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, Illinois 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Vice President and Secretary

333 West Wacker Drive

Chicago, Illinois 60606

(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 257-8787

Date of fiscal year end: December 31

Date of reporting period: December 31, 2024

Item 1. Reports to Stockholders.

Closed-End

Funds

Closed-End

Funds

Nuveen

December

31,

2024

Annual

Report

Nuveen

Global

High

Income

Fund

JGH

Nuveen

Core

Plus

Impact

Fund

NPCT

Nuveen

Mortgage

and

Income

Fund

JLS

2

Table

of

Contents

Important

Notices

3

Discussion

of

Fund

Performance

4

Common

Share

Information

8

About

the

Funds’

Benchmarks

10

Fund

Performance,

Leverage

and

Holdings

Summaries

11

Performance

Overview

and

Holdings

Summaries

13

Report

of

Independent

Registered

Public

Accounting

Firm

19

Portfolios

of

Investments

21

Statement

of

Assets

and

Liabilities

42

Statement

of

Operations

43

Statement

of

Changes

in

Net

Assets

44

Statement

of

Cash

Flows

46

Financial

Highlights

48

Notes

to

Financial

Statements

53

Shareholder

Update

69

Important

Tax

Information

98

Additional

Fund

Information

100

Glossary

of

Terms

Used

in

this

Report

101

Board

Members

&

Officers

103

Important

Notices

3

Management

fees:

As

of

May

1,

2024,

each

Fund’s

overall

complex-level

fee

begins

at

a

maximum

rate

of

0.1600%

of

the

Fund’s

average

daily

net

assets,

with

breakpoints

for

eligible

complex-level

assets

above

$124.3

billion.

JGH

–

Portfolio

manager

update:

Effective

April

5,

2024,

Jacob

Fitzpatrick,

CFA

is

no

longer

a

portfolio

manager

of

the

Fund.

Subsequent

events

for

JGH

–

portfolio

manager

updates

:

Kevin

Lorenz

has

announced

that

he

will

retire

from

Nuveen

on

July

1,

2025.

He

will

continue

to

serve

as

a

portfolio

manager

of

the

Fund

until

July

1,

2025.

Effective

February

11,

2025,

James

Kim

and

Mark

Zheng

have

been

named

as

portfolio

managers

of

the

Fund.

There

are

no

other

changes

to

the

Fund’s

portfolio

management

team

and

there

are

no

changes

to

the

Fund’s

investment

objective,

principal

investment

strategy

or

principal

risks.

JLS

–

Investment

policy

change:

Effective

March

1,

2024,

the

following

policy

changes

were

made

to

the

Fund.

Updated

the

Fund’s

primary

investment

policy

so

that

the

Fund

invests

in

at

least

50%

of

managed

assets

in

mortgage

backed

securities

(MBS)

and

up

to

50%

in

non-mortgage

related

asset

backed

securities

(ABS).

Previously,

the

Fund’s

primary

investment

policy

stated

that

the

Fund

invested

at

least

65%

in

MBS

and

up

to

35%

in

non-mortgage

related

ABS.

Formally

adopted

a

Names

Rule

policy.

Removed

two

outdated

policies

related

to

the

use

of

certain

derivatives

and

ability

to

short

sell

securities.

4

Discussion

of

Fund

Performance

Nuveen

Global

High

Income

Fund

(JGH)

Nuveen

Core

Plus

Impact

Fund

(NPCT)

Nuveen

Mortgage

and

Income

Fund

(JLS)

Nuveen

Asset

Management,

LLC

(NAM),

an

affiliate

of

Nuveen

Fund

Advisors,

LLC,

is

the

investment

adviser

for

the

Nuveen

Global

High

Income

Fund

(JGH)

and

Nuveen

Core

Plus

Impact

Fund

(NPCT).

The

Nuveen

Mortgage

and

Income

Fund

(JLS)

features

portfolio

management

by

Teachers

Advisors,

LLC

(TAL),

an

affiliate

of

Nuveen

Fund

Advisors,

LLC,

the

Fund’s

investment

adviser.

The

portfolio

managers

for

JGH

are

Kevin

Lorenz,

CFA,

Brenda

Langenfeld,

CFA,

Katherine

Renfrew

and

John

Espinosa.

The

portfolio

managers

for

NPCT

are

Stephen

Liberatore,

CFA,

Jessica

Zarzycki,

CFA,

and

Kristal

Seales,

CFA.

The

portfolio

managers

for

JLS

are

Aashh

Parekh,

CFA,

Nicholas

Travaglino

and

Stephen

Virgilio.

Below

is

a

discussion

of

Fund

performance

and

the

factors

that

contributed

and

detracted

during

the

12-month

reporting

period

ended

December

31,

2024.

For

more

information

on

Fund

investment

objectives

and

policies,

please

refer

to

the

Shareholder

Update

section

at

the

end

of

the

report.

Nuveen

Global

High

Income

Fund

(JGH)

What

factors

affected

markets

during

the

reporting

period?

•

The

global

economy

continued

to

expand

during

the

reporting

period.

Inflation

readings

generally

trended

downward

while

remaining

above

central

banks’

long-term

targets.

•

While

short-term

rates

fell

in

the

U.S.,

yields

increased

across

the

rest

of

the

Treasury

yield

curve,

particularly

at

the

long

end,

which

returned

the

curve

to

a

positive

slope.

•

Despite

rising

rates,

high

yield

bonds

performed

strongly

over

the

reporting

period

because

of

generally

favorable

economic

data

and

the

sector’s

shorter

duration.

Overall

credit

fundamentals

of

issuers

remained

on

solid

footing

and

demand

remained

strong,

resulting

in

generally

tighter

high

yield

bond

spreads.

•

The

lowest

quality

segments

of

the

high

yield

bond

market

performed

best,

and

global

high

yield

bonds

outpaced

their

U.S.

counterparts

during

the

reporting

period.

What

key

strategies

were

used

to

manage

the

Fund

during

the

reporting

period?

•

During

the

reporting

period,

the

portfolio

management

team

exited

the

Fund’s

lower-yielding

securities,

reinvesting

the

proceeds

in

higher-conviction,

higher-yielding

opportunities.

•

The

Fund’s

CCC-rated

exposure

versus

its

benchmark

increased

from

an

underweight

to

an

overweight.

However,

the

Fund’s

overall

credit

quality

profile

remained

approximately

the

same

as

the

prior

reporting

period.

•

The

Fund

continued

to

emphasize

more

defensive,

non-cyclical

industries

over

more

cyclical,

economic-growth

dependent

industries.

The

Fund

maintained

overweights

to

energy,

banking

and

electric

and

underweights

to

capital

goods

and

consumer

cyclical.

•

Consistent

with

its

mandate,

the

Fund

maintained

out-of-benchmark

allocations

to

senior

loans,

preferred

securities,

and

contingent

capital

(CoCo)

securities.

Senior

loan

exposure

increased

as

the

yields

offered

in

the

sector

remained

attractive.

CoCo

exposure

increased

as

fundamentals

for

the

sector

remained

strong

given

robust

capital

levels.

•

The

Fund’s

overall

emerging

market

(EM)

exposure

remained

consistent;

however,

within

the

sector,

EM

sovereign

debt

exposure

increased

while

EM

corporate

debt

exposure

decreased.

•

The

Fund’s

duration,

or

interest

rate

sensitivity,

remained

shorter

than

its

benchmark.

How

did

the

Fund

perform

and

what

factors

affected

relative

performance?

For

the

12-month

reporting

period

ended

December

31,

2024,

JGH

returned

13.39%.

The

Fund

outperformed

the

returns

of

the

Bloomberg

Global

High

Yield

Index

(USD

Hedged),

which

returned

10.71%.

5

Top

contributors

to

relative

performance

•

The

Fund’s

use

of

leverage

through

bank

borrowings

and

reverse

repurchase

agreements

significantly

contributed

to

relative

performance

over

the

reporting

period.

In

addition,

the

Fund’s

use

of

leverage

was

accretive

to

overall

common

share

income.

•

Security

selection

within

the

developed

market

high

yield

corporate

bond

allocation,

notably

in

the

wireline,

technology,

and

pharmaceutical

sectors.

•

Out-of-benchmark

allocation

to

preferred

securities.

•

Underweight

to

Brazil

within

the

EM

high

yield

sovereign

debt

allocation.

Top

detractors

from

relative

performance

•

Underweight

to

Argentina

within

the

EM

high

yield

sovereign

debt

allocation.

Nuveen

Core

Plus

Impact

Fund

(NPCT)

What

factors

affected

markets

during

the

reporting

period?

•

Fixed

income

asset

performance

was

broadly

positive

for

the

reporting

period

despite

interest

rate

volatility.

During

the

reporting

period,

yields

rose

across

the

maturity

spectrum,

except

for

short

maturities,

which

steepened

the

yield

curve.

•

The

Federal

Reserve

(Fed)

started

its

long-anticipated

normalization

of

interest

rates

in

September

2024

with

a

surprise

50

basis

point

rate

cut,

as

economic

growth

and

the

labor

market

remained

resilient

while

inflation

rates

stayed

stubbornly

above

the

Fed’s

target.

•

While

the

lead-up

to

the

presidential

election

contributed

to

uncertainty,

the

election

results

in

November

2024

were

considered

business-friendly

but

complicated

the

outlook

for

growth,

inflation

and

interest

rates.

•

Investor

demand

for

yield

remained

strong

as

the

economic

and

fundamental

backdrop

encouraged

risk-taking

in

the

bond

market,

contributing

to

tighter

credit

spreads

across

most

assets.

In

corporate

markets,

high

yield

corporate

bonds

outperformed

investment

grade

corporate

bonds.

What

key

strategies

were

used

to

manage

the

Fund

during

the

reporting

period?

•

The

Fund

seeks

total

return

through

high

current

income

and

capital

appreciation,

investing

primarily

in

fixed

income

investments

while

giving

special

consideration

to

certain

impact

and

environmental,

social

and

governance

(“ESG”)

criteria.

•

During

the

reporting

period,

the

portfolio

management

team

continued

to

seek

out

attractively

valued,

yield-producing

securities

with

a

focus

on

increasing

impact

exposure.

The

Fund

remained

broadly

diversified

across

impact

categories,

and

remained

primarily

invested

in

corporate

bonds,

including

investment

grade,

below

investment

grade

and

emerging

market

(EM)

corporate

bonds.

The

Fund

also

maintained

notable

out-of-benchmark

allocations

to

commercial

mortgage-

backed

securities

(CMBS)

and

preferred

securities.

How

did

the

Fund

perform

and

what

factors

affected

relative

performance?

For

the

12-month

reporting

period

ended

December

31,

2024,

NPCT

returned

8.44%.

The

Fund

outperformed

the

returns

of

the

NPCT

Blended

Benchmark,

which

returned

5.06%.

The

NPCT

Blended

Benchmark

consists

of

1)

60%

Bloomberg

MSCI

U.S.

Green

Bond

Index

and

40%

Bloomberg

U.S.

Corporate

High

Yield

Bond

Index.

Top

contributors

to

relative

performance

•

Out-of-benchmark

exposures

to

CMBS

and

preferred

securities.

•

Security

selection

within

corporate

bonds,

particularly

in

wireless,

electric

and

natural

gas

holdings.

Discussion

of

Fund

Performance

(continued)

6

•

Underweight

allocations

to

government-related-agency

and

government-related-credit

sectors,

and

out-of-benchmark

exposures

to

taxable

municipal

bonds

and

asset-backed

securities.

•

The

Fund’s

use

of

leverage

through

the

issuance

of

preferred

shares,

bank

borrowings

and

reverse

repurchase

agreements.

Top

detractors

from

relative

performance

•

Longer-duration

positioning.

Nuveen

Mortgage

and

Income

Fund

(JLS)

What

factors

affected

markets

during

the

reporting

period?

•

Securitized

credit

performed

well

in

the

reporting

period,

buoyed

by

a

resilient

U.S.

economy

and

expectations

for

the

U.S.

Federal

Reserve

to

begin

lowering

interest

rates

(which

materialized

starting

in

September

2024).

•

Securitized

credit

spreads

fell

to

the

tightest

levels

in

the

post-Global

Financial

Crisis

era

as

record

supply

issuance

in

2024

met

strong

demand

for

higher

yields.

What

key

strategies

were

used

to

manage

the

Fund

during

the

reporting

period?

•

The

Fund’s

objective

is

to

generate

high

current

income

through

opportunistic

investments

in

securitized

credit.

The

Fund

invests

in

mortgage-backed

securities

(MBS),

including

residential

mortgage-backed

securities

(RMBS)

and

commercial

mortgage-backed

securities

(CMBS),

and

non-mortgage

related

asset-backed

securities

(ABS).

ABS

includes

but

is

not

limited

to

collateralized

loan

obligations

as

well

as

pools

of

consumer

auto

loans,

credit

card

receivables,

aircraft

leases

and

maintenance

agreements,

timeshare

agreements,

and

solar

cells.

•

During

the

reporting

period,

the

market

rally

resulted

in

tighter

credit

spreads

across

the

securitized

debt

sector,

making

buying

opportunities

more

challenging

to

source.

Nevertheless,

the

Fund

remained

tactical,

adding

to

RMBS,

CMBS

and

ABS

exposures

when

relative

value

opportunities

or

market

weakness

presented

an

attractive

entry

point

and

using

the

market

rally

to

trim

positions

that

performed

well

or

had

limited

upside

going

forward.

How

did

the

Fund

perform

and

what

factors

affected

relative

performance?

For

the

12-month

reporting

period

ended

December

31,

2024,

JLS

returned

13.49%.

The

Fund

outperformed

the

returns

of

the

JLS

Linked

Benchmark,

which

returned

5.96%.

The

JLS

Linked

Benchmark

represents

the

linked

returns

between

the

Bloomberg

U.S.

Aggregate

Bond

Index

(through

October

13,

2019),

and

the

ICE

BofA

U.S.

ABS

&

CMBS

Index

(subsequent

to

October

13,

2019).

Top

contributors

to

relative

performance

•

ABS,

collateralized

loan

obligation

(CLO)

and

MBS.

•

Positions

in

subordinated

and

unrated

distressed

debt,

which

performed

well

for

credit-specific,

idiosyncratic

reasons,

and

positions

with

digital

infrastructure

exposure,

where

elevated

merger

and

acquisition

activity

supported

gains.

•

The

Fund’s

use

of

leverage

through

bank

borrowings

and

reverse

repurchase

agreements

contributed

to

relative

performance

during

the

reporting

period

and

was

also

accretive

to

overall

common

share

income.

•

The

Fund’s

use

of

leverage

through

the

issuance

of

preferred

shares,

bank

borrowings

and

reverse

repurchase

agreements.

Top

detractors

from

relative

performance

•

Exposure

to

CMBS.

•

Shorter-duration

and

higher-quality

positions.

7

This

material

is

not

intended

to

be

a

recommendation

or

investment

advice,

does

not

constitute

a

solicitation

to

buy,

sell

or

hold

a

security

or

an

investment

strategy,

and

is

not

provided

in

a

fiduciary

capacity.

The

information

provided

does

not

take

into

account

the

specific

objectives

or

circumstances

of

any

particular

investor,

or

suggest

any

specific

course

of

action.

Investment

decisions

should

be

made

based

on

an

investor’s

objectives

and

circumstances

and

in

consultation

with

his

or

her

advisors.

Certain

statements

in

this

report

are

forward-looking

statements.

Discussions

of

specific

investments

are

for

illustration

only

and

are

not

intended

as

recommendations

of

individual

investments.

The

forward-looking

statements

and

other

views

expressed

herein

are

those

of

the

portfolio

managers

as

of

the

date

of

this

report.

Actual

future

results

or

occurrences

may

differ

significantly

from

those

anticipated

in

any

forward-looking

statements,

and

the

views

expressed

herein

are

subject

to

change

at

any

time,

due

to

numerous

market

and

other

factors.

The

Funds

disclaim

any

obligation

to

update

publicly

or

revise

any

forward-looking

statements

or

views

expressed

herein.

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s

Group

(S&P),

Moody’s

Investors

Service,

Inc.

(Moody’s)

or

Fitch,

Inc.

(Fitch).

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings,

while

BB,

B,

CCC,

CC,

C

and

D

are

below

investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Bond

insurance

guarantees

only

the

payment

of

principal

and

interest

on

the

bond

when

due,

and

not

the

value

of

the

bonds

themselves,

which

will

fluctuate

with

the

bond

market

and

the

financial

success

of

the

issuer

and

the

insurer.

Insurance

relates

specifically

to

the

bonds

in

the

portfolio

and

not

to

the

share

prices

of

a

Fund.

No

representation

is

made

as

to

the

insurers’

ability

to

meet

their

commitments.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

8

Common

Share

Information

COMMON

SHARE

DISTRIBUTION

INFORMATION

The

following

information

regarding

the

distributions

for

each

fund

are

current

as

of

December

31,

2024,

the

Funds'

fiscal

and

tax

year

end,

and

may

differ

from

previously

issued

distribution

notices.

Each

Fund’s

distribution

policy,

which

may

be

changed

by

the

Board,

is

to

make

regular

monthly

cash

distributions

to

holders

of

its

common

shares

(stated

in

terms

of

a

fixed

cents

per

common

share

dividend

distribution

rate

which

may

be

set

from

time

to

time).

Each

Fund

intends

to

distribute

all

or

substantially

all

of

its

net

investment

income

each

year

through

its

regular

monthly

distribution

and

to

distribute

realized

capital

gains

at

least

annually.

In

addition,

in

any

monthly

period,

to

maintain

its

declared

per

common

share

distribution

amount,

a

Fund

may

distribute

more

or

less

than

its

net

investment

income

during

the

period.

In

the

event

a

Fund

distributes

more

than

its

net

investment

income

during

any

yearly

period,

such

distributions

may

also

include

realized

gains

and/or

a

return

of

capital.

To

the

extent

that

a

distribution

includes

a

return

of

capital

the

NAV

per

share

may

erode.

The

practice

of

maintaining

a

stable

distribution

level

had

no

material

effect

on

each

Fund’s

investment

strategy

during

the

most

recent

fiscal

period

and

is

not

expected

to

have

such

an

effect

in

future

periods,

however,

distributions

in

excess

of

Fund

returns

will

cause

its

NAV

per

share

to

erode.

For

additional

information,

refer

to

the

distribution

information

section

below

and

in

the

Notes

to

Financial

Statements

herein.

The

following

table

provides

the

sources

of

distributions

and

may

include

amounts

attributed

to

realized

gains

and/or

returns

of

capital.

A

return

of

capital

may

occur,

for

example,

when

some

or

all

of

the

money

that

you

invested

in

a

Fund

is

paid

back

to

you.

A

return

of

capital

distribution

does

not

necessarily

reflect

a

Fund’s

investment

performance

and

should

not

be

confused

with

“yield”

or

“income.”

The

Funds

attribute

these

estimates

equally

to

each

regular

distribution

throughout

the

year.

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

will

be

reported

to

shareholders

on

Form

1099-DIV,

which

will

be

sent

to

shareholders

shortly

after

calendar

year-end.

Because

distribution

source

estimates

are

updated

throughout

the

current

fiscal

year

based

on

a

Fund’s

performance,

those

estimates

may

differ

from

both

the

tax

information

reported

to

you

in

your

Fund’s

1099

statement,

as

well

as

the

ultimate

economic

sources

of

distributions

over

the

life

of

your

investment.

The

figures

in

the

table

below

provide

the

sources

of

distributions

and

may

include

amounts

attributed

to

realized

gains

and/or

returns

of

capital.

More

details

about

each

Fund’s

distributions

are

available

on

www.nuveen.com/en-us/

closed-end-funds.

NUVEEN

CLOSED-END

FUND

DISTRIBUTION

AMOUNTS

The

Nuveen

Closed-End

Funds’

monthly

and

quarterly

periodic

distributions

to

shareholders

are

posted

on

www.nuveen.com

and

can

be

found

on

Nuveen’s

enhanced

closed-end

fund

resource

page,

which

is

at

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

closedend

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

The

Funds’

Board

of

Trustees

authorized

an

open-market

share

repurchase

program,

allowing

each

Fund

to

repurchase

and

retire

an

aggregate

of

up

to

approximately

10%

of

its

outstanding

common

shares.

During

the

current

reporting

period,

the

Funds

did

not

repurchase

any

of

their

outstanding

common

shares.

As

of

December

31,

2024,

and

since

the

inception

of

the

Funds’

repurchase

program,

each

Fund

have

cumulatively

repurchased

and

retired

its

outstanding

common

shares

as

shown

in

the

accompanying

table.

Data

as

of

December

31,

2024

Current

Month

Percentage

of

Distributions

Fiscal

YTD

Per

Share

Amounts

Fund

Net

Investment

Income

Realized

Gains

Return

of

Capital

Total

Distributions

Net

Investment

Income

Realized

Gains

Return

of

Capital

JGH(FYE

12/31)

90.91%

0.00%

9.09%

$1.2420

$1.1291

$0.0000

$0.1129

NPCT(FYE

12/31)

46.74%

0.00%

53.26%

$1.2820

$0.5992

$0.0000

$0.6828

JLS(FYE

12/31)

100.00%

0.00%

0.00%

$1.7845

$1.7845

$0.0000

$0.0000

9

JGH

NPCT

JLS

Common

shares

cumulatively

repurchased

and

retired

900,000

0

10,814

Common

shares

authorized

for

repurchase

2,315,000

2,875,000

545,000

10

About

the

Funds’

Benchmarks

Bloomberg

Global

High

Yield

Index

(USD

Hedged):

An

index

designed

to

measure

the

performance

of

the

fixed-rate,

high

yield

debt

of

companies

in

the

U.S.,

developed

markets

and

emerging

markets.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Bloomberg

MSCI

U.S.

Green

Bond

Index:

An

index

designed

to

measure

the

performance

of

USD

-

denominated,

U.S.

and

non-U.S.

fixed

income

securities,

issued

to

fund

projects

with

direct

environmental

benefits.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Bloomberg

U.S.

Aggregate

Bond

Index:

An

index

designed

to

measure

the

performance

of

the

USD-denominated,

fixed-rate,

U.S.

investment

grade

taxable

bond

market.

The

index

includes

Treasuries,

government-related

and

corporate

securities,

mortgage

backed

securities

(MBS),

asset-backed

securities

(ABS)

and

commercial

mortgage-backed

securities

(CMBS).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Bloomberg

U.S.

Corporate

High

Yield

Bond

Index

:

An

index

designed

to

measure

the

performance

of

the

USD-

denominated,

fixed

rate

corporate

high

yield

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

ICE

BofA

U.S.

ABS

&

CMBS

Index:

An

index

that

consists

of

a

50/50

blend

of

USD-denominated

investment

grade

fixed-

and

floating-rate

asset

backed

securities

(ABS)

and

fixed-rate

commercial

mortgage-backed

securities

(CMBS)

publicly

issued

in

the

U.S.

domestic

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Fund

Performance,

Leverage

and

Holdings

Summaries

11

The

Fund

Performance,

Leverage

and

Holding

Summaries

for

each

Fund

are

shown

below

within

this

section

of

the

report.

Fund

Performance

Performance

data

for

each

Fund

shown

below

represents

past

performance

and

does

not

predict

or

guarantee

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.

Total

returns

for

a

period

of

less

than

one

year

are

not

annualized

(i.e.

cumulative

returns).

Since

inception

returns

are

shown

for

share

classes

that

have

less

than

10-years

of

performance.

For

performance,

current

to

the

most

recent

month-end

visit

Nuveen.com

or

call

(800)

257-8787.

Impact

of

Leverage

One

important

factor

impacting

the

returns

of

the

Funds’

common

shares

relative

to

their

comparative

benchmarks

was

the

Funds’

use

of

leverage

through

their

issuance

of

bank

borrowings,

Taxable

Fund

Preferred

Shares

(TFP)

and/or

reverse

repurchase

agreements.

The

Funds

use

leverage

because

our

research

has

shown

that,

over

time,

leveraging

provides

opportunities

for

additional

income.

The

opportunity

arises

when

short-term

rates

that

a

Fund

pays

on

its

leveraging

instruments

are

lower

than

the

interest

the

Fund

earns

on

its

portfolio

of

long-term

bonds

that

it

has

bought

with

the

proceeds

of

that

leverage.

However,

use

of

leverage

can

expose

Fund

common

shares

to

additional

price

volatility.

When

a

Fund

uses

leverage,

the

Fund’s

common

shares

will

experience

a

greater

increase

in

their

net

asset

value

if

the

securities

acquired

through

the

use

of

leverage

increase

in

value,

but

will

also

experience

a

correspondingly

larger

decline

in

their

net

asset

value

if

the

securities

acquired

through

leverage

decline

in

value.

All

this

will

make

the

shares’

total

return

performance

more

variable

over

time.

In

addition,

common

share

income

in

levered

funds

will

typically

decrease

in

comparison

to

unlevered

funds

when

short-term

interest

rates

increase

and

increase

when

short-term

interest

rates

decrease.

In

recent

quarters,

fund

leverage

expenses

have

generally

tracked

the

overall

movement

of

short-term

interest

rates.

While

fund

leverage

expenses

are

higher

than

their

prior

year

lows,

leverage

nevertheless

continues

to

provide

the

opportunity

for

incremental

common

share

income,

particularly

over

longer-

term

periods.

Leverage

Ratios

Each

Fund’s

Effective

Leverage

and

Regulatory

Leverage

Ratios

are

set

forth

below.

“Effective

Leverage”

is

a

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

or

borrowings

of

a

Fund.

Regulatory

Leverage

is

a

part

of

a

Fund’s

capital

structure.

Regulatory

leverage

is

subject

to

asset

coverage

limits

set

forth

in

the

Investment

Company

Act

of

1940.

A

Fund,

however,

may

from

time

to

time

borrow

for

temporary

purposes,

typically

on

a

transient

basis

in

connection

with

its

day-to-day

operations,

primarily

in

connection

with

the

need

to

settle

portfolio

trades.

Such

temporary

borrowings

are

excluded

from

the

calculation

of

a

Fund’s

Effective

Leverage

and

Regulatory

Leverage

ratios. 

Holding

Summaries

The

Holdings

Summaries

data

relates

to

the

securities

held

in

each

Fund’s

portfolio

of

investments

as

of

the

end

of

this

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

Refer

to

the

Fund’s

Portfolio

of

Investments

for

individual

security

information.

With

respect

to

JGH

and

NPCT,

the

Funds

use

credit

quality

ratings

for

its

portfolio

securities

provided

by

Standard

&

Poor’s

Group,

Moody’s

Investors

Service,

Inc.

and

Fitch,

Inc.

If

all

three

provide

a

rating

for

a

security,

the

middle

is

used;

if

two

of

the

three

agencies

rate

a

security,

the

lower

rating

is

used;

and

if

only

one

rating

agency

rates

a

security,

that

rating

is

used.

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.

With

respect

to

JLS,

the

ratings

disclosed

are

the

highest

rating

given

by

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.

Fund

Performance,

Leverage

and

Holdings

Summaries

(continued)

12

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.

Nuveen

Global

High

Income

Fund

Fund

Performance,

Leverage

and

Holdings

December

31,

2024

13

JGH

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

Bloomberg

Global

High

Yield

Index

(USD

Hedged).

Daily

Common

Share

NAV

and

Share

Price

Growth

of

an

Assumed

$10,000

Investment

as

of December

31,

2024

 -

Common

Share

Price 

Total

Returns

as

of

December

31,

2024

Average

Annual

Inception

Date

1-Year

5-Year

10-Year

Since

Inception

JGH

at

Common

Share

NAV

11/24/14

13.39%

3.32%

5.06%

4.73%

JGH

at

Common

Share

Price

11/24/14

15.87%

4.73%

6.55%

5.86%

Bloomberg

Global

High

Yield

Index

(USD

Hedged)

—

10.71%

3.95%

5.23%

4.99%

Common

Share

NAV

Common

Share

Price

Premium/(Discount)

to

NAV

Average

Premium/(Discount)

to

NAV

$13.84

$12.84

(7.23)%

(5.72)%

14

Fund

Performance,

Leverage

and

Holdings

December

31,

2024

(continued)

Leverage

and

Holdings

Leverage

Effective

Leverage

27.87%

Regulatory

Leverage

24.48%

Fund

Allocation

(%

of

net

assets)

Corporate

Bonds

67

.3‌

%

Variable

Rate

Senior

Loan

Interests

24

.2‌

%

Sovereign

Debt

17

.4‌

%

$1,000

Par

(or

similar)

Institutional

Preferred

14

.5‌

%

Contingent

Capital

Securities

9

.9‌

%

Common

Stocks

0

.3‌

%

$25

Par

(or

similar)

Retail

Preferred

0

.3‌

%

Asset-Backed

Securities

0

.2‌

%

Repurchase

Agreements

6

.7‌

%

Other

Assets

&

Liabilities,

Net

(2.1)%

Reverse

Repurchase

Agreements,

including

accrued

interest

(

6

.3‌

)

%

Borrowings

(32.4)%

Net

Assets

100‌

%

Top

Five

Issuers

(%

of

total

investments)

Brightline

East

LLC

1.7%

Turkiye

Government

International

Bond

1.5%

Organon

&

Co,

Term

Loan

1.4%

Venture

Global

LNG

Inc

1.4%

Petroleos

Mexicanos

1.3%

Portfolio

Composition

1

(%

of

total

investments)

Energy

9.9%

Banks

7.8%

Health

Care

Equipment

&

Services

5.8%

Financial

Services

5.4%

Utilities

5.4%

Software

&

Services

5.3%

Media

&

Entertainment

5.1%

Telecommunication

Services

4.5%

Transportation

4.2%

Insurance

3.9%

Pharmaceuticals,

Biotechnology

&

Life

Sciences

3.5%

Materials

3.1%

Capital

Goods

3.1%

Food,

Beverage

&

Tobacco

3.0%

Consumer

Discretionary

Distribution

&

Retail

2.9%

Consumer

Services

2.0%

Equity

Real

Estate

Investment

Trusts

(REITs)

1.7%

Consumer

Durables

&

Apparel

1.5%

Commercial

&

Professional

Services

1.5%

Real

Estate

Management

&

Development

1.2%

Other

1.9%

Sovereign

Debt

12.4%

Asset-Backed

Securities

0.1%

Repurchase

Agreements

4.8%

Total

100%

Portfolio

Credit

Quality

(%

of

total

investments)

AA

0.1%

BBB

7.2%

BB

or

Lower

84.1%

N/R

(not

rated)

8.6%

Total

100‌

%

Country

Allocation

2,3

(%

of

total

investments)

United

States

57

.7‌

%

United

Kingdom

3

.8‌

%

Mexico

3

.2‌

%

Turkey

2

.5‌

%

Colombia

2

.3‌

%

Spain

2

.3‌

%

Canada

2

.2‌

%

France

2

.0‌

%

South

Africa

1

.9‌

%

Switzerland

1

.8‌

%

Australia

1

.2‌

%

Nigeria

1

.2‌

%

Other

17

.9‌

%

Total

100‌

%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

Includes

25.3%

(as

a

percentage

of

total

investments)

in

emerging

market

countries.

3

“Other”

countries

include

thirty-four

countries

that

individually

constitute

less

than

1.4%

as

a

percentage

of

total

investments.

Nuveen

Core

Plus

Impact

Fund

Fund

Performance,

Leverage

and

Holdings

December

31,

2024

15

NPCT

Performance*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

NPCT

Blended

Benchmark.

The

Fund’s

Blended

Benchmark

consists

of:

1)

60%

of

Bloomberg

MSCI

U.S.

Green

Bond

Index

and

2)

40%

Bloomberg

U.S.

Corporate

High

Yield

Bond

Index.

Daily

Common

Share

NAV

and

Share

Price

Growth

of

an

Assumed

$10,000

Investment

as

of December

31,

2024

 -

Common

Share

Price 

Total

Returns

as

of

December

31,

2024

Average

Annual

Inception

Date

1-Year

Since

Inception

NPCT

at

Common

Share

NAV

4/27/21

8.44%

(5.90)%

NPCT

at

Common

Share

Price

4/27/21

17.15%

(7.50)%

Bloomberg

U.S.

Aggregate

Bond

Index

—

1.25%

(1.65)%

NPCT

Blended

Benchmark

—

5.06%

0.87%

Common

Share

NAV

Common

Share

Price

Premium/(Discount)

to

NAV

Average

Premium/(Discount)

to

NAV

$11.64

$10.51

(9.71)%

(9.25)%

16

Fund

Performance,

Leverage

and

Holdings

December

31,

2024

(continued)

Leverage

and

Holdings

Leverage

Effective

Leverage

35.13%

Regulatory

Leverage

28.35%

Fund

Allocation

(%

of

net

assets)

Corporate

Bonds

79

.9‌

%

$1,000

Par

(or

similar)

Institutional

Preferred

22

.9‌

%

Mortgage-Backed

Securities

20

.2‌

%

$25

Par

(or

similar)

Retail

Preferred

6

.0‌

%

Sovereign

Debt

5

.7‌

%

U.S.

Government

and

Agency

Obligations

4

.3‌

%

Municipal

Bonds

4

.0‌

%

Asset-Backed

Securities

3

.4‌

%

Variable

Rate

Senior

Loan

Interests

3

.3‌

%

Repurchase

Agreements

2

.2‌

%

Other

Assets

&

Liabilities,

Net

2.3%

Reverse

Repurchase

Agreements,

including

accrued

interest

(

14

.7‌

)

%

Borrowings

(18.7)%

TFP

Shares,

Net

(

20

.8‌

)

%

Net

Assets

100‌

%

Portfolio

Composition

1

(%

of

total

investments)

Utilities

28.6%

Banks

14.4%

Financial

Services

8.3%

Capital

Goods

4.5%

Materials

3.4%

Energy

2.6%

Commercial

&

Professional

Services

2.3%

Telecommunication

Services

2.1%

Consumer

Discretionary

Distribution

&

Retail

1.5%

Automobiles

&

Components

1.3%

Consumer

Durables

&

Apparel

1.0%

Transportation

1.0%

Technology

Hardware

&

Equipment

0.9%

Insurance

0.9%

Real

Estate

Management

&

Development

0.6%

Equity

Real

Estate

Investment

Trusts

(REITs)

0.3%

Mortgage-Backed

Securities

13.3%

Sovereign

Debt

3.8%

U.S.

Government

and

Agency

Obligations

2.8%

Municipal

Bonds

2.7%

Asset-Backed

Securities

2.2%

Repurchase

Agreements

1.5%

Total

100%

Portfolio

Credit

Quality

(%

of

total

investments)

AAA

0.5%

AA

6.1%

A

7.3%

BBB

35.4%

BB

or

Lower

39.5%

N/R

(not

rated)

11.2%

Total

100‌

%

Country

Allocation

2,3

(%

of

total

investments)

United

States

62

.2‌

%

Italy

5

.4‌

%

United

Kingdom

4

.5‌

%

Chile

3

.8‌

%

Mexico

3

.5‌

%

Australia

2

.6‌

%

Indonesia

2

.4‌

%

India

2

.1‌

%

Canada

2

.0‌

%

South

Korea

1

.8‌

%

Benin

1

.7‌

%

United

Arab

Emirates

1

.5‌

%

Other

6

.5‌

%

Total

100‌

%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

Includes

20.2%

(as

a

percentage

of

total

investments)

in

emerging

market

countries.

3

“Other”

countries

include

eight

countries

that

individually

constitute

less

than

1.5%

as

a

percentage

of

total

investments.

Nuveen

Mortgage

and

Income

Fund

Fund

Performance,

Leverage

and

Holdings

December

31,

2024

17

JLS

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

linked

returns

between

the

ICE

BofA

U.S.

ABS

&

CMBS

Index

(effective

October

13,

2019)

and

the

Bloomberg

U.S.

Aggregate

Bond

Index

(through

October

13,

2019).

Daily

Common

Share

NAV

and

Share

Price

Growth

of

an

Assumed

$10,000

Investment

as

of December

31,

2024

 -

Common

Share

Price 

Total

Returns

as

of

December

31,

2024

Average

Annual

Inception

Date

1-Year

5-Year

10-Year

JLS

at

Common

Share

NAV

11/25/09

13.49%

3.19%

4.30%

JLS

at

Common

Share

Price

11/25/09

17.73%

3.12%

5.32%

Bloomberg

U.S.

Aggregate

Bond

Index

—

1.25%

(0.33)%

1.35%

JLS

Blended

Benchmark

—

5.96%

1.78%

2.38%

Common

Share

NAV

Common

Share

Price

Premium/(Discount)

to

NAV

Average

Premium/(Discount)

to

NAV

$19.45

$18.00

(7.46)%

(8.05)%

18

Fund

Performance,

Leverage

and

Holdings

December

31,

2024

(continued)

Leverage

and

Holdings

Leverage

Effective

Leverage

22.91%

Regulatory

Leverage

2.31%

Fund

Allocation

(%

of

net

assets)

Mortgage-Backed

Securities

89

.5‌

%

Asset-Backed

Securities

39

.7‌

%

Short-Term

U.S.

Government

and

Agency

Obligations

1

.0‌

%

Other

Assets

&

Liabilities,

Net

(0.2)%

Reverse

Repurchase

Agreements,

including

accrued

interest

(

27

.6‌

)

%

Borrowings

(2.4)%

Net

Assets

100‌

%

Portfolio

Credit

Quality

(%

of

total

investments)

AAA

2.0%

AA

1.1%

A

7.8%

BBB

14.4%

BB

or

Lower

42.4%

N/R

(not

rated)

32.3%

Total

100‌

%

Report

of

Independent

Registered

Public

Accounting

Firm

19

To

the

Board

of

Trustees

and

Shareholders

of

Nuveen

Global

High

Income

Fund,

Nuveen

Core

Plus

Impact

Fund

and

Nuveen

Mortgage

and

Income

Fund

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

portfolios

of

investments,

of

each

of

the

funds

listed

in

the

table

below

(hereafter

collectively

referred

to

as

the

"Funds")

as

of

December

31,

2024,

the

related

statements

of

operations,

of

cash

flows,

and

of

changes

in

net

assets

for

each

of

the

periods

indicated

in

the

table

below,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

in

the

table

below

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

December

31,

2024,

the

results

of

each

of

their

operations

and

each

of

their

cash

flows,

the

changes

in

each

of

their

net

assets

and

each

of

the

financial

highlights

for

each

of

the

periods

indicated

in

the

table

below,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Nuveen

Global

High

Income

Fund

(1)

Nuveen

Core

Plus

Impact

Fund

(2)

Nuveen

Mortgage

and

Income

Fund

(1)

(1)

Statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

as

of

December

31,

2024,

and

the

related

statements

of

operations

and

cash

flows

for

the

year

ended

December

31,

2024,

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2024

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2024.

(2)

Consolidated

statement

of

asset

and

liabilities,

including

the

consolidated

portfolio

of

investments,

as

of

December

31,

2024,

and

the

related

consolidated

statements

of

operations

and

cash

flows

for

the

year

ended

December

31,

2024,

consolidated

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2024

and

the

consolidated

financial

highlights

for

the

years

ended

December

31,

2024,

2023

and

2022,

and

the

period

April

27,

2021

(commencement

of

operations)

through

December

31,

2021.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

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

Funds

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.

Report

of

Independent

Registered

Public

Accounting

Firm

(continued)

20

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,

2024

by

correspondence

with

the

custodian,

issuer,

agent

banks

and

brokers;

when

replies

were

not

received

from

agent

banks,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/

PricewaterhouseCoopers

LLP

Chicago,

Illinois

February 27,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Nuveen

Funds

since

2002.

21

Portfolio

of

Investments

December

31,

2024

JGH

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM

INVESTMENTS

-

134.1%  

(95.2%

of

Total

Investments) 

46507100

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

14.5%

(10.3%

of

Total

Investments)

CANADA

-

2.2%

$

2,047,000

(a)

AltaGas

Ltd

7

.200

%

10/15/54

$

2,058,194

1,000,000

Emera

Inc

6

.750

06/15/76

1,005,189

2,000,000

Enbridge

Inc

8

.500

01/15/84

2,221,306

1,105,000

(a)

South

Bow

Canadian

Infrastructure

Holdings

Ltd

7

.625

03/01/55

1,132,921

575,000

(a)

South

Bow

Canadian

Infrastructure

Holdings

Ltd

7

.500

03/01/55

594,562

TOTAL

CANADA

7,012,172

CHILE

-

0.2%

600,000

(a)

AES

Andes

SA

8

.150

06/10/55

606,872

TOTAL

CHILE

606,872

IRELAND

-

0.3%

1,000,000

(a)

AerCap

Global

Aviation

Trust

6

.500

06/15/45

997,813

TOTAL

IRELAND

997,813

KUWAIT

-

0.3%

1,000,000

(a),(b)

NBK

Tier

1

Ltd

3

.625

N/A

951,689

TOTAL

KUWAIT

951,689

MEXICO

-

0.3%

1,000,000

(a)

Banco

Nacional

de

Comercio

Exterior

SNC/Cayman

Islands

2

.720

08/11/31

918,228

TOTAL

MEXICO

918,228

TURKEY

-

0.3%

1,000,000

(a)

Yapi

ve

Kredi

Bankasi

AS

9

.250

01/17/34

1,041,050

TOTAL

TURKEY

1,041,050

UNITED

STATES

-

10.9%

1,500,000

(b)

Ally

Financial

Inc

4

.700

N/A

1,399,749

1,500,000

(b)

Ally

Financial

Inc

4

.700

N/A

1,310,901

1,000,000

(b)

Energy

Transfer

LP

7

.125

N/A

1,003,601

1,765,000

Enstar

Finance

LLC

5

.750

09/01/40

1,740,857

2,500,000

(a)

EUSHI

Finance

Inc

7

.625

12/15/54

2,600,760

2,000,000

(b),(c)

Fifth

Third

Bancorp

(TSFR3M

+

3.295%)

7

.623

N/A

1,994,961

1,500,000

(b),(c)

First

Citizens

BancShares

Inc/NC

(TSFR3M

+

4.234%)

8

.592

N/A

1,537,753

1,500,000

(a),(b)

Land

O'

Lakes

Inc

8

.000

N/A

1,395,333

1,000,000

(a),(b)

Land

O'

Lakes

Inc

7

.000

N/A

810,583

1,500,000

(a),(b)

NRG

Energy

Inc

10

.250

N/A

1,656,051

1,750,000

Paramount

Global

6

.375

03/30/62

1,691,520

3,360,000

PG&E

Corp

7

.375

03/15/55

3,448,139

3,000,000

(b),(c)

Plains

All

American

Pipeline

LP

(TSFR3M

+

4.372%)

8

.895

N/A

2,977,746

1,000,000

(a),(b)

SBL

Holdings

Inc

6

.500

N/A

870,566

6,000,000

(a),(b)

Venture

Global

LNG

Inc

9

.000

N/A

6,273,264

4,000,000

(a),(b)

Vistra

Corp

8

.875

N/A

4,267,492

TOTAL

UNITED

STATES

34,979,276

TOTAL

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

(Cost

$45,669,517)

46,507,100

SHARES

DESCRIPTION

RATE

VALUE

884,337

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

0.3%

(0.2%

of

Total

Investments)

UNITED

STATES

-

0.3%

33,625

Synchrony

Financial

8

.250

884,337

TOTAL

UNITED

STATES

884,337

TOTAL

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

(Cost

$840,625)

884,337

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

647,393

ASSET-BACKED

SECURITIES

-

0.2%

(0.1%

of

Total

Investments)

750,000

(d)

Industrial

DPR

Funding

Ltd

5

.380

04/15/34

647,393

TOTAL

ASSET-BACKED

SECURITIES

(Cost

$750,000)

647,393

Portfolio

of

Investments

December

31,

2024

(continued)

JGH

22

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

VALUE

904,072

COMMON

STOCKS

-

0.3%

(0.2%

of

Total

Investments)

MEXICO

-

0.3%

47,127

(e)

Grupo

Aeromexico

SAB

de

CV

$

904,072

TOTAL

MEXICO

904,072

TOTAL

COMMON

STOCKS

(Cost

$885,858)

904,072

PRINCIPAL

DESCRIPTION

(f)

RATE

MATURITY

VALUE

31701683

CONTINGENT

CAPITAL

SECURITIES

-

9.9%

(7.0%

of

Total

Investments)

CHILE

-

0.5%

$

400,000

(a),(b)

Banco

de

Credito

e

Inversiones

SA

8

.750

%

N/A

417,147

1,000,000

(a),(b)

Banco

del

Estado

de

Chile

7

.950

N/A

1,027,161

TOTAL

CHILE

1,444,308

COLOMBIA

-

0.3%

800,000

Bancolombia

SA

8

.625

12/24/34

837,587

TOTAL

COLOMBIA

837,587

FRANCE

-

1.4%

2,000,000

(a),(b)

BNP

Paribas

SA

7

.000

N/A

1,999,610

1,500,000

(a),(b)

BNP

Paribas

SA

8

.000

N/A

1,542,867

1,000,000

(a),(b)

Societe

Generale

SA

10

.000

N/A

1,066,114

TOTAL

FRANCE

4,608,591

GERMANY

-

0.5%

1,650,000

(b)

Deutsche

Bank

AG

6

.000

N/A

1,616,282

TOTAL

GERMANY

1,616,282

ITALY

-

0.6%

2,000,000

(a),(b)

Intesa

Sanpaolo

SpA

7

.700

N/A

2,000,043

TOTAL

ITALY

2,000,043

MEXICO

-

1.3%

1,975,000

(a),(b)

Banco

Mercantil

del

Norte

SA/Grand

Cayman

8

.375

N/A

1,981,259

1,125,000

(a),(b)

Banco

Mercantil

del

Norte

SA/Grand

Cayman

8

.750

N/A

1,119,880

1,000,000

(a)

BBVA

Bancomer

SA/Texas

8

.450

06/29/38

1,035,649

TOTAL

MEXICO

4,136,788

NETHERLANDS

-

0.6%

2,000,000

(b)

ING

Groep

NV

6

.500

N/A

1,999,971

TOTAL

NETHERLANDS

1,999,971

SPAIN

-

2.0%

1,800,000

(b)

Banco

Bilbao

Vizcaya

Argentaria

SA

9

.375

N/A

1,959,161

2,100,000

(b)

Banco

Santander

SA

4

.750

N/A

1,997,651

2,200,000

(b)

Banco

Santander

SA

9

.625

N/A

2,535,793

TOTAL

SPAIN

6,492,605

SWITZERLAND

-

1.1%

3,030,000

(a),(b)

UBS

Group

AG

9

.250

N/A

3,472,171

TOTAL

SWITZERLAND

3,472,171

UNITED

KINGDOM

-

1.6%

1,475,000

(b)

Barclays

PLC

8

.000

N/A

1,525,997

2,000,000

(b)

Lloyds

Banking

Group

PLC

8

.000

N/A

2,076,302

1,400,000

(b)

NatWest

Group

PLC

8

.125

N/A

1,491,038

TOTAL

UNITED

KINGDOM

5,093,337

TOTAL

CONTINGENT

CAPITAL

SECURITIES

(Cost

$30,308,849)

31,701,683

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

216037136

CORPORATE

BONDS

-

67.3%

(47.8%

of

Total

Investments)

AUSTRALIA

-

1.7%

750,000

AngloGold

Ashanti

Holdings

PLC

6

.500

04/15/40

747,088

1,000,000

(a)

Coronado

Finance

Pty

Ltd

9

.250

10/01/29

1,014,119

1,580,000

(a)

Mineral

Resources

Ltd

8

.000

11/01/27

1,615,263

2,070,000

(a)

Mineral

Resources

Ltd

8

.500

05/01/30

2,111,517

TOTAL

AUSTRALIA

5,487,987

23

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

BRAZIL

-

0.9%

$

1,075,000

(a)

Ambipar

Lux

Sarl

9

.875

%

02/06/31

$

1,072,976

300,000

(a)

LD

Celulose

International

GmbH

7

.950

01/26/32

300,867

500,000

(a)

Minerva

Luxembourg

SA

8

.875

09/13/33

518,770

980,000

Petrobras

Global

Finance

BV

6

.900

03/19/49

917,226

TOTAL

BRAZIL

2,809,839

CANADA

-

0.6%

2,040,000

(a)

Garda

World

Security

Corp

8

.250

08/01/32

2,073,097

TOTAL

CANADA

2,073,097

CAYMAN

ISLANDS

-

0.6%

2,000,000

(a)

Azorra

Finance

Ltd

7

.750

04/15/30

1,988,135

TOTAL

CAYMAN

ISLANDS

1,988,135

CHILE

-

0.2%

750,000

(a)

Latam

Airlines

Group

SA

7

.875

04/15/30

759,270

TOTAL

CHILE

759,270

COLOMBIA

-

1.8%

625,000

Ecopetrol

SA

6

.875

04/29/30

609,942

1,000,000

Ecopetrol

SA

5

.875

11/02/51

670,988

1,500,000

Ecopetrol

SA

8

.875

01/13/33

1,528,445

80,000

Ecopetrol

SA

8

.375

01/19/36

77,155

500,000

Ecopetrol

SA

7

.750

02/01/32

485,227

550,000

(a)

Gran

Tierra

Energy

Inc

9

.500

10/15/29

512,380

1,050,000

(a)

Grupo

Aval

Ltd

4

.375

02/04/30

924,778

1,000,000

(a)

SierraCol

Energy

Andina

LLC

6

.000

06/15/28

903,327

TOTAL

COLOMBIA

5,712,242

COSTA

RICA

-

0.6%

1,750,000

(a)

Liberty

Costa

Rica

Senior

Secured

Finance

10

.875

01/15/31

1,867,250

TOTAL

COSTA

RICA

1,867,250

FRANCE

-

1.3%

355,000

(a)

Altice

France

SA

8

.125

02/01/27

287,799

2,295,000

(a)

Iliad

Holding

SASU

8

.500

04/15/31

2,439,962

1,475,000

(a)

Iliad

Holding

SASU

7

.000

04/15/32

1,482,463

TOTAL

FRANCE

4,210,224

GERMANY

-

0.9%

2,815,000

(a)

IHO

Verwaltungs

GmbH

8

.000

11/15/32

2,833,298

TOTAL

GERMANY

2,833,298

GHANA

-

0.5%

725,000

(a)

Kosmos

Energy

Ltd

8

.750

10/01/31

680,783

1,033,000

(a)

Tullow

Oil

PLC

10

.250

05/15/26

894,836

TOTAL

GHANA

1,575,619

GUATEMALA

-

0.2%

525,000

(a)

Millicom

International

Cellular

SA

7

.375

04/02/32

525,787

TOTAL

GUATEMALA

525,787

INDIA

-

0.4%

488,625

(a)

Continuum

Green

Energy

India

Pvt

/

Co-Issuers

7

.500

06/26/33

504,423

1,000,000

(b)

UPL

Corp

Ltd,

Reg

S

5

.250

N/A

895,000

TOTAL

INDIA

1,399,423

INDONESIA

-

1.0%

1,000,000

(a)

Indika

Energy

Tbk

PT

8

.750

05/07/29

1,028,838

500,000

(a)

Medco

Laurel

Tree

Pte

Ltd

6

.950

11/12/28

497,570

1,500,000

(a)

Medco

Maple

Tree

Pte

Ltd

8

.960

04/27/29

1,578,699

TOTAL

INDONESIA

3,105,107

ISRAEL

-

1.1%

2,351,000

(a)

Energean

Israel

Finance

Ltd,

Reg

S

5

.875

03/30/31

2,067,117

1,500,000

(a)

Leviathan

Bond

Ltd,

Reg

S

6

.500

06/30/27

1,451,335

TOTAL

ISRAEL

3,518,452

LUXEMBOURG

-

1.1%

3,470,000

(a)

Albion

Financing

2

Sarl

8

.750

04/15/27

3,539,018

TOTAL

LUXEMBOURG

3,539,018

Portfolio

of

Investments

December

31,

2024

(continued)

JGH

24

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MEXICO

-

2.7%

$

1,325,000

(a),(b)

Cemex

SAB

de

CV

9

.125

%

N/A

$

1,365,604

1,000,000

(a)

Grupo

Aeromexico

SAB

de

CV

8

.625

11/15/31

985,000

476,000

(a)

Nemak

SAB

de

CV

3

.625

06/28/31

370,431

5,871,000

Petroleos

Mexicanos

6

.700

02/16/32

5,107,502

950,000

Petroleos

MexicanosA1

6

.625

06/15/35

748,236

TOTAL

MEXICO

8,576,773

NIGERIA

-

0.8%

875,000

(a)

Access

Bank

PLC

6

.125

09/21/26

835,892

500,000

(a)

IHS

Holding

Ltd

6

.250

11/29/28

472,249

1,250,000

(a)

IHS

Holding

Ltd

8

.250

11/29/31

1,233,687

TOTAL

NIGERIA

2,541,828

PANAMA

-

0.6%

933,000

(a)

C&W

Senior

Finance

Ltd

6

.875

09/15/27

922,156

400,000

(a)

Empresa

de

Transmision

Electrica

SA

5

.125

05/02/49

283,660

200,000

(a)

Sable

International

Finance

Ltd

7

.125

10/15/32

195,968

565,425

(a)

UEP

Penonome

II

SA2020

1

6

.500

10/01/38

510,241

TOTAL

PANAMA

1,912,025

PUERTO

RICO

-

0.6%

2,275,000

(a)

LCPR

Senior

Secured

Financing

DAC

6

.750

10/15/27

2,058,419

TOTAL

PUERTO

RICO

2,058,419

SOUTH

AFRICA

-

1.6%

500,000

(a)

Eskom

Holdings

SOC

Ltd

8

.450

08/10/28

524,008

1,400,000

(a)

Eskom

Holdings

SOC

Ltd

6

.350

08/10/28

1,389,500

1,500,000

Sasol

Financing

USA

LLC

5

.500

03/18/31

1,265,286

1,750,000

(a)

Transnet

SOC

Ltd

8

.250

02/06/28

1,782,935

TOTAL

SOUTH

AFRICA

4,961,729

SPAIN

-

1.1%

4,000,000

(a)

Grifols

SA

4

.750

10/15/28

3,675,715

TOTAL

SPAIN

3,675,715

SWITZERLAND

-

1.5%

1,500,000

(d)

Credit

Suisse

Group

AG

7

.500

01/17/72

165,000

3,000,000

(a)

VistaJet

Malta

Finance

PLC

/

Vista

Management

Holding

Inc

6

.375

02/01/30

2,621,472

2,000,000

(a)

VistaJet

Malta

Finance

PLC

/

Vista

Management

Holding

Inc

9

.500

06/01/28

2,012,562

TOTAL

SWITZERLAND

4,799,034

TOGO

-

0.2%

500,000

(a)

Ecobank

Transnational

Inc

10

.125

10/15/29

523,250

TOTAL

TOGO

523,250

TURKEY

-

1.1%

1,000,000

(a)

Limak

Cimento

Sanayi

ve

Ticaret

AS

9

.750

07/25/29

983,282

925,000

(a)

Sisecam

UK

PLC

8

.625

05/02/32

918,872

750,000

(a)

Turkiye

Vakiflar

Bankasi

TAO

8

.994

10/05/34

772,410

900,000

(a)

Ulker

Biskuvi

Sanayi

AS

7

.875

07/08/31

912,828

TOTAL

TURKEY

3,587,392

UNITED

KINGDOM

-

3.6%

1,045,000

(a)

Ardonagh

Finco

Ltd

7

.750

02/15/31

1,076,142

830,000

(a)

Ardonagh

Group

Finance

Ltd

8

.875

02/15/32

862,360

1,000,000

(a)

Fidelis

Insurance

Holdings

Ltd

6

.625

04/01/41

985,345

2,000,000

(a)

Merlin

Entertainments

Group

US

Holdings

Inc

7

.375

02/15/31

1,930,846

2,000,000

(a)

Motion

Bondco

DAC

6

.625

11/15/27

1,880,499

1,000,000

(a)

Vmed

O2

UK

Financing

I

PLC

7

.750

04/15/32

1,007,867

3,690,000

(a)

Zegona

Finance

PLC

8

.625

07/15/29

3,911,522

TOTAL

UNITED

KINGDOM

11,654,581

UNITED

STATES

-

40.5%

1,265,000

(a)

Acrisure

LLC

/

Acrisure

Finance

Inc

8

.250

02/01/29

1,309,909

1,000,000

(a)

Acrisure

LLC

/

Acrisure

Finance

Inc

8

.500

06/15/29

1,042,094

2,200,000

(a)

Ahead

DB

Holdings

LLC

6

.625

05/01/28

2,156,008

1,620,000

(a)

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

7

.375

10/01/32

1,634,907

1,500,000

(a)

Alta

Equipment

Group

Inc

9

.000

06/01/29

1,430,769

3,258,400

(a)

Anywhere

Real

Estate

Group

LLC

/

Anywhere

Co-Issuer

Corp

7

.000

04/15/30

2,890,675

25

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UNITED

STATES

(continued)

$

2,880,000

(a)

APH

Somerset

Investor

2

LLC

/

APH2

Somerset

Investor

2

LLC

/

APH3

Somerset

Inves

7

.875

%

11/01/29

$

2,918,930

2,740,000

(a)

Bausch

Health

Cos

Inc

4

.875

06/01/28

2,192,000

8,000,000

(a),(g)

Brightline

East

LLC

11

.000

01/31/30

7,635,040

1,821,964

(a)

Carvana

Co,

(cash

12.000%,

PIK

12.000%)

12

.000

12/01/28

1,945,428

2,000,000

(a)

CD&R

Smokey

Buyer

Inc

9

.500

10/15/29

1,965,821

600,000

(a)

Champ

Acquisition

Corp

8

.375

12/01/31

612,048

242,000

(a)

CHS/Community

Health

Systems

Inc

6

.125

04/01/30

166,063

1,750,000

(a)

CHS/Community

Health

Systems

Inc

4

.750

02/15/31

1,357,923

2,405,000

(a)

CHS/Community

Health

Systems

Inc

10

.875

01/15/32

2,481,306

5,000,000

(a)

Condor

Merger

Sub

Inc

7

.375

02/15/30

4,856,132

2,905,000

(a)

CSC

Holdings

LLC

11

.750

01/31/29

2,868,909

1,700,000

(a)

CSC

Holdings

LLC

11

.250

05/15/28

1,677,752

1,350,000

(a)

Dcli

Bidco

LLC

7

.750

11/15/29

1,380,224

4,750,000

(a)

DISH

Network

Corp

11

.750

11/15/27

5,031,162

4,500,000

(a),(g)

Encore

Capital

Group

Inc

8

.500

05/15/30

4,733,505

485,000

(a)

Energian

Israel

Finance

Ltd,

Reg

S

8

.000

09/02/53

476,027

4,425,000

(a),(g)

Ferrellgas

LP

/

Ferrellgas

Finance

Corp

5

.875

04/01/29

4,044,487

1,900,000

(a)

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co

Inc

6

.750

07/15/30

1,752,795

1,600,000

(a)

Fiesta

Purchaser

Inc

9

.625

09/15/32

1,676,133

885,000

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp

8

.000

05/15/33

866,089

985,000

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp

8

.250

01/15/29

994,732

745,000

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp

7

.875

05/15/32

729,603

1,000,000

(a)

Getty

Images

Inc

9

.750

03/01/27

996,450

2,031,425

(a)

Global

Medical

Response

Inc,

(cash

10.000%,

PIK

10.000%)

10

.000

10/31/28

2,028,886

3,580,000

(a),(g)

GN

Bondco

LLC

9

.500

10/15/31

3,769,702

1,545,000

(a)

Gray

Escrow

Inc

5

.375

11/15/31

823,738

715,000

(a)

Gray

Television

Inc

10

.500

07/15/29

714,951

1,325,000

(a)

Gray

Television

Inc

4

.750

10/15/30

722,271

1,000,000

(a)

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co

7

.250

02/15/35

940,126

2,000,000

(a)

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co

8

.375

11/01/33

2,041,585

1,230,000

(a)

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

10

.000

11/15/29

1,232,905

3,500,000

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

9

.000

06/15/30

3,358,981

2,275,000

Kohl's

Corp

4

.625

05/01/31

1,820,242

3,000,000

(a)

Level

3

Financing

Inc

3

.625

01/15/29

2,384,999

1,585,000

(a)

Level

3

Financing

Inc

10

.500

04/15/29

1,766,324

1,295,000

(a)

LifePoint

Health

Inc

11

.000

10/15/30

1,421,474

2,500,000

(a)

LifePoint

Health

Inc

10

.000

06/01/32

2,541,868

2,000,000

(a)

McGraw-Hill

Education

Inc

8

.000

08/01/29

2,000,152

750,000

(a)

Michaels

Cos

Inc/The

5

.250

05/01/28

566,257

4,900,000

(a)

Michaels

Cos

Inc/The

7

.875

05/01/29

2,972,371

2,000,000

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp

5

.000

10/15/27

1,686,163

1,870,000

(a)

Nabors

Industries

Inc

8

.875

08/15/31

1,736,456

1,160,000

(a)

Olympus

Water

US

Holding

Corp

6

.250

10/01/29

1,101,934

1,760,000

(a),(g)

Organon

&

Co

/

Organon

Foreign

Debt

Co-Issuer

BV

7

.875

05/15/34

1,799,353

3,770,000

(a),(g)

Prime

Healthcare

Services

Inc

9

.375

09/01/29

3,667,117

1,022,875

(a)

Rackspace

Finance

LLC

3

.500

05/15/28

616,282

2,000,000

(a)

RR

Donnelley

&

Sons

Co

10

.875

08/01/29

2,006,712

1,625,000

(a),(g)

RR

Donnelley

&

Sons

Co

9

.500

08/01/29

1,650,149

2,400,000

(a)

S&S

Holdings

LLC

8

.375

10/01/31

2,416,970

1,000,000

(a)

Staples

Inc

10

.750

09/01/29

983,786

878,636

(a)

Staples

Inc

12

.750

01/15/30

687,023

800,000

(a)

Talos

Production

Inc

9

.000

02/01/29

820,770

378,250

(a)

Transocean

Inc

8

.750

02/15/30

390,099

2,000,000

(a)

Uniti

Group

LP

/

Uniti

Group

Finance

2019

Inc

/

CSL

Capital

LLC

6

.500

02/15/29

1,814,727

3,720,000

(a),(g)

Uniti

Group

LP

/

Uniti

Group

Finance

2019

Inc

/

CSL

Capital

LLC

10

.500

02/15/28

3,966,563

3,530,000

(a),(g)

Univision

Communications

Inc

7

.375

06/30/30

3,376,977

665,000

(a)

Veritiv

Operating

Co

10

.500

11/30/30

716,192

2,930,000

(a)

Viking

Baked

Goods

Acquisition

Corp

8

.625

11/01/31

2,878,304

735,000

Walgreens

Boots

Alliance

Inc

8

.125

08/15/29

727,562

760,000

(a)

Windstream

Escrow

LLC

/

Windstream

Escrow

Finance

Corp

8

.250

10/01/31

784,945

Portfolio

of

Investments

December

31,

2024

(continued)

JGH

26

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UNITED

STATES

(continued)

$

1,500,000

(a)

Zayo

Group

Holdings

Inc

6

.125

%

03/01/28

$

1,274,987

TOTAL

UNITED

STATES

130,032,824

ZAMBIA

-

0.1%

300,000

(a)

First

Quantum

Minerals

Ltd

8

.625

06/01/31

308,818

TOTAL

ZAMBIA

308,818

TOTAL

CORPORATE

BONDS

(Cost

$220,888,833)

216,037,136

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

55966988

SOVEREIGN

DEBT

-

17.4%

(12.4%

of

Total

Investments)

ANGOLA

-

1.0%

1,050,000

(a)

Angolan

Government

International

Bond

8

.750

04/14/32

927,902

1,500,000

(a)

Angolan

Government

International

Bond

8

.250

05/09/28

1,410,000

900,000

(a)

Angolan

Government

International

Bond

8

.000

11/26/29

804,600

TOTAL

ANGOLA

3,142,502

ARGENTINA

-

1.1%

2,100,000

Argentine

Republic

Government

International

Bond

5

.000

01/09/38

1,468,086

3,025,000

Argentine

Republic

Government

International

Bond

4

.125

07/09/35

2,006,046

TOTAL

ARGENTINA

3,474,132

BENIN

-

0.3%

1,025,000

(a)

Benin

Government

International

Bond

7

.960

02/13/38

966,309

TOTAL

BENIN

966,309

BRAZIL

-

0.3%

1,000,000

Brazilian

Government

International

Bond

7

.125

05/13/54

924,573

TOTAL

BRAZIL

924,573

COLOMBIA

-

1.2%

1,400,000

Colombia

Government

International

Bond

5

.625

02/26/44

1,029,000

1,320,000

Colombia

Government

International

Bond

7

.500

02/02/34

1,298,220

700,000

Colombia

Government

International

Bond

8

.750

11/14/53

706,923

1,000,000

Colombia

Government

International

Bond

7

.750

11/07/36

977,900

TOTAL

COLOMBIA

4,012,043

COTE

D'IVOIRE

-

1.1%

750,000

(a)

Ivory

Coast

Government

International

Bond

6

.125

06/15/33

668,437

1,240,057

(a)

Ivory

Coast

Government

International

Bond

5

.750

12/31/32

1,173,094

1,700,000

(a)

Ivory

Coast

Government

International

Bond

8

.250

01/30/37

1,651,210

TOTAL

COTE

D'IVOIRE

3,492,741

ECUADOR

-

0.5%

371,475

(a)

Ecuador

Government

International

Bond

1

.000

07/31/35

210,423

1,767,500

(a)

Ecuador

Government

International

Bond

5

.000

07/31/30

1,228,654

88,000

(a)

Ecuador

Government

International

Bond

5

.000

07/31/40

44,970

TOTAL

ECUADOR

1,484,047

EGYPT

-

1.4%

1,700,000

(a)

Egypt

Government

International

Bond

7

.600

03/01/29

1,644,835

2,300,000

(a)

Egypt

Government

International

Bond

7

.053

01/15/32

1,973,515

975,000

(a)

Egypt

Government

International

Bond

8

.500

01/31/47

756,493

TOTAL

EGYPT

4,374,843

EL

SALVADOR

-

0.8%

925,000

(a)

El

Salvador

Government

International

Bond

8

.625

02/28/29

957,375

1,000,000

(a)

El

Salvador

Government

International

Bond

0

.250

04/17/30

17,801

1,575,000

(a)

El

Salvador

Government

International

Bond

9

.250

04/17/30

1,665,562

TOTAL

EL

SALVADOR

2,640,738

HONDURAS

-

0.9%

750,000

(a)

Honduras

Government

International

Bond

5

.625

06/24/30

669,000

1,000,000

(a)

Honduras

Government

International

Bond

6

.250

01/19/27

968,000

1,300,000

(a)

Honduras

Government

International

Bond

8

.625

11/27/34

1,291,550

TOTAL

HONDURAS

2,928,550

IRAQ

-

0.4%

1,356,250

(a)

Iraq

International

Bond

5

.800

01/15/28

1,319,631

TOTAL

IRAQ

1,319,631

27

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

KENYA

-

1.0%

$

2,000,000

(a)

Republic

of

Kenya

Government

International

Bond

7

.000

%

05/22/27

$

1,967,000

825,000

(a)

Republic

of

Kenya

Government

International

Bond

6

.300

01/23/34

649,638

750,000

(a)

Republic

of

Kenya

Government

International

Bond

9

.750

02/16/31

740,625

TOTAL

KENYA

3,357,263

MONGOLIA

-

0.2%

500,000

(a)

Mongolia

Government

International

Bond

8

.650

01/19/28

525,250

TOTAL

MONGOLIA

525,250

NIGERIA

-

0.8%

1,425,000

(a)

Nigeria

Government

International

Bond

7

.875

02/16/32

1,281,716

1,425,000

(a)

Nigeria

Government

International

Bond

10

.375

12/09/34

1,454,925

TOTAL

NIGERIA

2,736,641

PANAMA

-

0.3%

1,000,000

Panama

Government

International

Bond

8

.000

03/01/38

1,002,403

TOTAL

PANAMA

1,002,403

RWANDA

-

0.6%

2,450,000

(a)

Rwanda

International

Government

Bond

5

.500

08/09/31

2,060,695

TOTAL

RWANDA

2,060,695

SENEGAL

-

0.8%

2,100,000

(a)

Senegal

Government

International

Bond

6

.250

05/23/33

1,680,000

1,325,000

(a)

Senegal

Government

International

Bond

6

.750

03/13/48

897,528

TOTAL

SENEGAL

2,577,528

SOUTH

AFRICA

-

1.2%

1,400,000

Republic

of

South

Africa

Government

International

Bond

5

.000

10/12/46

966,420

1,475,000

Republic

of

South

Africa

Government

International

Bond

7

.300

04/20/52

1,336,763

1,500,000

(a)

Republic

of

South

Africa

Government

International

Bond

7

.100

11/19/36

1,462,037

TOTAL

SOUTH

AFRICA

3,765,220

TURKEY

-

2.1%

1,500,000

Turkiye

Government

International

Bond

6

.500

09/20/33

1,423,461

2,225,000

Turkiye

Government

International

Bond

7

.625

05/15/34

2,259,343

1,225,000

Turkiye

Government

International

Bond

6

.000

01/14/41

1,006,470

1,375,000

Turkiye

Government

International

Bond

4

.875

04/16/43

955,625

1,050,000

Turkiye

Government

International

Bond

6

.500

01/03/35

981,592

TOTAL

TURKEY

6,626,491

UKRAINE

-

0.2%

64,899

(a)

Ukraine

Government

International

Bond

1

.750

02/01/29

44,574

242,291

(a)

Ukraine

Government

International

Bond

1

.750

02/01/34

135,865

335,400

(a)

Ukraine

Government

International

Bond

1

.750

02/01/35

184,470

269,339

(a)

Ukraine

Government

International

Bond

1

.750

02/01/36

145,443

186,147

(a)

Ukraine

Government

International

Bond

0

.000

02/01/34

76,786

49,812

(a)

Ukraine

Government

International

Bond

0

.000

02/01/30

26,973

157,307

(a)

Ukraine

Government

International

Bond

0

.000

02/01/35

92,811

131,089

(a)

Ukraine

Government

International

Bond

0

.000

02/01/36

76,687

TOTAL

UKRAINE

783,609

UZBEKISTAN

-

0.8%

1,075,000

(a)

Republic

of

Uzbekistan

International

Bond

5

.375

02/20/29

1,011,248

745,000

(a)

Republic

of

Uzbekistan

International

Bond

7

.850

10/12/28

769,266

950,000

(a)

Republic

of

Uzbekistan

International

Bond

3

.900

10/19/31

781,208

TOTAL

UZBEKISTAN

2,561,722

ZAMBIA

-

0.4%

1,378,982

(a)

Zambia

Government

International

Bond

5

.750

06/30/33

1,210,057

TOTAL

ZAMBIA

1,210,057

TOTAL

SOVEREIGN

DEBT

(Cost

$56,280,324)

55,966,988

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

77578106

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

-

24.2%

(17.2%

of

Total

Investments)

CANADA

-

0.3%

737,506

(c)

Open

Text

Corporation,

Term

Loan

B

,

(TSFR1M

+

1.750%)

6

.107

01/31/30

738,568

TOTAL

CANADA

738,568

Portfolio

of

Investments

December

31,

2024

(continued)

JGH

28

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NETHERLANDS

-

0.9%

$

2,080,883

(c)

Nouryon

Finance

B.V.,

Term

Loan

B1

,

(TSFR6M

+

3.250%)

7

.657

%

04/03/28

$

2,099,746

857,604

(c)

Pegasus

BidCo

BV,

Term

Loan

B

,

(TSFR3M

+

3.250%)

7

.773

07/12/29

866,720

TOTAL

NETHERLANDS

2,966,466

UNITED

KINGDOM

-

0.1%

345,628

(c)

GVC

Holdings

(Gibraltar)

Limited,

Term

Loan

B3

,

(TSFR3M

+

2.750%)

7

.079

10/31/29

347,031

TOTAL

UNITED

KINGDOM

347,031

UNITED

STATES

-

22.9%

498,750

(c)

AAL

Delaware

Holdco,

Inc.,

Term

Loan

B

,

(TSFR1M

+

3.500%)

7

.857

07/30/31

503,428

3,335,000

(c)

Amentum

Government

Services

Holdings

LLC,

Term

Loan

B

,

(TSFR1M

+

2.250%)

6

.607

07/30/31

3,327,346

525,000

(c)

American

Airlines,

Inc.,

Term

Loan

,

(TSFR3M

+

4.750%)

9

.629

04/20/28

539,855

952,612

(c)

Berlin

Packaging

LLC,

Term

Loan

B

,

(TSFR1M

+

TSFR3M

+

3.500%)

7

.919

06/09/31

959,281

1,361,587

(c)

Boost

Newco

Borrower,

LLC,

Term

Loan

B

,

(TSFR3M

+

2.500%)

6

.829

01/31/31

1,371,520

2,200,000

(c),(h)

Boxer

Parent

Company

Inc.,

Term

Loan

B

,

(TSFR3M

+

3.750%)

8

.335

07/30/31

2,220,878

4,250,000

(c)

Broadstreet

Partners,

Inc.,

Term

Loan

B2

,

(TSFR1M

+

3.000%)

8

.694

01/27/27

4,258,807

589,541

(c)

Brown

Group

Holding,

LLC,

Incremental

Term

Loan

B2

,

(TSFR1M

+

TSFR3M

+

2.500%)

6

.953

07/02/29

591,955

1,000,000

(c),(i)

Caesars

Entertainment

Inc

,

(TBD)

TBD

TBD

1,002,080

694,643

(c)

Carnival

Corporation,

Term

Loan

B2

,

(TSFR1M

+

2.750%)

7

.107

08/09/27

700,613

450,639

(c),(h)

CommScope

LLC

,

(CME

Term

SOFR

1

Month

+

5.500%)

9

.882

12/17/29

457,119

2,000,000

CommScope,

Inc.,

Term

Loan

B

7

.721

04/06/26

2,044,091

2,493,750

(c)

Fortress

Intermediate

3,

Inc,

Term

Loan

B

,

(TSFR1M

+

3.500%)

7

.857

05/08/31

2,504,673

1,200,000

(c)

GBT

US

III

LLC,

Term

Loan

B

,

(TSFR3M

+

3.000%)

7

.626

07/28/31

1,207,350

164,669

(c)

ICON

Luxembourg

S.A.R.L.,

LUX

Term

Loan

B

,

(TSFR3M

+

2.000%)

6

.329

07/03/28

166,054

4,342,500

(c)

Insulet

Corporation,

First

Lien

Term

Loan

B

,

(TSFR1M

+

2.500%)

6

.857

07/31/31

4,372,355

2,775,000

(c)

Javelin

Buyer,

Inc.,

First

Lien

Term

Loan

,

(Prime

+

2.250%)

10

.000

10/08/31

2,800,155

1,966,034

(c)

Jazz

Financing

Lux

S.a.r.l.,

First

Lien

Term

Loan

B

,

(TSFR1M

+

2.250%)

6

.607

05/05/28

1,973,406

1,895,250

Johnstone

Supply

LLC,

Term

Loan

7

.507

05/16/31

1,899,029

2,684,786

(c)

Medline

Borrower,

LP,

Add-on

Term

Loan

B

,

(TSFR1M

+

2.250%)

6

.607

10/23/28

2,697,297

2,774,375

(c)

Onex

TSG

Intermediate

Corp.,

Term

Loan

B

,

(TSFR3M

+

4.750%)

9

.597

02/28/28

2,800,815

6,294,028

(c),(h)

Organon

&

Co,

Term

Loan

,

(TSFR1M

+

2.250%)

6

.620

05/19/31

6,322,886

1,903,015

(c)

Parexel

International

Corporation,

Term

Loan

B

,

(TSFR1M

+

3.000%)

7

.357

11/15/28

1,918,477

1,457,468

(c)

PetSmart,

Inc.,

Term

Loan

B

,

(TSFR1M

+

3.750%)

8

.207

02/14/28

1,454,429

1,237,475

(c),(h)

Planet

US

Buyer

LLC,

Term

Loan

B

,

(TSFR3M

+

3.000%)

7

.521

02/10/31

1,249,658

41,027

(c)

PRA

Health

Sciences,

Inc.,

Term

Loan

B

,

(TSFR3M

+

2.000%)

6

.329

07/03/28

41,372

220,552

(c)

Rackspace

Finance,

LLC,

First

Lien

First

Out

Term

Loan

,

(TSFR1M

+

6.250%)

10

.847

05/15/28

228,914

207,508

(c)

Select

Medical

Corporation,

Term

Loan

B

,

(TSFR1M

+

2.000%)

6

.531

11/18/31

208,458

4,553

(c)

SkyMiles

IP

Ltd.,

Skymiles

Term

Loan

B

,

(TSFR3M

+

3.750%)

8

.367

10/20/27

4,641

3,710,000

(c)

Talen

Energy

Supply,

LLC,

Incremental

Term

Loan

B

,

(TSFR3M

+

2.500%)

6

.849

12/11/31

3,728,550

615,625

(c)

Talen

Energy

Supply,

LLC,

Term

Loan

B

,

(TSFR3M

+

3.500%)

8

.023

05/17/30

619,174

893,261

(c)

TransDigm,

Inc.,

Term

Loan

J

,

(TSFR3M

+

2.500%)

6

.829

02/28/31

895,798

4,417,122

(c)

Triton

Water

Holdings,

Inc,

Term

Loan

,

(TSFR3M

+

3.250%)

7

.840

03/31/28

4,457,450

796,000

(c)

UKG

Inc.,

Term

Loan

B

,

(TSFR3M

+

3.000%)

7

.329

02/10/31

802,611

617,219

(c)

USI,

Inc.,

Term

Loan

(2030)

,

(TSFR3M

+

2.250%)

6

.579

09/27/30

617,065

2,385,000

(c)

Varsity

Brands,

Inc.,

Term

Loan

B

,

(TSFR3M

+

3.750%)

8

.271

07/28/31

2,390,664

1,984,655

(c)

VC

GB

Holdings

I

Corp.,

First

Lien

Term

Loan

,

(TSFR3M

+

4.000%)

8

.329

05/16/28

1,988,277

276,450

(c)

W.R.

Grace

&

Co.-Conn.,

Term

Loan

B

,

(TSFR3M

+

3.250%)

7

.579

09/22/28

279,145

2,987,338

(c)

Windsor

Holdings

III,

LLC,

First

Lien

Term

Loan

B

,

(TSFR1M

+

3.500%)

7

.856

08/01/30

3,028,415

2,000,000

(c),(i)

Zayo

Group

Holdings,

Inc.,

Term

Loan

,

(TBD)

TBD

TBD

1,877,580

29

See

Notes

to

Financial

Statements

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UNITED

STATES

(continued)

$

3,000,000

(c)

Zelis

Payments

Buyer,

Inc.,

5th

Amendment

Term

Loan

,

(TSFR1M

+

3.250%)

7

.607

%

11/26/31

$

3,014,370

TOTAL

UNITED

STATES

73,526,041

TOTAL

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

(Cost

$76,753,712)

77,578,106

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$432,377,718)

430,226,815

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM

INVESTMENTS

-

 6.7% (4.8%

of

Total

Investments) 

21,450,000

REPURCHASE

AGREEMENTS

-

6.7%

(4.8%

of

Total

Investments)

21,450,000

(j)

Fixed

Income

Clearing

Corporation

4

.430

01/02/25

21,450,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$21,450,000)

21,450,000

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$21,450,000)

21,450,000

TOTAL

INVESTMENTS

(Cost

$

453,827,718

)

-

140

.8

%

451,676,815

BORROWINGS

-

(32.4)%

(k),(l)

(

104,000,000

)

REVERSE

REPURCHASE

AGREEMENTS,

INCLUDING

ACCRUED

INTEREST

-

(6.3)%(m)

(

20,115,006

)

OTHER

ASSETS

&

LIABILITIES,

NET

-   (2.1)%

(

6,698,373

)

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

-

100%

$

320,863,436

PIK

Payment-in-kind

(“PIK”)

security.  Depending

on

the

terms

of

the

security,

income

may

be

received

in

the

form

of

cash,

securities,

or

a

combination

of

both.  The

PIK

rate

shown,

where

applicable,

represents

the

annualized

rate

of

the

last

PIK

payment

made

by

the

issuer

as

of

the

end

of

the

reporting

period.

Reg

S

Regulation

S

allows

U.S.

companies

to

sell

securities

to

persons

or

entities

located

outside

of

the

United

States

without

registering

those

securities

with

the

Securities

and

Exchange

Commission.

Specifically,

Regulation

S

provides

a

safe

harbor

from

the

registration

requirements

of

the

Securities

Act

for

the

offers

and

sales

of

securities

by

both

foreign

and

domestic

issuers

that

are

made

outside

the

United

States.

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.

TSFR1M

CME

Term

Secured

Overnight

Financing

Rate

1

Month

TSFR3M

CME

Term

Secured

Overnight

Financing

Rate

3

Month

TSFR6M

CME

Term

Secured

Overnight

Financing

Rate

6

Month

(a)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$272,098,111

or

60.2%

of

Total

Investments.

(b)

Perpetual

security.

Maturity

date

is

not

applicable.

(c)

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

(d)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(e)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(f)

Contingent

Capital

Securities

(“CoCos”)

are

hybrid

securities

with

loss

absorption

characteristics

built

into

the

terms

of

the

security

for

the

benefit

of

the

issuer.

For

example,

the

terms

may

specify

an

automatic

write-down

of

principal

or

a

mandatory

conversion

into

the

issuer’s

common

stock

under

certain

adverse

circumstances,

such

as

the

issuer’s

capital

ratio

falling

below

a

specified

level.

(g)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

reverse

repurchase

agreements.

As

of

the

end

of

the

reporting

period,

investments

with

a

value

of

$26,826,431

have

been

pledged

as

collateral

for

reverse

repurchase

agreements.

(h)

Portion

of

investment

purchased

on

a

delayed

delivery

basis.

(i)

When-issued

or

delayed

delivery

security.

(j)

Agreement

with

Fixed

Income

Clearing

Corporation,

4.430%

dated

12/31/24

to

be

repurchased

at

$21,455,279

on

1/2/25,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

3.125%–4.000%

and

maturity

dates

2/15/42–11/15/42,

valued

at

$21,879,092.

(k)

Borrowings

as

a

percentage

of

Total

Investments

is

23.0%.

(l)

The

Fund

may

pledge

up

to

100%

of

its

eligible

investment

(excluding

any

investments

pledged

as

collateral

to

specific

investments

in

derivatives,

when

applicable)

in

the

Portfolio

of

Investments

as

collateral

for

borrowings.

Portfolio

of

Investments

December

31,

2024

(continued)

JGH

30

See

Notes

to

Financial

Statements

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

Investments

in

Derivatives

(m)

Reverse

Repurchase

Agreements,

including

accrued

interest

as

a

percentage

of

Total

investments

is

4.5%.

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

(a)

Optional

Termination

Date

Maturity

Date

Value

Unrealized

Appreciation

(Depreciation)

Morgan

Stanley

$

87,400,000

Receive

SOFR

1.994%

Monthly

6/01/18

7/01/25

7/01/27

$

1,226,397

$

1,226,397

SOFR

Secured

Overnight

Financing

Rate

(a)

Effective

date

represents

the

date

on

which

both

the

Fund

and

counterparty

commence

interest

payment

accruals

on

each

contract.

31

Consolidated

Portfolio

of

Investments

December

31,

2024

NPCT

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM

INVESTMENTS

-

149.7%

(98.5%

of

Total

Investments)

76489099

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

22

.9

%

(

15

.0

%

of

Total

Investments)

76489099

BANKS

-

7.9%

$

10,375,000

(a)

Banco

Nacional

de

Comercio

Exterior

SNC/Cayman

Islands

2

.720

%

08/11/31

$

9,526,612

4,250,000

(b)

Citigroup

Inc

4

.150

N/A

4,041,504

3,250,000

(b)

JPMorgan

Chase

&

Co

3

.650

N/A

3,152,776

10,195,000

(b)

PNC

Financial

Services

Group

Inc/The

3

.400

N/A

9,568,925

TOTAL

BANKS

26,289,817

CAPITAL

GOODS

-

2.9%

9,000,000

(b)

Air

Lease

Corp

4

.650

N/A

8,705,490

875,000

(b)

Air

Lease

Corp

6

.000

N/A

847,456

TOTAL

CAPITAL

GOODS

9,552,946

FINANCIAL

SERVICES

-

2.1%

7,200,000

(b)

American

Express

Co

3

.550

N/A

6,920,489

TOTAL

FINANCIAL

SERVICES

6,920,489

INSURANCE

-

1.4%

4,800,000

(a)

Swiss

Re

Finance

Luxembourg

SA

5

.000

04/02/49

4,760,232

TOTAL

INSURANCE

4,760,232

UTILITIES

-

8.6%

1,700,000

AES

Corp/The

7

.600

01/15/55

1,746,095

5,000,000

Algonquin

Power

&

Utilities

Corp

4

.750

01/18/82

4,694,582

2,500,000

CMS

Energy

Corp

4

.750

06/01/50

2,368,075

2,500,000

CMS

Energy

Corp

3

.750

12/01/50

2,176,376

EUR

8,000,000

(b),(c)

Engie

SA,

Reg

S

1

.875

N/A

7,294,147

4,600,000

Sempra

4

.125

04/01/52

4,389,694

5,000,000

Southern

Co/The

3

.750

09/15/51

4,788,092

1,500,000

(a),(b)

Vistra

Corp

7

.000

N/A

1,508,554

TOTAL

UTILITIES

28,965,615

TOTAL

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

(Cost

$82,932,767)

76,489,099

SHARES

DESCRIPTION

RATE

VALUE

19960623

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

6

.0

%

(

3

.9

%

of

Total

Investments)

19960623

CAPITAL

GOODS

-

1.6%

269,000

Triton

International

Ltd

5

.750

5,164,800

TOTAL

CAPITAL

GOODS

5,164,800

FINANCIAL

SERVICES

-

1.4%

300,000

Affiliated

Managers

Group

Inc

4

.200

4,794,000

TOTAL

FINANCIAL

SERVICES

4,794,000

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.3%

77,904

Brookfield

Property

Partners

LP

5

.750

967,568

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

967,568

UTILITIES

-

2.7%

100,426

Brookfield

Infrastructure

Partners

LP

5

.125

1,710,255

200,000

Brookfield

Renewable

Partners

LP

5

.250

3,584,000

200,000

CMS

Energy

Corp

4

.200

3,740,000

TOTAL

UTILITIES

9,034,255

TOTAL

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

(Cost

$28,938,056)

19,960,623

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ASSET-BACKED

SECURITIES

-

3.4%

(2.2%

of

Total

Investments)

–

1,000,000

(a)

Frontier

Issuer

LLC,

2023

1

11

.500

08/20/53

1,066,496

1,000,000

(a)

Frontier

Issuer

LLC,

2023

1

8

.300

08/20/53

1,036,980

2,009,145

(a)

GoodLeap

Sustainable

Home

Solutions

Trust

2021-3,

2021

3CS

3

.500

05/20/48

1,434,462

2,281,482

(a)

GoodLeap

Sustainable

Home

Solutions

Trust

2021-4,

2021

4GS

3

.500

07/20/48

1,685,197

5,481,250

(a),(d)

Mosaic

Solar

Loan

Trust

2019-2,

2019

2A

0

.000

09/20/40

2,033,544

6,450,000

(a),(d)

Mosaic

Solar

Loan

Trust

2020-1,

2020

1A

0

.000

04/20/46

3,169,530

Consolidated

Portfolio

of

Investments

December

31,

2024

(continued)

NPCT

32

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ASSET-BACKED

SECURITIES

(continued)

$

1,000,000

(a)

Tesla

Auto

Lease

Trust

2023-A

5

.940

%

07/20/27

$

1,007,632

TOTAL

ASSET-BACKED

SECURITIES

(Cost

$16,632,441)

11,433,841

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

267527466

CORPORATE

BONDS

-

79

.9

%

(

52

.6

%

of

Total

Investments)

267527466

AUTOMOBILES

&

COMPONENTS

-

2.0%

4,000,000

Dana

Inc

4

.250

09/01/30

3,722,689

3,510,000

Ford

Motor

Co

3

.250

02/12/32

2,919,278

TOTAL

AUTOMOBILES

&

COMPONENTS

6,641,967

BANKS

-

13.9%

5,000,000

(e)

Citigroup

Inc

2

.014

01/25/26

4,988,874

17,000,000

(a)

Intesa

Sanpaolo

SpA

4

.950

06/01/42

13,060,548

5,000,000

(e)

Lloyds

Banking

Group

PLC

4

.976

08/11/33

4,803,997

10,000,000

(a),(e)

Standard

Chartered

PLC

5

.300

01/09/43

9,284,485

15,000,000

(a),(e)

UniCredit

SpA

5

.459

06/30/35

14,483,992

TOTAL

BANKS

46,621,896

CAPITAL

GOODS

-

2.4%

5,800,000

(e)

GATX

Corp

3

.100

06/01/51

3,663,959

5,000,000

(a)

Sociedad

de

Transmision

Austral

SA

4

.000

01/27/32

4,433,447

TOTAL

CAPITAL

GOODS

8,097,406

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.5%

1,625,000

(a)

Ambipar

Lux

Sarl

9

.875

02/06/31

1,621,941

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

1,621,941

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

2.2%

10,000,000

Nordstrom

Inc

5

.000

01/15/44

7,476,120

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

7,476,120

CONSUMER

DURABLES

&

APPAREL

-

1.5%

EUR

5,000,000

(c)

Arcelik

AS,

Reg

S

3

.000

05/27/26

5,103,787

TOTAL

CONSUMER

DURABLES

&

APPAREL

5,103,787

ENERGY

-

4.0%

15,000,000

(a),(e)

Santos

Finance

Ltd

3

.649

04/29/31

13,210,479

TOTAL

ENERGY

13,210,479

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

0.5%

2,000,000

Host

Hotels

&

Resorts

LP

2

.900

12/15/31

1,701,696

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

1,701,696

FINANCIAL

SERVICES

-

9.2%

2,400,000

Community

Preservation

Corp/The

2

.867

02/01/30

2,124,662

1,000,000

(a)

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

8

.000

06/15/27

1,041,920

2,000,000

(a)

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

3

.750

09/15/30

1,762,358

9,915,000

(a)

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

3

.375

06/15/26

9,607,384

EUR

5,400,000

(c)

Power

Finance

Corp

Ltd

1

.841

09/21/28

5,171,524

4,292,000

(a)

Starwood

Property

Trust

Inc

3

.625

07/15/26

4,142,230

1,445,000

(a)

Starwood

Property

Trust

Inc

6

.000

04/15/30

1,418,305

5,710,000

(a)

Starwood

Property

Trust

Inc

4

.375

01/15/27

5,520,655

TOTAL

FINANCIAL

SERVICES

30,789,038

MATERIALS

-

5.2%

345,000

(a)

Alcoa

Nederland

Holding

BV

7

.125

03/15/31

356,517

1,550,000

(a),(b)

Cemex

SAB

de

CV

9

.125

N/A

1,597,500

550,000

(a)

LD

Celulose

International

GmbH

7

.950

01/26/32

551,590

5,000,000

(a)

LG

Chem

Ltd

2

.375

07/07/31

4,121,668

5,000,000

LYB

International

Finance

III

LLC

3

.800

10/01/60

3,303,975

7,450,000

(a)

Star

Energy

Geothermal

Wayang

Windu

Ltd

6

.750

04/24/33

7,505,987

TOTAL

MATERIALS

17,437,237

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.6%

EUR

2,250,000

(c)

GTC

Aurora

Luxembourg

SA,

Reg

S

2

.250

06/23/26

2,131,485

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

2,131,485

33

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

1.4%

$

5,000,000

SK

Battery

America

Inc,

Reg

S

2

.125

%

01/26/26

$

4,809,139

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

4,809,139

TELECOMMUNICATION

SERVICES

-

3.2%

5,000,000

Verizon

Communications

Inc

2

.987

10/30/56

2,965,137

10,000,000

Vodafone

Group

PLC

5

.125

06/04/81

7,598,371

TOTAL

TELECOMMUNICATION

SERVICES

10,563,508

TRANSPORTATION

-

1.5%

7,000,000

Norfolk

Southern

Corp

4

.100

05/15/21

4,844,011

TOTAL

TRANSPORTATION

4,844,011

UTILITIES

-

31.8%

1,750,000

AES

Corp/The

2

.450

01/15/31

1,458,288

15,000,000

(a),(e)

Brooklyn

Union

Gas

Co/The

4

.273

03/15/48

11,497,620

1,125,000

(a)

California

Buyer

Ltd

/

Atlantica

Sustainable

Infrastructure

PLC

6

.375

02/15/32

1,122,014

5,100,000

(a)

Clearway

Energy

Operating

LLC

3

.750

01/15/32

4,353,317

7,050,000

(a)

Colbun

SA

3

.150

01/19/32

5,907,752

2,244,000

Consolidated

Edison

Co

of

New

York

Inc

4

.300

12/01/56

1,747,513

EUR

5,000,000

(c)

EDP

-

Energias

de

Portugal

SA

1

.875

03/14/82

4,733,833

5,747,000

(a)

India

Cleantech

Energy2021

1

4

.700

08/10/26

5,582,061

6,650,000

(a),(e)

Interchile

SA

4

.500

06/30/56

5,372,846

2,000,000

(a)

Leeward

Renewable

Energy

Operations

LLC

4

.250

07/01/29

1,830,530

7,330,000

(a),(e)

Liberty

Utilities

Finance

GP

1

2

.050

09/15/30

6,147,607

2,033,000

(a)

NextEra

Energy

Operating

Partners

LP

7

.250

01/15/29

2,079,446

7,000,000

(a)

Pattern

Energy

Operations

LP

/

Pattern

Energy

Operations

Inc

4

.500

08/15/28

6,569,858

1,000,000

PG&E

Recovery

Funding

LLC

4

.838

06/01/35

992,185

2,394,496

(a)

Solar

Star

Funding

LLC

5

.375

06/30/35

2,385,946

13,000,000

(e)

Southern

California

Edison

Co

3

.650

06/01/51

9,196,598

4,000,000

Southern

Co

Gas

Capital

Corp

3

.150

09/30/51

2,582,993

5,000,000

(a)

Star

Energy

Geothermal

Darajat

II

/

Star

Energy

Geothermal

Salak

4

.850

10/14/38

4,629,093

8,075,000

(a)

Sunnova

Energy

Corp

5

.875

09/01/26

6,710,960

9,439,100

(a)

Sweihan

PV

Power

Co

PJSC2022

1

3

.625

01/31/49

7,668,740

3,832,170

(a)

Topaz

Solar

Farms

LLC

5

.750

09/30/39

3,734,871

8,518,945

(a)

Topaz

Solar

Farms

LLC

4

.875

09/30/39

7,922,619

2,494,522

(a)

UEP

Penonome

II

SA2020

1

6

.500

10/01/38

2,251,066

TOTAL

UTILITIES

106,477,756

TOTAL

CORPORATE

BONDS

(Cost

$321,199,325)

267,527,466

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED

SECURITIES

-

20.2%

(13.3%

of

Total

Investments)

–

6,500,000

(a),(f)

Alen

2021-ACEN

Mortgage

Trust,

(TSFR1M

+

4.114%),

2021

ACEN

8

.512

04/15/34

4,085,249

5,000,000

(a),(f)

BAMLL

Commercial

Mortgage

Securities

Trust

2021-JACX,

(TSFR1M

+

3.864%),

2021

JACX

8

.262

09/15/38

4,132,477

4,000,000

(a)

BBCMS

Mortgage

Trust

2020-C6,

2020

C6

3

.688

02/15/53

2,828,162

3,840,000

(a)

Benchmark

2019-B10

Mortgage

Trust,

2019

B10

3

.899

03/15/62

2,727,340

7,887,000

(a)

COMM

2020-CX

Mortgage

Trust,

2020

CX

2

.683

11/10/46

5,502,461

27,823,254

Freddie

Mac

Multifamily

ML

Certificates,

2021

ML10,

(I/O)

2

.058

01/25/38

3,778,398

63,256,382

(a)

Freddie

Mac

Multifamily

ML

Certificates,

2021

ML11,

(I/O)

0

.666

03/25/38

3,081,218

24,274,577

Freddie

Mac

Multifamily

ML

Certificates,

2023

ML18

1

.508

09/25/37

2,484,988

45,143,480

Freddie

Mac

Multifamily

ML

Certificates,

2021

ML12,

(I/O)

1

.226

07/25/41

4,097,674

500,000

(a)

Hudson

Yards

2016-10HY

Mortgage

Trust,

2016

10HY

2

.835

08/10/38

481,258

2,500,000

(a)

Hudson

Yards

2019-55HY

Mortgage

Trust,

2019

55HY

2

.943

12/10/41

1,954,974

5,000,000

(a)

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2018-

AON,

2018

AON

4

.613

07/05/31

792,163

10,000,000

(a)

MFT

Trust

2020-ABC,

2020

ABC

3

.477

02/10/42

4,852,164

700,000

(a),(f)

Natixis

Commercial

Mortgage

Securities

Trust

2019-MILE,

(TSFR1M

+

3.579%),

2019

MILE

7

.977

07/15/36

493,744

5,661,000

(a),(f)

Natixis

Commercial

Mortgage

Securities

Trust

2019-MILE,

(TSFR1M

+

2.829%),

2019

MILE

7

.227

07/15/36

4,297,904

7,420,000

(a)

NYC

Commercial

Mortgage

Trust

2021-909,

2021

909

3

.206

04/10/43

4,602,168

Consolidated

Portfolio

of

Investments

December

31,

2024

(continued)

NPCT

34

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED

SECURITIES

(continued)

$

80,369,000

(a)

SLG

Office

Trust

2021-OVA,

2021

OVA,

(I/O)

0

.258

%

07/15/41

$

1,048,020

7,000,000

(a)

SLG

Office

Trust

2021-OVA,

2021

OVA

2

.851

07/15/41

5,472,629

3,860,000

(a)

SLG

Office

Trust

2021-OVA,

2021

OVA

2

.851

07/15/41

3,111,575

3,500,000

(a)

SUMIT

2022-BVUE

Mortgage

Trust,

2022

BVUE

2

.892

02/12/41

2,286,657

6,000,000

(a)

VNDO

Trust

2016-350P,

2016

350P

3

.903

01/10/35

5,602,978

TOTAL

MORTGAGE-BACKED

SECURITIES

(Cost

$97,242,778)

67,714,201

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

13502445

MUNICIPAL

BONDS

-

4

.0

%

(

2

.7

%

of

Total

Investments)

13502445

ARIZONA

-

0.2%

810,000

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

KIPPC

NYC

Public

Charter

Schools

-

Gerard

Facility

Project,

Series

2021C

3

.250

07/01/31

693,053

TOTAL

ARIZONA

693,053

DISTRICT

OF

COLUMBIA

-

0.1%

254,000

District

of

Columbia

Water

and

Sewer

Authority,

Public

Utility

Revenue

Bonds,

Taxable

Senior

Lien

Green

Series

2014A

4

.814

10/01/14

218,176

TOTAL

DISTRICT

OF

COLUMBIA

218,176

INDIANA

-

0.0%

234,358

(g)

Fort

Wayne,

Indiana

Economic

Development,

Solid

Waste

Facility

Revenue

Bonds,

Do

Good

Foods

LLC

Fort

Wayne,

Taxable

Series

2022A-2

10

.750

12/01/29

23

TOTAL

INDIANA

23

MICHIGAN

-

1.6%

1,000,000

Detroit,

Wayne

County,

Michigan,

General

Obligation

Bonds,

Series

2021

2

.960

04/01/27

953,577

500,000

Detroit,

Wayne

County,

Michigan,

General

Obligation

Bonds,

Series

2021

3

.110

04/01/28

467,837

2,245,000

Detroit,

Wayne

County,

Michigan,

General

Obligation

Bonds,

Series

2021

3

.244

04/01/29

2,062,006

425,000

Detroit,

Wayne

County,

Michigan,

General

Obligation

Bonds,

Series

2021

3

.344

04/01/30

382,616

1,575,000

Detroit,

Wayne

County,

Michigan,

General

Obligation

Bonds,

Taxable

Series

2021B

3

.644

04/01/34

1,349,905

TOTAL

MICHIGAN

5,215,941

MONTANA

-

0.6%

1,000,000

(a)

Gallatin

County,

Montana,

Industrial

Development

Revenue

Bonds,

Series

2022

11

.500

09/01/27

1,024,699

1,000,000

(a)

Gallatin

County,

Montana,

Industrial

Development

Revenue

Bonds,

Series

2022

11

.500

09/01/27

1,024,699

TOTAL

MONTANA

2,049,398

NEW

HAMPSHIRE

-

0.7%

61,782,502

New

Hampshire

Business

Finance

Authority

0

.505

08/20/39

2,500,338

TOTAL

NEW

HAMPSHIRE

2,500,338

NEW

YORK

-

0.8%

415,000

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Taxable

Green

Climate

Certified

Series

2020C-2

5

.175

11/15/49

356,926

2,500,000

New

York

Transportation

Development

Corporation,

Revenue

Bonds,

MTA

ADA

Upgrades

Project,

Long

Term

Taxable

Sustainability

Green

Series

2023B

6

.971

06/30/51

2,468,590

TOTAL

NEW

YORK

2,825,516

TOTAL

MUNICIPAL

BONDS

(Cost

$14,905,707)

13,502,445

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

19173377

SOVEREIGN

DEBT

-

5

.7

%

(

3

.8

%

of

Total

Investments)

19173377

BENIN

-

2.6%

EUR

10,000,000

(a)

Benin

Government

International

Bond

4

.950

01/22/35

8,746,754

TOTAL

BENIN

8,746,754

35

See

Notes

to

Financial

Statements

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CHILE

-

1.1%

$

5,000,000

Chile

Government

International

Bond

3

.100

%

05/07/41

$

3,567,492

TOTAL

CHILE

3,567,492

MEXICO

-

2.0%

3,150,000

Mexico

Government

International

Bond

4

.875

05/19/33

2,819,270

EUR

5,000,000

Mexico

Government

International

Bond

2

.250

08/12/36

4,039,861

TOTAL

MEXICO

6,859,131

TOTAL

SOVEREIGN

DEBT

(Cost

$25,536,271)

19,173,377

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

14353606

U.S.

GOVERNMENT

AND

AGENCY

OBLIGATIONS

-

4

.3

%

(

2

.8

%

of

Total

Investments)

14353606

3,461,000

United

States

Treasury

Note/Bond

4

.250

11/30/26

3,460,312

7,190,000

United

States

Treasury

Note/Bond

4

.250

11/15/34

7,002,604

3,827,000

United

States

Treasury

Note/Bond

4

.125

11/30/29

3,783,521

108,000

United

States

Treasury

Note/Bond

4

.000

12/15/27

107,169

TOTAL

U.S.

GOVERNMENT

AND

AGENCY

OBLIGATIONS

(Cost

$14,508,200)

14,353,606

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

11145065

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

-

3

.3

%

(

2

.2

%

of

Total

Investments)

11145065

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

3.0%

10,258,580

(f)

Liberty

Tire

Recycling

Holdco,

LLC,

Term

Loan,

(TSFR1M

+

4.500%)

8

.971

05/08/28

10,104,702

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

10,104,702

UTILITIES

-

0.3%

1,035,028

(f)

Constellation

Renewables,

LLC,

Term

Loan,

(TSFR3M

+

2.250%)

6

.764

12/15/27

1,040,363

TOTAL

UTILITIES

1,040,363

TOTAL

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

(Cost

$11,266,263)

11,145,065

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$613,161,808)

501,299,723

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM

INVESTMENTS

-

 2.2%(1.5%

of

Total

Investments)

7,450,000

REPURCHASE

AGREEMENTS

-

2

.2

%

(

1

.5

%

of

Total

Investments)

7,450,000

7,450,000

(h)

Fixed

Income

Clearing

Corporation

4

.430

01/02/25

7,450,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$7,450,000)

7,450,000

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$7,450,000)

7,450,000

TOTAL

INVESTMENTS

-

151

.9

%

(Cost

$

620,611,808

)

508,749,723

BORROWINGS

-

(18.7)%

(i),(j)

(

62,500,000

)

REVERSE

REPURCHASE

AGREEMENTS,

INCLUDING

ACCRUED

INTEREST

-

(14.7)%(k)

(

49,090,173

)

TFP

SHARES,

NET

-

(20.8)%(l)

(

69,717,129

)

OTHER

ASSETS

&

LIABILITIES,

NET

-   2.3%

7,389,033

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

-

100%

$

334,831,454

EUR

Euro

I/O

Interest

only

security

Reg

S

Regulation

S

allows

U.S.

companies

to

sell

securities

to

persons

or

entities

located

outside

of

the

United

States

without

registering

those

securities

with

the

Securities

and

Exchange

Commission.

Specifically,

Regulation

S

provides

a

safe

harbor

from

the

registration

requirements

of

the

Securities

Act

for

the

offers

and

sales

of

securities

by

both

foreign

and

domestic

issuers

that

are

made

outside

the

United

States.

TSFR1M

CME

Term

Secured

Overnight

Financing

Rate

1

Month

TSFR3M

CME

Term

Secured

Overnight

Financing

Rate

3

Month

Consolidated

Portfolio

of

Investments

December

31,

2024

(continued)

NPCT

36

See

Notes

to

Financial

Statements

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

Investments

in

Derivatives

(a)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$274,865,884

or

54.0%

of

Total

Investments.

(b)

Perpetual

security.

Maturity

date

is

not

applicable.

(c)

All

or

a

portion

of

this

security

is

owned

by

Nuveen

Core

Plus

Impact

Fund

Ltd.

which

is

a

100%

owned

subsidiary

of

the

fund.

(d)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(e)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

reverse

repurchase

agreements.

As

of

the

end

of

the

reporting

period,

investments

with

a

value

of

$66,586,653

have

been

pledged

as

collateral

for

reverse

repurchase

agreements.

(f)

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

(g)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(h)

Agreement

with

Fixed

Income

Clearing

Corporation,

4.430%

dated

12/31/24

to

be

repurchased

at

$7,451,834

on

1/2/25,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

3.250%

and

maturity

date

5/15/42,

valued

at

$7,599,118.

(i)

Borrowings

as

a

percentage

of

Total

Investments

is

12.3%.

(j)

The

Fund

may

pledge

up

to

100%

of

its

eligible

investment

(excluding

any

investments

pledged

as

collateral

to

specific

investments

in

derivatives,

when

applicable)

in

the

Portfolio

of

Investments

as

collateral

for

borrowings.

(k)

Reverse

Repurchase

Agreements,

including

accrued

interest

as

a

percentage

of

Total

investments

is

9.6%.

(l)

TFP

Shares,

Net

as

a

percentage

of

Total

Investments

is

13.7%.

Forward

Foreign

Currency

Contracts

Currency

Purchased

Notional

Amount

(Local

Currency)

Currency

Sold

Notional

Amount

(Local

Currency)

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

U.S.

Dollar

7,523,024

Euro

6,858,671

Bank

of

America,

N.A.

1/13/25

$

415,622

Total

        $415,622

Total

unrealized

appreciation

on

forward

foreign

currency

contracts

        $415,622

Total

unrealized

depreciation

on

forward

foreign

currency

contracts

        $–

EUR

Euro

Cross

Currency

Swaps

-

OTC

Uncleared

Counterparty

Terms

of

payments

to

be

paid

Terms

of

payments

to

be

received

Currency

Maturity

Date

Notional

Amount

(Local

Currency)

Value

Upfront

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Citibank

N.A.

Fixed

annual

2.250%

Fixed

semi-annual

3.562%

USD

EUR

6/23/26

2,725,875

2,250,000

$

340,320

$

25,655

$

314,665

Citibank

N.A.

Fixed

semi-annual

1.875%

Fixed

annual

3.472%

USD

EUR

7/02/31

5,904,500

5,000,000

661,190

15,820

645,370

Citibank

N.A.

Fixed

semi-annual

1.875%

Fixed

annual

3.493%

USD

EUR

7/02/31

3,543,900

3,000,000

402,474

(

7,271

)

409,745

Citibank

N.A.

Fixed

semi-annual

2.250%

Fixed

annual

3.775%

USD

EUR

8/12/36

5,909,000

5,000,000

618,084

12,363

605,721

JPMorgan

Chase

Bank,

N.A.

Fixed

semi-annual

1.875%

Fixed

annual

3.431%

USD

EUR

6/14/29

5,905,000

5,000,000

648,347

(

2,708

)

651,055

Morgan

Stanley

Capital

Services

LLC

Fixed

semi-annual

3.000%

Fixed

annual

4.330%

USD

EUR

5/27/26

6,088,500

5,000,000

786,078

4,250

781,828

Morgan

Stanley

Capital

Services

LLC

Fixed

semi-annual

1.841%

Fixed

annual

3.337%

USD

EUR

9/21/28

6,376,320

5,400,000

693,356

(

4

)

693,360

Total

$

4,149,849

$

48,105

$

4,101,744

37

Portfolio

of

Investments

December

31,

2024

JLS

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM

INVESTMENTS

-

129.2%

(99.2%

of

Total

Investments)

ASSET-BACKED

SECURITIES

-

39.7%

(30.5%

of

Total

Investments)

–

$

1,253,500

(a)

AASET

2020-1

Trust,

2020

1A

6

.413

%

01/16/40

$

626,760

1,500,000

(a),(b)

ACRE

Commercial

Mortgage

2021-FL4

Ltd,

(TSFR1M

+

2.714%),

2021

FL4

7

.090

12/18/37

1,438,363

515,000

(a)

Affirm

Asset

Securitization

Trust

2023-B,

2023

B

11

.320

09/15/28

528,523

394,956

(a)

Air

Canada

2020-2

Class

B

Pass

Through

Trust,

2020

A

9

.000

10/01/25

400,945

375,000

(a),(b)

Armor

RE

II

Ltd,

(3-Month

U.S.

Treasury

Bill

+

8.500%)

0

.000

01/07/28

374,813

550,000

(a)

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

2021

2A

4

.080

02/20/28

517,433

250,000

(a),(b)

Bonanza

RE

Ltd,

(3-Month

U.S.

Treasury

Bill

+

5.620%)

9

.904

03/16/25

251,928

750,000

(a),(b)

Bonanza

RE

Ltd,

(3-Month

U.S.

Treasury

Bill

+

8.450%)

12

.787

01/08/26

775,650

250,000

(a)

Bonanza

RE

Ltd

5

.359

01/08/25

242,500

325,702

(a),(c)

British

Airways

2020-1

Class

B

Pass

Through

Trust,

2020

A

8

.375

11/15/28

336,608

2,000,000

(a)

Cars

Net

Lease

Mortgage

Notes

Series

2020-1,

2020

1A

4

.690

12/15/50

1,821,241

775,000

(a)

CARS-DB4

LP,

2020

1A

4

.520

02/15/50

737,721

2,300

(a),(d)

Carvana

Auto

Receivables

Trust

2021-N1,

2021

N1

0

.000

01/10/28

217,350

2,500

(a),(d)

Carvana

Auto

Receivables

Trust

2021-P2,

2021

P2

0

.000

05/10/28

494,625

250,000

(a),(b)

Cayuga

Park

CLO

Ltd,

(TSFR3M

+

6.262%),

2020

1A

1

.000

07/17/34

251,939

1,000,000

(a)

Centersquare

Issuer

LLC,

2024

1A

5

.600

10/26/54

930,514

385,000

(a),(b)

CIFC

Funding

2020-II

Ltd,

(LIBOR

3

M

+

6.762%),

2020

2A

11

.379

10/20/34

387,984

375,000

(a),(b)

CIFC

Funding

2022-II

Ltd,

(TSFR3M

+

7.000%),

2022

2A

11

.617

04/19/35

377,727

750,000

(a),(b)

CIFC

Funding

2022-IV

Ltd,

(SOFR

+

3.550%),

2022

4A

8

.197

07/16/35

754,386

250,000

(a),(b)

Citrus

Re

Ltd,

(3-Month

U.S.

Treasury

Bill

+

5.060%)

5

.100

06/07/25

253,960

250,000

(a)

Cologix

Data

Centers

US

Issuer

LLC,

2021

1A

5

.990

12/26/51

234,995

1,000,000

(a),(b)

Elmwood

CLO

26

Ltd,

(TSFR3M

+

6.450%),

2024

1A

11

.082

04/18/37

1,036,648

906,750

(a)

EWC

Master

Issuer

LLC,

2022

1A

5

.500

03/15/52

882,475

500,000

(a)

ExteNet

Issuer

LLC,

2024

1A

9

.050

07/25/54

507,170

1,500,000

(a)

Frontier

Issuer

LLC,

2023

1

11

.500

08/20/53

1,599,745

1,500,000

(a),(e)

Frontier

Issuer

LLC,

2023

1

8

.300

08/20/53

1,555,469

500,000

(a),(b)

GoldentTree

Loan

Management

US

CLO

1

Ltd,

(LIBOR

3

M

+

7.762%),

2021

11A

12

.379

10/20/34

493,392

1,000,000

(a),(b)

GRACIE

POINT

INTERNATIONAL

FUNDING

2023-2,

(SOFR90A

+

5.400%),

2023

2A

10

.331

03/01/27

1,012,666

173,000

(a),(b)

Gracie

Point

International

Funding

2024-1

LLC,

(SOFR90A

+

7.150%),

2024

1A

12

.065

03/01/28

173,155

480,000

(a)

Hardee's

Funding

LLC,

2020

1A

3

.981

12/20/50

451,302

500,000

(a)

Hertz

Vehicle

Financing

III

LLC,

2022

1A

4

.850

06/25/26

497,584

250,000

(a),(b)

Hestia

Re

Ltd,

(1-Month

U.S.

Treasury

Bill

+

10.080%)

14

.364

04/22/25

225,500

179,878

(a)

HIN

Timeshare

Trust

2020-A,

2020

A

5

.500

10/09/39

172,079

128,485

(a)

HIN

Timeshare

Trust

2020-A,

2020

A

6

.500

10/09/39

121,663

750,000

(a)

Hotwire

Funding

LLC,

2024

1A

9

.188

06/20/54

785,107

236,735

(a)

LUNAR

AIRCRAFT

2020-1

LTD,

2020

1A

3

.376

02/15/45

227,957

500,000

(a),(b)

Madison

Park

Funding

XXXVI

Ltd,

(TSFR3M

+

5.460%),

2019

36A

5

.764

04/15/35

500,683

1,125,000

(a),(b)

Magnetite

XXIII

Ltd,

(TSFR3M

+

6.562%),

2019

23A

7

.484

01/25/35

1,132,920

250,000

(a),(b)

Matterhorn

Re

Ltd,

(SOFR

+

5.250%)

5

.889

03/24/25

251,500

500,000

(a)

Mercury

Financial

Credit

Card

Master

Trust,

2023

1A

9

.590

09/20/27

499,869

500,000

(a)

Mercury

Financial

Credit

Card

Master

Trust,

2023

1A

8

.040

09/20/27

499,901

125,000

(a)

MetroNet

Infrastructure

Issuer

LLC,

2023

1A

10

.850

04/20/53

131,418

125,000

(a)

MetroNet

Infrastructure

Issuer

LLC,

2023

1A

8

.010

04/20/53

129,568

1,000,000

(a)

MetroNet

Infrastructure

Issuer

LLC,

2024

1A

10

.860

04/20/54

1,054,042

1,000,000

(a)

Mexico

Remittances

Funding

Fiduciary

Estate

Management

Sarl

12

.500

10/15/31

978,200

1,525,000

(a),(d)

Mosaic

Solar

Loan

Trust

2019-2,

2019

2A

0

.000

09/20/40

565,775

1,000,000

(a),(d)

Mosaic

Solar

Loan

Trust

2020-1,

2020

1A

0

.000

04/20/46

491,400

583,674

(a)

Mosaic

Solar

Loan

Trust

2020-2,

2020

2A

5

.420

08/20/46

540,096

1,000,000

(a)

Mosaic

Solar

Loan

Trust

2024-1,

2024

1A

10

.000

09/20/49

862,460

141,472

(a)

MVW

2020-1

LLC,

2020

1A

7

.140

10/20/37

140,057

317,779

(a)

Oportun

Funding

2022-1

LLC,

2022

1

6

.000

06/15/29

317,154

609,745

(a)

Oportun

Issuance

Trust

2021-B,

2021

B

5

.410

05/08/31

596,398

308,425

(a)

Oportun

Issuance

Trust

2021-C,

2021

C

5

.570

10/08/31

300,716

2,000,000

(a)

Oportun

Issuance

Trust

2024-1,

2024

1A

12

.072

04/08/31

2,040,112

925,000

(a),(b)

Palmer

Square

CLO

2023-1

Ltd,

(TSFR3M

+

5.300%),

2023

1A

9

.917

01/20/36

925,046

625,000

(a),(b)

Palmer

Square

CLO

Ltd,

(TSFR3M

+

6.350%),

2022

1A

10

.967

04/20/35

628,854

Portfolio

of

Investments

December

31,

2024

(continued)

JLS

38

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ASSET-BACKED

SECURITIES

(continued)

$

500,000

(a),(b)

Rad

CLO

6

Ltd,

(TSFR3M

+

6.750%),

2019

6A

11

.367

%

10/20/37

$

513,416

750,000

(a),(b)

Rad

CLO

7

Ltd,

(TSFR3M

+

4.150%),

2020

7A

8

.797

04/17/36

753,500

500,000

(a),(b)

Residential

Reinsurance

2022

Ltd,

(3-Month

U.S.

Treasury

Bill

+

7.690%)

11

.974

12/06/26

527,700

154,216

(a)

Sierra

Timeshare

2020-2

Receivables

Funding

LLC,

2020

2A

6

.590

07/20/37

153,809

1,000,000

(a),(b)

Sixth

Street

CLO

XIX

Ltd,

(LIBOR

3

M

+

6.162%),

2021

19A

6

.035

07/20/34

1,003,658

489,459

(a)

Start

II

LTD,

2019

1

5

.095

03/15/44

474,794

454,744

(a)

Sunnova

Helios

XII

Issuer

LLC,

2023

B

6

.000

08/22/50

366,752

1,000,000

(a),(b)

TCW

CLO

2021-2

Ltd,

(TSFR3M

+

7.122%),

2021

2A

11

.747

07/25/34

1,006,320

500,000

(a),(b)

Ursa

Re

II

Ltd,

(3-Month

U.S.

Treasury

Bill

+

7.000%)

11

.284

12/06/25

517,650

733,051

(a)

Vivint

Solar

Financing

V

LLC,

2018

1A

7

.370

04/30/48

682,090

448,368

(a)

VR

Funding

LLC,

2020

1A

6

.420

11/15/50

423,951

500,000

(a)

Ziply

Fiber

Issuer

LLC,

2024

1A

7

.810

04/20/54

514,801

1,000,000

(a)

Ziply

Fiber

Issuer

LLC,

2024

1A

11

.170

04/20/54

1,078,063

TOTAL

ASSET-BACKED

SECURITIES

(Cost

$44,271,067)

42,300,550

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED

SECURITIES

-

89.5%

(68.7%

of

Total

Investments)

–

500,000

(a),(b)

Alen

2021-ACEN

Mortgage

Trust,

(TSFR1M

+

4.114%),

2021

ACEN

8

.512

04/15/34

314,250

1,000,000

BANK

2017-BNK6,

2017

BNK6

3

.851

07/15/60

902,979

1,000,000

(a),(c)

BANK

2019-BNK21,

2019

BN21

2

.500

10/17/52

692,649

1,000,000

(a)

BBCMS

Mortgage

Trust

2020-C6,

2020

C6

3

.688

02/15/53

799,964

1,750,000

(a)

BBCMS

Trust

2015-SRCH,

2015

SRCH

4

.957

08/10/35

1,572,400

1,500,000

(a)

Benchmark

2020-B18

Mortgage

Trust,

2020

B18

4

.139

07/15/53

1,435,862

845,000

(c)

CD

2016-CD1

Mortgage

Trust,

2016

CD1

3

.631

08/10/49

607,220

1,500,000

CD

2016-CD2

Mortgage

Trust,

2016

CD2

3

.976

11/10/49

829,951

1,978,000

CD

2017-CD3

Mortgage

Trust,

2017

CD3

4

.536

02/10/50

758,446

24,108

(a)

CF

2020-P1

Mortgage

Trust,

2020

P1

2

.840

04/15/25

23,880

672,000

(a)

CFK

Trust

2019-FAX,

2019

FAX

4

.637

01/15/39

608,031

364,147

CHL

Mortgage

Pass-Through

Trust

2006-HYB1,

2006

HYB1

4

.969

03/20/36

330,430

1,500,000

(a)

COMM

2013-LC13

Mortgage

Trust,

2013

LC13

5

.383

08/10/46

1,280,155

925,000

COMM

2014-CCRE15

Mortgage

Trust,

2014

CR15

3

.972

02/10/47

872,902

761,169

(c)

COMM

2014-CCRE17

Mortgage

Trust,

2014

CR17

4

.377

05/10/47

743,172

1,500,000

(a)

COMM

2014-UBS3

Mortgage

Trust,

2014

UBS3

4

.767

06/10/47

712,500

1,400,000

(a)

COMM

2015-CCRE22

Mortgage

Trust,

2015

CR22

3

.000

03/10/48

957,040

2,000,000

(c)

COMM

2015-CCRE23

Mortgage

Trust,

2015

CR23

4

.332

05/10/48

1,622,953

1,800,000

COMM

2015-CCRE24

Mortgage

Trust,

2015

CR24

3

.463

08/10/48

1,602,504

1,245,000

(c)

COMM

2015-CCRE25

Mortgage

Trust,

2015

CR25

3

.768

08/10/48

1,152,777

892,000

(c)

COMM

2015-CCRE25

Mortgage

Trust,

2015

CR25

4

.516

08/10/48

860,598

648,685

(c)

COMM

Mortgage

Trust

4

.585

02/10/47

623,729

625,000

(a),(b)

Connecticut

Avenue

Securities

Trust

2021-R03,

(SOFR30A

+

5.500%),

2021

R03

10

.069

12/25/41

655,119

2,100,000

(a),(b)

Connecticut

Avenue

Securities

Trust

2022-R01,

(SOFR30A

+

6.000%),

2022

R01

10

.569

12/25/41

2,214,255

1,000,000

(a),(b)

Connecticut

Avenue

Securities

Trust

2022-R03,

(SOFR30A

+

9.850%),

2022

R03

14

.823

03/25/42

1,141,786

2,840,000

(a),(b),(c)

Connecticut

Avenue

Securities

Trust

2022-R05,

(SOFR30A

+

7.000%),

2022

R05

11

.569

04/25/42

3,106,708

1,900,000

(a),(b)

Connecticut

Avenue

Securities

Trust

2022-R07,

(SOFR30A

+

12.000%),

2022

R07

16

.560

06/25/42

2,281,433

960,000

(a),(b),(c)

Connecticut

Avenue

Securities

Trust

2022-R07,

(SOFR30A

+

6.800%),

2022

R07

11

.360

06/25/42

1,075,243

450,000

(a),(b)

Connecticut

Avenue

Securities

Trust

2022-R09,

(SOFR30A

+

6.750%),

2022

R09

11

.310

09/25/42

502,274

4,000,000

(a),(b),(c)

Connecticut

Avenue

Securities

Trust

2023-R02,

(SOFR30A

+

5.550%),

2023

R02

10

.119

01/25/43

4,396,512

2,000,000

(a),(b),(c)

Connecticut

Avenue

Securities

Trust

2023-R04,

(SOFR30A

+

5.350%),

2023

R04

9

.910

05/25/43

2,202,549

2,250,000

(a),(b),(c)

Connecticut

Avenue

Securities

Trust

2023-R05,

(SOFR30A

+

4.750%),

2023

R05

9

.310

06/25/43

2,455,091

39

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED

SECURITIES

(continued)

$

2,280,000

(a),(b),(c)

Connecticut

Avenue

Securities

Trust

2023-R06,

(SOFR30A

+

3.900%),

2023

R06

9

.188

%

07/25/43

$

2,418,049

2,650,000

(a),(b)

Connecticut

Avenue

Securities

Trust

2023-R06,

(SOFR30A

+

5.900%),

2023

R06

10

.469

07/25/43

2,917,417

33,000,000

(a)

DOLP

Trust

2021-NYC,

2021

NYC,

(I/O)

0

.665

05/10/41

1,046,494

78,989

(a)

Flagstar

Mortgage

Trust

2017-2,

2017

2

3

.972

10/25/47

70,336

7,523,913

Freddie

Mac

Multifamily

ML

Certificates,

2021

ML12,

(I/O)

1

.226

07/25/41

682,946

3,000,000

(a),(b),(c)

Freddie

Mac

STACR

REMIC

Trust

2021-DNA6,

(SOFR30A

+

7.500%),

2021

DNA6

12

.069

10/25/41

3,231,459

2,270,000

(a),(b)

Freddie

Mac

STACR

REMIC

Trust

2022-DNA1,

(SOFR30A

+

7.100%),

2022

DNA1

11

.669

01/25/42

2,430,168

4,900,000

(a),(b)

Freddie

Mac

STACR

REMIC

Trust

2022-DNA2,

(SOFR30A

+

4.750%),

2022

DNA2

9

.319

02/25/42

5,157,836

2,270,000

(a),(b)

Freddie

Mac

STACR

REMIC

Trust

2022-DNA2,

(SOFR30A

+

8.500%),

2022

DNA2

13

.788

02/25/42

2,504,691

2,245,000

(a),(b)

Freddie

Mac

STACR

REMIC

Trust

2022-DNA3,

(SOFR30A

+

9.750%),

2022

DNA3

15

.087

04/25/42

2,554,224

3,750,000

(a),(b),(c)

Freddie

Mac

STACR

REMIC

Trust

2022-DNA3,

(SOFR30A

+

5.650%),

2022

DNA3

10

.218

04/25/42

4,027,377

100,690

(b)

Freddie

Mac

Strips,

(SOFR30A

+

0.058%),

2014

327,

(I/O)

0

.472

03/15/44

8,635

1,000,000

(a),(b)

GS

Mortgage

Securities

Corp

Trust

2018-TWR,

(TSFR1M

+

1.747%),

2018

TWR

6

.145

07/15/31

395,700

1,100,000

(a),(b)

GS

Mortgage

Securities

Corp

Trust

2018-TWR,

(TSFR1M

+

1.897%),

2018

TWR

6

.295

07/15/31

277,200

700,000

(a),(b)

GS

Mortgage

Securities

Corp

Trust

2018-TWR,

(TSFR1M

+

2.397%),

2018

TWR

6

.795

07/15/31

106,722

700,000

(a),(b)

GS

Mortgage

Securities

Corp

Trust

2018-TWR,

(TSFR1M

+

3.097%),

2018

TWR

7

.495

07/15/31

58,881

892,000

(a),(b)

GS

Mortgage

Securities

Corp

Trust

2018-TWR,

(TSFR1M

+

4.222%),

2018

TWR

8

.620

07/15/31

13,300

1,000,000

(a),(b),(c)

GS

Mortgage

Securities

Corp

Trust

2021-ARDN,

(TSFR1M

+

2.864%),

2021

ARDN

7

.262

11/15/36

993,176

1,400,000

(a),(b),(c)

GS

Mortgage

Securities

Corp

Trust

2021-ARDN,

(TSFR1M

+

3.464%),

2021

ARDN

7

.862

11/15/36

1,388,531

2,000,000

(c)

GS

Mortgage

Securities

Trust

2016-GS4,

2016

GS4

3

.950

11/10/49

1,692,719

1,000,000

(a)

Hudson

Yards

2019-55HY

Mortgage

Trust,

2019

55HY

2

.943

12/10/41

781,990

377,000

(a)

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2019-

ICON

UES,

2019

UES

4

.452

05/05/32

355,753

441,000

(a)

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2019-

ICON

UES,

2019

UES

4

.452

05/05/32

413,541

366,000

(a)

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2020-

NNN,

2020

NNN

3

.972

01/16/37

144,585

2,000,000

JPMBB

Commercial

Mortgage

Securities

Trust

2014-C22,

2014

C22

4

.512

09/15/47

1,768,542

1,000,000

(c)

JPMBB

Commercial

Mortgage

Securities

Trust

2015-C27,

2015

C27

3

.898

02/15/48

812,796

760,000

(c)

JPMBB

Commercial

Mortgage

Securities

Trust

2015-C29,

2015

C29

4

.118

05/15/48

732,579

1,189,000

(c)

JPMBB

Commercial

Mortgage

Securities

Trust

2016-C1,

2016

C1

4

.699

03/17/49

1,101,597

2,000,000

(c)

JPMCC

Commercial

Mortgage

Securities

Trust

2017-JP5,

2017

JP5

3

.904

03/15/50

1,701,556

1,930,000

(c)

JPMCC

Commercial

Mortgage

Securities

Trust

2017-JP6,

2017

JP6

3

.701

07/15/50

1,535,913

1,500,000

(a)

JPMCC

Commercial

Mortgage

Securities

Trust

2017-JP6,

2017

JP6

4

.451

07/15/50

1,086,553

1,849,000

(a),(c)

JPMCC

Commercial

Mortgage

Securities

Trust

2017-JP7,

2017

JP7

4

.425

09/15/50

1,039,001

1,214,000

(c)

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2014

C19,

2014

C19

4

.000

12/15/47

1,161,687

226,295

Morgan

Stanley

Capital

I

Trust

2015-MS1,

2015

MS1

4

.019

05/15/48

215,291

175,375

Morgan

Stanley

Mortgage

Loan

Trust

2007-15AR,

2007

15AR

3

.489

11/25/37

122,872

1,000,000

(a)

MRCD

2019-MARK

Mortgage

Trust,

2019

PARK

2

.718

12/15/36

712,800

750,000

(a),(c)

MSCG

Trust

2015-ALDR,

2015

ALDR

3

.462

06/07/35

694,938

Portfolio

of

Investments

December

31,

2024

(continued)

JLS

40

See

Notes

to

Financial

Statements

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED

SECURITIES

(continued)

$

250,000

(a)

MSCG

Trust

2015-ALDR,

2015

ALDR

3

.462

%

06/07/35

$

226,656

600,000

(a),(b)

Natixis

Commercial

Mortgage

Securities

Trust

2019-MILE,

(TSFR1M

+

2.279%),

2019

MILE

6

.677

07/15/36

477,895

1,000,000

(a),(b)

Natixis

Commercial

Mortgage

Securities

Trust

2019-MILE,

(TSFR1M

+

2.829%),

2019

MILE

7

.227

07/15/36

759,213

1,050,000

(a),(b)

Natixis

Commercial

Mortgage

Securities

Trust

2019-MILE,

(TSFR1M

+

4.329%),

2019

MILE

8

.727

07/15/36

682,840

400,000

(a),(b),(c)

OPEN

Trust

2023-AIR,

(TSFR1M

+

5.236%),

2023

AIR

9

.633

11/15/40

404,508

1,000,000

(a),(b)

PKHL

Commercial

Mortgage

Trust

2021-MF,

(TSFR1M

+

2.114%),

2021

MF

6

.512

07/15/38

719,262

1,000,000

(a),(b),(c)

PKHL

Commercial

Mortgage

Trust

2021-MF,

(TSFR1M

+

0.994%),

2021

MF

5

.392

07/15/38

947,426

1,602,435

(a),(b),(c)

SMR

2022-IND

Mortgage

Trust,

(TSFR1M

+

3.950%),

2022

IND

8

.347

02/15/39

1,547,685

127,100,000

(a)

SUMIT

2022-BVUE

Mortgage

Trust,

2022

BVUE,

(I/O)

0

.082

02/12/41

509,633

1,000,000

(a),(b)

TX

Trust

2024-HOU,

(TSFR1M

+

3.239%),

2024

1

7

.636

06/15/39

1,002,393

1,250,000

(a)

VNDO

Trust

2016-350P,

2016

350P

3

.903

01/10/35

1,167,287

1,300,000

(c)

Wells

Fargo

Commercial

Mortgage

Trust

2015-NXS1,

2015

NXS1

4

.069

05/15/48

1,203,520

TOTAL

MORTGAGE-BACKED

SECURITIES

(Cost

$106,018,659)

95,341,535

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$150,289,726)

137,642,085

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM

INVESTMENTS

-

 1.0%(0.8%

of

Total

Investments)

1,092,744

U.S.

GOVERNMENT

AND

AGENCY

OBLIGATIONS

-

1

.0

%

(

0

.8

%

of

Total

Investments)

1,092,744

1,093,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

01/02/25

1,092,744

TOTAL

U.S.

GOVERNMENT

AND

AGENCY

OBLIGATIONS

(Cost

$1,092,876)

1,092,744

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$1,092,876)

1,092,744

TOTAL

INVESTMENTS

-

130

.2

%

(Cost

$

151,382,602

)

138,734,829

BORROWINGS

-

(2.4)%

(f),(g)

(

2,520,000

)

REVERSE

REPURCHASE

AGREEMENTS,

INCLUDING

ACCRUED

INTEREST

-

(27.6)%(h)

(

29,378,396

)

OTHER

ASSETS

&

LIABILITIES,

NET

-   (0.2)%

(

312,716

)

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

-

100%

$

106,523,717

I/O

Interest

only

security

LIBOR

London

Inter-Bank

Offered

Rate

M

Month

SOFR30A

30

Day

Average

Secured

Overnight

Financing

Rate

SOFR90A

90

Day

Average

Secured

Overnight

Financing

Rate

TSFR1M

CME

Term

Secured

Overnight

Financing

Rate

1

Month

TSFR3M

CME

Term

Secured

Overnight

Financing

Rate

3

Month

(a)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$113,993,771

or

82.2%

of

Total

Investments.

(b)

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

(c)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

reverse

repurchase

agreements.

As

of

the

end

of

the

reporting

period,

investments

with

a

value

of

$43,522,415

have

been

pledged

as

collateral

for

reverse

repurchase

agreements.

(d)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(e)

Investment,

or

portion

of

investment,

is

hypothecated.

The

total

value

of

investments

hypothecated

as

of

the

end

of

the

reporting

period

was

$1,555,366.

(f)

Borrowings

as

a

percentage

of

Total

Investments

is

1.8%.

(g)

The

Fund

may

pledge

up

to

100%

of

its

eligible

investments

(excluding

any

investments

separately

pledged

as

collateral

for

specific

investments

in

derivatives,

when

applicable)

in

the

Portfolio

of

Investments

as

collateral

for

borrowings.

As

of

the

end

of

the

reporting

period,

investments

with

a

value

of

$26,012,230

have

been

pledged

as

collateral

for

borrowings.

41

See

Notes

to

Financial

Statements

(h)

Reverse

Repurchase

Agreements,

including

accrued

interest

as

a

percentage

of

Total

investments

is

21.2%.

Statement

of

Assets

and

Liabilities

December

31,

2024

See

Notes

to

Financial

Statements

42

.

December

31,

2024

JGH

NPCT

(1)

JLS

ASSETS

Long-term

investments,

at

value

†

$

430,226,815‌

$

501,299,723‌

$

137,642,085‌

Short-term

investments,

at

value

◊

21,450,000‌

7,450,000‌

1,092,744‌

Cash

denominated

in

foreign

currencies

^

–‌

47,838‌

–‌

Cash

collateral

at

broker

for

investments

in

swap

contracts

–‌

1,520,610‌

–‌

Swap

premiums

paid

–‌

48,105‌

–‌

Unrealized

appreciation

on

cross

currency

swap

contracts

–‌

4,101,744‌

–‌

Unrealized

appreciation

on

forward

foreign

currency

contracts

–‌

415,622‌

–‌

Unrealized

appreciation

on

interest

rate

swaps

contracts

1,226,397‌

–‌

–‌

Receivables:

Dividends

–‌

52,500‌

–‌

Interest

7,787,159‌

5,233,294‌

692,816‌

Investments

sold

2,165,353‌

26,577‌

–‌

Reclaims

–‌

60,199‌

697‌

Other

57,069‌

30,703‌

25,531‌

Total

assets

462,912,793‌

520,286,915‌

139,453,873‌

LIABILITIES

Cash

overdraft

1,531,053‌

3,042,989‌

806,496‌

Cash

collateral

due

to

broker

for

investments

in

swaps

1,227,609‌

–‌

–‌

Borrowings

104,000,000‌

62,500,000‌

2,520,000‌

Reverse

repurchase

agreements,

including

accrued

interest

20,115,006‌

49,090,173‌

29,378,396‌

TFP

Shares,

Net

**

–‌

69,717,129‌

–‌

Payables:

Management

fees

324,480‌

422,966‌

112,548‌

Interest

339,550‌

570,241‌

13,628‌

Investments

purchased

-

when-issued/delayed-delivery

settlement

14,364,005‌

–‌

–‌

Accrued

expenses:

Custodian

fees

51,094‌

35,432‌

23,851‌

Investor

relations

5,921‌

4,709‌

5,590‌

Trustees

fees

51,089‌

15,995‌

26,152‌

Professional

fees

6,135‌

7,080‌

34,294‌

Shareholder

reporting

expenses

33,386‌

25,349‌

9,195‌

Shareholder

servicing

agent

fees

29‌

4,131‌

6‌

Other

—‌

19,267‌

—‌

Total

liabilities

142,049,357‌

185,455,461‌

32,930,156‌

Commitments

and

contingencies

(2)

Net

assets

applicable

to

common

shares

$

320,863,436‌

$

334,831,454‌

$

106,523,717‌

Common

shares

outstanding

23,177,393‌

28,755,000‌

5,476,626‌

Net

asset

value

("NAV")

per

common

share

outstanding

$

13

.84‌

$

11

.64‌

$

19

.45‌

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

CONSIST

OF:

Common

shares,

$0.01

par

value

per

share

$

231,774‌

$

287,550‌

$

54,766‌

Paid-in

capital

458,328,716‌

515,517,241‌

121,660,036‌

Total

distributable

earnings

(loss)

(

137,697,054‌

)

(

180,973,337‌

)

(

15,191,085‌

)

Net

assets

applicable

to

common

shares

$

320,863,436‌

$

334,831,454‌

$

106,523,717‌

Authorized

shares:

Common

Unlimited

Unlimited

Unlimited

Preferred

—

Unlimited

—

†

Long-term

investments,

cost

$

432,377,718‌

$

613,161,808‌

$

150,289,726‌

◊

Short-term

investments,

cost

21,450,000‌

7,450,000‌

1,092,876‌

^

Cash

denominated

in

foreign

currencies,

cost

$

–‌

$

54,588‌

$

–‌

**

TFP

Shares,

liquidation

preference

–‌

70,000,000‌

–‌

(1)

Consolidated

Statement

of

Assets

and

Liabilities

(as

disclosed

in

Notes

to

Financial

Statements).

(2)

As

disclosed

in

Notes

to

Financial

Statements.

Statement

of

Operations

December

31,

2024

See

Notes

to

Financial

Statements

43

Year

Ended

December

31,

2024

JGH

NPCT

(1)

JLS

INVESTMENT

INCOME

Dividends

$

563,141‌

$

1,296,096‌

$

—‌

Interest

34,039,910‌

30,265,333‌

13,536,957‌

Rehypothecation

income

—‌

—‌

138‌

Tax

withheld

(

2,786‌

)

(

14,566‌

)

—‌

Total

investment

income

34,600,265‌

31,546,863‌

13,537,095‌

EXPENSES

–

–

–

Management

fees

3,721,431‌

5,065,727‌

1,347,044‌

Shareholder

servicing

agent

fees

860‌

28,680‌

947‌

Interest

expense

and

amortization

of

offering

costs

7,568,711‌

11,582,117‌

2,276,434‌

Trustees

fees

16,348‌

28,021‌

5,297‌

Custodian

expenses

78,410‌

61,931‌

40,490‌

Excise

tax

liability

expense

—‌

—‌

32,833‌

Investor

relations

expenses

121,769‌

93,701‌

21,447‌

Professional

fees

126,541‌

189,307‌

114,130‌

Shareholder

reporting

expenses

45,027‌

305,906‌

20,366‌

Stock

exchange

listing

fees

7,723‌

9,106‌

7,723‌

Other

22,370‌

145,530‌

12,207‌

Total

expenses

11,709,190‌

17,510,026‌

3,878,918‌

Net

investment

income

(loss)

22,891,075‌

14,036,837‌

9,658,177‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

(

12,029,911‌

)

(

9,356,375‌

)

2,011‌

Forward

foreign

currency

contracts

—‌

115,952‌

—‌

Swap

contracts

3,006,509‌

609,734‌

—‌

Foreign

currency

transactions

425,326‌

(

263,101‌

)

—‌

Net

realized

gain

(loss)

(

8,598,076‌

)

(

8,893,790‌

)

2,011‌

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

27,299,930‌

21,634,168‌

3,768,209‌

Forward

foreign

currency

contracts

—‌

690,015‌

—‌

Swap

contracts

(

1,883,566‌

)

921,327‌

—‌

Foreign

currency

translations

—‌

(

38,343‌

)

—‌

Net

change

in

unrealized

appreciation

(depreciation)

25,416,364‌

23,207,167‌

3,768,209‌

Net

realized

and

unrealized

gain

(loss)

16,818,288‌

14,313,377‌

3,770,220‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

$

39,709,363‌

$

28,350,214‌

$

13,428,397‌

(1)

Consolidated

Statement

of

Operations

(as

disclosed

in

Notes

to

Financial

Statements).

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

44

JGH

NPCT

(1)

Year

Ended

12/31/24

Year

Ended

12/31/23

Year

Ended

12/31/24

Year

Ended

12/31/23

OPERATIONS

Net

investment

income

(loss)

$

22,891,075‌

$

18,999,710‌

$

14,036,837‌

$

11,070,164‌

Net

realized

gain

(loss)

(

8,598,076‌

)

(

11,956,041‌

)

(

8,893,790‌

)

(

35,369,541‌

)

Net

change

in

unrealized

appreciation

(depreciation)

25,416,364‌

35,188,563‌

23,207,167‌

44,717,616‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

39,709,363‌

42,232,232‌

28,350,214‌

20,418,239‌

DISTRIBUTIONS

TO

COMMON

SHAREHOLDERS

Dividends

(

26,169,198‌

)

(

21,961,088‌

)

(

17,230,029‌

)

(

12,788,503‌

)

Return

of

Capital

(

2,617,124‌

)

(

6,825,234‌

)

(

19,633,881‌

)

(

17,001,677‌

)

Total

distributions

(

28,786,322‌

)

(

28,786,322‌

)

(

36,863,910‌

)

(

29,790,180‌

)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

10,923,041‌

13,445,910‌

(

8,513,696‌

)

(

9,371,941‌

)

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

309,940,395‌

296,494,485‌

343,345,150‌

352,717,091‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

320,863,436‌

$

309,940,395‌

$

334,831,454‌

$

343,345,150‌

See

Notes

to

Financial

Statements

45

JLS

Year

Ended

12/31/24

Year

Ended

12/31/23

OPERATIONS

Net

investment

income

(loss)

$

9,658,177‌

$

8,246,453‌

Net

realized

gain

(loss)

2,011‌

(

151,201‌

)

Net

change

in

unrealized

appreciation

(depreciation)

3,768,209‌

96,125‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

13,428,397‌

8,191,377‌

DISTRIBUTIONS

TO

COMMON

SHAREHOLDERS

Dividends

(

9,773,039‌

)

(

8,590,403‌

)

Total

distributions

(

9,773,039‌

)

(

8,590,403‌

)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

3,655,358‌

(

399,026‌

)

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

102,868,359‌

103,267,385‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

106,523,717‌

$

102,868,359‌

(1)

Consolidated

Statement

of

Changes

in

Net

Assets

(as

disclosed

in

Notes

to

Financial

Statements).

Statement

of

Cash

Flows

See

Notes

to

Financial

Statements

46

Year

Ended

December

31,

2024

JGH

NPCT

(1)

JLS

CASH

FLOWS

FROM

OPERATING

ACTIVITIES

Net

Increase

(Decrease)

in

Net

Assets

Applicable

to

Common

Shares

from

Operations

$

39,709,363‌

$

28,350,214‌

$

13,428,397‌

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

(

397,969,760‌

)

(

138,039,193‌

)

(

28,321,684‌

)

Proceeds

from

sale

and

maturities

of

investments

401,411,279‌

171,007,729‌

34,306,107‌

Proceeds

from

(Purchase

of)

short-term

investments,

net

(

14,625,000‌

)

(

3,875,000‌

)

(

33,205‌

)

Proceeds

from

(Purchase

of)

closed

foreign

currency

spot

transactions

423,207‌

(

60,436‌

)

—‌

Proceeds

from

litigation

settlement

38,985‌

—‌

—‌

Premiums

received

(paid)

for

credit

default

swaps

contracts

—‌

(

331‌

)

—‌

Amortization

(Accretion)

of

premiums

and

discounts,

net

(

1,168,153‌

)

(

39,953‌

)

(

311,733‌

)

Amortization

of

deferred

offering

costs

—‌

37,867‌

—‌

(Increase)

Decrease

in:

Receivable

for

dividends

6,694‌

78,750‌

—‌

Receivable

for

interest

(

943,032‌

)

780,794‌

39,581‌

Receivable

for

reclaims

—‌

75,863‌

153‌

Receivable

for

investments

sold

(

555,676‌

)

168,208‌

68,970‌

Other

assets

332,878‌

9,946‌

33,196‌

Increase

(Decrease)

in:

Payable

for

interest

(

470,565‌

)

94,537‌

(

306,743‌

)

Payable

for

investments

purchased

-

when-issued/delayed-delivery

settlement

13,964,277‌

—‌

—‌

Payable

for

management

fees

15,289‌

(

13,726‌

)

(

1,733‌

)

Accrued

custodian

fees

(

12,620‌

)

(

13,317‌

)

(

2,995‌

)

Accrued

investor

relations

fees

5,249‌

4,109‌

5,425‌

Accrued

Trustees

fees

(

65,778‌

)

7,830‌

(

33,977‌

)

Accrued

professional

fees

108‌

7,080‌

(

12,406‌

)

Accrued

shareholder

reporting

expenses

(

15,595‌

)

(

5,493‌

)

(

1,115‌

)

Accrued

shareholder

servicing

agent

fees

(

342‌

)

(

543‌

)

(

49‌

)

Accrued

other

expenses

(

440‌

)

11,144‌

(

5‌

)

Net

realized

(gain)

loss

from

investments

12,029,911‌

9,356,375‌

(

2,011‌

)

Net

realized

(gain)

loss

from

foreign

currency

transactions

(

425,326‌

)

263,101‌

—‌

Net

realized

(gain)

loss

from

paydowns

(

72,723‌

)

818,606‌

69,831‌

Net

change

in

unrealized

(appreciation)

depreciation

of

investments

(

27,299,930‌

)

(

21,634,168‌

)

(

3,768,209‌

)

Net

change

in

unrealized

(appreciation)

depreciation

of

forward

foreign

currency

—‌

(

690,015‌

)

—‌

Net

change

in

unrealized

(appreciation)

depreciation

of

swap

contracts

1,883,566‌

(

921,327‌

)

—‌

Net

change

in

unrealized

(appreciation)

depreciation

on

foreign

currency

translations

—‌

38,343‌

—‌

Net

cash

provided

by

(used

in)

operating

activities

26,195,866‌

45,816,994‌

15,155,795‌

CASH

FLOWS

FROM

FINANCING

ACTIVITIES

Proceeds

from

borrowings

5,000,000‌

—‌

—‌

(Repayments)

of

borrowings

(

20,000,000‌

)

(

13,000,000‌

)

(

3,000,000‌

)

Proceeds

from

reverse

repurchase

agreements

20,000,000‌

195,280,000‌

155,340,000‌

(Repayments

of)

reverse

repurchase

agreements

—‌

(

192,280,000‌

)

(

157,451,000‌

)

Increase

(Decrease)

in:

Cash

overdraft

(

469,919‌

)

1,988,511‌

(

271,756‌

)

Cash

collateral

due

to

broker

(

1,939,660‌

)

—‌

—‌

Cash

distributions

paid

to

common

shareholders

(

28,786,322‌

)

(

36,863,910‌

)

(

9,773,039‌

)

Net

cash

provided

by

(used

in)

financing

activities

(

26,195,901‌

)

(

44,875,399‌

)

(

15,155,795‌

)

Net

increase

(decrease)

in

Cash

and

cash

denominated

in

foreign

currencies

and

cash

collateral

at

brokers

(

35‌

)

941,595‌

–‌

Cash

and

cash

denominated

in

foreign

currencies

and

cash

collateral

at

brokers

at

the

beginning

of

period

35‌

626,853‌

—‌

Cash

and

cash

denominated

in

foreign

currencies

and

cash

collateral

at

brokers

at

the

end

of

period

$

—‌

$

1,568,448‌

$

—‌

(1)

Consolidated

Statement

of

Cash

Flows

(as

disclosed

in

Notes

to

Financial

Statements).

See

Notes

to

Financial

Statements

47

The

following

table

provides

a

reconciliation

of

cash,

cash

denominated

in

foreign

currencies

and

cash

collateral

at

brokers

to

the

Statement

of

Assets

and

Liabilities:

JGH

NPCT

JLS

Cash

$

—

$

—

$

—

Cash

denominated

in

foreign

currencies

—

47,838

—

Cash

collateral

at

broker

for

investments

in

swap

contracts

—

1,520,610

—

Total

cash

and

cash

denominated

in

foreign

currencies

,

cash

collateral

at

brokers

$

—

$

1,568,448

$

—

SUPPLEMENTAL

DISCLOSURE

OF

CASH

FLOW

INFORMATION

JGH

NPCT

JLS

Cash

paid

for

interest

(excluding

borrowing

and

amortization

of

offering

costs)

$

7,926,214‌

$

11,442,953‌

$

2,582,302‌

Financial

Highlights

48

The

following

data

is

for

a

common

share

outstanding for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

to

Common

Shareholders

Common

Share

Common

Share

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)

(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Return

of

Capital

Total

Net

Asset

Value,

End

of

Period

Share

Price,

End

of

Period

JGH

12/31/24

$

13.37

$

0.99

$

0.72

$

1.71

$

(

1.13

)

$

—

$

(

0.11

)

$

(

1.24

)

$

13.84

$

12.84

12/31/23

12.79

0.82

1.00

1.82

(

0.95

)

—

(

0.29

)

(

1.24

)

13.37

12.20

12/31/22

16.63

0.95

(

3.43

)

(

2.48

)

(

0.99

)

—

(

0.37

)

(

1.36

)

12.79

11.25

12/31/21

16.97

1.04

(

0.08

)

0.96

(

0.98

)

—

(

0.32

)

(

1.30

)

16.63

15.88

12/31/20

18.14

1.10

(

1.16

)

(

0.06

)

(

1.07

)

—

(

0.04

)

(

1.11

)

16.97

15.55

NPCT

(d)

12/31/24

11.94

0.49

0.49

0.98

(

0.60

)

—

(

0.68

)

(

1.28

)

11.64

10.51

12/31/23

12.27

0.38

0.33

0.71

(

0.45

)

—

(

0.59

)

(

1.04

)

11.94

10.08

12/31/22

19.66

0.67

(

6.83

)

(

6.16

)

(

0.78

)

—

(

0.45

)

(

1.23

)

12.27

10.36

12/31/21

(e)

20.00

0.31

0.07

0.38

(

0.36

)

(

0.03

)

(

0.33

)

(

0.72

)

19.66

18.30

(a)

Based

on

average

shares

outstanding.

(b)

Total

Return

Based

on

Common

Share

NAV

is

the

combination

of

changes

in

common

share

NAV,

reinvested

dividend

income

at

Common

Share

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

The

last

dividend

declared

in

the

period,

which

is

typically

paid

on

the

first

business

day

of

the

following

month,

is

assumed

to

be

reinvested

at

the

ending

NAV.

The

actual

reinvest

price

for

the

last

dividend

declared

in

the

period

may

often

be

based

on

the

Fund’s

market

price

(and

not

its

NAV),

and

therefore

may

be

different

from

the

price

used

in

the

calculation.

Total

returns

are

not

annualized.

Total

Return

Based

on

Common

Share

Price

is

the

combination

of

changes

in

the

market

price

per

share

and

the

effect

of

reinvested

dividend

income

and

reinvested

capital

gains

distributions,

if

any,

at

the

average

price

paid

per

share

at

the

time

of

reinvestment.

The

last

dividend

declared

in

the

period,

which

is

typically

paid

on

the

first

business

day

of

the

following

month,

is

assumed

to

be

reinvested

at

the

ending

market

price.

The

actual

reinvestment

for

the

last

dividend

declared

in

the

period

may

take

place

over

several

days,

and

in

some

instances

may

not

be

based

on

the

market

price,

so

the

actual

reinvestment

price

may

be

different

from

the

price

used

in

the

calculation.

Total

returns

are

not

annualized.

See

Notes

to

Financial

Statements.

49

Ratios

of

Interest

Expense

to

Average

Net

Assets

Applicable

to

Common

Shares

JGH

NPCT

12/31/24

2

.41

%

3

.36

%

12/31/23

2

.46

3

.77

12/31/22

1

.04

1

.33

12/31/21

0

.35

0

.18

12/31/20

0

.59

—

Common

Share

Supplemental

Data/

Ratios

Applicable

to

Common

Shares

Common

Share

Total

Returns

Ratios

to

Average

Net

Assets

Based

on

Net

Asset

Value

(b)

Based

on

Share

Price

(b)

Net

Assets,

End

of

Period

(000)

Expenses

(c)

Net

Investment

Income

(Loss)

(c)

Portfolio

Turnover

Rate

13

.39‌

%

15

.87‌

%

$

320,863

3

.73‌

%

7

.29‌

%

93‌

%

15

.15‌

20

.80‌

309,940

3

.82‌

6

.43‌

35‌

(

15

.10‌

)

(

21

.07‌

)

296,494

2

.43‌

6

.82‌

26‌

5

.82‌

10

.84‌

385,474

1

.68‌

6

.16‌

87‌

0

.39‌

2

.88‌

393,299

1

.87‌

6

.94‌

35‌

8

.44‌

17

.15‌

334,831

5

.08‌

4

.08‌

27‌

6

.21‌

7

.77‌

343,345

5

.50‌

3

.27‌

11‌

(

31

.89‌

)

(

37

.45‌

)

352,717

2

.95‌

4

.61‌

10‌

1

.90‌

(

4

.96‌

)

565,276

1

.47‌

(f)

2

.28‌

(f)

17‌

(c)

•

Net

Investment

Income

(Loss)

ratios

reflect

income

earned

and

expenses

incurred

on

assets

attributable

to

preferred

shares,

borrowings,

and/or

reverse

repurchase

agreements

(as

described

in

Notes

to

Financial

Statements),

where

applicable.

•

The

expense

ratios

reflect,

among

other

things,

all

interest

expense

and

other

costs

related

to

preferred

shares

and/or

reverse

repurchase

agreements

(as

described

in

Notes

to

Financial

Statements)

and/or

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund

(as

described

in

Notes

to

Financial

Statements),

where

applicable,

as

follows:

(d)

Consolidated

Financial

Highlights

(as

disclosed

in

Notes

to

Financial

Statements).

(e)

For

the

period

April

27,

2021

(commencement

of

operations)

through

December

31,

2021.

(f)

Annualized.

Financial

Highlights

(continued)

50

The

following

data

is

for

a

common

share

outstanding for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

to

Common

Shareholders

Common

Share

Common

Share

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)

(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Return

of

Capital

Total

Discount

Per

Share

Repurchased

and

Retired

Net

Asset

Value,

End

of

Period

Share

Price,

End

of

Period

JLS

12/31/24

$

18.78

$

1.76

$

0.69

$

2.45

$

(

1.78

)

$

—

$

—

$

(

1.78

)

$

—

$

19.45

$

18.00

12/31/23

18.86

1.51

(

0.02

)

1.49

(

1.57

)

—

—

(

1.57

)

—

18.78

16.88

12/31/22

22.19

1.12

(

3.38

)

(

2.26

)

(

0.86

)

—

(

0.20

)

(

1.06

)

(

0.01

)

18.86

16.18

12/31/21

22.17

0.83

0.16

0.99

(

0.85

)

—

(

0.12

)

(

0.97

)

—

22.19

20.96

12/31/20

22.83

0.86

(

0.55

)

0.31

(

0.73

)

—

(

0.24

)

(

0.97

)

—

22.17

19.77

(a)

Based

on

average

shares

outstanding.

(b)

Total

Return

Based

on

Common

Share

NAV

is

the

combination

of

changes

in

common

share

NAV,

reinvested

dividend

income

at

Common

Share

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

The

last

dividend

declared

in

the

period,

which

is

typically

paid

on

the

first

business

day

of

the

following

month,

is

assumed

to

be

reinvested

at

the

ending

NAV.

The

actual

reinvest

price

for

the

last

dividend

declared

in

the

period

may

often

be

based

on

the

Fund’s

market

price

(and

not

its

NAV),

and

therefore

may

be

different

from

the

price

used

in

the

calculation.

Total

returns

are

not

annualized.

Total

Return

Based

on

Common

Share

Price

is

the

combination

of

changes

in

the

market

price

per

share

and

the

effect

of

reinvested

dividend

income

and

reinvested

capital

gains

distributions,

if

any,

at

the

average

price

paid

per

share

at

the

time

of

reinvestment.

The

last

dividend

declared

in

the

period,

which

is

typically

paid

on

the

first

business

day

of

the

following

month,

is

assumed

to

be

reinvested

at

the

ending

market

price.

The

actual

reinvestment

for

the

last

dividend

declared

in

the

period

may

take

place

over

several

days,

and

in

some

instances

may

not

be

based

on

the

market

price,

so

the

actual

reinvestment

price

may

be

different

from

the

price

used

in

the

calculation.

Total

returns

are

not

annualized.

See

Notes

to

Financial

Statements.

51

Ratios

of

Interest

Expense

to

Average

Net

Assets

Applicable

to

Common

Shares

JLS

12/31/24

2

.14

%

12/31/23

2

.60

12/31/22

1

.17

12/31/21

0

.45

12/31/20

0

.91

Common

Share

Supplemental

Data/

Ratios

Applicable

to

Common

Shares

Common

Share

Total

Returns

Ratios

to

Average

Net

Assets

Based

on

Net

Asset

Value

(b)

Based

on

Share

Price

(b)

Net

Assets,

End

of

Period

(000)

Expenses

(c)

Expenses

After

Reimbursement

Net

Investment

Income

(Loss)

(c)

Portfolio

Turnover

Rate

13

.49‌

%

17

.73‌

%

$

106,524

3

.65‌

%

N/A‌

%

9

.10‌

%

20‌

%

8

.18‌

14

.79‌

102,868

4

.16‌

N/A‌

7

.98‌

28‌

(

10

.30‌

)

(

17

.88‌

)

103,267

2

.72‌

N/A‌

5

.61‌

47‌

4

.47‌

11

.02‌

121,785

1

.87‌

N/A‌

3

.69‌

73‌

1

.69‌

(

5

.36‌

)

121,642

2

.46‌

1

.54‌

4

.04‌

117‌

(c)

•

Net

Investment

Income

(Loss)

ratios

reflect

income

earned

and

expenses

incurred

on

assets

attributable

to

borrowings,

and/or

reverse

repurchase

agreements

(as

described

in

Notes

to

Financial

Statements),

where

applicable.

•

The

expense

ratios

reflect,

among

other

things,

all

interest

expense

and

other

costs

related

to

preferred

shares

and/or

reverse

repurchase

agreements

(as

described

in

Notes

to

Financial

Statements)

and/or

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund

(as

described

in

Notes

to

Financial

Statements),

where

applicable,

as

follows:

52

Financial

Highlights

(continued)

The

following

table

sets

forth

information

regarding

each

Fund's

outstanding

senior

securities

as

of

the

end

of

each

of

the

Fund's

last

five

fiscal

periods,

as

applicable.

Borrowings

TFP

Shares

Aggregate

Amount

Outstanding

(000)

(a)

Asset

Coverage

Per

$1,000

Share

(b)

Aggregate

Amount

Outstanding

(000)

(a)

Asset

Coverage

Per

$1,000

Share

(b)

Asset

Coverage

Per

$1

Liquidation

Preference

(c)

JGH

12/31/24

$

104,000

$

4,085

$

—

$

—

$

—

12/31/23

119,000

3,605

—

—

—

12/31/22

127,000

3,335

—

—

—

12/31/21

159,000

3,424

—

—

—

12/31/20

149,200

3,636

—

—

—

NPCT

12/31/24

62,500

7,477

70,000

3,527

3.53

12/31/23

75,500

6,475

70,000

3,360

3.36

12/31/22

105,500

5,007

70,000

3,010

3.01

12/31/21

(d)

167,000

4,385

—

—

—

JLS

12/31/24

2,520

43,271

—

—

—

12/31/23

5,520

19,636

—

—

—

12/31/22

12,495

9,265

—

—

—

12/31/21

8,455

15,404

—

—

—

12/31/20

15,505

8,845

—

—

—

(a)

Aggregate

Amount

Outstanding:

Aggregate

amount

outstanding

represents

the

principal

amount

outstanding

or

liquidation

preference,

if

applicable,

as

of

the

end

of

the

relevant

fiscal

year.

(b)

Asset

Coverage

Per

$1,000:

Asset

coverage

per

$1,000

is

calculated

by

subtracting

the

Fund’s

liabilities

and

indebtedness

not

represented

by

senior

securities

from

the

Fund’s

total

assets,

dividing

the

result

by

the

aggregate

amount

of

the

Fund’s

senior

securities

representing

indebtedness

then

outstanding

(if

applicable),

plus

the

aggregate

of

the

involuntary

liquidation

preference

of

the

outstanding

preferred

shares,

if

applicable,

and

multiplying

the

result

by

1,000.

(c)

Includes

all

preferred

shares

presented

for

the

Fund.

(d)

For

the

period

April

27,

2021

(commencement

of

operations)

through

December

31,

2021.

Notes

to

Financial

Statements

53

1.

General

Information 

Fund

Information:

The

funds

covered

in

this

report

and

their

corresponding

New

York

Stock

Exchange

(“NYSE”)

symbols

are

as

follows

(each

a

“Fund”

and

collectively,

the

“Funds”):

Nuveen

Global

High

Income

Fund

(JGH)

Nuveen

Core

Plus

Impact

Fund

(NPCT)

Nuveen

Mortgage

and

Income

Fund

(JLS)

The

Funds

are

registered

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

as

amended,

as

closed-end

management

investment

companies.

JGH,

NPCT

and

JLS

were

organized

as

Massachusetts

business

trusts

on

August

5,

2014,

December

4,

2020

and

September

10,

2009,

respectively.

Current

Fiscal

Period:

The

end

of

the

reporting

period

for

the

Funds

is

December

31,

2024,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

fiscal

year

ended

December

31,

2024

(the

"current

fiscal

period").

Investment

Adviser

and

Sub-Adviser:

The

Funds’

investment

adviser

is

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”),

a

subsidiary

of

Nuveen,

LLC

(“Nuveen”).

Nuveen

is

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(TIAA).

The

Adviser

has

overall

responsibility

for

management

of

the

Funds,

oversees

the

management

of

the

Funds’

portfolio,

manages

the

Funds’

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

(“NAM”),

a

subsidiary

of

the

Adviser

and

Teachers

Advisors,

LLC

(“TAL”),

an

affiliate

of

the

Adviser,

(each

a

“Sub-Adviser”

and

collectively,

the

“Sub-Advisers”).

NAM

manages

the

investment

portfolios

of

JGH

and

NPCT,

while

TAL

manages

the

investment

portfolio

of

JLS.

Developments

Regarding

JGH’s

Control

Share

By-Law:

On

January

14,

2021,

the

Fund’s

Board

of

Trustees

(the

“Board”)

received

a

shareholder

demand

letter

(the

“Demand

Letter”)

from

Saba

Capital

CEF

Opportunities

1,

Ltd.

and

Saba

Capital

Management,

L.P.

(collectively,

“Saba”)

demanding

that

the

Fund

(i)

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

(as

defined

in

the

by-laws)

shall

have

the

same

voting

rights

as

other

common

shareholders

only

to

the

extent

authorized

by

the

other

disinterested

shareholders

(the

“Control

Share

By-Law”)

and

(ii)

commence

judicial

action

against

the

Board

to

ensure

that

the

Control

Share

By-Law

is

withdrawn.

Following

review

of

the

Demand

Letter,

the

Board

determined

that

it

would

not

be

in

the

best

interests

of

the

Fund

or

the

Fund’s

shareholders

to

take

the

actions

requested

in

the

Demand

Letter.

Also

on

January

14,

2021,

Saba

filed

a

civil

complaint

in

the

U.S.

District

Court

for

the

Southern

District

of

New

York

(the

“District

Court”)

against

the

Fund,

certain

other

Nuveen

funds

and

the

Board,

seeking

a

declaration

that

the

Control

Share

By-Law

violates

the

1940

Act,

rescission

of

the

Control

Share

By-Law

and

a

permanent

injunction

against

applying

the

Control

Share

By-Law.

On

February

18,

2022,

the

District

Court

granted

judgment

in

favor

of

Saba’s

claim

for

rescission

of

the

Control

Share

By-Law

and

Saba’s

declaratory

judgment

claim,

and

declared

that

the

Control

Share

By-Law

violates

Section

18(i)

of

the

1940

Act.

Following

review

of

the

judgment

of

the

District

Court,

on

February

22,

2022,

the

Trustees

amended

the

Fund’s

by-laws

to

provide

that

the

Control

Share

By-Law

shall

be

of

no

force

and

effect

for

so

long

as

the

judgment

of

the

District

Court

is

effective

and

that

if

the

judgment

of

the

District

Court

is

reversed,

overturned,

vacated,

stayed,

or

otherwise

nullified,

the

Control

Share

By-Law

will

be

automatically

reinstated

and

apply

to

any

beneficial

owner

of

common

shares

acquired

in

a

Control

Share

Acquisition,

regardless

of

whether

such

Control

Share

Acquisition

occurs

before

or

after

such

reinstatement,

for

the

duration

of

the

stay

or

upon

issuance

of

the

mandate

reversing,

overturning,

vacating

or

otherwise

nullifying

the

judgment

of

the

District

Court.

On

February

25,

2022,

the

Board

and

the

Funds

appealed

the

District

Court’s

decision

to

the

U.S.

Court

of

Appeals

for

the

Second

Circuit.

On

November

30,

2023,

the

U.S.

Court

of

Appeals

for

the

Second

Circuit

upheld

the

opinion

of

the

District

Court.

On

February

28,

2024,

the

Board

of

the

Funds

Amended

and

Restated

By-Laws

to

eliminate

the

“control

share”

provisions.

Developments

Regarding

NPCT’s

and

JLS’s

Control

Share

By-Law:

On

October

5,

2020,

the

Funds

and

certain

other

closed-end

funds

in

the

Nuveen

fund

complex

amended

their

by-laws.

Among

other

things,

the

amended

by-laws

included

provisions

pursuant

to

which,

in

summary,

a

shareholder

who

obtains

beneficial

ownership

of

common

shares

in

a

Control

Share

Acquisition

(as

defined

in

the

by-laws)

shall

have

the

same

Control

Share

By-Law.

On

January

14,

2021,

a

shareholder

of

certain

Nuveen

closed-end

funds

filed

a

civil

complaint

in

the

District

Court

against

certain

Nuveen

funds

and

their

trustees,

seeking

a

declaration

that

such

funds’

Control

Share

By-Laws

violate

the

1940

Act,

rescission

of

such

fund’s

Control

Share

By-Laws

and

a

permanent

injunction

against

such

funds

applying

the

Control

Share

By-Laws.

On

February

18,

2022,

the

District

Court

granted

judgment

in

favor

of

the

plaintiff’s

claim

for

rescission

of

such

funds’

Control

Share

By-Laws

and

the

plaintiff’s

declaratory

judgment

claim,

and

declared

that

such

funds’

Control

Share

By-Laws

violate

Section

18(i)

of

the

1940

Act.

Following

review

of

the

judgment

of

the

District

Court,

on

February

22,

2022,

the

Board

amended

the

Funds’

by-laws

to

provide

that

the

Funds’

Control

Share

By-Law

shall

be

of

no

force

and

effect

for

so

long

as

the

judgment

of

the

District

Court

is

effective

and

that

if

the

judgment

of

the

District

Court

is

reversed,

overturned,

vacated,

stayed,

or

otherwise

nullified,

the

Funds’

Control

Share

By-Law

will

be

automatically

reinstated

and

apply

to

any

beneficial

owner

of

common

shares

acquired

in

a

Control

Share

Acquisition,

regardless

of

whether

such

Control

Share

Acquisition

occurs

before

or

after

such

reinstatement,

for

the

duration

of

the

stay

or

upon

issuance

of

the

mandate

reversing,

overturning,

vacating

or

otherwise

nullifying

the

judgment

of

the

District

Court.

On

February

25,

2022,

the

Board

and

the

Funds

appealed

the

District

Court’s

decision

to

the

U.S.

Court

of

Appeals

for

the

Second

Circuit.

On

November

30,

2023,

the

U.S.

Court

of

Appeals

for

the

Second

Circuit

upheld

the

opinion

of

the

District

Court.

On

February

28,

2024,

the

Board

of

the

Funds

Amended

and

Restated

By-Laws

to

eliminate

the

“control

share”

provisions.

Basis

for

Consolidation:

NPCT

is

presented

on

a

consolidated

basis

with

the

Nuveen

Core

Plus

Impact

Fund

Ltd.

(the

“Subsidiary”),

a

wholly-owned

subsidiary

of

NPCT

organized

under

the

laws

of

the

Cayman

Islands.

The

Subsidiary

commenced

operations

on

April

27,

2021

and

is

intended

to

provide

the

Fund

with

exposure

to

Regulation

S

fixed-income

securities.

Regulation

S

securities

are

securities

of

U.S.

and

non-U.S.

issuers

that

are

issued

through

private

placement

transactions

with

the

SEC

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

as

amended.

The

Subsidiary

54

Notes

to

Financial

Statements

(continued)

is

advised

by

the

Adviser

and

has

the

same

investment

objective

as

NPCT,

but

unlike

NPCT,

it

may

invest

in

Regulation

S

securities

without

limitation.

As

of

the

end

of

the

reporting

period,

the

net

assets

of

the

Subsidiary

were

$24,892,661

representing

7%

of

the

Fund’s

consolidated

net

assets.

All

inter-company

transactions

and

balances

have

been

eliminated.

Select

financial

information

related

to

the

Subsidiary

is

as

follows:

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates. Each

Fund

is

an

investment

company

and

follows

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

–

Investment

Companies.

The

net

asset

value

(“NAV”)

for

financial

reporting

purposes

may

differ

from

the

NAV

for

processing

security

and

shareholder

transactions.

The

NAV

for

financial

reporting

purposes

includes

security

and

shareholder

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the

NAV

used

for

processing

security

and

shareholder

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds.

Compensation:

The

Funds pay

no

compensation

directly

to

those

of its

officers,

all

of

whom

receive

remuneration

for

their

services

to

the

Funds

from

the

Adviser

or

its

affiliates.

The

Board

has

adopted

a

deferred

compensation

plan

for

independent

trustees

that

enables

trustees

to

elect

to

defer

receipt

of

all

or

a

portion

of

the

annual

compensation

they

are

entitled

to

receive

from

certain

Nuveen-advised

funds.

Under

the

plan,

deferred

amounts

are

treated

as

though

equal

dollar

amounts

had

been

invested

in

shares

of

select

Nuveen-advised

funds.

Distributions

to

Common

Shareholders:

Distributions

to

common shareholders

are

recorded

on

the

ex-dividend

date.

The

amount,

character

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

The

Funds'

distribution

policy,

which

may

be

changed

by

the

Board,

is

to

make

regular

monthly

cash

distributions

to

holders

of

their

common

shares

(stated

in

terms

of

a

fixed

cents

per

common

share

dividend

distributions

rate

which

may

be

set

from

time

to

time).

Each

Fund

intends

to

distribute

all

or

substantially

all

of

its

net

investment

income

through

its

regular

monthly

distribution

and

to

distribute

realized

capital

gains

at

least

annually.

In

addition,

in

any

monthly

period,

to

maintain

its

declared

per

common

share

distribution

amount,

a

Fund

may

distribute

more

or

less

than

its

net

investment

income

during

the

period.

In

the

event

a

Fund

distributes

more

than

its

net

investment

income

during

any

yearly

period,

such

distributions

may

also

include

realized

gains

and/or

a

return

of

capital.

To

the

extent

that

a

distribution

includes

a

return

of

capital

the

NAV

per

share

may

erode.

Foreign

Currency

Transactions

and

Translation:

The

books

and

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

end

of

each

day.

Purchases

and

sales

of

securities,

income

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

dates

of

the

transactions.

Net

realized

foreign

currency

gains

and

losses

resulting

from

changes

in

exchange

rates

associated

with

(i)

foreign

currency,

(ii)

investments

and

(iii)

derivatives

include

foreign

currency

gains

and

losses

between

trade

date

and

settlement

date

of

the

transactions,

foreign

currency

transactions,

and

the

difference

between

the

amounts

of

interest

and

dividends

recorded

on

the

books

of

the

Funds

and

the

amounts

actually

received

are

recognized

as

a

component

of

“Net

realized

gain

(loss)

from

foreign

currency

transactions”

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

unrealized

appreciation

(depreciation)

on foreign

currency

translations”

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

unrealized

appreciation

(depreciation)”

on

the

Statement

of

Operations,

when

applicable.

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

on

income,

gains

on

investments

or

foreign

currency

repatriation,

a

portion

of

which

may

be

recoverable.

The

Funds

will

accrue

such

taxes

and

recoveries

as

applicable,

based

upon

the

current

interpretation

of

tax

rules

and

regulations

that

exist

in

the

markets

in

which

the

Funds

invest.

Indemnifications:

Under

the

Funds'

organizational

documents, their

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Funds.

In

addition,

in

the

normal

course

of

business,

the Funds

enter

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Funds'

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Funds

that

have

not

yet

occurred.

However,

the Funds

have

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

Investments

and

Investment

Income:

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Trade

date

for

senior

and

subordinated

loans

purchased

in

the

“primary

market”

is

considered

the

date

on

which

the

loan

allocations

are

determined.

Trade

date

for

senior

and

subordinated

loans

purchased

in

the

“secondary

market”

is

the

date

on

which

the

transaction

is

entered

into.

Realized

gains

NPCT

Total

long-term

investments

at

value

$24,434,777

Net

assets

applicable

to

Common

Shares

24,892,661

Net

investment

income

(loss)

597,941

Net

realized

gain

(loss)

from

investments

and

foreign

currency

9,302

Change

in

net

unrealized

appreciation

(depreciation)

from

investments

and

foreign

currency

142,202

55

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Dividend

income

is

recorded

on

the

ex-dividend

date

or,

for

certain

foreign

securities,

when

information

is

available.

Non-cash

dividends

received

in

the

form

of

stock,

if

any,

are

recognized

on

the

ex-dividend

date

and

recorded

at

fair

value.

Interest

income,

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,

paydown

gains

and

losses

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

Funds

may

enter

into

transactions

subject

to

enforceable

master

repurchase

agreements,

International

Swaps

and

Derivatives

Association,

Inc.

(ISDA)

master

agreements

or

other

similar

arrangements

(“netting

agreements”).

Generally,

the

right

to

offset

in

netting

agreements

allows

each

Fund

to

offset

certain

securities

and

derivatives

with

a

specific

counterparty,

when

applicable,

as

well

as

any

collateral

received

or

delivered

to

that

counterparty

based

on

the

terms

of

the

agreements.

Generally,

each

Fund

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

With

respect

to

certain

counterparties,

in

accordance

with

the

terms

of

the

netting

agreements,

collateral

posted

to

the

Funds

is

held

in

a

segregated

account

by

the

Funds’

custodian

and/or

with

respect

to

those

amounts

which

can

be

sold

or

repledged,

are

presented

in

the

Funds’

Portfolio

of

Investments

or

Statement

of

Assets

and

Liabilities.

The

Funds’

investments

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

if

any,

are

further

described

later

in

these

Notes

to

Financial

Statements.

Segment

Reporting:

In

November

2023,

the

FASB

issued

Accounting

Standard

Update

(“ASU”)

No.

2023-07,

Segment

Reporting

(Topic

280)

Improvements

to

Reportable

Segment

Disclosures

(“ASU

2023-07”).

The

amendments

in

ASU

2023-07

improve

reportable

segment

disclosure

requirements,

primarily

through

enhanced

disclosures

about

significant

segment

expenses.

ASU

2023-07

also

requires

a

public

entity

that

has

a

single

reportable

segment

to

provide

all

the

disclosures

required

by

the

amendments

in

ASU

2023-07

and

all

existing

segment

disclosures

in

Topic

280.

The

amendments

in

ASU

2023-07

are

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

fiscal

years

beginning

after

December

15,

2024.

The

Funds

adopted

ASU

2023-07

during

the

current

reporting

period.

Adoption

of

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Funds’

financial

positions

or

the

results

of

their

operations.

The

officers

of

the

Funds

act

as

the

chief

operating

decision

maker

(“CODM”).

Each

Fund

represents

a

single

operating

segment.

The

CODM

monitors

the

operating

results

of

each

Fund

as

a

whole

and

is

responsible

for

each

Fund’s

long-term

strategic

asset

allocation

in

accordance

with

the

terms

of

its

prospectus,

based

on

a

defined

investment

strategy

which

is

executed

by

the

Fund’s

portfolio

managers

as

a

team.

The

financial

information

in

the

form

of

the

Fund’s

portfolio

composition,

total

returns,

expense

ratios

and

changes

in

net

assets

(i.e.,

changes

in

net

assets

resulting

from

operations,

subscriptions

and

redemptions),

which

are

used

by

the

CODM

to

assess

the

segment’s

performance

versus

the

Fund’s

comparative

benchmarks

and

to

make

resource

allocation

decisions

for

the

Fund’s

single

segment,

is

consistent

with

that

presented

within

the

Fund’s

financial

statements.

Segment

assets

are

reflected

on

the

Statement

of

Assets

and

Liabilities

as

“total

assets”

and

significant

segment

revenues

and

expenses

are

listed

on

the

Statement

of

Operations.  

3.

Investment

Valuation

and

Fair

Value

Measurements 

The

Funds’

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Adviser,

subject

to

oversight

of

the Board.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the

Funds’

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Equity

securities

and

exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

last

reported sales

price

or

official

closing

price of such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

on

a

foreign

exchange

are

valued

at

the

last

reported sales

price

or

official

closing

price

on

the

principal

exchange

where

traded,

and

converted

to

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the valuation

date.

For

events affecting

the value

of

foreign

securities

between

the

time

when

the

exchange

on

which

they

are

traded

closes

and

the

time

when

the

Funds'

net

assets

are

calculated,

such

securities

will

be

valued

at

fair

value

in

accordance

with

procedures

adopted

by

the

Adviser,

subject

to

the

oversight

of

the

Board. To

the

extent

these

securities

are

actively

traded

and

no

valuation

adjustments

are

applied,

they

are

generally

classified

as

Level

1. When

valuation

adjustments

are

applied

to

the

most

recent

last

sales

price

or

official

closing

price, these

securities

are

generally

classified

as

Level

2.

Prices

of

fixed-income

securities

are

generally

provided

by

pricing

services

approved

by

the

Adviser,

which

is

subject

to

review

by

the

Adviser

and

oversight

of

the

Board. Pricing

services

establish

a

security’s

fair

value

using

methods

that

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

56

Notes

to

Financial

Statements

(continued)

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

In

pricing

certain

securities,

particularly

less

liquid

and

lower

quality

securities,

pricing

services

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

These

securities

are

generally

classified

as

Level

2.

Repurchase

agreements

are

valued

at

contract

amount

plus

accrued

interest,

which

approximates

market

value.

These

securities

are

generally

classified

as

Level

2.

Forward

foreign

currency

contracts

are

valued

using

the

prevailing

forward

exchange

rate

which

is

derived

from

quotes

provided

by

the

pricing

service

using

the

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the Board,

and

are

generally

classified

as

Level

2. 

Swap

contracts

are

marked-to-market

daily

based

upon

a

price

supplied

by

a

pricing

service.

Swaps

are

generally

classified

as

Level

2. 

For

any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

Adviser

deems

the

valuations

derived

using

the

valuation

procedures

described

above

not

to

reflect

fair

value,

the

Adviser

will

determine

a

fair

value

in

good

faith

using

alternative

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

is

the

amount

that

the

owner

might

reasonably

expect

to

receive

for

it

in

a

current

sale.

A

variety

of

factors

may

be

considered

in

determining

the

fair

value

of

such

securities,

which

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as

Level

2;

otherwise

they

would

be

classified

as

Level

3.

The

following

table

summarizes

the

market

value

of

the

Funds’

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

JGH

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

$1,000

Par

(or

similar)

Institutional

Preferred

$

–

$

46,507,100

$

–

$

46,507,100

$25

Par

(or

similar)

Retail

Preferred

884,337

–

–

884,337

Asset-Backed

Securities

–

–

647,393

647,393

Common

Stocks

–

904,072

–

904,072

Contingent

Capital

Securities

–

31,701,683

–

31,701,683

Corporate

Bonds

–

215,872,136

165,000

216,037,136

Sovereign

Debt

–

55,966,988

–

55,966,988

Variable

Rate

Senior

Loan

Interests

–

77,578,106

–

77,578,106

Short-Term

Investments:

Repurchase

Agreements

–

21,450,000

–

21,450,000

Investments

in

Derivatives:

Interest

Rate

Swaps*

–

1,226,397

–

1,226,397

Total

$

884,337

$

451,206,482

$

812,393

$

452,903,212

NPCT

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

$1,000

Par

(or

similar)

Institutional

Preferred

$

–

$

76,489,099

$

–

$

76,489,099

$25

Par

(or

similar)

Retail

Preferred

19,960,623

–

–

19,960,623

Asset-Backed

Securities

–

6,230,767

5,203,074

11,433,841

Corporate

Bonds

–

267,527,466

–

267,527,466

Mortgage-Backed

Securities

–

67,714,201

–

67,714,201

Municipal

Bonds

–

13,502,445

–

13,502,445

Sovereign

Debt

–

19,173,377

–

19,173,377

U.S.

Government

and

Agency

Obligations

–

14,353,606

–

14,353,606

Variable

Rate

Senior

Loan

Interests

–

11,145,065

–

11,145,065

Short-Term

Investments:

Repurchase

Agreements

–

7,450,000

–

7,450,000

Investments

in

Derivatives:

Cross

Currency

Swaps*

–

4,101,744

–

4,101,744

Forward

Foreign

Currency

Contracts*

–

415,622

–

415,622

Total

$

19,960,623

$

488,103,392

$

5,203,074

$

513,267,089

57

The

Funds

hold

liabilities

in

preferred

shares,

where

applicable,

which

are

not

reflected

in

the

tables

above.

The

fair

values

of

the

Funds’

liabilities

for

preferred

shares

approximate

their

liquidation

preference.

Preferred

shares

are

generally

classified

as

Level

2

and

further

described

later

in

these

Notes

to

Financial

Statements.

The

following

is

a

reconciliation

of

the

Funds’

Level

3

investments

held

at

the

beginning

and

end

of

the

measurement

period:

JLS

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Asset-Backed

Securities

$

–

$

40,531,400

$

1,769,150

$

42,300,550

Mortgage-Backed

Securities

–

95,341,535

–

95,341,535

Short-Term

Investments:

U.S.

Government

and

Agency

Obligations

–

1,092,744

–

1,092,744

Total

$

–

$

136,965,679

$

1,769,150

$

138,734,829

*

Represents

net

unrealized

appreciation

(depreciation).

Level

3

JGH

Asset-Backed

Securities

Corporate

Bonds

Balance

at

the

beginning

of

period

$

648,570

$

-

Gains

(losses):

-

-

Net

realized

gains

(losses)

-

-

Change

in

net

unrealized

appreciation

(depreciation)

(1,177)

-

Purchases

at

cost

-

-

Sales

at

proceeds

-

-

Net

discounts

(premiums)

-

-

Transfers

into

-

165,000

Transfers

(out

of)

-

-

Balance

at

the

end

of

period

$

647,393

$

165,000

Change

in

net

unrealized

appreciation

(depreciation)

during

the

period

of

Level

3

securities

held

as

of

period

end

$

(1,177)

$

(7,500)

Level

3

NPCT

Asset-Backed

Securities

Balance

at

the

beginning

of

period

$

4,421,470

Gains

(losses):

Net

realized

gains

(losses)

(485,569)

Change

in

net

unrealized

appreciation

(depreciation)

(1,401,434)

Purchases

at

cost

2,758,280

Sales

at

proceeds

(289,192)

Net

discounts

(premiums)

199,519

Transfers

into

-

Transfers

(out

of)

-

Balance

at

the

end

of

period

$

5,203,074

Change

in

net

unrealized

appreciation

(depreciation)

during

the

period

of

Level

3

securities

held

as

of

period

end

$

(1,401,434)

58

Notes

to

Financial

Statements

(continued)

The

valuation

techniques

and

significant

unobservable

inputs

used

in

recurring

Level

3

fair

value

measurements

of

assets

as

of

the

end

of

the

reporting

period,

were

as

follows:

.

The

table

below

presents

the

transfers

in

and

out

of

the

three

valuation

levels

for

the

Funds

as

of

the

end

of

the

reporting

period

when

compared

to

the

valuation

levels

at

the

end

of

the

previous

fiscal

year.

Changes

in

valuation

inputs

or

methodologies

may

result

in

transfers

into

or

out

of

an

assigned

level

within

the

fair

value

hierarchy.

Transfers

in

or

out

of

levels

are

generally

due

to

the

availability

of

publicly

available

information

and

to

the

significance

or

extent

the

Adviser

determines

that

the

valuation

inputs

or

methodologies

may

impact

the

valuation

of

those

securities.

4.

Portfolio

Securities

Participation

Commitments

for

JGH

and

NPCT:

With

respect

to

the

senior

loans

held

in

JGH’s

and

NPCT’s

portfolio,

the

Funds

may:

1)

invest

in

assignments;

2)

act

as

a

participant

in

primary

lending

syndicates;

or

3)

invest

in

participations.

If

a

Fund

purchases

a

participation

of

a

senior

loan

interest,

the

Fund

would

typically

enter

into

a

contractual

agreement

with

the

lender

or

other

third

party

selling

the

participation,

rather

than

directly

with

the

borrower.

As

such,

the

Fund

not

only

assumes

the

credit

risk

of

the

borrower,

but

also

that

of

the

selling

participant

or

other

persons

inter

positioned

between

the

Fund

and

the

borrower.

As

of

the

end

of

the

reporting

period,

JGH

and

NPCT

had

no

such

outstanding

participation

commitments.

Repurchase

Agreements:

In

connection

with

transactions

in

repurchase

agreements,

it

is

each

Fund's

policy

that

its

custodian

take

possession

of

the

underlying

collateral

securities,

the

fair

value

of

which

exceeds

the

principal

amount

of

the

repurchase

transaction,

including

accrued

interest,

at

all

times.

If

the

counterparty

defaults,

and

the

fair

value

of

the

collateral

declines,

realization

of

the

collateral

may

be

delayed

or

limited.

Level

3

JLS

Asset-Backed

Securities

Balance

at

the

beginning

of

period

$

1,379,951

Gains

(losses):

-

Net

realized

gains

(losses)

(108,596)

Change

in

net

unrealized

appreciation

(depreciation)

(301,520)

Purchases

at

cost

794,402

Sales

at

proceeds

(44,836)

Net

discounts

(premiums)

49,749

Transfers

into

-

Transfers

(out

of)

-

Balance

at

the

end

of

period

$

1,769,150

Change

in

net

unrealized

appreciation

(depreciation)

during

the

period

of

Level

3

securities

held

as

of

period

end

$(301,520)

Fund

Asset

Class

Market

Value

Techniques

Unobservable

Inputs

Range

Weighted

Average

JGH

Asset-Backed

Securities

$647,393

Indicative

Trade

Broker

Quote

$86.32

N/A

Corporate

Bonds

165,000

Indicative

Trade

Broker

Quote

$11.00

N/A

Total

$812,393

Fund

Asset

Class

Market

Value

Techniques

Unobservable

Inputs

Range

Weighted

Average

NPCT

Asset-Backed

Securities

$5,203,074

Indicative

Trade

Broker

Quote

$37.10-$49.14

$44.34

Fund

Asset

Class

Market

Value

Techniques

Unobservable

Inputs

Range

Weighted

Average

JLS

Asset-Backed

Securities

$1,769,150

Indicative

Trade

Broker

Quote

$37.10-$19,785

$6,718.06

Level

1

Level

2

Level

3

Transfers

In

(Transfers

Out)

Transfers

In

(Transfers

Out)

Transfers

In

(Transfers

Out)

JGH

Corporate

Bonds

$-

$-

$-

$(165,000)

$165,000

$-

59

The

following

table

presents

the

repurchase

agreements

for

the

Funds

that

are

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

and

the

collateral

delivered

related

to

those

repurchase

agreements.

Zero

Coupon

Securities:

A

zero

coupon

security

does

not

pay

a

regular

interest

coupon

to

its

holders

during

the

life

of

the

security.

Income

to

the

holder

of

the

security

comes

from

accretion

of

the

difference

between

the

original

purchase

price

of

the

security

at

issuance

and

the

par

value

of

the

security

at

maturity

and

is

effectively

paid

at

maturity.

The

market

prices

of

zero

coupon

securities

generally

are

more

volatile

than

the

market

prices

of

securities

that

pay

interest

periodically.

Purchases

and

Sales:

Long-term

purchases

and

sales during

the

current fiscal

period

were

as

follows:

The

Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period. If

a

Fund

has

outstanding

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

5.

Derivative

Investments

Each

Fund

is

authorized

to

invest

in

certain

derivative

instruments.

As

defined

by

U.S.

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variables.

Investments

in

derivatives

as

of

the

end

of

and/or

during

the

current

fiscal

period,

if

any,

are

included

within

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations,

respectively.

Forward

Foreign

Currency

Contracts:

During

the

current

fiscal

period,

NPCT

used

foreign

exchange

forwards

to

hedge

its

exposure

to

Euro

denominated

positions.

A

forward

contract

is

an

agreement

between

two

parties

to

purchase

or

sell

a

specified

quantity

of

a

currency

at

or

before

a

specified

date

in

the

future

at

a

specified

price.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

cash

without

the

delivery

of

foreign

currency.

Forward

contracts

are

typically

traded

in

the

over-the-counter

(“OTC”)

markets

and

all

details

of

the

contract

are

negotiated

between

the

counterparties

to

the

agreement.

Forward

contracts

are

marked-to-market

daily

and

any

resulting

unrealized

gains

or

losses

are

reflected

as

appreciation

or

depreciation

on

the

Statements

of

Assets

and

Liabilities.

The

Funds

realizes

gains

and

losses

at

the

time

the

forward

contracts

are

closed

and

are

included

on

the

Statement

of

Operations.

Risks

may

arise

upon

entering

into

forward

contracts

from

unanticipated

movements

in

the

value

of

a

foreign

currency

relative

to

the

U.S.

dollar;

and

that

losses

may

exceed

amounts

recognized

on

the

Statements

of

Assets

and

Liabilities.

The

average

notional

amount

of

forward

contracts

outstanding

during

the

current

fiscal

period

was

as

follows:

*

The

average

notional

amount

is

calculated

based

on

the

outstanding

notional

amount

of

contracts

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

forward

foreign

currency

contracts

subject

to

netting

agreements

and

the

collateral

delivered

related

to

those

forward

foreign

currency

contracts

as

of

the

end

of

the

reporting

period.

Fund

Counterparty

Short-term

Investments,

at

Value

Collateral

Pledged

(From)

Counterparty

JGH

Fixed

Income

Clearing

Corporation

$21,450,000

$(21,879,092)

NPCT

Fixed

Income

Clearing

Corporation

7,450,000

(7,599,118)

Fund

Non-U.S.

Government

Purchases

U.S.

Government

Purchases

Non-U.S.

Government

Sales

and

Maturities

U.S.

Government

Sales

JGH

$

397,969,760

$

—

$

401,411,279

$

—

NPCT

38,581,845

99,457,348

72,372,994

98,634,735

JLS

16,278,390

12,043,294

20,315,230

13,990,877

Fund

Average

Notional

Amount

of

Forward

Contracts

Outstanding

*

NPCT

$

5,973,437

60

Notes

to

Financial

Statements

(continued)

Interest

Rate

Swap

Contracts:

A

Fund

may

enter

into

an

interest

rate

swap

contract

to

gain

or

reduce

exposure

to

interest

rates,

to

manage

duration,

the

yield

curve

or

interest

rate

risk.

During

the

current

fiscal

period,

JGH

continued

to

utilize

forward

starting

interest

rate

swap

contracts

to

partially

hedge

its

future

interest

cost

of

leverage.

Interest

rate

swap

contracts

involve

the

Fund’s

agreement

with

the

counterparty

to

pay

or

receive

a

fixed

rate

payment

in

exchange

for

the

counterparty

receiving

or

paying

a

variable

rate

payment.

Forward

interest

rate

swap

contracts

involve

the

Fund’s

agreement

with

a

counterparty

to

pay,

in

the

future,

a

fixed

or

variable

rate

payment

in

exchange

for

the

counterparty

paying

the

Fund

a

variable

or

fixed

rate

payment,

the

accruals

for

which

would

begin

at

a

specified

date

in

the

future

(the

“effective

date”).

Upon

entering

into

an

interest

rate

swap

contract

(and

beginning

on

the

effective

date

for

a

forward

interest

rate

swap

contract),

the

Fund

accrues

the

fixed

rate

payment

expected

to

be

paid

or

received

and

the

variable

rate

payment

expected

to

be

received

or

paid

on

the

interest

rate

swap

contracts

on

a

daily

basis,

and

recognizes

the

daily

change

in

the

fair

value

of

the

Fund’s

contractual

rights

and

obligations

under

the

contracts.

The

amount

of

the

payment

obligation

for

an

interest

rate

swap

is

based

on

the

notional

amount

and

the

termination

date

of

the

contract.

Interest

rate

swap

contracts

do

not

involve

the

delivery

of

securities

or

other

underlying

assets

or

principal.

Accordingly,

the

risk

of

loss

on

such

transactions

is

limited

to

the

net

amount

of

interest

payments

that

the

Fund

is

to

receive

from

the

counterparty.

Payments

paid

(received)

at

the

beginning

of

the

measurement

period

are

reflected

as

swap

premiums

paid

(received)

on

the

Statement

of

Assets

and

Liabilities,

when

applicable.

Interest

rate

swaps

can

be

settled

either

directly

with

the

counterparty

(“OTC”)

or

through

a

central

clearinghouse

(“centrally

cleared”).

For

OTC

swaps,

the

daily

change

in

the

market

value

of

the

swap

contract,

along

with

any

daily

interest

fees

accrued,

are

recognized

as

unrealized

appreciation

(depreciation)

on

interest

rate

swaps

contracts on

the

Statement

of

Assets

and

Liabilities.

Upon

the

execution

of

a

centrally

cleared

swap,

a

Fund

is

obligated

to

deposit

cash

or

eligible

securities,

also

known

as

“initial

margin,”

into

an

account

at

its

clearing

broker

equal

to

a

specified

percentage

of

the

contract

amount.

Securities

deposited

for

initial

margin,

if

any,

are

identified

in

the

Portfolio

of

Investments and

cash

deposited

for

initial

margin,

if

any,

is

reflected

on

the

Statement

of

Assets

and

Liabilities.

The

Fund

and

the

clearing

broker

are

obligated

to

settle

monies

on

a

daily

basis

representing

the

changes

in

the

value

of

the

swap

contracts.

These

daily

cash

settlements

are

known

as

“variation

margin”

and

is

recognized

on

the

Statement

of

Assets

and

Liabilities

as

a

receivable

or

payable

for

variation

margin

on

interest

rate

swaps

contracts.

Changes

in

the

value

of

the

swap

contracts

during

the

fiscal

period

are

recognized

as

net

unrealized

appreciation

(depreciation)

of

swaps

contracts on

the

Statement

of

Operations.

The

net

amount

of

periodic

payments

settled

in

cash

are

recognized

as

net

realized

gain

(loss)

from

swap

contracts on

the

Statement

of

Operations,

in

addition

to

the

net

realized

gain

or

loss

recorded

upon

the

termination

of

the

swap

contract.

The

average

notional

amount

of

interest

rate

swap

contracts

outstanding

during

the

current

fiscal

period

was

as

follows:

*

The

average

notional

amount

is

calculated

based

on

the

absolute

aggregate

notional

amount

of

contracts

outstanding

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

Cross

Currency

Swap

Contracts:

NPCT

uses

cross

currency

swap

contracts

to

gain

or

mitigate

exposure

to

foreign

exchange

markets.

A

cross

currency

swap

is

an

agreement

between

two

parties

to

exchange

two

different

currencies

with

the

understanding

that

the

exchange

will

be

reversed

at

a

later

date

at

specified

exchange

rates.

During

the

current

fiscal

period,

NPCT

used

cross

currency

swaps

to

hedge

its

Euro

exposure

to

U.S.

Dollars.

Risks

may

arise

upon

entering

into

these

contracts

from

the

potential

of

default

by

counterparty

and,

depending

on

their

terms,

may

be

subject

to

foreign

exchange

risk.

Cross

currency

swap

contracts

are

valued

daily.

Upon

entering

into

a

cross

currency

swap

contract

the

exchange

of

currencies

takes

place

at

the

current

spot

rate.

For

an

OTC

Uncleared

swap

not

cleared

through

a

clearing

house,

the

amount

recorded

on

these

transactions

is

recognized

on

the

Statement

of

Assets

and

Liabilities

as

a

component

of

“Unrealized

appreciation

or

deprecation

on

cross

currency

swaps

contracts.”

Upon

the

execution

of

an

OTC

Cleared

swap,

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

held

by

the

broker

to

cover

initial

margin

requirements

on

open

swap

contracts,

if

any,

is

recognized

as

“Cash

collateral

at

brokers

for

investments

in

swaps

contracts”

on

the

Statement

of

Assets

and

Liabilities.

Investments

in

OTC

Cleared

swaps

obligate

a

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.

If

a

Fund

has

unrealized

appreciation,

the

clearing

broker

would

credit

the

Fund’s

account

with

an

amount

equal

to

the

appreciation

and

conversely

if

a

Fund

has

unrealized

depreciation,

the

clearing

broker

will

debit

a

Fund’s

account

with

an

Fund

Counterparty

Gross

Unrealized

Appreciation

on

Forward

Foreign

Currency

Contracts*

Gross

Unrealized

(Depreciation)

on

Forward

Foreign

Currency

Contracts*

Net

Unrealized

Collateral

Pledged

to

(from)

Counterparty

Net

Exposure

NPCT

Bank

of

America,

N.A.

$

415,622

$

-

$

415,622

$

-

$

415,622

*  Represents

gross

unrealized

appreciation

(depreciation)

for

the

counterparty

as

reported

in

the

Funds’

Portfolio

of

Investments.

Fund

Average

Notional

Amount

of

Interest

Rate

Swap

Contracts

Outstanding

*

JGH

$

87,400,000

61

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

swaps

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

(depreciation)

on

cross

currency

swaps

contracts”

as

described

in

the

preceding

paragraph.

The

average

notional

amount

of

cross

currency

swap

contracts

outstanding

during

the

current

fiscal

period

was

as

follows:

The

following

table

presents

the

swap

contracts

subject

to

netting

agreements

and

the

collateral

delivered

related

to

those

swap

contracts

as

of

the

end

of

the

reporting

period.

As

of

the

end

of

the

reporting

period,

the

Funds

have

invested

in

derivative

contracts

which

are

reflected

in

the

Statement

of

Assets

and

Liabilities

as

follows:

*

Some

swap

contracts

require

a

counterparty

to

pay

or

receive

a

premium,

which

is

disclosed

on

the

Statement

of

Assets

and

Liabilities

and

is

not

reflected

in

the

cumulative

unrealized

appreciation

(depreciation)

presented

above.

During

the

current

fiscal

period,

the

effect

of

derivative

contracts

on

the

Funds’

Statements

of

Operations

was

as

follows:

Fund

Average

Notional

Amount

of

Swap

Contracts

Outstanding

*

NPCT

$

36,453,095

*

The

average

notional

amount

is

calculated

based

on

the

outstanding

notional

amount

of

contracts

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

Fund

Counterparty

Gross

Unrealized

Appreciation

on

Swaps**

Gross

Unrealized

(Depreciation)

on

Swaps**

Net

Unrealized

Appreciation

(Depreciation)

on

Interest

Rate

Swaps

Swaps

Premium

Paid

(Received)

Collateral

Pledged

to

(from)

Counterparty***

Net

Exposure

JGH

Morgan

Stanley

Capital

Services

LLC

$

1,226,397

$

-  

$

1,226,397

$

-  

$

(1,227,609)

$

(1,212)

NPCT

Citibank

N.A.

$

1,975,501

$

-  

$

1,975,501

$

46,567

$

(1,818,416)

$

203,652

J.P.

Morgan

Securities

Inc.

651,055

-  

651,055

(2,708)

(426,687)

221,660

Morgan

Stanley

Capital

Services

LLC

1,475,188

-  

1,475,188

4,246

(1,396,512)

82,922

$

4,101,744

$

-  

$

4,101,744

$

48,105

$

(3,641,615)

$

508,234

**  Represents

gross

unrealized

appreciation

(depreciation)

for

the

counterparty

as

reported

in

the

Fund's

Portfolio

of

Investments.

***

For

NPCT,

the

amount

is

held

in

a

segregated

account

at

the

custodian

and

not

included

on

the

Statement

of

Assets

and

Liabilities.

Asset

Derivatives

Liability

Derivatives

Derivative

Instrument

Risk

Exposure

Location

Value

Location

Value

JGH

Interest

Rate

Swaps

Interest

rate

Unrealized

appreciation

on

interest

rate

swaps

contracts

$

1,226,397

-

$

–

1

1

1

1

1

1

1

1

NPCT

Forward

Foreign

Currency

Contracts

Foreign

currency

exchange

rate

Unrealized

appreciation

on

forward

contracts

415,622

-

–

Cross

Currency

Swaps

Foreign

currency

exchange

rate

Unrealized

appreciation

on

cross

currency

swap

contracts

*

4,101,744

-

–

1

1

1

1

1

1

1

1

62

Notes

to

Financial

Statements

(continued)

Market

and

Counterparty

Credit

Risk:

In

the

normal

course

of

business

each

Fund

may

invest

in

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

the

transaction

to

perform

(counterparty

credit

risk).

The

potential

loss

could

exceed

the

value

of

the

financial

assets

recorded

on

the

financial

statements.

Financial

assets,

which

potentially

expose

each

Fund

to

counterparty

credit

risk,

consist

principally

of

cash

due

from

counterparties

on

forward,

option

and

swap

transactions,

when

applicable.

The

extent

of

each

Fund’s

exposure

to

counterparty

credit

risk

in

respect

to

these

financial

assets

approximates

their

carrying

value

as

recorded

on

the

Statement

of

Assets

and

Liabilities.

Each

Fund

helps

manage

counterparty

credit

risk

by

entering

into

agreements

only

with

counterparties

the

Adviser

believes

have

the

financial

resources

to

honor

their

obligations

and

by

having

the

Adviser

monitor

the

financial

stability

of

the

counterparties.

Additionally,

counterparties

may

be

required

to

pledge

collateral

daily

(based

on

the

daily

valuation

of

the

financial

asset)

on

behalf

of

each

Fund

with

a

value

approximately

equal

to

the

amount

of

any

unrealized

gain

above

a

pre-determined

threshold.

Reciprocally,

when

each

Fund

has

an

unrealized

loss,

the

Funds

have

instructed

the

custodian

to

pledge

assets

of

the

Funds

as

collateral

with

a

value

approximately

equal

to

the

amount

of

the

unrealized

loss

above

a

pre-determined

threshold.

Collateral

pledges

are

monitored

and

subsequently

adjusted

if

and

when

the

valuations

fluctuate,

either

up

or

down,

by

at

least

the

pre-determined

threshold

amount.

6.

Fund

Shares

Common Share

Transactions:

The

Funds

did

not

have

any

transactions

in

common

shares

during

the

Funds'

current

and

prior

fiscal

period.

Preferred

Shares

Taxable

Fund

Preferred

Shares:

NPCT

has

issued

and

has

outstanding

Taxable

Fund

Preferred

(“TFP”)

Shares,

with

a

$1,000

liquidation

preference

per

share.

These

TFP

Shares

were

issued

via

private

placement

and

are

not

publicly

available.

The

Fund

is

obligated

to

redeem

its

TFP

Shares

by

the

date

as

specified

in

its

offering

documents

(“Term

Redemption

Date”),

unless

earlier

redeemed

by

the

Fund.

TFP

Shares

are

initially

issued

in

a

pre-specified

mode,

however,

TFP

Shares

can

be

subsequently

designated

as

an

alternative

mode

at

a

later

date

at

the

discretion

of

the

Fund.

The

modes

within

TFP

Shares

detail

the

dividend

mechanics

and

are

described

as

follows.

At

a

subsequent

date,

the

Fund

may

establish

additional

mode

structures

with

the

TFP

Share.

•

Variable

Rate

Mode

(“VRM”)

–

Dividends

for

TFP

Shares

designated

in

this

mode

are

based

upon

a

short-term

index

plus

an

additional

fixed

“spread”

amount

established

at

the

time

of

issuance

or

renewal

/

conversion

of

its

mode.

At

the

end

of

the

period

of

the

mode,

the

Fund

will

be

required

to

either

extend

the

term

of

the

mode,

designate

an

alternative

mode

or

redeem

the

TFP

Shares.

The

fair

value

of

TFP

Shares

while

in

VRM

are

expected

to

approximate

their

liquidation

preference

so

long

as

the

fixed

“spread”

on

the

shares

remains

roughly

in

line

with

the

“spread’

being

demanded

by

investors

on

instruments

having

similar

terms

in

the

current

market.

In

current

market

conditions,

the

Adviser

has

determined

that

the

fair

value

of

the

shares

are

approximately

their

liquidation

preference,

but

their

fair

value

could

vary

if

market

conditions

change

materially.

•

Variable

Rate

Demand

Mode

(“VRDM”)

–

Dividends

for

TFP

Shares

designated

in

this

mode

will

be

established

by

a

remarketing

agent;

therefore,

the

market

value

of

the

TFP

Shares

is

expected

to

approximate

its

liquidation

preference.

While

in

this

mode,

shares

will

have

an

unconditional

liquidity

feature

that

enable

its

shareholders

to

require

a

liquidity

provider,

which

the

Fund

has

entered

into

a

contractual

agreement,

to

purchase

shares

in

the

event

that

the

shares

are

not

able

to

be

successfully

remarketed.

In

the

event

that

shares

within

this

mode

are

unable

to

be

successfully

remarketed

and

are

purchased

by

the

liquidity

provider,

the

dividend

rate

will

be

the

maximum

rate

which

is

designed

to

escalate

according

to

a

specified

schedule

in

order

to

enhance

the

remarketing

agent’s

ability

to

successfully

remarket

the

shares.

The

Fund

is

required

to

redeem

any

shares

that

are

still

owned

by

a

liquidity

provider

after

six

months

of

continuous,

unsuccessful

remarketing.

The

Fund

will

pay

a

liquidity

and

remarketing

fee

on

the

aggregate

principal

amount

of

all

TFP

Shares

while

within

VRDM.

Payments

made

by

the

Fund

to

the

liquidity

provider

and

remarketing

agent

are

recognized

as

“Liquidity

fees”

and

“Remarketing

fees”,

respectively,

on

the

Statement

of

Operations.

For

financial

reporting

purposes,

the

liquidation

preference

of

TFP

Shares

is

recorded

as

a

liability

and

is

recognized

as

a

component

of

“Taxable

Fund

Preferred

(“TFP”)

Shares,

net

of

deferred

offering

costs”

on

the

Statement

of

Assets

and

Liabilities.

Dividends

on

the

TFP

shares

are

treated

as

interest

payments

for

financial

reporting

purposes.

Unpaid

dividends

on

TFP

shares

are

recognized

as

a

component

on

“Interest

payable”

on

the

Statement

of

Assets

and

Liabilities.

Dividends

accrued

on

TFP

Shares

are

recognized

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Derivative

Instrument

Risk

Exposure

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

JGH

Swap

contracts

Interest

rate

$

3,006,509

$

(1,883,566)

NPCT

Forward

foreign

currency

contracts

Foreign

currency

exchange

rate

115,952

690,015

Swap

contracts

Foreign

currency

exchange

rate

609,734

921,327

63

Subject

to

certain

conditions,

TFP

Shares

may

be

redeemed,

in

whole

or

in

part,

at

any

time

at

the

option

of

the

Fund.

The

Fund

may

also

be

required

to

redeem

certain

TFP

shares

if

the

Fund

fails

to

maintain

certain

asset

coverage

requirements

and

such

failures

are

not

cured

by

the

applicable

cure

date.

The

redemption

price

per

share

in

all

circumstances

is

equal

to

the

liquidation

preference

per

share

plus

any

accumulated

but

unpaid

dividends.

Cost

incurred

in

connection

with

its

offering

of

TFP

Shares,

were

recorded

as

a

deferred

charge

and

are

being

amortized

over

the

life

of

the

shares.

These

offering

costs

are

recognized

as

a

component

of

“Taxable

Fund

Preferred

(“TFP”)

Shares,

net

of

deferred

offering

costs”

on

the

Statement

of

Assets

and

Liabilities

and

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

As

of

the

end

of

the

reporting

period,

NPCT

had

$69,717,129

TFP

Shares

at

liquidation

preference,

net

of

deferred

offering

costs.

Further

details

of

the

Fund’s

TFP

Shares

outstanding

as

of

the

end

of

the

reporting

period,

were

as

follows:

The

average

liquidation

preference

of

TFP

Shares

outstanding

and

the

annualized

dividend

rate

for

the

Fund

during

the

current

fiscal

period

were

as

follows:

7.

Income

Tax

Information

Each

Fund

is

a

separate

taxpayer

for

federal

income

tax

purposes.

Each

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

Each

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund's

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

each

Fund's

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund's

financial

statements.

Differences

between

amounts

for

financial

statement

and

federal

income

tax

purposes

are

primarily

due

to

timing

differences

in

recognizing

gains

and

losses

on

investment

transactions.

Temporary

differences

do

not

require

reclassification.

As

of

year

end,

permanent

differences

that

resulted

in

reclassifications

among

the

components

of

net

assets

relate

primarily

to

bond

premium

amortization

adjustments,

complex

securities

character

adjustments,

foreign

currency

transactions,

investments

in

MBS,

nondeductible

expenses,

paydowns,

return

of

capital

and

long-term

capital

gain

distributions

received

from

portfolio

investments,

and

treatment

of

notional

principal

contracts.

Temporary

and

permanent

differences

have

no

impact

on

a

Fund's

net

assets.

As

of

year

end,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

As

of

year

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

Fund

Series

Shares

Outstanding

Liquidation

Preference

Term

Redemption

Date

Mode

NPCT

A

70,000

$

70,000,000

May

2,

2033

VRM

Fund

Average

Liquidation

Preference

of

TFP

Shares

Outstanding

Annualized

Dividend

Rate

NPCT

$

70,000,000

6.42

%

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

JGH

$

453,817,329

$

12,469,895

$

(13,384,012)

$

(914,117)

NPCT

624,427,445

5,105,954

(116,218,205)

(111,112,251)

JLS

151,202,953

3,478,512

(15,946,636)

(12,468,124)

64

Notes

to

Financial

Statements

(continued)

The

tax

character

of

distributions

paid

was

as

follows:

As

of

year

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

As

of

year

end,

the

Funds

utilized

the

following

capital

loss

carryforwards:

8.

Management

Fees

and

Other

Transactions

with

Affiliates

Management

Fees:

Each

Fund’s

management

fee

compensates

the

Adviser

for

overall

investment

advisory

and

administrative

services

and

general

office

facilities.

The

Sub-Advisers

are

compensated

for

their

services

to

the

Funds

from

the

management

fees

paid

to

the

Adviser.

Each

Fund’s

management

fee

consists

of

two

components

–

a

fund-level

fee,

based

only

on

the

amount

of

assets

within

each

individual

Fund,

and

a

complex-level

fee,

based

on

the

aggregate

amount

of

all

eligible

fund

assets

managed

by

the

Adviser.

This

pricing

structure

enables

Fund

shareholders

to

benefit

from

growth

in

the

assets

within

their

respective

Fund

as

well

as

from

growth

in

the

amount

of

complex-wide

assets

managed

by

the

Adviser.

The

annual

fund-level

fee,

payable

monthly,

for

each

Fund

is

calculated

according

to

the

following

schedule:

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

JGH

$

—

$

—

$

(914,116)

$

(136,529,251)

$

—

$

(253,687)

$

(137,697,054)

NPCT

—

—

(111,140,352)

(69,752,968)

—

(80,017)

(180,973,337)

JLS

967,392

—

(12,468,123)

(3,690,354)

—

—

(15,191,085)

12/31/24

12/31/23

Fund

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

JGH

$

26,169,198

$

—

$

2,617,124

$

21,961,088

$

—

$

6,825,234

NPCT

17,230,029

—

19,633,881

12,788,503

—

17,001,677

JLS

9,773,039

—

—

8,590,403

—

—

Fund

Short-Term

Long-Term

Total

JGH

$

28,220,391

$

108,308,860

$

136,529,251

NPCT

13,116,436

56,636,532

69,752,968

JLS

1,775,831

1,914,523

3,690,354

Fund

Utilized

JGH

$

—

NPCT

—

JLS

39,373

Average

Daily

Managed

Assets

JGH

Fund-Level

Fee

Rate

NPCT

Fund-Level

Fee

Rate

For

the

first

$500

million

0.7000

%

0.8000

%

For

the

next

$500

million

0.6750

0.7750

For

the

next

$500

million

0.6500

0.7500

For

the

next

$500

million

0.6250

0.7250

For

managed

assets

over

$2

billion

0.6000

0.7000

JLS

Average

Daily

Managed

Assets*

Fund-Level

Fee

Rate

For

the

first

$125

million

0.8000

%

For

the

next

$125

million

0.7875

For

the

next

$150

million

0.7750

For

the

next

$600

million

0.7625

For

managed

assets

over

$1

billion

0.7500

65

For

the

period

January

1,

2024

through

April

30,

2024,

the

annual

complex-level

fee,

payable

monthly,

for

each

Fund

was

calculated

according

to

the

following

schedule:

*  "Managed

assets”

means

the

total

assets

of

the

Fund,

minus

the

sum

of

its

accrued

liabilities

(other

than

the

Fund

liabilities

incurred

for

the

express

purpose

of

creating

effective

leverage).

Total

assets

for

this

purpose

shall

include

assets

attributable

to

the

Fund’s

use

of

effective

leverage

(whether

or

not

those

assets

are

reflected

in

the

Fund’s

financial

statements

for

the

purposes

of

U.S.

GAAP).

**

For

the

complex-level

fees,

managed

assets

include

closed-end

fund

assets

managed

by

the

Adviser

that

are

attributable

to

certain

types

of

leverage.

For

these

purposes,

leverage

includes

the

funds’

use

of

preferred

stock

and

borrowings

and

certain

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

held

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

securities,

subject

to

an

agreement

by

the

Adviser

as

to

certain

funds

to

limit

the

amount

of

such

assets

for

determining

managed

assets

in

certain

circumstances.

The

complex-level

fee

is

calculated

based

upon

the

aggregate

daily

managed

assets

of

all

Nuveen

open-end

and

closed-end

funds

that

constitute

‘’eligible

assets.”

Eligible

assets

do

not

include

assets

attributable

to

investments

in

other

Nuveen

funds

or

assets

in

excess

of

a

determined

amount

(originally

$2

billion)

added

to

the

Nuveen

fund

complex

in

connection

with

the

Adviser’s

assumption

of

the

management

of

the

former

First

American

Funds

effective

January

1,

2011,

but

do

not

include

certain

assets

of

certain

Nuveen

funds

that

were

reorganized

into

funds

advised

by

an

affiliate

of

the

Adviser

during

the

2019

calendar

year.

Effective

May

1,

2024,

the

annual

complex-level

fee,

payable

monthly,

for

each

fund

is

calculated

according

to

the

following

schedule:

*

The

complex-level

fee

is

calculated

based

upon

the

aggregate

daily

“eligible

assets”

of

all

Nuveen-branded

closed-end

funds

and

Nuveen

branded

open-end

funds

(“Nuveen

Mutual

Funds”).

Except

as

described

below,

eligible

assets

include

the

assets

of

all

Nuveen-branded

closed-end

funds

and

Nuveen

Mutual

Funds

organized

in

the

United

States.

Eligible

assets

do

not

include

the

net

assets

of:

Nuveen

fund-of-funds,

Nuveen

money

market

funds,

Nuveen

index

funds,

Nuveen

Large

Cap

Responsible

Equity

Fund

or

Nuveen

Life

Large

Cap

Responsible

Equity

Fund.

In

addition,

eligible

assets

include

a

fixed

percentage

of

the

aggregate

net

assets

of

the

active

equity

and

fixed

income

Nuveen

Mutual

Funds

advised

by

the

Adviser’s

affiliate,

Teachers

Advisors,

LLC

(except

those

identified

above).

The

fixed

percentage

will

increase

annually

until

May

1,

2033,

at

which

time

eligible

assets

will

include

all

of

the

aggregate

net

assets

of

the

active

equity

and

fixed

income

Nuveen

Mutual

Funds

advised

by

Teachers

Advisors,

LLC

(except

those

identified

above).

Eligible

assets

include

closed-end

fund

assets

managed

by

the

Adviser

that

are

attributable

to

financial

leverage.

For

these

purposes,

financial

leverage

includes

the

closed-end

funds’

use

of

preferred

stock

and

borrowings

and

certain

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

held

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

securities,

subject

to

an

agreement

by

the

Adviser

as

to

certain

funds

to

limit

the

amount

of

such

assets

for

determining

eligible

assets

in

certain

circumstances. 

As

of

December

31,

2024,

the

annual

complex-level

fee

for

each

Fund

was

as

follows:

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

Complex-Level

Asset

Breakpoint

Level*

Complex-Level

Fee

For

the

first

$124.3

billion

0.1600

%

For

the

next

$75.7

billion

0.1350

For

the

next

$200

billion

0.1325

For

eligible

assets

over

$400

billion

0.1300

Fund

Complex-Level

Fee

JGH

0

.1575%

NPCT

0

.1575%

JLS

0

.1575%

66

Notes

to

Financial

Statements

(continued)

9.

Commitments

and

Contingencies

In

the

normal

course

of

business,

each

Fund

enters

into

a

variety

of

agreements

that

may

expose

the

Fund

to

some

risk

of

loss.

These

could

include

certain

agreements

related

to

preferred

shares,

which

are

described

elsewhere

in

these

Notes

to

Financial

Statements.

The

risk

of

future

loss

arising

from

such

agreements,

while

not

quantifiable,

is

expected

to

be

remote.

As

of

the

end

of

the

reporting

period,

the

Funds

did

not

have

any

unfunded

commitments.

From

time

to

time,

the

Funds

may

be

party

to

certain

legal

proceedings

in

the

ordinary

course

of

business,

including

proceedings

relating

to

the

enforcement

of

the

Funds’

rights

under

contracts.

As

of

the

end

of

the

reporting

period,

management

has

determined

that

any

legal

proceeding(s)

the

Funds

are

subject

to,

including

those

described

within

this

report,

are

unlikely

to

have

a

material

impact

to

any

of

the

Funds’

financial

statements.

10.

Borrowing

Arrangements

and

Reverse

Repurchase

Agreements

Borrowings:

Each

Fund

has

entered

into

a

borrowing

arrangement

(“Borrowings”)

as

a

means

of

leverage.

As

of

the

end

of

the

reporting

period,

each

Fund’s

maximum

commitment

amount

under

these

Borrowings

is

as

follows:

As

of

the

end

of

the

reporting

period,

each

Fund’s

outstanding

balance

on

its

Borrowings

was

as

follows:

JGH

has

entered

into

a

364-day

revolving

line

of

credit.

Interest

is

charged

on

these

Borrowings

to

the

drawn

amount

at

a

rate

per

annum

equal

to

one-month

Term

SOFR

(“Secured

Overnight

Financing

Rate”)

plus

0.90%.

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%.

NPCT

has

entered

into

a

committed

financing

agreement.

Interest

is

charged

on

these

Borrowings

to

the

drawn

amount

at

a

rate

per

annum

equal

to

Fed

Funds

plus

0.80%

and

accrues

0.25%

per

annum

on

the

undrawn

balance

if

the

undrawn

portion

of

the

Borrowings

on

a

particular

day

is

more

than

10%

of

the

maximum

commitment

amount.

JLS

has

entered

into

a

committed

financing

agreement.

Interest

is

charged

on

these

Borrowings

at

OBFR

(“Overnight

Bank

Funding

Rate”)

plus

1.70%

per

annum

on

the

amount

borrowed

and

0.50%

per

annum

on

the

undrawn

balance

which

was

waived

for

the

reporting

period.

During

the

current

fiscal

period,

the

average

daily

balance

outstanding

and

average

annual

interest

rate

on

each

Fund’s

Borrowings

were

as

follows:

Other

Borrowings

Information

for

the

Funds:

In

order

to

maintain

these

Borrowings,

the

Funds

must

meet

certain

collateral,

asset

coverage

and

other

requirements.

Each

Fund’s

Borrowings

outstanding

are

fully

secured

by

eligible

securities

held

in

each

Fund’s

portfolio

of

investments.

Each

Fund’s

Borrowings

outstanding

is

recognized

as

“Borrowings”

on

the

Statement

of

Assets

and

Liabilities.

Interest

expense

and

other

fees

incurred

on

the

drawn

amount

and

undrawn

balance

are

recognized

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Fund

Maximum

Commitment

Amount

JGH

$

125,000,000

NPCT

80,000,000

JLS

22,500,000

Fund

Outstanding

balance

on

Borrowings

JGH

$

104,000,000

NPCT

62,500,000

JLS

2,520,000

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

JGH

366

$

117,367,486

6.27

%

NPCT

366

66,521,858

6.47

JLS

366

3,670,273

6.98

67

Rehypothecation

:

JLS

has

entered

into

a

Rehypothecation

Side

Letter

(“Side

Letter”)

with

its

prime

brokerage

lender,

allowing

it

to

re-register

the

Pledged

Collateral

in

its

own

name

or

in

a

name

other

than

the

Fund’s

to

pledge,

repledge,

hypothecate,

rehypothecate,

sell,

lend

or

otherwise

transfer

or

use

the

Pledged

Collateral

(the

“Hypothecated

Securities”)

with

all

rights

of

ownership

as

described

in

the

Side

Letter.

Subject

to

certain

conditions,

the

total

value

of

the

outstanding

Hypothecated

Securities

shall

not

exceed

the

lesser

of

(i)

98%

of

the

outstanding

balance

on

the

Borrowings

to

which

the

Pledged

Collateral

relates

and

(ii)

33

1⁄3

%

of

the

Fund’s

total

assets.

The

Fund

may

designate

any

Pledged

Collateral

as

ineligible

for

rehypothecation.

The

Fund

may

also

recall

Hypothecated

Securities

on

demand.

The

Fund

also

have

the

right

to

apply

and

set-off

an

amount

equal

to

one-hundred

percent

(100%)

of

the

then-current

fair

market

value

of

such

Pledged

Collateral

against

the

current

Borrowings

under

the

Side

Letter

in

the

event

that

the

prime

brokerage

lender

fails

to

timely

return

the

Pledged

Collateral

and

in

certain

other

circumstances.

In

such

circumstances,

however,

the

Fund

may

not

be

able

to

obtain

replacement

financing

required

to

purchase

replacement

securities

and,

consequently,

the

Fund’s

income

generating

potential

may

decrease.

Even

if

a

Fund

is

able

to

obtain

replacement

financing,

it

might

not

be

able

to

purchase

replacement

securities

at

favorable

prices.

The

Fund

will

receive

a

fee

in

connection

with

the

Hypothecated

Securities

(“Rehypothecation

Fees”)

in

addition

to

any

principal,

interest,

dividends

and

other

distributions

paid

on

the

Hypothecated

Securities.

As

of

the

end

of

the

reporting

period,

the

Fund

had

$1,555,366

in

Hypothecated

Securities.

During

the

current

fiscal

period,

the

Fund

earned

Rehypothecation

Fees

of

$138,

which

is

recognized

as

"Rehypothecation

income"

on

the

Statement

of

Operations.

Reverse

Repurchase

Agreements:

During

the

current

fiscal

period, the

fund

utilized

reverse

repurchase

agreements

as

a

means

of

leverage.

Each Fund

may

enter

into

a

reverse

repurchase

agreement

with

brokers,

dealers,

banks

or

other

financial

institutions

that

have

been

determined

by

the

Adviser

to

be

creditworthy.

In

a

reverse

repurchase

agreement,

the

Fund

sells

to

the

counterparty

a

security

that

it

holds

with

a

contemporaneous

agreement

to

repurchase

the

same

security

at

an

agreed-upon

price

and

date,

reflecting

the

interest

rate

effective

for

the

term

of

the

agreement.

It

may

also

be

viewed

as

the

borrowing

of

money

by

the

Fund.

Cash

received

in

exchange

for

securities

delivered,

plus

accrued

interest

payments

to

be

made

by

the

Fund

to

a

counterparty,

are

reflected

as

a

liability

on

the

Statement

of

Assets

and

Liabilities.

Interest

payments

made

by

the

Fund

to

counterparties

are

recognized

as

a

component

of

"Interest

expense" on

the

Statement

of

Operations.

In

a

reverse

repurchase

agreement,

the

Fund

retains

the

risk

of

loss

associated

with

the

sold

security. Reverse

repurchase

agreements

also

involve

the

risk

that

the

purchaser

fails

to

return

the

securities

as

agreed

upon,

files

for

bankruptcy

or

becomes

insolvent.

Upon

a

bankruptcy

or

insolvency

of

a

counterparty,

the

Fund

is

considered

to

be

an

unsecured

creditor

with

respect

to

excess

collateral

and

as

such

the

return

of

excess

collateral

may

be

delayed.

As

of

the

end

of

the

reporting

period,

the

Fund’s

outstanding

balances

on

its

reverse

repurchase

agreements

were

as

follows:

During

the

current

fiscal

period,

the

average

daily

balance

outstanding

and

average

annual

interest

rate

on

the

Funds’

reverse

repurchase

agreements

were

as

follows:

The

following

table

presents

the

reverse

repurchase

agreements

subject

to

netting

agreements

and

the

collateral

delivered

related

to

those

reverse

repurchase

agreements.

/

Fund

Counterparty

Rate

Principal

Amount

Maturity

Value

Value

and

Accrued

Interest

JGH

Societe

Generale

SA

5.06%

$

(20,000,000)

3/27/25

$

(20,000,000)

$

(20,115,006)

NPCT

Societe

Generale

SA

4.98%

(33,820,000)

3/05/25

(33,820,000)

(33,946,421)

NPCT

Societe

Generale

SA

5.13%

(3,000,000)

3/05/25

(3,000,000)

(3,011,552)

NPCT

Toronto-Dominion

Bank/The

4.95%

(12,000,000)

1/17/25

(12,000,000)

(12,132,200)

Total

$(48,820,000)

$(48,820,000)

$(49,090,173)

JLS

Royal

Bank

of

Canada

5.79%

(13,604,000)

1/16/25

(13,604,000)

(13,780,856)

JLS

Societe

Generale

SA

5.75%

(15,533,000)

1/07/25

(15,533,000)

(15,597,540)

Total

$(29,137,000)

$(29,137,000)

$(29,378,396)

Fund

Utilization

period

(days

outstanding)

Average

daily

balance

outstanding

Weighted

Average

annual

interest

rate

JGH

41

$

(20,000,000)

5.21%

NPCT

366

(48,673,224)

5.60%

JLS

366

(30,990,563)

6.51%

Fund

Counterparty

Reverse

Repurchase

Agreements*

Collateral

Pledged

to

Counterparty

JGH

Societe

Generale

$

(20,115,006)

$

(26,826,431)

68

Notes

to

Financial

Statements

(continued)

11.

Inter-Fund

Lending

Inter-Fund

Borrowing

and

Lending:

The SEC

has

granted

an

exemptive

order

permitting

registered

open-end

and

closed-end

Nuveen

funds

to

participate

in

an

inter-fund

lending

facility

whereby

the

Nuveen

funds

may

directly

lend

to

and

borrow

money

from

each

other

for

temporary

purposes

(e.g.,

to

satisfy

redemption

requests

or

when

a

sale

of

securities

“fails,”

resulting

in

an

unanticipated

cash

shortfall)

(the

“Inter-Fund

Program”).

The

closed-end

Nuveen

funds,

including

the

Funds

covered

by

this

shareholder

report,

will

participate

only

as

lenders,

and

not

as

borrowers,

in

the

Inter-Fund

Program

because

such

closed-end

funds

rarely,

if

ever,

need

to

borrow

cash

to

meet

redemptions.

The

Inter-Fund

Program

is

subject

to

a

number

of

conditions,

including,

among

other

things,

the

requirements

that

(1)

no

fund

may

borrow

or

lend

money

through

the

Inter-Fund

Program

unless

it

receives

a

more

favorable

interest

rate

than

is

typically

available

from

a

bank

or

other

financial

institution

for

a

comparable

transaction;

(2)

no

fund

may

borrow

on

an

unsecured

basis

through

the

Inter-Fund

Program

unless

the

fund’s

outstanding

borrowings

from

all

sources

immediately

after

the

inter-fund

borrowing

total

10%

or

less

of

its

total

assets;

provided

that

if

the

borrowing

fund

has

a

secured

borrowing

outstanding

from

any

other

lender,

including

but

not

limited

to

another

fund,

the

inter-fund

loan

must

be

secured

on

at

least

an

equal

priority

basis

with

at

least

an

equivalent

percentage

of

collateral

to

loan

value;

(3)

if

a

fund’s

total

outstanding

borrowings

immediately

after

an

inter-fund

borrowing

would

be

greater

than

10%

of

its

total

assets,

the

fund

may

borrow

through

the

inter-fund

loan

on

a

secured

basis

only;

(4)

no

fund

may

lend

money

if

the

loan

would

cause

its

aggregate

outstanding

loans

through

the

Inter-Fund

Program

to

exceed

15%

of

its

net

assets

at

the

time

of

the

loan;

(5)

a

fund’s

inter-fund

loans

to

any

one

fund

shall

not

exceed

5%

of

the

lending

fund’s

net

assets;

(6)

the

duration

of

inter-

fund

loans

will

be

limited

to

the

time

required

to

receive

payment

for

securities

sold,

but

in

no

event

more

than

seven

days;

and

(7)

each

inter-fund

loan

may

be

called

on

one

business

day’s

notice

by

a

lending

fund

and

may

be

repaid

on

any

day

by

a

borrowing

fund.

In

addition,

a

Nuveen

fund

may

participate

in

the

Inter-Fund

Program

only

if

and

to

the

extent

that

such

participation

is

consistent

with

the

fund’s

investment

objective

and

investment

policies.

The

Board

is

responsible

for

overseeing

the

Inter-Fund

Program.

The

limitations

detailed

above

and

the

other

conditions

of

the

SEC

exemptive

order

permitting

the

Inter-Fund

Program

are

designed

to

minimize

the

risks

associated

with

Inter-Fund

Program

for

both

the

lending

fund

and

the

borrowing

fund.

However,

no

borrowing

or

lending

activity

is

without

risk.

When

a

fund

borrows

money

from

another

fund,

there

is

a

risk

that

the

loan

could

be

called

on

one

day’s

notice

or

not

renewed,

in

which

case

the

fund may

have

to

borrow

from

a

bank

at

a

higher

rate

or

take

other

actions

to

payoff

such

loan

if

an

inter-fund

loan

is

not

available

from

another

fund.

Any

delay

in

repayment

to

a

lending

fund

could

result

in

a

lost

investment

opportunity

or

additional

borrowing

costs.

During

the

current

reporting

period,

none

of

the

Funds

covered

by

this

shareholder

report

have

entered

into

any

inter-fund

loan

activity.

NPCT

Societe

Generale

(33,946,421)

(46,161,711)

Societe

Generale

(3,011,552)

(4,248,638)

TD

Securities

(USA),

LLC

(12,132,200)

(16,176,304)

JLS

Royal

Bank

of

Canada

(13,780,856)

(22,502,322)

Societe

Generale

(15,597,539)

(21,020,093)

*

Represents

gross

value

and

accrued

interest

for

the

counterparty

as

reported

in

the

preceding

table.

Shareholder

Update

69

(U

naudited)

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

the

policies

described

above

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

International

Monetary

Fund

(“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

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.

70

Shareholder

Update

(continued)

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

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.

71

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

payment-in-kind

securities

(“PIKs”).

PIKs

pay

dividends

or

interest

in

the

form

of

additional

securities

of

the

issuer,

rather

than

in

cash.

Each

of

these

instruments

is

typically

issued

and

traded

at

a

deep

discount

from

its

face

amount.

The

amount

of

the

discount

varies

depending

on

such

factors

as

the

time

remaining

until

maturity

of

the

securities,

prevailing

interest

rates,

the

liquidity

of

the

security

and

the

perceived

credit

quality

of

the

issuer.

The

Fund

may

buy

and

sell

securities

on

a

when-issued

or

delayed

delivery

basis,

making

payment

or

taking

delivery

at

a

later

date,

normally

within

15

to

45

days

of

the

trade

date.

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.

72

Shareholder

Update

(continued)

NUVEEN

CORE

PLUS

IMPACT

FUND

(NPCT)

Investment

Objective

The

Fund’s

investment

objective

is

to

seek

total

return

through

high

current

income

and

capital

appreciation,

while

giving

special

consideration

to

certain

impact

and

environmental,

social

and

governance

(“ESG”)

criteria.

Investment

Policies

Under

normal

market

conditions,

the

Fund

will

invest

at

least

80%

of

its

net

assets

plus

the

amount

of

any

borrowings

for

investment

purposes

in

fixed-income

investments

of

any

type,

which

are

subject

to

the

Impact

Criteria

(as

defined

below)

or

Nuveen’s

ESG

criteria.

The

Fund

seeks

to

achieve

its

investment

objective

by

investing

in

fixed-income

investments

of

any

type,

including

asset-backed

securities,

corporate

bonds,

preferred

securities,

residential

and

commercial

mortgage-backed

securities,

taxable

and

tax-exempt

municipal

bonds,

senior

loans

and

loan

participations

and

assignments,

sovereign

debt

instruments,

debt

securities

issued

by

supranational

agencies,

and

U.S.

government

securities

(securities

issued

or

guaranteed

by

the

U.S.

government

or

its

agencies

or

instrumentalities). 

The

Fund’s

investment

in

fixed-income

investments

of

any

type

is

subject

to

Nuveen’s

proprietary

public

market

impact

framework

criteria

(the

“Impact

Criteria”)

or

Nuveen’s

ESG

criteria.

The

Impact

Criteria

are

designed

to

identify

investments

that

will

generate

positive,

measurable

social

and

environmental

impact

alongside

a

competitive

financial

return.

These

investments

provide

direct

access

to

issuers

and/or

individual

projects

across

four

social

and

environmental

themes:

Affordable

Housing,

Community

and

Economic

Development,

Renewable

Energy

and

Climate

Change,

and

Natural

Resources.

The

portion

of

the

Fund

invested

in

accordance

with

the

Impact

Criteria

is

not

required

to

meet

ESG

criteria

provided

by

a

third

party.

The

Fund

may

seek

to

provide

exposure

to

certain

Regulation

S

securities

by

investing

in

Core

Plus

Impact

Fund,

Ltd.

(the

“Subsidiary”),

a

wholly

owned

subsidiary

of

the

Fund,

which

will

invest

primarily

in

Regulation S

securities.

“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

80%

of

its

net

assets

plus

the

amount

of

any

borrowings

for

investment

purposes

in

fixed-income

investments

of

any

type,

which

are

subject

to

the

Impact

Criteria

or

Nuveen’s

ESG

criteria.

The

Fund

may

invest

up

to

50%

of

its

Managed

Assets

(as

defined

above)

in

below

investment

grade

investments

(investments

rated

BB+/

Ba1

or

lower

at

the

time

of

investment

or

are

unrated

but

judged

by

the

Fund’s

sub-adviser

to

be

of

comparable

quality).

The

Fund

may

invest

no

more

than

10%

of

its

Managed

Assets

in

investments

rated

CCC/Caa

or

lower

at

the

time

of

investment

(or

are

unrated

but

judged

by

the

Fund’s

sub-adviser

to

be

of

comparable

quality),

including

defaulted

investments.

The

Fund

may

invest

without

limitation

in

investments

of

foreign

issuers,

with

no

more

than

30%

of

its

Managed

Assets

in

investments

of

foreign

issuers

that

are

located

in

emerging

market

countries.

The

Fund

may

invest

without

limitation

in

restricted

and

illiquid

investments

(including

investments

that

may

only

be

resold

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended

(the

“1933

Act”)).

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

the

policies

described

above

without

a

shareholder

vote.

However,

with

respect

to

the

Fund’s

policy

to

invest

at

least

80%

of

its

net

assets

plus

the

amount

of

any

borrowings

for

investment

purposes

in

fixed-income

investments

of

any

type,

which

are

subject

to

the

Impact

Criteria

or

Nuveen’s

ESG

criteria,

such

policy

may

not

be

changed

without

60

days’

prior

written

notice

to

shareholders.

Portfolio

Contents

The

Fund

generally

invests

in

a

portfolio

of

fixed-income

investments

of

any

type,

including

asset-backed

securities,

corporate

bonds,

preferred

securities,

residential

and

commercial

mortgage-backed

securities,

taxable

and

tax-exempt

municipal

bonds,

senior

loans

and

loan

participations

and

assignments,

sovereign

debt

instruments,

debt

securities

issued

by

supranational

agencies,

and

U.S.

government

securities

(securities

issued

or

guaranteed

by

the

U.S.

government

or

its

agencies

or

instrumentalities).

Corporate

bonds

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

bonds

lend

money

to

the

issuing

corporation

in

exchange

for

interest

payments

and

repayment

of

the

principal

at

a

set

maturity

date.

Rates

on

corporate

bonds

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.

73

Corporate

bonds

come

in

many

varieties

and

may

differ

in

the

way

that

interest

is

calculated,

the

amount

and

frequency

of

payments,

the

type

of

collateral,

if

any,

and

the

presence

of

special

features

(e.g., conversion

rights).

The

Fund’s

investments

in

corporate

bonds

may

include,

but

are

not

limited

to,

senior,

junior,

secured

and

unsecured

bonds,

notes

and

other

debt

securities,

and

may

be

fixed

rate,

variable

rate

or

floating

rate,

among

other

things.

Holders

of

corporate

bonds,

as

creditors,

have

a

prior

legal

claim

over

common

and

preferred

stockholders

as

to

both

income

and

assets

of

the

issuer

for

the

principal

and

interest

due

to

them,

and

may

have

a

prior

claim

over

other

creditors,

but

are

generally

subordinate

to

any

existing

lenders

in

the

issuer’s

capital

structure.

The

Fund

will

invest

in

investments

of

emerging

market

issuers.

The

Fund’s

emerging

market

investments

include

a

broad

range

of

investments

of

emerging

market

issuers

such

as

government

bonds,

corporate

bonds,

and

other

sovereign

or

quasi-sovereign

debt

instruments.

The

Fund

will

classify

an

issuer

of

an

investment

based

on

the

issuer’s

country

of

origin,

generally

as

determined

by

an

unaffiliated,

recognized

financial

data

provider.

An

issuer’s

country

or

origin

is

based

on

a

number

of

criteria,

such

as

the

issuer’s

country

of

domicile

or

country

in

which

the

issuer

conducts

its

primary

operations,

the

primary

exchange

on

which

its

securities

trade,

the

location

from

which

the

majority

of

the

issuer’s

revenue

comes,

and

the

issuer’s

reporting

currency.

The

term

“emerging

market”

describes

any

country

or

market

that

is

generally

considered

to

be

emerging

or

developing

by

major

organizations

in

the

international

financial

community,

such

as

the

International

Finance

Corporation,

or

by

financial

industry

analysts

like

MSCI,

Inc.,

which

compiles

the

MSCI

Emerging

Markets

Index,

and

J.P.

Morgan

Chase

&

Co.,

which

compiles

several

fixed-income

emerging

markets

benchmarks;

or

other

countries

or

markets

with

similar

emerging

characteristics.

Emerging

markets

can

include

every

nation

in

the

world

except

the

United

States,

Canada,

Japan,

Australia,

New

Zealand

and

most

nations

located

in

Western

Europe.

Notwithstanding

the

foregoing,

the

fixed-

income

portfolio

management

team

generally

views

Israel

as

an

emerging

market.

The

Fund

may

invest

in

sovereign

securities.

Sovereign

securities

are

issued

or

guaranteed

by

foreign

sovereign

governments

or

their

agencies,

authorities,

political

subdivisions

or

instrumentalities,

and supranational agencies.

A

supranational

agency

is

a

multinational

union

or

association

in

which

member

countries

cede

authority

and

sovereignty

on

a

limited

number

of

matters

to

the

group,

whose

decisions

are

binding

upon

its

members.

Quasi-sovereign

securities

typically

are

issued

by

companies

or

agencies

that

may

receive

financial

support

or

backing

from

a

local

government

or

in

which

the

government

owns

a

majority

of

the

issuer’s

voting

shares.

The

ability

of

a foreign sovereign

issuer,

especially

in

an

emerging

market

country,

to

make

timely

and

ultimate

payments

on

its

debt

obligations

will

be

strongly

influenced

by

the

sovereign

issuer’s

balance

of

payments,

including

export

performance,

its

access

to

international

credits

and

investments,

fluctuations

of

interest

rate

and

the

extent

of

its

foreign

reserves.

A

country

whose

exports

are

concentrated

in

a

few

commodities

or

whose

economy

depends

on

certain

strategic

imports

could

be

vulnerable

to

fluctuations

in

international

prices

of

these

commodities

or

imports.

To

the

extent

that

a

country

receives

payment

for

its

export

in

currencies

other

than

dollars,

its

ability

to

make

debt

payments

denominated

in

dollars

could

be

adversely

affected.

If

a

sovereign

issuer

cannot

generate

sufficient

earnings

from

foreign

trade

to

service

its

external

debt,

it

may

need

to

depend

on

continuing

loans

and

aid

from

foreign

governments,

commercial

banks

and

multinational

organizations.

There

may

be

no

bankruptcy

proceedings

similar

to

those

in

the

U.S.

by

which

defaulted

interest

may

be

collected.

The

Fund

may

invest

in

taxable

and

tax-exempt

municipal

securities,

including

municipal

bonds,

and

notes

and

other

securities

issued

by

states,

cities

and

local

authorities

and

certain

possessions

and

territories

of

the

United

States

(such

as

Puerto

Rico

and

Guam)

to

finance

or

refinance

public

purpose

projects

such

as

roads,

schools,

and

water

supply

systems.

Municipal

bonds

may

also

be

issued

to

finance

and

refinance

privately

owned

facilities

or

projects

deemed

to

serve

a

public

purpose.

Municipal

bonds

may

be

issued

on

a

long-term

basis

to

provide

long-term

financing.

The

repayment

of

such

debt

may

be

secured

generally

by

a

pledge

of

the

full

faith

and

credit

taxing

power

of

the

issuer,

a

limited

or

special

tax,

or

any

other

revenue

source,

including

project

revenue.

Municipal

bonds

may

also

be

issued

to

finance

projects

on

a

short-term

interim

basis,

anticipating

repayment

with

the

proceeds

of

long-term

debt.

The

Fund

may

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.

In

a

basic

securitization

structure,

an

entity,

often

a

financial

institution,

originates

or

otherwise

acquires

a

pool

of

financial

assets,

either

directly

or

through

an

affiliate.

It

then

sells

the

financial

assets,

again

either

directly

or

through

an

affiliate,

to

a

specially

created

investment

vehicle

that

issues

securities

“backed”

or

supported

by

those

financial

assets,

which

securities

are

ABS.

Payment

on

the

ABS

depends

primarily

on

the

cash

flows

generated

by

the

assets

in

the

underlying

pool

and

other

rights

designed

to

assure

timely

payment,

such

as

liquidity

facilities,

guarantees

or

other

features

generally

known

as

credit

enhancements.

The

Fund

may

invest

in

U.S.

government

obligations.

Securities

issued

or

guaranteed

by

U.S.

government

agencies

and

instrumentalities

include

obligations

that

are

supported

by:

(a)

the

full

faith

and

credit

of

the

U.S.

Treasury

(e.g.,

direct

pass-through

certificates

of

the

Government

National

Mortgage

Association);

(b)

the

limited

authority

of

the

issuer

or

guarantor

to

borrow

from

the

U.S.

Treasury

(e.g.,

obligations

of

Federal

Home

Loan

Banks);

or

(c)

only

the

credit

of

the

issuer

or

guarantor

(e.g.,

obligations

of

the

Federal

Home

Loan

Mortgage

Corporation).

In

the

case

of

obligations

not

backed

by

the

full

faith

and

credit

of

the

U.S.

Treasury,

the

agency

issuing

or

guaranteeing

the

obligation

is

principally

responsible

for

ultimate

repayment.

The

Fund

may

invest

in

mortgage-backed

securities

(“MBS”),

including

commercial

mortgage-backed

securities

(“CMBS”).

MBS

is

a

type

of

pass-through

security,

which

is

a

security

representing

pooled

debt

obligations

repackaged

as

interests

that

pass

income

through

an

intermediary

to

investors.

In

the

case

of

mortgage-backed

securities,

the

ownership

interest

is

in

a

pool

of

mortgage

loans.

CMBS

are

backed

by

a

pool

of

mortgages

on

commercial

property.

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.

74

Shareholder

Update

(continued)

The

term

“preferred

securities”

also

includes

certain

hybrid

securities

and

other

types

of

preferred

securities

that

do

not

have

the

traditional

features

described

above.

Preferred

securities

that

are

hybrid

securities

often

behave

similarly

to

investments

in

traditional

preferred

securities

and

are

regarded

by

market

investors

as

being

part

of

the

preferred

securities

market.

Such

hybrid

securities

possess

varying

combinations

of

features

of

both

debt

and

traditional

preferred

securities

and

as

such

they

may

constitute

senior

debt,

junior

debt

or

preferred

shares

in

an

issuer’s

capital

structure.

Thus,

they

may

not

be

subordinate

to

a

company’s

debt

securities

(as

are

traditional

preferred

securities).

The

Fund

may

invest

in

loans,

including

senior

secured

loans,

unsecured

and/or

subordinated

loans,

loan

participations,

unfunded

contracts

and

assignments.

These

loans

are

typically

made

by

or

issued

to

corporations

primarily

to

finance

acquisitions,

refinance

existing

debt,

support

organic

growth,

or

pay

out

dividends,

and

are

typically

originated

by

large

banks

and

are

then

syndicated

out

to

institutional

investors

as

well

as

to

other

banks.

Loans

typically

bear

interest

at

a

floating

rate,

although

some

loans

pay

a

fixed

rate.

Floating

rate

loans

have

interest

rates

that

reset

periodically,

typically

monthly

or

quarterly.

The

interest

rates

on

floating

rate

loans

are

generally

based

on

the

Secured

Overnight

Financing

Rate

(“SOFR”),

a

U.S.

bank’s

prime

or

base

rate,

the

overnight

federal

funds

rate

or

another

rate.

Due

to

their

lower

place

in

the

borrower’s

capital

structure,

unsecured

and/or

subordinated

loans

involve

a

higher

degree

of

overall

risk

than

senior

bank

loans

of

the

same

borrower.

Loan

participations

are

loans

that

are

shared

by

a

group

of

lenders.

Unfunded

commitments

are

contractual

obligations

by

lenders

(such

as

the

Fund)

to

loan

an

amount

in

the

future

or

that

is

due

to

be

contractually

funded

in

the

future.

Assignments

may

be

arranged

through

private

negotiations

between

potential

assignees

and

potential

assignors,

and

the

rights

and

obligations

acquired

by

the

purchaser

of

an

assignment

may

differ

from,

and

be

more

limited

than,

those

held

by

the

assigning

lender.

Loans

may

have

restrictive

covenants

limiting

the

ability

of

a

borrower

to

further

encumber

its

assets.

The

types

of

covenants

included

in

loan

agreements

generally

vary

depending

on

market

conditions,

the

creditworthiness

of

the

borrower,

the

nature

of

the

collateral

securing

the

loan

and

other

factors.

Such

restrictive

covenants

normally

allow

for

early

intervention

and

proactive

mitigation

of

credit

risk

by

providing

lenders

with

the

ability

to

(1)

intervene

and

either

prevent

or

restrict

actions

that

may

potentially

compromise

the

borrower’s

ability

to

repay

the

loan

and/or

(2)

obtain

concessions

from

the

borrower

in

exchange

for

waiving

or

amending

a

particular

covenant.

Loans

with

fewer

or

weaker

restrictive

covenants

may

limit

the

Fund’s

ability

to

intervene

or

obtain

additional

concessions

from

borrowers.

The

Fund’s

portfolio

may

contain

restricted

and

illiquid

investments

(i.e.,

investments

that

are

not

readily

marketable),

including,

but

not

limited

to,

restricted

investments

(investments

the

disposition

of

which

is

restricted

under

the

federal

securities

laws),

investments

that

may

be

resold

only

pursuant

to

Rule

144A

under

the

1933

Act

that

are

deemed

to

be

illiquid,

and

certain

repurchase

agreements.

Restricted

investments

may

be

sold

only

in

privately

negotiated

transactions

or

in

a

public

offering

with

respect

to

which

a

registration

statement

is

in

effect

under

the

1933

Act.

The

Fund

may

also

invest

directly

in

Regulation

S

securities

that

are

freely

tradable

in

the

U.S.

Regulation

S

securities

are

debt

or

equity

securities

of

U.S.

and

foreign

issuers

offered

through

private

offerings

exempt

from

registration

with

the

SEC

pursuant

to

Regulation

S

of

the

1933

Act.

Offerings

of

Regulation

S

securities

may

be

conducted

outside

of

the

United

States,

and

Regulation

S

securities

may

be

relatively

less

liquid

as

a

result

of

legal

or

contractual

restrictions

on

resale.

The

Fund

may

seek

to

provide

exposure

to

Regulation

S

securities

that

are

not

freely

tradable

in

the

U.S.

by

investing

in

the

Subsidiary,

which

will

invest

primarily

in

Regulation

S

securities.

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

payment-in-kind

securities

(“PIKs”).

PIKs

pay

dividends

or

interest

in

the

form

of

additional

securities

of

the

issuer,

rather

than

in

cash.

Each

of

these

instruments

is

typically

issued

and

traded

at

a

deep

discount

from

its

face

amount.

The

amount

of

the

discount

varies

depending

on

such

factors

as

the

time

remaining

until

maturity

of

the

securities,

prevailing

interest

rates,

the

liquidity

of

the

security

and

the

perceived

credit

quality

of

the

issuer.

The

Fund

may

invest

in

securities

of

other

open-end

or

closed-end

investment

companies,

including

exchange-traded

funds

(“ETFs”),

that

invest

primarily

in

the

types

of

investments

in

which

the

Fund

may

invest

directly.

The

Fund

may

invest

without

limitation

in

credit

default

swaps,

and

may

enter

into

credit

default

swaps

as

either

a

buyer

or

a

seller.

The

credit

default

swaps

in

which

the

Fund

may

invest

include

credit

default

swap

indices

(“CDX”)

and

those

in

which

the

underlying

reference

instrument

is

the

debt

obligation

of

a

single

reference

issuer

(“single-name

CDS”).

A

CDX

is

a

portfolio

of

credit

default

swaps

with

similar

characteristics,

such

as

credit

default

swaps

on

high-yield

bonds.

Certain

CDX

instruments

are

subject

to

mandatory

central

clearing

and

exchange

trading,

which

may

reduce

counterparty

credit

risk

and

increase

liquidity

compared

to

other

credit

default

swaps

or

CDX

transactions.

Unlike

other

types

of

credit

default

swaps,

single-name

CDS

do

not

have

the

benefit

of

diversification

across

many

issuers.

In

addition

to

credit

default

swaps,

the

Fund

also

may

invest

in

certain

derivative

instruments

in

pursuit

of

its

investment

objective.

Such

instruments

include

financial

futures

contracts

and

options

thereon,

forward

contracts,

swaps

(with

varying

terms,

including

interest

rate

swaps),

options

on

swaps

and

other

fixed-income

derivative

instruments.

The

Fund’s

sub-adviser

may

use

derivative

instruments

to

attempt

to

hedge

some

of

the

risk

of

the

Fund’s

investments,

to

limit

exposure

to

losses

due

to

changes

to

foreign

currency

exchange

rates

or

as

a

substitute

for

a

position

in

the

underlying

asset.

Use

of

Leverage

The

Fund

uses

leverage

to

pursue

its

investment

objective.

The

Fund

may

use

leverage

to

the

extent

permitted

by

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”).

The

Fund

may

source

leverage

through

a

number

of

methods

including

through

borrowings,

issuing

preferred

shares

of

beneficial

interest,

the

issuance

of

debt

securities,

entering

into

reverse

repurchase

agreements

(effectively

a

borrowing),

and

investing

in

residual

interest

certificates

of

tender

option

bond

trusts,

also

called

inverse

floating

rate

securities,

that

have

the

economic

effect

of

75

leverage

because

the

Fund’s

investment

exposure

to

the

underlying

bonds

held

by

the

trust

have

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

certificates.

In

addition,

the

Fund

may

use

derivatives

that

may

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.

During

such

periods,

the

Fund

may

invest

up

to

100%

of

its

Managed

Assets

in

short-term

investments,

including

high

quality,

short-term

securities

or

may

invest

in

short-,

intermediate-,

or

long-

term

U.S.

Treasury

securities.

The

Fund

may

not

achieve

its

investment

objective

during

such

periods.

76

Shareholder

Update

(continued)

NUVEEN

MORTGAGE

AND

INCOME

FUND

(JLS)

Investment

Objective

The

Fund’s

investment

objective

is

to

generate

high

current

income

through

opportunistic

investments

in

securitized

credit.

Investment

Policies

Under

normal

circumstances,

the

Fund

will

invest

at

least

80%

of

its

Assets

(as

defined

below)

in

mortgage

related

assets

(including

mortgage-

backed

securities

(“MBS”)

and

other

income

producing

securities

(including

asset-backed

securities

(“ABS”),

bonds,

debt

securities

and

other

similar

instruments.)

“Assets”

mean

the

net

assets

of

the

Fund

plus

the

amount

of

any

borrowings

for

investment

purposes.

Under

normal

market

circumstances,

the

Fund

invests

at

least

50%

of

its

Managed

Assets

(as

defined

below)

in

MBS,

including

residential

MBS

(“RMBS”)

and

commercial

mortgage

backed-securities

(“CMBS”).As

a

fundamental

policy,

the

Fund

concentrates

its

investments

in

MBS

and

expressly

treats

MBS

as

a

single

industry

or

group

of

industries. 

“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

may

invest

up

to

50%

of

its

Managed

Assets

in non-mortgage related

asset-backed

securities

(“ABS”),

including

but

not

limited

to

any

asset

that

generates

reliable

cash

flows

including

collateralized

loan

obligations

(“CLOs”)

as

well

as

pools

of

consumer

auto

loans,

credit

card

receivables,

aircraft

leases

and

maintenance

agreements,

timeshare

agreements,

and

solar

photovoltaics.

The

Fund

may

investment

up

to

5%

of

its

Managed

Assets

in

catastrophe

bonds.

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

the

policies

described

above

without

a

shareholder

vote.

However,

with

respect

to

the

Fund’s

policy

of

concentrating

its

investments

in

MBS

such

policy

may

not

be

changed

without

the

approval

of

the

holders

of

a

majority

of

the

outstanding

common

shares

and

preferred

shares

voting

together

as

a

single

class,

and

the

approval

of

the

holders

of

a

majority

of

the

outstanding

preferred

shares,

voting

separately

as

a

single

class.

A

“majority

of

the

outstanding”

shares

means

(i)

67%

or

more

of

the

shares

present

at

a

meeting,

if

the

holders

of

more

than

50%

of

the

shares

are

present

or

represented

by

proxy

or

(ii)

more

than

50%

of

the

shares,

whichever

is

less.

Portfolio

Contents

The

Fund

generally

invests

in

MBS.

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

subprime

mortgages

or

MBS

that

are

backed

by

subprime

mortgages.

The

Fund

may

invest

in

RMBS.

RMBS

are

securities

with

payments

which

depend

(except

for

rights

or

other

assets

designed

to

assure

the

servicing

or

timely

distribution

of

proceeds

to

holders

of

such

securities)

primarily

on

the

cash

flow

from

residential

mortgage

loans

made

to

borrowers

that

are

secured

on

a

first

priority

basis

or

second

priority

basis,

subject

to

permitted

liens,

easements

and

other

encumbrances

by

residential

real

estate (one-to four-family

properties)

the

proceeds

of

which

are

used

to

purchase

real

estate

and

purchase

or

construct

dwellings

thereon

(or

to

refinance

indebtedness

previously

so

used).

Residential

mortgage

loans

are

obligations

of

the

borrowers

thereunder

only

and

are

not

typically

insured

or

guaranteed

by

any

other

person

or

entity.

The

ability

of

a

borrower

to

repay

a

loan

secured

by

residential

property

is

dependent

upon

the

income

or

assets

of

the

borrower.

A

number

of

factors,

including

a

general

economic

downturn,

acts

of

God,

terrorism,

social

unrest

and

civil

disturbances,

may

impair

borrowers’

abilities

to

repay

their

loans.

The non-agency RMBS

in

which

the

Fund

may

invest

are

issued

by,

among

others,

commercial

banks,

investment

banks,

and

mortgage

originators.

Timely

payment

of

principal

and

interest

on

mortgage-related

securities

backed

by

pools

created

by non-governmental issuers

often

is

supported

partially

by

various

forms

of

insurance

or

guarantees,

including

individual

loan,

title,

pool

and

hazard

insurance.

The

insurance

and

guarantees

are

issued

by

private

insurers.

The

agency

RMBS

in

which

the

Fund

may

invest

represent

participations

in,

are

secured

by

or

payable

from,

mortgage

loans

secured

by

real

residential

property.

Agency

RMBS

may

include

agency

mortgage

pass-through

certificates

issued

or

guaranteed

by

the

Government

National

Mortgage

Association

(“GNMA”),

the

Federal

National

Mortgage

Association

(“FNMA”)

and/or

the

Federal

Home

Loan

Mortgage

Corporation

(“FHLMC”).

These

mortgage

pass-through

certificates

provide

for

the

pass-through

to

investors

of

their

pro

rata

share

of

monthly

payments

(including

any

prepayments)

made

by

the

individual

borrowers

on

the

pooled

mortgage

loans,

net

of

any

fees

paid

to

the

guarantor

of

such

77

securities

and

the

servicer

of

the

underlying

loans.

GNMA,

FNMA

and

FHLMC

guarantee

timely

distributions

of

interest

and

principal

to

shareholders.

Agency

RMBS

may

also

include

agency

collateralized

mortgage

obligations

(“CMOs”),

which

are

debt

obligations

issued

by

GNMA,

FNMA

or

FHLMC.

The

Fund

may

invest

in

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

also

may

invest

in

stripped

MBS

(“Stripped

MBS”).

Stripped

MBS

are

created

by

segregating

the

cash

flows

from

underlying

mortgage

loans

or

mortgage

securities

to

create

two

or

more

new

securities,

each

with

a

specified

percentage

of

the

underlying

security’s

principal

or

interest

payments.

Mortgage

securities

may

be

partially

stripped

so

that

each

investor

class

receives

some

interest

and

some

principal.

When

securities

are

completely

stripped,

however,

all

of

the

interest

is

distributed

to

holders

of

one

type

of

security,

known

as

an

interest-only

security

(“IO”),

and

all

of

the

principal

is

distributed

to

holders

of

another

type

of

security

known

as

a

principal-only

security

(“PO”).

Strips

can

be

created

in

a

pass-through

structure

or

as

tranches

of

a

CMO. The

yields

to

maturity

on

IOs

and

POs

are

very

sensitive

to

the

rate

of

principal

payments

(including

prepayments)

on

the

related

underlying

mortgage

assets.

The

Fund

may

also

invest

in

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

catastrophe

bonds,

which

typically

are

backed

by

a

secured

collateral

account.

Exposure

to

catastrophe

bonds

results

in

gains

or

losses

that

typically

are

contingent

upon,

or

formulaically

related

to,

defined

trigger

events.

Examples

of

trigger

events

include

hurricanes,

earthquakes,

weather-related

phenomena

or

statistics

relating

to

such

events.

If

a

trigger

event,

as

defined

within

the

terms

of

the

bond,

involves

losses

or

other

metrics

exceeding

a

specific

magnitude

in

the

geographic

region

and/or

time

period

specified

therein,

the

Fund

may

lose

a

portion

or

all

of

its

investments

in

such

security,

including

accrued

interest

and/or

principal

invested

in

such

security.

If

no

trigger

event

occurs,

the

Fund

would

typically

recover

its

principal

plus

interest.

The

Fund

may

invest

in

CLOs

and

other

collateralized

debt

obligations

(“CDOs”).

CLOs

and

other

CDOs

are

types

of

asset-backed

securities.

A

CLO

is

a

trust

typically

collateralized

by

a

pool

of

loans,

which

may

include,

among

others,

domestic

and

foreign

senior

secured

loans,

senior

unsecured

loans,

and

subordinate

corporate

loans,

including

loans

that

may

be

rated

below

investment

grade

or

equivalent

unrated

loans.

Other

CDOs

are

trusts

backed

by

other

types

of

assets

representing

obligations

of

various

parties.

CLOs

and

other

CDOs

may

charge

management

fees

and

administrative

expenses.

The

Fund’s

may

invest

in

below

investment

securities.

Below

investment

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

enter

into

repurchase

agreements

(the

purchase

of

a

security

coupled

with

an

agreement

to

resell

that

security

at

a

higher

price)

with

respect

to

its

permitted

investments.

The

Fund’s

repurchase

agreements

will

provide

that

the

value

of

the

collateral

underlying

the

repurchase

agreement

will

always

be

at

least

equal

to

the

repurchase

price,

including

any

accrued

interest

earned

on

the

agreement,

and

will

be  marked-

to-market daily.

The

Fund

may

also

utilize

reverse

repurchase

agreements

when

it

is

anticipated

that

the

interest

income

to

be

earned

from

the

investment

of

the

proceeds

of

the

transaction

is

greater

than

the

interest

expense

of

the

transaction.

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

financial

futures

contracts,

swap

contracts

(including

interest

rate

and

credit

default

swaps),

options

on

financial

futures,

options

on

swap

contracts

or

other

derivative

instruments.

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,

entering

into

reverse

repurchase

agreements

(effectively

a

secured

borrowing)

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.

78

Shareholder

Update

(continued)

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

high

quality

investments.

The

Fund

may

not

achieve

its

investment

objective

during

such

periods.

79

PRINCIPAL

RISKS

OF

THE

FUNDS

The

factors

that

are

most

likely

to

have

a

material

effect

on

a

particular

Fund’s

portfolio

as

a

whole

are

called

“principal

risks.”

Each

Fund

is

subject

to

the

principal

risks

indicated

below,

whether

through

direct

investment

or

derivative

positions.

Each

Fund

may

be

subject

to

additional

risks

other

than

those

identified

and

described

below

because

the

types

of

investments

made

by

a

Fund

can

change

over

time.

Risk

JGH

NPCT

JLS

Portfolio

Level

Risks

Below

Investment

Grade

Risk

X

X

X

Call

Risk

X

X

X

Catastrophe

Bond

Risk

-

-

X

Collateralized

Debt

Obligation

(“CDO”)

and

Collateralized

Loan

Obligation

Risk

-

-

X

Concentration

Risk

-

-

X

Contingent

Capital

Securities

(“

CoCos

”)

Risk

X

-

-

Convertible

Securities

Risk

X

-

-

Counterparty

Risk

X

X

X

Credit

Risk

X

X

X

Credit

Spread

Risk

X

X

X

Debt

Securities

Risk

X

X

X

Distressed

or

Defaulted

Securities

Risk

-

X

-

Deflation

Risk

X

X

X

Derivatives

Risk

X

X

X

Duration

Risk

X

X

X

Emerging

Markets

Risk

X

X

-

Extension

Risk

-

-

X

Financial

Futures

and

Options

Transactions

Risk

X

X

X

Foreign

Currency

Risk

X

X

-

Forward

Currency

Contracts

Risk

X

-

-

Hedging

Risk

X

X

X

Illiquid

and

Restricted

Investments

Risk

X

X

X

Impact

Criteria

and

Environmental,

Social

and

Governance

(“ESG”)

Criteria

Investing

Risk

-

X

-

Income

Risk

X

X

X

Inflation

Risk

X

X

X

Interest

Rate

Risk

X

X

X

Inverse

Floating

Rate

Securities

Risk

-

X

-

Loan

Participation

Risk

X

X

-

Loan

Risk

X

X

-

Mortgage-Backed

Securities

(“MBS”)

and

Asset-Backed

Securities

("ABS")

Risk

X

X

X

Non-U.S.

Securities

Risk

X

X

-

Other

Investment

Companies

Risk

X

X

X

Preferred

Securities

Risk

X

X

-

Real

Estate

Related

Securities

Risk

X

-

-

Regulation

S

Securities

Risk

-

X

-

Reinvestment

Risk

X

X

X

Senior

Loan

Risk

X

X

-

80

Shareholder

Update

(continued)

Risk

JGH

NPCT

JLS

Portfolio

Level

Risks

Senior

Loan

Agent

Risk

X

X

-

Sovereign

Government

and

Supranational

Debt

Risk

X

X

-

Swap

Transactions

Risk

X

X

X

Unrated

Securities

Risk

X

X

X

U.S.

Government

Securities

Risk

X

X

X

Valuation

Risk

X

X

X

When-Issued

and

Delayed-Delivery

Transactions

Risk

X

-

-

Zero

Coupon

or

Pay-In-Kind

Securities

Risk

X

X

-

Risk

JGH

NPCT

JLS

Fund

Level

and

Other

Risks

Anti-Takeover

Provisions

X

X

X

Borrowing

Risk

X

X

X

Cybersecurity

Risk

X

X

X

Distribution

Risk

X

X

-

Global

Economic

Risk

X

X

X

Investment

and

Market

Risk

X

X

X

Legislation

and

Regulatory

Risk

X

X

X

Leverage

Risk

X

X

X

Limited

Term

and

Tender

Offer

Risk

-

X

-

Market

Discount

from

Net

Asset

Value

X

X

X

Recent

Market

Conditions

X

X

X

Reverse

Repurchase

Agreement

Risk

X

X

X

Risk

of

Taxable

Income

in

Excess

of

Economic

Income

-

-

X

Subsidiary

Risk

-

X

-

Fund

Tax

Risk

X

X

X

81

Portfolio

Level

Risks:

Below

Investment

Grade

Risk.

Investments

of

below

investment

grade

quality

are

regarded

as

having

speculative

characteristics

with

respect

to

the

issuer’s

capacity

to

pay

dividends

or

interest

and

repay

principal,

and

may

be

subject

to

higher

price

volatility

and

default

risk

than

investment

grade

investments

of

comparable

terms

and

duration.

Issuers

of

lower

grade

investments

may

be

highly

leveraged

and

may

not

have

available

to

them

more

traditional

methods

of

financing.

The

prices

of

these

lower

grade

investments

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

investments

may

not

be

as

liquid

as

the

secondary

market

for

more

highly

rated

investments,

a

factor

which

may

have

an

adverse

effect

on

the

Fund’s

ability

to

dispose

of

a

particular

investment.

If

a

below

investment

grade

investment

goes

into

default,

or

its

issuer

enters

bankruptcy,

it

might

be

difficult

to

sell

that

security

in

a

timely

manner

at

a

reasonable

price.

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.

Catastrophe

Bonds

Risk.

Exposure

to

catastrophe

bonds

results

in

gains

or

losses

that

typically

are

contingent

upon,

or

formulaically

related

to,

defined

trigger

events.

Examples

of

trigger

events

include

hurricanes,

earthquakes,

weather-related

phenomena

or

statistics

relating

to

such

events.

Catastrophe

bonds

carry

large

uncertainties

and

major

risk

exposures

to

adverse

conditions.

If

a

trigger

event,

as

defined

within

the

terms

of

the

bond,

involves

losses

or

other

metrics

exceeding

a

specific

magnitude

in

the

geographic

region

and/or

time

period

specified

therein,

the

Fund

may

lose

a

portion

or

all

of

its

investments

in

such

security,

including

accrued

interest

and/or

principal

invested

in

such

security.

Such

losses

may

be

substantial.

If

no

trigger

event

occurs,

the

Fund

typically

would

recover

its

principal

plus

interest.

The

rating,

if

any,

of

catastrophe

bonds,

reflects

the

rating

agency’s

calculated

probability

that

a

pre-defined

trigger

event

will

occur.

Thus,

lower-

rated

bonds

have

a

greater

likelihood

of

a

triggering

event

occurring

and

resulting

in

a

loss

to

the

Fund.

Catastrophe

bonds

often

provide

for

an

extension

of

maturity

to

process

and

audit

loss

claims

when

a

trigger

event

has,

or

possibly

has,

occurred.

An

extension

of

maturity

may

increase

volatility.

Event-linked

exposure

also

may

expose

the

Fund

to

certain

other

risks

including

credit

risk,

counterparty

risk,

adverse

regulatory

or

jurisdictional

interpretations

and

adverse

tax

consequences.

Catastrophe

bonds

may

also

be

illiquid.

Collateralized

Debt

Obligation

(“CDO”)

and

Collateralized

Loan

Obligation

(“CLO”)

Risk.

The

risks

of

an

investment

in

CDOs,

including

CLOs,

depend

largely

on

the

type

of

the

collateral

securities

and

the

class

of

the

CDO

in

which

the

Fund

invests.

In

addition

to

the

normal

risks

associated

with

fixed-income

investments,

CDOs

and

CLOs

carry

additional

risks

including,

but

not

limited

to,

the

risk

that:

(1)

distributions

from

collateral

assets

may

not

be

adequate

to

make

interest

or

other

payments;

(2)

the

quality

of

the

collateral

may

decline

in

value

or

default;

(3)

the

fact

that

the

CDOs

or

CLOs

may

be

subordinate

to

other

classes;

and

(4)

the

complex

structure

of

the

investment

may

not

be

fully

understood

at

the

time

of

investment

and

may

produce

disputes

with

the

issuer

or

unexpected

investment

results.

--CDOs

and

CLOs

may

also

charge

management

and

other

administrative

fees,

which

are

in

addition

to

those

charged

by

the

Fund.

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.

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

a

fund.

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.

82

Shareholder

Update

(continued)

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,

including

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.

With

respect

to

the

Fund’s

investments

that

are

secured,

there

can

be

no

assurance

that

liquidation

of

collateral

would

satisfy

the

issuer’s

obligation

in

the

event

of

non-payment

of

scheduled

dividend,

interest

or

principal

or

that

such

collateral

could

be

readily

liquidated.

In

the

event

of

the

bankruptcy

of

an

issuer,

the

Fund

could

experience

delays

or

limitations

with

respect

to

its

ability

to

realize

the

benefits

of

any

collateral

securing

an

investment.

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.

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.

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.

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.

In

addition,

decreased

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.

Decreased

liquidity

may

result

in

the

Fund

having

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.

Distressed

or

Defaulted

Securities

Risk.

Investments

in

“distressed”

securities,

meaning

those

whose

issuers

are

experiencing

financial

difficulties

or

distress

at

the

time

of

acquisition,

present

a

substantial

risk

of

future

default.

In

the

event

distressed

securities

become

defaulted

securities

or

the

Fund

otherwise

holds

defaulted

securities,

the

Fund

may

incur

losses,

including

additional

expenses,

to

the

extent

it

is

required

to

seek

recovery

upon

a

default

in

the

payment

of

principal

or

interest

on

those

securities.

In

any

reorganization

or

liquidation

proceeding

relating

to

a

portfolio

security,

the

Fund

may

lose

its

entire

investment

or

may

be

required

to

accept

cash

or

securities

with

a

value

less

than

its

original

investment.

Defaulted

or

distressed

securities

may

be

subject

to

restrictions

on

resale.

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.

The

use

of

certain

derivatives

involves

leverage,

which

can

cause

the

Fund’s

portfolio

to

be

more

volatile

than

if

the

portfolio

had

not

been

leveraged.

Leverage

can

significantly

magnify

the

effect

of

price

movements

of

the

reference

asset,

disproportionately

increasing

the

Fund’s

losses

and

reducing

the

Fund’s

opportunities

for

gains

when

the

reference

asset

changes

in

unexpected

ways.

In

some

instances,

such

leverage

could

result

in

losses

that

exceed

the

original

amount

invested.

It

is

possible

that

regulatory

or

other

developments

in

the

derivatives

market,

including

changes

in

government

regulation

could

adversely

impact

the

Fund’s

ability

to

invest

in

certain

derivatives

or

successfully

use

derivative

instruments.

83

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.

Extension

Risk.

Extension

risk

is

the

flip

side

of

call

or

prepayment

risk.

Extension,

or

slower

prepayments

of

the

underlying

mortgage

loans,

would

extend

the

time

it

would

take

to

receive

cash

flows

and

would

generally

compress

the

yield

on

non-agency

RMBS

and

CMBS.

Rising

interest

rates

can

cause

the

average

maturity

of

the

Fund

to

lengthen

due

to

a

drop

in

mortgage

prepayments.

This

will

increase

both

the

sensitivity

to

rising

interest

rates

and

the

potential

for

price

declines

of

the

Fund.

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

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

and

Restricted

Investments

Risk.

Illiquid

investments

are

investments

that

are

not

readily

marketable.

These

investments

may

include

restricted

investments,

including

Rule

144

A

securities,

which

cannot

be

resold

to

the

public

without

an

effective

registration

statement

under

the

1933

Act,

or

if

they

are

unregistered

may

be

sold

only

in

a

privately

negotiated

transaction

or

pursuant

to

an

available

exemption

from

registration.

The

Fund

may

not

be

able

to

readily

dispose

of

such

investments

at

prices

that

approximate

those

at

which

the

Fund

could

sell

the

investments

if

they

were

more

widely

traded

and,

as

a

result

of

such

illiquidity,

the

Fund

may

have

to

sell

other

investments

or

engage

in

borrowing

transactions

if

necessary

to

raise

cash

to

meet

its

obligations.

Limited

liquidity

can

also

affect

the

market

price

of

investments,

thereby

adversely

affecting

the

Fund’s

NAV

and

ability

to

make

dividend

distributions.

The

financial

markets

in

general

have

in

recent

years

experienced

periods

of

extreme

secondary

market

supply

and

demand

imbalance,

resulting

in

a

loss

of

liquidity

during

which

market

prices

were

suddenly

and

substantially

below

traditional

measures

of

intrinsic

value.

During

such

periods,

some

investments

could

be

sold

only

at

arbitrary

prices

and

with

substantial

losses.

Periods

of

such

market

dislocation

may

occur

again

at

any

time.

84

Shareholder

Update

(continued)

Impact

Criteria

and

Environmental,

Social

and

Governance

(“ESG”)

Criteria

Investing

Risk.

Because

the

Impact

Criteria

and/or

Nuveen’s

ESG

investment

criteria

may

exclude

investments

of

certain

issuers

for

non-financial

reasons,

the

Fund

may

forgo

some

market

opportunities

available

to

funds

that

do

not

use

these

criteria.

This

may

cause

the

Fund

to

underperform

the

market

as

a

whole

or

other

funds

that

do

not

use

an

Impact

Criteria

or

ESG

investment

strategy

or

that

use

a

different

methodology

or

different

factors

to

determine

an

investment’s

impact

and/

or

ESG

investment

criteria.

In

addition,

there

is

a

risk

that

the

companies

identified

by

the

Impact

Criteria

or

Nuveen’s

ESG

investment

criteria

do

not

operate

as

expected

when

addressing

social

and

environmental

impact

and

ESG

issues.

A

company’s

social

and

environmental

impact

and

ESG

performance

or

the

Fund’s

sub-adviser’s

assessment

of

a

company’s

social

and

environmental

impact

and

ESG

performance

could

vary

over

time,

which

could

cause

the

Fund

to

be

temporarily

invested

in

companies

that

do

not

comply

with

the

Fund’s

approach

towards

considering

Impact

Criteria

or

ESG

investment

criteria.

There

are

significant

differences

in

interpretations

of

what

it

means

for

a

company

to

have

positive

Impact

Criteria

or

ESG

investment

criteria.

While

the

Fund’s

sub-adviser

believes

its

evaluation

of

Impact

Criteria

and/or

ESG

investment

criteria

is

reasonable,

the

portfolio

decisions

it

makes

may

differ

with

other

investors’

or

advisers’

views.

In

making

investment

decisions,

the

Fund’s

sub-adviser

relies

on

information

and

data

that

could

be

incomplete

or

erroneous,

which

could

cause

the

Fund’s

sub-adviser

to

incorrectly

assess

a

company’s

Impact

Criteria

and/or

ESG

investment

criteria.

The

third-party

data

providers

may

differ

in

the

data

they

provide

for

a

given

investment

or

between

industries,

or

may

only

take

into

account

one

of

many

ESG-related

components

of

a

company.

Accordingly,

the

information

used

by

the

Fund’s

sub-

adviser

to

evaluate

the

ESG

criteria

of

the

Fund’s

investments

may

not

be

complete

or

accurate,

and

may

vary

across

providers

and

issuers,

as

ESG

is

not

a

uniformly

defined

characteristic.

Furthermore,

data

availability

and

reporting

with

respect

to

Impact

Criteria

or

the

ESG

investment

criteria

may

not

always

be

available

or

may

become

unreliable.

Income

Risk.

The

Fund’s

level

of

current

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.

Currently,

inflation

rates

are

elevated

relative

to

normal

market

conditions

and

could

increase.

Interest

Rate

Risk.

Interest

rate

risk

is

the

risk

that

debt

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

debt

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

debt

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

debt

securities

generally

fluctuate

more

than

prices

of

shorter-term

debt

securities

as

interest

rates

change.

If

the

Fund

invests

in

floating

rate

securities,

the

market

value

of

such

securities

may

fall

in

a

declining

interest

rate

environment

and

may

also

fall

in

a

rising

interest

rate

environment

if

there

is

a

lag

between

the

rise

in

interest

rates

and

the

rest.

A

secondary

risk

associated

with

declining

interest

rates

is

the

risk

that

income

earned

by

the

Fund

on

floating

rate

securities

may

decline

due

to

lower

coupon

payments

on

floating-

rate

securities.

Inverse

Floating

Rate

Securities

Risk.

The

Fund

may

invest

in

inverse

floating

rate

securities.

In

general,

income

on

inverse

floating

rate

securities

will

decrease

when

short-term

interest

rates

increase

and

increase

when

short-term

interest

rates

decrease.

Investments

in

inverse

floating

rate

securities

may

subject

the

Fund

to

the

risks

of

reduced

or

eliminated

interest

payments

and

losses

of

principal.

In

addition,

inverse

floating

rate

securities

may

increase

or

decrease

in

value

at

a

greater

rate

than

the

underlying

interest

rate,

which

effectively

leverages

the

Fund’s

investment.

As

a

result,

the

market

value

of

such

securities

generally

will

be

more

volatile

than

that

of

fixed

rate

securities.

The

Fund

may

invest

in

inverse

floating

rate

securities

issued

by

special

purpose

trusts

that

have

recourse

to

the

Fund.

In

such

instances,

the

Fund

may

be

at

risk

of

loss

that

exceeds

its

investment

in

the

inverse

floating

rate

securities.

The

Fund

may

be

required

to

sell

its

inverse

floating

rate

securities

at

less

than

favorable

prices,

or

liquidate

other

Fund

portfolio

holdings

in

certain

circumstances,

including,

but

not

limited

to,

the

following:

If

the

Fund

has

a

need

for

cash

and

the

securities

in

a

special

purpose

trust

are

not

actively

trading

due

to

adverse

market

conditions;

If

special

purpose

trust

sponsors

(as

a

collective

group

or

individually)

experience

financial

hardship

and

consequently

seek

to

terminate

their

respective

outstanding

special

purpose

trusts;

and

If

the

value

of

an

underlying

security

declines

significantly

and

if

additional

collateral

has

not

been

posted

by

the

Fund.

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.

The

risks

associated

with

unsecured

loans,

which

are

not

backed

by

a

security

85

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.

Mortgage-Backed

Securities

(“MBS”)

and

Asset-Backed

Securities

(“ABS”)

Risk.

These

securities

generally

can

be

prepaid

at

any

time,

and

prepayments

that

occur

either

more

quickly

or

more

slowly

than

expected

can

adversely

impact

the

value

of

such

securities.

They

are

also

subject

to

extension

risk,

which

is

the

risk

that

rising

interest

rates

could

cause

mortgages

or

other

obligations

underlying

the

securities

to

be

prepaid

more

slowly

than

expected,

thereby

lengthening

the

duration

of

such

securities,

increasing

their

sensitivity

to

interest

rate

changes

and

causing

their

prices

to

decline.

The

Fund

may

invest

in

MBS

and

ABS

that

are

subordinate

in

right

of

payment

and

rank

junior

to

other

securities

that

are

secured

by

or

represent

an

ownership

interest

in

the

same

pool

of

assets.

In

addition,

many

of

the

transactions

in

which

such

securities

are

issued

have

structural

features

that

divert

payments

of

interest

and/or

principal

to

more

senior

classes

when

the

delinquency

or

loss

experience

of

the

pool

exceeds

certain

levels.

As

a

result,

such

securities

may

be

more

sensitive

to

risk

of

loss,

write-downs,

the

non-fulfillment

of

repurchase

obligations,

over-advancing

on

a

pool

of

loans

and

the

costs

of

transferring

servicing

than

senior

classes

of

securities.

Further,

some

of

the

MBS

and

ABS

in

which

the

Fund

invests

may

be

comprised

of

subprime

loans.

Subprime

loans

are

those

made

to

borrowers

with

lower

credit

ratings

and/or

shorter

credit

history,

who

are

more

likely

to

default

on

their

loan

obligations

as

compared

to

more

credit-worthy

borrowers.

As

a

result,

liquidity

risk

is

even

greater

for

MBS

and

ABS

comprised

of

subprime

loans.

MBS,

including

CMBS

and

RMBS,

may

be

negatively

affected

by

the

quality

of

the

mortgages

underlying

such

security,

the

credit

quality

of

its

issuer

or

guarantor,

and

the

nature

and

structure

of

its

credit

support.

An

unexpectedly

high

rate

of

defaults

on

the

mortgages

held

by

a

mortgage

pool

will

adversely

affect

the

value

of

MBS

and

will

result

in

losses

to

the

Fund.

Privately

issued

mortgage-related

securities

are

not

subject

to

the

same

underwriting

requirements

for

the

underlying

mortgages

that

are

applicable

to

those

mortgage-related

securities

that

have

government

or

government-sponsored

entity

guarantee.

As

a

result,

the

mortgage

loans

underlying

privately

issued

mortgage-related

securities

may,

and

frequently

do,

have

less

favorable

collateral,

credit

risk

or

other

underwriting

characteristics

than

government

or

government-sponsored

mortgage-related

securities

and

have

wider

variances

in

a

number

of

terms

including

interest

rate,

term,

size,

purpose

and

borrower

characteristics.

Certain

non-agency

MBS

are

only

entitled

to

payments

provided

for

in

the

underlying

agreement

when

and

if

funds

are

generated

by

the

underlying

mortgage

loan

pool.

This

likelihood

of

the

return

of

interest

and

principal

may

be

assessed

as

a

credit

matter.

However,

the

holders

of

such

non-agency

MBS

may

not

have

the

legal

status

of

secured

creditors,

and

therefore

may

not

be

able

to

accelerate

a

claim

for

payment

on

their

securities

or

force

a

sale

of

the

mortgage

loan

pool

in

the

event

that

insufficient

funds

exist

to

pay

such

amounts

on

any

date

designated

for

such

payment.

The

holders

of

such

non-agency

MBS

do

not

typically

have

any

right

to

remove

a

servicer

solely

as

a

result

of

a

failure

of

the

mortgage

pool

to

perform

as

expected.

In

addition,

there

can

be

no

assurance

that

originators

and

servicers

of

mortgage

loans

for

non-agency

MBS

will

not

experience

financial

difficulties,

which

may

increase

the

chances

that

these

entities

may

default

on

their

warehousing

or

other

credit

lines

or

become

insolvent

or

bankrupt,

thus

increasing

the

likelihood

that

repurchase

obligations

will

not

be

fulfilled

and

the

potential

for

loss

to

holders

of

such

non-agency

MBS.

Further,

the

prices

of

non-agency

MBS

may

decline

substantially,

for

reasons

that

may

not

be

attributable

to

any

of

the

other

risks

described

herein.

In

particular,

purchasing

assets

at

what

may

appear

to

be

“undervalued”

levels

is

no

guarantee

that

these

assets

will

not

be

trading

at

even

more

“undervalued”

levels

at

a

time

of

valuation

or

at

the

time

of

sale.

It

may

not

be

possible

to

predict,

or

to

protect

against,

such

“spread

widening”

risk.

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.

In

addition,

to

the

extent

the

Fund

custodies

its

assets

with

non-U.S.

banks

or

securities

depositories,

and

such

entity

goes

bankrupt,

the

Fund

may

be

limited

in

its

ability

to

recover

such

assets.

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.

86

Shareholder

Update

(continued)

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.

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.

Regulation

S

Securities

Risk.

The

risk

that

Regulation

S

securities

may

be

less

liquid

than

publicly

traded

securities.

Regulation

S

securities

may

not

be

subject

to

the

disclosure

and

other

investor

protection

requirements

that

would

be

applicable

to

publicly

traded

securities.

As

a

result,

Regulation

S

securities

may

involve

a

high

degree

of

business

and

financial

risk

and

may

result

in

losses.

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

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.

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.

Sovereign

Government

and

Supranational

Debt

Risk.

Investments

in

sovereign

debt,

including

supranational

debt,

involves

special

risks.

Foreign

governmental

issuers

of

debt

or

the

governmental

authorities

that

control

the

repayment

of

the

debt

may

be

unable

or

unwilling

to

repay

principal

or

pay

interest

when

due.

In

the

event

of

default,

there

may

be

limited

or

no

legal

recourse

in

that,

generally,

remedies

for

defaults

must

be

pursued

in

the

courts

of

the

defaulting

party.

Political

conditions,

especially

a

sovereign

entity’s

willingness

to

meet

the

terms

of

its

debt

obligations,

are

of

considerable

significance.

The

ability

of

a

foreign

sovereign

issuer,

especially

an

emerging

market

country,

to

make

timely

payments

on

its

debt

obligations

will

also

be

strongly

influenced

by

the

sovereign

issuer’s

balance

of

payments,

including

export

performance,

its

access

to

international

credit

facilities

and

investments,

fluctuations

of

interest

rates

and

the

extent

of

its

foreign

reserves.

A

country

whose

exports

are

concentrated

in

a

few

commodities

or

whose

economy

depends

on

certain

strategic

imports

could

be

vulnerable

to

fluctuations

in

international

prices

of

these

commodities

or

imports.

If

a

sovereign

issuer

cannot

generate

sufficient

earnings

from

foreign

trade

to

service

its

external

debt,

it

may

need

to

depend

on

continuing

loans

and

aid

from

foreign

governments,

commercial

banks,

and

multinational

organizations.

The

cost

of

servicing

external

debt

will

also

generally

be

adversely

affected

by

rising

international

interest

rates,

as

many

external

debt

obligations

bear

interest

at

rates

which

87

are

adjusted

based

upon

international

interest

rates.

Foreign

investment

in

certain

sovereign

debt

is

restricted

or

controlled

to

varying

degrees,

including

requiring

governmental

approval

for

the

repatriation

of

income,

capital

or

proceeds

of

sales

by

foreign

investors.

There

are

no

bankruptcy

proceedings

similar

to

those

in

the

U.S.

by

which

defaulted

sovereign

debt

may

be

collected.

Swap

Transactions

Risk.

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

investment

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.

Unrated

securities

determined

by

the

Fund’s

investment

adviser

to

be

of

comparable

quality

to

rated

investments

which

the

Fund

may

purchase

may

pay

a

higher

dividend

or

interest

rate

than

such

rated

investments

and

be

subject

to

a

greater

risk

of

illiquidity

or

price

changes.

Less

public

information

is

typically

available

about

unrated

investments

or

issuers

than

rated

investments

or

issuers.

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.

U.S.

Government

Securities

Risk.

U.S.

government

securities

are

guaranteed

only

as

to

the

timely

payment

of

interest

and

the

payment

of

principal

when

held

to

maturity.

Accordingly,

the

current

market

values

for

these

securities

will

fluctuate

with

changes

in

interest

rates.

Securities

issued

or

guaranteed

by

U.S.

government

agencies

and

instrumentalities

are

supported

by

varying

degrees

of

credit

but

generally

are

not

backed

by

the

full

faith

and

credit

of

the

U.S.

government.

No

assurance

can

be

given

that

the

U.S.

government

will

provide

financial

support

to

its

agencies

and

instrumentalities

if

it

is

not

obligated

by

law

to

do

so.

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.

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

or

Pay-In-Kind Securities  Risk.

Zero

coupon

and pay-in-kind

securities

may

be

subject

to

greater

fluctuation

in

value

and

less liquidity

in

the

event

of

adverse

market

conditions

than

comparably

rated securities

paying

cash

interest

at

regular

interest

payment

periods.

Prices on

non-cash-paying

instruments

may

be

more

sensitive

to

changes

in

the issuer’s

financial

condition,

fluctuation

in

interest

rates

and

market demand/supply

imbalances

than

cash-paying

securities

with

similar

credit ratings,

and

thus

may

be

more

speculative.

Fund

Level

and

Other

Risks:

Anti-Takeover

Provisions.

The

Declaration

of

Trust

and

the

Fund’s

by-laws

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

provision

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.

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.

Distribution

Risk.

The

Fund’s

distributions

will

be

composed

of

net

investment

income

and

a

supplemental

amount

generally

representing

the

potential

for

capital

appreciation,

which

will

take

the

form

of

realized

capital

gains

and/or

a

return

of

capital.

The

return

of

capital

component

of

a

Fund

distribution

may

(but

will

not

necessarily)

represent

unrealized

capital

gains.

A

return

of

capital

is

a

non-taxable

distribution

of

a

portion

of

the

Fund’s

capital.

If

over

the

life

of

a

shareholder’s

investment,

the

total

return

of

the

Fund’s

overall

strategy

is

less

than

the

distribution

rate,

a

return

88

Shareholder

Update

(continued)

of

capital

will

represent

a

portion

of

a

shareholder’s

original

principal

(in

effect

a

partial

return

of

the

amount

a

shareholder

invested

in

the

Fund).

A

return

of

capital

reduces

a

shareholder’s

tax

cost

basis

(but

not

below

zero)

in

Fund

shares,

which

could

result

in

more

taxable

gain

or

less

taxable

loss

when

the

shareholder

sells

their

shares.

This

may

cause

the

shareholder

to

pay

taxes

even

if

he

or

she

sells

shares

for

less

than

the

original

price.

The

Fund’s

distribution

policy,

rate

of

distributions

on

the

Common

Shares

and

the

portion

of

distributions

composed

of

net

investment

income,

realized

capital

gain

and

return

of

capital

may

vary

over

time.

Shareholders

who

periodically

receive

the

payment

of

a

distribution

consisting

of

a

return

of

capital

may

be

under

the

impression

that

they

are

receiving

net

income

or

profits

when

they

are

not.

Shareholders

should

not

assume

that

the

source

of

a

return

of

capital

distribution

from

the

Fund

is

net

income

or

profit.

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

assets

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,

instability

in

various

countries,

such

as

Afghanistan

and

Syria,

war,

natural

and

environmental

disasters

and

the

spread

of

infectious

illnesses

or

other

public

health

emergencies

,

terrorist

attacks

in

the

United

States

and

around

the

world,

growing

social

and

political

discord

in

the

United

States,

the

European

debt

crisis,

the

response

of

the

international

community—through

economic

sanctions

and

otherwise—to

international

events,

further

downgrade

of

U.S.

government

securities,

changes

in

the

U.S.

president

or

political

shifts

in

Congress

and

other

similar

events

may

adversely

affect

the

global

economy

and

the

markets

and

issuers

in

which

the

Fund

invests.

Recent

examples

of

such

events

include

Hamas’

attack

on

Israel

in

October

2023

and

the

ensuing

conflict,

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.

In

addition,

Russia’s

invasion

of

Ukraine

in

February

2022

has

resulted

in

sanctions

imposed

by

several

nations,

such

as

the

United

States,

United

Kingdom,

European

Union

and

Canada.

The

current

sanctions

and

potential

further

sanctions

may

negatively

impact

certain

sectors

of

Russia’s

economy,

but

also

may

negatively

impact

the

value

of

the

Fund’s

investments

that

do

not

have

direct

exposure

to

Russia.

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

global

economy.

These

events

could

also

impair

the

information

technology

and

other

operational

systems

upon

which

the

Fund’s

service

providers,

including

the

Fund’s

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.

The

Fund

does

not

know

and

cannot

predict

how

long

the

securities

markets

may

be

affected

by

these

events,

and

the

future

impact

of

these

and

similar

events

on

the

global

economy

and

securities

markets

is

uncertain.

The

Fund

may

be

adversely

affected

by

abrogation

of

international

agreements

and

national

laws

which

have

created

the

market

instruments

in

which

the

Fund

may

invest,

failure

of

the

designated

national

and

international

authorities

to

enforce

compliance

with

the

same

laws

and

agreements,

failure

of

local,

national

and

international

organizations

to

carry

out

the

duties

prescribed

to

them

under

the

relevant

agreements,

revisions

of

these

laws

and

agreements

which

dilute

their

effectiveness

or

conflicting

interpretation

of

provisions

of

the

same

laws

and

agreements.

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.

Investment

and

Market

Risk.

An

investment

in

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.

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.

Certain

types

of

leverage

may

result

in

the

Fund

being

subject

to

certain

covenants,

asset

coverage

or

other

portfolio

composition

limits

by

its

lenders,

debt

or

preferred

securities

purchasers,

rating

agencies

that

may

rate

the

debt

or

preferred

securities,

or

reverse

repurchase

counterparties.

Such

limitations

may

be

more

stringent

than

those

imposed

by

the

1940

Act

and

may

impact

whether

the

Fund

is

able

to

maintain

its

desired

amount

of

leverage.

In

addition,

whenever

the

Fund

incurs

borrowings

and/or

preferred

shares

are

outstanding,

Common

Shareholders

will

not

be

entitled

to

receive

any

cash

distributions

from

the

Fund

unless

all

interest

on

such

borrowings

has

been

paid

and

all

accumulated

dividends

on

preferred

shares

have

been

paid,

unless

asset

coverage

(as

defined

in

the

1940

Act)

with

respect

to

any

borrowings

would

be

at

least

300%

after

giving

effect

to

the

distributions

and

asset

coverage

(as

defined

in

the

1940

Act)

with

respect

to

preferred

shares

would

be

at

least

200%

after

giving

effect

to

the

distributions.

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.

There

is

no

assurance

that

the

Fund’s

use

of

leverage

will

be

successful.

89

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-adviser

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-

adviser

to

leverage

the

Fund

or

increase

the

Fund’s

leverage.

Limited

Term

and

Tender

Offer

Risks.

Because

the

assets

of

the

Fund

will

be

liquidated

in

connection

with

its

termination

or

to

pay

for

Common

Shares

tendered

in

an

Eligible

Tender

Offer,

the

Fund

may

be

required

to

sell

portfolio

securities

when

it

otherwise

would

not,

including

at

times

when

market

conditions

are

not

favorable,

or

at

a

time

when

a

particular

security

is

in

default

or

bankruptcy,

or

otherwise

in

severe

distress,

which

may

cause

the

Fund

to

lose

money.

The

Fund

may

be

required

to

dispose

of

portfolio

investments

in

connection

with

any

reduction

in

its

outstanding

leverage

necessary

in

order

to

maintain

its

desired

leverage

ratios

following

an

Eligible

Tender

Offer.

It

is

likely

that

during

the

pendency

of

an

Eligible

Tender

Offer,

and

possibly

for

a

time

thereafter,

the

Fund

will

hold

a

greater

than

normal

percentage

of

its

total

assets

in

money

market

mutual

funds,

cash,

cash

equivalents,

securities

issued

or

guaranteed

by

the

U.S.

government

or

its

instrumentalities

or

agencies,

high

quality,

short-term

money

market

instruments,

short-term

debt

securities,

certificates

of

deposit,

bankers’

acceptances

and

other

bank

obligations,

commercial

paper

or

other

liquid

debt

securities,

which

may

adversely

affect

the

Fund’s

investment

performance.

If

the

tax

basis

for

the

portfolio

investments

sold

is

less

than

the

sale

proceeds,

the

Fund

will

recognize

capital

gains,

which

it

will

be

required

to

distribute

to

Common

Shareholders.

In

addition,

the

Fund’s

purchase

of

tendered

Common

Shares

pursuant

to

an

Eligible

Tender

Offer

will

have

tax

consequences

for

tendering

Common

Shareholders

and

may

have

tax

consequences

for

non-tendering

Common

Shareholders.

All

Common

Shareholders

remaining

after

an

Eligible

Tender

Offer

will

be

subject

to

proportionately

higher

expenses

due

to

the

reduction

in

the

Fund’s

total

assets

resulting

from

payment

for

the

tendered

Common

Shares.

Such

reduction

in

the

Fund’s

total

assets

also

may

result

in

less

investment

flexibility,

reduced

diversification

and

greater

volatility

for

the

Fund,

and

may

have

an

adverse

effect

on

the

Fund’s

investment

performance.

If

the

Fund

conducts

an

Eligible

Tender

Offer,

there

can

be

no

assurance

that

the

number

of

tendered

Common

Shares

would

not

result

in

the

Fund’s

net

assets

totaling

less

than

the

Termination

Threshold,

in

which

case

the

Eligible

Tender

Offer

will

be

terminated,

no

Common

Shares

will

be

repurchased

pursuant

to

the

Eligible

Tender

Offer

and

the

Fund

will

terminate

on

the

Termination

Date.

The

investment

adviser

may

have

a

conflict

of

interest

in

recommending

to

the

Board

of

Trustees

that

the

Fund

have

a

continued

existence

without

limitation

of

time.

The

Fund

is

not

required

to

conduct

additional

tender

offers

following

an

Eligible

Tender

Offer

and

conversion

to

a

continued

existence

without

limitation

of

time.

Therefore,

remaining

Common

Shareholders

may

not

have

another

opportunity

to

participate

in

a

tender

offer.

A

Fund

portfolio

holding

default

may

significantly

reduce

net

investment

income

and,

therefore,

Common

Share

dividends;

and

may

prevent

or

inhibit

the

Fund

from

fully

being

able

to

liquidate

its

portfolio

at

or

prior

to

the

Termination

Date.

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.

Periods

of

unusually

high

financial

market

volatility

and

restrictive

credit

conditions,

at

times

limited

to

a

particular

sector

or

geographic

area,

have

occurred

in

the

past

and

may

be

expected

to

recur

in

the

future.

Some

countries,

including

the

United

States,

have

adopted

or

have

signaled

protectionist

trade

measures,

relaxation

of

the

financial

industry

regulations

that

followed

the

financial

crisis,

and/

or

reductions

to

corporate

taxes.

The

scope

of

these

policy

changes

is

still

developing,

but

the

equity

and

debt

markets

may

react

strongly

to

expectations

of

change,

which

could

increase

volatility,

particularly

if

a

resulting

policy

runs

counter

to

the

market’s

expectations.

The

outcome

of

such

changes

cannot

be

foreseen

at

the

present

time.

In

addition,

geopolitical

and

other

risks,

including

environmental

and

public

health

risks,

may

add

to

instability

in

the

world

economy

and

markets

generally.

As

a

result

of

increasingly

interconnected

global

economies

and

financial

markets,

the

value

and

liquidity

of

the

Fund’s

investments

may

be

negatively

affected

by

events

impacting

a

country

or

region,

regardless

of

whether

the

Fund

invests

in

issuers

located

in

or

with

significant

exposure

to

such

country

or

region.

Ukraine

has

experienced

ongoing

military

conflict,

most

recently

in

February

2022

when

Russia

invaded

Ukraine;

this

conflict

may

expand

and

military

attacks

could

occur

elsewhere

in

Europe.

Europe

has

also

been

struggling

with

mass

migration

from

the

Middle

East

and

Africa.

The

ultimate

effects

of

these

events

and

other

socio-political

or

geographical

issues

are

not

known

but

could

profoundly

affect

global

economies

and

markets.

Additionally,

in

October

2023

armed

conflict

broke

out

between

Israel

and

the

militant

group

Hamas

after

Hamas

infiltrated

Israel’s

southern

border

from

the

Gaza

Strip.

Israel

has

since

declared

war

against

Hamas

and

it’s

possible

that

this

conflict

could

escalate

into

a

greater

regional

conflict.

The

ultimate

effects

of

these

events

and

other

socio-political

or

geographical

issues

are

not

known

but

could

profoundly

affect

global

economies

and

markets.

90

Shareholder

Update

(continued)

Additionally,

in

October

2023

armed

conflict

broke

out

between

Isreal

and

the

militant

group

Hamas

after

Hamas

infiltrated

Isreal’s

southern

border

from

the

Gaza

Strip.

Isreal

has

since

declared

war

against

Hamas

and

it’s

possible

that

this

conflict

could

escalate

into

a

greater

regional

conflict.

The

ultimate

effects

of

these

events

and

other

socio-political

or

geographical

issues

are

not

known

but

could

profoundly

affect

global

economies

and

markets.

The

ongoing

trade

war

between

China

and

the

United

States,

including

the

imposition

of

tariffs

by

each

country

on

the

other

country’s

products,

has

created

a

tense

political

environment.

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.

U.S.

companies

that

source

material

and

goods

from

China

and

those

that

make

large

amounts

of

sales

in

China

would

be

particularly

vulnerable

to

an

escalation

of

trade

tensions.

Uncertainty

regarding

the

outcome

of

the

trade

tensions

and

the

potential

for

a

trade

war

could

cause

the

U.S.

dollar

to

decline

against

safe

haven

currencies,

such

as

the

Japanese

yen

and

the

euro.

Events

such

as

these

and

their

consequences

are

difficult

to

predict

and

it

is

unclear

whether

further

tariffs

may

be

imposed

or

other

escalating

actions

may

be

taken

in

the

future.

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.

The

U.S.

Federal

Reserve

(the

“Fed”)

has

in

the

past

sharply

raised

interest

rates,

and

while

the

Fed

has

recently

lowered

the

federal

funds

rate,

it

has

signaled

an

intention

to

maintain

relatively

higher

interest

rates

until

current

inflation

levels

re-align

with

the

Fed’s

long-term

inflation

target.

Changing

interest

rate

environments

impact

the

various

sectors

of

the

economy

in

different

ways.

For

example,

in

March

2023,

the

Federal

Deposit

Insurance

Corporation

(“FDIC”)

was

appointed

receiver

for

each

of

Silicon

Valley

Bank

and

Signature

Bank,

the

second-

and

third-largest

bank

failures

in

U.S.

history,

which

failures

may

be

attributable,

in

part,

to

rising

interest

rates.

Bank

failures

may

have

a

destabilizing

impact

on

the

broader

banking

industry

or

markets

generally.

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.

Risk

of

Taxable

Income

in

Excess

of

Economic

Income.

The

Fund

expects

to

acquire

debt

instruments

in

the

secondary

market

for

less

than

their

stated

redemption

price

at

maturity.

The

discount

at

which

such

debt

instruments

are

acquired

may

reflect

doubts

about

their

ultimate

collectability

rather

than

current

market

interest

rates.

The

amount

of

such

discount

will

nevertheless

generally

be

treated

as

“market

discount”

for

federal

income

tax

purposes.

Market

discount

on

a

debt

instrument

accrues

ratably

on

a

daily

basis,

unless

an

election

is

made

to

accrue

market

discount

on

the

basis

of

the

constant

yield

to

maturity

of

the

debt

instrument,

based

generally

on

the

assumption

that

all

future

payments

on

the

debt

instrument

will

be

made.

Absent

an

election

to

accrue

currently,

accrued

market

discount

is

reported

as

income

when,

and

to

the

extent

that,

any

payment

of

principal

of

the

debt

instrument

is

made.

Payments

on

residential

mortgage

loans

are

ordinarily

made

monthly,

and

consequently

accrued

market

discount

may

have

to

be

included

in

income

each

month

as

if

the

debt

instrument

were

assured

of

ultimately

being

collected

in

full.

Similarly,

many

of

the

debt

instruments

(including

MBS)

that

the

Fund

may

purchase

will

likely

have

been

issued

with

original

issue

discount

(“OID”),

which

discount

might

reflect

doubt

as

to

whether

the

entire

principal

amount

of

such

debt

instruments

will

ultimately

prove

to

be

collectible.

The

Fund

will

be

required

to

report

such

OID

based

on

a

constant

yield

method

and

income

will

be

accrued

and

be

currently

taxable

based

on

the

assumption

that

all

future

projected

payments

due

on

such

debt

instruments

will

be

made.

Finally,

in

the

event

that

any

debt

instruments

(including

MBS)

acquired

by

the

Fund

are

delinquent

as

to

mandatory

principal

and

interest

payments,

or

in

the

event

payments

with

respect

to

a

particular

debt

instrument

are

not

made

when

due,

the

Fund

may

nonetheless

be

required

to

continue

to

recognize

the

unpaid

interest

as

taxable

income

as

it

accrues,

despite

doubt

as

to

its

ultimate

collectability.

Similarly,

the

Fund

may

be

required

to

accrue

interest

income

with

respect

to

subordinate

MBS

at

its

stated

rate

regardless

of

whether

corresponding

cash

payments

are

received

or

are

ultimately

collectible.

Subsidiary

Risk.

By

investing

in

the

Subsidiary,

the

Fund

is

indirectly

exposed

to

the

risks

associated

with

the

Subsidiary’s

investments

in

Regulation

S

securities

that

are

not

freely

tradable

in

the

U.S.

Regulation

S

securities

are

debt

or

equity

securities

of

U.S.

and

foreign

issuers

offered

through

private

offerings

exempt

from

registration

with

the

SEC

pursuant

to

Regulation

S

of

the

1933

Act.

Offerings

of

Regulation

S

securities

may

be

conducted

outside

of

the

United

States,

and

Regulation

S

securities

may

be

relatively

less

liquid

as

a

result

of

legal

or

contractual

restrictions

on

resale.

Although

Regulation

S

securities

may

be

resold

in

privately

negotiated

transactions,

the

price

realized

from

these

sales

could

be

less

than

the

price

originally

paid

by

the

Fund.

Further,

companies

whose

securities

are

not

publicly

traded

may

not

be

subject

to

the

disclosure

of

other

investor

protection

requirements

that

would

be

applicable

if

their

securities

were

publicly

traded.

Accordingly,

Regulation

S

securities

may

involve

a

high

degree

of

business

and

financial

risk

and

may

result

in

substantial

losses.

There

can

be

no

assurance

that

the

investment

objective

of

the

Subsidiary

will

be

achieved.

The

Subsidiary

is

not

registered

under

the

1940

Act,

and,

unless

otherwise

noted

in

this

prospectus,

is

not

subject

to

all

the

investor

protections

of

the

1940

Act.

However,

the

Fund

wholly

owns

and

controls

the

Subsidiary,

and

the

Fund

and

the

Subsidiary

are

both

managed

by

the

Fund’s

sub-adviser

making

it

unlikely

that

the

Subsidiary

will

take

action

contrary

to

the

interests

of

the

Fund

and

its

Common

Shareholders.

The

Board

of

Trustees

has

oversight

responsibility

for

the

investment

activities

of

the

Fund,

including

its

investment

in

the

Subsidiary,

and

the

Fund’s

role

91

as

sole

shareholder

of

the

Subsidiary.

The

Subsidiary

is

subject

to

the

same

investment

restrictions

and

limitations,

and

follows

the

same

compliance

policies

and

procedures,

as

the

Fund.

Changes

in

the

laws

of

the

United

States

and/or

the

Cayman

Islands

could

result

in

the

inability

of

the

Fund

and/or

the

Subsidiary

to

operate

anticipated

and

could

adversely

affect

the

Fund.

Fund

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.

92

Shareholder

Update

(continued)

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

investments

in

inverse

floating

rate

securities,

on

common

share

total

return,

assuming

investment

portfolio

total

returns

(consisting

of

income

and

changes

in

the

value

of

investments

held

in

a

Fund’s

portfolio)

of

-10%,

-5%,

0%,

5%

and

10%.

The

table

below

reflects

each

Fund’s

(i)

continued

use

of

leverage

as

of

December

31,

2024

as

a

percentage

of

Managed

Assets

(including

assets

attributable

to

such

leverage),

(ii)

the

estimated

annual

effective

interest

expense

rate

payable

by

the

Funds

on

such

instruments

(based

on

actual

leverage

costs

incurred

during

the

fiscal

year

ended

December

31,

2024)

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

any

Fund’s

use

of

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

Funds.

Your

actual

returns

may

be

greater

or

less

than

those

appearing

below.

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

Funds

are

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

objectives

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.

JGH

NPCT

JLS

Estimated

Leverage

as

a

Percentage

of

Managed

Assets

(Including

Assets

Attributable

to

Leverage)

27.87%

35.14%

22.91%

Estimated

Annual

Effective

Leverage

Expense

Rate

Payable

by

Fund

on

Leverage

6.32%

6.25%

6.57%

Annual

Return

Fund

Portfolio

Must

Experience

(net

of

expenses)

to

Cover

Estimated

Annual

Effective

Interest

Expense

Rate

on

Leverage

1.76%

2.20%

1.50%

Common

Share

Total

Return

for

(10.00)%

Assumed

Portfolio

Total

Return

(16.31)%

(18.80)%

(14.92)%

Common

Share

Total

Return

for

(5.00)%

Assumed

Portfolio

Total

Return

(9.38)%

(11.09)%

(8.44)%

Common

Share

Total

Return

for

0.00%

Assumed

Portfolio

Total

Return

(2.44)%

(3.39)%

(1.95)%

Common

Share

Total

Return

for

5.00%

Assumed

Portfolio

Total

Return

4.49%

4.32%

4.53%

Common

Share

Total

Return

for

10.00%

Assumed

Portfolio

Total

Return

11.42%

12.03%

11.02%

93

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

adviser

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.

94

Shareholder

Update

(continued)

CHANGES

OCCURRING

DURING

THE

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

required

to

be

reported

in

connection

with:

(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:

Amended

and

Restated

Bylaws

On

October

5,

2020,

the

Nuveen

Global

High

Income

Fund,

Nuveen

Core

Plus

Impact

Fund

and

Nuveen

Mortgage

and

Income

Fund

(each

a

“Fund”

and

collectively

the

“Funds”)

and

certain

other

closed-end

funds

in

the

Nuveen

fund

complex

amended

their

by-laws.

Among

other

things,

the

amended

by-laws

included

provisions

pursuant

to

which,

in

summary,

a

shareholder

who

obtains

beneficial

ownership

of

common

shares

in

a

Control

Share

Acquisition

(as

defined

in

the

by-laws)

shall

have

the

same

voting

rights

as

other

common

shareholders

only

to

the

extent

authorized

by

the

other

disinterested

shareholders

(the

“Control

Share

By-Law”).

On

January

14,

2021,

a

shareholder

of

certain

Nuveen

closed-end

funds

filed

a

civil

complaint

in

the

U.S.

District

Court

for

the

Southern

District

of

New

York

(the

“District

Court”)

against

certain

Nuveen

funds

and

their

trustees,

seeking

a

declaration

that

such

funds’

Control

Share

By-Laws

violate

the

1940

Act,

rescission

of

such

fund’s

Control

Share

By-Laws

and

a

permanent

injunction

against

such

funds

applying

the

Control

Share

By-Laws.

On

February

18,

2022,

the

District

Court

granted

judgment

in

favor

of

the

plaintiff’s

claim

for

rescission

of

such

funds’

Control

Share

By-Laws

and

the

plaintiff’s

declaratory

judgment

claim,

and

declared

that

such

funds’

Control

Share

By-Laws

violate

Section

18(i)

of

the

1940

Act.

Following

review

of

the

judgment

of

the

District

Court,

on

February

22,

2022,

the

Board

amended

the

Funds’

bylaws

to

provide

that

the

Funds’

Control

Share

By-Law

shall

be

of

no

force

and

effect

for

so

long

as

the

judgment

of

the

District

Court

is

effective

and

that

if

the

judgment

of

the

District

Court

is

reversed,

overturned,

vacated,

stayed,

or

otherwise

nullified,

the

Fund’s

Control

Share

By-Law

will

be

automatically

reinstated

and

apply

to

any

beneficial

owner

of

common

shares

acquired

in

a

Control

Share

Acquisition,

regardless

of

whether

such

Control

Share

Acquisition

occurs

before

or

after

such

reinstatement,

for

the

duration

of

the

stay

or

upon

issuance

of

the

mandate

reversing,

overturning,

vacating

or

otherwise

nullifying

the

judgment

of

the

District

Court.

On

February

25,

2022,

the

Board

and

the

Funds

appealed

the

District

Court’s

decision

to

the

U.S.

Court

of

Appeals

for

the

Second

Circuit.

On

November

30,

2023,

the

U.S.

Court

of

Appeals

for

the

Second

Circuit

upheld

the

opinion

of

the

District

Court.

95

Changes

to

Investment

Policies

Nuveen

Mortgage

and

Income

Fund

(JLS)

Effective

March

1,

2024,

Nuveen

Mortgage

and

Income

Fund

(NYSE:

JLS)

(the

“Fund”)

will

implement

changes

to

its

investment

policies

to

update

to

its

mortgage

and

non-mortgage

related

asset

backed

security

policies,

adopt

a

new

policy

pursuant

to

Rule

35d-1

under

the

Investment

Company

Act

of

1940,

and

eliminate

certain

other

policies.

These

changes

are

intended

to

permit

the

Fund

to

more

optimally

position

its

portfolio

to

take

advantage

of

evolving

opportunities

in

the

securitized

credit

market.

The

policy

changes

are

described

more

fully

below.

The

Fund

is

also

eliminating

the

following

policies

related

to

the

use

of

certain

derivatives

and

ability

to

short

sell

securities:

The

Fund

may

not

enter

into

futures

contracts

or

related

options

or

forward

contracts,

if

more

than

30%

of

the

Fund’s

Managed

Assets

would

be

represented

by

futures

contracts

or

more

than

5%

of

the

Fund’s

Managed

Assets

would

be

committed

to

initial

margin

deposits

and

premiums

on

futures

contracts

and

related

options.

The

Fund

may

not

sell

securities

short,

unless

the

Fund

owns

or

has

the

right

to

obtain

securities

equivalent

in

kind

and

amount

to

the

securities

sold

at

no

added

cost,

and

provided

that

transactions

in

options,

futures

contracts,

options

on

futures

contracts,

or

other

derivative

instruments

are

not

deemed

to

constitute

selling

securities

short.

Prior

Policy

New

Policy

Under

normal

market

circumstances,

the

Fund

invests

at

least

65%

of

its

Managed

Assets

(as

defined

below)

in

MBS,

including

residential

MBS

(“RMBS”)

and

CMBS.

As

a

fundamental

policy,

the

Fund

concentrates

its

investments

in

MBS

and

expressly

treats

MBS

as

a

single

industry

or

group

of

industries.

“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

may

invest

up

to

35%

of

its

Managed

Assets

in

non-mortgage

related

ABS,

including

but

not

limited

to

any

asset

that

generates

reliable

cash

flows

including

collateralized

loan

obligations

(“CLOs”)

as

well

as

pools

of

consumer

auto

loans,

credit

card

receivables,

aircraft

leases

and

maintenance

agreements,

timeshare

agreements,

and

solar

photovoltaics.

The

Fund

may

investment

up

to

5%

of

its

Managed

Assets

in

catastrophe

bonds.

Under

normal

market

circumstances,

the

Fund

invests

at

least

50%

of

its

Managed

Assets

(as

defined

below)

in

MBS,

including

residential

MBS

(“RMBS”)

and

CMBS.

As

a

fundamental

policy,

the

Fund

concentrates

its

investments

in

MBS

and

expressly

treats

MBS

as

a

single

industry

or

group

of

industries.

“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

may

invest

up

to

50%

of

its

Managed

Assets

in

non-mortgage

related

ABS,

including

but

not

limited

to

any

asset

that

generates

reliable

cash

flows

including

collateralized

loan

obligations

(“CLOs”)

as

well

as

pools

of

consumer

auto

loans,

credit

card

receivables,

aircraft

leases

and

maintenance

agreements,

timeshare

agreements,

and

solar

photovoltaics.

The

Fund

may

investment

up

to

5%

of

its

Managed

Assets

in

catastrophe

bonds.

N/A

Under

normal

circumstances,

the

Fund

will

invest

at

least

80%

of

its

Assets

(as

defined

below)

in

mortgage

related

assets

(including

MBS)

and

other

income

producing

securities

(including

ABS,

bonds,

debt

securities

and

other

similar

instruments.)

“Assets”

mean

the

net

assets

of

the

Fund

plus

the

amount

of

any

borrowings

for

investment

purposes.

96

Shareholder

Update

(continued)

Principal

Risks

The

following

risk

factor

was

added

as

a

principal

risk

for

Nuveen

Global

High

Income

Fund

(JGH):

Distribution

Risk.

The

Fund’s

distributions

will

be

composed

of

net

investment

income

and

a

supplemental

amount

generally

representing

the

potential

for

capital

appreciation,

which

will

take

the

form

of

realized

capital

gains

and/or

a

return

of

capital.

The

return

of

capital

component

of

a

Fund

distribution

may

(but

will

not

necessarily)

represent

unrealized

capital

gains.

A

return

of

capital

is

a

non-taxable

distribution

of

a

portion

of

the

Fund’s

capital.

If

over

the

life

of

a

shareholder’s

investment,

the

total

return

of

the

Fund’s

overall

strategy

is

less

than

the

distribution

rate,

a

return

of

capital

will

represent

a

portion

of

a

shareholder’s

original

principal

(in

effect

a

partial

return

of

the

amount

a

shareholder

invested

in

the

Fund).

A

return

of

capital

reduces

a

shareholder’s

tax

cost

basis

(but

not

below

zero)

in

Fund

shares,

which

could

result

in

more

taxable

gain

or

less

taxable

loss

when

the

shareholder

sells

their

shares.

This

may

cause

the

shareholder

to

pay

taxes

even

if

he

or

she

sells

shares

for

less

than

the

original

price.

The

Fund’s

distribution

policy,

rate

of

distributions

on

the

Common

Shares

and

the

portion

of

distributions

composed

of

net

investment

income,

realized

capital

gain

and

return

of

capital

may

vary

over

time.

Shareholders

who

periodically

receive

the

payment

of

a

distribution

consisting

of

a

return

of

capital

may

be

under

the

impression

that

they

are

receiving

net

income

or

profits

when

they

are

not.

Shareholders

should

not

assume

that

the

source

of

a

return

of

capital

distribution

from

the

Fund

is

net

income

or

profit.

The

following

risk

factors

were

added

as

principal

risks

for

Nuveen

Core

Plus

Impact

Fund

(NPCT):

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.

Income

Risk.

The

Fund’s

level

of

current

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.

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.

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.

In

addition,

to

the

extent

the

Fund

custodies

its

assets

with

non-U.S.

banks

or

securities

depositories,

and

such

entity

goes

bankrupt,

the

Fund

may

be

limited

in

its

ability

to

recover

such

assets.

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.

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.

97

The

following

principal

risks

are

no

longer

included

as

stand-alone

risks

because

they

were

consolidated

into

other

principal

risk

factors

as

indicated

below:

Portfolio

Managers

Nuveen

Global

High

Income

Fund

(“JGH”)

Effective

April

5,

2024,

Jacob

Fitzpatrick,

CFA

is

no

longer

a

portfolio

manager

of

the

Fund.

Stand-Alone

Risk

Removed

Consolidated

Into

the

Following

Risk

Asset-Backed

Securities

(“ABS”)

Risk

Mortgage-Backed

Securities

(“MBS”)

and

Asset-Backed

Securities

(“ABS”)

Risk

Bond

Market

Liquidity

Risk

Debt

Securities

Risk

Certain

Risks

of

Holding

Fund

Assets

Outside

the

United

States

Non-U.S.

Securities

Risk

Commercial

Mortgage-Backed

Securities

(“CMBS”)

and

Mortgage-Backed

Securities

(“MBS”)

Risk

Mortgage-Backed

Securities

(“MBS”)

and

Asset-Backed

Securities

(“ABS”)

Risk

Credit

Risk

Associated

with

Originators

and

Servicers

of

Residential

and

Commercial

Mortgage

Loans

Credit

Risk

Mortgage-Backed

Securities

(“MBS”)

and

Asset-Backed

Securities

(“ABS”)

Risk

Interest

Rate

Risk

Associated

with

Non-Agency

Residential

Mortgage-Backed

Securities

(“RMBS”)

and

Commercial

Mortgage-Backed

Securities

(“CMBS”)

Interest

Rate

Risk

Mortgage-Backed

Securities

(“MBS”)

Prepayment

Risk

Mortgage-Backed

Securities

(“MBS”)

and

Asset-Backed

Securities

(“ABS”)

Risk

Non-Agency

Residential

Mortgage-Backed

Securities

(“RMBS”)

Risk

Mortgage-Backed

Securities

(“MBS”)

and

Asset-Backed

Securities

(“ABS”)

Risk

Non-Mortgage

Related

Asset-Backed

Securities

(“ABS”)

Risk

Mortgage-Backed

Securities

(“MBS”)

and

Asset-Backed

Securities

(“ABS”)

Risk

Structural

Risks

Associated

with

Commercial

Mortgage-Backed

Securities

(“CMBS”)

and

Non-Agency

Residential

Mortgage-Backed

Securities

(“RMBS”)

Mortgage-Backed

Securities

(“MBS”)

and

Asset-Backed

Securities

(“ABS”)

Risk

Subordination

Risk

Associated

with

Commercial

Mortgage-Backed

Securities

(“CMBS”)

and

Non-Agency

Residential

Mortgage-Backed

Securities

(“RMBS”)

Mortgage-Backed

Securities

(“MBS”)

and

Asset-Backed

Securities

(“ABS”)

Risk

Subprime

Mortgage

Market

Risk

Mortgage-Backed

Securities

(“MBS”)

and

Asset-Backed

Securities

(“ABS”)

Risk

“Widening”

Risk

Mortgage-Backed

Securities

(“MBS”)

and

Asset-Backed

Securities

(“ABS”)

RIsk

98

Important

Tax

Information

(U

naudited)

As

required

by

the

Internal

Revenue

Code

and

Treasury

Regulations,

certain

tax

information,

as

detailed

below,

must

be

provided

to

shareholders.

Shareholders

are

advised

to

consult

their

tax

advisor

with

respect

to

the

tax

implications

of

their

investment.

The

amounts

listed

below

may

differ

from

the

actual

amounts

reported

on

Form

1099-DIV,

which

will

be

sent

to

shareholders

shortly

after

calendar

year

end.

Long-Term

Capital

Gains

As

of

year

end,

each

Fund

designates

the

following

distribution

amounts,

or

maximum

amount

allowable,

as

being

from net

long-term

capital

gains

pursuant

to

Section

852(b)(3)

of

the

Internal

Revenue

Code:

Dividends

Received

Deduction

(DRD)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

eligible

for

the

dividends

received

deduction

for

corporate

shareholders:

Qualified

Dividend

Income

(QDI)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

treated

as

qualified

dividend

income

for

individuals

pursuant

to

Section

1(h)(11)

of

the

Internal

Revenue

Code:

Qualified

Interest

Income

(QII)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

treated

as

qualified interest

income

and/or short-term

capital

gain

dividends pursuant

to

Section

871(k)

of

the

Internal

Revenue

Code:

163(j)

Each

Fund

listed

below

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:

Fund

Net

Long-Term

Capital

Gains

JGH

$

—

NPCT

—

JLS

—

Fund

Percentage

JGH

6

.5

%

NPCT

11

.2

JLS

–

Fund

Percentage

JGH

17

.1

%

NPCT

13

.0

JLS

–

Fund

1/1

to

Current

Year

End

Percentage

JGH

44

.9

%

NPCT

64

.5

JLS

65

.5

99

Fund

Percentage

JGH

78

.8

%

NPCT

85

.9

JLS

75

.9

100

Additional

Fund

Information

(U

naudited)

Portfolio

of

Investments

Information

Each

Fund

is

required

to

file

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

You

may

obtain

this

information

on

the

SEC’s

website

at

http://www.sec.gov.

Nuveen

Funds’

Proxy

Voting

Information

You

may

obtain

(i)

information

regarding

how

each

fund

voted

proxies

relating

to

portfolio

securities

held

during

the

most

recent

twelve-month

period

ended

June

30,

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787

or

on

Nuveen’s

website

at

www.nuveen.com

and

(ii)

a

description

of

the

policies

and

procedures

that

each

fund

used

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787.

You

may

also

obtain

this

information

directly

from

the

SEC.

Visit

the

SEC

on-line

at

http://www.sec.gov.

CEO

Certification

Disclosure

Each

Fund’s

Chief

Executive

Officer

(CEO)

has

submitted

to

the

New

York

Stock

Exchange

(NYSE)

the

annual

CEO

certification

as

required

by

Section

303A.12(a)

of

the

NYSE

Listed

Company

Manual.

Each

Fund

has

filed

with

the

SEC

the

certification

of

its

CEO

and

Chief

Financial

Officer

required

by

Section

302

of

the

Sarbanes-Oxley

Act.

Common

Share

Repurchases

Each

Fund

intends

to

repurchase,

through

its

open-market

share

repurchase

program,

shares

of

its

own

common

stock

at

such

times

and

in

such

amounts

as

is

deemed

advisable.

During

the

period

covered

by

this

report,

each

Fund

repurchased

shares

of

its

common

stock

as

shown

in

the

accompanying

table.

Any

future

repurchases

will

be

reported

to

shareholders

in

the

next

annual

or

semi-annual

report.

FINRA

BrokerCheck

:

The

Financial

Industry

Regulatory

Authority

(FINRA)

provides

information

regarding

the

disciplinary

history

of

FINRA

member

firms

and

associated

investment

professionals.

This

information

as

well

as

an

investor

brochure

describing

FINRA

BrokerCheck

is

available

to

the

public

by

calling

the

FINRA

BrokerCheck

Hotline

number

at

(800)

289-9999

or

by

visiting

www.FINRA.org.

Board

of

Trustees

Joseph

A.

Boateng0

Michael

A.

Forrester0

Thomas

J.

Kenny

Amy

B.R.

Lancellotta

Joanne

T.

Medero

Albin

F.

Moschner

John

K.

Nelson

Loren

M.

Starr0

Matthew

Thornton

III

Terence

J.

Toth

Margaret

L.

Wolff

Robert

L.

Young

0

Investment

Adviser

Nuveen

Fund

Advisors,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Custodian

State

Street

Bank

&

Trust

Company

One

Congress

Street

Suite

1

Boston,

MA

02114-2016

Legal

Counsel

Chapman

and

Cutler

LLP

Chicago,

IL

60606

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

JGH

NPCT

JLS

Common

shares

repurchased

0

0

0

Glossary

of

Terms

Used

in

this

Report

101

(U

naudited)

Asset-Backed

Securities

(ABS):

Securities

whose

value

and

income

payments

are

derived

from

and

collateralized

by

a

specific

pool

of

underlying

assets.

The

pool

of

assets

typically

is

a

group

of

small

and/or

illiquid

assets

that

may

be

difficult

to

sell

individually.

The

underlying

pools

of

asset-backed

securities

often

include

payments

from

credit

cards,

auto

loans

or

mortgage

loans.

Average

Annual

Total

Return:

This

is

a

commonly

used

method

to

express

an

investment’s

performance

over

a

particular,

usually

multi-year

time

period.

It

expresses

the

return

that

would

have

been

necessary

each

year

to

equal

the

investment’s

actual

cumulative

performance

(including

change

in

NAV

or

offer

price

and

reinvested

dividends

and

capital

gains

distributions,

if

any)

over

the

time

period

being

considered.

Commercial

Mortgage-Backed

Securities

(CMBS):

Commercial

mortgage-backed

securities

are

backed

by

cash

flows

of

a

mortgage

or

pool

of

mortgages

on

commercial

real

estate.

CMBS

generally

are

structured

to

provide

protection

to

the

senior

class

investors

against

potential

losses

on

the

underlying

mortgage

loans.

CMBS

are

typically

characterized

by

the

following:

i)

loans

on

multifamily

housing,

non-residential

property,

ii)

payments

based

on

the

amortization

schedule

of

25-30

years

with

a

balloon

payment

due

usually

after

10

years,

and

iii)

restrictions

on

prepayments.

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.

Leverage:

Leverage

is

created

whenever

a

fund

has

investment

exposure

(both

reward

and/or

risk)

equivalent

to

more

than

100%

of

the

investment

capital.

Mortgage-Backed

Securities

(MBS):

Mortgage-backed

securities

(MBS)

are

bonds

backed

by

pools

of

mortgages,

usually

with

similar

characteristics,

and

which

return

principal

and

interest

in

each

payment.

MBS

are

composed

of

residential

mortgages

(RMBS)

or

commercial

mortgages

(CMBS).

RMBS

are

further

divided

into

agency

RMBS

and

non-agency

RMBS,

depending

on

the

issuer.

Net

Asset

Value

(NAV)

Per

Share:

A

fund’s

Net

Assets

is

equal

to

its

total

assets

(securities,

cash,

accrued

earnings

and

receivables)

less

its

total

liabilities.

NAV

per

share

is

equal

to

the

fund’s

Net

Assets

divided

by

its

number

of

shares

outstanding.

Regulatory

Leverage:

Regulatory

leverage

consists

of

preferred

shares

issued

by

or

borrowings

of

a

fund.

Both

of

these

are

part

of

a

fund’s

capital

structure.

Regulatory

leverage

is

subject

to

asset

coverage

limits

set

forth

in

the

Investment

Company

Act

of

1940.

Glossary

of

Terms

Users

in

the

Report

(continued)

102

Residential

Mortgage-Backed

Securities

(RMBS):

Residential

mortgage-backed

securities

are

securities

the

payments

on

which

depend

primarily

on

the

cash

flow

from

residential

mortgage

loans

made

to

borrowers

that

are

secured

by

residential

real

estate.

RMBS

consist

of

agency

and

non-agency

RMBS.

Agency

RMBS

have

agency

guarantees

that

assure

investors

that

they

will

receive

timely

payment

of

interest

and

principal,

regardless

of

delinquency

or

default

rates

on

the

underlying

loans.

Agency

RMBS

include

securities

issued

by

the

Government

National

Mortgage

Association,

the

Federal

National

Mortgage

Association

and

the

Federal

Home

Loan

Mortgage

Corporation,

and

other

federal

agencies,

or

issues

guaranteed

by

them.

Non-agency

RMBS

do

not

have

agency

guarantees.

Non-agency

RMBS

have

credit

enhancement

built

into

the

structure

to

shield

investors

from

borrower

delinquencies.

The

spectrum

of

non-agency

residential

mortgage

loans

includes

traditional

jumbo

loans

(prime),

alternative-A

loans

(Alt-A),

and

home

equity

loans

(subprime).

103

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

Trustees:

Joseph

A.

Boateng

1963

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2019

Class

II

Chief

Investment

Officer,

Casey

Family

Programs

(since

2007);

formerly,

Director

of

U.S.

Pension

Plans,

Johnson

&

Johnson

(2002–2006);

Board

Member,

Lumina

Foundation

(since

2019)

and

Waterside

School

(since

2021);

Board

Member

(2012–2019)

and

Emeritus

Board

Member

(since

2020),

Year-Up

Puget

Sound;

Investment

Advisory

Committee

Member

and

Former

Chair

(since

2007),

Seattle

City

Employees’

Retirement

System;

Investment

Committee

Member

(since

2019),

The

Seattle

Foundation;

Trustee

(2018–2023),

the

College

Retirement

Equities

Fund;

Manager

(2019–2023),

TIAA

Separate

Account

VA-1.

213

Michael

A.

Forrester

1967

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2007

Class

I

Formerly,

Chief

Executive

Officer

(2014–2021)

and

Chief

Operating

Officer

(2007–2014),

Copper

Rock

Capital

Partners,

LLC;

Trustee,

Dexter

Southfield

School

(since

2019);

Member

(since

2020),

Governing

Council

of

the

Independent

Directors

Council

(IDC);

Trustee,

the

College

Retirement

Equities

Fund

and

Manager,

TIAA

Separate

Account

VA-1

(2007–2023).

213

Thomas

J.

Kenny

1963

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2011

Class

I

Formerly,

Advisory

Director

(2010–2011),

Partner

(2004–2010),

Managing

Director

(1999–2004)

and

Co-Head

of

Global

Cash

and

Fixed

Income

Portfolio

Management

Team

(2002–2010),

Goldman

Sachs

Asset

Management;

Director

(since

2015)

and

Chair

of

the

Finance

and

Investment

Committee

(since

2018),

Aflac

Incorporated;

Director

(since

2018),

ParentSquare;

formerly,

Director

(2021–2022)

and

Finance

Committee

Chair

(2016–2022),

Sansum

Clinic;

formerly,

Advisory

Board

Member

(2017–2019),

B’Box;

formerly,

Member

(2011–2012),

the

University

of

California

at

Santa

Barbara

Arts

and

Lectures

Advisory

Council;

formerly,

Investment

Committee

Member

(2012–2020),

Cottage

Health

System;

formerly,

Board

member

(2009–2019)

and

President

of

the

Board

(2014–2018),

Crane

Country

Day

School;

Trustee

(2011–

2023)

and

Chairman

(2017–2023),

the

College

Retirement

Equities

Fund;

Manager

(2011–2023)

and

Chairman

(2017–2023),

TIAA

Separate

Account

VA-1.

218

Amy

B.

R.

Lancellotta

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2021

Class

II

Formerly,

Managing

Director,

IDC

(supports

the

fund

independent

director

community

and

is

part

of

the

Investment

Company

Institute

(ICI),

which

represents

regulated

investment

companies)

(2006-2019);

formerly,

various

positions

with

ICI

(1989-2006);

President

(since

2023)

and

Member

(since

2020)

of

the

Board

of

Directors,

Jewish

Coalition

Against

Domestic

Abuse

(JCADA).

218

104

Board

Members

&

Officers

(Unaudited)

(continued)

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

Joanne

T.

Medero

1954

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2021

Class

III

Formerly,

Managing

Director,

Government

Relations

and

Public

Policy

(2009-2020)

and

Senior

Advisor

to

the

Vice

Chairman

(2018-

2020),

BlackRock,

Inc.

(global

investment

management

firm);

formerly,

Managing

Director,

Global

Head

of

Government

Relations

and

Public

Policy,

Barclays

Group

(IBIM)

(investment

banking,

investment

management

and

wealth

management

businesses)

(2006-2009);

formerly,

Managing

Director,

Global

General

Counsel

and

Corporate

Secretary,

Barclays

Global

Investors

(global

investment

management

firm)

(1996-2006);

formerly,

Partner,

Orrick,

Herrington

&

Sutcliffe

LLP

(law

firm)

(1993-1995);

formerly,

General

Counsel,

Commodity

Futures

Trading

Commission

(government

agency

overseeing

U.S.

derivatives

markets)

(1989-1993);

formerly,

Deputy

Associate

Director/Associate

Director

for

Legal

and

Financial

Affairs,

Office

of

Presidential

Personnel,

The

White

House

(1986-1989);

Member

of

the

Board

of

Directors,

Baltic-American

Freedom

Foundation

(seeks

to

provide

opportunities

for

citizens

of

the

Baltic

states

to

gain

education

and

professional

development

through

exchanges

in

the

U.S.)

(since

2019).

218

Albin

F.

Moschner

1952

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2016

Class

III

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)

including

Chief

Executive

Officer

(1995-1996)

of

Zenith

Electronics

Corporation

(consumer

electronics).

218

John

K.

Nelson

1962

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2013

Class

II

Formerly,

Member

of

Board

of

Directors

of

Core12

LLC

(2008–

2023)

(private

firm

which

develops

branding,

marketing

and

communications

strategies

for

clients);

formerly,

Member

of

The

President’s

Council

of

Fordham

University

(2010–2019);

formerly,

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);

formerly,

Trustee

and

Chairman

of

the

Board

of

Trustees

of

Marian

University

(2010–2013);

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.

218

Loren

M.

Starr

1961

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2022

Class

III

Independent

Consultant/Advisor

(since

2021);

formerly,

Vice

Chair,

Senior

Managing

Director

(2020–2021),

Chief

Financial

Officer,

Senior

Managing

Director

(2005–2020),

Invesco

Ltd.;

Director

(since

2023)

and

Chair

of

the

Audit

Committee

(since

2024),

AMG;

formerly,

Chair

and

Member

of

the

Board

of

Directors

(2014–2021),

Georgia

Leadership

Institute

for

School

Improvement

(GLISI);

formerly,

Chair

and

Member

of

the

Board

of

Trustees

(2014–2018),

Georgia

Council

on

Economic

Education

(GCEE);

Trustee,

the

College

Retirement

Equities

Fund

and

Manager,

TIAA

Separate

Account

VA-1

(2022–2023).

217

105

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

Matthew

Thornton

III

1958

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2020

Class

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

2020),

Crown

Castle

International

(provider

of

communications

infrastructure).

218

Terence

J.

Toth

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2008

Class

II

Formerly,

a

Co–Founding

Partner,

Promus

Capital

(investment

advisory

firm)

(2008–2017);

formerly,

Director,

Quality

Control

Corporation

(manufacturing)

(2012–2021);

Chair

and

Member

of

the

Board

of

Directors

(2021–2024),

Kehrein

Center

for

the

Arts

(philanthropy);

Member

of

the

Board

of

Directors

(since

2008),

Catalyst

Schools

of

Chicago

(philanthropy);

Member

of

the

Board

of

Directors

(since

2012),

formerly,

Investment

Committee

Chair

(2017–2022),

Mather

Foundation

Board

(philanthropy);

formerly,

Member

(2005–2016),

Chicago

Fellowship

Board

(philanthropy);

formerly,

Director,

Fulcrum

IT

Services

LLC

(information

technology

services

firm

to

government

entities)

(2010–2019);

formerly,

Director,

LogicMark

LLC

(health

services)

(2012–2016);

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).

218

Margaret

L.

Wolff

1955

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2016

Class

I

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

(Mergers

&

Acquisitions

Group)

(legal

services)

(2005-

2014);

Member

of

the

Board

of

Trustees

of

New

York-Presbyterian

Hospital

(since

2005);

Member

of

the

Board

of

Trustees

(since

2004)

formerly,

Chair

(2015-2022)

of

The

John

A.

Hartford

Foundation

(a

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.

218

Robert

L.

Young

1963

333

W.

Wacker

Drive

Chicago,

IL

60606

Chair

and

Board

Member

2017

Class

I

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).

218

106

Board

Members

&

Officers

(Unaudited)

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Officers

of

the

Funds:

David

J.

Lamb

1963

333

W.

Wacker

Drive

Chicago,

IL

60606

Chief

Administrative

Officer

(Principal

Executive

Officer)

2015

Senior

Managing

Director

of

Nuveen

Fund

Advisors,

LLC,

Nuveen

Securities,

LLC

and

Nuveen;

has

previously

held

various

positions

with

Nuveen.

Brett

E.

Black

1972

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Chief

Compliance

Officer

2022

Managing

Director,

Chief

Compliance

Officer

of

Nuveen;

formerly,

Vice

President

(2014-2022),

Chief

Compliance

Officer

and

Anti-Money

Laundering

Compliance

Officer

(2017-2022)

of

BMO

Funds,

Inc.

Marc

Cardella

1984

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                                

Vice

President

and

Controller

(Principal

Financial

Officer)

2024

Senior

Managing

Director,

Head

of

Public

Investment

Finance

of

Nuveen;

Senior

Managing

Director

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC,

Managing

Director

of

Teachers

Insurance

and

Annuity

Association

of

America

and

TIAA

SMA

Strategies

LLC;

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

of

TIAA

Separate

Account

VA-1

and

the

College

Retirement

Equities

Fund.

Mark

J.

Czarniecki

1979

901

Marquette

Avenue

Minneapolis,

MN

55402

Vice

President

and

Assistant

Secretary

2013

Managing

Director

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

and

Nuveen

Fund

Advisors,

LLC;

Managing

Director

and

Associate

General

Counsel

of

Nuveen;

Managing

Director,

Assistant

Secretary

and

Associate

General

Counsel

of

Nuveen

Asset

Management,

LLC;

has

previously

held

various

positions

with

Nuveen;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC.

Jeremy

D.

Franklin

1983

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2024

Managing

Director

and

Assistant

Secretary,

Nuveen

Fund

Advisors,

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary,

Nuveen

Asset

Management,

LLC,

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Vice

President

and

Associate

General

Counsel,

Teachers

Insurance

and

Annuity

Association

of

America;

Vice

President

and

Assistant

Secretary,

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds;

Vice

President,

Associate

General

Counsel,

and

Assistant

Secretary,

TIAA

Separate

Account

VA-1

and

College

Retirement

Equities

Fund.

Diana

R.

Gonzalez

1978

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2017

Vice

President

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC;

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC,

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Vice

President

and

Associate

General

Counsel

of

Nuveen.

Nathaniel

T.

Jones

1979

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Treasurer

2016

Senior

Managing

Director

of

Nuveen;

Senior

Managing

Director

of

Nuveen

Fund

Advisors,

LLC;

has

previously

held

various

positions

with

Nuveen;

Chartered

Financial

Analyst.

Brian

H.

Lawrence

1982

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                            

Vice

President

and

Assistant

Secretary

2023

Vice

President

and

Associate

General

Counsel

of

Nuveen;

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

formerly

Corporate

Counsel

of

Franklin

Templeton

(2018-2022).

Tina

M.

Lazar

1961

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2002

Managing

Director

of

Nuveen

Securities,

LLC.

Brian

J.

Lockhart

1974

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2019

Senior

Managing

Director

and

Head

of

Investment

Oversight

of

Nuveen;

Senior

Managing

Director

of

Nuveen

Fund

Advisors,

LLC;

has

previously

held

various

positions

with

Nuveen;

Chartered

Financial

Analyst

and

Certified

Financial

Risk

Manager.

107

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

John

M.

McCann

1975

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                            

Vice

President

and

Assistant

Secretary

2022

Managing

Director,

General

Counsel

and

Secretary

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC;

Managing

Director

and

Assistant

Secretary

of

TIAA

SMA

Strategies

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

College

Retirement

Equities

Fund,

TIAA

Separate

Account

VA-1,

TIAA-

CREF

Funds,

TIAA-CREF

Life

Funds,

Teachers

Insurance

and

Annuity

Association

of

America,

Teacher

Advisors

LLC,

TIAA-CREF

Investment

Management,

LLC,

and

Nuveen

Alternative

Advisors

LLC;

has

previously  held

various

positions

with

Nuveen/TIAA.

Kevin

J.

McCarthy

1966

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

2007

Executive

Vice

President,

Secretary

and

General

Counsel

of

Nuveen

Investments,

Inc.;

Executive

Vice

President

and

Assistant

Secretary

of

Nuveen

Securities,

LLC  and

Nuveen

Fund

Advisors,

LLC;

Executive

Vice

President

and

Secretary

of

Nuveen

Asset

Management,

LLC,

Teachers

Advisors,

LLC,

TIAA-CREF

Investment

Management,

LLC

and

Nuveen

Alternative

Investments,

LLC;

Executive

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary  of

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds;

has

previously

held

various

positions

with

Nuveen;

Vice

President

and

Secretary

of

Winslow

Capital

Management,

LLC;

formerly,

Vice

President

(2007-2021)

and

Secretary

(2016-2021)

of

NWQ

Investment

Management

Company,

LLC

and

Santa

Barbara

Asset

Management,

LLC.  

Jon

Scott

Meissner

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                            

Vice

President

and

Assistant

Secretary

2019

Managing

Director,

Mutual

Fund

Tax

and

Expense

Administration

of

Nuveen,

TIAA-

CREF

Funds,

TIAA-CREF

Life

Funds,

TIAA

Separate

Account

VA-1

and

the

College

Retirement

Equities

Fund;

Managing

Director

of

Nuveen

Fund

Advisors,

LLC;

has

previously

held

various

positions

with

TIAA.

Mary

Beth

Ramsay

1965

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                            

Vice

President

2024

Chief

Risk

Officer,

Nuveen

and

TIAA

Financial

Risk;

Head

of

Nuveen

Risk

&

Compliance;

Executive

Vice

President,

Teachers

Insurance

and

Annuity

Association

of

America;

Executive

Vice

President,

TIAA

Separate

Account

VA-1

and

the

College

Retirement

Equities

Fund;

formerly,

Senior

Vice

President,

Head

of

Sales

and

Client

Solutions

(2019-2022)

and

U.S.

Chief

Pricing

Actuary

(2016-2019),

SCOR

Global

Life

Americas;

Member

of

the

Board

of

Directors

of

Society

of

Actuaries.

William

A.

Siffermann

1975

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2017

Managing

Director

of

Nuveen.

Mark

L.

Winget

1968

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Secretary

2008

Vice

President

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

and

Nuveen

Fund

Advisors,

LLC;

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC

and

Nuveen

Asset

Management,

LLC;

Vice

President

and

Associate

General

Counsel

of

Nuveen.

Rachael

Zufall

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                                

Vice

President

and

Assistant

Secretary

2022

Managing

Director

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

the

College

Retirement

Equities

Fund,

TIAA

Separate

Account

VA-1,

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Teacher

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director

of

Nuveen,

LLC

and

of

TIAA.

(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

indefinite

terms

until

their

successor

has

been

duly

elected

and

qualified,

their

death

or

their

resignation

or

removal.  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.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

EAN-B-1224P

4148287-0226

Nuveen:

Serving

Investors

for

Generations

Since

1898,

financial

advisors

and

their

clients

have

relied

on

Nuveen

to

provide

dependable

investment

solutions

through

continued

adherence

to

proven,

long-term

investing

principles.

Today,

we

offer

a

range

of

high

quality

solutions

designed

to

be

integral

components

of

a

well-diversified

core

portfolio.

Focused

on

meeting

investor

needs.

Nuveen

is

the

investment

manager

of

TIAA.

We

have

grown

into

one

of

the

world’s

premier

global

asset

managers,

with

specialist

knowledge

across

all

major

asset

classes

and

particular

strength

in

solutions

that

provide

income

for

investors

and

that

draw

on

our

expertise

in

alternatives

and

responsible

investing.

Nuveen

is

driven

not

only

by

the

independent

investment

processes

across

the

firm,

but

also

the

insights,

risk

management,

analytics

and

other

tools

and

resources

that

a

truly

world-class

platform

provides.

As

a

global

asset

manager,

our

mission

is

to

work

in

partnership

with

our

clients

to

create

solutions

which

help

them

secure

their

financial

future.

Find

out

how

we

can

help

you.

To

learn

more

about

how

the

products

and

services

of

Nuveen

may

be

able

to

help

you

meet

your

financial

goals,

talk

to

your

financial

advisor,

or

call

us

at

(800)

257-8787.

Please

read

the

information

provided

carefully

before

you

invest.

Investors

should

consider

the

investment

objective

and

policies,

risk

considerations,

charges

and

expenses

of

any

investment

carefully.

Where

applicable,

be

sure

to

obtain

a

prospectus,

which

contains

this

and

other

relevant

information.

To

obtain

a

prospectus,

please

contact

your

securities

representative

or

Nuveen,

333

W.

Wacker

Dr.,

Chicago,

IL

60606.

Please

read

the

prospectus

carefully

before

you

invest

or

send

money.

Learn

more

about

Nuveen

Funds

at:

www.nuveen.com/closed-end-funds

NOT

FDIC

INSURED

MAY

LOSE

VALUE

NO

BANK

GUARANTEE

Item 2. Code of Ethics.

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. Upon request, a copy of the registrant’s code of ethics is available without charge by calling 800-257-8787.

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”) had 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 members of the registrant’s audit committee that have been designated as audit committee financial experts are Joseph A. Boateng, John K. Nelson, Loren M. Starr and Robert L. Young, who are “independent” for purposes of Item 3 of Form N-CSR.

Mr. Boateng has served as the Chief Investment Officer for Casey Family Programs since 2007. He was previously Director of U.S. Pension Plans for Johnson & Johnson from 2002-2006. Mr. Boateng is a board member of the Lumina Foundation and Waterside School, an emeritus board member of Year Up Puget Sound, member of the Investment Advisory Committee and former Chair for the Seattle City Employees’ Retirement System, and an Investment Committee Member for The Seattle Foundation. Mr. Boateng previously served on the Board of Trustees for the College Retirement Equities Fund (2018-2023) and on the Management Committee for TIAA Separate Account VA-1 (2019-2023).

Mr. Nelson formerly served on the Board of Directors of Core12, LLC from 2008 to 2023, a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank’s Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank’s representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).

Mr. Starr was Vice Chair, Senior Managing Director from 2020 to 2021, and Chief Financial Officer, Senior Managing Director from 2005 to 2020, for Invesco Ltd. Mr. Starr is also a Director and Chair of the Audit Committee for AMG. He is former Chair and member of the Board of Directors, Georgia Leadership Institute for School Improvement (GLISI); former Chair and member of the Board of Trustees, Georgia Council on Economic Education (GCEE). Mr. Starr previously served on the Board of Trustees for the College Retirement Equities Fund and on the Management Committee for TIAA Separate Account VA-1 (2022-2023).

Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. (“J.P. Morgan Investment”) and its affiliates (collectively, “J.P. Morgan”). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan’s domestic retail mutual fund and institutional commingled and separate account businesses and co-led these activities for J.P. Morgan’s global retail and institutional investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm’s midwestern mutual fund practice.

Item 4. Principal Accountant Fees and Services.

Nuveen Global High Income Fund

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 his 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 Fund1		Audit-Related Fees  Billed to Fund2		Tax Fees  Billed to Fund3		All Other Fees  Billed to Fund4
December 31, 2024		$61,215		$0		$18		$0
Percentage approved pursuant to pre- approval exception		0%		0%		0%		0%
December 31, 2023		$64,245		$0		$19		$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 calculations 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, 2024		$0		$0		$0
Percentage approved pursuant to pre-approval exception		0%		0%		0%
December 31, 2023		$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, 2024		$18		$0		$0		$18
December 31, 2023		$19		$0		$0		$19

“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 his 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 4(i) and Item 4(j) are not applicable to the registrant.

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)). The members of the audit committee are Joseph A. Boateng, Amy B. R. Lancellotta, John K. Nelson, Chair, Loren M. Starr, Matthew Thornton III, Margaret L. Wolff and Robert L. Young.

Item 6. Investments.

(a) Schedule of Investments is included as part of the Portfolio of Investments filed under Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable to this filing.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Nuveen Fund Advisors, LLC is the registrant’s investment adviser (referred to herein 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 and incorporated herein by reference.

Item 13. Portfolio Managers of 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 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:

(a)(1) Portfolio Manager Biographies

As of the date of filing this report, the following individuals at the Sub-Adviser (the “Portfolio Managers”) have primary responsibility for the day-to-day implementation of the registrant’s investment strategies:

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.]

Katherine Renfrew is a portfolio manager for Nuveen’s global fixed income team and the sector lead for emerging markets corporates and quasi-sovereigns and all developed market quasi-sovereigns. She is a member of Nuveen’s emerging and non-U.S. developed markets fixed income team and serves as a lead and co-portfolio manager across Nuveen’s suite of emerging markets debt strategies. Katherine joined the firm in 1997 and has held several roles relating to emerging markets debt including South American regional analyst, trader, manager for the firm’s investments in Eastern Europe, Middle East and Africa (EMEA) regions, and Asian and EMEA regional analyst. Prior to joining the firm, she was a fixed income securities analyst at MONY Capital Management and a financial analyst at Mattel Toys.

John Espinosa is a portfolio manager for Nuveen’s global fixed income team and is the sector lead for sovereigns. He also oversees all investment research across Nuveen’s global fixed income and is a member of Nuveen’s emerging and non-U.S. developed markets fixed income team. John serves as a lead and co-portfolio manager across Nuveen’s suite of emerging markets debt and non-U.S. developed fixed income strategies. John is a member of the Investment Committee, which establishes investment policy for all global fixed income products. John has nearly two decades of fixed income investment industry experience and previously managed the organization’s global sovereign and emerging markets debt research teams. John joined the firm in 2004 as a quantitative analyst and associate portfolio manager for the CREF Bond Total Return strategy.

Brenda A. Langenfeld, CFA, is a portfolio manager for Nuveen’s global fixed income team and a member of the preferred securities sector team. She is the lead manager for Nuveen’s preferred and income-focused closed-end funds and portfolio manager of the Preferred Securities and Income strategy. She joined the preferred securities sector team in 2011. Brenda has been a co-manager for the Real Asset Income strategy since 2015, which invests in income generating debt and equity securities from both the real estate and infrastructure segments. In 2020 she became co-manager of the Credit Income strategy. Prior to her portfolio management roles, Brenda was a member of the high-grade credit sector team, responsible for trading corporate bonds. Previously, she was a member of the securitized debt sector team, trading mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities.

James Kim is a portfolio manager for Nuveen’s leveraged finance team with a focus on the management of high yield mandates. James is the lead manager of the High Yield Income strategy and a co-manager on the High Yield, Real Asset Income and Credit Income strategies. He is also head of special situations, leading workouts and opportunistic investing for the leveraged finance platform. Previously, James was co-head of global fixed income research and head of the leveraged finance research team, overseeing its daily investment process. He

also served as the co-head of research at Nuveen affiliate Symphony Asset Management, leading the firm’s research team, daily investment process and opportunistic investments across its various mandates. Prior to this, he was a distressed generalist and an industry analyst responsible for a number of different industries, including energy, power, metals & mining and chemicals, providing long and short ideas across the capital structure. Prior to joining the firm, James was an associate at Greywolf Capital in its special situations group and an analyst at Watershed Asset Management. He began his career at Goldman Sachs, as an investment banking analyst both in the Strategy Group and Energy & Power Group.

Mark Zheng, CFA, is a portfolio manager for Nuveen, focused on Multi-Sector portfolio management. He is currently lead manager of a diversified, total return component portfolio for the CREF Real Estate Account. He is also a co-manager for the Stable Value Account. Mark is a member of the Core and Core-Plus Strategy teams. Mark provides strategic and quantitative analysis across a broad set of Multi-Sector Fixed Income strategies incorporating emerging markets, mortgage-backed securities, high yield bond and loans and non-agency structured products. Since joining the firm in 2010, he has held several positions, including co-manager of fixed income ETFs. He also served as a research analyst for investments in mortgage-backed securities and as a business analyst for fixed income business applications. Prior to working in the financial services industry, Mark worked in the engineering industry, providing consulting services for global pharmaceutical, chemical, and manufacturing firms.

(a)(2) Other Accounts Managed by Portfolio Managers

Other Accounts Managed. In addition to managing the registrant, the Portfolio Managers are also primarily responsible for the day-to-day portfolio management of the following accounts:

Portfolio Manager	Type of Account Managed	Number of     Accounts	Assets*
Kevin Lorenz	Registered Investment Company	8	$12.52 billion
	Other Pooled Investment Vehicles	1	$623.16 million
	Other Accounts	2	$49.73 million
Katherine Renfrew	Registered Investment Company	5	$6.21 billion
	Other Pooled Investment Vehicles	3	$852.75 million
	Other Accounts	1	$252.89 million
John Espinosa	Registered Investment Company	2	$949.25 million
	Other Pooled Investment Vehicles	2	$229.59 million
	Other Accounts	1	$224.98 million
Brenda A. Langenfeld	Registered Investment Company	9	$11.87 billion
	Other Pooled Investment Vehicles	2	$62.41 million
	Other Accounts	4,097	$2.84 billion
James Kim	Registered Investment Company	0	$0
	Other Pooled Investment Vehicles	0	$0
	Other Accounts	1	$204.80 million
Mark Zheng	Registered Investment Company	1	$88.75 million
	Other Pooled Investment Vehicles	0	$0
	Other Accounts	0	$0

* Assets are as of December 31, 2024. None of the assets in these accounts are subject to an advisory fee based on performance.

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 a 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.

Nuveen Asset Management or its affiliates, including TIAA, sponsor an array of financial products for retirement and other investment goals, and provide services worldwide to a diverse customer base. Accordingly, from time to time, a Fund may be restricted from purchasing or selling securities, or from engaging in other investment activities because of regulatory, legal or contractual restrictions that arise due to another client account’s investments and/or the internal policies of Nuveen Asset Management, TIAA or its affiliates designed to comply with such restrictions. As a result, there may be periods, for example, when Nuveen Asset Management will not initiate or recommend certain types of transactions in certain securities or instruments with respect to which investment limits have been reached.

The investment activities of Nuveen Asset Management or its affiliates may also limit the investment strategies and rights of the Funds. For example, in certain circumstances where the Funds invest in securities issued by companies that operate in certain regulated industries, in certain emerging or international markets, or are subject

to corporate or regulatory ownership definitions, or invest in certain futures and derivative transactions, there may be limits on the aggregate amount invested by Nuveen Asset Management or its affiliates for the Funds and other client accounts that may not be exceeded without the grant of a license or other regulatory or corporate consent. If certain aggregate ownership thresholds are reached or certain transactions undertaken, the ability of Nuveen Asset Management, on behalf of the Funds or other client accounts, to purchase or dispose of investments or exercise rights or undertake business transactions may be restricted by regulation or otherwise impaired. As a result, Nuveen Asset Management, on behalf of the Funds or other client accounts, may limit purchases, sell existing investments, or otherwise restrict or limit the exercise of rights (including voting rights) when Nuveen Asset Management, in its sole discretion, deems it appropriate in light of potential regulatory or other restrictions on ownership or other consequences resulting from reaching investment thresholds.

(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.

(a)(4) Beneficial Ownership of JGH Securities

As of December 31, 2024, the portfolio managers beneficially owned the following dollar range of equity securities issued by the Fund.

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
Katherine Renfrew	X
John Espinosa	X
Brenda A. Langenfeld	X
James Kim	X
Mark Zheng	X

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. 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 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

(a)(1) Not applicable because the code of ethics is available, upon request and without charge, by calling 800-257-8787 and there were no amendments during the period covered by this report.

(a)(2) Not applicable.

(a)(3) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is 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.

Nuveen Global High Income Fund
Date: March 7, 2025	By:	/s/ David J. Lamb
		David J. Lamb
		Chief Administrative Officer

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.

Date: March 7, 2025	By:	/s/ David J. Lamb
		David J. Lamb
		Chief Administrative Officer
		(principal executive officer)
Date: March 7, 2025	By:	/s/ Marc Cardella
		Marc Cardella
		Vice President and Controller
		(principal financial officer)