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 811-21333

Nuveen Credit Strategies 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, 2024     

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

Closed-End

Funds

Nuveen

January

31,

2024

Semi-annual

Report

This

semi-annual

report

contains

the

Funds'

unaudited financial

statements.

Nuveen

Floating

Rate

Income

Fund

JFR

Nuveen

Credit

Strategies

Income

Fund

JQC

Nuveen

Preferred

&

Income

Opportunities

Fund

JPC

Nuveen

Preferred

and

Income

Term

Fund

JPI

Nuveen

Variable

Rate

Preferred

&

Income

Fund

NPFD

2

Table

of

Contents

Important

Notices

3

Fund

Leverage

4

Common

Share

Information

6

About

the

Funds’

Benchmarks

9

Performance

Overview

and

Holdings

Summaries

10

Portfolios

of

Investments

20

Statement

of

Assets

and

Liabilities

77

Statement

of

Operations

79

Statement

of

Changes

in

Net

Assets

80

Statement

of

Cash

Flows

83

Financial

Highlights

86

Notes

to

Financial

Statements

93

Shareholder

Meeting

Report

110

Risk

Considerations

111

Additional

Fund

Information

113

Glossary

of

Terms

Used

in

this

Report

114

Important

Notices

3

Portfolio

Manager

Commentaries

in

Semi-annual

Shareholder

Reports

The

Funds

include

portfolio

manager

commentary

in

their

annual

shareholder

reports.

For

the

Funds’

most

recent

annual

portfolio

manager

discussion,

please

refer

to

the

Portfolio

Managers’

Comments

section

of

each

Fund’s

July

31,

2023

annual

shareholder

report.

For

current

information

on

your

Fund’s

investment

objectives,

portfolio

management

team

and

average

annual

total

returns

please

refer

to

the

Fund’s

website

at

www.nuveen.com.

For

changes

that

occurred

to

your

Fund

both

during

and

subsequent

to

this

reporting

period,

please

refer

to

the

Notes

to

Financial

Statements

section

of

this

report.

For

average

annual

total

returns

as

of

the

end

of

this

reporting

period,

please

refer

to

the

Performance

Overview

and

Holding

Summaries

section

within

this

report.

Nuveen

Credit

Strategies

Fund

(JQC)

–

Product

Actions

The

Fund’s

Board

of

Trustees

of

JQC

approved

the

following

changes

to

the

Fund’s

portfolio

management

team,

investment

policies

and

performance

benchmark,

which

became

effective

on

August

9,

2023:

Portfolio

management

team:

Himani

Trivedi,

Head

of

Structured

Credit,

was

added

as

a

portfolio

manager.

There

were

no

other

changes

to

the

portfolio

management

of

the

Fund

during

the

reporting

period.

Investment

policies:

The

Fund’s

investment

policies

were

changed

to

allow

for

a

greater

portion

of

its

portfolio

to

be

invested

in

collateralized

loan

obligation

debt

and

high

yield

corporate

bonds.

Performance

benchmark:

The

Fund’s

performance

benchmark

changed

from

the

Credit

Suisse

Leveraged

Loan

Index

to

the

JQC

Blended

Benchmark,

which

is

a

linked

benchmark

that

consists

of

100%

Credit

Suisse

Leveraged

Loan

Index

through

August

8,

2023

and

thereafter

1)

75%

Credit

Suisse

Leveraged

Loan

Index

and

2)

25%

ICE

BofA

U.S.

High

Yield

Index.

The

Credit

Suisse

Leverage

Loan

Index

remains

the

Fund’s

broad-based

benchmark.

Nuveen

Preferred

&

Income

Opportunities

Fund

(JPC)

–

Fund

Merger

Update

Effective

prior

to

market

open

on

November

6,

2023,

the

Nuveen

Preferred

&

Income

Fund

(JPS)

and

Nuveen

Preferred

and

Income

Fund

(JPT)

were

each

merged

into

JPC.

Refer

to

the

Notes

to

Financial

Statements

within

this

report

for

further

details

on

the

merger.

Nuveen

Preferred

&

Income

Opportunities

Fund

(JPC),

Nuveen

Preferred

and

Income

Term

Fund

(JPI)

and

Nuveen

Variable

Rate

Preferred

and

Income

Fund

(NPFD)

–

Recent

Market

Factors

Each

of

the

Funds

covered

by

this

Report

have

substantial

allocations

to

preferred

and

contingent

capital

securities

issued

by

U.S.

and

non-U.S.

banks

and

other

financial

institutions.

Given

the

increases

in

prevailing

interest

rates

and

other

market

factors,

these

securities

continue

to

be

subject

to

heightened

volatility

and

may,

ultimately,

detract

from

Fund

performance.

Nuveen

Preferred

and

Income

Term

Fund

(JPI)

–

Fund

Restructuring

Proposal

On

January

18,

2024,

the

Fund’s

Board

of

Trustees

approved

a

proposal

for

JPI

that

will

allow

Fund

shareholders

the

opportunity

to

maintain

their

investment

in

the

Fund

and

its

exposure

to

preferred

and

other

income

producing

securities.

In

light

of

the

upcoming

scheduled

termination

of

the

Fund

on

or

before

August

31,

2024,

the

proposal

asks

shareholders

to

vote

to

amend

the

Fund’s

declaration

of

trust

to

eliminate

the

Fund’s

term

structure.

If

the

amendment

is

approved

by

shareholders,

the

Fund

will

conduct

a

tender

offer

for

100%

of

its

outstanding

shares

at

net

asset

value.

If

the

Fund’s

common

assets,

taking

into

account

shares

properly

tendered

in

the

tender

offer,

would

be

$70

million

or

greater,

the

tender

offer

will

be

completed

and

the

Fund’s

term

structure

will

be

eliminated.

If

the

Fund’s

common

assets

after

the

tender

offer

would

be

less

than

$70

million,

the

tender

offer

will

be

cancelled

with

no

common

shares

repurchased

and

instead

the

Fund

will

proceed

to

terminate

as

scheduled.

As

part

of

the

proposal,

if

the

Fund’s

term

structure

is

eliminated,

the

Fund’s

name

will

change

to

“Nuveen

Preferred

Securities

&

Income

Opportunities

Fund”

and

the

Fund’s

common

shares

will

continue

to

trade

on

the

New

York

Stock

Exchange

under

the

current

ticker

symbol.

In

addition,

if

the

Fund’s

term

structure

is

eliminated,

Nuveen

will

waive

50%

of

its

new

management

fees

over

the

first

year

following

the

elimination

of

the

term,

which

may

enhance

the

net

earnings

of

the

Fund.

Each

of

the

changes

described

above

will

take

effect

only

if

shareholders

approve

the

proposal

described

above

and

the

tender

offer

condition

is

satisfied.

More

information

on

the

proposal

will

be

contained

in

the

proxy

materials

for

the

Fund.

4

Fund

Leverage

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,

Taxable

Fund

Preferred

Shares

(TFP)

for

and/or

reverse

repurchase

agreements.

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.

However,

use

of

leverage

can

expose

Fund

common

shares

to

additional

price

volatility.

When

a

Fund

uses

leverage,

the

Fund’s

common

shares

will

experience

a

greater

increase

in

their

net

asset

value

if

the

securities

acquired

through

the

use

of

leverage

increase

in

value,

but

will

also

experience

a

correspondingly

larger

decline

in

their

net

asset

value

if

the

securities

acquired

through

leverage

decline

in

value.

All

this

will

make

the

shares’

total

return

performance

more

variable

over

time.

In

addition,

common

share

income

in

levered

funds

will

typically

decrease

in

comparison

to

unlevered

funds

when

short-term

interest

rates

increase

and

increase

when

short-term

interest

rates

decrease.

In

recent

quarters,

fund

leverage

expenses

have

generally

tracked

the

overall

movement

of

short-term

interest

rates.

While

fund

leverage

expenses

are

higher

than

their

prior

year

lows,

leverage

nevertheless

continues

to

provide

the

opportunity

for

incremental

common

share

income,

particularly

over

longer-term

periods.

The

Funds’

use

of

leverage

contributed

to

relative

performance

over

this

reporting

period.

In

addition,

JFR,

JQC

and

JPC’s

use

of

leverage

was

accretive

to

overall

common

share

income.

JPC

and

JPI

continued

to

use

interest

rate

swap

contracts

to

partially

hedge

the

interest

cost

of

leverage.

The

interest

rate

swaps

in

JPC

had

a

positive

impact

on

relative

performance

during

the

period.

The

interest

rate

swaps

in

JPI

had

a

negligible

impact

on

performance

during

the

reporting

period.

As

of

January

31,

2024,

the

Funds’

percentages

of

leverage

are

as

shown

in

the

accompanying

table.

*

Effective

leverage

is

a

Fund’s

effective

economic

leverage,

and

includes

both

regulatory

leverage

and

the

leverage

effects

of

reverse

repurchase

agreements,

certain

derivative

and

other

investments

in

a

Fund’s

portfolio

that

increase

the

Fund’s

investment

exposure.

Regulatory

leverage

consists

of

preferred

shares

issued

or

borrowings

of

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.

THE

FUNDS’

LEVERAGE

Bank

Borrowings

As

noted

previously,

the

Funds

employs

leverage

through

the

use

of

bank

borrowings.

The

Funds’

bank

borrowings

activities

are

as

shown

in

the

accompanying

table.

*

Value

does

not

include

activity

related

to

the

Merger.

Refer

to

Notes

to

Financial

Statements

for

further

details

on

bank

borrowings.

JFR

JQC

JPC

JPI

NPFD

Effective

Leverage

*

38.04%

38.10%

37.82%

34.99%

35.74%

Regulatory

Leverage

*

38.04%

30.48%

30.71%

28.12%

34.81%

Current

Reporting

Period

Subsequent

to

the

Close

of

the

Reporting

Period

Fund

Outstanding

Balance

as

of

August

1,

2023

Draws

Paydowns

Outstanding

Balance

as

of

January

31,

2024

Average

Balance

Outstanding

Draws

Paydowns

Outstanding

Balance

as

of

March

20,

2024

JFR

$477,200,000

$

-

$477,200,000

$477,200,000

$     

                -

$477,200,000

JQC

$211,600,000

$

-

$211,600,000

$211,600,000

$    

                -

$211,600,000

JPC

$219,600,000

$

795,400,000*

$  (320,000,000)*

$695,000,000

$464,310,326

$

(20,000,000)

$675,000,000

JPI

$180,900,000

$

  3,000,000

$   

  (11,000,000)

$172,900,000

$175,269,565

$  14,600,000

$    

                 -

$187,500,000

NPFD

$147,614,000

$

25,700,000

$

(3,000,000)

$170,314,000

$160,136,283

$    4,000,000

$     

                -

$174,314,000

5

Reverse

Repurchase

Agreements

As

noted

previously,

JQC,

JPC,

JPI

and

NPFD

used

reverse

repurchase

agreements,

in

which

the

Funds

sell

to

a

counterparty

a

security

that

it

holds

with

a

contemporaneous

agreement

to

repurchase

the

same

security

at

an

agreed-upon

price

and

date.

The

Funds’

transactions

in

reverse

repurchase

agreements

are

as

shown

in

the

accompanying

table.

uriti

*

Value

does

not

include

activity

related

to

the

Merger.

Refer

to

Notes

to

Financial

Statements

for

further

details

on

reverse

repurchase

agreements.

Taxable

Fund

Preferred

Shares

As

noted

previously,

in

addition

to

bank

borrowings,

JFR,

JQC,

JPC

and

NPFD

also

issued

TFP.

The

Funds’

transactions

in

TFP

are

as

shown

in

the

accompanying

table.

*

Issued

in

the

Merger.

Refer

to

Notes

to

Financial

Statements

for

further

details

on

TFP.

Current

Reporting

Period

Subsequent

to

the

Close

of

the

Reporting

Period

Fund

Outstanding

Balance

as

August

1,

2023

Sales

Purchases

Outstanding

Balance

as

of

January

31,

2024

Average

Balance

Outstanding

Sales

Purchases

Outstanding

Balance

as

of

March

20,

2024

JQC

$142,000,000

  $-

$-

$142,000,000

$142,000,000

  $

-

  $

-

$142,000,000

JPC

$102,100,000

$414,853,000*

$(102,100,000)*

$414,853,000

$210,145,679

  $

40,000,000

  $

-

$454,853,000

JPI

$65,000,000

   $-

   $-

$65,000,000

$65,000,000

  $

-

  $

-

$65,000,000

NPFD

$27,983,000

   $-

$

(17,391,000)

$10,592,000

$17,991,255

  $10,000,000

  $

-

$20,592,000

Current

Reporting

Period

Subsequent

to

the

Close

of

the

Reporting

Period

Fund

Outstanding

Balance

as

of

August

1,

2023

Issuance

Redemptions

Outstanding

Balance

as

of

January

31,

2024

Average

Balance

Outstanding

Sales

Purchases

Outstanding

Balance

as

of

March

20,

2024

JFR

$285,000,000

$-

$-

$285,000,000

$285,000,000

  $

-

  $

-

$285,000,000

JQC

$140,000,000

$-

$-

$140,000,000

$140,000,000

  $

-

  $

-

$140,000,000

JPC

$150,000,000

$270,000,000*

$-

$420,000,000

$277,663,043

  $

-

  $

-

$420,000,000

NPFD

$85,000,000

$-

$-

$85,000,000

$85,000,000

  $

-

  $

-

$85,000,000

6

Common

Share

Information

JPC

AND

NPFD

COMMON

SHARE

DISTRIBUTION

INFORMATION

The

following

information

regarding the

Funds' distributions

is

current

as

of

January

31,

2024.  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.

.

JPC,

JPI

and

NPFD

sought

to

pay

regular

monthly

dividends

out

of

their

net

investment

income

at

a

rate

that

reflected

their

past

and

projected

net

income

performance.

To

permit

each

Fund

to

maintain

a

more

stable

monthly

dividend,

the

Fund

paid

dividends

at

a

rate

that

was

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

exceeded

the

earned

net

investment

income,

the

Fund

reported

a

negative

undistributed

net

ordinary

income.

Refer

to the

Notes

to

Financial Statements for

additional

information

regarding

the

amounts

of

undistributed

net

ordinary

income

and

undistributed

net

long-term

capital

gains

and

the

character

of

the

actual

distributions

paid

by

the

Fund

during

the

prior

period.

Updated

Distribution

Policy

for

JPC,

JPI

and

NPFD

On

November

29,

2023,

the

Funds’

Board

of

Trustees

(the

“Board”)

updated

each

Fund’s

distribution

policy.

Effective

for

distributions

payable

on

December

29,

2023,

each

Fund’s

distribution

policy,

which

may

be

changed

by

the

Board,

is

to

make

regular

monthly

cash

distributions

to

holders

of

its

common

shares

(stated

in

terms

of

a

fixed

cents

per

common

share

dividend

distribution

rate

which

may

be

set

from

time

to

time).

Each

Fund

intends

to

distribute

all

or

substantially

all

of

its

net

investment

income

through

its

regular

monthly

distribution

and

to

distribute

realized

capital

gains

at

least

annually.

In

addition,

in

any

monthly

period,

to

maintain

its

declared

per

common

share

distribution

amount,

each

Fund

may

distribute

more

or

less

than

its

net

investment

income

during

the

period.

In

the

event

the

Fund

distributes

more

than

its

net

investment

income

during

any

yearly

period,

such

distributions

may

also

include

realized

gains

and/or

a

return

of

capital.

To

the

extent

that

a

distribution

includes

a

return

of

capital

the

NAV

per

share

may

erode.

The

practice

of

maintaining

a

stable

distribution

level

had

no

material

effect

on

each

Fund’s

investment

strategy

during

the

most

recent

fiscal

period

and

is

not

expected

to

have

such

an

effect

in

future

periods,

however,

distributions

in

excess

of

Fund

returns

will

cause

its

NAV

per

share

to

erode.

For

additional

information,

refer

to

the

distribution

information

section

below

and

in

the

Notes

to

Financial

Statements

herein.

All

monthly

dividends

paid

by

JPC

and

NPFD

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 the

Notes

to

Financial

Statements

of

this

report.

JFR,

JQC

AND

JPI

COMMON

SHARE

DISTRIBUTION

INFORMATION

The

following

information

regarding

the

distributions

for

JFR,

JQC

and

JPI

is

current

as

of

January

31,

2024

.

Per

Common

Share

Amounts

Monthly

Distributions

(Ex-Dividend

Date)

JPC

NPFD

August

$0.0440

$0.0865

September

0.0440

0.0865

October

0.0440

0.0865

November

0.0440

0.0865

December

0.0475

0.0935

January

0.0475

0.0935

Total

Distributions

from

Net

Investment

Income

$0.2710

$0.5330

JPC

NPFD

Current

Distribution

Rate*

7.84%

6.50%

*

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.

7

Each

Fund’s

distribution

policy,

which

may

be

changed

by

the

Board,

is

to

make

regular

monthly

cash

distributions

to

holders

of

its

common

shares

(stated

in

terms

of

a

fixed

cents

per

common

share

dividend

distribution

rate

which

may

be

set

from

time

to

time).

Each

Fund

intends

to

distribute

all

or

substantially

all

of

its

net

investment

income

each

year

through

its

regular

monthly

distribution

and

to

distribute

realized

capital

gains

at

least

annually.

In

addition,

in

any

monthly

period,

to

maintain

its

declared

per

common

share

distribution

amount,

a

Fund

may

distribute

more

or

less

than

its

net

investment

income

during

the

period.

In

the

event

a

Fund

distribute

more

than

its

net

investment

income

during

any

yearly

period,

such

distributions

may

also

include

realized

gains

and/or

a

return

of

capital.

To

the

extent

that

a

distribution

includes

a

return

of

capital

the

NAV

per

share

may

erode.

The

practice

of

maintaining

a

stable

distribution

level

had

no

material

effect

on

each

Fund’s

investment

strategy

during

the

most

recent

fiscal

period

and

is

not

expected

to

have

such

an

effect

in

future

periods,

however,

distributions

in

excess

of

Fund

returns

will

cause

its

NAV

per

share

to

erode.

For

additional

information,

refer

to

the

distribution

information

section

below

and

in

the

Notes

to

Financial

Statements

herein.

Because

distribution

source

estimates

are

updated

throughout

the

current

fiscal

year

based

on

a

fund’s

performance,

these

estimates

may

differ

from

both

the

tax

information

reported

to

you

in

your

fund’s

1099

statement,

as

well

as

the

ultimate

economic

sources

of

distributions

over

the

life

of

your

investment.

The

figures

in

the

table

below

provide

an

estimate

of

the

sources

of

distributions

and

may

include

amounts

attributed

to

realized

gains

and/or

returns

of

capital.

A

return

of

capital

may

occur,

for

example,

when

some

or

all

of

the

money

that

you

invested

in

the

Fund

is

paid

back

to

you.

A

return

of

capital

distribution

does

not

necessarily

reflect

the

Fund’s

investment

performance

and

should

not

be

confused

with

“yield”

or

“income.”

The

Funds

attribute

these

estimates

equally

to

each

regular

distribution

throughout

the

year.

Consequently,

the

estimated

information

shown

below

is

for

the

current

distribution,

and

also

represents

an

updated

estimate

for

all

prior

months

in

the

fiscal

year.

These

estimates

should

not

be

used

for

tax

reporting

purposes.

The

final

determination

for

all

distributions

paid

in

2024

will

be

made

in

early

2025

and

reported

to

you

on

Form

1099-DIV.

More

details

about

each

Fund’s

distributions

and

the

basis

for

these

estimates

are

available

on

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

NUVEEN

CLOSED-END

FUND

DISTRIBUTION

AMOUNTS

The

Nuveen

Closed-End

Funds’

monthly

and

quarterly

periodic

distributions

to

shareholders

are

posted

on

www.nuveen.com

and

can

be

found

on

Nuveen’s

enhanced

closed-end

fund

resource

page,

which

is

at

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

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).

COMMON

SHARE

EQUITY

SHELF

PROGRAMS

During

the

current

reporting

period,

JPC

was

authorized

by

the

Securities

and

Exchange

Commission

to

issue

additional

common

shares

through

an

equity

shelf

program

(Shelf

Offering).

Under

these

programs,

JPC,

subject

to

market

conditions,

may

raise

additional

capital

from

time

to

time

in

varying

amounts

and

offering

methods

at

a

net

price

at

or

above

the

Fund’s

NAV

per

common

share.

The

maximum

aggregate

offering

under

these

Shelf

Offerings,

are

as

shown

in

the

accompanying

table.

During

the

current

reporting

period,

JPC

did

not

sell

any

common

shares

through

their

Shelf

Offerings.

Refer

to

Notes

to

Financial

Statements

for

further

details

of

Shelf

Offerings

and

the

Fund’s

transactions.

COMMON

SHARE

REPURCHASES

The

Funds’

Board

of

Trustees

reauthorized

an

open-market

share

repurchase

program,

allowing

each

fund

to

repurchase

and

retire

an

aggregate

of

up

to

approximately

10%

of

its

outstanding

common

shares.

Data

as

of

January

31,

2024

Current

Month

Estimated

Percentage

of

the

Distribution

Estimated

Fiscal

YTD

Per

Share

Amounts

Fund

Net

Investment

Income

Realized

Gains

Return

of

Capital

Total

Distributions

Net

Investment

Income

Realized

Gains

Return

of

Capital

JFR

87.53%

0.00%

12.47%

$0.5100

$0.4464

$0.0000

$0.0636

JQC

91.39%

0.00%

8.61%

$0.3175

$0.2902

$0.0000

$0.0273

JPI

96.63%

0.00%

3.37%

$0.5880

$0.5682

$0.0000

$0.0198

JPC

Maximum

aggregate

offering

Unlimited

Common

Share

Information

(continued)

8

During

the

current

reporting

period,

the

Funds

did

not

repurchase

any

of

their

outstanding

common

shares.

 As

of

January

31,

2024,

(and

since

the

inception

of

the

Funds’

repurchase

programs),

each

Fund

has

cumulatively

repurchased

and

retired

its

outstanding

common

shares

as

shown

in

the

accompanying

table.

OTHER

COMMON

SHARE

INFORMATION

As

of

January

31,

2024,

the

Funds’

common

share

prices

were

trading

at

a

premium/(discount)

to

their

common

share

NAVs

and

trading

at

an

average

premium/(discount)

to

NAV

during

the

current

reporting

period,

as

follows:

JFR

JQC

JPC

JPI

NPFD

Common

shares

cumulatively

repurchased

and

retired

147,593

5,473,400

2,826,100

0

0

Common

shares

authorized

for

repurchase

5,690,000

13,560,000

10,505,000

2,275,000

2,415,000

JFR

JQC

JPC

JPI

NPFD

Common

share

NAV

$9.26

$5.91

$7.87

$19.41

$19.78

Common

share

price

$8.45

$5.37

$7.27

$18.72

$17.25

Premium/(Discount)

to

NAV

(8.75)%

(9.14)%

(7.62)%

(3.55)%

(12.79)%

Average

premium/(discount)

to

NAV

(11.71)%

(12.70)%

(12.75)%

(5.10)%

(14.70)%

About

the

Funds’

Benchmarks

9

Bloomberg

Capital

Securities

Index:

An

index

designed

to

measure

the

performance

of

USD-denominated

preferred

securities,

including

Tier

1

and

Tier

2

securities.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees

.

Credit

Suisse

Leveraged

Loan

Index:

An

index

designed

to

measure

the

performance

of

the

USD-denominated

leveraged

loan

market.

The

index

includes

issuers

from

developed

countries;

issuers

from

developing

countries

are

excluded.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

ICE

BofA

Fixed

Rate

Preferred

Securities

Index:

An

index

designed

to

measure

the

performance

of

investment

grade

fixed-rate,

USD-denominated

preferred

securities

issued

in

the

U.S.

domestic

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees

.

ICE

BofA

U.S.

All

Capital

Securities

Index:

A

n

index

designed

to

measure

the

performance

of

investment

grade

and

below

investment

grade

fixed

rate

and

fixed-to-floating

rate,

USD-denominated

hybrid

corporate

and

preferred

securities

publicly

issued

in

the

U.S.

domestic

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

ICE

BofA

U.S.

High

Yield

Index:

An

index

designed

to

measure

the

performance

of

USD-denominated

below

investment

grade

corporate

debt

publicly

issued

in

the

U.S.

domestic

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

ICE

USD

Contingent

Capital

Index

:

An

index

designed

to

measure

the

performance

of

USD

denominated

contingent

capital

debt

publicly

issued

in

the

major

domestic

and

Eurobond

markets,

including

investment

grade

and

below

investment

grade

issues.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

ICE

Variable

Rate

Preferred

&

Hybrid

Securities

Index:

An

index

designed

to

measure

the

performance

of

floating-

and

variable-rate

investment

grade

and

below

investment

grade

USD-denominated

preferred

stock

and

hybrid

debt

publicly

issued

by

corporations

in

the

U.S.

domestic

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

10

Nuveen

Floating

Rate

Income

Fund

Performance

Overview

and

Holdings

Summaries

as

of

January

31,

2024

JFR

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Fund

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

Credit

Suisse

Leveraged

Loan

Index.

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

may

be

higher

or

lower

than

the

data

shown.

Returns

do

not

reflect

the

deduction

of

taxes

that

shareholders

may

have

to

pay

on

Fund

distributions

or

upon

the

sale

of

Fund

shares.

Returns

at

NAV

are

net

of

Fund

expenses,

and

assume

reinvestment

of

distributions.

Comparative

index

return

information

is

provided

for

the

Fund’s

shares

at

NAV

only.

Indexes

are

not

available

for

direct

investment.

Daily

Common

Share

NAV

and

Share

Price

Total

Returns

as

of

January

31,

2024

Cumulative

Average

Annual

Inception

Date

6-Month

1-Year

5-Year

10-Year

JFR

at

Common

Share

NAV

3/25/04

7.19%

10.50%

4.50%

3.94%

JFR

at

Common

Share

Price

3/25/04

11.31%

11.51%

5.89%

4.19%

Credit

Suisse

Leveraged

Loan

Index

—

5.77%

11.08%

5.24%

4.45%

11

Holdings

Summaries

as

of

January

31,

2024

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.

Fund

Allocation

(%

of

net

assets)

Variable

Rate

Senior

Loan

Interests

133.1‌%

Corporate

Bonds

18.8‌%

Common

Stocks

5.0‌%

Warrants

1.7‌%

Asset-Backed

Securities

1.5‌%

Convertible

Preferred

Securities

0.0‌%

Short-Term

Investment

Companies

4.7‌%

Other

Assets

&

Liabilities,

Net

(3.6)%

Borrowings

(38.4)%

TFP

Shares,

Net

(22.8‌)%

Net

Assets

100‌%

Portfolio

Composition

1

(%

of

total

investments)

Software

&

Services

12.4%

Consumer

Services

12.4%

Health

Care

Equipment

&

Services

9.8%

Media

&

Entertainment

8.6%

Energy

6.2%

Commercial

&

Professional

Services

5.4%

Telecommunication

Services

4.9%

Materials

4.8%

Insurance

4.7%

Capital

Goods

4.7%

Transportation

4.3%

Consumer

Discretionary

Distribution

&

Retail

4.0%

Investment

Companies

2.8%

Utilities

2.7%

Pharmaceuticals,

Biotechnology

&

Life

Sciences

2.2%

Other

10.1%

Total

Investments

100%

Top

Five

Issuers

(%

of

total

long-term

investments)

Quarternorth

Energy

Holding

Inc

2.3%

1011778

B.C.

Unlimited

Liability

Company,

Term

Loan

B5

1.7%

Medline

Borrower,

LP,

Term

Loan

B

1.6%

Asurion

LLC,

Term

Loan

B8

1.4%

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

B

1.3%

Bond

Credit

Quality

(%

of

total

long-term

investments)

BBB

11.1%

BB

or

Lower

88.9%

Total

100‌%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

12

Nuveen

Credit

Strategies

Income

Fund

Performance

Overview

and

Holdings

Summaries

as

of

January

31,

2024

JQC

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Fund

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

JQC

Blended

Benchmark.

Effective

August

9,

2023,

the

JQC

Blended

Benchmark

consists

of

1)

75%

Credit

Suisse

Leveraged

Loan

Index

and

2)

25%

ICE

BofA

U.S.

High

Yield

Index.

Through

August

8,

2023,

the

Fund’s

performance

was

measured

against

the

Credit

Suisse

Leveraged

Loan

Index.

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

may

be

higher

or

lower

than

the

data

shown.

Returns

do

not

reflect

the

deduction

of

taxes

that

shareholders

may

have

to

pay

on

Fund

distributions

or

upon

the

sale

of

Fund

shares.

Returns

at

NAV

are

net

of

Fund

expenses,

and

assume

reinvestment

of

distributions.

Comparative

index

return

information

is

provided

for

the

Fund’s

shares

at

NAV

only.

Indexes

are

not

available

for

direct

investment.

Daily

Common

Share

NAV

and

Share

Price

Total

Returns

as

of

January

31,

2024

Cumulative

Average

Annual

Inception

Date

6-Month

1-Year

5-Year

10-Year

JQC

at

Common

Share

NAV

6/25/03

7.00%

10.26%

3.60%

3.26%

JQC

at

Common

Share

Price

6/25/03

12.43%

11.20%

5.40%

4.09%

Credit

Suisse

Leveraged

Loan

Index

—

5.77%

11.08%

5.24%

4.45%

JQC

Blended

Benchmark

—

6.02%

11.34%

5.29%

4.47%

13

Holdings

Summaries

as

of

January

31,

2024

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.

Fund

Allocation

(%

of

net

assets)

Variable

Rate

Senior

Loan

Interests

122.0‌%

Corporate

Bonds

31.6‌%

Common

Stocks

2.3‌%

Asset-Backed

and

Mortgage-

Backed

Securities

1.9‌%

Warrants

0.5‌%

Short-Term

Investment

Companies

5.6‌%

Other

Assets

&

Liabilities,

Net

(2.3)%

Reverse

Repurchase

Agreements,

including

accrued

interest

(17.8‌)%

Borrowings

(26.4)%

TFP

Shares,

Net

(17.4‌)%

Net

Assets

100‌%

Top

Five

Issuers

(%

of

total

long-term

investments)

Ultimate

Software

Group

Inc

(The),

Term

Loan

B

1.8%

Medline

Borrower,

LP,

Term

Loan

B

1.7%

Talen

Energy

Supply,

LLC,

Term

Loan

B

1.3%

Level

3

Financing

Inc

1.2%

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

B

1.2%

Portfolio

Composition

1

(%

of

total

investments)

Software

&

Services

12.5%

Consumer

Services

10.9%

Health

Care

Equipment

&

Services

10.7%

Media

&

Entertainment

8.1%

Capital

Goods

6.3%

Telecommunication

Services

6.2%

Materials

5.8%

Insurance

5.0%

Transportation

4.9%

Commercial

&

Professional

Services

4.5%

Consumer

Discretionary

Distribution

&

Retail

4.0%

Energy

3.6%

Investment

Companies

3.4%

Utilities

2.9%

Pharmaceuticals,

Biotechnology

&

Life

Sciences

1.8%

Other

9.4%

Total

Investments

100%

Bond

Credit

Quality

(%

of

total

long-term

investments)

A

0.1%

BBB

9.5%

BB

or

Lower

83.0%

N/R

(not

rated)

2.3%

N/A

(not

applicable)

5.1%

Total

100‌%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

14

Nuveen

Preferred

&

Income

Opportunities

Fund

Performance

Overview

and

Holdings

Summaries

as

of

January

31,

2024

JPC

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Fund

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

JPC

Blended

Benchmark.

Effective

April

1,

2022,

the

JPC

Blended

Benchmark

consists

of

1)

60%

ICE

BofA

U.S.

All

Capital

Securities

Index

and

2)

40%

ICE

USD

Contingent

Capital

Index.

From

December

31,

2013,

through

March

31,

2022,

the

JPC

Blended

Benchmark

consisted

of

1)

50%

ICE

BofA

Fixed

Rate

Preferred

Securities

Index,

2)

30%

ICE

BofA

U.S.

All

Capital

Securities

Index

and

3)

20%

ICE

USD

Contingent

Capital

Index.

Through

December

30,

2013,

the

JPC

Blended

Benchmark

consisted

of

1)

82.5%

ICE

BofA

Fixed

Rate

Preferred

Securities

Index

and

2)

17.5%

Bloomberg

Capital

Securities

Index.

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

may

be

higher

or

lower

than

the

data

shown.

Returns

do

not

reflect

the

deduction

of

taxes

that

shareholders

may

have

to

pay

on

Fund

distributions

or

upon

the

sale

of

Fund

shares.

Returns

at

NAV

are

net

of

Fund

expenses,

and

assume

reinvestment

of

distributions.

Comparative

index

return

information

is

provided

for

the

Fund’s

shares

at

NAV

only.

Indexes

are

not

available

for

direct

investment.

Daily

Common

Share

NAV

and

Share

Price

Total

Returns

as

of

January

31,

2024

Cumulative

Average

Annual

Inception

Date

6-Month

1-Year

5-Year

10-Year

JPC

at

Common

Share

NAV

3/26/03

9.52%

0.97%

3.14%

4.98%

JPC

at

Common

Share

Price

3/26/03

14.77%

(0.87)%

2.87%

5.81%

ICE

BofA

U.S.

All

Capital

Securities

Index

—

7.30%

3.22%

3.65%

4.79%

JPC

Blended

Benchmark

—

7.22%

0.86%

2.98%

4.69%

15

Holdings

Summaries

as

of

January

31,

2024

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.

Fund

Allocation

(%

of

net

assets)

$1,000

Par

(or

similar)

Institutional

Preferred

82

.8‌

%

Contingent

Capital

Securities

48

.1‌

%

$25

Par

(or

similar)

Retail

Preferred

19

.9‌

%

Corporate

Bonds

6

.4‌

%

Convertible

Preferred

Securities

0

.9‌

%

Common

Stocks

0

.0‌

%

Repurchase

Agreements

0

.1‌

%

Other

Assets

&

Liabilities,

Net

2.6%

Reverse

Repurchase

Agreements,

including

accrued

interest

(

16

.6‌

)

%

Borrowings

(27.6)%

TFP

Shares,

Net

(

16

.6‌

)

%

Net

Assets

100‌

%

Portfolio

Composition

1

(%

of

total

investments)

Banks

53.5%

Financial

Services

17.3%

Insurance

13.7%

Utilities

4.8%

Energy

3.7%

Food,

Beverage

&

Tobacco

2.5%

Capital

Goods

1.6%

Other

2.8%

Repurchase

Agreements

0.1%

Total

100%

Country

Allocation

2

(%

of

total

investments)

United

States

57

.3‌

%

United

Kingdom

12

.5‌

%

France

8

.0‌

%

Switzerland

5

.0‌

%

Canada

4

.3‌

%

Spain

2

.5‌

%

Netherlands

2

.2‌

%

Australia

2

.1‌

%

Germany

2

.0‌

%

Finland

1

.3‌

%

Italy

1

.3‌

%

Other

1

.5‌

%

Total

100‌

%

Top

Five

Issuers

(%

of

total

long-term

investments)

Citigroup

Inc

3.9%

BNP

Paribas

SA

3.8%

UBS

Group

AG

3.7%

Wells

Fargo

&

Co

3.3%

Bank

of

America

Corp

3.0%

Portfolio

Credit

Quality

(%

of

total

long-term

fixed-income

investments)

A

2.8%

BBB

75.3%

BB

or

Lower

20.4%

N/R

(not

rated)

1.5%

N/A

(not

applicable)

0.0%

Total

100‌

%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

Includes

0.9%

(as

a

percentage

of

total

investments)

in

emerging

market

countries.

16

Nuveen

Preferred

and

Income

Term

Fund

Performance

Overview

and

Holdings

Summaries

as

of

January

31,

2024

JPI

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Fund

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

JPI

Blended

Benchmark.

Effective

December

31,

2013,

the

JPI

Blended

Benchmark

consists

of

1)

60%

ICE

BofA

U.S.

All

Capital

Securities

Index

and

2)

40%

ICE

USD

Contingent

Capital

Index.

Through

December

30,

2013,

the

JPI

Blended

Benchmark

consisted

of

1)

65%

ICE

BofA

Fixed

Rate

Preferred

Securities

Index

and

2)

35%

Bloomberg

Capital

Securities

Index.

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

may

be

higher

or

lower

than

the

data

shown.

Returns

do

not

reflect

the

deduction

of

taxes

that

shareholders

may

have

to

pay

on

Fund

distributions

or

upon

the

sale

of

Fund

shares.

Returns

at

NAV

are

net

of

Fund

expenses,

and

assume

reinvestment

of

distributions.

Comparative

index

return

information

is

provided

for

the

Fund’s

shares

at

NAV

only.

Indexes

are

not

available

for

direct

investment.

Daily

Common

Share

NAV

and

Share

Price

Total

Returns

as

of

January

31,

2024

Cumulative

Average

Annual

Inception

Date

6-Month

1-Year

5-Year

10-Year

JPI

at

Common

Share

NAV

7/26/12

8.65%

(0.91)%

3.14%

5.00%

JPI

at

Common

Share

Price

7/26/12

9.78%

(1.56)%

3.66%

5.75%

ICE

BofA

U.S.

All

Capital

Securities

Index

—

7.30%

3.22%

3.65%

4.79%

JPI

Blended

Benchmark

—

7.22%

0.86%

3.34%

4.79%

17

Holdings

Summaries

as

of

January

31,

2024

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.

Fund

Allocation

(%

of

net

assets)

$1,000

Par

(or

similar)

Institutional

Preferred

79

.5‌

%

Contingent

Capital

Securities

48

.6‌

%

$25

Par

(or

similar)

Retail

Preferred

25

.8‌

%

Corporate

Bonds

0

.8‌

%

Other

Assets

&

Liabilities,

Net

(0.7)%

Reverse

Repurchase

Agreements,

including

accrued

interest

(

14

.9‌

)

%

Borrowings

(39.1)%

Net

Assets

100‌

%

Portfolio

Composition

1

(%

of

total

investments)

Banks

53.9%

Financial

Services

15.3%

Insurance

13.1%

Food,

Beverage

&

Tobacco

4.4%

Energy

3.7%

Utilities

3.5%

Capital

Goods

3.2%

Other

2.9%

Total

100%

Top

Five

Issuers

(%

of

total

long-term

investments)

Citigroup

Inc

4.3%

HSBC

Holdings

PLC

3.8%

UBS

Group

AG

3.3%

BNP

Paribas

SA

3.2%

Wells

Fargo

&

Co

3.1%

Portfolio

Credit

Quality

(%

of

total

long-term

fixed-income

investments)

BBB

68.9%

BB

or

Lower

28.9%

N/R

(not

rated)

2.2%

Total

100‌

%

Country

Allocation

2

(%

of

total

investments)

United

States

59

.5‌

%

United

Kingdom

11

.9‌

%

France

7

.0‌

%

Switzerland

3

.8‌

%

Canada

3

.4‌

%

Spain

2

.6‌

%

Netherlands

2

.6‌

%

Italy

2

.1‌

%

Australia

1

.7‌

%

Germany

1

.5‌

%

Ireland

1

.3‌

%

Other

2

.6‌

%

Total

100‌

%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

Includes

2.2%

(as

a

percentage

of

total

investments)

in

emerging

market

countries.

18

Nuveen

Variable

Rate

Preferred

&

Income

Fund

Performance

Overview

and

Holdings

Summaries

as

of

January

31,

2024

NPFD

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Fund

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

NPFD

Blended

Benchmark.

The

NPFD

Blended

Benchmark

consists

of

1)

80%

ICE

Variable

Rate

Preferred

&

Hybrid

Securities

Index

and

2)

20%

ICE

USD

Contingent

Capital

Index.

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

may

be

higher

or

lower

than

the

data

shown.

Returns

do

not

reflect

the

deduction

of

taxes

that

shareholders

may

have

to

pay

on

Fund

distributions

or

upon

the

sale

of

Fund

shares.

Returns

at

NAV

are

net

of

Fund

expenses,

and

assume

reinvestment

of

distributions.

Comparative

index

return

information

is

provided

for

the

Fund’s

shares

at

NAV

only.

Indexes

are

not

available

for

direct

investment.

Daily

Common

Share

NAV

and

Share

Price

Total

Returns

as

of

January

31,

2024

Cumulative

Average

Annual

Inception

Date

6-Month

1-Year

Since

Inception

NPFD

at

Common

Share

NAV

12/15/21

8.40%

(0.05)%

(4.68)%

NPFD

at

Common

Share

Price

12/15/21

8.78%

(2.57)%

(9.97)%

ICE

Variable

Rate

Preferred

&

Hybrid

Securities

Index

—

7.19%

6.99%

2.07%

NPFD

Blended

Benchmark

—

7.17%

5.03%

0.77%

19

Holdings

Summaries

as

of

January

31,

2024

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.

Fund

Allocation

(%

of

net

assets)

$1,000

Par

(or

similar)

Institutional

Preferred

103

.3‌

%

Contingent

Capital

Securities

25

.9‌

%

$25

Par

(or

similar)

Retail

Preferred

24

.1‌

%

Corporate

Bonds

1

.4‌

%

Repurchase

Agreements

0

.0‌

%

Other

Assets

&

Liabilities,

Net

0.8%

Reverse

Repurchase

Agreements,

including

accrued

interest

(

2

.2‌

)

%

Borrowings

(35.6)%

TFP

Shares,

Net

(

17

.7‌

)

%

Net

Assets

100‌

%

Top

Five

Issuers

(%

of

total

long-term

investments)

Citigroup

Inc

5.0%

JPMorgan

Chase

&

Co

3.8%

Bank

of

America

Corp

3.8%

Goldman

Sachs

Group

Inc/The

3.7%

Wells

Fargo

&

Co

3.3%

Portfolio

Composition

1

(%

of

total

investments)

Banks

47.5%

Financial

Services

16.1%

Insurance

14.3%

Energy

6.8%

Utilities

5.9%

Capital

Goods

3.7%

Automobiles

&

Components

2.3%

Other

3.4%

Repurchase

Agreements

0.0%

Total

100%

Portfolio

Credit

Quality

(%

of

total

long-term

fixed-income

investments)

BBB

67.3%

BB

or

Lower

30.2%

N/R

(not

rated)

2.5%

Total

100‌

%

Country

Allocation

2

(%

of

total

investments)

United

States

68

.6‌

%

United

Kingdom

7

.6‌

%

Canada

6

.8‌

%

France

3

.8‌

%

Switzerland

2

.4‌

%

Ireland

2

.0‌

%

Australia

1

.6‌

%

Spain

1

.6‌

%

Netherlands

1

.5‌

%

Bermuda

1

.2‌

%

Germany

0

.9‌

%

Other

2

.0‌

%

Total

100‌

%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

Includes

2.1%

(as

a

percentage

of

total

investments)

in

emerging

market

countries.

20

Nuveen

Floating

Rate

Income

Fund

Portfolio

of

Investments

January

31,

2024

(Unaudited)

JFR

Principal

Amount

(000)

Description

(a)

Coupon

(b)

Reference

Rate

(b)

Spread

(b)

Maturity

(c)

Value

LONG-TERM

INVESTMENTS

-

160.1% 

(97.2%

of

Total

Investments)

X

–

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

-

133.1%

(80.8%

of

Total

Investments)

(b)

X

1,652,269,487

Automobiles

&

Components

-

0.7%

(0.4%

of

Total

Investments)

$

1,049

Adient

US

LLC,

Term

Loan

B

8.606%

TSFR1M

3.250%

4/10/28

$

1,052,090

3,312

Clarios

Global

LP,

Term

Loan

B

8.333%

SOFR30A

3.000%

5/06/30

3,317,909

2,828

DexKo

Global

Inc.,

Term

Loan

B

,

(DD1)

9.360%

SOFR90A

3.750%

10/04/28

2,818,616

1,501

Phinia

Inc,

Term

Loan

B

9.433%

SOFR30A

4.000%

7/03/28

1,504,991

Total

Automobiles

&

Components

8,693,606

Capital

Goods

-

7.4%

(4.5%

of

Total

Investments)

3,861

ACProducts,

Inc.,

Term

Loan

B

9.860%

SOFR90A

4.250%

5/17/28

3,350,003

626

Aegion

Corporation,

Term

Loan

9.587%

TSFR3M

4.250%

5/17/28

627,676

7,478

Ali

Group

North

America

Corporation,

Term

Loan

B

7.447%

SOFR30A

2.000%

10/13/28

7,485,252

3,566

Alliance

Laundry

Systems

LLC,

Term

Loan

B

8.929%

SOFR30A

+

SOFR90A

3.500%

10/08/27

3,569,922

3,234

Centuri

Group,

Inc,

Term

Loan

B

7.294%

SOFR30A

2.500%

8/28/28

3,244,038

9,684

Chamberlain

Group

Inc,

Term

Loan

B

8.683%

SOFR30A

3.250%

10/22/28

9,590,906

2,192

Chart

Industries,

Inc.,

Term

Loan

8.698%

TSFR1M

3.250%

3/18/30

2,197,645

4,657

Core

&

Main

LP,

Term

Loan

B

7.996%

TSFR1M

+

TSFR2M

2.500%

6/10/28

4,663,993

1,192

Cornerstone

Building

Brands,

Inc.,

Term

Loan

B

8.683%

TSFR1M

3.250%

4/12/28

1,184,829

3,744

Emrld

Borrower

LP,

Term

Loan

B

8.313%

SOFR30A

3.000%

5/31/30

3,749,219

5,243

Gates

Global

LLC,

Term

Loan

B3

7.933%

SOFR30A

2.500%

3/31/27

5,244,014

1,900

INNIO

Group

Holding

GmbH,

Term

Loan

B

9.564%

TSFR3M

4.250%

11/06/28

1,906,536

2,942

Madison

IAQ

LLC,

Term

Loan

8.701%

TSFR1M

3.250%

6/21/28

2,923,622

3,126

Osmose

Utilities

Services,

Inc.,

Term

Loan

8.697%

SOFR30A

3.250%

6/22/28

3,113,187

7,472

Quikrete

Holdings,

Inc.,

Term

Loan,

First

Lien

8.072%

SOFR30A

2.625%

1/31/27

7,483,788

3,404

Resideo

Funding

Inc.,

Term

Loan

7.700%

SOFR30A

+

TSFR1M

2.250%

2/14/28

3,397,368

2,197

Standard

Industries

Inc.,

Term

Loan

B

7.701%

TSFR1M

2.250%

9/22/28

2,198,437

350

TransDigm

Inc

,Term

Loan

,

(WI/

DD)

TBD

TBD

TBD

TBD

350,842

4,101

TransDigm,

Inc.,

Term

Loan

H

8.598%

SOFR90A

3.250%

2/22/27

4,110,657

10,850

TransDigm,

Inc.,

Term

Loan

I

8.598%

SOFR90A

3.250%

8/24/28

10,873,086

2,992

Victory

Buyer

LLC,

Term

Loan

9.391%

TSFR3M

3.750%

11/18/28

2,846,400

7,803

Windsor

Holdings

III,

LLC,

Term

Loan

B

,

(DD1)

9.848%

TSFR1M

4.500%

8/01/30

7,823,412

Total

Capital

Goods

91,934,832

Commercial

&

Professional

Services

-

7.5%

(4.6%

of

Total

Investments)

6,245

Allied

Universal

Holdco

LLC,

Term

Loan

B

,

(DD1)

9.183%

SOFR30A

3.750%

5/15/28

6,167,768

4,029

Amentum

Government

Services

Holdings

LLC,

Term

Loan

9.337%

SOFR30A

4.000%

2/07/29

4,036,204

4,639

Anticimex

International

AB,

Term

Loan

B1

,

(DD1)

8.495%

SOFR90A

3.150%

11/16/28

4,619,258

1,719

Camelot

U.S.

Acquisition

LLC,

Term

Loan

B

8.337%

SOFR30A

3.000%

10/30/26

1,719,699

1,676

CHG

Healthcare

Services

Inc.,

Term

Loan

8.697%

SOFR30A

3.250%

10/02/28

1,673,152

21

Principal

Amount

(000)

Description

(a)

Coupon

(b)

Reference

Rate

(b)

Spread

(b)

Maturity

(c)

Value

Commercial

&

Professional

Services

(continued)

$

3,140

CoreLogic,

Inc.,

Term

Loan

8.947%

SOFR30A

3.500%

6/02/28

$

3,041,619

4,198

Covanta

Holding

Corporation,

Term

Loan

B

7.833%

SOFR30A

2.500%

11/30/28

4,189,620

320

Covanta

Holding

Corporation,

Term

Loan

C

7.833%

SOFR30A

2.500%

11/30/28

319,448

5,281

Creative

Artists

Agency,

LLC

,

Term

Loan

B

8.833%

SOFR30A

3.500%

11/16/28

5,288,941

6,606

Dun

&

Bradstreet

Corporation

(The),

Term

Loan

B

8.087%

TSFR1M

2.750%

2/09/26

6,614,819

5,598

EAB

Global,

Inc.,

Term

Loan

8.947%

SOFR30A

3.500%

8/16/28

5,600,451

2,155

Evertec

Group,

LLC,

Term

Loan

B

8.833%

SOFR30A

3.500%

10/15/30

2,156,847

3,142

Garda

World

Security

Corporation,

Term

Loan

B

,

(DD1)

9.725%

SOFR90A

4.250%

10/30/26

3,150,511

1,335

Garda

World

Security

Corporation,

Term

Loan

B

,

(DD1)

9.625%

TSFR3M

4.250%

2/01/29

1,337,322

3,758

GFL

Environmental

Inc.,

First

Lien

Term

Loan

7.816%

TSFR3M

2.500%

5/31/27

3,764,674

1,711

Herman

Miller,

Inc,

Term

Loan

B

7.447%

SOFR30A

2.000%

7/19/28

1,705,416

3,860

LABL,

Inc.,

Term

Loan,

First

Lien

10.433%

SOFR30A

5.000%

10/29/28

3,674,283

290

(d)

OMNIA

Partners

LLC,

Term

Loan

9.074%

SOFR30A

3.750%

7/25/30

290,908

3,085

OMNIA

Partners

LLC,

Term

Loan

B

9.074%

SOFR30A

3.750%

7/25/30

3,096,765

5,380

Prime

Security

Services

Borrower,

LLC,

Term

Loan

B

7.827%

TSFR3M

2.500%

10/14/30

5,390,437

7,335

Verscend

Holding

Corp.,

Term

Loan

B

9.447%

SOFR30A

4.000%

8/27/25

7,352,386

5,947

Vertical

US

Newco

Inc,

Term

Loan

B

,

(DD1)

9.081%

6-Month

LIBOR

3.500%

7/31/27

5,955,590

775

VT

Topco,

Inc.,

Term

Loan

B

9.583%

SOFR30A

4.250%

8/12/30

778,933

12,239

WIN

Waste

Innovations

Holdings,

Inc.,

Term

Loan

B

8.197%

SOFR30A

2.750%

3/27/28

11,323,970

Total

Commercial

&

Professional

Services

93,249,021

Consumer

Discretionary

Distribution

&

Retail

-

5.1%

(3.1%

of

Total

Investments)

1,798

Academy,

Ltd.,

Term

Loan

9.217%

TSFR1M

3.750%

11/08/27

1,802,717

6,292

Avis

Budget

Car

Rental,

LLC,

Term

Loan

B

7.197%

SOFR30A

1.750%

8/06/27

6,266,350

2,666

Avis

Budget

Car

Rental,

LLC,

Term

Loan

C

8.433%

SOFR30A

3.000%

3/16/29

2,672,961

1,252

Belk,

Inc.,

Term

Loan

15.000%

Prime

6.500%

7/31/25

1,135,917

6,052

Belk,

Inc.,

Term

Loan

,

(cash

15.299%,

PIK

8.000%)

15.000%

N/A

N/A

7/31/25

1,354,073

2,179

Belron

Finance

US

LLC,

Term

Loan,

First

Lien

7.664%

SOFR90A

2.250%

4/13/29

2,185,859

1,010

CNT

Holdings

I

Corp

,Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

1,009,581

1,086

Driven

Holdings,

LLC,

Term

Loan

B

8.451%

TSFR1M

3.000%

12/18/28

1,079,561

1,682

EOS

Finco

Sarl,

Term

Loan

11.098%

SOFR90A

5.750%

8/03/29

1,536,813

908

Fastlane

Parent

Company,

Inc.,

Term

Loan

B

9.833%

SOFR30A

4.500%

9/29/28

908,860

5,330

Jo-Ann

Stores,

Inc.,

Term

Loan

B1

10.336%

SOFR90A

4.750%

6/30/28

435,343

6,834

LBM

Acquisition

LLC,

Term

Loan

B

,

(DD1)

9.087%

SOFR30A

3.750%

12/20/27

6,783,977

1,699

Les

Schwab

Tire

Centers,

Term

Loan

B

8.708%

TSFR1M

3.250%

11/02/27

1,699,088

20,405

PetSmart,

Inc.,

Term

Loan

B

9.183%

SOFR30A

3.750%

2/12/28

20,339,447

Nuveen

Floating

Rate

Income

Fund

(continued)

Portfolio

of

Investments

January

31,

2024

(Unaudited)

22

JFR

Principal

Amount

(000)

Description

(a)

Coupon

(b)

Reference

Rate

(b)

Spread

(b)

Maturity

(c)

Value

Consumer

Discretionary

Distribution

&

Retail

(continued)

$

5,745

Restoration

Hardware,

Inc.,

Term

Loan

B

7.947%

SOFR30A

2.500%

10/15/28

$

5,525,639

3,220

SRS

Distribution

Inc.,

Term

Loan

8.683%

SOFR30A

3.250%

6/04/28

3,206,838

1,431

Staples,

Inc.,

Term

Loan

10.467%

1-Month

LIBOR

5.000%

4/12/26

1,355,505

4,445

Wand

NewCo

3

Inc

,Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

4,452,645

Total

Consumer

Discretionary

Distribution

&

Retail

63,751,174

Consumer

Durables

&

Apparel

-

2.2%

(1.3%

of

Total

Investments)

3,450

(d)

AI

Aqua

Merger

Sub,

Inc.,

Term

Loan

,

(DD1)

9.585%

TSFR1M

4.250%

7/31/28

3,453,243

8,156

AI

Aqua

Merger

Sub,

Inc.,

Term

Loan

B,

First

Lien

9.105%

TSFR1M

3.750%

7/31/28

8,121,983

2,791

Birkenstock

GmbH

&

Co.

KG,

Term

Loan

B

8.894%

SOFR90A

3.250%

4/28/28

2,799,904

1,559

Hayward

Industries,

Inc.,

Term

Loan

8.197%

SOFR30A

2.750%

5/30/28

1,559,240

108

Serta

Simmons

Bedding,

LLC,

Term

Loan

12.963%

SOFR90A

7.500%

6/29/28

102,128

1,580

SRAM,

LLC

,

Term

Loan

B

9.224%

Prime

2.250%

5/18/28

1,577,571

6,183

Topgolf

Callaway

Brands

Corp.,

Term

Loan

B

8.933%

SOFR30A

3.500%

3/09/30

6,178,761

3,333

Weber-Stephen

Products

LLC,

Term

Loan

B

8.697%

SOFR30A

3.250%

10/29/27

3,030,761

Total

Consumer

Durables

&

Apparel

26,823,591

Consumer

Services

-

18.9%

(11.5%

of

Total

Investments)

34,143

1011778

B.C.

Unlimited

Liability

Company,

Term

Loan

B5

7.583%

SOFR30A

2.250%

9/23/30

34,015,189

739

24

Hour

Fitness

Worldwide,

Inc.,

Exit

Term

Loan

19.370%

SOFR90A

+

3-Month

LIBOR

14.000%

9/29/26

388,001

1,556

24

Hour

Fitness

Worldwide,

Inc.,

Term

Loan

,

(cash

10.529%,

PIK

5.000%)

10.610%

SOFR90A

5.000%

12/29/25

699,999

3,846

Alterra

Mountain

Company,

Term

Loan

8.947%

SOFR30A

3.500%

8/17/28

3,852,333

205

Alterra

Mountain

Company,

Term

Loan

B

9.183%

SOFR30A

3.750%

5/31/30

205,101

1,461

Aramark

Services,

Inc.,

Term

Loan

B6

7.947%

SOFR30A

2.500%

6/24/30

1,459,594

11,841

Caesars

Entertainment

Corp,

Term

Loan

B

8.663%

SOFR90A

3.250%

1/25/30

11,849,997

2,250

Caesars

Entertainment

Inc

,Term

Loan

8.663%

SOFR90A

3.250%

1/27/31

2,248,594

3,187

Carnival

Corporation,

Term

Loan

B

8.697%

SOFR30A

3.250%

10/18/28

3,191,689

3,990

Carnival

Corporation,

Term

Loan

B

8.336%

TSFR1M

3.000%

8/09/27

3,996,932

6,713

Churchill

Downs

Incorporated,

Term

Loan

B1

7.433%

SOFR30A

2.000%

3/17/28

6,709,760

17,287

ClubCorp

Holdings,

Inc.,

Term

Loan

B2

10.610%

Prime

4.000%

9/18/26

17,105,203

10,044

Equinox

Holdings,

Inc.,

Term

Loan,

First

Lien

8.610%

3-Month

LIBOR

+

SOFR180A

3.000%

3/08/24

9,947,543

15,313

Fertitta

Entertainment,

LLC,

Term

Loan

B

9.333%

SOFR30A

4.000%

1/27/29

15,289,848

24,125

Flutter

Entertainment

PLC,

Term

Loan

B

7.698%

SOFR90A

2.250%

11/25/30

24,064,687

7,472

Formula

One

Holdings

Limited,

Term

Loan

B

7.598%

SOFR90A

2.250%

1/15/30

7,478,538

1,940

GT

Polaris,

Inc.,

Term

Loan

9.324%

SOFR90A

3.750%

9/24/27

1,912,383

23

Principal

Amount

(000)

Description

(a)

Coupon

(b)

Reference

Rate

(b)

Spread

(b)

Maturity

(c)

Value

Consumer

Services

(continued)

$

5,821

GVC

Holdings

(Gibraltar)

Limited,

Term

Loan

B

8.948%

SOFR90A

3.500%

10/31/29

$

5,829,120

10,242

Hilton

Domestic

Operating

Company,

Inc.,

Term

Loan

B4

7.436%

TSFR1M

2.000%

11/08/30

10,255,836

5,132

Hilton

Grand

Vacations

Borrower

LLC,

Term

Loan

B

8.087%

SOFR30A

2.750%

8/02/28

5,130,977

2,090

Hilton

Grand

Vacations

Borrower

LLC,

Term

Loan

B

8.083%

SOFR30A

2.750%

1/17/31

2,088,955

15,387

IRB

Holding

Corp,

Term

Loan

B

8.074%

SOFR90A

2.750%

12/15/27

15,373,572

3,734

Life

Time

Fitness

Inc

,

Term

Loan,

First

Lien

9.824%

SOFR90A

4.250%

1/15/26

3,760,316

9,970

Light

and

Wonder

International,

Inc.,

Term

Loan

8.083%

TSFR1M

2.750%

4/16/29

9,994,049

857

Motion

Finco

Sarl,

Term

Loan

B2

,

(DD1)

8.860%

SOFR90A

3.250%

11/04/26

858,026

1,619

NASCAR

Holdings,

Inc,

Term

Loan

B

7.947%

SOFR30A

2.500%

10/19/26

1,627,650

3,079

PCI

Gaming

Authority,

Term

Loan

7.947%

SOFR30A

2.500%

5/31/26

3,082,073

2,566

Penn

National

Gaming,

Inc.,

Term

Loan

B

8.183%

SOFR30A

2.750%

4/20/29

2,563,646

3,220

Scientific

Games

Holdings

LP,

Term

Loan

B

8.598%

SOFR90A

3.250%

2/04/29

3,198,824

5,743

SeaWorld

Parks

&

Entertainment,

Inc.,

Term

Loan

B

7.833%

TSFR1M

2.500%

8/25/28

5,756,136

6,948

Spin

Holdco

Inc.,

Term

Loan

9.625%

SOFR90A

4.000%

3/06/28

6,222,589

1,947

Stars

Group

Holdings

B.V.

(The),

Term

Loan

B

8.863%

SOFR90A

3.250%

7/04/28

1,951,014

7,804

Station

Casinos

LLC,

Term

Loan

B

7.683%

SOFR30A

2.250%

2/08/27

7,795,716

2,302

Twin

River

Worldwide

Holdings,

Inc.,

Term

Loan

B

8.829%

TSFR3M

3.250%

10/02/28

2,157,248

1,726

William

Morris

Endeavor

Entertainment,

LLC,

Term

Loan,

First

Lien

8.197%

SOFR30A

2.750%

5/16/25

1,728,306

993

WW

International

Inc

,Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

588,352

Total

Consumer

Services

234,377,796

Consumer

Staples

Distribution

&

Retail

-

0.8%

(0.5%

of

Total

Investments)

2,295

Cardenas

Markets,

Inc.,

Term

Loan

12.198%

SOFR90A

6.750%

8/01/29

2,297,923

2,818

US

Foods,

Inc.,

Term

Loan

B

7.947%

SOFR30A

2.500%

11/22/28

2,831,680

4,465

US

Foods,

Inc.,

Term

Loan

B

7.447%

SOFR30A

2.000%

9/14/26

4,471,936

Total

Consumer

Staples

Distribution

&

Retail

9,601,539

Diversified

Financials

-

0.0%

(0.0%

of

Total

Investments)

4,663

(e)

Ditech

Holding

Corporation,

Term

Loan

0.000%

N/A

N/A

6/30/24

139,885

Total

Diversified

Financials

139,885

Energy

-

3.1%

(1.9%

of

Total

Investments)

2,941

BCP

Renaissance

Parent

LLC,

Term

Loan

B

8.864%

SOFR90A

3.500%

10/31/28

2,948,094

2,664

Buckeye

Partners,

L.P.,

Term

Loan

B

7.683%

SOFR30A

2.250%

11/02/26

2,664,149

9,846

Freeport

LNG

Investments,

LLLP,

Term

Loan

A

8.579%

TSFR3M

3.000%

11/16/26

9,752,400

2,492

Freeport

LNG

Investments,

LLLP,

Term

Loan

B

9.079%

TSFR3M

3.500%

12/21/28

2,469,735

Nuveen

Floating

Rate

Income

Fund

(continued)

Portfolio

of

Investments

January

31,

2024

(Unaudited)

24

JFR

Principal

Amount

(000)

Description

(a)

Coupon

(b)

Reference

Rate

(b)

Spread

(b)

Maturity

(c)

Value

Energy

(continued)

$

5,891

Gulf

Finance,

LLC,

Term

Loan

12.070%

SOFR90A

+

TSFR1M

6.750%

8/25/26

$

5,900,179

204

M6

ETX

Holdings

II

Midco

LLC,

Term

Loan

B

9.937%

TSFR1M

4.500%

8/11/29

204,824

3,612

Oryx

Midstream

Services

Permian

Basin

LLC,

Term

Loan

8.708%

TSFR1M

3.250%

10/05/28

3,611,007

4,018

TransMontaigne

Operating

Company

L.P.,

Term

Loan

B

8.947%

SOFR30A

3.500%

11/05/28

3,983,686

4,911

Traverse

Midstream

Partners

LLC,

Term

Loan

9.075%

TSFR3M

3.750%

2/16/28

4,926,077

1,713

Whitewater

Whistler

Holdings,

LLC,

Term

Loan

B

8.125%

SOFR90A

2.750%

2/15/30

1,713,641

Total

Energy

38,173,792

Financial

Services

-

3.4%

(2.0%

of

Total

Investments)

868

Advisor

Group,

Inc.,

Term

Loan

B

9.833%

SOFR30A

4.500%

8/16/28

868,774

1,330

Aragorn

Parent

Corp

,Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

1,335,200

6,318

Avolon

TLB

Borrower

1

(US)

LLC,

Term

Loan

B4

6.937%

TSFR1M

1.500%

2/12/27

6,323,305

7,807

Fleetcor

Technologies

Operating

Company,

LLC,

Term

Loan

B4

7.183%

SOFR30A

1.750%

5/01/28

7,799,229

12,038

GTCR

W

Merger

Sub,

Term

Loan

,

(DD1)

8.329%

TSFR1M

3.000%

9/20/30

12,054,311

6,201

Motion

Finco

Sarl,

Term

Loan

B1

,

(DD1)

8.860%

SOFR90A

3.250%

11/04/26

6,211,402

3,180

Trans

Union,

LLC,

Term

Loan

B6

7.701%

TSFR1M

2.250%

12/01/28

3,183,599

3,794

WEX

Inc.,

Term

Loan

7.720%

TSFR1M

2.250%

3/31/28

3,788,769

Total

Financial

Services

41,564,589

Food,

Beverage

&

Tobacco

-

3.3%

(2.0%

of

Total

Investments)

299

8th

Avenue

Food

&

Provisions,

Inc.,

Term

Loan

10.087%

SOFR30A

4.750%

10/01/25

291,380

4,183

8th

Avenue

Food

&

Provisions,

Inc.,

Term

Loan,

First

Lien

9.197%

SOFR30A

3.750%

10/01/25

4,070,782

2,054

Arterra

Wines

Canada,

Inc.,

Term

Loan

9.110%

SOFR90A

3.500%

11/25/27

1,949,293

2,535

CHG

PPC

Parent

LLC,

Term

Loan

8.447%

SOFR30A

3.000%

12/08/28

2,536,194

6,122

City

Brewing

Company,

LLC,

Term

Loan

,

(DD1)

9.078%

SOFR90A

3.500%

4/05/28

4,680,539

2,191

Froneri

International

Ltd.,

Term

Loan

7.683%

Prime

2.250%

2/01/27

2,190,193

2,992

Naked

Juice

LLC,

Term

Loan

8.655%

SOFR90A

3.250%

1/20/29

2,839,494

738

Naked

Juice

LLC,

Term

Loan,

Second

Lien

11.448%

SOFR90A

6.000%

1/20/30

602,802

187

Pegasus

Bidco

BV

,Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

188,109

4,375

Shearers

Food

Inc,

Term

Loan

B

,

(WI/DD)

TBD

TBD

TBD

TBD

4,331,250

6,187

Sunshine

Investments

B.V.,

Term

Loan

9.630%

SOFR90A

4.250%

5/05/29

6,207,609

2,642

Sycamore

Buyer

LLC,

Term

Loan

B

7.701%

SOFR30A

2.250%

7/23/29

2,613,826

6,507

Triton

Water

Holdings,

Inc,

Term

Loan

8.860%

SOFR90A

3.250%

3/31/28

6,409,730

2,549

UTZ

Quality

Foods,

LLC,

Term

Loan

B

8.447%

SOFR30A

3.000%

1/20/28

2,552,040

Total

Food,

Beverage

&

Tobacco

41,463,241

25

Principal

Amount

(000)

Description

(a)

Coupon

(b)

Reference

Rate

(b)

Spread

(b)

Maturity

(c)

Value

Health

Care

Equipment

&

Services

-

14.7%

(8.9%

of

Total

Investments)

$

3,200

ADMI

Corp.,

Term

Loan

B5

11.083%

SOFR30A

5.750%

12/23/27

$

3,182,000

7,087

AHP

Health

Partners,

Inc.,

Term

Loan

B

8.947%

SOFR30A

3.500%

8/23/28

7,103,706

22,781

Bausch

&

Lomb,

Inc.,

Term

Loan

8.683%

SOFR30A

3.250%

5/05/27

22,295,301

3,244

Carestream

Health,

Inc.,

Term

Loan

12.948%

SOFR90A

7.500%

9/30/27

2,668,986

7,142

CNT

Holdings

I

Corp,

Term

Loan

8.826%

SOFR90A

3.500%

11/08/27

7,139,220

318

DaVita,

Inc.

,

Term

Loan

B

7.197%

SOFR30A

1.750%

8/12/26

317,370

438

Element

Materials

Technology

Group

US

Holdings

Inc.,

Term

Loan

9.698%

SOFR90A

4.250%

4/12/29

436,075

949

Element

Materials

Technology

Group

US

Holdings

Inc.,

Term

Loan

9.698%

SOFR90A

4.250%

4/12/29

944,830

1,901

Gainwell

Acquisition

Corp.,

Term

Loan

B

9.448%

SOFR90A

4.000%

10/01/27

1,852,049

1,526

Global

Medical

Response,

Inc.,

Term

Loan

9.574%

SOFR90A

4.250%

3/14/25

1,308,598

10,378

Global

Medical

Response,

Inc.,

Term

Loan

B

9.841%

TSFR3M

4.250%

10/02/25

8,884,792

9,368

ICON

Luxembourg

S.A.R.L.,

Term

Loan

7.860%

SOFR90A

2.250%

7/03/28

9,388,686

1,219

Insulet

Corporation,

Term

Loan

B

8.333%

SOFR30A

3.250%

5/04/28

1,222,254

31,732

Medline

Borrower,

LP,

Term

Loan

B

8.451%

TSFR1M

3.000%

10/21/28

31,714,048

7,266

National

Mentor

Holdings,

Inc.,

Term

Loan

9.190%

SOFR30A

+

SOFR90A

3.750%

3/02/28

6,649,403

162

National

Mentor

Holdings,

Inc.,

Term

Loan

C

9.198%

SOFR90A

3.750%

3/02/28

148,539

4,802

Onex

TSG

Intermediate

Corp.,

Term

Loan

B

10.324%

SOFR90A

4.750%

2/28/28

4,765,861

1,500

Packaging

Coordinators

Midco

Inc

,Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

1,497,188

20,034

Parexel

International

Corporation,

Term

Loan,

First

Lien

8.697%

SOFR30A

3.250%

11/15/28

20,004,759

2,244

Pathway

Vet

Alliance

LLC

,Term

Loan

,

(DD1)

9.197%

SOFR30A

3.750%

3/31/27

1,944,052

5,896

Phoenix

Guarantor

Inc,

Term

Loan

B

8.697%

SOFR30A

3.250%

3/05/26

5,885,633

4,863

Phoenix

Guarantor

Inc,

Term

Loan

B3

8.947%

SOFR30A

3.500%

3/05/26

4,858,634

11,526

Select

Medical

Corporation,

Term

Loan

B1

8.333%

SOFR30A

3.000%

3/05/27

11,532,833

4,773

Star

Parent,

Inc.,

Term

Loan

B

9.348%

SOFR90A

4.000%

9/30/30

4,668,591

15,438

Surgery

Center

Holdings,

Inc.,

Term

Loan

8.835%

SOFR30A

3.500%

12/19/30

15,486,179

2,883

Team

Health

Holdings,

Inc.,

Term

Loan

B

10.573%

SOFR30A

+

SOFR90A

5.250%

3/02/27

2,410,590

2,343

US

Radiology

Specialists,

Inc.,

Term

Loan

10.748%

SOFR90A

5.250%

12/15/27

2,337,723

2,434

Vyaire

Medical,

Inc.,

Term

Loan

B

10.343%

TSFR3M

4.750%

4/16/25

1,814,048

Total

Health

Care

Equipment

&

Services

182,461,948

Nuveen

Floating

Rate

Income

Fund

(continued)

Portfolio

of

Investments

January

31,

2024

(Unaudited)

26

JFR

Principal

Amount

(000)

Description

(a)

Coupon

(b)

Reference

Rate

(b)

Spread

(b)

Maturity

(c)

Value

Household

&

Personal

Products

-

0.5%

(0.3%

of

Total

Investments)

$

1,269

Energizer

Holdings,

Inc.,

Term

Loan

7.701%

TSFR1M

2.250%

12/22/27

$

1,266,620

3,282

Kronos

Acquisition

Holdings

Inc.,

Term

Loan

B

9.360%

SOFR90A

3.750%

12/22/26

3,287,236

1,708

Kronos

Acquisition

Holdings

Inc.,

Term

Loan,

First

Lien

11.538%

SOFR90A

6.000%

12/22/26

1,712,912

Total

Household

&

Personal

Products

6,266,768

Insurance

-

7.6%

(4.6%

of

Total

Investments)

10,315

Acrisure,

LLC,

Term

Loan

B

,

(DD1)

9.150%

3-Month

LIBOR

3.500%

2/15/27

10,288,115

9,422

Alliant

Holdings

Intermediate,

LLC,

Term

Loan

B6

8.833%

TSFR1M

3.500%

11/06/30

9,452,664

2,316

AmWINS

Group,

Inc.,

Term

Loan

B

8.197%

SOFR30A

2.750%

2/19/28

2,312,031

2,980

Assured

Partners

Inc,

Term

Loan

B

8.947%

TSFR1M

3.500%

2/13/27

2,975,157

491

AssuredPartners

Inc

,Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

490,226

692

Asurion

LLC,

Term

Loan

B11

9.683%

SOFR30A

4.250%

8/19/28

684,795

21,208

Asurion

LLC,

Term

Loan

B8

8.697%

SOFR30A

3.250%

12/23/26

21,147,320

3,953

Asurion

LLC,

Term

Loan

B9

8.697%

SOFR30A

3.250%

7/31/27

3,901,051

4,397

Broadstreet

Partners,

Inc.,

Term

Loan

B

8.337%

SOFR30A

3.000%

1/27/27

4,390,659

2,346

Broadstreet

Partners,

Inc.,

Term

Loan

B2

8.697%

SOFR30A

3.250%

1/27/27

2,343,243

6,249

Broadstreet

Partners,

Inc.,

Term

Loan

B3

,

(DD1)

9.083%

SOFR30A

3.750%

1/26/29

6,253,281

7,466

HUB

International

Limited,

Term

Loan

B

9.610%

SOFR90A

+

TSFR1M

4.250%

6/08/30

7,478,850

5,000

HUB

International

Ltd

,Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

5,008,600

1,596

Ryan

Specialty

Group,

LLC,

Term

Loan

B

8.106%

SOFR30A

2.750%

9/01/27

1,598,969

5,262

USI,

Inc.,

Term

Loan

8.598%

SOFR90A

3.250%

9/27/30

5,261,812

10,472

USI,

Inc.,

Term

Loan

B

,

(DD1)

8.348%

SOFR90A

3.000%

11/22/29

10,474,440

Total

Insurance

94,061,213

Materials

-

7.1%

(4.3%

of

Total

Investments)

1,177

Arsenal

AIC

Parent

LLC

,Term

Loan

9.833%

SOFR30A

4.500%

7/27/30

1,178,733

1,550

Arsenal

AIC

Parent

LLC,

Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

1,552,217

2,000

ASP

Unifrax

Holdings

Inc,

Term

Loan

B

9.248%

TSFR3M

3.750%

12/12/25

1,909,230

4,197

Axalta

Coating

Systems

U.S.

Holdings,

Inc.,

term

Loan

B4

7.848%

SOFR90A

2.500%

12/20/29

4,204,440

697

Berlin

Packaging

LLC,

Term

Loan

B5

9.288%

SOFR90A

+

TSFR1M

3.750%

3/13/28

694,451

1,769

Berry

Global,

Inc.,

Term

Loan

Z

7.202%

TSFR1M

1.750%

7/01/26

1,769,820

3,613

Charter

NEX

US,

Inc.,

Term

Loan

9.086%

TSFR1M

3.750%

12/01/27

3,600,459

7,526

Clydesdale

Acquisition

Holdings

Inc,

Term

Loan

B

9.108%

SOFR30A

3.675%

3/30/29

7,487,041

3,968

CPC

Acquisition

Corp,

Term

Loan

9.360%

SOFR90A

3.750%

12/29/27

3,247,153

2,925

Derby

Buyer

LLC,

Term

Loan

9.603%

TSFR1M

4.250%

11/01/30

2,939,625

8,376

Discovery

Purchaser

Corporation,

Term

Loan

,

(DD1)

9.705%

SOFR90A

4.375%

8/03/29

8,302,337

1,493

INEOS

Quattro

Holdings

UK

Ltd,

Term

Loan

9.087%

SOFR30A

3.750%

3/03/30

1,487,523

27

Principal

Amount

(000)

Description

(a)

Coupon

(b)

Reference

Rate

(b)

Spread

(b)

Maturity

(c)

Value

Materials

(continued)

$

4,511

INEOS

Quattro

Holdings

UK

Ltd,

Term

Loan

B,

First

Lien

9.587%

SOFR30A

4.250%

11/14/29

$

4,493,874

3,955

Ineos

US

Finance

LLC,

Term

Loan

B

8.837%

SOFR30A

3.500%

2/09/30

3,916,800

1,017

Klockner-Pentaplast

of

America,

Inc.,

Term

Loan

B

10.476%

SOFR180A

4.725%

2/09/26

981,298

531

Kraton

Corporation,

Term

Loan

8.896%

SOFR90A

3.250%

3/15/29

525,701

3,415

Lonza

Group

AG,

Term

Loan

B

9.373%

SOFR90A

3.925%

7/03/28

3,191,718

6,994

Nouryon

Finance

B.V.,

Term

Loan

B

,

(DD1)

9.467%

TSFR3M

4.000%

4/03/28

6,999,256

997

PMHC

II,

Inc.,

Term

Loan

B

9.723%

SOFR90A

4.250%

2/03/29

953,775

991

PQ

Corporation,

Term

Loan

B

7.913%

SOFR90A

2.500%

6/09/28

992,166

2,280

Proampac

PG

Borrower

LLC,

Term

Loan

9.868%

SOFR90A

4.500%

9/15/28

2,287,843

5,452

Reynolds

Group

Holdings

Inc.

,

Term

Loan

B

8.697%

SOFR30A

3.250%

9/25/28

5,461,698

2,158

Reynolds

Group

Holdings

Inc.

,

Term

Loan

B2

8.697%

SOFR30A

3.250%

2/05/26

2,162,065

647

Starfruit

Finco

B.V,

Term

Loan

9.448%

TSFR1M

4.000%

3/03/28

646,831

8,663

TricorBraun

Holdings,

Inc.,

Term

Loan

8.697%

SOFR30A

3.250%

3/03/28

8,514,613

3,250

Tronox

Finance

LLC,

Term

Loan

B

8.848%

SOFR90A

3.500%

8/16/28

3,250,000

5,566

Viant

Medical

Holdings,

Inc.,

Term

Loan,

First

Lien

9.197%

SOFR30A

3.750%

7/02/25

5,541,443

Total

Materials

88,292,110

Media

&

Entertainment

-

10.3%

(6.3%

of

Total

Investments)

5,580

ABG

Intermediate

Holdings

2

LLC,

Term

Loan

B1

9.320%

1-Month

LIBOR

4.000%

12/21/28

5,600,532

1,203

Altice

Financing

SA,

Term

Loan

10.314%

TSFR3M

5.000%

10/29/27

1,200,976

5,813

AMC

Entertainment

Holdings,

Inc.

,

Term

Loan

B

8.449%

SOFR30A

3.000%

4/22/26

4,599,777

2,925

Cable

One,

Inc.,

Term

Loan

B4

7.447%

SOFR30A

2.000%

5/03/28

2,915,859

9,556

Cengage

Learning,

Inc.,

Term

Loan

B

10.326%

TSFR3M

4.750%

7/14/26

9,555,027

2,082

Charter

Communications

Operating,

LLC,

Term

Loan

B2

7.083%

SOFR30A

1.750%

2/01/27

2,077,942

1,069

Checkout

Holding

Corp.,

Term

Loan

14.869%

SOFR90A

7.500%

5/24/30

561,304

3,476

Cinemark

USA,

Inc.,

Term

Loan

B

9.098%

SOFR90A

3.750%

5/18/30

3,481,678

26,545

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

B

9.074%

SOFR90A

3.500%

8/21/26

26,281,810

7,194

Crown

Finance

US,

Inc.,

Term

Loan

6.824%

SOFR90A

1.500%

7/31/28

7,289,805

1,247

CSC

Holdings,

LLC,

Term

Loan

B5

7.948%

1-Month

LIBOR

2.500%

4/15/27

1,190,352

3,745

CSC

Holdings,

LLC,

Term

Loan

B6

9.833%

TSFR1M

4.500%

1/18/28

3,666,166

1,180

Cumulus

Media

New

Holdings

Inc.,

Term

Loan

B

9.400%

SOFR90A

3.750%

3/31/26

871,609

966

(e)

Diamond

Sports

Group,

LLC,

Term

Loan

0.000%

3-Month

LIBOR

0.000%

8/24/26

65,541

5,303

DirecTV

Financing,

LLC,

Term

Loan

10.650%

SOFR90A

5.000%

8/02/27

5,309,874

3,839

Dotdash

Meredith

Inc,

Term

Loan

B

9.453%

SOFR30A

4.000%

12/01/28

3,790,596

2,620

E.W.

Scripps

Company

(The),

Term

Loan

B2

8.010%

SOFR30A

2.563%

5/01/26

2,617,366

Nuveen

Floating

Rate

Income

Fund

(continued)

Portfolio

of

Investments

January

31,

2024

(Unaudited)

28

JFR

Principal

Amount

(000)

Description

(a)

Coupon

(b)

Reference

Rate

(b)

Spread

(b)

Maturity

(c)

Value

Media

&

Entertainment

(continued)

$

1,487

Gray

Television,

Inc.,

Term

Loan

E

7.967%

TSFR1M

2.500%

1/02/26

$

1,487,039

10,076

iHeartCommunications,

Inc.,

Term

Loan

8.447%

SOFR30A

3.000%

5/01/26

8,876,508

1,755

Lions

Gate

Capital

Holdings

LLC,

Term

Loan

B

7.683%

SOFR30A

2.250%

3/24/25

1,755,933

7,320

McGraw-Hill

Global

Education

Holdings,

LLC,

Term

Loan

10.197%

SOFR30A

4.750%

7/31/28

7,290,295

1,197

Mission

Broadcasting,

Inc.,

Term

Loan

B

7.835%

TSFR1M

2.500%

6/02/28

1,194,804

1,630

Nexstar

Broadcasting,

Inc.,

Term

Loan

B4

7.951%

TSFR1M

2.500%

9/18/26

1,630,469

2,455

Planet

US

Buyer

LLC,

Term

Loan

B

8.821%

TSFR1M

3.500%

1/31/31

2,448,863

16,684

Rackspace

Technology

Global,

Inc.,

Term

Loan

B

8.208%

TSFR1M

2.750%

2/15/28

7,276,049

3,145

Radiate

Holdco,

LLC,

Term

Loan

B

8.697%

SOFR30A

3.250%

9/25/26

2,559,061

2,636

Red

Ventures,

LLC,

Term

Loan

B

8.333%

SOFR30A

3.000%

2/23/30

2,628,887

860

Simon

&

Schuster

Inc,

Term

Loan

B

9.317%

TSFR3M

4.000%

10/30/30

862,064

4,221

UPC

Financing

Partnership,

Term

Loan

AX

,

(DD1)

8.448%

TSFR1M

3.000%

1/31/29

4,176,743

3,700

Virgin

Media

Bristol

LLC,

Term

Loan

Q

8.698%

TSFR1M

3.250%

1/31/29

3,677,152

1,050

Virgin

Media

Bristol

LLC,

Term

Loan

Y

8.790%

SOFR180A

3.250%

3/06/31

1,038,061

Total

Media

&

Entertainment

127,978,142

Pharmaceuticals,

Biotechnology

&

Life

Sciences

-

3.5%

(2.1%

of

Total

Investments)

2,508

Amneal

Pharmaceuticals

LLC,

Term

Loan

B

10.833%

SOFR30A

5.500%

5/04/28

2,495,922

2,089

Catalent

Pharma

Solutions

Inc.,

Term

Loan

B3

7.451%

TSFR1M

2.000%

2/22/28

2,061,133

4,578

Curia

Global,

Inc.,

Term

Loan

9.173%

SOFR30A

+

SOFR90A

3.750%

8/28/26

4,215,586

2,595

Elanco

Animal

Health

Incorporated,

Term

Loan

B

7.203%

TSFR1M

1.750%

8/02/27

2,547,935

1,191

Emergent

Biosolutions,

Term

Loan

11.433%

SOFR30A

6.000%

10/13/23

1,028,518

2,334

ICON

Luxembourg

S.A.R.L.,

Term

Loan

7.860%

SOFR90A

2.250%

7/03/28

2,338,667

19,160

Jazz

Financing

Lux

S.a.r.l.,

Term

Loan

8.447%

SOFR30A

3.500%

5/05/28

19,171,899

7,585

Organon

&

Co,

Term

Loan

8.450%

TSFR1M

3.000%

6/02/28

7,586,604

2,276

Perrigo

Investments,

LLC,

Term

Loan

B

7.683%

SOFR30A

2.250%

4/05/29

2,275,243

Total

Pharmaceuticals,

Biotechnology

&

Life

Sciences

43,721,507

Real

Estate

Management

&

Development

-

0.7%

(0.4%

of

Total

Investments)

3,180

Cushman

&

Wakefield

U.S.

Borrower,

LLC,

Term

Loan

8.683%

SOFR30A

3.250%

1/31/30

3,158,889

3,875

Cushman

&

Wakefield

U.S.

Borrower,

LLC,

Term

Loan

B

9.333%

SOFR30A

4.000%

1/31/30

3,860,469

313

Cushman

&

Wakefield

U.S.

Borrower,

LLC,

Term

Loan

B

8.197%

SOFR30A

2.750%

8/21/25

310,957

1,368

Forest

City

Enterprises,

L.P.,

Term

Loan

B

8.947%

SOFR30A

3.500%

12/08/25

1,322,685

Total

Real

Estate

Management

&

Development

8,653,000

29

Principal

Amount

(000)

Description

(a)

Coupon

(b)

Reference

Rate

(b)

Spread

(b)

Maturity

(c)

Value

Semiconductors

&

Semiconductor

Equipment

-

0.1%

(0.1%

of

Total

Investments)

$

3,383

Bright

Bidco

B.V.,

Term

Loan

,

(cash

6.378%,

PIK

8.000%)

7.034%

TSFR3M

+

3-Month

LIBOR

4.500%

10/31/27

$

1,044,529

Total

Semiconductors

&

Semiconductor

Equipment

1,044,529

Software

&

Services

-

20.0%

(12.1%

of

Total

Investments)

4,011

Ahead

DB

Holdings,

LLC,

Term

Loan

B

9.198%

SOFR90A

3.750%

10/18/27

3,991,497

1,440

Apttus

Corporation,

Term

Loan

9.451%

TSFR1M

4.000%

5/08/28

1,444,833

1,279

Asurion

LLC,

Term

Loan

B4,

Second

Lien

10.697%

SOFR30A

5.250%

1/20/29

1,216,150

11,910

Avaya,

Inc.,

Term

Loan

6.918%

TSFR1M

+

1-Month

LIBOR

4.250%

8/01/28

10,520,467

16,040

Banff

Merger

Sub

Inc,

Term

Loan

,

(DD1)

9.583%

SOFR30A

4.250%

12/29/28

16,080,277

2,585

Camelot

U.S.

Acquisition

LLC,

Term

Loan

B

8.337%

SOFR30A

3.000%

10/30/26

2,583,594

859

CCC

Intelligent

Solutions

Inc.,

Term

Loan

B

7.697%

SOFR30A

2.250%

9/21/28

857,896

5,217

Ceridian

HCM

Holding

Inc.,

Term

Loan

B

7.947%

SOFR90A

2.500%

4/30/25

5,232,044

5,282

DTI

Holdco,

Inc.,

Term

Loan

10.063%

SOFR90A

4.750%

4/21/29

5,260,185

17,953

Epicor

Software

Corporation,

Term

Loan

8.697%

SOFR30A

3.250%

7/30/27

17,985,639

11,682

Greeneden

U.S.

Holdings

II,

LLC,

Term

Loan

B4

9.447%

SOFR30A

4.000%

12/01/27

11,707,865

12,625

Informatica

LLC,

Term

Loan

B

8.087%

SOFR30A

2.750%

10/14/28

12,626,703

2,733

Instructure

Holdings,

Inc.,

Term

Loan

B

,

(WI/DD)

TBD

TBD

TBD

TBD

2,734,767

797

iQor

US

Inc.,

Exit

Term

Loan

12.937%

TSFR1M

7.600%

11/19/24

790,742

2,199

iQor

US

Inc.,

Second

Out

Term

Loan

12.937%

TSFR1M

7.600%

11/19/25

1,700,770

404

Ivanti

Software

Inc

,Term

Loan

,

(DD1)

9.591%

TSFR3M

4.000%

12/01/27

384,211

5,104

Ivanti

Software,

Inc.,

Term

Loan

B

,

(DD1)

9.839%

SOFR90A

4.250%

12/01/27

4,877,126

2,320

Marcel

LUX

IV

SARL,

Term

Loan

B

9.820%

3-Month

LIBOR

4.500%

10/28/30

2,332,087

5,615

McAfee,

LLC,

Term

Loan

B

9.203%

SOFR30A

3.750%

2/03/29

5,575,248

6,802

Mitchell

International

Inc,

Term

Loan

B

,

(DD1)

9.400%

SOFR90A

3.750%

10/15/28

6,762,944

12,039

NortonLifeLock

Inc.,

Term

Loan

B

7.433%

SOFR30A

2.000%

1/28/29

12,016,917

16,795

Open

Text

Corporation,

Term

Loan

B

8.183%

SOFR30A

2.750%

1/31/30

16,820,113

8,414

Peraton

Corp.,

Term

Loan

B

,

(DD1)

9.183%

SOFR30A

3.750%

2/01/28

8,415,498

3,878

Perforce

Software,

Inc.,

Term

Loan

B

9.183%

SOFR30A

3.750%

7/01/26

3,844,345

1,361

Project

Ruby

Ultimate

Parent

Corp.,

Term

Loan

8.697%

SOFR30A

3.250%

3/10/28

1,356,054

3,907

Proofpoint,

Inc.,

Term

Loan,

First

Lien

8.697%

SOFR30A

3.250%

8/31/28

3,886,349

4,549

Quartz

Acquireco

LLC,

Term

Loan

B

8.833%

SOFR30A

3.500%

4/14/30

4,548,600

4,623

Rocket

Software,

Inc.,

Term

Loan

B

10.083%

SOFR30A

4.750%

10/05/28

4,570,567

997

Sedgwick

Claims

Management

Services,

Inc.,

Term

Loan

B

9.083%

SOFR30A

3.750%

2/24/28

998,989

7,052

Sophia,

L.P.,

Term

Loan

B

,

(DD1)

8.933%

SOFR30A

3.500%

10/07/27

7,050,371

3,875

SS&C

European

Holdings

Sarl,

Term

Loan

B4

7.197%

SOFR30A

1.750%

4/16/25

3,876,784

Nuveen

Floating

Rate

Income

Fund

(continued)

Portfolio

of

Investments

January

31,

2024

(Unaudited)

30

JFR

Principal

Amount

(000)

Description

(a)

Coupon

(b)

Reference

Rate

(b)

Spread

(b)

Maturity

(c)

Value

Software

&

Services

(continued)

$

4,100

SS&C

Technologies

Inc.,

Term

Loan

B3

7.197%

SOFR30A

1.750%

4/16/25

$

4,102,210

881

SS&C

Technologies

Inc.,

Term

Loan

B5

7.197%

SOFR30A

1.750%

4/16/25

881,345

642

SS&C

Technologies

Inc.,

Term

Loan

B6

7.683%

SOFR30A

2.250%

3/22/29

643,008

1,248

SS&C

Technologies

Inc.,

Term

Loan

B7

7.683%

SOFR30A

2.250%

3/22/29

1,249,790

10,955

Syniverse

Holdings,

Inc.,

Term

Loan

12.348%

SOFR90A

7.000%

5/10/29

10,258,992

5,358

Tempo

Acquisition

LLC,

Term

Loan

B

8.083%

SOFR30A

2.750%

8/31/28

5,363,437

500

Ultimat

Software

Group

Inc,

Term

Loan

B

9.163%

SOFR90A

3.750%

1/30/31

501,250

10,265

Ultimate

Software

Group

Inc

(The),

Term

Loan

8.680%

SOFR90A

3.250%

5/04/26

10,280,692

3,473

Ultimate

Software

Group

Inc

(The),

Term

Loan

B

,

(DD1)

9.163%

SOFR90A

3.750%

5/04/26

3,478,821

3,336

Vision

Solutions,

Inc.,

Term

Loan

9.586%

TSFR3M

4.000%

5/28/28

3,299,943

4,557

West

Corporation,

Term

Loan

B3

9.563%

SOFR90A

4.000%

4/10/27

4,375,118

2,109

World

Wide

Technology

Holding

Co.

LLC,

Term

Loan

8.686%

TSFR1M

3.250%

2/23/30

2,111,699

12,550

Zelis

Payments

Buyer,

Inc.,

Term

Loan

B

,

(DD1)

8.067%

TSFR3M

2.750%

9/28/29

12,552,635

7,243

ZoomInfo

LLC,

Term

Loan

7.583%

SOFR30A

2.250%

2/28/30

7,251,632

Total

Software

&

Services

248,400,204

Technology

Hardware

&

Equipment

-

2.3%

(1.4%

of

Total

Investments)

8,210

CommScope,

Inc.,

Term

Loan

B

8.697%

SOFR30A

3.250%

4/06/26

7,198,542

8,243

Delta

TopCo,

Inc.,

Term

Loan

B

9.121%

SOFR180A

3.750%

12/01/27

8,226,274

3,958

II-VI

Incorporated,

Term

Loan

B

8.087%

SOFR30A

2.750%

7/02/29

3,946,906

3,854

Ingram

Micro

Inc.,

Term

Loan

8.610%

SOFR90A

3.000%

7/02/28

3,857,688

4,061

MLN

US

HoldCo

LLC,

Term

Loan

12.110%

SOFR90A

6.700%

10/18/27

812,170

6,990

MLN

US

HoldCo

LLC,

Term

Loan,

First

Lien

9.972%

TSFR3M

4.500%

12/01/25

821,345

2,250

NCR

Atleos

LLC,

Term

Loan

B

10.087%

SOFR30A

4.750%

3/27/29

2,252,813

2,386

Riverbed

Technology,

Inc.,

Term

Loan

4.924%

SOFR90A

+

3-Month

LIBOR

2.250%

7/03/28

1,640,296

226

ViaSat,

Inc.,

Term

Loan

9.833%

SOFR30A

4.500%

3/05/29

222,655

Total

Technology

Hardware

&

Equipment

28,978,689

Telecommunication

Services

-

5.3%

(3.2%

of

Total

Investments)

3,881

Altice

France

S.A.,

Term

Loan

B12

9.263%

3-Month

LIBOR

3.688%

2/02/26

3,810,548

13,619

Altice

France

S.A.,

Term

Loan

B13

9.641%

3-Month

LIBOR

4.000%

8/14/26

13,290,366

4,978

CenturyLink,

Inc.,

Term

Loan

B

7.697%

SOFR30A

2.250%

3/15/27

3,534,170

3,333

Cincinnati

Bell,

Inc.,

Term

Loan

B2

8.683%

SOFR30A

3.250%

11/23/28

3,299,351

3,600

Connect

Finco

Sarl,

Term

Loan

B

8.833%

SOFR30A

3.500%

12/11/26

3,601,100

876

(e)

Cyxtera

DC

Holdings,

Inc.,

Term

Loan

B

0.000%

N/A

N/A

5/01/24

72,058

9,684

Frontier

Communications

Corp.,

Term

Loan

B

9.197%

SOFR30A

3.750%

10/08/27

9,591,389

2,888

GOGO

Intermediate

Holdings

LLC,

Term

Loan

B

9.197%

SOFR30A

3.750%

4/28/28

2,884,957

53

LCPR

Loan

Financing

LLC,

Term

Loan

B

9.198%

TSFR1M

3.750%

10/16/28

53,311

12,977

Level

3

Financing

Inc.,

Term

Loan

B

,

(DD1)

7.197%

SOFR30A

1.750%

3/01/27

12,522,805

31

Principal

Amount

(000)

Description

(a)

Coupon

(b)

Reference

Rate

(b)

Spread

(b)

Maturity

(c)

Value

Telecommunication

Services

(continued)

$

672

Virgin

Media

Bristol

LLC,

Term

Loan

N

7.948%

TSFR1M

2.500%

1/31/28

$

661,030

12,234

Ziggo

Financing

Partnership,

Term

Loan

I

7.948%

TSFR1M

2.500%

4/30/28

11,975,091

Total

Telecommunication

Services

65,296,176

Transportation

-

6.5%

(4.0%

of

Total

Investments)

5,634

AAdvantage

Loyalty

IP

Ltd.,

Term

Loan

10.329%

TSFR3M

4.750%

4/20/28

5,781,732

2,469

Air

Canada,

Term

Loan

B

9.139%

TSFR3M

3.500%

8/11/28

2,474,263

11,009

American

Airlines,

Inc.,

Term

Loan

B

8.598%

SOFR90A

2.750%

2/06/28

10,985,406

3,905

American

Airlines,

Inc.,

Term

Loan,

First

Lien

7.317%

SOFR90A

1.750%

1/29/27

3,893,849

5,654

Brown

Group

Holding,

LLC,

Term

Loan

B

8.183%

SOFR30A

2.750%

4/22/28

5,622,628

2,469

Brown

Group

Holding,

LLC,

Term

Loan

B2

8.546%

SOFR30A

+

SOFR90A

3.188%

7/02/29

2,464,126

2,400

First

Student

Bidco

Inc,

Term

Loan

B

8.610%

SOFR90A

3.000%

7/21/28

2,375,505

728

First

Student

Bidco

Inc,

Term

Loan

C

8.360%

SOFR90A

3.000%

7/21/28

720,499

4,129

Hertz

Corporation,

(The),

Term

Loan

B

5.653%

TSFR1M

3.250%

6/30/28

4,090,081

799

Hertz

Corporation,

(The),

Term

Loan

C

5.653%

TSFR1M

3.250%

6/30/28

791,703

10,425

Kestrel

Bidco

Inc.,

Term

Loan

B

8.335%

TSFR1M

3.000%

12/11/26

10,423,343

2,793

KKR

Apple

Bidco,

LLC,

Term

Loan

8.197%

SOFR30A

2.750%

9/25/28

2,780,962

2,440

Mileage

Plus

Holdings

LLC,

Term

Loan

B

10.770%

SOFR90A

5.250%

6/21/27

2,518,238

10,026

SkyMiles

IP

Ltd.,

Term

Loan

B

9.068%

TSFR3M

3.750%

10/20/27

10,271,366

10,044

Uber

Technologies,

Inc.,

Term

Loan

B

7.974%

SOFR90A

2.750%

3/04/30

10,056,180

5,805

United

Airlines,

Inc.,

Term

Loan

B

9.201%

TSFR1M

3.750%

4/21/28

5,823,836

Total

Transportation

81,073,717

Utilities

-

2.1%

(1.3%

of

Total

Investments)

2,718

ExGen

Renewables

IV,

LLC,

Term

Loan

8.150%

SOFR90A

2.500%

12/15/27

2,714,329

2,583

Generation

Bridge

Northeast

LLC,

Term

Loan

B

9.583%

SOFR30A

4.250%

8/07/29

2,597,985

1,960

Pacific

Gas

&

Electric

Company,

Term

Loan

7.833%

SOFR30A

3.000%

6/23/27

1,964,410

10,428

Talen

Energy

Supply,

LLC,

Term

Loan

B

9.869%

SOFR90A

4.500%

5/17/30

10,467,106

8,493

Talen

Energy

Supply,

LLC,

Term

Loan

C

9.869%

SOFR90A

4.500%

5/27/30

8,524,588

Total

Utilities

26,268,418

Total

Variable

Rate

Senior

Loan

Interests

(cost

$1,681,475,555)

1,652,269,487

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

CORPORATE

BONDS

-

18.8%

(11.4%

of

Total

Investments)

X

233,778,641

Automobiles

&

Components

-

0.5%

(0.3%

of

Total

Investments)

$

6,500

Adient

Global

Holdings

Ltd,

144A

4.875%

8/15/26

$

6,339,412

Total

Automobiles

&

Components

6,339,412

Nuveen

Floating

Rate

Income

Fund

(continued)

Portfolio

of

Investments

January

31,

2024

(Unaudited)

32

JFR

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Capital

Goods

-

0.4%

(0.2%

of

Total

Investments)

$

4,537

TransDigm

Inc

4.625%

1/15/29

$

4,242,413

Total

Capital

Goods

4,242,413

Commercial

&

Professional

Services

-

1.3%

(0.8%

of

Total

Investments)

3,000

GTCR

W-2

MERGER

SUB

LLC,

144A

7.500%

1/15/31

3,116,460

4,650

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc,

144A

6.250%

1/15/28

4,608,101

4,750

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc,

144A

3.375%

8/31/27

4,375,467

3,431

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc,

144A

5.750%

4/15/26

3,429,392

Total

Commercial

&

Professional

Services

15,529,420

Consumer

Discretionary

Distribution

&

Retail

-

1.5%

(0.9%

of

Total

Investments)

14,370

Hertz

Corp/The,

144A

4.625%

12/01/26

12,924,091

6,055

Michaels

Cos

Inc/The,

144A

7.875%

5/01/29

3,872,739

1,812

PetSmart

Inc

/

PetSmart

Finance

Corp,

144A

4.750%

2/15/28

1,692,704

Total

Consumer

Discretionary

Distribution

&

Retail

18,489,534

Consumer

Services

-

1.5%

(0.9%

of

Total

Investments)

10,261

1011778

BC

ULC

/

New

Red

Finance

Inc,

144A

4.000%

10/15/30

9,171,176

1,807

1011778

BC

ULC

/

New

Red

Finance

Inc,

144A

3.500%

2/15/29

1,653,453

2,377

Caesars

Entertainment

Inc,

144A

6.250%

7/01/25

2,385,118

2,955

Carnival

Holdings

Bermuda

Ltd,

144A

10.375%

5/01/28

3,232,652

1,799

Life

Time

Inc,

144A

5.750%

1/15/26

1,778,533

Total

Consumer

Services

18,220,932

Energy

-

2.6%

(1.6%

of

Total

Investments)

560

BORR

IHC

LTD

/

BORR

FIN,

144A

10.000%

11/15/28

579,439

3,500

Citgo

Petroleum

Corp,

144A

7.000%

6/15/25

3,499,503

1,799

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co,

144A

6.250%

11/01/28

1,792,402

1,799

MEG

Energy

Corp,

144A

5.875%

2/01/29

1,755,396

9,167

NGL

Energy

Operating

LLC

/

NGL

Energy

Finance

Corp,

144A

7.500%

2/01/26

9,330,220

1,000

NGL

Energy

Partners

LP

/

NGL

Energy

Finance

Corp

7.500%

4/15/26

1,001,248

1,000

NGL

Energy

Partners

LP

/

NGL

Energy

Finance

Corp

6.125%

3/01/25

999,283

6,000

PBF

Holding

Co

LLC

/

PBF

Finance

Corp

6.000%

2/15/28

5,864,213

2,500

Transocean

Inc,

144A

11.500%

1/30/27

2,612,500

4,750

Weatherford

International

Ltd,

144A

8.625%

4/30/30

4,853,382

Total

Energy

32,287,586

Equity

Real

Estate

Investment

Trusts

(REITs)

-

0.5%

(0.3%

of

Total

Investments)

9,750

American

Tower

Corp

2.950%

1/15/51

6,401,360

Total

Equity

Real

Estate

Investment

Trusts

(REITs)

6,401,360

Health

Care

Equipment

&

Services

-

1.5%

(0.9%

of

Total

Investments)

3,025

Mozart

Debt

Merger

Sub

Inc,

144A

3.875%

4/01/29

2,738,846

4,660

Select

Medical

Corp,

144A

6.250%

8/15/26

4,658,755

6,000

Team

Health

Holdings

Inc,

144A

13.500%

6/30/28

5,940,000

3,765

Tenet

Healthcare

Corp

6.125%

10/01/28

3,751,145

1,799

Tenet

Healthcare

Corp

4.875%

1/01/26

1,783,001

Total

Health

Care

Equipment

&

Services

18,871,747

Insurance

-

0.2%

(0.1%

of

Total

Investments)

1,825

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-

Issuer,

144A

6.750%

4/15/28

1,841,846

935

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-

Issuer,

144A

4.250%

10/15/27

869,770

Total

Insurance

2,711,616

33

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Materials

-

0.8%

(0.5%

of

Total

Investments)

$

1,000

Ball

Corp

6.000%

6/15/29

$

1,008,763

5,425

Celanese

US

Holdings

LLC

5.900%

7/05/24

5,420,456

1,280

LABL

Inc,

144A

9.500%

11/01/28

1,276,682

1,810

Pactiv

Evergreen

Group

Issuer

Inc/Pactiv

Evergreen

Group

Issuer

LLC,

144A

4.375%

9/30/28

1,688,730

1,135

Trinseo

Materials

Operating

SCA

/

Trinseo

Materials

Finance

Inc,

144A

5.375%

9/01/25

968,729

Total

Materials

10,363,360

Media

&

Entertainment

-

3.3%

(2.0%

of

Total

Investments)

2,500

Altice

Financing

SA,

144A

5.750%

8/15/29

2,178,691

1,000

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp,

144A

7.375%

3/03/31

1,010,625

13,000

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

3.500%

3/01/42

8,936,084

6,529

CSC

Holdings

LLC,

144A

3.375%

2/15/31

4,470,921

10,250

(e)

Diamond

Sports

Group

LLC

/

Diamond

Sports

Finance

Co,

144A

6.625%

8/15/27

717,500

5,220

iHeartCommunications

Inc,

144A

5.250%

8/15/27

4,049,972

20

iHeartCommunications

Inc

6.375%

5/01/26

16,859

1,350

LCPR

Senior

Secured

Financing

DAC,

144A

5.125%

7/15/29

1,188,081

4,132

McGraw-Hill

Education

Inc,

144A

5.750%

8/01/28

3,910,194

6,609

Rackspace

Technology

Global

Inc,

144A

3.500%

2/15/28

2,588,110

500

Radiate

Holdco

LLC

/

Radiate

Finance

Inc,

144A

4.500%

9/15/26

386,598

8,994

VZ

Secured

Financing

BV,

144A

5.000%

1/15/32

7,862,472

4,195

Ziggo

Bond

Co

BV,

144A

6.000%

1/15/27

4,115,729

Total

Media

&

Entertainment

41,431,836

Pharmaceuticals,

Biotechnology

&

Life

Sciences

-

0.2%

(0.1%

of

Total

Investments)

2,650

Organon

&

Co

/

Organon

Foreign

Debt

Co-Issuer

BV,

144A

5.125%

4/30/31

2,276,686

Total

Pharmaceuticals,

Biotechnology

&

Life

Sciences

2,276,686

Software

&

Services

-

0.2%

(0.2%

of

Total

Investments)

1,000

Open

Text

Holdings

Inc,

144A

4.125%

12/01/31

888,072

6,708

Rackspace

Technology

Global

Inc,

144A

5.375%

12/01/28

2,087,335

Total

Software

&

Services

2,975,407

Technology

Hardware

&

Equipment

-

0.2%

(0.1%

of

Total

Investments)

3,025

Commscope

Inc,

144A

4.750%

9/01/29

1,999,888

Total

Technology

Hardware

&

Equipment

1,999,888

Telecommunication

Services

-

2.8%

(1.7%

of

Total

Investments)

9,216

Frontier

Communications

Holdings

LLC,

144A

5.875%

10/15/27

8,864,230

3,022

Frontier

Communications

Holdings

LLC,

144A

6.000%

1/15/30

2,562,565

2,250

Frontier

Communications

Holdings

LLC

5.875%

11/01/29

1,906,616

2,000

Frontier

Communications

Holdings

LLC,

144A

5.000%

5/01/28

1,845,752

3,990

Level

3

Financing

Inc,

144A

10.500%

5/15/30

3,970,050

2,000

Level

3

Financing

Inc,

144A

3.400%

3/01/27

1,965,000

8,160

Vmed

O2

UK

Financing

I

PLC,

144A

4.750%

7/15/31

7,313,077

7,820

Vmed

O2

UK

Financing

I

PLC,

144A

4.250%

1/31/31

6,839,737

Total

Telecommunication

Services

35,267,027

Transportation

-

0.5%

(0.3%

of

Total

Investments)

3,025

Delta

Air

Lines

Inc

3.750%

10/28/29

2,779,824

2,377

United

Airlines

Inc,

144A

4.625%

4/15/29

2,198,802

1,799

United

Airlines

Inc,

144A

4.375%

4/15/26

1,735,389

Total

Transportation

6,714,015

Nuveen

Floating

Rate

Income

Fund

(continued)

Portfolio

of

Investments

January

31,

2024

(Unaudited)

34

JFR

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Utilities

-

0.8%

(0.5%

of

Total

Investments)

$

3,060

Pacific

Gas

and

Electric

Co

4.550%

7/01/30

$

2,924,320

0

(f)

Pacific

Gas

and

Electric

Co

4.500%

7/01/40

1

6,028

PG&E

Corp

5.000%

7/01/28

5,824,936

950

PG&E

Corp

5.250%

7/01/30

907,145

Total

Utilities

9,656,402

Total

Corporate

Bonds

(cost

$237,182,153)

233,778,641

Shares

Description

(a)

Value

X

–

COMMON

STOCKS

-

5.0%

(3.0%

of

Total

Investments)

X

61,656,272

Banks

-

0.0%

(0.0%

of

Total

Investments)

78,746

(g)

iQor

US

Inc

$

72,210

Total

Banks

72,210

Capital

Goods

-

0.0%

(0.0%

of

Total

Investments)

4,865

(g)

TNT

Crane

&

Rigging

Inc

7,297

8,626

(g)

TNT

Crane

&

Rigging

Inc

4,313

Total

Capital

Goods

11,610

Commercial

&

Professional

Services

-

0.0%

(0.0%

of

Total

Investments)

12,771

(g)

Skillsoft

Corp

179,049

Total

Commercial

&

Professional

Services

179,049

Consumer

Discretionary

Distribution

&

Retail

-

0.0%

(0.0%

of

Total

Investments)

749

(g)

Belk

Inc

6,366

Total

Consumer

Discretionary

Distribution

&

Retail

6,366

Consumer

Services

-

0.1%

(0.0%

of

Total

Investments)

699,154

(g)

24

Hour

Fitness

Worldwide

Inc

5,593

332,537

(g)

24

Hour

Fitness

Worldwide

Inc

3,325

57,279

(g)

Cengage

Learning

Holdings

II

Inc

519,120

2,513

(g)

Crown

Finance

US

Inc

40,286

Total

Consumer

Services

568,324

Energy

-

3.2%

(1.9%

of

Total

Investments)

42,689

Chord

Energy

Corp

6,563,861

190,961

(g)

Quarternorth

Energy

Holding

Inc

31,031,162

160

(g)

Quarternorth

Energy

Holding

Inc

26,000

215,829

(g)

Transocean

Ltd

1,178,426

24,445

(g)

Vantage

Drilling

International

606,554

Total

Energy

39,406,003

Health

Care

Equipment

&

Services

-

0.0%

(0.0%

of

Total

Investments)

167,590

(g),(h)

Millennium

Health

LLC

17,597

157,320

(g),(h)

Millennium

Health

LLC

787

195,344

(g)

Onex

Carestream

Finance

LP

19,534

Total

Health

Care

Equipment

&

Services

37,918

Materials

-

0.0%

(0.0%

of

Total

Investments)

80

LyondellBasell

Industries

NV,

Class

A

7,530

Total

Materials

7,530

Media

&

Entertainment

-

0.0%

(0.0%

of

Total

Investments)

34,846

(g)

Catalina

Marketing

Corp

4,356

Total

Media

&

Entertainment

4,356

35

Shares

Description

(a)

Value

Semiconductors

&

Semiconductor

Equipment

-

0.0%

(0.0%

of

Total

Investments)

60,637

(g)

Bright

Bidco

BV

$

22,011

44,390

(g)

Bright

Bidco

BV

16,114

Total

Semiconductors

&

Semiconductor

Equipment

38,125

Software

&

Services

-

0.2%

(0.1%

of

Total

Investments)

390,364

(g)

Avaya

Inc

2,407,375

Total

Software

&

Services

2,407,375

Technology

Hardware

&

Equipment

-

0.1%

(0.1%

of

Total

Investments)

81,991

(g)

Avaya

Inc

505,639

45,085

(g)

Windstream

Services

PE

LLC

417,036

Total

Technology

Hardware

&

Equipment

922,675

Telecommunication

Services

-

0.0%

(0.0%

of

Total

Investments)

46,534

(g)

Windstream

Services

PE

LLC

430,440

Total

Telecommunication

Services

430,440

Transportation

-

0.0%

(0.0%

of

Total

Investments)

2,293

(g)

ACBL

HLDG

CORP

96,306

Total

Transportation

96,306

Utilities

-

1.4%

(0.9%

of

Total

Investments)

218,919

(g),(i)

Energy

Harbor

Corp

17,467,985

Total

Utilities

17,467,985

Total

Common

Stocks

(cost

$80,328,141)

61,656,272

Shares

Description

(a)

Value

X

–

WARRANTS

-

1.7%

(1.1%

of

Total

Investments)

X

21,155,995

Energy

-

1.2%

(0.8%

of

Total

Investments)

1,129

California

Resources

Corp

$

15,388

85,148

Quarternorth

Energy

Holding

Inc

13,836,550

64,966

Quarternorth

Energy

Holding

Inc

1,429,252

125,120

Quarternorth

Energy

Holding

Inc

125,120

Total

Energy

15,406,310

Media

&

Entertainment

-

0.4%

(0.3%

of

Total

Investments)

326,093

Cineworld

Group

PLC

5,227,597

Total

Media

&

Entertainment

5,227,597

Telecommunication

Services

-

0.0%

(0.0%

of

Total

Investments)

7

Intelsat

SA/Luxembourg

3

Total

Telecommunication

Services

3

Transportation

-

0.1%

(0.0%

of

Total

Investments)

6,822

ACBL

HLDG

CORP

409,320

2,411

ACBL

HLDG

CORP

101,262

26,910

(h)

American

Commercial

Barge

Line

LLC

6,728

13,644

(h)

American

Commercial

Barge

Line

LLC

4,775

Total

Transportation

522,085

Total

Warrants

(cost

$7,760,019)

21,155,995

Nuveen

Floating

Rate

Income

Fund

(continued)

Portfolio

of

Investments

January

31,

2024

(Unaudited)

36

JFR

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X–

ASSET-BACKED

SECURITIES

-

1.5%

(0.9%

of

Total

Investments)

X

18,575,799

$

750

(j)

Battalion

CLO

XI

Ltd,

(3-Month

LIBOR

reference

rate

+

7.112%

spread),

2017

11A,

144A

8.034%

4/24/34

$

685,800

1,500

(j)

CIFC

Funding

2019-I

Ltd,

(3-Month

LIBOR

reference

rate

+

7.092%

spread),

2019

1A,

144A

7.893%

4/20/32

1,507,437

2,000

(j)

Dryden

50

Senior

Loan

Fund,

(3-Month

LIBOR

reference

rate

+

6.522%

spread),

2017

50A,

144A

11.836%

7/15/30

1,925,000

3,000

(j)

Flatiron

CLO

19

Ltd,

(3-Month

LIBOR

reference

rate

+

6.362%

spread),

2019

1A,

144A

11.752%

11/16/34

3,014,901

2,000

(j)

Gilbert

Park

CLO

Ltd,

(TSFR3M

reference

rate

+

6.662%

spread),

2017

1A,

144A

11.976%

10/15/30

1,975,242

1,000

(j)

Goldentree

Loan

Opportunities

IX

Ltd,

(TSFR3M

reference

rate

+

5.922%

spread),

2014

9A,

144A

11.241%

10/29/29

1,003,402

1,500

(j)

KKR

CLO

30

Ltd,

(3-Month

LIBOR

reference

rate

+

6.662%

spread),

2021

30A,

144A

11.978%

10/17/31

1,504,965

750

(j)

Magnetite

XXVII

Ltd,

(TSFR3M

reference

rate

+

6.262%

spread),

2020

27A,

144A

11.579%

10/20/34

745,723

1,000

(j)

Neuberger

Berman

Loan

Advisers

CLO

28

Ltd,

(TSFR3M

reference

rate

+

5.862%

spread),

2018

28A,

144A

11.179%

4/20/30

997,675

2,875

(j)

Neuberger

Berman

Loan

Advisers

CLO

48

Ltd,

(TSFR3M

reference

rate

+

3.200%

spread),

2022

48A,

144A

8.525%

4/25/36

2,863,066

2,500

(j)

Rockford

Tower

CLO

2017-3

Ltd,

(3-Month

LIBOR

reference

rate

+

6.012%

spread),

2017

3A,

144A

6.813%

10/20/30

2,352,588

Total

Asset-Backed

Securities

(cost

$18,604,640)

18,575,799

Shares  

Description

(a)

Coupon

Value

X

–

CONVERTIBLE

PREFERRED

SECURITIES

-

0.0%

(0.0%

of

Total

Investments)

X

582,720

Transportation

-

0.0%

(0.0%

of

Total

Investments)

9,712

ACBL

HLDG

CORP

0.000%

$

582,720

Total

Transportation

582,720

Total

Convertible

Preferred

Securities

(cost

$296,216)

582,720

Total

Long-Term

Investments

(cost

$2,025,646,724)

1,988,018,914

Shares

Description

(a)

Coupon

Value

SHORT-TERM

INVESTMENTS

-

4.7% (2.8%

of

Total

Investments)

X–

INVESTMENT

COMPANIES

-

4.7%

(2.8%

of

Total

Investments)

X

57,703,161

57,703,161

BlackRock

Liquidity

Funds

T-Fund

5.198%(k)

$

57,703,161

Total

Investment

Companies

(cost

$57,703,161)

57,703,161

Total

Short-Term

Investments

(cost

$57,703,161)

57,703,161

Total

Investments

(cost

$2,083,349,885

)

-

164.8%

2,045,722,075

Borrowings

-

(38.4)%

(l),(m)

(477,200,000)

TFP

Shares,

Net

-

(22.8)%(n)

(283,529,815)

Other

Assets

&

Liabilities,

Net

-   (3.6)%

(43,545,941)

Net

Assets

Applicable

to

Common

Shares

-

100%

$

1,241,446,319

37

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(b)

Senior

loans

generally

pay

interest

at

rates

which

are

periodically

adjusted

by

reference

to

a

base

short-term,

floating

lending

rate

(Reference

Rate)

plus

an

assigned

fixed

rate

(Spread).

These

floating

lending

rates

are

generally

(i)

the

lending

rate

referenced

by

the

London

Inter-Bank

Offered

Rate

("LIBOR"),

or

(ii)

the

prime

rate

offered

by

one

or

more

major

United

States

banks.

Senior

loans

may

be

considered

restricted

in

that

the

Fund

ordinarily

is

contractually

obligated

to

receive

approval

from

the

agent

bank

and/or

borrower

prior

to

the

disposition

of

a

senior

loan.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(c)

Senior

loans

generally

are

subject

to

mandatory

and/or

optional

prepayment.

Because

of

these

mandatory

prepayment

conditions

and

because

there

may

be

significant

economic

incentives

for

a

borrower

to

prepay,

prepayments

of

senior

loans

may

occur.

As

a

result,

the

actual

remaining

maturity

of

senior

loans

held

may

be

substantially

less

than

the

stated

maturities

shown.

(d)

Investment,

or

portion

of

investment,

represents

an

outstanding

unfunded

senior

loan

commitment.

(e)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(f)

Principal

Amount

(000)

rounds

to

less

than

$1,000.

(g)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(h)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(i)

On

March

1,

2024,

Vistra

Corp.

(“Vistra”)

completed

its

acquisition

of

Energy

Harbor

Corp

(“ENGH”).  ENGH

has

been

merged

into

a

newly

formed

subsidiary

of

Vistra,

Vistra

Vision.  In

connection

with

the

transaction,

holders

of

ENGH

common

stock

received

a

combination

of

cash

and

membership

interests

in

Vistra

Vision.  

These

Vistra

Vision

interests

were

issued

in

a

private

transaction

and

may

have

reduced

secondary

market

liquidity.

(j)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(k)

The

rate

shown

is

the

annualized

seven-day

subsidized

yield

as

of

end

of

the

reporting

period.

(l)

Borrowings

as

a

percentage

of

Total

Investments

is

23.3%.

(m)

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.

(n)

TFP

Shares,

Net

as

a

percentage

of

Total

Investments

is

13.9%.

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.

REIT

Real

Estate

Investment

Trust

SOFR

180A

180

Day

Average

Secured

Overnight

Financing

Rate

SOFR

30A

30

Day

Average

Secured

Overnight

Financing

Rate

SOFR

90A

90

Day

Average

Secured

Overnight

Financing

Rate

TBD

Senior

loan

purchased

on

a

when-issued

or

delayed-delivery

basis.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date

of

the

transaction.

In

addition,

senior

loans

typically

trade

without

accrued

interest

and

therefore

a

coupon

rate

is

not

available

prior

to

settlement.

At

settlement,

if

still

unknown,

the

borrower

or

counterparty

will

provide

the

Fund

with

the

final

coupon

rate

and

maturity

date.

TSFR

1M

CME

Term

SOFR

1

Month

TSFR

2M

CME

Term

SOFR

2

Month

TSFR

3M

CME

Term

SOFR

3

Month

WI/DD

When-issued

or

delayed

delivery

security.

See

Notes

to

Financial

Statements

38

Nuveen

Credit

Strategies

Income

Fund

Portfolio

of

Investments

January

31,

2024

(Unaudited)

JQC

Principal

Amount

(000)

Description

(a)

Coupon

(b)

Reference

Rate

(b)

Spread

(b)

Maturity

(c)

Value

LONG-TERM

INVESTMENTS

-

158.3% 

(96.6%

of

Total

Investments)

X

–

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

-

122

.0

%

(

74

.5

%

of

Total

Investments)

(b)

X

978,551,669

Automobiles

&

Components

-

0.8%

(0.5%

of

Total

Investments)

$

3,927

Clarios

Global

LP,

Term

Loan

B

8.333%

SOFR30A

3.000%

5/06/30

$

3,934,608

1,454

DexKo

Global

Inc.,

Term

Loan

B

,

(DD1)

9.360%

SOFR90A

3.750%

10/04/28

1,448,974

998

Phinia

Inc,

Term

Loan

B

9.433%

SOFR30A

4.000%

7/03/28

999,994

Total

Automobiles

&

Components

6,383,576

Capital

Goods

-

8.7%

(5.3%

of

Total

Investments)

2,522

ACProducts,

Inc.,

Term

Loan

B

9.860%

SOFR90A

4.250%

5/17/28

2,188,390

409

Aegion

Corporation,

Term

Loan

9.587%

TSFR3M

4.250%

5/17/28

410,501

4,773

Ali

Group

North

America

Corporation,

Term

Loan

B

7.447%

SOFR30A

2.000%

10/13/28

4,777,820

1,783

Alliance

Laundry

Systems

LLC,

Term

Loan

B

8.929%

SOFR30A

+

SOFR90A

3.500%

10/08/27

1,784,961

4,871

Avolon

TLB

Borrower

1

(US)

LLC,

Term

Loan

B6

7.337%

TSFR1M

2.000%

6/22/28

4,875,612

2,136

Centuri

Group,

Inc,

Term

Loan

B

7.837%

SOFR30A

2.500%

8/28/28

2,142,371

5,160

Chamberlain

Group

Inc,

Term

Loan

B

8.683%

SOFR30A

3.250%

10/22/28

5,109,909

1,280

Chart

Industries,

Inc.,

Term

Loan

8.698%

TSFR1M

3.250%

3/18/30

1,283,596

12,489

Core

&

Main

LP,

Term

Loan

B

7.996%

TSFR1M

+

TSFR2M

2.500%

6/10/28

12,507,182

554

Cornerstone

Building

Brands,

Inc.,

Term

Loan

B

8.683%

TSFR1M

3.250%

4/12/28

550,543

1,749

Emrld

Borrower

LP,

Term

Loan

B

8.313%

SOFR30A

3.000%

5/31/30

1,751,346

1,462

Madison

IAQ

LLC,

Term

Loan

8.701%

TSFR1M

3.250%

6/21/28

1,453,447

1,421

Osmose

Utilities

Services,

Inc.,

Term

Loan

8.697%

SOFR30A

3.250%

6/22/28

1,414,729

8,633

Quikrete

Holdings,

Inc.,

Term

Loan,

First

Lien

8.072%

SOFR30A

2.625%

1/31/27

8,646,273

1,459

Resideo

Funding

Inc.,

Term

Loan

7.700%

SOFR30A

+

TSFR1M

2.250%

2/14/28

1,456,015

1,474

Standard

Industries

Inc.,

Term

Loan

B

7.701%

TSFR1M

2.250%

9/22/28

1,475,362

1,940

TransDigm,

Inc.,

Term

Loan

H

8.598%

SOFR90A

3.250%

2/22/27

1,944,699

10,134

TransDigm,

Inc.,

Term

Loan

I

8.598%

SOFR90A

3.250%

8/24/28

10,155,413

732

Victory

Buyer

LLC,

Term

Loan

9.391%

TSFR3M

3.750%

11/18/28

696,185

4,754

Windsor

Holdings

III,

LLC,

Term

Loan

B

,

(DD1)

9.848%

TSFR1M

4.500%

8/01/30

4,766,313

Total

Capital

Goods

69,390,667

Commercial

&

Professional

Services

-

5.2%

(3.2%

of

Total

Investments)

1,129

Allied

Universal

Holdco

LLC,

Term

Loan

B

9.183%

SOFR30A

3.750%

5/15/28

1,117,113

2,487

Amentum

Government

Services

Holdings

LLC,

Term

Loan

9.337%

SOFR30A

4.000%

2/07/29

2,491,788

1,628

Anticimex

International

AB,

Term

Loan

B1

,

(DD1)

8.495%

SOFR90A

3.150%

11/16/28

1,620,646

895

CHG

Healthcare

Services

Inc.,

Term

Loan

8.697%

SOFR30A

3.250%

10/02/28

892,673

2,194

Covanta

Holding

Corporation,

Term

Loan

B

7.833%

SOFR30A

2.500%

11/30/28

2,189,226

167

Covanta

Holding

Corporation,

Term

Loan

C

7.833%

SOFR30A

2.500%

11/30/28

166,908

3,378

Creative

Artists

Agency,

LLC

,

Term

Loan

B

8.833%

SOFR30A

3.500%

11/16/28

3,382,637

39

Principal

Amount

(000)

Description

(a)

Coupon

(b)

Reference

Rate

(b)

Spread

(b)

Maturity

(c)

Value

Commercial

&

Professional

Services

(continued)

$

1,161

Dun

&

Bradstreet

Corporation

(The),

Term

Loan

B

8.087%

TSFR1M

2.750%

2/09/26

$

1,162,510

8,712

Garda

World

Security

Corporation,

Term

Loan

B

9.725%

SOFR90A

4.250%

10/30/26

8,735,816

2,039

GFL

Environmental

Inc.,

First

Lien

Term

Loan

7.816%

TSFR3M

2.500%

5/31/27

2,043,153

3,171

LABL,

Inc.,

Term

Loan,

First

Lien

10.433%

SOFR30A

5.000%

10/29/28

3,018,197

135

National

Intergovernmental

Purchasing

Alliance

Co

%

TSFR1M

3.750%

7/25/30

135,249

1,440

OMNIA

Partners

LLC,

Term

Loan

B

9.074%

SOFR30A

3.750%

7/25/30

1,445,157

2,930

Trans

Union,

LLC,

Term

Loan

B5

7.187%

TSFR1M

1.750%

11/13/26

2,929,805

1,462

Verscend

Holding

Corp.,

Term

Loan

B

9.447%

SOFR30A

4.000%

8/27/25

1,465,767

3,414

Vertical

US

Newco

Inc,

Term

Loan

B

9.081%

6-Month

LIBOR

3.500%

7/31/27

3,418,997

595

VT

Topco,

Inc.,

Term

Loan

B

9.583%

SOFR30A

4.250%

8/12/30

598,020

5,213

WIN

Waste

Innovations

Holdings,

Inc.,

Term

Loan

B

8.197%

SOFR30A

2.750%

3/27/28

4,823,400

Total

Commercial

&

Professional

Services

41,637,062

Consumer

Discretionary

Distribution

&

Retail

-

4.4%

(2.7%

of

Total

Investments)

839

Academy,

Ltd.,

Term

Loan

9.217%

TSFR1M

3.750%

11/08/27

841,268

2,108

Avis

Budget

Car

Rental,

LLC,

Term

Loan

B

7.197%

SOFR30A

1.750%

8/06/27

2,100,035

1,838

Avis

Budget

Car

Rental,

LLC,

Term

Loan

C

8.433%

SOFR30A

3.000%

3/16/29

1,842,948

1,585

Belk,

Inc.,

Term

Loan

,

(cash

15.299%,

PIK

8.000%)

15.000%

N/A

N/A

7/31/25

354,640

328

Belk,

Inc.,

Term

Loan

15.000%

Prime

6.500%

7/31/25

297,504

1,453

Belron

Finance

US

LLC,

Term

Loan,

First

Lien

7.664%

SOFR90A

2.250%

4/13/29

1,457,240

752

Driven

Holdings,

LLC,

Term

Loan

B

8.451%

TSFR1M

3.000%

12/18/28

747,388

1,136

EOS

Finco

Sarl,

Term

Loan

11.098%

SOFR90A

5.750%

8/03/29

1,037,906

3,717

Jo-Ann

Stores,

Inc.,

Term

Loan

B1

10.336%

SOFR90A

4.750%

6/30/28

303,576

5,332

LBM

Acquisition

LLC,

Term

Loan

B

,

(DD1)

9.087%

SOFR30A

3.750%

12/20/27

5,293,068

1,061

Les

Schwab

Tire

Centers,

Term

Loan

B

8.708%

TSFR1M

3.250%

11/02/27

1,061,307

13,416

PetSmart,

Inc.,

Term

Loan

B

9.183%

SOFR30A

3.750%

2/12/28

13,373,231

3,522

Restoration

Hardware,

Inc.,

Term

Loan

B

7.947%

SOFR30A

2.500%

10/15/28

3,387,317

750

SRS

Distribution

Inc.,

Term

Loan

8.683%

SOFR30A

3.250%

6/04/28

746,656

2,220

Wand

NewCo

3

Inc

,Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

2,223,818

Total

Consumer

Discretionary

Distribution

&

Retail

35,067,902

Consumer

Durables

&

Apparel

-

3.0%

(1.8%

of

Total

Investments)

500

(d)

AI

Aqua

Merger

Sub,

Inc.,

Term

Loan

9.585%

TSFR1M

4.250%

7/31/28

500,470

7,007

AI

Aqua

Merger

Sub,

Inc.,

Term

Loan

B,

First

Lien

9.105%

TSFR1M

3.750%

7/31/28

6,977,044

1,264

Birkenstock

GmbH

&

Co.

KG,

Term

Loan

B

8.894%

SOFR90A

3.250%

4/28/28

1,267,801

7,300

Hayward

Industries,

Inc.,

Term

Loan

8.197%

SOFR30A

2.750%

5/30/28

7,301,171

6

Serta

Simmons

Bedding,

LLC,

Term

Loan

12.963%

SOFR90A

7.500%

6/29/28

5,902

1,106

SRAM,

LLC

,

Term

Loan

B

9.224%

Prime

2.250%

5/18/28

1,104,300

Nuveen

Credit

Strategies

Income

Fund

(continued)

Portfolio

of

Investments

January

31,

2024

(Unaudited)

40

JQC

Principal

Amount

(000)

Description

(a)

Coupon

(b)

Reference

Rate

(b)

Spread

(b)

Maturity

(c)

Value

Consumer

Durables

&

Apparel

(continued)

$

4,491

Topgolf

Callaway

Brands

Corp.,

Term

Loan

B

8.933%

SOFR30A

3.500%

3/09/30

$

4,487,784

2,233

Weber-Stephen

Products

LLC,

Term

Loan

B

8.697%

SOFR30A

3.250%

10/29/27

2,030,984

Total

Consumer

Durables

&

Apparel

23,675,456

Consumer

Services

-

16.4%

(10.0%

of

Total

Investments)

7,902

1011778

B.C.

Unlimited

Liability

Company,

Term

Loan

B5

7.583%

SOFR30A

2.250%

9/23/30

7,872,473

3,817

Alterra

Mountain

Company,

Term

Loan

8.947%

SOFR30A

3.500%

8/17/28

3,823,383

995

Alterra

Mountain

Company,

Term

Loan

B

9.183%

SOFR30A

3.750%

5/31/30

997,487

1,839

Aramark

Services,

Inc.,

Term

Loan

B6

7.947%

SOFR30A

2.500%

6/24/30

1,837,606

7,746

Caesars

Entertainment

Corp,

Term

Loan

B

8.663%

SOFR90A

3.250%

1/25/30

7,752,660

1,938

Caesars

Entertainment

Inc

,Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

1,936,289

2,192

Carnival

Corporation,

Term

Loan

B

8.697%

SOFR30A

3.250%

10/18/28

2,195,185

3,031

Carnival

Corporation,

Term

Loan

B

8.336%

TSFR1M

3.000%

8/09/27

3,036,074

3,298

Churchill

Downs

Incorporated,

Term

Loan

B1

7.433%

SOFR30A

2.000%

3/17/28

3,296,337

6,707

ClubCorp

Holdings,

Inc.,

Term

Loan

B2

10.610%

Prime

4.000%

9/18/26

6,636,258

10,572

Equinox

Holdings,

Inc.,

Term

Loan,

First

Lien

8.610%

3-Month

LIBOR

3.000%

3/08/24

10,469,901

12,829

Fertitta

Entertainment,

LLC,

Term

Loan

B

9.333%

SOFR30A

4.000%

1/27/29

12,809,013

10,000

Flutter

Entertainment

PLC,

Term

Loan

B

7.698%

SOFR90A

2.250%

11/25/30

9,975,000

4,988

Formula

One

Holdings

Limited,

Term

Loan

B

7.598%

SOFR90A

2.250%

1/15/30

4,992,364

3,114

GVC

Holdings

(Gibraltar)

Limited,

Term

Loan

B

8.948%

SOFR90A

3.500%

10/31/29

3,118,409

3,231

Hilton

Domestic

Operating

Company,

Inc.,

Term

Loan

B4

7.436%

TSFR1M

2.000%

11/08/30

3,235,661

2,933

Hilton

Grand

Vacations

Borrower

LLC,

Term

Loan

B

8.197%

SOFR30A

2.750%

8/02/28

2,931,987

480

Hilton

Grand

Vacations

Borrower

LLC,

Term

Loan

B

8.083%

SOFR30A

2.750%

1/17/31

479,760

10,209

IRB

Holding

Corp,

Term

Loan

B

8.083%

SOFR30A

2.750%

12/15/27

10,200,214

5,633

Life

Time

Fitness

Inc

,

Term

Loan,

First

Lien

9.824%

SOFR90A

4.250%

1/15/26

5,672,890

4,679

Light

and

Wonder

International,

Inc.,

Term

Loan

8.083%

TSFR1M

2.750%

4/16/29

4,689,956

277

Motion

Finco

Sarl,

Term

Loan

B2

8.860%

SOFR90A

3.250%

11/04/26

277,583

376

NASCAR

Holdings,

Inc,

Term

Loan

B

7.947%

SOFR30A

2.500%

10/19/26

378,185

581

PCI

Gaming

Authority,

Term

Loan

7.947%

SOFR30A

2.500%

5/31/26

581,607

1,828

Penn

National

Gaming,

Inc.,

Term

Loan

B

8.183%

SOFR30A

2.750%

4/20/29

1,826,432

3,796

Scientific

Games

Holdings

LP,

Term

Loan

B

,

(DD1)

8.598%

SOFR90A

3.250%

2/04/29

3,770,302

3,910

SeaWorld

Parks

&

Entertainment,

Inc.,

Term

Loan

B

7.833%

TSFR1M

2.500%

8/25/28

3,919,071

3,753

Spin

Holdco

Inc.,

Term

Loan

9.625%

SOFR90A

4.000%

3/06/28

3,361,165

41

Principal

Amount

(000)

Description

(a)

Coupon

(b)

Reference

Rate

(b)

Spread

(b)

Maturity

(c)

Value

Consumer

Services

(continued)

$

1,266

Stars

Group

Holdings

B.V.

(The),

Term

Loan

B

8.863%

SOFR90A

3.250%

7/04/28

$

1,268,262

979

Station

Casinos

LLC,

Term

Loan

B

7.683%

SOFR30A

2.250%

2/08/27

978,310

1,923

Twin

River

Worldwide

Holdings,

Inc.,

Term

Loan

B

8.829%

TSFR3M

3.250%

10/02/28

1,801,714

4,990

WestJet

Loyalty

LP,

Term

Loan

B

,

(WI/DD)

TBD

TBD

TBD

TBD

4,940,100

372

William

Morris

Endeavor

Entertainment,

LLC,

Term

Loan,

First

Lien

8.197%

SOFR30A

2.750%

5/16/25

372,977

662

WW

International

Inc

,Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

392,235

Total

Consumer

Services

131,826,850

Consumer

Staples

Distribution

&

Retail

-

0.4%

(0.3%

of

Total

Investments)

1,489

Cardenas

Markets,

Inc.,

Term

Loan

12.198%

SOFR90A

6.750%

8/01/29

1,490,867

1,960

US

Foods,

Inc.,

Term

Loan

B

7.947%

SOFR30A

2.500%

11/22/28

1,969,689

Total

Consumer

Staples

Distribution

&

Retail

3,460,556

Diversified

Financials

-

0.0%

(0.0%

of

Total

Investments)

3,111

(e)

Ditech

Holding

Corporation,

Term

Loan

0.000%

N/A

N/A

6/30/24

93,335

Total

Diversified

Financials

93,335

Energy

-

2.1%

(1.3%

of

Total

Investments)

4,066

Buckeye

Partners,

L.P.,

Term

Loan

B

7.683%

SOFR30A

2.250%

11/02/26

4,065,622

3,388

Freeport

LNG

Investments,

LLLP,

Term

Loan

A

8.579%

TSFR3M

3.000%

11/16/26

3,356,200

3,123

Gulf

Finance,

LLC,

Term

Loan

12.070%

SOFR90A

+

TSFR1M

6.750%

8/25/26

3,128,005

2,382

Oryx

Midstream

Services

Permian

Basin

LLC,

Term

Loan

8.708%

TSFR1M

3.250%

10/05/28

2,380,883

2,940

TransMontaigne

Operating

Company

L.P.,

Term

Loan

B

8.947%

SOFR30A

3.500%

11/05/28

2,914,893

1,116

Whitewater

Whistler

Holdings,

LLC,

Term

Loan

B

8.125%

SOFR90A

2.750%

2/15/30

1,116,712

Total

Energy

16,962,315

Financial

Services

-

2.0%

(1.2%

of

Total

Investments)

310

Aragorn

Parent

Corp

,Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

311,212

1,105

Avolon

TLB

Borrower

1

(US)

LLC,

Term

Loan

B4

6.937%

TSFR1M

1.500%

2/12/27

1,106,062

3,118

Fleetcor

Technologies

Operating

Company,

LLC,

Term

Loan

B4

7.183%

SOFR30A

1.750%

5/01/28

3,115,380

7,196

GTCR

W

Merger

Sub,

Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

7,205,751

1,954

Motion

Finco

Sarl,

Term

Loan

B1

8.860%

SOFR90A

3.250%

11/04/26

1,956,961

2,204

Trans

Union,

LLC,

Term

Loan

B6

7.701%

TSFR1M

2.250%

12/01/28

2,206,800

Total

Financial

Services

15,902,166

Nuveen

Credit

Strategies

Income

Fund

(continued)

Portfolio

of

Investments

January

31,

2024

(Unaudited)

42

JQC

Principal

Amount

(000)

Description

(a)

Coupon

(b)

Reference

Rate

(b)

Spread

(b)

Maturity

(c)

Value

Food,

Beverage

&

Tobacco

-

2.3%

(1.4%

of

Total

Investments)

$

180

8th

Avenue

Food

&

Provisions,

Inc.,

Term

Loan

10.087%

SOFR30A

4.750%

10/01/25

$

174,828

2,520

8th

Avenue

Food

&

Provisions,

Inc.,

Term

Loan,

First

Lien

9.197%

SOFR30A

3.750%

10/01/25

2,452,817

369

Arterra

Wines

Canada,

Inc.,

Term

Loan

9.110%

SOFR90A

3.500%

11/25/27

350,220

1,719

CHG

PPC

Parent

LLC,

Term

Loan

8.447%

SOFR30A

3.000%

12/08/28

1,720,287

3,751

City

Brewing

Company,

LLC,

Term

Loan

,

(DD1)

9.078%

SOFR90A

3.500%

4/05/28

2,868,014

1,930

Froneri

International

Ltd.,

Term

Loan

7.683%

Prime

2.250%

2/01/27

1,929,681

4,826

Sunshine

Investments

B.V.,

Term

Loan

9.630%

SOFR90A

4.250%

5/05/29

4,841,935

1,600

Sycamore

Buyer

LLC,

Term

Loan

B

7.701%

SOFR30A

2.250%

7/23/29

1,582,953

2,812

Triton

Water

Holdings,

Inc,

Term

Loan

8.860%

SOFR90A

3.250%

3/31/28

2,769,225

Total

Food,

Beverage

&

Tobacco

18,689,960

Health

Care

Equipment

&

Services

-

15.3%

(9.4%

of

Total

Investments)

900

ADMI

Corp.,

Term

Loan

B5

11.083%

SOFR30A

5.750%

12/23/27

894,937

4,888

AHP

Health

Partners,

Inc.,

Term

Loan

B

8.947%

SOFR30A

3.500%

8/23/28

4,899,108

14,684

Bausch

&

Lomb,

Inc.,

Term

Loan

8.683%

SOFR30A

3.250%

5/05/27

14,370,455

2,113

Carestream

Health,

Inc.,

Term

Loan

12.948%

SOFR90A

7.500%

9/30/27

1,738,922

4,608

CNT

Holdings

I

Corp,

Term

Loan

8.826%

SOFR90A

3.500%

11/08/27

4,605,709

1,448

DaVita,

Inc.

,

Term

Loan

B

7.197%

SOFR30A

1.750%

8/12/26

1,446,193

576

Element

Materials

Technology

Group

US

Holdings

Inc.,

Term

Loan

9.698%

SOFR90A

4.250%

4/12/29

573,028

266

Element

Materials

Technology

Group

US

Holdings

Inc.,

Term

Loan

9.698%

SOFR90A

4.250%

4/12/29

264,475

1,697

Gainwell

Acquisition

Corp.,

Term

Loan

B

9.448%

SOFR90A

4.000%

10/01/27

1,654,096

2,839

Global

Medical

Response,

Inc.,

Term

Loan

9.574%

SOFR90A

4.250%

3/14/25

2,434,013

12,029

Global

Medical

Response,

Inc.,

Term

Loan

B

9.841%

TSFR3M

4.250%

10/02/25

10,297,771

604

ICON

Luxembourg

S.A.R.L.,

Term

Loan

7.860%

SOFR90A

2.250%

7/03/28

605,321

21,516

Medline

Borrower,

LP,

Term

Loan

B

8.451%

TSFR1M

3.000%

10/21/28

21,504,060

6,084

National

Mentor

Holdings,

Inc.,

Term

Loan

9.190%

SOFR30A

+

SOFR90A

3.750%

3/02/28

5,567,647

197

National

Mentor

Holdings,

Inc.,

Term

Loan

C

9.198%

SOFR90A

3.750%

3/02/28

179,812

3,300

Onex

TSG

Intermediate

Corp.,

Term

Loan

B

10.324%

SOFR90A

4.750%

2/28/28

3,275,622

14,966

Parexel

International

Corporation,

Term

Loan,

First

Lien

8.697%

SOFR30A

3.250%

11/15/28

14,944,571

997

Pathway

Vet

Alliance

LLC

,Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

864,023

5,971

Phoenix

Guarantor

Inc,

Term

Loan

B

8.697%

SOFR30A

3.250%

3/05/26

5,960,697

4,004

Phoenix

Guarantor

Inc,

Term

Loan

B3

8.947%

SOFR30A

3.500%

3/05/26

4,000,782

9,660

Select

Medical

Corporation,

Term

Loan

B1

8.333%

SOFR30A

3.000%

3/05/27

9,666,270

43

Principal

Amount

(000)

Description

(a)

Coupon

(b)

Reference

Rate

(b)

Spread

(b)

Maturity

(c)

Value

Health

Care

Equipment

&

Services

(continued)

$

1,110

Star

Parent,

Inc.,

Term

Loan

B

9.348%

SOFR90A

4.000%

9/30/30

$

1,085,719

11,392

Surgery

Center

Holdings,

Inc.,

Term

Loan

8.835%

SOFR30A

3.500%

12/19/30

11,427,435

834

Team

Health

Holdings,

Inc.,

Term

Loan

B

10.573%

SOFR30A

+

SOFR90A

5.250%

3/02/27

697,553

Total

Health

Care

Equipment

&

Services

122,958,219

Household

&

Personal

Products

-

0.4%

(0.3%

of

Total

Investments)

2,243

Kronos

Acquisition

Holdings

Inc.,

Term

Loan

B

9.360%

SOFR90A

3.750%

12/22/26

2,246,414

1,089

Kronos

Acquisition

Holdings

Inc.,

Term

Loan,

First

Lien

11.538%

SOFR90A

6.000%

12/22/26

1,092,292

Total

Household

&

Personal

Products

3,338,706

Insurance

-

7.6%

(4.6%

of

Total

Investments)

13,373

Acrisure,

LLC,

Term

Loan

B

9.150%

3-Month

LIBOR

3.500%

2/15/27

13,339,076

8,372

Alliant

Holdings

Intermediate,

LLC,

Term

Loan

B6

8.833%

TSFR1M

3.500%

11/06/30

8,398,879

1,579

AmWINS

Group,

Inc.,

Term

Loan

B

8.197%

SOFR30A

2.750%

2/19/28

1,576,979

596

Assured

Partners

Inc,

Term

Loan

B

,

(WI/DD)

TBD

TBD

TBD

TBD

595,032

453

Asurion

LLC,

Term

Loan

B11

9.683%

SOFR30A

4.250%

8/19/28

448,319

3,711

Asurion

LLC,

Term

Loan

B8

,

(DD1)

8.697%

SOFR30A

3.250%

12/23/26

3,700,148

5,168

Asurion

LLC,

Term

Loan

B9

8.697%

SOFR30A

3.250%

7/31/27

5,099,370

1,115

Broadstreet

Partners,

Inc.,

Term

Loan

B

8.337%

SOFR30A

3.000%

1/27/27

1,113,838

1,955

Broadstreet

Partners,

Inc.,

Term

Loan

B2

8.697%

SOFR30A

3.250%

1/27/27

1,952,703

7,214

Broadstreet

Partners,

Inc.,

Term

Loan

B3

,

(DD1)

9.083%

SOFR30A

3.750%

1/26/29

7,218,321

10,391

HUB

International

Limited,

Term

Loan

B

9.610%

SOFR90A

+

TSFR1M

4.250%

6/08/30

10,409,117

242

Ryan

Specialty

Group,

LLC,

Term

Loan

B

8.106%

SOFR30A

2.750%

9/01/27

242,268

833

USI,

Inc.,

Term

Loan

8.598%

SOFR90A

3.250%

9/27/30

832,912

5,925

USI,

Inc.,

Term

Loan

B

8.348%

SOFR90A

3.000%

11/22/29

5,926,720

Total

Insurance

60,853,682

Materials

-

6.4%

(3.9%

of

Total

Investments)

793

Arsenal

AIC

Parent

LLC

,Term

Loan

9.833%

SOFR30A

4.500%

7/27/30

794,146

1,250

ASP

Unifrax

Holdings

Inc,

Term

Loan

B

9.248%

TSFR3M

3.750%

12/12/25

1,193,269

2,813

Axalta

Coating

Systems

U.S.

Holdings,

Inc.,

term

Loan

B4

7.848%

SOFR90A

2.500%

12/20/29

2,817,869

91

Berry

Global,

Inc.,

Term

Loan

Z

7.202%

TSFR1M

1.750%

7/01/26

91,238

3,775

Clydesdale

Acquisition

Holdings

Inc,

Term

Loan

B

9.108%

SOFR30A

3.675%

3/30/29

3,755,767

2,669

CPC

Acquisition

Corp,

Term

Loan

9.360%

SOFR90A

3.750%

12/29/27

2,184,136

4,529

Discovery

Purchaser

Corporation,

Term

Loan

,

(DD1)

9.705%

SOFR90A

4.375%

8/03/29

4,489,730

1,114

INEOS

Quattro

Holdings

UK

Ltd,

Term

Loan

9.087%

SOFR30A

3.750%

3/03/30

1,110,683

2,930

INEOS

Quattro

Holdings

UK

Ltd,

Term

Loan

B,

First

Lien

9.587%

SOFR30A

4.250%

11/14/29

2,918,885

2,875

Ineos

US

Finance

LLC,

Term

Loan

B

8.837%

SOFR30A

3.500%

2/09/30

2,847,686

Nuveen

Credit

Strategies

Income

Fund

(continued)

Portfolio

of

Investments

January

31,

2024

(Unaudited)

44

JQC

Principal

Amount

(000)

Description

(a)

Coupon

(b)

Reference

Rate

(b)

Spread

(b)

Maturity

(c)

Value

Materials

(continued)

$

2,500

Ineos

US

Finance

LLC,

Term

Loan

B

,

(WI/DD)

TBD

TBD

TBD

TBD

$

2,475,000

1,252

Klockner-Pentaplast

of

America,

Inc.,

Term

Loan

B

10.476%

SOFR180A

4.725%

2/09/26

1,207,797

452

Kraton

Corporation,

Term

Loan

8.896%

SOFR90A

3.250%

3/15/29

447,819

1,452

Lonza

Group

AG,

Term

Loan

B

9.373%

SOFR90A

3.925%

7/03/28

1,357,002

4,359

Nouryon

Finance

B.V.,

Term

Loan

B

,

(DD1)

9.467%

TSFR3M

4.000%

4/03/28

4,361,834

496

PQ

Corporation,

Term

Loan

B

7.913%

SOFR90A

2.500%

6/09/28

496,083

3,072

Reynolds

Group

Holdings

Inc.

,

Term

Loan

B

,

(DD1)

8.697%

SOFR30A

3.250%

9/25/28

3,077,082

2,162

Reynolds

Group

Holdings

Inc.

,

Term

Loan

B2

8.697%

SOFR30A

3.250%

2/05/26

2,166,498

483

Starfruit

Finco

B.V,

Term

Loan

9.448%

TSFR1M

4.000%

3/03/28

482,635

4,900

TricorBraun

Holdings,

Inc.,

Term

Loan

8.697%

SOFR30A

3.250%

3/03/28

4,815,735

1,125

Tronox

Finance

LLC,

Term

Loan

B

8.848%

SOFR90A

3.500%

8/16/28

1,125,000

7,357

Viant

Medical

Holdings,

Inc.,

Term

Loan,

First

Lien

9.197%

SOFR30A

3.750%

7/02/25

7,324,525

Total

Materials

51,540,419

Media

&

Entertainment

-

8.2%

(5.0%

of

Total

Investments)

3,610

ABG

Intermediate

Holdings

2

LLC,

Term

Loan

B1

9.320%

1-Month

LIBOR

4.000%

12/21/28

3,623,292

558

Adevinta

ASA,

Term

Loan

B

8.362%

SOFR90A

2.750%

6/26/28

561,554

963

Altice

Financing

SA,

Term

Loan

10.314%

TSFR3M

5.000%

10/29/27

962,140

3,526

AMC

Entertainment

Holdings,

Inc.

,

Term

Loan

B

8.449%

SOFR30A

3.000%

4/22/26

2,789,973

953

Cable

One,

Inc.,

Term

Loan

B4

7.447%

SOFR30A

2.000%

5/03/28

949,581

6,278

Cengage

Learning,

Inc.,

Term

Loan

B

10.326%

TSFR3M

4.750%

7/14/26

6,277,669

312

Checkout

Holding

Corp.,

Term

Loan

14.869%

SOFR90A

7.500%

5/24/30

163,642

1,985

Cinemark

USA,

Inc.,

Term

Loan

B

9.098%

SOFR90A

3.750%

5/18/30

1,988,107

12,417

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

B

9.074%

SOFR90A

3.500%

8/21/26

12,293,531

4,040

Crown

Finance

US,

Inc.,

Term

Loan

6.824%

SOFR90A

1.500%

7/31/28

4,094,130

1,141

CSC

Holdings,

LLC,

Term

Loan

B5

7.948%

1-Month

LIBOR

2.500%

4/15/27

1,089,927

2,017

CSC

Holdings,

LLC,

Term

Loan

B6

9.833%

TSFR1M

4.500%

1/18/28

1,974,817

668

(e)

Diamond

Sports

Group,

LLC,

Term

Loan

0.000%

3-Month

LIBOR

0.000%

8/24/26

45,294

3,334

DirecTV

Financing,

LLC,

Term

Loan

10.650%

SOFR90A

5.000%

8/02/27

3,338,583

397

Getty

Images,

Inc.,

Term

Loan

B

9.948%

SOFR90A

4.500%

2/19/26

397,092

4,280

Gray

Television,

Inc.,

Term

Loan

E

7.967%

TSFR1M

2.500%

1/02/26

4,280,788

4,318

iHeartCommunications,

Inc.,

Term

Loan

8.447%

SOFR30A

3.000%

5/01/26

3,804,245

957

Lions

Gate

Capital

Holdings

LLC,

Term

Loan

B

7.683%

SOFR30A

2.250%

3/24/25

957,781

4,924

McGraw-Hill

Global

Education

Holdings,

LLC,

Term

Loan

10.197%

SOFR30A

4.750%

7/31/28

4,904,076

405

Mission

Broadcasting,

Inc.,

Term

Loan

B

7.835%

TSFR1M

2.500%

6/02/28

403,781

1,019

Nexstar

Broadcasting,

Inc.,

Term

Loan

B4

7.951%

TSFR1M

2.500%

9/18/26

1,019,043

45

Principal

Amount

(000)

Description

(a)

Coupon

(b)

Reference

Rate

(b)

Spread

(b)

Maturity

(c)

Value

Media

&

Entertainment

(continued)

$

1,605

Planet

US

Buyer

LLC,

Term

Loan

B

,

(WI/DD)

TBD

TBD

TBD

TBD

$

1,600,988

9,637

Rackspace

Technology

Global,

Inc.,

Term

Loan

B

8.208%

TSFR1M

2.750%

2/15/28

4,202,884

2,149

Radiate

Holdco,

LLC,

Term

Loan

B

8.697%

SOFR30A

3.250%

9/25/26

1,748,585

1,396

Red

Ventures,

LLC,

Term

Loan

B

8.333%

SOFR30A

3.000%

2/23/30

1,392,235

750

Virgin

Media

Bristol

LLC,

Term

Loan

Y

8.790%

SOFR180A

3.250%

3/06/31

741,473

Total

Media

&

Entertainment

65,605,211

Pharmaceuticals,

Biotechnology

&

Life

Sciences

-

2.7%

(1.6%

of

Total

Investments)

243

Catalent

Pharma

Solutions

Inc.,

Term

Loan

B3

7.451%

TSFR1M

2.000%

2/22/28

240,062

6,684

Curia

Global,

Inc.,

Term

Loan

9.173%

SOFR30A

+

SOFR90A

3.750%

8/28/26

6,154,381

953

Emergent

Biosolutions,

Term

Loan

11.433%

SOFR30A

6.000%

10/13/23

822,814

151

ICON

Luxembourg

S.A.R.L.,

Term

Loan

7.860%

SOFR90A

2.250%

7/03/28

151,034

9,810

Jazz

Financing

Lux

S.a.r.l.,

Term

Loan

8.447%

SOFR30A

3.500%

5/05/28

9,815,990

2,543

Organon

&

Co,

Term

Loan

8.450%

TSFR1M

3.000%

6/02/28

2,542,907

1,620

Perrigo

Investments,

LLC,

Term

Loan

B

7.683%

SOFR30A

2.250%

4/05/29

1,619,815

Total

Pharmaceuticals,

Biotechnology

&

Life

Sciences

21,347,003

Real

Estate

Management

&

Development

-

0.6%

(0.4%

of

Total

Investments)

1,818

Cushman

&

Wakefield

U.S.

Borrower,

LLC,

Term

Loan

8.683%

SOFR30A

3.250%

1/31/30

1,805,532

2,500

Cushman

&

Wakefield

U.S.

Borrower,

LLC,

Term

Loan

B

9.333%

SOFR30A

4.000%

1/31/30

2,490,625

178

Cushman

&

Wakefield

U.S.

Borrower,

LLC,

Term

Loan

B

8.197%

SOFR30A

2.750%

8/21/25

177,734

684

Forest

City

Enterprises,

L.P.,

Term

Loan

B

8.947%

SOFR30A

3.500%

12/08/25

661,342

Total

Real

Estate

Management

&

Development

5,135,233

Semiconductors

&

Semiconductor

Equipment

-

0.1%

(0.0%

of

Total

Investments)

2,183

Bright

Bidco

B.V.,

Term

Loan

,

(cash

6.378%,

PIK

8.000%)

6.325%

TSFR3M

+

3-Month

LIBOR

4.500%

10/31/27

674,035

Total

Semiconductors

&

Semiconductor

Equipment

674,035

Software

&

Services

-

19.6%

(12.0%

of

Total

Investments)

1,576

Ahead

DB

Holdings,

LLC,

Term

Loan

B

9.198%

SOFR90A

3.750%

10/18/27

1,568,407

1,045

Apttus

Corporation,

Term

Loan

9.451%

TSFR1M

4.000%

5/08/28

1,048,622

1,629

Asurion

LLC,

Term

Loan

B4,

Second

Lien

10.697%

SOFR30A

5.250%

1/20/29

1,548,951

9,956

Avaya,

Inc.,

Term

Loan

6.918%

TSFR1M

+

1-Month

LIBOR

4.250%

8/01/28

8,794,705

9,878

Banff

Merger

Sub

Inc,

Term

Loan

,

(DD1)

9.583%

SOFR30A

4.250%

12/29/28

9,903,186

995

CCC

Intelligent

Solutions

Inc.,

Term

Loan

B

7.697%

SOFR30A

2.250%

9/21/28

993,830

2,833

Ceridian

HCM

Holding

Inc.,

Term

Loan

B

7.947%

SOFR90A

2.500%

4/30/25

2,840,771

2,818

DTI

Holdco,

Inc.,

Term

Loan

10.063%

SOFR90A

4.750%

4/21/29

2,806,426

6,410

Emerald

TopCo

Inc,

Term

Loan

8.947%

SOFR30A

3.500%

7/25/26

6,362,555

Nuveen

Credit

Strategies

Income

Fund

(continued)

Portfolio

of

Investments

January

31,

2024

(Unaudited)

46

JQC

Principal

Amount

(000)

Description

(a)

Coupon

(b)

Reference

Rate

(b)

Spread

(b)

Maturity

(c)

Value

Software

&

Services

(continued)

$

10,466

Epicor

Software

Corporation,

Term

Loan

8.697%

SOFR30A

3.250%

7/30/27

$

10,484,708

5,246

Greeneden

U.S.

Holdings

II,

LLC,

Term

Loan

B4

9.447%

SOFR30A

4.000%

12/01/27

5,257,340

6,877

Informatica

LLC,

Term

Loan

B

8.087%

SOFR30A

2.750%

10/14/28

6,878,360

121

Ivanti

Software

Inc

,Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

114,637

1,898

Ivanti

Software,

Inc.,

Term

Loan

B

,

(DD1)

9.839%

SOFR90A

4.250%

12/01/27

1,813,542

3,577

McAfee,

LLC,

Term

Loan

B

9.203%

SOFR30A

3.750%

2/03/29

3,552,159

785

Mitchell

International

Inc,

Term

Loan

B

,

(WI/DD)

TBD

TBD

TBD

TBD

780,342

3,711

NortonLifeLock

Inc.,

Term

Loan

B

7.433%

SOFR30A

2.000%

1/28/29

3,704,339

9,663

Open

Text

Corporation,

Term

Loan

B

8.183%

SOFR30A

2.750%

1/31/30

9,677,325

3,799

Peraton

Corp.,

Term

Loan

B

,

(DD1)

9.183%

SOFR30A

3.750%

2/01/28

3,799,345

729

Project

Ruby

Ultimate

Parent

Corp.,

Term

Loan

8.697%

SOFR30A

3.250%

3/10/28

726,458

1,679

Proofpoint,

Inc.,

Term

Loan,

First

Lien

8.697%

SOFR30A

3.250%

8/31/28

1,669,839

3,616

Quartz

Acquireco

LLC,

Term

Loan

B

8.833%

SOFR30A

3.500%

4/14/30

3,615,937

9,812

Sophia,

L.P.,

Term

Loan

B

8.933%

SOFR30A

3.500%

10/07/27

9,809,956

2,761

SS&C

European

Holdings

Sarl,

Term

Loan

B4

7.197%

SOFR30A

1.750%

4/16/25

2,761,847

2,425

SS&C

Technologies

Inc.,

Term

Loan

B3

7.197%

SOFR30A

1.750%

4/16/25

2,426,148

8,023

Syniverse

Holdings,

Inc.,

Term

Loan

12.348%

SOFR90A

7.000%

5/10/29

7,513,628

10,720

Tempo

Acquisition

LLC,

Term

Loan

B

8.083%

SOFR30A

2.750%

8/31/28

10,731,012

8,278

Ultimate

Software

Group

Inc

(The),

Term

Loan

8.680%

SOFR90A

3.250%

5/04/26

8,291,015

14,362

Ultimate

Software

Group

Inc

(The),

Term

Loan

B

9.163%

SOFR90A

3.750%

5/04/26

14,386,054

2,001

Vision

Solutions,

Inc.,

Term

Loan

9.586%

TSFR3M

4.000%

5/28/28

1,979,002

1,819

West

Corporation,

Term

Loan

B3

9.563%

SOFR90A

4.000%

4/10/27

1,746,969

1,489

World

Wide

Technology

Holding

Co.

LLC,

Term

Loan

8.686%

TSFR1M

3.250%

2/23/30

1,490,611

8,100

Zelis

Payments

Buyer,

Inc.,

Term

Loan

B

,

(DD1)

8.067%

TSFR3M

2.750%

9/28/29

8,101,701

Total

Software

&

Services

157,179,727

Technology

Hardware

&

Equipment

-

1.7%

(1.0%

of

Total

Investments)

3,089

CommScope,

Inc.,

Term

Loan

B

8.697%

SOFR30A

3.250%

4/06/26

2,708,540

3,741

Delta

TopCo,

Inc.,

Term

Loan

B

9.121%

SOFR180A

3.750%

12/01/27

3,733,248

2,089

II-VI

Incorporated,

Term

Loan

B

8.087%

SOFR30A

2.750%

7/02/29

2,083,090

2,371

Ingram

Micro

Inc.,

Term

Loan

8.610%

SOFR90A

3.000%

7/02/28

2,373,222

440

MLN

US

HoldCo

LLC,

Term

Loan

12.110%

SOFR90A

6.700%

10/18/27

88,003

975

MLN

US

HoldCo

LLC,

Term

Loan,

First

Lien

9.972%

TSFR3M

4.500%

12/01/25

114,549

1,500

NCR

Atleos

LLC,

Term

Loan

B

10.087%

SOFR30A

4.750%

3/27/29

1,501,875

1,630

Riverbed

Technology,

Inc.,

Term

Loan

7.848%

SOFR90A

+

3-Month

LIBOR

2.250%

7/03/28

1,120,361

44

ViaSat,

Inc.,

Term

Loan

9.833%

SOFR30A

4.500%

3/05/29

43,645

Total

Technology

Hardware

&

Equipment

13,766,533

47

Principal

Amount

(000)

Description

(a)

Coupon

(b)

Reference

Rate

(b)

Spread

(b)

Maturity

(c)

Value

Telecommunication

Services

-

5.0%

(3.1%

of

Total

Investments)

$

1,281

Altice

France

S.A.,

Term

Loan

B12

9.263%

3-Month

LIBOR

3.688%

2/02/26

$

1,257,542

11,418

Altice

France

S.A.,

Term

Loan

B13

9.641%

3-Month

LIBOR

4.000%

8/14/26

11,142,937

766

CenturyLink,

Inc.,

Term

Loan

B

7.697%

SOFR30A

2.250%

3/15/27

544,151

1,174

Cincinnati

Bell,

Inc.,

Term

Loan

B2

8.683%

SOFR30A

3.250%

11/23/28

1,162,096

581

(e)

Cyxtera

DC

Holdings,

Inc.,

Term

Loan

B

0.000%

N/A

N/A

5/01/24

47,802

3,480

Eagle

Broadband

Investments

LLC,

Term

Loan

8.652%

SOFR90A

3.000%

11/12/27

3,424,137

5,518

Frontier

Communications

Corp.,

Term

Loan

B

9.197%

SOFR30A

3.750%

10/08/27

5,465,399

1,256

GOGO

Intermediate

Holdings

LLC,

Term

Loan

B

9.197%

SOFR30A

3.750%

4/28/28

1,254,329

2,740

Level

3

Financing

Inc.,

Term

Loan

B

7.197%

SOFR30A

1.750%

3/01/27

2,644,100

970

Numericable

Group

SA,

Term

Loan

B11

8.324%

3-Month

LIBOR

2.750%

7/31/25

957,917

8,798

Virgin

Media

Bristol

LLC,

Term

Loan

N

7.948%

TSFR1M

2.500%

1/31/28

8,654,373

3,651

Ziggo

Financing

Partnership,

Term

Loan

I

7.948%

TSFR1M

2.500%

4/30/28

3,573,495

Total

Telecommunication

Services

40,128,278

Transportation

-

7.1%

(4.3%

of

Total

Investments)

3,311

AAdvantage

Loyalty

IP

Ltd.,

Term

Loan

10.329%

TSFR3M

4.750%

4/20/28

3,397,893

2,689

Air

Canada,

Term

Loan

B

9.139%

TSFR3M

3.500%

8/11/28

2,695,141

7,044

American

Airlines,

Inc.,

Term

Loan

B

8.598%

SOFR90A

2.750%

2/06/28

7,028,882

3,136

American

Airlines,

Inc.,

Term

Loan,

First

Lien

7.317%

SOFR90A

1.750%

1/29/27

3,127,241

2,177

Brown

Group

Holding,

LLC,

Term

Loan

B

8.183%

SOFR30A

2.750%

4/22/28

2,165,165

1,778

Brown

Group

Holding,

LLC,

Term

Loan

B2

8.546%

SOFR30A

+

SOFR90A

3.188%

7/02/29

1,774,167

4,133

Hertz

Corporation,

(The),

Term

Loan

B

8.697%

SOFR30A

3.250%

6/30/28

4,093,696

798

Hertz

Corporation,

(The),

Term

Loan

C

8.697%

SOFR30A

3.250%

6/30/28

790,879

9,143

Kestrel

Bidco

Inc.,

Term

Loan

B

8.335%

TSFR1M

3.000%

12/11/26

9,141,553

2,977

KKR

Apple

Bidco,

LLC,

Term

Loan

8.197%

SOFR30A

2.750%

9/25/28

2,964,383

8,860

Mileage

Plus

Holdings

LLC,

Term

Loan

B

10.770%

SOFR90A

5.250%

6/21/27

9,143,240

750

SkyMiles

IP

Ltd.,

Term

Loan

B

9.068%

TSFR3M

3.750%

10/20/27

768,367

6,960

Uber

Technologies,

Inc.,

Term

Loan

B

8.135%

SOFR90A

2.750%

3/04/30

6,968,062

3,096

United

Airlines,

Inc.,

Term

Loan

B

9.201%

TSFR1M

3.750%

4/21/28

3,106,046

Total

Transportation

57,164,715

Utilities

-

2.0%

(1.2%

of

Total

Investments)

2,172

Generation

Bridge

Northeast

LLC,

Term

Loan

B

9.583%

SOFR30A

4.250%

8/07/29

2,184,670

7,294

Talen

Energy

Supply,

LLC,

Term

Loan

B

9.877%

SOFR90A

4.500%

5/27/30

7,321,553

5,941

Talen

Energy

Supply,

LLC,

Term

Loan

B

9.877%

SOFR90A

4.500%

5/27/30

5,962,797

Nuveen

Credit

Strategies

Income

Fund

(continued)

Portfolio

of

Investments

January

31,

2024

(Unaudited)

48

JQC

Principal

Amount

(000)

Description

(a)

Coupon

(b)

Reference

Rate

(b)

Spread

(b)

Maturity

(c)

Value

Utilities

(continued)

$

303

Vistra

Operations

Company

LLC,

Term

Loan

B3,

First

Lien

7.333%

SOFR30A

2.000%

12/20/30

$

301,043

Total

Utilities

15,770,063

Total

Variable

Rate

Senior

Loan

Interests

(cost

$992,932,982)

978,551,669

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

CORPORATE

BONDS

-

31

.6

%

(

19

.3

%

of

Total

Investments)

X

253,831,891

Automobiles

&

Components

-

0.7%

(0.5%

of

Total

Investments)

$

2,699

(f)

Clarios

Global

LP

/

Clarios

US

Finance

Co,

144A

6.250%

5/15/26

$

2,676,873

3,000

(f)

Ford

Motor

Credit

Co

LLC

7.200%

6/10/30

3,190,042

Total

Automobiles

&

Components

5,866,915

Capital

Goods

-

1.6%

(1.0%

of

Total

Investments)

2,000

Chart

Industries

Inc,

144A

7.500%

1/01/30

2,053,037

2,000

Emerald

Debt

Merger

Sub

LLC,

144A

6.625%

12/15/30

2,020,140

4,000

(f)

TK

Elevator

Holdco

GmbH,

144A

7.625%

7/15/28

3,966,428

2,963

(f)

TransDigm

Inc

4.625%

1/15/29

2,770,612

2,000

(f)

Windsor

Holdings

III

LLC,

144A

8.500%

6/15/30

2,059,009

Total

Capital

Goods

12,869,226

Commercial

&

Professional

Services

-

2.2%

(1.3%

of

Total

Investments)

2,000

Allied

Universal

Holdco

LLC

/

Allied

Universal

Finance

Corp,

144A

6.625%

7/15/26

1,970,728

1,200

(f)

GFL

Environmental

Inc,

144A

5.125%

12/15/26

1,171,597

4,925

(f)

GTCR

W-2

MERGER

SUB

LLC,

144A

7.500%

1/15/31

5,116,189

2,650

(f)

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc,

144A

6.250%

1/15/28

2,626,122

2,316

(f)

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc,

144A

5.750%

4/15/26

2,314,914

2,500

(f)

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc,

144A

3.375%

8/31/27

2,302,878

2,000

(f)

Verscend

Escrow

Corp,

144A

9.750%

8/15/26

2,007,970

Total

Commercial

&

Professional

Services

17,510,398

Consumer

Discretionary

Distribution

&

Retail

-

2.1%

(1.3%

of

Total

Investments)

3,900

(f)

Academy

Ltd,

144A

6.000%

11/15/27

3,853,157

9,515

(f)

Hertz

Corp/The,

144A

4.625%

12/01/26

8,557,601

3,945

(f)

Michaels

Cos

Inc/The,

144A

7.875%

5/01/29

2,523,197

1,188

(f)

PetSmart

Inc

/

PetSmart

Finance

Corp,

144A

4.750%

2/15/28

1,109,786

545

(f)

Staples

Inc,

144A

7.500%

4/15/26

510,145

Total

Consumer

Discretionary

Distribution

&

Retail

16,553,886

Consumer

Services

-

1.5%

(0.9%

of

Total

Investments)

6,617

(f)

1011778

BC

ULC

/

New

Red

Finance

Inc,

144A

4.000%

10/15/30

5,914,206

1,193

(f)

1011778

BC

ULC

/

New

Red

Finance

Inc,

144A

3.500%

2/15/29

1,091,627

1,623

Caesars

Entertainment

Inc,

144A

6.250%

7/01/25

1,628,543

1,895

(f)

Carnival

Holdings

Bermuda

Ltd,

144A

10.375%

5/01/28

2,073,054

1,201

(f)

Life

Time

Inc,

144A

5.750%

1/15/26

1,187,336

Total

Consumer

Services

11,894,766

Consumer

Staples

Distribution

&

Retail

-

0.5%

(0.3%

of

Total

Investments)

4,000

(f)

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC,

144A

4.625%

1/15/27

3,880,248

Total

Consumer

Staples

Distribution

&

Retail

3,880,248

49

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Energy

-

2.5%

(1.5%

of

Total

Investments)

$

2,545

BORR

IHC

LTD

/

BORR

FIN,

144A

10.000%

11/15/28

$

2,633,342

2,000

(f)

Citgo

Petroleum

Corp,

144A

7.000%

6/15/25

1,999,716

5,000

(f)

DT

Midstream

Inc,

144A

4.375%

6/15/31

4,478,858

3,201

(f)

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co,

144A

6.250%

11/01/28

3,189,260

1,000

(f)

Matador

Resources

Co

5.875%

9/15/26

991,011

1,201

(f)

MEG

Energy

Corp,

144A

5.875%

2/01/29

1,171,891

750

NGL

Energy

Partners

LP

/

NGL

Energy

Finance

Corp

7.500%

4/15/26

750,936

2,000

Southwestern

Energy

Co

4.750%

2/01/32

1,852,472

1,500

Transocean

Inc,

144A

11.500%

1/30/27

1,567,500

1,500

(f)

Weatherford

International

Ltd,

144A

8.625%

4/30/30

1,532,647

Total

Energy

20,167,633

Equity

Real

Estate

Investment

Trusts

(REITs)

-

0.6%

(0.4%

of

Total

Investments)

5,250

(f)

American

Tower

Corp

2.950%

1/15/51

3,446,886

2,000

Crown

Castle

Inc

2.250%

1/15/31

1,652,660

Total

Equity

Real

Estate

Investment

Trusts

(REITs)

5,099,546

Financial

Services

-

0.1%

(0.1%

of

Total

Investments)

1,000

(f)

LPL

Holdings

Inc,

144A

4.625%

11/15/27

962,915

Total

Financial

Services

962,915

Health

Care

Equipment

&

Services

-

2.2%

(1.3%

of

Total

Investments)

2,000

CHS/Community

Health

Systems

Inc,

144A

8.000%

3/15/26

1,971,230

492

Heartland

Dental

LLC

/

Heartland

Dental

Finance

Corp,

144A

8.500%

5/01/26

485,235

1,975

(f)

Mozart

Debt

Merger

Sub

Inc,

144A

3.875%

4/01/29

1,788,172

3,210

(f)

Select

Medical

Corp,

144A

6.250%

8/15/26

3,209,143

3,375

Team

Health

Holdings

Inc,

144A

13.500%

6/30/28

3,341,250

5,500

(f)

Tenet

Healthcare

Corp

6.125%

10/01/28

5,479,760

1,201

(f)

Tenet

Healthcare

Corp

4.875%

1/01/26

1,190,319

Total

Health

Care

Equipment

&

Services

17,465,109

Insurance

-

0.7%

(0.4%

of

Total

Investments)

2,175

(f)

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-

Issuer,

144A

6.750%

4/15/28

2,195,077

625

(f)

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-

Issuer,

144A

4.250%

10/15/27

581,397

3,000

(f)

HUB

International

Ltd,

144A

7.250%

6/15/30

3,086,001

Total

Insurance

5,862,475

Materials

-

3.1%

(1.9%

of

Total

Investments)

3,500

(f)

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

PLC,

144A

4.000%

9/01/29

2,836,650

6,425

(f)

Ball

Corp

6.000%

6/15/29

6,481,301

4,000

(f)

Herens

Holdco

Sarl,

144A

4.750%

5/15/28

3,369,392

2,000

(f)

LABL

Inc,

144A

9.500%

11/01/28

1,994,816

5,000

(f)

Novelis

Corp,

144A

4.750%

1/30/30

4,637,478

5,190

(f)

Pactiv

Evergreen

Group

Issuer

Inc/Pactiv

Evergreen

Group

Issuer

LLC,

144A

4.375%

9/30/28

4,842,270

619

(f)

Trinseo

Materials

Operating

SCA

/

Trinseo

Materials

Finance

Inc,

144A

5.375%

9/01/25

528,320

Total

Materials

24,690,227

Media

&

Entertainment

-

4.8%

(2.9%

of

Total

Investments)

3,000

(f)

Altice

Financing

SA,

144A

5.750%

8/15/29

2,614,429

8,425

(f)

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp,

144A

7.375%

3/03/31

8,514,516

7,000

(f)

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

3.500%

3/01/42

4,811,738

3,000

(f)

Clear

Channel

Outdoor

Holdings

Inc,

144A

5.125%

8/15/27

2,825,375

Nuveen

Credit

Strategies

Income

Fund

(continued)

Portfolio

of

Investments

January

31,

2024

(Unaudited)

50

JQC

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Media

&

Entertainment

(continued)

$

4,371

(f)

CSC

Holdings

LLC,

144A

3.375%

2/15/31

$

2,993,168

2,368

(e)

Diamond

Sports

Group

LLC

/

Diamond

Sports

Finance

Co,

144A

6.625%

8/15/27

165,760

18

iHeartCommunications

Inc

6.375%

5/01/26

15,276

3,000

(f)

LCPR

Senior

Secured

Financing

DAC,

144A

5.125%

7/15/29

2,640,180

2,799

(f)

McGraw-Hill

Education

Inc,

144A

5.750%

8/01/28

2,648,750

4,391

(f)

Rackspace

Technology

Global

Inc,

144A

3.500%

2/15/28

1,719,533

1,500

(f)

Radiate

Holdco

LLC

/

Radiate

Finance

Inc,

144A

4.500%

9/15/26

1,159,793

2,000

Virgin

Media

Secured

Finance

PLC,

144A

5.500%

5/15/29

1,923,614

6,006

(f)

VZ

Secured

Financing

BV,

144A

5.000%

1/15/32

5,250,390

1,305

(f)

Ziggo

Bond

Co

BV,

144A

6.000%

1/15/27

1,280,340

Total

Media

&

Entertainment

38,562,862

Pharmaceuticals,

Biotechnology

&

Life

Sciences

-

0.3%

(0.2%

of

Total

Investments)

2,000

Amgen

Inc

3.150%

2/21/40

1,556,717

1,500

(f)

Organon

&

Co

/

Organon

Foreign

Debt

Co-Issuer

BV,

144A

5.125%

4/30/31

1,288,690

Total

Pharmaceuticals,

Biotechnology

&

Life

Sciences

2,845,407

Software

&

Services

-

0.4%

(0.3%

of

Total

Investments)

1,185

Open

Text

Holdings

Inc,

144A

4.125%

12/01/31

1,052,366

3,344

Rackspace

Technology

Global

Inc,

144A

5.375%

12/01/28

1,040,556

1,500

(f)

SS&C

Technologies

Inc,

144A

5.500%

9/30/27

1,472,457

Total

Software

&

Services

3,565,379

Technology

Hardware

&

Equipment

-

0.2%

(0.1%

of

Total

Investments)

1,975

(f)

Commscope

Inc,

144A

4.750%

9/01/29

1,305,712

Total

Technology

Hardware

&

Equipment

1,305,712

Telecommunication

Services

-

5.1%

(3.1%

of

Total

Investments)

6,313

(f)

Frontier

Communications

Holdings

LLC,

144A

5.875%

10/15/27

6,072,036

2,000

(f)

Frontier

Communications

Holdings

LLC

5.875%

11/01/29

1,694,770

1,978

(f)

Frontier

Communications

Holdings

LLC,

144A

6.000%

1/15/30

1,677,284

1,500

(f)

Iliad

Holding

SASU,

144A

7.000%

10/15/28

1,488,050

8,290

Level

3

Financing

Inc,

144A

10.500%

5/15/30

8,248,550

4,129

Level

3

Financing

Inc,

144A

10.500%

5/15/30

4,108,355

1,000

Level

3

Financing

Inc,

144A

4.625%

9/15/27

615,000

4,000

(f)

T-Mobile

USA

Inc

3.500%

4/15/31

3,643,481

5,180

(f)

Vmed

O2

UK

Financing

I

PLC,

144A

4.250%

1/31/31

4,530,670

10,000

Ziggo

BV,

144A

4.875%

1/15/30

8,941,090

Total

Telecommunication

Services

41,019,286

Transportation

-

1.0%

(0.6%

of

Total

Investments)

1,975

(f)

Delta

Air

Lines

Inc

3.750%

10/28/29

1,814,926

3,500

(f)

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets

Ltd,

144A

6.500%

6/20/27

3,505,239

1,623

(f)

United

Airlines

Inc,

144A

4.625%

4/15/29

1,501,328

1,201

(f)

United

Airlines

Inc,

144A

4.375%

4/15/26

1,158,533

Total

Transportation

7,980,026

Utilities

-

2.0%

(1.2%

of

Total

Investments)

1,940

(f)

Pacific

Gas

and

Electric

Co

4.550%

7/01/30

1,853,981

2,000

Pacific

Gas

and

Electric

Co

4.500%

7/01/40

1,722,100

6,318

(f)

PG&E

Corp

5.000%

7/01/28

6,105,167

3,000

PG&E

Corp

5.250%

7/01/30

2,864,667

3,000

Talen

Energy

Supply

LLC,

144A

8.625%

6/01/30

3,183,960

Total

Utilities

15,729,875

Total

Corporate

Bonds

(cost

$250,239,266)

253,831,891

51

Shares

Description

(a)

Value

X

–

COMMON

STOCKS

-

2

.3

%

(

1

.4

%

of

Total

Investments)

X

18,250,392

Commercial

&

Professional

Services

-

0.0%

(0.0%

of

Total

Investments)

8,223

(g)

Skillsoft

Corp

$

115,286

Total

Commercial

&

Professional

Services

115,286

Consumer

Discretionary

Distribution

&

Retail

-

0.0%

(0.0%

of

Total

Investments)

196

(g)

Belk

Inc

1,666

Total

Consumer

Discretionary

Distribution

&

Retail

1,666

Consumer

Services

-

0.0%

(0.0%

of

Total

Investments)

41,905

(g)

Cengage

Learning

Holdings

II

Inc

379,785

1,225

(g)

Crown

Finance

US

Inc

19,638

Total

Consumer

Services

399,423

Energy

-

0.7%

(0.5%

of

Total

Investments)

31,033

(g)

Quarternorth

Energy

Holding

Inc

5,042,863

31,358

(g)

Vantage

Drilling

International

778,086

Total

Energy

5,820,949

Health

Care

Equipment

&

Services

-

0.0%

(0.0%

of

Total

Investments)

211,860

(g),(h)

Millennium

Health

LLC

22,245

198,883

(g),(h)

Millennium

Health

LLC

995

242,758

(g)

Onex

Carestream

Finance

LP

24,276

Total

Health

Care

Equipment

&

Services

47,516

Materials

-

0.0%

(0.0%

of

Total

Investments)

89

LyondellBasell

Industries

NV,

Class

A

8,377

Total

Materials

8,377

Media

&

Entertainment

-

0.4%

(0.2%

of

Total

Investments)

10,159

(g)

Catalina

Marketing

Corp

1,270

183,143

Cineworld

Group

PLC

2,935,965

8

(g)

Cumulus

Media

Inc,

Class

A

37

Total

Media

&

Entertainment

2,937,272

Semiconductors

&

Semiconductor

Equipment

-

0.0%

(0.0%

of

Total

Investments)

39,129

(g)

Bright

Bidco

BV

14,204

28,645

(g)

Bright

Bidco

BV

10,398

Total

Semiconductors

&

Semiconductor

Equipment

24,602

Software

&

Services

-

0.3%

(0.2%

of

Total

Investments)

326,337

(g)

Avaya

Inc

2,012,520

Total

Software

&

Services

2,012,520

Technology

Hardware

&

Equipment

-

0.1%

(0.0%

of

Total

Investments)

68,536

(g)

Avaya

Inc

422,661

Total

Technology

Hardware

&

Equipment

422,661

Utilities

-

0.8%

(0.5%

of

Total

Investments)

80,962

(g),(i)

Energy

Harbor

Corp

6,460,120

Total

Utilities

6,460,120

Total

Common

Stocks

(cost

$36,238,722)

18,250,392

Nuveen

Credit

Strategies

Income

Fund

(continued)

Portfolio

of

Investments

January

31,

2024

(Unaudited)

52

JQC

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

ASSET-BACKED

AND

MORTGAGE-BACKED

SECURITIES

-

1.9%

(1.1%

of

Total

Investments)

X

15,084,195

$

1,000

(j)

CIFC

Funding

2020-I

Ltd,

(TSFR3M

reference

rate

+

6.512%

spread),

2020

1A,

144A

11.826%

7/15/36

$

1,002,548

2,000

(j)

Elmwood

CLO

16

Ltd,

(TSFR3M

reference

rate

+

3.600%

spread),

2022

3A,

144A

8.918%

4/20/34

2,003,614

5,750

(j)

Magnetite

XXXV

Ltd,

(TSFR3M

reference

rate

+

7.250%

spread),

2022

35A,

144A

12.575%

10/25/36

5,729,674

5,500

(j)

Neuberger

Berman

Loan

Advisers

NBLA

CLO

53

Ltd,

(TSFR3M

reference

rate

+

7.625%

spread),

2023

23-53A,

144A

12.964%

10/24/32

5,520,911

825

(j)

OHA

Credit

Funding

11

Ltd,

(TSFR3M

reference

rate

+

7.250%

spread),

2022

11A,

144A

12.560%

7/19/33

827,448

Total

Asset-Backed

and

Mortgage-Backed

Securities

(cost

$15,036,433)

15,084,195

Shares

Description

(a)

Value

X

–

WARRANTS

-

0

.5

%

(

0

.3

%

of

Total

Investments)

X

3,773,369

Energy

-

0.5%

(0.3%

of

Total

Investments)

629

California

Resources

Corp

$

8,573

17,602

Quarternorth

Energy

Holding

Inc

2,860,325

37,801

Quarternorth

Energy

Holding

Inc

831,622

72,802

Quarternorth

Energy

Holding

Inc

72,802

Total

Energy

3,773,322

Media

&

Entertainment

-

0.0%

(0.0%

of

Total

Investments)

4,644

(h)

Tenerity

Inc

47

Total

Media

&

Entertainment

47

Total

Warrants

(cost

$1,831,028)

3,773,369

Total

Long-Term

Investments

(cost

$1,296,278,431)

1,269,491,516

Shares

Description

(a)

Coupon

Value

SHORT-TERM

INVESTMENTS

-

5.6% (3.4%

of

Total

Investments)

X

–

INVESTMENT

COMPANIES

-

5.6%

(3.4%

of

Total

Investments)

X

44,866,402

44,866,402

BlackRock

Liquidity

Funds

T-Fund

5.190%(k)

$

44,866,402

Total

Investment

Companies

(cost

$44,866,402)

44,866,402

Total

Short-Term

Investments

(cost

$44,866,402)

44,866,402

Total

Investments

(cost

$

1,341,144,833

)

-

163

.9

%

1,314,357,918

Borrowings

-

(26.4)%

(l),(m)

(

211,600,000

)

Reverse

Repurchase

Agreements,

including

accrued

interest

-

(17.8)%(n)

(

142,849,955

)

TFP

Shares,

Net

-

(17.4)%(o)

(

139,165,969

)

Other

Assets

&

Liabilities,

Net

-   (2.3)%

(

18,730,964

)

Net

Assets

Applicable

to

Common

Shares

-

100%

$

802,011,030

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(b)

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.

53

(c)

Senior

loans

generally

are

subject

to

mandatory

and/or

optional

prepayment.

Because

of

these

mandatory

prepayment

conditions

and

because

there

may

be

significant

economic

incentives

for

a

borrower

to

prepay,

prepayments

of

senior

loans

may

occur.

As

a

result,

the

actual

remaining

maturity

of

senior

loans

held

may

be

substantially

less

than

the

stated

maturities

shown.

(d)

Investment,

or

portion

of

investment,

represents

an

outstanding

unfunded

senior

loan

commitment.

(e)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(f)

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

$195,497,628

have

been

pledged

as

collateral

for

reverse

repurchase

agreements.

(g)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(h)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(i)

On

March

1,

2024,

Vistra

Corp.

(“Vistra”)

completed

its

acquisition

of

Energy

Harbor

Corp

(“ENGH”).  ENGH

has

been

merged

into

a

newly

formed

subsidiary

of

Vistra,

Vistra

Vision.  In

connection

with

the

transaction,

holders

of

ENGH

common

stock

received

a

combination

of

cash

and

membership

interests

in

Vistra

Vision.  

These

Vistra

Vision

interests

were

issued

in

a

private

transaction

and

may

have

reduced

secondary

market

liquidity.

(j)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(k)

The

rate

shown

is

the

annualized

seven-day

subsidized

yield

as

of

end

of

the

reporting

period.

(l)

Borrowings

as

a

percentage

of

Total

Investments

is

16.1%.

(m)

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.

(n)

Reverse

Repurchase

Agreements,

including

accrued

interest

as

a

percentage

of

Total

investments

is

10.9%.

(o)

TFP

Shares,

Net

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.

REIT

Real

Estate

Investment

Trust

SOFR

180A

180

Day

Average

Secured

Overnight

Financing

Rate

SOFR

30A

30

Day

Average

Secured

Overnight

Financing

Rate

SOFR

90A

90

Day

Average

Secured

Overnight

Financing

Rate

TBD

Senior

loan

purchased

on

a

when-issued

or

delayed-delivery

basis.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date

of

the

transaction.

In

addition,

senior

loans

typically

trade

without

accrued

interest

and

therefore

a

coupon

rate

is

not

available

prior

to

settlement.

At

settlement,

if

still

unknown,

the

borrower

or

counterparty

will

provide

the

Fund

with

the

final

coupon

rate

and

maturity

date.

TSFR

1M

CME

Term

SOFR

1

Month

TSFR

2M

CME

Term

SOFR

2

Month

TSFR

3M

CME

Term

SOFR

3

Month

WI/DD

When-issued

or

delayed

delivery

security.

See

Notes

to

Financial

Statements

54

Nuveen

Preferred

&

Income

Opportunities

Fund

Portfolio

of

Investments

January

31,

2024

(Unaudited)

JPC

Principal

Amount

(000)

/Shares

Description

(a)

Coupon

Maturity

Value

LONG-TERM

INVESTMENTS

-

158.1% 

(99.9%

of

Total

Investments)

X

–

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

82

.8

%

(

52

.3

%

of

Total

Investments)

X

2,082,675,430

Automobiles

&

Components

-

0.8%

(0.5%

of

Total

Investments)

$

14,869

General

Motors

Financial

Co

Inc

5.750%

N/A

(b)

$

13,404,124

8,014

General

Motors

Financial

Co

Inc

5.700%

N/A

(b)

7,371,877

Total

Automobiles

&

Components

20,776,001

Banks

-

37.9%

(24.0%

of

Total

Investments)

4,450

Bank

of

America

Corp

6.300%

N/A

(b)

4,451,780

18,235

Bank

of

America

Corp

6.250%

N/A

(b)

18,164,549

2,000

(c)

Bank

of

America

Corp

(TSFR3M

reference

rate

+

3.397%

spread)

8.774%

N/A

(b)

2,009,312

45,134

Bank

of

America

Corp

6.125%

N/A

(b)

44,944,464

10,850

Bank

of

America

Corp

4.375%

N/A

(b)

9,908,030

21,820

(d)

Bank

of

America

Corp

6.500%

N/A

(b)

21,860,476

2,861

Bank

of

America

Corp

8.050%

6/15/27

3,073,629

6,955

Bank

of

America

Corp

6.100%

N/A

(b)

6,950,702

9,650

Bank

of

Nova

Scotia/The

8.000%

1/27/84

9,802,875

10,550

(e)

Bank

of

Nova

Scotia/The

8.625%

10/27/82

10,915,600

3,000

Bank

of

Nova

Scotia/The

4.900%

N/A

(b)

2,857,631

32,448

Citigroup

Inc

7.625%

N/A

(b)

33,173,262

27,500

(d)

Citigroup

Inc

3.875%

N/A

(b)

25,339,110

14,589

Citigroup

Inc

5.950%

N/A

(b)

14,396,565

22,389

Citigroup

Inc

6.250%

N/A

(b)

22,268,652

7,175

Citigroup

Inc

7.375%

N/A

(b)

7,295,282

19,799

Citigroup

Inc

4.000%

N/A

(b)

18,501,104

10,740

Citigroup

Inc

4.150%

N/A

(b)

9,571,789

8,955

Citigroup

Inc

6.300%

N/A

(b)

8,896,621

17,868

Citigroup

Inc

5.000%

N/A

(b)

17,614,471

9,515

(d)

Citizens

Financial

Group

Inc

4.000%

N/A

(b)

8,420,775

7,000

(c)

Citizens

Financial

Group

Inc

(TSFR3M

reference

rate

+

3.265%

spread)

8.594%

N/A

(b)

6,640,383

5,529

Citizens

Financial

Group

Inc

6.375%

N/A

(b)

5,236,666

3,976

Citizens

Financial

Group

Inc

5.650%

N/A

(b)

3,878,999

14,700

(e)

CoBank

ACB

6.450%

N/A

(b)

14,428,050

17,983

CoBank

ACB

6.250%

N/A

(b)

17,528,585

5,800

(c)

Corestates

Capital

III

(TSFR3M

reference

rate

+

0.832%

spread),

144A

6.211%

2/15/27

5,578,261

6,450

(e)

Farm

Credit

Bank

of

Texas,

144A

6.200%

N/A

(b)

5,901,750

3,060

Farm

Credit

Bank

of

Texas,

144A

5.700%

N/A

(b)

2,907,000

1,225

Fifth

Third

Bancorp

4.500%

N/A

(b)

1,157,536

550

(c)

Fifth

Third

Bancorp

(TSFR3M

reference

rate

+

3.295%

spread)

8.625%

N/A

(b)

537,079

15,910

(c),(e)

First

Citizens

BancShares

Inc/NC

(TSFR3M

reference

rate

+

4.234%

spread)

9.618%

N/A

(b)

16,220,675

910

Goldman

Sachs

Group

Inc/The

4.400%

N/A

(b)

864,490

925

Goldman

Sachs

Group

Inc/The

3.800%

N/A

(b)

840,903

32,314

(e)

HSBC

Capital

Funding

Dollar

1

LP,

144A

10.176%

N/A

(b)

40,886,646

8,000

(e)

HSBC

Capital

Funding

Dollar

1

LP,

Reg

S

10.176%

N/A

(b)

10,122,336

25,000

Huntington

Bancshares

Inc/OH

4.450%

N/A

(b)

22,482,185

20,300

(d)

Huntington

Bancshares

Inc/OH

5.625%

N/A

(b)

18,730,114

3,850

JPMorgan

Chase

&

Co

6.125%

N/A

(b)

3,842,745

3,600

JPMorgan

Chase

&

Co

8.750%

9/01/30

4,321,125

6,700

JPMorgan

Chase

&

Co

6.100%

N/A

(b)

6,707,966

68,965

(c),(e)

JPMorgan

Chase

&

Co

(TSFR3M

reference

rate

+

4.042%

spread)

9.348%

N/A

(b)

69,496,375

55

Principal

Amount

(000)

/Shares

Description

(a)

Coupon

Maturity

Value

Banks

(continued)

$

8,365

JPMorgan

Chase

&

Co

5.000%

N/A

(b)

$

8,287,335

13,830

JPMorgan

Chase

&

Co

3.650%

N/A

(b)

12,745,989

2,800

KeyCorp

5.000%

N/A

(b)

2,504,215

8,000

KeyCorp

Capital

III

7.750%

7/15/29

8,036,957

2,000

(c)

M&T

Bank

Corp

(TSFR3M

reference

rate

+

1.262%

spread)

6.576%

1/15/27

1,865,781

2,395

M&T

Bank

Corp

5.125%

N/A

(b)

2,184,410

7,315

M&T

Bank

Corp

6.450%

N/A

(b)

7,284,648

5,960

M&T

Bank

Corp

3.500%

N/A

(b)

4,768,000

2,923

PNC

Financial

Services

Group

Inc/The

5.000%

N/A

(b)

2,783,994

34,335

(d)

PNC

Financial

Services

Group

Inc/The

6.250%

N/A

(b)

32,614,514

9,520

PNC

Financial

Services

Group

Inc/The

3.400%

N/A

(b)

8,194,885

15,580

(c)

PNC

Financial

Services

Group

Inc/The

(TSFR3M

reference

rate

+

3.302%

spread)

8.679%

N/A

(b)

15,621,723

6,605

PNC

Financial

Services

Group

Inc/The

6.000%

N/A

(b)

6,313,522

18,235

(d)

PNC

Financial

Services

Group

Inc/The

6.200%

N/A

(b)

17,860,878

5,855

Regions

Financial

Corp

5.750%

N/A

(b)

5,741,767

32,700

Toronto-Dominion

Bank/The

8.125%

10/31/82

33,963,168

35,900

(d)

Truist

Financial

Corp

4.950%

N/A

(b)

34,960,310

6,687

Truist

Financial

Corp

5.100%

N/A

(b)

6,168,129

50,566

(d)

Truist

Financial

Corp

4.800%

N/A

(b)

48,265,247

8,955

(c)

Truist

Financial

Corp

(TSFR3M

reference

rate

+

3.364%

spread)

8.748%

N/A

(b)

9,015,724

7,295

Wells

Fargo

&

Co

7.625%

N/A

(b)

7,641,717

7,363

Wells

Fargo

&

Co

5.900%

N/A

(b)

7,351,670

57,197

(e)

Wells

Fargo

&

Co

3.900%

N/A

(b)

53,593,366

24,770

(e)

Wells

Fargo

&

Co

7.950%

11/15/29

27,853,192

20,133

(d)

Wells

Fargo

&

Co

5.875%

N/A

(b)

20,007,072

10,021

(c)

Zions

Bancorp

NA

(3-Month

LIBOR

reference

rate

+

4.440%

spread)

10.086%

N/A

(b)

9,838,777

1,460

(c)

Zions

Bancorp

NA

(3-Month

LIBOR

reference

rate

+

3.800%

spread)

9.446%

N/A

(b)

1,345,355

Total

Banks

955,538,893

Capital

Goods

-

2.0%

(1.3%

of

Total

Investments)

18,093

(e)

AerCap

Global

Aviation

Trust,

144A

6.500%

6/15/45

17,979,778

12,185

AerCap

Holdings

NV

5.875%

10/10/79

12,102,534

13,660

Air

Lease

Corp

4.650%

N/A

(b)

12,628,475

8,474

(e)

ILFC

E-Capital

Trust

I,

144A

7.436%

12/21/65

6,710,413

1,960

ILFC

E-Capital

Trust

I,

144A

7.186%

12/21/65

1,513,571

Total

Capital

Goods

50,934,771

Energy

-

4.3%

(2.7%

of

Total

Investments)

22,395

Enbridge

Inc

5.750%

7/15/80

20,947,212

17,110

Enbridge

Inc

7.625%

1/15/83

17,291,708

11,930

Enbridge

Inc

8.500%

1/15/84

12,754,303

2,798

Enbridge

Inc

5.500%

7/15/77

2,605,801

1,695

Enbridge

Inc

6.000%

1/15/77

1,631,286

6,615

Energy

Transfer

LP

6.500%

N/A

(b)

6,391,932

5,690

Energy

Transfer

LP

7.125%

N/A

(b)

5,500,243

4,990

Energy

Transfer

LP

8.000%

5/15/54

5,163,752

16,805

Enterprise

Products

Operating

LLC

5.250%

8/16/77

16,184,018

16,135

Transcanada

Trust

5.600%

3/07/82

14,164,916

3,490

Transcanada

Trust

5.875%

8/15/76

3,352,728

2,468

(e)

Transcanada

Trust

5.500%

9/15/79

2,198,231

Total

Energy

108,186,130

Nuveen

Preferred

&

Income

Opportunities

Fund

(continued)

Portfolio

of

Investments

January

31,

2024

(Unaudited)

56

JPC

Principal

Amount

(000)

/Shares

Description

(a)

Coupon

Maturity

Value

Financial

Services

-

14.7%

(9.2%

of

Total

Investments)

$

14,240

(e)

Ally

Financial

Inc

4.700%

N/A

(b)

$

10,822,400

12,644

Ally

Financial

Inc

4.700%

N/A

(b)

10,247,484

4,875

American

AgCredit

Corp,

144A

5.250%

N/A

(b)

4,558,125

45,903

(d)

American

Express

Co

3.550%

N/A

(b)

40,922,353

27,600

Bank

of

New

York

Mellon

Corp/The

3.750%

N/A

(b)

24,753,734

19,778

(d)

Bank

of

New

York

Mellon

Corp/The

4.700%

N/A

(b)

19,436,323

3,015

Capital

Farm

Credit

ACA,

144A

5.000%

N/A

(b)

2,849,175

17,115

(e)

Capital

One

Financial

Corp

3.950%

N/A

(b)

14,825,013

36,640

(d)

Charles

Schwab

Corp/The

4.000%

N/A

(b)

33,297,384

30,020

(e)

Charles

Schwab

Corp/The

5.375%

N/A

(b)

29,595,595

5,000

Charles

Schwab

Corp/The

5.000%

N/A

(b)

4,647,288

1,350

Compeer

Financial

ACA,

144A

4.875%

N/A

(b)

1,282,500

3,989

Corebridge

Financial

Inc

6.875%

12/15/52

4,000,569

13,510

Discover

Financial

Services

6.125%

N/A

(b)

13,280,749

1,610

Discover

Financial

Services

5.500%

N/A

(b)

1,324,463

8,100

Equitable

Holdings

Inc

4.950%

N/A

(b)

7,891,677

1,915

Goldman

Sachs

Group

Inc/The

4.125%

N/A

(b)

1,742,246

1,955

(c)

Goldman

Sachs

Group

Inc/The

(TSFR3M

reference

rate

+

3.136%

spread)

8.505%

N/A

(b)

1,951,604

8,120

(d)

Goldman

Sachs

Group

Inc/The

5.300%

N/A

(b)

8,052,930

7,600

Goldman

Sachs

Group

Inc/The

4.950%

N/A

(b)

7,417,681

20,500

Goldman

Sachs

Group

Inc/The

3.650%

N/A

(b)

18,446,374

27,937

Goldman

Sachs

Group

Inc/The

5.500%

N/A

(b)

27,653,294

32,355

Goldman

Sachs

Group

Inc/The

7.500%

N/A

(b)

33,984,692

16,795

State

Street

Corp

6.700%

N/A

(b)

16,752,989

27,956

(d)

Voya

Financial

Inc

7.748%

N/A

(b)

28,855,484

Total

Financial

Services

368,592,126

Food,

Beverage

&

Tobacco

-

2.3%

(1.4%

of

Total

Investments)

10,855

Dairy

Farmers

of

America

Inc,

144A

7.125%

N/A

(b)

10,095,150

30,110

(d)

Land

O'

Lakes

Inc,

144A

8.000%

N/A

(b)

26,496,800

16,840

Land

O'

Lakes

Inc,

144A

7.250%

N/A

(b)

13,219,400

9,260

Land

O'

Lakes

Inc,

144A

7.000%

N/A

(b)

6,991,300

Total

Food,

Beverage

&

Tobacco

56,802,650

Insurance

-

13.3%

(8.4%

of

Total

Investments)

3,598

ACE

Capital

Trust

II

9.700%

4/01/30

4,220,997

1,895

(d)

Aegon

NV

5.500%

4/11/48

1,830,702

9,010

(e)

American

International

Group

Inc

5.750%

4/01/48

8,939,346

2,299

(e)

Aon

Corp

8.205%

1/01/27

2,487,206

17,894

(e)

Assurant

Inc

7.000%

3/27/48

18,228,027

14,909

(e)

Assured

Guaranty

Municipal

Holdings

Inc,

144A

6.400%

12/15/66

13,541,249

3,725

(e)

AXIS

Specialty

Finance

LLC

4.900%

1/15/40

3,198,970

14,208

Enstar

Finance

LLC

5.500%

1/15/42

12,545,437

5,695

Enstar

Finance

LLC

5.750%

9/01/40

5,461,326

30,860

(e)

Liberty

Mutual

Group

Inc,

144A

7.800%

3/15/37

31,306,452

21,555

(e)

Markel

Group

Inc

6.000%

N/A

(b)

21,309,480

3,000

MetLife

Inc

10.750%

8/01/39

4,065,648

43,519

(e)

MetLife

Inc,

144A

9.250%

4/08/38

50,078,358

15,160

(d)

MetLife

Inc

3.850%

N/A

(b)

14,501,721

20,900

(e)

MetLife

Inc,

144A

7.875%

12/15/37

22,572,961

2,215

MetLife

Inc

5.875%

N/A

(b)

2,191,684

36,819

(e)

Nationwide

Financial

Services

Inc

6.750%

5/15/37

36,018,271

8,185

(e)

PartnerRe

Finance

B

LLC

4.500%

10/01/50

7,305,113

8,238

(e)

Provident

Financing

Trust

I

7.405%

3/15/38

9,193,948

7,370

Prudential

Financial

Inc

3.700%

10/01/50

6,479,218

3,000

Prudential

Financial

Inc

6.000%

9/01/52

2,987,761

2,890

Prudential

Financial

Inc

5.125%

3/01/52

2,698,513

3,900

QBE

Insurance

Group

Ltd,

144A

5.875%

N/A

(b)

3,839,653

57

Principal

Amount

(000)

/Shares

Description

(a)

Coupon

Maturity

Value

Insurance

(continued)

$

34,725

QBE

Insurance

Group

Ltd,

Reg

S

6.750%

12/02/44

$

34,661,314

10,440

SBL

Holdings

Inc,

144A

6.500%

N/A

(b)

6,604,119

11,975

(e)

SBL

Holdings

Inc,

144A

7.000%

N/A

(b)

8,082,888

Total

Insurance

334,350,362

Media

&

Entertainment

-

0.1%

(0.1%

of

Total

Investments)

4,065

Paramount

Global

6.375%

3/30/62

3,630,309

Total

Media

&

Entertainment

3,630,309

Technology

Hardware

&

Equipment

-

0.1%

(0.0%

of

Total

Investments)

2,315

Vodafone

Group

PLC

4.125%

6/04/81

2,008,145

Total

Technology

Hardware

&

Equipment

2,008,145

Telecommunication

Services

-

1.0%

(0.6%

of

Total

Investments)

24,020

(e)

Vodafone

Group

PLC

7.000%

4/04/79

24,822,580

Total

Telecommunication

Services

24,822,580

Utilities

-

6.3%

(4.1%

of

Total

Investments)

5,020

AES

Andes

SA,

144A

6.350%

10/07/79

4,746,009

2,555

AES

Andes

SA,

144A

7.125%

3/26/79

2,450,756

10,915

American

Electric

Power

Co

Inc

3.875%

2/15/62

9,597,063

16,200

(e)

CMS

Energy

Corp

3.750%

12/01/50

13,084,542

1,285

(d)

CMS

Energy

Corp

4.750%

6/01/50

1,163,365

32,149

(d)

Duke

Energy

Corp

4.875%

N/A

(b)

31,787,899

2,000

Duke

Energy

Corp

3.250%

1/15/82

1,633,070

4,680

Edison

International

5.000%

N/A

(b)

4,447,147

1,155

Edison

International

5.375%

N/A

(b)

1,111,265

38,805

(e)

Emera

Inc

6.750%

6/15/76

38,024,969

13,190

Sempra

4.875%

N/A

(b)

12,928,508

8,976

Sempra

4.125%

4/01/52

7,902,470

6,440

Southern

Co/The

4.000%

1/15/51

6,189,109

12,725

(d)

Vistra

Corp,

144A

8.000%

N/A

(b)

12,688,691

7,365

Vistra

Corp,

144A

8.875%

N/A

(b)

7,585,950

1,745

Vistra

Corp,

144A

7.000%

N/A

(b)

1,692,650

Total

Utilities

157,033,463

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$2,121,124,565)

2,082,675,430

Principal

Amount

(000)

Description

(a)

,(f)

Coupon

Maturity

Value

X

–

CONTINGENT

CAPITAL

SECURITIES

-

48

.1

%

(

30

.4

%

of

Total

Investments)

X

1,210,166,337

Banks

-

40.0%

(25.3%

of

Total

Investments)

$

4,825

Australia

&

New

Zealand

Banking

Group

Ltd/United

Kingdom,

144A

6.750%

N/A

(b)

$

4,861,573

17,520

(e)

Banco

Bilbao

Vizcaya

Argentaria

SA

6.125%

N/A

(b)

15,904,363

18,695

(d)

Banco

Bilbao

Vizcaya

Argentaria

SA

9.375%

N/A

(b)

19,822,664

30,215

(d)

Banco

Bilbao

Vizcaya

Argentaria

SA

6.500%

N/A

(b)

29,534,322

5,440

(e)

Banco

Mercantil

del

Norte

SA/Grand

Cayman,

144A

7.500%

N/A

(b)

5,185,079

3,120

(e)

Banco

Mercantil

del

Norte

SA/Grand

Cayman,

144A

7.625%

N/A

(b)

3,045,900

13,400

Banco

Santander

SA

9.625%

N/A

(b)

14,371,500

21,705

Banco

Santander

SA

4.750%

N/A

(b)

18,674,055

13,450

Barclays

PLC

9.625%

N/A

(b)

13,852,733

36,930

(d)

Barclays

PLC

8.000%

N/A

(b)

36,769,089

30,085

Barclays

PLC

8.000%

N/A

(b)

29,101,560

25,070

Barclays

PLC

6.125%

N/A

(b)

23,761,093

17,370

BNP

Paribas

SA,

144A

7.750%

N/A

(b)

17,544,447

10,000

BNP

Paribas

SA,

Reg

S

7.375%

N/A

(b)

10,006,080

Nuveen

Preferred

&

Income

Opportunities

Fund

(continued)

Portfolio

of

Investments

January

31,

2024

(Unaudited)

58

JPC

Principal

Amount

(000)

Description

(a),(f)

Coupon

Maturity

Value

Banks

(continued)

$

26,000

BNP

Paribas

SA,

144A

4.625%

N/A

(b)

$

23,117,861

25,855

(d)

BNP

Paribas

SA,

144A

8.500%

N/A

(b)

26,771,767

9,230

BNP

Paribas

SA,

144A

6.625%

N/A

(b)

9,216,190

7,595

BNP

Paribas

SA,

144A

7.000%

N/A

(b)

7,392,749

43,635

BNP

Paribas

SA,

144A

7.375%

N/A

(b)

43,661,530

12,650

(e)

BNP

Paribas

SA,

144A

9.250%

N/A

(b)

13,473,325

4,466

(e)

Credit

Agricole

SA,

Reg

S

8.125%

N/A

(b)

4,577,650

3,925

Credit

Agricole

SA,

144A

4.750%

N/A

(b)

3,354,953

45,870

(e)

Credit

Agricole

SA,

144A

8.125%

N/A

(b)

47,016,750

30,405

(d)

HSBC

Holdings

PLC

8.000%

N/A

(b)

31,645,250

36,120

(e)

HSBC

Holdings

PLC

6.000%

N/A

(b)

34,127,303

3,000

HSBC

Holdings

PLC

4.600%

N/A

(b)

2,487,882

37,564

(d)

HSBC

Holdings

PLC

6.375%

N/A

(b)

37,227,303

9,720

ING

Groep

NV,

Reg

S

7.500%

N/A

(b)

9,624,822

30,760

(d)

ING

Groep

NV

5.750%

N/A

(b)

28,924,387

36,830

(d)

ING

Groep

NV

6.500%

N/A

(b)

36,007,490

11,650

ING

Groep

NV,

Reg

S

6.750%

N/A

(b)

11,620,875

27,010

(d)

Intesa

Sanpaolo

SpA,

144A

7.700%

N/A

(b)

26,582,280

21,165

Lloyds

Banking

Group

PLC

7.500%

N/A

(b)

20,657,019

55,878

(e)

Lloyds

Banking

Group

PLC

7.500%

N/A

(b)

55,340,103

13,875

Lloyds

Banking

Group

PLC

8.000%

N/A

(b)

13,603,157

4,500

Lloyds

Banking

Group

PLC

6.750%

N/A

(b)

4,382,045

9,005

(e)

Macquarie

Bank

Ltd/London,

144A

6.125%

N/A

(b)

8,570,755

23,805

(e)

NatWest

Group

PLC

8.000%

N/A

(b)

23,894,983

43,938

(d)

NatWest

Group

PLC

6.000%

N/A

(b)

42,803,745

17,060

Nordea

Bank

Abp,

144A

6.625%

N/A

(b)

16,863,810

35,090

(e)

Nordea

Bank

Abp,

144A

6.125%

N/A

(b)

34,907,841

2,820

Societe

Generale

SA,

144A

4.750%

N/A

(b)

2,490,587

4,550

Societe

Generale

SA,

144A

5.375%

N/A

(b)

3,717,540

59,768

(e)

Societe

Generale

SA,

144A

8.000%

N/A

(b)

59,979,041

14,545

Societe

Generale

SA,

144A

9.375%

N/A

(b)

15,093,783

26,365

Societe

Generale

SA,

144A

10.000%

N/A

(b)

28,128,739

2,066

Societe

Generale

SA,

144A

6.750%

N/A

(b)

1,845,393

3,046

Standard

Chartered

PLC,

144A

6.000%

N/A

(b)

3,009,647

7,585

Standard

Chartered

PLC,

144A

7.750%

N/A

(b)

7,711,328

23,550

UniCredit

SpA,

Reg

S

8.000%

N/A

(b)

23,491,125

Total

Banks

1,005,755,466

Financial

Services

-

8.1%

(5.1%

of

Total

Investments)

35,075

Deutsche

Bank

AG

6.000%

N/A

(b)

31,757,957

21,600

Deutsche

Bank

AG

7.500%

N/A

(b)

20,845,432

5,600

Deutsche

Bank

AG,

Reg

S

4.789%

N/A

(b)

4,981,379

51,160

UBS

Group

AG,

Reg

S

6.875%

N/A

(b)

50,516,203

23,385

UBS

Group

AG,

144A

9.250%

N/A

(b)

25,014,677

20,465

UBS

Group

AG,

144A

9.250%

N/A

(b)

22,294,796

18,000

(e)

UBS

Group

AG,

144A

4.875%

N/A

(b)

16,242,244

13,675

UBS

Group

AG,

Reg

S

7.000%

N/A

(b)

13,623,719

10,800

UBS

Group

AG,

Reg

S

5.125%

N/A

(b)

10,192,500

10,000

(e)

UBS

Group

AG,

Reg

S

3.875%

N/A

(b)

8,941,964

Total

Financial

Services

204,410,871

Total

Contingent

Capital

Securities

(cost

$1,208,430,384)

1,210,166,337

59

Shares

Description

(a)

Coupon

Value

X

–

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

19

.9

%

(

12

.6

%

of

Total

Investments)

X

500,747,217

Banks

-

4.9%

(3.1%

of

Total

Investments)

107,564

CoBank

ACB

6.200%

$

10,553,104

174,700

(e)

Farm

Credit

Bank

of

Texas,

144A

9.656%

17,644,700

304,913

Fifth

Third

Bancorp

9.302%

7,814,920

50,000

Fifth

Third

Bancorp

4.950%

1,137,500

11,474

JPMorgan

Chase

&

Co

5.750%

285,014

825,668

KeyCorp

6.125%

19,758,235

659,461

KeyCorp

6.200%

14,738,954

369,170

New

York

Community

Bancorp

Inc

6.375%

7,479,384

490,729

Regions

Financial

Corp

6.375%

11,959,066

517,064

Regions

Financial

Corp

5.700%

11,582,234

16,839

Regions

Financial

Corp

4.450%

304,281

442,673

Synovus

Financial

Corp

5.875%

10,509,057

72,519

Truist

Financial

Corp

4.750%

1,560,609

149,400

Western

Alliance

Bancorp

4.250%

2,571,174

176,055

Wintrust

Financial

Corp

6.875%

4,325,671

Total

Banks

122,223,903

Capital

Goods

-

0.4%

(0.3%

of

Total

Investments)

219,386

Air

Lease

Corp

6.150%

5,467,099

184,000

WESCO

International

Inc

10.625%

4,933,040

Total

Capital

Goods

10,400,139

Energy

-

1.2%

(0.8%

of

Total

Investments)

65,300

Energy

Transfer

LP

7.600%

1,633,806

501,566

NuStar

Energy

LP

11.282%

12,890,246

311,800

NuStar

Energy

LP

12.405%

8,050,676

316,377

NuStar

Logistics

LP

12.310%

8,181,510

Total

Energy

30,756,238

Equity

Real

Estate

Investment

Trusts

(REITs)

-

1.2%

(0.7%

of

Total

Investments)

85,281

Prologis

Inc

8.540%

4,673,569

304,180

Public

Storage

4.000%

5,797,671

203,213

Public

Storage

5.600%

5,139,257

196,121

Public

Storage

4.625%

4,332,313

164,995

Public

Storage

4.750%

3,657,939

137,960

(d)

Public

Storage

4.000%

2,607,444

112,196

Public

Storage

4.125%

2,186,700

49,813

Public

Storage

4.100%

971,851

29,932

Public

Storage

3.875%

536,681

18,628

Public

Storage

3.950%

338,471

14,377

Public

Storage

4.700%

314,137

7,735

Public

Storage

3.900%

139,926

3,000

Public

Storage

5.150%

74,070

Total

Equity

Real

Estate

Investment

Trusts

(REITs)

30,770,029

Financial

Services

-

4.1%

(2.5%

of

Total

Investments)

146,670

(d)

Capital

One

Financial

Corp

5.000%

2,980,335

131,816

Capital

One

Financial

Corp

4.800%

2,555,912

35,878

Capital

One

Financial

Corp

4.250%

633,964

381,058

Equitable

Holdings

Inc

5.250%

8,489,972

145,721

Equitable

Holdings

Inc

4.300%

2,471,428

68,813

Federal

Agricultural

Mortgage

Corp

6.000%

1,720,325

842,201

Morgan

Stanley

5.850%

20,802,365

746,004

Morgan

Stanley

6.875%

18,888,821

724,723

Morgan

Stanley

7.125%

18,400,717

116,785

Morgan

Stanley

6.375%

2,930,136

79,400

Morgan

Stanley

6.500%

2,116,804

79,774

Northern

Trust

Corp

4.700%

1,767,792

66,696

State

Street

Corp

5.900%

1,679,405

Nuveen

Preferred

&

Income

Opportunities

Fund

(continued)

Portfolio

of

Investments

January

31,

2024

(Unaudited)

60

JPC

Shares  

Description

(a)

Coupon

Value

Financial

Services

(continued)

24,793

State

Street

Corp

5.350%

$

600,238

144,314

Synchrony

Financial

5.625%

2,786,703

494,554

Voya

Financial

Inc

5.350%

11,829,732

Total

Financial

Services

100,654,649

Food,

Beverage

&

Tobacco

-

1.7%

(1.1%

of

Total

Investments)

711,041

CHS

Inc

6.750%

17,704,921

577,198

CHS

Inc

7.100%

14,747,409

167,770

CHS

Inc

7.875%

4,382,152

56,400

(e)

Dairy

Farmers

of

America

Inc,

144A

7.875%

5,442,600

Total

Food,

Beverage

&

Tobacco

42,277,082

Insurance

-

4.8%

(3.0%

of

Total

Investments)

753,900

(e)

American

Equity

Investment

Life

Holding

Co

5.950%

17,437,707

334,249

American

Equity

Investment

Life

Holding

Co

6.625%

8,419,733

21,825

American

International

Group

Inc

5.850%

536,240

462,365

(e)

Aspen

Insurance

Holdings

Ltd

9.652%

11,896,652

124,080

(d)

Aspen

Insurance

Holdings

Ltd

5.625%

2,688,814

96,786

Assurant

Inc

5.250%

1,998,631

876,205

Athene

Holding

Ltd

6.350%

20,836,155

621,947

Athene

Holding

Ltd

6.375%

15,511,358

206,658

Athene

Holding

Ltd

7.750%

5,383,441

80,000

Axis

Capital

Holdings

Ltd

5.500%

1,786,400

63,400

Delphi

Financial

Group

Inc

8.831%

1,526,672

342,645

Enstar

Group

Ltd

7.000%

8,716,889

219,645

Maiden

Holdings

North

America

Ltd

7.750%

3,940,431

152,845

Prudential

Financial

Inc

5.950%

3,998,425

2,847

Prudential

Financial

Inc

4.125%

58,762

207,319

Reinsurance

Group

of

America

Inc

7.125%

5,444,197

300,532

Reinsurance

Group

of

America

Inc

5.750%

7,672,582

88,536

Selective

Insurance

Group

Inc

4.600%

1,601,616

41,233

W

R

Berkley

Corp

4.250%

887,334

17,555

W

R

Berkley

Corp

5.700%

437,997

20,000

W

R

Berkley

Corp

4.125%

387,400

8,091

(d)

W

R

Berkley

Corp

5.100%

188,520

Total

Insurance

121,355,956

Telecommunication

Services

-

0.6%

(0.4%

of

Total

Investments)

686,314

(e)

AT&T

Inc

4.750%

14,467,499

20,680

AT&T

Inc

5.000%

459,096

5,341

AT&T

Inc

5.625%

133,525

Total

Telecommunication

Services

15,060,120

Utilities

-

1.0%

(0.7%

of

Total

Investments)

69,380

CMS

Energy

Corp

5.875%

1,712,992

17,738

CMS

Energy

Corp

5.875%

439,193

8,518

CMS

Energy

Corp

4.200%

176,834

2,126

CMS

Energy

Corp

5.625%

52,533

281,710

DTE

Energy

Co

5.250%

6,665,259

101,578

DTE

Energy

Co

4.375%

2,178,848

74,168

(d)

DTE

Energy

Co

4.375%

1,536,761

204,489

NextEra

Energy

Capital

Holdings

Inc

5.650%

5,179,706

55,656

NiSource

Inc

6.500%

1,405,314

196,322

Southern

Co/The

4.950%

4,613,567

86,891

Southern

Co/The

5.250%

2,107,976

56,928

Southern

Co/The

4.200%

1,180,118

Total

Utilities

27,249,101

Total

$25

Par

(or

similar)

Retail

Preferred

(cost

$520,714,275)

500,747,217

61

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

CORPORATE

BONDS

-

6

.4

%

(

4

.1

%

of

Total

Investments)

X

161,289,168

Banks

-

1.0%

(0.6%

of

Total

Investments)

$

24,100

Standard

Chartered

PLC,

144A

7.014%

1/25/70

$

24,652,092

Total

Banks

24,652,092

Energy

-

0.3%

(0.2%

of

Total

Investments)

5,900

BP

Capital

Markets

PLC

4.375%

9/22/72

5,774,581

1,900

Enbridge

Inc

8.250%

1/15/84

1,966,669

Total

Energy

7,741,250

Equity

Real

Estate

Investment

Trusts

(REITs)

-

0.7%

(0.4%

of

Total

Investments)

10,229

Credit

Suisse

Group

AG

7.250%

3/12/72

1,125,190

9,090

Credit

Suisse

Group

AG

6.380%

2/21/72

999,900

16,100

(e)

Scentre

Group

Trust

2,

144A

5.125%

9/24/80

14,739,040

Total

Equity

Real

Estate

Investment

Trusts

(REITs)

16,864,130

Financial

Services

-

0.8%

(0.5%

of

Total

Investments)

18,750

Credit

Suisse

Group

AG

0.000%

1/17/72

2,062,500

2,000

Credit

Suisse

Group

AG

7.500%

6/11/72

220,000

7,500

Depository

Trust

&

Clearing

Corp/The,

144A

3.375%

12/20/72

6,363,023

12,800

Scentre

Group

Trust

2,

144A

4.750%

9/24/80

12,176,772

Total

Financial

Services

20,822,295

Insurance

-

3.6%

(2.3%

of

Total

Investments)

12,400

(e)

Allianz

SE,

Reg

S

3.500%

4/30/72

11,225,727

10,500

Allianz

SE,

144A

3.500%

4/30/72

9,505,656

6,210

Argentum

Netherlands

BV

for

Swiss

Re

Ltd,

Reg

S

5.750%

8/15/50

6,147,900

2,100

Argentum

Netherlands

BV

for

Swiss

Re

Ltd,

Reg

S

5.625%

8/15/52

2,058,689

1,550

Cloverie

PLC

for

Zurich

Insurance

Co

Ltd,

Reg

S

5.625%

6/24/46

1,543,909

8,455

Credit

Suisse

Group

AG

7.500%

1/17/72

930,050

2,670

Fidelis

Insurance

Holdings

Ltd,

144A

6.625%

4/01/41

2,616,600

7,900

Legal

&

General

Group

PLC,

Reg

S

5.250%

3/21/47

7,660,156

6,150

(e)

Liberty

Mutual

Insurance

Co,

144A

7.697%

10/15/97

6,780,653

2,000

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen,

Reg

S

5.875%

5/23/42

2,023,500

5,000

QBE

Insurance

Group

Ltd,

Reg

S

5.875%

6/17/46

4,913,421

8,700

Willow

No

2

Ireland

PLC

for

Zurich

Insurance

Co

Ltd,

Reg

S

4.250%

10/01/45

8,402,025

23,794

Zurich

Finance

Ireland

Designated

Activity

Co,

Reg

S

3.000%

4/19/51

19,351,565

8,000

Zurich

Finance

Ireland

Designated

Activity

Co,

Reg

S

3.500%

5/02/52

6,564,000

Total

Insurance

89,723,851

Software

&

Services

-

0.0%

(0.1%

of

Total

Investments)

13,505

Credit

Suisse

Group

AG

7.500%

6/11/72

1,485,550

Total

Software

&

Services

1,485,550

Total

Corporate

Bonds

(cost

$224,444,254)

161,289,168

Shares

Description

(a)

Coupon

Value

X

–

CONVERTIBLE

PREFERRED

SECURITIES

-

0

.9

%

(

0

.5

%

of

Total

Investments)

X

21,581,494

Banks

-

0.9%

(0.5%

of

Total

Investments)

5,849

Bank

of

America

Corp

7.250%

$

7,123,204

11,949

Wells

Fargo

&

Co

7.500%

14,458,290

Total

Banks

21,581,494

Total

Convertible

Preferred

Securities

(cost

$24,885,225)

21,581,494

Nuveen

Preferred

&

Income

Opportunities

Fund

(continued)

Portfolio

of

Investments

January

31,

2024

(Unaudited)

62

JPC

A

Investments

in

Derivatives

Shares

Description

(a)

Value

X

–

COMMON

STOCKS

-

0

.0

%

(

0

.0

%

of

Total

Investments)

X

5,647

Materials

-

0.0%

(0.0%

of

Total

Investments)

60

LyondellBasell

Industries

NV,

Class

A

$

5,647

Total

Materials

5,647

Total

Common

Stocks

(cost

$–)

5,647

Total

Long-Term

Investments

(cost

$4,099,598,703)

3,976,465,293

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

0.1% (0.1%

of

Total

Investments)

–

REPURCHASE

AGREEMENTS

-

0

.1

%

(

0

.1

%

of

Total

Investments)

X

2,520,000

$

2,520

(g)

Fixed

Income

Clearing

Corp

(FICC)

5.290%

2/01/24

$

2,520,000

Total

Repurchase

Agreements

(cost

$2,520,000)

2,520,000

Total

Short-Term

Investments

(cost

$2,520,000)

2,520,000

Total

Investments

(cost

$

4,102,118,703

)

-

158

.2

%

3,978,985,293

Borrowings

-

(27.6)%

(h),(i)

(

695,000,000

)

Reverse

Repurchase

Agreements,

including

accrued

interest

-

(16.6)%(j)

(

416,718,618

)

TFP

Shares,

Net

-

(16.6)%(k)

(

418,368,245

)

Other

Assets

&

Liabilities,

Net

-   2.6%

66,306,155

Net

Assets

Applicable

to

Common

Shares

-

100%

$

2,515,204,585

Interest

Rate

Swaps

-

OTC

Uncleared

Counterparty

Notional

Amount

Fund

Pay/Receive

Floating

Rate

Floating

Rate

Index

Fixed

Rate

(Annualized)

Fixed

Rate

Payment

Frequency

Effective

Date

(l)

Optional

Termination

Date

Maturity

Date

Value

Unrealized

Appreciation

(Depreciation)

Morgan

Stanley

Capital

Services,

LLC

$

798,500,000

Receive

1-Month

LIBOR

1.994%

Monthly

6/01/18

7/01/25

7/01/27

$

27,906,620

$

27,906,620

Morgan

Stanley

Capital

Services,

LLC

138,000,000

Receive

1-Month

LIBOR

2.364%

Monthly

7/01/19

7/01/26

7/01/28

5,058,013

5,058,013

Total

$

32,964,633

Futures

Contracts

-

Long

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

U.S.

Treasury

10-Year

Note

444

3/24

$

48,476,481

$

49,873,688

$

1,397,207

U.S.

Treasury

Ultra

Bond

154

3/24

18,741,952

19,899,687

1,157,735

Total

$67,218,433

$69,773,375

$2,554,942

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(b)

Perpetual

security.

Maturity

date

is

not

applicable.

(c)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(d)

Investment,

or

portion

of

investment,

is

hypothecated.

The

total

value

of

investments

hypothecated

as

of

the

end

of

the

reporting

period

was

$637,645,896.

(e)

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

$462,469,073

have

been

pledged

as

collateral

for

reverse

repurchase

agreements.

(f)

Contingent

Capital

Securities

(“CoCos”)

are

hybrid

securities

with

loss

absorption

characteristics

built

into

the

terms

of

the

security

for

the

benefit

of

the

issuer.

For

example,

the

terms

may

specify

an

automatic

write-down

of

principal

or

a

mandatory

conversion

into

the

issuer’s

common

stock

under

certain

adverse

circumstances,

such

as

the

issuer’s

capital

ratio

falling

below

a

specified

level.

63

(g)

Agreement

with

Fixed

Income

Clearing

Corporation,

5.290%

dated

1/31/24

to

be

repurchased

at

$2,520,000

on

2/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

3.875%

and

maturity

date

5/15/43,

valued

at

$2,570,439.

(h)

Borrowings

as

a

percentage

of

Total

Investments

is

17.5%.

(i)

The

Fund

may

pledge

up

to

100%

of

its

eligible

investments

(excluding

any

investments

separately

pledged

as

collateral

for

specific

investments

in

derivatives,

when

applicable)

in

the

Portfolio

of

Investments

as

collateral

for

borrowings.

As

of

the

end

of

the

reporting

period,

investments

with

a

value

of

$1,861,432,429

have

been

pledged

as

collateral

for

borrowings.

(j)

Reverse

Repurchase

Agreements,

including

accrued

interest

as

a

percentage

of

Total

investments

is

10.5%.

(k)

TFP

Shares,

Net

as

a

percentage

of

Total

Investments

is

10.5%.

(l)

Effective

date

represents

the

date

on

which

both

the

Fund

and

counterparty

commence

interest

payment

accruals

on

each

contract.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

LIBOR

London

Inter-Bank

Offered

Rate

Reg

S

Regulation

S

allows

U.S.

companies

to

sell

securities

to

persons

or

entities

located

outside

of

the

United

States

without

registering

those

securities

with

the

Securities

and

Exchange

Commission.

Specifically,

Regulation

S

provides

a

safe

harbor

from

the

registration

requirements

of

the

Securities

Act

for

the

offers

and

sales

of

securities

by

both

foreign

and

domestic

issuers

that

are

made

outside

the

United

States.

REIT

Real

Estate

Investment

Trust

TSFR

3M

CME

Term

SOFR

3

Month

See

Notes

to

Financial

Statements

64

Nuveen

Preferred

and

Income

Term

Fund

Portfolio

of

Investments

January

31,

2024

(Unaudited)

JPI

Principal

Amount

(000)

/Shares

Description

(a)

Coupon

Maturity

Value

LONG-TERM

INVESTMENTS

-

154.7% 

(100.0%

of

Total

Investments)

X

–

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

79

.5

%

(

51

.4

%

of

Total

Investments)

X

351,588,737

Automobiles

&

Components

-

2.3%

(1.5%

of

Total

Investments)

$

7,233

General

Motors

Financial

Co

Inc

5.750%

N/A

(b)

$

6,520,413

3,900

General

Motors

Financial

Co

Inc

5.700%

N/A

(b)

3,587,512

Total

Automobiles

&

Components

10,107,925

Banks

-

34.8%

(22.5%

of

Total

Investments)

5,000

Bank

of

America

Corp

5.875%

N/A

(b)

4,850,000

3,150

Bank

of

America

Corp

6.300%

N/A

(b)

3,151,260

1,960

Bank

of

America

Corp

6.100%

N/A

(b)

1,958,789

3,290

Bank

of

America

Corp

6.250%

N/A

(b)

3,277,289

3,620

(c)

Bank

of

America

Corp

6.500%

N/A

(b)

3,626,715

1,970

Bank

of

America

Corp

4.375%

N/A

(b)

1,798,970

2,000

Bank

of

America

Corp

6.125%

N/A

(b)

1,991,601

1,600

Bank

of

Nova

Scotia/The

8.000%

1/27/84

1,625,347

4,325

(c)

Citigroup

Inc

6.300%

N/A

(b)

4,296,804

2,870

(d)

Citigroup

Inc

6.250%

N/A

(b)

2,854,573

1,315

(d)

Citigroup

Inc

7.375%

N/A

(b)

1,337,045

5,885

Citigroup

Inc

7.625%

N/A

(b)

6,016,539

6,465

(c)

Citigroup

Inc

5.000%

N/A

(b)

6,373,268

7,308

(c)

Citigroup

Inc

5.950%

N/A

(b)

7,211,605

1,695

Citigroup

Inc

4.150%

N/A

(b)

1,510,631

1,070

Citizens

Financial

Group

Inc

4.000%

N/A

(b)

946,950

880

Citizens

Financial

Group

Inc

6.375%

N/A

(b)

833,472

4,805

(c)

CoBank

ACB

6.450%

N/A

(b)

4,716,107

1,180

Farm

Credit

Bank

of

Texas,

144A

6.200%

N/A

(b)

1,079,700

2,270

Farm

Credit

Bank

of

Texas,

144A

5.700%

N/A

(b)

2,156,500

1,065

Fifth

Third

Bancorp

4.500%

N/A

(b)

1,006,347

275

(e)

Fifth

Third

Bancorp

(TSFR3M

reference

rate

+

3.295%

spread)

8.625%

N/A

(b)

268,540

4,835

(e)

First

Citizens

BancShares

Inc/NC

(TSFR3M

reference

rate

+

4.234%

spread)

9.618%

N/A

(b)

4,929,413

860

Goldman

Sachs

Group

Inc/The

3.800%

N/A

(b)

781,812

850

Goldman

Sachs

Group

Inc/The

4.400%

N/A

(b)

807,490

2,121

HSBC

Capital

Funding

Dollar

1

LP,

144A

10.176%

N/A

(b)

2,683,684

5,740

Huntington

Bancshares

Inc/OH

5.625%

N/A

(b)

5,296,101

9,892

(e)

JPMorgan

Chase

&

Co

(TSFR3M

reference

rate

+

4.042%

spread)

9.348%

N/A

(b)

9,968,218

985

JPMorgan

Chase

&

Co

3.650%

N/A

(b)

907,795

5,800

(d)

JPMorgan

Chase

&

Co

5.000%

N/A

(b)

5,746,150

1,715

JPMorgan

Chase

&

Co

6.100%

N/A

(b)

1,717,039

1,390

KeyCorp

5.000%

N/A

(b)

1,243,164

2,785

M&T

Bank

Corp

5.125%

N/A

(b)

2,540,117

1,340

M&T

Bank

Corp

3.500%

N/A

(b)

1,072,000

1,570

M&T

Bank

Corp

6.450%

N/A

(b)

1,563,486

945

PNC

Financial

Services

Group

Inc/The

6.200%

N/A

(b)

925,612

1,407

PNC

Financial

Services

Group

Inc/The

5.000%

N/A

(b)

1,340,089

1,760

PNC

Financial

Services

Group

Inc/The

6.000%

N/A

(b)

1,682,331

4,315

(d)

PNC

Financial

Services

Group

Inc/The

6.250%

N/A

(b)

4,098,781

2,130

PNC

Financial

Services

Group

Inc/The

3.400%

N/A

(b)

1,833,519

2,755

(e)

PNC

Financial

Services

Group

Inc/The

(TSFR3M

reference

rate

+

3.302%

spread)

8.679%

N/A

(b)

2,762,378

1,625

Regions

Financial

Corp

5.750%

N/A

(b)

1,593,573

2,490

Toronto-Dominion

Bank/The

8.125%

10/31/82

2,586,186

65

Principal

Amount

(000)

/Shares

Description

(a)

Coupon

Maturity

Value

Banks

(continued)

$

1,805

(d),(e)

Truist

Financial

Corp

(TSFR3M

reference

rate

+

3.364%

spread)

8.748%

N/A

(b)

$

1,817,240

9,045

(c),(d)

Truist

Financial

Corp

4.800%

N/A

(b)

8,633,453

3,270

Truist

Financial

Corp

5.100%

N/A

(b)

3,016,268

1,230

(d)

Wells

Fargo

&

Co

7.950%

11/15/29

1,383,102

5,150

(c)

Wells

Fargo

&

Co

3.900%

N/A

(b)

4,825,530

5,638

(c)

Wells

Fargo

&

Co

5.875%

N/A

(b)

5,602,735

5,605

Wells

Fargo

&

Co

7.625%

N/A

(b)

5,871,394

3,256

Wells

Fargo

&

Co

5.900%

N/A

(b)

3,250,990

465

(d),(e)

Zions

Bancorp

NA

(3-Month

LIBOR

reference

rate

+

4.440%

spread)

10.086%

N/A

(b)

456,544

Total

Banks

153,824,246

Capital

Goods

-

4.1%

(2.6%

of

Total

Investments)

7,045

(d)

AerCap

Global

Aviation

Trust,

144A

6.500%

6/15/45

7,000,914

1,915

AerCap

Holdings

NV

5.875%

10/10/79

1,902,039

2,045

Air

Lease

Corp

4.650%

N/A

(b)

1,890,573

7,362

(d)

ILFC

E-Capital

Trust

I,

144A

7.436%

12/21/65

5,829,840

1,855

(d)

ILFC

E-Capital

Trust

I,

144A

7.186%

12/21/65

1,432,487

Total

Capital

Goods

18,055,853

Energy

-

3.5%

(2.3%

of

Total

Investments)

3,520

(d)

Enbridge

Inc

5.750%

7/15/80

3,292,440

2,440

Enbridge

Inc

8.500%

1/15/84

2,608,592

1,905

Enbridge

Inc

7.625%

1/15/83

1,925,231

1,245

Enbridge

Inc

5.500%

7/15/77

1,159,479

690

Enbridge

Inc

6.000%

1/15/77

664,063

1,590

(d)

Energy

Transfer

LP

6.500%

N/A

(b)

1,536,383

845

Energy

Transfer

LP

8.000%

5/15/54

874,423

345

(d)

Energy

Transfer

LP

7.125%

N/A

(b)

333,494

1,650

(d)

Transcanada

Trust

5.600%

3/07/82

1,448,535

1,225

(d)

Transcanada

Trust

5.500%

9/15/79

1,091,099

655

Transcanada

Trust

5.875%

8/15/76

629,237

Total

Energy

15,562,976

Financial

Services

-

11.4%

(7.4%

of

Total

Investments)

1,980

Ally

Financial

Inc

4.700%

N/A

(b)

1,604,715

2,570

Ally

Financial

Inc

4.700%

N/A

(b)

1,953,200

2,010

(d)

American

AgCredit

Corp,

144A

5.250%

N/A

(b)

1,879,350

2,350

American

Express

Co

3.550%

N/A

(b)

2,095,016

1,145

Bank

of

New

York

Mellon

Corp/The

4.700%

N/A

(b)

1,125,219

2,425

Capital

Farm

Credit

ACA,

144A

5.000%

N/A

(b)

2,291,625

2,205

(c)

Capital

One

Financial

Corp

3.950%

N/A

(b)

1,909,971

1,685

Charles

Schwab

Corp/The

4.000%

N/A

(b)

1,531,280

450

Charles

Schwab

Corp/The

5.000%

N/A

(b)

418,256

2,665

Charles

Schwab

Corp/The

5.375%

N/A

(b)

2,627,324

1,050

Compeer

Financial

ACA,

144A

4.875%

N/A

(b)

997,500

800

Discover

Financial

Services

5.500%

N/A

(b)

658,118

1,820

Discover

Financial

Services

6.125%

N/A

(b)

1,789,117

3,430

Equitable

Holdings

Inc

4.950%

N/A

(b)

3,341,784

3,195

Goldman

Sachs

Group

Inc/The

7.500%

N/A

(b)

3,355,929

4,127

(d)

Goldman

Sachs

Group

Inc/The

5.300%

N/A

(b)

4,092,912

950

(e)

Goldman

Sachs

Group

Inc/The

(TSFR3M

reference

rate

+

3.136%

spread)

8.505%

N/A

(b)

948,349

950

Goldman

Sachs

Group

Inc/The

4.125%

N/A

(b)

864,300

7,755

(d)

Goldman

Sachs

Group

Inc/The

5.500%

N/A

(b)

7,676,246

5,850

State

Street

Corp

6.700%

N/A

(b)

5,835,367

3,171

(c),(d)

Voya

Financial

Inc

7.748%

N/A

(b)

3,273,027

Total

Financial

Services

50,268,605

Nuveen

Preferred

and

Income

Term

Fund

(continued)

Portfolio

of

Investments

January

31,

2024

(Unaudited)

66

JPI

Principal

Amount

(000)

/Shares

Description

(a)

Coupon

Maturity

Value

Food,

Beverage

&

Tobacco

-

4.0%

(2.6%

of

Total

Investments)

$

2,250

Dairy

Farmers

of

America

Inc,

144A

7.125%

N/A

(b)

$

2,092,500

6,023

Land

O'

Lakes

Inc,

144A

7.000%

N/A

(b)

4,547,365

12,550

(c)

Land

O'

Lakes

Inc,

144A

8.000%

N/A

(b)

11,044,000

Total

Food,

Beverage

&

Tobacco

17,683,865

Insurance

-

12.7%

(8.2%

of

Total

Investments)

1,505

Aegon

NV

5.500%

4/11/48

1,453,935

1,447

(d)

American

International

Group

Inc

5.750%

4/01/48

1,435,653

8,580

(d)

Assurant

Inc

7.000%

3/27/48

8,740,163

10,595

(d)

Assured

Guaranty

Municipal

Holdings

Inc,

144A

6.400%

12/15/66

9,623,015

2,320

(d)

AXIS

Specialty

Finance

LLC

4.900%

1/15/40

1,992,379

1,540

Enstar

Finance

LLC

5.750%

9/01/40

1,476,812

1,505

(d)

Enstar

Finance

LLC

5.500%

1/15/42

1,328,891

4,755

(c)

Markel

Group

Inc

6.000%

N/A

(b)

4,700,839

3,440

(d)

MetLife

Inc,

144A

9.250%

4/08/38

3,958,490

1,525

MetLife

Inc

3.850%

N/A

(b)

1,458,781

1,095

(d)

MetLife

Inc

5.875%

N/A

(b)

1,083,474

2,335

(d)

PartnerRe

Finance

B

LLC

4.500%

10/01/50

2,083,987

2,544

Provident

Financing

Trust

I

7.405%

3/15/38

2,839,209

700

Prudential

Financial

Inc

3.700%

10/01/50

615,394

1,405

(d)

Prudential

Financial

Inc

5.125%

3/01/52

1,311,907

2,770

(d)

QBE

Insurance

Group

Ltd,

144A

5.875%

N/A

(b)

2,727,138

4,565

QBE

Insurance

Group

Ltd,

Reg

S

6.750%

12/02/44

4,556,628

6,695

(d)

SBL

Holdings

Inc,

144A

7.000%

N/A

(b)

4,518,992

600

SBL

Holdings

Inc,

144A

6.500%

N/A

(b)

379,547

Total

Insurance

56,285,234

Media

&

Entertainment

-

0.3%

(0.2%

of

Total

Investments)

1,660

Paramount

Global

6.375%

3/30/62

1,482,488

Total

Media

&

Entertainment

1,482,488

Technology

Hardware

&

Equipment

-

0.3%

(0.2%

of

Total

Investments)

1,290

Vodafone

Group

PLC

4.125%

6/04/81

1,119,010

Total

Technology

Hardware

&

Equipment

1,119,010

Telecommunication

Services

-

0.7%

(0.5%

of

Total

Investments)

3,180

(d)

Vodafone

Group

PLC

7.000%

4/04/79

3,286,253

Total

Telecommunication

Services

3,286,253

Utilities

-

5.4%

(3.4%

of

Total

Investments)

2,550

(d)

AES

Andes

SA,

144A

6.350%

10/07/79

2,410,821

1,240

(d)

AES

Andes

SA,

144A

7.125%

3/26/79

1,189,408

1,920

(d)

American

Electric

Power

Co

Inc

3.875%

2/15/62

1,688,168

570

(d)

CMS

Energy

Corp

4.750%

6/01/50

516,045

2,110

Edison

International

5.000%

N/A

(b)

2,005,017

930

Edison

International

5.375%

N/A

(b)

894,785

6,100

(d)

Emera

Inc

6.750%

6/15/76

5,977,382

2,365

Sempra

4.875%

N/A

(b)

2,318,114

1,785

(d)

Sempra

4.125%

4/01/52

1,571,514

1,935

Southern

Co/The

4.000%

1/15/51

1,859,616

1,250

Vistra

Corp,

144A

8.875%

N/A

(b)

1,287,500

1,135

Vistra

Corp,

144A

8.000%

N/A

(b)

1,131,762

1,095

Vistra

Corp,

144A

7.000%

N/A

(b)

1,062,150

Total

Utilities

23,912,282

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$361,666,913)

351,588,737

67

Principal

Amount

(000)

Description

(a)

,(f)

Coupon

Maturity

Value

X

–

CONTINGENT

CAPITAL

SECURITIES

-

48

.6

%

(

31

.4

%

of

Total

Investments)

X

214,922,771

Banks

-

41.1%

(26.7%

of

Total

Investments)

$

1,470

Australia

&

New

Zealand

Banking

Group

Ltd/United

Kingdom,

144A

6.750%

N/A

(b)

$

1,481,143

3,010

Banco

Bilbao

Vizcaya

Argentaria

SA

6.125%

N/A

(b)

2,732,428

1,510

Banco

Bilbao

Vizcaya

Argentaria

SA

9.375%

N/A

(b)

1,601,082

6,020

(c)

Banco

Bilbao

Vizcaya

Argentaria

SA

6.500%

N/A

(b)

5,884,383

1,300

(d)

Banco

Mercantil

del

Norte

SA/Grand

Cayman,

144A

7.500%

N/A

(b)

1,239,081

2,930

(d)

Banco

Mercantil

del

Norte

SA/Grand

Cayman,

144A

7.625%

N/A

(b)

2,860,412

6,260

Banco

Santander

SA

4.750%

N/A

(b)

5,385,837

2,000

Banco

Santander

SA

9.625%

N/A

(b)

2,145,000

5,170

(d)

Barclays

PLC

8.000%

N/A

(b)

5,147,473

3,220

Barclays

PLC

9.625%

N/A

(b)

3,316,416

4,450

(c)

Barclays

PLC

6.125%

N/A

(b)

4,217,665

4,840

(d)

Barclays

PLC

8.000%

N/A

(b)

4,681,787

2,810

BNP

Paribas

SA,

144A

7.000%

N/A

(b)

2,735,171

2,745

BNP

Paribas

SA,

144A

7.375%

N/A

(b)

2,746,669

2,475

BNP

Paribas

SA,

144A

6.625%

N/A

(b)

2,471,297

1,360

BNP

Paribas

SA,

144A

9.250%

N/A

(b)

1,448,516

7,385

(c)

BNP

Paribas

SA,

144A

7.750%

N/A

(b)

7,459,168

4,895

BNP

Paribas

SA,

144A

8.500%

N/A

(b)

5,068,567

6,644

(c)

Credit

Agricole

SA,

144A

8.125%

N/A

(b)

6,810,100

1,050

(d)

Credit

Agricole

SA,

144A

4.750%

N/A

(b)

897,503

11,566

(c)

HSBC

Holdings

PLC

6.375%

N/A

(b)

11,462,330

7,165

(c)

HSBC

Holdings

PLC

6.000%

N/A

(b)

6,769,716

7,365

(c),(d)

HSBC

Holdings

PLC

8.000%

N/A

(b)

7,665,426

5,535

(c)

ING

Groep

NV

5.750%

N/A

(b)

5,204,697

4,270

(c)

ING

Groep

NV

6.500%

N/A

(b)

4,174,640

5,700

ING

Groep

NV,

Reg

S

6.750%

N/A

(b)

5,685,750

1,160

ING

Groep

NV,

Reg

S

7.500%

N/A

(b)

1,148,641

7,529

(d)

Intesa

Sanpaolo

SpA,

144A

7.700%

N/A

(b)

7,409,774

5,715

(c)

Lloyds

Banking

Group

PLC

7.500%

N/A

(b)

5,659,986

6,835

Lloyds

Banking

Group

PLC

7.500%

N/A

(b)

6,670,953

2,735

(d)

Lloyds

Banking

Group

PLC

8.000%

N/A

(b)

2,681,415

3,050

Macquarie

Bank

Ltd/London,

144A

6.125%

N/A

(b)

2,902,921

5,195

(c)

NatWest

Group

PLC

8.000%

N/A

(b)

5,214,637

5,020

(c)

NatWest

Group

PLC

6.000%

N/A

(b)

4,890,409

2,810

Nordea

Bank

Abp,

144A

6.625%

N/A

(b)

2,777,685

1,113

(d)

Societe

Generale

SA,

144A

6.750%

N/A

(b)

994,154

1,580

(d)

Societe

Generale

SA,

144A

4.750%

N/A

(b)

1,395,435

6,480

Societe

Generale

SA,

144A

9.375%

N/A

(b)

6,724,490

1,820

Societe

Generale

SA,

144A

8.000%

N/A

(b)

1,826,426

6,985

Societe

Generale

SA,

144A

10.000%

N/A

(b)

7,452,276

5,740

Standard

Chartered

PLC,

144A

7.750%

N/A

(b)

5,835,600

140

Standard

Chartered

PLC,

144A

6.000%

N/A

(b)

138,329

6,990

UniCredit

SpA,

Reg

S

8.000%

N/A

(b)

6,972,525

Total

Banks

181,987,913

Financial

Services

-

7.5%

(4.7%

of

Total

Investments)

9,885

(c)

Deutsche

Bank

AG

6.000%

N/A

(b)

8,950,176

1,400

Deutsche

Bank

AG

7.500%

N/A

(b)

1,351,093

200

Deutsche

Bank

AG,

Reg

S

4.789%

N/A

(b)

177,906

7,442

UBS

Group

AG,

Reg

S

7.000%

N/A

(b)

7,414,092

7,115

UBS

Group

AG,

Reg

S

6.875%

N/A

(b)

7,025,465

3,965

UBS

Group

AG,

144A

9.250%

N/A

(b)

4,241,317

3,465

UBS

Group

AG,

144A

9.250%

N/A

(b)

3,774,809

Total

Financial

Services

32,934,858

Total

Contingent

Capital

Securities

(cost

$215,168,277)

214,922,771

Nuveen

Preferred

and

Income

Term

Fund

(continued)

Portfolio

of

Investments

January

31,

2024

(Unaudited)

68

JPI

Shares

Description

(a)

Coupon

Value

X

–

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

25

.8

%

(

16

.7

%

of

Total

Investments)

X

113,895,903

Banks

-

7.3%

(4.7%

of

Total

Investments)

27,128

CoBank

ACB

6.200%

$

2,661,528

87,000

(d)

Farm

Credit

Bank

of

Texas,

144A

9.656%

8,787,000

98,863

(d)

Fifth

Third

Bancorp

9.302%

2,533,859

232,000

(c)

KeyCorp

6.200%

5,185,200

25,900

KeyCorp

6.125%

619,787

169,115

(d)

New

York

Community

Bancorp

Inc

6.375%

3,426,270

120,200

Regions

Financial

Corp

6.375%

2,929,274

57,838

Regions

Financial

Corp

5.700%

1,295,571

61,453

Synovus

Financial

Corp

5.875%

1,458,894

28,300

Wells

Fargo

&

Co

4.750%

588,074

43,000

(d)

Western

Alliance

Bancorp

4.250%

740,030

86,389

Wintrust

Financial

Corp

6.875%

2,122,578

Total

Banks

32,348,065

Capital

Goods

-

0.9%

(0.6%

of

Total

Investments)

114,543

(d)

Air

Lease

Corp

6.150%

2,854,412

41,600

(d)

WESCO

International

Inc

10.625%

1,115,296

Total

Capital

Goods

3,969,708

Energy

-

2.2%

(1.4%

of

Total

Investments)

33,200

Energy

Transfer

LP

7.600%

830,664

139,235

(d)

NuStar

Energy

LP

11.282%

3,578,340

125,403

NuStar

Energy

LP

12.405%

3,237,905

70,872

(d)

NuStar

Logistics

LP

12.310%

1,832,750

Total

Energy

9,479,659

Financial

Services

-

4.9%

(3.1%

of

Total

Investments)

105,500

(d)

Equitable

Holdings

Inc

5.250%

2,350,540

196,300

(c)

Morgan

Stanley

5.850%

4,848,610

101,372

Morgan

Stanley

7.125%

2,573,835

95,976

Morgan

Stanley

6.875%

2,430,112

93,300

Morgan

Stanley

6.375%

2,340,897

38,800

(d)

Morgan

Stanley

6.500%

1,034,408

66,500

Synchrony

Financial

5.625%

1,284,115

190,535

(c)

Voya

Financial

Inc

5.350%

4,557,597

Total

Financial

Services

21,420,114

Food,

Beverage

&

Tobacco

-

2.7%

(1.8%

of

Total

Investments)

168,229

(c)

CHS

Inc

7.100%

4,298,251

169,110

(c)

CHS

Inc

6.750%

4,210,839

61,800

CHS

Inc

7.875%

1,614,216

20,500

Dairy

Farmers

of

America

Inc,

144A

7.875%

1,978,250

Total

Food,

Beverage

&

Tobacco

12,101,556

Insurance

-

7.5%

(4.8%

of

Total

Investments)

241,300

(c)

American

Equity

Investment

Life

Holding

Co

5.950%

5,581,269

122,300

American

Equity

Investment

Life

Holding

Co

6.625%

3,080,737

231,598

(c)

Aspen

Insurance

Holdings

Ltd

9.652%

5,959,016

62,000

Aspen

Insurance

Holdings

Ltd

5.625%

1,343,540

45,000

(d)

Assurant

Inc

5.250%

929,250

159,300

(d)

Athene

Holding

Ltd

6.350%

3,788,154

115,100

Athene

Holding

Ltd

6.375%

2,870,594

123,400

(d)

Enstar

Group

Ltd

7.000%

3,139,296

146,800

(d)

Reinsurance

Group

of

America

Inc

5.750%

3,747,804

64,300

(d)

Reinsurance

Group

of

America

Inc

7.125%

1,688,518

43,200

(d)

Selective

Insurance

Group

Inc

4.600%

781,488

Total

Insurance

32,909,666

69

Shares  

Description

(a)

Coupon

Value

Telecommunication

Services

-

0.2%

(0.2%

of

Total

Investments)

49,500

(d)

AT&T

Inc

4.750%

$

1,043,460

Total

Telecommunication

Services

1,043,460

Utilities

-

0.1%

(0.1%

of

Total

Investments)

24,700

(d)

NiSource

Inc

6.500%

623,675

Total

Utilities

623,675

Total

$25

Par

(or

similar)

Retail

Preferred

(cost

$117,588,893)

113,895,903

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

CORPORATE

BONDS

-

0

.8

%

(

0

.5

%

of

Total

Investments)

X

3,306,380

Equity

Real

Estate

Investment

Trusts

(REITs)

-

0.3%

(0.2%

of

Total

Investments)

$

9,496

Credit

Suisse

Group

AG

7.250%

3/12/72

$

1,044,560

1,955

Credit

Suisse

Group

AG

6.380%

2/21/72

215,050

Total

Equity

Real

Estate

Investment

Trusts

(REITs)

1,259,610

Financial

Services

-

0.2%

(0.1%

of

Total

Investments)

8,520

Credit

Suisse

Group

AG

0.000%

1/17/72

937,200

Total

Financial

Services

937,200

Insurance

-

0.1%

(0.1%

of

Total

Investments)

4,285

Credit

Suisse

Group

AG

7.500%

1/17/72

471,350

Total

Insurance

471,350

Software

&

Services

-

0.2%

(0.1%

of

Total

Investments)

5,802

Credit

Suisse

Group

AG

7.500%

6/11/72

638,220

Total

Software

&

Services

638,220

Total

Corporate

Bonds

(cost

$29,468,050)

3,306,380

Total

Long-Term

Investments

(cost

$723,892,133)

683,713,791

Borrowings

-

(39.1)%

(g),(h)

(

172,900,000

)

Reverse

Repurchase

Agreements,

including

accrued

interest

-

(14.9)%(i)

(

65,744,783

)

Other

Assets

&

Liabilities,

Net

-   (0.7)%

(

3,045,128

)

Net

Assets

Applicable

to

Common

Shares

-

100%

$

442,023,880

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(b)

Perpetual

security.

Maturity

date

is

not

applicable.

(c)

Investment,

or

portion

of

investment,

is

hypothecated.

The

total

value

of

investments

hypothecated

as

of

the

end

of

the

reporting

period

was

$160,632,992.

(d)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

reverse

repurchase

agreements.

As

of

the

end

of

the

reporting

period,

investments

with

a

value

of

$65,664,096

have

been

pledged

as

collateral

for

reverse

repurchase

agreements.

(e)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(f)

Contingent

Capital

Securities

(“CoCos”)

are

hybrid

securities

with

loss

absorption

characteristics

built

into

the

terms

of

the

security

for

the

benefit

of

the

issuer.

For

example,

the

terms

may

specify

an

automatic

write-down

of

principal

or

a

mandatory

conversion

into

the

issuer’s

common

stock

under

certain

adverse

circumstances,

such

as

the

issuer’s

capital

ratio

falling

below

a

specified

level.

(g)

Borrowings

as

a

percentage

of

Total

Investments

is

25.3%.

(h)

The

Fund

may

pledge

up

to

100%

of

its

eligible

investments

(excluding

any

investments

separately

pledged

as

collateral

for

specific

investments

in

derivatives,

when

applicable)

in

the

Portfolio

of

Investments

as

collateral

for

borrowings.

As

of

the

end

of

the

reporting

period,

investments

with

a

value

of

$404,728,697

have

been

pledged

as

collateral

for

borrowings.

(i)

Reverse

Repurchase

Agreements,

including

accrued

interest

as

a

percentage

of

Total

investments

is

9.6%.

Nuveen

Preferred

and

Income

Term

Fund

(continued)

Portfolio

of

Investments

January

31,

2024

(Unaudited)

70

JPI

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

LIBOR

London

Inter-Bank

Offered

Rate

Reg

S

Regulation

S

allows

U.S.

companies

to

sell

securities

to

persons

or

entities

located

outside

of

the

United

States

without

registering

those

securities

with

the

Securities

and

Exchange

Commission.

Specifically,

Regulation

S

provides

a

safe

harbor

from

the

registration

requirements

of

the

Securities

Act

for

the

offers

and

sales

of

securities

by

both

foreign

and

domestic

issuers

that

are

made

outside

the

United

States.

REIT

Real

Estate

Investment

Trust

TSFR

3M

CME

Term

SOFR

3

Month

See

Notes

to

Financial

Statements

71

Nuveen

Variable

Rate

Preferred

&

Income

Fund

Portfolio

of

Investments

January

31,

2024

(Unaudited)

NPFD

Principal

Amount

(000)

/Shares

Description

(a)

Coupon

Maturity

Value

LONG-TERM

INVESTMENTS

-

154.7% 

(100.0%

of

Total

Investments)

X

–

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

103

.3

%

(

66

.8

%

of

Total

Investments)

X

494,023,087

Automobiles

&

Components

-

3.5%

(2.3%

of

Total

Investments)

$

10,476

General

Motors

Financial

Co

Inc

5.750%

N/A

(b)

$

9,443,917

8,195

General

Motors

Financial

Co

Inc

5.700%

N/A

(b)

7,538,374

Total

Automobiles

&

Components

16,982,291

Banks

-

45.7%

(29.6%

of

Total

Investments)

5,000

(c)

Bank

of

America

Corp

(TSFR3M

reference

rate

+

3.397%

spread)

8.774%

N/A

(b)

5,023,280

10,610

Bank

of

America

Corp

6.500%

N/A

(b)

10,629,682

8,200

Bank

of

America

Corp

6.250%

N/A

(b)

8,168,319

1,775

Bank

of

America

Corp

6.300%

N/A

(b)

1,775,710

2,219

Bank

of

America

Corp

6.100%

N/A

(b)

2,217,629

3,090

Bank

of

Nova

Scotia/The

8.000%

1/27/84

3,138,952

7,100

Citigroup

Inc

7.625%

N/A

(b)

7,258,696

2,875

Citigroup

Inc

6.250%

N/A

(b)

2,859,546

3,375

Citigroup

Inc

5.950%

N/A

(b)

3,330,482

8,000

Citigroup

Inc

5.000%

N/A

(b)

7,886,488

1,650

Citigroup

Inc

7.375%

N/A

(b)

1,677,661

13,715

Citigroup

Inc

6.300%

N/A

(b)

13,625,589

2,500

Citizens

Financial

Group

Inc

6.375%

N/A

(b)

2,367,818

3,680

Citizens

Financial

Group

Inc

4.000%

N/A

(b)

3,256,800

6,050

CoBank

ACB

6.450%

N/A

(b)

5,938,075

50

Farm

Credit

Bank

of

Texas,

144A

5.700%

N/A

(b)

47,500

50

Farm

Credit

Bank

of

Texas,

144A

6.200%

N/A

(b)

45,750

300

(c)

Fifth

Third

Bancorp

(TSFR3M

reference

rate

+

3.295%

spread)

8.625%

N/A

(b)

292,952

3,271

Fifth

Third

Bancorp

4.500%

N/A

(b)

3,090,856

7,070

(c)

First

Citizens

BancShares

Inc/NC

(TSFR3M

reference

rate

+

4.234%

spread)

9.618%

N/A

(b)

7,208,056

5,190

HSBC

Capital

Funding

Dollar

1

LP,

144A

10.176%

N/A

(b)

6,566,866

5,000

(c)

Huntington

Bancshares

Inc/OH

(TSFR3M

reference

rate

+

3.142%

spread)

8.456%

N/A

(b)

4,862,021

8,400

Huntington

Bancshares

Inc/OH

5.625%

N/A

(b)

7,750,392

2,933

JPMorgan

Chase

&

Co

5.000%

N/A

(b)

2,905,769

3,195

JPMorgan

Chase

&

Co

6.100%

N/A

(b)

3,198,799

16,945

(c)

JPMorgan

Chase

&

Co

(TSFR3M

reference

rate

+

4.042%

spread)

9.348%

N/A

(b)

17,075,561

1,755

KeyCorp

5.000%

N/A

(b)

1,569,606

8,000

M&T

Bank

Corp

5.125%

N/A

(b)

7,296,566

2,445

PNC

Financial

Services

Group

Inc/The

6.000%

N/A

(b)

2,337,102

3,534

PNC

Financial

Services

Group

Inc/The

5.000%

N/A

(b)

3,365,937

3,990

PNC

Financial

Services

Group

Inc/The

6.200%

N/A

(b)

3,908,138

3,057

(c)

PNC

Financial

Services

Group

Inc/The

(TSFR3M

reference

rate

+

3.302%

spread)

8.679%

N/A

(b)

3,065,187

5,735

PNC

Financial

Services

Group

Inc/The

6.250%

N/A

(b)

5,447,626

2,470

Regions

Financial

Corp

5.750%

N/A

(b)

2,422,231

3,495

Toronto-Dominion

Bank/The

8.125%

10/31/82

3,630,008

7,873

Truist

Financial

Corp

4.800%

N/A

(b)

7,514,779

8,195

Truist

Financial

Corp

5.100%

N/A

(b)

7,559,117

7,970

(c)

Truist

Financial

Corp

(TSFR3M

reference

rate

+

3.364%

spread)

8.748%

N/A

(b)

8,024,045

5,000

US

Bancorp

5.300%

N/A

(b)

4,694,624

9,429

Wells

Fargo

&

Co

5.875%

N/A

(b)

9,370,023

4,608

Wells

Fargo

&

Co

3.900%

N/A

(b)

4,317,678

Nuveen

Variable

Rate

Preferred

&

Income

Fund

(continued)

Portfolio

of

Investments

January

31,

2024

(Unaudited)

72

NPFD

Principal

Amount

(000)

/Shares

Description

(a)

Coupon

Maturity

Value

Banks

(continued)

$

10,345

Wells

Fargo

&

Co

7.625%

N/A

(b)

$

10,836,677

1,200

(c)

Zions

Bancorp

NA

(3-Month

LIBOR

reference

rate

+

4.440%

spread)

10.086%

N/A

(b)

1,178,179

Total

Banks

218,736,772

Capital

Goods

-

4.7%

(3.0%

of

Total

Investments)

3,200

AerCap

Global

Aviation

Trust,

144A

6.500%

6/15/45

3,179,975

11,900

AerCap

Holdings

NV

5.875%

10/10/79

11,819,463

4,841

Air

Lease

Corp

4.650%

N/A

(b)

4,475,436

3,673

ILFC

E-Capital

Trust

I,

144A

7.186%

12/21/65

2,836,401

Total

Capital

Goods

22,311,275

Energy

-

6.0%

(3.9%

of

Total

Investments)

8,546

(d)

Enbridge

Inc

5.500%

7/15/77

7,958,962

6,360

Enbridge

Inc

7.625%

1/15/83

6,427,543

2,350

Enbridge

Inc

6.000%

1/15/77

2,261,665

5,345

Energy

Transfer

LP

6.500%

N/A

(b)

5,164,758

1,570

Energy

Transfer

LP

8.000%

5/15/54

1,624,667

545

Energy

Transfer

LP

7.125%

N/A

(b)

526,825

2,155

Transcanada

Trust

5.600%

3/07/82

1,891,875

1,500

Transcanada

Trust

5.875%

8/15/76

1,441,001

1,460

Transcanada

Trust

5.500%

9/15/79

1,300,412

Total

Energy

28,597,708

Financial

Services

-

18.1%

(11.6%

of

Total

Investments)

2,320

Ally

Financial

Inc

4.700%

N/A

(b)

1,880,272

4,200

Ally

Financial

Inc

4.700%

N/A

(b)

3,192,000

3,785

American

Express

Co

3.550%

N/A

(b)

3,374,313

2,405

Bank

of

New

York

Mellon

Corp/The

4.700%

N/A

(b)

2,363,452

3,250

Capital

Farm

Credit

ACA,

144A

5.000%

N/A

(b)

3,071,250

3,845

Capital

One

Financial

Corp

3.950%

N/A

(b)

3,330,539

13,128

Charles

Schwab

Corp/The

5.375%

N/A

(b)

12,942,404

350

Compeer

Financial

ACA,

144A

4.875%

N/A

(b)

332,500

3,690

Discover

Financial

Services

5.500%

N/A

(b)

3,035,571

1,745

Discover

Financial

Services

6.125%

N/A

(b)

1,715,389

6,310

Equitable

Holdings

Inc

4.950%

N/A

(b)

6,147,714

1,030

(c)

Goldman

Sachs

Group

Inc/The

(TSFR3M

reference

rate

+

3.136%

spread)

8.505%

N/A

(b)

1,028,211

5,700

Goldman

Sachs

Group

Inc/The

4.125%

N/A

(b)

5,185,799

5,140

Goldman

Sachs

Group

Inc/The

7.500%

N/A

(b)

5,398,897

5,890

Goldman

Sachs

Group

Inc/The

5.300%

N/A

(b)

5,841,350

9,875

Goldman

Sachs

Group

Inc/The

5.500%

N/A

(b)

9,774,717

5,000

(c)

JP

Morgan

Chase

&

Company

(TSFR3M

reference

rate

+

3.562%

spread)

8.868%

N/A

(b)

5,014,660

4,250

State

Street

Corp

6.700%

N/A

(b)

4,239,369

4,000

Transcanada

Trust

5.625%

5/20/75

3,875,326

4,352

Voya

Financial

Inc

7.748%

N/A

(b)

4,492,025

Total

Financial

Services

86,235,758

Insurance

-

13.9%

(9.0%

of

Total

Investments)

2,595

Aegon

NV

5.500%

4/11/48

2,506,951

2,250

American

International

Group

Inc

5.750%

4/01/48

2,232,356

6,045

(d)

Assurant

Inc

7.000%

3/27/48

6,157,842

3,000

Assured

Guaranty

Municipal

Holdings

Inc,

144A

6.400%

12/15/66

2,724,780

3,050

(d)

AXIS

Specialty

Finance

LLC

4.900%

1/15/40

2,619,291

6,115

Enstar

Finance

LLC

5.500%

1/15/42

5,399,447

1,000

Enstar

Finance

LLC

5.750%

9/01/40

958,969

10,345

Markel

Group

Inc

6.000%

N/A

(b)

10,227,166

73

Principal

Amount

(000)

/Shares

Description

(a)

Coupon

Maturity

Value

Insurance

(continued)

$

6,495

MetLife

Inc

5.875%

N/A

(b)

$

6,426,632

3,248

Prudential

Financial

Inc

6.750%

3/01/53

3,363,151

3,395

Prudential

Financial

Inc

5.125%

3/01/52

3,170,053

7,735

QBE

Insurance

Group

Ltd,

Reg

S

6.750%

12/02/44

7,720,814

1,600

QBE

Insurance

Group

Ltd,

144A

5.875%

N/A

(b)

1,575,242

13,500

SBL

Holdings

Inc,

144A

7.000%

N/A

(b)

9,112,233

3,415

SBL

Holdings

Inc,

144A

6.500%

N/A

(b)

2,160,256

Total

Insurance

66,355,183

Media

&

Entertainment

-

0.4%

(0.3%

of

Total

Investments)

2,375

Paramount

Global

6.375%

3/30/62

2,121,029

Total

Media

&

Entertainment

2,121,029

Telecommunication

Services

-

2.2%

(1.4%

of

Total

Investments)

10,000

Vodafone

Group

PLC

7.000%

4/04/79

10,334,130

Total

Telecommunication

Services

10,334,130

Utilities

-

8.8%

(5.7%

of

Total

Investments)

2,685

AES

Andes

SA,

144A

7.125%

3/26/79

2,575,452

1,700

AES

Andes

SA,

144A

6.350%

10/07/79

1,607,214

2,600

American

Electric

Power

Co

Inc

3.875%

2/15/62

2,286,062

2,500

CMS

Energy

Corp

4.750%

6/01/50

2,263,355

3,910

Edison

International

5.000%

N/A

(b)

3,715,458

1,445

Edison

International

5.375%

N/A

(b)

1,390,284

14,093

Emera

Inc

6.750%

6/15/76

13,809,712

3,210

Sempra

4.875%

N/A

(b)

3,146,362

3,400

Sempra

4.125%

4/01/52

2,993,360

2,000

Southern

Co/The

4.000%

1/15/51

1,922,083

2,850

Vistra

Corp,

144A

8.875%

N/A

(b)

2,935,500

2,215

Vistra

Corp,

144A

7.000%

N/A

(b)

2,148,550

1,560

Vistra

Corp,

144A

8.000%

N/A

(b)

1,555,549

Total

Utilities

42,348,941

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$524,479,793)

494,023,087

Principal

Amount

(000)

Description

(a)

,(e)

Coupon

Maturity

Value

X

–

CONTINGENT

CAPITAL

SECURITIES

-

25

.9

%

(

16

.7

%

of

Total

Investments)

X

123,561,495

Banks

-

21.2%

(13.7%

of

Total

Investments)

$

1,000

Australia

&

New

Zealand

Banking

Group

Ltd/United

Kingdom,

144A

6.750%

N/A

(b)

$

1,007,580

2,380

Banco

Bilbao

Vizcaya

Argentaria

SA

6.500%

N/A

(b)

2,326,384

2,600

Banco

Bilbao

Vizcaya

Argentaria

SA

9.375%

N/A

(b)

2,756,829

2,495

Banco

Bilbao

Vizcaya

Argentaria

SA

6.125%

N/A

(b)

2,264,919

715

Banco

Mercantil

del

Norte

SA/Grand

Cayman,

144A

7.500%

N/A

(b)

681,495

1,595

Banco

Mercantil

del

Norte

SA/Grand

Cayman,

144A

7.625%

N/A

(b)

1,557,119

3,800

Banco

Santander

SA

4.750%

N/A

(b)

3,269,358

1,000

Banco

Santander

SA

9.625%

N/A

(b)

1,072,500

1,775

Barclays

PLC

9.625%

N/A

(b)

1,828,149

2,410

Barclays

PLC

6.125%

N/A

(b)

2,284,174

5,490

Barclays

PLC

8.000%

N/A

(b)

5,310,539

1,275

BNP

Paribas

SA,

144A

6.625%

N/A

(b)

1,273,092

1,085

BNP

Paribas

SA,

144A

9.250%

N/A

(b)

1,155,617

2,805

BNP

Paribas

SA,

144A

7.750%

N/A

(b)

2,833,171

2,430

BNP

Paribas

SA,

144A

8.500%

N/A

(b)

2,516,163

4,184

BNP

Paribas

SA,

144A

7.000%

N/A

(b)

4,072,582

5,240

Credit

Agricole

SA,

144A

8.125%

N/A

(b)

5,371,000

Nuveen

Variable

Rate

Preferred

&

Income

Fund

(continued)

Portfolio

of

Investments

January

31,

2024

(Unaudited)

74

NPFD

Principal

Amount

(000)

Description

(a),(e)

Coupon

Maturity

Value

Banks

(continued)

$

7,560

HSBC

Holdings

PLC

8.000%

N/A

(b)

$

7,868,380

7,000

HSBC

Holdings

PLC

6.375%

N/A

(b)

6,937,257

335

ING

Groep

NV

5.750%

N/A

(b)

315,009

7,641

ING

Groep

NV,

Reg

S

6.750%

N/A

(b)

7,621,898

750

ING

Groep

NV,

Reg

S

7.500%

N/A

(b)

742,656

4,413

Intesa

Sanpaolo

SpA,

144A

7.700%

N/A

(b)

4,343,118

1,105

Lloyds

Banking

Group

PLC

8.000%

N/A

(b)

1,083,351

5,185

Lloyds

Banking

Group

PLC

6.750%

N/A

(b)

5,049,089

2,000

Lloyds

Banking

Group

PLC

7.500%

N/A

(b)

1,980,747

1,500

Macquarie

Bank

Ltd/London,

144A

6.125%

N/A

(b)

1,427,666

4,625

NatWest

Group

PLC

8.000%

N/A

(b)

4,642,483

1,860

Nordea

Bank

Abp,

144A

6.625%

N/A

(b)

1,838,610

3,465

Societe

Generale

SA,

144A

10.000%

N/A

(b)

3,696,798

500

Societe

Generale

SA,

144A

4.750%

N/A

(b)

441,593

3,480

Societe

Generale

SA,

144A

9.375%

N/A

(b)

3,611,300

3,345

Societe

Generale

SA,

144A

8.000%

N/A

(b)

3,356,811

1,700

Standard

Chartered

PLC,

144A

7.750%

N/A

(b)

1,728,314

755

Standard

Chartered

PLC,

144A

6.000%

N/A

(b)

745,989

2,160

UniCredit

SpA,

Reg

S

8.000%

N/A

(b)

2,154,600

Total

Banks

101,166,340

Financial

Services

-

4.7%

(3.0%

of

Total

Investments)

5,600

Deutsche

Bank

AG

6.000%

N/A

(b)

5,070,408

1,800

Deutsche

Bank

AG

7.500%

N/A

(b)

1,737,119

200

Deutsche

Bank

AG,

Reg

S

4.789%

N/A

(b)

177,906

8,830

UBS

Group

AG,

Reg

S

6.875%

N/A

(b)

8,718,883

4,325

UBS

Group

AG,

144A

9.250%

N/A

(b)

4,626,405

1,895

UBS

Group

AG,

144A

9.250%

N/A

(b)

2,064,434

Total

Financial

Services

22,395,155

Total

Contingent

Capital

Securities

(cost

$126,790,710)

123,561,495

Shares

Description

(a)

Coupon

Value

X

–

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

24

.1

%

(

15

.6

%

of

Total

Investments)

X

115,434,194

Banks

-

6.5%

(4.2%

of

Total

Investments)

21,500

CoBank

ACB

6.200%

$

2,109,365

1,000

Farm

Credit

Bank

of

Texas,

144A

9.656%

101,000

121,601

Fifth

Third

Bancorp

9.302%

3,116,634

297,600

KeyCorp

6.200%

6,651,360

62,700

KeyCorp

6.125%

1,500,411

230,765

New

York

Community

Bancorp

Inc

6.375%

4,675,299

168,058

Regions

Financial

Corp

6.375%

4,095,573

163,723

Regions

Financial

Corp

5.700%

3,667,395

121,800

Synovus

Financial

Corp

5.875%

2,891,532

99,600

Wintrust

Financial

Corp

6.875%

2,447,172

Total

Banks

31,255,741

Capital

Goods

-

1.1%

(0.7%

of

Total

Investments)

164,687

Air

Lease

Corp

6.150%

4,104,000

43,800

WESCO

International

Inc

10.625%

1,174,278

Total

Capital

Goods

5,278,278

Energy

-

3.5%

(2.3%

of

Total

Investments)

51,100

Energy

Transfer

LP

7.600%

1,278,522

271,200

NuStar

Energy

LP

11.282%

6,969,840

176,668

NuStar

Energy

LP

12.405%

4,561,568

154,132

NuStar

Logistics

LP

12.310%

3,985,853

Total

Energy

16,795,783

75

Shares  

Description

(a)

Coupon

Value

Financial

Services

-

2.2%

(1.4%

of

Total

Investments)

79,765

Federal

Agricultural

Mortgage

Corp

6.000%

$

1,994,125

46,297

Morgan

Stanley

5.850%

1,143,536

40,400

Morgan

Stanley

6.500%

1,077,064

21,100

Morgan

Stanley

6.875%

534,252

20,898

Morgan

Stanley

6.375%

524,331

211,000

Voya

Financial

Inc

5.350%

5,047,120

Total

Financial

Services

10,320,428

Food,

Beverage

&

Tobacco

-

2.4%

(1.6%

of

Total

Investments)

290,300

CHS

Inc

7.100%

7,417,165

157,200

CHS

Inc

6.750%

3,914,280

4,400

Dairy

Farmers

of

America

Inc,

144A

7.875%

424,600

Total

Food,

Beverage

&

Tobacco

11,756,045

Insurance

-

8.1%

(5.2%

of

Total

Investments)

290,550

American

Equity

Investment

Life

Holding

Co

5.950%

6,720,422

160,150

American

Equity

Investment

Life

Holding

Co

6.625%

4,034,178

340,200

Aspen

Insurance

Holdings

Ltd

9.652%

8,753,346

194,775

Athene

Holding

Ltd

6.350%

4,631,750

157,150

Athene

Holding

Ltd

6.375%

3,919,321

131,900

Enstar

Group

Ltd

7.000%

3,355,536

188,600

Reinsurance

Group

of

America

Inc

5.750%

4,814,958

93,300

Reinsurance

Group

of

America

Inc

7.125%

2,450,058

Total

Insurance

38,679,569

Utilities

-

0.3%

(0.2%

of

Total

Investments)

53,400

NiSource

Inc

6.500%

1,348,350

Total

Utilities

1,348,350

Total

$25

Par

(or

similar)

Retail

Preferred

(cost

$127,348,179)

115,434,194

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

CORPORATE

BONDS

-

1

.4

%

(

0

.9

%

of

Total

Investments)

X

6,525,288

Energy

-

0.9%

(0.6%

of

Total

Investments)

$

3,980

Enbridge

Inc

8.500%

1/15/84

$

4,254,998

Total

Energy

4,254,998

Equity

Real

Estate

Investment

Trusts

(REITs)

-

0.1%

(0.1%

of

Total

Investments)

5,850

Credit

Suisse

Group

AG

6.380%

2/21/72

643,500

Total

Equity

Real

Estate

Investment

Trusts

(REITs)

643,500

Financial

Services

-

0.2%

(0.1%

of

Total

Investments)

9,004

Credit

Suisse

Group

AG

0.000%

1/17/72

990,440

Total

Financial

Services

990,440

Insurance

-

0.1%

(0.1%

of

Total

Investments)

3,325

Credit

Suisse

Group

AG

7.500%

1/17/72

365,750

Total

Insurance

365,750

Software

&

Services

-

0.1%

(0.0%

of

Total

Investments)

2,460

Credit

Suisse

Group

AG

7.500%

6/11/72

270,600

Total

Software

&

Services

270,600

Total

Corporate

Bonds

(cost

$25,516,419)

6,525,288

Total

Long-Term

Investments

(cost

$804,135,101)

739,544,064

Nuveen

Variable

Rate

Preferred

&

Income

Fund

(continued)

Portfolio

of

Investments

January

31,

2024

(Unaudited)

76

NPFD

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

0.0% (0.0%

of

Total

Investments)

X

–

REPURCHASE

AGREEMENTS

-

0

.0

%

(

0

.0

%

of

Total

Investments)

X

60,000

$

60

(f)

Fixed

Income

Clearing

Corp

(FICC)

5.290%

2/01/24

$

60,000

Total

Repurchase

Agreements

(cost

$60,000)

60,000

Total

Short-Term

Investments

(cost

$60,000)

60,000

Total

Investments

(cost

$

804,195,101

)

-

154

.7

%

739,604,064

Borrowings

-

(35.6)%

(g),(h)

(

170,314,000

)

Reverse

Repurchase

Agreements,

including

accrued

interest

-

(2.2)%(i)

(

10,640,776

)

TFP

Shares,

Net

-

(17.7)%(j)

(

84,471,271

)

Other

Assets

&

Liabilities,

Net

-   0.8%

3,885,256

Net

Assets

Applicable

to

Common

Shares

-

100%

$

478,063,273

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(b)

Perpetual

security.

Maturity

date

is

not

applicable.

(c)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(d)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

reverse

repurchase

agreements.

As

of

the

end

of

the

reporting

period,

investments

with

a

value

of

$15,345,062

have

been

pledged

as

collateral

for

reverse

repurchase

agreements.

(e)

Contingent

Capital

Securities

(“CoCos”)

are

hybrid

securities

with

loss

absorption

characteristics

built

into

the

terms

of

the

security

for

the

benefit

of

the

issuer.

For

example,

the

terms

may

specify

an

automatic

write-down

of

principal

or

a

mandatory

conversion

into

the

issuer’s

common

stock

under

certain

adverse

circumstances,

such

as

the

issuer’s

capital

ratio

falling

below

a

specified

level.

(f)

Agreement

with

Fixed

Income

Clearing

Corporation,

5.290%

dated

1/31/24

to

be

repurchased

at

$60,009

on

2/1/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

3.875%

and

maturity

date

5/15/43,

valued

at

$61,293.

(g)

Borrowings

as

a

percentage

of

Total

Investments

is

23.0%.

(h)

The

Fund

may

pledge

up

to

100%

of

its

eligible

investments

(excluding

any

investments

separately

pledged

as

collateral

for

specific

investments

in

derivatives,

when

applicable)

in

the

Portfolio

of

Investments

as

collateral

for

borrowings.

As

of

the

end

of

the

reporting

period,

investments

with

a

value

of

$377,935,071

have

been

pledged

as

collateral

for

borrowings.

(i)

Reverse

Repurchase

Agreements,

including

accrued

interest

as

a

percentage

of

Total

investments

is

1.4%.

(j)

TFP

Shares,

Net

as

a

percentage

of

Total

Investments

is

11.4%.

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.

LIBOR

London

Inter-Bank

Offered

Rate

Reg

S

Regulation

S

allows

U.S.

companies

to

sell

securities

to

persons

or

entities

located

outside

of

the

United

States

without

registering

those

securities

with

the

Securities

and

Exchange

Commission.

Specifically,

Regulation

S

provides

a

safe

harbor

from

the

registration

requirements

of

the

Securities

Act

for

the

offers

and

sales

of

securities

by

both

foreign

and

domestic

issuers

that

are

made

outside

the

United

States.

REIT

Real

Estate

Investment

Trust

TSFR

3M

CME

Term

SOFR

3

Month

See

Notes

to

Financial

Statements

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

77

.

January

31,

2024

(Unaudited)

JFR

JQC

JPC

JPI

NPFD

ASSETS

Long-term

investments,

at

value

†

$

1,988,018,914‌

$

1,269,491,516‌

$

3,976,465,293‌

$

683,713,791‌

$

739,544,064‌

Short-term

investments,

at

value

◊

57,703,161‌

44,866,402‌

2,520,000‌

–‌

60,000‌

Cash

1,380,720‌

3,335,707‌

2,149,105‌

–‌

16,217‌

Cash

denominated

in

foreign

currencies

^

–‌

16‌

3,743‌

–‌

–‌

Unrealized

appreciation

on

interest

rate

swaps

contracts

–‌

–‌

32,964,633‌

–‌

–‌

Receivables:

Dividends

322,595‌

334‌

777,621‌

51,070‌

82,599‌

Interest

17,174,848‌

10,615,534‌

57,197,560‌

9,929,181‌

10,057,670‌

Investments

sold

53,165,836‌

14,908,547‌

35,830,354‌

4,400,000‌

3,000,000‌

Reclaims

–‌

18,567‌

49,753‌

–‌

–‌

Variation

margin

on

futures

contracts

–‌

–‌

519,125‌

–‌

–‌

Deferred

offering

costs

–‌

–‌

187,362‌

–‌

–‌

Other

938,866‌

651,332‌

1,520,576‌

79,114‌

98,739‌

Total

assets

2,118,704,940‌

1,343,887,955‌

4,110,185,125‌

698,173,156‌

752,859,289‌

LIABILITIES

Cash

overdraft

–‌

–‌

–‌

3,274,192‌

–‌

Cash

overdraft

denominated

in

foreign

currencies

*

–‌

–‌

–‌

–‌

17,029‌

Cash

collateral

due

to

broker

for

investments

in

futures

contracts

(1)

–‌

–‌

29,265,469‌

–‌

–‌

Borrowings

477,200,000‌

211,600,000‌

695,000,000‌

172,900,000‌

170,314,000‌

Reverse

repurchase

agreements,

including

accrued

interest

–‌

1

42,849,955‌

416,718,618‌

65,744,783‌

10,640,776‌

TFP

Shares,

Net

**

283,529,815‌

139,165,969‌

418,368,245‌

–‌

84,471,271‌

Payables:

Management

fees

1,310,828‌

898,702‌

2,577,273‌

488,116‌

564,046‌

Dividends

11,116,311‌

7,175,986‌

14,930,243‌

2,198,231‌

2,258,973‌

Interest

122,714‌

1,119,427‌

3,634,929‌

916,530‌

872,728‌

Investments

purchased

-

regular

settlement

17,667,979‌

897,512‌

12,016,237‌

10,401,449‌

5,509,860‌

Investments

purchased

-

when-issued/delayed-delivery

settlement

84,438,923‌

36,987,472‌

–‌

–‌

–‌

Unfunded

senior

loans

468,900‌

283,523‌

–‌

–‌

–‌

Offering

costs

114,000‌

–‌

–‌

–‌

1,000‌

Accrued

expenses:

Custodian

fees

456,053‌

212,762‌

316,302‌

71,986‌

51,809‌

Investor

relations

18,478‌

17,232‌

68,503‌

12,765‌

13,344‌

Trustees

fees

506,586‌

550,593‌

1,201,339‌

83,851‌

18,347‌

Professional

fees

41,722‌

26,504‌

14,389‌

16,018‌

18,166‌

Shareholder

reporting

expenses

63,006‌

85,125‌

216,382‌

40,827‌

26,838‌

Shareholder

servicing

agent

fees

1,180‌

294‌

1,000‌

40‌

50‌

Shelf

offering

costs

–‌

–‌

38,065‌

–‌

–‌

Other

202,126‌

5,869‌

613,546‌

488‌

17,779‌

Total

liabilities

877,258,621‌

541,876,925‌

1,594,980,540‌

256,149,276‌

274,796,016‌

Commitments

and

contingencies

(2)

Net

assets

applicable

to

common

shares

$

1,241,446,319‌

$

802,011,030‌

$

2,515,204,585‌

$

442,023,880‌

$

478,063,273‌

Common

shares

outstanding

134,056,187‌

135,609,290‌

319,483,952‌

22,772,419‌

24,164,141‌

Net

asset

value

("NAV")

per

common

share

outstanding

$

9.26‌

$

5.91‌

$

7.87‌

$

19.41‌

$

19.78‌

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

CONSIST

OF:

Common

shares,

$0.01

par

value

per

share

$

1,340,562‌

$

1,356,093‌

$

3,194,840‌

$

227,724‌

$

241,641‌

Paid-in

capital

1,667,926,653‌

1,148,545,187‌

2,801,260,106‌

537,772,022‌

603,186,826‌

Total

distributable

earnings

(loss)

(427,820,896‌)

(347,890,250‌)

(289,250,361‌)

(95,975,866‌)

(125,365,194‌)

Net

assets

applicable

to

common

shares

$

1,241,446,319‌

$

802,011,030‌

$

2,515,204,585‌

$

442,023,880‌

$

478,063,273‌

Authorized

shares:

Common

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Preferred

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

†

Long-term

investments,

cost

$

2,025,646,724‌

$

1,296,278,431‌

$

4,099,598,703‌

$

723,892,133‌

$

804,135,101‌

◊

Short-term

investments,

cost

$

57,703,161‌

$

44,866,402‌

$

2,520,000‌

$

—‌

$

60,000‌

^

Cash

denominated

in

foreign

currencies,

cost

$

—‌

$

17‌

$

3,788‌

$

—‌

$

—‌

Statement

of

Assets

and

Liabilities

(continued)

See

Notes

to

Financial

Statements

78

January

31,

2024

(Unaudited)

JFR

JQC

JPC

JPI

NPFD

*

Cash

overdraft

denominated

in

foreign

currencies,

cost

$

—‌

$

—‌

$

—‌

$

—‌

$

17,265‌

**

TFP

Shares,

liquidation

preference

285,000,000‌

140,000,000‌

420,000,000‌

—‌

85,000,000‌

(1)

Cash

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

derivatives

is

in

addition

to

the

Fund's

securities

pledged

as

collateral

as

noted

in

the

Portfolio

of

Investments.

(2)

As

disclosed

in

Notes

to

Financial

Statements.

Statement

of

Operations

See

Notes

to

Financial

Statements

79

Six

Months

Ended

January

31,

2024

(Unaudited)

JFR

JQC

JPC

JPI

NPFD

INVESTMENT

INCOME

Dividends

$

2,033,497‌

$

1,034,803‌

$

13,638,185‌

$

4,788,073‌

$

4,732,758‌

Interest

89,653,392‌

58,990,917‌

63,417,949‌

17,872,399‌

15,728,020‌

Rehypothecation

income

—‌

—‌

53,161‌

30,387‌

—‌

Fees

1,217,502‌

611,564‌

—‌

—‌

—‌

Tax

withheld

—‌

—‌

—‌

—‌

(

17,264‌

)

Total

investment

income

92,904,391‌

60,637,284‌

77,109,295‌

22,690,859‌

20,443,514‌

EXPENSES

–

–

–

–

–

Management

fees

7,738,586‌

5,298,759‌

9,790,938‌

2,834,458‌

3,246,328‌

Shareholder

servicing

agent

fees

6,408‌

918‌

1,795‌

139‌

81‌

Interest

expense

and

amortization

of

offering

costs

24,626,012‌

15,441,350‌

28,958,808‌

7,854,298‌

7,991,403‌

Trustees

fees

36,632‌

23,672‌

45,644‌

12,208‌

13,256‌

Custodian

expenses

305,949‌

122,986‌

96,865‌

33,804‌

1,962‌

Investor

relations

expenses

141,224‌

109,756‌

63,872‌

17,468‌

17,797‌

Liquidity

fees

693,975‌

619,474‌

1,256,957‌

—‌

398,234‌

Merger

expenses

559,334‌

—‌

240,000‌

—‌

—‌

Professional

fees

330,365‌

86,137‌

203,421‌

75,197‌

74,119‌

Remarketing

fees

86,889‌

71,556‌

141,917‌

—‌

43,444‌

Shareholder

reporting

expenses

44,176‌

51,147‌

216,611‌

45,986‌

33,601‌

Stock

exchange

listing

fees

8,652‌

20,615‌

12,553‌

3,708‌

3,708‌

Other

44,774‌

51,081‌

76,483‌

10,828‌

70,868‌

Total

expenses

34,622,976‌

21,897,451‌

41,105,864‌

10,888,094‌

11,894,801‌

Net

investment

income

(loss)

58,281,415‌

38,739,833‌

36,003,431‌

11,802,765‌

8,548,713‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

(

22,838,690‌

)

(

13,392,407‌

)

(

36,300,666‌

)

(

2,466,237‌

)

(

6,114,422‌

)

Futures

contracts

—‌

—‌

(

381,952‌

)

—‌

—‌

Swaps

contracts

—‌

—‌

8,922,815‌

348,520‌

—‌

Foreign

currency

transactions

—‌

—‌

(

601,758‌

)

(

5,217‌

)

(

104‌

)

Net

realized

gain

(loss)

(

22,838,690‌

)

(

13,392,407‌

)

(

28,361,561‌

)

(

2,122,934‌

)

(

6,114,526‌

)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

49,820,688‌

29,761,834‌

203,764,740‌

26,092,556‌

34,871,282‌

Futures

contracts

—‌

—‌

2,554,942‌

—‌

—‌

Swaps

contracts

—‌

—‌

15,658,426‌

(

361,549‌

)

—‌

Foreign

currency

translations

—‌

165‌

147‌

0‌

236‌

Net

change

in

unrealized

appreciation

(depreciation)

49,820,688‌

29,761,999‌

221,978,255‌

25,731,007‌

34,871,518‌

Net

realized

and

unrealized

gain

(loss)

26,981,998‌

16,369,592‌

193,616,694‌

23,608,073‌

28,756,992‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

$

85,263,413‌

$

55,109,425‌

$

229,620,125‌

$

35,410,838‌

$

37,305,705‌

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

80

JFR

JQC

Unaudited

Six

Months

Ended

1/31/24

Year

Ended

7/31/23

Unaudited

Six

Months

Ended

1/31/24

Year

Ended

7/31/23

OPERATIONS

Net

investment

income

(loss)

$

58,281,415‌

$

51,585,735‌

$

38,739,833‌

$

70,959,243‌

Net

realized

gain

(loss)

(

22,838,690‌

)

(

41,362,643‌

)

(

13,392,407‌

)

(

77,125,772‌

)

Net

change

in

unrealized

appreciation

(depreciation)

49,820,688‌

24,617,768‌

29,761,999‌

44,153,255‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

85,263,413‌

34,840,860‌

55,109,425‌

37,986,726‌

DISTRIBUTIONS

TO

COMMON

SHAREHOLDERS

Dividends

(

68,368,656‌

)

(

49,433,689‌

)

(

43,055,950‌

)

(

72,562,902‌

)

Return

of

Capital

–‌

–‌

–‌

(

2,496,840‌

)

Total

distributions

(

68,368,656‌

)

(

49,433,689‌

)

(

43,055,950‌

)

(

75,059,742‌

)

CAPITAL

SHARE

TRANSACTIONS

Common

shares:

Fund

Merger

—‌

704,751,954‌

—‌

—‌

Net

increase

(decrease)

applicable

to

common

shares

from

capital

share

transactions

—‌

704,751,954‌

—‌

—‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

16,894,757‌

690,159,125‌

12,053,475‌

(

37,073,016‌

)

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

1,224,551,562‌

534,392,437‌

789,957,555‌

827,030,571‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

1,241,446,319‌

$

1,224,551,562‌

$

802,011,030‌

$

789,957,555‌

See

Notes

to

Financial

Statements

81

JPC

JPI

Unaudited

Six

Months

Ended

1/31/24

Year

Ended

7/31/23

Unaudited

Six

Months

Ended

1/31/24

Year

Ended

7/31/23

OPERATIONS

Net

investment

income

(loss)

$

36,003,431‌

$

48,033,585‌

$

11,802,765‌

$

26,244,685‌

Net

realized

gain

(loss)

(

28,361,561‌

)

(

19,793,821‌

)

(

2,122,934‌

)

(

16,689,405‌

)

Net

change

in

unrealized

appreciation

(depreciation)

221,978,255‌

(

68,140,499‌

)

25,731,007‌

(

42,595,960‌

)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

229,620,125‌

(

39,900,735‌

)

35,410,838‌

(

33,040,680‌

)

DISTRIBUTIONS

TO

COMMON

SHAREHOLDERS

Dividends

(

49,293,431‌

)

(

61,153,963‌

)

(

13,390,182‌

)

(

31,198,214‌

)

Total

distributions

(

49,293,431‌

)

(

61,153,963‌

)

(

13,390,182‌

)

(

31,198,214‌

)

CAPITAL

SHARE

TRANSACTIONS

Common

shares:

Fund

Merger

1,551,870,551‌

—‌

—‌

—‌

Net

increase

(decrease)

applicable

to

common

shares

from

capital

share

transactions

1,551,870,551‌

—‌

—‌

—‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

1,732,197,245‌

(

101,054,698‌

)

22,020,656‌

(

64,238,894‌

)

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

783,007,340‌

884,062,038‌

420,003,224‌

484,242,118‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

2,515,204,585‌

$

783,007,340‌

$

442,023,880‌

$

420,003,224‌

See

Notes

to

Financial

Statements

82

NPFD

Unaudited

Six

Months

Ended

1/31/24

Year

Ended

7/31/23

OPERATIONS

Net

investment

income

(loss)

$

8,548,713‌

$

16,989,191‌

Net

realized

gain

(loss)

(

6,114,526‌

)

(

27,348,984‌

)

Net

change

in

unrealized

appreciation

(depreciation)

34,871,518‌

(

14,179,952‌

)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

37,305,705‌

(

24,539,745‌

)

DISTRIBUTIONS

TO

COMMON

SHAREHOLDERS

Dividends

(

12,879,487‌

)

(

30,050,968‌

)

Return

of

Capital

–‌

(

601,245‌

)

Total

distributions

(

12,879,487‌

)

(

30,652,213‌

)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

24,426,218‌

(

55,191,958‌

)

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

453,637,055‌

508,829,013‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

478,063,273‌

$

453,637,055‌

Statement

of

Cash

Flows

See

Notes

to

financial

statements

83

Six

Months

Ended

January

31,

2024

(Unaudited)

JFR

JQC

JPC

JPI

NPFD

CASH

FLOWS

FROM

OPERATING

ACTIVITIES

Net

Increase

(Decrease)

in

Net

Assets

Applicable

to

Common

Shares

from

Operations

$

85,263,413‌

$

55,109,425‌

$

229,620,125‌

$

35,410,838‌

$

37,305,705‌

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

(

327,536,346‌

)

(

226,466,947‌

)

(

798,238,809‌

)

(

127,899,607‌

)

(

126,165,633‌

)

Proceeds

from

sale

and

maturities

of

investments

333,143,718‌

238,963,149‌

627,105,701‌

121,904,073‌

119,406,387‌

Proceeds

from

(Purchase

of)

short-term

investments,

net

(

22,917,229‌

)

(

12,813,355‌

)

3,758,143‌

2,800,000‌

(

60,000‌

)

Proceeds

from

(Purchase

of)

closed

foreign

currency

spot

transactions

—‌

—‌

(

601,758‌

)

(

5,217‌

)

(

105‌

)

Proceeds

from

litigation

settlement

—‌

2,476‌

6,516‌

—‌

—‌

Payment-in-kind

distributions

(

909,570‌

)

(

240,190‌

)

—‌

—‌

—‌

Amortization

(Accretion)

of

premiums

and

discounts,

net

(

5,205,498‌

)

(

3,450,702‌

)

9,034,950‌

877,950‌

4,406,428‌

Amortization

of

deferred

offering

costs

103,916‌

36,040‌

48,768‌

—‌

36,393‌

(Increase)

Decrease

in:

Receivable

for

dividends

3,038,055‌

(

223‌

)

(

393,945‌

)

23,379‌

82,759‌

Receivable

for

interest

1,951,320‌

297,355‌

(

9,452,778‌

)

(

1,224,000‌

)

(

709,160‌

)

Receivable

for

reclaims

—‌

(

2,717‌

)

152‌

—‌

17,881‌

Receivable

for

investments

sold

(

41,078,352‌

)

(

3,896,726‌

)

(

31,600,000‌

)

(

743,834‌

)

(

532,175‌

)

Receivable

for

variation

margin

on

futures

contracts

—‌

—‌

(

519,125‌

)

—‌

—‌

Other

assets

825‌

279,292‌

(

120,271‌

)

14,881‌

15,016‌

Increase

(Decrease)

in:

Payable

for

interest

(

1,005,717‌

)

341,648‌

3,892,951‌

256,295‌

131,956‌

Payable

for

investments

purchased

-

regular

settlement

1,987,304‌

748,491‌

3,105,578‌

10,401,449‌

5,509,860‌

Payable

for

investments

purchased

-

when-issued/delayed-delivery

settlement

67,586,482‌

9,655,920‌

—‌

—‌

—‌

Payable

for

unfunded

senior

loans

(

1,664,140‌

)

41,896‌

—‌

—‌

—‌

Payable

for

management

fees

(

44,177‌

)

6,082‌

1,720,470‌

11,621‌

13,679‌

Payable

for

offering

cost

114,000‌

—‌

(

115,365‌

)

—‌

1,000‌

Accrued

custodian

fees

(

2,677‌

)

(

21,440‌

)

186,511‌

(

8,972‌

)

(

33,733‌

)

Accrued

investor

relations

fees

17,539‌

16,657‌

50,444‌

2,542‌

2,071‌

Accrued

Trustees

fees

53,827‌

43,580‌

824,654‌

8,293‌

3,891‌

Accrued

professional

fees

2,633‌

17,056‌

4,883‌

8,714‌

10,693‌

Accrued

shareholder

reporting

expenses

18,351‌

27,586‌

171,310‌

18,837‌

14,579‌

Accrued

shareholder

servicing

agent

fees

(

1,130‌

)

146‌

845‌

29‌

14‌

Accrued

other

expenses

(

1,257,594‌

)

2,965‌

(

3,699,481‌

)

(

1,458‌

)

573‌

Net

realized

(gain)

loss

from

investments

22,838,690‌

13,392,407‌

36,300,666‌

2,466,237‌

6,114,422‌

Net

realized

(gain)

loss

from

foreign

currency

transactions

—‌

—‌

601,758‌

5,217‌

104‌

Net

change

in

unrealized

(appreciation)

depreciation

of

investments

(

49,820,688‌

)

(

29,761,834‌

)

(

203,764,740‌

)

(

26,092,556‌

)

(

34,871,282‌

)

Net

change

in

unrealized

(appreciation)

depreciation

of

swaps

contracts

—‌

—‌

(

15,658,426‌

)

361,549‌

—‌

Net

change

in

unrealized

(appreciation)

depreciation

on

foreign

currency

translations

—‌

(

165‌

)

(

147‌

)

—‌

(

236‌

)

Net

cash

provided

by

(used

in)

operating

activities

64,676,955‌

42,327,872‌

(

147,730,420‌

)

18,596,260‌

10,701,087‌

CASH

FLOWS

FROM

FINANCING

ACTIVITIES

Proceeds

from

borrowings

—‌

—‌

220,300,000‌

3,000,000‌

25,700,000‌

(Repayments)

of

borrowings

—‌

320,000,000‌

(

320,000,000‌

)

(

11,000,000‌

)

(

3,000,000‌

)

Proceeds

from

reverse

repurchase

agreements

—‌

—‌

414,853,000‌

—‌

—‌

(Repayments

of)

reverse

repurchase

agreements

—‌

(

320,000,000‌

)

(

102,100,000‌

)

—‌

(

17,391,000‌

)

(Payments

for)

deferred

offering

costs

(

120,000‌

)

(

232,141‌

)

—‌

—‌

—‌

Increase

(Decrease)

in:

Cash

overdraft

(

1,711,645‌

)

—‌

(

38,424,413‌

)

3,183,001‌

(

3,300,533‌

)

Cash

collateral

due

to

broker

—‌

—‌

12,174,956‌

(

379,656‌

)

—‌

Cash

overdraft  denominated

in

foreign

currencies

—‌

—‌

—‌

—‌

17,029‌

Cash

distributions

paid

to

common

shareholders

(

61,464,590‌

)

(

42,231,225‌

)

(

38,905,707‌

)

(

13,399,612‌

)

(

12,710,366‌

)

Net

cash

provided

by

(used

in)

financing

activities

(

63,296,235‌

)

(

42,463,366‌

)

147,897,836‌

(

18,596,267‌

)

(

10,684,870‌

)

Net

increase

(decrease)

in

Cash

and

cash

denominated

in

foreign

currencies

1,380,720‌

(

135,494‌

)

167,416‌

(

7‌

)

16,217‌

Cash,

cash

denominated

in

foreign

currencies

at

the

beginning

of

period

—‌

3,471,201‌

1,981,689‌

7‌

—‌

Cash,

cash

denominated

in

foreign

currencies

at

the

end

of

period

$

1,380,720‌

$

3,335,707‌

$

2,149,105‌

$

—‌

$

16,217‌

See

Notes

to

financial

statements

84

The

following

table

provides

a

reconciliation

of

cash

and

cash

denominated

in

foreign

currencies

to

the

Statement

of

Assets

and

Liabilities:

JFR

JQC

JPC

JPI

NPFD

Cash

$

1,380,720‌

$

3,335,707‌

$

2,149,105‌

$

—‌

$

16,217‌

Cash

denominated

in

foreign

currencies

—‌

16‌

3,743‌

—‌

—‌

Total

Cash

and

cash

denominated

in

foreign

currencies

$

1,380,720‌

$

3,335,723‌

$

2,152,848‌

$

—‌

$

16,217‌

SUPPLEMENTAL

DISCLOSURE

OF

CASH

FLOW

INFORMATION

JFR

JQC

JPC

JPI

NPFD

Cash

paid

for

interest

(excluding

borrowing

and

amortization

of

offering

costs)

$

25,084,225‌

$

15,025,157‌

$

24,924,466‌

$

7,559,900‌

$

7,824,305‌

Financial

Highlights

86

The

following

data

is

for

a

common

share

outstanding for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

to

Common

Shareholders

Common

Share

Common

Share

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Return

of

Capital

Total

Discount

Per

Share

Repurchased

and

Retired

Net

Asset

Value,

End

of

Period

Share

Price,

End

of

Period

JFR

1/31/24(d)

$

9.13

$

0.43

$

0.21

$

0.64

$

(0.51)

$

—

$

—

$

(0.51)

$

—

$

9.26

$

8.45

7/31/23

9.39

0.91

(0.30)

0.61

(0.87)

—

—

(0.87)

—

9.13

8.08

7/31/22

10.36

0.56

(0.83)

(0.27)

(0.61)

—

(0.09)

(0.70)

—

9.39

8.84

7/31/21

9.40

0.54

1.04

1.58

(0.62)

—

—

(0.62)

—

10.36

9.76

7/31/20

11.04

0.60

(1.54)

(0.94)

(0.70)

—

—

(0.70)

—

9.40

8.03

7/31/19

11.55

0.70

(0.48)

0.22

(0.73)

—

—

(0.73)

—

11.04

9.76

JQC

1/31/24(d)

5.83

0.29

0.11

0.40

(0.32)

—

—

(0.32)

—

5.91

5.37

7/31/23

6.10

0.52

(0.24)

0.28

(0.53)

—

(0.02)

(0.55)

—

5.83

5.08

7/31/22

6.91

0.35

(0.68)

(0.33)

(0.35)

—

(0.13)

(0.48)

—

6.10

5.50

7/31/21

6.88

0.32

0.56

0.88

(0.30)

—

(0.55)

(0.85)

—

6.91

6.53

7/31/20

8.49

0.39

(0.87)

(0.48)

(0.39)

—

(0.74)

(1.13)

—

6.88

5.88

7/31/19

9.11

0.46

(0.17)

0.29

(0.60)

—

(0.31)

(0.91)

—(f)

8.49

7.68

(a)

Based

on

average

shares

outstanding.

(b)

Total

Return

Based

on

Common

Share

NAV

is

the

combination

of

changes

in

common

share

NAV,

reinvested

dividend

income

at

Common

Share

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

The

last

dividend

declared

in

the

period,

which

is

typically

paid

on

the

first

business

day

of

the

following

month,

is

assumed

to

be

reinvested

at

the

ending

NAV.

The

actual

reinvest

price

for

the

last

dividend

declared

in

the

period

may

often

be

based

on

the

Fund’s

market

price

(and

not

its

NAV),

and

therefore

may

be

different

from

the

price

used

in

the

calculation.

Total

returns

are

not

annualized.

Total

Return

Based

on

Common

Share

Price

is

the

combination

of

changes

in

the

market

price

per

share

and

the

effect

of

reinvested

dividend

income

and

reinvested

capital

gains

distributions,

if

any,

at

the

average

price

paid

per

share

at

the

time

of

reinvestment.

The

last

dividend

declared

in

the

period,

which

is

typically

paid

on

the

first

business

day

of

the

following

month,

is

assumed

to

be

reinvested

at

the

ending

market

price.

The

actual

reinvestment

for

the

last

dividend

declared

in

the

period

may

take

place

over

several

days,

and

in

some

instances

may

not

be

based

on

the

market

price,

so

the

actual

reinvestment

price

may

be

different

from

the

price

used

in

the

calculation.

Total

returns

are

not

annualized.

See

Notes

to

Financial

Statements

87

Ratios

of

Interest

Expense

to

Average

Net

Assets

Applicable

to

Common

Shares

JFR

JQC

1/31/24(d)

4.12

%

(e)

4.05

%

(e)

7/31/23

3.28

3.30

7/31/22

0.80

0.91

7/31/21

0.82

0.80

7/31/20

1.64

1.72

7/31/19

2.07

2.08

Common

Share

Supplemental

Data/

Ratios

Applicable

to

Common

Shares

Common

Share

Total

Returns

Ratios

to

Average

Net

Assets

Based

on

Net

Asset

Value(b)

Based

on

Share

Price(b)

Net

Assets,

End

of

Period

(000)

Expenses(c)

Net

Investment

Income

(Loss)(c)

Portfolio

Turnover

Rate

7.19‌

%

11.31‌

%

$

1,241,446

5.61‌

%

(e)

9.44‌

%

(e)

16‌

%

6.88‌

1.57‌

1,224,552

4.77‌

9.88‌

28‌

(2.84‌)

(2.59‌)

534,392

2.17‌

5.49‌

38‌

17.36‌

30.14‌

589,469

2.20‌

5.39‌

43‌

(8.82‌)

(10.98‌)

534,861

3.01‌

5.93‌

44‌

2.03‌

1.98‌

628,218

3.43‌

6.25‌

32‌

7.00‌

12.43‌

802,011

5.50‌

(e)

9.73‌

(e)

18‌

5.01‌

2.77‌

789,958

4.75‌

8.90‌

28‌

(5.15‌)

(8.93‌)

827,031

2.35‌

5.20‌

33‌

13.42‌

26.98‌

937,712

2.22‌

4.64‌

43‌

(5.91‌)

(9.54‌)

932,800

3.11‌

5.11‌

52‌

3.43‌

9.33‌

1,151,777

3.42‌

5.25‌

59‌

(c)

•

Net

Investment

Income

(Loss)

ratios

reflect

income

earned

and

expenses

incurred

on

assets

attributable

to

preferred

shares

(as

described

in

Notes

to

Financial

Statements),

borrowings

and/or

reverse

repurchase

agreements

(as

described

in

Notes

to

Financial

Statements),

where

applicable.

•

Each

ratio

includes

the

effect

of

all

interest

expenses

paid

and

other

costs

related

to

preferred

shares,

borrowings

and/or

reverse

repurchase

agreements,

where

applicable,

as

follows:

(d)

Unaudited.

(e)

Annualized.

(f)

Value

rounded

to

zero.

Financial

Highlights

88

The

following

data

is

for

a

common

share

outstanding for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

to

Common

Shareholders

Common

Share

Common

Share

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Return

of

Capital

Total

Shelf

Offering

Costs

Premium

per

Share

Sold

through

Shelf

Offering

Net

Asset

Value,

End

of

Period

Share

Price,

End

of

Period

JPC

1/31/24(d)

$

7.45

$

0.17

$

0.52

$

0.69

$

(0.27)

$

—

$

—

$

(0.27)

$

—

$

—

$

7.87

$

7.27

7/31/23

8.41

0.46

(0.84)

(0.38)

(0.58)

—

—

(0.58)

—

—

7.45

6.60

7/31/22

9.91

0.66

(1.52)

(0.86)

(0.64)

—

—

(0.64)

—(f)

—(f)

8.41

8.20

7/31/21

8.83

0.67

1.05

1.72

(0.64)

—

—

(0.64)

—(f)

—(f)

9.91

10.00

7/31/20

10.14

0.65

(1.26)

(0.61)

(0.68)

—

(0.02)

(0.70)

—

—

8.83

8.81

7/31/19

10.16

0.70

0.01

0.71

(0.70)

—

(0.03)

(0.73)

—

—

10.14

9.91

JPI

1/31/24(d)

18.44

0.52

1.04

1.56

(0.59)

—

—

(0.59)

—

—

19.41

18.72

7/31/23

21.26

1.15

(2.60)

(1.45)

(1.37)

—

—

(1.37)

—

—

18.44

17.63

7/31/22

25.38

1.58

(4.13)

(2.55)

(1.57)

—

—

(1.57)

—

—

21.26

20.51

7/31/21

22.45

1.65

2.85

4.50

(1.57)

—

—

(1.57)

—

—

25.38

26.26

7/31/20

24.67

1.59

(2.20)

(0.61)

(1.57)

—

(0.04)

(1.61)

—

—

22.45

22.20

7/31/19

24.39

1.64

0.27

1.91

(1.61)

—

(0.02)

(1.63)

—

—

24.67

24.27

(a)

Based

on

average

shares

outstanding.

(b)

Total

Return

Based

on

Common

Share

NAV

is

the

combination

of

changes

in

common

share

NAV,

reinvested

dividend

income

at

Common

Share

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

The

last

dividend

declared

in

the

period,

which

is

typically

paid

on

the

first

business

day

of

the

following

month,

is

assumed

to

be

reinvested

at

the

ending

NAV.

The

actual

reinvest

price

for

the

last

dividend

declared

in

the

period

may

often

be

based

on

the

Fund’s

market

price

(and

not

its

NAV),

and

therefore

may

be

different

from

the

price

used

in

the

calculation.

Total

returns

are

not

annualized.

Total

Return

Based

on

Common

Share

Price

is

the

combination

of

changes

in

the

market

price

per

share

and

the

effect

of

reinvested

dividend

income

and

reinvested

capital

gains

distributions,

if

any,

at

the

average

price

paid

per

share

at

the

time

of

reinvestment.

The

last

dividend

declared

in

the

period,

which

is

typically

paid

on

the

first

business

day

of

the

following

month,

is

assumed

to

be

reinvested

at

the

ending

market

price.

The

actual

reinvestment

for

the

last

dividend

declared

in

the

period

may

take

place

over

several

days,

and

in

some

instances

may

not

be

based

on

the

market

price,

so

the

actual

reinvestment

price

may

be

different

from

the

price

used

in

the

calculation.

Total

returns

are

not

annualized.

See

Notes

to

Financial

Statements

89

Ratios

of

Interest

Expense

to

Average

Net

Assets

Applicable

to

Common

Shares

JPC

JPI

1/31/24(d)

3.91

%

(e

)

3.73

%

(e

)

7/31/23

3.07

2.96

7/31/22

0.72

0.69

7/31/21

0.49

0.44

7/31/20

1.17

1.01

7/31/19

1.73

1.43

Common

Share

Supplemental

Data/

Ratios

Applicable

to

Common

Shares

Common

Share

Total

Returns

Ratios

to

Average

Net

Assets

Based

on

Net

Asset

Value(b)

Based

on

Share

Price(b)

Net

Assets,

End

of

Period

(000)

Expenses(c)

Net

Investment

Income

(Loss)(c)

Portfolio

Turnover

Rate

9.52‌

%

14.77‌

%

$

2,515,205

5.29‌

%

(e)

4.64‌

%

(e)

27‌

%

(4.47‌)

(12.60‌)

783,007

4.46‌

5.92‌

15‌

(9.05‌)

(11.91‌)

884,062

2.06‌

7.10‌

71‌

19.93‌

21.55‌

1,028,714

1.81‌

7.02‌

23‌

(6.16‌)

(4.12‌)

912,193

2.50‌

6.87‌

32‌

7.48‌

13.52‌

1,047,925

3.04‌

7.10‌

23‌

8.65‌

9.78‌

442,024

5.17‌

(e)

5.60‌

(e)

19‌

(6.85‌)

(7.39‌)

420,003

4.40‌

6.00‌

14‌

(10.41‌)

(16.35‌)

484,242

2.06‌

6.75‌

9‌

20.54‌

26.22‌

577,883

1.76‌

6.79‌

23‌

(2.50‌)

(1.93‌)

511,060

2.34‌

6.75‌

34‌

8.29‌

12.79‌

561,523

2.72‌

6.90‌

27‌

(c)

•

Net

Investment

Income

(Loss)

ratios

reflect

income

earned

and

expenses

incurred

on

assets

attributable

to

preferred

shares

(as

described

in

Notes

to

Financial

Statements),

borrowings

and/or

reverse

repurchase

agreements

(as

described

in

Notes

to

Financial

Statements),

where

applicable.

•

Each

ratio

includes

the

effect

of

all

interest

expenses

paid

and

other

costs

related

to

preferred

shares,

borrowings

and/or

reverse

repurchase

agreements,

where

applicable,

as

follows:

(d)

Unaudited.

(e)

Annualized.

(f)

Value

rounded

to

zero.

Financial

Highlights

90

The

following

data

is

for

a

common

share

outstanding for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

to

Common

Shareholders

Common

Share

Common

Share

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Return

of

Capital

Total

Net

Asset

Value,

End

of

Period

Share

Price,

End

of

Period

NPFD

1/31/24(d)

$

18.77

$

0.35

$

1.19

$

1.54

$

(0.53)

$

—

$

—

$

(0.53)

$

19.78

$

17.25

7/31/23

21.06

0.70

(1.72)

(1.02)

(1.24)

—

(0.03)

(1.27)

18.77

16.39

7/31/22(f)

25.00

0.61

(3.72)

(3.11)

(0.83)

—

—

(0.83)

21.06

19.98

(a)

Based

on

average

shares

outstanding.

(b)

Total

Return

Based

on

Common

Share

NAV

is

the

combination

of

changes

in

common

share

NAV,

reinvested

dividend

income

at

Common

Share

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

The

last

dividend

declared

in

the

period,

which

is

typically

paid

on

the

first

business

day

of

the

following

month,

is

assumed

to

be

reinvested

at

the

ending

NAV.

The

actual

reinvest

price

for

the

last

dividend

declared

in

the

period

may

often

be

based

on

the

Fund’s

market

price

(and

not

its

NAV),

and

therefore

may

be

different

from

the

price

used

in

the

calculation.

Total

returns

are

not

annualized.

Total

Return

Based

on

Common

Share

Price

is

the

combination

of

changes

in

the

market

price

per

share

and

the

effect

of

reinvested

dividend

income

and

reinvested

capital

gains

distributions,

if

any,

at

the

average

price

paid

per

share

at

the

time

of

reinvestment.

The

last

dividend

declared

in

the

period,

which

is

typically

paid

on

the

first

business

day

of

the

following

month,

is

assumed

to

be

reinvested

at

the

ending

market

price.

The

actual

reinvestment

for

the

last

dividend

declared

in

the

period

may

take

place

over

several

days,

and

in

some

instances

may

not

be

based

on

the

market

price,

so

the

actual

reinvestment

price

may

be

different

from

the

price

used

in

the

calculation.

Total

returns

are

not

annualized.

See

Notes

to

Financial

Statements

91

Ratios

of

Interest

Expense

to

Average

Net

Assets

Applicable

to

Common

Shares

NPFD

1/31/24(d)

3.71

%

(e

)

7/31/23

2.93

7/31/22

0.74

Common

Share

Supplemental

Data/

Ratios

Applicable

to

Common

Shares

Common

Share

Total

Returns

Ratios

to

Average

Net

Assets

Based

on

Net

Asset

Value(b)

Based

on

Share

Price(b)

Net

Assets,

End

of

Period

(000)

Expenses(c)

Net

Investment

Income

(Loss)(c)

Portfolio

Turnover

Rate

8.40‌

%

8.78‌

%

$

478,063

5.24‌

%

(e)

3.76‌

%

(e)

17‌

%

(4.82‌)

(11.68‌)

453,637

4.43‌

3.64‌

17‌

(12.48‌)

(16.77‌)

508,829

2.13‌

(e)

4.33‌

(e)

14‌

(c)

•

Net

Investment

Income

(Loss)

ratios

reflect

income

earned

and

expenses

incurred

on

assets

attributable

to

preferred

shares

(as

described

in

Notes

to

Financial

Statements),

borrowings

and/or

reverse

repurchase

agreements

(as

described

in

Notes

to

Financial

Statements),

where

applicable.

•

Each

ratio

includes

the

effect

of

all

interest

expenses

paid

and

other

costs

related

to

preferred

shares,

borrowings

and/or

reverse

repurchase

agreements,

where

applicable,

as

follows:

(d)

Unaudited.

(e)

Annualized.

(f)

For

the

period

December

15,

2021

(commencement

of

operations)

through

July

31,

2022.

92

Financial

Highlights

(continued)

The

following

table

sets

forth

information

regarding

each

Fund's

outstanding

senior

securities

as

of

the

end

of

each

of

the

Fund's

last

five

fiscal

periods,

as

applicable.

Borrowings

TFP

Shares

Term

Preferred

Aggregate

Amount

Outstanding

(000)(a)

Asset

Coverage

Per

$1,000

Share(b)

Aggregate

Amount

Outstanding

(000)(a)

Asset

Coverage

Per

$1,000

Share(b)

Aggregate

Amount

Outstanding

(000)(a)

Asset

Coverage

Per

$1,000

Share(b)

Asset

Coverage

Per

$1

Liquidation

Preference(c)

JFR

1/31/24(d)

$

477,200

$

4,199

$

285,000

$

2,629

$

—

$

—

$

2.63

7/31/23

477,200

4,163

285,000

2,607

—

—

2.61

7/31/22

233,400

3,718

100,000

2,603

—

—

2.60

7/31/21

238,400

3,892

100,000

2,742

—

—

2.74

7/31/20

208,100

4,003

—

—

90,000

2,794

2.79

7/31/19

264,500

3,810

—

—

115,000

2,655

2.66

JQC

1/31/24(d)

211,600

5,452

140,000

3,281

—

—

3.28

7/31/23

211,600

5,395

140,000

3,247

—

—

3.25

7/31/22

246,000

4,931

140,000

3,143

—

—

3.14

7/31/21

402,000

3,333

—

—

—

—

—

7/31/20

402,000

3,320

—

—

—

—

—

7/31/19

480,000

3,400

—

—

—

—

—

JPC

1/31/24(d)

695,000

5,223

420,000

3,256

—

—

3.26

7/31/23

219,600

5,249

150,000

3,119

—

—

3.12

7/31/22

423,400

3,088

—

—

—

—

—

7/31/21

462,700

3,223

—

—

—

—

—

7/31/20

400,000

3,280

—

—

—

—

—

7/31/19

455,000

3,303

—

—

—

—

—

JPI

1/31/24(d)

172,900

3,557

—

—

—

—

—

7/31/23

180,900

3,322

—

—

—

—

—

7/31/22

216,000

3,242

—

—

—

—

—

7/31/21

234,800

3,461

—

—

—

—

—

7/31/20

200,000

3,555

—

—

—

—

—

7/31/19

210,000

3,674

—

—

—

—

—

NPFD

1/31/24(d)

170,314

4,306

85,000

2,873

—

—

2.87

7/31/23

147,614

4,649

85,000

2,950

—

—

2.95

7/31/22(e)

188,600

3,698

—

—

—

—

—

(a)

Aggregate

Amount

Outstanding:

Aggregate

amount

outstanding

represents

the

principal

amount

outstanding

or

liquidation

preference,

if

applicable,

as

of

the

end

of

the

relevant

fiscal

year.

(b)

Asset

Coverage

Per

$1,000:

Asset

coverage

per

$1,000

is

calculated

by

subtracting

the

Fund’s

liabilities

and

indebtedness

not

represented

by

senior

securities

from

the

Fund’s

total

assets,

dividing

the

result

by

the

aggregate

amount

of

the

Fund’s

senior

securities

representing

indebtedness

then

outstanding

(if

applicable),

plus

the

aggregate

of

the

involuntary

liquidation

preference

of

the

outstanding

preferred

shares,

if

applicable,

and

multiplying

the

result

by

1,000.

(c)

Includes

all

borrowings

and

preferred

shares

presented

for

the

Fund.

(d)

Unaudited.

(e)

For

the

period

December

15,

2021

(commencement

of

operations)

through

July

31,

2022.

Notes

to

Financial

Statements

(Unaudited)

93

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

Floating

Rate

Income

Fund

(JFR)

Nuveen

Credit

Strategies

Income

Fund

(JQC)

Nuveen

Preferred

&

Income

Opportunities

Fund

(JPC)

Nuveen

Preferred

and

Income

Term

Fund

(JPI)

Nuveen

Variable

Rate

Preferred

&

Income

Fund

(NPFD)

The

Funds

are

registered

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

as

amended,

as

diversified

closed-end

management

investment

companies.

JFR,

JQC,

JPC,

JPI

and

NPFD

were

each

organized

as

Massachusetts

business

trusts

on

January

15,

2004,

May

17,

2003,

January

27,

2003,

April

18,

2012

and

June

1,

2021,

respectively.

Current

Fiscal

Period:

The

end

of

the

reporting

period

for

the

Funds

is

January

31,

2024,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

six

months

ended

January

31,

2024

(the

“current

fiscal

period”).

Fund

Mergers:

Effective

prior

to

the

opening

of

business

on

July

31,

2023,

Nuveen

Senior

Income

Fund

(NSL),

Nuveen

Floating

Rate

Income

Opportunity

Fund

(JRO)

and

Nuveen

Short

Duration

Credit

Opportunities

Fund

(JSD)

(the

“Target

Funds”)

were

each

merged

into

JFR

(the

“Acquiring

Fund”)

(each

a

“Merger”).

Effective

prior

to

opening

of

business

on

November

6,

2023,

Nuveen

Preferred

&

Income

Securities

Fund

(JPS)

and

Nuveen

Preferred

and

Income

Fund

(JPT)

(the

“Target

Funds)

were

each

merged

into

JPC

(the

“Acquiring

Fund”)

(each

a

“Merger”)

.

With

respect

to

each

Merger

of

a

Target

Fund

with

and

into

the

Acquiring

Fund,

the

separate

legal

existence

of

the

Target

Fund

ceased

for

all

purposes

and

the

Acquiring

Fund

succeeded

to

all

the

assets

and

assumed

all

the

liabilities

of

the

Target

Fund.

Shares

of

the

Target

Fund

were

converted

into

newly

issued

shares

of

the

Acquiring

Fund.

Holders

of

common

shares

of

the

Target

Fund

received

newly

issued

common

shares

of

the

Acquiring

Fund,

the

aggregate

net

asset

value

(“NAV”)

of

which

was

equal

to

the

aggregate

NAV

of

the

common

shares

of

the

Target

Fund

held

immediately

prior

to

the

Merger

(including

for

this

purpose

fractional

Acquiring

Fund

shares

to

which

shareholders

were

entitled).

For

accounting

and

performance

reporting

purposes,

the

Acquiring

Fund

is

the

survivor.

Refer

to

Note

12

for

further

details

on

each

Merger.

JPI

Fund

Restructuring

Proposal:

On

January

18,

2024,

the

Board

of

Trustees

(the"

Board")

approved

a

proposal

for

JPI

that

will

allow

Fund

shareholders

the

opportunity

to

maintain

their

investment

in

the

Fund

and

its

exposure

to

preferred

and

other

income

producing

securities.

In

light

of

the

upcoming

scheduled

termination

of

the

Fund

on

or

before

August

31,

2024,

the

proposal

asks

shareholders

to

vote

to

amend

the

Fund’s

declaration

of

trust

to

eliminate

the

term

structure.

If

the

amendment

is

approved

by

shareholders,

the

Fund

will

conduct

a

tender

offer

for

100%

of

its

outstanding

shares

at

NAV.

If

the

Fund’s

common

assets

taking

into

account

shares

properly

tendered

in

the

tender

offer

would

be

$70

million

or

greater,

the

tender

offer

will

be

completed

and

the

Fund’s

term

structure

will

be

eliminated.

If

the

Fund’s

common

assets

after

the

tender

offer

would

be

less

than

$70

million,

the

tender

offer

will

be

cancelled

with

no

common

shares

repurchased

and

instead

the

Fund

will

proceed

to

terminate

as

scheduled.

As

part

of

the

proposal,

if

the

Fund’s

term

structure

is

eliminated,

the

Fund’s

name

will

change

to

“Nuveen

Preferred

Securities

&

Income

Opportunities

Fund”

and

the

Fund’s

common

shares

will

continue

to

trade

on

the

NYSE

under

the

current

ticker

symbol.

In

addition,

if

the

Fund's

term

structure

is

eliminated,

Nuveen

will

waive

50%

of

its

new

management

fees

over

the

first

year

following

elimination

of

the

term,

which

may

enhance

the

net

earnings

of

the

Fund.

Each

of

the

changes

described

above

will

take

effect

only

if

shareholders

approved

the

proposal

described

above

and

the

tender

offer

condition

is

satisfied.

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.

T

he

Adviser

has

entered

into

sub-

advisory

agreements

with

Nuveen

Asset

Management

LLC

(

the

“Sub-Adviser”)

,

a

subsidiary

of

the

Adviser,

under

which

the

Sub-Adviser

manage

the

investment

portfolio

of

the

Funds.

The

Adviser

is

responsible

for

managing

JPC’s

and

JPI’s

investments

in

swap

contracts.

Developments

Regarding

JFR’s

Control

Share

By-Law:

On

January

14,

2021,

the

Board

received

a

shareholder

demand

letter

(the

“Demand

Letter”)

from

Saba

Capital

CEF

Opportunities

1,

Ltd.

and

Saba

Capital

Management,

L.P.

(collectively,

“

Saba

”)

demanding

that

the

Fund

(

i

)

rescinds

the

Fund’s

by-law

provisions

pursuant

to

which,

in

summary,

a

shareholder

who

obtains

beneficial

ownership

of

common

shares

in

a

Control

Share

Acquisition

(as

defined

in

the

by-laws)

shall

have

the

same

voting

rights

as

other

common

shareholders

only

to

the

extent

authorized

by

the

other

disinterested

shareholders

(the

“Control

Share

By-Law”)

and

(ii)

commence

judicial

action

against

the

Board

to

ensure

that

the

Control

Share

By-Law

is

withdrawn.

Following

review

of

the

Demand

Letter,

the

Board

determined

that

it

would

not

be

in

the

best

interests

of

the

Fund

or

the

Fund’s

shareholders

to

take

the

actions

requested

in

the

Demand

Letter.

Also

on

January

14,

2021,

Saba

filed

a

civil

complaint

in

the

U.S.

District

Court

for

the

Southern

District

of

New

York

(the

“District

Court”)

against

the

Fund,

certain

other

Nuveen

funds

and

the

Board,

seeking

a

declaration

that

the

Control

Share

By-Law

violates

the

1940

Act,

rescission

of

the

Control

Share

By-Law

and

a

permanent

injunction

against

applying

the

Control

Share

By-Law.

On

February

18,

2022,

the

District

Court

granted

judgment

in

favor

of

Saba’s

claim

for

rescission

of

the

Control

Share

By-Law

and

Saba’s

declaratory

judgment

claim,

and

declared

that

the

Control

Share

By-Law

violates

Section

18(

i

)

of

the

1940

Act.

Following

review

of

the

judgment

of

94

Notes

to

Financial

Statements

(Unaudited)

(continued)

the

District

Court,

on

February

22,

2022,

the

Board

amended

the

Fund’s

by-laws

to

provide

that

the

Control

Share

By-Law

shall

be

of

no

force

and

effect

for

so

long

as

the

judgment

of

the

District

Court

is

effective

and

that

if

the

judgment

of

the

District

Court

is

reversed,

overturned,

vacated,

stayed,

or

otherwise

nullified,

the

Control

Share

By-Law

will

be

automatically

reinstated

and

apply

to

any

beneficial

owner

of

common

shares

acquired

in

a

Control

Share

Acquisition,

regardless

of

whether

such

Control

Share

Acquisition

occurs

before

or

after

such

reinstatement,

for

the

duration

of

the

stay

or

upon

issuance

of

the

mandate

reversing,

overturning,

vacating

or

otherwise

nullifying

the

judgment

of

the

District

Court.

On

February

25,

2022,

the

Board

and

Fund

appealed

the

District

Court’s

decision

to

the

U.S.

Court

of

Appeals

for

the

Second

Circuit.

On

November

30,

2023,

the

U.S.

Court

of

Appeals

for

the

Second

Circuit

upheld

the

opinion

of

the

District

Court.

On

February

28,

2024,

the

Board

of

the

Fund

Amended

and

Restated

By-Laws

to

eliminate

the

“control

share”

provisions.

Developments

Regarding

the

JQC’s,

JPC’s,

JPI’s

and

NPFD’s

Control

Share

By-Law:

On

October

5,

2020,

the

Funds

and

certain

other

closed-end

funds

in

the

Nuveen

fund

complex

amended

their

by-laws.

Among

other

things,

the

amended

by-laws

included

provisions

pursuant

to

which,

in

summary,

a

shareholder

who

obtains

beneficial

ownership

of

common

shares

in

a

Control

Share

Acquisition

(as

defined

in

the

by-laws)

shall

have

the

same

voting

rights

as

other

common

shareholders

only

to

the

extent

authorized

by

the

other

disinterested

shareholders

(the

“Control

Share

By-Law”).

On

January

14,

2021,

a

shareholder

of

certain

Nuveen

closed-end

funds

filed

a

civil

complaint

in

the

U.S.

District

Court

for

the

Southern

District

of

New

York

(the

“District

Court”)

against

certain

Nuveen

funds

and

their

trustees,

seeking

a

declaration

that

such

funds’

Control

Share

By-Laws

violate

the

1940

Act,

rescission

of

such

fund’s

Control

Share

By-Laws

and

a

permanent

injunction

against

such

funds

applying

the

Control

Share

By-Laws.

On

February

18,

2022,

the

District

Court

granted

judgment

in

favour

of

the

plaintiff’s

claim

for

rescission

of

such

funds’

Control

Share

By-Laws

and

the

plaintiff’s

declaratory

judgment

claim,

and

declared

that

such

funds’

Control

Share

By-Laws

violate

Section

18(i)

of

the

1940

Act.

Following

review

of

the

judgment

of

the

District

Court,

on

February

22,

2022,

the

Board

amended

the

Funds’

by-laws

to

provide

that

the

Funds’

Control

Share

By-Law

shall

be

of

no

force

and

effect

for

so

long

as

the

judgment

of

the

District

Court

is

effective

and

that

if

the

judgment

of

the

District

Court

is

reversed,

overturned,

vacated,

stayed,

or

otherwise

nullified,

the

Funds’

Control

Share

By-Law

will

be

automatically

reinstated

and

apply

to

any

beneficial

owner

of

common

shares

acquired

in

a

Control

Share

Acquisition,

regardless

of

whether

such

Control

Share

Acquisition

occurs

before

or

after

such

reinstatement,

for

the

duration

of

the

stay

or

upon

issuance

of

the

mandate

reversing,

overturning,

vacating

or

otherwise

nullifying

the

judgment

of

the

District

Court.

On

February

25,

2022,

the

Board

and

the

Funds

appealed

the

District

Court’s

decision

to

the

U.S.

Court

of

Appeals

for

the

Second

Circuit.

On

November

30,

2023,

the

U.S.

Court

of

Appeals

for

the

Second

Circuit

upheld

the

opinion

of

the

District

Court.

On

February

28,

2024,

the

Board

of

the

Funds

Amended

and

Restated

By-Laws

to

eliminate

the

“control

share”

provisions.

2.

Significant

Accounting

Policies 

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates.

Each

Fund

is

an

investment

company

and

follows

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

—

Investment

Companies.

The

NAV

for

financial

reporting

purposes

may

differ

from

the

NAV

for

processing

security

and

shareholder

transactions.

The

NAV

for

financial

reporting

purposes

includes

security

and

shareholder

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the

NAV

used

for

processing

security

and

shareholder

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds.

Compensation:

The

Funds pay

no

compensation

directly

to

those

of its

officers,

all

of

whom

receive

remuneration

for

their

services

to

the

Funds

from

the

Adviser

or

its

affiliates.

The Board has

adopted

a

deferred

compensation

plan

for

independent

trustees

that

enables

trustees

to

elect

to

defer

receipt

of

all

or

a

portion

of

the

annual

compensation

they

are

entitled

to

receive

from

certain

Nuveen-advised

funds.

Under

the

plan,

deferred

amounts

are

treated

as

though

equal

dollar

amounts

had

been

invested

in

shares

of

select

Nuveen-advised

funds.

Distributions

to

Common

Shareholders:

Distributions

to

common shareholders

are

recorded

on

the

ex-dividend

date.

The

amount,

character

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

The

Funds’

distribution

policy,

which

may

be

changed

by

the

Board,

is

to

make

regular

monthly

cash

distributions

to

holders

of

their

common

shares

(stated

in

terms

of

a

fixed

cents

per

common

share

dividend

distributions

rate

which

may

be

set

from

time

to

time).

Each

Fund

intends

to

distribute

all

or

substantially

all

of

its

net

investment

income

through

its

regular

monthly

distribution

and

to

distribute

realized

capital

gains

at

least

annually.

In

addition,

in

any

monthly

period,

to

maintain

its

declared

per

common

share

distribution

amount,

a

Fund

may

distribute

more

or

less

than

its

net

investment

income

during

the

period.

In

the

event

a

Fund

distributes

more

than

its

net

investment

income

during

any

yearly

period,

such

distributions

may

also

include

realized

gains

and/or

a

return

of

capital.

To

the

extent

that

a

distribution

includes

a

return

of

capital

the

NAV

per

share

may

erode.

Foreign

Currency

Transactions

and

Translation:

To

the

extent

that

the

Funds

invest

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

their

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.

95

Net

realized

foreign

currency

gains

and

losses

resulting

from

changes

in

exchange

rates

associated

with

(i)

foreign

currency,

(ii)

investments

and

(iii)

derivatives

include

foreign

currency

gains

and

losses

between

trade

date

and

settlement

date

of

the

transactions,

foreign

currency

transactions,

and

the

difference

between

the

amounts

of

interest

and

dividends

recorded

on

the

books

of

the

Funds

and

the

amounts

actually

received

are

recognized

as

a

component

of

“Net

realized

gain

(loss)

from

investments

and

foreign

currency”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

currency

exchange

rates

and

changes

in

foreign

exchange

rates

associated

with

(i)

investments

and

(ii)

other

assets

and

liabilities

are

recognized

as

a

component

of

“Change

in

net

unrealized

appreciation

(depreciation)

of

investments

and

foreign

currency”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

exchange

rates

associated

with

investments

in

derivatives

are

recognized

as

a

component

of

the

respective

derivative’s

related

“Change

in

net

unrealized

appreciation

(depreciation)”

on

the

Statement

of

Operations,

when

applicable.

As

of

the

end

of

the

reporting

period,

the

JPC,

JPI

and

NPFD

investments

in

non-U.S.

securities

were

as

follows:

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

on

income,

gains

on

investments

or

foreign

currency

repatriation,

a

portion

of

which

may

be

recoverable.

The

Funds

will

accrue

such

taxes

and

recoveries

as

applicable,

based

upon

the

current

interpretation

of

tax

rules

and

regulations

that

exist

in

the

markets

in

which

the

Funds

invest.

JPC

Value

%

of

Total

Investments

Country:

United

Kingdom

$

496,300,775

12.5

%

France

317,388,385

8.0

Switzerland

197,717,380

5.0

Canada

172,477,099

4.3

Spain

98,306,905

2.5

Netherlands

88,008,275

2.2

Australia

83,762,527

2.1

Germany

80,339,652

2.0

Finland

51,771,651

1.3

Italy

50,073,405

1.3

Other

62,712,121

1.5

Total

non-U.S.

Securities

$1,698,858,175

42.7%

JPI

Value

%

of

Total

Investments

Country:

United

Kingdom

$

81,441,090

11.9

%

France

48,029,772

7.0

Switzerland

25,762,063

3.8

Canada

23,007,591

3.4

Spain

17,748,729

2.6

Netherlands

17,667,663

2.6

Italy

14,382,299

2.1

Australia

11,667,829

1.7

Germany

10,479,175

1.5

Ireland

8,902,953

1.3

Other

17,779,965

2.6

Total

non-U.S.

Securities

$276,869,129

40.5%

NPFD

Value

%

of

Total

Investments

Country:

United

Kingdom

$

56,359,467

7.6

%

Canada

49,990,454

6.8

France

28,328,128

3.8

Switzerland

17,680,012

2.4

Ireland

14,999,438

2.0

Australia

11,731,302

1.6

Spain

11,689,990

1.6

Netherlands

11,186,513

1.5

Bermuda

8,753,346

1.2

Germany

6,985,434

0.9

Other

14,757,608

2.0

Total

non-U.S.

Securities

$232,461,692

31.4%

96

Notes

to

Financial

Statements

(Unaudited)

(continued)

Indemnifications:

Under

the

Funds'

organizational

documents, their

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Funds.

In

addition,

in

the

normal

course

of

business,

the Funds

enter

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Funds'

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Funds

that

have

not

yet

occurred.

However,

the Funds

have

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

Investments

and

Investment

Income:

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Trade

date

for

senior

and

subordinated

loans

purchased

in

the

“primary

market”

is

considered

the

date

on

which

the

loan

allocations

are

determined.

Trade

date

for

senior

and

subordinated

loans

purchased

in

the

“secondary

market”

is

the

date

on

which

the

transaction

is

entered

into.

Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Dividend

income

is

recorded

on

the

ex-dividend

date

or,

for

certain

foreign

securities,

when

information

is

available.

Non-cash

dividends

received

in

the

form

of

stock,

if

any,

are

recorded

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.

Rehypothecation

income

is

comprised

of

fees

earned

in

connection

with

the

rehypothecation

of

pledged

collateral

as

further

described

later

in

these

Notes

to

Financial

Statements.

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

Derivatives

Association,

Inc.

(ISDA)

master

agreements

or

other

similar

arrangements

(“netting

agreements”).

Generally,

the

right

to

offset

in

netting

agreements

allows

each

Fund

to

offset

certain

securities

and

derivatives

with

a

specific

counterparty,

when

applicable,

as

well

as

any

collateral

received

or

delivered

to

that

counterparty

based

on

the

terms

of

the

agreements.

Generally,

each

Fund

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

With

respect

to

certain

counterparties,

in

accordance

with

the

terms

of

the

netting

agreements,

collateral

posted

to

the

Funds

is

held

in

a

segregated

account

by

the

Funds’

custodian

and/or

with

respect

to

those

amounts

which

can

be

sold

or

repledged

,

are

presented

in

the

Funds’

Portfolio

of

Investments

or

Statement

of

Assets

and

Liabilities.

The

Funds’

investments

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

if

any,

are

further

described

later

in

these

Notes

to

Financials.

New

Accounting

Pronouncement:

In

June

2022,

the

FASB

issued

ASU

2022-03

to

clarify

the

guidance

in

Topic

820,

Fair

Value

Measurement

("Topic

820").

The

amendments

in

ASU

2022-03

affect

all

entities

that

have

investments

in

equity

securities

measured

at

fair

value

that

are

subject

to

a

contractual

sale

restriction.

ASU

2022-03

(1)

clarifies

the

guidance

in

Topic

820,

when

measuring

the

fair

value

of

an

equity

security

subject

to

contractual

restrictions

that

prohibit

the

sale

of

equity

security,

(2)

amends

a

related

illustrative

example,

and

(3)

introduces

new

disclosure

requirements

for

equity

securities

subject

to

contractual

sale

restrictions

that

are

measured

at

fair

value

in

accordance

with

Topic

820.

For

public

business

entities,

the

amendments

in

ASU

2022-03

are

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

those

fiscal

years.

For

all

other

entities,

the

amendments

are

effective

for

fiscal

years

beginning

after

December

15,

2024,

and

interim

periods

within

those

fiscal

years.

Early

adoption

is

permitted

for

both

interim

and

annual

financial

statements

that

have

not

yet

been

issued

or

made

available

for

issuance.

During

the

current

fiscal

period,

the

Funds

adopted

the

new

guidance

and

there

was

no

material

impact

to

the

Funds.

3.

Investment

Valuation

and

Fair

Value

Measurements 

The

Funds’

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Adviser,

subject

to

oversight

of

the Board.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the

Funds’

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Equity

securities

and

exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

last

reported sales

price

or

official

closing

price of such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

on

a

foreign

exchange

are

valued

at

the

last

reported sales

price

or

official

closing

price

on

the

principal

exchange

where

traded,

and

converted

to

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the valuation

date.

For

events affecting

the value

of

foreign

securities

between

the

time

when

the

exchange

on

which

they

are

traded

closes

and

the

time

when

the

Funds'

net

assets

are

calculated,

such

securities

will

be

valued

at

fair

value

in

accordance

with

procedures

adopted

by

the

Adviser,

subject

to

the

oversight

of

the

Board. To

the

extent

these

securities

are

actively

traded

and

no

valuation

adjustments

are

applied,

they

are

generally

classified

as

Level

1. When

valuation

adjustments

are

applied

to

the

most

recent

last

sales

price

or

official

closing

price, these

securities

are

generally

classified

as

Level

2.

97

Prices

of

fixed-income

securities

are

generally

provided

by

pricing

services

approved

by

the

Adviser,

which

is

subject

to

review

by

the

Adviser

and

oversight

of

the

Board. Pricing

services

establish

a

security’s

fair

value

using

methods

that

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

In

pricing

certain

securities,

particularly

less

liquid

and

lower

quality

securities,

pricing

services

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

These

securities

are

generally

classified

as

Level

2.

Investments

in

investment

companies

are

valued

at

their

respective

NAVs

or

share

price on

the

valuation

date

and

are

generally

classified

as

Level

1. 

Repurchase

agreements

are

valued

at

contract

amount

plus

accrued

interest,

which

approximates

market

value.

These

securities

are

generally

classified

as

Level

2.

Futures

contracts

are

valued

using

the

closing

settlement

price

or,

in

the

absence

of

such

a

price,

the

last

traded

price

and

are

generally

classified

as

Level

1. 

Swap

contracts

are

marked-to-market

daily

based

upon

a

price

supplied

by

a

pricing

service.

Swaps

are

generally

classified

as

Level

2. 

For

any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

Adviser

deems

the

valuations

derived

using

the

valuation

procedures

described

above

not

to

reflect

fair

value,

the

Adviser

will

determine

a

fair

value

in

good

faith

using

alternative

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

is

the

amount

that

the

owner

might

reasonably

expect

to

receive

for

it

in

a

current

sale.

A

variety

of

factors

may

be

considered

in

determining

the

fair

value

of

such

securities,

which

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as

Level

2;

otherwise

they

would

be

classified

as

Level

3.

The

following

table

summarizes

the

market

value

of

the

Funds’

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

JFR

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Variable

Rate

Senior

Loan

Interests

$

–

$

1,652,269,487

$

–

$

1,652,269,487

Corporate

Bonds

–

233,778,641

–

233,778,641

Common

Stocks

7,928,866

53,709,022

18,384

61,656,272

Warrants

15,388

21,129,104

11,503

21,155,995

Asset-Backed

Securities

–

18,575,799

–

18,575,799

Convertible

Preferred

Securities

–

582,720

–

582,720

Short-Term

Investments:

Investment

Companies

57,703,161

–

–

57,703,161

Total

$

65,647,415

$

1,980,044,773

$

29,887

$

2,045,722,075

JQC

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Variable

Rate

Senior

Loan

Interests

$

–

$

978,551,669

$

–

$

978,551,669

Corporate

Bonds

–

253,831,891

–

253,831,891

Common

Stocks

123,700

18,103,452

23,240

18,250,392

Asset-Backed

and

Mortgage-Backed

Securities

–

15,084,195

–

15,084,195

Warrants

8,573

3,764,749

47

3,773,369

Short-Term

Investments:

Investment

Companies

44,866,402

–

–

44,866,402

Total

$

44,998,675

$

1,269,335,956

$

23,287

$

1,314,357,918

98

Notes

to

Financial

Statements

(Unaudited)

(continued)

The

Funds

hold

liabilities

in

preferred

shares,

where

applicable,

which

are

not

reflected

in

the

tables

above.

The

fair

values

of

the

Funds’

liabilities

for

preferred

shares

approximate

their

liquidation

preference.

Preferred

shares

are

generally

classified

as

Level

2

and

further

described

in

these

Notes

to

Financial

Statements.

4.

Portfolio

Securities

Unfunded

Commitments:

Pursuant

to

the

terms

of

certain

of

the

variable

rate

senior

loan

agreements,

JFR

and

JQC

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,

JFR

and

JQC’s

outstanding

unfunded

senior

loan

commitments

were

as

follows:

Repurchase

Agreements:

During

the

current

fiscal

period

JPC

and

NPFD

entered

into

repurchase

agreements.

In

connection

with

transactions

in

repurchase

agreements,

it

is

each

Fund’s

policy

that

its

custodian

take

possession

of

the

underlying

collateral

securities,

the

fair

value

of

which

exceeds

the

principal

amount

of

the

repurchase

transaction,

including

accrued

interest,

at

all

times.

If

the

counterparty

defaults,

and

the

fair

value

of

the

collateral

declines,

realization

of

the

collateral

may

be

delayed

or

limited.

The

following

table

presents

the

repurchase

agreements

for

JPC

and

NPFD

that

are

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

and

the

collateral

delivered

related

to

those

repurchase

agreements.

JPC

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

$1,000

Par

(or

similar)

Institutional

Preferred

$

–

$

2,082,675,430

$

–

$

2,082,675,430

Contingent

Capital

Securities

–

1,210,166,337

–

1,210,166,337

$25

Par

(or

similar)

Retail

Preferred

478,551,272

22,195,945

–

500,747,217

Corporate

Bonds

–

161,289,168

–

161,289,168

Convertible

Preferred

Securities

21,581,494

–

–

21,581,494

Common

Stocks

5,647

–

–

5,647

Short-Term

Investments:

Repurchase

Agreements

–

2,520,000

–

2,520,000

Investments

in

Derivatives:

Futures

Contracts*

2,554,942

–

–

2,554,942

Interest

Rate

Swaps*

–

32,964,633

–

32,964,633

Total

$

502,693,355

$

3,511,811,513

$

–

$

4,014,504,868

JPI

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

$1,000

Par

(or

similar)

Institutional

Preferred

$

–

$

351,588,737

$

–

$

351,588,737

Contingent

Capital

Securities

–

214,922,771

–

214,922,771

$25

Par

(or

similar)

Retail

Preferred

109,256,125

4,639,778

–

113,895,903

Corporate

Bonds

–

3,306,380

–

3,306,380

Total

$

109,256,125

$

574,457,666

$

–

$

683,713,791

NPFD

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

$1,000

Par

(or

similar)

Institutional

Preferred

$

–

$

494,023,087

$

–

$

494,023,087

Contingent

Capital

Securities

–

123,561,495

–

123,561,495

$25

Par

(or

similar)

Retail

Preferred

112,900,229

2,533,965

–

115,434,194

Corporate

Bonds

–

6,525,288

–

6,525,288

Short-Term

Investments:

Repurchase

Agreements

–

60,000

–

60,000

Total

$

112,900,229

$

626,703,835

$

–

$

739,604,064

*

Represents

net

unrealized

appreciation

(depreciation)

as

reported

in

Fund's

Portfolio

of

Investments.

Fund

Outstanding

Unfunded

Senior

Loan

Commitments

JFR

$

468,900

JQC

283,523

99

Participation

Commitments:

With

respect

to

the

senior

loans

held

in

JFR

and

JQC’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

Funds

not

only

assume

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.

Purchases

and

Sales:

Long-term

purchases

and

sales

(excluding

in-kind

transactions,

where

applicable)

during

the

current fiscal

period

were

as

follows:

The

Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period. If

a

Fund

has

outstanding

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

5.

Derivative

Investments

Each

Fund

is

authorized

to

invest

in

certain

derivative

instruments.

As

defined

by

U.S.

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variables.

Investments

in

derivatives

as

of

the

end

of

and/or

during

the

current

fiscal

period,

if

any,

are

included

within

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations,

respectively.

Futures

Contracts:

During

the

current

fiscal

period,

JPC

used

interest

rate

futures

to

manage

the

duration

of

the

portfolio.

A

futures

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

financial

instrument

for

a

set

price

on

a

future

date.

Upon

execution

of

a

futures

contract,

the

Fund

is

obligated

to

deposit

cash

or

eligible

securities,

also

known

as

“initial

margin,”

into

an

account

at

its

clearing

broker

equal

to

a

specified

percentage

of

the

contract

amount.

Securities

deposited

for

initial

margin,

if

any,

are

identified

in

the

Portfolio

of

Investments

and

cash

deposited

for

initial

margin,

if

any,

is

reflected

on

the

Statement

of

Assets

and

Liabilities.

During

the

period

the

futures

contract

is

open,

changes

in

the

market

value

of

the

contract

are

recognized

as

an

unrealized

gain

or

loss

by

“marking-

to-market”

on

a

daily

basis.

The

Fund

and

the

clearing

broker

are

obligated

to

settle

monies

on

a

daily

basis

representing

the

changes

in

the

value

of

the

contracts.

These

daily

cash

settlements

are

known

as

“variation

margin”

and

is

recognized

on

the

Statement

of

Assets

and

Liabilities

as

a

receivable

or

payable

for

variation

margin

on

futures

contracts.

When

the

contract

is

closed

or

expired,

the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

contract

on

the

closing

date

and

value

of

the

contract

when

originally

entered

into.

The

net

realized

gain

or

loss

and

the

change

in

unrealized

appreciation

(depreciation)

on

futures

contracts

held

during

the

period

is

included

on

the

Statement

of

Operations.

Fund

Counterparty

Short-term

Investments,

at

Value

Collateral

Pledged

(From)

Counterparty

JPC

Fixed

Income

Clearing

Corporation

$

2,520,000

$

(2,570,439)

NPFD

Fixed

Income

Clearing

Corporation

60,000

(61,293)

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government

Sales

and

Maturities

U.S.

Government

Sales

JFR

$

327,536,346

$

333,143,718

$

—

JQC

226,466,947

238,963,149

—

JPC

798,238,809

627,105,701

—

JPI

127,899,607

120,764,407

1,139,666

NPFD

126,165,633

119,406,387

—

100

Notes

to

Financial

Statements

(Unaudited)

(continued)

Risks

of

investments

in

futures

contracts

include

the

possible

adverse

movement

in

the

price

of

the

securities

or

indices

underlying

the

contracts,

the

possibility

that

there

may

not

be

a

liquid

secondary

market

for

the

contracts

and/or

that

a

change

in

the

value

of

the

contract

may

not

correlate

with

a

change

in

the

value

of

the

underlying

securities

or

indices.

The

average

notional

amount

of

futures

contracts

outstanding

during

the

current

fiscal

period

was

as

follows:

Interest

Rate

Swap

Contracts:

During

the

current

fiscal

period,

JPC

and

JPI

used

interest

rate

swap

contracts

to

partially

hedge

their

interest

cost

of

leverage.

Interest

rate

swap

contracts

involve

the

Fund’s

agreement

with

the

counterparty

to

pay

or

receive

a

fixed

rate

payment

in

exchange

for

the

counterparty

receiving

or

paying

a

variable

rate

payment.

Forward

interest

rate

swap

contracts

involve

the

Fund’s

agreement

with

a

counterparty

to

pay,

in

the

future,

a

fixed

or

variable

rate

payment

in

exchange

for

the

counterparty

paying

the

Fund

a

variable

or

fixed

rate

payment,

the

accruals

for

which

would

begin

at

a

specified

date

in

the

future

(the

“effective

date”).

Upon

entering

into

an

interest

rate

swap

contract

(and

beginning

on

the

effective

date

for

a

forward

interest

rate

swap

contract),

the

Fund

accrues

the

fixed

rate

payment

expected

to

be

paid

or

received

and

the

variable

rate

payment

expected

to

be

received

or

paid

on

the

interest

rate

swap

contracts

on

a

daily

basis,

and

recognizes

the

daily

change

in

the

fair

value

of

the

Fund’s

contractual

rights

and

obligations

under

the

contracts.

The

amount

of

the

payment

obligation

for

an

interest

rate

swap

is

based

on

the

notional

amount

and

the

termination

date

of

the

contract.

Interest

rate

swap

contracts

do

not

involve

the

delivery

of

securities

or

other

underlying

assets

or

principal.

Accordingly,

the

risk

of

loss

on

such

transactions

is

limited

to

the

net

amount

of

interest

payments

that

the

Fund

is

to

receive

from

the

counterparty.

Payments

paid

(received)

at

the

beginning

of

the

measurement

period

are

reflected

as

swap

premiums

paid

(received)

on

the

Statement

of

Assets

and

Liabilities,

when

applicable.

Interest

rate

swaps

can

be

settled

either

directly

with

the

counterparty

(“OTC”)

or

through

a

central

clearinghouse

(“centrally

cleared”).

For

OTC

swaps,

the

daily

change

in

the

market

value

of

the

swap

contract,

along

with

any

daily

interest

fees

accrued,

are

recognized

as

unrealized

appreciation

(depreciation)

on

interest

rate

swaps

contracts on

the

Statement

of

Assets

and

Liabilities.

Upon

the

execution

of

a

centrally

cleared

swap,

a

Fund

is

obligated

to

deposit

cash

or

eligible

securities,

also

known

as

“initial

margin,”

into

an

account

at

its

clearing

broker

equal

to

a

specified

percentage

of

the

contract

amount.

Securities

deposited

for

initial

margin,

if

any,

are

identified

in

the

Portfolio

of

Investments and

cash

deposited

for

initial

margin,

if

any,

is

reflected

on

the

Statement

of

Assets

and

Liabilities.

The

Fund

and

the

clearing

broker

are

obligated

to

settle

monies

on

a

daily

basis

representing

the

changes

in

the

value

of

the

swap

contracts.

These

daily

cash

settlements

are

known

as

“variation

margin”

and

is

recognized

on

the

Statement

of

Assets

and

Liabilities

as

a

receivable

or

payable

for

variation

margin

on

interest

rate

swaps

contracts.

Changes

in

the

value

of

the

swap

contracts

during

the

fiscal

period

are

recognized

as

net

unrealized

appreciation

(depreciation)

of

swaps

contracts on

the

Statement

of

Operations.

The

net

amount

of

periodic

payments

settled

in

cash

are

recognized

as

net

realized

gain

(loss)

from

swap

contracts on

the

Statement

of

Operations,

in

addition

to

the

net

realized

gain

or

loss

recorded

upon

the

termination

of

the

swap

contract.

The

average

notional

amount

of

interest

rate

swap

contracts

outstanding

during

the

current

fiscal

period

was

as

follows:

The

following

table

presents

the

swap

contracts

subject

to

netting

agreements

and

the

collateral

delivered

related

to

those

swap

contracts

as

of

the

end

of

the

reporting

period.

As

of

the

end

of

the

reporting

period,

the

Funds

have

invested

in

derivative

contracts

which

are

reflected

in

the

Statement

of

Assets

and

Liabilities

as

follows:

Fund

Average

Notional

Amount

of

Futures

Contracts

Outstanding

*

JPC

$

22,406,144

*

The

average

notional

amount

is

calculated

based

on

the

absolute

aggregate

notional

amount

of

contracts

outstanding

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

Fund

Average

Notional

Amount

of

Interest

Rate

Swap

Contracts

Outstanding

*

JPC

$

529,166,667

JPI

15,000,000

*

The

average

notional

amount

is

calculated

based

on

the

absolute

aggregate

notional

amount

of

contracts

outstanding

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

Fund

Counterparty

Gross

Unrealized

Appreciation

Interest

Rate

Swaps***

Gross

Unrealized

(Depreciation)

Interest

Rate

Swaps***

Net

Unrealized

Collateral

Pledged

to

(from)

Counterparty

Net

Exposure

JPC

Morgan

Stanley

Capital

Services

LLC

$

32,964,633

$

-  

$

32,964,633

$

(31,194,556)

$

1,770,077

***  Represents

gross

unrealized

appreciation

(depreciation)

for

the

counterparty

as

reported

in

the

Fund's

Portfolio

of

Investments.

101

During

the

current

fiscal

period,

the

effect

of

derivative

contracts

on

the

Funds’

Statements

of

Operations

was

as

follows:

Market

and

Counterparty

Credit

Risk:

In

the

normal

course

of

business

each

Fund

may

invest

in

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

the

transaction

to

perform

(counterparty

credit

risk).

The

potential

loss

could

exceed

the

value

of

the

financial

assets

recorded

on

the

financial

statements.

Financial

assets,

which

potentially

expose

each

Fund

to

counterparty

credit

risk,

consist

principally

of

cash

due

from

counterparties

on

forward,

option

and

swap

transactions,

when

applicable.

The

extent

of

each

Fund’s

exposure

to

counterparty

credit

risk

in

respect

to

these

financial

assets

approximates

their

carrying

value

as

recorded

on

the

Statement

of

Assets

and

Liabilities.

Each

Fund

helps

manage

counterparty

credit

risk

by

entering

into

agreements

only

with

counterparties

the

Adviser

believes

have

the

financial

resources

to

honor

their

obligations

and

by

having

the

Adviser

monitor

the

financial

stability

of

the

counterparties.

Additionally,

counterparties

may

be

required

to

pledge

collateral

daily

(based

on

the

daily

valuation

of

the

financial

asset)

on

behalf

of

each

Fund

with

a

value

approximately

equal

to

the

amount

of

any

unrealized

gain

above

a

pre-determined

threshold.

Reciprocally,

when

each

Fund

has

an

unrealized

loss,

the

Funds

have

instructed

the

custodian

to

pledge

assets

of

the

Funds

as

collateral

with

a

value

approximately

equal

to

the

amount

of

the

unrealized

loss

above

a

pre-determined

threshold.

Collateral

pledges

are

monitored

and

subsequently

adjusted

if

and

when

the

valuations

fluctuate,

either

up

or

down,

by

at

least

the

pre-determined

threshold

amount.

6.

Fund

Shares

Common

Shares

Equity

Shelf

Programs

and

Offering

Costs:

JPC

has

filed

a

registration

statement

with

the Securities

and

Exchange

Commission

("SEC")

authorizing

the

Fund

to

issue

additional

common

shares

through

one

or

more

equity

shelf

programs

(“Shelf

Offering”),

which

became

effective

with

the

SEC

during

a

prior

fiscal

period.

Under

this

Shelf

Offering,

the

Fund,

subject

to

market

conditions,

may

raise

additional

equity

capital

by

issuing

additional

common

shares

from

time

to

time

in

varying

amounts

and

by

different

offering

methods

at

a

net

price

at

or

above

Fund’s

NAV

per

common

share.

In

the

event

the

Fund’s

Shelf

Offering

registration

statement

is

no

longer

current,

the

Fund

may

not

issue

additional

common

shares

until

a

post-effective

amendment

to

the

registration

statement

has

been

filed

with

the

SEC.

Maximum

aggregate

offering,

common

shares

sold

and

offering

proceeds,

net

of

offering

costs

under

each

Fund’s

Shelf

Offering

during

the

Fund’s

current

and

prior

fiscal

period

were

as

follows:

Asset

Derivatives

Liability

Derivatives

Derivative

Instrument

Risk

Exposure

Location

Value

Location

Value

JPC

Futures

Contracts

Interest

rate

Unrealized

appreciation

on

futures

contracts

*

$

2,554,942

-

$

–

Interest

Rate

Swaps

Interest

rate

Unrealized

appreciation

on

interest

rate

swaps

contracts

32,964,633

-

–

1

1

1

1

1

1

1

1

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

value

reflected

in

the

accompanying

Statements

of

Assets

and

Liabilities

is

only

the

receivable

or

payable

for

variation

margin

on

open

futures

contacts.

Derivative

Instrument

Risk

Exposure

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

JPC

Futures

contracts

Interest

rate

$

(381,952)

$

2,554,942

Swap

contracts

Interest

rate

8,922,815

15,658,426

JPI

Swap

contracts

Interest

rate

348,520

(361,549)

JPC

Six

Months

Ended

1/31/24

Year

Ended

7/31/23

Maximum

aggregate

offering

Unlimited

Unlimited

Common

shares

sold

–

–

Offering

proceeds,

net

of

offering

costs

$–

$–

102

Notes

to

Financial

Statements

(Unaudited)

(continued)

Costs

incurred

by

the

Funds

in

connection

with their

initial

shelf

registrations

are

recorded

as

a

prepaid

expense

and

recognized

as

“Deferred

offering

costs”

on

the

Statement

of

Assets

and

Liabilities.

These

costs

are

amortized

pro

rata

as

common

shares

are

sold

and

are

recognized

as

a

component

of

“Proceeds

from

shelf

offering,

net

of

offering

costs”

on

the

Statement

of

Changes

in

Net

Assets.

Any

deferred

offering

costs

remaining

after

the

effectiveness

of

the

initial

shelf

registration

will

be

expensed.

Costs

incurred

by

the

Fund

to

keep

the

shelf

registration

current

are

expensed

as

incurred

and

recognized

as

a

component

of

“Other

expenses”

on

the

Statement

of

Operations.

Common Share

Transactions:

Transactions

in common

shares

for

the

Funds

during

the

Funds’

current

and

prior

fiscal

period,

where

applicable,

were

as

follows:

Preferred

Shares

Taxable

Fund

Preferred

Shares:

JFR,

JQC,

JPC

and

NPFD

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.

The

Fund

is

obligated

to

redeem

its

TFP

Shares

by

the

date

as

specified

in

its

offering

documents

(“Term

Redemption

Date”),

unless

earlier

redeemed

by

the

Fund.

TFP

Shares

are

initially

issued

in

a

pre-specified

mode,

however,

TFP

Shares

can

be

subsequently

designated

as

an

alternative

mode

at

a

later

date

at

the

discretion

of

the

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

Mode

(“VRM”)

–

Dividends

for

TFP

Shares

designated

in

this

mode

are

based

upon

a

short-term

index

plus

an

additional

fixed

“spread"

amount

established

at

the

time

of

issuance

or

renewal

/

conversion

of

its

mode.

At

the

end

of

the

period

of

the

mode,

the

Fund

will

be

required

to

either

extend

the

term

of

the

mode,

designate

an

alternative

mode

or

redeem

the

TFP

Shares.

The

fair

value

of

TFP

Shares

while

in

VRM

are

expected

to

approximate

their

liquidation

preference

so

long

as

the

fixed

“spread”

on

the

shares

remains

roughly

in

line

with

the

“spread’

being

demanded

by

investors

on

instruments

having

similar

terms

in

the

current

market.

In

current

market

conditions,

the

Adviser

has

determined

that

the

fair

value

of

the

shares

are

approximately

their

liquidation

preference,

but

their

fair

value

could

vary

if

market

conditions

change

materially.

•

Variable

Rate

Demand

Mode

(“VRDM”)

–

Dividends

for

TFP

Shares

designated

in

this

mode

will

be

established

by

a

remarketing

agent;

therefore,

the

market

value

of

the

TFP

Shares

is

expected

to

approximate

its

liquidation

preference.

While

in

this

mode,

shares

will

have

an

unconditional

liquidity

feature

that

enable

its

shareholders

to

require

a

liquidity

provider,

which

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.

The

Funds

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

“TFP

Shares,

net”

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.

Costs

incurred

in

connection

with

their

offerings

of

TFP

Shares

were

recorded

as

a

deferred

charge

and

are

being

amortized

over

the

life

of

the

shares.

These

offering

costs

are

recognized

as

a

component

of

“TFP

Shares,

Net”

on

the

Statement

of

Assets

and

Liabilities

and

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

JFR

Six

Months

Ended

1/31/24

Year

Ended

7/31/23

Common

Shares:

Issued

in

the

Reorganization

—

77,137,719

Total

—

77,137,719

JPC

Six

Months

Ended

1/31/24

Year

Ended

7/31/23

Common

Shares:

Issued

in

the

Reorganization

214,414,720

—

Total

214,414,720

—

103

As

of

the

end

of

the

reporting

period,

JFR,

JQC,

JPC,

and

NPFD

had

of

$283,529,815,

$139,165,969,

$418,368,245

and

$84,471,271

respectively,

TFP

Shares

at

liquidation

preference,

net

of

deferred

offering

costs,

respectively.

Further

details

of

the

Funds’

TFP

Shares

outstanding

as

of

the

end

of

the

reporting

period,

were

as

follows:

The

average

liquidation

preference

of

TFP

Shares

outstanding

and

the

annualized

dividend

rate

for

the

Funds

during

the

current

fiscal

period

were

as

follows:

Preferred

Share

Transactions: 

Transactions

in

preferred

shares

during

the

Funds'

current

and

prior

fiscal

period,

where

applicable,

are

noted

in

the

following

tables.

Transactions

in

TFP

Shares

for

the

Funds,

where

applicable,

were

as

follows:

*

Issued

in

the

Merger

7.

Income

Tax

Information

Each

Fund

is

a

separate

taxpayer

for

federal

income

tax

purposes.

Each

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

Each

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund's

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

each

Fund's

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund's

financial

statements.

Fund

Series

Shares

Outstanding

Liquidation

Preference

Term

Redemption

Date

Mode

JFR

A

1,000

$

100,000,000

$

January

1,

2031

VRDM

B

115,000

115,000,000

December

1,2030

VRM

C

700

70,000,000

November

1,2029

VRDM

JQC

A

140,000

$

140,000,000

July

1,

2032

VRDM

JPC

A

150,000

$

150,000,000

August

1,

2037

VRDM

B

270,000

270,000,000

July

1,

2032

VRDM

NPFD

A

85,000

$

85,000,000

February

1,

2034

VRDM

JFR

JQC

JPC

NPFD

Average

liquidation

preference

of

TFP

Shares

outstanding

$285,000,000

$140,000,000

$277,663,043

$85,000,000

Average

dividend

rate

5.96%

5.49%

5.47%

5.53%

Six

Months

Ended

January

31,

2024

JPC

Series

Shares

Amount

TFP

Shares

Issued*

B

270,000

$270,000,000

Year

Ended

July

31,

2023

JFR

Series

Shares

Amount

TFP

Shares

Issued*

B

115,000

$115,000,000

C

70,000

$70,000,000

JPC

TFP

Shares

Issued

A

150,000

$150,000,000

NPFD

TFP

Shares

Issued

A

85,000

$85,000,000

104

Notes

to

Financial

Statements

(Unaudited)

(continued)

As

of

the

end

of

the

reporting

period,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

As

of

prior

fiscal

period

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

As

of

prior

fiscal

period

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

8.

Management

Fees

and

Other

Transactions

with

Affiliates

The

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.

The

annual

fund-level

fee,

payable

monthly,

for

each

Fund

is

calculated

according

to

the

following

schedule:

**

Effective

for

the

period

August

1,

2023

until

November

6,

2023.

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

JFR

$

2,086,314,268

$

65,375,972

$

(105,968,165)

$

(40,592,193)

JQC

1,343,317,175

26,868,692

(55,827,949)

(28,959,257)

JPC

4,150,337,366

73,372,955

(209,205,453)

(135,832,498)

JPI

728,453,786

9,665,078

(54,405,073)

(44,739,995)

NPFD

818,905,358

5,561,388

(84,862,682)

(79,301,294)

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

JFR

$

2,793,000

$

—

$

(89,820,444)

$

(353,447,784)

$

—

$

(4,240,426)

$

(444,715,654)

JQC

—

—

(58,809,666)

(294,692,618)

—

(6,441,441)

(359,943,725)

JPC

2,497,837

—

(123,225,374)

(141,537,187)

—

(4,988,879)

(267,253,603)

JPI

—

—

(71,339,001)

(44,312,590)

—

(2,344,930)

(117,996,521)

NPFD

—

—

(113,515,157)

(34,186,057)

—

(2,090,198)

(149,791,412)

Fund

Short-Term

Long-Term

Total

JFR

1

$

34,764,095

$

318,683,689

$

353,447,784

JQC

45,832,217

248,860,401

294,692,618

JPC

47,916,528

93,620,659

141,537,187

JPI

12,053,965

32,258,625

44,312,590

NPFD

10,936,810

23,249,247

34,186,057

1

A

portion

of

JFR's

capital

loss

carryforwards

is

subject

to

an

annual

limitation

under

the

Internal

Revenue

Code

and

related

regulations.

Average

Daily

Managed

Assets*

JFR

JQC

JPC**

JPI

NPFD

For

the

first

$500

million

0.6500

%

0.6800

%

0.6800

%

0.7000

%

0.7500

%

For

the

next

$500

million

0.6250

0.6550

0.6550

0.6750

0.7250

For

the

next

$500

million

0.6000

0.6300

0.6300

0.6500

0.7000

For

the

next

$500

million

0.5750

0.6050

0.6050

0.6250

0.6750

For

managed

assets

over

$2

billion

0.5500

0.5800

0.5800

0.6000

0.6500

105

Effective

November

6,

2023,

in

conjunction

with

the

Merger

of

JPC,

the

annual

Fund-level

fee,

payable

monthly

is

calculated

according

to

the

following

schedule:

The

annual

complex-level

fee,

payable

monthly,

for

each

Fund

is

calculated

by

multiplying

the

current

complex-wide

fee

rate,

determined

according

to

the

following

schedule

by

the

Fund’s

daily

managed

assets:

*

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,

2024,

the

complex-level

fee

for

each

Fund

was

as

follows:

9.

Commitments

and

Contingencies

In

the

normal

course

of

business, each

Fund

enters

into

a

variety

of

agreements

that

may

expose

the

Funds

to

some

risk

of

loss.

These

could

include

recourse

arrangements

for

certain

agreements

related

to

preferred

shares,

which

are

described

elsewhere

in

these

Notes

to

Financial

Statements.

The

risk

of

future

loss

arising

from

such

agreements,

while

not

quantifiable,

is

expected

to

be

remote.

As

of

the

end

of

the

reporting

period,

the

Funds

did

not

have

any

unfunded

commitments

other

than

those

disclosed

in

the

Notes

to

Financial

Statements.

From

time

to

time,

the

Funds

may

be

a

party

to

certain

legal

proceedings

in

the

ordinary

course

of

business,

including

proceedings

relating

to

the

enforcement

of

the

Funds' rights

under

contracts.

As

of

the

end

of

the

reporting

period,

management

has

determined

that

any

legal

proceeding(s)

the

Funds

are

subject

to,

including

those

described

within

this

report,

are

unlikely

to

have

a

material

impact

to

any

of

the

Funds’

financial

statements.

Average

Total

Daily

Managed

Assets*

JPC

Fund-Level

Fee

Rate

For

the

first

$500

million

0.6800

%

For

the

next

$500

million

0.6550

For

the

next

$500

million

0.6300

For

the

next

$500

million

0.6050

For

the

next

$750

million

0.5800

For

the

next

$750

million

0.5550

For

the

next

$1.5

billion

0.5300

For

managed

assets

over

$5

billion

0.5050

Complex-Level

Eligible

Asset

Breakpoint

Level*

Effective

Complex-Level

Fee

Rate

at

Breakpoint

Level

$55

billion

0.2000

%

$56

billion

0.1996

$57

billion

0.1989

$60

billion

0.1961

$63

billion

0.1931

$66

billion

0.1900

$71

billion

0.1851

$76

billion

0.1806

$80

billion

0.1773

$91

billion

0.1691

$125

billion

0.1599

$200

billion

0.1505

$250

billion

0.1469

$300

billion

0.1445

Fund

Complex-Level

Fee

JFR

0.1603%

JQC

0.1603%

JPC

0.1603%

JPI

0.1603%

NPFD

0.1603%

106

Notes

to

Financial

Statements

(Unaudited)

(continued)

10.

Borrowings

Arrangements

and

Reverse

Repurchase

Agreements

Borrowings:

Each

Fund

entered

into

a

borrowing

arrangement

(“Borrowings”)

as

a

means

of

leverage.

As

of

the

end

of

the

reporting

period,

each

Fund’s

maximum

commitment

amount

under

these

Borrowings

is

as

follows:

As

of

the

end

of

the

reporting

period,

each

Fund’s

outstanding

balance

on

its

Borrowings

was

as

follows:

For

JFR,

interest

is

charged

at

a

rate

equal

to

1-Month

Term

SOFR

plus

0.95%.

JFR

accrues

0.15%

per

annum

on

the

undrawn

balance

if

the

undrawn

portion

of

the

Borrowings

on

a

particular

day

is

more

than

the

maximum

commitment

amount.

Interest

is

charged

on

the

Borrowings

at

a

rate

per

annum

equal

to

the

daily

SOFR

plus

1.10%

for

JQC

and

the

Fund

accrues

1.10%

per

annum

on

any

positive

difference

between

90%

of

the

maximum

commitment

amount

and

the

daily

drawn

amount

For

JPC

and

JPI

funds,

interest

is

charged

on

these

Borrowings

at

OBFR

(“Overnight

Bank

Funding

Rate”)

plus

0.85%

per

annum

on

the

amounts

borrowed.

For

NPFD,

interest

is

charged

on

these

Borrowings

at

OBFR

plus

0.75%

per

annum

on

the

amounts

borrowed

and

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.

During

the

current

fiscal

period,

the

average

daily

balance

outstanding

and

average

annual

interest

rate

on

each

Fund’s

Borrowings

were

as

follows:

Other

Borrowings

Information

for

the

Funds:

In

order

to

maintain

these

Borrowings,

the

Funds

must

meet

certain

collateral,

asset

coverage

and

other

requirements.

The

Funds’

borrowings

outstanding

are

fully

secured

by

eligible

securities

held

in

each

Fund’s

portfolio

of

investments.

(“Pledged

Collateral”)

Borrowings

outstanding

are

recognized

as

“Borrowings”

on

the

Statement

of

Assets

and

Liabilities.

Interest

expense

incurred

on

the

borrowed

amount

and

undrawn

balance

and

amendment

fees

are

recognized

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Rehypothecation

:

JPC

and

JPI

have

each

entered

into

a

Rehypothecation

Side

Letter

(“Side

Letter”)

with

its

prime

brokerage

lender,

allowing

it

to

re-register

the

Pledged

Collateral

in

its

own

name

or

in

a

name

other

than

the

Funds’

to

pledge,

re-pledge,

hypothecate,

rehypothecate,

sell,

lend

or

otherwise

transfer

or

use

the

Pledged

Collateral

(the

“Hypothecated

Securities”)

with

all

rights

of

ownership

as

described

in

the

Side

Letter.

Subject

Fund

Maximum

Commitment

Amount

JFR

$

550,000,000

JQC

235,000,000

JPC

715,000,000

JPI

255,000,000

NPFD

190,000,000

Fund

Outstanding

balance

on

Borrowings

JFR

$

477,200,000

JQC

211,600,000

JPC

695,000,000

JPI

172,900,000

NPFD

170,314,000

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

JFR

184

$

477,200,000

6.48

%

JQC

184

211,600,000

6.66

JPC

184

464,310,326

6.22

JPI

184

175,269,565

6.41

NPFD

184

160,136,283

6.28

107

to

certain

conditions,

the

total

value

of

the

outstanding

Hypothecated

Securities

shall

not

exceed

the

lesser

of

(i)

98%

of

the

outstanding

balance

on

the

Borrowings

to

which

the

Pledged

Collateral

relates

and

(ii)

33

1⁄3

%

of

the

Funds’

total

assets.

The

Funds

may

designate

any

Pledged

Collateral

as

ineligible

for

rehypothecation.

The

Funds

may

also

recall

Hypothecated

Securities

on

demand.

The

Funds

also

have

the

right

to

apply

and

set-off

an

amount

equal

to

one-hundred

percent

(100%)

of

the

then-current

fair

market

value

of

such

Pledged

Collateral

against

the

current

Borrowings

under

the

Side

Letter

in

the

event

that

the

prime

brokerage

lender

fails

to

timely

return

the

Pledged

Collateral

and

in

certain

other

circumstances.

In

such

circumstances,

however,

the

Funds

may

not

be

able

to

obtain

replacement

financing

required

to

purchase

replacement

securities

and,

consequently,

the

Funds’

income

generating

potential

may

decrease.

Even

if

a

Fund

is

able

to

obtain

replacement

financing,

it

might

not

be

able

to

purchase

replacement

securities

at

favourable

prices.

The

Funds

will

receive

a

fee

in

connection

with

the

Hypothecated

Securities

(“Rehypothecation

Fees”)

in

addition

to

any

principal,

interest,

dividends

and

other

distributions

paid

on

the

Hypothecated

Securities.

As

of

the

end

of

the

reporting

period,

JPC

and

JPI

each

had

Hypothecated

Securities

as

follows:

JPC

and

JPI

earn

Rehypothecation

Fees,

which

are

recognized

as

“Rehypothecation

income”

on

the

Statement

of

Operations.

During

the

current

fiscal

period,

the

Rehypothecation

Fees

earned

by

each

Fund

were

as

follows

Reverse

Repurchase

Agreements:

During

the

current

fiscal

period,

JQC,

JPC,

JPI

and

NPFD

utilized

reverse

repurchase

agreements

as

a

means

of

leverage.

Each

Fund

may

enter

into

a

reverse

repurchase

agreement

with

brokers,

dealers,

banks

or

other

financial

institutions

that

have

been

determined

by

the

Adviser

to

be

creditworthy.

In

a

reverse

repurchase

agreement,

the

Fund

sells

to

the

counterparty

a

security

that

it

holds

with

a

contemporaneous

agreement

to

repurchase

the

same

security

at

an

agreed-upon

price

and

date,

reflecting

the

interest

rate

effective

for

the

term

of

the

agreement.

It

may

also

be

viewed

as

the

borrowing

of

money

by

the

Fund.

Cash

received

in

exchange

for

securities

delivered,

plus

accrued

interest

payments

to

be

made

by

the

Fund

to

a

counterparty,

are

reflected

as

a

liability

on

the

Statement

of

Assets

and

Liabilities.

Interest

payments

made

by

the

Fund

to

counterparties

are

recognized

as

a

component

of

"Interest

expense" on

the

Statement

of

Operations.

In

a

reverse

repurchase

agreement,

the

Fund

retains

the

risk

of

loss

associated

with

the

sold

security. Reverse

repurchase

agreements

also

involve

the

risk

that

the

purchaser

fails

to

return

the

securities

as

agreed

upon,

files

for

bankruptcy

or

becomes

insolvent.

Upon

a

bankruptcy

or

insolvency

of

a

counterparty,

the

Fund

is

considered

to

be

an

unsecured

creditor

with

respect

to

excess

collateral

and

as

such

the

return

of

excess

collateral

may

be

delayed.

As

of

the

end

of

the

reporting

period,

the

Fund’s

outstanding

balances

on

its

reverse

repurchase

agreements

were

as

follows:

*

The

Fund

may

repurchase

the

reverse

repurchase

agreement

prior

to

the

maturity

date

and/or

counterparty

may

accelerate

maturity

upon

pre-

specified

advance

notice.

During

the

current

fiscal

period,

the

average

daily

balance

outstanding

and

average

annual

interest

rate

on

the

Funds’

reverse

repurchase

agreements

were

as

follows:

JPC

JPI

Hypothecated

Securities

$637,645,896

$160,632,992

JPC

JPI

Rehypothecation

Fees

$53,161

$30,387

Fund

Counterparty

Rate

Principal

Amount

Maturity

Value

Value

and

Accrued

Interest

JQC

Societe

Generale

Daily

SOFR

plus

0.85%

$

(142,000,000)

N/A

$

(142,000,000)

$

(142,849,955)

JPC

BNP

Paribas

6.13%

(319,000,000)

T+29

Days

(319,000,000)

(320,777,560)

JPC

Royal

Bank

of

Canada

5.98%

(95,853,000)

2/26/24

(95,853,000)

(95,941,058)

Total

$(414,853,000)

$(414,853,000)

$(416,718,618)

JPI

BNP

Paribas

6.14%

(65,000,000)

T+29

Days

(65,000,000)

(65,744,783)

NPFD

Royal

Bank

of

Canada

6.14%

(10,592,000)

2/05/24

(10,592,000)

(10,640,776)

108

Notes

to

Financial

Statements

(Unaudited)

(continued)

The

following

table

presents

the

reverse

repurchase

agreements

subject

to

netting

agreements

and

the

collateral

delivered

related

to

those

reverse

repurchase

agreements.

11.

Inter-Fund

Borrowing

and

Lending

Inter-Fund

Borrowing

and

Lending:

The

SEC

has

granted

an

exemptive

order

permitting

registered

open-end

and

closed-end

Nuveen

funds

to

participate

in

an

inter-fund

lending

facility

whereby

the

Nuveen

funds

may

directly

lend

to

and

borrow

money

from

each

other

for

temporary

purposes

(e.g.,

to

satisfy

redemption

requests

or

when

a

sale

of

securities

“fails,”

resulting

in

an

unanticipated

cash

shortfall)

(the

“Inter-Fund

Program”).

The

closed-end

Nuveen

funds,

including

the

Funds

covered

by

this

shareholder

report,

will

participate

only

as

lenders,

and

not

as

borrowers,

in

the

Inter-Fund

Program

because

such

closed-end

funds

rarely,

if

ever,

need

to

borrow

cash

to

meet

redemptions.

The

Inter-Fund

Program

is

subject

to

a

number

of

conditions,

including,

among

other

things,

the

requirements

that

(1)

no

fund

may

borrow

or

lend

money

through

the

Inter-Fund

Program

unless

it

receives

a

more

favorable

interest

rate

than

is

typically

available

from

a

bank

or

other

financial

institution

for

a

comparable

transaction;

(2)

no

fund

may

borrow

on

an

unsecured

basis

through

the

Inter-Fund

Program

unless

the

fund’s

outstanding

borrowings

from

all

sources

immediately

after

the

inter-fund

borrowing

total

10%

or

less

of

its

total

assets;

provided

that

if

the

borrowing

fund

has

a

secured

borrowing

outstanding

from

any

other

lender,

including

but

not

limited

to

another

fund,

the

inter-fund

loan

must

be

secured

on

at

least

an

equal

priority

basis

with

at

least

an

equivalent

percentage

of

collateral

to

loan

value;

(3)

if

a

fund’s

total

outstanding

borrowings

immediately

after

an

inter-fund

borrowing

would

be

greater

than

10%

of

its

total

assets,

the

fund

may

borrow

through

the

inter-fund

loan

on

a

secured

basis

only;

(4)

no

fund

may

lend

money

if

the

loan

would

cause

its

aggregate

outstanding

loans

through

the

Inter-Fund

Program

to

exceed

15%

of

its

net

assets

at

the

time

of

the

loan;

(5)

a

fund’s

inter-fund

loans

to

any

one

fund

shall

not

exceed

5%

of

the

lending

fund’s

net

assets;

(6)

the

duration

of

inter-

fund

loans

will

be

limited

to

the

time

required

to

receive

payment

for

securities

sold,

but

in

no

event

more

than

seven

days;

and

(7)

each

inter-fund

loan

may

be

called

on

one

business

day’s

notice

by

a

lending

fund

and

may

be

repaid

on

any

day

by

a

borrowing

fund.

In

addition,

a

Nuveen

fund

may

participate

in

the

Inter-Fund

Program

only

if

and

to

the

extent

that

such

participation

is

consistent

with

the

fund’s

investment

objective

and

investment

policies.

The

Board

is

responsible

for

overseeing

the

Inter-Fund

Program.

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.

12.

Fund

Mergers

The

Mergers

as

previously

described

in

these

Notes

to

Financial

Statements

were

structured

to

qualify

as

tax-free

reorganizations

under

the

Internal

Revenue

Code

for

federal

income

tax

purposes,

and

the

Target

Funds’

shareholders

recognized

no

gain

or

loss

for

federal

income

tax

purposes

as

a

result.

Prior

to

the

closing

of

each

Merger,

the

Target

Funds

distributed

all

of

their

net

investment

income

and

capital

gains,

if

any.

Such

a

distribution

may

be

taxable

to

the

Target

Funds’

shareholders

for

federal

income

tax

purposes.

Investments:

The

cost,

fair

value

and

net

unrealized

appreciation

(depreciation)

of

the

investments

(including

investments

in

derivatives)

of

the

Target

Funds

as

of

the

date

of

each

Merger,

were

as

follows:

Fund

Utilization

period

(days

outstanding)

Average

daily

balance

outstanding

Average

annual

interest

rate

JQC

184

$

(142,000,000)

6.19%

JPC

184

(210,145,679)

6.30

JPI

184

(65,000,000)

6.63

NPFD

184

(17,991,255)

5.90

Fund

Counterparty

Reverse

Repurchase

Agreements***

Collateral

Pledged

to

Counterparty

JQC

Societe

Generale

$

(142,849,955)

$

195,497,628

JPC

BNP

Paribas

(320,777,560)

338,822,091

JPC

Royal

Bank

of

Canada

(95,941,058)

123,646,982

Total

$

(416,718,618)

$

462,469,073

JPI

BNP

Paribas

(65,744,783)

65,664,096

NPFD

Royal

Bank

of

Canada

(10,640,776)

15,345,062

***

Represents

gross

value

and

accrued

interest

for

the

counterparty

as

reported

in

the

preceding

table.

109

For

financial

reporting

purposes,

assets

received

and

shares

issued

by

the

Acquiring

Fund

were

recorded

at

fair

value;

however,

the

cost

basis

of

the

investments

received

from

the

Target

Funds

were

carried

forward

to

align

ongoing

reporting

of

the

Acquiring

Fund’s

realized

and

unrealized

gains

and

losses

with

amounts

distributable

to

shareholders

for

tax

purposes.

Common

Shares:

The

common

shares

outstanding,

net

assets

applicable

to

common

shares

and

NAV

per

common

share

outstanding

immediately

before

and

after

each

Merger

were

as

follows:

Pro

Forma

Results

of

Operations:

The

beginning

of

JPS

and

JPT’s

current

fiscal

period

was

August

1,

2023.

Assuming

the

Mergers

had

been

completed

on

August

1,

2023,

the

beginning

of

the

Acquiring

Fund’s

current

fiscal

period,

the

pro

forma

results

of

operations

for

the

Fund’s

current

fiscal

period,

are

as

follows:

Because

the

combined

investment

portfolio

of

each

Merger

has

been

managed

as

a

single

integrated

portfolio

since

each

Merger

was

completed,

it

is

not

practicable

to

separate

the

amounts

of

revenue

and

earnings

of

each

Target

Fund

that

have

been

included

in

the

Statement

of

Operations

of

the

Acquiring

Fund

since

each

Merger

was

consummated.

Cost

and

Expenses:

In

connection

with

each

Merger,

the

Acquiring

Fund

incurred

certain

associated

costs

and

expenses.

Such

amounts

were

included

as

components

of

“Accrued

other

expenses”

on

the

Statement

of

Assets

and

Liabilities

and

“Merger

expenses”

on

the

Statement

of

Operations.

13.

Subsequent

Events

Effective

February

1,

2024,

JFR

exchanged

$70,000,000

Series

C

TFP

Shares

for

$70,000,000

Series

A

TFP

Shares.

JPS

JPT

Cost

of

investments

$2,510,520,333

$139,640,181

Fair

value

of

investments

2,287,111,763

122,868,636

Net

unrealized

appreciation

(depreciation)

of

investments

(223,408,570)

(16,771,545)

Target

Fund

-

Prior

to

Merger

into

JPC

JPS

JPT

Common

shares

outstanding

205,710,932

4,391,624

Net

assets

applicable

to

common

shares

$1,472,315,298

$79,555,253

NAV

per

common

share

outstanding

$7.16

$18.12

Acquiring

Fund

-

Prior

to

Merger

JPC

Common

shares

outstanding

105,069,232

Net

assets

applicable

to

common

shares

$760,458,451

NAV

per

common

share

outstanding

$7.24

Acquiring

Fund

-

Post

Merger

JPC

Common

shares

outstanding

319,483,952

Net

assets

applicable

to

common

shares

$2,312,329,002

NAV

per

common

share

outstanding

$7.24

Acquiring

Fund

-

Pro

Forma

Results

from

Operations

JPC

Net

investment

income

(loss)

$59,414,479

Net

realized

and

unrealized

gains

(losses)

(58,219,032)

Change

in

net

assets

resulting

from

operations

1,195,447

110

Shareholder

Meeting

Report

(Unaudited)

A

special

meeting

of

shareholders

was

held

on

August

9,

2023

for

JPC;

at

this

meeting

the

shareholders

were

asked

to

approve

an

Agreement

and

Plan

Merger

as

well

as

the

issuance

of

additional

common

shares

with

the

Agreement

and

Plan

of

Merger.

The

meeting

was

subsequently

adjourned

to

September

15,

2023,

in

order

to

seek

additional

shareholder

participation.

JPC

Common

and

Preferred

shares

voting

together

as

a

class

Preferred

shares

To

approval

an

Agreement

and

Plan

of

Merger:

For

—

140,000

Withhold

—

—

Withhold

—

—

Withhold

—

—

Total

—

140,000

To

approval

the

Issuance

of

additional

common

shares:

For

48,864,159

—

Withhold

4,114,012

—

Withhold

2,519,232

—

Withhold

—

—

Total

55,497,403

—

Risk

Considerations

(Unaudited)

111

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

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

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

.

Nuveen

Preferred

&

Income

Opportunities

Fund

(JPC)

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.

Preferred

securities

are

subordinated

to

bonds

and

other

debt

instruments

in

a

company’s

capital

structure,

and

therefore

are

subject

to

greater

credit

risk.

Debt

or

fixed

income

securities

such

as

those

held

by

the

Fund,

are

subject

to

market

risk,

credit

risk,

interest

rate

risk,

derivatives

risk,

liquidity

risk,

and

income

risk.

As

interest

rates

rise,

bond

prices

fall.

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.

Certain

types

of

preferred

or

debt

securities

with

special

loss

absorption

provisions,

such

as

contingent

capital

securities

(CoCos),

may

be

or

become

so

subordinated

that

they

present

risks

equivalent

to,

or

in

some

cases

even

greater

than,

the

same

company’s

common

stock.

These

loss

absorption

features

work

to

the

benefit

of

the

security

issuer,

not

the

investor.

These

and

other

risk

considerations

such

as

concentration

and

foreign

securities

risk

are

described

in

more

detail

on

the

Fund’s

web

page

at

www.nuveen.com/JPC

.

Nuveen

Preferred

and

Income

Term

Fund

(JPI)

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.

Preferred

securities

are

subordinated

to

bonds

and

other

debt

instruments

in

a

company’s

capital

structure,

and

therefore

are

subject

to

greater

credit

risk.

Debt

or

fixed

income

securities

such

as

those

held

by

the

Fund,

are

subject

to

market

risk,

credit

risk,

interest

rate

risk,

derivatives

risk,

liquidity

risk,

and

income

risk.

As

interest

rates

rise,

bond

prices

fall.

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.

Certain

types

of

preferred

or

debt

securities

with

special

loss

absorption

provisions,

such

as

contingent

capital

securities

(CoCos),

may

be

or

become

so

subordinated

that

they

present

risks

equivalent

to,

or

in

some

cases

even

greater

than,

the

same

company’s

common

stock.

These

loss

absorption

features

Risk

Considerations

(Unaudited)

(continued)

112

work

to

the

benefit

of

the

security

issuer,

not

the

investor.

For

these

and

other

risks,

including

the

Fund’s

limited

term

and

concentration

risk,

see

the

Fund’s

web

page

at

www.nuveen.com/JPI

.

Nuveen

Variable

Rate

Preferred

&

Income

Fund

(NPFD)

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.

Preferred

securities

are

subordinated

to

bonds

and

other

debt

instruments

in

a

company’s

capital

structure,

and

therefore

are

subject

to

greater

credit

risk.

Debt

or

fixed

income

securities

such

as

those

held

by

the

Fund,

are

subject

to

market

risk,

credit

risk,

interest

rate

risk,

derivatives

risk,

liquidity

risk,

and

income

risk.

As

interest

rates

rise,

bond

prices

fall.

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.

Certain

types

of

preferred,

hybrid

or

debt

securities

with

special

loss

absorption

provisions,

such

as

contingent

capital

securities

(CoCos),

may

be

or

become

so

subordinated

that

they

present

risks

equivalent

to,

or

in

some

cases

even

greater

than,

the

same

company’s

common

stock.

These

loss

absorption

features

work

to

the

benefit

of

the

security

issuer,

not

the

investor

(this

fund).

For

these

and

other

risks,

such

as

concentration

risk,

see

the

Fund’s

web

page

at

www.nuveen.com/NPFD

.

113

Additional

Fund

Information

(Unaudited)

Portfolio

of

Investments

Information

The

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.

Active

Shelf

Offering

Statement

of

Additional

Information

(SAI)

for

JPC

The

SAI

for

the

active

shelf

offerings

for

JPC

contains

additional

information

about

the

Fund’s

Board

of

Trustees.

You

may

obtain

a

copy

of

the

fund’s

SAI

without

charge,

upon

request,

by

calling

Nuveen

at

(312)

917-7700,

by

writing

to

the

Fund,

or

on

Nuveen’s

website

at

www.nuveen.com.

You

may

also

obtain

this

information

on

the

SEC’s

website

at

http://www.sec.gov.

Nuveen

Funds’

Proxy

Voting

Information

You

may

obtain

(i)

information

regarding

how

each

fund

voted

proxies

relating

to

portfolio

securities

held

during

the

most

recent

twelve-month

period

ended

June

30,

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787

or

on

Nuveen’s

website

at

www.nuveen.com

and

(ii)

a

description

of

the

policies

and

procedures

that

each

fund

used

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787.

You

may

also

obtain

this

information

directly

from

the

SEC.

Visit

the

SEC

on-line

at

http://www.sec.gov.

CEO

Certification

Disclosure

Each

Fund’s

Chief

Executive

Officer

(CEO)

has

submitted

to

the

New

York

Stock

Exchange

(NYSE)

the

annual

CEO

certification

as

required

by

Section

303A.12(a)

of

the

NYSE

Listed

Company

Manual.

Each

Fund

has

filed

with

the

SEC

the

certification

of

its

CEO

and

Chief

Financial

Officer

required

by

Section

302

of

the

Sarbanes-Oxley

Act.

Common

Share

Repurchases

Each

Fund

intends

to

repurchase,

through

its

open-market

share

repurchase

program,

shares

of

its

own

common

stock

at

such

times

and

in

such

amounts

as

is

deemed

advisable.

During

the

period

covered

by

this

report,

each

Fund

repurchased

shares

of

its

common

stock

as

shown

in

the

accompanying

table.

Any

future

repurchases

will

be

reported

to

shareholders

in

the

next

annual

or

semi-annual

report.

FINRA

BrokerCheck:

The

Financial

Industry

Regulatory

Authority

(FINRA)

provides

information

regarding

the

disciplinary

history

of

FINRA

member

firms

and

associated

investment

professionals.

This

information

as

well

as

an

investor

brochure

describing

FINRA

BrokerCheck

is

available

to

the

public

by

calling

the

FINRA

BrokerCheck

Hotline

number

at

(800)

289-9999

or

by

visiting

www.FINRA.org.

Board

of

Trustees

Joseph

A.

Boateng*

Michael

A.

Forrester*

Thomas

J.

K

enny

Amy

B.R.

Lancellotta

Joanne

T.

Medero

Albin

F.

Moschner

John

K.

Nelson

Loren

M.

Starr

Matthew

Thornton

III

Terence

J.

Toth

Margaret

L.

Wolff

Robert

L.

Young

*

Serves

as

a

consultant

Investment

Adviser

Nuveen

Fund

Advisors,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Custodian

State

Street

Bank

&

Trust

Company

One

Congress

Street

Suite

1

Boston,

MA

02114-2016

Legal

Counsel

Chapman

and

Cutler

LLP

Chicago,

IL

60603

Independent

Registered

Public

Accounting

Firm

KPMG

LLP

200

East

Randolph

Street

Chicago,

IL

60601

Transfer

Agent

and

Shareholder

Services

Computershare

Trust

Company,

N.A.

150

Royall

Street

Canton,

MA

02021

(800)

257-8787

JFR

JQC

JPC

JPI

NPFD

Common

shares

repurchased

0

0

0

0

0

114

Glossary

of

Terms

Used

in

this

Report

(Unaudited)

19(a)

Notice:

Section

19(a)

of

the

Investment

Company

Act

of

1940

requires

that

the

payment

of

any

distribution

which

is

made

from

a

source

other

than

the

fund’s

net

income

be

accompanied

by

a

written

notice

that

discloses

the

estimated

sources

of

such

payment.

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.

Contingent

Capital

Securities

(

CoCos

):

CoCos

are

debt

or

capital

securities

of

primarily

non-U.S.

issuers

with

loss

absorption

contingency

mechanisms

built

into

the

terms

of

the

security,

for

example

a

mandatory

conversion

into

common

stock

of

the

issuer,

or

a

principal

write-down,

which

if

triggered

would

likely

cause

the

CoCo

investment

to

lose

value.

Loss

absorption

mechanisms

would

become

effective

upon

the

occurrence

of

a

specified

contingency

event,

or

at

the

discretion

of

a

regulatory

body.

Specified

contingency

events,

as

identified

in

the

CoCo’s

governing

documents,

usually

reference

a

decline

in

the

issuer’s

capital

below

a

specified

threshold

level,

and/or

certain

regulatory

events.

A

loss

absorption

contingency

event

for

CoCos

would

likely

be

the

result

of,

or

related

to,

the

deterioration

of

the

issuer’s

financial

condition

and/or

its

status

as

a

going

concern.

In

such

a

case,

with

respect

to

CoCos

that

provide

for

conversion

into

common

stock

upon

the

occurrence

of

the

contingency

event,

the

market

price

of

the

issuer’s

common

stock

received

by

the

Acquiring

Fund

will

have

likely

declined,

perhaps

substantially,

and

may

continue

to

decline

after

conversion.

CoCos

rated

below

investment

grade

should

be

considered

high

yield

securities,

or

“junk,”

but

often

are

issued

by

entities

whose

more

senior

securities

are

rated

investment

grade.

CoCos

are

a

relatively

new

type

of

security;

and

there

is

a

risk

that

CoCo

security

issuers

may

suffer

the

sort

of

future

financial

distress

that

could

materially

increase

the

likelihood

(or

the

market’s

perception

of

the

likelihood)

that

an

automatic

write-down

or

conversion

event

on

those

issuers’

CoCoswill

occur.

Additionally,

the

trading

behavior

of

a

given

issuer’s

CoCo

may

be

strongly

impacted

by

the

trading

behavior

of

other

issuers’

CoCos,

such

that

negative

information

from

an

unrelated

CoCo

security

may

cause

a

decline

in

value

of

one

or

more

CoCos

held

by

the

Fund.

Accordingly,

the

trading

behavior

of

CoCos

may

not

follow

the

trading

behavior

of

other

types

of

debt

and

preferred

securities.

Despite

these

concerns,

the

prospective

reward

vs.

risk

characteristics

of

at

least

certain

CoCos

may

be

very

attractive

relative

to

other

fixed-income

alternatives.

Duration:

Duration

is

a

measure

of

the

expected

period

over

which

a

bond’s

principal

and

interest

will

be

paid,

and

consequently

is

a

measure

of

the

sensitivity

of

a

bond’s

or

bond

fund’s

value

to

changes

when

market

interest

rates

change.

Generally,

the

longer

a

bond’s

or

fund’s

duration,

the

more

the

price

of

the

bond

or

fund

will

change

as

interest

rates

change.

Effective

Leverage:

Effective

leverage

is

a

fund’s

effective

economic

leverage,

and

includes

both

regulatory

leverage

(see

below)

and

the

leverage

effects

of

certain

derivative

investments

in

the

fund’s

portfolio.

Leverage:

Leverage

is

created

whenever

a

fund

has

investment

exposure

(both

reward

and/or

risk)

equivalent

to

more

than

100%

of

the

investment

capital.

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.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

ESA-A-0124P

3424104-INV-B-03/25

Nuveen:

Serving

Investors

for

Generations

Since

1898,

financial

advisors

and

their

clients

have

relied

on

Nuveen

to

provide

dependable

investment

solutions

through

continued

adherence

to

proven,

long-term

investing

principles.

Today,

we

offer

a

range

of

high

quality

solutions

designed

to

be

integral

components

of

a

well-diversified

core

portfolio.

Focused

on

meeting

investor

needs.

Nuveen

is

the

investment

manager

of

TIAA.

We

have

grown

into

one

of

the

world’s

premier

global

asset

managers,

with

specialist

knowledge

across

all

major

asset

classes

and

particular

strength

in

solutions

that

provide

income

for

investors

and

that

draw

on

our

expertise

in

alternatives

and

responsible

investing.

Nuveen

is

driven

not

only

by

the

independent

investment

processes

across

the

firm,

but

also

the

insights,

risk

management,

analytics

and

other

tools

and

resources

that

a

truly

world-class

platform

provides.

As

a

global

asset

manager,

our

mission

is

to

work

in

partnership

with

our

clients

to

create

solutions

which

help

them

secure

their

financial

future.

Find

out

how

we

can

help

you.

To

learn

more

about

how

the

products

and

services

of

Nuveen

may

be

able

to

help

you

meet

your

financial

goals,

talk

to

your

financial

advisor,

or

call

us

at

(800)

257-8787.

Please

read

the

information

provided

carefully

before

you

invest.

Investors

should

consider

the

investment

objective

and

policies,

risk

considerations,

charges

and

expenses

of

any

investment

carefully.

Where

applicable,

be

sure

to

obtain

a

prospectus,

which

contains

this

and

other

relevant

information.

To

obtain

a

prospectus,

please

contact

your

securities

representative

or

Nuveen,

333

W.

Wacker

Dr.,

Chicago,

IL

60606.

Please

read

the

prospectus

carefully

before

you

invest

or

send

money.

Learn

more

about

Nuveen

Funds

at:

www.nuveen.com/closed-end-funds

NOT

FDIC

INSURED

MAY

LOSE

VALUE

NO

BANK

GUARANTEE

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this filing.

Item 6. 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)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.

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

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

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

SIGNATURES

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

(Registrant) Nuveen Credit Strategies Income Fund

By (Signature and Title)	/s/ David J. Lamb
	David J. Lamb
	Chief Administrative Officer

Date: April 3, 2024

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

By (Signature and Title)	/s/ David J. Lamb
	David J. Lamb
	Chief Administrative Officer
	(principal executive officer)

Date: April 3, 2024

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

Date: April 3, 2024