N-Q 1 d544053dnq.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, 2018  

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, 2018

     (Unaudited)

 

Principal
Amount (000)
    (3)   Description (1)   Coupon      Maturity      Ratings (2)      Value  
          LONG-TERM INVESTMENTS – 137.7% (98.2% of Total Investments)         
          CORPORATE BONDS – 113.9% (81.3% of Total Investments)         
          Aerospace & Defense – 2.1%                           
$ 3,500      

Bombardier Inc., 144A

    8.750%        12/01/21        B      $ 3,836,875  
  1,000      

Bombardier Inc., 144A

    7.500%        3/15/25        B        1,026,250  
  1,700      

TransDigm Inc.

    6.375%        6/15/26        B–        1,712,750  
  2,400        

Triumph Group Inc.

    4.875%        4/01/21        B–        2,346,000  
   

Total Aerospace & Defense

                               8,921,875  
          Air Freight & Logistics – 0.4%                           
  2,000        

Mexico City Airport Trust, 144A

    5.500%        7/31/47        BBB+        1,825,000  
          Airlines – 1.6%                           
  2,047      

Air Canada, 144A

    7.750%        4/15/21        BB        2,236,348  
  3,000      

Virgin Australia Holdings Limited, 144A

    7.875%        10/15/21        B–        3,049,500  
  1,215        

VistaJet Malta Finance PLC, 144A

    7.750%        6/01/20        B–        1,175,512  
   

Total Airlines

                               6,461,360  
          Auto Components – 0.5%                           
  1,000      

American & Axle Manufacturing Inc.

    6.250%        4/01/25        BB–        997,500  
  1,100        

Tenneco Inc.

    5.375%        12/15/24        BB+        1,113,750  
   

Total Auto Components

                               2,111,250  
          Automobiles – 0.3%                           
  1,350        

Aston Martin Capital Holdings Ltd, 144A

    6.500%        4/15/22        B        1,404,000  
          Banks – 1.9%                           
  1,752      

Curo Financial Technologies Corporation, 144A

    12.000%        3/01/22        B–        1,944,860  
  2,750      

Popular Inc.

    7.000%        7/01/19        BB–        2,805,000  
  2,500      

Royal Bank of Scotland Group PLC

    6.100%        6/10/23        BBB        2,653,173  
  445        

Standard Chartered PLC, 144A

    5.700%        3/26/44        A–        489,467  
   

Total Banks

                               7,892,500  
          Building Products – 1.3%                           
  1,870      

American Woodmark Corp, 144A

    4.875%        3/15/26        BB        1,825,587  
  1,750      

Builders FirstSource, Inc., 144A

    5.625%        9/01/24        B+        1,758,750  
  1,000      

Euramax International Inc., 144A

    12.000%        8/15/20        B–        1,057,500  
  750        

Hardwoods Acquisition Inc., 144A

    7.500%        8/01/21        B–        682,500  
   

Total Building Products

                               5,324,337  
          Capital Markets – 1.3%                           
  2,555      

Donnelley Financial Solutions, Inc.

    8.250%        10/15/24        B        2,705,106  
  2,500        

Oppenheimer Holdings Inc.

    6.750%        7/01/22        B+        2,568,750  
   

Total Capital Markets

                               5,273,856  
          Chemicals – 3.0%                           
  1,000      

Chemours Co

    5.375%        5/15/27        BB–        1,002,500  
  2,000      

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

    9.250%        6/15/23        B+        2,129,400  
  2,550      

FXI Holdings, Inc., 144A

    7.875%        11/01/24        B        2,497,406  
  1,000      

Hexion Inc., 144A

    10.375%        2/01/22        CCC+        967,500  
  1,000      

Hexion Inc.

    6.625%        4/15/20        CCC+        932,500  
  1,800      

Kissner Group Holdings LP, 144A

    8.375%        12/01/22        B        1,836,000  
  800      

Office Cherifien Des Phosphates SA, 144A

    5.625%        4/25/24        BBB–        844,000  
  2,500        

Tronox Inc., 144A, (WI/DD)

    6.500%        4/15/26        B–        2,500,000  
   

Total Chemicals

                               12,709,306  

 

1


JGH    Nuveen Global High Income Fund (continued)
   Portfolio of Investments    March 31, 2018
   (Unaudited)

 

Principal
Amount (000)
    (3)   Description (1)   Coupon      Maturity      Ratings (2)      Value  
          Commercial Services & Supplies – 4.5%                           
$ 2,250      

Advanced Disposal Services, Inc., 144A

    5.625%        11/15/24        B      $ 2,272,500  
  1,000      

APX Group, Inc.

    7.875%        12/01/22        B1        1,037,650  
  1,200      

Arch Merger Sub Inc., 144A

    8.500%        9/15/25        B–        1,110,000  
  2,000      

Brinks Company, 144A

    4.625%        10/15/27        BB+        1,855,000  
  3,000      

Cimpress NV, 144A

    7.000%        4/01/22        B+        3,127,500  
  2,755      

Covanta Holding Corporation

    5.875%        3/01/24        B1        2,699,900  
  1,265      

GFL Environmental Corporation, 144A

    5.625%        5/01/22        B–        1,265,000  
  2,250      

GFL Environmental Inc., 144A

    5.375%        3/01/23        B–        2,210,625  
  2,000      

Olympus Merger Sub, Inc., 144A

    8.500%        10/15/25        B3        1,935,000  
  1,500      

R.R. Donnelley & Sons Company

    6.500%        11/15/23        B        1,477,500  
  1,090     EUR  

Waste Italia SPA, 144A, (4)

    10.500%        11/15/19        N/R        20,118  
   

Total Commercial Services & Supplies

                               19,010,793  
          Communications Equipment – 0.5%                           
  2,000        

ViaSat Inc., 144A

    5.625%        9/15/25        BB–        1,925,600  
          Construction & Engineering – 1.4%                           
  1,000      

AECOM Technology Corporation.

    5.125%        3/15/27        BB–        966,250  
  2,500      

Michael Baker Holdings LLC Finance Corporation, 144A

    8.750%        3/01/23        Caa1        2,400,000  
  750      

New Enterprise Stone & Lime Co Inc., 144A

    6.250%        3/15/26        B+        750,937  
  1,100      

Shea Homes LP, 144A

    6.125%        4/01/25        BB–        1,112,375  
  500        

Tutor Perini Corporation, 144A

    6.875%        5/01/25        BB–        515,000  
   

Total Construction & Engineering

                               5,744,562  
          Construction Materials – 1.0%                           
  4,000        

Cemex SAB de CV, 144A

    5.700%        1/11/25        BB        4,102,000  
          Consumer Finance – 1.8%                           
  2,000      

Ally Financial Inc.

    4.625%        3/30/25        BB+        1,975,000  
  2,250      

Credit Acceptance Corporation

    7.375%        3/15/23        BB        2,342,812  
  2,000      

Enova International, Inc., 144A

    8.500%        9/01/24        B–        2,110,000  
  1,000        

Navient Corporation

    7.250%        9/25/23        BB        1,045,000  
   

Total Consumer Finance

                               7,472,812  
          Containers & Packaging – 0.7%                           
  1,938      

Reynolds Group

    5.750%        10/15/20        B+        1,962,443  
  1,000        

W/S Packaging Holdings Inc., 144A, (WI/DD)

    9.000%        4/15/23        B        1,015,000  
   

Total Containers & Packaging

                               2,977,443  
          Diversified Consumer Services – 1.3%                           
  1,965      

Nine West Holdings Incorporated, 144A

    8.250%        3/15/19        C        157,200  
  1,946      

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

    9.250%        5/15/23        B–        2,108,977  
  2,400     GBP  

Twinkle Pizza Holdings PLC, 144A

    6.625%        8/01/21        B2        3,132,767  
   

Total Diversified Consumer Services

                               5,398,944  
          Diversified Financial Services – 3.5%                           
  2,000      

CNG Holdings Inc., 144A

    9.375%        5/15/20        CCC        1,970,000  
  2,860      

Jefferies Finance LLC Corporation, 144A

    7.250%        8/15/24        BB–        2,822,534  
  1,750      

Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp., 144A

    5.250%        10/01/25        BB        1,658,125  
  1,980      

Park Aerospace Holdings Limited, 144A

    5.500%        2/15/24        BB        1,920,600  
  2,250      

Quicken Loans Inc., 144A

    5.250%        1/15/28        Ba1        2,103,750  
  1,470      

Stoneway Capital Corporation, 144A

    10.000%        3/01/27        B        1,596,905  
  2,540        

Ziggo Bond Finance B.V, 144A

    5.875%        1/15/25        B        2,400,300  
   

Total Diversified Financial Services

                               14,472,214  
          Diversified Telecommunication Services – 6.9%                           
  1,500      

CenturyLink Inc.

    5.800%        3/15/22        BB        1,464,375  
  1,000      

Consolidated Communications Finance Company

    6.500%        10/01/22        B–        893,300  
  2,000      

Embarq Corporation

    7.995%        6/01/36        BB        1,885,000  

 

2


Principal
Amount (000)
    (3)   Description (1)   Coupon      Maturity      Ratings (2)      Value  
          Diversified Telecommunication Services (continued)                           
$ 2,500      

Frontier Communications Corporation

    6.250%        9/15/21        B      $ 2,184,375  
  2,000      

Frontier Communications Corp, 144A

    8.500%        4/01/26        BB        1,940,000  
  2,250      

GCI Inc.

    6.875%        4/15/25        B+        2,356,875  
  1,905      

Inmarsat Finance PLC, 144A

    6.500%        10/01/24        BB+        1,933,575  
  2,500      

IntelSat Jackson Holdings, 144A

    8.000%        2/15/24        B1        2,628,125  
  750      

IntelSat Jackson Holdings

    7.250%        10/15/20        CCC+        693,750  
  2,150      

Level 3 Financing Inc.

    5.250%        3/15/26        BB        2,026,375  
  2,000      

Telecom Italia Capital

    7.200%        7/18/36        BBB–        2,345,000  
  2,400      

Telenet Finance Luxembourg Notes Sarl, 144A

    5.500%        3/01/28        BB        2,293,860  
  2,200      

Windstream Corporation

    6.375%        8/01/23        B        1,259,500  
  2,950      

Xplornet Communications, Inc., 144A, (Cash 9.625%, PIK 10.625%)

    9.625%        6/01/22        CCC        3,024,083  
  2,000        

Zayo Group LLC / Zayo Capital Inc., 144A

    5.750%        1/15/27        B        1,952,500  
   

Total Diversified Telecommunication Services

                               28,880,693  
          Electric Utilities – 1.4%                           
  2,500      

ACWA Power Management And Investment One Ltd, 144A

    5.950%        12/15/39        BBB–        2,575,450  
  2,020      

Intergen NV, 144A

    7.000%        6/30/23        B1        2,020,000  
  1,369        

Panoche Energy Center LLC, 144A

    6.885%        7/31/29        Baa3        1,351,249  
   

Total Electric Utilities

                               5,946,699  
          Electronic Equipment, Instruments & Components – 0.8%                           
  1,925      

Ingram Micro Inc.

    5.450%        12/15/24        BBB–        1,862,819  
  1,500        

Itron Inc., 144A

    5.000%        1/15/26        BB–        1,477,950  
   

Total Electronic Equipment, Instruments & Components

                               3,340,769  
          Energy Equipment & Services – 3.2%                           
  1,500      

Bristow Group Inc., 144A

    8.750%        3/01/23        B+        1,515,000  
  2,500      

Ensco PLC.

    7.750%        2/01/26        BB–        2,293,750  
  841      

Noble Holding International Limited

    7.750%        1/15/24        B        780,028  
  2,500      

Oceaneering International Inc.

    6.000%        2/01/28        BBB–        2,470,456  
  1,750      

Pacific Drilling V Limited, 144A, (4)

    7.250%        12/01/18        N/R        813,750  
  1,500      

Parker Drilling Company

    6.750%        7/15/22        B–        1,162,500  
  2,000      

Precision Drilling Corporation, 144A

    7.125%        1/15/26        BB        1,980,000  
  2,250        

Transocean Inc., 144A

    9.000%        7/15/23        B+        2,393,438  
   

Total Energy Equipment & Services

                               13,408,922  
          Equity Real Estate Investment Trusts – 1.4%                           
  1,250      

Communications Sales & Leasing Inc., 144A

    7.125%        12/15/24        BB–        1,131,250  
  3,500      

Geo Group Inc.

    6.000%        4/15/26        B+        3,430,000  
  1,250        

iStar Inc.

    5.250%        9/15/22        BB        1,209,375  
   

Total Equity Real Estate Investment Trusts

                               5,770,625  
          Food & Staples Retailing – 0.8%                           
  2,000      

Rite Aid Corporation, 144A

    6.125%        4/01/23        B        2,017,500  
  1,500        

Supervalu Inc.

    7.750%        11/15/22        B        1,443,750  
   

Total Food & Staples Retailing

                               3,461,250  
          Food Products – 2.9%                           
  2,500      

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

    5.625%        8/15/26        BB–        2,325,000  
  1,000      

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

    5.750%        6/15/25        B        932,500  
  2,000      

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

    6.750%        2/15/28        B        1,920,000  
  2,000      

Land O’ Lakes Incorporated, 144A

    7.250%        6/15/66        BB        2,230,000  
  2,000      

Marfrig Holding Europe BV, 144A

    8.000%        6/08/23        BB–        2,012,500  
  3,000        

Post Holdings Inc., 144A

    5.625%        1/15/28        B        2,865,000  
   

Total Food Products

                               12,285,000  
          Gas Utilities – 0.8%                           
  2,000      

Ferrellgas LP

    6.750%        1/15/22        B–        1,895,000  
  1,680        

Suburban Propane Partners LP

    5.500%        6/01/24        BB–        1,617,000  
   

Total Gas Utilities

                               3,512,000  

 

3


JGH    Nuveen Global High Income Fund (continued)
   Portfolio of Investments    March 31, 2018
   (Unaudited)

 

Principal
Amount (000)
    (3)   Description (1)   Coupon      Maturity      Ratings (2)      Value  
          Health Care Providers & Services – 2.8%                           
$ 1,250      

Community Health Systems, Inc.

    6.875%        2/01/22        Caa2      $ 723,438  
  3,355      

Community Health Systems, Inc.

    6.250%        3/31/23        B2        3,090,794  
  1,000      

HCA Inc.

    5.250%        6/15/26        BBB–        1,013,000  
  2,050      

Kindred Healthcare Inc.

    8.750%        1/15/23        B–        2,167,875  
  2,000      

Lifepoint Health Inc.

    5.375%        5/01/24        Ba2        1,955,000  
  2,000      

Tenet Healthcare Corp, 144A

    4.625%        7/15/24        BB–        1,922,500  
  1,000        

Tenet Healthcare Corporation

    6.750%        6/15/23        B–        978,750  
   

Total Health Care Providers & Services

                               11,851,357  
          Health Care Technology – 0.7%                           
  2,995        

Exela Intermediate LLC / Exela Financial Inc., 144A

    10.000%        7/15/23        B        3,028,694  
          Hotels, Restaurants & Leisure – 4.5%                           
  2,750      

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

    4.250%        5/15/24        Ba3        2,626,250  
  1,500      

Buena Vista Gaming Authority, 144A

    13.000%        4/01/23        B–        1,436,250  
  1,000      

Carlson Travel, Inc., 144A

    6.750%        12/16/23        B        997,500  
  1,500      

Carlson Travel, Inc., 144A

    9.500%        12/15/24        CCC+        1,400,625  
  2,000      

Golden Nugget, Inc., 144A

    6.750%        10/15/24        B3        2,015,000  
  1,500      

Golden Nugget, Inc., 144A

    8.750%        10/01/25        CCC+        1,556,250  
  1,000      

Grupo Posadas SAB de CV, 144A

    7.875%        6/30/22        B+        1,036,500  
  500      

MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer Inc.

    4.500%        1/15/28        BB–        468,900  
  1,000      

MGM Resorts International Inc.

    7.750%        3/15/22        BB        1,113,750  
  1,000      

Scientific Games International Inc., 144A

    5.000%        10/15/25        Ba3        972,500  
  2,000      

Viking Cruises Limited, 144A

    5.875%        9/15/27        B        1,895,000  
  1,500      

Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp, 144A

    5.250%        5/15/27        BB–        1,471,875  
  2,000        

Wynn Macau Limited, 144A

    5.500%        10/01/27        B+        1,960,000  
   

Total Hotels, Restaurants & Leisure

                               18,950,400  
          Household Durables – 2.5%                           
  3,000      

Apex Tool Group LLC / BC Mountain Finance Inc., 144A

    9.000%        2/15/23        B–        3,000,000  
  1,500      

Beazer Homes USA Inc.

    5.875%        10/15/27        B–        1,389,375  
  750      

M-I Homes Inc.

    5.625%        8/01/25        BB–        730,087  
  2,000      

New Home Company Inc.

    7.250%        4/01/22        B–        2,075,000  
  2,175      

William Lyon Homes Incorporated

    5.875%        1/31/25        B+        2,112,469  
  1,500     CAD  

Yellow Pages Digital & Media Solutions Inc., 144A

    10.000%        11/01/22        B+        1,184,655  
   

Total Household Durables

                               10,491,586  
          Independent Power & Renewable Electricity Producers – 2.2%                       
  2,000      

Calpine Corporation, 144A

    5.250%        6/01/26        BB+        1,930,000  
  1,250      

GenOn Energy Inc., (4)

    9.500%        10/15/18        N/R        1,000,000  
  2,000      

NRG Energy Inc., 144A

    5.750%        1/15/28        BB–        1,955,000  
  2,000      

Talen Energy Supply LLC, 144A

    9.500%        7/15/22        B+        1,940,000  
  2,500        

TerraForm Power Operating LLC, 144A

    5.000%        1/31/28        BB        2,371,875  
   

Total Independent Power & Renewable Electricity Producers

                               9,196,875  
          Industrial Conglomerates – 1.4%                           
  800      

Alfa SAB de CV, 144A

    5.250%        3/25/24        BBB–        831,000  
  2,250      

Icahn Enterprises Finance

    6.750%        2/01/24        BB+        2,289,375  
  2,000      

Stena International SA, 144A

    5.750%        3/01/24        BB–        1,867,500  
  1,050        

Techniplas, LLC, 144A

    10.000%        5/01/20        B–        892,500  
   

Total Industrial Conglomerates

                               5,880,375  
          Insurance – 0.3%                           
  1,500        

Genworth Holdings Inc.

    4.800%        2/15/24        B        1,222,500  
          Internet Software & Services – 0.8%                           
  2,500      

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

    8.625%        11/15/24        BB–        2,468,750  
  1,500        

Sungard Availability Services Capital, Inc., 144A

    8.750%        4/01/22        Caa2        930,000  
   

Total Internet Software & Services

                               3,398,750  

 

4


Principal
Amount (000)
    (3)   Description (1)   Coupon      Maturity      Ratings (2)      Value  
          IT Services – 1.2%                           
$ 1,355      

Booz Allen Hamilton Inc., 144A

    5.125%        5/01/25        B+      $ 1,321,125  
  2,000      

First Data Corporation, 144A

    5.750%        1/15/24        BB+        2,012,500  
  1,500        

First Data Corporation, 144A

    5.000%        1/15/24        BB+        1,500,000  
   

Total IT Services

                               4,833,625  
          Leisure Products – 0.5%                           
  2,100        

Mattel Inc., 144A

    6.750%        12/31/25        Ba2        2,053,170  
          Machinery – 1.7%                           
  1,500      

BlueLine Rental Finance Corp / BlueLine Rental LLC, 144A

    9.250%        3/15/24        B        1,608,270  
  1,500      

Dana Financing Luxembourg Sarl, 144A

    6.500%        6/01/26        BB+        1,560,000  
  2,300      

Navistar International Corporation, 144A

    6.625%        11/01/25        B–        2,300,000  
  1,750        

Wabash National Corp., 144A

    5.500%        10/01/25        B+        1,706,250  
   

Total Machinery

                               7,174,520  
          Marine – 0.9%                           
  2,900      

Eletson Holdings Inc., 144A

    9.625%        1/15/22        Caa2        1,595,000  
  1,000      

Navios Maritime Acquisition Corporation, 144A

    8.125%        11/15/21        B        817,500  
  1,500        

Navios Maritime Holdings Inc., 144A

    11.250%        8/15/22        B–        1,501,875  
   

Total Marine

                               3,914,375  
          Media – 8.4%                           
  2,000      

AMC Networks Inc.

    4.750%        8/01/25        BB        1,927,260  
  1,500      

CBS Radio, Inc., 144A

    7.250%        11/01/24        B–        1,528,125  
  2,000      

CCO Holdings LLC Finance Corporation, 144A

    5.500%        5/01/26        BB+        1,957,500  
  1,250      

CSC Holdings Inc., 144A

    5.375%        2/01/28        Ba2        1,180,737  
  1,250      

Dish DBS Corporation

    5.875%        11/15/24        BB        1,114,063  
  1,250      

Dish DBS Corporation

    7.750%        7/01/26        BB        1,176,563  
  1,500      

iHeartCommunications, Inc., (4)

    7.250%        10/15/27        C        270,000  
  1,500      

Lee Enterprises Inc., 144A

    9.500%        3/15/22        B2        1,567,500  
  829      

McClatchy Company

    9.000%        12/15/22        B1        863,196  
  750      

McGraw-Hill Global Education Holdings, 144A

    7.875%        5/15/24        BB+        717,015  
  2,000      

Meredith Corporation, 144A

    6.875%        2/01/26        B        2,052,500  
  1,750      

National CineMedia LLC

    6.000%        4/15/22        Ba3        1,767,500  
  1,650      

Neptune Finco Corporation, 144A

    10.125%        1/15/23        B2        1,831,500  
  1,260      

Neptune Finco Corporation, 144A

    10.875%        10/15/25        B2        1,480,487  
  1,550      

Quebecor Media Inc.

    5.750%        1/15/23        B+        1,588,750  
  2,250      

Radio One Inc., 144A

    7.375%        4/15/22        B        2,227,500  
  3,250      

SFR Group SA, 144A

    7.375%        5/01/26        B1        3,095,625  
  2,000      

Sirius XM Radio Inc., 144A

    5.375%        4/15/25        BB        1,985,000  
  1,255      

Unitymedia KabelBW GmbH, 144A

    6.125%        1/15/25        B+        1,316,181  
  3,500     CAD  

Videotron Limited, 144A

    5.625%        6/15/25        BB        2,863,841  
  2,500        

VTR Finance BV, 144A

    6.875%        1/15/24        BB–        2,603,775  
   

Total Media

                               35,114,618  
          Metals & Mining – 10.5%                           
  2,500      

AK Steel Corporation

    7.000%        3/15/27        B–        2,443,750  
  2,150      

Alcoa Nederland Holding BV, 144A

    6.750%        9/30/24        BB+        2,300,500  
  2,500      

Allegheny Technologies Inc.

    5.950%        1/15/21        B        2,550,000  
  1,500      

Anglogold Holdings PLC

    5.125%        8/01/22        Baa3        1,546,053  
  3,000      

Anglogold Holdings PLC

    6.500%        4/15/40        Baa3        3,133,117  
  565      

Century Aluminum Company, 144A

    7.500%        6/01/21        B+        574,888  
  1,500      

Cleveland-Cliffs Inc., 144A

    4.875%        1/15/24        BB–        1,455,000  
  1,000      

Constellium N.V, 144A

    6.625%        3/01/25        B–        1,012,500  
  3,150      

Eldorado Gold Corporation, 144A

    6.125%        12/15/20        B        2,992,500  
  1,000      

First Quantum Minerals Limited, 144A

    7.000%        2/15/21        B        1,002,500  
  3,000      

First Quantum Minerals Ltd, 144A

    6.875%        3/01/26        B        2,850,000  
  1,500      

FMG Resources, 144A

    4.750%        5/15/22        BB+        1,481,250  
  2,000      

FMG Resources, 144A

    5.125%        5/15/24        BB+        1,972,480  
  1,000      

Gold Fields Orogen Holdings BVI Limited, 144A

    4.875%        10/07/20        BB+        1,007,000  
  1,900      

Hudbay Minerals, Inc., 144A

    7.250%        1/15/23        B+        1,971,250  
  2,250      

IAMGOLD Corporation, 144A

    7.000%        4/15/25        B+        2,300,625  

 

5


JGH    Nuveen Global High Income Fund (continued)
   Portfolio of Investments    March 31, 2018
   (Unaudited)

 

Principal
Amount (000)
    (3)   Description (1)   Coupon      Maturity      Ratings (2)      Value  
          Metals & Mining (continued)                           
$ 2,000      

Northwest Acquisition/Dominion Finco Inc. , 144A

    7.125%        11/01/22        BB      $ 2,040,000  
  750      

Novelis Corporation, 144A

    5.875%        9/30/26        B        738,750  
  2,000      

SunCoke Energy Partners LP / SunCoke Energy Partners Finance Corp., 144A

    7.500%        6/15/25        BB–        2,060,000  
  1,000      

Taseko Mines Limited, 144A

    8.750%        6/15/22        B        1,042,500  
  1,922      

Teck Resources Limited

    4.750%        1/15/22        BB+        1,946,025  
  1,750      

United States Steel Corporation

    6.875%        8/15/25        BB–        1,798,125  
  2,485      

Vale Overseas Limited

    6.875%        11/10/39        BBB+        2,944,725  
  900        

Warrior Met Coal LLC, 144A

    8.000%        11/01/24        B        915,750  
   

Total Metals & Mining

                               44,079,288  
          Mortgage Real Estate Investment Trusts – 0.5%                           
  2,000        

Starwood Property Trust, 144A

    4.750%        3/15/25        BB–        1,950,000  
          Multiline Retail – 0.2%                           
  1,000        

J.C. Penney Corporation Inc.

    6.375%        10/15/36        B+        630,000  
          Oil, Gas & Consumable Fuels – 12.1%                           
  839      

Ascent Resources – Utica LLC / AEU Finance Corporation, 144A

    10.000%        4/01/22        B–        906,120  
  1,000     CAD  

Baytex Energy Corporation

    6.625%        7/19/22        BB–        754,841  
  500      

Bellatrix Exploration Limited, 144A

    8.500%        5/15/20        B+        406,250  
  2,732      

California Resources Corporation, 144A

    8.000%        12/15/22        CCC+        2,144,620  
  460      

California Resources Corporation

    6.000%        11/15/24        CCC–        280,600  
  1,185      

Calumet Specialty Products

    6.500%        4/15/21        CCC+        1,149,450  
  3,000      

Chesapeake Energy Corporation, 144A

    8.000%        6/15/27        CCC+        2,865,000  
  700      

Cloud Peak Energy Resources LLC and Cloud Peak Energy Finance Corporation

    12.000%        11/01/21        B–        728,000  
  1,500      

Denbury Resources Inc., 144A

    9.000%        5/15/21        B        1,537,500  
  1,000      

Denbury Resources Incorporated

    4.625%        7/15/23        CCC–        740,000  
  1,600      

DOF Subsea AS, 144A, Reg S

    9.500%        3/14/22        N/R        1,516,040  
  1,500      

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

    8.000%        2/15/25        Caa2        1,001,250  
  1,000      

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

    9.375%        5/01/24        Caa2        711,250  
  1,250      

GasLog Limited

    8.875%        3/22/22        N/R        1,296,875  
  2,100      

Genesis Energy LP

    6.500%        10/01/25        BB–        2,058,000  
  1,000      

Gulfport Energy Corporation

    6.375%        5/15/25        BB–        962,500  
  1,000      

Moss Creek Resources Holdings, 14AA

    7.500%        1/15/26        B+        1,008,450  
  3,000      

Shelf Drill Holdings Limited, 144A

    8.250%        2/15/25        B2        3,007,500  
  2,000      

Petroleos Mexicanos, 144A

    5.350%        2/12/28        BBB+        1,960,000  
  2,090      

Par Petroleum LLC / Petroleum Finance Corp, 144A

    7.750%        12/15/25        BB–        2,095,225  
  2,655      

PBF Holding Company LLC.

    7.250%        6/15/25        BB        2,757,881  
  1,175      

Peabody Securities Finance Corporation, 144A

    6.375%        3/31/25        BB        1,219,063  
  4,000      

Pertamina Persero PT, 144A

    4.875%        5/03/22        Baa2        4,126,532  
  3,250      

Petrobras Global Finance BV

    7.375%        1/17/27        Ba2        3,518,125  
  1,000      

Sanchez Energy Corp, 144A

    7.250%        2/15/23        BB–        1,005,000  
  1,500      

Sanchez Energy Corporation

    7.750%        6/15/21        B–        1,380,000  
  1,250      

Seadrill Limited, 144A, (4)

    6.625%        9/15/20        N/R        300,000  
  3,000      

Southwestern Energy Company

    7.500%        4/01/26        BB        3,030,000  
  2,000      

Sunoco LP / Sunoco Finance Corp, 144A

    4.875%        1/15/23        BB        1,927,500  
  1,750      

Ultra Resources, Inc., 144A

    7.125%        4/15/25        BB        1,435,000  
  1,715      

W&T Offshore, Inc.

    8.500%        6/15/19        CC        1,637,825  
  1,250        

Whiting Petroleum Corporation, 144A

    6.625%        1/15/26        BB–        1,259,375  
   

Total Oil, Gas & Consumable Fuels

                               50,725,772  
          Personal Products – 0.6%                           
  2,590        

Coty Inc., 144A, (WI/DD)

    6.500%        4/15/26        BB        2,602,950  
          Pharmaceuticals – 2.3%                           
  1,795      

Endo Finance LLC, 144A

    5.375%        1/31/23        B3        1,359,713  
  3,500      

Teva Pharmaceutical Finance Netherlands III BV, 144A

    6.750%        3/01/28        BB        3,453,316  
  2,500      

Valeant Pharmaceuticals International, 144A

    5.500%        11/01/25        BB–        2,433,750  
  2,500        

VRX Escrow Corp., 144A

    5.875%        5/15/23        B–        2,218,750  
   

Total Pharmaceuticals

                               9,465,529  

 

6


Principal
Amount (000)
    (3)   Description (1)   Coupon      Maturity      Ratings (2)      Value  
          Real Estate Management & Development – 1.9%                           
$ 1,375      

Kennedy-Wilson Holdings Incorporated

    5.875%        4/01/24        BB      $ 1,362,969  
  3,008      

Mattamy Group Corporation, 144A

    6.500%        10/01/25        BB        3,038,080  
  3,700        

Hunt Companies Inc., 144A

    6.250%        2/15/26        BB–        3,571,869  
   

Total Real Estate Management & Development

                               7,972,918  
          Road & Rail – 2.8%                           
  1,500      

Avis Budget Car Rental, 144A

    5.125%        6/01/22        BB–        1,500,075  
  2,318      

Herc Rentals, Inc., 144A

    7.750%        6/01/24        B+        2,509,235  
  1,210      

Rumo Luxembourg Sarl, 144A

    7.375%        2/09/24        BB–        1,294,942  
  3,610      

The Hertz Corporation, 144A

    7.625%        6/01/22        BB–        3,650,613  
  2,500        

XPO CNW, Inc.

    6.700%        5/01/34        B        2,606,250  
   

Total Road & Rail

                               11,561,115  
          Software – 0.2%                           
  856        

SixSigma Networks Mexico SA de CV, 144A

    8.250%        11/07/21        BB–        900,940  
          Specialty Retail – 1.8%                           
  1,500      

goeasy Ltd, 144A

    7.875%        11/01/22        BB–        1,608,300  
  1,750      

L Brands, Inc.

    6.875%        11/01/35        BB+        1,697,500  
  1,000      

PetSmart, Inc., 144A

    8.875%        6/01/25        Caa1        570,000  
  1,500      

PetSmart, Inc., 144A

    5.875%        6/01/25        B1        1,083,750  
  2,000      

Rent-A-Center, Inc.

    4.750%        5/01/21        B3        1,770,000  
  1,000        

Sonic Automotive Inc.

    6.125%        3/15/27        B+        965,000  
   

Total Specialty Retail

                               7,694,550  
          Technology Hardware, Storage & Peripherals – 1.7%                           
  4,000      

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

    7.125%        6/15/24        BB+        4,270,000  
  1,190      

NCR Corporation

    6.375%        12/15/23        BB        1,234,625  
  1,500        

Seagate HDD Cayman

    4.875%        6/01/27        Baa3        1,420,654  
   

Total Technology Hardware, Storage & Peripherals

                               6,925,279  
          Tobacco – 0.3%                           
  1,250        

Vector Group Limited, 144A

    6.125%        2/01/25        BB–        1,250,000  
          Trading Companies & Distributors – 0.4%                           
  1,500        

Avation Capital SA, 144A

    7.500%        5/27/20        BB–        1,492,500  
          Transportation Infrastructure – 0.8%                           
  2,000      

Hidrovias International Finance SARL, 144A

    5.950%        1/24/25        BB        1,980,400  
  1,500        

Navigator Holdings Limited, 144A, Reg S

    7.750%        2/10/21        N/R        1,466,112  
   

Total Transportation Infrastructure

                               3,446,512  
          Wireless Telecommunication Services – 4.6%                           
  1,900      

C&W SR Financing Designated Activity Co, 144A

    6.875%        9/15/27        BB–        1,895,250  
  800      

Colombia Telecommunicaciones S.A. ESP, 144A

    5.375%        9/27/22        BB+        808,408  
  2,500      

Digicel Limited, 144A

    6.000%        4/15/21        B1        2,346,875  
  2,250      

Hughes Satellite Systems Corporation

    6.625%        8/01/26        BB–        2,250,000  
  1,500      

Millicom International Cellular SA, 144A

    5.125%        1/15/28        BB+        1,430,625  
  3,250      

Sprint Capital Corporation

    6.875%        11/15/28        B+        3,034,687  
  1,000      

Sprint Communications Inc., 144A

    7.000%        3/01/20        BB        1,050,000  
  1,000      

Sprint Corp

    7.625%        3/01/26        B+        976,250  
  3,000      

Sprint Spectrum Co LLC / Sprint Spectrum Co II LLC / Sprint Spectrum Co III LLC, 144A

    5.152%        3/20/28        Baa2        3,015,000  
  2,500        

UPC Holding BV, 144A

    5.500%        1/15/28        B        2,306,250  
   

Total Wireless Telecommunication Services

                               19,113,345  
   

Total Corporate Bonds (cost $489,342,487)

                               476,555,353  

 

7


JGH    Nuveen Global High Income Fund (continued)
   Portfolio of Investments    March 31, 2018
   (Unaudited)

 

Principal
Amount (000)
         Description (1), (5)   Coupon      Maturity      Ratings (2)      Value  
   

CONTINGENT CAPITAL SECURITIES – 8.5% (6.1% of Total Investments)

 

          Banks – 6.2%                           
$ 1,200      

Banco Bilbao Vizcaya Argentaria S.A

    6.125%        N/A (6)        Ba2      $ 1,163,400  
  3,240      

Barclays PLC

    8.250%        N/A (6)        BB+        3,343,032  
  2,215      

Credit Agricole SA, 144A

    8.125%        N/A (6)        BBB–        2,523,301  
  2,000      

Credit Agricole, S.A, 144A

    6.625%        N/A (6)        BBB–        2,052,500  
  2,000      

HSBC Holdings PLC

    6.875%        N/A (6)        BBB        2,112,500  
  2,500      

Intesa Sanpaolo SpA, 144A

    7.700%        N/A (6)        BB–        2,618,750  
  3,705      

Lloyds Banking Group PLC

    7.500%        N/A (6)        Baa3        4,015,294  
  475      

Nordea Bank AB, 144A

    6.125%        N/A (6)        BBB        491,031  
  3,000      

Royal Bank of Scotland Group PLC

    7.500%        N/A (6)        Ba3        3,120,000  
  4,300        

UniCredit SpA, Reg S

    8.000%        N/A (6)        B+        4,477,375  
  24,635        

Total Banks

                               25,917,183  
          Capital Markets – 1.9%                           
  1,500      

Credit Suisse Group AG, 144A

    7.500%        N/A (6)        BB        1,624,029  
  2,000      

Deutsche Bank AG, Reg S

    6.250%        N/A (6)        BB–        1,952,776  
  2,000      

Macquarie Bank Limited, 144A

    6.125%        N/A (6)        Ba1        1,952,500  
  2,500        

UBS Group AG, Reg S

    7.000%        N/A (6)        BBB–        2,687,500  
  8,000        

Total Capital Markets

                               8,216,805  
          Diversified Financial Services – 0.4%                           
  1,500        

BNP Paribas, 144A

    7.625%        N/A (6)        BBB–        1,610,625  
$ 34,135        

Total Contingent Capital Securities (cost $34,326,030)

                               35,744,613  
Principal
Amount (000)
         Description (1)   Coupon      Maturity      Ratings (2)      Value  
   

$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 7.7% (5.5% of Total Investments)

 

          Automobiles – 0.7%                           
$ 3,000        

General Motors Financial Company Inc.

    5.750%        N/A (6)        BB+      $ 2,947,500  
          Banks – 2.6%                           
  3,000      

Bank of America Corp

    5.875%        N/A (6)        BBB–        3,018,925  
  2,250      

CIT Group Inc., Series A

    5.800%        N/A (6)        B+        2,250,000  
  1,385      

Citigroup Inc.

    5.875%        N/A (6)        BB+        1,430,013  
  2,000      

Dresdner Funding Trust, 144A

    8.151%        6/30/31        BB+        2,535,000  
  1,320        

JPMorgan Chase & Company

    6.750%        N/A (6)        BBB–        1,440,120  
  9,955        

Total Banks

                               10,674,058  
          Capital Markets – 0.7%                           
  3,000        

Morgan Stanley

    5.550%        N/A (6)        BB+        3,093,060  
          Commercial Services & Supplies – 0.4%                           
  1,500        

AerCap Global Aviation Trust, 144A

    6.500%        6/15/45        Ba1        1,618,125  
          Food Products – 0.4%                           
  1,500        

Land O’ Lakes Incorporated, 144A

    8.000%        9/15/66        BB        1,681,875  
          Insurance – 1.0%                           
  2,000      

La Mondiale SAM, Reg S

    7.625%        N/A (6)        BBB        2,067,500  
  2,000        

QBE Insurance Group Limited, Reg S

    6.750%        12/02/44        BBB        2,167,500  
  4,000        

Total Insurance

                               4,235,000  
          Oil, Gas & Consumable Fuels – 1.3%                           
  2,000      

Buckeye Partners LP.

    6.375%        1/22/78        Ba1        1,976,150  
  1,750      

Enbridge Inc.

    6.000%        1/15/77        BBB–        1,723,750  
  1,750        

Plains All American Pipeline L.P

    6.125%        N/A (6)        BB        1,688,750  
  5,500        

Total Oil, Gas & Consumable Fuels

                               5,388,650  

 

8


Principal
Amount (000)
         Description (1)   Coupon      Maturity      Ratings (2)      Value  
          Wireless Telecommunication Services – 0.6%                           
$ 2,500        

Colombia Telecommunicaciones S.A. ESP, 144A

    8.500%        N/A (6)        B+      $ 2,596,250  
$ 30,955        

Total $1,000 Par (or similar) Institutional Preferred (cost $31,414,870)

 

                       32,234,518  
Principal
Amount (000)
         Description (1)   Coupon      Maturity      Ratings (2)      Value  
   

SOVEREIGN DEBT – 6.1% (4.3% of Total Investments)

          
          Argentina – 0.9%                           
$ 1,000      

Republic of Argentina

    6.875%        4/22/21        B+      $ 1,060,000  
  2,350        

Republic of Argentina

    7.500%        4/22/26        B+        2,509,800  
  3,350        

Total Argentina

                               3,569,800  
          Costa Rica – 0.8%                           
  400      

Republic of Costa Rica, 144A

    7.000%        4/04/44        Ba2        412,800  
  2,900        

Republic of Costa Rica, 144A

    4.250%        1/26/23        Ba2        2,789,800  
  3,300        

Total Costa Rica

                               3,202,600  
          Dominican Republic – 0.7%                           
  3,000        

Dominican Republic, 144A

    5.500%        1/27/25        BB–        3,086,880  
          Egypt – 0.6%                           
  2,500        

Arab Republic of Egypt, 144A

    5.875%        6/11/25        B        2,510,950  
          El Salvador – 0.5%                           
  2,100        

Republic of El Salvador, 144A

    7.750%        1/24/23        B3        2,286,102  
          Honduras – 0.5%                           
  1,000      

Honduras Government, 144A

    8.750%        12/16/20        BB–        1,104,890  
  1,000        

Honduras Government, 144A

    6.250%        1/19/27        BB–        1,056,970  
  2,000        

Total Honduras

                               2,161,860  
          Oman – 0.5%                           
  2,000        

Oman Government International Bond, 144A

    5.625%        1/17/28        Baa3        1,950,000  
          South Africa – 0.4%                           
  1,500        

Republic of South Africa

    5.875%        9/16/25        Baa3        1,597,425  
          Sri Lanka – 0.7%                           
  3,000        

Republic of Sri Lanka, 144A

    6.125%        6/03/25        B+        2,988,234  
          Turkey – 0.5%                           
  2,000        

Republic of Turkey, Government Bond

    5.750%        3/22/24        BB+        2,050,000  
$ 24,750        

Total Sovereign Debt (cost $25,442,361)

                               25,403,851  
Shares          Description (1)   Coupon              Ratings (2)      Value  
   

$25 PAR (OR SIMILAR) RETAIL PREFERRED – 0.8% (0.6% of Total Investments)

 

          Banks – 0.1%                           
  10,786        

Zions Bancorporation

    6.300%                 BB      $ 290,683  
          Equity Real Estate Investment Trusts – 0.1%                           
  13,000        

Colony Northstar, Inc.

    8.750%                 N/R        325,650  
          Food Products – 0.3%                           
  50,000        

CHS Inc.

    7.100%                 N/R        1,405,000  

 

9


JGH    Nuveen Global High Income Fund (continued)
   Portfolio of Investments    March 31, 2018
   (Unaudited)

 

Shares          Description (1)   Coupon              Ratings (2)      Value  
          Oil, Gas & Consumable Fuels – 0.3%                           
  60,000        

Nustar Energy LP

    8.500%                 B1      $ 1,389,600  
   

Total $25 Par (or similar) Retail Preferred (cost $3,478,692)

                               3,410,933  
Principal
Amount (000)
         Description (1)   Coupon      Maturity      Ratings (2)      Value  
   

CONVERTIBLE BONDS – 0.4% (0.2% of Total Investments)

          
          Capital Markets – 0.4%                           
$ 1,500        

Prospect Capital Corporation

    4.950%        7/15/22        BBB–      $ 1,496,517  
$ 1,500        

Total Convertible Bonds (cost $1,479,053)

                               1,496,517  
Shares          Description (1)   Coupon              Ratings (2)      Value  
   

CONVERTIBLE PREFERRED SECURITIES – 0.2% (0.1% of Total Investments)

 

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

Anadarko Petroleum Corporation

    7.500%                 N/R      $ 596,000  
   

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

                               596,000  
Shares          Description (1)                           Value  
   

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

          
          Energy Equipment & Services – 0.0%                           
  722        

Key Energy Services Inc.

                             $ 8,462  
          Oil, Gas & Consumable Fuels – 0.1%                           
  13,236      

Penn Virginia Corporation

             463,790  
  2,418        

Vanguard Natural Resources, LLC, (7)

                               22,608  
   

Total Oil, Gas & Consumable Fuels

                               486,398  
   

Total Common Stocks (cost $2,425,986)

                               494,860  
   

Total Long-Term Investments (cost $588,909,479)

                               575,936,645  
Principal
Amount (000)
         Description (1)   Coupon      Maturity              Value  
          SHORT-TERM INVESTMENTS – 2.5% (1.8% of Total Investments)  
          REPURCHASE AGREEMENTS – 2.5% (1.8% of Total Investments)  
$ 10,264        

Repurchase Agreement with Fixed Income
Clearing Corporation, dated 3/29/18, repurchase price $10,265,155, collateralized by $10,730,000 U.S. Treasury Notes, 2.125%, due 9/30/24, value $10,473,585

    0.740%        4/02/18               $ 10,264,311  
   

Total Short-Term Investments (cost $10,264,311)

                               10,264,311  
   

Total Investments (cost $599,173,790) – 140.2%

                               586,200,956  
   

Borrowings – (41.9)% (8), (9)

                               (175,200,000
   

Other Assets Less Liabilities – 1.7% (10)

                               7,245,411  
   

Net Assets – 100%

                             $ 418,246,367  

 

10


Investments in Derivatives

Forward Foreign Currency Contracts

 

Currency Purchased    Notional
Amount
(Local Currency)
     Currency Sold      Notional
Amount
(Local Currency)
     Counterparty      Settlement
Date
     Unrealized
Appreciation
(Depreciation)
 

U.S. Dollar

   $ 3,145,538        Pound Sterling      $ 2,260,000        Bank of America, N.A.        4/27/18      $ (28,339

U.S. Dollar

     4,785,537        Canadian Dollar        6,175,979        Goldman Sachs Bank USA        4/27/18        (10,536

Total

   $ 7,931,075               $ 8,435,979                        $ (38,875

Futures Contracts

 

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

U.S. Treasury 10-Year Note

     Short        (92      6/18      $ (11,077,876    $ (11,144,938    $ (67,061    $ (21,563

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
    Maturity
Date
    Value     Unrealized
Appreciation
(Depreciation)
 

Morgan Stanley Capital Services LLC

  $ 87,400,000       Receive     1-Month LIBOR     1.994     Monthly       6/01/18       7/01/25       7/01/27     $ 3,049,813     $ 3,049,813  

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:

 

11


JGH    Nuveen Global High Income Fund (continued)
   Portfolio of Investments    March 31, 2018
   (Unaudited)

 

 

      Level 1      Level 2      Level 3      Total  

Long-Term Investments:

           

Corporate Bonds

   $      $ 476,555,353      $         —      $ 476,555,353  

Contingent Capital Securities

            35,744,613               35,744,613  

$1,000 Par (or similar) Institutional Preferred

            32,234,518               32,234,518  

Sovereign Debt

            25,403,851               25,403,851  

$25 Par (or similar) Retail Preferred

     3,410,933                      3,410,933  

Convertible Bonds

            1,496,517               1,496,517  

Convertible Preferred Securities

     596,000                      596,000  

Common Stocks

     494,860                      494,860  

Short-Term Investments:

           

Repurchase Agreements

            10,264,311                —        10,264,311  

Investments in Derivatives:

           

Forward Foreign Currency Contracts*

            (38,875             (38,875

Futures Contracts*

     (67,061                    (67,061

Interest Rate Swaps*

            3,049,813               3,049,813  

Total

   $ 4,434,732      $ 584,710,101      $      $ 589,144,833  
* 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 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.

The tables below present the cost and unrealized appreciation (depreciation) of the Fund’s investment portfolio, as determined on a federal income tax basis, as of March 31, 2018.

For purposes of this disclosure, derivative tax cost is generally the sum of any upfront fees or premiums exchanged and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting. If a particular derivative category does not disclose any tax unrealized appreciation or depreciation, the change in value of those derivatives have generally been fully realized for tax purposes.

 

Tax cost of investments

     $ 600,304,168  

Gross unrealized:

    

Appreciation

     $ 10,859,622  

Depreciation

       (24,962,834

Net unrealized appreciation (depreciation) of investments

     $ (14,103,212
    

Tax cost of forwards

     $ (38,875

Net unrealized appreciation (depreciation) on forwards

        
    

Tax cost of futures contracts

     $ (67,061

Net unrealized appreciation (depreciation) on futures contracts

        
    

Tax cost of swaps

     $  

Net unrealized appreciation (depreciation) on swaps

       3,049,813  

 

12


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) 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.

 

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

 

(4) 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.

 

(5) Contingent Capital Securities (“CoCos”) are hybrid securities with loss absorption characteristics built into the terms 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.

 

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

 

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

 

(8) Borrowings as a percentage of Total Investments is 29.9%.

 

(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 unrealized appreciation (depreciation) of 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.

 

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.

 

CAD Canadian Dollar

 

EUR Euro

 

GBP British Pound Sterling

 

LIBOR London Inter-Bank Offered Rate

 

PIK Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period.

 

Reg S Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States.

 

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

 

 

13


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, 2018

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, 2018      
By (Signature and Title)    /s/ Stephen D. Foy                                                                    
   Stephen D. Foy   
   Vice President and Controller (principal financial officer)   
Date: May 30, 2018