N-Q 1 d367719dnq.htm NUVEEN GLOBAL HIGH INCOME FUND Nuveen Global High Income Fund

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-22988

Nuveen Global High Income Fund

(Exact name of registrant as specified in charter)

    333 West Wacker Drive, Chicago, Illinois 60606    

(Address of principal executive offices) (Zip code)

Gifford R. Zimmerman—Vice President and Secretary

    333 West Wacker Drive, Chicago, Illinois 60606    

(Name and address of agent for service)

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

Date of fiscal year end:       December 31      

Date of reporting period:  March 31, 2017  

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the 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. § 3507.

 

 

 

 

 


Item 1. Schedule of Investments

 

 


JGH

 

Nuveen Global High Income Fund

  

Portfolio of Investments

   March 31, 2017 (Unaudited)

 

Shares          Description (1)                           Value  
   

LONG-TERM INVESTMENTS – 133.6% (98.3% of Total Investments)

 

        
   

COMMON STOCKS – 0.1% (0.1% of Total Investments)

          
          Energy Equipment & Services – 0.0%                           
  722        

Key Energy Services Inc., (2)

                             $ 16,765  
          Oil, Gas & Consumable Fuels – 0.1%                           
  13,236        

Penn Virginia Corporation, (2)

                               598,929  
   

Total Common Stocks (cost $2,371,125)

                               615,694  
Shares          Description (1)   Coupon              Ratings (3)      Value  
   

CONVERTIBLE PREFERRED SECURITIES – 0.2% (0.2% of Total Investments)

 

        
          Oil, Gas & Consumable Fuels – 0.2%                           
  20,000        

Anadarko Petroleum Corporation

    7.500%                 N/R      $ 869,800  
   

Total Convertible Preferred Securities (cost $1,000,000)

                               869,800  
Shares          Description (1)   Coupon              Ratings (3)      Value  
   

$25 PAR (OR SIMILAR) RETAIL PREFERRED – 1.7% (1.3% of Total Investments)

 

        
          Banks – 0.2%                           
  20,000      

Regions Financial Corporation

    6.375%           Ba1      $ 519,200  
  10,786        

Zions Bancorporation

    6.300%                 BB–        301,576  
   

Total Banks

                               820,776  
          Consumer Finance – 0.6%                           
  99,665        

Discover Financial Services

    6.500%                 BB–        2,586,307  
          Equity Real Estate Investment Trusts – 0.2%                           
  13,000      

Colony Northstar, Inc.

    8.750%           N/R        342,030  
  24,000        

Summit Hotel Properties Inc.

    7.125%                 N/R        616,560  
   

Total Equity Real Estate Investment Trusts

                               958,590  
          Food Products – 0.3%                           
  50,000        

CHS Inc.

    7.100%                 N/R        1,428,500  
          Oil, Gas & Consumable Fuels – 0.4%                           
  60,000        

Nustar Energy LP

    8.500%                 Ba3        1,615,800  
   

Total $25 Par (or similar) Retail Preferred (cost $7,113,633)

                               7,409,973  
Principal
Amount (000)
    (4)   Description (1)   Coupon      Maturity      Ratings (3)      Value  
   

CORPORATE BONDS – 116.0% (85.3% of Total Investments)

 

        
          Aerospace & Defense – 2.4%                           
$ 1,060      

Bombardier Inc., 144A

    7.750%        3/15/20        B      $ 1,131,550  
  3,500      

Bombardier Inc., 144A

    8.750%        12/01/21        B        3,832,500  
  1,000      

StandardAero Aviation Holdings Inc., 144A

    10.000%        7/15/23        CCC        1,072,500  
  2,000      

TransDigm Inc.

    6.375%        6/15/26        B3        2,001,180  
  2,400        

Triumph Group Inc.

    4.875%        4/01/21        B1        2,316,000  
   

Total Aerospace & Defense

                               10,353,730  

 

NUVEEN     1  


JGH    Nuveen Global High Income Fund   
   Portfolio of Investments (continued)    March 31, 2017 (Unaudited)

 

Principal
Amount (000)
    (4)   Description (1)   Coupon      Maturity      Ratings (3)      Value  
          Airlines – 1.2%                           
$ 1,500      

Air Canada, 144A

    7.750%        4/15/21        BB–      $ 1,687,500  
  1,000      

Virgin Australia Holdings Limited, 144A

    8.500%        11/15/19        B–        1,052,500  
  2,700        

VistaJet Malta Finance PLC, 144A

    7.750%        6/01/20        B–        2,173,500  
   

Total Airlines

                               4,913,500  
          Auto Components – 1.5%                           
  1,000      

American & Axle Manufacturing Inc., 144A

    6.250%        4/01/25        BB–        1,001,250  
  2,000      

MPG Holdco I Inc.

    7.375%        10/15/22        B+        2,170,000  
  1,100      

Tenneco Inc.

    5.375%        12/15/24        BB+        1,133,000  
  2,050        

Tupy S/A, 144A

    6.625%        7/17/24        BB        2,039,750  
   

Total Auto Components

                               6,344,000  
          Banks – 2.8%                           
  2,000      

Bank of America Corporation

    6.300%        N/A (5)        BB+        2,175,000  
  1,500      

Curo Financial Technologies Corporation, 144A

    12.000%        3/01/22        B–        1,545,000  
  2,000      

HSBC Holdings PLC, (6)

    6.875%        N/A (5)        BBB        2,130,000  
  2,750      

Popular Inc.

    7.000%        7/01/19        BB–        2,870,313  
  2,500      

Royal Bank of Scotland Group PLC

    6.100%        6/10/23        BBB        2,656,385  
  445        

Standard Chartered PLC, 144A

    5.700%        3/26/44        A3        458,735  
   

Total Banks

                               11,835,433  
          Beverages – 0.2%                           
  1,000        

Carolina Beverage Group LLC, 144A

    10.625%        8/01/18        B–        917,500  
          Building Products – 1.1%                           
  1,750      

Builders FirstSource, Inc., 144A

    5.625%        9/01/24        B+        1,776,250  
  1,500      

Euramax International Inc.

    12.000%        8/15/20        B–        1,642,500  
  1,250        

Hardwoods Acquisition Inc., 144A

    7.500%        8/01/21        B        1,112,500  
   

Total Building Products

                               4,531,250  
          Capital Markets – 0.5%                           
  2,250        

KCG Holdings Inc., 144A

    6.875%        3/15/20        BB–        2,306,250  
          Chemicals – 1.9%                           
  2,000      

CVR Partners LP / CVR Nitrogen Finance Corp., 144A

    9.250%        6/15/23        B+        2,052,500  
  1,000      

Hexion Inc., 144A

    10.375%        2/01/22        CCC+        995,000  
  750      

Hexion Inc.

    6.625%        4/15/20        CCC+        688,125  
  1,800      

Kissner Group Holdings LP, 144A

    8.375%        12/01/22        B        1,854,000  
  800      

Office Cherifien Des Phosphates SA, 144A

    5.625%        4/25/24        BBB–        851,760  
  1,350        

Platform Specialty Products Corporation, 144A

    10.375%        5/01/21        B+        1,501,875  
   

Total Chemicals

                               7,943,260  
          Commercial Services & Supplies – 2.7%                           
  355      

Advanced Disposal Services, Inc., 144A

    5.625%        11/15/24        B–        358,550  
  1,500      

APX Group, Inc.

    7.875%        12/01/22        B1        1,620,000  
  2,000      

Clean Harbors Inc.

    5.125%        6/01/21        BB+        2,040,000  
  2,790      

Covanta Holding Corporation

    5.875%        3/01/24        Ba3        2,831,850  
  2,500      

GFL Environmental Corporation, 144A

    7.875%        4/01/20        B–        2,593,750  
  540      

GFL Environmental Corporation, 144A

    9.875%        2/01/21        B–        584,550  
  1,500      

R.R. Donnelley & Sons Company

    6.500%        11/15/23        B+        1,455,000  
  1,090     EUR  

Waste Italia SPA, 144A, (7)

    10.500%        11/15/19        C        206,981  
   

Total Commercial Services & Supplies

                               11,690,681  
          Construction & Engineering – 1.2%                           
  1,500      

Boart Longyear Management Pty Ltd, 144A

    7.000%        4/01/21        Caa3        150,000  
  2,000      

HC2 Holdings, Inc.

    11.000%        12/01/19        B–        2,040,000  
  2,000      

Michael Baker International LLC / CDL Acquisition Company Inc., 144A

    8.250%        10/15/18        B+        2,010,000  
  1,100        

Shea Homes LP, 144A

    6.125%        4/01/25        BB–        1,100,000  
   

Total Construction & Engineering

                               5,300,000  

 

  2     NUVEEN


Principal
Amount (000)
    (4)   Description (1)   Coupon      Maturity      Ratings (3)      Value  
          Construction Materials – 1.8%                           
$ 4,000      

Cemex SAB de CV, 144A

    5.700%        1/11/25        BB–      $ 4,139,999  
  1,500      

Norbord Inc., 144A

    6.250%        4/15/23        Ba1        1,575,000  
  1,955        

Reliance Intermediate Holdings LP, 144A

    6.500%        4/01/23        BB–        2,082,075  
   

Total Construction Materials

                               7,797,074  
          Consumer Finance – 3.4%                           
  2,000      

Ally Financial Inc.

    4.625%        3/30/25        BB+        1,990,000  
  2,500      

Constellis Holdings LLC / Constellis Finance Corporation, 144A

    9.750%        5/15/20        B        2,675,000  
  1,080      

Covenant Surgical Partners Inc., 144A

    8.750%        8/01/19        B–        1,026,000  
  2,250      

Credit Acceptance Corporation

    7.375%        3/15/23        BB        2,261,250  
  1,500      

Enova International, Inc.

    9.750%        6/01/21        B–        1,522,500  
  2,000      

First Data Corporation, 144A

    5.750%        1/15/24        BB        2,063,000  
  2,000      

First Data Corporation, 144A

    5.000%        1/15/24        BB+        2,035,000  
  1,000        

Navient Corporation

    7.250%        9/25/23        BB        1,005,000  
   

Total Consumer Finance

                               14,577,750  
          Containers & Packaging – 2.5%                           
  3,000      

Cascades Inc.

    5.500%        7/15/22        BB–        2,992,500  
  2,705      

Coveris Holdings SA, 144A

    7.875%        11/01/19        B–        2,664,425  
  2,000      

Flex Acquisition Co, Inc., 144A

    6.875%        1/15/25        B–        2,041,250  
  1,350      

PaperWorks Industries Inc., 144A

    9.500%        8/15/19        B–        1,080,000  
  2,000        

Reynolds Group

    5.750%        10/15/20        B+        2,057,520  
   

Total Containers & Packaging

                               10,835,695  
          Diversified Consumer Services – 1.5%                           
  1,965      

Nine West Holdings Incorporated, 144A

    8.250%        3/15/19        CC        530,550  
  2,400      

Prime Security Services Borrower LLC / Prime Finance, Inc., 144A

    9.250%        5/15/23        B–        2,631,000  
  2,400     GBP  

Twinkle Pizza Holdings PLC, 144A

    6.625%        8/01/21        B        3,082,451  
   

Total Diversified Consumer Services

                               6,244,001  
          Diversified Financial Services – 4.7%                           
  1,500      

BNP Paribas, 144A, (6)

    7.625%        N/A (5)        BBB–        1,593,750  
  2,000      

CNG Holdings Inc., 144A

    9.375%        5/15/20        Caa3        1,825,000  
  1,550      

Fly Leasing Limited

    6.750%        12/15/20        BB–        1,623,625  
  2,000      

James Hardie International Finance Limited, 144A

    5.875%        2/15/23        BBB–        2,065,000  
  2,250      

Jefferies Finance LLC Corporation, 144A

    7.375%        4/01/20        B1        2,272,500  
  3,300      

Nationstar Mortgage LLC Capital Corporation

    7.875%        10/01/20        B+        3,421,688  
  2,000      

NewStar Financial, Inc.

    7.250%        5/01/20        BB–        2,035,000  
  2,695      

Stoneway Capital Corporation, 144A

    10.000%        3/01/27        B        2,807,301  
  2,540        

Ziggo Bond Finance B.V, 144A

    5.875%        1/15/25        B        2,559,050  
   

Total Diversified Financial Services

                               20,202,914  
          Diversified Telecommunication Services – 5.3%                           
  2,250      

CenturyLink Inc.

    7.650%        3/15/42        BB+        1,977,188  
  2,000      

Consolidated Communications Finance Company

    6.500%        10/01/22        B–        1,920,000  
  2,500      

Frontier Communications Corporation

    6.250%        9/15/21        BB–        2,325,000  
  1,500      

GCI Inc.

    6.875%        4/15/25        BB–        1,571,250  
  1,500      

IntelSat Jackson Holdings

    7.250%        4/01/19        Caa2        1,430,625  
  1,500      

IntelSat Jackson Holdings

    7.250%        10/15/20        Caa2        1,366,875  
  2,150      

Level 3 Financing Inc.

    5.250%        3/15/26        BB        2,163,438  
  1,650      

Neptune Finco Corporation, 144A

    10.125%        1/15/23        B+        1,914,000  
  1,500      

Neptune Finco Corporation, 144A

    10.875%        10/15/25        B+        1,803,750  
  3,975      

Qualitytech LP/QTS Finance Corp.

    5.875%        8/01/22        BB        4,079,343  
  2,200        

Windstream Corporation

    6.375%        8/01/23        BB–        1,952,500  
   

Total Diversified Telecommunication Services

                               22,503,969  
          Electric Utilities – 1.1%                           
  2,250      

Intergen NV, 144A

    7.000%        6/30/23        B1        2,013,750  
  2,500        

Talen Energy Supply LLC

    4.625%        7/15/19        B        2,556,250  
   

Total Electric Utilities

                               4,570,000  

 

NUVEEN     3  


JGH    Nuveen Global High Income Fund   
   Portfolio of Investments (continued)    March 31, 2017 (Unaudited)

 

Principal
Amount (000)
    (4)   Description (1)   Coupon      Maturity      Ratings (3)      Value  
          Electronic Equipment, Instruments & Components – 0.8%                       
$ 1,363      

Anixter Inc.

    5.125%        10/01/21        BB+      $ 1,417,520  
  2,100        

Ingram Micro Inc.

    5.450%        12/15/24        BBB–        2,066,163  
   

Total Electronic Equipment, Instruments & Components

                               3,483,683  
          Energy Equipment & Services – 2.5%                           
  1,500      

Calfrac Holdings LP, 144A

    7.500%        12/01/20        CCC–        1,360,320  
  2,110      

McDermott International Inc., 144A

    8.000%        5/01/21        BB        2,152,200  
  2,750      

Murray Energy Corporation, 144A

    11.250%        4/15/21        CCC        2,124,375  
  2,000      

Noble Holding International Limited

    7.750%        1/15/24        BB–        1,920,000  
  1,750      

Pacific Drilling V Limited, 144A

    7.250%        12/01/17        Ca        953,750  
  500      

Precision Drilling Corporation, 144A

    7.750%        12/15/23        BB        526,250  
  1,650        

SESI, LLC

    6.375%        5/01/19        BB–        1,645,875  
   

Total Energy Equipment & Services

                               10,682,770  
          Equity Real Estate Investment Trusts – 1.6%                           
  1,250      

Communications Sales & Leasing Inc., 144A

    7.125%        12/15/24        BB–        1,268,750  
  2,895      

Geo Group Inc.

    6.000%        4/15/26        B+        2,931,834  
  900      

iStar Inc.

    6.500%        7/01/21        B+        924,750  
  1,600        

PLA Administradora Industrial, S. de R.L. de C.V., 144A

    5.250%        11/10/22        Baa3        1,619,840  
   

Total Equity Real Estate Investment Trusts

                               6,745,174  
          Food & Staples Retailing – 1.0%                           
  2,500      

Pomegranate Merger Sub, Inc.

    9.750%        5/01/23        B        2,018,750  
  1,000      

Supervalu Inc.

    7.750%        11/15/22        B–        981,250  
  1,750        

Tops Holding LLC / Tops Markets II Corporation, 144A

    8.000%        6/15/22        B–        1,435,000  
   

Total Food & Staples Retailing

                               4,435,000  
          Food Products – 2.5%                           
  2,300      

Fage International SA/ FAGE USA Dairy Industry, Inc., 144A

    5.625%        8/15/26        BB–        2,305,750  
  2,000      

JBS USA LUX SA / JBA USA Finance Inc., 144A

    5.750%        6/15/25        BB        2,020,000  
  2,050      

Land O Lakes Capital Trust I, 144A

    7.450%        3/15/28        Ba1        2,275,500  
  2,000      

Marfrig Holding Europe BV, 144A

    8.000%        6/08/23        BB–        2,089,600  
  1,000      

Marfrig Holding Europe BV, 144A

    7.000%        3/15/24        BB–        992,500  
  1,000        

Southern States Cooperative Inc., 144A

    10.000%        8/15/21        CCC+        947,500  
   

Total Food Products

                               10,630,850  
          Gas Utilities – 2.1%                           
  1,250      

AmeriGas Partners LP/AmeriGas Finance Corporation

    5.500%        5/20/25        BB        1,240,625  
  1,500      

AmeriGas Partners LP/AmeriGas Finance Corporation

    5.875%        8/20/26        BB        1,492,500  
  2,765      

Ferrellgas LP

    6.750%        1/15/22        B        2,612,925  
  1,700      

LBC Tank Terminals Holdings Netherlands BV, 144A

    6.875%        5/15/23        B        1,763,954  
  1,680        

Suburban Propane Partners LP

    5.500%        6/01/24        BB–        1,654,800  
   

Total Gas Utilities

                               8,764,804  
          Health Care Equipment & Supplies – 0.3%                           
  250      

Tenet Healthcare Corporation

    6.250%        11/01/18        BB–        262,344  
  1,000        

Tenet Healthcare Corporation

    8.125%        4/01/22        B–        1,042,500  
   

Total Health Care Equipment & Supplies

                               1,304,844  
          Health Care Providers & Services – 3.7%                           
  1,250      

Community Health Systems, Inc.

    6.875%        2/01/22        CCC+        1,070,313  
  2,000      

Community Health Systems, Inc.

    6.250%        3/31/23        BB        2,040,000  
  3,500      

HCA Inc.

    5.250%        6/15/26        BBB–        3,666,600  
  2,640      

Iasis Healthcare Capital Corporation

    8.375%        5/15/19        CCC+        2,527,800  
  3,150      

Kindred Healthcare Inc.

    8.750%        1/15/23        B–        3,157,875  
  2,000      

Lifepoint Health Inc., 144A

    5.375%        5/01/24        Ba2        2,034,000  
  1,395        

Select Medical Corporation

    6.375%        6/01/21        B–        1,408,950  
   

Total Health Care Providers & Services

                               15,905,538  

 

  4     NUVEEN


Principal
Amount (000)
    (4)   Description (1)   Coupon      Maturity      Ratings (3)      Value  
          Hotels, Restaurants & Leisure – 3.1%                           
$ 2,000      

1011778 BC ULC/New Red Finance Inc., 144A

    6.000%        4/01/22        B–      $ 2,075,000  
  2,000      

Carlson Travel, Inc., 144A

    6.750%        12/16/23        B        2,080,000  
  1,500      

Grupo Posadas SAB de CV, 144A

    7.875%        6/30/22        B+        1,545,000  
  2,000      

International Game Technology PLC, 144A

    6.500%        2/15/25        BB+        2,130,000  
  1,000      

MGM Resorts International Inc.

    7.750%        3/15/22        BB        1,153,125  
  730      

Silversea Cruise Finance Limited, 144A

    7.250%        2/01/25        BB–        768,325  
  3,350        

Wynn Macau Limited, 144A

    5.250%        10/15/21        B1        3,417,000  
   

Total Hotels, Restaurants & Leisure

                               13,168,450  
          Household Durables – 4.2%                           
  1,500      

Apex Tool Group, LLC (ATG), 144A

    7.000%        2/01/21        B–        1,357,500  
  2,000      

Brookfield Residential Properties Inc., 144A

    6.500%        12/15/20        B+        2,067,500  
  1,220      

CalAtlantic Group Inc.

    5.875%        11/15/24        BB        1,281,000  
  2,500      

KB Home

    7.625%        5/15/23        B+        2,706,250  
  2,000      

New Home Company Inc., 144A

    7.250%        4/01/22        B–        2,010,000  
  1,500      

Rent-A-Center, Inc.

    4.750%        5/01/21        B3        1,245,000  
  2,500      

Rialto Holdings LLC-Rialto Corporation, 144A

    7.000%        12/01/18        B1        2,546,875  
  2,500      

RSI Home Products Incorporated, 144A

    6.500%        3/15/23        BB–        2,575,000  
  2,175        

William Lyon Homes Incorporated, 144A

    5.875%        1/31/25        B–        2,196,750  
   

Total Household Durables

                               17,985,875  
          Independent Power & Renewable Electricity Producers – 0.8%                       
  2,630      

Dynegy Inc., 144A

    8.000%        1/15/25        B+        2,518,225  
  1,250        

GenOn Energy Inc.

    9.500%        10/15/18        CCC        821,875  
   

Total Independent Power & Renewable Electricity Producers

                               3,340,100  
          Industrial Conglomerates – 1.5%                           
  800      

Alfa SAB de CV, 144A

    5.250%        3/25/24        BBB–        840,000  
  2,250      

Icahn Enterprises Finance, 144A

    6.750%        2/01/24        BB+        2,320,313  
  2,000      

Stena International SA, 144A

    5.750%        3/01/24        BB        1,800,000  
  1,550        

Techniplas, LLC, 144A

    10.000%        5/01/20        B        1,484,125  
   

Total Industrial Conglomerates

                               6,444,438  
          Insurance – 0.3%                           
  1,500        

Genworth Holdings Inc.

    4.800%        2/15/24        Ba3        1,233,750  
          Internet Software & Services – 1.3%                       
  1,500      

Cimpress NV, 144A

    7.000%        4/01/22        Ba3        1,552,500  
  2,000      

Donnelley Financial Solutions, Inc., 144A

    8.250%        10/15/24        B        2,065,000  
  2,000        

Inception Merger Sub Inc. / Rackspace Hosting Inc., 144A

    8.625%        11/15/24        BB–        2,107,400  
   

Total Internet Software & Services

                               5,724,900  
          IT Services – 0.9%                           
  1,000      

Alliance Data Systems Corporation, 144A

    6.375%        4/01/20        N/R        1,017,500  
  2,570        

Zayo Group LLC / Zayo Capital Inc., 144A

    5.750%        1/15/27        B        2,710,836  
   

Total IT Services

                               3,728,336  
          Leisure Products – 0.4%                           
  1,500        

Gateway Casinos & Entertainment Limited, 144A

    8.250%        3/01/24        CCC+        1,518,750  
          Machinery – 1.6%                           
  1,000      

Airxcel Incorporated, 144A

    8.500%        2/15/22        B        1,030,000  
  2,500      

BlueLine Rental Finance Corp / BlueLine Rental LLC, 144A

    9.250%        3/15/24        B        2,559,375  
  1,500      

Dana Financing Luxembourg Sarl, 144A

    6.500%        6/01/26        BB        1,563,750  
  1,500        

Navistar International Corporation

    8.250%        11/01/21        B–        1,499,985  
   

Total Machinery

                               6,653,110  
          Marine – 1.4%                           
  2,900      

Eletson Holdings Inc., 144A

    9.625%        1/15/22        B+        2,436,000  
  2,000      

Navios Maritime Acquisition Corporation, 144A

    8.125%        11/15/21        B+        1,745,000  

 

NUVEEN     5  


JGH    Nuveen Global High Income Fund   
   Portfolio of Investments (continued)    March 31, 2017 (Unaudited)

 

Principal
Amount (000)
    (4)   Description (1)   Coupon      Maturity      Ratings (3)      Value  
          Marine (continued)                           
$ 1,950        

Navios South American Logistics Inc., Finance US Inc., 144A

    7.250%        5/01/22        B–      $ 1,911,000  
   

Total Marine

                               6,092,000  
          Media – 7.4%                           
  500      

CBS Radio, Inc., 144A

    7.250%        11/01/24        B–        525,000  
  2,000      

CCO Holdings LLC Finance Corporation, 144A

    5.500%        5/01/26        BB+        2,070,000  
  1,000      

Cequel Communication Holdings I, 144A

    5.125%        12/15/21        B–        1,015,000  
  2,250      

Dish DBS Corporation

    5.875%        11/15/24        Ba3        2,362,500  
  1,250      

Dish DBS Corporation

    7.750%        7/01/26        Ba3        1,453,125  
  1,500      

iHeartCommunications, Inc.

    11.250%        3/01/21        Caa1        1,181,250  
  1,500      

iHeartCommunications, Inc.

    7.250%        10/15/27        CC        828,750  
  1,500      

Lee Enterprises Inc., 144A

    9.500%        3/15/22        B2        1,574,325  
  1,000      

McGraw-Hill Global Education Holdings, 144A

    7.875%        5/15/24        B3        970,000  
  3,250      

Numericable Group SA, 144A

    7.375%        5/01/26        B+        3,347,500  
  1,550      

Quebecor Media Inc.

    5.750%        1/15/23        B+        1,615,875  
  2,250      

Radio One Inc., 144A

    7.375%        4/15/22        B        2,351,250  
  2,000      

Sirius XM Radio Inc., 144A

    5.375%        4/15/25        BB        2,047,000  
  1,500      

SiTV Inc., 144A

    10.375%        7/01/19        B–        900,000  
  1,000      

Time Inc., 144A

    5.750%        4/15/22        B        1,040,000  
  1,310      

Unitymedia KabelBW GmbH, 144A

    6.125%        1/15/25        B        1,378,775  
  3,500     CAD  

Videotron Limited, 144A

    5.625%        6/15/25        BB        2,753,863  
  4,000        

VTR Finance BV, 144A

    6.875%        1/15/24        BB–        4,159,999  
   

Total Media

                               31,574,212  
          Metals & Mining – 10.6%                           
  2,000      

AK Steel Corporation

    7.000%        3/15/27        B–        1,992,500  
  2,150      

Alcoa Nederland Holding BV, 144A

    6.750%        9/30/24        BB–        2,305,875  
  2,450      

Aleris International Inc., 144A

    9.500%        4/01/21        B        2,633,750  
  1,500      

Allegheny Technologies Inc.

    9.375%        6/01/19        B        1,642,500  
  1,000      

Allegheny Technologies Inc.

    5.950%        1/15/21        B        985,000  
  1,500      

Anglogold Holdings PLC

    5.125%        8/01/22        Baa3        1,544,550  
  3,000      

Anglogold Holdings PLC

    6.500%        4/15/40        Baa3        2,992,500  
  2,000      

ArcelorMittal

    8.000%        10/15/39        Ba1        2,270,000  
  1,952      

Barrick Gold Corporation

    6.950%        4/01/19        BBB–        2,141,531  
  565      

Century Aluminum Company, 144A

    7.500%        6/01/21        B+        563,588  
  2,000      

Constellium N.V, 144A

    6.625%        3/01/25        CCC+        1,930,000  
  2,500      

Eldorado Gold Corporation, 144A

    6.125%        12/15/20        BB–        2,562,500  
  500      

Ferroglobe PLC / Globe Specialty Metals Inc., 144A

    9.375%        3/01/22        B+        522,500  
  3,000      

First Quantum Minerals Limited, 144A

    7.250%        5/15/22        B        3,086,250  
  1,000      

Gold Fields Orogen Holdings BVI Limited, 144A

    4.875%        10/07/20        BB+        1,005,000  
  1,900      

Hudbay Minerals, Inc., 144A

    7.250%        1/15/23        B        2,014,000  
  2,750      

IAMGOLD Corporation, 144A

    7.000%        4/15/25        B+        2,722,500  
  2,050      

Lundin Mining Corporation, 144A

    7.500%        11/01/20        BB–        2,167,875  
  2,000      

New Gold Incorporated, 144A

    6.250%        11/15/22        B        2,005,000  
  750      

Novelis Corporation, 144A

    5.875%        9/30/26        B        765,000  
  1,922      

Teck Resources Limited

    4.750%        1/15/22        BB        1,986,868  
  1,250      

United States Steel Corporation, 144A

    8.375%        7/01/21        BB+        1,387,500  
  2,485      

Vale Overseas Limited

    6.875%        11/10/39        BBB        2,657,459  
  1,250        

Westmoreland Coal Co, 144A

    8.750%        1/01/22        CCC+        1,175,000  
   

Total Metals & Mining

                               45,059,246  
          Multiline Retail – 0.3%                           
  1,000      

Bon-Ton Department Stores Inc.

    8.000%        6/15/21        Caa2        400,000  
  1,000        

J.C. Penney Corporation Inc.

    6.375%        10/15/36        B+        762,500  
   

Total Multiline Retail

                               1,162,500  
          Oil, Gas & Consumable Fuels – 11.1%                           
  500      

Ascent Resources – Utica LLC / AEU Finance Corporation, 144A, (WI/DD)

    10.000%        4/01/22        B–        517,500  
  1,000     CAD  

Baytex Energy Corporation

    6.625%        7/19/22        BB–        718,277  
  1,000      

Bellatrix Exploration Limited, 144A

    8.500%        5/15/20        B        947,500  

 

  6     NUVEEN


Principal
Amount (000)
    (4)   Description (1)   Coupon      Maturity      Ratings (3)      Value  
          Oil, Gas & Consumable Fuels (continued)                           
$ 1,732      

California Resources Corporation, 144A

    8.000%        12/15/22        CCC+      $ 1,411,580  
  460      

California Resources Corporation

    6.000%        11/15/24        Ca        322,000  
  2,015      

Calumet Specialty Products

    6.500%        4/15/21        CCC+        1,705,194  
  1,887      

Chesapeake Energy Corporation, 144A

    8.000%        12/15/22        B+        1,976,633  
  500      

Chesapeake Energy Corporation, 144A

    8.000%        1/15/25        CCC        500,000  
  1,250      

Cloud Peak Energy Resources LLC and Cloud Peak Energy Finance Corporation

    12.000%        11/01/21        B–        1,346,875  
  1,000      

Denbury Resources Incorporated

    4.625%        7/15/23        CCC+        730,000  
  1,600      

DOF Subsea AS, 144A

    9.500%        3/14/22        N/R        1,589,906  
  1,750      

Enbridge Inc.

    6.000%        1/15/77        BBB–        1,769,688  
  2,250      

EP Energy LLC and Everest Acquisition Finance, Inc., 144A

    8.000%        2/15/25        B–        2,092,500  
  1,085      

EV Energy Partners LP / EV Energy Finance Corporation

    8.000%        4/15/19        CCC+        819,175  
  1,000      

Everest Acquisition LLC Finance

    9.375%        5/01/20        CCC+        942,500  
  1,250      

GasLog Limited

    8.875%        3/22/22        N/R        1,265,625  
  1,900      

Global Partners LP/GLP Finance

    6.250%        7/15/22        B+        1,862,000  
  1,000      

Gulfport Energy Corporation

    6.375%        5/15/25        B+        981,250  
  2,000      

Kazmunaygas National, 144A

    6.375%        4/09/21        Baa3        2,195,180  
  1,500      

Martin Mid-Stream Partners LP Finance

    7.250%        2/15/21        B–        1,515,000  
  1,000      

MEG Energy Corporation, 144A

    6.375%        1/30/23        BB–        892,500  
  250      

Northern Oil and Gas Inc.

    8.000%        6/01/20        CCC–        217,500  
  500      

Northern Oil and Gas Inc.

    8.000%        6/01/20        CCC–        425,000  
  3,000      

PBF Holding Company LLC

    7.000%        11/15/23        BBB–        3,007,500  
  1,250      

Peabody Securities Finance Corporation, 144A

    6.375%        3/31/25        Ba3        1,237,500  
  4,000      

Pertamina Persero PT, 144A

    4.875%        5/03/22        Baa3        4,235,267  
  5,750      

Petrobras Global Finance BV

    7.375%        1/17/27        BB        6,078,896  
  1,000      

Rose Rock Midstream LP / Rose Rock Finance Corporation

    5.625%        7/15/22        B+        988,130  
  1,250      

Seadrill Limited, 144A

    6.625%        9/15/20        N/R        478,125  
  1,500      

Sunoco LP / Sunoco Finance Corp.

    6.250%        4/15/21        BB–        1,533,750  
  2,550      

Transocean Inc.

    6.800%        3/15/38        B+        2,097,375  
  1,450        

Vanguard Natural Resources Finance, (7)

    7.875%        4/01/20        N/R        877,250  
   

Total Oil, Gas & Consumable Fuels

                               47,277,176  
          Paper & Forest Products – 2.2%                           
  3,220      

Domtar Corporation

    6.750%        2/15/44        BBB–        3,380,762  
  1,750      

Mercer International Inc., 144A

    6.500%        2/01/24        BB–        1,754,375  
  2,500      

Resolute Forest Products

    5.875%        5/15/23        B+        2,290,625  
  1,875        

Tembec Industries, Inc., 144A

    9.000%        12/15/19        B2        1,921,875  
   

Total Paper & Forest Products

                               9,347,637  
          Personal Products – 0.2%                           
  1,000        

High Ridge Brands Co, 144A

    8.875%        3/15/25        CCC+        1,020,000  
          Pharmaceuticals – 1.5%                           
  1,505      

Endo Finance LLC, 144A

    5.750%        1/15/22        B        1,369,550  
  2,500      

Valeant Pharmaceuticals International, 144A

    6.500%        3/15/22        BB–        2,571,875  
  2,500        

VRX Escrow Corp., 144A

    5.375%        3/15/20        B–        2,237,500  
   

Total Pharmaceuticals

                               6,178,925  
          Real Estate Management & Development – 2.2%                           
  2,000      

Crescent Communities LLC, 144A

    8.875%        10/15/21        B+        2,080,000  
  2,700      

Hunt Companies Inc., 144A

    9.625%        3/01/21        N/R        2,824,875  
  1,750      

Kennedy-Wilson Holdings Incorporated

    5.875%        4/01/24        BB–        1,793,750  
  2,500        

Mattamy Group Corporation, 144A

    6.875%        12/15/23        BB        2,593,750  
   

Total Real Estate Management & Development

                               9,292,375  
          Road & Rail – 2.2%                           
  1,500      

Avis Budget Car Rental, 144A

    5.125%        6/01/22        BB–        1,448,475  
  2,608      

Herc Rentals, Inc., 144A

    7.750%        6/01/24        B+        2,777,520  
  3,000      

The Hertz Corporation

    7.375%        1/15/21        B        2,990,625  
  2,250        

Watco Companies LLC Finance, 144A

    6.375%        4/01/23        B–        2,283,750  
   

Total Road & Rail

                               9,500,370  

 

NUVEEN     7  


JGH    Nuveen Global High Income Fund   
   Portfolio of Investments (continued)    March 31, 2017 (Unaudited)

 

Principal
Amount (000)
    (4)   Description (1)   Coupon      Maturity      Ratings (3)      Value  
          Semiconductors & Semiconductor Equipment – 0.7%                           
$ 2,750        

Micron Technology, Inc., 144A

    5.250%        8/01/23        BB      $ 2,818,750  
          Software – 0.4%                           
  1,865        

SixSigma Networks Mexico SA de CV, 144A

    8.250%        11/07/21        B+        1,841,688  
          Specialty Retail – 1.8%                           
  2,000      

GameStop Corporation

    6.750%        3/15/21        Ba1        2,040,000  
  2,000      

Guitar Center Inc., 144A

    6.500%        4/15/19        B2        1,680,000  
  1,750      

L Brands, Inc.

    6.875%        11/01/35        BB+        1,688,750  
  1,000      

Sonic Automotive Inc., 144A

    6.125%        3/15/27        B+        1,001,250  
  1,500        

The Men’s Warehouse Inc.

    7.000%        7/01/22        B2        1,331,250  
   

Total Specialty Retail

                               7,741,250  
          Technology Hardware, Storage & Peripherals – 1.7%                           
  3,000      

Diamond 1 Finance Corporation / Diamond 2 Finance Corporation, 144A

    7.125%        6/15/24        BB+        3,316,344  
  1,690      

NCR Corporation

    6.375%        12/15/23        BB        1,778,725  
  1,700        

Western Digital Corporation

    10.500%        4/01/24        BB+        2,001,750  
   

Total Technology Hardware, Storage & Peripherals

                               7,096,819  
          Tobacco – 0.3%                           
  1,250        

Vector Group Limited, 144A

    6.125%        2/01/25        BB–        1,276,563  
          Trading Companies & Distributors – 0.9%                           
  1,500      

Aviation Capital SA, 144A

    7.500%        5/27/20        B+        1,515,000  
  2,000        

HD Supply Inc., 144A

    5.750%        4/15/24        B        2,103,600  
   

Total Trading Companies & Distributors

                               3,618,600  
          Transportation Infrastructure – 1.2%                           
  2,000     EUR  

CMA CGM SA, 144A

    7.750%        1/15/21        B3        2,149,687  
  1,500      

Navigator Holdings Limited, 144A, Reg S

    7.750%        2/10/21        N/R        1,502,897  
  1,600        

Rumo Luxembourg Sarl, 144A

    7.375%        2/09/24        BB–        1,648,000  
   

Total Transportation Infrastructure

                               5,300,584  
          Wireless Telecommunication Services – 5.5%                           
  800      

Colombia Telecommunicaciones S.A. ESP, 144A

    5.375%        9/27/22        BB        805,000  
  3,000      

Colombia Telecommunicaciones S.A. ESP, 144A

    8.500%        N/A (5)        B        2,940,270  
  2,500      

Digicel Limited, 144A

    6.000%        4/15/21        B1        2,271,875  
  2,250      

Hughes Satellite Systems Corporation, 144A

    6.625%        8/01/26        BB–        2,300,625  
  3,500      

Inmarsat Finance PLC, 144A

    6.500%        10/01/24        BB+        3,626,875  
  2,500      

Millicom International Cellular SA, 144A

    6.625%        10/15/21        BB+        2,618,625  
  2,000      

Sprint Communications Inc., 144A

    7.000%        3/01/20        BB        2,180,000  
  1,825      

Sprint Corporation

    7.250%        9/15/21        B+        1,970,434  
  2,000      

Telecom Italia Capital

    7.200%        7/18/36        BBB–        2,120,480  
  2,500        

Wind Acquisition Finance SA, 144A

    4.750%        7/15/20        BB        2,540,625  
   

Total Wireless Telecommunication Services

                               23,374,809  
   

Total Corporate Bonds (cost $495,188,333)

                               494,190,883  
Principal
Amount (000)
         Description (1)   Coupon      Maturity      Ratings (3)      Value  
   

CONVERTIBLE BONDS – 0.3% (0.2% of Total Investments)

 

     
          Oil, Gas & Consumable Fuels – 0.3%                           
$ 1,375        

Clean Energy Fuels Corporation, 144A

    5.250%        10/01/18        N/R      $ 1,322,578  
$ 1,375        

Total Convertible Bonds (cost $1,267,712)

                               1,322,578  

 

  8     NUVEEN


Principal
Amount (000)
    (4)   Description (1)   Coupon      Maturity      Ratings (3)      Value  
   

$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 11.5% (8.4% of Total Investments)

 

     
          Banks – 6.8%                           
$ 3,240      

Barclays PLC, (6)

    8.250%        N/A (5)        BB+      $ 3,404,605  
  3,000      

Citigroup Inc.

    6.250%        N/A (5)        BB+        3,236,250  
  1,385      

Citigroup Inc.

    5.875%        N/A (5)        BB+        1,432,610  
  2,215      

Credit Agricole SA, 144A, (6)

    8.125%        N/A (5)        BB+        2,358,975  
  2,000      

Credit Agricole, S.A, 144A, (6)

    6.625%        N/A (5)        BB+        1,975,000  
  2,000      

Dresdner Funding Trust, 144A

    8.151%        6/30/31        BB+        2,365,000  
  2,500      

Intesa Sanpaolo SpA, 144A, (6)

    7.700%        N/A (5)        Ba3        2,387,500  
  1,320      

JPMorgan Chase & Company

    6.750%        N/A (5)        BBB–        1,455,300  
  3,705      

Lloyds Banking Group PLC, (6)

    7.500%        N/A (5)        BB+        3,918,408  
  475      

Nordea Bank AB, 144A, (6)

    6.125%        N/A (5)        BBB        479,750  
  1,000      

Royal Bank of Scotland Group PLC, (6)

    7.500%        N/A (5)        BB–        986,250  
  2,700      

Societe Generale, 144A, (6)

    7.375%        N/A (5)        BB+        2,742,120  
  2,300        

UniCredit SpA, Reg S, (6)

    8.000%        N/A (5)        BB–        2,208,069  
   

Total Banks

                               28,949,837  
          Capital Markets – 1.6%                           
  1,500      

Credit Suisse Group AG, 144A, (6)

    7.500%        N/A (5)        BB        1,625,388  
  2,000      

Macquarie Bank Limited, 144A, (6)

    7.250%        N/A (5)        Ba1        2,010,000  
  3,000        

Morgan Stanley

    5.550%        N/A (5)        Ba1        3,086,400  
   

Total Capital Markets

                               6,721,788  
          Commercial Services & Supplies – 0.4%                           
  1,500        

AerCap Global Aviation Trust

    6.500%        6/15/45        BB        1,565,625  
          Energy Equipment & Services – 0.9%                           
  3,500     EUR  

Origin Energy Finance Limited, Reg S

    7.875%        6/16/71        BB        3,968,823  
          Food Products – 0.4%                           
  1,500        

Land O’ Lakes Incorporated, 144A

    8.000%        N/A (5)        BB        1,601,250  
          Insurance – 1.4%                           
  2,000      

La Mondiale SAM, Reg S

    7.625%        N/A (5)        BBB        2,155,880  
  2,000      

QBE Insurance Group Limited, Reg S

    6.750%        12/02/44        BBB        2,180,000  
  2,000        

XL Capital Ltd

    6.500%        N/A (5)        BBB        1,680,000  
   

Total Insurance

                               6,015,880  
   

Total $1,000 Par (or similar) Institutional Preferred (cost $47,543,721)

 

                       48,823,203  
Principal
Amount (000)
         Description (1)   Coupon      Maturity      Ratings (3)      Value  
   

SOVEREIGN DEBT – 3.4% (2.5% of Total Investments)

          
          Argentina – 0.8%                           
$ 1,000      

Republic of Argentina, 144A

    6.875%        4/22/21        B      $ 1,072,500  
  2,350        

Republic of Argentina, 144A

    7.500%        4/22/26        B        2,493,350  
  3,350        

Total Argentina

                               3,565,850  
          Costa Rica – 0.8%                           
  400      

Republic of Costa Rica, 144A

    7.000%        4/04/44        Ba2        403,000  
  2,900        

Republic of Costa Rica

    4.250%        1/26/23        Ba2        2,802,125  
  3,300        

Total Costa Rica

                               3,205,125  
          Dominican Republic – 0.7%                           
  3,000        

Dominican Republic, 144A

    5.500%        1/27/25        BB–        3,048,750  
          El Salvador – 0.6%                           
  2,600        

Republic of El Salvador, 144A

    7.750%        1/24/23        B–        2,643,550  

 

NUVEEN     9  


JGH    Nuveen Global High Income Fund   
   Portfolio of Investments (continued)    March 31, 2017 (Unaudited)

 

Principal
Amount (000)
         Description (1)   Coupon      Maturity      Ratings (3)      Value  
          Sri Lanka – 0.5%                           
$ 2,000        

Republic of Sri Lanka, 144A

    6.000%        1/14/19        B+      $ 2,069,934  
$ 14,250        

Total Sovereign Debt (cost $14,341,957)

                               14,533,209  
Principal
Amount (000)
         Description (1)   Coupon      Maturity      Ratings (3)      Value  
   

ASSET-BACKED AND MORTGAGED-BACKED SECURITIES – 0.4% (0.3% of Total Investments)

 

     
          Financials – 0.4%                           
$ 1,488        

Vericrest Opportunity Loan Transferee, Series 2014-NPL7, 144A

    4.750%        8/15/57        N/R      $ 1,485,874  
$ 1,488        

Total Asset-Backed and Mortgaged-Backed Securities (cost $1,460,943)

 

                       1,485,874  
   

Total Long-Term Investments (cost $570,287,424)

                               569,251,214  
Principal
Amount (000)
         Description (1)   Coupon      Maturity              Value  
          SHORT-TERM INVESTMENTS – 2.3% (1.7% of Total Investments)                       
          REPURCHASE AGREEMENTS – 2.3% (1.7% of Total Investments)                       
$ 10,074        

Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/17, repurchase price $10,074,331, collateralized by $10,060,000 U.S. Treasury Bonds, 3.125%, due 8/15/44, value $10,277,417

    0.090%        4/03/17               $ 10,074,255  
   

Total Short-Term Investments (cost $10,074,255)

                               10,074,255  
   

Total Investments (cost $580,361,679) – 135.9%

                               579,325,469  
   

Borrowings – (41.0)% (8), (9)

                               (174,800,000
   

Other Assets Less Liabilities – 5.1% (10)

                               21,669,457  
   

Net Assets – 100%

                             $ 426,194,926  

Investments In Derivatives as of March 31, 2017

Forward Foreign Currency Exchange Contracts

 

Counterparty   Currency Contracts to Deliver   Notional Amount
(Local Currency)
    In Exchange for Currency     Notional
Amount
(Local Currency)
    Settlement
Date
    Unrealized
Appreciation
(Depreciation)
 

Bank of America, N.A.

 

Pound Sterling

  $ 2,260,000       U.S. Dollar     $ 2,752,784       5/17/17     $ (81,586

Citibank, National Association

 

Euro

    5,142,000       U.S. Dollar       5,482,982       5/17/17       (13,226

Goldman Sachs Bank USA

 

Canadian Dollar

    4,295,979       U.S. Dollar       3,194,749       5/17/17       (37,624
        $ 11,697,979             $ 11,430,515             $ (132,436

Futures Contracts

 

Description      Contract
Position
       Number of
Contracts
       Contract
Expiration
       Notional
Amount
at Value
       Variation
Margin
Receivable/
(Payable)
       Unrealized
Appreciation
(Depreciation)
 

U.S. Treasury 5-Year Note

       Short          (207        6/17        $ (24,369,399      $ (33,961      $ (2,665

U.S. Treasury 10-Year Note

       Short          (253        6/17          (31,514,312        (55,344        (2,839
                                        $ (55,883,711      $ (89,305      $ (5,504

 

  10     NUVEEN


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 (11)
    Optional
Termination
Date
    Termination
Date
    Value     Unrealized
Appreciation
(Depreciation)
 

JPMorgan Chase Bank, N.A.

  $ 22,469,000       Receive       1-Month USD-LIBOR-ICE       1.462     Monthly       7/03/17       12/01/18       12/01/20     $ (43,063   $ (340,840

JPMorgan Chase Bank, N.A.

    22,469,000       Receive       1-Month USD-LIBOR-ICE       1.842       Monthly       7/03/17       12/01/20       12/01/22       (145,937     (579,109
    $ 44,938,000                                                             $ (189,000   $ (919,949

Fair Value Measurements

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. A three-tier hierarchy 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 the reporting entity’s own 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, prepayment speeds, credit risk, etc.).
Level 3 –   Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:

 

      Level 1      Level 2      Level 3      Total  

Long-Term Investments:

           

Common Stocks

   $ 615,694      $      $   —      $ 615,694  

Convertible Preferred Securities

     869,800                      869,800  

$25 Par (or similar) Retail Preferred

     7,409,973                      7,409,973  

Corporate Bonds

            494,190,883               494,190,883  

Convertible Bonds

            1,322,578               1,322,578  

$1,000 Par (or similar) Institutional Preferred

            48,823,203               48,823,203  

Sovereign Debt

            14,533,209               14,533,209  

Asset-Backed and Mortgage-Backed Securities

            1,485,874               1,485,874  

Short-Term Investments:

           

Repurchase Agreements

            10,074,255               10,074,255  

Investments in Derivatives:

           

Forward Foreign Currency Exchange Contracts*

            (132,436             (132,436

Futures Contracts*

     (5,504                    (5,504

Interest Rate Swaps*

            (919,949             (919,949

Total

   $ 8,889,963      $ 569,377,617      $      $ 578,267,580  
* Represents net unrealized appreciation (depreciation).

Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to recognition of unrealized gain or loss for tax (mark-to-market) for certain foreign currency exchange contracts, recognition of premium amortization and timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.

As of March 31, 2017, the cost of investments (excluding investments in derivatives) was $581,713,328.

 

NUVEEN     11  


JGH    Nuveen Global High Income Fund   
   Portfolio of Investments (continued)    March 31, 2017 (Unaudited)

 

Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) as of March 31, 2017, were as follows:

 

Gross unrealized:

          

Appreciation

     $ 15,772,920  

Depreciation

       (18,160,779

Net unrealized appreciation (depreciation) of investments

     $ (2,387,859

 

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease.

 

(1) All percentages shown in the Portfolio of Investments are based on net assets unless otherwise noted.

 

(2) Non-income producing; issuer has not declared a dividend within the past twelve months.

 

(3) For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

 

(4) Principal Amount (000) denominated in U.S. Dollars, unless otherwise noted.

 

(5) Perpetual security. Maturity date is not applicable.

 

(6) Contingent Capital Securities (“CoCos”) are debt or preferred securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer, for example 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. As of the end of the reporting period, the Fund’s total investment in CoCos was $27,819,815, representing 6.5% and 4.8% of Net Assets and Total Investments, respectively.

 

(7) As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records.

 

(8) Borrowings as a percentage of Total Investments is 30.2%.

 

(9) 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.

 

(10) Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as well as the OTC cleared and exchange-traded derivatives, when applicable.

 

(11) Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract.

 

(WI/DD) Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.

 

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.

 

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.

 

CAD Canadian Dollar

 

EUR Euro

 

GBP British Pound Sterling

 

USD-LIBOR-ICE United States Dollar-London Inter-Bank Offered Rate-Intercontinental Exchange

 

  12     NUVEEN


Item 2. 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 Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (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 registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form 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)), exactly as set forth below: EX-99 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 Global High Income Fund   
By (Signature and Title)    /s/ Gifford R. Zimmerman                                                           
   Gifford R. Zimmerman   
   Vice President and Secretary   

Date: May 30, 2017

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/ Cedric H. Antosiewicz                                                        
   Cedric H. Antosiewicz   
   Chief Administrative Officer (principal executive officer)   
Date: May 30, 2017      
By (Signature and Title)    /s/ Stephen D. Foy                                                                    
   Stephen D. Foy   
   Vice President and Controller (principal financial officer)   
Date: May 30, 2017