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, 2024
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
This
semi-annual
report
contains
the
Funds'
unaudited financial
statements.
Nuveen
Floating
Rate
Income
Fund
JFR
Nuveen
Credit
Strategies
Income
Fund
JQC
Nuveen
Preferred
&
Income
Opportunities
Fund
JPC
Nuveen
Preferred
and
Income
Term
Fund
JPI
Nuveen
Variable
Rate
Preferred
&
Income
Fund
NPFD
Important
Notices
3
Fund
Leverage
4
Common
Share
Information
6
About
the
Funds’
Benchmarks
9
Performance
Overview
and
Holdings
Summaries
10
Portfolios
of
Investments
20
Statement
of
Assets
and
Liabilities
77
Statement
of
Operations
79
Statement
of
Changes
in
Net
Assets
80
Statement
of
Cash
Flows
83
Financial
Highlights
86
Notes
to
Financial
Statements
93
Shareholder
Meeting
Report
110
Risk
Considerations
111
Additional
Fund
Information
113
Glossary
of
Terms
Used
in
this
Report
114
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,
2023
annual
shareholder
report.
For
current
information
on
your
Fund’s
investment
objectives,
portfolio
management
team
and
average
annual
total
returns
please
refer
to
the
Fund’s
website
at
www.nuveen.com.
For
changes
that
occurred
to
your
Fund
both
during
and
subsequent
to
this
reporting
period,
please
refer
to
the
Notes
to
Financial
Statements
section
of
this
report.
For
average
annual
total
returns
as
of
the
end
of
this
reporting
period,
please
refer
to
the
Performance
Overview
and
Holding
Summaries
section
within
this
report.
Nuveen
Credit
Strategies
Fund
(JQC)
–
Product
Actions
The
Fund’s
Board
of
Trustees
of
JQC
approved
the
following
changes
to
the
Fund’s
portfolio
management
team,
investment
policies
and
performance
benchmark,
which
became
effective
on
August
9,
2023:
Portfolio
management
team:
Himani
Trivedi,
Head
of
Structured
Credit,
was
added
as
a
portfolio
manager.
There
were
no
other
changes
to
the
portfolio
management
of
the
Fund
during
the
reporting
period.
Investment
policies:
The
Fund’s
investment
policies
were
changed
to
allow
for
a
greater
portion
of
its
portfolio
to
be
invested
in
collateralized
loan
obligation
debt
and
high
yield
corporate
bonds.
Performance
benchmark:
The
Fund’s
performance
benchmark
changed
from
the
Credit
Suisse
Leveraged
Loan
Index
to
the
JQC
Blended
Benchmark,
which
is
a
linked
benchmark
that
consists
of
100%
Credit
Suisse
Leveraged
Loan
Index
through
August
8,
2023
and
thereafter
1)
75%
Credit
Suisse
Leveraged
Loan
Index
and
2)
25%
ICE
BofA
U.S.
High
Yield
Index.
The
Credit
Suisse
Leverage
Loan
Index
remains
the
Fund’s
broad-based
benchmark.
Nuveen
Preferred
&
Income
Opportunities
Fund
(JPC)
–
Fund
Merger
Update
Effective
prior
to
market
open
on
November
6,
2023,
the
Nuveen
Preferred
&
Income
Fund
(JPS)
and
Nuveen
Preferred
and
Income
Fund
(JPT)
were
each
merged
into
JPC.
Refer
to
the
Notes
to
Financial
Statements
within
this
report
for
further
details
on
the
merger.
Nuveen
Preferred
&
Income
Opportunities
Fund
(JPC),
Nuveen
Preferred
and
Income
Term
Fund
(JPI)
and
Nuveen
Variable
Rate
Preferred
and
Income
Fund
(NPFD)
–
Recent
Market
Factors
Each
of
the
Funds
covered
by
this
Report
have
substantial
allocations
to
preferred
and
contingent
capital
securities
issued
by
U.S.
and
non-U.S.
banks
and
other
financial
institutions.
Given
the
increases
in
prevailing
interest
rates
and
other
market
factors,
these
securities
continue
to
be
subject
to
heightened
volatility
and
may,
ultimately,
detract
from
Fund
performance.
Nuveen
Preferred
and
Income
Term
Fund
(JPI)
–
Fund
Restructuring
Proposal
On
January
18,
2024,
the
Fund’s
Board
of
Trustees
approved
a
proposal
for
JPI
that
will
allow
Fund
shareholders
the
opportunity
to
maintain
their
investment
in
the
Fund
and
its
exposure
to
preferred
and
other
income
producing
securities.
In
light
of
the
upcoming
scheduled
termination
of
the
Fund
on
or
before
August
31,
2024,
the
proposal
asks
shareholders
to
vote
to
amend
the
Fund’s
declaration
of
trust
to
eliminate
the
Fund’s
term
structure.
If
the
amendment
is
approved
by
shareholders,
the
Fund
will
conduct
a
tender
offer
for
100%
of
its
outstanding
shares
at
net
asset
value.
If
the
Fund’s
common
assets,
taking
into
account
shares
properly
tendered
in
the
tender
offer,
would
be
$70
million
or
greater,
the
tender
offer
will
be
completed
and
the
Fund’s
term
structure
will
be
eliminated.
If
the
Fund’s
common
assets
after
the
tender
offer
would
be
less
than
$70
million,
the
tender
offer
will
be
cancelled
with
no
common
shares
repurchased
and
instead
the
Fund
will
proceed
to
terminate
as
scheduled.
As
part
of
the
proposal,
if
the
Fund’s
term
structure
is
eliminated,
the
Fund’s
name
will
change
to
“Nuveen
Preferred
Securities
&
Income
Opportunities
Fund”
and
the
Fund’s
common
shares
will
continue
to
trade
on
the
New
York
Stock
Exchange
under
the
current
ticker
symbol.
In
addition,
if
the
Fund’s
term
structure
is
eliminated,
Nuveen
will
waive
50%
of
its
new
management
fees
over
the
first
year
following
the
elimination
of
the
term,
which
may
enhance
the
net
earnings
of
the
Fund.
Each
of
the
changes
described
above
will
take
effect
only
if
shareholders
approve
the
proposal
described
above
and
the
tender
offer
condition
is
satisfied.
More
information
on
the
proposal
will
be
contained
in
the
proxy
materials
for
the
Fund.
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)
for
and/or
reverse
repurchase
agreements.
The
Funds
use
leverage
because
our
research
has
shown
that,
over
time,
leveraging
provides
opportunities
for
additional
income.
The
opportunity
arises
when
short-term
rates
that
a
Fund
pays
on
its
leveraging
instruments
are
lower
than
the
interest
the
Fund
earns
on
its
portfolio
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
short-term
interest
rates
increase
and
increase
when
short-term
interest
rates
decrease.
In
recent
quarters,
fund
leverage
expenses
have
generally
tracked
the
overall
movement
of
short-term
interest
rates.
While
fund
leverage
expenses
are
higher
than
their
prior
year
lows,
leverage
nevertheless
continues
to
provide
the
opportunity
for
incremental
common
share
income,
particularly
over
longer-term
periods.
The
Funds’
use
of
leverage
contributed
to
relative
performance
over
this
reporting
period.
In
addition,
JFR,
JQC
and
JPC’s
use
of
leverage
was
accretive
to
overall
common
share
income.
JPC
and
JPI
continued
to
use
interest
rate
swap
contracts
to
partially
hedge
the
interest
cost
of
leverage.
The
interest
rate
swaps
in
JPC
had
a
positive
impact
on
relative
performance
during
the
period.
The
interest
rate
swaps
in
JPI
had
a
negligible
impact
on
performance
during
the
reporting
period.
As
of
January
31,
2024,
the
Funds’
percentages
of
leverage
are
as
shown
in
the
accompanying
table.
*
Effective
leverage
is
a
Fund’s
effective
economic
leverage,
and
includes
both
regulatory
leverage
and
the
leverage
effects
of
reverse
repurchase
agreements,
certain
derivative
and
other
investments
in
a
Fund’s
portfolio
that
increase
the
Fund’s
investment
exposure.
Regulatory
leverage
consists
of
preferred
shares
issued
or
borrowings
of
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.
THE
FUNDS’
LEVERAGE
Bank
Borrowings
As
noted
previously,
the
Funds
employs
leverage
through
the
use
of
bank
borrowings.
The
Funds’
bank
borrowings
activities
are
as
shown
in
the
accompanying
table.
*
Value
does
not
include
activity
related
to
the
Merger.
Refer
to
Notes
to
Financial
Statements
for
further
details
on
bank
borrowings.
JFR
JQC
JPC
JPI
NPFD
Effective
Leverage
*
38.04%
38.10%
37.82%
34.99%
35.74%
Regulatory
Leverage
*
38.04%
30.48%
30.71%
28.12%
34.81%
Current
Reporting
Period
Subsequent
to
the
Close
of
the
Reporting
Period
Fund
Outstanding
Balance
as
of
August
1,
2023
Draws
Paydowns
Outstanding
Balance
as
of
January
31,
2024
Average
Balance
Outstanding
Draws
Paydowns
Outstanding
Balance
as
of
March
20,
2024
JFR
$477,200,000
$
-
$477,200,000
$477,200,000
$
-
$477,200,000
JQC
$211,600,000
$
-
$211,600,000
$211,600,000
$
-
$211,600,000
JPC
$219,600,000
$
795,400,000*
$ (320,000,000)*
$695,000,000
$464,310,326
$
(20,000,000)
$675,000,000
JPI
$180,900,000
$
3,000,000
$
(11,000,000)
$172,900,000
$175,269,565
$ 14,600,000
$
-
$187,500,000
NPFD
$147,614,000
$
25,700,000
$
(3,000,000)
$170,314,000
$160,136,283
$ 4,000,000
$
-
$174,314,000
Reverse
Repurchase
Agreements
As
noted
previously,
JQC,
JPC,
JPI
and
NPFD
used
reverse
repurchase
agreements,
in
which
the
Funds
sell
to
a
counterparty
a
security
that
it
holds
with
a
contemporaneous
agreement
to
repurchase
the
same
security
at
an
agreed-upon
price
and
date.
The
Funds’
transactions
in
reverse
repurchase
agreements
are
as
shown
in
the
accompanying
table.
uriti
*
Value
does
not
include
activity
related
to
the
Merger.
Refer
to
Notes
to
Financial
Statements
for
further
details
on
reverse
repurchase
agreements.
Taxable
Fund
Preferred
Shares
As
noted
previously,
in
addition
to
bank
borrowings,
JFR,
JQC,
JPC
and
NPFD
also
issued
TFP.
The
Funds’
transactions
in
TFP
are
as
shown
in
the
accompanying
table.
*
Issued
in
the
Merger.
Refer
to
Notes
to
Financial
Statements
for
further
details
on
TFP.
Current
Reporting
Period
Subsequent
to
the
Close
of
the
Reporting
Period
Fund
Outstanding
Balance
as
August
1,
2023
Sales
Purchases
Outstanding
Balance
as
of
January
31,
2024
Average
Balance
Outstanding
Sales
Purchases
Outstanding
Balance
as
of
March
20,
2024
JQC
$142,000,000
$-
$-
$142,000,000
$142,000,000
$
-
$
-
$142,000,000
JPC
$102,100,000
$414,853,000*
$(102,100,000)*
$414,853,000
$210,145,679
$
40,000,000
$
-
$454,853,000
JPI
$65,000,000
$-
$-
$65,000,000
$65,000,000
$
-
$
-
$65,000,000
NPFD
$27,983,000
$-
$
(17,391,000)
$10,592,000
$17,991,255
$10,000,000
$
-
$20,592,000
Current
Reporting
Period
Subsequent
to
the
Close
of
the
Reporting
Period
Fund
Outstanding
Balance
as
of
August
1,
2023
Issuance
Redemptions
Outstanding
Balance
as
of
January
31,
2024
Average
Balance
Outstanding
Sales
Purchases
Outstanding
Balance
as
of
March
20,
2024
JFR
$285,000,000
$-
$-
$285,000,000
$285,000,000
$
-
$
-
$285,000,000
JQC
$140,000,000
$-
$-
$140,000,000
$140,000,000
$
-
$
-
$140,000,000
JPC
$150,000,000
$270,000,000*
$-
$420,000,000
$277,663,043
$
-
$
-
$420,000,000
NPFD
$85,000,000
$-
$-
$85,000,000
$85,000,000
$
-
$
-
$85,000,000
JPC
AND
NPFD
COMMON
SHARE
DISTRIBUTION
INFORMATION
The
following
information
regarding the
Funds' distributions
is
current
as
of
January
31,
2024. Each
Fund's
distribution
levels
may
vary
over
time
based
on each
Fund's
investment
activity
and
portfolio
investment
value
changes.
During
the
current
reporting
period, each
Fund's
distributions
to
common
shareholders
were
as
shown
in
the
accompanying
table.
.
JPC,
JPI
and
NPFD
sought
to
pay
regular
monthly
dividends
out
of
their
net
investment
income
at
a
rate
that
reflected
their
past
and
projected
net
income
performance.
To
permit
each
Fund
to
maintain
a
more
stable
monthly
dividend,
the
Fund
paid
dividends
at
a
rate
that
was
more
or
less
than
the
amount
of
net
income
actually
earned
by
the
Fund
during
the
period.
Distributions
to
common
shareholders
are
determined
on
a
tax
basis,
which
may
differ
from
amounts
recorded
in
the
accounting
records.
In
instances
where
the
monthly
dividend
exceeded
the
earned
net
investment
income,
the
Fund
reported
a
negative
undistributed
net
ordinary
income.
Refer
to the
Notes
to
Financial Statements for
additional
information
regarding
the
amounts
of
undistributed
net
ordinary
income
and
undistributed
net
long-term
capital
gains
and
the
character
of
the
actual
distributions
paid
by
the
Fund
during
the
prior
period.
Updated
Distribution
Policy
for
JPC,
JPI
and
NPFD
On
November
29,
2023,
the
Funds’
Board
of
Trustees
(the
“Board”)
updated
each
Fund’s
distribution
policy.
Effective
for
distributions
payable
on
December
29,
2023,
each
Fund’s
distribution
policy,
which
may
be
changed
by
the
Board,
is
to
make
regular
monthly
cash
distributions
to
holders
of
its
common
shares
(stated
in
terms
of
a
fixed
cents
per
common
share
dividend
distribution
rate
which
may
be
set
from
time
to
time).
Each
Fund
intends
to
distribute
all
or
substantially
all
of
its
net
investment
income
through
its
regular
monthly
distribution
and
to
distribute
realized
capital
gains
at
least
annually.
In
addition,
in
any
monthly
period,
to
maintain
its
declared
per
common
share
distribution
amount,
each
Fund
may
distribute
more
or
less
than
its
net
investment
income
during
the
period.
In
the
event
the
Fund
distributes
more
than
its
net
investment
income
during
any
yearly
period,
such
distributions
may
also
include
realized
gains
and/or
a
return
of
capital.
To
the
extent
that
a
distribution
includes
a
return
of
capital
the
NAV
per
share
may
erode.
The
practice
of
maintaining
a
stable
distribution
level
had
no
material
effect
on
each
Fund’s
investment
strategy
during
the
most
recent
fiscal
period
and
is
not
expected
to
have
such
an
effect
in
future
periods,
however,
distributions
in
excess
of
Fund
returns
will
cause
its
NAV
per
share
to
erode.
For
additional
information,
refer
to
the
distribution
information
section
below
and
in
the
Notes
to
Financial
Statements
herein.
All
monthly
dividends
paid
by
JPC
and
NPFD
during
the
current
reporting
period
were
paid
from
net
investment
income.
If
a
portion
of
the
Fund’s
monthly
distributions
is
sourced
or
comprised
of
elements
other
than
net
investment
income,
including
capital
gains
and/or
a
return
of
capital,
shareholders
will
be
notified
of
those
sources.
For
financial
reporting
purposes,
the
per
share
amounts
of
each
Fund’s
distributions
for
the
reporting
period
are
presented
in
this
report’s
Financial
Highlights.
For
income
tax
purposes,
distribution
information
for
each
Fund
as
of
its
most
recent
tax
year
end
is
presented
in the
Notes
to
Financial
Statements
of
this
report.
JFR,
JQC
AND
JPI
COMMON
SHARE
DISTRIBUTION
INFORMATION
The
following
information
regarding
the
distributions
for
JFR,
JQC
and
JPI
is
current
as
of
January
31,
2024
.
Per
Common
Share
Amounts
Monthly
Distributions
(Ex-Dividend
Date)
JPC
NPFD
August
$0.0440
$0.0865
September
0.0440
0.0865
October
0.0440
0.0865
November
0.0440
0.0865
December
0.0475
0.0935
January
0.0475
0.0935
Total
Distributions
from
Net
Investment
Income
$0.2710
$0.5330
JPC
NPFD
Current
Distribution
Rate*
7.84%
6.50%
*
Current
distribution
rate
is
based
on
the
Fund’s
current
annualized
monthly
distribution
divided
by
the
Fund’s
current
market
price.
The
Fund’s
monthly
distributions
to
its
shareholders
may
be
comprised
of
ordinary
income,
net
realized
capital
gains
and,
if
at
the
end
of
the
fiscal
year
the
Fund’s
cumulative
net
ordinary
income
and
net
realized
gains
are
less
than
the
amount
of
the
Fund’s
distributions,
a
return
of
capital
for
tax
purposes.
Each
Fund’s
distribution
policy,
which
may
be
changed
by
the
Board,
is
to
make
regular
monthly
cash
distributions
to
holders
of
its
common
shares
(stated
in
terms
of
a
fixed
cents
per
common
share
dividend
distribution
rate
which
may
be
set
from
time
to
time).
Each
Fund
intends
to
distribute
all
or
substantially
all
of
its
net
investment
income
each
year
through
its
regular
monthly
distribution
and
to
distribute
realized
capital
gains
at
least
annually.
In
addition,
in
any
monthly
period,
to
maintain
its
declared
per
common
share
distribution
amount,
a
Fund
may
distribute
more
or
less
than
its
net
investment
income
during
the
period.
In
the
event
a
Fund
distribute
more
than
its
net
investment
income
during
any
yearly
period,
such
distributions
may
also
include
realized
gains
and/or
a
return
of
capital.
To
the
extent
that
a
distribution
includes
a
return
of
capital
the
NAV
per
share
may
erode.
The
practice
of
maintaining
a
stable
distribution
level
had
no
material
effect
on
each
Fund’s
investment
strategy
during
the
most
recent
fiscal
period
and
is
not
expected
to
have
such
an
effect
in
future
periods,
however,
distributions
in
excess
of
Fund
returns
will
cause
its
NAV
per
share
to
erode.
For
additional
information,
refer
to
the
distribution
information
section
below
and
in
the
Notes
to
Financial
Statements
herein.
Because
distribution
source
estimates
are
updated
throughout
the
current
fiscal
year
based
on
a
fund’s
performance,
these
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
an
estimate
of
the
sources
of
distributions
and
may
include
amounts
attributed
to
realized
gains
and/or
returns
of
capital.
A
return
of
capital
may
occur,
for
example,
when
some
or
all
of
the
money
that
you
invested
in
the
Fund
is
paid
back
to
you.
A
return
of
capital
distribution
does
not
necessarily
reflect
the
Fund’s
investment
performance
and
should
not
be
confused
with
“yield”
or
“income.”
The
Funds
attribute
these
estimates
equally
to
each
regular
distribution
throughout
the
year.
Consequently,
the
estimated
information
shown
below
is
for
the
current
distribution,
and
also
represents
an
updated
estimate
for
all
prior
months
in
the
fiscal
year.
These
estimates
should
not
be
used
for
tax
reporting
purposes.
The
final
determination
for
all
distributions
paid
in
2024
will
be
made
in
early
2025
and
reported
to
you
on
Form
1099-DIV.
More
details
about
each
Fund’s
distributions
and
the
basis
for
these
estimates
are
available
on
www.nuveen.com/en-us/closed-end-funds.
NUVEEN
CLOSED-END
FUND
DISTRIBUTION
AMOUNTS
The
Nuveen
Closed-End
Funds’
monthly
and
quarterly
periodic
distributions
to
shareholders
are
posted
on
www.nuveen.com
and
can
be
found
on
Nuveen’s
enhanced
closed-end
fund
resource
page,
which
is
at
https://www.nuveen.com/resource-center-
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
EQUITY
SHELF
PROGRAMS
During
the
current
reporting
period,
JPC
was
authorized
by
the
Securities
and
Exchange
Commission
to
issue
additional
common
shares
through
an
equity
shelf
program
(Shelf
Offering).
Under
these
programs,
JPC,
subject
to
market
conditions,
may
raise
additional
capital
from
time
to
time
in
varying
amounts
and
offering
methods
at
a
net
price
at
or
above
the
Fund’s
NAV
per
common
share.
The
maximum
aggregate
offering
under
these
Shelf
Offerings,
are
as
shown
in
the
accompanying
table.
During
the
current
reporting
period,
JPC
did
not
sell
any
common
shares
through
their
Shelf
Offerings.
Refer
to
Notes
to
Financial
Statements
for
further
details
of
Shelf
Offerings
and
the
Fund’s
transactions.
COMMON
SHARE
REPURCHASES
The
Funds’
Board
of
Trustees
reauthorized
an
open-market
share
repurchase
program,
allowing
each
fund
to
repurchase
and
retire
an
aggregate
of
up
to
approximately
10%
of
its
outstanding
common
shares.
Data
as
of
January
31,
2024
Current
Month
Estimated
Percentage
of
the
Distribution
Estimated
Fiscal
YTD
Per
Share
Amounts
Fund
Net
Investment
Income
Realized
Gains
Return
of
Capital
Total
Distributions
Net
Investment
Income
Realized
Gains
Return
of
Capital
JFR
87.53%
0.00%
12.47%
$0.5100
$0.4464
$0.0000
$0.0636
JQC
91.39%
0.00%
8.61%
$0.3175
$0.2902
$0.0000
$0.0273
JPI
96.63%
0.00%
3.37%
$0.5880
$0.5682
$0.0000
$0.0198
JPC
Maximum
aggregate
offering
Unlimited
Common
Share
Information
(continued)
During
the
current
reporting
period,
the
Funds
did
not
repurchase
any
of
their
outstanding
common
shares.
As
of
January
31,
2024,
(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.
OTHER
COMMON
SHARE
INFORMATION
As
of
January
31,
2024,
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:
JFR
JQC
JPC
JPI
NPFD
Common
shares
cumulatively
repurchased
and
retired
147,593
5,473,400
2,826,100
0
0
Common
shares
authorized
for
repurchase
5,690,000
13,560,000
10,505,000
2,275,000
2,415,000
JFR
JQC
JPC
JPI
NPFD
Common
share
NAV
$9.26
$5.91
$7.87
$19.41
$19.78
Common
share
price
$8.45
$5.37
$7.27
$18.72
$17.25
Premium/(Discount)
to
NAV
(8.75)%
(9.14)%
(7.62)%
(3.55)%
(12.79)%
Average
premium/(discount)
to
NAV
(11.71)%
(12.70)%
(12.75)%
(5.10)%
(14.70)%
Bloomberg
Capital
Securities
Index:
An
index
designed
to
measure
the
performance
of
USD-denominated
preferred
securities,
including
Tier
1
and
Tier
2
securities.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees
.
Credit
Suisse
Leveraged
Loan
Index:
An
index
designed
to
measure
the
performance
of
the
USD-denominated
leveraged
loan
market.
The
index
includes
issuers
from
developed
countries;
issuers
from
developing
countries
are
excluded.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
ICE
BofA
Fixed
Rate
Preferred
Securities
Index:
An
index
designed
to
measure
the
performance
of
investment
grade
fixed-rate,
USD-denominated
preferred
securities
issued
in
the
U.S.
domestic
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees
.
ICE
BofA
U.S.
All
Capital
Securities
Index:
A
n
index
designed
to
measure
the
performance
of
investment
grade
and
below
investment
grade
fixed
rate
and
fixed-to-floating
rate,
USD-denominated
hybrid
corporate
and
preferred
securities
publicly
issued
in
the
U.S.
domestic
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
ICE
BofA
U.S.
High
Yield
Index:
An
index
designed
to
measure
the
performance
of
USD-denominated
below
investment
grade
corporate
debt
publicly
issued
in
the
U.S.
domestic
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
ICE
USD
Contingent
Capital
Index
:
An
index
designed
to
measure
the
performance
of
USD
denominated
contingent
capital
debt
publicly
issued
in
the
major
domestic
and
Eurobond
markets,
including
investment
grade
and
below
investment
grade
issues.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
ICE
Variable
Rate
Preferred
&
Hybrid
Securities
Index:
An
index
designed
to
measure
the
performance
of
floating-
and
variable-rate
investment
grade
and
below
investment
grade
USD-denominated
preferred
stock
and
hybrid
debt
publicly
issued
by
corporations
in
the
U.S.
domestic
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Nuveen
Floating
Rate
Income
Fund
Performance
Overview
and
Holdings
Summaries
as
of
January
31,
2024
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Fund
Performance*
*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
per-
formance
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
Total
Returns
as
of
January
31,
2024
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
JFR
at
Common
Share
NAV
3/25/04
7.19%
10.50%
4.50%
3.94%
JFR
at
Common
Share
Price
3/25/04
11.31%
11.51%
5.89%
4.19%
Credit
Suisse
Leveraged
Loan
Index
—
5.77%
11.08%
5.24%
4.45%
Holdings
Summaries
as
of
January
31,
2024
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
18.8%
Common
Stocks
5.0%
Warrants
1.7%
Asset-Backed
Securities
1.5%
Convertible
Preferred
Securities
0.0%
Short-Term
Investment
Companies
4.7%
Other
Assets
&
Liabilities,
Net
(3.6)%
Borrowings
(38.4)%
TFP
Shares,
Net
(22.8)%
Net
Assets
100%
Portfolio
Composition
1
(%
of
total
investments)
Software
&
Services
12.4%
Consumer
Services
12.4%
Health
Care
Equipment
&
Services
9.8%
Media
&
Entertainment
8.6%
Energy
6.2%
Commercial
&
Professional
Services
5.4%
Telecommunication
Services
4.9%
Materials
4.8%
Insurance
4.7%
Capital
Goods
4.7%
Transportation
4.3%
Consumer
Discretionary
Distribution
&
Retail
4.0%
Investment
Companies
2.8%
Utilities
2.7%
Pharmaceuticals,
Biotechnology
&
Life
Sciences
2.2%
Other
10.1%
Total
Investments
100%
Top
Five
Issuers
(%
of
total
long-term
investments)
Quarternorth
Energy
Holding
Inc
2.3%
1011778
B.C.
Unlimited
Liability
Company,
Term
Loan
B5
1.7%
Medline
Borrower,
LP,
Term
Loan
B
1.6%
Asurion
LLC,
Term
Loan
B8
1.4%
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
B
1.3%
Bond
Credit
Quality
(%
of
total
long-term
investments)
BBB
11.1%
BB
or
Lower
88.9%
Total
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
Nuveen
Credit
Strategies
Income
Fund
Performance
Overview
and
Holdings
Summaries
as
of
January
31,
2024
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Fund
Performance*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
JQC
Blended
Benchmark.
Effective
August
9,
2023,
the
JQC
Blended
Benchmark
consists
of
1)
75%
Credit
Suisse
Leveraged
Loan
Index
and
2)
25%
ICE
BofA
U.S.
High
Yield
Index.
Through
August
8,
2023,
the
Fund’s
performance
was
measured
against
the
Credit
Suisse
Leveraged
Loan
Index.
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
per-
formance
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
Total
Returns
as
of
January
31,
2024
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
JQC
at
Common
Share
NAV
6/25/03
7.00%
10.26%
3.60%
3.26%
JQC
at
Common
Share
Price
6/25/03
12.43%
11.20%
5.40%
4.09%
Credit
Suisse
Leveraged
Loan
Index
—
5.77%
11.08%
5.24%
4.45%
JQC
Blended
Benchmark
—
6.02%
11.34%
5.29%
4.47%
Holdings
Summaries
as
of
January
31,
2024
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
122.0%
Corporate
Bonds
31.6%
Common
Stocks
2.3%
Asset-Backed
and
Mortgage-
Backed
Securities
1.9%
Warrants
0.5%
Short-Term
Investment
Companies
5.6%
Other
Assets
&
Liabilities,
Net
(2.3)%
Reverse
Repurchase
Agreements,
including
accrued
interest
(17.8)%
Borrowings
(26.4)%
TFP
Shares,
Net
(17.4)%
Net
Assets
100%
Top
Five
Issuers
(%
of
total
long-term
investments)
Ultimate
Software
Group
Inc
(The),
Term
Loan
B
1.8%
Medline
Borrower,
LP,
Term
Loan
B
1.7%
Talen
Energy
Supply,
LLC,
Term
Loan
B
1.3%
Level
3
Financing
Inc
1.2%
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
B
1.2%
Portfolio
Composition
1
(%
of
total
investments)
Software
&
Services
12.5%
Consumer
Services
10.9%
Health
Care
Equipment
&
Services
10.7%
Media
&
Entertainment
8.1%
Capital
Goods
6.3%
Telecommunication
Services
6.2%
Materials
5.8%
Insurance
5.0%
Transportation
4.9%
Commercial
&
Professional
Services
4.5%
Consumer
Discretionary
Distribution
&
Retail
4.0%
Energy
3.6%
Investment
Companies
3.4%
Utilities
2.9%
Pharmaceuticals,
Biotechnology
&
Life
Sciences
1.8%
Other
9.4%
Total
Investments
100%
Bond
Credit
Quality
(%
of
total
long-term
investments)
A
0.1%
BBB
9.5%
BB
or
Lower
83.0%
N/R
(not
rated)
2.3%
N/A
(not
applicable)
5.1%
Total
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
Nuveen
Preferred
&
Income
Opportunities
Fund
Performance
Overview
and
Holdings
Summaries
as
of
January
31,
2024
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Fund
Performance*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
JPC
Blended
Benchmark.
Effective
April
1,
2022,
the
JPC
Blended
Benchmark
consists
of
1)
60%
ICE
BofA
U.S.
All
Capital
Securities
Index
and
2)
40%
ICE
USD
Contingent
Capital
Index.
From
December
31,
2013,
through
March
31,
2022,
the
JPC
Blended
Benchmark
consisted
of
1)
50%
ICE
BofA
Fixed
Rate
Preferred
Securities
Index,
2)
30%
ICE
BofA
U.S.
All
Capital
Securities
Index
and
3)
20%
ICE
USD
Contingent
Capital
Index.
Through
December
30,
2013,
the
JPC
Blended
Benchmark
consisted
of
1)
82.5%
ICE
BofA
Fixed
Rate
Preferred
Securities
Index
and
2)
17.5%
Bloomberg
Capital
Securities
Index.
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
per-
formance
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
Total
Returns
as
of
January
31,
2024
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
JPC
at
Common
Share
NAV
3/26/03
9.52%
0.97%
3.14%
4.98%
JPC
at
Common
Share
Price
3/26/03
14.77%
(0.87)%
2.87%
5.81%
ICE
BofA
U.S.
All
Capital
Securities
Index
—
7.30%
3.22%
3.65%
4.79%
JPC
Blended
Benchmark
—
7.22%
0.86%
2.98%
4.69%
Holdings
Summaries
as
of
January
31,
2024
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)
$1,000
Par
(or
similar)
Institutional
Preferred
82
.8
%
Contingent
Capital
Securities
48
.1
%
$25
Par
(or
similar)
Retail
Preferred
19
.9
%
Corporate
Bonds
6
.4
%
Convertible
Preferred
Securities
0
.9
%
Common
Stocks
0
.0
%
Repurchase
Agreements
0
.1
%
Other
Assets
&
Liabilities,
Net
2.6%
Reverse
Repurchase
Agreements,
including
accrued
interest
(
16
.6
)
%
Borrowings
(27.6)%
TFP
Shares,
Net
(
16
.6
)
%
Net
Assets
100
%
Portfolio
Composition
1
(%
of
total
investments)
Banks
53.5%
Financial
Services
17.3%
Insurance
13.7%
Utilities
4.8%
Energy
3.7%
Food,
Beverage
&
Tobacco
2.5%
Capital
Goods
1.6%
Other
2.8%
Repurchase
Agreements
0.1%
Total
100%
Country
Allocation
2
(%
of
total
investments)
United
States
57
.3
%
United
Kingdom
12
.5
%
France
8
.0
%
Switzerland
5
.0
%
Canada
4
.3
%
Spain
2
.5
%
Netherlands
2
.2
%
Australia
2
.1
%
Germany
2
.0
%
Finland
1
.3
%
Italy
1
.3
%
Other
1
.5
%
Total
100
%
Top
Five
Issuers
(%
of
total
long-term
investments)
Citigroup
Inc
3.9%
BNP
Paribas
SA
3.8%
UBS
Group
AG
3.7%
Wells
Fargo
&
Co
3.3%
Bank
of
America
Corp
3.0%
Portfolio
Credit
Quality
(%
of
total
long-term
fixed-income
investments)
A
2.8%
BBB
75.3%
BB
or
Lower
20.4%
N/R
(not
rated)
1.5%
N/A
(not
applicable)
0.0%
Total
100
%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
2
Includes
0.9%
(as
a
percentage
of
total
investments)
in
emerging
market
countries.
Nuveen
Preferred
and
Income
Term
Fund
Performance
Overview
and
Holdings
Summaries
as
of
January
31,
2024
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Fund
Performance*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
JPI
Blended
Benchmark.
Effective
December
31,
2013,
the
JPI
Blended
Benchmark
consists
of
1)
60%
ICE
BofA
U.S.
All
Capital
Securities
Index
and
2)
40%
ICE
USD
Contingent
Capital
Index.
Through
December
30,
2013,
the
JPI
Blended
Benchmark
consisted
of
1)
65%
ICE
BofA
Fixed
Rate
Preferred
Securities
Index
and
2)
35%
Bloomberg
Capital
Securities
Index.
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
per-
formance
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
Total
Returns
as
of
January
31,
2024
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
JPI
at
Common
Share
NAV
7/26/12
8.65%
(0.91)%
3.14%
5.00%
JPI
at
Common
Share
Price
7/26/12
9.78%
(1.56)%
3.66%
5.75%
ICE
BofA
U.S.
All
Capital
Securities
Index
—
7.30%
3.22%
3.65%
4.79%
JPI
Blended
Benchmark
—
7.22%
0.86%
3.34%
4.79%
Holdings
Summaries
as
of
January
31,
2024
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)
$1,000
Par
(or
similar)
Institutional
Preferred
79
.5
%
Contingent
Capital
Securities
48
.6
%
$25
Par
(or
similar)
Retail
Preferred
25
.8
%
Corporate
Bonds
0
.8
%
Other
Assets
&
Liabilities,
Net
(0.7)%
Reverse
Repurchase
Agreements,
including
accrued
interest
(
14
.9
)
%
Borrowings
(39.1)%
Net
Assets
100
%
Portfolio
Composition
1
(%
of
total
investments)
Banks
53.9%
Financial
Services
15.3%
Insurance
13.1%
Food,
Beverage
&
Tobacco
4.4%
Energy
3.7%
Utilities
3.5%
Capital
Goods
3.2%
Other
2.9%
Total
100%
Top
Five
Issuers
(%
of
total
long-term
investments)
Citigroup
Inc
4.3%
HSBC
Holdings
PLC
3.8%
UBS
Group
AG
3.3%
BNP
Paribas
SA
3.2%
Wells
Fargo
&
Co
3.1%
Portfolio
Credit
Quality
(%
of
total
long-term
fixed-income
investments)
BBB
68.9%
BB
or
Lower
28.9%
N/R
(not
rated)
2.2%
Total
100
%
Country
Allocation
2
(%
of
total
investments)
United
States
59
.5
%
United
Kingdom
11
.9
%
France
7
.0
%
Switzerland
3
.8
%
Canada
3
.4
%
Spain
2
.6
%
Netherlands
2
.6
%
Italy
2
.1
%
Australia
1
.7
%
Germany
1
.5
%
Ireland
1
.3
%
Other
2
.6
%
Total
100
%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
2
Includes
2.2%
(as
a
percentage
of
total
investments)
in
emerging
market
countries.
Nuveen
Variable
Rate
Preferred
&
Income
Fund
Performance
Overview
and
Holdings
Summaries
as
of
January
31,
2024
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Fund
Performance*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
NPFD
Blended
Benchmark.
The
NPFD
Blended
Benchmark
consists
of
1)
80%
ICE
Variable
Rate
Preferred
&
Hybrid
Securities
Index
and
2)
20%
ICE
USD
Contingent
Capital
Index.
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
per-
formance
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
Total
Returns
as
of
January
31,
2024
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
Since
Inception
NPFD
at
Common
Share
NAV
12/15/21
8.40%
(0.05)%
(4.68)%
NPFD
at
Common
Share
Price
12/15/21
8.78%
(2.57)%
(9.97)%
ICE
Variable
Rate
Preferred
&
Hybrid
Securities
Index
—
7.19%
6.99%
2.07%
NPFD
Blended
Benchmark
—
7.17%
5.03%
0.77%
Holdings
Summaries
as
of
January
31,
2024
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)
$1,000
Par
(or
similar)
Institutional
Preferred
103
.3
%
Contingent
Capital
Securities
25
.9
%
$25
Par
(or
similar)
Retail
Preferred
24
.1
%
Corporate
Bonds
1
.4
%
Repurchase
Agreements
0
.0
%
Other
Assets
&
Liabilities,
Net
0.8%
Reverse
Repurchase
Agreements,
including
accrued
interest
(
2
.2
)
%
Borrowings
(35.6)%
TFP
Shares,
Net
(
17
.7
)
%
Net
Assets
100
%
Top
Five
Issuers
(%
of
total
long-term
investments)
Citigroup
Inc
5.0%
JPMorgan
Chase
&
Co
3.8%
Bank
of
America
Corp
3.8%
Goldman
Sachs
Group
Inc/The
3.7%
Wells
Fargo
&
Co
3.3%
Portfolio
Composition
1
(%
of
total
investments)
Banks
47.5%
Financial
Services
16.1%
Insurance
14.3%
Energy
6.8%
Utilities
5.9%
Capital
Goods
3.7%
Automobiles
&
Components
2.3%
Other
3.4%
Repurchase
Agreements
0.0%
Total
100%
Portfolio
Credit
Quality
(%
of
total
long-term
fixed-income
investments)
BBB
67.3%
BB
or
Lower
30.2%
N/R
(not
rated)
2.5%
Total
100
%
Country
Allocation
2
(%
of
total
investments)
United
States
68
.6
%
United
Kingdom
7
.6
%
Canada
6
.8
%
France
3
.8
%
Switzerland
2
.4
%
Ireland
2
.0
%
Australia
1
.6
%
Spain
1
.6
%
Netherlands
1
.5
%
Bermuda
1
.2
%
Germany
0
.9
%
Other
2
.0
%
Total
100
%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
2
Includes
2.1%
(as
a
percentage
of
total
investments)
in
emerging
market
countries.
Nuveen
Floating
Rate
Income
Fund
Portfolio
of
Investments
January
31,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
(b)
Reference
Rate
(b)
Spread
(b)
Maturity
(c)
Value
LONG-TERM
INVESTMENTS
-
160.1%
(97.2%
of
Total
Investments)
X
–
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
-
133.1%
(80.8%
of
Total
Investments)
(b)
X
1,652,269,487
Automobiles
&
Components
-
0.7%
(0.4%
of
Total
Investments)
$
1,049
Adient
US
LLC,
Term
Loan
B
8.606%
TSFR1M
3.250%
4/10/28
$
1,052,090
3,312
Clarios
Global
LP,
Term
Loan
B
8.333%
SOFR30A
3.000%
5/06/30
3,317,909
2,828
DexKo
Global
Inc.,
Term
Loan
B
,
(DD1)
9.360%
SOFR90A
3.750%
10/04/28
2,818,616
1,501
Phinia
Inc,
Term
Loan
B
9.433%
SOFR30A
4.000%
7/03/28
1,504,991
Total
Automobiles
&
Components
8,693,606
Capital
Goods
-
7.4%
(4.5%
of
Total
Investments)
3,861
ACProducts,
Inc.,
Term
Loan
B
9.860%
SOFR90A
4.250%
5/17/28
3,350,003
626
Aegion
Corporation,
Term
Loan
9.587%
TSFR3M
4.250%
5/17/28
627,676
7,478
Ali
Group
North
America
Corporation,
Term
Loan
B
7.447%
SOFR30A
2.000%
10/13/28
7,485,252
3,566
Alliance
Laundry
Systems
LLC,
Term
Loan
B
8.929%
SOFR30A
+
SOFR90A
3.500%
10/08/27
3,569,922
3,234
Centuri
Group,
Inc,
Term
Loan
B
7.294%
SOFR30A
2.500%
8/28/28
3,244,038
9,684
Chamberlain
Group
Inc,
Term
Loan
B
8.683%
SOFR30A
3.250%
10/22/28
9,590,906
2,192
Chart
Industries,
Inc.,
Term
Loan
8.698%
TSFR1M
3.250%
3/18/30
2,197,645
4,657
Core
&
Main
LP,
Term
Loan
B
7.996%
TSFR1M
+
TSFR2M
2.500%
6/10/28
4,663,993
1,192
Cornerstone
Building
Brands,
Inc.,
Term
Loan
B
8.683%
TSFR1M
3.250%
4/12/28
1,184,829
3,744
Emrld
Borrower
LP,
Term
Loan
B
8.313%
SOFR30A
3.000%
5/31/30
3,749,219
5,243
Gates
Global
LLC,
Term
Loan
B3
7.933%
SOFR30A
2.500%
3/31/27
5,244,014
1,900
INNIO
Group
Holding
GmbH,
Term
Loan
B
9.564%
TSFR3M
4.250%
11/06/28
1,906,536
2,942
Madison
IAQ
LLC,
Term
Loan
8.701%
TSFR1M
3.250%
6/21/28
2,923,622
3,126
Osmose
Utilities
Services,
Inc.,
Term
Loan
8.697%
SOFR30A
3.250%
6/22/28
3,113,187
7,472
Quikrete
Holdings,
Inc.,
Term
Loan,
First
Lien
8.072%
SOFR30A
2.625%
1/31/27
7,483,788
3,404
Resideo
Funding
Inc.,
Term
Loan
7.700%
SOFR30A
+
TSFR1M
2.250%
2/14/28
3,397,368
2,197
Standard
Industries
Inc.,
Term
Loan
B
7.701%
TSFR1M
2.250%
9/22/28
2,198,437
350
TransDigm
Inc
,Term
Loan
,
(WI/
DD)
TBD
TBD
TBD
TBD
350,842
4,101
TransDigm,
Inc.,
Term
Loan
H
8.598%
SOFR90A
3.250%
2/22/27
4,110,657
10,850
TransDigm,
Inc.,
Term
Loan
I
8.598%
SOFR90A
3.250%
8/24/28
10,873,086
2,992
Victory
Buyer
LLC,
Term
Loan
9.391%
TSFR3M
3.750%
11/18/28
2,846,400
7,803
Windsor
Holdings
III,
LLC,
Term
Loan
B
,
(DD1)
9.848%
TSFR1M
4.500%
8/01/30
7,823,412
Total
Capital
Goods
91,934,832
Commercial
&
Professional
Services
-
7.5%
(4.6%
of
Total
Investments)
6,245
Allied
Universal
Holdco
LLC,
Term
Loan
B
,
(DD1)
9.183%
SOFR30A
3.750%
5/15/28
6,167,768
4,029
Amentum
Government
Services
Holdings
LLC,
Term
Loan
9.337%
SOFR30A
4.000%
2/07/29
4,036,204
4,639
Anticimex
International
AB,
Term
Loan
B1
,
(DD1)
8.495%
SOFR90A
3.150%
11/16/28
4,619,258
1,719
Camelot
U.S.
Acquisition
LLC,
Term
Loan
B
8.337%
SOFR30A
3.000%
10/30/26
1,719,699
1,676
CHG
Healthcare
Services
Inc.,
Term
Loan
8.697%
SOFR30A
3.250%
10/02/28
1,673,152
Principal
Amount
(000)
Description
(a)
Coupon
(b)
Reference
Rate
(b)
Spread
(b)
Maturity
(c)
Value
Commercial
&
Professional
Services
(continued)
$
3,140
CoreLogic,
Inc.,
Term
Loan
8.947%
SOFR30A
3.500%
6/02/28
$
3,041,619
4,198
Covanta
Holding
Corporation,
Term
Loan
B
7.833%
SOFR30A
2.500%
11/30/28
4,189,620
320
Covanta
Holding
Corporation,
Term
Loan
C
7.833%
SOFR30A
2.500%
11/30/28
319,448
5,281
Creative
Artists
Agency,
LLC
,
Term
Loan
B
8.833%
SOFR30A
3.500%
11/16/28
5,288,941
6,606
Dun
&
Bradstreet
Corporation
(The),
Term
Loan
B
8.087%
TSFR1M
2.750%
2/09/26
6,614,819
5,598
EAB
Global,
Inc.,
Term
Loan
8.947%
SOFR30A
3.500%
8/16/28
5,600,451
2,155
Evertec
Group,
LLC,
Term
Loan
B
8.833%
SOFR30A
3.500%
10/15/30
2,156,847
3,142
Garda
World
Security
Corporation,
Term
Loan
B
,
(DD1)
9.725%
SOFR90A
4.250%
10/30/26
3,150,511
1,335
Garda
World
Security
Corporation,
Term
Loan
B
,
(DD1)
9.625%
TSFR3M
4.250%
2/01/29
1,337,322
3,758
GFL
Environmental
Inc.,
First
Lien
Term
Loan
7.816%
TSFR3M
2.500%
5/31/27
3,764,674
1,711
Herman
Miller,
Inc,
Term
Loan
B
7.447%
SOFR30A
2.000%
7/19/28
1,705,416
3,860
LABL,
Inc.,
Term
Loan,
First
Lien
10.433%
SOFR30A
5.000%
10/29/28
3,674,283
290
(d)
OMNIA
Partners
LLC,
Term
Loan
9.074%
SOFR30A
3.750%
7/25/30
290,908
3,085
OMNIA
Partners
LLC,
Term
Loan
B
9.074%
SOFR30A
3.750%
7/25/30
3,096,765
5,380
Prime
Security
Services
Borrower,
LLC,
Term
Loan
B
7.827%
TSFR3M
2.500%
10/14/30
5,390,437
7,335
Verscend
Holding
Corp.,
Term
Loan
B
9.447%
SOFR30A
4.000%
8/27/25
7,352,386
5,947
Vertical
US
Newco
Inc,
Term
Loan
B
,
(DD1)
9.081%
6-Month
LIBOR
3.500%
7/31/27
5,955,590
775
VT
Topco,
Inc.,
Term
Loan
B
9.583%
SOFR30A
4.250%
8/12/30
778,933
12,239
WIN
Waste
Innovations
Holdings,
Inc.,
Term
Loan
B
8.197%
SOFR30A
2.750%
3/27/28
11,323,970
Total
Commercial
&
Professional
Services
93,249,021
Consumer
Discretionary
Distribution
&
Retail
-
5.1%
(3.1%
of
Total
Investments)
1,798
Academy,
Ltd.,
Term
Loan
9.217%
TSFR1M
3.750%
11/08/27
1,802,717
6,292
Avis
Budget
Car
Rental,
LLC,
Term
Loan
B
7.197%
SOFR30A
1.750%
8/06/27
6,266,350
2,666
Avis
Budget
Car
Rental,
LLC,
Term
Loan
C
8.433%
SOFR30A
3.000%
3/16/29
2,672,961
1,252
Belk,
Inc.,
Term
Loan
15.000%
Prime
6.500%
7/31/25
1,135,917
6,052
Belk,
Inc.,
Term
Loan
,
(cash
15.299%,
PIK
8.000%)
15.000%
N/A
N/A
7/31/25
1,354,073
2,179
Belron
Finance
US
LLC,
Term
Loan,
First
Lien
7.664%
SOFR90A
2.250%
4/13/29
2,185,859
1,010
CNT
Holdings
I
Corp
,Term
Loan
,
(WI/DD)
TBD
TBD
TBD
TBD
1,009,581
1,086
Driven
Holdings,
LLC,
Term
Loan
B
8.451%
TSFR1M
3.000%
12/18/28
1,079,561
1,682
EOS
Finco
Sarl,
Term
Loan
11.098%
SOFR90A
5.750%
8/03/29
1,536,813
908
Fastlane
Parent
Company,
Inc.,
Term
Loan
B
9.833%
SOFR30A
4.500%
9/29/28
908,860
5,330
Jo-Ann
Stores,
Inc.,
Term
Loan
B1
10.336%
SOFR90A
4.750%
6/30/28
435,343
6,834
LBM
Acquisition
LLC,
Term
Loan
B
,
(DD1)
9.087%
SOFR30A
3.750%
12/20/27
6,783,977
1,699
Les
Schwab
Tire
Centers,
Term
Loan
B
8.708%
TSFR1M
3.250%
11/02/27
1,699,088
20,405
PetSmart,
Inc.,
Term
Loan
B
9.183%
SOFR30A
3.750%
2/12/28
20,339,447
Nuveen
Floating
Rate
Income
Fund
(continued)
Portfolio
of
Investments
January
31,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
(b)
Reference
Rate
(b)
Spread
(b)
Maturity
(c)
Value
Consumer
Discretionary
Distribution
&
Retail
(continued)
$
5,745
Restoration
Hardware,
Inc.,
Term
Loan
B
7.947%
SOFR30A
2.500%
10/15/28
$
5,525,639
3,220
SRS
Distribution
Inc.,
Term
Loan
8.683%
SOFR30A
3.250%
6/04/28
3,206,838
1,431
Staples,
Inc.,
Term
Loan
10.467%
1-Month
LIBOR
5.000%
4/12/26
1,355,505
4,445
Wand
NewCo
3
Inc
,Term
Loan
,
(WI/DD)
TBD
TBD
TBD
TBD
4,452,645
Total
Consumer
Discretionary
Distribution
&
Retail
63,751,174
Consumer
Durables
&
Apparel
-
2.2%
(1.3%
of
Total
Investments)
3,450
(d)
AI
Aqua
Merger
Sub,
Inc.,
Term
Loan
,
(DD1)
9.585%
TSFR1M
4.250%
7/31/28
3,453,243
8,156
AI
Aqua
Merger
Sub,
Inc.,
Term
Loan
B,
First
Lien
9.105%
TSFR1M
3.750%
7/31/28
8,121,983
2,791
Birkenstock
GmbH
&
Co.
KG,
Term
Loan
B
8.894%
SOFR90A
3.250%
4/28/28
2,799,904
1,559
Hayward
Industries,
Inc.,
Term
Loan
8.197%
SOFR30A
2.750%
5/30/28
1,559,240
108
Serta
Simmons
Bedding,
LLC,
Term
Loan
12.963%
SOFR90A
7.500%
6/29/28
102,128
1,580
SRAM,
LLC
,
Term
Loan
B
9.224%
Prime
2.250%
5/18/28
1,577,571
6,183
Topgolf
Callaway
Brands
Corp.,
Term
Loan
B
8.933%
SOFR30A
3.500%
3/09/30
6,178,761
3,333
Weber-Stephen
Products
LLC,
Term
Loan
B
8.697%
SOFR30A
3.250%
10/29/27
3,030,761
Total
Consumer
Durables
&
Apparel
26,823,591
Consumer
Services
-
18.9%
(11.5%
of
Total
Investments)
34,143
1011778
B.C.
Unlimited
Liability
Company,
Term
Loan
B5
7.583%
SOFR30A
2.250%
9/23/30
34,015,189
739
24
Hour
Fitness
Worldwide,
Inc.,
Exit
Term
Loan
19.370%
SOFR90A
+
3-Month
LIBOR
14.000%
9/29/26
388,001
1,556
24
Hour
Fitness
Worldwide,
Inc.,
Term
Loan
,
(cash
10.529%,
PIK
5.000%)
10.610%
SOFR90A
5.000%
12/29/25
699,999
3,846
Alterra
Mountain
Company,
Term
Loan
8.947%
SOFR30A
3.500%
8/17/28
3,852,333
205
Alterra
Mountain
Company,
Term
Loan
B
9.183%
SOFR30A
3.750%
5/31/30
205,101
1,461
Aramark
Services,
Inc.,
Term
Loan
B6
7.947%
SOFR30A
2.500%
6/24/30
1,459,594
11,841
Caesars
Entertainment
Corp,
Term
Loan
B
8.663%
SOFR90A
3.250%
1/25/30
11,849,997
2,250
Caesars
Entertainment
Inc
,Term
Loan
8.663%
SOFR90A
3.250%
1/27/31
2,248,594
3,187
Carnival
Corporation,
Term
Loan
B
8.697%
SOFR30A
3.250%
10/18/28
3,191,689
3,990
Carnival
Corporation,
Term
Loan
B
8.336%
TSFR1M
3.000%
8/09/27
3,996,932
6,713
Churchill
Downs
Incorporated,
Term
Loan
B1
7.433%
SOFR30A
2.000%
3/17/28
6,709,760
17,287
ClubCorp
Holdings,
Inc.,
Term
Loan
B2
10.610%
Prime
4.000%
9/18/26
17,105,203
10,044
Equinox
Holdings,
Inc.,
Term
Loan,
First
Lien
8.610%
3-Month
LIBOR
+
SOFR180A
3.000%
3/08/24
9,947,543
15,313
Fertitta
Entertainment,
LLC,
Term
Loan
B
9.333%
SOFR30A
4.000%
1/27/29
15,289,848
24,125
Flutter
Entertainment
PLC,
Term
Loan
B
7.698%
SOFR90A
2.250%
11/25/30
24,064,687
7,472
Formula
One
Holdings
Limited,
Term
Loan
B
7.598%
SOFR90A
2.250%
1/15/30
7,478,538
1,940
GT
Polaris,
Inc.,
Term
Loan
9.324%
SOFR90A
3.750%
9/24/27
1,912,383
Principal
Amount
(000)
Description
(a)
Coupon
(b)
Reference
Rate
(b)
Spread
(b)
Maturity
(c)
Value
Consumer
Services
(continued)
$
5,821
GVC
Holdings
(Gibraltar)
Limited,
Term
Loan
B
8.948%
SOFR90A
3.500%
10/31/29
$
5,829,120
10,242
Hilton
Domestic
Operating
Company,
Inc.,
Term
Loan
B4
7.436%
TSFR1M
2.000%
11/08/30
10,255,836
5,132
Hilton
Grand
Vacations
Borrower
LLC,
Term
Loan
B
8.087%
SOFR30A
2.750%
8/02/28
5,130,977
2,090
Hilton
Grand
Vacations
Borrower
LLC,
Term
Loan
B
8.083%
SOFR30A
2.750%
1/17/31
2,088,955
15,387
IRB
Holding
Corp,
Term
Loan
B
8.074%
SOFR90A
2.750%
12/15/27
15,373,572
3,734
Life
Time
Fitness
Inc
,
Term
Loan,
First
Lien
9.824%
SOFR90A
4.250%
1/15/26
3,760,316
9,970
Light
and
Wonder
International,
Inc.,
Term
Loan
8.083%
TSFR1M
2.750%
4/16/29
9,994,049
857
Motion
Finco
Sarl,
Term
Loan
B2
,
(DD1)
8.860%
SOFR90A
3.250%
11/04/26
858,026
1,619
NASCAR
Holdings,
Inc,
Term
Loan
B
7.947%
SOFR30A
2.500%
10/19/26
1,627,650
3,079
PCI
Gaming
Authority,
Term
Loan
7.947%
SOFR30A
2.500%
5/31/26
3,082,073
2,566
Penn
National
Gaming,
Inc.,
Term
Loan
B
8.183%
SOFR30A
2.750%
4/20/29
2,563,646
3,220
Scientific
Games
Holdings
LP,
Term
Loan
B
8.598%
SOFR90A
3.250%
2/04/29
3,198,824
5,743
SeaWorld
Parks
&
Entertainment,
Inc.,
Term
Loan
B
7.833%
TSFR1M
2.500%
8/25/28
5,756,136
6,948
Spin
Holdco
Inc.,
Term
Loan
9.625%
SOFR90A
4.000%
3/06/28
6,222,589
1,947
Stars
Group
Holdings
B.V.
(The),
Term
Loan
B
8.863%
SOFR90A
3.250%
7/04/28
1,951,014
7,804
Station
Casinos
LLC,
Term
Loan
B
7.683%
SOFR30A
2.250%
2/08/27
7,795,716
2,302
Twin
River
Worldwide
Holdings,
Inc.,
Term
Loan
B
8.829%
TSFR3M
3.250%
10/02/28
2,157,248
1,726
William
Morris
Endeavor
Entertainment,
LLC,
Term
Loan,
First
Lien
8.197%
SOFR30A
2.750%
5/16/25
1,728,306
993
WW
International
Inc
,Term
Loan
,
(WI/DD)
TBD
TBD
TBD
TBD
588,352
Total
Consumer
Services
234,377,796
Consumer
Staples
Distribution
&
Retail
-
0.8%
(0.5%
of
Total
Investments)
2,295
Cardenas
Markets,
Inc.,
Term
Loan
12.198%
SOFR90A
6.750%
8/01/29
2,297,923
2,818
US
Foods,
Inc.,
Term
Loan
B
7.947%
SOFR30A
2.500%
11/22/28
2,831,680
4,465
US
Foods,
Inc.,
Term
Loan
B
7.447%
SOFR30A
2.000%
9/14/26
4,471,936
Total
Consumer
Staples
Distribution
&
Retail
9,601,539
Diversified
Financials
-
0.0%
(0.0%
of
Total
Investments)
4,663
(e)
Ditech
Holding
Corporation,
Term
Loan
0.000%
N/A
N/A
6/30/24
139,885
Total
Diversified
Financials
139,885
Energy
-
3.1%
(1.9%
of
Total
Investments)
2,941
BCP
Renaissance
Parent
LLC,
Term
Loan
B
8.864%
SOFR90A
3.500%
10/31/28
2,948,094
2,664
Buckeye
Partners,
L.P.,
Term
Loan
B
7.683%
SOFR30A
2.250%
11/02/26
2,664,149
9,846
Freeport
LNG
Investments,
LLLP,
Term
Loan
A
8.579%
TSFR3M
3.000%
11/16/26
9,752,400
2,492
Freeport
LNG
Investments,
LLLP,
Term
Loan
B
9.079%
TSFR3M
3.500%
12/21/28
2,469,735
Nuveen
Floating
Rate
Income
Fund
(continued)
Portfolio
of
Investments
January
31,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
(b)
Reference
Rate
(b)
Spread
(b)
Maturity
(c)
Value
Energy
(continued)
$
5,891
Gulf
Finance,
LLC,
Term
Loan
12.070%
SOFR90A
+
TSFR1M
6.750%
8/25/26
$
5,900,179
204
M6
ETX
Holdings
II
Midco
LLC,
Term
Loan
B
9.937%
TSFR1M
4.500%
8/11/29
204,824
3,612
Oryx
Midstream
Services
Permian
Basin
LLC,
Term
Loan
8.708%
TSFR1M
3.250%
10/05/28
3,611,007
4,018
TransMontaigne
Operating
Company
L.P.,
Term
Loan
B
8.947%
SOFR30A
3.500%
11/05/28
3,983,686
4,911
Traverse
Midstream
Partners
LLC,
Term
Loan
9.075%
TSFR3M
3.750%
2/16/28
4,926,077
1,713
Whitewater
Whistler
Holdings,
LLC,
Term
Loan
B
8.125%
SOFR90A
2.750%
2/15/30
1,713,641
Total
Energy
38,173,792
Financial
Services
-
3.4%
(2.0%
of
Total
Investments)
868
Advisor
Group,
Inc.,
Term
Loan
B
9.833%
SOFR30A
4.500%
8/16/28
868,774
1,330
Aragorn
Parent
Corp
,Term
Loan
,
(WI/DD)
TBD
TBD
TBD
TBD
1,335,200
6,318
Avolon
TLB
Borrower
1
(US)
LLC,
Term
Loan
B4
6.937%
TSFR1M
1.500%
2/12/27
6,323,305
7,807
Fleetcor
Technologies
Operating
Company,
LLC,
Term
Loan
B4
7.183%
SOFR30A
1.750%
5/01/28
7,799,229
12,038
GTCR
W
Merger
Sub,
Term
Loan
,
(DD1)
8.329%
TSFR1M
3.000%
9/20/30
12,054,311
6,201
Motion
Finco
Sarl,
Term
Loan
B1
,
(DD1)
8.860%
SOFR90A
3.250%
11/04/26
6,211,402
3,180
Trans
Union,
LLC,
Term
Loan
B6
7.701%
TSFR1M
2.250%
12/01/28
3,183,599
3,794
WEX
Inc.,
Term
Loan
7.720%
TSFR1M
2.250%
3/31/28
3,788,769
Total
Financial
Services
41,564,589
Food,
Beverage
&
Tobacco
-
3.3%
(2.0%
of
Total
Investments)
299
8th
Avenue
Food
&
Provisions,
Inc.,
Term
Loan
10.087%
SOFR30A
4.750%
10/01/25
291,380
4,183
8th
Avenue
Food
&
Provisions,
Inc.,
Term
Loan,
First
Lien
9.197%
SOFR30A
3.750%
10/01/25
4,070,782
2,054
Arterra
Wines
Canada,
Inc.,
Term
Loan
9.110%
SOFR90A
3.500%
11/25/27
1,949,293
2,535
CHG
PPC
Parent
LLC,
Term
Loan
8.447%
SOFR30A
3.000%
12/08/28
2,536,194
6,122
City
Brewing
Company,
LLC,
Term
Loan
,
(DD1)
9.078%
SOFR90A
3.500%
4/05/28
4,680,539
2,191
Froneri
International
Ltd.,
Term
Loan
7.683%
Prime
2.250%
2/01/27
2,190,193
2,992
Naked
Juice
LLC,
Term
Loan
8.655%
SOFR90A
3.250%
1/20/29
2,839,494
738
Naked
Juice
LLC,
Term
Loan,
Second
Lien
11.448%
SOFR90A
6.000%
1/20/30
602,802
187
Pegasus
Bidco
BV
,Term
Loan
,
(WI/DD)
TBD
TBD
TBD
TBD
188,109
4,375
Shearers
Food
Inc,
Term
Loan
B
,
(WI/DD)
TBD
TBD
TBD
TBD
4,331,250
6,187
Sunshine
Investments
B.V.,
Term
Loan
9.630%
SOFR90A
4.250%
5/05/29
6,207,609
2,642
Sycamore
Buyer
LLC,
Term
Loan
B
7.701%
SOFR30A
2.250%
7/23/29
2,613,826
6,507
Triton
Water
Holdings,
Inc,
Term
Loan
8.860%
SOFR90A
3.250%
3/31/28
6,409,730
2,549
UTZ
Quality
Foods,
LLC,
Term
Loan
B
8.447%
SOFR30A
3.000%
1/20/28
2,552,040
Total
Food,
Beverage
&
Tobacco
41,463,241
Principal
Amount
(000)
Description
(a)
Coupon
(b)
Reference
Rate
(b)
Spread
(b)
Maturity
(c)
Value
Health
Care
Equipment
&
Services
-
14.7%
(8.9%
of
Total
Investments)
$
3,200
ADMI
Corp.,
Term
Loan
B5
11.083%
SOFR30A
5.750%
12/23/27
$
3,182,000
7,087
AHP
Health
Partners,
Inc.,
Term
Loan
B
8.947%
SOFR30A
3.500%
8/23/28
7,103,706
22,781
Bausch
&
Lomb,
Inc.,
Term
Loan
8.683%
SOFR30A
3.250%
5/05/27
22,295,301
3,244
Carestream
Health,
Inc.,
Term
Loan
12.948%
SOFR90A
7.500%
9/30/27
2,668,986
7,142
CNT
Holdings
I
Corp,
Term
Loan
8.826%
SOFR90A
3.500%
11/08/27
7,139,220
318
DaVita,
Inc.
,
Term
Loan
B
7.197%
SOFR30A
1.750%
8/12/26
317,370
438
Element
Materials
Technology
Group
US
Holdings
Inc.,
Term
Loan
9.698%
SOFR90A
4.250%
4/12/29
436,075
949
Element
Materials
Technology
Group
US
Holdings
Inc.,
Term
Loan
9.698%
SOFR90A
4.250%
4/12/29
944,830
1,901
Gainwell
Acquisition
Corp.,
Term
Loan
B
9.448%
SOFR90A
4.000%
10/01/27
1,852,049
1,526
Global
Medical
Response,
Inc.,
Term
Loan
9.574%
SOFR90A
4.250%
3/14/25
1,308,598
10,378
Global
Medical
Response,
Inc.,
Term
Loan
B
9.841%
TSFR3M
4.250%
10/02/25
8,884,792
9,368
ICON
Luxembourg
S.A.R.L.,
Term
Loan
7.860%
SOFR90A
2.250%
7/03/28
9,388,686
1,219
Insulet
Corporation,
Term
Loan
B
8.333%
SOFR30A
3.250%
5/04/28
1,222,254
31,732
Medline
Borrower,
LP,
Term
Loan
B
8.451%
TSFR1M
3.000%
10/21/28
31,714,048
7,266
National
Mentor
Holdings,
Inc.,
Term
Loan
9.190%
SOFR30A
+
SOFR90A
3.750%
3/02/28
6,649,403
162
National
Mentor
Holdings,
Inc.,
Term
Loan
C
9.198%
SOFR90A
3.750%
3/02/28
148,539
4,802
Onex
TSG
Intermediate
Corp.,
Term
Loan
B
10.324%
SOFR90A
4.750%
2/28/28
4,765,861
1,500
Packaging
Coordinators
Midco
Inc
,Term
Loan
,
(WI/DD)
TBD
TBD
TBD
TBD
1,497,188
20,034
Parexel
International
Corporation,
Term
Loan,
First
Lien
8.697%
SOFR30A
3.250%
11/15/28
20,004,759
2,244
Pathway
Vet
Alliance
LLC
,Term
Loan
,
(DD1)
9.197%
SOFR30A
3.750%
3/31/27
1,944,052
5,896
Phoenix
Guarantor
Inc,
Term
Loan
B
8.697%
SOFR30A
3.250%
3/05/26
5,885,633
4,863
Phoenix
Guarantor
Inc,
Term
Loan
B3
8.947%
SOFR30A
3.500%
3/05/26
4,858,634
11,526
Select
Medical
Corporation,
Term
Loan
B1
8.333%
SOFR30A
3.000%
3/05/27
11,532,833
4,773
Star
Parent,
Inc.,
Term
Loan
B
9.348%
SOFR90A
4.000%
9/30/30
4,668,591
15,438
Surgery
Center
Holdings,
Inc.,
Term
Loan
8.835%
SOFR30A
3.500%
12/19/30
15,486,179
2,883
Team
Health
Holdings,
Inc.,
Term
Loan
B
10.573%
SOFR30A
+
SOFR90A
5.250%
3/02/27
2,410,590
2,343
US
Radiology
Specialists,
Inc.,
Term
Loan
10.748%
SOFR90A
5.250%
12/15/27
2,337,723
2,434
Vyaire
Medical,
Inc.,
Term
Loan
B
10.343%
TSFR3M
4.750%
4/16/25
1,814,048
Total
Health
Care
Equipment
&
Services
182,461,948
Nuveen
Floating
Rate
Income
Fund
(continued)
Portfolio
of
Investments
January
31,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
(b)
Reference
Rate
(b)
Spread
(b)
Maturity
(c)
Value
Household
&
Personal
Products
-
0.5%
(0.3%
of
Total
Investments)
$
1,269
Energizer
Holdings,
Inc.,
Term
Loan
7.701%
TSFR1M
2.250%
12/22/27
$
1,266,620
3,282
Kronos
Acquisition
Holdings
Inc.,
Term
Loan
B
9.360%
SOFR90A
3.750%
12/22/26
3,287,236
1,708
Kronos
Acquisition
Holdings
Inc.,
Term
Loan,
First
Lien
11.538%
SOFR90A
6.000%
12/22/26
1,712,912
Total
Household
&
Personal
Products
6,266,768
Insurance
-
7.6%
(4.6%
of
Total
Investments)
10,315
Acrisure,
LLC,
Term
Loan
B
,
(DD1)
9.150%
3-Month
LIBOR
3.500%
2/15/27
10,288,115
9,422
Alliant
Holdings
Intermediate,
LLC,
Term
Loan
B6
8.833%
TSFR1M
3.500%
11/06/30
9,452,664
2,316
AmWINS
Group,
Inc.,
Term
Loan
B
8.197%
SOFR30A
2.750%
2/19/28
2,312,031
2,980
Assured
Partners
Inc,
Term
Loan
B
8.947%
TSFR1M
3.500%
2/13/27
2,975,157
491
AssuredPartners
Inc
,Term
Loan
,
(WI/DD)
TBD
TBD
TBD
TBD
490,226
692
Asurion
LLC,
Term
Loan
B11
9.683%
SOFR30A
4.250%
8/19/28
684,795
21,208
Asurion
LLC,
Term
Loan
B8
8.697%
SOFR30A
3.250%
12/23/26
21,147,320
3,953
Asurion
LLC,
Term
Loan
B9
8.697%
SOFR30A
3.250%
7/31/27
3,901,051
4,397
Broadstreet
Partners,
Inc.,
Term
Loan
B
8.337%
SOFR30A
3.000%
1/27/27
4,390,659
2,346
Broadstreet
Partners,
Inc.,
Term
Loan
B2
8.697%
SOFR30A
3.250%
1/27/27
2,343,243
6,249
Broadstreet
Partners,
Inc.,
Term
Loan
B3
,
(DD1)
9.083%
SOFR30A
3.750%
1/26/29
6,253,281
7,466
HUB
International
Limited,
Term
Loan
B
9.610%
SOFR90A
+
TSFR1M
4.250%
6/08/30
7,478,850
5,000
HUB
International
Ltd
,Term
Loan
,
(WI/DD)
TBD
TBD
TBD
TBD
5,008,600
1,596
Ryan
Specialty
Group,
LLC,
Term
Loan
B
8.106%
SOFR30A
2.750%
9/01/27
1,598,969
5,262
USI,
Inc.,
Term
Loan
8.598%
SOFR90A
3.250%
9/27/30
5,261,812
10,472
USI,
Inc.,
Term
Loan
B
,
(DD1)
8.348%
SOFR90A
3.000%
11/22/29
10,474,440
Total
Insurance
94,061,213
Materials
-
7.1%
(4.3%
of
Total
Investments)
1,177
Arsenal
AIC
Parent
LLC
,Term
Loan
9.833%
SOFR30A
4.500%
7/27/30
1,178,733
1,550
Arsenal
AIC
Parent
LLC,
Term
Loan
,
(WI/DD)
TBD
TBD
TBD
TBD
1,552,217
2,000
ASP
Unifrax
Holdings
Inc,
Term
Loan
B
9.248%
TSFR3M
3.750%
12/12/25
1,909,230
4,197
Axalta
Coating
Systems
U.S.
Holdings,
Inc.,
term
Loan
B4
7.848%
SOFR90A
2.500%
12/20/29
4,204,440
697
Berlin
Packaging
LLC,
Term
Loan
B5
9.288%
SOFR90A
+
TSFR1M
3.750%
3/13/28
694,451
1,769
Berry
Global,
Inc.,
Term
Loan
Z
7.202%
TSFR1M
1.750%
7/01/26
1,769,820
3,613
Charter
NEX
US,
Inc.,
Term
Loan
9.086%
TSFR1M
3.750%
12/01/27
3,600,459
7,526
Clydesdale
Acquisition
Holdings
Inc,
Term
Loan
B
9.108%
SOFR30A
3.675%
3/30/29
7,487,041
3,968
CPC
Acquisition
Corp,
Term
Loan
9.360%
SOFR90A
3.750%
12/29/27
3,247,153
2,925
Derby
Buyer
LLC,
Term
Loan
9.603%
TSFR1M
4.250%
11/01/30
2,939,625
8,376
Discovery
Purchaser
Corporation,
Term
Loan
,
(DD1)
9.705%
SOFR90A
4.375%
8/03/29
8,302,337
1,493
INEOS
Quattro
Holdings
UK
Ltd,
Term
Loan
9.087%
SOFR30A
3.750%
3/03/30
1,487,523
Principal
Amount
(000)
Description
(a)
Coupon
(b)
Reference
Rate
(b)
Spread
(b)
Maturity
(c)
Value
Materials
(continued)
$
4,511
INEOS
Quattro
Holdings
UK
Ltd,
Term
Loan
B,
First
Lien
9.587%
SOFR30A
4.250%
11/14/29
$
4,493,874
3,955
Ineos
US
Finance
LLC,
Term
Loan
B
8.837%
SOFR30A
3.500%
2/09/30
3,916,800
1,017
Klockner-Pentaplast
of
America,
Inc.,
Term
Loan
B
10.476%
SOFR180A
4.725%
2/09/26
981,298
531
Kraton
Corporation,
Term
Loan
8.896%
SOFR90A
3.250%
3/15/29
525,701
3,415
Lonza
Group
AG,
Term
Loan
B
9.373%
SOFR90A
3.925%
7/03/28
3,191,718
6,994
Nouryon
Finance
B.V.,
Term
Loan
B
,
(DD1)
9.467%
TSFR3M
4.000%
4/03/28
6,999,256
997
PMHC
II,
Inc.,
Term
Loan
B
9.723%
SOFR90A
4.250%
2/03/29
953,775
991
PQ
Corporation,
Term
Loan
B
7.913%
SOFR90A
2.500%
6/09/28
992,166
2,280
Proampac
PG
Borrower
LLC,
Term
Loan
9.868%
SOFR90A
4.500%
9/15/28
2,287,843
5,452
Reynolds
Group
Holdings
Inc.
,
Term
Loan
B
8.697%
SOFR30A
3.250%
9/25/28
5,461,698
2,158
Reynolds
Group
Holdings
Inc.
,
Term
Loan
B2
8.697%
SOFR30A
3.250%
2/05/26
2,162,065
647
Starfruit
Finco
B.V,
Term
Loan
9.448%
TSFR1M
4.000%
3/03/28
646,831
8,663
TricorBraun
Holdings,
Inc.,
Term
Loan
8.697%
SOFR30A
3.250%
3/03/28
8,514,613
3,250
Tronox
Finance
LLC,
Term
Loan
B
8.848%
SOFR90A
3.500%
8/16/28
3,250,000
5,566
Viant
Medical
Holdings,
Inc.,
Term
Loan,
First
Lien
9.197%
SOFR30A
3.750%
7/02/25
5,541,443
Total
Materials
88,292,110
Media
&
Entertainment
-
10.3%
(6.3%
of
Total
Investments)
5,580
ABG
Intermediate
Holdings
2
LLC,
Term
Loan
B1
9.320%
1-Month
LIBOR
4.000%
12/21/28
5,600,532
1,203
Altice
Financing
SA,
Term
Loan
10.314%
TSFR3M
5.000%
10/29/27
1,200,976
5,813
AMC
Entertainment
Holdings,
Inc.
,
Term
Loan
B
8.449%
SOFR30A
3.000%
4/22/26
4,599,777
2,925
Cable
One,
Inc.,
Term
Loan
B4
7.447%
SOFR30A
2.000%
5/03/28
2,915,859
9,556
Cengage
Learning,
Inc.,
Term
Loan
B
10.326%
TSFR3M
4.750%
7/14/26
9,555,027
2,082
Charter
Communications
Operating,
LLC,
Term
Loan
B2
7.083%
SOFR30A
1.750%
2/01/27
2,077,942
1,069
Checkout
Holding
Corp.,
Term
Loan
14.869%
SOFR90A
7.500%
5/24/30
561,304
3,476
Cinemark
USA,
Inc.,
Term
Loan
B
9.098%
SOFR90A
3.750%
5/18/30
3,481,678
26,545
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
B
9.074%
SOFR90A
3.500%
8/21/26
26,281,810
7,194
Crown
Finance
US,
Inc.,
Term
Loan
6.824%
SOFR90A
1.500%
7/31/28
7,289,805
1,247
CSC
Holdings,
LLC,
Term
Loan
B5
7.948%
1-Month
LIBOR
2.500%
4/15/27
1,190,352
3,745
CSC
Holdings,
LLC,
Term
Loan
B6
9.833%
TSFR1M
4.500%
1/18/28
3,666,166
1,180
Cumulus
Media
New
Holdings
Inc.,
Term
Loan
B
9.400%
SOFR90A
3.750%
3/31/26
871,609
966
(e)
Diamond
Sports
Group,
LLC,
Term
Loan
0.000%
3-Month
LIBOR
0.000%
8/24/26
65,541
5,303
DirecTV
Financing,
LLC,
Term
Loan
10.650%
SOFR90A
5.000%
8/02/27
5,309,874
3,839
Dotdash
Meredith
Inc,
Term
Loan
B
9.453%
SOFR30A
4.000%
12/01/28
3,790,596
2,620
E.W.
Scripps
Company
(The),
Term
Loan
B2
8.010%
SOFR30A
2.563%
5/01/26
2,617,366
Nuveen
Floating
Rate
Income
Fund
(continued)
Portfolio
of
Investments
January
31,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
(b)
Reference
Rate
(b)
Spread
(b)
Maturity
(c)
Value
Media
&
Entertainment
(continued)
$
1,487
Gray
Television,
Inc.,
Term
Loan
E
7.967%
TSFR1M
2.500%
1/02/26
$
1,487,039
10,076
iHeartCommunications,
Inc.,
Term
Loan
8.447%
SOFR30A
3.000%
5/01/26
8,876,508
1,755
Lions
Gate
Capital
Holdings
LLC,
Term
Loan
B
7.683%
SOFR30A
2.250%
3/24/25
1,755,933
7,320
McGraw-Hill
Global
Education
Holdings,
LLC,
Term
Loan
10.197%
SOFR30A
4.750%
7/31/28
7,290,295
1,197
Mission
Broadcasting,
Inc.,
Term
Loan
B
7.835%
TSFR1M
2.500%
6/02/28
1,194,804
1,630
Nexstar
Broadcasting,
Inc.,
Term
Loan
B4
7.951%
TSFR1M
2.500%
9/18/26
1,630,469
2,455
Planet
US
Buyer
LLC,
Term
Loan
B
8.821%
TSFR1M
3.500%
1/31/31
2,448,863
16,684
Rackspace
Technology
Global,
Inc.,
Term
Loan
B
8.208%
TSFR1M
2.750%
2/15/28
7,276,049
3,145
Radiate
Holdco,
LLC,
Term
Loan
B
8.697%
SOFR30A
3.250%
9/25/26
2,559,061
2,636
Red
Ventures,
LLC,
Term
Loan
B
8.333%
SOFR30A
3.000%
2/23/30
2,628,887
860
Simon
&
Schuster
Inc,
Term
Loan
B
9.317%
TSFR3M
4.000%
10/30/30
862,064
4,221
UPC
Financing
Partnership,
Term
Loan
AX
,
(DD1)
8.448%
TSFR1M
3.000%
1/31/29
4,176,743
3,700
Virgin
Media
Bristol
LLC,
Term
Loan
Q
8.698%
TSFR1M
3.250%
1/31/29
3,677,152
1,050
Virgin
Media
Bristol
LLC,
Term
Loan
Y
8.790%
SOFR180A
3.250%
3/06/31
1,038,061
Total
Media
&
Entertainment
127,978,142
Pharmaceuticals,
Biotechnology
&
Life
Sciences
-
3.5%
(2.1%
of
Total
Investments)
2,508
Amneal
Pharmaceuticals
LLC,
Term
Loan
B
10.833%
SOFR30A
5.500%
5/04/28
2,495,922
2,089
Catalent
Pharma
Solutions
Inc.,
Term
Loan
B3
7.451%
TSFR1M
2.000%
2/22/28
2,061,133
4,578
Curia
Global,
Inc.,
Term
Loan
9.173%
SOFR30A
+
SOFR90A
3.750%
8/28/26
4,215,586
2,595
Elanco
Animal
Health
Incorporated,
Term
Loan
B
7.203%
TSFR1M
1.750%
8/02/27
2,547,935
1,191
Emergent
Biosolutions,
Term
Loan
11.433%
SOFR30A
6.000%
10/13/23
1,028,518
2,334
ICON
Luxembourg
S.A.R.L.,
Term
Loan
7.860%
SOFR90A
2.250%
7/03/28
2,338,667
19,160
Jazz
Financing
Lux
S.a.r.l.,
Term
Loan
8.447%
SOFR30A
3.500%
5/05/28
19,171,899
7,585
Organon
&
Co,
Term
Loan
8.450%
TSFR1M
3.000%
6/02/28
7,586,604
2,276
Perrigo
Investments,
LLC,
Term
Loan
B
7.683%
SOFR30A
2.250%
4/05/29
2,275,243
Total
Pharmaceuticals,
Biotechnology
&
Life
Sciences
43,721,507
Real
Estate
Management
&
Development
-
0.7%
(0.4%
of
Total
Investments)
3,180
Cushman
&
Wakefield
U.S.
Borrower,
LLC,
Term
Loan
8.683%
SOFR30A
3.250%
1/31/30
3,158,889
3,875
Cushman
&
Wakefield
U.S.
Borrower,
LLC,
Term
Loan
B
9.333%
SOFR30A
4.000%
1/31/30
3,860,469
313
Cushman
&
Wakefield
U.S.
Borrower,
LLC,
Term
Loan
B
8.197%
SOFR30A
2.750%
8/21/25
310,957
1,368
Forest
City
Enterprises,
L.P.,
Term
Loan
B
8.947%
SOFR30A
3.500%
12/08/25
1,322,685
Total
Real
Estate
Management
&
Development
8,653,000
Principal
Amount
(000)
Description
(a)
Coupon
(b)
Reference
Rate
(b)
Spread
(b)
Maturity
(c)
Value
Semiconductors
&
Semiconductor
Equipment
-
0.1%
(0.1%
of
Total
Investments)
$
3,383
Bright
Bidco
B.V.,
Term
Loan
,
(cash
6.378%,
PIK
8.000%)
7.034%
TSFR3M
+
3-Month
LIBOR
4.500%
10/31/27
$
1,044,529
Total
Semiconductors
&
Semiconductor
Equipment
1,044,529
Software
&
Services
-
20.0%
(12.1%
of
Total
Investments)
4,011
Ahead
DB
Holdings,
LLC,
Term
Loan
B
9.198%
SOFR90A
3.750%
10/18/27
3,991,497
1,440
Apttus
Corporation,
Term
Loan
9.451%
TSFR1M
4.000%
5/08/28
1,444,833
1,279
Asurion
LLC,
Term
Loan
B4,
Second
Lien
10.697%
SOFR30A
5.250%
1/20/29
1,216,150
11,910
Avaya,
Inc.,
Term
Loan
6.918%
TSFR1M
+
1-Month
LIBOR
4.250%
8/01/28
10,520,467
16,040
Banff
Merger
Sub
Inc,
Term
Loan
,
(DD1)
9.583%
SOFR30A
4.250%
12/29/28
16,080,277
2,585
Camelot
U.S.
Acquisition
LLC,
Term
Loan
B
8.337%
SOFR30A
3.000%
10/30/26
2,583,594
859
CCC
Intelligent
Solutions
Inc.,
Term
Loan
B
7.697%
SOFR30A
2.250%
9/21/28
857,896
5,217
Ceridian
HCM
Holding
Inc.,
Term
Loan
B
7.947%
SOFR90A
2.500%
4/30/25
5,232,044
5,282
DTI
Holdco,
Inc.,
Term
Loan
10.063%
SOFR90A
4.750%
4/21/29
5,260,185
17,953
Epicor
Software
Corporation,
Term
Loan
8.697%
SOFR30A
3.250%
7/30/27
17,985,639
11,682
Greeneden
U.S.
Holdings
II,
LLC,
Term
Loan
B4
9.447%
SOFR30A
4.000%
12/01/27
11,707,865
12,625
Informatica
LLC,
Term
Loan
B
8.087%
SOFR30A
2.750%
10/14/28
12,626,703
2,733
Instructure
Holdings,
Inc.,
Term
Loan
B
,
(WI/DD)
TBD
TBD
TBD
TBD
2,734,767
797
iQor
US
Inc.,
Exit
Term
Loan
12.937%
TSFR1M
7.600%
11/19/24
790,742
2,199
iQor
US
Inc.,
Second
Out
Term
Loan
12.937%
TSFR1M
7.600%
11/19/25
1,700,770
404
Ivanti
Software
Inc
,Term
Loan
,
(DD1)
9.591%
TSFR3M
4.000%
12/01/27
384,211
5,104
Ivanti
Software,
Inc.,
Term
Loan
B
,
(DD1)
9.839%
SOFR90A
4.250%
12/01/27
4,877,126
2,320
Marcel
LUX
IV
SARL,
Term
Loan
B
9.820%
3-Month
LIBOR
4.500%
10/28/30
2,332,087
5,615
McAfee,
LLC,
Term
Loan
B
9.203%
SOFR30A
3.750%
2/03/29
5,575,248
6,802
Mitchell
International
Inc,
Term
Loan
B
,
(DD1)
9.400%
SOFR90A
3.750%
10/15/28
6,762,944
12,039
NortonLifeLock
Inc.,
Term
Loan
B
7.433%
SOFR30A
2.000%
1/28/29
12,016,917
16,795
Open
Text
Corporation,
Term
Loan
B
8.183%
SOFR30A
2.750%
1/31/30
16,820,113
8,414
Peraton
Corp.,
Term
Loan
B
,
(DD1)
9.183%
SOFR30A
3.750%
2/01/28
8,415,498
3,878
Perforce
Software,
Inc.,
Term
Loan
B
9.183%
SOFR30A
3.750%
7/01/26
3,844,345
1,361
Project
Ruby
Ultimate
Parent
Corp.,
Term
Loan
8.697%
SOFR30A
3.250%
3/10/28
1,356,054
3,907
Proofpoint,
Inc.,
Term
Loan,
First
Lien
8.697%
SOFR30A
3.250%
8/31/28
3,886,349
4,549
Quartz
Acquireco
LLC,
Term
Loan
B
8.833%
SOFR30A
3.500%
4/14/30
4,548,600
4,623
Rocket
Software,
Inc.,
Term
Loan
B
10.083%
SOFR30A
4.750%
10/05/28
4,570,567
997
Sedgwick
Claims
Management
Services,
Inc.,
Term
Loan
B
9.083%
SOFR30A
3.750%
2/24/28
998,989
7,052
Sophia,
L.P.,
Term
Loan
B
,
(DD1)
8.933%
SOFR30A
3.500%
10/07/27
7,050,371
3,875
SS&C
European
Holdings
Sarl,
Term
Loan
B4
7.197%
SOFR30A
1.750%
4/16/25
3,876,784
Nuveen
Floating
Rate
Income
Fund
(continued)
Portfolio
of
Investments
January
31,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
(b)
Reference
Rate
(b)
Spread
(b)
Maturity
(c)
Value
Software
&
Services
(continued)
$
4,100
SS&C
Technologies
Inc.,
Term
Loan
B3
7.197%
SOFR30A
1.750%
4/16/25
$
4,102,210
881
SS&C
Technologies
Inc.,
Term
Loan
B5
7.197%
SOFR30A
1.750%
4/16/25
881,345
642
SS&C
Technologies
Inc.,
Term
Loan
B6
7.683%
SOFR30A
2.250%
3/22/29
643,008
1,248
SS&C
Technologies
Inc.,
Term
Loan
B7
7.683%
SOFR30A
2.250%
3/22/29
1,249,790
10,955
Syniverse
Holdings,
Inc.,
Term
Loan
12.348%
SOFR90A
7.000%
5/10/29
10,258,992
5,358
Tempo
Acquisition
LLC,
Term
Loan
B
8.083%
SOFR30A
2.750%
8/31/28
5,363,437
500
Ultimat
Software
Group
Inc,
Term
Loan
B
9.163%
SOFR90A
3.750%
1/30/31
501,250
10,265
Ultimate
Software
Group
Inc
(The),
Term
Loan
8.680%
SOFR90A
3.250%
5/04/26
10,280,692
3,473
Ultimate
Software
Group
Inc
(The),
Term
Loan
B
,
(DD1)
9.163%
SOFR90A
3.750%
5/04/26
3,478,821
3,336
Vision
Solutions,
Inc.,
Term
Loan
9.586%
TSFR3M
4.000%
5/28/28
3,299,943
4,557
West
Corporation,
Term
Loan
B3
9.563%
SOFR90A
4.000%
4/10/27
4,375,118
2,109
World
Wide
Technology
Holding
Co.
LLC,
Term
Loan
8.686%
TSFR1M
3.250%
2/23/30
2,111,699
12,550
Zelis
Payments
Buyer,
Inc.,
Term
Loan
B
,
(DD1)
8.067%
TSFR3M
2.750%
9/28/29
12,552,635
7,243
ZoomInfo
LLC,
Term
Loan
7.583%
SOFR30A
2.250%
2/28/30
7,251,632
Total
Software
&
Services
248,400,204
Technology
Hardware
&
Equipment
-
2.3%
(1.4%
of
Total
Investments)
8,210
CommScope,
Inc.,
Term
Loan
B
8.697%
SOFR30A
3.250%
4/06/26
7,198,542
8,243
Delta
TopCo,
Inc.,
Term
Loan
B
9.121%
SOFR180A
3.750%
12/01/27
8,226,274
3,958
II-VI
Incorporated,
Term
Loan
B
8.087%
SOFR30A
2.750%
7/02/29
3,946,906
3,854
Ingram
Micro
Inc.,
Term
Loan
8.610%
SOFR90A
3.000%
7/02/28
3,857,688
4,061
MLN
US
HoldCo
LLC,
Term
Loan
12.110%
SOFR90A
6.700%
10/18/27
812,170
6,990
MLN
US
HoldCo
LLC,
Term
Loan,
First
Lien
9.972%
TSFR3M
4.500%
12/01/25
821,345
2,250
NCR
Atleos
LLC,
Term
Loan
B
10.087%
SOFR30A
4.750%
3/27/29
2,252,813
2,386
Riverbed
Technology,
Inc.,
Term
Loan
4.924%
SOFR90A
+
3-Month
LIBOR
2.250%
7/03/28
1,640,296
226
ViaSat,
Inc.,
Term
Loan
9.833%
SOFR30A
4.500%
3/05/29
222,655
Total
Technology
Hardware
&
Equipment
28,978,689
Telecommunication
Services
-
5.3%
(3.2%
of
Total
Investments)
3,881
Altice
France
S.A.,
Term
Loan
B12
9.263%
3-Month
LIBOR
3.688%
2/02/26
3,810,548
13,619
Altice
France
S.A.,
Term
Loan
B13
9.641%
3-Month
LIBOR
4.000%
8/14/26
13,290,366
4,978
CenturyLink,
Inc.,
Term
Loan
B
7.697%
SOFR30A
2.250%
3/15/27
3,534,170
3,333
Cincinnati
Bell,
Inc.,
Term
Loan
B2
8.683%
SOFR30A
3.250%
11/23/28
3,299,351
3,600
Connect
Finco
Sarl,
Term
Loan
B
8.833%
SOFR30A
3.500%
12/11/26
3,601,100
876
(e)
Cyxtera
DC
Holdings,
Inc.,
Term
Loan
B
0.000%
N/A
N/A
5/01/24
72,058
9,684
Frontier
Communications
Corp.,
Term
Loan
B
9.197%
SOFR30A
3.750%
10/08/27
9,591,389
2,888
GOGO
Intermediate
Holdings
LLC,
Term
Loan
B
9.197%
SOFR30A
3.750%
4/28/28
2,884,957
53
LCPR
Loan
Financing
LLC,
Term
Loan
B
9.198%
TSFR1M
3.750%
10/16/28
53,311
12,977
Level
3
Financing
Inc.,
Term
Loan
B
,
(DD1)
7.197%
SOFR30A
1.750%
3/01/27
12,522,805
Principal
Amount
(000)
Description
(a)
Coupon
(b)
Reference
Rate
(b)
Spread
(b)
Maturity
(c)
Value
Telecommunication
Services
(continued)
$
672
Virgin
Media
Bristol
LLC,
Term
Loan
N
7.948%
TSFR1M
2.500%
1/31/28
$
661,030
12,234
Ziggo
Financing
Partnership,
Term
Loan
I
7.948%
TSFR1M
2.500%
4/30/28
11,975,091
Total
Telecommunication
Services
65,296,176
Transportation
-
6.5%
(4.0%
of
Total
Investments)
5,634
AAdvantage
Loyalty
IP
Ltd.,
Term
Loan
10.329%
TSFR3M
4.750%
4/20/28
5,781,732
2,469
Air
Canada,
Term
Loan
B
9.139%
TSFR3M
3.500%
8/11/28
2,474,263
11,009
American
Airlines,
Inc.,
Term
Loan
B
8.598%
SOFR90A
2.750%
2/06/28
10,985,406
3,905
American
Airlines,
Inc.,
Term
Loan,
First
Lien
7.317%
SOFR90A
1.750%
1/29/27
3,893,849
5,654
Brown
Group
Holding,
LLC,
Term
Loan
B
8.183%
SOFR30A
2.750%
4/22/28
5,622,628
2,469
Brown
Group
Holding,
LLC,
Term
Loan
B2
8.546%
SOFR30A
+
SOFR90A
3.188%
7/02/29
2,464,126
2,400
First
Student
Bidco
Inc,
Term
Loan
B
8.610%
SOFR90A
3.000%
7/21/28
2,375,505
728
First
Student
Bidco
Inc,
Term
Loan
C
8.360%
SOFR90A
3.000%
7/21/28
720,499
4,129
Hertz
Corporation,
(The),
Term
Loan
B
5.653%
TSFR1M
3.250%
6/30/28
4,090,081
799
Hertz
Corporation,
(The),
Term
Loan
C
5.653%
TSFR1M
3.250%
6/30/28
791,703
10,425
Kestrel
Bidco
Inc.,
Term
Loan
B
8.335%
TSFR1M
3.000%
12/11/26
10,423,343
2,793
KKR
Apple
Bidco,
LLC,
Term
Loan
8.197%
SOFR30A
2.750%
9/25/28
2,780,962
2,440
Mileage
Plus
Holdings
LLC,
Term
Loan
B
10.770%
SOFR90A
5.250%
6/21/27
2,518,238
10,026
SkyMiles
IP
Ltd.,
Term
Loan
B
9.068%
TSFR3M
3.750%
10/20/27
10,271,366
10,044
Uber
Technologies,
Inc.,
Term
Loan
B
7.974%
SOFR90A
2.750%
3/04/30
10,056,180
5,805
United
Airlines,
Inc.,
Term
Loan
B
9.201%
TSFR1M
3.750%
4/21/28
5,823,836
Total
Transportation
81,073,717
Utilities
-
2.1%
(1.3%
of
Total
Investments)
2,718
ExGen
Renewables
IV,
LLC,
Term
Loan
8.150%
SOFR90A
2.500%
12/15/27
2,714,329
2,583
Generation
Bridge
Northeast
LLC,
Term
Loan
B
9.583%
SOFR30A
4.250%
8/07/29
2,597,985
1,960
Pacific
Gas
&
Electric
Company,
Term
Loan
7.833%
SOFR30A
3.000%
6/23/27
1,964,410
10,428
Talen
Energy
Supply,
LLC,
Term
Loan
B
9.869%
SOFR90A
4.500%
5/17/30
10,467,106
8,493
Talen
Energy
Supply,
LLC,
Term
Loan
C
9.869%
SOFR90A
4.500%
5/27/30
8,524,588
Total
Utilities
26,268,418
Total
Variable
Rate
Senior
Loan
Interests
(cost
$1,681,475,555)
1,652,269,487
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X
–
CORPORATE
BONDS
-
18.8%
(11.4%
of
Total
Investments)
X
233,778,641
Automobiles
&
Components
-
0.5%
(0.3%
of
Total
Investments)
$
6,500
Adient
Global
Holdings
Ltd,
144A
4.875%
8/15/26
$
6,339,412
Total
Automobiles
&
Components
6,339,412
Nuveen
Floating
Rate
Income
Fund
(continued)
Portfolio
of
Investments
January
31,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
Capital
Goods
-
0.4%
(0.2%
of
Total
Investments)
$
4,537
TransDigm
Inc
4.625%
1/15/29
$
4,242,413
Total
Capital
Goods
4,242,413
Commercial
&
Professional
Services
-
1.3%
(0.8%
of
Total
Investments)
3,000
GTCR
W-2
MERGER
SUB
LLC,
144A
7.500%
1/15/31
3,116,460
4,650
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc,
144A
6.250%
1/15/28
4,608,101
4,750
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc,
144A
3.375%
8/31/27
4,375,467
3,431
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc,
144A
5.750%
4/15/26
3,429,392
Total
Commercial
&
Professional
Services
15,529,420
Consumer
Discretionary
Distribution
&
Retail
-
1.5%
(0.9%
of
Total
Investments)
14,370
Hertz
Corp/The,
144A
4.625%
12/01/26
12,924,091
6,055
Michaels
Cos
Inc/The,
144A
7.875%
5/01/29
3,872,739
1,812
PetSmart
Inc
/
PetSmart
Finance
Corp,
144A
4.750%
2/15/28
1,692,704
Total
Consumer
Discretionary
Distribution
&
Retail
18,489,534
Consumer
Services
-
1.5%
(0.9%
of
Total
Investments)
10,261
1011778
BC
ULC
/
New
Red
Finance
Inc,
144A
4.000%
10/15/30
9,171,176
1,807
1011778
BC
ULC
/
New
Red
Finance
Inc,
144A
3.500%
2/15/29
1,653,453
2,377
Caesars
Entertainment
Inc,
144A
6.250%
7/01/25
2,385,118
2,955
Carnival
Holdings
Bermuda
Ltd,
144A
10.375%
5/01/28
3,232,652
1,799
Life
Time
Inc,
144A
5.750%
1/15/26
1,778,533
Total
Consumer
Services
18,220,932
Energy
-
2.6%
(1.6%
of
Total
Investments)
560
BORR
IHC
LTD
/
BORR
FIN,
144A
10.000%
11/15/28
579,439
3,500
Citgo
Petroleum
Corp,
144A
7.000%
6/15/25
3,499,503
1,799
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co,
144A
6.250%
11/01/28
1,792,402
1,799
MEG
Energy
Corp,
144A
5.875%
2/01/29
1,755,396
9,167
NGL
Energy
Operating
LLC
/
NGL
Energy
Finance
Corp,
144A
7.500%
2/01/26
9,330,220
1,000
NGL
Energy
Partners
LP
/
NGL
Energy
Finance
Corp
7.500%
4/15/26
1,001,248
1,000
NGL
Energy
Partners
LP
/
NGL
Energy
Finance
Corp
6.125%
3/01/25
999,283
6,000
PBF
Holding
Co
LLC
/
PBF
Finance
Corp
6.000%
2/15/28
5,864,213
2,500
Transocean
Inc,
144A
11.500%
1/30/27
2,612,500
4,750
Weatherford
International
Ltd,
144A
8.625%
4/30/30
4,853,382
Total
Energy
32,287,586
Equity
Real
Estate
Investment
Trusts
(REITs)
-
0.5%
(0.3%
of
Total
Investments)
9,750
American
Tower
Corp
2.950%
1/15/51
6,401,360
Total
Equity
Real
Estate
Investment
Trusts
(REITs)
6,401,360
Health
Care
Equipment
&
Services
-
1.5%
(0.9%
of
Total
Investments)
3,025
Mozart
Debt
Merger
Sub
Inc,
144A
3.875%
4/01/29
2,738,846
4,660
Select
Medical
Corp,
144A
6.250%
8/15/26
4,658,755
6,000
Team
Health
Holdings
Inc,
144A
13.500%
6/30/28
5,940,000
3,765
Tenet
Healthcare
Corp
6.125%
10/01/28
3,751,145
1,799
Tenet
Healthcare
Corp
4.875%
1/01/26
1,783,001
Total
Health
Care
Equipment
&
Services
18,871,747
Insurance
-
0.2%
(0.1%
of
Total
Investments)
1,825
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-
Issuer,
144A
6.750%
4/15/28
1,841,846
935
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-
Issuer,
144A
4.250%
10/15/27
869,770
Total
Insurance
2,711,616
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
Materials
-
0.8%
(0.5%
of
Total
Investments)
$
1,000
Ball
Corp
6.000%
6/15/29
$
1,008,763
5,425
Celanese
US
Holdings
LLC
5.900%
7/05/24
5,420,456
1,280
LABL
Inc,
144A
9.500%
11/01/28
1,276,682
1,810
Pactiv
Evergreen
Group
Issuer
Inc/Pactiv
Evergreen
Group
Issuer
LLC,
144A
4.375%
9/30/28
1,688,730
1,135
Trinseo
Materials
Operating
SCA
/
Trinseo
Materials
Finance
Inc,
144A
5.375%
9/01/25
968,729
Total
Materials
10,363,360
Media
&
Entertainment
-
3.3%
(2.0%
of
Total
Investments)
2,500
Altice
Financing
SA,
144A
5.750%
8/15/29
2,178,691
1,000
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp,
144A
7.375%
3/03/31
1,010,625
13,000
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
3.500%
3/01/42
8,936,084
6,529
CSC
Holdings
LLC,
144A
3.375%
2/15/31
4,470,921
10,250
(e)
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co,
144A
6.625%
8/15/27
717,500
5,220
iHeartCommunications
Inc,
144A
5.250%
8/15/27
4,049,972
20
iHeartCommunications
Inc
6.375%
5/01/26
16,859
1,350
LCPR
Senior
Secured
Financing
DAC,
144A
5.125%
7/15/29
1,188,081
4,132
McGraw-Hill
Education
Inc,
144A
5.750%
8/01/28
3,910,194
6,609
Rackspace
Technology
Global
Inc,
144A
3.500%
2/15/28
2,588,110
500
Radiate
Holdco
LLC
/
Radiate
Finance
Inc,
144A
4.500%
9/15/26
386,598
8,994
VZ
Secured
Financing
BV,
144A
5.000%
1/15/32
7,862,472
4,195
Ziggo
Bond
Co
BV,
144A
6.000%
1/15/27
4,115,729
Total
Media
&
Entertainment
41,431,836
Pharmaceuticals,
Biotechnology
&
Life
Sciences
-
0.2%
(0.1%
of
Total
Investments)
2,650
Organon
&
Co
/
Organon
Foreign
Debt
Co-Issuer
BV,
144A
5.125%
4/30/31
2,276,686
Total
Pharmaceuticals,
Biotechnology
&
Life
Sciences
2,276,686
Software
&
Services
-
0.2%
(0.2%
of
Total
Investments)
1,000
Open
Text
Holdings
Inc,
144A
4.125%
12/01/31
888,072
6,708
Rackspace
Technology
Global
Inc,
144A
5.375%
12/01/28
2,087,335
Total
Software
&
Services
2,975,407
Technology
Hardware
&
Equipment
-
0.2%
(0.1%
of
Total
Investments)
3,025
Commscope
Inc,
144A
4.750%
9/01/29
1,999,888
Total
Technology
Hardware
&
Equipment
1,999,888
Telecommunication
Services
-
2.8%
(1.7%
of
Total
Investments)
9,216
Frontier
Communications
Holdings
LLC,
144A
5.875%
10/15/27
8,864,230
3,022
Frontier
Communications
Holdings
LLC,
144A
6.000%
1/15/30
2,562,565
2,250
Frontier
Communications
Holdings
LLC
5.875%
11/01/29
1,906,616
2,000
Frontier
Communications
Holdings
LLC,
144A
5.000%
5/01/28
1,845,752
3,990
Level
3
Financing
Inc,
144A
10.500%
5/15/30
3,970,050
2,000
Level
3
Financing
Inc,
144A
3.400%
3/01/27
1,965,000
8,160
Vmed
O2
UK
Financing
I
PLC,
144A
4.750%
7/15/31
7,313,077
7,820
Vmed
O2
UK
Financing
I
PLC,
144A
4.250%
1/31/31
6,839,737
Total
Telecommunication
Services
35,267,027
Transportation
-
0.5%
(0.3%
of
Total
Investments)
3,025
Delta
Air
Lines
Inc
3.750%
10/28/29
2,779,824
2,377
United
Airlines
Inc,
144A
4.625%
4/15/29
2,198,802
1,799
United
Airlines
Inc,
144A
4.375%
4/15/26
1,735,389
Total
Transportation
6,714,015
Nuveen
Floating
Rate
Income
Fund
(continued)
Portfolio
of
Investments
January
31,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
Utilities
-
0.8%
(0.5%
of
Total
Investments)
$
3,060
Pacific
Gas
and
Electric
Co
4.550%
7/01/30
$
2,924,320
0
(f)
Pacific
Gas
and
Electric
Co
4.500%
7/01/40
1
6,028
PG&E
Corp
5.000%
7/01/28
5,824,936
950
PG&E
Corp
5.250%
7/01/30
907,145
Total
Utilities
9,656,402
Total
Corporate
Bonds
(cost
$237,182,153)
233,778,641
Shares
Description
(a)
Value
X
–
COMMON
STOCKS
-
5.0%
(3.0%
of
Total
Investments)
X
61,656,272
Banks
-
0.0%
(0.0%
of
Total
Investments)
78,746
(g)
iQor
US
Inc
$
72,210
Total
Banks
72,210
Capital
Goods
-
0.0%
(0.0%
of
Total
Investments)
4,865
(g)
TNT
Crane
&
Rigging
Inc
7,297
8,626
(g)
TNT
Crane
&
Rigging
Inc
4,313
Total
Capital
Goods
11,610
Commercial
&
Professional
Services
-
0.0%
(0.0%
of
Total
Investments)
12,771
(g)
Skillsoft
Corp
179,049
Total
Commercial
&
Professional
Services
179,049
Consumer
Discretionary
Distribution
&
Retail
-
0.0%
(0.0%
of
Total
Investments)
749
(g)
Belk
Inc
6,366
Total
Consumer
Discretionary
Distribution
&
Retail
6,366
Consumer
Services
-
0.1%
(0.0%
of
Total
Investments)
699,154
(g)
24
Hour
Fitness
Worldwide
Inc
5,593
332,537
(g)
24
Hour
Fitness
Worldwide
Inc
3,325
57,279
(g)
Cengage
Learning
Holdings
II
Inc
519,120
2,513
(g)
Crown
Finance
US
Inc
40,286
Total
Consumer
Services
568,324
Energy
-
3.2%
(1.9%
of
Total
Investments)
42,689
Chord
Energy
Corp
6,563,861
190,961
(g)
Quarternorth
Energy
Holding
Inc
31,031,162
160
(g)
Quarternorth
Energy
Holding
Inc
26,000
215,829
(g)
Transocean
Ltd
1,178,426
24,445
(g)
Vantage
Drilling
International
606,554
Total
Energy
39,406,003
Health
Care
Equipment
&
Services
-
0.0%
(0.0%
of
Total
Investments)
167,590
(g),(h)
Millennium
Health
LLC
17,597
157,320
(g),(h)
Millennium
Health
LLC
787
195,344
(g)
Onex
Carestream
Finance
LP
19,534
Total
Health
Care
Equipment
&
Services
37,918
Materials
-
0.0%
(0.0%
of
Total
Investments)
80
LyondellBasell
Industries
NV,
Class
A
7,530
Total
Materials
7,530
Media
&
Entertainment
-
0.0%
(0.0%
of
Total
Investments)
34,846
(g)
Catalina
Marketing
Corp
4,356
Total
Media
&
Entertainment
4,356
Shares
Description
(a)
Value
Semiconductors
&
Semiconductor
Equipment
-
0.0%
(0.0%
of
Total
Investments)
60,637
(g)
Bright
Bidco
BV
$
22,011
44,390
(g)
Bright
Bidco
BV
16,114
Total
Semiconductors
&
Semiconductor
Equipment
38,125
Software
&
Services
-
0.2%
(0.1%
of
Total
Investments)
390,364
(g)
Avaya
Inc
2,407,375
Total
Software
&
Services
2,407,375
Technology
Hardware
&
Equipment
-
0.1%
(0.1%
of
Total
Investments)
81,991
(g)
Avaya
Inc
505,639
45,085
(g)
Windstream
Services
PE
LLC
417,036
Total
Technology
Hardware
&
Equipment
922,675
Telecommunication
Services
-
0.0%
(0.0%
of
Total
Investments)
46,534
(g)
Windstream
Services
PE
LLC
430,440
Total
Telecommunication
Services
430,440
Transportation
-
0.0%
(0.0%
of
Total
Investments)
2,293
(g)
ACBL
HLDG
CORP
96,306
Total
Transportation
96,306
Utilities
-
1.4%
(0.9%
of
Total
Investments)
218,919
(g),(i)
Energy
Harbor
Corp
17,467,985
Total
Utilities
17,467,985
Total
Common
Stocks
(cost
$80,328,141)
61,656,272
Shares
Description
(a)
Value
X
–
WARRANTS
-
1.7%
(1.1%
of
Total
Investments)
X
21,155,995
Energy
-
1.2%
(0.8%
of
Total
Investments)
1,129
California
Resources
Corp
$
15,388
85,148
Quarternorth
Energy
Holding
Inc
13,836,550
64,966
Quarternorth
Energy
Holding
Inc
1,429,252
125,120
Quarternorth
Energy
Holding
Inc
125,120
Total
Energy
15,406,310
Media
&
Entertainment
-
0.4%
(0.3%
of
Total
Investments)
326,093
Cineworld
Group
PLC
5,227,597
Total
Media
&
Entertainment
5,227,597
Telecommunication
Services
-
0.0%
(0.0%
of
Total
Investments)
7
Intelsat
SA/Luxembourg
3
Total
Telecommunication
Services
3
Transportation
-
0.1%
(0.0%
of
Total
Investments)
6,822
ACBL
HLDG
CORP
409,320
2,411
ACBL
HLDG
CORP
101,262
26,910
(h)
American
Commercial
Barge
Line
LLC
6,728
13,644
(h)
American
Commercial
Barge
Line
LLC
4,775
Total
Transportation
522,085
Total
Warrants
(cost
$7,760,019)
21,155,995
Nuveen
Floating
Rate
Income
Fund
(continued)
Portfolio
of
Investments
January
31,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X–
ASSET-BACKED
SECURITIES
-
1.5%
(0.9%
of
Total
Investments)
X
18,575,799
$
750
(j)
Battalion
CLO
XI
Ltd,
(3-Month
LIBOR
reference
rate
+
7.112%
spread),
2017
11A,
144A
8.034%
4/24/34
$
685,800
1,500
(j)
CIFC
Funding
2019-I
Ltd,
(3-Month
LIBOR
reference
rate
+
7.092%
spread),
2019
1A,
144A
7.893%
4/20/32
1,507,437
2,000
(j)
Dryden
50
Senior
Loan
Fund,
(3-Month
LIBOR
reference
rate
+
6.522%
spread),
2017
50A,
144A
11.836%
7/15/30
1,925,000
3,000
(j)
Flatiron
CLO
19
Ltd,
(3-Month
LIBOR
reference
rate
+
6.362%
spread),
2019
1A,
144A
11.752%
11/16/34
3,014,901
2,000
(j)
Gilbert
Park
CLO
Ltd,
(TSFR3M
reference
rate
+
6.662%
spread),
2017
1A,
144A
11.976%
10/15/30
1,975,242
1,000
(j)
Goldentree
Loan
Opportunities
IX
Ltd,
(TSFR3M
reference
rate
+
5.922%
spread),
2014
9A,
144A
11.241%
10/29/29
1,003,402
1,500
(j)
KKR
CLO
30
Ltd,
(3-Month
LIBOR
reference
rate
+
6.662%
spread),
2021
30A,
144A
11.978%
10/17/31
1,504,965
750
(j)
Magnetite
XXVII
Ltd,
(TSFR3M
reference
rate
+
6.262%
spread),
2020
27A,
144A
11.579%
10/20/34
745,723
1,000
(j)
Neuberger
Berman
Loan
Advisers
CLO
28
Ltd,
(TSFR3M
reference
rate
+
5.862%
spread),
2018
28A,
144A
11.179%
4/20/30
997,675
2,875
(j)
Neuberger
Berman
Loan
Advisers
CLO
48
Ltd,
(TSFR3M
reference
rate
+
3.200%
spread),
2022
48A,
144A
8.525%
4/25/36
2,863,066
2,500
(j)
Rockford
Tower
CLO
2017-3
Ltd,
(3-Month
LIBOR
reference
rate
+
6.012%
spread),
2017
3A,
144A
6.813%
10/20/30
2,352,588
Total
Asset-Backed
Securities
(cost
$18,604,640)
18,575,799
Shares
Description
(a)
Coupon
Value
X
–
CONVERTIBLE
PREFERRED
SECURITIES
-
0.0%
(0.0%
of
Total
Investments)
X
582,720
Transportation
-
0.0%
(0.0%
of
Total
Investments)
9,712
ACBL
HLDG
CORP
0.000%
$
582,720
Total
Transportation
582,720
Total
Convertible
Preferred
Securities
(cost
$296,216)
582,720
Total
Long-Term
Investments
(cost
$2,025,646,724)
1,988,018,914
Shares
Description
(a)
Coupon
Value
SHORT-TERM
INVESTMENTS
-
4.7% (2.8%
of
Total
Investments)
X–
INVESTMENT
COMPANIES
-
4.7%
(2.8%
of
Total
Investments)
X
57,703,161
57,703,161
BlackRock
Liquidity
Funds
T-Fund
5.198%(k)
$
57,703,161
Total
Investment
Companies
(cost
$57,703,161)
57,703,161
Total
Short-Term
Investments
(cost
$57,703,161)
57,703,161
Total
Investments
(cost
$2,083,349,885
)
-
164.8%
2,045,722,075
Borrowings
-
(38.4)%
(l),(m)
(477,200,000)
TFP
Shares,
Net
-
(22.8)%(n)
(283,529,815)
Other
Assets
&
Liabilities,
Net
- (3.6)%
(43,545,941)
Net
Assets
Applicable
to
Common
Shares
-
100%
$
1,241,446,319
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
Senior
loans
generally
pay
interest
at
rates
which
are
periodically
adjusted
by
reference
to
a
base
short-term,
floating
lending
rate
(Reference
Rate)
plus
an
assigned
fixed
rate
(Spread).
These
floating
lending
rates
are
generally
(i)
the
lending
rate
referenced
by
the
London
Inter-Bank
Offered
Rate
("LIBOR"),
or
(ii)
the
prime
rate
offered
by
one
or
more
major
United
States
banks.
Senior
loans
may
be
considered
restricted
in
that
the
Fund
ordinarily
is
contractually
obligated
to
receive
approval
from
the
agent
bank
and/or
borrower
prior
to
the
disposition
of
a
senior
loan.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(c)
Senior
loans
generally
are
subject
to
mandatory
and/or
optional
prepayment.
Because
of
these
mandatory
prepayment
conditions
and
because
there
may
be
significant
economic
incentives
for
a
borrower
to
prepay,
prepayments
of
senior
loans
may
occur.
As
a
result,
the
actual
remaining
maturity
of
senior
loans
held
may
be
substantially
less
than
the
stated
maturities
shown.
(d)
Investment,
or
portion
of
investment,
represents
an
outstanding
unfunded
senior
loan
commitment.
(e)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(f)
Principal
Amount
(000)
rounds
to
less
than
$1,000.
(g)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(h)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(i)
On
March
1,
2024,
Vistra
Corp.
(“Vistra”)
completed
its
acquisition
of
Energy
Harbor
Corp
(“ENGH”). ENGH
has
been
merged
into
a
newly
formed
subsidiary
of
Vistra,
Vistra
Vision. In
connection
with
the
transaction,
holders
of
ENGH
common
stock
received
a
combination
of
cash
and
membership
interests
in
Vistra
Vision.
These
Vistra
Vision
interests
were
issued
in
a
private
transaction
and
may
have
reduced
secondary
market
liquidity.
(j)
Variable
rate
security.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(k)
The
rate
shown
is
the
annualized
seven-day
subsidized
yield
as
of
end
of
the
reporting
period.
(l)
Borrowings
as
a
percentage
of
Total
Investments
is
23.3%.
(m)
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.
(n)
TFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
13.9%.
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
N/A
Not
Applicable.
PIK
Payment-in-kind
(“PIK”)
security. Depending
on
the
terms
of
the
security,
income
may
be
received
in
the
form
of
cash,
securities,
or
a
combination
of
both. The
PIK
rate
shown,
where
applicable,
represents
the
annualized
rate
of
the
last
PIK
payment
made
by
the
issuer
as
of
the
end
of
the
reporting
period.
REIT
Real
Estate
Investment
Trust
SOFR
180A
180
Day
Average
Secured
Overnight
Financing
Rate
SOFR
30A
30
Day
Average
Secured
Overnight
Financing
Rate
SOFR
90A
90
Day
Average
Secured
Overnight
Financing
Rate
TBD
Senior
loan
purchased
on
a
when-issued
or
delayed-delivery
basis.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date
of
the
transaction.
In
addition,
senior
loans
typically
trade
without
accrued
interest
and
therefore
a
coupon
rate
is
not
available
prior
to
settlement.
At
settlement,
if
still
unknown,
the
borrower
or
counterparty
will
provide
the
Fund
with
the
final
coupon
rate
and
maturity
date.
TSFR
1M
CME
Term
SOFR
1
Month
TSFR
2M
CME
Term
SOFR
2
Month
TSFR
3M
CME
Term
SOFR
3
Month
WI/DD
When-issued
or
delayed
delivery
security.
See
Notes
to
Financial
Statements
Nuveen
Credit
Strategies
Income
Fund
Portfolio
of
Investments
January
31,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
(b)
Reference
Rate
(b)
Spread
(b)
Maturity
(c)
Value
LONG-TERM
INVESTMENTS
-
158.3%
(96.6%
of
Total
Investments)
X
–
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
-
122
.0
%
(
74
.5
%
of
Total
Investments)
(b)
X
978,551,669
Automobiles
&
Components
-
0.8%
(0.5%
of
Total
Investments)
$
3,927
Clarios
Global
LP,
Term
Loan
B
8.333%
SOFR30A
3.000%
5/06/30
$
3,934,608
1,454
DexKo
Global
Inc.,
Term
Loan
B
,
(DD1)
9.360%
SOFR90A
3.750%
10/04/28
1,448,974
998
Phinia
Inc,
Term
Loan
B
9.433%
SOFR30A
4.000%
7/03/28
999,994
Total
Automobiles
&
Components
6,383,576
Capital
Goods
-
8.7%
(5.3%
of
Total
Investments)
2,522
ACProducts,
Inc.,
Term
Loan
B
9.860%
SOFR90A
4.250%
5/17/28
2,188,390
409
Aegion
Corporation,
Term
Loan
9.587%
TSFR3M
4.250%
5/17/28
410,501
4,773
Ali
Group
North
America
Corporation,
Term
Loan
B
7.447%
SOFR30A
2.000%
10/13/28
4,777,820
1,783
Alliance
Laundry
Systems
LLC,
Term
Loan
B
8.929%
SOFR30A
+
SOFR90A
3.500%
10/08/27
1,784,961
4,871
Avolon
TLB
Borrower
1
(US)
LLC,
Term
Loan
B6
7.337%
TSFR1M
2.000%
6/22/28
4,875,612
2,136
Centuri
Group,
Inc,
Term
Loan
B
7.837%
SOFR30A
2.500%
8/28/28
2,142,371
5,160
Chamberlain
Group
Inc,
Term
Loan
B
8.683%
SOFR30A
3.250%
10/22/28
5,109,909
1,280
Chart
Industries,
Inc.,
Term
Loan
8.698%
TSFR1M
3.250%
3/18/30
1,283,596
12,489
Core
&
Main
LP,
Term
Loan
B
7.996%
TSFR1M
+
TSFR2M
2.500%
6/10/28
12,507,182
554
Cornerstone
Building
Brands,
Inc.,
Term
Loan
B
8.683%
TSFR1M
3.250%
4/12/28
550,543
1,749
Emrld
Borrower
LP,
Term
Loan
B
8.313%
SOFR30A
3.000%
5/31/30
1,751,346
1,462
Madison
IAQ
LLC,
Term
Loan
8.701%
TSFR1M
3.250%
6/21/28
1,453,447
1,421
Osmose
Utilities
Services,
Inc.,
Term
Loan
8.697%
SOFR30A
3.250%
6/22/28
1,414,729
8,633
Quikrete
Holdings,
Inc.,
Term
Loan,
First
Lien
8.072%
SOFR30A
2.625%
1/31/27
8,646,273
1,459
Resideo
Funding
Inc.,
Term
Loan
7.700%
SOFR30A
+
TSFR1M
2.250%
2/14/28
1,456,015
1,474
Standard
Industries
Inc.,
Term
Loan
B
7.701%
TSFR1M
2.250%
9/22/28
1,475,362
1,940
TransDigm,
Inc.,
Term
Loan
H
8.598%
SOFR90A
3.250%
2/22/27
1,944,699
10,134
TransDigm,
Inc.,
Term
Loan
I
8.598%
SOFR90A
3.250%
8/24/28
10,155,413
732
Victory
Buyer
LLC,
Term
Loan
9.391%
TSFR3M
3.750%
11/18/28
696,185
4,754
Windsor
Holdings
III,
LLC,
Term
Loan
B
,
(DD1)
9.848%
TSFR1M
4.500%
8/01/30
4,766,313
Total
Capital
Goods
69,390,667
Commercial
&
Professional
Services
-
5.2%
(3.2%
of
Total
Investments)
1,129
Allied
Universal
Holdco
LLC,
Term
Loan
B
9.183%
SOFR30A
3.750%
5/15/28
1,117,113
2,487
Amentum
Government
Services
Holdings
LLC,
Term
Loan
9.337%
SOFR30A
4.000%
2/07/29
2,491,788
1,628
Anticimex
International
AB,
Term
Loan
B1
,
(DD1)
8.495%
SOFR90A
3.150%
11/16/28
1,620,646
895
CHG
Healthcare
Services
Inc.,
Term
Loan
8.697%
SOFR30A
3.250%
10/02/28
892,673
2,194
Covanta
Holding
Corporation,
Term
Loan
B
7.833%
SOFR30A
2.500%
11/30/28
2,189,226
167
Covanta
Holding
Corporation,
Term
Loan
C
7.833%
SOFR30A
2.500%
11/30/28
166,908
3,378
Creative
Artists
Agency,
LLC
,
Term
Loan
B
8.833%
SOFR30A
3.500%
11/16/28
3,382,637
Principal
Amount
(000)
Description
(a)
Coupon
(b)
Reference
Rate
(b)
Spread
(b)
Maturity
(c)
Value
Commercial
&
Professional
Services
(continued)
$
1,161
Dun
&
Bradstreet
Corporation
(The),
Term
Loan
B
8.087%
TSFR1M
2.750%
2/09/26
$
1,162,510
8,712
Garda
World
Security
Corporation,
Term
Loan
B
9.725%
SOFR90A
4.250%
10/30/26
8,735,816
2,039
GFL
Environmental
Inc.,
First
Lien
Term
Loan
7.816%
TSFR3M
2.500%
5/31/27
2,043,153
3,171
LABL,
Inc.,
Term
Loan,
First
Lien
10.433%
SOFR30A
5.000%
10/29/28
3,018,197
135
National
Intergovernmental
Purchasing
Alliance
Co
%
TSFR1M
3.750%
7/25/30
135,249
1,440
OMNIA
Partners
LLC,
Term
Loan
B
9.074%
SOFR30A
3.750%
7/25/30
1,445,157
2,930
Trans
Union,
LLC,
Term
Loan
B5
7.187%
TSFR1M
1.750%
11/13/26
2,929,805
1,462
Verscend
Holding
Corp.,
Term
Loan
B
9.447%
SOFR30A
4.000%
8/27/25
1,465,767
3,414
Vertical
US
Newco
Inc,
Term
Loan
B
9.081%
6-Month
LIBOR
3.500%
7/31/27
3,418,997
595
VT
Topco,
Inc.,
Term
Loan
B
9.583%
SOFR30A
4.250%
8/12/30
598,020
5,213
WIN
Waste
Innovations
Holdings,
Inc.,
Term
Loan
B
8.197%
SOFR30A
2.750%
3/27/28
4,823,400
Total
Commercial
&
Professional
Services
41,637,062
Consumer
Discretionary
Distribution
&
Retail
-
4.4%
(2.7%
of
Total
Investments)
839
Academy,
Ltd.,
Term
Loan
9.217%
TSFR1M
3.750%
11/08/27
841,268
2,108
Avis
Budget
Car
Rental,
LLC,
Term
Loan
B
7.197%
SOFR30A
1.750%
8/06/27
2,100,035
1,838
Avis
Budget
Car
Rental,
LLC,
Term
Loan
C
8.433%
SOFR30A
3.000%
3/16/29
1,842,948
1,585
Belk,
Inc.,
Term
Loan
,
(cash
15.299%,
PIK
8.000%)
15.000%
N/A
N/A
7/31/25
354,640
328
Belk,
Inc.,
Term
Loan
15.000%
Prime
6.500%
7/31/25
297,504
1,453
Belron
Finance
US
LLC,
Term
Loan,
First
Lien
7.664%
SOFR90A
2.250%
4/13/29
1,457,240
752
Driven
Holdings,
LLC,
Term
Loan
B
8.451%
TSFR1M
3.000%
12/18/28
747,388
1,136
EOS
Finco
Sarl,
Term
Loan
11.098%
SOFR90A
5.750%
8/03/29
1,037,906
3,717
Jo-Ann
Stores,
Inc.,
Term
Loan
B1
10.336%
SOFR90A
4.750%
6/30/28
303,576
5,332
LBM
Acquisition
LLC,
Term
Loan
B
,
(DD1)
9.087%
SOFR30A
3.750%
12/20/27
5,293,068
1,061
Les
Schwab
Tire
Centers,
Term
Loan
B
8.708%
TSFR1M
3.250%
11/02/27
1,061,307
13,416
PetSmart,
Inc.,
Term
Loan
B
9.183%
SOFR30A
3.750%
2/12/28
13,373,231
3,522
Restoration
Hardware,
Inc.,
Term
Loan
B
7.947%
SOFR30A
2.500%
10/15/28
3,387,317
750
SRS
Distribution
Inc.,
Term
Loan
8.683%
SOFR30A
3.250%
6/04/28
746,656
2,220
Wand
NewCo
3
Inc
,Term
Loan
,
(WI/DD)
TBD
TBD
TBD
TBD
2,223,818
Total
Consumer
Discretionary
Distribution
&
Retail
35,067,902
Consumer
Durables
&
Apparel
-
3.0%
(1.8%
of
Total
Investments)
500
(d)
AI
Aqua
Merger
Sub,
Inc.,
Term
Loan
9.585%
TSFR1M
4.250%
7/31/28
500,470
7,007
AI
Aqua
Merger
Sub,
Inc.,
Term
Loan
B,
First
Lien
9.105%
TSFR1M
3.750%
7/31/28
6,977,044
1,264
Birkenstock
GmbH
&
Co.
KG,
Term
Loan
B
8.894%
SOFR90A
3.250%
4/28/28
1,267,801
7,300
Hayward
Industries,
Inc.,
Term
Loan
8.197%
SOFR30A
2.750%
5/30/28
7,301,171
6
Serta
Simmons
Bedding,
LLC,
Term
Loan
12.963%
SOFR90A
7.500%
6/29/28
5,902
1,106
SRAM,
LLC
,
Term
Loan
B
9.224%
Prime
2.250%
5/18/28
1,104,300
Nuveen
Credit
Strategies
Income
Fund
(continued)
Portfolio
of
Investments
January
31,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
(b)
Reference
Rate
(b)
Spread
(b)
Maturity
(c)
Value
Consumer
Durables
&
Apparel
(continued)
$
4,491
Topgolf
Callaway
Brands
Corp.,
Term
Loan
B
8.933%
SOFR30A
3.500%
3/09/30
$
4,487,784
2,233
Weber-Stephen
Products
LLC,
Term
Loan
B
8.697%
SOFR30A
3.250%
10/29/27
2,030,984
Total
Consumer
Durables
&
Apparel
23,675,456
Consumer
Services
-
16.4%
(10.0%
of
Total
Investments)
7,902
1011778
B.C.
Unlimited
Liability
Company,
Term
Loan
B5
7.583%
SOFR30A
2.250%
9/23/30
7,872,473
3,817
Alterra
Mountain
Company,
Term
Loan
8.947%
SOFR30A
3.500%
8/17/28
3,823,383
995
Alterra
Mountain
Company,
Term
Loan
B
9.183%
SOFR30A
3.750%
5/31/30
997,487
1,839
Aramark
Services,
Inc.,
Term
Loan
B6
7.947%
SOFR30A
2.500%
6/24/30
1,837,606
7,746
Caesars
Entertainment
Corp,
Term
Loan
B
8.663%
SOFR90A
3.250%
1/25/30
7,752,660
1,938
Caesars
Entertainment
Inc
,Term
Loan
,
(WI/DD)
TBD
TBD
TBD
TBD
1,936,289
2,192
Carnival
Corporation,
Term
Loan
B
8.697%
SOFR30A
3.250%
10/18/28
2,195,185
3,031
Carnival
Corporation,
Term
Loan
B
8.336%
TSFR1M
3.000%
8/09/27
3,036,074
3,298
Churchill
Downs
Incorporated,
Term
Loan
B1
7.433%
SOFR30A
2.000%
3/17/28
3,296,337
6,707
ClubCorp
Holdings,
Inc.,
Term
Loan
B2
10.610%
Prime
4.000%
9/18/26
6,636,258
10,572
Equinox
Holdings,
Inc.,
Term
Loan,
First
Lien
8.610%
3-Month
LIBOR
3.000%
3/08/24
10,469,901
12,829
Fertitta
Entertainment,
LLC,
Term
Loan
B
9.333%
SOFR30A
4.000%
1/27/29
12,809,013
10,000
Flutter
Entertainment
PLC,
Term
Loan
B
7.698%
SOFR90A
2.250%
11/25/30
9,975,000
4,988
Formula
One
Holdings
Limited,
Term
Loan
B
7.598%
SOFR90A
2.250%
1/15/30
4,992,364
3,114
GVC
Holdings
(Gibraltar)
Limited,
Term
Loan
B
8.948%
SOFR90A
3.500%
10/31/29
3,118,409
3,231
Hilton
Domestic
Operating
Company,
Inc.,
Term
Loan
B4
7.436%
TSFR1M
2.000%
11/08/30
3,235,661
2,933
Hilton
Grand
Vacations
Borrower
LLC,
Term
Loan
B
8.197%
SOFR30A
2.750%
8/02/28
2,931,987
480
Hilton
Grand
Vacations
Borrower
LLC,
Term
Loan
B
8.083%
SOFR30A
2.750%
1/17/31
479,760
10,209
IRB
Holding
Corp,
Term
Loan
B
8.083%
SOFR30A
2.750%
12/15/27
10,200,214
5,633
Life
Time
Fitness
Inc
,
Term
Loan,
First
Lien
9.824%
SOFR90A
4.250%
1/15/26
5,672,890
4,679
Light
and
Wonder
International,
Inc.,
Term
Loan
8.083%
TSFR1M
2.750%
4/16/29
4,689,956
277
Motion
Finco
Sarl,
Term
Loan
B2
8.860%
SOFR90A
3.250%
11/04/26
277,583
376
NASCAR
Holdings,
Inc,
Term
Loan
B
7.947%
SOFR30A
2.500%
10/19/26
378,185
581
PCI
Gaming
Authority,
Term
Loan
7.947%
SOFR30A
2.500%
5/31/26
581,607
1,828
Penn
National
Gaming,
Inc.,
Term
Loan
B
8.183%
SOFR30A
2.750%
4/20/29
1,826,432
3,796
Scientific
Games
Holdings
LP,
Term
Loan
B
,
(DD1)
8.598%
SOFR90A
3.250%
2/04/29
3,770,302
3,910
SeaWorld
Parks
&
Entertainment,
Inc.,
Term
Loan
B
7.833%
TSFR1M
2.500%
8/25/28
3,919,071
3,753
Spin
Holdco
Inc.,
Term
Loan
9.625%
SOFR90A
4.000%
3/06/28
3,361,165
Principal
Amount
(000)
Description
(a)
Coupon
(b)
Reference
Rate
(b)
Spread
(b)
Maturity
(c)
Value
Consumer
Services
(continued)
$
1,266
Stars
Group
Holdings
B.V.
(The),
Term
Loan
B
8.863%
SOFR90A
3.250%
7/04/28
$
1,268,262
979
Station
Casinos
LLC,
Term
Loan
B
7.683%
SOFR30A
2.250%
2/08/27
978,310
1,923
Twin
River
Worldwide
Holdings,
Inc.,
Term
Loan
B
8.829%
TSFR3M
3.250%
10/02/28
1,801,714
4,990
WestJet
Loyalty
LP,
Term
Loan
B
,
(WI/DD)
TBD
TBD
TBD
TBD
4,940,100
372
William
Morris
Endeavor
Entertainment,
LLC,
Term
Loan,
First
Lien
8.197%
SOFR30A
2.750%
5/16/25
372,977
662
WW
International
Inc
,Term
Loan
,
(WI/DD)
TBD
TBD
TBD
TBD
392,235
Total
Consumer
Services
131,826,850
Consumer
Staples
Distribution
&
Retail
-
0.4%
(0.3%
of
Total
Investments)
1,489
Cardenas
Markets,
Inc.,
Term
Loan
12.198%
SOFR90A
6.750%
8/01/29
1,490,867
1,960
US
Foods,
Inc.,
Term
Loan
B
7.947%
SOFR30A
2.500%
11/22/28
1,969,689
Total
Consumer
Staples
Distribution
&
Retail
3,460,556
Diversified
Financials
-
0.0%
(0.0%
of
Total
Investments)
3,111
(e)
Ditech
Holding
Corporation,
Term
Loan
0.000%
N/A
N/A
6/30/24
93,335
Total
Diversified
Financials
93,335
Energy
-
2.1%
(1.3%
of
Total
Investments)
4,066
Buckeye
Partners,
L.P.,
Term
Loan
B
7.683%
SOFR30A
2.250%
11/02/26
4,065,622
3,388
Freeport
LNG
Investments,
LLLP,
Term
Loan
A
8.579%
TSFR3M
3.000%
11/16/26
3,356,200
3,123
Gulf
Finance,
LLC,
Term
Loan
12.070%
SOFR90A
+
TSFR1M
6.750%
8/25/26
3,128,005
2,382
Oryx
Midstream
Services
Permian
Basin
LLC,
Term
Loan
8.708%
TSFR1M
3.250%
10/05/28
2,380,883
2,940
TransMontaigne
Operating
Company
L.P.,
Term
Loan
B
8.947%
SOFR30A
3.500%
11/05/28
2,914,893
1,116
Whitewater
Whistler
Holdings,
LLC,
Term
Loan
B
8.125%
SOFR90A
2.750%
2/15/30
1,116,712
Total
Energy
16,962,315
Financial
Services
-
2.0%
(1.2%
of
Total
Investments)
310
Aragorn
Parent
Corp
,Term
Loan
,
(WI/DD)
TBD
TBD
TBD
TBD
311,212
1,105
Avolon
TLB
Borrower
1
(US)
LLC,
Term
Loan
B4
6.937%
TSFR1M
1.500%
2/12/27
1,106,062
3,118
Fleetcor
Technologies
Operating
Company,
LLC,
Term
Loan
B4
7.183%
SOFR30A
1.750%
5/01/28
3,115,380
7,196
GTCR
W
Merger
Sub,
Term
Loan
,
(WI/DD)
TBD
TBD
TBD
TBD
7,205,751
1,954
Motion
Finco
Sarl,
Term
Loan
B1
8.860%
SOFR90A
3.250%
11/04/26
1,956,961
2,204
Trans
Union,
LLC,
Term
Loan
B6
7.701%
TSFR1M
2.250%
12/01/28
2,206,800
Total
Financial
Services
15,902,166
Nuveen
Credit
Strategies
Income
Fund
(continued)
Portfolio
of
Investments
January
31,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
(b)
Reference
Rate
(b)
Spread
(b)
Maturity
(c)
Value
Food,
Beverage
&
Tobacco
-
2.3%
(1.4%
of
Total
Investments)
$
180
8th
Avenue
Food
&
Provisions,
Inc.,
Term
Loan
10.087%
SOFR30A
4.750%
10/01/25
$
174,828
2,520
8th
Avenue
Food
&
Provisions,
Inc.,
Term
Loan,
First
Lien
9.197%
SOFR30A
3.750%
10/01/25
2,452,817
369
Arterra
Wines
Canada,
Inc.,
Term
Loan
9.110%
SOFR90A
3.500%
11/25/27
350,220
1,719
CHG
PPC
Parent
LLC,
Term
Loan
8.447%
SOFR30A
3.000%
12/08/28
1,720,287
3,751
City
Brewing
Company,
LLC,
Term
Loan
,
(DD1)
9.078%
SOFR90A
3.500%
4/05/28
2,868,014
1,930
Froneri
International
Ltd.,
Term
Loan
7.683%
Prime
2.250%
2/01/27
1,929,681
4,826
Sunshine
Investments
B.V.,
Term
Loan
9.630%
SOFR90A
4.250%
5/05/29
4,841,935
1,600
Sycamore
Buyer
LLC,
Term
Loan
B
7.701%
SOFR30A
2.250%
7/23/29
1,582,953
2,812
Triton
Water
Holdings,
Inc,
Term
Loan
8.860%
SOFR90A
3.250%
3/31/28
2,769,225
Total
Food,
Beverage
&
Tobacco
18,689,960
Health
Care
Equipment
&
Services
-
15.3%
(9.4%
of
Total
Investments)
900
ADMI
Corp.,
Term
Loan
B5
11.083%
SOFR30A
5.750%
12/23/27
894,937
4,888
AHP
Health
Partners,
Inc.,
Term
Loan
B
8.947%
SOFR30A
3.500%
8/23/28
4,899,108
14,684
Bausch
&
Lomb,
Inc.,
Term
Loan
8.683%
SOFR30A
3.250%
5/05/27
14,370,455
2,113
Carestream
Health,
Inc.,
Term
Loan
12.948%
SOFR90A
7.500%
9/30/27
1,738,922
4,608
CNT
Holdings
I
Corp,
Term
Loan
8.826%
SOFR90A
3.500%
11/08/27
4,605,709
1,448
DaVita,
Inc.
,
Term
Loan
B
7.197%
SOFR30A
1.750%
8/12/26
1,446,193
576
Element
Materials
Technology
Group
US
Holdings
Inc.,
Term
Loan
9.698%
SOFR90A
4.250%
4/12/29
573,028
266
Element
Materials
Technology
Group
US
Holdings
Inc.,
Term
Loan
9.698%
SOFR90A
4.250%
4/12/29
264,475
1,697
Gainwell
Acquisition
Corp.,
Term
Loan
B
9.448%
SOFR90A
4.000%
10/01/27
1,654,096
2,839
Global
Medical
Response,
Inc.,
Term
Loan
9.574%
SOFR90A
4.250%
3/14/25
2,434,013
12,029
Global
Medical
Response,
Inc.,
Term
Loan
B
9.841%
TSFR3M
4.250%
10/02/25
10,297,771
604
ICON
Luxembourg
S.A.R.L.,
Term
Loan
7.860%
SOFR90A
2.250%
7/03/28
605,321
21,516
Medline
Borrower,
LP,
Term
Loan
B
8.451%
TSFR1M
3.000%
10/21/28
21,504,060
6,084
National
Mentor
Holdings,
Inc.,
Term
Loan
9.190%
SOFR30A
+
SOFR90A
3.750%
3/02/28
5,567,647
197
National
Mentor
Holdings,
Inc.,
Term
Loan
C
9.198%
SOFR90A
3.750%
3/02/28
179,812
3,300
Onex
TSG
Intermediate
Corp.,
Term
Loan
B
10.324%
SOFR90A
4.750%
2/28/28
3,275,622
14,966
Parexel
International
Corporation,
Term
Loan,
First
Lien
8.697%
SOFR30A
3.250%
11/15/28
14,944,571
997
Pathway
Vet
Alliance
LLC
,Term
Loan
,
(WI/DD)
TBD
TBD
TBD
TBD
864,023
5,971
Phoenix
Guarantor
Inc,
Term
Loan
B
8.697%
SOFR30A
3.250%
3/05/26
5,960,697
4,004
Phoenix
Guarantor
Inc,
Term
Loan
B3
8.947%
SOFR30A
3.500%
3/05/26
4,000,782
9,660
Select
Medical
Corporation,
Term
Loan
B1
8.333%
SOFR30A
3.000%
3/05/27
9,666,270
Principal
Amount
(000)
Description
(a)
Coupon
(b)
Reference
Rate
(b)
Spread
(b)
Maturity
(c)
Value
Health
Care
Equipment
&
Services
(continued)
$
1,110
Star
Parent,
Inc.,
Term
Loan
B
9.348%
SOFR90A
4.000%
9/30/30
$
1,085,719
11,392
Surgery
Center
Holdings,
Inc.,
Term
Loan
8.835%
SOFR30A
3.500%
12/19/30
11,427,435
834
Team
Health
Holdings,
Inc.,
Term
Loan
B
10.573%
SOFR30A
+
SOFR90A
5.250%
3/02/27
697,553
Total
Health
Care
Equipment
&
Services
122,958,219
Household
&
Personal
Products
-
0.4%
(0.3%
of
Total
Investments)
2,243
Kronos
Acquisition
Holdings
Inc.,
Term
Loan
B
9.360%
SOFR90A
3.750%
12/22/26
2,246,414
1,089
Kronos
Acquisition
Holdings
Inc.,
Term
Loan,
First
Lien
11.538%
SOFR90A
6.000%
12/22/26
1,092,292
Total
Household
&
Personal
Products
3,338,706
Insurance
-
7.6%
(4.6%
of
Total
Investments)
13,373
Acrisure,
LLC,
Term
Loan
B
9.150%
3-Month
LIBOR
3.500%
2/15/27
13,339,076
8,372
Alliant
Holdings
Intermediate,
LLC,
Term
Loan
B6
8.833%
TSFR1M
3.500%
11/06/30
8,398,879
1,579
AmWINS
Group,
Inc.,
Term
Loan
B
8.197%
SOFR30A
2.750%
2/19/28
1,576,979
596
Assured
Partners
Inc,
Term
Loan
B
,
(WI/DD)
TBD
TBD
TBD
TBD
595,032
453
Asurion
LLC,
Term
Loan
B11
9.683%
SOFR30A
4.250%
8/19/28
448,319
3,711
Asurion
LLC,
Term
Loan
B8
,
(DD1)
8.697%
SOFR30A
3.250%
12/23/26
3,700,148
5,168
Asurion
LLC,
Term
Loan
B9
8.697%
SOFR30A
3.250%
7/31/27
5,099,370
1,115
Broadstreet
Partners,
Inc.,
Term
Loan
B
8.337%
SOFR30A
3.000%
1/27/27
1,113,838
1,955
Broadstreet
Partners,
Inc.,
Term
Loan
B2
8.697%
SOFR30A
3.250%
1/27/27
1,952,703
7,214
Broadstreet
Partners,
Inc.,
Term
Loan
B3
,
(DD1)
9.083%
SOFR30A
3.750%
1/26/29
7,218,321
10,391
HUB
International
Limited,
Term
Loan
B
9.610%
SOFR90A
+
TSFR1M
4.250%
6/08/30
10,409,117
242
Ryan
Specialty
Group,
LLC,
Term
Loan
B
8.106%
SOFR30A
2.750%
9/01/27
242,268
833
USI,
Inc.,
Term
Loan
8.598%
SOFR90A
3.250%
9/27/30
832,912
5,925
USI,
Inc.,
Term
Loan
B
8.348%
SOFR90A
3.000%
11/22/29
5,926,720
Total
Insurance
60,853,682
Materials
-
6.4%
(3.9%
of
Total
Investments)
793
Arsenal
AIC
Parent
LLC
,Term
Loan
9.833%
SOFR30A
4.500%
7/27/30
794,146
1,250
ASP
Unifrax
Holdings
Inc,
Term
Loan
B
9.248%
TSFR3M
3.750%
12/12/25
1,193,269
2,813
Axalta
Coating
Systems
U.S.
Holdings,
Inc.,
term
Loan
B4
7.848%
SOFR90A
2.500%
12/20/29
2,817,869
91
Berry
Global,
Inc.,
Term
Loan
Z
7.202%
TSFR1M
1.750%
7/01/26
91,238
3,775
Clydesdale
Acquisition
Holdings
Inc,
Term
Loan
B
9.108%
SOFR30A
3.675%
3/30/29
3,755,767
2,669
CPC
Acquisition
Corp,
Term
Loan
9.360%
SOFR90A
3.750%
12/29/27
2,184,136
4,529
Discovery
Purchaser
Corporation,
Term
Loan
,
(DD1)
9.705%
SOFR90A
4.375%
8/03/29
4,489,730
1,114
INEOS
Quattro
Holdings
UK
Ltd,
Term
Loan
9.087%
SOFR30A
3.750%
3/03/30
1,110,683
2,930
INEOS
Quattro
Holdings
UK
Ltd,
Term
Loan
B,
First
Lien
9.587%
SOFR30A
4.250%
11/14/29
2,918,885
2,875
Ineos
US
Finance
LLC,
Term
Loan
B
8.837%
SOFR30A
3.500%
2/09/30
2,847,686
Nuveen
Credit
Strategies
Income
Fund
(continued)
Portfolio
of
Investments
January
31,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
(b)
Reference
Rate
(b)
Spread
(b)
Maturity
(c)
Value
Materials
(continued)
$
2,500
Ineos
US
Finance
LLC,
Term
Loan
B
,
(WI/DD)
TBD
TBD
TBD
TBD
$
2,475,000
1,252
Klockner-Pentaplast
of
America,
Inc.,
Term
Loan
B
10.476%
SOFR180A
4.725%
2/09/26
1,207,797
452
Kraton
Corporation,
Term
Loan
8.896%
SOFR90A
3.250%
3/15/29
447,819
1,452
Lonza
Group
AG,
Term
Loan
B
9.373%
SOFR90A
3.925%
7/03/28
1,357,002
4,359
Nouryon
Finance
B.V.,
Term
Loan
B
,
(DD1)
9.467%
TSFR3M
4.000%
4/03/28
4,361,834
496
PQ
Corporation,
Term
Loan
B
7.913%
SOFR90A
2.500%
6/09/28
496,083
3,072
Reynolds
Group
Holdings
Inc.
,
Term
Loan
B
,
(DD1)
8.697%
SOFR30A
3.250%
9/25/28
3,077,082
2,162
Reynolds
Group
Holdings
Inc.
,
Term
Loan
B2
8.697%
SOFR30A
3.250%
2/05/26
2,166,498
483
Starfruit
Finco
B.V,
Term
Loan
9.448%
TSFR1M
4.000%
3/03/28
482,635
4,900
TricorBraun
Holdings,
Inc.,
Term
Loan
8.697%
SOFR30A
3.250%
3/03/28
4,815,735
1,125
Tronox
Finance
LLC,
Term
Loan
B
8.848%
SOFR90A
3.500%
8/16/28
1,125,000
7,357
Viant
Medical
Holdings,
Inc.,
Term
Loan,
First
Lien
9.197%
SOFR30A
3.750%
7/02/25
7,324,525
Total
Materials
51,540,419
Media
&
Entertainment
-
8.2%
(5.0%
of
Total
Investments)
3,610
ABG
Intermediate
Holdings
2
LLC,
Term
Loan
B1
9.320%
1-Month
LIBOR
4.000%
12/21/28
3,623,292
558
Adevinta
ASA,
Term
Loan
B
8.362%
SOFR90A
2.750%
6/26/28
561,554
963
Altice
Financing
SA,
Term
Loan
10.314%
TSFR3M
5.000%
10/29/27
962,140
3,526
AMC
Entertainment
Holdings,
Inc.
,
Term
Loan
B
8.449%
SOFR30A
3.000%
4/22/26
2,789,973
953
Cable
One,
Inc.,
Term
Loan
B4
7.447%
SOFR30A
2.000%
5/03/28
949,581
6,278
Cengage
Learning,
Inc.,
Term
Loan
B
10.326%
TSFR3M
4.750%
7/14/26
6,277,669
312
Checkout
Holding
Corp.,
Term
Loan
14.869%
SOFR90A
7.500%
5/24/30
163,642
1,985
Cinemark
USA,
Inc.,
Term
Loan
B
9.098%
SOFR90A
3.750%
5/18/30
1,988,107
12,417
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
B
9.074%
SOFR90A
3.500%
8/21/26
12,293,531
4,040
Crown
Finance
US,
Inc.,
Term
Loan
6.824%
SOFR90A
1.500%
7/31/28
4,094,130
1,141
CSC
Holdings,
LLC,
Term
Loan
B5
7.948%
1-Month
LIBOR
2.500%
4/15/27
1,089,927
2,017
CSC
Holdings,
LLC,
Term
Loan
B6
9.833%
TSFR1M
4.500%
1/18/28
1,974,817
668
(e)
Diamond
Sports
Group,
LLC,
Term
Loan
0.000%
3-Month
LIBOR
0.000%
8/24/26
45,294
3,334
DirecTV
Financing,
LLC,
Term
Loan
10.650%
SOFR90A
5.000%
8/02/27
3,338,583
397
Getty
Images,
Inc.,
Term
Loan
B
9.948%
SOFR90A
4.500%
2/19/26
397,092
4,280
Gray
Television,
Inc.,
Term
Loan
E
7.967%
TSFR1M
2.500%
1/02/26
4,280,788
4,318
iHeartCommunications,
Inc.,
Term
Loan
8.447%
SOFR30A
3.000%
5/01/26
3,804,245
957
Lions
Gate
Capital
Holdings
LLC,
Term
Loan
B
7.683%
SOFR30A
2.250%
3/24/25
957,781
4,924
McGraw-Hill
Global
Education
Holdings,
LLC,
Term
Loan
10.197%
SOFR30A
4.750%
7/31/28
4,904,076
405
Mission
Broadcasting,
Inc.,
Term
Loan
B
7.835%
TSFR1M
2.500%
6/02/28
403,781
1,019
Nexstar
Broadcasting,
Inc.,
Term
Loan
B4
7.951%
TSFR1M
2.500%
9/18/26
1,019,043
Principal
Amount
(000)
Description
(a)
Coupon
(b)
Reference
Rate
(b)
Spread
(b)
Maturity
(c)
Value
Media
&
Entertainment
(continued)
$
1,605
Planet
US
Buyer
LLC,
Term
Loan
B
,
(WI/DD)
TBD
TBD
TBD
TBD
$
1,600,988
9,637
Rackspace
Technology
Global,
Inc.,
Term
Loan
B
8.208%
TSFR1M
2.750%
2/15/28
4,202,884
2,149
Radiate
Holdco,
LLC,
Term
Loan
B
8.697%
SOFR30A
3.250%
9/25/26
1,748,585
1,396
Red
Ventures,
LLC,
Term
Loan
B
8.333%
SOFR30A
3.000%
2/23/30
1,392,235
750
Virgin
Media
Bristol
LLC,
Term
Loan
Y
8.790%
SOFR180A
3.250%
3/06/31
741,473
Total
Media
&
Entertainment
65,605,211
Pharmaceuticals,
Biotechnology
&
Life
Sciences
-
2.7%
(1.6%
of
Total
Investments)
243
Catalent
Pharma
Solutions
Inc.,
Term
Loan
B3
7.451%
TSFR1M
2.000%
2/22/28
240,062
6,684
Curia
Global,
Inc.,
Term
Loan
9.173%
SOFR30A
+
SOFR90A
3.750%
8/28/26
6,154,381
953
Emergent
Biosolutions,
Term
Loan
11.433%
SOFR30A
6.000%
10/13/23
822,814
151
ICON
Luxembourg
S.A.R.L.,
Term
Loan
7.860%
SOFR90A
2.250%
7/03/28
151,034
9,810
Jazz
Financing
Lux
S.a.r.l.,
Term
Loan
8.447%
SOFR30A
3.500%
5/05/28
9,815,990
2,543
Organon
&
Co,
Term
Loan
8.450%
TSFR1M
3.000%
6/02/28
2,542,907
1,620
Perrigo
Investments,
LLC,
Term
Loan
B
7.683%
SOFR30A
2.250%
4/05/29
1,619,815
Total
Pharmaceuticals,
Biotechnology
&
Life
Sciences
21,347,003
Real
Estate
Management
&
Development
-
0.6%
(0.4%
of
Total
Investments)
1,818
Cushman
&
Wakefield
U.S.
Borrower,
LLC,
Term
Loan
8.683%
SOFR30A
3.250%
1/31/30
1,805,532
2,500
Cushman
&
Wakefield
U.S.
Borrower,
LLC,
Term
Loan
B
9.333%
SOFR30A
4.000%
1/31/30
2,490,625
178
Cushman
&
Wakefield
U.S.
Borrower,
LLC,
Term
Loan
B
8.197%
SOFR30A
2.750%
8/21/25
177,734
684
Forest
City
Enterprises,
L.P.,
Term
Loan
B
8.947%
SOFR30A
3.500%
12/08/25
661,342
Total
Real
Estate
Management
&
Development
5,135,233
Semiconductors
&
Semiconductor
Equipment
-
0.1%
(0.0%
of
Total
Investments)
2,183
Bright
Bidco
B.V.,
Term
Loan
,
(cash
6.378%,
PIK
8.000%)
6.325%
TSFR3M
+
3-Month
LIBOR
4.500%
10/31/27
674,035
Total
Semiconductors
&
Semiconductor
Equipment
674,035
Software
&
Services
-
19.6%
(12.0%
of
Total
Investments)
1,576
Ahead
DB
Holdings,
LLC,
Term
Loan
B
9.198%
SOFR90A
3.750%
10/18/27
1,568,407
1,045
Apttus
Corporation,
Term
Loan
9.451%
TSFR1M
4.000%
5/08/28
1,048,622
1,629
Asurion
LLC,
Term
Loan
B4,
Second
Lien
10.697%
SOFR30A
5.250%
1/20/29
1,548,951
9,956
Avaya,
Inc.,
Term
Loan
6.918%
TSFR1M
+
1-Month
LIBOR
4.250%
8/01/28
8,794,705
9,878
Banff
Merger
Sub
Inc,
Term
Loan
,
(DD1)
9.583%
SOFR30A
4.250%
12/29/28
9,903,186
995
CCC
Intelligent
Solutions
Inc.,
Term
Loan
B
7.697%
SOFR30A
2.250%
9/21/28
993,830
2,833
Ceridian
HCM
Holding
Inc.,
Term
Loan
B
7.947%
SOFR90A
2.500%
4/30/25
2,840,771
2,818
DTI
Holdco,
Inc.,
Term
Loan
10.063%
SOFR90A
4.750%
4/21/29
2,806,426
6,410
Emerald
TopCo
Inc,
Term
Loan
8.947%
SOFR30A
3.500%
7/25/26
6,362,555
Nuveen
Credit
Strategies
Income
Fund
(continued)
Portfolio
of
Investments
January
31,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
(b)
Reference
Rate
(b)
Spread
(b)
Maturity
(c)
Value
Software
&
Services
(continued)
$
10,466
Epicor
Software
Corporation,
Term
Loan
8.697%
SOFR30A
3.250%
7/30/27
$
10,484,708
5,246
Greeneden
U.S.
Holdings
II,
LLC,
Term
Loan
B4
9.447%
SOFR30A
4.000%
12/01/27
5,257,340
6,877
Informatica
LLC,
Term
Loan
B
8.087%
SOFR30A
2.750%
10/14/28
6,878,360
121
Ivanti
Software
Inc
,Term
Loan
,
(WI/DD)
TBD
TBD
TBD
TBD
114,637
1,898
Ivanti
Software,
Inc.,
Term
Loan
B
,
(DD1)
9.839%
SOFR90A
4.250%
12/01/27
1,813,542
3,577
McAfee,
LLC,
Term
Loan
B
9.203%
SOFR30A
3.750%
2/03/29
3,552,159
785
Mitchell
International
Inc,
Term
Loan
B
,
(WI/DD)
TBD
TBD
TBD
TBD
780,342
3,711
NortonLifeLock
Inc.,
Term
Loan
B
7.433%
SOFR30A
2.000%
1/28/29
3,704,339
9,663
Open
Text
Corporation,
Term
Loan
B
8.183%
SOFR30A
2.750%
1/31/30
9,677,325
3,799
Peraton
Corp.,
Term
Loan
B
,
(DD1)
9.183%
SOFR30A
3.750%
2/01/28
3,799,345
729
Project
Ruby
Ultimate
Parent
Corp.,
Term
Loan
8.697%
SOFR30A
3.250%
3/10/28
726,458
1,679
Proofpoint,
Inc.,
Term
Loan,
First
Lien
8.697%
SOFR30A
3.250%
8/31/28
1,669,839
3,616
Quartz
Acquireco
LLC,
Term
Loan
B
8.833%
SOFR30A
3.500%
4/14/30
3,615,937
9,812
Sophia,
L.P.,
Term
Loan
B
8.933%
SOFR30A
3.500%
10/07/27
9,809,956
2,761
SS&C
European
Holdings
Sarl,
Term
Loan
B4
7.197%
SOFR30A
1.750%
4/16/25
2,761,847
2,425
SS&C
Technologies
Inc.,
Term
Loan
B3
7.197%
SOFR30A
1.750%
4/16/25
2,426,148
8,023
Syniverse
Holdings,
Inc.,
Term
Loan
12.348%
SOFR90A
7.000%
5/10/29
7,513,628
10,720
Tempo
Acquisition
LLC,
Term
Loan
B
8.083%
SOFR30A
2.750%
8/31/28
10,731,012
8,278
Ultimate
Software
Group
Inc
(The),
Term
Loan
8.680%
SOFR90A
3.250%
5/04/26
8,291,015
14,362
Ultimate
Software
Group
Inc
(The),
Term
Loan
B
9.163%
SOFR90A
3.750%
5/04/26
14,386,054
2,001
Vision
Solutions,
Inc.,
Term
Loan
9.586%
TSFR3M
4.000%
5/28/28
1,979,002
1,819
West
Corporation,
Term
Loan
B3
9.563%
SOFR90A
4.000%
4/10/27
1,746,969
1,489
World
Wide
Technology
Holding
Co.
LLC,
Term
Loan
8.686%
TSFR1M
3.250%
2/23/30
1,490,611
8,100
Zelis
Payments
Buyer,
Inc.,
Term
Loan
B
,
(DD1)
8.067%
TSFR3M
2.750%
9/28/29
8,101,701
Total
Software
&
Services
157,179,727
Technology
Hardware
&
Equipment
-
1.7%
(1.0%
of
Total
Investments)
3,089
CommScope,
Inc.,
Term
Loan
B
8.697%
SOFR30A
3.250%
4/06/26
2,708,540
3,741
Delta
TopCo,
Inc.,
Term
Loan
B
9.121%
SOFR180A
3.750%
12/01/27
3,733,248
2,089
II-VI
Incorporated,
Term
Loan
B
8.087%
SOFR30A
2.750%
7/02/29
2,083,090
2,371
Ingram
Micro
Inc.,
Term
Loan
8.610%
SOFR90A
3.000%
7/02/28
2,373,222
440
MLN
US
HoldCo
LLC,
Term
Loan
12.110%
SOFR90A
6.700%
10/18/27
88,003
975
MLN
US
HoldCo
LLC,
Term
Loan,
First
Lien
9.972%
TSFR3M
4.500%
12/01/25
114,549
1,500
NCR
Atleos
LLC,
Term
Loan
B
10.087%
SOFR30A
4.750%
3/27/29
1,501,875
1,630
Riverbed
Technology,
Inc.,
Term
Loan
7.848%
SOFR90A
+
3-Month
LIBOR
2.250%
7/03/28
1,120,361
44
ViaSat,
Inc.,
Term
Loan
9.833%
SOFR30A
4.500%
3/05/29
43,645
Total
Technology
Hardware
&
Equipment
13,766,533
Principal
Amount
(000)
Description
(a)
Coupon
(b)
Reference
Rate
(b)
Spread
(b)
Maturity
(c)
Value
Telecommunication
Services
-
5.0%
(3.1%
of
Total
Investments)
$
1,281
Altice
France
S.A.,
Term
Loan
B12
9.263%
3-Month
LIBOR
3.688%
2/02/26
$
1,257,542
11,418
Altice
France
S.A.,
Term
Loan
B13
9.641%
3-Month
LIBOR
4.000%
8/14/26
11,142,937
766
CenturyLink,
Inc.,
Term
Loan
B
7.697%
SOFR30A
2.250%
3/15/27
544,151
1,174
Cincinnati
Bell,
Inc.,
Term
Loan
B2
8.683%
SOFR30A
3.250%
11/23/28
1,162,096
581
(e)
Cyxtera
DC
Holdings,
Inc.,
Term
Loan
B
0.000%
N/A
N/A
5/01/24
47,802
3,480
Eagle
Broadband
Investments
LLC,
Term
Loan
8.652%
SOFR90A
3.000%
11/12/27
3,424,137
5,518
Frontier
Communications
Corp.,
Term
Loan
B
9.197%
SOFR30A
3.750%
10/08/27
5,465,399
1,256
GOGO
Intermediate
Holdings
LLC,
Term
Loan
B
9.197%
SOFR30A
3.750%
4/28/28
1,254,329
2,740
Level
3
Financing
Inc.,
Term
Loan
B
7.197%
SOFR30A
1.750%
3/01/27
2,644,100
970
Numericable
Group
SA,
Term
Loan
B11
8.324%
3-Month
LIBOR
2.750%
7/31/25
957,917
8,798
Virgin
Media
Bristol
LLC,
Term
Loan
N
7.948%
TSFR1M
2.500%
1/31/28
8,654,373
3,651
Ziggo
Financing
Partnership,
Term
Loan
I
7.948%
TSFR1M
2.500%
4/30/28
3,573,495
Total
Telecommunication
Services
40,128,278
Transportation
-
7.1%
(4.3%
of
Total
Investments)
3,311
AAdvantage
Loyalty
IP
Ltd.,
Term
Loan
10.329%
TSFR3M
4.750%
4/20/28
3,397,893
2,689
Air
Canada,
Term
Loan
B
9.139%
TSFR3M
3.500%
8/11/28
2,695,141
7,044
American
Airlines,
Inc.,
Term
Loan
B
8.598%
SOFR90A
2.750%
2/06/28
7,028,882
3,136
American
Airlines,
Inc.,
Term
Loan,
First
Lien
7.317%
SOFR90A
1.750%
1/29/27
3,127,241
2,177
Brown
Group
Holding,
LLC,
Term
Loan
B
8.183%
SOFR30A
2.750%
4/22/28
2,165,165
1,778
Brown
Group
Holding,
LLC,
Term
Loan
B2
8.546%
SOFR30A
+
SOFR90A
3.188%
7/02/29
1,774,167
4,133
Hertz
Corporation,
(The),
Term
Loan
B
8.697%
SOFR30A
3.250%
6/30/28
4,093,696
798
Hertz
Corporation,
(The),
Term
Loan
C
8.697%
SOFR30A
3.250%
6/30/28
790,879
9,143
Kestrel
Bidco
Inc.,
Term
Loan
B
8.335%
TSFR1M
3.000%
12/11/26
9,141,553
2,977
KKR
Apple
Bidco,
LLC,
Term
Loan
8.197%
SOFR30A
2.750%
9/25/28
2,964,383
8,860
Mileage
Plus
Holdings
LLC,
Term
Loan
B
10.770%
SOFR90A
5.250%
6/21/27
9,143,240
750
SkyMiles
IP
Ltd.,
Term
Loan
B
9.068%
TSFR3M
3.750%
10/20/27
768,367
6,960
Uber
Technologies,
Inc.,
Term
Loan
B
8.135%
SOFR90A
2.750%
3/04/30
6,968,062
3,096
United
Airlines,
Inc.,
Term
Loan
B
9.201%
TSFR1M
3.750%
4/21/28
3,106,046
Total
Transportation
57,164,715
Utilities
-
2.0%
(1.2%
of
Total
Investments)
2,172
Generation
Bridge
Northeast
LLC,
Term
Loan
B
9.583%
SOFR30A
4.250%
8/07/29
2,184,670
7,294
Talen
Energy
Supply,
LLC,
Term
Loan
B
9.877%
SOFR90A
4.500%
5/27/30
7,321,553
5,941
Talen
Energy
Supply,
LLC,
Term
Loan
B
9.877%
SOFR90A
4.500%
5/27/30
5,962,797
Nuveen
Credit
Strategies
Income
Fund
(continued)
Portfolio
of
Investments
January
31,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
(b)
Reference
Rate
(b)
Spread
(b)
Maturity
(c)
Value
Utilities
(continued)
$
303
Vistra
Operations
Company
LLC,
Term
Loan
B3,
First
Lien
7.333%
SOFR30A
2.000%
12/20/30
$
301,043
Total
Utilities
15,770,063
Total
Variable
Rate
Senior
Loan
Interests
(cost
$992,932,982)
978,551,669
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X
–
CORPORATE
BONDS
-
31
.6
%
(
19
.3
%
of
Total
Investments)
X
253,831,891
Automobiles
&
Components
-
0.7%
(0.5%
of
Total
Investments)
$
2,699
(f)
Clarios
Global
LP
/
Clarios
US
Finance
Co,
144A
6.250%
5/15/26
$
2,676,873
3,000
(f)
Ford
Motor
Credit
Co
LLC
7.200%
6/10/30
3,190,042
Total
Automobiles
&
Components
5,866,915
Capital
Goods
-
1.6%
(1.0%
of
Total
Investments)
2,000
Chart
Industries
Inc,
144A
7.500%
1/01/30
2,053,037
2,000
Emerald
Debt
Merger
Sub
LLC,
144A
6.625%
12/15/30
2,020,140
4,000
(f)
TK
Elevator
Holdco
GmbH,
144A
7.625%
7/15/28
3,966,428
2,963
(f)
TransDigm
Inc
4.625%
1/15/29
2,770,612
2,000
(f)
Windsor
Holdings
III
LLC,
144A
8.500%
6/15/30
2,059,009
Total
Capital
Goods
12,869,226
Commercial
&
Professional
Services
-
2.2%
(1.3%
of
Total
Investments)
2,000
Allied
Universal
Holdco
LLC
/
Allied
Universal
Finance
Corp,
144A
6.625%
7/15/26
1,970,728
1,200
(f)
GFL
Environmental
Inc,
144A
5.125%
12/15/26
1,171,597
4,925
(f)
GTCR
W-2
MERGER
SUB
LLC,
144A
7.500%
1/15/31
5,116,189
2,650
(f)
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc,
144A
6.250%
1/15/28
2,626,122
2,316
(f)
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc,
144A
5.750%
4/15/26
2,314,914
2,500
(f)
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc,
144A
3.375%
8/31/27
2,302,878
2,000
(f)
Verscend
Escrow
Corp,
144A
9.750%
8/15/26
2,007,970
Total
Commercial
&
Professional
Services
17,510,398
Consumer
Discretionary
Distribution
&
Retail
-
2.1%
(1.3%
of
Total
Investments)
3,900
(f)
Academy
Ltd,
144A
6.000%
11/15/27
3,853,157
9,515
(f)
Hertz
Corp/The,
144A
4.625%
12/01/26
8,557,601
3,945
(f)
Michaels
Cos
Inc/The,
144A
7.875%
5/01/29
2,523,197
1,188
(f)
PetSmart
Inc
/
PetSmart
Finance
Corp,
144A
4.750%
2/15/28
1,109,786
545
(f)
Staples
Inc,
144A
7.500%
4/15/26
510,145
Total
Consumer
Discretionary
Distribution
&
Retail
16,553,886
Consumer
Services
-
1.5%
(0.9%
of
Total
Investments)
6,617
(f)
1011778
BC
ULC
/
New
Red
Finance
Inc,
144A
4.000%
10/15/30
5,914,206
1,193
(f)
1011778
BC
ULC
/
New
Red
Finance
Inc,
144A
3.500%
2/15/29
1,091,627
1,623
Caesars
Entertainment
Inc,
144A
6.250%
7/01/25
1,628,543
1,895
(f)
Carnival
Holdings
Bermuda
Ltd,
144A
10.375%
5/01/28
2,073,054
1,201
(f)
Life
Time
Inc,
144A
5.750%
1/15/26
1,187,336
Total
Consumer
Services
11,894,766
Consumer
Staples
Distribution
&
Retail
-
0.5%
(0.3%
of
Total
Investments)
4,000
(f)
Albertsons
Cos
Inc
/
Safeway
Inc
/
New
Albertsons
LP
/
Albertsons
LLC,
144A
4.625%
1/15/27
3,880,248
Total
Consumer
Staples
Distribution
&
Retail
3,880,248
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
Energy
-
2.5%
(1.5%
of
Total
Investments)
$
2,545
BORR
IHC
LTD
/
BORR
FIN,
144A
10.000%
11/15/28
$
2,633,342
2,000
(f)
Citgo
Petroleum
Corp,
144A
7.000%
6/15/25
1,999,716
5,000
(f)
DT
Midstream
Inc,
144A
4.375%
6/15/31
4,478,858
3,201
(f)
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co,
144A
6.250%
11/01/28
3,189,260
1,000
(f)
Matador
Resources
Co
5.875%
9/15/26
991,011
1,201
(f)
MEG
Energy
Corp,
144A
5.875%
2/01/29
1,171,891
750
NGL
Energy
Partners
LP
/
NGL
Energy
Finance
Corp
7.500%
4/15/26
750,936
2,000
Southwestern
Energy
Co
4.750%
2/01/32
1,852,472
1,500
Transocean
Inc,
144A
11.500%
1/30/27
1,567,500
1,500
(f)
Weatherford
International
Ltd,
144A
8.625%
4/30/30
1,532,647
Total
Energy
20,167,633
Equity
Real
Estate
Investment
Trusts
(REITs)
-
0.6%
(0.4%
of
Total
Investments)
5,250
(f)
American
Tower
Corp
2.950%
1/15/51
3,446,886
2,000
Crown
Castle
Inc
2.250%
1/15/31
1,652,660
Total
Equity
Real
Estate
Investment
Trusts
(REITs)
5,099,546
Financial
Services
-
0.1%
(0.1%
of
Total
Investments)
1,000
(f)
LPL
Holdings
Inc,
144A
4.625%
11/15/27
962,915
Total
Financial
Services
962,915
Health
Care
Equipment
&
Services
-
2.2%
(1.3%
of
Total
Investments)
2,000
CHS/Community
Health
Systems
Inc,
144A
8.000%
3/15/26
1,971,230
492
Heartland
Dental
LLC
/
Heartland
Dental
Finance
Corp,
144A
8.500%
5/01/26
485,235
1,975
(f)
Mozart
Debt
Merger
Sub
Inc,
144A
3.875%
4/01/29
1,788,172
3,210
(f)
Select
Medical
Corp,
144A
6.250%
8/15/26
3,209,143
3,375
Team
Health
Holdings
Inc,
144A
13.500%
6/30/28
3,341,250
5,500
(f)
Tenet
Healthcare
Corp
6.125%
10/01/28
5,479,760
1,201
(f)
Tenet
Healthcare
Corp
4.875%
1/01/26
1,190,319
Total
Health
Care
Equipment
&
Services
17,465,109
Insurance
-
0.7%
(0.4%
of
Total
Investments)
2,175
(f)
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-
Issuer,
144A
6.750%
4/15/28
2,195,077
625
(f)
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-
Issuer,
144A
4.250%
10/15/27
581,397
3,000
(f)
HUB
International
Ltd,
144A
7.250%
6/15/30
3,086,001
Total
Insurance
5,862,475
Materials
-
3.1%
(1.9%
of
Total
Investments)
3,500
(f)
Ardagh
Metal
Packaging
Finance
USA
LLC
/
Ardagh
Metal
Packaging
Finance
PLC,
144A
4.000%
9/01/29
2,836,650
6,425
(f)
Ball
Corp
6.000%
6/15/29
6,481,301
4,000
(f)
Herens
Holdco
Sarl,
144A
4.750%
5/15/28
3,369,392
2,000
(f)
LABL
Inc,
144A
9.500%
11/01/28
1,994,816
5,000
(f)
Novelis
Corp,
144A
4.750%
1/30/30
4,637,478
5,190
(f)
Pactiv
Evergreen
Group
Issuer
Inc/Pactiv
Evergreen
Group
Issuer
LLC,
144A
4.375%
9/30/28
4,842,270
619
(f)
Trinseo
Materials
Operating
SCA
/
Trinseo
Materials
Finance
Inc,
144A
5.375%
9/01/25
528,320
Total
Materials
24,690,227
Media
&
Entertainment
-
4.8%
(2.9%
of
Total
Investments)
3,000
(f)
Altice
Financing
SA,
144A
5.750%
8/15/29
2,614,429
8,425
(f)
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp,
144A
7.375%
3/03/31
8,514,516
7,000
(f)
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
3.500%
3/01/42
4,811,738
3,000
(f)
Clear
Channel
Outdoor
Holdings
Inc,
144A
5.125%
8/15/27
2,825,375
Nuveen
Credit
Strategies
Income
Fund
(continued)
Portfolio
of
Investments
January
31,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
Media
&
Entertainment
(continued)
$
4,371
(f)
CSC
Holdings
LLC,
144A
3.375%
2/15/31
$
2,993,168
2,368
(e)
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co,
144A
6.625%
8/15/27
165,760
18
iHeartCommunications
Inc
6.375%
5/01/26
15,276
3,000
(f)
LCPR
Senior
Secured
Financing
DAC,
144A
5.125%
7/15/29
2,640,180
2,799
(f)
McGraw-Hill
Education
Inc,
144A
5.750%
8/01/28
2,648,750
4,391
(f)
Rackspace
Technology
Global
Inc,
144A
3.500%
2/15/28
1,719,533
1,500
(f)
Radiate
Holdco
LLC
/
Radiate
Finance
Inc,
144A
4.500%
9/15/26
1,159,793
2,000
Virgin
Media
Secured
Finance
PLC,
144A
5.500%
5/15/29
1,923,614
6,006
(f)
VZ
Secured
Financing
BV,
144A
5.000%
1/15/32
5,250,390
1,305
(f)
Ziggo
Bond
Co
BV,
144A
6.000%
1/15/27
1,280,340
Total
Media
&
Entertainment
38,562,862
Pharmaceuticals,
Biotechnology
&
Life
Sciences
-
0.3%
(0.2%
of
Total
Investments)
2,000
Amgen
Inc
3.150%
2/21/40
1,556,717
1,500
(f)
Organon
&
Co
/
Organon
Foreign
Debt
Co-Issuer
BV,
144A
5.125%
4/30/31
1,288,690
Total
Pharmaceuticals,
Biotechnology
&
Life
Sciences
2,845,407
Software
&
Services
-
0.4%
(0.3%
of
Total
Investments)
1,185
Open
Text
Holdings
Inc,
144A
4.125%
12/01/31
1,052,366
3,344
Rackspace
Technology
Global
Inc,
144A
5.375%
12/01/28
1,040,556
1,500
(f)
SS&C
Technologies
Inc,
144A
5.500%
9/30/27
1,472,457
Total
Software
&
Services
3,565,379
Technology
Hardware
&
Equipment
-
0.2%
(0.1%
of
Total
Investments)
1,975
(f)
Commscope
Inc,
144A
4.750%
9/01/29
1,305,712
Total
Technology
Hardware
&
Equipment
1,305,712
Telecommunication
Services
-
5.1%
(3.1%
of
Total
Investments)
6,313
(f)
Frontier
Communications
Holdings
LLC,
144A
5.875%
10/15/27
6,072,036
2,000
(f)
Frontier
Communications
Holdings
LLC
5.875%
11/01/29
1,694,770
1,978
(f)
Frontier
Communications
Holdings
LLC,
144A
6.000%
1/15/30
1,677,284
1,500
(f)
Iliad
Holding
SASU,
144A
7.000%
10/15/28
1,488,050
8,290
Level
3
Financing
Inc,
144A
10.500%
5/15/30
8,248,550
4,129
Level
3
Financing
Inc,
144A
10.500%
5/15/30
4,108,355
1,000
Level
3
Financing
Inc,
144A
4.625%
9/15/27
615,000
4,000
(f)
T-Mobile
USA
Inc
3.500%
4/15/31
3,643,481
5,180
(f)
Vmed
O2
UK
Financing
I
PLC,
144A
4.250%
1/31/31
4,530,670
10,000
Ziggo
BV,
144A
4.875%
1/15/30
8,941,090
Total
Telecommunication
Services
41,019,286
Transportation
-
1.0%
(0.6%
of
Total
Investments)
1,975
(f)
Delta
Air
Lines
Inc
3.750%
10/28/29
1,814,926
3,500
(f)
Mileage
Plus
Holdings
LLC
/
Mileage
Plus
Intellectual
Property
Assets
Ltd,
144A
6.500%
6/20/27
3,505,239
1,623
(f)
United
Airlines
Inc,
144A
4.625%
4/15/29
1,501,328
1,201
(f)
United
Airlines
Inc,
144A
4.375%
4/15/26
1,158,533
Total
Transportation
7,980,026
Utilities
-
2.0%
(1.2%
of
Total
Investments)
1,940
(f)
Pacific
Gas
and
Electric
Co
4.550%
7/01/30
1,853,981
2,000
Pacific
Gas
and
Electric
Co
4.500%
7/01/40
1,722,100
6,318
(f)
PG&E
Corp
5.000%
7/01/28
6,105,167
3,000
PG&E
Corp
5.250%
7/01/30
2,864,667
3,000
Talen
Energy
Supply
LLC,
144A
8.625%
6/01/30
3,183,960
Total
Utilities
15,729,875
Total
Corporate
Bonds
(cost
$250,239,266)
253,831,891
Shares
Description
(a)
Value
X
–
COMMON
STOCKS
-
2
.3
%
(
1
.4
%
of
Total
Investments)
X
18,250,392
Commercial
&
Professional
Services
-
0.0%
(0.0%
of
Total
Investments)
8,223
(g)
Skillsoft
Corp
$
115,286
Total
Commercial
&
Professional
Services
115,286
Consumer
Discretionary
Distribution
&
Retail
-
0.0%
(0.0%
of
Total
Investments)
196
(g)
Belk
Inc
1,666
Total
Consumer
Discretionary
Distribution
&
Retail
1,666
Consumer
Services
-
0.0%
(0.0%
of
Total
Investments)
41,905
(g)
Cengage
Learning
Holdings
II
Inc
379,785
1,225
(g)
Crown
Finance
US
Inc
19,638
Total
Consumer
Services
399,423
Energy
-
0.7%
(0.5%
of
Total
Investments)
31,033
(g)
Quarternorth
Energy
Holding
Inc
5,042,863
31,358
(g)
Vantage
Drilling
International
778,086
Total
Energy
5,820,949
Health
Care
Equipment
&
Services
-
0.0%
(0.0%
of
Total
Investments)
211,860
(g),(h)
Millennium
Health
LLC
22,245
198,883
(g),(h)
Millennium
Health
LLC
995
242,758
(g)
Onex
Carestream
Finance
LP
24,276
Total
Health
Care
Equipment
&
Services
47,516
Materials
-
0.0%
(0.0%
of
Total
Investments)
89
LyondellBasell
Industries
NV,
Class
A
8,377
Total
Materials
8,377
Media
&
Entertainment
-
0.4%
(0.2%
of
Total
Investments)
10,159
(g)
Catalina
Marketing
Corp
1,270
183,143
Cineworld
Group
PLC
2,935,965
8
(g)
Cumulus
Media
Inc,
Class
A
37
Total
Media
&
Entertainment
2,937,272
Semiconductors
&
Semiconductor
Equipment
-
0.0%
(0.0%
of
Total
Investments)
39,129
(g)
Bright
Bidco
BV
14,204
28,645
(g)
Bright
Bidco
BV
10,398
Total
Semiconductors
&
Semiconductor
Equipment
24,602
Software
&
Services
-
0.3%
(0.2%
of
Total
Investments)
326,337
(g)
Avaya
Inc
2,012,520
Total
Software
&
Services
2,012,520
Technology
Hardware
&
Equipment
-
0.1%
(0.0%
of
Total
Investments)
68,536
(g)
Avaya
Inc
422,661
Total
Technology
Hardware
&
Equipment
422,661
Utilities
-
0.8%
(0.5%
of
Total
Investments)
80,962
(g),(i)
Energy
Harbor
Corp
6,460,120
Total
Utilities
6,460,120
Total
Common
Stocks
(cost
$36,238,722)
18,250,392
Nuveen
Credit
Strategies
Income
Fund
(continued)
Portfolio
of
Investments
January
31,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X
–
ASSET-BACKED
AND
MORTGAGE-BACKED
SECURITIES
-
1.9%
(1.1%
of
Total
Investments)
X
15,084,195
$
1,000
(j)
CIFC
Funding
2020-I
Ltd,
(TSFR3M
reference
rate
+
6.512%
spread),
2020
1A,
144A
11.826%
7/15/36
$
1,002,548
2,000
(j)
Elmwood
CLO
16
Ltd,
(TSFR3M
reference
rate
+
3.600%
spread),
2022
3A,
144A
8.918%
4/20/34
2,003,614
5,750
(j)
Magnetite
XXXV
Ltd,
(TSFR3M
reference
rate
+
7.250%
spread),
2022
35A,
144A
12.575%
10/25/36
5,729,674
5,500
(j)
Neuberger
Berman
Loan
Advisers
NBLA
CLO
53
Ltd,
(TSFR3M
reference
rate
+
7.625%
spread),
2023
23-53A,
144A
12.964%
10/24/32
5,520,911
825
(j)
OHA
Credit
Funding
11
Ltd,
(TSFR3M
reference
rate
+
7.250%
spread),
2022
11A,
144A
12.560%
7/19/33
827,448
Total
Asset-Backed
and
Mortgage-Backed
Securities
(cost
$15,036,433)
15,084,195
Shares
Description
(a)
Value
X
–
WARRANTS
-
0
.5
%
(
0
.3
%
of
Total
Investments)
X
3,773,369
Energy
-
0.5%
(0.3%
of
Total
Investments)
629
California
Resources
Corp
$
8,573
17,602
Quarternorth
Energy
Holding
Inc
2,860,325
37,801
Quarternorth
Energy
Holding
Inc
831,622
72,802
Quarternorth
Energy
Holding
Inc
72,802
Total
Energy
3,773,322
Media
&
Entertainment
-
0.0%
(0.0%
of
Total
Investments)
4,644
(h)
Tenerity
Inc
47
Total
Media
&
Entertainment
47
Total
Warrants
(cost
$1,831,028)
3,773,369
Total
Long-Term
Investments
(cost
$1,296,278,431)
1,269,491,516
Shares
Description
(a)
Coupon
Value
SHORT-TERM
INVESTMENTS
-
5.6% (3.4%
of
Total
Investments)
X
–
INVESTMENT
COMPANIES
-
5.6%
(3.4%
of
Total
Investments)
X
44,866,402
44,866,402
BlackRock
Liquidity
Funds
T-Fund
5.190%(k)
$
44,866,402
Total
Investment
Companies
(cost
$44,866,402)
44,866,402
Total
Short-Term
Investments
(cost
$44,866,402)
44,866,402
Total
Investments
(cost
$
1,341,144,833
)
-
163
.9
%
1,314,357,918
Borrowings
-
(26.4)%
(l),(m)
(
211,600,000
)
Reverse
Repurchase
Agreements,
including
accrued
interest
-
(17.8)%(n)
(
142,849,955
)
TFP
Shares,
Net
-
(17.4)%(o)
(
139,165,969
)
Other
Assets
&
Liabilities,
Net
- (2.3)%
(
18,730,964
)
Net
Assets
Applicable
to
Common
Shares
-
100%
$
802,011,030
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
Senior
loans
generally
pay
interest
at
rates
which
are
periodically
adjusted
by
reference
to
a
base
short-term,
floating
lending
rate
(Reference
Rate)
plus
an
assigned
fixed
rate
(Spread).
These
floating
lending
rates
are
generally
(i)
the
lending
rate
referenced
by
the
London
Inter-Bank
Offered
Rate
("LIBOR"),
or
(ii)
the
prime
rate
offered
by
one
or
more
major
United
States
banks.
Senior
loans
may
be
considered
restricted
in
that
the
Fund
ordinarily
is
contractually
obligated
to
receive
approval
from
the
agent
bank
and/or
borrower
prior
to
the
disposition
of
a
senior
loan.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(c)
Senior
loans
generally
are
subject
to
mandatory
and/or
optional
prepayment.
Because
of
these
mandatory
prepayment
conditions
and
because
there
may
be
significant
economic
incentives
for
a
borrower
to
prepay,
prepayments
of
senior
loans
may
occur.
As
a
result,
the
actual
remaining
maturity
of
senior
loans
held
may
be
substantially
less
than
the
stated
maturities
shown.
(d)
Investment,
or
portion
of
investment,
represents
an
outstanding
unfunded
senior
loan
commitment.
(e)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(f)
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
$195,497,628
have
been
pledged
as
collateral
for
reverse
repurchase
agreements.
(g)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(h)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(i)
On
March
1,
2024,
Vistra
Corp.
(“Vistra”)
completed
its
acquisition
of
Energy
Harbor
Corp
(“ENGH”). ENGH
has
been
merged
into
a
newly
formed
subsidiary
of
Vistra,
Vistra
Vision. In
connection
with
the
transaction,
holders
of
ENGH
common
stock
received
a
combination
of
cash
and
membership
interests
in
Vistra
Vision.
These
Vistra
Vision
interests
were
issued
in
a
private
transaction
and
may
have
reduced
secondary
market
liquidity.
(j)
Variable
rate
security.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(k)
The
rate
shown
is
the
annualized
seven-day
subsidized
yield
as
of
end
of
the
reporting
period.
(l)
Borrowings
as
a
percentage
of
Total
Investments
is
16.1%.
(m)
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.
(n)
Reverse
Repurchase
Agreements,
including
accrued
interest
as
a
percentage
of
Total
investments
is
10.9%.
(o)
TFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
10.6%.
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
N/A
Not
Applicable.
PIK
Payment-in-kind
(“PIK”)
security. Depending
on
the
terms
of
the
security,
income
may
be
received
in
the
form
of
cash,
securities,
or
a
combination
of
both. The
PIK
rate
shown,
where
applicable,
represents
the
annualized
rate
of
the
last
PIK
payment
made
by
the
issuer
as
of
the
end
of
the
reporting
period.
REIT
Real
Estate
Investment
Trust
SOFR
180A
180
Day
Average
Secured
Overnight
Financing
Rate
SOFR
30A
30
Day
Average
Secured
Overnight
Financing
Rate
SOFR
90A
90
Day
Average
Secured
Overnight
Financing
Rate
TBD
Senior
loan
purchased
on
a
when-issued
or
delayed-delivery
basis.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date
of
the
transaction.
In
addition,
senior
loans
typically
trade
without
accrued
interest
and
therefore
a
coupon
rate
is
not
available
prior
to
settlement.
At
settlement,
if
still
unknown,
the
borrower
or
counterparty
will
provide
the
Fund
with
the
final
coupon
rate
and
maturity
date.
TSFR
1M
CME
Term
SOFR
1
Month
TSFR
2M
CME
Term
SOFR
2
Month
TSFR
3M
CME
Term
SOFR
3
Month
WI/DD
When-issued
or
delayed
delivery
security.
See
Notes
to
Financial
Statements
Nuveen
Preferred
&
Income
Opportunities
Fund
Portfolio
of
Investments
January
31,
2024
(Unaudited)
Principal
Amount
(000)
/Shares
Description
(a)
Coupon
Maturity
Value
LONG-TERM
INVESTMENTS
-
158.1%
(99.9%
of
Total
Investments)
X
–
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
82
.8
%
(
52
.3
%
of
Total
Investments)
X
2,082,675,430
Automobiles
&
Components
-
0.8%
(0.5%
of
Total
Investments)
$
14,869
General
Motors
Financial
Co
Inc
5.750%
N/A
(b)
$
13,404,124
8,014
General
Motors
Financial
Co
Inc
5.700%
N/A
(b)
7,371,877
Total
Automobiles
&
Components
20,776,001
Banks
-
37.9%
(24.0%
of
Total
Investments)
4,450
Bank
of
America
Corp
6.300%
N/A
(b)
4,451,780
18,235
Bank
of
America
Corp
6.250%
N/A
(b)
18,164,549
2,000
(c)
Bank
of
America
Corp
(TSFR3M
reference
rate
+
3.397%
spread)
8.774%
N/A
(b)
2,009,312
45,134
Bank
of
America
Corp
6.125%
N/A
(b)
44,944,464
10,850
Bank
of
America
Corp
4.375%
N/A
(b)
9,908,030
21,820
(d)
Bank
of
America
Corp
6.500%
N/A
(b)
21,860,476
2,861
Bank
of
America
Corp
8.050%
6/15/27
3,073,629
6,955
Bank
of
America
Corp
6.100%
N/A
(b)
6,950,702
9,650
Bank
of
Nova
Scotia/The
8.000%
1/27/84
9,802,875
10,550
(e)
Bank
of
Nova
Scotia/The
8.625%
10/27/82
10,915,600
3,000
Bank
of
Nova
Scotia/The
4.900%
N/A
(b)
2,857,631
32,448
Citigroup
Inc
7.625%
N/A
(b)
33,173,262
27,500
(d)
Citigroup
Inc
3.875%
N/A
(b)
25,339,110
14,589
Citigroup
Inc
5.950%
N/A
(b)
14,396,565
22,389
Citigroup
Inc
6.250%
N/A
(b)
22,268,652
7,175
Citigroup
Inc
7.375%
N/A
(b)
7,295,282
19,799
Citigroup
Inc
4.000%
N/A
(b)
18,501,104
10,740
Citigroup
Inc
4.150%
N/A
(b)
9,571,789
8,955
Citigroup
Inc
6.300%
N/A
(b)
8,896,621
17,868
Citigroup
Inc
5.000%
N/A
(b)
17,614,471
9,515
(d)
Citizens
Financial
Group
Inc
4.000%
N/A
(b)
8,420,775
7,000
(c)
Citizens
Financial
Group
Inc
(TSFR3M
reference
rate
+
3.265%
spread)
8.594%
N/A
(b)
6,640,383
5,529
Citizens
Financial
Group
Inc
6.375%
N/A
(b)
5,236,666
3,976
Citizens
Financial
Group
Inc
5.650%
N/A
(b)
3,878,999
14,700
(e)
CoBank
ACB
6.450%
N/A
(b)
14,428,050
17,983
CoBank
ACB
6.250%
N/A
(b)
17,528,585
5,800
(c)
Corestates
Capital
III
(TSFR3M
reference
rate
+
0.832%
spread),
144A
6.211%
2/15/27
5,578,261
6,450
(e)
Farm
Credit
Bank
of
Texas,
144A
6.200%
N/A
(b)
5,901,750
3,060
Farm
Credit
Bank
of
Texas,
144A
5.700%
N/A
(b)
2,907,000
1,225
Fifth
Third
Bancorp
4.500%
N/A
(b)
1,157,536
550
(c)
Fifth
Third
Bancorp
(TSFR3M
reference
rate
+
3.295%
spread)
8.625%
N/A
(b)
537,079
15,910
(c),(e)
First
Citizens
BancShares
Inc/NC
(TSFR3M
reference
rate
+
4.234%
spread)
9.618%
N/A
(b)
16,220,675
910
Goldman
Sachs
Group
Inc/The
4.400%
N/A
(b)
864,490
925
Goldman
Sachs
Group
Inc/The
3.800%
N/A
(b)
840,903
32,314
(e)
HSBC
Capital
Funding
Dollar
1
LP,
144A
10.176%
N/A
(b)
40,886,646
8,000
(e)
HSBC
Capital
Funding
Dollar
1
LP,
Reg
S
10.176%
N/A
(b)
10,122,336
25,000
Huntington
Bancshares
Inc/OH
4.450%
N/A
(b)
22,482,185
20,300
(d)
Huntington
Bancshares
Inc/OH
5.625%
N/A
(b)
18,730,114
3,850
JPMorgan
Chase
&
Co
6.125%
N/A
(b)
3,842,745
3,600
JPMorgan
Chase
&
Co
8.750%
9/01/30
4,321,125
6,700
JPMorgan
Chase
&
Co
6.100%
N/A
(b)
6,707,966
68,965
(c),(e)
JPMorgan
Chase
&
Co
(TSFR3M
reference
rate
+
4.042%
spread)
9.348%
N/A
(b)
69,496,375
Principal
Amount
(000)
/Shares
Description
(a)
Coupon
Maturity
Value
Banks
(continued)
$
8,365
JPMorgan
Chase
&
Co
5.000%
N/A
(b)
$
8,287,335
13,830
JPMorgan
Chase
&
Co
3.650%
N/A
(b)
12,745,989
2,800
KeyCorp
5.000%
N/A
(b)
2,504,215
8,000
KeyCorp
Capital
III
7.750%
7/15/29
8,036,957
2,000
(c)
M&T
Bank
Corp
(TSFR3M
reference
rate
+
1.262%
spread)
6.576%
1/15/27
1,865,781
2,395
M&T
Bank
Corp
5.125%
N/A
(b)
2,184,410
7,315
M&T
Bank
Corp
6.450%
N/A
(b)
7,284,648
5,960
M&T
Bank
Corp
3.500%
N/A
(b)
4,768,000
2,923
PNC
Financial
Services
Group
Inc/The
5.000%
N/A
(b)
2,783,994
34,335
(d)
PNC
Financial
Services
Group
Inc/The
6.250%
N/A
(b)
32,614,514
9,520
PNC
Financial
Services
Group
Inc/The
3.400%
N/A
(b)
8,194,885
15,580
(c)
PNC
Financial
Services
Group
Inc/The
(TSFR3M
reference
rate
+
3.302%
spread)
8.679%
N/A
(b)
15,621,723
6,605
PNC
Financial
Services
Group
Inc/The
6.000%
N/A
(b)
6,313,522
18,235
(d)
PNC
Financial
Services
Group
Inc/The
6.200%
N/A
(b)
17,860,878
5,855
Regions
Financial
Corp
5.750%
N/A
(b)
5,741,767
32,700
Toronto-Dominion
Bank/The
8.125%
10/31/82
33,963,168
35,900
(d)
Truist
Financial
Corp
4.950%
N/A
(b)
34,960,310
6,687
Truist
Financial
Corp
5.100%
N/A
(b)
6,168,129
50,566
(d)
Truist
Financial
Corp
4.800%
N/A
(b)
48,265,247
8,955
(c)
Truist
Financial
Corp
(TSFR3M
reference
rate
+
3.364%
spread)
8.748%
N/A
(b)
9,015,724
7,295
Wells
Fargo
&
Co
7.625%
N/A
(b)
7,641,717
7,363
Wells
Fargo
&
Co
5.900%
N/A
(b)
7,351,670
57,197
(e)
Wells
Fargo
&
Co
3.900%
N/A
(b)
53,593,366
24,770
(e)
Wells
Fargo
&
Co
7.950%
11/15/29
27,853,192
20,133
(d)
Wells
Fargo
&
Co
5.875%
N/A
(b)
20,007,072
10,021
(c)
Zions
Bancorp
NA
(3-Month
LIBOR
reference
rate
+
4.440%
spread)
10.086%
N/A
(b)
9,838,777
1,460
(c)
Zions
Bancorp
NA
(3-Month
LIBOR
reference
rate
+
3.800%
spread)
9.446%
N/A
(b)
1,345,355
Total
Banks
955,538,893
Capital
Goods
-
2.0%
(1.3%
of
Total
Investments)
18,093
(e)
AerCap
Global
Aviation
Trust,
144A
6.500%
6/15/45
17,979,778
12,185
AerCap
Holdings
NV
5.875%
10/10/79
12,102,534
13,660
Air
Lease
Corp
4.650%
N/A
(b)
12,628,475
8,474
(e)
ILFC
E-Capital
Trust
I,
144A
7.436%
12/21/65
6,710,413
1,960
ILFC
E-Capital
Trust
I,
144A
7.186%
12/21/65
1,513,571
Total
Capital
Goods
50,934,771
Energy
-
4.3%
(2.7%
of
Total
Investments)
22,395
Enbridge
Inc
5.750%
7/15/80
20,947,212
17,110
Enbridge
Inc
7.625%
1/15/83
17,291,708
11,930
Enbridge
Inc
8.500%
1/15/84
12,754,303
2,798
Enbridge
Inc
5.500%
7/15/77
2,605,801
1,695
Enbridge
Inc
6.000%
1/15/77
1,631,286
6,615
Energy
Transfer
LP
6.500%
N/A
(b)
6,391,932
5,690
Energy
Transfer
LP
7.125%
N/A
(b)
5,500,243
4,990
Energy
Transfer
LP
8.000%
5/15/54
5,163,752
16,805
Enterprise
Products
Operating
LLC
5.250%
8/16/77
16,184,018
16,135
Transcanada
Trust
5.600%
3/07/82
14,164,916
3,490
Transcanada
Trust
5.875%
8/15/76
3,352,728
2,468
(e)
Transcanada
Trust
5.500%
9/15/79
2,198,231
Total
Energy
108,186,130
Nuveen
Preferred
&
Income
Opportunities
Fund
(continued)
Portfolio
of
Investments
January
31,
2024
(Unaudited)
Principal
Amount
(000)
/Shares
Description
(a)
Coupon
Maturity
Value
Financial
Services
-
14.7%
(9.2%
of
Total
Investments)
$
14,240
(e)
Ally
Financial
Inc
4.700%
N/A
(b)
$
10,822,400
12,644
Ally
Financial
Inc
4.700%
N/A
(b)
10,247,484
4,875
American
AgCredit
Corp,
144A
5.250%
N/A
(b)
4,558,125
45,903
(d)
American
Express
Co
3.550%
N/A
(b)
40,922,353
27,600
Bank
of
New
York
Mellon
Corp/The
3.750%
N/A
(b)
24,753,734
19,778
(d)
Bank
of
New
York
Mellon
Corp/The
4.700%
N/A
(b)
19,436,323
3,015
Capital
Farm
Credit
ACA,
144A
5.000%
N/A
(b)
2,849,175
17,115
(e)
Capital
One
Financial
Corp
3.950%
N/A
(b)
14,825,013
36,640
(d)
Charles
Schwab
Corp/The
4.000%
N/A
(b)
33,297,384
30,020
(e)
Charles
Schwab
Corp/The
5.375%
N/A
(b)
29,595,595
5,000
Charles
Schwab
Corp/The
5.000%
N/A
(b)
4,647,288
1,350
Compeer
Financial
ACA,
144A
4.875%
N/A
(b)
1,282,500
3,989
Corebridge
Financial
Inc
6.875%
12/15/52
4,000,569
13,510
Discover
Financial
Services
6.125%
N/A
(b)
13,280,749
1,610
Discover
Financial
Services
5.500%
N/A
(b)
1,324,463
8,100
Equitable
Holdings
Inc
4.950%
N/A
(b)
7,891,677
1,915
Goldman
Sachs
Group
Inc/The
4.125%
N/A
(b)
1,742,246
1,955
(c)
Goldman
Sachs
Group
Inc/The
(TSFR3M
reference
rate
+
3.136%
spread)
8.505%
N/A
(b)
1,951,604
8,120
(d)
Goldman
Sachs
Group
Inc/The
5.300%
N/A
(b)
8,052,930
7,600
Goldman
Sachs
Group
Inc/The
4.950%
N/A
(b)
7,417,681
20,500
Goldman
Sachs
Group
Inc/The
3.650%
N/A
(b)
18,446,374
27,937
Goldman
Sachs
Group
Inc/The
5.500%
N/A
(b)
27,653,294
32,355
Goldman
Sachs
Group
Inc/The
7.500%
N/A
(b)
33,984,692
16,795
State
Street
Corp
6.700%
N/A
(b)
16,752,989
27,956
(d)
Voya
Financial
Inc
7.748%
N/A
(b)
28,855,484
Total
Financial
Services
368,592,126
Food,
Beverage
&
Tobacco
-
2.3%
(1.4%
of
Total
Investments)
10,855
Dairy
Farmers
of
America
Inc,
144A
7.125%
N/A
(b)
10,095,150
30,110
(d)
Land
O'
Lakes
Inc,
144A
8.000%
N/A
(b)
26,496,800
16,840
Land
O'
Lakes
Inc,
144A
7.250%
N/A
(b)
13,219,400
9,260
Land
O'
Lakes
Inc,
144A
7.000%
N/A
(b)
6,991,300
Total
Food,
Beverage
&
Tobacco
56,802,650
Insurance
-
13.3%
(8.4%
of
Total
Investments)
3,598
ACE
Capital
Trust
II
9.700%
4/01/30
4,220,997
1,895
(d)
Aegon
NV
5.500%
4/11/48
1,830,702
9,010
(e)
American
International
Group
Inc
5.750%
4/01/48
8,939,346
2,299
(e)
Aon
Corp
8.205%
1/01/27
2,487,206
17,894
(e)
Assurant
Inc
7.000%
3/27/48
18,228,027
14,909
(e)
Assured
Guaranty
Municipal
Holdings
Inc,
144A
6.400%
12/15/66
13,541,249
3,725
(e)
AXIS
Specialty
Finance
LLC
4.900%
1/15/40
3,198,970
14,208
Enstar
Finance
LLC
5.500%
1/15/42
12,545,437
5,695
Enstar
Finance
LLC
5.750%
9/01/40
5,461,326
30,860
(e)
Liberty
Mutual
Group
Inc,
144A
7.800%
3/15/37
31,306,452
21,555
(e)
Markel
Group
Inc
6.000%
N/A
(b)
21,309,480
3,000
MetLife
Inc
10.750%
8/01/39
4,065,648
43,519
(e)
MetLife
Inc,
144A
9.250%
4/08/38
50,078,358
15,160
(d)
MetLife
Inc
3.850%
N/A
(b)
14,501,721
20,900
(e)
MetLife
Inc,
144A
7.875%
12/15/37
22,572,961
2,215
MetLife
Inc
5.875%
N/A
(b)
2,191,684
36,819
(e)
Nationwide
Financial
Services
Inc
6.750%
5/15/37
36,018,271
8,185
(e)
PartnerRe
Finance
B
LLC
4.500%
10/01/50
7,305,113
8,238
(e)
Provident
Financing
Trust
I
7.405%
3/15/38
9,193,948
7,370
Prudential
Financial
Inc
3.700%
10/01/50
6,479,218
3,000
Prudential
Financial
Inc
6.000%
9/01/52
2,987,761
2,890
Prudential
Financial
Inc
5.125%
3/01/52
2,698,513
3,900
QBE
Insurance
Group
Ltd,
144A
5.875%
N/A
(b)
3,839,653
Principal
Amount
(000)
/Shares
Description
(a)
Coupon
Maturity
Value
Insurance
(continued)
$
34,725
QBE
Insurance
Group
Ltd,
Reg
S
6.750%
12/02/44
$
34,661,314
10,440
SBL
Holdings
Inc,
144A
6.500%
N/A
(b)
6,604,119
11,975
(e)
SBL
Holdings
Inc,
144A
7.000%
N/A
(b)
8,082,888
Total
Insurance
334,350,362
Media
&
Entertainment
-
0.1%
(0.1%
of
Total
Investments)
4,065
Paramount
Global
6.375%
3/30/62
3,630,309
Total
Media
&
Entertainment
3,630,309
Technology
Hardware
&
Equipment
-
0.1%
(0.0%
of
Total
Investments)
2,315
Vodafone
Group
PLC
4.125%
6/04/81
2,008,145
Total
Technology
Hardware
&
Equipment
2,008,145
Telecommunication
Services
-
1.0%
(0.6%
of
Total
Investments)
24,020
(e)
Vodafone
Group
PLC
7.000%
4/04/79
24,822,580
Total
Telecommunication
Services
24,822,580
Utilities
-
6.3%
(4.1%
of
Total
Investments)
5,020
AES
Andes
SA,
144A
6.350%
10/07/79
4,746,009
2,555
AES
Andes
SA,
144A
7.125%
3/26/79
2,450,756
10,915
American
Electric
Power
Co
Inc
3.875%
2/15/62
9,597,063
16,200
(e)
CMS
Energy
Corp
3.750%
12/01/50
13,084,542
1,285
(d)
CMS
Energy
Corp
4.750%
6/01/50
1,163,365
32,149
(d)
Duke
Energy
Corp
4.875%
N/A
(b)
31,787,899
2,000
Duke
Energy
Corp
3.250%
1/15/82
1,633,070
4,680
Edison
International
5.000%
N/A
(b)
4,447,147
1,155
Edison
International
5.375%
N/A
(b)
1,111,265
38,805
(e)
Emera
Inc
6.750%
6/15/76
38,024,969
13,190
Sempra
4.875%
N/A
(b)
12,928,508
8,976
Sempra
4.125%
4/01/52
7,902,470
6,440
Southern
Co/The
4.000%
1/15/51
6,189,109
12,725
(d)
Vistra
Corp,
144A
8.000%
N/A
(b)
12,688,691
7,365
Vistra
Corp,
144A
8.875%
N/A
(b)
7,585,950
1,745
Vistra
Corp,
144A
7.000%
N/A
(b)
1,692,650
Total
Utilities
157,033,463
Total
$1,000
Par
(or
similar)
Institutional
Preferred
(cost
$2,121,124,565)
2,082,675,430
Principal
Amount
(000)
Description
(a)
,(f)
Coupon
Maturity
Value
X
–
CONTINGENT
CAPITAL
SECURITIES
-
48
.1
%
(
30
.4
%
of
Total
Investments)
X
1,210,166,337
Banks
-
40.0%
(25.3%
of
Total
Investments)
$
4,825
Australia
&
New
Zealand
Banking
Group
Ltd/United
Kingdom,
144A
6.750%
N/A
(b)
$
4,861,573
17,520
(e)
Banco
Bilbao
Vizcaya
Argentaria
SA
6.125%
N/A
(b)
15,904,363
18,695
(d)
Banco
Bilbao
Vizcaya
Argentaria
SA
9.375%
N/A
(b)
19,822,664
30,215
(d)
Banco
Bilbao
Vizcaya
Argentaria
SA
6.500%
N/A
(b)
29,534,322
5,440
(e)
Banco
Mercantil
del
Norte
SA/Grand
Cayman,
144A
7.500%
N/A
(b)
5,185,079
3,120
(e)
Banco
Mercantil
del
Norte
SA/Grand
Cayman,
144A
7.625%
N/A
(b)
3,045,900
13,400
Banco
Santander
SA
9.625%
N/A
(b)
14,371,500
21,705
Banco
Santander
SA
4.750%
N/A
(b)
18,674,055
13,450
Barclays
PLC
9.625%
N/A
(b)
13,852,733
36,930
(d)
Barclays
PLC
8.000%
N/A
(b)
36,769,089
30,085
Barclays
PLC
8.000%
N/A
(b)
29,101,560
25,070
Barclays
PLC
6.125%
N/A
(b)
23,761,093
17,370
BNP
Paribas
SA,
144A
7.750%
N/A
(b)
17,544,447
10,000
BNP
Paribas
SA,
Reg
S
7.375%
N/A
(b)
10,006,080
Nuveen
Preferred
&
Income
Opportunities
Fund
(continued)
Portfolio
of
Investments
January
31,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a),(f)
Coupon
Maturity
Value
Banks
(continued)
$
26,000
BNP
Paribas
SA,
144A
4.625%
N/A
(b)
$
23,117,861
25,855
(d)
BNP
Paribas
SA,
144A
8.500%
N/A
(b)
26,771,767
9,230
BNP
Paribas
SA,
144A
6.625%
N/A
(b)
9,216,190
7,595
BNP
Paribas
SA,
144A
7.000%
N/A
(b)
7,392,749
43,635
BNP
Paribas
SA,
144A
7.375%
N/A
(b)
43,661,530
12,650
(e)
BNP
Paribas
SA,
144A
9.250%
N/A
(b)
13,473,325
4,466
(e)
Credit
Agricole
SA,
Reg
S
8.125%
N/A
(b)
4,577,650
3,925
Credit
Agricole
SA,
144A
4.750%
N/A
(b)
3,354,953
45,870
(e)
Credit
Agricole
SA,
144A
8.125%
N/A
(b)
47,016,750
30,405
(d)
HSBC
Holdings
PLC
8.000%
N/A
(b)
31,645,250
36,120
(e)
HSBC
Holdings
PLC
6.000%
N/A
(b)
34,127,303
3,000
HSBC
Holdings
PLC
4.600%
N/A
(b)
2,487,882
37,564
(d)
HSBC
Holdings
PLC
6.375%
N/A
(b)
37,227,303
9,720
ING
Groep
NV,
Reg
S
7.500%
N/A
(b)
9,624,822
30,760
(d)
ING
Groep
NV
5.750%
N/A
(b)
28,924,387
36,830
(d)
ING
Groep
NV
6.500%
N/A
(b)
36,007,490
11,650
ING
Groep
NV,
Reg
S
6.750%
N/A
(b)
11,620,875
27,010
(d)
Intesa
Sanpaolo
SpA,
144A
7.700%
N/A
(b)
26,582,280
21,165
Lloyds
Banking
Group
PLC
7.500%
N/A
(b)
20,657,019
55,878
(e)
Lloyds
Banking
Group
PLC
7.500%
N/A
(b)
55,340,103
13,875
Lloyds
Banking
Group
PLC
8.000%
N/A
(b)
13,603,157
4,500
Lloyds
Banking
Group
PLC
6.750%
N/A
(b)
4,382,045
9,005
(e)
Macquarie
Bank
Ltd/London,
144A
6.125%
N/A
(b)
8,570,755
23,805
(e)
NatWest
Group
PLC
8.000%
N/A
(b)
23,894,983
43,938
(d)
NatWest
Group
PLC
6.000%
N/A
(b)
42,803,745
17,060
Nordea
Bank
Abp,
144A
6.625%
N/A
(b)
16,863,810
35,090
(e)
Nordea
Bank
Abp,
144A
6.125%
N/A
(b)
34,907,841
2,820
Societe
Generale
SA,
144A
4.750%
N/A
(b)
2,490,587
4,550
Societe
Generale
SA,
144A
5.375%
N/A
(b)
3,717,540
59,768
(e)
Societe
Generale
SA,
144A
8.000%
N/A
(b)
59,979,041
14,545
Societe
Generale
SA,
144A
9.375%
N/A
(b)
15,093,783
26,365
Societe
Generale
SA,
144A
10.000%
N/A
(b)
28,128,739
2,066
Societe
Generale
SA,
144A
6.750%
N/A
(b)
1,845,393
3,046
Standard
Chartered
PLC,
144A
6.000%
N/A
(b)
3,009,647
7,585
Standard
Chartered
PLC,
144A
7.750%
N/A
(b)
7,711,328
23,550
UniCredit
SpA,
Reg
S
8.000%
N/A
(b)
23,491,125
Total
Banks
1,005,755,466
Financial
Services
-
8.1%
(5.1%
of
Total
Investments)
35,075
Deutsche
Bank
AG
6.000%
N/A
(b)
31,757,957
21,600
Deutsche
Bank
AG
7.500%
N/A
(b)
20,845,432
5,600
Deutsche
Bank
AG,
Reg
S
4.789%
N/A
(b)
4,981,379
51,160
UBS
Group
AG,
Reg
S
6.875%
N/A
(b)
50,516,203
23,385
UBS
Group
AG,
144A
9.250%
N/A
(b)
25,014,677
20,465
UBS
Group
AG,
144A
9.250%
N/A
(b)
22,294,796
18,000
(e)
UBS
Group
AG,
144A
4.875%
N/A
(b)
16,242,244
13,675
UBS
Group
AG,
Reg
S
7.000%
N/A
(b)
13,623,719
10,800
UBS
Group
AG,
Reg
S
5.125%
N/A
(b)
10,192,500
10,000
(e)
UBS
Group
AG,
Reg
S
3.875%
N/A
(b)
8,941,964
Total
Financial
Services
204,410,871
Total
Contingent
Capital
Securities
(cost
$1,208,430,384)
1,210,166,337
Shares
Description
(a)
Coupon
Value
X
–
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
19
.9
%
(
12
.6
%
of
Total
Investments)
X
500,747,217
Banks
-
4.9%
(3.1%
of
Total
Investments)
107,564
CoBank
ACB
6.200%
$
10,553,104
174,700
(e)
Farm
Credit
Bank
of
Texas,
144A
9.656%
17,644,700
304,913
Fifth
Third
Bancorp
9.302%
7,814,920
50,000
Fifth
Third
Bancorp
4.950%
1,137,500
11,474
JPMorgan
Chase
&
Co
5.750%
285,014
825,668
KeyCorp
6.125%
19,758,235
659,461
KeyCorp
6.200%
14,738,954
369,170
New
York
Community
Bancorp
Inc
6.375%
7,479,384
490,729
Regions
Financial
Corp
6.375%
11,959,066
517,064
Regions
Financial
Corp
5.700%
11,582,234
16,839
Regions
Financial
Corp
4.450%
304,281
442,673
Synovus
Financial
Corp
5.875%
10,509,057
72,519
Truist
Financial
Corp
4.750%
1,560,609
149,400
Western
Alliance
Bancorp
4.250%
2,571,174
176,055
Wintrust
Financial
Corp
6.875%
4,325,671
Total
Banks
122,223,903
Capital
Goods
-
0.4%
(0.3%
of
Total
Investments)
219,386
Air
Lease
Corp
6.150%
5,467,099
184,000
WESCO
International
Inc
10.625%
4,933,040
Total
Capital
Goods
10,400,139
Energy
-
1.2%
(0.8%
of
Total
Investments)
65,300
Energy
Transfer
LP
7.600%
1,633,806
501,566
NuStar
Energy
LP
11.282%
12,890,246
311,800
NuStar
Energy
LP
12.405%
8,050,676
316,377
NuStar
Logistics
LP
12.310%
8,181,510
Total
Energy
30,756,238
Equity
Real
Estate
Investment
Trusts
(REITs)
-
1.2%
(0.7%
of
Total
Investments)
85,281
Prologis
Inc
8.540%
4,673,569
304,180
Public
Storage
4.000%
5,797,671
203,213
Public
Storage
5.600%
5,139,257
196,121
Public
Storage
4.625%
4,332,313
164,995
Public
Storage
4.750%
3,657,939
137,960
(d)
Public
Storage
4.000%
2,607,444
112,196
Public
Storage
4.125%
2,186,700
49,813
Public
Storage
4.100%
971,851
29,932
Public
Storage
3.875%
536,681
18,628
Public
Storage
3.950%
338,471
14,377
Public
Storage
4.700%
314,137
7,735
Public
Storage
3.900%
139,926
3,000
Public
Storage
5.150%
74,070
Total
Equity
Real
Estate
Investment
Trusts
(REITs)
30,770,029
Financial
Services
-
4.1%
(2.5%
of
Total
Investments)
146,670
(d)
Capital
One
Financial
Corp
5.000%
2,980,335
131,816
Capital
One
Financial
Corp
4.800%
2,555,912
35,878
Capital
One
Financial
Corp
4.250%
633,964
381,058
Equitable
Holdings
Inc
5.250%
8,489,972
145,721
Equitable
Holdings
Inc
4.300%
2,471,428
68,813
Federal
Agricultural
Mortgage
Corp
6.000%
1,720,325
842,201
Morgan
Stanley
5.850%
20,802,365
746,004
Morgan
Stanley
6.875%
18,888,821
724,723
Morgan
Stanley
7.125%
18,400,717
116,785
Morgan
Stanley
6.375%
2,930,136
79,400
Morgan
Stanley
6.500%
2,116,804
79,774
Northern
Trust
Corp
4.700%
1,767,792
66,696
State
Street
Corp
5.900%
1,679,405
Nuveen
Preferred
&
Income
Opportunities
Fund
(continued)
Portfolio
of
Investments
January
31,
2024
(Unaudited)
Shares
Description
(a)
Coupon
Value
Financial
Services
(continued)
24,793
State
Street
Corp
5.350%
$
600,238
144,314
Synchrony
Financial
5.625%
2,786,703
494,554
Voya
Financial
Inc
5.350%
11,829,732
Total
Financial
Services
100,654,649
Food,
Beverage
&
Tobacco
-
1.7%
(1.1%
of
Total
Investments)
711,041
CHS
Inc
6.750%
17,704,921
577,198
CHS
Inc
7.100%
14,747,409
167,770
CHS
Inc
7.875%
4,382,152
56,400
(e)
Dairy
Farmers
of
America
Inc,
144A
7.875%
5,442,600
Total
Food,
Beverage
&
Tobacco
42,277,082
Insurance
-
4.8%
(3.0%
of
Total
Investments)
753,900
(e)
American
Equity
Investment
Life
Holding
Co
5.950%
17,437,707
334,249
American
Equity
Investment
Life
Holding
Co
6.625%
8,419,733
21,825
American
International
Group
Inc
5.850%
536,240
462,365
(e)
Aspen
Insurance
Holdings
Ltd
9.652%
11,896,652
124,080
(d)
Aspen
Insurance
Holdings
Ltd
5.625%
2,688,814
96,786
Assurant
Inc
5.250%
1,998,631
876,205
Athene
Holding
Ltd
6.350%
20,836,155
621,947
Athene
Holding
Ltd
6.375%
15,511,358
206,658
Athene
Holding
Ltd
7.750%
5,383,441
80,000
Axis
Capital
Holdings
Ltd
5.500%
1,786,400
63,400
Delphi
Financial
Group
Inc
8.831%
1,526,672
342,645
Enstar
Group
Ltd
7.000%
8,716,889
219,645
Maiden
Holdings
North
America
Ltd
7.750%
3,940,431
152,845
Prudential
Financial
Inc
5.950%
3,998,425
2,847
Prudential
Financial
Inc
4.125%
58,762
207,319
Reinsurance
Group
of
America
Inc
7.125%
5,444,197
300,532
Reinsurance
Group
of
America
Inc
5.750%
7,672,582
88,536
Selective
Insurance
Group
Inc
4.600%
1,601,616
41,233
W
R
Berkley
Corp
4.250%
887,334
17,555
W
R
Berkley
Corp
5.700%
437,997
20,000
W
R
Berkley
Corp
4.125%
387,400
8,091
(d)
W
R
Berkley
Corp
5.100%
188,520
Total
Insurance
121,355,956
Telecommunication
Services
-
0.6%
(0.4%
of
Total
Investments)
686,314
(e)
AT&T
Inc
4.750%
14,467,499
20,680
AT&T
Inc
5.000%
459,096
5,341
AT&T
Inc
5.625%
133,525
Total
Telecommunication
Services
15,060,120
Utilities
-
1.0%
(0.7%
of
Total
Investments)
69,380
CMS
Energy
Corp
5.875%
1,712,992
17,738
CMS
Energy
Corp
5.875%
439,193
8,518
CMS
Energy
Corp
4.200%
176,834
2,126
CMS
Energy
Corp
5.625%
52,533
281,710
DTE
Energy
Co
5.250%
6,665,259
101,578
DTE
Energy
Co
4.375%
2,178,848
74,168
(d)
DTE
Energy
Co
4.375%
1,536,761
204,489
NextEra
Energy
Capital
Holdings
Inc
5.650%
5,179,706
55,656
NiSource
Inc
6.500%
1,405,314
196,322
Southern
Co/The
4.950%
4,613,567
86,891
Southern
Co/The
5.250%
2,107,976
56,928
Southern
Co/The
4.200%
1,180,118
Total
Utilities
27,249,101
Total
$25
Par
(or
similar)
Retail
Preferred
(cost
$520,714,275)
500,747,217
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X
–
CORPORATE
BONDS
-
6
.4
%
(
4
.1
%
of
Total
Investments)
X
161,289,168
Banks
-
1.0%
(0.6%
of
Total
Investments)
$
24,100
Standard
Chartered
PLC,
144A
7.014%
1/25/70
$
24,652,092
Total
Banks
24,652,092
Energy
-
0.3%
(0.2%
of
Total
Investments)
5,900
BP
Capital
Markets
PLC
4.375%
9/22/72
5,774,581
1,900
Enbridge
Inc
8.250%
1/15/84
1,966,669
Total
Energy
7,741,250
Equity
Real
Estate
Investment
Trusts
(REITs)
-
0.7%
(0.4%
of
Total
Investments)
10,229
Credit
Suisse
Group
AG
7.250%
3/12/72
1,125,190
9,090
Credit
Suisse
Group
AG
6.380%
2/21/72
999,900
16,100
(e)
Scentre
Group
Trust
2,
144A
5.125%
9/24/80
14,739,040
Total
Equity
Real
Estate
Investment
Trusts
(REITs)
16,864,130
Financial
Services
-
0.8%
(0.5%
of
Total
Investments)
18,750
Credit
Suisse
Group
AG
0.000%
1/17/72
2,062,500
2,000
Credit
Suisse
Group
AG
7.500%
6/11/72
220,000
7,500
Depository
Trust
&
Clearing
Corp/The,
144A
3.375%
12/20/72
6,363,023
12,800
Scentre
Group
Trust
2,
144A
4.750%
9/24/80
12,176,772
Total
Financial
Services
20,822,295
Insurance
-
3.6%
(2.3%
of
Total
Investments)
12,400
(e)
Allianz
SE,
Reg
S
3.500%
4/30/72
11,225,727
10,500
Allianz
SE,
144A
3.500%
4/30/72
9,505,656
6,210
Argentum
Netherlands
BV
for
Swiss
Re
Ltd,
Reg
S
5.750%
8/15/50
6,147,900
2,100
Argentum
Netherlands
BV
for
Swiss
Re
Ltd,
Reg
S
5.625%
8/15/52
2,058,689
1,550
Cloverie
PLC
for
Zurich
Insurance
Co
Ltd,
Reg
S
5.625%
6/24/46
1,543,909
8,455
Credit
Suisse
Group
AG
7.500%
1/17/72
930,050
2,670
Fidelis
Insurance
Holdings
Ltd,
144A
6.625%
4/01/41
2,616,600
7,900
Legal
&
General
Group
PLC,
Reg
S
5.250%
3/21/47
7,660,156
6,150
(e)
Liberty
Mutual
Insurance
Co,
144A
7.697%
10/15/97
6,780,653
2,000
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen,
Reg
S
5.875%
5/23/42
2,023,500
5,000
QBE
Insurance
Group
Ltd,
Reg
S
5.875%
6/17/46
4,913,421
8,700
Willow
No
2
Ireland
PLC
for
Zurich
Insurance
Co
Ltd,
Reg
S
4.250%
10/01/45
8,402,025
23,794
Zurich
Finance
Ireland
Designated
Activity
Co,
Reg
S
3.000%
4/19/51
19,351,565
8,000
Zurich
Finance
Ireland
Designated
Activity
Co,
Reg
S
3.500%
5/02/52
6,564,000
Total
Insurance
89,723,851
Software
&
Services
-
0.0%
(0.1%
of
Total
Investments)
13,505
Credit
Suisse
Group
AG
7.500%
6/11/72
1,485,550
Total
Software
&
Services
1,485,550
Total
Corporate
Bonds
(cost
$224,444,254)
161,289,168
Shares
Description
(a)
Coupon
Value
X
–
CONVERTIBLE
PREFERRED
SECURITIES
-
0
.9
%
(
0
.5
%
of
Total
Investments)
X
21,581,494
Banks
-
0.9%
(0.5%
of
Total
Investments)
5,849
Bank
of
America
Corp
7.250%
$
7,123,204
11,949
Wells
Fargo
&
Co
7.500%
14,458,290
Total
Banks
21,581,494
Total
Convertible
Preferred
Securities
(cost
$24,885,225)
21,581,494
Nuveen
Preferred
&
Income
Opportunities
Fund
(continued)
Portfolio
of
Investments
January
31,
2024
(Unaudited)
A
Investments
in
Derivatives
Shares
Description
(a)
Value
X
–
COMMON
STOCKS
-
0
.0
%
(
0
.0
%
of
Total
Investments)
X
5,647
Materials
-
0.0%
(0.0%
of
Total
Investments)
60
LyondellBasell
Industries
NV,
Class
A
$
5,647
Total
Materials
5,647
Total
Common
Stocks
(cost
$–)
5,647
Total
Long-Term
Investments
(cost
$4,099,598,703)
3,976,465,293
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
0.1% (0.1%
of
Total
Investments)
–
REPURCHASE
AGREEMENTS
-
0
.1
%
(
0
.1
%
of
Total
Investments)
X
2,520,000
$
2,520
(g)
Fixed
Income
Clearing
Corp
(FICC)
5.290%
2/01/24
$
2,520,000
Total
Repurchase
Agreements
(cost
$2,520,000)
2,520,000
Total
Short-Term
Investments
(cost
$2,520,000)
2,520,000
Total
Investments
(cost
$
4,102,118,703
)
-
158
.2
%
3,978,985,293
Borrowings
-
(27.6)%
(h),(i)
(
695,000,000
)
Reverse
Repurchase
Agreements,
including
accrued
interest
-
(16.6)%(j)
(
416,718,618
)
TFP
Shares,
Net
-
(16.6)%(k)
(
418,368,245
)
Other
Assets
&
Liabilities,
Net
- 2.6%
66,306,155
Net
Assets
Applicable
to
Common
Shares
-
100%
$
2,515,204,585
Interest
Rate
Swaps
-
OTC
Uncleared
Counterparty
Notional
Amount
Fund
Pay/Receive
Floating
Rate
Floating
Rate
Index
Fixed
Rate
(Annualized)
Fixed
Rate
Payment
Frequency
Effective
Date
(l)
Optional
Termination
Date
Maturity
Date
Value
Unrealized
Appreciation
(Depreciation)
Morgan
Stanley
Capital
Services,
LLC
$
798,500,000
Receive
1-Month
LIBOR
1.994%
Monthly
6/01/18
7/01/25
7/01/27
$
27,906,620
$
27,906,620
Morgan
Stanley
Capital
Services,
LLC
138,000,000
Receive
1-Month
LIBOR
2.364%
Monthly
7/01/19
7/01/26
7/01/28
5,058,013
5,058,013
Total
$
32,964,633
Futures
Contracts
-
Long
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
U.S.
Treasury
10-Year
Note
444
3/24
$
48,476,481
$
49,873,688
$
1,397,207
U.S.
Treasury
Ultra
Bond
154
3/24
18,741,952
19,899,687
1,157,735
Total
$67,218,433
$69,773,375
$2,554,942
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
Perpetual
security.
Maturity
date
is
not
applicable.
(c)
Variable
rate
security.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(d)
Investment,
or
portion
of
investment,
is
hypothecated.
The
total
value
of
investments
hypothecated
as
of
the
end
of
the
reporting
period
was
$637,645,896.
(e)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
reverse
repurchase
agreements.
As
of
the
end
of
the
reporting
period,
investments
with
a
value
of
$462,469,073
have
been
pledged
as
collateral
for
reverse
repurchase
agreements.
(f)
Contingent
Capital
Securities
(“CoCos”)
are
hybrid
securities
with
loss
absorption
characteristics
built
into
the
terms
of
the
security
for
the
benefit
of
the
issuer.
For
example,
the
terms
may
specify
an
automatic
write-down
of
principal
or
a
mandatory
conversion
into
the
issuer’s
common
stock
under
certain
adverse
circumstances,
such
as
the
issuer’s
capital
ratio
falling
below
a
specified
level.
(g)
Agreement
with
Fixed
Income
Clearing
Corporation,
5.290%
dated
1/31/24
to
be
repurchased
at
$2,520,000
on
2/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
3.875%
and
maturity
date
5/15/43,
valued
at
$2,570,439.
(h)
Borrowings
as
a
percentage
of
Total
Investments
is
17.5%.
(i)
The
Fund
may
pledge
up
to
100%
of
its
eligible
investments
(excluding
any
investments
separately
pledged
as
collateral
for
specific
investments
in
derivatives,
when
applicable)
in
the
Portfolio
of
Investments
as
collateral
for
borrowings.
As
of
the
end
of
the
reporting
period,
investments
with
a
value
of
$1,861,432,429
have
been
pledged
as
collateral
for
borrowings.
(j)
Reverse
Repurchase
Agreements,
including
accrued
interest
as
a
percentage
of
Total
investments
is
10.5%.
(k)
TFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
10.5%.
(l)
Effective
date
represents
the
date
on
which
both
the
Fund
and
counterparty
commence
interest
payment
accruals
on
each
contract.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
LIBOR
London
Inter-Bank
Offered
Rate
Reg
S
Regulation
S
allows
U.S.
companies
to
sell
securities
to
persons
or
entities
located
outside
of
the
United
States
without
registering
those
securities
with
the
Securities
and
Exchange
Commission.
Specifically,
Regulation
S
provides
a
safe
harbor
from
the
registration
requirements
of
the
Securities
Act
for
the
offers
and
sales
of
securities
by
both
foreign
and
domestic
issuers
that
are
made
outside
the
United
States.
REIT
Real
Estate
Investment
Trust
TSFR
3M
CME
Term
SOFR
3
Month
See
Notes
to
Financial
Statements
Nuveen
Preferred
and
Income
Term
Fund
Portfolio
of
Investments
January
31,
2024
(Unaudited)
Principal
Amount
(000)
/Shares
Description
(a)
Coupon
Maturity
Value
LONG-TERM
INVESTMENTS
-
154.7%
(100.0%
of
Total
Investments)
X
–
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
79
.5
%
(
51
.4
%
of
Total
Investments)
X
351,588,737
Automobiles
&
Components
-
2.3%
(1.5%
of
Total
Investments)
$
7,233
General
Motors
Financial
Co
Inc
5.750%
N/A
(b)
$
6,520,413
3,900
General
Motors
Financial
Co
Inc
5.700%
N/A
(b)
3,587,512
Total
Automobiles
&
Components
10,107,925
Banks
-
34.8%
(22.5%
of
Total
Investments)
5,000
Bank
of
America
Corp
5.875%
N/A
(b)
4,850,000
3,150
Bank
of
America
Corp
6.300%
N/A
(b)
3,151,260
1,960
Bank
of
America
Corp
6.100%
N/A
(b)
1,958,789
3,290
Bank
of
America
Corp
6.250%
N/A
(b)
3,277,289
3,620
(c)
Bank
of
America
Corp
6.500%
N/A
(b)
3,626,715
1,970
Bank
of
America
Corp
4.375%
N/A
(b)
1,798,970
2,000
Bank
of
America
Corp
6.125%
N/A
(b)
1,991,601
1,600
Bank
of
Nova
Scotia/The
8.000%
1/27/84
1,625,347
4,325
(c)
Citigroup
Inc
6.300%
N/A
(b)
4,296,804
2,870
(d)
Citigroup
Inc
6.250%
N/A
(b)
2,854,573
1,315
(d)
Citigroup
Inc
7.375%
N/A
(b)
1,337,045
5,885
Citigroup
Inc
7.625%
N/A
(b)
6,016,539
6,465
(c)
Citigroup
Inc
5.000%
N/A
(b)
6,373,268
7,308
(c)
Citigroup
Inc
5.950%
N/A
(b)
7,211,605
1,695
Citigroup
Inc
4.150%
N/A
(b)
1,510,631
1,070
Citizens
Financial
Group
Inc
4.000%
N/A
(b)
946,950
880
Citizens
Financial
Group
Inc
6.375%
N/A
(b)
833,472
4,805
(c)
CoBank
ACB
6.450%
N/A
(b)
4,716,107
1,180
Farm
Credit
Bank
of
Texas,
144A
6.200%
N/A
(b)
1,079,700
2,270
Farm
Credit
Bank
of
Texas,
144A
5.700%
N/A
(b)
2,156,500
1,065
Fifth
Third
Bancorp
4.500%
N/A
(b)
1,006,347
275
(e)
Fifth
Third
Bancorp
(TSFR3M
reference
rate
+
3.295%
spread)
8.625%
N/A
(b)
268,540
4,835
(e)
First
Citizens
BancShares
Inc/NC
(TSFR3M
reference
rate
+
4.234%
spread)
9.618%
N/A
(b)
4,929,413
860
Goldman
Sachs
Group
Inc/The
3.800%
N/A
(b)
781,812
850
Goldman
Sachs
Group
Inc/The
4.400%
N/A
(b)
807,490
2,121
HSBC
Capital
Funding
Dollar
1
LP,
144A
10.176%
N/A
(b)
2,683,684
5,740
Huntington
Bancshares
Inc/OH
5.625%
N/A
(b)
5,296,101
9,892
(e)
JPMorgan
Chase
&
Co
(TSFR3M
reference
rate
+
4.042%
spread)
9.348%
N/A
(b)
9,968,218
985
JPMorgan
Chase
&
Co
3.650%
N/A
(b)
907,795
5,800
(d)
JPMorgan
Chase
&
Co
5.000%
N/A
(b)
5,746,150
1,715
JPMorgan
Chase
&
Co
6.100%
N/A
(b)
1,717,039
1,390
KeyCorp
5.000%
N/A
(b)
1,243,164
2,785
M&T
Bank
Corp
5.125%
N/A
(b)
2,540,117
1,340
M&T
Bank
Corp
3.500%
N/A
(b)
1,072,000
1,570
M&T
Bank
Corp
6.450%
N/A
(b)
1,563,486
945
PNC
Financial
Services
Group
Inc/The
6.200%
N/A
(b)
925,612
1,407
PNC
Financial
Services
Group
Inc/The
5.000%
N/A
(b)
1,340,089
1,760
PNC
Financial
Services
Group
Inc/The
6.000%
N/A
(b)
1,682,331
4,315
(d)
PNC
Financial
Services
Group
Inc/The
6.250%
N/A
(b)
4,098,781
2,130
PNC
Financial
Services
Group
Inc/The
3.400%
N/A
(b)
1,833,519
2,755
(e)
PNC
Financial
Services
Group
Inc/The
(TSFR3M
reference
rate
+
3.302%
spread)
8.679%
N/A
(b)
2,762,378
1,625
Regions
Financial
Corp
5.750%
N/A
(b)
1,593,573
2,490
Toronto-Dominion
Bank/The
8.125%
10/31/82
2,586,186
Principal
Amount
(000)
/Shares
Description
(a)
Coupon
Maturity
Value
Banks
(continued)
$
1,805
(d),(e)
Truist
Financial
Corp
(TSFR3M
reference
rate
+
3.364%
spread)
8.748%
N/A
(b)
$
1,817,240
9,045
(c),(d)
Truist
Financial
Corp
4.800%
N/A
(b)
8,633,453
3,270
Truist
Financial
Corp
5.100%
N/A
(b)
3,016,268
1,230
(d)
Wells
Fargo
&
Co
7.950%
11/15/29
1,383,102
5,150
(c)
Wells
Fargo
&
Co
3.900%
N/A
(b)
4,825,530
5,638
(c)
Wells
Fargo
&
Co
5.875%
N/A
(b)
5,602,735
5,605
Wells
Fargo
&
Co
7.625%
N/A
(b)
5,871,394
3,256
Wells
Fargo
&
Co
5.900%
N/A
(b)
3,250,990
465
(d),(e)
Zions
Bancorp
NA
(3-Month
LIBOR
reference
rate
+
4.440%
spread)
10.086%
N/A
(b)
456,544
Total
Banks
153,824,246
Capital
Goods
-
4.1%
(2.6%
of
Total
Investments)
7,045
(d)
AerCap
Global
Aviation
Trust,
144A
6.500%
6/15/45
7,000,914
1,915
AerCap
Holdings
NV
5.875%
10/10/79
1,902,039
2,045
Air
Lease
Corp
4.650%
N/A
(b)
1,890,573
7,362
(d)
ILFC
E-Capital
Trust
I,
144A
7.436%
12/21/65
5,829,840
1,855
(d)
ILFC
E-Capital
Trust
I,
144A
7.186%
12/21/65
1,432,487
Total
Capital
Goods
18,055,853
Energy
-
3.5%
(2.3%
of
Total
Investments)
3,520
(d)
Enbridge
Inc
5.750%
7/15/80
3,292,440
2,440
Enbridge
Inc
8.500%
1/15/84
2,608,592
1,905
Enbridge
Inc
7.625%
1/15/83
1,925,231
1,245
Enbridge
Inc
5.500%
7/15/77
1,159,479
690
Enbridge
Inc
6.000%
1/15/77
664,063
1,590
(d)
Energy
Transfer
LP
6.500%
N/A
(b)
1,536,383
845
Energy
Transfer
LP
8.000%
5/15/54
874,423
345
(d)
Energy
Transfer
LP
7.125%
N/A
(b)
333,494
1,650
(d)
Transcanada
Trust
5.600%
3/07/82
1,448,535
1,225
(d)
Transcanada
Trust
5.500%
9/15/79
1,091,099
655
Transcanada
Trust
5.875%
8/15/76
629,237
Total
Energy
15,562,976
Financial
Services
-
11.4%
(7.4%
of
Total
Investments)
1,980
Ally
Financial
Inc
4.700%
N/A
(b)
1,604,715
2,570
Ally
Financial
Inc
4.700%
N/A
(b)
1,953,200
2,010
(d)
American
AgCredit
Corp,
144A
5.250%
N/A
(b)
1,879,350
2,350
American
Express
Co
3.550%
N/A
(b)
2,095,016
1,145
Bank
of
New
York
Mellon
Corp/The
4.700%
N/A
(b)
1,125,219
2,425
Capital
Farm
Credit
ACA,
144A
5.000%
N/A
(b)
2,291,625
2,205
(c)
Capital
One
Financial
Corp
3.950%
N/A
(b)
1,909,971
1,685
Charles
Schwab
Corp/The
4.000%
N/A
(b)
1,531,280
450
Charles
Schwab
Corp/The
5.000%
N/A
(b)
418,256
2,665
Charles
Schwab
Corp/The
5.375%
N/A
(b)
2,627,324
1,050
Compeer
Financial
ACA,
144A
4.875%
N/A
(b)
997,500
800
Discover
Financial
Services
5.500%
N/A
(b)
658,118
1,820
Discover
Financial
Services
6.125%
N/A
(b)
1,789,117
3,430
Equitable
Holdings
Inc
4.950%
N/A
(b)
3,341,784
3,195
Goldman
Sachs
Group
Inc/The
7.500%
N/A
(b)
3,355,929
4,127
(d)
Goldman
Sachs
Group
Inc/The
5.300%
N/A
(b)
4,092,912
950
(e)
Goldman
Sachs
Group
Inc/The
(TSFR3M
reference
rate
+
3.136%
spread)
8.505%
N/A
(b)
948,349
950
Goldman
Sachs
Group
Inc/The
4.125%
N/A
(b)
864,300
7,755
(d)
Goldman
Sachs
Group
Inc/The
5.500%
N/A
(b)
7,676,246
5,850
State
Street
Corp
6.700%
N/A
(b)
5,835,367
3,171
(c),(d)
Voya
Financial
Inc
7.748%
N/A
(b)
3,273,027
Total
Financial
Services
50,268,605
Nuveen
Preferred
and
Income
Term
Fund
(continued)
Portfolio
of
Investments
January
31,
2024
(Unaudited)
Principal
Amount
(000)
/Shares
Description
(a)
Coupon
Maturity
Value
Food,
Beverage
&
Tobacco
-
4.0%
(2.6%
of
Total
Investments)
$
2,250
Dairy
Farmers
of
America
Inc,
144A
7.125%
N/A
(b)
$
2,092,500
6,023
Land
O'
Lakes
Inc,
144A
7.000%
N/A
(b)
4,547,365
12,550
(c)
Land
O'
Lakes
Inc,
144A
8.000%
N/A
(b)
11,044,000
Total
Food,
Beverage
&
Tobacco
17,683,865
Insurance
-
12.7%
(8.2%
of
Total
Investments)
1,505
Aegon
NV
5.500%
4/11/48
1,453,935
1,447
(d)
American
International
Group
Inc
5.750%
4/01/48
1,435,653
8,580
(d)
Assurant
Inc
7.000%
3/27/48
8,740,163
10,595
(d)
Assured
Guaranty
Municipal
Holdings
Inc,
144A
6.400%
12/15/66
9,623,015
2,320
(d)
AXIS
Specialty
Finance
LLC
4.900%
1/15/40
1,992,379
1,540
Enstar
Finance
LLC
5.750%
9/01/40
1,476,812
1,505
(d)
Enstar
Finance
LLC
5.500%
1/15/42
1,328,891
4,755
(c)
Markel
Group
Inc
6.000%
N/A
(b)
4,700,839
3,440
(d)
MetLife
Inc,
144A
9.250%
4/08/38
3,958,490
1,525
MetLife
Inc
3.850%
N/A
(b)
1,458,781
1,095
(d)
MetLife
Inc
5.875%
N/A
(b)
1,083,474
2,335
(d)
PartnerRe
Finance
B
LLC
4.500%
10/01/50
2,083,987
2,544
Provident
Financing
Trust
I
7.405%
3/15/38
2,839,209
700
Prudential
Financial
Inc
3.700%
10/01/50
615,394
1,405
(d)
Prudential
Financial
Inc
5.125%
3/01/52
1,311,907
2,770
(d)
QBE
Insurance
Group
Ltd,
144A
5.875%
N/A
(b)
2,727,138
4,565
QBE
Insurance
Group
Ltd,
Reg
S
6.750%
12/02/44
4,556,628
6,695
(d)
SBL
Holdings
Inc,
144A
7.000%
N/A
(b)
4,518,992
600
SBL
Holdings
Inc,
144A
6.500%
N/A
(b)
379,547
Total
Insurance
56,285,234
Media
&
Entertainment
-
0.3%
(0.2%
of
Total
Investments)
1,660
Paramount
Global
6.375%
3/30/62
1,482,488
Total
Media
&
Entertainment
1,482,488
Technology
Hardware
&
Equipment
-
0.3%
(0.2%
of
Total
Investments)
1,290
Vodafone
Group
PLC
4.125%
6/04/81
1,119,010
Total
Technology
Hardware
&
Equipment
1,119,010
Telecommunication
Services
-
0.7%
(0.5%
of
Total
Investments)
3,180
(d)
Vodafone
Group
PLC
7.000%
4/04/79
3,286,253
Total
Telecommunication
Services
3,286,253
Utilities
-
5.4%
(3.4%
of
Total
Investments)
2,550
(d)
AES
Andes
SA,
144A
6.350%
10/07/79
2,410,821
1,240
(d)
AES
Andes
SA,
144A
7.125%
3/26/79
1,189,408
1,920
(d)
American
Electric
Power
Co
Inc
3.875%
2/15/62
1,688,168
570
(d)
CMS
Energy
Corp
4.750%
6/01/50
516,045
2,110
Edison
International
5.000%
N/A
(b)
2,005,017
930
Edison
International
5.375%
N/A
(b)
894,785
6,100
(d)
Emera
Inc
6.750%
6/15/76
5,977,382
2,365
Sempra
4.875%
N/A
(b)
2,318,114
1,785
(d)
Sempra
4.125%
4/01/52
1,571,514
1,935
Southern
Co/The
4.000%
1/15/51
1,859,616
1,250
Vistra
Corp,
144A
8.875%
N/A
(b)
1,287,500
1,135
Vistra
Corp,
144A
8.000%
N/A
(b)
1,131,762
1,095
Vistra
Corp,
144A
7.000%
N/A
(b)
1,062,150
Total
Utilities
23,912,282
Total
$1,000
Par
(or
similar)
Institutional
Preferred
(cost
$361,666,913)
351,588,737
Principal
Amount
(000)
Description
(a)
,(f)
Coupon
Maturity
Value
X
–
CONTINGENT
CAPITAL
SECURITIES
-
48
.6
%
(
31
.4
%
of
Total
Investments)
X
214,922,771
Banks
-
41.1%
(26.7%
of
Total
Investments)
$
1,470
Australia
&
New
Zealand
Banking
Group
Ltd/United
Kingdom,
144A
6.750%
N/A
(b)
$
1,481,143
3,010
Banco
Bilbao
Vizcaya
Argentaria
SA
6.125%
N/A
(b)
2,732,428
1,510
Banco
Bilbao
Vizcaya
Argentaria
SA
9.375%
N/A
(b)
1,601,082
6,020
(c)
Banco
Bilbao
Vizcaya
Argentaria
SA
6.500%
N/A
(b)
5,884,383
1,300
(d)
Banco
Mercantil
del
Norte
SA/Grand
Cayman,
144A
7.500%
N/A
(b)
1,239,081
2,930
(d)
Banco
Mercantil
del
Norte
SA/Grand
Cayman,
144A
7.625%
N/A
(b)
2,860,412
6,260
Banco
Santander
SA
4.750%
N/A
(b)
5,385,837
2,000
Banco
Santander
SA
9.625%
N/A
(b)
2,145,000
5,170
(d)
Barclays
PLC
8.000%
N/A
(b)
5,147,473
3,220
Barclays
PLC
9.625%
N/A
(b)
3,316,416
4,450
(c)
Barclays
PLC
6.125%
N/A
(b)
4,217,665
4,840
(d)
Barclays
PLC
8.000%
N/A
(b)
4,681,787
2,810
BNP
Paribas
SA,
144A
7.000%
N/A
(b)
2,735,171
2,745
BNP
Paribas
SA,
144A
7.375%
N/A
(b)
2,746,669
2,475
BNP
Paribas
SA,
144A
6.625%
N/A
(b)
2,471,297
1,360
BNP
Paribas
SA,
144A
9.250%
N/A
(b)
1,448,516
7,385
(c)
BNP
Paribas
SA,
144A
7.750%
N/A
(b)
7,459,168
4,895
BNP
Paribas
SA,
144A
8.500%
N/A
(b)
5,068,567
6,644
(c)
Credit
Agricole
SA,
144A
8.125%
N/A
(b)
6,810,100
1,050
(d)
Credit
Agricole
SA,
144A
4.750%
N/A
(b)
897,503
11,566
(c)
HSBC
Holdings
PLC
6.375%
N/A
(b)
11,462,330
7,165
(c)
HSBC
Holdings
PLC
6.000%
N/A
(b)
6,769,716
7,365
(c),(d)
HSBC
Holdings
PLC
8.000%
N/A
(b)
7,665,426
5,535
(c)
ING
Groep
NV
5.750%
N/A
(b)
5,204,697
4,270
(c)
ING
Groep
NV
6.500%
N/A
(b)
4,174,640
5,700
ING
Groep
NV,
Reg
S
6.750%
N/A
(b)
5,685,750
1,160
ING
Groep
NV,
Reg
S
7.500%
N/A
(b)
1,148,641
7,529
(d)
Intesa
Sanpaolo
SpA,
144A
7.700%
N/A
(b)
7,409,774
5,715
(c)
Lloyds
Banking
Group
PLC
7.500%
N/A
(b)
5,659,986
6,835
Lloyds
Banking
Group
PLC
7.500%
N/A
(b)
6,670,953
2,735
(d)
Lloyds
Banking
Group
PLC
8.000%
N/A
(b)
2,681,415
3,050
Macquarie
Bank
Ltd/London,
144A
6.125%
N/A
(b)
2,902,921
5,195
(c)
NatWest
Group
PLC
8.000%
N/A
(b)
5,214,637
5,020
(c)
NatWest
Group
PLC
6.000%
N/A
(b)
4,890,409
2,810
Nordea
Bank
Abp,
144A
6.625%
N/A
(b)
2,777,685
1,113
(d)
Societe
Generale
SA,
144A
6.750%
N/A
(b)
994,154
1,580
(d)
Societe
Generale
SA,
144A
4.750%
N/A
(b)
1,395,435
6,480
Societe
Generale
SA,
144A
9.375%
N/A
(b)
6,724,490
1,820
Societe
Generale
SA,
144A
8.000%
N/A
(b)
1,826,426
6,985
Societe
Generale
SA,
144A
10.000%
N/A
(b)
7,452,276
5,740
Standard
Chartered
PLC,
144A
7.750%
N/A
(b)
5,835,600
140
Standard
Chartered
PLC,
144A
6.000%
N/A
(b)
138,329
6,990
UniCredit
SpA,
Reg
S
8.000%
N/A
(b)
6,972,525
Total
Banks
181,987,913
Financial
Services
-
7.5%
(4.7%
of
Total
Investments)
9,885
(c)
Deutsche
Bank
AG
6.000%
N/A
(b)
8,950,176
1,400
Deutsche
Bank
AG
7.500%
N/A
(b)
1,351,093
200
Deutsche
Bank
AG,
Reg
S
4.789%
N/A
(b)
177,906
7,442
UBS
Group
AG,
Reg
S
7.000%
N/A
(b)
7,414,092
7,115
UBS
Group
AG,
Reg
S
6.875%
N/A
(b)
7,025,465
3,965
UBS
Group
AG,
144A
9.250%
N/A
(b)
4,241,317
3,465
UBS
Group
AG,
144A
9.250%
N/A
(b)
3,774,809
Total
Financial
Services
32,934,858
Total
Contingent
Capital
Securities
(cost
$215,168,277)
214,922,771
Nuveen
Preferred
and
Income
Term
Fund
(continued)
Portfolio
of
Investments
January
31,
2024
(Unaudited)
Shares
Description
(a)
Coupon
Value
X
–
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
25
.8
%
(
16
.7
%
of
Total
Investments)
X
113,895,903
Banks
-
7.3%
(4.7%
of
Total
Investments)
27,128
CoBank
ACB
6.200%
$
2,661,528
87,000
(d)
Farm
Credit
Bank
of
Texas,
144A
9.656%
8,787,000
98,863
(d)
Fifth
Third
Bancorp
9.302%
2,533,859
232,000
(c)
KeyCorp
6.200%
5,185,200
25,900
KeyCorp
6.125%
619,787
169,115
(d)
New
York
Community
Bancorp
Inc
6.375%
3,426,270
120,200
Regions
Financial
Corp
6.375%
2,929,274
57,838
Regions
Financial
Corp
5.700%
1,295,571
61,453
Synovus
Financial
Corp
5.875%
1,458,894
28,300
Wells
Fargo
&
Co
4.750%
588,074
43,000
(d)
Western
Alliance
Bancorp
4.250%
740,030
86,389
Wintrust
Financial
Corp
6.875%
2,122,578
Total
Banks
32,348,065
Capital
Goods
-
0.9%
(0.6%
of
Total
Investments)
114,543
(d)
Air
Lease
Corp
6.150%
2,854,412
41,600
(d)
WESCO
International
Inc
10.625%
1,115,296
Total
Capital
Goods
3,969,708
Energy
-
2.2%
(1.4%
of
Total
Investments)
33,200
Energy
Transfer
LP
7.600%
830,664
139,235
(d)
NuStar
Energy
LP
11.282%
3,578,340
125,403
NuStar
Energy
LP
12.405%
3,237,905
70,872
(d)
NuStar
Logistics
LP
12.310%
1,832,750
Total
Energy
9,479,659
Financial
Services
-
4.9%
(3.1%
of
Total
Investments)
105,500
(d)
Equitable
Holdings
Inc
5.250%
2,350,540
196,300
(c)
Morgan
Stanley
5.850%
4,848,610
101,372
Morgan
Stanley
7.125%
2,573,835
95,976
Morgan
Stanley
6.875%
2,430,112
93,300
Morgan
Stanley
6.375%
2,340,897
38,800
(d)
Morgan
Stanley
6.500%
1,034,408
66,500
Synchrony
Financial
5.625%
1,284,115
190,535
(c)
Voya
Financial
Inc
5.350%
4,557,597
Total
Financial
Services
21,420,114
Food,
Beverage
&
Tobacco
-
2.7%
(1.8%
of
Total
Investments)
168,229
(c)
CHS
Inc
7.100%
4,298,251
169,110
(c)
CHS
Inc
6.750%
4,210,839
61,800
CHS
Inc
7.875%
1,614,216
20,500
Dairy
Farmers
of
America
Inc,
144A
7.875%
1,978,250
Total
Food,
Beverage
&
Tobacco
12,101,556
Insurance
-
7.5%
(4.8%
of
Total
Investments)
241,300
(c)
American
Equity
Investment
Life
Holding
Co
5.950%
5,581,269
122,300
American
Equity
Investment
Life
Holding
Co
6.625%
3,080,737
231,598
(c)
Aspen
Insurance
Holdings
Ltd
9.652%
5,959,016
62,000
Aspen
Insurance
Holdings
Ltd
5.625%
1,343,540
45,000
(d)
Assurant
Inc
5.250%
929,250
159,300
(d)
Athene
Holding
Ltd
6.350%
3,788,154
115,100
Athene
Holding
Ltd
6.375%
2,870,594
123,400
(d)
Enstar
Group
Ltd
7.000%
3,139,296
146,800
(d)
Reinsurance
Group
of
America
Inc
5.750%
3,747,804
64,300
(d)
Reinsurance
Group
of
America
Inc
7.125%
1,688,518
43,200
(d)
Selective
Insurance
Group
Inc
4.600%
781,488
Total
Insurance
32,909,666
Shares
Description
(a)
Coupon
Value
Telecommunication
Services
-
0.2%
(0.2%
of
Total
Investments)
49,500
(d)
AT&T
Inc
4.750%
$
1,043,460
Total
Telecommunication
Services
1,043,460
Utilities
-
0.1%
(0.1%
of
Total
Investments)
24,700
(d)
NiSource
Inc
6.500%
623,675
Total
Utilities
623,675
Total
$25
Par
(or
similar)
Retail
Preferred
(cost
$117,588,893)
113,895,903
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X
–
CORPORATE
BONDS
-
0
.8
%
(
0
.5
%
of
Total
Investments)
X
3,306,380
Equity
Real
Estate
Investment
Trusts
(REITs)
-
0.3%
(0.2%
of
Total
Investments)
$
9,496
Credit
Suisse
Group
AG
7.250%
3/12/72
$
1,044,560
1,955
Credit
Suisse
Group
AG
6.380%
2/21/72
215,050
Total
Equity
Real
Estate
Investment
Trusts
(REITs)
1,259,610
Financial
Services
-
0.2%
(0.1%
of
Total
Investments)
8,520
Credit
Suisse
Group
AG
0.000%
1/17/72
937,200
Total
Financial
Services
937,200
Insurance
-
0.1%
(0.1%
of
Total
Investments)
4,285
Credit
Suisse
Group
AG
7.500%
1/17/72
471,350
Total
Insurance
471,350
Software
&
Services
-
0.2%
(0.1%
of
Total
Investments)
5,802
Credit
Suisse
Group
AG
7.500%
6/11/72
638,220
Total
Software
&
Services
638,220
Total
Corporate
Bonds
(cost
$29,468,050)
3,306,380
Total
Long-Term
Investments
(cost
$723,892,133)
683,713,791
Borrowings
-
(39.1)%
(g),(h)
(
172,900,000
)
Reverse
Repurchase
Agreements,
including
accrued
interest
-
(14.9)%(i)
(
65,744,783
)
Other
Assets
&
Liabilities,
Net
- (0.7)%
(
3,045,128
)
Net
Assets
Applicable
to
Common
Shares
-
100%
$
442,023,880
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
Perpetual
security.
Maturity
date
is
not
applicable.
(c)
Investment,
or
portion
of
investment,
is
hypothecated.
The
total
value
of
investments
hypothecated
as
of
the
end
of
the
reporting
period
was
$160,632,992.
(d)
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
$65,664,096
have
been
pledged
as
collateral
for
reverse
repurchase
agreements.
(e)
Variable
rate
security.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(f)
Contingent
Capital
Securities
(“CoCos”)
are
hybrid
securities
with
loss
absorption
characteristics
built
into
the
terms
of
the
security
for
the
benefit
of
the
issuer.
For
example,
the
terms
may
specify
an
automatic
write-down
of
principal
or
a
mandatory
conversion
into
the
issuer’s
common
stock
under
certain
adverse
circumstances,
such
as
the
issuer’s
capital
ratio
falling
below
a
specified
level.
(g)
Borrowings
as
a
percentage
of
Total
Investments
is
25.3%.
(h)
The
Fund
may
pledge
up
to
100%
of
its
eligible
investments
(excluding
any
investments
separately
pledged
as
collateral
for
specific
investments
in
derivatives,
when
applicable)
in
the
Portfolio
of
Investments
as
collateral
for
borrowings.
As
of
the
end
of
the
reporting
period,
investments
with
a
value
of
$404,728,697
have
been
pledged
as
collateral
for
borrowings.
(i)
Reverse
Repurchase
Agreements,
including
accrued
interest
as
a
percentage
of
Total
investments
is
9.6%.
Nuveen
Preferred
and
Income
Term
Fund
(continued)
Portfolio
of
Investments
January
31,
2024
(Unaudited)
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
LIBOR
London
Inter-Bank
Offered
Rate
Reg
S
Regulation
S
allows
U.S.
companies
to
sell
securities
to
persons
or
entities
located
outside
of
the
United
States
without
registering
those
securities
with
the
Securities
and
Exchange
Commission.
Specifically,
Regulation
S
provides
a
safe
harbor
from
the
registration
requirements
of
the
Securities
Act
for
the
offers
and
sales
of
securities
by
both
foreign
and
domestic
issuers
that
are
made
outside
the
United
States.
REIT
Real
Estate
Investment
Trust
TSFR
3M
CME
Term
SOFR
3
Month
See
Notes
to
Financial
Statements
Nuveen
Variable
Rate
Preferred
&
Income
Fund
Portfolio
of
Investments
January
31,
2024
(Unaudited)
Principal
Amount
(000)
/Shares
Description
(a)
Coupon
Maturity
Value
LONG-TERM
INVESTMENTS
-
154.7%
(100.0%
of
Total
Investments)
X
–
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
103
.3
%
(
66
.8
%
of
Total
Investments)
X
494,023,087
Automobiles
&
Components
-
3.5%
(2.3%
of
Total
Investments)
$
10,476
General
Motors
Financial
Co
Inc
5.750%
N/A
(b)
$
9,443,917
8,195
General
Motors
Financial
Co
Inc
5.700%
N/A
(b)
7,538,374
Total
Automobiles
&
Components
16,982,291
Banks
-
45.7%
(29.6%
of
Total
Investments)
5,000
(c)
Bank
of
America
Corp
(TSFR3M
reference
rate
+
3.397%
spread)
8.774%
N/A
(b)
5,023,280
10,610
Bank
of
America
Corp
6.500%
N/A
(b)
10,629,682
8,200
Bank
of
America
Corp
6.250%
N/A
(b)
8,168,319
1,775
Bank
of
America
Corp
6.300%
N/A
(b)
1,775,710
2,219
Bank
of
America
Corp
6.100%
N/A
(b)
2,217,629
3,090
Bank
of
Nova
Scotia/The
8.000%
1/27/84
3,138,952
7,100
Citigroup
Inc
7.625%
N/A
(b)
7,258,696
2,875
Citigroup
Inc
6.250%
N/A
(b)
2,859,546
3,375
Citigroup
Inc
5.950%
N/A
(b)
3,330,482
8,000
Citigroup
Inc
5.000%
N/A
(b)
7,886,488
1,650
Citigroup
Inc
7.375%
N/A
(b)
1,677,661
13,715
Citigroup
Inc
6.300%
N/A
(b)
13,625,589
2,500
Citizens
Financial
Group
Inc
6.375%
N/A
(b)
2,367,818
3,680
Citizens
Financial
Group
Inc
4.000%
N/A
(b)
3,256,800
6,050
CoBank
ACB
6.450%
N/A
(b)
5,938,075
50
Farm
Credit
Bank
of
Texas,
144A
5.700%
N/A
(b)
47,500
50
Farm
Credit
Bank
of
Texas,
144A
6.200%
N/A
(b)
45,750
300
(c)
Fifth
Third
Bancorp
(TSFR3M
reference
rate
+
3.295%
spread)
8.625%
N/A
(b)
292,952
3,271
Fifth
Third
Bancorp
4.500%
N/A
(b)
3,090,856
7,070
(c)
First
Citizens
BancShares
Inc/NC
(TSFR3M
reference
rate
+
4.234%
spread)
9.618%
N/A
(b)
7,208,056
5,190
HSBC
Capital
Funding
Dollar
1
LP,
144A
10.176%
N/A
(b)
6,566,866
5,000
(c)
Huntington
Bancshares
Inc/OH
(TSFR3M
reference
rate
+
3.142%
spread)
8.456%
N/A
(b)
4,862,021
8,400
Huntington
Bancshares
Inc/OH
5.625%
N/A
(b)
7,750,392
2,933
JPMorgan
Chase
&
Co
5.000%
N/A
(b)
2,905,769
3,195
JPMorgan
Chase
&
Co
6.100%
N/A
(b)
3,198,799
16,945
(c)
JPMorgan
Chase
&
Co
(TSFR3M
reference
rate
+
4.042%
spread)
9.348%
N/A
(b)
17,075,561
1,755
KeyCorp
5.000%
N/A
(b)
1,569,606
8,000
M&T
Bank
Corp
5.125%
N/A
(b)
7,296,566
2,445
PNC
Financial
Services
Group
Inc/The
6.000%
N/A
(b)
2,337,102
3,534
PNC
Financial
Services
Group
Inc/The
5.000%
N/A
(b)
3,365,937
3,990
PNC
Financial
Services
Group
Inc/The
6.200%
N/A
(b)
3,908,138
3,057
(c)
PNC
Financial
Services
Group
Inc/The
(TSFR3M
reference
rate
+
3.302%
spread)
8.679%
N/A
(b)
3,065,187
5,735
PNC
Financial
Services
Group
Inc/The
6.250%
N/A
(b)
5,447,626
2,470
Regions
Financial
Corp
5.750%
N/A
(b)
2,422,231
3,495
Toronto-Dominion
Bank/The
8.125%
10/31/82
3,630,008
7,873
Truist
Financial
Corp
4.800%
N/A
(b)
7,514,779
8,195
Truist
Financial
Corp
5.100%
N/A
(b)
7,559,117
7,970
(c)
Truist
Financial
Corp
(TSFR3M
reference
rate
+
3.364%
spread)
8.748%
N/A
(b)
8,024,045
5,000
US
Bancorp
5.300%
N/A
(b)
4,694,624
9,429
Wells
Fargo
&
Co
5.875%
N/A
(b)
9,370,023
4,608
Wells
Fargo
&
Co
3.900%
N/A
(b)
4,317,678
Nuveen
Variable
Rate
Preferred
&
Income
Fund
(continued)
Portfolio
of
Investments
January
31,
2024
(Unaudited)
Principal
Amount
(000)
/Shares
Description
(a)
Coupon
Maturity
Value
Banks
(continued)
$
10,345
Wells
Fargo
&
Co
7.625%
N/A
(b)
$
10,836,677
1,200
(c)
Zions
Bancorp
NA
(3-Month
LIBOR
reference
rate
+
4.440%
spread)
10.086%
N/A
(b)
1,178,179
Total
Banks
218,736,772
Capital
Goods
-
4.7%
(3.0%
of
Total
Investments)
3,200
AerCap
Global
Aviation
Trust,
144A
6.500%
6/15/45
3,179,975
11,900
AerCap
Holdings
NV
5.875%
10/10/79
11,819,463
4,841
Air
Lease
Corp
4.650%
N/A
(b)
4,475,436
3,673
ILFC
E-Capital
Trust
I,
144A
7.186%
12/21/65
2,836,401
Total
Capital
Goods
22,311,275
Energy
-
6.0%
(3.9%
of
Total
Investments)
8,546
(d)
Enbridge
Inc
5.500%
7/15/77
7,958,962
6,360
Enbridge
Inc
7.625%
1/15/83
6,427,543
2,350
Enbridge
Inc
6.000%
1/15/77
2,261,665
5,345
Energy
Transfer
LP
6.500%
N/A
(b)
5,164,758
1,570
Energy
Transfer
LP
8.000%
5/15/54
1,624,667
545
Energy
Transfer
LP
7.125%
N/A
(b)
526,825
2,155
Transcanada
Trust
5.600%
3/07/82
1,891,875
1,500
Transcanada
Trust
5.875%
8/15/76
1,441,001
1,460
Transcanada
Trust
5.500%
9/15/79
1,300,412
Total
Energy
28,597,708
Financial
Services
-
18.1%
(11.6%
of
Total
Investments)
2,320
Ally
Financial
Inc
4.700%
N/A
(b)
1,880,272
4,200
Ally
Financial
Inc
4.700%
N/A
(b)
3,192,000
3,785
American
Express
Co
3.550%
N/A
(b)
3,374,313
2,405
Bank
of
New
York
Mellon
Corp/The
4.700%
N/A
(b)
2,363,452
3,250
Capital
Farm
Credit
ACA,
144A
5.000%
N/A
(b)
3,071,250
3,845
Capital
One
Financial
Corp
3.950%
N/A
(b)
3,330,539
13,128
Charles
Schwab
Corp/The
5.375%
N/A
(b)
12,942,404
350
Compeer
Financial
ACA,
144A
4.875%
N/A
(b)
332,500
3,690
Discover
Financial
Services
5.500%
N/A
(b)
3,035,571
1,745
Discover
Financial
Services
6.125%
N/A
(b)
1,715,389
6,310
Equitable
Holdings
Inc
4.950%
N/A
(b)
6,147,714
1,030
(c)
Goldman
Sachs
Group
Inc/The
(TSFR3M
reference
rate
+
3.136%
spread)
8.505%
N/A
(b)
1,028,211
5,700
Goldman
Sachs
Group
Inc/The
4.125%
N/A
(b)
5,185,799
5,140
Goldman
Sachs
Group
Inc/The
7.500%
N/A
(b)
5,398,897
5,890
Goldman
Sachs
Group
Inc/The
5.300%
N/A
(b)
5,841,350
9,875
Goldman
Sachs
Group
Inc/The
5.500%
N/A
(b)
9,774,717
5,000
(c)
JP
Morgan
Chase
&
Company
(TSFR3M
reference
rate
+
3.562%
spread)
8.868%
N/A
(b)
5,014,660
4,250
State
Street
Corp
6.700%
N/A
(b)
4,239,369
4,000
Transcanada
Trust
5.625%
5/20/75
3,875,326
4,352
Voya
Financial
Inc
7.748%
N/A
(b)
4,492,025
Total
Financial
Services
86,235,758
Insurance
-
13.9%
(9.0%
of
Total
Investments)
2,595
Aegon
NV
5.500%
4/11/48
2,506,951
2,250
American
International
Group
Inc
5.750%
4/01/48
2,232,356
6,045
(d)
Assurant
Inc
7.000%
3/27/48
6,157,842
3,000
Assured
Guaranty
Municipal
Holdings
Inc,
144A
6.400%
12/15/66
2,724,780
3,050
(d)
AXIS
Specialty
Finance
LLC
4.900%
1/15/40
2,619,291
6,115
Enstar
Finance
LLC
5.500%
1/15/42
5,399,447
1,000
Enstar
Finance
LLC
5.750%
9/01/40
958,969
10,345
Markel
Group
Inc
6.000%
N/A
(b)
10,227,166
Principal
Amount
(000)
/Shares
Description
(a)
Coupon
Maturity
Value
Insurance
(continued)
$
6,495
MetLife
Inc
5.875%
N/A
(b)
$
6,426,632
3,248
Prudential
Financial
Inc
6.750%
3/01/53
3,363,151
3,395
Prudential
Financial
Inc
5.125%
3/01/52
3,170,053
7,735
QBE
Insurance
Group
Ltd,
Reg
S
6.750%
12/02/44
7,720,814
1,600
QBE
Insurance
Group
Ltd,
144A
5.875%
N/A
(b)
1,575,242
13,500
SBL
Holdings
Inc,
144A
7.000%
N/A
(b)
9,112,233
3,415
SBL
Holdings
Inc,
144A
6.500%
N/A
(b)
2,160,256
Total
Insurance
66,355,183
Media
&
Entertainment
-
0.4%
(0.3%
of
Total
Investments)
2,375
Paramount
Global
6.375%
3/30/62
2,121,029
Total
Media
&
Entertainment
2,121,029
Telecommunication
Services
-
2.2%
(1.4%
of
Total
Investments)
10,000
Vodafone
Group
PLC
7.000%
4/04/79
10,334,130
Total
Telecommunication
Services
10,334,130
Utilities
-
8.8%
(5.7%
of
Total
Investments)
2,685
AES
Andes
SA,
144A
7.125%
3/26/79
2,575,452
1,700
AES
Andes
SA,
144A
6.350%
10/07/79
1,607,214
2,600
American
Electric
Power
Co
Inc
3.875%
2/15/62
2,286,062
2,500
CMS
Energy
Corp
4.750%
6/01/50
2,263,355
3,910
Edison
International
5.000%
N/A
(b)
3,715,458
1,445
Edison
International
5.375%
N/A
(b)
1,390,284
14,093
Emera
Inc
6.750%
6/15/76
13,809,712
3,210
Sempra
4.875%
N/A
(b)
3,146,362
3,400
Sempra
4.125%
4/01/52
2,993,360
2,000
Southern
Co/The
4.000%
1/15/51
1,922,083
2,850
Vistra
Corp,
144A
8.875%
N/A
(b)
2,935,500
2,215
Vistra
Corp,
144A
7.000%
N/A
(b)
2,148,550
1,560
Vistra
Corp,
144A
8.000%
N/A
(b)
1,555,549
Total
Utilities
42,348,941
Total
$1,000
Par
(or
similar)
Institutional
Preferred
(cost
$524,479,793)
494,023,087
Principal
Amount
(000)
Description
(a)
,(e)
Coupon
Maturity
Value
X
–
CONTINGENT
CAPITAL
SECURITIES
-
25
.9
%
(
16
.7
%
of
Total
Investments)
X
123,561,495
Banks
-
21.2%
(13.7%
of
Total
Investments)
$
1,000
Australia
&
New
Zealand
Banking
Group
Ltd/United
Kingdom,
144A
6.750%
N/A
(b)
$
1,007,580
2,380
Banco
Bilbao
Vizcaya
Argentaria
SA
6.500%
N/A
(b)
2,326,384
2,600
Banco
Bilbao
Vizcaya
Argentaria
SA
9.375%
N/A
(b)
2,756,829
2,495
Banco
Bilbao
Vizcaya
Argentaria
SA
6.125%
N/A
(b)
2,264,919
715
Banco
Mercantil
del
Norte
SA/Grand
Cayman,
144A
7.500%
N/A
(b)
681,495
1,595
Banco
Mercantil
del
Norte
SA/Grand
Cayman,
144A
7.625%
N/A
(b)
1,557,119
3,800
Banco
Santander
SA
4.750%
N/A
(b)
3,269,358
1,000
Banco
Santander
SA
9.625%
N/A
(b)
1,072,500
1,775
Barclays
PLC
9.625%
N/A
(b)
1,828,149
2,410
Barclays
PLC
6.125%
N/A
(b)
2,284,174
5,490
Barclays
PLC
8.000%
N/A
(b)
5,310,539
1,275
BNP
Paribas
SA,
144A
6.625%
N/A
(b)
1,273,092
1,085
BNP
Paribas
SA,
144A
9.250%
N/A
(b)
1,155,617
2,805
BNP
Paribas
SA,
144A
7.750%
N/A
(b)
2,833,171
2,430
BNP
Paribas
SA,
144A
8.500%
N/A
(b)
2,516,163
4,184
BNP
Paribas
SA,
144A
7.000%
N/A
(b)
4,072,582
5,240
Credit
Agricole
SA,
144A
8.125%
N/A
(b)
5,371,000
Nuveen
Variable
Rate
Preferred
&
Income
Fund
(continued)
Portfolio
of
Investments
January
31,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a),(e)
Coupon
Maturity
Value
Banks
(continued)
$
7,560
HSBC
Holdings
PLC
8.000%
N/A
(b)
$
7,868,380
7,000
HSBC
Holdings
PLC
6.375%
N/A
(b)
6,937,257
335
ING
Groep
NV
5.750%
N/A
(b)
315,009
7,641
ING
Groep
NV,
Reg
S
6.750%
N/A
(b)
7,621,898
750
ING
Groep
NV,
Reg
S
7.500%
N/A
(b)
742,656
4,413
Intesa
Sanpaolo
SpA,
144A
7.700%
N/A
(b)
4,343,118
1,105
Lloyds
Banking
Group
PLC
8.000%
N/A
(b)
1,083,351
5,185
Lloyds
Banking
Group
PLC
6.750%
N/A
(b)
5,049,089
2,000
Lloyds
Banking
Group
PLC
7.500%
N/A
(b)
1,980,747
1,500
Macquarie
Bank
Ltd/London,
144A
6.125%
N/A
(b)
1,427,666
4,625
NatWest
Group
PLC
8.000%
N/A
(b)
4,642,483
1,860
Nordea
Bank
Abp,
144A
6.625%
N/A
(b)
1,838,610
3,465
Societe
Generale
SA,
144A
10.000%
N/A
(b)
3,696,798
500
Societe
Generale
SA,
144A
4.750%
N/A
(b)
441,593
3,480
Societe
Generale
SA,
144A
9.375%
N/A
(b)
3,611,300
3,345
Societe
Generale
SA,
144A
8.000%
N/A
(b)
3,356,811
1,700
Standard
Chartered
PLC,
144A
7.750%
N/A
(b)
1,728,314
755
Standard
Chartered
PLC,
144A
6.000%
N/A
(b)
745,989
2,160
UniCredit
SpA,
Reg
S
8.000%
N/A
(b)
2,154,600
Total
Banks
101,166,340
Financial
Services
-
4.7%
(3.0%
of
Total
Investments)
5,600
Deutsche
Bank
AG
6.000%
N/A
(b)
5,070,408
1,800
Deutsche
Bank
AG
7.500%
N/A
(b)
1,737,119
200
Deutsche
Bank
AG,
Reg
S
4.789%
N/A
(b)
177,906
8,830
UBS
Group
AG,
Reg
S
6.875%
N/A
(b)
8,718,883
4,325
UBS
Group
AG,
144A
9.250%
N/A
(b)
4,626,405
1,895
UBS
Group
AG,
144A
9.250%
N/A
(b)
2,064,434
Total
Financial
Services
22,395,155
Total
Contingent
Capital
Securities
(cost
$126,790,710)
123,561,495
Shares
Description
(a)
Coupon
Value
X
–
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
24
.1
%
(
15
.6
%
of
Total
Investments)
X
115,434,194
Banks
-
6.5%
(4.2%
of
Total
Investments)
21,500
CoBank
ACB
6.200%
$
2,109,365
1,000
Farm
Credit
Bank
of
Texas,
144A
9.656%
101,000
121,601
Fifth
Third
Bancorp
9.302%
3,116,634
297,600
KeyCorp
6.200%
6,651,360
62,700
KeyCorp
6.125%
1,500,411
230,765
New
York
Community
Bancorp
Inc
6.375%
4,675,299
168,058
Regions
Financial
Corp
6.375%
4,095,573
163,723
Regions
Financial
Corp
5.700%
3,667,395
121,800
Synovus
Financial
Corp
5.875%
2,891,532
99,600
Wintrust
Financial
Corp
6.875%
2,447,172
Total
Banks
31,255,741
Capital
Goods
-
1.1%
(0.7%
of
Total
Investments)
164,687
Air
Lease
Corp
6.150%
4,104,000
43,800
WESCO
International
Inc
10.625%
1,174,278
Total
Capital
Goods
5,278,278
Energy
-
3.5%
(2.3%
of
Total
Investments)
51,100
Energy
Transfer
LP
7.600%
1,278,522
271,200
NuStar
Energy
LP
11.282%
6,969,840
176,668
NuStar
Energy
LP
12.405%
4,561,568
154,132
NuStar
Logistics
LP
12.310%
3,985,853
Total
Energy
16,795,783
Shares
Description
(a)
Coupon
Value
Financial
Services
-
2.2%
(1.4%
of
Total
Investments)
79,765
Federal
Agricultural
Mortgage
Corp
6.000%
$
1,994,125
46,297
Morgan
Stanley
5.850%
1,143,536
40,400
Morgan
Stanley
6.500%
1,077,064
21,100
Morgan
Stanley
6.875%
534,252
20,898
Morgan
Stanley
6.375%
524,331
211,000
Voya
Financial
Inc
5.350%
5,047,120
Total
Financial
Services
10,320,428
Food,
Beverage
&
Tobacco
-
2.4%
(1.6%
of
Total
Investments)
290,300
CHS
Inc
7.100%
7,417,165
157,200
CHS
Inc
6.750%
3,914,280
4,400
Dairy
Farmers
of
America
Inc,
144A
7.875%
424,600
Total
Food,
Beverage
&
Tobacco
11,756,045
Insurance
-
8.1%
(5.2%
of
Total
Investments)
290,550
American
Equity
Investment
Life
Holding
Co
5.950%
6,720,422
160,150
American
Equity
Investment
Life
Holding
Co
6.625%
4,034,178
340,200
Aspen
Insurance
Holdings
Ltd
9.652%
8,753,346
194,775
Athene
Holding
Ltd
6.350%
4,631,750
157,150
Athene
Holding
Ltd
6.375%
3,919,321
131,900
Enstar
Group
Ltd
7.000%
3,355,536
188,600
Reinsurance
Group
of
America
Inc
5.750%
4,814,958
93,300
Reinsurance
Group
of
America
Inc
7.125%
2,450,058
Total
Insurance
38,679,569
Utilities
-
0.3%
(0.2%
of
Total
Investments)
53,400
NiSource
Inc
6.500%
1,348,350
Total
Utilities
1,348,350
Total
$25
Par
(or
similar)
Retail
Preferred
(cost
$127,348,179)
115,434,194
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X
–
CORPORATE
BONDS
-
1
.4
%
(
0
.9
%
of
Total
Investments)
X
6,525,288
Energy
-
0.9%
(0.6%
of
Total
Investments)
$
3,980
Enbridge
Inc
8.500%
1/15/84
$
4,254,998
Total
Energy
4,254,998
Equity
Real
Estate
Investment
Trusts
(REITs)
-
0.1%
(0.1%
of
Total
Investments)
5,850
Credit
Suisse
Group
AG
6.380%
2/21/72
643,500
Total
Equity
Real
Estate
Investment
Trusts
(REITs)
643,500
Financial
Services
-
0.2%
(0.1%
of
Total
Investments)
9,004
Credit
Suisse
Group
AG
0.000%
1/17/72
990,440
Total
Financial
Services
990,440
Insurance
-
0.1%
(0.1%
of
Total
Investments)
3,325
Credit
Suisse
Group
AG
7.500%
1/17/72
365,750
Total
Insurance
365,750
Software
&
Services
-
0.1%
(0.0%
of
Total
Investments)
2,460
Credit
Suisse
Group
AG
7.500%
6/11/72
270,600
Total
Software
&
Services
270,600
Total
Corporate
Bonds
(cost
$25,516,419)
6,525,288
Total
Long-Term
Investments
(cost
$804,135,101)
739,544,064
Nuveen
Variable
Rate
Preferred
&
Income
Fund
(continued)
Portfolio
of
Investments
January
31,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
0.0% (0.0%
of
Total
Investments)
X
–
REPURCHASE
AGREEMENTS
-
0
.0
%
(
0
.0
%
of
Total
Investments)
X
60,000
$
60
(f)
Fixed
Income
Clearing
Corp
(FICC)
5.290%
2/01/24
$
60,000
Total
Repurchase
Agreements
(cost
$60,000)
60,000
Total
Short-Term
Investments
(cost
$60,000)
60,000
Total
Investments
(cost
$
804,195,101
)
-
154
.7
%
739,604,064
Borrowings
-
(35.6)%
(g),(h)
(
170,314,000
)
Reverse
Repurchase
Agreements,
including
accrued
interest
-
(2.2)%(i)
(
10,640,776
)
TFP
Shares,
Net
-
(17.7)%(j)
(
84,471,271
)
Other
Assets
&
Liabilities,
Net
- 0.8%
3,885,256
Net
Assets
Applicable
to
Common
Shares
-
100%
$
478,063,273
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
Perpetual
security.
Maturity
date
is
not
applicable.
(c)
Variable
rate
security.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(d)
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
$15,345,062
have
been
pledged
as
collateral
for
reverse
repurchase
agreements.
(e)
Contingent
Capital
Securities
(“CoCos”)
are
hybrid
securities
with
loss
absorption
characteristics
built
into
the
terms
of
the
security
for
the
benefit
of
the
issuer.
For
example,
the
terms
may
specify
an
automatic
write-down
of
principal
or
a
mandatory
conversion
into
the
issuer’s
common
stock
under
certain
adverse
circumstances,
such
as
the
issuer’s
capital
ratio
falling
below
a
specified
level.
(f)
Agreement
with
Fixed
Income
Clearing
Corporation,
5.290%
dated
1/31/24
to
be
repurchased
at
$60,009
on
2/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
3.875%
and
maturity
date
5/15/43,
valued
at
$61,293.
(g)
Borrowings
as
a
percentage
of
Total
Investments
is
23.0%.
(h)
The
Fund
may
pledge
up
to
100%
of
its
eligible
investments
(excluding
any
investments
separately
pledged
as
collateral
for
specific
investments
in
derivatives,
when
applicable)
in
the
Portfolio
of
Investments
as
collateral
for
borrowings.
As
of
the
end
of
the
reporting
period,
investments
with
a
value
of
$377,935,071
have
been
pledged
as
collateral
for
borrowings.
(i)
Reverse
Repurchase
Agreements,
including
accrued
interest
as
a
percentage
of
Total
investments
is
1.4%.
(j)
TFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
11.4%.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
LIBOR
London
Inter-Bank
Offered
Rate
Reg
S
Regulation
S
allows
U.S.
companies
to
sell
securities
to
persons
or
entities
located
outside
of
the
United
States
without
registering
those
securities
with
the
Securities
and
Exchange
Commission.
Specifically,
Regulation
S
provides
a
safe
harbor
from
the
registration
requirements
of
the
Securities
Act
for
the
offers
and
sales
of
securities
by
both
foreign
and
domestic
issuers
that
are
made
outside
the
United
States.
REIT
Real
Estate
Investment
Trust
TSFR
3M
CME
Term
SOFR
3
Month
See
Notes
to
Financial
Statements
Statement
of
Assets
and
Liabilities
See
Notes
to
Financial
Statements
.
January
31,
2024
(Unaudited)
JFR
JQC
JPC
JPI
NPFD
ASSETS
Long-term
investments,
at
value
†
$
1,988,018,914
$
1,269,491,516
$
3,976,465,293
$
683,713,791
$
739,544,064
Short-term
investments,
at
value
◊
57,703,161
44,866,402
2,520,000
–
60,000
Cash
1,380,720
3,335,707
2,149,105
–
16,217
Cash
denominated
in
foreign
currencies
^
–
16
3,743
–
–
Unrealized
appreciation
on
interest
rate
swaps
contracts
–
–
32,964,633
–
–
Receivables:
Dividends
322,595
334
777,621
51,070
82,599
Interest
17,174,848
10,615,534
57,197,560
9,929,181
10,057,670
Investments
sold
53,165,836
14,908,547
35,830,354
4,400,000
3,000,000
Reclaims
–
18,567
49,753
–
–
Variation
margin
on
futures
contracts
–
–
519,125
–
–
Deferred
offering
costs
–
–
187,362
–
–
Other
938,866
651,332
1,520,576
79,114
98,739
Total
assets
2,118,704,940
1,343,887,955
4,110,185,125
698,173,156
752,859,289
LIABILITIES
Cash
overdraft
–
–
–
3,274,192
–
Cash
overdraft
denominated
in
foreign
currencies
*
–
–
–
–
17,029
Cash
collateral
due
to
broker
for
investments
in
futures
contracts
(1)
–
–
29,265,469
–
–
Borrowings
477,200,000
211,600,000
695,000,000
172,900,000
170,314,000
Reverse
repurchase
agreements,
including
accrued
interest
–
1
42,849,955
416,718,618
65,744,783
10,640,776
TFP
Shares,
Net
**
283,529,815
139,165,969
418,368,245
–
84,471,271
Payables:
Management
fees
1,310,828
898,702
2,577,273
488,116
564,046
Dividends
11,116,311
7,175,986
14,930,243
2,198,231
2,258,973
Interest
122,714
1,119,427
3,634,929
916,530
872,728
Investments
purchased
-
regular
settlement
17,667,979
897,512
12,016,237
10,401,449
5,509,860
Investments
purchased
-
when-issued/delayed-delivery
settlement
84,438,923
36,987,472
–
–
–
Unfunded
senior
loans
468,900
283,523
–
–
–
Offering
costs
114,000
–
–
–
1,000
Accrued
expenses:
Custodian
fees
456,053
212,762
316,302
71,986
51,809
Investor
relations
18,478
17,232
68,503
12,765
13,344
Trustees
fees
506,586
550,593
1,201,339
83,851
18,347
Professional
fees
41,722
26,504
14,389
16,018
18,166
Shareholder
reporting
expenses
63,006
85,125
216,382
40,827
26,838
Shareholder
servicing
agent
fees
1,180
294
1,000
40
50
Shelf
offering
costs
–
–
38,065
–
–
Other
202,126
5,869
613,546
488
17,779
Total
liabilities
877,258,621
541,876,925
1,594,980,540
256,149,276
274,796,016
Commitments
and
contingencies
(2)
Net
assets
applicable
to
common
shares
$
1,241,446,319
$
802,011,030
$
2,515,204,585
$
442,023,880
$
478,063,273
Common
shares
outstanding
134,056,187
135,609,290
319,483,952
22,772,419
24,164,141
Net
asset
value
("NAV")
per
common
share
outstanding
$
9.26
$
5.91
$
7.87
$
19.41
$
19.78
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
CONSIST
OF:
Common
shares,
$0.01
par
value
per
share
$
1,340,562
$
1,356,093
$
3,194,840
$
227,724
$
241,641
Paid-in
capital
1,667,926,653
1,148,545,187
2,801,260,106
537,772,022
603,186,826
Total
distributable
earnings
(loss)
(427,820,896)
(347,890,250)
(289,250,361)
(95,975,866)
(125,365,194)
Net
assets
applicable
to
common
shares
$
1,241,446,319
$
802,011,030
$
2,515,204,585
$
442,023,880
$
478,063,273
Authorized
shares:
Common
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Preferred
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
†
Long-term
investments,
cost
$
2,025,646,724
$
1,296,278,431
$
4,099,598,703
$
723,892,133
$
804,135,101
◊
Short-term
investments,
cost
$
57,703,161
$
44,866,402
$
2,520,000
$
—
$
60,000
^
Cash
denominated
in
foreign
currencies,
cost
$
—
$
17
$
3,788
$
—
$
—
Statement
of
Assets
and
Liabilities
(continued)
See
Notes
to
Financial
Statements
January
31,
2024
(Unaudited)
JFR
JQC
JPC
JPI
NPFD
*
Cash
overdraft
denominated
in
foreign
currencies,
cost
$
—
$
—
$
—
$
—
$
17,265
**
TFP
Shares,
liquidation
preference
285,000,000
140,000,000
420,000,000
—
85,000,000
(1)
Cash
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
derivatives
is
in
addition
to
the
Fund's
securities
pledged
as
collateral
as
noted
in
the
Portfolio
of
Investments.
(2)
As
disclosed
in
Notes
to
Financial
Statements.
See
Notes
to
Financial
Statements
Six
Months
Ended
January
31,
2024
(Unaudited)
JFR
JQC
JPC
JPI
NPFD
INVESTMENT
INCOME
Dividends
$
2,033,497
$
1,034,803
$
13,638,185
$
4,788,073
$
4,732,758
Interest
89,653,392
58,990,917
63,417,949
17,872,399
15,728,020
Rehypothecation
income
—
—
53,161
30,387
—
Fees
1,217,502
611,564
—
—
—
Tax
withheld
—
—
—
—
(
17,264
)
Total
investment
income
92,904,391
60,637,284
77,109,295
22,690,859
20,443,514
EXPENSES
–
–
–
–
–
Management
fees
7,738,586
5,298,759
9,790,938
2,834,458
3,246,328
Shareholder
servicing
agent
fees
6,408
918
1,795
139
81
Interest
expense
and
amortization
of
offering
costs
24,626,012
15,441,350
28,958,808
7,854,298
7,991,403
Trustees
fees
36,632
23,672
45,644
12,208
13,256
Custodian
expenses
305,949
122,986
96,865
33,804
1,962
Investor
relations
expenses
141,224
109,756
63,872
17,468
17,797
Liquidity
fees
693,975
619,474
1,256,957
—
398,234
Merger
expenses
559,334
—
240,000
—
—
Professional
fees
330,365
86,137
203,421
75,197
74,119
Remarketing
fees
86,889
71,556
141,917
—
43,444
Shareholder
reporting
expenses
44,176
51,147
216,611
45,986
33,601
Stock
exchange
listing
fees
8,652
20,615
12,553
3,708
3,708
Other
44,774
51,081
76,483
10,828
70,868
Total
expenses
34,622,976
21,897,451
41,105,864
10,888,094
11,894,801
Net
investment
income
(loss)
58,281,415
38,739,833
36,003,431
11,802,765
8,548,713
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss)
from:
Investments
(
22,838,690
)
(
13,392,407
)
(
36,300,666
)
(
2,466,237
)
(
6,114,422
)
Futures
contracts
—
—
(
381,952
)
—
—
Swaps
contracts
—
—
8,922,815
348,520
—
Foreign
currency
transactions
—
—
(
601,758
)
(
5,217
)
(
104
)
Net
realized
gain
(loss)
(
22,838,690
)
(
13,392,407
)
(
28,361,561
)
(
2,122,934
)
(
6,114,526
)
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
49,820,688
29,761,834
203,764,740
26,092,556
34,871,282
Futures
contracts
—
—
2,554,942
—
—
Swaps
contracts
—
—
15,658,426
(
361,549
)
—
Foreign
currency
translations
—
165
147
0
236
Net
change
in
unrealized
appreciation
(depreciation)
49,820,688
29,761,999
221,978,255
25,731,007
34,871,518
Net
realized
and
unrealized
gain
(loss)
26,981,998
16,369,592
193,616,694
23,608,073
28,756,992
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
$
85,263,413
$
55,109,425
$
229,620,125
$
35,410,838
$
37,305,705
Statement
of
Changes
in
Net
Assets
See
Notes
to
Financial
Statements
JFR
JQC
Unaudited
Six
Months
Ended
1/31/24
Year
Ended
7/31/23
Unaudited
Six
Months
Ended
1/31/24
Year
Ended
7/31/23
OPERATIONS
Net
investment
income
(loss)
$
58,281,415
$
51,585,735
$
38,739,833
$
70,959,243
Net
realized
gain
(loss)
(
22,838,690
)
(
41,362,643
)
(
13,392,407
)
(
77,125,772
)
Net
change
in
unrealized
appreciation
(depreciation)
49,820,688
24,617,768
29,761,999
44,153,255
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
85,263,413
34,840,860
55,109,425
37,986,726
DISTRIBUTIONS
TO
COMMON
SHAREHOLDERS
Dividends
(
68,368,656
)
(
49,433,689
)
(
43,055,950
)
(
72,562,902
)
Return
of
Capital
–
–
–
(
2,496,840
)
Total
distributions
(
68,368,656
)
(
49,433,689
)
(
43,055,950
)
(
75,059,742
)
CAPITAL
SHARE
TRANSACTIONS
Common
shares:
Fund
Merger
—
704,751,954
—
—
Net
increase
(decrease)
applicable
to
common
shares
from
capital
share
transactions
—
704,751,954
—
—
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
16,894,757
690,159,125
12,053,475
(
37,073,016
)
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
1,224,551,562
534,392,437
789,957,555
827,030,571
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
1,241,446,319
$
1,224,551,562
$
802,011,030
$
789,957,555
See
Notes
to
Financial
Statements
JPC
JPI
Unaudited
Six
Months
Ended
1/31/24
Year
Ended
7/31/23
Unaudited
Six
Months
Ended
1/31/24
Year
Ended
7/31/23
OPERATIONS
Net
investment
income
(loss)
$
36,003,431
$
48,033,585
$
11,802,765
$
26,244,685
Net
realized
gain
(loss)
(
28,361,561
)
(
19,793,821
)
(
2,122,934
)
(
16,689,405
)
Net
change
in
unrealized
appreciation
(depreciation)
221,978,255
(
68,140,499
)
25,731,007
(
42,595,960
)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
229,620,125
(
39,900,735
)
35,410,838
(
33,040,680
)
DISTRIBUTIONS
TO
COMMON
SHAREHOLDERS
Dividends
(
49,293,431
)
(
61,153,963
)
(
13,390,182
)
(
31,198,214
)
Total
distributions
(
49,293,431
)
(
61,153,963
)
(
13,390,182
)
(
31,198,214
)
CAPITAL
SHARE
TRANSACTIONS
Common
shares:
Fund
Merger
1,551,870,551
—
—
—
Net
increase
(decrease)
applicable
to
common
shares
from
capital
share
transactions
1,551,870,551
—
—
—
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
1,732,197,245
(
101,054,698
)
22,020,656
(
64,238,894
)
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
783,007,340
884,062,038
420,003,224
484,242,118
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
2,515,204,585
$
783,007,340
$
442,023,880
$
420,003,224
See
Notes
to
Financial
Statements
NPFD
Unaudited
Six
Months
Ended
1/31/24
Year
Ended
7/31/23
OPERATIONS
Net
investment
income
(loss)
$
8,548,713
$
16,989,191
Net
realized
gain
(loss)
(
6,114,526
)
(
27,348,984
)
Net
change
in
unrealized
appreciation
(depreciation)
34,871,518
(
14,179,952
)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
37,305,705
(
24,539,745
)
DISTRIBUTIONS
TO
COMMON
SHAREHOLDERS
Dividends
(
12,879,487
)
(
30,050,968
)
Return
of
Capital
–
(
601,245
)
Total
distributions
(
12,879,487
)
(
30,652,213
)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
24,426,218
(
55,191,958
)
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
453,637,055
508,829,013
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
478,063,273
$
453,637,055
See
Notes
to
financial
statements
Six
Months
Ended
January
31,
2024
(Unaudited)
JFR
JQC
JPC
JPI
NPFD
CASH
FLOWS
FROM
OPERATING
ACTIVITIES
Net
Increase
(Decrease)
in
Net
Assets
Applicable
to
Common
Shares
from
Operations
$
85,263,413
$
55,109,425
$
229,620,125
$
35,410,838
$
37,305,705
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
(
327,536,346
)
(
226,466,947
)
(
798,238,809
)
(
127,899,607
)
(
126,165,633
)
Proceeds
from
sale
and
maturities
of
investments
333,143,718
238,963,149
627,105,701
121,904,073
119,406,387
Proceeds
from
(Purchase
of)
short-term
investments,
net
(
22,917,229
)
(
12,813,355
)
3,758,143
2,800,000
(
60,000
)
Proceeds
from
(Purchase
of)
closed
foreign
currency
spot
transactions
—
—
(
601,758
)
(
5,217
)
(
105
)
Proceeds
from
litigation
settlement
—
2,476
6,516
—
—
Payment-in-kind
distributions
(
909,570
)
(
240,190
)
—
—
—
Amortization
(Accretion)
of
premiums
and
discounts,
net
(
5,205,498
)
(
3,450,702
)
9,034,950
877,950
4,406,428
Amortization
of
deferred
offering
costs
103,916
36,040
48,768
—
36,393
(Increase)
Decrease
in:
Receivable
for
dividends
3,038,055
(
223
)
(
393,945
)
23,379
82,759
Receivable
for
interest
1,951,320
297,355
(
9,452,778
)
(
1,224,000
)
(
709,160
)
Receivable
for
reclaims
—
(
2,717
)
152
—
17,881
Receivable
for
investments
sold
(
41,078,352
)
(
3,896,726
)
(
31,600,000
)
(
743,834
)
(
532,175
)
Receivable
for
variation
margin
on
futures
contracts
—
—
(
519,125
)
—
—
Other
assets
825
279,292
(
120,271
)
14,881
15,016
Increase
(Decrease)
in:
Payable
for
interest
(
1,005,717
)
341,648
3,892,951
256,295
131,956
Payable
for
investments
purchased
-
regular
settlement
1,987,304
748,491
3,105,578
10,401,449
5,509,860
Payable
for
investments
purchased
-
when-issued/delayed-delivery
settlement
67,586,482
9,655,920
—
—
—
Payable
for
unfunded
senior
loans
(
1,664,140
)
41,896
—
—
—
Payable
for
management
fees
(
44,177
)
6,082
1,720,470
11,621
13,679
Payable
for
offering
cost
114,000
—
(
115,365
)
—
1,000
Accrued
custodian
fees
(
2,677
)
(
21,440
)
186,511
(
8,972
)
(
33,733
)
Accrued
investor
relations
fees
17,539
16,657
50,444
2,542
2,071
Accrued
Trustees
fees
53,827
43,580
824,654
8,293
3,891
Accrued
professional
fees
2,633
17,056
4,883
8,714
10,693
Accrued
shareholder
reporting
expenses
18,351
27,586
171,310
18,837
14,579
Accrued
shareholder
servicing
agent
fees
(
1,130
)
146
845
29
14
Accrued
other
expenses
(
1,257,594
)
2,965
(
3,699,481
)
(
1,458
)
573
Net
realized
(gain)
loss
from
investments
22,838,690
13,392,407
36,300,666
2,466,237
6,114,422
Net
realized
(gain)
loss
from
foreign
currency
transactions
—
—
601,758
5,217
104
Net
change
in
unrealized
(appreciation)
depreciation
of
investments
(
49,820,688
)
(
29,761,834
)
(
203,764,740
)
(
26,092,556
)
(
34,871,282
)
Net
change
in
unrealized
(appreciation)
depreciation
of
swaps
contracts
—
—
(
15,658,426
)
361,549
—
Net
change
in
unrealized
(appreciation)
depreciation
on
foreign
currency
translations
—
(
165
)
(
147
)
—
(
236
)
Net
cash
provided
by
(used
in)
operating
activities
64,676,955
42,327,872
(
147,730,420
)
18,596,260
10,701,087
CASH
FLOWS
FROM
FINANCING
ACTIVITIES
Proceeds
from
borrowings
—
—
220,300,000
3,000,000
25,700,000
(Repayments)
of
borrowings
—
320,000,000
(
320,000,000
)
(
11,000,000
)
(
3,000,000
)
Proceeds
from
reverse
repurchase
agreements
—
—
414,853,000
—
—
(Repayments
of)
reverse
repurchase
agreements
—
(
320,000,000
)
(
102,100,000
)
—
(
17,391,000
)
(Payments
for)
deferred
offering
costs
(
120,000
)
(
232,141
)
—
—
—
Increase
(Decrease)
in:
Cash
overdraft
(
1,711,645
)
—
(
38,424,413
)
3,183,001
(
3,300,533
)
Cash
collateral
due
to
broker
—
—
12,174,956
(
379,656
)
—
Cash
overdraft denominated
in
foreign
currencies
—
—
—
—
17,029
Cash
distributions
paid
to
common
shareholders
(
61,464,590
)
(
42,231,225
)
(
38,905,707
)
(
13,399,612
)
(
12,710,366
)
Net
cash
provided
by
(used
in)
financing
activities
(
63,296,235
)
(
42,463,366
)
147,897,836
(
18,596,267
)
(
10,684,870
)
Net
increase
(decrease)
in
Cash
and
cash
denominated
in
foreign
currencies
1,380,720
(
135,494
)
167,416
(
7
)
16,217
Cash,
cash
denominated
in
foreign
currencies
at
the
beginning
of
period
—
3,471,201
1,981,689
7
—
Cash,
cash
denominated
in
foreign
currencies
at
the
end
of
period
$
1,380,720
$
3,335,707
$
2,149,105
$
—
$
16,217
See
Notes
to
financial
statements
The
following
table
provides
a
reconciliation
of
cash
and
cash
denominated
in
foreign
currencies
to
the
Statement
of
Assets
and
Liabilities:
JFR
JQC
JPC
JPI
NPFD
Cash
$
1,380,720
$
3,335,707
$
2,149,105
$
—
$
16,217
Cash
denominated
in
foreign
currencies
—
16
3,743
—
—
Total
Cash
and
cash
denominated
in
foreign
currencies
$
1,380,720
$
3,335,723
$
2,152,848
$
—
$
16,217
SUPPLEMENTAL
DISCLOSURE
OF
CASH
FLOW
INFORMATION
JFR
JQC
JPC
JPI
NPFD
Cash
paid
for
interest
(excluding
borrowing
and
amortization
of
offering
costs)
$
25,084,225
$
15,025,157
$
24,924,466
$
7,559,900
$
7,824,305
The
following
data
is
for
a
common
share
outstanding for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
to
Common
Shareholders
Common
Share
Common
Share
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Return
of
Capital
Total
Discount
Per
Share
Repurchased
and
Retired
Net
Asset
Value,
End
of
Period
Share
Price,
End
of
Period
JFR
1/31/24(d)
$
9.13
$
0.43
$
0.21
$
0.64
$
(0.51)
$
—
$
—
$
(0.51)
$
—
$
9.26
$
8.45
7/31/23
9.39
0.91
(0.30)
0.61
(0.87)
—
—
(0.87)
—
9.13
8.08
7/31/22
10.36
0.56
(0.83)
(0.27)
(0.61)
—
(0.09)
(0.70)
—
9.39
8.84
7/31/21
9.40
0.54
1.04
1.58
(0.62)
—
—
(0.62)
—
10.36
9.76
7/31/20
11.04
0.60
(1.54)
(0.94)
(0.70)
—
—
(0.70)
—
9.40
8.03
7/31/19
11.55
0.70
(0.48)
0.22
(0.73)
—
—
(0.73)
—
11.04
9.76
JQC
1/31/24(d)
5.83
0.29
0.11
0.40
(0.32)
—
—
(0.32)
—
5.91
5.37
7/31/23
6.10
0.52
(0.24)
0.28
(0.53)
—
(0.02)
(0.55)
—
5.83
5.08
7/31/22
6.91
0.35
(0.68)
(0.33)
(0.35)
—
(0.13)
(0.48)
—
6.10
5.50
7/31/21
6.88
0.32
0.56
0.88
(0.30)
—
(0.55)
(0.85)
—
6.91
6.53
7/31/20
8.49
0.39
(0.87)
(0.48)
(0.39)
—
(0.74)
(1.13)
—
6.88
5.88
7/31/19
9.11
0.46
(0.17)
0.29
(0.60)
—
(0.31)
(0.91)
—(f)
8.49
7.68
(a)
Based
on
average
shares
outstanding.
(b)
Total
Return
Based
on
Common
Share
NAV
is
the
combination
of
changes
in
common
share
NAV,
reinvested
dividend
income
at
Common
Share
NAV
and
reinvested
capital
gains
distributions
at
NAV,
if
any.
The
last
dividend
declared
in
the
period,
which
is
typically
paid
on
the
first
business
day
of
the
following
month,
is
assumed
to
be
reinvested
at
the
ending
NAV.
The
actual
reinvest
price
for
the
last
dividend
declared
in
the
period
may
often
be
based
on
the
Fund’s
market
price
(and
not
its
NAV),
and
therefore
may
be
different
from
the
price
used
in
the
calculation.
Total
returns
are
not
annualized.
Total
Return
Based
on
Common
Share
Price
is
the
combination
of
changes
in
the
market
price
per
share
and
the
effect
of
reinvested
dividend
income
and
reinvested
capital
gains
distributions,
if
any,
at
the
average
price
paid
per
share
at
the
time
of
reinvestment.
The
last
dividend
declared
in
the
period,
which
is
typically
paid
on
the
first
business
day
of
the
following
month,
is
assumed
to
be
reinvested
at
the
ending
market
price.
The
actual
reinvestment
for
the
last
dividend
declared
in
the
period
may
take
place
over
several
days,
and
in
some
instances
may
not
be
based
on
the
market
price,
so
the
actual
reinvestment
price
may
be
different
from
the
price
used
in
the
calculation.
Total
returns
are
not
annualized.
See
Notes
to
Financial
Statements
Ratios
of
Interest
Expense
to
Average
Net
Assets
Applicable
to
Common
Shares
Common
Share
Supplemental
Data/
Ratios
Applicable
to
Common
Shares
Common
Share
Total
Returns
Ratios
to
Average
Net
Assets
Based
on
Net
Asset
Value(b)
Based
on
Share
Price(b)
Net
Assets,
End
of
Period
(000)
Expenses(c)
Net
Investment
Income
(Loss)(c)
Portfolio
Turnover
Rate
7.19
%
11.31
%
$
1,241,446
5.61
%
(e)
9.44
%
(e)
16
%
6.88
1.57
1,224,552
4.77
9.88
28
(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
7.00
12.43
802,011
5.50
(e)
9.73
(e)
18
5.01
2.77
789,958
4.75
8.90
28
(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
(c)
•
Net
Investment
Income
(Loss)
ratios
reflect
income
earned
and
expenses
incurred
on
assets
attributable
to
preferred
shares
(as
described
in
Notes
to
Financial
Statements),
borrowings
and/or
reverse
repurchase
agreements
(as
described
in
Notes
to
Financial
Statements),
where
applicable.
•
Each
ratio
includes
the
effect
of
all
interest
expenses
paid
and
other
costs
related
to
preferred
shares,
borrowings
and/or
reverse
repurchase
agreements,
where
applicable,
as
follows:
(d)
Unaudited.
(e)
Annualized.
(f)
Value
rounded
to
zero.
The
following
data
is
for
a
common
share
outstanding for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
to
Common
Shareholders
Common
Share
Common
Share
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Return
of
Capital
Total
Shelf
Offering
Costs
Premium
per
Share
Sold
through
Shelf
Offering
Net
Asset
Value,
End
of
Period
Share
Price,
End
of
Period
JPC
1/31/24(d)
$
7.45
$
0.17
$
0.52
$
0.69
$
(0.27)
$
—
$
—
$
(0.27)
$
—
$
—
$
7.87
$
7.27
7/31/23
8.41
0.46
(0.84)
(0.38)
(0.58)
—
—
(0.58)
—
—
7.45
6.60
7/31/22
9.91
0.66
(1.52)
(0.86)
(0.64)
—
—
(0.64)
—(f)
—(f)
8.41
8.20
7/31/21
8.83
0.67
1.05
1.72
(0.64)
—
—
(0.64)
—(f)
—(f)
9.91
10.00
7/31/20
10.14
0.65
(1.26)
(0.61)
(0.68)
—
(0.02)
(0.70)
—
—
8.83
8.81
7/31/19
10.16
0.70
0.01
0.71
(0.70)
—
(0.03)
(0.73)
—
—
10.14
9.91
JPI
1/31/24(d)
18.44
0.52
1.04
1.56
(0.59)
—
—
(0.59)
—
—
19.41
18.72
7/31/23
21.26
1.15
(2.60)
(1.45)
(1.37)
—
—
(1.37)
—
—
18.44
17.63
7/31/22
25.38
1.58
(4.13)
(2.55)
(1.57)
—
—
(1.57)
—
—
21.26
20.51
7/31/21
22.45
1.65
2.85
4.50
(1.57)
—
—
(1.57)
—
—
25.38
26.26
7/31/20
24.67
1.59
(2.20)
(0.61)
(1.57)
—
(0.04)
(1.61)
—
—
22.45
22.20
7/31/19
24.39
1.64
0.27
1.91
(1.61)
—
(0.02)
(1.63)
—
—
24.67
24.27
(a)
Based
on
average
shares
outstanding.
(b)
Total
Return
Based
on
Common
Share
NAV
is
the
combination
of
changes
in
common
share
NAV,
reinvested
dividend
income
at
Common
Share
NAV
and
reinvested
capital
gains
distributions
at
NAV,
if
any.
The
last
dividend
declared
in
the
period,
which
is
typically
paid
on
the
first
business
day
of
the
following
month,
is
assumed
to
be
reinvested
at
the
ending
NAV.
The
actual
reinvest
price
for
the
last
dividend
declared
in
the
period
may
often
be
based
on
the
Fund’s
market
price
(and
not
its
NAV),
and
therefore
may
be
different
from
the
price
used
in
the
calculation.
Total
returns
are
not
annualized.
Total
Return
Based
on
Common
Share
Price
is
the
combination
of
changes
in
the
market
price
per
share
and
the
effect
of
reinvested
dividend
income
and
reinvested
capital
gains
distributions,
if
any,
at
the
average
price
paid
per
share
at
the
time
of
reinvestment.
The
last
dividend
declared
in
the
period,
which
is
typically
paid
on
the
first
business
day
of
the
following
month,
is
assumed
to
be
reinvested
at
the
ending
market
price.
The
actual
reinvestment
for
the
last
dividend
declared
in
the
period
may
take
place
over
several
days,
and
in
some
instances
may
not
be
based
on
the
market
price,
so
the
actual
reinvestment
price
may
be
different
from
the
price
used
in
the
calculation.
Total
returns
are
not
annualized.
See
Notes
to
Financial
Statements
Ratios
of
Interest
Expense
to
Average
Net
Assets
Applicable
to
Common
Shares
Common
Share
Supplemental
Data/
Ratios
Applicable
to
Common
Shares
Common
Share
Total
Returns
Ratios
to
Average
Net
Assets
Based
on
Net
Asset
Value(b)
Based
on
Share
Price(b)
Net
Assets,
End
of
Period
(000)
Expenses(c)
Net
Investment
Income
(Loss)(c)
Portfolio
Turnover
Rate
9.52
%
14.77
%
$
2,515,205
5.29
%
(e)
4.64
%
(e)
27
%
(4.47)
(12.60)
783,007
4.46
5.92
15
(9.05)
(11.91)
884,062
2.06
7.10
71
19.93
21.55
1,028,714
1.81
7.02
23
(6.16)
(4.12)
912,193
2.50
6.87
32
7.48
13.52
1,047,925
3.04
7.10
23
8.65
9.78
442,024
5.17
(e)
5.60
(e)
19
(6.85)
(7.39)
420,003
4.40
6.00
14
(10.41)
(16.35)
484,242
2.06
6.75
9
20.54
26.22
577,883
1.76
6.79
23
(2.50)
(1.93)
511,060
2.34
6.75
34
8.29
12.79
561,523
2.72
6.90
27
(c)
•
Net
Investment
Income
(Loss)
ratios
reflect
income
earned
and
expenses
incurred
on
assets
attributable
to
preferred
shares
(as
described
in
Notes
to
Financial
Statements),
borrowings
and/or
reverse
repurchase
agreements
(as
described
in
Notes
to
Financial
Statements),
where
applicable.
•
Each
ratio
includes
the
effect
of
all
interest
expenses
paid
and
other
costs
related
to
preferred
shares,
borrowings
and/or
reverse
repurchase
agreements,
where
applicable,
as
follows:
(d)
Unaudited.
(e)
Annualized.
(f)
Value
rounded
to
zero.
The
following
data
is
for
a
common
share
outstanding for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
to
Common
Shareholders
Common
Share
Common
Share
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Return
of
Capital
Total
Net
Asset
Value,
End
of
Period
Share
Price,
End
of
Period
NPFD
1/31/24(d)
$
18.77
$
0.35
$
1.19
$
1.54
$
(0.53)
$
—
$
—
$
(0.53)
$
19.78
$
17.25
7/31/23
21.06
0.70
(1.72)
(1.02)
(1.24)
—
(0.03)
(1.27)
18.77
16.39
7/31/22(f)
25.00
0.61
(3.72)
(3.11)
(0.83)
—
—
(0.83)
21.06
19.98
(a)
Based
on
average
shares
outstanding.
(b)
Total
Return
Based
on
Common
Share
NAV
is
the
combination
of
changes
in
common
share
NAV,
reinvested
dividend
income
at
Common
Share
NAV
and
reinvested
capital
gains
distributions
at
NAV,
if
any.
The
last
dividend
declared
in
the
period,
which
is
typically
paid
on
the
first
business
day
of
the
following
month,
is
assumed
to
be
reinvested
at
the
ending
NAV.
The
actual
reinvest
price
for
the
last
dividend
declared
in
the
period
may
often
be
based
on
the
Fund’s
market
price
(and
not
its
NAV),
and
therefore
may
be
different
from
the
price
used
in
the
calculation.
Total
returns
are
not
annualized.
Total
Return
Based
on
Common
Share
Price
is
the
combination
of
changes
in
the
market
price
per
share
and
the
effect
of
reinvested
dividend
income
and
reinvested
capital
gains
distributions,
if
any,
at
the
average
price
paid
per
share
at
the
time
of
reinvestment.
The
last
dividend
declared
in
the
period,
which
is
typically
paid
on
the
first
business
day
of
the
following
month,
is
assumed
to
be
reinvested
at
the
ending
market
price.
The
actual
reinvestment
for
the
last
dividend
declared
in
the
period
may
take
place
over
several
days,
and
in
some
instances
may
not
be
based
on
the
market
price,
so
the
actual
reinvestment
price
may
be
different
from
the
price
used
in
the
calculation.
Total
returns
are
not
annualized.
See
Notes
to
Financial
Statements
Ratios
of
Interest
Expense
to
Average
Net
Assets
Applicable
to
Common
Shares
Common
Share
Supplemental
Data/
Ratios
Applicable
to
Common
Shares
Common
Share
Total
Returns
Ratios
to
Average
Net
Assets
Based
on
Net
Asset
Value(b)
Based
on
Share
Price(b)
Net
Assets,
End
of
Period
(000)
Expenses(c)
Net
Investment
Income
(Loss)(c)
Portfolio
Turnover
Rate
8.40
%
8.78
%
$
478,063
5.24
%
(e)
3.76
%
(e)
17
%
(4.82)
(11.68)
453,637
4.43
3.64
17
(12.48)
(16.77)
508,829
2.13
(e)
4.33
(e)
14
(c)
•
Net
Investment
Income
(Loss)
ratios
reflect
income
earned
and
expenses
incurred
on
assets
attributable
to
preferred
shares
(as
described
in
Notes
to
Financial
Statements),
borrowings
and/or
reverse
repurchase
agreements
(as
described
in
Notes
to
Financial
Statements),
where
applicable.
•
Each
ratio
includes
the
effect
of
all
interest
expenses
paid
and
other
costs
related
to
preferred
shares,
borrowings
and/or
reverse
repurchase
agreements,
where
applicable,
as
follows:
(d)
Unaudited.
(e)
Annualized.
(f)
For
the
period
December
15,
2021
(commencement
of
operations)
through
July
31,
2022.
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
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(c)
JFR
1/31/24(d)
$
477,200
$
4,199
$
285,000
$
2,629
$
—
$
—
$
2.63
7/31/23
477,200
4,163
285,000
2,607
—
—
2.61
7/31/22
233,400
3,718
100,000
2,603
—
—
2.60
7/31/21
238,400
3,892
100,000
2,742
—
—
2.74
7/31/20
208,100
4,003
—
—
90,000
2,794
2.79
7/31/19
264,500
3,810
—
—
115,000
2,655
2.66
JQC
1/31/24(d)
211,600
5,452
140,000
3,281
—
—
3.28
7/31/23
211,600
5,395
140,000
3,247
—
—
3.25
7/31/22
246,000
4,931
140,000
3,143
—
—
3.14
7/31/21
402,000
3,333
—
—
—
—
—
7/31/20
402,000
3,320
—
—
—
—
—
7/31/19
480,000
3,400
—
—
—
—
—
JPC
1/31/24(d)
695,000
5,223
420,000
3,256
—
—
3.26
7/31/23
219,600
5,249
150,000
3,119
—
—
3.12
7/31/22
423,400
3,088
—
—
—
—
—
7/31/21
462,700
3,223
—
—
—
—
—
7/31/20
400,000
3,280
—
—
—
—
—
7/31/19
455,000
3,303
—
—
—
—
—
JPI
1/31/24(d)
172,900
3,557
—
—
—
—
—
7/31/23
180,900
3,322
—
—
—
—
—
7/31/22
216,000
3,242
—
—
—
—
—
7/31/21
234,800
3,461
—
—
—
—
—
7/31/20
200,000
3,555
—
—
—
—
—
7/31/19
210,000
3,674
—
—
—
—
—
NPFD
1/31/24(d)
170,314
4,306
85,000
2,873
—
—
2.87
7/31/23
147,614
4,649
85,000
2,950
—
—
2.95
7/31/22(e)
188,600
3,698
—
—
—
—
—
(a)
Aggregate
Amount
Outstanding:
Aggregate
amount
outstanding
represents
the
principal
amount
outstanding
or
liquidation
preference,
if
applicable,
as
of
the
end
of
the
relevant
fiscal
year.
(b)
Asset
Coverage
Per
$1,000:
Asset
coverage
per
$1,000
is
calculated
by
subtracting
the
Fund’s
liabilities
and
indebtedness
not
represented
by
senior
securities
from
the
Fund’s
total
assets,
dividing
the
result
by
the
aggregate
amount
of
the
Fund’s
senior
securities
representing
indebtedness
then
outstanding
(if
applicable),
plus
the
aggregate
of
the
involuntary
liquidation
preference
of
the
outstanding
preferred
shares,
if
applicable,
and
multiplying
the
result
by
1,000.
(c)
Includes
all
borrowings
and
preferred
shares
presented
for
the
Fund.
(d)
Unaudited.
(e)
For
the
period
December
15,
2021
(commencement
of
operations)
through
July
31,
2022.
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
Floating
Rate
Income
Fund
(JFR)
Nuveen
Credit
Strategies
Income
Fund
(JQC)
Nuveen
Preferred
&
Income
Opportunities
Fund
(JPC)
Nuveen
Preferred
and
Income
Term
Fund
(JPI)
Nuveen
Variable
Rate
Preferred
&
Income
Fund
(NPFD)
The
Funds
are
registered
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
as
amended,
as
diversified
closed-end
management
investment
companies.
JFR,
JQC,
JPC,
JPI
and
NPFD
were
each
organized
as
Massachusetts
business
trusts
on
January
15,
2004,
May
17,
2003,
January
27,
2003,
April
18,
2012
and
June
1,
2021,
respectively.
Current
Fiscal
Period:
The
end
of
the
reporting
period
for
the
Funds
is
January
31,
2024,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
six
months
ended
January
31,
2024
(the
“current
fiscal
period”).
Fund
Mergers:
Effective
prior
to
the
opening
of
business
on
July
31,
2023,
Nuveen
Senior
Income
Fund
(NSL),
Nuveen
Floating
Rate
Income
Opportunity
Fund
(JRO)
and
Nuveen
Short
Duration
Credit
Opportunities
Fund
(JSD)
(the
“Target
Funds”)
were
each
merged
into
JFR
(the
“Acquiring
Fund”)
(each
a
“Merger”).
Effective
prior
to
opening
of
business
on
November
6,
2023,
Nuveen
Preferred
&
Income
Securities
Fund
(JPS)
and
Nuveen
Preferred
and
Income
Fund
(JPT)
(the
“Target
Funds)
were
each
merged
into
JPC
(the
“Acquiring
Fund”)
(each
a
“Merger”)
.
With
respect
to
each
Merger
of
a
Target
Fund
with
and
into
the
Acquiring
Fund,
the
separate
legal
existence
of
the
Target
Fund
ceased
for
all
purposes
and
the
Acquiring
Fund
succeeded
to
all
the
assets
and
assumed
all
the
liabilities
of
the
Target
Fund.
Shares
of
the
Target
Fund
were
converted
into
newly
issued
shares
of
the
Acquiring
Fund.
Holders
of
common
shares
of
the
Target
Fund
received
newly
issued
common
shares
of
the
Acquiring
Fund,
the
aggregate
net
asset
value
(“NAV”)
of
which
was
equal
to
the
aggregate
NAV
of
the
common
shares
of
the
Target
Fund
held
immediately
prior
to
the
Merger
(including
for
this
purpose
fractional
Acquiring
Fund
shares
to
which
shareholders
were
entitled).
For
accounting
and
performance
reporting
purposes,
the
Acquiring
Fund
is
the
survivor.
Refer
to
Note
12
for
further
details
on
each
Merger.
JPI
Fund
Restructuring
Proposal:
On
January
18,
2024,
the
Board
of
Trustees
(the"
Board")
approved
a
proposal
for
JPI
that
will
allow
Fund
shareholders
the
opportunity
to
maintain
their
investment
in
the
Fund
and
its
exposure
to
preferred
and
other
income
producing
securities.
In
light
of
the
upcoming
scheduled
termination
of
the
Fund
on
or
before
August
31,
2024,
the
proposal
asks
shareholders
to
vote
to
amend
the
Fund’s
declaration
of
trust
to
eliminate
the
term
structure.
If
the
amendment
is
approved
by
shareholders,
the
Fund
will
conduct
a
tender
offer
for
100%
of
its
outstanding
shares
at
NAV.
If
the
Fund’s
common
assets
taking
into
account
shares
properly
tendered
in
the
tender
offer
would
be
$70
million
or
greater,
the
tender
offer
will
be
completed
and
the
Fund’s
term
structure
will
be
eliminated.
If
the
Fund’s
common
assets
after
the
tender
offer
would
be
less
than
$70
million,
the
tender
offer
will
be
cancelled
with
no
common
shares
repurchased
and
instead
the
Fund
will
proceed
to
terminate
as
scheduled.
As
part
of
the
proposal,
if
the
Fund’s
term
structure
is
eliminated,
the
Fund’s
name
will
change
to
“Nuveen
Preferred
Securities
&
Income
Opportunities
Fund”
and
the
Fund’s
common
shares
will
continue
to
trade
on
the
NYSE
under
the
current
ticker
symbol.
In
addition,
if
the
Fund's
term
structure
is
eliminated,
Nuveen
will
waive
50%
of
its
new
management
fees
over
the
first
year
following
elimination
of
the
term,
which
may
enhance
the
net
earnings
of
the
Fund.
Each
of
the
changes
described
above
will
take
effect
only
if
shareholders
approved
the
proposal
described
above
and
the
tender
offer
condition
is
satisfied.
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.
T
he
Adviser
has
entered
into
sub-
advisory
agreements
with
Nuveen
Asset
Management
LLC
(
the
“Sub-Adviser”)
,
a
subsidiary
of
the
Adviser,
under
which
the
Sub-Adviser
manage
the
investment
portfolio
of
the
Funds.
The
Adviser
is
responsible
for
managing
JPC’s
and
JPI’s
investments
in
swap
contracts.
Developments
Regarding
JFR’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
Fund
(
i
)
rescinds
the
Fund’s
by-law
provisions
pursuant
to
which,
in
summary,
a
shareholder
who
obtains
beneficial
ownership
of
common
shares
in
a
Control
Share
Acquisition
(as
defined
in
the
by-laws)
shall
have
the
same
voting
rights
as
other
common
shareholders
only
to
the
extent
authorized
by
the
other
disinterested
shareholders
(the
“Control
Share
By-Law”)
and
(ii)
commence
judicial
action
against
the
Board
to
ensure
that
the
Control
Share
By-Law
is
withdrawn.
Following
review
of
the
Demand
Letter,
the
Board
determined
that
it
would
not
be
in
the
best
interests
of
the
Fund
or
the
Fund’s
shareholders
to
take
the
actions
requested
in
the
Demand
Letter.
Also
on
January
14,
2021,
Saba
filed
a
civil
complaint
in
the
U.S.
District
Court
for
the
Southern
District
of
New
York
(the
“District
Court”)
against
the
Fund,
certain
other
Nuveen
funds
and
the
Board,
seeking
a
declaration
that
the
Control
Share
By-Law
violates
the
1940
Act,
rescission
of
the
Control
Share
By-Law
and
a
permanent
injunction
against
applying
the
Control
Share
By-Law.
On
February
18,
2022,
the
District
Court
granted
judgment
in
favor
of
Saba’s
claim
for
rescission
of
the
Control
Share
By-Law
and
Saba’s
declaratory
judgment
claim,
and
declared
that
the
Control
Share
By-Law
violates
Section
18(
i
)
of
the
1940
Act.
Following
review
of
the
judgment
of
Notes
to
Financial
Statements
(Unaudited)
(continued)
the
District
Court,
on
February
22,
2022,
the
Board
amended
the
Fund’s
by-laws
to
provide
that
the
Control
Share
By-Law
shall
be
of
no
force
and
effect
for
so
long
as
the
judgment
of
the
District
Court
is
effective
and
that
if
the
judgment
of
the
District
Court
is
reversed,
overturned,
vacated,
stayed,
or
otherwise
nullified,
the
Control
Share
By-Law
will
be
automatically
reinstated
and
apply
to
any
beneficial
owner
of
common
shares
acquired
in
a
Control
Share
Acquisition,
regardless
of
whether
such
Control
Share
Acquisition
occurs
before
or
after
such
reinstatement,
for
the
duration
of
the
stay
or
upon
issuance
of
the
mandate
reversing,
overturning,
vacating
or
otherwise
nullifying
the
judgment
of
the
District
Court.
On
February
25,
2022,
the
Board
and
Fund
appealed
the
District
Court’s
decision
to
the
U.S.
Court
of
Appeals
for
the
Second
Circuit.
On
November
30,
2023,
the
U.S.
Court
of
Appeals
for
the
Second
Circuit
upheld
the
opinion
of
the
District
Court.
On
February
28,
2024,
the
Board
of
the
Fund
Amended
and
Restated
By-Laws
to
eliminate
the
“control
share”
provisions.
Developments
Regarding
the
JQC’s,
JPC’s,
JPI’s
and
NPFD’s
Control
Share
By-Law:
On
October
5,
2020,
the
Funds
and
certain
other
closed-end
funds
in
the
Nuveen
fund
complex
amended
their
by-laws.
Among
other
things,
the
amended
by-laws
included
provisions
pursuant
to
which,
in
summary,
a
shareholder
who
obtains
beneficial
ownership
of
common
shares
in
a
Control
Share
Acquisition
(as
defined
in
the
by-laws)
shall
have
the
same
voting
rights
as
other
common
shareholders
only
to
the
extent
authorized
by
the
other
disinterested
shareholders
(the
“Control
Share
By-Law”).
On
January
14,
2021,
a
shareholder
of
certain
Nuveen
closed-end
funds
filed
a
civil
complaint
in
the
U.S.
District
Court
for
the
Southern
District
of
New
York
(the
“District
Court”)
against
certain
Nuveen
funds
and
their
trustees,
seeking
a
declaration
that
such
funds’
Control
Share
By-Laws
violate
the
1940
Act,
rescission
of
such
fund’s
Control
Share
By-Laws
and
a
permanent
injunction
against
such
funds
applying
the
Control
Share
By-Laws.
On
February
18,
2022,
the
District
Court
granted
judgment
in
favour
of
the
plaintiff’s
claim
for
rescission
of
such
funds’
Control
Share
By-Laws
and
the
plaintiff’s
declaratory
judgment
claim,
and
declared
that
such
funds’
Control
Share
By-Laws
violate
Section
18(i)
of
the
1940
Act.
Following
review
of
the
judgment
of
the
District
Court,
on
February
22,
2022,
the
Board
amended
the
Funds’
by-laws
to
provide
that
the
Funds’
Control
Share
By-Law
shall
be
of
no
force
and
effect
for
so
long
as
the
judgment
of
the
District
Court
is
effective
and
that
if
the
judgment
of
the
District
Court
is
reversed,
overturned,
vacated,
stayed,
or
otherwise
nullified,
the
Funds’
Control
Share
By-Law
will
be
automatically
reinstated
and
apply
to
any
beneficial
owner
of
common
shares
acquired
in
a
Control
Share
Acquisition,
regardless
of
whether
such
Control
Share
Acquisition
occurs
before
or
after
such
reinstatement,
for
the
duration
of
the
stay
or
upon
issuance
of
the
mandate
reversing,
overturning,
vacating
or
otherwise
nullifying
the
judgment
of
the
District
Court.
On
February
25,
2022,
the
Board
and
the
Funds
appealed
the
District
Court’s
decision
to
the
U.S.
Court
of
Appeals
for
the
Second
Circuit.
On
November
30,
2023,
the
U.S.
Court
of
Appeals
for
the
Second
Circuit
upheld
the
opinion
of
the
District
Court.
On
February
28,
2024,
the
Board
of
the
Funds
Amended
and
Restated
By-Laws
to
eliminate
the
“control
share”
provisions.
2.
Significant
Accounting
Policies
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
the
use
of
estimates
made
by
management
and
the
evaluation
of
subsequent
events.
Actual
results
may
differ
from
those
estimates.
Each
Fund
is
an
investment
company
and
follows
accounting
guidance
in
the
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
946,
Financial
Services
—
Investment
Companies.
The
NAV
for
financial
reporting
purposes
may
differ
from
the
NAV
for
processing
security
and
shareholder
transactions.
The
NAV
for
financial
reporting
purposes
includes
security
and
shareholder
transactions
through
the
date
of
the
report.
Total
return
is
computed
based
on
the
NAV
used
for
processing
security
and
shareholder
transactions.
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
the
Funds.
Compensation:
The
Funds pay
no
compensation
directly
to
those
of its
officers,
all
of
whom
receive
remuneration
for
their
services
to
the
Funds
from
the
Adviser
or
its
affiliates.
The Board has
adopted
a
deferred
compensation
plan
for
independent
trustees
that
enables
trustees
to
elect
to
defer
receipt
of
all
or
a
portion
of
the
annual
compensation
they
are
entitled
to
receive
from
certain
Nuveen-advised
funds.
Under
the
plan,
deferred
amounts
are
treated
as
though
equal
dollar
amounts
had
been
invested
in
shares
of
select
Nuveen-advised
funds.
Distributions
to
Common
Shareholders:
Distributions
to
common shareholders
are
recorded
on
the
ex-dividend
date.
The
amount,
character
and
timing
of
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
The
Funds’
distribution
policy,
which
may
be
changed
by
the
Board,
is
to
make
regular
monthly
cash
distributions
to
holders
of
their
common
shares
(stated
in
terms
of
a
fixed
cents
per
common
share
dividend
distributions
rate
which
may
be
set
from
time
to
time).
Each
Fund
intends
to
distribute
all
or
substantially
all
of
its
net
investment
income
through
its
regular
monthly
distribution
and
to
distribute
realized
capital
gains
at
least
annually.
In
addition,
in
any
monthly
period,
to
maintain
its
declared
per
common
share
distribution
amount,
a
Fund
may
distribute
more
or
less
than
its
net
investment
income
during
the
period.
In
the
event
a
Fund
distributes
more
than
its
net
investment
income
during
any
yearly
period,
such
distributions
may
also
include
realized
gains
and/or
a
return
of
capital.
To
the
extent
that
a
distribution
includes
a
return
of
capital
the
NAV
per
share
may
erode.
Foreign
Currency
Transactions
and
Translation:
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
their
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
the
difference
between
the
amounts
of
interest
and
dividends
recorded
on
the
books
of
the
Funds
and
the
amounts
actually
received
are
recognized
as
a
component
of
“Net
realized
gain
(loss)
from
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.
As
of
the
end
of
the
reporting
period,
the
JPC,
JPI
and
NPFD
investments
in
non-U.S.
securities
were
as
follows:
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
on
income,
gains
on
investments
or
foreign
currency
repatriation,
a
portion
of
which
may
be
recoverable.
The
Funds
will
accrue
such
taxes
and
recoveries
as
applicable,
based
upon
the
current
interpretation
of
tax
rules
and
regulations
that
exist
in
the
markets
in
which
the
Funds
invest.
JPC
Value
%
of
Total
Investments
Country:
United
Kingdom
$
496,300,775
12.5
%
France
317,388,385
8.0
Switzerland
197,717,380
5.0
Canada
172,477,099
4.3
Spain
98,306,905
2.5
Netherlands
88,008,275
2.2
Australia
83,762,527
2.1
Germany
80,339,652
2.0
Finland
51,771,651
1.3
Italy
50,073,405
1.3
Other
62,712,121
1.5
Total
non-U.S.
Securities
$1,698,858,175
42.7%
JPI
Value
%
of
Total
Investments
Country:
United
Kingdom
$
81,441,090
11.9
%
France
48,029,772
7.0
Switzerland
25,762,063
3.8
Canada
23,007,591
3.4
Spain
17,748,729
2.6
Netherlands
17,667,663
2.6
Italy
14,382,299
2.1
Australia
11,667,829
1.7
Germany
10,479,175
1.5
Ireland
8,902,953
1.3
Other
17,779,965
2.6
Total
non-U.S.
Securities
$276,869,129
40.5%
NPFD
Value
%
of
Total
Investments
Country:
United
Kingdom
$
56,359,467
7.6
%
Canada
49,990,454
6.8
France
28,328,128
3.8
Switzerland
17,680,012
2.4
Ireland
14,999,438
2.0
Australia
11,731,302
1.6
Spain
11,689,990
1.6
Netherlands
11,186,513
1.5
Bermuda
8,753,346
1.2
Germany
6,985,434
0.9
Other
14,757,608
2.0
Total
non-U.S.
Securities
$232,461,692
31.4%
Notes
to
Financial
Statements
(Unaudited)
(continued)
Indemnifications:
Under
the
Funds'
organizational
documents, their
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Funds.
In
addition,
in
the
normal
course
of
business,
the Funds
enter
into
contracts
that
provide
general
indemnifications
to
other
parties.
The
Funds'
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Funds
that
have
not
yet
occurred.
However,
the Funds
have
not
had
prior
claims
or
losses
pursuant
to
these
contracts
and
expects
the
risk
of
loss
to
be
remote.
Investments
and
Investment
Income:
Securities
transactions
are
accounted
for
as
of
the
trade
date
for
financial
reporting
purposes.
Trade
date
for
senior
and
subordinated
loans
purchased
in
the
“primary
market”
is
considered
the
date
on
which
the
loan
allocations
are
determined.
Trade
date
for
senior
and
subordinated
loans
purchased
in
the
“secondary
market”
is
the
date
on
which
the
transaction
is
entered
into.
Realized
gains
and
losses
on
securities
transactions
are
based
upon
the
specific
identification
method.
Dividend
income
is
recorded
on
the
ex-dividend
date
or,
for
certain
foreign
securities,
when
information
is
available.
Non-cash
dividends
received
in
the
form
of
stock,
if
any,
are
recorded
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.
Rehypothecation
income
is
comprised
of
fees
earned
in
connection
with
the
rehypothecation
of
pledged
collateral
as
further
described
later
in
these
Notes
to
Financial
Statements.
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
Derivatives
Association,
Inc.
(ISDA)
master
agreements
or
other
similar
arrangements
(“netting
agreements”).
Generally,
the
right
to
offset
in
netting
agreements
allows
each
Fund
to
offset
certain
securities
and
derivatives
with
a
specific
counterparty,
when
applicable,
as
well
as
any
collateral
received
or
delivered
to
that
counterparty
based
on
the
terms
of
the
agreements.
Generally,
each
Fund
manages
its
cash
collateral
and
securities
collateral
on
a
counterparty
basis.
With
respect
to
certain
counterparties,
in
accordance
with
the
terms
of
the
netting
agreements,
collateral
posted
to
the
Funds
is
held
in
a
segregated
account
by
the
Funds’
custodian
and/or
with
respect
to
those
amounts
which
can
be
sold
or
repledged
,
are
presented
in
the
Funds’
Portfolio
of
Investments
or
Statement
of
Assets
and
Liabilities.
The
Funds’
investments
subject
to
netting
agreements
as
of
the
end
of
the
reporting
period,
if
any,
are
further
described
later
in
these
Notes
to
Financials.
New
Accounting
Pronouncement:
In
June
2022,
the
FASB
issued
ASU
2022-03
to
clarify
the
guidance
in
Topic
820,
Fair
Value
Measurement
("Topic
820").
The
amendments
in
ASU
2022-03
affect
all
entities
that
have
investments
in
equity
securities
measured
at
fair
value
that
are
subject
to
a
contractual
sale
restriction.
ASU
2022-03
(1)
clarifies
the
guidance
in
Topic
820,
when
measuring
the
fair
value
of
an
equity
security
subject
to
contractual
restrictions
that
prohibit
the
sale
of
equity
security,
(2)
amends
a
related
illustrative
example,
and
(3)
introduces
new
disclosure
requirements
for
equity
securities
subject
to
contractual
sale
restrictions
that
are
measured
at
fair
value
in
accordance
with
Topic
820.
For
public
business
entities,
the
amendments
in
ASU
2022-03
are
effective
for
fiscal
years
beginning
after
December
15,
2023,
and
interim
periods
within
those
fiscal
years.
For
all
other
entities,
the
amendments
are
effective
for
fiscal
years
beginning
after
December
15,
2024,
and
interim
periods
within
those
fiscal
years.
Early
adoption
is
permitted
for
both
interim
and
annual
financial
statements
that
have
not
yet
been
issued
or
made
available
for
issuance.
During
the
current
fiscal
period,
the
Funds
adopted
the
new
guidance
and
there
was
no
material
impact
to
the
Funds.
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.
Repurchase
agreements
are
valued
at
contract
amount
plus
accrued
interest,
which
approximates
market
value.
These
securities
are
generally
classified
as
Level
2.
Futures
contracts
are
valued
using
the
closing
settlement
price
or,
in
the
absence
of
such
a
price,
the
last
traded
price
and
are
generally
classified
as
Level
1.
Swap
contracts
are
marked-to-market
daily
based
upon
a
price
supplied
by
a
pricing
service.
Swaps
are
generally
classified
as
Level
2.
For
any
portfolio
security
or
derivative
for
which
market
quotations
are
not
readily
available
or
for
which
the
Adviser
deems
the
valuations
derived
using
the
valuation
procedures
described
above
not
to
reflect
fair
value,
the
Adviser
will
determine
a
fair
value
in
good
faith
using
alternative
procedures
approved
by
the
Adviser,
subject
to
the
oversight
of
the
Board.
As
a
general
principle,
the
fair
value
of
a
security
is
the
amount
that
the
owner
might
reasonably
expect
to
receive
for
it
in
a
current
sale.
A
variety
of
factors
may
be
considered
in
determining
the
fair
value
of
such
securities,
which
may
include
consideration
of
the
following:
yields
or
prices
of
investments
of
comparable
quality,
type
of
issue,
coupon,
maturity
and
rating,
market
quotes
or
indications
of
value
from
security
dealers,
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor’s
credit
characteristics
considered
relevant.
To
the
extent
the
inputs
are
observable
and
timely,
the
values
would
be
classified
as
Level
2;
otherwise
they
would
be
classified
as
Level
3.
The
following
table
summarizes
the
market
value
of
the
Funds’
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
JFR
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Variable
Rate
Senior
Loan
Interests
$
–
$
1,652,269,487
$
–
$
1,652,269,487
Corporate
Bonds
–
233,778,641
–
233,778,641
Common
Stocks
7,928,866
53,709,022
18,384
61,656,272
Warrants
15,388
21,129,104
11,503
21,155,995
Asset-Backed
Securities
–
18,575,799
–
18,575,799
Convertible
Preferred
Securities
–
582,720
–
582,720
Short-Term
Investments:
Investment
Companies
57,703,161
–
–
57,703,161
Total
$
65,647,415
$
1,980,044,773
$
29,887
$
2,045,722,075
JQC
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Variable
Rate
Senior
Loan
Interests
$
–
$
978,551,669
$
–
$
978,551,669
Corporate
Bonds
–
253,831,891
–
253,831,891
Common
Stocks
123,700
18,103,452
23,240
18,250,392
Asset-Backed
and
Mortgage-Backed
Securities
–
15,084,195
–
15,084,195
Warrants
8,573
3,764,749
47
3,773,369
Short-Term
Investments:
Investment
Companies
44,866,402
–
–
44,866,402
Total
$
44,998,675
$
1,269,335,956
$
23,287
$
1,314,357,918
Notes
to
Financial
Statements
(Unaudited)
(continued)
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
these
Notes
to
Financial
Statements.
4.
Portfolio
Securities
Unfunded
Commitments:
Pursuant
to
the
terms
of
certain
of
the
variable
rate
senior
loan
agreements,
JFR
and
JQC
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,
JFR
and
JQC’s
outstanding
unfunded
senior
loan
commitments
were
as
follows:
Repurchase
Agreements:
During
the
current
fiscal
period
JPC
and
NPFD
entered
into
repurchase
agreements.
In
connection
with
transactions
in
repurchase
agreements,
it
is
each
Fund’s
policy
that
its
custodian
take
possession
of
the
underlying
collateral
securities,
the
fair
value
of
which
exceeds
the
principal
amount
of
the
repurchase
transaction,
including
accrued
interest,
at
all
times.
If
the
counterparty
defaults,
and
the
fair
value
of
the
collateral
declines,
realization
of
the
collateral
may
be
delayed
or
limited.
The
following
table
presents
the
repurchase
agreements
for
JPC
and
NPFD
that
are
subject
to
netting
agreements
as
of
the
end
of
the
reporting
period,
and
the
collateral
delivered
related
to
those
repurchase
agreements.
JPC
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
$1,000
Par
(or
similar)
Institutional
Preferred
$
–
$
2,082,675,430
$
–
$
2,082,675,430
Contingent
Capital
Securities
–
1,210,166,337
–
1,210,166,337
$25
Par
(or
similar)
Retail
Preferred
478,551,272
22,195,945
–
500,747,217
Corporate
Bonds
–
161,289,168
–
161,289,168
Convertible
Preferred
Securities
21,581,494
–
–
21,581,494
Common
Stocks
5,647
–
–
5,647
Short-Term
Investments:
Repurchase
Agreements
–
2,520,000
–
2,520,000
Investments
in
Derivatives:
Futures
Contracts*
2,554,942
–
–
2,554,942
Interest
Rate
Swaps*
–
32,964,633
–
32,964,633
Total
$
502,693,355
$
3,511,811,513
$
–
$
4,014,504,868
JPI
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
$1,000
Par
(or
similar)
Institutional
Preferred
$
–
$
351,588,737
$
–
$
351,588,737
Contingent
Capital
Securities
–
214,922,771
–
214,922,771
$25
Par
(or
similar)
Retail
Preferred
109,256,125
4,639,778
–
113,895,903
Corporate
Bonds
–
3,306,380
–
3,306,380
Total
$
109,256,125
$
574,457,666
$
–
$
683,713,791
NPFD
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
$1,000
Par
(or
similar)
Institutional
Preferred
$
–
$
494,023,087
$
–
$
494,023,087
Contingent
Capital
Securities
–
123,561,495
–
123,561,495
$25
Par
(or
similar)
Retail
Preferred
112,900,229
2,533,965
–
115,434,194
Corporate
Bonds
–
6,525,288
–
6,525,288
Short-Term
Investments:
Repurchase
Agreements
–
60,000
–
60,000
Total
$
112,900,229
$
626,703,835
$
–
$
739,604,064
*
Represents
net
unrealized
appreciation
(depreciation)
as
reported
in
Fund's
Portfolio
of
Investments.
Fund
Outstanding
Unfunded
Senior
Loan
Commitments
JFR
$
468,900
JQC
283,523
Participation
Commitments:
With
respect
to
the
senior
loans
held
in
JFR
and
JQC’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
Funds
not
only
assume
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.
Purchases
and
Sales:
Long-term
purchases
and
sales
(excluding
in-kind
transactions,
where
applicable)
during
the
current fiscal
period
were
as
follows:
The
Funds
may
purchase
securities
on
a
when-issued
or
delayed-delivery
basis.
Securities
purchased
on
a
when-issued
or
delayed-delivery
basis
may
have
extended
settlement
periods;
interest
income
is
not
accrued
until
settlement
date.
Any
securities
so
purchased
are
subject
to
market
fluctuation
during
this
period. If
a
Fund
has
outstanding
when-issued/delayed-delivery
purchases
commitments
as
of
the
end
of
the
reporting
period,
such
amounts
are
recognized
on
the
Statement
of
Assets
and
Liabilities.
5.
Derivative
Investments
Each
Fund
is
authorized
to
invest
in
certain
derivative
instruments.
As
defined
by
U.S.
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variables.
Investments
in
derivatives
as
of
the
end
of
and/or
during
the
current
fiscal
period,
if
any,
are
included
within
the
Statement
of
Assets
and
Liabilities
and
the
Statement
of
Operations,
respectively.
Futures
Contracts:
During
the
current
fiscal
period,
JPC
used
interest
rate
futures
to
manage
the
duration
of
the
portfolio.
A
futures
contract
is
an
agreement
between
two
parties
to
buy
and
sell
a
financial
instrument
for
a
set
price
on
a
future
date.
Upon
execution
of
a
futures
contract,
the
Fund
is
obligated
to
deposit
cash
or
eligible
securities,
also
known
as
“initial
margin,”
into
an
account
at
its
clearing
broker
equal
to
a
specified
percentage
of
the
contract
amount.
Securities
deposited
for
initial
margin,
if
any,
are
identified
in
the
Portfolio
of
Investments
and
cash
deposited
for
initial
margin,
if
any,
is
reflected
on
the
Statement
of
Assets
and
Liabilities.
During
the
period
the
futures
contract
is
open,
changes
in
the
market
value
of
the
contract
are
recognized
as
an
unrealized
gain
or
loss
by
“marking-
to-market”
on
a
daily
basis.
The
Fund
and
the
clearing
broker
are
obligated
to
settle
monies
on
a
daily
basis
representing
the
changes
in
the
value
of
the
contracts.
These
daily
cash
settlements
are
known
as
“variation
margin”
and
is
recognized
on
the
Statement
of
Assets
and
Liabilities
as
a
receivable
or
payable
for
variation
margin
on
futures
contracts.
When
the
contract
is
closed
or
expired,
the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
contract
on
the
closing
date
and
value
of
the
contract
when
originally
entered
into.
The
net
realized
gain
or
loss
and
the
change
in
unrealized
appreciation
(depreciation)
on
futures
contracts
held
during
the
period
is
included
on
the
Statement
of
Operations.
Fund
Counterparty
Short-term
Investments,
at
Value
Collateral
Pledged
(From)
Counterparty
JPC
Fixed
Income
Clearing
Corporation
$
2,520,000
$
(2,570,439)
NPFD
Fixed
Income
Clearing
Corporation
60,000
(61,293)
Fund
Non-U.S.
Government
Purchases
Non-U.S.
Government
Sales
and
Maturities
U.S.
Government
Sales
JFR
$
327,536,346
$
333,143,718
$
—
JQC
226,466,947
238,963,149
—
JPC
798,238,809
627,105,701
—
JPI
127,899,607
120,764,407
1,139,666
NPFD
126,165,633
119,406,387
—
Notes
to
Financial
Statements
(Unaudited)
(continued)
Risks
of
investments
in
futures
contracts
include
the
possible
adverse
movement
in
the
price
of
the
securities
or
indices
underlying
the
contracts,
the
possibility
that
there
may
not
be
a
liquid
secondary
market
for
the
contracts
and/or
that
a
change
in
the
value
of
the
contract
may
not
correlate
with
a
change
in
the
value
of
the
underlying
securities
or
indices.
The
average
notional
amount
of
futures
contracts
outstanding
during
the
current
fiscal
period
was
as
follows:
Interest
Rate
Swap
Contracts:
During
the
current
fiscal
period,
JPC
and
JPI
used
interest
rate
swap
contracts
to
partially
hedge
their
interest
cost
of
leverage.
Interest
rate
swap
contracts
involve
the
Fund’s
agreement
with
the
counterparty
to
pay
or
receive
a
fixed
rate
payment
in
exchange
for
the
counterparty
receiving
or
paying
a
variable
rate
payment.
Forward
interest
rate
swap
contracts
involve
the
Fund’s
agreement
with
a
counterparty
to
pay,
in
the
future,
a
fixed
or
variable
rate
payment
in
exchange
for
the
counterparty
paying
the
Fund
a
variable
or
fixed
rate
payment,
the
accruals
for
which
would
begin
at
a
specified
date
in
the
future
(the
“effective
date”).
Upon
entering
into
an
interest
rate
swap
contract
(and
beginning
on
the
effective
date
for
a
forward
interest
rate
swap
contract),
the
Fund
accrues
the
fixed
rate
payment
expected
to
be
paid
or
received
and
the
variable
rate
payment
expected
to
be
received
or
paid
on
the
interest
rate
swap
contracts
on
a
daily
basis,
and
recognizes
the
daily
change
in
the
fair
value
of
the
Fund’s
contractual
rights
and
obligations
under
the
contracts.
The
amount
of
the
payment
obligation
for
an
interest
rate
swap
is
based
on
the
notional
amount
and
the
termination
date
of
the
contract.
Interest
rate
swap
contracts
do
not
involve
the
delivery
of
securities
or
other
underlying
assets
or
principal.
Accordingly,
the
risk
of
loss
on
such
transactions
is
limited
to
the
net
amount
of
interest
payments
that
the
Fund
is
to
receive
from
the
counterparty.
Payments
paid
(received)
at
the
beginning
of
the
measurement
period
are
reflected
as
swap
premiums
paid
(received)
on
the
Statement
of
Assets
and
Liabilities,
when
applicable.
Interest
rate
swaps
can
be
settled
either
directly
with
the
counterparty
(“OTC”)
or
through
a
central
clearinghouse
(“centrally
cleared”).
For
OTC
swaps,
the
daily
change
in
the
market
value
of
the
swap
contract,
along
with
any
daily
interest
fees
accrued,
are
recognized
as
unrealized
appreciation
(depreciation)
on
interest
rate
swaps
contracts on
the
Statement
of
Assets
and
Liabilities.
Upon
the
execution
of
a
centrally
cleared
swap,
a
Fund
is
obligated
to
deposit
cash
or
eligible
securities,
also
known
as
“initial
margin,”
into
an
account
at
its
clearing
broker
equal
to
a
specified
percentage
of
the
contract
amount.
Securities
deposited
for
initial
margin,
if
any,
are
identified
in
the
Portfolio
of
Investments and
cash
deposited
for
initial
margin,
if
any,
is
reflected
on
the
Statement
of
Assets
and
Liabilities.
The
Fund
and
the
clearing
broker
are
obligated
to
settle
monies
on
a
daily
basis
representing
the
changes
in
the
value
of
the
swap
contracts.
These
daily
cash
settlements
are
known
as
“variation
margin”
and
is
recognized
on
the
Statement
of
Assets
and
Liabilities
as
a
receivable
or
payable
for
variation
margin
on
interest
rate
swaps
contracts.
Changes
in
the
value
of
the
swap
contracts
during
the
fiscal
period
are
recognized
as
net
unrealized
appreciation
(depreciation)
of
swaps
contracts on
the
Statement
of
Operations.
The
net
amount
of
periodic
payments
settled
in
cash
are
recognized
as
net
realized
gain
(loss)
from
swap
contracts on
the
Statement
of
Operations,
in
addition
to
the
net
realized
gain
or
loss
recorded
upon
the
termination
of
the
swap
contract.
The
average
notional
amount
of
interest
rate
swap
contracts
outstanding
during
the
current
fiscal
period
was
as
follows:
The
following
table
presents
the
swap
contracts
subject
to
netting
agreements
and
the
collateral
delivered
related
to
those
swap
contracts
as
of
the
end
of
the
reporting
period.
As
of
the
end
of
the
reporting
period,
the
Funds
have
invested
in
derivative
contracts
which
are
reflected
in
the
Statement
of
Assets
and
Liabilities
as
follows:
Fund
Average
Notional
Amount
of
Futures
Contracts
Outstanding
*
JPC
$
22,406,144
*
The
average
notional
amount
is
calculated
based
on
the
absolute
aggregate
notional
amount
of
contracts
outstanding
at
the
beginning
of
the
current
fiscal
period
and
at
the
end
of
each
fiscal
quarter
within
the
current
fiscal
period.
Fund
Average
Notional
Amount
of
Interest
Rate
Swap
Contracts
Outstanding
*
JPC
$
529,166,667
JPI
15,000,000
*
The
average
notional
amount
is
calculated
based
on
the
absolute
aggregate
notional
amount
of
contracts
outstanding
at
the
beginning
of
the
current
fiscal
period
and
at
the
end
of
each
fiscal
quarter
within
the
current
fiscal
period.
Fund
Counterparty
Gross
Unrealized
Appreciation
Interest
Rate
Swaps***
Gross
Unrealized
(Depreciation)
Interest
Rate
Swaps***
Net
Unrealized
Collateral
Pledged
to
(from)
Counterparty
Net
Exposure
JPC
Morgan
Stanley
Capital
Services
LLC
$
32,964,633
$
-
$
32,964,633
$
(31,194,556)
$
1,770,077
*** Represents
gross
unrealized
appreciation
(depreciation)
for
the
counterparty
as
reported
in
the
Fund's
Portfolio
of
Investments.
During
the
current
fiscal
period,
the
effect
of
derivative
contracts
on
the
Funds’
Statements
of
Operations
was
as
follows:
Market
and
Counterparty
Credit
Risk:
In
the
normal
course
of
business
each
Fund
may
invest
in
financial
instruments
and
enter
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk)
or
failure
of
the
other
party
to
the
transaction
to
perform
(counterparty
credit
risk).
The
potential
loss
could
exceed
the
value
of
the
financial
assets
recorded
on
the
financial
statements.
Financial
assets,
which
potentially
expose
each
Fund
to
counterparty
credit
risk,
consist
principally
of
cash
due
from
counterparties
on
forward,
option
and
swap
transactions,
when
applicable.
The
extent
of
each
Fund’s
exposure
to
counterparty
credit
risk
in
respect
to
these
financial
assets
approximates
their
carrying
value
as
recorded
on
the
Statement
of
Assets
and
Liabilities.
Each
Fund
helps
manage
counterparty
credit
risk
by
entering
into
agreements
only
with
counterparties
the
Adviser
believes
have
the
financial
resources
to
honor
their
obligations
and
by
having
the
Adviser
monitor
the
financial
stability
of
the
counterparties.
Additionally,
counterparties
may
be
required
to
pledge
collateral
daily
(based
on
the
daily
valuation
of
the
financial
asset)
on
behalf
of
each
Fund
with
a
value
approximately
equal
to
the
amount
of
any
unrealized
gain
above
a
pre-determined
threshold.
Reciprocally,
when
each
Fund
has
an
unrealized
loss,
the
Funds
have
instructed
the
custodian
to
pledge
assets
of
the
Funds
as
collateral
with
a
value
approximately
equal
to
the
amount
of
the
unrealized
loss
above
a
pre-determined
threshold.
Collateral
pledges
are
monitored
and
subsequently
adjusted
if
and
when
the
valuations
fluctuate,
either
up
or
down,
by
at
least
the
pre-determined
threshold
amount.
6.
Fund
Shares
Common
Shares
Equity
Shelf
Programs
and
Offering
Costs:
JPC
has
filed
a
registration
statement
with
the Securities
and
Exchange
Commission
("SEC")
authorizing
the
Fund
to
issue
additional
common
shares
through
one
or
more
equity
shelf
programs
(“Shelf
Offering”),
which
became
effective
with
the
SEC
during
a
prior
fiscal
period.
Under
this
Shelf
Offering,
the
Fund,
subject
to
market
conditions,
may
raise
additional
equity
capital
by
issuing
additional
common
shares
from
time
to
time
in
varying
amounts
and
by
different
offering
methods
at
a
net
price
at
or
above
Fund’s
NAV
per
common
share.
In
the
event
the
Fund’s
Shelf
Offering
registration
statement
is
no
longer
current,
the
Fund
may
not
issue
additional
common
shares
until
a
post-effective
amendment
to
the
registration
statement
has
been
filed
with
the
SEC.
Maximum
aggregate
offering,
common
shares
sold
and
offering
proceeds,
net
of
offering
costs
under
each
Fund’s
Shelf
Offering
during
the
Fund’s
current
and
prior
fiscal
period
were
as
follows:
Asset
Derivatives
Liability
Derivatives
Derivative
Instrument
Risk
Exposure
Location
Value
Location
Value
JPC
Futures
Contracts
Interest
rate
Unrealized
appreciation
on
futures
contracts
*
$
2,554,942
-
$
–
Interest
Rate
Swaps
Interest
rate
Unrealized
appreciation
on
interest
rate
swaps
contracts
32,964,633
-
–
1
1
1
1
1
1
1
1
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts;
however,
the
value
reflected
in
the
accompanying
Statements
of
Assets
and
Liabilities
is
only
the
receivable
or
payable
for
variation
margin
on
open
futures
contacts.
Derivative
Instrument
Risk
Exposure
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
JPC
Futures
contracts
Interest
rate
$
(381,952)
$
2,554,942
Swap
contracts
Interest
rate
8,922,815
15,658,426
JPI
Swap
contracts
Interest
rate
348,520
(361,549)
JPC
Six
Months
Ended
1/31/24
Year
Ended
7/31/23
Maximum
aggregate
offering
Unlimited
Unlimited
Common
shares
sold
–
–
Offering
proceeds,
net
of
offering
costs
$–
$–
Notes
to
Financial
Statements
(Unaudited)
(continued)
Costs
incurred
by
the
Funds
in
connection
with their
initial
shelf
registrations
are
recorded
as
a
prepaid
expense
and
recognized
as
“Deferred
offering
costs”
on
the
Statement
of
Assets
and
Liabilities.
These
costs
are
amortized
pro
rata
as
common
shares
are
sold
and
are
recognized
as
a
component
of
“Proceeds
from
shelf
offering,
net
of
offering
costs”
on
the
Statement
of
Changes
in
Net
Assets.
Any
deferred
offering
costs
remaining
after
the
effectiveness
of
the
initial
shelf
registration
will
be
expensed.
Costs
incurred
by
the
Fund
to
keep
the
shelf
registration
current
are
expensed
as
incurred
and
recognized
as
a
component
of
“Other
expenses”
on
the
Statement
of
Operations.
Common Share
Transactions:
Transactions
in common
shares
for
the
Funds
during
the
Funds’
current
and
prior
fiscal
period,
where
applicable,
were
as
follows:
Preferred
Shares
Taxable
Fund
Preferred
Shares:
JFR,
JQC,
JPC
and
NPFD
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.
The
Fund
is
obligated
to
redeem
its
TFP
Shares
by
the
date
as
specified
in
its
offering
documents
(“Term
Redemption
Date”),
unless
earlier
redeemed
by
the
Fund.
TFP
Shares
are
initially
issued
in
a
pre-specified
mode,
however,
TFP
Shares
can
be
subsequently
designated
as
an
alternative
mode
at
a
later
date
at
the
discretion
of
the
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
Fund
will
be
required
to
either
extend
the
term
of
the
mode,
designate
an
alternative
mode
or
redeem
the
TFP
Shares.
The
fair
value
of
TFP
Shares
while
in
VRM
are
expected
to
approximate
their
liquidation
preference
so
long
as
the
fixed
“spread”
on
the
shares
remains
roughly
in
line
with
the
“spread’
being
demanded
by
investors
on
instruments
having
similar
terms
in
the
current
market.
In
current
market
conditions,
the
Adviser
has
determined
that
the
fair
value
of
the
shares
are
approximately
their
liquidation
preference,
but
their
fair
value
could
vary
if
market
conditions
change
materially.
•
Variable
Rate
Demand
Mode
(“VRDM”)
–
Dividends
for
TFP
Shares
designated
in
this
mode
will
be
established
by
a
remarketing
agent;
therefore,
the
market
value
of
the
TFP
Shares
is
expected
to
approximate
its
liquidation
preference.
While
in
this
mode,
shares
will
have
an
unconditional
liquidity
feature
that
enable
its
shareholders
to
require
a
liquidity
provider,
which
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.
The
Funds
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
“TFP
Shares,
net”
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
“TFP
Shares,
Net”
on
the
Statement
of
Assets
and
Liabilities
and
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
JFR
Six
Months
Ended
1/31/24
Year
Ended
7/31/23
Common
Shares:
Issued
in
the
Reorganization
—
77,137,719
Total
—
77,137,719
JPC
Six
Months
Ended
1/31/24
Year
Ended
7/31/23
Common
Shares:
Issued
in
the
Reorganization
214,414,720
—
Total
214,414,720
—
As
of
the
end
of
the
reporting
period,
JFR,
JQC,
JPC,
and
NPFD
had
of
$283,529,815,
$139,165,969,
$418,368,245
and
$84,471,271
respectively,
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:
The
average
liquidation
preference
of
TFP
Shares
outstanding
and
the
annualized
dividend
rate
for
the
Funds
during
the
current
fiscal
period
were
as
follows:
Preferred
Share
Transactions:
Transactions
in
preferred
shares
during
the
Funds'
current
and
prior
fiscal
period,
where
applicable,
are
noted
in
the
following
tables.
Transactions
in
TFP
Shares
for
the
Funds,
where
applicable,
were
as
follows:
*
Issued
in
the
Merger
7.
Income
Tax
Information
Each
Fund
is
a
separate
taxpayer
for
federal
income
tax
purposes.
Each
Fund
intends
to
distribute
substantially
all
of
its
net
investment
income
and
net
capital
gains
to
shareholders
and
otherwise
comply
with
the
requirements
of
Subchapter
M
of
the
Internal
Revenue
Code
applicable
to
regulated
investment
companies.
Therefore,
no
federal
income
tax
provision
is
required.
Each
Fund
files
income
tax
returns
in
U.S.
federal
and
applicable
state
and
local
jurisdictions.
A
Fund's
federal
income
tax
returns
are
generally
subject
to
examination
for
a
period
of
three
fiscal
years
after
being
filed.
State
and
local
tax
returns
may
be
subject
to
examination
for
an
additional
period
of
time
depending
on
the
jurisdiction.
Management
has
analyzed
each
Fund's
tax
positions
taken
for
all
open
tax
years
and
has
concluded
that
no
provision
for
income
tax
is
required
in
the
Fund's
financial
statements.
Fund
Series
Shares
Outstanding
Liquidation
Preference
Term
Redemption
Date
Mode
JFR
A
1,000
$
100,000,000
$
January
1,
2031
VRDM
B
115,000
115,000,000
December
1,2030
VRM
C
700
70,000,000
November
1,2029
VRDM
JQC
A
140,000
$
140,000,000
July
1,
2032
VRDM
JPC
A
150,000
$
150,000,000
August
1,
2037
VRDM
B
270,000
270,000,000
July
1,
2032
VRDM
NPFD
A
85,000
$
85,000,000
February
1,
2034
VRDM
JFR
JQC
JPC
NPFD
Average
liquidation
preference
of
TFP
Shares
outstanding
$285,000,000
$140,000,000
$277,663,043
$85,000,000
Average
dividend
rate
5.96%
5.49%
5.47%
5.53%
Six
Months
Ended
January
31,
2024
JPC
Series
Shares
Amount
TFP
Shares
Issued*
B
270,000
$270,000,000
Year
Ended
July
31,
2023
JFR
Series
Shares
Amount
TFP
Shares
Issued*
B
115,000
$115,000,000
C
70,000
$70,000,000
JPC
TFP
Shares
Issued
A
150,000
$150,000,000
NPFD
TFP
Shares
Issued
A
85,000
$85,000,000
Notes
to
Financial
Statements
(Unaudited)
(continued)
As
of
the
end
of
the
reporting
period,
the
aggregate
cost
and
the
net
unrealized
appreciation/(depreciation)
of
all
investments
for
federal
income
tax
purposes
were
as
follows:
For
purposes
of
this
disclosure,
tax
cost
generally
includes
the
cost
of
portfolio
investments
as
well
as
up-front
fees
or
premiums
exchanged
on
derivatives
and
any
amounts
unrealized
for
income
statement
reporting
but
realized
income
and/or
capital
gains
for
tax
reporting,
if
applicable.
As
of
prior
fiscal
period
end,
the
components
of
accumulated
earnings
on
a
tax
basis
were
as
follows:
As
of
prior
fiscal
period
end,
the
Funds
had
capital
loss
carryforwards,
which
will
not
expire:
8.
Management
Fees
and
Other
Transactions
with
Affiliates
The
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:
**
Effective
for
the
period
August
1,
2023
until
November
6,
2023.
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
JFR
$
2,086,314,268
$
65,375,972
$
(105,968,165)
$
(40,592,193)
JQC
1,343,317,175
26,868,692
(55,827,949)
(28,959,257)
JPC
4,150,337,366
73,372,955
(209,205,453)
(135,832,498)
JPI
728,453,786
9,665,078
(54,405,073)
(44,739,995)
NPFD
818,905,358
5,561,388
(84,862,682)
(79,301,294)
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
JFR
$
2,793,000
$
—
$
(89,820,444)
$
(353,447,784)
$
—
$
(4,240,426)
$
(444,715,654)
JQC
—
—
(58,809,666)
(294,692,618)
—
(6,441,441)
(359,943,725)
JPC
2,497,837
—
(123,225,374)
(141,537,187)
—
(4,988,879)
(267,253,603)
JPI
—
—
(71,339,001)
(44,312,590)
—
(2,344,930)
(117,996,521)
NPFD
—
—
(113,515,157)
(34,186,057)
—
(2,090,198)
(149,791,412)
Fund
Short-Term
Long-Term
Total
JFR
1
$
34,764,095
$
318,683,689
$
353,447,784
JQC
45,832,217
248,860,401
294,692,618
JPC
47,916,528
93,620,659
141,537,187
JPI
12,053,965
32,258,625
44,312,590
NPFD
10,936,810
23,249,247
34,186,057
1
A
portion
of
JFR's
capital
loss
carryforwards
is
subject
to
an
annual
limitation
under
the
Internal
Revenue
Code
and
related
regulations.
Average
Daily
Managed
Assets*
JFR
JQC
JPC**
JPI
NPFD
For
the
first
$500
million
0.6500
%
0.6800
%
0.6800
%
0.7000
%
0.7500
%
For
the
next
$500
million
0.6250
0.6550
0.6550
0.6750
0.7250
For
the
next
$500
million
0.6000
0.6300
0.6300
0.6500
0.7000
For
the
next
$500
million
0.5750
0.6050
0.6050
0.6250
0.6750
For
managed
assets
over
$2
billion
0.5500
0.5800
0.5800
0.6000
0.6500
Effective
November
6,
2023,
in
conjunction
with
the
Merger
of
JPC,
the
annual
Fund-level
fee,
payable
monthly
is
calculated
according
to
the
following
schedule:
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
Fund’s
daily
managed
assets:
*
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,
2024,
the
complex-level
fee
for
each
Fund
was
as
follows:
9.
Commitments
and
Contingencies
In
the
normal
course
of
business, each
Fund
enters
into
a
variety
of
agreements
that
may
expose
the
Funds
to
some
risk
of
loss.
These
could
include
recourse
arrangements
for
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
in
the
Notes
to
Financial
Statements.
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.
Average
Total
Daily
Managed
Assets*
JPC
Fund-Level
Fee
Rate
For
the
first
$500
million
0.6800
%
For
the
next
$500
million
0.6550
For
the
next
$500
million
0.6300
For
the
next
$500
million
0.6050
For
the
next
$750
million
0.5800
For
the
next
$750
million
0.5550
For
the
next
$1.5
billion
0.5300
For
managed
assets
over
$5
billion
0.5050
Complex-Level
Eligible
Asset
Breakpoint
Level*
Effective
Complex-Level
Fee
Rate
at
Breakpoint
Level
$55
billion
0.2000
%
$56
billion
0.1996
$57
billion
0.1989
$60
billion
0.1961
$63
billion
0.1931
$66
billion
0.1900
$71
billion
0.1851
$76
billion
0.1806
$80
billion
0.1773
$91
billion
0.1691
$125
billion
0.1599
$200
billion
0.1505
$250
billion
0.1469
$300
billion
0.1445
Fund
Complex-Level
Fee
JFR
0.1603%
JQC
0.1603%
JPC
0.1603%
JPI
0.1603%
NPFD
0.1603%
Notes
to
Financial
Statements
(Unaudited)
(continued)
10.
Borrowings
Arrangements
and
Reverse
Repurchase
Agreements
Borrowings:
Each
Fund
entered
into
a
borrowing
arrangement
(“Borrowings”)
as
a
means
of
leverage.
As
of
the
end
of
the
reporting
period,
each
Fund’s
maximum
commitment
amount
under
these
Borrowings
is
as
follows:
As
of
the
end
of
the
reporting
period,
each
Fund’s
outstanding
balance
on
its
Borrowings
was
as
follows:
For
JFR,
interest
is
charged
at
a
rate
equal
to
1-Month
Term
SOFR
plus
0.95%.
JFR
accrues
0.15%
per
annum
on
the
undrawn
balance
if
the
undrawn
portion
of
the
Borrowings
on
a
particular
day
is
more
than
the
maximum
commitment
amount.
Interest
is
charged
on
the
Borrowings
at
a
rate
per
annum
equal
to
the
daily
SOFR
plus
1.10%
for
JQC
and
the
Fund
accrues
1.10%
per
annum
on
any
positive
difference
between
90%
of
the
maximum
commitment
amount
and
the
daily
drawn
amount
For
JPC
and
JPI
funds,
interest
is
charged
on
these
Borrowings
at
OBFR
(“Overnight
Bank
Funding
Rate”)
plus
0.85%
per
annum
on
the
amounts
borrowed.
For
NPFD,
interest
is
charged
on
these
Borrowings
at
OBFR
plus
0.75%
per
annum
on
the
amounts
borrowed
and
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.
During
the
current
fiscal
period,
the
average
daily
balance
outstanding
and
average
annual
interest
rate
on
each
Fund’s
Borrowings
were
as
follows:
Other
Borrowings
Information
for
the
Funds:
In
order
to
maintain
these
Borrowings,
the
Funds
must
meet
certain
collateral,
asset
coverage
and
other
requirements.
The
Funds’
borrowings
outstanding
are
fully
secured
by
eligible
securities
held
in
each
Fund’s
portfolio
of
investments.
(“Pledged
Collateral”)
Borrowings
outstanding
are
recognized
as
“Borrowings”
on
the
Statement
of
Assets
and
Liabilities.
Interest
expense
incurred
on
the
borrowed
amount
and
undrawn
balance
and
amendment
fees
are
recognized
as
a
component
of
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
Rehypothecation
:
JPC
and
JPI
have
each
entered
into
a
Rehypothecation
Side
Letter
(“Side
Letter”)
with
its
prime
brokerage
lender,
allowing
it
to
re-register
the
Pledged
Collateral
in
its
own
name
or
in
a
name
other
than
the
Funds’
to
pledge,
re-pledge,
hypothecate,
rehypothecate,
sell,
lend
or
otherwise
transfer
or
use
the
Pledged
Collateral
(the
“Hypothecated
Securities”)
with
all
rights
of
ownership
as
described
in
the
Side
Letter.
Subject
Fund
Maximum
Commitment
Amount
JFR
$
550,000,000
JQC
235,000,000
JPC
715,000,000
JPI
255,000,000
NPFD
190,000,000
Fund
Outstanding
balance
on
Borrowings
JFR
$
477,200,000
JQC
211,600,000
JPC
695,000,000
JPI
172,900,000
NPFD
170,314,000
Fund
Utilization
Period
(Days
Outstanding)
Average
Daily
Balance
Outstanding
Average
Annual
Interest
Rate
JFR
184
$
477,200,000
6.48
%
JQC
184
211,600,000
6.66
JPC
184
464,310,326
6.22
JPI
184
175,269,565
6.41
NPFD
184
160,136,283
6.28
to
certain
conditions,
the
total
value
of
the
outstanding
Hypothecated
Securities
shall
not
exceed
the
lesser
of
(i)
98%
of
the
outstanding
balance
on
the
Borrowings
to
which
the
Pledged
Collateral
relates
and
(ii)
33
1⁄3
%
of
the
Funds’
total
assets.
The
Funds
may
designate
any
Pledged
Collateral
as
ineligible
for
rehypothecation.
The
Funds
may
also
recall
Hypothecated
Securities
on
demand.
The
Funds
also
have
the
right
to
apply
and
set-off
an
amount
equal
to
one-hundred
percent
(100%)
of
the
then-current
fair
market
value
of
such
Pledged
Collateral
against
the
current
Borrowings
under
the
Side
Letter
in
the
event
that
the
prime
brokerage
lender
fails
to
timely
return
the
Pledged
Collateral
and
in
certain
other
circumstances.
In
such
circumstances,
however,
the
Funds
may
not
be
able
to
obtain
replacement
financing
required
to
purchase
replacement
securities
and,
consequently,
the
Funds’
income
generating
potential
may
decrease.
Even
if
a
Fund
is
able
to
obtain
replacement
financing,
it
might
not
be
able
to
purchase
replacement
securities
at
favourable
prices.
The
Funds
will
receive
a
fee
in
connection
with
the
Hypothecated
Securities
(“Rehypothecation
Fees”)
in
addition
to
any
principal,
interest,
dividends
and
other
distributions
paid
on
the
Hypothecated
Securities.
As
of
the
end
of
the
reporting
period,
JPC
and
JPI
each
had
Hypothecated
Securities
as
follows:
JPC
and
JPI
earn
Rehypothecation
Fees,
which
are
recognized
as
“Rehypothecation
income”
on
the
Statement
of
Operations.
During
the
current
fiscal
period,
the
Rehypothecation
Fees
earned
by
each
Fund
were
as
follows
Reverse
Repurchase
Agreements:
During
the
current
fiscal
period,
JQC,
JPC,
JPI
and
NPFD
utilized
reverse
repurchase
agreements
as
a
means
of
leverage.
Each
Fund
may
enter
into
a
reverse
repurchase
agreement
with
brokers,
dealers,
banks
or
other
financial
institutions
that
have
been
determined
by
the
Adviser
to
be
creditworthy.
In
a
reverse
repurchase
agreement,
the
Fund
sells
to
the
counterparty
a
security
that
it
holds
with
a
contemporaneous
agreement
to
repurchase
the
same
security
at
an
agreed-upon
price
and
date,
reflecting
the
interest
rate
effective
for
the
term
of
the
agreement.
It
may
also
be
viewed
as
the
borrowing
of
money
by
the
Fund.
Cash
received
in
exchange
for
securities
delivered,
plus
accrued
interest
payments
to
be
made
by
the
Fund
to
a
counterparty,
are
reflected
as
a
liability
on
the
Statement
of
Assets
and
Liabilities.
Interest
payments
made
by
the
Fund
to
counterparties
are
recognized
as
a
component
of
"Interest
expense" on
the
Statement
of
Operations.
In
a
reverse
repurchase
agreement,
the
Fund
retains
the
risk
of
loss
associated
with
the
sold
security. Reverse
repurchase
agreements
also
involve
the
risk
that
the
purchaser
fails
to
return
the
securities
as
agreed
upon,
files
for
bankruptcy
or
becomes
insolvent.
Upon
a
bankruptcy
or
insolvency
of
a
counterparty,
the
Fund
is
considered
to
be
an
unsecured
creditor
with
respect
to
excess
collateral
and
as
such
the
return
of
excess
collateral
may
be
delayed.
As
of
the
end
of
the
reporting
period,
the
Fund’s
outstanding
balances
on
its
reverse
repurchase
agreements
were
as
follows:
*
The
Fund
may
repurchase
the
reverse
repurchase
agreement
prior
to
the
maturity
date
and/or
counterparty
may
accelerate
maturity
upon
pre-
specified
advance
notice.
During
the
current
fiscal
period,
the
average
daily
balance
outstanding
and
average
annual
interest
rate
on
the
Funds’
reverse
repurchase
agreements
were
as
follows:
JPC
JPI
Hypothecated
Securities
$637,645,896
$160,632,992
JPC
JPI
Rehypothecation
Fees
$53,161
$30,387
Fund
Counterparty
Rate
Principal
Amount
Maturity
Value
Value
and
Accrued
Interest
JQC
Societe
Generale
Daily
SOFR
plus
0.85%
$
(142,000,000)
N/A
$
(142,000,000)
$
(142,849,955)
JPC
BNP
Paribas
6.13%
(319,000,000)
T+29
Days
(319,000,000)
(320,777,560)
JPC
Royal
Bank
of
Canada
5.98%
(95,853,000)
2/26/24
(95,853,000)
(95,941,058)
Total
$(414,853,000)
$(414,853,000)
$(416,718,618)
JPI
BNP
Paribas
6.14%
(65,000,000)
T+29
Days
(65,000,000)
(65,744,783)
NPFD
Royal
Bank
of
Canada
6.14%
(10,592,000)
2/05/24
(10,592,000)
(10,640,776)
Notes
to
Financial
Statements
(Unaudited)
(continued)
The
following
table
presents
the
reverse
repurchase
agreements
subject
to
netting
agreements
and
the
collateral
delivered
related
to
those
reverse
repurchase
agreements.
11.
Inter-Fund
Borrowing
and
Lending
Inter-Fund
Borrowing
and
Lending:
The
SEC
has
granted
an
exemptive
order
permitting
registered
open-end
and
closed-end
Nuveen
funds
to
participate
in
an
inter-fund
lending
facility
whereby
the
Nuveen
funds
may
directly
lend
to
and
borrow
money
from
each
other
for
temporary
purposes
(e.g.,
to
satisfy
redemption
requests
or
when
a
sale
of
securities
“fails,”
resulting
in
an
unanticipated
cash
shortfall)
(the
“Inter-Fund
Program”).
The
closed-end
Nuveen
funds,
including
the
Funds
covered
by
this
shareholder
report,
will
participate
only
as
lenders,
and
not
as
borrowers,
in
the
Inter-Fund
Program
because
such
closed-end
funds
rarely,
if
ever,
need
to
borrow
cash
to
meet
redemptions.
The
Inter-Fund
Program
is
subject
to
a
number
of
conditions,
including,
among
other
things,
the
requirements
that
(1)
no
fund
may
borrow
or
lend
money
through
the
Inter-Fund
Program
unless
it
receives
a
more
favorable
interest
rate
than
is
typically
available
from
a
bank
or
other
financial
institution
for
a
comparable
transaction;
(2)
no
fund
may
borrow
on
an
unsecured
basis
through
the
Inter-Fund
Program
unless
the
fund’s
outstanding
borrowings
from
all
sources
immediately
after
the
inter-fund
borrowing
total
10%
or
less
of
its
total
assets;
provided
that
if
the
borrowing
fund
has
a
secured
borrowing
outstanding
from
any
other
lender,
including
but
not
limited
to
another
fund,
the
inter-fund
loan
must
be
secured
on
at
least
an
equal
priority
basis
with
at
least
an
equivalent
percentage
of
collateral
to
loan
value;
(3)
if
a
fund’s
total
outstanding
borrowings
immediately
after
an
inter-fund
borrowing
would
be
greater
than
10%
of
its
total
assets,
the
fund
may
borrow
through
the
inter-fund
loan
on
a
secured
basis
only;
(4)
no
fund
may
lend
money
if
the
loan
would
cause
its
aggregate
outstanding
loans
through
the
Inter-Fund
Program
to
exceed
15%
of
its
net
assets
at
the
time
of
the
loan;
(5)
a
fund’s
inter-fund
loans
to
any
one
fund
shall
not
exceed
5%
of
the
lending
fund’s
net
assets;
(6)
the
duration
of
inter-
fund
loans
will
be
limited
to
the
time
required
to
receive
payment
for
securities
sold,
but
in
no
event
more
than
seven
days;
and
(7)
each
inter-fund
loan
may
be
called
on
one
business
day’s
notice
by
a
lending
fund
and
may
be
repaid
on
any
day
by
a
borrowing
fund.
In
addition,
a
Nuveen
fund
may
participate
in
the
Inter-Fund
Program
only
if
and
to
the
extent
that
such
participation
is
consistent
with
the
fund’s
investment
objective
and
investment
policies.
The
Board
is
responsible
for
overseeing
the
Inter-Fund
Program.
The
limitations
detailed
above
and
the
other
conditions
of
the
SEC
exemptive
order
permitting
the
Inter-Fund
Program
are
designed
to
minimize
the
risks
associated
with
Inter-Fund
Program
for
both
the
lending
fund
and
the
borrowing
fund.
However,
no
borrowing
or
lending
activity
is
without
risk.
When
a
fund
borrows
money
from
another
fund,
there
is
a
risk
that
the
loan
could
be
called
on
one
day’s
notice
or
not
renewed,
in
which
case
the
fund may
have
to
borrow
from
a
bank
at
a
higher
rate
or
take
other
actions
to
payoff
such
loan
if
an
inter-fund
loan
is
not
available
from
another
fund.
Any
delay
in
repayment
to
a
lending
fund
could
result
in
a
lost
investment
opportunity
or
additional
borrowing
costs.
During
the
current
reporting
period,
none
of
the
Funds
covered
by
this
shareholder
report
have
entered
into
any
inter-fund
loan
activity.
12.
Fund
Mergers
The
Mergers
as
previously
described
in
these
Notes
to
Financial
Statements
were
structured
to
qualify
as
tax-free
reorganizations
under
the
Internal
Revenue
Code
for
federal
income
tax
purposes,
and
the
Target
Funds’
shareholders
recognized
no
gain
or
loss
for
federal
income
tax
purposes
as
a
result.
Prior
to
the
closing
of
each
Merger,
the
Target
Funds
distributed
all
of
their
net
investment
income
and
capital
gains,
if
any.
Such
a
distribution
may
be
taxable
to
the
Target
Funds’
shareholders
for
federal
income
tax
purposes.
Investments:
The
cost,
fair
value
and
net
unrealized
appreciation
(depreciation)
of
the
investments
(including
investments
in
derivatives)
of
the
Target
Funds
as
of
the
date
of
each
Merger,
were
as
follows:
Fund
Utilization
period
(days
outstanding)
Average
daily
balance
outstanding
Average
annual
interest
rate
JQC
184
$
(142,000,000)
6.19%
JPC
184
(210,145,679)
6.30
JPI
184
(65,000,000)
6.63
NPFD
184
(17,991,255)
5.90
Fund
Counterparty
Reverse
Repurchase
Agreements***
Collateral
Pledged
to
Counterparty
JQC
Societe
Generale
$
(142,849,955)
$
195,497,628
JPC
BNP
Paribas
(320,777,560)
338,822,091
JPC
Royal
Bank
of
Canada
(95,941,058)
123,646,982
Total
$
(416,718,618)
$
462,469,073
JPI
BNP
Paribas
(65,744,783)
65,664,096
NPFD
Royal
Bank
of
Canada
(10,640,776)
15,345,062
***
Represents
gross
value
and
accrued
interest
for
the
counterparty
as
reported
in
the
preceding
table.
For
financial
reporting
purposes,
assets
received
and
shares
issued
by
the
Acquiring
Fund
were
recorded
at
fair
value;
however,
the
cost
basis
of
the
investments
received
from
the
Target
Funds
were
carried
forward
to
align
ongoing
reporting
of
the
Acquiring
Fund’s
realized
and
unrealized
gains
and
losses
with
amounts
distributable
to
shareholders
for
tax
purposes.
Common
Shares:
The
common
shares
outstanding,
net
assets
applicable
to
common
shares
and
NAV
per
common
share
outstanding
immediately
before
and
after
each
Merger
were
as
follows:
Pro
Forma
Results
of
Operations:
The
beginning
of
JPS
and
JPT’s
current
fiscal
period
was
August
1,
2023.
Assuming
the
Mergers
had
been
completed
on
August
1,
2023,
the
beginning
of
the
Acquiring
Fund’s
current
fiscal
period,
the
pro
forma
results
of
operations
for
the
Fund’s
current
fiscal
period,
are
as
follows:
Because
the
combined
investment
portfolio
of
each
Merger
has
been
managed
as
a
single
integrated
portfolio
since
each
Merger
was
completed,
it
is
not
practicable
to
separate
the
amounts
of
revenue
and
earnings
of
each
Target
Fund
that
have
been
included
in
the
Statement
of
Operations
of
the
Acquiring
Fund
since
each
Merger
was
consummated.
Cost
and
Expenses:
In
connection
with
each
Merger,
the
Acquiring
Fund
incurred
certain
associated
costs
and
expenses.
Such
amounts
were
included
as
components
of
“Accrued
other
expenses”
on
the
Statement
of
Assets
and
Liabilities
and
“Merger
expenses”
on
the
Statement
of
Operations.
13.
Subsequent
Events
Effective
February
1,
2024,
JFR
exchanged
$70,000,000
Series
C
TFP
Shares
for
$70,000,000
Series
A
TFP
Shares.
JPS
JPT
Cost
of
investments
$2,510,520,333
$139,640,181
Fair
value
of
investments
2,287,111,763
122,868,636
Net
unrealized
appreciation
(depreciation)
of
investments
(223,408,570)
(16,771,545)
Target
Fund
-
Prior
to
Merger
into
JPC
JPS
JPT
Common
shares
outstanding
205,710,932
4,391,624
Net
assets
applicable
to
common
shares
$1,472,315,298
$79,555,253
NAV
per
common
share
outstanding
$7.16
$18.12
Acquiring
Fund
-
Prior
to
Merger
JPC
Common
shares
outstanding
105,069,232
Net
assets
applicable
to
common
shares
$760,458,451
NAV
per
common
share
outstanding
$7.24
Acquiring
Fund
-
Post
Merger
JPC
Common
shares
outstanding
319,483,952
Net
assets
applicable
to
common
shares
$2,312,329,002
NAV
per
common
share
outstanding
$7.24
Acquiring
Fund
-
Pro
Forma
Results
from
Operations
JPC
Net
investment
income
(loss)
$59,414,479
Net
realized
and
unrealized
gains
(losses)
(58,219,032)
Change
in
net
assets
resulting
from
operations
1,195,447
Shareholder
Meeting
Report
(Unaudited)
A
special
meeting
of
shareholders
was
held
on
August
9,
2023
for
JPC;
at
this
meeting
the
shareholders
were
asked
to
approve
an
Agreement
and
Plan
Merger
as
well
as
the
issuance
of
additional
common
shares
with
the
Agreement
and
Plan
of
Merger.
The
meeting
was
subsequently
adjourned
to
September
15,
2023,
in
order
to
seek
additional
shareholder
participation.
JPC
Common
and
Preferred
shares
voting
together
as
a
class
Preferred
shares
To
approval
an
Agreement
and
Plan
of
Merger:
For
—
140,000
Withhold
—
—
Withhold
—
—
Withhold
—
—
Total
—
140,000
To
approval
the
Issuance
of
additional
common
shares:
For
48,864,159
—
Withhold
4,114,012
—
Withhold
2,519,232
—
Withhold
—
—
Total
55,497,403
—
Risk
Considerations
(Unaudited)
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
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
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
.
Nuveen
Preferred
&
Income
Opportunities
Fund
(JPC)
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.
Preferred
securities
are
subordinated
to
bonds
and
other
debt
instruments
in
a
company’s
capital
structure,
and
therefore
are
subject
to
greater
credit
risk.
Debt
or
fixed
income
securities
such
as
those
held
by
the
Fund,
are
subject
to
market
risk,
credit
risk,
interest
rate
risk,
derivatives
risk,
liquidity
risk,
and
income
risk.
As
interest
rates
rise,
bond
prices
fall.
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.
Certain
types
of
preferred
or
debt
securities
with
special
loss
absorption
provisions,
such
as
contingent
capital
securities
(CoCos),
may
be
or
become
so
subordinated
that
they
present
risks
equivalent
to,
or
in
some
cases
even
greater
than,
the
same
company’s
common
stock.
These
loss
absorption
features
work
to
the
benefit
of
the
security
issuer,
not
the
investor.
These
and
other
risk
considerations
such
as
concentration
and
foreign
securities
risk
are
described
in
more
detail
on
the
Fund’s
web
page
at
www.nuveen.com/JPC
.
Nuveen
Preferred
and
Income
Term
Fund
(JPI)
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.
Preferred
securities
are
subordinated
to
bonds
and
other
debt
instruments
in
a
company’s
capital
structure,
and
therefore
are
subject
to
greater
credit
risk.
Debt
or
fixed
income
securities
such
as
those
held
by
the
Fund,
are
subject
to
market
risk,
credit
risk,
interest
rate
risk,
derivatives
risk,
liquidity
risk,
and
income
risk.
As
interest
rates
rise,
bond
prices
fall.
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.
Certain
types
of
preferred
or
debt
securities
with
special
loss
absorption
provisions,
such
as
contingent
capital
securities
(CoCos),
may
be
or
become
so
subordinated
that
they
present
risks
equivalent
to,
or
in
some
cases
even
greater
than,
the
same
company’s
common
stock.
These
loss
absorption
features
Risk
Considerations
(Unaudited)
(continued)
work
to
the
benefit
of
the
security
issuer,
not
the
investor.
For
these
and
other
risks,
including
the
Fund’s
limited
term
and
concentration
risk,
see
the
Fund’s
web
page
at
www.nuveen.com/JPI
.
Nuveen
Variable
Rate
Preferred
&
Income
Fund
(NPFD)
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.
Preferred
securities
are
subordinated
to
bonds
and
other
debt
instruments
in
a
company’s
capital
structure,
and
therefore
are
subject
to
greater
credit
risk.
Debt
or
fixed
income
securities
such
as
those
held
by
the
Fund,
are
subject
to
market
risk,
credit
risk,
interest
rate
risk,
derivatives
risk,
liquidity
risk,
and
income
risk.
As
interest
rates
rise,
bond
prices
fall.
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.
Certain
types
of
preferred,
hybrid
or
debt
securities
with
special
loss
absorption
provisions,
such
as
contingent
capital
securities
(CoCos),
may
be
or
become
so
subordinated
that
they
present
risks
equivalent
to,
or
in
some
cases
even
greater
than,
the
same
company’s
common
stock.
These
loss
absorption
features
work
to
the
benefit
of
the
security
issuer,
not
the
investor
(this
fund).
For
these
and
other
risks,
such
as
concentration
risk,
see
the
Fund’s
web
page
at
www.nuveen.com/NPFD
.
Additional
Fund
Information
(Unaudited)
Portfolio
of
Investments
Information
The
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.
Active
Shelf
Offering
Statement
of
Additional
Information
(SAI)
for
JPC
The
SAI
for
the
active
shelf
offerings
for
JPC
contains
additional
information
about
the
Fund’s
Board
of
Trustees.
You
may
obtain
a
copy
of
the
fund’s
SAI
without
charge,
upon
request,
by
calling
Nuveen
at
(312)
917-7700,
by
writing
to
the
Fund,
or
on
Nuveen’s
website
at
www.nuveen.com.
You
may
also
obtain
this
information
on
the
SEC’s
website
at
http://www.sec.gov.
Nuveen
Funds’
Proxy
Voting
Information
You
may
obtain
(i)
information
regarding
how
each
fund
voted
proxies
relating
to
portfolio
securities
held
during
the
most
recent
twelve-month
period
ended
June
30,
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787
or
on
Nuveen’s
website
at
www.nuveen.com
and
(ii)
a
description
of
the
policies
and
procedures
that
each
fund
used
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787.
You
may
also
obtain
this
information
directly
from
the
SEC.
Visit
the
SEC
on-line
at
http://www.sec.gov.
CEO
Certification
Disclosure
Each
Fund’s
Chief
Executive
Officer
(CEO)
has
submitted
to
the
New
York
Stock
Exchange
(NYSE)
the
annual
CEO
certification
as
required
by
Section
303A.12(a)
of
the
NYSE
Listed
Company
Manual.
Each
Fund
has
filed
with
the
SEC
the
certification
of
its
CEO
and
Chief
Financial
Officer
required
by
Section
302
of
the
Sarbanes-Oxley
Act.
Common
Share
Repurchases
Each
Fund
intends
to
repurchase,
through
its
open-market
share
repurchase
program,
shares
of
its
own
common
stock
at
such
times
and
in
such
amounts
as
is
deemed
advisable.
During
the
period
covered
by
this
report,
each
Fund
repurchased
shares
of
its
common
stock
as
shown
in
the
accompanying
table.
Any
future
repurchases
will
be
reported
to
shareholders
in
the
next
annual
or
semi-annual
report.
FINRA
BrokerCheck:
The
Financial
Industry
Regulatory
Authority
(FINRA)
provides
information
regarding
the
disciplinary
history
of
FINRA
member
firms
and
associated
investment
professionals.
This
information
as
well
as
an
investor
brochure
describing
FINRA
BrokerCheck
is
available
to
the
public
by
calling
the
FINRA
BrokerCheck
Hotline
number
at
(800)
289-9999
or
by
visiting
www.FINRA.org.
Board
of
Trustees
Joseph
A.
Boateng*
Michael
A.
Forrester*
Thomas
J.
K
enny
Amy
B.R.
Lancellotta
Joanne
T.
Medero
Albin
F.
Moschner
John
K.
Nelson
Loren
M.
Starr
Matthew
Thornton
III
Terence
J.
Toth
Margaret
L.
Wolff
Robert
L.
Young
*
Serves
as
a
consultant
Investment
Adviser
Nuveen
Fund
Advisors,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Custodian
State
Street
Bank
&
Trust
Company
One
Congress
Street
Suite
1
Boston,
MA
02114-2016
Legal
Counsel
Chapman
and
Cutler
LLP
Chicago,
IL
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
JFR
JQC
JPC
JPI
NPFD
Common
shares
repurchased
0
0
0
0
0
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.
Contingent
Capital
Securities
(
CoCos
):
CoCos
are
debt
or
capital
securities
of
primarily
non-U.S.
issuers
with
loss
absorption
contingency
mechanisms
built
into
the
terms
of
the
security,
for
example
a
mandatory
conversion
into
common
stock
of
the
issuer,
or
a
principal
write-down,
which
if
triggered
would
likely
cause
the
CoCo
investment
to
lose
value.
Loss
absorption
mechanisms
would
become
effective
upon
the
occurrence
of
a
specified
contingency
event,
or
at
the
discretion
of
a
regulatory
body.
Specified
contingency
events,
as
identified
in
the
CoCo’s
governing
documents,
usually
reference
a
decline
in
the
issuer’s
capital
below
a
specified
threshold
level,
and/or
certain
regulatory
events.
A
loss
absorption
contingency
event
for
CoCos
would
likely
be
the
result
of,
or
related
to,
the
deterioration
of
the
issuer’s
financial
condition
and/or
its
status
as
a
going
concern.
In
such
a
case,
with
respect
to
CoCos
that
provide
for
conversion
into
common
stock
upon
the
occurrence
of
the
contingency
event,
the
market
price
of
the
issuer’s
common
stock
received
by
the
Acquiring
Fund
will
have
likely
declined,
perhaps
substantially,
and
may
continue
to
decline
after
conversion.
CoCos
rated
below
investment
grade
should
be
considered
high
yield
securities,
or
“junk,”
but
often
are
issued
by
entities
whose
more
senior
securities
are
rated
investment
grade.
CoCos
are
a
relatively
new
type
of
security;
and
there
is
a
risk
that
CoCo
security
issuers
may
suffer
the
sort
of
future
financial
distress
that
could
materially
increase
the
likelihood
(or
the
market’s
perception
of
the
likelihood)
that
an
automatic
write-down
or
conversion
event
on
those
issuers’
CoCoswill
occur.
Additionally,
the
trading
behavior
of
a
given
issuer’s
CoCo
may
be
strongly
impacted
by
the
trading
behavior
of
other
issuers’
CoCos,
such
that
negative
information
from
an
unrelated
CoCo
security
may
cause
a
decline
in
value
of
one
or
more
CoCos
held
by
the
Fund.
Accordingly,
the
trading
behavior
of
CoCos
may
not
follow
the
trading
behavior
of
other
types
of
debt
and
preferred
securities.
Despite
these
concerns,
the
prospective
reward
vs.
risk
characteristics
of
at
least
certain
CoCos
may
be
very
attractive
relative
to
other
fixed-income
alternatives.
Duration:
Duration
is
a
measure
of
the
expected
period
over
which
a
bond’s
principal
and
interest
will
be
paid,
and
consequently
is
a
measure
of
the
sensitivity
of
a
bond’s
or
bond
fund’s
value
to
changes
when
market
interest
rates
change.
Generally,
the
longer
a
bond’s
or
fund’s
duration,
the
more
the
price
of
the
bond
or
fund
will
change
as
interest
rates
change.
Effective
Leverage:
Effective
leverage
is
a
fund’s
effective
economic
leverage,
and
includes
both
regulatory
leverage
(see
below)
and
the
leverage
effects
of
certain
derivative
investments
in
the
fund’s
portfolio.
Leverage:
Leverage
is
created
whenever
a
fund
has
investment
exposure
(both
reward
and/or
risk)
equivalent
to
more
than
100%
of
the
investment
capital.
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.
Nuveen
Securities,
LLC,
member
FINRA
and
SIPC
333
West
Wacker
Drive
Chicago,
IL
60606
www.nuveen.com
ESA-A-0124P
3424104-INV-B-03/25
Nuveen:
Serving
Investors
for
Generations
Since
1898,
financial
advisors
and
their
clients
have
relied
on
Nuveen
to
provide
dependable
investment
solutions
through
continued
adherence
to
proven,
long-term
investing
principles.
Today,
we
offer
a
range
of
high
quality
solutions
designed
to
be
integral
components
of
a
well-diversified
core
portfolio.
Focused
on
meeting
investor
needs.
Nuveen
is
the
investment
manager
of
TIAA.
We
have
grown
into
one
of
the
world’s
premier
global
asset
managers,
with
specialist
knowledge
across
all
major
asset
classes
and
particular
strength
in
solutions
that
provide
income
for
investors
and
that
draw
on
our
expertise
in
alternatives
and
responsible
investing.
Nuveen
is
driven
not
only
by
the
independent
investment
processes
across
the
firm,
but
also
the
insights,
risk
management,
analytics
and
other
tools
and
resources
that
a
truly
world-class
platform
provides.
As
a
global
asset
manager,
our
mission
is
to
work
in
partnership
with
our
clients
to
create
solutions
which
help
them
secure
their
financial
future.
Find
out
how
we
can
help
you.
To
learn
more
about
how
the
products
and
services
of
Nuveen
may
be
able
to
help
you
meet
your
financial
goals,
talk
to
your
financial
advisor,
or
call
us
at
(800)
257-8787.
Please
read
the
information
provided
carefully
before
you
invest.
Investors
should
consider
the
investment
objective
and
policies,
risk
considerations,
charges
and
expenses
of
any
investment
carefully.
Where
applicable,
be
sure
to
obtain
a
prospectus,
which
contains
this
and
other
relevant
information.
To
obtain
a
prospectus,
please
contact
your
securities
representative
or
Nuveen,
333
W.
Wacker
Dr.,
Chicago,
IL
60606.
Please
read
the
prospectus
carefully
before
you
invest
or
send
money.
Learn
more
about
Nuveen
Funds
at:
www.nuveen.com/closed-end-funds
NOT
FDIC
INSURED
MAY
LOSE
VALUE
NO
BANK
GUARANTEE
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/ David J. Lamb | | |
| | David J. Lamb | | |
| | Chief Administrative Officer | | |
Date: April 3, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | | | |
| By (Signature and Title) | | /s/ David J. Lamb | | |
| | David J. Lamb | | |
| | Chief Administrative Officer | | |
| | (principal executive officer) | | |
Date: April 3, 2024
| | | | |
| By (Signature and Title) | | /s/ E. Scott Wickerham | | |
| | E. Scott Wickerham | | |
| | Vice President and Controller | | |
| | (principal financial officer) | | |
Date: April 3, 2024
