Nuveen Core Plus Impact Fund

0001193125-22-070654.txt : 20220309 0001193125-22-070654.hdr.sgml : 20220309 20220309164334 ACCESSION NUMBER: 0001193125-22-070654 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20211231 FILED AS OF DATE: 20220309 DATE AS OF CHANGE: 20220309 EFFECTIVENESS DATE: 20220309 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Nuveen Core Plus Impact Fund CENTRAL INDEX KEY: 0001835068 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-23627 FILM NUMBER: 22725962 BUSINESS ADDRESS: STREET 1: 333 WEST WACKER DR. CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 312-917-8146 MAIL ADDRESS: STREET 1: 333 WEST WACKER DR. CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: Nuveen Impact Opportunities Fund DATE OF NAME CHANGE: 20201204 N-CSR 1 d293279dncsr.htm NUVEEN CORE PLUS IMPACT FUND Nuveen Core Plus Impact Fund

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		811-23627

Nuveen Core Plus Impact Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2021

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

LOGO

Closed-End Funds

31 December

2021

Nuveen Closed-End Funds


JGH		Nuveen Global High Income Fund
NPCT		Nuveen Core Plus Impact Fund
JLS		Nuveen Mortgage and Income Fund

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

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

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

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NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

LOGO

Table of Contents


Chair’s Letter to Shareholders			4

Portfolio Managers’ Comments			5

Fund Leverage			9

Common Share Information			11

Performance Overview and Holding Summaries			14

Report of Independent Registered Public Accounting Firm			20

Portfolios of Investments			21

Statement of Assets and Liabilities			45

Statement of Operations			46

Statement of Changes in Net Assets			47

Statement of Cash Flows			49

Financial Highlights			50

Notes to Financial Statements			54

Shareholder Update			70

Additional Fund Information			101

Glossary of Terms Used in this Report			102

Board Members & Officers			104

Chair’s Letter to Shareholders

LOGO

Dear Shareholders,

We have seen a nearly full recovery in the economy and began to approach more normalcy in our daily lives, enabled by unprecedented help from governments and central banks and the development of effective COVID-19 vaccines and therapies.

As crisis-related monetary and fiscal supports are phasing out, global economic growth is expected to moderate from post-pandemic peak growth toward a more sustainable pace of expansion. In the U.S., the rapid rebound in the economy has pushed consumer prices higher, and ongoing supply chain disruptions have kept the inflation rate elevated for longer than expected. With the economy and employment on strong footing, the Federal Reserve is ending its pandemic bond buying program and will begin raising short-term interest rates in 2022 to help keep inflation in check. The Fed now faces the challenge of counteracting inflation pressures without stifling economic growth, which the markets will be watching closely. On the fiscal side, government spending will be lower from here, but the U.S. will begin funding projects with the $1.2 trillion Infrastructure Investment and Jobs Act enacted on November 15, 2021, and Europe, Japan and China are also expected to roll out fiscal support in 2022.

Inflation levels, the timing of monetary policy normalization and the global economy’s response to tighter financial conditions will be a key focus in the markets. We anticipate periodic volatility as markets digest incoming data on these impacts, as well as COVID-19 headlines, as there is still uncertainty about the course of the pandemic. Short-term market fluctuations can provide your Fund opportunities to invest in new ideas as well as upgrade existing positioning while providing long-term value for shareholders. For more than 120 years, the careful consideration of risk and reward has guided Nuveen’s focus on delivering long-term results to our shareholders.

To learn more about how your portfolio can take advantage of new opportunities arising from the normalizing global economy, we encourage you to review your time horizon, risk tolerance and investment goals with your financial professional.

On behalf of the other members of the Nuveen Fund Board, I look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

LOGO

Terence J. Toth

Chair of the Board

February 22, 2022

Portfolio Managers’ Comments

Nuveen Global High Income Fund (JGH)

Nuveen Core Plus Impact Fund (NPCT)

Nuveen Mortgage and Income Fund (JLS)

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

Nuveen Core Plus Impact Fund (NPCT) features portfolio management by Nuveen Asset Management, LLC (NAM) an affiliate of Nuveen Fund Advisors, LLC, the Fund’s investment adviser. The Fund’s portfolio managers are Stephen Liberatore, CFA, Jessica Zarzycki, CFA and Kristal Seales, CFA.

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 Fund’s portfolio managers are Aashh Parekh, CFA, Nick Travaglino and Stephen Virgilio.

Here the Funds’ portfolio management teams review economic and financial market conditions, key investment strategies and the performance of the Funds for the twelve-month reporting period ended December 31, 2021. For more information on the Funds’ investment objectives and policies, please refer to the Shareholder Update section at the end of the report.

What factors affected the economy and financial markets during the twelve-month reporting period ended December 31, 2021?

The U.S. economic recovery remained on course over the twelve-month reporting period, despite setbacks from the COVID-19 virus and higher-than-expected inflation readings. Since the pandemic reached the U.S. in early 2020, the federal government has enacted $5.3 trillion in crisis-related aid and the U.S. Federal Reserve (Fed) has kept borrowing rates low for businesses and individuals and kept the credit system stable. These measures, along with increasing vaccinations and improved treatments, helped the economy to reopen and activity to rebound during 2021, despite additional COVID-19 surges caused by new, more contagious variants. U.S. gross domestic product (GDP) rose at an annualized 6.9% in the fourth quarter of 2021, accelerating from 2.3% in the third quarter when the delta variant

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.

Each Fund uses credit quality ratings for its portfolio securities provided by Moody’s Investors Service, Inc. (Moody’s), Standard & Poor’s (S&P) and Fitch, Inc. (Fitch). For JGH and NPCT, if all three of Moody’s, S&P, and Fitch provide a rating for a security, the middle rating 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. For JLS, the highest rating given by Moody’s, S&P and Fitch is used. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. 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. Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Portfolio Managers’ Comments (continued)

weighed on economic activity, according to the Bureau of Economic Analysis “advance” estimate. Also according to the “advance” estimate, in 2021 overall, GDP grew 5.7%, rebounding from the contraction of -3.4% in 2020.

The return of consumer demand to the economy put upward pressure on inflation in 2021. However, as supply chains remained under stress and labor shortages continued, in part because of resurgences of the virus around the world, inflation appeared to be more durable than initially expected. The Fed responded by reducing its pandemic-era support programs and signaled that rate increases were likely in 2022. Financial markets grew more concerned about the timing and size of these monetary policy shifts and their implications for the broader economic outlook, which led to short-term volatility in interest rates and stock prices. However, strong corporate earnings and a lessening economic impact from each subsequent wave of the virus supported a more optimistic view that ultimately drove stock prices and interest rates higher over 2021.

Nuveen Global High Income Fund (JGH)

What key strategies were used to manage the Fund during the twelve-month reporting period ended December 31, 2021?

The Fund seeks to deliver high current income through a diversified portfolio of global high-income securities that may span the capital structure and credit spectrum, including high yield bonds from the U.S. and developed and emerging markets, as well as preferred and convertible securities. The Fund uses leverage. Leverage is discussed in more detail later in the Fund Leverage Section of this report.

Throughout the reporting period, the Fund’s portfolio management team continued to favor taking prudent credit risk versus duration (interest rate) risk in the portfolio through key overweights in B-rated debt, senior loans and preferred securities. The portfolio maintained overweights in service-based industries like technology, health care and banking driven by the outlook for higher interest rates, energy producers and midstream operators. Key underweights included BB-rated securities given their higher interest rate risk relative to the rest of the high yield market, as well as the communications sector and cyclical issuers, where valuations have tightened significantly. The portfolio also underweighted emerging market (EM) sovereign debt because of policy and fiscal overhang involving a number of sovereign issuers.

How did the Fund perform during the twelve-month reporting period ended December 31, 2021?

For the twelve-month reporting period ended December 31, 2021, the Fund’s portfolio outperformed the Bloomberg Global High Yield Index (USD Hedged). For the purposes of this Performance Commentary, references to relative performance are in comparison to the Bloomberg Global High Yield Index (USD Hedged).

The portfolio broadly benefited from its allocation to and security selection within the high yield corporate segment, which performed strongly throughout the reporting period. Within the high yield corporate segment, security selection was strong in the communications sector, including outdoor advertising company Clear Channel Holdings, which saw its bonds rally based on improvement in bookings across billboards, digital and transit in the U.S. and Europe. Also, overweight positions in Swiss cable company UPC Broadband and U.K. communications provider Virgin Media aided relative performance. The portfolio management team maintains exposure to all three issuers because their bonds continue to provide attractive yields, which helps the Fund achieve its objective of delivering high current income to shareholders.

The portfolio’s emerging market (EM) corporate bond segment also benefited from security selection. Specifically, the lack of exposure to two Chinese real estate developers found in the index, China Evergrande Group and Kaisa Group Holdings, which both saw the value of their bonds drop sharply during the reporting period, was particularly beneficial. Chinese regulators implemented a significant policy change in August 2020 that contributed to a major liquidity crisis this year at China Evergrande Group, one of the country’s largest and most indebted residential real estate developers. The company ultimately defaulted on its bonds in December 2021.

The portfolio’s outperformance was partially offset by security selection within oilfield services, which detracted from performance, specifically an underweight to lower quality service companies. These issuers have benefited from a stronger commodity price environment and open capital markets and significantly outperformed the benchmark. Similarly, security selection in the metals and mining industry proved detrimental to performance because of an underweight to lower-quality producers, which rallied during the reporting period.

Nuveen Core Plus Impact Fund (NPCT)

What key strategies were used to manage the Fund during the abbreviated reporting period ended December 31, 2021?

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 abbreviated reporting period since its inception on April 27, 2021, the Fund’s common assets have been fully invested in attractively valued, yield-producing fixed income assets. The Fund also began to strategically deploy leverage to enhance the income and total return of the portfolio in the prevailing low rate environment. As of December 31, 2021, the portfolio held approximately 58% in impact investments and 42% in ESG (environmental, social and governance) leaders. Impact investing is focused on an outcome where capital is used to make a tangible impact while ESG focuses on companies that are implementing better standards in their business practices. As the portfolio management team continued to seek attractive candidates to increase exposure to impact holdings, the portfolio was broadly diversified across impact categories as of December 31, 2021. At the sector level, the portfolio was focused primarily on corporate bonds, with opportunistic allocations to commercial mortgage-backed securities (CMBS), preferred securities, bank loans, asset-backed securities (ABS), emerging markets debt and taxable municipal bonds. As noted above, the Fund uses leverage. Leverage is discussed in more detail later in the Fund Leverage Section of this report.

How did the Fund perform during the abbreviated reporting period ended December 31, 2021?

For the abbreviated reporting period since the Fund’s inception on April 27, 2021, the Fund’s portfolio performed in-line with the NPCT Blended Benchmark, which consists of 60% Bloomberg MSCI U.S. Green Bond and 40% Bloomberg U.S. Corporate High Yield Index. For the purposes of this Performance Commentary, references to relative performance are in comparison to the NPCT Blended Benchmark.

The “risk on” sentiment driving fixed income markets in 2021 provided a tailwind to the portfolio’s relative performance during the abbreviated reporting period. Spread sectors, where the portfolio had overweight exposure generally outperformed U.S. Treasuries, in which the portfolio does not make long-term investments. Most of the portfolio’s positive relative performance was driven by its corporate bond exposure. Within this sector, the portfolio’s security selection in banking, communications, transportation and electric utilities contributed positively to relative performance. The portfolio’s corporate bond outperformers included securities in the lower part of the capital structure and higher beta project finance securities that benefited from the market’s risk-on tone (higher beta holdings are those with greater return potential but also greater volatility).

The portfolio’s outperformance was partially offset by the energy sector positions in the portfolio, which were of relatively higher quality and lagged given investors’ search for yield and risk appetite that favored lower-rated investments. A relatively small cash position also detracted during the Fund’s invest-up phase, as the portfolio management team worked to fully invest the Fund into its longer-term holdings. The rising interest rate environment was a headwind to the portfolio’s longer duration positioning relative to the NPCT Blended Benchmark. The portfolio’s longer overall duration is the natural result of portfolio management’s focus on longer maturity bonds, which better align with the longer term nature of the impacts focused on and also offer greater incremental yield.

Portfolio Managers’ Comments (continued)

During the current fiscal period, the Fund used cross currency swaps and foreign exchange forwards to hedge its Euro exposure to U.S. dollars and hedge exposure to EUR denominated positions. The cross currency swaps and foreign exchange forwards both had a negligible impact on performance during the reporting period.

Nuveen Mortgage and Income Fund (JLS)

What key strategies were used to manage the Fund during the twelve-month reporting period ended December 31, 2021?

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 MBS and commercial MBS, and non-mortgage related asset-backed securities (ABS), including but not limited to any asset that generates reliable cash flows, including collateralized loan obligations as well as pools of consumer auto loans, credit card receivables, aircraft leases and maintenance agreements, timeshare agreements, and solar photovoltaics. The Fund uses leverage. Leverage is discussed in more detail later in the Fund Leverage Section of this report.

While the Fund’s core portfolio remained largely intact during the reporting period, the portfolio management team found attractive opportunities to add value, searching for tactical trades and investing proceeds from calls and redemptions in credit risk transfer (CRT) securities (credit risk transfer (CRT) use subordination structures to reduce public risk on mortgage-related securities, offering partial guarantees for loans based on the credit quality of the loan pools), single asset single borrower (SASB) CMBS and collateralized loan obligations (CLOs). The portfolio management team continued to maintain exposure to these relative value opportunities at the end of the reporting period. Additionally, at the end of the reporting period, the portfolio management team placed a greater emphasis on floating rate securities given the outlook for higher rates.

How did the Fund perform during the twelve-month reporting period ended December 31, 2021?

For the twelve-month reporting period ended December 31, 2021, the Fund’s portfolio outperformed the JLS Blended Benchmark, which 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). For the purposes of this Performance Commentary, references to relative performance are in comparison to the JLS Blended Benchmark.

The main factors that contributed to the portfolio’s relative performance were asset-backed securities (ABS), commercial mortgage-backed securities (CMBS) and residential mortgage-backed securities (RMBS), with CMBS holdings contributing the most to the Fund’s outperformance. While CMBS was the best performing sector, both ABS and RMBS benefited from expectations of a strong post-COVID-19 economic recovery as investors moved into securities expected to benefit from accelerating economic growth. By early February 2021, most credit spreads had reached pre-COVID-19 levels and, in some cases, surpassed those levels. Credit risk transfer (CRT) and non-agency mortgage-backed securities (MBS) were also contributors as credit spreads tightened significantly during the first half of the reporting period, reflecting the market’s conviction in the strength of the U.S. housing market and the likelihood of further credit de-levering through home appreciation and prepayments. Performance moderated during the second half of the reporting period as interest rates increased, the yield curve moved higher and credit spreads narrowed.

Fund Leverage

IMPACT OF THE FUND’S LEVERAGE STRATEGY ON PERFORMANCE

One important factor impacting the common share returns of the Funds relative to their comparative benchmarks was the use of leverage through bank borrowings and reverse repurchase agreements (for NPCT and JLS). 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 the Fund pays on its leveraging instruments are lower than the interest the Fund earns on its portfolio securities that it has bought with the proceeds of that leverage. This has been particularly true in the recent market environment where short-term rates have been low by historical standards.

However, use of leverage can expose Fund common shares to additional price volatility. When 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 somewhat higher than their recent lows, leverage nevertheless continues to provide the opportunity for incremental common share income, particularly over longer-term periods.

The Funds use of leverage had a positive impact on total return performance during this reporting period.

JGH also continued to use interest rate swap contracts to partially hedge its future interest cost of leverage. The impact of the swap contracts on total return performance was positive during this reporting period largely due to the improvement in mark-to-market values driven by the increase in long-term rates.

Fund Leverage (continued)

As of December 31, 2021, the Funds’ percentages of leverage are shown in the accompanying table.


	JGH			NPCT			JLS
Effective Leverage*		29.20	%		35.03	%		25.95	%
Regulatory Leverage*		29.20	%		22.81	%		6.49	%

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

THE FUND’S LEVERAGE

Bank Borrowings

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


	Current Reporting Period											Subsequent to the Close of the Reporting Period
Fund	Outstanding Balance as of January 1, 2021		Draws		Paydowns			Outstanding Balance as of December 31, 2021		Average Balance Outstanding		Draws		Paydowns			Outstanding Balance as of February 25, 2022
JGH	$	149,200,000	$	9,800,000		—		$	159,000,000	$	157,023,014	$	—	$	(7,000,000	)	$	152,000,000
NPCT	$	—	$	167,000,000		—		$	167,000,000	$	136,487,805	$	—	$	—		$	167,000,000
JLS	$	15,505,000	$	750,000	$	(7,800,000	)	$	8,455,000	$	12,417,740	$	1,750,000	$	(1,960,000	)	$	8,245,000

Refer to Notes to Financial Statements, Note 8 – Fund Leverage for further details.

Reverse Repurchase Agreements

As noted previously, JLS and NPCT use reverse repurchase agreements, in which the Fund sells to a counterparty a security that it holds with a contemporaneous agreement to repurchase the same security at an agreed-upon price and date. The Funds’ transactions in reverse repurchase agreements are as shown in the accompanying table.


	Current Reporting Period											Subsequent to the Close of the Reporting Period
Fund	Outstanding Balance as of January 1, 2021		Sales		Purchases			Outstanding Balance as of December 31, 2021		Average Balance Outstanding		Sales		Purchases			Outstanding Balance as of February 25, 2022
NPCT	$	—	$	432,850,000	$	(295,050,000	)	$	137,800,000	$	89,783,051	$	170,300,000	$	(170,300,000	)	$	137,800,000
JLS	$	25,198,132	$	134,213,879	$	(125,181,011	)	$	34,231,000	$	27,726,200	$	23,674,000	$	(25,566,000	)	$	32,339,000

Refer to Notes to Financial Statements, Note 8 – Fund Leverage for further details.

Common Share

Information

COMMON SHARE DISTRIBUTION INFORMATION FOR JGH AND JLS

The following information regarding the distributions for JGH and JLS are current as of December 31, 2021, the Funds’ fiscal and tax year end and may differ from previously issued distribution notifications.

Effective with each Fund’s March 2021 distribution, the Funds implemented a level distribution program. The goal of the level distribution program is to provide shareholders with stable, but not guaranteed, cash flow, independent of the amount or timing of income earned or capital gains realized by the Funds. The Funds intend to distribute all or substantially all of their net investment income through their regular monthly distribution and to distribute realized capital gains at least annually. In any monthly period, in order to maintain its level distribution amount, each Fund may pay out more or less than its net investment income during the period. As a result, regular distributions throughout the year are expected to include net investment income and potentially a return of capital or capital gains for tax purposes. You should not draw any conclusions about the Fund’s investment performance from the amount of the distribution or from the terms of the level distribution program. A return of capital is a non-taxable distribution of a portion of a Fund’s capital. A return of capital distribution does not necessarily reflect a Fund’s investment performance and should not be confused with “yield” or “income.”

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.

Data as of December 31, 2021


	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		75.38	%		0.00	%		24.62	%	$	1.3010	$	0.9807	$	0.0000	$	0.3203
JLS		87.46	%		0.00	%		12.54	%	$	0.9660	$	0.8449	$	0.0000	$	0.1211

Common Share Information (continued)

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

Data as of December 31, 2021


					Annualized						Cumulative
Fund	Inception Date		Latest Monthly Per Share Distribution		Current Distribution on NAV		1-Year Return on NAV		5-Year Return on NAV		Fiscal YTD Distributions on NAV		Fiscal YTD Return on NAV
JGH		11/24/2014		$0.1130		8.15%		5.82%		6.23%		7.82%		5.82%
JLS		11/25/2009		$0.0830		4.49%		4.47%		4.96%		4.35%		4.47%

COMMON SHARE DISTRIBUTION INFORMATION FOR NPCT

The following information regarding the Fund’s distributions is current as of December 31, 2021, the Fund’s fiscal and tax year end, and may differ from previously issued distribution notifications. This notice provides shareholders with information regarding fund distributions, as required by current securities laws. You should not draw any conclusions about the Fund’s investment performance from the amount of the distribution or from the terms of the Fund’s Managed Distribution Policy.

The Fund may in certain periods distribute more than its income and net realized capital gains, and the Fund currently estimates that it has done so for the fiscal year-to-date period. In such instances, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.”

The following tables provide information regarding the Fund’s common share distributions and total return performance for the fiscal year ended December 31, 2021. This information is intended to help you better understand whether the Funds’ returns for the specified time period were sufficient to meet its distributions.

Data as of December 31, 2021

Fiscal YTD

Per Share Sources of Distribution

Percentage of the Distribution

Fund

Per Share
Distribution

Net
Investment
Income

Long-Term
Gains

Short-Term
Gains

Return of
Capital¹

Net
Investment
Income

Long-Term
Gains

Short-Term
Gains

Return of
Capital¹

NPCT (FYE 12/31)

$0.7210

$0.3584

$0.0000

$0.0322

$0.3304

49.70%

0.00%

4.47%

45.83%

Annualized

Cumulative

Fund

Inception
Date

Latest
Monthly
Distribution

Fiscal YTD
Distribution

Net Asset
Value (NAV)

Since Inception
Return on
NAV

Fiscal YTD
Distribution
Rate on NAV

Fiscal YTD
Return on
NAV

Fiscal YTD
Distribution
Rate on NAV

NPCT (FYE 12/31)

4/27/2021

$0.1030

$0.7210

$19.66

1.90%

3.67%

1.90%

3.67%

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

NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS

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

COMMON SHARE REPURCHASES

During August 2021, the Funds’ Board of Trustees reauthorized JGH and JLS and authorized NPCT to participate in an open-market common share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding common shares.

As of December 31, 2021, and since the inception of the Funds’ repurchase program, the Funds have cumulatively repurchased and retired its outstanding common shares as shown in the accompanying table.


	JGH		NPCT		JLS
Common shares cumulatively repurchased and retired		900,000		—		—
Common shares authorized for repurchase		2,315,000		2,875,000		545,000

During the current reporting period, the Funds did not repurchase any of their outstanding common shares.

OTHER COMMON SHARE INFORMATION

As of December 31, 2021, the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs and trading at an average premium/(discount) to NAV during the current reporting period, as follows:


	JGH			NPCT			JLS
Common share NAV	$	16.63		$	19.66		$	22.19
Common share price	$	15.88		$	18.30		$	20.96
Premium/(Discount) to NAV		(4.51	)%		(6.92	)%		(5.54	)%
Average premium/(discount) to NAV		(6.62	)%		(4.18	)%		(7.42	)%

JGH

Nuveen Global High Income Fund

Performance Overview and Holding Summaries as of December 31, 2021

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

Average Annual Total Returns as of December 31, 2021


	Average Annual
	1-Year		5-Year		Since Inception
JGH at Common Share NAV		5.82%		6.23%		5.25%
JGH at Common Share Price		10.84%		8.48%		6.93%
Bloomberg Global High Yield Index (USD Hedged)¹		2.53%		5.32%		5.48%

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

Daily Common Share NAV and Share Price

LOGO

Growth of an Assumed $10,000 Investment as of December 31, 2021 — Common Share Price

LOGO

1	For purposes of Fund performance, relative results are measured against this benchmark/index.

2	Value on 10/31/14 is $20, which represents the Fund’s public offering price. Nuveen Fund Advisors, LLC reimbursed the Fund for any sales load and offering expenses.

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

The Fund uses 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.

Fund Allocation

(% of net assets)


Corporate Bonds			91.0%
Sovereign Debt			16.3%
Variable Rate Senior Loan Interests			12.8%
$1,000 Par (or similar) Institutional Preferred			8.3%
Contingent Capital Securities			6.4%
$25 Par (or similar) Retail Preferred			1.5%
Repurchase Agreements			2.8%
Other Assets Less Liabilities			2.1%
Net Assets Plus Borrowings			141.2%
Borrowings			(41.2)%
Net Assets			100.0%

Top Five Issuers

(% of total investments)


Albion Financing 2SARL			1.0%
Presidio Holdings Inc			1.0%
Petroleos Mexicanos			0.9%
SunCoke Energy Inc			0.8%
Ferrellgas LP / Ferrellgas Finance Corp			0.8%

Portfolio Composition

(% of total investments)


Oil, Gas & Consumable Fuels			12.3%
Sovereign Debt			11.8%
Banks			6.0%
Specialty Retail			5.1%
Health Care Providers & Services			4.0%
Chemicals			4.0%
Commercial Services & Supplies			4.0%
Media			3.5%
Diversified Telecommunication Services			3.5%
IT Services			3.3%
Insurance			3.2%
Auto Components			2.7%
Capital Markets			2.6%
Pharmaceuticals			2.5%
Metals & Mining			2.4%
Hotels, Restaurants & Leisure			2.3%
Software			2.1%
Beverages			1.6%
Independent Power & Renewable Electricity Producers			1.5%
Real Estate Management & Development			1.4%
Other¹			18.2%
Repurchase Agreements			2.0%
Total			100.0%

Portfolio Credit Quality

(% of total long-term investments)


BBB			5.9%
BB or Lower			93.2%
N/R (not rated)			0.9%
Total			100%

Country Allocation²

(% of total investments)


United States			57.9%
Canada			4.4%
Brazil			2.7%
Mexico			2.2%
United Kingdom			2.1%
France			2.1%
Turkey			1.9%
Colombia			1.6%
Spain			1.6%
Luxembourg			1.4%
Israel			1.2%
Germany			1.1%
Dominican Republic			1.1%
Oman			1.0%
Other³			17.7%
Total			100.0%

1	See Portfolio of Investments for the remaining industries comprising “other” and not listed in the Portfolio Composition above.

2	Includes 23.5% (as a percentage of total investments) in emerging market countries.

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

NPCT

Nuveen Core Plus Impact Fund

Performance Overview and Holding Summaries as of December 31, 2021

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

Cumulative Total Returns as of December 31, 2021


	Since Inception
NPCT at Common Share NAV		1.90%
NPCT at Common Share Price		(4.96)%
Bloomberg U.S. Aggregate Bond Index		1.19%
NPCT Blended Benchmark^1,2		1.91%

Since inception returns are from 4/27/21. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

Daily Common Share NAV and Share Price

LOGO

Growth of an Assumed $10,000 Investment as of December 31, 2021 — Common Share Price

LOGO

1	For purposes of Fund performance, relative results are measured against this benchmark/index.

2	NPCT Blended Benchmark consists of: 1) 60% of the return of the Bloomberg MSCI U.S. Green Bond Index and 2) 40% of the return of the Bloomberg U.S. Corporate High Yield Bond Index.

3	Value on 4/27/21 is $20, which represents the Fund’s public offering price. Nuveen Fund Advisors, LLC reimbursed the Fund for any sales load and offering expenses.

Fund Allocation

(% of net assets)


Corporate Bonds			90.8%
$1,000 Par (or similar) Institutional Preferred			23.3%
Asset-Backed Securities			10.3%
$25 Par (or similar) Retail Preferred			9.3%
Mortgage-Backed Securities			7.3%
Sovereign Debt			6.9%
Municipal Bonds			2.5%
Variable Rate Senior Loan Interests			2.4%
Repurchase Agreements			0.2%
Other Assets Less Liabilities			0.9%
Net Assets Plus Borrowings and Reverse Repurchase Agreements			153.9%
Borrowings			(29.5)%
Reverse Repurchase Agreements			(24.4)%
Net Assets			100%

Portfolio Composition

(% of total investments)


Electric Utilities			12.9%
Banks			12.3%
Independent Power & Renewable Electricity Producers			8.5%
Mortgage-Backed Securities			6.2%
Asset-Backed Securities			5.3%
Trading Companies & Distributors			4.6%
Gas Utilities			4.0%
Sovereign Debt			3.9%
Oil, Gas & Consumable Fuels			3.8%
Equity Real Estate Investment Trust			3.8%
Insurance			3.4%
Multi-Utilities			3.1%
Road & Rail			2.6%
Automobiles			2.3%
Chemicals			2.2%
Capital Markets			1.8%
Communications Equipment			1.8%
Other¹			17.4%
Repurchase Agreements			0.1%
Total			100%

Portfolio Credit Quality

(% of total long-term investments)


AA			0.8%
A			6.3%
BBB			51.6%
BB or Lower			33.0%
N/R (not rated)			8.3%
Total			100%

Country Allocation²

(% of total investments)


United States			62.4%
Italy			3.9%
Chile			3.9%
United Kingdom			3.8%
Canada			3.0%
India			2.8%
Australia			2.4%
Indonesia			2.3%
Bermuda			2.0%
Switzerland			1.9%
Mexico			1.8%
Other³			9.8%
Total			100%

1	See Portfolio of Investments for the remaining industries comprising “other” and not listed in the Portfolio Composition above.

2	Includes 16.3% (as a percentage of total investments) in emerging market countries.

3	“Other” countries include Seven countries that individually constitute less than 1.8% as a percentage of total investments.

JLS

Nuveen Mortgage and Income Fund

Performance Overview and Holding Summaries as of December 31, 2021

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

Average Annual Total Returns as of December 31, 2021


	Average Annual
	1-Year		5-Year		10-Year
JLS at Common Share NAV		4.47%		4.96%		7.80%
JLS at Common Share Price		11.02%		4.83%		8.37%
Bloomberg U.S. Aggregate Bond Index		(1.54)%		3.57%		2.90%
JLS Blended Benchmark^1,2		0.05%		3.39%		2.81%

Performance prior to October 14, 2019, reflects the Fund’s performance under the management of a sub-adviser using investment strategies that differed from those currently in place. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

Daily Common Share NAV and Share Price

LOGO

Growth of an Assumed $10,000 Investment as of December 31, 2021 — Common Share Price

LOGO

1	For purposes of Fund performance, relative results are measured against this benchmark/index.

JLS Blended Benchmark (ICE BofA U.S. ABS & CMBS Index) 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. Prior to October 14, 2019, the Fund’s performance was measured against the Bloomberg U.S. Aggregate Bond Index.

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

Fund Allocation

(% of net assets)


Mortgage-Backed Securities			93.5%
Asset-Backed Securities			41.5%
U.S. Government and Agency Obligations			0.2%
Other Assets Less Liabilities			(0.1)%
Net Assets Plus Borrowings and Reverse Repurchase Agreements			135.1%
Borrowings			(6.9)%
Reverse Repurchase Agreements			(28.2)%
Net Assets			100%

Portfolio Credit Quality

(% of total investments)


U.S. Treasury/Agency			0.1%
AAA			2.9%
AA			1.6%
A			10.3%
BBB			18.7%
BB or Lower			36.3%
N/R (not rated)			30.1%
Total			100%

Report of Independent Registered Public Accounting Firm

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 Nuveen Global High Income Fund, Nuveen Core Plus Impact Fund and Nuveen Mortgage and Income Fund (hereafter collectively referred to as the “Funds”) as of December 31, 2021, the related statements of operations and cash flows for the year ended December 31, 2021 (or for Nuveen Core Plus Impact Fund, for the period April 27, 2021 (commencement of operations) through December 31, 2021), the statements of changes in net assets for each of the two years in the period ended December 31, 2021 (or for Nuveen Core Plus Impact Fund, for the period April 27, 2021 (commencement of operations) through December 31, 2021), including the related notes, and the financial highlights for each of the periods indicated therein (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, 2021, the results of each of their operations and each of their cash flows for the year then ended (or for Nuveen Core Plus Impact Fund, for the period April 27, 2021 (commencement of operations) through December 31, 2021), the changes in each of their net assets for each of the two years in the period ended December 31, 2021 (or for Nuveen Core Plus Impact Fund, for the period April 27, 2021 (commencement of operations) through December 31, 2021) and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

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.

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, 2021 by correspondence with the custodian, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

February 28, 2022

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

JGH

Nuveen Global High Income Fund

Portfolio of Investments December 31, 2021


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

		LONG-TERM INVESTMENTS – 136.3% (98.0% of Total Investments)

		CORPORATE BONDS – 91.0% (65.4% of Total Investments)

		Aerospace & Defense – 0.1%

$	475	Embraer Netherlands Finance BV, 144A		6.950%		1/17/28		BB+	$	524,400

		Air Freight & Logistics – 0.1%

	500	Cargo Aircraft Management Inc, 144A		4.750%		2/01/28		BB		508,860

		Airlines – 0.3%

	1,000	Aerovias de Mexico SA de CV, 144A, (3)		7.000%		2/05/25		D		957,500
	3,000	Virgin Australia Holdings Pty Ltd, 144A, (3)		7.875%		10/15/22		N/R		127,500
	4,000	Total Airlines								1,085,000

		Auto Components – 3.1%

	2,000	Adient Global Holdings Ltd, 144A		4.875%		8/15/26		B		2,040,000
	650	Dana Inc		4.250%		9/01/30		BB+		658,937
	1,025	Goodyear Tire & Rubber Co, 144A		5.000%		7/15/29		BB–		1,101,055
	3,000	Goodyear Tire & Rubber Co		5.250%		4/30/31		BB–		3,261,030
	3,000	IHO Verwaltungs GmbH, 144A, (cash 6.375%, PIK 7.125%)		6.375%		5/15/29		Ba2		3,225,000
	1,610	PECF USS Intermediate Holding III Corp, 144A		8.000%		11/15/29		CCC		1,667,155
	11,285	Total Auto Components								11,953,177

		Banks – 1.1%

	875	Access Bank PLC, 144A		6.125%		9/21/26		B2		870,625
	1,000	Akbank TAS, 144A		6.800%		2/06/26		B+		962,860
	1,250	Grupo Aval Ltd, 144A		4.375%		2/04/30		BB+		1,198,438
	1,525	Turkiye Vakiflar Bankasi TAO, 144A		5.500%		10/01/26		B+		1,354,834
	4,650	Total Banks								4,386,757

		Beverages – 1.8%

	3,500	Primo Water Holdings Inc, 144A		4.375%		4/30/29		B1		3,465,000
	3,425	Triton Water Holdings Inc, 144A		6.250%		4/01/29		CCC+		3,284,917
	6,925	Total Beverages								6,749,917

		Biotechnology – 0.4%

	1,500	Emergent BioSolutions Inc, 144A		3.875%		8/15/28		BB–		1,439,655

		Building Products – 0.5%

	625	Cemex SAB de CV, 144A		5.125%		9/08/70		B+		646,875
	1,265	SRS Distribution Inc, 144A		6.000%		12/01/29		CCC		1,271,325
	1,890	Total Building Products								1,918,200

		Capital Markets – 1.0%

	1,500	Banco BTG Pactual SA/Cayman Islands, 144A		2.750%		1/11/26		Ba2		1,423,140
	600	Compass Group Diversified Holdings LLC, 144A		5.250%		4/15/29		B+		628,500
	1,900	LPL Holdings Inc, 144A		4.375%		5/15/31		BB		1,943,481
	4,000	Total Capital Markets								3,995,121

		Chemicals – 5.4%

	1,000	Calumet Specialty Products Partners LP / Calumet Finance Corp, 144A		11.000%		4/15/25		B–		1,078,750
	2,275	Consolidated Energy Finance SA, 144A		5.625%		10/15/28		B+		2,223,812
	1,905	EverArc Escrow Sarl, 144A		0.000%		10/30/29		B+		1,906,410
	600	OCP SA, 144A		5.125%		6/23/51		BB+		565,929
	1,960	Olympus Water US Holding Corp, 144A		4.250%		10/01/28		B2		1,948,985
	2,160	Olympus Water US Holding Corp, 144A		6.250%		10/01/29		CCC+		2,106,000
	2,711	Rayonier AM Products Inc, 144A		7.625%		1/15/26		B+		2,873,660
	1,500	Sasol Financing USA LLC		5.500%		3/18/31		BB		1,512,750



JGH		Nuveen Global High Income Fund (continued)
JGH		Portfolio of Investments December 31, 2021


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

		Chemicals (continued)

$	2,000	Trinseo Materials Operating SCA / Trinseo Materials Finance Inc, 144A		5.125%		4/01/29		B	$	2,040,000
	1,600	Tronox Inc, 144A		4.625%		3/15/29		B		1,598,000
	905	Unifrax Escrow Issuer Corp, 144A		5.250%		9/30/28		BB		914,729
	525	Unifrax Escrow Issuer Corp, 144A		7.500%		9/30/29		CCC+		530,250
	380	WR Grace Holdings LLC, 144A		4.875%		6/15/27		BB+		390,309
	1,005	WR Grace Holdings LLC, 144A		5.625%		8/15/29		B+		1,028,869
	20,526	Total Chemicals								20,718,453

		Commercial Services & Supplies – 4.5%

	1,750	ADT Security Corp, 144A		4.125%		8/01/29		BB–		1,723,750
	1,275	ADT Security Corp, 144A		4.875%		7/15/32		BB–		1,301,769
	2,000	Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl, 144A		4.625%		6/01/28		B		1,998,760
	500	Covert Mergeco Inc, 144A		4.875%		12/01/29		B1		507,500
	1,500	Garda World Security Corp, 144A		4.625%		2/15/27		BB+		1,492,500
	2,170	GFL Environmental Inc, 144A		4.750%		6/15/29		B–		2,188,987
	1,400	LABL Inc, 144A		5.875%		11/01/28		B2		1,442,875
	1,000	LABL Inc, 144A		8.250%		11/01/29		CCC+		1,005,550
	2,000	Pitney Bowes Inc, 144A		6.875%		3/15/27		N/R		2,077,000
	2,500	Pitney Bowes Inc, 144A		7.250%		3/15/29		BB		2,568,750
	1,100	Prime Security Services Borrower LLC / Prime Finance Inc, 144A		6.250%		1/15/28		B–		1,146,750
	17,195	Total Commercial Services & Supplies								17,454,191

		Communications Equipment – 0.3%

	1,325	Gray Television Inc, 144A		4.750%		10/15/30		BB–		1,316,719

		Construction Materials – 0.6%

	900	Cemex SAB de CV, 144A		7.375%		6/05/27		BB		990,909
	750	Cemex SAB de CV, 144A		3.875%		7/11/31		BB		747,247
	450	Volcan Cia Minera SAA, 144A		4.375%		2/11/26		BB		433,688
	2,100	Total Construction Materials								2,171,844

		Consumer Finance – 0.5%

	2,010	Capital One Financial Corp		3.950%		9/01/70		Baa3		2,020,050

		Containers & Packaging – 0.5%

	900	Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 144A		4.000%		9/01/29		BB–		891,675
	945	Pactiv Evergreen Group Issuer Inc/Pactiv Evergreen Group Issuer LLC/Reynolds Gro, 144A		4.375%		9/30/28		B+		937,913
	1,845	Total Containers & Packaging								1,829,588

		Diversified Financial Services – 1.0%

	2,000	Compass Group Diversified Holdings LLC, 144A		5.000%		1/15/32		B+		2,050,000
	1,125	Genesis Energy LP / Genesis Energy Finance Corp		7.750%		2/01/28		B		1,133,437
	815	Mexico Remittances Funding Fiduciary Estate Management Sarl, 144A		4.875%		1/15/28		BB+		759,996
	3,940	Total Diversified Financial Services								3,943,433

		Diversified Telecommunication Services – 4.9%

	3,825	Altice France SA/France, 144A		5.125%		7/15/29		B		3,731,096
	1,830	Altice France SA/France, 144A		5.500%		10/15/29		B		1,802,550
	2,285	Directv Financing LLC / Directv Financing Co-Obligor Inc, 144A		5.875%		8/15/27		BBB–		2,339,177
	1,905	Frontier Communications Holdings LLC, 144A		6.000%		1/15/30		BB–		1,914,525
	1,155	Iliad Holding SASU, 144A		6.500%		10/15/26		BB–		1,213,593
	2,375	Iliad Holding SASU, 144A		7.000%		10/15/28		BB–		2,497,479
	2,000	Telecom Italia Capital SA		7.200%		7/18/36		BB+		2,293,120
	2,880	Vmed O2 UK Financing I PLC, 144A		4.750%		7/15/31		BB+		2,916,000
	18,255	Total Diversified Telecommunication Services								18,707,540


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

		Electric Utilities – 1.0%

$	1,000	AES Andres BV, 144A		5.700%		5/04/28		BB–	$	1,017,500
	800	Electricidad Firme de Mexico Holdings SA de CV, 144A		4.900%		11/20/26		Ba2		793,008
	1,400	Eskom Holdings SOC Ltd, 144A		6.350%		8/10/28		Ba2		1,508,500
	750	NPC Ukrenergo, 144A		6.875%		11/09/26		B		654,488
	3,950	Total Electric Utilities								3,973,496

		Electronic Equipment, Instruments & Components – 1.0%

	735	II-VI Inc, 144A		5.000%		12/15/29		BB		750,597
	3,125	Imola Merger Corp, 144A		4.750%		5/15/29		BB+		3,206,406
	3,860	Total Electronic Equipment, Instruments & Components								3,957,003

		Energy Equipment & Services – 0.8%

	1,200	Archrock Partners LP / Archrock Partners Finance Corp, 144A		6.875%		4/01/27		B+		1,260,000
	1,625	Archrock Partners LP / Archrock Partners Finance Corp, 144A		6.250%		4/01/28		B+		1,694,420
	2,825	Total Energy Equipment & Services								2,954,420

		Entertainment – 0.3%

	1,070	Cinemark USA Inc, 144A		8.750%		5/01/25		BB+		1,134,200

		Equity Real Estate Investment Trust – 0.4%

	700	RLJ Lodging Trust LP, 144A		4.000%		9/15/29		BB–		692,524
	880	XHR LP, 144A		4.875%		6/01/29		B1		895,400
	1,580	Total Equity Real Estate Investment Trust								1,587,924

		Food & Staples Retailing – 0.5%

	750	BRF SA, 144A		5.750%		9/21/50		Ba2		746,250
	1,065	Performance Food Group Inc, 144A		4.250%		8/01/29		B+		1,056,544
	1,815	Total Food & Staples Retailing								1,802,794

		Food Products – 0.3%

	1,225	Amaggi Luxembourg International Sarl, 144A		5.250%		1/28/28		BB		1,237,262

		Gas Utilities – 0.1%

	250	Suburban Propane Partners LP/Suburban Energy Finance Corp, 144A		5.000%		6/01/31		BB–		252,813

		Health Care Providers & Services – 4.0%

	1,110	AHP Health Partners Inc, 144A		5.750%		7/15/29		CCC+		1,098,900
	450	CHS/Community Health Systems Inc, 144A		5.625%		3/15/27		BB–		476,249
	125	CHS/Community Health Systems Inc, 144A		6.000%		1/15/29		BB–		133,281
	2,075	CHS/Community Health Systems Inc, 144A		6.875%		4/15/29		CCC		2,113,906
	275	CHS/Community Health Systems Inc, 144A		6.125%		4/01/30		CCC		272,063
	475	CHS/Community Health Systems Inc, 144A		4.750%		2/15/31		BB–		479,156
	1,910	LifePoint Health Inc, 144A		5.375%		1/15/29		CCC+		1,900,450
	3,000	Team Health Holdings Inc, 144A		6.375%		2/01/25		CCC		2,823,750
	3,500	Tenet Healthcare Corp, 144A		6.125%		10/01/28		B		3,696,735
	2,400	Tenet Healthcare Corp, 144A		4.375%		1/15/30		B+		2,431,356
	15,320	Total Health Care Providers & Services								15,425,846

		Health Care Technology – 0.6%

	2,225	MPH Acquisition Holdings LLC, 144A		5.500%		9/01/28		Ba3		2,255,594

		Hotels, Restaurants & Leisure – 3.0%

	375	Arcos Dorados Holdings Inc, 144A		5.875%		4/04/27		Ba2		387,191
	1,980	Cinemark USA Inc, 144A		5.250%		7/15/28		B		1,930,500
	2,210	Constellation Merger Sub Inc, 144A		8.500%		9/15/25		CCC–		2,099,500
	830	Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 144A		5.000%		6/01/29		BB–		850,750
	400	International Game Technology PLC, 144A		5.250%		1/15/29		BB		423,820
	1,700	Life Time Inc, 144A		5.750%		1/15/26		B		1,759,500
	425	Marriott Ownership Resorts Inc, 144A		4.500%		6/15/29		B1		427,771
	1,175	MGM China Holdings Ltd, 144A		5.875%		5/15/26		Ba3		1,177,938
	600	Playtika Holding Corp, 144A		4.250%		3/15/29		B		588,000



JGH		Nuveen Global High Income Fund (continued)
JGH		Portfolio of Investments December 31, 2021


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

		Hotels, Restaurants & Leisure (continued)

$	2,000	Wynn Macau Ltd, 144A		5.500%		10/01/27		B+	$	1,860,000
	215	Wynn Resorts Ltd, 144A		5.125%		10/01/29		B+		218,225
	11,910	Total Hotels, Restaurants & Leisure								11,723,195

		Household Durables – 1.9%

	1,175	Kronos Acquisition Holdings Inc / KIK Custom Products Inc, 144A		5.000%		12/31/26		B2		1,160,700
	2,325	Kronos Acquisition Holdings Inc / KIK Custom Products Inc, 144A		7.000%		12/31/27		CCC		2,191,312
	3,625	WASH Multifamily Acquisition Inc, 144A		5.750%		4/15/26		B–		3,809,694
	7,125	Total Household Durables								7,161,706

		Independent Power & Renewable Electricity Producers – 1.4%

	2,815	Atlantica Sustainable Infrastructure PLC, 144A		4.125%		6/15/28		BB+		2,836,113
	1,000	EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA, 144A		5.375%		12/30/30		BBB–		912,500
	825	Investment Energy Resources Ltd, 144A		6.250%		4/26/29		BB–		885,852
	654	UEP Penonome II SA, 144A		6.500%		10/01/38		BB		684,362
	5,294	Total Independent Power & Renewable Electricity Producers								5,318,827

		Industrial Conglomerates – 0.7%

	1,275	Icahn Enterprises LP / Icahn Enterprises Finance Corp		5.250%		5/15/27		BB		1,311,248
	1,550	Icahn Enterprises LP / Icahn Enterprises Finance Corp		4.375%		2/01/29		BB		1,511,250
	2,825	Total Industrial Conglomerates								2,822,498

		Insurance – 2.9%

	1,125	Acrisure LLC / Acrisure Finance Inc, 144A		10.125%		8/01/26		CCC+		1,238,906
	2,475	Acrisure LLC / Acrisure Finance Inc, 144A		4.250%		2/15/29		B		2,406,938
	100	Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144A		4.250%		10/15/27		B		100,000
	520	AmWINS Group Inc, 144A		4.875%		6/30/29		B–		525,200
	725	Antero Resources Corp, 144A		5.375%		3/01/30		BB		775,025
	4,200	BroadStreet Partners Inc, 144A		5.875%		4/15/29		CCC+		4,126,500
	1,000	Fidelis Insurance Holdings Ltd, 144A		6.625%		4/01/41		BB+		1,050,000
	1,000	SBL Holdings Inc, 144A		6.500%		12/30/49		BB		985,000
	11,145	Total Insurance								11,207,569

		Interactive Media & Services – 0.4%

	250	Arches Buyer Inc, 144A		6.125%		12/01/28		CCC+		251,561
	1,225	Rackspace Technology Global Inc, 144A		3.500%		2/15/28		B+		1,166,164
	1,475	Total Interactive Media & Services								1,417,725

		Internet & Direct Marketing Retail – 0.2%

	650	B2W Digital Lux Sarl, 144A		4.375%		12/20/30		Ba1		585,819

		IT Services – 3.6%

	3,200	Ahead DB Holdings LLC, 144A		6.625%		5/01/28		CCC+		3,176,000
	3,000	Austin BidCo Inc, 144A		7.125%		12/15/28		CCC+		3,097,500
	2,225	CA Magnum Holdings, 144A		5.375%		10/31/26		BB–		2,300,094
	5,000	Presidio Holdings Inc, 144A		8.250%		2/01/28		CCC+		5,325,000
	13,425	Total IT Services								13,898,594

		Media – 4.9%

	100	CCO Holdings LLC / CCO Holdings Capital Corp, 144A		4.500%		8/15/30		BB+		102,319
	1,050	Clear Channel Outdoor Holdings Inc, 144A		7.750%		4/15/28		CCC		1,123,500
	1,665	Clear Channel Outdoor Holdings Inc, 144A		7.500%		6/01/29		CCC		1,777,387
	1,250	CSC Holdings LLC, 144A		5.375%		2/01/28		BB		1,294,213
	1,190	DISH DBS Corp, 144A		5.250%		12/01/26		Ba3		1,208,784
	1,095	DISH DBS Corp, 144A		5.750%		12/01/28		Ba3		1,105,950
	2,550	DISH DBS Corp		5.125%		6/01/29		B–		2,320,500
	2,000	Getty Images Inc, 144A		9.750%		3/01/27		CCC+		2,118,500
	1,545	Gray Escrow Inc, 144A		5.375%		11/15/31		BB–		1,589,419
	1,275	LCPR Senior Secured Financing DAC, 144A		5.125%		7/15/29		BB+		1,281,375
	1,500	UPC Broadband Finco BV, 144A		4.875%		7/15/31		BB+		1,530,000


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

		Media (continued)

$	2,500	UPC Holding BV, 144A		5.500%		1/15/28		B	$	2,593,750
	925	Virgin Media Secured Finance PLC, 144A		5.500%		5/15/29		BB+		976,698
	18,645	Total Media								19,022,395

		Metals & Mining – 3.4%

	1,205	Allegheny Technologies Inc		4.875%		10/01/29		B		1,206,205
	1,075	Allegheny Technologies Inc		5.125%		10/01/31		B		1,083,062
	3,000	AngloGold Ashanti Holdings PLC		6.500%		4/15/40		Baa3		3,637,500
	700	Cia de Minas Buenaventura SAA, 144A		5.500%		7/23/26		BB		683,200
	875	Constellium SE, 144A		3.750%		4/15/29		B		860,908
	1,750	First Quantum Minerals Ltd, 144A		6.875%		3/01/26		B		1,817,813
	1,500	Gold Fields Orogen Holdings BVI Ltd, 144A		6.125%		5/15/29		Baa3		1,721,250
	1,945	Warrior Met Coal Inc, 144A		7.875%		12/01/28		BB		1,993,625
	12,050	Total Metals & Mining								13,003,563

		Oil, Gas & Consumable Fuels – 16.4%

	1,800	Antero Midstream Partners LP / Antero Midstream Finance Corp, 144A		7.875%		5/15/26		BB		1,983,672
	1,335	Antero Midstream Partners LP / Antero Midstream Finance Corp, 144A		5.375%		6/15/29		BB		1,408,445
	244	Antero Resources Corp, 144A		8.375%		7/15/26		BB		277,811
	1,500	Calumet Specialty Products Partners LP / Calumet Finance Corp		7.750%		4/15/23		B–		1,494,375
	1,875	Cosan SA, 144A		5.500%		9/20/29		BB		1,952,362
	1,900	Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp, 144A		5.625%		5/01/27		BB–		1,935,625
	625	Ecopetrol SA		6.875%		4/29/30		Baa3		697,663
	1,000	Ecopetrol SA		5.875%		11/02/51		Baa3		936,940
	2,351	Energean Israel Finance Ltd, 144A, Reg S		5.875%		3/30/31		BB–		2,303,746
	200	EnLink Midstream LLC, 144A		5.625%		1/15/28		BB+		208,000
	425	EQM Midstream Partners LP, 144A		4.500%		1/15/29		BB		442,000
	525	EQM Midstream Partners LP, 144A		4.750%		1/15/31		BB		555,188
	500	Genesis Energy LP / Genesis Energy Finance Corp		6.500%		10/01/25		B		493,750
	500	Hilcorp Energy I LP / Hilcorp Finance Co, 144A		6.000%		2/01/31		BB		516,250
	525	Kosmos Energy Ltd, 144A		7.750%		5/01/27		B+		500,063
	3,000	Laredo Petroleum Inc		9.500%		1/15/25		B		3,060,000
	1,500	Leviathan Bond Ltd, 144A, Reg S		6.500%		6/30/27		BB		1,606,680
	500	Medco Laurel Tree Pte Ltd, 144A		6.950%		11/12/28		B+		495,603
	1,000	Medco Oak Tree Pte Ltd, 144A		7.375%		5/14/26		B1		1,035,000
	4,000	MEG Energy Corp, 144A		5.875%		2/01/29		BB–		4,187,720
	2,500	Moss Creek Resources Holdings Inc, 144A		10.500%		5/15/27		B		2,521,950
	1,600	Murphy Oil Corp		5.875%		12/01/27		BB+		1,651,952
	2,645	New Fortress Energy Inc, 144A		6.500%		9/30/26		BB–		2,625,162
	700	NGL Energy Operating LLC / NGL Energy Finance Corp, 144A		7.500%		2/01/26		BB–		721,910
	1,325	Parkland Corp, 144A		4.500%		10/01/29		BB		1,326,047
	1,890	Parkland Corp/Canada, 144A		4.625%		5/01/30		BB		1,878,187
	1,250	Petrobras Global Finance BV		5.093%		1/15/30		Ba1		1,300,088
	1,350	Petrobras Global Finance BV		5.600%		1/03/31		Ba1		1,429,650
	980	Petrobras Global Finance BV		6.900%		3/19/49		Ba1		1,043,700
	550	Petrobras Global Finance BV		5.500%		6/10/51		Ba1		510,125
	4,671	Petroleos Mexicanos, 144A		6.700%		2/16/32		BBB		4,717,710
	1,335	Saka Energi Indonesia PT, 144A		4.450%		5/05/24		B+		1,295,524
	1,500	SierraCol Energy Andina LLC, 144A		6.000%		6/15/28		B1		1,410,000
	2,000	SM Energy Co		5.625%		6/01/25		B		2,015,000
	1,000	SM Energy Co		6.750%		9/15/26		B		1,027,500
	4,270	SunCoke Energy Inc, 144A		4.875%		6/30/29		BB		4,248,650
	475	Sunoco LP / Sunoco Finance Corp		4.500%		5/15/29		BB		482,374
	1,410	Sunoco LP / Sunoco Finance Corp, 144A		4.500%		4/30/30		BB		1,445,130
	1,000	TransMontaigne Partners LP / TLP Finance Corp		6.125%		2/15/26		B–		988,750
	1,250	Tullow Oil PLC, 144A		10.250%		5/15/26		B2		1,262,988
	3,000	USA Compression Partners LP / USA Compression Finance Corp		6.875%		9/01/27		BB–		3,168,750
	62,006	Total Oil, Gas & Consumable Fuels								63,162,040

		Personal Products – 0.8%

	3,000	HFC Prestige Products Inc/HFC Prestige International US LLC, 144A		4.750%		1/15/29		B+		3,048,750



JGH		Nuveen Global High Income Fund (continued)
JGH		Portfolio of Investments December 31, 2021


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

		Pharmaceuticals – 3.2%

$	1,000	Bausch Health Cos Inc, 144A		5.000%		1/30/28		B	$	920,000
	2,740	Bausch Health Cos Inc, 144A		4.875%		6/01/28		BB		2,794,800
	1,000	Bausch Health Cos Inc, 144A		7.250%		5/30/29		B		990,000
	1,000	Endo Dac / Endo Finance LLC / Endo Finco Inc, 144A		9.500%		7/31/27		Caa2		1,017,920
	2,650	Organon & Co, 144A		5.125%		4/30/31		BB–		2,768,402
	1,500	Par Pharmaceutical Inc, 144A		7.500%		4/01/27		B–		1,532,895
	1,800	Teva Pharmaceutical Finance Netherlands III BV		6.750%		3/01/28		Ba2		1,917,000
	495	Teva Pharmaceutical Finance Netherlands III BV		5.125%		5/09/29		Ba2		485,253
	12,185	Total Pharmaceuticals								12,426,270

		Professional Services – 0.6%

	2,285	Dun & Bradstreet Corp, 144A		5.000%		12/15/29		BB–		2,337,624

		Real Estate Management & Development – 1.9%
	975	Howard Hughes Corp, 144A		4.125%		2/01/29		BB		988,016
	1,050	Howard Hughes Corp, 144A		4.375%		2/01/31		BB		1,060,500
	2,000	Hunt Cos Inc, 144A		5.250%		4/15/29		BB–		1,970,000
	1,125	Kennedy-Wilson Inc		4.750%		3/01/29		BB		1,150,313
	2,175	Kennedy-Wilson Inc		5.000%		3/01/31		BB		2,240,250
	7,325	Total Real Estate Management & Development								7,409,079

		Road & Rail – 0.5%

	1,340	First Student Bidco Inc / First Transit Parent Inc, 144A		4.000%		7/31/29		BB+		1,302,480
	750	Rumo Luxembourg Sarl, 144A		5.250%		1/10/28		BB		771,750
	2,090	Total Road & Rail								2,074,230

		Software – 1.3%

	1,125	Avaya Inc, 144A		6.125%		9/15/28		BB		1,192,500
	4,000	Rocket Software Inc, 144A		6.500%		2/15/29		CCC		3,902,400
	5,125	Total Software								5,094,900

		Specialty Retail – 6.5%

	2,090	Albion Financing 1 SARL / Aggreko Holdings Inc, 144A		6.125%		10/15/26		BB+		2,110,900
	5,470	Albion Financing 2SARL, 144A		8.750%		4/15/27		BB–		5,560,255
	1,035	Asbury Automotive Group Inc, 144A		4.625%		11/15/29		BB		1,054,406
	2,605	Asbury Automotive Group Inc, 144A		5.000%		2/15/32		BB		2,703,208
	4,425	Ferrellgas LP / Ferrellgas Finance Corp, 144A		5.875%		4/01/29		B–		4,248,000
	945	LCM Investments Holdings II LLC, 144A		4.875%		5/01/29		BB–		971,158
	750	Michaels Cos Inc, 144A		5.250%		5/01/28		Ba3		750,330
	3,900	Michaels Cos Inc, 144A		7.875%		5/01/29		B3		3,841,500
	1,500	Staples Inc, 144A		7.500%		4/15/26		B		1,541,250
	2,250	Superior Plus LP / Superior General Partner Inc, 144A		4.500%		3/15/29		BB–		2,312,640
	24,970	Total Specialty Retail								25,093,647

		Technology Hardware, Storage & Peripherals – 0.8%

	3,000	Diebold Nixdorf Inc		8.500%		4/15/24		Caa1		3,000,000

		Textiles, Apparel & Luxury Goods – 0.2%

	725	Wolverine World Wide Inc, 144A		4.000%		8/15/29		Ba2		704,896

		Transportation Infrastructure – 0.3%

	1,000	Aeropuertos Dominicanos Siglo XXI SA, 144A		6.750%		3/30/29		B+		1,028,750

		Wireless Telecommunication Services – 1.0%

	1,550	C&W Senior Financing DAC, 144A		6.875%		9/15/27		BB–		1,612,000
	900	Millicom International Cellular SA, 144A		5.125%		1/15/28		BB+		932,040
	250	Millicom International Cellular SA, 144A		4.500%		4/27/31		BB+		251,878
	1,050	Oztel Holdings SPC Ltd, 144A		6.625%		4/24/28		Ba3		1,143,618
	3,750	Total Wireless Telecommunication Services								3,939,536
$	348,546	Total Corporate Bonds (cost $349,431,804)								350,785,870


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

		SOVEREIGN DEBT – 16.3% (11.8% of Total Investments)

		Angola – 0.6%

$	1,500	Angolan Government International Bond, 144A		8.250%		5/09/28		B3	$	1,504,800
	900	Angolan Government International Bond, 144A		8.000%		11/26/29		B3		886,284
	2,400	Total Angola								2,391,084

		Argentina – 0.2%

	169	Argentine Republic Government International Bond		1.000%		7/09/29		CCC+		61,200
	548	Argentine Republic Government International Bond		0.500%		7/09/30		CCC+		191,785
	544	Argentine Republic Government International Bond		2.500%		7/09/41		CCC+		191,760
	1,050	Provincia de Buenos Aires/Government Bonds, 144A		3.900%		9/01/37		CCC+		446,250
	2,311	Total Argentina								890,995

		Armenia – 0.3%

	1,250	Republic of Armenia International Bond, 144A		3.950%		9/26/29		Ba3		1,212,500

		Bahrain – 0.4%

	1,450	Bahrain Government International Bond, 144A		7.000%		10/12/28		B+		1,571,661

		Brazil – 0.6%

	1,250	Brazilian Government International Bond		3.875%		6/12/30		Ba2		1,212,500
	1,200	Brazilian Government International Bond		5.000%		1/27/45		Ba2		1,124,400
	2,450	Total Brazil								2,336,900

		Colombia – 0.5%

	2,150	Colombia Government International Bond		3.250%		4/22/32		Baa2		1,932,313

		Costa Rica – 0.5%

	2,050	Costa Rica Government International Bond, 144A		6.125%		2/19/31		B		2,067,938

		Dominican Republic – 1.0%

	1,000	Dominican Republic International Bond, 144A		4.500%		1/30/30		BB–		1,016,250
	1,500	Dominican Republic International Bond, 144A		4.875%		9/23/32		BB–		1,524,375
	1,175	Dominican Republic International Bond, 144A		5.300%		1/21/41		BB–		1,160,312
	3,675	Total Dominican Republic								3,700,937

		Ecuador – 0.5%

	1,768	Ecuador Government International Bond, 144A		5.000%		7/31/30		B–		1,464,816
	80	Ecuador Government International Bond, 144A		0.000%		7/31/30		B–		45,141
	371	Ecuador Government International Bond, 144A		1.000%		7/31/35		B–		243,780
	2,219	Total Ecuador								1,753,737

		Egypt – 0.9%

	1,300	Egypt Government International Bond, 144A		5.875%		6/11/25		B+		1,335,173
	2,300	Egypt Government International Bond, 144A		7.053%		1/15/32		B+		2,119,680
	3,600	Total Egypt								3,454,853

		El Salvador – 0.1%

	725	El Salvador Government International Bond, 144A		7.650%		6/15/35		B–		408,719

		Ghana – 0.7%

	3,325	Ghana Government International Bond, 144A		8.125%		3/26/32		B		2,714,098

		Guatemala – 0.6%

	1,980	Guatemala Government Bond, 144A		6.125%		6/01/50		Ba1		2,267,120

		Honduras – 0.2%

	725	Honduras Government International Bond, 144A		6.250%		1/19/27		BB–		783,007

		Iraq – 0.6%

	2,519	Iraq International Bond, 144A		5.800%		1/15/28		N/R		2,405,910



JGH		Nuveen Global High Income Fund (continued)
JGH		Portfolio of Investments December 31, 2021


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

		Jamaica – 0.6%

$	1,700	Jamaica Government International Bond		7.875%		7/28/45		B+	$	2,352,375

		Jordan – 0.5%

	1,000	Jordan Government International Bond, 144A		4.950%		7/07/25		BB–		1,031,300
	825	Jordan Government International Bond, 144A		5.850%		7/07/30		BB–		833,357
	1,825	Total Jordan								1,864,657

		Kenya – 0.8%

	2,000	Republic of Kenya Government International Bond, 144A		7.000%		5/22/27		B+		2,109,500
	825	Republic of Kenya Government International Bond, 144A		6.300%		1/23/34		B+		808,450
	2,825	Total Kenya								2,917,950

		Mongolia – 0.2%

	675	Mongolia Government International Bond, 144A		4.450%		7/07/31		B		638,713

		Morocco – 0.2%

	775	Morocco Government International Bond, 144A		3.000%		12/15/32		BB+		738,606

		Nigeria – 0.7%

	1,200	Nigeria Government International Bond, 144A		6.125%		9/28/28		B2		1,156,392
	1,425	Nigeria Government International Bond, 144A		7.875%		2/16/32		B2		1,401,459
	2,625	Total Nigeria								2,557,851

		Oman – 1.1%

	1,000	Oman Government International Bond, 144A		4.750%		6/15/26		Ba3		1,028,494
	800	Oman Government International Bond, 144A		6.750%		10/28/27		Ba3		896,000
	1,500	Oman Government International Bond, 144A		6.000%		8/01/29		Ba3		1,614,330
	800	Oman Sovereign Sukuk Co, 144A		4.875%		6/15/30		Ba3		850,000
	4,100	Total Oman								4,388,824

		Pakistan – 0.6%

	1,000	Pakistan Government International Bond, 144A		6.000%		4/08/26		B3		998,300
	1,450	Pakistan Government International Bond, 144A		6.875%		12/05/27		B–		1,460,875
	2,450	Total Pakistan								2,459,175

		Rwanda – 0.7%

	2,450	Rwanda International Government Bond, 144A		5.500%		8/09/31		B+		2,468,130

		Senegal – 0.4%

	1,500	Senegal Government International Bond, 144A		6.250%		5/23/33		Ba3		1,542,252

		Sri Lanka – 0.2%

	1,500	Sri Lanka Government International Bond, 144A		6.125%		6/03/25		CCC+		780,000

		Turkey – 2.0%

	1,800	Turkey Government International Bond		5.750%		3/22/24		BB–		1,755,000
	1,500	Turkey Government International Bond		5.125%		2/17/28		BB–		1,342,140
	1,250	Turkey Government International Bond		5.875%		6/26/31		BB–		1,108,575
	1,500	Turkey Government International Bond		6.500%		9/20/33		BB–		1,360,650
	1,250	Turkey Government International Bond		6.625%		2/17/45		BB–		1,103,675
	1,000	Turkiye Ihracat Kredi Bankasi AS, 144A		5.750%		7/06/26		B+		915,640
	8,300	Total Turkey								7,585,680

		Ukraine – 0.6%

	675	Ukraine Government International Bond, 144A		7.750%		9/01/25		B		646,515
	500	Ukraine Government International Bond, 144A		6.876%		5/21/29		B		441,725
	1,500	Ukraine Government International Bond, 144A		7.253%		3/15/33		B		1,320,000
	2,675	Total Ukraine								2,408,240

		Uzbekistan – 0.1%

	450	Republic of Uzbekistan International Bond, 144A		3.700%		11/25/30		BB–		431,550
$	66,679	Total Sovereign Debt (cost $65,819,275)								63,025,775


Principal Amount (000)		Description (1)	Coupon (4)		Reference Rate (4)		Spread (4)		Maturity (5)		Ratings (2)		Value

		VARIABLE RATE SENIOR LOAN INTERESTS – 12.8% (9.2% of Total Investments) (4)

		Airlines – 1.0%

$	750	AAdvantage Loyalty IP Ltd., Term Loan		5.500%		3-Month LIBOR		4.750%		4/20/28		Ba2	$	778,459
	3,170	Air Canada, Term Loan B		4.250%		3-Month LIBOR		3.500%		8/11/28		Ba2		3,171,696
	12	SkyMiles IP Ltd., Term Loan B		4.750%		3-Month LIBOR		3.750%		10/20/27		Baa1		13,117
	3,932	Total Airlines												3,963,272

		Auto Components – 0.7%

	1,097	Autokiniton US Holdings, Inc., Term Loan B		5.000%		3-Month LIBOR		4.500%		4/06/28		B		1,100,299
	1,465	Truck Hero Inc, Term Loan B, (DD1)		4.000%		1-Month LIBOR		3.250%		1/31/28		B2		1,459,954
	2,562	Total Auto Components												2,560,253

		Beverages – 0.5%

	1,991	Triton Water Holdings, Inc, Term Loan		4.000%		3-Month LIBOR		3.500%		3/31/28		B1		1,971,787

		Capital Markets – 0.7%

	2,740	Astra Acquisition Corp., Term Loan, First Lien, (WI/DD)		TBD		TBD		TBD		TBD		BB–		2,696,626

		Chemicals – 0.2%

	375	Diamond (BC) B.V., Term Loan B		3.500%		3-Month LIBOR		3.000%		9/29/28		Ba3		374,325
	285	W.R. Grace & Co.-Conn., Term Loan B		4.250%		3-Month LIBOR		3.750%		9/22/28		BB+		285,855
	660	Total Chemicals												660,180

		Commercial Services & Supplies – 1.0%

	668	PAE Holding Corporation, Term Loan B		5.250%		1-Month LIBOR		4.500%		10/19/27		B		669,921
	3,060	Spin Holdco Inc., Term Loan		4.750%		3-Month LIBOR		4.000%		3/04/28		B–		3,073,225
	3,728	Total Commercial Services & Supplies												3,743,146

		Food & Staples Retailing – 0.6%

	2,267	H Food Holdings LLC, Term Loan B		6.000%		1-Month LIBOR		5.000%		5/31/25		B2		2,273,166

		Health Care Equipment & Supplies – 1.0%

	1,945	Auris Luxembourg III S.a.r.l., Term Loan B2		3.854%		1-Month LIBOR		3.750%		2/21/26		B		1,933,464
	1,985	Viant Medical Holdings, Inc., Term Loan, First Lien		3.854%		1-Month LIBOR		3.750%		7/02/25		B3		1,879,183
	3,930	Total Health Care Equipment & Supplies												3,812,647

		Health Care Providers & Services – 1.6%

	993	ADMI Corp., Term Loan B2		3.875%		1-Month LIBOR		3.375%		12/23/27		B		987,537
	2,861	Onex TSG Intermediate Corp., Term Loan B		5.500%		3-Month LIBOR		4.750%		2/26/28		B		2,863,614
	1,518	RegionalCare Hospital Partners Holdings, Inc., Term Loan B		3.852%		1-Month LIBOR		3.750%		11/16/25		B1		1,519,211
	744	US Radiology Specialists, Inc.,Term Loan		6.250%		3-Month LIBOR		5.500%		12/15/27		B–		744,375
	6,116	Total Health Care Providers & Services												6,114,737

		Hotels, Restaurants & Leisure – 0.2%

	644	Life Time Fitness Inc , Term Loan B		5.750%		3-Month LIBOR		4.750%		12/15/24		B		659,545

		Industrial Conglomerates – 0.7%

	2,590	U.S. Renal Care, Inc., Term Loan B		5.104%		1-Month LIBOR		5.000%		7/26/26		B2		2,525,952

		Insurance – 0.2%

	199	Alliant Holdings Intermediate, LLC, Term Loan B3, (WI/DD)		TBD		TBD		TBD		TBD		B		199,037
	662	Hub International Limited, Term Loan B		4.000%		3-Month LIBOR		3.250%		4/25/25		B		662,358
	861	Total Insurance												861,395

		IT Services – 1.0%

	995	Ahead DB Holdings, LLC, Term Loan B		4.500%		3-Month LIBOR		3.750%		10/16/27		B+		997,801
	998	Magenta Buyer LLC, Term Loan, First Lien		5.750%		3-Month LIBOR		5.000%		7/27/28		BB–		996,408
	1,979	Syniverse Holdings, Inc., Term Loan, First Lien		6.000%		3-Month LIBOR		5.000%		3/09/23		CCC+		1,970,774
	3,972	Total IT Services												3,964,983

		Paper & Forest Products – 0.6%

	2,278	Sylvamo Corporation, Term Loan B		5.000%		1-Month LIBOR		4.500%		9/13/28		BB+		2,293,437



JGH		Nuveen Global High Income Fund (continued)
JGH		Portfolio of Investments December 31, 2021

Principal
Amount (000)

Description (1)

Coupon (4)

Reference
Rate (4)

Spread (4)

Maturity (5)

Ratings (2)

Value

Personal Products – 0.2%

796

Journey Personal Care Corp., Term Loan B

5.500%

3-Month LIBOR

4.250%

3/01/28

796,665

Pharmaceuticals – 0.2%

894

Endo Luxembourg Finance Company I S.a r.l., Term Loan

5.750%

3-Month LIBOR

5.000%

3/25/28

B–

872,059

Professional Services – 0.1%

444

Da Vinci Purchaser Corp., Term Loan

5.000%

3-Month LIBOR

4.000%

11/26/26