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 811-09037
Nuveen Investment Trust III
(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 J. Czarniecki
Vice President and Secretary
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: August 31
Date of reporting period: February 29, 2024
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 policy making 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. |
This
semi-annual
report
contains
the
Funds'
unaudited financial
statements.
Fund
Name
Class
A
Class
C
Class
R6
Class
I
Nuveen
Credit
Income
Fund
FJSIX
FCSIX
—
FJSYX
Nuveen
Flexible
Income
Fund
NWQAX
NWQCX
NQWFX
NWQIX
Nuveen
Floating
Rate
Income
Fund
NFRAX
NFFCX
NFRFX
NFRIX
Nuveen
High
Yield
Income
Fund
NCOAX
NCFCX
NCSRX
NCOIX
Nuveen
Preferred
Securities
and
Income
Fund
NPSAX
NPSCX
NPSFX
NPSRX
Nuveen
Strategic
Income
Fund
FCDDX
FCBCX
FSFRX
FCBYX
Important
Notices
3
Risk
Considerations
and
Dividend
Information
4
About
the
Funds’
Benchmarks
6
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
8
Yields
21
Expense
Examples
23
Portfolios
of
Investments
25
Statement
of
Assets
and
Liabilities
98
Statement
of
Operations
100
Statement
of
Changes
in
Net
Assets
102
Financial
Highlights
106
Notes
to
Financial
Statements
118
Shareholder
Meeting
Report
136
Additional
Fund
Information
137
Glossary
of
Terms
Used
in
this
Report
138
Liquidity
Risk
Management
Program
140
Portfolio
Manager
Commentaries
in
Semi-annual
Shareholder
Reports
The
Funds
include
portfolio
manager
commentary
in
their
annual
shareholder
reports.
For
the
Funds’
most
recent
annual
portfolio
manager
discussion,
please
refer
to
the
Portfolio
Managers’
Comments
section
of
each
Fund’s
August
31,
2023
annual
shareholder
report.
For
current
information
on
your
Fund’s
investment
objectives,
portfolio
management
team
and
average
annual
total
returns
please
refer
to
the
Fund’s
website
at
www.nuveen.com.
For
changes
that
occurred
to
your
Fund
both
during
and
subsequent
to
this
reporting
period,
please
refer
to
the
Notes
to
Financial
Statements
section
of
this
report.
For
average
annual
total
returns
as
of
the
end
of
this
reporting
period,
please
refer
to
the
Fund
Performance,
Expense
Ratios
and
Holding
Summaries
section
within
this
report.
Securities
and
Exchange
Commission
(the
“SEC”)
Adopts
Amendments
for
Tailored
Shareholder
Reports
On
October
26,
2022,
the
SEC
adopted
rule
and
form
amendments
(the
“Amendments”)
that
require
mutual
funds
and
exchange-traded
funds
registered
on
Form
N-1A
to
provide
shareholders
with
streamlined
annual
and
semi-annual
shareholder
reports
(“Tailored
Shareholder
Reports”).
The
Amendments
require
funds
to
prepare
a
separate
Tailored
Shareholder
Report
for
each
share
class
of
each
series
of
a
fund.
As
a
result,
shareholders
will
receive
a
report
that
covers
only
the
class
of
a
multi-class
fund
in
which
the
shareholder
invests.
Tailored
Shareholder
Reports
are
meant
to
be
three
to
four
pages
in
length
and
will
highlight
key
information
such
as
a
fund’s
expenses,
performance
and
portfolio
holdings.
Other,
more
detailed
information
that
currently
appears
in
fund
shareholder
reports
will
be
made
available
online,
filed
with
the
SEC,
and
delivered
to
investors
free
of
charge
in
paper
or
electronically
upon
request.
The
first
Tailored
Shareholder
Reports
to
be
prepared
for
these
Funds
will
be
for
the
reporting
period
ended
August
31,
2024.
Nuveen
High
Yield
Income
Fund
-
Portfolio
Manager
Update
Effective
December
29,
2023,
Kristal
Seales,
CFA,
was
added
as
a
portfolio
manager
of
Nuveen
High
Yield
Income
Fund.
There
were
no
other
changes
to
the
portfolio
management
of
the
Fund
during
the
reporting
period.
Risk
Considerations
and
Dividend
Information
Risk
Considerations
Nuveen
Credit
Income
Fund
Mutual
fund
investing
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Credit
risk
arises
from
an
issuer’s
ability
to
make
interest
and
principal
payments
when
due,
as
well
as
the
prices
of
bonds
declining
when
an
issuer’s
credit
quality
is
expected
to
deteriorate.
The
Fund’s
income
could
decline
during
periods
of
falling
interest
rates.
Investments
in
below
investment
grade
or
high
yield
securities
are
subject
to
liquidity
risk
and
heightened
credit
risk.
This
Fund
is
subject
to
the
risks
of
investing
in
loans,
including
senior
loans
and
secured
and
unsecured
junior
loans.
Unsecured
loans
are
not
backed
by
a
security
interest
in
collateral
and
involve
a
higher
degree
of
risk
than
secured
loans.
Loans
are
also
subject
to
settlement
risk
due
to
the
lack
of
established
settlement
standards
or
remedies
for
failure
to
settle,
and
may
have
limited
restrictive
covenants
on
borrowers,
which
may
weaken
the
Fund’s
ability
to
access
collateral
securing
the
loan
and
enforce
its
rights
as
a
lender.
The
Fund
may
also
invest
in
a
pool
of
loans
through
collateralized
loan
obligations
(CLOs).
In
addition
to
the
risks
associated
with
loans
and
high
yield
securities,
CLOs
are
subject
to
the
risk
that
distributions
from
the
collateral
may
not
be
adequate
to
make
interest
or
other
payments
owed
to
the
Fund.
Asset-backed
and
mortgage-backed
securities
are
subject
to
additional
risks
such
as
prepayment
risk,
liquidity
risk,
default
risk
and
adverse
economic
developments.
Preferred
securities
are
subordinate
to
bonds
and
other
debt
instruments
in
a
company’s
capital
structure
and
therefore
are
subject
to
greater
credit
risk.
Certain
types
of
preferred,
hybrid
or
debt
securities
with
special
loss
absorption
provisions,
such
as
contingent
capital
securities
(CoCos),
may
be
or
become
so
subordinated
that
they
present
risks
equivalent
to,
or
in
some
cases
even
greater
than,
the
same
company’s
common
stock.
Non-U.S.
investments
involve
risks
such
as
currency
fluctuation,
political
and
economic
instability,
lack
of
liquidity
and
differing
legal
and
accounting
standards.
These
risks
are
magnified
in
emerging
markets.
These
and
other
risk
considerations,
such
as
call,
derivatives,
illiquid
investments,
interest
rate,
market,
and
valuation
risks,
are
described
in
detail
in
the
Fund’s
prospectus.
Nuveen
Flexible
Income
Fund
Mutual
fund
investing
involves
risk;
principal
loss
is
possible.
Debt
and
fixed
income
securities
such
as
those
held
by
the
Fund,
are
subject
to
market
risk,
credit
risk,
interest
rate
risk,
call
risk,
and
income
risk.
As
interest
rates
rise,
bond
prices
fall.
Below
investment
grade
or
high
yield
debt
securities
are
subject
to
liquidity
risk
and
heightened
credit
risk.
Preferred
securities
are
subordinate
to
bonds
and
other
debt
instruments
in
a
company's
capital
structure
and
therefore
are
subject
to
greater
credit
risk.
Foreign
investments
involve
additional
risks,
including
currency
fluctuation,
political
and
economic
instability,
lack
of
liquidity
and
differing
legal
and
accounting
standards.
Asset-backed
and
mortgage-backed
securities
are
subject
to
additional
risks
such
as
prepayment
risk,
liquidity
risk
and
adverse
economic
developments.
Concentration
in
the
financial
services
sector
may
involve
greater
exposure
to
adverse
economic
or
regulatory
occurrences.
Equity
investments
such
as
those
held
by
the
Fund,
are
subject
to
market
risk,
common
stock
risk,
covered
call
risk,
short
sale
risk,
and
derivatives
risk.
Nuveen
Floating
Rate
Income
Fund
Mutual
fund
investing
involves
risk;
principal
loss
is
possible.
Debt
or
fixed
income
securities
such
as
those
held
by
the
Fund,
are
subject
to
market
risk,
credit
risk,
interest
rate
risk,
liquidity
risk,
and
income
risk.
As
interest
rates
rise,
bond
prices
fall.
Below
investment
grade
or
high
yield
debt
securities
are
subject
to
liquidity
risk
and
heightened
credit
risk.
Foreign
investments
involve
additional
risks,
including
currency
fluctuation,
political
and
economic
instability,
lack
of
liquidity
and
differing
legal
and
accounting
standards.
The
value
of
the
Fund's
convertible
securities
may
decline
in
response
to
such
factors
as
rising
interest
rates
and
fluctuations
in
the
market
price
of
the
underlying
securities.
This
Fund
is
subject
to
loan
settlement
risk
due
to
the
lack
of
established
settlement
standards
or
remedies
for
failure
to
settle.
Nuveen
High
Yield
Income
Fund
Mutual
fund
investing
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Investments
in
below
investment
grade
or
high
yield
securities
are
subject
to
liquidity
risk
and
heightened
credit
risk.
Credit
risk
arises
from
an
issuer’s
ability
to
make
interest
and
principal
payments
when
due,
as
well
as
the
prices
of
bonds
declining
when
an
issuer’s
credit
quality
is
expected
to
deteriorate.
The
Fund
is
subject
to
interest
rate
risk;
as
interest
rates
rise,
bond
prices
fall.
This
Fund
is
subject
to
the
risks
of
investing
in
loans,
including
loan
settlement
risk
due
to
the
lack
of
established
settlement
standards
or
remedies
for
failure
to
settle
and
covenant
lite
loan
risk,
which
is
the
risk
that
loans
with
limited
restrictive
covenants
on
borrowers
may
weaken
the
Fund’s
ability
to
access
collateral
securing
the
loan
and
enforce
its
rights
as
a
lender.
Non-U.S.
investments
involve
risks
such
as
currency
fluctuation,
political
and
economic
instability,
lack
of
liquidity
and
differing
legal
and
accounting
standards.
These
and
other
risk
considerations,
such
as
active
management,
call,
derivatives,
income,
and
unrated
securities
risks,
are
described
in
detail
in
the
Fund’s
prospectus.
Nuveen
Preferred
Securities
and
Income
Fund
Mutual
fund
investing
involves
risk;
principal
loss
is
possible.
Debt
or
fixed
income
securities
such
as
those
held
by
the
Fund,
are
subject
to
market
risk,
credit
risk,
interest
rate
risk,
illiquid
securities
risk,
concentration
risk,
and
income
risk.
As
interest
rates
rise,
bond
prices
fall.
Below
investment
grade
or
high
yield
debt
securities
are
subject
to
liquidity
risk
and
heightened
credit
risk.
Preferred
securities
are
subordinate
to
bonds
and
other
debt
instruments
in
a
company's
capital
structure
and
therefore
are
subject
to
greater
credit
risk.
Certain
types
of
preferred,
hybrid
or
debt
securities
with
special
loss
absorption
provisions,
such
as
contingent
capital
securities
(CoCos),
may
be
or
become
so
subordinated
that
they
present
risks
equivalent
to,
or
in
some
cases
even
greater
than,
the
same
company's
common
stock.
Foreign
investments
involve
additional
risks,
including
currency
fluctuation,
political
and
economic
instability,
lack
of
liquidity
and
differing
legal
and
accounting
standards.
Nuveen
Strategic
Income
Fund
Mutual
fund
investing
involves
risk;
principal
loss
is
possible.
Debt
or
fixed
income
securities
such
as
those
held
by
the
Fund,
are
subject
to
market
risk,
credit
risk,
interest
rate
risk,
call
risk,
dollar
roll
transaction
risk,
and
income
risk.
As
interest
rates
rise,
bond
prices
fall.
Below
investment
grade
or
high
yield
debt
securities
are
subject
to
liquidity
risk
and
heightened
credit
risk.
Foreign
investments
involve
additional
risks,
including
currency
fluctuation,
political
and
economic
instability,
lack
of
liquidity
and
differing
legal
and
accounting
standards.
The
Fund
gains
additional
exposure
to
currency
rates,
and
therefore
to
the
risk
of
currency
fluctuation,
through
investment
in
foreign
currency
contracts.
The
risks
of
foreign
investments
are
magnified
in
emerging
markets.
Asset-backed
and
mortgage-backed
securities
are
subject
to
additional
risks
such
as
prepayment
risk,
liquidity
risk,
default
risk
and
adverse
economic
developments.
Dividend
Information
Each
Fund
seeks
to
pay
regular
monthly
dividends
out
of
its
net
investment
income
at
a
rate
that
reflects
its
past
and
projected
net
income
performance.
To
permit
each
Fund
to
maintain
a
more
stable
monthly
dividend,
the
Fund
may
pay
dividends
at
a
rate
that
may
be
more
or
less
than
the
amount
of
net
income
actually
earned
by
the
Fund
during
the
period.
Distributions
to
shareholders
are
determined
on
a
tax
basis,
which
may
differ
from
amounts
recorded
in
the
accounting
records.
In
instances
where
the
monthly
dividend
exceeds
the
earned
net
investment
income,
the
Fund
would
report
a
negative
undistributed
net
ordinary
income.
Refer
Income
Tax
Information
within
the
Notes
to
Financial
Statements
for
additional
information
regarding
the
amounts
of
undistributed
net
ordinary
income
and
undistributed
net
long-term
capital
gains
and
the
character
of
the
actual
distributions
paid
by
the
Fund
during
the
period.
All
monthly
dividends
paid
by
each
Fund
during
the
current
reporting
period
were
paid
from
net
investment
income.
If
a
portion
of
a
Fund’s
monthly
distributions
is
sourced
or
comprised
of
elements
other
than
net
investment
income,
including
capital
gains
and/
or
a
return
of
capital,
shareholders
will
be
notified
of
those
sources.
For
financial
reporting
purposes,
the
per
share
amounts
of
the
Fund’s
distributions
for
the
reporting
period
are
presented
in
this
report’s
Financial
Highlights.
For
income
tax
purposes,
distribution
information
for
each
Fund
as
of
its
most
recent
tax
year
end
is
presented
within
the
Notes
to
Financial
Statements
of
this
report.
Bloomberg
Capital
Securities
Index:
An
Index
designed
to
measure
the
performance
of
USD-denominated
preferred
securities,
including
Tier
1
and
Tier
2
securities.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Bloomberg
U.S.
Aggregate
Bond
Index:
An
index
designed
to
measure
the
performance
of
the
USD-denominated,
fixed-rate,
U.S.
investment
grade
taxable
bond
market.
The
index
includes
Treasuries,
government-related
and
corporate
securities,
mortgage-backed
securities
(MBS),
asset-backed
securities
(ABS)
and
commercial
mortgage-
backed
securities
(CMBS).
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Bond
Index:
An
issuer-constrained
version
of
the
U.S.
Corporate
High
Yield
Bond
Index,
which
is
an
index
designed
to
measure
the
performance
of
the
USD-denominated,
fixed-rate
corporate
high
yield
bond
market
that
limits
each
issuer
to
2%
of
the
index.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Credit
Suisse
Leveraged
Loan
Index:
An
index
designed
to
measure
the
performance
of
the
USD-denominated
leveraged
loan
market.
The
index
includes
issuers
from
developed
countries;
issuers
from
developing
countries
are
excluded.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
ICE
BofA
Contingent
Capital
Securities
(USD
Hedged)
Index:
An
index
designed
to
measure
the
performance
of
all
contingent
capital
debt
publicly
issued
in
the
major
domestic
and
Eurobond
markets,
including
investment
grade
and
sub-investment
grade
issues.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
ICE
BofA
Fixed
Rate
Preferred
Securities
Index:
An
Index
designed
to
measure
the
performance
of
investment
grade
fixed-rate,
USD-denominated
preferred
securities
issued
in
the
U.S.
domestic
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
ICE
BofA
U.S.
All
Capital
Securities
Index:
An
index
designed
to
measure
the
performance
of
investment
grade
and
below
investment
grade
fixed
rate
and
fixed-to-floating
rate,
USD-denominated
hybrid
corporate
and
preferred
securities
publicly
issued
in
the
U.S.
domestic
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
ICE
BofA
U.S.
Corporate
Index:
An
index
comprised
of
USD-denominated
investment
grade,
fixed-rate
corporate
debt
securities
publicly
issued
in
the
U.S.
domestic
market
with
at
least
one
year
remaining
to
maturity
and
a
minimum
amount
outstanding
of
$250
million.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
include
the
effects
of
any
sales
charges
or
management
fees.
ICE
BofA
U.S.
High
Yield
Index:
An
index
designed
to
measure
the
performance
of
USD-denominated
below
investment
grade
corporate
debt
publicly
issued
in
the
U.S.
domestic
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
ICE
USD
Contingent
Capital
Index:
An
index
designed
to
measure
the
performance
of
USD-denominated
contingent
capital
debt
publicly
issued
in
the
major
domestic
and
Eurobond
markets,
including
investment
grade
and
below
investment
grade
issues.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Lipper
Flexible
Income
Funds
Classification
Average:
Represents
the
average
annualized
total
return
for
all
reporting
funds
in
the
Lipper
Flexible
Income
Funds
Classification.
Lipper
returns
account
for
the
effects
of
management
fees
and
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges.
Lipper
Global
High
Yield
Funds
Classification
Average:
Represents
the
average
annualized
returns
for
all
reporting
funds
in
the
Lipper
Global
High
Yield
Funds
Classification.
Lipper
returns
account
for
the
effects
of
management
fees
and
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges.
Lipper
High
Yield
Funds
Classification
Average:
Represents
the
average
annualized
total
return
for
all
reporting
funds
in
the
Lipper
High
Yield
Funds
Classification.
Lipper
returns
account
for
the
effects
of
management
fees
and
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges.
Lipper
Loan
Participation
Funds
Classification
Average:
Represents
the
average
annualized
total
return
for
all
reporting
funds
in
the
Lipper
Loan
Participation
Funds
Classification.
Lipper
returns
account
for
the
effects
of
management
fees
and
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges.
Lipper
Multi-Sector
Income
Funds
Classification
Average:
Represents
the
average
annualized
returns
for
all
reporting
funds
in
the
Lipper
Multi-Sector
Income
Funds
Classification.
Lipper
returns
account
for
the
effects
of
management
fees
and
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges.
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
The
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
for
each
Fund
are
shown
within
this
section
of
the
report.
Fund
Performance
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Investment
returns
and
principal
value
will
fluctuate
so
that
when
shares
are
redeemed,
they
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
higher
or
lower
than
the
performance
shown.
Total
returns
for
a
period
of
less
than
one
year
are
not
annualized
(i.e.
cumulative
returns).
Since
inception
returns
are
shown
for
share
classes
that
have
less
than
10-years
of
performance.
Returns
at
net
asset
value
(NAV)
would
be
lower
if
the
sales
charge
were
included.
Returns
assume
reinvestment
of
dividends
and
capital
gains.
For
performance,
current
to
the
most
recent
month-end
visit
Nuveen.com
or
call
(800)
257-8787.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Income
is
generally
exempt
from
regular
federal
income
taxes.
Some
income
may
be
subject
to
state
and
local
income
taxes
and
to
the
federal
alternative
minimum
tax.
Capital
gains,
if
any,
are
subject
to
tax.
Returns
may
reflect
fee
waivers
and/or
expense
reimbursements
by
the
investment
adviser
during
the
periods
presented.
If
any
such
waivers
and/or
reimbursements
had
not
been
in
place,
returns
would
have
been
reduced.
See
Notes
to
Financial
Statements,
for
more
information.
Returns
reflect
differences
in
sales
charges
and
expenses,
which
are
primarily
differences
in
distribution
and
service
fees,
and
assume
reinvestment
of
dividends
and
capital
gains.
Comparative
index
and
Lipper
return
information
is
provided
for
Class
A
Shares
at
NAV
only.
Expense
Ratios
The
expense
ratios
shown
are
as
of
the
Fund’s
most
recent
prospectus.
The
expense
ratios
shown
reflect
total
operating
expenses
(before
fee
waivers
and/or
expense
reimbursements,
if
any).
The
expense
ratios
include
management
fees
and
other
fees
and
expenses.
Refer
to
the
Financial
Highlights
later
in
this
report
for
the
Fund’s
expense
ratios
as
of
the
end
of
the
reporting
period.
Holdings
Summaries
The
Holdings
Summaries
data
relates
to
the
securities
held
in
each
Fund’s
portfolio
of
investments
as
of
the
end
of
this
reporting
period.
It
should
not
be
construed
as
a
measure
of
performance
for
the
Fund
itself.
Holdings
are
subject
to
change.
Refer
to
the
Fund’s
Portfolio
of
Investments
for
individual
security
information.
Nuveen
Credit
Income
Fund
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
February
29,
2024
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Bond
Index.
**
Class
A
Shares
have
a
maximum
4.75%
sales
charge
(Offering
Price).
Class
A
Share
purchases
of
$1
million
or
more
are
sold
at
net
asset
value
without
an
up-front
sales
charge
but
may
be
subject
to
a
contingent
deferred
sales
charge
(CDSC)
of
1%
if
redeemed
within
eighteen
months
of
purchase.
Class
C
Shares
have
a
1%
CDSC
for
redemptions
within
less
than
twelve
months,
which
is reflected
in
the
maximum
Offering
Price
total
returns
presented
for
less
than
1-Year,
when
and
where
applicable.
Class
C
Shares
automatically
convert
to
Class
A
Shares
eight
years
after
purchase.
Returns
for
periods
longer
than
eight
years
for
Class
C
Shares
reflect
the
performance
of
Class
A
Shares
after
the
deemed
eight-year
conversion
to
Class
A
Shares
within
such
periods.
Class
I
Shares
have
no
sales
charge
and
may
be
purchased
under
limited
circumstances
or
by
specified
classes
of
investors.
***
The
Fund’s
investment
adviser
has
contractually
agreed
to
waive
fees
and/or
reimburse
expenses
through
July
31,
2025
so
that
the
total
annual
operating
expenses
(excluding
12b-1
distribution
and/or
service
fees,
interest
expenses,
taxes,
acquired
fund
fees
and
expenses,
fees
incurred
in
acquiring
and
disposing
of
portfolio
securities
and
extraordinary
expenses)
do
not
exceed
0.75% of
the
average
daily
net
assets
of
any
class
of
Fund
Shares.
This
expense
limitation may
be
terminated
or
modified
prior
to
that
date
only
with
the
approval
of
the
Board
of Directors
of
the
Fund.
Total
Returns
as
of
February
29,
2024**
Cumulative
Average
Annual
Expense
Ratios
***
Inception
Date
6-Month
1-Year
5-Year
10-Year
Gross
Net
Class
A
at
NAV
8/30/01
7.21%
12.44%
3.44%
3.01%
1.25%
1.03%
Class
A
at
maximum
Offering
Price
8/30/01
2.08%
7.16%
2.42%
2.51%
—
—
Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Bond
Index
—
6.18%
11.01%
4.14%
4.34%
—
—
Lipper
Global
High
Yield
Funds
Classification
Average
—
6.03%
9.74%
3.18%
3.31%
—
—
Class
C
at
NAV
8/30/01
6.82%
11.61%
2.64%
2.40%
2.00%
1.78%
Class
C
at
maximum
Offering
Price
8/30/01
5.82%
11.61%
2.64%
2.40%
—
—
Class
I
8/30/01
7.51%
12.90%
3.67%
3.27%
1.00%
0.78%
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
February
29,
2024
(continued)
Holdings
Summaries
as
of
February
29,
2024
Fund
Allocation
(%
of
net
assets)
Corporate
Bonds
59
.2
%
Asset-Backed
and
Mortgage-
Backed
Securities
20
.4
%
Variable
Rate
Senior
Loan
Interests
8
.5
%
Sovereign
Debt
3
.9
%
$1,000
Par
(or
similar)
Institutional
Preferred
3
.4
%
Contingent
Capital
Securities
2
.7
%
$25
Par
(or
similar)
Retail
Preferred
0
.5
%
Common
Stocks
0
.0
%
Investments
Purchased
with
Collateral
from
Securities
Lending
5
.4
%
Repurchase
Agreements
1
.7
%
Other
Assets
&
Liabilities,
Net
(5.7)%
Net
Assets
100
%
Corporate
Bonds:
Industries
1
(%
of
total
corporate
bonds)
Oil,
Gas
&
Consumable
Fuels
14.4%
Media
8.2%
Health
Care
Providers
&
Services
7.0%
Chemicals
5.9%
Diversified
Telecommunication
Services
5.9%
Hotels,
Restaurants
&
Leisure
5.2%
Insurance
4.7%
Metals
&
Mining
4.4%
Specialty
Retail
4.3%
Passenger
Airlines
2.9%
Electric
Utilities
2.7%
Energy
Equipment
&
Services
2.6%
Consumer
Finance
2.3%
Containers
&
Packaging
2.1%
Food
Products
1.9%
Broadline
Retail
1.7%
Beverages
1.6%
Specialized
REITs
1.5%
Professional
Services
1.5%
Software
1.5%
Air
Freight
&
Logistics
1.3%
Automobile
Components
1.3%
Gas
Utilities
1.2%
Capital
Markets
1.2%
Financial
Services
1.0%
Other
11.7%
Total
100%
Bond
Credit
Quality
(%
of
total
long-term
fixed
income)
BBB
7.9%
BB
or
Lower
79.9%
N/R
(not
rated)
12.2%
Total
100
%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
Nuveen
Flexible
Income
Fund
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
February
29,
2024
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
Flexible
Income
Blended
Benchmark.
The
Fund’s
Blended
Benchmark
consist
of:
1)
50%
ICE
BofA
U.S.
Corporate
Index
and
2)
50%
ICE
BofA
U.S.
High
Yield
Index.
**
Class
A
Shares
have
a
maximum
4.75%
sales
charge
(Offering
Price).
Class
A
Share
purchases
of
$1
million
or
more
are
sold
at
net
asset
value
without
an
up-front
sales
charge
but
may
be
subject
to
a
contingent
deferred
sales
charge
(CDSC)
of
1%
if
redeemed
within
eighteen
months
of
purchase.
Class
C
Shares
have
a
1%
CDSC
for
redemptions
within
less
than
twelve
months,
which
is
reflected
in
the
maximum
Offering
Price
total
returns
presented
for
less
than
1-Year,
when
and
where
applicable.
Class
C
Shares
automatically
convert
to
Class
A
Shares eight
years
after
purchase.
Returns
for
periods
longer
than
eight
years
for
Class
C
Shares
reflect
the
performance
of
Class
A
Shares
after
the
deemed
eight-year
conversion
to
Class
A
Shares
within
such
periods.
Class
R6
Shares
have
no
sales
charge
and
are
available
only
to
certain
limited
categories
of
investors
as
described
in
the
prospectus.
Class
I
Shares
have
no
sales
charge
and
may
be
purchased
under
limited
circumstances
or
by
specified
classes
of
investors.
***
The
Fund’s
investment
adviser
has
contractually
agreed
to
waive
fees
and/or
reimburse
expenses
through
July
31,
2025 so
that
total
annual
Fund
operating
expenses
(excluding
12b-1
distribution
and/or
service
fees,
interest
expenses,
taxes,
acquired
fund
fees
and
expenses,
fees
incurred
in
acquiring
and
disposing
of
portfolio
securities
and
extraordinary
expenses)
do
not
exceed
0.75%
(1.25%
after
July
31,
2025)
of
the
average
daily
net
assets
of
any
class
of
Fund
shares.
However,
because
Class
R6
Shares
are
not
subject
to
sub-transfer
agent
and
similar
fees,
the
total
annual
Fund
operating
expenses
for
Class
R6
Shares
will
be
less
than
the
expense
limitation.
The
expense
limitation
expiring
July
31,
2025,
may
be
terminated
or
modified
prior
to
that
date
only
with
the
approval
of
the
Board
of
Trustees
of
the
Fund.
The
expense
limitation
in
effect
thereafter
may
be
terminated
or
modified
only
with
the
approval
of
shareholders
of
the
Fund.
Total
Returns
as
of
February
29,
2024**
Cumulative
Average
Annual
Expense
Ratios
***
Inception
Date
6-Month
1-Year
5-Year
10-Year
Gross
Net
Class
A
at
NAV
12/09/09
4.82%
6.34%
2.84%
3.85%
1.03%
0.96%
Class
A
at
maximum
Offering
Price
12/09/09
(0.16)%
1.29%
1.84%
3.35%
—
—
Bloomberg
U.S.
Aggregate
Bond
Index
—
2.35%
3.33%
0.56%
1.43%
—
—
Flexible
Income
Blended
Benchmark
—
5.05%
8.54%
2.98%
3.45%
—
—
Lipper
Flexible
Income
Funds
Classification
Average
—
6.87%
5.79%
3.05%
3.66%
—
—
Class
C
at
NAV
12/09/09
4.38%
5.49%
2.07%
3.24%
1.78%
1.71%
Class
C
at
maximum
Offering
Price
12/09/09
3.38%
5.49%
2.07%
3.24%
—
—
Class
I
12/09/09
4.95%
6.61%
3.09%
4.11%
0.78%
0.71%
Total
Returns
as
of
February
29,
2024**
Cumulative
Average
Annual
Expense
Ratios***
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
Gross
Net
Class
R6
6/30/16
4.97%
6.68%
3.17%
3.98%
0.72%
0.65%
Fund
Performance,
Expense
Ratios
and
Holding
Summaries
February
29,
2024
(continued)
Holdings
Summaries
as
of
February
29,
2024
Fund
Allocation
(%
of
net
assets)
Corporate
Bonds
50
.8
%
$1,000
Par
(or
similar)
Institutional
Preferred
28
.3
%
Common
Stocks
9
.7
%
$25
Par
(or
similar)
Retail
Preferred
7
.2
%
Convertible
Preferred
Securities
1
.1
%
Convertible
Bonds
0
.5
%
Investments
Purchased
with
Collateral
from
Securities
Lending
3
.5
%
Repurchase
Agreements
1
.5
%
Other
Assets
&
Liabilities,
Net
(2.6)%
Net
Assets
100
%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
nVent
Electric
PLC
0.4%
Sanofi,
ADR
0.4%
Huntington
Ingalls
Industries
Inc
0.4%
McDonald's
Corp
0.4%
Parker-Hannifin
Corp
0.4%
Portfolio
Composition
1
(%
of
net
assets)
Banks
10.7%
Utilities
10.1%
Media
&
Entertainment
7.5%
Capital
Goods
7.2%
Financial
Services
7.0%
Energy
5.9%
Telecommunication
Services
5.5%
Insurance
5.2%
Technology
Hardware
&
Equipment
5.0%
Materials
4.8%
Automobiles
&
Components
4.8%
Health
Care
Equipment
&
Services
3.6%
Food,
Beverage
&
Tobacco
3.6%
Software
&
Services
2.4%
Consumer
Discretionary
Distribution
&
Retail
2.4%
Consumer
Services
2.3%
Consumer
Staples
Distribution
&
Retail
2.3%
Equity
Real
Estate
Investment
Trusts
(Reits)
2.1%
Pharmaceuticals,
Biotechnology
&
Life
Sciences
2.0%
Semiconductors
&
Semiconductor
Equipment
1.8%
Transportation
1.4%
Investments
Purchased
with
Collateral
from
Securities
Lending
3.5%
Repurchase
Agreements
1.5%
Other
Assets
&
Liabilities,
Net
(2.6)%
Net
Assets
100%
Bond
Credit
Quality
(%
of
total
long-term
fixed
income)
A
3.3%
BBB
57.8%
BB
or
Lower
37.1%
N/R
(not
rated)
1.8%
Total
100
%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
Nuveen
Floating
Rate
Income
Fund
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
February
29,
2024
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
Credit
Suisse
Leverage
Loan
Index.
**
Class
A
Shares
have
a
maximum
3.00%
sales
charge
(Offering
Price).
Class
A
Share
purchases
of
$500,000
or
more
are
sold
at
net
asset
value
without
an
up-front
sales
charge
but
may
be
subject
to
a
contingent
deferred
sales
charge
(CDSC)
of
1%
if
redeemed
within
eighteen
months
of
purchase.
Class
C
Shares
have
a
1%
CDSC
for
redemptions
within
less
than
twelve
months,
which
is
reflected
in
the
maximum
Offering
Price
total
returns
presented
for
less
than
1-Year,
when
and
where
applicable.
Class
C
Shares
automatically
convert
to
Class
A
Shares eight
years
after
purchase.
Returns
for
periods
longer
than
eight
years
for
Class
C
Shares
reflect
the
performance
of
Class
A
Shares
after
the
deemed
eight-year
conversion
to
Class
A
Shares
within
such
periods.
Class
R6
Shares
have
no
sales
charge
and
are
available
only
to
certain
limited
categories
of
investors
as
described
in
the
prospectus.
Class
I
Shares
have
no
sales
charge
and
may
be
purchased
under
limited
circumstances
or
by
specified
classes
of
investors.
Total
Returns
as
of
February
29,
2024**
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
10-Year
Class
A
at
NAV
5/02/11
5.67%
9.86%
4.49%
3.70%
1.03%
Class
A
at
maximum
Offering
Price
5/02/11
2.50%
6.56%
3.86%
3.39%
—
Credit
Suisse
Leveraged
Loan
Index
—
5.50%
11.37%
5.10%
4.51%
—
Lipper
Loan
Participation
Funds
Classification
Average
—
4.92%
10.16%
3.85%
3.39%
—
Class
C
at
NAV
5/02/11
5.29%
9.05%
3.71%
3.08%
1.78%
Class
C
at
maximum
Offering
Price
5/02/11
4.29%
9.05%
3.71%
3.08%
—
Class
I
5/02/11
5.81%
10.14%
4.75%
3.97%
0.78%
Total
Returns
as
of
February
29,
2024**
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
Class
R6
1/28/15
5.78%
10.20%
4.83%
4.36%
0.71%
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
February
29,
2024
(continued)
Holdings
Summaries
as
of
February
29,
2024
Fund
Allocation
(%
of
net
assets)
Variable
Rate
Senior
Loan
Interests
83
.8
%
Corporate
Bonds
10
.7
%
Common
Stocks
1
.8
%
Exchange-Traded
Funds
1
.1
%
Warrants
0
.9
%
Convertible
Preferred
Securities
0
.0
%
Investments
Purchased
with
Collateral
from
Securities
Lending
0
.2
%
Short-Term
Investment
Companies
1
.8
%
Other
Assets
&
Liabilities,
Net
(0.3)%
Net
Assets
100
%
Corporate
Bonds:
Industries
1
(%
of
total
corporate
bonds)
Health
Care
Providers
&
Services
17.2%
Commercial
Services
&
Supplies
14.4%
Diversified
Telecommunication
Services
9.4%
Hotels,
Restaurants
&
Leisure
9.2%
Media
8.6%
Oil,
Gas
&
Consumable
Fuels
6.4%
Containers
&
Packaging
5.2%
Passenger
Airlines
5.2%
Insurance
3.7%
Aerospace
&
Defense
3.1%
Other
17.6%
Total
100%
Portfolio
Credit
Quality
(%
of
total
long-term
fixed
income
investments)
BBB
5.9%
BB
or
Lower
86.5%
N/R
(not
rated)
7.6%
Total
100
%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
Nuveen
High
Yield
Income
Fund
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
February
29,
2024
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
ICE
BofA
U.S.
High
Yield
Index.
**
Class
A
Shares
have
a
maximum
4.75%
sales
charge
(Offering
Price).
Class
A
Share
purchases
of
$1
million
or
more
are
sold
at
net
asset
value
without
an
up-front
sales
charge
but
may
be
subject
to
a
contingent
deferred
sales
charge
(CDSC)
of
1%
if
redeemed
within
eighteen
months
of
purchase.
Class
C
Shares
have
a
1%
CDSC
for
redemptions
within
less
than
twelve
months,
which
is
reflected
in
the
maximum
Offering
Price
total
returns
presented
for
less
than
1-Year,
when
and
where
applicable.
Class
C
Shares
automatically
convert
to
Class
A
Shares eight
years
after
purchase.
Returns
for
periods
longer
than
eight
years
for
Class
C
Shares
reflect
the
performance
of
Class
A
Shares
after
the
deemed
eight-year
conversion
to
Class
A
Shares
within
such
periods.
Class
R6
Shares
have
no
sales
charge
and
are
available
only
to
certain
limited
categories
of
investors
as
described
in
the
prospectus.
Class
I
Shares
have
no
sales
charge
and
may
be
purchased
under
limited
circumstances
or
by
specified
classes
of
investors.
***
The
Fund’s
investment
adviser
has
contractually
agreed
to
waive
fees
and/or
reimburse
expenses
so
that
the
total
annual
operating
expenses
of
the
Fund
(excluding
12b-1
distribution
and/or
service
fees,
interest
expenses,
taxes,
acquired
fund
fees
and
expenses,
fees
incurred
in
acquiring
and
disposing
of
portfolio
securities
and
extraordinary
expenses)
do
not
exceed
0.79%
through
July
31,
2025
or
1.35%
after
July
31,
2025
of
the
average
daily
net
assets
of
any
class
of
Fund
shares.
However,
because
Class
R6
shares
are
not
subject
to
sub-transfer
agent
and
similar
fees,
the
total
annual
operating
expenses
for
the
Class
R6
shares
will
be
less
than
the
expense
limitation.
The
expense
limitation
expiring
July
31,
2025
may
be
terminated
or
modified
prior
to
that
date
only
with
the
approval
of
the
Board
of
Trustees
of
the
Fund.
The
expense
limitation
in
effect
thereafter
may
be
terminated
or
modified
only
with
the
approval
of
shareholders
of
the
Fund.
Total
Returns
as
of
February
29,
2024**
Cumulative
Average
Annual
Expense
Ratios
***
Inception
Date
6-Month
1-Year
5-Year
10-Year
Gross
Net
Class
A
at
NAV
4/28/10
6.68%
11.10%
3.34%
3.43%
1.09%
1.02%
Class
A
at
maximum
Offering
Price
4/28/10
1.61%
5.83%
2.34%
2.93%
—
—
ICE
BofA
U.S.
High
Yield
Index
—
6.15%
10.97%
3.99%
4.26%
—
—
Lipper
High
Yield
Funds
Classification
Average
—
5.64%
9.98%
3.62%
3.47%
—
—
Class
C
at
NAV
4/28/10
6.27%
10.27%
2.57%
2.81%
1.84%
1.77%
Class
C
at
maximum
Offering
Price
4/28/10
5.27%
10.27%
2.57%
2.81%
—
—
Class
I
4/28/10
6.80%
11.36%
3.59%
3.69%
0.84%
0.77%
Total
Returns
as
of
February
29,
2024**
Cumulative
Average
Annual
Expense
Ratios***
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
Gross
Net
Class
R6
10/1/14
6.91%
11.48%
3.73%
4.01%
0.70%
0.63
%
Fund
Performance,
Expense
Ratios
and
Holding
Summaries
February
29,
2024
(continued)
Holdings
Summaries
as
of
February
29,
2024
Fund
Allocation
(%
of
net
assets)
Corporate
Bonds
78
.3
%
Variable
Rate
Senior
Loan
Interests
13
.3
%
$1,000
Par
(or
similar)
Institutional
Preferred
2
.1
%
Exchange-Traded
Funds
1
.1
%
Contingent
Capital
Securities
0
.6
%
Common
Stocks
0
.5
%
Warrants
0
.5
%
Investments
Purchased
with
Collateral
from
Securities
Lending
5
.8
%
Short-Term
Investment
Companies
3
.8
%
Other
Assets
&
Liabilities,
Net
(6.0)%
Net
Assets
100
%
Portfolio
Composition
1
(%
of
net
assets)
Energy
13.5%
Materials
9.2%
Media
&
Entertainment
8.0%
Financial
Services
6.4%
Consumer
Discretionary
Distribution
&
Retail
5.8%
Health
Care
Equipment
&
Services
5.4%
Telecommunication
Services
4.6%
Insurance
4.5%
Capital
Goods
4.2%
Transportation
4.1%
Consumer
Services
4.0%
Software
&
Services
3.8%
Utilities
3.7%
Commercial
&
Professional
Services
3.0%
Automobiles
&
Components
2.9%
Equity
Real
Estate
Investment
Trusts
(Reits)
2.8%
Food,
Beverage
&
Tobacco
2.8%
Pharmaceuticals,
Biotechnology
&
Life
Sciences
1.8%
Technology
Hardware
&
Equipment
1.6%
Real
Estate
Management
&
Development
1.0%
Household
&
Personal
Products
0.7%
Banks
0.6%
Consumer
Staples
Distribution
&
Retail
0.5%
Consumer
Durables
&
Apparel
0.4%
Other
0.0%
Exchange-Traded
Funds
1.1%
Investments
Purchased
with
Collateral
from
Securities
Lending
5.8%
Short-Term
Investment
Companies
3.8%
Other
Assets
&
Liabilities,
Net
(6.0)%
Net
Assets
100%
Top
Five
Holdings
(%
of
net
assets)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
5.8%
BlackRock
Liquidity
Funds
T-Fund
3.8%
Venture
Global
LNG
Inc
1.1%
Invesco
Senior
Loan
ETF
1.1%
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co
1.0%
Portfolio
Credit
Quality
(%
of
total
long-term
fixed
income
investments)
BBB
5.4%
BB
or
Lower
92.5%
N/R
(not
rated)
2.1%
Total
100
%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
Nuveen
Preferred
Securities
and
Income
Fund
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
February
29,
2024
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
Preferred
Securities
and
Income
Blended
Benchmark.
The
Fund’s
Blended
Benchmark
consists
of:
1)
60%
ICE
BofA
U.S.
All
Capital
Securities
Index
and
2)
40%
ICE
USD
Contingent
Capi-
tal
Index.
**
Class
A
Shares
have
a
maximum
4.75%
sales
charge
(Offering
Price).
Class
A
Share
purchases
of
$1
million
or
more
are
sold
at
net
asset
value
without
an
up-front
sales
charge
but
may
be
subject
to
a
contingent
deferred
sales
charge
(CDSC)
of
1%
if
redeemed
within
eighteen
months
of
purchase.
Class
C
Shares
have
a
1%
CDSC
for
redemptions
within
less
than
twelve
months,
which
is
reflected
in
the
maximum
Offering
Price
total
returns
presented
for
less
than
1-Year,
when
and
where
applicable.
Class
C
Shares
automatically
convert
to
Class
A
Shares eight
years
after
purchase.
Returns
for
periods
longer
than
eight
years
for
Class
C
Shares
reflect
the
performance
of
Class
A
Shares
after
the
deemed
eight-year
conversion
to
Class
A
Shares
within
such
periods.
Class
R6
Shares
have
no
sales
charge
and
are
available
only
to
certain
limited
categories
of
investors
as
described
in
the
prospectus.
Class
I
Shares
have
no
sales
charge
and
may
be
purchased
under
limited
circumstances
or
by
specified
classes
of
investors.
Total
Returns
as
of
February
29,
2024**
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
10-Year
Class
A
at
NAV
12/19/06
7.82%
3.56%
3.55%
4.28%
1.01%
Class
A
at
maximum
Offering
Price
12/19/06
2.70%
(1.34)%
2.55%
3.78%
—
ICE
BofA
U.S.
All
Capital
Securities
Index
—
8.92%
6.14%
3.49%
4.65%
—
Preferred
Securities
and
Income
Blended
Benchmark
—
8.67%
3.51%
3.17%
4.59%
—
Lipper
Flexible
Income
Funds
Classification
Average
—
6.87%
5.79%
3.05%
3.66%
—
Class
C
at
NAV
12/19/06
7.49%
2.86%
2.79%
3.66%
1.76%
Class
C
at
maximum
Offering
Price
12/19/06
6.49%
2.86%
2.79%
3.66%
—
Class
I
12/19/06
8.01%
3.89%
3.82%
4.55%
0.76%
Total
Returns
as
of
February
29,
2024**
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
Class
R6
6/30/16
7.97%
3.90%
3.90%
4.34%
0.69%
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
February
29,
2024
(continued)
Holdings
Summaries
as
of
February
29,
2024
Fund
Allocation
(%
of
net
assets)
$1,000
Par
(or
similar)
Institutional
Preferred
49
.8
%
Contingent
Capital
Securities
30
.5
%
$25
Par
(or
similar)
Retail
Preferred
16
.6
%
Corporate
Bonds
1
.5
%
Investments
Purchased
with
Collateral
from
Securities
Lending
2
.7
%
Repurchase
Agreements
0
.0
%
Other
Assets
&
Liabilities,
Net
(1.1)%
Net
Assets
100
%
Top
Five
Holdings
(%
of
net
assets)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
2.7%
HSBC
Holdings
PLC
1.7%
JPMorgan
Chase
&
Co
1.4%
Assured
Guaranty
Municipal
Holdings
Inc
1.4%
Assurant
Inc
1.2%
Portfolio
Composition
1
(%
of
net
assets)
Banks
50.9%
Insurance
15.0%
Financial
Services
14.4%
Food,
Beverage
&
Tobacco
4.4%
Energy
3.9%
Other
9.8%
Investments
Purchased
with
Collateral
from
Securities
Lending
2.7%
Repurchase
Agreements
0.0%
Other
Assets
&
Liabilities,
Net
(1.1)%
Net
Assets
100%
Portfolio
Credit
Quality
(%
of
total
long-term
fixed
income
investments)
BBB
65.6%
BB
or
Lower
30.8%
N/R
(not
rated)
3.6%
Total
100
%
Country
Allocation
2
(%
of
net
assets)
United
States
58
.1
%
United
Kingdom
11
.2
%
France
7
.7
%
Switzerland
4
.3
%
Canada
3
.6
%
Spain
2
.9
%
Netherlands
2
.5
%
Australia
1
.5
%
Germany
1
.4
%
Ireland
1
.4
%
Other
3
.8
%
Investments
Purchased
with
Collateral
from
Securities
Lending
2
.7
%
Other
Assets
&
Liabilities,
Net
(
1
.1
)
%
Net
Assets
100
%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
2
Includes
2.3%
(as
a
percentage
of
net
assets)
in
emerging
market
countries.
Nuveen
Strategic
Income
Fund
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
February
29,
2024
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
Purposes
of
Fund
performance,
relative
results
are
measured
against
the
Bloomberg
U.S.
Aggregate
Bond
Index.
**
Class
A
Shares
have
a
maximum
4.25%
sales
charge
(Offering
Price).
Class
A
Share
purchases
of
$1
million
or
more
are
sold
at
net
asset
value
without
an
up-front
sales
charge
but
may
be
subject
to
a
contingent
deferred
sales
charge
(CDSC)
of
1%
if
redeemed
within
eighteen
months
of
purchase.
Class
C
Shares
have
a
1%
CDSC
for
redemptions
within
less
than
twelve
months,
which
is
reflected
in
the
maximum
Offering
Price
total
returns
presented
for
less
than
1-Year,
when
and
where
applicable.
Class
C
Shares
automatically
convert
to
Class
A
Shares eight
years
after
purchase.
Returns
for
periods
longer
than
eight
years
for
Class
C
Shares
reflect
the
performance
of
Class
A
Shares
after
the
deemed
eight-year
conversion
to
Class
A
Shares
within
such
periods.
Class
R6
Shares
have
no
sales
charge
and
are
available
only
to
certain
limited
categories
of
investors
as
described
in
the
prospectus.
Class
I
Shares
have
no
sales
charge
and
may
be
purchased
under
limited
circumstances
or
by
specified
classes
of
investors.
***
The
Fund’s
investment
adviser
has
contractually
agreed
to
waive
fees
and/or
reimburse
expenses
through
July
31,
2025
so
that
the
total
annual
operating
expenses
(excluding
12b-1
distribution
and/or
service
fees,
interest
expenses,
taxes,
acquired
fund
fees
and
expenses,
fees
incurred
in
acquiring
and
disposing
of
portfolio
securities
and
extraordinary
expenses)
do
not
exceed
0.59%
of
the
average
daily
net
assets
of
any
class
of
Fund
Shares.
However,
because
the
Class
R6
shares
are
not
subject
to
sub-transfer agent
and
similar
fees,
the
total
annual
operating
expenses
for
the
Class
R6
shares
will
be
less
than
the
expense
limitation.
This
expense
limitation
may
be
terminated
or
modified
prior
to
that
date
only
with
the
approval
of
the
Board
of
Directors
of
the
Fund.
Total
Returns
as
of
February
29,
2024**
Cumulative
Average
Annual
Expense
Ratios
***
Inception
Date
6-Month
1-Year
5-Year
10-Year
Gross
Net
Class
A
at
NAV
2/01/00
5.06%
7.12%
3.03%
2.72%
0.96%
0.83%
Class
A
at
maximum
Offering
Price
2/01/00
0.63%
2.54%
2.15%
2.27%
—
—
Bloomberg
U.S.
Aggregate
Bond
Index
—
2.35%
3.33%
0.56%
1.43%
—
—
Lipper
Multi-Sector
Income
Funds
Classification
Average
—
4.38%
6.47%
1.96%
2.61%
—
—
Class
C
at
NAV
2/01/00
4.56%
6.32%
2.26%
2.11%
1.71%
1.59%
Class
C
at
maximum
Offering
Price
2/01/00
3.56%
6.32%
2.26%
2.11%
—
—
Class
I
2/01/00
5.19%
7.39%
3.29%
2.97%
0.71%
0.58%
Total
Returns
as
of
February
29,
2024**
Cumulative
Average
Annual
Expense
Ratios***
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
Gross
Net
Class
R6
1/20/15
5.22%
7.48%
3.38%
3.01%
0.62%
0.50%
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
February
29,
2024
(continued)
Holdings
Summaries
as
of
February
29,
2024
Fund
Allocation
(%
of
net
assets)
Asset-Backed
and
Mortgage-
Backed
Securities
50
.2
%
Corporate
Bonds
23
.5
%
$1,000
Par
(or
similar)
Institutional
Preferred
7
.4
%
Sovereign
Debt
6
.2
%
Variable
Rate
Senior
Loan
Interests
5
.2
%
Contingent
Capital
Securities
3
.0
%
$25
Par
(or
similar)
Retail
Preferred
0
.1
%
Investments
Purchased
with
Collateral
from
Securities
Lending
0
.9
%
Repurchase
Agreements
4
.9
%
Other
Assets
&
Liabilities,
Net
(1.4)%
Net
Assets
100
%
Corporate
Bonds:
Industries
1
(%
of
total
corporate
bonds)
Oil,
Gas
&
Consumable
Fuels
12.5%
Banks
11.8%
Electric
Utilities
5.5%
Wireless
Telecommunication
Services
4.5%
Insurance
4.1%
Chemicals
3.8%
Financial
Services
3.3%
Capital
Markets
3.3%
Metals
&
Mining
3.2%
Trading
Companies
&
Distributors
2.6%
Beverages
2.5%
Energy
Equipment
&
Services
2.4%
Hotels,
Restaurants
&
Leisure
2.4%
Diversified
Telecommunication
Services
2.3%
Pharmaceuticals
2.2%
Health
Care
Providers
&
Services
2.1%
Broadline
Retail
2.0%
Media
1.8%
Passenger
Airlines
1.8%
Specialty
Retail
1.8%
Semiconductors
&
Semiconductor
Equipment
1.8%
Retail
Reits
1.7%
Food
Products
1.7%
Independent
Power
And
Renewable
Electricity
Prod
1.5%
Diversified
Reits
1.2%
Other
16.2%
Total
100%
Bond
Credit
Quality
(%
of
total
long-term
fixed
income)
AAA
3.9%
AA
4.3%
A
11.5%
BBB
31.6%
BB
or
Lower
28.9%
N/R
(not
rated)
19.8%
Total
100
%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
Yields
as
of
February
29,
2024
Dividend
Yield
is
the
most
recent
dividend
per
share
(annualized)
divided
by
the
offering
price
per
share.
The
SEC
30-Day
Yield
is
a
standardized
measure
of
a
fund’s
yield
that
accounts
for
the
future
amortization
of
premiums
or
discounts
of
bonds
held
in
the
fund’s
portfolio.
The
SEC
30-Day
Yield
is
computed
under
an
SEC
standardized
formula
and
is
based
on
the
maximum
offer
price
per
share.
Subsidized
yields
reflect
fee
waivers
and/or
expense
reimbursements
from
the
investment
adviser
during
the
period.
If
any
such
waivers
and/or
reimbursements
had
not
been
in
place,
yields
would
have
been
reduced.
Unsubsidized
yields
do
not
reflect
waivers
and/or
reimbursements
from
the
investment
adviser
during
the
period.
Refer
to
the
Notes
to
Financial
Statements,
for
further
details
on
the
investment
adviser’s
most
recent
agreement
with
the
Fund
to
waive
fees
and/or
reimburse
expenses,
where
applicable.
Dividend
Yield
may
differ
from
the
SEC
30-Day
Yield
because
the
fund
may
be
paying
out
more
or
less
than
it
is
earning
and
it
may
not
include
the
effect
of
amortization
of
bond
premium.
Nuveen
Credit
Income
Fund
Share
Class
Class
A
1
Class
C
Class
I
Dividend
Yield
7.31%
6.96%
7.93%
SEC
30-Day
Yield
-
Subsidized
7.17%
6.74%
7.82%
SEC
30-Day
Yield
-
Unsubsidized
6.92%
6.48%
7.56%
Nuveen
Flexible
Income
Fund
Share
Class
Class
A
1
Class
C
Class
R6
Class
I
Dividend
Yield
4.73%
4.20%
5.29%
5.22%
SEC
30-Day
Yield
-
Subsidized
4.89%
4.39%
5.46%
5.39%
SEC
30-Day
Yield
-
Unsubsidized
4.80%
4.30%
5.37%
5.30%
Nuveen
Floating
Rate
Income
Fund
Share
Class
Class
A
1
Class
C
Class
R6
Class
I
Dividend
Yield
8.85%
8.36%
9.44%
9.37%
SEC
30-Day
Yield
8.25%
7.73%
8.85%
8.77%
Nuveen
High
Yield
Income
Fund
Share
Class
Class
A
1
Class
C
Class
R6
Class
I
Dividend
Yield
6.80%
6.36%
7.50%
7.37%
SEC
30-Day
Yield
-
Subsidized
6.70%
6.28%
7.43%
7.30%
SEC
30-Day
Yield
-
Unsubsidized
6.64%
6.22%
7.37%
7.23%
Nuveen
Preferred
Securities
and
Income
Fund
Share
Class
Class
A
1
Class
C
Class
R6
Class
I
Dividend
Yield
5.51%
5.03%
6.08%
6.02%
SEC
30-Day
Yield
5.63%
5.17%
6.25%
6.17%
Nuveen
Strategic
Income
Fund
Share
Class
Class
A
1
Class
C
Class
R6
Class
I
Dividend
Yield
5.69%
5.20%
6.32%
6.22%
SEC
30-Day
Yield
-
Subsidized
5.96%
5.47%
6.57%
6.47%
SEC
30-Day
Yield
-
Unsubsidized
6.10%
5.34%
6.45%
6.35%
1
The
SEC
Yield
for
Class
A
shares
quoted
in
the
table
reflects
the
maximum
sales
load.
Investors
paying
a
reduced
load
because
of
volume
discounts,
investors
paying
no
load
because
they
qualify
for
one
of
the
several
exclusions
from
the
load
and
existing
shareholders
who
previously
paid
a
load
but
would
like
to
know
the
SEC
Yield
applicable
to
their
shares
on
a
going-forward
basis,
should
understand
the
SEC
Yield
effectively
applicable
to
them
would
be
higher
than
the
figure
quoted
in
the
table.
As
a
shareholder
of
one
or
more
of
the
Funds,
you
incur
two
types
of
costs:
(1)
transaction
costs, including
up-front
and
back-end
sales
charges
(loads)
or
redemption
fees,
where
applicable;
and
(2)
ongoing
costs,
including
management
fees;
distribution
and
service
(12b-1)
fees,
where
applicable;
and
other
Fund
expenses.
The
Examples
below
are
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Funds
and
to
compare
these
costs
with
the
ongoing
costs
of investing
in
other
mutual
funds.
The
Examples
below
are
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
period
ended
February
29,
2024.
The
beginning
of
the
period
is
September
1,
2023.
The
information
under
“Actual
Performance,”
together
with
the
amount
you
invested,
allows
you
to
estimate
actual
expenses
incurred
over
the
reporting
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.60)
and
multiply
the
result
by
the
cost
shown
for
your
share
class,
in
the
row
entitled
“Expenses
Incurred
During
Period”
to
estimate
the
expenses
incurred
on
your
account
during
this
period.
The
information
under
“Hypothetical
Performance,”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
each
Fund’s
actual
expense
ratios
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expense
you
incurred
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
the
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
following
tables
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transaction
costs.
Therefore,
the
hypothetical
information
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds
or
share
classes.
In
addition,
if
these
transaction
costs
were
included,
your
costs
would
have
been
higher.
Nuveen
Credit
Income
Fund
Share
Class
Class
A
Class
C
Class
I
Actual
Performance
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,072.10
$
1,068.20
$
1,075.10
Expenses
Incurred
During
the
Period
$
5.72
$
9.56
$
4.44
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,019.37
$
1,015.64
$
1,020.61
Expenses
Incurred
During
the
Period
$
5.57
$
9.32
$
4.32
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
1.11%,
1.86%
and
0.86%
for
Classes
A,
C
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182
/366
(to
reflect
the
one-half
year
period).
Nuveen
Flexible
Income
Fund
Share
Class
Class
A
Class
C
Class
R6
Class
I
Actual
Performance
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,048.20
$
1,043.80
$
1,049.70
$
1,049.50
Expenses
Incurred
During
the
Period
$
4.89
$
8.69
$
3.31
$
3.62
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,020.08
$
1,016.35
$
1,021.65
$
1,021.33
Expenses
Incurred
During
the
Period
$
4.82
$
8.57
$
3.27
$
3.57
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.96%,
1.71%,
0.65%
and
0.71%
for
Classes
A,
C,
R6
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182
/366
(to
reflect
the
one-half
year
period).
Expense
Examples
(continued)
Nuveen
Floating
Rate
Income
Fund
Share
Class
Class
A
Class
C
Class
R6
Class
I
Actual
Performance
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,056.70
$
1,052.90
$
1,057.80
$
1,058.10
Expenses
Incurred
During
the
Period
$
5.22
$
9.03
$
3.53
$
3.94
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,019.81
$
1,016.09
$
1,021.44
$
1,021.06
Expenses
Incurred
During
the
Period
$
5.12
$
8.87
$
3.47
$
3.87
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
1.02%,
1.77%,
0.69%
and
0.77%
for
Classes
A,
C,
R6
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182
/366
(to
reflect
the
one-half
year
period).
Nuveen
High
Yield
Income
Fund
Share
Class
Class
A
Class
C
Class
R6
Class
I
Actual
Performance
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,066.80
$
1,062.70
$
1,069.10
$
1,068.00
Expenses
Incurred
During
the
Period
$
5.29
$
9.13
$
3.24
$
4.01
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,019.76
$
1,016.03
$
1,021.74
$
1,021.01
Expenses
Incurred
During
the
Period
$
5.17
$
8.92
$
3.17
$
3.92
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
1.03%,
1.78%,
0.63%
and
0.78%
for
Classes
A,
C,
R6
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182
/366
(to
reflect
the
one-half
year
period).
Nuveen
Preferred
Securities
and
Income
Fund
Share
Class
Class
A
Class
C
Class
R6
Class
I
Actual
Performance
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,078.20
$
1,074.90
$
1,079.70
$
1,080.10
Expenses
Incurred
During
the
Period
$
5.43
$
9.29
$
3.72
$
4.14
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,019.65
$
1,015.93
$
1,021.29
$
1,020.90
Expenses
Incurred
During
the
Period
$
5.27
$
9.02
$
3.62
$
4.02
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
1.05%,
1.80%,
0.72%
and
0.80%
for
Classes
A,
C,
R6
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182
/366
(to
reflect
the
one-half
year
period).
Nuveen
Strategic
Income
Fund
Share
Class
Class
A
Class
C
Class
R6
Class
I
Actual
Performance
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,050.60
$
1,045.60
$
1,052.20
$
1,051.90
Expenses
Incurred
During
the
Period
$
4.28
$
8.09
$
2.50
$
3.01
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,020.70
$
1,016.95
$
1,022.41
$
1,021.93
Expenses
Incurred
During
the
Period
$
4.22
$
7.97
$
2.46
$
2.97
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.84%,
1.59%,
0.49%
and
0.59%
for
Classes
A,
C,
R6
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182
/366
(to
reflect
the
one-half
year
period).
Nuveen
Credit
Income
Fund
Portfolio
of
Investments
February
29,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
LONG-TERM
INVESTMENTS
-
98.6%
X
–
CORPORATE
BONDS
-
59.2%
X
48,481,271
Automobiles
&
Components
-
0.8%
$
500
Dana
Inc
4.500%
2/15/32
$
419,955
250
(b)
Goodyear
Tire
&
Rubber
Co/The
5.250%
7/15/31
225,620
Total
Automobiles
&
Components
645,575
Banks
-
0.2%
200
Turkiye
Garanti
Bankasi
AS,
144A
8.375%
2/28/34
201,024
Total
Banks
201,024
Capital
Goods
-
1.3%
325
AAR
Escrow
Issuer
LLC,
144A
,
(WI/DD)
6.750%
3/15/29
328,072
250
Albion
Financing
2
Sarl
,
144A
8.750%
4/15/27
249,979
290
Husky
Injection
Molding
Systems
Ltd
/
Titan
Co-Borrower
LLC,
144A
9.000%
2/15/29
296,333
200
IHS
Netherlands
Holdco
BV,
144A
8.000%
9/18/27
178,771
Total
Capital
Goods
1,053,155
Commercial
&
Professional
Services
-
1.7%
200
Ambipar
Lux
Sarl
,
144A
9.875%
2/06/31
198,732
200
GTCR
W-2
Merger
Sub
LLC,
144A
7.500%
1/15/31
208,600
300
MPH
Acquisition
Holdings
LLC,
144A
5.500%
9/01/28
261,750
250
(b)
MPH
Acquisition
Holdings
LLC,
144A
5.750%
11/01/28
199,375
250
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc
,
144A
6.250%
1/15/28
246,671
300
VT
Topco
Inc
,
144A
8.500%
8/15/30
312,885
Total
Commercial
&
Professional
Services
1,428,013
Consumer
Discretionary
Distribution
&
Retail
-
3.5%
500
Avis
Budget
Car
Rental
LLC
/
Avis
Budget
Finance
Inc
,
144A
8.000%
2/15/31
482,713
250
Hertz
Corp/The,
144A
4.625%
12/01/26
221,303
500
(c)
JSM
Global
Sarl
,
144A
4.750%
10/20/30
107,500
600
Kohl's
Corp
4.625%
5/01/31
472,500
250
LCM
Investments
Holdings
II
LLC,
144A
4.875%
5/01/29
224,512
200
LCM
Investments
Holdings
II
LLC,
144A
8.250%
8/01/31
204,119
250
Macy's
Retail
Holdings
LLC,
144A
6.125%
3/15/32
232,693
300
Michaels
Cos
Inc
/The,
144A
7.875%
5/01/29
193,711
100
Michaels
Cos
Inc
/The,
144A
5.250%
5/01/28
77,640
500
Staples
Inc
,
144A
7.500%
4/15/26
480,707
125
Staples
Inc
,
144A
10.750%
4/15/27
114,375
75
Wand
NewCo
3
Inc
,
144A
7.625%
1/30/32
77,062
Total
Consumer
Discretionary
Distribution
&
Retail
2,888,835
Consumer
Durables
&
Apparel
-
0.3%
225
Amer
Sports
Co,
144A
6.750%
2/16/31
223,922
Total
Consumer
Durables
&
Apparel
223,922
Consumer
Services
-
3.1%
300
Arcos
Dorados
BV,
144A
6.125%
5/27/29
293,910
300
Churchill
Downs
Inc
,
144A
5.750%
4/01/30
288,257
300
Fortune
Star
BVI
Ltd,
Reg
S
6.850%
7/02/24
293,191
245
Hilton
Grand
Vacations
Borrower
Escrow
LLC
/
Hilton
Grand
Vacations
Borrower
Esc,
144A
6.625%
1/15/32
244,999
300
NCL
Corp
Ltd,
144A
5.875%
3/15/26
293,025
335
Raising
Cane's
Restaurants
LLC,
144A
9.375%
5/01/29
356,846
Nuveen
Credit
Income
Fund
(continued)
Portfolio
of
Investments
February
29,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
Consumer
Services
(continued)
$
330
Royal
Caribbean
Cruises
Ltd,
144A
8.250%
1/15/29
$
350,024
155
Royal
Caribbean
Cruises
Ltd,
144A
,
(WI/DD)
6.250%
3/15/32
155,414
250
Wynn
Macau
Ltd,
144A
5.625%
8/26/28
234,890
Total
Consumer
Services
2,510,556
Consumer
Staples
Distribution
&
Retail
-
0.2%
150
Albertsons
Cos
Inc
/
Safeway
Inc
/
New
Albertsons
LP
/
Albertsons
LLC,
144A
6.500%
2/15/28
150,931
Total
Consumer
Staples
Distribution
&
Retail
150,931
Energy
-
10.0%
400
BORR
IHC
LTD
/
BORR
FIN,
144A
10.000%
11/15/28
412,500
300
Citgo
Petroleum
Corp,
144A
8.375%
1/15/29
315,051
110
Civitas
Resources
Inc
,
144A
8.625%
11/01/30
117,709
155
Civitas
Resources
Inc
,
144A
8.750%
7/01/31
164,838
230
CNX
Midstream
Partners
LP,
144A
4.750%
4/15/30
201,216
510
(b)
CNX
Resources
Corp,
144A
7.250%
3/01/32
508,228
200
(b)
Cosan
Luxembourg
SA,
144A
7.250%
6/27/31
203,520
250
Delek
Logistics
Partners
LP
/
Delek
Logistics
Finance
Corp,
144A
,
(WI/DD)
8.625%
3/15/29
250,266
175
EQM
Midstream
Partners
LP,
144A
6.375%
4/01/29
175,502
250
Genesis
Energy
LP
/
Genesis
Energy
Finance
Corp
8.000%
1/15/27
251,730
250
Global
Partners
LP
/
GLP
Finance
Corp,
144A
8.250%
1/15/32
256,426
200
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co,
144A
5.750%
2/01/29
193,416
450
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co,
144A
8.375%
11/01/33
483,413
250
Kinetik
Holdings
LP,
144A
6.625%
12/15/28
253,076
360
Kodiak
Gas
Services
LLC,
144A
7.250%
2/15/29
366,507
300
Kosmos
Energy
Ltd,
144A
7.750%
5/01/27
285,135
250
Medco
Laurel
Tree
Pte
Ltd,
144A
6.950%
11/12/28
242,551
375
New
Fortress
Energy
Inc
,
144A
6.500%
9/30/26
362,077
145
NGL
Energy
Operating
LLC
/
NGL
Energy
Finance
Corp,
144A
8.375%
2/15/32
147,288
110
NGL
Energy
Partners
LP,
144A
8.125%
2/15/29
111,037
295
PBF
Holding
Co
LLC
/
PBF
Finance
Corp,
144A
7.875%
9/15/30
302,281
170
Permian
Resources
Operating
LLC,
144A
7.000%
1/15/32
174,552
300
Peru
LNG
Srl
,
144A
5.375%
3/22/30
257,269
100
Talos
Production
Inc
,
144A
9.000%
2/01/29
102,206
125
Transocean
Aquila
Ltd,
144A
8.000%
9/30/28
127,344
300
Transocean
Titan
Financing
Ltd,
144A
8.375%
2/01/28
307,875
200
USA
Compression
Partners
LP
/
USA
Compression
Finance
Corp
6.875%
9/01/27
198,972
630
Venture
Global
LNG
Inc
,
144A
8.125%
6/01/28
640,021
765
Venture
Global
LNG
Inc
,
144A
9.875%
2/01/32
805,454
Total
Energy
8,217,460
Equity
Real
Estate
Investment
Trusts
(REITs)
-
1.6%
505
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC,
144A
8.000%
6/15/27
524,349
300
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC,
144A
3.375%
6/15/26
280,525
400
(b)
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp
5.000%
10/15/27
327,225
190
Uniti
Group
LP
/
Uniti
Group
Finance
Inc
/
CSL
Capital
LLC,
144A
10.500%
2/15/28
196,668
Total
Equity
Real
Estate
Investment
Trusts
(REITs)
1,328,767
Financial
Services
-
2.9%
425
FirstCash
Inc
,
144A
6.875%
3/01/32
420,800
335
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp,
144A
9.750%
1/15/29
350,075
250
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp
5.250%
5/15/27
229,613
180
Nationstar
Mortgage
Holdings
Inc
,
144A
7.125%
2/01/32
177,045
500
OneMain
Finance
Corp
3.875%
9/15/28
436,847
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
Financial
Services
(continued)
$
250
OneMain
Finance
Corp
6.625%
1/15/28
$
248,580
500
PennyMac
Financial
Services
Inc
,
144A
7.875%
12/15/29
511,805
Total
Financial
Services
2,374,765
Food,
Beverage
&
Tobacco
-
2.1%
405
B&G
Foods
Inc
,
144A
8.000%
9/15/28
421,629
280
Fiesta
Purchaser
Inc
,
144A
7.875%
3/01/31
288,725
255
Post
Holdings
Inc
,
144A
6.250%
2/15/32
256,318
200
Primo
Water
Holdings
Inc
,
144A
4.375%
4/30/29
181,450
650
Triton
Water
Holdings
Inc
,
144A
6.250%
4/01/29
567,437
Total
Food,
Beverage
&
Tobacco
1,715,559
Health
Care
Equipment
&
Services
-
4.2%
750
CHS/Community
Health
Systems
Inc
,
144A
6.125%
4/01/30
469,185
500
CHS/Community
Health
Systems
Inc
,
144A
5.250%
5/15/30
398,914
750
DaVita
Inc
,
144A
4.625%
6/01/30
659,735
500
Global
Medical
Response
Inc
,
144A
6.500%
10/01/25
438,750
355
Heartland
Dental
LLC
/
Heartland
Dental
Finance
Corp,
144A
10.500%
4/30/28
372,750
82
(b)
Heartland
Dental
LLC
/
Heartland
Dental
Finance
Corp,
144A
8.500%
5/01/26
80,565
550
LifePoint
Health
Inc
,
144A
9.875%
8/15/30
570,618
400
(b)
Star
Parent
Inc
,
144A
9.000%
10/01/30
422,148
Total
Health
Care
Equipment
&
Services
3,412,665
Household
&
Personal
Products
-
0.6%
500
Kronos
Acquisition
Holdings
Inc
/
KIK
Custom
Products
Inc
,
144A
7.000%
12/31/27
482,500
Total
Household
&
Personal
Products
482,500
Insurance
-
2.8%
475
Acrisure
LLC
/
Acrisure
Finance
Inc
,
144A
8.250%
2/01/29
469,316
370
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-
Issuer,
144A
6.750%
4/15/28
367,532
115
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-
Issuer,
144A
7.000%
1/15/31
114,550
250
AmWINS
Group
Inc
,
144A
6.375%
2/15/29
250,163
260
Ardonagh
Finco
Ltd,
144A
7.750%
2/15/31
256,776
210
Ardonagh
Group
Finance
Ltd,
144A
8.875%
2/15/32
205,317
200
Howden
UK
Refinance
PLC
/
Howden
UK
Refinance
2
PLC
/
Howden
US
Refinance
LLC,
144A
7.250%
2/15/31
200,300
390
HUB
International
Ltd,
144A
7.375%
1/31/32
391,236
Total
Insurance
2,255,190
Materials
-
7.8%
400
Arsenal
AIC
Parent
LLC,
144A
8.000%
10/01/30
419,000
200
Braskem
Idesa
SAPI,
144A
6.990%
2/20/32
144,201
200
Cemex
SAB
de
CV,
144A
9.125%
12/30/49
213,294
400
Clydesdale
Acquisition
Holdings
Inc
,
144A
8.750%
4/15/30
380,741
280
FMG
Resources
August
2006
Pty
Ltd,
144A
5.875%
4/15/30
274,031
450
Herens
Holdco
Sarl
,
144A
4.750%
5/15/28
393,013
200
LABL
Inc
,
144A
9.500%
11/01/28
200,048
350
Mauser
Packaging
Solutions
Holding
Co,
144A
7.875%
8/15/26
354,661
100
Mauser
Packaging
Solutions
Holding
Co,
144A
9.250%
4/15/27
97,243
345
Mineral
Resources
Ltd,
144A
8.500%
5/01/30
354,320
580
Mineral
Resources
Ltd,
144A
9.250%
10/01/28
608,275
120
NOVA
Chemicals
Corp,
144A
8.500%
11/15/28
126,703
375
NOVA
Chemicals
Corp,
144A
9.000%
2/15/30
376,199
500
SCIH
Salt
Holdings
Inc
,
144A
6.625%
5/01/29
454,630
Nuveen
Credit
Income
Fund
(continued)
Portfolio
of
Investments
February
29,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
Materials
(continued)
$
385
Star
Energy
Geothermal
Wayang
Windu
Ltd,
144A
6.750%
4/24/33
$
386,671
520
SunCoke
Energy
Inc
,
144A
4.875%
6/30/29
466,700
555
Tronox
Inc
,
144A
4.625%
3/15/29
491,248
200
Vibrantz
Technologies
Inc
,
144A
9.000%
2/15/30
184,000
200
Volcan
Cia
Minera
SAA,
144A
4.375%
2/11/26
124,844
350
WR
Grace
Holdings
LLC,
144A
5.625%
8/15/29
306,924
Total
Materials
6,356,746
Media
&
Entertainment
-
4.8%
200
Altice
Financing
SA,
144A
5.000%
1/15/28
176,948
250
Cablevision
Lightpath
LLC,
144A
5.625%
9/15/28
208,053
750
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp,
144A
7.375%
3/03/31
726,696
500
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp,
144A
6.375%
9/01/29
469,758
500
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp,
144A
4.250%
1/15/34
373,829
100
Clear
Channel
Outdoor
Holdings
Inc
,
144A
7.500%
6/01/29
82,750
200
CSC
Holdings
LLC,
144A
11.750%
1/31/29
209,064
450
DISH
Network
Corp,
144A
11.750%
11/15/27
469,160
100
Gray
Television
Inc
,
144A
4.750%
10/15/30
64,435
475
LCPR
Senior
Secured
Financing
DAC,
144A
5.125%
7/15/29
399,152
275
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp,
144A
7.375%
2/15/31
287,009
250
VZ
Secured
Financing
BV,
144A
5.000%
1/15/32
213,392
300
Ziggo
Bond
Co
BV,
144A
6.000%
1/15/27
293,176
Total
Media
&
Entertainment
3,973,422
Pharmaceuticals,
Biotechnology
&
Life
Sciences
-
0.3%
400
Bausch
Health
Cos
Inc
,
144A
4.875%
6/01/28
227,892
Total
Pharmaceuticals,
Biotechnology
&
Life
Sciences
227,892
Real
Estate
Management
&
Development
-
0.6%
554
Anywhere
Real
Estate
Group
LLC
/
Anywhere
Co-Issuer
Corp,
144A
7.000%
4/15/30
502,035
Total
Real
Estate
Management
&
Development
502,035
Software
&
Services
-
1.3%
350
Ahead
DB
Holdings
LLC,
144A
6.625%
5/01/28
312,190
300
Condor
Merger
Sub
Inc
,
144A
7.375%
2/15/30
264,773
100
Minerva
Merger
Sub
Inc
,
144A
6.500%
2/15/30
89,528
430
UKG
Inc
,
144A
6.875%
2/01/31
434,472
Total
Software
&
Services
1,100,963
Technology
Hardware
&
Equipment
-
0.8%
150
(b)
Commscope
Inc
,
144A
6.000%
3/01/26
135,000
300
(b)
CommScope
Technologies
LLC,
144A
6.000%
6/15/25
244,500
235
NCR
Corp
ATM,
144A
9.500%
4/01/29
248,582
Total
Technology
Hardware
&
Equipment
628,082
Telecommunication
Services
-
3.5%
650
Altice
France
SA/France,
144A
8.125%
2/01/27
597,301
175
Cablevision
Lightpath
LLC,
144A
3.875%
9/15/27
158,627
500
(b)
Frontier
Communications
Holdings
LLC
5.875%
11/01/29
428,255
185
Iliad
Holding
SASU,
144A
6.500%
10/15/26
182,893
650
Level
3
Financing
Inc
,
144A
3.400%
3/01/27
663,000
400
Level
3
Financing
Inc
,
144A
4.625%
9/15/27
258,000
200
Level
3
Financing
Inc
,
144A
10.500%
5/15/30
205,000
400
Virgin
Media
Finance
PLC,
144A
5.000%
7/15/30
345,326
Total
Telecommunication
Services
2,838,402
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
Transportation
-
2.5%
$
400
Allegiant
Travel
Co,
144A
7.250%
8/15/27
$
389,401
265
(b)
American
Airlines
Inc
,
144A
7.250%
2/15/28
267,206
115
American
Airlines
Inc
,
144A
8.500%
5/15/29
120,895
300
(b)
Cargo
Aircraft
Management
Inc
,
144A
4.750%
2/01/28
265,350
400
(b)
GN
Bondco
LLC,
144A
9.500%
10/15/31
396,000
650
Hawaiian
Brand
Intellectual
Property
Ltd
/
HawaiianMiles
Loyalty
Ltd,
144A
5.750%
1/20/26
613,437
Total
Transportation
2,052,289
Utilities
-
2.3%
275
Edison
International
5.375%
9/15/72
265,060
630
Ferrellgas
LP
/
Ferrellgas
Finance
Corp,
144A
5.875%
4/01/29
598,030
213
India
Cleantech
Energy2021
1,
144A
4.700%
8/10/26
198,846
335
NextEra
Energy
Operating
Partners
LP,
144A
7.250%
1/15/29
340,524
200
ReNew
Wind
Energy
AP2
/
ReNew
Power
Pvt
Ltd
other
9
Subsidiaries,
144A
4.500%
7/14/28
183,000
310
Talen
Energy
Supply
LLC,
144A
8.625%
6/01/30
327,063
Total
Utilities
1,912,523
Total
Corporate
Bonds
(cost
$48,343,634)
48,481,271
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X–
ASSET-BACKED
AND
MORTGAGE-BACKED
SECURITIES
-
20.4%
X
16,698,797
$
1,000
(d)
Ashford
Hospitality
Trust
2018-KEYS,
(1-Month
LIBOR
reference
rate
+
2.922%
spread),
2018
KEYS,
144A
2.860%
6/15/35
$
972,608
3
(e)
Carvana
Auto
Receivables
Trust
2021-P2,
2021
P2,
144A
0.000%
5/10/28
549,650
1,000
COMM
2014-UBS3
Mortgage
Trust,
2014
UBS3,
144A
4.767%
6/10/47
561,577
900
COMM
2015-CCRE22
Mortgage
Trust,
2015
CR22,
144A
3.000%
3/10/48
675,320
485
COMM
2015-CCRE25
Mortgage
Trust,
2015
CR25
3.768%
8/10/48
426,307
1,000
(d)
Connecticut
Avenue
Securities
Trust
2021-R01,
(SOFR30A
reference
rate
+
6.000%
spread),
2021
R01,
144A
11.322%
10/25/41
1,043,688
850
(d)
Connecticut
Avenue
Securities
Trust
2022-R01,
(SOFR30A
reference
rate
+
6.000%
spread),
2022
R01,
144A
11.322%
12/25/41
887,789
500
(d)
Connecticut
Avenue
Securities
Trust
2023-R04,
(SOFR30A
reference
rate
+
5.350%
spread),
2023
R04,
144A
10.671%
5/25/43
548,168
565
(d)
Connecticut
Avenue
Securities
Trust
2023-R06,
(SOFR30A
reference
rate
+
5.900%
spread),
2023
R06,
144A
11.222%
7/25/43
610,835
500
(d)
Elmwood
CLO
16
Ltd,
(TSFR3M
reference
rate
+
7.220%
spread),
2022
3A,
144A
12.538%
4/20/34
501,922
418
FARM
21-1
Mortgage
Trust,
2021
1,
144A
3.242%
7/25/51
305,201
1,000
(d)
Freddie
Mac
STACR
REMIC
Trust
2021-DNA6,
(SOFR30A
reference
rate
+
7.500%
spread),
2021
DNA6,
144A
12.822%
10/25/41
1,071,132
1,000
(d)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA1,
(SOFR30A
reference
rate
+
7.100%
spread),
2022
DNA1,
144A
12.422%
1/25/42
1,059,368
650
(d)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA2,
(SOFR30A
reference
rate
+
4.750%
spread),
2022
DNA2,
144A
10.072%
2/25/42
681,976
450
(d)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA2,
(SOFR30A
reference
rate
+
8.500%
spread),
2022
DNA2,
144A
13.788%
2/25/42
493,632
500
Frontier
Issuer
LLC,
2023
1,
144A
11.500%
8/20/53
504,723
500
(d)
GoldentTree
Loan
Management
US
CLO
1
Ltd,
(3-Month
LIBOR
reference
rate
+
7.762%
spread),
2021
11A,
144A
8.563%
10/20/34
459,121
800
JPMBB
Commercial
Mortgage
Securities
Trust
2014-C22,
2014
C22
4.561%
9/15/47
678,967
1,187
(e)
Mosaic
Solar
Loan
Trust
2019-2,
2019
2A,
144A
0.000%
9/20/40
360,151
1,242
(e)
Mosaic
Solar
Loan
Trust
2020-1,
2020
1A,
144A
0.000%
4/20/46
799,029
213
Oportun
Funding
XIV
LLC,
2021
A,
144A
5.400%
3/08/28
198,540
1,000
(d)
Palmer
Square
CLO
2023-1
Ltd,
(TSFR3M
reference
rate
+
5.300%
spread),
2023
1A,
144A
10.618%
1/20/36
1,014,243
Nuveen
Credit
Income
Fund
(continued)
Portfolio
of
Investments
February
29,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X–
ASSET-BACKED
AND
MORTGAGE-BACKED
SECURITIES
(continued)
$
750
(d)
Thayer
Park
CLO
Ltd,
(TSFR3M
reference
rate
+
9.132%
spread),
2017
1A,
144A
1.000%
4/20/34
$
699,209
1,000
VNDO
Trust
2016-350P,
2016
350P,
144A
3.903%
1/10/35
795,355
866
VR
Funding
LLC,
2020
1A,
144A
6.420%
11/15/50
800,286
Total
Asset-Backed
and
Mortgage-Backed
Securities
(cost
$18,278,178)
16,698,797
Principal
Amount
(000)
Description
(a)
Coupon
(f)
Reference
Rate
(f)
Spread
(f)
Maturity
(g)
Value
X
–
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
-
8.5%
(f)
X
6,981,761
Capital
Goods
-
0.9%
$
250
Foundation
Building
Materials
Inc
,
(WI/DD)
TBD
TBD
TBD
TBD
$
250,245
454
Windsor
Holdings
III,
LLC,
Term
Loan
B
9.824%
TSFR1M
4.500%
8/01/30
455,210
Total
Capital
Goods
705,455
Consumer
Services
-
1.1%
186
Caesars
Resort
Collection,
LLC,
Term
Loan
B,
First
Lien
,
(WI/DD)
TBD
TBD
TBD
TBD
186,679
475
ClubCorp
Holdings,
Inc.,
Term
Loan
B2
10.610%
TSFR2M
5.000%
9/18/26
474,227
241
Life
Time
Fitness
Inc
,
Term
Loan
B
9.824%
SOFR90A
4.750%
1/15/26
242,480
Total
Consumer
Services
903,386
Financial
Services
-
0.5%
430
GTCR
W
Merger
Sub
LLC,
Term
Loan
B
8.326%
TSFR1M
3.000%
1/31/31
432,150
Total
Financial
Services
432,150
Food,
Beverage
&
Tobacco
-
0.5%
489
City
Brewing
Company,
LLC,
Term
Loan
9.078%
SOFR90A
3.500%
4/05/28
377,804
Total
Food,
Beverage
&
Tobacco
377,804
Health
Care
Equipment
&
Services
-
1.6%
493
Bausch
&
Lomb,
Inc.,
Term
Loan
8.671%
SOFR30A
3.250%
5/05/27
488,575
1
Da
Vinci
Purchaser
Corp.,
Term
Loan
9.441%
SOFR30A
4.000%
11/26/26
879
496
Medline
Borrower,
LP,
Term
Loan
B
8.441%
TSFR1M
3.000%
10/21/28
496,207
2
Onex
TSG
Intermediate
Corp.,
Term
Loan
B
10.324%
SOFR90A
4.750%
2/28/28
2,419
293
Parexel
International
Corporation,
Term
Loan,
First
Lien
8.691%
TSFR1M
3.250%
11/15/28
293,586
2
US
Radiology
Specialists,
Inc.,
Term
Loan
10.748%
SOFR90A
5.250%
12/15/27
1,836
Total
Health
Care
Equipment
&
Services
1,283,502
Insurance
-
1.0%
250
Asurion
LLC,
Term
Loan
B3,
Second
Lien
10.691%
TSFR1M
5.250%
2/03/28
239,375
600
USI,
Inc.,
Term
Loan
B
,
(DD1)
8.348%
SOFR90A
3.000%
11/22/29
600,859
Total
Insurance
840,234
Principal
Amount
(000)
Description
(a)
Coupon
(f)
Reference
Rate
(f)
Spread
(f)
Maturity
(g)
Value
Materials
-
0.5%
$
280
Lonza
Group
AG,
Term
Loan
B
,
(WI/DD)
TBD
TBD
TBD
TBD
$
263,001
175
Lonza
Group
AG,
Term
Loan
B,
First
Lien
9.373%
3-Month
LIBOR
3.925%
7/03/28
164,194
Total
Materials
427,195
Media
&
Entertainment
-
0.4%
125
Virgin
Media
Bristol
LLC,
Term
Loan
Q
8.682%
SOFR30A
3.250%
1/31/29
124,758
215
Wood
Mackenzie
Limited,
Term
Loan
B
,
(WI/DD)
TBD
TBD
TBD
TBD
215,135
Total
Media
&
Entertainment
339,893
Pharmaceuticals,
Biotechnology
&
Life
Sciences
-
0.9%
587
Jazz
Financing
Lux
S.a.r.l
.,
Term
Loan
B
8.441%
TSFR1M
3.000%
5/05/28
588,206
110
Organon
&
Co,
Term
Loan
8.432%
TSFR1M
3.000%
6/02/28
110,276
Total
Pharmaceuticals,
Biotechnology
&
Life
Sciences
698,482
Real
Estate
Management
&
Development
-
0.3%
262
Cushman
&
Wakefield
U.S.
Borrower,
LLC,
Term
Loan
8.676%
TSFR1M
3.250%
1/31/30
260,163
26
Cushman
&
Wakefield
U.S.
Borrower,
LLC,
Term
Loan
B
8.191%
TSFR1M
2.750%
8/21/25
25,793
Total
Real
Estate
Management
&
Development
285,956
Utilities
-
0.8%
656
Talen
Energy
Supply,
LLC,
Term
Loan
B
9.826%
SOFR90A
4.500%
5/17/30
659,410
28
Talen
Energy
Supply,
LLC,
Term
Loan
C
9.826%
SOFR90A
4.500%
5/27/30
28,294
Total
Utilities
687,704
Total
Variable
Rate
Senior
Loan
Interests
(cost
$7,024,703)
6,981,761
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X
–
SOVEREIGN
DEBT
-
3.9%
X
3,156,179
Angola
-
0.2%
$
200
Angolan
Government
International
Bond,
144A
8.750%
4/14/32
$
175,250
Total
Angola
175,250
Benin
-
0.3%
200
Benin
Government
International
Bond,
144A
7.960%
2/13/38
193,612
Total
Benin
193,612
Cote
d'Ivoire
-
0.3%
300
Ivory
Coast
Government
International
Bond,
144A
6.125%
6/15/33
262,684
Total
Cote
d'Ivoire
262,684
Dominican
Republic
-
0.3%
300
Dominican
Republic
International
Bond,
144A
4.875%
9/23/32
266,470
Total
Dominican
Republic
266,470
Ecuador
-
0.2%
400
Ecuador
Government
International
Bond,
Reg
S
3.500%
7/31/35
190,676
Total
Ecuador
190,676
Nuveen
Credit
Income
Fund
(continued)
Portfolio
of
Investments
February
29,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
El
Salvador
-
0.2%
$
200
El
Salvador
Government
International
Bond,
144A
7.625%
9/21/34
$
145,000
Total
El
Salvador
145,000
Kenya
-
0.2%
200
Republic
of
Kenya
Government
International
Bond,
144A
7.000%
5/22/27
191,228
Total
Kenya
191,228
Morocco
-
0.3%
210
Morocco
Government
International
Bond,
144A
6.500%
9/08/33
214,988
Total
Morocco
214,988
Namibia
-
0.4%
300
Namibia
International
Bonds,
144A
5.250%
10/29/25
295,536
Total
Namibia
295,536
Panama
-
0.3%
200
Panama
Government
International
Bond
8.000%
3/01/38
204,483
Total
Panama
204,483
Paraguay
-
0.2%
200
(b)
Paraguay
Government
International
Bond,
144A
6.000%
2/09/36
200,300
Total
Paraguay
200,300
Senegal
-
0.3%
300
Senegal
Government
International
Bond,
144A
6.250%
5/23/33
248,866
Total
Senegal
248,866
South
Africa
-
0.2%
200
Republic
of
South
Africa
Government
International
Bond
5.875%
4/20/32
180,280
Total
South
Africa
180,280
Turkey
-
0.3%
200
(b)
Turkiye
Government
International
Bond
7.625%
5/15/34
199,120
Total
Turkey
199,120
Uzbekistan
-
0.2%
200
Republic
of
Uzbekistan
International
Bond,
144A
5.375%
2/20/29
187,686
Total
Uzbekistan
187,686
Total
Sovereign
Debt
(cost
$3,155,522)
3,156,179
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X
–
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
3.4%
X
2,797,014
Automobiles
&
Components
-
0.3%
$
225
(b)
General
Motors
Financial
Co
Inc
5.700%
N/A
(h)
$
210,708
Total
Automobiles
&
Components
210,708
Banks
-
0.9%
200
Banco
de
Credito
e
Inversiones
SA,
144A
8.750%
N/A
(h)
205,500
300
Banco
Nacional
de
Comercio
Exterior
SNC/Cayman
Islands,
144A
2.720%
8/11/31
261,657
150
Citigroup
Inc
7.625%
N/A
(h)
154,679
150
Huntington
Bancshares
Inc
/OH
5.625%
N/A
(h)
135,750
Total
Banks
757,586
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
Capital
Goods
-
0.5%
$
250
AerCap
Global
Aviation
Trust,
144A
6.500%
6/15/45
$
247,926
200
IRB
Infrastructure
Developers
Ltd
,
(WI/DD)
7.110%
3/11/32
199,834
Total
Capital
Goods
447,760
Energy
-
0.3%
235
Energy
Transfer
LP
6.500%
N/A
(h)
227,774
Total
Energy
227,774
Insurance
-
0.4%
310
Enstar
Finance
LLC
5.750%
9/01/40
296,527
Total
Insurance
296,527
Media
&
Entertainment
-
0.3%
330
Paramount
Global
6.375%
3/30/62
286,275
Total
Media
&
Entertainment
286,275
Utilities
-
0.7%
250
NRG
Energy
Inc
,
144A
10.250%
N/A
(h)
265,217
300
Vistra
Corp,
144A
8.875%
N/A
(h)
305,167
Total
Utilities
570,384
Total
$1,000
Par
(or
similar)
Institutional
Preferred
(cost
$2,736,600)
2,797,014
Principal
Amount
(000)
Description
(a),(
i
)
Coupon
Maturity
Value
X
–
CONTINGENT
CAPITAL
SECURITIES
-
2.7%
X
2,231,756
Banks
-
1.7%
$
200
Banco
Bilbao
Vizcaya
Argentaria
SA
9.375%
N/A
(h)
$
211,048
200
Bank
Leumi
Le-Israel
BM,
144A,
Reg
S
3.275%
1/29/31
182,762
300
Barclays
PLC
8.000%
N/A
(h)
294,774
300
(b)
ING
Groep
NV
6.500%
N/A
(h)
294,771
200
Societe
Generale
SA,
144A
9.375%
N/A
(h)
205,626
300
UniCredit
SpA
,
Reg
S
8.000%
N/A
(h)
299,967
Total
Banks
1,488,948
Financial
Services
-
1.0%
350
Deutsche
Bank
AG
6.000%
N/A
(h)
308,315
200
UBS
Group
AG,
144A
9.250%
N/A
(h)
220,973
200
UBS
Group
AG,
144A
9.250%
N/A
(h)
213,520
Total
Financial
Services
742,808
Total
Contingent
Capital
Securities
(cost
$2,151,592)
2,231,756
Shares
Description
(a)
Coupon
Value
X
–
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
0.5%
X
353,951
Energy
-
0.3%
7,660
NuStar
Energy
LP
12.405%
$
194,257
Total
Energy
194,257
Financial
Services
-
0.2%
6,375
Synchrony
Financial
8.250%
159,694
Total
Financial
Services
159,694
Total
$25
Par
(or
similar)
Retail
Preferred
(cost
$312,763)
353,951
Nuveen
Credit
Income
Fund
(continued)
Portfolio
of
Investments
February
29,
2024
(Unaudited)
Investments
in
Derivatives
Shares
Description
(a)
Value
X
–
COMMON
STOCKS
-
0.0%
X
128
Semiconductors
&
Semiconductor
Equipment
-
0.0%
130
(j)
Bright
Bidco
BV
$
39
Total
Semiconductors
&
Semiconductor
Equipment
39
Transportation
-
0.0%
8,907
(e),(j)
Jack
Cooper
Enterprises
Inc
89
Total
Transportation
89
Total
Common
Stocks
(cost
$–)
128
Total
Long-Term
Investments
(cost
$82,002,992)
80,700,857
Shares
Description
(a)
Coupon
Value
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
5.4%
4,403,069
(k)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
5.340%(l)
$
4,403,069
Total
Investments
Purchased
with
Collateral
from
Securities
Lending
(cost
$4,403,069)
4,403,069
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
1.7%
–
REPURCHASE
AGREEMENTS
-
1.7%
X
1,400,000
$
1,400
(m)
Fixed
Income
Clearing
Corp
(FICC)
5.280%
3/01/24
$
1,400,000
Total
Repurchase
Agreements
(cost
$1,400,000)
1,400,000
Total
Short-Term
Investments
(cost
$1,400,000)
1,400,000
Total
Investments
(cost
$87,806,061
)
-
105.7%
86,503,926
Other
Assets
&
Liabilities,
Net
- (5.7)%
(4,630,778)
Net
Assets
-
100%
$
81,873,148
Futures
Contracts
-
Long
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
U.S.
Treasury
5-Year
Note
56
6/24
$
5,976,969
$
5,986,750
$
9,781
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(b)
Investment,
or
a
portion
of
investment,
is
out
on
loan
for
securities
lending.
The
total
value
of
the
securities
out
on
loan
as
of
the
end
of
the
reporting
period
was
$4,224,677.
(c)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(d)
Variable
rate
security.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(e)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(f)
Senior
loans
generally
pay
interest
at
rates
which
are
periodically
adjusted
by
reference
to
a
base
short-term,
floating
lending
rate
(Reference
Rate)
plus
an
assigned
fixed
rate
(Spread).
These
floating
lending
rates
are
generally
(
i
)
the
lending
rate
referenced
by
the
London
Inter-Bank
Offered
Rate
("LIBOR"),
or
(ii)
the
prime
rate
offered
by
one
or
more
major
United
States
banks.
Senior
loans
may
be
considered
restricted
in
that
the
Fund
ordinarily
is
contractually
obligated
to
receive
approval
from
the
agent
bank
and/or
borrower
prior
to
the
disposition
of
a
senior
loan.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(g)
Senior
loans
generally
are
subject
to
mandatory
and/or
optional
prepayment.
Because
of
these
mandatory
prepayment
conditions
and
because
there
may
be
significant
economic
incentives
for
a
borrower
to
prepay,
prepayments
of
senior
loans
may
occur.
As
a
result,
the
actual
remaining
maturity
of
senior
loans
held
may
be
substantially
less
than
the
stated
maturities
shown.
(h)
Perpetual
security.
Maturity
date
is
not
applicable.
(
i
)
Contingent
Capital
Securities
(“
CoCos
”)
are
hybrid
securities
with
loss
absorption
characteristics
built
into
the
terms
of
the
security
for
the
benefit
of
the
issuer.
For
example,
the
terms
may
specify
an
automatic
write-down
of
principal
or
a
mandatory
conversion
into
the
issuer’s
common
stock
under
certain
adverse
circumstances,
such
as
the
issuer’s
capital
ratio
falling
below
a
specified
level.
(j)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(k)
The
Fund
may
loan
securities
representing
up
to
one
third
of
the
value
of
its
total
assets
(which
includes
collateral
for
securities
on
loan)
to
broker
dealers,
banks,
and
other
institutions.
The
collateral
maintained
by
the
Fund
shall
have
a
value,
at
the
inception
of
each
loan,
equal
to
not
less
than
100%
of
the
value
of
the
loaned
securities.
The
cash
collateral
received
by
the
Fund
is
invested
in
this
money
market
fund.
(l)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
(m)
Agreement
with
Fixed
Income
Clearing
Corporation,
5.280%
dated
2/29/24
to
be
repurchased
at
$1,400,205
on
3/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
4.250%
and
maturity
date
2/28/29,
valued
at
$1,428,072.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
DD1
Portion
of
investment
purchased
on
a
delayed
delivery
basis.
LIBOR
London
Inter-Bank
Offered
Rate
Reg
S
Regulation
S
allows
U.S.
companies
to
sell
securities
to
persons
or
entities
located
outside
of
the
United
States
without
registering
those
securities
with
the
Securities
and
Exchange
Commission.
Specifically,
Regulation
S
provides
a
safe
harbor
from
the
registration
requirements
of
the
Securities
Act
for
the
offers
and
sales
of
securities
by
both
foreign
and
domestic
issuers
that
are
made
outside
the
United
States.
REIT
Real
Estate
Investment
Trust
SOFR
30A
30
Day
Average
Secured
Overnight
Financing
Rate
SOFR
90A
90
Day
Average
Secured
Overnight
Financing
Rate
TBD
Senior
loan
purchased
on
a
when-issued
or
delayed-delivery
basis.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date
of
the
transaction.
In
addition,
senior
loans
typically
trade
without
accrued
interest
and
therefore
a
coupon
rate
is
not
available
prior
to
settlement.
At
settlement,
if
still
unknown,
the
borrower
or
counterparty
will
provide
the
Fund
with
the
final
coupon
rate
and
maturity
date.
TSFR
1M
CME
Term
SOFR
1
Month
TSFR
2M
CME
Term
SOFR
2
Month
TSFR
3M
CME
Term
SOFR
3
Month
WI/DD
When-issued
or
delayed
delivery
security.
See
Notes
to
Financial
Statements
Nuveen
Flexible
Income
Fund
Portfolio
of
Investments
February
29,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
LONG-TERM
INVESTMENTS
-
97.6%
X
–
CORPORATE
BONDS
-
50.8%
X
570,129,170
Automobiles
&
Components
-
3.4%
$
2,675
Dana
Inc
5.625%
6/15/28
$
2,589,473
7,475
(b)
Ford
Motor
Co
5.291%
12/08/46
6,464,167
9,365
Ford
Motor
Credit
Co
LLC
7.350%
11/04/27
9,788,056
15,280
General
Motors
Co
6.600%
4/01/36
16,076,649
2,875
Goodyear
Tire
&
Rubber
Co/The
9.500%
5/31/25
2,903,750
Total
Automobiles
&
Components
37,822,095
Capital
Goods
-
4.7%
3,200
Ashtead
Capital
Inc,
144A
4.000%
5/01/28
2,993,002
6,715
ATS
Corp,
144A
4.125%
12/15/28
6,128,445
13,025
Regal
Rexnord
Corp,
144A
6.400%
4/15/33
13,372,045
7,150
Regal
Rexnord
Corp,
144A
6.050%
2/15/26
7,179,603
2,675
Regal
Rexnord
Corp,
144A
6.050%
4/15/28
2,691,798
6,300
Roller
Bearing
Co
of
America
Inc,
144A
4.375%
10/15/29
5,739,517
9,075
United
Rentals
North
America
Inc
5.250%
1/15/30
8,786,817
5,847
WESCO
Distribution
Inc,
144A
7.250%
6/15/28
5,975,261
Total
Capital
Goods
52,866,488
Consumer
Discretionary
Distribution
&
Retail
-
2.4%
11,519
Bath
&
Body
Works
Inc
6.875%
11/01/35
11,524,783
8,005
Gap
Inc,
144A
3.875%
10/01/31
6,457,220
12,094
Nordstrom
Inc
5.000%
1/15/44
8,641,163
Total
Consumer
Discretionary
Distribution
&
Retail
26,623,166
Consumer
Services
-
1.9%
2,880
Caesars
Entertainment
Inc,
144A
6.500%
2/15/32
2,901,551
12,575
McDonald's
Corp
4.875%
12/09/45
11,598,592
6,872
Scientific
Games
International
Inc,
144A
7.500%
9/01/31
7,159,552
Total
Consumer
Services
21,659,695
Consumer
Staples
Distribution
&
Retail
-
1.9%
21,339
Albertsons
Cos
Inc
/
Safeway
Inc
/
New
Albertsons
LP
/
Albertsons
LLC,
144A
7.500%
3/15/26
21,721,458
Total
Consumer
Staples
Distribution
&
Retail
21,721,458
Energy
-
2.9%
3,268
Antero
Midstream
Partners
LP
/
Antero
Midstream
Finance
Corp,
144A
7.875%
5/15/26
3,338,115
5,375
Antero
Resources
Corp,
144A
7.625%
2/01/29
5,535,906
11,275
COLUMBIA
PIPELINES
OPCO,
144A
6.544%
11/15/53
12,010,959
5,875
Diamondback
Energy
Inc
6.250%
3/15/33
6,176,484
6,404
Phillips
66
4.650%
11/15/34
6,018,062
Total
Energy
33,079,526
Equity
Real
Estate
Investment
Trusts
(REITs)
-
1.3%
5,875
Iron
Mountain
Inc,
144A
7.000%
2/15/29
5,963,598
9,550
VICI
Properties
LP
5.625%
5/15/52
8,647,238
Total
Equity
Real
Estate
Investment
Trusts
(REITs)
14,610,836
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
Financial
Services
-
2.1%
$
10,114
Ally
Financial
Inc
8.000%
11/01/31
$
11,102,510
8,700
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC,
144A
6.000%
4/15/25
8,611,592
3,990
Raymond
James
Financial
Inc
4.950%
7/15/46
3,663,220
Total
Financial
Services
23,377,322
Food,
Beverage
&
Tobacco
-
1.6%
9,250
Altria
Group
Inc
5.800%
2/14/39
9,224,116
4,400
Anheuser-Busch
Cos
LLC
/
Anheuser-Busch
InBev
Worldwide
Inc
4.900%
2/01/46
4,067,782
4,510
Anheuser-Busch
InBev
Finance
Inc
4.900%
2/01/46
4,169,476
Total
Food,
Beverage
&
Tobacco
17,461,374
Health
Care
Equipment
&
Services
-
2.7%
9,550
CVS
Health
Corp
4.780%
3/25/38
8,678,182
12,750
HCA
Inc
5.125%
6/15/39
11,848,364
5,750
IQVIA
Inc
6.250%
2/01/29
5,916,008
4,400
(b)
Tenet
Healthcare
Corp
6.125%
10/01/28
4,350,500
Total
Health
Care
Equipment
&
Services
30,793,054
Materials
-
4.5%
6,600
ArcelorMittal
SA
7.000%
10/15/39
7,043,917
5,575
(b)
ArcelorMittal
SA
6.800%
11/29/32
5,893,561
7,837
Ashland
Inc
6.875%
5/15/43
8,092,297
11,375
Celanese
US
Holdings
LLC
6.165%
7/15/27
11,548,082
11,300
Sealed
Air
Corp,
144A
6.875%
7/15/33
11,694,415
6,625
Southern
Copper
Corp
5.875%
4/23/45
6,587,581
Total
Materials
50,859,853
Media
&
Entertainment
-
6.2%
6,775
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp,
144A
5.125%
5/01/27
6,403,492
14,500
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
6.484%
10/23/45
13,246,571
14,824
Nexstar
Media
Inc,
144A
5.625%
7/15/27
14,048,400
11,879
Paramount
Global
6.875%
4/30/36
10,898,491
16,415
(b)
TripAdvisor
Inc,
144A
7.000%
7/15/25
16,434,534
10,325
Warnermedia
Holdings
Inc
5.141%
3/15/52
8,390,049
Total
Media
&
Entertainment
69,421,537
Pharmaceuticals,
Biotechnology
&
Life
Sciences
-
1.3%
13,125
Amgen
Inc
4.875%
3/01/53
11,776,580
2,650
Avantor
Funding
Inc,
144A
4.625%
7/15/28
2,501,291
Total
Pharmaceuticals,
Biotechnology
&
Life
Sciences
14,277,871
Semiconductors
&
Semiconductor
Equipment
-
1.2%
13,308
Amkor
Technology
Inc,
144A
6.625%
9/15/27
13,378,692
Total
Semiconductors
&
Semiconductor
Equipment
13,378,692
Software
&
Services
-
2.1%
5,975
Gen
Digital
Inc,
144A
5.000%
4/15/25
5,915,250
5,750
Gen
Digital
Inc,
144A
7.125%
9/30/30
5,874,342
8,000
Oracle
Corp
6.500%
4/15/38
8,550,192
2,950
Oracle
Corp
5.550%
2/06/53
2,818,254
Total
Software
&
Services
23,158,038
Technology
Hardware
&
Equipment
-
3.7%
22,044
Hewlett
Packard
Enterprise
Co
6.350%
10/15/45
22,780,748
6,775
Seagate
HDD
Cayman
9.625%
12/01/32
7,656,428
3,245
Seagate
HDD
Cayman
4.091%
6/01/29
2,961,142
Nuveen
Flexible
Income
Fund
(continued)
Portfolio
of
Investments
February
29,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
Technology
Hardware
&
Equipment
(continued)
$
9,175
(b)
Viasat
Inc,
144A
5.625%
4/15/27
$
8,613,031
Total
Technology
Hardware
&
Equipment
42,011,349
Telecommunication
Services
-
5.5%
28,525
(c)
AT&T
Inc
(TSFR3M
reference
rate
+
1.180%
spread)
6.808%
6/12/24
28,606,368
6,382
GCI
LLC,
144A
4.750%
10/15/28
5,726,377
26,775
Sprint
LLC
7.125%
6/15/24
26,845,954
Total
Telecommunication
Services
61,178,699
Transportation
-
1.4%
8,279
XPO
CNW
Inc
6.700%
5/01/34
8,566,062
5,060
XPO
Inc,
144A
6.250%
6/01/28
5,071,379
2,145
XPO
Inc,
144A
7.125%
6/01/31
2,190,676
Total
Transportation
15,828,117
Total
Corporate
Bonds
(cost
$598,139,967)
570,129,170
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X
–
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
28.3%
X
318,308,900
Automobiles
&
Components
-
1.4%
$
6,763
(b)
General
Motors
Financial
Co
Inc
6.500%
N/A
(d)
$
6,360,019
3,613
(b)
General
Motors
Financial
Co
Inc
5.700%
N/A
(d)
3,383,495
6,160
(b)
Goodyear
Tire
&
Rubber
Co
5.250%
7/15/31
5,559,277
Total
Automobiles
&
Components
15,302,791
Banks
-
9.2%
10,160
(b)
Bank
of
America
Corp
6.500%
N/A
(d)
10,146,599
8,965
(b)
Bank
of
America
Corp
6.300%
N/A
(d)
8,984,322
4,691
Bank
of
America
Corp
6.250%
N/A
(d)
4,678,524
23,521
(b)
Citigroup
Inc
6.250%
N/A
(d)
23,418,396
4,025
(c)
First
Citizens
BancShares
Inc/NC
(TSFR3M
reference
rate
+
4.234%
spread)
9.618%
N/A
(d)
4,073,244
24,175
(c)
JPMorgan
Chase
&
Co
(TSFR3M
reference
rate
+
4.042%
spread)
9.348%
N/A
(d)
24,307,261
3,000
(b)
JPMorgan
Chase
&
Co
6.100%
N/A
(d)
2,996,661
9,994
PNC
Financial
Services
Group
Inc/The
6.200%
N/A
(d)
9,833,545
5,450
(c)
PNC
Financial
Services
Group
Inc/The
(TSFR3M
reference
rate
+
3.302%
spread)
8.643%
N/A
(d)
5,469,467
6,175
(b)
Wells
Fargo
&
Co
7.625%
N/A
(d)
6,533,947
3,425
Wells
Fargo
&
Co
5.875%
N/A
(d)
3,422,842
Total
Banks
103,864,808
Energy
-
2.0%
7,850
Energy
Transfer
LP
8.000%
5/15/54
8,156,150
6,200
Energy
Transfer
LP
7.125%
N/A
(d)
5,975,996
7,906
Transcanada
Trust
5.875%
8/15/76
7,582,333
1,150
Transcanada
Trust
5.600%
3/07/82
1,006,274
Total
Energy
22,720,753
Financial
Services
-
3.7%
8,227
Ally
Financial
Inc
4.700%
N/A
(d)
7,054,790
6,675
American
Express
Co
3.550%
N/A
(d)
6,022,335
5,425
Ares
Finance
Co
III
LLC,
144A
4.125%
6/30/51
4,900,945
4,075
(b)
Goldman
Sachs
Group
Inc
5.300%
N/A
(d)
4,027,598
5,475
(b)
Goldman
Sachs
Group
Inc/The
7.500%
N/A
(d)
5,757,093
5,750
Morgan
Stanley
5.948%
1/19/38
5,734,840
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
Financial
Services
(continued)
$
8,250
State
Street
Corp
6.700%
N/A
(d)
$
8,227,670
Total
Financial
Services
41,725,271
Food,
Beverage
&
Tobacco
-
0.6%
3,300
Land
O'
Lakes
Inc,
144A
7.250%
N/A
(d)
2,648,250
3,200
Land
O'
Lakes
Inc,
144A
7.000%
N/A
(d)
2,432,000
2,042
Land
O'
Lakes
Inc,
144A
8.000%
N/A
(d)
1,738,253
Total
Food,
Beverage
&
Tobacco
6,818,503
Insurance
-
1.8%
5,825
Enstar
Finance
LLC
5.500%
1/15/42
5,246,161
4,950
Enstar
Finance
LLC
5.750%
9/01/40
4,734,867
10,255
Liberty
Mutual
Group
Inc,
144A
7.800%
3/15/37
10,450,019
Total
Insurance
20,431,047
Media
&
Entertainment
-
0.6%
1,575
Paramount
Global
6.375%
3/30/62
1,366,313
6,180
Sirius
XM
Radio
Inc,
144A
4.000%
7/15/28
5,567,659
Total
Media
&
Entertainment
6,933,972
Technology
Hardware
&
Equipment
-
1.0%
11,925
NCR
Corp,
144A
5.125%
4/15/29
11,056,564
Total
Technology
Hardware
&
Equipment
11,056,564
Utilities
-
8.0%
7,400
Dominion
Energy
Inc
4.350%
N/A
(d)
6,903,225
9,450
Edison
International
5.000%
N/A
(d)
8,972,939
1,800
Edison
International
8.125%
6/15/53
1,847,324
1,189
Edison
International
7.875%
6/15/54
1,212,118
18,445
Emera
Inc
6.750%
6/15/76
18,074,064
12,090
NextEra
Energy
Capital
Holdings
Inc
5.650%
5/01/79
11,596,791
11,775
NRG
Energy
Inc,
144A
10.250%
N/A
(d)
12,491,732
3,021
Sempra
4.875%
N/A
(d)
2,957,423
20,475
Vistra
Corp,
144A
8.000%
N/A
(d)
20,475,000
5,090
Vistra
Corp,
144A
7.000%
N/A
(d)
4,924,575
Total
Utilities
89,455,191
Total
$1,000
Par
(or
similar)
Institutional
Preferred
(cost
$331,478,555)
318,308,900
Shares
Description
(a)
Value
X
–
COMMON
STOCKS
-
9.7%
X
108,702,020
Banks
-
0.3%
21,000
JPMorgan
Chase
&
Co
$
3,907,260
Total
Banks
3,907,260
Capital
Goods
-
2.0%
74,300
Carrier
Global
Corp
4,129,594
15,100
General
Dynamics
Corp
4,126,075
15,700
Huntington
Ingalls
Industries
Inc
4,578,434
74,500
nVent
Electric
PLC
5,015,340
7,800
Parker-Hannifin
Corp
4,176,510
Total
Capital
Goods
22,025,953
Consumer
Services
-
0.4%
14,300
McDonald's
Corp
4,179,604
Total
Consumer
Services
4,179,604
Nuveen
Flexible
Income
Fund
(continued)
Portfolio
of
Investments
February
29,
2024
(Unaudited)
Shares
Description
(a)
Value
Consumer
Staples
Distribution
&
Retail
-
0.4%
70,200
Walmart
Inc
$
4,114,422
Total
Consumer
Staples
Distribution
&
Retail
4,114,422
Energy
-
1.0%
22,100
ConocoPhillips
2,487,134
32,700
Exxon
Mobil
Corp
3,417,804
53,200
Shell
PLC,
ADR
3,342,556
12,300
Valero
Energy
Corp
1,739,958
Total
Energy
10,987,452
Equity
Real
Estate
Investment
Trusts
(REITs)
-
0.8%
17,700
American
Tower
Corp
3,519,822
99,796
National
Storage
Affiliates
Trust
2,256,388
58,100
Rexford
Industrial
Realty
Inc
2,956,128
Total
Equity
Real
Estate
Investment
Trusts
(REITs)
8,732,338
Food,
Beverage
&
Tobacco
-
0.3%
39,000
Philip
Morris
International
Inc
3,508,440
Total
Food,
Beverage
&
Tobacco
3,508,440
Health
Care
Equipment
&
Services
-
0.9%
6,800
Cigna
Group/The
2,285,752
10,300
Humana
Inc
3,608,296
48,000
Medtronic
PLC
4,001,280
Total
Health
Care
Equipment
&
Services
9,895,328
Insurance
-
0.4%
10,800
Everest
Group
Ltd
3,983,904
Total
Insurance
3,983,904
Materials
-
0.3%
56,700
DuPont
de
Nemours
Inc
3,923,073
Total
Materials
3,923,073
Media
&
Entertainment
-
0.7%
28,000
(e)
Alphabet
Inc,
Class
C
3,913,840
35,000
Walt
Disney
Co/The
3,905,300
Total
Media
&
Entertainment
7,819,140
Pharmaceuticals,
Biotechnology
&
Life
Sciences
-
0.7%
45,900
Gilead
Sciences
Inc
3,309,390
102,400
Sanofi,
ADR
4,899,840
Total
Pharmaceuticals,
Biotechnology
&
Life
Sciences
8,209,230
Semiconductors
&
Semiconductor
Equipment
-
0.6%
13,300
Applied
Materials
Inc
2,681,546
91,500
Intel
Corp
3,939,075
Total
Semiconductors
&
Semiconductor
Equipment
6,620,621
Software
&
Services
-
0.3%
165,200
Gen
Digital
Inc
3,550,148
Total
Software
&
Services
3,550,148
Technology
Hardware
&
Equipment
-
0.3%
236,600
Hewlett
Packard
Enterprise
Co
3,603,418
Total
Technology
Hardware
&
Equipment
3,603,418
Shares
Description
(a)
Value
Utilities
-
0.3%
51,582
Sempra
$
3,641,689
Total
Utilities
3,641,689
Total
Common
Stocks
(cost
$95,267,675)
108,702,020
Shares
Description
(a)
Coupon
Value
X
–
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
7.2%
X
81,030,518
Banks
-
0.1%
45,131
Citigroup
Inc
9.650%
$
1,151,292
Total
Banks
1,151,292
Capital
Goods
-
0.5%
204,000
WESCO
International
Inc
10.625%
5,528,400
Total
Capital
Goods
5,528,400
Financial
Services
-
1.2%
314,799
Morgan
Stanley
7.125%
8,005,338
89,574
Morgan
Stanley
6.875%
2,275,180
194,900
Synchrony
Financial
5.625%
3,656,324
Total
Financial
Services
13,936,842
Food,
Beverage
&
Tobacco
-
1.1%
384,432
CHS
Inc
6.750%
9,860,681
90,213
CHS
Inc
7.100%
2,380,721
Total
Food,
Beverage
&
Tobacco
12,241,402
Insurance
-
3.0%
287,059
Allstate
Corp/The
7.375%
7,816,617
284,806
Athene
Holding
Ltd
6.350%
7,011,924
220,806
Athene
Holding
Ltd
6.375%
5,533,398
169,032
Enstar
Group
Ltd
7.000%
4,290,032
337,825
Reinsurance
Group
of
America
Inc
7.125%
8,844,258
Total
Insurance
33,496,229
Utilities
-
1.3%
118,890
Algonquin
Power
&
Utilities
Corp
6.200%
3,001,973
434,800
SCE
Trust
VII
7.500%
11,674,380
Total
Utilities
14,676,353
Total
$25
Par
(or
similar)
Retail
Preferred
(cost
$81,763,759)
81,030,518
Shares
Description
(a)
Coupon
Value
–
CONVERTIBLE
PREFERRED
SECURITIES
-
1.1%
X
12,779,400
Banks
-
1.1%
10,830
Wells
Fargo
&
Co
7.500%
$
12,779,400
Total
Banks
12,779,400
Total
Convertible
Preferred
Securities
(cost
$13,589,059)
12,779,400
Nuveen
Flexible
Income
Fund
(continued)
Portfolio
of
Investments
February
29,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X
–
CONVERTIBLE
BONDS
-
0.5%
X
5,523,750
Utilities
-
0.5%
$
5,625
FirstEnergy
Corp,
144A
4.000%
5/01/26
$
5,523,750
Total
Utilities
5,523,750
Total
Convertible
Bonds
(cost
$5,667,860)
5,523,750
Total
Long-Term
Investments
(cost
$1,125,906,875)
1,096,473,758
Shares
Description
(a)
Coupon
Value
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
3.5%
38,731,870
(f)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
5.340%(g)
$
38,731,870
Total
Investments
Purchased
with
Collateral
from
Securities
Lending
(cost
$38,731,870)
38,731,870
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
1.5%
X
–
REPURCHASE
AGREEMENTS
-
1.5%
X
17,382,885
$
16,850
(h)
Fixed
Income
Clearing
Corp
(FICC)
5.280%
3/01/24
$
16,850,000
533
(i)
Fixed
Income
Clearing
Corp
(FICC)
1.600%
3/01/24
532,885
Total
Repurchase
Agreements
(cost
$17,382,885)
17,382,885
Total
Short-Term
Investments
(cost
$17,382,885)
17,382,885
Total
Investments
(cost
$1,182,021,630
)
-
102.6%
1,152,588,513
Other
Assets
&
Liabilities,
Net
- (2.6)%
(29,396,234)
Net
Assets
-
100%
$
1,123,192,279
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(b)
Investment,
or
a
portion
of
investment,
is
out
on
loan
for
securities
lending.
The
total
value
of
the
securities
out
on
loan
as
of
the
end
of
the
reporting
period
was
$37,391,386.
(c)
Variable
rate
security.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(d)
Perpetual
security.
Maturity
date
is
not
applicable.
(e)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(f)
The
Fund
may
loan
securities
representing
up
to
one
third
of
the
value
of
its
total
assets
(which
includes
collateral
for
securities
on
loan)
to
broker
dealers,
banks,
and
other
institutions.
The
collateral
maintained
by
the
Fund
shall
have
a
value,
at
the
inception
of
each
loan,
equal
to
not
less
than
100%
of
the
value
of
the
loaned
securities.
The
cash
collateral
received
by
the
Fund
is
invested
in
this
money
market
fund.
(g)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
(h)
Agreement
with
Fixed
Income
Clearing
Corporation,
5.280%
dated
2/29/24
to
be
repurchased
at
$16,852,471
on
3/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
4.250%
and
maturity
date
2/28/29,
valued
at
$17,187,017.
(i)
Agreement
with
Fixed
Income
Clearing
Corporation,
1.600%
dated
2/29/24
to
be
repurchased
at
$532,909
on
3/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
3.125%
and
maturity
date
5/15/48,
valued
at
$543,548.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
ADR
American
Depositary
Receipt
REIT
Real
Estate
Investment
Trust
TSFR
3M
CME
Term
SOFR
3
Month
See
Notes
to
Financial
Statements
Nuveen
Floating
Rate
Income
Fund
Portfolio
of
Investments
February
29,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
(b)
Reference
Rate
(b)
Spread
(b)
Maturity
(c)
Value
LONG-TERM
INVESTMENTS
-
98.3%
X
–
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
-
83.8%
(b)
X
1,274,834,793
Automobiles
&
Components
-
1.0%
$
3,969
Adient
US
LLC,
Term
Loan
B2
8.076%
TSFR1M
2.750%
1/29/31
$
3,978,969
7,756
Clarios
Global
LP,
Term
Loan
B
8.326%
SOFR30A
3.000%
5/06/30
7,771,345
2,159
DexKo
Global
Inc.,
Term
Loan
B
7.816%
3
Month
LIBOR
3.750%
10/04/28
2,153,993
1,297
Phinia
Inc,
Term
Loan
B
9.426%
TSFR1M
4.000%
7/03/28
1,299,992
Total
Automobiles
&
Components
15,204,299
Capital
Goods
-
4.5%
3,958
ACProducts,
Inc.,
Term
Loan
B
9.860%
SOFR90A
4.250%
5/17/28
3,562,666
1,202
Aegion
Corporation,
Term
Loan
9.576%
TSFR1M
4.250%
5/17/28
1,202,209
344
Ali
Group
North
America
Corporation,
Term
Loan
B
7.441%
TSFR1M
2.000%
10/13/28
344,382
1,203
Alliance
Laundry
Systems
LLC,
Term
Loan
B
8.925%
SOFR90A
+
TSFR1M
3.500%
10/08/27
1,206,937
868
ASP
Blade
Holdings,
Inc,
Term
Loan
9.610%
SOFR90A
4.000%
10/16/28
784,846
2,162
Centuri
Group,
Inc,
Term
Loan
B
7.941%
SOFR30A
+
Prime
2.500%
8/28/28
2,166,093
2,720
Chamberlain
Group
Inc,
Term
Loan
B
9.076%
TSFR1M
3.750%
11/03/28
2,721,700
4,259
Chamberlain
Group
Inc,
Term
Loan
B
,
(DD1)
8.676%
SOFR30A
3.250%
10/22/28
4,254,809
4,697
Chart
Industries,
Inc.,
Term
Loan
8.674%
TSFR1M
3.250%
3/18/30
4,714,848
4,080
Core
&
Main
LP,
Term
Loan
B
7.999%
SOFR30A
+
TSFR1M
2.500%
6/10/28
4,077,757
295
Cornerstone
Building
Brands,
Inc.,
Term
Loan
B
8.668%
SOFR30A
3.250%
4/12/28
292,490
7,322
Fly
Funding
II
S.a.r.l.,
Term
Loan
B
7.330%
3-Month
LIBOR
1.750%
8/11/25
7,078,270
8,603
Gates
Global
LLC,
Term
Loan
B3
7.926%
TSFR1M
2.500%
3/31/27
8,610,446
1,922
Husky
IMS
International
Ltd,
Term
Loan
B
,
(WI/DD)
TBD
TBD
TBD
TBD
1,907,585
1,829
Madison
IAQ
LLC,
Term
Loan
,
(DD1)
8.685%
SOFR30A
3.250%
6/21/28
1,824,350
199
Quikrete
Holdings,
Inc.,
Term
Loan
B
8.191%
TSFR1M
2.750%
3/18/29
198,814
5,154
TransDigm,
Inc.,
Term
Loan
I
8.598%
SOFR90A
3.250%
8/24/28
5,169,742
11,685
Victory
Buyer
LLC,
Term
Loan
,
(DD1)
9.342%
TSFR3M
3.750%
11/18/28
11,272,804
6,551
Windsor
Holdings
III,
LLC,
Term
Loan
B
9.824%
TSFR1M
4.500%
8/01/30
6,570,745
Total
Capital
Goods
67,961,493
Commercial
&
Professional
Services
-
5.2%
7,702
Allied
Universal
Holdco
LLC,
Term
Loan
B
,
(DD1)
9.176%
TSFR1M
3.750%
5/15/28
7,680,722
2,108
Amentum
Government
Services
Holdings
LLC,
Term
Loan
9.320%
TSFR1M
4.000%
2/07/29
2,112,831
2,728
Anticimex
Global
AB
8.826%
TSFR3M
3.500%
11/16/28
2,727,154
583
Anticimex
International
AB,
Term
Loan
8.950%
SOFR90A
3.650%
11/16/28
583,440
2,133
CHG
Healthcare
Services
Inc.,
Term
Loan
8.691%
TSFR1M
3.250%
10/02/28
2,132,459
4,895
CoreLogic,
Inc.,
Term
Loan
8.941%
TSFR1M
3.500%
6/02/28
4,779,296
2,608
Covanta
Holding
Corporation,
Term
Loan
B
7.826%
TSFR1M
2.500%
11/30/28
2,598,302
Nuveen
Floating
Rate
Income
Fund
(continued)
Portfolio
of
Investments
February
29,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
(b)
Reference
Rate
(b)
Spread
(b)
Maturity
(c)
Value
Commercial
&
Professional
Services
(continued)
$
199
Covanta
Holding
Corporation,
Term
Loan
C
7.826%
TSFR1M
2.500%
11/30/28
$
198,681
1,119
Creative
Artists
Agency,
LLC
,
Term
Loan
B
8.826%
TSFR1M
3.500%
11/16/28
1,121,698
4,442
Dun
&
Bradstreet
Corporation
(The),
Term
Loan
B
8.074%
TSFR1M
2.750%
1/18/29
4,436,764
1,454
Evertec
Group,
LLC,
Term
Loan
B
8.826%
TSFR1M
3.500%
10/15/30
1,456,225
5,929
Garda
World
Security
Corporation,
Term
Loan
B
9.625%
SOFR90A
4.250%
2/01/29
5,937,749
10,360
GFL
Environmental
Inc.,
First
Lien
Term
Loan
7.816%
TSFR3M
2.500%
5/31/27
10,387,645
4,519
LABL,
Inc.,
Term
Loan,
First
Lien
10.426%
TSFR1M
5.000%
10/29/28
4,389,320
1,875
OMNIA
Partners
LLC,
Term
Loan
B
9.236%
TSFR3M
+
SOFR90A
3.750%
7/25/30
1,882,866
5,735
Prime
Security
Services
Borrower,
LLC,
Term
Loan
B
7.827%
TSFR3M
2.500%
10/14/30
5,740,047
3,813
Verscend
Holding
Corp.,
Term
Loan
B
9.441%
TSFR1M
4.000%
8/27/25
3,820,003
5,365
Vertical
US
Newco
Inc,
Term
Loan
B
8.653%
SOFR180A
3.500%
7/30/27
5,378,878
710
VT
Topco,
Inc.,
Term
Loan
B
9.576%
TSFR1M
4.250%
8/12/30
713,440
12,668
WIN
Waste
Innovations
Holdings,
Inc.,
Term
Loan
B
8.150%
SOFR90A
+
TSFR1M
2.750%
3/27/28
11,648,021
Total
Commercial
&
Professional
Services
79,725,541
Consumer
Discretionary
Distribution
&
Retail
-
3.5%
390
Academy,
Ltd.,
Term
Loan
9.193%
SOFR30A
3.750%
11/08/27
390,589
5,879
Avis
Budget
Car
Rental,
LLC,
Term
Loan
C
8.426%
TSFR1M
3.000%
3/16/29
5,886,138
165
Belk,
Inc.,
Term
Loan
15.000%
Prime
6.500%
7/31/25
151,079
793
Belk,
Inc.,
Term
Loan
,
(cash
10.000%,
PIK
8.000%)
10.000%
N/A
N/A
7/31/25
163,357
7,476
CNT
Holdings
I
Corp,
Term
Loan
8.817%
SOFR90A
3.500%
11/08/27
7,481,350
4,444
Driven
Holdings,
LLC,
Term
Loan
B
8.441%
TSFR1M
3.000%
12/18/28
4,412,576
2,023
EOS
Finco
Sarl,
Term
Loan
11.098%
SOFR90A
5.750%
8/03/29
1,821,136
2,988
Fastlane
Parent
Company,
Inc.,
Term
Loan
B
9.826%
SOFR30A
4.500%
9/29/28
2,992,815
3,668
Jo-Ann
Stores,
Inc.,
Term
Loan
B1
10.336%
SOFR90A
4.750%
6/30/28
279,672
4,866
LBM
Acquisition
LLC,
Term
Loan
B
9.176%
TSFR1M
3.750%
12/20/27
4,857,631
1,348
Les
Schwab
Tire
Centers,
Term
Loan
B
8.688%
SOFR30A
3.250%
11/02/27
1,348,615
13,513
PetSmart,
Inc.,
Term
Loan
B
9.176%
SOFR30A
3.750%
2/12/28
13,482,394
552
Restoration
Hardware,
Inc.,
Term
Loan
B
7.941%
SOFR30A
2.500%
10/15/28
538,793
2,387
SRS
Distribution
Inc.,
Term
Loan
8.676%
TSFR1M
3.250%
6/04/28
2,387,281
995
SRS
Distribution
Inc.,
Term
Loan
B
8.941%
TSFR1M
3.500%
6/04/28
994,898
1,818
Staples,
Inc.,
Term
Loan
10.443%
1-Month
LIBOR
5.000%
4/13/26
1,778,439
721
Staples,
Inc.,
Term
Loan
B2
9.943%
1-Month
LIBOR
4.500%
9/12/24
719,530
3,335
Wand
NewCo
3,
Inc.,
Term
Loan
B
9.076%
SOFR30A
3.750%
1/20/31
3,344,388
Total
Consumer
Discretionary
Distribution
&
Retail
53,030,681
Principal
Amount
(000)
Description
(a)
Coupon
(b)
Reference
Rate
(b)
Spread
(b)
Maturity
(c)
Value
Consumer
Durables
&
Apparel
-
1.5%
$
750
(d)
AI
Aqua
Merger
Sub,
Inc.,
Term
Loan
7.090%
TSFR1M
+
SOFR30A
3.542%
7/31/28
$
751,643
9,373
AI
Aqua
Merger
Sub,
Inc.,
Term
Loan
B,
First
Lien
9.080%
SOFR30A
3.750%
7/31/28
9,358,643
750
Amer
Sports
Company,
Term
Loan
8.576%
TSFR3M
3.250%
2/17/31
750,000
1,766
Birkenstock
GmbH
&
Co.
KG,
Term
Loan
B
8.827%
SOFR90A
3.250%
4/28/28
1,770,501
3,159
Hayward
Industries,
Inc.,
Term
Loan
8.191%
TSFR1M
2.750%
5/30/28
3,160,593
32
Serta
Simmons
Bedding,
LLC,
Term
Loan
12.963%
SOFR90A
7.500%
6/29/28
28,868
631
SRAM,
LLC
,
Term
Loan
B
9.220%
TSFR1M
+
Prime
2.250%
5/18/28
630,909
6,923
Weber-Stephen
Products
LLC,
Term
Loan
B
8.691%
TSFR1M
3.250%
10/29/27
6,317,404
Total
Consumer
Durables
&
Apparel
22,768,561
Consumer
Services
-
9.6%
173
24
Hour
Fitness
Worldwide,
Inc.,
Exit
Term
Loan
19.651%
SOFR90A
14.000%
9/29/26
112,285
356
24
Hour
Fitness
Worldwide,
Inc.,
Term
Loan
,
(cash
10.610%,
PIK
5.000%)
10.610%
SOFR90A
5.000%
12/29/25
170,877
8,111
Alterra
Mountain
Company,
Term
Loan
8.941%
TSFR1M
3.500%
8/17/28
8,133,050
3,124
Alterra
Mountain
Company,
Term
Loan
B
9.176%
TSFR1M
3.750%
5/31/30
3,131,341
1,656
AVSC
Holding
Corp.,
Term
Loan
B3
,
(cash
5.000%,
PIK
10.000%)
5.000%
N/A
N/A
12/04/26
1,700,365
4,809
Caesars
Entertainment
Corp,
Term
Loan
B
8.663%
SOFR90A
3.250%
1/25/30
4,822,031
3,500
Caesars
Entertainment
Inc.,
Term
Loan
B1
8.040%
SOFR90A
2.750%
2/06/31
3,501,470
2,766
Carnival
Corporation,
Term
Loan
B
8.691%
TSFR1M
3.250%
10/18/28
2,774,230
3,638
Carnival
Corporation,
Term
Loan
B
8.318%
TSFR1M
3.000%
8/09/27
3,645,305
1,775
Churchill
Downs
Incorporated,
Term
Loan
B1
7.426%
TSFR1M
2.000%
3/17/28
1,776,194
17,590
ClubCorp
Holdings,
Inc.,
Term
Loan
B2
10.610%
TSFR2M
5.000%
9/18/26
17,565,414
583
Equinox
Holdings
Inc
12.610%
ICE
Libor
USD
3
Month
7.000%
9/09/24
582,854
5,554
Equinox
Holdings,
Inc.,
Term
Loan,
First
Lien
8.610%
3-Month
LIBOR
3.000%
3/08/24
5,501,162
2,177
Everi
Holdings
Inc.,
Term
Loan
B
7.941%
TSFR1M
2.500%
8/03/28
2,180,271
8,183
Fertitta
Entertainment,
LLC,
Term
Loan
B
9.326%
SOFR30A
4.000%
1/29/29
8,198,742
1,490
Fleet
US
Bidco
Inc
,
(WI/DD)
TBD
TBD
TBD
TBD
1,490,931
6,625
Flutter
Entertainment
PLC,
Term
Loan
B
7.698%
SOFR90A
2.250%
11/25/30
6,609,133
1,595
Formula
One
Holdings
Limited,
Term
Loan
B
7.598%
SOFR90A
2.250%
1/15/30
1,596,196
4,272
GVC
Holdings
(Gibraltar)
Limited,
Term
Loan
B
8.948%
SOFR90A
3.500%
10/31/29
4,287,893
3,410
Hilton
Grand
Vacations
Borrower
LLC,
Term
Loan
B
8.191%
TSFR1M
2.750%
8/02/28
3,411,929
855
Hilton
Grand
Vacations
Borrower
LLC,
Term
Loan
B
8.191%
TSFR1M
2.750%
1/17/31
854,820
Nuveen
Floating
Rate
Income
Fund
(continued)
Portfolio
of
Investments
February
29,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
(b)
Reference
Rate
(b)
Spread
(b)
Maturity
(c)
Value
Consumer
Services
(continued)
$
2,834
IRB
Holding
Corp,
Term
Loan
B
,
(DD1)
8.176%
SOFR30A
2.750%
12/15/27
$
2,834,046
1,169
Life
Time
Fitness
Inc
,
Term
Loan,
First
Lien
9.824%
SOFR90A
4.250%
1/15/26
1,177,549
11,110
Light
and
Wonder
International,
Inc.,
Term
Loan
8.070%
SOFR30A
2.750%
4/16/29
11,136,751
3,542
Motion
Finco
Sarl,
Term
Loan
B
9.110%
TSFR3M
3.500%
11/30/29
3,535,460
2,952
NASCAR
Holdings,
Inc,
Term
Loan
B
7.941%
TSFR1M
2.500%
10/19/26
2,966,150
3,036
Penn
National
Gaming,
Inc.,
Term
Loan
B
8.176%
SOFR30A
2.750%
4/20/29
3,026,728
2,750
PG
Investment
Co
59
Sarl
,
(WI/
DD)
TBD
TBD
TBD
TBD
2,755,734
3,094
Playa
Resorts
Holding
B.V.,
Term
Loan
B
8.570%
SOFR30A
3.250%
1/05/29
3,098,592
2,750
Scientific
Games
Holdings
LP,
Term
Loan
B
,
(WI/DD)
TBD
TBD
TBD
TBD
2,747,305
6,494
SeaWorld
Parks
&
Entertainment,
Inc.,
Term
Loan
B
7.826%
TSFR1M
2.500%
8/25/28
6,500,758
10,198
Spin
Holdco
Inc.,
Term
Loan
9.625%
SOFR90A
4.000%
3/06/28
9,303,888
2,127
Stars
Group
Holdings
B.V.
(The),
Term
Loan
B
8.863%
SOFR90A
3.250%
7/04/28
2,133,580
1,873
Twin
River
Worldwide
Holdings,
Inc.,
Term
Loan
B
8.829%
TSFR3M
3.250%
10/02/28
1,783,844
4,900
WestJet
Loyalty
LP,
Term
Loan
B
9.057%
TSFR3M
3.750%
2/14/31
4,866,313
6,034
William
Morris
Endeavor
Entertainment,
LLC,
Term
Loan,
First
Lien
8.183%
SOFR30A
2.750%
5/16/25
6,036,085
568
WW
International
Inc
,
(WI/DD)
TBD
TBD
TBD
TBD
299,268
Total
Consumer
Services
146,248,544
Consumer
Staples
Distribution
&
Retail
-
0.7%
1,799
Cardenas
Markets,
Inc.,
Term
Loan
12.198%
SOFR90A
6.750%
8/01/29
1,805,335
8,374
US
Foods,
Inc.,
Term
Loan
B
7.324%
TSFR1M
2.000%
11/22/28
8,407,896
Total
Consumer
Staples
Distribution
&
Retail
10,213,231
Diversified
Financials
-
0.0%
1,830
(e)
Ditech
Holding
Corporation,
Term
Loan
0.000%
N/A
N/A
6/30/24
52,628
Total
Diversified
Financials
52,628
Energy
-
2.3%
387
BCP
Renaissance
Parent
LLC,
Term
Loan
B
8.871%
SOFR90A
3.500%
10/31/28
387,470
2,239
Epic
Crude
Services,
LP,
Term
Loan
B
10.605%
TSFR3M
5.000%
3/02/26
2,245,397
16,052
Freeport
LNG
Investments,
LLLP,
Term
Loan
A
8.579%
TSFR3M
3.000%
11/16/26
15,907,780
961
Freeport
LNG
Investments,
LLLP,
Term
Loan
B
9.079%
TSFR3M
3.500%
12/21/28
954,005
9,700
Gulf
Finance,
LLC,
Term
Loan
12.483%
TSFR1M
+
SOFR30A
6.750%
8/25/26
9,707,337
4,014
TransMontaigne
Operating
Company
L.P.,
Term
Loan
B
6.739%
TSFR1M
3.500%
11/05/28
3,983,327
1,191
Traverse
Midstream
Partners
LLC,
Term
Loan
8.817%
TSFR3M
3.500%
2/16/28
1,194,308
Total
Energy
34,379,624
Principal
Amount
(000)
Description
(a)
Coupon
(b)
Reference
Rate
(b)
Spread
(b)
Maturity
(c)
Value
Financial
Services
-
0.8%
$
1,440
Advisor
Group
Holdings
Inc
,
(WI/DD)
TBD
TBD
TBD
TBD
$
1,441,893
1,070
Aragorn
Parent
Corporation,
Term
Loan
9.571%
SOFR30A
4.250%
12/15/28
1,072,900
1
Fleetcor
Technologies
Operating
Company,
LLC,
Term
Loan
B4
7.176%
TSFR1M
1.750%
5/01/28
996
9,361
GTCR
W
Merger
Sub
LLC,
Term
Loan
B
8.326%
TSFR1M
3.000%
1/31/31
9,407,805
Total
Financial
Services
11,923,594
Food,
Beverage
&
Tobacco
-
2.5%
842
8th
Avenue
Food
&
Provisions,
Inc.,
Term
Loan
10.191%
TSFR1M
4.750%
10/01/25
834,127
4,271
8th
Avenue
Food
&
Provisions,
Inc.,
Term
Loan,
First
Lien
9.191%
TSFR1M
3.750%
10/01/25
4,224,463
1,491
Arterra
Wines
Canada,
Inc.,
Term
Loan
9.110%
SOFR90A
3.500%
11/25/27
1,349,476
2,603
CHG
PPC
Parent
LLC,
Term
Loan
8.441%
TSFR1M
3.000%
12/08/28
2,603,235
4,016
City
Brewing
Company,
LLC,
Term
Loan
,
(DD1)
9.078%
SOFR90A
3.500%
4/05/28
3,104,278
3,313
Fiesta
Purchaser,
Inc.,
Term
Loan
B
9.318%
SOFR90A
4.000%
2/12/31
3,312,931
2,230
Naked
Juice
LLC,
Term
Loan
8.655%
SOFR90A
3.250%
1/20/29
2,107,321
1,040
Naked
Juice
LLC,
Term
Loan,
Second
Lien
11.448%
SOFR90A
6.000%
1/20/30
852,423
7,551
Pegasus
BidCo
BV,
Term
Loan
9.057%
SOFR90A
3.750%
7/12/29
7,579,576
3,318
Sycamore
Buyer
LLC,
Term
Loan
B
7.686%
SOFR90A
2.250%
7/23/29
3,220,950
935
Triton
Water
Holdings
Inc
,
(WI/
DD)
TBD
TBD
TBD
TBD
920,975
7,764
Triton
Water
Holdings,
Inc,
Term
Loan
,
(DD1)
8.860%
SOFR90A
3.250%
3/31/28
7,642,262
Total
Food,
Beverage
&
Tobacco
37,752,017
Health
Care
Equipment
&
Services
-
8.5%
2,400
ADMI
Corp.,
Term
Loan
B5
11.076%
TSFR1M
5.750%
12/23/27
2,397,300
2,794
Agiliti
Health,
Inc,
Term
Loan
8.330%
TSFR3M
3.000%
5/01/30
2,789,488
6,191
AHP
Health
Partners,
Inc.,
Term
Loan
B
8.941%
TSFR1M
3.500%
8/23/28
6,207,942
16,913
Bausch
&
Lomb,
Inc.,
Term
Loan
8.671%
SOFR30A
3.250%
5/05/27
16,777,910
171
Carestream
Health,
Inc.,
Term
Loan
12.948%
SOFR90A
7.500%
9/30/27
143,508
1,008
Element
Materials
Technology
Group
US
Holdings
Inc.,
Term
Loan
9.740%
SOFR90A
4.250%
4/12/29
997,966
2,183
Element
Materials
Technology
Group
US
Holdings
Inc.,
Term
Loan
9.698%
SOFR90A
4.250%
4/12/29
2,162,260
1,668
Global
Medical
Response,
Inc.,
Term
Loan
9.824%
SOFR90A
4.250%
3/14/25
1,479,247
9,633
Global
Medical
Response,
Inc.,
Term
Loan
B
,
(DD1)
9.841%
TSFR3M
4.250%
10/02/25
8,543,600
46
ICON
Luxembourg
S.A.R.L.,
Term
Loan
7.860%
SOFR90A
2.250%
7/03/28
46,240
701
LSCS
Holdings,
Inc.,
Term
Loan,
First
Lien
9.941%
TSFR1M
4.614%
12/16/28
686,868
17,192
Medline
Borrower,
LP,
Term
Loan
B
8.441%
TSFR1M
3.000%
10/21/28
17,212,953
7,706
National
Mentor
Holdings,
Inc.,
Term
Loan
,
(DD1)
9.187%
SOFR90A
+
TSFR1M
3.750%
3/02/28
7,211,646
Nuveen
Floating
Rate
Income
Fund
(continued)
Portfolio
of
Investments
February
29,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
(b)
Reference
Rate
(b)
Spread
(b)
Maturity
(c)
Value
Health
Care
Equipment
&
Services
(continued)
$
220
National
Mentor
Holdings,
Inc.,
Term
Loan
C
,
(DD1)
9.198%
SOFR90A
3.750%
3/02/28
$
206,259
1,282
Onex
TSG
Intermediate
Corp.,
Term
Loan
B
10.324%
SOFR90A
4.750%
2/28/28
1,269,304
2,919
Packaging
Coordinators
Midco,
Inc.,
Term
Loan,
First
Lien
9.110%
TSFR2M
3.500%
11/30/27
2,923,943
15,850
Parexel
International
Corporation,
Term
Loan,
First
Lien
8.691%
TSFR1M
3.250%
11/15/28
15,854,819
3,524
Pathway
Vet
Alliance
LLC,
Term
Loan
9.191%
TSFR1M
3.750%
3/31/27
3,029,847
2,480
Phoenix
Guarantor
Inc,
Term
Loan
8.576%
TSFR1M
3.250%
2/21/31
2,454,504
8,597
Select
Medical
Corporation,
Term
Loan
B1
8.321%
TSFR1M
3.000%
3/05/27
8,602,318
731
Sound
Inpatient
Physicians,
Term
Loan
B
8.574%
SOFR90A
3.000%
6/28/25
346,737
6,508
Star
Parent,
Inc.,
Term
Loan
B
9.348%
SOFR90A
4.000%
9/30/30
6,434,818
17,066
Surgery
Center
Holdings,
Inc.,
Term
Loan
8.820%
TSFR1M
3.500%
12/19/30
17,121,855
4,154
Team
Health
Holdings,
Inc.,
Term
Loan
B
10.569%
SOFR90A
5.250%
3/02/27
3,651,502
527
Vyaire
Medical,
Inc.,
Term
Loan
B
10.343%
TSFR3M
4.750%
4/16/25
344,798
Total
Health
Care
Equipment
&
Services
128,897,632
Household
&
Personal
Products
-
0.4%
3,200
Kronos
Acquisition
Holdings
Inc.,
Term
Loan
B
9.360%
SOFR90A
3.750%
12/22/26
3,206,247
2,474
Kronos
Acquisition
Holdings
Inc.,
Term
Loan,
First
Lien
11.493%
SOFR90A
6.000%
12/22/26
2,482,481
Total
Household
&
Personal
Products
5,688,728
Insurance
-
5.2%
3,213
Acrisure,
LLC,
Term
Loan
B
8.941%
1-Month
LIBOR
3.500%
2/15/27
3,213,270
1,965
Acrisure,
LLC,
Term
Loan
B,
First
Lien
9.691%
1-Month
LIBOR
4.250%
2/15/27
1,971,878
5,694
Alliant
Holdings
Intermediate,
LLC,
Term
Loan
B6
8.821%
SOFR30A
3.500%
11/06/30
5,702,811
1,125
AssuredPartners
Inc
8.824%
CME
Term
SOFR
1
Month
3.500%
2/18/31
1,126,586
2,667
AssuredPartners,
Inc.,
Term
Loan
8.826%
SOFR30A
3.500%
2/13/27
2,670,826
1,959
AssuredPartners,
Inc.,
Term
Loan
B
8.941%
TSFR1M
3.500%
2/15/27
1,962,857
3,915
AssuredPartners,
Inc.,
Term
Loan
B
8.941%
TSFR1M
3.500%
2/15/27
3,920,377
3,171
Asurion
LLC,
Term
Loan
B11
9.676%
TSFR1M
4.250%
8/19/28
3,159,134
6,017
Asurion
LLC,
Term
Loan
B8
8.691%
TSFR1M
3.250%
12/23/26
5,989,959
4,278
Asurion
LLC,
Term
Loan
B9
8.691%
TSFR1M
3.250%
7/31/27
4,218,941
3,367
Broadstreet
Partners,
Inc.,
Term
Loan
B
8.321%
TSFR1M
3.000%
1/27/27
3,367,159
8,282
Broadstreet
Partners,
Inc.,
Term
Loan
B2
8.691%
TSFR1M
3.250%
1/27/27
8,282,332
4,742
Broadstreet
Partners,
Inc.,
Term
Loan
B3
,
(DD1)
9.076%
TSFR1M
3.750%
1/26/29
4,749,533
8,356
HUB
International
Limited,
Term
Loan
B
8.574%
SOFR90A
3.250%
6/20/30
8,356,136
11,082
Ryan
Specialty
Group,
LLC,
Term
Loan
8.076%
SOFR30A
2.750%
9/01/27
11,107,841
3,800
USI,
Inc.,
Term
Loan
8.598%
SOFR90A
3.250%
9/27/30
3,805,530
Principal
Amount
(000)
Description
(a)
Coupon
(b)
Reference
Rate
(b)
Spread
(b)
Maturity
(c)
Value
Insurance
(continued)
$
5,514
USI,
Inc.,
Term
Loan
B
8.348%
SOFR90A
3.000%
11/22/29
$
5,518,525
Total
Insurance
79,123,695
Materials
-
5.0%
3,272
Arsenal
AIC
Parent
LLC,
Term
Loan
9.070%
TSFR1M
4.500%
7/27/30
3,277,935
5,178
Ascend
Performance
Materials
Operations
LLC,
Term
Loan
B
10.317%
SOFR90A
4.750%
8/27/26
5,042,619
3,497
ASP
Unifrax
Holdings
Inc,
Term
Loan
B
,
(DD1)
9.248%
SOFR90A
3.750%
12/12/25
3,397,843
4,079
Axalta
Coating
Systems
U.S.
Holdings,
Inc.,
term
Loan
B4
7.848%
SOFR90A
2.500%
12/20/29
4,087,413
2,853
Berlin
Packaging
LLC,
Term
Loan
B5
9.276%
SOFR90A
3.750%
3/13/28
2,849,456
7,227
Clydesdale
Acquisition
Holdings
Inc,
Term
Loan
B
9.101%
SOFR30A
3.675%
4/13/29
7,227,345
3,499
CPC
Acquisition
Corp,
Term
Loan
,
(DD1)
9.360%
SOFR90A
3.750%
12/29/27
2,913,792
2,325
Derby
Buyer
LLC,
Term
Loan
9.578%
SOFR30A
4.250%
11/01/30
2,332,277
5,854
Discovery
Purchaser
Corporation,
Term
Loan
,
(DD1)
9.705%
SOFR90A
4.375%
8/03/29
5,833,611
572
INEOS
Quattro
Holdings
UK
Ltd,
Term
Loan
9.176%
TSFR1M
3.750%
3/03/30
567,356
3,066
INEOS
Quattro
Holdings
UK
Ltd,
Term
Loan
B,
First
Lien
9.676%
TSFR1M
4.250%
11/14/29
3,027,812
2,410
Ineos
US
Finance
LLC,
Term
Loan
B
9.076%
TSFR1M
3.750%
1/31/31
2,397,203
1,144
Ineos
US
Finance
LLC,
Term
Loan
B
8.926%
TSFR1M
3.500%
2/09/30
1,136,504
3,838
Klockner-Pentaplast
of
America,
Inc.,
Term
Loan
B
10.267%
SOFR180A
4.725%
2/09/26
3,703,219
1,228
Kraton
Corporation,
Term
Loan
8.896%
SOFR90A
3.250%
3/15/29
1,205,319
6,116
Lonza
Group
AG,
Term
Loan
B
,
(DD1)
9.373%
SOFR90A
3.925%
7/03/28
5,745,007
4,987
Nouryon
Finance
B.V.,
Term
Loan
B
9.382%
SOFR90A
4.000%
4/03/28
4,996,820
1,371
PMHC
II,
Inc.,
Term
Loan
B
9.723%
SOFR90A
4.250%
2/03/29
1,341,834
3,867
Proampac
PG
Borrower
LLC,
Term
Loan
9.810%
SOFR90A
+
Prime
4.500%
9/15/28
3,877,634
2,269
Reynolds
Group
Holdings
Inc.
,
Term
Loan
B
8.691%
TSFR1M
3.250%
9/25/28
2,275,312
2,636
Reynolds
Group
Holdings
Inc.
,
Term
Loan
B2
8.691%
TSFR1M
3.250%
2/05/26
2,644,040
249
Starfruit
Finco
B.V,
Term
Loan
9.424%
TSFR1M
4.000%
3/03/28
249,139
2,364
TricorBraun
Holdings,
Inc.,
Term
Loan
8.691%
TSFR1M
3.250%
3/03/28
2,334,112
1,750
Tronox
Finance
LLC,
Term
Loan
B
8.848%
SOFR90A
3.500%
8/16/28
1,752,625
1,455
Viant
Medical
Holdings,
Inc.,
Term
Loan,
First
Lien
9.191%
TSFR1M
3.750%
7/02/25
1,451,636
Total
Materials
75,667,863
Media
&
Entertainment
-
7.0%
2,869
ABG
Intermediate
Holdings
2
LLC,
Term
Loan
B1
8.926%
SOFR30A
3.500%
12/21/28
2,879,959
2,460
Altice
Financing
SA,
Term
Loan
10.314%
TSFR3M
5.000%
10/29/27
2,457,480
4,361
AMC
Entertainment
Holdings,
Inc.
,
Term
Loan
B
8.432%
TSFR1M
3.000%
4/22/26
3,580,168
12,149
Cengage
Learning,
Inc.,
Term
Loan
B
10.326%
TSFR3M
4.750%
7/14/26
12,163,285
Nuveen
Floating
Rate
Income
Fund
(continued)
Portfolio
of
Investments
February
29,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
(b)
Reference
Rate
(b)
Spread
(b)
Maturity
(c)
Value
Media
&
Entertainment
(continued)
$
227
Checkout
Holding
Corp.,
Term
Loan
14.801%
TSFR3M
9.500%
5/24/30
$
118,884
2,978
Cinemark
USA,
Inc.,
Term
Loan
B
9.078%
TSFR1M
+
SOFR90A
3.750%
5/18/30
2,986,194
24,306
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
B
,
(DD1)
9.074%
1
+
3
Month
LIBOR
3.500%
8/21/26
24,262,115
4,336
Crown
Finance
US,
Inc.,
Term
Loan
,
(cash
6.970%,
PIK
7.000%)
6.970%
TSFR1M
+
1-Month
LIBOR
4.250%
7/31/28
4,399,285
739
CSC
Holdings,
LLC,
Term
Loan
B5
7.932%
1-Month
LIBOR
2.500%
4/15/27
693,607
955
CSC
Holdings,
LLC,
Term
Loan
B6
9.818%
SOFR30A
4.500%
1/18/28
930,791
3,402
DirecTV
Financing,
LLC,
Term
Loan
10.441%
TSFR1M
5.000%
8/02/27
3,404,650
4,866
Dotdash
Meredith
Inc,
Term
Loan
B
9.428%
SOFR30A
4.000%
12/01/28
4,833,863
360
Getty
Images,
Inc.,
Term
Loan
B
9.948%
SOFR90A
4.500%
2/19/26
360,534
1,507
Gray
Television,
Inc.,
Term
Loan
E
7.943%
SOFR30A
2.500%
1/02/26
1,497,274
7,196
iHeartCommunications,
Inc.,
Term
Loan
8.441%
TSFR1M
3.000%
5/01/26
6,368,313
8,285
McGraw-Hill
Global
Education
Holdings,
LLC,
Term
Loan
9.964%
1
+
3
+
6
Month
LIBOR
4.750%
7/31/28
8,264,751
710
Mission
Broadcasting,
Inc.,
Term
Loan
B
7.951%
TSFR1M
2.500%
6/02/28
708,469
5,383
NEP
Group
Inc
,
(WI/DD)
TBD
TBD
TBD
TBD
5,189,562
1,016
Playtika
Holding
Corp,
Term
Loan
8.191%
TSFR1M
2.750%
3/13/28
1,015,434
14,873
Rackspace
Technology
Global,
Inc.,
Term
Loan
B
8.188%
SOFR30A
2.750%
2/15/28
6,599,902
1,092
Radiate
Holdco,
LLC,
Term
Loan
B
8.691%
TSFR1M
3.250%
9/25/26
899,860
3,135
Simon
&
Schuster
Inc,
Term
Loan
B
9.317%
TSFR3M
4.000%
10/30/30
3,151,177
7,900
Virgin
Media
Bristol
LLC,
Term
Loan
Y
8.790%
SOFR180A
3.250%
3/06/31
7,861,527
2,275
Wood
Mackenzie
Limited,
Term
Loan
B
8.814%
SOFR90A
3.500%
2/10/31
2,276,422
Total
Media
&
Entertainment
106,903,506
Pharmaceuticals,
Biotechnology
&
Life
Sciences
-
3.3%
1,650
Amneal
Pharmaceuticals
LLC,
Term
Loan
B
10.826%
TSFR1M
5.500%
5/04/28
1,648,622
1,344
Curia
Global,
Inc.,
Term
Loan
9.169%
SOFR90A
+
TSFR1M
3.750%
8/28/26
1,270,178
1,191
Emergent
Biosolutions,
Term
Loan
11.426%
TSFR1M
6.000%
10/13/23
1,048,372
12
ICON
Luxembourg
S.A.R.L.,
Term
Loan
7.860%
SOFR90A
2.250%
7/03/28
11,606
26,994
Jazz
Financing
Lux
S.a.r.l.,
Term
Loan
B
8.441%
TSFR1M
3.000%
5/05/28
27,061,731
16,999
Organon
&
Co,
Term
Loan
8.432%
TSFR1M
3.000%
6/02/28
17,041,350
2,606
Perrigo
Investments,
LLC,
Term
Loan
B
7.676%
SOFR30A
2.250%
4/05/29
2,599,607
Total
Pharmaceuticals,
Biotechnology
&
Life
Sciences
50,681,466
Principal
Amount
(000)
Description
(a)
Coupon
(b)
Reference
Rate
(b)
Spread
(b)
Maturity
(c)
Value
Real
Estate
Management
&
Development
-
0.3%
$
2,578
Cushman
&
Wakefield
U.S.
Borrower,
LLC,
Term
Loan
8.676%
TSFR1M
3.250%
1/31/30
$
2,555,306
2,500
Cushman
&
Wakefield
U.S.
Borrower,
LLC,
Term
Loan
B
9.326%
TSFR1M
4.000%
1/31/30
2,500,000
278
Cushman
&
Wakefield
U.S.
Borrower,
LLC,
Term
Loan
B
8.191%
TSFR1M
2.750%
8/21/25
277,781
Total
Real
Estate
Management
&
Development
5,333,087
Semiconductors
&
Semiconductor
Equipment
-
0.0%
3,548
Bright
Bidco
B.V.,
Term
Loan
,
(cash
6.317%,
PIK
8.000%)
6.317%
TSFR3M
1.000%
10/31/27
857,409
Total
Semiconductors
&
Semiconductor
Equipment
857,409
Software
&
Services
-
11.9%
992
Ahead
DB
Holdings,
LLC,
Term
Loan
B
9.198%
SOFR90A
3.750%
10/18/27
990,526
1,440
Applied
Systems,
Inc.,
Term
Loan,
First
Lien
8.821%
SOFR90A
4.500%
9/21/26
1,446,315
3,122
AppLovin
Corporation,
Term
Loan
B
8.426%
TSFR1M
3.100%
10/21/28
3,129,190
522
Apttus
Corporation,
Term
Loan
9.441%
TSFR1M
4.000%
5/08/28
523,658
965
Asurion
LLC,
Term
Loan
B4,
Second
Lien
10.691%
TSFR1M
5.250%
1/20/29
912,755
8,319
Avaya,
Inc.,
Term
Loan
6.826%
TSFR1M
1.500%
8/01/28
7,411,032
12,239
Banff
Merger
Sub
Inc,
Term
Loan
,
(DD1)
9.579%
SOFR30A
4.250%
12/29/28
12,293,463
10,889
Camelot
U.S.
Acquisition
LLC,
Term
Loan
B
8.076%
TSFR1M
2.750%
1/31/31
10,869,038
1,035
CCC
Intelligent
Solutions
Inc.,
Term
Loan
B
7.571%
TSFR1M
2.250%
9/21/28
1,033,702
5,185
Cotiviti
Inc
,
(WI/DD)
TBD
TBD
TBD
TBD
5,172,038
650
Delta
TopCo,
Inc.,
Term
Loan,
Second
Lien
12.621%
SOFR90A
7.250%
12/01/28
651,625
1,926
DTI
Holdco,
Inc.,
Term
Loan
10.063%
SOFR90A
4.750%
4/21/29
1,924,224
1,329
Ellucian
Holdings
Inc
,
(WI/DD)
TBD
TBD
TBD
TBD
1,330,143
1,827
Emerald
TopCo
Inc,
Term
Loan
8.941%
SOFR30A
3.500%
7/25/26
1,816,123
12,903
Epicor
Software
Corporation,
Term
Loan
8.691%
TSFR1M
3.250%
7/30/27
12,951,813
600
Genesys
Cloud
Services
Holdings
II
LLC,
Term
Loan
B
9.191%
TSFR1M
3.750%
12/01/27
602,625
7,406
Greeneden
U.S.
Holdings
II,
LLC,
Term
Loan
B4
9.441%
TSFR1M
4.000%
12/01/27
7,439,793
2,089
IGT
Holding
IV
AB,
Term
Loan
B2
8.972%
SOFR90A
3.400%
3/29/28
2,094,646
6,506
Informatica
LLC,
Term
Loan
B
8.191%
TSFR1M
2.750%
10/14/28
6,520,707
3,515
Instructure
Holdings,
Inc.,
Term
Loan
B
8.355%
TSFR3M
2.750%
10/30/28
3,506,082
285
iQor
US
Inc.,
Exit
Term
Loan
12.926%
TSFR1M
7.600%
11/19/24
284,037
788
iQor
US
Inc.,
Second
Out
Term
Loan
12.926%
TSFR1M
7.600%
11/19/25
660,023
1,675
Ivanti
Software,
Inc.,
Term
Loan
B
9.839%
TSFR3M
4.250%
12/01/27
1,568,809
384
Ivanti
Software,
Inc.,
Term
Loan
B
,
(DD1)
9.591%
TSFR3M
4.000%
12/01/27
358,676
7,903
McAfee,
LLC,
Term
Loan
B
9.178%
SOFR30A
3.750%
2/03/29
7,886,376
3,557
Mitchell
International,
Inc.,
Term
Loan
B
9.191%
TSFR1M
3.750%
10/15/28
3,545,051
747
NortonLifeLock
Inc.,
Term
Loan
B
7.426%
SOFR30A
2.000%
1/28/29
745,498
17,545
Open
Text
Corporation,
Term
Loan
B
8.176%
TSFR1M
2.750%
1/31/30
17,584,105
Nuveen
Floating
Rate
Income
Fund
(continued)
Portfolio
of
Investments
February
29,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
(b)
Reference
Rate
(b)
Spread
(b)
Maturity
(c)
Value
Software
&
Services
(continued)
$
3,972
Peraton
Corp.,
Term
Loan
B
,
(DD1)
9.176%
TSFR1M
3.750%
2/01/28
$
3,981,096
3,586
Perforce
Software,
Inc.,
Term
Loan
B
9.176%
TSFR1M
3.750%
7/01/26
3,561,200
2,120
Quartz
Acquireco
LLC,
Term
Loan
B
8.826%
TSFR1M
3.500%
4/14/30
2,122,337
4,397
Rocket
Software,
Inc.,
Term
Loan
B
,
(DD1)
10.076%
TSFR1M
4.750%
10/05/28
4,345,895
572
Sedgwick
Claims
Management
Services,
Inc.,
Term
Loan
B
9.076%
TSFR1M
3.750%
2/24/28
573,055
6,009
Sophia,
L.P.,
Term
Loan
B
,
(WI/
DD)
TBD
TBD
TBD
TBD
6,014,093
–(f)
SS&C
Technologies
Inc.,
Term
Loan
B3
7.191%
TSFR1M
1.750%
4/16/25
386
905
SS&C
Technologies
Inc.,
Term
Loan
B6
7.676%
SOFR30A
2.250%
3/22/29
905,361
1,758
SS&C
Technologies
Inc.,
Term
Loan
B7
7.676%
SOFR30A
2.250%
3/22/29
1,759,715
8,999
Syniverse
Holdings,
Inc.,
Term
Loan
12.348%
SOFR90A
7.000%
5/10/29
8,603,896
5,560
Tempo
Acquisition
LLC,
Term
Loan
B
8.076%
TSFR1M
2.750%
8/31/28
5,575,146
13,790
Ultimate
Software
Group
Inc
(The),
Term
Loan
B
8.814%
SOFR90A
3.500%
2/10/31
13,824,591
698
Ultimate
Software
Group
Inc
(The),
Term
Loan,
Second
Lien
10.680%
SOFR90A
5.250%
5/03/27
706,264
5,425
Vision
Solutions,
Inc.,
Term
Loan
9.586%
TSFR3M
4.000%
5/28/28
5,396,482
3,394
West
Corporation,
Term
Loan
B3
9.563%
SOFR90A
4.000%
4/10/27
3,280,386
4,650
Zelis
Payments
Buyer,
Inc.,
Term
Loan
B
8.067%
TSFR3M
2.750%
9/28/29
4,654,069
Total
Software
&
Services
180,556,045
Technology
Hardware
&
Equipment
-
1.3%
7,181
CommScope,
Inc.,
Term
Loan
B
8.691%
TSFR1M
3.250%
4/06/26
6,509,500
5,463
Delta
TopCo,
Inc.,
Term
Loan
B
9.121%
SOFR180A
3.750%
12/01/27
5,464,607
3,727
Ingram
Micro
Inc.,
Term
Loan
8.610%
SOFR90A
3.000%
7/02/28
3,732,936
3,527
MLN
US
HoldCo
LLC,
Term
Loan
12.110%
SOFR90A
6.700%
10/18/27
705,318
6,070
MLN
US
HoldCo
LLC,
Term
Loan,
First
Lien
9.972%
TSFR3M
4.500%
12/01/25
748,641
1,875
NCR
Atleos
LLC,
Term
Loan
B
10.169%
TSFR1M
+
SOFR90A
4.750%
3/27/29
1,878,525
1,350
Riverbed
Technology,
Inc.,
Term
Loan
,
(DD1)
4.924%
3-Month
LIBOR
+
SOFR90A
2.250%
7/03/28
923,152
Total
Technology
Hardware
&
Equipment
19,962,679
Telecommunication
Services
-
4.0%
1,674
Altice
France
S.A.,
Term
Loan
B12
9.263%
3-Month
LIBOR
3.688%
2/02/26
1,649,092
8,089
Altice
France
S.A.,
Term
Loan
B13
9.569%
3-Month
LIBOR
4.000%
8/14/26
7,934,242
1,476
Cablevision
Lightpath
LLC,
Term
Loan
B
8.682%
SOFR30A
3.250%
12/01/27
1,469,218
1,838
CenturyLink,
Inc.,
Term
Loan
B
7.691%
TSFR1M
2.250%
3/15/27
1,348,849
4,763
Cincinnati
Bell,
Inc.,
Term
Loan
B2
,
(DD1)
8.676%
SOFR30A
3.250%
11/23/28
4,738,749
600
Connect
Finco
Sarl,
Term
Loan
B
8.826%
TSFR1M
3.500%
12/11/26
599,796
4,797
(e)
Cyxtera
DC
Holdings,
Inc.,
Term
Loan
B
8.329%
TSFR1M
3.000%
5/01/24
245,856
2,435
Eagle
Broadband
Investments
LLC,
Term
Loan
8.610%
SOFR90A
3.000%
11/12/27
2,400,950
Principal
Amount
(000)
Description
(a)
Coupon
(b)
Reference
Rate
(b)
Spread
(b)
Maturity
(c)
Value
Telecommunication
Services
(continued)
$
14,889
Frontier
Communications
Corp.,
Term
Loan
B
9.191%
TSFR1M
3.750%
10/08/27
$
14,854,753
1,984
GOGO
Intermediate
Holdings
LLC,
Term
Loan
B
9.191%
TSFR1M
3.750%
4/28/28
1,979,083
4,627
Iridium
Satellite
LLC,
Term
Loan
B
7.826%
SOFR30A
2.500%
9/20/30
4,627,958
155
LCPR
Loan
Financing
LLC,
Term
Loan
B
9.182%
SOFR30A
3.750%
10/16/28
154,898
6,831
Level
3
Financing
Inc.,
Term
Loan
B
,
(DD1)
7.191%
TSFR1M
1.750%
3/01/27
6,691,545
5,219
Virgin
Media
Bristol
LLC,
Term
Loan
N
7.932%
SOFR30A
2.500%
1/31/28
5,178,083
7,371
Ziggo
Financing
Partnership,
Term
Loan
I
7.932%
SOFR30A
2.500%
4/30/28
7,265,556
Total
Telecommunication
Services
61,138,628
Transportation
-
3.3%
3,636
AAdvantage
Loyalty
IP
Ltd.,
Term
Loan
10.329%
TSFR3M
4.750%
4/20/28
3,711,397
10,250
Air
Canada,
Term
Loan
B
8.935%
SOFR30A
3.500%
8/11/28
10,278,624
420
Brown
Group
Holding,
LLC,
Term
Loan
B
8.176%
TSFR1M
2.750%
4/22/28
419,299
2,616
Brown
Group
Holding,
LLC,
Term
Loan
B2
8.351%
SOFR30A
+
SOFR90A
3.000%
6/09/29
2,615,804
1,197
First
Student
Bidco
Inc,
Term
Loan
B
8.610%
SOFR90A
3.000%
7/21/28
1,189,724
363
First
Student
Bidco
Inc,
Term
Loan
C
8.360%
SOFR90A
3.000%
7/21/28
360,678
9,372
Hertz
Corporation,
(The),
Term
Loan
B
8.571%
TSFR1M
3.250%
6/30/28
9,023,579
1,810
Hertz
Corporation,
(The),
Term
Loan
C
8.697%
1-Month
LIBOR
3.250%
6/30/28
1,743,277
1,224
Kestrel
Bidco
Inc.,
Term
Loan
B
8.426%
TSFR1M
3.000%
12/11/26
1,224,255
4,892
KKR
Apple
Bidco,
LLC,
Term
Loan
8.191%
TSFR1M
2.750%
9/25/28
4,879,157
2,946
KKR
Apple
Bidco,
LLC,
Term
Loan
8.826%
SOFR30A
3.500%
9/23/28
2,953,082
5,739
Mileage
Plus
Holdings
LLC,
Term
Loan
B
10.770%
SOFR90A
5.250%
6/21/27
5,918,839
872
SkyMiles
IP
Ltd.,
Term
Loan
B
9.068%
TSFR3M
3.750%
10/20/27
898,045
5,100
United
Airlines,
Inc.,
Term
Loan
B
8.076%
TSFR3M
2.750%
2/24/31
5,103,188
Total
Transportation
50,318,948
Utilities
-
2.0%
2,348
Generation
Bridge
Northeast
LLC,
Term
Loan
B
9.576%
SOFR30A
4.250%
8/07/29
2,358,388
1,600
Hamilton
Projects
Acquiror,
LLC
,
Term
Loan
B
9.941%
TSFR1M
4.500%
6/28/27
1,603,472
1,480
Pacific
Gas
&
Electric
Company,
Term
Loan
7.826%
TSFR1M
3.000%
6/23/27
1,483,241
13,717
Talen
Energy
Supply,
LLC,
Term
Loan
B
9.826%
SOFR90A
4.500%
5/17/30
13,778,331
11,171
Talen
Energy
Supply,
LLC,
Term
Loan
C
9.826%
SOFR90A
4.500%
5/27/30
11,221,462
Total
Utilities
30,444,894
Total
Variable
Rate
Senior
Loan
Interests
(cost
$1,293,262,929)
1,274,834,793
Nuveen
Floating
Rate
Income
Fund
(continued)
Portfolio
of
Investments
February
29,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X
–
CORPORATE
BONDS
-
10.7%
X
163,206,568
Automobiles
&
Components
-
0.2%
$
1,000
Clarios
Global
LP
/
Clarios
US
Finance
Co,
144A
6.750%
5/15/28
$
1,012,105
525
Dana
Financing
Luxembourg
Sarl,
144A
5.750%
4/15/25
522,569
1,500
Ford
Motor
Credit
Co
LLC
5.584%
3/18/24
1,499,823
Total
Automobiles
&
Components
3,034,497
Capital
Goods
-
0.3%
5,000
TransDigm
Inc,
144A
6.875%
12/15/30
5,059,550
Total
Capital
Goods
5,059,550
Commercial
&
Professional
Services
-
1.7%
12,050
GFL
Environmental
Inc,
144A
5.125%
12/15/26
11,786,750
1,750
GTCR
W-2
Merger
Sub
LLC,
144A
7.500%
1/15/31
1,825,250
10,905
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc,
144A
5.750%
4/15/26
10,822,529
667
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc,
144A
5.250%
4/15/24
665,560
250
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc,
144A
6.250%
1/15/28
246,671
Total
Commercial
&
Professional
Services
25,346,760
Consumer
Discretionary
Distribution
&
Retail
-
0.3%
4,650
Hertz
Corp/The,
144A
4.625%
12/01/26
4,116,226
Total
Consumer
Discretionary
Distribution
&
Retail
4,116,226
Consumer
Services
-
1.0%
3,000
1011778
BC
ULC
/
New
Red
Finance
Inc,
144A
4.000%
10/15/30
2,635,212
1,000
Caesars
Entertainment
Inc,
144A
7.000%
2/15/30
1,024,459
1,000
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co
Inc,
144A
4.625%
1/15/29
907,460
5,500
Life
Time
Inc,
144A
5.750%
1/15/26
5,453,840
3,000
Merlin
Entertainments
Group
US
Holdings
Inc
7.375%
2/15/31
3,001,551
2,000
MGM
Resorts
International
6.750%
5/01/25
2,002,784
Total
Consumer
Services
15,025,306
Energy
-
0.9%
275
BORR
IHC
LTD
/
BORR
FIN,
144A
10.000%
11/15/28
283,594
6,500
Citgo
Petroleum
Corp,
144A
7.000%
6/15/25
6,484,669
4,000
(g)
Matador
Resources
Co
5.875%
9/15/26
3,960,951
2,000
Transocean
Inc,
144A
11.500%
1/30/27
2,080,000
1,000
Weatherford
International
Ltd,
144A
8.625%
4/30/30
1,036,750
Total
Energy
13,845,964
Equity
Real
Estate
Investment
Trusts
(REITs)
-
0.2%
3,000
RLJ
Lodging
Trust
LP,
144A
3.750%
7/01/26
2,828,250
Total
Equity
Real
Estate
Investment
Trusts
(REITs)
2,828,250
Health
Care
Equipment
&
Services
-
1.8%
1,289
CHS/Community
Health
Systems
Inc,
144A
8.000%
3/15/26
1,276,187
2,000
Global
Medical
Response
Inc,
144A
6.500%
10/01/25
1,755,000
1,000
HCA
Inc
5.000%
3/15/24
999,735
492
(g)
Heartland
Dental
LLC
/
Heartland
Dental
Finance
Corp,
144A
8.500%
5/01/26
483,390
2,000
Select
Medical
Corp,
144A
6.250%
8/15/26
1,994,958
5,000
Team
Health
Holdings
Inc,
144A
13.500%
6/30/28
5,250,000
13,500
Tenet
Healthcare
Corp
4.875%
1/01/26
13,486,045
2,500
Tenet
Healthcare
Corp
4.625%
6/15/28
2,379,424
500
(g)
Tenet
Healthcare
Corp
6.125%
10/01/28
494,375
Total
Health
Care
Equipment
&
Services
28,119,114
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
Insurance
-
0.4%
$
2,100
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-
Issuer,
144A
4.250%
10/15/27
$
1,938,228
4,000
HUB
International
Ltd,
144A
7.250%
6/15/30
4,080,432
Total
Insurance
6,018,660
Materials
-
0.7%
1,875
Ardagh
Metal
Packaging
Finance
USA
LLC
/
Ardagh
Metal
Packaging
Finance
PLC,
144A
4.000%
9/01/29
1,522,803
1,500
Arsenal
AIC
Parent
LLC,
144A
8.000%
10/01/30
1,571,250
3,750
Ball
Corp
6.000%
6/15/29
3,768,176
2,280
LABL
Inc,
144A
9.500%
11/01/28
2,280,544
1,000
Pactiv
Evergreen
Group
Issuer
Inc/Pactiv
Evergreen
Group
Issuer
LLC,
144A
4.375%
9/30/28
926,807
Total
Materials
10,069,580
Media
&
Entertainment
-
0.9%
2,900
Clear
Channel
Outdoor
Holdings
Inc,
144A
5.125%
8/15/27
2,711,618
8
iHeartCommunications
Inc
6.375%
5/01/26
6,626
3,900
LCPR
Senior
Secured
Financing
DAC,
144A
5.125%
7/15/29
3,277,248
500
(g)
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp,
144A
5.000%
8/15/27
481,015
1,000
Radiate
Holdco
LLC
/
Radiate
Finance
Inc,
144A
4.500%
9/15/26
787,463
7,000
Ziggo
Bond
Co
BV,
144A
6.000%
1/15/27
6,840,765
Total
Media
&
Entertainment
14,104,735
Pharmaceuticals,
Biotechnology
&
Life
Sciences
-
0.2%
3,000
Organon
&
Co
/
Organon
Foreign
Debt
Co-Issuer
BV,
144A
5.125%
4/30/31
2,571,360
Total
Pharmaceuticals,
Biotechnology
&
Life
Sciences
2,571,360
Software
&
Services
-
0.1%
2,240
Open
Text
Holdings
Inc,
144A
4.125%
12/01/31
1,917,258
Total
Software
&
Services
1,917,258
Technology
Hardware
&
Equipment
-
0.2%
3,500
Commscope
Inc,
144A
6.000%
3/01/26
3,150,000
Total
Technology
Hardware
&
Equipment
3,150,000
Telecommunication
Services
-
1.0%
5,284
Frontier
Communications
Holdings
LLC,
144A
5.875%
10/15/27
5,106,993
7,910
Level
3
Financing
Inc,
144A
10.500%
5/15/30
8,107,750
2,000
Level
3
Financing
Inc,
144A
3.400%
3/01/27
2,040,000
Total
Telecommunication
Services
15,254,743
Transportation
-
0.5%
3,287
Air
Canada,
144A
3.875%
8/15/26
3,112,968
1,500
Allegiant
Travel
Co,
144A
7.250%
8/15/27
1,460,254
1,500
(g)
American
Airlines
Inc,
144A
7.250%
2/15/28
1,512,484
1,500
United
Airlines
Inc,
144A
4.625%
4/15/29
1,383,607
1,000
United
Airlines
Inc,
144A
4.375%
4/15/26
962,465
Total
Transportation
8,431,778
Utilities
-
0.3%
497
Pacific
Gas
and
Electric
Co
3.150%
1/01/26
474,809
496
Pacific
Gas
and
Electric
Co
4.500%
7/01/40
416,185
2,602
PG&E
Corp
5.000%
7/01/28
2,481,735
Nuveen
Floating
Rate
Income
Fund
(continued)
Portfolio
of
Investments
February
29,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
Utilities
(continued)
$
1,000
PG&E
Corp
5.250%
7/01/30
$
940,058
Total
Utilities
4,312,787
Total
Corporate
Bonds
(cost
$163,737,006)
163,206,568
Shares
Description
(a)
Value
X
–
COMMON
STOCKS
-
1.8%
X
27,916,739
Banks
-
0.0%
28,137
(h)
iQor
US
Inc
$
25,802
Total
Banks
25,802
Capital
Goods
-
0.0%
2,687
(h)
TNT
Crane
&
Rigging
Inc
4,536
4,761
(h)
TNT
Crane
&
Rigging
Inc
2,380
Total
Capital
Goods
6,916
Commercial
&
Professional
Services
-
0.0%
5,481
(g),(h)
Skillsoft
Corp
66,868
Total
Commercial
&
Professional
Services
66,868
Consumer
Discretionary
Distribution
&
Retail
-
0.0%
99
(h)
Belk
Inc
842
Total
Consumer
Discretionary
Distribution
&
Retail
842
Consumer
Services
-
0.0%
159,883
(h)
24
Hour
Fitness
Worldwide
Inc
1,279
76,044
(h)
24
Hour
Fitness
Worldwide
Inc
760
17,726
(h)
Cengage
Learning
Holdings
II
Inc
192,026
953
(h)
Crown
Finance
US
Inc
14,772
Total
Consumer
Services
208,837
Energy
-
1.0%
2,246
Chord
Energy
Corp
364,863
85,364
(h)
Quarternorth
Energy
Holding
Inc
14,511,880
76,990
(h)
Transocean
Ltd
361,083
5,884
(h)
Vantage
Drilling
International
167,694
Total
Energy
15,405,520
Health
Care
Equipment
&
Services
-
0.0%
61,430
(h),(i)
Millennium
Health
LLC
6,450
57,666
(h),(i)
Millennium
Health
LLC
289
52,393
(h)
Onex
Carestream
Finance
LP
5,239
Total
Health
Care
Equipment
&
Services
11,978
Media
&
Entertainment
-
0.0%
7,105
(h)
Catalina
Marketing
Corp
888
Total
Media
&
Entertainment
888
Semiconductors
&
Semiconductor
Equipment
-
0.0%
63,592
(h)
Bright
Bidco
BV
18,887
46,554
(h)
TNT
Crane
and
Rigging
Inc
13,826
Total
Semiconductors
&
Semiconductor
Equipment
32,713
Software
&
Services
-
0.1%
270,704
(h)
Avaya
Inc
1,641,278
Total
Software
&
Services
1,641,278
Shares
Description
(a)
Value
Technology
Hardware
&
Equipment
-
0.1%
57,126
(h)
Avaya
Inc
$
346,355
24,672
(h)
Windstream
Services
PE
LLC
234,384
Total
Technology
Hardware
&
Equipment
580,739
Telecommunication
Services
-
0.0%
18,781
(h)
Windstream
Services
PE
LLC
178,420
Total
Telecommunication
Services
178,420
Transportation
-
0.0%
1,018
(h)
ACBL
HLDG
CORP
42,756
Total
Transportation
42,756
Utilities
-
0.6%
115,290
(h),(j)
Energy
Harbor
Corp
9,713,182
Total
Utilities
9,713,182
Total
Common
Stocks
(cost
$36,028,422)
27,916,739
Shares
Description
(a)
Value
X
–
EXCHANGE-TRADED
FUNDS
-
1.1%
X
17,122,765
810,737
Invesco
Senior
Loan
ETF
$
17,122,765
Total
Exchange-Traded
Funds
(cost
$17,096,736)
17,122,765
Shares
Description
(a)
Value
–
WARRANTS
-
0.9%
X
13,320,268
Energy
-
0.7%
500
California
Resources
Corp
$
8,405
55,057
Quarternorth
Energy
Holding
Inc
9,359,690
28,708
Quarternorth
Energy
Holding
Inc
660,284
55,290
Quarternorth
Energy
Holding
Inc
82,935
Total
Energy
10,111,314
Media
&
Entertainment
-
0.2%
192,004
Cineworld
Group
PLC
2,976,062
Total
Media
&
Entertainment
2,976,062
Telecommunication
Services
-
0.0%
4
Intelsat
SA/Luxembourg
2
Total
Telecommunication
Services
2
Transportation
-
0.0%
3,029
ACBL
HLDG
CORP
181,740
1,071
ACBL
HLDG
CORP
44,982
9,087
(i)
American
Commercial
Barge
Line
LLC
3,180
11,952
(i)
American
Commercial
Barge
Line
LLC
2,988
Total
Transportation
232,890
Total
Warrants
(cost
$4,296,595)
13,320,268
Nuveen
Floating
Rate
Income
Fund
(continued)
Portfolio
of
Investments
February
29,
2024
(Unaudited)
Shares
Description
(a)
Coupon
Value
X
–
CONVERTIBLE
PREFERRED
SECURITIES
-
0.0%
X
258,780
Transportation
-
0.0%
4,313
ACBL
HLDG
CORP
0.000%
$
258,780
Total
Transportation
258,780
Total
Convertible
Preferred
Securities
(cost
$131,546)
258,780
Total
Long-Term
Investments
(cost
$1,514,553,234)
1,496,659,913
Shares
Description
(a)
Coupon
Value
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
0.2%
2,621,260
(k)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
5.340%(l)
$
2,621,260
Total
Investments
Purchased
with
Collateral
from
Securities
Lending
(cost
$2,621,260)
2,621,260
Shares
Description
(a)
Coupon
Value
SHORT-TERM
INVESTMENTS
-
1.8%
X–
INVESTMENT
COMPANIES
-
1.8%
X
28,100,792
28,100,792
BlackRock
Liquidity
Funds
T-Fund
5.240%(m)
$
28,100,792
Total
Investment
Companies
(cost
$28,100,792)
28,100,792
Total
Short-Term
Investments
(cost
$28,100,792)
28,100,792
Total
Investments
(cost
$1,545,275,286
)
-
100.3%
1,527,381,965
Other
Assets
&
Liabilities,
Net
- (0.3)%
(5,266,949)
Net
Assets
-
100%
$
1,522,115,016
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(b)
Senior
loans
generally
pay
interest
at
rates
which
are
periodically
adjusted
by
reference
to
a
base
short-term,
floating
lending
rate
(Reference
Rate)
plus
an
assigned
fixed
rate
(Spread).
These
floating
lending
rates
are
generally
(i)
the
lending
rate
referenced
by
the
London
Inter-Bank
Offered
Rate
("LIBOR"),
or
(ii)
the
prime
rate
offered
by
one
or
more
major
United
States
banks.
Senior
loans
may
be
considered
restricted
in
that
the
Fund
ordinarily
is
contractually
obligated
to
receive
approval
from
the
agent
bank
and/or
borrower
prior
to
the
disposition
of
a
senior
loan.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(c)
Senior
loans
generally
are
subject
to
mandatory
and/or
optional
prepayment.
Because
of
these
mandatory
prepayment
conditions
and
because
there
may
be
significant
economic
incentives
for
a
borrower
to
prepay,
prepayments
of
senior
loans
may
occur.
As
a
result,
the
actual
remaining
maturity
of
senior
loans
held
may
be
substantially
less
than
the
stated
maturities
shown.
(d)
Investment,
or
portion
of
investment,
represents
an
outstanding
unfunded
senior
loan
commitment.
(e)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(f)
Principal
Amount
(000)
rounds
to
less
than
$1,000.
(g)
Investment,
or
a
portion
of
investment,
is
out
on
loan
for
securities
lending.
The
total
value
of
the
securities
out
on
loan
as
of
the
end
of
the
reporting
period
was
$2,539,085.
(h)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(i)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(j)
On
March
1,
2024,
Vistra
Corp.
(“Vistra”)
completed
its
acquisition
of
Energy
Harbor
Corp
(“ENGH”). ENGH
has
been
merged
into
a
newly
formed
subsidiary
of
Vistra,
Vistra
Vision. In
connection
with
the
transaction,
holders
of
ENGH
common
stock
received
a
combination
of
cash
and
membership
interests
in
Vistra
Vision.
These
Vistra
Vision
interests
were
issued
in
a
private
transaction
and
may
have
reduced
secondary
market
liquidity.
(k)
The
Fund
may
loan
securities
representing
up
to
one
third
of
the
value
of
its
total
assets
(which
includes
collateral
for
securities
on
loan)
to
broker
dealers,
banks,
and
other
institutions.
The
collateral
maintained
by
the
Fund
shall
have
a
value,
at
the
inception
of
each
loan,
equal
to
not
less
than
100%
of
the
value
of
the
loaned
securities.
The
cash
collateral
received
by
the
Fund
is
invested
in
this
money
market
fund.
(l)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
(m)
The
rate
shown
is
the
annualized
seven-day
subsidized
yield
as
of
end
of
the
reporting
period.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
DD1
Portion
of
investment
purchased
on
a
delayed
delivery
basis.
ETF
Exchange-Traded
Fund
LIBOR
London
Inter-Bank
Offered
Rate
N/A
Not
Applicable.
PIK
Payment-in-kind
(“PIK”)
security. Depending
on
the
terms
of
the
security,
income
may
be
received
in
the
form
of
cash,
securities,
or
a
combination
of
both. The
PIK
rate
shown,
where
applicable,
represents
the
annualized
rate
of
the
last
PIK
payment
made
by
the
issuer
as
of
the
end
of
the
reporting
period.
REIT
Real
Estate
Investment
Trust
SOFR
180A
180
Day
Average
Secured
Overnight
Financing
Rate
SOFR
30A
30
Day
Average
Secured
Overnight
Financing
Rate
SOFR
90A
90
Day
Average
Secured
Overnight
Financing
Rate
TBD
Senior
loan
purchased
on
a
when-issued
or
delayed-delivery
basis.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date
of
the
transaction.
In
addition,
senior
loans
typically
trade
without
accrued
interest
and
therefore
a
coupon
rate
is
not
available
prior
to
settlement.
At
settlement,
if
still
unknown,
the
borrower
or
counterparty
will
provide
the
Fund
with
the
final
coupon
rate
and
maturity
date.
TSFR
1M
CME
Term
SOFR
1
Month
TSFR
2M
CME
Term
SOFR
2
Month
TSFR
3M
CME
Term
SOFR
3
Month
WI/DD
When-issued
or
delayed
delivery
security.
See
Notes
to
Financial
Statements
Nuveen
High
Yield
Income
Fund
Portfolio
of
Investments
February
29,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
LONG-TERM
INVESTMENTS
-
96.4%
X
–
CORPORATE
BONDS
-
78.3%
X
460,496,537
Automobiles
&
Components
-
2.3%
$
2,000
Dana
Inc
5.625%
6/15/28
$
1,936,055
2,250
Dana
Inc
4.500%
2/15/32
1,889,797
2,200
(b)
Ford
Motor
Credit
Co
LLC
(SOFR
reference
rate
+
0.030%
spread)
7.526%
3/06/26
2,266,378
3,350
Goodyear
Tire
&
Rubber
Co/The
5.625%
4/30/33
2,995,415
2,850
(c)
Goodyear
Tire
&
Rubber
Co/The
5.000%
7/15/29
2,623,243
1,800
IHO
Verwaltungs
GmbH,
144A,
(cash
6.375%,
PIK
7.125%)
6.375%
5/15/29
1,774,128
Total
Automobiles
&
Components
13,485,016
Capital
Goods
-
2.7%
3,220
AAR
Escrow
Issuer
LLC,
144A
,
(WI/DD)
6.750%
3/15/29
3,250,435
3,508
Albion
Financing
1
SARL
/
Aggreko
Holdings
Inc,
144A
6.125%
10/15/26
3,469,061
2,600
Albion
Financing
2
Sarl,
144A
8.750%
4/15/27
2,599,781
4,670
Husky
Injection
Molding
Systems
Ltd
/
Titan
Co-Borrower
LLC,
144A
9.000%
2/15/29
4,771,982
1,500
TransDigm
Inc,
144A
6.875%
12/15/30
1,517,865
Total
Capital
Goods
15,609,124
Commercial
&
Professional
Services
-
2.2%
500
Allied
Universal
Holdco
LLC
/
Allied
Universal
Finance
Corp,
144A
6.625%
7/15/26
498,486
1,800
ASGN
Inc,
144A
4.625%
5/15/28
1,678,686
3,840
(c)
MPH
Acquisition
Holdings
LLC,
144A
5.500%
9/01/28
3,350,400
2,500
(c)
MPH
Acquisition
Holdings
LLC,
144A
5.750%
11/01/28
1,993,750
3,100
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc,
144A
6.250%
1/15/28
3,058,718
2,000
VT
Topco
Inc,
144A
8.500%
8/15/30
2,085,900
Total
Commercial
&
Professional
Services
12,665,940
Consumer
Discretionary
Distribution
&
Retail
-
5.8%
3,350
Asbury
Automotive
Group
Inc,
144A
5.000%
2/15/32
2,974,125
4,900
Avis
Budget
Car
Rental
LLC
/
Avis
Budget
Finance
Inc,
144A
8.000%
2/15/31
4,730,587
2,300
Bath
&
Body
Works
Inc
6.875%
11/01/35
2,301,155
2,350
Hertz
Corp/The,
144A
4.625%
12/01/26
2,080,243
5,500
Kohl's
Corp
4.625%
5/01/31
4,331,250
1,485
LCM
Investments
Holdings
II
LLC,
144A
8.250%
8/01/31
1,515,584
1,590
LCM
Investments
Holdings
II
LLC,
144A
4.875%
5/01/29
1,427,898
1,500
Macy's
Retail
Holdings
LLC,
144A
5.875%
4/01/29
1,444,605
1,500
(c)
Macy's
Retail
Holdings
LLC,
144A
6.125%
3/15/32
1,396,155
3,525
Michaels
Cos
Inc/The,
144A
5.250%
5/01/28
2,736,803
2,000
Michaels
Cos
Inc/The,
144A
7.875%
5/01/29
1,291,407
3,600
Staples
Inc,
144A
7.500%
4/15/26
3,461,093
2,000
Staples
Inc,
144A
10.750%
4/15/27
1,830,000
2,700
Wand
NewCo
3
Inc,
144A
7.625%
1/30/32
2,774,250
Total
Consumer
Discretionary
Distribution
&
Retail
34,295,155
Consumer
Durables
&
Apparel
-
0.4%
1,660
Amer
Sports
Co,
144A
6.750%
2/16/31
1,652,049
500
Newell
Brands
Inc
6.625%
9/15/29
478,608
Total
Consumer
Durables
&
Apparel
2,130,657
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
Consumer
Services
-
2.9%
$
1,750
Churchill
Downs
Inc,
144A
5.750%
4/01/30
$
1,681,498
500
(c)
Cinemark
USA
Inc,
144A
5.250%
7/15/28
467,050
2,455
Hilton
Grand
Vacations
Borrower
Escrow
LLC
/
Hilton
Grand
Vacations
Borrower
Esc,
144A
6.625%
1/15/32
2,454,993
2,300
NCL
Corp
Ltd,
144A
8.375%
2/01/28
2,414,457
2,000
NCL
Corp
Ltd,
144A
5.875%
3/15/26
1,953,500
2,065
Raising
Cane's
Restaurants
LLC,
144A
9.375%
5/01/29
2,199,665
2,000
Royal
Caribbean
Cruises
Ltd,
144A
8.250%
1/15/29
2,121,358
1,140
Royal
Caribbean
Cruises
Ltd,
144A
,
(WI/DD)
6.250%
3/15/32
1,143,045
2,735
Scientific
Games
International
Inc,
144A
7.500%
9/01/31
2,849,443
Total
Consumer
Services
17,285,009
Consumer
Staples
Distribution
&
Retail
-
0.5%
2,785
Albertsons
Cos
Inc
/
Safeway
Inc
/
New
Albertsons
LP
/
Albertsons
LLC,
144A
6.500%
2/15/28
2,802,292
Total
Consumer
Staples
Distribution
&
Retail
2,802,292
Energy
-
12.6%
1,835
Antero
Midstream
Partners
LP
/
Antero
Midstream
Finance
Corp,
144A
5.375%
6/15/29
1,745,282
4,900
BORR
IHC
LTD
/
BORR
FIN,
144A
10.000%
11/15/28
5,053,125
2,000
Citgo
Petroleum
Corp,
144A
8.375%
1/15/29
2,100,338
1,500
Civitas
Resources
Inc,
144A
8.625%
11/01/30
1,605,122
1,440
Civitas
Resources
Inc,
144A
8.375%
7/01/28
1,506,851
1,530
CNX
Midstream
Partners
LP,
144A
4.750%
4/15/30
1,338,526
3,715
(c)
CNX
Resources
Corp,
144A
7.250%
3/01/32
3,702,093
1,825
Delek
Logistics
Partners
LP
/
Delek
Logistics
Finance
Corp,
144A
,
(WI/DD)
8.625%
3/15/29
1,826,943
2,900
Energean
Israel
Finance
Ltd,
144A,
Reg
S
5.875%
3/30/31
2,473,329
1,890
EQM
Midstream
Partners
LP,
144A
6.375%
4/01/29
1,895,426
2,408
Genesis
Energy
LP
/
Genesis
Energy
Finance
Corp
8.000%
1/15/27
2,424,659
4,560
Global
Partners
LP
/
GLP
Finance
Corp,
144A
8.250%
1/15/32
4,677,202
5,500
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co,
144A
8.375%
11/01/33
5,908,375
2,930
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co,
144A
6.000%
2/01/31
2,825,474
1,600
Kinetik
Holdings
LP,
144A
6.625%
12/15/28
1,619,686
3,500
Kodiak
Gas
Services
LLC,
144A
7.250%
2/15/29
3,563,266
2,725
New
Fortress
Energy
Inc,
144A
6.500%
9/30/26
2,631,092
1,700
NGL
Energy
Operating
LLC
/
NGL
Energy
Finance
Corp,
144A
8.375%
2/15/32
1,726,829
1,000
NGL
Energy
Partners
LP,
144A
8.125%
2/15/29
1,009,427
1,800
PBF
Holding
Co
LLC
/
PBF
Finance
Corp,
144A
7.875%
9/15/30
1,844,424
2,000
Permian
Resources
Operating
LLC,
144A
7.000%
1/15/32
2,053,556
1,100
Talos
Production
Inc,
144A
9.000%
2/01/29
1,124,269
1,500
Transocean
Inc,
144A
11.500%
1/30/27
1,560,000
1,500
Transocean
Titan
Financing
Ltd,
144A
8.375%
2/01/28
1,539,375
2,000
USA
Compression
Partners
LP
/
USA
Compression
Finance
Corp
6.875%
9/01/27
1,989,724
1,800
USA
Compression
Partners
LP
/
USA
Compression
Finance
Corp
6.875%
4/01/26
1,797,549
4,485
Venture
Global
LNG
Inc,
144A
8.125%
6/01/28
4,556,341
6,290
Venture
Global
LNG
Inc,
144A
9.875%
2/01/32
6,622,621
1,400
Weatherford
International
Ltd,
144A
8.625%
4/30/30
1,451,450
Total
Energy
74,172,354
Equity
Real
Estate
Investment
Trusts
(REITs)
-
2.8%
5,410
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC,
144A
8.000%
6/15/27
5,617,279
1,500
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC,
144A
3.750%
9/15/30
1,234,082
2,310
Iron
Mountain
Inc,
144A
7.000%
2/15/29
2,344,836
1,815
Iron
Mountain
Information
Management
Services
Inc,
144A
5.000%
7/15/32
1,622,674
4,050
(c)
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp
5.000%
10/15/27
3,313,154
Nuveen
High
Yield
Income
Fund
(continued)
Portfolio
of
Investments
February
29,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
$
1,800
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp
3.500%
3/15/31
$
1,205,457
900
Uniti
Group
LP
/
Uniti
Group
Finance
Inc
/
CSL
Capital
LLC,
144A
10.500%
2/15/28
931,588
Total
Equity
Real
Estate
Investment
Trusts
(REITs)
16,269,070
Financial
Services
-
5.0%
2,000
Compass
Group
Diversified
Holdings
LLC,
144A
5.250%
4/15/29
1,879,368
4,260
FirstCash
Inc,
144A
6.875%
3/01/32
4,217,905
3,000
Hunt
Cos
Inc,
144A
5.250%
4/15/29
2,744,769
3,765
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp,
144A
9.750%
1/15/29
3,934,425
2,300
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp
4.375%
2/01/29
1,940,602
4,430
Nationstar
Mortgage
Holdings
Inc,
144A
7.125%
2/01/32
4,357,277
2,550
OneMain
Finance
Corp
4.000%
9/15/30
2,148,200
1,800
OneMain
Finance
Corp
7.875%
3/15/30
1,830,661
1,800
OneMain
Finance
Corp
3.875%
9/15/28
1,572,649
4,500
PennyMac
Financial
Services
Inc,
144A
7.875%
12/15/29
4,606,241
Total
Financial
Services
29,232,097
Food,
Beverage
&
Tobacco
-
2.5%
3,410
B&G
Foods
Inc,
144A
8.000%
9/15/28
3,550,008
980
Chobani
LLC
/
Chobani
Finance
Corp
Inc,
144A
7.625%
7/01/29
985,085
2,400
(c)
Fiesta
Purchaser
Inc,
144A
7.875%
3/01/31
2,474,789
2,035
Post
Holdings
Inc,
144A
6.250%
2/15/32
2,045,520
1,800
Primo
Water
Holdings
Inc,
144A
4.375%
4/30/29
1,633,050
4,875
Triton
Water
Holdings
Inc,
144A
6.250%
4/01/29
4,255,778
Total
Food,
Beverage
&
Tobacco
14,944,230
Health
Care
Equipment
&
Services
-
4.2%
3,000
CHS/Community
Health
Systems
Inc,
144A
5.625%
3/15/27
2,744,778
3,400
CHS/Community
Health
Systems
Inc,
144A
6.125%
4/01/30
2,126,972
1,000
CHS/Community
Health
Systems
Inc,
144A
5.250%
5/15/30
797,828
5,000
DaVita
Inc,
144A
4.625%
6/01/30
4,398,235
3,000
Global
Medical
Response
Inc,
144A
6.500%
10/01/25
2,632,500
3,055
Heartland
Dental
LLC
/
Heartland
Dental
Finance
Corp,
144A
10.500%
4/30/28
3,207,750
920
(c)
Heartland
Dental
LLC
/
Heartland
Dental
Finance
Corp,
144A
8.500%
5/01/26
903,900
3,500
LifePoint
Health
Inc,
144A
9.875%
8/15/30
3,631,208
1,745
LifePoint
Health
Inc,
144A
11.000%
10/15/30
1,845,866
2,500
Tenet
Healthcare
Corp,
144A
6.750%
5/15/31
2,521,875
Total
Health
Care
Equipment
&
Services
24,810,912
Household
&
Personal
Products
-
0.7%
4,350
(c)
Kronos
Acquisition
Holdings
Inc
/
KIK
Custom
Products
Inc,
144A
7.000%
12/31/27
4,197,750
Total
Household
&
Personal
Products
4,197,750
Insurance
-
3.4%
2,900
Acrisure
LLC
/
Acrisure
Finance
Inc,
144A
8.250%
2/01/29
2,865,298
2,402
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-
Issuer,
144A
6.750%
4/15/28
2,385,979
985
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-
Issuer,
144A
7.000%
1/15/31
981,149
5,000
AmWINS
Group
Inc,
144A
6.375%
2/15/29
5,003,261
2,085
Ardonagh
Finco
Ltd,
144A
7.750%
2/15/31
2,059,146
2,480
Ardonagh
Group
Finance
Ltd,
144A
8.875%
2/15/32
2,424,696
1,360
Howden
UK
Refinance
PLC
/
Howden
UK
Refinance
2
PLC
/
Howden
US
Refinance
LLC,
144A
7.250%
2/15/31
1,362,040
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
Insurance
(continued)
$
3,125
HUB
International
Ltd,
144A
7.375%
1/31/32
$
3,134,900
Total
Insurance
20,216,469
Materials
-
8.9%
1,690
Arsenal
AIC
Parent
LLC,
144A
8.000%
10/01/30
1,770,275
500
Avient
Corp,
144A
7.125%
8/01/30
510,955
3,825
Clydesdale
Acquisition
Holdings
Inc,
144A
8.750%
4/15/30
3,640,840
2,000
FMG
Resources
August
2006
Pty
Ltd,
144A
5.875%
4/15/30
1,957,368
1,800
Gates
Global
LLC
/
Gates
Corp,
144A
6.250%
1/15/26
1,793,866
3,600
Herens
Holdco
Sarl,
144A
4.750%
5/15/28
3,144,102
1,800
LABL
Inc,
144A
9.500%
11/01/28
1,800,430
1,500
Mauser
Packaging
Solutions
Holding
Co,
144A
7.875%
8/15/26
1,519,976
1,525
Mauser
Packaging
Solutions
Holding
Co,
144A
9.250%
4/15/27
1,482,960
5,475
Mineral
Resources
Ltd,
144A
9.250%
10/01/28
5,741,906
2,670
Mineral
Resources
Ltd,
144A
8.500%
5/01/30
2,742,129
2,750
NOVA
Chemicals
Corp,
144A
9.000%
2/15/30
2,758,795
2,000
NOVA
Chemicals
Corp,
144A
8.500%
11/15/28
2,111,712
1,800
Olympus
Water
US
Holding
Corp,
144A
7.125%
10/01/27
1,791,154
5,425
SCIH
Salt
Holdings
Inc,
144A
6.625%
5/01/29
4,932,731
3,645
SunCoke
Energy
Inc,
144A
4.875%
6/30/29
3,271,388
6,090
Tronox
Inc,
144A
4.625%
3/15/29
5,390,448
2,250
Vibrantz
Technologies
Inc,
144A
9.000%
2/15/30
2,070,000
2,250
WR
Grace
Holdings
LLC,
144A
5.625%
8/15/29
1,973,083
1,800
WR
Grace
Holdings
LLC,
144A
7.375%
3/01/31
1,825,092
Total
Materials
52,229,210
Media
&
Entertainment
-
6.7%
1,500
Altice
Financing
SA,
144A
5.000%
1/15/28
1,327,112
1,750
Cablevision
Lightpath
LLC,
144A
5.625%
9/15/28
1,456,370
500
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4.500%
5/01/32
395,002
1,000
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp,
144A
4.250%
2/01/31
804,337
3,142
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp,
144A
7.375%
3/03/31
3,044,374
2,750
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp,
144A
6.375%
9/01/29
2,583,671
1,800
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp,
144A
4.250%
1/15/34
1,345,784
1,800
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp,
144A
4.500%
6/01/33
1,384,645
1,525
Clear
Channel
Outdoor
Holdings
Inc,
144A
7.500%
6/01/29
1,261,937
1,750
CSC
Holdings
LLC,
144A
6.500%
2/01/29
1,525,422
3,190
CSC
Holdings
LLC,
144A
11.750%
1/31/29
3,334,577
4,100
Directv
Financing
LLC,
144A
8.875%
2/01/30
4,127,327
4,000
DISH
Network
Corp,
144A
11.750%
11/15/27
4,170,313
1,525
Gray
Television
Inc,
144A
4.750%
10/15/30
982,626
2,000
LCPR
Senior
Secured
Financing
DAC,
144A
6.750%
10/15/27
1,890,000
2,113
LCPR
Senior
Secured
Financing
DAC,
144A
5.125%
7/15/29
1,775,596
2,000
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp,
144A
7.375%
2/15/31
2,087,340
500
Sirius
XM
Radio
Inc,
144A
3.875%
9/01/31
413,288
2,140
Sunrise
FinCo
I
BV,
144A
4.875%
7/15/31
1,893,900
2,340
Univision
Communications
Inc,
144A
4.500%
5/01/29
2,052,016
1,500
Ziggo
Bond
Co
BV,
144A
6.000%
1/15/27
1,465,878
Total
Media
&
Entertainment
39,321,515
Pharmaceuticals,
Biotechnology
&
Life
Sciences
-
0.8%
3,075
(c)
Bausch
Health
Cos
Inc,
144A
5.500%
11/01/25
2,861,626
1,550
Bausch
Health
Cos
Inc,
144A
9.000%
12/15/25
1,474,267
500
Organon
&
Co
/
Organon
Foreign
Debt
Co-Issuer
BV,
144A
5.125%
4/30/31
428,560
Total
Pharmaceuticals,
Biotechnology
&
Life
Sciences
4,764,453
Nuveen
High
Yield
Income
Fund
(continued)
Portfolio
of
Investments
February
29,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
Real
Estate
Management
&
Development
-
1.0%
$
5,172
Anywhere
Real
Estate
Group
LLC
/
Anywhere
Co-Issuer
Corp,
144A
7.000%
4/15/30
$
4,687,229
1,800
Kennedy-Wilson
Inc
5.000%
3/01/31
1,399,500
Total
Real
Estate
Management
&
Development
6,086,729
Software
&
Services
-
2.6%
4,125
Ahead
DB
Holdings
LLC,
144A
6.625%
5/01/28
3,679,376
2,000
CA
Magnum
Holdings,
144A
5.375%
10/31/26
1,922,380
4,525
Condor
Merger
Sub
Inc,
144A
7.375%
2/15/30
3,993,665
1,525
Minerva
Merger
Sub
Inc,
144A
6.500%
2/15/30
1,365,297
4,145
UKG
Inc,
144A
6.875%
2/01/31
4,188,108
Total
Software
&
Services
15,148,826
Technology
Hardware
&
Equipment
-
1.2%
1,500
(c)
Commscope
Inc,
144A
6.000%
3/01/26
1,350,000
5,850
(c)
CommScope
Technologies
LLC,
144A
6.000%
6/15/25
4,767,750
1,350
Imola
Merger
Corp,
144A
4.750%
5/15/29
1,250,910
Total
Technology
Hardware
&
Equipment
7,368,660
Telecommunication
Services
-
3.2%
3,900
Altice
France
SA/France,
144A
8.125%
2/01/27
3,583,806
850
Cablevision
Lightpath
LLC,
144A
3.875%
9/15/27
770,472
2,400
(c)
Frontier
Communications
Holdings
LLC,
144A
6.750%
5/01/29
2,154,703
2,500
Iliad
Holding
SASU,
144A
7.000%
10/15/28
2,473,641
5,000
Level
3
Financing
Inc,
144A
3.400%
3/01/27
5,100,000
2,000
Level
3
Financing
Inc,
144A
10.500%
5/15/30
2,050,000
3,000
Level
3
Financing
Inc,
144A
4.625%
9/15/27
1,935,000
1,000
Virgin
Media
Secured
Finance
PLC,
144A
4.500%
8/15/30
874,010
Total
Telecommunication
Services
18,941,632
Transportation
-
3.8%
2,000
Allegiant
Travel
Co,
144A
7.250%
8/15/27
1,947,006
1,945
(c)
American
Airlines
Inc,
144A
7.250%
2/15/28
1,961,188
1,500
American
Airlines
Inc,
144A
8.500%
5/15/29
1,576,887
1,500
American
Airlines
Inc/AAdvantage
Loyalty
IP
Ltd2022
1,
144A
5.750%
4/20/29
1,466,923
3,367
(c)
Cargo
Aircraft
Management
Inc,
144A
4.750%
2/01/28
2,978,111
4,350
(c)
GN
Bondco
LLC,
144A
9.500%
10/15/31
4,306,500
5,500
Hawaiian
Brand
Intellectual
Property
Ltd
/
HawaiianMiles
Loyalty
Ltd,
144A
5.750%
1/20/26
5,190,625
1,250
United
Airlines
Inc,
144A
4.625%
4/15/29
1,153,006
1,500
XPO
Inc,
144A
7.125%
6/01/31
1,531,941
Total
Transportation
22,112,187
Utilities
-
2.1%
1,000
Calpine
Corp,
144A
3.750%
3/01/31
857,204
4,947
Ferrellgas
LP
/
Ferrellgas
Finance
Corp,
144A
5.875%
4/01/29
4,695,960
500
NextEra
Energy
Operating
Partners
LP,
144A
7.250%
1/15/29
508,245
4,250
Talen
Energy
Supply
LLC,
144A
8.625%
6/01/30
4,483,926
1,800
Vistra
Operations
Co
LLC,
144A
7.750%
10/15/31
1,861,915
Total
Utilities
12,407,250
Total
Corporate
Bonds
(cost
$457,056,649)
460,496,537
Principal
Amount
(000)
Description
(a)
Coupon
(d)
Reference
Rate
(d)
Spread
(d)
Maturity
(e)
Value
X
–
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
-
13.3%
(d)
X
78,058,644
Automobiles
&
Components
-
0.3%
$
1,795
Clarios
Global
LP,
Term
Loan
B
8.326%
SOFR30A
3.000%
5/06/30
$
1,799,154
Total
Automobiles
&
Components
1,799,154
Capital
Goods
-
1.5%
2,060
Chart
Industries,
Inc.,
Term
Loan
8.674%
TSFR1M
3.250%
3/18/30
2,068,227
2,978
TransDigm,
Inc.,
Term
Loan
I
8.598%
SOFR90A
3.250%
8/24/28
2,986,685
3,559
Windsor
Holdings
III,
LLC,
Term
Loan
B
9.824%
TSFR1M
4.500%
8/01/30
3,569,495
Total
Capital
Goods
8,624,407
Commercial
&
Professional
Services
-
0.8%
2,500
Allied
Universal
Holdco
LLC,
Term
Loan
B
9.176%
TSFR1M
3.750%
5/15/28
2,493,175
2,124
Verscend
Holding
Corp.,
Term
Loan
B
9.441%
TSFR1M
4.000%
8/27/25
2,128,675
Total
Commercial
&
Professional
Services
4,621,850
Consumer
Services
-
1.1%
180
24
Hour
Fitness
Worldwide,
Inc.,
Exit
Term
Loan
19.485%
SOFR90A
14.000%
9/29/26
117,249
407
24
Hour
Fitness
Worldwide,
Inc.,
Term
Loan
,
(cash
0.220%,
PIK
5.000%)
10.610%
SOFR90A
5.000%
12/29/25
194,868
450
Caesars
Entertainment
Corp,
Term
Loan
B
8.663%
SOFR90A
3.250%
1/25/30
451,251
2,500
Caesars
Entertainment
Inc.,
Term
Loan
B1
8.040%
SOFR90A
2.750%
2/06/31
2,501,050
3,184
Carnival
Corporation,
Term
Loan
B
8.318%
TSFR1M
3.000%
8/09/27
3,190,639
Total
Consumer
Services
6,455,057
Financial
Services
-
1.1%
4,500
GTCR
W
Merger
Sub
LLC,
Term
Loan
B
8.326%
TSFR1M
3.000%
1/31/31
4,522,500
1,732
NFP
Corp.,
Term
Loan
8.691%
TSFR1M
3.250%
2/13/27
1,736,383
Total
Financial
Services
6,258,883
Food,
Beverage
&
Tobacco
-
0.3%
1,637
Triton
Water
Holdings,
Inc,
Term
Loan
8.860%
SOFR90A
3.250%
3/31/28
1,611,438
Total
Food,
Beverage
&
Tobacco
1,611,438
Health
Care
Equipment
&
Services
-
1.2%
3,000
Medline
Borrower,
LP,
Term
Loan
B
8.441%
TSFR1M
3.000%
10/21/28
3,003,750
1,728
Select
Medical
Corporation,
Term
Loan
B1
8.321%
TSFR1M
3.000%
3/05/27
1,728,717
2,500
Star
Parent,
Inc.,
Term
Loan
B
9.348%
SOFR90A
4.000%
9/30/30
2,471,888
Total
Health
Care
Equipment
&
Services
7,204,355
Insurance
-
1.1%
2,227
Acrisure,
LLC,
Term
Loan
B,
First
Lien
9.691%
1-Month
LIBOR
4.250%
2/15/27
2,235,168
2,643
Broadstreet
Partners,
Inc.,
Term
Loan
B3
9.076%
TSFR1M
3.750%
1/26/29
2,647,644
1,796
USI,
Inc.,
Term
Loan
8.598%
SOFR90A
3.250%
9/27/30
1,797,888
Total
Insurance
6,680,700
Nuveen
High
Yield
Income
Fund
(continued)
Portfolio
of
Investments
February
29,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
(d)
Reference
Rate
(d)
Spread
(d)
Maturity
(e)
Value
Materials
-
0.3%
$
1,800
Arsenal
AIC
Parent
LLC,
Term
Loan
B
9.071%
TSFR1M
3.750%
8/19/30
$
1,803,375
Total
Materials
1,803,375
Media
&
Entertainment
-
1.3%
974
Getty
Images,
Inc.,
Term
Loan
B
9.948%
SOFR90A
4.500%
2/19/26
974,531
2,500
UPC
Financing
Partnership,
Term
Loan
AX
,
(WI/DD)
TBD
TBD
TBD
TBD
2,493,600
2,000
Virgin
Media
Bristol
LLC,
Term
Loan
Q
8.682%
SOFR30A
3.250%
1/31/29
1,996,130
2,000
Virgin
Media
Bristol
LLC,
Term
Loan
Y
,
(WI/DD)
TBD
TBD
TBD
TBD
1,990,260
Total
Media
&
Entertainment
7,454,521
Pharmaceuticals,
Biotechnology
&
Life
Sciences
-
1.0%
3,570
Jazz
Financing
Lux
S.a.r.l.,
Term
Loan
B
8.441%
TSFR1M
3.000%
5/05/28
3,578,440
2,500
Organon
&
Co,
Term
Loan
8.432%
TSFR1M
3.000%
6/02/28
2,506,263
Total
Pharmaceuticals,
Biotechnology
&
Life
Sciences
6,084,703
Software
&
Services
-
1.2%
1,600
Cotiviti
Inc
,
(WI/DD)
TBD
TBD
TBD
TBD
1,596,000
3,221
Open
Text
Corporation,
Term
Loan
B
8.176%
TSFR1M
2.750%
1/31/30
3,228,094
2,000
Ultimate
Software
Group
Inc
(The),
Term
Loan
B
,
(WI/DD)
TBD
TBD
TBD
TBD
2,005,000
Total
Software
&
Services
6,829,094
Technology
Hardware
&
Equipment
-
0.4%
2,250
NCR
Atleos
LLC,
Term
Loan
B
10.169%
TSFR1M
+
SOFR90A
4.750%
3/27/29
2,254,230
Total
Technology
Hardware
&
Equipment
2,254,230
Telecommunication
Services
-
1.4%
4,706
Frontier
Communications
Corp.,
Term
Loan
B
9.191%
TSFR1M
3.750%
10/08/27
4,695,154
3,750
Ziggo
Financing
Partnership,
Term
Loan
I
,
(WI/DD)
TBD
TBD
TBD
TBD
3,696,319
Total
Telecommunication
Services
8,391,473
Transportation
-
0.3%
1,980
Air
Canada,
Term
Loan
B
8.935%
SOFR30A
3.500%
8/11/28
1,985,404
Total
Transportation
1,985,404
Total
Variable
Rate
Senior
Loan
Interests
(cost
$77,844,030)
78,058,644
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X
–
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
2.1%
X
12,698,662
Automobiles
&
Components
-
0.3%
$
2,200
(c)
General
Motors
Financial
Co
Inc
5.750%
N/A
(f)
$
2,044,904
Total
Automobiles
&
Components
2,044,904
Banks
-
0.3%
1,800
(c)
Citigroup
Inc
7.625%
N/A
(f)
1,856,147
Total
Banks
1,856,147
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
Energy
-
0.4%
$
2,600
Energy
Transfer
LP
6.500%
N/A
(f)
$
2,520,048
Total
Energy
2,520,048
Utilities
-
1.1%
2,725
Edison
International
5.375%
N/A
(f)
2,626,499
1,800
NRG
Energy
Inc,
144A
10.250%
N/A
(f)
1,909,564
1,800
Vistra
Corp,
144A
7.000%
N/A
(f)
1,741,500
Total
Utilities
6,277,563
Total
$1,000
Par
(or
similar)
Institutional
Preferred
(cost
$12,766,692)
12,698,662
Shares
Description
(a)
Value
X
–
EXCHANGE-TRADED
FUNDS
-
1.1%
X
6,336,000
300,000
Invesco
Senior
Loan
ETF
$
6,336,000
Total
Exchange-Traded
Funds
(cost
$6,331,500)
6,336,000
Principal
Amount
(000)
Description
(a),(g)
Coupon
Maturity
Value
–
CONTINGENT
CAPITAL
SECURITIES
-
0.6%
X
3,414,697
Banks
-
0.3%
$
1,850
Intesa
Sanpaolo
SpA,
144A
7.700%
N/A
(f)
$
1,829,077
Total
Banks
1,829,077
Financial
Services
-
0.3%
1,800
Deutsche
Bank
AG
6.000%
N/A
(f)
1,585,620
Total
Financial
Services
1,585,620
Total
Contingent
Capital
Securities
(cost
$3,433,085)
3,414,697
Shares
Description
(a)
Value
X
–
COMMON
STOCKS
-
0.5%
X
3,276,545
Consumer
Services
-
0.0%
182,331
(h)
24
Hour
Fitness
Worldwide
Inc
$
1,459
86,730
(h)
24
Hour
Fitness
Worldwide
Inc
867
Total
Consumer
Services
2,326
Semiconductors
&
Semiconductor
Equipment
-
0.0%
607
(h)
Bright
Bidco
BV
180
Total
Semiconductors
&
Semiconductor
Equipment
180
Utilities
-
0.5%
38,861
(h),(i)
Energy
Harbor
Corp
3,274,039
Total
Utilities
3,274,039
Total
Common
Stocks
(cost
$2,658,957)
3,276,545
Nuveen
High
Yield
Income
Fund
(continued)
Portfolio
of
Investments
February
29,
2024
(Unaudited)
Shares
Description
(a)
Value
X
–
WARRANTS
-
0.5%
X
2,845,966
Energy
-
0.5%
13,860
Quarternorth
Energy
Holding
Inc
$
2,356,200
18,918
Quarternorth
Energy
Holding
Inc
435,114
36,435
Quarternorth
Energy
Holding
Inc
54,652
Total
Energy
2,845,966
Total
Warrants
(cost
$361,195)
2,845,966
Total
Long-Term
Investments
(cost
$560,452,108)
567,127,051
Shares
Description
(a)
Coupon
Value
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
5.8%
34,101,522
(j)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
5.340%(k)
$
34,101,522
Total
Investments
Purchased
with
Collateral
from
Securities
Lending
(cost
$34,101,522)
34,101,522
Shares
Description
(a)
Coupon
Value
SHORT-TERM
INVESTMENTS
-
3.8%
X–
INVESTMENT
COMPANIES
-
3.8%
X
22,398,573
22,398,573
BlackRock
Liquidity
Funds
T-Fund
5.242%(l)
$
22,398,573
Total
Investment
Companies
(cost
$22,398,573)
22,398,573
Total
Short-Term
Investments
(cost
$22,398,573)
22,398,573
Total
Investments
(cost
$616,952,203
)
-
106.0%
623,627,146
Other
Assets
&
Liabilities,
Net
- (6.0)%
(35,291,484)
Net
Assets
-
100%
$
588,335,662
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(b)
Variable
rate
security.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(c)
Investment,
or
a
portion
of
investment,
is
out
on
loan
for
securities
lending.
The
total
value
of
the
securities
out
on
loan
as
of
the
end
of
the
reporting
period
was
$32,675,466.
(d)
Senior
loans
generally
pay
interest
at
rates
which
are
periodically
adjusted
by
reference
to
a
base
short-term,
floating
lending
rate
(Reference
Rate)
plus
an
assigned
fixed
rate
(Spread).
These
floating
lending
rates
are
generally
(i)
the
lending
rate
referenced
by
the
London
Inter-Bank
Offered
Rate
("LIBOR"),
or
(ii)
the
prime
rate
offered
by
one
or
more
major
United
States
banks.
Senior
loans
may
be
considered
restricted
in
that
the
Fund
ordinarily
is
contractually
obligated
to
receive
approval
from
the
agent
bank
and/or
borrower
prior
to
the
disposition
of
a
senior
loan.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(e)
Senior
loans
generally
are
subject
to
mandatory
and/or
optional
prepayment.
Because
of
these
mandatory
prepayment
conditions
and
because
there
may
be
significant
economic
incentives
for
a
borrower
to
prepay,
prepayments
of
senior
loans
may
occur.
As
a
result,
the
actual
remaining
maturity
of
senior
loans
held
may
be
substantially
less
than
the
stated
maturities
shown.
(f)
Perpetual
security.
Maturity
date
is
not
applicable.
(g)
Contingent
Capital
Securities
(“CoCos”)
are
hybrid
securities
with
loss
absorption
characteristics
built
into
the
terms
of
the
security
for
the
benefit
of
the
issuer.
For
example,
the
terms
may
specify
an
automatic
write-down
of
principal
or
a
mandatory
conversion
into
the
issuer’s
common
stock
under
certain
adverse
circumstances,
such
as
the
issuer’s
capital
ratio
falling
below
a
specified
level.
(h)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(i)
On
March
1,
2024,
Vistra
Corp.
(“Vistra”)
completed
its
acquisition
of
Energy
Harbor
Corp
(“ENGH”). ENGH
has
been
merged
into
a
newly
formed
subsidiary
of
Vistra,
Vistra
Vision. In
connection
with
the
transaction,
holders
of
ENGH
common
stock
received
a
combination
of
cash
and
membership
interests
in
Vistra
Vision.
These
Vistra
Vision
interests
were
issued
in
a
private
transaction
and
may
have
reduced
secondary
market
liquidity.
(j)
The
Fund
may
loan
securities
representing
up
to
one
third
of
the
value
of
its
total
assets
(which
includes
collateral
for
securities
on
loan)
to
broker
dealers,
banks,
and
other
institutions.
The
collateral
maintained
by
the
Fund
shall
have
a
value,
at
the
inception
of
each
loan,
equal
to
not
less
than
100%
of
the
value
of
the
loaned
securities.
The
cash
collateral
received
by
the
Fund
is
invested
in
this
money
market
fund.
(k)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
(l)
The
rate
shown
is
the
annualized
seven-day
subsidized
yield
as
of
end
of
the
reporting
period.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
ETF
Exchange-Traded
Fund
LIBOR
London
Inter-Bank
Offered
Rate
PIK
Payment-in-kind
(“PIK”)
security. Depending
on
the
terms
of
the
security,
income
may
be
received
in
the
form
of
cash,
securities,
or
a
combination
of
both. The
PIK
rate
shown,
where
applicable,
represents
the
annualized
rate
of
the
last
PIK
payment
made
by
the
issuer
as
of
the
end
of
the
reporting
period.
Reg
S
Regulation
S
allows
U.S.
companies
to
sell
securities
to
persons
or
entities
located
outside
of
the
United
States
without
registering
those
securities
with
the
Securities
and
Exchange
Commission.
Specifically,
Regulation
S
provides
a
safe
harbor
from
the
registration
requirements
of
the
Securities
Act
for
the
offers
and
sales
of
securities
by
both
foreign
and
domestic
issuers
that
are
made
outside
the
United
States.
REIT
Real
Estate
Investment
Trust
SOFR
180A
180
Day
Average
Secured
Overnight
Financing
Rate
SOFR
30A
30
Day
Average
Secured
Overnight
Financing
Rate
SOFR
90A
90
Day
Average
Secured
Overnight
Financing
Rate
TSFR
1M
CME
Term
SOFR
1
Month
WI/DD
When-issued
or
delayed
delivery
security.
See
Notes
to
Financial
Statements
Nuveen
Preferred
Securities
and
Income
Fund
Portfolio
of
Investments
February
29,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
LONG-TERM
INVESTMENTS
-
98.4%
X
–
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
49
.8
%
X
2,177,795,752
Automobiles
&
Components
-
1.5%
$
43,118
(b)
General
Motors
Financial
Co
Inc
5.750%
N/A
(c)
$
40,078,250
24,979
(b)
General
Motors
Financial
Co
Inc
5.700%
N/A
(c)
23,392,281
Total
Automobiles
&
Components
63,470,531
Banks
-
20.6%
13,651
Bank
of
America
Corp
6.100%
N/A
(c)
13,641,753
3,000
(d)
Bank
of
America
Corp
(TSFR3M
reference
rate
+
3.397%
spread)
8.738%
N/A
(c)
3,021,670
16,626
(b)
Bank
of
America
Corp
6.500%
N/A
(c)
16,604,070
22,649
Bank
of
America
Corp
6.250%
N/A
(c)
22,588,763
6,780
Bank
of
America
Corp
4.375%
N/A
(c)
6,260,138
26,726
Bank
of
America
Corp
6.300%
N/A
(c)
26,783,602
8,700
Bank
of
Montreal
,
(WI/DD)
7.700%
5/26/84
8,700,000
10,255
Bank
of
Nova
Scotia/The
8.000%
1/27/84
10,355,571
11,994
Citigroup
Inc
4.150%
N/A
(c)
10,809,320
19,865
(b)
Citigroup
Inc
7.625%
N/A
(c)
20,484,649
9,885
(b)
Citigroup
Inc
7.375%
N/A
(c)
10,108,707
13,777
Citigroup
Inc
6.250%
N/A
(c)
13,716,902
35,016
Citigroup
Inc
5.000%
N/A
(c)
34,564,392
37,169
Citigroup
Inc
6.300%
N/A
(c)
36,983,601
49,701
(b)
Citigroup
Inc
5.950%
N/A
(c)
49,276,221
3,846
(b)
Citizens
Financial
Group
Inc
6.375%
N/A
(c)
3,627,685
17,365
Citizens
Financial
Group
Inc
4.000%
N/A
(c)
14,885,278
33,000
CoBank
ACB
6.450%
N/A
(c)
32,502,251
22,396
CoBank
ACB
6.250%
N/A
(c)
21,836,100
14,665
Farm
Credit
Bank
of
Texas,
144A
5.700%
N/A
(c)
14,298,375
6,770
Farm
Credit
Bank
of
Texas,
144A
6.200%
N/A
(c)
6,194,552
1,875
(d)
Fifth
Third
Bancorp
(TSFR3M
reference
rate
+
3.295%
spread)
8.625%
N/A
(c)
1,818,866
10,336
Fifth
Third
Bancorp
4.500%
N/A
(c)
9,820,130
17,141
(b),(d)
First
Citizens
BancShares
Inc/NC
(TSFR3M
reference
rate
+
4.234%
spread)
9.618%
N/A
(c)
17,346,452
5,510
Goldman
Sachs
Group
Inc/The
3.800%
N/A
(c)
5,068,905
965
(b)
Goldman
Sachs
Group
Inc/The
4.400%
N/A
(c)
925,259
9,768
HSBC
Capital
Funding
Dollar
1
LP,
144A
10.176%
N/A
(c)
12,241,726
26,515
Huntington
Bancshares
Inc/OH
5.625%
N/A
(c)
23,996,075
62,455
(d)
JPMorgan
Chase
&
Co
(TSFR3M
reference
rate
+
4.042%
spread)
9.348%
N/A
(c)
62,796,691
4,657
JPMorgan
Chase
&
Co
3.650%
N/A
(c)
4,330,584
31,738
JPMorgan
Chase
&
Co
5.000%
N/A
(c)
31,558,864
7,059
JPMorgan
Chase
&
Co
6.100%
N/A
(c)
7,051,144
6,491
KeyCorp
5.000%
N/A
(c)
5,530,484
14,785
M&T
Bank
Corp
3.500%
N/A
(c)
11,088,704
10,323
M&T
Bank
Corp
5.125%
N/A
(c)
9,019,721
8,046
(b),(d)
M&T
Bank
Corp
(TSFR3M
reference
rate
+
3.872%
spread)
9.179%
N/A
(c)
8,077,720
30,660
PNC
Financial
Services
Group
Inc/The
6.250%
N/A
(c)
28,937,546
6,555
PNC
Financial
Services
Group
Inc/The
6.200%
N/A
(c)
6,449,759
16,330
PNC
Financial
Services
Group
Inc/The
3.400%
N/A
(c)
13,819,975
8,444
PNC
Financial
Services
Group
Inc/The
5.000%
N/A
(c)
8,007,889
14,835
PNC
Financial
Services
Group
Inc/The
6.000%
N/A
(c)
14,333,682
7,340
(d)
PNC
Financial
Services
Group
Inc/The
(TSFR3M
reference
rate
+
3.302%
spread)
8.643%
N/A
(c)
7,366,219
14,102
Regions
Financial
Corp
5.750%
N/A
(c)
13,711,576
15,719
Toronto-Dominion
Bank/The
8.125%
10/31/82
16,359,691
24,314
Truist
Financial
Corp
5.100%
N/A
(c)
22,173,138
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
Banks
(continued)
$
12,446
(b),(d)
Truist
Financial
Corp
(TSFR3M
reference
rate
+
3.364%
spread)
8.748%
N/A
(c)
$
12,532,189
41,536
Truist
Financial
Corp
4.800%
N/A
(c)
39,293,844
24,750
(b)
Wells
Fargo
&
Co
7.625%
N/A
(c)
26,188,693
37,830
Wells
Fargo
&
Co
3.900%
N/A
(c)
35,595,840
47,503
Wells
Fargo
&
Co
5.875%
N/A
(c)
47,473,073
6,580
Wells
Fargo
&
Co
7.950%
11/15/29
7,337,384
7,490
(d)
Zions
Bancorp
NA
(3-Month
LIBOR
reference
rate
+
3.800%
spread)
9.446%
N/A
(c)
6,862,441
6,645
(d)
Zions
Bancorp
NA
(3-Month
LIBOR
reference
rate
+
4.440%
spread)
10.086%
N/A
(c)
6,477,630
Total
Banks
900,835,494
Capital
Goods
-
2.5%
42,469
AerCap
Global
Aviation
Trust,
144A
6.500%
6/15/45
42,116,596
17,977
(b)
AerCap
Holdings
NV
5.875%
10/10/79
17,790,391
11,955
(b)
Air
Lease
Corp
4.650%
N/A
(c)
11,203,771
39,963
ILFC
E-Capital
Trust
I,
144A
7.436%
12/21/65
31,670,670
10,564
ILFC
E-Capital
Trust
I,
144A
7.186%
12/21/65
8,182,135
Total
Capital
Goods
110,963,563
Energy
-
1.9%
14,306
Enbridge
Inc
5.750%
7/15/80
13,343,171
12,755
Enbridge
Inc
7.625%
1/15/83
12,917,307
10,154
Enbridge
Inc
6.000%
1/15/77
9,866,244
4,735
Enbridge
Inc
5.500%
7/15/77
4,402,477
11,442
Energy
Transfer
LP
6.500%
N/A
(c)
11,090,149
5,335
Energy
Transfer
LP
8.000%
5/15/54
5,543,065
3,895
Energy
Transfer
LP
7.125%
N/A
(c)
3,754,275
20,747
Transcanada
Trust
5.600%
3/07/82
18,154,055
4,125
Transcanada
Trust
5.875%
8/15/76
3,956,125
Total
Energy
83,026,868
Financial
Services
-
6.6%
19,925
Ally
Financial
Inc
4.700%
N/A
(c)
15,641,125
11,040
Ally
Financial
Inc
4.700%
N/A
(c)
9,467,330
20,885
American
AgCredit
Corp,
144A
5.250%
N/A
(c)
19,527,475
13,930
American
Express
Co
3.550%
N/A
(c)
12,567,958
7,300
Bank
of
New
York
Mellon
Corp/The
4.700%
N/A
(c)
7,147,300
13,295
Capital
Farm
Credit
ACA,
144A
5.000%
N/A
(c)
12,563,775
11,655
(b)
Capital
One
Financial
Corp
3.950%
N/A
(c)
10,255,118
12,201
(b)
Charles
Schwab
Corp/The
5.375%
N/A
(c)
12,032,212
4,045
Charles
Schwab
Corp/The
5.000%
N/A
(c)
3,731,584
11,210
Charles
Schwab
Corp/The
4.000%
N/A
(c)
10,325,111
3,955
Citigroup
Capital
III
7.625%
12/01/36
4,102,710
6,700
Compeer
Financial
ACA,
144A
4.875%
N/A
(c)
6,365,000
8,000
Discover
Financial
Services
5.500%
N/A
(c)
6,726,640
8,108
(b)
Discover
Financial
Services
6.125%
N/A
(c)
8,154,775
25,209
Equitable
Holdings
Inc
4.950%
N/A
(c)
24,442,294
31,868
(b)
Goldman
Sachs
Group
Inc/The
5.500%
N/A
(c)
31,485,791
20,175
(b)
Goldman
Sachs
Group
Inc/The
7.500%
N/A
(c)
21,214,493
25,800
Goldman
Sachs
Group
Inc/The
5.300%
N/A
(c)
25,499,884
2,925
Goldman
Sachs
Group
Inc/The
4.125%
N/A
(c)
2,671,294
18,005
State
Street
Corp
6.700%
N/A
(c)
17,956,267
26,248
Voya
Financial
Inc
7.758%
N/A
(c)
26,846,848
Total
Financial
Services
288,724,984
Nuveen
Preferred
Securities
and
Income
Fund
(continued)
Portfolio
of
Investments
February
29,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
Food,
Beverage
&
Tobacco
-
2.9%
$
13,835
Dairy
Farmers
of
America
Inc,
144A
7.125%
N/A
(c)
$
12,693,613
51,917
Land
O'
Lakes
Inc,
144A
7.250%
N/A
(c)
41,663,392
44,310
Land
O'
Lakes
Inc,
144A
8.000%
N/A
(c)
37,718,888
46,321
Land
O'
Lakes
Inc,
144A
7.000%
N/A
(c)
35,203,960
Total
Food,
Beverage
&
Tobacco
127,279,853
Insurance
-
9.3%
7,115
Aegon
NV
5.500%
4/11/48
6,833,812
7,025
American
International
Group
Inc
5.750%
4/01/48
6,901,399
51,650
(b)
Assurant
Inc
7.000%
3/27/48
52,315,024
66,640
Assured
Guaranty
Municipal
Holdings
Inc,
144A
6.400%
12/15/66
61,061,338
19,875
AXIS
Specialty
Finance
LLC
4.900%
1/15/40
17,385,155
13,804
Enstar
Finance
LLC
5.750%
9/01/40
13,204,060
14,288
Enstar
Finance
LLC
5.500%
1/15/42
12,868,180
10,830
Fidelis
Insurance
Holdings
Ltd,
144A
6.625%
4/01/41
10,559,250
28,387
(b)
Markel
Group
Inc
6.000%
N/A
(c)
28,194,721
24,448
MetLife
Inc,
144A
9.250%
4/08/38
27,886,587
7,425
(b)
MetLife
Inc
3.850%
N/A
(c)
7,095,721
4,531
MetLife
Inc
5.875%
N/A
(c)
4,484,095
14,051
PartnerRe
Finance
B
LLC
4.500%
10/01/50
12,527,310
21,542
Provident
Financing
Trust
I
7.405%
3/15/38
23,627,023
3,085
Prudential
Financial
Inc
3.700%
10/01/50
2,694,602
8,234
Prudential
Financial
Inc
5.125%
3/01/52
7,697,454
24,561
QBE
Insurance
Group
Ltd,
Reg
S
6.750%
12/02/44
24,546,049
15,606
QBE
Insurance
Group
Ltd,
144A
5.875%
N/A
(c)
15,366,908
34,059
SBL
Holdings
Inc,
144A
6.500%
N/A
(c)
23,944,670
65,824
SBL
Holdings
Inc,
144A
7.000%
N/A
(c)
48,216,080
Total
Insurance
407,409,438
Media
&
Entertainment
-
0.2%
10,628
Paramount
Global
6.375%
3/30/62
9,219,790
Total
Media
&
Entertainment
9,219,790
Technology
Hardware
&
Equipment
-
0.2%
9,350
Vodafone
Group
PLC
4.125%
6/04/81
7,985,415
Total
Technology
Hardware
&
Equipment
7,985,415
Telecommunication
Services
-
0.5%
22,509
Vodafone
Group
PLC
7.000%
4/04/79
23,065,558
Total
Telecommunication
Services
23,065,558
Utilities
-
3.6%
13,450
AES
Andes
SA,
144A
6.350%
10/07/79
13,063,985
7,705
AES
Andes
SA,
144A
7.125%
3/26/79
7,562,496
14,161
American
Electric
Power
Co
Inc
3.875%
2/15/62
12,596,704
4,789
CMS
Energy
Corp
4.750%
6/01/50
4,388,210
13,579
Edison
International
5.000%
N/A
(c)
12,893,497
5,247
Edison
International
5.375%
N/A
(c)
5,057,336
40,009
Emera
Inc
6.750%
6/15/76
39,204,403
14,740
Sempra
4.125%
4/01/52
13,523,508
12,730
Sempra
4.875%
N/A
(c)
12,462,096
13,626
Southern
Co/The
4.000%
1/15/51
13,085,197
10,900
Vistra
Corp,
144A
7.000%
N/A
(c)
10,545,750
7,900
Vistra
Corp,
144A
8.875%
N/A
(c)
8,036,076
3,395
Vistra
Corp,
144A
8.000%
N/A
(c)
3,395,000
Total
Utilities
155,814,258
Total
$1,000
Par
(or
similar)
Institutional
Preferred
(cost
$2,243,519,049)
2,177,795,752
Principal
Amount
(000)
Description
(a)
,(e)
Coupon
Maturity
Value
X
–
CONTINGENT
CAPITAL
SECURITIES
-
30
.5
%
X
1,334,710,648
Banks
-
25.6%
$
9,702
Australia
&
New
Zealand
Banking
Group
Ltd/United
Kingdom,
144A
6.750%
N/A
(c)
$
9,741,613
27,982
Banco
Bilbao
Vizcaya
Argentaria
SA
6.125%
N/A
(c)
25,238,634
8,595
Banco
Bilbao
Vizcaya
Argentaria
SA
9.375%
N/A
(c)
9,069,788
31,985
(b)
Banco
Bilbao
Vizcaya
Argentaria
SA
6.500%
N/A
(c)
31,519,199
16,450
Banco
Mercantil
del
Norte
SA/Grand
Cayman,
144A
7.625%
N/A
(c)
16,079,875
10,700
(b)
Banco
Mercantil
del
Norte
SA/Grand
Cayman,
144A
7.500%
N/A
(c)
10,486,940
22,800
Banco
Santander
SA
9.625%
N/A
(c)
24,418,070
42,835
Banco
Santander
SA
4.750%
N/A
(c)
36,528,172
24,155
Barclays
PLC
9.625%
N/A
(c)
24,974,772
49,705
Barclays
PLC
8.000%
N/A
(c)
48,839,104
8,135
Barclays
PLC
8.000%
N/A
(c)
8,116,054
27,620
Barclays
PLC
6.125%
N/A
(c)
26,296,356
34,280
BNP
Paribas
SA,
144A
8.000%
N/A
(c)
34,151,450
32,065
BNP
Paribas
SA,
144A
8.500%
N/A
(c)
33,066,133
12,305
(b)
BNP
Paribas
SA,
144A
9.250%
N/A
(c)
13,074,001
43,770
BNP
Paribas
SA,
144A
7.750%
N/A
(c)
44,077,090
17,765
BNP
Paribas
SA,
144A
7.000%
N/A
(c)
17,183,532
19,606
(b)
BNP
Paribas
SA,
144A
7.375%
N/A
(c)
19,630,508
12,025
Credit
Agricole
SA,
144A
4.750%
N/A
(c)
10,345,332
42,374
Credit
Agricole
SA,
144A
8.125%
N/A
(c)
43,205,717
76,297
(b)
HSBC
Holdings
PLC
6.375%
N/A
(c)
75,425,665
38,510
(b)
HSBC
Holdings
PLC
8.000%
N/A
(c)
39,682,244
50,169
HSBC
Holdings
PLC
6.000%
N/A
(c)
47,468,945
29,400
(b)
ING
Groep
NV
6.500%
N/A
(c)
28,887,526
12,860
ING
Groep
NV,
Reg
S
6.750%
N/A
(c)
12,860,000
46,559
ING
Groep
NV
5.750%
N/A
(c)
43,811,045
29,565
Intesa
Sanpaolo
SpA,
144A
7.700%
N/A
(c)
29,230,623
27,366
Lloyds
Banking
Group
PLC
7.500%
N/A
(c)
27,330,424
28,545
Lloyds
Banking
Group
PLC
8.000%
N/A
(c)
28,101,474
31,560
Lloyds
Banking
Group
PLC
7.500%
N/A
(c)
31,086,297
18,370
Macquarie
Bank
Ltd/London,
144A
6.125%
N/A
(c)
17,503,340
32,494
(b)
NatWest
Group
PLC
8.000%
N/A
(c)
32,838,436
25,410
NatWest
Group
PLC
6.000%
N/A
(c)
24,671,842
16,900
Nordea
Bank
Abp,
144A
6.625%
N/A
(c)
16,621,199
7,183
(b)
Societe
Generale
SA,
144A
8.000%
N/A
(c)
7,209,117
47,345
Societe
Generale
SA,
144A
10.000%
N/A
(c)
49,973,926
10,075
Societe
Generale
SA,
144A
4.750%
N/A
(c)
8,863,194
6,676
Societe
Generale
SA,
144A
6.750%
N/A
(c)
5,884,646
45,240
Societe
Generale
SA,
144A
9.375%
N/A
(c)
46,512,601
5,000
(b)
Societe
Generale
SA,
144A
5.375%
N/A
(c)
4,033,605
25,875
(b)
Standard
Chartered
PLC,
144A
7.750%
N/A
(c)
26,069,735
5,986
Standard
Chartered
PLC,
144A
6.000%
N/A
(c)
5,894,738
18,774
UniCredit
SpA,
Reg
S
8.000%
N/A
(c)
18,771,972
Total
Banks
1,114,774,934
Financial
Services
-
4.9%
54,519
Deutsche
Bank
AG
6.000%
N/A
(c)
48,025,787
11,000
(b)
Deutsche
Bank
AG
7.500%
N/A
(c)
10,517,119
46,385
UBS
Group
AG,
Reg
S
6.875%
N/A
(c)
45,788,675
45,277
UBS
Group
AG,
Reg
S
7.000%
N/A
(c)
45,177,481
26,900
UBS
Group
AG,
144A
9.250%
N/A
(c)
29,720,895
24,805
UBS
Group
AG,
144A
9.250%
N/A
(c)
26,481,818
14,220
UBS
Group
AG,
144A
7.750%
N/A
(c)
14,223,939
Total
Financial
Services
219,935,714
Total
Contingent
Capital
Securities
(cost
$1,332,194,136)
1,334,710,648
Nuveen
Preferred
Securities
and
Income
Fund
(continued)
Portfolio
of
Investments
February
29,
2024
(Unaudited)
Shares
Description
(a)
Coupon
Value
X
–
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
16
.6
%
X
722,718,110
Banks
-
4.3%
65,271
CoBank
ACB
6.200%
$
6,461,829
492,086
Farm
Credit
Bank
of
Texas,
144A
9.656%
49,700,686
486,433
Fifth
Third
Bancorp
9.302%
12,525,650
280,000
Huntington
Bancshares
Inc/OH
8.276%
6,545,000
1,488,532
KeyCorp
6.200%
34,012,956
285,287
KeyCorp
6.125%
6,707,097
1,141,927
New
York
Community
Bancorp
Inc
6.375%
21,753,709
645,483
Regions
Financial
Corp
6.375%
16,020,888
302,269
Regions
Financial
Corp
5.700%
7,015,664
400,687
Synovus
Financial
Corp
5.875%
10,057,244
327,000
Western
Alliance
Bancorp
4.250%
5,748,660
484,833
Wintrust
Financial
Corp
6.875%
12,188,702
Total
Banks
188,738,085
Capital
Goods
-
0.7%
844,551
Air
Lease
Corp
6.150%
21,324,913
271,800
WESCO
International
Inc
10.625%
7,365,780
Total
Capital
Goods
28,690,693
Energy
-
1.6%
158,400
Energy
Transfer
LP
7.600%
3,991,680
1,142,602
NuStar
Energy
LP
11.282%
29,044,943
828,913
NuStar
Energy
LP
12.405%
21,021,234
688,551
NuStar
Logistics
LP
12.310%
17,922,982
Total
Energy
71,980,839
Financial
Services
-
2.7%
558,300
Equitable
Holdings
Inc
5.250%
12,740,406
385,749
Federal
Agricultural
Mortgage
Corp
6.000%
9,686,157
1,344,835
Morgan
Stanley
5.850%
33,876,394
548,497
Morgan
Stanley
6.375%
13,783,729
322,188
Morgan
Stanley
6.875%
8,183,575
242,300
Morgan
Stanley
6.500%
6,331,299
350,835
Synchrony
Financial
5.625%
6,581,665
1,058,054
Voya
Financial
Inc
5.350%
26,356,125
Total
Financial
Services
117,539,350
Food,
Beverage
&
Tobacco
-
1.5%
1,451,502
CHS
Inc
7.100%
38,305,138
528,896
CHS
Inc
6.750%
13,566,182
193,870
CHS
Inc
7.875%
5,199,594
44,881
CHS
Inc
7.500%
1,173,638
76,700
Dairy
Farmers
of
America
Inc,
144A
7.875%
7,324,850
Total
Food,
Beverage
&
Tobacco
65,569,402
Insurance
-
5.6%
1,275,637
American
Equity
Investment
Life
Holding
Co
5.950%
30,372,917
1,153,711
American
Equity
Investment
Life
Holding
Co
6.625%
29,165,814
1,069,225
Aspen
Insurance
Holdings
Ltd
9.652%
27,692,928
603,290
Aspen
Insurance
Holdings
Ltd
5.625%
12,970,735
191,504
Assurant
Inc
5.250%
4,092,440
1,010,787
Athene
Holding
Ltd
6.350%
24,885,576
796,416
Athene
Holding
Ltd
6.375%
19,958,185
540,503
Athene
Holding
Ltd
7.750%
14,377,380
236,820
Delphi
Financial
Group
Inc
8.759%
5,702,626
717,116
Enstar
Group
Ltd
7.000%
18,200,404
1,026,075
Maiden
Holdings
North
America
Ltd
7.750%
18,428,307
763,405
Reinsurance
Group
of
America
Inc
5.750%
19,153,831
556,200
Reinsurance
Group
of
America
Inc
7.125%
14,561,316
Shares
Description
(a)
Coupon
Value
Insurance
(continued)
221,929
Selective
Insurance
Group
Inc
4.600%
$
4,096,809
Total
Insurance
243,659,268
Telecommunication
Services
-
0.2%
314,900
AT&T
Inc
4.750%
6,540,473
Total
Telecommunication
Services
6,540,473
Total
$25
Par
(or
similar)
Retail
Preferred
(cost
$747,513,069)
722,718,110
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X
–
CORPORATE
BONDS
-
1
.5
%
X
64,757,122
Banks
-
0.4%
$
17,340
ING
Groep
NV,
Reg
S
7.500%
5/16/72
$
16,948,879
Total
Banks
16,948,879
Energy
-
0.4%
18,035
Enbridge
Inc
8.500%
1/15/84
19,231,063
Total
Energy
19,231,063
Equity
Real
Estate
Investment
Trusts
(REITs)
-
0.2%
62,450
Credit
Suisse
Group
AG
7.250%
3/12/72
7,337,875
12,260
Credit
Suisse
Group
AG
6.380%
2/21/72
1,440,550
Total
Equity
Real
Estate
Investment
Trusts
(REITs)
8,778,425
Financial
Services
-
0.2%
49,069
Credit
Suisse
Group
AG
0.000%
1/17/72
5,765,607
8,421
Credit
Suisse
Group
AG
5.250%
2/11/72
989,468
1,800
Deutsche
Bank
AG,
Reg
S
4.789%
12/30/49
1,602,000
Total
Financial
Services
8,357,075
Insurance
-
0.1%
36,075
Credit
Suisse
Group
AG
7.500%
1/17/72
4,238,813
Total
Insurance
4,238,813
Software
&
Services
-
0.2%
61,301
Credit
Suisse
Group
AG
7.500%
6/11/72
7,202,867
Total
Software
&
Services
7,202,867
Total
Corporate
Bonds
(cost
$265,362,932)
64,757,122
Total
Long-Term
Investments
(cost
$4,588,589,186)
4,299,981,632
Shares
Description
(a)
Coupon
Value
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
2.7%
118,255,644
(f)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
5.340%(g)
$
118,255,644
Total
Investments
Purchased
with
Collateral
from
Securities
Lending
(cost
$118,255,644)
118,255,644
Nuveen
Preferred
Securities
and
Income
Fund
(continued)
Portfolio
of
Investments
February
29,
2024
(Unaudited)
Investments
in
Derivatives
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
0.0%
X
–
REPURCHASE
AGREEMENTS
-
0
.0
%
X
950,000
$
950
(h)
Fixed
Income
Clearing
Corp
(FICC)
5.280%
3/01/24
$
950,000
Total
Repurchase
Agreements
(cost
$950,000)
950,000
Total
Short-Term
Investments
(cost
$950,000)
950,000
Total
Investments
(cost
$
4,707,794,830
)
-
101
.1
%
4,419,187,276
Other
Assets
&
Liabilities,
Net
- (1.1)%
(
47,606,514
)
Net
Assets
-
100%
$
4,371,580,762
Futures
Contracts
-
Long
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
U.S.
Treasury
10-Year
Note
2,923
6/24
$
321,810,024
$
322,808,813
$
998,789
U.S.
Treasury
Long
Bond
725
6/24
85,645,445
86,456,250
810,805
U.S.
Treasury
Ultra
Bond
573
6/24
72,138,229
73,272,375
1,134,146
Total
$479,593,698
$482,537,438
$2,943,740
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(b)
Investment,
or
a
portion
of
investment,
is
out
on
loan
for
securities
lending.
The
total
value
of
the
securities
out
on
loan
as
of
the
end
of
the
reporting
period
was
$113,563,929.
(c)
Perpetual
security.
Maturity
date
is
not
applicable.
(d)
Variable
rate
security.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(e)
Contingent
Capital
Securities
(“CoCos”)
are
hybrid
securities
with
loss
absorption
characteristics
built
into
the
terms
of
the
security
for
the
benefit
of
the
issuer.
For
example,
the
terms
may
specify
an
automatic
write-down
of
principal
or
a
mandatory
conversion
into
the
issuer’s
common
stock
under
certain
adverse
circumstances,
such
as
the
issuer’s
capital
ratio
falling
below
a
specified
level.
(f)
The
Fund
may
loan
securities
representing
up
to
one
third
of
the
value
of
its
total
assets
(which
includes
collateral
for
securities
on
loan)
to
broker
dealers,
banks,
and
other
institutions.
The
collateral
maintained
by
the
Fund
shall
have
a
value,
at
the
inception
of
each
loan,
equal
to
not
less
than
100%
of
the
value
of
the
loaned
securities.
The
cash
collateral
received
by
the
Fund
is
invested
in
this
money
market
fund.
(g)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
(h)
Agreement
with
Fixed
Income
Clearing
Corporation,
5.280%
dated
2/29/24
to
be
repurchased
at
$950,139
on
3/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
2.000%
and
maturity
date
11/15/41,
valued
at
$969,004.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
LIBOR
London
Inter-Bank
Offered
Rate
Reg
S
Regulation
S
allows
U.S.
companies
to
sell
securities
to
persons
or
entities
located
outside
of
the
United
States
without
registering
those
securities
with
the
Securities
and
Exchange
Commission.
Specifically,
Regulation
S
provides
a
safe
harbor
from
the
registration
requirements
of
the
Securities
Act
for
the
offers
and
sales
of
securities
by
both
foreign
and
domestic
issuers
that
are
made
outside
the
United
States.
REIT
Real
Estate
Investment
Trust
TSFR
3M
CME
Term
SOFR
3
Month
WI/DD
When-issued
or
delayed
delivery
security.
See
Notes
to
Financial
Statements
Nuveen
Strategic
Income
Fund
Portfolio
of
Investments
February
29,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
LONG-TERM
INVESTMENTS
-
95.6%
X–
ASSET-BACKED
AND
MORTGAGE-BACKED
SECURITIES
-
50.2%
X
381,802,524
$
1,202
Aaset
2021-2
Trust,
2021
2A,
144A
2.798%
1/15/47
$
1,045,835
600
(b)
ACRE
Commercial
Mortgage
2021-FL4
Ltd,
(TSFR1M
reference
rate
+
2.714%
spread),
2021
FL4,
144A
8.034%
12/18/37
569,007
2,000
Adams
Outdoor
Advertising
LP,
2023
1,
144A
6.967%
7/15/53
2,060,214
1,400
(b)
AGL
CLO
19
Ltd,
(TSFR3M
reference
rate
+
2.750%
spread),
2022
19A,
144A
8.068%
7/21/35
1,402,206
2,500
(b)
Alen
2021-ACEN
Mortgage
Trust,
(TSFR1M
reference
rate
+
4.114%
spread),
2021
ACEN,
144A
9.432%
4/15/34
1,209,003
605
(b)
Ameriquest
Mortgage
Securities
Inc
Asset
Back
Ser
2004-
R1,
(TSFR1M
reference
rate
+
0.714%
spread),
2004
R1
2.788%
2/25/34
572,298
1,000
AMSR
2019-SFR1
Trust,
2019
SFR1,
144A
3.247%
1/19/39
929,149
1,482
AMSR
2020-SFR1
Trust,
2020
SFR1,
144A
2.419%
4/17/37
1,420,738
372
Arroyo
Mortgage
Trust
2019-3,
2019
3,
144A
3.416%
10/25/48
343,900
1,300
(b)
Ashford
Hospitality
Trust
2018-KEYS,
(TSFR1M
reference
rate
+
2.022%
spread),
2018
KEYS,
144A
7.340%
6/15/35
1,269,125
850
Avis
Budget
Rental
Car
Funding
AESOP
LLC,
2021
1A,
144A
2.130%
8/20/27
773,815
2,000
(b)
BAMLL
Commercial
Mortgage
Securities
Trust
2022-DKLX,
(TSFR1M
reference
rate
+
3.000%
spread),
2022
DKLX,
144A
8.318%
1/15/39
1,959,019
1,200
BANK,
2017
BNK5
4.190%
6/15/60
1,086,472
2,700
BANK,
2019
BN18
4.214%
5/15/62
2,058,850
700
BANK,
2017
BNK8
4.094%
11/15/50
571,720
2,500
BANK,
2019
BN21,
144A
2.500%
10/17/52
1,399,059
2,000
BBCMS
Trust
2015-SRCH,
2015
SRCH,
144A
4.957%
8/10/35
1,553,692
1,700
Benchmark
2018-B2
Mortgage
Trust,
2018
B2
4.285%
2/15/51
1,397,725
1,000
Benchmark
2019-B14
Mortgage
Trust,
2019
B14,
144A
2.500%
12/15/62
586,060
2,500
Benchmark
2019-B14
Mortgage
Trust,
2019
B14
3.772%
12/15/62
1,829,095
1,500
Benchmark
2020-B18
Mortgage
Trust,
2020
B18,
144A
4.139%
7/15/53
1,359,467
1,000
Benchmark
2020-IG2
Mortgage
Trust,
2020
IG2,
144A
2.791%
9/15/48
806,723
1,000
Benchmark
2020-IG3
Mortgage
Trust,
2020
IG3,
144A
3.536%
9/15/48
882,383
2,948
Bojangles
Issuer
LLC,
2020
1A,
144A
3.832%
10/20/50
2,777,669
2,625
(b)
Boyce
Park
Clo
Ltd,
(TSFR3M
reference
rate
+
3.100%
spread),
2022
1A,
144A
8.418%
4/21/35
2,572,757
2,500
(b)
BX
2021-LBA3
Mortgage
Trust,
(TSFR1M
reference
rate
+
2.062%
spread),
2021
PAC,
144A
7.380%
10/15/36
2,454,103
1,275
(b)
BX
Commercial
Mortgage
Trust
2019-XL,
(1-Month
LIBOR
reference
rate
+
2.114%
spread),
2019
XL,
144A
2.110%
10/15/36
1,270,728
1,368
(b)
BX
Commercial
Mortgage
Trust
2021-XL2,
(TSFR1M
reference
rate
+
1.960%
spread),
2021
XL2,
144A
7.278%
10/15/38
1,350,720
1,500
(b)
BX
Trust
2023-DELC,
(TSFR1M
reference
rate
+
3.339%
spread),
2023
DELC,
144A
8.657%
5/15/38
1,520,934
1,095
BXP
Trust
2017-CC,
2017
CC,
144A
3.552%
8/13/37
830,583
1,500
BXP
Trust
2021-601L,
2021
601L,
144A
2.775%
1/15/44
950,853
492
Cars
Net
Lease
Mortgage
Notes
Series
2020-1,
2020
1A,
144A
3.100%
12/15/50
426,732
1,250
Cars
Net
Lease
Mortgage
Notes
Series
2020-1,
2020
1A,
144A
4.690%
12/15/50
1,081,829
1,150
Cars
Net
Lease
Mortgage
Notes
Series
2020-1,
2020
1A,
144A
4.520%
2/15/50
1,042,461
631
Cars
Net
Lease
Mortgage
Notes
Series
2021-1,
2021
1A,
144A
1.920%
8/15/51
559,253
1,406
Carvana
Auto
Receivables
Trust
2021-N4,
2021
N4
2.300%
9/11/28
1,360,417
705
CD
2016-CD1
Mortgage
Trust,
2016
CD1
3.631%
8/10/49
487,316
1,440
CD
Mortgage
Trust,
2017
CD3
3.984%
2/10/50
959,326
750
CF
2020-P1
Mortgage
Trust,
2020
P1,
144A
3.603%
4/15/52
494,794
49
CF
2020-P1
Mortgage
Trust,
2020
P1,
144A
2.840%
4/15/25
46,193
675
CF
Hippolyta
Issuer
LLC,
2020
1,
144A
2.600%
7/15/60
551,922
1,349
CF
Hippolyta
Issuer
LLC,
2020
1,
144A
2.280%
7/15/60
1,234,196
Nuveen
Strategic
Income
Fund
(continued)
Portfolio
of
Investments
February
29,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X–
ASSET-BACKED
AND
MORTGAGE-BACKED
SECURITIES
(continued)
$
1,000
(b)
CIFC
Funding
2018-II
Ltd,
(3-Month
LIBOR
reference
rate
+
3.112%
spread),
2018
2A,
144A
5.560%
4/20/31
$
1,001,157
2,000
(b)
CIFC
Funding
2020-I
Ltd,
(TSFR3M
reference
rate
+
2.262%
spread),
2020
1A,
144A
7.576%
7/15/36
1,998,170
2,125
(b)
CIFC
Funding
2020-I
Ltd,
(TSFR3M
reference
rate
+
3.362%
spread),
2020
1A,
144A
8.676%
7/15/36
2,129,089
1,305
(b)
CIFC
Funding
2020-II
Ltd,
(TSFR3M
reference
rate
+
2.312%
spread),
2020
2A,
144A
7.629%
10/20/34
1,306,518
1,760
(b)
CIFC
Funding
2020-II
Ltd,
(TSFR3M
reference
rate
+
3.312%
spread),
2020
2A,
144A
8.629%
10/20/34
1,755,528
385
(b)
CIFC
Funding
2020-II
Ltd,
(3-Month
LIBOR
reference
rate
+
6.762%
spread),
2020
2A,
144A
12.079%
10/20/34
386,925
2,500
(b)
CIFC
Funding
2022-IV
Ltd,
(SOFR
reference
rate
+
3.550%
spread),
2022
4A,
144A
8.864%
7/16/35
2,505,850
1,000
Citigroup
Commercial
Mortgage
Trust
2014-GC23,
2014
GC23,
144A
4.474%
7/10/47
876,872
1,690
Citigroup
Commercial
Mortgage
Trust
2015-GC29,
2015
GC29
4.137%
4/10/48
1,562,547
2,750
Citigroup
Commercial
Mortgage
Trust
2015-GC29,
2015
GC29
3.758%
4/10/48
2,644,589
850
(b)
Citigroup
Commercial
Mortgage
Trust
2021-PRM2,
(TSFR1M
reference
rate
+
2.014%
spread),
2021
PRM2,
144A
7.332%
10/15/38
832,293
2,410
Cologix
Data
Centers
US
Issuer
LLC,
2021
1A,
144A
3.300%
12/26/51
2,185,072
2,000
COMM
2014-CCRE17
Mortgage
Trust,
2014
CR17
4.377%
5/10/47
1,872,769
2,000
COMM
2014-LC17
Mortgage
Trust,
2014
LC17
4.490%
10/10/47
1,959,199
1,400
COMM
2014-LC17
Mortgage
Trust,
2014
LC17
4.538%
10/10/47
1,337,872
3,150
Comm
2014-UBS2
Mortgage
Trust,
2014
UBS2
4.947%
3/10/47
2,832,274
2,000
COMM
2014-UBS3
Mortgage
Trust,
2014
UBS3
4.739%
6/10/47
1,549,845
2,000
COMM
2014-UBS3
Mortgage
Trust,
2014
UBS3,
144A
4.767%
6/10/47
1,123,154
2,000
COMM
2015-CCRE22
Mortgage
Trust,
2015
CR22,
144A
3.000%
3/10/48
1,500,711
1,840
COMM
2015-CCRE22
Mortgage
Trust,
2015
CR22
4.066%
3/10/48
1,688,539
2,628
COMM
2015-CCRE23
Mortgage
Trust,
2015
CR23
4.291%
5/10/48
2,308,037
1,000
COMM
2015-CCRE24
Mortgage
Trust,
2015
CR24
4.348%
8/10/48
948,984
500
COMM
2015-CCRE24
Mortgage
Trust,
2015
CR24
4.348%
8/10/48
449,111
1,500
COMM
2015-CCRE24
Mortgage
Trust,
2015
CR24
3.463%
8/10/48
1,283,126
550
COMM
2015-CCRE25
Mortgage
Trust,
2015
CR25
3.768%
8/10/48
483,441
3,000
COMM
2015-CCRE26
Mortgage
Trust,
2015
CR26
4.464%
10/10/48
2,794,500
900
COMM
2015-LC23
Mortgage
Trust,
2015
LC23
4.545%
10/10/48
846,043
1,000
COMM
2019-GC44
Mortgage
Trust,
2019
GC44
3.522%
8/15/57
811,678
637
COMM
Mortgage
Trust
4.585%
2/10/47
608,949
2,000
Concord
Music
Royalties
LLC,
2022
1A,
144A
6.500%
1/20/73
2,007,959
3
Connecticut
Avenue
Securities
Trust
2018-R07,
2018
R07,
144A
7.859%
4/25/31
3,416
625
(b)
Connecticut
Avenue
Securities
Trust
2021-R03,
(SOFR30A
reference
rate
+
5.500%
spread),
2021
R03,
144A
10.822%
12/25/41
645,540
850
(b)
Connecticut
Avenue
Securities
Trust
2022-R01,
(SOFR30A
reference
rate
+
6.000%
spread),
2022
R01,
144A
11.322%
12/25/41
887,789
3,400
(b)
Connecticut
Avenue
Securities
Trust
2022-R02,
(SOFR30A
reference
rate
+
4.500%
spread),
2022
R02,
144A
9.822%
1/25/42
3,567,035
3,295
(b)
Connecticut
Avenue
Securities
Trust
2022-R03,
(SOFR30A
reference
rate
+
6.250%
spread),
2022
R03,
144A
6.349%
3/25/42
3,660,645
4,000
(b)
Connecticut
Avenue
Securities
Trust
2022-R03,
(SOFR30A
reference
rate
+
9.850%
spread),
2022
R03,
144A
14.823%
3/25/42
4,605,319
4,000
(b)
Connecticut
Avenue
Securities
Trust
2022-R03,
(SOFR30A
reference
rate
+
3.500%
spread),
2022
R03,
144A
8.822%
3/25/42
4,205,920
4,000
(b)
Connecticut
Avenue
Securities
Trust
2022-R04,
(SOFR30A
reference
rate
+
5.250%
spread),
2022
R04,
144A
10.572%
3/25/42
4,330,866
1,880
(b)
Connecticut
Avenue
Securities
Trust
2022-R04,
(SOFR30A
reference
rate
+
3.100%
spread),
2022
R04,
144A
8.422%
3/25/42
1,956,554
4,000
(b)
Connecticut
Avenue
Securities
Trust
2022-R04,
(SOFR30A
reference
rate
+
9.500%
spread),
2022
R04,
144A
14.837%
3/25/42
4,550,614
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X–
ASSET-BACKED
AND
MORTGAGE-BACKED
SECURITIES
(continued)
$
5,000
(b)
Connecticut
Avenue
Securities
Trust
2022-R05,
(SOFR30A
reference
rate
+
7.000%
spread),
2022
R05,
144A
12.322%
4/25/42
$
5,439,542
4,000
(b)
Connecticut
Avenue
Securities
Trust
2022-R06,
(SOFR30A
reference
rate
+
3.850%
spread),
2022
R06,
144A
9.172%
5/25/42
4,242,477
4,000
(b)
Connecticut
Avenue
Securities
Trust
2022-R07,
(SOFR30A
reference
rate
+
4.650%
spread),
2022
R07,
144A
9.971%
6/25/42
4,352,825
2,100
(b)
Connecticut
Avenue
Securities
Trust
2022-R07,
(SOFR30A
reference
rate
+
12.000%
spread),
2022
R07,
144A
17.321%
6/25/42
2,548,382
4,000
(b)
Connecticut
Avenue
Securities
Trust
2022-R09,
(SOFR30A
reference
rate
+
4.750%
spread),
2022
R09,
144A
10.071%
9/25/42
4,372,062
600
(b)
Connecticut
Avenue
Securities
Trust
2022-R09,
(SOFR30A
reference
rate
+
6.750%
spread),
2022
R09,
144A
12.071%
9/25/42
667,733
4,000
(b)
Connecticut
Avenue
Securities
Trust
2023-R01,
(SOFR30A
reference
rate
+
3.750%
spread),
2023
R01,
144A
9.071%
12/25/42
4,287,635
3,000
(b)
Connecticut
Avenue
Securities
Trust
2023-R04,
(SOFR30A
reference
rate
+
5.350%
spread),
2023
R04,
144A
10.671%
5/25/43
3,289,009
3,498
(b)
Connecticut
Avenue
Securities
Trust
2023-R04,
(SOFR30A
reference
rate
+
8.250%
spread),
2023
R04,
144A
13.571%
5/25/43
4,019,440
800
(b)
Connecticut
Avenue
Securities
Trust
2023-R05,
(SOFR30A
reference
rate
+
6.850%
spread),
2023
R05,
144A
12.171%
6/25/43
887,299
1,000
(b)
Connecticut
Avenue
Securities
Trust
2023-R05,
(SOFR30A
reference
rate
+
4.750%
spread),
2023
R05,
144A
10.071%
6/25/43
1,076,269
4,000
(b)
Connecticut
Avenue
Securities
Trust
2023-R06,
(SOFR30A
reference
rate
+
3.900%
spread),
2023
R06,
144A
9.188%
7/25/43
4,193,525
2,550
(b)
Connecticut
Avenue
Securities
Trust
2023-R08,
(SOFR30A
reference
rate
+
3.550%
spread),
2023
R08,
144A
8.872%
10/25/43
2,644,700
3,000
Crescendo
Royalty
Funding
LP,
2021
1,
144A
3.567%
12/20/51
2,775,980
1,000
CSMC
2021-NQM1,
2021
NQM1,
144A
2.130%
5/25/65
660,642
1,617
CyrusOne
Data
Centers
Issuer
I,
2023
1A,
144A
5.450%
4/20/48
1,486,201
1,000
CyrusOne
Data
Centers
Issuer
I,
2023
2A,
144A
5.560%
11/20/48
950,417
1,173
DB
Master
Finance
LLC,
2021
1A,
144A
2.493%
11/20/51
1,033,284
631
DB
Master
Finance
LLC,
2019
1A,
144A
4.021%
5/20/49
610,024
1,173
DB
Master
Finance
LLC,
2021
1A,
144A
2.045%
11/20/51
1,068,388
130
Diamond
Resorts
Owner
Trust
2021-1,
2021
1A,
144A
3.830%
11/21/33
119,234
130
Diamond
Resorts
Owner
Trust
2021-1,
2021
1A,
144A
2.700%
11/21/33
123,595
30,450
DOLP
Trust
2021-NYC,
2021
NYC,
(I/O),
144A
0.665%
5/10/41
1,071,750
973
Domino's
Pizza
Master
Issuer
LLC,
2021
1A,
144A
2.662%
4/25/51
863,984
1,455
DRIVEN
BRANDS
FUNDING
LLC,
2020
2A,
144A
3.237%
1/20/51
1,318,649
1,300
(b)
Elmwood
CLO
20
Ltd,
(TSFR3M
reference
rate
+
3.650%
spread),
2022
7A,
144A
8.973%
1/17/37
1,297,746
1,500
(b)
Elmwood
CLO
26
Ltd,
(TSFR3M
reference
rate
+
3.600%
spread),
2024
1A,
144A,
(WI/DD)
0.000%
4/18/37
1,506,418
2,822
EWC
Master
Issuer
LLC,
2022
1A,
144A
5.500%
3/15/52
2,681,293
4,715
(b)
Fannie
Mae
-
CAS,
(SOFR30A
reference
rate
+
5.550%
spread),
2023
R02,
144A
10.872%
1/25/43
5,185,498
953
Fannie
Mae
Connecticut
Avenue
Securities,
2017
C06
1.800%
2/25/30
4,299
493
Fannie
Mae
Pool,
FN
MA5247
6.000%
1/01/54
494,794
11
(b)
Fannie
Mae
Pool,
FN
946228,
(12-Month
LIBOR
reference
rate
+
1.587%
spread)
5.837%
9/01/37
10,557
7,280
Fannie
Mae
Pool,
FN
MA5165
5.500%
10/01/53
7,203,481
1
(b)
Fannie
Mae
Pool,
FN
905597,
(12-Month
LIBOR
reference
rate
+
1.875%
spread)
6.125%
12/01/36
693
2,119
Fannie
Mae
Pool,
FN
MA5039
5.500%
6/01/53
2,097,644
5,742
Fannie
Mae
Pool,
FN
MA4942
6.000%
3/01/53
5,769,974
7,017
Fannie
Mae
Pool,
FN
MA4918
5.000%
2/01/53
6,810,287
6,743
Fannie
Mae
Pool,
FN
MA4785
5.000%
10/01/52
6,545,744
6,857
Fannie
Mae
Pool,
FN
MA4919
5.500%
2/01/53
6,787,813
2,077
Fannie
Mae
Pool,
FN
MA5106
5.000%
8/01/53
2,014,865
165
(b)
Fannie
Mae
REMICS,
(SOFR30A
reference
rate
+
5.836%
spread),
2013
98,
(I/O)
0.514%
9/25/43
17,169
83
Flagstar
Mortgage
Trust
2017-2,
2017
2,
144A
3.987%
10/25/47
72,999
1,228
Flagstar
Mortgage
Trust
2021-10INV,
2021
10IN,
144A
3.000%
10/25/51
1,008,454
Nuveen
Strategic
Income
Fund
(continued)
Portfolio
of
Investments
February
29,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X–
ASSET-BACKED
AND
MORTGAGE-BACKED
SECURITIES
(continued)
$
2,522
Flagstar
Mortgage
Trust
2021-4,
2021
4,
144A
2.500%
6/01/51
$
1,986,371
11,413
Freddie
Mac
Multifamily
ML
Certificates,
2021
ML12,
(I/O)
1.225%
7/25/41
1,119,658
4,000
(b)
Freddie
Mac
STACR
REMIC
Trust
2021-DNA6,
(SOFR30A
reference
rate
+
7.500%
spread),
2021
DNA6,
144A
12.822%
10/25/41
4,284,530
2,020
(b)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA1,
(SOFR30A
reference
rate
+
3.400%
spread),
2022
DNA1,
144A
8.722%
1/25/42
2,064,258
4,574
(b)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA2,
(SOFR30A
reference
rate
+
4.750%
spread),
2022
DNA2,
144A
10.072%
2/25/42
4,799,010
3,148
(b)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA2,
(SOFR30A
reference
rate
+
8.500%
spread),
2022
DNA2,
144A
13.788%
2/25/42
3,453,229
5,000
(b)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA3,
(SOFR30A
reference
rate
+
5.650%
spread),
2022
DNA3,
144A
8.647%
4/25/42
5,374,327
4,000
(b)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA3,
(SOFR30A
reference
rate
+
4.350%
spread),
2022
DNA3,
144A
9.672%
4/25/42
4,262,304
1,960
(b)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA3,
(SOFR30A
reference
rate
+
9.750%
spread),
2022
DNA3,
144A
15.087%
4/25/42
2,223,007
4,000
(b)
Freddie
Mac
STACR
REMIC
Trust
2022-HQA2,
(SOFR30A
reference
rate
+
4.000%
spread),
2022
HQA2,
144A
9.322%
7/25/42
4,255,823
126
(b)
Freddie
Mac
Strips,
(SOFR30A
reference
rate
+
5.806%
spread),
2014
327,
(I/O)
0.481%
3/15/44
9,662
1,000
Frontier
Issuer
LLC,
2023
1,
144A
11.500%
8/20/53
1,009,446
1,000
Frontier
Issuer
LLC,
2023
1,
144A
8.300%
8/20/53
1,001,840
1,000
Frontier
Issuer
LLC,
2023
1,
144A
6.600%
8/20/53
1,006,531
6,907
(b)
Government
National
Mortgage
Association,
(SOFR30A
reference
rate
+
6.250%
spread),
2020
133,
(I/O)
0.926%
9/20/50
683,183
3,938
(b)
Government
National
Mortgage
Association,
(SOFR30A
reference
rate
+
23.205%
spread),
2023
111
2.440%
8/20/53
4,021,437
2,466
(b)
Government
National
Mortgage
Association,
(SOFR30A
reference
rate
+
26.100%
spread),
2023
96
2.939%
7/20/53
2,578,181
2,000
(b)
GRACIE
POINT
INTERNATIONAL
FUNDING
2023-2,
(SOFR90A
reference
rate
+
5.400%
spread),
2023
2A,
144A
10.758%
3/01/27
1,999,953
1,500
(b)
GS
Mortgage
Securities
Corp
Trust
2018-TWR,
(TSFR1M
reference
rate
+
1.897%
spread),
2018
TWR,
144A
7.215%
7/15/31
688,050
1,081
(b)
GS
Mortgage
Securities
Corp
Trust
2018-TWR,
(1-Month
LIBOR
reference
rate
+
1.497%
spread),
2018
TWR,
144A
3.449%
7/15/31
783,675
2,600
(b)
GS
Mortgage
Securities
Corp
Trust
2021-ARDN,
(TSFR1M
reference
rate
+
1.364%
spread),
2021
ARDN,
144A
6.682%
11/15/36
2,558,538
2,000
(b)
GS
Mortgage
Securities
Corp
Trust
2021-ARDN,
(TSFR1M
reference
rate
+
3.464%
spread),
2021
ARDN,
144A
8.782%
11/15/36
1,922,306
1,000
GS
Mortgage
Securities
Trust
2016-GS3,
2016
GS3
3.982%
10/10/49
889,995
1,200
GS
Mortgage
Securities
Trust
2016-GS4,
2016
GS4
3.952%
11/10/49
991,575
1,425
GS
Mortgage
Securities
Trust
2019-GC38,
2019
GC38
4.158%
2/10/52
1,311,251
1,000
GS
Mortgage
Securities
Trust
2020-GSA2,
2020
GSA2
2.012%
12/12/53
790,791
111
GS
Mortgage-Backed
Securities
Corp
Trust
2019-PJ2,
2019
PJ2,
144A
4.000%
11/25/49
103,016
5
GS
Mortgage-Backed
Securities
Corp
Trust
2019-PJ2,
2019
PJ2,
144A
4.000%
11/25/49
4,960
162
GS
Mortgage-Backed
Securities
Corp
Trust
2021-PJ5,
2021
PJ5,
144A
2.500%
10/25/51
127,241
8
GS
Mortgage-Backed
Securities
Trust
2021-PJ6,
2021
PJ6,
144A
2.500%
11/25/51
6,450
7
GS
Mortgage-Backed
Securities
Trust
2021-PJ7,
2021
PJ7,
144A
2.500%
1/25/52
6,568
334
GS
Mortgage-Backed
Securities
Trust
2021-PJ8,
2021
PJ8,
144A
2.500%
1/25/52
262,918
2,910
Hardee's
Funding
LLC,
2020
1A,
144A
3.981%
12/20/50
2,599,784
750
Hertz
Vehicle
Financing
LLC,
2021
1A,
144A
2.050%
12/26/25
729,249
1,000
HI-FI
Music
IP
Issuer
LP,
2022
1A,
144A
3.939%
2/01/62
933,000
327
Hilton
Grand
Vacations
Trust
2019-A,
2019
AA,
144A
2.840%
7/25/33
308,210
1,698
Horizon
Aircraft
Finance
II
Ltd,
2019
1,
144A
3.721%
7/15/39
1,519,318
839
Horizon
Aircraft
Finance
III
Ltd,
2019
2,
144A
3.425%
11/15/39
662,940
1,000
Hotwire
Funding
LLC,
2021
1,
144A
2.658%
11/20/51
881,598
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X–
ASSET-BACKED
AND
MORTGAGE-BACKED
SECURITIES
(continued)
$
1,025
Hpefs
Equipment
Trust
2022-2,
2022
2A,
144A
4.940%
3/20/30
$
1,005,287
1,000
Hudson
Yards
2019-55HY
Mortgage
Trust,
2019
55HY,
144A
2.943%
12/10/41
719,914
1,500
(b)
ILPT
Commercial
Mortgage
Trust
2022-LPF2,
(TSFR1M
reference
rate
+
2.744%
spread),
2022
LPF2,
144A
8.062%
10/15/39
1,499,045
424
Impac
Secured
Assets
CMN
Owner
Trust,
2000
3
8.000%
10/25/30
377,604
2,000
Imperial
Fund
Mortgage
Trust
2020-NQM1,
2020
NQM1,
144A
3.531%
10/25/55
1,699,418
303
Imperial
Fund
Mortgage
Trust
2020-NQM1,
2020
NQM1,
144A
2.051%
10/25/55
272,942
375
Imperial
Fund
Mortgage
Trust
2021-NQM1,
2021
NQM1,
144A
1.617%
6/25/56
320,546
450
Imperial
Fund
Mortgage
Trust
2021-NQM1,
2021
NQM1,
144A
2.383%
6/25/56
326,405
1,250
(c)
Industrial
DPR
Funding
Ltd,
2022
1A,
144A
5.380%
4/15/34
1,063,600
2,441
(b)
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2022-NLP,
(TSFR1M
reference
rate
+
2.608%
spread),
2022
NLP,
144A
7.918%
4/15/37
2,014,340
2,389
Jonah
Energy
Abs
I
LLC,
2022
1,
144A
7.200%
11/20/37
2,380,716
172
(b)
JP
Morgan
Alternative
Loan
Trust
2007-S1,
(TSFR1M
reference
rate
+
0.674%
spread),
2007
S1
5.995%
4/25/47
163,177
376
JP
Morgan
Mortgage
Trust
2018-3,
2018
3,
144A
3.500%
9/25/48
325,163
121
JP
Morgan
Mortgage
Trust
2018-4,
2018
4,
144A
3.500%
10/25/48
102,557
4
JP
Morgan
Mortgage
Trust
2018-6,
2018
6,
144A
3.888%
12/25/48
3,349
405
JP
Morgan
Mortgage
Trust
2021-11,
2021
11,
144A
2.500%
1/25/52
318,852
282
JP
Morgan
Mortgage
Trust
2021-7,
2021
7,
144A
2.500%
11/25/51
221,720
2,500
JPMBB
Commercial
Mortgage
Securities
Trust
2015-C31,
2015
C31
4.623%
8/15/48
2,050,996
1,400
JPMBB
Commercial
Mortgage
Securities
Trust
2016-C1,
2016
C1,
144A
4.202%
3/17/49
1,196,576
2,000
JPMCC
Commercial
Mortgage
Securities
Trust
2017-JP6,
2017
JP6
3.704%
7/15/50
1,387,374
1,335
JPMCC
Commercial
Mortgage
Securities
Trust
2017-JP7,
2017
JP7
3.633%
9/15/50
1,115,331
1,400
JPMCC
Commercial
Mortgage
Securities
Trust
2017-JP7,
2017
JP7,
144A
4.383%
9/15/50
1,071,374
190
Ladder
Capital
Commercial
Mortgage
2013-GCP
Mortgage
Trust,
2013
GCP,
144A
3.985%
2/15/36
169,936
1,469
Lunar
2021-1
Structured
Aircraft
Portfolio
Notes,
2021
1,
144A
5.682%
10/15/46
1,232,398
1,500
(b)
Madison
Park
Funding
LIX
Ltd,
(TSFR3M
reference
rate
+
2.362%
spread),
2021
59A,
144A
7.660%
1/18/34
1,501,203
1,500
(b)
Madison
Park
Funding
XXXVI
Ltd,
(TSFR3M
reference
rate
+
3.500%
spread),
2019
36A,
144A
5.981%
4/15/35
1,502,163
1,500
(b)
Magnetite
XXIII
Ltd,
(TSFR3M
reference
rate
+
2.312%
spread),
2019
23A,
144A
7.636%
1/25/35
1,500,190
87
MAPS
2018-1
Ltd,
2018
1A,
144A
4.212%
5/15/43
79,017
246
MAPS
2021-1
Trust,
2021
1A,
144A
2.521%
6/15/46
217,132
1,000
Mercury
Financial
Credit
Card
Master
Trust,
2023
1A,
144A
8.040%
9/20/27
1,010,071
1,000
Mercury
Financial
Credit
Card
Master
Trust,
2023
1A,
144A
9.590%
9/20/27
1,005,332
2,000
MetroNet
Infrastructure
Issuer
LLC,
2022
1A,
144A
6.350%
10/20/52
1,995,313
1,000
MetroNet
Infrastructure
Issuer
LLC,
2023
1A,
144A
8.010%
4/20/53
987,500
34,356
MFT
Trust
2020-ABC,
2020
ABC,
(I/O),
144A
0.119%
2/10/42
264,716
750
Morgan
Stanley
Capital
I
Trust
2018-H3,
2018
H3
4.177%
7/15/51
713,691
255
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2021-5,
2021
5,
144A
2.500%
8/25/51
200,657
2,000
MRCD
2019-MARK
Mortgage
Trust,
2019
PARK,
144A
2.718%
12/15/36
1,150,000
1,500
MSCG
Trust
2015-ALDR,
2015
ALDR,
144A
3.462%
6/07/35
1,300,290
500
MSCG
Trust
2015-ALDR,
2015
ALDR,
144A
3.462%
6/07/35
423,889
1,000
(b)
MTN
Commercial
Mortgage
Trust
2022-LPFL,
(TSFR1M
reference
rate
+
2.943%
spread),
2022
LPFL,
144A
7.773%
3/15/39
953,279
450
MVW
2019-2
LLC,
2019
2A,
144A
2.680%
10/20/38
421,006
174
MVW
2021-1W
LLC,
2021
1WA,
144A
1.940%
1/22/41
160,696
Nuveen
Strategic
Income
Fund
(continued)
Portfolio
of
Investments
February
29,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X–
ASSET-BACKED
AND
MORTGAGE-BACKED
SECURITIES
(continued)
$
329
MVW
Owner
Trust
2019-1,
2019
1A,
144A
3.330%
11/20/36
$
316,131
1,500
(b)
Natixis
Commercial
Mortgage
Securities
Trust
2019-MILE,
(TSFR1M
reference
rate
+
3.579%
spread),
2019
MILE,
144A
8.897%
7/15/36
1,076,052
1,500
(b)
Natixis
Commercial
Mortgage
Securities
Trust
2019-MILE,
(TSFR1M
reference
rate
+
4.329%
spread),
2019
MILE,
144A
9.647%
7/15/36
995,988
1,000
(b)
Neuberger
Berman
Loan
Advisers
Clo
40
Ltd,
(TSFR3M
reference
rate
+
3.012%
spread),
2021
40A,
144A
8.326%
4/16/33
993,497
660
(b)
Neuberger
Berman
Loan
Advisers
Clo
40
Ltd,
(TSFR3M
reference
rate
+
6.112%
spread),
2021
40A,
144A
11.426%
4/16/33
658,978
1,625
(b)
Neuberger
Berman
Loan
Advisers
CLO
48
Ltd,
(TSFR3M
reference
rate
+
3.200%
spread),
2022
48A,
144A
8.525%
4/25/36
1,590,493
1,000
(b)
Neuberger
Berman
Loan
Advisers
NBLA
CLO
53
Ltd,
(TSFR3M
reference
rate
+
7.625%
spread),
2023
23-53A,
144A
12.964%
10/24/32
1,003,680
88
New
Residential
Mortgage
Loan
Trust
2015-2,
2015
2A,
144A
5.358%
8/25/55
85,200
1,000
NLT
2021-INV2
Trust,
2021
INV2,
144A
2.569%
8/25/56
676,793
1,000
Oak
Street
Investment
Grade
Net
Lease
Fund
Series
2021-1,
2021
1A,
144A
4.230%
1/20/51
870,202
823
OBX
2021-J2
Trust,
2021
J2,
144A
2.500%
7/25/51
648,150
2,175
(b)
OHA
Credit
Funding
4
Ltd,
(TSFR3M
reference
rate
+
3.462%
spread),
2019
4A,
144A
4.336%
10/22/36
2,177,305
1,150
One
Bryant
Park
Trust
2019-OBP,
2019
OBP,
144A
2.516%
9/15/54
982,856
2,871
(b)
OPEN
Trust,
(TSFR1M
reference
rate
+
5.236%
spread),
2023
AIR,
144A
10.554%
10/15/28
2,892,806
213
Oportun
Funding
XIV
LLC,
2021
A,
144A
5.400%
3/08/28
198,540
213
Oportun
Funding
XIV
LLC,
2021
A,
144A
3.440%
3/08/28
204,163
617
Oportun
Issuance
Trust
2021-C,
2021
C,
144A
3.610%
10/08/31
565,668
350
Oportun
Issuance
Trust
2021-C,
2021
C,
144A
5.570%
10/08/31
302,790
1,000
(b)
Palmer
Square
CLO
2021-3
Ltd,
(TSFR3M
reference
rate
+
3.212%
spread),
2021
3A,
144A
5.462%
1/15/35
1,000,834
2,500
(b)
Palmer
Square
CLO
2022-1
Ltd,
(TSFR3M
reference
rate
+
3.050%
spread),
2022
1A,
144A
8.368%
4/20/35
2,502,635
2,000
(b)
Palmer
Square
CLO
2023-1
Ltd,
(TSFR3M
reference
rate
+
5.300%
spread),
2023
1A,
144A
10.618%
1/20/36
2,028,486
654
(b)
PNMAC
GMSR
ISSUER
TRUST
2018-GT2,
(TSFR1M
reference
rate
+
3.515%
spread),
2018
GT2,
144A
8.836%
8/25/25
657,544
1,416
Purewest
Funding
LLC,
2021
1,
144A
4.091%
12/22/36
1,361,715
1,000
(b)
RLGH
Trust
2021-TROT,
(1-Month
LIBOR
reference
rate
+
1.828%
spread),
2021
TROT,
144A
1.821%
4/15/36
980,469
11
Sequoia
Mortgage
Trust
2018-7,
2018
7,
144A
4.000%
9/25/48
10,418
6
Sequoia
Mortgage
Trust
2019-2,
2019
2,
144A
4.000%
6/25/49
5,792
1,986
Sesac
Finance
LLC,
2019
1,
144A
5.216%
7/25/49
1,935,574
558
Settlement
Fee
Finance
2019-1
LLC,
2019
1A,
144A
3.840%
11/01/49
551,770
137
Sierra
Timeshare
2019-2
Receivables
Funding
LLC,
2019
2A,
144A
4.540%
5/20/36
133,579
129
Sierra
Timeshare
2019-3
Receivables
Funding
LLC,
2019
3A,
144A
4.180%
8/20/36
123,662
110
Sierra
Timeshare
2021-1
Receivables
Funding
LLC,
2021
1A,
144A
1.790%
11/20/37
103,795
1,155
SLG
Office
Trust
2021-OVA,
2021
OVA,
144A
2.851%
7/15/41
867,967
40,180
SLG
Office
Trust
2021-OVA,
2021
OVA,
(I/O),
144A
0.258%
7/15/41
582,702
1,855
(b)
SMR
2022-IND
Mortgage
Trust,
(TSFR1M
reference
rate
+
3.950%
spread),
2022
IND,
144A
9.268%
2/15/39
1,694,268
1,863
Sonic
Capital
LLC,
2020
1A,
144A
3.845%
1/20/50
1,763,830
863
Start
II
LTD,
2019
1,
144A
5.095%
3/15/44
750,497
1,719
Taco
Bell
Funding
LLC,
2021
1A,
144A
1.946%
8/25/51
1,550,340
2,584
Taco
Bell
Funding
LLC,
2021
1A,
144A
2.294%
8/25/51
2,234,524
1,500
(b)
TCW
CLO
2021-2
Ltd,
(3-Month
LIBOR
reference
rate
+
7.122%
spread),
2021
2A,
144A
6.985%
7/25/34
1,441,815
1,000
(b)
TICP
CLO
XIV
Ltd,
(TSFR3M
reference
rate
+
1.912%
spread),
2019
14A,
144A
7.229%
10/20/32
1,000,525
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X–
ASSET-BACKED
AND
MORTGAGE-BACKED
SECURITIES
(continued)
$
700
Tricon
American
Homes
2020-SFR1,
2020
SFR1,
144A
2.548%
7/17/38
$
644,687
488
UBS-Barclays
Commercial
Mortgage
Trust
2013-C5,
2013
C5,
144A
3.649%
3/10/46
450,628
1,000
(b)
Unity-Peace
Park
CLO
Ltd,
(TSFR3M
reference
rate
+
2.000%
spread),
2022
1A,
144A
7.318%
4/20/35
1,000,976
3,000
VB-S1
Issuer
LLC
-
VBTEL,
2022
1A,
144A
4.288%
2/15/52
2,660,716
600
Verus
Securitization
Trust
2019-4,
2019
4,
144A
3.207%
11/25/59
537,935
11
Verus
Securitization
Trust
2020-4,
2020
4,
144A
2.321%
5/25/65
10,467
2,000
Verus
Securitization
Trust
2021-8,
2021
8,
144A
3.288%
11/25/66
1,444,506
886
Vivint
Solar
Financing
V
LLC,
2018
1A,
144A
7.370%
4/30/48
825,090
700
VNDO
Trust
2016-350P,
2016
350P,
144A
3.903%
1/10/35
556,748
173
VR
Funding
LLC,
2020
1A,
144A
6.420%
11/15/50
160,057
929
VR
Funding
LLC,
2020
1A,
144A
2.790%
11/15/50
830,615
39
Washington
Mutual
MSC
Mortgage
Pass-Through
Certificates
Series
2004-RA3
Trust,
2004
RA3
5.682%
8/25/38
37,556
1,615
Wells
Fargo
Commercial
Mortgage
Trust
2015-NXS1,
2015
NXS1
3.658%
5/15/48
1,524,542
953
Wells
Fargo
Mortgage
Backed
Securities
2021-INV1
Trust,
2021
INV1,
144A
3.314%
8/25/51
779,672
848
Wendy's
Funding
LLC,
2021
1A,
144A
2.370%
6/15/51
735,526
903
Willis
Engine
Structured
Trust
VI,
2021
A,
144A
3.104%
5/15/46
776,642
1,461
Willis
Engine
Structured
Trust
VII,
2023
A,
144A
8.000%
10/15/48
1,518,498
536
ZAXBY'S
FUNDING
LLC,
2021
1A,
144A
3.238%
7/30/51
471,068
Total
Asset-Backed
and
Mortgage-Backed
Securities
(cost
$401,224,580)
381,802,524
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X
–
CORPORATE
BONDS
-
23.5%
X
178,418,805
Automobiles
&
Components
-
0.1%
$
850
General
Motors
Financial
Co
Inc
5.850%
4/06/30
$
861,224
Total
Automobiles
&
Components
861,224
Banks
-
2.8%
1,200
(d)
Access
Bank
PLC,
144A
6.125%
9/21/26
1,090,560
375
African
Export-Import
Bank/The,
144A
2.634%
5/17/26
347,514
1,000
(d)
Akbank
TAS,
144A
6.800%
2/06/26
1,004,168
1,050
Banco
Nacional
de
Comercio
Exterior
SNC/Cayman
Islands,
144A
2.720%
8/11/31
915,801
500
Bangkok
Bank
PCL/Hong
Kong,
144A
3.466%
9/23/36
419,926
1,000
Bank
of
America
Corp
5.819%
9/15/29
1,019,078
1,805
Bank
of
America
Corp
5.468%
1/23/35
1,799,778
1,035
Banque
Ouest
Africaine
de
Developpement
,
144A
4.700%
10/22/31
862,147
1,300
Barclays
PLC
6.490%
9/13/29
1,340,023
2,505
Citibank
NA
5.803%
9/29/28
2,580,824
310
Credit
Suisse
AG/New
York
NY
3.625%
9/09/24
306,924
1,475
Deutsche
Bank
AG/New
York
NY
3.961%
11/26/25
1,451,078
1,675
Development
Bank
of
Kazakhstan
JSC,
144A
2.950%
5/06/31
1,394,437
375
Grupo
Aval
Ltd,
144A
4.375%
2/04/30
309,741
1,000
HSBC
Holdings
PLC
4.583%
6/19/29
962,058
1,400
JPMorgan
Chase
&
Co
1.470%
9/22/27
1,272,086
1,825
JPMorgan
Chase
&
Co
5.350%
6/01/34
1,816,915
500
Turkiye
Garanti
Bankasi
AS,
144A
7.177%
5/24/27
494,880
290
Turkiye
Garanti
Bankasi
AS,
144A
8.375%
2/28/34
291,485
1,375
Wells
Fargo
Bank
NA
5.450%
8/07/26
1,386,778
Total
Banks
21,066,201
Nuveen
Strategic
Income
Fund
(continued)
Portfolio
of
Investments
February
29,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
Capital
Goods
-
1.2%
$
1,730
(d)
AerCap
Holdings
NV
5.875%
10/10/79
$
1,712,042
1,825
Albion
Financing
2
Sarl
,
144A
8.750%
4/15/27
1,824,846
850
Boeing
Co/The
5.805%
5/01/50
819,298
1,000
Honeywell
International
Inc
5.250%
3/01/54
997,967
1,140
Husky
Injection
Molding
Systems
Ltd
/
Titan
Co-Borrower
LLC,
144A
9.000%
2/15/29
1,164,895
900
Sociedad
Quimica
y
Minera
de
Chile
SA,
144A
6.500%
11/07/33
927,900
225
Titan
Acquisition
Ltd
,
(WI/DD)
0.000%
2/01/29
223,312
1,065
Windsor
Holdings
III
LLC,
144A
8.500%
6/15/30
1,101,925
Total
Capital
Goods
8,772,185
Commercial
&
Professional
Services
-
0.1%
1,000
MPH
Acquisition
Holdings
LLC,
144A
5.500%
9/01/28
872,500
Total
Commercial
&
Professional
Services
872,500
Consumer
Discretionary
Distribution
&
Retail
-
0.9%
1,450
(e)
JSM
Global
Sarl
,
144A
4.750%
10/20/30
311,750
1,000
Kohl's
Corp
4.625%
5/01/31
787,500
850
Lowe's
Cos
Inc
4.250%
4/01/52
682,911
1,125
Michaels
Cos
Inc
/The,
144A
5.250%
5/01/28
873,448
1,000
Michaels
Cos
Inc
/The,
144A
7.875%
5/01/29
645,704
2,000
Prosus
NV,
144A
3.257%
1/19/27
1,840,844
725
Prosus
NV,
144A
3.680%
1/21/30
627,618
1,000
Staples
Inc
,
144A
7.500%
4/15/26
961,415
Total
Consumer
Discretionary
Distribution
&
Retail
6,731,190
Consumer
Services
-
0.6%
990
(d)
Cinemark
USA
Inc
,
144A
5.250%
7/15/28
924,759
500
GENM
Capital
Labuan
Ltd,
144A
3.882%
4/19/31
432,999
985
Hilton
Grand
Vacations
Borrower
Escrow
LLC
/
Hilton
Grand
Vacations
Borrower
Esc,
144A
6.625%
1/15/32
984,998
1,000
NCL
Corp
Ltd,
144A
5.875%
3/15/26
976,750
1,135
Sands
China
Ltd
3.250%
8/08/31
945,550
Total
Consumer
Services
4,265,056
Consumer
Staples
Distribution
&
Retail
-
0.1%
850
CVS
Health
Corp
5.050%
3/25/48
758,177
Total
Consumer
Staples
Distribution
&
Retail
758,177
Energy
-
3.5%
720
Civitas
Resources
Inc
,
144A
8.375%
7/01/28
753,425
940
Civitas
Resources
Inc
,
144A
8.750%
7/01/31
999,663
800
Cosan
Luxembourg
SA,
144A
5.500%
9/20/29
762,667
750
Diamondback
Energy
Inc
4.400%
3/24/51
605,703
450
Ecopetrol
SA
4.625%
11/02/31
372,403
575
Ecopetrol
SA
6.875%
4/29/30
559,418
1,000
Ecopetrol
SA
5.875%
11/02/51
707,710
100
Ecopetrol
SA
5.875%
5/28/45
74,071
2,000
EIG
Pearl
Holdings
Sarl
,
144A
3.545%
8/31/36
1,698,000
300
Empresa
Nacional
del
Petroleo
,
144A
6.150%
5/10/33
298,749
900
Empresa
Nacional
del
Petroleo
,
144A
3.450%
9/16/31
755,243
826
Energean
Israel
Finance
Ltd,
144A,
Reg
S
5.375%
3/30/28
739,733
1,000
Energy
Transfer
LP
5.550%
5/15/34
989,399
1,000
Enterprise
Products
Operating
LLC
5.350%
1/31/33
1,013,314
1,700
Galaxy
Pipeline
Assets
Bidco
Ltd,
144A
2.625%
3/31/36
1,377,106
985
Genesis
Energy
LP
/
Genesis
Energy
Finance
Corp
8.250%
1/15/29
1,001,429
720
Kodiak
Gas
Services
LLC,
144A
7.250%
2/15/29
733,015
500
Medco
Laurel
Tree
Pte
Ltd,
144A
6.950%
11/12/28
485,102
500
MEDCO
MAPLE
TREE
PTE
LTD,
144A
8.960%
4/27/29
522,227
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
Energy
(continued)
$
950
MPLX
LP
2.650%
8/15/30
$
808,851
990
PBF
Holding
Co
LLC
/
PBF
Finance
Corp,
144A
7.875%
9/15/30
1,014,433
500
Pertamina
Persero
PT,
144A
1.400%
2/09/26
461,750
200
Petroleos
del
Peru
SA,
144A
4.750%
6/19/32
156,383
559
Petroleos
Mexicanos
7.690%
1/23/50
384,786
100
Petroleos
Mexicanos
6.750%
9/21/47
63,553
1,490
Petroleos
Mexicanos
6.700%
2/16/32
1,201,284
800
Phillips
66
Co
5.300%
6/30/33
793,370
553
Saka
Energi
Indonesia
PT,
144A
4.450%
5/05/24
547,475
1,000
SierraCol
Energy
Andina
LLC,
144A
6.000%
6/15/28
871,193
400
Talos
Production
Inc
,
144A
9.000%
2/01/29
408,825
1,000
Thaioil
Treasury
Center
Co
Ltd,
144A
2.500%
6/18/30
837,314
1,780
Transcanada
Trust
5.500%
9/15/79
1,591,639
495
Transocean
Aquila
Ltd,
144A
8.000%
9/30/28
504,281
975
USA
Compression
Partners
LP
/
USA
Compression
Finance
Corp
6.875%
9/01/27
969,990
1,020
Venture
Global
LNG
Inc
,
144A
9.875%
2/01/32
1,073,939
440
Venture
Global
LNG
Inc
,
144A
8.125%
6/01/28
446,999
Total
Energy
26,584,442
Equity
Real
Estate
Investment
Trusts
(REITs)
-
0.9%
1,050
American
Tower
Corp
2.750%
1/15/27
977,362
900
Essential
Properties
LP
2.950%
7/15/31
705,021
1,000
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC,
144A
3.375%
6/15/26
935,083
1,000
Kite
Realty
Group
Trust
4.750%
9/15/30
943,470
1,638
SITE
Centers
Corp
3.625%
2/01/25
1,611,464
591
SITE
Centers
Corp
4.250%
2/01/26
576,775
465
SITE
Centers
Corp
4.700%
6/01/27
457,299
1,000
Uniti
Group
LP
/
Uniti
Group
Finance
Inc
/
CSL
Capital
LLC,
144A
10.500%
2/15/28
1,035,098
Total
Equity
Real
Estate
Investment
Trusts
(REITs)
7,241,572
Financial
Services
-
1.7%
1,450
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
6.100%
1/15/27
1,468,118
500
(b)
Citrus
Re
Ltd
(3-Month
U.S.
Treasury
Bill
reference
rate
+
5.240%
spread),
144A
5.100%
6/07/25
504,550
750
Corebridge
Financial
Inc
5.750%
1/15/34
747,748
600
DAE
Funding
LLC,
144A
3.375%
3/20/28
549,630
1,750
ENN
Clean
Energy
International
Investment
Ltd,
144A
3.375%
5/12/26
1,652,678
500
(b)
Hestia
Re
Ltd
(1-Month
U.S.
Treasury
Bill
reference
rate
+
9.370%
spread),
144A
14.739%
4/22/25
485,500
1,000
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp,
144A
9.750%
1/15/29
1,045,000
250
(b)
Matterhorn
Re
Ltd
(SOFR
reference
rate
+
5.250%
spread),
144A
5.889%
3/24/25
249,450
665
NFP
Corp,
144A
7.500%
10/01/30
699,702
600
NFP
Corp,
144A
8.500%
10/01/31
662,294
1,095
OneMain
Finance
Corp
3.500%
1/15/27
1,007,918
1,000
PennyMac
Financial
Services
Inc
,
144A
7.875%
12/15/29
1,023,609
1,000
(b)
Sanders
Re
Ltd
(3-Month
U.S.
Treasury
Bill
reference
rate
+
3.050%
spread),
144A
3.250%
4/07/25
976,700
900
UBS
Group
AG,
144A
6.301%
9/22/34
930,406
860
UBS
Group
AG
3.750%
3/26/25
842,273
Total
Financial
Services
12,845,576
Food,
Beverage
&
Tobacco
-
1.1%
1,200
Anadolu
Efes
Biracilik
Ve
Malt
Sanayii
AS,
144A
3.375%
6/29/28
1,046,290
750
Anheuser-Busch
InBev
Worldwide
Inc
4.350%
6/01/40
671,573
1,250
BAT
International
Finance
PLC
4.448%
3/16/28
1,205,484
1,200
Bimbo
Bakeries
USA
Inc
,
144A
6.050%
1/15/29
1,235,412
750
BRF
SA,
144A
4.875%
1/24/30
690,636
Nuveen
Strategic
Income
Fund
(continued)
Portfolio
of
Investments
February
29,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
Food,
Beverage
&
Tobacco
(continued)
$
1,200
CIA
Cervecerias
Unidas
SA,
144A
3.350%
1/19/32
$
1,027,200
950
Constellation
Brands
Inc
2.875%
5/01/30
834,325
1,000
Triton
Water
Holdings
Inc
,
144A
6.250%
4/01/29
872,980
1,075
Ulker
Biskuvi
Sanayi
AS,
144A
6.950%
10/30/25
1,061,132
Total
Food,
Beverage
&
Tobacco
8,645,032
Health
Care
Equipment
&
Services
-
0.5%
1,000
CHS/Community
Health
Systems
Inc
,
144A
10.875%
1/15/32
1,018,301
900
HCA
Inc
3.500%
9/01/30
804,145
1,045
LifePoint
Health
Inc
,
144A
11.000%
10/15/30
1,105,404
750
UnitedHealth
Group
Inc
5.350%
2/15/33
765,223
Total
Health
Care
Equipment
&
Services
3,693,073
Insurance
-
1.0%
1,600
Allianz
SE,
144A
6.350%
9/06/53
1,668,762
1,655
Ardonagh
Group
Finance
Ltd,
144A
8.875%
2/15/32
1,618,093
500
(b)
Bonanza
RE
Ltd2020
A
(3-Month
U.S.
Treasury
Bill
reference
rate
+
4.910%
spread),
144A
10.279%
12/23/24
486,900
250
(b)
Bonanza
RE
Ltd
(3-Month
U.S.
Treasury
Bill
reference
rate
+
5.780%
spread),
144A
11.148%
3/16/25
234,625
250
(b)
Kendall
Re
Ltd2020
A
(3-Month
U.S.
Treasury
Bill
reference
rate
+
4.000%
spread),
144A
4.040%
5/02/24
249,750
550
(b)
Residential
Reinsurance
2020
Ltd2020
A
(3-Month
U.S.
Treasury
Bill
reference
rate
+
6.010%
spread),
144A
6.510%
12/06/24
538,780
500
(b)
Vitality
Re
XII
Ltd2020
A
(3-Month
U.S.
Treasury
Bill
reference
rate
+
2.250%
spread),
144A
2.250%
1/07/25
497,550
1,000
(b)
Vitality
Re
XIV
Ltd
(3-Month
U.S.
Treasury
Bill
reference
rate
+
3.500%
spread),
144A
8.869%
1/05/27
999,500
1,000
(b)
Vitality
Re
XV
Ltd
(3-Month
U.S.
Treasury
Bill
reference
rate
+
2.500%
spread),
144A
7.873%
1/07/28
998,500
Total
Insurance
7,292,460
Materials
-
2.3%
1,700
Alpek
SAB
de
CV,
144A
4.250%
9/18/29
1,562,780
1,675
AngloGold
Ashanti
Holdings
PLC
3.750%
10/01/30
1,452,879
700
AngloGold
Ashanti
Holdings
PLC
3.375%
11/01/28
626,973
875
Cemex
SAB
de
CV,
144A
9.125%
12/30/49
933,162
325
Corp
Nacional
del
Cobre
de
Chile,
144A
6.440%
1/26/36
330,444
950
EverArc
Escrow
Sarl
,
144A
5.000%
10/30/29
806,547
1,120
Freeport
Indonesia
PT,
144A
5.315%
4/14/32
1,084,868
710
Inversiones
CMPC
SA,
144A
6.125%
6/23/33
716,859
715
Mauser
Packaging
Solutions
Holding
Co,
144A
7.875%
8/15/26
724,522
1,325
Mineral
Resources
Ltd,
144A
9.250%
10/01/28
1,389,594
1,025
OCP
SA,
144A
3.750%
6/23/31
867,949
1,325
Orbia
Advance
Corp
SAB
de
CV,
144A
1.875%
5/11/26
1,208,600
500
Sasol
Financing
USA
LLC,
144A
8.750%
5/03/29
500,125
725
Sasol
Financing
USA
LLC
4.375%
9/18/26
676,933
1,000
SunCoke
Energy
Inc
,
144A
4.875%
6/30/29
897,500
1,500
Suzano
Austria
GmbH
3.125%
1/15/32
1,231,819
990
Tronox
Inc
,
144A
4.625%
3/15/29
876,280
900
UltraTech
Cement
Ltd,
144A
2.800%
2/16/31
755,260
1,000
WRKCo
Inc
3.000%
9/15/24
984,594
Total
Materials
17,627,688
Media
&
Entertainment
-
0.6%
535
(d)
Baidu
Inc
1.625%
2/23/27
481,382
1,000
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp,
144A
6.375%
9/01/29
939,517
900
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
3.900%
6/01/52
565,829
1,150
Comcast
Corp
2.800%
1/15/51
718,899
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
Media
&
Entertainment
(continued)
$
350
CSC
Holdings
LLC,
144A
11.250%
5/15/28
$
361,120
925
LCPR
Senior
Secured
Financing
DAC,
144A
5.125%
7/15/29
777,296
800
Warnermedia
Holdings
Inc
5.050%
3/15/42
672,734
Total
Media
&
Entertainment
4,516,777
Pharmaceuticals,
Biotechnology
&
Life
Sciences
-
0.7%
395
AbbVie
Inc
5.050%
3/15/34
396,966
310
AbbVie
Inc
5.400%
3/15/54
314,688
750
Amgen
Inc
5.650%
3/02/53
749,688
825
CVS
Health
Corp
1.750%
8/21/30
670,129
1,750
Pfizer
Investment
Enterprises
Pte
Ltd
4.450%
5/19/28
1,715,875
850
Pfizer
Investment
Enterprises
Pte
Ltd
5.300%
5/19/53
831,467
670
Teva
Pharmaceutical
Finance
Netherlands
III
BV
8.125%
9/15/31
723,840
Total
Pharmaceuticals,
Biotechnology
&
Life
Sciences
5,402,653
Semiconductors
&
Semiconductor
Equipment
-
0.4%
1,400
Broadcom
Corp
/
Broadcom
Cayman
Finance
Ltd
3.875%
1/15/27
1,352,775
1,200
SK
Hynix
Inc
,
144A
1.500%
1/19/26
1,110,977
675
TSMC
Arizona
Corp
3.875%
4/22/27
654,000
Total
Semiconductors
&
Semiconductor
Equipment
3,117,752
Software
&
Services
-
0.5%
2,075
Ahead
DB
Holdings
LLC,
144A
6.625%
5/01/28
1,850,838
700
Oracle
Corp
5.550%
2/06/53
668,738
1,145
UKG
Inc
,
144A
6.875%
2/01/31
1,156,908
Total
Software
&
Services
3,676,484
Technology
Hardware
&
Equipment
-
0.2%
1,700
T-Mobile
USA
Inc
2.250%
11/15/31
1,379,269
Total
Technology
Hardware
&
Equipment
1,379,269
Telecommunication
Services
-
1.6%
360
Altice
France
SA/France,
144A
8.125%
2/01/27
330,813
1,185
AT&T
Inc
3.500%
9/15/53
814,495
1,400
C&W
Senior
Financing
DAC,
144A
6.875%
9/15/27
1,319,500
775
CT
Trust,
144A
5.125%
2/03/32
697,943
975
Empresa
Nacional
de
Telecomunicaciones
SA,
144A
3.050%
9/14/32
769,031
770
Iliad
Holding
SASU,
144A
6.500%
10/15/26
761,230
1,000
Level
3
Financing
Inc
,
144A
10.500%
5/15/30
1,025,000
585
Level
3
Financing
Inc
,
144A
3.400%
3/01/27
596,700
1,000
Liberty
Costa
Rica
Senior
Secured
Finance,
144A
10.875%
1/15/31
1,038,792
1,386
Millicom
International
Cellular
SA2028
2028,
144A
5.125%
1/15/28
1,321,434
1,375
Sitios
Latinoamerica
SAB
de
CV,
144A
5.375%
4/04/32
1,267,784
1,690
Verizon
Communications
Inc
1.750%
1/20/31
1,355,388
995
Vmed
O2
UK
Financing
I
PLC,
144A
4.750%
7/15/31
860,401
Total
Telecommunication
Services
12,158,511
Transportation
-
0.8%
500
Adani
Ports
&
Special
Economic
Zone
Ltd,
144A
3.100%
2/02/31
398,913
1,241
American
Airlines
2021-1
Class
A
Pass
Through
Trust2021
2021
2.875%
7/11/34
1,055,285
285
British
Airways
2020-1
Class
B
Pass
Through
Trust2020
A,
144A
8.375%
11/15/28
295,987
1,000
Grupo
Aeromexico
SAB
de
CV,
144A
8.500%
3/17/27
975,000
1,000
Hawaiian
Brand
Intellectual
Property
Ltd
/
HawaiianMiles
Loyalty
Ltd,
144A
5.750%
1/20/26
943,750
1,740
MISC
Capital
Two
Labuan
Ltd,
144A
3.750%
4/06/27
1,658,688
1,000
Transnet
SOC
Ltd,
144A
8.250%
2/06/28
992,536
Total
Transportation
6,320,159
Nuveen
Strategic
Income
Fund
(continued)
Portfolio
of
Investments
February
29,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
Utilities
-
1.9%
$
1,875
AEP
Transmission
Co
LLC
3.750%
12/01/47
$
1,440,017
900
AEP
Transmission
Co
LLC
3.650%
4/01/50
676,288
1,035
AES
Espana
BV,
144A
5.700%
5/04/28
947,025
1,192
Alfa
Desarrollo
SpA2021
1,
144A
4.550%
9/27/51
886,413
800
Empresas
Publicas
de
Medellin
ESP,
144A
4.375%
2/15/31
658,352
1,000
EnfraGen
Energia
Sur
SA
/
EnfraGen
Spain
SA
/
Prime
Energia
SpA
,
144A
5.375%
12/30/30
803,754
950
Eskom
Holdings
SOC
Ltd,
144A
6.350%
8/10/28
907,250
1,050
Ferrellgas
LP
/
Ferrellgas
Finance
Corp,
144A
5.375%
4/01/26
1,039,532
1,125
Ferrellgas
LP
/
Ferrellgas
Finance
Corp,
144A
5.875%
4/01/29
1,067,911
750
Interstate
Power
and
Light
Co
3.100%
11/30/51
479,678
875
Israel
Electric
Corp
Ltd,
144A,
Reg
S
3.750%
2/22/32
727,470
250
NPC
Ukrenergo
,
144A
6.875%
11/09/28
81,250
750
Public
Service
Co
of
Colorado
2.700%
1/15/51
453,554
1,500
ReNew
Wind
Energy
AP2
/
ReNew
Power
Pvt
Ltd
other
9
Subsidiaries,
144A
4.500%
7/14/28
1,372,500
712
Sweihan
PV
Power
Co
PJSC2022
1,
144A
3.625%
1/31/49
563,096
1,000
Talen
Energy
Supply
LLC,
144A
8.625%
6/01/30
1,055,041
599
UEP
Penonome
II
SA2020
1,
144A
6.500%
10/01/38
459,742
1,000
Wisconsin
Power
and
Light
Co
4.950%
4/01/33
971,951
Total
Utilities
14,590,824
Total
Corporate
Bonds
(cost
$188,957,609)
178,418,805
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X
–
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
7.4%
X
56,316,689
Automobiles
&
Components
-
0.2%
$
1,735
General
Motors
Financial
Co
Inc
5.700%
N/A
(f)
$
1,624,789
Total
Automobiles
&
Components
1,624,789
Banks
-
3.0%
200
Banco
de
Credito
e
Inversiones
SA,
144A
8.750%
N/A
(f)
205,500
1,500
Bank
of
America
Corp
6.100%
N/A
(f)
1,498,984
1,500
Bank
of
America
Corp
6.125%
N/A
(f)
1,498,739
1,685
Citigroup
Inc
7.625%
N/A
(f)
1,737,560
2,000
CoBank
ACB
6.250%
N/A
(f)
1,950,000
2,000
Goldman
Sachs
Group
Inc
/The
3.800%
N/A
(f)
1,839,893
1,560
Huntington
Bancshares
Inc
/OH
5.625%
N/A
(f)
1,411,800
2,450
JPMorgan
Chase
&
Co
3.650%
N/A
(f)
2,278,276
1,275
JPMorgan
Chase
&
Co
5.000%
N/A
(f)
1,267,804
2,000
PNC
Financial
Services
Group
Inc
/The
3.400%
N/A
(f)
1,692,587
2,000
Truist
Financial
Corp
4.800%
N/A
(f)
1,892,038
1,415
Truist
Financial
Corp
5.100%
N/A
(f)
1,290,408
2,900
Wells
Fargo
&
Co
3.900%
N/A
(f)
2,728,732
1,440
(d)
Wells
Fargo
&
Co
7.625%
N/A
(f)
1,523,706
Total
Banks
22,816,027
Capital
Goods
-
0.1%
1,125
Cemex
SAB
de
CV,
144A
5.125%
N/A
(f)
1,071,512
Total
Capital
Goods
1,071,512
Energy
-
0.2%
1,400
Energy
Transfer
LP
6.500%
N/A
(f)
1,356,949
Total
Energy
1,356,949
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
-
0.2%
$
1,500
Prologis
Targeted
US
5.500%
4/01/34
$
1,489,170
Total
Equity
Real
Estate
Investment
Trusts
(REITs)
1,489,170
Financial
Services
-
1.2%
1,500
Bank
of
New
York
Mellon
Corp/The
4.700%
N/A
(f)
1,468,623
2,050
Charles
Schwab
Corp/The
5.375%
N/A
(f)
2,021,641
1,955
(d)
Goldman
Sachs
Group
Inc
/The
7.500%
N/A
(f)
2,055,729
2,610
State
Street
Corp
6.700%
N/A
(f)
2,602,936
1,000
Voya
Financial
Inc
7.758%
N/A
(f)
1,022,815
Total
Financial
Services
9,171,744
Food,
Beverage
&
Tobacco
-
0.3%
2,730
Land
O'
Lakes
Inc
,
144A
8.000%
N/A
(f)
2,323,912
Total
Food,
Beverage
&
Tobacco
2,323,912
Insurance
-
0.8%
2,835
AXIS
Specialty
Finance
LLC
4.900%
1/15/40
2,479,845
1,485
Enstar
Finance
LLC
5.500%
1/15/42
1,337,433
1,000
Hanwha
Life
Insurance
Co
Ltd,
144A
3.379%
2/04/32
929,483
1,500
Prudential
Financial
Inc
6.000%
9/01/52
1,495,943
Total
Insurance
6,242,704
Media
&
Entertainment
-
0.3%
2,185
Paramount
Global
6.375%
3/30/62
1,895,487
Total
Media
&
Entertainment
1,895,487
Telecommunication
Services
-
0.2%
1,000
Network
i2i
Ltd,
144A
3.975%
N/A
(f)
946,197
800
Network
i2i
Ltd,
144A
5.650%
N/A
(f)
792,000
Total
Telecommunication
Services
1,738,197
Utilities
-
0.9%
1,500
Edison
International
5.000%
N/A
(f)
1,424,276
2,035
Sempra
4.875%
N/A
(f)
1,992,173
1,500
Southern
Co/The
4.000%
1/15/51
1,440,467
1,700
Vistra
Corp,
144A
8.875%
N/A
(f)
1,729,282
Total
Utilities
6,586,198
Total
$1,000
Par
(or
similar)
Institutional
Preferred
(cost
$58,839,314)
56,316,689
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X
–
SOVEREIGN
DEBT
-
6.2%
X
47,081,749
Angola
-
0.1%
$
1,050
Angolan
Government
International
Bond,
144A
8.750%
4/14/32
$
920,062
Total
Angola
920,062
Bahrain
-
0.1%
500
Bahrain
Government
International
Bond,
144A
6.000%
9/19/44
402,000
Total
Bahrain
402,000
Bermuda
-
0.1%
625
Bermuda
Government
International
Bond,
144A
2.375%
8/20/30
520,937
Total
Bermuda
520,937
Nuveen
Strategic
Income
Fund
(continued)
Portfolio
of
Investments
February
29,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
Brazil
-
0.2%
$
570
Brazilian
Government
International
Bond
6.000%
10/20/33
$
564,039
550
Brazilian
Government
International
Bond
7.125%
5/13/54
549,575
Total
Brazil
1,113,614
Chile
-
0.0%
450
Chile
Government
International
Bond
3.100%
5/07/41
329,344
Total
Chile
329,344
Colombia
-
0.2%
1,150
Colombia
Government
International
Bond
5.000%
6/15/45
822,467
825
Colombia
Government
International
Bond
5.200%
5/15/49
596,641
Total
Colombia
1,419,108
Costa
Rica
-
0.1%
905
Costa
Rica
Government
International
Bond,
144A
5.625%
4/30/43
814,953
Total
Costa
Rica
814,953
Cote
d'Ivoire
-
0.2%
1,175
Ivory
Coast
Government
International
Bond,
144A
6.125%
6/15/33
1,028,846
746
Ivory
Coast
Government
International
Bond,
144A
5.750%
12/31/32
701,005
350
Ivory
Coast
Government
International
Bond,
144A
8.250%
1/30/37
341,653
Total
Cote
d'Ivoire
2,071,504
Dominican
Republic
-
0.2%
1,000
Dominican
Republic
International
Bond,
144A
4.500%
1/30/30
906,313
835
Dominican
Republic
International
Bond,
144A
5.300%
1/21/41
702,226
Total
Dominican
Republic
1,608,539
Ecuador
-
0.0%
380
Ecuador
Government
International
Bond,
144A
5.000%
7/31/30
231,343
Total
Ecuador
231,343
Egypt
-
0.2%
1,650
Egypt
Government
International
Bond,
144A
8.500%
1/31/47
1,278,420
Total
Egypt
1,278,420
Ghana
-
0.0%
650
Ghana
Government
International
Bond,
144A
8.125%
3/26/32
277,062
Total
Ghana
277,062
Guatemala
-
0.1%
500
Guatemala
Government
Bond,
144A
6.600%
6/13/36
504,400
Total
Guatemala
504,400
Hungary
-
0.1%
350
Hungary
Government
International
Bond
7.625%
3/29/41
399,582
300
Magyar
Export-Import
Bank
Zrt
,
144A
6.125%
12/04/27
300,811
Total
Hungary
700,393
Indonesia
-
0.1%
950
Perusahaan
Penerbit
SBSN
Indonesia
III,
144A
3.800%
6/23/50
726,302
Total
Indonesia
726,302
Iraq
-
0.2%
1,508
Iraq
International
Bond,
144A
5.800%
1/15/28
1,405,412
Total
Iraq
1,405,412
Jamaica
-
0.0%
330
Jamaica
Government
International
Bond
6.750%
4/28/28
338,646
Total
Jamaica
338,646
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
Jordan
-
0.0%
$
350
Jordan
Government
International
Bond,
144A
5.850%
7/07/30
$
315,818
325
Jordan
Government
International
Bond,
144A
7.375%
10/10/47
280,988
Total
Jordan
596,806
Kazakhstan
-
0.1%
975
Kazakhstan
Government
International
Bond,
144A
6.500%
7/21/45
1,075,084
Total
Kazakhstan
1,075,084
Kenya
-
0.3%
1,445
Republic
of
Kenya
Government
International
Bond,
144A
6.300%
1/23/34
1,134,217
500
Republic
of
Kenya
Government
International
Bond,
144A
9.750%
2/16/31
498,904
Total
Kenya
1,633,121
Mexico
-
0.6%
1,966
Mexico
Government
International
Bond
4.750%
3/08/44
1,617,482
1,950
Mexico
Government
International
Bond
4.280%
8/14/41
1,542,334
1,000
Mexico
Government
International
Bond
4.750%
4/27/32
940,374
775
Mexico
Government
International
Bond
6.400%
5/07/54
762,425
Total
Mexico
4,862,615
Mongolia
-
0.1%
795
Mongolia
Government
International
Bond,
144A
4.450%
7/07/31
664,112
Total
Mongolia
664,112
Morocco
-
0.1%
850
Morocco
Government
International
Bond,
144A
5.500%
12/11/42
734,075
Total
Morocco
734,075
Nigeria
-
0.0%
415
Nigeria
Government
International
Bond,
144A
7.875%
2/16/32
364,619
325
Nigeria
Government
International
Bond,
144A
8.375%
3/24/29
307,531
Total
Nigeria
672,150
Oman
-
0.1%
575
Oman
Government
International
Bond,
144A
6.500%
3/08/47
565,536
Total
Oman
565,536
Panama
-
0.1%
1,360
Panama
Bonos
del
Tesoro
3.362%
6/30/31
1,053,334
Total
Panama
1,053,334
Paraguay
-
0.1%
550
Paraguay
Government
International
Bond,
144A
5.600%
3/13/48
486,750
200
(d)
Paraguay
Government
International
Bond,
144A
6.000%
2/09/36
200,300
Total
Paraguay
687,050
Peru
-
0.1%
1,050
Peruvian
Government
International
Bond
3.300%
3/11/41
778,412
Total
Peru
778,412
Philippines
-
0.2%
550
Philippine
Government
International
Bond
6.375%
10/23/34
603,850
495
Philippine
Government
International
Bond
4.200%
3/29/47
412,732
Total
Philippines
1,016,582
Poland
-
0.1%
630
Republic
of
Poland
Government
International
Bond
5.500%
4/04/53
626,850
Total
Poland
626,850
Qatar
-
0.1%
850
Qatar
Government
International
Bond,
144A
4.817%
3/14/49
784,295
Total
Qatar
784,295
Nuveen
Strategic
Income
Fund
(continued)
Portfolio
of
Investments
February
29,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
Republic
of
Serbia
-
0.1%
$
375
Serbia
International
Bond,
144A
6.500%
9/26/33
$
379,757
Total
Republic
of
Serbia
379,757
Romania
-
0.1%
450
Romanian
Government
International
Bond,
144A
7.625%
1/17/53
489,164
250
Romanian
Government
International
Bond,
144A
5.875%
1/30/29
247,843
Total
Romania
737,007
Rwanda
-
0.1%
1,375
Rwanda
International
Government
Bond,
144A
5.500%
8/09/31
1,108,580
Total
Rwanda
1,108,580
Saudi
Arabia
-
0.1%
1,365
Saudi
Government
International
Bond,
144A
3.750%
1/21/55
962,325
Total
Saudi
Arabia
962,325
Senegal
-
0.1%
700
Senegal
Government
International
Bond,
144A
6.750%
3/13/48
504,420
475
Senegal
Government
International
Bond,
144A
6.250%
5/23/33
394,037
Total
Senegal
898,457
South
Africa
-
0.2%
1,900
(d)
Republic
of
South
Africa
Government
International
Bond
5.375%
7/24/44
1,381,680
Total
South
Africa
1,381,680
Turkey
-
0.2%
525
Turkiye
Government
International
Bond
7.625%
5/15/34
522,690
750
Turkiye
Ihracat
Kredi
Bankasi
AS,
144A
5.750%
7/06/26
729,255
Total
Turkey
1,251,945
Ukraine
-
0.0%
225
Ukraine
Government
International
Bond,
144A
7.750%
9/01/29
63,572
Total
Ukraine
63,572
United
States
-
1.2%
9,000
United
States
Treasury
Note/Bond
4.500%
2/15/44
8,997,188
Total
United
States
8,997,188
Uzbekistan
-
0.1%
525
Republic
of
Uzbekistan
International
Bond,
144A
5.375%
2/20/29
492,677
Total
Uzbekistan
492,677
Vietnam
-
0.1%
400
Vietnam
Government
International
Bond,
144A
4.800%
11/19/24
396,500
Total
Vietnam
396,500
Total
Sovereign
Debt
(cost
$52,388,294)
47,081,749
Principal
Amount
(000)
Description
(a)
Coupon
(g)
Reference
Rate
(g)
Spread
(g)
Maturity
(h)
Value
X
–
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
-
5.2%
(g)
X
39,135,275
Capital
Goods
-
0.3%
$
418
Cornerstone
Building
Brands,
Inc.,
Term
Loan
B
8.668%
SOFR30A
3.250%
4/12/28
$
413,969
1,496
Windsor
Holdings
III,
LLC,
Term
Loan
B
9.824%
TSFR1M
4.500%
8/01/30
1,500,694
Total
Capital
Goods
1,914,663
Principal
Amount
(000)
Description
(a)
Coupon
(g)
Reference
Rate
(g)
Spread
(g)
Maturity
(h)
Value
Commercial
&
Professional
Services
-
0.1%
$
680
Ensemble
RCM,
LLC,
Term
Loan
B
8.317%
SOFR90A
3.000%
8/01/29
$
676,920
138
GFL
Environmental
Inc.,
First
Lien
Term
Loan
7.816%
TSFR3M
2.500%
5/31/27
138,821
Total
Commercial
&
Professional
Services
815,741
Consumer
Discretionary
Distribution
&
Retail
-
1.7%
4,040
CNT
Holdings
I
Corp
,Term
Loan
,
(WI/DD)
TBD
TBD
TBD
TBD
4,042,808
4,040
CNT
Holdings
I
Corp,
Term
Loan
,
(WI/DD)
TBD
TBD
TBD
TBD
4,042,808
2,482
CNT
Holdings
I
Corp,
Term
Loan
8.817%
SOFR90A
3.500%
11/08/27
2,483,662
518
Les
Schwab
Tire
Centers,
Term
Loan
B
8.688%
SOFR30A
3.250%
11/02/27
518,147
83
LS
Group
OpCo
Acquisition
LLC,
Term
Loan
,
(WI/DD)
TBD
TBD
TBD
TBD
83,052
975
PetSmart,
Inc.,
Term
Loan
B
9.176%
SOFR30A
3.750%
2/12/28
972,767
835
Wand
NewCo
3,
Inc.,
Term
Loan
B
9.076%
SOFR30A
3.750%
1/20/31
837,351
Total
Consumer
Discretionary
Distribution
&
Retail
12,980,595
Consumer
Durables
&
Apparel
-
0.1%
437
Weber-Stephen
Products
LLC,
Term
Loan
B
8.691%
TSFR1M
3.250%
10/29/27
398,903
Total
Consumer
Durables
&
Apparel
398,903
Consumer
Services
-
0.3%
125
Alterra
Mountain
Company,
Term
Loan
B
9.176%
TSFR1M
3.750%
5/31/30
125,312
985
Fleet
US
Bidco
Inc
,
(WI/DD)
TBD
TBD
TBD
TBD
985,616
348
GVC
Holdings
(Gibraltar)
Limited,
Term
Loan
B
8.948%
SOFR90A
3.500%
10/31/29
349,549
487
IRB
Holding
Corp,
Term
Loan
B
8.176%
SOFR30A
2.750%
12/15/27
486,317
Total
Consumer
Services
1,946,794
Financial
Services
-
0.1%
910
GTCR
W
Merger
Sub
LLC,
Term
Loan
B
8.326%
TSFR1M
3.000%
1/31/31
914,550
Total
Financial
Services
914,550
Food,
Beverage
&
Tobacco
-
0.0%
391
City
Brewing
Company,
LLC,
Term
Loan
9.078%
SOFR90A
3.500%
4/05/28
302,243
Total
Food,
Beverage
&
Tobacco
302,243
Health
Care
Equipment
&
Services
-
0.9%
1,970
Bausch
&
Lomb,
Inc.,
Term
Loan
8.671%
SOFR30A
3.250%
5/05/27
1,954,299
588
Medline
Borrower,
LP,
Term
Loan
B
8.441%
TSFR1M
3.000%
10/21/28
588,758
983
Parexel
International
Corporation,
Term
Loan,
First
Lien
8.691%
TSFR1M
3.250%
11/15/28
982,810
1,419
Select
Medical
Corporation,
Term
Loan
B1
8.321%
TSFR1M
3.000%
3/05/27
1,420,189
850
Surgery
Center
Holdings,
Inc
4.250%
ICE
Libor
USD
3
Month
3.250%
9/03/24
853,455
850
Surgery
Center
Holdings,
Inc.,
Term
Loan
8.820%
TSFR1M
3.500%
12/19/30
852,775
Total
Health
Care
Equipment
&
Services
6,652,286
Nuveen
Strategic
Income
Fund
(continued)
Portfolio
of
Investments
February
29,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
(g)
Reference
Rate
(g)
Spread
(g)
Maturity
(h)
Value
Materials
-
0.6%
$
1,745
Clydesdale
Acquisition
Holdings
Inc
,
Term
Loan
B
9.101%
SOFR30A
3.675%
4/13/29
$
1,745,753
224
Ineos
US
Finance
LLC,
Term
Loan
B
8.926%
TSFR1M
3.500%
2/09/30
222,359
486
Plaze
,
Inc.,
Term
Loan
B
9.970%
TSFR1M
+
Prime
3.000%
8/03/26
475,292
1,750
Proampac
PG
Borrower
LLC,
Term
Loan
9.810%
SOFR90A
4.500%
9/15/28
1,754,813
138
Reynolds
Group
Holdings
Inc.
,
Term
Loan
B2
8.691%
TSFR1M
3.250%
2/05/26
138,544
69
W.R.
Grace
&
Co.-Conn.,
Term
Loan
B
9.360%
SOFR90A
3.750%
9/22/28
68,669
Total
Materials
4,405,430
Media
&
Entertainment
-
0.1%
408
DirecTV
Financing,
LLC,
Term
Loan
10.441%
TSFR1M
5.000%
8/02/27
408,248
215
Wood
Mackenzie
Limited,
Term
Loan
B
8.814%
SOFR90A
3.500%
2/10/31
215,134
Total
Media
&
Entertainment
623,382
Pharmaceuticals,
Biotechnology
&
Life
Sciences
-
0.3%
965
Jazz
Financing
Lux
S.a.r.l
.,
Term
Loan
B
8.441%
TSFR1M
3.000%
5/05/28
967,129
1,273
Organon
&
Co,
Term
Loan
8.432%
TSFR1M
3.000%
6/02/28
1,276,564
Total
Pharmaceuticals,
Biotechnology
&
Life
Sciences
2,243,693
Semiconductors
&
Semiconductor
Equipment
-
0.1%
719
Ultra
Clean
Holdings,
Inc
,
Term
Loan
B
9.191%
TSFR1M
3.750%
8/27/25
721,392
Total
Semiconductors
&
Semiconductor
Equipment
721,392
Software
&
Services
-
0.4%
248
Camelot
U.S.
Acquisition
LLC,
Term
Loan
B
8.076%
TSFR1M
2.750%
1/31/31
247,811
2,415
Cotiviti
Inc
,
(WI/DD)
TBD
TBD
TBD
TBD
2,408,963
486
IGT
Holding
IV
AB,
Term
Loan
B2
8.972%
SOFR90A
3.400%
3/29/28
487,468
94
Ultimate
Software
Group
Inc
(The),
Term
Loan
B
8.814%
SOFR90A
3.500%
2/10/31
93,874
Total
Software
&
Services
3,238,116
Technology
Hardware
&
Equipment
-
0.0%
292
Ingram
Micro
Inc.,
Term
Loan
8.610%
SOFR90A
3.000%
7/02/28
292,426
Total
Technology
Hardware
&
Equipment
292,426
Telecommunication
Services
-
0.0%
169
Cablevision
Lightpath
LLC,
Term
Loan
B
8.682%
SOFR30A
3.250%
12/01/27
168,599
Total
Telecommunication
Services
168,599
Transportation
-
0.1%
245
Mileage
Plus
Holdings
LLC,
Term
Loan
B
10.770%
SOFR90A
5.250%
6/21/27
252,685
131
SkyMiles
IP
Ltd.,
Term
Loan
B
9.068%
TSFR3M
3.750%
10/20/27
135,157
Total
Transportation
387,842
Principal
Amount
(000)
Description
(a)
Coupon
(g)
Reference
Rate
(g)
Spread
(g)
Maturity
(h)
Value
Utilities
-
0.1%
$
1,039
Talen
Energy
Supply,
LLC,
Term
Loan
B
9.826%
SOFR90A
4.500%
5/17/30
$
1,043,737
85
Talen
Energy
Supply,
LLC,
Term
Loan
C
9.826%
SOFR90A
4.500%
5/27/30
84,883
Total
Utilities
1,128,620
Total
Variable
Rate
Senior
Loan
Interests
(cost
$39,036,272)
39,135,275
Principal
Amount
(000)
Description
(a),(
i
)
Coupon
Maturity
Value
X
–
CONTINGENT
CAPITAL
SECURITIES
-
3.0%
X
22,516,848
Banks
-
2.4%
$
1,600
Banco
Bilbao
Vizcaya
Argentaria
SA
9.375%
N/A
(f)
$
1,688,384
1,050
Banco
Mercantil
del
Norte
SA/Grand
Cayman,
144A
7.500%
N/A
(f)
1,029,092
2,200
Banco
Santander
SA
9.625%
N/A
(f)
2,356,130
1,375
Bancolombia
SA
4.625%
12/18/29
1,288,903
700
Bangkok
Bank
PCL/Hong
Kong,
144A
5.000%
N/A
(f)
678,944
1,000
Bank
Hapoalim
BM,
144A,
Reg
S
3.255%
1/21/32
883,780
1,340
Barclays
PLC
8.000%
N/A
(f)
1,316,656
1,000
BBVA
Bancomer
SA/Texas,
144A
8.450%
6/29/38
1,055,900
1,500
BNP
Paribas
SA,
144A
9.250%
N/A
(f)
1,593,743
1,500
Lloyds
Banking
Group
PLC
7.500%
N/A
(f)
1,498,050
2,000
Macquarie
Bank
Ltd/London,
144A
6.125%
N/A
(f)
1,905,644
1,700
Mizrahi
Tefahot
Bank
Ltd,
144A,
Reg
S
3.077%
4/07/31
1,529,150
2,000
NatWest
Group
PLC
8.000%
N/A
(f)
2,021,200
Total
Banks
18,845,576
Financial
Services
-
0.6%
1,505
Deutsche
Bank
AG
6.000%
N/A
(f)
1,325,754
1,100
UBS
Group
AG,
144A
9.250%
N/A
(f)
1,174,360
1,060
UBS
Group
AG,
144A
9.250%
N/A
(f)
1,171,158
Total
Financial
Services
3,671,272
Total
Contingent
Capital
Securities
(cost
$22,808,356)
22,516,848
Shares
Description
(a)
Coupon
Value
X
–
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
0.1%
X
753,851
Financial
Services
-
0.1%
28,850
Morgan
Stanley
6.500%
$
753,851
Total
Financial
Services
753,851
Total
$25
Par
(or
similar)
Retail
Preferred
(cost
$721,250)
753,851
Total
Long-Term
Investments
(cost
$763,975,675)
726,025,741
Shares
Description
(a)
Coupon
Value
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
0.9%
7,010,448
(j)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
5.340%(k)
$
7,010,448
Total
Investments
Purchased
with
Collateral
from
Securities
Lending
(cost
$7,010,448)
7,010,448
Nuveen
Strategic
Income
Fund
(continued)
Portfolio
of
Investments
February
29,
2024
(Unaudited)
Investments
in
Derivatives
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
4.9%
X
–
REPURCHASE
AGREEMENTS
-
4.9%
X
37,175,818
$
35,975
(l)
Fixed
Income
Clearing
Corp
(FICC)
5.280%
3/01/24
$
35,975,000
1,201
(m)
Fixed
Income
Clearing
Corp
(FICC)
1.600%
3/01/24
1,200,818
Total
Repurchase
Agreements
(cost
$37,175,818)
37,175,818
Total
Short-Term
Investments
(cost
$37,175,818)
37,175,818
Total
Investments
(cost
$808,161,941
)
-
101.4%
770,212,007
Other
Assets
&
Liabilities,
Net
- (1.4)%
(10,272,962)
Net
Assets
-
100%
$
759,939,045
Futures
Contracts
-
Long
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
U.S.
Treasury
10-Year
Note
50
6/24
$
5,516,509
$
5,521,875
$
5,366
U.S.
Treasury
2-Year
Note
75
6/24
15,347,346
15,356,250
8,904
U.S.
Treasury
5-Year
Note
250
6/24
26,682,899
26,726,563
43,664
U.S.
Treasury
Long
Bond
575
6/24
68,325,440
68,568,750
243,310
U.S.
Treasury
Ultra
Bond
275
6/24
35,082,931
35,165,625
82,694
Total
$150,955,125
$151,339,063
$383,938
Futures
Contracts
-
Short
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
U.S.
Treasury
Ultra
10-Year
Note
(75)
6/24
$
(8,529,925)
$
(8,562,891)
$
(32,966)
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(b)
Variable
rate
security.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(c)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(d)
Investment,
or
a
portion
of
investment,
is
out
on
loan
for
securities
lending.
The
total
value
of
the
securities
out
on
loan
as
of
the
end
of
the
reporting
period
was
$6,825,482.
(e)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(f)
Perpetual
security.
Maturity
date
is
not
applicable.
(g)
Senior
loans
generally
pay
interest
at
rates
which
are
periodically
adjusted
by
reference
to
a
base
short-term,
floating
lending
rate
(Reference
Rate)
plus
an
assigned
fixed
rate
(Spread).
These
floating
lending
rates
are
generally
(
i
)
the
lending
rate
referenced
by
the
London
Inter-Bank
Offered
Rate
("LIBOR"),
or
(ii)
the
prime
rate
offered
by
one
or
more
major
United
States
banks.
Senior
loans
may
be
considered
restricted
in
that
the
Fund
ordinarily
is
contractually
obligated
to
receive
approval
from
the
agent
bank
and/or
borrower
prior
to
the
disposition
of
a
senior
loan.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(h)
Senior
loans
generally
are
subject
to
mandatory
and/or
optional
prepayment.
Because
of
these
mandatory
prepayment
conditions
and
because
there
may
be
significant
economic
incentives
for
a
borrower
to
prepay,
prepayments
of
senior
loans
may
occur.
As
a
result,
the
actual
remaining
maturity
of
senior
loans
held
may
be
substantially
less
than
the
stated
maturities
shown.
(
i
)
Contingent
Capital
Securities
(“
CoCos
”)
are
hybrid
securities
with
loss
absorption
characteristics
built
into
the
terms
of
the
security
for
the
benefit
of
the
issuer.
For
example,
the
terms
may
specify
an
automatic
write-down
of
principal
or
a
mandatory
conversion
into
the
issuer’s
common
stock
under
certain
adverse
circumstances,
such
as
the
issuer’s
capital
ratio
falling
below
a
specified
level.
(j)
The
Fund
may
loan
securities
representing
up
to
one
third
of
the
value
of
its
total
assets
(which
includes
collateral
for
securities
on
loan)
to
broker
dealers,
banks,
and
other
institutions.
The
collateral
maintained
by
the
Fund
shall
have
a
value,
at
the
inception
of
each
loan,
equal
to
not
less
than
100%
of
the
value
of
the
loaned
securities.
The
cash
collateral
received
by
the
Fund
is
invested
in
this
money
market
fund.
(k)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
(l)
Agreement
with
Fixed
Income
Clearing
Corporation,
5.280%
dated
2/29/24
to
be
repurchased
at
$35,980,276
on
3/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
4.000%
and
maturity
date
2/28/30,
valued
at
$36,694,569.
(m)
Agreement
with
Fixed
Income
Clearing
Corporation,
1.600%
dated
2/29/24
to
be
repurchased
at
$1,200,871
on
3/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
3.125%
and
maturity
date
5/15/48,
valued
at
$1,224,841.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
I/O
Interest
only
security
LIBOR
London
Inter-Bank
Offered
Rate
Reg
S
Regulation
S
allows
U.S.
companies
to
sell
securities
to
persons
or
entities
located
outside
of
the
United
States
without
registering
those
securities
with
the
Securities
and
Exchange
Commission.
Specifically,
Regulation
S
provides
a
safe
harbor
from
the
registration
requirements
of
the
Securities
Act
for
the
offers
and
sales
of
securities
by
both
foreign
and
domestic
issuers
that
are
made
outside
the
United
States.
REIT
Real
Estate
Investment
Trust
SOFR
30A
30
Day
Average
Secured
Overnight
Financing
Rate
SOFR
90A
90
Day
Average
Secured
Overnight
Financing
Rate
TSFR
1M
CME
Term
SOFR
1
Month
TSFR
3M
CME
Term
SOFR
3
Month
WI/DD
When-issued
or
delayed
delivery
security.
See
Notes
to
Financial
Statements
Statement
of
Assets
and
Liabilities
See
Notes
to
Financial
Statements
February
29,
2024
(Unaudited)
Credit
Income
Flexible
Income
Floating
Rate
Income
High
Yield
Income
Preferred
Securities
and
Income
Strategic
Income
ASSETS
Long-term
investments,
at
value
†‡
$
80,700,857
$
1,096,473,758
$
1,496,659,913
$
567,127,051
$
4,299,981,632
$
726,025,741
Investments
purchased
with
collateral
from
securities
lending,
at
value
(cost
approximates
value)
4,403,069
38,731,870
2,621,260
34,101,522
118,255,644
7,010,448
Short-term
investments,
at
value
◊
1,400,000
17,382,885
28,100,792
22,398,573
950,000
37,175,818
Cash
227,892
–
3,145,652
2,200,795
34,460
86,214
Cash
collateral
at
broker
for
investments
in
futures
contracts
(1)
78,401
–
–
–
12,923,603
4,575,023
Receivables:
Dividends
5,939
488,495
–
–
6,358,929
–
Interest
1,187,502
16,151,144
12,738,922
9,632,158
63,409,977
6,225,275
Investments
sold
1,709,638
7,621,451
9,862,381
17,068,020
36,337,910
5,809,445
Reclaims
129
105,166
–
876
20,357
–
Reimbursement
from
Adviser
17,018
85,992
–
29,782
–
74,438
Shares
sold
138,302
1,411,163
20,936,253
1,244,926
10,411,886
1,984,986
Variation
margin
on
futures
contracts
875
–
–
–
1,084,188
510,937
Other
75,851
122,104
202,391
241,720
484,639
119,716
Total
assets
89,945,473
1,178,574,028
1,574,267,564
654,045,423
4,550,253,225
789,598,041
LIABILITIES
Payables:
Management
fees
38,893
609,328
686,145
271,619
2,230,680
319,179
Collateral
from
securities
lending
4,403,069
38,731,870
2,621,260
34,101,522
118,255,644
7,010,448
Dividends
23,829
212,367
1,272,936
103,988
2,597,968
454,374
Interest
949
727
42,678
1,201
–
395
Investments
purchased
-
regular
settlement
689,128
12,565,165
663,604
11,503,911
30,699,375
8,110,181
Investments
purchased
-
when-issued/delayed-
delivery
settlement
2,173,840
–
39,009,840
17,902,625
8,700,000
12,216,910
Shares
redeemed
598,063
2,685,884
6,783,679
766,777
14,431,262
1,100,946
Unfunded
senior
loans
–
–
170,450
–
–
–
Variation
margin
on
futures
contracts
–
–
–
–
–
15,820
Accrued
expenses:
Custodian
fees
36,690
93,388
296,361
66,650
275,922
115,144
Directors/Trustees
fees
45,330
64,959
122,910
63,594
311,653
80,811
Professional
fees
24,871
32,563
48,232
27,467
56,422
33,804
Shareholder
reporting
expenses
4,724
38,193
60,155
32,621
141,107
14,717
Shareholder
servicing
agent
fees
17,918
200,754
292,022
275,610
776,326
146,076
12b-1
distribution
and
service
fees
14,325
146,280
80,937
20,926
195,391
38,279
Other
696
271
1,339
571,250
713
1,912
Total
liabilities
8,072,325
55,381,749
52,152,548
65,709,761
178,672,463
29,658,996
Net
assets
$
81,873,148
$
1,123,192,279
$
1,522,115,016
$
588,335,662
$
4,371,580,762
$
759,939,045
NET
ASSETS
CONSIST
OF:
Paid-in
capital
$
223,161,256
$
1,427,675,531
$
1,832,278,821
$
808,219,233
$
5,119,107,418
$
889,653,790
Total
distributable
earnings
(loss)
(141,288,108)
(304,483,252)
(310,163,805)
(219,883,571)
(747,526,656)
(129,714,745)
Net
assets
$
81,873,148
$
1,123,192,279
$
1,522,115,016
$
588,335,662
$
4,371,580,762
$
759,939,045
†
Long-term
investments,
cost
$
82,002,992
$
1,125,906,875
$
1,514,553,234
$
560,452,108
$
4,588,589,186
$
763,975,675
◊
Short-term
investments,
cost
$
1,400,000
$
17,382,885
$
28,100,792
$
22,398,573
$
950,000
$
37,175,818
‡
Includes
securities
loaned
of
$
4,224,677
$
37,391,386
$
2,539,085
$
32,675,466
$
113,563,929
$
6,825,482
Statement
of
Assets
and
Liabilities
(continued)
See
Notes
to
Financial
Statements
Credit
Income
Flexible
Income
Floating
Rate
Income
High
Yield
Income
Preferred
Securities
and
Income
Strategic
Income
CLASS
A:
Net
assets
$
49,193,327
$
187,570,438
$
210,586,283
$
53,707,923
$
448,916,963
$
138,747,798
Shares
outstanding
7,493,548
10,150,843
11,596,599
3,058,655
29,642,049
14,241,339
Net
asset
value
("NAV")
per
share
$
6.56
$
18.48
$
18.16
$
17.56
$
15.14
$
9.74
Maximum
sales
charge
4.75%
4.75%
3.00%
4.75%
4.75%
4.25%
Offering
price
per
share
(NAV
per
share
plus
maximum
sales
charge)
$
6.89
$
19.40
$
18.72
$
18.44
$
15.90
$
10.17
CLASS
C:
Net
assets
$
5,837,281
$
135,786,484
$
50,903,621
$
12,934,984
$
134,892,756
$
14,066,994
Shares
outstanding
890,535
7,362,571
2,803,495
737,199
8,900,263
1,451,158
NAV
and
offering
price
per
share
$
6.55
$
18.44
$
18.16
$
17.55
$
15.16
$
9.69
CLASS
R6:
Net
assets
$
—
$
14,488,295
$
268,771,495
$
21,001,484
$
569,836,025
$
255,374,660
Shares
outstanding
—
778,569
14,723,685
1,188,516
37,508,934
26,120,654
NAV
and
offering
price
per
share
$
—
$
18.61
$
18.25
$
17.67
$
15.19
$
9.78
CLASS
I:
Net
assets
$
26,842,540
$
785,347,062
$
991,853,617
$
500,691,271
$
3,217,935,018
$
351,749,593
Shares
outstanding
4,080,058
42,451,534
54,558,163
28,476,279
212,291,576
36,108,643
NAV
and
offering
price
per
share
$
6.58
$
18.50
$
18.18
$
17.58
$
15.16
$
9.74
Authorized
shares
-
per
class
2
billion
Unlimited
Unlimited
Unlimited
Unlimited
2
billion
Par
value
per
share
$
0.0001
$
0.01
$
0.01
$
0.01
$
0.01
$
0.0001
(1)
Cash
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
derivatives.
See
Notes
to
Financial
Statements
Six
Months
Ended
February
29,
2024
(Unaudited)
Credit
Income
Flexible
Income
Floating
Rate
Income
High
Yield
Income
INVESTMENT
INCOME
Dividends
$
12,054
$
4,351,913
$
302,572
$
288,300
Interest
3,618,045
27,353,187
72,515,327
20,908,734
Securities
lending
income,
net
12,276
142,906
29,231
114,101
Other
income
—
9,303
—
—
Tax
withheld
(
45
)
—
—
—
Total
investment
income
3,642,330
31,857,309
72,847,130
21,311,135
EXPENSES
–
–
–
–
Management
fees
241,010
3,823,476
4,398,105
1,565,113
12b-1
service
fees
-
Class
A
59,104
232,313
253,003
64,392
12b-1
distribution
and
service
fees
-
Class
C
27,898
701,288
245,616
62,950
Shareholder
servicing
agent
fees
-
Class
A
25,695
62,886
80,680
39,134
Shareholder
servicing
agent
fees
-
Class
C
3,021
47,477
19,581
9,567
Shareholder
servicing
agent
fees
-
Class
R6
—
237
3,882
305
Shareholder
servicing
agent
fees
-
Class
I
14,922
264,339
402,779
337,074
Interest
expense
44,234
5,193
287,180
81,553
Directors/Trustees
fees
1,501
20,646
27,726
9,594
Custodian
expenses
18,088
39,983
270,505
32,562
Registration
fees
29,759
48,818
55,606
39,328
Professional
fees
24,983
53,850
77,645
42,104
Shareholder
reporting
expenses
12,247
65,992
91,396
85,164
Other
8,233
19,938
27,741
11,229
Total
expenses
before
fee
waiver/expense
reimbursement
510,695
5,386,436
6,241,445
2,380,069
Fee
waiver/expense
reimbursement
(
80,225
)
(
467,290
)
—
(
222,576
)
Net
expenses
430,470
4,919,146
6,241,445
2,157,493
Net
investment
income
(loss)
3,211,860
26,938,163
66,605,685
19,153,642
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss)
from:
Investments
(
508,739
)
(
41,228,769
)
(
4,723,978
)
(
648,394
)
Futures
contracts
(
28,315
)
—
—
—
Net
realized
gain
(loss)
(
537,054
)
(
41,228,769
)
(
4,723,978
)
(
648,394
)
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
3,134,460
66,707,111
23,913,591
16,551,439
Futures
contracts
(
23,326
)
—
—
—
Net
change
in
unrealized
appreciation
(depreciation)
3,111,134
66,707,111
23,913,591
16,551,439
Net
realized
and
unrealized
gain
(loss)
2,574,080
25,478,342
19,189,613
15,903,045
Net
increase
(decrease)
in
net
assets
from
operations
$
5,785,940
$
52,416,505
$
85,795,298
$
35,056,687
Statement
of
Operations
(continued)
See
Notes
to
Financial
Statements
Six
Months
Ended
February
29,
2024
(Unaudited)
Preferred
Securities
and
Income
Strategic
Income
INVESTMENT
INCOME
Dividends
$
28,561,729
$
48,535
Interest
113,699,161
23,998,331
Securities
lending
income,
net
708,794
78,981
Total
investment
income
142,969,684
24,125,847
EXPENSES
–
–
Management
fees
13,755,016
1,919,128
12b-1
service
fees
-
Class
A
556,672
161,083
12b-1
distribution
and
service
fees
-
Class
C
681,554
63,027
Shareholder
servicing
agent
fees
-
Class
A
182,902
66,668
Shareholder
servicing
agent
fees
-
Class
C
55,992
6,702
Shareholder
servicing
agent
fees
-
Class
R6
9,277
10,362
Shareholder
servicing
agent
fees
-
Class
I
1,267,127
179,928
Interest
expense
161,171
28,928
Directors/Trustees
fees
77,149
13,390
Custodian
expenses
171,350
79,732
Registration
fees
157,378
41,867
Professional
fees
362,063
60,079
Shareholder
reporting
expenses
317,689
42,460
Other
66,011
15,451
Total
expenses
before
fee
waiver/expense
reimbursement
17,821,351
2,688,805
Fee
waiver/expense
reimbursement
—
(
450,978
)
Net
expenses
17,821,351
2,237,827
Net
investment
income
(loss)
125,148,333
21,888,020
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss)
from:
Investments
(
26,625,537
)
(
6,061,301
)
Futures
contracts
(
3,016,094
)
(
1,262,732
)
Swaps
contracts
—
(
134,539
)
Foreign
currency
transactions
—
6,071
Net
realized
gain
(loss)
(
29,641,631
)
(
7,452,501
)
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
222,863,657
24,051,091
Futures
contracts
(
692,904
)
(
1,231,747
)
Swaps
contracts
—
8,801
Foreign
currency
translations
—
93
Net
change
in
unrealized
appreciation
(depreciation)
222,170,753
22,828,238
Net
realized
and
unrealized
gain
(loss)
192,529,122
15,375,737
Net
increase
(decrease)
in
net
assets
from
operations
$
317,677,455
$
37,263,757
Statement
of
Changes
in
Net
Assets
See
Notes
to
Financial
Statements
Credit
Income
Flexible
Income
Unaudited
Six
Months
Ended
2/29/24
Year
Ended
8/31/23
Unaudited
Six
Months
Ended
2/29/24
Year
Ended
8/31/23
OPERATIONS
Net
investment
income
(loss)
$
3,211,860
$
6,243,302
$
26,938,163
$
59,015,371
Net
realized
gain
(loss)
(537,054)
(5,753,268)
(41,228,769)
(64,233,466)
Net
change
in
unrealized
appreciation
(depreciation)
3,111,134
4,630,749
66,707,111
28,000,860
Net
increase
(decrease)
in
net
assets
from
operations
5,785,940
5,120,783
52,416,505
22,782,765
DISTRIBUTIONS
TO
SHAREHOLDERS
Dividends:
Class
A
(1,851,328)
(3,281,093)
(5,028,410)
(13,676,120)
Class
C
(196,849)
(442,846)
(3,271,855)
(10,248,794)
Class
R6
—
—
(428,487)
(1,006,474)
Class
I
(1,108,031)
(1,830,098)
(22,139,009)
(61,557,787)
Total
distributions
(3,156,208)
(5,554,037)
(30,867,761)
(86,489,175)
FUND
SHARE
TRANSACTIONS
Subscriptions
15,792,517
32,400,921
108,815,463
194,010,656
Reinvestments
of
distributions
3,013,087
5,191,087
29,517,034
83,952,216
Redemptions
(19,910,830)
(78,350,315)
(226,230,639)
(519,415,289)
Net
increase
(decrease)
from
Fund
share
transactions
(1,105,226)
(40,758,307)
(87,898,142)
(241,452,417)
Net
increase
(decrease)
in
net
assets
1,524,506
(41,191,561)
(66,349,398)
(305,158,827)
Net
assets
at
the
beginning
of
period
80,348,642
121,540,203
1,189,541,677
1,494,700,504
Net
assets
at
the
end
of
period
$
81,873,148
$
80,348,642
$
1,123,192,279
$
1,189,541,677
See
Notes
to
Financial
Statements
Floating
Rate
Income
High
Yield
Income
Unaudited
Six
Months
Ended
2/29/24
Year
Ended
8/31/23
Unaudited
Six
Months
Ended
2/29/24
Year
Ended
8/31/23
OPERATIONS
Net
investment
income
(loss)
$
66,605,685
$
150,265,779
$
19,153,642
$
32,752,275
Net
realized
gain
(loss)
(4,723,978)
(67,702,336)
(648,394)
(44,109,337)
Net
change
in
unrealized
appreciation
(depreciation)
23,913,591
47,492,721
16,551,439
41,951,494
Net
increase
(decrease)
in
net
assets
from
operations
85,795,298
130,056,164
35,056,687
30,594,432
DISTRIBUTIONS
TO
SHAREHOLDERS
Dividends:
Class
A
(9,350,723)
(17,194,016)
(1,891,805)
(3,127,077)
Class
C
(2,087,544)
(3,567,470)
(413,367)
(835,491)
Class
R6
(12,714,622)
(21,622,055)
(738,001)
(1,008,624)
Class
I
(47,882,940)
(108,611,273)
(16,828,418)
(26,708,618)
Total
distributions
(72,035,829)
(150,994,814)
(19,871,591)
(31,679,810)
FUND
SHARE
TRANSACTIONS
Subscriptions
300,635,112
1,023,241,998
77,620,778
120,938,042
Reinvestments
of
distributions
64,218,157
134,159,524
19,246,547
30,705,011
Redemptions
(396,941,334)
(1,920,315,922)
(32,004,889)
(177,686,532)
Net
increase
(decrease)
from
Fund
share
transactions
(32,088,
065)
(762,914,400)
64,862,436
(26,043,479)
Net
increase
(decrease)
in
net
assets
(18,328,596)
(783,853,050)
80,047,532
(27,128,857)
Net
assets
at
the
beginning
of
period
1,540,443,612
2,324,296,662
508,288,130
535,416,987
Net
assets
at
the
end
of
period
$
1,522,115,016
$
1,540,443,612
$
588,335,662
$
508,288,130
See
Notes
to
Financial
Statements
Preferred
Securities
and
Income
Strategic
Income
Unaudited
Six
Months
Ended
2/29/24
Year
Ended
8/31/23
Unaudited
Six
Months
Ended
2/29/24
Year
Ended
8/31/23
OPERATIONS
Net
investment
income
(loss)
$
125,148,333
$
267,188,360
$
21,888,020
$
35,324,195
Net
realized
gain
(loss)
(29,641,631)
(155,700,690)
(7,452,501)
(32,996,613)
Net
change
in
unrealized
appreciation
(depreciation)
222,170,753
(192,027,450)
22,828,238
15,902,887
Net
increase
(decrease)
in
net
assets
from
operations
317,677,455
(80,539,780)
37,263,757
18,230,469
DISTRIBUTIONS
TO
SHAREHOLDERS
Dividends:
Class
A
(13,208,668)
(27,424,381)
(3,866,753)
(5,424,417)
Class
C
(3,529,244)
(8,092,218)
(329,596)
(612,879)
Class
R6
(17,011,816)
(50,835,368)
(7,683,972)
(12,859,679)
Class
I
(95,191,477)
(194,705,167)
(10,554,461)
(16,165,662)
Total
distributions
(128,941,205)
(281,057,134)
(22,434,782)
(35,062,637)
FUND
SHARE
TRANSACTIONS
Subscriptions
842,604,712
2,764,259,434
132,776,960
220,324,700
Reinvestments
of
distributions
113,986,781
249,265,746
19,777,620
29,895,920
Redemptions
(1,161,617,251)
(3,390,380,990)
(108,966,297)
(225,458,838)
Net
increase
(decrease)
from
Fund
share
transactions
(
205,025,758)
(376,855,810)
43,588,283
24,761,782
Net
increase
(decrease)
in
net
assets
(16,289,508)
(738,452,724)
58,417,258
7,929,614
Net
assets
at
the
beginning
of
period
4,387,870,270
5,126,322,994
701,521,787
693,592,173
Net
assets
at
the
end
of
period
$
4,371,580,762
$
4,387,870,270
$
759,939,045
$
701,521,787
The
following
data
is
for
a
share outstanding
for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Return
of
Capital
Total
Net
Asset
Value,
End
of
Period
Credit
Income
Class
A
2/29/24(d)
$
6.36
$
0.25
$
0.20
$
0.45
$
(
0.25
)
$
—
$
—
$
(
0.25
)
$
6.56
8/31/23
6.36
0.47
(
0.05
)
0.42
(
0.42
)
—
—
(
0.42
)
6.36
8/31/22(f)
6.22
0.06
0.14
0.20
(
0.05
)
—
(
0.01
)
(
0.06
)
6.36
6/30/22
7.42
0.32
(
1.20
)
(
0.88
)
(
0.32
)
—
—
(
0.32
)
6.22
6/30/21
6.69
0.34
0.71
1.05
(
0.32
)
—
—
(
0.32
)
7.42
6/30/20
7.44
0.38
(
0.75
)
(
0.37
)
(
0.35
)
—
(
0.03
)
(
0.38
)
6.69
6/30/19
7.51
0.46
(
0.04
)
0.42
(
0.49
)
—
—
(
0.49
)
7.44
Class
C
2/29/24(d)
6.35
0.23
0.20
0.43
(
0.23
)
—
—
(
0.23
)
6.55
8/31/23
6.35
0.42
(
0.05
)
0.37
(
0.37
)
—
—
(
0.37
)
6.35
8/31/22(f)
6.21
0.05
0.14
0.19
(
0.04
)
—
(
0.01
)
(
0.05
)
6.35
6/30/22
7.41
0.26
(
1.19
)
(
0.93
)
(
0.27
)
—
—
(
0.27
)
6.21
6/30/21
6.69
0.29
0.70
0.99
(
0.27
)
—
—
(
0.27
)
7.41
6/30/20
7.43
0.33
(
0.74
)
(
0.41
)
(
0.30
)
—
(
0.03
)
(
0.33
)
6.69
6/30/19
7.50
0.40
(
0.04
)
0.36
(
0.43
)
—
—
(
0.43
)
7.43
Class
I
2/29/24(d)
6.37
0.26
0.21
0.47
(
0.26
)
—
—
(
0.26
)
6.58
8/31/23
6.37
0.48
(
0.04
)
0.44
(
0.44
)
—
—
(
0.44
)
6.37
8/31/22(f)
6.23
0.06
0.14
0.20
(
0.05
)
—
(
0.01
)
(
0.06
)
6.37
6/30/22
7.45
0.34
(
1.22
)
(
0.88
)
(
0.34
)
—
—
(
0.34
)
6.23
6/30/21
6.71
0.36
0.72
1.08
(
0.34
)
—
—
(
0.34
)
7.45
6/30/20
7.47
0.40
(
0.76
)
(
0.36
)
(
0.37
)
—
(
0.03
)
(
0.40
)
6.71
6/30/19
7.54
0.48
(
0.04
)
0.44
(
0.51
)
—
—
(
0.51
)
7.47
(a)
Based
on
average
shares
outstanding.
(b)
Percentage
is
not
annualized.
(c)
After
fee
waiver
and/or
expense
reimbursement
from
the
Adviser,
where
applicable.
See
Notes
to
Financial
Statements
for
more
information.
(d)
Unaudited.
(e)
Annualized.
(f)
For
the
two
months
ended
August
31,
2022.
Prior
to
July
1,
2022,
the
Fund's
fiscal
year
end
was
June
30th.
See
Notes
to
Financial
Statements
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Net
Assets,
End
of
Period
(000)
Gross
Expenses
Net
Expenses(c)
NII
(Loss)(c)
Portfolio
Turnover
Rate
7
.21
%
$
49,193
1
.31
%
(e)
1
.11
%
(e)
7
.98
%
(e)
61
%
6
.87
47,566
1
.23
1
.01
7
.49
86
3
.16
51,908
1
.50
(e)
1
.03
(e)
5
.53
(e)
6
(
12
.23
)
51,332
1
.15
1
.00
4
.51
120
16
.01
77,953
1
.12
1
.00
4
.75
196
(
5
.15
)
82,545
1
.12
1
.00
5
.31
80
5
.86
151,673
1
.01
1
.00
6
.19
113
6
.82
5,837
2
.06
(e)
1
.86
(e)
7
.20
(e)
61
6
.09
6,265
1
.98
1
.76
6
.72
86
3
.02
8,926
2
.25
(e)
1
.78
(e)
4
.77
(e)
6
(
12
.92
)
8,887
1
.90
1
.75
3
.70
120
15
.03
15,101
1
.87
1
.75
4
.02
196
(
5
.75
)
22,612
1
.87
1
.75
4
.58
80
5
.04
35,655
1
.77
1
.75
5
.46
113
7
.51
26,843
1
.06
(e)
0
.86
(e)
8
.20
(e)
61
7
.16
26,519
0
.98
0
.76
7
.61
86
3
.20
60,706
1
.25
(e)
0
.78
(e)
5
.55
(e)
6
(
12
.23
)
25,439
0
.90
0
.75
4
.63
120
16
.40
94,051
0
.87
0
.75
4
.99
196
(
5
.03
)
80,728
0
.86
0
.75
5
.47
80
6
.10
101,560
0
.76
0
.75
6
.45
113
The
following
data
is
for
a
share outstanding
for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Net
Asset
Value,
End
of
Period
Flexible
Income
Class
A
2/29/24(e)
$
18.11
$
0.42
$
0.44
$
0.86
$
(
0.49
)
$
—
$
(
0.49
)
$
18.48
8/31/23
18.93
0.81
(
0.43
)
0.38
(
1.20
)
—
(
1.20
)
18.11
8/31/22(g)
22.27
0.72
(
3.16
)
(
2.44
)
(
0.90
)
—
(
0.90
)
18.93
9/30/21
21.36
0.81
1.04
1.85
(
0.94
)
—
(
0.94
)
22.27
9/30/20
22.06
0.88
(
0.39
)
0.49
(
1.19
)
—
(
1.19
)
21.36
9/30/19
21.44
1.02
0.76
1.78
(
1.16
)
—
(
1.16
)
22.06
Class
C
2/29/24(e)
18.08
0.36
0.42
0.78
(
0.42
)
—
(
0.42
)
18.44
8/31/23
18.90
0.67
(
0.43
)
0.24
(
1.06
)
—
(
1.06
)
18.08
8/31/22(g)
22.22
0.58
(
3.15
)
(
2.57
)
(
0.75
)
—
(
0.75
)
18.90
9/30/21
21.31
0.64
1.04
1.68
(
0.77
)
—
(
0.77
)
22.22
9/30/20
22.01
0.72
(
0.39
)
0.33
(
1.03
)
—
(
1.03
)
21.31
9/30/19
21.40
0.86
0.75
1.61
(
1.00
)
—
(
1.00
)
22.01
Class
R6
2/29/24(e)
18.24
0.46
0.43
0.89
(
0.52
)
—
(
0.52
)
18.61
8/31/23
19.06
0.87
(
0.43
)
0.44
(
1.26
)
—
(
1.26
)
18.24
8/31/22(g)
22.42
0.79
(
3.19
)
(
2.40
)
(
0.96
)
—
(
0.96
)
19.06
9/30/21
21.50
0.89
1.04
1.93
(
1.01
)
—
(
1.01
)
22.42
9/30/20
22.20
0.96
(
0.40
)
0.56
(
1.26
)
—
(
1.26
)
21.50
9/30/19
21.57
1.11
0.74
1.85
(
1.22
)
—
(
1.22
)
22.20
Class
I
2/29/24(e)
18.13
0.45
0.43
0.88
(
0.51
)
—
(
0.51
)
18.50
8/31/23
18.95
0.86
(
0.44
)
0.42
(
1.24
)
—
(
1.24
)
18.13
8/31/22(g)
22.29
0.77
(
3.16
)
(
2.39
)
(
0.95
)
—
(
0.95
)
18.95
9/30/21
21.38
0.87
1.03
1.90
(
0.99
)
—
(
0.99
)
22.29
9/30/20
22.08
0.93
(
0.39
)
0.54
(
1.24
)
—
(
1.24
)
21.38
9/30/19
21.47
1.08
0.74
1.82
(
1.21
)
—
(
1.21
)
22.08
(a)
Based
on
average
shares
outstanding.
(b)
Percentage
is
not
annualized.
(c)
After
fee
waiver
and/or
expense
reimbursement
from
the
Adviser,
where
applicable.
See
Notes
to
Financial
Statements
for
more
information.
(d)
Includes
voluntary
compensation
from
the
Adviser
as
further
described
in
the
Notes
to
Financial
Statements.
(e)
Unaudited.
(f)
Annualized.
(g)
For
the
eleven
months
ended
August
31,
2022.
Prior
to
July
1,
2022,
the
Fund's
fiscal
year
end
was
September
30th.
See
Notes
to
Financial
Statements
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Net
Assets,
End
of
Period
(000)
Gross
Expenses
Net
Expenses(c)
NII
(Loss)(c),(d)
Portfolio
Turnover
Rate
4
.82
%
$
187,570
1
.04
%
(f)
0
.96
%
(f)
4
.72
%
(f)
22
%
2
.13
190,438
1
.03
0
.96
4
.45
26
(
11
.18
)
230,505
1
.02
(f)
0
.95
(f)
3
.78
(f)
31
8
.71
298,734
1
.04
0
.95
3
.66
30
2
.35
264,865
1
.04
0
.96
4
.13
38
8
.69
221,484
1
.06
0
.96
4
.85
24
4
.38
135,786
1
.79
(f)
1
.71
(f)
3
.97
(f)
22
1
.37
150,633
1
.78
1
.71
3
.70
26
(
11
.81
)
208,775
1
.77
(f)
1
.70
(f)
3
.03
(f)
31
7
.97
276,035
1
.79
1
.70
2
.91
30
1
.59
262,068
1
.79
1
.71
3
.38
38
7
.85
223,364
1
.81
1
.71
4
.10
24
4
.97
14,488
0
.73
(f)
0
.65
(f)
5
.03
(f)
22
2
.48
15,278
0
.72
0
.65
4
.75
26
(
10
.96
)
15,113
0
.71
(f)
0
.64
(f)
4
.12
(f)
31
9
.09
14,881
0
.72
0
.64
3
.97
30
2
.69
6,682
0
.72
0
.64
4
.46
38
9
.03
649
0
.74
0
.64
5
.22
24
4
.95
785,347
0
.79
(f)
0
.71
(f)
4
.97
(f)
22
2
.40
833,193
0
.78
0
.71
4
.69
26
(
11
.00
)
1,040,308
0
.77
(f)
0
.70
(f)
4
.03
(f)
31
9
.02
1,283,908
0
.79
0
.70
3
.90
30
2
.60
1,060,386
0
.79
0
.71
4
.38
38
8
.91
961,413
0
.80
0
.71
5
.09
24
Financial
Highlights
(continued)
The
following
data
is
for
a
share outstanding
for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Net
Asset
Value,
End
of
Period
Floating
Rate
Income
Class
A
2/29/24(d)
$
17.99
$
0.76
$
0.24
$
1.00
$
(
0.83
)
$
—
$
(
0.83
)
$
18.16
8/31/23
18.11
1.36
(
0.11
)
1.25
(
1.37
)
—
(
1.37
)
17.99
8/31/22(f)
19.06
0.63
(
0.93
)
(
0.30
)
(
0.65
)
—
(
0.65
)
18.11
9/30/21
17.80
0.72
1.32
2.04
(
0.78
)
—
(
0.78
)
19.06
9/30/20
19.08
0.80
(
1.14
)
(
0.34
)
(
0.94
)
—
(
0.94
)
17.80
9/30/19
19.65
0.93
(
0.56
)
0.37
(
0.94
)
—
(
0.94
)
19.08
Class
C
2/29/24(d)
17.99
0.70
0.23
0.93
(
0.76
)
—
(
0.76
)
18.16
8/31/23
18.11
1.23
(
0.11
)
1.12
(
1.24
)
—
(
1.24
)
17.99
8/31/22(f)
19.06
0.50
(
0.93
)
(
0.43
)
(
0.52
)
—
(
0.52
)
18.11
9/30/21
17.80
0.59
1.31
1.90
(
0.64
)
—
(
0.64
)
19.06
9/30/20
19.08
0.66
(
1.14
)
(
0.48
)
(
0.80
)
—
(
0.80
)
17.80
9/30/19
19.65
0.79
(
0.56
)
0.23
(
0.80
)
—
(
0.80
)
19.08
Class
R6
2/29/24(d)
18.09
0.80
0.22
1.02
(
0.86
)
—
(
0.86
)
18.25
8/31/23
18.21
1.45
(
0.13
)
1.32
(
1.44
)
—
(
1.44
)
18.09
8/31/22(f)
19.16
0.69
(
0.93
)
(
0.24
)
(
0.71
)
—
(
0.71
)
18.21
9/30/21
17.88
0.79
1.33
2.12
(
0.84
)
—
(
0.84
)
19.16
9/30/20
19.17
0.86
(
1.15
)
(
0.29
)
(
1.00
)
—
(
1.00
)
17.88
9/30/19
19.73
1.06
(
0.62
)
0.44
(
1.00
)
—
(
1.00
)
19.17
Class
I
2/29/24(d)
18.01
0.79
0.23
1.02
(
0.85
)
—
(
0.85
)
18.18
8/31/23
18.14
1.38
(
0.09
)
1.29
(
1.42
)
—
(
1.42
)
18.01
8/31/22(f)
19.08
0.67
(
0.92
)
(
0.25
)
(
0.69
)
—
(
0.69
)
18.14
9/30/21
17.81
0.77
1.32
2.09
(
0.82
)
—
(
0.82
)
19.08
9/30/20
19.10
0.84
(
1.15
)
(
0.31
)
(
0.98
)
—
(
0.98
)
17.81
9/30/19
19.67
0.97
(
0.55
)
0.42
(
0.99
)
—
(
0.99
)
19.10
(a)
Based
on
average
shares
outstanding.
(b)
Percentage
is
not
annualized.
(c)
The
Fund
has
a
contractual
fee
waiver/expense
reimbursement
agreement
with
the
Adviser,
but
did
not
receive
a
fee
waiver/expense
reimbursement
during
the
periods
presented
herein.
See
Notes
to
Financial
Statements
for
more
information.
(d)
Unaudited.
(e)
Annualized.
(f)
For
the
eleven
months
ended
August
31,
2022.
Prior
to
July
1,
2022,
the
Fund's
fiscal
year
end
was
September
30th.
See
Notes
to
Financial
Statements
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Net
Assets,
End
of
Period
(000)
Expenses(c)
NII
(Loss)(c)
Portfolio
Turnover
Rate
5
.67
%
$
210,586
1
.02
%
(e)
8
.53
%
(e)
23
%
7
.24
204,409
1
.02
7
.61
24
(
1
.61
)
246,410
0
.94
(e)
3
.70
(e)
37
11
.67
121,925
1
.03
3
.88
52
(
1
.81
)
90,684
1
.01
4
.43
63
1
.93
112,723
1
.00
4
.81
32
5
.29
50,904
1
.77
(e)
7
.78
(e)
23
6
.45
48,289
1
.77
6
.89
24
(
2
.30
)
55,285
1
.69
(e)
2
.93
(e)
37
10
.79
34,192
1
.78
3
.14
52
(
2
.50
)
33,375
1
.76
3
.66
63
1
.21
53,639
1
.75
4
.10
32
5
.78
268,771
0
.69
(e)
8
.85
(e)
23
7
.59
271,373
0
.70
8
.08
24
(
1
.29
)
227,215
0
.61
(e)
4
.03
(e)
37
12
.03
83,970
0
.70
4
.20
52
(
1
.46
)
55,634
0
.67
4
.75
63
2
.34
54,122
0
.66
5
.53
32
5
.81
991,854
0
.77
(e)
8
.77
(e)
23
7
.46
1,016,373
0
.77
7
.73
24
(
1
.32
)
1,795,387
0
.69
(e)
3
.97
(e)
37
11
.93
828,572
0
.78
4
.10
52
(
1
.56
)
535,410
0
.76
4
.65
63
2
.24
895,304
0
.76
5
.04
32
Financial
Highlights
(continued)
The
following
data
is
for
a
share outstanding
for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Net
Asset
Value,
End
of
Period
High
Yield
Income
Class
A
2/29/24(d)
$
17.07
$
0.60
$
0.52
$
1.12
$
(
0.63
)
$
—
$
(
0.63
)
$
17.56
8/31/23
17.09
1.10
(
0.05
)
1.05
(
1.07
)
—
(
1.07
)
17.07
8/31/22(f)
19.77
0.77
(
2.68
)
(
1.91
)
(
0.77
)
—
(
0.77
)
17.09
9/30/21
18.51
0.86
1.40
2.26
(
1.00
)
—
(
1.00
)
19.77
9/30/20
20.16
1.04
(
1.57
)
(
0.53
)
(
1.12
)
—
(
1.12
)
18.51
9/30/19
20.14
1.03
0.07
1.10
(
1.08
)
—
(
1.08
)
20.16
Class
C
2/29/24(d)
17.06
0.54
0.51
1.05
(
0.56
)
—
(
0.56
)
17.55
8/31/23
17.08
0.97
(
0.05
)
0.92
(
0.94
)
—
(
0.94
)
17.06
8/31/22(f)
19.75
0.64
(
2.67
)
(
2.03
)
(
0.64
)
—
(
0.64
)
17.08
9/30/21
18.49
0.72
1.40
2.12
(
0.86
)
—
(
0.86
)
19.75
9/30/20
20.14
0.89
(
1.56
)
(
0.67
)
(
0.98
)
—
(
0.98
)
18.49
9/30/19
20.11
0.88
0.08
0.96
(
0.93
)
—
(
0.93
)
20.14
Class
R6
2/29/24(d)
17.17
0.64
0.52
1.16
(
0.66
)
—
(
0.66
)
17.67
8/31/23
17.19
1.19
(
0.07
)
1.12
(
1.14
)
—
(
1.14
)
17.17
8/31/22(f)
19.88
0.84
(
2.70
)
(
1.86
)
(
0.83
)
—
(
0.83
)
17.19
9/30/21
18.60
0.93
1.42
2.35
(
1.07
)
—
(
1.07
)
19.88
9/30/20
20.25
1.11
(
1.57
)
(
0.46
)
(
1.19
)
—
(
1.19
)
18.60
9/30/19
20.22
1.11
0.07
1.18
(
1.15
)
—
(
1.15
)
20.25
Class
I
2/29/24(d)
17.09
0.62
0.52
1.14
(
0.65
)
—
(
0.65
)
17.58
8/31/23
17.11
1.15
(
0.06
)
1.09
(
1.11
)
—
(
1.11
)
17.09
8/31/22(f)
19.79
0.81
(
2.67
)
(
1.86
)
(
0.82
)
—
(
0.82
)
17.11
9/30/21
18.53
0.91
1.40
2.31
(
1.05
)
—
(
1.05
)
19.79
9/30/20
20.17
1.08
(
1.55
)
(
0.47
)
(
1.17
)
—
(
1.17
)
18.53
9/30/19
20.15
1.08
0.07
1.15
(
1.13
)
—
(
1.13
)
20.17
(a)
Based
on
average
shares
outstanding.
(b)
Percentage
is
not
annualized.
(c)
After
fee
waiver
and/or
expense
reimbursement
from
the
Adviser,
where
applicable.
See
Notes
to
Financial
Statements
for
more
information.
(d)
Unaudited.
(e)
Annualized.
(f)
For
the
eleven
months
ended
August
31,
2022.
Prior
to
July
1,
2022,
the
Fund's
fiscal
year
end
was
September
30th.
See
Notes
to
Financial
Statements
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Net
Assets,
End
of
Period
(000)
Gross
Expenses
Net
Expenses(c)
NII
(Loss)(c)
Portfolio
Turnover
Rate
6
.68
%
$
53,708
1
.11
%
(e)
1
.03
%
(e)
7
.05
%
(e)
86
%
6
.37
49,840
1
.07
1
.00
6
.51
135
(
9
.85
)
50,895
1
.05
(e)
1
.00
(e)
4
.54
(e)
116
12
.44
53,994
1
.06
0
.99
4
.40
134
(
2
.58
)
39,747
1
.04
1
.00
5
.43
128
5
.73
47,647
1
.04
1
.00
5
.22
70
6
.27
12,935
1
.86
(e)
1
.78
(e)
6
.30
(e)
86
5
.57
13,359
1
.82
1
.75
5
.72
135
(
10
.46
)
18,123
1
.80
(e)
1
.75
(e)
3
.76
(e)
116
11
.61
30,391
1
.81
1
.75
3
.69
134
(
3
.33
)
36,222
1
.80
1
.75
4
.70
128
4
.94
54,408
1
.80
1
.75
4
.47
70
6
.91
21,001
0
.71
(e)
0
.63
(e)
7
.45
(e)
86
6
.70
17,731
0
.68
0
.61
6
.99
135
(
9
.50
)
7,779
0
.67
(e)
0
.62
(e)
4
.94
(e)
116
12
.87
7,568
0
.70
0
.63
4
.78
134
(
2
.19
)
6,567
0
.68
0
.63
5
.82
128
6
.09
6,651
0
.68
0
.64
5
.58
70
6
.80
500,691
0
.86
(e)
0
.78
(e)
7
.31
(e)
86
6
.62
427,359
0
.82
0
.75
6
.76
135
(
9
.63
)
458,620
0
.80
(e)
0
.75
(e)
4
.77
(e)
116
12
.69
579,139
0
.81
0
.74
4
.66
134
(
2
.29
)
427,818
0
.79
0
.75
5
.67
128
5
.98
492,539
0
.79
0
.75
5
.45
70
Financial
Highlights
(continued)
The
following
data
is
for
a
share outstanding
for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Return
of
Capital
Total
Net
Asset
Value,
End
of
Period
Preferred
Securities
and
Income
Class
A
2/29/24(d)
$
14.46
$
0.42
$
0.69
$
1.11
$
(
0.43
)
$
—
$
—
$
(
0.43
)
$
15.14
8/31/23
15.49
0.79
(
0.98
)
(
0.19
)
(
0.84
)
—
—
(
0.84
)
14.46
8/31/22(f)
17.84
0.66
(
2.25
)
(
1.59
)
(
0.73
)
—
(
0.03
)
(
0.76
)
15.49
9/30/21
16.73
0.76
1.18
1.94
(
0.83
)
—
—
(
0.83
)
17.84
9/30/20
17.21
0.83
(
0.45
)
0.38
(
0.86
)
—
—
(
0.86
)
16.73
9/30/19
16.75
0.90
0.46
1.36
(
0.90
)
—
—
(
0.90
)
17.21
Class
C
2/29/24(d)
14.47
0.36
0.71
1.07
(
0.38
)
—
—
(
0.38
)
15.16
8/31/23
15.50
0.68
(
0.98
)
(
0.30
)
(
0.73
)
—
—
(
0.73
)
14.47
8/31/22(f)
17.85
0.55
(
2.26
)
(
1.71
)
(
0.61
)
—
(
0.03
)
(
0.64
)
15.50
9/30/21
16.74
0.63
1.18
1.81
(
0.70
)
—
—
(
0.70
)
17.85
9/30/20
17.21
0.70
(
0.44
)
0.26
(
0.73
)
—
—
(
0.73
)
16.74
9/30/19
16.77
0.78
0.44
1.22
(
0.78
)
—
—
(
0.78
)
17.21
Class
R6
2/29/24(d)
14.51
0.44
0.70
1.14
(
0.46
)
—
—
(
0.46
)
15.19
8/31/23
15.53
0.84
(
0.97
)
(
0.13
)
(
0.89
)
—
—
(
0.89
)
14.51
8/31/22(f)
17.89
0.71
(
2.26
)
(
1.55
)
(
0.78
)
—
(
0.03
)
(
0.81
)
15.53
9/30/21
16.77
0.83
1.18
2.01
(
0.89
)
—
—
(
0.89
)
17.89
9/30/20
17.25
0.89
(
0.46
)
0.43
(
0.91
)
—
—
(
0.91
)
16.77
9/30/19
16.79
0.95
0.46
1.41
(
0.95
)
—
—
(
0.95
)
17.25
Class
I
2/29/24(d)
14.47
0.44
0.70
1.14
(
0.45
)
—
—
(
0.45
)
15.16
8/31/23
15.50
0.83
(
0.98
)
(
0.15
)
(
0.88
)
—
—
(
0.88
)
14.47
8/31/22(f)
17.86
0.70
(
2.26
)
(
1.56
)
(
0.77
)
—
(
0.03
)
(
0.80
)
15.50
9/30/21
16.74
0.81
1.19
2.00
(
0.88
)
—
—
(
0.88
)
17.86
9/30/20
17.22
0.87
(
0.45
)
0.42
(
0.90
)
—
—
(
0.90
)
16.74
9/30/19
16.77
0.95
0.44
1.39
(
0.94
)
—
—
(
0.94
)
17.22
(a)
Based
on
average
shares
outstanding.
(b)
Percentage
is
not
annualized.
(c)
The
Fund
has
a
contractual
fee
waiver/expense
reimbursement
agreement
with
the
Adviser,
but
did
not
receive
a
fee
waiver/expense
reimbursement
during
the
periods
presented
herein.
See
Notes
to
Financial
Statements
for
more
information.
(d)
Unaudited.
(e)
Annualized.
(f)
For
the
eleven
months
ended
August
31,
2022.
Prior
to
July
1,
2022,
the
Fund's
fiscal
year
end
was
September
30th.
See
Notes
to
Financial
Statements
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Net
Assets,
End
of
Period
(000)
Expenses(c)
NII
(Loss)(c)
Portfolio
Turnover
Rate
7
.82
%
$
448,917
1
.05
%
(e)
5
.74
%
(e)
9
%
(
1
.21
)
459,831
1
.01
5
.36
22
(
9
.07
)
551,741
0
.99
(e)
4
.34
(e)
12
11
.79
597,657
0
.99
4
.32
14
2
.33
458,391
1
.03
4
.97
37
8
.45
416,289
1
.03
5
.44
34
7
.49
134,893
1
.80
(e)
4
.99
(e)
9
(
1
.93
)
146,126
1
.76
4
.62
22
(
9
.72
)
184,904
1
.74
(e)
3
.57
(e)
12
10
.96
232,618
1
.74
3
.57
14
1
.63
235,790
1
.78
4
.21
37
7
.54
260,290
1
.79
4
.69
34
7
.97
569,836
0
.72
(e)
6
.07
(e)
9
(
0
.81
)
559,817
0
.69
5
.66
22
(
8
.84
)
1,051,040
0
.67
(e)
4
.65
(e)
12
12
.16
944,235
0
.68
4
.65
14
2
.66
453,348
0
.69
5
.32
37
8
.77
382,299
0
.70
5
.73
34
8
.01
3,217,935
0
.80
(e)
5
.99
(e)
9
(
0
.94
)
3,222,096
0
.76
5
.62
22
(
8
.91
)
3,338,638
0
.74
(e)
4
.57
(e)
12
12
.11
3,842,118
0
.74
4
.57
14
2
.57
2,792,500
0
.78
5
.20
37
8
.66
2,800,599
0
.78
5
.69
34
Financial
Highlights
(continued)
The
following
data
is
for
a
share outstanding
for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Net
Asset
Value,
End
of
Period
Strategic
Income
Class
A
2/29/24(d)
$
9.55
$
0.28
$
0.19
$
0.47
$
(
0.28
)
$
—
$
(
0.28
)
$
9.74
8/31/23
9.78
0.49
(
0.23
)
0.26
(
0.49
)
—
(
0.49
)
9.55
8/31/22(f)
9.66
0.07
0.12
0.19
(
0.07
)
—
(
0.07
)
9.78
6/30/22
11.23
0.35
(
1.59
)
(
1.24
)
(
0.33
)
—
(
0.33
)
9.66
6/30/21
10.69
0.34
0.53
0.87
(
0.33
)
—
(
0.33
)
11.23
6/30/20
10.60
0.36
0.12
0.48
(
0.39
)
—
(
0.39
)
10.69
6/30/19
10.17
0.40
0.38
0.78
(
0.35
)
—
(
0.35
)
10.60
Class
C
2/29/24(d)
9.51
0.24
0.19
0.43
(
0.25
)
—
(
0.25
)
9.69
8/31/23
9.73
0.41
(
0.22
)
0.19
(
0.41
)
—
(
0.41
)
9.51
8/31/22(f)
9.61
0.05
0.13
0.18
(
0.06
)
—
(
0.06
)
9.73
6/30/22
11.17
0.26
(
1.57
)
(
1.31
)
(
0.25
)
—
(
0.25
)
9.61
6/30/21
10.64
0.26
0.52
0.78
(
0.25
)
—
(
0.25
)
11.17
6/30/20
10.55
0.28
0.12
0.40
(
0.31
)
—
(
0.31
)
10.64
6/30/19
10.12
0.32
0.39
0.71
(
0.28
)
—
(
0.28
)
10.55
Class
R6
2/29/24(d)
9.59
0.29
0.20
0.49
(
0.30
)
—
(
0.30
)
9.78
8/31/23
9.82
0.52
(
0.23
)
0.29
(
0.52
)
—
(
0.52
)
9.59
8/31/22(f)
9.69
0.07
0.13
0.20
(
0.07
)
—
(
0.07
)
9.82
6/30/22
11.27
0.39
(
1.60
)
(
1.21
)
(
0.37
)
—
(
0.37
)
9.69
6/30/21
10.73
0.38
0.53
0.91
(
0.37
)
—
(
0.37
)
11.27
6/30/20
10.64
0.40
0.12
0.52
(
0.43
)
—
(
0.43
)
10.73
6/30/19
10.20
0.44
0.38
0.82
(
0.38
)
—
(
0.38
)
10.64
Class
I
2/29/24(d)
9.55
0.29
0.20
0.49
(
0.30
)
—
(
0.30
)
9.74
8/31/23
9.78
0.51
(
0.23
)
0.28
(
0.51
)
—
(
0.51
)
9.55
8/31/22(f)
9.66
0.07
0.12
0.19
(
0.07
)
—
(
0.07
)
9.78
6/30/22
11.23
0.37
(
1.58
)
(
1.21
)
(
0.36
)
—
(
0.36
)
9.66
6/30/21
10.69
0.37
0.53
0.90
(
0.36
)
—
(
0.36
)
11.23
6/30/20
10.60
0.39
0.12
0.51
(
0.42
)
—
(
0.42
)
10.69
6/30/19
10.17
0.42
0.39
0.81
(
0.38
)
—
(
0.38
)
10.60
(a)
Based
on
average
shares
outstanding.
(b)
Percentage
is
not
annualized.
(c)
After
fee
waiver
and/or
expense
reimbursement
from
the
Adviser,
where
applicable.
See
Notes
to
Financial
Statements
for
more
information.
(d)
Unaudited.
(e)
Annualized.
(f)
For
the
two
months
ended
August
31,
2022.
Prior
to
July
1,
2022,
the
Fund's
fiscal
year
end
was
June
30th.
See
Notes
to
Financial
Statements
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Net
Assets,
End
of
Period
(000)
Gross
Expenses
Net
Expenses(c)
NII
(Loss)(c)
Portfolio
Turnover
Rate
5
.06
%
$
138,748
0
.96
%
(e)
0
.84
%
(e)
5
.84
%
(e)
32
%
2
.72
117,023
0
.96
0
.83
5
.12
66
1
.94
105,182
1
.02
(e)
0
.84
(e)
3
.99
(e)
10
(
11
.26
)
102,000
0
.93
0
.83
3
.19
75
8
.25
139,845
0
.95
0
.84
3
.07
128
4
.63
101,886
0
.97
0
.84
3
.42
62
7
.89
87,084
0
.96
0
.84
3
.90
54
4
.56
14,067
1
.72
(e)
1
.59
(e)
5
.09
(e)
32
2
.04
12,794
1
.71
1
.59
4
.33
66
1
.82
18,212
1
.77
(e)
1
.59
(e)
3
.23
(e)
10
(
11
.91
)
19,754
1
.68
1
.58
2
.43
75
7
.39
30,993
1
.70
1
.59
2
.33
128
3
.84
37,285
1
.72
1
.59
2
.71
62
7
.11
42,024
1
.71
1
.59
3
.15
54
5
.22
255,375
0
.62
(e)
0
.49
(e)
6
.19
(e)
32
3
.09
243,866
0
.62
0
.50
5
.45
66
2
.10
240,575
0
.69
(e)
0
.51
(e)
4
.31
(e)
10
(
10
.97
)
236,581
0
.59
0
.49
3
.59
75
8
.59
67,689
0
.62
0
.51
3
.40
128
4
.96
59,099
0
.63
0
.50
3
.77
62
8
.24
50,127
0
.62
0
.50
4
.26
54
5
.19
351,750
0
.71
(e)
0
.59
(e)
6
.08
(e)
32
2
.97
327,839
0
.71
0
.58
5
.35
66
1
.99
329,623
0
.77
(e)
0
.59
(e)
4
.23
(e)
10
(
11
.01
)
333,270
0
.68
0
.58
3
.46
75
8
.51
424,677
0
.70
0
.59
3
.32
128
4
.86
395,502
0
.72
0
.59
3
.71
62
8
.15
400,059
0
.71
0
.59
4
.15
54
Notes
to
Financial
Statements
(Unaudited)
1.
General
Information
Trust
and
Fund
Information
:
The
Nuveen
Investment
Funds,
Inc.,
Nuveen
Investment
Trust
III
and
Nuveen
Investment
Trust
V
(each
a
“Trust”
and
collectively,
the
“Trusts”)
are
open-end
management
investment
companies
registered
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
as
amended.
The
Nuveen
Investment
Funds,
Inc.
is
comprised
of
Nuveen
Credit
Income
Fund
(“Credit
Income”)
and
Nuveen
Strategic
Income
Fund
(“Strategic
Income”),
among
others,
Nuveen
Investment
Trust
III
is
comprised
of
Nuveen
Floating
Rate
Income
Fund
(“Floating
Rate
Income”)
and
Nuveen
High
Yield
Income
Fund
(“High
Yield
Income”),
among
others
and
Nuveen
Investment
Trust
V
is
comprised
of
Nuveen
Flexible
Income
Fund
(“Flexible
Income”)
and
Nuveen
Preferred
Securities
and
Income
Fund
(“Preferred
Securities
and
Income”)
among
others
(each
a
“Fund”
and
collectively
the
“Funds”),
as
diversified
funds.
Nuveen
Investment
Funds,
Inc.
was
incorporated
in
the
State
of
Maryland
on
August
20,
1987.
Nuveen
Investment
Trust
III
was
organized
as
a
Massachusetts
business
trust
on
August
20,
1998.
Nuveen
Investment
Trust
V
was
organized
as
a
Massachusetts
business
trust
on
September
27,
2006.
Current
Fiscal
Period:
The
end
of
the
reporting
period
for
the
Funds
is
February
29,
2024,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
six
months
ended
February
29,
2024
(the
"current
fiscal
period").
Investment
Adviser
and
Sub-Advisers:
The
Funds’
investment
adviser
is
Nuveen
Fund
Advisors,
LLC
(the
“Adviser”),
a
subsidiary
of
Nuveen,
LLC
(“Nuveen”).
Nuveen
is
the
investment
management
arm
of
Teachers
Insurance
and
Annuity
Association
of
America
(TIAA).
The
Adviser
has
overall
responsibility
for
management
of
the
Funds,
oversees
the
management
of
the
Funds’
portfolios,
manages
the
Funds’
business
affairs
and
provides
certain
clerical,
bookkeeping
and
other
administrative
services,
and,
if
necessary,
asset
allocation
decisions.
The
Adviser
has
entered
into
sub-advisory
agreements
with
Nuveen
Asset
Management
LLC
(“NAM”),
a
subsidiary
of
the
Adviser,
under
which
the
Sub-Adviser
manages
the
investment
portfolios
of
the
Funds.
Share
Classes
and
Sales
Charges:
Class
A
Shares
are
generally
sold
with
an
up-front
sales
charge.
Class
A
Share
purchases
of
$1
million
or
more
are
sold
at
net
asset
value
(“NAV”)
without
an
up-front
sales
charge
but
may
be
subject
to
a
contingent
deferred
sales
charge
(“CDSC”)
of
1%
if
redeemed
within
eighteen
months
of
purchase.
Class
C
Shares
are
sold
without
an
up-front
sales
charge
but
are
subject
to
a
CDSC
of
1%
if
redeemed
within
twelve
months
of
purchase.
Class
C
Shares
automatically
convert
to
Class
A
Shares
eight
years
after
purchase.
Class
R6
Shares
and
Class
I
Shares
are
sold
without
an
upfront
sales
charge.
2.
Significant
Accounting
Policies
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
the
use
of
estimates
made
by
management
and
the
evaluation
of
subsequent
events.
Actual
results
may
differ
from
those
estimates.
Each
Fund
is
an
investment
company
and
follows
accounting
guidance
in
the
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
946,
Financial
Services
—
Investment
Companies.
The
NAV
for
financial
reporting
purposes
may
differ
from
the
NAV
for
processing
security
and shareholder
transactions.
The
NAV
for
financial
reporting
purposes
includes
security
and
common
share
transactions
through
the
date
of
the
report.
Total
return
is
computed
based
on
the
NAV
used
for
processing
security
and
common
share
transactions.
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
the
Funds.
Compensation
:
None
of
the
Trusts
pay
compensation
directly
to
those
of
its officers,
all
of
whom
receive
remuneration
for
their
services
to
each
Trust
from
the
Adviser
or
its
affiliates.
The
Funds'
Board
of
Directors/Trustees
(the
"Board")
has
adopted
a
deferred
compensation
plan
for
independent
trustees
that
enables
directors/trustees
to
elect
to
defer
receipt
of
all
or
a
portion
of
the
annual
compensation
they
are
entitled
to
receive
from
certain
Nuveen-advised
funds.
Under
the
plan,
deferred
amounts
are
treated
as
though
equal
dollar
amounts
had
been
invested
in
shares
of
select
Nuveen-advised
funds.
Distributions
to
Shareholders:
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
The
amount,
character
and
timing
of
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
Foreign
Currency
Transactions
and
Translation:
The
books
and
records
of
the
Funds
are
maintained
in
U.S.
dollars.
Assets,
including
investments,
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
end
of
each
day.
Purchases
and
sales
of
securities,
income
and
expenses
are
translated
into
U.S.
dollars
at
the
prevailing
exchange
rate
on
the
respective
dates
of
the
transactions.
Net
realized
foreign
currency
gains
and
losses
resulting
from
changes
in
exchange
rates
associated
with
(i)
foreign
currency,
(ii)
investments
and
(iii)
derivatives
include
foreign
currency
gains
and
losses
between
trade
date
and
settlement
date
of
the
transactions,
foreign
currency
transactions,
and
the
difference
between
the
amounts
of
interest
and
dividends
recorded
on
the
books
of
the
Funds
and
the
amounts
actually
received
are
recognized
as
a
component
of
“Net
realized
gain
(loss)
from
foreign
currency
transactions”
on
the
Statement
of
Operations,
when
applicable.
The
unrealized
gains
and
losses
resulting
from
changes
in
foreign
currency
exchange
rates
and
changes
in
foreign
exchange
rates
associated
with
(i)
investments
and
(ii)
other
assets
and
liabilities
are
recognized
as
a
component
of
“Change
in
unrealized
appreciation
(depreciation)
on foreign
currency
translations”
on
the
Statement
of
Operations,
when
applicable.
The
unrealized
gains
and
losses
resulting
from
changes
in
foreign
exchange
rates
associated
with
investments
in
derivatives
are
recognized
as
a
component
of
the
respective
derivative’s
related
“Change
in
unrealized
appreciation
(depreciation)”
on
the
Statement
of
Operations,
when
applicable.
As
of
the
end
of
the
reporting
period,
the
following
Fund's
investments
in
non-U.S.
securities
were
as
follows:
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
on
income,
gains
on
investments
or
foreign
currency
repatriation,
a
portion
of
which
may
be
recoverable.
The
Funds
will
accrue
such
taxes
and
recoveries
as
applicable,
based
upon
the
current
interpretation
of
tax
rules
and
regulations
that
exist
in
the
markets
in
which
the
Funds
invest.
Indemnifications:
Under each
Trust’s
organizational
documents,
its
officers
and
directors/trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to each
Trust.
In
addition,
in
the
normal
course
of
business, each
Trust
enters
into
contracts
that
provide
general
indemnifications
to
other
parties. Each
Trust’s
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against each
Trust
that
have
not
yet
occurred.
However, each
Trust
has
not
had
prior
claims
or
losses
pursuant
to
these
contracts
and
expects
the
risk
of
loss
to
be
remote.
Investments
and
Investment
Income:
Securities
transactions
are
accounted
for
as
of
the
trade
date
for
financial
reporting
purposes.
Trade
date
for
senior
and
subordinated
loans
purchased
in
the
“primary
market”
is
considered
the
date
on
which
the
loan
allocations
are
determined.
Trade
date
for
senior
and
subordinated
loans
purchased
in
the
“secondary
market”
is
the
date
on
which
the
transaction
is
entered
into.
Realized
gains
and
losses
on
securities
transactions
are
based
upon
the
specific
identification
method.
Dividend
income
is
recorded
on
the
ex-dividend
date
or,
for
foreign
securities,
when
information
is
available.
Non-cash
dividends
received
in
the
form
of
stock,
if
any,
are
recognized
on
the
ex-dividend
date
and
recorded
at
fair
value.
Interest
income,
which
is
recorded
on
an
accrual
basis
and
includes
accretion
of
discounts
and
amortization
of
premiums
for
financial
reporting
purposes.
Interest
income
also
reflects
payment-in-kind
(“PIK”)
interest
and
paydown
gains
and
losses,
if
any.
PIK
interest
represents
income
received
in
the
form
of
securities
in
lieu
of
cash.
Fee
income
consists
primarily
of
amendment
fees,
when
applicable.
Amendment
fees
are
earned
as
compensation
for
evaluating
and
accepting
changes
to
an
original
senior
loan
agreement
and
are
recognized
when
received.
Securities
lending
income
is
comprised
of
fees
earned
from
borrowers
and
income
earned
on
cash
collateral
investments.
Fee
income
and
amendment
fees,
if
any,
are
recognized
as
“Fees”
on
the
Statement
of
Operations.
Multiclass
Operations
and
Allocations:
Income
and
expenses
of
the
Funds that
are
not
directly
attributable
to
a
specific
class
of
shares
are
prorated
among
the
classes
based
on
the
relative
value
of
the
settled
shares
of
each
class.
Expenses
directly
attributable
to
a
class
of
shares
are
recorded
to
the
specific
class.
12b-1
distribution
and
service
fees
are
allocated
on
a
class-specific
basis.
Sub-transfer
agent
fees
and
similar
fees,
which
are
recognized
as
a
component
of
“Shareholder
servicing
agent
fees”
on
the
Statement
of
Operations,
are
not
charged
to
Class
R6
Shares
and
are
prorated
among
the
other
classes
based
on
their
relative
settled
shares.
Realized
and
unrealized
capital
gains
and
losses
of
the
Funds
are
prorated
among
the
classes
based
on
the
relative
net
assets
of
each
class.
Netting
Agreements:
In
the
ordinary
course
of
business,
the
Funds
may
enter
into
transactions
subject
to
enforceable
master
repurchase
agreements,
International
Swaps
and
Derivatives
Association,
Inc.
(ISDA)
master
agreements
or
other
similar
arrangements
(“netting
agreements”).
Generally,
the
right
to
offset
in
netting
agreements
allows
each
Fund
to
offset
certain
securities
and
derivatives
with
a
specific
counterparty,
when
applicable,
as
well
as
any
collateral
received
or
delivered
to
that
counterparty
based
on
the
terms
of
the
agreements.
Generally,
each
Fund
manages
its
cash
collateral
and
securities
collateral
on
a
counterparty
basis.
With
respect
to
certain
counterparties,
in
accordance
with
the
terms
of
the
netting
agreements,
collateral
posted
to
the
Funds
is
held
in
a
segregated
account
by
the
Funds’
custodian
and/or
with
respect
to
those
amounts
which
can
be
sold
or
repledged,
are
presented
in
the
Funds’
Portfolio
of
Investments
or
Statement
of
Assets
and
Liabilities.
The
Funds’
investments
subject
to
netting
agreements
as
of
the
end
of
the
reporting
period,
if
any,
are
further
described
later
in
these
Notes
to
Financial
Statements.
New
Accounting
Pronouncement:
In
June
2022,
the
FASB
issued
ASU
2022-03
to
clarify
the
guidance
in
Topic
820,
Fair
Value
Measurement
("Topic
820").
The
amendments
in
ASU
2022-03
affect
all
entities
that
have
investments
in
equity
securities
measured
at
fair
value
that
are
subject
to
a
contractual
sale
restriction.
ASU
2022-03
(1)
clarifies
the
guidance
in
Topic
820,
when
measuring
the
fair
value
of
an
equity
security
subject
to
contractual
restrictions
that
prohibit
the
sale
of
equity
security,
(2)
amends
a
related
illustrative
example,
and
(3)
introduces
new
disclosure
requirements
for
equity
securities
subject
to
contractual
sale
restrictions
that
are
measured
at
fair
value
in
accordance
with
Topic
820.
For
public
business
entities,
the
amendments
in
ASU
2022-03
are
effective
for
fiscal
years
beginning
after
December
15,
2023,
and
interim
periods
within
those
fiscal
years.
For
all
other
entities,
the
amendments
are
effective
for
fiscal
years
beginning
after
December
15,
2024,
and
interim
periods
within
those
fiscal
years.
Early
adoption
is
permitted
for
both
interim
and
annual
financial
statements
that
have
not
yet
been
issued
or
made
available
for
issuance.
During
the
current
fiscal
period,
the
Funds
adopted
the
new
guidance
and
there
was
no
material
impact
to
the
Funds.
Preferred
Securities
and
Income
Value
%
of
Net
Assets
Country:
United
Kingdom
$
490,088,786
11
.2
%
France
337,210,853
7
.7
Switzerland
188,367,988
4
.3
Canada
156,490,106
3
.6
Spain
126,773,863
2
.9
Netherlands
109,341,261
2
.5
Australia
67,157,911
1
.5
Germany
60,144,906
1
.4
Ireland
59,906,988
1
.4
Other
163,040,002
3
.8
Total
non-U.S.
Securities
$1,758,522,664
40.3%
Notes
to
Financial
Statements
(Unaudited)
(continued)
3.
Investment
Valuation
and
Fair
Value
Measurements
The
Funds’
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Adviser,
subject
to
oversight
of
the Board.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
A
description
of
the
valuation
techniques
applied
to
the
Funds’
major
classifications
of
assets
and
liabilities
measured
at
fair
value
follows:
Equity
securities
and
exchange-traded
funds
listed
or
traded
on
a
national
market
or
exchange
are
valued
based
on
their
last
reported sales
price
or
official
closing
price of such
market
or
exchange
on
the
valuation
date.
Foreign
equity
securities
and
registered
investment
companies
that
trade
on
a
foreign
exchange
are
valued
at
the
last
reported sales
price
or
official
closing
price
on
the
principal
exchange
where
traded,
and
converted
to
U.S.
dollars
at
the
prevailing
rates
of
exchange
on
the valuation
date.
For
events affecting
the value
of
foreign
securities
between
the
time
when
the
exchange
on
which
they
are
traded
closes
and
the
time
when
the
Funds'
net
assets
are
calculated,
such
securities
will
be
valued
at
fair
value
in
accordance
with
procedures
adopted
by
the
Adviser,
subject
to
the
oversight
of
the
Board. To
the
extent
these
securities
are
actively
traded
and
no
valuation
adjustments
are
applied,
they
are
generally
classified
as
Level
1. When
valuation
adjustments
are
applied
to
the
most
recent
last
sales
price
or
official
closing
price, these
securities
are
generally
classified
as
Level
2.
Prices
of
certain
American
Depositary
Receipts
(“ADR”)
held
by
the
Funds
that
trade
in
the
United
States
are
valued
based
on
the
last
traded
price,
official
closing
price,
or
an
evaluated
price
provided
by
the
pricing
services and
are
generally
classified
as
Level
1
or
2.
Prices
of
fixed-income
securities
are
generally
provided
by
pricing
services
approved
by
the
Adviser,
which
is
subject
to
review
by
the
Adviser
and
oversight
of
the
Board. Pricing
services
establish
a
security’s
fair
value
using
methods
that
may
include
consideration
of
the
following:
yields
or
prices
of
investments
of
comparable
quality,
type
of
issue,
coupon,
maturity
and
rating,
market
quotes
or
indications
of
value
from
security
dealers,
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor’s
credit
characteristics
considered
relevant.
In
pricing
certain
securities,
particularly
less
liquid
and
lower
quality
securities,
pricing
services
may
consider
information
about
a
security,
its
issuer
or
market
activity
provided
by
the
Adviser.
These
securities
are
generally
classified
as
Level
2.
Repurchase
agreements
are
valued
at
contract
amount
plus
accrued
interest,
which
approximates
market
value.
These
securities
are
generally
classified
as
Level
2.
Investments
in
investment
companies
are
valued
at
their
respective
NAVs
or
share
price on
the
valuation
date
and
are
generally
classified
as
Level
1.
Futures
contracts
are
valued
using
the
closing
settlement
price
or,
in
the
absence
of
such
a
price,
the
last
traded
price
and
are
generally
classified
as
Level
1.
For
any
portfolio
security
or
derivative
for
which
market
quotations
are
not
readily
available
or
for
which
the
Adviser
deems
the
valuations
derived
using
the
valuation
procedures
described
above
not
to
reflect
fair
value,
the
Adviser
will
determine
a
fair
value
in
good
faith
using
alternative
procedures
approved
by
the
Adviser,
subject
to
the
oversight
of
the
Board.
As
a
general
principle,
the
fair
value
of
a
security
is
the
amount
that
the
owner
might
reasonably
expect
to
receive
for
it
in
a
current
sale.
A
variety
of
factors
may
be
considered
in
determining
the
fair
value
of
such
securities,
which
may
include
consideration
of
the
following:
yields
or
prices
of
investments
of
comparable
quality,
type
of
issue,
coupon,
maturity
and
rating,
market
quotes
or
indications
of
value
from
security
dealers,
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor’s
credit
characteristics
considered
relevant.
To
the
extent
the
inputs
are
observable
and
timely,
the
values
would
be
classified
as
Level
2;
otherwise
they
would
be
classified
as
Level
3.
The
following
table
summarizes
the
market
value
of
the
Funds’
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
Credit
Income
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Corporate
Bonds
$
–
$
48,481,271
$
–
$
48,481,271
Asset-Backed
and
Mortgage-Backed
Securities
–
14,989,967
1,708,830
16,698,797
Variable
Rate
Senior
Loan
Interests
–
6,981,761
–
6,981,761
Sovereign
Debt
–
3,156,179
–
3,156,179
$1,000
Par
(or
similar)
Institutional
Preferred
–
2,797,014
–
2,797,014
Contingent
Capital
Securities
–
2,231,756
–
2,231,756
$25
Par
(or
similar)
Retail
Preferred
353,951
–
–
353,951
Common
Stocks
–
39
89
128
Investments
Purchased
with
Collateral
from
Securities
Lending
4,403,069
–
–
4,403,069
Short-Term
Investments:
Repurchase
Agreements
–
1,400,000
–
1,400,000
Investments
in
Derivatives:
Futures
Contracts*
9,781
–
–
9,781
Total
$
4,766,801
$
80,037,987
$
1,708,919
$
86,513,707
Flexible
Income
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Corporate
Bonds
$
–
$
570,129,170
$
–
$
570,129,170
$1,000
Par
(or
similar)
Institutional
Preferred
–
318,308,900
–
318,308,900
Common
Stocks
108,702,020
–
–
108,702,020
$25
Par
(or
similar)
Retail
Preferred
81,030,518
–
–
81,030,518
Convertible
Preferred
Securities
12,779,400
–
–
12,779,400
Convertible
Bonds
–
5,523,750
–
5,523,750
Investments
Purchased
with
Collateral
from
Securities
Lending
38,731,870
–
–
38,731,870
Short-Term
Investments:
Repurchase
Agreements
–
17,382,885
–
17,382,885
Total
$
241,243,808
$
911,344,705
$
–
$
1,152,588,513
Floating
Rate
Income
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Variable
Rate
Senior
Loan
Interests
$
–
$
1,274,834,793
$
–
$
1,274,834,793
Corporate
Bonds
–
163,206,568
–
163,206,568
Common
Stocks
792,814
27,117,186
6,739
27,916,739
Exchange-Traded
Funds
17,122,765
–
–
17,122,765
Warrants
8,405
13,305,695
6,168
13,320,268
Convertible
Preferred
Securities
–
258,780
–
258,780
Investments
Purchased
with
Collateral
from
Securities
Lending
2,621,260
–
–
2,621,260
Short-Term
Investments:
Investment
Companies
28,100,792
–
–
28,100,792
Total
$
48,646,036
$
1,478,723,022
$
12,907
$
1,527,381,965
High
Yield
Income
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Corporate
Bonds
$
–
$
460,496,537
$
–
$
460,496,537
Variable
Rate
Senior
Loan
Interests
–
78,058,644
–
78,058,644
$1,000
Par
(or
similar)
Institutional
Preferred
–
12,698,662
–
12,698,662
Exchange-Traded
Funds
6,336,000
–
–
6,336,000
Contingent
Capital
Securities
–
3,414,697
–
3,414,697
Common
Stocks
–
3,276,545
–
3,276,545
Warrants
–
2,845,966
–
2,845,966
Investments
Purchased
with
Collateral
from
Securities
Lending
34,101,522
–
–
34,101,522
Short-Term
Investments:
Investment
Companies
22,398,573
–
–
22,398,573
Total
$
62,836,095
$
560,791,051
$
–
$
623,627,146
Notes
to
Financial
Statements
(Unaudited)
(continued)
The
following
table
summarizes
the
market
value
of
the
Funds’
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
Preferred
Securities
and
Income
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
$1,000
Par
(or
similar)
Institutional
Preferred
$
–
$
2,177,795,752
$
–
$
2,177,795,752
Contingent
Capital
Securities
–
1,334,710,648
–
1,334,710,648
$25
Par
(or
similar)
Retail
Preferred
703,228,805
19,489,305
–
722,718,110
Corporate
Bonds
–
64,757,122
–
64,757,122
Investments
Purchased
with
Collateral
from
Securities
Lending
118,255,644
–
–
118,255,644
Short-Term
Investments:
Repurchase
Agreements
–
950,000
–
950,000
Investments
in
Derivatives:
Futures
Contracts*
2,943,740
–
–
2,943,740
Total
$
824,428,189
$
3,597,702,827
$
–
$
4,422,131,016
Strategic
Income
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Asset-Backed
and
Mortgage-Backed
Securities
$
–
$
380,738,924
$
1,063,600
$
381,802,524
Corporate
Bonds
–
178,418,805
–
178,418,805
$1,000
Par
(or
similar)
Institutional
Preferred
–
56,316,689
–
56,316,689
Sovereign
Debt
–
47,081,749
–
47,081,749
Variable
Rate
Senior
Loan
Interests
–
39,135,275
–
39,135,275
Contingent
Capital
Securities
–
22,516,848
–
22,516,848
$25
Par
(or
similar)
Retail
Preferred
753,851
–
–
753,851
Investments
Purchased
with
Collateral
from
Securities
Lending
7,010,448
–
–
7,010,448
Short-Term
Investments:
Repurchase
Agreements
–
37,175,818
–
37,175,818
Investments
in
Derivatives:
Futures
Contracts*
350,972
–
–
350,972
Total
$
8,115,271
$
761,384,108
$
1,063,600
$
770,562,979
*
Represents
net
unrealized
appreciation
(depreciation)
as
reported
in
Fund's
Portfolio
of
Investments.
Level
3
Credit
Income
Common
Stocks
Asset-Backed
and
Mortgage-Backed
Securities
Balance
at
the
beginning
of
period
$142
$2,089,491
Gains
(losses):
Net
realized
gains
(losses)
-
20,242
Change
in
net
unrealized
appreciation
(depreciation)
(14)
(110,312)
Purchases
at
cost
-
-
Sales
at
proceeds
-
(215,646)
Net
discounts
(premiums)
-
(74,945)
Transfers
into
-
-
Transfers
(out
of)
(39)
-
Balance
at
the
end
of
period
89
$1,708,830
Change
in
net
unrealized
appreciation
(depreciation)
during
the
period
of
Level
3
securities
held
as
of
period
end
-
$(110,312)
The
valuation
techniques
and
significant
unobservable
inputs
used
in
recurring
Level
3
fair
value
measurements
of
assets
as
of
the
end
of
the
reporting
period,
were
as
follows:
The
table
below
presents
the
transfers
in
and
out
of
the
three
valuation
levels
for
the
Fund
as
of
the
end
of
the
reporting
period
when
compared
to
the
valuation
levels
at
the
end
of
the
previous
fiscal
year.
Changes
in
valuation
inputs
or
methodologies
may
result
in
transfers
into
or
out
of
an
assigned
level
within
the
fair
value
hierarchy.
Transfers
in
or
out
of
levels
are
generally
due
to
the
availability
of
publicly
available
information
and
to
the
significance
or
extent
the
Adviser
determines
that
the
valuation
inputs
or
methodologies
may
impact
the
valuation
of
those
securities.
Floating
Rate
Income
Common
Stocks
Warrants
Balance
at
the
beginning
of
period
$401,470
$2,056
Gains
(losses):
Net
realized
gains
(losses)
-
-
Change
in
net
unrealized
appreciation
(depreciation)
(29,489)
(99,472)
Purchases
at
cost
-
103,584
Sales
at
proceeds
-
-
Net
discounts
(premiums)
-
-
Transfers
into
-
-
Transfers
(out
of)
(365,242)
-
Balance
at
the
end
of
period
6,739
6,168
Change
in
net
unrealized
appreciation
(depreciation)
during
the
period
of
Level
3
securities
held
as
of
period
end
$(3,930)
$(99,472)
Strategic
Income
Asset-Backed
and
Mortgage-Backed
Securities
Balance
at
the
beginning
of
period
$1,053,313
Gains
(losses):
Net
realized
gains
(losses)
-
Change
in
net
unrealized
appreciation
(depreciation)
10,287
Purchases
at
cost
-
Sales
at
proceeds
-
Net
discounts
(premiums)
-
Transfers
into
-
Transfers
(out
of)
-
Balance
at
the
end
of
period
$1,063,600
Change
in
net
unrealized
appreciation
(depreciation)
during
the
period
of
Level
3
securities
held
as
of
period
end
$10,287
Fund
Asset
Class
Market
Value
Techniques
Unobservable
Inputs
Range
Weighted
Average
Credit
Income
Asset-Backed
Securities
$1,708,830
Indicative
Trade
Broker
Quote
$30.33
-
$21,986
$7,108.32
Common
Stocks
89
Expected
Recovery
Recovery
Proceeds
$0.01
N/A
Total
$1,708,919
Fund
Asset
Class
Market
Value
Techniques
Unobservable
Inputs
Range
Weighted
Average
Floating
Rate
Income
Warrants
$6,168
Expected
Recovery
Recovery
Proceeds
$0.25-$0.35
$0.302
Common
Stocks
6,739
Expected
Recovery
Recovery
Proceeds
$0.005-$0.105
$0.101
Total
$12,907
Fund
Asset
Class
Market
Value
Techniques
Unobservable
Inputs
Range
Weighted
Average
Strategic
Income
Asset-Backed
Securities
$1,063,600
Indicative
Trade
Broker
Quote
$85.09
N/A
Level
1
Level
2
Level
3
Transfers
In
(Transfers
Out)
Transfers
In
(Transfers
Out)
Transfers
In
(Transfers
Out)
Credit
Income
Common
Stocks
$-
$-
$39
$-
$-
$(39)
Notes
to
Financial
Statements
(Unaudited)
(continued)
4.
Portfolio
Securities
Unfunded Commitments:
Pursuant
to
the
terms
of
certain
of
the
variable
rate
senior
loan
agreements,
the
Funds
(except
Flexible
Income
and
Preferred
Securities
and
Income) may
have
unfunded
senior
loan
commitments.
Each
Fund
will
maintain
with
its
custodian,
cash,
liquid
securities
and/or
liquid
senior
loans
having
an
aggregate
value
at
least
equal
to
the
amount
of
unfunded
senior
loan
commitments.
As
of
the
end
of
the
reporting
period,
the
Funds’
outstanding
unfunded
senior
loan
commitments
were
as
follows:
Participation
Commitments:
With
respect
to
the
senior
loans
held
in
each
Fund’s
portfolio,
the
Funds
(except
Flexible
Income
and
Preferred
Securities
and
Income)
may:
1)
invest
in
assignments;
2)
act
as
a
participant
in
primary
lending
syndicates;
or
3)
invest
in
participations.
If
a
Fund
purchases
a
participation
of
a
senior
loan
interest,
the
Fund
would
typically
enter
into
a
contractual
agreement
with
the
lender
or
other
third
party
selling
the
participation,
rather
than
directly
with
the
borrower.
As
such,
the
Fund
not
only
assumes
the
credit
risk
of
the
borrower,
but
also
that
of
the
selling
participant
or
other
persons
interpositioned
between
the
Fund
and
the
borrower.
As
of
the
end
of
the
reporting
period,
the
Funds
had
no
such
outstanding
participation
commitments.
Securities
Lending:
Each
Fund
may
lend
securities
representing
up
to
one-third
of
the
value
of
its
total
assets
to
broker-dealers,
banks,
and
other
institutions
in
order
to
generate
additional
income.
When
loaning
securities, a
Fund
retains
the
benefits
of
owning
the
securities,
including
the
economic
equivalent
of
dividends
or
interest
generated
by
the
security.
The
loans
are
continuous,
can
be
recalled
at
any
time,
and
have
no
set
maturity.
The
Funds’
custodian,
State
Street
Bank
and
Trust
Company,
serves
as
the
securities
lending
agent
(the
“Agent”).
When
a
Fund
loans
its
portfolio
securities,
it
will
receive,
at
the
inception
of
each
loan,
cash
collateral
equal
to
an
amount
not
less
than
100%
of
the
market
value
of
the
loaned
securities.
The
actual
percentage
of
the
cash
collateral
will
vary
depending
upon
the
asset
type
of
the
loaned
securities.
Collateral
for
the
loaned
securities
is
invested
in
a
government
money
market
vehicle
maintained
by
the
Agent,
which
is
subject
to
the
requirements
of
Rule
2a-7
under
the
1940
Act.
The
value
of
the
loaned
securities
and
the
liability
to
return
the
cash
collateral
received
are
recognized
on
the
Statement
of
Assets
and
Liabilities.
If
the
market
value
of
the
loaned
securities
increases,
the
borrower
must
furnish
additional
collateral
to
the
Fund,
which
is
also
recognized
on
the
Statement
of
Assets
and
Liabilities.
Securities
out
on
loan
are
subject
to
termination
at
any
time
at
the
option
of
the
borrower
or
the
Fund.
Upon
termination,
the
borrower
is
required
to
return
to
the
Fund
securities
identical
to
the
securities
loaned.
During
the
term
of
the
loan,
the
Fund
bears
the
market
risk
with
respect
to
the
investment
of
collateral
and
the
risk
that
the
Agent
may
default
on
its
contractual
obligations
to
the
Fund.
The
Agent
bears
the
risk
that
the
borrower
may
default
on
its
obligation
to
return
the
loaned
securities
as
the
Agent
is
contractually
obligated
to
indemnify
the
Fund
if
at
the
time
of
a
default
by
a
borrower
some
or
all
of
the
loan
securities
have
not
been
returned.
Securities
lending
income
recognized
by
a
Fund
consists
of
earnings
on
invested
collateral
and
lending
fees,
net
of
any
rebates
to
the
borrower
and
compensation
to
the
Agent.
Such
income
is
recognized
on
the
Statement
of
Operations.
As
of
the
end
of
the
current
reporting
period,
the
total
value
of
the
loaned
securities
and
the
total
value
of
collateral
received
were
as
follows:
Floating
Rate
Income
Common
Stocks
$-
$-
$365,242
$-
$-
$(365,242)
Fund
Outstanding
Unfunded
Senior
Loan
Commitments
Credit
Income
$
—
Floating
Rate
Income
170,450
High
Yield
Income
—
Strategic
Income
—
Fund
Asset
Class
out
on
Loan
Long-Term
Investments,
at
Value
Total
Collateral
Received
Credit
Income
Corporate
Bonds
$3,722,965
$3,878,079
Contingent
Capital
Securities
291,823
305,910
$1,000
Par
(or
similar)
Institutional
Preferred
207,898
217,005
Sovereign
Debt
1,991
2,075
Total
$4,224,677
$4,403,069
Flexible
Income
$1,000
Par
(or
similar)
Institutional
Preferred
$27,377,471
$28,390,620
Corporate
Bonds
10,013,915
10,341,250
Total
$37,391,386
$38,731,870
Floating
Rate
Income
Corporate
Bonds
2,537,560
2,619,729
Common
Stocks
$1,525
$1,531
Total
$2,539,085
$2,621,260
High
Yield
Income
Corporate
Bonds
30,694,139
32,076,387
$1,000
Par
(or
similar)
Institutional
Preferred
$1,981,327
$2,025,135
Repurchase
Agreements:
In
connection
with
transactions
in
repurchase
agreements,
it
is
each
Fund's
policy
that
its
custodian
take
possession
of
the
underlying
collateral
securities,
the
fair
value
of
which
exceeds
the
principal
amount
of
the
repurchase
transaction,
including
accrued
interest,
at
all
times.
If
the
counterparty
defaults,
and
the
fair
value
of
the
collateral
declines,
realization
of
the
collateral
may
be
delayed
or
limited.
The
following
table
presents
the
repurchase
agreements
for
the
Funds
that
are
subject
to
netting
agreements
as
of
the
end
of
the
reporting
period,
and
the
collateral
delivered
related
to
those
repurchase
agreements.
Zero
Coupon
Securities:
A
zero
coupon
security
does
not
pay
a
regular
interest
coupon
to
its
holders
during
the
life
of
the
security.
Income
to
the
holder
of
the
security
comes
from
accretion
of
the
difference
between
the
original
purchase
price
of
the
security
at
issuance
and
the
par
value
of
the
security
at
maturity
and
is
effectively
paid
at
maturity.
The
market
prices
of
zero
coupon
securities
generally
are
more
volatile
than
the
market
prices
of
securities
that
pay
interest
periodically.
Purchases
and
Sales:
Long-term
purchases
and
sales during
the
current fiscal
period
were
as
follows:
The
Funds
may
purchase
securities
on
a
when-issued
or
delayed-delivery
basis.
Securities
purchased
on
a
when-issued
or
delayed-delivery
basis
may
have
extended
settlement
periods;
interest
income
is
not
accrued
until
settlement
date.
Any
securities
so
purchased
are
subject
to
market
fluctuation
during
this
period. If
a
Fund
has
outstanding
when-issued/delayed-delivery
purchases
commitments
as
of
the
end
of
the
reporting
period,
such
amounts
are
recognized
on
the
Statement
of
Assets
and
Liabilities.
5.
Derivative
Investments
Each
Fund
is
authorized
to
invest
in
certain
derivative
instruments.
As
defined
by
U.S.
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variables.
Investments
in
derivatives
as
of
the
end
of
and/or
during
the
current
fiscal
period,
if
any,
are
included
within
the
Statement
of
Assets
and
Liabilities
and
the
Statement
of
Operations,
respectively.
Credit
Default
Swap
Contracts:
A
Fund
may
enter
into
a
credit
default
swap
contract
to
seek
to
maintain
a
total
return
on
a
particular
investment
or
portion
of
its
portfolio,
or
to
take
an
active
long
or
short
position
with
respect
to
the
likelihood
of
a
particular
issuer’s
default.
During
the
current
fiscal
period,
Strategic
Income
used
credit
default
swap
index
contracts
to
reduce
the
credit
risk
of
its
high
yield
bond
exposure.
Credit
default
swap
contracts
involve
one
party
making
a
stream
of
payments
(buyer
of
protection)
to
another
party
(seller
of
protection)
in
exchange
for
the
right
to
receive
a
specified
return
if/when
there
is
a
credit
event
by
a
third
party.
Credit
events
are
agreement
specific
but
may
include
bankruptcy,
failure
to
pay,
or
restructuring.
When
a
Fund
has
bought
(sold)
protection
in
a
credit
default
swap
upon
occurrence
of
a
specific
credit
event
with
respect
to
the
underlying
referenced
entity,
the
Fund
will
either
(i)
receive
(deliver)
that
security,
or
an
equivalent
amount
of
cash,
from
the
counterparty
in
exchange
for
receipt
(payment)
of
the
notional
amount
to
the
counterparty,
or
(ii)
receive
(pay)
a
net
settlement
amount
of
the
credit
default
swap
contract
less
the
recovery
value
of
the
referenced
obligation
or
underlying
securities
comprising
the
referenced
index.
Payments
paid
Total
$32,675,466
$34,101,522
Preferred
Securities
and
Income
$1,000
Par
(or
similar)
Institutional
Preferred
$83,971,517
$87,028,316
Contingent
Capital
Securities
29,592,412
31,227,328
Total
$113,563,929
$118,255,644
Strategic
Income
$1,000
Par
(or
similar)
Institutional
Preferred
$3,570,029
$3,673,065
Corporate
Bonds
2,143,266
2,202,348
Sovereign
Debt
1,112,187
1,135,035
Total
$6,825,482
$7,010,448
Fund
Counterparty
Short-Term
Investments,
at
Value
Collateral
Pledged
(From)
Counterparty
Credit
Income
Fixed
Income
Clearing
Corporation
$1,400,000
$(1,428,072)
Flexible
Income
Fixed
Income
Clearing
Corporation
17,382,885
(17,730,565)
Preferred
Securities
and
Income
Fixed
Income
Clearing
Corporation
950,000
(969,004)
Strategic
Income
Fixed
Income
Clearing
Corporation
37,175,818
(37,919,410)
Fund
Non-U.S.
Government
Purchases
U.S.
Government
Purchases
Non-U.S.
Government
Sales
and
Maturities
U.S.
Government
Sales
Credit
Income
$
48,261,905
$
1,560,500
$
48,513,699
$
2,117,813
Flexible
Income
263,896,999
—
341,270,713
—
Floating
Rate
Income
573,488,392
—
630,145,795
—
High
Yield
Income
521,555,380
—
459,196,014
—
Preferred
Securities
and
Income
604,861,139
—
805,977,568
—
Strategic
Income
150,553,182
114,892,763
131,366,000
92,956,454
Notes
to
Financial
Statements
(Unaudited)
(continued)
(received)
at
the
beginning
of
the
measurement
period
are
reflected
as
swap
premiums
paid
(received)
on
the
Statement
of
Assets
and
Liabilities,
when
applicable.
Credit
default
swaps
are
“marked-to-market”
on
a
daily
basis
to
reflect
the
value
of
the
swap
agreement
at
the
end
of
each
trading
day
and
are
recognized
as
unrealized
appreciation
(depreciation)
on
the
Statement
of
Operations.
Credit
default
swaps
can
be
settled
either
directly
with
the
counterparty
(“OTC”)
or
through
a
central
clearinghouse
(“centrally
cleared”).
For
OTC
swaps,
the
daily
change
in
the
market
value
of
the
swap
contract,
along
with
any
daily
interest
fees
accrued,
are
recognized
as
unrealized
appreciation
(depreciation)
on
credit
default
swaps
on
the
Statement
of
Assets
and
Liabilities.
Upon
the
execution
of
a
centrally
cleared
swap,
a
Fund
is
obligated
to
deposit
cash
or
eligible
securities,
also
known
as
“initial
margin,”
into
an
account
at
its
clearing
broker
equal
to
a
specified
percentage
of
the
contract
amount.
Securities
deposited
for
initial
margin,
if
any,
are
identified
in
the
Portfolio
of
Investments
and
cash
deposited
for
initial
margin,
if
any,
is
reflected
on
the
Statement
of
Assets
and
Liabilities.
The
Fund
and
the
clearing
broker
are
obligated
to
settle
monies
on
a
daily
basis
representing
the
changes
in
the
value
of
the
swap
contracts.
These
daily
cash
settlements
are
known
as
“variation
margin”
and
is
recognized
on
the
Statement
of
Assets
and
Liabilities
as
a
receivable
or
payable
for
variation
margin
on
credit
default
swaps.
The
difference
between
the
value
of
the
security
received
(delivered)
and
the
notional
amount
delivered
(received)
as
well
as
payments
received
or
made
as
a
result
of
a
credit
event
or
termination
of
a
contract
are
recognized
as
realized
gains
or
losses
on
the
Statement
of
Operations.
The
maximum
potential
amount
of
future
payments
the
Fund
could
incur
as
a
buyer
or
seller
of
protection
in
a
credit
default
swap
contract
is
limited
to
the
notional
amount
of
the
contract.
The
maximum
potential
amount
would
be
offset
by
the
recovery
value,
if
any,
of
the
respective
referenced
entity.
The
average
notional
amount
of
credit
default
swap
contracts
outstanding
during
the
current
fiscal
period
was
as
follows:
Futures
Contracts:
During
the
current
fiscal
period,
Credit
Income
and
Preferred
Securities
and
Income
used
U.S.
Treasury
futures
as
part
of
their
overall
portfolio
construction
strategy
to
manage
portfolio
duration
and
yield
curve
exposure.
Strategic
Income
used
U.S.
Treasury
futures
and
Secured
Overnight
Financing
Rate
futures
as
part
of
an
overall
portfolio
construction
strategy
to
manage
portfolio
duration
and
yield
curve
exposure.
A
futures
contract
is
an
agreement
between
two
parties
to
buy
and
sell
a
financial
instrument
for
a
set
price
on
a
future
date.
Upon
execution
of
a
futures
contract,
the
Fund
is
obligated
to
deposit
cash
or
eligible
securities,
also
known
as
“initial
margin,”
into
an
account
at
its
clearing
broker
equal
to
a
specified
percentage
of
the
contract
amount.
Securities
deposited
for
initial
margin,
if
any,
are
identified
in
the
Portfolio
of
Investments
and
cash
deposited
for
initial
margin,
if
any,
is
reflected
on
the
Statement
of
Assets
and
Liabilities.
During
the
period
the
futures
contract
is
open,
changes
in
the
market
value
of
the
contract
are
recognized
as
an
unrealized
gain
or
loss
by
“marking-
to-market”
on
a
daily
basis.
The
Fund
and
the
clearing
broker
are
obligated
to
settle
monies
on
a
daily
basis
representing
the
changes
in
the
value
of
the
contracts.
These
daily
cash
settlements
are
known
as
“variation
margin”
and
is
recognized
on
the
Statement
of
Assets
and
Liabilities
as
a
receivable
or
payable
for
variation
margin
on
futures
contracts.
When
the
contract
is
closed
or
expired,
the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
contract
on
the
closing
date
and
value
of
the
contract
when
originally
entered
into.
The
net
realized
gain
or
loss
and
the
change
in
unrealized
appreciation
(depreciation)
on
futures
contracts
held
during
the
period
is
included
on
the
Statement
of
Operations.
Risks
of
investments
in
futures
contracts
include
the
possible
adverse
movement
in
the
price
of
the
securities
or
indices
underlying
the
contracts,
the
possibility
that
there
may
not
be
a
liquid
secondary
market
for
the
contracts
and/or
that
a
change
in
the
value
of
the
contract
may
not
correlate
with
a
change
in
the
value
of
the
underlying
securities
or
indices.
The
average
notional
amount
of
futures
contracts
outstanding
during
the
current
fiscal
period
was
as
follows:
As
of the
end
of
the
reporting
period,
the
following
Funds
have
invested
in
derivative
contracts
which
are
reflected
in
the
Statement
of
Assets
and
Liabilities
as
follows:
Fund
Average
Notional
Amount
of
Credit
Default
Swaps
Contracts
Outstanding
*
Strategic
Income
$
4,476,667
*
The
average
notional
amount
is
calculated
based
on
the
absolute
aggregate
notional
amount
of
contracts
outstanding
at
the
beginning
of
the
current
fiscal
period
and
at
the
end
of
each
fiscal
quarter
within
the
current
fiscal
period.
Fund
Average
Notional
Amount
of
Futures
Contracts
Outstanding
*
Credit
Income
$
5,500,936
Preferred
Securities
and
Income
455,121,462
Strategic
Income
146,555,684
*
The
average
notional
amount
is
calculated
based
on
the
absolute
aggregate
notional
amount
of
contracts
outstanding
at
the
beginning
of
the
current
fiscal
period
and
at
the
end
of
each
fiscal
quarter
within
the
current
fiscal
period.
During
the
current
fiscal
period,
the
effect
of
derivative
contracts
on
the
Funds'
Statement
of
Operations
was
as
follows:
Market
and
Counterparty
Credit
Risk:
In
the
normal
course
of
business
each
Fund
may
invest
in
financial
instruments
and
enter
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk)
or
failure
of
the
other
party
to
the
transaction
to
perform
(counterparty
credit
risk).
The
potential
loss
could
exceed
the
value
of
the
financial
assets
recorded
on
the
financial
statements.
Financial
assets,
which
potentially
expose
each
Fund
to
counterparty
credit
risk,
consist
principally
of
cash
due
from
counterparties
on
forward,
option
and
swap
transactions,
when
applicable.
The
extent
of
each
Fund’s
exposure
to
counterparty
credit
risk
in
respect
to
these
financial
assets
approximates
their
carrying
value
as
recorded
on
the
Statement
of
Assets
and
Liabilities.
Each
Fund
helps
manage
counterparty
credit
risk
by
entering
into
agreements
only
with
counterparties
the
Adviser
believes
have
the
financial
resources
to
honor
their
obligations
and
by
having
the
Adviser
monitor
the
financial
stability
of
the
counterparties.
Additionally,
counterparties
may
be
required
to
pledge
collateral
daily
(based
on
the
daily
valuation
of
the
financial
asset)
on
behalf
of
each
Fund
with
a
value
approximately
equal
to
the
amount
of
any
unrealized
gain
above
a
pre-determined
threshold.
Reciprocally,
when
each
Fund
has
an
unrealized
loss,
the
Funds
have
instructed
the
custodian
to
pledge
assets
of
the
Funds
as
collateral
with
a
value
approximately
equal
to
the
amount
of
the
unrealized
loss
above
a
pre-determined
threshold.
Collateral
pledges
are
monitored
and
subsequently
adjusted
if
and
when
the
valuations
fluctuate,
either
up
or
down,
by
at
least
the
pre-determined
threshold
amount.
Asset
Derivatives
Liability
Derivatives
Derivative
Instrument
Risk
Exposure
Location
Value
Location
Value
Credit
Income
Futures
Contracts
Interest
rate
Unrealized
appreciation
on
futures
contracts
*
$
9,781
-
$
–
1
1
1
1
1
1
1
1
Preferred
Securities
and
Income
Futures
Contracts
Interest
rate
Unrealized
appreciation
on
futures
contracts
*
2,943,740
-
–
1
1
1
1
1
1
1
1
Strategic
Income
Futures
Contracts
Interest
rate
Unrealized
appreciation
on
futures
contracts
*
383
,9
39
Unrealized
depreciation
on
futures
contracts
*
(32,966)
1
1
1
1
1
1
1
1
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts;
however,
the
value
reflected
in
the
accompanying
Statements
of
Assets
and
Liabilities
is
only
the
receivable
or
payable
for
variation
margin
on
open
futures
contacts.
Derivative
Instrument
Risk
Exposure
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Credit
Income
Futures
contracts
Interest
rate
$
(
28,315
)
$
(
23,326
)
Preferred
Securities
and
Income
Futures
contracts
Interest
rate
(
3,016,094
)
(
692,904
)
Strategic
Income
Futures
contracts
Interest
rate
(
1,262,732
)
(
1,231,747
)
Swap
contracts
Credit
(
134,539
)
8,801
Notes
to
Financial
Statements
(Unaudited)
(continued)
6.
Fund
Shares
Transactions
in Fund
shares
during
the
current
and
prior
fiscal
period
were
as
follows:
Six
Months
Ended
2/29/24
Year
Ended
8/31/23
Credit
Income
Shares
Amount
Shares
Amount
Subscriptions:
Class
A
708,897
$4,561,386
1,370,390
$8,579,477
Class
A
-
automatic
conversion
of
Class
C
168
1,079
5,173
33,123
Class
C
123,912
803,956
111,973
701,054
Class
I
1,624,479
10,426,096
3,652,971
23,087,267
Total
subscriptions
2,457,456
15,792,517
5,140,507
32,400,921
Reinvestments
of
distributions:
Class
A
270,099
1,733,617
485,164
3,040,133
Class
C
30,728
196,849
70,748
442,277
Class
I
168,285
1,082,621
271,994
1,708,677
Total
reinvestments
of
distributions
469,112
3,013,087
827,906
5,191,087
Redemptions:
Class
A
(967,107)
(6,186,079)
(2,545,540)
(15,914,334)
Class
C
(250,646)
(1,578,112)
(596,846)
(3,732,804)
Class
C
-
automatic
conversion
to
Class
A
(168)
(1,079)
(5,181)
(33,123)
Class
I
(1,873,995)
(12,145,560)
(9,288,768)
(58,670,054)
Total
redemptions
(3,091,916)
(19,910,830)
(12,436,335)
(78,350,315)
Net
increase
(decrease)
(165,348)
$(1,105,226)
(6,467,922)
$(40,758,307)
Six
Months
Ended
2/29/24
Year
Ended
8/31/23
Flexible
Income
Shares
Amount
Shares
Amount
Subscriptions:
Class
A
987,884
$17,902,665
1,706,679
$31,349,496
Class
A
-
automatic
conversion
of
Class
C
1,304
23,717
1,046
19,618
Class
C
176,297
3,190,687
317,690
5,802,152
Class
R6
28,596
524,906
161,770
3,000,041
Class
I
4,809,083
87,173,488
8,372,559
153,839,349
Total
subscriptions
6,003,164
108,815,463
10,559,744
194,010,656
Reinvestments
of
distributions:
Class
A
272,481
4,929,213
737,515
13,435,614
Class
C
179,296
3,235,757
555,755
10,105,771
Class
R6
8,908
162,325
21,957
402,805
Class
I
1,170,220
21,189,739
3,289,392
60,008,026
Total
reinvestments
of
distributions
1,630,905
29,517,034
4,604,619
83,952,216
Redemptions:
Class
A
(1,625,325)
(29,428,499)
(4,107,005)
(75,027,114)
Class
C
(1,324,381)
(23,836,513)
(3,588,303)
(65,413,807)
Class
C
-
automatic
conversion
to
Class
A
(1,306)
(23,717)
(1,049)
(19,618)
Class
R6
(96,497)
(1,769,330)
(138,926)
(2,537,973)
Class
I
(9,474,520)
(171,172,580)
(20,600,315)
(376,416,777)
Total
redemptions
(12,522,029)
(226,230,639)
(28,435,598)
(519,415,289)
Net
increase
(decrease)
(4,887,960)
$(87,898,142)
(13,271,235)
$(241,452,417)
Six
Months
Ended
2/29/24
Year
Ended
8/31/23
Floating
Rate
Income
Shares
Amount
Shares
Amount
Subscriptions:
Class
A
2,131,693
$38,456,539
4,935,777
$88,150,892
Class
A
-
automatic
conversion
of
Class
C
—
—
955
17,227
Class
C
464,805
8,367,412
920,194
16,424,166
Class
R6
735,072
13,323,963
7,384,785
132,794,656
Class
I
13,338,667
240,487,198
43,921,591
785,855,057
Total
subscriptions
16,670,237
300,635,112
57,163,302
1,023,241,998
Reinvestments
of
distributions:
Class
A
421,030
7,586,159
808,522
14,447,309
Class
C
104,711
1,886,526
179,871
3,214,227
Class
R6
651,017
11,793,448
1,050,745
18,881,703
Class
I
2,381,426
42,952,024
5,458,413
97,616,285
Total
reinvestments
of
distributions
3,558,184
64,218,157
7,497,551
134,159,524
Redemptions:
Class
A
(2,316,224)
(41,774,846)
(7,988,339)
(142,677,896)
Class
C
(449,862)
(8,106,081)
(1,467,210)
(26,242,212)
Class
C
-
automatic
conversion
to
Class
A
—
—
(955)
(17,227)
Class
R6
(1,665,868)
(30,199,875)
(5,911,638)
(106,159,588)
Class
I
(17,585,358)
(316,860,532)
(91,948,013)
(1,645,218,999)
Total
redemptions
(22,017,312)
(396,941,334)
(107,316,155)
(1,920,315,922)
Net
increase
(decrease)
(1,788,891)
$(32,088,065)
(42,655,302)
$(762,914,400)
Six
Months
Ended
2/29/24
Year
Ended
8/31/23
High
Yield
Income
Shares
Amount
Shares
Amount
Subscriptions:
Class
A
382,055
$6,506,083
1,101,080
$18,529,001
Class
A
-
automatic
conversion
of
Class
C
—
—
4,604
78,366
Class
C
86,929
1,505,003
112,200
1,901,886
Class
R6
186,742
3,212,490
622,447
10,602,953
Class
I
3,817,089
66,397,202
5,289,557
89,825,836
Total
subscriptions
4,472,815
77,620,778
7,129,888
120,938,042
Reinvestments
of
distributions:
Class
A
98,141
1,689,255
169,005
2,860,784
Class
C
23,151
398,002
47,214
798,080
Class
R6
39,594
685,919
57,719
984,086
Class
I
955,182
16,473,371
1,537,928
26,062,061
Total
reinvestments
of
distributions
1,116,068
19,246,547
1,811,866
30,705,011
Redemptions:
Class
A
(341,399)
(5,863,029)
(1,332,088)
(22,518,387)
Class
C
(156,093)
(2,650,834)
(432,634)
(7,318,769)
Class
C
-
automatic
conversion
to
Class
A
—
—
(4,606)
(78,366)
Class
R6
(70,242)
(1,211,998)
(100,134)
(1,708,537)
Class
I
(1,300,802)
(22,279,028)
(8,620,066)
(146,062,473)
Total
redemptions
(1,868,536)
(32,004,889)
(10,489,528)
(177,686,532)
Net
increase
(decrease)
3,720,347
$64,862,436
(1,547,774)
$(26,043,479)
Notes
to
Financial
Statements
(Unaudited)
(continued)
7.
Income
Tax
Information
Each
Fund
is
a
separate
taxpayer
for
federal
income
tax
purposes.
Each
Fund
intends
to
distribute
substantially
all
of
its
net
investment
income
and
net
capital
gains
to
shareholders
and
otherwise
comply
with
the
requirements
of
Subchapter
M
of
the
Internal
Revenue
Code
applicable
to
regulated
investment
companies.
Therefore,
no
federal
income
tax
provision
is
required.
Each
Fund
files
income
tax
returns
in
U.S.
federal
and
applicable
state
and
local
jurisdictions.
A
Fund's
federal
income
tax
returns
are
generally
subject
to
examination
for
a
period
of
three
fiscal
years
after
being
filed.
State
and
local
tax
returns
may
be
subject
to
examination
for
an
additional
period
of
time
depending
on
the
jurisdiction.
Management
has
analyzed
each
Fund's
tax
positions
taken
for
all
open
tax
years
and
has
concluded
that
no
provision
for
income
tax
is
required
in
the
Fund's
financial
statements.
Six
Months
Ended
2/29/24
Year
Ended
8/31/23
Preferred
Securities
and
Income
Shares
Amount
Shares
Amount
Subscriptions:
Class
A
4,587,954
$67,241,566
12,796,453
$188,583,674
Class
A
-
automatic
conversion
of
Class
C
—
—
3,017
43,887
Class
C
619,206
9,143,913
1,533,926
22,800,243
Class
R6
5,445,302
80,343,925
27,724,386
416,611,712
Class
I
46,807,210
685,875,308
144,763,277
2,136,219,918
Total
subscriptions
57,459,672
842,604,712
186,821,059
2,764,259,434
Reinvestments
of
distributions:
Class
A
806,179
11,842,155
1,671,481
24,616,833
Class
C
225,770
3,317,985
517,364
7,628,127
Class
R6
976,419
14,391,525
3,355,213
49,841,637
Class
I
5,742,021
84,435,116
11,351,488
167,179,149
Total
reinvestments
of
distributions
7,750,389
113,986,781
16,895,546
249,265,746
Redemptions:
Class
A
(7,548,914)
(110,558,643)
(18,304,616)
(270,158,643)
Class
C
(2,041,524)
(29,768,545)
(3,882,640)
(57,185,264)
Class
C
-
automatic
conversion
to
Class
A
—
—
(3,014)
(43,887)
Class
R6
(7,506,125)
(109,540,616)
(60,160,199)
(877,477,005)
Class
I
(62,873,536)
(911,749,447)
(148,884,728)
(2,185,516,191)
Total
redemptions
(79,970,099)
(1,161,617,251)
(231,235,197)
(3,390,380,990)
Net
increase
(decrease)
(14,760,038)
$(205,025,758)
(27,518,592)
$(376,855,810)
Six
Months
Ended
2/29/24
Year
Ended
8/31/23
Strategic
Income
Shares
Amount
Shares
Amount
Subscriptions:
Class
A
3,088,252
$29,150,858
4,634,136
$44,339,678
Class
A
-
automatic
conversion
of
Class
C
—
—
5
45
Class
C
398,178
3,819,862
364,973
3,469,766
Class
R6
1,293,701
12,388,255
2,391,890
22,945,159
Class
I
9,130,576
87,417,985
15,578,755
149,570,052
Total
subscriptions
13,910,707
132,776,960
22,969,759
220,324,700
Reinvestments
of
distributions:
Class
A
351,555
3,360,764
484,545
4,636,473
Class
C
32,385
307,923
61,553
585,373
Class
R6
779,475
7,473,875
1,305,476
12,534,248
Class
I
903,700
8,635,058
1,269,098
12,139,826
Total
reinvestments
of
distributions
2,067,115
19,777,620
3,120,672
29,895,920
Redemptions:
Class
A
(1,445,827)
(13,796,033)
(3,623,865)
(34,666,204)
Class
C
(325,185)
(3,068,976)
(952,024)
(9,034,404)
Class
C
-
automatic
conversion
to
Class
A
—
—
(5)
(45)
Class
R6
(1,388,303)
(13,379,857)
(2,765,959)
(26,696,572)
Class
I
(8,239,240)
(78,721,431)
(16,231,691)
(155,061,613)
Total
redemptions
(11,398,555)
(108,966,297)
(23,573,544)
(225,458,838)
Net
increase
(decrease)
4,579,267
$43,588,283
2,516,887
$24,761,782
As
of
the
end
of
the
reporting
period,
the
aggregate
cost
and
the
net
unrealized
appreciation/(depreciation)
of
all
investments
for
federal
income
tax
purposes
were
as
follows:
For
purposes
of
this
disclosure,
tax
cost
generally
includes
the
cost
of
portfolio
investments
as
well
as
up-front
fees
or
premiums
exchanged
on
derivatives
and
any
amounts
unrealized
for
income
statement
reporting
but
realized
income
and/or
capital
gains
for
tax
reporting,
if
applicable.
As
of
prior
fiscal
period
end,
the
components
of
accumulated
earnings
on
a
tax
basis
were
as
follows:
As
of
prior
fiscal
period
end,
the
Funds
had
capital
loss
carryforwards,
which
will
not
expire:
8.
Management
Fees
and
Other
Transactions
with
Affiliates
Management
Fees:
Each
Fund’s
management
fee
compensates
the
Adviser
for
the
overall
investment
advisory
and
administrative
services
and
general
office
facilities.
The
Sub-Adviser
is
compensated
for
its
services
to
the
Funds
from
the
management
fees
paid
to
the
Adviser.
Each
Fund’s
management
fee
consists
of
two
components
–
a
fund-level
fee,
based
only
on
the
amount
of
assets
within
each
individual
Fund,
and
a
complex-level
fee,
based
on
the
aggregate
amount
of
all
eligible
fund
assets
managed
by
the
Adviser.
This
pricing
structure
enables
each
Fund’s
shareholders
to
benefit
from
growth
in
the
assets
within
their
respective
Fund
as
well
as
from
growth
in
the
amount
of
complex-wide
assets
managed
by
the
Adviser.
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
Credit
Income
$
88,076,152
$
1,863,436
$
(
3,425,881
)
$
(
1,562,445
)
Flexible
Income
1,214,246,697
22,780,388
(
84,438,572
)
(
61,658,184
)
Floating
Rate
Income
1,548,316,798
41,720,267
(
62,655,100
)
(
20,934,833
)
High
Yield
Income
617,605,258
14,510,698
(
8,488,810
)
6,021,888
Preferred
Securities
and
Income
4,739,889,783
74,397,131
(
392,155,898
)
(
317,758,767
)
Strategic
Income
809,442,725
10,200,054
(
49,079,800
)
(
38,879,746
)
Fund
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Unrealized
Appreciation
(Depreciation)
Capital
Loss
Carryforwards
Late-Year
Loss
Deferrals
Other
Book-to-Tax
Differences
Total
Credit
Income
$
941,097
$
—
$
(
4,680,354
)
$
(
139,608,541
)
$
—
$
(
570,042
)
$
(
143,917,840
)
Flexible
Income
—
—
(
130,101,677
)
(
156,956,222
)
(
33,498,528
)
(
5,475,568
)
(
326,031,995
)
Floating
Rate
Income
15,606,482
—
(
44,965,187
)
(
282,488,203
)
—
(
12,076,366
)
(
323,923,274
)
High
Yield
Income
4,490,744
—
(
10,709,785
)
(
225,681,841
)
—
(
3,167,786
)
(
235,068,668
)
Preferred
Securities
and
Income
10,519,404
—
(
553,118,407
)
(
371,574,046
)
—
(
22,089,857
)
(
936,262,906
)
Strategic
Income
5,898,486
—
(
62,963,730
)
(
84,004,904
)
—
(
3,473,573
)
(
144,543,721
)
Fund
Short-Term
Long-Term
Total
Credit
Income
$
47,839,941
$
91,768,600
$
139,608,541
Flexible
Income
77,392,504
79,563,718
156,956,222
Floating
Rate
Income
69,551,059
212,937,144
282,488,203
High
Yield
Income
37,045,334
188,636,507
225,681,841
Preferred
Securities
and
Income
111,749,755
259,824,291
371,574,046
Strategic
Income
36,892,620
47,112,284
84,004,904
Notes
to
Financial
Statements
(Unaudited)
(continued)
The
annual
fund-level
fee,
payable
monthly,
for
each
Fund
was
calculated
according
to
the
following
schedule:
The
annual
complex-level
fee,
payable
monthly,
for
each
Fund
is
determined
by
taking
the
complex-level
fee
rate,
which
is
based
on
the
aggregate
amount
of
“eligible
assets”
of
all
Nuveen
funds
as
set
forth
in
the
schedule
below,
and
for
Credit
Income
and
Strategic
Income,
making,
as
appropriate,
an
upward
adjustment
to
that
rate
based
upon
the
percentage
of
the
particular
fund’s
assets
that
are
not
“eligible
assets.”
The
complex-level
fee
schedule
for
each
Fund
is
as
follows:
*
The
complex-level
fee
is
calculated
based
upon
the
aggregate
daily
“eligible
assets”
of
all
Nuveen
open-end
and
closed-end
funds.
Eligible
assets
do
not
include
assets
attributable
to
investments
in
other
Nuveen
funds
or
assets
in
excess
of
a
determined
amount
(originally
$2
billion)
added
to
the
Nuveen
fund
complex
in
connection
with
the
Adviser’s
assumption
of
the
management
of
the
former
First
American
Funds
effective
January
1,
2011,
but
do
include
certain
assets
of
certain
Nuveen
funds
that
were
reorganized
into
funds
advised
by
an
affiliate
of
the
Adviser
during
the
2019
calendar
year.
Eligible
assets
include
closed-end
fund
assets
managed
by
the
Adviser
that
are
attributable
to
certain
types
of
leverage.
For
these
purposes,
leverage
includes
the
closed-end
funds’
use
of
preferred
stock
and
borrowings
and
certain
investments
in
the
residual
interest
certificates
(also
called
inverse
floating
rate
securities)
in
tender
option
bond
(TOB)
trusts,
including
the
portion
of
assets
held
by
a
TOB
trust
that
has
been
effectively
financed
by
the
trust’s
issuance
of
floating
rate
securities,
subject
to
an
agreement
by
the
Adviser
as
to
certain
funds
to
limit
the
amount
of
such
assets
for
determining
eligible
assets
in
certain
circumstances.
As
of
February
29,
2024,
the
complex-level
fee
rate
for
each
Fund
was
as
follows:
The
Adviser
has
agreed
to
waive
fees
and/or
reimburse
expenses
(“Expense
Cap”)
of
the
Funds
so
that
the
total
annual
Fund
operating
expenses
(excluding
12b-1
distribution
and/or
service
fees,
interest
expenses,
taxes,
acquired
fund
fees
and
expenses,
fees
incurred
in
acquiring
and
disposing
of
portfolio
securities
and
extraordinary
expenses)
do
not
exceed
the
average
daily
net
assets
of
any
class
of
Fund
shares
in
the
amounts
and
for
the
time
periods
stated
in
the
following
table.
However,
because
Class
R6
Shares
are
not
subject
to
sub-transfer
agent
and
similar
fees,
the
total
annual
fund
operating
expense
for
the
Class
R6
Shares
will
be
less
than
the
expense
limitation.
The
temporary
expense
limitations
may
be
terminated
or
modified
prior
to
expiration
date
only
with
the
approval
of
the
Board.
The
expense
limitations
in
effect
thereafter
may
be
terminated
or
modified
only
with
the
approval
of
shareholders
of
each
Fund.
Average
Daily
Net
Assets
Credit
Income
Flexible
Income
Floating
Rate
Income
High
Yield
Income
Preferred
Securities
and
Income
Strategic
Income
For
the
first
$125
million
0.4000
%
0.5500
%
0.4500
%
0.4500
%
0.5500
%
0.3600
%
For
the
next
$125
million
0.3875
0.5375
0.4375
0.4375
0.5375
0.3475
For
the
next
$250
million
0.3750
0.5250
0.4250
0.4250
0.5250
0.3350
For
the
next
$500
million
0.3625
0.5125
0.4125
0.4125
0.5125
0.3225
For
the
next
$1
billion
0.3500
0.5000
0.4000
0.4000
0.5000
0.3100
For
the
next
$3
billion
0.3250
0.4750
0.3750
0.3750
0.4750
0.2850
For
the
next
$5
billion
0.3000
0.4500
0.3500
0.3500
0.4500
0.2600
For
net
assets
over
$10
billion
0.2875
0.4375
0.3375
0.3375
0.4375
0.2475
Complex-Level
Eligible
Asset
Breakpoint
Level*
Effective
Complex-Level
Fee
Rate
at
Breakpoint
Level
$55
billion
0.2000
%
$56
billion
0.1996
$57
billion
0.1989
$60
billion
0.1961
$63
billion
0.1931
$66
billion
0.1900
$71
billion
0.1851
$76
billion
0.1806
$80
billion
0.1773
$91
billion
0.1691
$125
billion
0.1599
$200
billion
0.1505
$250
billion
0.1469
$300
billion
0.1445
Fund
Complex-Level
Fee
Credit
Income
0
.2000%
Flexible
Income
0
.1601%
Floating
Rate
Income
0
.1601%
High
Yield
Income
0
.1601%
Preferred
Securities
and
Income
0
.1601%
Strategic
Income
0
.1918%
Distribution
and
Service
Fees:
Each
Fund
has
adopted
a
distribution
and
service
plan
under
rule
12b-1
under
the
1940
Act.
Class
A
Shares
incur
a
0.25%
annual
12b-1
service
fee.
Class
C
Shares
incur
a
0.75%
annual
12b-1
distribution
fee
and
a
0.25%
annual
12b-1
service
fee.
Class
R6
Shares
and
Class
I
Shares
are
not
subject
to
12b-1
distribution
or
service
fees.
The
fees
under
this
plan
compensate
Nuveen
Securities,
LLC,
(the
“Distributor”),
a
wholly-owned
subsidiary
of
Nuveen,
for
services
provided
and
expenses
incurred
in
distributing
shares
of
the
Funds
and
establishing
and
maintaining
shareholder
accounts.
Other
Transactions
with
Affiliates:
The
Funds
receive
voluntary
compensation
from
the
Adviser
in
amounts
that
approximate
the
cost
of
research
services
obtained
from
broker-dealers
and
research
providers
if
the
Adviser
had
purchased
the
research
services
directly.
This
income
received
by
the
Funds
is
recognized
in
"Other
income"
on
the
Statement
of
Operations
and
any
amounts
due
to
the Funds
at
the
end
of
the
reporting
period
is
recognized
in
"Reimbursement
from
Adviser"
on
the
Statement
of
Assets
and Liabilities. During
the
current
fiscal
period,
the
values
of
voluntary
compensation
were
as
follows:
During
the
current
fiscal
period,
the
Distributor,
collected
sales
charges
on
purchases
of
Class
A
Shares,
the
majority
of
which
were
paid
out
as
concessions
to
financial
intermediaries
as
follows:
The
Distributor
also
received
12b-1
service
fees
on
Class
A
Shares,
substantially
all
of
which
were
paid
to
compensate
financial
intermediaries
for
providing
services
to
shareholders
relating
to
their
investments.
During
the
current
fiscal
period,
the
Distributor
compensated
financial
intermediaries
directly
with
commission
advances
at
the
time
of
purchase
as
follows:
Fund
Temporary
Expense
Cap
Temporary
Expense
Cap
Expiration
Date
Permanent
Expense
Cap
Credit
Income
0.75%
July
31,
2025
N/A
Flexible
Income
0.75%
July
31,
2025
1.25%
Floating
Rate
Income
0.85%
July
31,
2025
1.10%
High
Yield
Income
0.79%
July
31,
2025
1.35%
Preferred
Securities
and
Income
N/A
N/A
1.25%
Strategic
Income
0.59%
July
31,
2025
N/A
N/A
-
Not
Applicable.
Fund
Amount
Credit
Income
$
—
Flexible
Income
9,303
Floating
Rate
Income
—
High
Yield
Income
—
Preferred
Securities
and
Income
—
Strategic
Income
—
Fund
Sales
Charges
Collected
Paid
to
Financial
Intermediaries
Credit
Income
$
16,670
$
14,677
Flexible
Income
53,221
48,140
Floating
Rate
Income
107,722
99,800
High
Yield
Income
24,645
22,517
Preferred
Securities
and
Income
250,621
228,844
Strategic
Income
441,079
387,468
Fund
Commission
Advances
Credit
Income
$
7,071
Flexible
Income
32,177
Floating
Rate
Income
108,685
High
Yield
Income
16,535
Preferred
Securities
and
Income
130,780
Strategic
Income
38,781
Notes
to
Financial
Statements
(Unaudited)
(continued)
To
compensate
for
commissions
advanced
to
financial
intermediaries,
all
12b-1
service
and
distribution
fees
collected
on
Class
C
Shares
during
the
first
year
following
a
purchase
are
retained
by
the
Distributor.
During
the
current
fiscal
period,
the
Distributor
retained
such
12b-1
fees
as
follows:
The
remaining
12b-1
fees
charged
to
each
Fund
were
paid
to
compensate
financial
intermediaries
for
providing
services
to
shareholders
relating
to
their
investments.
The
Distributor
also
collected
and
retained
CDSC
on
share
redemptions
during
the
current
fiscal
period,
as
follows:
As
of
the
end
of
the
reporting
period,
the
percentage
of
Fund
shares
owned
by
Nuveen
were
as
follows:
9.
Borrowing
Arrangements
Committed
Line
of
Credit:
The
Funds,
along
with
certain
other
funds
managed
by
the
Adviser
(“Participating
Funds”),
have
established
a
364-day,
$2.700
billion
standby
credit
facility
with
a
group
of
lenders,
under
which
the
Participating
Funds
may
borrow
for
temporary
purposes
(other
than
on-
going
leveraging
for
investment
purposes).
Each
Participating
Fund
is
allocated
a
designated
proportion
of
the
facility’s
capacity
(and
its
associated
costs,
as
described
below)
based
upon
a
multi-factor
assessment
of
the
likelihood
and
frequency
of
its
need
to
draw
on
the
facility,
the
size
of
the
Fund
and
its
anticipated
draws,
and
the
potential
importance
of
such
draws
to
the
operations
and
well-being
of
the
Fund,
relative
to
those
of
the
other
Funds.
A
Fund
may
effect
draws
on
the
facility
in
excess
of
its
designated
capacity
if
and
to
the
extent
that
other
Participating
Funds
have
undrawn
capacity.
The
current
credit
facility
was
entered
into
on
June
21,
2023
expiring
on
June
19,
2024,
replacing
the
previous
facility,
which
expired
in June
2023.
The
credit
facility
has
the
following
terms:
0.15%
per
annum
on
unused
commitment
amounts
and
a
drawn
interest
rate
equal
to
the
higher
of
(a)
OBFR
(Overnight
Bank
Funding
Rate)
plus
1.20%
per
annum
or
(b)
the
Fed
Funds
Effective
Rate
plus
1.20%
per
annum
on
amounts
borrowed.
The
Participating
Funds
also
incurred
a
0.05%
upfront
fee
on
the
increased
commitments
from
select
lenders.
Interest
expense
incurred
by
the
Participating
Funds,
when
applicable,
is
recognized
as
a
component
of
“Interest
expense”
on
the
Statement
of
Operations.
Participating
Funds
paid
administration,
legal
and
arrangement
fees,
which
are
recognized
as
a
component
of
“Interest
expense”
on
the
Statement
of
Operations,
and
along
with
commitment
fees,
have
been
allocated
among
such
Participating
Funds
based
upon
the
relative
proportions
of
the
facility’s
aggregate
capacity
reserved
for
them
and
other
factors
deemed
relevant
by
the
Adviser
and
the
Board
of
each
Participating
Fund.
During
the
current
fiscal
period,
the
following
funds
utilized
this
facility.
The
Funds’
maximum
outstanding
balance
during
the
utilization
period
was
as
follows:
Fund
12b-1
Fees
Retained
Credit
Income
$
2,190
Flexible
Income
15,972
Floating
Rate
Income
29,515
High
Yield
Income
3,319
Preferred
Securities
and
Income
70,713
Strategic
Income
4,858
Fund
CDSC
Retained
Credit
Income
$
570
Flexible
Income
9,816
Floating
Rate
Income
17,752
High
Yield
Income
528
Preferred
Securities
and
Income
8,720
Strategic
Income
7,582
Fund
Nuveen
Owned
Shares
Flexible
Income
-%*
Floating
Rate
Income
-%*
*Rounds
to
less
than
1%.
During
each
Fund’s
utilization
period(s)
during
the
current
fiscal
period,
the
average
daily
balance
outstanding
and
average
annual
interest
rate
on
the
Borrowings
were
as
follows:
Borrowings
outstanding
as
of
the
end
of
the
reporting
period,
if
any,
are
recognized
as
“Borrowings”
on
the
Statement
of
Assets
and
Liabilities.
Fund
Maximum
Outstanding
Balance
Credit
Income
$
114,110
Flexible
Income
—
Floating
Rate
Income
10,800,000
High
Yield
Income
—
Preferred
Securities
and
Income
57,400,000
Strategic
Income
—
Fund
Utilization
Period
(Days
Outstanding)
Average
Daily
Balance
Outstanding
Average
Annual
Interest
Rate
Credit
Income
3
$
114,110
6
.53
%
Flexible
Income
—
—
—
Floating
Rate
Income
10
10,500,000
6
.53
High
Yield
Income
—
—
—
Preferred
Securities
and
Income
16
26,200,491
6
.53
Strategic
Income
—
—
—
Shareholder
Meeting
Report
(Unaudited)
The
special
meeting
of
shareholders
was
held
on
November
20,
2023
for
Nuveen
Investment
Trust
V,
Nuveen
Investment
Funds,
Inc.
and
Nuveen
Investment
Trust
III;
at
this
meeting
the
shareholders
were
asked
to
elect
Board
members.
Nuveen
Investment
Funds,
Inc.
Nuveen
Investment
Trust
III
Nuveen
Investment
Trust
V
Approval
of
the
Board
Members
was
reached
as
follows:
Joseph
A.
Boateng
For
527,096,856
85,910,584
279,011,480
Withhold
6,978,513
624,873
2,605,918
Total
534,075,369
86,535,457
281,617,398
Michael
A.
Forrester
For
528,051,701
86,067,271
279,670,519
Withhold
6,023,668
468,186
1,946,879
Total
534,075,369
86,535,457
281,617,398
Thomas
J.
Kenny
For
528,042,849
86,052,821
279,665,769
Withhold
6,032,520
482,636
1,951,629
Total
534,075,369
86,535,457
281,617,398
Amy
B.R.
Lancellotta
For
528,290,629
86,002,024
279,558,031
Withhold
5,784,740
533,433
2,059,367
Total
534,075,369
86,535,457
281,617,398
Joanne
T.
Medero
For
528,012,180
85,993,705
279,513,027
Withhold
6,063,189
541,752
2,104,371
Total
534,075,369
86,535,457
281,617,398
Albin
F.
Moschner
For
527,124,878
86,006,080
279,516,924
Withhold
6,950,491
529,377
2,100,474
Total
534,075,369
86,535,457
281,617,398
John
K.
Nelson
For
528,105,547
83,489,836
279,308,542
Withhold
5,969,822
3,045,621
2,308,856
Total
534,075,369
86,535,437
281,617,398
Loren
M.
Starr
For
528,323,160
83,036,050
279,693,509
Withhold
5,752,209
499,407
1,923,889
Total
534,075,369
86,535,457
281,617,398
Matthew
Thornton
III
For
528,016,841
83,040,342
279,631,102
Withhold
6,058,528
495,115
1,986,296
Total
534,075,369
86,535,457
281,617,398
Terence
J.
Toth
For
527,139,054
83,447,179
272,225,394
Withhold
6,936,315
3,088,278
9,392,004
Total
534,075,369
86,535,457
281,617,398
Margaret
L.
Wolff
For
528,268,255
85,991,465
279,607,501
Withhold
5,807,114
543,992
2,009,897
Total
534,075,369
86,535,457
281,617,398
Robert
L.
Young
For
528,003,067
86,044,825
279,611,995
Withhold
6,072,302
490,632
2,005,403
Total
534,075,369
86,535,457
281,617,398
Additional
Fund
Information
(Unaudited)
Investment
Adviser
Nuveen
Fund
Advisors,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Sub-Adviser
Nuveen
Asset
Management,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Independent
Registered
Public
Accounting
Firm
KPMG
LLP
200
East
Randolph
Street
Chicago,
IL
60601
Custodian
State
Street
Bank
&
Trust
Company
One
Congress
Street
Suite
1
Boston,
MA
02114-2016
Legal
Counsel
Chapman
and
Cutler
LLP
Chicago,
IL
60603
Transfer
Agent
and
Shareholder
Services
SS&C
Global
Investor
&
Distribution
Solutions,
Inc.
P.O.
Box
219140
Kansas
City,
MO
64121-9140
(800)
257-8787
Portfolio
of
Investments
Information
Each
Fund
is
required
to
file
its
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
You
may
obtain
this
information
on
the
SEC’s
website
at
http://www.sec.gov.
Nuveen
Funds’
Proxy
Voting
Information
You
may
obtain
(i)
information
regarding
how
each
fund
voted
proxies
relating
to
portfolio
securities
held
during
the
most
recent
twelve-month
period
ended
June
30,
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787
or
on
Nuveen’s
website
at
www.nuveen.com
and
(ii)
a
description
of
the
policies
and
procedures
that
each
fund
used
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787.
You
may
also
obtain
this
information
directly
from
the
SEC.
Visit
the
SEC
on-line
at
http://www.sec.gov.
FINRA
BrokerCheck
:
The
Financial
Industry
Regulatory
Authority
(FINRA)
provides
information
regarding
the
disciplinary
history
of
FINRA
member
firms
and
associated
investment
professionals.
This
information
as
well
as
an
investor
brochure
describing
FINRA
BrokerCheck
is
available
to
the
public
by
calling
the
FINRA
BrokerCheck
Hotline
number
at
(800)
289-9999
or
by
visiting
www.FINRA.org.
Glossary
of
Terms
Used
in
this
Report
(Unaudited)
Asset-Backed
Securities
(ABS):
Securities
whose
value
and
income
payments
are
derived
from
and
collateralized
by
a
specific
pool
of
underlying
assets.
The
pool
of
assets
typically
is
a
group
of
small
and/or
illiquid
assets
that
may
be
difficult
to
sell
individually.
The
underlying
pools
of
asset-backed
securities
often
include
payments
from
credit
cards,
auto
loans
or
mortgage
loans.
Average
Annual
Total
Return:
This
is
a
commonly
used
method
to
express
an
investment’s
performance
over
a
particular,
usually
multi-year
time
period.
It
expresses
the
return
that
would
have
been
necessary
each
year
to
equal
the
investment’s
actual
cumulative
performance
(including
change
in
NAV
or
offer
price
and
reinvested
dividends
and
capital
gains
distributions,
if
any)
over
the
time
period
being
considered.
Basis
Point:
One
one-hundredth
of
one
percentage
point,
or
0.01%.
For
example,
25
basis
points
equals
0.25%.
Beta:
A
measure
of
the
variability
of
the
change
in
the
share
price
for
a
fund
in
relation
to
a
change
in
the
value
of
the
fund’s
market
benchmark.
Securities
with
betas
higher
than
1.0
have
been,
and
are
expected
to
be,
more
volatile
than
the
benchmark;
securities
with
betas
lower
than
1.0
have
been,
and
are
expected
to
be,
less
volatile
than
the
benchmark.
Commercial
Mortgage-Backed
Securities
(CMBS):
Commercial
mortgage-backed
securities
are
backed
by
cash
flows
of
a
mortgage
or
pool
of
mortgages
on
commercial
real
estate.
CMBS
generally
are
structured
to
provide
protection
to
the
senior
class
investors
against
potential
losses
on
the
underlying
mortgage
loans.
CMBS
are
typically
characterized
by
the
following:
i)
loans
on
multi-family
housing,
non-residential
property,
ii)
payments
based
on
the
amortization
schedule
of
25-30
years
with
a
balloon
payment
due
usually
after
10
years,
and
iii)
restrictions
on
prepayments.
Contingent
Capital
Securities
(
CoCos
):
CoCos
are
debt
or
capital
securities
of
primarily
non-U.S.
issuers
with
loss
absorption
contingency
mechanisms
built
into
the
terms
of
the
security,
for
example
a
mandatory
conversion
into
common
stock
of
the
issuer,
or
a
principal
write-down,
which
if
triggered
would
likely
cause
the
CoCo
investment
to
lose
value.
Loss
absorption
mechanisms
would
become
effective
upon
the
occurrence
of
a
specified
contingency
event,
or
at
the
discretion
of
a
regulatory
body.
Specified
contingency
events,
as
identified
in
the
CoCo’s
governing
documents,
usually
reference
a
decline
in
the
issuer’s
capital
below
a
specified
threshold
level,
and/or
certain
regulatory
events.
A
loss
absorption
contingency
event
for
CoCos
would
likely
be
the
result
of,
or
related
to,
the
deterioration
of
the
issuer’s
financial
condition
and/or
its
status
as
a
going
concern.
In
such
a
case,
with
respect
to
CoCos
that
provide
for
conversion
into
common
stock
upon
the
occurrence
of
the
contingency
event,
the
market
price
of
the
issuer’s
common
stock
received
by
the
Acquiring
Fund
will
have
likely
declined,
perhaps
substantially,
and
may
continue
to
decline
after
conversion.
CoCos
rated
below
investment
grade
should
be
considered
high
yield
securities,
or
“junk,”
but
often
are
issued
by
entities
whose
more
senior
securities
are
rated
investment
grade.
CoCos
are
a
relatively
new
type
of
security;
and
there
is
a
risk
that
CoCo
security
issuers
may
suffer
the
sort
of
future
financial
distress
that
could
materially
increase
the
likelihood
(or
the
market’s
perception
of
the
likelihood)
that
an
automatic
write-down
or
conversion
event
on
those
issuers’
CoCos
will
occur.
Additionally,
the
trading
behavior
of
a
given
issuer’s
CoCo
may
be
strongly
impacted
by
the
trading
behavior
of
other
issuers’
CoCos,
such
that
negative
information
from
an
unrelated
CoCo
security
may
cause
a
decline
in
value
of
one
or
more
CoCos
held
by
the
Fund.
Accordingly,
the
trading
behavior
of
CoCos
may
not
follow
the
trading
behavior
of
other
types
of
debt
and
preferred
securities.
Despite
these
concerns,
the
prospective
reward
vs.
risk
characteristics
of
at
least
certain
CoCos
may
be
very
attractive
relative
to
other
fixed-income
alternatives.
Duration:
Duration
is
a
measure
of
the
expected
period
over
which
a
bond’s
principal
and
interest
will
be
paid,
and
consequently
is
a
measure
of
the
sensitivity
of
a
bond’s
(or
bond
fund’s)
value
to
changes
when
market
interest
rates
change.
Generally,
the
longer
a
bond
or
fund’s
duration,
the
more
the
price
of
the
bond
or
fund
will
change
as
interest
rates
change.
Hybrid
Security:
A
hybrid
security
combines
two
or
more
different
financial
instruments.
A
hybrid
security
generally
combines
both
debt
and
equity
characteristics.
Mortgage-Backed
Securities
(MBS):
Mortgage-backed
securities
(MBS)
are
bonds
backed
by
pools
of
mortgages,
usually
with
similar
characteristics,
and
which
return
principal
and
interest
in
each
payment.
MBS
are
composed
of
residential
mortgages
(RMBS)
or
commercial
mortgages
(CMBS).
RMBS
are
further
divided
into
agency
RMBS
and
non-
agency
RMBS,
depending
on
the
issuer.
Net
Asset
Value
(NAV)
Per
Share:
A
fund’s
Net
Assets
is
equal
to
its
total
assets
(securities,
cash
and
accrued
earnings)
less
its
total
liabilities.
For
funds
with
multiple
classes,
Net
Assets
are
determined
separately
for
each
share
class.
NAV
per
share
is
equal
to
the
fund’s
(or
share
class’)
Net
Assets
divided
by
its
number
of
shares
outstanding.
Option-adjusted
spread
(OAS):
The
option-adjusted
spread
(OAS)
for
a
fixed-income
security
is
the
amount
of
yield
that
would
need
to
be
added
to
each
of
the
discount
rates
used
to
value
each
of
the
security’s
cash
flows
(typically
based
on
the
yields
of
U.S.
Treasury
securities)
so
that
the
sum
of
the
discounted
value
of
all
of
the
security’s
cash
flows
matches
its
market
price,
using
a
dynamic
pricing
model
that
takes
into
account
any
embedded
options,
such
as
call
features,
applicable
to
the
security.
Tax
Equalization:
The
practice
of
treating
a
portion
of
the
distribution
made
to
a
redeeming
shareholder,
which
represents
their
proportionate
part
of
undistributed
net
investment
income
and
capital
gain
as
a
distribution
for
tax
purposes.
Such
amounts
are
referred
to
as
the
equalization
debits
(or
payments)
and
will
be
considered
a
distribution
to
the
shareholder
of
net
investment
income
and
capital
gain
for
calculation
of
the
Fund’s
dividends
paid
deduction.
Zero
Coupon
Bond:
A
zero
coupon
bond
does
not
pay
a
regular
interest
coupon
to
its
holders
during
the
life
of
the
bond.
Income
to
the
holder
of
the
bond
comes
from
accretion
of
the
difference
between
the
original
purchase
price
of
the
bond
at
issuance
and
the
par
value
of
the
bond
at
maturity
and
is
effectively
paid
at
maturity.
The
market
prices
of
zero
coupon
bonds
generally
are
more
volatile
than
the
market
prices
of
bonds
that
pay
interest
periodically.
Liquidity
Risk
Management
Program
(Unaudited)
Discussion
of
the
operation
and
effectiveness
of
the
Funds’
liquidity
risk
management
program
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
each
Fund
covered
in
this
Report
(the
“Funds”)
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”),
which
is
designed
to
manage
the
Fund’s
liquidity
risk.
The
Program
consists
of
various
protocols
for
assessing
and
managing
each
Fund’s
liquidity
risk.
The
Funds’
Board
of
Directors/Trustees
previously
designated
Nuveen
Fund
Advisors,
LLC,
the
Funds’
investment
adviser,
as
the
Administrator
of
the
Program.
The
adviser’s
Liquidity
Monitoring
and
Analysis
Team
(“LMAT”)
carries
out
day-to-day
Program
management
with
oversight
by
the
adviser’s
Liquidity
Oversight
Sub-Committee
(the
LOSC”).
The
LOSC
is
composed
of
personnel
from
the
adviser
and
Teachers
Advisors,
LLC,
an
affiliate
of
the
adviser.
At
a
May
23-25,
2023
meeting
of
the
Board,
the
Administrator
provided
the
Board
with
a
written
report
addressing
the
Program’s
operation,
adequacy
and
effectiveness
of
implementation
for
calendar
year
2022
(the
“Review
Period”),
as
required
und
er
the
Liquidity
Rule.
The
report
noted
that
the
Program
has
been
and
continues
to
be
adequately
and
effectively
implemented
to
monitor
and
(as
applicable)
respond
to
each
Fund’s
liquidity
developments.
In
accordance
with
the
Program,
the
LMAT
assesses
each
Fund’s
liquidity
risk
no
less
frequently
than
annually
based
on
various
factors,
such
as
(1)
the
Fund’s
investment
strategy
and
the
liquidity
of
portfolio
investments,
(ii)
cash
flow
projections,
and
(ii)
holdings
of
cash
and
cash
equivalents,
borrowing
arrangements,
and
other
funding
sources.
Certain
factors
are
considered
under
both
normal
and
reasonably
foreseeable
stressed
conditions.
Each
Fund
portfolio
investment
is
classified
into
one
of
four
liquidity
categories
(including
the
most
liquid,
“Highly
Liquid”,
and
the
least
liquid,
“lliquid”,
discussed
below),
The
classification
is
based
on
a
determination
of
how
long
it
is
reasonably
expected
to
take
to
convert
the
investment
into
cash,
or
sell
or
dispose
of
the
investment,
in
current
market
conditions
without
significantly
changing
the
market
value
of
the
investment
Liquidity
classification
determinations
take
into
account
various
market,
trading,
and
investment-specific
considerations,
as
well
as
market
depth,
and
use
third-
party
vendor
data.
Any
Fund
that
does
not
primarily
hold
highly
liquid
investments
must,
among
other
things,
determine
a
minimum
percentage
of
Fund
assets
that
must
be
invested
in
highly
liquid
investments
(a
“Highly
Liquid
Investment
Minimum”).
During
the
Review
Period,
Nuveen
Floating
Rate
Fund
determined
that
it
would
hold
a
minimum
of
10%
of
its
assets
in
highly
liquid
investments,
and
it
maintained
at
least
that
amount
during
the
Review
Period.
Similarly
during
the
Review
Period,
Nuveen
High
Yield
Income
Fund
determined
that
it
would
hold
a
minimum
of
20%
of
its
assets
in
highly
liquid
investments,
and
it
maintained
at
least
that
amount
during
the
review
period.
All
of
the
other
Funds
in
this
Report
primarily
held
Highly
Liquid
investments
and
therefore
was
exempt
from
the
requirement
to
adopt
a
Highly
Liquid
Investment
Minimum
and
to
comply
with
the
related
requirements
under
the
Liquidity
Rule.
The
Liquidity
Rule
also
limits
a
Fund’s
investments
in
Illiquid
investments.
Specifically,
the
Liquidity
Rule
prohibits
a
Fund
from
acquiring
Illiquid
investments
if
doing
so
would
result
in
the
Fund
holding
more
than
15%
of
its
net
assets
in
illiquid
investments,
and
requires
certain
reporting
to
the
Fund
Board
and
the
Securities
and
Exchange
Commission
any
time
a
Fund’s
holdings
of
Illiquid
investments
exceeds
15%
of
net
assets.
During
the
Review
Period,
no
Fund
exceeded
the
15%
limit
on
Illiquid
investments.
Nuveen
Securities,
LLC,
member
FINRA
and
SIPC
333
West
Wacker
Drive
Chicago,
IL
60606
www.nuveen.com
MSA-TFI-0224P
3479119-INV-B-04/25
Nuveen:
Serving
Investors
for
Generations
Since
1898,
financial
advisors
and
their
clients
have
relied
on
Nuveen
to
provide
dependable
investment
solutions
through
continued
adherence
to
proven,
long-term
investing
principles.
Today,
we
offer
a
range
of
high
quality
solutions
designed
to
be
integral
components
of
a
well-diversified
core
portfolio.
Focused
on
meeting
investor
needs.
Nuveen
is
the
investment
manager
of
TIAA.
We
have
grown
into
one
of
the
world’s
premier
global
asset
managers,
with
specialist
knowledge
across
all
major
asset
classes
and
particular
strength
in
solutions
that
provide
income
for
investors
and
that
draw
on
our
expertise
in
alternatives
and
responsible
investing.
Nuveen
is
driven
not
only
by
the
independent
investment
processes
across
the
firm,
but
also
the
insights,
risk
management,
analytics
and
other
tools
and
resources
that
a
truly
world-class
platform
provides.
As
a
global
asset
manager,
our
mission
is
to
work
in
partnership
with
our
clients
to
create
solutions
which
help
them
secure
their
financial
future.
Find
out
how
we
can
help
you.
To
learn
more
about
how
the
products
and
services
of
Nuveen
may
be
able
to
help
you
meet
your
financial
goals,
talk
to
your
financial
advisor,
or
call
us
at
(800)
257-8787.
Please
read
the
information
provided
carefully
before
you
invest.
Investors
should
consider
the
investment
objective
and
policies,
risk
considerations,
charges
and
expenses
of
any
investment
carefully.
Where
applicable,
be
sure
to
obtain
a
prospectus,
which
contains
this
and
other
relevant
information.
To
obtain
a
prospectus,
please
contact
your
securities
representative
or
Nuveen,
333
W.
Wacker
Dr.,
Chicago,
IL
60606.
Please
read
the
prospectus
carefully
before
you
invest
or
send
money.
Learn
more
about
Nuveen
Funds
at:
www.nuveen.com/mutual-funds
NOT
FDIC
INSURED
MAY
LOSE
VALUE
NO
BANK
GUARANTEE
Not applicable to this filing.
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable to this filing.
| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Not applicable to this filing.
| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable to this registrant.
| ITEM 6. | SCHEDULE OF INVESTMENTS. |
| (a) | | See Portfolio of Investments in Item 1. |
| ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to this registrant.
| ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to this registrant.
| ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable to this registrant.
| ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.
| ITEM 11. | CONTROLS AND PROCEDURES. |
| | (a) | | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
| | (b) | | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
| ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
File the exhibits listed below as part of this Form.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Investment Trust III
| | | | |
| By (Signature and Title) | | /s/ Jordan M. Farris |
| | Jordan M. Farris |
| | Chief Administrative Officer |
Date: May 3, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | |
| By (Signature and Title) | | /s/ Jordan M. Farris |
| | Jordan M. Farris |
| | Chief Administrative Officer |
| | (principal executive officer) |
Date: May 3, 2024
| | |
| By (Signature and Title) | | /s/ E. Scott Wickerham |
| | E. Scott Wickerham Vice President and Controller (principal financial officer) |
Date: May 3, 2024
