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.

 

Annual Report


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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  

 

3


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

 

 

4


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.

 

5


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.

 

6


 

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.

 

7


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.

 

8


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.

 

9


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.

 

10


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  

 

11


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 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. More details about the Fund’s distributions and the basis for these estimates are available on www.nuveen.com/cef.

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%  

 

1 

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

 

 

12


 

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 )% 

 

13


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.

 

14


 

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

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.

 

15


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 Benchmark1,2     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.

 

16


 

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     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.

 

17


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 Benchmark1,2     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.

2

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.

 

18


 

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

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

 

Fund Allocation

(% of net assets)

 

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%  
 

 

19


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.

 

20


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  

 

21


JGH    Nuveen Global High Income Fund (continued)
   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  

 

22


  
  

 

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  

 

23


JGH    Nuveen Global High Income Fund (continued)
   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  

 

24


  
  

 

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  

 

25


JGH    Nuveen Global High Income Fund (continued)
   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  

 

26


  
  

 

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  

 

27


JGH    Nuveen Global High Income Fund (continued)
   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  

 

28


  
  

 

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  

 

29


JGH    Nuveen Global High Income Fund (continued)
   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        B      $ 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        B        445,472  
      Software – 1.5%