period, where applicable, are noted in the following table.
Transactions in TFP Shares for the Funds, where applicable, were as follows:
| Six Months Ended January 31, 2021 |
||||||||||||
| NSL | Series | Shares | Amount | |||||||||
| TFP Shares issued |
A | 40,000 | $ | 40,000,000 | ||||||||
| Six Months Ended January 31, 2021 |
||||||||||||
| JFR | Series | Shares | Amount | |||||||||
| TFP Shares issued |
A | 100,000 | $ | 100,000,000 | ||||||||
| Six Months Ended January 31, 2021 |
||||||||||||
| JRO | Series | Shares | Amount | |||||||||
| TFP Shares issued |
A | 75,000 | $ | 75,000,000 | ||||||||
| Year Ended July 31, 2020 |
||||||||||||
| JSD | Series | Shares | Amount | |||||||||
| TFP Shares issued |
A | 100,000 | $ | 100,000,000 | ||||||||
| TFP Shares redeemed |
A | (30,000 | ) | (30,000,000 | ) | |||||||
| Net increase (decrease) |
70,000 | $ | 70,000,000 | |||||||||
116
Transactions in Term Preferred for the Funds, where applicable, were as follows:
| Six Months Ended January 31, 2021 |
||||||||||||
| NSL | Series | Shares | Amount | |||||||||
| Term Preferred redeemed |
2021 | (33,000 | ) | $ | (33,000,000 | ) | ||||||
| Six Months Ended January 31, 2021 |
||||||||||||
| JFR | Series | Shares | Amount | |||||||||
| Term Preferred redeemed |
2024 | (35,000 | ) | $ | (35,000,000 | ) | ||||||
| 2027 | (55,000 | ) | (55,000,000 | ) | ||||||||
| Total |
(90,000 | ) | $ | (90,000,000 | ) | |||||||
| Six Months Ended January 31, 2021 |
||||||||||||
| JRO | Series | Shares | Amount | |||||||||
| Term Preferred redeemed |
2027 | (45,000 | ) | $ | (45,000,000 | ) | ||||||
| Year Ended July 31, 2020 |
||||||||||||
| NSL | Series | Shares | Amount | |||||||||
| Term Preferred redeemed |
2021 | (10,000 | ) | $ | (10,000,000 | ) | ||||||
| Year Ended July 31, 2020 |
||||||||||||
| JFR | Series | Shares | Amount | |||||||||
| Term Preferred redeemed |
2022 | (25,000 | ) | $ | (25,000,000 | ) | ||||||
| Year Ended July 31, 2020 |
||||||||||||
| JRO | Series | Shares | Amount | |||||||||
| Term Preferred redeemed |
2022 | (10,000 | ) | $ | (10,000,000 | ) | ||||||
| 2022-1 | (21,000 | ) | $ | (21,000,000 | ) | |||||||
| 2023 | (8,000 | ) | $ | (8,000,000 | ) | |||||||
| Total |
(39,000 | ) | $ | (39,000,000 | ) | |||||||
| Year Ended July 31, 2020 |
||||||||||||
| JSD | Series | Shares | Amount | |||||||||
| Term Preferred redeemed |
2020 | (35,000 | ) | $ | (35,000,000 | ) | ||||||
6. 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 gain to shareholders and to 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.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to the treatment of timing differences in recognizing certain gains and losses on investment transactions and recognition of premium
117
Notes to Financial Statements (continued)
(Unaudited)
amortization. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
The table below presents the cost and unrealized appreciation (depreciation) of each Fund’s investment portfolio, as determined on a federal income tax basis, as of January 31, 2021.
| NSL | JFR | JRO | JSD | JQC | ||||||||||||||||
| Tax cost of investments |
$ | 387,865,617 | $ | 964,948,008 | $ | 674,755,401 | $ | 256,095,752 | $ | 1,581,834,193 | ||||||||||
| Gross unrealized: |
||||||||||||||||||||
| Appreciation |
$ | 6,468,435 | $ | 16,184,068 | $ | 11,502,511 | $ | 4,075,239 | $ | 24,441,587 | ||||||||||
| Depreciation |
(21,726,139 | ) | (51,504,543 | ) | (35,619,832 | ) | (14,973,269 | ) | (56,312,902 | ) | ||||||||||
| Net unrealized appreciation (depreciation) of investments |
$ | (15,257,704 | ) | $ | (35,320,475 | ) | $ | (24,117,321 | ) | $ | (10,898,030 | ) | $ | (31,871,315 | ) | |||||
Permanent differences, primarily due to bond premium amortization adjustments, treatment of notional principal contracts, nondeductible offering costs, and federal taxes paid, resulted in reclassifications among the Funds’ components of common share net assets as of July 31, 2020, the Funds’ last tax year end.
The tax components of undistributed net ordinary income and net long-term capital gains as of July 31, 2020, the Funds’ last tax year end, were as follows:
| NSL | JFR | JRO | JSD | JQC | ||||||||||||||||
| Undistributed net ordinary income1 |
$ | 2,474,236 | $ | 3,488,487 | $ | 2,104,862 | $ | 1,637,519 | $ | — | ||||||||||
| Undistributed net long-term capital gains |
— | — | — | — | — | |||||||||||||||
| 1 Undistributed net ordinary income (on a tax basis) has not been reduced for the dividend declared on July 1, 2020, paid on August 3, 2020. Net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any. |
| |||||||||||||||||||
The tax character of distributions paid during the Funds’ last tax year ended July 31, 2020 was designated for purposes of the dividends paid deduction as follows:
| NSL | JFR | JRO | JSD | JQC | ||||||||||||||||
| Distributions from net ordinary income2 |
$ | 17,466,425 | $ | 43,203,962 | $ | 30,256,614 | $ | 12,396,623 | $ | 53,064,705 | ||||||||||
| Distributions from net long-term capital gains |
— | — | — | — | — | |||||||||||||||
| Return of capital |
— | — | — | — | 100,485,694 | |||||||||||||||
| 2 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
As of July 31, 2020, the Funds’ last tax year end, the Funds had unused capital losses carrying forward available for federal income tax purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.
| NSL | JFR | JRO | JSD | JQC | ||||||||||||||||
| Not subject to expiration: |
||||||||||||||||||||
| Short-term |
$ | 3,004,132 | $ | 6,727,644 | $ | 4,861,896 | $ | 2,813,858 | $ | 30,500,132 | ||||||||||
| Long-term |
32,326,831 | 74,026,821 | 55,158,574 | 20,311,951 | 163,348,920 | |||||||||||||||
| Total |
$ | 35,330,963 | $ | 80,754,465 | $ | 60,020,470 | $ | 23,125,809 | $ | 193,849,052 | ||||||||||
7. Management Fees
Each Fund’s management fee compensates the Adviser for 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 Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
118
The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:
| Average Daily Managed Assets* | NSL JFR JRO JSD |
JQC Fund-Level Fee Rate |
||||||
| For the first $500 million |
0.6500 | % | 0.6800 | % | ||||
| For the next $500 million |
0.6250 | 0.6550 | ||||||
| For the next $500 million |
0.6000 | 0.6300 | ||||||
| For the next $500 million |
0.5750 | 0.6050 | ||||||
| For managed assets over $2 billion |
0.5500 | 0.5800 | ||||||
The annual complex-level fee, payable monthly, for each Fund is calculated by multiplying the current complex-wide fee rate, determined according to the following schedule by the Funds’ daily managed assets:
| 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 | |||
| * | For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and closed-end funds that constitute ‘’eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011, but do not include certain assets of certain Nuveen funds that were reorganized into funds advised by an affiliate of the Adviser during the 2019 calendar year. As of January 31, 2021, the complex-level fee for each Fund was 0.1558%. |
8. Fund Leverage
Borrowings
Each Fund has entered into a borrowing arrangement (“Borrowings”) as a means of leverage.
Borrowing Information for NSL, JFR and JRO
The following Funds have entered into a revolving credit and security agreement with certain banks and their affiliates. As of the end of the reporting period, each Fund’s maximum commitment amount under its Borrowings is as follows:
| NSL | JFR | JRO | ||||||||||
| Maximum commitment amount |
$ | 90,000,000 | $ | 260,000,000 | $ | 160,000,000 | ||||||
As of the end of the reporting period, each Fund’s outstanding balance on its Borrowings was as follows:
| NSL | JFR | JRO | ||||||||||
| Outstanding balance on Borrowings |
$ | 86,700,000 | $ | 218,100,000 | $ | 149,400,000 | ||||||
119
Notes to Financial Statements (continued)
(Unaudited)
NSL interest is charged at a rate equal 1-Month LIBOR (London Inter-Bank Offered Rate) plus 0.80% (prior to October 5, 2020 the interest rate was equal to the higher of (a) 1-Month LIBOR plus 0.75% or (b) the Federal Funds rate plus 0.75%). For JFR and JRO, interest is charged at a rate equal to 1-Month LIBOR plus 0.80%. JFR accrues 0.25% per annum on the undrawn balance if the undrawn portion of the Borrowings on a particular day is more than 25% of the maximum commitment amount. NSL and JRO accrue 0.30% per annum on the undrawn balance if the undrawn portion of the Borrowings on a particular day is more than 10% of the maximum commitment amount. NSL also accrued an upfront fee of 0.05% per annum on the maximum commitment amount and which was/will be paid in two installments, half at the closing of the agreement and the other half upon its 12-month anniversary in 2021.
On October 5, 2020, NSL entered into a new Borrowing facility through October 4, 2021. On November 5, 2020, JRO renewed its Borrowings through November 4, 2021. On December 18, 2020, January 22, 2020 and January 29, 2021, JFR renewed its Borrowings through December 18, 2021. Maximum commitment downsized to $260,000,000 on December 10, 2020. All other items of the Borrowings remain unchanged.
During the Funds’ utilization period(s) during the current fiscal period, the average daily balance outstanding (which was for the entire current reporting period) and average annual interest rate on each Fund’s Borrowings were as follows:
| NSL | JFR | JRO | ||||||||||
| Average daily balance outstanding |
$ | 91,534,239 | $ | 221,784,783 | $ | 159,989,674 | ||||||
| Average annual interest rate |
0.93 | % | 0.94 | % | 0.95 | % | ||||||
Borrowings Information for JSD
The Fund has outstanding a 364-day revolving line of credit. As of the end of the reporting period, the Fund’s maximum commitment amount under its Borrowings is as follows:
| JSD | ||||
| Maximum commitment amount |
$ | 20,000,000 | ||
As of the end of the reporting period, the Fund’s outstanding balance on its Borrowings was as follows:
| JSD | ||||
| Outstanding balance on Borrowings |
$ | 14,000,000 | ||
Interest is charged on these Borrowings at a rate per annum equal to 1-Month LIBOR plus 0.80%. The Fund also accrued 0.15% per annum on the undrawn portion if it was less than 50% of the maximum commitment; however, if the undrawn portion of the Borrowings was greater than 50% of the maximum commitment amount the Fund accrued a 0.25% per annum on the undrawn portion of the Borrowings.
On October 28, 2020, JSD renewed its Borrowings through October 27, 2021. The Fund also accrued a 0.05% amendment fee based on the maximum commitment amount. Maximum commitment increased to $20,000,000. All other items of the Borrowings remain unchanged.
During the Fund’s utilization period(s) during the current fiscal period, the average daily balance outstanding (which was for the entire current reporting period) and average annual interest rate on the Fund’s Borrowings were as follows:
| JSD | ||||
| Average daily balance outstanding |
$ | 11,038,043 | ||
| Average annual interest rate |
0.95 | % | ||
Borrowings Information for JQC
The Fund has entered into a borrowing agreement with a bank and its affiliate. As of the end of the reporting period, the Fund’s maximum commitment amount under its Borrowings is as follows:
| JQC | ||||
| Maximum commitment amount |
$ | 405,000,000 | ||
As of the end of the reporting period, the Fund’s outstanding balance on its Borrowings was as follows:
| JQC | ||||
| Outstanding balance on Borrowings |
$ | 393,000,000 | ||
120
Interest is charged on the Borrowings at a rate per annum equal to the 3-Month LIBOR plus 1.40% and the Fund accrues 1.40% per annum on any positive difference between 90% of the maximum commitment amount and the daily drawn amount. All other items remain unchanged.
During the current fiscal period, the average daily balance outstanding (which was for the entire current reporting period) and average annual interest rate on the Fund’s Borrowings were as follows:
| JQC | ||||
| Average daily balance outstanding |
$ | 397,413,043 | ||
| Average annual interest rate |
1.65 | % | ||
Other Borrowings Information for the Funds
In order to maintain their Borrowings, the Funds must meet certain collateral, asset coverage and other requirements. Each Fund’s Borrowings outstanding is fully secured by eligible securities held in its portfolio of investments.
Each Fund’s Borrowings outstanding is recognized as “Borrowings” on the Statement of Assets and Liabilities. Interest expense incurred on the borrowed amount, undrawn balance and initial fees are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
Reverse Repurchase Agreements
During the current fiscal period, JQC used reverse repurchase agreements as a means of leverage.
In a reverse repurchase agreement, the Fund sells to the counterparty a security that it holds with a contemporaneous agreement to repurchase the same security at an agreed-upon price and date, with the Fund retaining the risk of loss that is associated with that security. The Fund will identify assets determined to be liquid by the Adviser to cover its obligations under reverse repurchase agreements. Securities sold under reverse repurchase agreements are recorded as a liability and recognized as “Reverse repurchase agreements” on the Statement of Assets and Liabilities.
Payments made on reverse repurchase agreements are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
As of the end of the reporting period, the Fund’s outstanding balances on its reverse repurchase agreements were as follows:
| Counterparty | Rate | Principal Amount |
Maturity | Value | Value and Accrued Interest |
|||||||||||||||
| Societe Generale |
3-Month LIBOR plus 0.85 | % | $ | (142,000,000 | ) | N/A | $ | (142,000,000 | ) | $ | (142,496,919 | ) | ||||||||
N/A – Maturity is not applicable. The final repurchase date will be established following pre-specified advance notice by the Fund or the counterparty to the reverse repurchase agreement.
During the current fiscal period, the average daily balance outstanding (which was for the entire current reporting period) and average interest rate on the Fund’s reverse repurchase agreements were as follows:
| JQC | ||||
| Average daily balance outstanding |
$128,277,174 | |||
| Average interest rate |
1.10 | % | ||
The following table presents the reverse repurchase agreements subject to netting agreements and the collateral delivered related to those reverse repurchase agreements.
| Counterparty | Reverse Repurchase Agreements* |
Collateral Pledged to Counterparty |
||||||
| Societe Generale |
$ | (142,496,919 | ) | $ | 160,711,083 | |||
| * | Represents gross value and accrued interest for the counterparty as reported in the preceding table. |
9. Inter-Fund Lending
Inter-Fund Borrowing and Leading
The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities
121
Notes to Financial Statements (continued)
(Unaudited)
“fails,” resulting in an unanticipated cash shortfall) (the “Inter-Fund Program”). The closed-end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund’s outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund’s total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund’s inter-fund loans to any one fund shall not exceed 5% of the lending fund’s net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business day’s notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund’s investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.
The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day’s notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.
During the current reporting period, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.
10. Subsequent Events
Distributions to Common Shareholders
On February 25, 2021, NSL, JFR, JRO and JSD announced that the Board approved the adoption of a level distribution policy. The level distribution policy is intended to provide shareholders with stable, but not guaranteed, cash flow, independent of the amount or timing of income earned or capital gains realized by the Funds. Each Fund intends to distribute all or substantially all of its net investment income through its regular monthly distribution and to distribute realized capital gains at least annually. In addition, in any monthly period, in order to maintain its level distribution amount, each Fund may pay out more or less than its net investment income during the period. As a result, distribution sources may include net investment income, realized gains and return of capital. The level distribution policy will become effective with each Fund’s March distribution.
Borrowings
During March 2021, NSL, JRO and JQC each amended their Borrowings and increased their maximum commitment amounts to $102,500,000, $180,000,000 and $430,000,000, respectively. JQC also decreased the interest paid on its Borrowings to 3-Month LIBOR plus 1.10%. All other terms remained unchanged.
Reverse Repurchase Agreements
During March 2021, JQC executed an amendment which decreases the interest rate paid on its reverse repurchase agreements to 3-Month LIBOR plus 0.80%.
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Risk Considerations
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.
Nuveen Senior Income Fund (NSL)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Adjustable Rate Senior Loans may not be fully secured by collateral, generally do not trade on exchanges, and are typically issued by unrated or below-investment grade companies, and therefore are subject to greater liquidity and credit risk. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as interest rate risk are described in more detail on the Fund’s web page at www.nuveen.com/NSL.
Nuveen Floating Rate Income Fund (JFR)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Adjustable Rate Senior Loans may not be fully secured by collateral, generally do not trade on exchanges, and are typically issued by unrated or below-investment grade companies, and therefore are subject to greater liquidity and credit risk. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as interest rate risk are described in more detail on the Fund’s web page at www.nuveen.com/JFR.
Nuveen Floating Rate Income Opportunity Fund (JRO)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Adjustable Rate Senior Loans may not be fully secured by collateral, generally do not trade on exchanges, and are typically issued by unrated or below-investment grade companies, and therefore are subject to greater liquidity and credit risk. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as interest rate risk are described in more detail on the Fund’s web page at www.nuveen.com/JRO.
Nuveen Short Duration Credit Opportunities Fund (JSD)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Adjustable Rate Senior Loans may not be fully secured by collateral, generally do not trade on exchanges, and are typically issued by unrated or below-investment grade companies, and therefore are subject to greater liquidity and credit risk. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as interest rate risk are described in more detail on the Fund’s web page at www.nuveen.com/JSD.
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Risk Considerations (continued)
Nuveen Credit Strategies Income Fund (JQC)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Adjustable Rate Senior Loans may not be fully secured by collateral, generally do not trade on exchanges, and are typically issued by unrated or below-investment grade companies, and therefore are subject to greater liquidity and credit risk. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. Common stock prices have often experienced significant volatility. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as interest rate risk are described in more detail on the Fund’s web page at www.nuveen.com/JQC.
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Changes Occurring During the Reporting Period
The following information in this semi-annual report is a summary of certain changes during the reporting period. This information may not reflect all of the changes that have occurred since you purchased shares of a Fund.
Changes to Portfolio Managers
Nuveen Senior Income Fund (NSL)
Effective August 17, 2020, Kevin Lorenz, CFA, became a portfolio manager of the Fund.
Effective October 1, 2020, Jenny Rhee no longer served as portfolio manager of the Fund.
Nuveen Floating Rate Income Fund (JFR)
Effective August 17, 2020, Kevin Lorenz, CFA, became a portfolio manager of the Fund.
Effective October 1, 2020, Jenny Rhee no longer served as portfolio manager of the Fund.
Nuveen Floating Rate Income Opportunity Fund (JRO)
Effective August 17, 2020, Kevin Lorenz, CFA, became a portfolio manager of the Fund.
Effective October 1, 2020, Jenny Rhee no longer served as portfolio manager of the Fund.
Nuveen Short Duration Credit Opportunities Fund (JSD)
Effective August 17, 2020, Kevin Lorenz, CFA, became a portfolio manager of the Fund.
Effective October 1, 2020, Jenny Rhee no longer served as portfolio manager of the Fund.
Nuveen Credit Strategies Fund (JCQ)
Effective August 17, 2020, Kevin Lorenz, CFA, became a portfolio manager of the Fund.
Effective August 17, 2020, Bernard Wong, CFA, no longer served as portfolio manager of the Fund
Effective October 1, 2020, Jenny Rhee no longer served as portfolio manager of the Fund.
Amended and Restated By-Laws
On October 5, 2020, after a rigorous and deliberative review, and consistent with the interests of each Fund’s long-term shareholders, the Board of Trustees of each Fund adopted Amended and Restated By-Laws.
Among other changes, the Amended and Restated By-Laws require compliance with certain amended deadlines and procedural and informational requirements in connection with advance notice of shareholder proposals or nominations, including certain information about the proponent and the proposal, or in the case of a nomination, the nominee. Any shareholder considering making a nomination or other proposal should carefully review and comply with those provisions of the Amended and Restated By-Laws.
The Amended and Restated By-Laws also include provisions (the “Control Share By-Law”) pursuant to which, in summary, a shareholder who obtains beneficial ownership of common shares of a Fund in a “Control Share Acquisition” may exercise voting rights with respect to such shares only to the extent the authorization of such voting rights is approved by other shareholders of the Fund. The Control Share By-Law is primarily intended to protect the interests of the Fund and its long-term shareholders by limiting the risk that the Fund will become subject to undue influence by opportunistic traders pursuing short-term agendas adverse to the best interests of the Fund and its long-term
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Shareholder Update (continued)
shareholders. The Control Share By-Law does not eliminate voting rights for common shares acquired in Control Share Acquisitions, but rather entrusts the Fund’s other “non-interested” shareholders with determining whether to approve the authorization of the voting rights of the person acquiring such shares.
Subject to various conditions and exceptions, the Control Share By-Law defines a “Control Share Acquisition” to include an acquisition of common shares that, but for the Control Share By-Law, would give the beneficial owner, upon the acquisition of such shares, the ability to exercise voting power in the election of Trustees of a Fund in any of the following ranges:
(i) one-tenth or more, but less than one-fifth of all voting power;
(ii) one-fifth or more, but less than one-third of all voting power;
(iii) one-third or more, but less than a majority of all voting power; or
(iv) a majority or more of all voting power.
The Control Share By-Law generally excludes certain acquisitions of common shares from the definition of a Control Share Acquisition, including acquisitions of common shares that occurred prior to October 5, 2020, though such shares are included in assessing whether any subsequent share acquisition exceeds one of the enumerated thresholds.
Subject to certain conditions and procedural requirements set forth in the Control Share By-Law, including the delivery of a “Control Share Acquisition Statement” to the Funds’ Secretary setting forth certain required information, a shareholder who obtains or proposes to obtain beneficial ownership of common shares in a Control Share Acquisition generally may demand a special meeting of shareholders for the purpose of considering whether the voting rights of such acquiring person with respect to such shares shall be authorized.
This discussion is only a high-level summary of certain aspects of the Amended and Restated By-Laws, and is qualified in its entirety by reference to the Amended and Restated By-Laws. Shareholders should refer to the Amended and Restated By-Laws for more information. A copy of the Amended and Restated By-Laws can be found in the Current Report on Form 8-K filed by the Funds with the Securities and Exchange Commission on October 6, 2020, which is available at www.sec.gov, and may also be obtained by writing to the Secretary of the Funds at 333 West Wacker Drive, Chicago, Illinois 60606.
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| Board of Trustees | ||||||||||
| Jack B. Evans | William C. Hunter | Albin F. Moschner | John K. Nelson | Judith M. Stockdale | Carole E. Stone | |||||
| Terence J. Toth | Matthew Thornton III |
Margaret L Wolff |
Robert L. Young |
| Investment Adviser Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606 |
Custodian State Street
Bank One Lincoln Street Boston, MA 02111 |
Legal Counsel Chapman and Cutler LLP Chicago, IL 60603 |
Independent Registered KPMG LLP 200 East Randolph Street Chicago, IL 60601 |
Transfer Agent and Computershare Trust Company, N.A. 150 Royall Street Canton, MA 02021 (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.
CEO Certification Disclosure
Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
Common Share Repurchases
Each Fund intends to repurchase, through its open market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock, as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.
| NSL | JFR | JRO | JSD | JQC | ||||||||||||||||
| Common shares repurchased |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
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.
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Glossary of Terms Used in this Report
(Unaudited)
| ∎ | 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. |
| ∎ | Collateralized Loan Obligation (CLO): A security backed by a pool of debt, often low rated corporate loans. Collateralized loan obligations (CLOs) are similar to collateralized mortgage obligations, except for the different type of underlying loan. |
| ∎ | Convexity: A tool used in risk management to measure the sensitivity of bond duration to interest rate changes. Higher convexity generally means higher sensitivity to interest rate changes. |
| ∎ | Credit Suisse Leveraged Loan Index: A representative, unmanaged index of tradeable, senior, U.S. dollar-denominated leveraged loans. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees. |
| ∎ | Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see below) and the leverage effects of certain derivative investments in the fund’s portfolio. |
| ∎ | ICE BofA U.S. High Yield Index: An index that tracks the performance of U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic market. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees. |
| ∎ | Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital. |
| ∎ | Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding. |
| ∎ | Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940. |
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Reinvest Automatically, Easily and Conveniently
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Annual Investment Management Agreement Approval Process
(Unaudited)
The Boards of Trustees of the Funds (collectively, the “Board,” and each Trustee, a “Board Member”), each of which is comprised entirely of Board Members who are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)), are responsible for determining whether to approve the respective Fund’s advisory arrangements, including sub-advisory arrangements. At a meeting held on May 19-21, 2020 (the “May Meeting”) at which it conducted its annual review of the advisory arrangements of the Funds, the Board approved, for each respective Fund, the renewal of the management agreement (each, an “Investment Management Agreement”) with Nuveen Fund Advisors, LLC (the “Adviser”) and the sub-advisory agreement (each, a “Symphony Sub-Advisory Agreement”) with Symphony Asset Management LLC (“Symphony”), an affiliate of the Adviser. (A discussion of the Board’s approval at the May Meeting of the Investment Management Agreements and Symphony Sub-Advisory Agreements is included in the Funds’ annual report for the period ended July 31, 2020.) Subsequent to the May Meeting, the Adviser discussed with the Board the proposed merger (the “Reorganization”) of Symphony with and into Nuveen Asset Management, LLC (“NAM”), also an affiliate of the Adviser, and the transfer of a number of Symphony’s existing mandates to NAM. In this regard, for each Fund, the Adviser (i) proposed, upon the closing of the Reorganization, the transfer of such Fund’s Symphony Sub-Advisory Agreement to, and assumption of such agreement by, NAM (each, a “Transfer”) and (ii) requested that the Board approve an amended and restated sub-advisory agreement, effective as of the closing date of the Reorganization, between the Adviser and NAM (each, a “New Sub-Advisory Agreement”). Accordingly, at a meeting held on November 16-18, 2020 (the “November Meeting”), for each Fund, the Board approved the respective Transfer and New Sub-Advisory Agreement.
Although the 1940 Act requires that approvals of the Funds’ advisory arrangements be approved by the in-person vote of a majority of the Board Members, the May Meeting and the November Meeting were each held virtually through the internet in view of the health risks associated with holding an in-person meeting during the COVID-19 pandemic and governmental restrictions on gatherings. The May Meeting and the November Meeting were held in reliance on an order issued by the Securities and Exchange Commission on March 13, 2020, as extended on March 25, 2020, and in conjunction with the November Meeting, as further extended on June 19, 2020; such order provided registered investment companies temporary relief from the in-person voting requirements of the 1940 Act with respect to the approval of a fund’s advisory agreement in response to the challenges arising in connection with the COVID-19 pandemic.
In conjunction with their evaluation of the New Sub-Advisory Agreements at the November Meeting, the Board Members had received, in adequate time in advance of the November Meeting and/or at prior meetings, materials that covered, among other things: (a) the nature, extent and quality of services expected to be provided by NAM; (b) the organization of NAM; (c) certain performance-related information (as described below); (d) the proposed sub-advisory fees of NAM and the profitability of Nuveen and its affiliates (including NAM) for their advisory activities; and (e) the soft dollar practices of NAM. At the November Meeting and/or at prior meetings, the Adviser made presentations to and responded to questions from the Board.
In connection with its review of the New Sub-Advisory Agreements, the Board was advised by independent legal counsel. In addition, prior to the November Meeting, the Board Members had received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing advisory agreements. The Board’s decision to approve the New Sub-Advisory Agreements was not based on a single identified factor, but rather the decision reflected the comprehensive consideration of all the information provided, and each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the approval process. The following summarizes the principal factors and information, but not all the factors, the Board considered in deciding to approve the New Sub-Advisory Agreements and its conclusions.
| A. | Nature, Extent and Quality of Services |
The Board considered the nature, extent and quality of the services expected to be provided to the Funds by NAM under the New Sub-Advisory Agreements, including the portfolio management services. The Board acknowledged that while portfolio management services would be provided by NAM rather than Symphony following the Reorganization, no changes were expected to be made to, among other things, the nature and level of sub-advisory services provided to the Funds or the day-to-day management of the Funds. In this regard, the Board was aware that it was expected that the Symphony personnel
130
who provided portfolio management services to the Funds prior to the Reorganization would continue to do so as personnel of NAM following the Reorganization. Notwithstanding the foregoing, the Board Members recognized that personnel changes may occur as a result of, for example, normal business developments or personal career decisions. Further, as NAM already serves as a sub-adviser to other Nuveen funds overseen by the Board Members, the Board has a good understanding of NAM’s organization and operations. As the Board Members meet regularly throughout the year to oversee the Nuveen funds, including Nuveen funds sub-advised by NAM, the Board Members also have relied upon their knowledge from their meetings and other interactions with respect to NAM in evaluating the New Sub-Advisory Agreements.
In addition, the Board noted that in connection with the Reorganization, management intended to bring together Nuveen and Symphony’s high-yield credit and leveraged loan capabilities to create a unified leveraged finance sector team, thereby combining Symphony’s credit expertise with the capabilities of the Nuveen Global Fixed Income platform. It was also anticipated that the Reorganization would provide for a central fixed income platform, with the scale to more effectively position Nuveen’s capabilities.
Based on their review, the Board Members found that, overall, the nature, extent and quality of services expected to be provided to each Fund under the corresponding New Sub-Advisory Agreement were satisfactory and supported approval of such New Sub-Advisory Agreement.
| B. | Investment Performance |
With respect to each Fund, at the May Meeting and at various other meetings, the Board considered such Fund’s performance over various time periods. In connection with approving the New Sub-Advisory Agreements, the Board recognized that there is no performance record for the Funds with NAM as the sub-adviser. The Board Members, however, were familiar with the performance records of other Nuveen funds sub-advised by NAM. Further, as noted above, the Board was aware that the Symphony personnel providing portfolio management services to the Funds prior to the Reorganization were expected to continue to do so as personnel of NAM following the Reorganization.
| C. | Sub-Advisory Fees and Profitability |
At the May Meeting, the Board Members considered the Funds’ respective management fees and net expense ratios. In this regard, for each Fund, the Board had considered, among other things, the sub-advisory fee schedule paid to Symphony in light of the sub-advisory services provided to such Fund and any applicable breakpoint schedule, as well as comparative data of the fees Symphony charged to certain other clients. At the November Meeting, the Board considered the proposed sub-advisory fees to be paid to NAM. The Board recognized that, for each Fund, NAM’s sub-advisory fee under the applicable New Sub-Advisory Agreement would be the same as Symphony’s sub-advisory fee under the corresponding Symphony Sub-Advisory Agreement. Further, the Board observed that the appointment of NAM would not change the management fees incurred by the Funds as the Adviser pays the sub-adviser out of the management fee it receives from the Funds and the compensation paid to NAM would be the responsibility of the Adviser, not the Funds. In addition, due to their experience with other Nuveen funds, the Board Members were familiar with NAM’s fee rates for portfolio management services provided to other Nuveen funds. Further, the Board Members had previously considered information regarding fee rates charged to certain other types of clients (which may include retail and institutional managed accounts advised by NAM; investment companies offered outside the Nuveen family and sub-advised by NAM; foreign investment companies offered by Nuveen and sub-advised by NAM; and collective investment trusts sub-advised by NAM). In evaluating the New Sub-Advisory Agreements, based on its review, the Board concluded that, for each Fund, NAM’s sub-advisory fee was reasonable in light of the nature, extent and quality of services expected to be provided to such Fund.
With respect to profitability, at the May Meeting, the Board Members considered the profitability of the various sub-advisers to the Nuveen funds (including NAM) from their relationships with the Nuveen funds. In this regard, the Board Members had reviewed, among other things, NAM’s revenues, expenses and net revenue margins (pre- and post-tax) for its advisory activities for the calendar year ended December 31, 2019 as well as its pre-tax and after-tax net revenue margins for 2019 compared to such margins for 2018. The Board Members had also reviewed a profitability analysis reflecting the revenues, expenses and revenue margin (pre- and post-tax) by asset type for NAM for the calendar year ended December 31, 2019 and the pre- and post-tax revenue margins from 2019 and 2018. Based on their review, the Board Members had noted that NAM’s
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Annual Investment Management Agreement Approval Process (continued)
(Unaudited)
level of profitability was acceptable and not unreasonable in light of the services provided; this conclusion did not change as a result of the New Sub-Advisory Agreements.
| D. | Economies of Scale |
At the May Meeting, the Board considered whether there had been economies of scale with respect to the management of the Nuveen funds and whether these economies of scale had been appropriately shared with the funds. The Board had recognized that although economies of scale are difficult to measure, there are several methods to help share the benefits of economies of scale, including, among other things, breakpoints in the management fee schedule. The Board had noted that Nuveen generally has employed these various methods. In this regard, the Board was aware that, subject to certain exceptions, the management fee of the Adviser charged to the Nuveen funds (including the Funds) is generally comprised of a fund-level component and a complex-level component, each with its own breakpoint schedule. The fund-level breakpoint schedules are designed to share economies of scale with shareholders if the particular fund grows, and 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. With respect to closed-end funds (including the Funds), however, the Board has recognized that although such funds may from time to time make additional share offerings, the growth of their assets would occur primarily through the appreciation of such funds’ investment portfolios. Further, with respect to the New Sub-Advisory Agreements, given that each Fund pays a management fee to the Adviser and that the Adviser in turn would pay NAM, the Board recognized that the sharing of benefits from economies of scale is reflected in fund-level and complex-level breakpoints in the management fees at the Adviser level and the appointment of NAM would not change the management fees paid by a Fund or the sharing of economies of scale reflected in the corresponding advisory fee schedule.
Based on its review, taking into account the New Sub-Advisory Agreements, the Board concluded that the Funds’ fee arrangements would appropriately reflect economies of scale for the benefit of shareholders.
| E. | Indirect Benefits |
At the May Meeting, the Board Members considered any indirect benefits that the various sub-advisers to the Nuveen funds (including NAM and Symphony) or their respective affiliates may receive as a result of their relationship with the Nuveen funds. Additionally, the Board Members have noted that various sub-advisers (including NAM and, prior to the Reorganization, Symphony) may engage in soft dollar transactions pursuant to which they may receive the benefit of research products and other services provided by broker-dealers executing portfolio transactions on behalf of the applicable Nuveen funds, although the Board Members have recognized that certain sub-advisers may be phasing out the use of soft dollars over time. The Board Members have also noted that when transacting in fixed-income securities, the benefits for a sub-adviser that engages in soft dollar transactions may be more limited as such securities generally trade on a principal basis and therefore do not generate brokerage commissions. Further, the Board Members have considered that although a sub-adviser that engages in soft dollar transactions may benefit from the receipt of research and other services that it may otherwise have to pay for out of its own resources, the research may also benefit the Nuveen funds to the extent it enhances the ability of the sub-adviser to manage such funds or is acquired through the commissions paid on portfolio transactions of other clients.
Based on its review, taking into account the New Sub-Advisory Agreements, the Board concluded that any indirect benefits to be received by NAM as a result of its relationship with the Funds were reasonable and within acceptable parameters.
| F. | Approval of the New Sub-Advisory Agreements |
The Board Members did not identify any single factor discussed previously as all important or controlling. The Board Members concluded that the terms of the New Sub-Advisory Agreements are fair and reasonable, that NAM’s fees are reasonable in light of the services to be provided to the Funds and that the New Sub-Advisory Agreements should be and were approved.
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Notes
133
Notes
134
Notes
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Nuveen:
Serving Investors for Generations
Since 1898, financial professionals 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 professional, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at:
www.nuveen.com/closed-end-funds
| Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com | ESA-A-0121D 1550493-INV-B-03/22 |
Item 2. Code of Ethics.
Not applicable to this filing.
Item 3. Audit Committee Financial Expert.
Not applicable to this filing.
Item 4. Principal Accountant Fees and Services.
Not applicable to this filing.
Item 5. Audit Committee of Listed Registrants.
Not applicable to this filing.
Item 6. 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 filing.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to this filing.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this item.
Item 11. Controls and Procedures.
| (a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable.
(a)(4) Change in registrant’s independent public accountant. Not applicable.
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 Senior Income Fund
| By (Signature and Title) | /s/ Mark L. Winget |
|||
| Mark L. Winget | ||||
| Vice President and Secretary |
Date: April 8, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title) | /s/ David J. Lamb |
|||
| David J. Lamb | ||||
| Chief Administrative Officer | ||||
| (principal executive officer) |
Date: April 8, 2021
| By (Signature and Title) | /s/ E. Scott Wickerham |
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| E. Scott Wickerham |
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| Vice President and Controller | ||||
| (principal financial officer) |
Date: April 8, 2021