UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number   811-22988

Nuveen Global High Income Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end:    December 31                                

Date of reporting period:    December 31, 2020                   

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

Closed-End Funds

31 December 2020

Nuveen Closed-End Funds

JGH Nuveen Global High Income Fund

As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will not be sent to you by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (www.nuveen.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting the financial intermediary (such as a broker-dealer or bank) through which you hold your Fund shares or, if you are a direct investor, by enrolling at www.nuveen.com/e-reports.

You may elect to receive all future shareholder reports in paper free of charge at any time by contacting your financial intermediary or, if you are a direct investor, by calling 800-257-8787 and selecting option #2 or (ii) by logging into your Investor Center account at www.computershare.com/investor and clicking on “Communication Preferences”. Your election to receive reports in paper will apply to all funds held in your account with your financial intermediary or, if you are a direct investor, to all your directly held Nuveen Funds and any other directly held funds within the same group of related investment companies.

Annual Report

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Table of Contents

Chair’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Fund Leverage	9
Common Share Information	11
Performance Overview and Holding Summaries	14
Report of Independent Registered Public Accounting Firm	16
Portfolio of Investments	17
Statement of Assets and Liabilities	31
Statement of Operations	32
Statement of Changes in Net Assets	33
Statement of Cash Flows	34
Financial Highlights	36
Notes to Financial Statements	38
Shareholder Update	47
Additional Fund Information	64
Glossary of Terms Used in this Report	65
Board Members & Officers	66

3

Chair’s Letter to Shareholders

Dear Shareholders,

The rollout of COVID-19 vaccines has kindled the promise of a more normal economy in 2021. Until then, the economic shortfall is expected to be bridged by a combination of fiscal relief measures and easier financial conditions aimed at supporting individuals, businesses and state and local governments. The measures taken to date have already helped the U.S. economy make a significant, although incomplete, turnaround from the depths of a historic recession. In late December 2020, the U.S. government enacted another $900 billion in aid to individuals and businesses, extending some of the programs enacted earlier in the COVID-19 crisis, and more stimulus is anticipated. The U.S. Federal Reserve, along with other central banks around the world, have pledged to keep monetary conditions accommodative for as long as necessary.

While the markets’ longer-term outlook has brightened, we expect intermittent bouts of volatility to continue. COVID-19 cases are still alarmingly high in some regions, and recent economic indicators have shown the dampening effect of renewed restrictions on social and business activity in the latter months of 2020. The pandemic’s course can still be unpredictable, and achieving sufficient inoculation of the population depends on many variables, including logistics, public confidence, real-world efficacy and the emergence of variant virus strains. Additionally, the Biden administration’s full policy agenda and the potential for Congressional gridlock remain to be seen, which could cause investment outlooks to shift. Nevertheless, short-term market fluctuations can provide opportunities to invest in new ideas as well as upgrade existing positioning, within our goal of providing long-term value for our shareholders. For more than 120 years, the careful consideration of risk and reward has guided Nuveen’s focus on delivering long-term results to our shareholders.

The beginning of the year can be an opportune time to assess your portfolio’s resilience and readiness for what may come next. We encourage you to review your time horizon, risk tolerance and investment goals with your financial professional. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

Terence J. Toth

Chair of the Board

February 22, 2021

4

Portfolio Managers’ Comments

Nuveen Global High Income Fund (JGH)

Nuveen Global High Income Fund (JGH) features portfolio management by Nuveen Asset Management, LLC (NAM) an affiliate of Nuveen Fund Advisors, LLC, the Fund’s investment adviser. The Fund’s portfolio managers are Kevin Lorenz, CFA, Anders S. Persson, CFA, and Jacob J. Fitzpatrick, CFA.

Portfolio Manager Changes

Effective August 17, 2020, Jacob J. Fitzpatrick, CFA, was added as portfolio manager and Michael Ainge, CFA, no longer serves as portfolio manager of the Fund.

Here the Fund’s portfolio management team discusses economic and market conditions, key investment strategies and the Fund’s performance for the twelve-month reporting period ended December 31, 2020.

What factors affected the U.S. economy and financial markets during the twelve-month reporting period ended December 31, 2020?

The U.S. economy rebounded more quickly than expected from the deep downturn caused by the COVID-19 crisis and containment measures, but it was not fully recovered by the year’s end. U.S. gross domestic product (GDP) grew 4.0% on an annualized basis in the fourth quarter of 2020 and 33.1% (annualized) in the third quarter, but remained down 3.5% in 2020 overall (from the 2019 annual level to the 2020 annual level) as measured by the Bureau of Economic Analysis “advance” estimate. GDP measures the value of goods and services produced by the nation’s economy less the value of the goods and services used up in production, adjusted for price changes. The economy fell into a deep recession in February 2020 due to the restrictions on business and social activity to mitigate the COVID-19 spread. In the first and second quarters of 2020, annualized GDP shrank 5% and 31.4%, respectively. Government relief programs provided significant aid to individuals and businesses as the economy began reopening in May 2020, which helped the economy bounce back strongly over the second half of the year.

Consumer spending, the largest driver of the economy, remained resilient despite the disruption caused by the health and economic crisis. Consumer spending declined significantly and unemployment rose sharply starting in March 2020. These measures rebounded markedly in the second half of the year, although the momentum slowed toward year end amid a resurgence of coronavirus infections. The Bureau of Labor Statistics said the unemployment rate rose to 6.7% in December 2020 from 3.6% in December 2019. As of December 2020, slightly more than half of the 22 million jobs lost in March and April 2020 have been recovered. The average hourly earnings rate appeared to increase, growing at an annualized rate of 5.1% in December 2020, despite the spike in unemployment. Earnings data was skewed by the concentration of job losses in lower-wage work, which effectively eliminated most of the low-wage data, resulting in an average of mostly higher numbers. The overall trend of inflation remained muted, as decreases in gasoline, apparel and transportation prices offset an increase in food prices. The Bureau of Labor Statistics said the Consumer Price Index (CPI) increased 1.4% over the twelve-month reporting period ended December 31, 2020 before seasonal adjustment.

Prior to the COVID-19 crisis recession, the U.S. Federal Reserve (the Fed) had reduced its benchmark interest rate to support the economy’s slowing growth. The Fed also stopped shrinking its bond portfolio sooner than scheduled and began buying short-term Treasury bills to help money markets operate smoothly and maintain short-term borrowing rates at low levels. As the health and economic crisis deepened, the Fed enacted an array of emergency measures in March 2020 to stabilize the financial system and support the markets, including cutting its main interest rate to near zero, offering lending programs to aid small and large companies and allowing unlimited bond purchases, known as quantitative easing. In August 2020, the Fed announced a change in inflation policy to average inflation targeting.

5

Portfolio Managers’ Comments (continued)

Under this regime, the Fed will tolerate the inflation rate temporarily overshooting the target rate to offset periods of below-target inflation, so that inflation averages a 2% rate over time. Fed officials remained cautious, acknowledging the economy’s improvement but concerned about near-term weakness, and left policy unchanged over the remainder of their meetings in 2020.

In March and April 2020, the U.S. government approved three aid packages. These included $2 trillion allocated across direct payments to Americans, an expansion of unemployment insurance, loans to large and small businesses, funding to hospitals and health agencies and support to state and local governments, and more than $100 billion in funding to health agencies and employers offering paid leave. In December 2020, the government enacted a $900 billion relief package extending some of these programs. With Joe Biden winning the U.S. presidential election in November 2020, more fiscal stimulus is anticipated in 2021.

The COVID-19 crisis rapidly dwarfed all other market concerns starting in late February 2020. Equity and commodity markets sold off and safe-haven assets rallied in March 2020 as China, other countries and then the United States initiated quarantines, restricted travel and shuttered factories and businesses. The potential economic shock was particularly difficult to assess, which amplified market volatility. An ill-timed oil price war between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC member Russia, which caused oil prices to plunge in March 2020, exacerbated the market sell-off. At year end, the announcement of high efficacy rates in several COVID-19 vaccine trials, followed by regulatory authorizations and public vaccination drives across Western countries, improved the outlook for 2021 and led to risk-on sentiment in the markets.

Geopolitical uncertainty remained elevated during 2020 in anticipation of the U.S. presidential election in November 2020 and the Brexit transition period set to expire in December 2020. Political risks eased somewhat toward the end of the reporting period, as markets ultimately viewed a Biden administration positively and the European Union (EU) and United Kingdom (U.K.) finalized a trade deal in the final days of the transition period. Although China and the U.S. signed a “phase one” trade deal in January 2020, tensions continued to flare over other trade and technology/security issues, Hong Kong’s sovereignty and the management of the COVID-19 crisis.

What key strategies were used to manage the Fund during this twelve-month reporting period ended December 31, 2020?

The Fund’s investment objective is to seek a high level of current income. In an effort to achieve this objective, the Fund is invested using NAM’s diversified global high income strategy, which invests in a portfolio of high yield (below investment grade) bonds and other income producing securities from around the world and across the capital structure and credit spectrum. The Fund is allowed to invest in the following security types: U.S. high yield bonds, non-U.S. high yield bonds from developed and emerging markets and other income producing investments such as preferred and convertible securities. The Fund’s mandate is to invest at least 65% of managed assets in securities rated lower than investment grade at the time of purchase or, if non-rated, judged to be of comparable quality by the management team. At least 40% of the Fund’s assets will be invested in securities issued by non-U.S. entities and up to 25% will be invested in debt obligations from issuers located in emerging market (EM) countries. Up to 15% of the Fund’s assets may be in unhedged non-U.S. dollar-denominated securities.

In addition, the Fund may use derivatives as part of its management strategy and will typically use leverage. Derivatives related to foreign currencies will only be used to hedge the currency risk of the Fund’s investments in non-U.S. dollar denominated securities, while other derivative types may be used to manage the Fund’s interest rate sensitivity or in an effort to increase the Fund’s yield or enhance returns.

How did the Fund perform during this twelve-month reporting period ended December 31, 2020?

The table in the Performance Overview and Holding Summaries section of this report provides total returns at net asset value (NAV) for the period ended December 31, 2020. The Fund’s total returns on NAV are compared with the performance of a corresponding market index.

6

For the twelve-month reporting period ended December 31, 2020, the Fund’s total return NAV underperformed the Bloomberg Barclays Global High Yield Hedged Index.

The high yield market started 2020 supported by dovish central banks and stable credit fundamentals, while capital from around the globe continued to flow into the asset class in the hunt for yield. However, the full scale global pandemic led to a near complete shutdown of the capital markets in March 2020, which was exacerbated by the sharp drop in crude oil prices. Together these forces drove a spike in risk premiums and high yield outflows, with global high yield spreads peaking at 1,192 basis points over Treasuries during the reporting period’s widest point in March 2020. However, the immediate response by policymakers to support healthy market and economic functioning helped stabilize the high yield market. Investors took courage from these steps resulting in sizable inflows back into the high yield market over the remainder of the reporting period. These inflows were met with the largest net new issuance on record as companies aimed to optimize their capital structure, although approximately two-thirds of 2020’s new issuance was related to refinancings. Over the remainder of the reporting period, the high yield market continued to be supported by accommodative policies, gradual reopenings and falling unemployment, helping default activity to ease substantially from the elevated levels seen earlier in 2020. After the segment’s significant underperformance in March 2020, global high yield spreads retraced to 409 basis points over Treasuries by the end of the reporting period and the market ended the reporting period with a 5.73% annual return as measured by the Bloomberg Barclays Global High Yield Hedged Index.

In the emerging market (EM) bond segment, markets also experienced a sharp reversal in risk sentiment as the implications of the COVID-19 crisis took hold. Spreads widened dramatically as outflows hit record levels, causing substantial underperformance early in the reporting period. The EM segment was further constrained by plunging oil prices amid the price war between Russia and Saudi Arabia. However, as the reporting period progressed, the fiscal and monetary easing by global central banks helped mitigate investor fears. For EM specifically, the International Monetary Fund (IMF) stepped in with its Rapid Financing Instrument to provide a backstop to several EM economies. Also, rising oil prices helped as OPEC and its partners agreed to cut supply, while the acute demand shock passed as economies gradually reopened. Higher financing needs across EM due to the COVID-19 crisis brought a surge of issuance starting in mid-April 2020 that continued for the rest of the reporting period. EM debt continued to rally through the end of the reporting period after Joe Biden’s victory led to higher expectations for fiscal stimulus, while the vaccine results led to a surge in oil prices based on hopes of a quicker recovery in global growth.

Central banks from developed countries also responded to the crisis with unprecedented actions. The European Central Bank (ECB) pledged unlimited quantitative easing (QE) and upsized its Pandemic Emergency Purchase Programme, the Bank of Japan (BoJ) further expanded its monetary base, while the remaining G10 central banks extended their QE beyond government bonds to include local agencies, local government and even corporate debt. Other governments quickly added fiscal stimulus targeted at direct payments to individuals, lending support for affected businesses and resources to tackle the virus. Given the difficult funding environment, central banks also introduced a number of liquidity support measures, aided by the reactivation of the Fed swap lines with a number of major central banks. As a result, the non-U.S. bond market also bounced back sharply after the March 2020 sell-off, buoyed by this accommodative fiscal and monetary environment, momentum behind the global economic recovery and a weakening U.S. dollar. Rates remained ultra-low across the globe with negative yielding debt totaling more than $17 trillion at the end of the reporting period.

The most significant factor in the Fund’s underperformance was its overweight position in energy, which was one of the worst performing benchmark sectors. During the drop in commodity prices earlier in the reporting period, companies found themselves searching for liquidity and redressing capital structures to withstand the sustained lockdowns. Although energy credits experienced a rally after OPEC and other oil-producing nations agreed to production cuts, it was not enough to make up for the reporting period’s earlier weakness. The sector is likely to remain volatile until commuter and commercial traffic returns to a more normal level.

7

Portfolio Managers’ Comments (continued)

Although the Fund’s overall weight to transportation was equal to the benchmark, the sector detracted from performance. The Fund had modest exposure to foreign airline operators, including Air Mexico, Latam Airlines and Virgin Australia, which were among a sizeable group of airlines that filed for bankruptcy amid the COVID-19 crisis. Foreign airlines also received less support than U.S. carriers from local governments and markets, which forced their hands in restructuring or liquidating assets.

In addition, the Fund’s underweight position in the non-cyclical sector early in the reporting period hindered results. This sector features more businesses that were somewhat resilient to negative impacts from the COVID-19 crisis such as pharmaceuticals, food and beverage and certain other areas in health care. In many cases, increased demand for essential services and products buoyed the non-cyclical sector throughout the reporting period as hospitalizations increased and stay-in-place mandates were followed.

On the positive side, the Fund’s underweight allocation and credit selection in EM sovereign debt was beneficial. In particular, the Fund avoided several distressed countries going through restructuring in the EM space, including sovereign debt from Ecuador, Lebanon and Argentina. This positioning proved beneficial as these sovereign credits all underperformed the broader benchmark. Given the lack of clarity around political and economic ramifications, as well as implementation risks surrounding the restructuring and policies afterward, the Fund did close these underweights over the course of the reporting.

An overweight to preferred and contingent capital (CoCo) securities also aided performance returns given their strong performance over the course of the reporting period. Investor sentiment improved toward these securities due to better-than-expected bank sector earnings, coupled with favorable results from stress tests conducted in the U.S. and European bank sectors. Also, expectations for a gradual taper in Fed policy supported valuations in these sectors as demand for income persisted in the overall low rate environment. As the reporting period progressed, promising vaccine rollouts and further stimulus measures pointed toward faster full-scaled reopenings, higher GDP growth expectations and increased demand for credit creation (banking and financials are a large component of the preferred and CoCo sectors).

In addition, security selection in the communications sector proved helpful throughout the reporting period. The segment broadly benefited from the higher connectivity needs during the reporting period due to work-from-home mandates, at-home schooling and entertainment demands.

We continued to position the portfolio in high income-producing investments across geographies that we believe will make timely interest and principal payments in order to meet the Fund’s objective. During the reporting period, we boosted overall quality by increasing the Fund’s BB rated exposure to a slight overweight. The Fund remains underweight in CCC and C rated bonds, selectively adding risk as we gain some clarity on individual company’s performance through the COVID-19 crisis and relative value in the context of current market dynamics. We also increased the Fund’s overweight in consumer non-cyclicals in areas like pharmaceuticals and health care, as elective procedures are expected to come back and added some consumer product credits at the margin. The Fund remained overweight in banking, especially through its preferred and CoCo securities exposure, based on continued demand for credit creation and yield. The portfolio is also overweighted in commodity-related areas in basic industry and energy due to marginal inflationary pressure, demand for raw materials and higher growth expectations. We decreased the Fund’s exposure in consumer cyclicals and capital goods. Cyclicals rallied toward the end of the reporting period following vaccine approval and increased prospects for further stimulus, however, we currently believe valuations in much of the sector are unattractive on a risk-adjusted basis. The Fund remains underweight in sovereign debt versus the benchmark given the distressed situations in countries such as Argentina, Brazil, Egypt and Turkey.

8

Fund Leverage

IMPACT OF THE FUND’S LEVERAGE STRATEGY ON PERFORMANCE

One important factor impacting the returns of the Fund’s common shares relative to its comparative benchmarks was the Fund’s use of leverage through bank borrowings. The Fund uses leverage because our research has shown that, over time, leveraging provides opportunities for additional income. The opportunity arises when short-term rates that the Fund pays on its leveraging instruments are lower than the interest the Fund earns on its portfolio securities that it has bought with the proceeds of that leverage. This has been particularly true in the recent market environment where short-term rates have been low by historical standards.

However, use of leverage can expose Fund common shares to additional price volatility. When the Fund uses leverage, the Fund’s common shares will experience a greater increase in their net asset value if the securities acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the securities acquired through leverage decline in value. All this will make the shares’ total return performance more variable over time.

In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. In recent quarters, fund leverage expenses have generally tracked the overall movement of short-term interest rates. While fund leverage expenses are somewhat higher than their recent lows, leverage nevertheless continues to provide the opportunity for incremental common share income, particularly over longer-term periods.

The Fund’s use of leverage had a negative impact on total return performance during this reporting period. The negative impact of leverage during the brief but severe COVID-19 induced market downturn in March was greater than the positive impact of leverage during the remainder of the reporting period. More specifically, this net negative contribution of leverage was amplified during the market downturn in part because the Fund used proceeds from portfolio sales to pay down borrowings and reduce its elevated leverage ratio, which rose as prices of portfolio securities, including those sold for de-levering purposes, declined. Conversely, as financial markets recovered and asset prices steadied, the Fund only modestly increased leverage levels, using proceeds to purchase new portfolio securities at generally higher prices. Management believes, however, that the potential benefits from leverage continue to outweigh the associated increase in risk and total return variability previously described.

The Fund continued to use interest rate swap contracts to partially hedge its future interest cost of leverage. The impact of the swap contracts on total return performance was negative during this reporting period.

9

Fund Leverage (continued)

As of December 31, 2020, the Fund’s percentages of leverage are shown in the accompanying table.

	JGH
Effective Leverage*		27.50	%
Regulatory Leverage*		27.50	%

* Effective leverage is the Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Regulatory leverage consists of preferred shares issued or borrowings of the Fund. Both of these are part of the Fund’s capital structure. The Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of the Fund’s effective leverage ratio. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.

THE FUND’S REGULATORY LEVERAGE

Bank Borrowings

As noted previously, the Fund employs leverage through the use of bank borrowings. The Fund’s bank borrowing activities are as shown in the accompanying table.

Current Reporting Period										Subsequent to the Close of the Reporting Period
Outstanding Balance as of January 1, 2020		Draws		Paydowns		Outstanding Balance as of December 31, 2020		Average Balance Outstanding		Draws		Paydowns		Outstanding Balance as of February 25, 2021
	$175,200,000		$28,800,000		$(54,800,000)		$149,200,000		$144,275,956		$    —		$    —		$149,200,000

Refer to Notes to Financial Statements, Note 8 – Borrowing Arrangements for further details.

10

Common Share

Information

COMMON SHARE DISTRIBUTION INFORMATION

The following information regarding the Fund’s distributions is current as of December 31, 2020. The Fund’s distribution levels may vary over time based on the Fund’s investment activity and portfolio investment value changes.

During the current reporting period, the Fund’s distributions to common shareholders were as shown in the accompanying table.

Monthly Distributions (Ex-Dividend Date)	Per Common Share Amounts
January 2020	$	0.1020
February		0.1020
March		0.1020
April		0.1020
May		0.1020
June		0.0855
July		0.0855
August		0.0855
September		0.0855
October		0.0855
November		0.0855
December 2020		0.0855
Total Distributions	$	1.1085
Current Distribution Rate*		6.60	%

* Current distribution rate is based on the Fund’s current annualized monthly distribution divided by the Fund’s current market price. The Fund’s monthly distributions to its shareholders may be comprised of ordinary income, net realized capital gains and, if at the end of the fiscal year the Fund’s cumulative net ordinary income and net realized gains are less than the Fund’s distributions, a return of capital for tax purposes.

The Fund pays a regular monthly distribution to shareholders based on dividends and interest received from portfolio securities, net of expense. The Fund invests in a global high income strategy which blends high-yield bonds and other income producing securities. The Fund utilizes a currency hedging strategy which allows up to 15% of the Fund’s assets to be in unhedged non-U.S. dollar-denominated securities. When a non-U.S. dollar denominated fixed-income security is sold a currency gain/loss may occur. Net currency gains from sales of non-U.S. fixed-income securities are treated as ordinary income for federal tax purposes, while net currency losses will offset any net income from dividends and interest. In addition, the Fund may own certain investments which recognize income for financial reporting in a matter that is different than the tax recognition.

Although the Fund reduced its distribution during the year, the Fund’s distribution amount over the entire fiscal year exceeded the actual amount of net income for tax purposes. As a result, a portion of the Fund’s fiscal year distributions have been deemed to be a return of capital, which is identified in the table below.

The amounts and sources of distributions reported in this notice are for financial reporting purposes and are not being provided for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes is reported to shareholders on Form 1099-DIV which will be sent to shareholders shortly after calendar year-end. More details about the Fund’s distributions and the basis for these estimates are available on www.nuveen.com/closed-end-funds.

11

Common Share Information (continued)

Data as of December 31, 2020

Fiscal Year Source of Distribution						Fiscal Year Per Share Amounts
Net Investment Income		Realized Gains		Return of Capital1		Distributions		Net Investment Income		Realized Gains		Return of Capital1
	96.27%		0.00%		3.73%		$1.1085		$1.0672		$0.0000		$0.0413

¹  Return of capital may represent unrealized gains, return of shareholder’s principal, or both. In certain circumstances, all or a portion of the return of capital may be characterized as ordinary income under federal tax law. The actual tax characterization will be provided to shareholders on Form 1099-DIV shortly after calendar year-end.

The following table provides information regarding Fund distributions and total return performance over various time periods. This information is intended to help you better understand whether fund returns for the specified time periods were sufficient to meet Fund distributions.

Data as of December 31, 2020

Annualized

Cumulative

Inception Date

Latest Monthly Per Common Share Distribution

Current Distribution on NAV

1-Year Return on NAV

5-Year Return on NAV

Since Inception Return on NAV

Fiscal YTD Distributions on NAV

11/24/2014

$0.0855

6.05%

0.39%

9.27%

5.16%

6.53%

Announcement of Level Distribution Policy

On February 25, 2021 (subsequent to the close of this reporting period), the Fund announced that its Board of Trustees approved the adoption of a level distribution policy. The level distribution policy is intended to provide shareholders with stable, but not guaranteed, cash flow, independent of the amount or timing of income earned or capital gains realized by the Fund. The Fund intends to distribute all or substantially all of its net investment income through its regular monthly distribution and to distribute realized capital gains at least annually. In addition, in any monthly period, in order to maintain its level distribution amount, the Fund may pay out more or less than its net investment income during the period. As a result, distribution sources may include net investment income, realized gains and return of capital. [If the Fund’s distribution includes anything other than net investment income, the Fund will provide a notice of its best estimate of the distribution sources at that time, which may be viewed at www.nuveen.com/CEFdistributions. These estimates may not match the final tax characterization (for the full year’s distributions) contained in shareholders’ 1099-DIV forms delivered after the end of the calendar year.] The level distribution policy will become effective with the Fund’s March distribution.

NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS

The Nuveen Closed-End Funds’ monthly and quarterly periodic distributions to shareholders are posted on www.nuveen.com and can be found on Nuveen’s enhanced closed-end fund resource page, which is at https://www.nuveen.com/resource-center-closed-end-funds, along with other Nuveen closed-end fund product updates. To ensure timely access to the latest information, shareholders may use a subscribe function, which can be activated at this web page (https://www.nuveen.com/subscriptions).

COMMON SHARE REPURCHASES

During August 2020, the Fund’s Board of Trustees reauthorized an open-market common share repurchase program, allowing the Fund to repurchase an aggregate of up to approximately 10% of its outstanding common shares.

12

As of December 31, 2020, and since the inception of the Fund’s repurchase program, the Fund has cumulatively repurchased and retired its outstanding common shares as shown in the accompanying table.

	JGH
Common shares cumulatively repurchased and retired		900,000
Common shares authorized for repurchase		2,315,000

During the current reporting period, the Fund did not repurchase any of its outstanding common shares.

OTHER COMMON SHARE INFORMATION

As of December 31, 2020, and during the current reporting period, the Fund’s common share price was trading at a premium/(discount) to its common share NAV as shown in the accompanying table.

	JGH
Common share NAV	$	16.97
Common share price	$	15.55
Premium/(Discount) to NAV		(8.37	) %
12-month average premium/(discount) to NAV		(12.11	) %

13

JGH Nuveen Global High Income Fund Performance Overview and Holding Summaries as of December 31, 2020

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Average Annual Total Returns as of December 31, 2020

	Average Annual
	1-Year		5-Year		Since Inception
JGH at Common Share NAV		0.39%		9.27%		5.16%
JGH at Common Share Price		2.88%		11.86%		6.30%
Bloomberg Barclays Global High Yield Hedged Index		5.73%		7.88%		5.97%

Since inception returns are from 11/24/14. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

Common Share Price Performance — Weekly Closing Price

14

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation

(% of net assets)

Corporate Bonds	93.3%
Sovereign Debt	14.5%
Contingent Capital Securities	9.2%
Variable Rate Senior Loan Interests	8.1%
$1,000 Par (or similar) Institutional Preferred	7.7%
$25 Par (or similar) Retail Preferred	1.5%
Repurchase Agreements	2.8%
Other Assets Less Liabilities	0.8%
Net Assets Plus Borrowings	137.9%
Borrowings	(37.9)%
Net Assets	100.0%

Top Five Issuers

(% of total investments)

Turkey Government International Bond	1.2%
Dominican Republic International Bond	1.2%
Cemex SAB de CV	1.0%
OCI NV	1.0%
Petroleos Mexicanos	1.0%

Portfolio Composition

(% of total investments)

Oil, Gas & Consumable Fuels	10.9%
Sovereign Debt	10.6%
Banks	7.5%
Media	5.0%
Metals & Mining	4.6%
Health Care Providers & Services	3.5%
Wireless Telecommunication Services	3.3%
Hotels, Restaurants & Leisure	3.3%
Auto Components	2.9%
Diversified Telecommunication Services	2.6%
Consumer Finance	2.4%
Chemicals	2.3%
Insurance	2.2%
Capital Markets	2.2%
Food Products	1.9%
Automobiles	1.8%
Pharmaceuticals	1.8%
Commercial Services & Supplies	1.7%
Independent Power & Renewable Electricity Producers	1.7%
Electric Utilities	1.6%
Specialty Retail	1.5%
Machinery	1.4%
Construction Materials	1.3%
Other1	20.0%
Repurchase Agreements	2.0%
Total	100%

Portfolio Credit Quality

(% of total long-term investments)

BBB	14.8%
BB or Lower	84.3%
N/R (not rated)	0.9%
Total	100%

Country Allocation²

(% of total investments)

United States	53.3%
United Kingdom	4.6%
Netherlands	4.3%
Canada	3.4%
Mexico	3.0%
France	2.0%
Luxembourg	1.9%
Cayman Islands	1.8%
Dominican Republic	1.5%
Turkey	1.4%
Germany	1.3%
Ireland	1.2%
Italy	1.0%
Switzerland	1.0%
Australia	1.0%
Other3	17.3%
Total	100%

1 See Portfolio of Investments for details on “other” Portfolio Composition.

2 Includes 24.8% (as a percentage of total investments) in emerging market countries.

3 “Other” countries include forty-two countries that individually constitute less than 1% as a percentage of total investments.

15

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of Nuveen Global High Income Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Nuveen Global High Income Fund (the “Fund”) as of December 31, 2020, the related statements of operations and cash flows for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2020, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2020 and the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

February 25, 2021

We have served as the auditor of one or more investment companies in Nuveen Funds since 2002.

16

JGH Nuveen Global High Income Fund   Portfolio of Investments    December 31, 2020

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		LONG-TERM INVESTMENTS – 134.3% (98.0% of Total Investments)
		CORPORATE BONDS – 93.3% (68.1% of Total Investments)
		Aerospace & Defense – 1.5%
$	1,500	Bombardier Inc, 144A		7.500%		3/15/25		B	$	1,391,250
	475	Embraer Netherlands Finance BV, 144A		6.950%		1/17/28		BB+		536,750
	375	Howmet Aerospace Inc		6.875%		5/01/25		BBB–		442,500
	2,675	Rolls-Royce PLC, 144A		5.750%		10/15/27		BB–		2,962,562
	400	TransDigm Inc, 144A		8.000%		12/15/25		Ba3		442,636
	5,425	Total Aerospace & Defense								5,775,698
		Airlines – 0.9%
	1,000	Aerovias de Mexico SA de CV, 144A, (3)		7.000%		2/05/25		D		397,500
	1,075	Delta Air Lines Inc, 144A		7.000%		5/01/25		Baa2		1,240,917
	600	Delta Air Lines Inc / SkyMiles IP Ltd, 144A		4.750%		10/20/28		Baa1		654,665
	925	Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd, 144A, (4)		6.500%		6/20/27		Baa3		994,375
	3,000	Virgin Australia Holdings Ltd, 144A		7.875%		10/15/21		N/R		240,000
	6,600	Total Airlines								3,527,457
		Auto Components – 3.5%
	2,000	Adient Global Holdings Ltd, 144A		4.875%		8/15/26		B		2,055,000
	200	Adient US LLC, 144A		9.000%		4/15/25		Ba3		223,000
	1,000	Adient US LLC, 144A		7.000%		5/15/26		Ba3		1,087,715
	1,900	Clarios Global LP / Clarios US Finance Co, 144A		8.500%		5/15/27		CCC+		2,064,178
	225	Dana Inc		5.375%		11/15/27		BB+		238,500
	1,100	Goodyear Tire & Rubber Co		9.500%		5/31/25		BB–		1,243,330
	2,250	Icahn Enterprises LP / Icahn Enterprises Finance Corp		6.750%		2/01/24		BB		2,288,205
	1,275	IHO Verwaltungs GmbH, 144A, (cash 4.750%, PIK 5.500%)		4.750%		9/15/26		BB+		1,321,219
	3,000	IHO Verwaltungs GmbH, 144A, (cash 6.375%, PIK 7.125%)		6.375%		5/15/29		BB+		3,300,000
	12,950	Total Auto Components								13,821,147
		Automobiles – 1.9%
	500	Ford Motor Co		8.500%		4/21/23		BB+		563,790
	525	Ford Motor Co		9.000%		4/22/25		BB+		645,146
	300	Ford Motor Co		9.625%		4/22/30		BB+		423,375
	2,565	Ford Motor Credit Co LLC, (4)		5.584%		3/18/24		BB+		2,766,737
	2,000	Ford Motor Credit Co LLC		5.113%		5/03/29		BB+		2,227,400
	725	PM General Purchaser LLC, 144A		9.500%		10/01/28		B+		802,938
	6,615	Total Automobiles								7,429,386
		Banks – 1.0%
	1,000	Akbank TAS, 144A		6.800%		2/06/26		B+		1,058,000
	1,000	Banistmo SA, 144A		4.250%		7/31/27		Baa3		1,074,340
	1,250	Grupo Aval Ltd, 144A		4.375%		2/04/30		BBB–		1,331,250
	445	Standard Chartered PLC, 144A		5.700%		3/26/44		BBB+		596,066
	3,695	Total Banks								4,059,656
		Building Products – 0.6%
	2,000	James Hardie International Finance DAC, 144A		5.000%		1/15/28		BBB–		2,120,000
	350	LBM Acquisition LLC, 144A		6.250%		1/15/29		CCC+		364,115
	2,350	Total Building Products								2,484,115
		Capital Markets – 0.5%
	2,000	Donnelley Financial Solutions Inc		8.250%		10/15/24		B		2,120,000
		Chemicals – 3.1%
	550	Avient Corp, 144A		5.750%		5/15/25		BB–		584,375
	1,000	Calumet Specialty Products Partners LP / Calumet Finance Corp, 144A		11.000%		4/15/25		B–		1,010,000

17

JGH	Nuveen Global High Income Fund (continued)
	Portfolio of Investments    December 31, 2020

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		Chemicals (continued)
$	2,500	NOVA Chemicals Corp, 144A		5.000%		5/01/25		BB–	$	2,618,750
	3,050	OCI NV, 144A		5.250%		11/01/24		BB		3,168,187
	2,375	OCI NV, 144A		4.625%		10/15/25		BB		2,464,063
	275	Rayonier AM Products Inc, 144A		7.625%		1/15/26		B1		286,756
	1,425	Tronox Inc, 144A		6.500%		5/01/25		Ba3		1,524,750
	350	Univar Solutions USA Inc/Washington, 144A		5.125%		12/01/27		BB		369,688
	325	Valvoline Inc, 144A, (WI/DD)		3.625%		6/15/31		BB–		334,264
	11,850	Total Chemicals								12,360,833
		Commercial Services & Supplies – 1.9%
	3,000	ADT Security Corp, 144A		4.875%		7/15/32		BB–		3,240,000
	100	GFL Environmental Inc, 144A		5.125%		12/15/26		BB–		106,375
	315	GFL Environmental Inc, 144A		8.500%		5/01/27		B–		349,650
	1,250	GFL Environmental Inc, 144A		3.500%		9/01/28		BB–		1,275,262
	1,100	Prime Security Services Borrower LLC / Prime Finance Inc, 144A		6.250%		1/15/28		B–		1,180,949
	1,375	RR Donnelley & Sons Co		6.500%		11/15/23		B–		1,416,250
	7,140	Total Commercial Services & Supplies								7,568,486
		Communications Equipment – 1.1%
	2,275	CommScope Inc, 144A		8.250%		3/01/27		B3		2,428,562
	1,325	Gray Television Inc, 144A		4.750%		10/15/30		BB–		1,344,875
	250	Millicom International Cellular SA, 144A		4.500%		4/27/31		BB+		270,000
	425	ViaSat Inc, 144A		5.625%		4/15/27		BB+		446,250
	4,275	Total Communications Equipment								4,489,687
		Construction & Engineering – 0.7%
	1,000	Cornerstone Building Brands Inc, 144A		8.000%		4/15/26		B–		1,052,500
	1,500	IHS Netherlands Holdco BV, 144A		7.125%		3/18/25		B2		1,571,250
	2,500	Total Construction & Engineering								2,623,750
		Construction Materials – 1.8%
	4,000	Cemex SAB de CV, 144A		5.700%		1/11/25		BB		4,088,000
	1,375	Cemex SAB de CV, 144A		7.375%		6/05/27		BB		1,564,750
	1,500	Gates Global LLC / Gates Corp, 144A		6.250%		1/15/26		B		1,575,000
	6,875	Total Construction Materials								7,227,750
		Consumer Finance – 3.0%
	3,000	Curo Group Holdings Corp, 144A		8.250%		9/01/25		B–		2,850,000
	1,250	Enova International Inc, 144A		8.500%		9/01/24		B2		1,212,500
	2,000	Enova International Inc, 144A		8.500%		9/15/25		B2		1,945,000
	1,000	Navient Corp		7.250%		9/25/23		Ba3		1,095,980
	550	OneMain Finance Corp		8.875%		6/01/25		BB–		622,188
	3,750	Refinitiv US Holdings Inc, 144A		8.250%		11/15/26		B+		4,092,187
	11,550	Total Consumer Finance								11,817,855
		Containers & Packaging – 0.4%
	250	Berry Global Inc, 144A		5.625%		7/15/27		BB+		268,828
	200	CANPACK SA / Eastern PA Land Investment Holding LLC, 144A		3.125%		11/01/25		Ba2		201,000
	1,000	Indika Energy Capital IV Pte Ltd, 144A		8.250%		10/22/25		Ba3		1,081,471
	1,450	Total Containers & Packaging								1,551,299
		Distributors – 0.9%
	1,500	American Builders & Contractors Supply Co Inc, 144A		5.875%		5/15/26		B+		1,554,375
	1,850	H&E Equipment Services Inc, 144A		3.875%		12/15/28		BB–		1,863,930
	3,350	Total Distributors								3,418,305
		Diversified Consumer Services – 0.5%
	2,000	frontdoor Inc, 144A		6.750%		8/15/26		B		2,132,500

18

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		Diversified Financial Services – 1.6%
$	2,343	Cometa Energia SA de CV, 144A		6.375%		4/24/35		Baa3	$	2,740,725
	1,125	Genesis Energy LP / Genesis Energy Finance Corp		7.750%		2/01/28		B+		1,077,188
	2,355	Quicken Loans LLC, 144A		5.250%		1/15/28		Ba1		2,513,962
	5,823	Total Diversified Financial Services								6,331,875
		Diversified Telecommunication Services – 3.5%
	1,125	Avaya Inc, 144A		6.125%		9/15/28		BB–		1,201,793
	1,500	CenturyLink Inc		5.800%		3/15/22		BB		1,563,750
	2,000	Embarq Corp		7.995%		6/01/36		BB		2,466,900
	1,750	Sprint Capital Corp		6.875%		11/15/28		BB+		2,307,340
	2,000	Telecom Italia Capital SA		7.200%		7/18/36		BB+		2,698,340
	2,400	Telenet Finance Luxembourg Notes Sarl, 144A		5.500%		3/01/28		BB+		2,559,533
	1,000	Zayo Group Holdings Inc, 144A		4.000%		3/01/27		B1		1,002,500
	11,775	Total Diversified Telecommunication Services								13,800,156
		Electric Utilities – 2.2%
	2,250	Adani Green Energy UP Ltd / Prayatna Developers Pvt Ltd / Parampujya Solar Energ, 144A		6.250%		12/10/24		BB+		2,494,687
	1,630	Empresas Publicas de Medellin ESP, 144A		4.250%		7/18/29		Baa3		1,751,924
	1,025	NRG Energy Inc, 144A		3.625%		2/15/31		BB+		1,054,520
	2,500	Talen Energy Supply LLC		6.500%		6/01/25		B		2,037,500
	1,250	Vistra Operations Co LLC, 144A		5.500%		9/01/26		BB+		1,302,750
	8,655	Total Electric Utilities								8,641,381
		Electronic Equipment, Instruments & Components – 0.1%
	375	MTS Systems Corp, 144A		5.750%		8/15/27		B		406,950
		Energy Equipment & Services – 0.8%
	1,200	Archrock Partners LP / Archrock Partners Finance Corp, 144A		6.875%		4/01/27		B+		1,291,500
	1,625	Archrock Partners LP / Archrock Partners Finance Corp, 144A		6.250%		4/01/28		B+		1,691,560
	2,825	Total Energy Equipment & Services								2,983,060
		Entertainment – 0.7%
	1,500	Cinemark USA Inc, 144A		8.750%		5/01/25		BB+		1,620,000
	900	Live Nation Entertainment Inc, 144A		6.500%		5/15/27		B+		1,006,668
	2,400	Total Entertainment								2,626,668
		Equity Real Estate Investment Trust – 1.7%
	2,000	Clear Channel Worldwide Holdings Inc		9.250%		2/15/24		CCC		2,025,000
	2,250	Iron Mountain Inc, 144A		5.250%		3/15/28		BB–		2,374,402
	2,225	MPH Acquisition Holdings LLC, 144A		5.750%		11/01/28		B–		2,174,938
	6,475	Total Equity Real Estate Investment Trust								6,574,340
		Food & Staples Retailing – 1.4%
	1,500	Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC, 144A		7.500%		3/15/26		BB–		1,678,575
	750	BRF SA, 144A		5.750%		9/21/50		Ba2		834,375
	700	Central American Bottling Corp, 144A		5.750%		1/31/27		BB+		742,875
	2,000	Del Monte Foods Inc, 144A		11.875%		5/15/25		CCC+		2,270,000
	4,950	Total Food & Staples Retailing								5,525,825
		Food Products – 1.7%
	1,050	BRF SA, 144A		4.875%		1/24/30		Ba2		1,139,260
	1,500	Kernel Holding SA, 144A		6.500%		10/17/24		BB–		1,590,000
	900	Kraft Heinz Foods Co, 144A		3.875%		5/15/27		Baa3		969,258
	700	Kraft Heinz Foods Co, 144A		4.250%		3/01/31		Baa3		780,116
	2,000	MARB BondCo PLC, 144A		6.875%		1/19/25		BB		2,067,520
	6,150	Total Food Products								6,546,154

19

JGH	Nuveen Global High Income Fund (continued)
	Portfolio of Investments    December 31, 2020

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		Gas Utilities – 0.8%
$	1,680	Suburban Propane Partners LP/Suburban Energy Finance Corp		5.500%		6/01/24		BB–	$	1,715,700
	1,500	Superior Plus LP / Superior General Partner Inc, 144A		7.000%		7/15/26		BB–		1,603,125
	3,180	Total Gas Utilities								3,318,825
		Health Care Equipment & Supplies – 0.1%
	325	RP Escrow Issuer LLC, 144A		5.250%		12/15/25		B–		339,924
		Health Care Providers & Services – 3.3%
	2,000	Centene Corp, 144A		5.375%		6/01/26		BBB–		2,109,420
	575	CHS/Community Health Systems Inc, 144A		6.625%		2/15/25		B		605,176
	450	CHS/Community Health Systems Inc, 144A		5.625%		3/15/27		B		483,863
	385	CHS/Community Health Systems Inc, 144A		8.000%		12/15/27		B		417,725
	125	CHS/Community Health Systems Inc, 144A		6.000%		1/15/29		B		135,033
	750	Cushman & Wakefield US Borrower LLC, 144A		6.750%		5/15/28		BB–		826,875
	2,650	HCA Inc		5.625%		9/01/28		Ba2		3,130,312
	475	HCA Inc		5.875%		2/01/29		Ba2		572,375
	575	LifePoint Health Inc, 144A		5.375%		1/15/29		CCC+		574,597
	1,000	RegionalCare Hospital Partners Holdings Inc / LifePoint Health Inc, 144A		9.750%		12/01/26		CCC+		1,102,500
	1,000	Tenet Healthcare Corp		6.750%		6/15/23		B–		1,075,800
	1,750	Tenet Healthcare Corp		4.625%		7/15/24		BB–		1,793,785
	200	Tenet Healthcare Corp, 144A		7.500%		4/01/25		BB–		218,500
	11,935	Total Health Care Providers & Services								13,045,961
		Hotels, Restaurants & Leisure – 4.5%
	375	Arcos Dorados Holdings Inc, 144A		5.875%		4/04/27		Ba2		394,691
	400	Boyd Gaming Corp, 144A		8.625%		6/01/25		B–		444,876
	900	Carnival Corp, 144A		7.625%		3/01/26		B		980,541
	1,100	Cedar Fair LP / Canada’s Wonderland Co / Magnum Management Corp / Millennium Op, 144A		5.500%		5/01/25		Ba2		1,146,750
	100	Hilton Domestic Operating Co Inc, 144A		5.375%		5/01/25		BB		106,250
	100	Hilton Domestic Operating Co Inc, 144A		5.750%		5/01/28		BB		108,750
	2,000	International Game Technology PLC, 144A		6.250%		1/15/27		BB		2,290,300
	400	International Game Technology PLC, 144A		5.250%		1/15/29		BB		431,000
	200	MGM China Holdings Ltd, 144A		5.250%		6/18/25		BB–		207,440
	1,175	MGM China Holdings Ltd, 144A		5.875%		5/15/26		BB–		1,241,905
	2,160	MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer Inc		4.500%		1/15/28		BB+		2,297,981
	500	Sands China Ltd, 144A		4.375%		6/18/30		Baa2		555,985
	2,000	Scientific Games International Inc, 144A		5.000%		10/15/25		B+		2,063,780
	1,500	Stars Group Holdings BV / Stars Group US Co-Borrower LLC, 144A		7.000%		7/15/26		BB+		1,578,750
	1,500	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp, 144A		5.250%		5/15/27		BB–		1,546,125
	2,000	Wynn Macau Ltd, 144A		5.500%		10/01/27		BB–		2,074,600
	100	Yum! Brands Inc, 144A		7.750%		4/01/25		B+		110,750
	16,510	Total Hotels, Restaurants & Leisure								17,580,474
		Household Durables – 0.8%
	175	Kronos Acquisition Holdings Inc / KIK Custom Products Inc, 144A		5.000%		12/31/26		B2		182,438
	325	Kronos Acquisition Holdings Inc / KIK Custom Products Inc, 144A		7.000%		12/31/27		CCC		340,281
	750	M/I Homes Inc		5.625%		8/01/25		BB–		780,000
	1,750	TRI Pointe Group Inc		5.250%		6/01/27		BB–		1,903,125
	3,000	Total Household Durables								3,205,844
		Independent Power & Renewable Electricity Producers – 2.0%
	425	AES Corp/The, 144A, (4)		3.950%		7/15/30		BBB–		480,424
	600	Azure Power Solar Energy Pvt Ltd, 144A		5.650%		12/24/24		Ba1		639,000
	1,006	Calpine Corp, 144A		5.250%		6/01/26		BB+		1,040,707
	1,000	EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA, 144A		5.375%		12/30/30		Ba3		1,037,500
	1,000	Talen Energy Supply LLC, 144A		7.625%		6/01/28		BB		1,077,500
	2,500	TerraForm Power Operating LLC, 144A		5.000%		1/31/28		BB		2,809,125
	680	UEP Penonome II SA, 144A		6.500%		10/01/38		BB		708,404
	7,211	Total Independent Power & Renewable Electricity Producers								7,792,660

20

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		Industrial Conglomerates – 0.3%
$	525	Delta Air Lines Inc / SkyMiles IP Ltd, 144A		4.500%		10/20/25		Baa1	$	561,065
	425	Stena International SA, 144A		6.125%		2/01/25		BB–		419,688
	950	Total Industrial Conglomerates								980,753
		Insurance – 0.6%
	1,125	Acrisure LLC / Acrisure Finance Inc, 144A		10.125%		8/01/26		CCC+		1,290,937
	100	Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144A		4.250%		10/15/27		B		102,250
	1,000	Fidelis Insurance Holdings Ltd, 144A		6.625%		4/01/41		BB+		1,039,498
	2,225	Total Insurance								2,432,685
		Interactive Media & Services – 0.1%
	250	Arches Buyer Inc, 144A		6.125%		12/01/28		CCC+		258,175
		Internet & Direct Marketing Retail – 0.2%
	650	B2W Digital Lux Sarl, 144A		4.375%		12/20/30		Ba1		672,750
		Internet Software & Services – 0.1%
	275	Rackspace Technology Global Inc, 144A		5.375%		12/01/28		B–		288,118
		IT Services – 0.2%
	300	Austin BidCo Inc, 144A		7.125%		12/15/28		CCC+		313,125
	250	Science Applications International Corp, 144A		4.875%		4/01/28		BB–		265,000
	300	Unisys Corp, 144A		6.875%		11/01/27		BB–		327,750
	850	Total IT Services								905,875
		Leisure Products – 1.5%
	2,350	Academy Ltd, 144A		6.000%		11/15/27		B		2,461,625
	3,100	Mattel Inc, 144A		6.750%		12/31/25		BB–		3,271,957
	5,450	Total Leisure Products								5,733,582
		Life Sciences Tools & Services – 0.2%
	900	Avantor Funding Inc, 144A		4.625%		7/15/28		BB		951,750
		Machinery – 2.0%
	1,500	Dana Financing Luxembourg Sarl, 144A		6.500%		6/01/26		BB+		1,569,375
	1,000	Maxim Crane Works Holdings Capital LLC, 144A		10.125%		8/01/24		B–		1,041,250
	1,880	Mueller Water Products Inc, 144A		5.500%		6/15/26		BB		1,948,150
	2,000	Navistar International Corp, 144A		6.625%		11/01/25		B3		2,095,300
	1,000	Titan Acquisition Ltd / Titan Co-Borrower LLC, 144A		7.750%		4/15/26		CCC		1,035,000
	7,380	Total Machinery								7,689,075
		Media – 6.8%
	3,250	Altice France SA/France, 144A		7.375%		5/01/26		B		3,420,625
	2,000	AMC Networks Inc		4.750%		8/01/25		BB		2,065,400
	2,000	CCO Holdings LLC / CCO Holdings Capital Corp, 144A		5.500%		5/01/26		BB+		2,072,500
	100	CCO Holdings LLC / CCO Holdings Capital Corp, 144A		4.500%		8/15/30		BB		106,125
	1,250	CSC Holdings LLC, 144A		5.375%		2/01/28		BB		1,334,375
	1,250	DISH DBS Corp		5.875%		11/15/24		B2		1,310,669
	1,250	DISH DBS Corp		7.750%		7/01/26		B2		1,399,350
	2,000	Entercom Media Corp, 144A		7.250%		11/01/24		CCC+		1,995,000
	100	Entercom Media Corp, 144A		6.500%		5/01/27		B–		101,625
	900	Lamar Media Corp		4.875%		1/15/29		BB–		956,250
	1,204	Meredith Corp, 144A		6.500%		7/01/25		BB–		1,276,240
	897	Nielsen Finance LLC / Nielsen Finance Co, 144A		5.000%		4/15/22		BB–		899,359
	3,000	Sirius XM Radio Inc, 144A		5.000%		8/01/27		BB		3,187,530
	2,700	Terrier Media Buyer Inc, 144A		8.875%		12/15/27		CCC+		2,976,750
	2,500	UPC Holding BV, 144A		5.500%		1/15/28		B		2,637,500
	925	Virgin Media Secured Finance PLC, 144A		5.500%		5/15/29		BB+		1,002,469
	25,326	Total Media								26,741,767

21

JGH	Nuveen Global High Income Fund (continued)
	Portfolio of Investments    December 31, 2020

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		Metals & Mining – 6.2%
$	2,750	Alcoa Nederland Holding BV, 144A		6.125%		5/15/28		BB+	$	3,004,375
	775	AngloGold Ashanti Holdings PLC		3.750%		10/01/30		Baa3		832,590
	3,000	AngloGold Ashanti Holdings PLC		6.500%		4/15/40		Baa3		3,764,982
	375	Arconic Corp, 144A		6.000%		5/15/25		BBB–		400,313
	875	Cleveland-Cliffs Inc, 144A		9.875%		10/17/25		BB		1,029,219
	1,000	Commercial Metals Co		5.375%		7/15/27		BB+		1,052,500
	1,000	Constellium SE, 144A		6.625%		3/01/25		B		1,021,250
	1,000	First Quantum Minerals Ltd, 144A		7.500%		4/01/25		B3		1,041,250
	2,000	First Quantum Minerals Ltd, 144A		6.875%		3/01/26		B–		2,085,000
	1,000	First Quantum Minerals Ltd, 144A		6.875%		10/15/27		B–		1,085,000
	1,500	Freeport-McMoRan Inc		5.400%		11/14/34		Ba1		1,876,875
	2,000	Gold Fields Orogen Holdings BVI Ltd, 144A		6.125%		5/15/29		Baa3		2,425,000
	950	Nexa Resources SA, 144A		6.500%		1/18/28		BBB–		1,119,812
	1,500	Tronox Inc, 144A		6.500%		4/15/26		B		1,561,875
	1,485	Vale Overseas Ltd		6.875%		11/10/39		BBB		2,210,809
	21,210	Total Metals & Mining								24,510,850
		Mortgage Real Estate Investment Trust – 0.3%
	675	HAT Holdings I LLC / HAT Holdings II LLC, 144A		6.000%		4/15/25		BB+		722,250
	575	Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp, 144A		4.250%		2/01/27		BB+		564,937
	1,250	Total Mortgage Real Estate Investment Trust								1,287,187
		Oil, Gas & Consumable Fuels – 14.2%
	1,800	Antero Midstream Partners LP / Antero Midstream Finance Corp, 144A		7.875%		5/15/26		B–		1,858,644
	375	Antero Resources Corp, 144A, (WI/DD)		8.375%		7/15/26		B		382,759
	1,500	Calumet Specialty Products Partners LP / Calumet Finance Corp		7.750%		4/15/23		B–		1,462,500
	1,800	Cenovus Energy Inc		5.375%		7/15/25		BBB–		2,029,032
	1,000	Cheniere Energy Inc, 144A		4.625%		10/15/28		BB		1,050,000
	146	Continental Resources Inc/OK		5.000%		9/15/22		BBB–		146,219
	1,600	Continental Resources Inc/OK		4.500%		4/15/23		BBB–		1,649,760
	1,875	Cosan Ltd, 144A		5.500%		9/20/29		BB		2,055,488
	1,900	Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp, 144A		5.625%		5/01/27		BB–		1,881,000
	950	Ecopetrol SA		6.875%		4/29/30		BBB–		1,226,450
	200	EnLink Midstream LLC, 144A		5.625%		1/15/28		BB+		204,297
	1,150	Enviva Partners LP / Enviva Partners Finance Corp, 144A		6.500%		1/15/26		BB–		1,221,875
	500	Genesis Energy LP / Genesis Energy Finance Corp		6.500%		10/01/25		B+		486,250
	125	Global Partners LP / GLP Finance Corp		7.000%		8/01/27		B+		133,750
	1,500	Leviathan Bond Ltd, 144A		6.500%		6/30/27		BB		1,683,549
	1,750	Medco Oak Tree Pte Ltd, 144A		7.375%		5/14/26		B1		1,872,637
	2,500	Moss Creek Resources Holdings Inc, 144A		10.500%		5/15/27		B–		2,000,000
	1,600	Murphy Oil Corp		5.875%		12/01/27		BB+		1,576,000
	3,000	Occidental Petroleum Corp		2.900%		8/15/24		Ba2		2,887,500
	475	Occidental Petroleum Corp		5.500%		12/01/25		Ba2		495,240
	400	Occidental Petroleum Corp		6.125%		1/01/31		Ba2		428,080
	350	ONEOK Inc, (4)		5.850%		1/15/26		BBB		419,133
	925	ONEOK Inc, (4)		6.350%		1/15/31		BBB		1,185,357
	1,000	Parkland Corp/Canada, 144A		5.875%		7/15/27		BB		1,081,370
	2,095	PBF Holding Co LLC / PBF Finance Corp		7.250%		6/15/25		B+		1,358,052
	625	Pertamina Persero PT, 144A		4.700%		7/30/49		Baa2		711,008
	1,500	Petrobras Global Finance BV		5.093%		1/15/30		Ba2		1,676,250
	1,500	Petrobras Global Finance BV		5.600%		1/03/31		Ba2		1,723,950
	700	Petrobras Global Finance BV		6.900%		3/19/49		Ba2		887,250
	3,146	Petroleos Mexicanos		8.000%		1/23/27		BBB		3,322,176
	2,000	Petroleos Mexicanos		5.350%		2/12/28		BBB		1,972,520
	1,230	Range Resources Corp		9.250%		2/01/26		B3		1,285,350
	3,000	Southwestern Energy Co		7.500%		4/01/26		BB		3,147,000
	1,000	Sunoco LP / Sunoco Finance Corp		6.000%		4/15/27		BB		1,063,020
	475	Sunoco LP / Sunoco Finance Corp, 144A		4.500%		5/15/29		BB		494,000
	1,800	Targa Resources Partners LP / Targa Resources Partners Finance Corp		5.875%		4/15/26		BB		1,908,396
	1,000	TransMontaigne Partners LP / TLP Finance Corp		6.125%		2/15/26		BB		1,005,000
	2,200	Tullow Oil PLC, 144A		6.250%		4/15/22		CCC+		1,749,000

22

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		Oil, Gas & Consumable Fuels (continued)
$	3,000	USA Compression Partners LP / USA Compression Finance Corp		6.875%		9/01/27		BB–	$	3,202,740
	1,000	WPX Energy Inc		5.750%		6/01/26		BBB–		1,051,250
	54,692	Total Oil, Gas & Consumable Fuels								55,973,852
		Paper & Forest Products – 0.3%
	1,000	Suzano Austria GmbH		5.000%		1/15/30		BBB–		1,135,630
		Pharmaceuticals – 2.1%
	425	Bausch Health Americas Inc, 144A		8.500%		1/31/27		B		472,672
	1,000	Bausch Health Cos Inc, 144A		5.500%		11/01/25		BB		1,036,290
	750	Bausch Health Cos Inc, 144A		7.000%		1/15/28		B		824,400
	1,100	Bausch Health Cos Inc, 144A		6.250%		2/15/29		B		1,194,875
	450	Bausch Health Cos Inc, 144A		5.250%		1/30/30		B		471,375
	200	Horizon Therapeutics USA Inc, 144A		5.500%		8/01/27		Ba3		214,764
	1,500	Par Pharmaceutical Inc, 144A		7.500%		4/01/27		B+		1,627,500
	2,000	Teva Pharmaceutical Finance Netherlands III BV		6.750%		3/01/28		Ba2		2,262,500
	7,425	Total Pharmaceuticals								8,104,376
		Real Estate Management & Development – 0.7%
	2,750	Hunt Cos Inc, 144A		6.250%		2/15/26		BB–		2,818,750
		Road & Rail – 0.9%
	170	Avolon Holdings Funding Ltd, 144A		5.250%		5/15/24		BBB–		184,870
	1,000	Rumo Luxembourg Sarl, 144A		5.250%		1/10/28		BB		1,083,000
	2,000	United Rentals North America Inc		4.875%		1/15/28		BB–		2,130,000
	3,170	Total Road & Rail								3,397,870
		Software – 0.3%
	925	SS&C Technologies Inc, 144A		5.500%		9/30/27		B+		987,919
		Specialty Retail – 1.7%
	175	L Brands Inc, 144A		6.875%		7/01/25		BB		190,012
	925	L Brands Inc, 144A		6.625%		10/01/30		B+		1,029,062
	750	PetSmart Inc, 144A		5.875%		6/01/25		B1		770,625
	1,000	Sonic Automotive Inc		6.125%		3/15/27		B+		1,053,750
	1,500	Staples Inc, 144A		7.500%		4/15/26		B1		1,566,405
	2,100	Staples Inc, 144A		10.750%		4/15/27		B3		2,089,500
	6,450	Total Specialty Retail								6,699,354
		Technology Hardware, Storage & Peripherals – 1.3%
	1,050	Dell International LLC / EMC Corp, 144A, (4)		5.850%		7/15/25		BBB–		1,261,075
	755	Seagate HDD Cayman		4.875%		6/01/27		BB+		849,526
	817	Seagate HDD Cayman, 144A		4.091%		6/01/29		BB+		875,350
	2,000	Western Digital Corp		4.750%		2/15/26		Baa3		2,210,000
	4,622	Total Technology Hardware, Storage & Peripherals								5,195,951
		Thrifts & Mortgage Finance – 0.4%
	1,750	Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp, 144A		5.250%		10/01/25		BB+		1,745,625
		Trading Companies & Distributors – 0.4%
	1,000	Beacon Roofing Supply Inc, 144A		4.875%		11/01/25		B–		1,023,750
	600	WESCO Distribution Inc, 144A		7.250%		6/15/28		BB–		682,374
	1,600	Total Trading Companies & Distributors								1,706,124
		Transportation Infrastructure – 0.7%
	975	Adani Ports & Special Economic Zone Ltd, 144A		4.375%		7/03/29		BBB–		1,057,035
	1,500	Aeropuertos Dominicanos Siglo XXI SA, 144A		6.750%		3/30/29		B+		1,556,250
	2,475	Total Transportation Infrastructure								2,613,285

23

JGH	Nuveen Global High Income Fund (continued)
	Portfolio of Investments    December 31, 2020

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		Wireless Telecommunication Services – 3.3%
$	1,900	C&W Senior Financing DAC, 144A		6.875%		9/15/27		B+	$	2,049,853
	2,750	Hughes Satellite Systems Corp		6.625%		8/01/26		BB		3,111,543
	2,150	Level 3 Financing Inc		5.250%		3/15/26		BB		2,221,595
	1,500	Millicom International Cellular SA, 144A		5.125%		1/15/28		BB+		1,597,500
	1,050	Oztel Holdings SPC Ltd, 144A		6.625%		4/24/28		Ba3		1,126,020
	1,000	Sprint Corp		7.625%		3/01/26		BB+		1,241,195
	1,465	T-Mobile USA Inc, 144A, (4)		4.375%		4/15/40		BBB–		1,787,842
	11,815	Total Wireless Telecommunication Services								13,135,548
$	347,604	Total Corporate Bonds (cost $344,291,452)								367,094,872
Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		SOVEREIGN DEBT – 14.5% (10.6% of Total Investments)
		Angola – 0.7%
$	1,500	Angolan Government International Bond, 144A		8.250%		5/09/28		Caa1	$	1,435,875
	900	Angolan Government International Bond, 144A		8.000%		11/26/29		CCC+		844,272
	500	Namibia International Bonds, 144A		5.250%		10/29/25		BB		536,763
	2,900	Total Angola								2,816,910
		Argentina – 0.3%
	169	Argentine Republic Government International Bond		1.000%		7/09/29		CCC+		73,015
	1,096	Argentine Republic Government International Bond		0.125%		7/09/30		CCC+		443,834
	1,475	Argentine Republic Government International Bond		0.125%		7/09/35		CCC+		538,234
	2,740	Total Argentina								1,055,083
		Bahrain – 0.3%
	1,000	Bahrain Government International Bond, 144A		7.000%		10/12/28		B+		1,156,807
		Brazil – 0.3%
	1,250	Brazilian Government International Bond		3.875%		6/12/30		BB–		1,318,750
		Costa Rica – 0.5%
	2,050	Costa Rica Government International Bond, 144A		6.125%		2/19/31		B		1,911,625
		Dominican Republic – 1.6%
	3,000	Dominican Republic International Bond, 144A		5.500%		1/27/25		BB–		3,378,750
	1,000	Dominican Republic International Bond, 144A		6.875%		1/29/26		BB–		1,206,250
	1,500	Dominican Republic International Bond, 144A		4.875%		9/23/32		BB–		1,659,375
	5,500	Total Dominican Republic								6,244,375
		Ecuador – 0.2%
	284	Ecuador Government International Bond, 144A		0.500%		7/31/30		B–		181,440
	80	Ecuador Government International Bond, 144A		0.000%		7/31/30		B–		38,019
	743	Ecuador Government International Bond, 144A		0.500%		7/31/35		B–		402,129
	340	Ecuador Government International Bond, 144A		0.500%		7/31/40		B–		172,807
	1,447	Total Ecuador								794,395
		Egypt – 0.9%
	1,300	Egypt Government International Bond, 144A		5.875%		6/11/25		B+		1,410,016
	1,800	Egypt Government International Bond, 144A		7.053%		1/15/32		B+		1,956,150
	3,100	Total Egypt								3,366,166
		El Salvador – 0.2%
	725	El Salvador Government International Bond, 144A		7.650%		6/15/35		B+		686,938
		Ghana – 0.9%
	3,325	Ghana Government International Bond, 144A		8.125%		3/26/32		B		3,512,437

24

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		Guatemala – 0.7%
$	1,980	Guatemala Government Bond, 144A		6.125%		6/01/50		Ba1	$	2,613,600
		Honduras – 0.4%
	1,350	Honduras Government International Bond, 144A		6.250%		1/19/27		BB–		1,560,600
		Iraq – 0.4%
	1,875	Iraq International Bond, 144A		5.800%		1/15/28		N/R		1,753,313
		Jamaica – 0.6%
	1,700	Jamaica Government International Bond		7.875%		7/28/45		B+		2,435,250
		Jordan – 0.2%
	800	Jordan Government International Bond, 144A		5.750%		1/31/27		B+		880,197
		Kenya – 0.6%
	2,000	Kenya Government International Bond, 144A		7.000%		5/22/27		B+		2,202,500
		Morocco – 0.2%
	775	Morocco Government International Bond, 144A		3.000%		12/15/32		BBB–		787,609
		Nigeria – 0.7%
	1,000	Nigeria Government International Bond, 144A		7.625%		11/21/25		B2		1,148,262
	1,425	Nigeria Government International Bond, 144A		7.875%		2/16/32		B2		1,565,006
	2,425	Total Nigeria								2,713,268
		Oman – 1.1%
	1,000	Oman Government International Bond, 144A		4.750%		6/15/26		Ba3		998,560
	1,500	Oman Government International Bond, 144A		6.750%		10/28/27		Ba3		1,624,950
	1,500	Oman Government International Bond, 144A		6.000%		8/01/29		Ba3		1,547,100
	4,000	Total Oman								4,170,610
		Pakistan – 0.4%
	1,450	Pakistan Government International Bond, 144A		6.875%		12/05/27		B–		1,511,625
		Senegal – 0.4%
	1,500	Senegal Government International Bond, 144A		6.250%		5/23/33		Ba3		1,681,608
		Sri Lanka – 0.4%
	3,000	Sri Lanka Government International Bond, 144A		6.125%		6/03/25		CCC+		1,778,400
		Turkey – 1.6%
	1,800	Turkey Government International Bond		5.750%		3/22/24		BB–		1,893,780
	1,500	Turkey Government International Bond		5.125%		2/17/28		BB–		1,518,000
	1,500	Turkey Government International Bond		5.950%		1/15/31		B2		1,563,750
	1,250	Turkey Government International Bond		6.625%		2/17/45		BB–		1,305,750
	6,050	Total Turkey								6,281,280
		Ukraine – 0.8%
	1,425	Ukraine Government International Bond, 144A		7.750%		9/01/25		B		1,595,971
	1,500	Ukraine Government International Bond, 144A		7.253%		3/15/33		B		1,634,910
	2,925	Total Ukraine								3,230,881
		Uzbekistan – 0.1%
	450	Republic of Uzbekistan Bond, 144A		3.700%		11/25/30		BB-		473,805
	56,317	Total Sovereign Debt (cost $55,516,963)								56,938,032

25

JGH	Nuveen Global High Income Fund (continued)
	Portfolio of Investments    December 31, 2020

Principal Amount (000)		Description (1), (5)					Coupon		Maturity		Ratings (2)		Value
		CONTINGENT CAPITAL SECURITIES – 9.2% (6.7% of Total Investments)
		Banks – 7.3%
$	1,400	Banco Bilbao Vizcaya Argentaria SA						6.500%		N/A (12)		Ba2	$	1,491,868
	1,980	Banco Mercantil del Norte SA/Grand Cayman, 144A						6.750%		N/A (12)		Ba2		2,143,350
	1,400	Banco Santander SA						7.500%		N/A (12)		Ba1		1,548,120
	1,000	Bancolombia SA						4.625%		12/18/29		BB		1,050,010
	1,000	Bangkok Bank PCL/Hong Kong, 144A						5.000%		N/A (12)		Ba1		1,045,550
	1,000	Barclays PLC						7.750%		N/A (12)		BBB–		1,075,000
	2,225	Barclays PLC						6.125%		N/A (12)		BBB–		2,397,438
	2,000	BNP Paribas SA, 144A						6.625%		N/A (12)		BBB		2,182,500
	2,215	Credit Agricole SA, 144A						8.125%		N/A (12)		BBB		2,691,225
	1,500	Danske Bank A/S						7.000%		N/A (12)		BBB–		1,665,000
	1,425	Intesa Sanpaolo SpA, 144A						7.700%		N/A (12)		BB–		1,617,375
	2,200	Lloyds Banking Group PLC						7.500%		N/A (12)		Baa3		2,481,116
	2,000	Macquarie Bank Ltd/London, 144A						6.125%		N/A (12)		BB+		2,140,000
	2,000	Natwest Group PLC						8.000%		N/A (12)		BBB–		2,330,000
	1,210	Societe Generale SA, 144A						6.750%		N/A (12)		BB		1,355,648
	1,235	UniCredit SpA						8.000%		N/A (12)		B+		1,334,973
	25,790	Total Banks												28,549,173
		Capital Markets – 1.9%
	1,500	Credit Suisse Group AG, 144A						7.500%		N/A (12)		BB+		1,635,000
	1,500	Credit Suisse Group AG, 144A						6.375%		N/A (12)		BB+		1,670,625
	2,150	Deutsche Bank AG						6.000%		N/A (12)		B+		2,150,000
	2,000	UBS Group AG, 144A						7.000%		7/31/69		BBB		2,192,500
	7,150	Total Capital Markets												7,648,125
$	32,940	Total Contingent Capital Securities (cost $33,204,594)												36,197,298
Principal Amount (000)		Description (1)	Coupon (6)		Reference Rate (6)		Spread (6)		Maturity (7)		Ratings (2)		Value
		VARIABLE RATE SENIOR LOAN INTERESTS – 8.1% (5.9% of Total Investments) (6)
		Airlines – 0.1%
$	275	Delta Air Lines SkyMiles, Term Loan B		4.750%		3-Month LIBOR		3.750%		10/20/27		Baa1	$	285,828
		Auto Components – 0.4%
	1,609	Autokiniton US Holdings, Inc., Term Loan		5.750%		1-Month LIBOR		5.750%		5/22/25		B		1,600,706
		Building Products – 0.3%
	997	DiversiTech Holdings, Inc., Term Loan, (WI/DD)		TBD		TBD		TBD		TBD		B+		990,979
		Commercial Services & Supplies – 0.4%
	980	Packers Holdings, LLC, 2017 Term Loan B		4.000%		1-Month LIBOR		3.000%		12/04/24		B2		978,328
	675	PAE Holding Corp, New Term Loan B		5.250%		3-Month LIBOR		4.500%		10/19/27		B		678,588
	1,655	Total Commercial Services & Supplies												1,656,916
		Containers & Packaging – 1.1%
	1,708	Plaze, Inc., 2019 Term Loan B		3.648%		1-Month LIBOR		3.500%		8/03/26		B3		1,685,344
	1,806	Pregis TopCo Corporation, Term Loan, First Lien		3.897%		1-Month LIBOR		3.750%		8/01/26		B2		1,802,233
	690	Pregis TopCo Corporation, 2020 Incremental Term Loan		5.000%		1-Month LIBOR		4.250%		8/01/26		B2		687,413
	4,204	Total Containers & Packaging												4,174,990
		Food & Staples Retailing – 0.2%
	898	Shearer’s Foods, LLC., Term Loan B		4.750%		3-Month LIBOR		4.000%		9/23/27		B2		899,505
		Food Products – 0.0%
	100	Froneri International Ltd., Term Loan, Second Lien		5.897%		1-Month LIBOR		5.750%		1/31/28		B–		101,250

26

Principal Amount (000)		Description (1)	Coupon (6)		Reference Rate (6)		Spread (6)		Maturity (7)		Ratings (2)		Value
		Health Care Equipment & Supplies – 0.5%
$	1,965	Packers Holdings, LLC, 2017 Term Loan B		4.000%		1-Month LIBOR		3.000%		2/21/26		B	$	1,903,598
		Health Care Providers & Services – 1.5%
	1,000	Aspen Dental, Term Loan B, (WI/DD)		TBD		TBD		TBD		TBD		B		1,002,750
	450	Da Vinci Purchaser Corp, Term Loan		5.000%		2-Month LIBOR		4.000%		1/08/27		N/R		451,782
	1,828	Kindred at Home Hospice, Term Loan B, First Lien		3.438%		1-Month LIBOR		3.250%		7/02/25		B1		1,823,389
	1,518	Lifepoint Health, Inc., New Term Loan B		3.897%		1-Month LIBOR		3.750%		11/16/25		B1		1,517,419
	275	Pluto Acquisition I, Inc., 2020 Incremental Term Loan B		5.500%		1-Month LIBOR		5.000%		6/20/26		B2		276,031
	750	US Radiology Specialists, Inc., Term Loan B, (WI/DD)		TBD		TBD		TBD		TBD		B–		746,951
	5,821	Total Health Care Providers & Services												5,818,322
		Industrial Conglomerates – 0.7%
	2,617	U.S. Renal Care, Inc., 2019 Term Loan B		5.147%		1-Month LIBOR		5.000%		6/26/26		B2		2,608,488
		Insurance – 0.4%
	940	Asurion LLC, Term Loan, Second Lien		6.647%		1-Month LIBOR		6.500%		8/04/25		B		948,553
	668	Hub International Holdings, Inc., Term Loan B		5.000%		3-Month LIBOR		4.000%		4/25/25		B		671,207
	1,608	Total Insurance												1,619,760
		IT Services – 0.4%
	1,770	NeuStar, Inc., Term Loan B5		5.500%		3-Month LIBOR		4.500%		8/08/24		B+		1,725,792
		Oil, Gas & Consumable Fuels – 0.2%
	596	Buckeye Partners, Term Loan, First Lien		2.897%		1-Month LIBOR		2.750%		11/01/26		BBB-		595,688
		Paper & Forest Products – 0.2%
	646	Clearwater Paper Corporation, Term Loan B		3.250%		3-Month LIBOR		3.000%		7/26/26		BB+		651,097
		Pharmaceuticals – 0.4%
	1,485	Endo Health Solutions, Inc., Term Loan B		5.000%		3-Month LIBOR		4.250%		4/29/24		B+		1,466,058
		Road & Rail – 0.2%
	1,000	Hertz Corporation, Term Loan B1, (WI/DD), (3)		TBD		TBD		TBD		TBD		N/R		985,805
		Semiconductors & Semiconductor Equipment – 0.1%
	431	Ultra Clean Holdings, Inc., Term Loan B		4.647%		1-Month LIBOR		4.500%		8/27/25		B+		429,664
		Software – 0.5%
	1,975	Sirius Computer Solutions, Inc., 2020 Term Loan		3.647%		1-Month LIBOR		3.500%		7/01/26		Ba3		1,971,334
		Specialty Retail – 0.3%
	982	Petsmart Inc., Term Loan B		3.236%		3-Month LIBOR		3.000%		3/11/22		B1		970,365
	225	Woof Holdings Inc, Term Loan, First Lien		4.500%		12-Month LIBOR		3.750%		12/16/27		B2		225,095
	1,207	Total Specialty Retail												1,195,460
		Technology Hardware, Storage & Peripherals – 0.2%
	1,000	Ahead DB Holdings LLC, Term Loan B		6.000%		3-Month LIBOR		5.000%		10/16/27		B1		986,250
	31,859	Total Variable Rate Senior Loan Interests (cost $31,412,207)												31,667,490

27

JGH	Nuveen Global High Income Fund (continued)
	Portfolio of Investments    December 31, 2020

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value
		$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 7.7% (5.6% of Total Investments)
		Automobiles – 0.6%
$	905	General Motors Financial Co Inc		5.700%		N/A (12)		BB+	$	997,763
	1,473	General Motors Financial Co Inc		5.750%		N/A (12)		BB+		1,531,920
	2,378	Total Automobiles								2,529,683
		Banks – 1.5%
	1,000	Bank of America Corp		6.100%		N/A (12)		BBB		1,133,050
	1,000	Citigroup Inc		4.000%		3/10/69		BBB–		1,026,250
	1,500	Citigroup Inc		5.000%		N/A (12)		BBB–		1,559,062
	2,000	Huntington Bancshares Inc/OH		5.625%		N/A (12)		Baa3		2,335,000
	5,500	Total Banks								6,053,362
		Capital Markets – 0.6%
	1,500	Dresdner Funding Trust I, 144A		8.151%		N/A (12)		Ba1		2,205,360
		Consumer Finance – 0.3%
	1,000	Discover Financial Services		6.125%		N/A (12)		Ba2		1,127,500
		Food Products – 0.6%
	1,500	Land O’ Lakes Inc, 144A		8.000%		N/A (12)		BB		1,533,750
	1,000	Land O’ Lakes Inc, 144A		7.000%		N/A (12)		BB		938,750
	2,500	Total Food Products								2,472,500
		Independent Power & Renewable Electricity Producers – 0.3%
	1,000	AES Gener SA, 144A		7.125%		3/26/79		BB		1,110,000
		Insurance – 1.6%
	1,750	Assurant Inc		7.000%		3/27/48		BB+		1,968,750
	1,250	Enstar Finance LLC		5.750%		9/01/40		BB+		1,315,923
	2,000	QBE Insurance Group Ltd		6.750%		12/02/44		BBB		2,247,500
	500	QBE Insurance Group Ltd, 144A		5.875%		N/A (12)		Baa2		546,250
	5,500	Total Insurance								6,078,423
		Oil, Gas & Consumable Fuels –0.3%
	2,000	EnLink Midstream Partners LP		6.000%		N/A (12)		BB–		1,164,400
		Trading Companies & Distributors –0.7%
	1,000	AerCap Global Aviation Trust, 144A		6.500%		6/15/45		BB+		1,020,000
	1,750	AerCap Holdings NV		5.875%		10/10/79		BB+		1,796,917
	2,750	Total Trading Companies & Distributors								2,816,917
		Wireless Telecommunication Services –1.2%
	2,000	Network i2i Ltd, 144A		5.650%		N/A (12)		BB		2,126,000
	2,000	Vodafone Group PLC		7.000%		4/04/79		BB+		2,488,950
	4,000	Total Wireless Telecommunication Services								4,614,950
$	28,128	Total $1,000 Par (or similar) Institutional Preferred (cost $27,688,146)								30,173,095
Shares		Description (1)	Coupon				Ratings (2)		Value
		$25 PAR (OR SIMILAR) RETAIL PREFERRED – 1.5% (1.1% of Total Investments)
		Banks – 0.4%
	55,000	Wintrust Financial Corp		6.875%				BB	$	1,566,950
		Food Products – 0.3%
	50,000	CHS Inc		7.100%				N/R		1,390,000

28

Shares		Description (1)	Coupon				Ratings (2)		Value
		Insurance – 0.5%
	39,000	Assurant Inc, (8)		5.250%				BB+	$	1,067,040
	30,000	Enstar Group Ltd		7.000%				BB+		847,200
		Total Insurance								1,914,240
		Oil, Gas & Consumable Fuels – 0.3%
	60,000	NuStar Energy LP		8.500%				B2		1,200,601
		Total $25 Par (or similar) Retail Preferred (cost $6,034,158)								6,071,791
		Total Long-Term Investments (cost $498,147,520)								528,142,578
Principal Amount (000)		Description (1)	Coupon		Maturity				Value
		SHORT-TERM INVESTMENTS – 2.8% (2.0% of Total Investments)
		REPURCHASE AGREEMENTS – 2.8% (2.0% of Total Investments)
$	10,905	Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/20, repurchase price $10,904,825, collateralized by $4,530,400, U.S. Treasury Inflation Indexed Bonds, 0.375%, due 7/15/23, value $5,373,871; $5,751,100, U.S. Treasury Bill, 0.000%, due 5/11/21, value $5,749,110		0.000%		1/04/21			$	10,904,825
		Total Short-Term Investments (cost $10,904,825)								10,904,825
		Total Investments (cost $509,052,345) – 137.1%								539,047,403
		Borrowings – (37.9)% (9), (10)								(149,200,000	)
		Other Assets Less Liabilities – 0.8% (11)								3,451,304
		Net Assets Applicable to Common Shares – 100%							$	393,298,707

Investments in Derivatives

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 (13)

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

$

(8,792,888

)

$

(8,792,888

)

29

JGH	Nuveen Global High Income Fund (continued)
	Portfolio of Investments    December 31, 2020

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

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

(2) 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. Ratings are not covered by the report of independent registered public accounting firm.

(3) Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.

(4) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives.

(5) Contingent Capital Securities (“CoCos”) are hybrid securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer. For example, the terms may specify an automatic write-down of principal or a mandatory conversion into the issuer’s common stock under certain adverse circumstances, such as the issuer’s capital ratio falling below a specified level.

(6) Senior loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate (Reference Rate) plus an assigned fixed rate (Spread). These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate (“LIBOR”), or (ii) the prime rate offered by one or more major United States banks. Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan. The rate shown is the coupon as of the end of the reporting period.

(7) Senior Loans generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments of senior loans may occur. As a result, the actual remaining maturity of senior loans held may be substantially less than the stated maturities shown.

(8) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(9) Borrowings as a percentage of Total Investments is 27.7%.

(10) The Fund may pledge up to 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings.

(11) Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as presented on the Statement of Assets and Liabilities, when applicable. The unrealized appreciation (depreciation) of OTC cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable.

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

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

144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

LIBOR London Inter-Bank Offered Rate

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

TBD Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the final coupon rate and maturity date.

WI/DD Purchased on a when-issued or delayed delivery basis.

See accompanying notes to financial statements.

30

Statement of Assets and Liabilities

December 31, 2020

Assets
Long-term investments, at value (cost $498,147,520)	$	528,142,578
Short-term investments, at value (cost approximates value)		10,904,825
Cash		949,760
Cash collateral at broker for investments in swaps(1)		4,087,180
Receivable for:
Dividends		23,650
Interest		7,216,436
Investments sold		4,821,667
Other assets		154,771
Total assets		556,300,867
Liabilities
Borrowings		149,200,000
Unrealized depreciation on interest rate swaps		8,792,888
Payable for investments purchased – when-issued/delayed delivery settlement		4,366,236
Accrued expenses:
Interest on borrowings		11,387
Management fees		390,334
Trustees fees		89,003
Other		152,312
Total liabilities		163,002,160
Net assets applicable to common shares	$	393,298,707
Common shares outstanding		23,177,393
Net asset value (“NAV”) per common share outstanding	$	16.97
Net assets applicable to common shares consist of:
Common shares, $0.01 par value per share	$	231,774
Paid-in surplus		483,684,565
Total distributable earnings		(90,617,632	)
Net assets applicable to common shares	$	393,298,707
Authorized common shares		Unlimited

(1) Cash pledged to collateralize the net payment obligations for investments in derivatives is in addition to the Fund’s securities pledged as collateral as noted in the Portfolio of Investments.

See accompanying notes to financial statements.

31

Statement of Operations

Year Ended December 31, 2020

Investment Income
Dividends	$	291,215
Interest		32,178,878
Tax withheld on interest income		(3,074	)
Total investment income		32,467,019
Expenses
Management fees		4,388,454
Interest expense on borrowings		2,159,235
Custodian fees		131,094
Trustees fees		13,602
Professional fees		86,028
Shareholder reporting expenses		68,307
Shareholder servicing agent fees		481
Stock exchange listing fees		6,636
Investor relations expense		26,643
Other		23,700
Total expenses		6,904,180
Net investment income (loss)		25,562,839
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments and foreign currency		(31,101,930	)
Swaps		(1,074,313	)
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		11,238,560
Swaps		(6,114,136	)
Net realized and unrealized gain (loss)		(27,051,819	)
Net increase (decrease) in net assets applicable to common shares from operations	$	(1,488,980	)

See accompanying notes to financial statements.

32

Statement of Changes in Net Assets

	Year Ended 12/31/20			Year Ended 12/31/19
Operations
Net investment income (loss)	$	25,562,839		$	27,681,653
Net realized gain (loss) from:
Investments and foreign currency		(31,101,930	)		(6,538,706	)
Forward foreign currency contracts		—			17,904
Futures contracts		—			(799,119	)
Swaps		(1,074,313	)		313,047
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		11,238,560			61,781,621
Forward foreign currency contracts		—			(71,276	)
Futures contracts		—			259,161
Swaps		(6,114,136	)		(4,645,640	)
Net increase (decrease) in net assets applicable to common shares from operations		(1,488,980	)		77,998,645
Distributions to Common Shareholders
Dividends		(24,735,572	)		(27,788,291	)
Return of capital		(956,568	)		(812,612	)
Decrease in net assets applicable to common shares from distributions to common shareholders		(25,692,140	)		(28,600,903	)
Net increase (decrease) in net assets applicable to common shares		(27,181,120	)		49,397,742
Net assets applicable to common shares at the beginning of period		420,479,827			371,082,085
Net assets applicable to common shares at the end of period	$	393,298,707		$	420,479,827

See accompanying notes to financial statements.

33

Statement of Cash Flows

Year Ended December 31, 2020

Cash Flows from Operating Activities:
Net Increase (Decrease) In Net Assets Applicable to Common Shares from Operations	$	(1,488,980	)
Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from operations to net cash provided by (used in) operating activities:
Purchases of investments		(171,560,196	)
Proceeds from sales and maturities of investments		208,669,651
Proceeds from (Purchases of) short-term investments, net		(8,534,770	)
Proceeds from litigation settlement		5,492
Amortization (Accretion) of premiums and discounts, net		(435,161	)
(Increase) Decrease in:
Receivable for dividend		(23,650	)
Receivable for interest		1,742,105
Receivable for investments sold		(2,426,598	)
Other assets		5,827
Increase (Decrease) in:
Investments purchased – when-issued/delayed delivery settlement		4,366,236
Accrued interest on borrowings		9,527
Accrued management fees		(36,816	)
Accrued Trustees fees		(2,434	)
Accrued other expenses		(37,051	)
Net realized (gain) loss from investments and foreign currency		31,101,930
Change in net unrealized (appreciation) depreciation of:
Investments and foreign currency		(11,238,560	)
Swaps		6,114,136
Net cash provided by (used in) operating activities		56,230,688
Cash Flows from Financing Activities:
Proceeds from borrowings		28,800,000
(Repayments of) borrowings		(54,800,000	)
Cash distributions paid to common shareholders		(25,692,140	)
Net cash provided by (used in) financing activities		(51,692,140	)
Net Increase (Decrease) in Cash, Cash Denominated in Foreign Currencies and Cash Collateral at Brokers		4,538,548
Cash, cash denominated in foreign currencies, and cash collateral at brokers at the beginning of period		498,392
Cash, cash denominated in foreign currencies, and cash collateral at brokers at the end of period	$	5,036,940
Supplemental Disclosure of Cash Flow Information
Cash paid for interest on borrowings (excluding borrowing costs)	$	2,060,921

See accompanying notes to financial statements.

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35

Financial Highlights

Selected data for a share outstanding throughout each period:

			Investment Operations								Less Distributions to Common Shareholders											Common Share
	Beginning Common Share NAV		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accumulated Net Realized Gains		Return of Capital			Total			Discount from Shares Repurchased and Retired		Ending NAV		Ending Share Price
Year Ended 12/31:
2020	$	18.14	$	1.10	$	(1.16	)	$	(0.06	)	$	(1.07	)	$	—	$	(0.04	)	$	(1.11	)	$	—	$	16.97	$	15.55
2019		16.01		1.19		2.17			3.36			(1.20	)		—		(0.03	)		(1.23	)		—		18.14		16.38
2018		18.51		1.26		(2.42	)		(1.16	)		(1.27	)		—		(0.08	)		(1.35	)		0.01		16.01		13.65
2017		17.82		1.42		0.71			2.13			(1.34	)		—		(0.10	)		(1.44	)		—		18.51		16.91
2016		16.05		1.47		1.83			3.30			(1.51	)		—		(0.03	)		(1.54	)		0.01		17.82		15.99

	Borrowings at the End of Period
	Aggregate Amount Outstanding (000)		Asset Coverage Per $1,000
Year Ended 12/31:
2020	$	149,200	$	3,636
2019		175,200		3,400
2018		175,200		3,118
2017		175,200		3,455
2016		164,800		3,513

36

						Common Share Supplemental Data/ Ratios Applicable to Common Shares
Common Share Total Returns								Ratios to Average Net Assets(c)
Based on NAV(b)			Based on Share Price(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(d)
	0.39	%		2.88	%	$	393,299		1.87	%		6.94	%		35	%
	21.54			29.93			420,480		2.64			6.84			43
	(6.67	)		(11.97	)		371,082		2.51			7.10			61
	12.25			15.14			430,058		2.08			7.70			77
	21.85			29.26			414,084		1.97			8.91			49

(a) Per share Net Investment Income (Loss) is calculated using the average daily shares method.

(b) Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.

Total Return Based on Common Share Price is the combination of changes in the market price per common share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per common share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.

(c)	•	Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to borrowings, (as described in Note 8 – Borrowing Arrangements).
	•	Each ratio includes the effect of all interest expense paid and other costs related to borrowings as follows:

Ratios of Borrowings Interest Expense to Average Net Assets Applicable to Common Shares
Year Ended 12/31:
2020	0.59	%
2019	1.33
2018	1.19
2017	0.78
2016	0.66

(d) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period.

See accompanying notes to financial statements.

37

Notes to Financial Statements

1. General Information

Fund Information

Nuveen Global High Income Fund (the “Fund”) is registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as a diversified closed-end management investment company. The Fund’s common shares are listed on the New York Stock Exchange (“NYSE”) and trade under the ticker symbol “JGH.” The Fund was organized as a Massachusetts business trust on August 5, 2014.

The end of the reporting period for the Fund is December 31, 2020, and the period covered by these Notes to Financial Statements is the fiscal year ended December 31, 2020 (the “current fiscal period”).

Investment Adviser and Sub-Adviser

The Fund’s investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Fund, oversees the management of the Fund’s portfolio, manages the Fund’s business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into a sub-advisory agreement with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolio of the Fund.

Other Matters

The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Fund’s normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.

2. Significant Accounting Policies

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Fund is an investment company and follows the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services – Investment Companies. The net asset value (“NAV”) for financial reporting purposes may differ from the NAV for processing security and common share transactions. The NAV for financial reporting purposes includes security and common share transactions through the date of the report. Total return is computed based on the NAV used for processing security and common share transactions. The following is a summary of the significant accounting policies consistently followed by the Fund.

Compensation

The Fund pays no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Fund from the Adviser or its affiliates. The Fund’s Board of Trustee (the “Board”) has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

Distributions to Common Shareholders

Distributions to common shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Foreign Currency Transactions and Translation

To the extent that the Fund invests in securities and/or contracts that are denominated in a currency other than U.S. dollars, the Fund will be subject to currency risk, which is the risk that an increase in the U.S. dollar relative to the foreign currency will reduce returns or portfolio value. Generally, when the U.S. dollar rises in value against a foreign currency, the Fund’s investments denominated in that currency will lose value because their currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value. Investments and other assets and liabilities denominated in foreign currencies are converted into U.S. dollars on a spot (i.e. cash) basis at the spot rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and income denominated in foreign currencies are translated into U.S. dollars on the respective dates of such transactions.

38

The books and records of the Fund are maintained in U.S. dollars. Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollars at the end of each day. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign currency, (ii) investments and (iii) derivatives include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received are recognized as a component of “Net realized gain (loss) from investments and foreign currency” on the Statement of Operations, when applicable.

The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with (i) investments and (ii) other assets and liabilities are recognized as a component of “Change in net unrealized appreciation (depreciation) of investments and foreign currency” on the Statement of Operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange rates associated with investments in derivatives are recognized as a component of the respective derivative’s related “Change in net unrealized appreciation (depreciation)” on the Statement of Operations, when applicable.

As of the end of the reporting period, the Fund’s investments in non-U.S. securities were as follows:

	Value		% of Total Investments
Country:
United Kingdom	$	24,532,204		4.6	%
Netherlands		23,307,743		4.3
Canada		18,193,005		3.4
Mexico		16,229,021		3.0
France		10,671,248		2.0
Luxembourg		10,225,723		1.9
Cayman Islands		9,817,562		1.8
Dominican Republic		7,800,625		1.5
Turkey		7,339,280		1.4
Germany		6,771,219		1.3
Ireland		6,655,911		1.2
Italy		5,650,688		1.0
Switzerland		5,498,125		1.0
Australia		5,173,750		1.0
Other		93,675,989		17.3
Total non-U.S. securities	$	251,542,093		46.7	%

Indemnifications

Under the Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts that provide general indemnifications to other parties. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

Investments and Investment Income

Securities transactions are accounted for as of the trade date for financial reporting purposes. Trade date for senior and subordinated loans purchased in the “primary market” is considered the date on which the loan allocations are determined. Trade date for senior and subordinated loans purchased in the “secondary market” is the date on which the transaction is entered into. Realized gains and losses on securities transactions are based upon the specific identification method. Dividend income is recorded on the ex-dividend date, or for foreign securities, when information is available. Non-cash dividends received in the form of stock, if any are recognized on the ex-dividend date and recorded at fair value. Interest income, which is recorded on an accrual basis and includes accretion of discounts and amortization of premiums for financial reporting purposes. Interest income also reflects payment-in-kind (“PIK”) interest and fee income, if any. PIK interest represents income received in the form of securities in lieu of cash. Fee income consists primarily of amendment fees. Amendment fees are earned as compensation for evaluating and accepting changes to an original senior loan agreement and are recognized when received.

Netting Agreements

In the ordinary course of business, the Fund may enter into transactions subject to enforceable master repurchase agreements, International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows the Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, the Fund manages its cash collateral and securities collateral on a counterparty basis.

39

Notes to Financial Statements (continued)

The Fund’s investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 4 – Portfolio Securities and Investments in Derivatives.

New Accounting Pronouncements and Rule Issuances

Reference Rate Reform

In March 2020, FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Financial Conduct Authority (FCA). The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For new and existing contracts, the Fund may elect to apply the optional expedients as of March 12, 2020 through December 31, 2022. Management has not yet elected to apply the optional expedients, but is currently assessing the impact of the ASU’s adoption to the Fund’s financial statements and various filings.

Securities and Exchange Commission (“SEC”) Adopts New Rules to Modernize Fund Valuation Framework

In December 2020, the SEC voted to adopt a new rule governing fund valuation practices. New Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of Section 2(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotation are not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of a board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 will become effective on March 8, 2021, with a compliance date of September 8, 2022. A fund may voluntarily comply with the rules after the effective date, and in advance of the compliance date, under certain conditions. Management is currently assessing the impact of these provisions on the Fund’s financial statements.

3. Investment Valuation and Fair Value Measurements

The Fund’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 –	Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 –	Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3 –	Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

A description of the valuation techniques applied to the Fund’s major classifications of assets and liabilities measured at fair value follows:

Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their sale price at the official close of business of such market or exchange on the valuation date. Foreign equity securities are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. To the extent these securities are actively traded and that valuation adjustments are not applied, they are generally classified as Level 1. If there is no official close of business, then the latest available sale price is utilized. If no sales are reported, then the mean of the latest available bid and ask prices is utilized and are generally classified as Level 2.

Prices of fixed-income securities are generally provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2.

Investments in investment companies are valued at their respective NAVs on the valuation date and are generally classified as Level 1.

Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally classified as Level 2.

40

40

Swap contracts are marked-to-market daily based upon a price supplied by a pricing service. Swaps are generally classified as Level 2.

For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Funds’ net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Board. These foreign securities are generally classified as Level 2.

Any portfolio security or derivative for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Board. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2 of the fair value hierarchy; otherwise they would be classified as Level 3.

The following table summarizes the market value of the Fund’s investments as of the end of the reporting period, based on the inputs used to value them:

	Level 1		Level 2			Level 3		Total
Long-Term Investments*:
Corporate Bonds	$	—	$	367,094,872		$	—	$	367,094,872
Sovereign Debt		—		56,938,032			—		56,938,032
Contingent Capital Securities		—		36,197,298			—		36,197,298
Variable Rate Senior Loan Interests		—		31,667,490			—		31,667,490
$1,000 Par (or similar) Institutional Preferred		—		30,173,095			—		30,173,095
$25 Par (or similar) Retail Preferred		6,071,791		—			—		6,071,791
Short-Term Investments:
Repurchase Agreements		—		10,904,825			—		10,904,825
Investments in Derivatives:
Interest Rate Swaps**		—		(8,792,888	)		—		(8,792,888	)
Total	$	6,071,791	$	524,182,724		$	—	$	530,254,515

* Refer to the Fund’s Portfolio of Investments for industry and country classifications, where applicable.

** Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments.

4. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Unfunded Commitments

Pursuant to the terms of certain of the variable rate senior loan agreements, the Fund may have unfunded senior loan commitments. The Fund will maintain with its custodian, cash, liquid securities and/or liquid senior loans having an aggregate value at least equal to the amount of unfunded senior loan commitments. As of the end of the reporting period, the Fund had no such outstanding unfunded senior loan commitments.

Participation Commitments

With respect to the senior loans held in the Fund’s portfolio, the Fund may: 1) invest in assignments; 2) act as a participant in primary lending syndicates; or 3) invest in participations. If the Fund purchases a participation of a senior loan interest, the Fund would typically enter into a contractual agreement with the lender or other third party selling the participation, rather than directly with the borrower. As such, the Fund not only assumes the credit risk of the borrower, but also that of the selling participant or other persons interpositioned between the Fund and the borrower. As of the end of the reporting period, the Fund had no such outstanding participation commitments.

Repurchase Agreements

In connection with transactions in repurchase agreements, it is the Fund’s policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.

The following table presents the repurchase agreements for the Fund that are subject to netting agreements as of the end of the reporting period, and the collateral delivered related to those repurchase agreements.

Counterparty	Short-Term Investments, at Value		Collateral Pledged (From) Counterparty*			Net Exposure
Fixed Income Clearing Corporation	$	10,904,825	$	(10,904,825	)	$	—

* As of the end of the reporting period, the value of the collateral pledged from the counterparty exceeded the value of the repurchase agreements. Refer to the Fund’s Portfolio of Investments for details on the repurchase agreements.

41

Notes to Financial Statements (continued)

Zero Coupon Securities

A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.

Investment Transactions

Long-term purchases and sales (including maturities but excluding derivative transactions) during the current fiscal period aggregated $171,560,196 and $208,669,651, respectively.

The Fund may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. The Fund has earmarked securities in its portfolio with a current value at least equal to the amount of the when-issued/delayed-delivery purchase commitments. If the Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the reporting period, such amounts are recognized on the Statement of Assets and Liabilities.

Investments in Derivatives

The Fund is authorized to invest in certain derivative instruments, such as futures, options and swap contracts. The Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Fund records derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Fund’s investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.

Interest Rate Swap Contracts

Interest rate swap contracts involve the Fund’s agreement with the counterparty to pay or receive a fixed rate payment in exchange for the counterparty receiving or paying a variable rate payment. Forward interest rate swap contracts involve the Fund’s agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Fund a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the “effective date”).

The amount of the payment obligation for an interest rate swap is based on the notional amount and the termination date of the contract. Interest rate swap contracts do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the net amount of interest payments that the Fund is to receive.

Interest rate swap contracts are valued daily. Upon entering into an interest rate swap contract (and beginning on the effective date for a forward interest rate swap contract), the Fund accrues the fixed rate payment expected to be paid or received and the variable rate payment expected to be received or paid on the interest rate swap contracts on a daily basis, and recognizes the daily change in the fair value of the Fund’s contractual rights and obligations under the contracts. For an over-the-counter (“OTC”) swap that is not cleared through a clearing house (“OTC Uncleared”), the amount recorded on these transactions is recognized on the Statement of Assets and Liabilities as a component of “Unrealized appreciation or depreciation on interest rate swaps.”

Upon the execution of an OTC swap cleared through a clearing house (“OTC Cleared”), the Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Cash deposited by the Fund to cover initial margin requirements on open swap contracts, if any, is recognized as a component of “Cash collateral at brokers for investments in swaps” on the Statement of Assets and Liabilities. Investments in OTC Cleared swaps obligate the Fund and the clearing broker to settle monies on a daily basis representing changes in the prior day’s “mark-to-market” of the swap contract. If the Fund has unrealized appreciation, the clearing broker will credit the Fund’s account with an amount equal to the appreciation. Conversely, if the Fund has unrealized depreciation, the clearing broker will debit the Fund’s account with an amount equal to the depreciation. These daily cash settlements are also known as “variation margin.” Variation margin for OTC Cleared swaps is recognized as a receivable and/or payable for “Variation margin on swap contracts” on the Statement of Assets and Liabilities. Upon the execution of an OTC Uncleared swap, neither the Fund nor the counterparty is required to deposit initial margin as the trades are recorded bilaterally between both parties to the swap contract, and the terms of the variation margin are subject to a predetermined threshold negotiated by the Fund and the counterparty. Variation margin for OTC Uncleared swaps is recognized as a component of “Unrealized appreciation or depreciation on interest rate swaps” as described in the preceding paragraph.

The net amount of periodic payments settled in cash are recognized as a component of “Net realized gain (loss) from swaps” on the Statement of Operations, in addition to the net realized gain or loss recorded upon the termination of the swap contract. For tax purposes, payments expected to be received or paid on the swap contracts are treated as ordinary income or expense, respectively. Changes in the value of the swap contracts during the fiscal period are recognized as a component of “Change in net unrealized appreciation (depreciation) of swaps” on the Statement of Operations. In certain instances, payments are made or received upon entering into the swap contract to compensate for differences between the stated terms of the swap agreements and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Payments received or made at the beginning of the measurement period, if any, are recognized as “Interest rate swaps premiums received and/or paid” on the Statement of Assets and Liabilities.

During the current fiscal period, the Fund continued to use interest rate swap contracts to partially hedge its future interest cost of leverage, which is through the use of bank borrowings.

42

The average notional amount of interest rate swap contracts outstanding during the current fiscal period was as follows:

Average notional amount of interest rate swap contracts outstanding* $87,400,000

* The average notional amount is calculated based on the outstanding notional at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period.

The following table presents the fair value of all swap contracts held by the Fund as of the end of the reporting period, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.

		Location on the Statement of Assets and Liabilities
Underlying Risk Exposure	Derivative Instrument	Asset Derivatives			(Liability) Derivatives
		Location	Value		Location	Value
Interest rate	Swaps (OTC Uncleared)	—	$	—	Unrealized depreciation on interest rate swaps**	$	(8,792,888	)

** Some swaps contracts require a counterparty to pay or receive a premium, which is disclosed on the Statement of Assets and Liabilities, when applicable, and is not reflected in the cumulative unrealized appreciation (depreciation) presented above.

The following table presents the swap contracts subject to netting agreements and the collateral delivered related to those swap contracts as of the end of the reporting period.

									Gross Amount Net Offset on the Statement of Assets and Liabilities
Counterparty	Gross Unrealized Appreciation on Interest Rate Swaps***		Gross Unrealized (Depreciation) on Interest Rate Swaps***			Net Unrealized Appreciation (Depreciation) on Interest Rate Swaps			Interest Rate Swaps Premiums Paid		Collateral Pledged to (from) Counterparty		Net Exposure
Morgan Stanley Capital Services LLC	$	—	$	(8,792,888	)	$	(8,792,888	)	$	—	$	8,051,894	$	(740,994	)

*** Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund’s Portfolio of Investments.

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on swap contracts on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.

Underlying Risk Exposure	Derivative Instrument	Net Realized Gain (Loss) from Swaps			Change in Net Unrealized Appreciation (Depreciation) of Swaps
Interest rate	Swaps	$	(1,074,313	)	$	(6,114,136	)

Market and Counterparty Credit Risk

In the normal course of business the Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose the Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of the Fund’s exposure to counterparty credit risk in respect to these financial assets approximates its carrying value as recorded on the Statement of Assets and Liabilities.

The Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of the Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when the Fund has an unrealized loss, the Fund has instructed the custodian to pledge assets of the Fund as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

5. Fund Shares

Common Share Transactions

The Fund did not have any transactions in common shares during the current and prior fiscal periods.

43

Notes to Financial Statements (continued)

6. Income Tax Information

The Fund intends to distribute substantially all of its net investment company taxable income to common shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. In any year when the Fund realizes net capital gains, the Fund may choose to distribute all or a portion of its net capital gains to common shareholders, or alternatively, to retain all or a portion of its net capital gains and pay federal corporate income taxes on such retained gains.

For all open tax years and all major taxing jurisdictions, management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to 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 as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAV of the Fund.

The table below presents the cost and unrealized appreciation (depreciation) of the Fund’s investment portfolio, as determined on a federal income tax basis, as of December 31, 2020.

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	$	509,300,897
Gross unrealized:
Appreciation	$	38,293,016
Depreciation		(17,339,398	)
Net unrealized appreciation (depreciation) of investments	$	20,953,618
Permanent differences, primarily due to treatment of notional principal contracts, complex securities character adjustments, and bond premium amortization adjustments, resulted in reclassifications among the Fund’s components of net assets as of December 31, 2020, the Fund’s tax year end.
The tax components of undistributed net ordinary income and net long-term capital gains as of December 31, 2020, the Fund’s tax year end, were as follows:
Undistributed net ordinary income	$	—
Undistributed net long-term capital gains		—
The tax character of distributions paid during the Fund’s tax years ended December 31, 2020 and December 31, 2019 was designated for purposes of the dividends paid deduction as follows:
2020
Distributions from net ordinary income1	$	24,735,572
Distributions from net long-term capital gains		—
Return of capital		956,568
1  Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.
2019
Distributions from net ordinary income¹	$	27,788,291
Distributions from net long-term capital gains		—
Return of capital		812,612
1  Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.
As of December 31, 2020, the Fund’s tax year end, the Fund had unused capital losses carrying forward available for federal income tax purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.
Not subject to expiration:
Short-term	$	29,592,860
Long-term		82,025,895
Total	$	111,618,755

44

7. Management Fees

The Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Fund from the management fees paid to the Adviser.

The Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within the Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

The annual fund-level fee, payable monthly, is calculated according to the following schedule:

Average Daily Managed Assets*	Fund-Level Fee Rate
For the first $500 million		0.7000	%
For the next $500 million		0.6750
For the next $500 million		0.6500
For the next $500 million		0.6250
For managed assets over $2 billion		0.6000

The annual complex-level fee, payable monthly, is calculated by multiplying the current complex-wide fee rate, determined according to the following schedule by the Fund’s daily managed assets:

Complex-Level Eligible Asset Breakpoint Level*	Effective Complex-Level Fee Rate at Breakpoint Level
$55 billion		0.2000	%
$56 billion		0.1996
$57 billion		0.1989
$60 billion		0.1961
$63 billion		0.1931
$66 billion		0.1900
$71 billion		0.1851
$76 billion		0.1806
$80 billion		0.1773
$91 billion		0.1691
$125 billion		0.1599
$200 billion		0.1505
$250 billion		0.1469
$300 billion		0.1445

* For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the fund’s use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and closed-end funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011, but do not include certain assets of certain Nuveen funds that were reorganized into funds advised by an affiliate of the Adviser during the 2019 calendar year. As of December 31, 2020, the complex-level fee for the Fund was 0.1557%.

8. Borrowing Arrangements

Borrowings

The Fund has entered into a borrowing agreement as a means of leverage.

As of the end of the reporting period, the Fund has a $165,000,000 (maximum commitment amount) committed 364-day revolving line of credit (“Borrowings”), with its custodian bank. As of the end of the reporting period, the outstanding balance on these Borrowings was $149,200,000.

During November 2020, the Fund renewed the Borrowings with its custodian bank through November 15, 2021. The Fund incurred a 0.05% upfront fee based on the maximum commitment amount of the borrowings. All other terms of the Borrowings remain unchanged.

Interest is charged on the Borrowings drawn amount at a rate per annum equal to one-month LIBOR (London Inter-Bank Offered Rate) plus 0.70% for Overnight or LIBOR loans or Federal Funds rate plus 0.80% for Base Rate Loans. The Fund also accrued a 0.15% per annum commitment fee based on the undrawn balance based on the maximum commitment amount of the Borrowings to the extent the unused portion of the Borrowings is less than 50% of the maximum commitment amount otherwise the per annum commitment fee is 0.25%.

During the current fiscal period, the average daily balance outstanding (which was for the entire current reporting period) and average annual interest rate on these Borrowings were $144,275,956 and 1.33%.

45

Notes to Financial Statements (continued)

In order to maintain these Borrowings, the Fund must meet certain collateral, asset coverage and other requirements. Borrowings outstanding are fully secured by assets held in the Fund’s portfolio of investments.

Borrowings outstanding are recognized as “Borrowings” on the Statement of Assets and Liabilities. Interest expense and commitment fees are each recognized as a component of “Interest expense on borrowings” on the Statement of Operations.

Inter-Fund Borrowing and Lending

The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities “fails,” resulting in an unanticipated cash shortfall) (the “Inter-Fund Program”). The closed-end Nuveen funds, including the Fund covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund’s outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund’s total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund’s inter-fund loans to any one fund shall not exceed 5% of the lending fund’s net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business day’s notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund’s investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.

The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day’s notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.

During the current reporting period, the Fund did not enter into any inter-fund loan activity.

9. Subsequent Events

Developments Regarding the Fund’s Control Share By-Law

On January 14, 2021, the Board received a shareholder demand letter from Saba Capital CEF Opportunities 1, Ltd. and Saba Capital Management, L.P. (collectively, “Saba”) demanding that the Fund (i) rescind the Fund’s by-law provisions pursuant to which, in summary, a shareholder who obtains beneficial ownership of common shares in a control share acquisition shall have the same voting rights as other common shareholders only to the extent authorized by the other disinterested shareholders (the “Control Share By-Law”) and (ii) commence judicial action against the Board to ensure that the Control Share By-Law is withdrawn. Also on January 14, 2021, Saba filed a civil complaint in the U.S. District Court for the Southern District of New York against the Fund, certain other Nuveen funds and the Board, seeking a declaration that the Control Share By-Law violates the 1940 Act, rescission of the Control Share By-Law and a permanent injunction against applying the Control Share By-Law. Management has determined that this complaint is unlikely to have an impact to the Fund’s financial statements.

Distributions to Common Shareholders

On February 25, 2021, the Fund announced that the Board approved the adoption of a level distribution policy. The level distribution policy is intended to provide shareholders with stable, but not guaranteed, cash flow, independent of the amount or timing of income earned or capital gains realized by the Fund. The Fund intends to distribute all or substantially all of its net investment income through its regular monthly distribution and to distribute realized capital gains at least annually. In addition, in any monthly period, in order to maintain its level distribution amount, the Fund may pay out more or less than its net investment income during the period. As a result, distribution sources may include net investment income, realized gains and return of capital. The level distribution policy will become effective with the Fund’s March distribution.

46

Shareholder Update

(Unaudited)

CURRENT INVESTMENT OBJECTIVE, INVESTMENT POLICIES AND PRINCIPAL RISKS OF THE FUND

NUVEEN GLOBAL HIGH INCOME FUND (JGH)

Investment Objective

The Fund’s investment objective is to provide a high level of current income.

Investment Policies

Under normal conditions, the Fund will invest at least 80% of its Managed Assets (as defined below) in global income-producing securities including, but not limited to, corporate debt securities, U.S. and foreign government debt securities, mortgage- and asset-backed securities, preferred securities, secured and unsecured loans, convertible debt securities and contingent capital securities.

The Fund will pursue its investment objective by following the sub-adviser’s global high-income strategy, which invests in a portfolio of high yield (below investment grade) bonds and other income producing securities from around the world and across the capital structure and credit spectrum.

“Managed Assets” mean the total assets of the Fund, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage). Total assets for this purpose shall include assets attributable to the Fund’s use of leverage (whether or not those assets are reflected in the Fund’s financial statements for purposes of generally accepted accounting principles), and derivatives will be valued at their market value.

Under normal market conditions:

• The Fund will invest at least 65% of its Managed Assets in securities that, at the time of investment, are rated below the four highest grades (those rated BB/Ba or lower) by at least one nationally recognized statistical rating organization (“NRSRO”) or are unrated but judged to be of comparable quality by the Fund’s sub-adviser.

• The Fund will invest at least 40% of its Managed Assets in securities of issuers located outside of the United States; however, no more than 25% of its Managed Assets may be invested in securities of issuers located in emerging market countries.

• No more than 15% of the Fund’s Managed Assets may be exposed to currencies other than the U.S. dollar, net of any currency hedging transactions.

• The Fund will invest no more than 10% of its Managed Assets in U.S. dollar cash or cash equivalents.

The foregoing policies apply only at the time of any new investment.

Approving Changes in Investment Policies

The Board of Trustees of the Fund may change a policy without a shareholder vote. However, with respect to the Fund’s policy of investing at least 80% of its Managed Assets in global income-producing securities including, but not limited to, corporate debt securities, U.S. and foreign government debt securities, mortgage- and asset-backed securities, preferred securities, secured and unsecured loans, convertible debt securities and contingent capital securities, such policy may not be changed without 60 days’ prior written notice to shareholders.

Portfolio Contents

The Fund generally invests in corporate debt securities and debt securities of governmental issuers in all countries, including emerging market countries. The Fund will classify an issuer of a security as being a U.S. or non-U.S. issuer based on the determination of an unaffiliated, recognized financial data provider. Such determinations are based on a number of criteria, such as the issuer’s country of domicile, the primary exchange on which the security predominately trades, the location from which the majority of the issuer’s revenue comes, and the issuer’s reporting currency. Furthermore, a country is considered to be an “emerging market” if it has a relatively low gross national product per capita compared to the world’s major economies and the potential for rapid economic growth. The Fund considers a country an emerging market country based on the determination of an international organization, such as the IMF, or an unaffiliated, recognized financial data provider.

Corporate debt securities are fully taxable debt obligations issued by corporations. These securities fund capital improvements, expansions, debt refinancing or acquisitions that require more capital than would ordinarily be available from a single lender. Investors in corporate debt securities lend money to the issuing corporation in exchange for interest payments and repayment of the principal at a set maturity date. Rates on corporate debt securities are set according to prevailing interest rates at the time of the issue, the credit rating of the issuer, the length of the maturity and other terms of the security, such as a call feature. Corporate debt securities are subject to the risk of an issuer’s inability to meet principal and interest payments on the obligations and may also be subject to price volatility due to such factors as market interest rates, market perception of the creditworthiness of the issuer

47

Shareholder Update (continued)

(Unaudited)

and general market liquidity. In addition, corporate restructurings, such as mergers, leveraged buyouts, takeovers or similar corporate transactions are often financed by an increase in a corporate issuer’s debt securities. As a result of the added debt burden, the credit quality and market value of an issuer’s existing debt securities may decline significantly.

Debt securities of governmental issuers in all countries, including emerging market countries, may include: fixed-income securities issued or guaranteed by governments and governmental agencies or instrumentalities; fixed-income securities issued by government owned, controlled or sponsored entities; interests in entities organized and operated for the purpose of restructuring the investment characteristics of instruments issued by any of the above issuers; Brady Bonds, which are debt securities issued under the framework of the Brady Plan as a means for debtor nations to restructure their outstanding external indebtedness; participations in loans between governments and financial institutions; or fixed income securities issued by supranational entities such as the World Bank or the European Economic Community. A supranational entity is a bank, commission or company established or financially supported by the national governments of one or more countries to promote reconstruction or development.

The Fund invests in convertible securities, which may include convertible debt, convertible preferred stock, synthetic convertible securities and may also include secured and unsecured debt, based upon the judgment of the Fund’s sub-adviser. Convertible securities may pay interest or dividends that are based on a fixed or floating rate. A convertible security is a preferred stock, warrant or other security that may be converted into or exchanged for a prescribed amount of common stock or other security of the same or a different issuer or into cash within a particular period of time at a specified price or formula.

The Fund invests in contingent capital securities (sometimes referred to as “CoCos”). CoCos are hybrid securities, issued primarily by non-U.S. financial institutions, which have loss absorption mechanisms benefitting the issuer built into their terms. CoCos generally provide for mandatory conversion into the common stock of the issuer or a write-down of the principal amount or value of the CoCos upon the occurrence of certain triggers linked to regulatory capital thresholds. In addition, they may provide for mandatory conversion or a principal write-down upon the occurrence of certain events such as regulatory actions calling into question the issuing banking institution’s continued viability as a going-concern. Equity conversion or principal write-down features are tailored to the issuer and its regulatory requirements and, unlike traditional convertible securities, conversions are not voluntary.

The Fund may invest in mortgage-backed securities (“MBS”) guaranteed by, or secured by collateral that is guaranteed by, the United States government, its agencies, instrumentalities or sponsored corporations. MBS are structured debt obligations collateralized by pools of commercial or residential mortgages. Pools of mortgage loans and mortgage-related loans, such as mezzanine loans, are assembled into pools of assets that secure or back securities sold to investors by various governmental, government-related and private organizations. MBS in which the Fund may invest include those with fixed, floating or variable interest rates, those with interest rates that change based on a specified index of interest rates and those with interest rates that change inversely to changes in interest rates, as well as those that do not bear interest.

The Fund may invest in commercial mortgage-backed securities (“CMBS”). CMBS generally are multi-class debt or pass-through certificates secured or backed by mortgage loans on commercial properties. CMBS generally are structured to provide protection to the senior class investors against potential losses on the underlying mortgage loans. This protection generally is provided by having the holders of subordinated classes of securities take the first loss if there are defaults on the underlying commercial mortgage loans. Other protection, which may benefit all of the classes or particular classes, may include issuer guarantees, reserve funds, cross-collateralization and over-collateralization. The Fund may invest in CMBS issued or sponsored by commercial banks, savings and loan institutions, mortgage bankers, private mortgage insurance companies and other non-governmental issuers. CMBS have no governmental guarantee.

The Fund may also invest in asset-backed securities (“ABS”). ABS are securities that are primarily serviced by the cash flows of a discrete pool of receivables or other financial assets, either fixed or revolving, that by their terms convert into cash within a finite time period. Asset-backed securitization is a financing technique in which financial assets, in many cases themselves less liquid, are pooled and converted into instruments that may be offered and sold in the capital markets. While residential mortgages were the first financial assets to be securitized in the form of MBS, non-mortgage related securitizations have grown to include many other types of financial assets, such as credit card receivables, auto loans and student loans.

The Fund may invest in preferred securities. Traditional preferred securities are generally equity securities of the issuer that have priority over the issuer’s common shares as to the payment of dividends (i.e., the issuer cannot pay dividends on its common shares until the dividends on the preferred shares are current) and as to the payout of proceeds of a bankruptcy or other liquidation, but are subordinate to an issuer’s senior debt and junior debt as to both types of payments. Additionally, in a bankruptcy or other liquidation, traditional preferred securities are generally subordinate to an issuer’s trade creditors and other general obligations. Traditional preferred securities may be perpetual or have a term, and typically have a fixed liquidation (or “par”) value. The term “preferred securities” also includes certain hybrid securities and other types of preferred securities that do not have the traditional features described above.

The Fund may invest in fixed and floating rate loans. Loans may include senior loans and secured and unsecured junior loans, including subordinated loans, second lien or more junior loans and bridge loans. Loans are typically arranged through private negotiations between borrowers in the United States or in foreign or emerging markets which may be corporate issuers or issuers of sovereign debt obligations and one or more financial institutions

48

and other lenders. The Fund may invest in loans by purchasing assignments of all or a portion of loans or loan participations from third parties. Loan participations are loans that are shared by a group of lenders.

The Fund may invest in Real Estate Investment Trusts (“REITs”). A common type of real estate company, a REIT, is a company that pools investors’ funds for investment primarily in income-producing real estate or in real estate related loans (such as mortgages) or other interests. Therefore, a REIT normally derives its income from rents or from interest payments, and may realize capital gains by selling properties that have appreciated in value. REITs generally pay relatively high dividends (as compared to other types of companies) and the Fund intends to use these REIT dividends in an effort to meet its primary objective of high current income.

The Fund’s investments include investment grade and below investment grade securities. Below investment grade securities (such securities are commonly referred to as “high yield” or “junk”) generally provide high income in an effort to compensate investors for their higher risk of default, which is the failure to make required interest or principal payments.

The Fund may invest in zero coupon bonds. A zero coupon bond is a bond that typically does not pay interest for the entire life of the obligation or for an initial period after the issuance of the obligation.

The Fund may invest in illiquid securities (i.e., securities that are not readily marketable), including, but not limited to, restricted securities (securities the disposition of which is restricted under the federal securities laws), securities that may be resold only pursuant to Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”), and repurchase agreements with maturities in excess of seven days.

The Fund may enter into certain derivative instruments in pursuit of its investment objective, including to seek to enhance return, to hedge certain risks of its investments in fixed-income securities or as a substitute for a position in the underlying asset. Such instruments include options, financial futures contracts, swap contracts (including interest rate, credit default swaps and currency swaps), options on financial futures, options on swap contracts, forward foreign currency contracts and options on foreign currencies or other derivative instruments. The Fund’s use of currency-related derivative instruments will be limited to hedging purposes only.

The Fund may also invest in securities of other open- or closed-end investment companies (including exchange-traded funds (“ETFs”)) that invest primarily in securities of the types in which the Fund may invest directly, to the extent permitted by the Investment Company Act of 1940, as amended (the “1940 Act”), the rules and regulations issued thereunder and applicable exemptive orders issued by the Securities and Exchange Commission (“SEC”).

Use of Leverage

The Fund uses leverage to pursue its investment objective. The Fund may use leverage to the extent permitted by the 1940 Act. The Fund may source leverage through a number of methods including the issuance of preferred shares of beneficial interest and borrowings. In addition, the Fund may also use certain derivatives that have the economic effect of leverage by creating additional investment exposure. The amount and sources of leverage will vary depending on market conditions.

Temporary Defensive Periods

During temporary defensive periods the Fund may deviate from its investment objective and policies, and in order to keep the Fund’s cash fully invested, the Fund may invest any percentage of its total assets in U.S. dollar cash or cash equivalents, including obligations issued or guaranteed by the U.S. government, its agencies and instrumentalities. The Fund may not achieve its investment objective during such periods.

49

Shareholder Update (continued)

(Unaudited)

PRINCIPAL RISKS OF THE FUND

The factors that are most likely to have a material effect on the Fund’s portfolio as a whole are called “principal risks.” The Fund is subject to the principal risks indicated below, whether through direct investment or derivative positions. The Fund may be subject to additional risks other than those identified and described below because the types of investments made by the Fund can change over time.

Risks of Nuveen
Global High Income Fund

(JGH)

Portfolio Level Risks

Asset-Backed Securities Risk

Below Investment Grade Risk

Bond Market Liquidity Risk

Call Risk

Certain Risks of Holding Fund Assets Outside the United States

Concentration Risk

Contingent Capital Securities (“CoCos”) Risk

Convertible Securities Risk

Credit Risk

Credit Spread Risk

Debt Securities Risk

Deflation Risk

Derivatives Risk

Duration Risk

Emerging Markets Risk

Financial Futures and Options Transactions Risk

Foreign Currency Risk

Forward Currency Contracts Risk

Hedging Risk

Illiquid Investments Risk

Income Risk

Inflation Risk

Interest Rate Risk

Loan Participation Risk

Loan Risk

Mortgage-Backed Securities Risk

Non-U.S. Securities Risk

Non-U.S. Settlement Risk

Other Investment Companies Risk

Preferred Securities Risk

Real Estate Related Securities Risk

Reinvestment Risk

Senior Loan Agent Risk

Senior Loan Risk

Swap Transactions Risk

Unrated Securities Risk

Valuation Risk

When-Issued and Delayed-Delivery Transactions Risk

Zero Coupon Bonds Risk

50

Risks of Nuveen
Global High Income Fund

(JGH)

Fund Level and Other Risks

Anti-Takeover Provisions

Borrowing Risk

Counterparty Risk

Cybersecurity Risk

Global Economic Risk

Investment and Market Risk

Legislation and Regulatory Risk

Leverage Risk

Market Discount from Net Asset Value

Recent Market Conditions

Reverse Repurchase Agreement Risk

Tax Risk

Portfolio Level Risks:

Asset-Backed Securities Risk. Asset-backed securities represent participations in, or are secured by and payable from, pools of assets including company receivables, truck and auto loans, leases and credit card receivables. These securities may be in the form of pass-through instruments or asset-backed bonds. Asset-backed securities are issued by non-governmental entities and carry no direct or indirect government guarantee; the asset pools that back asset-backed securities are securitized through the use of privately-formed trusts or special purpose corporations. Payments on asset-backed securities depend upon assets held by the issuer and collections of the underlying loans. The value of these securities depends on many factors, including changing interest rates, the availability of information about the pool and its structure, the credit quality of the underlying assets, the market’s perception of the servicer of the pool, and any credit enhancement provided. In certain market conditions, asset-backed securities may experience volatile fluctuations in value and periods of illiquidity.

Below Investment Grade Risk. Securities of below investment grade quality are regarded as having speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal, and may be subject to higher price volatility and default risk than investment grade securities of comparable terms and duration. Issuers of lower grade securities may be highly leveraged and may not have available to them more traditional methods of financing. The prices of these lower grade securities are typically more sensitive to negative developments, such as a decline in the issuer’s revenues or a general economic downturn. The secondary market for lower rated securities may not be as liquid as the secondary market for more highly rated securities, a factor which may have an adverse effect on the Fund’s ability to dispose of a particular security. If a below investment grade security goes into default, or its issuer enters bankruptcy, it might be difficult to sell that security in a timely manner at a reasonable price.

Bond Market Liquidity Risk. Dealer inventories of bonds, which provide an indication of the ability of financial intermediaries to “make markets” in those bonds, are at or near historic lows in relation to market size. This reduction in market making capacity has the potential to decrease liquidity and increase price volatility in the fixed income markets in which the Fund invests, particularly during periods of economic or market stress. In addition, recent federal banking regulations may cause certain dealers to reduce their inventories of bonds, which may further decrease the Fund’s ability to buy or sell bonds. As a result of this decreased liquidity, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on performance. If the Fund needed to sell large blocks of bonds to meet shareholder redemption requests or to raise cash, those sales could further reduce the bonds’ prices and hurt performance.

Call Risk. The Fund may invest in securities that are subject to call risk. Such securities may be redeemed at the option of the issuer, or “called,” before their stated maturity or redemption date. In general, an issuer will call its instruments if they can be refinanced by issuing new instruments that bear a lower interest rate. The Fund is subject to the possibility that during periods of falling interest rates, an issuer will call its high yielding securities. The Fund would then be forced to invest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income.

Concentration Risk. The Fund’s investments are concentrated in issuers of one or a few specific economic sectors, so the Fund may be subject to more risks than if it were broadly diversified across the economy.

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Certain Risks of Holding Fund Assets Outside the United States. The Fund may hold investments in non-U.S. banks and securities depositories. Some non-U.S. banks and securities depositories may be recently organized or new to the foreign custody business, and there may be limited or no regulatory oversight of their operations. The laws of certain countries limit the Fund’s ability to recover its assets if a non-U.S. bank or depository, or any of its agents, goes bankrupt. In addition, it is often more expensive for the Fund to purchase, sell and hold securities in certain non-U.S. markets than in the United States. The increased expense of investing in non-U.S. markets reduces the amount the Fund can earn on its investments and typically results in a higher operating expense ratio for the Fund than for investment companies invested only in the United States.

Contingent Capital Securities (“CoCos”) Risk. A loss absorption mechanism trigger event for CoCos would likely be the result of, or related to, the deterioration of the issuer’s financial condition (e.g., a decrease in the issuer’s capital ratio) and status as a going concern. In such a case, with respect to CoCos that provide for conversion into common stock upon the occurrence of the trigger event, the market price of the issuer’s common stock received by the Fund will have likely declined, perhaps substantially, and may continue to decline, which may adversely affect the Fund’s net asset value. Further, the issuer’s common stock would be subordinate to the issuer’s other classes of securities and therefore would worsen the Fund’s standing in a bankruptcy proceeding. In addition, because the common stock of the issuer may not pay a dividend, investors in these instruments could experience a reduced income rate, potentially to zero. In view of the foregoing, CoCos are often rated below investment grade and are subject to the risks of below investment grade securities.

CoCos may be subject to an automatic write-down (i.e., the automatic write-down of the principal amount or value of the securities, potentially to zero, and the cancellation of the securities) under certain circumstances, which could result in the Fund losing a portion or all of its investment in such securities. In addition, the Fund may not have any rights with respect to repayment of the principal amount of the securities that has not become due or the payment of interest or dividends on such securities for any period from (and including) the interest or dividend payment date falling immediately prior to the occurrence of such automatic write-down. An automatic write-down could also result in a reduced income rate if the dividend or interest payment is based on the security’s par value. Coupon payments on CoCos may be discretionary and may be cancelled by the issuer for any reason or may be subject to approval by the issuer’s regulator and may be suspended in the event there are insufficient distributable reserves.

In certain scenarios, investors in CoCos may suffer a loss of capital ahead of equity holders or when equity holders do not. There is no guarantee that the Fund will receive a return of principal on CoCos. Any indication that an automatic write-down or conversion event may occur can be expected to have a material adverse effect on the market price of CoCos.

The prices of CoCos may be volatile. Additionally, the trading behavior of a given issuer’s CoCo may be strongly impacted by the trading behavior of other issuers’ CoCos, such that negative information from an unrelated CoCo may cause a decline in value of one or more CoCos held by afund. Accordingly, the trading behavior of CoCos may not follow the trading behavior of other similarly structured securities.

CoCos are issued primarily by financial institutions. Therefore, CoCos present substantially increased risks at times of financial turmoil, which could affect financial institutions more than companies in other sectors and industries.

Convertible Securities Risk. Convertible securities have characteristics of both equity and debt securities and, as a result, are exposed to certain additional risks that are typically associated with debt, including but not limited to Interest Rate Risk, Credit Risk, Below Investment Grade Risk and Unrated Securities Risk. The value of a convertible security is influenced by both the yield of non-convertible securities of comparable issuers and by the value of the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar credit quality. The market values of convertible securities tend to decline as interest rates increase and, conversely, to increase as interest rates decline. However, the convertible security’s market value tends to reflect the market price of the common stock of the issuing company when that stock price is greater than the convertible security’s “conversion price.” The conversion price is defined as the predetermined price at which the convertible security could be exchanged for the associated common stock. As the market price of the underlying common stock declines, the price of the convertible security tends to be influenced more by the yield of the convertible security. Thus, the convertible security may not decline in price to the same extent as the underlying common stock. Convertible securities fall below debt obligations of the same issuer in order of preference or priority in the event of a liquidation and are typically unrated or rated lower than such debt obligations.

Credit Risk. Issuers of securities in which the Fund may invest may default on their obligations to pay principal or interest when due. This non-payment would result in a reduction of income to the Fund, a reduction in the value of a security experiencing non-payment and potentially a decrease in the net asset value (“NAV”) of the Fund. To the extent that the credit rating assigned to a security in the Fund’s portfolio is downgraded, the market price and liquidity of such security may be adversely affected.

Credit Spread Risk. Credit spread risk is the risk that credit spreads (i.e., the difference in yield between securities that is due to differences in their credit quality) may increase when the market believes that securities generally have a greater risk of default. Increasing credit spreads may reduce the market values of the Fund’s securities. Credit spreads often increase more for lower rated and unrated securities than for investment grade securities. In addition, when credit spreads increase, reductions in market value will generally be greater for longer-maturity securities.

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Debt Securities Risk. Issuers of debt instruments in which the Fund may invest may default on their obligations to pay principal or interest when due. This non-payment would result in a reduction of income to the Fund, a reduction in the value of a debt instrument experiencing non-payment and, potentially, a decrease in the NAV of the Fund. There can be no assurance that liquidation of collateral would satisfy the issuer’s obligation in the event of non-payment of scheduled interest or principal or that such collateral could be readily liquidated. In the event of bankruptcy of an issuer, the Fund could experience delays or limitations with respect to its ability to realize the benefits of any collateral securing a security. To the extent that the credit rating assigned to a security in the Fund’s portfolio is downgraded, the market price and liquidity of such security may be adversely affected.

Deflation Risk. Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund’s portfolio.

Derivatives Risk. The use of derivatives involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. Derivative instruments can be used to acquire or to transfer the risk and returns of a security or other asset without buying or selling the security or asset. These instruments may entail investment exposures that are greater than their cost would suggest. As a result, a small investment in derivatives can result in losses that greatly exceed the original investment. Derivatives can be highly volatile, illiquid and difficult to value. An over-the-counter derivative transaction between the Fund and a counterparty that is not cleared through a central counterparty also involves the risk that a loss may be sustained as a result of the failure of the counterparty to the contract to make required payments. The payment obligation for a cleared derivative transaction is guaranteed by a central counterparty, which exposes the Fund to the creditworthiness of the central counterparty.

It is possible that developments in the derivatives market, including changes in government regulation, could adversely impact the Fund’s ability to invest in certain derivatives.

Duration Risk. Duration is the sensitivity, expressed in years, of the price of a fixed-income security to changes in the general level of interest rates (or yields). Securities with longer durations tend to be more sensitive to interest rate (or yield) changes, which typically corresponds to increased volatility and risk, than securities with shorter durations. For example, if a security or portfolio has a duration of three years and interest rates increase by 1%, then the security or portfolio would decline in value by approximately 3%. Duration differs from maturity in that it considers potential changes to interest rates, and a security’s coupon payments, yield, price and par value and call features, in addition to the amount of time until the security matures. The duration of a security will be expected to change over time with changes in market factors and time to maturity.

Emerging Markets Risk. Risks of investing in securities of emerging markets issuers include: smaller market capitalization of securities markets, which may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. In addition, foreign investors may be required to register the proceeds of sales; and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization, or creation of government monopolies. Certain emerging markets also may face other significant internal or external risks, including a heightened risk of war, and ethnic, religious and racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth, and which may in turn diminish the value of the securities in those markets. The considerations noted below in “Non-U.S. Securities Risk” are generally intensified for investments in emerging market countries.

Financial Futures and Options Transactions Risk. The Fund may use certain transactions for hedging the portfolio’s exposure to credit risk and the risk of increases in interest rates, which could result in poorer overall performance for the Fund. There may be an imperfect correlation between price movements of the futures and options and price movements of the portfolio securities being hedged.

If the Fund engages in futures transactions or in the writing of options on futures, it will be required to maintain initial margin and maintenance margin and may be required to make daily variation margin payments in accordance with applicable rules of the exchanges and the Commodity Futures Trading Commission (“CFTC”). If the Fund purchases a financial futures contract or a call option or writes a put option in order to hedge the anticipated purchase of securities, and if the Fund fails to complete the anticipated purchase transaction, the Fund may have a loss or a gain on the futures or options transaction that will not be offset by price movements in the securities that were the subject of the anticipatory hedge. There can be no assurance that a liquid market will exist at a time when the Fund seeks to close out a derivatives or futures or a futures option position, and the Fund would remain obligated to meet margin requirements until the position is closed.

Foreign Currency Risk. Because the Fund may invest in securities denominated or quoted in currencies other than the U.S. dollar, changes in foreign currency exchange rates may affect the value of securities held by the Fund and the unrealized appreciation or depreciation of investments. Currencies of certain countries may be volatile and therefore may affect the value of securities denominated in such currencies, which means that the Fund’s NAV could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. In addition, certain countries, particularly emerging market countries, may impose foreign currency exchange controls or other restrictions on the transferability, repatriation or convertibility of currency.

Forward Currency Contracts Risk. Forward currency contracts are not standardized; rather, banks and dealers act as principals in these markets, negotiating each transaction on an individual basis. Forward and “cash” trading is substantially unregulated; there is no limitation on daily price movements and

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speculative position limits are not applicable. The principals who deal in the forward currency markets are not required to continue to make markets in the securities they trade and these markets can experience periods of illiquidity, sometimes of significant duration. There have been periods during which certain participants in these markets have refused to quote prices for certain securities or have quoted prices with an unusually wide spread between the price at which they were prepared to buy and that at which they were prepared to sell. Market illiquidity or disruption could result in major losses to the Fund. In addition, trading forward currency contracts can have the effect of financial leverage by creating additional investment exposure.

Hedging Risk. The Fund’s use of derivatives or other transactions to reduce risk involves costs and will be subject to the investment adviser’s and/or the sub-adviser’s ability to predict correctly changes in the relationships of such hedge instruments to the Fund’s portfolio holdings or other factors. No assurance can be given that the investment adviser’s and/or the sub-adviser’s judgment in this respect will be correct, and no assurance can be given that the Fund will enter into hedging or other transactions at times or under circumstances in which it may be advisable to do so. Hedging activities may reduce the Fund’s opportunities for gain by offsetting the positive effects of favorable price movements and may result in net losses.

Illiquid Investments Risk. Illiquid investments are investments that are not readily marketable and may include restricted securities, which are securities that may not be resold unless they have been registered under the 1933 Act or that can be sold in a private transaction pursuant to an available exemption from such registration. Illiquid investments involve the risk that the investments will not be able to be sold at the time desired by the Fund or at prices approximating the value at which the Fund is carrying the investments on its books from time to time.

Income Risk. The Fund’s income could decline due to falling market interest rates. This is because, in a falling interest rate environment, the Fund generally will have to invest the proceeds from maturing portfolio securities in lower-yielding securities.

Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the common shares and distributions can decline.

Interest Rate Risk. Interest rate risk is the risk that securities in the Fund’s portfolio will decline in value because of changes in market interest rates. Generally, when market interest rates rise, the market value of such securities will fall, and vice versa. As interest rates decline, issuers of securities may prepay principal earlier than scheduled, forcing the Fund to reinvest in lower-yielding securities and potentially reducing the Fund’s income. As interest rates increase, slower than expected principal payments may extend the average life of securities, potentially locking in a below-market interest rate and reducing the Fund’s value. In typical market interest rate environments, the prices of longer-term securities generally fluctuate more than prices of shorter-term securities as interest rates change.

Loan Participation Risk. The Fund may purchase a participation interest in a loan and by doing so acquire some or all of the interest of a bank or other lending institution in a loan to a borrower. A participation typically will result in the Fund having a contractual relationship only with the lender, not the borrower. As a result, the Fund assumes the credit risk of the lender selling the participation in addition to the credit risk of the borrower. By purchasing a participation, the Fund will have the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the borrower. In the event of insolvency or bankruptcy of the lender selling the participation, the Fund may be treated as a general creditor of the lender and may not have a senior claim to the lender’s interest in the loan. If the Fund only acquires a participation in the loan made by a third party, the Fund may not be able to control the exercise of any remedies that the lender would have under the loan. Such third party participation arrangements are designed to give loan investors preferential treatment over high yield investors in the event of a deterioration in the credit quality of the borrower. Even when these arrangements exist, however, there can be no assurance that the principal and interest owed on the loan will be repaid in full.

Loan Risk. The lack of an active trading market for certain loans may impair the ability of the Fund to realize full value in the event of the need to sell a loan and may make it difficult to value such loans. Portfolio transactions in loans may settle in as short as seven days but typically can take up to two or three weeks, and in some cases much longer. As a result of these extended settlement periods, the Fund may incur losses if it is required to sell other investments or temporarily borrow to meet its cash needs, including satisfying redemption requests. The risks associated with unsecured loans, which are not backed by a security interest in any specific collateral, are higher than those for comparable loans that are secured by specific collateral. For secured loans, there is a risk that the value of any collateral securing a loan in which the Fund has an interest may decline and that the collateral may not be sufficient to cover the amount owed on the loan. Interests in loans made to finance highly leveraged companies or transactions such as corporate acquisitions may be especially vulnerable to adverse changes in economic or market conditions. Loans may have restrictive covenants limiting the ability of a borrower to further encumber its assets. However, in periods of high demand by lenders like the Fund for loan investments, borrowers may limit these covenants and weaken a lender’s ability to access collateral securing the loan; reprice the credit risk associated with the borrower; and mitigate potential loss. The Fund may experience relatively greater realized or unrealized losses or delays and expenses in enforcing its rights with respect to loans with fewer restrictive covenants. Additionally, loans may not be considered “securities” and, as a result, the Fund may not be entitled to rely on the anti-fraud protections of the securities laws. Because junior loans have a lower place in an issuer’s capital structure and may be unsecured, junior loans involve a higher degree of overall risk than senior loans of the issuer.

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Mortgage-Backed Securities Risk. A mortgage-backed security (“MBS”) (including a commercial mortgage-backed security, or a “CMBS”) may be negatively affected by the quality of the mortgages underlying such security and the structure of its issuer. For example, if a mortgage underlying a particular mortgage-backed security defaults, the value of that security may decrease. Moreover, a downturn in the markets for residential or commercial real estate or a general economic downturn could negatively affect both the price and liquidity of privately issued mortgage-backed securities, as was the case during the recession of 2007 and 2009. Mortgage-backed securities are subject to pre-payment risk, which is the risk that the borrowers under the mortgage loans underlying the Fund’s mortgage-backed securities might pay off their mortgage loans sooner than expected, which could happen when interest rates fall or for other reasons, which could cause the value of the Fund’s mortgage-backed securities to fall. Moreover, if the underlying mortgage loans are paid off sooner than expected, the Fund may have to reinvest the proceeds in other securities that have lower yields. Mortgage-backed securities are also subject to extension risk, which is the risk that rising interest rates could cause mortgages underlying the securities to be prepaid more slowly than expected, resulting in slower prepayments of the securities. This would, in effect, convert a short- or medium-duration mortgage-backed security into a longer-duration security, increasing its sensitivity to interest rate changes and likely causing its price to decline. Mortgage-backed securities issued by a private issuer, including essentially each CMBS, generally entail greater risk than obligations directly or indirectly guaranteed by the U.S. government or a government-sponsored entity.

Non-U.S. Securities Risk. Investments in securities of non-U.S. issuers involve special risks, including: less publicly available information about non-U.S. issuers or markets due to less rigorous disclosure or accounting standards or regulatory practices; many non-U.S. markets are smaller, less liquid and more volatile; the economies of non-U.S. countries may grow at slower rates than expected or may experience a downturn or recession; the impact of economic, political, social or diplomatic events; and withholding and other non-U.S. taxes may decrease the Fund’s return. These risks are more pronounced to the extent that the Fund invests a significant amount of its assets in issuers located in one region.

Non-U.S. Settlement Risk. Settlement and clearance procedures in certain non-U.S. markets differ significantly from those in the United States. Non-U.S. settlement and clearance procedures and trade regulations also may involve certain risks (such as delays in payment for or delivery of securities) not typically associated with the settlement of U.S. investments. Communications between the United States and emerging market countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates. At times, settlement in certain non-U.S. countries have not kept pace with the number of securities transactions. These problems may make it difficult for the Fund to carry out transactions. If the Fund cannot settle or is delayed in settling a purchase of securities, it may miss attractive investment opportunities and certain of its assets may be uninvested with no return earned thereon for some period. If the Fund cannot settle or is delayed in settling a sale of securities, it may lose money if the value of the security then declines or, if it has contracted to sell the security to another party, the Fund could be liable for any losses incurred.

Other Investment Companies Risk. The Fund may invest in the securities of other investment companies, including ETFs. Investing in an investment company exposes the Fund to all of the risks of that investment company’s investments. The Fund, as a holder of the securities of other investment companies, will bear its pro rata portion of the other investment companies’ expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund’s own operations. As a result, the cost of investing in investment company shares may exceed the costs of investing directly in its underlying investments. In addition, securities of other investment companies may be leveraged. As a result, the Fund may be indirectly exposed to leverage through an investment in such securities and therefore magnify the Fund’s leverage risk.

With respect to ETF’s, an ETF that is based on a specific index may not be able to replicate and maintain exactly the composition and relative weighting of securities in the index. The value of an ETF based on a specific index is subject to change as the values of its respective component assets fluctuate according to market volatility. ETFs typically rely on a limited pool of authorized participants to create and redeem shares, and an active trading market for ETF shares may not develop or be maintained. The market value of shares of ETFs and closed-end funds may differ from their NAV.

Preferred Securities Risk. Preferred securities are subordinated to bonds and other debt instruments in a company’s capital structure, and therefore are subject to greater credit risk. In addition, preferred stockholders (such as the Fund, to the extent it invests in preferred stocks of other issuers) generally have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred stockholders may elect a number of directors to the issuer’s board. Generally, once all the arrearages have been paid, the preferred stockholders no longer have voting rights. In the case of certain taxable preferred stocks, holders generally have no voting rights, except (i) if the issuer fails to pay dividends for a specified period of time or (ii) if a declaration of default occurs and is continuing. In such an event, rights of preferred stockholders generally would include the right to appoint and authorize a trustee to enforce the trust or special purpose entity’s rights as a creditor under the agreement with its operating company. In certain varying circumstances, an issuer of preferred stock may redeem the securities prior to a specified date. For instance, for certain types of preferred stock, a redemption may be triggered by a change in U.S. federal income tax or securities laws. As with call provisions, a redemption by the issuer may negatively impact the return of the security held by the Fund.

Real Estate Related Securities Risk. Real estate companies have been subject to substantial fluctuations and declines on a local, regional and national basis in the past and may continue to be in the future. Real property values and incomes from real property may decline due to general and local economic conditions, overbuilding and increased competition for tenants, increases in property taxes and operating expenses, changes in zoning laws, casualty or condemnation losses, regulatory limitations on rents, changes in neighborhoods and in demographics, increases in market interest rates, or other factors.

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Factors such as these may adversely affect companies that own and operate real estate directly, companies that lend to them, and companies that service the real estate industry. Equity REITs may be affected by changes in the values of and incomes from the properties they own, while mortgage REITs may be affected by the credit quality of the mortgage loans they hold. REITs are subject to other risks as well, including the fact that REITs are dependent on specialized management skills, which may affect their ability to generate cash flow for operating purposes and to make distributions to shareholders or unitholders. REITs may have limited diversification and are subject to the risks associated with obtaining financing for real property. A U.S. domestic REIT can pass its income through to shareholders or unitholders without any U.S. federal income tax at the entity level if it complies with various requirements under the Code. There is the risk that a REIT held by the Fund will fail to qualify for this tax-free pass-through treatment of its income, in which case the REIT would become subject to U.S. federal income tax. Similarly, REITs formed under the laws of non-U.S. countries may fail to qualify for corporate tax benefits made available by the governments of such countries. The Fund, as a holder of a REIT, will bear its pro rata portion of the REIT’s expenses.

Reinvestment Risk. Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund invests the proceeds from matured, traded or called securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could affect the common shares’ market price, NAV and/or a common shareholder’s overall returns.

Senior Loan Agent Risk. A financial institution’s employment as an agent under a senior loan might be terminated in the event that it fails to observe a requisite standard of care or becomes insolvent. A successor agent would generally be appointed to replace the terminated agent, and assets held by the agent under the loan agreement would likely remain available to holders of such indebtedness. However, if assets held by the terminated agent for the benefit of the Fund were determined to be subject to the claims of the agent’s general creditors, the Fund might incur certain costs and delays in realizing payment on a senior loan or loan participation and could suffer a loss of principal and/or interest. In situations involving other interposed financial institutions (e.g., an insurance company or government agency) similar risks may arise.

Senior Loan Risk. Senior loans typically hold the most senior position in the capital structure of a business entity, are typically secured with specific collateral and have a claim on the assets and/or stock of the issuer that is senior to that held by subordinated debt holders and stockholders of the issuer. Senior loans are usually rated below investment grade, and share the same risks of other below investment grade debt instruments.

Although the Fund may invest in senior loans that are secured by specific collateral, there can be no assurance that the liquidation of such collateral would satisfy an issuer’s obligation to the Fund in the event of issuer default or that such collateral could be readily liquidated under such circumstances. If the terms of a senior loan do not require the issuer to pledge additional collateral in the event of a decline in the value of the already pledged collateral, the Fund will be exposed to the risk that the value of the collateral will not at all times equal or exceed the amount of the issuer’s obligations under the senior loan.

In the event of bankruptcy of an issuer, the Fund could also experience delays or limitations with respect to its ability to realize the benefits of any collateral securing a senior loan. Some senior loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate the senior loans to presently existing or future indebtedness of the issuer or take other action detrimental to lenders, including the Fund. Such court action could under certain circumstances include invalidation of senior loans.

Swap Transactions Risk. The Fund may enter into debt-related derivative instruments such as credit default swap contracts and interest rate swaps. Like most derivative instruments, the use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. In addition, the use of swaps requires an understanding by the adviser and/or the sub-adviser of not only the referenced asset, rate or index, but also of the swap itself. If the investment adviser and/or the sub-adviser is incorrect in its forecasts of default risks, market spreads or other applicable factors or events, the investment performance of the Fund would diminish compared with what it would have been if these techniques were not used.

Unrated Securities Risk. The Fund may purchase securities that are not rated by any rating organization. The investment adviser may, after assessing such securities’ credit quality, internally assign ratings to certain of those securities in categories similar to those of rating organizations. Some unrated securities may not have an active trading market or may be difficult to value, which means the Fund might have difficulty selling them promptly at an acceptable price. To the extent that the Fund invests in unrated securities, the Fund’s ability to achieve its investment objectives will be more dependent on the investment adviser’s credit analysis than would be the case when the Fund invests in rated securities.

Valuation Risk. The securities in which the Fund invests typically are valued by a pricing service utilizing a range of market-based inputs and assumptions, including readily available market quotations obtained from broker-dealers making markets in such instruments, cash flows and transactions for comparable instruments. There is no assurance that the Fund will be able to sell a portfolio security at the price established by the pricing service, which could result in a loss to the Fund. Pricing services generally price securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices than institutional round lot trades. Different pricing services may incorporate different assumptions and inputs into their valuation methodologies, potentially resulting in different values for the same securities. As a result, if the Fund were to change pricing services, or if the Fund’s pricing service were to change its valuation methodology, there could be a material impact, either positive or negative, on the Fund’s NAV.

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When-Issued and Delayed-Delivery Transactions Risk. The Fund may invest in securities on a “when-issued” or “delayed-delivery” basis. When-issued and delayed-delivery transactions may involve an element of risk because no interest accrues on the securities prior to settlement and, because securities are subject to market fluctuations, the value of the securities at time of delivery may be less (or more) than their cost. A separate account of the Fund will be established with its custodian consisting of cash equivalents or liquid securities having a market value at all times at least equal to the amount of any delayed payment commitment.

Zero Coupon Bonds Risk. Because interest on zero coupon bonds is not paid on a current basis, the values of zero coupon bonds will be more volatile in response to interest rate changes than the values of bonds that distribute income regularly. Although zero coupon bonds generate income for accounting purposes, they do not produce cash flow, and thus the Fund could be forced to liquidate securities at an inopportune time in order to generate cash to distribute to shareholders as required by tax laws.

Fund Level and Other Risks:

Anti-Takeover Provisions. The Fund’s organizational documents include provisions that could limit the ability of other entities or persons to acquire control of the Fund or convert the Fund to open-end status. These provisions could have the effect of depriving the common shareholders of opportunities to sell their common shares at a premium over the then-current market price of the common shares.

Borrowing Risk. In addition to borrowing for leverage, the Fund may borrow for temporary or emergency purposes, to pay dividends, repurchase its shares, or clear portfolio transactions. Borrowing may exaggerate changes in the NAV of the Fund’s shares and may affect the Fund’s net income. When the Fund borrows money, it must pay interest and other fees, which will reduce the Fund’s returns if such costs exceed the returns on the portfolio securities purchased or retained with such borrowings. Any such borrowings are intended to be temporary. However, under certain market circumstances, such borrowings might be outstanding for longer periods of time.

Counterparty Risk. Changes in the credit quality of the companies that serve as the Fund’s counterparties with respect to derivatives or other transactions supported by another party’s credit will affect the value of those instruments. Certain entities that have served as counterparties in the markets for these transactions have incurred or may incur in the future significant financial hardships including bankruptcy and losses as a result of exposure to sub-prime mortgages and other lower-quality credit investments. As a result, such hardships have reduced these entities’ capital and called into question their continued ability to perform their obligations under such transactions. By using such derivatives or other transactions, the Fund assumes the risk that its counterparties could experience similar financial hardships. In the event of the insolvency of a counterparty, the Fund may sustain losses or be unable to liquidate a derivatives position.

Cybersecurity Risk. The Fund and its service providers are susceptible to operational and information security risk resulting from cyber incidents. Cyber incidents refer to both intentional attacks and unintentional events including: processing errors, human errors, technical errors including computer glitches and system malfunctions, inadequate or failed internal or external processes, market-wide technical-related disruptions, unauthorized access to digital systems (through “hacking” or malicious software coding), computer viruses, and cyber-attacks which shut down, disable, slow or otherwise disrupt operations, business processes or website access or functionality (including denial of service attacks). Cyber incidents could adversely impact the Fund and cause the Fund to incur financial loss and expense, as well as face exposure to regulatory penalties, reputational damage, and additional compliance costs associated with corrective measures. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by its service providers or any other third parties whose operations may affect the Fund.

Global Economic Risk. National and regional economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country, region or market might adversely impact issuers in a different country, region or market. Changes in legal, political, regulatory, tax and economic conditions may cause fluctuations in markets and securities prices around the world, which could negatively impact the value of the Fund’s investments. Major economic or political disruptions, particularly in large economies like China’s, may have global negative economic and market repercussions. Additionally, events such as war, terrorism, natural and environmental disasters and the spread of infectious illnesses or other public health emergencies may adversely affect the global economy and the markets and issuers in which the Fund invests. Recent examples of such events include the outbreak of a novel coronavirus known as COVID-19 that was first detected in China in December 2019 and heightened concerns regarding North Korea’s nuclear weapons and long-range ballistic missile programs. These events could reduce consumer demand or economic output, result in market closure, travel restrictions or quarantines, and generally have a significant impact on the economy. These events could also impair the information technology and other operational systems upon which the Fund’s service providers, including the investment adviser and sub-adviser, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform essential tasks on behalf of the Fund. Governmental and quasi-governmental authorities and regulators throughout the world have in the past responded to major economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest rates. An unexpected or quick reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities markets, which could adversely affect the Fund’s investments.

57

Shareholder Update (continued)

(Unaudited)

Investment and Market Risk. An investment in the Fund’s common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Common shares frequently trade at a discount to their NAV. An investment in common shares represents an indirect investment in the securities owned by the Fund. Common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.

Legislation and Regulatory Risk. At any time after the date of this report, legislation or additional regulations may be enacted that could negatively affect the assets of the Fund, securities held by the Fund or the issuers of such securities. Fund shareholders may incur increased costs resulting from such legislation or additional regulation. There can be no assurance that future legislation, regulation or deregulation will not have a material adverse effect on the Fund or will not impair the ability of the Fund to achieve its investment objectives.

The SEC recently adopted rules governing the use of derivatives by registered investment companies, which could affect the nature and extent of derivatives used by the Fund. The full impact of such rules is uncertain at this time. It is possible that such rules, as interpreted, applied and enforced by the SEC, could limit the implementation of the Fund’s use of derivatives, which could have an adverse impact on the Fund.

Leverage Risk. The use of leverage creates special risks for common shareholders, including potential interest rate risks and the likelihood of greater volatility of NAV and market price of, and distributions on, the common shares. The use of leverage in a declining market will likely cause a greater decline in the Fund’s NAV, which may result at a greater decline of the common share price, than if the Fund were not to have used leverage.

The Fund will pay (and common shareholders will bear) any costs and expenses relating to the Fund’s use of leverage, which will result in a reduction in the Fund’s NAV. The investment adviser may, based on its assessment of market conditions and composition of the Fund’s holdings, increase or decrease the amount of leverage. Such changes may impact the Fund’s distributions and the price of the common shares in the secondary market.

The Fund may seek to refinance its leverage over time, in the ordinary course, as current forms of leverage mature or it is otherwise desirable to refinance; however, the form that such leverage will take cannot be predicted at this time. If the Fund is unable to replace existing leverage on comparable terms, its costs of leverage will increase. Accordingly, there is no assurance that the use of leverage may result in a higher yield or return to common shareholders.

The amount of fees paid to the investment adviser and the sub-advisor for investment advisory services will be higher if the Fund uses leverage because the fees will be calculated based on the Fund’s Managed Assets - this may create an incentive for the investment adviser and the sub-advisor to leverage the Fund or increase the Fund’s leverage.

Market Discount from Net Asset Value. Shares of closed-end investment companies like the Fund frequently trade at prices lower than their NAV. This characteristic is a risk separate and distinct from the risk that the Fund’s NAV could decrease as a result of investment activities. Whether investors will realize gains or losses upon the sale of the common shares will depend not upon the Fund’s NAV but entirely upon whether the market price of the common shares at the time of sale is above or below the investor’s purchase price for the common shares. Furthermore, management may have difficulty meeting the Fund’s investment objectives and managing its portfolio when the underlying securities are redeemed or sold during periods of market turmoil and as investors’ perceptions regarding closed-end funds or their underlying investments change. Because the market price of the common shares will be determined by factors such as relative supply of and demand for the common shares in the market, general market and economic circumstances, and other factors beyond the control of the Fund, the Fund cannot predict whether the common shares will trade at, below or above NAV. The common shares are designed primarily for long-term investors, and you should not view the Fund as a vehicle for short-term trading purposes.

Recent Market Conditions. In response to the financial crisis and recent market events, policy and legislative changes by the United States government and the Federal Reserve to assist in the ongoing support of financial markets, both domestically and in other countries, are changing many aspects of financial regulation. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time. Withdrawal of government support, failure of efforts in response to the crisis, or investor perception that such efforts are not succeeding, could adversely impact the value and liquidity of certain securities. The severity or duration of adverse economic conditions may also be affected by policy changes made by governments or quasi-governmental organizations, including changes in tax laws and the imposition of trade barriers. The impact of new financial regulation legislation on the markets and the practical implications for market participants may not be fully known for some time. Changes to the Federal Reserve policy may affect the value, volatility and liquidity of dividend and interest paying securities. In addition, the contentious domestic political environment, as well as political and diplomatic events within the United States and abroad, such as the U.S. government’s inability at times to agree on a long-term budget and deficit reduction plan, the threat of a federal government shutdown and threats not to increase the federal government’s debt limit, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree.

Interest rates have been unusually low in recent years in the United States and abroad but there is consensus that interest rates will increase during the life of the Fund, which could negatively impact the price of debt securities. Because there is little precedent for this situation, it is difficult to predict the impact of a significant rate increase on various markets.

58

The current political climate has intensified concerns about a potential trade war between China and the United States, as each country has recently imposed tariffs on the other country’s products. These actions may trigger a significant reduction in international trade, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments of China’s export industry, which could have a negative impact on the Fund’s performance.

The impact of these developments in the near- and long-term is unknown and could have additional adverse effects on economies, financial markets and asset valuations around the world.

Reverse Repurchase Agreement Risk. A reverse repurchase agreement, in economic essence, constitutes a securitized borrowing by the Fund from the security purchaser. The Fund may enter into reverse repurchase agreements for the purpose of creating a leveraged investment exposure and, as such, their usage involves essentially the same risks associated with a leveraging strategy generally since the proceeds from these agreements may be invested in additional portfolio securities. Reverse repurchase agreements tend to be short-term in tenor, and there can be no assurances that the purchaser (lender) will commit to extend or “roll” a given agreement upon its agreed-upon repurchase date or an alternative purchaser can be identified on similar terms. Reverse repurchase agreements also involve the risk that the purchaser fails to return the securities as agreed upon, files for bankruptcy or becomes insolvent. The Fund may be restricted from taking normal portfolio actions during such time, could be subject to loss to the extent that the proceeds of the agreement are less than the value of securities subject to the agreement and may experience adverse tax consequences.

Tax Risk. The Fund has elected to be treated and intends to qualify each year as a Regulated Investment Company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). As a RIC, the Fund is not expected to be subject to U.S. federal income tax to the extent that it distributes its investment company taxable income and net capital gains. To qualify for the special tax treatment available to a RIC, the Fund must comply with certain investment, distribution, and diversification requirements. Under certain circumstances, the Fund may be forced to sell certain assets when it is not advantageous in order to meet these requirements, which may reduce the Fund’s overall return. If the Fund fails to meet any of these requirements, subject to the opportunity to cure such failures under applicable provisions of the Code, the Fund’s income would be subject to a double level of U.S. federal income tax. The Fund’s income, including its net capital gain, would first be subject to U.S. federal income tax at regular corporate rates, even if such income were distributed to shareholders and, second, all distributions by the Fund from earnings and profits, including distributions of net capital gain (if any), would be taxable to shareholders as dividends.

59

Shareholder Update (continued)

(Unaudited)

EFFECTS OF LEVERAGE

The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effects of leverage through the use of senior securities, as that term is defined under Section 18 of the 1940 Act, as well as certain other forms of leverage, such as reverse repurchase agreements, on common share total return, assuming investment portfolio total returns (consisting of income and changes in the value of investments held in the Fund’s portfolio) of -10%, -5%, 0%, 5% and 10%. The table below reflects the Fund’s (i) continued use of leverage as of December 31, 2020 as a percentage of Managed Assets (including assets attributable to such leverage), (ii) the estimated annual effective interest expense rate payable by the Fund on such instruments (based on actual leverage costs incurred during the fiscal year ended December 31, 2020) as set forth in the table, and (iii) the annual return that the Fund’s portfolio must experience (net of expenses) in order to cover such costs of leverage based on such estimated annual effective interest expense rate. The information below does not reflect the Fund’s use of certain other forms of economic leverage achieved through the use of other instruments or transactions not considered to be senior securities under the 1940 Act, such as certain derivative instruments.

The numbers are merely estimates, used for illustration. The costs of leverage may vary frequently and may be significantly higher or lower than the estimated rate. The assumed investment portfolio returns in the table below are hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced by the Fund. Your actual returns may be greater or less than those appearing below.

	Nuveen Global High Income Fund (JGH)
Estimated Leverage as a Percentage of Managed Assets (Including Assets Attributable to Leverage)		27.50	%
Estimated Annual Effective Leverage Expense Rate Payable by Fund on Leverage		1.50	%
Annual Return Fund Portfolio Must Experience (net of expenses) to Cover Estimated Annual Effective Interest Expense Rate on Leverage		0.41	%
Common Share Total Return for (10.00)% Assumed Portfolio Total Return		-14.36	%
Common Share Total Return for (5.00)% Assumed Portfolio Total Return		-7.46	%
Common Share Total Return for 0.00% Assumed Portfolio Total Return		-0.57	%
Common Share Total Return for 5.00% Assumed Portfolio Total Return		6.33	%
Common Share Total Return for 10.00% Assumed Portfolio Total Return		13.23	%

Common Share total return is composed of two elements — the distributions paid by the Fund to holders of common shares (the amount of which is largely determined by the net investment income of the Fund after paying dividend payments on any preferred shares issued by the Fund and expenses on any forms of leverage outstanding) and gains or losses on the value of the securities and other instruments the Fund owns. As required by SEC rules, the table assumes that the Fund is more likely to suffer capital losses than to enjoy capital appreciation. For example, to assume a total return of 0%, the Fund must assume that the income it receives on its investments is entirely offset by losses in the value of those investments. This table reflects hypothetical performance of the Fund’s portfolio and not the actual performance of the Fund’s common shares, the value of which is determined by market forces and other factors. Should the Fund elect to add additional leverage to its portfolio, any benefits of such additional leverage cannot be fully achieved until the proceeds resulting from the use of such leverage have been received by the Fund and invested in accordance with the Fund’s investment objective and policies. As noted above, the Fund’s willingness to use additional leverage, and the extent to which leverage is used at any time, will depend on many factors.

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DIVIDEND REINVESTMENT PLAN

Nuveen Closed-End Funds Automatic Reinvestment Plan

Your Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.

Easy and convenient

To make recordkeeping easy and convenient, each quarter you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.

How shares are purchased

The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above NAV at the time of valuation, the Fund will issue new shares at the greater of the NAV or 95% of the then-current market price. If the shares are trading at less than NAV, shares for your account will be purchased on the open market. If Computershare Trust Company, N.A. (the “Plan Agent”) begins purchasing Fund shares on the open market while shares are trading below NAV, but the Fund’s shares subsequently trade at or above their NAV before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ NAV or 95% of the shares’ market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Dividend Reinvestment Plan (the “Plan”) participants. These commissions usually will be lower than those charged on individual transactions.

Flexible

You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.

Call today to start reinvesting distributions

For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial professional or call us at (800) 257-8787.

61

Shareholder Update (continued)

(Unaudited)

CHANGES OCCURRING DURING THE PRIOR FISCAL YEAR

The following information in this annual report is a summary of certain changes during the most recent fiscal year. This information may not reflect all of the changes that have occurred since you purchased shares of the Fund.

During the most recent fiscal year, there have been no changes to: (i) the Fund’s investment objective and principal investment policies that have not been approved by shareholders, (ii) the principal risks of the Fund, (iii) the portfolio managers of the Fund; (iv) the Fund’s charter or by-laws that would delay or prevent a change of control of the Fund that have not been approved by shareholders except as follows:

Changes to Portfolio Managers

Effective August 17, 2020, Jake Fitzpatrick was named as portfolio manager of the Fund.

Mr. Fitzpatrick is an associate portfolio manager for Nuveen’s global fixed income team and a member of the leveraged finance sector team. He began working in the investment industry in 2006 and joined Nuveen in 2015. Previously, he worked as a co-manager of structured product portfolios at Allianz Investment Management. In that role, he was responsible for the investment strategy and allocation of insurance product premiums within the core capital markets. He began his career at U.S. Bancorp Asset Management, where he was a corporate and municipal bond trader for the firm’s mutual funds and wealth management group. He graduated with a B.S. in Finance from the University of Minnesota’s Carlson School of Management and holds the CFA designation.

Effective August 17, 2020, Michael Ainge, CFA, no longer serves as portfolio manager of the Fund.

Amended and Restated By-Laws

On October 5, 2020, after a rigorous and deliberative review, and consistent with the interests of the Nuveen Global High Income Fund (the “Fund”) long-term shareholders, the Board of Trustees of the Fund adopted Amended and Restated By-Laws.

Among other changes, the Amended and Restated By-Laws require compliance with certain amended deadlines and procedural and informational requirements in connection with advance notice of shareholder proposals or nominations, including certain information about the proponent and the proposal, or in the case of a nomination, the nominee. Any shareholder considering making a nomination or other proposal should carefully review and comply with those provisions of the Amended and Restated By-Laws.

The Amended and Restated By-Laws also include provisions (the “Control Share By-Law”) pursuant to which, in summary, a shareholder who obtains beneficial ownership of common shares of the Fund in a “Control Share Acquisition” may exercise voting rights with respect to such shares only to the extent the authorization of such voting rights is approved by other shareholders of the Fund. The Control Share By-Law is primarily intended to protect the interests of the Fund and its long-term shareholders by limiting the risk that the Fund will become subject to undue influence by opportunistic traders pursuing short-term agendas adverse to the best interests of the Fund and its long-term shareholders. The Control Share By-Law does not eliminate voting rights for common shares acquired in Control Share Acquisitions, but rather entrusts the Fund’s other “non-interested” shareholders with determining whether to approve the authorization of the voting rights of the person acquiring such shares.

Subject to various conditions and exceptions, the Control Share By-Law defines a “Control Share Acquisition” to include an acquisition of common shares that, but for the Control Share By-Law, would give the beneficial owner, upon the acquisition of such shares, the ability to exercise voting power in the election of Trustees of the Fund in any of the following ranges:

(i) one-tenth or more, but less than one-fifth of all voting power;

(ii) one-fifth or more, but less than one-third of all voting power;

(iii) one-third or more, but less than a majority of all voting power; or

(iv) a majority or more of all voting power.

The Control Share By-Law generally excludes certain acquisitions of common shares from the definition of a Control Share Acquisition, including acquisitions of common shares that occurred prior to October 5, 2020, though such shares are included in assessing whether any subsequent share acquisition exceeds one of the enumerated thresholds.

Subject to certain conditions and procedural requirements set forth in the Control Share By-Law, including the delivery of a “Control Share Acquisition Statement” to the Fund’s Secretary setting forth certain required information, a shareholder who obtains or proposes to obtain beneficial ownership of common shares in a Control Share Acquisition generally may demand a special meeting of shareholders for the purpose of considering whether the voting rights of such acquiring person with respect to such shares shall be authorized.

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This discussion is only a high-level summary of certain aspects of the Amended and Restated By-Laws, and is qualified in its entirety by reference to the Amended and Restated By-Laws. Shareholders should refer to the Amended and Restated By-Laws for more information. A copy of the Amended and Restated By-Laws can be found in the Current Report on Form 8-K filed by the Fund with the Securities and Exchange Commission on October 6, 2020, which is available at www.sec.gov, and may also be obtained by writing to the Secretary of the Fund at 333 West Wacker Drive, Chicago, Illinois 60606.

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Additional Fund Information (Unaudited)

Board of Trustees
Jack B. Evans	William C. Hunter	Albin F. Moschner	John K. Nelson	Judith M. Stockdale
Carole E. Stone	Matthew Thornton III	Terence J. Toth	Margaret L. Wolff	Robert L. Young

Investment Adviser Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606 Custodian State Street Bank
& Trust Company
One Lincoln Street Boston, MA 02111 Legal Counsel Chapman and Cutler LLP Chicago, IL 60603 Independent Registered
Public Accounting Firm PricewaterhouseCoopers LLP
One North Wacker Drive Chicago, IL 60606 Transfer Agent and
Shareholder Services Computershare Trust Company, N.A. 150 Royall Street Canton, MA 02021 (800) 257-8787

Distribution Information

The Fund hereby designates its percentage of dividends paid from net ordinary income as dividends qualifying for the dividends received deduction (“DRD”) for corporations and its percentage as qualified dividend income (“QDI”) for individuals under Section 1(h)(11) of the Internal Revenue Code as shown in the accompanying table. The actual qualified dividend income distributions will be reported to shareholders on Form 1099-DIV which will be sent to shareholders shortly after calendar year end.

	JGH
% DRD		4.4%
% QDI		13.5%

The Fund hereby designates its percentage of dividends paid from net ordinary income as dividends qualifying as Interest-Related Dividends and/or short-term capital gain dividends as defined in Internal Revenue Code Section 871(k) for the taxable year ended December 31, 2020.

	JGH
% of Interest-Related Dividends		54.2%

The Fund had the following percentage, or maximum amount allowable, of ordinary dividends treated as Section 163(j) interest dividends pursuant to Section 163(j) of the Internal Revenue Code for the taxable year ended December 31, 2020:

	JGH
% of Section 163(j) Interest Dividends		92.1%

Portfolio of Investments Information

The Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT. You may obtain this information on the SEC’s website at http://www.sec.gov.

Nuveen Funds’ Proxy Voting Information

You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.

CEO Certification Disclosure

The Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. The Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.

Common Share Repurchases

The Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, the Fund repurchased shares of its common stock, as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.

	JGH
Common shares repurchased		0

FINRA BrokerCheck

The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.

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Glossary of Terms Used in this Report

(Unaudited)

∎ Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.

∎ Bloomberg Barclays Global High Yield Hedged Index: An unmanaged index considered representative of fixed-rate, non-investment grade debt of companies in the U.S., developed markets and emerging markets. Benchmark returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

∎ Contingent Capital Securities (CoCos): CoCos are debt or capital securities of primarily non-U.S. issuers with loss absorption contingency mechanisms built into the terms of the security, for example a mandatory conversion into common stock of the issuer, or a principal write-down, which if triggered would likely cause the CoCos investment to lose value. Loss absorption mechanisms would become effective upon the occurrence of a specified contingency event, or at the discretion of a regulatory body. Specified contingency events, as identified in the CoCo’s governing documents, usually reference a decline in the issuer’s capital below a specified threshold level, and/or certain regulatory events. A loss absorption contingency event for CoCos would likely be the result of, or related to, the deterioration of the issuer’s financial condition and/or its status as a going concern. In such a case, with respect to CoCos that provide for conversion into common stock upon the occurrence of the contingency event, the market price of the issuer’s common stock received by the Acquiring Fund will have likely declined, perhaps substantially, and may continue to decline after conversion. CoCos rated below investment grade should be considered high yield securities, or “junk,” but often are issued by entities whose more senior securities are rated investment grade. CoCos are a relatively new type of security; and there is a risk that CoCo security issuers may suffer the sort of future financial distress that could materially increase the likelihood (or the market’s perception of the likelihood) that an automatic write-down or conversion event on those issuers’ CoCos will occur. Additionally, the trading behavior of a given issuer’s CoCos may be strongly impacted by the trading behavior of other issuers’ CoCos, such that negative information from an unrelated CoCo security may cause a decline in value of one or more CoCos held by the Fund. Accordingly, the trading behavior of CoCos may not follow the trading behavior of other types of debt and preferred securities. Despite these concerns, the prospective reward vs. risk characteristics of at least certain CoCos may be very attractive relative to other fixed-income alternatives.

∎ Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change.

∎ Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see below) and the leverage effects of certain derivative investments in the fund’s portfolio.

∎ Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.

∎ Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.

∎ Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.

∎ Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.

65

Board Members & Officers

(Unaudited)

The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. None of the trustees who are not “interested” persons of the Funds (referred to herein as “independent board members”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each Trustee oversees and other directorships they hold are set forth below.

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed and Term(1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Board Member
Independent Board Members:
∎  TERENCE J. TOTH			Formerly, a Co-Founding Partner, Promus Capital (investment advisory firm) (2008-2017); Director, Quality Control Corporation (manufacturing) (since 2012); member: Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (philanthropy) (since 2012), and chair of its Investment Committee; formerly, Director, Fulcrum IT Services LLC (information technology services firm to government entities) (2010-2019); formerly, Director, Legal & General Investment Management America, Inc. (asset management) (2008-2013); formerly, CEO and President, Northern Trust Global Investments (financial services) (2004-2007): Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (financial services) (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).
1959 333 W. Wacker Drive Chicago, IL 6o6o6	Chairman and Board Member	2008 Class II		149
∎  JACK B. EVANS			Chairman (since 2019), formerly, President (1996-2019), The Hall-Perrine Foundation, (private philanthropic corporation); Director and Chairman (since 2009), United Fire Group, a publicly held company; formerly, Director, Public Member, American Board of Orthopaedic Surgery (2015-2020); Life Trustee of Coe College and the Iowa College Foundation; formerly, President Pro-Tem of the Board of Regents for the State of Iowa University System (2000-2004); formerly, Director (2000-2004), Alliant Energy; formerly, Director (1996-2015), The Gazette Company (media and publishing); formerly, Director (1998-2003), Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer (1972-1995), SCI Financial Group, Inc., (regional financial services firm).
1948 333 W. Wacker Drive Chicago, IL 6o6o6	Board Member	1999 Class III		149
∎  WILLIAM C. HUNTER			Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director of Wellmark, Inc. (since 2009); past Director (2005-2015), and past President (2010-2014) Beta Gamma Sigma, Inc., The International Business Honor Society; formerly, Director (2004-2018) of Xerox Corporation; Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University.
1948 333 W. Wacker Drive Chicago, IL 6o6o6	Board Member	2003 Class I		149

66

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed and Term(1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Board Member
Independent Board Members (continued):
∎  ALBIN F. MOSCHNER			Founder and Chief Executive Officer, Northcroft Partners, LLC, (management consulting) (since 2012); formerly, Chairman (2019), and Director (2012-2019), USA Technologies, Inc., (provider of solutions and services to facilitate electronic payment transactions); formerly, Director, Wintrust Financial Corporation (1996-2016); previously, held positions at Leap Wireless International, Inc., (consumer wireless services) including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (telecommunication services) (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (internet technology provider) (1996-1997); formerly, various executive positions (1991-1996) and Chief Executive Officer (1995-1996) of Zenith Electronics Corporation (consumer electronics).
1952 333 W. Wacker Drive Chicago, IL 6o6o6	Board Member	2016 Class III		149
∎  JOHN K. NELSON			Member of Board of Directors of Core12 LLC. (private firm which develops branding, marketing and communications strategies for clients) (since 2008); served on The President’s Council of Fordham University (2010-2019) and previously a Director of the Curran Center for Catholic American Studies (2009-2018); formerly, senior external advisor to the Financial Services practice of Deloitte Consulting LLP. (2012-2014); former Chair of the Board of Trustees of Marian University (2010-2014 as trustee, 2011-2014 as Chair); formerly Chief Executive Officer of ABN AMRO Bank N.V., North America, and Global Head of the Financial Markets Division (2007-2008), with various executive leadership roles in ABN AMRO Bank N.V. between 1996 and 2007.
1962 333 W. Wacker Drive Chicago, IL 6o6o6	Board Member	2013 Class II		149
∎  JUDITH M. STOCKDALE			Board Member, Land Trust Alliance (national public charity addressing natural land and water conservation in the U.S.) (since 2013); formerly, Board Member, U.S. Endowment for Forestry and Communities (national endowment addressing forest health, sustainable forest production and markets, and economic health of forest-reliant communities in the U.S.) (2013-2019); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation (private foundation endowed to support both natural land conservation and artistic vitality); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).
1947 333 W. Wacker Drive Chicago, IL 6o6o6	Board Member	1997 Class I		149
∎  CAROLE E. STONE			Former Director, Chicago Board Options Exchange, Inc. (2006-2017); and C2 Options Exchange, Incorporated (2009-2017); former Director, Cboe, Global Markets, Inc., formerly, CBOE Holdings, Inc. (2010-May 2020); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010).
1947 333 W. Wacker Drive Chicago, IL 6o6o6	Board Member	2007 Class I		149
∎  MATTHEW THORNTON III			Formerly, Executive Vice President and Chief Operating Officer (2018-2019), FedEx Freight Corporation, a subsidiary of FedEx Corporation (“FedEx”) (provider of transportation, e-commerce and business services through its portfolio of companies); formerly, Senior Vice President, U.S. Operations (2006-2018), Federal Express Corporation, a subsidiary of FedEx; formerly, Member of the Board of Directors (2012-2018), Safe Kids Worldwide® (a non-profit organization dedicated to preventing childhood injuries). Member of the Board of Directors (since 2014), The Sherwin-Williams Company (develops, manufactures, distributes and sells paints, coatings and related products); Director (since November 2020), Crown Castle International (provider of communications infrastructure)
1958 333 West Wacker Drive Chicago, IL 60606	Board Member	2020 Class III		149

67

Board Members & Officers (continued)

(Unaudited)

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed and Term(1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Board Member
Independent Board Members (continued):
∎  MARGARET L. WOLFF			Formerly, member of the Board of Directors (2013-2017) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (legal services, Mergers & Acquisitions Group) (2005-2014); Member of the Board of Trustees of New York-Presbyterian Hospital (since 2005); Member (since 2004) and Chair (since 2015) of the Board of Trustees of The John A. Hartford Foundation (philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College.
1955 333 W. Wacker Drive Chicago, IL 6o6o6	Board Member	2016 Class I		149
∎  ROBERT L. YOUNG			Formerly, Chief Operating Officer and Director, J.P.Morgan Investment Management Inc. (financial services) (2010-2016); formerly, President and Principal Executive Officer (2013-2016), and Senior Vice President and Chief Operating Officer (2005-2010), of J.P.Morgan Funds; formerly, Director and various officer positions for J.P.Morgan Investment Management Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One Group Administrative Services) and JPMorgan Distribution Services, Inc. (financial services) (formerly, One Group Dealer Services, Inc.) (1999-2017).
1963 333 W. Wacker Drive Chicago, IL 6o6o6	Board Member	2017 Class II		149

68

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed(2)	Principal Occupation(s) During Past 5 Years
Officers of the Funds:
∎  DAVID J. LAMB			Managing Director of Nuveen Fund Advisors, LLC (since 2020); Managing Director (since 2017), formerly, Senior Vice President of Nuveen, LLC (since 2006), Vice President prior to 2006.
1963 333 W. Wacker Drive Chicago, IL 6o6o6	Chief Administrative Officer	2015
∎  MARK J. CZARNIECKI			Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2016) and Nuveen Fund Advisors (since 2017); Vice President and Associate General Counsel of Nuveen, LLC (since 2013) and Vice President, Assistant Secretary and Associate General Counsel of Nuveen Asset Management (since 2018).
1979 901 Marquette Avenue Minneapolis, MN 55402	Vice President and Assistant Secretary	2013
∎  DIANA R. GONZALEZ			Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC (since 2017); Vice President and Associate General Counsel of Nuveen, LLC (since 2017); Associate General Counsel of Jackson National Asset Management, LLC (2012-2017).
1978 333 W. Wacker Drive Chicago, IL 6o6o6	Vice President and Assistant Secretary	2017
∎  NATHANIEL T. JONES			Managing Director (since 2017), formerly, Senior Vice President (2016-2017), formerly, Vice President (2011-2016) of Nuveen, LLC; Managing Director (since 2015) of Nuveen Fund Advisors, LLC; Chartered Financial Analyst.
1979 333 W. Wacker Drive Chicago, IL 6o6o6	Vice President and Treasurer	2016
∎  TINA M. LAZAR			Managing Director (since 2017), formerly, Senior Vice President (2014-2017) of Nuveen Securities, LLC.
1961 333 W. Wacker Drive Chicago, IL 6o6o6	Vice President	2002
∎  BRIAN J. LOCKHART			Managing Director (since 2019) of Nuveen Fund Advisors, LLC; Managing Director (since 2017), formerly, Vice President (2010-2017) of Nuveen, LLC; Head of Investment Oversight (since 2017), formerly, Team Leader of Manager Oversight (2015-2017); Chartered Financial Analyst and Certified Financial Risk Manager.
1974 333 W. Wacker Drive Chicago, IL 6o6o6	Vice President	2019
∎  JACQUES M. LONGERSTAEY			Senior Managing Director, Chief Risk Officer, Nuveen, LLC (since May 2019); Senior Managing Director (since May 2019) of Nuveen Fund Advisors, LLC; formerly, Chief Investment and Model Risk Officer, Wealth & Investment Management Division, Wells Fargo Bank (NA) (2013-2019).
1963 8500 Andrew Carnegie Blvd. Charlotte, NC 28262	Vice President	2019
∎  KEVIN J. MCCARTHY			Senior Managing Director (since 2017) and Secretary and General Counsel (since 2016) of Nuveen Investments, Inc., formerly, Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2008-2016); Senior Managing Director (since 2017) and Assistant Secretary (since 2008) of Nuveen Securities, LLC, formerly Executive Vice President (2016-2017) and Managing Director (2008-2016); Senior Managing Director (since 2017), and Secretary (since 2016) of Nuveen Fund Advisors, LLC, formerly, Co-General Counsel (2011-2020), Executive Vice President (2016-2017), Managing Director (2008-2016) and Assistant Secretary (2007-2016); Senior Managing Director (since 2017), Secretary (since 2016) of Nuveen Asset Management, LLC, formerly, Associate General Counsel (2011-2020), Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2011- 2016); Vice President (since 2007) and Secretary (since 2016), formerly, Assistant Secretary, of NWQ Investment Management Company, LLC, Santa Barbara Asset Management, LLC and Winslow Capital Management, LLC (since 2010). Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Alternative Investments, LLC.
1966 333 W. Wacker Drive Chicago, IL 6o6o6	Vice President and Assistant Secretary	2007

69

Board Members & Officers (continued)

(Unaudited)

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed(2)	Principal Occupation(s) During Past 5 Years
Officers of the Funds (continued):
∎  JON SCOTT MEISSNER			Managing Director of Mutual Fund Tax and Financial Reporting groups at Nuveen (since 2017); Managing Director of Nuveen Fund Advisors, LLC (since 2019); Senior Director of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC (since 2016); Senior Director (since 2015) Mutual Fund Taxation to the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and the CREF Accounts; has held various positions with TIAA since 2004.
1973 8500 Andrew Carnegie Blvd. Charlotte, NC 28262	Vice President	2019
∎  DEANN D. MORGAN			President, Nuveen Fund Advisors, LLC (since November 2020); Executive Vice President, Global Head of Product at Nuveen, LLC (since 2019); Co-Chief Executive Officer of Nuveen Securities, LLC since March 2020); Managing Member of MDR Collaboratory LLC (since 2018); Managing Director, (Head of Wealth Management Product Structuring & COO Multi Asset Investing. The Blackstone Group (2013-2017)
1969 730 Third Avenue New York, NY 10017	Vice President	2020
∎  CHRISTOPHER M.  ROHRBACHER			Managing Director (since 2017) and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2017) General Counsel (since 2020), and Assistant Secretary (since 2016), formerly, Senior Vice President (2016-2017), of Nuveen Fund Advisors, LLC; Managing Director, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC (since 2020); Managing Director (since 2017), and Associate General Counsel (since 2016), formerly, Senior Vice President (2012-2017) and Assistant General Counsel (2008-2016) of Nuveen, LLC.
1971 333 W. Wacker Drive Chicago, IL 6o6o6	Vice President and Assistant Secretary	2008
∎  WILLIAM A. SIFFERMANN			Managing Director (since 2017), formerly Senior Vice President (2016-2017) and Vice President (2011-2016) of Nuveen, LLC.
1975 333 W. Wacker Drive Chicago, IL 6o6o6	Vice President	2017
∎  E. SCOTT WICKERHAM			Senior Managing Director, Head of Fund Administration at Nuveen, LLC (since 2019), formerly, Managing Director; Senior Managing Director (since 2019) of Nuveen Fund Advisers, LLC; Principal Financial Officer, Principal Accounting Officer and Treasurer (since 2017) of the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and the Treasurer (since 2017) to the CREF Accounts; Senior Director, TIAA-CREF Fund Administration (2014-2015); has held various positions with TIAA since 2006.
1973 8500 Andrew Carnegie Blvd. Charlotte, NC 28262	Vice President and Controller	2019
∎  MARK L. WINGET			Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2008), and Nuveen Fund Advisors, LLC (since 2019); Vice President, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC (since 2020); Vice President (since 2010) and Associate General Counsel (since 2019), formerly, Assistant General Counsel (2008-2016) of Nuveen, LLC.
1968 333 W. Wacker Drive Chicago, IL 60606	Vice President and Secretary	2008
∎  GIFFORD R. ZIMMERMAN			Formerly: Managing Director (2002-2020) and Assistant Secretary (2002-2020) of Nuveen Securities, LLC; Managing Director (2002-2020), Assistant Secretary (1997-2020) and Co-General Counsel (2011- 2020) of Nuveen Fund Advisors, LLC; Managing Director (2004-2020) and Assistant Secretary (1994-2020) of Nuveen Investments, Inc.; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (2011-2020); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC, Santa Barbara Asset Management, LLC (2006-2020) and Winslow Capital Management, LLC (2010-2020); Chartered Financial Analyst.
1956 333 W. Wacker Drive Chicago, IL 60606	Vice President and Chief Compliance Officer	1988

(1) The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares, when applicable, to serve until the next annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen complex.

(2) Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen complex.

70

Notes

71

Nuveen:

Serving Investors for Generations

Since 1898, financial professional and their clients have relied on Nuveen to provide
dependable investment solutions through continued adherence to proven, long-term investing
principles. Today, we offer a range of high quality solutions designed to
be integral components of a well-diversified core portfolio.

Focused on meeting investor needs.

Nuveen is the investment manager of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.

Find out how we can help you.

To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial professional, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.

Learn more about Nuveen Funds at: www.nuveen.com/closed-end-funds

Nuveen Securities, LLC, member FINRA and SIPC  |  333 West Wacker Drive Chicago, IL 60606  |  www.nuveen.com EAN-E-1220D        1509210-INV-Y-02/22

ITEM 2. CODE OF ETHICS.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone, Jack B. Evans and William C. Hunter who are “independent” for purposes of Item 3 of Form N-CSR.

Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.

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

Mr. Hunter was formerly a Senior Vice President at the Federal Reserve Bank of Chicago. As part of his role as Senior Vice President, Mr. Hunter was the senior officer responsible for all operations of each of the Economic Research, Statistics, and Community and Consumer Affairs units at the Federal Reserve Bank of Chicago. In such capacity, Mr. Hunter oversaw the subunits of the Statistics and Community and Consumer Affairs divisions responsible for the analysis and evaluation of bank and bank holding company financial statements and financial filings. Prior to serving as Senior Vice President at the Federal Reserve Bank of Chicago, Mr. Hunter was the Vice President of the Financial Markets unit at the Federal Reserve Bank of Atlanta where he supervised financial staff and bank holding company analysts who analyzed and evaluated bank and bank holding company financial statements. Mr. Hunter also currently serves on the Boards of Directors of Xerox Corporation and Wellmark, Inc. as well as on the Audit Committees of such Boards. As an Audit Committee member, Mr. Hunter’s responsibilities include, among other things, reviewing financial statements, internal audits and internal controls over financial reporting. Mr. Hunter also formerly was a Professor of Finance at the University of Connecticut School of Business and has authored numerous scholarly articles on the topics of finance, accounting and economics.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

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

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND

Fiscal Year Ended	Audit Fees Billed to Fund 1			Audit-Related Fees Billed to Fund 2			Tax Fees Billed to Fund 3			All Other Fees Billed to Fund 4
December 31, 2020	$	55,255		$	0		$	0		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%		0	%
December 31, 2019	$	54,555		$	0		$	257		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%		0	%

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

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

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

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

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE

ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

The following tables show the amount of fees billed by PricewaterhouseCoopers LLP to Nuveen Fund Advisors, LLC (formerly Nuveen Fund Advisors, Inc.) (the “Adviser”), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two full fiscal years.

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to PricewaterhouseCoopers LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Fund’s audit is completed.

Fiscal Year Ended	Audit-Related Fees     Billed to Adviser and     Affiliated  Fund Service Providers			Tax Fees Billed to     Adviser and Affiliated  Fund Service Providers			All Other Fees Billed to Adviser     and Affiliated Fund     Service Providers
December 31, 2020	$	0		$	0		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%
December 31, 2019	$	0		$	0		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%

NON-AUDIT SERVICES

The following table shows the amount of fees that PricewaterhouseCoopers LLP billed during the Fund’s last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non-audit services that PricewaterhouseCoopers LLP provides to the Adviser and any Affiliated Fund Services Provider, if the engagement related directly to the Fund’s operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from PricewaterhouseCoopers LLP about any non-audit services that PricewaterhouseCoopers LLP rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating PricewaterhouseCoopers LLP’s independence.

Fiscal Year Ended	Total Non-Audit Fees     Billed to Fund		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service     Providers (engagements     related directly to the operations and financial reporting of the Fund)		Total Non-Audit Fees billed to Adviser and     Affiliated Fund Service     Providers (all other engagements)		Total
December 31, 2020	$	0	$	0	$	0	$	0
December 31, 2019	$	257	$	0	$	0	$	257

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

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

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). As of the end of the period covered by this report, the members of the audit committee are Jack B. Evans, William C. Hunter, John K. Nelson, Judith M. Stockdale and Carole E. Stone, Chair.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

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

Nuveen Fund Advisors, LLC is the registrant’s investment adviser (also referred to as the “Adviser”). The Adviser is responsible for the on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has delegated to the Sub-Adviser the full responsibility for proxy voting on securities held in the registrant’s portfolio and related duties in accordance with the Sub-Adviser’s policies and procedures. The Adviser periodically monitors the Sub-Adviser’s voting to ensure that it is carrying out its duties. The Sub-Adviser’s proxy voting policies and procedures are attached to this filing as an exhibit.

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

Nuveen Fund Advisors (“NFALLC”) is the registrant’s investment adviser (NFALLC is also referred to as the “Adviser”.) NFALLC is responsible for the selection and on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Nuveen Asset Management” or “Sub-Adviser”), as Sub-Adviser to provide discretionary investment advisory services. The following section provides information on the portfolio managers at the Sub-Adviser:

Item 8(a)(1). PORTFOLIO MANAGER BIOGRAPHIES

As of the date of filing this report, the following individuals at the Sub-Adviser have primary responsibility for the day-to-day implementation of the Fund’s investment strategy:

Kevin Lorenz, CFA, is a managing director and is a portfolio manager for Nuveen’s global fixed income team. He heads the leveraged finance sector team, which selects high yield and leveraged loan securities for all portfolios. He is also the lead portfolio manager for the High Yield strategies, co-manager of the Multi-Sector Bond strategy and a member of the Investment Committee, which establishes investment policy for all global fixed income products. Kevin has served in a variety of roles since joining the firm in 1987.

Anders Persson, CFA, oversees Nuveen’s global fixed income portfolio managers. His team supports sovereign, municipal, corporate credit and structured finance mandates. He is also a portfolio manager responsible for managing the organization’s leveraged loan portfolios.    Prior to his current role, he was a senior research analyst for the leveraged finance team as an investment-grade research analyst. Prior to joining Nuveen/TIAA, he was a founding member of the team that established SG Cowen’s European high yield effort in London and later worked to establish the high yield research effort within Schroders Investment.

Jacob Fitzpatrick, CFA, is an associate portfolio manager for Nuveen’s global fixed income team and a member of the leveraged finance section team. Prior to joining the firm in 2015, he worked as a co-manager of structured product portfolios at Allianz Investment Management, where he was responsible for the investment strategy and allocation of insurance product premiums within the core capital markets. He began his career at U.S. Bancorp Asset Management, where he was a corporate and municipal bond trader for the firm’s mutual funds and wealth management group.

Item 8(a)(2). OTHER ACCOUNTS MANAGED BY PORTFOLIO MANAGERS

In addition to the Fund, as of December 31, 2020, the portfolio managers are also primarily responsible for the day-to-day portfolio management of the following accounts:

	(ii) Number of Other Accounts Managed and Assets by Account Type*												(iii) Number of Other Accounts and Assets for Which Advisory Fee is Performance-Based
(i) Name of Portfolio Manager	Other Registered Investment Companies				Other Pooled Investment Vehicles				Other Accounts				Other Registered Investment Companies			Other Pooled Investment Vehicles			Other Accounts
Kevin Lorenz		12	$	15.80 billion		0	$	0		0	$	0		0	0		0	0		0	0
Anders Persson		1	$	548 million		0	$	0		0	$	0		0	0		0	0		0	0
Jacob Fitzpatrick		3	$	964 million		0	$	0		0	$	0		0	0		0	0		0	0

* Assets are as of December 31, 2020.

POTENTIAL MATERIAL CONFLICTS OF INTEREST

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.

The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.

If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.

With respect to many of its clients’ accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.

Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by the portfolio manager. Finally, the appearance of a conflict of interest may

arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.

Conflicts of interest may also arise when the Sub-Adviser invests one or more of its client accounts in different or multiple parts of the same issuer’s capital structure, including investments in public versus private securities, debt versus equity, or senior versus junior/subordinated debt, or otherwise where there are different or inconsistent rights or benefits. Decisions or actions such as investing, trading, proxy voting, exercising, waiving or amending rights or covenants, workout activity, or serving on a board, committee or other involvement in governance may result in conflicts of interest between clients holding different securities or investments. Generally, individual portfolio managers will seek to act in a manner that they believe serves the best interest of the accounts they manage. In cases where a portfolio manager or team faces a conflict among its client accounts, it will seek to act in a manner that it believes best reflects its overall fiduciary duty, which may result in relative advantages or disadvantages for particular accounts.

Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

Item 8(a)(3). FUND MANAGER COMPENSATION

As of the most recently completed fiscal year end, the primary portfolio managers compensation is as follows:

Portfolio manager compensation consists primarily of base salary and variable components consisting of (i) a cash bonus; (ii) a long-term performance award; and (iii) participation in a profits interest plan.

Base salary. A portfolio manager’s base salary is determined based upon an analysis of the portfolio manager’s general performance, experience and market levels of base pay for such position.

Cash bonus. A portfolio manager is eligible to receive an annual cash bonus that is based on three variables: risk-adjusted investment performance relative to benchmark generally measured over the most recent one, three and five year periods (unless the portfolio manager’s tenure is shorter), ranking versus Morningstar peer funds generally measured over the most recent one, three and five year periods (unless the portfolio manager’s tenure is shorter), and management and peer reviews.

Long-term performance award. A portfolio manager is eligible to receive a long-term performance award that vests after three years. The amount of the award when granted is based on the same factors used in determining the cash bonus. The value of the award at the completion of the three-year vesting period is adjusted based on the risk-adjusted investment performance of Fund(s) managed by the portfolio manager during the vesting period and the performance of the TIAA organization as a whole.

Profits interest plan. Portfolio managers are eligible to receive profits interests in Nuveen Asset Management and its affiliate, Teachers Advisors, LLC, which vest over time and entitle

their holders to a percentage of the firms’ annual profits. Profits interests are allocated to each portfolio manager based on such person’s overall contribution to the firms.

There are generally no differences between the methods used to determine compensation with respect to the Fund and the Other Accounts shown in the table above.

Item 8(a)(4). OWNERSHIP OF JGH SECURITIES AS OF DECEMBER 31, 2020

Name of Portfolio Manager	None	$1 - $10,000	$10,001- $50,000	$50,001- $100,000	$100,001- $500,000	$500,001- $1,000,000	Over $1,000,000
Kevin Lorenz	X
Anders Persson	X
Jacob Fitzpatrick	X

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

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

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

COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

File the exhibits listed below as part of this Form.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant’s website at www.nuveen.com/fund-governance and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)

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

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

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

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

SIGNATURES

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

(Registrant) Nuveen Global High Income Fund

By (Signature and Title)	/s/ Mark L. Winget
	Mark L. Winget
	Vice President and Secretary
Date: March 5, 2021

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

By (Signature and Title)	/s/ David J. Lamb
	David J. Lamb
	Chief Administrative Officer
	(principal executive officer)
Date: March 5, 2021
By (Signature and Title)	/s/ E. Scott Wickerham
	E. Scott Wickerham
	Vice President and Controller
	(principal financial officer)
Date: March 5, 2021