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 | | 811-21333 |
Nuveen Credit Strategies Income Fund
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive, Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Mark L. Winget
Nuveen Investments
333 West Wacker Drive, Chicago, IL 60606
(Name and address of agent for service)
Registrant’s telephone number, including area code: (312) 917-7700
Date of fiscal year end: July 31
Date of reporting period: January 31, 2023
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.
Closed-End Funds
January 31, 2023
Nuveen
Closed-End Funds
This semi-annual report contains the Funds’ unaudited financial statements.
| | |
| NSL | | Nuveen Senior Income Fund |
| JFR | | Nuveen Floating Rate Income Fund |
| JRO | | Nuveen Floating Rate Income Opportunity Fund |
| JSD | | Nuveen Short Duration Credit Opportunities Fund |
| JQC | | Nuveen Credit Strategies Income Fund |
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NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE
Table of Contents
3
Chair’s Letter to Shareholders
Dear Shareholders,
The significant measures taken by the U.S. Federal Reserve (Fed) and other global central banks over the past year to contain inflation have begun to take effect. From March 2022 to February 2023, the Fed raised the target fed funds rate by 4.50% to a range of 4.50% to 4.75%, marking the fastest interest rate hiking cycle in its history. Across most of the world, inflation rates have fallen from their post-pandemic highs but currently remain well above the levels that central banks consider supportive of their economies’ long-term growth.
At the same time, the U.S. and other large economies have remained surprisingly resilient, even as financial conditions have tightened. Despite contracting in the first half of 2022, U.S. gross domestic product grew 2.1% in the year overall compared to 2021. More recent data have shown a relatively strong jobs market, rebounding consumer sentiment and spending, and a pick-up in manufacturing. Markets are concerned that these conditions could keep upward pressure on inflation, which could prompt central banks to continue raising interest rates at the risk of slowing economies too much.
Fed officials are closely monitoring inflation data and other economic measures to modify their rate setting policy based upon these factors, and additional rate hikes are expected until the Fed sees sustainable progress toward its inflation goals. In the meantime, markets are likely to continue reacting in the short term to news about inflation data, economic indicators and central bank policy. Recently, following the collapses of Silicon Valley Bank and two cryptocurrency-exposed banks, investors sought to assess contagion risks across the banking sector as well as the impact to the Fed’s pace of rate hikes going forward, which contributed to volatility in the markets. We encourage investors to keep a long-term perspective amid the short-term noise. Your financial professional can help you review how well your portfolio is aligned with your time horizon, risk tolerance and investment goals.
On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
Terence J. Toth
Chair of the Board
March 22, 2023
4
Important Notices
For Shareholders of
Nuveen Senior Income Fund (NSL)
Nuveen Floating Rate Income Fund (JFR)
Nuveen Floating Rate Income Opportunity Fund (JRO)
Nuveen Short Duration Credit Opportunities Fund (JSD)
Nuveen Credit Strategies Income Fund (JQC)
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 July 31, 2022 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 Performance Overview and Holding Summaries section within this report.
Fund Mergers
During January 2023, the mergers of NSL, JRO and JSD into JFR was approved by each Fund’s Board of Trustees. Each merger is pending shareholder approval by NSL, JRO and JSD, respectively. JFR shareholders are being asked to approve the issuance of additional common shares in connection with the mergers. The closing of each merger is contingent upon obtaining shareholder approvals and satisfying other closing conditions. The closing of each merger is not contingent on the closing of any other merger.
5
Fund Leverage
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of the Funds’ common shares relative to their comparative benchmarks was the Funds’ use of leverage through bank borrowings, Taxable Fund Preferred Shares (TFP) and reverse repurchase agreements for JQC. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income. The opportunity arises when short-term rates that a Fund pays on its leveraging instruments are lower than the interest the Fund earns on its portfolio securities that it has bought with the proceeds of that leverage.
However, use of leverage can expose Fund common shares to additional price volatility. When a Fund uses leverage, the Fund’s common shares will experience a greater increase in their net asset value if the securities acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the securities acquired through leverage decline in value. All this will make the shares’ total return performance more variable over time.
In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when shortterm interest rates increase and increase when short-term interest rates decrease. In recent quarters, fund leverage expenses have generally tracked the overall movement of short-term interest rates. While fund leverage expenses are higher than prior year lows, leverage nevertheless continues to provide the opportunity for incremental common share income, particularly over longer-term periods.
NSL, JFR and JRO’s use of leverage contributed to relative performance during this reporting period. JSD and JQC’s use of leverage had a negligible impact on relative performance during this reporting period. In addition, each Fund’s use of leverage was accretive to overall common share income.
As of January 31, 2023, the Funds’ percentages of leverage are as shown in the accompanying table.
| | | | | | | | | | | | | | | | | | | | |
| | | NSL | | | JFR | | | JRO | | | JSD | | | JQC | |
Effective Leverage* | | | 38.21 | % | | | 38.61 | % | | | 38.47 | % | | | 38.59 | % | | | 38.25 | % |
Regulatory Leverage* | | | 38.21 | % | | | 38.61 | % | | | 38.47 | % | | | 38.59 | % | | | 38.25 | % |
| * | Effective leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of reverse repurchase agreements, certain derivatives and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund’s capital structure. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund’s effective leverage ratio. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940. |
6
THE FUNDS’ LEVERAGE
Bank Borrowings
As noted previously, the Funds employ leverage through the use of bank borrowings. The Funds’ bank borrowing activities are as shown in the accompanying table.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Current Reporting Period | | | | | | Subsequent to the Close of
the Reporting Period | |
| Fund | | Outstanding
Balance as of
August 1, 2022 | | | Draws | | | Paydowns | | | Outstanding
Balance as of January 31, 2023 | | | Average
Balance
Outstanding | | | | | | Draws | | | Paydowns | | | Outstanding
Balance as of
March 22, 2023 | |
NSL | | $ | 92,800,000 | | | $ | 2,200,000 | | | $ | (5,200,000 | ) | | $ | 89,800,000 | | | $ | 91,048,913 | | | | | | | $ | — | | | $ | — | | | $ | 89,800,000 | |
JFR | | $ | 233,400,000 | | | $ | 10,200,000 | | | $ | (10,300,000 | ) | | $ | 233,300,000 | | | $ | 230,445,652 | | | | | | | $ | — | | | $ | — | | | $ | 233,300,000 | |
JRO | | $ | 162,100,000 | | | $ | 5,300,000 | | | $ | (8,900,000 | ) | | $ | 158,500,000 | | | $ | 158,873,370 | | | | | | | $ | — | | | $ | — | | | $ | 158,500,000 | |
JSD | | $ | 18,000,000 | | | $ | 4,500,000 | | | $ | (5,400,000 | ) | | $ | 17,100,000 | | | $ | 17,407,065 | | | | | | | $ | — | | | $ | — | | | $ | 17,100,000 | |
JQC | | $ | 246,000,000 | | | $ | 8,300,000 | | | $ | (37,000,000 | ) | | $ | 217,300,000 | | | $ | 236,064,674 | | | | | | | $ | — | | | $ | — | | | $ | 217,300,000 | |
Refer to Notes to Financial Statements, Note 9 – Borrowing Arrangements and Reverse Repurchase Agreements for further details.
Reverse Repurchase Agreements
As noted previously, in addition to bank borrowings, JQC also used reverse repurchase agreements, in which the Fund sells to a counterparty a security that it holds with a contemporaneous agreement to repurchase the same security at an agreed-upon price and date. The Fund’s transactions in reverse repurchase agreements are as shown in the accompanying table.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Current Reporting Period | | | | | | Subsequent to the Close of
the Reporting Period | |
Outstanding
Balance as of
August 1, 2022 | | | Sales | | | Purchases | | | Outstanding
Balance as of
January 31, 2023 | | | Average Balance
Outstanding | | | | | | Sales | | | Purchases | | | Outstanding
Balance as of
March 22, 2023 | |
| | $142,000,000 | | | | $ — | | | | $ — | | | | $142,000,000 | | | | $142,000,000 | | | | | | | | $ — | | | | $ — | | | | $142,000,000 | |
Refer to Notes to Financial Statements, Note 9 – Borrowing Arrangements and Reverse Repurchase Agreements for further details.
7
Fund Leverage (continued)
Taxable Fund Preferred Shares
As noted previously, in addition to bank borrowings, the Funds also issued TFP. The Funds’ transactions in TFP are as shown in the accompanying table.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Current Reporting Period | | | | | | Subsequent to the Close of
the Reporting Period | |
| Fund | | Outstanding
Balance as of
August 1, 2022 | | | Issuance | | | Redemptions | | | Outstanding
Balance as of
January 31, 2023 | | | Average
Balance
Outstanding | | | | | | Issuance | | | Redemptions | | | Outstanding
Balance as of
March 22, 2023 | |
NSL | | $ | 40,000,000 | | | $ | — | | | $ | — | | | $ | 40,000,000 | | | $ | 40,000,000 | | | | | | | $ | — | | | $ | — | | | $ | 40,000,000 | |
JFR | | $ | 100,000,000 | | | $ | — | | | $ | — | | | $ | 100,000,000 | | | $ | 100,000,000 | | | | | | | $ | — | | | $ | — | | | $ | 100,000,000 | |
JRO | | $ | 75,000,000 | | | $ | — | | | $ | — | | | $ | 75,000,000 | | | $ | 75,000,000 | | | | | | | $ | — | | | $ | — | | | $ | 75,000,000 | |
JSD | | $ | 70,000,000 | | | $ | — | | | $ | — | | | $ | 70,000,000 | | | $ | 70,000,000 | | | | | | | $ | — | | | $ | — | | | $ | 70,000,000 | |
JQC | | $ | 140,000,000 | | | $ | — | | | $ | — | | | $ | 140,000,000 | | | $ | 140,000,000 | | | | | | | $ | — | | | $ | — | | | $ | 140,000,000 | |
Refer to Notes to Financial Statements, Note 5 – Fund Shares for further details on TFP.
8
Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds’ distributions is current as of January 31, 2023 and will likely vary over time based on each Fund’s investment activities and portfolio investment value changes.
The Funds have adopted a level distribution program. The goal of the Funds’ level distribution program is intended to provide shareholders with stable, but not guaranteed, cash flow, independent of the amount or timing of income earned or capital gains realized by the Funds. The Funds intend to distribute all or substantially all of their net investment income through their regular monthly distribution and to distribute realized capital gains at least annually. In any monthly period, in order to maintain its level distribution amount, each Fund may pay out more or less than its net investment income during the period. As a result, regular distributions throughout the year are expected to include net investment income, realized gains and return of capital. You should not draw any conclusions about the Funds’ investment performance from the amount of the distribution or from the terms of the level distribution program. A return of capital is a non-taxable distribution of a portion of a Fund’s capital. A return of capital distribution does not necessarily reflect a Fund’s investment performance and should not be confused with “yield” or “income.”
The amounts and sources of distributions reported in this notice are for financial reporting purposes and are not being provided for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes will be reported to shareholders on Form 1099-DIV, which will be sent to shareholders shortly after calendar year-end. Because distribution source estimates are updated throughout the current fiscal year based on a Fund’s performance, those estimates may differ from both the tax information reported to you in your Fund’s 1099 statement, as well as the ultimate economic sources of distributions over the life of your investment. The figures in the table below provide the sources of distributions and may include amounts attributed to realized gains and/or returns of capital. More details about each Fund’s distributions are available on www.nuveen.com/en-us/closed-end-funds.
Data as of January 31, 2023
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Current Month
Estimated Percentage of Distributions | | | Fiscal YTD
Estimated Per Share Amounts | |
Fund | | Net
Investment
Income | | | Realized
Gains | | | Return of
Capital | | | Total
Distributions | | | Net
Investment
Income | | | Realized
Gains | | | Return of
Capital | |
NSL | | | 96.12 | % | | | 0.00 | % | | | 3.88 | % | | $ | 0.2460 | | | $ | 0.2365 | | | $ | 0.0000 | | | $ | 0.0095 | |
JFR | | | 97.17 | % | | | 0.00 | % | | | 2.83 | % | | $ | 0.4215 | | | $ | 0.4096 | | | $ | 0.0000 | | | $ | 0.0119 | |
JRO | | | 97.32 | % | | | 0.00 | % | | | 2.68 | % | | $ | 0.4185 | | | $ | 0.4073 | | | $ | 0.0000 | | | $ | 0.0112 | |
JSD | | | 96.75 | % | | | 0.00 | % | | | 3.25 | % | | $ | 0.6285 | | | $ | 0.6081 | | | $ | 0.0000 | | | $ | 0.0204 | |
JQC | | | 95.55 | % | | | 0.00 | % | | | 4.45 | % | | $ | 0.2685 | | | $ | 0.2566 | | | $ | 0.0000 | | | $ | 0.0119 | |
9
Common Share Information (continued)
The following table provides information regarding Fund distributions and total return performance over various time periods. This information is intended to help you better understand whether Fund returns for the specified time periods were sufficient to meet Fund distributions.
Data as of January 31, 2023
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | Annualized | | | Cumulative | |
| Fund | | Inception
Date | | | Latest
Monthly
Per Share
Distribution | | | Current
Distribution on
NAV | | | 1-Year
Return on
NAV | | | 5-Year
Return on
NAV | | | Fiscal YTD
Distributions
on NAV | | | Fiscal
YTD Return
on NAV | |
NSL | | | 10/27/1999 | | | $ | 0.0435 | | | | 9.61 | % | | | (3.40 | )% | | | 2.34 | % | | | 4.53 | % | | | 3.15 | % |
JFR | | | 3/25/2004 | | | $ | 0.0745 | | | | 9.61 | % | | | (2.75 | )% | | | 2.58 | % | | | 4.53 | % | | | 3.68 | % |
JRO | | | 7/27/2004 | | | $ | 0.0740 | | | | 9.64 | % | | | (2.74 | )% | | | 2.58 | % | | | 4.54 | % | | | 3.57 | % |
JSD | | | 5/26/2011 | | | $ | 0.1110 | | | | 9.70 | % | | | (4.06 | )% | | | 2.03 | % | | | 4.58 | % | | | 2.92 | % |
JQC | | | 6/25/2003 | | | $ | 0.0475 | | | | 9.60 | % | | | (5.59 | )% | | | 1.83 | % | | | 4.52 | % | | | 1.90 | % |
NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS
The Nuveen Closed-End Funds’ monthly and quarterly periodic distributions to shareholders are posted on www.nuveen.com and can be found on Nuveen’s enhanced closed-end fund resource page, which is at https://www.nuveen.com/resource-center-closed-end-funds, along with other Nuveen closed-end fund product updates. To ensure timely access to the latest information, shareholders may use a subscribe function, which can be activated at this web page (https://www.nuveen.com/subscriptions).
COMMON SHARE REPURCHASES
During August 2022, the Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding common shares.
During the current reporting period, the Funds did not repurchase any of their outstanding common shares. As of January 31, 2023, (and since the inception of the Funds’ repurchase programs) each Fund has cumulatively repurchased and retired its outstanding common shares as shown in the accompanying table.
| | | | | | | | | | | | | | | | | | | | |
| | | NSL | | | JFR | | | JRO | | | JSD | | | JQC | |
Common shares cumulatively repurchased and retired | | | 15,400 | | | | 147,593 | | | | 39,400 | | | | 10,000 | | | | 5,473,400 | |
Common shares authorized for repurchase | | | 3,860,000 | | | | 5,690,000 | | | | 4,050,000 | | | | 1,005,000 | | | | 13,560,000 | |
OTHER COMMON SHARE INFORMATION
As of January 31, 2023, the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs and trading at an average premium/(discount) to NAV during the current reporting period, as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | NSL | | | JFR | | | JRO | | | JSD | | | JQC | |
Common share NAV | | | $5.44 | | | | $9.31 | | | | $9.21 | | | | $13.74 | | | | $5.94 | |
Common share price | | | $4.90 | | | | $8.52 | | | | $8.47 | | | | $12.39 | | | | $5.43 | |
Premium/(Discount) to NAV | | | (9.93 | )% | | | (8.49 | )% | | | (8.03 | )% | | | (9.83 | )% | | | (8.59 | )% |
Average premium/(discount) to NAV | | | (11.15 | )% | | | (9.41 | )% | | | (9.70 | )% | | | (10.95 | )% | | | (11.80 | )% |
10
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11
| | |
| NSL | | Nuveen Senior Income Fund Performance Overview and Holding Summaries as of January 31, 2023 |
Refer to Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of January 31, 2023*
| | | | | | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | 5-Year | | | 10-Year | |
| NSL at Common Share NAV | | | 3.15% | | | | (3.40)% | | | | 2.34% | | | | 3.65% | |
| NSL at Common Share Price | | | 2.73% | | | | (9.22)% | | | | 2.27% | | | | 2.60% | |
| Credit Suisse Leveraged Loan Index | | | 4.26% | | | | 1.12% | | | | 3.54% | | | | 3.93% | |
| * | For purposes of Fund performance, relative results are measured against the Credit Suisse Leveraged Loan Index. |
Performance data shown represents past performance and does not predict or guarantee future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
Daily Common Share NAV and Share Price
12
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Fund Allocation
(% of net assets)
| | | | |
| Variable Rate Senior Loan Interests | | | 133.4% | |
| Corporate Bonds | | | 22.5% | |
| Common Stocks | | | 4.9% | |
| Warrants | | | 1.1% | |
| Convertible Preferred Securities | | | 0.1% | |
| Other Assets & Liabilities, Net | | | (0.3)% | |
| Net Assets Plus Borrowings and Taxable Fund Preferred Shares, net of deferred offering costs | | | 161.7% | |
| Borrowings | | | (42.8)% | |
| Taxable Fund Preferred Shares, net of deferred offering costs | | | (18.9)% | |
Net Assets | | | 100% | |
Top Five Issuers
(% of total long-term investments)
| | | | |
| Quarternorth Energy Holding Inc | | | 2.0% | |
| B.C. Unlimited Liability Company | | | 2.0% | |
| Medline Borrower, LP | | | 1.6% | |
| PetSmart, Inc. | | | 1.2% | |
| Bausch & Lomb, Inc. | | | 1.1% | |
Portfolio Composition1
(% of total investments)
| | | | |
| Hotels, Restaurants & Leisure | | | 13.8% | |
| Software | | | 10.2% | |
| Media | | | 8.5% | |
| Health Care Providers & Services | | | 6.7% | |
| Oil, Gas & Consumable Fuels | | | 4.9% | |
| Specialty Retail | | | 3.8% | |
| Health Care Equipment & Supplies | | | 3.7% | |
| Insurance | | | 3.4% | |
| Diversified Telecommunication Services | | | 3.4% | |
| Airlines | | | 2.9% | |
| Communications Equipment | | | 2.7% | |
| Pharmaceuticals | | | 2.7% | |
| Energy Equipment & Services | | | 2.3% | |
| IT Services | | | 2.2% | |
| Chemicals | | | 2.2% | |
| Commercial Services & Supplies | | | 2.1% | |
| Machinery | | | 1.5% | |
| Professional Services | | | 1.3% | |
| Entertainment | | | 1.3% | |
| Containers & Packaging | | | 1.3% | |
| Other | | | 19.1% | |
Total | | | 100% | |
Portfolio Credit Quality
(% of total long-term fixed income investments)
| | | | |
| BBB | | | 12.5% | |
| BB or Lower | | | 85.7% | |
| N/R (not rated) | | | 1.8% | |
Total | | | 100% | |
| 1 | See the Portfolio of Investments for the remaining industries comprising “Other” and not listed in the table above. |
13
| | |
| JFR | | Nuveen Floating Rate Income Fund Performance Overview and Holding Summaries as of January 31, 2023 |
Refer to Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of January 31, 2023*
| | | | | | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | 5-Year | | | 10-Year | |
| JFR at Common Share NAV | | | 3.68% | | | | (2.75)% | | | | 2.58% | | | | 3.82% | |
| JFR at Common Share Price | | | 1.40% | | | | (9.81)% | | | | 2.32% | | | | 3.14% | |
| Credit Suisse Leveraged Loan Index | | | 4.26% | | | | 1.12% | | | | 3.54% | | | | 3.93% | |
| * | For purposes of Fund performance, relative results are measured against the Credit Suisse Leveraged Loan Index. |
Performance data shown represents past performance and does not predict or guarantee future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
Daily Common Share NAV and Share Price
14
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Fund Allocation
(% of net assets)
| | | | |
| Variable Rate Senior Loan Interests | | | 133.1% | |
| Corporate Bonds | | | 22.1% | |
| Common Stocks | | | 4.6% | |
| Asset-Backed Securities | | | 2.3% | |
| Warrants | | | 1.1% | |
| Convertible Preferred Securities | | | 0.0% | |
| Other Assets & Liabilities, Net | | | (0.4)% | |
| Net Assets Plus Borrowings and Taxable Fund Preferred Shares, net of deferred offering costs | | | 162.8% | |
| Borrowings | | | (44.0)% | |
| Taxable Fund Preferred Shares, net of deferred offering costs | | | (18.8)% | |
Net Assets | | | 100% | |
Top Five Issuers
(% of total long-term investments)
| | | | |
| B.C. Unlimited Liability Company | | | 2.4% | |
| Quarternorth Energy Holding Inc | | | 1.9% | |
| Medline Borrower, LP | | | 1.3% | |
| Clear Channel Outdoor Holdings, Inc. | | | 1.3% | |
| Bausch & Lomb, Inc. | | | 1.1% | |
Portfolio Composition1
(% of total investments)
| | | | |
| Hotels, Restaurants & Leisure | | | 14.4% | |
| Media | | | 9.3% | |
| Software | | | 9.2% | |
| Health Care Providers & Services | | | 6.6% | |
| Oil, Gas & Consumable Fuels | | | 4.7% | |
| Specialty Retail | | | 3.7% | |
| Insurance | | | 3.6% | |
| Health Care Equipment & Supplies | | | 3.4% | |
| Diversified Telecommunication Services | | | 3.1% | |
| Airlines | | | 2.7% | |
| Communications Equipment | | | 2.5% | |
| Pharmaceuticals | | | 2.4% | |
| Commercial Services & Supplies | | | 2.2% | |
| Energy Equipment & Services | | | 2.1% | |
| Chemicals | | | 2.1% | |
| IT Services | | | 2.0% | |
| Machinery | | | 1.4% | |
| Containers & Packaging | | | 1.4% | |
| Entertainment | | | 1.3% | |
| Road & Rail | | | 1.3% | |
| Other | | | 19.2% | |
| Asset-Backed Securities | | | 1.4% | |
Total | | | 100% | |
Portfolio Credit Quality
(% of total long-term fixed income investments)
| | | | |
| BBB | | | 13.2% | |
| BB or Lower | | | 84.8% | |
| N/R (not rated) | | | 2.0% | |
Total | | | 100% | |
| 1 | See the Portfolio of Investments for the remaining industries comprising “Other” and not listed in the table above. |
15
| | |
| JRO | | Nuveen Floating Rate Income Opportunity Fund Performance Overview and Holding Summaries as of January 31, 2023 |
Refer to Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of January 31, 2023*
| | | | | | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | 5-Year | | | 10-Year | |
| JRO at Common Share NAV | | | 3.57% | | | | (2.74)% | | | | 2.58% | | | | 3.95% | |
| JRO at Common Share Price | | | 2.79% | | | | (9.01)% | | | | 2.30% | | | | 2.91% | |
| Credit Suisse Leveraged Loan Index | | | 4.26% | | | | 1.12% | | | | 3.54% | | | | 3.93% | |
| * | For purposes of Fund performance, relative results are measured against the Credit Suisse Leveraged Loan Index. |
Performance data shown represents past performance and does not predict or guarantee future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
Daily Common Share NAV and Share Price
16
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Fund Allocation
(% of net assets)
| | | | |
| Variable Rate Senior Loan Interests | | | 134.2% | |
| Corporate Bonds | | | 22.5% | |
| Common Stocks | | | 4.7% | |
| Asset-Backed Securities | | | 1.9% | |
| Warrants | | | 1.1% | |
| Convertible Preferred Securities | | | 0.0% | |
| Other Assets & Liabilities, Net | | | (2.0)% | |
| Net Assets Plus Borrowings and Taxable Fund Preferred Shares, net of deferred offering costs | | | 162.4% | |
| Borrowings | | | (42.4)% | |
| Taxable Fund Preferred Shares, net of deferred offering costs | | | (20.0)% | |
Net Assets | | | 100% | |
Top Five Issuers
(% of total long-term investments)
| | | | |
| B.C. Unlimited Liability Company, Term Loan B4 | | | 2.4% | |
| Quarternorth Energy Holding Inc | | | 1.9% | |
| Medline Borrower, LP, Term Loan B | | | 1.4% | |
| Clear Channel Outdoor Holdings, Inc., Term Loan B | | | 1.3% | |
| Bausch & Lomb, Inc., Term Loan | | | 1.1% | |
Portfolio Composition1
(% of total investments)
| | | | |
| Hotels, Restaurants & Leisure | | | 14.5% | |
| Software | | | 9.6% | |
| Media | | | 9.5% | |
| Health Care Providers & Services | | | 6.8% | |
| Oil, Gas & Consumable Fuels | | | 4.6% | |
| Specialty Retail | | | 3.7% | |
| Health Care Equipment & Supplies | | | 3.6% | |
| Insurance | | | 3.3% | |
| Diversified Telecommunication Services | | | 3.1% | |
| Airlines | | | 2.7% | |
| Communications Equipment | | | 2.6% | |
| Pharmaceuticals | | | 2.3% | |
| Commercial Services & Supplies | | | 2.3% | |
| Energy Equipment & Services | | | 2.0% | |
| Chemicals | | | 2.0% | |
| IT Services | | | 2.0% | |
| Machinery | | | 1.7% | |
| Containers & Packaging | | | 1.3% | |
| Road & Rail | | | 1.3% | |
| Other | | | 19.9% | |
| Asset-Backed Securities | | | 1.2% | |
Total | | | 100% | |
Portfolio Credit Quality
(% of total long-term fixed income investments)
| | | | |
| BBB | | | 12.6% | |
| BB or Lower | | | 85.4% | |
| N/R (not rated) | | | 2.0% | |
Total | | | 100% | |
| 1 | See the Portfolio of Investments for the remaining industries comprising “Other” and not listed in the table above. |
17
| | |
| JSD | | Nuveen Short Duration Credit Opportunities Fund Performance Overview and Holding Summaries as of January 31, 2023 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of January 31, 2023*
| | | | | | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | 5-Year | | | 10-Year | |
| JSD at Common Share NAV | | | 2.92% | | | | (4.06)% | | | | 2.03% | | | | 3.53% | |
| JSD at Common Share Price | | | 3.30% | | | | (8.85)% | | | | 2.00% | | | | 2.74% | |
| Credit Suisse Leveraged Loan Index | | | 4.26% | | | | 1.12% | | | | 3.54% | | | | 3.93% | |
| * | For purposes of Fund performance, relative results are measured against the Credit Suisse Leveraged Loan Index. |
Performance data shown represents past performance and does not predict or guarantee future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
Daily Common Share NAV and Share Price
18
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Fund Allocation
(% of net assets)
| | | | |
| Variable Rate Senior Loan Interests | | | 129.9% | |
| Corporate Bonds | | | 23.9% | |
| Common Stocks | | | 5.0% | |
| Warrants | | | 1.2% | |
| Convertible Preferred Securities | | | 0.1% | |
| Short-Term Investment Companies | | | 2.2% | |
| Other Assets & Liabilities, Net | | | 0.2% | |
| Net Assets Plus Borrowings and Taxable Fund Preferred Shares, net of deferred offering costs | | | 162.6% | |
| Borrowings | | | (12.3)% | |
| Taxable Fund Preferred Shares, net of deferred offering costs | | | (50.3)% | |
Net Assets | | | 100% | |
Top Five Issuers
(% of total long-term investments)
| | | | |
| Quarternorth Energy Holding Inc | | | 2.1% | |
| Medline Borrower, LP | | | 1.4% | |
| PetSmart, Inc. | | | 1.2% | |
| Bausch & Lomb, Inc. | | | 1.2% | |
| CenturyLink, Inc. | | | 1.1% | |
Portfolio Composition1
(% of total investments)
| | | | |
| Hotels, Restaurants & Leisure | | | 12.5% | |
| Software | | | 10.3% | |
| Health Care Providers & Services | | | 7.4% | |
| Media | | | 7.2% | |
| Oil, Gas & Consumable Fuels | | | 5.4% | |
| Health Care Equipment & Supplies | | | 3.8% | |
| Specialty Retail | | | 3.8% | |
| Diversified Telecommunication Services | | | 3.6% | |
| Airlines | | | 3.1% | |
| Insurance | | | 3.1% | |
| IT Services | | | 2.6% | |
| Pharmaceuticals | | | 2.4% | |
| Chemicals | | | 2.4% | |
| Energy Equipment & Services | | | 2.3% | |
| Commercial Services & Supplies | | | 2.2% | |
| Communications Equipment | | | 2.0% | |
| Machinery | | | 1.6% | |
| Entertainment | | | 1.4% | |
| Containers & Packaging | | | 1.4% | |
| Aerospace & Defense | | | 1.3% | |
| Other | | | 18.9% | |
| Short-Term Investment Companies | | | 1.3% | |
Total | | | 100% | |
Portfolio Credit Quality
(% of total long-term fixed income investments)
| | | | |
| BBB | | | 11.7% | |
| BB or Lower | | | 86.3% | |
| N/R (not rated) | | | 2.0% | |
Total | | | 100% | |
| 1 | See the Portfolio of Investments for the remaining industries comprising “Other” and not listed in the table above. |
19
| | |
| JQC | | Nuveen Credit Strategies Income Fund Performance Overview and Holding Summaries as of January 31, 2023 |
Refer to Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of January 31, 2023*
| | | | | | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | 5-Year | | | 10-Year | |
| JQC at Common Share NAV | | | 1.90% | | | | (5.59)% | | | | 1.83% | | | | 3.19% | |
| JQC at Common Share Price | | | 3.91% | | | | (7.97)% | | | | 3.60% | | | | 3.09% | |
| Credit Suisse Leveraged Loan Index | | | 4.26% | | | | 1.12% | | | | 3.54% | | | | 3.93% | |
| * | For purposes of Fund performance, relative results are measured against the Credit Suisse Leveraged Loan Index. |
Performance data shown represents past performance and does not predict or guarantee future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
Daily Common Share NAV and Share Price
20
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Fund Allocation
(% of net assets)
| | | | |
| Variable Rate Senior Loan Interests | | | 131.2% | |
| Corporate Bonds | | | 25.4% | |
| Common Stocks | | | 2.1% | |
| Warrants | | | 0.4% | |
| Convertible Preferred Securities | | | 0.0% | |
| Short-Term Investment Companies | | | 1.5% | |
| Other Assets & Liabilities, Net | | | 1.3% | |
| Net Assets Plus Borrowings, Reverse Repurchase Agreements, including accrued interest and Taxable Fund Preferred Shares, net of deferred offering costs | | | 161.9% | |
| Borrowings | | | (26.9)% | |
| Reverse Repurchase Agreements, including accrued interest | | | (17.7)% | |
| Taxable Fund Preferred Shares, net of deferred offering costs | | | (17.3)% | |
Net Assets | | | 100% | |
Top Five Issuers
(% of total long-term investments)
| | | | |
| Medline Borrower, LP | | | 1.5% | |
| PetSmart, Inc. | | | 1.2% | |
| Acrisure, LLC | | | 1.2% | |
| Hub International Limited | | | 1.2% | |
| Parexel International Corporation | | | 1.2% | |
Portfolio Composition1
(% of total investments)
| | | | |
| Hotels, Restaurants & Leisure | | | 11.9% | |
| Software | | | 10.6% | |
| Media | | | 9.8% | |
| Health Care Providers & Services | | | 7.5% | |
| Insurance | | | 4.6% | |
| Airlines | | | 4.3% | |
| Health Care Equipment & Supplies | | | 3.8% | |
| Specialty Retail | | | 3.8% | |
| Oil, Gas & Consumable Fuels | | | 3.8% | |
| Communications Equipment | | | 2.7% | |
| Diversified Telecommunication Services | | | 2.7% | |
| Commercial Services & Supplies | | | 2.4% | |
| IT Services | | | 2.3% | |
| Machinery | | | 1.8% | |
| Professional Services | | | 1.7% | |
| Pharmaceuticals | | | 1.7% | |
| Chemicals | | | 1.6% | |
| Trading Companies & Distributors | | | 1.6% | |
| Containers & Packaging | | | 1.3% | |
| Other | | | 19.2% | |
| Short-Term Investment Companies | | | 0.9% | |
Total | | | 100% | |
Portfolio Credit Quality
(% of total long-term fixed income investments)
| | | | |
| BBB | | | 13.8% | |
| BB or Lower | | | 84.9% | |
| N/R (not rated) | | | 1.3% | |
Total | | | 100% | |
| 1 | See the Portfolio of Investments for the remaining industries comprising “Other” and not listed in the table above. |
21
| | |
| NSL | | Nuveen Senior Income Fund Portfolio of Investments January 31, 2023 |
| | | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | |
| | | | | | LONG-TERM INVESTMENTS – 162.0% (100.0% of Total Investments) | |
| | |
| | | | | | VARIABLE RATE SENIOR LOAN INTERESTS – 133.4% (82.4% of Total Investments) (2) | |
| | |
| | | | | | Aerospace & Defense – 1.4% (0.9% of Total Investments) | |
| | | | | | | | |
| $ | 1,069 | | | | | TransDigm, Inc., Term Loan E | | | 6.980% | | | | 3-Month LIBOR | | | | 2.250% | | | | 5/30/25 | | | | Ba3 | | | $ | 1,068,003 | |
| | 1,208 | | | | | TransDigm, Inc., Term Loan F, (DD1) | | | 6.980% | | | | 3-Month LIBOR | | | | 2.250% | | | | 12/09/25 | | | | Ba3 | | | | 1,207,632 | |
| | 678 | | | | | TransDigm, Inc., Term Loan H | | | 7.830% | | | | SOFR90A | | | | 3.250% | | | | 2/22/27 | | | | Ba3 | | | | 680,113 | |
| | 2,955 | | | | | Total Aerospace & Defense | | | | 2,955,748 | |
| | |
| | | | | | Airlines – 4.2% (2.6% of Total Investments) | |
| | | | | | | | |
| | 1,117 | | | | | AAdvantage Loyalty IP Ltd., Term Loan | | | 9.558% | | | | 3-Month LIBOR | | | | 4.750% | | | | 4/20/28 | | | | Ba2 | | | | 1,148,999 | |
| | 424 | | | | | Air Canada, Term Loan B | | | 8.130% | | | | 3-Month LIBOR | | | | 3.500% | | | | 8/11/28 | | | | Ba2 | | | | 425,069 | |
| | 744 | | | | | American Airlines, Inc., Term Loan, First Lien | | | 6.297% | | | | 1-Month LIBOR | | | | 1.750% | | | | 1/29/27 | | | | Ba3 | | | | 723,634 | |
| | 2,162 | | | | | Kestrel Bidco Inc., Term Loan B | | | 7.508% | | | | 1-Month LIBOR | | | | 3.000% | | | | 12/11/26 | | | | B+ | | | | 2,082,549 | |
| | 521 | | | | | Mileage Plus Holdings LLC, Term Loan B | | | 9.996% | | | | 3-Month LIBOR | | | | 5.250% | | | | 6/20/27 | | | | Baa3 | | | | 544,193 | |
| | 2,413 | | | | | SkyMiles IP Ltd., Term Loan B | | | 8.558% | | | | 3-Month LIBOR | | | | 3.750% | | | | 10/20/27 | | | | Baa1 | | | | 2,499,578 | |
| | 1,474 | | | | | United Airlines, Inc., Term Loan B | | | 8.568% | | | | 3-Month LIBOR | | | | 3.750% | | | | 4/21/28 | | | | Ba1 | | | | 1,476,498 | |
| | 8,855 | | | | | Total Airlines | | | | 8,900,520 | |
| | |
| | | | | | Auto Components – 0.8% (0.5% of Total Investments) | |
| | | | | | | | |
| | 122 | | | | | Adient US LLC, Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 4/08/28 | | | | BB+ | | | | 121,811 | |
| | 1,268 | | | | | Clarios Global LP, Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 4/30/26 | | | | B1 | | | | 1,266,341 | |
| | 317 | | | | | DexKo Global Inc., Term Loan B | | | 8.480% | | | | 3-Month LIBOR | | | | 3.750% | | | | 10/04/28 | | | | B2 | | | | 294,536 | |
| | 1,707 | | | | | Total Auto Components | | | | 1,682,688 | |
| | |
| | | | | | Beverages – 2.0% (1.2% of Total Investments) | |
| | | | | | | | |
| | 607 | | | | | Arterra Wines Canada, Inc., Term Loan | | | 8.230% | | | | 3-Month LIBOR | | | | 3.500% | | | | 11/25/27 | | | | B | | | | 592,219 | |
| | 673 | | | | | City Brewing Company, LLC, Term Loan | | | 8.330% | | | | 3-Month LIBOR | | | | 3.500% | | | | 4/05/28 | | | | CCC | | | | 316,126 | |
| | 995 | | | | | Naked Juice LLC, Term Loan | | | 7.930% | | | | SOFR90A | | | | 3.250% | | | | 1/20/29 | | | | B2 | | | | 919,574 | |
| | 82 | | | | | Naked Juice LLC, Term Loan, Second Lien | | | 10.680% | | | | SOFR90A | | | | 6.000% | | | | 1/20/30 | | | | CCC | | | | 68,803 | |
| | 1,125 | | | | | Sunshine Investments B.V., Term Loan | | | 8.515% | | | | TSFR3M | | | | 4.250% | | | | 5/05/29 | | | | B+ | | | | 1,119,375 | |
| | 1,250 | | | | | Triton Water Holdings, Inc, Term Loan | | | 8.230% | | | | 3-Month LIBOR | | | | 3.500% | | | | 3/31/28 | | | | B1 | | | | 1,193,153 | |
| | 4,732 | | | | | Total Beverages | | | | 4,209,250 | |
| | |
| | | | | | Biotechnology – 1.1% (0.7% of Total Investments) | |
| | | | | | | | |
| | 2,268 | | | | | Grifols Worldwide Operations USA, Inc., Term Loan B | | | 6.570% | | | | 1-Month LIBOR | | | | 2.000% | | | | 11/15/27 | | | | BB+ | | | | 2,231,484 | |
| | |
| | | | | | Building Products – 1.7% (1.1% of Total Investments) | |
| | | | | | | | |
| | 1,709 | | | | | Chamberlain Group Inc, Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 10/22/28 | | | | B | | | | 1,652,736 | |
| | 469 | | | | | Cornerstone Building Brands, Inc., Term Loan B | | | 7.709% | | | | 1-Month LIBOR | | | | 3.250% | | | | 4/12/28 | | | | B | | | | 440,425 | |
| | 1,043 | | | | | Quikrete Holdings, Inc., Term Loan, First Lien | | | 7.195% | | | | 1-Month LIBOR | | | | 2.625% | | | | 1/31/27 | | | | Ba2 | | | | 1,039,415 | |
| | 331 | | | | | Standard Industries Inc., Term Loan B | | | 6.425% | | | | 3-Month LIBOR | | | | 2.250% | | | | 9/22/28 | | | | BBB– | | | | 331,086 | |
| | 178 | | | | | Zurn Holdings, Inc., Term Loan B | | | 6.570% | | | | 1-Month LIBOR | | | | 2.000% | | | | 10/04/28 | | �� | | BB+ | | | | 177,927 | |
| | 3,730 | | | | | Total Building Products | | | | 3,641,589 | |
| | |
| | | | | | Capital Markets – 0.4% (0.3% of Total Investments) | |
| | | | | | | | |
| | 809 | | | | | Astra Acquisition Corp., Term Loan, First Lien | | | 9.820% | | | | 1-Month LIBOR | | | | 5.250% | | | | 10/22/28 | | | | BB– | | | | 717,504 | |
| | 197 | | | | | Motion Finco LLC, Term Loan, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | B | | | | 194,037 | |
| | 1,006 | | | | | Total Capital Markets | | | | 911,541 | |
| | |
| | | | | | Chemicals – 2.1% (1.3% of Total Investments) | |
| | | | | | | | |
| | 318 | | | | | ASP Unifrax Holdings Inc, Term Loan B | | | 8.480% | | | | 3-Month LIBOR | | | | 3.750% | | | | 12/12/25 | | | | BB | | | | 288,415 | |
| | 94 | | | | | Avient Corporation, Term Loan B | | | 7.926% | | | | SOFR90A | | | | 3.250% | | | | 8/29/29 | | | | BB+ | | | | 94,659 | |
| | 750 | | | | | Axalta Coating Systems Dutch Holding B B.V, Term Loan B | | | 7.506% | | | | TSFR3M | | | | 3.000% | | | | 12/08/29 | | | | BBB– | | | | 754,219 | |
| | 585 | | | | | Diamond (BC) B.V., Term Loan B | | | 7.448% | | | | 1+3 Month LIBOR | | | | 2.750% | | | | 9/29/28 | | | | Ba3 | | | | 579,921 | |
22
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | |
| | | | | | Chemicals (continued) | |
| | | | | | | | |
| $ | 845 | | | | | Discovery Purchaser Corporation, Term Loan | | | 8.962% | | | | TSFR3M | | | | 4.375% | | | | 8/03/29 | | | | B– | | | $ | 811,027 | |
| | 392 | | | | | INEOS Styrolution US Holding LLC, Term Loan B | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 1/29/26 | | | | BB+ | | | | 391,427 | |
| | 647 | | | | | Ineos US Finance LLC, Term Loan B | | | 6.661% | | | | 1-Month LIBOR | | | | 2.000% | | | | 3/31/24 | | | | BBB– | | | | 649,641 | |
| | 84 | | | | | Kraton Corporation, Term Loan | | | 8.040% | | | | SOFR90A | | | | 3.250% | | | | 3/15/29 | | | | BB | | | | 84,221 | |
| | 871 | | | | | Trinseo Materials Operating S.C.A., Term Loan | | | 6.570% | | | | 1-Month LIBOR | | | | 2.000% | | | | 9/09/24 | | | | Ba2 | | | | 852,541 | |
| | 4,586 | | | | | Total Chemicals | | | | 4,506,071 | |
| | |
| | | | | | Commercial Services & Supplies – 2.4% (1.5% of Total Investments) | |
| | | | | | | | |
| | 716 | | | | | Amentum Government Services Holdings LLC, Term Loan | | | 8.283% | | | | SOFR90A | | | | 4.000% | | | | 2/07/29 | | | | B1 | | | | 707,893 | |
| | 297 | | | | | Anticimex International AB, Term Loan B1 | | | 8.235% | | | | 3-Month LIBOR | | | | 3.500% | | | | 11/16/28 | | | | B | | | | 294,773 | |
| | 665 | | | | | Covanta Holding Corporation, Term Loan B, (DD1) | | | 7.034% | | | | TSFR1M | | | | 2.500% | | | | 11/30/28 | | | | Ba1 | | | | 665,711 | |
| | 50 | | | | | Covanta Holding Corporation, Term Loan C, (DD1) | | | 7.061% | | | | TSFR1M | | | | 2.500% | | | | 11/30/28 | | | | Ba1 | | | | 49,734 | |
| | 433 | | | | | Garda World Security Corporation, Term Loan B | | | 8.930% | | | | 3-Month LIBOR | | | | 4.250% | | | | 10/30/26 | | | | BB+ | | | | 432,202 | |
| | 1,021 | | | | | GFL Environmental Inc., Term Loan | | | 7.825% | | | | 3-Month LIBOR | | | | 3.000% | | | | 5/30/25 | | | | BB– | | | | 1,025,019 | |
| | 653 | | | | | Intrado Corporation, Term Loan | | | 8.825% | | | | 3-Month LIBOR | | | | 4.000% | | | | 10/10/24 | | | | B1 | | | | 614,459 | |
| | 288 | | | | | Prime Security Services Borrower, LLC, Term Loan | | | 7.517% | | | | 3-Month LIBOR | | | | 2.750% | | | | 9/23/26 | | | | BB– | | | | 288,075 | |
| | 298 | | | | | Vertical US Newco Inc, Term Loan B | | | 8.602% | | | | 6-Month LIBOR | | | | 3.500% | | | | 7/31/27 | | | | B+ | | | | 293,543 | |
| | 294 | | | | | West Corporation, Term Loan B1 | | | 8.075% | | | | 3-Month LIBOR | | | | 3.500% | | | | 10/10/24 | | | | B1 | | | | 277,959 | |
| | 482 | | | | | WIN Waste Innovations Holdings, Inc., Term Loan B | | | 7.480% | | | | 3-Month LIBOR | | | | 2.750% | | | | 3/25/28 | | | | B1 | | | | 464,882 | |
| | 5,197 | | | | | Total Commercial Services & Supplies | | | | 5,114,250 | |
| | |
| | | | | | Communications Equipment – 3.0% (1.9% of Total Investments) | |
| | | | | | | | |
| | 161 | | | | | Avaya, Inc., Term Loan B | | | 8.709% | | | | 1-Month LIBOR | | | | 4.250% | | | | 12/15/27 | | | | Caa2 | | | | 42,917 | |
| | 1,165 | | | | | CommScope, Inc., Term Loan B, (DD1) | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 4/04/26 | | | | B1 | | | | 1,144,293 | |
| | 1,230 | | | | | Delta TopCo, Inc., Term Loan B | | | 8.154% | | | | 3-Month LIBOR | | | | 3.750% | | | | 12/01/27 | | | | B2 | | | | 1,145,865 | |
| | 260 | | | | | EOS Finco Sarl, Term Loan | | | 10.604% | | | | SOFR90A | | | | 6.000% | | | | 8/03/29 | | | | B | | | | 255,883 | |
| | 1,970 | | | | | Maxar Technologies Ltd., Term Loan B | | | 8.911% | | | | SOFR30A | | | | 4.250% | | | | 6/09/29 | | | | B+ | | | | 1,973,932 | |
| | 855 | | | | | MLN US HoldCo LLC, Term Loan | | | 11.154% | | | | TSFR3M | | | | 6.700% | | | | 10/18/27 | | | | CCC+ | | | | 620,190 | |
| | 1,473 | | | | | MLN US HoldCo LLC, Term Loan, First Lien | | | 8.252% | | | | 3-Month LIBOR | | | | 4.500% | | | | 11/30/25 | | | | CCC– | | | | 437,509 | |
| | 999 | | | | | Riverbed Technology, Inc., Exit Term Loan, (cash 7.000%, PIK 2.000%) | | | 6.270% | | | | 3-Month LIBOR | | | | 2.000% | | | | 12/07/26 | | | | Caa1 | | | | 441,887 | |
| | 249 | | | | | ViaSat, Inc., Term Loan | | | 9.176% | | | | TSFR1M | | | | 4.500% | | | | 3/04/29 | | | | BB+ | | | | 249,178 | |
| | 8,362 | | | | | Total Communications Equipment | | | | 6,311,654 | |
| | |
| | | | | | Construction & Engineering – 0.6% (0.4% of Total Investments) | |
| | | | | | | | |
| | 107 | | | | | Aegion Corporation, Term Loan | | | 9.320% | | | | 1-Month LIBOR | | | | 4.750% | | | | 5/17/28 | | | | B | | | | 102,478 | |
| | 615 | | | | | Centuri Group, Inc, Term Loan B | | | 7.152% | | | | 3-Month LIBOR | | | | 2.500% | | | | 8/27/28 | | | | Ba2 | | | | 612,581 | |
| | 359 | | | | | Osmose Utilities Services, Inc., Term Loan | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 6/22/28 | | | | B | | | | 346,644 | |
| | 216 | | | | | Pike Corporation, Term Loan B | | | 7.570% | | | | 1-Month LIBOR | | | | 3.000% | | | | 1/21/28 | | | | Ba3 | | | | 215,736 | |
| | 1,297 | | | | | Total Construction & Engineering | | | | 1,277,439 | |
| | |
| | | | | | Consumer Finance – 0.8% (0.5% of Total Investments) | |
| | | | | | | | |
| | 1,726 | | | | | Fleetcor Technologies Operating Company, LLC, Term Loan B4 | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 4/30/28 | | | | BB+ | | | | 1,724,335 | |
| | |
| | | | | | Containers & Packaging – 2.0% (1.2% of Total Investments) | |
| | | | | | | | |
| | 867 | | | | | Berry Global, Inc., Term Loan Z | | | 6.152% | | | | 1-Month LIBOR | | | | 1.750% | | | | 7/01/26 | | | | BBB– | | | | 866,818 | |
| | 612 | | | | | Charter NEX US, Inc., Term Loan | | | 8.320% | | | | 1-Month LIBOR | | | | 3.750% | | | | 12/01/27 | | | | B | | | | 609,927 | |
| | 428 | | | | | Clydesdale Acquisition Holdings Inc, Term Loan B | | | 8.836% | | | | SOFR30A | | | | 4.175% | | | | 3/30/29 | | | | B | | | | 421,022 | |
| | 41 | | | | | Klockner-Pentaplast of America, Inc., Term Loan B | | | 8.259% | | |
| SOFR180A + 6
Month LIBOR |
| | | 4.750% | | | | 2/09/26 | | | | B | | | | 36,417 | |
| | 494 | | | | | Reynolds Group Holdings Inc. , Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 9/24/28 | | | | B+ | | | | 492,454 | |
23
| | |
| |
| NSL | | Nuveen Senior Income Fund (continued) |
| | Portfolio of Investments January 31, 2023 |
| | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | |
| | | | | | Containers & Packaging (continued) | |
| | | | | | | | |
| $ | 542 | | | | | Reynolds Group Holdings Inc. , Term Loan B2 | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 2/05/26 | | | | B+ | | | $ | 542,101 | |
| | 1,263 | | | | | TricorBraun Holdings, Inc., Term Loan | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 3/03/28 | | | | B2 | | | | 1,230,380 | |
| | 4,247 | | | | | Total Containers & Packaging | | | | 4,199,119 | |
| | |
| | | | | | Diversified Consumer Services – 0.4% (0.3% of Total Investments) | |
| | | | | | | | |
| | 333 | | | | | GT Polaris, Inc., Term Loan | | | 8.575% | | | | 3-Month LIBOR | | | | 3.750% | | | | 9/24/27 | | | | BB– | | | | 317,137 | |
| | 737 | | | | | Spin Holdco Inc., Term Loan | | | 8.765% | | | | 3-Month LIBOR | | | | 4.000% | | | | 3/04/28 | | | | B– | | | | 585,727 | |
| | 1,070 | | | | | Total Diversified Consumer Services | | | | 902,864 | |
| | |
| | | | | | Diversified Financial Services – 1.8% (1.1% of Total Investments) | |
| | | | | | | | |
| | 817 | | | | | Avaya, Inc., Term Loan B2 | | | 8.459% | | | | 1-Month LIBOR | | | | 4.000% | | | | 12/15/27 | | | | Caa2 | | | | 217,785 | |
| | 1,002 | | | | | Avolon TLB Borrower 1 (US) LLC, Term Loan B3 | | | 6.236% | | | | 1-Month LIBOR | | | | 1.750% | | | | 1/15/25 | | | | Baa2 | | | | 1,004,948 | |
| | 1,892 | | | | | Avolon TLB Borrower 1 (US) LLC, Term Loan B4 | | | 5.986% | | | | 1-Month LIBOR | | | | 1.500% | | | | 2/12/27 | | | | Baa2 | | | | 1,887,617 | |
| | 943 | | | | | Ditech Holding Corporation, Term Loan (5) | | | 0.000% | | | | N/A | | | | N/A | | | | 12/19/22 | | | | N/R | | | | 103,713 | |
| | 507 | | | | | Trans Union, LLC, Term Loan B6 | | | 6.820% | | | | 1-Month LIBOR | | | | 2.250% | | | | 12/01/28 | | | | BBB– | | | | 506,290 | |
| | 5,161 | | | | | Total Diversified Financial Services | | | | 3,720,353 | |
| | |
| | | | | | Diversified Telecommunication Services – 4.4% (2.7% of Total Investments) | |
| | | | | | | | |
| | 582 | | | | | Altice France S.A., Term Loan B12 | | | 8.517% | | | | 3-Month LIBOR | | | | 3.688% | | | | 1/31/26 | | | | B | | | | 562,085 | |
| | 2,881 | | | | | Altice France S.A., Term Loan B13 | | | 8.650% | | | | 3-Month LIBOR | | | | 4.000% | | | | 8/14/26 | | | | B | | | | 2,787,352 | |
| | 2,875 | | | | | CenturyLink, Inc., Term Loan B | | | 6.820% | | | | 1-Month LIBOR | | | | 2.250% | | | | 3/15/27 | | | | BB+ | | | | 2,784,335 | |
| | 441 | | | | | Cincinnati Bell, Inc., Term Loan B2 | | | 7.911% | | | | SOFR30A | | | | 3.250% | | | | 11/23/28 | | | | B+ | | | | 439,358 | |
| | 636 | | | | | Connect Finco Sarl, Term Loan B | | | 8.070% | | | | 1-Month LIBOR | | | | 3.500% | | | | 12/12/26 | | | | B+ | | | | 632,701 | |
| | 423 | | | | | Cyxtera DC Holdings, Inc., Term Loan B | | | 7.820% | | | | 3-Month LIBOR | | | | 3.000% | | | | 5/01/24 | | | | B3 | | | | 348,025 | |
| | 1,722 | | | | | Frontier Communications Corp., Term Loan B | | | 8.500% | | | | 3-Month LIBOR | | | | 3.750% | | | | 10/08/27 | | | | BB+ | | | | 1,692,709 | |
| | 9,560 | | | | | Total Diversified Telecommunication Services | | | | 9,246,565 | |
| | |
| | | | | | Electric Utilities – 0.7% (0.4% of Total Investments) | |
| | | | | | | | |
| | 531 | | | | | ExGen Renewables IV, LLC, Term Loan | | | 7.240% | | | | 3-Month LIBOR | | | | 2.500% | | | | 12/15/27 | | | | BB– | | | | 530,465 | |
| | 294 | | | | | Pacific Gas & Electric Company, Term Loan | | | 7.625% | | | | 1-Month LIBOR | | | | 3.000% | | | | 6/23/25 | | | | BB | | | | 294,356 | |
| | 660 | | | | | Talen Energy Supply, LLC, Term Loan B (5) | | | 8.320% | | | | 1-Month LIBOR | | | | 3.750% | | | | 7/08/26 | | | | N/R | | | | 671,286 | |
| | 1,485 | | | | | Total Electric Utilities | | | | 1,496,107 | |
| | |
| | | | | | Electronic Equipment, Instruments & Components – 1.2% (0.7% of Total Investments) | |
| | | | | | | | |
| | 686 | | | | | II-VI Incorporated, Term Loan B | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 7/01/29 | | | | BBB– | | | | 685,534 | |
| | 1,000 | | | | | Ingram Micro Inc., Term Loan B | | | 8.230% | | | | 3-Month LIBOR | | | | 3.500% | | | | 7/02/28 | | | | BB+ | | | | 999,132 | |
| | 759 | | | | | TTM Technologies, Inc., Term Loan | | | 6.869% | | | | 1-Month LIBOR | | | | 2.500% | | | | 9/28/24 | | | | BB+ | | | | 759,208 | |
| | 2,445 | | | | | Total Electronic Equipment, Instruments & Components | | | | 2,443,874 | |
| | |
| | | | | | Entertainment – 1.4% (0.8% of Total Investments) | |
| | | | | | | | |
| | 874 | | | | | AMC Entertainment Holdings, Inc. , Term Loan B | | | 7.430% | | | | 1-Month LIBOR | | | | 3.000% | | | | 4/22/26 | | | | B– | | | | 519,570 | |
| | 2,552 | | | | | Crown Finance US, Inc., Term Loan (5) | | | 0.000% | | | | N/A | | | | N/A | | | | 2/28/25 | | | | D | | | | 447,198 | |
| | 294 | | | | | Crown Finance US, Inc., Term Loan (5) | | | 0.000% | | | | N/A | | | | N/A | | | | 9/20/26 | | | | D | | | | 48,375 | |
| | 757 | | | | | Diamond Sports Group, LLC, Term Loan, Second Lien | | | 8.025% | | | | SOFR90A | | | | 3.250% | | | | 8/24/26 | | | | Caa2 | | | | 62,019 | |
| | 324 | | | | | Lions Gate Capital Holdings LLC, Term Loan B | | | 6.820% | | | | 1-Month LIBOR | | | | 2.250% | | | | 3/24/25 | | | | Ba2 | | | | 319,693 | |
| | 639 | | | | | Springer Nature Deutschland GmbH, Term Loan B18 | | | 7.730% | | | | 1-Month LIBOR | | | | 3.000% | | | | 8/14/26 | | | | BB+ | | | | 639,546 | |
| | 167 | | | | | Univision Communications Inc., Term Loan C5 | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 3/15/24 | | | | B+ | | | | 167,333 | |
| | 630 | | | | | Virgin Media Bristol LLC, Term Loan Q | | | 7.709% | | | | 1-Month LIBOR | | | | 3.250% | | | | 1/31/29 | | | | BB+ | | | | 631,329 | |
| | 6,237 | | | | | Total Entertainment | | | | 2,835,063 | |
24
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | |
| | | | | | Food & Staples Retailing – 0.6% (0.4% of Total Investments) | |
| | | | | | | | |
| $ | 848 | | | | | US Foods, Inc., (DD1) | | | 6.570% | | | | 1-Month LIBOR | | | | 2.000% | | | | 9/13/26 | | | | BB | | | $ | 847,370 | |
| | 404 | | | | | US Foods, Inc., Term Loan B | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 11/22/28 | | | | BB | | | | 405,356 | |
| | 1,252 | | | | | Total Food & Staples Retailing | | | | 1,252,726 | |
| | |
| | | | | | Food Products – 1.0% (0.6% of Total Investments) | |
| | | | | | | | |
| | 585 | | | | | 8th Avenue Food & Provisions, Inc., Term Loan, First Lien, (DD1) | | | 8.720% | | | | 1-Month LIBOR | | | | 3.750% | | | | 10/01/25 | | | | CCC+ | | | | 512,220 | |
| | 412 | | | | | CHG PPC Parent LLC, Term Loan | | | 7.625% | | | | 1-Month LIBOR | | | | 3.000% | | | | 12/08/28 | | | | B1 | | | | 410,343 | |
| | 171 | | | | | Froneri International Ltd., Term Loan | | | 6.820% | | | | 1-Month LIBOR | | | | 2.250% | | | | 1/31/27 | | | | B+ | | | | 169,280 | |
| | 197 | | | | | H Food Holdings LLC, Term Loan B | | | 8.257% | | | | 1-Month LIBOR | | | | 3.688% | | | | 5/31/25 | | | | B2 | | | | 183,648 | |
| | 29 | | | | | H Food Holdings LLC, Term Loan B3 | | | 9.570% | | | | 1-Month LIBOR | | | | 5.000% | | | | 5/31/25 | | | | B2 | | | | 27,492 | |
| | 404 | | | | | Sycamore Buyer LLC, Term Loan B | | | 6.853% | | | | SOFR90A | | | | 2.250% | | | | 7/22/29 | | | | BB+ | | | | 399,039 | |
| | 435 | | | | | UTZ Quality Foods, LLC, Term Loan B | | | 7.668% | | | | TSFR1M | | | | 3.000% | | | | 1/20/28 | | | | B1 | | | | 435,094 | |
| | 2,233 | | | | | Total Food Products | | | | 2,137,116 | |
| | |
| | | | | | Health Care Equipment & Supplies – 5.7% (3.5% of Total Investments) | |
| | | | | | | | |
| | 3,923 | | | | | Bausch & Lomb, Inc., Term Loan | | | 7.842% | | | | SOFR90A | | | | 3.250% | | | | 5/05/27 | | | | BB– | | | | 3,826,366 | |
| | 1,398 | | | | | Carestream Health, Inc., Term Loan | | | 12.180% | | | | SOFR90A | | | | 7.500% | | | | 9/30/27 | | | | B– | | | | 1,022,734 | |
| | 205 | | | | | Embecta Corp, Term Loan B | | | 7.791% | | | | SOFR180A | | | | 3.000% | | | | 1/27/29 | | | | Ba3 | | | | 201,728 | |
| | 397 | | | | | ICU Medical, Inc., Term Loan B | | | 7.192% | | | | SOFR90A + TSFR1M | | | | 2.375% | | | | 12/14/28 | | | | BBB– | | | | 395,946 | |
| | 5,498 | | | | | Medline Borrower, LP, Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.500% | | | | 10/21/28 | | | | BB– | | | | 5,348,961 | |
| | 936 | | | | | Viant Medical Holdings, Inc., Term Loan, First Lien | | | 8.320% | | | | 1-Month LIBOR | | | | 3.750% | | | | 7/02/25 | | | | B3 | | | | 852,331 | |
| | 447 | | | | | Vyaire Medical, Inc., Term Loan B | | | 9.517% | | | | 3-Month LIBOR | | | | 4.750% | | | | 4/16/25 | | | | Caa1 | | | | 324,852 | |
| | 12,804 | | | | | Total Health Care Equipment & Supplies | | | | 11,972,918 | |
| | |
| | | | | | Health Care Providers & Services – 9.7% (6.0% of Total Investments) | |
| | | | | | | | |
| | 1,234 | | | | | AHP Health Partners, Inc., Term Loan B | | | 8.070% | | | | 1-Month LIBOR | | | | 3.500% | | | | 8/23/28 | | | | B1 | | | | 1,225,889 | |
| | 521 | | | | | DaVita, Inc. , Term Loan B | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 8/12/26 | | | | BBB– | | | | 515,417 | |
| | 137 | | | | | Element Materials Technology Group US Holdings Inc., Term Loan | | | 8.930% | | | | SOFR90A | | | | 4.250% | | | | 4/12/29 | | | | B1 | | | | 135,987 | |
| | 63 | | | | | Element Materials Technology Group US Holdings Inc., Term Loan | | | 8.930% | | | | SOFR90A | | | | 4.250% | | | | 4/12/29 | | | | B1 | | | | 62,763 | |
| | 795 | | | | | Gainwell Acquisition Corp., Term Loan B | | | 8.730% | | | | 3-Month LIBOR | | | | 4.000% | | | | 10/01/27 | | | | BB– | | | | 777,478 | |
| | 197 | | | | | Global Medical Response, Inc., Term Loan | | | 8.820% | | | | 1-Month LIBOR | | | | 4.250% | | | | 3/14/25 | | | | B– | | | | 146,096 | |
| | 2,068 | | | | | Global Medical Response, Inc., Term Loan B | | | 8.651% | | | | 1-Month LIBOR | | | | 4.250% | | | | 10/02/25 | | | | B– | | | | 1,537,939 | |
| | 2,018 | | | | | ICON Luxembourg S.A.R.L., Term Loan | | | 7.000% | | | | 3-Month LIBOR | | | | 2.250% | | | | 7/01/28 | | | | BB+ | | | | 2,020,463 | |
| | 631 | | | | | National Mentor Holdings, Inc., Term Loan | | | 8.400% | | | | 1 + 3 Month LIBOR | | | | 3.750% | | | | 3/02/28 | | | | B– | | | | 465,687 | |
| | 12 | | | | | National Mentor Holdings, Inc., Term Loan C | | | 8.480% | | | | 3-Month LIBOR | | | | 3.750% | | | | 3/02/28 | | | | B– | | | | 9,061 | |
| | 970 | | | | | Onex TSG Intermediate Corp., Term Loan B | | | 9.575% | | | | 3-Month LIBOR | | | | 4.750% | | | | 2/26/28 | | | | B | | | | 866,411 | |
| | 3,540 | | | | | Parexel International Corporation, Term Loan, First Lien | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 11/15/28 | | | | B1 | | | | 3,516,510 | |
| | 1,054 | | | | | Phoenix Guarantor Inc, Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 3/05/26 | | | | B1 | | | | 1,040,661 | |
| | 982 | | | | | Phoenix Guarantor Inc, Term Loan B3 | | | 8.070% | | | | 1-Month LIBOR | | | | 3.500% | | | | 3/05/26 | | | | B1 | | | | 971,756 | |
| | 96 | | | | | Quorum Health Corporation, Term Loan (5) | | | 12.975% | | | | 3-Month LIBOR | | | | 8.250% | | | | 4/29/25 | | | | CCC | | | | 67,767 | |
| | 1,619 | �� | | | | RegionalCare Hospital Partners Holdings, Inc., Term Loan B | | | 8.575% | | | | 3-Month LIBOR | | | | 3.750% | | | | 11/16/25 | | | | B1 | | | | 1,576,552 | |
| | 1,253 | | | | | Select Medical Corporation, Term Loan B | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 3/06/25 | | | | Ba2 | | | | 1,249,261 | |
| | 2,418 | | | | | Surgery Center Holdings, Inc., Term Loan | | | 8.210% | | | | 3-Month LIBOR | | | | 3.750% | | | | 8/31/26 | | | | B1 | | | | 2,416,309 | |
| | 513 | | | | | Team Health Holdings, Inc., Term Loan B | | | 9.811% | | | | SOFR30A | | | | 5.250% | | | | 2/02/27 | | | | B– | | | | 427,528 | |
| | 768 | | | | | Team Health Holdings, Inc., Term Loan, First Lien, (DD1) | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 2/06/24 | | | | B– | | | | 709,291 | |
| | 737 | | | | | US Radiology Specialists, Inc., Term Loan | | | 9.875% | | | | 1-Month LIBOR | | | | 5.250% | | | | 12/15/27 | | | | B– | | | | 705,615 | |
| | 21,626 | | | | | Total Health Care Providers & Services | | | | 20,444,441 | |
| | |
| | | | | | Health Care Technology – 0.2% (0.1% of Total Investments) | |
| | | | | | | | |
| | 70 | | | | | Athenahealth, Inc., Term Loan (6) | | | 8.012% | | | | SOFR30A | | | | 3.500% | | | | 1/27/29 | | | | B+ | | | | 66,060 | |
| | 408 | | | | | Athenahealth, Inc., Term Loan B | | | 8.012% | | | | SOFR30A | | | | 3.500% | | | | 1/27/29 | | | | B+ | | | | 387,804 | |
| | 478 | | | | | Total Health Care Technology | | | | 453,864 | |
25
| | |
| |
| NSL | | Nuveen Senior Income Fund (continued) |
| | Portfolio of Investments January 31, 2023 |
| | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | |
| | | | | | Hotels, Restaurants & Leisure – 21.2% (13.1% of Total Investments) | |
| | | | | | | | |
| $ | 249 | | | | | 24 Hour Fitness Worldwide, Inc., Exit Term Loan (cash 0.220%, PIK 5.000%) | | | 9.726% | | | | 3-Month LIBOR | | | | 5.000% | | | | 12/29/25 | | | | CCC– | | | $ | 21,521 | |
| | 110 | | | | | 24 Hour Fitness Worldwide, Inc., Exit Term Loan | | | 18.732% | | | | 3-Month LIBOR | | | | 14.000% | | | | 9/29/26 | | | | Caa3 | | | | 60,473 | |
| | 294 | | | | | Alterra Mountain Company, Term Loan | | | 8.070% | | | | 1-Month LIBOR | | | | 3.500% | | | | 8/17/28 | | | | B+ | | | | 293,833 | |
| | 52 | | | | | Alterra Mountain Company, Term Loan B1 | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 7/31/24 | | | | B+ | | | | 51,546 | |
| | 554 | | | | | Aramark Services, Inc., Term Loan B3 | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 3/11/25 | | | | BB+ | | | | 553,283 | |
| | 6,693 | | | | | B.C. Unlimited Liability Company, Term Loan B4 | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 11/19/26 | | | | BB+ | | | | 6,632,972 | |
| | 795 | | | | | Caesars Entertainment Inc, Term Loan, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | Ba3 | | | | 795,286 | |
| | 2,601 | | | | | Caesars Resort Collection, LLC, Term Loan B, First Lien | | | 7.320% | | | | 1-Week LIBOR | | | | 2.750% | | | | 12/22/24 | | | | BB– | | | | 2,602,100 | |
| | 1,952 | | | | | Caesars Resort Collection, LLC, Term Loan B1 | | | 8.070% | | | | 1-Week LIBOR | | | | 3.500% | | | | 7/20/25 | | | | BB– | | | | 1,954,015 | |
| | 1,666 | | | | | Carnival Corporation, Term Loan B | | | 7.570% | | | | 1-Month LIBOR | | | | 3.000% | | | | 6/30/25 | | | | Ba2 | | | | 1,643,333 | |
| | 479 | | | | | Carnival Corporation, Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 10/18/28 | | | | BB– | | | | 468,497 | |
| | 1,173 | | | | | Churchill Downs Incorporated, Term Loan B1 | | | 6.570% | | | | 1-Month LIBOR | | | | 2.000% | | | | 3/17/28 | | | | BBB– | | | | 1,168,129 | |
| | 3,184 | | | | | ClubCorp Holdings, Inc., Term Loan B, (DD1) | | | 7.480% | | | | 3-Month LIBOR | | | | 2.750% | | | | 9/18/24 | | | | B2 | | | | 2,954,211 | |
| | 574 | | | | | Crown Finance US, Inc., Term Loan(6) | | | 0.000% | | | | N/A | | | | N/A | | | | 5/31/23 | | | | CCC+ | | | | 90,764 | |
| | 1,954 | | | | | Crown Finance US, Inc., Term Loan, (DD1) | | | 14.635% | | | | TSFR3M | | | | 10.000% | | | | 9/09/23 | | | | N/R | | | | 1,976,883 | |
| | 164 | | | | | Crown Finance US, Inc., Term Loan, (DD1) | | | 14.460% | | | | TSFR1M | | | | 10.000% | | | | 9/09/23 | | | | N/R | | | | 166,125 | |
| | 1,563 | | | | | Equinox Holdings, Inc., Term Loan, First Lien | | | 7.730% | | | | 3-Month LIBOR | | | | 3.000% | | | | 3/08/24 | | | | Caa2 | | | | 1,220,510 | |
| | 3,072 | | | | | Fertitta Entertainment, LLC, Term Loan B | | | 8.561% | | | | SOFR30A | | | | 4.000% | | | | 1/27/29 | | | | B | | | | 3,041,066 | |
| | 465 | | | | | Four Seasons Hotels Ltd, Term Loan, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | BB+ | | | | 467,370 | |
| | 1,005 | | | | | GVC Holdings (Gibraltar) Limited, Term Loan B, (DD1) | | | 8.180% | | | | SOFR90A | | | | 3.500% | | | | 10/31/29 | | | | Ba1 | | | | 1,007,764 | |
| | 494 | | | | | Hilton Grand Vacations Borrower LLC, Term Loan B | | | 7.570% | | | | 1-Month LIBOR | | | | 3.000% | | | | 8/02/28 | | | | BB+ | | | | 494,587 | |
| | 1,234 | | | | | Hilton Worldwide Finance, LLC, Term Loan B2 | | | 6.380% | | | | TSFR1M | | | | 1.750% | | | | 6/21/26 | | | | BBB– | | | | 1,234,388 | |
| | 224 | | | | | IRB Holding Corp, Term Loan B | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 2/05/25 | | | | B+ | | | | 224,376 | |
| | 2,069 | | | | | IRB Holding Corp, Term Loan B, (DD1) | | | 7.687% | | | | SOFR90A | | | | 3.000% | | | | 12/15/27 | | | | B+ | | | | 2,051,941 | |
| | 628 | | | | | Life Time Fitness Inc , Term Loan B | | | 9.485% | | | | 3-Month LIBOR | | | | 4.750% | | | | 12/15/24 | | | | B+ | | | | 629,219 | |
| | 28 | | | | | Motion Finco LLC, Term Loan, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | B | | | | 27,618 | |
| | 550 | | | | | NASCAR Holdings, Inc, Term Loan B | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 10/18/26 | | | | BBB– | | | | 550,830 | |
| | 547 | | | | | PCI Gaming Authority, Term Loan | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 5/31/26 | | | | BBB– | | | | 548,160 | |
| | 437 | | | | | Penn National Gaming, Inc., Term Loan B | | | 7.411% | | | | SOFR30A | | | | 2.750% | | | | 4/20/29 | | | | BB | | | | 436,799 | |
| | 509 | | | | | Scientific Games Holdings LP, Term Loan B | | | 8.103% | | | | SOFR90A | | | | 3.500% | | | | 2/04/29 | | | | BB– | | | | 501,239 | |
| | 1,705 | | | | | Scientific Games International, Inc., Term Loan | | | 7.578% | | | | SOFR30A | | | | 3.000% | | | | 4/07/29 | | | | BBB– | | | | 1,706,035 | |
| | 987 | | | | | SeaWorld Parks & Entertainment, Inc., Term Loan B | | | 7.625% | | | | 1-Month LIBOR | | | | 3.000% | | | | 8/25/28 | | | | BB | | | | 986,636 | |
| | 3,279 | | | | | Stars Group Holdings B.V. (The), Term Loan | | | 6.980% | | | | 3-Month LIBOR | | | | 2.250% | | | | 7/10/25 | | | | BBB | | | | 3,276,738 | |
| | 813 | | | | | Stars Group Holdings B.V. (The), Term Loan B | | | 8.092% | | | | SOFR90A | | | | 3.250% | | | | 7/04/28 | | | | BBB | | | | 815,507 | |
| | 1,434 | | | | | Station Casinos LLC, Term Loan B | | | 6.820% | | | | 1-Month LIBOR | | | | 2.250% | | | | 2/08/27 | | | | BB– | | | | 1,424,860 | |
| | 742 | | | | | Twin River Worldwide Holdings, Inc., Term Loan B | | | 7.709% | | | | 1-Month LIBOR | | | | 3.250% | | | | 10/01/28 | | | | BB+ | | | | 715,633 | |
| | 1,039 | | | | | William Morris Endeavor Entertainment, LLC, Term Loan, First Lien | | | 7.352% | | | | 1 + 3 Month LIBOR | | | | 2.750% | | | | 5/16/25 | | | | B | | | | 1,034,829 | |
| | 715 | | | | | Wyndham Hotels & Resorts, Inc., Term Loan B | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 5/30/25 | | | | BBB– | | | | 715,779 | |
| | 46,033 | | | | | Total Hotels, Restaurants & Leisure | | | | 44,544,855 | |
| | |
| | | | | | Household Durables – 0.8% (0.5% of Total Investments) | |
| | | | | | | | |
| | 55 | | | | | AI Aqua Merger Sub, Inc., Term Loan | | | 8.124% | | |
| SOFR30A +
3 Month LIBOR |
| | | 3.917% | | | | 7/30/28 | | | | B | | | | 54,434 | |
| | 319 | | | | | AI Aqua Merger Sub, Inc., Term Loan B | | | 8.132% | | | | SOFR90A | | | | 3.750% | | | | 7/30/28 | | | | B | | | | 312,604 | |
26
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | |
| | | | | | Household Durables (continued) | |
| | | | | | | | |
| $ | 796 | | | | | AI Aqua Merger Sub, Inc., Term Loan B, First Lien | | | 8.147% | | | | SOFR30A | | | | 3.750% | | | | 7/30/28 | | | | B | | | $ | 778,918 | |
| | 561 | | | | | Weber-Stephen Products LLC, Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 10/30/27 | | | | CCC+ | | | | 494,437 | |
| | 1,731 | | | | | Total Household Durables | | | | 1,640,393 | |
| | |
| | | | | | Household Products – 0.2% (0.1% of Total Investments) | |
| | | | | | | | |
| | 320 | | | | | Reynolds Consumer Products LLC, Term Loan | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 2/04/27 | | | | BBB– | | | | 320,164 | |
| | |
| | | | | | Independent Power And Renewable Electricity Producers – 0.3% (0.2% of Total Investments) | |
| | | | | | | | |
| | 592 | | | | | Vistra Operations Company LLC, Term Loan B3, First Lien | | | 6.262% | | | | 1-Month LIBOR | | | | 1.750% | | | | 12/31/25 | | | | BBB– | | | | 591,627 | |
| | |
| | | | | | Insurance – 5.5% (3.4% of Total Investments) | |
| | | | | | | | |
| | 2,052 | | | | | Acrisure, LLC, Term Loan B | | | 8.070% | | | | 1-Month LIBOR | | | | 3.500% | | | | 2/15/27 | | | | B | | | | 1,983,351 | |
| | 1,749 | | | | | Alliant Holdings Intermediate, LLC, Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 5/10/25 | | | | B | | | | 1,749,726 | |
| | 247 | | | | | Alliant Holdings Intermediate, LLC, Term Loan B4 | | | 8.008% | | | | 1-Month LIBOR | | | | 3.500% | | | | 11/06/27 | | | | B | | | | 246,875 | |
| | 1,011 | | | | | Asurion LLC, Term Loan B4, Second Lien | | | 9.820% | | | | 1-Month LIBOR | | | | 5.250% | | | | 1/20/29 | | | | B | | | | 850,509 | |
| | 320 | | | | | Asurion LLC, Term Loan B7 | | | 7.570% | | | | 1-Month LIBOR | | | | 3.000% | | | | 11/03/24 | | | | Ba3 | | | | 317,495 | |
| | 1,306 | | | | | Asurion LLC, Term Loan B8 | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 12/23/26 | | | | Ba3 | | | | 1,252,093 | |
| | 657 | | | | | Asurion LLC, Term Loan B9 | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 7/31/27 | | | | Ba3 | | | | 622,296 | |
| | 75 | | | | | BroadStreet Partners Inc, Term Loan, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | B1 | | | | 73,914 | |
| | 345 | | | | | Broadstreet Partners, Inc., Term Loan B2 | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 1/27/27 | | | | B1 | | | | 341,089 | |
| | 530 | | | | | Hub International Limited, Term Loan B | | | 7.746% | | | | 3-Month LIBOR | | | | 3.250% | | | | 4/25/25 | | | | B | | | | 530,520 | |
| | 1,584 | | | | | Hub International Limited, Term Loan B | | | 7.746% | | | | 3-Month LIBOR | | | | 3.000% | | | | 4/25/25 | | | | B | | | | 1,584,466 | |
| | 190 | | | | | Hub International Limited, Term Loan B | | | 8.220% | | | | SOFR90A | | | | 4.000% | | | | 11/10/29 | | | | B | | | | 190,148 | |
| | 269 | | | | | Ryan Specialty Group, LLC, Term Loan | | | 7.553% | | | | SOFR30A | | | | 3.000% | | | | 9/01/27 | | | | BB– | | | | 268,897 | |
| | 1,581 | | | | | USI, Inc., Term Loan | | | 8.330% | | | | SOFR90A | | | | 3.750% | | | | 11/16/29 | | | | B1 | | | | 1,583,211 | |
| | 11,916 | | | | | Total Insurance | | | | 11,594,590 | |
| | |
| | | | | | Interactive Media & Services – 0.7% (0.4% of Total Investments) | |
| | | | | | | | |
| | 2,176 | | | | | Rackspace Technology Global, Inc., Term Loan B | | | 7.380% | | | | 3-Month LIBOR | | | | 2.750% | | | | 2/09/28 | | | | B– | | | | 1,381,724 | |
| | |
| | | | | | Internet & Direct Marketing Retail – 0.7% (0.4% of Total Investments) | |
| | | | | | | | |
| | 983 | | | | | CNT Holdings I Corp, Term Loan | | | 8.125% | | | | TSFR3M | | | | 3.500% | | | | 11/08/27 | | | | B | | | | 972,292 | |
| | 55 | | | | | Medical Solutions Holdings, Inc., Term Loan | | | 7.940% | | | | 3-Month LIBOR | | | | 3.500% | | | | 11/01/28 | | | | B1 | | | | 53,494 | |
| | 397 | | | | | Medical Solutions Holdings, Inc., Term Loan, First Lien | | | 7.223% | | |
| 1 + 3 Month
LIBOR |
| | | 3.500% | | | | 11/01/28 | | | | B1 | | | | 385,030 | |
| | 1,435 | | | | | Total Internet & Direct Marketing Retail | | | | 1,410,816 | |
| | |
| | | | | | IT Services – 3.4% (2.1% of Total Investments) | |
| | | | | | | | |
| | 949 | | | | | Ahead DB Holdings, LLC, Term Loan B | | | 8.480% | | | | 3-Month LIBOR | | | | 3.750% | | | | 10/16/27 | | | | B+ | | | | 936,105 | |
| | 155 | | | | | iQor US Inc., Exit Term Loan | | | 12.047% | | | | 1-Month LIBOR | | | | 7.500% | | | | 9/15/27 | | | | B1 | | | | 154,020 | |
| | 723 | | | | | Peraton Corp., Term Loan B | | | 8.320% | | | | 1-Month LIBOR | | | | 3.750% | | | | 2/01/28 | | | | BB– | | | | 720,927 | |
| | 677 | | | | | Perforce Software, Inc., Term Loan B | | | 8.320% | | | | 1-Month LIBOR | | | | 3.750% | | | | 7/01/26 | | | | B2 | | | | 631,480 | |
| | 1,870 | | | | | Syniverse Holdings, Inc., Term Loan | | | 11.580% | | | | SOFR90A | | | | 7.000% | | | | 5/10/29 | | | | B– | | | | 1,688,425 | |
| | 1,041 | | | | | Tempo Acquisition LLC, Term Loan B | | | 7.561% | | | | TSFR1M | | | | 3.000% | | | | 8/31/28 | | | | BB– | | | | 1,043,562 | |
| | 1,181 | | | | | Travelport Finance (Luxembourg) S.a.r.l., Term Loan, (cash 3.500%, PIK 6.500%) | | | 6.740% | | | | 3-Month LIBOR | | | | 1.500% | | | | 2/28/25 | | | | B– | | | | 1,215,458 | |
| | 719 | | | | | WEX Inc., Term Loan | | | 6.820% | | | | 1-Month LIBOR | | | | 2.250% | | | | 4/01/28 | | | | Ba2 | | | | 717,882 | |
| | 7,315 | | | | | Total IT Services | | | | 7,107,859 | |
| | |
| | | | | | Leisure Products – 0.3% (0.2% of Total Investments) | |
| | | | | | | | |
| | 276 | | | | | Hayward Industries, Inc., Term Loan | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 5/28/28 | | | | BB | | | | 272,712 | |
| | 352 | | | | | SRAM, LLC , Term Loan B | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 5/18/28 | | | | BB– | | | | 349,411 | |
| | 628 | | | | | Total Leisure Products | | | | 622,123 | |
27
| | |
| |
| NSL | | Nuveen Senior Income Fund (continued) |
| | Portfolio of Investments January 31, 2023 |
| | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | |
| | | | | | Life Sciences Tools & Services – 0.7% (0.4% of Total Investments) | |
| | | | | | | | |
| $ | 241 | | | | | Avantor Funding, Inc., Term Loan B5 | | | 6.820% | | | | 1-Month LIBOR | | | | 2.250% | | | | 11/06/27 | | | | BB+ | | | $ | 241,198 | |
| | 872 | | | | | Curia Global, Inc., Term Loan, (DD1) | | | 8.469% | | | | 1 + 3 Month LIBOR | | | | 3.750% | | | | 8/30/26 | | | | B2 | | | | 757,271 | |
| | 503 | | | | | ICON Luxembourg S.A.R.L., Term Loan | | | 7.000% | | | | 3-Month LIBOR | | | | 2.250% | | | | 7/01/28 | | | | BB+ | | | | 503,254 | |
| | 1,616 | | | | | Total Life Sciences Tools & Services | | | | 1,501,723 | |
| | |
| | | | | | Machinery – 2.4% (1.5% of Total Investments) | |
| | | | | | | | |
| | 1,191 | | | | | Ali Group North America Corporation, Term Loan B | | | 6.676% | | | | TSFR1M | | | | 2.000% | | | | 10/13/28 | | | | Baa3 | | | | 1,189,887 | |
| | 727 | | | | | Alliance Laundry Systems LLC, Term Loan B | | | 8.306% | | | | 3-Month LIBOR | | | | 3.500% | | | | 10/08/27 | | | | B | | | | 726,437 | |
| | 375 | | | | | Chart Industries Inc, Term Loan, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | Ba3 | | | | 376,406 | |
| | 825 | | | | | Gardner Denver, Inc., Term Loan B2 | | | 6.411% | | | | TSFR1M | | | | 1.750% | | | | 2/28/27 | | | | BB+ | | | | 824,016 | |
| | 1,022 | | | | | Gates Global LLC, Term Loan B3 | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 3/31/27 | | | | Ba3 | | | | 1,019,729 | |
| | 351 | | | | | Grinding Media Inc., Term Loan B | | | 8.056% | | | | 3-Month LIBOR | | | | 4.000% | | | | 10/12/28 | | | | B | | | | 344,428 | |
| | 492 | | | | | Madison IAQ LLC, Term Loan | | | 7.988% | | | | 3-Month LIBOR | | | | 3.250% | | | | 6/21/28 | | | | B2 | | | | 472,364 | |
| | 4,983 | | | | | Total Machinery | | | | 4,953,267 | |
| | |
| | | | | | Media – 10.6% (6.5% of Total Investments) | |
| | | | | | | | |
| | 995 | | | | | ABG Intermediate Holdings 2 LLC, Term Loan B1 | | | 8.161% | | | | SOFR30A | | | | 3.500% | | | | 12/21/28 | | | | B1 | | | | 989,154 | |
| | 160 | | | | | ABG Intermediate Holdings 2 LLC, Term Loan, Second Lien | | | 10.661% | | | | SOFR30A | | | | 6.000% | | | | 12/20/29 | | | | CCC+ | | | | 148,101 | |
| | 230 | | | | | Altice Financing SA, Term Loan, First Lien | | | 7.580% | | | | 3-Month LIBOR | | | | 2.750% | | | | 1/31/26 | | | | B | | | | 225,654 | |
| | 246 | | | | | Cable One, Inc., Term Loan B4 | | | 6.570% | | | | 1-Month LIBOR | | | | 2.000% | | | | 5/03/28 | | | | BB+ | | | | 244,583 | |
| | 1,452 | | | | | Cengage Learning, Inc., Term Loan B | | | 9.880% | | | | 3-Month LIBOR | | | | 4.750% | | | | 7/14/26 | | | | B | | | | 1,387,754 | |
| | 1,652 | | | | | Charter Communications Operating, LLC, Term Loan B2 | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 2/01/27 | | | | BBB– | | | | 1,649,102 | |
| | 194 | | | | | Checkout Holding Corp., First Out Term Loan | | | 11.920% | | | | 3-Month LIBOR | | | | 7.500% | | | | 2/15/23 | | | | N/R | | | | 152,390 | |
| | 387 | | | | | Checkout Holding Corp., Last Out Term Loan, (cash 2.000, PIK 9.500%) | | | 9.500% | | | | 1-Month LIBOR | | | | 9.500% | | | | 8/15/23 | | | | N/R | | | | 89,052 | |
| | 3,792 | | | | | Clear Channel Outdoor Holdings, Inc., Term Loan B | | | 8.198% | | | | 1 + 3 Month LIBOR | | | | 3.500% | | | | 8/21/26 | | | | B1 | | | | 3,616,313 | |
| | 502 | | | | | CSC Holdings, LLC, Term Loan | | | 6.709% | | | | 1-Month LIBOR | | | | 2.250% | | | | 1/15/26 | | | | B+ | | | | 484,025 | |
| | 292 | | | | | CSC Holdings, LLC, Term Loan B1 | | | 6.709% | | | | 1-Month LIBOR | | | | 2.250% | | | | 7/17/25 | | | | B+ | | | | 282,620 | |
| | 308 | | | | | CSC Holdings, LLC, Term Loan B5 | | | 6.959% | | | | 1-Month LIBOR | | | | 2.500% | | | | 4/15/27 | | | | B+ | | | | 286,909 | |
| | 2,388 | | | | | CSC Holdings, LLC, Term Loan B6 | | | 8.822% | | | | SOFR90A | | | | 4.500% | | | | 1/14/28 | | | | B1 | | | | 2,269,073 | |
| | 214 | | | | | Cumulus Media New Holdings Inc., Term Loan B | | | 8.575% | | | | 1-Month LIBOR | | | | 3.750% | | | | 3/31/26 | | | | B | | | | 205,320 | |
| | 2,569 | | | | | DirecTV Financing, LLC, Term Loan | | | 9.570% | | | | 1-Month LIBOR | | | | 5.000% | | | | 8/02/27 | | | | BBB– | | | | 2,532,520 | |
| | 352 | | | | | Dotdash Meredith Inc, Term Loan B | | | 8.434% | | | | SOFR30A | | | | 4.000% | | | | 12/01/28 | | | | B+ | | | | 299,874 | |
| | 481 | | | | | E.W. Scripps Company (The), Term Loan B2 | | | 7.132% | | | | 1-Month LIBOR | | | | 2.563% | | | | 5/01/26 | | | | BB | | | | 479,827 | |
| | 775 | | | | | Formula One Holdings Limited., Term Loan B | | | 7.811% | | | | TSFR1M | | | | 3.250% | | | | 1/15/30 | | | | BB+ | | | | 778,956 | |
| | 2,248 | | | | | iHeartCommunications, Inc., Term Loan | | | 7.570% | | | | 1-Month LIBOR | | | | 3.000% | | | | 5/01/26 | | | | BB– | | | | 2,219,804 | |
| | 9 | | | | | LCPR Loan Financing LLC, Term Loan B | | | 8.209% | | | | 1-Month LIBOR | | | | 3.750% | | | | 10/15/28 | | | | BB+ | | | | 8,872 | |
| | 1,062 | | | | | McGraw-Hill Global Education Holdings, LLC, Term Loan | | | 8.316% | | | | 6-Month LIBOR | | | | 4.750% | | | | 7/30/28 | | | | BB+ | | | | 1,019,021 | |
| | 84 | | | | | Mission Broadcasting, Inc., Term Loan B | | | 6.869% | | | | 1-Month LIBOR | | | | 2.500% | | | | 6/03/28 | | | | BBB– | | | | 83,307 | |
| | 182 | | | | | Outfront Media Capital LLC, Term Loan B | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 11/18/26 | | | | Ba1 | | | | 180,408 | |
| | 530 | | | | | WideOpenWest Finance LLC, Term Loan B | | | 7.580% | | | | SOFR90A | | | | 3.000% | | | | 12/20/28 | | | | BB | | | | 527,267 | |
| | 2,074 | | | | | Ziggo Financing Partnership, Term Loan I | | | 6.959% | | | | 1-Month LIBOR | | | | 2.500% | | | | 4/30/28 | | | | BB | | | | 2,060,364 | |
| | 23,178 | | | | | Total Media | | | | 22,220,270 | |
| | |
| | | | | | Multiline Retail – 0.2% (0.1% of Total Investments) | |
| | | | | | | | |
| | 1,199 | | | | | Belk, Inc., Term Loan, (cash 5.000%, PIK 8.000%) | | | 17.440% | | | | 3-Month LIBOR | | | | 13.000% | | | | 7/31/25 | | | | CCC– | | | | 222,520 | |
| | 247 | | | | | Belk, Inc., Term Loan | | | 12.199% | | | | 3-Month LIBOR | | | | 7.500% | | | | 7/31/25 | | | | B– | | | | 212,346 | |
| | 1,446 | | | | | Total Multiline Retail | | | | 434,866 | |
| | |
| | | | | | Oil, Gas & Consumable Fuels – 3.7% (2.3% of Total Investments) | |
| | | | | | | | |
| | 637 | | | | | BCP Renaissance Parent LLC, Term Loan B3 | | | 8.061% | | | | TSFR1M | | | | 3.500% | | | | 10/31/26 | | | | B+ | | | | 636,810 | |
| | 601 | | | | | Buckeye Partners, L.P., Term Loan B | | | 6.634% | | | | 1-Month LIBOR | | | | 2.250% | | | | 11/01/26 | | | | BBB– | | | | 602,109 | |
28
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | |
| | | | | | Oil, Gas & Consumable Fuels (continued) | |
| | | | | | | | |
| $ | 218 | | | | | EG America LLC, Term Loan | | | 8.730% | | | | 3-Month LIBOR | | | | 4.000% | | | | 2/05/25 | | | | B– | | | $ | 210,965 | |
| | 1,369 | | | | | Freeport LNG Investments, LLLP, Term Loan A, (DD1) | | | 7.808% | | | | 3-Month LIBOR | | | | 3.000% | | | | 11/16/26 | | | | N/R | | | | 1,333,954 | |
| | 1,406 | | | | | Gulf Finance, LLC, Term Loan | | | 11.344% | | | | 1-Month LIBOR | | | | 6.750% | | | | 8/25/26 | | | | B | | | | 1,373,831 | |
| | 165 | | | | | M6 ETX Holdings II Midco LLC, Term Loan B | | | 9.158% | | | | SOFR90A | | | | 4.500% | | | | 8/11/29 | | | | BB+ | | | | 164,588 | |
| | 1,334 | | | | | QuarterNorth Energy Holding Inc., Exit Term Loan, Second Lien | | | 12.570% | | | | 1-Month LIBOR | | | | 8.000% | | | | 8/27/26 | | | | B | | | | 1,329,549 | |
| | 658 | | | | | TransMontaigne Operating Company L.P., Term Loan B | | | 8.028% | | | | 1-Month LIBOR | | | | 3.500% | | | | 11/05/28 | | | | BB | | | | 657,320 | |
| | 1,086 | | | | | Traverse Midstream Partners LLC, Term Loan | | | 8.800% | | | | SOFR90A | | | | 4.250% | | | | 9/27/24 | | | | B+ | | | | 1,088,294 | |
| | 350 | | | | | Whitewater Whistler Holdings LLC, Term Loan, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | BB+ | | | | 350,000 | |
| | 7,824 | | | | | Total Oil, Gas & Consumable Fuels | | | | 7,747,420 | |
| | |
| | | | | | Paper & Forest Products – 0.1% (0.0% of Total Investments) | |
| | | | | | | | |
| | 142 | | | | | Asplundh Tree Expert, LLC, Term Loan B, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | BBB– | | | | 141,671 | |
| | |
| | | | | | Personal Products – 0.3% (0.2% of Total Investments) | |
| | | | | | | | |
| | 284 | | | | | Conair Holdings, LLC, Term Loan B | | | 8.480% | | | | 3-Month LIBOR | | | | 3.750% | | | | 5/17/28 | | | | B– | | | | 246,106 | |
| | 70 | | | | | Coty Inc., Term Loan B | | | 6.645% | | | | 1-Month LIBOR | | | | 2.250% | | | | 4/05/25 | | | | BB– | | | | 69,273 | |
| | 385 | | | | | Kronos Acquisition Holdings Inc., Term Loan B, (DD1) | | | 8.485% | | | | 3-Month LIBOR | | | | 3.750% | | | | 12/22/26 | | | | B2 | | | | 375,974 | |
| | 739 | | | | | Total Personal Products | | | | 691,353 | |
| | |
| | | | | | Pharmaceuticals – 4.1% (2.6% of Total Investments) | |
| | | | | | | | |
| | 450 | | | | | Catalent Pharma Solutions Inc., Term Loan B3 | | | 6.563% | | | | 1-Month LIBOR | | | | 2.000% | | | | 2/22/28 | | | | BBB– | | | | 449,714 | |
| | 445 | | | | | Elanco Animal Health Incorporated, Term Loan B | | | 6.119% | | | | 1-Month LIBOR | | | | 1.750% | | | | 8/01/27 | | | | BBB– | | | | 438,476 | |
| | 3,230 | | | | | Jazz Financing Lux S.a.r.l., Term Loan | | | 8.070% | | | | 1-Month LIBOR | | | | 3.500% | | | | 5/05/28 | | | | BB+ | | | | 3,230,630 | |
| | 751 | | | | | Mallinckrodt International Finance S.A., Term Loan, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | B3 | | | | 577,693 | |
| | 2,497 | | | | | Mallinckrodt International Finance S.A., Term Loan, (DD1) | | | 9.986% | | | | 3-Month LIBOR | | | | 5.250% | | | | 9/30/27 | | | | B3 | | | | 1,922,675 | |
| | 28 | | | | | Mallinckrodt International Finance S.A., Term Loan B, (DD1) (5) | | | 9.986% | | | | 3-Month LIBOR | | | | 5.250% | | | | 9/24/24 | | | | B | | | | 21,518 | |
| | 1,621 | | | | | Organon & Co, Term Loan | | | 7.750% | | | | 3-Month LIBOR | | | | 3.000% | | | | 6/02/28 | | | | BB | | | | 1,621,752 | |
| | 389 | | | | | Perrigo Investments, LLC, Term Loan B | | | 7.161% | | | | SOFR30A | | | | 2.500% | | | | 4/05/29 | | | | Baa3 | | | | 390,504 | |
| | 9,411 | | | | | Total Pharmaceuticals | | | | 8,652,962 | |
| | |
| | | | | | Professional Services – 2.2% (1.3% of Total Investments) | |
| | | | | | | | |
| | 282 | | | | | CHG Healthcare Services Inc., Term Loan | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 9/30/28 | | | | B1 | | | | 280,013 | |
| | 485 | | | | | Creative Artists Agency, LLC , Term Loan B | | | 8.320% | | | | 1-Month LIBOR | | | | 3.750% | | | | 11/26/26 | | | | B | | | | 485,834 | |
| | 1,272 | | | | | Dun & Bradstreet Corporation (The), Term Loan | | | 7.767% | | | | 1-Month LIBOR | | | | 3.250% | | | | 2/08/26 | | | | BB+ | | | | 1,271,519 | |
| | 720 | | | | | EAB Global, Inc., Term Loan | | | 8.070% | | | | 1-Month LIBOR | | | | 3.500% | | | | 8/16/28 | | | | B2 | | | | 697,380 | |
| | 327 | | | | | Physician Partners LLC, Term Loan | | | 8.661% | | | | SOFR30A | | | | 4.000% | | | | 2/01/29 | | | | B | | | | 313,809 | |
| | 1,482 | | | | | Verscend Holding Corp., Term Loan B | | | 8.570% | | | | 1-Month LIBOR | | | | 4.000% | | | | 8/27/25 | | | | BB– | | | | 1,482,513 | |
| | 4,568 | | | | | Total Professional Services | | | | 4,531,068 | |
| | |
| | | | | | Real Estate Management & Development – 0.3% (0.2% of Total Investments) | |
| | | | | | | | |
| | 291 | | | | | Cushman & Wakefield U.S. Borrower, LLC, Term Loan B | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 8/21/25 | | | | BB | | | | 290,194 | |
| | 367 | | | | | Cushman & Wakefield U.S. Borrower, LLC, Term Loan B | | | 7.816% | | | | 1-Month LIBOR | | | | 2.750% | | | | 8/21/25 | | | | BB | | | | 366,006 | |
| | 658 | | | | | Total Real Estate Management & Development | | | | 656,200 | |
| | |
| | | | | | Road & Rail – 1.7% (1.0% of Total Investments) | |
| | | | | | | | |
| | 228 | | | | | Genesee & Wyoming Inc. (New), Term Loan | | | 6.730% | | | | 3-Month LIBOR | | | | 2.000% | | | | 12/30/26 | | | | BB+ | | | | 228,243 | |
| | 648 | | | | | Hertz Corporation, (The), Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 6/30/28 | | | | BB+ | | | | 646,738 | |
29
| | |
| |
| NSL | | Nuveen Senior Income Fund (continued) |
| | Portfolio of Investments January 31, 2023 |
| | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | |
| | | | | | Road & Rail (continued) | |
| | | | | | | | |
| $ | 124 | | | | | Hertz Corporation, (The), Term Loan C | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 6/30/28 | | | | BB+ | | | $ | 123,520 | |
| | 1,431 | | | | | Uber Technologies, Inc., Term Loan B, First Lien | | | 8.235% | | | | 3-Month LIBOR | | | | 3.500% | | | | 4/04/25 | | | | Ba3 | | | | 1,433,028 | |
| | 1,083 | | | | | XPO Logistics, Inc., Term Loan B | | | 6.134% | | | | 1-Month LIBOR | | | | 1.750% | | | | 2/24/25 | | | | BB+ | | | | 1,081,591 | |
| | 3,514 | | | | | Total Road & Rail | | | | 3,513,120 | |
| | |
| | | | | | Semiconductors & Semiconductor Equipment – 0.5% (0.3% of Total Investments) | |
| | | | | | | | |
| | 562 | | | | | Bright Bidco B.V., Term Loan | | | 12.676% | | | | TSFR3M | | | | 8.000% | | | | 10/31/27 | | | | B | | | | 491,450 | |
| | 518 | | | | | Entegris, Inc., Term Loan B | | | 7.571% | | |
| SOFR30A +
SOFR90A |
| | | 3.000% | | | | 7/06/29 | | | | Baa3 | | | | 520,834 | |
| | 1,080 | | | | | Total Semiconductors & Semiconductor Equipment | | | | 1,012,284 | |
| | |
| | | | | | Software – 16.2% (10.0% of Total Investments) | |
| | | | | | | | |
| | 459 | | | | | Apttus Corporation, Term Loan | | | 9.075% | | | | 3-Month LIBOR | | | | 4.250% | | | | 5/06/28 | | | | BB | | | | 447,139 | |
| | 461 | | | | | Avaya, Inc., Term Loan | | | 14.478% | | | | SOFR30A | | | | 10.000% | | | | 12/15/27 | | | | Caa2 | | | | 270,838 | |
| | 1,866 | | | | | Banff Merger Sub Inc, Term Loan, (DD1) | | | 8.320% | | | | 1-Month LIBOR | | | | 3.750% | | | | 10/02/25 | | | | B2 | | | | 1,835,631 | |
| | 339 | | | | | Camelot U.S. Acquisition LLC, Term Loan B | | | 7.517% | | | | 1-Month LIBOR | | | | 3.000% | | | | 10/31/26 | | | | B1 | | | | 338,561 | |
| | 400 | | | | | Camelot U.S. Acquisition LLC, Term Loan B, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | B1 | | | | 400,188 | |
| | 247 | | | | | CCC Intelligent Solutions Inc., Term Loan B | | | 6.797% | | | | 1-Month LIBOR | | | | 2.250% | | | | 9/21/28 | | | | B+ | | | | 247,314 | |
| | 1,115 | | | | | CDK Global, Inc., Term Loan B | | | 9.080% | | | | SOFR90A | | | | 4.500% | | | | 6/09/29 | | | | B+ | | | | 1,114,130 | |
| | 1,142 | | | | | Ceridian HCM Holding Inc., Term Loan B | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 4/30/25 | | | | B+ | | | | 1,138,433 | |
| | 1,496 | | | | | DTI Holdco, Inc., Term Loan | | | 9.426% | | | | SOFR90A | | | | 4.750% | | | | 4/21/29 | | | | B2 | | | | 1,431,724 | |
| | 2,707 | | | | | Epicor Software Corporation, Term Loan | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 7/31/27 | | | | B2 | | | | 2,663,707 | |
| | 2,038 | | | | | Finastra USA, Inc., Term Loan, First Lien | | | 8.325% | | | | 3-Month LIBOR | | | | 3.500% | | | | 6/13/24 | | | | B+ | | | | 1,919,750 | |
| | 2,355 | | | | | Greeneden U.S. Holdings II, LLC, Term Loan B4 | | | 8.570% | | | | 1-Month LIBOR | | | | 4.000% | | | | 12/01/27 | | | | B2 | | | | 2,317,083 | |
| | 233 | | | | | Greenway Health, LLC, Term Loan, First Lien | | | 8.480% | | | | 3-Month LIBOR | | | | 3.750% | | | | 2/16/24 | | | | CCC+ | | | | 162,849 | |
| | 2,183 | | | | | Informatica LLC, Term Loan B | | | 7.375% | | | | 1-Month LIBOR | | | | 2.750% | | | | 10/14/28 | | | | BB– | | | | 2,182,812 | |
| | 428 | | | | | iQor US Inc., Second Out Term Loan | | | 12.047% | | | | 1-Month LIBOR | | | | 7.500% | | | | 11/19/25 | | | | CCC+ | | | | 309,966 | |
| | 1,057 | | | | | McAfee, LLC, Term Loan B | | | 8.184% | | | | SOFR30A | | | | 3.750% | | | | 2/03/29 | | | | BB+ | | | | 1,000,323 | |
| | 2,331 | | | | | NortonLifeLock Inc., Term Loan B | | | 6.661% | | | | SOFR30A | | | | 2.000% | | | | 1/28/29 | | | | BBB– | | | | 2,328,433 | |
| | 3,125 | | | | | Open Text Corp, Term Loan, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | BBB– | | | | 3,125,000 | |
| | 666 | | | | | Polaris Newco LLC, Term Loan B | | | 8.730% | | | | 3-Month LIBOR | | | | 4.000% | | | | 6/04/28 | | | | B2 | | | | 633,967 | |
| | 246 | | | | | Project Ruby Ultimate Parent Corp., Term Loan | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 3/10/28 | | | | B | | | | 237,949 | |
| | 907 | | | | | Proofpoint, Inc., Term Loan, First Lien | | | 7.985% | | | | 3-Month LIBOR | | | | 3.250% | | | | 8/31/28 | | | | BB– | | | | 890,928 | |
| | 248 | | | | | RealPage, Inc, Term Loan, First Lien | | | 7.547% | | | | 1-Month LIBOR | | | | 3.000% | | | | 4/22/28 | | | | B+ | | | | 242,843 | |
| | 1,254 | | | | | Sophia, L.P., Term Loan B | | | 8.230% | | | | 3-Month LIBOR | | | | 3.500% | | | | 10/07/27 | | | | B2 | | | | 1,237,887 | |
| | 790 | | | | | SS&C European Holdings Sarl, Term Loan B4, (DD1) | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 4/16/25 | | | | BB+ | | | | 789,688 | |
| | 898 | | | | | SS&C Technologies Inc., Term Loan B3, (DD1) | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 4/16/25 | | | | BB+ | | | | 897,865 | |
| | 164 | | | | | SS&C Technologies Inc., Term Loan B6 | | | 6.811% | | | | SOFR30A | | | | 2.250% | | | | 3/22/29 | | | | BB+ | | | | 163,706 | |
| | 247 | | | | | SS&C Technologies Inc., Term Loan B7 | | | 6.911% | | | | SOFR30A | | | | 2.250% | | | | 3/22/29 | | | | BB+ | | | | 246,667 | |
| | 913 | | | | | Ultimate Software Group Inc (The), Term Loan | | | 8.032% | | | | 3-Month LIBOR | | | | 3.250% | | | | 5/03/26 | | | | B1 | | | | 900,140 | |
| | 484 | | | | | Ultimate Software Group Inc (The), Term Loan B | | | 8.575% | | | | 3-Month LIBOR | | | | 3.750% | | | | 5/03/26 | | | | B1 | | | | 479,788 | |
| | 562 | | | | | Vision Solutions, Inc., Term Loan | | | 8.818% | | | | 3-Month LIBOR | | | | 4.000% | | | | 5/28/28 | | | | B2 | | | | 494,990 | |
| | 2,202 | | | | | Zelis Healthcare Corporation, Term Loan | | | 8.070% | | | | 1-Month LIBOR | | | | 3.500% | | | | 9/30/26 | | | | B | | | | 2,200,401 | |
| | 1,264 | | | | | ZoomInfo LLC, Term Loan B | | | 7.661% | | | | TSFR1M | | | | 3.000% | | | | 2/01/26 | | | | BB+ | | | | 1,270,425 | |
| | 34,827 | | | | | Total Software | | | | 33,921,125 | |
| | |
| | | | | | Specialty Retail – 4.6% (2.8% of Total Investments) | |
| | | | | | | | |
| | 243 | | | | | Academy, Ltd., Term Loan | | | 8.119% | | | | 1-Month LIBOR | | | | 3.750% | | | | 11/06/27 | | | | BB | | | | 243,856 | |
| | 1,144 | | | | | Avis Budget Car Rental, LLC, Term Loan B | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 8/06/27 | | | | BB+ | | | | 1,131,354 | |
| | 615 | | | | | Avis Budget Car Rental, LLC, Term Loan C | | | 8.161% | | | | SOFR30A | | | | 3.500% | | | | 3/15/29 | | | | BB+ | | | | 616,163 | |
| | 169 | | | | | Driven Holdings, LLC, Term Loan B | | | 7.738% | | | | 3-Month LIBOR | | | | 3.000% | | | | 12/17/28 | | | | B3 | | | | 165,491 | |
| | 909 | | | | | Jo-Ann Stores, Inc., Term Loan B1 | | | 9.572% | | | | 3-Month LIBOR | | | | 4.750% | | | | 6/30/28 | | | | CCC+ | | | | 531,598 | |
30
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | |
| | | | | | Specialty Retail (continued) | |
| | | | | | | | |
| $ | 869 | | | | | LBM Acquisition LLC, Term Loan B | | | 8.852% | | | | 6-Month LIBOR | | | | 3.750% | | | | 12/18/27 | | | | B+ | | | $ | 788,033 | |
| | 322 | | | | | Les Schwab Tire Centers, Term Loan B | | | 6.580% | | | | 3-Month LIBOR | | | | 3.250% | | | | 11/02/27 | | | | B | | | | 321,704 | |
| | 3,940 | | | | | PetSmart, Inc., Term Loan B | | | 8.411% | | | | TSFR1M | | | | 3.750% | | | | 2/12/28 | | | | BB | | | | 3,918,665 | |
| | 890 | | | | | Restoration Hardware, Inc., Term Loan B | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 10/15/28 | | | | BB | | | | 858,237 | |
| | 213 | | | | | SRS Distribution Inc., Term Loan | | | 8.161% | | | | TSFR1M | | | | 3.500% | | | | 6/04/28 | | | | B– | | | | 205,645 | |
| | 303 | | | | | Staples, Inc., Term Loan | | | 9.440% | | | | 3-Month LIBOR | | | | 5.000% | | | | 4/12/26 | | | | B | | | | 284,282 | |
| | 510 | | | | | Wand NewCo 3, Inc., Term Loan | | | 7.570% | | | | 1-Month LIBOR | | | | 3.000% | | | | 2/05/26 | | | | B2 | | | | 498,255 | |
| | 10,127 | | | | | Total Specialty Retail | | | | 9,563,283 | |
| | |
| | | | | | Technology Hardware, Storage & Peripherals – 0.2% (0.1% of Total Investments) | |
| | | | | | | | |
| | 480 | | | | | NCR Corporation, Term Loan | | | 7.330% | | | | 3-Month LIBOR | | | | 2.500% | | | | 8/28/26 | | | | BB+ | | | | 479,175 | |
| | |
| | | | | | Textiles, Apparel & Luxury Goods – 0.4% (0.3% of Total Investments) | |
| | | | | | | | |
| | 762 | | | | | Birkenstock GmbH & Co. KG, Term Loan B | | | 7.690% | | | | 3-Month LIBOR | | | | 3.250% | | | | 4/28/28 | | | | BB– | | | | 761,555 | |
| | 150 | | | | | New Trojan Parent, Inc., Term Loan, First Lien | | | 7.764% | | | | 1-Month LIBOR | | | | 3.250% | | | | 1/06/28 | | | | B– | | | | 105,351 | |
| | 912 | | | | | Total Textiles, Apparel & Luxury Goods | | | | 866,906 | |
| | |
| | | | | | Trading Companies & Distributors – 0.7% (0.5% of Total Investments) | |
| | | | | | | | |
| | 985 | | | | | Core & Main LP, Term Loan B | | | 7.313% | | | | 1 + 6 Month LIBOR | | | | 2.500% | | | | 6/10/28 | | | | B+ | | | | 984,537 | |
| | 580 | | | | | Resideo Funding Inc., Term Loan | | | 6.807% | | |
| 1 + 3 + 6 Month
LIBOR |
| | | 2.250% | | | | 2/12/28 | | | | BBB– | | | | 581,124 | |
| | 1,565 | | | | | Total Trading Companies & Distributors | | | | 1,565,661 | |
| | |
| | | | | | Transportation Infrastructure – 0.7% (0.5% of Total Investments) | |
| | | | | | | | |
| | 1,106 | | | | | Brown Group Holding, LLC, Term Loan B | | | 7.047% | | | | 1-Month LIBOR | | | | 2.500% | | | | 4/22/28 | | | | B+ | | | | 1,102,718 | |
| | 399 | | | | | Brown Group Holding, LLC, Term Loan B2 | | | 8.369% | | |
| SOFR30A +
SOFR90A |
| | | 3.750% | | | | 6/09/29 | | | | B+ | | | | 399,722 | |
| | 1,505 | | | | | Total Transportation Infrastructure | | | | 1,502,440 | |
| | |
| | | | | | Wireless Telecommunication Services – 1.1% (0.7% of Total Investments) | |
| | | | | | | | |
| | 739 | | | | | GOGO Intermediate Holdings LLC, Term Loan B | | | 8.575% | | | | 3-Month LIBOR | | | | 3.750% | | | | 4/30/28 | | | | B+ | | | | 739,145 | |
| | 1,606 | | | | | Intelsat Jackson Holdings S.A., Term Loan B | | | 7.445% | | | | SOFR180A | | | | 4.500% | | | | 1/27/29 | | | | BB– | | | | 1,583,708 | |
| | 2,345 | | | | | Total Wireless Telecommunication Services | | | | 2,322,853 | |
| $ | 298,085 | | | | | Total Variable Rate Senior Loan Interests (cost $292,028,174) | | | | 280,063,377 | |
| | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | | | | | | | Coupon | | | Maturity | | | Ratings (4) | | | Value | |
| | |
| | | | | | CORPORATE BONDS – 22.5% (13.9% of Total Investments) | |
| | |
| | | | | | Aerospace & Defense – 0.3% (0.2% of Total Investments) | |
| | | | | | |
| $ | 757 | | | | | TransDigm Inc | | | | 4.625% | | | | 1/15/29 | | | | B– | | | $ | 682,935 | |
| | |
| | | | | | Airlines – 0.5% (0.3% of Total Investments) | |
| | | | | | |
| | 505 | | | | | Delta Air Lines Inc | | | | 3.750% | | | | 10/28/29 | | | | Baa3 | | | | 446,874 | |
| | 398 | | | | | United Airlines Inc, 144A | | | | 4.625% | | | | 4/15/29 | | | | Ba1 | | | | 363,020 | |
| | 302 | | | | | United Airlines Inc, 144A | | | | 4.375% | | | | 4/15/26 | | | | Ba1 | | | | 286,699 | |
| | 1,205 | | | | | Total Airlines | | | | 1,096,593 | |
| | |
| | | | | | Auto Components – 0.7% (0.5% of Total Investments) | |
| | | | | | |
| | 1,105 | | | | | Adient Global Holdings Ltd, 144A | | | | 4.875% | | | | 8/15/26 | | | | BB– | | | | 1,049,098 | |
| | 480 | | | | | Dana Financing Luxembourg Sarl, 144A | | | | 5.750% | | | | 4/15/25 | | | | BB+ | | | | 475,200 | |
| | 1,585 | | | | | Total Auto Components | | | | 1,524,298 | |
| | |
| | | | | | Chemicals – 1.4% (0.9% of Total Investments) | |
| | | | | | |
| | 1,650 | | | | | Celanese US Holdings LLC | | | | 5.900% | | | | 7/05/24 | | | | BBB– | | | | 1,659,477 | |
| | 522 | | | | | Rayonier AM Products Inc, 144A | | | | 7.625% | | | | 1/15/26 | | | | B+ | | | | 488,080 | |
| | 899 | | | | | Trinseo Materials Operating SCA / Trinseo Materials Finance Inc, 144A | | | | 5.375% | | | | 9/01/25 | | | | B2 | | | | 786,625 | |
| | 3,071 | | | | | Total Chemicals | | | | 2,934,182 | |
31
| | |
| |
| NSL | | Nuveen Senior Income Fund (continued) |
| | Portfolio of Investments January 31, 2023 |
| | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | | | | | Coupon | | | Maturity | | | Ratings (4) | | | Value | |
| | |
| | | | | | Commercial Services & Supplies – 0.9% (0.6% of Total Investments) | |
| | | | | | |
| $ | 575 | | | | | Prime Security Services Borrower LLC / Prime Finance Inc, 144A | | | 5.750% | | | | 4/15/26 | | | | BB– | | | $ | 563,523 | |
| | 750 | | | | | Prime Security Services Borrower LLC / Prime Finance Inc, 144A | | | 3.375% | | | | 8/31/27 | | | | BB– | | | | 665,513 | |
| | 780 | | | | | Prime Security Services Borrower LLC / Prime Finance Inc, 144A | | | 6.250% | | | | 1/15/28 | | | | B– | | | | 739,752 | |
| | 2,105 | | | | | Total Commercial Services & Supplies | | | | 1,968,788 | |
| | |
| | | | | | Communications Equipment – 1.4% (0.8% of Total Investments) | |
| | | | | | |
| | 4,785 | | | | | Avaya Inc, 144A | | | 6.125% | | | | 9/15/28 | | | | Caa2 | | | | 1,459,425 | |
| | 750 | | | | | Commscope Inc, 144A | | | 8.250% | | | | 3/01/27 | | | | CCC+ | | | | 637,912 | |
| | 505 | | | | | Commscope Inc, 144A | | | 4.750% | | | | 9/01/29 | | | | B1 | | | | 420,342 | |
| | 400 | | | | | CommScope Technologies LLC, 144A | | | 5.000% | | | | 3/15/27 | | | | CCC+ | | | | 305,391 | |
| | 6,440 | | | | | Total Communications Equipment | | | | 2,823,070 | |
| | |
| | | | | | Containers & Packaging – 0.1% (0.1% of Total Investments) | |
| | | | | | |
| | 300 | | | | | Pactiv Evergreen Group Issuer Inc/Pactiv Evergreen Group Issuer LLC, 144A | | | 4.375% | | | | 9/30/28 | | | | B+ | | | | 266,638 | |
| | |
| | | | | | Diversified Telecommunication Services – 1.1% (0.7% of Total Investments) | |
| | | | | | |
| | 1,540 | | | | | Frontier Communications Holdings LLC, 144A | | | 5.875% | | | | 10/15/27 | | | | BB+ | | | | 1,470,577 | |
| | 506 | | | | | Frontier Communications Holdings LLC, 144A | | | 6.000% | | | | 1/15/30 | | | | BB– | | | | 415,643 | |
| | 340 | | | | | Frontier Communications Holdings LLC, 144A | | | 5.000% | | | | 5/01/28 | | | | BB+ | | | | 309,111 | |
| | 250 | | | | | Frontier Communications Holdings LLC | | | 5.875% | | | | 11/01/29 | | | | CCC+ | | | | 203,815 | |
| | 2,636 | | | | | Total Diversified Telecommunication Services | | | | 2,399,146 | |
| | |
| | | | | | Electric Utilities – 0.7% (0.4% of Total Investments) | |
| | | | | | |
| | 1,735 | | | | | Bruce Mansfield Unit 1 2007 Pass Through Trust (5) | | | 6.850% | | | | 6/01/34 | | | | N/R | | | | 2,169 | |
| | 490 | | | | | Pacific Gas and Electric Co | | | 4.550% | | | | 7/01/30 | | | | BBB– | | | | 457,009 | |
| | 641 | | | | | PG&E Corp | | | 5.000% | | | | 7/01/28 | | | | BB | | | | 600,649 | |
| | 300 | | | | | Talen Energy Supply LLC, 144A (5) | | | 7.250% | | | | 5/15/27 | | | | N/R | | | | 312,244 | |
| | 3,166 | | | | | Total Electric Utilities | | | | 1,372,071 | |
| | |
| | | | | | Energy Equipment & Services – 0.2% (0.2% of Total Investments) | |
| | | | | | |
| | 500 | | | | | Weatherford International Ltd, 144A | | | 8.625% | | | | 4/30/30 | | | | B | | | | 504,705 | |
| | |
| | | | | | Entertainment – 0.8% (0.5% of Total Investments) | |
| | | | | | |
| | 2,586 | | | | | AMC Entertainment Holdings Inc, (cash 10.000%, PIK 12.000%), 144A | | | 10.000% | | | | 6/15/26 | | | | Caa3 | | | | 1,289,522 | |
| | 1,285 | | | | | Diamond Sports Group LLC / Diamond Sports Finance Co, 144A | | | 5.375% | | | | 8/15/26 | | | | Caa2 | | | | 94,768 | |
| | 1,775 | | | | | Diamond Sports Group LLC / Diamond Sports Finance Co, 144A | | | 6.625% | | | | 8/15/27 | | | | Ca | | | | 35,500 | |
| | 500 | | | | | Lions Gate Capital Holdings LLC, 144A | | | 5.500% | | | | 4/15/29 | | | | B– | | | | 325,000 | |
| | 6,146 | | | | | Total Entertainment | | | | 1,744,790 | |
| | |
| | | | | | Equity Real Estate Investment Trusts (REITs) – 0.5% (0.3% of Total Investments) | |
| | | | | | |
| | 1,650 | | | | | American Tower Corp | | | 2.950% | | | | 1/15/51 | | | | BBB+ | | | | 1,086,711 | |
| | |
| | | | | | Health Care Equipment & Supplies – 0.2% (0.1% of Total Investments) | |
| | | | | | |
| | 505 | | | | | Mozart Debt Merger Sub Inc, 144A | | | 3.875% | | | | 4/01/29 | | | | BB– | | | | 431,782 | |
| | |
| | | | | | Health Care Providers & Services – 1.2% (0.7% of Total Investments) | |
| | | | | | |
| | 65 | | | | | HCA Inc | | | 5.375% | | | | 2/01/25 | | | | BBB– | | | | 65,246 | |
| | 880 | | | | | LifePoint Health Inc, 144A | | | 5.375% | | | | 1/15/29 | | | | CCC+ | | | | 587,836 | |
| | 300 | | | | | Select Medical Corp, 144A | | | 6.250% | | | | 8/15/26 | | | | B– | | | | 293,004 | |
| | 302 | | | | | Tenet Healthcare Corp | | | 4.875% | | | | 1/01/26 | | | | BB– | | | | 294,139 | |
| | 1,100 | | | | | Tenet Healthcare Corp | | | 6.125% | | | | 10/01/28 | | | | B+ | | | | 1,028,588 | |
| | 90 | | | | | Tenet Healthcare Corp | | | 0.000% | | | | 2/01/27 | | | | N/R | | | | 87,975 | |
| | 68 | | | | | Tenet Healthcare Corp | | | 4.625% | | | | 7/15/24 | | | | BB– | | | | 67,065 | |
| | 2,805 | | | | | Total Health Care Providers & Services | | | | 2,423,853 | |
| | |
| | | | | | Hotels, Restaurants & Leisure – 1.1% (0.7% of Total Investments) | |
| | | | | | |
| | 1,562 | | | | | 1011778 BC ULC / New Red Finance Inc, 144A | | | 4.000% | | | | 10/15/30 | | | | B+ | | | | 1,329,653 | |
| | 302 | | | | | 1011778 BC ULC / New Red Finance Inc, 144A | | | 3.500% | | | | 2/15/29 | | | | BB+ | | | | 264,232 | |
32
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | | | | | Coupon | | | Maturity | | | Ratings (4) | | | Value | |
| | |
| | | | | | Hotels, Restaurants & Leisure (continued) | |
| | | | | | |
| $ | 398 | | | | | Caesars Entertainment Inc, 144A | | | 6.250% | | | | 7/01/25 | | | | Ba3 | | | $ | 396,467 | |
| | 302 | | | | | Life Time Inc, 144A | | | 5.750% | | | | 1/15/26 | | | | B+ | | | | 290,228 | |
| | 2,564 | | | | | Total Hotels, Restaurants & Leisure | | | | 2,280,580 | |
| | |
| | | | | | Independent Power Producers & Energy Traders – 0.7% (0.4% of Total Investments) | |
| | | | | | |
| | 984 | | | | | Talen Energy Supply LLC, 144A (5) | | | 7.625% | | | | 6/01/28 | | | | N/R | | | | 1,025,729 | |
| | 450 | | | | | Ziggo Bond Co BV, 144A | | | 6.000% | | | | 1/15/27 | | | | B– | | | | 425,601 | |
| | 1,434 | | | | | Total Independent Power Producers & Energy Traders | | | | 1,451,330 | |
| | |
| | | | | | Insurance – 0.1% (0.0% of Total Investments) | |
| | | | | | |
| | 155 | | | | | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144A | | | 4.250% | | | | 10/15/27 | | | | B | | | | 142,050 | |
| | |
| | | | | | Interactive Media & Services – 0.3% (0.2% of Total Investments) | |
| | | | | | |
| | 1,107 | | | | | Rackspace Technology Global Inc, 144A | | | 3.500% | | | | 2/15/28 | | | | B– | | | | 665,584 | |
| | |
| | | | | | Internet Software & Services – 0.5% (0.3% of Total Investments) | |
| | | | | | |
| | 2,638 | | | | | Rackspace Technology Global Inc, 144A | | | 5.375% | | | | 12/01/28 | | | | CCC+ | | | | 971,945 | |
| | |
| | | | | | IT Services – 0.2% (0.1% of Total Investments) | |
| | | | | | |
| | 500 | | | | | Ahead DB Holdings LLC, 144A | | | 6.625% | | | | 5/01/28 | | | | CCC+ | | | | 422,500 | |
| | |
| | | | | | Media – 3.3% (2.0% of Total Investments) | |
| | | | | | |
| | 2,200 | | | | | Charter Communications Operating LLC / Charter Communications Operating Capital | | | 3.500% | | | | 3/01/42 | | | | BBB– | | | | 1,530,183 | |
| | 2,123 | | | | | CSC Holdings LLC, 144A | | | 3.375% | | | | 2/15/31 | | | | B+ | | | | 1,480,792 | |
| | 1,380 | | | | | iHeartCommunications Inc, 144A | | | 5.250% | | | | 8/15/27 | | | | BB– | | | | 1,235,969 | |
| | 574 | | | | | iHeartCommunications Inc | | | 8.375% | | | | 5/01/27 | | | | B– | | | | 514,150 | |
| | 4 | | | | | iHeartCommunications Inc | | | 6.375% | | | | 5/01/26 | | | | BB– | | | | 3,689 | |
| | 230 | | | | | LCPR Senior Secured Financing DAC, 144A | | | 5.125% | | | | 7/15/29 | | | | BB+ | | | | 202,400 | |
| | 691 | | | | | McGraw-Hill Education Inc, 144A | | | 5.750% | | | | 8/01/28 | | | | BB+ | | | | 607,136 | |
| | 1,508 | | | | | VZ Secured Financing BV, 144A | | | 5.000% | | | | 1/15/32 | | | | BB | | | | 1,291,346 | |
| | 8,710 | | | | | Total Media | | | | 6,865,665 | |
| | |
| | | | | | Metals & Mining – 0.2% (0.1% of Total Investments) | |
| | | | | | |
| | 485 | | | | | First Quantum Minerals Ltd, 144A | | | 6.875% | | | | 10/15/27 | | | | B+ | | | | 470,147 | |
| | |
| | | | | | Oil, Gas & Consumable Fuels – 3.5% (2.2% of Total Investments) | |
| | | | | | |
| | 500 | | | | | Calumet Specialty Products Partners LP / Calumet Finance Corp, 144A | | | 8.125% | | | | 1/15/27 | | | | B– | | | | 482,409 | |
| | 1,715 | | | | | Citgo Holding Inc, 144A | | | 9.250% | | | | 8/01/24 | | | | B+ | | | | 1,723,575 | |
| | 595 | | | | | Citgo Petroleum Corp, 144A | | | 7.000% | | | | 6/15/25 | | | | BB | | | | 589,990 | |
| | 325 | | | | | Gulfport Energy Corp, 144A | | | 8.000% | | | | 5/17/26 | | | | BB– | | | | 322,013 | |
| | 302 | | | | | Hilcorp Energy I LP / Hilcorp Finance Co, 144A | | | 6.250% | | | | 11/01/28 | | | | BB+ | | | | 290,074 | |
| | 302 | | | | | MEG Energy Corp, 144A | | | 5.875% | | | | 2/01/29 | | | | BB– | | | | 288,410 | |
| | 1,417 | | | | | NGL Energy Operating LLC / NGL Energy Finance Corp, 144A | | | 7.500% | | | | 2/01/26 | | | | B | | | | 1,345,667 | |
| | 250 | | | | | NGL Energy Partners LP / NGL Energy Finance Corp | | | 7.500% | | | | 11/01/23 | | | | Caa2 | | | | 250,323 | |
| | 250 | | | | | NGL Energy Partners LP / NGL Energy Finance Corp | | | 6.125% | | | | 3/01/25 | | | | Caa2 | | | | 221,875 | |
| | 250 | | | | | NGL Energy Partners LP / NGL Energy Finance Corp | | | 7.500% | | | | 4/15/26 | | | | Caa2 | | | | 212,462 | |
| | 621 | | | | | PBF Holding Co LLC / PBF Finance Corp | | | 7.250% | | | | 6/15/25 | | | | BB | | | | 618,674 | |
| | 1,125 | | | | | PBF Holding Co LLC / PBF Finance Corp | | | 6.000% | | | | 2/15/28 | | | | BB | | | | 1,060,695 | |
| | 7,652 | | | | | Total Oil, Gas & Consumable Fuels | | | | 7,406,167 | |
| | |
| | | | | | Pharmaceuticals – 0.2% (0.1% of Total Investments) | |
| | | | | | |
| | 430 | | | | | ORGANON & CO/ORG, 144A | | | 5.125% | | | | 4/30/31 | | | | BB– | | | | 388,200 | |
| | |
| | | | | | Software – 0.3% (0.2% of Total Investments) | |
| | | | | | |
| | 700 | | | | | Condor Merger Sub Inc, 144A | | | 7.375% | | | | 2/15/30 | | | | CCC+ | | | | 581,418 | |
| | |
| | | | | | Specialty Retail – 1.6% (1.0% of Total Investments) | |
| | | | | | |
| | 2,410 | | | | | Hertz Corp/The, 144A | | | 4.625% | | | | 12/01/26 | | | | B+ | | | | 2,144,900 | |
| | 1,010 | | | | | Michaels Cos Inc/The, 144A | | | 7.875% | | | | 5/01/29 | | | | Caa1 | | | | 767,600 | |
33
| | |
| |
| NSL | | Nuveen Senior Income Fund (continued) |
| | Portfolio of Investments January 31, 2023 |
| | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | | | | | Coupon | | | Maturity | | | Ratings (4) | | | Value | |
| | |
| | | | | | Specialty Retail (continued) | |
| | | | | | |
| $ | 290 | | | | | PetSmart Inc / PetSmart Finance Corp, 144A | | | 4.750% | | | | 2/15/28 | | | | BB | | | $ | 268,245 | |
| | 125 | | | | | PetSmart Inc / PetSmart Finance Corp, 144A | | | 7.750% | | | | 2/15/29 | | | | B– | | | | 122,843 | |
| | 3,835 | | | | | Total Specialty Retail | | | | 3,303,588 | |
| | |
| | | | | | Wireless Telecommunication Services – 0.5% (0.3% of Total Investments) | |
| | | | | | |
| | 1,305 | | | | | Vmed O2 UK Financing I PLC, 144A | | | 4.250% | | | | 1/31/31 | | | | BB+ | | | | 1,089,675 | |
| $ | 64,386 | | | | | Total Corporate Bonds (cost $53,182,698) | | | | 47,298,411 | |
| | | | | | | | |
| Shares | | | | | Description (1) | | | | | | | | | | | | | | | Value | |
| | |
| | | | | | COMMON STOCKS – 4.9% (3.0% of Total Investments) | |
| | |
| | | | | | Banks – 0.0% (0.0% of Total Investments) | |
| | | |
| | 15,167 | | | | | iQor US Inc (7) | | | $ | 56,876 | |
| | |
| | | | | | Communications Equipment – 0.1% (0.0% of Total Investments) | |
| | | |
| | 9,071 | | | | | Windstream Services PE LLC (7) | | | | 92,415 | |
| | |
| | | | | | Construction & Engineering – 0.0% (0.0% of Total Investments) | |
| | | |
| | 1,013 | | | | | TNT Crane & Rigging Inc (7) | | | | 6,415 | |
| | 1,797 | | | | | TNT Crane & Rigging Inc (7) | | | | 180 | |
| | | | | | Total Construction & Engineering | | | | 6,595 | |
| | |
| | | | | | Diversified Consumer Services – 0.1% (0.1% of Total Investments) | |
| | | |
| | 12,578 | | | | | Cengage Learning Holdings II Inc (7) | | | | 140,723 | |
| | |
| | | | | | Diversified Telecommunication Services – 0.0% (0.0% of Total Investments) | |
| | | |
| | 8,135 | | | | | Windstream Services PE LLC (7) | | | | 82,879 | |
| | |
| | | | | | Energy Equipment & Services – 2.3% (1.4% of Total Investments) | |
| | | |
| | 33,080 | | | | | Quarternorth Energy Holding Inc (7) | | | | 4,509,896 | |
| | 40,007 | | | | | Transocean Ltd (7) | | | | 269,647 | |
| | 5,623 | | | | | Vantage Drilling International (7) | | | | 89,968 | |
| | | | | | Total Energy Equipment & Services | | | | 4,869,511 | |
| | |
| | | | | | Entertainment – 0.0% (0.0% of Total Investments) | |
| | | |
| | 6,268 | | | | | Metro-Goldwyn-Mayer Inc (7) | | | | 27,893 | |
| | |
| | | | | | Health Care Equipment & Supplies – 0.2% (0.1% of Total Investments) | |
| | | |
| | 28,622 | | | | | Onex Carestream Finance LP (7) | | | | 429,330 | |
| | |
| | | | | | Health Care Providers & Services – 0.0% (0.0% of Total Investments) | |
| | | |
| | 33,563 | | | | | Millennium Health LLC (7), (8) | | | | 1,443 | |
| | 35,750 | | | | | Millennium Health LLC (7), (8) | | | | 5,112 | |
| | | | | | Total Health Care Providers & Services | | | | 6,555 | |
| | |
| | | | | | Hotels, Restaurants & Leisure – 0.0% (0.0% of Total Investments) | |
| | | |
| | 55,426 | | | | | 24 Hour Fitness Worldwide Inc (7) | | | | 555 | |
| | 116,526 | | | | | 24 Hour Fitness Worldwide Inc (7) | | | | 932 | |
| | | | | | Total Hotels, Restaurants & Leisure | | | | 1,487 | |
| | |
| | | | | | Independent Power And Renewable Electricity Producers – 1.4% (0.9% of Total Investments) | |
| | | |
| | 37,457 | | | | | Energy Harbor Corp (7), (9) | | | | 2,865,461 | |
| | |
| | | | | | Internet & Direct Marketing Retail – 0.0% (0.0% of Total Investments) | |
| | | |
| | 5,388 | | | | | Catalina Marketing Corp (7) | | | | 1,347 | |
| | |
| | | | | | Marine – 0.0% (0.0% of Total Investments) | |
| | | |
| | 430 | | | | | ACBL HLDG CORP (7) | | | | 16,125 | |
34
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares | | | | | Description (1) | | | | | | | | | | | | | | | | | Value | |
| | |
| | | | | | Media – 0.0% (0.0% of Total Investments) | |
| | | |
| | 4 | | | | | Cumulus Media Inc, Class A (7) | | | $ | 27 | |
| | 775,233 | | | | | Hibu plc (7) | | | | — | |
| | | | | | | Total Media | | | | 27 | |
| | |
| | | | | | Multiline Retail – 0.0% (0.0% of Total Investments) | |
| | | |
| | 148 | | | | | Belk Inc (7) | | | | 1,295 | |
| | |
| | | | | | Oil, Gas & Consumable Fuels – 0.6% (0.4% of Total Investments) | |
| | | |
| | 4,261 | | | | | California Resources Corp | | | | 182,073 | |
| | 7,189 | | | | | Chord Energy Corp | | | | 1,030,399 | |
| | 160 | | | | | Quarternorth Energy Holding Inc (7) | | | | 21,813 | |
| | | | | | | Total Oil, Gas & Consumable Fuels | | | | 1,234,285 | |
| | |
| | | | | | Professional Services – 0.1% (0.0% of Total Investments) | |
| | | |
| | 48,296 | | | | | Skillsoft Corp (7) | | | | 92,728 | |
| | |
| | | | | | Semiconductors & Semiconductor Equipment – 0.1% (0.1% of Total Investments) | |
| | | |
| | 10,899 | | | | | Bright Bidco BV (7), (8) | | | | 145,584 | |
| | 7,979 | | | | | Bright Bidco BV (7) | | | | 131,094 | |
| | | | | | Total Semiconductors & Semiconductor Equipment | | | | 276,678 | |
| | | | | | Total Common Stocks (cost $14,178,899) | | | | 10,202,210 | |
| | | | | | | | |
| Shares | | | | | Description (1) | | | | | | | | | | | | | | | | | Value | |
| | |
| | | | | | WARRANTS – 1.1% (0.7% of Total Investments) | |
| | |
| | | | | | Energy Equipment & Services – 1.1% (0.7% of Total Investments) | |
| | | |
| | 14,599 | | | | | Quarternorth Energy Holding Inc | | | $ | 1,990,325 | |
| | 22,626 | | | | | Quarternorth Energy Holding Inc | | | | 147,069 | |
| | 11,748 | | | | | Quarternorth Energy Holding Inc | | | | 105,732 | |
| | | | | | Total Energy Equipment & Services | | | | 2,243,126 | |
| | |
| | | | | | Entertainment – 0.0% (0.0% of Total Investments) | |
| | | |
| | 102,295 | | | | | Cineworld Warrant | | | | — | |
| | |
| | | | | | Industrial Conglomerates – 0.0% (0.0% of Total Investments) | |
| | | |
| | 12,790 | | | | | American Commercial Barge Line LLC | | | | 6,395 | |
| | |
| | | | | | Marine – 0.0% (0.0% of Total Investments) | |
| | | |
| | 452 | | | | | ACBL HLDG CORP | | | | 16,950 | |
| | 1,682 | | | | | ACBL HLDG CORP | | | | 42,050 | |
| | 1,279 | | | | | ACBL HLDG CORP | | | | 62,031 | |
| | 16,820 | | | | | American Commercial Barge Line LLC | | | | 6,308 | |
| | | | | | Total Marine | | | | 127,339 | |
| | |
| | | | | | Oil, Gas & Consumable Fuels – 0.0% (0.0% of Total Investments) | |
| | | |
| | 188 | | | | | California Resources Corp | | | | 2,059 | |
| | |
| | | | | | Wireless Telecommunication Services – 0.0% (0.0% of Total Investments) | |
| | | |
| | 1 | | | | | Intelsat SA/Luxembourg | | | | 1 | |
| | | | | | Total Warrants (cost $419,825) | | | | 2,378,920 | |
| | | | | | | | |
| Shares | | | | | Description (1) | | | | | | | | Coupon | | | | | | Ratings (4) | | | Value | |
| | |
| | | | | | CONVERTIBLE PREFERRED SECURITIES – 0.1% (0.0% of Total Investments) | |
| | |
| | | | | | Communications Equipment – 0.0% (0.0% of Total Investments) | |
| | | | | | | | |
| | 8,660 | | | | | Riverbed Technology Inc | | | | | | | | | | | 0.000% | | | | | | | | N/R | | | $ | 87 | |
35
| | |
| |
| NSL | | Nuveen Senior Income Fund (continued) |
| | Portfolio of Investments January 31, 2023 |
| | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares | | | | | Description (1) | | | | | | | | Coupon | | | | | | Ratings (4) | | | Value | |
| | |
| | | | | | Marine – 0.1% (0.0% of Total Investments) | |
| | | | | | | | |
| | 1,821 | | | | | ACBL HLDG CORP | | | | | | | | | | | 0.000% | | | | | | | | N/R | | | $ | 88,318 | |
| | 1,600 | | | | | ACBL HLDG CORP | | | | | | | | | | | 0.000% | | | | | | | | N/R | | | | 40,000 | |
| | | | | | Total Marine | | | | 128,318 | |
| | | | | | Total Convertible Preferred Securities (cost $247,327) | | | | 128,405 | |
| | | | | | Total Long-Term Investments (cost $360,056,923) | | | | 340,071,323 | |
| | | | | | Borrowings – (42.8)% (10), (11) | | | | (89,800,000 | ) |
| | | | | | Taxable Fund Preferred Shares, net of deferred offering costs – (18.9)%(12) | | | | (39,638,851 | ) |
| | | | | | Other Assets & Liabilities, Net – (0.3)% | | | | (735,604 | ) |
| | | | | | Net Assets Applicable to Common Shares – 100% | | | $ | 209,896,868 | |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| (2) | 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. |
| (3) | 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. |
| (4) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (5) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. |
| (6) | Investment, or portion of investment, represents an outstanding unfunded senior loan commitment. |
| (7) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
| (8) | For fair value measurement disclosure purposes, investment classified as Level 3. |
| (9) | Common Stock received as part of the bankruptcy settlements during February 2020 for Bruce Mansfield Unit 1 2007 Pass-Through Trust. |
| (10) | Borrowings as a percentage of Total Investments is 26.4%. |
| (11) | The fund segregates 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings. |
| (12) | Taxable Fund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 11.7%. |
| 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 |
| 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. |
| 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 3M | CME Term SOFR 3 Month |
| WI/DD | Purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
36
| | |
| JFR | | Nuveen Floating Rate Income Fund Portfolio of Investments January 31, 2023 |
| | | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | |
| | | | | | LONG-TERM INVESTMENTS – 163.2% (100.0% of Total Investments) | |
| | | |
| | | | | | VARIABLE RATE SENIOR LOAN INTERESTS – 133.1% (81.5% of Total Investments) (2) | | | | | |
| | |
| | | | | | Aerospace & Defense – 1.3% (0.8% of Total Investments) | |
| | | | | | | | |
| $ | 1,727 | | | | | TransDigm, Inc., Term Loan E | | | 6.980% | | | | 3-Month LIBOR | | | | 2.250% | | | | 5/30/25 | | | | Ba3 | | | $ | 1,726,161 | |
| | 2,760 | | | | | TransDigm, Inc., Term Loan F, (DD1) | | | 6.980% | | | | 3-Month LIBOR | | | | 2.250% | | | | 12/09/25 | | | | Ba3 | | | | 2,757,830 | |
| | 2,183 | | | | | TransDigm, Inc., Term Loan H | | | 7.830% | | | | SOFR90A | | | | 3.250% | | | | 2/22/27 | | | | Ba3 | | | | 2,189,964 | |
| | 6,670 | | | | | Total Aerospace & Defense | | | | | | | | 6,673,955 | |
| | |
| | | | | | Airlines – 3.9% (2.4% of Total Investments) | |
| | | | | | | | |
| | 2,802 | | | | | AAdvantage Loyalty IP Ltd., Term Loan | | | 9.558% | | | | 3-Month LIBOR | | | | 4.750% | | | | 4/20/28 | | | | Ba2 | | | | 2,881,815 | |
| | 1,047 | | | | | Air Canada, Term Loan B | | | 8.130% | | | | 3-Month LIBOR | | | | 3.500% | | | | 8/11/28 | | | | Ba2 | | | | 1,050,170 | |
| | 1,526 | | | | | American Airlines, Inc., Term Loan, First Lien | | | 6.297% | | | | 1-Month LIBOR | | | | 1.750% | | | | 1/29/27 | | | | Ba3 | | | | 1,484,509 | |
| | 4,762 | | | | | Kestrel Bidco Inc., Term Loan B | | | 7.508% | | | | 1-Month LIBOR | | | | 3.000% | | | | 12/11/26 | | | | B+ | | | | 4,586,778 | |
| | 1,330 | | | | | Mileage Plus Holdings LLC, Term Loan B | | | 9.996% | | | | 3-Month LIBOR | | | | 5.250% | | | | 6/20/27 | | | | Baa3 | | | | 1,389,148 | |
| | 6,267 | | | | | SkyMiles IP Ltd., Term Loan B | | | 8.558% | | | | 3-Month LIBOR | | | | 3.750% | | | | 10/20/27 | | | | Baa1 | | | | 6,491,342 | |
| | 2,948 | | | | | United Airlines, Inc., Term Loan B | | | 8.568% | | | | 3-Month LIBOR | | | | 3.750% | | | | 4/21/28 | | | | Ba1 | | | | 2,952,997 | |
| | 20,682 | | | | | Total Airlines | | | | | | | | 20,836,759 | |
| | |
| | | | | | Auto Components – 0.9% (0.5% of Total Investments) | |
| | | | | | | | |
| | 813 | | | | | Adient US LLC, Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 4/08/28 | | | | BB+ | | | | 812,072 | |
| | 2,958 | | | | | Clarios Global LP, Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 4/30/26 | | | | B1 | | | | 2,954,796 | |
| | 874 | | | | | DexKo Global Inc., Term Loan B | | | 8.480% | | | | 3-Month LIBOR | | | | 3.750% | | | | 10/04/28 | | | | B2 | | | | 809,974 | |
| | 4,645 | | | | | Total Auto Components | | | | | | | | 4,576,842 | |
| | |
| | | | | | Beverages – 2.0% (1.2% of Total Investments) | |
| | | | | | | | |
| | 1,529 | | | | | Arterra Wines Canada, Inc., Term Loan | | | 8.230% | | | | 3-Month LIBOR | | | | 3.500% | | | | 11/25/27 | | | | B | | | | 1,490,098 | |
| | 1,704 | | | | | City Brewing Company, LLC, Term Loan | | | 8.330% | | | | 3-Month LIBOR | | | | 3.500% | | | | 4/05/28 | | | | CCC | | | | 800,827 | |
| | 2,238 | | | | | Naked Juice LLC, Term Loan | | | 7.930% | | | | SOFR90A | | | | 3.250% | | | | 1/20/29 | | | | B2 | | | | 2,069,042 | |
| | 328 | | | | | Naked Juice LLC, Term Loan, Second Lien | | | 10.680% | | | | SOFR90A | | | | 6.000% | | | | 1/20/30 | | | | CCC | | | | 275,213 | |
| | 2,875 | | | | | Sunshine Investments B.V., Term Loan | | | 8.515% | | | | TSFR3M | | | | 4.250% | | | | 5/05/29 | | | | B+ | | | | 2,860,625 | |
| | 3,145 | | | | | Triton Water Holdings, Inc, Term Loan | | | 8.230% | | | | 3-Month LIBOR | | | | 3.500% | | | | 3/31/28 | | | | B1 | | | | 3,001,783 | |
| | 11,819 | | | | | Total Beverages | | | | | | | | 10,497,588 | |
| | |
| | | | | | Biotechnology – 0.6% (0.4% of Total Investments) | |
| | | | | | | | |
| | 3,511 | | | | | Grifols Worldwide Operations USA, Inc., Term Loan B | | | 6.570% | | | | 1-Month LIBOR | | | | 2.000% | | | | 11/15/27 | | | | BB+ | | | | 3,453,643 | |
| | |
| | | | | | Building Products – 1.9% (1.2% of Total Investments) | |
| | | | | | | | |
| | 4,269 | | | | | Chamberlain Group Inc, Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 10/22/28 | | | | B | | | | 4,128,967 | |
| | 946 | | | | | Cornerstone Building Brands, Inc., Term Loan B | | | 7.709% | | | | 1-Month LIBOR | | | | 3.250% | | | | 4/12/28 | | | | B | | | | 888,002 | |
| | 461 | | | | | Griffon Corporation, Term Loan B | | | 7.009% | | | | Prime | | | | 1.500% | | | | 1/19/29 | | | | BB | | | | 460,047 | |
| | 3,177 | | | | | Quikrete Holdings, Inc., Term Loan, First Lien | | | 7.195% | | | | 1-Month LIBOR | | | | 2.625% | | | | 1/31/27 | | | | Ba2 | | | | 3,164,690 | |
| | 910 | | | | | Standard Industries Inc., Term Loan B | | | 6.425% | | | | 3-Month LIBOR | | | | 2.250% | | | | 9/22/28 | | | | BBB– | | | | 910,486 | |
| | 444 | | | | | Zurn Holdings, Inc., Term Loan B | | | 6.570% | | | | 1-Month LIBOR | | | | 2.000% | | | | 10/04/28 | | | | BB+ | | | | 444,856 | |
| | 10,207 | | | | | Total Building Products | | | | | | | | 9,997,048 | |
| | |
| | | | | | Capital Markets – 0.5% (0.3% of Total Investments) | |
| | | | | | | | |
| | 2,481 | | | | | Astra Acquisition Corp., Term Loan, First Lien | | | 9.820% | | | | 1-Month LIBOR | | | | 5.250% | | | | 10/22/28 | | | | BB– | | | | 2,199,333 | |
| | 480 | | | | | Motion Finco LLC,Term Loan, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | B | | | | 474,314 | |
| | 2,961 | | | | | Total Capital Markets | | | | | | | | 2,673,647 | |
| | |
| | | | | | Chemicals – 2.0% (1.2% of Total Investments) | |
| | | | | | | | |
| | 796 | | | | | ASP Unifrax Holdings Inc, Term Loan B | | | 8.480% | | | | 3-Month LIBOR | | | | 3.750% | | | | 12/12/25 | | | | BB | | | | 723,256 | |
| | 231 | | | | | Avient Corporation, Term Loan B | | | 7.926% | | | | SOFR90A | | | | 3.250% | | | | 8/29/29 | | | | BB+ | | | | 231,388 | |
37
| | |
| |
| JFR | | Nuveen Floating Rate Income Fund (continued) |
| | Portfolio of Investments January 31, 2023 |
| | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | |
| | | | | | Chemicals (continued) | |
| | | | | | | | |
| $ | 2,000 | | | | | Axalta Coating Systems Dutch Holding B B.V, Term Loan B | | | 7.506% | | | | TSFR3M | | | | 3.000% | | | | 12/08/29 | | | | BBB– | | | $ | 2,011,250 | |
| | 1,166 | | | | | Diamond (BC) B.V., Term Loan B | | | 7.448% | | | | 1 + 3 Month LIBOR | | | | 2.750% | | | | 9/29/28 | | | | Ba3 | | | | 1,155,917 | |
| | 2,220 | | | | | Discovery Purchaser Corporation, Term Loan | | | 8.963% | | | | TSFR3M | | | | 4.375% | | | | 8/03/29 | | | | B– | | | | 2,130,745 | |
| | 1,017 | | | | | INEOS Styrolution US Holding LLC, Term Loan B | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 1/29/26 | | | | BB+ | | | | 1,016,919 | |
| | 1,154 | | | | | Ineos US Finance LLC, Term Loan B | | | 6.661% | | | | 1-Month LIBOR | | | | 2.000% | | | | 3/31/24 | | | | BBB– | | | | 1,157,886 | |
| | 248 | | | | | Kraton Corporation, Term Loan | | | 8.040% | | | | SOFR90A | | | | 3.250% | | | | 3/15/29 | | | | BB | | | | 247,711 | |
| | 1,955 | | | | | Trinseo Materials Operating S.C.A., Term Loan | | | 6.570% | | | | 1-Month LIBOR | | | | 2.000% | | | | 9/09/24 | | | | Ba2 | | | | 1,913,790 | |
| | 10,787 | | | | | Total Chemicals | | | | | | | | 10,588,862 | |
| | |
| | | | | | Commercial Services & Supplies – 2.5% (1.6% of Total Investments) | |
| | | | | | | | |
| | 1,712 | | | | | Amentum Government Services Holdings LLC, Term Loan | | | 8.283% | | | | SOFR90A | | | | 4.000% | | | | 2/07/29 | | | | B1 | | | | 1,691,077 | |
| | 693 | | | | | Anticimex International AB, Term Loan B1 | | | 8.235% | | | | 3-Month LIBOR | | | | 3.500% | | | | 11/16/28 | | | | B | | | | 687,803 | |
| | 1,786 | | | | | Covanta Holding Corporation, Term Loan B, (DD1) | | | 7.034% | | | | TSFR1M | | | | 2.500% | | | | 11/30/28 | | | | Ba1 | | | | 1,789,374 | |
| | 135 | | | | | Covanta Holding Corporation, Term Loan C, (DD1) | | | 7.061% | | | | TSFR1M | | | | 2.500% | | | | 11/30/28 | | | | Ba1 | | | | 135,461 | |
| | 1,058 | | | | | Garda World Security Corporation, Term Loan B | | | 8.930% | | | | 3-Month LIBOR | | | | 4.250% | | | | 10/30/26 | | | | BB+ | | | | 1,056,494 | |
| | 2,344 | | | | | GFL Environmental Inc., Term Loan | | | 7.825% | | | | 3-Month LIBOR | | | | 3.000% | | | | 5/30/25 | | | | BB– | | | | 2,352,673 | |
| | 988 | | | | | Herman Miller, Inc, Term Loan B | | | 6.570% | | | | 1-Month LIBOR | | | | 2.000% | | | | 7/19/28 | | | | BB+ | | | | 977,166 | |
| | 1,540 | | | | | Intrado Corporation, Term Loan | | | 8.825% | | | | 3-Month LIBOR | | | | 4.000% | | | | 10/10/24 | | | | B1 | | | | 1,449,870 | |
| | 839 | | | | | Prime Security Services Borrower, LLC, Term Loan | | | 7.517% | | | | 3-Month LIBOR | | | | 2.750% | | | | 9/23/26 | | | | BB– | | | | 839,909 | |
| | 564 | | | | | Vertical US Newco Inc, Term Loan B | | | 8.602% | | | | 6-Month LIBOR | | | | 3.500% | | | | 7/31/27 | | | | B+ | | | | 554,506 | |
| | 700 | | | | | West Corporation, Term Loan B1 | | | 8.075% | | | | 3-Month LIBOR | | | | 3.500% | | | | 10/10/24 | | | | B1 | | | | 661,804 | |
| | 1,214 | | | | | WIN Waste Innovations Holdings, Inc., Term Loan B | | | 7.480% | | | | 3-Month LIBOR | | | | 2.750% | | | | 3/25/28 | | | | B1 | | | | 1,169,495 | |
| | 13,573 | | | | | Total Commercial Services & Supplies | | | | | | | | 13,365,632 | |
| | |
| | | | | | Communications Equipment – 2.8% (1.7% of Total Investments) | |
| | | | | | | | |
| | 483 | | | | | Avaya, Inc., Term Loan B | | | 8.709% | | | | 1-Month LIBOR | | | | 4.250% | | | | 12/15/27 | | | | Caa2 | | | | 128,751 | |
| | 3,105 | | | | | CommScope, Inc., Term Loan B, (DD1) | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 4/04/26 | | | | B1 | | | | 3,048,283 | |
| | 2,460 | | | | | Delta TopCo, Inc., Term Loan B | | | 8.154% | | | | 3-Month LIBOR | | | | 3.750% | | | | 12/01/27 | | | �� | B2 | | | | 2,291,730 | |
| | 760 | | | | | EOS Finco Sarl, Term Loan | | | 10.604% | | | | SOFR90A | | | | 6.000% | | | | 8/03/29 | | | | B | | | | 747,965 | |
| | 4,871 | | | | | Maxar Technologies Ltd., Term Loan B | | | 8.911% | | | | SOFR30A | | | | 4.250% | | | | 6/09/29 | | | | B+ | | | | 4,879,998 | |
| | 1,434 | | | | | MLN US HoldCo LLC, Term Loan (5) | | | 11.154% | | | | TSFR3M | | | | 6.700% | | | | 10/18/27 | | | | CCC+ | | | | 1,039,558 | |
| | 2,468 | | | | | MLN US HoldCo LLC, Term Loan, First Lien (5) | | | 8.252% | | | | 3-Month LIBOR | | | | 4.500% | | | | 11/30/25 | | | | CCC– | | | | 733,285 | |
| | 2,477 | | | | | Riverbed Technology, Inc., Exit Term Loan, (cash 7.000%, PIK 2.000%) | | | 6.270% | | | | 3-Month LIBOR | | | | 2.000% | | | | 12/07/26 | | | | Caa1 | | | | 1,096,240 | |
| | 746 | | | | | ViaSat, Inc., Term Loan | | | 9.176% | | | | TSFR1M | | | | 4.500% | | | | 3/04/29 | | | | BB+ | | | | 747,534 | |
| | 18,804 | | | | | Total Communications Equipment | | | | | | | | 14,713,344 | |
| | |
| | | | | | Construction & Engineering – 0.7% (0.4% of Total Investments) | |
| | | | | | | | |
| | 268 | | | | | Aegion Corporation, Term Loan | | | 9.320% | | | | 1-Month LIBOR | | | | 4.750% | | | | 5/17/28 | | | | B | | | | 256,617 | |
| | 1,318 | | | | | Centuri Group, Inc, Term Loan B | | | 7.152% | | | | 3-Month LIBOR | | | | 2.500% | | | | 8/27/28 | | | | Ba2 | | | | 1,312,673 | |
| | 1,435 | | | | | Osmose Utilities Services, Inc., Term Loan | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 6/22/28 | | | | B | | | | 1,385,618 | |
| | 540 | | | | | Pike Corporation, Term Loan B | | | 7.570% | | | | 1-Month LIBOR | | | | 3.000% | | | | 1/21/28 | | | | Ba3 | | | | 539,086 | |
| | 3,561 | | | | | Total Construction & Engineering | | | | | | | | 3,493,994 | |
| | |
| | | | | | Consumer Finance – 0.8% (0.5% of Total Investments) | |
| | | | | | | | |
| | 3,996 | | | | | Fleetcor Technologies Operating Company, LLC, Term Loan B4 | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 4/30/28 | | | | BB+ | | | | 3,991,517 | |
| | |
| | | | | | Containers & Packaging – 2.1% (1.3% of Total Investments) | |
| | | | | | | | |
| | 2,602 | | | | | Berry Global, Inc., Term Loan Z | | | 6.152% | | | | 1-Month LIBOR | | | | 1.750% | | | | 7/01/26 | | | | BBB– | | | | 2,600,453 | |
| | 1,543 | | | | | Charter NEX US, Inc., Term Loan | | | 8.320% | | | | 1-Month LIBOR | | | | 3.750% | | | | 12/01/27 | | | | B | | | | 1,537,017 | |
38
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | |
| | | | | | Containers & Packaging (continued) | |
| | | | | | | | |
| $ | 995 | | | | | Clydesdale Acquisition Holdings Inc, Term Loan B | | | 8.836% | | | | SOFR30A | | | | 4.175% | | | | 3/30/29 | | | | B | | | $ | 979,120 | |
| | 130 | | | | | Klockner-Pentaplast of America, Inc., Term Loan B | | | 8.259% | | |
| SOFR180A + 6
Month LIBOR |
| | | 4.750% | | | | 2/09/26 | | | | B | | | | 116,143 | |
| | 1,432 | | | | | Reynolds Group Holdings Inc. , Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 9/24/28 | | | | B+ | | | | 1,428,116 | |
| | 1,307 | | | | | Reynolds Group Holdings Inc. , Term Loan B2 | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 2/05/26 | | | | B+ | | | | 1,306,413 | |
| | 3,170 | | | | | TricorBraun Holdings, Inc., Term Loan | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 3/03/28 | | | | B2 | | | | 3,088,917 | |
| | 11,179 | | | | | Total Containers & Packaging | | | | | | | | 11,056,179 | |
| | |
| | | | | | Diversified Consumer Services – 0.4% (0.2% of Total Investments) | |
| | | | | | | | |
| | 828 | | | | | GT Polaris, Inc., Term Loan | | | 8.575% | | | | 3-Month LIBOR | | | | 3.750% | | | | 9/24/27 | | | | BB– | | | | 788,179 | |
| | 1,474 | | | | | Spin Holdco Inc., Term Loan | | | 8.765% | | | | 3-Month LIBOR | | | | 4.000% | | | | 3/04/28 | | | | B– | | | | 1,171,455 | |
| | 2,302 | | | | | Total Diversified Consumer Services | | | | | | | | 1,959,634 | |
| | |
| | | | | | Diversified Financial Services – 1.8% (1.1% of Total Investments) | |
| | | | | | | | |
| | 2,402 | | | | | Avaya, Inc., Term Loan B2 | | | 8.459% | | | | 1-Month LIBOR | | | | 4.000% | | | | 12/15/27 | | | | Caa2 | | | | 640,376 | |
| | 2,279 | | | | | Avolon TLB Borrower 1 (US) LLC, Term Loan B3 | | | 6.236% | | | | 1-Month LIBOR | | | | 1.750% | | | | 1/15/25 | | | | Baa2 | | | | 2,285,690 | |
| | 4,284 | | | | | Avolon TLB Borrower 1 (US) LLC, Term Loan B4 | | | 5.986% | | | | 1-Month LIBOR | | | | 1.500% | | | | 2/12/27 | | | | Baa2 | | | | 4,272,602 | |
| | 2,103 | | | | | Ditech Holding Corporation, Term Loan (5) | | | 0.000% | | | | N/A | | | | N/A | | | | 12/19/22 | | | | N/R | | | | 231,320 | |
| | 1,888 | | | | | Trans Union, LLC, Term Loan B6 | | | 6.820% | | | | 1-Month LIBOR | | | | 2.250% | | | | 12/01/28 | | | | BBB– | | | | 1,886,736 | |
| | 12,956 | | | | | Total Diversified Financial Services | | | | | | | | 9,316,724 | |
| | |
| | | | | | Diversified Telecommunication Services – 3.9% (2.4% of Total Investments) | |
| | | | | | | | |
| | 1,751 | | | | | Altice France S.A., Term Loan B12 | | | 8.517% | | | | 3-Month LIBOR | | | | 3.688% | | | | 1/31/26 | | | | B | | | | 1,689,340 | |
| | 5,806 | | | | | Altice France S.A., Term Loan B13 | | | 8.650% | | | | 3-Month LIBOR | | | | 4.000% | | | | 8/14/26 | | | | B | | | | 5,616,919 | |
| | 6,462 | | | | | CenturyLink, Inc., Term Loan B | | | 6.820% | | | | 1-Month LIBOR | | | | 2.250% | | | | 3/15/27 | | | | BB+ | | | | 6,258,255 | |
| | 1,099 | | | | | Cincinnati Bell, Inc., Term Loan B2 | | | 7.911% | | | | SOFR30A | | | | 3.250% | | | | 11/23/28 | | | | B+ | | | | 1,095,928 | |
| | 1,516 | | | | | Connect Finco Sarl, Term Loan B | | | 8.070% | | | | 1-Month LIBOR | | | | 3.500% | | | | 12/12/26 | | | | B+ | | | | 1,507,036 | |
| | 1,069 | | | | | Cyxtera DC Holdings, Inc., Term Loan B | | | 7.820% | | | | 3-Month LIBOR | | | | 3.000% | | | | 5/01/24 | | | | B3 | | | | 880,299 | |
| | 3,946 | | | | | Frontier Communications Corp., Term Loan B | | | 8.500% | | | | 3-Month LIBOR | | | | 3.750% | | | | 10/08/27 | | | | BB+ | | | | 3,878,742 | |
| | 21,649 | | | | | Total Diversified Telecommunication Services | | | | | | | | 20,926,519 | |
| | |
| | | | | | Electric Utilities – 0.7% (0.4% of Total Investments) | |
| | | | | | | | |
| | 1,153 | | | | | ExGen Renewables IV, LLC, Term Loan | | | 7.240% | | | | 3-Month LIBOR | | | | 2.500% | | | | 12/15/27 | | | | BB– | | | | 1,153,185 | |
| | 753 | | | | | Pacific Gas & Electric Company, Term Loan | | | 7.625% | | | | 1-Month LIBOR | | | | 3.000% | | | | 6/23/25 | | | | BB | | | | 753,351 | |
| | 1,665 | | | | | Talen Energy Supply, LLC, Term Loan B (5) | | | 8.320% | | | | 1-Month LIBOR | | | | 3.750% | | | | 7/08/26 | | | | N/R | | | | 1,693,472 | |
| | 3,571 | | | | | Total Electric Utilities | | | | | | | | 3,600,008 | |
| | |
| | | | | | Electronic Equipment, Instruments & Components – 1.0% (0.6% of Total Investments) | |
| | | | | | | | |
| | 1,837 | | | | | II-VI Incorporated, Term Loan B | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 7/01/29 | | | | BBB– | | | | 1,836,252 | |
| | 2,000 | | | | | Ingram Micro Inc., Term Loan B | | | 8.230% | | | | 3-Month LIBOR | | | | 3.500% | | | | 7/02/28 | | | | BB+ | | | | 1,998,264 | |
| | 1,633 | | | | | TTM Technologies, Inc., Term Loan | | | 6.869% | | | | 1-Month LIBOR | | | | 2.500% | | | | 9/28/24 | | | | BB+ | | | | 1,633,490 | |
| | 5,470 | | | | | Total Electronic Equipment, Instruments & Components | | | | | | | | 5,468,006 | |
| | |
| | | | | | Entertainment – 1.3% (0.8% of Total Investments) | |
| | | | | | | | |
| | 2,214 | | | | | AMC Entertainment Holdings, Inc. , Term Loan B | | | 7.430% | | | | 1-Month LIBOR | | | | 3.000% | | | | 4/22/26 | | | | B– | | | | 1,316,858 | |
| | 5,092 | | | | | Crown Finance US, Inc., Term Loan (5) | | | 0.000% | | | | N/A | | | | N/A | | | | 2/28/25 | | | | D | | | | 892,396 | |
| | 675 | | | | | Crown Finance US, Inc., Term Loan (5) | | | 0.000% | | | | N/A | | | | N/A | | | | 9/20/26 | | | | D | | | | 111,032 | |
| | 1,387 | | | | | Diamond Sports Group, LLC, Term Loan, Second Lien | | | 8.025% | | | | SOFR90A | | | | 3.250% | | | | 8/24/26 | | | | Caa2 | | | | 113,580 | |
| | 648 | | | | | Lions Gate Capital Holdings LLC, Term Loan B | | | 6.820% | | | | 1-Month LIBOR | | | | 2.250% | | | | 3/24/25 | | | | Ba2 | | | | 639,385 | |
| | 1,144 | | | | | Springer Nature Deutschland GmbH, Term Loan B18 | | | 7.730% | | | | 1-Month LIBOR | | | | 3.000% | | | | 8/14/26 | | | | BB+ | | | | 1,144,895 | |
| | 891 | | | | | Univision Communications Inc., Term Loan C5 | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 3/15/24 | | | | B+ | | | | 891,841 | |
39
| | |
| |
| JFR | | Nuveen Floating Rate Income Fund (continued) |
| | Portfolio of Investments January 31, 2023 |
| | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | |
| | | | | | Entertainment (continued) | |
| | | | | | | | |
| $ | 1,560 | | | | | Virgin Media Bristol LLC, Term Loan Q | | | 7.709% | | | | 1-Month LIBOR | | | | 3.250% | | | | 1/31/29 | | | | BB+ | | | $ | 1,563,292 | |
| | 13,611 | | | | | Total Entertainment | | | | | | | | 6,673,279 | |
| | |
| | | | | | Food & Staples Retailing – 0.7% (0.4% of Total Investments) | |
| | | | | | | | |
| | 2,109 | | | | | US Foods, Inc., (DD1) | | | 6.570% | | | | 1-Month LIBOR | | | | 2.000% | | | | 9/13/26 | | | | BB | | | | 2,108,458 | |
| | 1,345 | | | | | US Foods, Inc., Term Loan B | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 11/22/28 | | | | BB | | | | 1,348,250 | |
| | 3,454 | | | | | Total Food & Staples Retailing | | | | | | | | 3,456,708 | |
| | |
| | | | | | Food Products – 1.1% (0.7% of Total Investments) | |
| | | | | | | | |
| | 1,287 | | | | | 8th Avenue Food & Provisions, Inc., Term Loan, First Lien, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | CCC+ | | | | 1,125,820 | |
| | 1,156 | | | | | CHG PPC Parent LLC, Term Loan | | | 7.625% | | | | 1-Month LIBOR | | | | 3.000% | | | | 12/08/28 | | | | B1 | | | | 1,151,927 | |
| | 1,136 | | | | | Froneri International Ltd., Term Loan | | | 6.820% | | | | 1-Month LIBOR | | | | 2.250% | | | | 1/31/27 | | | | B+ | | | | 1,126,921 | |
| | 390 | | | | | H Food Holdings LLC, Term Loan B | | | 8.257% | | | | 1-Month LIBOR | | | | 3.688% | | | | 5/31/25 | | | | B2 | | | | 364,498 | |
| | 58 | | | | | H Food Holdings LLC, Term Loan B3 | | | 9.570% | | | | 1-Month LIBOR | | | | 5.000% | | | | 5/31/25 | | | | B2 | | | | 54,985 | |
| | 1,132 | | | | | Sycamore Buyer LLC, Term Loan B | | | 6.853% | | | | SOFR90A | | | | 2.250% | | | | 7/22/29 | | | | BB+ | | | | 1,118,294 | |
| | 1,082 | | | | | UTZ Quality Foods, LLC, Term Loan B | | | 7.668% | | | | TSFR1M | | | | 3.000% | | | | 1/20/28 | | | | B1 | | | | 1,082,157 | |
| | 6,241 | | | | | Total Food Products | | | | | | | | 6,024,602 | |
| | |
| | | | | | Health Care Equipment & Supplies – 5.3% (3.2% of Total Investments) | |
| | | | | | | | |
| | 9,627 | | | | | Bausch & Lomb, Inc., Term Loan | | | 7.842% | | | | SOFR90A | | | | 3.250% | | | | 5/05/27 | | | | BB– | | | | 9,391,032 | |
| | 2,624 | | | | | Carestream Health, Inc., Term Loan | | | 12.180% | | | | SOFR90A | | | | 7.500% | | | | 9/30/27 | | | | B– | | | | 1,919,724 | |
| | 615 | | | | | Embecta Corp, Term Loan B | | | 7.791% | | | | SOFR180A | | | | 3.000% | | | | 1/27/29 | | | | Ba3 | | | | 605,184 | |
| | 1,057 | | | | | ICU Medical, Inc., Term Loan B | | | 7.192% | | | | SOFR90A + TSFR1M | | | | 2.375% | | | | 12/14/28 | | | | BBB– | | | | 1,054,206 | |
| | 739 | | | | | Insulet Corporation, Term Loan B | | | 7.926% | | | | TSFR3M | | | | 3.250% | | | | 5/04/28 | | | | Ba3 | | | | 739,097 | |
| | 11,837 | | | | | Medline Borrower, LP, Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.500% | | | | 10/21/28 | | | | BB– | | | | 11,515,742 | |
| | 2,391 | | | | | Viant Medical Holdings, Inc., Term Loan, First Lien | | | 8.320% | | | | 1-Month LIBOR | | | | 3.750% | | | | 7/02/25 | | | | B3 | | | | 2,175,961 | |
| | 894 | | | | | Vyaire Medical, Inc., Term Loan B | | | 9.517% | | | | 3-Month LIBOR | | | | 4.750% | | | | 4/16/25 | | | | Caa1 | | | | 649,704 | |
| | 29,784 | | | | | Total Health Care Equipment & Supplies | | | | | | | | 28,050,650 | |
| | |
| | | | | | Health Care Providers & Services – 10.0% (6.1% of Total Investments) | |
| | | | | | | | |
| | 2,962 | | | | | AHP Health Partners, Inc., Term Loan B | | | 8.070% | | | | 1-Month LIBOR | | | | 3.500% | | | | 8/23/28 | | | | B1 | | | | 2,942,133 | |
| | 1,146 | | | | | DaVita, Inc. , Term Loan B | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 8/12/26 | | | | BBB– | | | | 1,134,270 | |
| | 163 | | | | | Element Materials Technology Group US Holdings Inc., Term Loan | | | 8.930% | | | | SOFR90A | | | | 4.250% | | | | 4/12/29 | | | | B1 | | | | 161,615 | |
| | 352 | | | | | Element Materials Technology Group US Holdings Inc., Term Loan | | | 8.930% | | | | SOFR90A | | | | 4.250% | | | | 4/12/29 | | | | B1 | | | | 350,166 | |
| | 1,986 | | | | | Gainwell Acquisition Corp., Term Loan B | | | 8.730% | | | | 3-Month LIBOR | | | | 4.000% | | | | 10/01/27 | | | | BB– | | | | 1,943,696 | |
| | 395 | | | | | Global Medical Response, Inc., Term Loan | | | 8.820% | | | | 1-Month LIBOR | | | | 4.250% | | | | 3/14/25 | | | | B– | | | | 292,193 | |
| | 4,215 | | | | | Global Medical Response, Inc., Term Loan B | | | 8.651% | | | | 1-Month LIBOR | | | | 4.250% | | | | 10/02/25 | | | | B– | | | | 3,135,055 | |
| | 5,357 | | | | | ICON Luxembourg S.A.R.L., Term Loan | | | 7.000% | | | | 3-Month LIBOR | | | | 2.250% | | | | 7/01/28 | | | | BB+ | | | | 5,363,494 | |
| | 1,633 | | | | | National Mentor Holdings, Inc., Term Loan | | | 8.400% | | | | 1 + 3 Month LIBOR | | | | 3.750% | | | | 3/02/28 | | | | B– | | | | 1,205,026 | |
| | 25 | | | | | National Mentor Holdings, Inc., Term Loan C | | | 8.480% | | | | 3-Month LIBOR | | | | 3.750% | | | | 3/02/28 | | | | B– | | | | 18,132 | |
| | 1,940 | | | | | Onex TSG Intermediate Corp., Term Loan B | | | 9.575% | | | | 3-Month LIBOR | | | | 4.750% | | | | 2/26/28 | | | | B | | | | 1,732,822 | |
| | 9,288 | | | | | Parexel International Corporation, Term Loan, First Lien | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 11/15/28 | | | | B1 | | | | 9,225,540 | |
| | 2,253 | | | | | Phoenix Guarantor Inc, Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 3/05/26 | | | | B1 | | | | 2,224,239 | |
| | 1,965 | | | | | Phoenix Guarantor Inc, Term Loan B3 | | | 8.070% | | | | 1-Month LIBOR | | | | 3.500% | | | | 3/05/26 | | | | B1 | | | | 1,943,513 | |
| | 217 | | | | | Quorum Health Corporation, Term Loan (5) | | | 12.976% | | | | 3-Month LIBOR | | | | 8.250% | | | | 4/29/25 | | | | CCC | | | | 153,969 | |
| | 4,487 | | | | | RegionalCare Hospital Partners Holdings, Inc., Term Loan B | | | 8.575% | | | | 3-Month LIBOR | | | | 3.750% | | | | 11/16/25 | | | | B1 | | | | 4,368,774 | |
| | 4,343 | | | | | Select Medical Corporation, Term Loan B | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 3/06/25 | | | | Ba2 | | | | 4,329,027 | |
| | 7,347 | | | | | Surgery Center Holdings, Inc., Term Loan | | | 8.210% | | | | 3-Month LIBOR | | | | 3.750% | | | | 8/31/26 | | | | B1 | | | | 7,343,325 | |
| | 1,127 | | | | | Team Health Holdings, Inc., Term Loan B | | | 9.811% | | | | SOFR30A | | | | 5.250% | | | | 2/02/27 | | | | B– | | | | 939,505 | |
| | 1,612 | | | | | Team Health Holdings, Inc., Term Loan, First Lien, (DD1) | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 2/06/24 | | | | B– | | | | 1,489,452 | |
| | 2,610 | | | | | US Radiology Specialists, Inc., Term Loan | | | 9.875% | | | | 1-Month LIBOR | | | | 5.250% | | | | 12/15/27 | | | | B– | | | | 2,498,862 | |
| | 55,423 | | | | | Total Health Care Providers & Services | | | | | | | | 52,794,808 | |
40
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | |
| | | | | | Health Care Technology – 0.2% (0.2% of Total Investments) | |
| | | | | | | | |
| $ | 190 | | | | | Athenahealth, Inc., Term Loan (6) | | | 8.012% | | | | SOFR30A | | | | 3.500% | | | | 1/27/29 | | | | B+ | | | $ | 180,700 | |
| | 1,116 | | | | | Athenahealth, Inc., Term Loan B | | | 8.012% | | | | SOFR30A | | | | 3.500% | | | | 1/27/29 | | | | B+ | | | | 1,060,801 | |
| | 1,306 | | | | | Total Health Care Technology | | | | | | | | 1,241,501 | |
| | |
| | | | | | Hotels, Restaurants & Leisure – 22.4% (13.7% of Total Investments) | |
| | | | | | | | |
| | 301 | | | | | 24 Hour Fitness Worldwide, Inc., Exit Term Loan | | | 18.732% | | | | 3-Month LIBOR | | | | 5.000% | | | | 9/29/26 | | | | Caa3 | | | | 165,345 | |
| | 624 | | | | | 24 Hour Fitness Worldwide, Inc., Exit Term Loan, (cash 0.220%, PIK 5.000%) | | | 9.726% | | | | 3-Month LIBOR | | | | 14.000% | | | | 12/29/25 | | | | CCC– | | | | 53,802 | |
| | 2,003 | | | | | Alterra Mountain Company, Term Loan | | | 8.070% | | | | 1-Month LIBOR | | | | 3.500% | | | | 8/17/28 | | | | B+ | | | | 2,001,494 | |
| | 86 | | | | | Alterra Mountain Company, Term Loan B1 | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 7/31/24 | | | | B+ | | | | 86,242 | |
| | 931 | | | | | Aramark Services, Inc., Term Loan B3 | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 3/11/25 | | | | BB+ | | | | 928,790 | |
| | 21,203 | | | | | B.C. Unlimited Liability Company, Term Loan B4 | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 11/19/26 | | | | BB+ | | | | 21,011,604 | |
| | 2,030 | | | | | Caesars Entertainment Inc,Term Loan, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | Ba3 | | | | 2,030,731 | |
| | 8,305 | | | | | Caesars Resort Collection, LLC, Term Loan B, First Lien | | | 7.320% | | | | 1-Week LIBOR | | | | 2.750% | | | | 12/22/24 | | | | BB– | | | | 8,307,955 | |
| | 4,690 | | | | | Caesars Resort Collection, LLC, Term Loan B1 | | | 8.070% | | | | 1-Week LIBOR | | | | 3.500% | | | | 7/20/25 | | | | BB– | | | | 4,695,451 | |
| | 4,015 | | | | | Carnival Corporation, Term Loan B | | | 7.570% | | | | 1-Month LIBOR | | | | 3.000% | | | | 6/30/25 | | | | Ba2 | | | | 3,961,289 | |
| | 1,390 | | | | | Carnival Corporation, Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 10/18/28 | | | | BB– | | | | 1,360,099 | |
| | 2,828 | | | | | Churchill Downs Incorporated, Term Loan B1 | | | 6.570% | | | | 1-Month LIBOR | | | | 2.000% | | | | 3/17/28 | | | | BBB– | | | | 2,817,320 | |
| | 7,164 | | | | | ClubCorp Holdings, Inc., Term Loan B, (DD1) | | | 7.480% | | | | 3-Month LIBOR | | | | 2.750% | | | | 9/18/24 | | | | B2 | | | | 6,648,333 | |
| | 1,274 | | | | | Crown Finance US, Inc., Term Loan (6) | | | 0.500% | | | | Defaulted | | | | 0.500% | | | | 5/31/23 | | | | CCC+ | | | | 201,451 | |
| | 338 | | | | | Crown Finance US, Inc., Term Loan, (DD1) | | | 14.323% | | | | TSFR1M | | | | 10.000% | | | | 9/09/23 | | | | N/R | | | | 342,032 | |
| | 4,024 | | | | | Crown Finance US, Inc., Term Loan, (DD1) | | | 14.635% | | | | TSFR3M | | | | 10.000% | | | | 9/09/23 | | | | N/R | | | | 4,070,404 | |
| | 4,576 | | | | | Equinox Holdings, Inc., Term Loan, First Lien | | | 7.730% | | | | 3-Month LIBOR | | | | 3.000% | | | | 3/08/24 | | | | Caa2 | | | | 3,573,659 | |
| | 9,163 | | | | | Fertitta Entertainment, LLC, Term Loan B | | | 8.561% | | | | SOFR30A | | | | 4.000% | | | | 1/27/29 | | | | B | | | | 9,071,635 | |
| | 928 | | | | | Four Seasons Hotels Ltd,Term Loan, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | BB+ | | | | 933,882 | |
| | 2,485 | | | | | GVC Holdings (Gibraltar) Limited, Term Loan B, (DD1) | | | 8.180% | | | | SOFR90A | | | | 3.500% | | | | 10/31/29 | | | | Ba1 | | | | 2,491,834 | |
| | 2,716 | | | | | Hilton Grand Vacations Borrower LLC, Term Loan B | | | 7.570% | | | | 1-Month LIBOR | | | | 3.000% | | | | 8/02/28 | | | | BB+ | | | | 2,720,228 | |
| | 7,038 | | | | | Hilton Worldwide Finance, LLC, Term Loan B2 | | | 6.380% | | | | TSFR1M | | | | 1.750% | | | | 6/21/26 | | | | BBB– | | | | 7,037,243 | |
| | 850 | | | | | IRB Holding Corp, Term Loan B, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | B+ | | | | 843,017 | |
| | 549 | | | | | IRB Holding Corp, Term Loan B | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 2/05/25 | | | | B+ | | | | 548,475 | |
| | 1,577 | | | | | Life Time Fitness Inc , Term Loan B | | | 9.485% | | | | 3-Month LIBOR | | | | 4.750% | | | | 12/15/24 | | | | B+ | | | | 1,581,114 | |
| | 68 | | | | | Motion Finco LLC,Term Loan, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | B | | | | 67,511 | |
| | 1,391 | | | | | NASCAR Holdings, Inc, Term Loan B | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 10/18/26 | | | | BBB– | | | | 1,393,427 | |
| | 1,170 | | | | | PCI Gaming Authority, Term Loan | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 5/31/26 | | | | BBB– | | | | 1,171,407 | |
| | 1,075 | | | | | Penn National Gaming, Inc., Term Loan B | | | 7.411% | | | | SOFR30A | | | | 2.750% | | | | 4/20/29 | | | | BB | | | | 1,075,196 | |
| | 1,018 | | | | | Scientific Games Holdings LP, Term Loan B | | | 8.103% | | | | SOFR90A | | | | 3.500% | | | | 2/04/29 | | | | BB– | | | | 1,003,461 | |
| | 4,269 | | | | | Scientific Games International, Inc., Term Loan | | | 7.578% | | | | SOFR30A | | | | 3.000% | | | | 4/07/29 | | | | BBB– | | | | 4,270,065 | |
| | 2,839 | | | | | SeaWorld Parks & Entertainment, Inc., Term Loan B | | | 7.625% | | | | 1-Month LIBOR | | | | 3.000% | | | | 8/25/28 | | | | BB | | | | 2,836,578 | |
| | 7,959 | | | | | Stars Group Holdings B.V. (The), Term Loan | | | 6.980% | | | | 3-Month LIBOR | | | | 2.250% | | | | 7/10/25 | | | | BBB | | | | 7,954,077 | |
| | 1,995 | | | | | Stars Group Holdings B.V. (The), Term Loan B | | | 8.092% | | | | SOFR90A | | | | 3.250% | | | | 7/04/28 | | | | BBB | | | | 2,001,244 | |
| | 2,868 | | | | | Station Casinos LLC, Term Loan B | | | 6.820% | | | | 1-Month LIBOR | | | | 2.250% | | | | 2/08/27 | | | | BB– | | | | 2,849,719 | |
| | 2,227 | | | | | Twin River Worldwide Holdings, Inc., Term Loan B | | | 7.709% | | | | 1-Month LIBOR | | | | 3.250% | | | | 10/01/28 | | | | BB+ | | | | 2,146,898 | |
| | 2,960 | | | | | William Morris Endeavor Entertainment, LLC, Term Loan, First Lien | | | 7.352% | | | | 1 + 3 Month LIBOR | | | | 2.750% | | | | 5/16/25 | | | | B | | | | 2,948,814 | |
| | 1,430 | | | | | Wyndham Hotels & Resorts, Inc., Term Loan B | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 5/30/25 | | | | BBB– | | | | 1,431,559 | |
| | 122,357 | | | | | Total Hotels, Restaurants & Leisure | | | | | | | | 118,633,385 | |
41
| | |
| |
| JFR | | Nuveen Floating Rate Income Fund (continued) |
| | Portfolio of Investments January 31, 2023 |
| | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | |
| | | | | | Household Durables – 0.8% (0.5% of Total Investments) | |
| | | | | | | | |
| $ | 111 | | | | | AI Aqua Merger Sub, Inc., Term Loan | | | 8.124% | | |
| SOFR30A +
3 Month LIBOR |
| | | 3.197% | | | | 7/30/28 | | | | B | | | $ | 108,868 | |
| | 637 | | | | | AI Aqua Merger Sub, Inc., Term Loan B | | | 8.132% | | | | SOFR90A | | | | 3.750% | | | | 7/30/28 | | | | B | | | | 625,209 | |
| | 2,488 | | | | | AI Aqua Merger Sub, Inc., Term Loan B, First Lien | | | 8.147% | | | | SOFR30A | | | | 3.750% | | | | 7/30/28 | | | | B | | | | 2,434,118 | |
| | 1,423 | | | | | Weber-Stephen Products LLC, Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 10/30/27 | | | | CCC+ | | | | 1,253,644 | |
| | 4,659 | | | | | Total Household Durables | | | | | | | | 4,421,839 | |
| | |
| | | | | | Household Products – 0.9% (0.6% of Total Investments) | |
| | | | | | | | |
| | 1,651 | | | | | Energizer Holdings, Inc., Term Loan | | | 6.813% | | | | 1-Month LIBOR | | | | 2.250% | | | | 12/22/27 | | | | Ba1 | | | | 1,650,468 | |
| | 1,645 | | | | | Reynolds Consumer Products LLC, Term Loan | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 2/04/27 | | | | BBB– | | | | 1,644,022 | |
| | 1,474 | | | | | Spectrum Brands, Inc., Term Loan | | | 6.655% | | | | 1 + 3 Month LIBOR | | | | 2.000% | | | | 3/03/28 | | | | BBB– | | | | 1,472,829 | |
| | 4,770 | | | | | Total Household Products | | | | | | | | 4,767,319 | |
| | |
| | | | | | Independent Power And Renewable Electricity Producers – 0.2% (0.2% of Total Investments) | |
| | | | | | | | |
| | 1,245 | | | | | Vistra Operations Company LLC, Term Loan B3, First Lien | | | 6.262% | | | | 1-Month LIBOR | | | | 1.750% | | | | 12/31/25 | | | | BBB– | | | | 1,243,694 | |
| | |
| | | | | | Insurance – 5.7% (3.5% of Total Investments) | |
| | | | | | | | |
| | 4,890 | | | | | Acrisure, LLC, Term Loan B | | | 8.070% | | | | 1-Month LIBOR | | | | 3.500% | | | | 2/15/27 | | | | B | | | | 4,726,272 | |
| | 3,992 | | | | | Alliant Holdings Intermediate, LLC, Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 5/10/25 | | | | B | | | | 3,993,284 | |
| | 741 | | | | | Alliant Holdings Intermediate, LLC, Term Loan B4 | | | 8.008% | | | | 1-Month LIBOR | | | | 3.500% | | | | 11/06/27 | | | | B | | | | 740,625 | |
| | 2,712 | | | | | Asurion LLC, Term Loan B4, Second Lien | | | 9.820% | | | | 1-Month LIBOR | | | | 5.250% | | | | 1/20/29 | | | | B | | | | 2,281,484 | |
| | 810 | | | | | Asurion LLC, Term Loan B7 | | | 7.570% | | | | 1-Month LIBOR | | | | 3.000% | | | | 11/03/24 | | | | Ba3 | | | | 802,610 | |
| | 5,606 | | | | | Asurion LLC, Term Loan B8 | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 12/23/26 | | | | Ba3 | | | | 5,375,518 | |
| | 1,661 | | | | | Asurion LLC, Term Loan B9 | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 7/31/27 | | | | Ba3 | | | | 1,573,005 | |
| | 182 | | | | | BroadStreet Partners Inc,Term Loan, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | B1 | | | | 180,350 | |
| | 987 | | | | | Broadstreet Partners, Inc., Term Loan B2 | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 1/27/27 | | | | B1 | | | | 974,539 | |
| | 1,431 | | | | | Hub International Limited, Term Loan B | | | 7.746% | | | | 3-Month LIBOR | | | | 3.250% | | | | 4/25/25 | | | | B | | | | 1,431,516 | |
| | 3,217 | | | | | Hub International Limited, Term Loan B | | | 7.746% | | | | 3-Month LIBOR | | | | 3.000% | | | | 4/25/25 | | | | B | | | | 3,217,824 | |
| | 500 | | | | | Hub International Limited, Term Loan B | | | 8.220% | | | | SOFR90A | | | | 4.000% | | | | 11/10/29 | | | | B | | | | 500,390 | |
| | 684 | | | | | Ryan Specialty Group, LLC, Term Loan | | | 7.553% | | | | SOFR30A | | | | 3.000% | | | | 9/01/27 | | | | BB– | | | | 684,466 | |
| | 3,825 | | | | | USI, Inc., Term Loan | | | 8.330% | | | | SOFR90A | | | | 3.750% | | | | 11/16/29 | | | | B1 | | | | 3,830,672 | |
| | 31,238 | | | | | Total Insurance | | | | | | | | 30,312,555 | |
| | |
| | | | | | Interactive Media & Services – 0.8% (0.5% of Total Investments) | |
| | | | | | | | |
| | 6,883 | | | | | Rackspace Technology Global, Inc., Term Loan B | | | 7.380% | | | | 3-Month LIBOR | | | | 2.750% | | | | 2/09/28 | | | | B– | | | | 4,370,700 | |
| | 6,883 | | | | | Total Interactive Media & Services | | | | | | | | 4,370,700 | |
| | |
| | | | | | Internet & Direct Marketing Retail – 0.6% (0.4% of Total Investments) | |
| | | | | | | | |
| | 2,456 | | | | | CNT Holdings I Corp, Term Loan | | | 8.125% | | | | TSFR3M | | | | 3.500% | | | | 11/08/27 | | | | B | | | | 2,430,730 | |
| | 993 | | | | | Medical Solutions Holdings, Inc., Term Loan, First Lien | | | 7.223% | | | | 1 + 3 Month LIBOR | | | | 3.500% | | | | 11/01/28 | | | | B1 | | | | 962,574 | |
| | 3,449 | | | | | Total Internet & Direct Marketing Retail | | | | | | | | | | | | | | | | 3,393,304 | |
| | | | | | |
| | | | | | IT Services – 2.9% (1.8% of Total Investments) | | | | | | | | | | | | | |
| | | | | | | | |
| | 1,947 | | | | | Ahead DB Holdings, LLC, Term Loan B | | | 8.480% | | | | 3-Month LIBOR | | | | 3.750% | | | | 10/16/27 | | | | B+ | | | | 1,921,786 | |
| | 310 | | | | | iQor US Inc., Exit Term Loan | | | 12.047% | | | | 1-Month LIBOR | | | | 7.500% | | | | 9/15/27 | | | | B1 | | | | 308,041 | |
| | 1,447 | | | | | Peraton Corp., Term Loan B | | | 8.320% | | | | 1-Month LIBOR | | | | 3.750% | | | | 2/01/28 | | | | BB– | | | | 1,441,854 | |
| | 1,645 | | | | | Perforce Software, Inc., Term Loan B | | | 8.320% | | | | 1-Month LIBOR | | | | 3.750% | | | | 7/01/26 | | | | B2 | | | | 1,533,593 | |
| | 4,676 | | | | | Syniverse Holdings, Inc., Term Loan | | | 11.580% | | | | SOFR90A | | | | 7.000% | | | | 5/10/29 | | | | B– | | | | 4,221,062 | |
| | 2,082 | | | | | Tempo Acquisition LLC, Term Loan B | | | 7.561% | | | | TSFR1M | | | | 3.000% | | | | 8/31/28 | | | | BB– | | | | 2,087,122 | |
| | 2,573 | | | | | Travelport Finance (Luxembourg) S.a.r.l., Term Loan, (cash 3.500%, PIK 6.500%) | | | 6.740% | | | | 3-Month LIBOR | | | | 1.500% | | | | 2/28/25 | | | | B– | | | | 2,647,696 | |
| | 1,437 | | | | | WEX Inc., Term Loan | | | 6.820% | | | | 1-Month LIBOR | | | | 2.250% | | | | 4/01/28 | | | | Ba2 | | | | 1,435,764 | |
| | 16,117 | | | | | Total IT Services | | | | | | | | 15,596,918 | |
42
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | |
| | | | | | Leisure Products – 0.3% (0.2% of Total Investments) | |
| | | | | | | | |
| $ | 669 | | | | | Hayward Industries, Inc., Term Loan | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 5/28/28 | | | | BB | | | $ | 662,301 | |
| | 881 | | | | | SRAM, LLC , Term Loan B | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 5/18/28 | | | | BB– | | | | 873,526 | |
| | 1,550 | | | | | Total Leisure Products | | | | | | | | 1,535,827 | |
| | |
| | | | | | Life Sciences Tools & Services – 0.7% (0.4% of Total Investments) | |
| | | | | | | | |
| | 672 | | | | | Avantor Funding, Inc., Term Loan B5 | | | 6.820% | | | | 1-Month LIBOR | | | | 2.250% | | | | 11/06/27 | | | | BB+ | | | | 673,194 | |
| | 1,668 | | | | | Curia Global, Inc., Term Loan, (DD1) | | | 8.469% | | | | 1 + 3 Month LIBOR | | | | 3.750% | | | | 8/30/26 | | | | B2 | | | | 1,448,201 | |
| | 1,335 | | | | | ICON Luxembourg S.A.R.L., Term Loan | | | 7.000% | | | | 3-Month LIBOR | | | | 2.250% | | | | 7/01/28 | | | | BB+ | | | | 1,336,342 | |
| | 3,675 | | | | | Total Life Sciences Tools & Services | | | | | | | | 3,457,737 | |
| | |
| | | | | | Machinery – 2.3% (1.4% of Total Investments) | |
| | | | | | | | |
| | 3,705 | | | | | Ali Group North America Corporation, Term Loan B | | | 6.676% | | | | TSFR1M | | | | 2.000% | | | | 10/13/28 | | | | Baa3 | | | | 3,701,869 | |
| | 1,454 | | | | | Alliance Laundry Systems LLC, Term Loan B | | | 8.306% | | | | 3-Month LIBOR | | | | 3.500% | | | | 10/08/27 | | | | B | | | | 1,452,874 | |
| | 940 | | | | | Chart Industries Inc,Term Loan, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | Ba3 | | | | 943,525 | |
| | 1,989 | | | | | Gardner Denver, Inc., Term Loan B2 | | | 6.411% | | | | TSFR1M | | | | 1.750% | | | | 2/28/27 | | | | BB+ | | | | 1,985,820 | |
| | 2,071 | | | | | Gates Global LLC, Term Loan B3 | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 3/31/27 | | | | Ba3 | | | | 2,066,655 | |
| | 1,096 | | | | | Grinding Media Inc., Term Loan B | | | 8.056% | | | | 3-Month LIBOR | | | | 4.000% | | | | 10/12/28 | | | | B | | | | 1,076,943 | |
| | 985 | | | | | Madison IAQ LLC, Term Loan | | | 7.988% | | | | 3-Month LIBOR | | | | 3.250% | | | | 6/21/28 | | | | B2 | | | | 944,728 | |
| | 12,240 | | | | | Total Machinery | | | | | | | | 12,172,414 | |
| | |
| | | | | | Media – 11.7% (7.2% of Total Investments) | |
| | | | | | | | |
| | 2,323 | | | | | ABG Intermediate Holdings 2 LLC, Term Loan B1 | | | 8.161% | | | | SOFR30A | | | | 3.500% | | | | 12/21/28 | | | | B1 | | | | 2,309,676 | |
| | 400 | | | | | ABG Intermediate Holdings 2 LLC, Term Loan, Second Lien | | | 10.661% | | | | SOFR30A | | | | 6.000% | | | | 12/20/29 | | | | CCC+ | | | | 370,252 | |
| | 577 | | | | | Altice Financing SA, Term Loan, First Lien | | | 7.580% | | | | 3-Month LIBOR | | | | 2.750% | | | | 1/31/26 | | | | B | | | | 566,730 | |
| | 1,477 | | | | | Cable One, Inc., Term Loan B4 | | | 6.570% | | | | 1-Month LIBOR | | | | 2.000% | | | | 5/03/28 | | | | BB+ | | | | 1,467,497 | |
| | 3,634 | | | | | Cengage Learning, Inc., Term Loan B | | | 9.880% | | | | 3-Month LIBOR | | | | 4.750% | | | | 7/14/26 | | | | B | | | | 3,474,104 | |
| | 2,791 | | | | | Charter Communications Operating, LLC, Term Loan B2 | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 2/01/27 | | | | BBB– | | | | 2,784,872 | |
| | 664 | | | | | Checkout Holding Corp., First Out Term Loan | | | 11.920% | | | | 3-Month LIBOR | | | | 7.500% | | | | 2/15/23 | | | | N/R | | | | 522,329 | |
| | 1,327 | | | | | Checkout Holding Corp., Last Out Term Loan, (cash 3.750%, PIK 9.500%) | | | 9.500% | | | | 1-Month LIBOR | | | | 9.500% | | | | 8/15/23 | | | | N/R | | | | 305,232 | |
| | 12,066 | | | | | Clear Channel Outdoor Holdings, Inc., Term Loan B | | | 8.198% | | | | 1 + 3 Month LIBOR | | | | 3.500% | | | | 8/21/26 | | | | B1 | | | | 11,508,038 | |
| | 3,808 | | | | | CSC Holdings, LLC, Term Loan | | | 6.709% | | | | 1-Month LIBOR | | | | 2.250% | | | | 1/15/26 | | | | B+ | | | | 3,673,616 | |
| | 3,370 | | | | | CSC Holdings, LLC, Term Loan B1 | | | 6.709% | | | | 1-Month LIBOR | | | | 2.250% | | | | 7/17/25 | | | | B+ | | | | 3,260,099 | |
| | 511 | | | | | CSC Holdings, LLC, Term Loan B5 | | | 6.959% | | | | 1-Month LIBOR | | | | 2.500% | | | | 4/15/27 | | | | B+ | | | | 475,524 | |
| | 502 | | | | | Cumulus Media New Holdings Inc., Term Loan B | | | 8.575% | | | | 1-Month LIBOR | | | | 3.750% | | | | 3/31/26 | | | | B | | | | 481,827 | |
| | 6,437 | | | | | DirecTV Financing, LLC, Term Loan | | | 9.570% | | | | 1-Month LIBOR | | | | 5.000% | | | | 8/02/27 | | | | BBB– | | | | 6,344,859 | |
| | 2,674 | | | | | Dotdash Meredith Inc, Term Loan B | | | 8.434% | | | | SOFR30A | | | | 4.000% | | | | 12/01/28 | | | | B+ | | | | 2,277,078 | |
| | 963 | | | | | E.W. Scripps Company (The), Term Loan B2 | | | 7.132% | | | | 1-Month LIBOR | | | | 2.563% | | | | 5/01/26 | | | | BB | | | | 959,654 | |
| | 1,925 | | | | | Formula One Holdings Limited., Term Loan B | | | 7.811% | | | | TSFR1M | | | | 3.250% | | | | 1/15/30 | | | | BB+ | | | | 1,934,827 | |
| | 850 | | | | | Gray Television, Inc., Term Loan C | | | 6.869% | | | | 1-Month LIBOR | | | | 2.500% | | | | 1/02/26 | | | | BB+ | | | | 847,519 | |
| | 6,122 | | | | | iHeartCommunications, Inc., Term Loan | | | 7.570% | | | | 1-Month LIBOR | | | | 3.000% | | | | 5/01/26 | | | | BB- | | | | 6,045,645 | |
| | 22 | | | | | LCPR Loan Financing LLC, Term Loan B | | | 8.209% | | | | 1-Month LIBOR | | | | 3.750% | | | | 10/15/28 | | | | BB+ | | | | 22,181 | |
| | 2,569 | | | | | McGraw-Hill Global Education Holdings, LLC, Term Loan | | | 8.316% | | | | 6-Month LIBOR | | | | 4.750% | | | | 7/30/28 | | | | BB+ | | | | 2,464,788 | |
| | 717 | | | | | Mission Broadcasting, Inc., Term Loan B | | | 6.869% | | | | 1-Month LIBOR | | | | 2.500% | | | | 6/03/28 | | | | BBB– | | | | 713,498 | |
| | 764 | | | | | Nexstar Broadcasting, Inc., Term Loan B4 | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 9/18/26 | | | | BBB– | | | | 765,367 | |
| | 460 | | | | | Outfront Media Capital LLC, Term Loan B | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 11/18/26 | | | | Ba1 | | | | 455,975 | |
| | 225 | | | | | Red Ventures, LLC, Term Loan B2 | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 11/08/24 | | | | BB+ | | | | 225,172 | |
| | 1,209 | | | | | Sinclair Television Group Inc., Term Loan B2B | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 9/30/26 | | | | Ba2 | | | | 1,184,184 | |
| | 510 | | | | | Virgin Media Bristol LLC, Term Loan N | | | 6.959% | | | | 1-Month LIBOR | | | | 2.500% | | | | 1/31/28 | | | | BB+ | | | | 508,090 | |
| | 1,416 | | | | | WideOpenWest Finance LLC, Term Loan B | | | 7.580% | | | | SOFR90A | | | | 3.000% | | | | 12/20/28 | | | | BB | | | | 1,409,329 | |
| | 4,939 | | | | | Ziggo Financing Partnership, Term Loan I | | | 6.959% | | | | 1-Month LIBOR | | | | 2.500% | | | | 4/30/28 | | | | BB | | | | 4,905,840 | |
| | 65,252 | | | | | Total Media | | | | | | | | 62,263,802 | |
43
| | |
| |
| JFR | | Nuveen Floating Rate Income Fund (continued) |
| | Portfolio of Investments January 31, 2023 |
| | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | |
| | | | | | Multiline Retail – 0.2% (0.1% of Total Investments) | |
| | | | | | | | |
| $ | 2,221 | | | | | Belk, Inc., Term Loan, (cash 5.000%, PIK 8.000%) | | | 17.440% | | | | 3-Month LIBOR | | | | 13.000% | | | | 7/31/25 | | | | CCC– | | | $ | 412,303 | |
| | 459 | | | | | Belk, Inc., Term Loan | | | 12.199% | | | | 3-Month LIBOR | | | | 7.500% | | | | 7/31/25 | | | | B– | | | | 393,452 | |
| | 2,680 | | | | | Total Multiline Retail | | | | | | | | 805,755 | |
| | |
| | | | | | Oil, Gas & Consumable Fuels – 3.7% (2.2% of Total Investments) | |
| | | | | | | | |
| | 849 | | | | | BCP Renaissance Parent LLC, Term Loan B3 | | | 8.061% | | | | TSFR1M | | | | 3.500% | | | | 10/31/26 | | | | B+ | | | | 849,080 | |
| | 2,270 | | | | | Buckeye Partners, L.P., Term Loan B | | | 6.634% | | | | 1-Month LIBOR | | | | 2.250% | | | | 11/01/26 | | | | BBB– | | | | 2,273,119 | |
| | 482 | | | | | EG America LLC, Term Loan | | | 8.730% | | | | 3-Month LIBOR | | | | 4.000% | | | | 2/05/25 | | | | B– | | | | 466,499 | |
| | 4,531 | | | | | Freeport LNG Investments, LLLP, Term Loan A, (DD1) | | | 7.808% | | | | 3-Month LIBOR | | | | 3.000% | | | | 11/16/26 | | | | N/R | | | | 4,413,551 | |
| | 3,665 | | | | | Gulf Finance, LLC, Term Loan | | | 11.344% | | | | 1-Month LIBOR | | | | 6.750% | | | | 8/25/26 | | | | B | | | | 3,582,917 | |
| | 459 | | | | | M6 ETX Holdings II Midco LLC, Term Loan B | | | 9.158% | | | | SOFR90A | | | | 4.500% | | | | 8/11/29 | | | | BB+ | | | | 458,850 | |
| | 3,258 | | | | | QuarterNorth Energy Holding Inc., Exit Term Loan, Second Lien | | | 12.570% | | | | 1-Month LIBOR | | | | 8.000% | | | | 8/27/26 | | | | B | | | | 3,248,003 | |
| | 1,817 | | | | | TransMontaigne Operating Company L.P., Term Loan B | | | 8.028% | | | | 1-Month LIBOR | | | | 3.500% | | | | 11/05/28 | | | | BB | | | | 1,813,807 | |
| | 1,438 | | | | | Traverse Midstream Partners LLC, Term Loan | | | 8.800% | | | | SOFR90A | | | | 4.250% | | | | 9/27/24 | | | | B+ | | | | 1,440,515 | |
| | 850 | | | | | Whitewater Whistler Holdings LLC,Term Loan, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | BB+ | | | | 850,000 | |
| | 19,619 | | | | | Total Oil, Gas & Consumable Fuels | | | | | | | | 19,396,341 | |
| | |
| | | | | | Paper & Forest Products – 0.1% (0.0% of Total Investments) | |
| | | | | | | | |
| | 346 | | | | | Asplundh Tree Expert, LLC, Term Loan B, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | BBB– | | | | 346,196 | |
| | |
| | | | | | Personal Products – 0.3% (0.2% of Total Investments) | |
| | | | | | | | |
| | 716 | | | | | Conair Holdings, LLC, Term Loan B | | | 8.480% | | | | 3-Month LIBOR | | | | 3.750% | | | | 5/17/28 | | | | B– | | | | 619,582 | |
| | 138 | | | | | Coty Inc., Term Loan B | | | 6.645% | | | | 1-Month LIBOR | | | | 2.250% | | | | 4/05/25 | | | | BB– | | | | 138,546 | |
| | 991 | | | | | Kronos Acquisition Holdings Inc., Term Loan B, (DD1) | | | 8.485% | | | | 3-Month LIBOR | | | | 3.750% | | | | 12/22/26 | | | | B2 | | | | 966,899 | |
| | 1,845 | | | | | Total Personal Products | | | | | | | | 1,725,027 | |
| | |
| | | | | | Pharmaceuticals – 3.8% (2.3% of Total Investments) | |
| | | | | | | | |
| | 1,924 | | | | | Amneal Pharmaceuticals LLC, Term Loan B | | | 8.188% | | | | 1 + 3 Month LIBOR | | | | 3.500% | | | | 5/04/25 | | | | B | | | | 1,818,260 | |
| | 754 | | | | | Catalent Pharma Solutions Inc., Term Loan B3 | | | 6.563% | | | | 1-Month LIBOR | | | | 2.000% | | | | 2/22/28 | | | | BBB– | | | | 752,836 | |
| | 1,107 | | | | | Elanco Animal Health Incorporated, Term Loan B | | | 6.119% | | | | 1-Month LIBOR | | | | 1.750% | | | | 8/01/27 | | | | BBB– | | | | 1,091,716 | |
| | 7,956 | | | | | Jazz Financing Lux S.a.r.l., Term Loan | | | 8.070% | | | | 1-Month LIBOR | | | | 3.500% | | | | 5/05/28 | | | | BB+ | | | | 7,957,090 | |
| | 1,852 | | | | | Mallinckrodt International Finance S.A., Term Loan, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | B3 | | | | 1,425,139 | |
| | 3,346 | | | | | Mallinckrodt International Finance S.A., Term Loan, (DD1) | | | 9.986% | | | | 3-Month LIBOR | | | | 5.250% | | | | 9/30/27 | | | | B3 | | | | 2,576,423 | |
| | 25 | | | | | Mallinckrodt International Finance S.A., Term Loan B, (DD1) | | | 9.986% | | | | 3-Month LIBOR | | | | 5.250% | | | | 9/24/24 | | | | B | | | | 19,177 | |
| | 3,342 | | | | | Organon & Co, Term Loan | | | 7.750% | | | | 3-Month LIBOR | | | | 3.000% | | | | 6/02/28 | | | | BB | | | | 3,343,536 | |
| | 972 | | | | | Perrigo Investments, LLC, Term Loan B | | | 7.161% | | | | SOFR30A | | | | 2.500% | | | | 4/05/29 | | | | Baa3 | | | | 975,760 | |
| | 21,278 | | | | | Total Pharmaceuticals | | | | | | | | 19,959,937 | |
| | |
| | | | | | Professional Services – 1.8% (1.1% of Total Investments) | |
| | | | | | | | |
| | 755 | | | | | CHG Healthcare Services Inc., Term Loan | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 9/30/28 | | | | B1 | | | | 751,615 | |
| | 1,091 | | | | | Creative Artists Agency, LLC , Term Loan B | | | 8.320% | | | | 1-Month LIBOR | | | | 3.750% | | | | 11/26/26 | | | | B | | | | 1,093,127 | |
| | 2,925 | | | | | Dun & Bradstreet Corporation (The), Term Loan | | | 7.767% | | | | 1-Month LIBOR | | | | 3.250% | | | | 2/08/26 | | | | BB+ | | | | 2,923,482 | |
| | 1,441 | | | | | EAB Global, Inc., Term Loan | | | 8.070% | | | | 1-Month LIBOR | | | | 3.500% | | | | 8/16/28 | | | | B2 | | | | 1,394,759 | |
| | 659 | | | | | Physician Partners LLC, Term Loan | | | 8.661% | | | | SOFR30A | | | | 4.000% | | | | 2/01/29 | | | | B | | | | 632,404 | |
| | 2,964 | | | | | Verscend Holding Corp., Term Loan B | | | 8.570% | | | | 1-Month LIBOR | | | | 4.000% | | | | 8/27/25 | | | | BB– | | | | 2,965,027 | |
| | 9,835 | | | | | Total Professional Services | | | | | | | | 9,760,414 | |
44
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | |
| | | | | | Real Estate Management & Development – 0.5% (0.3% of Total Investments) | |
| | | | | | | | |
| $ | 1,468 | | | | | Cushman & Wakefield U.S. Borrower, LLC, Term Loan B | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 8/21/25 | | | | BB | | | $ | 1,464,182 | |
| | 950 | | | | | Cushman & Wakefield US Borrower LLC | | | 7.816% | | | | 1-Month LIBOR | | | | 3.250% | | | | 1/24/30 | | | | BB | | | | 947,972 | |
| | 2,418 | | | | | Total Real Estate Management & Development | | | | | | | | 2,412,154 | |
| | |
| | | | | | Road & Rail – 2.1% (1.3% of Total Investments) | |
| | | | | | | | |
| | 1,210 | | | | | First Student Bidco Inc, Term Loan B | | | 7.726% | | | | 3-Month LIBOR | | | | 3.000% | | | | 7/21/28 | | | | BB+ | | | | 1,144,956 | |
| | 451 | | | | | First Student Bidco Inc, Term Loan C | | | 7.726% | | | | 3-Month LIBOR | | | | 3.000% | | | | 7/21/28 | | | | BB+ | | | | 426,714 | |
| | 2,431 | | | | | Genesee & Wyoming Inc. (New), Term Loan | | | 6.730% | | | | 3-Month LIBOR | | | | 2.000% | | | | 12/30/26 | | | | BB+ | | | | 2,430,484 | |
| | 1,309 | | | | | Hertz Corporation, (The), Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 6/30/28 | | | | BB+ | | | | 1,305,704 | |
| | 251 | | | | | Hertz Corporation, (The), Term Loan C | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 6/30/28 | | | | BB+ | | | | 250,511 | |
| | 550 | | | | | Uber Technologies, Inc., Term Loan B | | | 8.235% | | | | 3-Month LIBOR | | | | 3.500% | | | | 2/25/27 | | | | Ba3 | | | | 551,133 | |
| | 2,861 | | | | | Uber Technologies, Inc., Term Loan B, First Lien | | | 8.235% | | | | 3-Month LIBOR | | | | 3.500% | | | | 4/04/25 | | | | Ba3 | | | | 2,866,056 | |
| | 2,166 | | | | | XPO Logistics, Inc., Term Loan B | | | 6.134% | | | | 1-Month LIBOR | | | | 1.750% | | | | 2/24/25 | | | | BB+ | | | | 2,163,183 | |
| | 11,229 | | | | | Total Road & Rail | | | | | | | | 11,138,741 | |
| | |
| | | | | | Semiconductors & Semiconductor Equipment – 0.4% (0.3% of Total Investments) | |
| | | | | | | | |
| | 1,261 | | | | | Bright Bidco B.V., Term Loan (5) | | | 12.676% | | | | TSFR3M | | | | 8.000% | | | | 10/31/27 | | | | B | | | | 1,103,022 | |
| | 1,283 | | | | | Entegris, Inc., Term Loan B | | | 7.571% | | |
| SOFR30A +
SOFR90A |
| | | 3.000% | | | | 7/06/29 | | | | Baa3 | | | | 1,290,018 | |
| | 2,544 | | | | | Total Semiconductors & Semiconductor Equipment | | | | | | | | 2,393,040 | |
| | |
| | | | | | Software – 14.9% (9.1% of Total Investments) | |
| | | | | | | | |
| | 918 | | | | | Apttus Corporation, Term Loan | | | 9.075% | | | | 3-Month LIBOR | | | | 4.250% | | | | 5/06/28 | | | | BB | | | | 894,278 | |
| | 1,395 | | | | | Avaya, Inc., Term Loan | | | 14.478% | | | | SOFR30A | | | | 10.000% | | | | 12/15/27 | | | | Caa2 | | | | 819,563 | |
| | 4,411 | | | | | Banff Merger Sub Inc, Term Loan, (DD1) | | | 8.320% | | | | 1-Month LIBOR | | | | 3.750% | | | | 10/02/25 | | | | B2 | | | | 4,340,579 | |
| | 816 | | | | | Camelot U.S. Acquisition LLC, Term Loan B | | | 7.517% | | | | 1-Month LIBOR | | | | 3.000% | | | | 10/31/26 | | | | B1 | | | | 816,019 | |
| | 1,100 | | | | | Camelot U.S. Acquisition LLC, Term Loan B, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | B1 | | | | 1,100,517 | |
| | 658 | | | | | CCC Intelligent Solutions Inc., Term Loan B | | | 6.797% | | | | 1-Month LIBOR | | | | 2.250% | | | | 9/21/28 | | | | B+ | | | | 657,856 | |
| | 2,740 | | | | | CDK Global, Inc., Term Loan B | | | 9.080% | | | | SOFR90A | | | | 4.500% | | | | 6/09/29 | | | | B+ | | | | 2,737,863 | |
| | 2,161 | | | | | Ceridian HCM Holding Inc., Term Loan B | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 4/30/25 | | | | B+ | | | | 2,154,043 | |
| | 2,992 | | | | | DTI Holdco, Inc., Term Loan | | | 9.426% | | | | SOFR90A | | | | 4.750% | | | | 4/21/29 | | | | B2 | | | | 2,863,448 | |
| | 7,841 | | | | | Epicor Software Corporation, Term Loan | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 7/31/27 | | | | B2 | | | | 7,714,736 | |
| | 5,208 | | | | | Finastra USA, Inc., Term Loan, First Lien | | | 8.325% | | | | 3-Month LIBOR | | | | 3.500% | | | | 6/13/24 | | | | B+ | | | | 4,907,188 | |
| | 4,559 | | | | | Greeneden U.S. Holdings II, LLC, Term Loan B4 | | | 8.570% | | | | 1-Month LIBOR | | | | 4.000% | | | | 12/01/27 | | | | B2 | | | | 4,485,188 | |
| | 669 | | | | | Greenway Health, LLC, Term Loan, First Lien | | | 8.480% | | | | 3-Month LIBOR | | | | 3.750% | | | | 2/16/24 | | | | CCC+ | | | | 467,762 | |
| | 5,459 | | | | | Informatica LLC, Term Loan B | | | 7.375% | | | | 1-Month LIBOR | | | | 2.750% | | | | 10/14/28 | | | | BB– | | | | 5,457,031 | |
| | 855 | | | | | iQor US Inc., Second Out Term Loan | | | 12.047% | | | | 1-Month LIBOR | | | | 7.500% | | | | 11/19/25 | | | | CCC+ | | | | 619,931 | |
| | 2,802 | | | | | McAfee, LLC, Term Loan B | | | 8.184% | | | | SOFR30A | | | | 3.750% | | | | 2/03/29 | | | | BB+ | | | | 2,651,519 | |
| | 5,593 | | | | | NortonLifeLock Inc., Term Loan B | | | 6.661% | | | | SOFR30A | | | | 2.000% | | | | 1/28/29 | | | | BBB– | | | | 5,588,238 | |
| | 7,650 | | | | | Open Text Corp,Term Loan, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | BBB– | | | | 7,650,000 | |
| | 1,658 | | | | | Polaris Newco LLC, Term Loan B | | | 8.730% | | | | 3-Month LIBOR | | | | 4.000% | | | | 6/04/28 | | | | B2 | | | | 1,577,815 | |
| | 491 | | | | | Project Ruby Ultimate Parent Corp., Term Loan | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 3/10/28 | | | | B | | | | 475,898 | |
| | 2,318 | | | | | Proofpoint, Inc., Term Loan, First Lien | | | 7.985% | | | | 3-Month LIBOR | | | | 3.250% | | | | 8/31/28 | | | | BB– | | | | 2,276,800 | |
| | 630 | | | | | RealPage, Inc, Term Loan, First Lien | | | 7.547% | | | | 1-Month LIBOR | | | | 3.000% | | | | 4/22/28 | | | | B+ | | | | 615,840 | |
| | 2,868 | | | | | Sophia, L.P., Term Loan B | | | 8.230% | | | | 3-Month LIBOR | | | | 3.500% | | | | 10/07/27 | | | | B2 | | | | 2,831,609 | |
| | 1,486 | | | | | SS&C European Holdings Sarl, Term Loan B4, (DD1) | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 4/16/25 | | | | BB+ | | | | 1,484,935 | |
| | 1,689 | | | | | SS&C Technologies Inc., Term Loan B3, (DD1) | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 4/16/25 | | | | BB+ | | | | 1,688,257 | |
| | 328 | | | | | SS&C Technologies Inc., Term Loan B6 | | | 6.811% | | | | SOFR30A | | | | 2.250% | | | | 3/22/29 | | | | BB+ | | | | 327,412 | |
| | 494 | | | | | SS&C Technologies Inc., Term Loan B7 | | | 6.911% | | | | SOFR30A | | | | 2.250% | | | | 3/22/29 | | | | BB+ | | | | 493,335 | |
| | 1,911 | | | | | Ultimate Software Group Inc (The), Term Loan | | | 8.032% | | | | 3-Month LIBOR | | | | 3.250% | | | | 5/03/26 | | | | B1 | | | | 1,883,172 | |
| | 967 | | | | | Ultimate Software Group Inc (The), Term Loan B | | | 8.575% | | | | 3-Month LIBOR | | | | 3.750% | | | | 5/03/26 | | | | B1 | | | | 959,576 | |
| | 1,118 | | | | | Vision Solutions, Inc., Term Loan | | | 8.818% | | | | 3-Month LIBOR | | | | 4.000% | | | | 5/28/28 | | | | B2 | | | | 985,595 | |
| | 4,441 | | | | | Zelis Healthcare Corporation, Term Loan | | | 8.070% | | | | 1-Month LIBOR | | | | 3.500% | | | | 9/30/26 | | | | B | | | | 4,437,692 | |
45
| | |
| |
| JFR | | Nuveen Floating Rate Income Fund (continued) |
| | Portfolio of Investments January 31, 2023 |
| | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | |
| | | | | | Software (continued) | |
| | | | | | | | |
| $ | 3,071 | | | | | ZoomInfo LLC, Term Loan B | | | 7.661% | | | | TSFR1M | | | | 3.000% | | | | 2/01/26 | | | | BB+ | | | $ | 3,085,262 | |
| | 81,297 | | | | | Total Software | | | | | | | | 79,048,957 | |
| | |
| | | | | | Specialty Retail – 4.5% (2.7% of Total Investments) | |
| | | | | | | | |
| | 779 | | | | | Academy, Ltd., Term Loan | | | 8.119% | | | | 1-Month LIBOR | | | | 3.750% | | | | 11/06/27 | | | | BB | | | | 780,340 | |
| | 2,776 | | | | | Avis Budget Car Rental, LLC, Term Loan B | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 8/06/27 | | | | BB+ | | | | 2,745,077 | |
| | 1,539 | | | | | Avis Budget Car Rental, LLC, Term Loan C | | | 8.161% | | | | SOFR30A | | | | 3.500% | | | | 3/15/29 | | | | BB+ | | | | 1,540,407 | |
| | 506 | | | | | Driven Holdings, LLC, Term Loan B | | | 7.738% | | | | 3-Month LIBOR | | | | 3.000% | | | | 12/17/28 | | | | B3 | | | | 496,474 | |
| | 2,277 | | | | | Jo-Ann Stores, Inc., Term Loan B1 | | | 9.572% | | | | 3-Month LIBOR | | | | 4.750% | | | | 6/30/28 | | | | CCC+ | | | | 1,332,170 | |
| | 2,181 | | | | | LBM Acquisition LLC, Term Loan B | | | 8.852% | | | | 6-Month LIBOR | | | | 3.750% | | | | 12/18/27 | | | | B+ | | | | 1,977,669 | |
| | 751 | | | | | Les Schwab Tire Centers, Term Loan B | | | 6.580% | | | | 3-Month LIBOR | | | | 3.250% | | | | 11/02/27 | | | | B | | | | 749,980 | |
| | 9,269 | | | | | PetSmart, Inc., Term Loan B | | | 8.411% | | | | TSFR1M | | | | 3.750% | | | | 2/12/28 | | | | BB | | | | 9,218,659 | |
| | 2,668 | | | | | Restoration Hardware, Inc., Term Loan B | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 10/15/28 | | | | BB | | | | 2,573,749 | |
| | 530 | | | | | SRS Distribution Inc., Term Loan | | | 8.161% | | | | TSFR1M | | | | 3.500% | | | | 6/04/28 | | | | B– | | | | 511,721 | |
| | 762 | | | | | Staples, Inc., Term Loan | | | 9.440% | | | | 3-Month LIBOR | | | | 5.000% | | | | 4/12/26 | | | | B | | | | 715,290 | |
| | 1,020 | | | | | Wand NewCo 3, Inc., Term Loan | | | 7.570% | | | | 1-Month LIBOR | | | | 3.000% | | | | 2/05/26 | | | | B2 | | | | 996,510 | |
| | 25,058 | | | | | Total Specialty Retail | | | | | | | | 23,638,046 | |
| | |
| | | | | | Technology Hardware, Storage & Peripherals – 0.1% (0.1% of Total Investments) | |
| | | | | | | | |
| | 769 | | | | | NCR Corporation, Term Loan | | | 7.330% | | | | 3-Month LIBOR | | | | 2.500% | | | | 8/28/26 | | | | BB+ | | | | 766,680 | |
| | |
| | | | | | Textiles, Apparel & Luxury Goods – 0.5% (0.3% of Total Investments) | |
| | | | | | | | |
| | 1,920 | | | | | Birkenstock GmbH & Co. KG, Term Loan B | | | 7.690% | | | | 3-Month LIBOR | | | | 3.250% | | | | 4/28/28 | | | | BB– | | | | 1,917,663 | |
| | 378 | | | | | New Trojan Parent, Inc., Term Loan, First Lien | | | 7.764% | | | | 1-Month LIBOR | | | | 3.250% | | | | 1/06/28 | | | | B– | | | | 266,483 | |
| | 272 | | | | | Samsonite International S.A., Term Loan B2 | | | 7.570% | | | | 1-Month LIBOR | | | | 3.000% | | | | 4/25/25 | | | | N/R | | | | 273,086 | |
| | 2,570 | | | | | Total Textiles, Apparel & Luxury Goods | | | | | | | | 2,457,232 | |
| | |
| | | | | | Trading Companies & Distributors – 0.7% (0.4% of Total Investments) | |
| | | | | | | | |
| | 2,243 | | | | | Core & Main LP, Term Loan B | | | 7.313% | | | | 1 + 6 Month LIBOR | | | | 2.500% | | | | 6/10/28 | | | | B+ | | | | 2,241,429 | |
| | 1,454 | | | | | Resideo Funding Inc., Term Loan | | | 6.807% | | |
| 1 + 3 + 6 Month
LIBOR |
| | | 2.250% | | | | 2/12/28 | | | | BBB– | | | | 1,457,735 | |
| | 3,697 | | | | | Total Trading Companies & Distributors | | | | | | | | 3,699,164 | |
| | |
| | | | | | Transportation Infrastructure – 0.8% (0.5% of Total Investments) | |
| | | | | | | | |
| | 2,074 | | | | | Brown Group Holding, LLC, Term Loan B | | | 7.047% | | | | 1-Month LIBOR | | | | 2.500% | | | | 4/22/28 | | | | B+ | | | | 2,067,596 | |
| | 1,047 | | | | | Brown Group Holding, LLC, Term Loan B2 | | | 8.369% | | |
| SOFR30A +
SOFR90A |
| | | 3.750% | | | | 6/09/29 | | | | B+ | | | | 1,049,271 | |
| | 1,337 | | | | | KKR Apple Bidco, LLC, Term Loan | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 9/23/28 | | | | B+ | | | | 1,333,687 | |
| | 4,458 | | | | | Total Transportation Infrastructure | | | | | | | | 4,450,554 | |
| | |
| | | | | | Wireless Telecommunication Services – 1.0% (0.6% of Total Investments) | |
| | | | | | | | |
| | 1,182 | | | | | GOGO Intermediate Holdings LLC, Term Loan B | | | 8.575% | | | | 3-Month LIBOR | | | | 3.750% | | | | 4/30/28 | | | | B+ | | | | 1,182,632 | |
| | 4,338 | | | | | Intelsat Jackson Holdings S.A., Term Loan B (5) | | | 7.445% | | | | SOFR180A | | | | 4.500% | | | | 1/27/29 | | | | BB– | | | | 4,278,403 | |
| | 5,520 | | | | | Total Wireless Telecommunication Services | | | | | | | | 5,461,035 | |
| $ | 751,010 | | | | | Total Variable Rate Senior Loan Interests (cost $732,436,654) | | | | 705,060,216 | |
| | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | | | | | | | Coupon | | | Maturity | | | Ratings (4) | | | Value | |
| | | | | | |
| | | | | | CORPORATE BONDS – 22.1% (13.6% of Total Investments) | | | | | | | | | | | | | |
| | | | | | |
| | | | | | Aerospace & Defense – 0.3% (0.2% of Total Investments) | | | | | | | | | | | | | |
| | | | | | |
| $ | 1,920 | | | | | TransDigm Inc | | | | 4.625% | | | | 1/15/29 | | | | B– | | | $ | 1,732,147 | |
| | |
| | | | | | Airlines – 0.5% (0.3% of Total Investments) | |
| | | | | | |
| | 1,280 | | | | | Delta Air Lines Inc | | | | 3.750% | | | | 10/28/29 | | | | Baa3 | | | | 1,132,672 | |
| | 762 | | | | | United Airlines Inc, 144A | | | | 4.375% | | | | 4/15/26 | | | | Ba1 | | | | 723,393 | |
| | 1,006 | | | | | United Airlines Inc, 144A | | | | 4.625% | | | | 4/15/29 | | | | Ba1 | | | | 917,583 | |
| | 3,048 | | | | | Total Airlines | | | | | | | | 2,773,648 | |
46
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | | | | | | | Coupon | | | Maturity | | | Ratings (4) | | | Value | |
| | |
| | | | | | Auto Components – 0.7% (0.4% of Total Investments) | |
| | | | | | |
| $ | 2,740 | | | | | Adient Global Holdings Ltd, 144A | | | | 4.875% | | | | 8/15/26 | | | | BB– | | | $ | 2,601,383 | |
| | 1,200 | | | | | Dana Financing Luxembourg Sarl, 144A | | | | 5.750% | | | | 4/15/25 | | | | BB+ | | | | 1,188,000 | |
| | 3,940 | | | | | Total Auto Components | | | | | | | | 3,789,383 | |
| | |
| | | | | | Chemicals – 1.4% (0.9% of Total Investments) | |
| | | | | | |
| | 4,325 | | | | | Celanese US Holdings LLC | | | | 5.900% | | | | 7/05/24 | | | | BBB– | | | | 4,349,841 | |
| | 1,425 | | | | | Rayonier AM Products Inc, 144A | | | | 7.625% | | | | 1/15/26 | | | | B+ | | | | 1,332,403 | |
| | 1,799 | | | | | Trinseo Materials Operating SCA / Trinseo Materials Finance Inc, 144A | | | | 5.375% | | | | 9/01/25 | | | | B2 | | | | 1,574,125 | |
| | 7,549 | | | | | Total Chemicals | | | | | | | | 7,256,369 | |
| | |
| | | | | | Commercial Services & Supplies – 1.0% (0.6% of Total Investments) | |
| | | | | | |
| | 2,000 | | | | | Prime Security Services Borrower LLC / Prime Finance Inc, 144A | | | | 6.250% | | | | 1/15/28 | | | | B– | | | | 1,896,800 | |
| | 1,453 | | | | | Prime Security Services Borrower LLC / Prime Finance Inc, 144A | | | | 5.750% | | | | 4/15/26 | | | | BB– | | | | 1,423,997 | |
| | 2,000 | | | | | Prime Security Services Borrower LLC / Prime Finance Inc, 144A | | | | 3.375% | | | | 8/31/27 | | | | BB– | | | | 1,774,702 | |
| | 5,453 | | | | | Total Commercial Services & Supplies | | | | | | | | 5,095,499 | |
| | |
| | | | | | Communications Equipment – 1.3% (0.8% of Total Investments) | |
| | | | | | |
| | 12,000 | | | | | Avaya Inc, 144A | | | | 6.125% | | | | 9/15/28 | | | | Caa2 | | | | 3,660,000 | |
| | 1,280 | | | | | Commscope Inc, 144A | | | | 4.750% | | | | 9/01/29 | | | | B1 | | | | 1,065,421 | |
| | 1,500 | | | | | Commscope Inc, 144A | | | | 8.250% | | | | 3/01/27 | | | | CCC+ | | | | 1,275,825 | |
| | 1,000 | | | | | CommScope Technologies LLC, 144A | | | | 5.000% | | | | 3/15/27 | | | | CCC+ | | | | 763,477 | |
| | 15,780 | | | | | Total Communications Equipment | | | | | | | | 6,764,723 | |
| | |
| | | | | | Containers & Packaging – 0.1% (0.1% of Total Investments) | |
| | | | | | |
| | 770 | | | | | Pactiv Evergreen Group Issuer Inc/Pactiv Evergreen Group Issuer LLC, 144A | | | | 4.375% | | | | 9/30/28 | | | | B+ | | | | 684,370 | |
| | |
| | | | | | Diversified Telecommunication Services – 1.2% (0.7% of Total Investments) | |
| | | | | | |
| | 845 | | | | | Frontier Communications Holdings LLC, 144A | | | | 5.000% | | | | 5/01/28 | | | | BB+ | | | | 768,232 | |
| | 1,000 | | | | | Frontier Communications Holdings LLC | | | | 5.875% | | | | 11/01/29 | | | | CCC+ | | | | 815,260 | |
| | 1,278 | | | | | Frontier Communications Holdings LLC, 144A | | | | 6.000% | | | | 1/15/30 | | | | BB– | | | | 1,049,787 | |
| | 3,905 | | | | | Frontier Communications Holdings LLC, 144A | | | | 5.875% | | | | 10/15/27 | | | | BB+ | | | | 3,728,963 | |
| | 7,028 | | | | | Total Diversified Telecommunication Services | | | | | | | | 6,362,242 | |
| | |
| | | | | | Electric Utilities – 0.6% (0.4% of Total Investments) | |
| | | | | | |
| | 4,250 | | | | | Bruce Mansfield Unit 1 2007 Pass Through Trust (5) | | | | 6.850% | | | | 6/01/34 | | | | N/R | | | | 5,313 | |
| | 1,360 | | | | | Pacific Gas and Electric Co | | | | 4.550% | | | | 7/01/30 | | | | BBB– | | | | 1,268,433 | |
| | 1,268 | | | | | PG&E Corp | | | | 5.000% | | | | 7/01/28 | | | | BB | | | | 1,188,179 | |
| | 850 | | | | | Talen Energy Supply LLC, 144A (5) | | | | 7.250% | | | | 5/15/27 | | | | N/R | | | | 884,692 | |
| | 7,728 | | | | | Total Electric Utilities | | | | | | | | 3,346,617 | |
| | |
| | | | | | Electronic Equipment, Instruments & Components – 0.0% (0.0% of Total Investments) | |
| | | | | | |
| | 300 | | | | | Imola Merger Corp, 144A | | | | 4.750% | | | | 5/15/29 | | | | BB+ | | | | 261,000 | |
| | |
| | | | | | Energy Equipment & Services – 0.2% (0.1% of Total Investments) | |
| | | | | | |
| | 1,000 | | | | | Weatherford International Ltd, 144A | | | | 8.625% | | | | 4/30/30 | | | | B | | | | 1,009,410 | |
| | |
| | | | | | Entertainment – 0.8% (0.5% of Total Investments) | |
| | | | | | |
| | 6,257 | | | | | AMC Entertainment Holdings Inc, (cash 10.000%, PIK 12.000%), 144A | | | | 10.000% | | | | 6/15/26 | | | | Caa3 | | | | 3,120,084 | |
| | 2,625 | | | | | Diamond Sports Group LLC / Diamond Sports Finance Co, 144A | | | | 5.375% | | | | 8/15/26 | | | | Caa2 | | | | 193,594 | |
| | 3,950 | | | | | Diamond Sports Group LLC / Diamond Sports Finance Co, 144A | | | | 6.625% | | | | 8/15/27 | | | | Ca | | | | 79,000 | |
| | 1,500 | | | | | Lions Gate Capital Holdings LLC, 144A | | | | 5.500% | | | | 4/15/29 | | | | B– | | | | 975,000 | |
| | 14,332 | | | | | Total Entertainment | | | | | | | | 4,367,678 | |
| | |
| | | | | | Equity Real Estate Investment Trusts (REITs) – 0.5% (0.3% of Total Investments) | |
| | | | | | |
| | 4,200 | | | | | American Tower Corp | | | | 2.950% | | | | 1/15/51 | | | | BBB+ | | | | 2,766,173 | |
| | |
| | | | | | Health Care Equipment & Supplies – 0.2% (0.1% of Total Investments) | |
| | | | | | | | |
| | 1,280 | | | | | Mozart Debt Merger Sub Inc, 144A | | | | | | | | | | | 3.875% | | | | 4/01/29 | | | | BB– | | | | 1,094,419 | |
47
| | |
| |
| JFR | | Nuveen Floating Rate Income Fund (continued) |
| | Portfolio of Investments January 31, 2023 |
| | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | | | | | Coupon | | | Maturity | | | Ratings (4) | | | Value | |
| | |
| | | | | | Health Care Providers & Services – 0.9% (0.5% of Total Investments) | |
| | | | | | |
| $ | 165 | | | | | HCA Inc | | | 5.375% | | | | 2/01/25 | | | | BBB– | | | $ | 165,623 | |
| | 2,084 | | | | | LifePoint Health Inc, 144A | | | 5.375% | | | | 1/15/29 | | | | CCC+ | | | | 1,392,103 | |
| | 775 | | | | | Select Medical Corp, 144A | | | 6.250% | | | | 8/15/26 | | | | B– | | | | 756,927 | |
| | 1,365 | | | | | Tenet Healthcare Corp | | | 0.000% | | | | 2/01/27 | | | | N/R | | | | 1,334,288 | |
| | 762 | | | | | Tenet Healthcare Corp | | | 4.875% | | | | 1/01/26 | | | | BB– | | | | 742,165 | |
| | 171 | | | | | Tenet Healthcare Corp | | | 4.625% | | | | 7/15/24 | | | | BB– | | | | 168,649 | |
| | 5,322 | | | | | Total Health Care Providers & Services | | | | | | | | 4,559,755 | |
| | |
| | | | | | Hotels, Restaurants & Leisure – 1.1% (0.7% of Total Investments) | |
| | | | | | |
| | 764 | | | | | 1011778 BC ULC / New Red Finance Inc, 144A | | | 3.500% | | | | 2/15/29 | | | | BB+ | | | | 668,455 | |
| | 3,896 | | | | | 1011778 BC ULC / New Red Finance Inc, 144A | | | 4.000% | | | | 10/15/30 | | | | B+ | | | | 3,316,470 | |
| | 1,006 | | | | | Caesars Entertainment Inc, 144A | | | 6.250% | | | | 7/01/25 | | | | Ba3 | | | | 1,002,125 | |
| | 762 | | | | | Life Time Inc, 144A | | | 5.750% | | | | 1/15/26 | | | | B+ | | | | 732,297 | |
| | 6,428 | | | | | Total Hotels, Restaurants & Leisure | | | | | | | | 5,719,347 | |
| | |
| | | | | | Independent Power Producers & Energy Traders – 0.7% (0.4% of Total Investments) | |
| | | | | | |
| | 2,492 | | | | | Talen Energy Supply LLC, 144A (5) | | | 7.625% | | | | 6/01/28 | | | | N/R | | | | 2,597,679 | |
| | 1,200 | | | | | Ziggo Bond Co BV, 144A | | | 6.000% | | | | 1/15/27 | | | | B– | | | | 1,134,936 | |
| | 3,692 | | | | | Total Independent Power Producers & Energy Traders | | | | | | | | | | | | | | | 3,732,615 | |
| | |
| | | | | | Insurance – 0.1% (0.1% of Total Investments) | |
| | | | | | |
| | 395 | | | | | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144A | | | 4.250% | | | | 10/15/27 | | | | B | | | | 362,000 | |
| | |
| | | | | | Interactive Media & Services – 0.3% (0.2% of Total Investments) | |
| | | | | | |
| | 2,796 | | | | | Rackspace Technology Global Inc, 144A | | | 3.500% | | | | 2/15/28 | | | | B– | | | | 1,681,095 | |
| | |
| | | | | | Internet Software & Services – 0.5% (0.3% of Total Investments) | |
| | | | | | |
| | 6,666 | | | | | Rackspace Technology Global Inc, 144A | | | 5.375% | | | | 12/01/28 | | | | CCC+ | | | | 2,456,021 | |
| | |
| | | | | | IT Services – 0.2% (0.2% of Total Investments) | |
| | | | | | |
| | 1,490 | | | | | Ahead DB Holdings LLC, 144A | | | 6.625% | | | | 5/01/28 | | | | CCC+ | | | | 1,259,050 | |
| | |
| | | | | | Media – 3.4% (2.1% of Total Investments) | |
| | | | | | |
| | 5,600 | | | | | Charter Communications Operating LLC / Charter Communications Operating Capital | | | 3.500% | | | | 3/01/42 | | | | BBB– | | | | 3,895,011 | |
| | 1,250 | | | | | Clear Channel Outdoor Holdings Inc, 144A | | | 7.750% | | | | 4/15/28 | | | | CCC | | | | 1,063,413 | |
| | 5,324 | | | | | CSC Holdings LLC, 144A | | | 3.375% | | | | 2/15/31 | | | | B+ | | | | 3,713,490 | |
| | 1,481 | | | | | iHeartCommunications Inc | | | 8.375% | | | | 5/01/27 | | | | B– | | | | 1,327,725 | |
| | 3,080 | | | | | iHeartCommunications Inc, 144A | | | 5.250% | | | | 8/15/27 | | | | BB– | | | | 2,758,540 | |
| | 7 | | | | | iHeartCommunications Inc | | | 6.375% | | | | 5/01/26 | | | | BB– | | | | 6,618 | |
| | 575 | | | | | LCPR Senior Secured Financing DAC, 144A | | | 5.125% | | | | 7/15/29 | | | | BB+ | | | | 506,000 | |
| | 1,751 | | | | | McGraw-Hill Education Inc, 144A | | | 5.750% | | | | 8/01/28 | | | | BB+ | | | | 1,538,489 | |
| | 3,813 | | | | | VZ Secured Financing BV, 144A | | | 5.000% | | | | 1/15/32 | | | | BB | | | | 3,265,186 | |
| | 22,881 | | | | | Total Media | | | | | | | | 18,074,472 | |
| | |
| | | | | | Metals & Mining – 0.2% (0.1% of Total Investments) | |
| | | | | | |
| | 1,220 | | | | | First Quantum Minerals Ltd, 144A | | | 6.875% | | | | 10/15/27 | | | | B+ | | | | 1,182,637 | |
| | |
| | | | | | Oil, Gas & Consumable Fuels – 3.4% (2.1% of Total Investments) | |
| | | | | | |
| | 1,000 | | | | | Calumet Specialty Products Partners LP / Calumet Finance Corp, 144A | | | 8.125% | | | | 1/15/27 | | | | B– | | | | 964,817 | |
| | 4,200 | | | | | Citgo Holding Inc, 144A | | | 9.250% | | | | 8/01/24 | | | | B+ | | | | 4,221,000 | |
| | 1,480 | | | | | Citgo Petroleum Corp, 144A | | | 7.000% | | | | 6/15/25 | | | | BB | | | | 1,467,538 | |
| | 900 | | | | | Gulfport Energy Corp, 144A | | | 8.000% | | | | 5/17/26 | | | | BB– | | | | 891,729 | |
| | 762 | | | | | Hilcorp Energy I LP / Hilcorp Finance Co, 144A | | | 6.250% | | | | 11/01/28 | | | | BB+ | | | | 731,909 | |
| | 762 | | | | | MEG Energy Corp, 144A | | | 5.875% | | | | 2/01/29 | | | | BB– | | | | 727,710 | |
| | 3,970 | | | | | NGL Energy Operating LLC / NGL Energy Finance Corp, 144A | | | 7.500% | | | | 2/01/26 | | | | B | | | | 3,770,148 | |
| | 350 | | | | | NGL Energy Partners LP / NGL Energy Finance Corp | | | 7.500% | | | | 11/01/23 | | | | Caa2 | | | | 350,452 | |
| | 350 | | | | | NGL Energy Partners LP / NGL Energy Finance Corp | | | 7.500% | | | | 4/15/26 | | | | Caa2 | | | | 297,446 | |
| | 350 | | | | | NGL Energy Partners LP / NGL Energy Finance Corp | | | 6.125% | | | | 3/01/25 | | | | Caa2 | | | | 310,625 | |
| | 1,742 | | | | | PBF Holding Co LLC / PBF Finance Corp | | | 7.250% | | | | 6/15/25 | | | | BB | | | | 1,735,476 | |
| | 2,625 | | | | | PBF Holding Co LLC / PBF Finance Corp | | | 6.000% | | | | 2/15/28 | | | | BB | | | | 2,474,955 | |
| | 18,491 | | | | | Total Oil, Gas & Consumable Fuels | | | | | | | | 17,943,805 | |
48
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | | | | | Coupon | | | Maturity | | | Ratings (4) | | | Value | |
| | |
| | | | | | Pharmaceuticals – 0.2% (0.1% of Total Investments) | |
| | | | | | |
| $ | 1,130 | | | | | ORGANON & CO/ORG, 144A | | | 5.125% | | | | 4/30/31 | | | | BB– | | | $ | 1,020,153 | |
| | |
| | | | | | Software – 0.2% (0.1% of Total Investments) | |
| | | | | | |
| | 1,200 | | | | | Condor Merger Sub Inc, 144A | | | 7.375% | | | | 2/15/30 | | | | CCC+ | | | | 996,717 | |
| | |
| | | | | | Specialty Retail – 1.6% (1.0% of Total Investments) | |
| | | | | | |
| | 6,080 | | | | | Hertz Corp/The, 144A | | | 4.625% | | | | 12/01/26 | | | | B+ | | | | 5,411,200 | |
| | 2,565 | | | | | Michaels Cos Inc/The, 144A | | | 7.875% | | | | 5/01/29 | | | | Caa1 | | | | 1,949,400 | |
| | 300 | | | | | PetSmart Inc / PetSmart Finance Corp, 144A | | | 7.750% | | | | 2/15/29 | | | | B– | | | | 294,822 | |
| | 750 | | | | | PetSmart Inc / PetSmart Finance Corp, 144A | | | 4.750% | | | | 2/15/28 | | | | BB | | | | 693,738 | |
| | 9,695 | | | | | Total Specialty Retail | | | | | | | | 8,349,160 | |
| | |
| | | | | | Wireless Telecommunication Services – 0.5% (0.3% of Total Investments) | |
| | | | | | |
| | 3,315 | | | | | Vmed O2 UK Financing I PLC, 144A | | | 4.250% | | | | 1/31/31 | | | | BB+ | | | | 2,768,025 | |
| $ | 154,799 | | | | | Total Corporate Bonds (cost $131,461,804) | | | | 117,408,530 | |
| | | | | | |
| Shares | | | | | Description (1) | | | | | | | | | | | Value | |
| | | |
| | | | | | COMMON STOCKS – 4.6% (2.8% of Total Investments) | | | | | |
| | | |
| | | | | | Banks – 0.0% (0.0% of Total Investments) | | | | |
| | | |
| | 30,335 | | | | | iQor US Inc (7) | | | $ | 113,756 | |
| | | |
| | | | | | Communications Equipment – 0.1% (0.0% of Total Investments) | | | | |
| | | |
| | 24,553 | | | | | Windstream Services PE LLC (7) | | | | 250,146 | |
| | | |
| | | | | | Construction & Engineering – 0.0% (0.0% of Total Investments) | | | | |
| | | |
| | 1,723 | | | | | TNT Crane & Rigging Inc (7) | | | | 10,912 | |
| | 3,055 | | | | | TNT Crane & Rigging Inc (7) | | | | 305 | |
| | | | | | Total Construction & Engineering | | | | 11,217 | |
| | |
| | | | | | Diversified Consumer Services – 0.1% (0.0% of Total Investments) | |
| | | |
| | 18,448 | | | | | Cengage Learning Holdings II Inc (7) | | | | 206,396 | |
| | | | | | |
| | | | | | Diversified Telecommunication Services – 0.0% (0.0% of Total Investments) | | | | | | | | | | | | |
| | | | | | |
| | 18,781 | | | | | Windstream Services PE LLC (7) | | | | | | | | | | | | | | | 191,341 | |
| | | | | | |
| | | | | | Energy Equipment & Services – 2.2% (1.4% of Total Investments) | | | | | | | | | | | | |
| | | | | | |
| | 79,375 | | | | | Quarternorth Energy Holding Inc (7) | | | | | | | | | | | | | | | 10,821,432 | |
| | 83,230 | | | | | Transocean Ltd (7) | | | | | | | | | | | | | | | 560,970 | |
| | 7,777 | | | | | Vantage Drilling International (7) | | | | | | | | | | | | | | | 124,432 | |
| | | | | | Total Energy Equipment & Services | | | | 11,506,834 | |
| | | | | | |
| | | | | | Entertainment – 0.0% (0.0% of Total Investments) | | | | | | | | | | | | |
| | | | | | |
| | 26,045 | | | | | Metro-Goldwyn-Mayer Inc (7) | | | | | | | | | | | | | | | 115,900 | |
| | | | | | |
| | | | | | Health Care Equipment & Supplies – 0.2% (0.1% of Total Investments) | | | | | | | | | | | | |
| | | | | | |
| | 71,755 | | | | | Onex Carestream Finance LP (7) | | | | | | | | | | | | | | | 1,076,325 | |
| | | | | | |
| | | | | | Health Care Providers & Services – 0.0% (0.0% of Total Investments) | | | | | | | | | | | | |
| | | | | | |
| | 68,990 | | | | | Millennium Health LLC (7), (8) | | | | | | | | | | | | | | | 9,865 | |
| | 64,762 | | | | | Millennium Health LLC (7), (8) | | | | | | | | | | | | | | | 2,785 | |
| | | | | | Total Health Care Providers & Services | | | | 12,650 | |
| | | | | | |
| | | | | | Hotels, Restaurants & Leisure – 0.0% (0.0% of Total Investments) | | | | | | | | | | | | |
| | | | | | |
| | 138,556 | | | | | 24 Hour Fitness Worldwide Inc (7) | | | | | | | | | | | | | | | 1,386 | |
| | 291,314 | | | | | 24 Hour Fitness Worldwide Inc (7) | | | | | | | | | | | | | | | 2,330 | |
| | | | | | Total Hotels, Restaurants & Leisure | | | | 3,716 | |
49
| | |
| |
| JFR | | Nuveen Floating Rate Income Fund (continued) |
| | Portfolio of Investments January 31, 2023 |
| | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Shares | | | | | Description (1) | | | | | | | | | | | Value | |
| | | | | |
| | | | | | Independent Power And Renewable Electricity Producers – 1.3% (0.8% of Total Investments) | | | | | | | | | | |
| | | | | | |
| | 91,757 | | | | | Energy Harbor Corp (7), (9) | | | | | | | | | | | | | | $ | 7,019,411 | |
| | | | | | |
| | | | | | Internet & Direct Marketing Retail – 0.0% (0.0% of Total Investments) | | | | | | | | | | | | |
| | | | | | |
| | 17,539 | | | | | Catalina Marketing Corp (7) | | | | | | | | | | | | | | | 4,385 | |
| | | | | | |
| | | | | | Marine – 0.0% (0.0% of Total Investments) | | | | | | | | | | | | |
| | | | | | |
| | 860 | | | | | ACBL HLDG CORP (7) | | | | | | | | | | | | | | | 32,250 | |
| | | | | | |
| | | | | | Media – 0.0% (0.0% of Total Investments) | | | | | | | | | | | | |
| | | | | | |
| | 8 | | | | | Cumulus Media Inc, Class A (7) | | | | | | | | | | | | | | | 54 | |
| | 1,973,746 | | | | | Hibu plc (7) | | | | | | | | | | | | | | | — | |
| | | | | | Total Media | | | | 54 | |
| | | | | | |
| | | | | | Multiline Retail – 0.0% (0.0% of Total Investments) | | | | | | | | | | | | |
| | | | | | |
| | 274 | | | | | Belk Inc (7) | | | | | | | | | | | | | | | 2,397 | |
| | | | | | |
| | | | | | Oil, Gas & Consumable Fuels – 0.6% (0.4% of Total Investments) | | | | | | | | | | | | |
| | | | | | |
| | 9,955 | | | | | California Resources Corp | | | | | | | | | | | | | | | 425,377 | |
| | 17,975 | | | | | Chord Energy Corp | | | | | | | | | | | | | | | 2,576,357 | |
| | | | | | Total Oil, Gas & Consumable Fuels | | | | 3,001,734 | |
| | | | | | |
| | | | | | Professional Services – 0.0% (0.0% of Total Investments) | | | | | | | | | | | | |
| | | | | | |
| | 103,578 | | | | | Skillsoft Corp (7) | | | | | | | | | | | | | | | 198,871 | |
| | | | | |
| | | | | | Semiconductors & Semiconductor Equipment – 0.1% (0.1% of Total Investments) | | | | | | | | | | |
| | | | | | |
| | 24,487 | | | | | Bright Bidco BV (7), (8) | | | | | | | | | | | | | | | 327,072 | |
| | 17,927 | | | | | Bright Bidco BV (7) | | | | | | | | | | | | | | | 294,515 | |
| | | | | | Total Semiconductors & Semiconductor Equipment | | | | 621,587 | |
| | | | | | Total Common Stocks (cost $33,025,617) | | | | 24,368,970 | |
| | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | | | | | Coupon | | | Maturity | | | Ratings (4) | | | Value | |
| | | |
| | | | | | ASSET-BACKED SECURITIES – 2.3% (1.4% of Total Investments) | | | | | |
| | | | | | |
| $ | 500 | | | | | Battalion CLO XI Ltd , 144A (3-Month LIBOR reference rate + 6.850% spread) 2017 11A (10) | | | 8.034% | | | | 4/24/34 | | | | Ba3 | | | $ | 442,207 | |
| | 1,000 | | | | | CIFC Funding 2019-I Ltd , 144A (3-Month LIBOR reference rate + 6.830% spread) 2019 1A (10) | | | 7.893% | | | | 4/20/32 | | | | Ba3 | | | | 928,600 | |
| | 1,200 | | | | | Dryden 50 Senior Loan Fund , 144A (3-Month LIBOR reference rate + 6.260% spread) 2017 50A (10) | | | 11.052% | | | | 7/15/30 | | | | Ba3 | | | | 1,073,130 | |
| | 2,000 | | | | | Flatiron CLO 19 Ltd , 144A (3-Month LIBOR reference rate + 6.100% spread) 2019 1A (10) | | | 10.744% | | | | 11/16/34 | | | | BB– | | | | 1,807,524 | |
| | 1,250 | | | | | Gilbert Park CLO Ltd , 144A (3-Month LIBOR reference rate + 6.400% spread) 2017 1A (10) | | | 11.192% | | | | 10/15/30 | | | | Ba3 | | | | 1,104,251 | |
| | 500 | | | | | Goldentree Loan Opportunities IX Ltd , 144A (3-Month LIBOR reference rate + 5.660% spread) 2014 9A (10) | | | 10.462% | | | | 10/29/29 | | | | BB– | | | | 472,540 | |
| | 1,000 | | | | | KKR CLO 30 Ltd , 144A (3-Month LIBOR reference rate + 6.400% spread) Y 30A (10) | | | 11.192% | | | | 10/17/31 | | | | Ba3 | | | | 916,532 | |
| | 500 | | | | | Magnetite XXVII Ltd , 144A (3-Month LIBOR reference rate + 6.000% spread) 2020 27A (10) | | | 10.808% | | | | 10/20/34 | | | | Ba3 | | | | 458,993 | |
| | 600 | | | | | Neuberger Berman Loan Advisers CLO 28 Ltd , 144A (3-Month LIBOR reference rate + 5.600% spread) 2018 28A (10) | | | 10.408% | | | | 4/20/30 | | | | BB– | | | | 550,643 | |
| | 1,500 | | | | | Neuberger Berman Loan Advisers CLO 48 Ltd , 144A (TSFR3M reference rate + 3.200% spread) 2022 48A (10) | | | 7.859% | | | | 4/25/36 | | | | BBB– | | | | 1,367,508 | |
| | 1,667 | | | | | Rockford Tower CLO 2017-3 Ltd , 144A (3-Month LIBOR reference rate + 5.750% spread) 2017 3A (10) | | | 6.813% | | | | 10/20/30 | | | | Ba3 | | | | 1,402,582 | |
| | 1,700 | | | | | TICP CLO I-2 LTD , 144A (3-Month LIBOR reference rate + 5.770% spread) 2018 IA (10) | | | 6.984% | | | | 4/26/28 | | | | B1 | | | | 1,634,667 | |
| $ | 13,417 | | | | | Total Asset-Backed Securities (cost $13,091,128) | | | | 12,159,177 | |
50
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares | | | | | Description (1) | | | | | | | | | | | | Value | |
| | | |
| | | | | | WARRANTS – 1.1% (0.7% of Total Investments) | | | | | |
| | | |
| | | | | | Energy Equipment & Services – 1.0% (0.6% of Total Investments) | | | | |
| | | | | | |
| | 35,665 | | | | | Quarternorth Energy Holding Inc | | | | | | | | | | | | | | | $ | 4,862,316 | |
| | 50,519 | | | | | Quarternorth Energy Holding Inc | | | | | | | | | | | | | | | | 328,374 | |
| | 26,231 | | | | | Quarternorth Energy Holding Inc | | | | | | | | | | | | | | | | 236,079 | |
| | | | | | Total Energy Equipment & Services | | | | 5,426,769 | |
| | |
| | | | | | Entertainment – 0.0% (0.0% of Total Investments) | |
| | | | | | |
| | 224,650 | | | | | Cineworld Warrant | | | | | | | | | | | | | | | | — | |
| | |
| | | | | | Industrial Conglomerates – 0.0% (0.0% of Total Investments) | |
| | | | | | |
| | 25,580 | | | | | American Commercial Barge Line LLC | | | | | | | | | | | | | | | | 12,790 | |
| | |
| | | | | | Marine – 0.1% (0.1% of Total Investments) | |
| | | | | | |
| | 2,558 | | | | | ACBL HLDG CORP | | | | | | | | | | | | | | | | 124,063 | |
| | 904 | | | | | ACBL HLDG CORP | | | | | | | | | | | | | | | | 33,900 | |
| | 3,363 | | | | | ACBL HLDG CORP | | | | | | | | | | | | | | | | 84,075 | |
| | 33,630 | | | | | American Commercial Barge Line LLC | | | | | | | | | | | | | | | | 12,611 | |
| | | | | | Total Marine | | | | | | | | 254,649 | |
| | |
| | | | | | Oil, Gas & Consumable Fuels – 0.0% (0.0% of Total Investments) | |
| | | | | | |
| | 439 | | | | | California Resources Corp | | | | | | | | | | | | | | | | 4,807 | |
| | |
| | | | | | Wireless Telecommunication Services – 0.0% (0.0% of Total Investments) | |
| | | | | | |
| | 3 | | | | | Intelsat SA/Luxembourg | | | | | | | | | | | | | | | | 3 | |
| | | | | | Total Warrants (cost $988,181) | | | | 5,699,018 | |
| | | | | | | | |
| Shares | | | | | Description (1) | | | | | | | | Coupon | | | | | | Ratings (4) | | | Value | |
| | | |
| | | | | | CONVERTIBLE PREFERRED SECURITIES – 0.0% (0.0% of Total Investments) | | | | | |
| | | |
| | | | | | Communications Equipment – 0.0% (0.0% of Total Investments) | | | | |
| | | | | | |
| | 21,483 | | | | | Riverbed Technology Inc | | | | 0.000% | | | | | | | | N/R | | | $ | 215 | |
| | |
| | | | | | Marine – 0.0% (0.0% of Total Investments) | |
| | | | | | | | |
| | 3,200 | | | | | ACBL HLDG CORP | | | | | | | | | | | 0.000% | | | | | | | | N/R | | | | 80,000 | |
| | 3,642 | | | | | ACBL HLDG CORP | | | | | | | | | | | 0.000% | | | | | | | | N/R | | | | 176,637 | |
| | | | | | Total Marine | | | | 256,637 | |
| | | | | | Total Convertible Preferred Securities (cost $568,614) | | | | 256,852 | |
| | | | | | Total Long-Term Investments (cost $911,571,998) | | | | 864,952,763 | |
| | | | | | Borrowings – (44.0)% (11), (12) | | | | (233,300,000 | ) |
| | | | | | Taxable Fund Preferred Shares, net of deferred offering costs – (18.8)% (13) | | | | (99,421,284 | ) |
| | | | | | Other Assets & Liabilities, Net – (0.4)% | | | | (2,375,156 | ) |
| | | | | | Net Assets Applicable to Common Shares – 100% | | | $ | 529,856,323 | |
51
| | |
| |
| JFR | | Nuveen Floating Rate Income Fund (continued) |
| | Portfolio of Investments January 31, 2023 |
| | (Unaudited) |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| (2) | 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. |
| (3) | 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. |
| (4) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (5) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. |
| (6) | Investment, or portion of investment, represents an outstanding unfunded senior loan commitment. |
| (7) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
| (8) | For fair value measurement disclosure purposes, investment classified as Level 3. |
| (9) | Common Stock received as part of the bankruptcy settlements during February 2020 for Bruce Mansfield Unit 1 2007 Pass-Through Trust. |
| (10) | Variable rate security. The rate shown is the coupon as of the end of the reporting period. |
| (11) | Borrowings as a percentage of Total Investments is 27.0%. |
| (12) | The fund segregates 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings. |
| (13) | Taxable Fund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 11.5%. |
| 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 |
| 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. |
| 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 3M | CME Term SOFR 3 Month |
| WI/DD | Purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
52
| | |
| JRO | | Nuveen Floating Rate Income
Opportunity Fund Portfolio of Investments January 31, 2023 |
| | | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | |
| | | | | | LONG-TERM INVESTMENTS – 164.4% (100.0% of Total Investments) | |
| | | |
| | | | | | VARIABLE RATE SENIOR LOAN INTERESTS – 134.2% (81.6% of Total Investments) (2) | | | | | |
| | | |
| | | | | | Aerospace & Defense – 1.3% (0.8% of Total Investments) | | | | |
| | | | | | | | |
| $ | 1,847 | | | | | TransDigm, Inc., Term Loan E | | | 6.980% | | | | 3-Month LIBOR | | | | 2.250% | | | | 5/30/25 | | | | Ba3 | | | $ | 1,845,564 | |
| | 1,990 | | | | | TransDigm, Inc., Term Loan F, (DD1) | | | 6.980% | | | | 3-Month LIBOR | | | | 2.250% | | | | 12/09/25 | | | | Ba3 | | | | 1,989,301 | |
| | 1,037 | | | | | TransDigm, Inc., Term Loan H | | | 7.830% | | | | SOFR90A | | | | 3.250% | | | | 2/22/27 | | | | Ba3 | | | | 1,040,119 | |
| | 4,874 | | | | | Total Aerospace & Defense | | | | | | | | | | | | | | | | | | | | | | | 4,874,984 | |
| | |
| | | | | | Airlines – 3.9% (2.4% of Total Investments) | |
| | | | | | | | |
| | 1,967 | | | | | AAdvantage Loyalty IP Ltd., Term Loan | | | 9.558% | | | | 3-Month LIBOR | | | | 4.750% | | | | 4/20/28 | | | | Ba2 | | | | 2,023,227 | |
| | 748 | | | | | Air Canada, Term Loan B | | | 8.130% | | | | 3-Month LIBOR | | | | 3.500% | | | | 8/11/28 | | | | Ba2 | | | | 750,121 | |
| | 920 | | | | | American Airlines, Inc., Term Loan, First Lien | | | 6.297% | | | | 1-Month LIBOR | | | | 1.750% | | | | 1/29/27 | | | | Ba3 | | | | 895,285 | |
| | 3,314 | | | | | Kestrel Bidco Inc., Term Loan B | | | 7.508% | | | | 1-Month LIBOR | | | | 3.000% | | | | 12/11/26 | | | | B+ | | | | 3,192,039 | |
| | 931 | | | | | Mileage Plus Holdings LLC, Term Loan B | | | 9.996% | | | | 3-Month LIBOR | | | | 5.250% | | | | 6/20/27 | | | | Baa3 | | | | 971,840 | |
| | 4,380 | | | | | SkyMiles IP Ltd., Term Loan B | | | 8.558% | | | | 3-Month LIBOR | | | | 3.750% | | | | 10/20/27 | | | | Baa1 | | | | 4,536,636 | |
| | 2,211 | | | | | United Airlines, Inc., Term Loan B | | | 8.568% | | | | 3-Month LIBOR | | | | 3.750% | | | | 4/21/28 | | | | Ba1 | | | | 2,214,748 | |
| | 14,471 | | | | | Total Airlines | | | | | | | | | | | | | | | | | | | | | | | 14,583,896 | |
| | |
| | | | | | Auto Components – 0.8% (0.5% of Total Investments) | |
| | | | | | | | |
| | 610 | | | | | Adient US LLC, Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 4/08/28 | | | | BB+ | | | | 609,054 | |
| | 2,028 | | | | | Clarios Global LP, Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 4/30/26 | | | | B1 | | | | 2,026,146 | |
| | 526 | | | | | DexKo Global Inc., Term Loan B | | | 8.480% | | | | 3-Month LIBOR | | | | 3.750% | | | | 10/04/28 | | | | B2 | | | | 487,825 | |
| | 3,164 | | | | | Total Auto Components | | | | | | | | | | | | | | | | | | | | | | | 3,123,025 | |
| | |
| | | | | | Beverages – 2.0% (1.2% of Total Investments) | |
| | | | | | | | |
| | 1,068 | | | | | Arterra Wines Canada, Inc., Term Loan | | | 8.230% | | | | 3-Month LIBOR | | | | 3.500% | | | | 11/25/27 | | | | B | | | | 1,041,158 | |
| | 1,199 | | | | | City Brewing Company, LLC, Term Loan | | | 8.330% | | | | 3-Month LIBOR | | | | 3.500% | | | | 4/05/28 | | | | CCC | | | | 563,373 | |
| | 1,741 | | | | | Naked Juice LLC, Term Loan | | | 7.930% | | | | SOFR90A | | | | 3.250% | | | | 1/20/29 | | | | B2 | | | | 1,609,255 | |
| | 246 | | | | | Naked Juice LLC, Term Loan, Second Lien | | | 10.680% | | | | SOFR90A | | | | 6.000% | | | | 1/20/30 | | | | CCC | | | | 206,410 | |
| | 2,000 | | | | | Sunshine Investments B.V., Term Loan | | | 8.515% | | | | TSFR3M | | | | 4.250% | | | | 5/05/29 | | | | B+ | | | | 1,990,000 | |
| | 2,212 | | | | | Triton Water Holdings, Inc, Term Loan | | | 8.230% | | | | 3-Month LIBOR | | | | 3.500% | | | | 3/31/28 | | | | B1 | | | | 2,111,540 | |
| | 8,466 | | | | | Total Beverages | | | | | | | | | | | | | | | | | | | | | | | 7,521,736 | |
| | |
| | | | | | Biotechnology – 0.8% (0.5% of Total Investments) | |
| | | | | | | | |
| | 3,122 | | | | | Grifols Worldwide Operations USA, Inc., Term Loan B | | | 6.570% | | | | 1-Month LIBOR | | | | 2.000% | | | | 11/15/27 | | | | BB+ | | | | 3,071,133 | |
| | |
| | | | | | Building Products – 1.9% (1.2% of Total Investments) | |
| | | | | | | | |
| | 2,668 | | | | | Chamberlain Group Inc, Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 10/22/28 | | | | B | | | | 2,580,605 | |
| | 743 | | | | | Cornerstone Building Brands, Inc., Term Loan B | | | 7.709% | | | | 1-Month LIBOR | | | | 3.250% | | | | 4/12/28 | | | | B | | | | 697,557 | |
| | 184 | | | | | Griffon Corporation, Term Loan B | | | 9.000% | | | | Prime | | | | 1.500% | | | | 1/19/29 | | | | BB | | | | 184,016 | |
| | 2,767 | | | | | Quikrete Holdings, Inc., Term Loan, First Lien | | | 7.195% | | | | 1-Month LIBOR | | | | 2.625% | | | | 1/31/27 | | | | Ba2 | | | | 2,756,210 | |
| | 662 | | | | | Standard Industries Inc., Term Loan B | | | 6.425% | | | | 3-Month LIBOR | | | | 2.250% | | | | 9/22/28 | | | | BBB– | | | | 662,172 | |
| | 316 | | | | | Zurn Holdings, Inc., Term Loan B | | | 6.570% | | | | 1-Month LIBOR | | | | 2.000% | | | | 10/04/28 | | | | BB+ | | | | 316,310 | |
| | 7,340 | | | | | Total Building Products | | | | | | | | | | | | | | | | | | | | | | | 7,196,870 | |
| | |
| | | | | | Capital Markets – 0.7% (0.4% of Total Investments) | |
| | | | | | | | |
| | 873 | | | | | Advisor Group, Inc., Term Loan | | | 9.070% | | | | 1-Month LIBOR | | | | 4.500% | | | | 7/31/26 | | | | B2 | | | | 868,194 | |
| | 1,520 | | | | | Astra Acquisition Corp., Term Loan, First Lien | | | 9.820% | | | | 1-Month LIBOR | | | | 5.250% | | | | 10/22/28 | | | | BB– | | | | 1,347,171 | |
| | 349 | | | | | Motion Finco LLC,Term Loan, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | B | | | | 344,955 | |
| | 2,742 | | | | | Total Capital Markets | | | | | | | | | | | | | | | | | | | | | | | 2,560,320 | |
53
| | |
| |
| JRO | | Nuveen Floating Rate Income Opportunity Fund (continued) |
| | Portfolio of Investments January 31, 2023 |
| | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | |
| | | | | | Chemicals – 2.0% (1.2% of Total Investments) | |
| | | | | | | | |
| $ | 557 | | | | | ASP Unifrax Holdings Inc, Term Loan B | | | 8.480% | | | | 3-Month LIBOR | | | | 3.750% | | | | 12/12/25 | | | | BB | | | $ | 505,836 | |
| | 168 | | | | | Avient Corporation, Term Loan B | | | 7.926% | | | | SOFR90A | | | | 3.250% | | | | 8/29/29 | | | | BB+ | | | | 168,282 | |
| | 1,400 | | | | | Axalta Coating Systems Dutch Holding B B.V, Term Loan B | | | 7.506% | | | | TSFR3M | | | | 3.000% | | | | 12/08/29 | | | | BBB– | | | | 1,407,875 | |
| | 778 | | | | | Diamond (BC) B.V., Term Loan B | | | 7.448% | | | | 1+3 Month LIBOR | | | | 2.750% | | | | 9/29/28 | | | | Ba3 | | | | 771,265 | |
| | 1,585 | | | | | Discovery Purchaser Corporation, Term Loan | | | 8.962% | | | | TSFR3M | | | | 4.375% | | | | 8/03/29 | | | | B– | | | | 1,521,275 | |
| | 705 | | | | | INEOS Styrolution US Holding LLC, Term Loan B | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 1/29/26 | | | | BB+ | | | | 705,163 | |
| | 850 | | | | | Ineos US Finance LLC, Term Loan B | | | 6.661% | | | | 1-Month LIBOR | | | | 2.000% | | | | 3/31/24 | | | | BBB– | | | | 852,939 | |
| | 164 | | | | | Kraton Corporation, Term Loan | | | 8.040% | | | | SOFR90A | | | | 3.250% | | | | 3/15/29 | | | | BB | | | | 163,489 | |
| | 1,422 | | | | | Trinseo Materials Operating S.C.A., Term Loan | | | 6.570% | | | | 1-Month LIBOR | | | | 2.000% | | | | 9/09/24 | | | | Ba2 | | | | 1,391,993 | |
| | 7,629 | | | | | Total Chemicals | | | | | | | | | | | | | | | | | | | | | | | 7,488,117 | |
| | | | | | |
| | | | | | Commercial Services & Supplies – 2.8% (1.7% of Total Investments) | | | | | | | | | | | | | |
| | | | | | | | |
| | 1,164 | | | | | Amentum Government Services Holdings LLC, Term Loan | | | 8.283% | | | | SOFR90A | | | | 4.000% | | | | 2/07/29 | | | | B1 | | | | 1,150,326 | |
| | 495 | | | | | Anticimex International AB, Term Loan B1 | | | 8.235% | | | | 3-Month LIBOR | | | | 3.500% | | | | 11/16/28 | | | | B | | | | 491,288 | |
| | 1,289 | | | | | Covanta Holding Corporation, Term Loan B, (DD1) | | | 7.034% | | | | TSFR1M | | | | 2.500% | | | | 11/30/28 | | | | Ba1 | | | | 1,290,716 | |
| | 97 | | | | | Covanta Holding Corporation, Term Loan C, (DD1) | | | 7.061% | | | | TSFR1M | | | | 2.500% | | | | 11/30/28 | | | | Ba1 | | | | 97,139 | |
| | 721 | | | | | Garda World Security Corporation, Term Loan B | | | 8.930% | | | | 3-Month LIBOR | | | | 4.250% | | | | 10/30/26 | | | | BB+ | | | | 720,337 | |
| | 2,645 | | | | | GFL Environmental Inc., Term Loan | | | 7.825% | | | | 3-Month LIBOR | | | | 3.000% | | | | 5/30/25 | | | | BB– | | | | 2,654,981 | |
| | 741 | | | | | Herman Miller, Inc, Term Loan B | | | 6.570% | | | | 1-Month LIBOR | | | | 2.000% | | | | 7/19/28 | | | | BB+ | | | | 732,874 | |
| | 1,098 | | | | | Intrado Corporation, Term Loan | | | 8.825% | | | | 3-Month LIBOR | | | | 4.000% | | | | 10/10/24 | | | | B1 | | | | 1,034,201 | |
| | 547 | | | | | Prime Security Services Borrower, LLC, Term Loan | | | 7.517% | | | | 3-Month LIBOR | | | | 2.750% | | | | 9/23/26 | | | | BB– | | | | 547,038 | |
| | 401 | | | | | Vertical US Newco Inc, Term Loan B | | | 8.602% | | | | 6-Month LIBOR | | | | 3.500% | | | | 7/31/27 | | | | B+ | | | | 394,604 | |
| | 495 | | | | | West Corporation, Term Loan B1 | | | 8.075% | | | | 3-Month LIBOR | | | | 3.500% | | | | 10/10/24 | | | | B1 | | | | 468,019 | |
| | 854 | | | | | WIN Waste Innovations Holdings, Inc., Term Loan B | | | 7.480% | | | | 3-Month LIBOR | | | | 2.750% | | | | 3/25/28 | | | | B1 | | | | 822,663 | |
| | 10,547 | | | | | Total Commercial Services & Supplies | | | | | | | | | | | | | | | | | | | | | | | 10,404,186 | |
| | | | | | |
| | | | | | Communications Equipment – 2.9% (1.8% of Total Investments) | | | | | | | | | | | | | |
| | | | | | | | |
| | 322 | | | | | Avaya, Inc., Term Loan B | | | 8.709% | | | | 1-Month LIBOR | | | | 4.250% | | | | 12/15/27 | | | | Caa2 | | | | 85,834 | |
| | 2,675 | | | | | CommScope, Inc., Term Loan B, (DD1) | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 4/04/26 | | | | B1 | | | | 2,626,216 | |
| | 1,637 | | | | | Delta TopCo, Inc., Term Loan B | | | 8.154% | | | | 3-Month LIBOR | | | | 3.750% | | | | 12/01/27 | | | | B2 | | | | 1,524,731 | |
| | 505 | | | | | EOS Finco Sarl, Term Loan | | | 10.604% | | | | SOFR90A | | | | 6.000% | | | | 8/03/29 | | | | B | | | | 497,003 | |
| | 3,423 | | | | | Maxar Technologies Ltd., Term Loan B | | | 8.911% | | | | SOFR30A | | | | 4.250% | | | | 6/09/29 | | | | B+ | | | | 3,429,457 | |
| | 1,160 | | | | | MLN US HoldCo LLC, Term Loan (5) | | | 11.154% | | | | TSFR3M | | | | 6.700% | | | | 10/18/27 | | | | CCC+ | | | | 841,452 | |
| | 1,998 | | | | | MLN US HoldCo LLC, Term Loan, First Lien (5) | | | 8.252% | | | | 3-Month LIBOR | | | | 4.500% | | | | 11/30/25 | | | | CCC– | | | | 593,552 | |
| | 1,740 | | | | | Riverbed Technology, Inc., Exit Term Loan, (cash 7.000%, PIK 2.000%) | | | 6.270% | | | | 3-Month LIBOR | | | | 2.000% | | | | 12/07/26 | | | | Caa1 | | | | 769,958 | |
| | 497 | | | | | ViaSat, Inc., Term Loan | | | 9.176% | | | | TSFR1M | | | | 4.500% | | | | 3/04/29 | | | | BB+ | | | | 498,356 | |
| | 13,957 | | | | | Total Communications Equipment | | | | | | | | | | | | | | | | | | | | | | | 10,866,559 | |
| | | | | | |
| | | | | | Construction & Engineering – 0.7% (0.4% of Total Investments) | | | | | | | | | | | | | |
| | | | | | | | |
| | 187 | | | | | Aegion Corporation, Term Loan | | | 9.320% | | | | 1-Month LIBOR | | | | 4.750% | | | | 5/17/28 | | | | B | | | | 179,053 | |
| | 988 | | | | | Centuri Group, Inc, Term Loan B | | | 7.152% | | | | 3-Month LIBOR | | | | 2.500% | | | | 8/27/28 | | | | Ba2 | | | | 984,505 | |
| | 1,005 | | | | | Osmose Utilities Services, Inc., Term Loan | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 6/22/28 | | | | B | | | | 970,220 | |
| | 380 | | | | | Pike Corporation, Term Loan B | | | 7.570% | | | | 1-Month LIBOR | | | | 3.000% | | | | 1/21/28 | | | | Ba3 | | | | 379,393 | |
| | 2,560 | | | | | Total Construction & Engineering | | | | | | | | | | | | | | | | | | | | | | | 2,513,171 | |
| | | |
| | | | | | Consumer Finance – 0.7% (0.4% of Total Investments) | | | | |
| | | | | | | | |
| | 2,713 | | | | | Fleetcor Technologies Operating Company, LLC, Term Loan B4 | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 4/30/28 | | | | BB+ | | | | 2,709,916 | |
54
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | | |
| | | | | | Containers & Packaging – 2.0% (1.2% of Total Investments) | | | | |
| | | | | | | | |
| $ | 1,735 | | | | | Berry Global, Inc., Term Loan Z | | | 6.152% | | | | 1-Month LIBOR | | | | 1.750% | | | | 7/01/26 | | | | BBB– | | | $ | 1,733,636 | |
| | 1,078 | | | | | Charter NEX US, Inc., Term Loan | | | 8.320% | | | | 1-Month LIBOR | | | | 3.750% | | | | 12/01/27 | | | | B | | | | 1,073,472 | |
| | 711 | | | | | Clydesdale Acquisition Holdings Inc, Term Loan B | | | 8.836% | | | | SOFR30A | | | | 4.175% | | | | 3/30/29 | | | | B | | | | 700,071 | |
| | 89 | | | | | Klockner-Pentaplast of America, Inc., Term Loan B | | | 8.259% | | |
| SOFR180A +
6 Month Libor |
| | | 4.750% | | | | 2/09/26 | | | | B | | | | 79,420 | |
| | 889 | | | | | Reynolds Group Holdings Inc. , Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 9/24/28 | | | | B+ | | | | 886,417 | |
| | 921 | | | | | Reynolds Group Holdings Inc. , Term Loan B2 | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 2/05/26 | | | | B+ | | | | 920,516 | |
| | 2,234 | | | | | TricorBraun Holdings, Inc., Term Loan | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 3/03/28 | | | | B2 | | | | 2,177,415 | |
| | 7,657 | | | | | Total Containers & Packaging | | | | | | | | | | | | | | | | | | | | | | | 7,570,947 | |
| | | |
| | | | | | Diversified Consumer Services – 0.4% (0.2% of Total Investments) | | | | |
| | | | | | | | |
| | 583 | | | | | GT Polaris, Inc., Term Loan | | | 8.575% | | | | 3-Month LIBOR | | | | 3.750% | | | | 9/24/27 | | | | BB– | | | | 554,990 | |
| | 983 | | | | | Spin Holdco Inc., Term Loan | | | 8.765% | | | | 3-Month LIBOR | | | | 4.000% | | | | 3/04/28 | | | | B– | | | | 780,970 | |
| | 1,566 | | | | | Total Diversified Consumer Services | | | | | | | | | | | | | | | | | | | | | | | 1,335,960 | |
| | | |
| | | | | | Diversified Financial Services – 1.8% (1.1% of Total Investments) | | | | |
| | | | | | | | |
| | 1,641 | | | | | Avaya, Inc., Term Loan B2 | | | 8.459% | | | | 1-Month LIBOR | | | | 4.000% | | | | 12/15/27 | | | | Caa2 | | | | 437,451 | |
| | 1,707 | | | | | Avolon TLB Borrower 1 (US) LLC, Term Loan B3 | | | 6.236% | | | | 1-Month LIBOR | | | | 1.750% | | | | 1/15/25 | | | | Baa2 | | | | 1,713,009 | |
| | 3,218 | | | | | Avolon TLB Borrower 1 (US) LLC, Term Loan B4 | | | 5.986% | | | | 1-Month LIBOR | | | | 1.500% | | | | 2/12/27 | | | | Baa2 | | | | 3,209,051 | |
| | 1,483 | | | | | Ditech Holding Corporation, Term Loan (5) | | | 0.000% | | | | N/A | | | | N/A | | | | 12/19/22 | | | | N/R | | | | 163,108 | |
| | 1,313 | | | | | Trans Union, LLC, Term Loan B6 | | | 6.820% | | | | 1-Month LIBOR | | | | 2.250% | | | | 12/01/28 | | | | BBB– | | | | 1,311,587 | |
| | 9,362 | | | | | Total Diversified Financial Services | | | | | | | | | | | | | | | | | | | | | | | 6,834,206 | |
| | | |
| | | | | | Diversified Telecommunication Services – 3.9% (2.4% of Total Investments) | | | | |
| | | | | | | | |
| | 1,217 | | | | | Altice France S.A., Term Loan B12 | | | 8.517% | | | | 3-Month LIBOR | | | | 3.688% | | | | 1/31/26 | | | | B | | | | 1,174,803 | |
| | 3,737 | | | | | Altice France S.A., Term Loan B13 | | | 8.650% | | | | 3-Month LIBOR | | | | 4.000% | | | | 8/14/26 | | | | B | | | | 3,615,232 | |
| | 4,820 | | | | | CenturyLink, Inc., Term Loan B | | | 6.820% | | | | 1-Month LIBOR | | | | 2.250% | | | | 3/15/27 | | | | BB+ | | | | 4,667,412 | |
| | 772 | | | | | Cincinnati Bell, Inc., Term Loan B2 | | | 7.911% | | | | SOFR30A | | | | 3.250% | | | | 11/23/28 | | | | B+ | | | | 770,111 | |
| | 1,061 | | | | | Connect Finco Sarl, Term Loan B | | | 8.070% | | | | 1-Month LIBOR | | | | 3.500% | | | | 12/12/26 | | | | B+ | | | | 1,054,827 | |
| | 751 | | | | | Cyxtera DC Holdings, Inc., Term Loan B | | | 7.820% | | | | 3-Month LIBOR | | | | 3.000% | | | | 5/01/24 | | | | B3 | | | | 618,256 | |
| | 2,824 | | | | | Frontier Communications Corp., Term Loan B | | | 8.500% | | | | 3-Month LIBOR | | | | 3.750% | | | | 10/08/27 | | | | BB+ | | | | 2,775,865 | |
| | 15,182 | | | | | Total Diversified Telecommunication Services | | | | | | | | | | | | | | | | 14,676,506 | |
| | | |
| | | | | | Electric Utilities – 0.7% (0.4% of Total Investments) | | | | |
| | | | | | | | |
| | 853 | | | | | ExGen Renewables IV, LLC, Term Loan | | | 7.240% | | | | 3-Month LIBOR | | | | 2.500% | | | | 12/15/27 | | | | BB– | | | | 853,357 | |
| | 519 | | | | | Pacific Gas & Electric Company, Term Loan | | | 7.625% | | | | 1-Month LIBOR | | | | 3.000% | | | | 6/23/25 | | | | BB | | | | 518,865 | |
| | 1,165 | | | | | Talen Energy Supply, LLC, Term Loan B (5) | | | 8.320% | | | | 1-Month LIBOR | | | | 3.750% | | | | 7/08/26 | | | | N/R | | | | 1,184,921 | |
| | 2,537 | | | | | Total Electric Utilities | | | | | | | | | | | | | | | | | | | | | | | 2,557,143 | |
| | | |
| | | | | | Electronic Equipment, Instruments & Components – 1.1% (0.6% of Total Investments) | | | | |
| | | | | | | | |
| | 1,347 | | | | | II-VI Incorporated, Term Loan B | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 7/01/29 | | | | BBB– | | | | 1,346,585 | |
| | 1,400 | | | | | Ingram Micro Inc., Term Loan B | | | 8.230% | | | | 3-Month LIBOR | | | | 3.500% | | | | 7/02/28 | | | | BB+ | | | | 1,398,785 | |
| | 1,159 | | | | | TTM Technologies, Inc., Term Loan | | | 6.869% | | | | 1-Month LIBOR | | | | 2.500% | | | | 9/28/24 | | | | BB+ | | | | 1,159,180 | |
| | 3,906 | | | | | Total Electronic Equipment, Instruments & Components | | | | | | | | | | | | 3,904,550 | |
| | | |
| | | | | | Entertainment – 1.2% (0.7% of Total Investments) | | | | |
| | | | | | | | |
| | 1,548 | | | | | AMC Entertainment Holdings, Inc. , Term Loan B | | | 7.430% | | | | 1-Month LIBOR | | | | 3.000% | | | | 4/22/26 | | | | B– | | | | 920,937 | |
| | 3,667 | | | | | Crown Finance US, Inc., Term Loan (5) | | | 0.000% | | | | N/A | | | | N/A | | | | 2/28/25 | | | | D | | | | 642,712 | |
| | 383 | | | | | Crown Finance US, Inc., Term Loan (5) | | | 0.000% | | | | N/A | | | | N/A | | | | 9/20/26 | | | | D | | | | 63,077 | |
| | 1,074 | | | | | Diamond Sports Group, LLC, Term Loan, Second Lien | | | 8.026% | | | | SOFR90A | | | | 3.250% | | | | 8/24/26 | | | | Caa2 | | | | 87,920 | |
| | 486 | | | | | Lions Gate Capital Holdings LLC, Term Loan B | | | 6.820% | | | | 1-Month LIBOR | | | | 2.250% | | | | 3/24/25 | | | | Ba2 | | | | 479,539 | |
55
| | |
| |
| JRO | | Nuveen Floating Rate Income Opportunity Fund (continued) |
| | Portfolio of Investments January 31, 2023 |
| | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | | |
| | | | | | Entertainment (continued) | | | | |
| | | | | | | | |
| $ | 733 | | | | | Springer Nature Deutschland GmbH, Term Loan B18 | | | 7.730% | | | | 1-Month LIBOR | | | | 3.000% | | | | 8/14/26 | | | | BB+ | | | $ | 733,442 | |
| | 357 | | | | | Univision Communications Inc., Term Loan C5 | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 3/15/24 | | | | B+ | | | | 356,831 | |
| | 1,105 | | | | | Virgin Media Bristol LLC, Term Loan Q | | | 7.709% | | | | 1-Month LIBOR | | | | 3.250% | | | | 1/31/29 | | | | BB+ | | | | 1,107,331 | |
| | 9,353 | | | | | Total Entertainment | | | | | | | | | | | | | | | | | | | | | | | 4,391,789 | |
| | | |
| | | | | | Food & Staples Retailing – 0.7% (0.4% of Total Investments) | | | | |
| | | | | | | | |
| | 1,489 | | | | | US Foods, Inc. | | | 6.570% | | | | 1-Month LIBOR | | | | 2.000% | | | | 9/13/26 | | | | BB | | | | 1,488,251 | |
| | 1,072 | | | | | US Foods, Inc., Term Loan B | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 11/22/28 | | | | BB | | | | 1,075,075 | |
| | 2,561 | | | | | Total Food & Staples Retailing | | | | | | | | | | | | | | | | | | | | | | | 2,563,326 | |
| | | |
| | | | | | Food Products – 1.1% (0.7% of Total Investments) | | | | |
| | | | | | | | |
| | 963 | | | | | 8th Avenue Food & Provisions, Inc., Term Loan, First Lien, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | CCC+ | | | | 842,618 | |
| | 744 | | | | | CHG PPC Parent LLC, Term Loan | | | 7.625% | | | | 1-Month LIBOR | | | | 3.000% | | | | 12/08/28 | | | | B1 | | | | 741,584 | |
| | 761 | | | | | Froneri International Ltd., Term Loan | | | 6.820% | | | | 1-Month LIBOR | | | | 2.250% | | | | 1/31/27 | | | | B+ | | | | 754,505 | |
| | 295 | | | | | H Food Holdings LLC, Term Loan B | | | 8.257% | | | | 1-Month LIBOR | | | | 3.688% | | | | 5/31/25 | | | | B2 | | | | 275,125 | |
| | 44 | | | | | H Food Holdings LLC, Term Loan B3 | | | 9.570% | | | | 1-Month LIBOR | | | | 5.000% | | | | 5/31/25 | | | | B2 | | | | 41,238 | |
| | 808 | | | | | Sycamore Buyer LLC, Term Loan B | | | 6.853% | | | | SOFR90A | | | | 2.250% | | | | 7/22/29 | | | | BB+ | | | | 798,077 | |
| | 769 | | | | | UTZ Quality Foods, LLC, Term Loan B | | | 7.668% | | | | TSFR1M | | | | 3.000% | | | | 1/20/28 | | | | B1 | | | | 769,782 | |
| | 4,384 | | | | | Total Food Products | | | | | | | | | | | | | | | | | | | | | | | 4,222,929 | |
| | | |
| | | | | | Health Care Equipment & Supplies – 5.4% (3.3% of Total Investments) | | | | |
| | | | | | | | |
| | 6,800 | | | | | Bausch & Lomb, Inc., Term Loan | | | 7.842% | | | | SOFR90A | | | | 3.250% | | | | 5/05/27 | | | | BB– | | | | 6,632,921 | |
| | 2,011 | | | | | Carestream Health, Inc., Term Loan | | | 12.180% | | | | SOFR90A | | | | 7.500% | | | | 9/30/27 | | | | B– | | | | 1,471,229 | |
| | 410 | | | | | Embecta Corp, Term Loan B | | | 7.791% | | | | SOFR180A | | | | 3.000% | | | | 1/27/29 | | | | Ba3 | | | | 403,456 | |
| | 660 | | | | | ICU Medical, Inc., Term Loan B | | | 7.192% | | |
| SOFRA90A+
TSFR1M |
| | | 2.375% | | | | 12/14/28 | | | | BBB– | | | | 658,260 | |
| | 493 | | | | | Insulet Corporation, Term Loan B | | | 7.926% | | | | TSFR3M | | | | 3.250% | | | | 5/04/28 | | | | Ba3 | | | | 492,731 | |
| | 8,759 | | | | | Medline Borrower, LP, Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.500% | | | | 10/21/28 | | | | BB– | | | | 8,521,576 | |
| | 1,661 | | | | | Viant Medical Holdings, Inc., Term Loan, First Lien | | | 8.320% | | | | 1-Month LIBOR | | | | 3.750% | | | | 7/02/25 | | | | B3 | | | | 1,511,934 | |
| | 671 | | | | | Vyaire Medical, Inc., Term Loan B | | | 9.517% | | | | 3-Month LIBOR | | | | 4.750% | | | | 4/16/25 | | | | Caa1 | | | | 487,278 | |
| | 21,465 | | | | | Total Health Care Equipment & Supplies | | | | | | | | | | | | | | | | | | | | | | | 20,179,385 | |
| | | |
| | | | | | Health Care Providers & Services – 9.8% (6.0% of Total Investments) | | | | |
| | | | | | | | |
| | 2,222 | | | | | AHP Health Partners, Inc., Term Loan B | | | 8.070% | | | | 1-Month LIBOR | | | | 3.500% | | | | 8/23/28 | | | | B1 | | | | 2,206,600 | |
| | 836 | | | | | DaVita, Inc. , Term Loan B | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 8/12/26 | | | | BBB– | | | | 827,306 | |
| | 240 | | | | | Element Materials Technology Group US Holdings Inc., Term Loan | | | 8.930% | | | | SOFR90A | | | | 4.250% | | | | 4/12/29 | | | | B1 | | | | 237,977 | |
| | 111 | | | | | Element Materials Technology Group US Holdings Inc., Term Loan | | | 8.930% | | | | SOFR90A | | | | 4.250% | | | | 4/12/29 | | | | B1 | | | | 109,836 | |
| | 1,192 | | | | | Gainwell Acquisition Corp., Term Loan B | | | 8.730% | | | | 3-Month LIBOR | | | | 4.000% | | | | 10/01/27 | | | | BB– | | | | 1,166,217 | |
| | 296 | | | | | Global Medical Response, Inc., Term Loan | | | 8.820% | | | | 1-Month LIBOR | | | | 4.250% | | | | 3/14/25 | | | | B– | | | | 219,144 | |
| | 3,005 | | | | | Global Medical Response, Inc., Term Loan B | | | 8.651% | | | | 1-Month LIBOR | | | | 4.250% | | | | 10/02/25 | | | | B– | | | | 2,234,776 | |
| | 3,384 | | | | | ICON Luxembourg S.A.R.L., Term Loan | | | 7.000% | | | | 3-Month LIBOR | | | | 2.250% | | | | 7/01/28 | | | | BB+ | | | | 3,388,696 | |
| | 1,070 | | | | | National Mentor Holdings, Inc., Term Loan | | | 8.400% | | | | 1 + 3 Month LIBOR | | | | 3.750% | | | | 3/02/28 | | | | B– | | | | 789,649 | |
| | 18 | | | | | National Mentor Holdings, Inc., Term Loan C | | | 8.480% | | | | 3-Month LIBOR | | | | 3.750% | | | | 3/02/28 | | | | B– | | | | 13,592 | |
| | 1,295 | | | | | Onex TSG Intermediate Corp., Term Loan B | | | 9.575% | | | | 3-Month LIBOR | | | | 4.750% | | | | 2/26/28 | | | | B | | | | 1,156,681 | |
| | 6,460 | | | | | Parexel International Corporation, Term Loan, First Lien | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 11/15/28 | | | | B1 | | | | 6,416,867 | |
| | 1,741 | | | | | Phoenix Guarantor Inc, Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 3/05/26 | | | | B1 | | | | 1,718,555 | |
| | 1,474 | | | | | Phoenix Guarantor Inc, Term Loan B3 | | | 8.070% | | | | 1-Month LIBOR | | | | 3.500% | | | | 3/05/26 | | | | B1 | | | | 1,457,635 | |
| | 165 | | | | | Quorum Health Corporation, Term Loan (5) | | | 12.976% | | | | 3-Month LIBOR | | | | 8.250% | | | | 4/29/25 | | | | CCC | | | | 117,094 | |
| | 3,007 | | | | | RegionalCare Hospital Partners Holdings, Inc., Term Loan B | | | 8.575% | | | | 3-Month LIBOR | | | | 3.750% | | | | 11/16/25 | | | | B1 | | | | 2,927,264 | |
| | 3,474 | | | | | Select Medical Corporation, Term Loan B | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 3/06/25 | | | | Ba2 | | | | 3,463,587 | |
| | 4,544 | | | | | Surgery Center Holdings, Inc., Term Loan | | | 8.210% | | | | 3-Month LIBOR | | | | 3.750% | | | | 8/31/26 | | | | B1 | | | | 4,541,681 | |
| | 877 | | | | | Team Health Holdings, Inc., Term Loan B | | | 9.811% | | | | SOFR30A | | | | 5.250% | | | | 2/02/27 | | | | B– | | | | 731,389 | |
| | 1,270 | | | | | Team Health Holdings, Inc., Term Loan, First Lien, (DD1) | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 2/06/24 | | | | B– | | | | 1,173,401 | |
56
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | | |
| | | | | | Health Care Providers & Services (continued) | | | | |
| | | | | | | | |
| $ | 1,871 | | | | | US Radiology Specialists, Inc., Term Loan | | | 9.875% | | | | 1-Month LIBOR | | | | 5.250% | | | | 12/15/27 | | | | B– | | | $ | 1,791,825 | |
| | 38,552 | | | | | Total Health Care Providers & Services | | | | | | | | | | | | | | | | | | | | | | | 36,689,772 | |
| | |
| | | | | | Health Care Technology – 0.2% (0.2% of Total Investments) | |
| | | | | | | | |
| | 139 | | | | | Athenahealth, Inc., Term Loan (6) | | | 8.012% | | | | SOFR30A | | | | 3.500% | | | | 1/27/29 | | | | B+ | | | | 132,532 | |
| | 819 | | | | | Athenahealth, Inc., Term Loan B | | | 8.012% | | | | SOFR30A | | | | 3.500% | | | | 1/27/29 | | | | B+ | | | | 778,030 | |
| | 958 | | | | | Total Health Care Technology | | | | | | | | | | | | | | | | | | | | | | | 910,562 | |
| | |
| | | | | | Hotels, Restaurants & Leisure – 22.7% (13.8% of Total Investments) | |
| | | | | | | | |
| | 374 | | | | | 24 Hour Fitness Worldwide, Inc., Exit Term Loan (cash 0.220%, PIK 5.000%) | | | 9.726% | | | | 3-Month LIBOR | | | | 5.000% | | | | 12/29/25 | | | | CCC– | | | | 32,281 | |
| | 165 | | | | | 24 Hour Fitness Worldwide, Inc., Exit Term Loan | | | 18.732% | | | | 3-Month LIBOR | | | | 14.000% | | | | 9/29/26 | | | | Caa3 | | | | 90,698 | |
| | 1,392 | | | | | Alterra Mountain Company, Term Loan | | | 8.070% | | | | 1-Month LIBOR | | | | 3.500% | | | | 8/17/28 | | | | B+ | | | | 1,391,300 | |
| | 68 | | | | | Alterra Mountain Company, Term Loan B1 | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 7/31/24 | | | | B+ | | | | 68,395 | |
| | 743 | | | | | Aramark Services, Inc., Term Loan B3 | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 3/11/25 | | | | BB+ | | | | 741,036 | |
| | 14,936 | | | | | B.C. Unlimited Liability Company, Term Loan B4 | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 11/19/26 | | | | BB+ | | | | 14,801,240 | |
| | 1,430 | | | | | Caesars Entertainment Inc,Term Loan, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | Ba3 | | | | 1,430,515 | |
| | 6,124 | | | | | Caesars Resort Collection, LLC, Term Loan B, First Lien | | | 7.320% | | | | 1-Week LIBOR | | | | 2.750% | | | | 12/22/24 | | | | BB– | | | | 6,126,516 | |
| | 3,321 | | | | | Caesars Resort Collection, LLC, Term Loan B1 | | | 8.070% | | | | 1-Week LIBOR | | | | 3.500% | | | | 7/20/25 | | | | BB– | | | | 3,324,734 | |
| | 984 | | | | | Carnival Corporation, Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 10/18/28 | | | | BB– | | | | 962,240 | |
| | 3,029 | | | | | Carnival Corporation, Term Loan B | | | 7.570% | | | | 1-Month LIBOR | | | | 3.000% | | | | 6/30/25 | | | | Ba2 | | | | 2,987,768 | |
| | 2,009 | | | | | Churchill Downs Incorporated, Term Loan B1 | | | 6.570% | | | | 1-Month LIBOR | | | | 2.000% | | | | 3/17/28 | | | | BBB– | | | | 2,001,511 | |
| | 5,268 | | | | | ClubCorp Holdings, Inc., Term Loan B, (DD1) | | | 7.480% | | | | 3-Month LIBOR | | | | 2.750% | | | | 9/18/24 | | | | B2 | | | | 4,888,429 | |
| | 236 | | | | | Crown Finance US, Inc., Term Loan, (DD1) | | | 14.323% | | | | TSFR1M | | | | 10.000% | | | | 9/09/23 | | | | N/R | | | | 238,985 | |
| | 2,811 | | | | | Crown Finance US, Inc., Term Loan, (DD1) | | | 14.635% | | | | TSFR3M | | | | 10.000% | | | | 9/09/23 | | | | N/R | | | | 2,843,628 | |
| | 868 | | | | | Crown Finance US, Inc., Term Loan (6) | | | 0.500% | | | | Defaulted | | | | 0.500% | | | | 5/31/23 | | | | CCC+ | | | | 137,253 | |
| | 3,293 | | | | | Equinox Holdings, Inc., Term Loan, First Lien | | | 7.730% | | | | 3-Month LIBOR | | | | 3.000% | | | | 3/08/24 | | | | Caa2 | | | | 2,571,695 | |
| | 5,014 | | | | | Fertitta Entertainment, LLC, Term Loan B | | | 8.561% | | | | SOFR30A | | | | 4.000% | | | | 1/27/29 | | | | B | | | | 4,963,940 | |
| | 929 | | | | | Four Seasons Hotels Ltd,Term Loan, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | BB+ | | | | 934,739 | |
| | 1,720 | | | | | GVC Holdings (Gibraltar) Limited, Term Loan B (DD1) | | | 8.180% | | | | SOFR90A | | | | 3.500% | | | | 10/31/29 | | | | Ba1 | | | | 1,724,730 | |
| | 1,975 | | | | | Hilton Grand Vacations Borrower LLC, Term Loan B | | | 7.570% | | | | 1-Month LIBOR | | | | 3.000% | | | | 8/02/28 | | | | BB+ | | | | 1,978,348 | |
| | 3,720 | | | | | Hilton Worldwide Finance, LLC, Term Loan B2 | | | 6.380% | | | | TSFR1M | | | | 1.750% | | | | 6/21/26 | | | | BBB– | | | | 3,720,137 | |
| | 399 | | | | | IRB Holding Corp, Term Loan B | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 2/05/25 | | | | B+ | | | | 398,891 | |
| | 3,646 | | | | | IRB Holding Corp, Term Loan B, (DD1) | | | 7.687% | | | | SOFR90A | | | | 3.000% | | | | 12/15/27 | | | | B+ | | | | 3,615,800 | |
| | 1,111 | | | | | Life Time Fitness Inc , Term Loan B | | | 9.485% | | | | 3-Month LIBOR | | | | 4.750% | | | | 12/15/24 | | | | B+ | | | | 1,113,233 | |
| | 50 | | | | | Motion Finco LLC,Term Loan, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | B | | | | 49,099 | |
| | 978 | | | | | NASCAR Holdings, Inc, Term Loan B | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 10/18/26 | | | | BBB– | | | | 979,246 | |
| | 861 | | | | | PCI Gaming Authority, Term Loan | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 5/31/26 | | | | BBB– | | | | 861,786 | |
| | 772 | | | | | Penn National Gaming, Inc., Term Loan B | | | 7.411% | | | | SOFR30A | | | | 2.750% | | | | 4/20/29 | | | | BB | | | | 772,798 | |
| | 873 | | | | | Scientific Games Holdings LP, Term Loan B | | | 8.103% | | | | SOFR90A | | | | 3.500% | | | | 2/04/29 | | | | BB– | | | | 859,969 | |
| | 2,907 | | | | | Scientific Games International, Inc., Term Loan | | | 7.578% | | | | SOFR30A | | | | 3.000% | | | | 4/07/29 | | | | BBB– | | | | 2,908,422 | |
| | 1,481 | | | | | SeaWorld Parks & Entertainment, Inc., Term Loan B | | | 7.625% | | | | 1-Month LIBOR | | | | 3.000% | | | | 8/25/28 | | | | BB | | | | 1,479,954 | |
| | 5,752 | | | | | Stars Group Holdings B.V. (The), Term Loan | | | 6.980% | | | | 3-Month LIBOR | | | | 2.250% | | | | 7/10/25 | | | | BBB | | | | 5,748,006 | |
| | 1,396 | | | | | Stars Group Holdings B.V. (The), Term Loan B | | | 8.092% | | | | SOFR90A | | | | 3.250% | | | | 7/04/28 | | | | BBB | | | | 1,400,871 | |
| | 2,151 | | | | | Station Casinos LLC, Term Loan B | | | 6.820% | | | | 1-Month LIBOR | | | | 2.250% | | | | 2/08/27 | | | | BB– | | | | 2,137,289 | |
| | 1,485 | | | | | Twin River Worldwide Holdings, Inc., Term Loan B | | | 7.709% | | | | 1-Month LIBOR | | | | 3.250% | | | | 10/01/28 | | | | BB+ | | | | 1,431,265 | |
| | 2,011 | | | | | William Morris Endeavor Entertainment, LLC, Term Loan, First Lien | | | 7.352% | | | | 1 + 3 Month LIBOR | | | | 2.750% | | | | 5/16/25 | | | | B | | | | 2,003,245 | |
57
| | |
| |
| JRO | | Nuveen Floating Rate Income Opportunity Fund (continued) |
| | Portfolio of Investments January 31, 2023 |
| | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | |
| | | | | | Hotels, Restaurants & Leisure (continued) | |
| | | | | | | | |
| $ | 1,072 | | | | | Wyndham Hotels & Resorts, Inc., Term Loan B | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 5/30/25 | | | | BBB– | | | $ | 1,073,669 | |
| | 87,354 | | | | | Total Hotels, Restaurants & Leisure | | | | | | | | | | | | | | | | | | | | | | | 84,793,661 | |
| | | | | |
| | | | | | Household Durables – 0.8% (0.5% of Total Investments) | | | | | | | | | | |
| | | | | | | | |
| | 56 | | | | | AI Aqua Merger Sub, Inc., Term Loan | | | 8.124% | | |
| SOFR30A +
3 Month Libor |
| | | 3.917% | | | | 7/30/28 | | | | B | | | | 54,434 | |
| | 319 | | | | | AI Aqua Merger Sub, Inc., Term Loan B | | | 8.132% | | | | SOFR90A | | | | 3.750% | | | | 7/30/28 | | | | B | | | | 312,604 | |
| | 1,791 | | | | | AI Aqua Merger Sub, Inc., Term Loan B, First Lien | | | 8.147% | | | | SOFR30A | | | | 3.750% | | | | 7/30/28 | | | | B | | | | 1,752,565 | |
| | 1,007 | | | | | Weber-Stephen Products LLC, Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 10/30/27 | | | | CCC+ | | | | 887,414 | |
| | 3,173 | | | | | Total Household Durables | | | | | | | | | | | | | | | | | | | | | | | 3,007,017 | |
| | | | |
| | | | | | Household Products – 0.1% (0.1% of Total Investments) | | | | | | | |
| | | | | | | | |
| | 427 | | | | | Reynolds Consumer Products LLC, Term Loan | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 2/04/27 | | | | BBB– | | | | 426,886 | |
| | | | |
| | | | | | Independent Power And Renewable Electricity Producers – 0.2% (0.1% of Total Investments) | | | | | | | |
| | | | | | | | |
| | 879 | | | | | Vistra Operations Company LLC, Term Loan B3, First Lien | | | 6.262% | | | | 1-Month LIBOR | | | | 1.750% | | | | 12/31/25 | | | | BBB– | | | | 878,224 | |
| | | | |
| | | | | | Insurance – 5.3% (3.2% of Total Investments) | | | | | | | |
| | | | | | | | |
| | 3,468 | | | | | Acrisure, LLC, Term Loan B | | | 8.070% | | | | 1-Month LIBOR | | | | 3.500% | | | | 2/15/27 | | | | B | | | | 3,351,762 | |
| | 2,489 | | | | | Alliant Holdings Intermediate, LLC, Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 5/10/25 | | | | B | | | | 2,490,474 | |
| | 494 | | | | | Alliant Holdings Intermediate, LLC, Term Loan B4 | | | 8.008% | | | | 1-Month LIBOR | | | | 3.500% | | | | 11/06/27 | | | | B | | | | 493,750 | |
| | 1,952 | | | | | Asurion LLC, Term Loan B4, Second Lien | | | 9.820% | | | | 1-Month LIBOR | | | | 5.250% | | | | 1/20/29 | | | | B | | | | 1,642,130 | |
| | 568 | | | | | Asurion LLC, Term Loan B7 | | | 7.570% | | | | 1-Month LIBOR | | | | 3.000% | | | | 11/03/24 | | | | Ba3 | | | | 563,010 | |
| | 2,873 | | | | | Asurion LLC, Term Loan B8 | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 12/23/26 | | | | Ba3 | | | | 2,755,265 | |
| | 1,190 | | | | | Asurion LLC, Term Loan B9 | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 7/31/27 | | | | Ba3 | | | | 1,127,733 | |
| | 133 | | | | | BroadStreet Partners Inc, Term Loan, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | B1 | | | | 131,074 | |
| | 741 | | | | | Broadstreet Partners, Inc., Term Loan B2 | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 1/27/27 | | | | B1 | | | | 730,904 | |
| | 986 | | | | | Hub International Limited, Term Loan B | | | 7.746% | | | | 3-Month LIBOR | | | | 3.250% | | | | 4/25/25 | | | | B | | | | 986,946 | |
| | 345 | | | | | Hub International Limited, Term Loan B | | | 8.220% | | | | SOFR90A | | | | 4.000% | | | | 11/10/29 | | | | B | | | | 345,269 | |
| | 2,125 | | | | | Hub International Limited, Term Loan B | | | 7.746% | | | | 3-Month LIBOR | | | | 3.000% | | | | 4/25/25 | | | | B | | | | 2,125,331 | |
| | 489 | | | | | Ryan Specialty Group, LLC, Term Loan | | | 7.553% | | | | SOFR30A | | | | 3.000% | | | | 9/01/27 | | | | BB– | | | | 488,904 | |
| | 2,658 | | | | | USI, Inc., Term Loan | | | 8.330% | | | | SOFR90A | | | | 3.750% | | | | 11/16/29 | | | | B1 | | | | 2,661,993 | |
| | 20,511 | | | | | Total Insurance | | | | | | | | | | | | | | | | | | | | | | | 19,894,545 | |
| | |
| | | | | | Interactive Media & Services – 0.8% (0.5% of Total Investments) | |
| | | | | | | | |
| | 4,547 | | | | | Rackspace Technology Global, Inc., Term Loan B | | | 7.380% | | | | 3-Month LIBOR | | | | 2.750% | | | | 2/09/28 | | | | B– | | | | 2,887,173 | |
| | |
| | | | | | Internet & Direct Marketing Retail – 0.7% (0.4% of Total Investments) | |
| | | | | | | | |
| | 1,965 | | | | | CNT Holdings I Corp, Term Loan | | | 8.125% | | | | TSFR3M | | | | 3.500% | | | | 11/08/27 | | | | B | | | | 1,944,584 | |
| | 745 | | | | | Medical Solutions Holdings, Inc., Term Loan, First Lien | | | 7.223% | | | | 1 + 3 Month LIBOR | | | | 3.500% | | | | 11/01/28 | | | | B1 | | | | 721,930 | |
| | 2,710 | | | | | Total Internet & Direct Marketing Retail | | | | | | | | | | | | | | | | | | | | | | | 2,666,514 | |
| | |
| | | | | | IT Services – 3.0% (1.8% of Total Investments) | |
| | | | | | | | |
| | 1,590 | | | | | Ahead DB Holdings, LLC, Term Loan B | | | 8.480% | | | | 3-Month LIBOR | | | | 3.750% | | | | 10/16/27 | | | | B+ | | | | 1,568,924 | |
| | 217 | | | | | iQor US Inc., Exit Term Loan | | | 12.047% | | | | 1-Month LIBOR | | | | 7.500% | | | | 9/15/27 | | | | B1 | | | | 215,629 | |
| | 964 | | | | | Peraton Corp., Term Loan B | | | 8.320% | | | | 1-Month LIBOR | | | | 3.750% | | | | 2/01/28 | | | | BB– | | | | 961,236 | |
| | 1,161 | | | | | Perforce Software, Inc., Term Loan B | | | 8.320% | | | | 1-Month LIBOR | | | | 3.750% | | | | 7/01/26 | | | | B2 | | | | 1,082,537 | |
| | 3,273 | | | | | Syniverse Holdings, Inc., Term Loan | | | 11.580% | | | | SOFR90A | | | | 7.000% | | | | 5/10/29 | | | | B– | | | | 2,954,743 | |
| | 1,457 | | | | | Tempo Acquisition LLC, Term Loan B | | | 7.561% | �� | | | TSFR1M | | | | 3.000% | | | | 8/31/28 | | | | BB– | | | | 1,460,986 | |
| | 2,079 | | | | | Travelport Finance (Luxembourg) S.a.r.l., Term Loan, (cash 3.500%, PIK 6.500%) | | | 6.230% | | | | 3-Month LIBOR | | | | 1.500% | | | | 2/28/25 | | | | B– | | | | 2,138,961 | |
| | 958 | | | | | WEX Inc., Term Loan | | | 6.820% | | | | 1-Month LIBOR | | | | 2.250% | | | | 4/01/28 | | | | Ba2 | | | | 957,176 | |
| | 11,699 | | | | | Total IT Services | | | | | | | | | | | | | | | | | | | | | | | 11,340,192 | |
58
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | |
| | | | | | Leisure Products – 0.3% (0.2% of Total Investments) | |
| | | | | | | | |
| $ | 473 | | | | | Hayward Industries, Inc., Term Loan | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 5/28/28 | | | | BB | | | $ | 467,506 | |
| | 528 | | | | | SRAM, LLC , Term Loan B | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 5/18/28 | | | | BB– | | | | 524,116 | |
| | 1,001 | | | | | Total Leisure Products | | | | | | | | | | | | | | | | | | | | | | | 991,622 | |
| | |
| | | | | | Life Sciences Tools & Services – 0.7% (0.4% of Total Investments) | |
| | | | | | | | |
| | 478 | | | | | Avantor Funding, Inc., Term Loan B5 | | | 6.820% | | | | 1-Month LIBOR | | | | 2.250% | | | | 11/06/27 | | | | BB+ | | | | 478,796 | |
| | 1,570 | | | | | Curia Global, Inc., Term Loan, (DD1) | | | 8.469% | | | | 1 + 3 Month LIBOR | | | | 3.750% | | | | 8/30/26 | | | | B2 | | | | 1,363,318 | |
| | 843 | | | | | ICON Luxembourg S.A.R.L., Term Loan | | | 7.000% | | | | 3-Month LIBOR | | | | 2.250% | | | | 7/01/28 | | | | BB+ | | | | 844,007 | |
| | 2,891 | | | | | Total Life Sciences Tools & Services | | | | | | | | | | | | | | | | | | | | | | | 2,686,121 | |
| | |
| | | | | | Machinery – 2.8% (1.7% of Total Investments) | |
| | | | | | | | |
| | 1,920 | | | | | AI Alpine AT Bidco GmbH, Term Loan B | | | 7.034% | | | | 6-Month LIBOR | | | | 2.750% | | | | 11/06/25 | | | | B | | | | 1,804,205 | |
| | 2,426 | | | | | Ali Group North America Corporation, Term Loan B | | | 6.676% | | | | TSFR1M | | | | 2.000% | | | | 10/13/28 | | | | Baa3 | | | | 2,423,843 | |
| | 969 | | | | | Alliance Laundry Systems LLC, Term Loan B | | | 8.306% | | | | 3-Month LIBOR | | | | 3.500% | | | | 10/08/27 | | | | B | | | | 968,583 | |
| | 655 | | | | | Chart Industries Inc, Term Loan, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | Ba3 | | | | 657,456 | |
| | 1,690 | | | | | Gardner Denver, Inc., Term Loan B2 | | | 6.411% | | | | TSFR1M | | | | 1.750% | | | | 2/28/27 | | | | BB+ | | | | 1,687,219 | |
| | 1,467 | | | | | Gates Global LLC, Term Loan B3 | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 3/31/27 | | | | Ba3 | | | | 1,464,636 | |
| | 622 | | | | | Grinding Media Inc., Term Loan B | | | 8.056% | | | | 3-Month LIBOR | | | | 4.000% | | | | 10/12/28 | | | | B | | | | 611,238 | |
| | 739 | | | | | Madison IAQ LLC, Term Loan | | | 7.988% | | | | 3-Month LIBOR | | | | 3.250% | | | | 6/21/28 | | | | B2 | | | | 708,546 | |
| | 10,488 | | | | | Total Machinery | | | | | | | | | | | | | | | | | | | | | | | 10,325,726 | |
| | |
| | | | | | Media – 12.2% (7.4% of Total Investments) | |
| | | | | | | | |
| | 1,657 | | | | | ABG Intermediate Holdings 2 LLC, Term Loan B1 | | | 8.161% | | | | SOFR30A | | | | 3.500% | | | | 12/21/28 | | | | B1 | | | | 1,646,942 | |
| | 320 | | | | | ABG Intermediate Holdings 2 LLC, Term Loan, Second Lien | | | 10.661% | | | | SOFR30A | | | | 6.000% | | | | 12/20/29 | | | | CCC+ | | | | 296,202 | |
| | 406 | | | | | Altice Financing SA, Term Loan, First Lien | | | 7.580% | | | | 3-Month LIBOR | | | | 2.750% | | | | 1/31/26 | | | | B | | | | 399,234 | |
| | 1,231 | | | | | Cable One, Inc., Term Loan B4 | | | 6.570% | | | | 1-Month LIBOR | | | | 2.000% | | | | 5/03/28 | | | | BB+ | | | | 1,222,914 | |
| | 2,558 | | | | | Cengage Learning, Inc., Term Loan B | | | 9.880% | | | | 3-Month LIBOR | | | | 4.750% | | | | 7/14/26 | | | | B | | | | 2,445,089 | |
| | 2,673 | | | | | Charter Communications Operating, LLC, Term Loan B2 | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 2/01/27 | | | | BBB– | | | | 2,667,885 | |
| | 452 | | | | | Checkout Holding Corp., First Out Term Loan | | | 11.920% | | | | 3-Month LIBOR | | | | 7.500% | | | | 2/15/23 | | | | N/R | | | | 355,577 | |
| | 903 | | | | | Checkout Holding Corp., Last Out Term Loan, (cash 2.000, PIK 9.500%) | | | 5.570% | | | | 1-Month LIBOR | | | | 9.500% | | | | 8/15/23 | | | | N/R | | | | 207,788 | |
| | 8,424 | | | | | Clear Channel Outdoor Holdings, Inc., Term Loan B | | | 8.198% | | | | 1 + 3 Month LIBOR | | | | 3.500% | | | | 8/21/26 | | | | B1 | | | | 8,034,442 | |
| | 795 | | | | | CSC Holdings, LLC, Term Loan | | | 6.709% | | | | 1-Month LIBOR | | | | 2.250% | | | | 1/15/26 | | | | B+ | | | | 766,984 | |
| | 721 | | | | | CSC Holdings, LLC, Term Loan B1 | | | 6.709% | | | | 1-Month LIBOR | | | | 2.250% | | | | 7/17/25 | | | | B+ | | | | 697,549 | |
| | 366 | | | | | CSC Holdings, LLC, Term Loan B5 | | | 6.959% | | | | 1-Month LIBOR | | | | 2.500% | | | | 4/15/27 | | | | B+ | | | | 340,573 | |
| | 4,560 | | | | | CSC Holdings, LLC, Term Loan B6 | | | 8.823% | | | | SOFR90A | | | | 4.500% | | | | 1/14/28 | | | | B1 | | | | 4,333,232 | |
| | 357 | | | | | Cumulus Media New Holdings Inc., Term Loan B | | | 8.575% | | | | 1-Month LIBOR | | | | 3.750% | | | | 3/31/26 | | | | B | | | | 342,468 | |
| | 5,004 | | | | | DirecTV Financing, LLC, Term Loan | | | 9.570% | | | | 1-Month LIBOR | | | | 5.000% | | | | 8/02/27 | | | | BBB– | | | | 4,932,072 | |
| | 625 | | | | | Dotdash Meredith Inc, Term Loan B | | | 8.434% | | | | SOFR30A | | | | 4.000% | | | | 12/01/28 | | | | B+ | | | | 532,169 | |
| | 722 | | | | | E.W. Scripps Company (The), Term Loan B2 | | | 7.132% | | | | 1-Month LIBOR | | | | 2.563% | | | | 5/01/26 | | | | BB | | | | 719,741 | |
| | 1,350 | | | | | Formula One Holdings Limited., Term Loan B | | | 7.811% | | | | TSFR1M | | | | 3.250% | | | | 1/15/30 | | | | BB+ | | | | 1,356,892 | |
| | 637 | | | | | Gray Television, Inc., Term Loan C | | | 6.869% | | | | 1-Month LIBOR | | | | 2.500% | | | | 1/02/26 | | | | BB+ | | | | 635,639 | |
| | 4,703 | | | | | iHeartCommunications, Inc., Term Loan | | | 7.570% | | | | 1-Month LIBOR | | | | 3.000% | | | | 5/01/26 | | | | BB– | | | | 4,644,842 | |
| | 18 | | | | | LCPR Loan Financing LLC, Term Loan B | | | 8.209% | | | | 1-Month LIBOR | | | | 3.750% | | | | 10/15/28 | | | | BB+ | | | | 18,030 | |
| | 1,888 | | | | | McGraw-Hill Global Education Holdings, LLC, Term Loan | | | 8.316% | | | | 6-Month LIBOR | | | | 4.750% | | | | 7/30/28 | | | | BB+ | | | | 1,810,701 | |
| | 409 | | | | | Mission Broadcasting, Inc., Term Loan B | | | 6.869% | | | | 1-Month LIBOR | | | | 2.500% | | | | 6/03/28 | | | | BBB– | | | | 406,733 | |
| | 560 | | | | | Nexstar Broadcasting, Inc., Term Loan B4 | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 9/18/26 | | | | BBB– | | | | 561,269 | |
| | 323 | | | | | Outfront Media Capital LLC, Term Loan B | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 11/18/26 | | | | Ba1 | | | | 320,174 | |
| | 169 | | | | | Red Ventures, LLC, Term Loan B2 | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 11/08/24 | | | | BB+ | | | | 168,879 | |
| | 871 | | | | | Sinclair Television Group Inc., Term Loan B2B | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 9/30/26 | | | | Ba2 | | | | 852,612 | |
| | 162 | | | | | Virgin Media Bristol LLC, Term Loan N | | | 6.959% | | | | 1-Month LIBOR | | | | 2.500% | | | | 1/31/28 | | | | BB+ | | | | 161,393 | |
| | 886 | | | | | WideOpenWest Finance LLC, Term Loan B | | | 7.580% | | | | SOFR90A | | | | 3.000% | | | | 12/20/28 | | | | BB | | | | 882,063 | |
59
| | |
| |
| JRO | | Nuveen Floating Rate Income Opportunity Fund (continued) |
| | Portfolio of Investments January 31, 2023 |
| | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | |
| | | | | | Media (continued) | |
| | | | | | | | |
| $ | 3,728 | | | | | Ziggo Financing Partnership, Term Loan I | | | 6.96% | | | | 1-Month LIBOR | | | | 2.500% | | | | 4/30/28 | | | | BB | | | $ | 3,703,093 | |
| | 47,478 | | | | | Total Media | | | | | | | | | | | | | | | | | | | | | | | 45,463,181 | |
| | |
| | | | | | Multiline Retail – 0.2% (0.1% of Total Investments) | |
| | | | | | | | |
| | 1,513 | | | | | Belk, Inc., Term Loan, (cash 5.000%, PIK 8.000%) | | | 17.440% | | | | 3-Month LIBOR | | | | 13.000% | | | | 7/31/25 | | | | CCC– | | | | 280,941 | |
| | 313 | | | | | Belk, Inc., Term Loan | | | 12.199% | | | | 3-Month LIBOR | | | | 7.500% | | | | 7/31/25 | | | | B– | | | | 268,097 | |
| | 1,826 | | | | | Total Multiline Retail | | | | | | | | | | | | | | | | | | | | | | | 549,038 | |
| | |
| | | | | | Oil, Gas & Consumable Fuels – 3.6% (2.2% of Total Investments) | |
| | | | | | | | |
| | 849 | | | | | BCP Renaissance Parent LLC, Term Loan B3 | | | 8.061% | | | | TSFR1M | | | | 3.500% | | | | 10/31/26 | | | | B+ | | | | 849,080 | |
| | 617 | | | | | Buckeye Partners, L.P., Term Loan B | | | 6.634% | | | | 1-Month LIBOR | | | | 2.250% | | | | 11/01/26 | | | | BBB– | | | | 618,154 | |
| | 368 | | | | | EG America LLC, Term Loan | | | 8.730% | | | | 3-Month LIBOR | | | | 4.000% | | | | 2/05/25 | | | | B– | | | | 356,155 | |
| | 3,224 | | | | | Freeport LNG Investments, LLLP, Term Loan A, (DD1) | | | 7.808% | | | | 3-Month LIBOR | | | | 3.000% | | | | 11/16/26 | | | | N/R | | | | 3,140,563 | |
| | 2,548 | | | | | Gulf Finance, LLC, Term Loan | | | 11.344% | | | | 1-Month LIBOR | | | | 6.750% | | | | 8/25/26 | | | | B | | | | 2,490,445 | |
| | 334 | | | | | M6 ETX Holdings II Midco LLC, Term Loan B | | | 9.158% | | | | SOFR90A | | | | 4.500% | | | | 8/11/29 | | | | BB+ | | | | 334,162 | |
| | 2,323 | | | | | QuarterNorth Energy Holding Inc., Exit Term Loan, Second Lien | | | 12.570% | | | | 1-Month LIBOR | | | | 8.000% | | | | 8/27/26 | | | | B | | | | 2,315,453 | |
| | 1,153 | | | | | TransMontaigne Operating Company L.P., Term Loan B | | | 8.028% | | | | 1-Month LIBOR | | | | 3.500% | | | | 11/05/28 | | | | BB | | | | 1,151,545 | |
| | 1,438 | | | | | Traverse Midstream Partners LLC, Term Loan | | | 8.800% | | | | SOFR90A | | | | 4.250% | | | | 9/27/24 | | | | B+ | | | | 1,440,516 | |
| | 600 | | | | | Whitewater Whistler Holdings LLC, Term Loan, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | BB+ | | | | 600,000 | |
| | 13,454 | | | | | Total Oil, Gas & Consumable Fuels | | | | | | | | | | | | | | | | | | | | | | | 13,296,073 | |
| | |
| | | | | | Paper & Forest Products – 0.1% (0.0% of Total Investments) | |
| | | | | | | | |
| | 252 | | | | | Asplundh Tree Expert, LLC, Term Loan B, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | BBB– | | | | 252,414 | |
| | |
| | | | | | Personal Products – 0.3% (0.2% of Total Investments) | |
| | | | | | | | |
| | 426 | | | | | Conair Holdings, LLC, Term Loan B | | | 8.480% | | | | 3-Month LIBOR | | | | 3.750% | | | | 5/17/28 | | | | B– | | | | 369,159 | |
| | 29 | | | | | Coty Inc., Term Loan B | | | 6.645% | | | | 1-Month LIBOR | | | | 2.250% | | | | 4/05/25 | | | | BB– | | | | 29,312 | |
| | 716 | | | | | Kronos Acquisition Holdings Inc., Term Loan B, (DD1) | | | 8.485% | | | | 3-Month LIBOR | | | | 3.750% | | | | 12/22/26 | | | | B2 | | | | 698,295 | |
| | 1,171 | | | | | Total Personal Products | | | | | | | | | | | | | | | | | | | | | | | 1,096,766 | |
| | |
| | | | | | Pharmaceuticals – 3.6% (2.2% of Total Investments) | |
| | | | | | | | |
| | 602 | | | | | Catalent Pharma Solutions Inc., Term Loan B3 | | | 6.563% | | | | 1-Month LIBOR | | | | 2.000% | | | | 2/22/28 | | | | BBB– | | | | 601,275 | |
| | 772 | | | | | Elanco Animal Health Incorporated, Term Loan B | | | 6.119% | | | | 1-Month LIBOR | | | | 1.750% | | | | 8/01/27 | | | | BBB– | | | | 760,622 | |
| | 6,161 | | | | | Jazz Financing Lux S.a.r.l., Term Loan | | | 8.070% | | | | 1-Month LIBOR | | | | 3.500% | | | | 5/05/28 | | | | BB+ | | | | 6,161,554 | |
| | 612 | | | | | Mallinckrodt International Finance S.A., Term Loan, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | B3 | | | | 471,083 | |
| | 3,350 | | | | | Mallinckrodt International Finance S.A., Term Loan, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | B3 | | | | 2,580,070 | |
| | 15 | | | | | Mallinckrodt International Finance S.A., Term Loan B | | | 9.986% | | | | 3-Month LIBOR | | | | 5.250% | | | | 9/24/24 | | | | B | | | | 11,697 | |
| | 2,262 | | | | | Organon & Co, Term Loan | | | 7.750% | | | | 3-Month LIBOR | | | | 3.000% | | | | 6/02/28 | | | | BB | | | | 2,262,368 | |
| | 661 | | | | | Perrigo Investments, LLC, Term Loan B | | | 7.161% | | | | SOFR30A | | | | 2.500% | | | | 4/05/29 | | | | Baa3 | | | | 663,157 | |
| | 14,435 | | | | | Total Pharmaceuticals | | | | | | | | | | | | | | | | | | | | | | | 13,511,826 | |
| | |
| | | | | | Professional Services – 1.9% (1.1% of Total Investments) | |
| | | | | | | | |
| | 469 | | | | | CHG Healthcare Services Inc., Term Loan | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 9/30/28 | | | | B1 | | | | 466,689 | |
| | 776 | | | | | Creative Artists Agency, LLC , Term Loan B | | | 8.320% | | | | 1-Month LIBOR | | | | 3.750% | | | | 11/26/26 | | | | B | | | | 777,335 | |
| | 2,080 | | | | | Dun & Bradstreet Corporation (The), Term Loan | | | 7.767% | | | | 1-Month LIBOR | | | | 3.250% | | | | 2/08/26 | | | | BB+ | | | | 2,078,621 | |
| | 960 | | | | | EAB Global, Inc., Term Loan | | | 8.070% | | | | 1-Month LIBOR | | | | 3.500% | | | | 8/16/28 | | | | B2 | | | | 929,839 | |
| | 550 | | | | | Physician Partners LLC, Term Loan | | | 8.661% | | | | SOFR30A | | | | 4.000% | | | | 2/01/29 | | | | B | | | | 527,802 | |
60
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | |
| | | | | | Professional Services (continued) | |
| | | | | | | | |
| $ | 2,223 | | | | | Verscend Holding Corp., Term Loan B | | | 8.570% | | | | 1-Month LIBOR | | | | 4.000% | | | | 8/27/25 | | | | BB– | | | $ | 2,223,770 | |
| | 7,058 | | | | | Total Professional Services | | | | | | | | | | | | | | | | | | | | | | | 7,004,056 | |
| | |
| | | | | | Real Estate Management & Development – 0.3% (0.2% of Total Investments) | |
| | | | | | | | |
| | 536 | | | | | Cushman & Wakefield U.S. Borrower, LLC, Term Loan B | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 8/21/25 | | | | BB | | | | 534,493 | |
| | 676 | | | | | Cushman & Wakefield US Borrower LLC | | | 7.816% | | | | 0 | | | | 325.000% | | | | 1/24/30 | | | | BB | | | | 674,126 | |
| | 1,212 | | | | | Total Real Estate Management & Development | | | | | | | | 1,208,619 | |
| | |
| | | | | | Road & Rail – 2.1% (1.3% of Total Investments) | |
| | | | | | | | |
| | 908 | | | | | First Student Bidco Inc, Term Loan B | | | 7.726% | | | | 3-Month LIBOR | | | | 3.000% | | | | 7/21/28 | | | | BB+ | | | | 859,378 | |
| | 339 | | | | | First Student Bidco Inc, Term Loan C | | | 7.726% | | | | 3-Month LIBOR | | | | 3.000% | | | | 7/21/28 | | | | BB+ | | | | 321,028 | |
| | 1,452 | | | | | Genesee & Wyoming Inc. (New), Term Loan | | | 6.730% | | | | 3-Month LIBOR | | | | 2.000% | | | | 12/30/26 | | | | BB+ | | | | 1,450,888 | |
| | 882 | | | | | Hertz Corporation, (The), Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 6/30/28 | | | | BB+ | | | | 879,996 | |
| | 169 | | | | | Hertz Corporation, (The), Term Loan C | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 6/30/28 | | | | BB+ | | | | 168,811 | |
| | 550 | | | | | Uber Technologies, Inc., Term Loan B | | | 8.235% | | | | 3-Month LIBOR | | | | 3.500% | | | | 2/25/27 | | | | Ba3 | | | | 551,133 | |
| | 2,002 | | | | | Uber Technologies, Inc., Term Loan B, First Lien | | | 8.235% | | | | 3-Month LIBOR | | | | 3.500% | | | | 4/04/25 | | | | Ba3 | | | | 2,006,096 | |
| | 1,444 | | | | | XPO Logistics, Inc., Term Loan B | | | 6.134% | | | | 1-Month LIBOR | | | | 1.750% | | | | 2/24/25 | | | | BB+ | | | | 1,442,122 | |
| | 7,746 | | | | | Total Road & Rail | | | | | | | | | | | | | | | | | | | | | | | 7,679,452 | |
| | |
| | | | | | Semiconductors & Semiconductor Equipment – 0.4% (0.3% of Total Investments) | |
| | | | | | | | |
| | 915 | | | | | Bright Bidco B.V., Term Loan (5) | | | 12.676% | | | | TSFR3M | | | | 8.000% | | | | 10/31/27 | | | | B | | | | 800,120 | |
| | 771 | | | | | Entegris, Inc., Term Loan B | | | 7.571% | | |
| SOFR30A +
SOFR90A |
| | | 3.000% | | | | 7/06/29 | | | | Baa3 | | | | 775,218 | |
| | 1,686 | | | | | Total Semiconductors & Semiconductor Equipment | | | | | | | | 1,575,338 | |
| | | | |
| | | | | | Software – 15.6% (9.5% of Total Investments) | | | | | | | |
| | | | | | | | |
| | 689 | | | | | Apttus Corporation, Term Loan | | | 9.075% | | | | 3-Month LIBOR | | | | 4.250% | | | | 5/06/28 | | | | BB | | | | 671,193 | |
| | 932 | | | | | Avaya, Inc., Term Loan | | | 14.478% | | | | SOFR30A | | | | 10.000% | | | | 12/15/27 | | | | Caa2 | | | | 547,550 | |
| | 3,578 | | | | | Banff Merger Sub Inc, Term Loan, (DD1) | | | 8.320% | | | | 1-Month LIBOR | | | | 3.750% | | | | 10/02/25 | | | | B2 | | | | 3,520,175 | |
| | 1,189 | | | | | Camelot U.S. Acquisition LLC, Term Loan B, (DD1) | | | 7.517% | | | | 1-Month LIBOR | | | | 3.000% | | | | 10/31/26 | | | | B1 | | | | 1,189,121 | |
| | 573 | | | | | Camelot U.S. Acquisition LLC, Term Loan B | | | 7.517% | | | | 1-Month LIBOR | | | | 3.000% | | | | 10/31/26 | | | | B1 | | | | 572,950 | |
| | 411 | | | | | CCC Intelligent Solutions Inc., Term Loan B | | | 6.797% | | | | 1-Month LIBOR | | | | 2.250% | | | | 9/21/28 | | | | B+ | | | | 410,542 | |
| | 1,930 | | | | | CDK Global, Inc., Term Loan B | | | 9.080% | | | | SOFR90A | | | | 4.500% | | | | 6/09/29 | | | | B+ | | | | 1,928,495 | |
| | 1,021 | | | | | Ceridian HCM Holding Inc., Term Loan B | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 4/30/25 | | | | B+ | | | | 1,018,096 | |
| | 1,995 | | | | | DTI Holdco, Inc., Term Loan | | | 9.426% | | | | SOFR90A | | | | 4.750% | | | | 4/21/29 | | | | B2 | | | | 1,908,966 | |
| | 4,605 | | | | | Epicor Software Corporation, Term Loan | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 7/31/27 | | | | B2 | | | | 4,531,203 | |
| | 3,601 | | | | | Finastra USA, Inc., Term Loan, First Lien | | | 8.325% | | | | 3-Month LIBOR | | | | 3.500% | | | | 6/13/24 | | | | B+ | | | | 3,393,306 | |
| | 3,070 | | | | | Greeneden U.S. Holdings II, LLC, Term Loan B4 | | | 8.570% | | | | 1-Month LIBOR | | | | 4.000% | | | | 12/01/27 | | | | B2 | | | | 3,020,927 | |
| | 423 | | | | | Greenway Health, LLC, Term Loan, First Lien | | | 8.480% | | | | 3-Month LIBOR | | | | 3.750% | | | | 2/16/24 | | | | CCC+ | | | | 295,607 | |
| | 3,722 | | | | | Informatica LLC, Term Loan B | | | 7.375% | | | | 1-Month LIBOR | | | | 2.750% | | | | 10/14/28 | | | | BB– | | | | 3,720,703 | |
| | 598 | | | | | iQor US Inc., Second Out Term Loan | | | 12.047% | | | | 1-Month LIBOR | | | | 7.500% | | | | 11/19/25 | | | | CCC+ | | | | 433,952 | |
| | 2,084 | | | | | McAfee, LLC, Term Loan B | | | 8.184% | | | | SOFR30A | | | | 3.750% | | | | 2/03/29 | | | | BB+ | | | | 1,972,395 | |
| | 4,009 | | | | | NortonLifeLock Inc., Term Loan B | | | 6.661% | | | | SOFR30A | | | | 2.000% | | | | 1/28/29 | | | | BBB– | | | | 4,004,904 | |
| | 5,400 | | | | | Open Text Corp, Term Loan, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | BBB– | | | | 5,400,000 | |
| | 997 | | | | | Polaris Newco LLC, Term Loan B | | | 8.730% | | | | 3-Month LIBOR | | | | 4.000% | | | | 6/04/28 | | | | B2 | | | | 948,582 | |
| | 393 | | | | | Project Ruby Ultimate Parent Corp., Term Loan | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 3/10/28 | | | | B | | | | 380,719 | |
| | 1,465 | | | | | Proofpoint, Inc., Term Loan, First Lien | | | 7.985% | | | | 3-Month LIBOR | | | | 3.250% | | | | 8/31/28 | | | | BB– | | | | 1,439,244 | |
| | 442 | | | | | RealPage, Inc, Term Loan, First Lien | | | 7.547% | | | | 1-Month LIBOR | | | | 3.000% | | | | 4/22/28 | | | | B+ | | | | 431,681 | |
| | 3,398 | | | | | Seattle Spinco, Inc., Term Loan B5 | | | 8.612% | | | | SOFR30A | | | | 4.000% | | | | 1/14/27 | | | | BB+ | | | | 3,397,701 | |
| | 1,699 | | | | | Sophia, L.P., Term Loan B | | | 8.230% | | | | 3-Month LIBOR | | | | 3.500% | | | | 10/07/27 | | | | B2 | | | | 1,676,836 | |
| | 1,313 | | | | | SS&C European Holdings Sarl, Term Loan B4, (DD1) | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 4/16/25 | | | | BB+ | | | | 1,312,712 | |
| | 1,493 | | | | | SS&C Technologies Inc., Term Loan B3, (DD1) | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 4/16/25 | | | | BB+ | | | | 1,492,270 | |
| | 238 | | | | | SS&C Technologies Inc., Term Loan B6 | | | 6.911% | | | | SOFR30A | | | | 2.250% | | | | 3/22/29 | | | | BB+ | | | | 238,118 | |
| | 359 | | | | | SS&C Technologies Inc., Term Loan B7 | | | 6.911% | | | | SOFR30A | | | | 2.250% | | | | 3/22/29 | | | | BB+ | | | | 358,789 | |
61
| | |
| |
| JRO | | Nuveen Floating Rate Income Opportunity Fund (continued) |
| | Portfolio of Investments January 31, 2023 |
| | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | | | |
| | | | | | Software (continued) | | | | | | | |
| | | | | | | | |
| $ | 1,487 | | | | | Ultimate Software Group Inc (The), Term Loan | | | 8.032% | | | | 3-Month LIBOR | | | | 3.250% | | | | 5/03/26 | | | | B1 | | | $ | 1,465,242 | |
| | 726 | | | | | Ultimate Software Group Inc (The), Term Loan B | | | 8.575% | | | | 3-Month LIBOR | | | | 3.750% | | | | 5/03/26 | | | | B1 | | | | 719,682 | |
| | 749 | | | | | Vision Solutions, Inc., Term Loan | | | 8.818% | | | | 3-Month LIBOR | | | | 4.000% | | | | 5/28/28 | | | | B2 | | | | 659,987 | |
| | 3,195 | | | | | Zelis Healthcare Corporation, Term Loan | | | 8.070% | | | | 1-Month LIBOR | | | | 3.500% | | | | 9/30/26 | | | | B | | | | 3,192,414 | |
| | 2,151 | | | | | ZoomInfo LLC, Term Loan B | | | 7.661% | | | | TSFR1M | | | | 3.000% | | | | 2/01/26 | | | | BB+ | | | | 2,161,588 | |
| | 59,935 | | | | | Total Software | | | | | | | | | | | | | | | | | | | | | | | 58,415,650 | |
| | |
| | | | | | Specialty Retail – 4.4% (2.7% of Total Investments) | |
| | | | | | | | |
| | 560 | | | | | Academy, Ltd., Term Loan | | | 8.119% | | | | 1-Month LIBOR | | | | 3.750% | | | | 11/06/27 | | | | BB | | | | 560,869 | |
| | 1,975 | | | | | Avis Budget Car Rental, LLC, Term Loan B | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 8/06/27 | | | | BB+ | | | | 1,952,998 | |
| | 1,077 | | | | | Avis Budget Car Rental, LLC, Term Loan C | | | 8.161% | | | | SOFR30A | | | | 3.500% | | | | 3/15/29 | | | | BB+ | | | | 1,078,285 | |
| | 338 | | | | | Driven Holdings, LLC, Term Loan B | | | 7.738% | | | | 3-Month LIBOR | | | | 3.000% | | | | 12/17/28 | | | | B3 | | | | 330,983 | |
| | 1,597 | | | | | Jo-Ann Stores, Inc., Term Loan B1 | | | 9.572% | | | | 3-Month LIBOR | | | | 4.750% | | | | 6/30/28 | | | | CCC+ | | | | 934,477 | |
| | 1,539 | | | | | LBM Acquisition LLC, Term Loan B | | | 8.852% | | | | 6-Month LIBOR | | | | 3.750% | | | | 12/18/27 | | | | B+ | | | | 1,395,790 | |
| | 429 | | | | | Les Schwab Tire Centers, Term Loan B | | | 6.580% | | | | 3-Month LIBOR | | | | 3.250% | | | | 11/02/27 | | | | B | | | | 428,276 | |
| | 6,471 | | | | | PetSmart, Inc., Term Loan B | | | 8.411% | | | | TSFR1M | | | | 3.750% | | | | 2/12/28 | | | | BB | | | | 6,436,407 | |
| | 1,668 | | | | | Restoration Hardware, Inc., Term Loan B | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 10/15/28 | | | | BB | | | | 1,608,954 | |
| | 352 | | | | | SRS Distribution Inc., Term Loan | | | 8.161% | | | | TSFR1M | | | | 3.500% | | | | 6/04/28 | | | | B– | | | | 339,553 | |
| | 538 | | | | | Staples, Inc., Term Loan | | | 9.440% | | | | 3-Month LIBOR | | | | 5.000% | | | | 4/12/26 | | | | B | | | | 504,371 | |
| | 765 | | | | | Wand NewCo 3, Inc., Term Loan | | | 7.570% | | | | 1-Month LIBOR | | | | 3.000% | | | | 2/05/26 | | | | B2 | | | | 747,382 | |
| | 17,309 | | | | | Total Specialty Retail | | | | | | | | | | | | | | | | | | | | | | | 16,318,345 | |
| | |
| | | | | | Technology Hardware, Storage & Peripherals – 0.2% (0.1% of Total Investments) | |
| | | | | | | | |
| | 576 | | | | | NCR Corporation, Term Loan | | | 7.330% | | | | 3-Month LIBOR | | | | 2.500% | | | | 8/28/26 | | | | BB+ | | | | 575,010 | |
| | |
| | | | | | Textiles, Apparel & Luxury Goods – 0.5% (0.3% of Total Investments) | |
| | | | | | | | |
| | 1,351 | | | | | Birkenstock GmbH & Co. KG, Term Loan B | | | 7.690% | | | | 3-Month LIBOR | | | | 3.250% | | | | 4/28/28 | | | | BB– | | | | 1,349,940 | |
| | 265 | | | | | New Trojan Parent, Inc., Term Loan, First Lien | | | 7.764% | | | | 1-Month LIBOR | | | | 3.250% | | | | 1/06/28 | | | | B– | | | | 186,606 | |
| | 191 | | | | | Samsonite International S.A., Term Loan B2 | | | 7.570% | | | | 1-Month LIBOR | | | | 3.000% | | | | 4/25/25 | | | | N/R | | | | 191,346 | |
| | 1,807 | | | | | Total Textiles, Apparel & Luxury Goods | | | | | | | | | | | | | | | | | | | | | | | 1,727,892 | |
| | |
| | | | | | Trading Companies & Distributors – 0.5% (0.3% of Total Investments) | |
| | | | | | | | |
| | 985 | | | | | Core & Main LP, Term Loan B | | | 7.313% | | | | 1 + 6 Month LIBOR | | | | 2.500% | | | | 6/10/28 | | | | B+ | | | | 984,537 | |
| | 1,022 | | | | | Resideo Funding Inc., Term Loan | | | 6.807% | | |
| 1 + 3 +
6 Month LIBOR |
| | | 2.250% | | | | 2/12/28 | | | | BBB– | | | | 1,024,355 | |
| | 2,007 | | | | | Total Trading Companies & Distributors | | | | | | | | | | | | | | | | | | | | | | | 2,008,892 | |
| | |
| | | | | | Transportation Infrastructure – 0.9% (0.6% of Total Investments) | |
| | | | | | | | |
| | 1,613 | | | | | Brown Group Holding, LLC, Term Loan B | | | 7.047% | | | | 1-Month LIBOR | | | | 2.500% | | | | 4/22/28 | | | | B+ | | | | 1,608,130 | |
| | 748 | | | | | Brown Group Holding, LLC, Term Loan B2 | | | 8.369% | | |
| SOFR30A +
SOFR90A |
| | | 3.750% | | | | 6/09/29 | | | | B+ | | | | 749,479 | |
| | 1,089 | | | | | KKR Apple Bidco, LLC, Term Loan | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 9/23/28 | | | | B+ | | | | 1,086,708 | |
| | 3,450 | | | | | Total Transportation Infrastructure | | | | | | | | | | | | | | | | | | | | | | | 3,444,317 | |
| | |
| | | | | | Wireless Telecommunication Services – 1.2% (0.7% of Total Investments) | |
| | | | | | | | |
| | 985 | | | | | GOGO Intermediate Holdings LLC, Term Loan B | | | 8.575% | | | | 3-Month LIBOR | | | | 3.750% | | | | 4/30/28 | | | | B+ | | | | 985,527 | |
| | 3,399 | | | | | Intelsat Jackson Holdings S.A., Term Loan B | | | 7.445% | | | | SOFR180A | | | | 4.500% | | | | 1/27/29 | | | | BB– | | | | 3,351,508 | |
| | 4,384 | | | | | Total Wireless Telecommunication Services | | | | | | | | | | | | | | | | | | | | | | | 4,337,035 | |
| $ | 530,534 | | | | | Total Variable Rate Senior Loan Interests (cost $520,346,554) | | | | | | | | 501,112,573 | |
62
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | | | | | | | Coupon | | | Maturity | | | Ratings (4) | | | Value | |
| | |
| | | | | | CORPORATE BONDS – 22.5% (13.7% of Total Investments) | |
| | |
| | | | | | Aerospace & Defense – 0.3% (0.2% of Total Investments) | |
| | | | | | |
| $ | 1,350 | | | | | TransDigm Inc | | | | 4.625% | | | | 1/15/29 | | | | B– | | | $ | 1,217,916 | |
| | |
| | | | | | Airlines – 0.5% (0.3% of Total Investments) | |
| | | | | | |
| | 900 | | | | | Delta Air Lines Inc | | | | 3.750% | | | | 10/28/29 | | | | Baa3 | | | | 796,410 | |
| | 534 | | | | | United Airlines Inc, 144A | | | | 4.375% | | | | 4/15/26 | | | | Ba1 | | | | 506,945 | |
| | 706 | | | | | United Airlines Inc, 144A | | | | 4.625% | | | | 4/15/29 | | | | Ba1 | | | | 643,950 | |
| | 2,140 | | | | | Total Airlines | | | | | | | | | | | | | | | | | | | | | | | 1,947,305 | |
| | |
| | | | | | Auto Components – 0.7% (0.4% of Total Investments) | |
| | | | | | |
| | 1,925 | | | | | Adient Global Holdings Ltd, 144A | | | | 4.875% | | | | 8/15/26 | | | | BB– | | | | 1,827,614 | |
| | 830 | | | | | Dana Financing Luxembourg Sarl, 144A | | | | 5.750% | | | | 4/15/25 | | | | BB+ | | | | 821,700 | |
| | 2,755 | | | | | Total Auto Components | | | | | | | | | | | | | | | | | | | | | | | 2,649,314 | |
| | |
| | | | | | Chemicals – 1.4% (0.8% of Total Investments) | |
| | | | | | |
| | 3,000 | | | | | Celanese US Holdings LLC | | | | 5.900% | | | | 7/05/24 | | | | BBB– | | | | 3,017,230 | |
| | 950 | | | | | Rayonier AM Products Inc, 144A | | | | 7.625% | | | | 1/15/26 | | | | B+ | | | | 888,269 | |
| | 1,345 | | | | | Trinseo Materials Operating SCA / Trinseo Materials Finance Inc, 144A | | | | 5.375% | | | | 9/01/25 | | | | B2 | | | | 1,176,875 | |
| | 5,295 | | | | | Total Chemicals | | | | | | | | | | | | | | | | | | | | | | | 5,082,374 | |
| | |
| | | | | | Commercial Services & Supplies – 1.0% (0.6% of Total Investments) | |
| | | | | | |
| | 1,500 | | | | | Prime Security Services Borrower LLC / Prime Finance Inc, 144A | | | | 3.375% | | | | 8/31/27 | | | | BB– | | | | 1,331,026 | |
| | 1,019 | | | | | Prime Security Services Borrower LLC / Prime Finance Inc, 144A | | | | 5.750% | | | | 4/15/26 | | | | BB– | | | | 998,661 | |
| | 1,363 | | | | | Prime Security Services Borrower LLC / Prime Finance Inc, 144A | | | | 6.250% | | | | 1/15/28 | | | | B– | | | | 1,292,669 | |
| | 3,882 | | | | | Total Commercial Services & Supplies | | | | | | | | | | | | | | | | | | | | | | | 3,622,356 | |
| | |
| | | | | | Communications Equipment – 1.3% (0.8% of Total Investments) | |
| | | | | | |
| | 8,388 | | | | | Avaya Inc, 144A | | | | 6.125% | | | | 9/15/28 | | | | Caa2 | | | | 2,558,340 | |
| | 900 | | | | | Commscope Inc, 144A | | | | 4.750% | | | | 9/01/29 | | | | B1 | | | | 749,124 | |
| | 1,125 | | | | | Commscope Inc, 144A | | | | 8.250% | | | | 3/01/27 | | | | CCC+ | | | | 956,869 | |
| | 600 | | | | | CommScope Technologies LLC, 144A | | | | 5.000% | | | | 3/15/27 | | | | CCC+ | | | | 458,086 | |
| | 11,013 | | | | | Total Communications Equipment | | | | | | | | | | | | | | | | | | | | | | | 4,722,419 | |
| | |
| | | | | | Containers & Packaging – 0.1% (0.1% of Total Investments) | |
| | | | | | |
| | 540 | | | | | Pactiv Evergreen Group Issuer Inc/Pactiv Evergreen Group Issuer LLC, 144A | | | | 4.375% | | | | 9/30/28 | | | | B+ | | | | 479,948 | |
| | |
| | | | | | Diversified Telecommunication Services – 1.2% (0.7% of Total Investments) | |
| | | | | | |
| | 2,734 | | | | | Frontier Communications Holdings LLC, 144A | | | | 5.875% | | | | 10/15/27 | | | | BB+ | | | | 2,610,752 | |
| | 898 | | | | | Frontier Communications Holdings LLC, 144A | | | | 6.000% | | | | 1/15/30 | | | | BB– | | | | 737,644 | |
| | 595 | | | | | Frontier Communications Holdings LLC, 144A | | | | 5.000% | | | | 5/01/28 | | | | BB+ | | | | 540,944 | |
| | 700 | | | | | Frontier Communications Holdings LLC | | | | 5.875% | | | | 11/01/29 | | | | CCC+ | | | | 570,682 | |
| | 4,927 | | | | | Total Diversified Telecommunication Services | | | | | | | | | | | | | | | | | | | | | | | 4,460,022 | |
| | |
| | | | | | Electric Utilities – 0.6% (0.4% of Total Investments) | |
| | | | | | |
| | 2,980 | | | | | Bruce Mansfield Unit 1 2007 Pass Through Trust (5) | | | | 6.850% | | | | 6/01/34 | | | | N/R | | | | 3,725 | |
| | 880 | | | | | Pacific Gas and Electric Co | | | | 4.550% | | | | 7/01/30 | | | | BBB– | | | | 820,751 | |
| | 0 | (7) | | | | Pacific Gas and Electric Co | | | | 4.500% | | | | 7/01/40 | | | | BBB– | | | | 1 | |
| | 955 | | | | | PG&E Corp | | | | 5.000% | | | | 7/01/28 | | | | BB | | | | 894,883 | |
| | 600 | | | | | Talen Energy Supply LLC, 144A (5) | | | | 7.250% | | | | 5/15/27 | | | | N/R | | | | 624,488 | |
| | 5,415 | | | | | Total Electric Utilities | | | | | | | | | | | | | | | | | | | | | | | 2,343,848 | �� |
| | |
| | | | | | Energy Equipment & Services – 0.2% (0.1% of Total Investments) | |
| | | | | | |
| | 700 | | | | | Weatherford International Ltd, 144A | | | | 8.625% | | | | 4/30/30 | | | | B | | | | 706,587 | |
| | |
| | | | | | Entertainment – 0.8% (0.5% of Total Investments) | |
| | | | | | |
| | 4,457 | | | | | AMC Entertainment Holdings Inc, (cash 10.000%, PIK 12.000%), 144A | | | | 10.000% | | | | 6/15/26 | | | | Caa3 | | | | 2,222,505 | |
| | 2,750 | | | | | Diamond Sports Group LLC / Diamond Sports Finance Co, 144A | | | | 6.625% | | | | 8/15/27 | | | | Ca | | | | 55,000 | |
| | 1,880 | | | | | Diamond Sports Group LLC / Diamond Sports Finance Co, 144A | | | | 5.375% | | | | 8/15/26 | | | | Caa2 | | | | 138,650 | |
| | 1,000 | | | | | Lions Gate Capital Holdings LLC, 144A | | | | 5.500% | | | | 4/15/29 | | | | B– | | | | 650,000 | |
| | 10,087 | | | | | Total Entertainment | | | | | | | | | | | | | | | | | | | | | | | 3,066,155 | |
63
| | |
| |
| JRO | | Nuveen Floating Rate Income Opportunity Fund (continued) |
| | Portfolio of Investments January 31, 2023 |
| | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | | | | | | | Coupon | | | Maturity | | | Ratings (4) | | | Value | |
| | |
| | | | | | Equity Real Estate Investment Trusts (REITs) – 0.5% (0.3% of Total Investments) | |
| | | | | | |
| $ | 2,850 | | | | | American Tower Corp | | | | 2.950% | | | | 1/15/51 | | | | BBB+ | | | $ | 1,877,046 | |
| | |
| | | | | | Health Care Equipment & Supplies – 0.2% (0.1% of Total Investments) | |
| | | | | | | | |
| | 900 | | | | | Mozart Debt Merger Sub Inc, 144A | | | | | | | | | | | 3.875% | | | | 4/01/29 | | | | BB– | | | | 769,514 | |
| | |
| | | | | | Health Care Providers & Services – 1.4% (0.8% of Total Investments) | |
| | | | | | |
| | 120 | | | | | HCA Inc | | | | 5.375% | | | | 2/01/25 | | | | BBB– | | | | 120,453 | |
| | 1,494 | | | | | LifePoint Health Inc, 144A | | | | 5.375% | | | | 1/15/29 | | | | CCC+ | | | | 997,986 | |
| | 550 | | | | | Select Medical Corp, 144A | | | | 6.250% | | | | 8/15/26 | | | | B– | | | | 537,174 | |
| | 534 | | | | | Tenet Healthcare Corp | | | | 4.875% | | | | 1/01/26 | | | | BB– | | | | 520,100 | |
| | 1,060 | | | | | Tenet Healthcare Corp | | | | 0.000% | | | | 2/01/27 | | | | N/R | | | | 1,036,150 | |
| | 1,940 | | | | | Tenet Healthcare Corp | | | | 6.125% | | | | 10/01/28 | | | | B+ | | | | 1,814,055 | |
| | 121 | | | | | Tenet Healthcare Corp | | | | 4.625% | | | | 7/15/24 | | | | BB– | | | | 119,336 | |
| | 5,819 | | | | | Total Health Care Providers & Services | | | | | | | | | | | | | | | | 5,145,254 | |
| | |
| | | | | | Hotels, Restaurants & Leisure – 1.1% (0.7% of Total Investments) | |
| | | | | | |
| | 2,740 | | | | | 1011778 BC ULC / New Red Finance Inc, 144A | | | | 4.000% | | | | 10/15/30 | | | | B+ | | | | 2,332,425 | |
| | 536 | | | | | 1011778 BC ULC / New Red Finance Inc, 144A | | | | 3.500% | | | | 2/15/29 | | | | BB+ | | | | 468,968 | |
| | 706 | | | | | Caesars Entertainment Inc, 144A | | | | 6.250% | | | | 7/01/25 | | | | Ba3 | | | | 703,281 | |
| | 534 | | | | | Life Time Inc, 144A | | | | 5.750% | | | | 1/15/26 | | | | B+ | | | | 513,185 | |
| | 4,516 | | | | | Total Hotels, Restaurants & Leisure | | | | | | | | | | | | | | | | 4,017,859 | |
| | |
| | | | | | Independent Power Producers & Energy Traders – 0.7% (0.4% of Total Investments) | |
| | | | | | |
| | 1,746 | | | | | Talen Energy Supply LLC, 144A (5) | | | | 7.625% | | | | 6/01/28 | | | | N/R | | | | 1,820,043 | |
| | 870 | | | | | Ziggo Bond Co BV, 144A | | | | 6.000% | | | | 1/15/27 | | | | B– | | | | 822,829 | |
| | 2,616 | | | | | Total Independent Power Producers & Energy Traders | | | | | | | | | | | | | | | | 2,642,872 | |
| | |
| | | | | | Insurance – 0.1% (0.1% of Total Investments) | |
| | | | | | |
| | 280 | | | | | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144A | | | | 4.250% | | | | 10/15/27 | | | | B | | | | 256,607 | |
| | |
| | | | | | Interactive Media & Services – 0.3% (0.2% of Total Investments) | |
| | | | | | |
| | 1,960 | | | | | Rackspace Technology Global Inc, 144A | | | | 3.500% | | | | 2/15/28 | | | | B– | | | | 1,178,450 | |
| | |
| | | | | | Internet Software & Services – 0.4% (0.3% of Total Investments) | |
| | | | | | |
| | 4,659 | | | | | Rackspace Technology Global Inc, 144A | | | | 5.375% | | | | 12/01/28 | | | | CCC+ | | | | 1,716,562 | |
| | |
| | | | | | IT Services – 0.2% (0.2% of Total Investments) | |
| | | | | | |
| | 1,005 | | | | | Ahead DB Holdings LLC, 144A | | | | 6.625% | | | | 5/01/28 | | | | CCC+ | | | | 849,225 | |
| | | | | | |
| | | | | | Media – 3.5% (2.1% of Total Investments) | | | | | | | | | | | | | |
| | | | | | |
| | 3,800 | | | | | Charter Communications Operating LLC / Charter Communications Operating Capital | | | | 3.500% | | | | 3/01/42 | | | | BBB– | | | | 2,643,043 | |
| | 950 | | | | | Clear Channel Outdoor Holdings Inc, 144A | | | | 7.750% | | | | 4/15/28 | | | | CCC | | | | 808,194 | |
| | 3,809 | | | | | CSC Holdings LLC, 144A | | | | 3.375% | | | | 2/15/31 | | | | B+ | | | | 2,656,777 | |
| | 2,465 | | | | | iHeartCommunications Inc, 144A | | | | 5.250% | | | | 8/15/27 | | | | BB– | | | | 2,207,728 | |
| | 1,127 | | | | | iHeartCommunications Inc | | | | 8.375% | | | | 5/01/27 | | | | B– | | | | 1,009,626 | |
| | 6 | | | | | iHeartCommunications Inc | | | | 6.375% | | | | 5/01/26 | | | | BB– | | | | 6,016 | |
| | 400 | | | | | LCPR Senior Secured Financing DAC, 144A | | | | 5.125% | | | | 7/15/29 | | | | BB+ | | | | 352,000 | |
| | 1,225 | | | | | McGraw-Hill Education Inc, 144A | | | | 5.750% | | | | 8/01/28 | | | | BB+ | | | | 1,076,327 | |
| | 2,693 | | | | | VZ Secured Financing BV, 144A | | | | 5.000% | | | | 1/15/32 | | | | BB | | | | 2,306,097 | |
| | 16,475 | | | | | Total Media | | | | | | | | | | | | | | | | | | | | | | | 13,065,808 | |
| | |
| | | | | | Metals & Mining – 0.2% (0.1% of Total Investments) | |
| | | | | | |
| | 855 | | | | | First Quantum Minerals Ltd, 144A | | | | 6.875% | | | | 10/15/27 | | | | B+ | | | | 828,816 | |
| | |
| | | | | | Oil, Gas & Consumable Fuels – 3.3% (2.0% of Total Investments) | |
| | | | | | |
| | 700 | | | | | Calumet Specialty Products Partners LP / Calumet Finance Corp, 144A | | | | 8.125% | | | | 1/15/27 | | | | B– | | | | 675,372 | |
| | 2,935 | | | | | Citgo Holding Inc, 144A | | | | 9.250% | | | | 8/01/24 | | | | B+ | | | | 2,949,675 | |
| | 1,040 | | | | | Citgo Petroleum Corp, 144A | | | | 7.000% | | | | 6/15/25 | | | | BB | | | | 1,031,243 | |
| | 600 | | | | | Gulfport Energy Corp, 144A | | | | 8.000% | | | | 5/17/26 | | | | BB– | | | | 594,486 | |
| | 534 | | | | | Hilcorp Energy I LP / Hilcorp Finance Co, 144A | | | | 6.250% | | | | 11/01/28 | | | | BB+ | | | | 512,912 | |
| | 534 | | | | | MEG Energy Corp, 144A | | | | 5.875% | | | | 2/01/29 | | | | BB– | | | | 509,970 | |
64
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | | | | | | | Coupon | | | Maturity | | | Ratings (4) | | | Value | |
| | |
| | | | | | Oil, Gas & Consumable Fuels (continued) | |
| | | | | | |
| $ | 2,768 | | | | | NGL Energy Operating LLC / NGL Energy Finance Corp, 144A | | | | 7.500% | | | | 2/01/26 | | | | B | | | $ | 2,628,657 | |
| | 250 | | | | | NGL Energy Partners LP / NGL Energy Finance Corp | | | | 7.500% | | | | 11/01/23 | | | | Caa2 | | | | 250,323 | |
| | 250 | | | | | NGL Energy Partners LP / NGL Energy Finance Corp | | | | 6.125% | | | | 3/01/25 | | | | Caa2 | | | | 221,875 | |
| | 250 | | | | | NGL Energy Partners LP / NGL Energy Finance Corp | | | | 7.500% | | | | 4/15/26 | | | | Caa2 | | | | 212,462 | |
| | 1,182 | | | | | PBF Holding Co LLC / PBF Finance Corp | | | | 7.250% | | | | 6/15/25 | | | | BB | | | | 1,177,573 | |
| | 1,500 | | | | | PBF Holding Co LLC / PBF Finance Corp | | | | 6.000% | | | | 2/15/28 | | | | BB | | | | 1,414,260 | |
| | 12,543 | | | | | Total Oil, Gas & Consumable Fuels | | | | | | | | | | | | | | | | 12,178,808 | |
| | |
| | | | | | Pharmaceuticals – 0.2% (0.1% of Total Investments) | |
| | | | | | |
| | 800 | | | | | ORGANON & CO/ORG, 144A | | | | 5.125% | | | | 4/30/31 | | | | BB– | | | | 722,232 | |
| | 800 | | | | | Total Pharmaceuticals | | | | | | | | | | | | | | | | | | | | | | | 722,232 | |
| | | | | | |
| | | | | | Software – 0.2% (0.1% of Total Investments) | | | | | | | | | | | | | |
| | | | | | |
| | 950 | | | | | Condor Merger Sub Inc, 144A | | | | 7.375% | | | | 2/15/30 | | | | CCC+ | | | | 789,067 | |
| | |
| | | | | | Specialty Retail – 1.6% (1.0% of Total Investments) | |
| | | | | | |
| | 4,255 | | | | | Hertz Corp/The, 144A | | | | 4.625% | | | | 12/01/26 | | | | B+ | | | | 3,786,950 | |
| | 1,800 | | | | | Michaels Cos Inc/The, 144A | | | | 7.875% | | | | 5/01/29 | | | | Caa1 | | | | 1,368,000 | |
| | 522 | | | | | PetSmart Inc / PetSmart Finance Corp, 144A | | | | 4.750% | | | | 2/15/28 | | | | BB | | | | 482,841 | |
| | 200 | | | | | PetSmart Inc / PetSmart Finance Corp, 144A | | | | 7.750% | | | | 2/15/29 | | | | B– | | | | 196,548 | |
| | 6,777 | | | | | Total Specialty Retail | | | | | | | | | | | | | | | | | | | | | | | 5,834,339 | |
| | |
| | | | | | Wireless Telecommunication Services – 0.5% (0.3% of Total Investments) | |
| | | | | | |
| | 2,320 | | | | | Vmed O2 UK Financing I PLC, 144A | | | | 4.250% | | | | 1/31/31 | | | | BB+ | | | | 1,937,200 | |
| $ | 113,429 | | | | | Total Corporate Bonds (cost $94,370,528) | | | | | | | | | | | | | | | | 84,107,903 | |
| | | | | | | | |
| Shares | | | | | Description (1) | | | | | | | | | | | | | | | | | Value | |
| | |
| | | | | | COMMON STOCKS – 4.7% (2.8% of Total Investments) | |
| | | | | | |
| | | | | | Banks – 0.0% (0.0% of Total Investments) | | | | | | | | | | | | | |
| | | | | | |
| | 21,193 | | | | | iQor US Inc (8) | | | | | | | | | | | | | | | $ | 79,474 | |
| | |
| | | | | | Communications Equipment – 0.0% (0.0% of Total Investments) | |
| | | | | | |
| | 5,616 | | | | | Windstream Services PE LLC (8) | | | | | | | | | | | | | | | | 57,216 | |
| | |
| | | | | | Construction & Engineering – 0.0% (0.0% of Total Investments) | |
| | | | | | |
| | 1,318 | | | | | TNT Crane & Rigging Inc (8) | | | | | | | | | | | | | | | | 8,347 | |
| | 2,336 | | | | | TNT Crane & Rigging Inc (8) | | | | | | | | | | | | | | | | 233 | |
| | | | | | Total Construction & Engineering | | | | | | | | | | | | | | | | | | | | | | | 8,580 | |
| | |
| | | | | | Diversified Consumer Services – 0.1% (0.0% of Total Investments) | |
| | | | | | |
| | 16,910 | | | | | Cengage Learning Holdings II Inc (8) | | | | | | | | | | | | | | | | 189,189 | |
| | |
| | | | | | Diversified Telecommunication Services – 0.1% (0.0% of Total Investments) | |
| | | | | | |
| | 16,271 | | | | | Windstream Services PE LLC (8) | | | | | | | | | | | | | | | | 165,769 | |
| | |
| | | | | | Energy Equipment & Services – 2.2% (1.3% of Total Investments) | |
| | | | | | |
| | 56,185 | | | | | Quarternorth Energy Holding Inc (8) | | | | | | | | | | | | | | | | 7,659,869 | |
| | 63,862 | | | | | Transocean Ltd (8) | | | | | | | | | | | | | | | | 430,430 | |
| | 7,266 | | | | | Vantage Drilling International (8) | | | | | | | | | | | | | | | | 116,256 | |
| | | | | | Total Energy Equipment & Services | | | | | | | | | | | | | | | | 8,206,555 | |
| | |
| | | | | | Entertainment – 0.0% (0.0% of Total Investments) | |
| | | | | | |
| | 23,363 | | | | | Metro-Goldwyn-Mayer Inc (8) | | | | | | | | | | | | | | | | 103,965 | |
| | |
| | | | | | Health Care Equipment & Supplies – 0.3% (0.2% of Total Investments) | |
| | | | | | |
| | 69,049 | | | | | Onex Carestream Finance LP (8) | | | | | | | | | | | | | | | | 1,035,735 | |
65
| | |
| |
| JRO | | Nuveen Floating Rate Income Opportunity Fund (continued) |
| | Portfolio of Investments January 31, 2023 |
| | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares | | | | | Description (1) | | | | | | | | | | | | | | | | | Value | |
| | |
| | | | | | Health Care Providers & Services – 0.0% (0.0% of Total Investments) | |
| | | | | | |
| | 47,462 | | | | | Millennium Health LLC (8), (9) | | | | | | | | | | | | | | | $ | 2,041 | |
| | 50,560 | | | | | Millennium Health LLC (8), (9) | | | | | | | | | | | | | | | | 7,230 | |
| | | | | | Total Health Care Providers & Services | | | | | | | | | | | | | | | | 9,271 | |
| | |
| | | | | | Hotels, Restaurants & Leisure – 0.0% (0.0% of Total Investments) | |
| | | | | | |
| | 83,129 | | | | | 24 Hour Fitness Worldwide Inc (8) | | | | | | | | | | | | | | | | 831 | |
| | 174,788 | | | | | 24 Hour Fitness Worldwide Inc (8) | | | | | | | | | | | | | | | | 1,399 | |
| | | | | | Total Hotels, Restaurants & Leisure | | | | | | | | | | | | | | | | 2,230 | |
| | |
| | | | | | Independent Power And Renewable Electricity Producers – 1.3% (0.8% of Total Investments) | |
| | | | | | |
| | 64,338 | | | | | Energy Harbor Corp (8), (10) | | | | | | | | | | | | | | | | 4,921,857 | |
| | |
| | | | | | Internet & Direct Marketing Retail – 0.0% (0.0% of Total Investments) | |
| | | | | | |
| | 12,030 | | | | | Catalina Marketing Corp (8) | | | | | | | | | | | | | | | | 3,007 | |
| | |
| | | | | | Marine – 0.0% (0.0% of Total Investments) | |
| | | | | | |
| | 573 | | | | | ACBL HLDG CORP (8) | | | | | | | | | | | | | | | | 21,488 | |
| | | | | | | | |
| | | | | | Media – 0.0% (0.0% of Total Investments) | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | 7 | | | | | Cumulus Media Inc, Class A (8) | | | | | | | | | | | | | | | | 47 | |
| | 1,318,561 | | | | | Hibu plc (8) | | | | | | | | | | | | | | | | — | |
| | | | | | Total Media | | | | | | | | | | | | | | | | | | | | | | | 47 | |
| | |
| | | | | | Multiline Retail – 0.0% (0.0% of Total Investments) | |
| | | | | | |
| | 187 | | | | | Belk Inc (8) | | | | | | | | | | | | | | | | 1,636 | |
| | |
| | | | | | Oil, Gas & Consumable Fuels – 0.6% (0.4% of Total Investments) | |
| | | | | | |
| | 6,825 | | | | | California Resources Corp | | | | | | | | | | | | | | | | 291,632 | |
| | 12,582 | | | | | Chord Energy Corp | | | | | | | | | | | | | | | | 1,803,378 | |
| | | | | | Total Oil, Gas & Consumable Fuels | | | | | | | | | | | | | | | | 2,095,010 | |
| | |
| | | | | | Professional Services – 0.0% (0.0% of Total Investments) | |
| | | | | | |
| | 70,690 | | | | | Skillsoft Corp (8) | | | | | | | | | | | | | | | | 135,725 | |
| | |
| | | | | | Semiconductors & Semiconductor Equipment – 0.1% (0.1% of Total Investments) | |
| | | | | | |
| | 17,763 | | | | | Bright Bidco BV (8), (9) | | | | | | | | | | | | | | | | 237,260 | |
| | 13,004 | | | | | Bright Bidco BV (8) | | | | | | | | | | | | | | | | 213,639 | |
| | | | | | Total Semiconductors & Semiconductor Equipment | | | | | | | | | | | | | | | | 450,899 | |
| | | | | | Total Common Stocks (cost $23,737,899) | | | | | | | | | | | | | | | | 17,487,653 | |
| | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | | | | | | | Coupon | | | Maturity | | | Ratings (4) | | | Value | |
| | |
| | | | | | ASSET-BACKED SECURITIES – 1.9% (1.2% of Total Investments) | |
| | | | | | |
| $ | 250 | | | | | Battalion CLO XI Ltd , 144A (3-Month LIBOR reference rate + 6.850% spread) 2017 11A (11) | | | | 8.034% | | | | 4/24/34 | | | | Ba3 | | | $ | 221,104 | |
| | 500 | | | | | CIFC Funding 2019-I Ltd , 144A (3-Month LIBOR reference rate + 6.830% spread) 2019 1A (11) | | | | 7.893% | | | | 4/20/32 | | | | Ba3 | | | | 464,300 | |
| | 800 | | | | | Dryden 50 Senior Loan Fund , 144A (3-Month LIBOR reference rate + 6.260% spread) 2017 50A (11) | | | | 11.052% | | | | 7/15/30 | | | | Ba3 | | | | 715,420 | |
| | 1,000 | | | | | Flatiron CLO 19 Ltd , 144A (3-Month LIBOR reference rate + 6.100% spread) 2019 1A (11) | | | | 10.744% | | | | 11/16/34 | | | | BB– | | | | 903,762 | |
| | 750 | | | | | Gilbert Park CLO Ltd , 144A (3-Month LIBOR reference rate + 6.400% spread) 2017 1A (11) | | | | 11.192% | | | | 10/15/30 | | | | Ba3 | | | | 662,551 | |
| | 500 | | | | | Goldentree Loan Opportunities IX Ltd , 144A (3-Month LIBOR reference rate + 5.660% spread) 2014 9A (11) | | | | 10.462% | | | | 10/29/29 | | | | BB– | | | | 472,540 | |
| | 500 | | | | | KKR CLO 30 Ltd , 144A (3-Month LIBOR reference rate + 6.400% spread) Y 30A (11) | | | | 11.192% | | | | 10/17/31 | | | | Ba3 | | | | 458,266 | |
| | 250 | | | | | Magnetite XXVII Ltd , 144A (3-Month LIBOR reference rate + 6.000% spread) 2020 27A (11) | | | | 10.808% | | | | 10/20/34 | | | | Ba3 | | | | 229,496 | |
| | 400 | | | | | Neuberger Berman Loan Advisers CLO 28 Ltd , 144A (3-Month LIBOR reference rate + 5.600% spread) 2018 28A (11) | | | | 10.408% | | | | 4/20/30 | | | | BB– | | | | 367,095 | |
66
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | | | | | | | Coupon | | | Maturity | | | Ratings (4) | | | Value | |
| | |
| | | | | | ASSET-BACKED SECURITIES (continued) | |
| | | | | | |
| $ | 1,375 | | | | | Neuberger Berman Loan Advisers CLO 48 Ltd , 144A (TSFR3M reference rate + 3.200% spread) 2022 48A (11) | | | | 7.859% | | | | 4/25/36 | | | | BBB– | | | $ | 1,253,549 | |
| | 833 | | | | | Rockford Tower CLO 2017-3 Ltd , 144A (3-Month LIBOR reference rate + 5.750% spread) 2017 3A (11) | | | | 6.813% | | | | 10/20/30 | | | | Ba3 | | | | 700,870 | |
| | 850 | | | | | TICP CLO I-2 LTD , 144A (3-Month LIBOR reference rate + 5.770% spread) 2018 IA (11) | | | | 6.984% | | | | 4/26/28 | | | | B1 | | | | 817,334 | |
| $ | 8,008 | | | | | Total Asset-Backed Securities (cost $7,841,760) | | | | | | | | | | | | | | | | 7,266,287 | |
| | | | | | | | |
| Shares | | | | | Description (1) | | | | | | | | | | | | | | | | | Value | |
| | | |
| | | | | | WARRANTS – 1.1% (0.7% of Total Investments) | | | | | |
| | |
| | | | | | Energy Equipment & Services – 1.0% (0.6% of Total Investments) | |
| | | | | | |
| | 25,425 | | | | | Quarternorth Energy Holding Inc | | | | | | | | | | | | | | | $ | 3,466,267 | |
| | 17,255 | | | | | Quarternorth Energy Holding Inc | | | | | | | | | | | | | | | | 155,295 | |
| | 33,231 | | | | | Quarternorth Energy Holding Inc | | | | | | | | | | | | | | | | 216,001 | |
| | | | | | Total Energy Equipment & Services | | | | | | | | | | | | | | | | 3,837,563 | |
| | |
| | | | | | Entertainment – 0.0% (0.0% of Total Investments) | |
| | | | | | |
| | 138,768 | | | | | Cineworld Warrant | | | | | | | | | | | | | | | | — | |
| | |
| | | | | | Industrial Conglomerates – 0.0% (0.0% of Total Investments) | |
| | | | | | |
| | 17,060 | | | | | American Commercial Barge Line LLC | | | | | | | | | | | | | | | | 8,530 | |
| | | | | | |
| | | | | | Marine – 0.1% (0.1% of Total Investments) | | | | | | | | | | | | | |
| | | | | | |
| | 1,706 | | | | | ACBL HLDG CORP | | | | | | | | | | | | | | | | 82,741 | |
| | 603 | | | | | ACBL HLDG CORP | | | | | | | | | | | | | | | | 22,613 | |
| | 2,243 | | | | | ACBL HLDG CORP | | | | | | | | | | | | | | | | 56,075 | |
| | 22,430 | | | | | American Commercial Barge Line LLC | | | | | | | | | | | | | | | | 8,411 | |
| | | | | | Total Marine | | | | | | | | | | | | | | | | | | | | | | | 169,840 | |
| | |
| | | | | | Oil, Gas & Consumable Fuels – 0.0% (0.0% of Total Investments) | |
| | | | | | |
| | 314 | | | | | California Resources Corp | | | | | | | | | | | | | | | | 3,438 | |
| | |
| | | | | | Wireless Telecommunication Services – 0.0% (0.0% of Total Investments) | |
| | | | | | |
| | 2 | | | | | Intelsat SA/Luxembourg | | | | | | | | | | | | | | | | 2 | |
| | | | | | Total Warrants (cost $654,918) | | | | | | | | | | | | | | | | 4,019,373 | |
| | | | | | | | |
| Shares | | | | | Description (1) | | | | | | | | Coupon | | | | | | Ratings (4) | | | Value | |
| | |
| | | | | | CONVERTIBLE PREFERRED SECURITIES – 0.0% (0.0% of Total Investments) | |
| | |
| | | | | | Communications Equipment – 0.0% (0.0% of Total Investments) | |
| | | | | | |
| | 15,089 | | | | | Riverbed Technology Inc | | | | 0.000% | | | | | | | | N/R | | | $ | 151 | |
| | | | | | | | |
| | | | | | Marine – 0.0% (0.0% of Total Investments) | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | 2,133 | | | | | ACBL HLDG CORP | | | | 0.000% | | | | | | | | N/R | | | | 53,325 | |
| | 2,428 | | | | | ACBL HLDG CORP | | | | 0.000% | | | | | | | | N/R | | | | 117,758 | |
| | | | | | Total Marine | | | | | | | | | | | | | | | | | | | | | | | 171,083 | |
| | | | | | Total Convertible Preferred Securities (cost $378,983) | | | | | | | | | | | | 171,234 | |
| | | | | | Total Long-Term Investments (cost $647,330,642) | | | | | | | | | | | | | | | | 614,165,023 | |
| | | | | | Borrowings – (42.4)% (12), (13) | | | | | | | | | | | | | | | | | | | | | | | (158,500,000 | ) |
| | | | | | Taxable Fund Preferred Shares, net of deferred offering costs – (20.0)% (14) | | | | | | | | (74,726,849 | ) |
| | | | | | Other Assets & Liabilities, Net – (2.0)% | | | | | | | | | | | | | | | | | | | | | | | (7,397,170 | ) |
| | | | | | Net Assets Applicable to Common Shares – 100% | | | | | | | | | | | | | | | $ | 373,541,004 | |
67
| | |
| |
| JRO | | Nuveen Floating Rate Income Opportunity Fund (continued) |
| | Portfolio of Investments January 31, 2023 |
| | (Unaudited) |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| (2) | 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. |
| (3) | 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. |
| (4) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (5) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. |
| (6) | Investment, or portion of investment, represents an outstanding unfunded senior loan commitment. |
| (7) | Principal Amount (000) rounds to less than $1,000. |
| (8) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
| (9) | For fair value measurement disclosure purposes, investment classified as Level 3. |
| (10) | Common Stock received as part of the bankruptcy settlements during February 2020 for Bruce Mansfield Unit 1 2007 Pass-Through Trust. |
| (11) | Variable rate security. The rate shown is the coupon as of the end of the reporting period. |
| (12) | Borrowings as a percentage of Total Investments is 25.8%. |
| (13) | The fund segregates 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings. |
| (14) | Taxable Fund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 12.2%. |
| 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 |
| 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. |
| 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 3M | CME Term SOFR 3 Month |
| WI/DD | Purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
68
| | |
| JSD | | Nuveen Short Duration
Credit Opportunities Fund Portfolio of Investments January 31, 2023 |
| | | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | | |
| | | | | | LONG-TERM INVESTMENTS – 160.2% (98.7% of Total Investments) | | | | | |
| | | |
| | | | | | VARIABLE RATE SENIOR LOAN INTERESTS – 129.9% (80.0% of Total Investments) (2) | | | | | |
| | | |
| | | | | | Aerospace & Defense – 1.7% (1.1% of Total Investments) | | | | |
| | | | | | | | |
| $ | 80 | | | | | TransDigm, Inc., Term Loan E | | | 6.980% | | | | 3-Month LIBOR | | | | 2.250% | | | | 5/30/25 | | | | Ba3 | | | $ | 79,540 | |
| | 2,072 | | | | | TransDigm, Inc., Term Loan F, (DD1) | | | 6.980% | | | | 3-Month LIBOR | | | | 2.250% | | | | 12/09/25 | | | | Ba3 | | | | 2,071,026 | |
| | 244 | | | | | TransDigm, Inc., Term Loan H | | | 7.830% | | | | SOFR90A | | | | 3.250% | | | | 2/22/27 | | | | Ba3 | | | | 245,110 | |
| | 2,396 | | | | | Total Aerospace & Defense | | | | | | | | 2,395,676 | |
| | | | |
| | | | | | Airlines – 4.5% (2.8% of Total Investments) | | | | | | | |
| | | | | | | | |
| | 742 | | | | | AAdvantage Loyalty IP Ltd., Term Loan | | | 9.558% | | | | 3-Month LIBOR | | | | 4.750% | | | | 4/20/28 | | | | Ba2 | | | | 762,943 | |
| | 274 | | | | | Air Canada, Term Loan B | | | 8.130% | | | | 3-Month LIBOR | | | | 3.500% | | | | 8/11/28 | | | | Ba2 | | | | 275,045 | |
| | 755 | | | | | American Airlines, Inc., Term Loan, First Lien | | | 6.297% | | | | 1-Month LIBOR | | | | 1.750% | | | | 1/29/27 | | | | Ba3 | | | | 734,121 | |
| | 1,582 | | | | | Kestrel Bidco Inc., Term Loan B | | | 7.508% | | | | 1-Month LIBOR | | | | 3.000% | | | | 12/11/26 | | | | B+ | | | | 1,523,625 | |
| | 356 | | | | | Mileage Plus Holdings LLC, Term Loan B | | | 9.996% | | | | 3-Month LIBOR | | | | 5.250% | | | | 6/20/27 | | | | Baa3 | | | | 371,254 | |
| | 1,776 | | | | | SkyMiles IP Ltd., Term Loan B | | | 8.558% | | | | 3-Month LIBOR | | | | 3.750% | | | | 10/20/27 | | | | Baa1 | | | | 1,840,241 | |
| | 737 | | | | | United Airlines, Inc., Term Loan B | | | 8.568% | | | | 3-Month LIBOR | | | | 3.750% | | | | 4/21/28 | | | | Ba1 | | | | 738,249 | |
| | 6,222 | | | | | Total Airlines | | | | | | | | | | | | | | | | 6,245,478 | |
| | | | | | |
| | | | | | Auto Components – 0.8% (0.5% of Total Investments) | | | | | | | | | | | | | |
| | | | | | | | |
| | 81 | | | | | Adient US LLC, Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 4/08/28 | | | | BB+ | | | | 81,207 | |
| | 845 | | | | | Clarios Global LP, Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 4/30/26 | | | | B1 | | | | 844,228 | |
| | 209 | | | | | DexKo Global Inc., Term Loan B | | | 8.480% | | | | 3-Month LIBOR | | | | 3.750% | | | | 10/04/28 | | | | B2 | | | | 193,289 | |
| | 1,135 | | | | | Total Auto Components | | | | | | | | 1,118,724 | |
| | | | |
| | | | | | Beverages – 1.9% (1.1% of Total Investments) | | | | | | | |
| | | | | | | | |
| | 402 | | | | | Arterra Wines Canada, Inc., Term Loan | | | 8.230% | | | | 3-Month LIBOR | | | | 3.500% | | | | 11/25/27 | | | | B | | | | 391,628 | |
| | 448 | | | | | City Brewing Company, LLC, Term Loan | | | 8.330% | | | | 3-Month LIBOR | | | | 3.500% | | | | 4/05/28 | | | | CCC | | | | 210,441 | |
| | 746 | | | | | Naked Juice LLC, Term Loan | | | 7.930% | | | | SOFR90A | | | | 3.250% | | | | 1/20/29 | | | | B2 | | | | 689,681 | |
| | 82 | | | | | Naked Juice LLC, Term Loan, Second Lien | | | 10.680% | | | | SOFR90A | | | | 6.000% | | | | 1/20/30 | | | | CCC | | | | 68,803 | |
| | 250 | | | | | Sunshine Investments B.V., Term Loan | | | 8.515% | | | | TSFR3M | | | | 4.250% | | | | 5/05/29 | | | | B+ | | | | 248,750 | |
| | 999 | | | | | Triton Water Holdings, Inc, Term Loan | | | 8.230% | | | | 3-Month LIBOR | | | | 3.500% | | | | 3/31/28 | | | | B1 | | | | 954,152 | |
| | 2,927 | | | | | Total Beverages | | | | | | | | | | | | | | | | 2,563,455 | |
| | | | | | |
| | | | | | Biotechnology – 0.8% (0.5% of Total Investments) | | | | | | | | | | | | | |
| | | | | | | | |
| | 1,096 | | | | | Grifols Worldwide Operations USA, Inc., Term Loan B | | | 6.570% | | | | 1-Month LIBOR | | | | 2.000% | | | | 11/15/27 | | | | BB+ | | | | 1,078,532 | |
| | | | | | |
| | | | | | Building Products – 1.8% (1.1% of Total Investments) | | | | | | | | | | | | | |
| | 1,137 | | | | | Chamberlain Group Inc, Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 10/22/28 | | | | B | | | | 1,100,228 | |
| | 306 | | | | | Cornerstone Building Brands, Inc., Term Loan B | | | 7.709% | | | | 1-Month LIBOR | | | | 3.250% | | | | 4/12/28 | | | | B | | | | 287,389 | |
| | 154 | | | | | Griffon Corporation, Term Loan B | | | 9.000% | | | | Prime | | | | 1.500% | | | | 1/19/29 | | | | BB | | | | 153,349 | |
| | 562 | | | | | Quikrete Holdings, Inc., Term Loan, First Lien | | | 7.195% | | | | 1-Month LIBOR | | | | 2.625% | | | | 1/31/27 | | | | Ba2 | | | | 559,640 | |
| | 331 | | | | | Standard Industries Inc., Term Loan B | | | 6.425% | | | | 3-Month LIBOR | | | | 2.250% | | | | 9/22/28 | | | | BBB– | | | | 331,086 | |
| | 123 | | | | | Zurn Holdings, Inc., Term Loan B | | | 6.570% | | | | 1-Month LIBOR | | | | 2.000% | | | | 10/04/28 | | | | BB+ | | | | 123,565 | |
| | 2,613 | | | | | Total Building Products | | | | | | | | 2,555,257 | |
| | | | |
| | | | | | Capital Markets – 0.5% (0.3% of Total Investments) | | | | | | | |
| | | | | | | | |
| | 606 | | | | | Astra Acquisition Corp., Term Loan, First Lien | | | 9.820% | | | | 1-Month LIBOR | | | | 5.250% | | | | 10/22/28 | | | | BB– | | | | 537,597 | |
| | 153 | | | | | Motion Finco LLC, Term Loan, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | B | | | | 150,918 | |
| | 759 | | | | | Total Capital Markets | | | | | | | | | | | | | | | | 688,515 | |
69
| | |
| |
| JSD | | Nuveen Short Duration Credit Opportunities Fund (continued) |
| | Portfolio of Investments January 31, 2023 |
| | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | | | | | |
| | | | | | Chemicals – 2.2% (1.4% of Total Investments) | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 210 | | | | | ASP Unifrax Holdings Inc, Term Loan B | | | 8.480% | | | | 3-Month LIBOR | | | | 3.750% | | | | 12/12/25 | | | | BB | | | $ | 190,798 | |
| | 73 | | | | | Avient Corporation, Term Loan B | | | 7.926% | | | | SOFR90A | | | | 3.250% | | | | 8/29/29 | | | | BB+ | | | | 73,623 | |
| | 550 | | | | | Axalta Coating Systems Dutch Holding B B.V, Term Loan B | | | 7.506% | | | | TSFR3M | | | | 3.000% | | | | 12/08/29 | | | | BBB– | | | | 553,094 | |
| | 389 | | | | | Diamond (BC) B.V., Term Loan B | | | 7.448% | | | | 1 + 3 Month LIBOR | | | | 2.750% | | | | 9/29/28 | | | | Ba3 | | | | 385,632 | |
| | 635 | | | | | Discovery Purchaser Corporation, Term Loan | | | 8.962% | | | | TSFR3M | | | | 4.375% | | | | 8/03/29 | | | | B– | | | | 609,470 | |
| | 255 | | | | | INEOS Styrolution US Holding LLC, Term Loan B | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 1/29/26 | | | | BB+ | | | | 254,725 | |
| | 405 | | | | | Ineos US Finance LLC, Term Loan B | | | 6.661% | | | | 1-Month LIBOR | | | | 2.000% | | | | 3/31/24 | | | | BBB– | | | | 406,596 | |
| | 40 | | | | | Kraton Corporation, Term Loan | | | 8.040% | | | | SOFR90A | | | | 3.250% | | | | 3/15/29 | | | | BB | | | | 39,634 | |
| | 541 | | | | | Trinseo Materials Operating S.C.A., Term Loan | | | 6.570% | | | | 1-Month LIBOR | | | | 2.000% | | | | 9/09/24 | | | | Ba2 | | | | 529,361 | |
| | 3,098 | | | | | Total Chemicals | | | | | | | | | | | | | | | | 3,042,933 | |
| | | | | | |
| | | | | | Commercial Services & Supplies – 2.5% (1.6% of Total Investments) | | | | | | | | | | | | | |
| | | | | | | | |
| | 478 | | | | | Amentum Government Services Holdings LLC, Term Loan | | | 8.283% | | | | SOFR90A | | | | 4.000% | | | | 2/07/29 | | | | B1 | | | | 471,929 | |
| | 198 | | | | | Anticimex International AB, Term Loan B1 | | | 8.235% | | | | 3-Month LIBOR | | | | 3.500% | | | | 11/16/28 | | | | B | | | | 196,515 | |
| | 504 | | | | | Covanta Holding Corporation, Term Loan B, (DD1) | | | 7.034% | | | | TSFR1M | | | | 2.500% | | | | 11/30/28 | | | | Ba1 | | | | 504,788 | |
| | 38 | | | | | Covanta Holding Corporation, Term Loan C, (DD1) | | | 7.061% | | | | TSFR1M | | | | 2.500% | | | | 11/30/28 | | | | Ba1 | | | | 38,308 | |
| | 289 | | | | | Garda World Security Corporation, Term Loan B | | | 8.930% | | | | 3-Month LIBOR | | | | 4.250% | | | | 10/30/26 | | | | BB+ | | | | 288,135 | |
| | 639 | | | | | GFL Environmental Inc., Term Loan | | | 7.825% | | | | 3-Month LIBOR | | | | 3.000% | | | | 5/30/25 | | | | BB– | | | | 641,355 | |
| | 472 | | | | | Intrado Corporation, Term Loan | | | 8.825% | | | | 3-Month LIBOR | | | | 4.000% | | | | 10/10/24 | | | | B1 | | | | 444,127 | |
| | 186 | | | | | Prime Security Services Borrower, LLC, Term Loan | | | 7.517% | | | | 3-Month LIBOR | | | | 2.750% | | | | 9/23/26 | | | | BB– | | | | 186,153 | |
| | 218 | | | | | Vertical US Newco Inc, Term Loan B | | | 8.602% | | | | 6-Month LIBOR | | | | 3.500% | | | | 7/31/27 | | | | B+ | | | | 214,960 | |
| | 219 | | | | | West Corporation, Term Loan B1 | | | 8.075% | | | | 3-Month LIBOR | | | | 3.500% | | | | 10/10/24 | | | | B1 | | | | 207,242 | |
| | 321 | | | | | WIN Waste Innovations Holdings, Inc., Term Loan B | | | 7.480% | | | | 3-Month LIBOR | | | | 2.750% | | | | 3/25/28 | | | | B1 | | | | 309,083 | |
| | 3,562 | | | | | Total Commercial Services & Supplies | | | | | | | | | | | | | | | | 3,502,595 | |
| | | | | | |
| | | | | | Communications Equipment – 2.1% (1.3% of Total Investments) | | | | | | | | | | | | | |
| | | | | | | | |
| | 161 | | | | | Avaya, Inc., Term Loan B | | | 8.709% | | | | 1-Month LIBOR | | | | 4.250% | | | | 12/15/27 | | | | Caa2 | | | | 42,917 | |
| | 487 | | | | | CommScope, Inc., Term Loan B, (DD1) | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 4/04/26 | | | | B1 | | | | 477,724 | |
| | 1,024 | | | | | Delta TopCo, Inc., Term Loan B | | | 8.154% | | | | 3-Month LIBOR | | | | 3.750% | | | | 12/01/27 | | | | B2 | | | | 954,115 | |
| | 200 | | | | | EOS Finco Sarl, Term Loan | | | 10.604% | | | | SOFR90A | | | | 6.000% | | | | 8/03/29 | | | | B | | | | 196,833 | |
| | 611 | | | | | MLN US HoldCo LLC, Term Loan | | | 11.154% | | | | TSFR3M | | | | 6.700% | | | | 10/18/27 | | | | CCC+ | | | | 442,914 | |
| | 1,051 | | | | | MLN US HoldCo LLC, Term Loan, First Lien | | | 8.252% | | | | 3-Month LIBOR | | | | 4.500% | | | | 11/30/25 | | | | CCC– | | | | 312,330 | |
| | 588 | | | | | Riverbed Technology, Inc., Exit Term Loan, (cash 7.000%, PIK 2.000%) | | | 6.270% | | | | 3-Month LIBOR | | | | 2.000% | | | | 12/07/26 | | | | Caa1 | | | | 260,231 | |
| | 249 | | | | | ViaSat, Inc., Term Loan | | | 9.176% | | | | TSFR1M | | | | 4.500% | | | | 3/04/29 | | | | BB+ | | | | 249,178 | |
| | 4,371 | | | | | Total Communications Equipment | | | | | | | | | | | | | | | | 2,936,242 | |
| | | | | | |
| | | | | | Construction & Engineering – 0.7% (0.4% of Total Investments) | | | | | | | | | | | | | |
| | | | | | | | |
| | 70 | | | | | Aegion Corporation, Term Loan | | | 9.320% | | | | 1-Month LIBOR | | | | 4.750% | | | | 5/17/28 | | | | B | | | | 67,365 | |
| | 3 | | | | | Brand Energy & Infrastructure Services, Inc., Term Loan | | | 9.065% | | | | 3-Month LIBOR | | | | 4.250% | | | | 6/21/24 | | | | B3 | | | | 2,557 | |
| | 351 | | | | | Centuri Group, Inc, Term Loan B | | | 7.152% | | | | 3-Month LIBOR | | | | 2.500% | | | | 8/27/28 | | | | Ba2 | | | | 350,046 | |
| | 359 | | | | | Osmose Utilities Services, Inc., Term Loan | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 6/22/28 | | | | B | | | | 346,644 | |
| | 143 | | | | | Pike Corporation, Term Loan B | | | 7.570% | | | | 1-Month LIBOR | | | | 3.000% | | | | 1/21/28 | | | | Ba3 | | | | 142,146 | |
| | 926 | | | | | Total Construction & Engineering | | | | | | | | | | | | | | | | 908,758 | |
| | | | | | |
| | | | | | Consumer Finance – 1.1% (0.6% of Total Investments) | | | | | | | | | | | | | |
| | | | | | | | |
| | 1,456 | | | | | Fleetcor Technologies Operating Company, LLC, Term Loan B4 | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 4/30/28 | | | | BB+ | | | | 1,454,207 | |
70
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | | | | | |
| | | | | | Containers & Packaging – 2.1% (1.3% of Total Investments) | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 650 | | | | | Berry Global, Inc., Term Loan Z | | | 6.152% | | | | 1-Month LIBOR | | | | 1.750% | | | | 7/01/26 | | | | BBB– | | | $ | 650,113 | |
| | 416 | | | | | Charter NEX US, Inc., Term Loan | | | 8.320% | | | | 1-Month LIBOR | | | | 3.750% | | | | 12/01/27 | | | | B | | | | 414,751 | |
| | 284 | | | | | Clydesdale Acquisition Holdings Inc, Term Loan B | | | 8.836% | | | | SOFR30A | | | | 4.175% | | | | 3/30/29 | | | | B | | | | 279,049 | |
| | 27 | | | | | Klockner-Pentaplast of America, Inc., Term Loan B | | | 8.259% | | |
| SOFR180A + 6
Month LIBOR |
| | | 4.750% | | | | 2/09/26 | | | | B | | | | 23,982 | |
| | 346 | | | | | Reynolds Group Holdings Inc. , Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 9/24/28 | | | | B+ | | | | 344,718 | |
| | 367 | | | | | Reynolds Group Holdings Inc. , Term Loan B2 | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 2/05/26 | | | | B+ | | | | 367,033 | |
| | 833 | | | | | TricorBraun Holdings, Inc., Term Loan | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 3/03/28 | | | | B2 | | | | 811,610 | |
| | 2,923 | | | | | Total Containers & Packaging | | | | | | | | | | | | | | | | 2,891,256 | |
| | | | | | |
| | | | | | Diversified Consumer Services – 0.4% (0.3% of Total Investments) | | | | | | | | | | | | | |
| | | | | | | | |
| | 216 | | | | | GT Polaris, Inc., Term Loan | | | 8.575% | | | | 3-Month LIBOR | | | | 3.750% | | | | 9/24/27 | | | | BB– | | | | 205,206 | |
| | 491 | | | | | Spin Holdco Inc., Term Loan | | | 8.765% | | | | 3-Month LIBOR | | | | 4.000% | | | | 3/04/28 | | | | B– | | | | 390,485 | |
| | 707 | | | | | Total Diversified Consumer Services | | | | | | | | | | | | | | | | 595,691 | |
| | | | | | |
| | | | | | Diversified Financial Services – 0.8% (0.5% of Total Investments) | | | | | | | | | | | | | |
| | | | | | | | |
| | 808 | | | | | Avaya, Inc., Term Loan B2 | | | 8.459% | | | | 1-Month LIBOR | | | | 4.000% | | | | 12/15/27 | | | | Caa2 | | | | 215,257 | |
| | 373 | | | | | Avolon TLB Borrower 1 (US) LLC, Term Loan B3 | | | 6.236% | | | | 1-Month LIBOR | | | | 1.750% | | | | 1/15/25 | | | | Baa2 | | | | 374,582 | |
| | 746 | | | | | Ditech Holding Corporation, Term Loan (5) | | | 0.000% | | | | N/A | | | | N/A | | | | 12/19/22 | | | | N/R | | | | 82,018 | |
| | 451 | | | | | Trans Union, LLC, Term Loan B6 | | | 6.820% | | | | 1-Month LIBOR | | | | 2.250% | | | | 12/01/28 | | | | BBB– | | | | 450,698 | |
| | 2,378 | | | | | Total Diversified Financial Services | | | | | | | | | | | | | | | | 1,122,555 | |
| | | | | | |
| | | | | | Diversified Telecommunication Services – 4.6% (2.8% of Total Investments) | | | | | | | | | | | | | |
| | | | | | | | |
| | 370 | | | | | Altice France S.A., Term Loan B12 | | | 8.517% | | | | 3-Month LIBOR | | | | 3.688% | | | | 1/31/26 | | | | B | | | | 356,659 | |
| | 1,333 | | | | | Altice France S.A., Term Loan B13 | | | 8.650% | | | | 3-Month LIBOR | | | | 4.000% | | | | 8/14/26 | | | | B | | | | 1,289,898 | |
| | 2,548 | | | | | CenturyLink, Inc., Term Loan B | | | 6.820% | | | | 1-Month LIBOR | | | | 2.250% | | | | 3/15/27 | | | | BB+ | | | | 2,467,725 | |
| | 332 | | | | | Cincinnati Bell, Inc., Term Loan B2 | | | 7.911% | | | | SOFR30A | | | | 3.250% | | | | 11/23/28 | | | | B+ | | | | 330,753 | |
| | 425 | | | | | Connect Finco Sarl, Term Loan B | | | 8.070% | | | | 1-Month LIBOR | | | | 3.500% | | | | 12/12/26 | | | | B+ | | | | 422,127 | |
| | 283 | | | | | Cyxtera DC Holdings, Inc., Term Loan B | | | 7.820% | | | | 3-Month LIBOR | | | | 3.000% | | | | 5/01/24 | | | | B3 | | | | 233,382 | |
| | 1,291 | | | | | Frontier Communications Corp., Term Loan B | | | 8.500% | | | | 3-Month LIBOR | | | | 3.750% | | | | 10/08/27 | | | | BB+ | | | | 1,269,076 | |
| | 6,582 | | | | | Total Diversified Telecommunication Services | | | | | | | | | | | | | | | | 6,369,620 | |
| | | | | | |
| | | | | | Electric Utilities – 0.7% (0.4% of Total Investments) | | | | | | | | | | | | | |
| | | | | | | | |
| | 346 | | | | | ExGen Renewables IV, LLC, Term Loan | | | 7.240% | | | | 3-Month LIBOR | | | | 2.500% | | | | 12/15/27 | | | | BB– | | | | 345,956 | |
| | 199 | | | | | Pacific Gas & Electric Company, Term Loan | | | 7.625% | | | | 1-Month LIBOR | | | | 3.000% | | | | 6/23/25 | | | | BB | | | | 199,563 | |
| | 440 | | | | | Talen Energy Supply, LLC, Term Loan B(5) | | | 8.320% | | | | 1-Month LIBOR | | | | 3.750% | | | | 7/08/26 | | | | N/R | | | | 447,524 | |
| | 985 | | | | | Total Electric Utilities | | | | | | | | | | | | | | | | 993,043 | |
| | | | |
| | | | | | Electronic Equipment, Instruments & Components – 1.2% (0.8% of Total Investments) | | | | | | | |
| | | | | | | | |
| | 539 | | | | | II-VI Incorporated, Term Loan B | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 7/01/29 | | | | BBB– | | | | 538,634 | |
| | 800 | | | | | Ingram Micro Inc., Term Loan B | | | 8.230% | | | | 3-Month LIBOR | | | | 3.500% | | | | 7/02/28 | | | | BB+ | | | | 799,306 | |
| | 355 | | | | | TTM Technologies, Inc., Term Loan | | | 6.869% | | | | 1-Month LIBOR | | | | 2.500% | | | | 9/28/24 | | | | BB+ | | | | 355,058 | |
| | 1,694 | | | | | Total Electronic Equipment, Instruments & Components | | | | | | | | | | | | | | | | 1,692,998 | |
| | | | | | |
| | | | | | Entertainment – 1.3% (0.8% of Total Investments) | | | | | | | | | | | | | |
| | | | | | | | |
| | 639 | | | | | AMC Entertainment Holdings, Inc. , Term Loan B | | | 7.430% | | | | 1-Month LIBOR | | | | 3.000% | | | | 4/22/26 | | | | B– | | | | 379,908 | |
| | 1,265 | | | | | Crown Finance US, Inc., Term Loan(5) | | | 0.000% | | | | N/A | | | | N/A | | | | 2/28/25 | | | | D | | | | 221,741 | |
| | 114 | | | | | Crown Finance US, Inc., Term Loan(5) | | | 0.000% | | | | N/A | | | | N/A | | | | 9/20/26 | | | | D | | | | 18,786 | |
| | 480 | | | | | Diamond Sports Group, LLC, Term Loan, Second Lien | | | 8.025% | | | | SOFR90A | | | | 3.250% | | | | 8/24/26 | | | | Caa2 | | | | 39,329 | |
| | 324 | | | | | Lions Gate Capital Holdings LLC, Term Loan B | | | 6.820% | | | | 1-Month LIBOR | | | | 2.250% | | | | 3/24/25 | | | | Ba2 | | | | 319,693 | |
| | 456 | | | | | Springer Nature Deutschland GmbH, Term Loan B18 | | | 7.730% | | | | 1-Month LIBOR | | | | 3.000% | | | | 8/14/26 | | | | BB+ | | | | 456,186 | |
71
| | |
| |
| JSD | | Nuveen Short Duration Credit Opportunities Fund (continued) |
| | Portfolio of Investments January 31, 2023 |
| | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | | | | | |
| | | | | | Entertainment (continued) | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 13 | | | | | Univision Communications Inc., Term Loan C5 | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 3/15/24 | | | | B+ | | | $ | 12,558 | |
| | 405 | | | | | Virgin Media Bristol LLC, Term Loan Q | | | 7.709% | | | | 1-Month LIBOR | | | | 3.250% | | | | 1/31/29 | | | | BB+ | | | | 405,854 | |
| | 3,696 | | | | | Total Entertainment | | | | | | | | | | | | | | | | 1,854,055 | |
| | | | | | |
| | | | | | Food & Staples Retailing – 0.6% (0.4% of Total Investments) | | | | | | | | | | | | | |
| | | | | | | | |
| | 560 | | | | | US Foods, Inc., (DD1) | | | 6.570% | | | | 1-Month LIBOR | | | | 2.000% | | | | 9/13/26 | | | | BB | | | | 559,687 | |
| | 268 | | | | | US Foods, Inc., Term Loan B | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 11/22/28 | | | | BB | | | | 268,769 | |
| | 828 | | | | | Total Food & Staples Retailing | | | | | | | | | | | | | | | | 828,456 | |
| | | | | | |
| | | | | | Food Products – 1.0% (0.6% of Total Investments) | | | | | | | | | | | | | |
| | | | | | | | |
| | 453 | | | | | 8th Avenue Food & Provisions, Inc., Term Loan, First Lien, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | CCC+ | | | | 395,961 | |
| | 248 | | | | | CHG PPC Parent LLC, Term Loan | | | 7.625% | | | | 1-Month LIBOR | | | | 3.000% | | | | 12/08/28 | | | | B1 | | | | 247,195 | |
| | 146 | | | | | Froneri International Ltd., Term Loan | | | 6.820% | | | | 1-Month LIBOR | | | | 2.250% | | | | 1/31/27 | | | | B+ | | | | 145,097 | |
| | 324 | | | | | Sycamore Buyer LLC, Term Loan B | | | 6.853% | | | | SOFR90A | | | | 2.250% | | | | 7/22/29 | | | | BB+ | | | | 320,216 | |
| | 290 | | | | | UTZ Quality Foods, LLC, Term Loan B | | | 7.668% | | | | TSFR1M | | | | 3.000% | | | | 1/20/28 | | | | B1 | | | | 290,063 | |
| | 1,461 | | | | | Total Food Products | | | | | | | | | | | | | | | | 1,398,532 | |
| | | | | | |
| | | | | | Health Care Equipment & Supplies – 5.7% (3.5% of Total Investments) | | | | | | | | | | | | | |
| | | | | | | | |
| | 2,663 | | | | | Bausch & Lomb, Inc., Term Loan | | | 7.842% | | | | SOFR90A | | | | 3.250% | | | | 5/05/27 | | | | BB– | | | | 2,597,806 | |
| | 1,267 | | | | | Carestream Health, Inc., Term Loan | | | 12.180% | | | | SOFR90A | | | | 7.500% | | | | 9/30/27 | | | | B– | | | | 927,028 | |
| | 205 | | | | | Embecta Corp, Term Loan B | | | 7.791% | | | | SOFR180A | | | | 3.000% | | | | 1/27/29 | | | | Ba3 | | | | 201,728 | |
| | 263 | | | | | ICU Medical, Inc., Term Loan B | | | 7.192% | | |
| SOFRA90A+
TSFR1M |
| | | 2.375% | | | | 12/14/28 | | | | BBB– | | | | 262,314 | |
| | 3,126 | | | | | Medline Borrower, LP, Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.500% | | | | 10/21/28 | | | | BB– | | | | 3,040,513 | |
| | 636 | | | | | Viant Medical Holdings, Inc., Term Loan, First Lien | | | 8.320% | | | | 1-Month LIBOR | | | | 3.750% | | | | 7/02/25 | | | | B3 | | | | 579,086 | |
| | 447 | | | | | Vyaire Medical, Inc., Term Loan B | | | 9.517% | | | | 3-Month LIBOR | | | | 4.750% | | | | 4/16/25 | | | | Caa1 | | | | 324,852 | |
| | 8,607 | | | | | Total Health Care Equipment & Supplies | | | | | | | | | | | | | | | | 7,933,327 | |
| | | | | | |
| | | | | | Health Care Providers & Services – 10.5% (6.5% of Total Investments) | | | | | | | | | | | | | |
| | | | | | | | |
| | 741 | | | | | AHP Health Partners, Inc., Term Loan B | | | 8.070% | | | | 1-Month LIBOR | | | | 3.500% | | | | 8/23/28 | | | | B1 | | | | 735,533 | |
| | 325 | | | | | DaVita, Inc. , Term Loan B | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 8/12/26 | | | | BBB– | | | | 321,842 | |
| | 43 | | | | | Element Materials Technology Group US Holdings Inc., Term Loan | | | 8.930% | | | | SOFR90A | | | | 4.250% | | | | 4/12/29 | | | | B1 | | | | 42,365 | |
| | 92 | | | | | Element Materials Technology Group US Holdings Inc., Term Loan | | | 8.930% | | | | SOFR90A | | | | 4.250% | | | | 4/12/29 | | | | B1 | | | | 91,791 | |
| | 795 | | | | | Gainwell Acquisition Corp., Term Loan B | | | 8.730% | | | | 3-Month LIBOR | | | | 4.000% | | | | 10/01/27 | | | | BB– | | | | 777,478 | |
| | 99 | | | | | Global Medical Response, Inc., Term Loan | | | 8.820% | | | | 1-Month LIBOR | | | | 4.250% | | | | 3/14/25 | | | | B– | | | | 73,048 | |
| | 1,197 | | | | | Global Medical Response, Inc., Term Loan B | | | 8.651% | | | | 1-Month LIBOR | | | | 4.250% | | | | 10/02/25 | | | | B– | | | | 890,513 | |
| | 1,346 | | | | | ICON Luxembourg S.A.R.L., Term Loan | | | 7.000% | | | | 3-Month LIBOR | | | | 2.250% | | | | 7/01/28 | | | | BB+ | | | | 1,348,138 | |
| | 439 | | | | | National Mentor Holdings, Inc., Term Loan | | | 8.400% | | | | 1 + 3 Month LIBOR | | | | 3.750% | | | | 3/02/28 | | | | B– | | | | 323,962 | |
| | 6 | | | | | National Mentor Holdings, Inc., Term Loan C | | | 8.480% | | | | 3-Month LIBOR | | | | 3.750% | | | | 3/02/28 | | | | B– | | | | 4,531 | |
| | 645 | | | | | Onex TSG Intermediate Corp., Term Loan B | | | 9.575% | | | | 3-Month LIBOR | | | | 4.750% | | | | 2/26/28 | | | | B | | | | 576,141 | |
| | 2,453 | | | | | Parexel International Corporation, Term Loan, First Lien | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 11/15/28 | | | | B1 | | | | 2,437,010 | |
| | 909 | | | | | Phoenix Guarantor Inc, Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 3/05/26 | | | | B1 | | | | 897,744 | |
| | 491 | | | | | Phoenix Guarantor Inc, Term Loan B3 | | | 8.070% | | | | 1-Month LIBOR | | | | 3.500% | | | | 3/05/26 | | | | B1 | | | | 485,878 | |
| | 96 | | | | | Quorum Health Corporation, Term Loan (5) | | | 12.975% | | | | 3-Month LIBOR | | | | 8.250% | | | | 4/29/25 | | | | CCC | | | | 67,767 | |
| | 1,248 | | | | | RegionalCare Hospital Partners Holdings, Inc., Term Loan B | | | 8.575% | | | | 3-Month LIBOR | | | | 3.750% | | | | 11/16/25 | | | | B1 | | | | 1,214,599 | |
| | 1,488 | | | | | Select Medical Corporation, Term Loan B | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 3/06/25 | | | | Ba2 | | | | 1,483,620 | |
| | 1,401 | | | | | Surgery Center Holdings, Inc., Term Loan | | | 8.210% | | | | 3-Month LIBOR | | | | 3.750% | | | | 8/31/26 | | | | B1 | | | | 1,399,682 | |
| | 399 | | | | | Team Health Holdings, Inc., Term Loan B | | | 9.811% | | | | SOFR30A | | | | 5.250% | | | | 2/02/27 | | | | B– | | | | 332,373 | |
| | 677 | | | | | Team Health Holdings, Inc., Term Loan, First Lien, (DD1) | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 2/06/24 | | | | B– | | | | 625,431 | |
| | 491 | | | | | US Radiology Specialists, Inc., Term Loan | | | 9.875% | | | | 1-Month LIBOR | | | | 5.250% | | | | 12/15/27 | | | | B– | | | | 470,410 | |
| | 15,381 | | | | | Total Health Care Providers & Services | | | | | | | | | | | | | | | | 14,599,856 | |
72
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | | | | | |
| | | | | | Health Care Technology – 0.2% (0.1% of Total Investments) | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 46 | | | | | Athenahealth, Inc., Term Loan (6) | | | 8.012% | | | | SOFR30A | | | | 3.500% | | | | 1/27/29 | | | | B+ | | | $ | 44,315 | |
| | 274 | | | | | Athenahealth, Inc., Term Loan B | | | 8.012% | | | | SOFR30A | | | | 3.500% | | | | 1/27/29 | | | | B+ | | | | 260,151 | |
| | 320 | | | | | Total Health Care Technology | | | | | | | | | | | | | | | | 304,466 | |
| | | | | | |
| | | | | | Hotels, Restaurants & Leisure – 19.2% (11.8% of Total Investments) | | | | | | | | | | | | | |
| | | | | | | | |
| | 249 | | | | | 24 Hour Fitness Worldwide, Inc., Exit Term Loan (cash 0.220%, PIK 5.000%) | | | 9.726% | | | | 3-Month LIBOR | | | | 5.000% | | | | 12/29/25 | | | | CCC– | | | | 21,521 | |
| | 122 | | | | | 24 Hour Fitness Worldwide, Inc., Exit Term Loan | | | 18.732% | | | | 3-Month LIBOR | | | | 14.000% | | | | 9/29/26 | | | | Caa3 | | | | 67,079 | |
| | 196 | | | | | Alterra Mountain Company, Term Loan | | | 8.070% | | | | 1-Month LIBOR | | | | 3.500% | | | | 8/17/28 | | | | B+ | | | | 195,889 | |
| | 2,166 | | | | | B.C. Unlimited Liability Company, Term Loan B4 | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 11/19/26 | | | | BB+ | | | | 2,146,184 | |
| | 500 | | | | | Caesars Entertainment Inc,Term Loan, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | Ba3 | | | | 500,180 | |
| | 2,037 | | | | | Caesars Resort Collection, LLC, Term Loan B, First Lien | | | 7.320% | | | | 1-Week LIBOR | | | | 2.750% | | | | 12/22/24 | | | | BB– | | | | 2,037,737 | |
| | 1,240 | | | | | Caesars Resort Collection, LLC, Term Loan B1 | | | 8.070% | | | | 1-Week LIBOR | | | | 3.500% | | | | 7/20/25 | | | | BB– | | | | 1,241,142 | |
| | 871 | | | | | Carnival Corporation, Term Loan B | | | 7.570% | | | | 1-Month LIBOR | | | | 3.000% | | | | 6/30/25 | | | | Ba2 | | | | 859,530 | |
| | 367 | | | | | Carnival Corporation, Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 10/18/28 | | | | BB– | | | | 359,141 | |
| | 772 | | | | | Churchill Downs Incorporated, Term Loan B1 | | | 6.570% | | | | 1-Month LIBOR | | | | 2.000% | | | | 3/17/28 | | | | BBB– | | | | 769,213 | |
| | 2,287 | | | | | ClubCorp Holdings, Inc., Term Loan B, (DD1) | | | 7.480% | | | | 3-Month LIBOR | | | | 2.750% | | | | 9/18/24 | | | | B2 | | | | 2,122,658 | |
| | 80 | | | | | Crown Finance US, Inc., Term Loan, (DD1) | | | 14.460% | | | | TSFR1M | | | | 10.000% | | | | 9/09/23 | | | | N/R | | | | 81,323 | |
| | 956 | | | | | Crown Finance US, Inc., Term Loan, (DD1) (5) | | | 14.635% | | | | TSFR3M | | | | 10.000% | | | | 9/09/23 | | | | N/R | | | | 967,091 | |
| | 293 | | | | | Crown Finance US, Inc., Term Loan(6) | | | 0.000% | | | | N/A | | | | N/A | | | | 5/31/23 | | | | CCC+ | | | | 46,331 | |
| | 1,989 | | | | | Equinox Holdings, Inc., Term Loan, First Lien | | | 7.730% | | | | 3-Month LIBOR | | | | 3.000% | | | | 3/08/24 | | | | Caa2 | | | | 1,552,950 | |
| | 1,991 | | | | | Fertitta Entertainment, LLC, Term Loan B | | | 8.561% | | | | SOFR30A | | | | 4.000% | | | | 1/27/29 | | | | B | | | | 1,971,519 | |
| | 670 | | | | | GVC Holdings (Gibraltar) Limited, Term Loan B | | | 8.180% | | | | SOFR90A | | | | 3.500% | | | | 10/31/29 | | | | Ba1 | | | | 671,842 | |
| | 175 | | | | | IRB Holding Corp, Term Loan B | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 2/05/25 | | | | B+ | | | | 174,515 | |
| | 1,479 | | | | | IRB Holding Corp, Term Loan B, (DD1) | | | 7.687% | | | | SOFR90A | | | | 3.000% | | | | 12/15/27 | | | | B+ | | | | 1,467,284 | |
| | 418 | | | | | Life Time Fitness Inc , Term Loan B | | | 9.485% | | | | 3-Month LIBOR | | | | 4.750% | | | | 12/15/24 | | | | B+ | | | | 419,479 | |
| | 22 | | | | | Motion Finco LLC,Term Loan, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | B | | | | 21,481 | |
| | 367 | | | | | NASCAR Holdings, Inc, Term Loan B | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 10/18/26 | | | | BBB– | | | | 367,337 | |
| | 501 | | | | | PCI Gaming Authority, Term Loan | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 5/31/26 | | | | BBB– | | | | 501,105 | |
| | 309 | | | | | Penn National Gaming, Inc., Term Loan B | | | 7.411% | | | | SOFR30A | | | | 2.750% | | | | 4/20/29 | | | | BB | | | | 309,119 | |
| | 349 | | | | | Scientific Games Holdings LP, Term Loan B | | | 8.103% | | | | SOFR90A | | | | 3.500% | | | | 2/04/29 | | | | BB– | | | | 343,988 | |
| | 1,190 | | | | | Scientific Games International, Inc., Term Loan | | | 7.578% | | | | SOFR30A | | | | 3.000% | | | | 4/07/29 | | | | BBB– | | | | 1,190,442 | |
| | 494 | | | | | SeaWorld Parks & Entertainment, Inc., Term Loan B | | | 7.625% | | | | 1-Month LIBOR | | | | 3.000% | | | | 8/25/28 | | | | BB | | | | 493,318 | |
| | 2,070 | | | | | Stars Group Holdings B.V. (The), Term Loan | | | 6.980% | | | | 3-Month LIBOR | | | | 2.250% | | | | 7/10/25 | | | | BBB | | | | 2,068,888 | |
| | 499 | | | | | Stars Group Holdings B.V. (The), Term Loan B | | | 8.092% | | | | SOFR90A | | | | 3.250% | | | | 7/04/28 | | | | BBB | | | | 500,311 | |
| | 1,434 | | | | | Station Casinos LLC, Term Loan B | | | 6.820% | | | | 1-Month LIBOR | | | | 2.250% | | | | 2/08/27 | | | | BB– | | | | 1,424,859 | |
| | 903 | | | | | Twin River Worldwide Holdings, Inc., Term Loan B | | | 7.709% | | | | 1-Month LIBOR | | | | 3.250% | | | | 10/01/28 | | | | BB+ | | | | 870,597 | |
| | 780 | | | | | William Morris Endeavor Entertainment, LLC, Term Loan, First Lien | | | 7.352% | | | | 1 + 3 Month LIBOR | | | | 2.750% | | | | 5/16/25 | | | | B | | | | 776,653 | |
| | 27,776 | | | | | Total Hotels, Restaurants & Leisure | | | | | | | | | | | | | | | | 26,540,706 | |
| | | | | | |
| | | | | | Household Durables – 1.6% (1.0% of Total Investments) | | | | | | | | | | | | | |
| | | | | | | | |
| | 93 | | | | | AI Aqua Merger Sub, Inc., Term Loan | | | 8.124% | | |
| SOFR30A +
3 Month LIBOR |
| | | 3.917% | | | | 7/30/28 | | | | B | | | | 90,723 | |
| | 531 | | | | | AI Aqua Merger Sub, Inc., Term Loan B | | | 8.132% | | | | SOFR90A | | | | 3.750% | | | | 7/30/28 | | | | B | | | | 521,007 | |
| | 1,045 | | | | | AI Aqua Merger Sub, Inc., Term Loan B, First Lien | | | 8.147% | | | | SOFR30A | | | | 3.750% | | | | 7/30/28 | | | | B | | | | 1,022,330 | |
| | 209 | | | | | Reynolds Consumer Products LLC, Term Loan | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 2/04/27 | | | | BBB– | | | | 209,153 | |
| | 383 | | | | | Weber-Stephen Products LLC, Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 10/30/27 | | | | CCC+ | | | | 337,555 | |
| | 2,261 | | | | | Total Household Durables | | | | | | | | | | | | | | | | 2,180,768 | |
73
| | |
| |
| JSD | | Nuveen Short Duration Credit Opportunities Fund (continued) |
| | Portfolio of Investments January 31, 2023 |
| | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | | | |
| | | | | | Independent Power And Renewable Electricity Producers – 0.4% (0.2% of Total Investments) | | | | | | | |
| | | | | | | | |
| $ | 558 | | | | | Vistra Operations Company LLC, Term Loan B3, First Lien | | | 6.262% | | | | 1-Month LIBOR | | | | 1.750% | | | | 12/31/25 | | | | BBB– | | | $ | 557,722 | |
| | | | | | |
| | | | | | Insurance – 4.8% (3.0% of Total Investments) | | | | | | | | | | | | | |
| | | | | | | | |
| | 1,487 | | | | | Acrisure, LLC, Term Loan B | | | 8.070% | | | | 1-Month LIBOR | | | | 3.500% | | | | 2/15/27 | | | | B | | | | 1,437,395 | |
| | 494 | | | | | Alliant Holdings Intermediate, LLC, Term Loan B4 | | | 8.008% | | | | 1-Month LIBOR | | | | 3.500% | | | | 11/06/27 | | | | B | | | | 493,750 | |
| | 496 | | | | | AssuredPartners, Inc., Term Loan | | | 8.061% | | | | SOFR30A | | | | 3.500% | | | | 2/13/27 | | | | B | | | | 491,521 | |
| | 804 | | | | | Asurion LLC, Term Loan B4, Second Lien | | | 9.820% | | | | 1-Month LIBOR | | | | 5.250% | | | | 1/20/29 | | | | B | | | | 676,369 | |
| | 215 | | | | | Asurion LLC, Term Loan B7 | | | 7.570% | | | | 1-Month LIBOR | | | | 3.000% | | | | 11/03/24 | | | | Ba3 | | | | 212,978 | |
| | 345 | | | | | Asurion LLC, Term Loan B8 | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 12/23/26 | | | | Ba3 | | | | 330,773 | |
| | 486 | | | | | Asurion LLC, Term Loan B9 | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 7/31/27 | | | | Ba3 | | | | 460,313 | |
| | 58 | | | | | BroadStreet Partners Inc, Term Loan, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | B1 | | | | 57,160 | |
| | 296 | | | | | Broadstreet Partners, Inc., Term Loan B2 | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 1/27/27 | | | | B1 | | | | 292,362 | |
| | 326 | | | | | Hub International Limited, Term Loan B | | | 7.746% | | | | 3-Month LIBOR | | | | 3.250% | | | | 4/25/25 | | | | B | | | | 326,018 | |
| | 625 | | | | | Hub International Limited, Term Loan B | | | 7.746% | | | | 3-Month LIBOR | | | | 3.000% | | | | 4/25/25 | | | | B | | | | 624,810 | |
| | 125 | | | | | Hub International Limited, Term Loan B | | | 8.220% | | | | SOFR90A | | | | 4.000% | | | | 11/10/29 | | | | B | | | | 125,098 | |
| | 171 | | | | | Ryan Specialty Group, LLC, Term Loan | | | 7.553% | | | | SOFR30A | | | | 3.000% | | | | 9/01/27 | | | | BB– | | | | 171,116 | |
| | 997 | | | | | USI, Inc., Term Loan | | | 8.330% | | | | SOFR90A | | | | 3.750% | | | | 11/16/29 | | | | B1 | | | | 998,872 | |
| | 6,925 | | | | | Total Insurance | | | | | | | | | | | | | | | | 6,698,535 | |
| | | | |
| | | | | | Interactive Media & Services – 0.3% (0.2% of Total Investments) | | | | | | | |
| | | | | | | | |
| | 642 | | | | | Rackspace Technology Global, Inc., Term Loan B | | | 7.380% | | | | 3-Month LIBOR | | | | 2.750% | | | | 2/09/28 | | | | B– | | | | 407,869 | |
| | 642 | | | | | Total Interactive Media & Services | | | | | | | | | | | | | | | | 407,869 | |
| | | | | | |
| | | | | | Internet & Direct Marketing Retail – 0.7% (0.4% of Total Investments) | | | | | | | | | | | | | |
| | | | | | | | |
| | 737 | | | | | CNT Holdings I Corp, Term Loan | | | 8.125% | | | | TSFR3M | | | | 3.500% | | | | 11/08/27 | | | | B | | | | 729,219 | |
| | 248 | | | | | Medical Solutions Holdings, Inc., Term Loan, First Lien | | | 7.223% | | |
| 1 + 3 Month
LIBOR |
| | | 3.500% | | | | 11/01/28 | | | | B1 | | | | 240,643 | |
| | 985 | | | | | Total Internet & Direct Marketing Retail | | | | | | | | | | | | | | | | 969,862 | |
| | | | | | |
| | | | | | IT Services – 3.9% (2.4% of Total Investments) | | | | | | | | | | | | | |
| | | | | | | | |
| | 915 | | | | | Ahead DB Holdings, LLC, Term Loan B | | | 8.480% | | | | 3-Month LIBOR | | | | 3.750% | | | | 10/16/27 | | | | B+ | | | | 903,055 | |
| | 124 | | | | | iQor US Inc., Exit Term Loan | | | 12.047% | | | | 1-Month LIBOR | | | | 7.500% | | | | 9/15/27 | | | | B1 | | | | 123,216 | |
| | 482 | | | | | Peraton Corp., Term Loan B | | | 8.320% | | | | 1-Month LIBOR | | | | 3.750% | | | | 2/01/28 | | | | BB– | | | | 480,618 | |
| | 435 | | | | | Perforce Software, Inc., Term Loan B | | | 8.320% | | | | 1-Month LIBOR | | | | 3.750% | | | | 7/01/26 | | | | B2 | | | | 405,951 | |
| | 1,247 | | | | | Syniverse Holdings, Inc., Term Loan | | | 11.580% | | | | SOFR90A | | | | 7.000% | | | | 5/10/29 | | | | B– | | | | 1,125,617 | |
| | 833 | | | | | Tempo Acquisition LLC, Term Loan B | | | 7.561% | | | | TSFR1M | | | | 3.000% | | | | 8/31/28 | | | | BB– | | | | 834,849 | |
| | 786 | | | | | Travelport Finance (Luxembourg) S.a.r.l., Term Loan, (cash 3.500%, PIK 6.500%) | | | 6.740% | | | | 3-Month LIBOR | | | | 1.500% | | | | 2/28/25 | | | | B– | | | | 809,053 | |
| | 719 | | | | | WEX Inc., Term Loan | | | 6.820% | | | | 1-Month LIBOR | | | | 2.250% | | | | 4/01/28 | | | | Ba2 | | | | 717,882 | |
| | 5,541 | | | | | Total IT Services | | | | | | | | | | | | | | | | 5,400,241 | |
| | | | | | |
| | | | | | Leisure Products – 0.1% (0.1% of Total Investments) | | | | | | | | | | | | | |
| | | | | | | | |
| | 157 | | | | | Hayward Industries, Inc., Term Loan | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 5/28/28 | | | | BB | | | | 155,836 | |
| | 157 | | | | | Total Leisure Products | | | | | | | | | | | | | | | | 155,836 | |
| | | | | | |
| | | | | | Life Sciences Tools & Services – 0.7% (0.4% of Total Investments) | | | | | | | | | | | | | |
| | | | | | | | |
| | 173 | | | | | Avantor Funding, Inc., Term Loan B5 | | | 6.820% | | | | 1-Month LIBOR | | | | 2.250% | | | | 11/06/27 | | | | BB+ | | | | 172,798 | |
| | 516 | | | | | Curia Global, Inc., Term Loan, (DD1) | | | 8.469% | | |
| 1 + 3 Month
LIBOR |
| | | 3.750% | | | | 8/30/26 | | | | B2 | | | | 447,958 | |
| | 335 | | | | | ICON Luxembourg S.A.R.L., Term Loan | | | 7.000% | | | | 3-Month LIBOR | | | | 2.250% | | | | 7/01/28 | | | | BB+ | | | | 335,615 | |
| | 1,024 | | | | | Total Life Sciences Tools & Services | | | | | | | | | | | | | | | | 956,371 | |
| | | | | | |
| | | | | | Machinery – 2.6% (1.6% of Total Investments) | | | | | | | | | | | | | |
| | | | | | | | |
| | 971 | | | | | Ali Group North America Corporation, Term Loan B | | | 6.676% | | | | TSFR1M | | | | 2.000% | | | | 10/13/28 | | | | Baa3 | | | | 969,537 | |
| | 727 | | | | | Alliance Laundry Systems LLC, Term Loan B | | | 8.306% | | | | 3-Month LIBOR | | | | 3.500% | | | | 10/08/27 | | | | B | | | | 726,437 | |
| | 235 | | | | | Chart Industries Inc, Term Loan, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | Ba3 | | | | 235,881 | |
| | 674 | | | | | Gardner Denver, Inc., Term Loan B2 | | | 6.411% | | | | TSFR1M | | | | 1.750% | | | | 2/28/27 | | | | BB+ | | | | 673,224 | |
74
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | | | | | |
| | | | | | Machinery (continued) | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 738 | | | | | Gates Global LLC, Term Loan B3 | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 3/31/27 | | | | Ba3 | | | $ | 736,462 | |
| | | | | | | | |
| | 217 | | | | | Grinding Media Inc., Term Loan B | | | 8.056% | | | | 3-Month LIBOR | | | | 4.000% | | | | 10/12/28 | | | | B | | | | 213,448 | |
| | 3,562 | | | | | Total Machinery | | | | | | | | | | | | | | | | 3,554,989 | |
| | | | | | |
| | | | | | Media – 8.2% (5.0% of Total Investments) | | | | | | | | | | | | | |
| | | | | | | | |
| | 662 | | | | | ABG Intermediate Holdings 2 LLC, Term Loan B1 | | | 8.161% | | | | SOFR30A | | | | 3.500% | | | | 12/21/28 | | | | B1 | | | | 657,788 | |
| | 80 | | | | | ABG Intermediate Holdings 2 LLC, Term Loan, Second Lien | | | 10.661% | | | | SOFR30A | | | | 6.000% | | | | 12/20/29 | | | | CCC+ | | | | 74,050 | |
| | 958 | | | | | Cengage Learning, Inc., Term Loan B | | | 9.880% | | | | 3-Month LIBOR | | | | 4.750% | | | | 7/14/26 | | | | B | | | | 915,729 | |
| | 65 | | | | | Checkout Holding Corp., First Out Term Loan | | | 11.920% | | | | 3-Month LIBOR | | | | 7.500% | | | | 2/15/23 | | | | N/R | | | | 50,797 | |
| | 129 | | | | | Checkout Holding Corp., Last Out Term Loan, (cash 2.000, PIK 9.500%) | | | 9.500% | | | | 1-Month LIBOR | | | | 9.500% | | | | 8/15/23 | | | | N/R | | | | 29,684 | |
| | 2,401 | | | | | Clear Channel Outdoor Holdings, Inc., Term Loan B | | | 8.198% | | |
| 1 + 3 Month
LIBOR |
| | | 3.500% | | | | 8/21/26 | | | | B1 | | | | 2,289,894 | |
| | 110 | | | | | CSC Holdings, LLC, Term Loan | | | 6.709% | | | | 1-Month LIBOR | | | | 2.250% | | | | 1/15/26 | | | | B+ | | | | 106,075 | |
| | 702 | | | | | CSC Holdings, LLC, Term Loan B1 | | | 6.709% | | | | 1-Month LIBOR | | | | 2.250% | | | | 7/17/25 | | | | B+ | | | | 679,318 | |
| | 75 | | | | | CSC Holdings, LLC, Term Loan B5 | | | 6.959% | | | | 1-Month LIBOR | | | | 2.500% | | | | 4/15/27 | | | | B+ | | | | 69,900 | |
| | 108 | | | | | Cumulus Media New Holdings Inc., Term Loan B | | | 8.575% | | | | 1-Month LIBOR | | | | 3.750% | | | | 3/31/26 | | | | B | | | | 104,247 | |
| | 1,881 | | | | | DirecTV Financing, LLC, Term Loan | | | 9.570% | | | | 1-Month LIBOR | | | | 5.000% | | | | 8/02/27 | | | | BBB– | | | | 1,853,682 | |
| | 237 | | | | | Dotdash Meredith Inc, Term Loan B | | | 8.434% | | | | SOFR30A | | | | 4.000% | | | | 12/01/28 | | | | B+ | | | | 201,887 | |
| | 481 | | | | | E.W. Scripps Company (The), Term Loan B2 | | | 7.132% | | | | 1-Month LIBOR | | | | 2.563% | | | | 5/01/26 | | | | BB | | | | 479,827 | |
| | 505 | | | | | Formula One Holdings Limited., Term Loan B | | | 7.811% | | | | TSFR1M | | | | 3.250% | | | | 1/15/30 | | | | BB+ | | | | 507,578 | |
| | 1,293 | | | | | iHeartCommunications, Inc., Term Loan | | | 7.570% | | | | 1-Month LIBOR | | | | 3.000% | | | | 5/01/26 | | | | BB– | | | | 1,277,032 | |
| | 4 | | | | | LCPR Loan Financing LLC, Term Loan B | | | 8.209% | | | | 1-Month LIBOR | | | | 3.750% | | | | 10/15/28 | | | | BB+ | | | | 4,294 | |
| | 800 | | | | | McGraw-Hill Global Education Holdings, LLC, Term Loan | | | 8.316% | | | | 6-Month LIBOR | | | | 4.750% | | | | 7/30/28 | | | | BB+ | | | | 767,568 | |
| | 306 | | | | | Nexstar Broadcasting, Inc., Term Loan B4 | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 9/18/26 | | | | BBB– | | | | 306,147 | |
| | 122 | | | | | Outfront Media Capital LLC, Term Loan B | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 11/18/26 | | | | Ba1 | | | | 120,933 | |
| | 56 | | | | | Red Ventures, LLC, Term Loan B2 | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 11/08/24 | | | | BB+ | | | | 56,293 | |
| | 339 | | | | | Sinclair Television Group Inc., Term Loan B2B | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 9/30/26 | | | | Ba2 | | | | 331,571 | |
| | 417 | | | | | Ziggo Financing Partnership, Term Loan I | | | 6.959% | | | | 1-Month LIBOR | | | | 2.500% | | | | 4/30/28 | | | | BB | | | | 414,150 | |
| | 11,731 | | | | | Total Media | | | | | | | | | | | | | | | | 11,298,444 | |
| | | | | | |
| | | | | | Multiline Retail – 0.3% (0.2% of Total Investments) | | | | | | | | | | | | | |
| | | | | | | | |
| | 1,130 | | | | | Belk, Inc., Term Loan, (cash 5.000%, PIK 8.000%) | | | 17.440% | | | | 3-Month LIBOR | | | | 13.000% | | | | 7/31/25 | | | | CCC– | | | | 209,789 | |
| | 234 | | | | | Belk, Inc., Term Loan | | | 12.199% | | | | 3-Month LIBOR | | | | 7.500% | | | | 7/31/25 | | | | B– | | | | 200,198 | |
| | 1,364 | | | | | Total Multiline Retail | | | | | | | | | | | | | | | | 409,987 | |
| | | | | | |
| | | | | | Oil, Gas & Consumable Fuels – 4.3% (2.6% of Total Investments) | | | | | | | | | | | | | |
| | | | | | | | |
| | 637 | | | | | BCP Renaissance Parent LLC, Term Loan B3 | | | 8.061% | | | | TSFR1M | | | | 3.500% | | | | 10/31/26 | | | | B+ | | | | 636,810 | |
| | 628 | | | | | Buckeye Partners, L.P., Term Loan B | | | 6.634% | | | | 1-Month LIBOR | | | | 2.250% | | | | 11/01/26 | | | | BBB– | | | | 628,890 | |
| | 158 | | | | | EG America LLC, Term Loan | | | 8.730% | | | | 3-Month LIBOR | | | | 4.000% | | | | 2/05/25 | | | | B– | | | | 153,220 | |
| | 1,154 | | | | | Freeport LNG Investments, LLLP, Term Loan A, (DD1) | | | 7.808% | | | | 3-Month LIBOR | | | | 3.000% | | | | 11/16/26 | | | | N/R | | | | 1,123,965 | |
| | 907 | | | | | Gulf Finance, LLC, Term Loan | | | 11.344% | | | | 1-Month LIBOR | | | | 6.750% | | | | 8/25/26 | | | | B | | | | 886,344 | |
| | 125 | | | | | M6 ETX Holdings II Midco LLC, Term Loan B | | | 9.158% | | | | SOFR90A | | | | 4.500% | | | | 8/11/29 | | | | BB+ | | | | 124,687 | |
| | 864 | | | | | QuarterNorth Energy Holding Inc., Exit Term Loan, Second Lien | | | 12.570% | | | | 1-Month LIBOR | | | | 8.000% | | | | 8/27/26 | | | | B | | | | 861,418 | |
| | 431 | | | | | TransMontaigne Operating Company L.P., Term Loan B | | | 8.028% | | | | 1-Month LIBOR | | | | 3.500% | | | | 11/05/28 | | | | BB | | | | 429,976 | |
| | 1,086 | | | | | Traverse Midstream Partners LLC, Term Loan | | | 8.800% | | | | SOFR90A | | | | 4.250% | | | | 9/27/24 | | | | B+ | | | | 1,088,294 | |
| | 5,990 | | | | | Total Oil, Gas & Consumable Fuels | | | | | | | | | | | | | | | | 5,933,604 | |
| | | | | | |
| | | | | | Paper & Forest Products – 0.1% (0.0% of Total Investments) | | | | | | | | | | | | | |
| | | | | | | | |
| | 111 | | | | | Asplundh Tree Expert, LLC, Term Loan B, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | BBB– | | | | 110,743 | |
75
| | |
| |
| JSD | | Nuveen Short Duration Credit Opportunities Fund (continued) |
| | Portfolio of Investments January 31, 2023 |
| | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | | | | | |
| | | | | | Personal Products – 0.3% (0.2% of Total Investments) | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 142 | | | | | Conair Holdings, LLC, Term Loan B | | | 8.480% | | | | 3-Month LIBOR | | | | 3.750% | | | | 5/17/28 | | | | B– | | | $ | 123,053 | |
| | 69 | | | | | Coty Inc., Term Loan B | | | 6.645% | | | | 1-Month LIBOR | | | | 2.250% | | | | 4/05/25 | | | | BB– | | | | 69,273 | |
| | 275 | | | | | Kronos Acquisition Holdings Inc., Term Loan B, (DD1) | | | 8.485% | | | | 3-Month LIBOR | | | | 3.750% | | | | 12/22/26 | | | | B2 | | | | 268,417 | |
| | 486 | | | | | Total Personal Products | | | | | | | | | | | | | | | | 460,743 | |
| | | | | | |
| | | | | | Pharmaceuticals – 3.7% (2.3% of Total Investments) | | | | | | | | | | | | | |
| | | | | | | | |
| | 304 | | | | | Catalent Pharma Solutions Inc., Term Loan B3 | | | 6.563% | | | | 1-Month LIBOR | | | | 2.000% | | | | 2/22/28 | | | | BBB– | | | | 303,121 | |
| | 300 | | | | | Elanco Animal Health Incorporated, Term Loan B | | | 6.119% | | | | 1-Month LIBOR | | | | 1.750% | | | | 8/01/27 | | | | BBB– | | | | 295,300 | |
| | 2,031 | | | | | Jazz Financing Lux S.a.r.l., Term Loan | | | 8.070% | | | | 1-Month LIBOR | | | | 3.500% | | | | 5/05/28 | | | | BB+ | | | | 2,031,820 | |
| | 486 | | | | | Mallinckrodt International Finance S.A., Term Loan, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | B3 | | | | 374,318 | |
| | 942 | | | | | Mallinckrodt International Finance S.A., Term Loan | | | 9.986% | | | | 3-Month LIBOR | | | | 5.250% | | | | 9/30/27 | | | | B3 | | | | 725,641 | |
| | 1,106 | | | | | Organon & Co, Term Loan | | | 7.750% | | | | 3-Month LIBOR | | | | 3.000% | | | | 6/02/28 | | | | BB | | | | 1,106,176 | |
| | 272 | | | | | Perrigo Investments, LLC, Term Loan B | | | 7.161% | | | | SOFR30A | | | | 2.500% | | | | 4/05/29 | | | | Baa3 | | | | 272,654 | |
| | 5,441 | | | | | Total Pharmaceuticals | | | | | | | | | | | | | | | | 5,109,030 | |
| | | | | | |
| | | | | | Professional Services – 1.8% (1.1% of Total Investments) | | | | | | | | | | | | | |
| | | | | | | | |
| | 188 | | | | | CHG Healthcare Services Inc., Term Loan | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 9/30/28 | | | | B1 | | | | 186,676 | |
| | 315 | | | | | Creative Artists Agency, LLC , Term Loan B | | | 8.320% | | | | 1-Month LIBOR | | | | 3.750% | | | | 11/26/26 | | | | B | | | | 315,792 | |
| | 400 | | | | | Dun & Bradstreet Corporation (The), Term Loan | | | 7.767% | | | | 1-Month LIBOR | | | | 3.250% | | | | 2/08/26 | | | | BB+ | | | | 400,001 | |
| | 720 | | | | | EAB Global, Inc., Term Loan | | | 8.070% | | | | 1-Month LIBOR | | | | 3.500% | | | | 8/16/28 | | | | B2 | | | | 697,379 | |
| | 218 | | | | | Physician Partners LLC, Term Loan | | | 8.661% | | | | SOFR30A | | | | 4.000% | | | | 2/01/29 | | | | B | | | | 209,206 | |
| | 741 | | | | | Verscend Holding Corp., Term Loan B | | | 8.570% | | | | 1-Month LIBOR | | | | 4.000% | | | | 8/27/25 | | | | BB– | | | | 741,257 | |
| | 2,582 | | | | | Total Professional Services | | | | | | | | | | | | | | | | 2,550,311 | |
| | | | |
| | | | | | Real Estate Management & Development – 0.3% (0.2% of Total Investments) | | | | | | | |
| | | | | | | | |
| | 459 | | | | | Cushman & Wakefield U.S. Borrower, LLC, Term Loan B | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 8/21/25 | | | | BB | | | | 457,949 | |
| | | | | | |
| | | | | | Road & Rail – 1.5% (0.9% of Total Investments) | | | | | | | | | | | | | |
| | | | | | | | |
| | 309 | | | | | First Student Bidco Inc, Term Loan B | | | 7.726% | | | | 3-Month LIBOR | | | | 3.000% | | | | 7/21/28 | | | | BB+ | | | | 292,120 | |
| | 115 | | | | | First Student Bidco Inc, Term Loan C | | | 7.726% | | | | 3-Month LIBOR | | | | 3.000% | | | | 7/21/28 | | | | BB+ | | | | 108,525 | |
| | 972 | | | | | Genesee & Wyoming Inc. (New), Term Loan | | | 6.730% | | | | 3-Month LIBOR | | | | 2.000% | | | | 12/30/26 | | | | BB+ | | | | 972,194 | |
| | 536 | | | | | Hertz Corporation, (The), Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 6/30/28 | | | | BB+ | | | | 535,000 | |
| | 103 | | | | | Hertz Corporation, (The), Term Loan C | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 6/30/28 | | | | BB+ | | | | 102,580 | |
| | 2,035 | | | | | Total Road & Rail | | | | | | | | | | | | | | | | 2,010,419 | |
| | | |
| | | | | | Semiconductors & Semiconductor Equipment – 0.5% (0.3% of Total Investments) | | | | |
| | | | | | | | |
| | 386 | | | | | Bright Bidco B.V., Term Loan (5) | | | 12.676% | | | | TSFR3M | | | | 8.000% | | | | 10/31/27 | | | | B | | | | 337,558 | |
| | 395 | | | | | Entegris, Inc., Term Loan B | | | 7.571% | | |
| SOFR30A +
SOFR90A |
| | | 3.000% | | | | 7/06/29 | | | | Baa3 | | | | 397,161 | |
| | 781 | | | | | Total Semiconductors & Semiconductor Equipment | | | | | | | | | | | | | | | | 734,719 | |
| | | | | | |
| | | | | | Software – 16.5% (10.1% of Total Investments) | | | | | | | | | | | | | |
| | | | | | | | |
| | 459 | | | | | Apttus Corporation, Term Loan | | | 9.075% | | | | 3-Month LIBOR | | | | 4.250% | | | | 5/06/28 | | | | BB | | | | 447,139 | |
| | 234 | | | | | Avaya, Inc., Term Loan | | | 14.478% | | | | SOFR30A | | | | 10.000% | | | | 12/15/27 | | | | Caa2 | | | | 137,475 | |
| | 637 | | | | | Banff Merger Sub Inc, Term Loan | | | 8.320% | | | | 1-Month LIBOR | | | | 3.750% | | | | 10/02/25 | | | | B2 | | | | 626,619 | |
| | 250 | | | | | Camelot U.S. Acquisition LLC, Term Loan B, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | B1 | | | | 250,118 | |
| | 226 | | | | | Camelot U.S. Acquisition LLC, Term Loan B | | | 7.517% | | | | 1-Month LIBOR | | | | 3.000% | | | | 10/31/26 | | | | B1 | | | | 225,708 | |
| | 163 | | | | | CCC Intelligent Solutions Inc., Term Loan B | | | 6.797% | | | | 1-Month LIBOR | | | | 2.250% | | | | 9/21/28 | | | | B+ | | | | 163,227 | |
| | 710 | | | | | CDK Global, Inc., Term Loan B | | | 9.080% | | | | SOFR90A | | | | 4.500% | | | | 6/09/29 | | | | B+ | | | | 709,446 | |
| | 948 | | | | | Ceridian HCM Holding Inc., Term Loan B | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 4/30/25 | | | | B+ | | | | 945,481 | |
| | 997 | | | | | DTI Holdco, Inc., Term Loan | | | 9.426% | | | | SOFR90A | | | | 4.750% | | | | 4/21/29 | | | | B2 | | | | 954,483 | |
| | 1,910 | | | | | Epicor Software Corporation, Term Loan | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 7/31/27 | | | | B2 | | | | 1,878,981 | |
| | 867 | | | | | Finastra USA, Inc., Term Loan, First Lien | | | 8.325% | | | | 3-Month LIBOR | | | | 3.500% | | | | 6/13/24 | | | | B+ | | | | 816,582 | |
| | 1,818 | | | | | Greeneden U.S. Holdings II, LLC, Term Loan B4 | | | 8.570% | | | | 1-Month LIBOR | | | | 4.000% | | | | 12/01/27 | | | | B2 | | | | 1,788,964 | |
76
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | | | | | |
| | | | | | Software (continued) | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 155 | | | | | Greenway Health, LLC, Term Loan, First Lien | | | 8.480% | | | | 3-Month LIBOR | | | | 3.750% | | | | 2/16/24 | | | | CCC+ | | | $ | 108,213 | |
| | 1,390 | | | | | Informatica LLC, Term Loan B | | | 7.375% | | | | 1-Month LIBOR | | | | 2.750% | | | | 10/14/28 | | | | BB– | | | | 1,389,062 | |
| | 342 | | | | | iQor US Inc., Second Out Term Loan | | | 12.047% | | | | 1-Month LIBOR | | | | 7.500% | | | | 11/19/25 | | | | CCC+ | | | | 247,973 | |
| | 864 | | | | | McAfee, LLC, Term Loan B | | | 8.184% | | | | SOFR30A | | | | 3.750% | | | | 2/03/29 | | | | BB+ | | | | 817,550 | |
| | 1,631 | | | | | NortonLifeLock Inc., Term Loan B | | | 6.661% | | | | SOFR30A | | | | 2.000% | | | | 1/28/29 | | | | BBB– | | | | 1,629,903 | |
| | 2,075 | | | | | Open Text Corp,Term Loan, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | BBB– | | | | 2,075,000 | |
| | 499 | | | | | Polaris Newco LLC, Term Loan B | | | 8.730% | | | | 3-Month LIBOR | | | | 4.000% | | | | 6/04/28 | | | | B2 | | | | 474,765 | |
| | 246 | | | | | Project Ruby Ultimate Parent Corp., Term Loan | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 3/10/28 | | | | B | | | | 237,949 | |
| | 487 | | | | | Proofpoint, Inc., Term Loan, First Lien | | | 7.985% | | | | 3-Month LIBOR | | | | 3.250% | | | | 8/31/28 | | | | BB– | | | | 478,451 | |
| | 168 | | | | | RealPage, Inc, Term Loan, First Lien | | | 7.547% | | | | 1-Month LIBOR | | | | 3.000% | | | | 4/22/28 | | | | B+ | | | | 164,213 | |
| | 537 | | | | | Sophia, L.P., Term Loan B | | | 8.230% | | | | 3-Month LIBOR | | | | 3.500% | | | | 10/07/27 | | | | B2 | | | | 529,993 | |
| | 399 | | | | | SS&C European Holdings Sarl, Term Loan B4 | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 4/16/25 | | | | BB+ | | | | 399,211 | |
| | 455 | | | | | SS&C Technologies Inc., Term Loan B3 | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 4/16/25 | | | | BB+ | | | | 454,298 | |
| | 916 | | | | | SS&C Technologies Inc., Term Loan B5 | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 4/16/25 | | | | BB+ | | | | 915,616 | |
| | 119 | | | | | SS&C Technologies Inc., Term Loan B6 | | | 6.811% | | | | SOFR30A | | | | 2.250% | | | | 3/22/29 | | | | BB+ | | | | 119,059 | |
| | 179 | | | | | SS&C Technologies Inc., Term Loan B7 | | | 6.911% | | | | SOFR30A | | | | 2.250% | | | | 3/22/29 | | | | BB+ | | | | 179,394 | |
| | 862 | | | | | Ultimate Software Group Inc (The), Term Loan | | | 8.032% | | | | 3-Month LIBOR | | | | 3.250% | | | | 5/03/26 | | | | B1 | | | | 849,012 | |
| | 484 | | | | | Ultimate Software Group Inc (The), Term Loan B | | | 8.575% | | | | 3-Month LIBOR | | | | 3.750% | | | | 5/03/26 | | | | B1 | | | | 479,788 | |
| | 374 | | | | | Vision Solutions, Inc., Term Loan | | | 8.818% | | | | 3-Month LIBOR | | | | 4.000% | | | | 5/28/28 | | | | B2 | | | | 329,994 | |
| | 1,187 | | | | | Zelis Healthcare Corporation, Term Loan | | | 8.070% | | | | 1-Month LIBOR | | | | 3.500% | | | | 9/30/26 | | | | B | | | | 1,185,924 | |
| | 829 | | | | | ZoomInfo LLC, Term Loan B | | | 7.661% | | | | TSFR1M | | | | 3.000% | | | | 2/01/26 | | | | BB+ | | | | 833,328 | |
| | 23,417 | | | | | Total Software | | | | | | | | | | | | | | | | 22,842,919 | |
| | | | | | |
| | | | | | Specialty Retail – 4.5% (2.8% of Total Investments) | | | | | | | | | | | | | |
| | | | | | | | |
| | 243 | | | | | Academy, Ltd., Term Loan | | | 8.119% | | | | 1-Month LIBOR | | | | 3.750% | | | | 11/06/27 | | | | BB | | | | 243,856 | |
| | 779 | | | | | Avis Budget Car Rental, LLC, Term Loan B | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 8/06/27 | | | | BB+ | | | | 770,390 | |
| | 452 | | | | | Avis Budget Car Rental, LLC, Term Loan C | | | 8.161% | | | | SOFR30A | | | | 3.500% | | | | 3/15/29 | | | | BB+ | | | | 452,164 | |
| | 84 | | | | | Driven Holdings, LLC, Term Loan B | | | 7.738% | | | | 3-Month LIBOR | | | | 3.000% | | | | 12/17/28 | | | | B3 | | | | 82,746 | |
| | 602 | | | | | Jo-Ann Stores, Inc., Term Loan B1 | | | 9.572% | | | | 3-Month LIBOR | | | | 4.750% | | | | 6/30/28 | | | | CCC+ | | | | 352,089 | |
| | 577 | | | | | LBM Acquisition LLC, Term Loan B | | | 8.852% | | | | 6-Month LIBOR | | | | 3.750% | | | | 12/18/27 | | | | B+ | | | | 522,971 | |
| | 214 | | | | | Les Schwab Tire Centers, Term Loan B | | | 6.580% | | | | 3-Month LIBOR | | | | 3.250% | | | | 11/02/27 | | | | B | | | | 214,138 | |
| | 2,709 | | | | | PetSmart, Inc., Term Loan B | | | 8.411% | | | | TSFR1M | | | | 3.750% | | | | 2/12/28 | | | | BB | | | | 2,694,082 | |
| | 578 | | | | | Restoration Hardware, Inc., Term Loan B | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 10/15/28 | | | | BB | | | | 557,565 | |
| | 144 | | | | | SRS Distribution Inc., Term Loan | | | 8.161% | | | | TSFR1M | | | | 3.500% | | | | 6/04/28 | | | | B– | | | | 138,691 | |
| | 200 | | | | | Staples, Inc., Term Loan | | | 9.440% | | | | 3-Month LIBOR | | | | 5.000% | | | | 4/12/26 | | | | B | | | | 187,993 | |
| | 6,582 | | | | | Total Specialty Retail | | | | | | | | 6,216,685 | |
| | | |
| | | | | | Technology Hardware, Storage & Peripherals – 0.3% (0.2% of Total Investments) | | | | |
| | | | | | | | |
| | 384 | | | | | NCR Corporation, Term Loan | | | 7.330% | | | | 3-Month LIBOR | | | | 2.500% | | | | 8/28/26 | | | | BB+ | | | | 383,340 | |
| | | | |
| | | | | | Textiles, Apparel & Luxury Goods – 0.4% (0.3% of Total Investments) | | | | | | | |
| | | | | | | | |
| | 509 | | | | | Birkenstock GmbH & Co. KG, Term Loan B | | | 7.690% | | | | 3-Month LIBOR | | | | 3.250% | | | | 4/28/28 | | | | BB– | | | | 508,687 | |
| | 99 | | | | | New Trojan Parent, Inc., Term Loan, First Lien | | | 7.764% | | | | 1-Month LIBOR | | | | 3.250% | | | | 1/06/28 | | | | B– | | | | 69,548 | |
| | 608 | | | | | Total Textiles, Apparel & Luxury Goods | | | | | | | | 578,235 | |
| | | | |
| | | | | | Trading Companies & Distributors – 0.6% (0.4% of Total Investments) | | | | | | | |
| | | | | | | | |
| | 493 | | | | | Core & Main LP, Term Loan B | | | 7.313% | | | | 1 + 6 Month LIBOR | | | | 2.500% | | | | 6/10/28 | | | | B+ | | | | 492,283 | |
| | 383 | | | | | Resideo Funding Inc., Term Loan | | | 6.807% | | |
| 1 + 3 + 6 Month
LIBOR |
| | | 2.250% | | | | 2/12/28 | | | | BBB– | | | | 384,133 | |
| | 876 | | | | | Total Trading Companies & Distributors | | | | | | | | 876,416 | |
| | | | |
| | | | | | Transportation Infrastructure – 1.2% (0.7% of Total Investments) | | | | | | | |
| | | | | | | | |
| | 922 | | | | | Brown Group Holding, LLC, Term Loan B | | | 7.047% | | | | 1-Month LIBOR | | | | 2.500% | | | | 4/22/28 | | | | B+ | | | | 918,932 | |
| | 299 | | | | | Brown Group Holding, LLC, Term Loan B2 | | | 8.369% | | |
| SOFR30A +
SOFR90A |
| | | 3.750% | | | | 6/09/29 | | | | B+ | | | | 299,792 | |
| | 396 | | | | | KKR Apple Bidco, LLC, Term Loan | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 9/23/28 | | | | B+ | | | | 395,166 | |
| | 1,617 | | | | | Total Transportation Infrastructure | | | | | | | | 1,613,890 | |
77
| | |
| |
| JSD | | Nuveen Short Duration Credit Opportunities Fund (continued) |
| | Portfolio of Investments January 31, 2023 |
| | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | | | |
| | | | | | Wireless Telecommunication Services – 1.4% (0.9% of Total Investments) | | | | | | | |
| | | | | | | | |
| $ | 493 | | | | | GOGO Intermediate Holdings LLC, Term Loan B | | | 8.575% | | |
| 3-Month
LIBOR |
| | | 3.750% | | | | 4/30/28 | | | | B+ | | | $ | 492,764 | |
| | 1,525 | | | | | Intelsat Jackson Holdings S.A., Term Loan B | | | 7.445% | | | | SOFR180A | | | | 4.500% | | | | 1/27/29 | | | | BB– | | | | 1,504,154 | |
| | 2,018 | | | | | Total Wireless Telecommunication Services | | | | | | | | | | | | 1,996,918 | |
| $ | 192,036 | | | | | Total Variable Rate Senior Loan Interests (cost $187,893,024) | | | | | | | | | | | | 180,081,478 | |
| | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | | | | | | | Coupon | | | Maturity | | | Ratings (4) | | | Value | |
| | | | | | |
| | | | | | CORPORATE BONDS – 23.9% (14.8% of Total Investments) | | | | | | | | | | | | | |
| | | | | | |
| | | | | | Aerospace & Defense – 0.3% (0.2% of Total Investments) | | | | | | | | | | | | | |
| | | | | | |
| $ | 510 | | | | | TransDigm Inc | | | | 4.625% | | | | 1/15/29 | | | | B– | | | $ | 460,102 | |
| | | |
| | | | | | Airlines – 0.5% (0.3% of Total Investments) | | | | |
| | | | | | | | |
| | 340 | | | | | Delta Air Lines Inc | | | | | | | | | | | 3.750% | | | | 10/28/29 | | | | Baa3 | | | | 300,866 | |
| | 267 | | | | | United Airlines Inc, 144A | | | | | | | | | | | 4.625% | | | | 4/15/29 | | | | Ba1 | | | | 243,534 | |
| | 201 | | | | | United Airlines Inc, 144A | | | | | | | | | | | 4.375% | | | | 4/15/26 | | | | Ba1 | | | | 190,816 | |
| | 808 | | | | | Total Airlines | | | | | | | | 735,216 | |
| | | | |
| | | | | | Auto Components – 0.7% (0.5% of Total Investments) | | | | | | | |
| | | | | | | | |
| | 730 | | | | | Adient Global Holdings Ltd, 144A | | | | | | | | | | | 4.875% | | | | 8/15/26 | | | | BB– | | | | 693,069 | |
| | 320 | | | | | Dana Financing Luxembourg Sarl, 144A | | | | | | | | | | | 5.750% | | | | 4/15/25 | | | | BB+ | | | | 316,800 | |
| | 1,050 | | | | | Total Auto Components | | | | | | | | | | | | | | | | 1,009,869 | |
| | | | | | |
| | | | | | Chemicals – 1.6% (1.0% of Total Investments) | | | | | | | | | | | | | |
| | | | | | |
| | 1,100 | | | | | Celanese US Holdings LLC | | | | 5.900% | | | | 7/05/24 | | | | BBB– | | | | 1,106,318 | |
| | 380 | | | | | Rayonier AM Products Inc, 144A | | | | | | | | | | | 7.625% | | | | 1/15/26 | | | | B+ | | | | 355,307 | |
| | 899 | | | | | Trinseo Materials Operating SCA / Trinseo Materials Finance Inc, 144A | | | | 5.375% | | | | 9/01/25 | | | | B2 | | | | 786,625 | |
| | 2,379 | | | | | Total Chemicals | | | | | | | | | | | | | | | | 2,248,250 | |
| | | | |
| | | | | | Commercial Services & Supplies – 1.0% (0.6% of Total Investments) | | | | | | | |
| | | | | | |
| | 507 | | | | | Prime Security Services Borrower LLC / Prime Finance Inc, 144A | | | | 6.250% | | | | 1/15/28 | | | | B– | | | | 480,839 | |
| | 384 | | | | | Prime Security Services Borrower LLC / Prime Finance Inc, 144A | | | | 5.750% | | | | 4/15/26 | | | | BB– | | | | 376,335 | |
| | 500 | | | | | Prime Security Services Borrower LLC / Prime Finance Inc, 144A | | | | 3.375% | | | | 8/31/27 | | | | BB– | | | | 443,675 | |
| | 1,391 | | | | | Total Commercial Services & Supplies | | | | | | | | | | | | | | | | 1,300,849 | |
| | | | |
| | | | | | Communications Equipment – 1.2% (0.7% of Total Investments) | | | | | | | |
| | | | | | |
| | 3,434 | | | | | Avaya Inc, 144A | | | | 6.125% | | | | 9/15/28 | | | | Caa2 | | | | 1,047,370 | |
| | 375 | | | | | Commscope Inc, 144A | | | | 8.250% | | | | 3/01/27 | | | | CCC+ | | | | 318,956 | |
| | 340 | | | | | Commscope Inc, 144A | | | | 4.750% | | | | 9/01/29 | | | | B1 | | | | 283,003 | |
| | 4,149 | | | | | Total Communications Equipment | | | | | | | | | | | | | | | | 1,649,329 | |
| | | | |
| | | | | | Containers & Packaging – 0.1% (0.1% of Total Investments) | | | | | | | |
| | | | | | |
| | 200 | | | | | Pactiv Evergreen Group Issuer Inc/Pactiv Evergreen Group Issuer LLC, 144A | | | | 4.375% | | | | 9/30/28 | | | | B+ | | | | 177,758 | |
| | | | |
| | | | | | Diversified Telecommunication Services – 1.3% (0.8% of Total Investments) | | | | | | | |
| | | | | | |
| | 340 | | | | | Frontier Communications Holdings LLC, 144A | | | | 6.000% | | | | 1/15/30 | | | | BB– | | | | 279,286 | |
| | 220 | | | | | Frontier Communications Holdings LLC, 144A | | | | 5.000% | | | | 5/01/28 | | | | BB+ | | | | 200,013 | |
| | 300 | | | | | Frontier Communications Holdings LLC | | | | 5.875% | | | | 11/01/29 | | | | CCC+ | | | | 244,578 | |
| | 1,037 | | | | | Frontier Communications Holdings LLC, 144A | | | | 5.875% | | | | 10/15/27 | | | | BB+ | | | | 990,252 | |
| | 1,897 | | | | | Total Diversified Telecommunication Services | | | | | | | | | | | | | | | | 1,714,129 | |
| | | | |
| | | | | | Electric Utilities – 0.6% (0.4% of Total Investments) | | | | | | | |
| | | | | | |
| | 1,175 | | | | | Bruce Mansfield Unit 1 2007 Pass Through Trust (5) | | | | 6.850% | | | | 6/01/34 | | | | N/R | | | | 1,469 | |
| | 330 | | | | | Pacific Gas and Electric Co | | | | 4.550% | | | | 7/01/30 | | | | BBB– | | | | 307,781 | |
| | 314 | | | | | PG&E Corp | | | | 5.000% | | | | 7/01/28 | | | | BB | | | | 294,234 | |
| | 250 | | | | | Talen Energy Supply LLC, 144A (5) | | | | 7.250% | | | | 5/15/27 | | | | N/R | | | | 260,204 | |
| | 2,069 | | | | | Total Electric Utilities | | | | | | | | | | | | | | | | 863,688 | |
78
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | | | | | Coupon | | | Maturity | | | Ratings (4) | | | Value | |
| | | | |
| | | | | | Energy Equipment & Services – 0.2% (0.1% of Total Investments) | | | | | | | |
| | | | | | |
| $ | 300 | | | | | Weatherford International Ltd, 144A | | | 8.625% | | | | 4/30/30 | | | | B | | | $ | 302,823 | |
| | | | |
| | | | | | Entertainment – 1.0% (0.6% of Total Investments) | | | | | | | |
| | | | | | |
| | 1,915 | | | | | AMC Entertainment Holdings Inc, (cash 10.000%, PIK 12.000%), 144A | | | 10.000% | | | | 6/15/26 | | | | Caa3 | | | | 954,924 | |
| | 1,030 | | | | | Diamond Sports Group LLC / Diamond Sports Finance Co, 144A | | | 5.375% | | | | 8/15/26 | | | | Caa2 | | | | 75,963 | |
| | 1,775 | | | | | Diamond Sports Group LLC / Diamond Sports Finance Co, 144A | | | 6.625% | | | | 8/15/27 | | | | Ca | | | | 35,500 | |
| | 500 | | | | | Lions Gate Capital Holdings LLC, 144A | | | 5.500% | | | | 4/15/29 | | | | B– | | | | 325,000 | |
| | 5,220 | | | | | Total Entertainment | | | | | | | | | | | | | | | 1,391,387 | |
| | | | |
| | | | | | Equity Real Estate Investment Trusts (REITs) – 0.5% (0.3% of Total Investments) | | | | | | | |
| | | | | | |
| | 1,050 | | | | | American Tower Corp | | | 2.950% | | | | 1/15/51 | | | | BBB+ | | | | 691,543 | |
| | | | |
| | | | | | Health Care Equipment & Supplies – 0.2% (0.1% of Total Investments) | | | | | | | |
| | | | | | |
| | 340 | | | | | Mozart Debt Merger Sub Inc, 144A | | | 3.875% | | | | 4/01/29 | | | | BB– | | | | 290,705 | |
| | | | | | |
| | | | | | Health Care Providers & Services – 1.5% (0.9% of Total Investments) | | | | | | | | | | | | |
| | | | | | |
| | 50 | | | | | HCA Inc | | | 5.375% | | | | 2/01/25 | | | | BBB– | | | | 50,189 | |
| | 553 | | | | | LifePoint Health Inc, 144A | | | 5.375% | | | | 1/15/29 | | | | CCC+ | | | | 369,402 | |
| | 200 | | | | | Select Medical Corp, 144A | | | 6.250% | | | | 8/15/26 | | | | B– | | | | 195,336 | |
| | 485 | | | | | Tenet Healthcare Corp | | | 0.000% | | | | 2/01/27 | | | | N/R | | | | 474,087 | |
| | 201 | | | | | Tenet Healthcare Corp | | | 4.875% | | | | 1/01/26 | | | | BB– | | | | 195,768 | |
| | 725 | | | | | Tenet Healthcare Corp | | | 6.125% | | | | 10/01/28 | | | | B+ | | | | 677,933 | |
| | 51 | | | | | Tenet Healthcare Corp | | | 4.625% | | | | 7/15/24 | | | | BB– | | | | 50,299 | |
| | 2,265 | | | | | Total Health Care Providers & Services | | | | | | | | | | | | | | | 2,013,014 | |
| | | | | | |
| | | | | | Hotels, Restaurants & Leisure – 1.1% (0.7% of Total Investments) | | | | | | | | | | | | |
| | | | | | |
| | 205 | | | | | 1011778 BC ULC / New Red Finance Inc, 144A | | | 3.500% | | | | 2/15/29 | | | | BB+ | | | | 179,363 | |
| | 1,063 | | | | | 1011778 BC ULC / New Red Finance Inc, 144A | | | 4.000% | | | | 10/15/30 | | | | B+ | | | | 904,879 | |
| | 267 | | | | | Caesars Entertainment Inc, 144A | | | 6.250% | | | | 7/01/25 | | | | Ba3 | | | | 265,971 | |
| | 201 | | | | | Life Time Inc, 144A | | | 5.750% | | | | 1/15/26 | | | | B+ | | | | 193,165 | |
| | 1,736 | | | | | Total Hotels, Restaurants & Leisure | | | | | | | | | | | | | | | 1,543,378 | |
| | | |
| | | | | | Independent Power Producers & Energy Traders – 0.7% (0.4% of Total Investments) | | | | |
| | | | | | |
| | 668 | | | | | Talen Energy Supply LLC, 144A (5) | | | 7.625% | | | | 6/01/28 | | | | N/R | | | | 696,328 | |
| | 300 | | | | | Ziggo Bond Co BV, 144A | | | 6.000% | | | | 1/15/27 | | | | B– | | | | 283,734 | |
| | 968 | | | | | Total Independent Power Producers & Energy Traders | | | | | | | | | | | | | | | 980,062 | |
| | | | | | |
| | | | | | Insurance – 0.1% (0.1% of Total Investments) | | | | | | | | | | | | |
| | | | | | |
| | 105 | | | | | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144A | | | 4.250% | | | | 10/15/27 | | | | B | | | | 96,228 | |
| | | | | | |
| | | | | | Interactive Media & Services – 0.3% (0.2% of Total Investments) | | | | | | | | | | | | |
| | | | | | |
| | 746 | | | | | Rackspace Technology Global Inc, 144A | | | 3.500% | | | | 2/15/28 | | | | B– | | | | 448,532 | |
| | | | | | |
| | | | | | Internet Software & Services – 0.5% (0.3% of Total Investments) | | | | | | | | | | | | |
| | | | | | |
| | 1,793 | | | | | Rackspace Technology Global Inc, 144A | | | 5.375% | | | | 12/01/28 | | | | CCC+ | | | | 660,613 | |
| | | | | | |
| | | | | | IT Services – 0.3% (0.2% of Total Investments) | | | | | | | | | | | | |
| | | | | | |
| | 500 | | | | | Ahead DB Holdings LLC, 144A | | | 6.625% | | | | 5/01/28 | | | | CCC+ | | | | 422,500 | |
| | | | | | |
| | | | | | Media – 3.5% (2.2% of Total Investments) | | | | | | | | | | | | |
| | | | | | |
| | 1,400 | | | | | Charter Communications Operating LLC / Charter Communications Operating Capital | | | 3.500% | | | | 3/01/42 | | | | BBB– | | | | 973,753 | |
| | 300 | | | | | Clear Channel Outdoor Holdings Inc, 144A | | | 7.750% | | | | 4/15/28 | | | | CCC | | | | 255,219 | |
| | 1,273 | | | | | CSC Holdings LLC, 144A | | | 3.375% | | | | 2/15/31 | | | | B+ | | | | 887,918 | |
| | 396 | | | | | iHeartCommunications Inc | | | 8.375% | | | | 5/01/27 | | | | B– | | | | 354,807 | |
| | 1,075 | | | | | iHeartCommunications Inc, 144A | | | 5.250% | | | | 8/15/27 | | | | BB– | | | | 962,802 | |
| | 2 | | | | | iHeartCommunications Inc | | | 6.375% | | | | 5/01/26 | | | | BB– | | | | 2,431 | |
| | 145 | | | | | LCPR Senior Secured Financing DAC, 144A | | | 5.125% | | | | 7/15/29 | | | | BB+ | | | | 127,600 | |
79
| | |
| |
| JSD | | Nuveen Short Duration Credit Opportunities Fund (continued) |
| | Portfolio of Investments January 31, 2023 |
| | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | Description (1) | | | | | | Coupon | | | Maturity | | | Ratings (4) | | | Value | |
| | | | | | |
| | | | | | Media (continued) | | | | | | | | | | | | |
| | | | | | |
| $ | 465 | | | | | McGraw-Hill Education Inc, 144A | | | 5.750% | | | | 8/01/28 | | | | BB+ | | | $ | 408,565 | |
| | 980 | | | | | VZ Secured Financing BV, 144A | | | 5.000% | | | | 1/15/32 | | | | BB | | | | 839,203 | |
| | 6,036 | | | | | Total Media | | | | | | | | | | | | | | | 4,812,298 | |
| | | | | | |
| | | | | | Metals & Mining – 0.2% (0.1% of Total Investments) | | | | | | | | | | | | |
| | | | | | |
| | 320 | | | | | First Quantum Minerals Ltd, 144A | | | 6.875% | | | | 10/15/27 | | | | B+ | | | | 310,200 | |
| | | | | | |
| | | | | | Oil, Gas & Consumable Fuels – 3.9% (2.4% of Total Investments) | | | | | | | | | | | | |
| | | | | | |
| | 500 | | | | | Calumet Specialty Products Partners LP / Calumet Finance Corp, 144A | | | 8.125% | | | | 1/15/27 | | | | B– | | | | 482,409 | |
| | 1,150 | | | | | Citgo Holding Inc, 144A | | | 9.250% | | | | 8/01/24 | | | | B+ | | | | 1,155,750 | |
| | 385 | | | | | Citgo Petroleum Corp, 144A | | | 7.000% | | | | 6/15/25 | | | | BB | | | | 381,758 | |
| | 225 | | | | | Gulfport Energy Corp, 144A | | | 8.000% | | | | 5/17/26 | | | | BB– | | | | 222,932 | |
| | 201 | | | | | Hilcorp Energy I LP / Hilcorp Finance Co, 144A | | | 6.250% | | | | 11/01/28 | | | | BB+ | | | | 193,063 | |
| | 201 | | | | | MEG Energy Corp, 144A | | | 5.875% | | | | 2/01/29 | | | | BB– | | | | 191,955 | |
| | 1,012 | | | | | NGL Energy Operating LLC / NGL Energy Finance Corp, 144A | | | 7.500% | | | | 2/01/26 | | | | B | | | | 961,055 | |
| | 150 | | | | | NGL Energy Partners LP / NGL Energy Finance Corp | | | 6.125% | | | | 3/01/25 | | | | Caa2 | | | | 133,125 | |
| | 150 | | | | | NGL Energy Partners LP / NGL Energy Finance Corp | | | 7.500% | | | | 11/01/23 | | | | Caa2 | | | | 150,194 | |
| | 150 | | | | | NGL Energy Partners LP / NGL Energy Finance Corp | | | 7.500% | | | | 4/15/26 | | | | Caa2 | | | | 127,477 | |
| | 750 | | | | | PBF Holding Co LLC / PBF Finance Corp | | | 6.000% | | | | 2/15/28 | | | | BB | | | | 707,130 | |
| | 621 | | | | | PBF Holding Co LLC / PBF Finance Corp | | | 7.250% | | | | 6/15/25 | | | | BB | | | | 618,674 | |
| | 5,495 | | | | | Total Oil, Gas & Consumable Fuels | | | | | | | | | | | | | | | 5,325,522 | |
| | | | | | |
| | | | | | Pharmaceuticals – 0.2% (0.1% of Total Investments) | | | | | | | | | | | | |
| | | | | | |
| | 290 | | | | | ORGANON & CO/ORG, 144A | | | 5.125% | | | | 4/30/31 | | | | BB– | | | | 261,809 | |
| | 290 | | | | | Total Pharmaceuticals | | | | | | | | | | | | | | | 261,809 | |
| | | | | | |
| | | | | | Software – 0.3% (0.2% of Total Investments) | | | | | | | | | | | | |
| | | | | | |
| | 550 | | | | | Condor Merger Sub Inc, 144A | | | 7.375% | | | | 2/15/30 | | | | CCC+ | | | | 456,829 | |
| | | | | | |
| | | | | | Specialty Retail – 1.7% (1.0% of Total Investments) | | | | | | | | | | | | |
| | | | | | |
| | 1,625 | | | | | Hertz Corp/The, 144A | | | 4.625% | | | | 12/01/26 | | | | B+ | | | | 1,446,250 | |
| | 680 | | | | | Michaels Cos Inc/The, 144A | | | 7.875% | | | | 5/01/29 | | | | Caa1 | | | | 516,800 | |
| | 100 | | | | | PetSmart Inc / PetSmart Finance Corp, 144A | | | 7.750% | | | | 2/15/29 | | | | B– | | | | 98,274 | |
| | 250 | | | | | PetSmart Inc / PetSmart Finance Corp, 144A | | | 4.750% | | | | 2/15/28 | | | | BB | | | | 231,246 | |
| | 2,655 | | | | | Total Specialty Retail | | | | | | | | | | | | | | | 2,292,570 | |
| | | | | | |
| | | | | | Wireless Telecommunication Services – 0.5% (0.3% of Total Investments) | | | | | | | | | | | | |
| | | | | | |
| | 880 | | | | | Vmed O2 UK Financing I PLC, 144A | | | 4.250% | | | | 1/31/31 | | | | BB+ | | | | 734,800 | |
| $ | 45,702 | | | | | Total Corporate Bonds (cost $37,786,647) | | | | | | | | | | | | | | | 33,194,003 | |
| | | | | | |
| Shares | | | | | Description (1) | | | | | | | | | | | Value | |
| | | |
| | | | | | COMMON STOCKS – 5.0% (3.1% of Total Investments) | | | | | |
| | | |
| | | | | | Banks – 0.0% (0.0% of Total Investments) | | | | |
| | | |
| | 12,051 | | | | | iQor US Inc (7) | | | $ | 45,191 | |
| | | |
| | | | | | Communications Equipment – 0.0% (0.0% of Total Investments) | | | | |
| | | |
| | 5,845 | | | | | Windstream Services PE LLC (7) | | | | 59,549 | |
| | | |
| | | | | | Construction & Engineering – 0.0% (0.0% of Total Investments) | | | | |
| | | |
| | 811 | | | | | TNT Crane & Rigging Inc (7) | | | | 5,136 | |
| | 1,438 | | | | | TNT Crane & Rigging Inc (7) | | | | 144 | |
| | | | | | Total Construction & Engineering | | | | 5,280 | |
| | | |
| | | | | | Diversified Consumer Services – 0.1% (0.0% of Total Investments) | | | | |
| | | |
| | 9,343 | | | | | Cengage Learning Holdings II Inc (7) | | | | 104,530 | |
80
| | | | | | | | | | | | | | | | | | | | |
| Shares | | | | | Description (1) | | | | | | | | Value | |
| | | |
| | | | | | Diversified Telecommunication Services – 0.0% (0.0% of Total Investments) | | | |
| | | |
| | 3,347 | | | | | Windstream Services PE LLC (7) | | $ | 34,099 | |
| | | |
| | | | | | Energy Equipment & Services – 2.4% (1.5% of Total Investments) | | | |
| | | |
| | 22,321 | | | | | Quarternorth Energy Holding Inc (7) | | | 3,043,089 | |
| | 28,730 | | | | | Transocean Ltd (7) | | | 193,640 | |
| | 3,779 | | | | | Vantage Drilling International (7) | | | 60,464 | |
| | | | | | Total Energy Equipment & Services | | | 3,297,193 | |
| | | |
| | | | | | Health Care Equipment & Supplies – 0.3% (0.2% of Total Investments) | | | |
| | | |
| | 25,918 | | | | | Onex Carestream Finance LP (7) | | | 388,770 | |
| | | |
| | | | | | Health Care Providers & Services – 0.0% (0.0% of Total Investments) | | | |
| | | |
| | 11,533 | | | | | Millennium Health LLC (7), (8) | | | 496 | |
| | 12,290 | | | | | Millennium Health LLC (7), (8) | | | 1,757 | |
| | | | | | Total Health Care Providers & Services | | | 2,253 | |
| | | |
| | | | | | Hotels, Restaurants & Leisure – 0.0% (0.0% of Total Investments) | | | |
| | | |
| | 116,526 | | | | | 24 Hour Fitness Worldwide Inc (7) | | | 932 | |
| | 55,426 | | | | | 24 Hour Fitness Worldwide Inc (7) | | | 555 | |
| | | | | | Total Hotels, Restaurants & Leisure | | | 1,487 | |
| | | |
| | | | | | Independent Power And Renewable Electricity Producers – 1.4% (0.9% of Total Investments) | | | |
| | | |
| | 25,367 | | | | | Energy Harbor Corp (7), (9) | | | 1,940,576 | |
| | | |
| | | | | | Internet & Direct Marketing Retail – 0.0% (0.0% of Total Investments) | | | |
| | | |
| | 1,905 | | | | | Catalina Marketing Corp (7) | | | 476 | |
| | | |
| | | | | | Marine – 0.0% (0.0% of Total Investments) | | | |
| | | |
| | 430 | | | | | ACBL HLDG CORP (7) | | | 16,125 | |
| | | |
| | | | | | Media – 0.0% (0.0% of Total Investments) | | | |
| | | |
| | 2 | | | | | Cumulus Media Inc, Class A (7) | | | 14 | |
| | | |
| | | | | | Multiline Retail – 0.0% (0.0% of Total Investments) | | | |
| | | |
| | 140 | | | | | Belk Inc (7) | | | 1,225 | |
| | | |
| | | | | | Oil, Gas & Consumable Fuels – 0.6% (0.4% of Total Investments) | | | |
| | | |
| | 2,748 | | | | | California Resources Corp | | | 117,422 | |
| | 4,943 | | | | | Chord Energy Corp | | | 708,480 | |
| | | | | | Total Oil, Gas & Consumable Fuels | | | 825,902 | |
| | | |
| | | | | | Professional Services – 0.1% (0.0% of Total Investments) | | | |
| | | |
| | 32,859 | | | | | Skillsoft Corp (7) | | | 63,089 | |
| | | |
| | | | | | Semiconductors & Semiconductor Equipment – 0.1% (0.1% of Total Investments) | | | |
| | | |
| | 7,487 | | | | | Bright Bidco BV (7), (8) | | | 100,005 | |
| | 5,481 | | | | | Bright Bidco BV (7) | | | 90,043 | |
| | | | | | Total Semiconductors & Semiconductor Equipment | | | 190,048 | |
| | | | | | Total Common Stocks (cost $8,856,266) | | | 6,975,807 | |
| | | | | | | | |
| Shares | | | | | Description (1) | | | | | | | | | | | | Value | |
| | | |
| | | | | | WARRANTS – 1.2% (0.7% of Total Investments) | | | | |
| | | |
| | | | | | Energy Equipment & Services – 1.1% (0.7% of Total Investments) | | | |
| | | |
| | 9,459 | | | | | Quarternorth Energy Holding Inc | | $ | 1,289,574 | |
| | 18,744 | | | | | Quarternorth Energy Holding Inc | | | 121,836 | |
| | 9,732 | | | | | Quarternorth Energy Holding Inc | | | 87,588 | |
| | | | | | Total Energy Equipment & Services | | | 1,498,998 | |
81
| | |
| |
| JSD | | Nuveen Short Duration Credit Opportunities Fund (continued) |
| | Portfolio of Investments January 31, 2023 |
| | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| Shares | | | | | Description (1) | | | | | | | | | | | | | | | | | Value | |
| | | |
| | | | | | Entertainment – 0.0% (0.0% of Total Investments) | | | | |
| | | |
| | 45,953 | | | | | Cineworld Warrant | | | $ | — | |
| | | |
| | | | | | Industrial Conglomerates – 0.0% (0.0% of Total Investments) | | | | |
| | | |
| | 12,790 | | | | | American Commercial Barge Line LLC | | | | 6,395 | |
| | | |
| | | | | | Marine – 0.1% (0.0% of Total Investments) | | | | |
| | | |
| | 452 | | | | | ACBL HLDG CORP | | | | 16,950 | |
| | 1,682 | | | | | ACBL HLDG CORP | | | | 42,050 | |
| | 1,279 | | | | | ACBL HLDG CORP | | | | 62,032 | |
| | 16,820 | | | | | American Commercial Barge Line LLC | | | | 6,307 | |
| | | | | | Total Marine | | | | 127,339 | |
| | | |
| | | | | | Oil, Gas & Consumable Fuels – 0.0% (0.0% of Total Investments) | | | | |
| | | |
| | 188 | | | | | California Resources Corp | | | | 2,058 | |
| | | |
| | | | | | Wireless Telecommunication Services – 0.0% (0.0% of Total Investments) | | | | |
| | | |
| | 1 | | | | | Intelsat SA/Luxembourg | | | | 1 | |
| | | | | | Total Warrants (cost $382,011) | | | | 1,634,791 | |
| | | | | | | | |
| Shares | | | | | Description (1) | | | | | | | | Coupon | | | | | | Ratings (4) | | | Value | |
| | | |
| | | | | | CONVERTIBLE PREFERRED SECURITIES – 0.1% (0.1% of Total Investments) | | | | | |
| | | |
| | | | | | Communications Equipment – 0.0% (0.0% of Total Investments) | | | | |
| | | | | | | | |
| | 5,100 | | | | | Riverbed Technology Inc | | | | | | | | | | | 0.000% | | | | | | | | N/R | | | $ | 51 | |
| | | |
| | | | | | Marine – 0.1% (0.1% of Total Investments) | | | | |
| | | | | | | | |
| | 1,821 | | | | | ACBL HLDG CORP | | | | | | | | | | | 0.000% | | | | | | | | N/R | | | | 88,318 | |
| | 1,600 | | | | | ACBL HLDG CORP | | | | | | | | | | | 0.000% | | | | | | | | N/R | | | | 40,000 | |
| | | | | | Total Marine | | | | | | | | | | | | | | | | | | | | | | | 128,318 | |
| | | | | | Total Convertible Preferred Securities (cost $188,459) | | | | 128,369 | |
| | | | | | Total Long-Term Investments (cost $235,106,407) | | | | 222,014,448 | |
| | | | | | | | |
| Shares | | | | | Description (1) | | | | | | | | Coupon | | | | | | | | | Value | |
| | | |
| | | | | | SHORT-TERM INVESTMENTS – 2.2%(1.3% of Total Investments) | | | | | |
| | | |
| | | | | | INVESTMENT COMPANIES – 2.2% (1.3% of Total Investments) | | | | |
| | | | | | | | |
| | 3,010,603 | | | | | BlackRock Liquidity Funds T-Fund | | | | | | | | | | | 4.310%(10) | | | | | | | | | | | $ | 3,010,603 | |
| | | | | | Total Investment Companies (cost $3,010,603) | | | | 3,010,603 | |
| | | | | | Total Short-Term Investments (cost $3,010,603) | | | | 3,010,603 | |
| | | | | | Total Investments (cost $238,117,010) – 162.4% | | | | 225,025,051 | |
| | | | | | Borrowings – (12.3)% (11), (12) | | | | (17,100,000 | ) |
| | | | | | Taxable Fund Preferred Shares, net of deferred offering costs – (50.3)% (13) | | | | (69,657,121 | ) |
| | | | | | Other Assets & Liabilities, Net – 0.2% | | | | 333,972 | |
| | | | | | Net Assets Applicable to Common Shares – 100% | | | $ | 138,601,902 | |
82
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| (2) | 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. |
| (3) | 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. |
| (4) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (5) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. |
| (6) | Investment, or portion of investment, represents an outstanding unfunded senior loan commitment. |
| (7) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
| (8) | For fair value measurement disclosure purposes, investment classified as Level 3. |
| (9) | Common Stock received as part of the bankruptcy settlements during February 2020 for Bruce Mansfield Unit 1 2007 Pass-Through Trust. |
| (10) | The rate shown is the annualized seven-day subsidized yield as of end of the reporting period. |
| (11) | Borrowings as a percentage of Total Investments is 7.6%. |
| (12) | The fund segregates 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings. |
| (13) | Taxable Fund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 31.0%. |
| 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 |
| 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. |
| 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 3M | CME Term SOFR 3 Month |
| WI/DD | Purchased on a when-issued or delayed delivery basis. |
83
| | |
| JQC | | Nuveen Credit Strategies Income Fund Portfolio of Investments January 31, 2023 |
| | | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | |
| | | | | | | | LONG-TERM INVESTMENTS – 159.1% (99.1% of Total Investments) | |
| | |
| | | | | | | | VARIABLE RATE SENIOR LOAN INTERESTS – 131.2% (81.7% of Total Investments) (2) | |
| | |
| | | | | | | Aerospace & Defense – 1.7% (1.1% of Total Investments) | |
| | | | | | | | |
| $ | 11,909 | | | | | | | TransDigm, Inc., Term Loan E | | | 6.980% | | | | 3-Month LIBOR | | | | 2.250% | | | | 5/30/25 | | | | Ba3 | | | $ | 11,901,421 | |
| | 1,960 | | | | | | | TransDigm, Inc., Term Loan H | | | 7.983% | | | | SOFR90A | | | | 3.250% | | | | 2/22/27 | | | | Ba3 | | | | 1,965,822 | |
| | 13,869 | | | | | | | Total Aerospace & Defense | | | | | | | | | | | | | | | | | | | | | | | 13,867,243 | |
| | |
| | | | | | | Airlines – 5.8% (3.6% of Total Investments) | |
| | | | | | | | |
| | 3,896 | | | | | | | AAdvantage Loyalty IP Ltd., Term Loan | | | 9.558% | | | | 3-Month LIBOR | | | | 4.750% | | | | 4/20/28 | | | | Ba2 | | | | 4,006,306 | |
| | 2,716 | | | | | | | Air Canada, Term Loan B | | | 8.130% | | | | 3-Month LIBOR | | | | 3.500% | | | | 8/11/28 | | | | Ba2 | | | | 2,723,616 | |
| | 10,274 | | | | | | | American Airlines, Inc., Term Loan B | | | 6.267% | | | | 1-Month LIBOR | | | | 1.750% | | | | 6/27/25 | | | | Ba3 | | | | 10,092,631 | |
| | 3,169 | | | | | | | American Airlines, Inc., Term Loan, First Lien | | | 6.297% | | | | 1-Month LIBOR | | | | 1.750% | | | | 1/29/27 | | | | Ba3 | | | | 3,082,024 | |
| | 10,366 | | | | | | | Kestrel Bidco Inc., Term Loan B | | | 7.508% | | | | 1-Month LIBOR | | | | 3.000% | | | | 12/11/26 | | | | B+ | | | | 9,984,944 | |
| | 11,391 | | | | | | | Mileage Plus Holdings LLC, Term Loan B | | | 9.996% | | | | 3-Month LIBOR | | | | 5.250% | | | | 6/20/27 | | | | Baa3 | | | | 11,896,106 | |
| | 950 | | | | | | | SkyMiles IP Ltd., Term Loan B | | | 8.558% | | | | 3-Month LIBOR | | | | 3.750% | | | | 10/20/27 | | | | Baa1 | | | | 984,086 | |
| | 3,930 | | | | | | | United Airlines, Inc., Term Loan B | | | 8.568% | | | | 3-Month LIBOR | | | | 3.750% | | | | 4/21/28 | | | | Ba1 | | | | 3,937,329 | |
| | 46,692 | | | | | | | Total Airlines | | | | | | | | | | | | | | | | | | | | | | | 46,707,042 | |
| | |
| | | | | | | Auto Components – 1.1% (0.7% of Total Investments) | |
| | | | | | | | |
| | 7,607 | | | | | | | Clarios Global LP, Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 4/30/26 | | | | B1 | | | | 7,598,047 | |
| | 1,052 | | | | | | | DexKo Global Inc., Term Loan B | | | 8.480% | | | | 3-Month LIBOR | | | | 3.750% | | | | 10/04/28 | | | | B2 | | | | 975,650 | |
| | 8,659 | | | | | | | Total Auto Components | | | | | | | | | | | | | | | | | | | | | | | 8,573,697 | |
| | |
| | | | | | | Beverages – 1.4% (0.8% of Total Investments) | |
| | | | | | | | |
| | 1,710 | | | | | | | Arterra Wines Canada, Inc., Term Loan | | | 8.230% | | | | 3-Month LIBOR | | | | 3.500% | | | | 11/25/27 | | | | B | | | | 1,666,809 | |
| | 2,849 | | | | | | | City Brewing Company, LLC, Term Loan | | | 8.330% | | | | 3-Month LIBOR | | | | 3.500% | | | | 4/05/28 | | | | CCC | | | | 1,339,043 | |
| | 4,875 | | | | | | | Sunshine Investments B.V., Term Loan | | | 8.515% | | | | TSFR3M | | | | 4.250% | | | | 5/05/29 | | | | B+ | | | | 4,850,625 | |
| | 3,282 | | | | | | | Triton Water Holdings, Inc, Term Loan | | | 8.230% | | | | 3-Month LIBOR | | | | 3.500% | | | | 3/31/28 | | | | B1 | | | | 3,132,062 | |
| | 12,716 | | | | | | | Total Beverages | | | | | | | | | | | | | | | | | | | | | | | 10,988,539 | |
| | |
| | | | | | | Building Products – 2.0% (1.3% of Total Investments) | |
| | | | | | | | |
| | 5,212 | | | | | | | Chamberlain Group Inc, Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 10/22/28 | | | | B | | | | 5,041,515 | |
| | 1,155 | | | | | | | Cornerstone Building Brands, Inc., Term Loan B | | | 7.709% | | | | 1-Month LIBOR | | | | 3.250% | | | | 4/12/28 | | | | B | | | | 1,083,878 | |
| | 8,723 | | | | | | | Quikrete Holdings, Inc., Term Loan, First Lien | | | 7.195% | | | | 1-Month LIBOR | | | | 2.625% | | | | 1/31/27 | | | | Ba2 | | | | 8,688,057 | |
| | 992 | | | | | | | Standard Industries Inc., Term Loan B | | | 6.425% | | | | 3-Month LIBOR | | | | 2.250% | | | | 9/22/28 | | | | BBB– | | | | 993,258 | |
| | 706 | | | | | | | Zurn Holdings, Inc., Term Loan B | | | 6.570% | | | | 1-Month LIBOR | | | | 2.000% | | | | 10/04/28 | | | | BB+ | | | | 706,779 | |
| | 16,788 | | | | | | | Total Building Products | | | | | | | | | | | | | | | | | | | | | | | 16,513,487 | |
| | |
| | | | | | | Capital Markets – 0.4% (0.3% of Total Investments) | |
| | | | | | | | |
| | 3,748 | | | | | | | Astra Acquisition Corp., Term Loan, First Lien | | | 9.820% | | | | 1-Month LIBOR | | | | 5.250% | | | | 10/22/28 | | | | BB– | | | | 3,322,934 | |
| | 3,748 | | | | | | | Total Capital Markets | | | | | | | | | | | | | | | | | | | | | | | 3,322,934 | |
| | |
| | | | | | | Chemicals – 2.0% (1.2% of Total Investments) | |
| | | | | | | | |
| | 889 | | | | | | | ASP Unifrax Holdings Inc, Term Loan B | | | 8.480% | | | | 3-Month LIBOR | | | | 3.750% | | | | 12/12/25 | | | | BB | | | | 807,562 | |
| | 3,150 | | | | | | | Axalta Coating Systems Dutch Holding B B.V, Term Loan B | | | 7.506% | | | | TSFR3M | | | | 3.000% | | | | 12/08/29 | | | | BBB– | | | | 3,167,719 | |
| | 1,655 | | | | | | | Diamond (BC) B.V., Term Loan B | | | 7.448% | | | | 1+3 Month LIBOR | | | | 2.750% | | | | 9/29/28 | | | | Ba3 | | | | 1,640,656 | |
| | 3,320 | | | | | | | Discovery Purchaser Corporation, Term Loan | | | 8.963% | | | | TSFR3M | | | | 4.375% | | | | 8/03/29 | | | | B– | | | | 3,186,519 | |
| | 1,703 | | | | | | | INEOS Styrolution US Holding LLC, Term Loan B | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 1/29/26 | | | | BB+ | | | | 1,702,412 | |
| | 2,851 | | | | | | | Ineos US Finance LLC, Term Loan B | | | 6.661% | | | | 1-Month LIBOR | | | | 2.000% | | | | 3/31/24 | | | | BBB– | | | | 2,860,899 | |
| | 456 | | | | | | | Kraton Corporation, Term Loan | | | 8.040% | | | | SOFR90A | | | | 3.250% | | | | 3/15/29 | | | | BB | | | | 455,787 | |
84
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | |
| | | | | | | Chemicals (continued) | |
| | | | | | | | |
| $ | 2,287 | | | | | | | Trinseo Materials Operating S.C.A., Term Loan | | | 6.570% | | | | 1-Month LIBOR | | | | 2.000% | | | | 9/09/24 | | | | Ba2 | | | $ | 2,238,546 | |
| | 16,311 | | | | | | | Total Chemicals | | | | | | | | | | | | | | | | | | | | | | | 16,060,100 | |
| | |
| | | | | | | Commercial Services & Supplies – 2.9% (1.8% of Total Investments) | |
| | | | | | | | |
| | 2,512 | | | | | | | Amentum Government Services Holdings LLC, Term Loan | | | 8.283% | | | | SOFR90A | | | | 4.000% | | | | 2/07/29 | | | | B1 | | | | 2,482,541 | |
| | 990 | | | | | | | Anticimex International AB, Term Loan B1 | | | 8.235% | | | | 3-Month LIBOR | | | | 3.500% | | | | 11/16/28 | | | | B | | | | 982,575 | |
| | 2,216 | | | | | | | Covanta Holding Corporation, Term Loan B | | | 7.034% | | | | TSFR1M | | | | 2.500% | | | | 11/30/28 | | | | Ba1 | | | | 2,219,774 | |
| | 167 | | | | | | | Covanta Holding Corporation, Term Loan C | | | 7.061% | | | | TSFR1M | | | | 2.500% | | | | 11/30/28 | | | | Ba1 | | | | 167,532 | |
| | 8,712 | | | | | | | Garda World Security Corporation, Term Loan B | | | 8.930% | | | | 3-Month LIBOR | | | | 4.250% | | | | 10/30/26 | | | | BB+ | | | | 8,698,921 | |
| | 3,609 | | | | | | | GFL Environmental Inc., Term Loan | | | 7.825% | | | | 3-Month LIBOR | | | | 3.000% | | | | 5/30/25 | | | | BB– | | | | 3,622,109 | |
| | 1,648 | | | | | | | Intrado Corporation, Term Loan | | | 8.825% | | | | 3-Month LIBOR | | | | 4.000% | | | | 10/10/24 | | | | B1 | | | | 1,551,584 | |
| | 1,440 | | | | | | | Vertical US Newco Inc, Term Loan B | | | 8.602% | | | | 6-Month LIBOR | | | | 3.500% | | | | 7/31/27 | | | | B+ | | | | 1,416,429 | |
| | 536 | | | | | | | West Corporation, Term Loan B1 | | | 8.075% | | | | 3-Month LIBOR | | | | 3.500% | | | | 10/10/24 | | | | B1 | | | | 506,652 | |
| | 1,478 | | | | | | | WIN Waste Innovations Holdings, Inc., Term Loan B | | | 7.480% | | | | 3-Month LIBOR | | | | 2.750% | | | | 3/25/28 | | | | B1 | | | | 1,423,475 | |
| | 23,308 | | | | | | | Total Commercial Services & Supplies | | | | | | | | | | | | | | | | | | | | | | | 23,071,592 | |
| | |
| | | | | | | Communications Equipment – 2.6% (1.6% of Total Investments) | |
| | | | | | | | |
| | 5,260 | | | | | | | Avaya, Inc., Term Loan B | | | 8.709% | | | | 1-Month LIBOR | | | | 4.250% | | | | 12/15/27 | | | | Caa2 | | | | 1,402,280 | |
| | 3,071 | | | | | | | CommScope, Inc., Term Loan B, (DD1) | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 4/04/26 | | | | B1 | | | | 3,015,126 | |
| | 3,278 | | | | | | | Delta TopCo, Inc., Term Loan B | | | 8.154% | | | | 3-Month LIBOR | | | | 3.750% | | | | 12/01/27 | | | | B2 | | | | 3,054,096 | |
| | 1,165 | | | | | | | EOS Finco Sarl, Term Loan | | | 10.604% | | | | SOFR90A | | | | 6.000% | | | | 8/03/29 | | | | B | | | | 1,146,552 | |
| | 8,398 | | | | | | | Maxar Technologies Ltd., Term Loan B | | | 8.911% | | | | SOFR30A | | | | 4.250% | | | | 6/09/29 | | | | B+ | | | | 8,414,134 | |
| | 440 | | | | | | | MLN US HoldCo LLC, Term Loan | | | 11.154% | | | | TSFR3M | | | | 6.700% | | | | 10/18/27 | | | | CCC+ | | | | 319,011 | |
| | 975 | | | | | | | MLN US HoldCo LLC, Term Loan, First Lien | | | 8.252% | | | | 3-Month LIBOR | | | | 4.500% | | | | 11/30/25 | | | | CCC– | | | | 289,624 | |
| | 3,964 | | | | | | | Riverbed Technology, Inc., Exit Term Loan, (cash 7.000%, PIK 2.000%) | | | 6.270% | | | | 3-Month LIBOR | | | | 2.000% | | | | 12/07/26 | | | | Caa1 | | | | 1,754,222 | |
| | 1,244 | | | | | | | ViaSat, Inc., Term Loan | | | 9.176% | | | | TSFR1M | | | | 4.500% | | | | 3/04/29 | | | | BB+ | | | | 1,245,889 | |
| | 27,795 | | | | | | | Total Communications Equipment | | | | | | | | | | | | | | | | | | | | | | | 20,640,934 | |
| | |
| | | | | | | Construction & Engineering – 0.5% (0.3% of Total Investments) | |
| | | | | | | | |
| | 413 | | | | | | | Aegion Corporation, Term Loan | | | 9.320% | | | | 1-Month LIBOR | | | | 4.750% | | | | 5/17/28 | | | | B | | | | 396,007 | |
| | 2,161 | | | | | | | Centuri Group, Inc, Term Loan B | | | 7.152% | | | | 3-Month LIBOR | | | | 2.500% | | | | 8/27/28 | | | | Ba2 | | | | 2,152,783 | |
| | 1,435 | | | | | | | Osmose Utilities Services, Inc., Term Loan | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 6/22/28 | | | | B | | | | 1,385,618 | |
| | 4,009 | | | | | | | Total Construction & Engineering | | | | | | | | | | | | | | | | | | | | | | | 3,934,408 | |
| | |
| | | | | | | Consumer Finance – 0.6% (0.4% of Total Investments) | |
| | | | | | | | |
| | 5,155 | | | | | | | Fleetcor Technologies Operating Company, LLC, Term Loan B4 | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 4/30/28 | | | | BB+ | | | | 5,149,273 | |
| | 5,155 | | | | | | | Total Consumer Finance | | | | | | | | | | | | | | | | | | | | | | | 5,149,273 | |
| | |
| | | | | | | Containers & Packaging – 1.9% (1.2% of Total Investments) | |
| | | | | | | | |
| | 4,291 | | | | | | | Berry Global, Inc., Term Loan Z | | | 6.152% | | | | 1-Month LIBOR | | | | 1.750% | | | | 7/01/26 | | | | BBB– | | | | 4,287,888 | |
| | 1,279 | | | | | | | Clydesdale Acquisition Holdings Inc, Term Loan B | | | 8.836% | | | | SOFR30A | | | | 4.175% | | | | 3/30/29 | | | | B | | | | 1,258,169 | |
| | 774 | | | | | | | Klockner-Pentaplast of America, Inc., Term Loan B | | | 8.259% | | |
| SOFR180A +
6 Month LIBOR |
| | | 4.750% | | | | 2/09/26 | | | | B | | | | 692,621 | |
| | 2,098 | | | | | | | Reynolds Group Holdings Inc. , Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 9/24/28 | | | | B+ | | | | 2,092,929 | |
| | 3,391 | | | | | | | Reynolds Group Holdings Inc. , Term Loan B2 | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 2/05/26 | | | | B+ | | | | 3,390,868 | |
| | 4,073 | | | | | | | TricorBraun Holdings, Inc., Term Loan | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 3/03/28 | | | | B2 | | | | 3,968,722 | |
| | 15,906 | | | | | | | Total Containers & Packaging | | | | | | | | | | | | | | | | | | | | | | | 15,691,197 | |
85
| | |
| |
| JQC | | Nuveen Credit Strategies Income Fund (continued) |
| | Portfolio of Investments January 31, 2023 |
| | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | |
| | | | | | | Diversified Consumer Services – 0.2% (0.1% of Total Investments) | |
| | | | | | | | |
| $ | 2,333 | | | | | | | Spin Holdco Inc., Term Loan | | | 8.765% | | | | 3-Month LIBOR | | | | 4.000% | | | | 3/04/28 | | | | B– | | | $ | 1,854,803 | |
| | 2,333 | | | | | | | Total Diversified Consumer Services | | | | | | | | | | | | | | | | | | | | | | | 1,854,803 | |
| | |
| | | | | | | Diversified Financial Services – 1.4% (0.9% of Total Investments) | |
| | | | | | | | |
| | 4,158 | | | | | | | Avaya, Inc., Term Loan B2 | | | 8.459% | | | | 1-Month LIBOR | | | | 4.000% | | | | 12/15/27 | | | | Caa2 | | | | 1,108,416 | |
| | 4,883 | | | | | | | Avolon TLB Borrower 1 (US) LLC, Term Loan B3 | | | 6.236% | | | | 1-Month LIBOR | | | | 1.750% | | | | 1/15/25 | | | | Baa2 | | | | 4,898,990 | |
| | 2,125 | | | | | | | Avolon TLB Borrower 1 (US) LLC, Term Loan B4 | | | 5.986% | | | | 1-Month LIBOR | | | | 1.500% | | | | 2/12/27 | | | | Baa2 | | | | 2,118,778 | |
| | 3,519 | | | | | | | Ditech Holding Corporation, Term Loan (5) | | | 0.000% | | | | N/A | | | | N/A | | | | 12/19/22 | | | | N/R | | | | 387,094 | |
| | 2,883 | | | | | | | Trans Union, LLC, Term Loan B6 | | | 6.820% | | | | 1-Month LIBOR | | | | 2.250% | | | | 12/01/28 | | | | BBB– | | | | 2,880,371 | |
| | 17,568 | | | | | | | Total Diversified Financial Services | | | | | | | | | | | | | | | | | | | | | | | 11,393,649 | |
| | |
| | | | | | | Diversified Telecommunication Services – 3.2% (2.0% of Total Investments) | |
| | | | | | | | |
| | 1,294 | | | | | | | Altice France S.A., Term Loan B12 | | | 8.517% | | | | 3-Month LIBOR | | | | 3.688% | | | | 1/31/26 | | | | B | | | | 1,248,413 | |
| | 11,534 | | | | | | | Altice France S.A., Term Loan B13 | | | 8.650% | | | | 3-Month LIBOR | | | | 4.000% | | | | 8/14/26 | | | | B | | | | 11,158,897 | |
| | 189 | | | | | | | CenturyLink, Inc., Term Loan B | | | 6.820% | | | | 1-Month LIBOR | | | | 2.250% | | | | 3/15/27 | | | | BB+ | | | | 182,730 | |
| | 2,133 | | | | | | | Cincinnati Bell, Inc., Term Loan B2 | | | 7.911% | | | | SOFR30A | | | | 3.250% | | | | 11/23/28 | | | | B+ | | | | 2,127,679 | |
| | 1,676 | | | | | | | Cyxtera DC Holdings, Inc., Term Loan B | | | 7.820% | | | | 3-Month LIBOR | | | | 3.000% | | | | 5/01/24 | | | | B3 | | | | 1,379,817 | |
| | 3,516 | | | | | | | Eagle Broadband Investments LLC, Term Loan | | | 7.750% | | | | 3-Month LIBOR | | | | 3.000% | | | | 11/12/27 | | | | B+ | | | | 3,488,552 | |
| | 5,575 | | | | | | | Frontier Communications Corp., Term Loan B | | | 8.500% | | | | 3-Month LIBOR | | | | 3.750% | | | | 10/08/27 | | | | BB+ | | | | 5,479,647 | |
| | 979 | | | | | | | Numericable Group SA, Term Loan B11 | | | 7.575% | | | | 3-Month LIBOR | | | | 2.750% | | | | 7/31/25 | | | | B | | | | 971,754 | |
| | 26,896 | | | | | | | Total Diversified Telecommunication Services | | | | | | | | | | | | | | | | | | | | | | | 26,037,489 | |
| | |
| | | | | | | Electric Utilities – 0.3% (0.2% of Total Investments) | |
| | | | | | | | |
| | 2,585 | | | | | | | Talen Energy Supply, LLC, Term Loan B (5) | | | 8.320% | | | | 1-Month LIBOR | | | | 3.75% | | | | 07/08/26 | | | | N/R | | | | 2,629,204 | |
| | 2,585 | | | | | | | Total Electric Utilities | | | | | | | | | | | | | | | | | | | | | | | 2,629,204 | |
| | |
| | | | | | | Electronic Equipment, Instruments & Components – 0.7% (0.4% of Total Investments) | |
| | | | | | | | |
| | 2,327 | | | | | | | II-VI Incorporated, Term Loan B | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 7/01/29 | | | | BBB– | | | | 2,325,919 | |
| | 3,199 | | | | | | | Ingram Micro Inc., Term Loan B | | | 8.230% | | | | 3-Month LIBOR | | | | 3.500% | | | | 7/02/28 | | | | BB+ | | | | 3,196,226 | |
| | 5,526 | | | | | | | Total Electronic Equipment, Instruments & Components | | | | | | | | | | | | | | | | | | | | | | | 5,522,145 | |
| | |
| | | | | | | Entertainment – 0.9% (0.6% of Total Investments) | |
| | | | | | | | |
| | 1,906 | | | | | | | AMC Entertainment Holdings, Inc. , Term Loan B | | | 7.430% | | | | 1-Month LIBOR | | | | 3.000% | | | | 4/22/26 | | | | B– | | | | 1,133,535 | |
| | 7,729 | | | | | | | Crown Finance US, Inc., Term Loan (5) | | | 0.000% | | | | N/A | | | | N/A | | | | 2/28/25 | | | | D | | | | 1,354,505 | |
| | 2,552 | | | | | | | Diamond Sports Group, LLC, Term Loan, Second Lien | | | 8.026% | | | | SOFR90A | | | | 3.250% | | | | 8/24/26 | | | | Caa2 | | | | 208,986 | |
| | 972 | | | | | | | Lions Gate Capital Holdings LLC, Term Loan B | | | 6.820% | | | | 1-Month LIBOR | | | | 2.250% | | | | 3/24/25 | | | | Ba2 | | | | 959,078 | |
| | 3,809 | | | | | | | Springer Nature Deutschland GmbH, Term Loan B18 | | | 7.730% | | | | 1-Month LIBOR | | | | 3.000% | | | | 8/14/26 | | | | BB+ | | | | 3,810,698 | |
| | 26 | | | | | | | Univision Communications Inc., Term Loan C5 | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 3/15/24 | | | | B+ | | | | 26,135 | |
| | 16,994 | | | | | | | Total Entertainment | | | | | | | | | | | | | | | | | | | | | | | 7,492,937 | |
| | |
| | | | | | | Food & Staples Retailing – 0.3% (0.2% of Total Investments) | |
| | | | | | | | |
| | 2,149 | | | | | | | US Foods, Inc., Term Loan B | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 11/22/28 | | | | BB | | | | 2,154,556 | |
| | 2,149 | | | | | | | Total Food & Staples Retailing | | | | | | | | | | | | | | | | | | | | | | | 2,154,556 | |
| | |
| | | | | | | Food Products – 1.3% (0.8% of Total Investments) | |
| | | | | | | | |
| | 1,932 | | | | | | | 8th Avenue Food & Provisions, Inc., Term Loan, First Lien, (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | CCC+ | | | | 1,690,223 | |
| | 1,737 | | | | | | | CHG PPC Parent LLC, Term Loan | | | 7.625% | | | | 1-Month LIBOR | | | | 3.000% | | | | 12/08/28 | | | | B1 | | | | 1,730,362 | |
| | 1,950 | | | | | | | Froneri International Ltd., Term Loan | | | 6.820% | | | | 1-Month LIBOR | | | | 2.250% | | | | 1/31/27 | | | | B+ | | | | 1,934,624 | |
| | 2,839 | | | | | | | H Food Holdings LLC, Term Loan B | | | 8.257% | | | | 1-Month LIBOR | | | | 3.688% | | | | 5/31/25 | | | | B2 | | | | 2,652,345 | |
86
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | |
| | | | | | | Food Products (continued) | |
| | | | | | | | |
| $ | 657 | | | | | | | H Food Holdings LLC, Term Loan B3 | | | 9.570% | | | | 1-Month LIBOR | | | | 5.000% | | | | 5/31/25 | | | | B2 | | | $ | 616,885 | |
| | 1,616 | | | | | | | Sycamore Buyer LLC, Term Loan B | | | 6.853% | | | | SOFR90A | | | | 2.250% | | | | 7/22/29 | | | | BB+ | | | | 1,596,154 | |
| | 10,731 | | | | | | | Total Food Products | | | | | | | | | | | | | | | | | | | | | | | 10,220,593 | |
| | |
| | | | | | | Health Care Equipment & Supplies – 5.5% (3.4% of Total Investments) | |
| | | | | | | | |
| | 12,833 | | | | | | | Bausch & Lomb, Inc., Term Loan | | | 7.842% | | | | SOFR90A | | | | 3.250% | | | | 5/05/27 | | | | BB– | | | | 12,518,027 | |
| | 4,762 | | | | | | | Carestream Health, Inc., Term Loan | | | 12.180% | | | | SOFR90A | | | | 7.500% | | | | 9/30/27 | | | | B– | | | | 3,483,879 | |
| | 1,230 | | | | | | | Embecta Corp, Term Loan B | | | 7.791% | | | | SOFR180A | | | | 3.000% | | | | 1/27/29 | | | | Ba3 | | | | 1,210,368 | |
| | 1,325 | | | | | | | ICU Medical, Inc., Term Loan B | | | 7.192% | | |
| SOFRA90A+
TSFR1M |
| | | 2.375% | | | | 12/14/28 | | | | BBB– | | | | 1,321,470 | |
| | 19,700 | | | | | | | Medline Borrower, LP, Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.500% | | | | 10/21/28 | | | | BB– | | | | 19,165,463 | |
| | 7,434 | | | | | | | Viant Medical Holdings, Inc., Term Loan, First Lien | | | 8.320% | | | | 1-Month LIBOR | | | | 3.750% | | | | 7/02/25 | | | | B3 | | | | 6,766,563 | |
| | 47,284 | | | | | | | Total Health Care Equipment & Supplies | | | | | | | | | | | | | | | | | | | | | | | 44,465,770 | |
| | |
| | | | | | | Health Care Providers & Services – 10.6% (6.6% of Total Investments) | |
| | | | | | | | |
| | 4,937 | | | | | | | AHP Health Partners, Inc., Term Loan B | | | 8.070% | | | | 1-Month LIBOR | | | | 3.500% | | | | 8/23/28 | | | | B1 | | | | 4,903,555 | |
| | 756 | | | | | | | DaVita, Inc. , Term Loan B | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 8/12/26 | | | | BBB– | | | | 748,685 | |
| | 268 | | | | | | | Element Materials Technology Group US Holdings Inc., Term Loan | | | 8.930% | | | | SOFR90A | | | | 4.250% | | | | 4/12/29 | | | | B1 | | | | 266,743 | |
| | 582 | | | | | | | Element Materials Technology Group US Holdings Inc., Term Loan | | | 8.930% | | | | SOFR90A | | | | 4.25 | | | | 07/06/29 | | | | B1 | | | | 577,944 | |
| | 2,389 | | | | | | | Gainwell Acquisition Corp., Term Loan B | | | 8.730% | | | | 3-Month LIBOR | | | | 4.000% | | | | 10/01/27 | | | | BB– | | | | 2,337,242 | |
| | 2,494 | | | | | | | Global Medical Response, Inc., Term Loan | | | 8.820% | | | | 1-Month LIBOR | | | | 4.250% | | | | 3/14/25 | | | | B– | | | | 1,845,856 | |
| | 12,153 | | | | | | | Global Medical Response, Inc., Term Loan B | | | 8.651% | | | | 1-Month LIBOR | | | | 4.250% | | | | 10/02/25 | | | | B– | | | | 9,038,472 | |
| | 780 | | | | | | | ICON Luxembourg S.A.R.L., Term Loan | | | 7.000% | | | | 3-Month LIBOR | | | | 2.250% | | | | 7/01/28 | | | | BB+ | | | | 781,469 | |
| | 6,147 | | | | | | | National Mentor Holdings, Inc., Term Loan | | | 8.400% | | |
| 1 + 3 Month
LIBOR |
| | | 3.750% | | | | 3/02/28 | | | | B– | | | | 4,536,958 | |
| | 196 | | | | | | | National Mentor Holdings, Inc., Term Loan C | | | 8.480% | | | | 3-Month LIBOR | | | | 3.750% | | | | 3/02/28 | | | | B– | | | | 145,034 | |
| | 3,334 | | | | | | | Onex TSG Intermediate Corp., Term Loan B | | | 9.575% | | | | 3-Month LIBOR | | | | 4.750% | | | | 2/26/28 | | | | B | | | | 2,977,463 | |
| | 15,119 | | | | | | | Parexel International Corporation, Term Loan, First Lien | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 11/15/28 | | | | B1 | | | | 15,017,381 | |
| | 6,034 | | | | | | | Phoenix Guarantor Inc, Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 3/05/26 | | | | B1 | | | | 5,956,207 | |
| | 4,045 | | | | | | | Phoenix Guarantor Inc, Term Loan B3 | | | 8.070% | | | | 1-Month LIBOR | | | | 3.500% | | | | 3/05/26 | | | | B1 | | | | 4,000,903 | |
| | 130 | | | | | | | Quorum Health Corporation, Term Loan (5) | | | 12.975% | | | | 3-Month LIBOR | | | | 8.250% | | | | 4/29/25 | | | | CCC | | | | 92,182 | |
| | 8,974 | | | | | | | RegionalCare Hospital Partners Holdings, Inc., Term Loan B | | | 8.575% | | | | 3-Month LIBOR | | | | 3.750% | | | | 11/16/25 | | | | B1 | | | | 8,736,711 | |
| | 9,709 | | | | | | | Select Medical Corporation, Term Loan B | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 3/06/25 | | | | Ba2 | | | | 9,678,388 | |
| | 11,592 | | | | | | | Surgery Center Holdings, Inc., Term Loan | | | 8.210% | | | | 3-Month LIBOR | | | | 3.750% | | | | 8/31/26 | | | | B1 | | | | 11,585,952 | |
| | 844 | | | | | | | Team Health Holdings, Inc., Term Loan B | | | 9.811% | | | | SOFR30A | | | | 5.250% | | | | 2/02/27 | | | | B– | | | | 703,400 | |
| | 1,605 | | | | | | | Team Health Holdings, Inc., Term Loan, First Lien, (DD1) | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 2/06/24 | | | | B– | | | | 1,482,727 | |
| | 92,088 | | | | | | | Total Health Care Providers & Services | | | | | | | | | | | | | | | | | | | | | | | 85,413,272 | |
| | |
| | | | | | | Health Care Technology – 0.3% (0.2% of Total Investments) | |
| | | | | | | | |
| | 325 | | | | | | | Athenahealth, Inc., Term Loan (6) | | | 8.012% | | | | SOFR30A | | | | 3.500% | | | | 1/27/29 | | | | B+ | | | | 308,829 | |
| | 1,908 | | | | | | | Athenahealth, Inc., Term Loan B | | | 8.012% | | | | SOFR30A | | | | 3.500% | | | | 1/27/29 | | | | B+ | | | | 1,812,978 | |
| | 2,233 | | | | | | | Total Health Care Technology | | | | | | | | | | | | | | | | | | | | | | | 2,121,807 | |
| | |
| | | | | | | Hotels, Restaurants & Leisure – 18.7% (11.6% of Total Investments) | |
| | | | | | | | |
| | 343 | | | | | | | Alterra Mountain Company, Term Loan | | | 8.070% | | | | 1-Month LIBOR | | | | 3.500% | | | | 8/17/28 | | | | B+ | | | | 342,805 | |
| | 2,805 | | | | | | | Aramark Services, Inc., Term Loan B3 | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 3/11/25 | | | | BB+ | | | | 2,798,857 | |
| | 12,964 | | | | | | | B.C. Unlimited Liability Company, Term Loan B4 | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 11/19/26 | | | | BB+ | | | | 12,846,893 | |
| | 3,180 | | | | | | | Caesars Entertainment Inc,Term Loan (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | Ba3 | | | | 3,181,145 | |
| | 11,218 | | | | | | | Caesars Resort Collection, LLC, Term Loan B, First Lien | | | 7.320% | | | | 1-Week LIBOR | | | | 2.750% | | | | 12/22/24 | | | | BB– | | | | 11,222,292 | |
| | 837 | | | | | | | Caesars Resort Collection, LLC, Term Loan B1 | | | 8.070% | | | | 1-Week LIBOR | | | | 3.500% | | | | 7/20/25 | | | | BB– | | | | 838,088 | |
87
| | |
| |
| JQC | | Nuveen Credit Strategies Income Fund (continued) |
| | Portfolio of Investments January 31, 2023 |
| | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | |
| | | | | | | Hotels, Restaurants & Leisure (continued) | |
| | | | | | | | |
| $ | 4,237 | | | | | | | Carnival Corporation, Term Loan B | | | 7.570% | | | | 1-Month LIBOR | | | | 3.000% | | | | 6/30/25 | | | | Ba2 | | | $ | 4,180,344 | |
| | 2,214 | | | | | | | Carnival Corporation, Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 10/18/28 | | | | BB– | | | | 2,166,497 | |
| | 3,332 | | | | | | | Churchill Downs Incorporated, Term Loan B1 | | | 6.570% | | | | 1-Month LIBOR | | | | 2.000% | | | | 3/17/28 | | | | BBB– | | | | 3,319,138 | |
| | 4,764 | | | | | | | ClubCorp Holdings, Inc., Term Loan B , (DD1) | | | 7.480% | | | | 3-Month LIBOR | | | | 2.750% | | | | 9/18/24 | | | | B2 | | | | 4,420,509 | |
| | 1,848 | | | | | | | Crown Finance US, Inc., Term Loan (6) | | | 0.000% | | | | N/A | | | | N/A | | | | 5/31/23 | | | | CCC+ | | | | 292,215 | |
| | 460 | | | | | | | Crown Finance US, Inc., Term Loan, (DD1) | | | 14.460% | | | | TSFR1M | | | | 10.000% | | | | 9/09/23 | | | | N/R | | | | 465,208 | |
| | 5,472 | | | | | | | Crown Finance US, Inc., Term Loan, (DD1) | | | 14.635% | | | | TSFR3M | | | | 10.00% | | | | 09/07/23 | | | | N/R | | | | 5,535,978 | |
| | 12,021 | | | | | | | Equinox Holdings, Inc., Term Loan, First Lien | | | 7.730% | | | | 3-Month LIBOR | | | | 3.000% | | | | 3/08/24 | | | | Caa2 | | | | 9,387,022 | |
| | 14,858 | | | | | | | Fertitta Entertainment, LLC, Term Loan B | | | 8.561% | | | | SOFR30A | | | | 4.000% | | | | 1/27/29 | | | | B | | | | 14,710,150 | |
| | 2,020 | | | | | | | GVC Holdings (Gibraltar) Limited, Term Loan B, (DD1) | | | 8.180% | | | | SOFR90A | | | | 3.500% | | | | 10/31/29 | | | | Ba1 | | | | 2,025,555 | |
| | 2,963 | | | | | | | Hilton Grand Vacations Borrower LLC, Term Loan B | | | 7.570% | | | | 1-Month LIBOR | | | | 3.000% | | | | 8/02/28 | | | | BB+ | | | | 2,967,521 | |
| | 3,231 | | | | | | | Hilton Worldwide Finance, LLC, Term Loan B2 | | | 6.380% | | | | TSFR1M | | | | 1.750% | | | | 6/21/26 | | | | BBB– | | | | 3,231,250 | |
| | 5,463 | | | | | | | IRB Holding Corp, Term Loan B, (DD1) | | | 7.687% | | | | SOFR90A | | | | 3.000% | | | | 12/15/27 | | | | B+ | | | | 5,418,493 | |
| | 4,867 | | | | | | | IRB Holding Corp, Term Loan B | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 2/05/25 | | | | B+ | | | | 4,866,397 | |
| | 5,633 | | | | | | | Life Time Fitness Inc , Term Loan B | | | 9.485% | | | | 3-Month LIBOR | | | | 4.750% | | | | 12/15/24 | | | | B+ | | | | 5,646,835 | |
| | 4,302 | | | | | | | Marriott Ownership Resorts, Inc., Term Loan B | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 8/31/25 | | | | BB+ | | | | 4,281,983 | |
| | 2,958 | | | | | | | NASCAR Holdings, Inc, Term Loan B | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 10/18/26 | | | | BBB– | | | | 2,963,196 | |
| | 581 | | | | | | | PCI Gaming Authority, Term Loan | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 5/31/26 | | | | BBB– | | | | 581,680 | |
| | 1,847 | | | | | | | Penn National Gaming, Inc., Term Loan B | | | 7.411% | | | | SOFR30A | | | | 2.750% | | | | 4/20/29 | | | | BB | | | | 1,847,994 | |
| | 1,527 | | | | | | | Scientific Games Holdings LP, Term Loan B | | | 8.103% | | | | SOFR90A | | | | 3.500% | | | | 2/04/29 | | | | BB– | | | | 1,504,700 | |
| | 4,726 | | | | | | | Scientific Games International, Inc., Term Loan | | | 7.578% | | | | SOFR30A | | | | 3.000% | | | | 4/07/29 | | | | BBB– | | | | 4,727,928 | |
| | 3,950 | | | | | | | SeaWorld Parks & Entertainment, Inc., Term Loan B | | | 7.625% | | | | 1-Month LIBOR | | | | 3.000% | | | | 8/25/28 | | | | BB | | | | 3,946,544 | |
| | 11,405 | | | | | | | Stars Group Holdings B.V. (The), Term Loan | | | 6.980% | | | | 3-Month LIBOR | | | | 2.250% | | | | 7/10/25 | | | | BBB | | | | 11,397,383 | |
| | 3,057 | | | | | | | Stars Group Holdings B.V. (The), Term Loan B | | | 8.092% | | | | SOFR90A | | | | 3.250% | | | | 7/04/28 | | | | BBB | | | | 3,066,907 | |
| | 12,063 | | | | | | | Station Casinos LLC, Term Loan B | | | 6.820% | | | | 1-Month LIBOR | | | | 2.250% | | | | 2/08/27 | | | | BB– | | | | 11,987,598 | |
| | 2,228 | | | | | | | Twin River Worldwide Holdings, Inc., Term Loan B | | | 7.709% | | | | 1-Month LIBOR | | | | 3.250% | | | | 10/01/28 | | | | BB+ | | | | 2,146,898 | |
| | 383 | | | | | | | William Morris Endeavor Entertainment, LLC, Term Loan, First Lien | | | 7.352% | | | | 1 + 3 Month LIBOR | | | | 2.750% | | | | 5/16/25 | | | | B | | | | 381,294 | |
| | 1,788 | | | | | | | Wyndham Hotels & Resorts, Inc., Term Loan B | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 5/30/25 | | | | BBB– | | | | 1,789,448 | |
| | 155,545 | | | | | | | Total Hotels, Restaurants & Leisure | | | | | | | | | | | | | | | | | | | | | | | 150,486,745 | |
| | |
| | | | | | | Household Durables – 0.9% (0.6% of Total Investments) | |
| | | | | | | | |
| | 305 | | | | | | | AI Aqua Merger Sub, Inc., Term Loan | | | 8.124% | | |
| SOFRA30A + Month
LIBOR |
| | | 3.917% | | | | 07/31/28 | | | | B | | | | 299,025 | |
| | 1,750 | | | | | | | AI Aqua Merger Sub, Inc., Term Loan B | | | 8.132% | | | | SOFR90A | | | | 3.750% | | | | 07/31/28 | | | | B | | | | 1,717,240 | |
| | 3,184 | | | | | | | AI Aqua Merger Sub, Inc., Term Loan B, First Lien | | | 8.147% | | | | SOFR30A | | | | 3.750% | | | | 7/30/28 | | | | B | | | | 3,115,671 | |
| | 2,262 | | | | | | | Weber-Stephen Products LLC, Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 10/30/27 | | | | CCC+ | | | | 1,992,310 | |
| | 7,501 | | | | | | | Total Household Durables | | | | | | | | | | | | | | | | | | | | | | | 7,124,246 | |
| | |
| | | | | | | Independent Power And Renewable Electricity Producers – 0.2% (0.1% of Total Investments) | |
| | | | | | | | |
| | 1,314 | | | | | | | Vistra Operations Company LLC, Term Loan B3, First Lien | | | 6.262% | | | | 1-Month LIBOR | | | | 1.750% | | | | 12/31/25 | | | | BBB– | | | | 1,313,318 | |
| | 1,314 | | | | | | | Total Independent Power And Renewable Electricity Producers | | | | | | | | | | | | | | | | | | | | | | | 1,313,318 | |
| | |
| | | | | | | Insurance – 7.4% (4.6% of Total Investments) | |
| | | | | | | | |
| | 16,520 | | | | | | | Acrisure, LLC, Term Loan B | | | 8.070% | | | | 1-Month LIBOR | | | | 3.500% | | | | 2/15/27 | | | | B | | | | 15,967,838 | |
| | 6,063 | | | | | | | Alliant Holdings Intermediate, LLC, Term Loan B4 | | | 8.008% | | | | 1-Month LIBOR | | | | 3.500% | | | | 11/06/27 | | | | B | | | | 6,063,324 | |
88
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | |
| | | | | | | Insurance (continued) | |
| | | | | | | | |
| $ | 4,634 | | | | | | | Asurion LLC, Term Loan B4, Second Lien | | | 9.820% | | | | 1-Month LIBOR | | | | 5.250% | | | | 1/20/29 | | | | B | | | $ | 3,898,376 | |
| | 1,256 | | | | | | | Asurion LLC, Term Loan B7 | | | 7.570% | | | | 1-Month LIBOR | | | | 3.000% | | | | 11/03/24 | | | | Ba3 | | | | 1,244,342 | |
| | 1,441 | | | | | | | Asurion LLC, Term Loan B8 | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 12/23/26 | | | | Ba3 | | | | 1,382,041 | |
| | 5,221 | | | | | | | Asurion LLC, Term Loan B9 | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 7/31/27 | | | | Ba3 | | | | 4,945,510 | |
| | 1,975 | | | | | | | Broadstreet Partners, Inc., Term Loan B2 | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 1/27/27 | | | | B1 | | | | 1,949,078 | |
| | 899 | | | | | | | Hub International Limited, Term Loan B | | | 7.746% | | | | 3-Month LIBOR | | | | 3.250% | | | | 4/25/25 | | | | B | | | | 899,020 | |
| | 780 | | | | | | | Hub International Limited, Term Loan B | | | 8.220% | | | | SOFR90A | | | | 4.000% | | | | 11/10/29 | | | | B | | | | 780,608 | |
| | 14,166 | | | | | | | Hub International Limited, Term Loan B | | | 7.746% | | | | 3-Month LIBOR | | | | 3.000% | | | | 4/25/25 | | | | B | | | | 14,169,952 | |
| | 244 | | | | | | | Ryan Specialty Group, LLC, Term Loan | | | 7.553% | | | | SOFR30A | | | | 3.000% | | | | 9/01/27 | | | | BB– | | | | 244,452 | |
| | 5,985 | | | | | | | USI, Inc., Term Loan | | | 8.330% | | | | SOFR90A | | | | 3.750% | | | | 11/16/29 | | | | B1 | | | | 5,993,229 | |
| | 1,940 | | | | | | | USI, Inc., Term Loan B | | | 7.980% | | | | 3-Month LIBOR | | | | 3.250% | | | | 12/02/26 | | | | B1 | | | | 1,942,034 | |
| | 61,124 | | | | | | | Total Insurance | | | | | | | | | | | | | | | | | | | | | | | 59,479,804 | |
| | |
| | | | | | | Interactive Media & Services – 0.5% (0.3% of Total Investments) | |
| | | | | | | | |
| | 1,330 | | | | | | | Adevinta ASA, Term Loan B | | | 7.480% | | | | 3-Month LIBOR | | | | 2.750% | | | | 6/25/28 | | | | BB+ | | | | 1,330,581 | |
| | 4,923 | | | | | | | Rackspace Technology Global, Inc., Term Loan B | | | 7.380% | | | | 3-Month LIBOR | | | | 2.750% | | | | 2/09/28 | | | | B– | | | | 3,126,384 | |
| | 6,253 | | | | | | | Total Interactive Media & Services | | | | | | | | | | | | | | | | | | | | | | | 4,456,965 | |
| | |
| | | | | | | Internet & Direct Marketing Retail – 0.7% (0.4% of Total Investments) | |
| | | | | | | | |
| | 3,930 | | | | | | | CNT Holdings I Corp, Term Loan | | | 8.125% | | | | TSFR3M | | | | 3.500% | | | | 11/08/27 | | | | B | | | | 3,889,167 | |
| | 1,738 | | | | | | | Medical Solutions Holdings, Inc., Term Loan, First Lien | | | 7.223% | | |
| 1 + 3 Month
LIBOR |
| | | 3.500% | | | | 11/01/28 | | | | B1 | | | | 1,684,505 | |
| | 5,668 | | | | | | | Total Internet & Direct Marketing Retail | | | | | | | | | | | | | | | | | | | | | | | 5,573,672 | |
| | |
| | | | | | | IT Services – 3.3% (2.1% of Total Investments) | |
| | | | | | | | |
| | 2,124 | | | | | | | Ahead DB Holdings, LLC, Term Loan B | | | 8.480% | | | | 3-Month LIBOR | | | | 3.750% | | | | 10/16/27 | | | | B+ | | | | 2,095,787 | |
| | 2,484 | | | | | | | Peraton Corp., Term Loan B | | | 8.320% | | | | 1-Month LIBOR | | | | 3.750% | | | | 2/01/28 | | | | BB– | | | | 2,475,183 | |
| | 8,105 | | | | | | | Syniverse Holdings, Inc., Term Loan | | | 11.580% | | | | SOFR90A | | | | 7.000% | | | | 5/10/29 | | | | B– | | | | 7,316,507 | |
| | 10,829 | | | | | | | Tempo Acquisition LLC, Term Loan B | | | 7.561% | | | | TSFR1M | | | | 3.000% | | | | 8/31/28 | | | | BB– | | | | 10,857,226 | |
| | 4,141 | | | | | | | Travelport Finance (Luxembourg) S.a.r.l., Term Loan, (cash 3.500%, PIK 6.500%) | | | 6.740% | | | | 3-Month LIBOR | | | | 1.500% | | | | 2/28/25 | | | | B– | | | | 4,261,499 | |
| | 27,683 | | | | | | | Total IT Services | | | | | | | | | | | | | | | | | | | | | | | 27,006,202 | |
| | |
| | | | | | | Leisure Products – 1.1% (0.7% of Total Investments) | |
| | | | | | | | |
| | 7,375 | | | | | | | Hayward Industries, Inc., Term Loan | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 5/28/28 | | | | BB | | | | 7,297,027 | |
| | 1,233 | | | | | | | SRAM, LLC , Term Loan B | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 5/18/28 | | | | BB– | | | | 1,222,937 | |
| | 8,608 | | | | | | | Total Leisure Products | | | | | | | | | | | | | | | | | | | | | | | 8,519,964 | |
| | |
| | | | | | | Life Sciences Tools & Services – 0.9% (0.5% of Total Investments) | |
| | | | | | | | |
| | 1,053 | | | | | | | Avantor Funding, Inc., Term Loan B5 | | | 6.820% | | | | 1-Month LIBOR | | | | 2.250% | | | | 11/06/27 | | | | BB+ | | | | 1,054,790 | |
| | 6,753 | | | | | | | Curia Global, Inc., Term Loan, (DD1) | | | 8.469% | | |
| 1 + 3 Month
LIBOR |
| | | 3.750% | | | | 8/30/26 | | | | B2 | | | | 5,864,095 | |
| | 195 | | | | | | | ICON Luxembourg S.A.R.L., Term Loan | | | 7.000% | | | | 3-Month LIBOR | | | | 2.250% | | | | 7/01/28 | | | | BB+ | | | | 194,985 | |
| | 8,001 | | | | | | | Total Life Sciences Tools & Services | | | | | | | | | | | | | | | | | | | | | | | 7,113,870 | |
| | |
| | | | | | | Machinery – 2.9% (1.8% of Total Investments) | |
| | | | | | | | |
| | 5,293 | | | | | | | Ali Group North America Corporation, Term Loan B | | | 6.676% | | | | TSFR1M | | | | 2.000% | | | | 10/13/28 | | | | Baa3 | | | | 5,288,384 | |
| | 1,939 | | | | | | | Alliance Laundry Systems LLC, Term Loan B | | | 8.306% | | | | 3-Month LIBOR | | | | 3.500% | | | | 10/08/27 | | | | B | | | | 1,937,166 | |
| | 1,405 | | | | | | | Chart Industries Inc,Term Loan (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | Ba3 | | | | 1,410,269 | |
| | 12,193 | | | | | | | Gardner Denver, Inc., Term Loan B2 | | | 6.411% | | | | TSFR1M | | | | 1.750% | | | | 2/28/27 | | | | BB+ | | | | 12,174,607 | |
| | 1,318 | | | | | | | Grinding Media Inc., Term Loan B | | | 8.056% | | | | 3-Month LIBOR | | | | 4.000% | | | | 10/12/28 | | | | B | | | | 1,295,242 | |
| | 1,478 | | | | | | | Madison IAQ LLC, Term Loan | | | 7.988% | | | | 3-Month LIBOR | | | | 3.250% | | | | 6/21/28 | | | | B2 | | | | 1,417,093 | |
| | 23,626 | | | | | | | Total Machinery | | | | | | | | | | | | | | | | | | | | | | | 23,522,761 | |
| | |
| | | | | | | Media – 12.2% (7.6% of Total Investments) | |
| | | | | | | | |
| | 3,647 | | | | | | | ABG Intermediate Holdings 2 LLC, Term Loan B1 | | | 8.161% | | | | SOFR30A | | | | 3.500% | | | | 12/21/28 | | | | B1 | | | | 3,625,251 | |
| | 720 | | | | | | | ABG Intermediate Holdings 2 LLC, Term Loan, Second Lien | | | 10.661% | | | | SOFR30A | | | | 6.000% | | | | 12/20/29 | | | | CCC+ | | | | 666,454 | |
89
| | |
| |
| JQC | | Nuveen Credit Strategies Income Fund (continued) |
| | Portfolio of Investments January 31, 2023 |
| | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | |
| | | | | | | Media (continued) | |
| | | | | | | | |
| $ | 972 | | | | | | | Altice Financing SA, Term Loan, First Lien | | | 7.580% | | | | 3-Month LIBOR | | | | 2.750% | | | | 1/31/26 | | | | B | | | $ | 955,262 | |
| | 1,970 | | | | | | | Cable One, Inc., Term Loan B4 | | | 6.570% | | | | 1-Month LIBOR | | | | 2.000% | | | | 5/03/28 | | | | BB+ | | | | 1,956,663 | |
| | 4,839 | | | | | | | Cengage Learning, Inc., Term Loan B | | | 9.880% | | | | 3-Month LIBOR | | | | 4.750% | | | | 7/14/26 | | | | B | | | | 4,625,845 | |
| | 7,528 | | | | | | | Charter Communications Operating, LLC, Term Loan B2 | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 2/01/27 | | | | BBB– | | | | 7,511,747 | |
| | 401 | | | | | | | Checkout Holding Corp., First Out Term Loan | | | 11.920% | | | | 3-Month LIBOR | | | | 7.500% | | | | 2/15/23 | | | | N/R | | | | 315,180 | |
| | 801 | | | | | | | Checkout Holding Corp., Last Out Term Loan, (cash 2.000, PIK 9.500%) | | | 5.570% | | | | 1-Month LIBOR | | | | 9.500% | | | | 8/15/23 | | | | N/R | | | | 184,181 | |
| | 12,481 | | | | | | | Clear Channel Outdoor Holdings, Inc., Term Loan B | | | 8.198% | | |
| 1 + 3 Month
LIBOR |
| | | 3.500% | | | | 8/21/26 | | | | B1 | | | | 11,903,831 | |
| | 6,778 | | | | | | | Cogeco Communications Finance (USA), LP, Term Loan B | | | 6.570% | | | | 1-Month LIBOR | | | | 2.000% | | | | 1/04/25 | | | | BB | | | | 6,768,385 | |
| | 1,551 | | | | | | | CSC Holdings, LLC, Term Loan | | | 6.709% | | | | 1-Month LIBOR | | | | 2.250% | | | | 1/15/26 | | | | B+ | | | | 1,495,779 | |
| | 243 | | | | | | | CSC Holdings, LLC, Term Loan B1 | | | 6.709% | | | | 1-Month LIBOR | | | | 2.250% | | | | 7/17/25 | | | | B+ | | | | 234,752 | |
| | 1,153 | | | | | | | CSC Holdings, LLC, Term Loan B5 | | | 6.959% | | | | 1-Month LIBOR | | | | 2.500% | | | | 4/15/27 | | | | B+ | | | | 1,073,954 | |
| | 5,393 | | | | | | | CSC Holdings, LLC, Term Loan B6 | | | 8.823% | | | | SOFR90A | | | | 4.500% | | | | 1/14/28 | | | | B1 | | | | 5,125,535 | |
| | 8,406 | | | | | | | DirecTV Financing, LLC, Term Loan | | | 9.570% | | | | 1-Month LIBOR | | | | 5.000% | | | | 8/02/27 | | | | BBB– | | | | 8,286,020 | |
| | 2,902 | | | | | | | Fleet U.S. Bidco Inc., Term Loan B | | | 7.928% | | | | 6-Month LIBOR | | | | 3.000% | | | | 10/07/26 | | | | B+ | | | | 2,902,500 | |
| | 2,905 | | | | | | | Formula One Holdings Limited., Term Loan B | | | 7.811% | | | | TSFR1M | | | | 3.250% | | | | 1/15/30 | | | | BB+ | | | | 2,919,830 | |
| | 2,231 | | | | | | | Gray Television, Inc., Term Loan B | | | 6.871% | | | | 1-Month LIBOR | | | | 2.500% | | | | 2/07/24 | | | | BB+ | | | | 2,234,259 | |
| | 4,280 | | | | | | | Gray Television, Inc., Term Loan C | | | 6.869% | | | | 1-Month LIBOR | | | | 2.500% | | | | 1/02/26 | | | | BB+ | | | | 4,269,616 | |
| | 3,406 | | | | | | | iHeartCommunications, Inc., Term Loan | | | 7.570% | | | | 1-Month LIBOR | | | | 3.000% | | | | 5/01/26 | | | | BB– | | | | 3,363,930 | |
| | 4,249 | | | | | | | McGraw-Hill Global Education Holdings, LLC, Term Loan | | | 8.316% | | | | 6-Month LIBOR | | | | 4.750% | | | | 7/30/28 | | | | BB+ | | | | 4,076,086 | |
| | 409 | | | | | | | Mission Broadcasting, Inc., Term Loan B | | | 6.869% | | | | 1-Month LIBOR | | | | 2.500% | | | | 6/03/28 | | | | BBB– | | | | 406,733 | |
| | 1,019 | | | | | | | Nexstar Broadcasting, Inc., Term Loan B4 | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 9/18/26 | | | | BBB– | | | | 1,020,490 | |
| | 740 | | | | | | | Outfront Media Capital LLC, Term Loan B | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 11/18/26 | | | | Ba1 | | | | 733,525 | |
| | 8,798 | | | | | | | Virgin Media Bristol LLC, Term Loan N | | | 6.959% | | | | 1-Month LIBOR | | | | 2.500% | | | | 1/31/28 | | | | BB+ | | | | 8,765,051 | |
| | 12,926 | | | | | | | Ziggo Financing Partnership, Term Loan I | | | 6.959% | | | | 1-Month LIBOR | | | | 2.500% | | | | 4/30/28 | | | | BB | | | | 12,838,007 | |
| | 100,748 | | | | | | | Total Media | | | | | | | | | | | | | | | | | | | | | | | 98,258,866 | |
| | |
| | | | | | | Multiline Retail – 0.1% (0.0% of Total Investments) | |
| | | | | | | | |
| | 1,588 | | | | | | | Belk, Inc., Term Loan, (cash 5.000%, PIK 8.000%) | | | 17.440% | | | | 3-Month LIBOR | | | | 13.000% | | | | 7/31/25 | | | | CCC– | | | | 294,790 | |
| | 328 | | | | | | | Belk, Inc., Term Loan | | | 12.199% | | | | 3-Month LIBOR | | | | 7.500% | | | | 7/31/25 | | | | B– | | | | 281,312 | |
| | 1,916 | | | | | | | Total Multiline Retail | | | | | | | | | | | | | | | | | | | | | | | 576,102 | |
| | |
| | | | | | | Oil, Gas & Consumable Fuels – 3.7% (2.3% of Total Investments) | |
| | | | | | | | |
| | 13,314 | | | | | | | Buckeye Partners, L.P., Term Loan B | | | 6.634% | | | | 1-Month LIBOR | | | | 2.250% | | | | 11/01/26 | | | | BBB– | | | | 13,330,335 | |
| | 321 | | | | | | | EG America LLC, Term Loan | | | 8.730% | | | | 3-Month LIBOR | | | | 4.000% | | | | 2/05/25 | | | | B– | | | | 311,080 | |
| | 3,888 | | | | | | | EG Group Limited, Term Loan B | | | 9.151% | | | | 3-Month LIBOR | | | | 4.000% | | | | 2/05/25 | | | | B– | | | | 3,763,541 | |
| | 3,537 | | | | | | | Freeport LNG Investments, LLLP, Term Loan A, (DD1) | | | 7.808% | | | | 3-Month LIBOR | | | | 3.000% | | | | 11/16/26 | | | | N/R | | | | 3,445,550 | |
| | 2,515 | | | | | | | Gulf Finance, LLC, Term Loan | | | 11.344% | | | | 1-Month LIBOR | | | | 6.750% | | | | 8/25/26 | | | | B | | | | 2,458,112 | |
| | 708 | | | | | | | M6 ETX Holdings II Midco LLC, Term Loan B | | | 9.158% | | | | SOFR90A | | | | 4.500% | | | | 8/11/29 | | | | BB+ | | | | 708,225 | |
| | 1,608 | | | | | | | QuarterNorth Energy Holding Inc., Exit Term Loan, Second Lien | | | 12.570% | | | | 1-Month LIBOR | | | | 8.000% | | | | 8/27/26 | | | | B | | | | 1,603,024 | |
| | 2,970 | | | | | | | TransMontaigne Operating Company L.P., Term Loan B | | | 8.028% | | | | 1-Month LIBOR | | | | 3.500% | | | | 11/05/28 | | | | BB | | | | 2,965,352 | |
| | 1,170 | | | | | | | Whitewater Whistler Holdings LLC,Term Loan (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | BB+ | | | | 1,170,000 | |
| | 30,031 | | | | | | | Total Oil, Gas & Consumable Fuels | | | | | | | | | | | | | | | | | | | | | | | 29,755,219 | |
| | |
| | | | | | | Personal Products – 1.1% (0.7% of Total Investments) | |
| | | | | | | | |
| | 1,000 | | | | | | | Conair Holdings, LLC, Term Loan B | | | 8.480% | | | | 3-Month LIBOR | | | | 3.750% | | | | 5/17/28 | | | | B– | | | | 865,688 | |
| | 6,262 | | | | | | | Coty Inc., Term Loan B | | | 6.645% | | | | 1-Month LIBOR | | | | 2.250% | | | | 4/05/25 | | | | BB– | | | | 6,258,071 | |
| | 4 | | | | | | | kdc/one Development Corporation, Inc., Term Loan B | | | 8.320% | | | | 1-Month LIBOR | | | | 3.750% | | | | 12/21/25 | | | | N/R | | | | 4,273 | |
| | 1,595 | | | | | | | Kronos Acquisition Holdings Inc., Term Loan��B , (DD1) | | | 8.485% | | | | 3-Month LIBOR | | | | 3.750% | | | | 12/22/26 | | | | B2 | | | | 1,556,380 | |
| | 8,861 | | | | | | | Total Personal Products | | | | | | | | | | | | | | | | | | | | | | | 8,684,412 | |
90
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | |
| | | | | | | Pharmaceuticals – 1.6% (1.0% of Total Investments) | |
| | | | | | | | |
| $ | 246 | | | | | | | Catalent Pharma Solutions Inc., Term Loan B3 | | | 6.563% | | | | 1-Month LIBOR | | | | 2.000% | | | | 2/22/28 | | | | BBB– | | | $ | 245,398 | |
| | 4,907 | | | | | | | Jazz Financing Lux S.a.r.l., Term Loan | | | 8.070% | | | | 1-Month LIBOR | | | | 3.500% | | | | 5/05/28 | | | | BB+ | | | | 4,908,208 | |
| | 4,566 | | | | | | | Mallinckrodt International Finance S.A., Term Loan | | | 9.986% | | | | 3-Month LIBOR | | | | 5.250% | | | | 9/30/27 | | | | B3 | | | | 3,516,273 | |
| | 26 | | | | | | | Mallinckrodt International Finance S.A., Term Loan B (5) | | | 9.986% | | | | 3-Month LIBOR | | | | 5.250% | | | | 9/24/24 | | | | B | | | | 20,324 | |
| | 2,793 | | | | | | | Organon & Co, Term Loan | | | 7.750% | | | | 3-Month LIBOR | | | | 3.000% | | | | 6/02/28 | | | | BB | | | | 2,793,366 | |
| | 1,633 | | | | | | | Perrigo Investments, LLC, Term Loan B | | | 7.161% | | | | SOFR30A | | | | 2.500% | | | | 4/05/29 | | | | Baa3 | | | | 1,638,918 | |
| | 14,171 | | | | | | | Total Pharmaceuticals | | | | | | | | | | | | | | | | | | | | | | | 13,122,487 | |
| | |
| | | | | | | Professional Services – 2.4% (1.5% of Total Investments) | |
| | | | | | | | |
| | 903 | | | | | | | CHG Healthcare Services Inc., Term Loan | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 9/30/28 | | | | B1 | | | | 898,991 | |
| | 2,910 | | | | | | | Creative Artists Agency, LLC , Term Loan B | | | 8.320% | | | | 1-Month LIBOR | | | | 3.750% | | | | 11/26/26 | | | | B | | | | 2,915,005 | |
| | 171 | | | | | | | Dun & Bradstreet Corporation (The), Term Loan | | | 7.767% | | | | 1-Month LIBOR | | | | 3.250% | | | | 2/08/26 | | | | BB+ | | | | 170,661 | |
| | 1,050 | | | | | | | Physician Partners LLC, Term Loan | | | 8.661% | | | | SOFR30A | | | | 4.000% | | | | 2/01/29 | | | | B | | | | 1,008,017 | |
| | 13,013 | | | | | | | Trans Union, LLC, Term Loan B5 | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 11/13/26 | | | | BBB– | | | | 12,959,208 | |
| | 1,477 | | | | | | | Verscend Holding Corp., Term Loan B | | | 8.570% | | | | 1-Month LIBOR | | | | 4.000% | | | | 8/27/25 | | | | BB– | | | | 1,477,765 | |
| | 19,524 | | | | | | | Total Professional Services | | | | | | | | | | | | | | | | | | | | | | | 19,429,647 | |
| | |
| | | | | | | Real Estate Management & Development – 0.9% (0.6% of Total Investments) | |
| | 5,484 | | | | | | | Brookfield Property REIT Inc., Term Loan B, First Lien | | | 7.161% | | | | SOFR30A | | | | 2.500% | | | | 8/24/25 | | | | BB+ | | | | 5,460,754 | |
| | 818 | | | | | | | Cushman & Wakefield U.S. Borrower, LLC, Term Loan B | | | 7.320% | | | | 1-Month LIBOR | | | | 2.750% | | | | 8/21/25 | | | | BB | | | | 815,701 | |
| | 1,031 | | | | | | | Cushman & Wakefield US Borrower LLC | | | 7.816% | | | | 1-Month LIBOR | | | | 3.250% | | | | 1/24/30 | | | | BB | | | | 1,028,797 | |
| | 7,333 | | | | | | | Total Real Estate Management & Development | | | | | | | | | | | | | | | | | | | | | | | 7,305,252 | |
| | |
| | | | | | | Road & Rail – 0.3% (0.2% of Total Investments) | |
| | | | | | | | |
| | 2,117 | | | | | | | Hertz Corporation, (The), Term Loan B | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 6/30/28 | | | | BB+ | | | | 2,112,971 | |
| | 405 | | | | | | | Hertz Corporation, (The), Term Loan C | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 6/30/28 | | | | BB+ | | | | 403,868 | |
| | 2,522 | | | | | | | Total Road & Rail | | | | | | | | | | | | | | | | | | | | | | | 2,516,839 | |
| | |
| | | | | | | Semiconductors & Semiconductor Equipment – 0.3% (0.2% of Total Investments) | |
| | | | | | | | |
| | 2,017 | | | | | | | Bright Bidco B.V., Term Loan (5) | | | 12.676% | | | | TSFR3M | | | | 8.000% | | | | 10/31/27 | | | | B | | | | 1,764,287 | |
| | 1,026 | | | | | | | Entegris, Inc., Term Loan B | | | 7.571% | | |
| SOFR30A +
SOFR90A |
| | | 3.000% | | | | 7/06/29 | | | | Baa3 | | | | 1,031,612 | |
| | 3,043 | | | | | | | Total Semiconductors & Semiconductor Equipment | | | | | | | | | | | | | | | | | | | | | | | 2,795,899 | |
| | |
| | | | | | | Software – 16.6% (10.3% of Total Investments) | |
| | | | | | | | |
| | 1,836 | | | | | | | Apttus Corporation, Term Loan | | | 9.075% | | | | 3-Month LIBOR | | | | 4.250% | | | | 5/06/28 | | | | BB | | | | 1,788,555 | |
| | 2,326 | | | | | | | Avaya, Inc., Term Loan | | | 14.478% | | | | SOFR30A | | | | 10.000% | | | | 12/15/27 | | | | Caa2 | | | | 1,366,395 | |
| | 6,626 | | | | | | | Banff Merger Sub Inc, Term Loan, (DD1) | | | 8.320% | | | | 1-Month LIBOR | | | | 3.750% | | | | 10/02/25 | | | | B2 | | | | 6,519,832 | |
| | 1,005 | | | | | | | CCC Intelligent Solutions Inc., Term Loan B | | | 6.797% | | | | 1-Month LIBOR | | | | 2.250% | | | | 9/21/28 | | | | B+ | | | | 1,004,096 | |
| | 4,670 | | | | | | | CDK Global, Inc., Term Loan B | | | 9.080% | | | | SOFR90A | | | | 4.500% | | | | 6/09/29 | | | | B+ | | | | 4,666,357 | |
| | 2,862 | | | | | | | Ceridian HCM Holding Inc., Term Loan B | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 4/30/25 | | | | B+ | | | | 2,853,807 | |
| | 3,990 | | | | | | | DTI Holdco, Inc., Term Loan | | | 9.426% | | | | SOFR90A | | | | 4.750% | | | | 4/21/29 | | | | B2 | | | | 3,817,931 | |
| | 8,482 | | | | | | | Emerald TopCo Inc, Term Loan | | | 8.070% | | | | 1-Month LIBOR | | | | 3.500% | | | | 7/25/26 | | | | B2 | | | | 8,126,895 | |
| | 9,849 | | | | | | | Epicor Software Corporation, Term Loan | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 7/31/27 | | | | B2 | | | | 9,690,166 | |
| | 6,636 | | | | | | | Finastra USA, Inc., Term Loan, First Lien | | | 8.325% | | | | 3-Month LIBOR | | | | 3.500% | | | | 6/13/24 | | | | B+ | | | | 6,251,950 | |
| | 5,300 | | | | | | | Greeneden U.S. Holdings II, LLC, Term Loan B4 | | | 8.570% | | | | 1-Month LIBOR | | | | 4.000% | | | | 12/01/27 | | | | B2 | | | | 5,214,365 | |
| | 6,947 | | | | | | | Informatica LLC, Term Loan B | | | 7.375% | | | | 1-Month LIBOR | | | | 2.750% | | | | 10/14/28 | | | | BB– | | | | 6,945,312 | |
| | 4,334 | | | | | | | McAfee, LLC, Term Loan B | | | 8.184% | | | | SOFR30A | | | | 3.750% | | | | 2/03/29 | | | | BB+ | | | | 4,101,283 | |
| | 8,390 | | | | | | | NortonLifeLock Inc., Term Loan B | | | 6.661% | | | | SOFR30A | | | | 2.000% | | | | 1/28/29 | | | | BBB– | | | | 8,382,357 | |
| | 10,500 | | | | | | | Open Text Corp,Term Loan (WI/DD) | | | TBD | | | | TBD | | | | TBD | | | | TBD | | | | BBB– | | | | 10,500,000 | |
| | 2,078 | | | | | | | Polaris Newco LLC, Term Loan B | | | 8.730% | | | | 3-Month LIBOR | | | | 4.000% | | | | 6/04/28 | | | | B2 | | | | 1,977,713 | |
| | 737 | | | | | | | Project Ruby Ultimate Parent Corp., Term Loan | | | 7.820% | | | | 1-Month LIBOR | | | | 3.250% | | | | 3/10/28 | | | | B | | | | 713,848 | |
91
| | |
| |
| JQC | | Nuveen Credit Strategies Income Fund (continued) |
| | Portfolio of Investments January 31, 2023 |
| | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | | Description (1) | | Coupon (2) | | | Reference
Rate (2) | | | Spread (2) | | | Maturity (3) | | | Ratings (4) | | | Value | |
| | |
| | | | | | | Software (continued) | |
| | | | | | | | |
| $ | 2,226 | | | | | | | Proofpoint, Inc., Term Loan, First Lien | | | 7.985% | | | | 3-Month LIBOR | | | | 3.250% | | | | 8/31/28 | | | | BB– | | | $ | 2,186,524 | |
| | 1,069 | | | | | | | RealPage, Inc, Term Loan, First Lien | | | 7.547% | | | | 1-Month LIBOR | | | | 3.000% | | | | 4/22/28 | | | | B+ | | | | 1,044,713 | |
| | 9,912 | | | | | | | Sophia, L.P., Term Loan B | | | 8.230% | | | | 3-Month LIBOR | | | | 3.500% | | | | 10/07/27 | | | | B2 | | | | 9,784,727 | |
| | 3,331 | | | | | | | SS&C European Holdings Sarl, Term Loan B4, (DD1) | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 4/16/25 | | | | BB+ | | | | 3,329,526 | |
| | 3,788 | | | | | | | SS&C Technologies Inc., Term Loan B3, (DD1) | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 4/16/25 | | | | BB+ | | | | 3,785,721 | |
| | 7,638 | | | | | | | Ultimate Software Group Inc (The), Term Loan | | | 8.032% | | | | 3-Month LIBOR | | | | 3.250% | | | | 5/03/26 | | | | B1 | | | | 7,525,911 | |
| | 14,512 | | | | | | | Ultimate Software Group Inc (The), Term Loan B | | | 8.575% | | | | 3-Month LIBOR | | | | 3.750% | | | | 5/03/26 | | | | B1 | | | | 14,393,643 | |
| | 1,680 | | | | | | | Vision Solutions, Inc., Term Loan | | | 8.818% | | | | 3-Month LIBOR | | | | 4.000% | | | | 5/28/28 | | | | B2 | | | | 1,480,580 | |
| | 6,411 | | | | | | | Zelis Healthcare Corporation, Term Loan | | | 8.070% | | | | 1-Month LIBOR | | | | 3.500% | | | | 9/30/26 | | | | B | | | | 6,406,832 | |
| | 137,135 | | | | | | | Total Software | | | | | | | | | | | | | | | | | | | | | | | 133,859,039 | |
| | |
| | | | | | | Specialty Retail – 4.0% (2.5% of Total Investments) | |
| | | | | | | | |
| | 852 | | | | | | | Academy, Ltd., Term Loan | | | 8.119% | | | | 1-Month LIBOR | | | | 3.750% | | | | 11/06/27 | | | | BB | | | | 853,497 | |
| | 2,131 | | | | | | | Avis Budget Car Rental, LLC, Term Loan B | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 8/06/27 | | | | BB+ | | | | 2,106,858 | |
| | 2,540 | | | | | | | Avis Budget Car Rental, LLC, Term Loan C | | | 8.161% | | | | SOFR30A | | | | 3.500% | | | | 3/15/29 | | | | BB+ | | | | 2,542,117 | |
| | 759 | | | | | | | Driven Holdings, LLC, Term Loan B | | | 7.738% | | | | 3-Month LIBOR | | | | 3.000% | | | | 12/17/28 | | | | B3 | | | | 744,711 | |
| | 3,755 | | | | | | | Jo-Ann Stores, Inc., Term Loan B1 | | | 9.572% | | | | 3-Month LIBOR | | | | 4.750% | | | | 6/30/28 | | | | CCC+ | | | | 2,196,810 | |
| | 2,827 | | | | | | | LBM Acquisition LLC, Term Loan B | | | 8.852% | | | | 6-Month LIBOR | | | | 3.750% | | | | 12/18/27 | | | | B+ | | | | 2,563,819 | |
| | 1,072 | | | | | | | Les Schwab Tire Centers, Term Loan B | | | 6.580% | | | | 3-Month LIBOR | | | | 3.250% | | | | 11/02/27 | | | | B | | | | 1,070,683 | |
| | 16,115 | | | | | | | PetSmart, Inc., Term Loan B | | | 8.411% | | | | TSFR1M | | | | 3.750% | | | | 2/12/28 | | | | BB | | | | 16,027,339 | |
| | 3,558 | | | | | | | Restoration Hardware, Inc., Term Loan B | | | 7.070% | | | | 1-Month LIBOR | | | | 2.500% | | | | 10/15/28 | | | | BB | | | | 3,431,986 | |
| | 757 | | | | | | | SRS Distribution Inc., Term Loan | | | 8.161% | | | | TSFR1M | | | | 3.500% | | | | 6/04/28 | | | | B– | | | | 731,714 | |
| | 34,366 | | | | | | | Total Specialty Retail | | | | | | | | | | | | | | | | | | | | | | | 32,269,534 | |
| | |
| | | | | | | Textiles, Apparel & Luxury Goods – 0.4% (0.3% of Total Investments) | |
| | | | | | | | |
| | 3,201 | | | | | | | Birkenstock GmbH & Co. KG, Term Loan B | | | 7.690% | | | | 3-Month LIBOR | | | | 3.250% | | | | 4/28/28 | | | | BB– | | | | 3,197,745 | |
| | 638 | | | | | | | New Trojan Parent, Inc., Term Loan, First Lien | | | 7.764% | | | | 1-Month LIBOR | | | | 3.250% | | | | 1/06/28 | | | | B– | | | | 449,652 | |
| | 3,839 | | | | | | | Total Textiles, Apparel & Luxury Goods | | | | | | | | | | | | | | | | | | | | | | | 3,647,397 | |
| | |
| | | | | | | Trading Companies & Distributors – 1.9% (1.2% of Total Investments) | |
| | | | | | | | |
| | 13,620 | | | | | | | Core & Main LP, Term Loan B | | | 7.313% | | |
| 1 + 6 Month
LIBOR |
| | | 2.500% | | | | 6/10/28 | | | | B+ | | | | 13,613,246 | |
| | 1,474 | | | | | | | Resideo Funding Inc., Term Loan | | | 6.807% | | |
| 1 + 3 +
6 Month LIBOR |
| | | 2.250% | | | | 2/12/28 | | | | BBB– | | | | 1,477,434 | |
| | 8 | | | | | | | Univar Solutions USA Inc., Term Loan B6 | | | 6.320% | | | | 1-Month LIBOR | | | | 1.750% | | | | 6/03/28 | | | | BBB– | | | | 8,492 | |
| | 15,102 | | | | | | | Total Trading Companies & Distributors | | | | | | | | | | | | | | | | | | | | | | | 15,099,172 | |
| | |
| | | | | | | Transportation Infrastructure – 0.5% (0.3% of Total Investments) | |
| | | | | | | | |
| | 2,201 | | | | | | | Brown Group Holding, LLC, Term Loan B | | | 7.047% | | | | 1-Month LIBOR | | | | 2.500% | | | | 4/22/28 | | | | B+ | | | | 2,193,949 | |
| | 1,796 | | | | | | | Brown Group Holding, LLC, Term Loan B2 | | | 8.369% | | |
| SOFR30A +
SOFR90A |
| | | 3.750% | | | | 6/09/29 | | | | B+ | | | | 1,798,750 | |
| | 3,997 | | | | | | | Total Transportation Infrastructure | | | | | | | | | | | | | | | | | | | | | | | 3,992,699 | |
| | |
| | | | | | | Wireless Telecommunication Services – 1.0% (0.6% of Total Investments) | |
| | | | | | | | |
| | 1,477 | | | | | | | GOGO Intermediate Holdings LLC, Term Loan B | | | 8.575% | | | | 3-Month LIBOR | | | | 3.750% | | | | 4/30/28 | | | | B+ | | | | 1,478,290 | |
| | 6,822 | | | | | | | Intelsat Jackson Holdings S.A., Term
Loan B | | | 7.445% | | | | SOFR180A | | | | 4.500% | | | | 1/27/29 | | | | BB– | | | | 6,727,235 | |
| | 8,299 | | | | | | | Total Wireless Telecommunication Services | | | | | | | | | | | | | | | | | | | | | | | 8,205,525 | |
| $ | 1,117,553 | | | | | | | Total Variable Rate Senior Loan Interests (cost $1,100,870,146) | | | | 1,057,942,307 | |
92
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | | Description (1) | | | | | | | | Coupon | | | Maturity | | | Ratings (4) | | | Value | |
| | |
| | | | | | | | CORPORATE BONDS - 25.4% (15.8% of Total Investments) | |
| | |
| | | | | | | | Aerospace & Defense – 0.3% (0.2% of Total Investments) | |
| | | | | | | | |
| $ | 2,963 | | | | | | | TransDigm Inc (7) | | | | | | | | | | | 4.625% | | | | 1/15/29 | | | | B– | | | $ | 2,673,100 | |
| | 2,963 | | | | | | | Total Aerospace & Defense | | | | | | | | | | | | | | | | | | | | | | | 2,673,100 | |
| | | |
| | | | | | | Airlines – 1.1% (0.7% of Total Investments) | | | | |
| | | | | | | | |
| | 1,975 | | | | | | | Delta Air Lines Inc (7) | | | | | | | | | | | 3.750% | | | | 10/28/29 | | | | Baa3 | | | | 1,747,678 | |
| | 4,500 | | | | | | | Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd, 144A (7) | | | | | | | | | | | 6.500% | | | | 6/20/27 | | | | Baa3 | | | | 4,546,395 | |
| | 1,623 | | | | | | | United Airlines Inc, 144A (7) | | | | | | | | | | | 4.625% | | | | 4/15/29 | | | | Ba1 | | | | 1,480,355 | |
| | 1,201 | | | | | | | United Airlines Inc, 144A (7) | | | | | | | | | | | 4.375% | | | | 4/15/26 | | | | Ba1 | | | | 1,140,151 | |
| | 9,299 | | | | | | | Total Airlines | | | | | | | | | | | | | | | | | | | | | | | 8,914,579 | |
| | | |
| | | | | | | Auto Components – 0.6% (0.4% of Total Investments) | | | | |
| | | | | | | | |
| | 2,699 | | | | | | | Clarios Global LP / Clarios US Finance Co, 144A (7) | | | | | | | | | | | 6.250% | | | | 5/15/26 | | | | B1 | | | | 2,681,187 | |
| | 1,970 | | | | | | | Dana Financing Luxembourg Sarl, 144A (7) | | | | | | | | | | | 5.750% | | | | 4/15/25 | | | | BB+ | | | | 1,950,300 | |
| | 4,669 | | | | | | | Total Auto Components | | | | | | | | | | | | | | | | | | | | | | | 4,631,487 | |
| | | |
| | | | | | | Capital Markets – 0.1% (0.1% of Total Investments) | | | | |
| | | | | | | | |
| | 1,000 | | | | | | | LPL Holdings Inc, 144A (7) | | | | | | | | | | | 4.625% | | | | 11/15/27 | | | | Baa3 | | | | 951,640 | |
| | 1,000 | | | | | | | Total Capital Markets | | | | | | | | | | | | | | | | | | | | | | | 951,640 | |
| | | |
| | | | | | | Chemicals – 0.5% (0.3% of Total Investments) | | | | |
| | | | | | | | |
| | 2,138 | | | | | | | Rayonier AM Products Inc, 144A (7) | | | | | | | | | | | 7.625% | | | | 1/15/26 | | | | B+ | | | | 1,999,073 | |
| | 2,690 | | | | | | | Trinseo Materials Operating SCA / Trinseo Materials Finance Inc, 144A (7) | | | | | | | | | | | 5.375% | | | | 9/01/25 | | | | B2 | | | | 2,353,750 | |
| | 4,828 | | | | | | | Total Chemicals | | | | | | | | | | | | | | | | | | | | | | | 4,352,823 | |
| | | |
| | | | | | | Commercial Services & Supplies – 1.0% (0.6% of Total Investments) | | | | |
| | | | | | | | |
| | 1,200 | | | | | | | GFL Environmental Inc, 144A (7) | | | | | | | | | | | 5.125% | | | | 12/15/26 | | | | BB– | | | | 1,167,300 | |
| | 2,316 | | | | | | | Prime Security Services Borrower LLC / Prime Finance Inc, 144A (7) | | | | | | | | | | | 5.750% | | | | 4/15/26 | | | | BB– | | | | 2,269,771 | |
| | 2,500 | | | | | | | Prime Security Services Borrower LLC / Prime Finance Inc, 144A (7) | | | | | | | | | | | 3.375% | | | | 8/31/27 | | | | BB– | | | | 2,218,377 | |
| | 2,650 | | | | | | | Prime Security Services Borrower LLC / Prime Finance Inc, 144A (7) | | | | | | | | | | | 6.250% | | | | 1/15/28 | | | | B– | | | | 2,513,260 | |
| | 8,666 | | | | | | | Total Commercial Services & Supplies | | | | | | | | | | | | | | | | | | | | | | | 8,168,708 | |
| | | |
| | | | | | | Communications Equipment – 1.8% (1.2% of Total Investments) | | | | |
| | | | | | | | |
| | 20,424 | | | | | | | Avaya Inc, 144A (7) | | | | | | | | | | | 6.125% | | | | 9/15/28 | | | | Caa2 | | | | 6,229,320 | |
| | 2,250 | | | | | | | Commscope Inc, 144A (7) | | | | | | | | | | | 8.250% | | | | 3/01/27 | | | | CCC+ | | | | 1,913,738 | |
| | 1,975 | | | | | | | Commscope Inc, 144A (7) | | | | | | | | | | | 4.750% | | | | 9/01/29 | | | | B1 | | | | 1,643,911 | |
| | 6,750 | | | | | | | CommScope Technologies LLC, 144A (7) | | | | | | | | | | | 5.000% | | | | 3/15/27 | | | | CCC+ | | | | 5,153,473 | |
| | 31,399 | | | | | | | Total Communications Equipment | | | | | | | | | | | | | | | | | | | | | | | 14,940,442 | |
| | | |
| | | | | | | Containers & Packaging – 0.1% (0.1% of Total Investments) | | | | |
| | | | | | | | |
| | 1,190 | | | | | | | Pactiv Evergreen Group Issuer Inc/Pactiv Evergreen Group Issuer LLC, 144A (7) | | | | | | | | | | | 4.375% | | | | 9/30/28 | | | | B+ | | | | 1,057,663 | |
| | 1,190 | | | | | | | Total Containers & Packaging | | | | | | | | | | | | | | | | | | | | | | | 1,057,663 | |
| | | |
| | | | | | | Diversified Telecommunication Services – 1.1% (0.7% of Total Investments) | | | | |
| | | | | | | | |
| | 2,000 | | | | | | | Frontier Communications Holdings LLC | | | | | | | | | | | 5.875% | | | | 11/01/29 | | | | CCC+ | | | | 1,630,520 | |
| | 6,313 | | | | | | | Frontier Communications Holdings LLC, 144A (7) | | | | | | | | | | | 5.875% | | | | 10/15/27 | | | | BB+ | | | | 6,028,410 | |
| | 1,978 | | | | | | | Frontier Communications Holdings LLC, 144A (7) | | | | | | | | | | | 6.000% | | | | 1/15/30 | | | | BB– | | | | 1,624,788 | |
| | 10,291 | | | | | | | Total Diversified Telecommunication Services | | | | | | | | | | | | | | | | | | | | | | | 9,283,718 | |
93
| | |
| |
| JQC | | Nuveen Credit Strategies Income Fund (continued) |
| | Portfolio of Investments January 31, 2023 |
| | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | | Description (1) | | | | | | | | Coupon | | | Maturity | | | Ratings (4) | | | Value | |
| | | |
| | | | | | | Electric Utilities – 0.4% (0.2% of Total Investments) | | | | |
| | | | | | | | |
| $ | 3,750 | | | | | | | Bruce Mansfield Unit 1 2007 Pass Through Trust (5) | | | | | | | | | | | 6.850% | | | | 6/01/34 | | | | N/R | | | $ | 4,687 | |
| | 1,940 | | | | | | | Pacific Gas and Electric Co (7) | | | | | | | | | | | 4.550% | | | | 7/01/30 | | | | BBB– | | | | 1,809,383 | |
| | 1,268 | | | | | | | PG&E Corp | | | | | | | | | | | 5.000% | | | | 7/01/28 | | | | BB | | | | 1,188,179 | |
| | 6,958 | | | | | | | Total Electric Utilities | | | | | | | | | | | | | | | | | | | | | | | 3,002,249 | |
| | | |
| | | | | | | Entertainment – 0.9% (0.5% of Total Investments) | | | | |
| | | | | | | | |
| | 10,390 | | | | | | | AMC Entertainment Holdings Inc, (cash 10.000%, PIK 12.000%), 144A (7) | | | | | | | | | | | 10.000% | | | | 6/15/26 | | | | Caa3 | | | | 5,181,025 | |
| | 4,040 | | | | | | | Diamond Sports Group LLC / Diamond Sports Finance Co, 144A | | | | | | | | | | | 5.375% | | | | 8/15/26 | | | | Caa2 | | | | 297,950 | |
| | 5,750 | | | | | | | Diamond Sports Group LLC / Diamond Sports Finance Co, 144A | | | | | | | | | | | 6.625% | | | | 8/15/27 | | | | Ca | | | | 115,000 | |
| | 2,000 | | | | | | | Lions Gate Capital Holdings LLC, 144A | | | | | | | | | | | 5.500% | | | | 4/15/29 | | | | B– | | | | 1,300,000 | |
| | 22,180 | | | | | | | Total Entertainment | | | | | | | | | | | | | | | | | | | | | | | 6,893,975 | |
| | | |
| | | | | | | Equity Real Estate Investment Trusts (REITs) – 0.4% (0.3% of Total Investments) | | | | |
| | | | | | | | |
| | 5,250 | | | | | | | American Tower Corp | | | | | | | | | | | 2.950% | | | | 1/15/51 | | | | BBB+ | | | | 3,457,716 | |
| | 5,250 | | | | | | | Total Equity Real Estate Investment Trusts (REITs) | | | | | | | | | | | | | | | | | | | | 3,457,716 | |
| | | |
| | | | | | | Food & Staples Retailing – 0.5% (0.3% of Total Investments) | | | | |
| | | | | | | | |
| | 4,000 | | | | | | | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC, 144A (7) | | | | | | | | | | | 4.625% | | | | 1/15/27 | | | | BB | | | | 3,792,200 | |
| | 4,000 | | | | | | | Total Food & Staples Retailing | | | | | | | | | | | | | | | | | | | | | | | 3,792,200 | |
| | | |
| | | | | | | Health Care Equipment & Supplies – 0.2% (0.1% of Total Investments) | | | | |
| | | | | | | | |
| | 1,975 | | | | | | | Mozart Debt Merger Sub Inc, 144A (7) | | | | | | | | | | | 3.875% | | | | 4/01/29 | | | | BB– | | | | 1,688,655 | |
| | 1,975 | | | | | | | Total Health Care Equipment & Supplies | | | | | | | | | | | | | | | | | | | | | | | 1,688,655 | |
| | | |
| | | | | | | Health Care Providers & Services – 1.6% (1.0% of Total Investments) | | | | |
| | | | | | | | |
| | 3,548 | | | | | | | LifePoint Health Inc, 144A | | | | | | | | | | | 5.375% | | | | 1/15/29 | | | | CCC+ | | | | 2,370,048 | |
| | 1,175 | | | | | | | Select Medical Corp, 144A | | | | | | | | | | | 6.250% | | | | 8/15/26 | | | | B– | | | | 1,147,599 | |
| | 1,201 | | | | | | | Tenet Healthcare Corp (7) | | | | | | | | | | | 4.875% | | | | 1/01/26 | | | | BB– | | | | 1,169,738 | |
| | 8,500 | | | | | | | Tenet Healthcare Corp (7) | | | | | | | | | | | 6.125% | | | | 10/01/28 | | | | B+ | | | | 7,948,180 | |
| | 14,424 | | | | | | | Total Health Care Providers & Services | | | | | | | | | | | | | | | | | | | | | | | 12,635,565 | |
| | | |
| | | | | | | Hotels, Restaurants & Leisure – 1.1% (0.7% of Total Investments) | | | | |
| | | | | | | | |
| | 5,692 | | | | | | | 1011778 BC ULC / New Red Finance Inc, 144A (7) | | | | | | | | | | | 4.000% | | | | 10/15/30 | | | | B+ | | | | 4,845,315 | |
| | 1,193 | | | | | | | 1011778 BC ULC / New Red Finance Inc, 144A (7) | | | | | | | | | | | 3.500% | | | | 2/15/29 | | | | BB+ | | | | 1,043,805 | |
| | 1,623 | | | | | | | Caesars Entertainment Inc, 144A (7) | | | | | | | | | | | 6.250% | | | | 7/01/25 | | | | Ba3 | | | | 1,616,748 | |
| | 1,201 | | | | | | | Life Time Inc, 144A (7) | | | | | | | | | | | 5.750% | | | | 1/15/26 | | | | B+ | | | | 1,154,185 | |
| | 9,709 | | | | | | | Total Hotels, Restaurants & Leisure | | | | | | | | | | | | | | | | | | | | | | | 8,660,053 | |
| | | |
| | | | | | | Independent Power Producers & Energy Traders – 0.7% (0.4% of Total Investments) | | | | |
| | | | | | | | |
| | 3,890 | | | | | | | Talen Energy Supply LLC, 144A (5) | | | | | | | | | | | 7.625% | | | | 6/01/28 | | | | N/R | | | | 4,054,964 | |
| | 1,305 | | | | | | | Ziggo Bond Co BV, 144A (7) | | | | | | | | | | | 6.000% | | | | 1/15/27 | | | | B– | | | | 1,234,243 | |
| | 5,195 | | | | | | | Total Independent Power Producers & Energy Traders | | | | | | | | | | | | | | | | | | | | | | | 5,289,207 | |
| | | |
| | | | | | | Insurance – 0.1% (0.0% of Total Investments) | | | | |
| | | | | | | | |
| | 625 | | | | | | | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144A (7) | | | | | | | | | | | 4.250% | | | | 10/15/27 | | | | B | | | | 572,784 | |
| | 625 | | | | | | | Total Insurance | | | | | | | | | | | | | | | | | | | | | | | 572,784 | |
| | | |
| | | | | | | Interactive Media & Services – 0.3% (0.2% of Total Investments) | | | | |
| | | | | | | | |
| | 4,391 | | | | | | | Rackspace Technology Global Inc, 144A (7) | | | | | | | | | | | 3.500% | | | | 2/15/28 | | | | B– | | | | 2,640,089 | |
| | 4,391 | | | | | | | Total Interactive Media & Services | | | | | | | | | | | | | | | | | | | | | | | 2,640,089 | |
94
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | | Description (1) | | | | | | | | Coupon | | | Maturity | | | Ratings (4) | | | Value | |
| | | |
| | | | | | | Internet Software & Services – 0.4% (0.2% of Total Investments) | | | | |
| | | | | | | | |
| $ | 8,231 | | | | | | | Rackspace Technology Global Inc, 144A | | | | | | | | | | | 5.375% | | | | 12/01/28 | | | | CCC+ | | | $ | 3,032,630 | |
| | 8,231 | | | | | | | Total Internet Software & Services | | | | | | | | | | | | | | | | | | | | | | | 3,032,630 | |
| | | |
| | | | | | | IT Services – 0.3% (0.2% of Total Investments) | | | | |
| | | | | | | | |
| | 2,988 | | | | | | | Ahead DB Holdings LLC, 144A (7) | | | | | | | | | | | 6.625% | | | | 5/01/28 | | | | CCC+ | | | | 2,524,860 | |
| | 2,988 | | | | | | | Total IT Services | | | | | | | | | | | | | | | | | | | | | | | 2,524,860 | |
| | | |
| | | | | | | Media – 3.6% (2.2% of Total Investments) | | | | |
| | | | | | | | |
| | 7,000 | | | | | | | Charter Communications Operating LLC / Charter Communications Operating Capital | | | | | | | | | | | 3.500% | | | | 3/01/42 | | | | BBB– | | | | 4,868,763 | |
| | 3,000 | | | | | | | Clear Channel Outdoor Holdings Inc, 144A (7) | | | | | | | | | | | 5.125% | | | | 8/15/27 | | | | B1 | | | | 2,720,895 | |
| | 3,675 | | | | | | | Clear Channel Outdoor Holdings Inc, 144A (7) | | | | | | | | | | | 7.750% | | | | 4/15/28 | | | | CCC | | | | 3,126,433 | |
| | 8,521 | | | | | | | CSC Holdings LLC, 144A (7) | | | | | | | | | | | 3.375% | | | | 2/15/31 | | | | B+ | | | | 5,943,397 | |
| | 5,000 | | | | | | | Directv Financing LLC / Directv Financing Co-Obligor Inc, 144A (7) | | | | | | | | | | | 5.875% | | | | 8/15/27 | | | | BBB– | | | | 4,529,025 | |
| | 18 | | | | | | | iHeartCommunications Inc | | | | | | | | | | | 6.375% | | | | 5/01/26 | | | | BB– | | | | 16,994 | |
| | 2,799 | | | | | | | McGraw-Hill Education Inc, 144A (7) | | | | | | | | | | | 5.750% | | | | 8/01/28 | | | | BB+ | | | | 2,459,298 | |
| | 6,006 | | | | | | | VZ Secured Financing BV, 144A (7) | | | | | | | | | | | 5.000% | | | | 1/15/32 | | | | BB | | | | 5,143,118 | |
| | 36,019 | | | | | | | Total Media | | | | | | | | | | | | | | | | | | | | | | | 28,807,923 | |
| | | |
| | | | | | | Metals & Mining – 0.5% (0.3% of Total Investments) | | | | |
| | | | | | | | |
| | 2,000 | | | | | | | First Quantum Minerals Ltd, 144A (7) | | | | | | | | | | | 6.500% | | | | 3/01/24 | | | | B+ | | | | 1,997,300 | |
| | 2,120 | | | | | | | First Quantum Minerals Ltd, 144A (7) | | | | | | | | | | | 6.875% | | | | 10/15/27 | | | | B+ | | | | 2,055,075 | |
| | 4,120 | | | | | | | Total Metals & Mining | | | | | | | | | | | | | | | | | | | | | | | 4,052,375 | |
| | | |
| | | | | | | Oil, Gas & Consumable Fuels – 2.3% (1.4% of Total Investments) | | | | |
| | | | | | | | |
| | 2,000 | | | | | | | Calumet Specialty Products Partners LP / Calumet Finance Corp, 144A (7) | | | | | | | | | | | 8.125% | | | | 1/15/27 | | | | B– | | | | 1,929,634 | |
| | 2,000 | | | | | | | Citgo Petroleum Corp, 144A (7) | | | | | | | | | | | 7.000% | | | | 6/15/25 | | | | BB | | | | 1,983,160 | |
| | 1,450 | | | | | | | Gulfport Energy Corp, 144A (7) | | | | | | | | | | | 8.000% | | | | 5/17/26 | | | | BB– | | | | 1,436,675 | |
| | 3,201 | | | | | | | Hilcorp Energy I LP / Hilcorp Finance Co, 144A (7) | | | | | | | | | | | 6.250% | | | | 11/01/28 | | | | BB+ | | | | 3,074,593 | |
| | 1,000 | | | | | | | Matador Resources Co | | | | | | | | | | | 5.875% | | | | 9/15/26 | | | | BB– | | | | 983,622 | |
| | 1,201 | | | | | | | MEG Energy Corp, 144A (7) | | | | | | | | | | | 5.875% | | | | 2/01/29 | | | | BB– | | | | 1,146,955 | |
| | 6,503 | | | | | | | NGL Energy Operating LLC / NGL Energy Finance Corp, 144A (7) | | | | | | | | | | | 7.500% | | | | 2/01/26 | | | | B | | | | 6,175,635 | |
| | 750 | | | | | | | NGL Energy Partners LP / NGL Energy Finance Corp (7) | | | | | | | | | | | 7.500% | | | | 4/15/26 | | | | Caa2 | | | | 637,384 | |
| | 500 | | | | | | | NGL Energy Partners LP / NGL Energy Finance Corp (7) | | | | | | | | | | | 7.500% | | | | 11/01/23 | | | | Caa2 | | | | 500,645 | |
| | 500 | | | | | | | NGL Energy Partners LP / NGL Energy Finance Corp (7) | | | | | | | | | | | 6.125% | | | | 3/01/25 | | | | Caa2 | | | | 443,750 | |
| | 485 | | | | | | | PBF Holding Co LLC / PBF Finance Corp | | | | | | | | | | | 7.250% | | | | 6/15/25 | | | | BB | | | | 483,184 | |
| | 19,590 | | | | | | | Total Oil, Gas & Consumable Fuels | | | | | | | | | | | | | | | | | | | | | | | 18,795,237 | |
| | | |
| | | | | | | Pharmaceuticals – 1.1% (0.7% of Total Investments) | | | | |
| | | | | | | | |
| | 7,000 | | | | | | | Horizon Therapeutics USA Inc, 144A (7) | | | | | | | | | | | 5.500% | | | | 8/01/27 | | | | Ba2 | | | | 7,148,750 | |
| | 1,500 | | | | | | | ORGANON & CO/ORG, 144A | | | | | | | | | | | 5.125% | | | | 4/30/31 | | | | BB– | | | | 1,354,185 | |
| | 8,500 | | | | | | | Total Pharmaceuticals | | | | | | | | | | | | | | | | | | | | | | | 8,502,935 | |
| | | |
| | | | | | | Professional Services – 0.2% (0.2% of Total Investments) | | | | |
| | | | | | | | |
| | 2,000 | | | | | | | Verscend Escrow Corp, 144A (7) | | | | | | | | | | | 9.750% | | | | 8/15/26 | | | | CCC+ | | | | 2,006,955 | |
| | 2,000 | | | | | | | Total Professional Services | | | | | | | | | | | | | | | | | | | | | | | 2,006,955 | |
| | | |
| | | | | | | Software – 0.4% (0.2% of Total Investments) | | | | |
| | | | | | | | |
| | 1,750 | | | | | | | Condor Merger Sub Inc, 144A | | | | | | | | | | | 7.375% | | | | 2/15/30 | | | | CCC+ | | | | 1,453,545 | |
| | 1,500 | | | | | | | SS&C Technologies Inc, 144A (7) | | | | | | | | | | | 5.500% | | | | 9/30/27 | | | | B+ | | | | 1,442,616 | |
| | 3,250 | | | | | | | Total Software | | | | | | | | | | | | | | | | | | | | | | | 2,896,161 | |
95
| | |
| |
| JQC | | Nuveen Credit Strategies Income Fund (continued) |
| | Portfolio of Investments January 31, 2023 |
| | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | | | | Description (1) | | | | | | | | Coupon | | | Maturity | | | Ratings (4) | | | Value | |
| | | |
| | | | | | | Specialty Retail – 2.2% (1.4% of Total Investments) | | | | |
| | | | | | | | |
| $ | 3,900 | | | | | | | Academy Ltd, 144A (7) | | | | | | | | | | | 6.000% | | | | 11/15/27 | | | | BB | | | $ | 3,793,920 | |
| | 9,515 | | | | | | | Hertz Corp/The, 144A (7) | | | | | | | | | | | 4.625% | | | | 12/01/26 | | | | B+ | | | | 8,468,350 | |
| | 3,945 | | | | | | | Michaels Cos Inc/The, 144A | | | | | | | | | | | 7.875% | | | | 5/01/29 | | | | Caa1 | | | | 2,998,200 | |
| | 1,188 | | | | | | | PetSmart Inc / PetSmart Finance Corp, 144A (7) | | | | | | | | | | | 4.750% | | | | 2/15/28 | | | | BB | | | | 1,098,880 | |
| | 675 | | | | | | | PetSmart Inc / PetSmart Finance Corp, 144A (7) | | | | | | | | | | | 7.750% | | | | 2/15/29 | | | | B– | | | | 663,350 | |
| | 545 | | | | | | | Staples Inc, 144A (7) | | | | | | | | | | | 7.500% | | | | 4/15/26 | | | | B | | | | 484,260 | |
| | 19,768 | | | | | | | Total Specialty Retail | | | | | | | | | | | | | | | | | | | | | | | 17,506,960 | |
| | | |
| | | | | | | Trading Companies & Distributors – 0.6% (0.4% of Total Investments) | | | | |
| | | | | | | | |
| | 6,000 | | | | | | | Air Lease Corp (7) | | | | | | | | | | | 3.000% | | | | 2/01/30 | | | | BBB | | | | 5,167,576 | |
| | 6,000 | | | | | | | Total Trading Companies & Distributors | | | | | | | | | | | | | | | | | | | | | | | 5,167,576 | |
| | | |
| | | | | | | Wireless Telecommunication Services – 1.0% (0.6% of Total Investments) | | | | |
| | | | | | | | |
| | 4,000 | | | | | | | Hughes Satellite Systems Corp (7) | | | | | | | | | | | 5.250% | | | | 8/01/26 | | | | BBB– | | | | 3,875,000 | |
| | 5,180 | | | | | | | Vmed O2 UK Financing I PLC, 144A (7) | | | | | | | | | | | 4.250% | | | | 1/31/31 | | | | BB+ | | | | 4,325,300 | |
| | 9,180 | | | | | | | Total Wireless Telecommunication Services | | | | | | | | | | | | | | | | | | | | | | | 8,200,300 | |
| $ | 268,658 | | | | | | | Total Corporate Bonds (cost $233,593,471) | | | | | | | | | | | | | | | | | | | | | | | 205,100,565 | |
| | | | | | | | |
| Shares | | | | | | Description (1) | | | | | | | | | | | | | | | | | Value | |
| | | |
| | | | | | | COMMON STOCKS – 2.1% (1.4% of Total Investments) | | | | |
| | | |
| | | | | | | Diversified Consumer Services – 0.1% (0.0% of Total Investments) | | | | |
| | | | | | | | |
| | 41,905 | | | | | | | Cengage Learning Holdings II Inc (8) | | | | | | | | | | | | | | | | | | | | | | $ | 468,833 | |
| | | | | | | | Total Diversified Consumer Services | | | | | | | | | | | | | | | | | | | | | | | 468,833 | |
| | | |
| | | | | | | Energy Equipment & Services – 0.6% (0.4% of Total Investments) | | | | |
| | | | | | | | |
| | 31,033 | | | | | | | Quarternorth Energy Holding Inc (8) | | | | | | | | | | | | | | | | | | | | | | | 4,230,822 | |
| | 31,358 | | | | | | | Vantage Drilling International (8) | | | | | | | | | | | | | | | | | | | | | | | 501,728 | |
| | | | | | | | Total Energy Equipment & Services | | | | | | | | | | | | | | | | | | | | | | | 4,732,550 | |
| | | |
| | | | | | | Health Care Equipment & Supplies – 0.5% (0.3% of Total Investments) | | | | |
| | | | | | | | |
| | 242,758 | | | | | | | Onex Carestream Finance LP (8) | | | | | | | | | | | | | | | | | | | | | | | 3,641,370 | |
| | | | | | | | Total Health Care Equipment & Supplies | | | | | | | | | | | | | | | | | | | | | | | 3,641,370 | |
| | | |
| | | | | | | Health Care Providers & Services – 0.0% (0.0% of Total Investments) | | | | |
| | | | | | | | |
| | 211,860 | | | | | | | Millennium Health LLC (8),(9) | | | | | | | | | | | | | | | | | | | | | | | 30,296 | |
| | 198,883 | | | | | | | Millennium Health LLC (8),(9) | | | | | | | | | | | | | | | | | | | | | | | 8,552 | |
| | | | | | | | Total Health Care Providers & Services | | | | | | | | | | | | | | | | | | | | | | | 38,848 | |
| | | |
| | | | | | | Independent Power And Renewable Electricity Producers – 0.8% (0.5% of Total Investments) | | | | |
| | | | | | | | |
| | 80,962 | | | | | | | Energy Harbor Corp (8),(10) | | | | | | | | | | | | | | | | | | | | | | | 6,193,593 | |
| | | | | | | | Total Independent Power And Renewable Electricity Producers | | | | | | | | | | | | | | | | | | | | | | | 6,193,593 | |
| | | |
| | | | | | | Internet & Direct Marketing Retail – 0.0% (0.0% of Total Investments) | | | | |
| | | | | | | | |
| | 9,796 | | | | | | | Catalina Marketing Corp (8) | | | | | | | | | | | | | | | | | | | | | | | 2,449 | |
| | | | | | | | Total Internet & Direct Marketing Retail | | | | | | | | | | | | | | | | | | | | | | | 2,449 | |
| | | |
| | | | | | | Media – 0.0% (0.0% of Total Investments) | | | | |
| | | | | | | | |
| | 8 | | | | | | | Cumulus Media Inc, Class A (8) | | | | | | | | | | | | | | | | | | | | | | | 54 | |
| | | | | | | | Total Media | | | | | | | | | | | | | | | | | | | | | | | 54 | |
| | | |
| | | | | | | Multiline Retail – 0.0% (0.0% of Total Investments) | | | | |
| | | | | | | | |
| | 196 | | | | | | | Belk Inc (8) | | | | | | | | | | | | | | | | | | | | | | | 1,715 | |
| | | | | | | | Total Multiline Retail | | | | | | | | | | | | | | | | | | | | | | | 1,715 | |
96
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares | | | | | | Description (1) | | | | | | | | | | | | | | | | | Value | |
| | | |
| | | | | | | Oil, Gas & Consumable Fuels – 0.0% (0.0% of Total Investments) | | | | |
| | | | | | | | |
| | 5,773 | | | | | | | California Resources Corp | | | | | | | | | | | | | | | | | | | | | | $ | 246,680 | |
| | | | | | | | Total Oil, Gas & Consumable Fuels | | | | | | | | | | | | | | | | | | | | | | | 246,680 | |
| | | |
| | | | | | | Professional Services – 0.0% (0.0% of Total Investments) | | | | |
| | | | | | | | |
| | 164,471 | | | | | | | Skillsoft Corp (8) | | | | | | | | | | | | | | | | | | | | | | | 315,784 | |
| | | | | | | | Total Professional Services | | | | | | | | | | | | | | | | | | | | | | | 315,784 | |
| | | |
| | | | | | | Semiconductors & Semiconductor Equipment – 0.1% (0.1% of Total Investments) | | | | |
| | | | | | | | |
| | 39,129 | | | | | | | Bright Bidco BV (8),(9) | | | | | | | | | | | | | | | | | | | | | | | 522,647 | |
| | 28,645 | | | | | | | Bright Bidco BV (8) | | | | | | | | | | | | | | | | | | | | | | | 470,613 | |
| | | | | | | | Total Semiconductors & Semiconductor Equipment | | | | | | | | | | | | | | | | | | | | | | | 993,260 | |
| | | | | | | | Total Common Stocks (cost $22,459,629) | | | | 16,635,136 | |
| | | | | | | | |
| Shares | | | | | | Description (1) | | | | | | | | | | | | | | | | | Value | |
| | | |
| | | | | | | | WARRANTS – 0.4% (0.3% of Total Investments) | | | | | |
| | |
| | | | | | | Energy Equipment & Services – 0.4% (0.3% of Total Investments) | |
| | | | | | | | |
| | 17,602 | | | | | | | Quarternorth Energy Holding Inc | | | | | | | | | | | | | | | | | | | | | | $ | 2,399,733 | |
| | 72,802 | | | | | | | Quarternorth Energy Holding Inc | | | | | | | | | | | | | | | | | | | | | | | 473,213 | |
| | 37,801 | | | | | | | Quarternorth Energy Holding Inc | | | | | | | | | | | | | | | | | | | | | | | 340,209 | |
| | | | | | | | Total Energy Equipment & Services | | | | | | | | | | | | 3,213,155 | |
| | |
| | | | | | | Entertainment – 0.0% (0.0% of Total Investments) | |
| | | | | | | | |
| | 266,347 | | | | | | | Cineworld Warrant | | | | | | | | | | | | | | | | | | | | | | | — | |
| | | | | | | | Total Entertainment | | | | | | | | | | | | — | |
| | |
| | | | | | | Media – 0.0% (0.0% of Total Investments) | |
| | | | | | | | |
| | 4,644 | | | | | | | Tenerity Inc (9) | | | | | | | | | | | | | | | | | | | | | | | 5 | |
| | | | | | | | Total Media | | | | | | | | | | | | 5 | |
| | |
| | | | | | | Oil, Gas & Consumable Fuels – 0.0% (0.0% of Total Investments) | |
| | | | | | | | |
| | 629 | | | | | | | California Resources Corp | | | | | | | | | | | | | | | | | | | | | | | 6,888 | |
| | | | | | | | Total Oil, Gas & Consumable Fuels | | | | | | | | | | | | 6,888 | |
| | | | | | | | Total Warrants (cost $1,831,028) | | | | | | | | | | | | 3,220,048 | |
| | | | | | | | |
| Shares | | | | | | Description (1) | | | | | | | | | | | Coupon | | | Ratings (4) | | | Value | |
| | |
| | | | | | | | CONVERTIBLE PREFERRED SECURITIES – 0.0% (0.0% of Total Investments) | |
| | | |
| | | | | | | | Communications Equipment – 0.0% (0.0% of Total Investments) | | | | | |
| | | | | | | | |
| | 34,377 | | | | | | | Riverbed Technology Inc | | | | | | | | | | | | | | | 0.000% | | | | N/R | | | $ | 344 | |
| | | | | | | | Total Communications Equipment | | | | | | | | | | | | 344 | |
| | | | | | | | Total Convertible Preferred Securities (cost $784,092) | | | | | | | | | | | | | | | | 344 | |
| | | | | | | | Total Long-Term Investments (cost $1,359,538,366) | | | | | | | | | | | | | | | | 1,282,898,400 | |
97
| | |
| |
| JQC | | Nuveen Credit Strategies Income Fund (continued) |
| | Portfolio of Investments January 31, 2023 |
| | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares | | | | | | Description (1) | | | | | | | | | | | Coupon | | | | | | Value | |
| | | |
| | | | | | | SHORT-TERM INVESTMENTS – 1.5% (0.9% of Total Investments) | | | | |
| | | |
| | | | | | | INVESTMENT COMPANIES – 1.5% (0.9% of Total Investments) | | | | |
| | 11,995,354 | | | | | | | BlackRock Liquidity Funds T-Fund | | | | | | | | | | | | | | | 4.310%(11) | | | | | | | $ | 11,995,354 | |
| | | | | | | | Total Investment Companies (cost $11,995,354) | | | | | | | | | | | | | | | | | | | | | | | 11,995,354 | |
| | | | | | | | Total Short-Term Investments (cost $11,995,354) | | | | 11,995,354 | |
| | | | | | | | Total Investments (cost $1,371,533,720) – 160.6% | | | | 1,294,893,754 | |
| | | | | | | | Borrowings – (26.9)% (12),(13) | | | | (217,300,000 | ) |
| | | | | | | | Reverse Repurchase Agreements, including accrued interest – (17.7)%(14) | | | | (142,724,676 | ) |
| | | | | | | | Taxable Fund Preferred Shares, net of deferred offering costs – (17.3)%(15) | | | | (139,326,617 | ) |
| | | | | | | | Other Assets & Liabilities, Net – 1.3% | | | | 10,636,996 | |
| | | | | | | | Net Assets Applicable to Common Shares – 100% | | | $ | 806,179,457 | |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| (2) | 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. |
| (3) | 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. |
| (4) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (5) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. |
| (6) | Investment, or portion of investment, represents an outstanding unfunded senior loan commitment. |
| (7) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in reverse repurchase agreements. As of the end of the reporting period, investments with a value of $163,544,224 have been pledged as collateral for reverse repurchase agreements. |
| (8) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
| (9) | For fair value measurement disclosure purposes, investment classified as Level 3. |
| (10) | Common Stock received as part of the bankruptcy settlements during February 2020 for Bruce Mansfield Unit 1 2007 Pass-Through Trust. |
| (11) | The rate shown is the annualized seven-day subsidized yield as of end of the reporting period. |
| (12) | Borrowings as a percentage of Total Investments is 16.8%. |
| (13) | The fund segregates 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings. |
| (14) | Reverse Repurchase Agreements, including accrued interest as a percentage of Total investments is 11.0%. |
| (15) | Taxable Fund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 10.8%. |
| 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 |
| 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 3M | CME Term SOFR 3 Month |
| WI/DD | Purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
98
Statement of Assets and Liabilities
January 31, 2023
(Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | NSL | | | JFR | | | JRO | | | JSD | | | JQC | |
Assets | | | | | | | | | | | | | | | | | | | | |
Long-term investments, at value (cost $360,056,923, $911,571,998, $647,330,642, $235,106,407 and $1,359,538,366, respectively) | | $ | 340,071,323 | | | $ | 864,952,763 | | | $ | 614,165,023 | | | $ | 222,014,448 | | | $ | 1,282,898,400 | |
Short-term investments, at value (cost approximates value) | | | — | | | | — | | | | — | | | | 3,010,603 | | | | 11,995,354 | |
Cash | | | 339,455 | | | | — | | | | 137,362 | | | | 227,256 | | | | 3,130,266 | |
Cash denominated in foreign currencies (cost $-,$-,$-,$- and $17, respectively) | | | — | | | | — | | | | — | | | | — | | | | 16 | |
Receivable for: | | | | | | | | | | | | | | | | | | | | |
Interest | | | 3,066,255 | | | | 8,046,521 | | | | 5,375,431 | | | | 2,146,639 | | | | 12,872,458 | |
Investments sold | | | 13,680,074 | | | | 37,030,839 | | | | 15,301,940 | | | | 8,805,244 | | | | 43,845,498 | |
Reclaims | | | — | | | | — | | | | — | | | | — | | | | 16,645 | |
Other assets | | | 196,684 | | | | 275,527 | | | | 309,996 | | | | 165,706 | | | | 836,775 | |
Total assets | | | 357,353,791 | | | | 910,305,650 | | | | 635,289,752 | | | | 236,369,896 | | | | 1,355,595,412 | |
Liabilities | | | | | | | | | | | | | | | | | | | | |
Cash overdraft | | | — | | | | 3,142,758 | | | | — | | | | — | | | | — | |
Borrowings | | | 89,800,000 | | | | 233,300,000 | | | | 158,500,000 | | | | 17,100,000 | | | | 217,300,000 | |
Reverse repurchase agreements, including accrued interest | | | — | | | | — | | | | — | | | | — | | | | 142,724,676 | |
Payable for: | | | | | | | | | | | | | | | | | | | | |
Dividends | | | 1,639,822 | | | | 4,212,738 | | | | 2,969,496 | | | | 1,091,577 | | | | 6,341,270 | |
Investments purchased – regular settlement | | | 587,764 | | | | 3,727,899 | | | | 846,078 | | | | 1,202,923 | | | | 821,316 | |
Investments purchased – when-issued/delayed-delivery settlement | | | 14,860,190 | | | | 34,064,933 | | | | 23,133,566 | | | | 8,288,607 | | | | 39,649,513 | |
Unfunded senior loans | | | 62,431 | | | | 296,459 | | | | 146,659 | | | | 73,370 | | | | 473,436 | |
Taxable Fund Preferred (“TFP”) Shares, net of deferred offering costs (liquidation preference $40,000,000, $100,000,000, $75,000,000, $70,000,000 and $140,000,000, respectively) | | | 39,638,851 | | | | 99,421,284 | | | | 74,726,849 | | | | 69,657,121 | | | | 139,326,617 | |
Accrued expenses: | | | | | | | | | | | | | | | | | | | | |
Custodian fees | | | 96,254 | | | | 191,977 | | | | 147,568 | | | | 75,304 | | | | 274,184 | |
Interest on borrowings | | | 385,627 | | | | 1,094,541 | | | | 674,544 | | | | 70,061 | | | | 985,600 | |
Management fees | | | 232,328 | | | | 581,772 | | | | 412,455 | | | | 155,262 | | | | 905,816 | |
Trustees fees | | | 100,375 | | | | 190,905 | | | | 121,552 | | | | 23,775 | | | | 482,008 | |
Professional fees | | | 23,856 | | | | 27,429 | | | | 25,773 | | | | 18,025 | | | | 31,223 | |
Shareholder reporting expenses | | | 29,202 | | | | 53,220 | | | | 43,342 | | | | 11,939 | | | | 99,767 | |
Shareholder servicing agent fees | | | 223 | | | | 2,645 | | | | 866 | | | | 30 | | | | 529 | |
Other | | | — | | | | 140,767 | | | | — | | | | — | | | | — | |
Total liabilities | | | 147,456,923 | | | | 380,449,327 | | | | 261,748,748 | | | | 97,767,994 | | | | 549,415,955 | |
Commitments and contingencies (as disclosed in Note 8) | | | | | | | | | | | | | | | | | | | | |
Net assets applicable to common shares | | $ | 209,896,868 | | | $ | 529,856,323 | | | $ | 373,541,004 | | | $ | 138,601,902 | | | $ | 806,179,457 | |
Common shares outstanding | | | 38,611,472 | | | | 56,918,468 | | | | 40,541,218 | | | | 10,085,648 | | | | 135,609,290 | |
Net asset value (“NAV”) per common share outstanding | | $ | 5.44 | | | $ | 9.31 | | | $ | 9.21 | | | $ | 13.74 | | | $ | 5.94 | |
Net assets applicable to common shares consist of: | | | | | | | | | | | | | | | | | | | | |
Common shares, $0.01 par value per share | | $ | 386,115 | | | $ | 569,185 | | | $ | 405,412 | | | $ | 100,856 | | | $ | 1,356,093 | |
Paid-in-surplus | | | 284,412,722 | | | | 702,273,610 | | | | 498,026,492 | | | | 189,983,844 | | | | 1,151,113,520 | |
Total distributable earnings (loss) | | | (74,901,969 | ) | | | (172,986,472 | ) | | | (124,890,900 | ) | | | (51,482,798 | ) | | | (346,290,156 | ) |
Net assets applicable to common shares | | $ | 209,896,868 | | | $ | 529,856,323 | | | $ | 373,541,004 | | | $ | 138,601,902 | | | $ | 806,179,457 | |
Authorized shares: | | | | | | | | | | | | | | | | | | | | |
Common | | | Unlimited | | | | Unlimited | | | | Unlimited | | | | Unlimited | | | | Unlimited | |
Preferred | | | Unlimited | | | | Unlimited | | | | Unlimited | | | | Unlimited | | | | Unlimited | |
See accompanying notes to financial statements.
99
Statement of Operations
Six Months Ended January 31, 2023
(Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | NSL | | | JFR | | | JRO | | | JSD | | | JQC | |
Investment Income | | | | | | | | | | | | | | | | | | | | |
Interest and dividends | | $ | 13,448,601 | | | $ | 33,919,774 | | | $ | 23,885,416 | | | $ | 9,078,694 | | | $ | 51,014,824 | |
Fees | | | 204,280 | | | | 240,517 | | | | 464,033 | | | | 73,914 | | | | 950,167 | |
Total investment income | | | 13,652,881 | | | | 34,160,291 | | | | 24,349,449 | | | | 9,152,608 | | | | 51,964,991 | |
Expenses | | | | | | | | | | | | | | | | | | | | |
Management fees | | | 1,383,492 | | | | 3,439,663 | | | | 2,448,504 | | | | 917,713 | | | | 5,442,428 | |
Interest expense and amortization of offering costs | | | 2,914,386 | | | | 6,804,895 | | | | 5,232,861 | | | | 1,676,061 | | | | 10,946,140 | |
Liquidity fees | | | — | | | | 442,482 | | | | — | | | | 302,449 | | | | 583,035 | |
Remarketing fees | | | — | | | | 51,110 | | | | — | | | | 35,781 | | | | 71,556 | |
Custodian fees | | | 58,658 | | | | 104,458 | | | | 83,119 | | | | 49,527 | | | | 138,018 | |
Trustees fees | | | 4,032 | | | | 10,150 | | | | 7,169 | | | | 2,669 | | | | 16,374 | |
Professional fees | | | 87,991 | | | | 90,325 | | | | 131,737 | | | | 48,769 | | | | 116,602 | |
Shareholder reporting expenses | | | 27,472 | | | | 46,921 | | | | 37,794 | | | | 12,926 | | | | 83,318 | |
Shareholder servicing agent fees | | | 2,282 | | | | 7,656 | | | | 4,078 | | | | 1,779 | | | | 2,905 | |
Stock exchange listing fees | | | 5,733 | | | | 8,453 | | | | 6,020 | | | | 3,623 | | | | 20,141 | |
Investor relations expenses | | | 37,727 | | | | 69,577 | | | | 53,256 | | | | 15,743 | | | | 130,873 | |
Other | | | 21,206 | | | | 21,751 | | | | 18,844 | | | | 27,161 | | | | 11,753 | |
Total expenses | | | 4,542,979 | | | | 11,097,441 | | | | 8,023,382 | | | | 3,094,201 | | | | 17,563,143 | |
Net investment income (loss) | | | 9,109,902 | | | | 23,062,850 | | | | 16,326,067 | | | | 6,058,407 | | | | 34,401,848 | |
Realized and Unrealized Gain (Loss) | | | | | | | | | | | | | | | | | | | | |
Net realized gain (loss) from investments and foreign currency | | | (7,714,940 | ) | | | (17,502,347 | ) | | | (13,295,045 | ) | | | (5,724,271 | ) | | | (42,903,161 | ) |
Net realized gain (loss) | | | (7,714,940 | ) | | | (17,502,347 | ) | | | (13,295,045 | ) | | | (5,724,271 | ) | | | (42,903,161 | ) |
Change in net unrealized appreciation (depreciation) of investments and foreign currency | | | 5,131,945 | | | | 13,894,517 | | | | 10,006,759 | | | | 3,754,351 | | | | 24,061,293 | |
Change in unrealized appreciation (depreciation) from investments | | | 5,131,945 | | | | 13,894,517 | | | | 10,006,759 | | | | 3,754,351 | | | | 24,061,293 | |
Net realized and unrealized gain (loss) | | | (2,582,995 | ) | | | (3,607,830 | ) | | | (3,288,286 | ) | | | (1,969,920 | ) | | | (18,841,868 | ) |
Net increase (decrease) in net assets applicable to common shares from operations | | $ | 6,526,907 | | | $ | 19,455,020 | | | $ | 13,037,781 | | | $ | 4,088,487 | | | $ | 15,559,980 | |
See accompanying notes to financial statements.
100
Statement of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | NSL | | | JFR | |
| | | Unaudited
Six Months
Ended
1/31/23 | | | Year
Ended
7/31/22 | | | Unaudited
Six Months
Ended
1/31/23 | | | Year
Ended
7/31/22 | |
Operations | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 9,109,902 | | | $ | 12,622,823 | | | $ | 23,062,850 | | | $ | 31,747,379 | |
Net realized gain (loss) | | | (7,714,940 | ) | | | (3,252,535 | ) | | | (17,502,347 | ) | | | (6,113,575 | ) |
Change in net unrealized appreciation (depreciation) | | | 5,131,945 | | | | (15,788,743 | ) | | | 13,894,517 | | | | (40,639,786 | ) |
Net increase (decrease) in net assets applicable to common shares from operations | | | 6,526,907 | | | | (6,418,455 | ) | | | 19,455,020 | | | | (15,005,982 | ) |
Distributions to Common Shareholders | | | | | | | | | | | | | | | | |
Dividends | | | (9,498,422 | ) | | | (13,508,860 | ) | | | (23,991,134 | ) | | | (35,004,216 | ) |
Return of capital | | | — | | | | (2,418,372 | ) | | | — | | | | (5,066,385 | ) |
Decrease in net assets applicable to common shares from distributions to common shareholders | | | (9,498,422 | ) | | | (15,927,232 | ) | | | (23,991,134 | ) | | | (40,070,601 | ) |
Net increase (decrease) in net assets applicable to common shares | | | (2,971,515 | ) | | | (22,345,687 | ) | | | (4,536,114 | ) | | | (55,076,583 | ) |
Net assets applicable to common shares at the beginning of period | | | 212,868,383 | | | | 235,214,070 | | | | 534,392,437 | | | | 589,469,020 | |
Net assets applicable to common shares at the end of period | | $ | 209,896,868 | | | $ | 212,868,383 | | | $ | 529,856,323 | | | $ | 534,392,437 | |
See accompanying notes to financial statements.
101
Statement of Changes in Net Assets (continued)
| | | | | | | | | | | | | | | | |
| | | JRO | | | JSD | |
| | | Unaudited
Six Months
Ended
1/31/23 | | | Year
Ended
7/31/22 | | | Unaudited
Six Months
Ended
1/31/23 | | | Year
Ended
7/31/22 | |
Operations | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 16,326,067 | | | $ | 22,571,638 | | | $ | 6,058,407 | | | $ | 8,605,731 | |
Net realized gain (loss) | | | (13,295,045 | ) | | | (3,846,944 | ) | | | (5,724,271 | ) | | | (3,095,456 | ) |
Change in net unrealized appreciation (depreciation) | | | 10,006,759 | | | | (29,259,629 | ) | | | 3,754,351 | | | | (10,560,146 | ) |
Net increase (decrease) in net assets applicable to common shares from operations | | | 13,037,781 | | | | (10,534,935 | ) | | | 4,088,487 | | | | (5,049,871 | ) |
Distributions to Common Shareholders | | | | | | | | | | | | | | | | |
Dividends | | | (16,966,500 | ) | | | (24,262,762 | ) | | | (6,338,830 | ) | | | (9,578,145 | ) |
Return of capital | | | — | | | | (4,035,008 | ) | | | — | | | | (1,011,785 | ) |
Decrease in net assets applicable to common shares from distributions to common shareholders | | | (16,966,500 | ) | | | (28,297,770 | ) | | | (6,338,830 | ) | | | (10,589,930 | ) |
Net increase (decrease) in net assets applicable to common shares | | | (3,928,719 | ) | | | (38,832,705 | ) | | | (2,250,343 | ) | | | (15,639,801 | ) |
Net assets applicable to common shares at the beginning of period | | | 377,469,723 | | | | 416,302,428 | | | | 140,852,245 | | | | 156,492,046 | |
Net assets applicable to common shares at the end of period | | $ | 373,541,004 | | | $ | 377,469,723 | | | $ | 138,601,902 | | | $ | 140,852,245 | |
See accompanying notes to financial statements.
102
| | | | | | | | |
| | | JQC | |
| | | Unaudited
Six Months
Ended
1/31/23 | | | Year
Ended
7/31/22 | |
Operations | | | | | | | | |
Net investment income (loss) | | $ | 34,401,848 | | | $ | 47,060,156 | |
Net realized gain (loss) | | | (42,903,161 | ) | | | (15,170,323 | ) |
Change in net unrealized appreciation (depreciation) | | | 24,061,293 | | | | (77,831,207 | ) |
Net increase (decrease) in net assets applicable to common shares from operations | | | 15,559,980 | | | | (45,941,374 | ) |
Distributions to Common Shareholders | | | | | | | | |
Dividends | | | (36,411,094 | ) | | | (47,176,021 | ) |
Return of capital | | | — | | | | (17,563,855 | ) |
Decrease in net assets applicable to common shares from distributions to common shareholders | | | (36,411,094 | ) | | | (64,739,876 | ) |
Net increase (decrease) in net assets applicable to common shares | | | (20,851,114 | ) | | | (110,681,250 | ) |
Net assets applicable to common shares at the beginning of period | | | 827,030,571 | | | | 937,711,821 | |
Net assets applicable to common shares at the end of period | | $ | 806,179,457 | | | $ | 827,030,571 | |
See accompanying notes to financial statements.
103
Statement of Cash Flows
Six Months Ended January 31, 2023
(Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | NSL | | | JFR | | | JRO | | | JSD | | | JQC | |
Cash Flows from Operating Activities: | | | | | | | | | | | | | | | | | | | | |
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations | | $ | 6,526,907 | | | $ | 19,455,020 | | | $ | 13,037,781 | | | $ | 4,088,487 | | | $ | 15,559,980 | |
Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from operations to net cash provided by (used in) operating activities: | | | | | | | | | | | | | | | | | | | | |
Purchases of investments | | | (61,144,708 | ) | | | (135,082,992 | ) | | | (95,925,733 | ) | | | (35,665,468 | ) | | | (154,889,188 | ) |
Proceeds from sales and maturities of investments | | | 56,713,515 | | | | 129,198,747 | | | | 85,711,357 | | | | 39,314,611 | | | | 196,841,074 | |
Proceeds from (Purchase of) short-term investments, net | | | — | | | | 8,891,025 | | | | 10,093,889 | | | | 2,050,285 | | | | 1,351,887 | |
Payment-in-kind distributions | | | — | | | | (632,668 | ) | | | — | | | | (162,880 | ) | | | — | |
Amortization (Accretion) of premiums and discounts, net | | | (1,140,913 | ) | | | (2,914,277 | ) | | | (1,939,826 | ) | | | (858,635 | ) | | | (3,416,729 | ) |
Amortization of deferred offering costs | | | 23,481 | | | | 36,833 | | | | 17,574 | | | | 25,594 | | | | 36,040 | |
(Increase) Decrease in: | | | | | | | | | | | | | | | | | | | | |
Receivable for interest | | | (310,024 | ) | | | (2,252,949 | ) | | | (836,791 | ) | | | (474,320 | ) | | | (3,236,609 | ) |
Receivable for investments sold | | | 469,716 | | | | (3,803,212 | ) | | | 6,363,218 | | | | (2,266,104 | ) | | | (126,579 | ) |
Other assets | | | (86,416 | ) | | | (745 | ) | | | (177,234 | ) | | | (73,613 | ) | | | (254,275 | ) |
Increase (Decrease) in: | | | | | | | | | | | | | | | | | | | | |
Investments purchased – regular settlement | | | (4,567,743 | ) | | | (1,206,385 | ) | | | (5,358,554 | ) | | | 604,005 | | | | 387,422 | |
Investments purchased – when-issued/delayed-delivery settlement | | | 2,411,249 | | | | 2,596,137 | | | | 1,156,040 | | | | (1,338,615 | ) | | | (6,059,628 | ) |
Payable for unfunded senior loans | | | (105,951 | ) | | | (892,847 | ) | | | (207,459 | ) | | | (277,947 | ) | | | (289,707 | ) |
Payable for offering costs | | | — | | | | — | | | | — | | | | — | | | | (298,479 | ) |
Accrued custodian fees | | | (15,556 | ) | | | (32,965 | ) | | | (24,685 | ) | | | (10,257 | ) | | | (50,263 | ) |
Accrued management fees | | | (2,018 | ) | | | 1,334 | | | | (1,463 | ) | | | 17 | | | | (23,281 | ) |
Accrued interest | | | 366,529 | | | | 1,043,836 | | | | 674,544 | | | | 24,759 | | | | 1,023,100 | |
Accrued Trustees fees | | | 4,113 | | | | 7,885 | | | | 5,095 | | | | 1,163 | | | | 18,386 | |
Accrued professional fees | | | (22,136 | ) | | | (14,354 | ) | | | (16,344 | ) | | | (16,803 | ) | | | (17,176 | ) |
Accrued shareholder reporting expenses | | | 15,750 | | | | 25,556 | | | | 21,800 | | | | 8,310 | | | | 43,141 | |
Accrued servicing agent fees | | | 52 | | | | 1,945 | | | | 107 | | | | — | | | | 174 | |
Accrued other expenses | | | 75,127 | | | | (13,688 | ) | | | 175,699 | | | | 49,750 | | | | (14,393 | ) |
Net realized (gain) loss from investments and foreign currency | | | 7,714,940 | | | | 17,502,347 | | | | 13,295,045 | | | | 5,724,271 | | | | 42,903,161 | |
Change in net unrealized appreciation (depreciation) of investments and foreign currency | | | (5,131,945 | ) | | | (13,894,517 | ) | | | (10,006,759 | ) | | | (3,754,351 | ) | | | (24,061,293 | ) |
Net cash provided by (used in) operating activities | | | 1,793,969 | | | | 18,019,066 | | | | 16,057,301 | | | | 6,992,259 | | | | 65,426,765 | |
Cash Flow from Financing Activities: | | | | | | | | | | | | | | | | | | | | |
Proceeds from borrowings | | | 2,200,000 | | | | 10,200,000 | | | | 5,300,000 | | | | 4,500,000 | | | | 8,300,000 | |
(Repayments of) borrowings | | | (5,200,000 | ) | | | (10,300,000 | ) | | | (8,900,000 | ) | | | (5,400,000 | ) | | | (37,000,000 | ) |
Increase (Decrease) in cash overdraft | | | — | | | | 3,142,758 | | | | — | | | | — | | | | — | |
Cash distributions paid to common shareholders | | | (9,309,969 | ) | | | (23,510,990 | ) | | | (16,624,662 | ) | | | (6,218,808 | ) | | | (35,674,403 | ) |
Net cash provided by (used in) financing activities | | | (12,309,969 | ) | | | (20,468,232 | ) | | | (20,224,662 | ) | | | (7,118,808 | ) | | | (64,374,403 | ) |
Net Increase (Decrease) in Cash and Cash Denominated in Foreign Currencies | | | (10,516,000 | ) | | | (2,449,166 | ) | | | (4,167,361 | ) | | | (126,549 | ) | | | 1,052,362 | |
Cash and cash denominated in foreign currencies at the beginning of period | | | 10,855,455 | | | | 2,449,166 | | | | 4,304,723 | | | | 353,805 | | | | 2,077,920 | |
Cash and cash denominated in foreign currencies at the end of period | | $ | 339,455 | | | $ | — | | | $ | 137,362 | | | $ | 227,256 | | | $ | 3,130,282 | |
The following table provides a reconciliation of cash and cash collateral at brokers to the statement of assets and liabilities:
| | | | | | | | | | | | | | | | | | | | |
| | | NSL | | | JFR | | | JRO | | | JSD | | | JQC | |
Cash | | $ | 339,455 | | | $ | — | | | $ | 137,362 | | | $ | 227,256 | | | $ | 3,130,266 | |
Cash denominated in foreign currencies | | | — | | | | — | | | | — | | | | — | | | | 16 | |
Total cash and cash denominated in foreign currencies | | $ | 339,455 | | | $ | — | | | $ | 137,362 | | | $ | 227,256 | | | $ | 3,130,282 | |
| | | | | |
Supplemental Disclosure of Cash Flow Information | | | | | | | | | | | | | | | | | | | | |
Cash paid for interest (excluding borrowing and amortization of offering costs) | | $ | 2,517,525 | | | $ | 5,725,084 | | | $ | 4,523,106 | | | $ | 1,610,071 | | | $ | 9,884,427 | |
See accompanying notes to financial statements.
104
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105
Financial Highlights
Selected data for a share outstanding throughout each period:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | |
| | | | | | Investment Operations | | | Less Distributions to
Common Shareholders | | | Common Share | |
| | | Beginning
Common
Share
NAV | | | Net
Invest
ment
Income
(Loss)(a) | | | Net
Realized/
Unrealized
Gain (Loss) | | | Total | | | From
Net
Investment
Income | | | From
Accumu
lated
Net
Realized
Gains | | | Return
of
Capital | | | Total | | | Discount
Per
Share
Repurchased
and Retired | | | Premium
Per
Share
Sold
through
Shelf
Offering | | | Ending
NAV | | | Ending
Share
Price | |
|
NSL | |
Year Ended 7/31: | |
2023(e) | | $ | 5.51 | | | $ | 0.24 | | | $ | (0.06 | ) | | $ | 0.18 | | | $ | (0.25 | ) | | $ | — | | | $ | — | | | $ | (0.25 | ) | | $ | — | | | $ | — | | | $ | 5.44 | | | $ | 4.90 | |
2022 | | | 6.09 | | | | 0.33 | | | | (0.50 | ) | | | (0.17 | ) | | | (0.35 | ) | | | — | | | | (0.06 | ) | | | (0.41 | ) | | | — | | | | — | | | | 5.51 | | | | 5.02 | |
2021 | | | 5.53 | | | | 0.32 | | | | 0.62 | | | | 0.94 | | | | (0.38 | ) | | | — | | | | — | | | | (0.38 | ) | | | — | | | | — | | | | 6.09 | | | | 5.74 | |
2020 | | | 6.59 | | | | 0.38 | | | | (1.02 | ) | | | (0.64 | ) | | | (0.42 | ) | | | — | | | | — | | | | (0.42 | ) | | | — | | | | — | | | | 5.53 | | | | 4.78 | |
2019 | | | 6.91 | | | | 0.45 | | | | (0.33 | ) | | | 0.12 | | | | (0.44 | ) | | | — | | | | — | | | | (0.44 | ) | | | — | * | | | — | | | | 6.59 | | | | 5.90 | |
2018 | | | 6.97 | | | | 0.43 | | | | (0.04 | ) | | | 0.39 | | | | (0.45 | ) | | | — | | | | — | | | | (0.45 | ) | | | — | | | | — | | | | 6.91 | | | | 6.13 | |
|
JFR | |
Year Ended 7/31: | |
2023(e) | | | 9.39 | | | | 0.41 | | | | (0.07 | ) | | | 0.34 | | | | (0.42 | ) | | | — | | | | — | | | | (0.42 | ) | | | — | | | | — | | | | 9.31 | | | | 8.52 | |
2022 | | | 10.36 | | | | 0.56 | | | | (0.83 | ) | | | (0.27 | ) | | | (0.61 | ) | | | — | | | | (0.09 | ) | | | (0.70 | ) | | | — | | | | — | | | | 9.39 | | | | 8.84 | |
2021 | | | 9.40 | | | | 0.54 | | | | 1.04 | | | | 1.58 | | | | (0.62 | ) | | | — | | | | — | | | | (0.62 | ) | | | — | | | | — | | | | 10.36 | | | | 9.76 | |
2020 | | | 11.04 | | | | 0.60 | | | | (1.54 | ) | | | (0.94 | ) | | | (0.70 | ) | | | — | | | | — | | | | (0.70 | ) | | | — | | | | — | | | | 9.40 | | | | 8.03 | |
2019 | | | 11.55 | | | | 0.70 | | | | (0.48 | ) | | | 0.22 | | | | (0.73 | ) | | | — | | | | — | | | | (0.73 | ) | | | — | | | | — | | | | 11.04 | | | | 9.76 | |
2018 | | | 11.76 | | | | 0.66 | | | | (0.10 | ) | | | 0.56 | | | | (0.77 | ) | | | — | | | | — | | | | (0.77 | ) | | | — | | | | — | * | | | 11.55 | | | | 10.30 | |
106
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | Common Share Supplemental Data/
Ratios Applicable to Common Shares | |
Common Share
Total Returns | | | | | | Ratios to Average Net Assets(c) | | | | |
Based
on
NAV(b) | | | Based
on
Share
Price(b) | | | Ending
Net
Assets
(000) | | | Expenses | | | Net
Investment
Income (Loss) | | | Portfolio
Turnover
Rate(d) | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 3.15 | % | | | 2.73 | % | | $ | 209,897 | | | | 4.32 | %** | | | 8.66 | %** | | | 17 | % |
| | (3.03 | ) | | | (5.84 | ) | | | 212,868 | | | | 2.27 | | | | 5.48 | | | | 37 | |
| | 17.48 | | | | 28.97 | | | | 235,214 | | | | 2.20 | | | | 5.49 | | | | 43 | |
| | (9.89 | ) | | | (12.19 | ) | | | 213,690 | | | | 3.05 | | | | 6.28 | | | | 43 | |
| | 1.81 | | | | 3.60 | | | | 254,487 | | | | 3.26 | | | | 6.77 | | | | 31 | |
| | 5.91 | | | | (3.78 | ) | | | 266,752 | | | | 2.90 | | | | 6.24 | | | | 29 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 3.68 | | | | 1.40 | | | | 529,856 | | | | 4.19 | ** | | | 8.71 | ** | | | 15 | |
| | (2.84 | ) | | | (2.59 | ) | | | 534,392 | | | | 2.17 | | | | 5.49 | | | | 38 | |
| | 17.36 | | | | 30.14 | | | | 589,469 | | | | 2.20 | | | | 5.39 | | | | 43 | |
| | (8.82 | ) | | | (10.98 | ) | | | 534,861 | | | | 3.01 | | | | 5.93 | | | | 44 | |
| | 2.03 | | | | 1.98 | | | | 628,218 | | | | 3.43 | | | | 6.25 | | | | 32 | |
| | 5.01 | | | | (6.64 | ) | | | 657,157 | | | | 2.99 | | | | 5.68 | | | | 29 | |
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
| (b) | Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized. |
Total Return Based on Common Share Price is the combination of changes in the market price per common share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
| | | | |
| (c) | | • | | Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares (as described in Note 5 – Fund Shares) and/or borrowings (as described in Note 9 – Borrowing Arrangements and Reverse Repurchase Agreements), where applicable. |
| | • | | Each ratio includes the effect of all interest expense paid and other costs related to preferred shares and/or borrowings, where applicable, as follows: |
| | | | |
Ratios of Interest Expense
to Average Net Assets
Applicable to Common Shares | |
NSL | |
Year Ended 7/31: | |
2023(e) | | | 2.77 | %** |
2022 | | | 0.82 | |
2021 | | | 0.73 | |
2020 | | | 1.60 | |
2019 | | | 1.84 | |
2018 | | | 1.46 | |
| | | | |
Ratios of Interest Expense
to Average Net Assets
Applicable to Common Shares | |
JFR | |
Year Ended 7/31: | |
2023(e) | | | 2.76 | %** |
2022 | | | 0.80 | |
2021 | | | 0.82 | |
2020 | | | 1.64 | |
2019 | | | 2.07 | |
2018 | | | 1.61 | |
| (d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
| (e) | Unaudited. For the six months ended January 31, 2023. |
See accompanying notes to financial statements.
107
Financial Highlights (continued)
Selected data for a share outstanding throughout each period:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | |
| | | | | | Investment Operations | | | Less Distributions to
Common Shareholders | | | Common Share | |
| | | Beginning
Common
Share
NAV | | | Net
Investment
Income
(Loss)(a) | | | Net
Realized/
Unrealized
Gain (Loss) | | | Total | | | From
Net
Investment
Income | | | From
Accumu
lated
Net
Realized
Gains | | | Return
of
Capital | | | Total | | | Discount Per
Share
Repurchased
and Retired | | | Premium
Per
Share
Sold
through
Shelf
Offering | | | Ending
NAV | | | Ending
Share
Price | |
|
JRO | |
Year Ended 7/31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2023(e) | | $ | 9.31 | | | $ | 0.40 | | | $ | (0.08 | ) | | $ | 0.32 | | | $ | (0.42 | ) | | $ | — | | | $ | — | | | $ | (0.42 | ) | | $ | — | | | $ | — | | | $ | 9.21 | | | $ | 8.47 | |
2022 | | | 10.27 | | | | 0.56 | | | | (0.82 | ) | | | (0.26 | ) | | | (0.60 | ) | | | — | | | | (0.10 | ) | | | (0.70 | ) | | | — | | | | — | | | | 9.31 | | | | 8.67 | |
2021 | | | 9.31 | | | | 0.54 | | | | 1.04 | | | | 1.58 | | | | (0.62 | ) | | | — | | | | — | | | | (0.62 | ) | | | — | | | | — | | | | 10.27 | | | | 9.69 | |
2020 | | | 10.94 | | | | 0.59 | | | | (1.53 | ) | | | (0.94 | ) | | | (0.69 | ) | | | — | | | | — | | | | (0.69 | ) | | | — | | | | — | | | | 9.31 | | | | 7.97 | |
2019 | | | 11.47 | | | | 0.70 | | | | (0.49 | ) | | | 0.21 | | | | (0.74 | ) | | | — | | | | — | | | | (0.74 | ) | | | — | * | | | — | | | | 10.94 | | | | 9.70 | |
2018 | | | 11.70 | | | | 0.66 | | | | (0.09 | ) | | | 0.57 | | | | (0.80 | ) | | | — | | | | — | | | | (0.80 | ) | | | — | | | | — | * | | | 11.47 | | | | 10.23 | |
|
JSD | |
Year Ended 7/31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2023(e) | | | 13.97 | | | | 0.60 | | | | (0.20 | ) | | | 0.40 | | | | (0.63 | ) | | | — | | | | — | | | | (0.63 | ) | | | — | | | | — | | | | 13.74 | | | | 12.39 | |
2022 | | | 15.52 | | | | 0.85 | | | | (1.35 | ) | | | (0.50 | ) | | | (0.95 | ) | | | — | | | | (0.10 | ) | | | (1.05 | ) | | | — | | | | — | | | | 13.97 | | | | 12.63 | |
2021 | | | 13.98 | | | | 0.80 | | | | 1.68 | | | | 2.48 | | | | (0.94 | ) | | | — | | | | — | | | | (0.94 | ) | | | — | | | | — | | | | 15.52 | | | | 14.40 | |
2020 | | | 16.89 | | | | 0.96 | | | | (2.79 | ) | | | (1.83 | ) | | | (1.08 | ) | | | — | | | | — | | | | (1.08 | ) | | | — | * | | | — | | | | 13.98 | | | | 11.64 | |
2019 | | | 17.92 | | | | 1.19 | | | | (0.98 | ) | | | 0.21 | | | | (1.24 | ) | | | — | | | | — | | | | (1.24 | ) | | | — | | | | — | | | | 16.89 | | | | 15.36 | |
2018 | | | 18.07 | | | | 1.19 | | | | (0.04 | ) | | | 1.15 | | | | (1.30 | ) | | | — | | | | — | | | | (1.30 | ) | | | — | | | | — | | | | 17.92 | | | | 16.67 | |
108
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | Common Share Supplemental Data/
Ratios Applicable to Common Shares | |
Common Share
Total Returns | | | | | | Ratios to Average Net Assets(c) | | | | |
| | | | | |
Based
on
NAV(b) | | | Based
on
Share
Price(b) | | | Ending
Net
Assets
(000) | | | Expenses | | | Net
Investment
Income (Loss) | | | Portfolio
Turnover
Rate(d) | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 3.57 | % | | | 2.79 | % | | $ | 373,541 | | | | 4.29 | %** | | | 8.74 | %** | | | 14 | % |
| | (2.82 | ) | | | (3.76 | ) | | | 377,470 | | | | 2.19 | | | | 5.53 | | | | 37 | |
| | 17.42 | | | | 30.14 | | | | 416,302 | | | | 2.19 | | | | 5.39 | | | | 41 | |
| | (8.91 | ) | | | (11.13 | ) | | | 377,406 | | | | 3.07 | | | | 5.85 | | | | 43 | |
| | 1.94 | | | | 2.19 | | | | 443,700 | | | | 3.31 | | | | 6.37 | | | | 34 | |
| | 5.06 | | | | (7.38 | ) | | | 465,378 | | | | 2.99 | | | | 5.77 | | | | 30 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2.92 | | | | 3.30 | | | | 138,602 | | | | 4.45 | ** | | | 8.71 | ** | | | 16 | |
| | (3.52 | ) | | | (5.50 | ) | | | 140,852 | | | | 2.39 | | | | 5.62 | | | | 39 | |
| | 18.24 | | | | 32.61 | | | | 156,492 | | | | 2.37 | | | | 5.35 | | | | 45 | |
| | (11.19 | ) | | | (17.88 | ) | | | 140,981 | | | | 3.31 | | | | 6.27 | | | | 40 | |
| | 1.30 | | | | (0.30 | ) | | | 170,487 | | | | 3.45 | | | | 6.89 | | | | 33 | |
| | 6.66 | | | | 1.33 | | | | 180,884 | | | | 2.96 | | | | 6.69 | | | | 29 | |
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
| (b) | Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized. |
| | Total Return Based on Common Share Price is the combination of changes in the market price per common share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. |
| | | | |
| (c) | | • | | Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares (as described in Note 5 – Fund Shares) and/or borrowings (as described in Note 9 – Borrowing Arrangements and Reverse Repurchase Agreements), where applicable. |
| | • | | Each ratio includes the effect of all interest expense paid and other costs related to preferred shares and/or borrowings, where applicable, as follows: |
| | | | |
Ratios of Interest Expense
to Average Net Assets
Applicable to Common Shares | |
JRO | |
Year Ended 7/31: | |
2023(e) | | | 2.80 | %** |
2022 | | | 0.80 | |
2021 | | | 0.79 | |
2020 | | | 1.68 | |
2019 | | | 1.94 | |
2018 | | | 1.59 | |
| | | | |
Ratios of Interest Expense
to Average Net Assets
Applicable to Common Shares | |
JSD | |
Year Ended 7/31: | |
2023(e) | | | 2.90 | %** |
2022 | | | 0.91 | |
2021 | | | 0.70 | |
2020 | | | 1.70 | |
2019 | | | 2.00 | |
2018 | | | 1.44 | |
| (d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
| (e) | Unaudited. For the six months ended January 31, 2023. |
See accompanying notes to financial statements.
109
Financial Highlights (continued)
Selected data for a share outstanding throughout each period:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | |
| | | | | | Investment Operations | | | Less Distributions to
Common Shareholders | | | Common Share | |
| | | Beginning
Common
Share
NAV | | | Net
Investment
Income
(Loss)(a) | | | Net
Realized/
Unrealized
Gain (Loss) | | | Total | | | From
Net
Investment
Income | | | From
Accumulated
Net
Realized
Gains | | | Return
of
Capital | | | Total | | | Discount
Per
Share
Repurchased
and Retired | | | Ending
NAV | | | Ending
Share
Price | |
|
JQC | |
Year Ended 7/31: | |
2023(e) | | $ | 6.10 | | | $ | 0.25 | | | $ | (0.14 | ) | | $ | 0.11 | | | $ | (0.27 | ) | | $ | — | | | $ | — | | | $ | (0.27 | ) | | $ | — | | | $ | 5.94 | | | $ | 5.43 | |
2022 | | | 6.91 | | | | 0.35 | | | | (0.68 | ) | | | (0.33 | ) | | | (0.35 | ) | | | — | | | | (0.13 | ) | | | (0.48 | ) | | | — | | | | 6.10 | | | | 5.50 | |
2021 | | | 6.88 | | | | 0.32 | | | | 0.56 | | | | 0.88 | | | | (0.30 | ) | | | — | | | | (0.55 | ) | | | (0.85 | ) | | | — | | | | 6.91 | | | | 6.53 | |
2020 | | | 8.49 | | | | 0.39 | | | | (0.87 | ) | | | (0.48 | ) | | | (0.39 | ) | | | — | | | | (0.74 | ) | | | (1.13 | ) | | | — | | | | 6.88 | | | | 5.88 | |
2019 | | | 9.11 | | | | 0.46 | | | | (0.17 | ) | | | 0.29 | | | | (0.60 | ) | | | — | | | | (0.31 | ) | | | (0.91 | ) | | | — | * | | | 8.49 | | | | 7.68 | |
2018 | | | 9.32 | | | | 0.44 | | | | (0.12 | ) | | | 0.32 | | | | (0.53 | ) | | | — | | | | — | | | | (0.53 | ) | | | — | | | | 9.11 | | | | 7.89 | |
110
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | Common Share Supplemental Data/
Ratios Applicable to Common Shares | |
Common Share
Total Returns | | | | | | Ratios to Average Net Assets(c) | | | | |
Based
on
NAV(b) | | |
Based
on
Share
Price(b) | | | Ending
Net
Assets
(000) | | | Expenses | | | Net
Investment
Income (Loss) | | | Portfolio
Turnover
Rate(d) | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.90 | % | | | 3.91 | % | | $ | 806,179 | | | | 4.33 | %** | | | 8.48 | %** | | | 12 | % |
| | (5.15 | ) | | | (8.93 | ) | | | 827,031 | | | | 2.35 | | | | 5.20 | | | | 33 | |
| | 13.42 | | | | 26.98 | | | | 937,712 | | | | 2.22 | | | | 4.64 | | | | 43 | |
| | (5.91 | ) | | | (9.54 | ) | | | 932,800 | | | | 3.11 | | | | 5.11 | | | | 52 | |
| | 3.43 | | | | 9.33 | | | | 1,151,777 | | | | 3.42 | | | | 5.25 | | | | 59 | |
| | 3.64 | | | | (3.09 | ) | | | 1,237,262 | | | | 3.01 | | | | 4.84 | | | | 45 | |
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
| (b) | Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized. |
Total Return Based on Common Share Price is the combination of changes in the market price per common share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
| | | | |
| (c) | | • | | Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares (as described in Note 5 - Fund Shares) and/or reverse repurchase agreements and borrowings (as described in Note 9 – Borrowing Arrangements and Reverse Repurchase Agreements), where applicable. |
| | • | | Each ratio includes the effect of all interest expense and other costs related to preferred shares, reverse repurchase agreements and borrowings, where applicable, as follows: |
| | | | |
| JQC | | Ratios of Interest Expense
to Average Net Assets
Applicable to Common Shares | |
Year Ended 7/31: | |
2023(e) | | | 2.86 | %** |
2022 | | | 0.91 | |
2021 | | | 0.80 | |
2020 | | | 1.72 | |
2019 | | | 2.08 | |
2018 | | | 1.67 | |
| (d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
| (e) | Unaudited. For the six months ended January 31, 2023. |
See accompanying notes to financial statements.
111
Financial Highlights (continued)
The following table sets forth information regarding each Fund’s outstanding senior securities as of the end of each of the Fund’s last five fiscal periods, as applicable.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Borrowings | | | TFP Shares | | | Term Preferred | | | Borrowings,
TFP Shares, and/or
Term Preferred | |
| | | Aggregate
Amount
Outstanding
(000)(a) | | | Asset
Coverage
Per $1,000
Share(b) | | | Aggregate
Amount
Outstanding
(000)(a) | | | Asset
Coverage
Per $1,000
Share(b) | | | Aggregate
Amount
Outstanding
(000)(a) | | | Asset
Coverage
Per $1,000
Share(b) | | | Asset
Coverage
Per $1
Liquidation
Preference | |
NSL | | | | | | | | | | | | | | | | | | | | | |
Year Ended 7/31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2023(c) | | $ | 89,800 | | | $ | 3,783 | | | $ | 40,000 | | | $ | 2,617 | | | $ | — | | | $ | — | | | $ | 2.62 | |
2022 | | | 92,800 | | | | 3,725 | | | | 40,000 | | | | 2,603 | | | | — | | | | — | | | | 2.60 | |
2021 | | | 94,300 | | | | 3,918 | | | | 40,000 | | | | 2,751 | | | | — | | | | — | | | | 2.75 | |
2020 | | | 86,200 | | | | 3,862 | | | | — | | | | — | | | | 33,000 | | | | 2,793 | | | | 2.79 | |
2019 | | | 114,000 | | | | 3,610 | | | | — | | | | — | | | | 43,000 | | | | 2,621 | | | | 2.62 | |
2018 | | | 114,000 | | | | 3,717 | | | | — | | | | — | | | | 43,000 | | | | 2,699 | | | | 2.70 | |
| | | | | |
JFR | | | | | | | | | | | | | | | | | | | | | |
Year Ended 7/31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2023(c) | | | 233,300 | | | | 3,700 | | | | 100,000 | | | | 2,590 | | | | — | | | | — | | | | 2.59 | |
2022 | | | 233,400 | | | | 3,718 | | | | 100,000 | | | | 2,603 | | | | — | | | | — | | | | 2.60 | |
2021 | | | 238,400 | | | | 3,892 | | | | 100,000 | | | | 2,742 | | | | — | | | | — | | | | 2.74 | |
2020 | | | 208,100 | | | | 4,003 | | | | — | | | | — | | | | 90,000 | | | | 2,794 | | | | 2.79 | |
2019 | | | 264,500 | | | | 3,810 | | | | — | | | | — | | | | 115,000 | | | | 2,655 | | | | 2.66 | |
2018 | | | 254,300 | | | | 4,077 | | | | — | | | | — | | | | 125,200 | | | | 2,732 | | | | 2.73 | |
| | | | | |
JRO | | | | | | | | | | | | | | | | | | | | | |
Year Ended 7/31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2023(c) | | | 158,500 | | | | 3,830 | | | | 75,000 | | | | 2,600 | | | | — | | | | — | | | | 2.60 | |
2022 | | | 162,100 | | | | 3,791 | | | | 75,000 | | | | 2,592 | | | | — | | | | — | | | | 2.59 | |
2021 | | | 164,500 | | | | 3,987 | | | | 75,000 | | | | 2,738 | | | | — | | | | — | | | | 2.74 | |
2020 | | | 164,900 | | | | 3,562 | | | | — | | | | — | | | | 45,000 | | | | 2,798 | | | | 2.80 | |
2019 | | | 178,800 | | | | 3,951 | | | | — | | | | — | | | | 84,000 | | | | 2,688 | | | | 2.69 | |
2018 | | | 178,800 | | | | 4,073 | | | | — | | | | — | | | | 84,000 | | | | 2,771 | | | | 2.77 | |
| | | | | |
JSD | | | | | | | | | | | | | | | | | | | | | |
Year Ended 7/31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2023(c) | | | 17,100 | | | | 13,199 | | | | 70,000 | | | | 2,591 | | | | — | | | | — | | | | 2.59 | |
2022 | | | 18,000 | | | | 12,714 | | | | 70,000 | | | | 2,601 | | | | — | | | | — | | | | 2.60 | |
2021 | | | 19,500 | | | | 12,615 | | | | 70,000 | | | | 2,749 | | | | — | | | | — | | | | 2.75 | |
2020 | | | 8,500 | | | | 25,821 | | | | 70,000 | | | | 2,796 | | | | — | | | | — | | | | 2.80 | |
2019 | | | 72,000 | | | | 3,854 | | | | — | | | | — | | | | 35,000 | | | | 2,593 | | | | 2.59 | |
2018 | | | 72,000 | | | | 3,998 | | | | — | | | | — | | | | 35,000 | | | | 2,691 | | | | 2.69 | |
| | | | | |
JQC | | | | | | | | | | | | | | | | | | | | | |
Year Ended 7/31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2023(c) | | | 217,300 | | | | 5,354 | | | | 140,000 | | | | 3,256 | | | | — | | | | — | | | | 3.26 | |
2022 | | | 246,000 | | | | 4,931 | | | | 140,000 | | | | 3,143 | | | | — | | | | — | | | | 3.14 | |
2021 | | | 402,000 | | | | 3,333 | | | | — | | | | — | | | | — | | | | — | | | | — | |
2020 | | | 402,000 | | | | 3,320 | | | | — | | | | — | | | | — | | | | — | | | | — | |
2019 | | | 480,000 | | | | 3,400 | | | | — | | | | — | | | | — | | | | — | | | | — | |
2018 | | | 561,000 | | | | 3,205 | | | | — | | | | — | | | | — | | | | — | | | | — | |
| (a) | Aggregate Amount Outstanding: Aggregate amount outstanding represents the principal amount outstanding or liquidation preference as of the end of the relevant fiscal year. |
| (b) | Asset Coverage Per $1,000: Asset coverage per $1,000 is calculated by subtracting the Fund’s liabilities and indebtedness not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s senior securities representing indebtedness then outstanding (if applicable,) plus the aggregate of the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result by 1,000. |
| (c) | Unaudited. For the six months ended January 31, 2023. |
112
Notes to Financial Statements
(Unaudited)
1. General Information
Fund Information
The funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) symbols are as follows (each a “Fund” and collectively, the “Funds”):
| | • | | Nuveen Senior Income Fund (NSL) |
| | • | | Nuveen Floating Rate Income Fund (JFR) |
| | • | | Nuveen Floating Rate Income Opportunity Fund (JRO) |
| | • | | Nuveen Short Duration Credit Opportunities Fund (JSD) |
| | • | | Nuveen Credit Strategies Income Fund (JQC) |
The Funds are registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as diversified closed-end management investment companies. NSL, JFR, JRO, JSD and JQC were organized as Massachusetts business trusts on August 13, 1999, January 15, 2004, April 27, 2004, January 3, 2011 and May 17, 2003, respectively.
Current Fiscal Period
The end of the reporting period for the Funds is January 31, 2023, and the period covered by these Notes to Financial Statements is the six months ended January 31, 2023 (the “current fiscal period”).
Investment Adviser and Sub-Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds’ 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 (the “Sub-Adviser”), also a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
Fund Mergers
During January 2023, each Fund’s Board of Trustees (the “Board”) approved the mergers of NSL, JRO and JSD (each a “Target Fund”) into JFR (the “Acquiring Fund”). The mergers are intended to create a larger fund with lower operating expenses, enhanced earnings potential, and increasing trading volume for common shares. In order for a merger to occur, it must be approved by shareholders of the respective Target Funds. Acquiring Fund shareholders must approve the issuance of additional common shares in connection with the mergers. The closing of each merger is contingent upon obtaining shareholder approvals and satisfying other closing conditions. The closing of each merger is not contingent on the closing of any other merger.
Developments Regarding NSL’s, JFR’s, JRO’s and JSD’s Control Share By-Law
On January 14, 2021, the Board received a shareholder demand letter (the “Demand Letter”) from Saba Capital CEF Opportunities 1, Ltd. and Saba Capital Management, L.P. (collectively, “Saba”) demanding that the Funds (i) rescind the Funds’ by-law provisions pursuant to which, in summary, a shareholder who obtains beneficial ownership of common shares in a Control Share Acquisition (as defined in the by-laws) shall have the same voting rights as other common shareholders only to the extent authorized by the other disinterested shareholders (the “Control Share By-Law”) and (ii) commence judicial action against the Board to ensure that the Control Share By-Law is withdrawn. Following review of the Demand Letter, the Board determined that it would not be in the best interests of the Funds or the Funds’ shareholders to take the actions requested in the Demand Letter. Also on January 14, 2021, Saba filed a civil complaint in the U.S. District Court for the Southern District of New York (the “District Court”) against the Funds, certain other Nuveen funds and the Board, seeking a declaration that the Control Share By-Law violates the 1940 Act, rescission of the Control Share By-Law and a permanent injunction against applying the Control Share By-Law. On February 18, 2022, the District Court granted judgment in favor of Saba’s claim for rescission of the Control Share By-Law and Saba’s declaratory judgment claim, and declared that the Control Share By-Law violates Section 18(i) of the 1940 Act. Following review of the judgment of the District Court, on February 22, 2022, the Board amended the Funds’ by-laws to provide that the Control Share By-Law shall be of no force and effect for so long as the judgment of the District Court is effective and that if the judgment of the District Court is reversed, overturned, vacated, stayed, or otherwise nullified, the Control Share By-Law will be automatically reinstated and apply to any beneficial owner of common shares acquired in a Control Share Acquisition, regardless of whether such Control Share Acquisition occurs before or after such reinstatement, for the duration of the stay or upon issuance of the mandate reversing, overturning, vacating or otherwise nullifying the judgment of the District Court. On February 25, 2022, the Board and Funds appealed the District Court’s decision to the U.S. Court of Appeals for the Second Circuit.
113
Notes to Financial Statements (continued)
(Unaudited)
Developments Regarding JQC’s Control Share By-Law
On October 5, 2020, the Fund and certain other closed-end funds in the Nuveen fund complex amended their by-laws. Among other things, the amended by-laws included provisions pursuant to which, in summary, a shareholder who obtains beneficial ownership of common shares in a Control Share Acquisition (as defined in the by-laws) shall have the same Control Share By-Law. On January 14, 2021, a shareholder of certain Nuveen closed-end funds filed a civil complaint in the District Court against certain Nuveen funds and their trustees, seeking a declaration that such funds’ Control Share By-Laws violate the 1940 Act, rescission of such fund’s Control Share By-Laws and a permanent injunction against such funds applying the Control Share By-Laws. On February 18, 2022, the District Court granted judgment in favor of the plaintiff’s claim for rescission of such funds’ Control Share By-Laws and the plaintiff’s declaratory judgment claim, and declared that such funds’ Control Share By-Laws violate Section 18(i) of the 1940 Act. Following review of the judgment of the District Court, on February 22, 2022, the Board amended the Fund’s by-laws to provide that the Fund’s Control Share By-Law shall be of no force and effect for so long as the judgment of the District Court is effective and that if the judgment of the District Court is reversed, overturned, vacated, stayed, or otherwise nullified, the Fund’s Control Share By-Law will be automatically reinstated and apply to any beneficial owner of common shares acquired in a Control Share Acquisition, regardless of whether such Control Share Acquisition occurs before or after such reinstatement, for the duration of the stay or upon issuance of the mandate reversing, overturning, vacating or otherwise nullifying the judgment of the District Court. On February 25, 2022, the Board and the Fund appealed the District Court’s decision to the U.S. Court of Appeals for the Second Circuit.
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 the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services – Investment Companies. The net asset value (“NAV”) for financial reporting purposes may differ from the NAV for processing security and common share transactions. The NAV for financial reporting purposes includes security and common share transactions through the date of the report. Total return is computed based on the NAV used for processing security and common share transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.
Compensation
The Funds pay no compensation directly to those of its trustees or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
Distributions to Common Shareholders
Dividends to common shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
The Funds have implemented a level distribution program to provide shareholders with stable, but not guaranteed, cash flow, independent of the amount or timing of income earned or capital gains realized by the Funds. Under this program, each Fund’s regular monthly distribution, in order to maintain its level distribution amount, may include net investment income, return of capital and potentially capital gains for tax purposes. The amounts and sources of distributions are reported for financial reporting purposes and are not being provided for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes will be reported to shareholders on Form 1099-DIV which will be sent to shareholders shortly after calendar year-end. More details about each Fund’s distributions and the basis for these estimates are available on www.nuveen.com/cef.
Foreign Currency Transactions and Translation
To the extent that the Funds invest in securities and/or contracts that are denominated in a currency other than U.S. dollars, the Funds will be subject to currency risk, which is the risk that an increase in the U.S. dollar relative to the foreign currency will reduce returns or portfolio value. Generally, when the U.S. dollar rises in value against a foreign currency, the Funds’ investments denominated in that currency will lose value because its currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value. Investments and other assets and liabilities denominated in foreign currencies are converted into U.S. dollars on a spot (i.e. cash) basis at the spot rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and income denominated in foreign currencies are translated into U.S. dollars on the respective dates of such transactions.
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
114
the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received are recognized as a component of “Net realized gain (loss) from investments and foreign currency” on the Statement of Operations, when applicable.
The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with (i) investments and (ii) other assets and liabilities are recognized as a component of “Change in net unrealized appreciation (depreciation) of investments and foreign currency” on the Statement of Operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange rates associated with investments in derivatives are recognized as a component of the respective derivative’s related “Change in net unrealized appreciation (depreciation)” on the Statement of Operations, when applicable.
Foreign Taxes
The Funds may be subject to foreign taxes on income, gains, on investments or foreign currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest.
Indemnifications
Under the Funds’ organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect 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. Fee income and amendment fees, if any, are recognized as “Fees” on the Statement of Operations.
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable master repurchase agreements, International Swaps and Derivative 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 Statements of Assets and Liabilities.
The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 4 – Portfolio Securities and Investments in Derivatives.
New Accounting Pronouncements and Rule Issuances
Reference Rate Reform
In March 2020, FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates, when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Financial Conduct Authority (FCA). The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. In December 2022, FASB deferred ASU 2022-04 and issued ASU 2022-06, Reference Rate Reform: Deferral of the Sunset Date of Topic 848, which extends the application of the amendments through December 31, 2024. Management has not yet elected to apply the amendments, is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds’ investments and has currently determined that it is unlikely the ASU’s adoption will have a significant impact on the Funds’ financial statements and various filings.
115
Notes to Financial Statements (continued)
(Unaudited)
New Rules to Modernize Fund Valuation Framework Take Effect
A new rule adopted by the Securities and Exchange Commission (the “SEC”) governing fund valuation practices, Rule 2a-5 under the 1940 Act, has established requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of Section 2(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotations are not readily available. Separately, new SEC Rule 31a-4 under the 1940 Act sets forth the recordkeeping requirements associated with fair value determinations. The Funds adopted a valuation policy conforming to the new rules, effective September 1, 2022, and there was no material impact to the Funds.
FASB issues ASU 2022-03 – Fair Value Measurement (Topic 820), Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”)
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 an 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. Management is currently assessing the impact of these provisions on the Funds’ financial statements.
3. Investment Valuation and Fair Value Measurements
The Funds’ investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to oversight of the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
| | |
| Level 1 – | | Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. |
| Level 2 – | | Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.). |
| Level 3 – | | Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
A description of the valuation techniques applied to the Funds’ major classifications of assets and liabilities measured at fair value follows:
Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their last reported sales price or official closing price of such market or exchange on the valuation date. Foreign equity securities and registered investment companies that trade on a foreign exchange are valued at the last reported sales price or official closing price on the principal exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the valuation date. For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Funds’ net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Adviser, subject to the oversight of the Board. To the extent these securities are actively traded and no valuation adjustments are applied, they are generally classified as Level 1. When valuation adjustments are applied to the most recent last sales price or official closing price, these securities are generally classified as Level 2.
Prices of fixed-income securities are generally provided by pricing services approved by the Adviser, which is subject to review by the Adviser and oversight of the Board. Pricing services establish a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, 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.
Investments in investment companies are valued at their respective NAVs or share price on the valuation date 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
116
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:
| | | | | | | | | | | | | | | | |
| NSL | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Long-Term Investments*: | | | | | | | | | | | | | | | | |
Variable Rate Senior Loan Interests | | $ | — | | | $ | 280,063,377 | | | $ | — | | | $ | 280,063,377 | |
Corporate Bonds | | | — | | | | 47,298,411 | | | | — | | | | 47,298,411 | |
Common Stocks** | | | 1,574,874 | | | | 8,475,197 | | | | 152,139 | | | | 10,202,210 | |
Warrants | | | 2,059 | | | | 2,376,861 | | | | — | | | | 2,378,920 | |
Convertible Preferred Securities | | | — | | | | 128,405 | | | | — | | | | 128,405 | |
Total | | $ | 1,576,933 | | | $ | 338,342,251 | | | $ | 152,139 | | | $ | 340,071,323 | |
| | | | |
| JFR | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Long-Term Investments*: | | | | | | | | | | | | | | | | |
Variable Rate Senior Loan Interests | | $ | — | | | $ | 705,060,216 | | | $ | — | | | $ | 705,060,216 | |
Corporate Bonds | | | — | | | | 117,408,530 | | | | — | | | | 117,408,530 | |
Common Stocks** | | | 3,761,627 | | | | 20,267,621 | | | | 339,722 | | | | 24,368,970 | |
Asset-Backed Securities | | | — | | | | 12,159,177 | | | | — | | | | 12,159,177 | |
Warrants | | | 4,807 | | | | 5,694,211 | | | | — | | | | 5,699,018 | |
Convertible Preferred Securities | | | — | | | | 256,852 | | | | — | | | | 256,852 | |
Total | | $ | 3,766,434 | | | $ | 860,846,607 | | | $ | 339,722 | | | $ | 864,952,763 | |
| | | | |
| JRO | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Long-Term Investments*: | | | | | | | | | | | | | | | | |
Variable Rate Senior Loan Interests | | $ | — | | | $ | 501,112,573 | | | $ | — | | | $ | 501,112,573 | |
Corporate Bonds | | | — | | | | 84,107,903 | | | | — | | | | 84,107,903 | |
Common Stocks** | | | 2,661,212 | | | | 14,579,910 | | | | 246,531 | | | | 17,487,653 | |
Asset-Backed Securities | | | — | | | | 7,266,287 | | | | — | | | | 7,266,287 | |
Warrants | | | 3,438 | | | | 4,015,935 | | | | — | | | | 4,019,373 | |
Convertible Preferred Securities | | | — | | | | 171,234 | | | | — | | | | 171,234 | |
Total | | $ | 2,664,650 | | | $ | 611,253,842 | | | $ | 246,531 | | | $ | 614,165,023 | |
| | | | |
| JSD | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Long-Term Investments*: | | | | | | | | | | | | | | | | |
Variable Rate Senior Loan Interests | | $ | — | | | $ | 180,081,478 | | | $ | — | | | $ | 180,081,478 | |
Corporate Bonds | | | — | | | | 33,194,003 | | | | — | | | | 33,194,003 | |
Common Stocks** | | | 1,082,645 | | | | 5,790,904 | | | | 102,258 | | | | 6,975,807 | |
Warrants | | | 2,059 | | | | 1,632,732 | | | | — | | | | 1,634,791 | |
Convertible Preferred Securities | | | — | | | | 128,369 | | | | — | | | | 128,369 | |
| | | | |
Short-Term Investments: | | | | | | | | | | | | | | | | |
Investment Companies | | | 3,010,603 | | | | — | | | | — | | | | 3,010,603 | |
Total | | $ | 4,095,307 | | | $ | 220,827,486 | | | $ | 102,258 | | | $ | 225,025,051 | |
| | | | |
| JQC | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Long-Term Investments*: | | | | | | | | | | | | | | | | |
Variable Rate Senior Loan Interests | | $ | — | | | $ | 1,057,942,307 | | | $ | — | | | $ | 1,057,942,307 | |
Corporate Bonds | | | — | | | | 205,100,565 | | | | — | | | | 205,100,565 | |
Common Stocks** | | | 562,518 | | | | 15,511,123 | | | | 561,495 | | | | 16,635,136 | |
Warrants** | | | 6,888 | | | | 3,213,155 | | | | 5 | | | | 3,220,048 | |
Convertible Preferred Securities | | | — | | | | 344 | | | | — | | | | 344 | |
| | | | |
Short-Term Investments: | | | | | | | | | | | | | | | | |
Investment Companies | | | 11,995,354 | | | | — | | | | — | | | | 11,995,354 | |
Total | | $ | 12,564,760 | | | $ | 1,281,767,494 | | | $ | 561,500 | | | $ | 1,294,893,754 | |
| * | Refer to the Fund’s Portfolio of Investments for industry classifications, where applicable. |
| ** | Refer to the Fund’s Portfolio of Investments for securities classified as Level 3. |
117
Notes to Financial Statements (continued)
(Unaudited)
The Funds hold liabilities in preferred shares, where applicable, which are not reflected in the tables above. The fair values of the Funds’ liabilities for preferred shares approximate their liquidation preference. Preferred shares are generally classified as Level 2 and further described in Note 5 – Fund Shares.
4. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Unfunded Commitments
Pursuant to the terms of certain of the variable rate senior loan agreements, the Funds 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:
| | | | | | | | | | | | | | | | | | | | |
| | | NSL | | | JFR | | | JRO | | | JSD | | | JQC | |
Outstanding unfunded senior loan commitments | | $ | 62,431 | | | $ | 296,459 | | | $ | 146,659 | | | $ | 73,370 | | | $ | 473,436 | |
Participation Commitments
With respect to the senior loans held in each Fund’s portfolio, the Funds may: 1) invest in assignments; 2) act as a participant in primary lending syndicates; or 3) invest in participations. If a Fund purchases a participation of a senior loan interest, the Fund would typically enter into a contractual agreement with the lender or other third party selling the participation, rather than directly with the borrower. As such, the Fund not only assumes the credit risk of the borrower, but also that of the selling participant or other persons interpositioned between the Fund and the borrower. As of the end of the reporting period, the Funds had no such outstanding participation commitments.
Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Investment Transactions
Long-term purchases and sales (including maturities) during the current fiscal period were as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | NSL | | | JFR | | | JRO | | | JSD | | | JQC | |
Purchases | | $ | 61,144,708 | | | $ | 135,082,992 | | | $ | 95,925,733 | | | $ | 35,665,468 | | | $ | 154,889,188 | |
Sales and maturities | | | 56,713,515 | | | | 129,198,747 | | | | 85,711,357 | | | | 39,314,611 | | | | 196,841,074 | |
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. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed-delivery purchase commitments. 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.
Investments in Derivatives
Each Fund is authorized to invest in certain derivative instruments, such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Although the Funds are authorized to invest in derivative instruments, and may do so in the future, they did not make any such investments during the current fiscal period.
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.
118
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.
5. Fund Shares
Common Shares
Common Share Transactions
During the Funds’ current and prior fiscal period, there were no transactions in common shares.
Preferred Shares
Taxable Fund Preferred Shares
All the Funds have issued and have outstanding Taxable Fund Preferred (“TFP”) Shares, with a $1,000 liquidation preference per share. These TFP Shares were issued via private placement and are not publicly available.
Each Fund is obligated to redeem its TFP Shares by the date as specified in its offering documents (“Term Redemption Date”), unless earlier redeemed by the Fund. TFP Shares are initially issued in a pre-specified mode, however, TFP Shares can be subsequently designated as an alternative mode at a later date at the discretion of the Funds. The modes within TFP Shares detail the dividend mechanics and are described as follows. At a subsequent date, the Funds may establish additional mode structures with the TFP Share.
| | • | | Variable Rate Mode (“VRM”) – Dividends for TFP Shares designated in this mode are based upon a short-term index plus an additional fixed “spread” amount established at the time of issuance or renewal / conversion of its mode. At the end of the period of the mode, the Funds will be required to either extend the term of the mode, designate an alternative mode or redeem the TFP Shares. |
The fair value of TFP Shares while in VRM are expected to approximate their liquidation preference so long as the fixed “spread” on the shares remains roughly in line with the “spread’ being demanded by investors on instruments having similar terms in the current market. In current market conditions, the Adviser has determined that the fair value of the shares are approximately their liquidation preference, but their fair value could vary if market conditions change materially.
| | • | | Variable Rate Demand Mode (“VRDM”) – Dividends for TFP Shares designated in this mode will be established by a remarketing agent; therefore, the market value of the TFP Shares is expected to approximate its liquidation preference. While in this mode, shares will have an unconditional liquidity feature that enable its shareholders to require a liquidity provider, which each Fund has entered into a contractual agreement, to purchase shares in the event that the shares are not able to be successfully remarketed. In the event that shares within this mode are unable to be successfully remarketed and are purchased by the liquidity provider, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the shares. Each Fund is required to redeem any shares that are still owned by a liquidity provider after six months of continuous, unsuccessful remarketing. |
Each Fund will pay a liquidity and remarketing fee on the aggregate principal amount of all TFP Shares while within VRDM. Payments made by the Funds to the liquidity provider and remarketing agent are recognized as “Liquidity fees” and “Remarketing fees”, respectively, on the Statement of Operations.
For financial reporting purposes, the liquidation preference of TFP Shares is recorded as a liability and is recognized as a component of “Taxable Fund Preferred (“TFP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities. Dividends on the TFP shares are treated as interest payments for financial reporting purposes. Unpaid dividends on TFP shares are recognized as a component on “Interest payable” on the Statement of Assets and Liabilities. Dividends accrued on TFP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
Subject to certain conditions, TFP Shares may be redeemed, in whole or in part, at any time at the option of the Funds. Each Fund may also be required to redeem certain TFP shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share in all circumstances is equal to the liquidation preference per share plus any accumulated but unpaid dividends.
Costs incurred in connection with their offerings of TFP Shares were recorded as a deferred charge and are being amortized over the life of the shares. These offering costs are recognized as a component of “Taxable Fund Preferred (“TFP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.
119
Notes to Financial Statements (continued)
(Unaudited)
As of the end of the reporting period, NSL, JFR, JRO,JSD and JQC had $39,638,851, $99,421,284, $74,726,849, $69,657,121 and $139,326,617 TFP Shares at liquidation preference, net of deferred offering costs, respectively. Further details of the Funds’ TFP Shares outstanding as of the end of the reporting period, were as follows:
| | | | | | | | | | | | | | | | | | |
| Fund | | Series | | Shares
Outstanding | | | Liquidation
Preference | | | Term
Redemption
Date | | | Mode | |
| NSL | | A | | | 40,000 | | | $ | 40,000,000 | | | | November 1, 2030 | | | | VRM | |
| JFR | | A | | | 100,000 | | | $ | 100,000,000 | | | | January 1, 2031 | | | | VRDM | |
| JRO | | A | | | 75,000 | | | $ | 75,000,000 | | | | December 1, 2030 | | | | VRM | |
| JSD | | A | | | 70,000 | | | $ | 70,000,000 | | | | November 1, 2029 | | | | VRDM | |
| JQC | | A | | | 140,000 | | | $ | 140,000,000 | | | | July 1, 2032 | | | | VRDM | |
The average liquidation preference of TFP Shares outstanding and the annualized dividend rate for each Fund during the current fiscal period were as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | NSL | | | JFR | | | JRO | | | JSD | | | JQC | |
Average liquidation preference of TFP Shares outstanding | | $ | 40,000,000 | | | $ | 100,000,000 | | | $ | 75,000,000 | | | $ | 70,000,000 | | | $ | 140,000,000 | |
Annualized dividend rate | | | 4.56 | % | | | 3.62 | % | | | 4.59 | % | | | 3.62 | % | | | 3.62 | % |
Preferred Share Transactions
Transactions in preferred shares during the Funds’ current and prior fiscal period, where applicable, are noted in the following table.
Transactions in TFP Shares for the Funds, where applicable, was as follows:
| | | | | | | | | | | | |
| | | Year Ended
July 31, 2022 | |
| JQC | | Series | | | Shares | | | Amount | |
TFP Shares issued | | | A | | | | 140,000 | | | $ | 140,000,000 | |
6. 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.
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:
| | | | | | | | | | | | | | | | |
| Fund | | Tax Cost | | | Gross Unrealized
Appreciation | | | Gross Unrealized
(Depreciation) | | | Net Unrealized
Appreciation
(Depreciation) | |
| | | | |
NSL | | $ | 360,433,340 | | | $ | 8,992,411 | | | $ | (29,354,428 | ) | | $ | (20,362,017 | ) |
| | | | |
JFR | | | 912,527,781 | | | | 22,089,783 | | | | (69,664,801 | ) | | | (47,575,018 | ) |
| | | | |
JRO | | | 648,339,915 | | | | 15,333,944 | | | | (49,508,836 | ) | | | (34,174,892 | ) |
| | | | |
JSD | | | 238,553,533 | | | | 5,950,959 | | | | (19,479,441 | ) | | | (13,528,482 | ) |
| | | | |
| JQC | | | 1,374,188,452 | | | | 17,381,222 | | | | (96,675,920 | ) | | | (79,294,698 | ) |
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.
120
As of prior fiscal period end, the components of accumulated earnings on a tax basis were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | |
| | | | | | | |
NSL | | $ | — | | | $ | — | | | $ | (25,492,355 | ) | | $ | (44,951,557 | ) | | $ | — | | | $ | (1,486,542 | ) | | $ | (71,930,454 | ) |
| | | | | | | |
JFR | | | — | | | | — | | | | (61,468,777 | ) | | | (103,224,962 | ) | | | — | | | | (3,756,619 | ) | | | (168,450,358 | ) |
| | | | | | | |
JRO | | | — | | | | — | | | | (44,168,706 | ) | | | (74,138,025 | ) | | | — | | | | (2,655,450 | ) | | | (120,962,181 | ) |
| | | | | | | |
JSD | | | — | | | | — | | | | (17,277,892 | ) | | | (30,961,127 | ) | | | — | | | | (993,436 | ) | | | (49,232,455 | ) |
| | | | | | | |
| JQC | | | — | | | | — | | | | (103,267,425 | ) | | | (216,476,027 | ) | | | — | | | | (5,695,590 | ) | | | (325,439,042 | ) |
As of prior fiscal period end, the Funds had capital loss carryforwards, which will not expire:
| | | | | | | | | | | | |
| Fund | | Short-Term | | | Long-Term | | | Total | |
| | | |
NSL | | $ | 3,053,867 | | | $ | 41,897,690 | | | $ | 44,951,557 | |
| | | |
JFR | | | 6,507,557 | | | | 96,717,405 | | | | 103,224,962 | |
| | | |
JRO | | | 4,606,728 | | | | 69,531,297 | | | | 74,138,025 | |
| | | |
JSD | | | 3,100,613 | | | | 27,860,514 | | | | 30,961,127 | |
| | | |
| JQC | | | 35,160,164 | | | | 181,315,863 | | | | 216,476,027 | |
| | | | | | | | | | | | |
7. Management Fees
Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:
| | | | | | | | |
| Average Daily Managed Assets* | | NSL JFR JRO JSD
Fund-Level Fee Rate | | | JQC
Fund-Level Fee Rate | |
For the first $500 million | | | 0.6500 | % | | | 0.6800 | % |
For the next $500 million | | | 0.6250 | | | | 0.6550 | |
For the next $500 million | | | 0.6000 | | | | 0.6300 | |
For the next $500 million | | | 0.5750 | | | | 0.6050 | |
For managed assets over $2 billion | | | 0.5500 | | | | 0.5800 | |
The annual complex-level fee, payable monthly, for each Fund is calculated by multiplying the current complex-wide fee rate, determined according to the following schedule by the Funds’ daily managed assets:
| | | | |
| Complex-Level Eligible Asset Breakpoint Level* | | Effective Complex-Level Fee Rate at Breakpoint Level | |
$55 billion | | | 0.2000 | % |
$56 billion | | | 0.1996 | |
$57 billion | | | 0.1989 | |
$60 billion | | | 0.1961 | |
$63 billion | | | 0.1931 | |
$66 billion | | | 0.1900 | |
$71 billion | | | 0.1851 | |
$76 billion | | | 0.1806 | |
$80 billion | | | 0.1773 | |
$91 billion | | | 0.1691 | |
$125 billion | | | 0.1599 | |
$200 billion | | | 0.1505 | |
$250 billion | | | 0.1469 | |
$300 billion | | | 0.1445 | |
121
Notes to Financial Statements (continued)
(Unaudited)
| * | For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and closed-end funds that constitute ‘’eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011, but do not include certain assets of certain Nuveen funds that were reorganized into funds advised by an affiliate of the Adviser during the 2019 calendar year. As of January 31, 2023, the complex-level fee for each Fund was 0.1580%. |
8. Commitments and Contingencies
In the normal course of business, each Fund enters into a variety of agreements that may expose the Fund to some risk of loss. These could include certain agreements related to preferred shares, which are described elsewhere in these Notes to Financial Statements. The risk of future loss arising from such agreements, while not quantifiable, is expected to be remote. As of the end of the reporting period, the Funds did not have any unfunded commitments other than those disclosed elsewhere in this report.
From time to time, the Funds may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Funds’ rights under contracts. As of the end of the reporting period, management has determined that any legal proceeding(s) the Funds are subject to, including those described within this report, are unlikely to have a material impact to any of the Funds’ financial statements.
9. Borrowing Arrangements and Reverse Repurchase Agreements
Borrowings
Each Fund has entered into a borrowing arrangement (“Borrowings”) as a means of leverage.
Borrowing Information for NSL, JFR and JRO
The following Funds have entered into a revolving credit and security agreement with certain banks and their affiliates. As of the end of the reporting period, each Fund’s maximum commitment amount under its Borrowings is as follows:
| | | | | | | | | | | | |
| | | NSL | | | JFR | | | JRO | |
Maximum commitment amount | | $ | 102,500,000 | | | $ | 260,000,000 | | | $ | 180,000,000 | |
As of the end of the reporting period, each Fund’s outstanding balance on its Borrowings was as follows:
| | | | | | | | | | | | |
| | | NSL | | | JFR | | | JRO | |
Outstanding balance on Borrowings | | $ | 89,800,000 | | | $ | 233,300,000 | | | $ | 158,500,000 | |
During October 2022, NSL renewed its Borrowings through October 2023 and changed its interest on Borrowings to 1- Month Term Secured Overnight Financing Rate (SOFR) plus 0.90% per annum on the amount borrowed. All other terms remain unchanged. During December 2022, JFR amended its Borrowings and changed its interest on Borrowings to 1- Month Term SOFR plus 1.00% per annum on the amount borrowed. All other terms remain unchanged. During November 2022, JRO renewed its Borrowings through November 2023 and changed its interest on Borrowings to 1- Month Term SOFR plus 0.90% per annum on the amount borrowed. All other terms remain unchanged.
Interest is charged at a rate equal to 1-Month Term SOFR plus 0.90% (1-Month LIBOR (London Inter-Bank Offered Rate) plus 0.80% prior to October 3,2022 and November 3, 2022) for NSL and JRO, respectively. Interest is charged at a rate equal to 1-Month Term SOFR plus 1.00% (1-Month LIBOR plus 0.80% prior to December 16, 2022) for JFR. JFR accrues 0.25% per annum on the undrawn balance if the undrawn portion of the Borrowings on a particular day is more than 25% of the maximum commitment amount. NSL and JRO accrue 0.30% per annum on the undrawn balance if the undrawn portion of the Borrowings on a particular day is more than 10% of the maximum commitment amount.
During the Funds’ utilization period(s) during the current fiscal period, the average daily balance outstanding (which was for the entire current reporting period) and average annual interest rate on each Fund’s Borrowings were as follows:
| | | | | | | | | | | | |
| | | NSL | | | JFR | | | JRO | |
Average daily balance outstanding | | $ | 91,048,913 | | | $ | 230,445,652 | | | $ | 158,873,370 | |
Average annual interest rate | | | 4.29 | % | | | 4.25 | % | | | 4.35 | % |
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Borrowings Information for JSD
The Fund has outstanding a 364-day revolving line of credit. As of the end of the reporting period, the Fund’s maximum commitment amount under its Borrowings is as follows:
| | | | |
| | | JSD | |
Maximum commitment amount | | $ | 30,000,000 | |
As of the end of the reporting period, the Fund’s outstanding balance on its Borrowings was as follows:
| | | | |
| | | JSD | |
Outstanding balance on Borrowings | | $ | 17,100,000 | |
During October 2022, JSD renewed its borrowings through October 2023 changed its interest on borrowings to 1-Month Term SOFR plus 0.90% per annum on the amount borrowed. All other terms remain unchanged.
For JSD interest is charged on these Borrowings at 1-Month Term SOFR plus 0.90% per annum (1-Month LIBOR plus 0.80% prior to October 26, 2022) on the amounts borrowed. The Fund also accrued 0.15% per annum on the undrawn portion if it was less than 50% of the maximum commitment amount; however, if the undrawn portion of the Borrowings was greater than 50% of the maximum commitment amount the Fund accrued a 0.25% per annum on the undrawn portion of the Borrowings.
During the Fund’s utilization period(s) during the current fiscal period, the average daily balance outstanding (which was for the entire current reporting period) and average annual interest rate on the Fund’s Borrowings were as follows:
| | | | |
| | | JSD | |
Average daily balance outstanding | | $ | 17,407,065 | |
Average annual interest rate | | | 4.16 | % |
Borrowings Information for JQC
The Fund has entered into a borrowing agreement with a bank and its affiliate. As of the end of the reporting period, the Fund’s maximum commitment amount under its Borrowings is as follows:
| | | | |
| | | JQC | |
Maximum commitment amount | | $ | 265,000,000 | |
As of the end of the reporting period, the Fund’s outstanding balance on its Borrowings was as follows:
| | | | |
| | | JQC | |
Outstanding balance on Borrowings | | $ | 217,300,000 | |
Interest is charged on the Borrowings at a rate per annum equal to the daily SOFR plus 1.10% and the Fund accrues 1.10% per annum on any positive difference between 90% of the maximum commitment amount and the daily drawn amount.
During the Fund’s utilization period(s) during the current fiscal period, the average daily balance outstanding (which was for the entire current reporting period) and average annual interest rate on the Fund’s Borrowings were as follows:
| | | | |
| | | JQC | |
Average daily balance outstanding | | $ | 236,064,674 | |
Average annual interest rate | | | 4.40 | % |
Other Borrowings Information for the Funds
In order to maintain their Borrowings, the Funds must meet certain collateral, asset coverage and other requirements. Each Fund’s Borrowings outstanding is fully secured by eligible securities held in its portfolio of investments.
Each Fund’s Borrowings outstanding is recognized as “Borrowings” on the Statement of Assets and Liabilities. Interest expense incurred on the borrowed amount, undrawn balance and initial fees are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
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Notes to Financial Statements (continued)
(Unaudited)
Reverse Repurchase Agreements
During the current fiscal period, JQC used reverse repurchase agreements as a means of leverage.
The Fund may enter into a reverse repurchase agreement with brokers, dealers, banks or other financial institutions that have been determined by the Adviser to be creditworthy. In a reverse repurchase agreement, a Fund sells to the counterparty a security that it holds with a contemporaneous agreement to repurchase the same security at an agreed-upon price and date, reflecting the interest rate effective for the term of the agreement. It may also be viewed as the borrowing of money by the Fund. Cash received in exchange for securities delivered, plus accrued interest payments to be made by the Fund to a counterparty, are reflected as a liability on the Statement of Assets and Liabilities. Interest payments made by the Fund to counterparties are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
In a reverse repurchase agreement, the Fund retains the risk of loss associated with the sold security. Reverse repurchase agreements also involve the risk that the purchaser fails to return the securities as agreed upon, files for bankruptcy or becomes insolvent. Upon a bankruptcy or insolvency of a counterparty, the Fund is considered to be an unsecured creditor with respect to excess collateral and as such the return of excess collateral may be delayed.
As of the end of the reporting period, the Fund’s outstanding balances on its reverse repurchase agreements were as follows:
| | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Rate | | | Principal
Amount | | | Maturity | | | Value | | | Value and
Accrued Interest | |
Societe Generale | | | Daily SOFR plus 0.85 | % | | $ | (142,000,000 | ) | | | N/A | | | $ | (142,000,000 | ) | | $ | (142,724,676 | ) |
N/A – Maturity is not applicable. The final repurchase date will be established following pre-specified advance notice by the Fund or the counterparty to the reverse repurchase agreement.
During the current fiscal period, the average daily balance outstanding (which was for the entire current reporting period) and average interest rate on the Fund’s reverse repurchase agreements were as follows:
| | | | |
| | | JQC | |
Average daily balance outstanding | | | $142,000,000 | |
Average interest rate | | | 4.37 | % |
The following table presents the reverse repurchase agreements subject to netting agreements and the collateral delivered related to those reverse repurchase agreements.
| | | | | | | | |
| Counterparty | | Reverse Repurchase
Agreements* | | | Collateral Pledged
to Counterparty | |
Societe Generale | | $ | (142,724,676 | ) | | $ | 163,544,224 | |
| * | Represents gross value and accrued interest for the counterparty as reported in the preceding table. |
10. Inter-Fund Lending
Inter-Fund Borrowing and Leading
The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities “fails,” resulting in an unanticipated cash shortfall) (the “Inter-Fund Program”). The closed-end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund’s outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund’s total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund’s inter-fund loans to any one fund shall not exceed 5% of the lending fund’s net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business day’s notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund’s investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.
124
The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day’s notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.
During the current reporting period, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.
125
Risk Considerations (Unaudited)
Risk Considerations
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.
Nuveen Senior Income Fund (NSL)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Adjustable Rate Senior Loans may not be fully secured by collateral, generally do not trade on exchanges, and are typically issued by unrated or below-investment grade companies, and therefore are subject to greater liquidity and credit risk. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as interest rate risk are described in more detail on the Fund’s web page at www.nuveen.com/NSL.
Nuveen Floating Rate Income Fund (JFR)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Adjustable Rate Senior Loans may not be fully secured by collateral, generally do not trade on exchanges, and are typically issued by unrated or below-investment grade companies, and therefore are subject to greater liquidity and credit risk. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as interest rate risk are described in more detail on the Fund’s web page at www.nuveen.com/JFR.
Nuveen Floating Rate Income Opportunity Fund (JRO)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Adjustable Rate Senior Loans may not be fully secured by collateral, generally do not trade on exchanges, and are typically issued by unrated or below-investment grade companies, and therefore are subject to greater liquidity and credit risk. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as interest rate risk are described in more detail on the Fund’s web page at www.nuveen.com/JRO.
Nuveen Short Duration Credit Opportunities Fund (JSD)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Adjustable Rate Senior Loans may not be fully secured by collateral, generally do not trade on exchanges, and are typically issued by unrated or below-investment grade companies, and therefore are subject to greater liquidity and credit risk. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as interest rate risk are described in more detail on the Fund’s web page at www.nuveen.com/JSD.
126
Nuveen Credit Strategies Income Fund (JQC)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Adjustable Rate Senior Loans may not be fully secured by collateral, generally do not trade on exchanges, and are typically issued by unrated or below-investment grade companies, and therefore are subject to greater liquidity and credit risk. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. Common stock prices have often experienced significant volatility. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as interest rate risk are described in more detail on the Fund’s web page at www.nuveen.com/JQC.
127
Additional Fund Information (Unaudited)
| | | | | | | | | | |
| Board of Trustees | | | | | | | | | | |
| Jack B. Evans | | William C. Hunter | | Amy B.R. Lancellotta | | Joanne T. Medero | | Albin F. Moschner | | John K. Nelson |
Matthew Thornton III | | Terence J. Toth | | Margaret L Wolff | | Robert L. Young | | | | |
| | | | | | | | |
| | | | | |
Investment Adviser Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606 | | Custodian State Street Bank
& Trust Company One Lincoln Street Boston, MA 02111 | | Legal Counsel Chapman and Cutler LLP Chicago, IL 60603 | | Independent Registered
Public Accounting Firm KPMG LLP 200 East Randolph Street Chicago, IL 60601 | | Transfer Agent and
Shareholder Services Computershare Trust Company, N.A. 150 Royall Street Canton, MA 02021 (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.
CEO Certification Disclosure
Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
Common Share Repurchases
Each Fund intends to repurchase, through its open market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock, as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.
| | | | | | | | | | | | | | | | | | | | |
| | | NSL | | | JFR | | | JRO | | | JSD | | | JQC | |
Common shares repurchased | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
FINRA BrokerCheck
The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.
128
Glossary of Terms Used in this Report
(Unaudited)
| ∎ | | 19(a) Notice: Section 19(a) of the Investment Company Act of 1940 requires that the payment of any distribution which is made from a source other than the fund’s net income be accompanied by a written notice that discloses the estimated sources of such payment. |
| ∎ | | 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. |
| ∎ | | Collateralized Loan Obligation (CLO): A security backed by a pool of debt, often low rated corporate loans. Collateralized loan obligations (CLOs) are similar to collateralized mortgage obligations, except for the different type of underlying loan. |
��
| ∎ | | Convexity: A tool used in risk management to measure the sensitivity of bond duration to interest rate changes. Higher convexity generally means higher sensitivity to interest rate changes. |
| ∎ | | 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. |
| ∎ | | Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see below) and the leverage effects of certain derivative investments in the fund’s portfolio. |
| ∎ | | Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital. |
| ∎ | | Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding. |
| ∎ | | Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940. |
129
Notes
130
Notes
131
Nuveen:
Serving Investors for Generations
Since 1898, financial professionals and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen is the investment manager of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.
Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial professional, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/closed-end-funds
| | | | |
| Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com | | | | ESA-A-
0123D 2766029-INV-B-03/24 |
Item 2. Code of Ethics.
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 filing.
Item 6. Schedule of Investments.
(a) See Portfolio of Investments in Item 1.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to this filing.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to this filing.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this item.
Item 11. Controls and Procedures.
| (a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.
(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable.
(a)(4) Change in registrant’s independent public accountant. Not applicable.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2 (b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Credit Strategies Income Fund
| | | | |
| By (Signature and Title) | | /s/ Mark L. Winget | | |
| | Mark L. Winget | | |
| | Vice President and Secretary | | |
Date: April 6, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | | | |
| By (Signature and Title) | | /s/ David J. Lamb | | |
| | David J. Lamb | | |
| | Chief Administrative Officer | | |
| | (principal executive officer) | | |
Date: April 6, 2023
| | | | |
| By (Signature and Title) | | /s/ E. Scott Wickerham | | |
| | E. Scott Wickerham | | |
| | Vice President and Controller | | |
| | (principal financial officer) | | |
Date: April 6, 2023
