ITEM 1. REPORTS TO STOCKHOLDERS.
Closed-End Funds
31 January 2022
Nuveen
Closed-End Funds
| NSL | Nuveen Senior Income Fund | |
| JFR | Nuveen Floating Rate Income Fund | |
| JRO | Nuveen Floating Rate Income Opportunity Fund | |
| JSD | Nuveen Short Duration Credit Opportunities Fund | |
| JQC | Nuveen Credit Strategies Income Fund |
As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will not be sent to you by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (www.nuveen.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive shareholder reports and other communications from the Funds electronically at any time by contacting the financial intermediary (such as a broker-dealer or bank) through which you hold your Fund shares or, if you are a direct investor, by enrolling at www.nuveen.com/e-reports.
You may elect to receive all future shareholder reports in paper free of charge at any time by contacting your financial intermediary or, if you are a direct investor, by calling 800-257-8787 and selecting option #2 or (ii) by logging into your Investor Center account at www.computershare.com/investor and clicking on “Communication Preferences”. Your election to receive reports in paper will apply to all funds held in your account with your financial intermediary or, if you are a direct investor, to all your directly held Nuveen Funds and any other directly held funds within the same group of related investment companies.
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NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE
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3
Chair’s Letter to Shareholders
Dear Shareholders,
In February, the world witnessed Russia invade Ukraine. The scale of the humanitarian crisis and economic shock caused by these events cannot yet be quantified, and our thoughts remain with all those affected.
Given the fluidity of the situation, market uncertainty is currently high. Conditions were already challenging prior to the invasion, with inflation lingering at multi-decade highs, interest rates expected to continue rising, economic growth moderating from the post-pandemic recovery, and weakening performance across equity markets and some bond market segments. The Russia-Ukraine conflict has accelerated these trends in the short term. The spike in geopolitical risks led to surging prices for oil and other hard and soft commodities, driving both inflation and recession risks higher. The U.S. Federal Reserve (Fed) and other central banks now face an even more difficult task of slowing inflation without stifling economic growth. At their March 2022 meeting, Fed officials announced a quarter percentage point increase to the short-term interest rate, raising it from near zero for the first time since the pandemic was declared two years ago.
In the meantime, while markets will likely continue fluctuating with the daily headlines, we encourage investors to keep a long-term perspective. To learn more about how well your portfolio is aligned to your time horizon, risk tolerance and investment goals, consider reviewing it with your financial professional.
On behalf of the other members of the Nuveen Fund Board, I look forward to continuing to earn your trust in the months and years ahead.
Terence J. Toth
Chair of the Board
March 23, 2022
4
For Shareholders of
Nuveen Senior Income Fund (NSL)
Nuveen Floating Rate Income Fund (JFR)
Nuveen Floating Rate Income Opportunity Fund (JRO)
Nuveen Short Duration Credit Opportunities Fund (JSD)
Nuveen Credit Strategies Income Fund (JQC)
Portfolio Manager Commentaries in Semiannual Reports
Beginning with this semiannual shareholder report, the Funds will include portfolio manager commentary only in their annual shareholder reports. For the Funds’ most recent annual portfolio manager discussion, please refer to the Portfolio Managers’ Comments section of the Funds’ July 31, 2021 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.
Additional Market Disruption Risk
In late February 2022, Russia launched a large scale military attack on Ukraine. The invasion significantly amplified already existing geopolitical tensions among Russia, Ukraine, Europe, NATO and the West, including the U.S. In response to the military action by Russia, various countries, including the U.S., the United Kingdom, and European Union issued broad-ranging economic sanctions against Russia. Such sanctions included, among other things, a prohibition on doing business with certain Russian companies, large financial institutions, officials and oligarchs; a commitment by certain countries and the European Union to remove selected Russian banks from the Society for Worldwide Interbank Financial Telecommunications (“SWIFT”), the electronic banking network that connects banks globally; and restrictive measures to prevent the Russian Central Bank from undermining the impact of the sanctions. Additional sanctions may be imposed in the future. Such sanctions (and any future sanctions) and other actions against Russia may adversely impact, among other things, the Russian economy and various sectors of the economy, including but not limited to, financials, energy, metals and mining, engineering and defense and defense-related materials sectors; resulting in a decline in the value and liquidity of Russian securities; resulting in boycotts, tariffs, and purchasing and financing restrictions on Russia’s government, companies and certain individuals; weaken the value of the ruble; downgrade the country’s credit rating; freeze Russian securities and/or funds invested in prohibited assets and impair the ability to trade in Russian securities and/or other assets; and have other adverse consequences on the Russian government, economy, companies and region. Further, several large corporations and U.S. states have announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses.
The ramifications of the hostilities and sanctions, however, may not be limited to Russia and Russian companies but may spill over to and negatively impact other regional and global economic markets (including Europe and the United States), companies in other countries (particularly those that have done business with Russia) and on various sectors,
5
Important Notices (continued)
industries and markets for securities and commodities globally, such as oil and natural gas. Accordingly, the actions discussed above and the potential for a wider conflict could increase financial market volatility, cause severe negative effects on regional and global economic markets, industries, and companies and have a negative effect on your Fund’s investments and performance beyond any direct exposure to Russian issuers or those of adjoining geographic regions. In addition, Russia may take retaliatory actions and other countermeasures, including cyberattacks and espionage against other countries and companies around the world, which may negatively impact such countries and the companies in which your Fund invests.
The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on Fund performance and the value of an investment in the Fund, particularly with respect to Russian exposure.
6
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 NSL, JFR, JRO and JSD and reverse repurchase agreements for JQC. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income. The opportunity arises when short-term rates that a Fund pays on its leveraging instruments are lower than the interest the Fund earns on its portfolio securities that it has bought with the proceeds of that leverage. This has been particularly true in the recent market environment where short-term rates have been low by historical standards.
However, use of leverage can expose Fund common shares to additional price volatility. When a Fund uses leverage, the Fund’s common shares will experience a greater increase in their net asset value if the securities acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the securities acquired through leverage decline in value. All this will make the shares’ total return performance more variable over time.
In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when shortterm interest rates increase and increase when short-term interest rates decrease. In recent quarters, fund leverage expenses have generally tracked the overall movement of short-term interest rates. While fund leverage expenses are somewhat higher than their recent lows, leverage nevertheless continues to provide the opportunity for incremental common share income, particularly over longer-term periods.
The Funds’ use of leverage had a positive impact on total return performance during this reporting period.
As of January 31, 2022, the Funds’ percentages of leverage are as shown in the accompanying table.
| NSL | JFR | JRO | JSD | JQC | ||||||||||||||||
| Effective Leverage* |
36.32 | % | 36.42 | % | 36.49 | % | 36.35 | % | 36.99 | % | ||||||||||
| Regulatory Leverage* |
36.32 | % | 36.42 | % | 36.49 | % | 36.35 | % | 30.25 | % | ||||||||||
| * | Effective leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of reverse repurchase agreements, certain derivatives and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund’s capital structure. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund’s effective leverage ratio. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940. |
7
Fund Leverage (continued)
THE FUNDS’ LEVERAGE
Bank Borrowings
As noted previously, the Funds employ leverage through the use of bank borrowings. The Funds’ bank borrowing activities are as shown in the accompanying table.
| Current Reporting Period | Subsequent to the Close of the Reporting Period |
|||||||||||||||||||||||||||||||||||
| Fund | Outstanding Balance as of August 1, 2021 |
Draws | Paydowns | Outstanding January 31, 2022 |
Average Balance Outstanding |
Draws | Paydowns | Outstanding Balance as of March 23, 2022 |
||||||||||||||||||||||||||||
| NSL |
$ | 94,300,000 | $ | — | $ | — | $ | 94,300,000 | $ | 94,300,000 | $ | — | $ | — | $ | 94,300,000 | ||||||||||||||||||||
| JFR |
$ | 238,400,000 | $ | — | $ | — | $ | 238,400,000 | $ | 238,400,000 | $ | — | $ | — | $ | 238,400,000 | ||||||||||||||||||||
| JRO |
$ | 164,500,000 | $ | — | $ | — | $ | 164,500,000 | $ | 164,500,000 | $ | — | $ | — | $ | 164,500,000 | ||||||||||||||||||||
| JSD |
$ | 19,500,000 | $ | — | $ | — | $ | 19,500,000 | $ | 19,500,000 | $ | — | $ | — | $ | 19,500,000 | ||||||||||||||||||||
| JQC |
$ | 402,000,000 | $ | — | $ | — | $ | 402,000,000 | $ | 402,000,000 | $ | — | $ | — | $ | 402,000,000 | ||||||||||||||||||||
Refer to Notes to Financial Statements, Note 9 – Fund Leverage for further details.
Reverse Repurchase Agreements
As noted previously, in addition to bank borrowings, JQC also used reverse repurchase agreements, in which the Fund sells to a counterparty a security that it holds with a contemporaneous agreement to repurchase the same security at an agreed-upon price and date. The Fund’s transactions in reverse repurchase agreements are as shown in the accompanying table.
| Current Reporting Period | Subsequent to the Close of the Reporting Period |
|||||||||||||||||||||||||||||||||
| Outstanding Balance as of August 1, 2021 |
Sales | Purchases | Outstanding Balance as of January 31, 2022 |
Average Balance Outstanding |
Sales | Purchases | Outstanding Balance as of March 23, 2022 |
|||||||||||||||||||||||||||
| $142,000,000 | $ — | $ — | $142,000,000 | $142,000,000 | $ — | $ — | $142,000,000 | |||||||||||||||||||||||||||
Refer to Notes to Financial Statements, Note 9 – Fund Leverage for further details.
8
Taxable Fund Preferred Shares
As noted previously, in addition to bank borrowings, NSL, JFR, JRO and JSD also issued TFP. The Funds’ transactions in TFP are as shown in the accompanying table.
| Current Reporting Period | Subsequent to the Close of the Reporting Period |
|||||||||||||||||||||||||||||||||||
| Fund | Outstanding Balance as of August 1, 2021 |
Issuance | Redemptions | Outstanding Balance as of January 31, 2022 |
Average Balance Outstanding |
Issuance | Redemptions | Outstanding Balance as of March 23, 2022 |
||||||||||||||||||||||||||||
| NSL |
$ | 40,000,000 | $ | — | $ | — | $ | 40,000,000 | $ | 40,000,000 | $ | — | $ | — | $ | 40,000,000 | ||||||||||||||||||||
| JFR |
$ | 100,000,000 | $ | — | $ | — | $ | 100,000,000 | $ | 100,000,000 | $ | — | $ | — | $ | 100,000,000 | ||||||||||||||||||||
| JRO |
$ | 75,000,000 | $ | — | $ | — | $ | 75,000,000 | $ | 75,000,000 | $ | — | $ | — | $ | 75,000,000 | ||||||||||||||||||||
| JSD |
$ | 70,000,000 | $ | — | $ | — | $ | 70,000,000 | $ | 70,000,000 | $ | — | $ | — | $ | 70,000,000 | ||||||||||||||||||||
Refer to Notes to Financial Statements, Note 5 – Fund Shares for further details on TFP.
9
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds’ distributions is current as of January 31, 2022 and may differ from previously issued distribution notifications.
NSL, JFR, JRO and JSD
NSL, JFR, JRO and JSD have implemented a level distribution policy. The goal of the Funds’ level distribution policy is intended to provide shareholders with stable, but not guaranteed, cash flow, independent of the amount or timing of income earned or capital gains realized by the Funds. The Funds intend to distribute all or substantially all of their net investment income through their regular monthly distribution and to distribute realized capital gains at least annually. In any monthly period, in order to maintain its level distribution amount, each Fund may pay out more or less than its net investment income during the period. As a result, regular distributions throughout the year are expected to include net investment income, realized gains and return of capital. You should not draw any conclusions about the Funds’ investment performance from the amount of the distribution or from the terms of the level distribution program. A return of capital is a non-taxable distribution of a portion of a Fund’s capital. A return of capital distribution does not necessarily reflect a Fund’s investment performance and should not be confused with “yield” or “income.”
JQC
JQC had a capital return plan where a supplemental amount is expected to be included in the Fund’s regular monthly distribution. Under this program, the Fund’s regular monthly distribution was expected to include net investment income, return of capital and potentially capital gains for tax purposes. On September 20, 2021, JQC announced that its Board of Trustees approved the adoption of a level distribution policy. The level distribution policy became effective with the Fund’s distribution payable November 1, 2021.
The amounts and sources of distributions reported in this notice are for financial reporting purposes and are not being provided for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes will be reported to shareholders on Form 1099-DIV, which will be sent to shareholders shortly after calendar year-end. Because distribution source estimates are updated throughout the current fiscal year based on a Fund’s performance, those estimates may differ from both the tax information reported to you in your Fund’s 1099 statement, as well as the ultimate economic sources of distributions over the life of your investment. The figures in the table below provide the sources of distributions and may include amounts attributed to realized gains and/or returns of capital. More details about each Fund’s distributions are available on www.nuveen.com/en-us/closed-end-funds.
Data as of January 31, 2022
| Current Month Estimated Percentage of Distributions |
Fiscal YTD Estimated Per Share Amounts |
|||||||||||||||||||||||||||
| Fund | Net Investment Income |
Realized Gains |
Return of Capital |
Total Distributions |
Net Investment Income |
Realized Gains |
Return of Capital |
|||||||||||||||||||||
| NSL |
76.32 | % | 0.00 | % | 23.68 | % | $ | 0.1700 | $ | 0.1297 | $ | 0.000 | $ | 0.0403 | ||||||||||||||
| JFR |
77.04 | % | 0.00 | % | 22.96 | % | $ | 0.2900 | $ | 0.2234 | $ | 0.000 | $ | 0.0666 | ||||||||||||||
| JRO |
77.93 | % | 0.00 | % | 22.07 | % | $ | 0.2875 | $ | 0.2241 | $ | 0.000 | $ | 0.0634 | ||||||||||||||
| JSD |
79.45 | % | 0.00 | % | 20.55 | % | $ | 0.4325 | $ | 0.3436 | $ | 0.000 | $ | 0.0889 | ||||||||||||||
| JQC |
68.61 | % | 0.00 | % | 31.39 | % | $ | 0.2044 | $ | 0.1402 | $ | 0.000 | $ | 0.0642 | ||||||||||||||
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The following table provides information regarding Fund distributions and total return performance over various time periods. This information is intended to help you better understand whether Fund returns for the specified time periods were sufficient to meet Fund distributions.
Data as of January 31, 2022
| Annualized | Cumulative | |||||||||||||||||||||||||||
| Fund | Inception Date |
Latest Monthly Per Share Distribution |
Current Distribution on NAV |
1-Year Return on NAV |
5-Year Return on NAV |
Fiscal YTD Distributions on NAV |
Fiscal YTD Return on NAV |
|||||||||||||||||||||
| NSL |
10/26/1999 | $ | 0.0340 | 6.67 | % | 10.74 | % | 4.11 | % | 2.78 | % | 3.30 | % | |||||||||||||||
| JFR |
3/25/2004 | $ | 0.0580 | 6.69 | % | 10.54 | % | 4.27 | % | 2.79 | % | 3.20 | % | |||||||||||||||
| JRO |
7/27/2004 | $ | 0.0575 | 6.69 | % | 10.56 | % | 4.26 | % | 2.79 | % | 3.21 | % | |||||||||||||||
| JSD |
5/25/2011 | $ | 0.0865 | 6.66 | % | 10.97 | % | 3.94 | % | 2.78 | % | 3.19 | % | |||||||||||||||
| JQC |
6/25/2003 | $ | 0.0385 | 6.72 | % | 7.23 | % | 3.78 | % | 2.98 | % | 2.40 | % | |||||||||||||||
NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS
The Nuveen Closed-End Funds’ monthly and quarterly periodic distributions to shareholders are posted on www.nuveen.com and can be found on Nuveen’s enhanced closed-end fund resource page, which is at https://www.nuveen.com/resource-center-closed-end-funds, along with other Nuveen closed-end fund product updates. To ensure timely access to the latest information, shareholders may use a subscribe function, which can be activated at this web page (https://www.nuveen.com/subscriptions).
COMMON SHARE REPURCHASES
During August 2021, the Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding common shares.
During the current reporting period, the Funds did not repurchase any of their outstanding common shares.
As of January 31, 2022, (and since the inception of the Funds’ repurchase programs) each Fund has cumulatively repurchased and retired its outstanding common shares as shown in the accompanying table.
| NSL | JFR | JRO | JSD | JQC | ||||||||||||||||
| Common shares cumulatively repurchased and retired |
15,400 | 147,593 | 39,400 | 10,000 | 5,473,400 | |||||||||||||||
| Common shares authorized for repurchase |
3,860,000 | 5,690,000 | 4,050,000 | 1,005,000 | 13,560,000 | |||||||||||||||
OTHER COMMON SHARE INFORMATION
As of January 31, 2022, the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs and trading at an average premium/(discount) to NAV during the current reporting period, as follows:
| NSL | JFR | JRO | JSD | JQC | ||||||||||||||||
| Common share NAV |
$6.10 | $10.38 | $10.28 | $15.54 | $6.83 | |||||||||||||||
| Common share price |
$5.91 | $10.33 | $10.18 | $14.90 | $6.47 | |||||||||||||||
| Premium/(Discount) to NAV |
(3.11 | )% | (0.48 | )% | (0.97 | )% | (4.12 | )% | (5.27 | )% | ||||||||||
| Average premium/(discount) to NAV |
(3.86 | )% | (3.01 | )% | (3.45 | )% | (4.48 | )% | (6.00 | )% | ||||||||||
11
| NSL |
Performance Overview and Holding Summaries as of January 31, 2022 |
Refer to Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of January 31, 2022*
| Cumulative | Average Annual | |||||||||||||||
| 6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
| NSL at Common Share NAV | 3.54% | 8.59% | 4.04% | 5.46% | ||||||||||||
| NSL at Common Share Price | 6.55% | 17.32% | 4.17% | 5.51% | ||||||||||||
| Credit Suisse Leveraged Loan Index | 2.22% | 4.45% | 4.28% | 4.66% | ||||||||||||
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
Daily Common Share NAV and Share Price
| * | For purposes of Fund performance, relative results are measured against the Credit Suisse Leveraged Loan Index. |
12
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Fund Allocation
(% of net assets)
| Variable Rate Senior Loan Interests | 138.9% | |||
| Corporate Bonds | 15.0% | |||
| Common Stocks | 3.6% | |||
| Warrants | 0.8% | |||
| Convertible Preferred Securities | 0.1% | |||
| Short-Term Investment Companies | 0.7% | |||
| Other Assets Less Liabilities | (2.2)% | |||
| Net Assets Plus Borrowings and Taxable Fund Preferred Shares, net of deferred offering costs | 156.9% | |||
| Borrowings | (40.1)% | |||
| Taxable Fund Preferred Shares, net of deferred offering costs | (16.8)% | |||
| Net Assets |
100% |
Top Five Issuers
(% of total long-term investments)
| B.C. Unlimited Liability Company | 2.0% | |||
| Fieldwood Energy LLC | 1.4% | |||
| Medline Borrower, LP | 1.2% | |||
| Delta 2 (LUX) S.a.r.l. | 1.1% | |||
| PetSmart, Inc. | 1.1% |
Portfolio Composition
(% of total investments)
| Hotels, Restaurants & Leisure | 10.5% | |||
| Media | 9.4% | |||
| Software | 9.0% | |||
| Health Care Providers & Services | 6.5% | |||
| Oil, Gas & Consumable Fuels | 5.5% | |||
| Pharmaceuticals | 4.0% | |||
| Commercial Services & Supplies | 3.9% | |||
| IT Services | 3.4% | |||
| Diversified Telecommunication Services | 3.0% | |||
| Insurance | 2.6% | |||
| Entertainment | 2.6% | |||
| Specialty Retail | 2.0% | |||
| Life Sciences Tools & Services | 2.0% | |||
| Health Care Equipment & Supplies | 1.9% | |||
| Communications Equipment | 1.9% | |||
| Health Care Technology | 1.7% | |||
| Airlines | 1.6% | |||
| Professional Services | 1.5% | |||
| Semiconductors & Semiconductor Equipment | 1.5% | |||
| Building Products | 1.6% | |||
| Auto Components | 1.4% | |||
| Machinery | 1.4% | |||
| Internet Software & Services | 1.4% | |||
| Other1 | 19.3% | |||
| Short Term Investment Companies | 0.4% | |||
| Total |
100% |
Portfolio Credit Quality
(% of total long-term fixed income investments)
| BBB | 11.1% | |||
| BB or Lower | 87.5% | |||
| N/R (not rated) | 1.4% | |||
| Total |
100% |
| 1 | See the Portfolio of Investments for the remaining industries comprising “Other” and not listed in the Portfolio Composition above. |
13
| JFR | Nuveen Floating Rate Income Fund Performance Overview and Holding Summaries as of January 31, 2022 |
Refer to Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of January 31, 2022*
| Cumulative | Average Annual | |||||||||||||||
| 6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
| JFR at Common Share NAV | 3.58% | 8.68% | 4.15% | 5.60% | ||||||||||||
| JFR at Common Share Price | 9.51% | 19.92% | 4.18% | 6.28% | ||||||||||||
| Credit Suisse Leveraged Loan Index | 2.22% | 4.45% | 4.28% | 4.66% | ||||||||||||
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
Daily Common Share NAV and Share Price
| * | For purposes of Fund performance, relative results are measured against the Credit Suisse Leveraged Loan Index. |
14
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Fund Allocation
(% of net assets)
| Variable Rate Senior Loan Interests | 139.6% | |||
| Corporate Bonds | 15.0% | |||
| Common Stocks | 3.7% | |||
| Asset-Backed Securities | 1.3% | |||
| Warrants | 0.7% | |||
| Convertible Preferred Securities | 0.1% | |||
| Short-Term Investment Companies | 2.3% | |||
| Other Assets Less Liabilities | (5.5)% | |||
| Net Assets Plus Borrowings and Taxable Fund Preferred Shares, net of deferred offering costs | 157.2% | |||
| Borrowings | (40.4)% | |||
| Taxable Fund Preferred Shares, net of deferred offering costs | (16.8)% | |||
| Net Assets |
100% |
Top Five Issuers
(% of total long-term investments)
| B.C. Unlimited Liability Company | 2.4% | |||
| Fieldwood Energy LLC | 1.3% | |||
| Clear Channel Outdoor Holdings, Inc. | 1.2% | |||
| Bausch Health Companies Inc. | 1.2% | |||
| Caesars Resort Collection, LLC | 1.1% |
Portfolio Composition
(% of total investments)
| Hotels, Restaurants & Leisure | 11.6% | |||
| Media | 10.2% | |||
| Software | 7.9% | |||
| Health Care Providers & Services | 6.8% | |||
| Oil, Gas & Consumable Fuels | 5.1% | |||
| Pharmaceuticals | 4.2% | |||
| Commercial Services & Supplies | 3.6% | |||
| Insurance | 2.7% | |||
| IT Services | 2.7% | |||
| Diversified Telecommunication Services | 2.6% | |||
| Entertainment | 2.5% | |||
| Specialty Retail | 2.0% | |||
| Life Sciences Tools & Services | 2.0% | |||
| Communications Equipment | 1.9% | |||
| Health Care Equipment & Supplies | 1.7% | |||
| Building Products | 1.5% | |||
| Health Care Technology | 1.5% | |||
| Auto Components | 1.4% | |||
| Professional Services | 1.4% | |||
| Airlines | 1.3% | |||
| Machinery | 1.3% | |||
| Road & Rail | 1.3% | |||
| Capital Markets | 1.3% | |||
| Other1 | 19.3% | |||
| Asset-Backed Securities | 0.8% | |||
| Short-Term Investment Companies | 1.4% | |||
| Total |
100% |
Portfolio Credit Quality
(% of total long-term fixed income investments)
| BBB | 11.4% | |||
| BB or Lower | 86.9% | |||
| N/R (not rated) | 1.7% | |||
| Total |
100% |
| 1 | See the Portfolio of Investments for the remaining industries comprising “Other” and not listed in the Portfolio Composition above. |
15
| JRO | Nuveen Floating Rate Income Opportunity Fund Performance Overview and Holding Summaries as of January 31, 2022 |
Refer to Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of January 31, 2022*
| Cumulative | Average Annual | |||||||||||||||
| 6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
| JRO at Common Share NAV | 3.48% | 8.59% | 4.14% | 5.79% | ||||||||||||
| JRO at Common Share Price | 8.71% | 18.46% | 3.78% | 6.10% | ||||||||||||
| Credit Suisse Leveraged Loan Index | 2.22% | 4.45% | 4.28% | 4.66% | ||||||||||||
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
Daily Common Share NAV and Share Price
| * | For purposes of Fund performance, relative results are measured against the Credit Suisse Leveraged Loan Index. |
16
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Fund Allocation
(% of net assets)
| Variable Rate Senior Loan Interests | 137.7% | |||
| Corporate Bonds | 15.4% | |||
| Common Stocks | 3.8% | |||
| Asset-Backed Securities | 1.1% | |||
| Warrants | 0.7% | |||
| Convertible Preferred Securities | 0.1% | |||
| Other Assets Less Liabilities | (1.4)% | |||
| Net Assets Plus Borrowings and Taxable Fund Preferred Shares, net of deferred offering costs | 157.4% | |||
| Borrowings | (39.5)% | |||
| Taxable Fund Preferred Shares, net of deferred offering costs | (17.9)% | |||
| Net Assets |
100% |
Top Five Issuers
(% of total long-term investments)
| B.C. Unlimited Liability Company | 2.4% | |||
| Fieldwood Energy LLC | 1.3% | |||
| Clear Channel Outdoor Holdings, Inc. | 1.2% | |||
| Caesars Resort Collection, LLC | 1.1% | |||
| Delta 2 (LUX) S.a.r.l. | 1.1% |
Portfolio Composition
(% of total investments)
| Hotels, Restaurants & Leisure | 11.4% | |||
| Media | 10.5% | |||
| Software | 8.4% | |||
| Health Care Providers & Services | 7.1% | |||
| Oil, Gas & Consumable Fuels | 5.2% | |||
| Commercial Services & Supplies | 4.0% | |||
| Pharmaceuticals | 3.7% | |||
| IT Services | 3.1% | |||
| Diversified Telecommunication Services | 2.7% | |||
| Entertainment | 2.7% | |||
| Insurance | 2.6% | |||
| Specialty Retail | 2.0% | |||
| Life Sciences Tools & Services | 2.0% | |||
| Communications Equipment | 1.8% | |||
| Health Care Equipment & Supplies | 1.8% | |||
| Capital Markets | 1.7% | |||
| Health Care Technology | 1.7% | |||
| Building Products | 1.6% | |||
| Auto Components | 1.4% | |||
| Airlines | 1.4% | |||
| Semiconductors & Semiconductor Equipment | 1.4% | |||
| Professional Services | 1.3% | |||
| Other1 | 19.8% | |||
| Asset-Backed Securities | 0.7% | |||
| Total |
100% |
Portfolio Credit Quality
(% of total long-term fixed income investments)
| BBB | 11.0% | |||
| BB or Lower | 87.6% | |||
| N/R (not rated) | 1.4% | |||
| Total |
100% |
| 1 | See the Portfolio of Investments for the remaining industries comprising “Other” and not listed in the Portfolio Composition above. |
17
| JSD | Nuveen Short Duration Credit Opportunities Fund Performance Overview and Holding Summaries as of January 31, 2022 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of January 31, 2022*
| Cumulative | Average Annual | |||||||||||||||
| 6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
| JSD at Common Share NAV | 3.50% | 8.88% | 3.84% | 5.24% | ||||||||||||
| JSD at Common Share Price | 7.10% | 17.20% | 3.61% | 5.81% | ||||||||||||
| Credit Suisse Leveraged Loan Index | 2.22% | 4.45% | 4.28% | 4.66% | ||||||||||||
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
Daily Common Share NAV and Share Price
| * | For purposes of Fund performance, relative results are measured against the Credit Suisse Leveraged Loan Index. |
18
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Fund Allocation
(% of net assets)
| Variable Rate Senior Loan Interests | 138.8% | |||
| Corporate Bonds | 15.8% | |||
| Common Stocks | 3.4% | |||
| Warrants | 0.8% | |||
| Convertible Preferred Securities | 0.1% | |||
| Short-term Investment Companies | 3.6% | |||
| Other Assets Less Liabilities | (5.7)% | |||
| Net Assets Plus Borrowings and Taxable Fund Preferred Shares, net of deferred offering costs | 156.8% | |||
| Borrowings | (12.4)% | |||
| Taxable Fund Preferred, net of deferred offering costs | (44.4)% | |||
| Net Assets |
100% |
Top Five Issuers
(% of total long-term investments)
| Caesars Resort Collection, LLC | 1.5% | |||
| Fieldwood Energy LLC | 1.4% | |||
| Delta 2 (LUX) S.a.r.l. | 1.2% | |||
| PetSmart, Inc. | 1.1% | |||
| B.C. Unlimited Liability Company | 1.1% |
Portfolio Composition
(% of total investments)
| Hotels, Restaurants & Leisure | 10.1% | |||
| Software | 8.6% | |||
| Media | 8.0% | |||
| Health Care Providers & Services | 7.0% | |||
| Oil, Gas & Consumable Fuels | 5.6% | |||
| Commercial Services & Supplies | 4.2% | |||
| Pharmaceuticals | 4.2% | |||
| IT Services | 3.7% | |||
| Diversified Telecommunication Services | 3.0% | |||
| Entertainment | 2.1% | |||
| Specialty Retail | 2.0% | |||
| Health Care Equipment & Supplies | 1.9% | |||
| Life Sciences Tools & Services | 1.9% | |||
| Insurance | 1.9% | |||
| Machinery | 1.7% | |||
| Capital Markets | 1.6% | |||
| Airlines | 1.6% | |||
| Building Products | 1.5% | |||
| Professional Services | 1.5% | |||
| Communications Equipment | 1.4% | |||
| Road & Rail | 1.4% | |||
| Health Care Technology | 1.4% | |||
| Auto Components | 1.3% | |||
| Semiconductors & Semiconductor Equipment | 1.3% | |||
| Other1 | 18.9% | |||
| Short-term Investment Companies | 2.2% | |||
| Total |
100% |
Portfolio Credit Quality
(% of total long-term fixed income investments)
| BBB | 10.3% | |||
| BB or Lower | 87.9% | |||
| N/R (not rated) | 1.8% | |||
| Total |
100% |
| 1 | See the Portfolio of Investments for the remaining industries comprising “Other” and not listed in the Portfolio Composition above. |
19
| JQC | Nuveen Credit Strategies Income Fund Performance Overview and Holding Summaries as of January 31, 2022 |
Refer to Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of January 31, 2022*
| Cumulative | Average Annual | |||||||||||||||
| 6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
| JQC at Common Share NAV | 2.38% | 5.61% | 3.75% | 5.13% | ||||||||||||
| JQC at Common Share Price | 2.83% | 11.82% | 4.98% | 6.45% | ||||||||||||
| Credit Suisse Leveraged Loan Index | 2.22% | 4.45% | 4.28% | 4.66% | ||||||||||||
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
Daily Common Share NAV and Share Price
| * | For purposes of Fund performance, relative results are measured against the Credit Suisse Leveraged Loan Index. |
20
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Fund Allocation
(% of net assets)
| Variable Rate Senior Loan Interests | 140.2% | |||
| Corporate Bonds | 22.8% | |||
| Common Stocks | 1.0% | |||
| Warrants | 0.3% | |||
| Convertible Bonds | 0.2% | |||
| Convertible Preferred Securities | 0.1% | |||
| Other Assets Less Liabilities | (5.8)% | |||
| Net Assets Plus Borrowings and Reverse Repurchase Agreements | 158.8% | |||
| Borrowings | (43.4)% | |||
| Reverse Repurchase Agreements | (15.4)% | |||
| Net Assets |
100% |
Top Five Issuers
(% of total long-term investments)
| Sabre GLBL Inc., Term Loan B | 1.2% | |||
| RegionalCare Hospital Partners Holdings, Inc., Term Loan B | 1.1% | |||
| Bausch Health Companies Inc., Term Loan B | 1.1% | |||
| Ziggo Financing Partnership, Term Loan I | 1.1% | |||
| Acrisure, LLC, Term Loan B | 1.1% |
Portfolio Composition
(% of total investments)
| Hotels, Restaurants & Leisure | 10.8% | |||
| Media | 9.9% | |||
| Software | 8.7% | |||
| Health Care Providers & Services | 8.5% | |||
| Commercial Services & Supplies | 4.0% | |||
| Oil, Gas & Consumable Fuels | 4.0% | |||
| Insurance | 3.8% | |||
| Airlines | 3.4% | |||
| Pharmaceuticals | 3.2% | |||
| IT Services | 3.0% | |||
| Diversified Telecommunication Services | 2.7% | |||
| Communications Equipment | 2.1% | |||
| Machinery | 2.1% | |||
| Specialty Retail | 2.0% | |||
| Food & Staples Retailing | 2.0% | |||
| Life Sciences Tools & Services | 1.9% | |||
| Personal Products | 1.8% | |||
| Health Care Equipment & Supplies | 1.7% | |||
| Semiconductors & Semiconductor Equipment | 1.7% | |||
| Chemicals | 1.5% | |||
| Building Products | 1.5% | |||
| Other1 | 19.7% | |||
| Total |
100% |
Portfolio Credit Quality
(% of total long-term fixed income investments)
| BBB | 14.2% | |||
| BB or Lower | 84.9% | |||
| N/R (not rated) | 0.9% | |||
| Total |
100% |
| 1 | See the Portfolio of Investments for the remaining industries comprising “Other” and not listed in the Portfolio Composition above. |
21
| NSL |
Portfolio of Investments January 31, 2022 | |
| (Unaudited) |
22
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||||||
| Capital Markets – 1.9% (1.2% of Total Investments) | ||||||||||||||||||||||||||||||||
| $ | 1,460 | Astra Acquisition Corp., Term Loan, First Lien |
5.750% | 1-Month LIBOR | 5.250% | 10/22/28 | BB- | $ | 1,446,312 | |||||||||||||||||||||||
| 177 | RPI Intermediate Finance Trust, Term Loan B1 |
1.855% | 1-Month LIBOR | 1.750% | 2/11/27 | BBB- | 176,721 | |||||||||||||||||||||||||
| 1,999 | Sequa Mezzanine Holdings L.L.C., Term Loan, (cash 6.750%, PIK 1.000%) |
7.750% | 3-Month LIBOR | 6.750% | 7/31/23 | B- | 2,016,396 | |||||||||||||||||||||||||
| 823 | Sequa Mezzanine Holdings L.L.C., Term Loan, Second Lien, (cash 5.000%, PIK 6.750%) |
11.750% | 3-Month LIBOR | 10.750% | 7/31/24 | CCC- | 823,656 | |||||||||||||||||||||||||
| 4,459 | Total Capital Markets |
4,463,085 | ||||||||||||||||||||||||||||||
| Chemicals – 1.4% (0.9% of Total Investments) | ||||||||||||||||||||||||||||||||
| 321 | ASP Unifrax Holdings Inc, Term Loan B |
3.974% | 3-Month LIBOR | 3.750% | 12/14/25 | BB | 318,425 | |||||||||||||||||||||||||
| 828 | Atotech B.V., Term Loan B |
3.000% | 1-Month LIBOR | 2.500% | 3/18/28 | B+ | 827,399 | |||||||||||||||||||||||||
| 820 | Diamond (BC) B.V., Term Loan B |
3.500% | 1-Month LIBOR | 3.000% | 9/29/28 | Ba3 | 819,090 | |||||||||||||||||||||||||
| 497 | INEOS Styrolution US Holding LLC, Term Loan B |
3.250% | 1-Month LIBOR | 2.750% | 1/29/26 | BB+ | 497,112 | |||||||||||||||||||||||||
| 656 | Ineos US Finance LLC, Term Loan B |
2.105% | 1-Month LIBOR | 2.000% | 3/31/24 | BBB- | 652,976 | |||||||||||||||||||||||||
| 85 | KRATON Polymers US LLC, Term Loan, (WI/DD) |
TBD | TBD | TBD | TBD | BB | 85,425 | |||||||||||||||||||||||||
| 3,207 | Total Chemicals |
3,200,427 | ||||||||||||||||||||||||||||||
| Commercial Services & Supplies – 5.8% (3.6% of Total Investments) | ||||||||||||||||||||||||||||||||
| 496 | Amentum Government Services Holdings LLC, Term Loan B |
5.500% | 3-Month LIBOR | 4.750% | 1/31/27 | B1 | 497,595 | |||||||||||||||||||||||||
| 389 | Brand Energy & Infrastructure Services, Inc., Term Loan |
5.250% | 3-Month LIBOR | 4.250% | 6/21/24 | B- | 381,761 | |||||||||||||||||||||||||
| 500 | Clean Harbors Inc., Term Loan B |
2.105% | 1-Month LIBOR | 2.000% | 10/08/28 | BBB- | 500,563 | |||||||||||||||||||||||||
| 502 | Covanta Holding Corp, Term Loan, (WI/DD) |
TBD | TBD | TBD | TBD | Ba1 | 502,894 | |||||||||||||||||||||||||
| 38 | Covanta Holding Corp, Term Loan, (WI/DD) |
TBD | TBD | TBD | TBD | Ba1 | 37,670 | |||||||||||||||||||||||||
| 4,293 | Delta 2 (LUX) S.a.r.l., Term Loan |
3.500% | 1-Month LIBOR | 2.500% | 2/01/24 | B+ | 4,285,698 | |||||||||||||||||||||||||
| 433 | Garda World Security Corporation, Term Loan B |
4.360% | 1-Month LIBOR | 4.250% | 10/30/26 | BB+ | 434,520 | |||||||||||||||||||||||||
| 1,032 | GFL Environmental Inc., Term Loan |
3.500% | 3-Month LIBOR | 3.000% | 5/30/25 | BB- | 1,033,833 | |||||||||||||||||||||||||
| 274 | KAR Auction Services, Inc., Term Loan B6 |
2.375% | 1-Month LIBOR | 2.250% | 9/19/26 | Ba3 | 270,780 | |||||||||||||||||||||||||
| 497 | Madison IAQ LLC, Term Loan |
3.750% | 6-Month LIBOR | 3.250% | 6/21/28 | B1 | 496,413 | |||||||||||||||||||||||||
| 504 | PAE Holding Corporation, Term Loan B |
5.250% | 1-Month LIBOR | 4.500% | 10/19/27 | B | 505,024 | |||||||||||||||||||||||||
| 607 | Prime Security Services Borrower, LLC, Term Loan |
3.500% | 6-Month LIBOR | 2.750% | 9/23/26 | BB- | 606,315 | |||||||||||||||||||||||||
| 135 | Prime Security Services Borrower, LLC, Term Loan |
3.500% | 12-Month LIBOR | 2.750% | 9/23/26 | BB- | 134,256 | |||||||||||||||||||||||||
| 87 | Sabert Corporation, Term Loan B |
5.500% | 1-Month LIBOR | 4.500% | 12/10/26 | B | 86,996 | |||||||||||||||||||||||||
| 744 | Spin Holdco Inc., Term Loan |
4.750% | 3-Month LIBOR | 4.000% | 3/04/28 | B- | 745,093 | |||||||||||||||||||||||||
| 1,995 | Travelport Finance (Luxembourg) S.a.r.l., Term Loan (cash 3.500%, PIK 6.500%) |
3.500% | 3-Month LIBOR | 2.500% | 2/28/25 | B- | 2,053,206 | |||||||||||||||||||||||||
| 368 | West Corporation, Term Loan B1 |
4.500% | 3-Month LIBOR | 3.500% | 10/10/24 | B2 | 343,071 | |||||||||||||||||||||||||
| 726 | WEX Inc., Term Loan |
2.355% | 1-Month LIBOR | 2.250% | 4/01/28 | Ba2 | 722,452 | |||||||||||||||||||||||||
| 13,620 | Total Commercial Services & Supplies |
13,638,140 | ||||||||||||||||||||||||||||||
| Communications Equipment – 2.4% (1.5% of Total Investments) | ||||||||||||||||||||||||||||||||
| 624 | CommScope, Inc., Term Loan B |
3.355% | 1-Month LIBOR | 3.250% | 4/04/26 | Ba3 | 614,140 | |||||||||||||||||||||||||
| 496 | MetroNet Systems Holdings, LLC, Term Loan, First Lien |
4.500% | 1-Month LIBOR | 3.750% | 6/02/28 | B | 495,272 | |||||||||||||||||||||||||
| 1,877 | MLN US HoldCo LLC, Term Loan, First Lien |
4.602% | 1-Month LIBOR | 4.500% | 11/30/25 | B3 | 1,844,424 | |||||||||||||||||||||||||
| 967 | Plantronics Inc, Term Loan B |
2.605% | 1-Month LIBOR | 2.500% | 7/02/25 | Ba2 | 953,044 | |||||||||||||||||||||||||
| 982 | Riverbed Technology, Inc., Term Loan |
7.000% | 3-Month LIBOR | 6.000% | 12/07/26 | N/R | 959,218 | |||||||||||||||||||||||||
| 878 | Univision Communications Inc., Term Loan C5 |
3.750% | 1-Month LIBOR | 2.750% | 3/15/24 | B | 878,558 | |||||||||||||||||||||||||
| 5,824 | Total Communications Equipment |
5,744,656 | ||||||||||||||||||||||||||||||
| Construction & Engineering – 1.5% (0.9% of Total Investments) | ||||||||||||||||||||||||||||||||
| 299 | AECOM, Term Loan B |
1.855% | 1-Month LIBOR | 1.750% | 4/13/28 | BBB- | 299,246 | |||||||||||||||||||||||||
| 464 | Aegion Corporation, Term Loan |
5.500% | 3-Month LIBOR | 4.750% | 5/17/28 | B | 466,352 | |||||||||||||||||||||||||
| 1,118 | Brown Group Holding, LLC, Term Loan B |
3.000% | 3-Month LIBOR | 2.500% | 4/22/28 | B+ | 1,113,947 | |||||||||||||||||||||||||
| 683 | Centuri Group, Inc, Term Loan B |
3.000% | 3-Month LIBOR | 2.500% | 8/27/28 | Ba2 | 683,454 | |||||||||||||||||||||||||
| 124 | FrontDoor Inc, Term Loan B |
2.355% | 1-Month LIBOR | 2.250% | 6/17/28 | Ba2 | 124,123 | |||||||||||||||||||||||||
| 249 | Osmose Utilities Services, Inc., Term Loan |
3.750% | 1-Month LIBOR | 3.250% | 6/22/28 | B | 248,401 | |||||||||||||||||||||||||
| 216 | Pike Corporation, Term Loan B |
3.110% | 1-Month LIBOR | 3.000% | 1/21/28 | Ba3 | 215,928 | |||||||||||||||||||||||||
| 275 | ZURN LLC, Term Loan B |
2.750% | 1-Month LIBOR | 2.250% | 10/04/28 | BB | 275,107 | |||||||||||||||||||||||||
| 3,428 | Total Construction & Engineering |
3,426,558 | ||||||||||||||||||||||||||||||
23
| NSL | Nuveen Senior Income Fund (continued) | |
| Portfolio of Investments January 31, 2022 | ||
| (Unaudited) | ||
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||||||
| Containers & Packaging – 1.6% (1.0% of Total Investments) | ||||||||||||||||||||||||||||||||
| $ | 880 | Berry Global, Inc., Term Loan Z |
1.854% | 1-Month LIBOR | 1.750% | 7/01/26 | BBB- | $ | 870,927 | |||||||||||||||||||||||
| 354 | Grinding Media Inc., Term Loan B |
4.750% | 3-Month LIBOR | 4.000% | 10/12/28 | B | 354,999 | |||||||||||||||||||||||||
| 324 | Reynolds Consumer Products LLC, Term Loan |
1.855% | 1-Month LIBOR | 1.750% | 2/04/27 | BBB- | 322,169 | |||||||||||||||||||||||||
| 499 | Reynolds Group Holdings Inc. , Term Loan B |
4.000% | 1-Month LIBOR | 3.500% | 9/24/28 | B+ | 498,518 | |||||||||||||||||||||||||
| 544 | Reynolds Group Holdings Inc. , Term Loan B2 |
3.355% | 1-Month LIBOR | 3.250% | 2/05/26 | B+ | 540,896 | |||||||||||||||||||||||||
| 1,276 | TricorBraun Holdings, Inc., Term Loan |
3.750% | 1-Month LIBOR | 3.250% | 3/03/28 | B2 | 1,269,504 | |||||||||||||||||||||||||
| 3,877 | Total Containers & Packaging |
3,857,013 | ||||||||||||||||||||||||||||||
| Distributors – 0.7% (0.4% of Total Investments) | ||||||||||||||||||||||||||||||||
| 995 | Core & Main LP, Term Loan B |
2.608% | 1-Month LIBOR | 2.500% | 6/10/28 | Ba3 | 991,269 | |||||||||||||||||||||||||
| 603 | Univar Solutions USA Inc., Term Loan B6 |
2.105% | 1-Month LIBOR | 2.000% | 6/03/28 | BBB- | 600,606 | |||||||||||||||||||||||||
| 1,598 | Total Distributors |
1,591,875 | ||||||||||||||||||||||||||||||
| Diversified Consumer Services – 0.6% (0.4% of Total Investments) | ||||||||||||||||||||||||||||||||
| 1,466 | Cengage Learning, Inc., Term Loan B |
5.750% | 3-Month LIBOR | 4.750% | 7/14/26 | B | 1,473,070 | |||||||||||||||||||||||||
| Diversified Financial Services – 1.9% (1.2% of Total Investments) | ||||||||||||||||||||||||||||||||
| 160 | Avaya, Inc., Term Loan B2, (WI/DD) |
TBD | TBD | TBD | TBD | N/R | 160,305 | |||||||||||||||||||||||||
| 55 | Bengal Debt Merger Sub LLC, Term Loan, (WI/DD) |
TBD | TBD | TBD | TBD | Ba3 | 54,545 | |||||||||||||||||||||||||
| 135 | Bengal Debt Merger Sub LLC, Term Loan, (WI/DD) |
TBD | TBD | TBD | TBD | B3 | 136,384 | |||||||||||||||||||||||||
| 1,033 | Ditech Holding Corporation, Term Loan, (6) |
0.000% | N/A | N/A | 6/30/22 | N/R | 208,640 | |||||||||||||||||||||||||
| 1,744 | Fleetcor Technologies Operating Company, LLC, Term Loan B4 |
1.855% | 1-Month LIBOR | 1.750% | 4/30/28 | BB+ | 1,731,012 | |||||||||||||||||||||||||
| 337 | GT Polaris, Inc., Term Loan |
4.500% | 3-Month LIBOR | 3.750% | 9/24/27 | BB- | 336,774 | |||||||||||||||||||||||||
| 329 | Lions Gate Capital Holdings LLC, Term Loan B |
2.354% | 1-Month LIBOR | 2.250% | 3/24/25 | Ba2 | 327,785 | |||||||||||||||||||||||||
| 1,497 | Verscend Holding Corp., Term Loan B |
4.105% | 1-Month LIBOR | 4.000% | 8/27/25 | BB- | 1,499,167 | |||||||||||||||||||||||||
| 5,290 | Total Diversified Financial Services |
4,454,612 | ||||||||||||||||||||||||||||||
| Diversified Telecommunication Services – 4.1% (2.6% of Total Investments) | ||||||||||||||||||||||||||||||||
| 589 | Altice France S.A., Term Loan B12 |
3.927% | 3-Month LIBOR | 3.688% | 1/31/26 | B | 586,632 | |||||||||||||||||||||||||
| 2,911 | Altice France S.A., Term Loan B13 |
4.106% | 2-Month LIBOR | 4.000% | 8/14/26 | B | 2,905,614 | |||||||||||||||||||||||||
| 2,906 | CenturyLink, Inc., Term Loan B |
2.355% | 1-Month LIBOR | 2.250% | 3/15/27 | BBB- | 2,863,539 | |||||||||||||||||||||||||
| 445 | Cincinnati Bell, Inc., Term Loan B2 |
3.750% | 3-Month LIBOR | 3.250% | 11/23/28 | B+ | 445,779 | |||||||||||||||||||||||||
| 643 | Connect Finco Sarl, Term Loan B |
4.500% | 1-Month LIBOR | 3.500% | 12/12/26 | B+ | 643,398 | |||||||||||||||||||||||||
| 1,740 | Frontier Communications Corp., Term Loan B |
4.500% | 3-Month LIBOR | 3.750% | 10/08/27 | BB+ | 1,739,704 | |||||||||||||||||||||||||
| 1 | Intelsat Jackson Holdings S.A., Term Loan B4, (6) |
8.750% | Prime | 5.500% | 1/02/24 | N/R | 808 | |||||||||||||||||||||||||
| 378 | Intelsat Jackson Holdings, S.A., Term Loan B5, (6) |
8.625% | N/A | N/A | 1/02/24 | N/R | 378,323 | |||||||||||||||||||||||||
| 9,613 | Total Diversified Telecommunication Services |
9,563,797 | ||||||||||||||||||||||||||||||
| Electric Utilities – 0.7% (0.4% of Total Investments) | ||||||||||||||||||||||||||||||||
| 562 | ExGen Renewables IV, LLC, Term Loan |
3.500% | 3-Month LIBOR | 2.500% | 12/15/27 | BB- | 562,544 | |||||||||||||||||||||||||
| 492 | Pacific Gas & Electric Company, Term Loan |
3.500% | 3-Month LIBOR | 3.000% | 6/23/25 | BB | 483,881 | |||||||||||||||||||||||||
| 599 | Vistra Operations Company LLC, Term Loan B3, First Lien |
1.855% | 1-Month LIBOR | 1.750% | 12/31/25 | BBB- | 593,357 | |||||||||||||||||||||||||
| 1,653 | Total Electric Utilities |
1,639,782 | ||||||||||||||||||||||||||||||
| Electrical Equipment – 1.4% (0.9% of Total Investments) | ||||||||||||||||||||||||||||||||
| 1,912 | Avolon TLB Borrower 1 (US) LLC, Term Loan B4 |
2.250% | 1-Month LIBOR | 1.500% | 2/12/27 | Baa2 | 1,895,822 | |||||||||||||||||||||||||
| 1,393 | Ingram Micro Inc., Term Loan B |
4.000% | 3-Month LIBOR | 3.500% | 7/02/28 | BB+ | 1,393,293 | |||||||||||||||||||||||||
| 3,305 | Total Electrical Equipment |
3,289,115 | ||||||||||||||||||||||||||||||
| Electronic Equipment, Instruments & Components – 0.8% (0.5% of Total Investments) | ||||||||||||||||||||||||||||||||
| 1,000 | II-VI Inc, Term Loan, (WI/DD) |
TBD | TBD | TBD | TBD | BBB- | 1,000,315 | |||||||||||||||||||||||||
| 866 | TTM Technologies, Inc., Term Loan |
2.602% | 1-Month LIBOR | 2.500% | 9/28/24 | BB+ | 866,593 | |||||||||||||||||||||||||
| 1,866 | Total Electronic Equipment, Instruments & Components |
|
1,866,908 | |||||||||||||||||||||||||||||
24
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||||||
| Energy Equipment & Services – 0.4% (0.3% of Total Investments) | ||||||||||||||||||||||||||||||||
| $ | 625 | Freeport LNG Investments, LLLP, Term Loan B |
4.000% | 3-Month LIBOR | 3.500% | 12/21/28 | B+ | $ | 623,216 | |||||||||||||||||||||||
| 375 | Petroleum Geo-Services ASA, Term Loan |
7.724% | 3-Month LIBOR | 7.500% | 3/19/24 | N/R | 314,635 | |||||||||||||||||||||||||
| 1,000 | Total Energy Equipment & Services |
937,851 | ||||||||||||||||||||||||||||||
| Entertainment – 2.9% (1.8% of Total Investments) | ||||||||||||||||||||||||||||||||
| 235 | AMC Entertainment Holdings, Inc. , Term Loan B |
3.104% | 1-Month LIBOR | 3.000% | 4/22/26 | B- | 209,941 | |||||||||||||||||||||||||
| 2,568 | Crown Finance US, Inc., Term Loan, (DD1) |
3.500% | 6-Month LIBOR | 2.500% | 2/28/25 | CCC | 1,960,149 | |||||||||||||||||||||||||
| 296 | Crown Finance US, Inc., Term Loan |
3.750% | 6-Month LIBOR | 2.750% | 9/20/26 | CCC | 221,132 | |||||||||||||||||||||||||
| 215 | Crown Finance US, Inc., Term Loan B1 |
9.250% | 6-Month LIBOR | 8.250% | 5/23/24 | B- | 229,325 | |||||||||||||||||||||||||
| 967 | Metro-Goldwyn-Mayer Inc., Term Loan, First Lien |
2.610% | 1-Month LIBOR | 2.500% | 7/03/25 | BB- | 967,906 | |||||||||||||||||||||||||
| 750 | Metro-Goldwyn-Mayer Inc., Term Loan, Second Lien |
5.500% | 1-Month LIBOR | 4.500% | 7/06/26 | B3 | 751,406 | |||||||||||||||||||||||||
| 511 | NASCAR Holdings, Inc, Term Loan B |
2.605% | 1-Month LIBOR | 2.500% | 10/18/26 | BB+ | 510,025 | |||||||||||||||||||||||||
| 1,130 | Virgin Media Bristol LLC, Term Loan Q |
3.356% | 3-Month LIBOR | 3.250% | 1/31/29 | BB+ | 1,129,825 | |||||||||||||||||||||||||
| 890 | William Morris Endeavor Entertainment, LLC, Term Loan, First Lien |
2.860% | 1-Month LIBOR | 2.750% | 5/16/25 | B | 876,720 | |||||||||||||||||||||||||
| 7,562 | Total Entertainment |
6,856,429 | ||||||||||||||||||||||||||||||
| Equity Real Estate Investment Trust – 0.1% (0.1% of Total Investments) | ||||||||||||||||||||||||||||||||
| 180 | Installed Building Products, Inc., Term Loan B |
2.750% | 1-Month LIBOR | 2.250% | 12/14/28 | BB+ | 180,413 | |||||||||||||||||||||||||
| Food & Staples Retailing – 0.7% (0.5% of Total Investments) | ||||||||||||||||||||||||||||||||
| 336 | BJ’s Wholesale Club, Inc., Term Loan, First Lien |
2.113% | 1-Month LIBOR | 2.000% | 2/03/24 | BB+ | 336,483 | |||||||||||||||||||||||||
| 415 | CHG PPC Parent LLC, Term Loan |
3.500% | 3-Month LIBOR | 3.000% | 12/08/28 | B1 | 414,828 | |||||||||||||||||||||||||
| 507 | H Food Holdings LLC, Term Loan B |
3.793% | 1-Month LIBOR | 3.688% | 5/31/25 | B2 | 504,724 | |||||||||||||||||||||||||
| 30 | H Food Holdings LLC, Term Loan B3 |
6.000% | 1-Month LIBOR | 5.000% | 5/31/25 | B2 | 29,598 | |||||||||||||||||||||||||
| 460 | US Foods, Inc., Term Loan B |
2.855% | 1-Month LIBOR | 2.750% | 11/22/28 | BB | 459,678 | |||||||||||||||||||||||||
| 1,748 | Total Food & Staples Retailing |
1,745,311 | ||||||||||||||||||||||||||||||
| Food Products – 0.7% (0.4% of Total Investments) | ||||||||||||||||||||||||||||||||
| 491 | American Seafoods Group LLC, Term Loan, First Lien |
3.750% | 1-Month LIBOR | 2.750% | 8/21/23 | BB- | 490,450 | |||||||||||||||||||||||||
| 173 | Froneri International Ltd., Term Loan |
2.355% | 1-Month LIBOR | 2.250% | 1/31/27 | B+ | 170,387 | |||||||||||||||||||||||||
| 500 | Sycamore Buyer LLC, Term Loan, (WI/DD) |
TBD | TBD | TBD | TBD | BB+ | 499,480 | |||||||||||||||||||||||||
| 439 | UTZ Quality Foods, LLC, Term Loan B |
3.105% | 1-Month LIBOR | 3.000% | 1/20/28 | B1 | 438,694 | |||||||||||||||||||||||||
| 1,603 | Total Food Products |
1,599,011 | ||||||||||||||||||||||||||||||
| Health Care Equipment & Supplies – 3.1% (1.9% of Total Investments) | ||||||||||||||||||||||||||||||||
| 1,437 | Carestream Health, Inc., Term Loan |
7.750% | 3-Month LIBOR | 6.750% | 5/08/23 | B1 | 1,442,278 | |||||||||||||||||||||||||
| 4,534 | Medline Borrower, LP, Term Loan B |
3.750% | 1-Month LIBOR | 3.250% | 10/21/28 | BB- | 4,520,194 | |||||||||||||||||||||||||
| 777 | Viant Medical Holdings, Inc., Term Loan, First Lien |
3.855% | 1-Month LIBOR | 3.750% | 7/02/25 | B3 | 741,640 | |||||||||||||||||||||||||
| 703 | Vyaire Medical, Inc., Term Loan B |
5.750% | 3-Month LIBOR | 4.750% | 4/30/25 | B3 | 551,857 | |||||||||||||||||||||||||
| 7,451 | Total Health Care Equipment & Supplies |
7,255,969 | ||||||||||||||||||||||||||||||
| Health Care Providers & Services – 8.1% (5.1% of Total Investments) | ||||||||||||||||||||||||||||||||
| 1,247 | AHP Health Partners, Inc., Term Loan B |
4.000% | 1-Month LIBOR | 3.500% | 8/23/28 | B1 | 1,250,578 | |||||||||||||||||||||||||
| 361 | BW NHHC Holdco, Inc., Term Loan, First Lien |
5.160% | 3-Month LIBOR | 5.000% | 5/15/25 | Caa1 | 306,920 | |||||||||||||||||||||||||
| 284 | CHG Healthcare Services Inc., Term Loan |
4.000% | 3-Month LIBOR | 3.500% | 9/30/28 | B1 | 284,946 | |||||||||||||||||||||||||
| 335 | DaVita, Inc. , Term Loan B |
1.855% | 1-Month LIBOR | 1.750% | 8/12/26 | BBB- | 332,921 | |||||||||||||||||||||||||
| 1,137 | Envision Healthcare Corporation, Term Loan, First Lien |
3.855% | 1-Month LIBOR | 3.750% | 10/10/25 | CCC+ | 884,641 | |||||||||||||||||||||||||
| 1,032 | Gates Global LLC, Term Loan B3 |
3.250% | 1-Month LIBOR | 2.500% | 3/31/27 | B+ | 1,030,481 | |||||||||||||||||||||||||
| 199 | Global Medical Response, Inc., Term Loan |
5.250% | 6-Month LIBOR | 4.250% | 3/14/25 | B | 199,485 | |||||||||||||||||||||||||
| 1,732 | Global Medical Response, Inc., Term Loan B |
5.750% | 3-Month LIBOR | 4.250% | 10/02/25 | B | 1,734,674 | |||||||||||||||||||||||||
| 400 | ICU Medical Inc, Term Loan, (WI/DD) |
TBD | TBD | TBD | TBD | BBB- | 401,500 | |||||||||||||||||||||||||
| 64 | Medical Solutions Holdings, Inc., Term Loan, (5) |
3.500% | 3-Month LIBOR | 3.500% | 11/01/28 | B1 | 63,990 | |||||||||||||||||||||||||
| 336 | Medical Solutions Holdings, Inc., Term Loan, First Lien |
4.000% | 3-Month LIBOR | 3.500% | 11/01/28 | B1 | 335,948 | |||||||||||||||||||||||||
| 323 | National Mentor Holdings, Inc., Term Loan |
3.750% | 1-Month LIBOR | 3.750% | 3/02/28 | B | 319,348 | |||||||||||||||||||||||||
25
| NSL | Nuveen Senior Income Fund (continued) | |
| Portfolio of Investments January 31, 2022 | ||
| (Unaudited) | ||
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||||||
| Health Care Providers & Services (continued) | ||||||||||||||||||||||||||||||||
| $ | 288 | National Mentor Holdings, Inc., Term Loan |
4.500% | 3-Month LIBOR | 3.750% | 3/02/28 | B | $ | 285,493 | |||||||||||||||||||||||
| 46 | National Mentor Holdings, Inc., Term Loan, (5) |
3.750% | 3-Month LIBOR | 3.750% | 3/02/28 | B | 45,349 | |||||||||||||||||||||||||
| 12 | National Mentor Holdings, Inc., Term Loan C |
4.500% | 3-Month LIBOR | 3.750% | 3/02/28 | B | 12,161 | |||||||||||||||||||||||||
| 980 | Onex TSG Intermediate Corp., Term Loan B |
5.500% | 3-Month LIBOR | 4.750% | 2/26/28 | B | 984,975 | |||||||||||||||||||||||||
| 1,065 | Phoenix Guarantor Inc, Term Loan B |
3.355% | 1-Month LIBOR | 3.250% | 3/05/26 | B1 | 1,060,267 | |||||||||||||||||||||||||
| 993 | Phoenix Guarantor Inc, Term Loan B3 |
3.604% | 1-Month LIBOR | 3.500% | 3/05/26 | B1 | 990,470 | |||||||||||||||||||||||||
| 103 | Quorum Health Corporation, Term Loan, (6) |
8.000% | 3-Month LIBOR | 7.000% | 4/29/25 | B- | 99,093 | |||||||||||||||||||||||||
| 3,048 | RegionalCare Hospital Partners Holdings, Inc., Term Loan B |
3.855% | 1-Month LIBOR | 3.750% | 11/16/25 | B1 | 3,044,152 | |||||||||||||||||||||||||
| 1,133 | Select Medical Corporation, Term Loan B |
2.360% | 1-Month LIBOR | 2.250% | 3/06/25 | Ba2 | 1,128,933 | |||||||||||||||||||||||||
| 2,582 | Surgery Center Holdings, Inc., Term Loan |
4.500% | 1-Month LIBOR | 3.750% | 8/31/26 | B1 | 2,582,664 | |||||||||||||||||||||||||
| 1,633 | Team Health Holdings, Inc., Term Loan, First Lien |
3.750% | 1-Month LIBOR | 2.750% | 2/06/24 | B | 1,581,565 | |||||||||||||||||||||||||
| 19,333 | Total Health Care Providers & Services |
18,960,554 | ||||||||||||||||||||||||||||||
| Health Care Technology – 2.7% (1.7% of Total Investments) | ||||||||||||||||||||||||||||||||
| 1,096 | Carestream Health, Inc., Term Loan, Second Lien, (cash 5.500%, PIK 8.000%) |
8.000% | 3-Month LIBOR | 8.000% | 8/05/23 | CCC+ | 1,072,671 | |||||||||||||||||||||||||
| 2,825 | Change Healthcare Holdings LLC, Term Loan B |
3.500% | 1-Month LIBOR | 2.500% | 3/01/24 | B+ | 2,824,433 | |||||||||||||||||||||||||
| 1,127 | Zelis Healthcare Corporation, Term Loan |
3.602% | 1-Month LIBOR | 3.500% | 9/30/26 | B | 1,124,590 | |||||||||||||||||||||||||
| 200 | Zelis Healthcare Corporation, Term Loan, (5) |
0.000% | N/A | N/A | 9/30/26 | B | 198,875 | |||||||||||||||||||||||||
| 1,097 | Zelis Healthcare Corporation, Term Loan B |
3.602% | 1-Month LIBOR | 3.500% | 9/30/26 | B | 1,091,058 | |||||||||||||||||||||||||
| 6,345 | Total Health Care Technology |
6,311,627 | ||||||||||||||||||||||||||||||
| Hotels, Restaurants & Leisure – 16.3% (10.3% of Total Investments) | ||||||||||||||||||||||||||||||||
| 240 | 24 Hour Fitness Worldwide, Inc., Exit Term Loan, (cash 0.220%, PIK 5.000%) |
5.220% | 3-Month LIBOR | 5.000% | 12/29/25 | B3 | 177,341 | |||||||||||||||||||||||||
| 96 | 24 Hour Fitness Worldwide, Inc., Exit Term Loan |
0.000% | N/A | N/A | 9/29/26 | N/R | 95,270 | |||||||||||||||||||||||||
| 297 | Alterra Mountain Company, Term Loan |
4.000% | 1-Month LIBOR | 3.500% | 8/17/28 | B | 297,057 | |||||||||||||||||||||||||
| 1,312 | Alterra Mountain Company, Term Loan B1 |
2.855% | 1-Month LIBOR | 2.750% | 7/31/24 | B | 1,308,317 | |||||||||||||||||||||||||
| 554 | Aramark Services, Inc., Term Loan B3 |
1.855% | 1-Month LIBOR | 1.750% | 3/11/25 | BB+ | 548,259 | |||||||||||||||||||||||||
| 7,448 | B.C. Unlimited Liability Company, Term Loan B4 |
1.855% | 1-Month LIBOR | 1.750% | 11/19/26 | BB+ | 7,355,255 | |||||||||||||||||||||||||
| 330 | Boyd Gaming Corporation, Term Loan B3 |
2.354% | 1-Month LIBOR | 2.250% | 9/15/23 | BB | 330,553 | |||||||||||||||||||||||||
| 3,157 | Caesars Resort Collection, LLC, Term Loan B, First Lien |
2.855% | 1-Month LIBOR | 2.750% | 12/22/24 | B+ | 3,143,497 | |||||||||||||||||||||||||
| 741 | Caesars Resort Collection, LLC, Term Loan B1 |
3.605% | 1-Month LIBOR | 3.500% | 7/20/25 | B+ | 741,088 | |||||||||||||||||||||||||
| 557 | Carnival Corporation, Term Loan B |
3.750% | 3-Month LIBOR | 3.000% | 6/30/25 | Ba2 | 552,798 | |||||||||||||||||||||||||
| 600 | Carnival Corporation, Term Loan B |
4.000% | 6-Month LIBOR | 3.250% | 10/18/28 | Ba2 | 595,749 | |||||||||||||||||||||||||
| 727 | Churchill Downs Incorporated, Term Loan B1 |
2.110% | 1-Month LIBOR | 2.000% | 3/17/28 | BBB- | 724,707 | |||||||||||||||||||||||||
| 2,645 | ClubCorp Holdings, Inc., Term Loan B |
2.970% | 3-Month LIBOR | 2.750% | 9/18/24 | B- | 2,551,669 | |||||||||||||||||||||||||
| 383 | Crown Finance US, Inc., Term Loan B1 (cash 7.132%, PIK 8.250%) |
8.250% | 3-Month LIBOR | 8.250% | 5/23/24 | B- | 453,173 | |||||||||||||||||||||||||
| 1,579 | Equinox Holdings, Inc., Term Loan, First Lien |
4.000% | 3-Month LIBOR | 3.000% | 3/08/24 | CCC | 1,508,027 | |||||||||||||||||||||||||
| 475 | Four Seasons Hotels Limited, Term Loan, First Lien |
2.105% | 1-Month LIBOR | 2.000% | 11/30/23 | BB+ | 474,081 | |||||||||||||||||||||||||
| 3,095 | Golden Nugget LLC, Term Loan, (WI/DD) |
TBD | TBD | TBD | TBD | B | 3,108,317 | |||||||||||||||||||||||||
| 499 | Hilton Grand Vacations Borrower LLC, Term Loan B |
3.500% | 1-Month LIBOR | 3.000% | 8/02/28 | Ba1 | 498,336 | |||||||||||||||||||||||||
| 1,234 | Hilton Worldwide Finance, LLC, Term Loan B2 |
1.858% | 1-Month LIBOR | 1.750% | 6/21/26 | BBB- | 1,225,451 | |||||||||||||||||||||||||
| 1,757 | IRB Holding Corp, Term Loan |
4.250% | 3-Month LIBOR | 3.250% | 12/15/27 | B+ | 1,760,273 | |||||||||||||||||||||||||
| 628 | Life Time Fitness Inc , Term Loan B |
5.750% | 3-Month LIBOR | 4.750% | 12/15/24 | B | 634,790 | |||||||||||||||||||||||||
| 405 | PCI Gaming Authority, Term Loan |
2.605% | 1-Month LIBOR | 2.500% | 5/31/26 | BBB- | 403,198 | |||||||||||||||||||||||||
| 2,829 | Scientific Games International, Inc., Term Loan B5 |
2.855% | 1-Month LIBOR | 2.750% | 8/14/24 | B+ | 2,824,178 | |||||||||||||||||||||||||
| 997 | SeaWorld Parks & Entertainment, Inc., Term Loan B |
3.500% | 1-Month LIBOR | 3.000% | 8/25/28 | BB- | 998,388 | |||||||||||||||||||||||||
| 2,929 | Stars Group Holdings B.V. (The), Term Loan, (DD1) |
2.474% | 3-Month LIBOR | 2.250% | 7/10/25 | BBB | 2,924,510 | |||||||||||||||||||||||||
| 1,449 | Station Casinos LLC, Term Loan B |
2.500% | 1-Month LIBOR | 2.250% | 2/08/27 | BB- | 1,438,941 | |||||||||||||||||||||||||
| 750 | Twin River Worldwide Holdings, Inc., Term Loan B |
3.750% | 6-Month LIBOR | 3.250% | 10/01/28 | BB+ | 750,364 | |||||||||||||||||||||||||
| 968 | Wyndham Hotels & Resorts, Inc., Term Loan B |
1.855% | 1-Month LIBOR | 1.750% | 5/30/25 | BBB- | 959,939 | |||||||||||||||||||||||||
| 38,681 | Total Hotels, Restaurants & Leisure |
38,383,526 | ||||||||||||||||||||||||||||||
26
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||||||
| Household Durables – 1.0% (0.6% of Total Investments) | ||||||||||||||||||||||||||||||||
| $ | 89 | AI Aqua Merger Sub Inc, Term Loan, (WI/DD) |
TBD | TBD | TBD | TBD | B | $ | 89,239 | |||||||||||||||||||||||
| 711 | AI Aqua Merger Sub, Inc., Term Loan B, First Lien |
4.500% | 1-Month LIBOR | 4.000% | 7/30/28 | B | 713,913 | |||||||||||||||||||||||||
| 502 | Apex Tool Group, LLC, Term Loan B |
6.750% | 1-Month LIBOR | 5.500% | 8/21/24 | Caa1 | 502,034 | |||||||||||||||||||||||||
| 37 | Serta Simmons Bedding, LLC, Term Loan, (6) |
8.500% | 1-Month LIBOR | 7.500% | 8/10/23 | B | 37,699 | |||||||||||||||||||||||||
| 719 | Serta Simmons Bedding, LLC, Term Loan, (DD1), (6) |
8.500% | 1-Month LIBOR | 7.500% | 8/10/23 | B- | 688,894 | |||||||||||||||||||||||||
| 309 | Weber-Stephen Products LLC, Term Loan B |
4.000% | 1-Month LIBOR | 3.250% | 10/30/27 | BB | 309,273 | |||||||||||||||||||||||||
| 9 | Weber-Stephen Products LLC, Term Loan B |
4.000% | 6-Month LIBOR | 3.250% | 10/30/27 | BB | 9,364 | |||||||||||||||||||||||||
| 2,376 | Total Household Durables |
2,350,416 | ||||||||||||||||||||||||||||||
| Household Products – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||||||
| 430 | Illuminate Merger Sub Corp., Term Loan |
4.000% | 3-Month LIBOR | 3.500% | 9/30/28 | B1 | 427,656 | |||||||||||||||||||||||||
| Independent Power & Renewable Electricity Producers – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||||||
| 487 | WIN Waste Innovations Holdings, Inc., Term Loan B |
3.250% | 3-Month LIBOR | 2.750% | 3/25/28 | B+ | 487,556 | |||||||||||||||||||||||||
| Insurance – 4.2% (2.6% of Total Investments) | ||||||||||||||||||||||||||||||||
| 2,073 | Acrisure, LLC, Term Loan B |
3.724% | 3-Month LIBOR | 3.500% | 2/15/27 | B | 2,051,032 | |||||||||||||||||||||||||
| 1,767 | Alliant Holdings Intermediate, LLC, Term Loan B |
3.355% | 1-Month LIBOR | 3.250% | 5/10/25 | B | 1,754,465 | |||||||||||||||||||||||||
| 249 | Alliant Holdings Intermediate, LLC, Term Loan B4 |
4.000% | 1-Month LIBOR | 3.500% | 11/12/27 | B | 249,395 | |||||||||||||||||||||||||
| 1,443 | Asurion LLC, Term Loan B4, Second Lien, (DD1) |
5.355% | 1-Month LIBOR | 5.250% | 1/15/29 | B | 1,446,615 | |||||||||||||||||||||||||
| 254 | Asurion LLC, Term Loan B6 |
3.230% | 1-Month LIBOR | 3.125% | 11/03/23 | Ba3 | 253,697 | |||||||||||||||||||||||||
| 1,319 | Asurion LLC, Term Loan B8 |
3.355% | 1-Month LIBOR | 3.250% | 12/23/26 | Ba3 | 1,311,156 | |||||||||||||||||||||||||
| 349 | Broadstreet Partners, Inc., Term Loan B2 |
3.750% | 1-Month LIBOR | 3.250% | 1/27/27 | B1 | 347,161 | |||||||||||||||||||||||||
| 1,601 | Hub International Limited, Term Loan B |
3.017% | 3-Month LIBOR | 2.750% | 4/25/25 | B | 1,584,955 | |||||||||||||||||||||||||
| 536 | Hub International Limited, Term Loan B, (DD1) |
4.000% | 3-Month LIBOR | 3.250% | 4/25/25 | B | 535,538 | |||||||||||||||||||||||||
| 272 | Ryan Specialty Group, LLC, Term Loan |
3.750% | 1-Month LIBOR | 3.000% | 9/01/27 | BB- | 271,618 | |||||||||||||||||||||||||
| 9,863 | Total Insurance |
9,805,632 | ||||||||||||||||||||||||||||||
| Interactive Media & Services – 1.8% (1.1% of Total Investments) | ||||||||||||||||||||||||||||||||
| 1,015 | Arches Buyer Inc., Term Loan B |
3.750% | 1-Month LIBOR | 3.250% | 12/06/27 | B1 | 1,009,407 | |||||||||||||||||||||||||
| 84 | Mission Broadcasting, Inc., Term Loan B |
2.602% | 1-Month LIBOR | 2.500% | 6/03/28 | BBB- | 84,381 | |||||||||||||||||||||||||
| 2,231 | Rackspace Technology Global, Inc., Term Loan B |
3.500% | 3-Month LIBOR | 2.750% | 2/09/28 | B+ | 2,212,549 | |||||||||||||||||||||||||
| 960 | WeddingWire, Inc., Term Loan, First Lien |
4.605% | 1-Month LIBOR | 4.500% | 12/21/25 | B+ | 962,249 | |||||||||||||||||||||||||
| 4,290 | Total Interactive Media & Services |
4,268,586 | ||||||||||||||||||||||||||||||
| Internet & Direct Marketing Retail – 0.4% (0.3% of Total Investments) | ||||||||||||||||||||||||||||||||
| 993 | CNT Holdings I Corp, Term Loan |
4.250% | 3-Month LIBOR | 3.500% | 11/08/27 | B | 993,820 | |||||||||||||||||||||||||
| Internet Software & Services – 2.2% (1.4% of Total Investments) | ||||||||||||||||||||||||||||||||
| 1,466 | Banff Merger Sub Inc, Term Loan |
3.974% | 3-Month LIBOR | 3.750% | 10/02/25 | B2 | 1,462,720 | |||||||||||||||||||||||||
| 2,173 | Greeneden U.S. Holdings II, LLC, Term Loan B4 |
4.750% | 1-Month LIBOR | 4.000% | 12/01/27 | B- | 2,175,679 | |||||||||||||||||||||||||
| 1,445 | Uber Technologies, Inc., Term Loan B, First Lien |
3.605% | 1-Month LIBOR | 3.500% | 4/04/25 | B+ | 1,445,851 | |||||||||||||||||||||||||
| 5,084 | Total Internet Software & Services |
5,084,250 | ||||||||||||||||||||||||||||||
| IT Services – 5.3% (3.4% of Total Investments) | ||||||||||||||||||||||||||||||||
| 958 | Ahead DB Holdings, LLC, Term Loan B |
4.500% | 3-Month LIBOR | 3.750% | 10/16/27 | B+ | 958,487 | |||||||||||||||||||||||||
| 250 | CCC Intelligent Solutions Inc., Term Loan B |
3.000% | 3-Month LIBOR | 2.500% | 9/21/28 | B1 | 249,336 | |||||||||||||||||||||||||
| 299 | DTI Holdco, Inc., Term Loan B |
5.750% | 1-Month LIBOR | 4.750% | 9/30/23 | CCC+ | 297,649 | |||||||||||||||||||||||||
| 2,534 | Intrado Corporation, Term Loan |
5.000% | 3-Month LIBOR | 4.000% | 10/10/24 | B2 | 2,381,116 | |||||||||||||||||||||||||
| 639 | KBR, Inc., Term Loan B |
2.855% | 1-Month LIBOR | 2.750% | 2/07/27 | Ba1 | 640,621 | |||||||||||||||||||||||||
| 998 | Magenta Buyer LLC, Term Loan, First Lien |
5.750% | 3-Month LIBOR | 5.000% | 7/27/28 | BB- | 995,630 | |||||||||||||||||||||||||
| 248 | Project Ruby Ultimate Parent Corp., Term Loan |
4.000% | 1-Month LIBOR | 3.250% | 3/10/28 | B | 247,796 | |||||||||||||||||||||||||
| 1,564 | Sabre GLBL Inc., Term Loan B |
2.105% | 1-Month LIBOR | 2.000% | 2/22/24 | Ba3 | 1,544,845 | |||||||||||||||||||||||||
| 402 | Science Applications International Corporation, Term Loan B |
1.980% | 1-Month LIBOR | 1.875% | 10/31/25 | BB+ | 402,030 | |||||||||||||||||||||||||
| 2,310 | Syniverse Holdings, Inc., Term Loan, First Lien |
6.000% | 3-Month LIBOR | 5.000% | 3/09/23 | CCC+ | 2,307,162 | |||||||||||||||||||||||||
| 768 | Syniverse Holdings, Inc., Term Loan, Second Lien |
10.000% | 3-Month LIBOR | 9.000% | 3/11/24 | CCC- | 767,282 | |||||||||||||||||||||||||
27
| NSL | Nuveen Senior Income Fund (continued) | |
| Portfolio of Investments January 31, 2022 | ||
| (Unaudited) | ||
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||||||
| IT Services (continued) | ||||||||||||||||||||||||||||||||
| $ | 1,051 | Tempo Acquisition LLC, Term Loan |
3.750% | 1-Month LIBOR | 3.250% | 10/31/26 | BB- | $ | 1,055,091 | |||||||||||||||||||||||
| 748 | Vision Solutions, Inc., Term Loan |
4.750% | 3-Month LIBOR | 4.000% | 5/28/28 | B2 | 747,657 | |||||||||||||||||||||||||
| 12,769 | Total IT Services |
12,594,702 | ||||||||||||||||||||||||||||||
| Leisure Products – 0.3% (0.2% of Total Investments) | ||||||||||||||||||||||||||||||||
| 278 | Hayward Industries, Inc., Term Loan |
3.000% | 1-Month LIBOR | 2.500% | 5/28/28 | BB- | 277,942 | |||||||||||||||||||||||||
| 54 | SRAM, LLC , Term Loan B |
3.250% | 1-Month LIBOR | 2.750% | 5/18/28 | BB- | 53,743 | |||||||||||||||||||||||||
| 90 | SRAM, LLC , Term Loan B |
3.250% | 3-Month LIBOR | 2.750% | 5/18/28 | BB- | 89,572 | |||||||||||||||||||||||||
| 313 | SRAM, LLC , Term Loan B |
3.250% | 6-Month LIBOR | 2.750% | 5/18/28 | BB- | 313,503 | |||||||||||||||||||||||||
| 735 | Total Leisure Products |
734,760 | ||||||||||||||||||||||||||||||
| Life Sciences Tools & Services – 3.1% (2.0% of Total Investments) | ||||||||||||||||||||||||||||||||
| 334 | Avantor Funding, Inc., Term Loan B5 |
2.750% | 1-Month LIBOR | 2.250% | 11/06/27 | BB+ | 334,320 | |||||||||||||||||||||||||
| 373 | Curia Global, Inc., Term Loan |
4.049% | 3-Month LIBOR | 3.750% | 8/30/26 | B | 373,516 | |||||||||||||||||||||||||
| 2,347 | ICON Luxembourg S.A.R.L., Term Loan, (DD1) |
2.750% | 3-Month LIBOR | 2.250% | 7/01/28 | BB+ | 2,344,399 | |||||||||||||||||||||||||
| 598 | ICON Luxembourg S.A.R.L., Term Loan, (DD1) |
2.750% | 3-Month LIBOR | 2.250% | 7/01/28 | BB+ | 597,810 | |||||||||||||||||||||||||
| 3,661 | Parexel International Corporation, Term Loan, First Lien, (DD1) |
4.000% | 1-Month LIBOR | 3.500% | 11/15/28 | B1 | 3,665,869 | |||||||||||||||||||||||||
| 7,313 | Total Life Sciences Tools & Services |
7,315,914 | ||||||||||||||||||||||||||||||
| Machinery – 2.2% (1.4% of Total Investments) | ||||||||||||||||||||||||||||||||
| 1,350 | Ali Group Srl, Term Loan, (WI/DD) |
TBD | TBD | TBD | TBD | Baa3 | 1,343,952 | |||||||||||||||||||||||||
| 734 | Alliance Laundry Systems LLC, Term Loan B |
4.250% | 3-Month LIBOR | 3.500% | 10/08/27 | B | 736,073 | |||||||||||||||||||||||||
| 834 | Gardner Denver, Inc., Term Loan B2 |
1.855% | 1-Month LIBOR | 1.750% | 2/28/27 | BB+ | 827,036 | |||||||||||||||||||||||||
| 336 | Standard Industries Inc., Term Loan B |
3.000% | 3-Month LIBOR | 2.500% | 9/22/28 | BBB- | 336,657 | |||||||||||||||||||||||||
| 1,262 | Vertical US Newco Inc, Term Loan B, (DD1) |
4.019% | 6-Month LIBOR | 3.500% | 7/31/27 | B+ | 1,264,684 | |||||||||||||||||||||||||
| 737 | Vertiv Group Corporation, Term Loan B |
2.852% | 1-Month LIBOR | 2.750% | 3/02/27 | BB- | 734,473 | |||||||||||||||||||||||||
| 5,253 | Total Machinery |
5,242,875 | ||||||||||||||||||||||||||||||
| Marine – 0.4% (0.3% of Total Investments) | ||||||||||||||||||||||||||||||||
| 1,048 | HGIM Corp., Exit Term Loan, (DD1) |
7.000% | 3-Month LIBOR | 6.000% | 7/02/23 | CCC+ | 962,235 | |||||||||||||||||||||||||
| Media – 12.6% (7.9% of Total Investments) | ||||||||||||||||||||||||||||||||
| 119 | ABG Intermediate Holdings 2 LLC, Term Loan, (WI/DD) |
TBD | TBD | TBD | TBD | B1 | 119,291 | |||||||||||||||||||||||||
| 160 | ABG Intermediate Holdings 2 LLC, Term Loan, Second Lien |
6.500% | 3-Month LIBOR | 6.000% | 12/20/29 | CCC+ | 162,200 | |||||||||||||||||||||||||
| 249 | Cable One, Inc., Term Loan B4 |
2.105% | 1-Month LIBOR | 2.000% | 5/03/28 | BB+ | 248,066 | |||||||||||||||||||||||||
| 2,670 | Charter Communications Operating, LLC, Term Loan B2 |
1.860% | 1-Month LIBOR | 1.750% | 2/01/27 | BBB- | 2,646,294 | |||||||||||||||||||||||||
| 194 | Checkout Holding Corp., First Out Term Loan |
8.500% | 1-Month LIBOR | 7.500% | 2/15/23 | N/R | 184,231 | |||||||||||||||||||||||||
| 352 | Checkout Holding Corp., Last Out Term Loan, (cash 2.000%, PIK 9.500%) |
2.000% | 1-Month LIBOR | 1.000% | 8/15/23 | N/R | 156,576 | |||||||||||||||||||||||||
| 9 | Clear Channel Outdoor Holdings, Inc., Term Loan B |
3.605% | 1-Month LIBOR | 3.500% | 8/21/26 | B1 | 8,404 | |||||||||||||||||||||||||
| 3,318 | Clear Channel Outdoor Holdings, Inc., Term Loan B |
3.799% | 3-Month LIBOR | 3.500% | 8/21/26 | B1 | 3,277,643 | |||||||||||||||||||||||||
| 3,141 | CSC Holdings, LLC, Term Loan |
2.356% | 1-Month LIBOR | 2.250% | 1/15/26 | BB | 3,099,625 | |||||||||||||||||||||||||
| 1,181 | CSC Holdings, LLC, Term Loan B1 |
2.356% | 1-Month LIBOR | 2.250% | 7/17/25 | BB | 1,165,920 | |||||||||||||||||||||||||
| 2,842 | CSC Holdings, LLC, Term Loan B5 |
2.606% | 1-Month LIBOR | 2.500% | 4/15/27 | BB | 2,819,318 | |||||||||||||||||||||||||
| 223 | Cumulus Media New Holdings Inc., Term Loan B |
4.750% | 3-Month LIBOR | 3.750% | 3/31/26 | B | 223,974 | |||||||||||||||||||||||||
| 765 | Diamond Sports Group, LLC, Term Loan |
3.360% | 1-Month LIBOR | 3.250% | 8/24/26 | Caa1 | 316,335 | |||||||||||||||||||||||||
| 2,830 | DirecTV Financing, LLC, Term Loan |
5.750% | 3-Month LIBOR | 5.000% | 8/02/27 | BBB- | 2,837,390 | |||||||||||||||||||||||||
| 224 | Dotdash Meredith Inc, Term Loan B |
4.500% | 3-Month LIBOR | 4.000% | 12/01/28 | BB- | 224,280 | |||||||||||||||||||||||||
| 486 | E.W. Scripps Company (The), Term Loan B2 |
3.313% | 1-Month LIBOR | 2.562% | 5/01/26 | BB | 485,655 | |||||||||||||||||||||||||
| 415 | Gray Television, Inc., Term Loan B |
2.606% | 1-Month LIBOR | 2.500% | 2/07/24 | BB+ | 414,170 | |||||||||||||||||||||||||
| 4 | Houghton Mifflin Harcourt Publishing Company, Term Loan B |
7.250% | 1-Month LIBOR | 6.250% | 11/22/24 | BB+ | 4,500 | |||||||||||||||||||||||||
| 2,248 | iHeartCommunications, Inc., Term Loan |
3.105% | 1-Month LIBOR | 3.000% | 5/01/26 | B+ | 2,239,315 | |||||||||||||||||||||||||
| 1,632 | Intelsat Jackson Holdings S.A., Term Loan, (5), (6) |
3.600% | 3-Month LIBOR | 3.600% | 7/13/22 | N/R | 1,636,250 | |||||||||||||||||||||||||
28
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||||||
| Media (continued) | ||||||||||||||||||||||||||||||||
| $ | 12 | Intelsat Jackson Holdings S.A., Term Loan B3, (6) |
8.000% | Prime | 4.750% | 11/27/23 | N/R | $ | 11,699 | |||||||||||||||||||||||
| 239 | LCPR Loan Financing LLC, Term Loan B |
3.856% | 3-Month LIBOR | 3.750% | 10/15/28 | BB+ | 239,646 | |||||||||||||||||||||||||
| 997 | McGraw-Hill Global Education Holdings, LLC, Term Loan |
5.250% | 1-Month LIBOR | 4.750% | 7/30/28 | B2 | 996,458 | |||||||||||||||||||||||||
| 928 | Nexstar Broadcasting, Inc., Term Loan B3 |
2.355% | 1-Month LIBOR | 2.250% | 1/17/24 | BBB- | 927,150 | |||||||||||||||||||||||||
| 230 | Radiate Holdco, LLC, Term Loan B |
4.000% | 1-Month LIBOR | 3.250% | 9/25/26 | B1 | 229,892 | |||||||||||||||||||||||||
| 453 | Sinclair Television Group Inc., Term Loan B1 |
2.360% | 1-Month LIBOR | 2.250% | 1/03/24 | Ba2 | 445,603 | |||||||||||||||||||||||||
| 639 | Springer Nature Deutschland GmbH, Term Loan B18 |
3.750% | 1-Month LIBOR | 3.000% | 8/14/26 | BB+ | 639,511 | |||||||||||||||||||||||||
| 312 | Virgin Media Bristol LLC, Term Loan N |
2.606% | 3-Month LIBOR | 2.500% | 1/31/28 | BB+ | 309,679 | |||||||||||||||||||||||||
| 535 | WideOpenWest Finance LLC, Term Loan B |
3.500% | 3-Month LIBOR | 3.000% | 12/20/28 | BB | 536,923 | |||||||||||||||||||||||||
| 3,079 | Ziggo Financing Partnership, Term Loan I |
2.606% | 1-Month LIBOR | 2.500% | 4/30/28 | BB | 3,045,539 | |||||||||||||||||||||||||
| 30,486 | Total Media |
29,651,537 | ||||||||||||||||||||||||||||||
| Multiline Retail – 0.6% (0.4% of Total Investments) | ||||||||||||||||||||||||||||||||
| 248 | Belk, Inc., Term Loan |
8.500% | 3-Month LIBOR | 7.500% | 7/31/25 | B- | 247,595 | |||||||||||||||||||||||||
| 1,127 | Belk, Inc., Term Loan (cash 5.000%, PIK 8.000%) |
13.000% | 3-Month LIBOR | 13.000% | 7/31/25 | CCC- | 826,715 | |||||||||||||||||||||||||
| 341 | EG America LLC, Term Loan |
4.224% | 3-Month LIBOR | 4.000% | 2/05/25 | B- | 341,239 | |||||||||||||||||||||||||
| 1,716 | Total Multiline Retail |
1,415,549 | ||||||||||||||||||||||||||||||
| Office Electronics – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||||||
| 121 | Pitney Bowes Inc., Term Loan B |
4.105% | 1-Month LIBOR | 4.000% | 3/19/28 | BBB- | 121,436 | |||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 2.7% (1.7% of Total Investments) | ||||||||||||||||||||||||||||||||
| 643 | BCP Renaissance Parent LLC, Term Loan B |
4.500% | 3-Month LIBOR | 3.500% | 11/01/24 | B+ | 643,866 | |||||||||||||||||||||||||
| 909 | Buckeye Partners, L.P., Term Loan B |
2.354% | 1-Month LIBOR | 2.250% | 11/01/26 | BBB- | 905,769 | |||||||||||||||||||||||||
| 180 | DT Midstream, Inc, Term Loan B |
2.500% | 6-Month LIBOR | 2.000% | 6/10/28 | Baa2 | 180,509 | |||||||||||||||||||||||||
| 19 | DT Midstream, Inc, Term Loan B |
2.500% | 3-Month LIBOR | 2.000% | 6/10/28 | Baa2 | 19,610 | |||||||||||||||||||||||||
| 1,556 | Gulf Finance, LLC, Term Loan, (DD1) |
6.840% | 1-Month LIBOR | 6.750% | 8/25/26 | B | 1,461,005 | |||||||||||||||||||||||||
| 1,334 | QuarterNorth Energy Holding, Inc., Exit Term Loan, Second Lien |
9.000% | 3-Month LIBOR | 8.000% | 8/27/26 | B | 1,340,805 | |||||||||||||||||||||||||
| 665 | TransMontaigne Operating Company L.P., Term Loan B |
4.000% | 6-Month LIBOR | 3.500% | 11/05/28 | BB | 666,732 | |||||||||||||||||||||||||
| 1,214 | Traverse Midstream Partners LLC, Term Loan, (WI/DD) |
TBD | TBD | TBD | TBD | B | 1,215,120 | |||||||||||||||||||||||||
| 6,520 | Total Oil, Gas & Consumable Fuels |
6,433,416 | ||||||||||||||||||||||||||||||
| Paper & Forest Products – 1.0% (0.6% of Total Investments) | ||||||||||||||||||||||||||||||||
| 1,066 | Asplundh Tree Expert, LLC, Term Loan B |
1.855% | 1-Month LIBOR | 1.750% | 9/04/27 | BBB- | 1,061,317 | |||||||||||||||||||||||||
| 619 | Charter NEX US, Inc. , Term Loan |
4.500% | 1-Month LIBOR | 3.750% | 12/01/27 | N/R | 620,442 | |||||||||||||||||||||||||
| 583 | Post Holdings Inc., Term Loan B |
4.750% | 1-Month LIBOR | 4.000% | 10/21/24 | B+ | 584,359 | |||||||||||||||||||||||||
| 2,268 | Total Paper & Forest Products |
2,266,118 | ||||||||||||||||||||||||||||||
| Personal Products – 1.3% (0.8% of Total Investments) | ||||||||||||||||||||||||||||||||
| 499 | Conair Holdings, LLC, Term Loan B |
4.250% | 3-Month LIBOR | 3.750% | 5/17/28 | B1 | 499,284 | |||||||||||||||||||||||||
| 73 | Coty Inc., Term Loan B |
2.354% | 1-Month LIBOR | 2.250% | 4/05/25 | B+ | 72,044 | |||||||||||||||||||||||||
| 492 | Journey Personal Care Corp., Term Loan B |
5.000% | 3-Month LIBOR | 4.250% | 3/01/28 | B | 490,062 | |||||||||||||||||||||||||
| — | (7 | ) | Kronos Acquisition Holdings Inc., Term Loan B |
4.250% | 3-Month LIBOR | 3.750% | 12/22/26 | B2 | 304 | |||||||||||||||||||||||
| 2,534 | Revlon Consumer Products Corporation, Term Loan B, (DD1), (8) |
4.250% | 3-Month LIBOR | 3.500% | 9/07/23 | CC | 1,992,946 | |||||||||||||||||||||||||
| 3,598 | Total Personal Products |
3,054,640 | ||||||||||||||||||||||||||||||
| Pharmaceuticals – 5.8% (3.7% of Total Investments) | ||||||||||||||||||||||||||||||||
| 2,409 | Bausch Health Companies Inc., Term Loan B |
3.105% | 1-Month LIBOR | 3.000% | 6/02/25 | BB | 2,392,968 | |||||||||||||||||||||||||
| 1,291 | Bausch Health Companies Inc., Term Loan B |
2.855% | 1-Month LIBOR | 2.750% | 11/27/25 | BB | 1,289,571 | |||||||||||||||||||||||||
| 731 | Catalent Pharma Solutions Inc., Term Loan B3 |
2.500% | 1-Month LIBOR | 2.000% | 2/22/28 | BBB- | 732,628 | |||||||||||||||||||||||||
| 464 | Elanco Animal Health Incorporated, Term Loan B |
1.852% | 1-Month LIBOR | 1.750% | 8/01/27 | BBB- | 457,553 | |||||||||||||||||||||||||
| 1,441 | Endo Luxembourg Finance Company I S.a r.l., Term Loan, (DD1) |
5.750% | 3-Month LIBOR | 5.000% | 3/25/28 | B- | 1,408,059 | |||||||||||||||||||||||||
| 801 | Gainwell Acquisition Corp., Term Loan B |
4.750% | 3-Month LIBOR | 4.000% | 10/01/27 | BB- | 803,360 | |||||||||||||||||||||||||
| 3,234 | Jazz Financing Lux S.a.r.l., Term Loan |
3.605% | 1-Month LIBOR | 3.500% | 5/05/28 | BB+ | 3,239,021 | |||||||||||||||||||||||||
29
| NSL | Nuveen Senior Income Fund (continued) | |
| Portfolio of Investments January 31, 2022 | ||
| (Unaudited) | ||
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||||||
| Pharmaceuticals (continued) | ||||||||||||||||||||||||||||||||
| $ | 1,386 | Mallinckrodt International Finance S.A., Term Loan B, (DD1), (6) |
6.000% | 3-Month LIBOR | 5.250% | 9/24/24 | D | $ | 1,300,394 | |||||||||||||||||||||||
| 753 | Mallinckrodt International Finance S.A., Term Loan B, (6) |
6.250% | 3-Month LIBOR | 5.500% | 2/24/25 | D | 706,906 | |||||||||||||||||||||||||
| 1,446 | Organon & Co, Term Loan |
3.500% | 3-Month LIBOR | 3.000% | 6/02/28 | BB | 1,447,154 | |||||||||||||||||||||||||
| 13,956 | Total Pharmaceuticals |
13,777,614 | ||||||||||||||||||||||||||||||
| Professional Services – 2.3% (1.4% of Total Investments) | ||||||||||||||||||||||||||||||||
| 448 | ASGN Incorporated, Term Loan B3 |
1.859% | 1-Month LIBOR | 1.750% | 4/02/25 | BBB- | 448,209 | |||||||||||||||||||||||||
| 1,154 | Ceridian HCM Holding Inc., Term Loan B |
2.605% | 1-Month LIBOR | 2.500% | 4/30/25 | B+ | 1,141,646 | |||||||||||||||||||||||||
| 490 | Creative Artists Agency, LLC , Term Loan B |
3.855% | 1-Month LIBOR | 3.750% | 11/26/26 | B | 489,272 | |||||||||||||||||||||||||
| 1,321 | Dun & Bradstreet Corporation (The), Term Loan |
3.358% | 1-Month LIBOR | 3.250% | 2/08/26 | BB+ | 1,317,498 | |||||||||||||||||||||||||
| 725 | EAB Global, Inc., Term Loan |
4.000% | 3-Month LIBOR | 3.500% | 8/16/28 | B2 | 724,549 | |||||||||||||||||||||||||
| 2 | EAB Global, Inc., Term Loan |
4.000% | 1-Month LIBOR | 3.500% | 8/16/28 | B2 | 1,816 | |||||||||||||||||||||||||
| 602 | Nielsen Finance LLC, Term Loan B4 |
2.104% | 1-Month LIBOR | 2.000% | 10/04/23 | BBB- | 602,261 | |||||||||||||||||||||||||
| 653 | Trans Union, LLC, Term Loan B6 |
2.750% | 1-Month LIBOR | 2.250% | 12/01/28 | BBB- | 651,479 | |||||||||||||||||||||||||
| 5,395 | Total Professional Services |
5,376,730 | ||||||||||||||||||||||||||||||
| Road & Rail – 1.6% (1.0% of Total Investments) | ||||||||||||||||||||||||||||||||
| 1,002 | Avolon TLB Borrower 1 (US) LLC, Term Loan B3 |
2.500% | 1-Month LIBOR | 1.750% | 1/15/25 | Baa2 | 998,301 | |||||||||||||||||||||||||
| 231 | Genesee & Wyoming Inc. (New), Term Loan |
2.224% | 3-Month LIBOR | 2.000% | 12/30/26 | BB+ | 229,771 | |||||||||||||||||||||||||
| 1,138 | Hertz Corporation, (The), Term Loan B |
3.750% | 1-Month LIBOR | 3.250% | 6/30/28 | BB+ | 1,139,148 | |||||||||||||||||||||||||
| 215 | Hertz Corporation, (The), Term Loan C |
3.750% | 1-Month LIBOR | 3.250% | 6/30/28 | BB+ | 215,817 | |||||||||||||||||||||||||
| 1,083 | XPO Logistics, Inc., Term Loan B |
1.852% | 1-Month LIBOR | 1.750% | 2/23/25 | Baa3 | 1,076,414 | |||||||||||||||||||||||||
| 3,669 | Total Road & Rail |
3,659,451 | ||||||||||||||||||||||||||||||
| Semiconductors & Semiconductor Equipment – 2.4% (1.5% of Total Investments) | ||||||||||||||||||||||||||||||||
| 2,529 | Bright Bidco B.V., Term Loan B, (DD1) |
4.500% | 6-Month LIBOR | 3.500% | 6/30/24 | CCC | 1,952,380 | |||||||||||||||||||||||||
| 434 | CMC Materials, Inc., Term Loan B1 |
2.125% | 1-Month LIBOR | 2.000% | 11/15/25 | BBB- | 433,086 | |||||||||||||||||||||||||
| 2,128 | MKS Instruments Inc, Term Loan, (WI/DD) |
TBD | TBD | TBD | TBD | BBB- | 2,127,670 | |||||||||||||||||||||||||
| 1,046 | ON Semiconductor Corporation, Term Loan B |
2.105% | 1-Month LIBOR | 2.000% | 9/19/26 | Baa3 | 1,048,391 | |||||||||||||||||||||||||
| 125 | Synaptics Incorporated, Term Loan B, (WI/DD) |
TBD | TBD | TBD | TBD | BBB- | 125,094 | |||||||||||||||||||||||||
| 6,262 | Total Semiconductors & Semiconductor Equipment |
|
5,686,621 | |||||||||||||||||||||||||||||
| Software – 13.3% (8.3% of Total Investments) | ||||||||||||||||||||||||||||||||
| 658 | Apttus Corporation, Term Loan |
5.000% | 3-Month LIBOR | 4.250% | 5/06/28 | BB | 659,995 | |||||||||||||||||||||||||
| 382 | Camelot U.S. Acquisition 1 Co., Term Loan B |
3.105% | 1-Month LIBOR | 3.000% | 10/31/26 | B1 | 381,483 | |||||||||||||||||||||||||
| 1,489 | Delta TopCo, Inc., Term Loan B |
4.500% | 3-Month LIBOR | 3.750% | 12/01/27 | B2 | 1,490,306 | |||||||||||||||||||||||||
| 316 | Dynatrace LLC, Term Loan, First Lien |
2.355% | 1-Month LIBOR | 2.250% | 8/23/25 | BB+ | 315,707 | |||||||||||||||||||||||||
| 2,309 | Epicor Software Corporation, Term Loan |
4.000% | 1-Month LIBOR | 3.250% | 7/31/27 | B2 | 2,306,212 | |||||||||||||||||||||||||
| 1,774 | Finastra USA, Inc., Term Loan, First Lien |
4.500% | 3-Month LIBOR | 3.500% | 6/13/24 | BB- | 1,770,074 | |||||||||||||||||||||||||
| 235 | Greenway Health, LLC, Term Loan, First Lien |
4.750% | 3-Month LIBOR | 3.750% | 2/16/24 | B- | 224,077 | |||||||||||||||||||||||||
| 2,200 | Informatica LLC, Term Loan B |
2.875% | 1-Month LIBOR | 2.750% | 10/14/28 | BB- | 2,196,150 | |||||||||||||||||||||||||
| 432 | iQor US, Inc., Second Out Term Loan |
8.500% | 1-Month LIBOR | 7.500% | 11/19/25 | CCC+ | 391,046 | |||||||||||||||||||||||||
| 786 | MA FinanceCo., LLC, Term Loan B |
5.250% | 3-Month LIBOR | 4.250% | 6/05/25 | BB+ | 787,136 | |||||||||||||||||||||||||
| 1,212 | McAfee, LLC, Term Loan B |
3.859% | 1-Month LIBOR | 3.750% | 9/29/24 | B1 | 1,212,887 | |||||||||||||||||||||||||
| 2,500 | NortonLifeLock Inc, Term Loan, (WI/DD) |
TBD | TBD | TBD | TBD | BBB- | 2,490,625 | |||||||||||||||||||||||||
| 684 | Perforce Software, Inc., Term Loan B |
3.855% | 1-Month LIBOR | 3.750% | 7/01/26 | B2 | 680,949 | |||||||||||||||||||||||||
| 997 | Polaris Newco LLC, Term Loan B |
4.500% | 3-Month LIBOR | 4.000% | 6/04/28 | B2 | 998,747 | |||||||||||||||||||||||||
| 1,281 | Proofpoint, Inc., Term Loan, First Lien |
3.750% | 3-Month LIBOR | 3.250% | 8/31/28 | BB- | 1,276,196 | |||||||||||||||||||||||||
| 833 | RealPage, Inc, Term Loan, First Lien |
3.750% | 1-Month LIBOR | 3.250% | 4/22/28 | B+ | 830,135 | |||||||||||||||||||||||||
| 2,371 | Seattle SpinCo Inc, Term Loan, (WI/DD) |
TBD | TBD | TBD | TBD | BB+ | 2,365,374 | |||||||||||||||||||||||||
| 3,590 | Seattle Spinco, Inc., Term Loan B3 |
2.855% | 1-Month LIBOR | 2.750% | 6/21/24 | BB+ | 3,553,633 | |||||||||||||||||||||||||
| 1,267 | Sophia, L.P., Term Loan B |
4.000% | 3-Month LIBOR | 3.500% | 10/07/27 | B | 1,267,687 | |||||||||||||||||||||||||
| 1,270 | Sophia, L.P., Term Loan, First Lien |
4.250% | 3-Month LIBOR | 3.500% | 10/07/27 | B | 1,270,865 | |||||||||||||||||||||||||
| 657 | SS&C European Holdings Sarl, Term Loan B4 |
1.855% | 1-Month LIBOR | 1.750% | 4/16/25 | BB+ | 650,509 | |||||||||||||||||||||||||
| 809 | SS&C Technologies Inc., Term Loan B3 |
1.856% | 1-Month LIBOR | 1.750% | 4/16/25 | BB+ | 801,345 | |||||||||||||||||||||||||
| 654 | Tibco Software Inc., Term Loan B3 |
3.860% | 1-Month LIBOR | 3.750% | 7/03/26 | B+ | 653,614 | |||||||||||||||||||||||||
| 923 | Ultimate Software Group Inc (The), Term Loan |
3.750% | 3-Month LIBOR | 3.250% | 5/03/26 | B1 | 921,671 | |||||||||||||||||||||||||
| 489 | Ultimate Software Group Inc (The), Term Loan B |
3.855% | 1-Month LIBOR | 3.750% | 5/03/26 | B1 | 488,708 | |||||||||||||||||||||||||
| 1,264 | ZoomInfo LLC, Term Loan B |
3.105% | 1-Month LIBOR | 3.000% | 2/01/26 | BB | 1,265,159 | |||||||||||||||||||||||||
| 31,382 | Total Software |
31,250,290 | ||||||||||||||||||||||||||||||
30
31
| NSL | Nuveen Senior Income Fund (continued) | |
| Portfolio of Investments January 31, 2022 | ||
| (Unaudited) | ||
| Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||||||
| Electronic Equipment, Instruments & Components – 0.2% (0.2% of Total Investments) | ||||||||||||||||||||||||
| $ | 600 | Imola Merger Corp, 144A |
4.750% | 5/15/29 | BB+ | $ | 583,782 | |||||||||||||||||
| Energy Equipment & Services – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||
| 343 | Bausch Health Cos Inc, 144A |
6.125% | 4/15/25 | B | 349,603 | |||||||||||||||||||
| Entertainment – 0.9% (0.6% of Total Investments) | ||||||||||||||||||||||||
| 810 | AMC Entertainment Holdings Inc, 144A |
10.500% | 4/15/25 | B- | 855,562 | |||||||||||||||||||
| 1,290 | AMC Entertainment Holdings Inc, 144A (cash 10.000%, PIK 12.000%) |
10.000% | 6/15/26 | CCC- | 1,202,809 | |||||||||||||||||||
| 2,100 | Total Entertainment |
2,058,371 | ||||||||||||||||||||||
| Equity Real Estate Investment Trust – 0.7% (0.5% of Total Investments) | ||||||||||||||||||||||||
| 1,620 | Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC, 144A |
7.875% | 2/15/25 | BB+ | 1,687,230 | |||||||||||||||||||
| Gas Utilities – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||
| 250 | NGL Energy Partners LP / NGL Energy Finance Corp |
7.500% | 11/01/23 | CCC+ | 243,675 | |||||||||||||||||||
| 250 | NGL Energy Partners LP / NGL Energy Finance Corp |
6.125% | 3/01/25 | CCC+ | 217,970 | |||||||||||||||||||
| 500 | Total Gas Utilities |
461,645 | ||||||||||||||||||||||
| Health Care Providers & Services – 2.2% (1.4% of Total Investments) | ||||||||||||||||||||||||
| 770 | CHS/Community Health Systems Inc, 144A |
8.000% | 3/15/26 | BB- | 801,528 | |||||||||||||||||||
| 150 | CHS/Community Health Systems Inc, 144A |
8.000% | 12/15/27 | BB- | 159,000 | |||||||||||||||||||
| 65 | HCA Inc |
5.375% | 2/01/25 | Baa3 | 69,177 | |||||||||||||||||||
| 1,050 | Legacy LifePoint Health LLC, 144A |
4.375% | 2/15/27 | B1 | 1,028,842 | |||||||||||||||||||
| 705 | LifePoint Health Inc, 144A |
5.375% | 1/15/29 | CCC+ | 670,631 | |||||||||||||||||||
| 800 | Team Health Holdings Inc, 144A |
6.375% | 2/01/25 | CCC | 720,000 | |||||||||||||||||||
| 68 | Tenet Healthcare Corp |
4.625% | 7/15/24 | B+ | 68,271 | |||||||||||||||||||
| 500 | Tenet Healthcare Corp, 144A |
7.500% | 4/01/25 | B+ | 520,886 | |||||||||||||||||||
| 90 | Tenet Healthcare Corp, 144A |
6.250% | 2/01/27 | B1 | 92,089 | |||||||||||||||||||
| 1,100 | Tenet Healthcare Corp, 144A |
6.125% | 10/01/28 | B | 1,103,597 | |||||||||||||||||||
| 5,298 | Total Health Care Providers & Services |
5,234,021 | ||||||||||||||||||||||
| Hotels, Restaurants & Leisure – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||
| 398 | Caesars Entertainment Inc, 144A |
6.250% | 7/01/25 | B1 | 411,838 | |||||||||||||||||||
| Household Durables – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||
| 115 | Kronos Acquisition Holdings Inc / KIK Custom Products Inc, 144A |
5.000% | 12/31/26 | B2 | 107,525 | |||||||||||||||||||
| Media – 2.4% (1.5% of Total Investments) | ||||||||||||||||||||||||
| 500 | Clear Channel Outdoor Holdings Inc, 144A |
7.500% | 6/01/29 | CCC | 518,125 | |||||||||||||||||||
| 1,285 | Diamond Sports Group LLC / Diamond Sports Finance Co, 144A |
5.375% | 8/15/26 | Caa1 | 594,313 | |||||||||||||||||||
| 1,775 | Diamond Sports Group LLC / Diamond Sports Finance Co, 144A |
6.625% | 8/15/27 | CC | 464,828 | |||||||||||||||||||
| 1,190 | Houghton Mifflin Harcourt Publishers Inc, 144A |
9.000% | 2/15/25 | BB+ | 1,249,500 | |||||||||||||||||||
| 2 | iHeartCommunications Inc |
6.375% | 5/01/26 | B+ | 2,667 | |||||||||||||||||||
| 574 | iHeartCommunications Inc |
8.375% | 5/01/27 | CCC+ | 599,979 | |||||||||||||||||||
| 1,380 | iHeartCommunications Inc, 144A |
5.250% | 8/15/27 | B+ | 1,402,080 | |||||||||||||||||||
| 245 | Intelsat Luxembourg SA, (6) |
8.125% | 6/01/23 | N/R | 1,225 | |||||||||||||||||||
| 192 | McGraw-Hill Education Inc, 144A |
5.750% | 8/01/28 | BB+ | 182,880 | |||||||||||||||||||
| 635 | Univision Communications Inc, 144A |
9.500% | 5/01/25 | B | 673,100 | |||||||||||||||||||
| 7,778 | Total Media |
5,688,697 | ||||||||||||||||||||||
| Metals & Mining – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||
| 485 | First Quantum Minerals Ltd, 144A |
6.875% | 10/15/27 | B | 515,313 | |||||||||||||||||||
| Oil, Gas & Consumable Fuels – 3.3% (2.1% of Total Investments) | ||||||||||||||||||||||||
| 352 | Baytex Energy Corp, 144A |
5.625% | 6/01/24 | B+ | 350,240 | |||||||||||||||||||
| 900 | Callon Petroleum Co |
6.125% | 10/01/24 | B | 900,000 | |||||||||||||||||||
| 1,715 | Citgo Holding Inc, 144A |
9.250% | 8/01/24 | B+ | 1,712,753 | |||||||||||||||||||
| 595 | CITGO Petroleum Corp, 144A |
7.000% | 6/15/25 | BB | 599,462 | |||||||||||||||||||
| 325 | Gulfport Energy Corp, 144A |
8.000% | 5/17/26 | BB- | 349,278 | |||||||||||||||||||
| 500 | Laredo Petroleum Inc |
9.500% | 1/15/25 | B | 510,000 | |||||||||||||||||||
| 350 | Matador Resources Co |
5.875% | 9/15/26 | BB- | 354,820 | |||||||||||||||||||
| 1,417 | NGL Energy Operating LLC / NGL Energy Finance Corp, 144A |
7.500% | 2/01/26 | BB- | 1,439,672 | |||||||||||||||||||
| 250 | NGL Energy Partners LP / NGL Energy Finance Corp |
7.500% | 4/15/26 | CCC+ | 218,240 | |||||||||||||||||||
| 525 | PBF Holding Co LLC / PBF Finance Corp, 144A |
9.250% | 5/15/25 | BB | 512,819 | |||||||||||||||||||
32
33
| NSL | Nuveen Senior Income Fund (continued) | |
| Portfolio of Investments January 31, 2022 | ||
| (Unaudited) | ||
34
| Shares | Description (1) | Coupon | Value | |||||||||||||||||||||
| SHORT-TERM INVESTMENTS – 0.7% (0.4% of Total Investments) |
|
|||||||||||||||||||||||
| INVESTMENT COMPANIES – 0.7% (0.4% of Total Investments) | ||||||||||||||||||||||||
| 1,638,927 | BlackRock Liquidity Funds T-Fund Portfolio |
0.005%(12) | $ | 1,638,927 | ||||||||||||||||||||
| Total Short-Term Investments (cost $1,638,927) |
|
1,638,927 | ||||||||||||||||||||||
| Total Investments (cost $380,112,808) – 159.1% |
|
374,632,886 | ||||||||||||||||||||||
| Borrowings – (40.1)% (13), (14) |
(94,300,000 | ) | ||||||||||||||||||||||
| Taxable Fund Preferred Shares, net of deferred offering costs – (16.8)% (15) |
(39,592,273 | ) | ||||||||||||||||||||||
| Other Assets Less Liabilities – (2.2)% |
(5,297,663 | ) | ||||||||||||||||||||||
| Net Assets Applicable to Common Shares – 100% |
|
$ | 235,442,950 | |||||||||||||||||||||
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| (2) | Senior loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate (Reference Rate) plus an assigned fixed rate (Spread). These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate (“LIBOR”), or (ii) the prime rate offered by one or more major United States banks. Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan. The rate shown is the coupon as of the end of the reporting period. |
| (3) | Senior Loans generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments of senior loans may occur. As a result, the actual remaining maturity of senior loans held may be substantially less than the stated maturities shown. |
| (4) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (5) | Investment, or portion of investment, represents an outstanding unfunded senior loan commitment. |
| (6) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. |
| (7) | Principal Amount (000) rounds to less than $1,000. |
| (8) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. |
| (9) | For fair value measurement disclosure purposes, investment classified as Level 2. |
| (10) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
| (11) | Common Stock received as part of the bankruptcy settlements during February 2020 for Bruce Mansfield Unit 1 2007 Pass Through Trust. |
| (12) | The rate shown is the annualized seven-day subsidized yield as of end of the reporting period. |
| (13) | Borrowings as a percentage of Total Investments is 25.2%. |
| (14) | 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. |
| (15) | Taxable Fund Preferred Shares, net of deferred offering costs 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. |
| 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. |
| WI/DD | Purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
35
| JFR | Nuveen Floating Rate Income Fund
Portfolio of Investments January 31, 2022 | |
| (Unaudited) |
36
37
| JFR | Nuveen Floating Rate Income Fund (continued) | |
| Portfolio of Investments January 31, 2022 | ||
| (Unaudited) | ||
38
39
| JFR | Nuveen Floating Rate Income Fund (continued) | |
| Portfolio of Investments January 31, 2022 | ||
| (Unaudited) | ||
40
41
| JFR | Nuveen Floating Rate Income Fund (continued) | |
| Portfolio of Investments January 31, 2022 | ||
| (Unaudited) | ||
42
43
| JFR | Nuveen Floating Rate Income Fund (continued) | |
| Portfolio of Investments January 31, 2022 | ||
| (Unaudited) | ||
44
45
| JFR | Nuveen Floating Rate Income Fund (continued) | |
| Portfolio of Investments January 31, 2022 | ||
| (Unaudited) | ||
| Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||
| Diversified Telecommunication Services – 0.6% (0.4% of Total Investments) | ||||||||||||||||||||
| $ | 2,640 | Frontier Communications Holdings LLC, 144A |
5.875% | 10/15/27 | BB+ | $ | 2,718,408 | |||||||||||||
| 845 | Windstream Escrow LLC / Windstream Escrow Finance Corp, 144A |
7.750% | 8/15/28 | BB | 852,140 | |||||||||||||||
| 3,485 | Total Diversified Telecommunication Services |
3,570,548 | ||||||||||||||||||
| Electric Utilities – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||
| 4,250 | Bruce Mansfield Unit 1 2007 Pass Through Trust, (6) |
6.850% | 6/01/34 | N/R | 5,312 | |||||||||||||||
| Electronic Equipment, Instruments & Components – 0.2% (0.2% of Total Investments) | ||||||||||||||||||||
| 1,500 | Imola Merger Corp, 144A |
4.750% | 5/15/29 | BB+ | 1,459,455 | |||||||||||||||
| Energy Equipment & Services – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||
| 860 | Bausch Health Cos Inc, 144A |
6.125% | 4/15/25 | B | 876,555 | |||||||||||||||
| Entertainment – 0.8% (0.5% of Total Investments) | ||||||||||||||||||||
| 2,025 | AMC Entertainment Holdings Inc, 144A |
10.500% | 4/15/25 | B- | 2,138,906 | |||||||||||||||
| 2,986 | AMC Entertainment Holdings Inc, 144A, (cash 10.000%, PIK 12.000%) |
10.000% | 6/15/26 | CCC- | 2,784,177 | |||||||||||||||
| 5,011 | Total Entertainment |
4,923,083 | ||||||||||||||||||
| Equity Real Estate Investment Trust – 0.7% (0.4% of Total Investments) | ||||||||||||||||||||
| 3,880 | Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC, 144A |
7.875% | 2/15/25 | BB+ | 4,041,020 | |||||||||||||||
| Gas Utilities – 0.1% (0.1% of Total Investments) | ||||||||||||||||||||
| 350 | NGL Energy Partners LP / NGL Energy Finance Corp |
7.500% | 11/01/23 | CCC+ | 341,145 | |||||||||||||||
| 350 | NGL Energy Partners LP / NGL Energy Finance Corp |
6.125% | 3/01/25 | CCC+ | 305,158 | |||||||||||||||
| 700 | Total Gas Utilities |
646,303 | ||||||||||||||||||
| Health Care Providers & Services – 2.4% (1.5% of Total Investments) | ||||||||||||||||||||
| 1,940 | CHS/Community Health Systems Inc, 144A |
8.000% | 3/15/26 | BB- | 2,019,433 | |||||||||||||||
| 375 | CHS/Community Health Systems Inc, 144A |
8.000% | 12/15/27 | BB- | 397,500 | |||||||||||||||
| 165 | HCA Inc |
5.375% | 2/01/25 | Baa3 | 175,603 | |||||||||||||||
| 5,350 | Legacy LifePoint Health LLC, 144A |
4.375% | 2/15/27 | B1 | 5,242,197 | |||||||||||||||
| 1,770 | LifePoint Health Inc, 144A |
5.375% | 1/15/29 | CCC+ | 1,683,712 | |||||||||||||||
| 1,750 | Team Health Holdings Inc, 144A |
6.375% | 2/01/25 | CCC | 1,575,000 | |||||||||||||||
| 171 | Tenet Healthcare Corp |
4.625% | 7/15/24 | B+ | 171,681 | |||||||||||||||
| 1,250 | Tenet Healthcare Corp, 144A |
7.500% | 4/01/25 | B+ | 1,302,215 | |||||||||||||||
| 1,365 | Tenet Healthcare Corp, 144A |
6.250% | 2/01/27 | B1 | 1,396,682 | |||||||||||||||
| 14,136 | Total Health Care Providers & Services |
13,964,023 | ||||||||||||||||||
| Hotels, Restaurants & Leisure – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||
| 1,006 | Caesars Entertainment Inc, 144A |
6.250% | 7/01/25 | B1 | 1,040,979 | |||||||||||||||
| Household Durables – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||
| 295 | Kronos Acquisition Holdings Inc / KIK Custom Products Inc, 144A |
5.000% | 12/31/26 | B2 | 275,825 | |||||||||||||||
| Media – 2.4% (1.5% of Total Investments) | ||||||||||||||||||||
| 1,250 | Clear Channel Outdoor Holdings Inc, 144A |
7.750% | 4/15/28 | CCC | 1,296,875 | |||||||||||||||
| 625 | Clear Channel Outdoor Holdings Inc, 144A |
7.500% | 6/01/29 | CCC | 647,656 | |||||||||||||||
| 2,625 | Diamond Sports Group LLC / Diamond Sports Finance Co, 144A |
5.375% | 8/15/26 | Caa1 | 1,214,063 | |||||||||||||||
| 3,950 | Diamond Sports Group LLC / Diamond Sports Finance Co, 144A |
6.625% | 8/15/27 | CC | 1,034,406 | |||||||||||||||
| 2,800 | Houghton Mifflin Harcourt Publishers Inc, 144A |
9.000% | 2/15/25 | BB+ | 2,940,000 | |||||||||||||||
| 5 | iHeartCommunications Inc |
6.375% | 5/01/26 | B+ | 4,784 | |||||||||||||||
| 1,481 | iHeartCommunications Inc |
8.375% | 5/01/27 | CCC+ | 1,549,369 | |||||||||||||||
| 3,080 | iHeartCommunications Inc, 144A |
5.250% | 8/15/27 | B+ | 3,129,280 | |||||||||||||||
| 605 | Intelsat Luxembourg SA, (6) |
8.125% | 6/01/23 | N/R | 3,025 | |||||||||||||||
| 486 | McGraw-Hill Education Inc, 144A |
5.750% | 8/01/28 | BB+ | 462,915 | |||||||||||||||
| 1,590 | Univision Communications Inc, 144A |
9.500% | 5/01/25 | B | 1,685,400 | |||||||||||||||
| 18,497 | Total Media |
13,967,773 | ||||||||||||||||||
46
47
| JFR | Nuveen Floating Rate Income Fund (continued) | |
| Portfolio of Investments January 31, 2022 | ||
| (Unaudited) | ||
48
49
| JFR | Nuveen Floating Rate Income Fund (continued) | |
| Portfolio of Investments January 31, 2022 | ||
| (Unaudited) | ||
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| (2) | Senior loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate (Reference Rate) plus an assigned fixed rate (Spread). These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate (“LIBOR”), or (ii) the prime rate offered by one or more major United States banks. Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan. The rate shown is the coupon as of the end of the reporting period. |
| (3) | Senior Loans generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments of senior loans may occur. As a result, the actual remaining maturity of senior loans held may be substantially less than the stated maturities shown. |
| (4) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (5) | Investment, or portion of investment, represents an outstanding unfunded senior loan commitment. |
| (6) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. |
| (7) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. |
| (8) | For fair value measurement disclosure purposes, investment classified as Level 2. |
| (9) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
| (10) | Common Stock received as part of the bankruptcy settlements during February 2020 for Bruce Mansfield Unit 1 2007 Pass Through Trust. |
| (11) | Variable rate security. The rate shown is the coupon as of the end of the reporting period. |
| (12) | The rate shown is the annualized seven-day subsidized yield as of end of the reporting period. |
| (13) | Borrowings as a percentage of Total Investments is 24.8%. |
| (14) | 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. |
| (15) | Taxable Fund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 10.3%. |
| 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. |
| 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. |
| WI/DD | Purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
50
| JRO | Nuveen Floating Rate Income
Portfolio of Investments January 31, 2022 | |
| (Unaudited) |
51
| JRO | Nuveen Floating Rate Income Opportunity Fund (continued) | |
| Portfolio of Investments January 31, 2022 | ||
| (Unaudited) | ||
52
53
| JRO | Nuveen Floating Rate Income Opportunity Fund (continued) | |
| Portfolio of Investments January 31, 2022 | ||
| (Unaudited) | ||
54
55
| JRO | Nuveen Floating Rate Income Opportunity Fund (continued) | |
| Portfolio of Investments January 31, 2022 | ||
| (Unaudited) | ||
56
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||||||
| Household Durables (continued) | ||||||||||||||||||||||||||||||||
| $ | 1,353 | Serta Simmons Bedding, LLC, Term Loan, (DD1), (6) |
8.500% | 1-Month LIBOR | 7.500% | 8/10/23 | B- | $ | 1,296,993 | |||||||||||||||||||||||
| 554 | Weber-Stephen Products LLC, Term Loan B |
4.000% | 1-Month LIBOR | 3.250% | 10/30/27 | BB | 555,100 | |||||||||||||||||||||||||
| 17 | Weber-Stephen Products LLC, Term Loan B |
4.000% | 6-Month LIBOR | 3.250% | 10/30/27 | BB | 16,808 | |||||||||||||||||||||||||
| 4,626 | Total Household Durables |
4,578,109 | ||||||||||||||||||||||||||||||
| Household Products – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||||||
| 765 | Illuminate Merger Sub Corp., Term Loan |
4.000% | 3-Month LIBOR | 3.500% | 9/30/28 | B1 | 760,831 | |||||||||||||||||||||||||
| Independent Power & Renewable Electricity Producers – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||||||
| 863 | WIN Waste Innovations Holdings, Inc., Term Loan B |
3.250% | 3-Month LIBOR | 2.750% | 3/25/28 | B+ | 862,787 | |||||||||||||||||||||||||
| Insurance – 4.1% (2.6% of Total Investments) | ||||||||||||||||||||||||||||||||
| 3,503 | Acrisure, LLC, Term Loan B |
3.724% | 3-Month LIBOR | 3.500% | 2/15/27 | B | 3,466,139 | |||||||||||||||||||||||||
| 2,516 | Alliant Holdings Intermediate, LLC, Term Loan B |
3.355% | 1-Month LIBOR | 3.250% | 5/10/25 | B | 2,497,221 | |||||||||||||||||||||||||
| 499 | Alliant Holdings Intermediate, LLC, Term Loan B4 |
4.000% | 1-Month LIBOR | 3.500% | 11/12/27 | B | 498,790 | |||||||||||||||||||||||||
| 2,785 | Asurion LLC, Term Loan B4, Second Lien, (DD1) |
5.355% | 1-Month LIBOR | 5.250% | 1/15/29 | B | 2,791,977 | |||||||||||||||||||||||||
| 627 | Asurion LLC, Term Loan B6 |
3.230% | 1-Month LIBOR | 3.125% | 11/03/23 | Ba3 | 626,132 | |||||||||||||||||||||||||
| 2,903 | Asurion LLC, Term Loan B8 |
3.355% | 1-Month LIBOR | 3.250% | 12/23/26 | Ba3 | 2,885,233 | |||||||||||||||||||||||||
| 748 | Broadstreet Partners, Inc., Term Loan B2 |
3.750% | 1-Month LIBOR | 3.250% | 1/27/27 | B1 | 743,917 | |||||||||||||||||||||||||
| 2,147 | Hub International Limited, Term Loan B |
3.017% | 3-Month LIBOR | 2.750% | 4/25/25 | B | 2,125,987 | |||||||||||||||||||||||||
| 996 | Hub International Limited, Term Loan B, (DD1) |
4.000% | 3-Month LIBOR | 3.250% | 4/25/25 | B | 996,279 | |||||||||||||||||||||||||
| 494 | Ryan Specialty Group, LLC, Term Loan |
3.750% | 1-Month LIBOR | 3.000% | 9/01/27 | BB- | 493,851 | |||||||||||||||||||||||||
| 17,218 | Total Insurance |
17,125,526 | ||||||||||||||||||||||||||||||
| Interactive Media & Services – 1.9% (1.2% of Total Investments) | ||||||||||||||||||||||||||||||||
| 1,535 | Arches Buyer Inc., Term Loan B |
3.750% | 1-Month LIBOR | 3.250% | 12/06/27 | B1 | 1,526,421 | |||||||||||||||||||||||||
| 413 | Mission Broadcasting, Inc., Term Loan B |
2.602% | 1-Month LIBOR | 2.500% | 6/03/28 | BBB- | 411,977 | |||||||||||||||||||||||||
| 4,558 | Rackspace Technology Global, Inc., Term Loan B |
3.500% | 3-Month LIBOR | 2.750% | 2/09/28 | B+ | 4,520,947 | |||||||||||||||||||||||||
| 1,455 | WeddingWire, Inc., Term Loan, First Lien |
4.605% | 1-Month LIBOR | 4.500% | 12/21/25 | B+ | 1,458,027 | |||||||||||||||||||||||||
| 7,961 | Total Interactive Media & Services |
7,917,372 | ||||||||||||||||||||||||||||||
| Internet & Direct Marketing Retail – 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||||||
| 1,985 | CNT Holdings I Corp, Term Loan |
4.250% | 3-Month LIBOR | 3.500% | 11/08/27 | B | 1,987,640 | |||||||||||||||||||||||||
| Internet Software & Services – 1.9% (1.2% of Total Investments) | ||||||||||||||||||||||||||||||||
| 2,777 | Banff Merger Sub Inc, Term Loan |
3.974% | 3-Month LIBOR | 3.750% | 10/02/25 | B2 | 2,770,424 | |||||||||||||||||||||||||
| 2,737 | Greeneden U.S. Holdings II, LLC, Term Loan B4 |
4.750% | 1-Month LIBOR | 4.000% | 12/01/27 | B- | 2,740,770 | |||||||||||||||||||||||||
| 556 | Uber Technologies, Inc., Term Loan B |
3.605% | 1-Month LIBOR | 3.500% | 2/25/27 | B+ | 556,347 | |||||||||||||||||||||||||
| 2,023 | Uber Technologies, Inc., Term Loan B, First Lien |
3.605% | 1-Month LIBOR | 3.500% | 4/04/25 | B+ | 2,024,047 | |||||||||||||||||||||||||
| 8,093 | Total Internet Software & Services |
8,091,588 | ||||||||||||||||||||||||||||||
| IT Services – 5.0% (3.1% of Total Investments) | ||||||||||||||||||||||||||||||||
| 1,606 | Ahead DB Holdings, LLC, Term Loan B |
4.500% | 3-Month LIBOR | 3.750% | 10/16/27 | B+ | 1,606,436 | |||||||||||||||||||||||||
| 415 | CCC Intelligent Solutions Inc., Term Loan B |
3.000% | 3-Month LIBOR | 2.500% | 9/21/28 | B1 | 413,898 | |||||||||||||||||||||||||
| 417 | DTI Holdco, Inc., Term Loan B |
5.750% | 1-Month LIBOR | 4.750% | 9/30/23 | CCC+ | 414,568 | |||||||||||||||||||||||||
| 3,814 | Intrado Corporation, Term Loan |
5.000% | 3-Month LIBOR | 4.000% | 10/10/24 | B2 | 3,583,867 | |||||||||||||||||||||||||
| 958 | KBR, Inc., Term Loan B |
2.855% | 1-Month LIBOR | 2.750% | 2/07/27 | Ba1 | 960,931 | |||||||||||||||||||||||||
| 1,496 | Magenta Buyer LLC, Term Loan, First Lien |
5.750% | 3-Month LIBOR | 5.000% | 7/27/28 | BB- | 1,493,445 | |||||||||||||||||||||||||
| 500 | Optiv Security, Inc. , Term Loan, Second Lien |
8.250% | 3-Month LIBOR | 7.250% | 2/01/25 | CCC | 499,625 | |||||||||||||||||||||||||
57
| JRO | Nuveen Floating Rate Income Opportunity Fund (continued) | |
| Portfolio of Investments January 31, 2022 | ||
| (Unaudited) | ||
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||||||
| IT Services (continued) | ||||||||||||||||||||||||||||||||
| $ | 397 | Project Ruby Ultimate Parent Corp., Term Loan |
4.000% | 1-Month LIBOR | 3.250% | 3/10/28 | B | $ | 396,474 | |||||||||||||||||||||||
| 4,264 | Sabre GLBL Inc., Term Loan B |
2.105% | 1-Month LIBOR | 2.000% | 2/22/24 | Ba3 | 4,210,697 | |||||||||||||||||||||||||
| 669 | Science Applications International Corporation, Term Loan B |
1.980% | 1-Month LIBOR | 1.875% | 10/31/25 | BB+ | 670,049 | |||||||||||||||||||||||||
| 2,801 | Syniverse Holdings, Inc., Term Loan, First Lien |
6.000% | 3-Month LIBOR | 5.000% | 3/09/23 | CCC+ | 2,797,680 | |||||||||||||||||||||||||
| 1,213 | Syniverse Holdings, Inc., Term Loan, Second Lien |
10.000% | 3-Month LIBOR | 9.000% | 3/11/24 | CCC- | 1,211,866 | |||||||||||||||||||||||||
| 1,472 | Tempo Acquisition LLC, Term Loan |
3.750% | 1-Month LIBOR | 3.250% | 10/31/26 | BB- | 1,477,127 | |||||||||||||||||||||||||
| 997 | Vision Solutions, Inc., Term Loan |
4.750% | 3-Month LIBOR | 4.000% | 5/28/28 | B2 | 996,877 | |||||||||||||||||||||||||
| 21,019 | Total IT Services |
20,733,540 | ||||||||||||||||||||||||||||||
| Leisure Products – 0.3% (0.2% of Total Investments) | ||||||||||||||||||||||||||||||||
| 478 | Hayward Industries, Inc., Term Loan |
3.000% | 1-Month LIBOR | 2.500% | 5/28/28 | BB- | 476,473 | |||||||||||||||||||||||||
| 81 | SRAM, LLC , Term Loan B |
3.250% | 1-Month LIBOR | 2.750% | 5/18/28 | BB- | 80,615 | |||||||||||||||||||||||||
| 470 | SRAM, LLC , Term Loan B |
3.250% | 6-Month LIBOR | 2.750% | 5/18/28 | BB- | 470,254 | |||||||||||||||||||||||||
| 134 | SRAM, LLC , Term Loan B |
3.250% | 3-Month LIBOR | 2.750% | 5/18/28 | BB- | 134,358 | |||||||||||||||||||||||||
| 1,163 | Total Leisure Products |
1,161,700 | ||||||||||||||||||||||||||||||
| Life Sciences Tools & Services – 3.1% (2.0% of Total Investments) | ||||||||||||||||||||||||||||||||
| 663 | Avantor Funding, Inc., Term Loan B5 |
2.750% | 1-Month LIBOR | 2.250% | 11/06/27 | BB+ | 663,649 | |||||||||||||||||||||||||
| 658 | Curia Global, Inc., Term Loan |
4.049% | 3-Month LIBOR | 3.750% | 8/30/26 | B | 658,567 | |||||||||||||||||||||||||
| 3,930 | ICON Luxembourg S.A.R.L., Term Loan, (DD1) |
2.750% | 3-Month LIBOR | 2.250% | 7/01/28 | BB+ | 3,926,309 | |||||||||||||||||||||||||
| 1,004 | ICON Luxembourg S.A.R.L., Term Loan, (DD1) |
2.750% | 3-Month LIBOR | 2.250% | 7/01/28 | BB+ | 1,002,587 | |||||||||||||||||||||||||
| 6,647 | Parexel International Corporation, Term Loan, First Lien, (DD1) |
4.000% | 1-Month LIBOR | 3.500% | 11/15/28 | B1 | 6,655,841 | |||||||||||||||||||||||||
| 12,902 | Total Life Sciences Tools & Services |
12,906,953 | ||||||||||||||||||||||||||||||
| Machinery – 2.1% (1.3% of Total Investments) | ||||||||||||||||||||||||||||||||
| 2,750 | Ali Group Srl, Term Loan, (WI/DD) |
TBD | TBD | TBD | TBD | Baa3 | 2,737,680 | |||||||||||||||||||||||||
| 979 | Alliance Laundry Systems LLC, Term Loan B |
4.250% | 3-Month LIBOR | 3.500% | 10/08/27 | B | 981,430 | |||||||||||||||||||||||||
| 1,707 | Gardner Denver, Inc., Term Loan B2 |
1.855% | 1-Month LIBOR | 1.750% | 2/28/27 | BB+ | 1,693,404 | |||||||||||||||||||||||||
| 672 | Standard Industries Inc., Term Loan B |
3.000% | 3-Month LIBOR | 2.500% | 9/22/28 | BBB- | 673,313 | |||||||||||||||||||||||||
| 1,700 | Vertical US Newco Inc, Term Loan B, (DD1) |
4.019% | 6-Month LIBOR | 3.500% | 7/31/27 | B+ | 1,703,944 | |||||||||||||||||||||||||
| 983 | Vertiv Group Corporation, Term Loan B |
2.852% | 1-Month LIBOR | 2.750% | 3/02/27 | BB- | 979,298 | |||||||||||||||||||||||||
| 8,791 | Total Machinery |
8,769,069 | ||||||||||||||||||||||||||||||
| Marine – 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||||||
| 2,044 | HGIM Corp., Exit Term Loan, (DD1) |
7.000% | 3-Month LIBOR | 6.000% | 7/02/23 | CCC+ | 1,877,221 | |||||||||||||||||||||||||
| Media – 14.2% (8.9% of Total Investments) | ||||||||||||||||||||||||||||||||
| 199 | ABG Intermediate Holdings 2 LLC, Term Loan, (WI/DD) |
TBD | TBD | TBD | TBD | B1 | 198,620 | |||||||||||||||||||||||||
| 320 | ABG Intermediate Holdings 2 LLC, Term Loan, Second Lien |
6.500% | 3-Month LIBOR | 6.000% | 12/20/29 | CCC+ | 324,400 | |||||||||||||||||||||||||
| 1,244 | Cable One, Inc., Term Loan B4 |
2.105% | 1-Month LIBOR | 2.000% | 5/03/28 | BB+ | 1,240,330 | |||||||||||||||||||||||||
| 3,701 | Charter Communications Operating, LLC, Term Loan B2 |
1.860% | 1-Month LIBOR | 1.750% | 2/01/27 | BBB- | 3,668,748 | |||||||||||||||||||||||||
| 452 | Checkout Holding Corp., First Out Term Loan |
8.500% | 1-Month LIBOR | 7.500% | 2/15/23 | N/R | 429,873 | |||||||||||||||||||||||||
| 821 | Checkout Holding Corp., Last Out Term Loan, (cash 2.000%, PIK 9.500%) |
2.000% | 1-Month LIBOR | 1.000% | 8/15/23 | N/R | 365,345 | |||||||||||||||||||||||||
| 8,037 | Clear Channel Outdoor Holdings, Inc., Term Loan B |
3.799% | 3-Month LIBOR | 3.500% | 8/21/26 | B1 | 7,938,102 | |||||||||||||||||||||||||
| 21 | Clear Channel Outdoor Holdings, Inc., Term Loan B |
3.605% | 1-Month LIBOR | 3.500% | 8/21/26 | B1 | 20,354 | |||||||||||||||||||||||||
| 4,987 | CSC Holdings, LLC, Term Loan |
2.356% | 1-Month LIBOR | 2.250% | 1/15/26 | BB | 4,920,620 | |||||||||||||||||||||||||
| 2,914 | CSC Holdings, LLC, Term Loan B1 |
2.356% | 1-Month LIBOR | 2.250% | 7/17/25 | BB | 2,877,669 | |||||||||||||||||||||||||
58
59
| JRO | Nuveen Floating Rate Income Opportunity Fund (continued) | |
| Portfolio of Investments January 31, 2022 | ||
| (Unaudited) | ||
60
61
| JRO | Nuveen Floating Rate Income Opportunity Fund (continued) | |
| Portfolio of Investments January 31, 2022 | ||
| (Unaudited) | ||
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||||
| Textiles, Apparel & Luxury Goods – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||||
| $ | 721 | CBI Buyer, Inc., Term Loan |
3.750% | 3-Month LIBOR | 3.250% | 1/06/28 | B | $ | 711,983 | |||||||||||||||||||||
| 204 | Samsonite International S.A., Term Loan B2 |
3.750% | 1-Month LIBOR | 3.000% | 4/25/25 | Ba2 | 203,666 | |||||||||||||||||||||||
| 925 | Total Textiles, Apparel & Luxury Goods |
915,649 | ||||||||||||||||||||||||||||
| Transportation Infrastructure – 0.3% (0.2% of Total Investments) | ||||||||||||||||||||||||||||||
| 1,100 | KKR Apple Bidco, LLC, Term Loan |
3.500% | 1-Month LIBOR | 3.000% | 9/23/28 | B+ | 1,099,081 | |||||||||||||||||||||||
| Wireless Telecommunication Services – 0.3% (0.2% of Total Investments) | ||||||||||||||||||||||||||||||
| 410 | Altice Financing SA, Term Loan, First Lien |
2.989% | 3-Month LIBOR | 2.750% | 1/31/26 | B | 405,470 | |||||||||||||||||||||||
| 995 | GOGO Intermediate Holdings LLC, Term Loan B |
4.500% | 3-Month LIBOR | 3.750% | 4/30/28 | B | 996,244 | |||||||||||||||||||||||
| 1,405 | Total Wireless Telecommunication Services |
|
1,401,714 | |||||||||||||||||||||||||||
| 583,576 | Total Variable Rate Senior Loan Interests (cost $574,569,158) |
|
574,135,876 | |||||||||||||||||||||||||||
| Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||||||||||||
| CORPORATE BONDS – 15.4% (9.7% of Total Investments) |
|
|||||||||||||||||||||||||||||
| Airlines – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||||
| $ | 706 | United Airlines Inc, 144A |
|
4.625% | 4/15/29 | Ba1 | $ | 698,566 | ||||||||||||||||||||||
| Auto Components – 0.8% (0.5% of Total Investments) | ||||||||||||||||||||||||||||||
| 1,925 | Adient Global Holdings Ltd, 144A |
4.875% | 8/15/26 | B | 1,938,475 | |||||||||||||||||||||||||
| 1,425 | Adient US LLC, 144A |
9.000% | 4/15/25 | BB- | 1,510,072 | |||||||||||||||||||||||||
| 3,350 | Total Auto Components |
3,448,547 | ||||||||||||||||||||||||||||
| Chemicals – 0.2% (0.2% of Total Investments) | ||||||||||||||||||||||||||||||
| 950 | Rayonier AM Products Inc, 144A |
7.625% | 1/15/26 | B+ | 973,750 | |||||||||||||||||||||||||
| Commercial Services & Supplies – 0.6% (0.4% of Total Investments) | ||||||||||||||||||||||||||||||
| 305 | Prime Security Services Borrower LLC / Prime Finance Inc, 144A |
|
5.750% | 4/15/26 | BB- | 316,102 | ||||||||||||||||||||||||
| 1,500 | Prime Security Services Borrower LLC / Prime Finance Inc, 144A |
|
3.375% | 8/31/27 | BB- | 1,395,360 | ||||||||||||||||||||||||
| 650 | Prime Security Services Borrower LLC / Prime Finance Inc, 144A |
|
6.250% | 1/15/28 | B- | 647,442 | ||||||||||||||||||||||||
| 2,455 | Total Commercial Services & Supplies |
2,358,904 | ||||||||||||||||||||||||||||
| Communications Equipment – 0.4% (0.3% of Total Investments) | ||||||||||||||||||||||||||||||
| 1,125 | CommScope Inc, 144A |
8.250% | 3/01/27 | B3 | 1,100,677 | |||||||||||||||||||||||||
| 600 | CommScope Technologies LLC, 144A |
5.000% | 3/15/27 | B3 | 534,318 | |||||||||||||||||||||||||
| 1,725 | Total Communications Equipment |
1,634,995 | ||||||||||||||||||||||||||||
| Diversified Telecommunication Services – 0.6% (0.4% of Total Investments) | ||||||||||||||||||||||||||||||
| 1,850 | Frontier Communications Holdings LLC, 144A |
|
5.875% | 10/15/27 | BB+ | 1,904,945 | ||||||||||||||||||||||||
| 595 | Windstream Escrow LLC / Windstream Escrow Finance Corp, 144A |
|
7.750% | 8/15/28 | BB | 600,028 | ||||||||||||||||||||||||
| 2,445 | Total Diversified Telecommunication Services |
|
2,504,973 | |||||||||||||||||||||||||||
| Electric Utilities – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||||
| 2,980 | Bruce Mansfield Unit 1 2007 Pass Through Trust, (6) |
|
6.850% | 6/01/34 | N/R | 3,725 | ||||||||||||||||||||||||
| — | (8) | Pacific Gas and Electric Co |
0.000% | 7/01/40 | BBB- | 1 | ||||||||||||||||||||||||
| 2,980 | Total Electric Utilities |
3,726 | ||||||||||||||||||||||||||||
| Electronic Equipment, Instruments & Components – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||||
| 1,000 | Imola Merger Corp, 144A |
4.750% | 5/15/29 | BB+ | 972,970 | |||||||||||||||||||||||||
| Energy Equipment & Services – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||||
| 608 | Bausch Health Cos Inc, 144A |
6.125% | 4/15/25 | B | 619,704 | |||||||||||||||||||||||||
| Entertainment – 0.8% (0.5% of Total Investments) | ||||||||||||||||||||||||||||||
| 1,415 | AMC Entertainment Holdings Inc, 144A |
10.500% | 4/15/25 | B- | 1,494,594 | |||||||||||||||||||||||||
| 2,166 | AMC Entertainment Holdings Inc, 144A, (cash 10.000%, PIK 12.000%) |
|
10.000% | 6/15/26 | CCC- | 2,019,600 | ||||||||||||||||||||||||
| 3,581 | Total Entertainment |
3,514,194 | ||||||||||||||||||||||||||||
62
| Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||||
| Equity Real Estate Investment Trust – 0.7% (0.4% of Total Investments) | ||||||||||||||||||||||
| $ | 2,700 | Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC, 144A |
7.875% | 2/15/25 | BB+ | $ | 2,812,050 | |||||||||||||||
| Gas Utilities – 0.1% (0.1% of Total Investments) | ||||||||||||||||||||||
| 250 | NGL Energy Partners LP / NGL Energy Finance Corp |
7.500% | 11/01/23 | CCC+ | 243,675 | |||||||||||||||||
| 250 | NGL Energy Partners LP / NGL Energy Finance Corp |
6.125% | 3/01/25 | CCC+ | 217,970 | |||||||||||||||||
| 500 | Total Gas Utilities |
461,645 | ||||||||||||||||||||
| Health Care Providers & Services – 2.8% (1.8% of Total Investments) | ||||||||||||||||||||||
| 1,360 | CHS/Community Health Systems Inc, 144A |
8.000% | 3/15/26 | BB- | 1,415,685 | |||||||||||||||||
| 225 | CHS/Community Health Systems Inc, 144A |
8.000% | 12/15/27 | BB- | 238,500 | |||||||||||||||||
| 120 | HCA Inc |
5.375% | 2/01/25 | Baa3 | 127,711 | |||||||||||||||||
| 3,600 | Legacy LifePoint Health LLC, 144A |
4.375% | 2/15/27 | B1 | 3,527,460 | |||||||||||||||||
| 1,260 | LifePoint Health Inc, 144A |
5.375% | 1/15/29 | CCC+ | 1,198,575 | |||||||||||||||||
| 1,225 | Team Health Holdings Inc, 144A |
6.375% | 2/01/25 | CCC | 1,102,500 | |||||||||||||||||
| 121 | Tenet Healthcare Corp |
4.625% | 7/15/24 | B+ | 121,481 | |||||||||||||||||
| 1,000 | Tenet Healthcare Corp, 144A |
7.500% | 4/01/25 | B+ | 1,041,772 | |||||||||||||||||
| 1,060 | Tenet Healthcare Corp, 144A |
6.250% | 2/01/27 | B1 | 1,084,603 | |||||||||||||||||
| 1,940 | Tenet Healthcare Corp, 144A |
6.125% | 10/01/28 | B | 1,946,344 | |||||||||||||||||
| 11,911 | Total Health Care Providers & Services |
11,804,631 | ||||||||||||||||||||
| Hotels, Restaurants & Leisure – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||
| 706 | Caesars Entertainment Inc, 144A |
6.250% | 7/01/25 | B1 | 730,548 | |||||||||||||||||
| Household Durables – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||
| 205 | Kronos Acquisition Holdings Inc / KIK Custom Products Inc, 144A |
5.000% | 12/31/26 | B2 | 191,675 | |||||||||||||||||
| Media – 2.5% (1.6% of Total Investments) | ||||||||||||||||||||||
| 950 | Clear Channel Outdoor Holdings Inc, 144A |
7.750% | 4/15/28 | CCC | 985,625 | |||||||||||||||||
| 450 | Clear Channel Outdoor Holdings Inc, 144A |
7.500% | 6/01/29 | CCC | 466,312 | |||||||||||||||||
| 1,880 | Diamond Sports Group LLC / Diamond Sports Finance Co, 144A |
5.375% | 8/15/26 | Caa1 | 869,500 | |||||||||||||||||
| 2,750 | Diamond Sports Group LLC / Diamond Sports Finance Co, 144A |
6.625% | 8/15/27 | CC | 720,156 | |||||||||||||||||
| 2,100 | Houghton Mifflin Harcourt Publishers Inc, 144A |
9.000% | 2/15/25 | BB+ | 2,205,000 | |||||||||||||||||
| 4 | iHeartCommunications Inc |
6.375% | 5/01/26 | B+ | 4,349 | |||||||||||||||||
| 1,127 | iHeartCommunications Inc |
8.375% | 5/01/27 | CCC+ | 1,178,167 | |||||||||||||||||
| 2,465 | iHeartCommunications Inc, 144A |
5.250% | 8/15/27 | B+ | 2,504,440 | |||||||||||||||||
| 420 | Intelsat Luxembourg SA, (6) |
8.125% | 6/01/23 | N/R | 2,100 | |||||||||||||||||
| 341 | McGraw-Hill Education Inc, 144A |
5.750% | 8/01/28 | BB+ | 324,803 | |||||||||||||||||
| 1,110 | Univision Communications Inc, 144A |
9.500% | 5/01/25 | B | 1,176,600 | |||||||||||||||||
| 13,597 | Total Media |
10,437,052 | ||||||||||||||||||||
| Metals & Mining – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||
| 855 | First Quantum Minerals Ltd, 144A |
6.875% | 10/15/27 | B | 908,438 | |||||||||||||||||
| Oil, Gas & Consumable Fuels – 3.2% (2.0% of Total Investments) | ||||||||||||||||||||||
| 668 | Baytex Energy Corp, 144A |
5.625% | 6/01/24 | B+ | 664,660 | |||||||||||||||||
| 1,575 | Callon Petroleum Co |
6.125% | 10/01/24 | B | 1,575,000 | |||||||||||||||||
| 2,935 | Citgo Holding Inc, 144A |
9.250% | 8/01/24 | B+ | 2,931,155 | |||||||||||||||||
| 1,040 | CITGO Petroleum Corp, 144A |
7.000% | 6/15/25 | BB | 1,047,800 | |||||||||||||||||
| 600 | Gulfport Energy Corp, 144A |
8.000% | 5/17/26 | BB- | 644,820 | |||||||||||||||||
| 850 | Laredo Petroleum Inc |
9.500% | 1/15/25 | B | 867,000 | |||||||||||||||||
| 650 | Matador Resources Co |
5.875% | 9/15/26 | BB- | 658,951 | |||||||||||||||||
| 2,768 | NGL Energy Operating LLC / NGL Energy Finance Corp, 144A |
7.500% | 2/01/26 | BB- | 2,812,288 | |||||||||||||||||
| 250 | NGL Energy Partners LP / NGL Energy Finance Corp |
7.500% | 4/15/26 | CCC+ | 218,240 | |||||||||||||||||
| 750 | PBF Holding Co LLC / PBF Finance Corp, 144A |
9.250% | 5/15/25 | BB | 732,598 | |||||||||||||||||
| 1,500 | PBF Holding Co LLC / PBF Finance Corp |
6.000% | 2/15/28 | B | 1,053,750 | |||||||||||||||||
| 13,586 | Total Oil, Gas & Consumable Fuels |
13,206,262 | ||||||||||||||||||||
| Pharmaceuticals – 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||
| 1,279 | Endo Dac / Endo Finance LLC / Endo Finco Inc, 144A |
9.500% | 7/31/27 | Caa2 | 1,263,268 | |||||||||||||||||
| 582 | Endo Dac / Endo Finance LLC / Endo Finco Inc, 144A |
6.000% | 6/30/28 | CCC- | 394,049 | |||||||||||||||||
| 230 | Par Pharmaceutical Inc, 144A |
7.500% | 4/01/27 | B- | 231,438 | |||||||||||||||||
| 2,091 | Total Pharmaceuticals |
1,888,755 | ||||||||||||||||||||
63
| JRO | Nuveen Floating Rate Income Opportunity Fund (continued) | |
| Portfolio of Investments January 31, 2022 | ||
| (Unaudited) | ||
| Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||||
| Software – 1.1% (0.7% of Total Investments) | ||||||||||||||||||||||
| $ | 4,525 | Avaya Inc, 144A |
6.125% | 9/15/28 | BB | $ | 4,626,812 | |||||||||||||||
| Specialty Retail – 0.1% (0.0% of Total Investments) | ||||||||||||||||||||||
| 200 | PetSmart Inc / PetSmart Finance Corp, 144A |
7.750% | 2/15/29 | CCC+ | 214,546 | |||||||||||||||||
| 70,676 | Total Corporate Bonds (cost $65,071,992) |
64,012,743 | ||||||||||||||||||||
| Shares | Description (1) | Value | ||||||||||||||||||||
| COMMON STOCKS – 3.8% (2.4% of Total Investments) |
||||||||||||||||||||||
| Banks – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||
| 21,193 | iQor US Inc, (9), (10) |
$ | 158,948 | |||||||||||||||||||
| Communications Equipment – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||
| 5,616 | Windstream Services PE LLC, (9), (10) |
98,280 | ||||||||||||||||||||
| Construction & Engineering – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||
| 2,336 | TNT Crane & Rigging Inc, (9), (10) |
4,088 | ||||||||||||||||||||
| 1,318 | TNT Crane & Rigging Inc, (9), (10) |
21,418 | ||||||||||||||||||||
| Total Construction & Engineering |
25,506 | |||||||||||||||||||||
| Diversified Consumer Services – 0.1% (0.0% of Total Investments) | ||||||||||||||||||||||
| 16,910 | Cengage Learning Holdings II Inc, (9), (10) |
279,015 | ||||||||||||||||||||
| Diversified Telecommunication Services – 0.1% (0.0% of Total Investments) | ||||||||||||||||||||||
| 16,271 | Windstream Services PE LLC, (9), (10) |
296,946 | ||||||||||||||||||||
| Electric Utilities – 0.8% (0.5% of Total Investments) | ||||||||||||||||||||||
| 64,338 | Energy Harbor Corp, (9), (10), (11) |
3,128,435 | ||||||||||||||||||||
| Energy Equipment & Services – 0.1% (0.0% of Total Investments) | ||||||||||||||||||||||
| 63,862 | Transocean Ltd, (10) |
201,165 | ||||||||||||||||||||
| 7,266 | Vantage Drilling International, (9), (10) |
54,495 | ||||||||||||||||||||
| Total Energy Equipment & Services |
255,660 | |||||||||||||||||||||
| Entertainment – 0.7% (0.5% of Total Investments) | ||||||||||||||||||||||
| 23,363 | Metro-Goldwyn-Mayer Inc, (9), (10) |
2,975,862 | ||||||||||||||||||||
| Health Care Providers & Services – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||
| 50,560 | Millennium Health LLC, (7), (10) |
26,443 | ||||||||||||||||||||
| 47,462 | Millennium Health LLC, (7), (10) |
20,076 | ||||||||||||||||||||
| Total Health Care Providers & Services |
46,519 | |||||||||||||||||||||
| Hotels, Restaurants & Leisure – 0.1% (0.1% of Total Investments) | ||||||||||||||||||||||
| 83,129 | 24 Hour Fitness Worldwide Inc, (9) |
155,867 | ||||||||||||||||||||
| 174,788 | 24 Hour Fitness Worldwide Inc, (9), (10) |
174,788 | ||||||||||||||||||||
| Total Hotels, Restaurants & Leisure |
330,655 | |||||||||||||||||||||
| Internet & Direct Marketing Retail – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||
| 12,030 | Catalina Marketing Corp, (9), (10) |
27,068 | ||||||||||||||||||||
| Marine – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||
| 573 | ACBL HLDG CORP, (9), (10) |
14,325 | ||||||||||||||||||||
| Media – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||
| 7 | Cumulus Media Inc, (10) |
71 | ||||||||||||||||||||
| 1,318,561 | Hibu plc, (9), (10) |
6,593 | ||||||||||||||||||||
| 36,087 | Tribune Co, (9), (10) |
361 | ||||||||||||||||||||
| Total Media |
7,025 | |||||||||||||||||||||
64
| Shares | Description (1) | Value | ||||||||||||||||||||||
| Multiline Retail – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||
| 187 | Belk Inc, (9), (10) |
$ | 2,680 | |||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 1.8% (1.2% of Total Investments) | ||||||||||||||||||||||||
| 6,825 | California Resources Corp |
290,881 | ||||||||||||||||||||||
| 56,185 | Fieldwood Energy LLC, (9), (10) |
5,796,438 | ||||||||||||||||||||||
| 21,791 | Whiting Petroleum Corp, (10) |
1,617,982 | ||||||||||||||||||||||
| Total Oil, Gas & Consumable Fuels |
7,705,301 | |||||||||||||||||||||||
| Professional Services – 0.1% (0.1% of Total Investments) | ||||||||||||||||||||||||
| 70,690 | Skillsoft Corp, (10) |
524,520 | ||||||||||||||||||||||
| Total Common Stocks (cost $23,068,189) |
15,876,745 | |||||||||||||||||||||||
| Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||||||
| ASSET-BACKED SECURITIES – 1.1% ( 0.7% of Total Investments) |
||||||||||||||||||||||||
| $ | 250 | Battalion CLO XI Ltd, 144A, (3-Month LIBOR reference rate + 6.850% spread), (12) |
6.974% | 4/24/34 | Ba3 | $ | 249,338 | |||||||||||||||||
| 800 | Dryden 50 Senior Loan Fund, 144A, (3-Month LIBOR reference rate + 6.260% spread), (12) |
6.501% | 7/15/30 | Ba3 | 789,542 | |||||||||||||||||||
| 1,000 | Flatiron CLO 19 Ltd, 144A, (3-Month LIBOR reference rate + 6.100% spread), (12) |
6.255% | 11/16/34 | BB- | 998,141 | |||||||||||||||||||
| 750 | Gilbert Park CLO Ltd, 144A, (3-Month LIBOR reference rate + 6.400% spread), (12) |
6.641% | 10/15/30 | Ba3 | 751,059 | |||||||||||||||||||
| 500 | GoldenTree Loan Opportunities IX Ltd, 144A, (3-Month LIBOR reference rate + 5.660% spread), (12) |
5.959% | 10/29/29 | BB- | 487,918 | |||||||||||||||||||
| 500 | KKR CLO 30 Ltd, 144A, (3-Month LIBOR reference rate + 6.400% spread), (12) |
6.641% | 10/17/31 | Ba3 | 497,042 | |||||||||||||||||||
| 250 | Magnetite XXVII Ltd, 144A, (3-Month LIBOR reference rate + 6.000% spread), (12) |
6.254% | 10/20/34 | Ba3 | 248,753 | |||||||||||||||||||
| 400 | Neuberger Berman Loan Advisers CLO 28 Ltd, 144A, (3-Month LIBOR reference rate + 5.600% spread), (12) |
5.854% | 4/20/30 | BB- | 394,854 | |||||||||||||||||||
| 4,450 | Total Asset-Backed Securities (cost $4,439,463) |
4,416,647 | ||||||||||||||||||||||
| Shares | Description (1) | Value | ||||||||||||||||||||||
| WARRANTS – 0.7% (0.5% of Total Investments) |
||||||||||||||||||||||||
| Communications Equipment – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||
| 15,619 | Avaya Holdings Corp, (9) |
$ | 35,299 | |||||||||||||||||||||
| Marine – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||
| 603 | ACBL HLDG CORP, (9) |
15,075 | ||||||||||||||||||||||
| 2,243 | ACBL HLDG CORP, (9) |
56,636 | ||||||||||||||||||||||
| 1,706 | ACBL HLDG CORP, (9) |
46,062 | ||||||||||||||||||||||
| 13,458 | American Commercial Barge Line LLC, (9) |
3,364 | ||||||||||||||||||||||
| Total Marine |
121,137 | |||||||||||||||||||||||
| Industrial Conglomerates – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||
| 10,236 | American Commercial Barge Line LLC, (9) |
3,583 | ||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 0.7% (0.5% of Total Investments) | ||||||||||||||||||||||||
| 314 | California Resources Corp |
4,710 | ||||||||||||||||||||||
| 25,425 | Fieldwood Energy LLC, (9) |
2,623,021 | ||||||||||||||||||||||
| 17,255 | Fieldwood Energy LLC, (9) |
140,059 | ||||||||||||||||||||||
| 33,231 | Fieldwood Energy LLC, (9) |
175,027 | ||||||||||||||||||||||
| Total Oil, Gas & Consumable Fuels |
2,942,817 | |||||||||||||||||||||||
| Entertainment – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||
| 138,768 | Cineworld Warrant, (9) |
21,232 | ||||||||||||||||||||||
| Total Warrants (cost $1,926,942) |
3,124,068 | |||||||||||||||||||||||
65
| JRO | Nuveen Floating Rate Income Opportunity Fund (continued) | |
| Portfolio of Investments January 31, 2022 | ||
| (Unaudited) | ||
| Shares | Description (1) | Coupon | Ratings (4) | Value | ||||||||||||||||||||
| CONVERTIBLE PREFERRED SECURITIES – 0.1% (0.0% of Total Investments) |
||||||||||||||||||||||||
| Communications Equipment – 0.1% (0.0% of Total Investments) | ||||||||||||||||||||||||
| 15,089 | Riverbed Technology, Inc., (9), (10) |
0.000% | N/R | $ | 255,004 | |||||||||||||||||||
| Marine – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||
| 2,133 | ACBL HLDG CORP, (9), (10) |
0.000% | N/R | 53,858 | ||||||||||||||||||||
| 2,428 | ACBL HLDG CORP, (9), (10) |
0.000% | N/R | 65,556 | ||||||||||||||||||||
| Total Marine |
119,414 | |||||||||||||||||||||||
| Total Convertible Preferred Securities (cost $378,983) |
374,418 | |||||||||||||||||||||||
| Total Long-Term Investments (cost $669,454,727) |
661,940,497 | |||||||||||||||||||||||
| Borrowings – (39.5)% (13), (14) |
(164,500,000 | ) | ||||||||||||||||||||||
| Taxable Fund Preferred Shares, net of deferred offering costs – (17.9)% (15) |
(74,691,988 | ) | ||||||||||||||||||||||
| Other Assets Less Liabilities – (1.4)% |
(5,899,536 | ) | ||||||||||||||||||||||
| Net Assets Applicable to Common Shares – 100% |
$ | 416,848,973 | ||||||||||||||||||||||
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| (2) | Senior loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate (Reference Rate) plus an assigned fixed rate (Spread). These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate (“LIBOR”), or (ii) the prime rate offered by one or more major United States banks. Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan. The rate shown is the coupon as of the end of the reporting period. |
| (3) | Senior Loans generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments of senior loans may occur. As a result, the actual remaining maturity of senior loans held may be substantially less than the stated maturities shown. |
| (4) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (5) | Investment, or portion of investment, represents an outstanding unfunded senior loan commitment. |
| (6) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. |
| (7) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. |
| (8) | Principal Amount (000) rounds to less than $1,000. |
| (9) | For fair value measurement disclosure purposes, investment classified as Level 2. |
| (10) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
| (11) | Common Stock received as part of the bankruptcy settlements during February 2020 for Bruce Mansfield Unit 1 2007 Pass Through Trust. |
| (12) | Variable rate security. The rate shown is the coupon as of the end of the reporting period. |
| (13) | Borrowings as a percentage of Total Investments is 24.9%. |
| (14) | 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. |
| (15) | Taxable Fund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 11.3%. |
| 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. |
| 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. |
| WI/DD | Purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
66
| JSD | Nuveen Short Duration
Portfolio of Investments January 31, 2022 | |
| (Unaudited) |
67
| JSD | Nuveen Short Duration Credit Opportunities Fund (continued) | |
| Portfolio of Investments January 31, 2022 | ||
| (Unaudited) | ||
68
69
| JSD | Nuveen Short Duration Credit Opportunities Fund (continued) | |
| Portfolio of Investments January 31, 2022 | ||
| (Unaudited) | ||
70
71
| JSD | Nuveen Short Duration Credit Opportunities Fund (continued) | |
| Portfolio of Investments January 31, 2022 | ||
| (Unaudited) | ||
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||||||
| Hotels, Restaurants & Leisure (continued) | ||||||||||||||||||||||||||||||||
| $ | 2,010 | Equinox Holdings, Inc., Term Loan, First Lien |
4.000% | 3-Month LIBOR | 3.000% | 3/08/24 | CCC | $ | 1,918,780 | |||||||||||||||||||||||
| 2,006 | Golden Nugget LLC, Term Loan, (WI/DD) |
TBD | TBD | TBD | TBD | B | 2,015,118 | |||||||||||||||||||||||||
| 1,081 | Golden Nugget, LLC, Term Loan B |
3.250% | 2-Month LIBOR | 2.500% | 10/04/23 | B | 1,085,969 | |||||||||||||||||||||||||
| 1,163 | IRB Holding Corp, Term Loan |
4.250% | 3-Month LIBOR | 3.250% | 12/15/27 | B+ | 1,165,251 | |||||||||||||||||||||||||
| 418 | Life Time Fitness Inc , Term Loan B |
5.750% | 3-Month LIBOR | 4.750% | 12/15/24 | B | 423,193 | |||||||||||||||||||||||||
| 405 | PCI Gaming Authority, Term Loan |
2.605% | 1-Month LIBOR | 2.500% | 5/31/26 | BBB- | 403,198 | |||||||||||||||||||||||||
| 868 | Penn National Gaming, Inc., Term Loan, First Lien |
3.000% | 1-Month LIBOR | 2.250% | 10/15/25 | BB | 868,295 | |||||||||||||||||||||||||
| 2,211 | Scientific Games International, Inc., Term Loan B5 |
2.855% | 1-Month LIBOR | 2.750% | 8/14/24 | B+ | 2,206,550 | |||||||||||||||||||||||||
| 499 | SeaWorld Parks & Entertainment, Inc., Term Loan B |
3.500% | 1-Month LIBOR | 3.000% | 8/25/28 | BB- | 499,194 | |||||||||||||||||||||||||
| 1,833 | Stars Group Holdings B.V. (The), Term Loan |
2.474% | 3-Month LIBOR | 2.250% | 7/10/25 | BBB | 1,830,659 | |||||||||||||||||||||||||
| 1,449 | Station Casinos LLC, Term Loan B |
2.500% | 1-Month LIBOR | 2.250% | 2/08/27 | BB- | 1,438,941 | |||||||||||||||||||||||||
| 750 | Twin River Worldwide Holdings, Inc., Term Loan B |
3.750% | 6-Month LIBOR | 3.250% | 10/01/28 | BB+ | 750,364 | |||||||||||||||||||||||||
| 25,517 | Total Hotels, Restaurants & Leisure |
25,280,452 | ||||||||||||||||||||||||||||||
| Household Durables – 1.2% (0.8% of Total Investments) | ||||||||||||||||||||||||||||||||
| 117 | AI Aqua Merger Sub Inc, |
TBD | TBD | TBD | TBD | B | 117,126 | |||||||||||||||||||||||||
| 933 | AI Aqua Merger Sub, Inc., Term Loan B, First Lien |
4.500% | 1-Month LIBOR | 4.000% | 7/30/28 | B | 937,011 | |||||||||||||||||||||||||
| 121 | Apex Tool Group, LLC, Term Loan B |
6.750% | 1-Month LIBOR | 5.500% | 8/21/24 | Caa1 | 120,582 | |||||||||||||||||||||||||
| 47 | Serta Simmons Bedding, LLC, Term Loan, (6) |
8.500% | 1-Month LIBOR | 7.500% | 8/10/23 | B | 47,372 | |||||||||||||||||||||||||
| 489 | Serta Simmons Bedding, LLC, Term Loan, (DD1), (6) |
8.500% | 1-Month LIBOR | 7.500% | 8/10/23 | B- | 469,007 | |||||||||||||||||||||||||
| 213 | Weber-Stephen Products LLC, Term Loan B |
4.000% | 1-Month LIBOR | 3.250% | 10/30/27 | BB | 213,309 | |||||||||||||||||||||||||
| 6 | Weber-Stephen Products LLC, Term Loan B |
4.000% | 6-Month LIBOR | 3.250% | 10/30/27 | BB | 6,459 | |||||||||||||||||||||||||
| 1,926 | Total Household Durables |
1,910,866 | ||||||||||||||||||||||||||||||
| Household Products – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||||||
| 290 | Illuminate Merger Sub Corp., Term Loan | 4.000% | 3-Month LIBOR | 3.500% | 9/30/28 | B1 | 288,419 | |||||||||||||||||||||||||
| Independent Power & Renewable Electricity Producers – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||||||
| 324 | WIN Waste Innovations Holdings, Inc., Term Loan B |
3.250% | 3-Month LIBOR | 2.750% | 3/25/28 | B+ | 324,158 | |||||||||||||||||||||||||
| Insurance – 3.0% (1.9% of Total Investments) | ||||||||||||||||||||||||||||||||
| 1,502 | Acrisure, LLC, Term Loan B |
3.724% | 3-Month LIBOR | 3.500% | 2/15/27 | B | 1,486,445 | |||||||||||||||||||||||||
| 499 | Alliant Holdings Intermediate, LLC, Term Loan B4 |
4.000% | 1-Month LIBOR | 3.500% | 11/12/27 | B | 498,790 | |||||||||||||||||||||||||
| 1,147 | Asurion LLC, Term Loan B4, Second Lien, (DD1) |
5.355% | 1-Month LIBOR | 5.250% | 1/15/29 | B | 1,149,873 | |||||||||||||||||||||||||
| 348 | Asurion LLC, Term Loan B8 |
3.355% | 1-Month LIBOR | 3.250% | 12/23/26 | Ba3 | 346,376 | |||||||||||||||||||||||||
| 299 | Broadstreet Partners, Inc., Term Loan B2 |
3.750% | 1-Month LIBOR | 3.250% | 1/27/27 | B1 | 297,567 | |||||||||||||||||||||||||
| 631 | Hub International Limited, Term Loan B |
3.017% | 3-Month LIBOR | 2.750% | 4/25/25 | B | 625,003 | |||||||||||||||||||||||||
| 186 | Hub International Limited, Term Loan B, (DD1) |
4.000% | 3-Month LIBOR | 3.250% | 4/25/25 | B | 185,494 | |||||||||||||||||||||||||
| 173 | Ryan Specialty Group, LLC, Term Loan |
3.750% | 1-Month LIBOR | 3.000% | 9/01/27 | BB- | 172,848 | |||||||||||||||||||||||||
| 4,785 | Total Insurance |
4,762,396 | ||||||||||||||||||||||||||||||
| Interactive Media & Services – 1.8% (1.1% of Total Investments) | ||||||||||||||||||||||||||||||||
| 1,015 | Arches Buyer Inc., Term Loan B |
3.750% | 1-Month LIBOR | 3.250% | 12/06/27 | B1 | 1,009,407 | |||||||||||||||||||||||||
| 785 | Rackspace Technology Global, Inc., |
3.500% | 3-Month LIBOR | 2.750% | 2/09/28 | B+ | 778,731 | |||||||||||||||||||||||||
| 970 | WeddingWire, Inc., Term Loan, First Lien |
4.605% | 1-Month LIBOR | 4.500% | 12/21/25 | B+ | 972,018 | |||||||||||||||||||||||||
| 2,770 | Total Interactive Media & Services |
2,760,156 | ||||||||||||||||||||||||||||||
72
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||||||
| Internet & Direct Marketing Retail – 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||||||
| $ | 744 | CNT Holdings I Corp, Term Loan | 4.250% | 3-Month LIBOR | 3.500% | 11/08/27 | B | $ | 745,365 | |||||||||||||||||||||||
| Internet Software & Services – 1.5% (0.9% of Total Investments) | ||||||||||||||||||||||||||||||||
| 644 | Banff Merger Sub Inc, Term Loan |
3.974% | 3-Month LIBOR | 3.750% | 10/02/25 | B2 | 642,910 | |||||||||||||||||||||||||
| 1,698 | Greeneden U.S. Holdings II, LLC, |
4.750% | 1-Month LIBOR | 4.000% | 12/01/27 | B- | 1,699,917 | |||||||||||||||||||||||||
| 2,342 | Total Internet Software & Services |
2,342,827 | ||||||||||||||||||||||||||||||
| IT Services – 6.0% (3.7% of Total Investments) | ||||||||||||||||||||||||||||||||
| 924 | Ahead DB Holdings, LLC, Term Loan B |
4.500% | 3-Month LIBOR | 3.750% | 10/16/27 | B+ | 924,646 | |||||||||||||||||||||||||
| 165 | CCC Intelligent Solutions Inc., Term Loan B |
3.000% | 3-Month LIBOR | 2.500% | 9/21/28 | B1 | 164,562 | |||||||||||||||||||||||||
| 199 | DTI Holdco, Inc., Term Loan B |
5.750% | 1-Month LIBOR | 4.750% | 9/30/23 | CCC+ | 197,462 | |||||||||||||||||||||||||
| 1,622 | Intrado Corporation, Term Loan |
5.000% | 3-Month LIBOR | 4.000% | 10/10/24 | B2 | 1,524,385 | |||||||||||||||||||||||||
| 479 | KBR, Inc., Term Loan B |
2.855% | 1-Month LIBOR | 2.750% | 2/07/27 | Ba1 | 480,466 | |||||||||||||||||||||||||
| 748 | Magenta Buyer LLC, Term Loan, First Lien |
5.750% | 3-Month LIBOR | 5.000% | 7/27/28 | BB- | 746,722 | |||||||||||||||||||||||||
| 248 | Project Ruby Ultimate Parent Corp., Term Loan |
4.000% | 1-Month LIBOR | 3.250% | 3/10/28 | B | 247,796 | |||||||||||||||||||||||||
| 1,478 | Sabre GLBL Inc., Term Loan B |
2.105% | 1-Month LIBOR | 2.000% | 2/22/24 | Ba3 | 1,459,633 | |||||||||||||||||||||||||
| 1,808 | Syniverse Holdings, Inc., Term Loan, First Lien |
6.000% | 3-Month LIBOR | 5.000% | 3/09/23 | CCC+ | 1,805,609 | |||||||||||||||||||||||||
| 576 | Syniverse Holdings, Inc., Term Loan, Second Lien |
10.000% | 3-Month LIBOR | 9.000% | 3/11/24 | CCC- | 575,462 | |||||||||||||||||||||||||
| 841 | Tempo Acquisition LLC, Term Loan |
3.750% | 1-Month LIBOR | 3.250% | 10/31/26 | BB- | 844,073 | |||||||||||||||||||||||||
| 499 | Vision Solutions, Inc., Term Loan |
4.750% | 3-Month LIBOR | 4.000% | 5/28/28 | B2 | 498,438 | |||||||||||||||||||||||||
| 9,587 | Total IT Services |
9,469,254 | ||||||||||||||||||||||||||||||
| Leisure Products – 0.4% (0.2% of Total Investments) | ||||||||||||||||||||||||||||||||
| 159 | Hayward Industries, Inc., Term Loan |
3.000% | 1-Month LIBOR | 2.500% | 5/28/28 | BB- | 158,824 | |||||||||||||||||||||||||
| 55 | SRAM, LLC , Term Loan B |
3.250% | 1-Month LIBOR | 2.750% | 5/18/28 | BB- | 54,545 | |||||||||||||||||||||||||
| 91 | SRAM, LLC , Term Loan B |
3.250% | 3-Month LIBOR | 2.750% | 5/18/28 | BB- | 90,909 | |||||||||||||||||||||||||
| 318 | SRAM, LLC , Term Loan B |
3.250% | 6-Month LIBOR | 2.750% | 5/18/28 | BB- | 318,183 | |||||||||||||||||||||||||
| 623 | Total Leisure Products |
622,461 | ||||||||||||||||||||||||||||||
| Life Sciences Tools & Services – 3.0% (1.9% of Total Investments) | ||||||||||||||||||||||||||||||||
| 240 | Avantor Funding, Inc., Term Loan B5 |
2.750% | 1-Month LIBOR | 2.250% | 11/06/27 | BB+ | 239,513 | |||||||||||||||||||||||||
| 1,589 | ICON Luxembourg S.A.R.L., Term Loan, (DD1) |
2.750% | 3-Month LIBOR | 2.250% | 7/01/28 | BB+ | 1,587,733 | |||||||||||||||||||||||||
| 399 | ICON Luxembourg S.A.R.L., Term Loan, (DD1) |
2.750% | 3-Month LIBOR | 2.250% | 7/01/28 | BB+ | 398,673 | |||||||||||||||||||||||||
| 2,534 | Parexel International Corporation, Term Loan, First Lien, (DD1) |
4.000% | 1-Month LIBOR | 3.500% | 11/15/28 | B1 | 2,537,370 | |||||||||||||||||||||||||
| 4,762 | Total Life Sciences Tools & Services |
4,763,289 | ||||||||||||||||||||||||||||||
| Machinery – 2.7% (1.7% of Total Investments) | ||||||||||||||||||||||||||||||||
| 1,100 | Ali Group Srl, Term Loan, (WI/DD) |
TBD | TBD | TBD | TBD | Baa3 | 1,095,072 | |||||||||||||||||||||||||
| 735 | Alliance Laundry Systems LLC, Term Loan B |
4.250% | 3-Month LIBOR | 3.500% | 10/08/27 | B | 736,073 | |||||||||||||||||||||||||
| 681 | Gardner Denver, Inc., Term Loan B2 |
1.855% | 1-Month LIBOR | 1.750% | 2/28/27 | BB+ | 675,691 | |||||||||||||||||||||||||
| 336 | Standard Industries Inc., Term Loan B |
3.000% | 3-Month LIBOR | 2.500% | 9/22/28 | BBB- | 336,657 | |||||||||||||||||||||||||
| 928 | Vertical US Newco Inc, Term Loan B, (DD1) |
4.019% | 6-Month LIBOR | 3.500% | 7/31/27 | B+ | 930,140 | |||||||||||||||||||||||||
| 491 | Vertiv Group Corporation, Term Loan B |
2.852% | 1-Month LIBOR | 2.750% | 3/02/27 | BB- | 489,649 | |||||||||||||||||||||||||
| 4,271 | Total Machinery |
4,263,282 | ||||||||||||||||||||||||||||||
| Marine – 0.6% (0.4% of Total Investments) | ||||||||||||||||||||||||||||||||
| 978 | HGIM Corp., Exit Term Loan, (DD1) | 7.000% | 3-Month LIBOR | 6.000% | 7/02/23 | CCC+ | 897,853 | |||||||||||||||||||||||||
| Media – 10.1% (6.2% of Total Investments) | ||||||||||||||||||||||||||||||||
| 80 | ABG Intermediate Holdings 2 LLC, Term Loan, (WI/DD) |
TBD | TBD | TBD | TBD | B1 | 79,329 | |||||||||||||||||||||||||
| 506 | ABG Intermediate Holdings 2 LLC, Term Loan, (WI/DD) |
TBD | TBD | TBD | TBD | B1 | 505,717 | |||||||||||||||||||||||||
73
| JSD | Nuveen Short Duration Credit Opportunities Fund (continued) | |
| Portfolio of Investments January 31, 2022 | ||
| (Unaudited) | ||
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||||||
| Media (continued) | ||||||||||||||||||||||||||||||||
| $ | 80 | ABG Intermediate Holdings 2 LLC, Term Loan, Second Lien |
6.500% | 3-Month LIBOR | 6.000% | 12/20/29 | CCC+ | $ | 81,100 | |||||||||||||||||||||||
| 65 | Checkout Holding Corp., First Out Term Loan |
8.500% | 1-Month LIBOR | 7.500% | 2/15/23 | N/R | 61,410 | |||||||||||||||||||||||||
| 117 | Checkout Holding Corp., Last Out Term Loan, (cash 2.000%, PIK 9.500%) |
2.000% | 1-Month LIBOR | 1.000% | 8/15/23 | N/R | 52,192 | |||||||||||||||||||||||||
| 2,243 | Clear Channel Outdoor Holdings, Inc., |
3.799% | 3-Month LIBOR | 3.500% | 8/21/26 | B1 | 2,216,028 | |||||||||||||||||||||||||
| 6 | Clear Channel Outdoor Holdings, Inc., |
3.605% | 1-Month LIBOR | 3.500% | 8/21/26 | B1 | 5,682 | |||||||||||||||||||||||||
| 217 | CSC Holdings, LLC, Term Loan |
2.356% | 1-Month LIBOR | 2.250% | 1/15/26 | BB | 213,761 | |||||||||||||||||||||||||
| 708 | CSC Holdings, LLC, Term Loan B1 |
2.356% | 1-Month LIBOR | 2.250% | 7/17/25 | BB | 699,301 | |||||||||||||||||||||||||
| 1,500 | CSC Holdings, LLC, Term Loan B5 |
2.606% | 1-Month LIBOR | 2.500% | 4/15/27 | BB | 1,488,304 | |||||||||||||||||||||||||
| 113 | Cumulus Media New Holdings Inc., |
4.750% | 3-Month LIBOR | 3.750% | 3/31/26 | B | 113,718 | |||||||||||||||||||||||||
| 485 | Diamond Sports Group, LLC, Term Loan |
3.360% | 1-Month LIBOR | 3.250% | 8/24/26 | Caa1 | 200,603 | |||||||||||||||||||||||||
| 2,071 | DirecTV Financing, LLC, Term Loan |
5.750% | 3-Month LIBOR | 5.000% | 8/02/27 | BBB- | 2,076,832 | |||||||||||||||||||||||||
| 151 | Dotdash Meredith Inc, Term Loan B |
4.500% | 3-Month LIBOR | 4.000% | 12/01/28 | BB- | 151,189 | |||||||||||||||||||||||||
| 486 | E.W. Scripps Company (The), Term Loan B2 |
3.313% | 1-Month LIBOR | 2.562% | 5/01/26 | BB | 485,655 | |||||||||||||||||||||||||
| 415 | Gray Television, Inc., Term Loan B |
2.606% | 1-Month LIBOR | 2.500% | 2/07/24 | BB+ | 414,170 | |||||||||||||||||||||||||
| 3 | Houghton Mifflin Harcourt Publishing Company, Term Loan B |
7.250% | 1-Month LIBOR | 6.250% | 11/22/24 | BB+ | 3,000 | |||||||||||||||||||||||||
| 1,293 | iHeartCommunications, Inc., Term Loan |
3.105% | 1-Month LIBOR | 3.000% | 5/01/26 | B+ | 1,288,257 | |||||||||||||||||||||||||
| 1,254 | Intelsat Jackson Holdings S.A., |
3.600% | 3-Month LIBOR | 3.600% | 7/13/22 | N/R | 1,257,258 | |||||||||||||||||||||||||
| 8 | Intelsat Jackson Holdings S.A., |
8.000% | Prime | 4.750% | 11/27/23 | N/R | 8,331 | |||||||||||||||||||||||||
| 149 | LCPR Loan Financing LLC, Term Loan B |
3.856% | 3-Month LIBOR | 3.750% | 10/15/28 | BB+ | 149,779 | |||||||||||||||||||||||||
| 599 | McGraw-Hill Global Education Holdings, LLC, Term Loan |
5.250% | 1-Month LIBOR | 4.750% | 7/30/28 | B2 | 597,874 | |||||||||||||||||||||||||
| 671 | Nexstar Broadcasting, Inc., Term Loan B3 |
2.355% | 1-Month LIBOR | 2.250% | 1/17/24 | BBB- | 670,403 | |||||||||||||||||||||||||
| 518 | Nexstar Broadcasting, Inc., Term Loan B4 |
2.602% | 1-Month LIBOR | 2.500% | 9/19/26 | BBB- | 516,677 | |||||||||||||||||||||||||
| 155 | Radiate Holdco, LLC, Term Loan B |
4.000% | 1-Month LIBOR | 3.250% | 9/25/26 | B1 | 154,927 | |||||||||||||||||||||||||
| 103 | Red Ventures, LLC, Term Loan B2 |
2.605% | 1-Month LIBOR | 2.500% | 11/08/24 | BB+ | 102,598 | |||||||||||||||||||||||||
| 336 | Sinclair Television Group Inc., Term Loan B1 |
2.360% | 1-Month LIBOR | 2.250% | 1/03/24 | Ba2 | 330,133 | |||||||||||||||||||||||||
| 342 | Sinclair Television Group Inc., |
2.610% | 1-Month LIBOR | 2.500% | 9/30/26 | Ba2 | 333,519 | |||||||||||||||||||||||||
| 456 | Springer Nature Deutschland GmbH, |
3.750% | 1-Month LIBOR | 3.000% | 8/14/26 | BB+ | 456,161 | |||||||||||||||||||||||||
| 1,097 | Ziggo Financing Partnership, Term Loan I |
2.606% | 1-Month LIBOR | 2.500% | 4/30/28 | BB | 1,084,900 | |||||||||||||||||||||||||
| 16,227 | Total Media | 15,798,808 | ||||||||||||||||||||||||||||||
| Multiline Retail – 0.8% (0.5% of Total Investments) | ||||||||||||||||||||||||||||||||
| 234 | Belk, Inc., Term Loan |
8.500% | 3-Month LIBOR | 7.500% | 7/31/25 | B- | 233,430 | |||||||||||||||||||||||||
| 1,062 | Belk, Inc., Term Loan |
13.000% | 3-Month LIBOR | 13.000% | 7/31/25 | CCC- | 779,418 | |||||||||||||||||||||||||
| 249 | EG America LLC, Term Loan |
4.224% | 3-Month LIBOR | 4.000% | 2/05/25 | B- | 248,958 | |||||||||||||||||||||||||
| 1,545 | Total Multiline Retail | 1,261,806 | ||||||||||||||||||||||||||||||
| Office Electronics – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||||||
| 63 | Pitney Bowes Inc., Term Loan B |
4.105% | 1-Month LIBOR | 4.000% | 3/19/28 | BBB- | 62,734 | |||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 3.0% (1.9% of Total Investments) | ||||||||||||||||||||||||||||||||
| 643 | BCP Renaissance Parent LLC, Term Loan B |
4.500% | 3-Month LIBOR | 3.500% | 11/01/24 | B+ | 643,866 | |||||||||||||||||||||||||
| 835 | Buckeye Partners, L.P., Term Loan B |
2.354% | 1-Month LIBOR | 2.250% | 11/01/26 | BBB- | 832,671 | |||||||||||||||||||||||||
| 826 | Gulf Finance, LLC, Term Loan, (DD1) |
6.840 | 1-Month LIBOR | 6.750 | 8/25/26 | B | 775,234 | |||||||||||||||||||||||||
| 864 | QuarterNorth Energy Holding, Inc., Exit Term Loan, Second Lien |
9.000% | 3-Month LIBOR | 8.000% | 8/27/26 | B | 868,711 | |||||||||||||||||||||||||
| 435 | TransMontaigne Operating Company L.P., Term Loan B |
4.000% | 6-Month LIBOR | 3.500% | 11/05/28 | BB | 436,133 | |||||||||||||||||||||||||
| 1,215 | Traverse Midstream Partners LLC, Term Loan, (WI/DD) |
TBD | TBD | TBD | TBD | B | 1,215,120 | |||||||||||||||||||||||||
| 4,818 | Total Oil, Gas & Consumable Fuels | 4,771,735 | ||||||||||||||||||||||||||||||
74
75
| JSD | Nuveen Short Duration Credit Opportunities Fund (continued) | |
| Portfolio of Investments January 31, 2022 | ||
| (Unaudited) | ||
76
77
| JSD | Nuveen Short Duration Credit Opportunities Fund (continued) | |
| Portfolio of Investments January 31, 2022 | ||
| (Unaudited) | ||
| Principal Amount (000) |
Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||||||
| Hotels, Restaurants & Leisure – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||
| $ | 267 | Caesars Entertainment Inc, 144A |
6.250% | 7/01/25 | B1 | $ | 276,284 | |||||||||||||||||
| Household Durables – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||
| 80 | Kronos Acquisition Holdings Inc / KIK Custom Products Inc, 144A |
5.000% | 12/31/26 | B2 | 74,800 | |||||||||||||||||||
| Media – 2.8% (1.8% of Total Investments) | ||||||||||||||||||||||||
| 300 | Clear Channel Outdoor Holdings Inc, 144A |
7.750% | 4/15/28 | CCC | 311,250 | |||||||||||||||||||
| 175 | Clear Channel Outdoor Holdings Inc, 144A |
7.500% | 6/01/29 | CCC | 181,344 | |||||||||||||||||||
| 1,030 | Diamond Sports Group LLC / Diamond Sports Finance Co, 144A |
5.375% | 8/15/26 | Caa1 | 476,375 | |||||||||||||||||||
| 1,775 | Diamond Sports Group LLC / Diamond Sports Finance Co, 144A |
6.625% | 8/15/27 | CC | 464,828 | |||||||||||||||||||
| 910 | Houghton Mifflin Harcourt Publishers Inc, 144A |
9.000% | 2/15/25 | BB+ | 955,500 | |||||||||||||||||||
| 2 | iHeartCommunications Inc |
6.375% | 5/01/26 | B+ | 1,757 | |||||||||||||||||||
| 396 | iHeartCommunications Inc |
8.375% | 5/01/27 | CCC+ | 414,037 | |||||||||||||||||||
| 1,075 | iHeartCommunications Inc, 144A |
5.250% | 8/15/27 | B+ | 1,092,200 | |||||||||||||||||||
| 165 | Intelsat Luxembourg SA, (6) |
8.125% | 6/01/23 | N/R | 825 | |||||||||||||||||||
| 129 | McGraw-Hill Education Inc, 144A |
5.750% | 8/01/28 | BB+ | 122,550 | |||||||||||||||||||
| 415 | Univision Communications Inc, 144A |
9.500% | 5/01/25 | B | 439,900 | |||||||||||||||||||
| 6,372 | Total Media |
4,460,566 | ||||||||||||||||||||||
| Metals & Mining – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||
| 320 | First Quantum Minerals Ltd, 144A |
6.875% | 10/15/27 | B | 340,000 | |||||||||||||||||||
| Oil, Gas & Consumable Fuels – 3.3% (2.0% of Total Investments) | ||||||||||||||||||||||||
| 211 | Baytex Energy Corp, 144A |
5.625% | 6/01/24 | B+ | 209,945 | |||||||||||||||||||
| 575 | Callon Petroleum Co |
6.125% | 10/01/24 | B | 575,000 | |||||||||||||||||||
| 1,150 | Citgo Holding Inc, 144A |
9.250% | 8/01/24 | B+ | 1,148,493 | |||||||||||||||||||
| 385 | CITGO Petroleum Corp, 144A |
7.000% | 6/15/25 | BB | 387,887 | |||||||||||||||||||
| 225 | Gulfport Energy Corp, 144A |
8.000% | 5/17/26 | BB- | 241,808 | |||||||||||||||||||
| 340 | Laredo Petroleum Inc |
9.500% | 1/15/25 | B | 346,800 | |||||||||||||||||||
| 250 | Matador Resources Co |
5.875% | 9/15/26 | BB- | 253,443 | |||||||||||||||||||
| 1,012 | NGL Energy Operating LLC / NGL Energy Finance Corp, 144A |
7.500% | 2/01/26 | BB- | 1,028,192 | |||||||||||||||||||
| 150 | NGL Energy Partners LP / NGL Energy Finance Corp |
7.500% | 4/15/26 | CCC+ | 130,944 | |||||||||||||||||||
| 375 | PBF Holding Co LLC / PBF Finance Corp, 144A |
9.250% | 5/15/25 | BB | 366,299 | |||||||||||||||||||
| 750 | PBF Holding Co LLC / PBF Finance Corp |
6.000% | 2/15/28 | B | 526,875 | |||||||||||||||||||
| 5,423 | Total Oil, Gas & Consumable Fuels |
5,215,686 | ||||||||||||||||||||||
| Pharmaceuticals – 0.4% (0.3% of Total Investments) | ||||||||||||||||||||||||
| 450 | Endo Dac / Endo Finance LLC / Endo Finco Inc, 144A |
9.500% | 7/31/27 | Caa2 | 444,465 | |||||||||||||||||||
| 228 | Endo Dac / Endo Finance LLC / Endo Finco Inc, 144A |
6.000% | 6/30/28 | CCC- | 154,370 | |||||||||||||||||||
| 90 | Par Pharmaceutical Inc, 144A |
7.500% | 4/01/27 | B- | 90,562 | |||||||||||||||||||
| 768 | Total Pharmaceuticals |
689,397 | ||||||||||||||||||||||
| Software – 1.2% (0.8% of Total Investments) | ||||||||||||||||||||||||
| 1,900 | Avaya Inc, 144A |
6.125% | 9/15/28 | BB | 1,942,750 | |||||||||||||||||||
| Specialty Retail – 0.1% (0.0% of Total Investments) | ||||||||||||||||||||||||
| 100 | PetSmart Inc / PetSmart Finance Corp, 144A |
7.750% | 2/15/29 | CCC+ | 107,273 | |||||||||||||||||||
| 28,188 | Total Corporate Bonds (cost $25,424,982) |
24,844,075 | ||||||||||||||||||||||
| Shares | Description (1) | Value | ||||||||||||||||||||||
| COMMON STOCKS – 3.4% (2.1% of Total Investments) | ||||||||||||||||||||||||
| Banks – 0.1% (0.0% of Total Investments) | ||||||||||||||||||||||||
| 12,051 | iQor US Inc, (9), (10) |
$ | 90,382 | |||||||||||||||||||||
| Communications Equipment – 0.1% (0.1% of Total Investments) | ||||||||||||||||||||||||
| 5,845 | Windstream Services PE LLC, (9), (10) |
102,287 | ||||||||||||||||||||||
| Construction & Engineering – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||
| 1,438 | TNT Crane & Rigging Inc, (9), (10) |
2,516 | ||||||||||||||||||||||
| 811 | TNT Crane & Rigging Inc, (9), (10) |
13,179 | ||||||||||||||||||||||
| Total Construction & Engineering |
15,695 | |||||||||||||||||||||||
78
| Shares | Description (1) | Value | ||||||||||||||||||||||
| Diversified Consumer Services – 0.1% (0.0% of Total Investments) | ||||||||||||||||||||||||
| 9,343 | Cengage Learning Holdings II Inc, (9), (10) |
$ | 154,159 | |||||||||||||||||||||
| Diversified Telecommunication Services – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||
| 3,347 | Windstream Services PE LLC, (9), (10) |
61,083 | ||||||||||||||||||||||
| Electric Utilities – 0.8% (0.5% of Total Investments) | ||||||||||||||||||||||||
| 25,367 | Energy Harbor Corp, (9), (10), (11) |
1,233,470 | ||||||||||||||||||||||
| Energy Equipment & Services – 0.1% (0.1% of Total Investments) | ||||||||||||||||||||||||
| 28,730 | Transocean Ltd, (10) |
90,499 | ||||||||||||||||||||||
| 3,779 | Vantage Drilling International, (9), (10) |
28,343 | ||||||||||||||||||||||
| Total Energy Equipment & Services |
118,842 | |||||||||||||||||||||||
| Health Care Providers & Services – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||
| 12,290 | Millennium Health LLC, (8), (10) |
6,428 | ||||||||||||||||||||||
| 11,533 | Millennium Health LLC, (8), (10) |
4,878 | ||||||||||||||||||||||
| Total Health Care Providers & Services |
11,306 | |||||||||||||||||||||||
| Hotels, Restaurants & Leisure – 0.1% (0.1% of Total Investments) | ||||||||||||||||||||||||
| 55,426 | 24 Hour Fitness Worldwide Inc, (9) |
103,924 | ||||||||||||||||||||||
| 116,526 | 24 Hour Fitness Worldwide Inc, (9), (10) |
116,526 | ||||||||||||||||||||||
| Total Hotels, Restaurants & Leisure |
220,450 | |||||||||||||||||||||||
| Internet & Direct Marketing Retail – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||
| 1,905 | Catalina Marketing Corp, (9), (10) |
4,286 | ||||||||||||||||||||||
| Marine – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||
| 430 | ACBL HLDG CORP, (9), (10) |
10,750 | ||||||||||||||||||||||
| Media – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||
| 2 | Cumulus Media Inc, (10) |
21 | ||||||||||||||||||||||
| Multiline Retail – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||
| 140 | Belk Inc, (9), (10) |
2,007 | ||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 1.9% (1.2% of Total Investments) | ||||||||||||||||||||||||
| 2,748 | California Resources Corp |
117,120 | ||||||||||||||||||||||
| 22,321 | Fieldwood Energy LLC, (9), (10) |
2,302,791 | ||||||||||||||||||||||
| 8,561 | Whiting Petroleum Corp, (10) |
635,654 | ||||||||||||||||||||||
| Total Oil, Gas & Consumable Fuels |
3,055,565 | |||||||||||||||||||||||
| Professional Services – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||
| 32,859 | Skillsoft Corp, (10) |
243,814 | ||||||||||||||||||||||
| Total Common Stocks (cost $8,077,863) |
5,324,117 | |||||||||||||||||||||||
| Shares | Description (1) | Value | ||||||||||||||||||||||
| WARRANTS – 0.8% (0.5% of Total Investments) |
| |||||||||||||||||||||||
| Communications Equipment – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||
| 8,503 | Avaya Holdings Corp, (9) |
19,217 | ||||||||||||||||||||||
| Marine – 0.1% (0.0% of Total Investments) | ||||||||||||||||||||||||
| 452 | ACBL HLDG CORP, (9) |
11,300 | ||||||||||||||||||||||
| 1,682 | ACBL HLDG CORP, (9) |
42,470 | ||||||||||||||||||||||
| 1,279 | ACBL HLDG CORP, (9) |
34,533 | ||||||||||||||||||||||
| 10,092 | American Commercial Barge Line LLC, (9) |
2,523 | ||||||||||||||||||||||
| Total Marine |
90,826 | |||||||||||||||||||||||
| Industrial Conglomerates – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||
| 7,674 | American Commercial Barge Line LLC, (9) |
2,686 | ||||||||||||||||||||||
79
| JSD | Nuveen Short Duration Credit Opportunities Fund (continued) | |
| Portfolio of Investments January 31, 2022 | ||
| (Unaudited) | ||
80
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| (2) | Senior loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate (Reference Rate) plus an assigned fixed rate (Spread). These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate (“LIBOR”), or (ii) the prime rate offered by one or more major United States banks. Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan. The rate shown is the coupon as of the end of the reporting period. |
| (3) | Senior Loans generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments of senior loans may occur. As a result, the actual remaining maturity of senior loans held may be substantially less than the stated maturities shown. |
| (4) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (5) | Investment, or portion of investment, represents an outstanding unfunded senior loan commitment. |
| (6) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. |
| (7) | Principal Amount (000) rounds to less than $1,000. |
| (8) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. |
| (9) | For fair value measurement disclosure purposes, investment classified as Level 2. |
| (10) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
| (11) | Common Stock received as part of the bankruptcy settlements during February 2020 for Bruce Mansfield Unit 1 2007 Pass Through Trust. |
| (12) | The rate shown is the annualized seven-day subsidized yield as of end of the reporting period. |
| (13) | Borrowings as a percentage of Total Investments is 7.7%. |
| (14) | 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. |
| (15) | Taxable Fund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 27.3%. |
| 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. |
| 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. |
| WI/DD | Purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
81
| JQC | Nuveen Credit Strategies Income Fund
Portfolio of Investments January 31, 2022 | |
| (Unaudited) |
82
83
| JQC | Nuveen Credit Strategies Income Fund (continued) | |
| Portfolio of Investments January 31, 2022 | ||
| (Unaudited) | ||
84
85
| JQC | Nuveen Credit Strategies Income Fund (continued) | |
| Portfolio of Investments January 31, 2022 | ||
| (Unaudited) | ||
86
87
| JQC | Nuveen Credit Strategies Income Fund (continued) | |
| Portfolio of Investments January 31, 2022 | ||
| (Unaudited) | ||
88
| Principal Amount (000) |
Description (1) | Coupon (2) | Reference Rate (2) |
Spread (2) | Maturity (3) | Ratings (4) | Value | |||||||||||||||||||||||
| Media (continued) | ||||||||||||||||||||||||||||||
| $ | 4,280 | Gray Television, Inc., Term Loan C |
2.606% | 1-Month LIBOR | 2.500% | 1/02/26 | BB+ | $ | 4,267,219 | |||||||||||||||||||||
| 12 | Houghton Mifflin Harcourt Publishing Company, Term Loan B |
7.250% | 1-Month LIBOR | 6.250% | 11/22/24 | BB+ | 12,000 | |||||||||||||||||||||||
| 3,406 | iHeartCommunications, Inc., Term Loan |
3.105% | 1-Month LIBOR | 3.000% | 5/01/26 | B+ | 3,393,497 | |||||||||||||||||||||||
| 12 | Intelsat Jackson Holdings S.A., Term Loan B3, (6) |
8.000% | Prime | 4.750% | 11/27/23 | N/R | 12,400 | |||||||||||||||||||||||
| 3,990 | McGraw-Hill Global Education Holdings, LLC, Term Loan |
5.250% | 1-Month LIBOR | 4.750% | 7/30/28 | B2 | 3,985,830 | |||||||||||||||||||||||
| 4,615 | Nexstar Broadcasting, Inc., Term Loan B3 |
2.355% | 1-Month LIBOR | 2.250% | 1/17/24 | BBB- | 4,612,265 | |||||||||||||||||||||||
| 1,725 | Nexstar Broadcasting, Inc., Term Loan B4 |
2.602% | 1-Month LIBOR | 2.500% | 9/19/26 | BBB- | 1,722,256 | |||||||||||||||||||||||
| 970 | Radiate Holdco, LLC, Term Loan B |
4.000% | 1-Month LIBOR | 3.250% | 9/25/26 | B1 | 969,544 | |||||||||||||||||||||||
| 2,656 | Sinclair Television Group Inc., Term Loan B1 |
2.360% | 1-Month LIBOR | 2.250% | 1/03/24 | Ba2 | 2,612,963 | |||||||||||||||||||||||
| 3,809 | Springer Nature Deutschland GmbH, Term Loan B18 |
3.750% | 1-Month LIBOR | 3.000% | 8/14/26 | BB+ | 3,810,488 | |||||||||||||||||||||||
| 13,321 | Virgin Media Bristol LLC, Term Loan N |
2.606% | 3-Month LIBOR | 2.500% | 1/31/28 | BB+ | 13,221,892 | |||||||||||||||||||||||
| 16,916 | Ziggo Financing Partnership, Term Loan I |
2.606% | 1-Month LIBOR | 2.500% | 4/30/28 | BB | 16,729,510 | |||||||||||||||||||||||
| 129,475 | Total Media |
126,695,994 | ||||||||||||||||||||||||||||
| Multiline Retail – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||||
| 328 | Belk, Inc., Term Loan |
8.500% | 3-Month LIBOR | 7.500% | 7/31/25 | B- | 328,009 | |||||||||||||||||||||||
| 1,493 | Belk, Inc., Term Loan, (cash 5.000%, PIK 8.000%) |
13.000% | 3-Month LIBOR | 13.000% | 7/31/25 | CCC- | 1,095,216 | |||||||||||||||||||||||
| 503 | EG America LLC, Term Loan |
4.224% | 3-Month LIBOR | 4.000% | 2/05/25 | B- | 503,058 | |||||||||||||||||||||||
| 2,324 | Total Multiline Retail |
1,926,283 | ||||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 3.0% (1.8% of Total Investments) | ||||||||||||||||||||||||||||||
| 14,704 | Buckeye Partners, L.P., Term Loan B |
2.354% | 1-Month LIBOR | 2.250% | 11/01/26 | BBB- | 14,659,441 | |||||||||||||||||||||||
| 539 | DT Midstream, Inc, Term Loan B |
2.500% | 6-Month LIBOR | 2.000% | 6/10/28 | Baa2 | 541,529 | |||||||||||||||||||||||
| 58 | DT Midstream, Inc, Term Loan B |
2.500% | 3-Month LIBOR | 2.000% | 6/10/28 | Baa2 | 58,829 | |||||||||||||||||||||||
| 3,928 | EG Group Limited, Term Loan B |
4.224% | 3-Month LIBOR | 4.000% | 2/05/25 | B- | 3,925,232 | |||||||||||||||||||||||
| 2,959 | Gulf Finance, LLC, Term Loan, (DD1) |
6.840% | 1-Month LIBOR | 6.750% | 8/25/26 | B | 2,778,633 | |||||||||||||||||||||||
| 990 | Numericable Group SA, Term Loan B11 |
2.750% | 3-Month LIBOR | 2.750% | 7/31/25 | B | 979,838 | |||||||||||||||||||||||
| 1,608 | QuarterNorth Energy Holding, Inc., Exit Term Loan, Second Lien |
9.000% | 3-Month LIBOR | 8.000% | 8/27/26 | B | 1,616,596 | |||||||||||||||||||||||
| 3,000 | TransMontaigne Operating Company L.P., Term Loan B |
4.000% | 6-Month LIBOR | 3.500% | 11/05/28 | BB | 3,007,815 | |||||||||||||||||||||||
| 27,786 | Total Oil, Gas & Consumable Fuels |
27,567,913 | ||||||||||||||||||||||||||||
| Personal Products – 3.0% (1.8% of Total Investments) | ||||||||||||||||||||||||||||||
| 1,746 | Conair Holdings, LLC, Term Loan B |
4.250% | 3-Month LIBOR | 3.750% | 5/17/28 | B1 | 1,747,493 | |||||||||||||||||||||||
| 6,598 | Coty Inc., Term Loan B |
2.354% | 1-Month LIBOR | 2.250% | 4/05/25 | B+ | 6,508,391 | |||||||||||||||||||||||
| 2,104 | Journey Personal Care Corp., Term Loan B |
5.000% | 3-Month LIBOR | 4.250% | 3/01/28 | B | 2,093,903 | |||||||||||||||||||||||
| 5,879 | kdc/one Development Corporation, Inc., Term Loan B |
3.855% | 1-Month LIBOR | 3.750% | 12/21/25 | N/R | 5,821,029 | |||||||||||||||||||||||
| — | (7) | Kronos Acquisition Holdings Inc., Term Loan B |
4.250% | 3-Month LIBOR | 3.750% | 12/22/26 | B2 | 27 | ||||||||||||||||||||||
| 14,821 | Revlon Consumer Products Corporation, Term Loan B, (8) |
4.250% | 3-Month LIBOR | 3.500% | 9/07/23 | CC | 11,657,806 | |||||||||||||||||||||||
| 31,148 | Total Personal Products |
27,828,649 | ||||||||||||||||||||||||||||
| Pharmaceuticals – 4.0% (2.4% of Total Investments) | ||||||||||||||||||||||||||||||
| 10,953 | Bausch Health Companies Inc., Term Loan B |
3.105% | 1-Month LIBOR | 3.000% | 6/02/25 | BB | 10,880,191 | |||||||||||||||||||||||
| 6,375 | Bausch Health Companies Inc., Term Loan B |
2.855% | 1-Month LIBOR | 2.750% | 11/27/25 | BB | 6,370,074 | |||||||||||||||||||||||
| 394 | Catalent Pharma Solutions Inc., Term Loan B3 |
2.500% | 1-Month LIBOR | 2.000% | 2/22/28 | BBB- | 394,682 | |||||||||||||||||||||||
| 4,512 | Endo Luxembourg Finance Company I |
5.750% | 3-Month LIBOR | 5.000% | 3/25/28 | B- | 4,408,842 | |||||||||||||||||||||||
| 2,409 | Gainwell Acquisition Corp., Term Loan B |
4.750% | 3-Month LIBOR | 4.000% | 10/01/27 | BB- | 2,415,048 | |||||||||||||||||||||||
| 5,497 | Jazz Financing Lux S.a.r.l., Term Loan |
3.605% | 1-Month LIBOR | 3.500% | 5/05/28 | BB+ | 5,506,336 | |||||||||||||||||||||||
89
| JQC | Nuveen Credit Strategies Income Fund (continued) | |
| Portfolio of Investments January 31, 2022 | ||
| (Unaudited) | ||
90
91
| JQC | Nuveen Credit Strategies Income Fund (continued) | |
| Portfolio of Investments January 31, 2022 | ||
| (Unaudited) | ||
92
93
| JQC | Nuveen Credit Strategies Income Fund (continued) | |
| Portfolio of Investments January 31, 2022 | ||
| (Unaudited) | ||
| Shares | Description (1) | Value | ||||||||||||||||||||||||||||
| COMMON STOCKS – 1.0% (0.7% of Total Investments) |
| |||||||||||||||||||||||||||||
| Diversified Consumer Services – 0.1% (0.1% of Total Investments) | ||||||||||||||||||||||||||||||
| 41,905 | Cengage Learning Holdings II Inc, (10), (11) |
|
$ | 691,433 | ||||||||||||||||||||||||||
| Electric Utilities – 0.4% (0.3% of Total Investments) | ||||||||||||||||||||||||||||||
| 80,962 | Energy Harbor Corp, (10), (11), (12) |
3,936,777 | ||||||||||||||||||||||||||||
| Energy Equipment & Services – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||||
| 31,358 | Vantage Drilling International, (10), (11) |
235,185 | ||||||||||||||||||||||||||||
| Health Care Providers & Services – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||||
| 211,860 | Millennium Health LLC, (8), (11) |
110,803 | ||||||||||||||||||||||||||||
| 198,883 | Millennium Health LLC, (8), (11) |
84,127 | ||||||||||||||||||||||||||||
| Total Health Care Providers & Services |
194,930 | |||||||||||||||||||||||||||||
| Internet & Direct Marketing Retail – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||||
| 9,796 | Catalina Marketing Corp, (10), (11) |
22,041 | ||||||||||||||||||||||||||||
| Media – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||||
| 8 | Cumulus Media Inc, (11) |
82 | ||||||||||||||||||||||||||||
| 17,987 | Tribune Co, (10), (11) |
180 | ||||||||||||||||||||||||||||
| Total Media |
262 | |||||||||||||||||||||||||||||
| Multiline Retail – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||||
| 196 | Belk Inc, (10), (11) |
2,809 | ||||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 0.4% (0.2% of Total Investments) | ||||||||||||||||||||||||||||||
| 5,773 | California Resources Corp |
246,045 | ||||||||||||||||||||||||||||
| 31,033 | Fieldwood Energy LLC, (10), (11) |
3,201,582 | ||||||||||||||||||||||||||||
| Total Oil, Gas & Consumable Fuels |
3,447,627 | |||||||||||||||||||||||||||||
| Professional Services – 0.1% (0.1% of Total Investments) | ||||||||||||||||||||||||||||||
| 164,471 | Skillsoft Corp, (11) |
1,220,375 | ||||||||||||||||||||||||||||
| Total Common Stocks (cost $16,781,541) |
|
9,751,439 | ||||||||||||||||||||||||||||
| Shares | Description (1) | Value | ||||||||||||||||||||||||||||
| WARRANTS – 0.3% (0.2% of Total Investments) |
| |||||||||||||||||||||||||||||
| Communications Equipment – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||||
| 37,723 | Avaya Holdings Corp, (10) |
$ | 85,254 | |||||||||||||||||||||||||||
| Media – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||||
| 4,644 | Tenerity Inc, (8) |
5 | ||||||||||||||||||||||||||||
| Oil, Gas & Consumable Fuels – 0.3% (0.2% of Total Investments) | ||||||||||||||||||||||||||||||
| 629 | California Resources Corp |
9,435 | ||||||||||||||||||||||||||||
| 17,602 | Fieldwood Energy LLC, (10) |
1,815,945 | ||||||||||||||||||||||||||||
| 37,801 | Fieldwood Energy LLC, (10) |
306,831 | ||||||||||||||||||||||||||||
| 72,802 | Fieldwood Energy LLC, (10) |
383,448 | ||||||||||||||||||||||||||||
| Total Oil, Gas & Consumable Fuels |
2,515,659 | |||||||||||||||||||||||||||||
| Entertainment – 0.0% (0.0% of Total Investments) | ||||||||||||||||||||||||||||||
| 266,347 | Cineworld Warrant, (10) |
40,751 | ||||||||||||||||||||||||||||
| Total Warrants (cost $6,752,229) |
2,641,669 | |||||||||||||||||||||||||||||
94
95
| JQC | Nuveen Credit Strategies Income Fund (continued) | |
| Portfolio of Investments January 31, 2022 | ||
| (Unaudited) | ||
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| (2) | Senior loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate (Reference Rate) plus an assigned fixed rate (Spread). These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate (“LIBOR”), or (ii) the prime rate offered by one or more major United States banks. Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan. The rate shown is the coupon as of the end of the reporting period. |
| (3) | Senior Loans generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments of senior loans may occur. As a result, the actual remaining maturity of senior loans held may be substantially less than the stated maturities shown. |
| (4) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (5) | Investment, or portion of investment, represents an outstanding unfunded senior loan commitment. |
| (6) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. |
| (7) | Principal Amount (000) rounds to less than $1,000. |
| (8) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. |
| (9) | 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 $164,126,683 have been pledged as collateral for reverse repurchase agreements. |
| (10) | For fair value measurement disclosure purposes, investment classified as Level 2. |
| (11) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
| (12) | Common Stock received as part of the bankruptcy settlements during February 2020 for Bruce Mansfield Unit 1 2007 Pass Through Trust. |
| (13) | Borrowings as a percentage of Total Investments is 26.4%. |
| (14) | 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. |
| (15) | Reverse Repurchase Agreements, including accrued interest as a percentage of Total Investments is 9.3%. |
| 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 |
| 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. |
| WI/DD | Purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
96
Statement of Assets and Liabilities
January 31, 2022
(Unaudited)
| NSL | JFR | JRO | JSD | JQC | ||||||||||||||||
| Assets |
||||||||||||||||||||
| Long-term investments, at value (cost $378,473,881, $957,315,671, |
||||||||||||||||||||
| $669,454,727, $252,174,899 and $1,541,409,177, respectively) |
$ | 372,993,959 | $ | 947,590,620 | $ | 661,940,497 | $ | 249,102,839 | $ | 1,525,225,145 | ||||||||||
| Short-term investments, at value (cost approximates value) |
1,638,927 | 13,249,060 | — | 5,600,310 | — | |||||||||||||||
| Cash |
— | 7,757 | — | — | — | |||||||||||||||
| Receivable for: |
||||||||||||||||||||
| Interest |
2,742,714 | 5,661,320 | 4,575,546 | 1,575,230 | 10,141,207 | |||||||||||||||
| Investments sold |
20,464,639 | 30,722,078 | 35,362,395 | 8,946,700 | 44,377,685 | |||||||||||||||
| Reclaims |
— | — | — | — | 16,645 | |||||||||||||||
| Other assets |
137,343 | 297,455 | 151,023 | 96,912 | 559,195 | |||||||||||||||
| Total assets |
397,977,582 | 997,528,290 | 702,029,461 | 265,321,991 | 1,580,319,877 | |||||||||||||||
| Liabilities |
||||||||||||||||||||
| Borrowings |
94,300,000 | 238,400,000 | 164,500,000 | 19,500,000 | 402,000,000 | |||||||||||||||
| Reverse repurchase agreements, including accrued interest |
— | — | — | — | 142,465,843 | |||||||||||||||
| Cash overdraft |
— | — | 215,220 | — | 24,222,403 | |||||||||||||||
| Cash overdraft denominated in foreign currencies (cost $—, $—, $—, $55 and $—, respectively) |
— | — | — | 51 | — | |||||||||||||||
| Payable for: |
||||||||||||||||||||
| Dividends |
1,282,071 | 3,279,661 | 2,303,837 | 853,797 | 5,145,329 | |||||||||||||||
| Investments purchased – regular settlement |
3,851,678 | 3,466,783 | 3,862,518 | 1,171,003 | 4,881,584 | |||||||||||||||
| Investments purchased – when-issued/delayed-delivery settlement |
22,292,934 | 59,323,145 | 37,693,330 | 16,747,493 | 70,691,971 | |||||||||||||||
| Unfunded senior loans |
616,631 | 1,347,375 | 1,018,543 | 365,475 | 1,382,905 | |||||||||||||||
| Taxable Fund Preferred (“TFP”) Shares, net of deferred offering costs (liquidation preference $40,000,000, $100,000,000, $75,000,000, $70,000,000 and $—, respectively) |
39,592,273 | 99,348,218 | 74,691,988 | 69,606,350 | — | |||||||||||||||
| Accrued expenses: |
||||||||||||||||||||
| Interest |
74,553 | 186,813 | 115,391 | 17,030 | 456,206 | |||||||||||||||
| Management fees |
253,137 | 626,800 | 445,955 | 168,529 | 1,014,323 | |||||||||||||||
| Trustees fees |
118,527 | 224,313 | 142,429 | 26,900 | 574,232 | |||||||||||||||
| Other |
152,828 | 596,976 | 191,277 | 124,412 | 675,883 | |||||||||||||||
| Total liabilities |
162,534,632 | 406,800,084 | 285,180,488 | 108,581,040 | 653,510,679 | |||||||||||||||
| Commitments and contingencies (as disclosed in Note 8) |
||||||||||||||||||||
| Net Assets applicable to common shares |
$ | 235,442,950 | $ | 590,728,206 | $ | 416,848,973 | $ | 156,740,951 | $ | 926,809,198 | ||||||||||
| Common shares outstanding |
38,611,472 | 56,918,468 | 40,541,218 | 10,085,648 | 135,609,290 | |||||||||||||||
| Net asset value (“NAV”) per common share outstanding |
$ | 6.10 | $ | 10.38 | $ | 10.28 | $ | 15.54 | $ | 6.83 | ||||||||||
| Net assets applicable to common shares consist of: |
||||||||||||||||||||
| Common shares, $0.01 par value per share |
$ | 386,115 | $ | 569,185 | $ | 405,412 | $ | 100,856 | $ | 1,356,093 | ||||||||||
| Paid-in-surplus |
286,877,671 | 707,413,061 | 502,096,361 | 191,046,401 | 1,168,703,452 | |||||||||||||||
| Total distributable earnings (loss) |
(51,820,836 | ) | (117,254,040 | ) | (85,652,800 | ) | (34,406,306 | ) | (243,250,347 | ) | ||||||||||
| Net assets applicable to common shares |
$ | 235,442,950 | $ | 590,728,206 | $ | 416,848,973 | $ | 156,740,951 | $ | 926,809,198 | ||||||||||
| Authorized shares: |
||||||||||||||||||||
| Common |
Unlimited | Unlimited | Unlimited | Unlimited | Unlimited | |||||||||||||||
| Preferred |
Unlimited | Unlimited | Unlimited | Unlimited | Unlimited | |||||||||||||||
See accompanying notes to financial statements.
97
Six Months Ended January 31, 2022 (Unaudited) Investment Income Interest and dividends Fees Total investment income Expenses Management fees Interest expense and amortization of offering costs Liquidity fees Remarketing fees Custodian fees Trustees fees Professional fees Shareholder reporting expenses Shareholder servicing agent fees Stock exchange listing fees Investor relations expenses Other Total expenses Net investment income (loss) Realized and Unrealized Gain (Loss) Net realized gain (loss) from investments and foreign currency Change in net unrealized appreciation (depreciation) of investments and foreign currency Net realized and unrealized gain (loss) Net increase (decrease) in net assets applicable to common shares
from operations
NSL
JFR
JRO
JSD
JQC
$
8,185,928
$
20,242,214
$
14,425,584
$
5,634,983
$
31,599,139
240,880
572,068
435,996
154,195
461,878
8,426,808
20,814,282
14,861,580
5,789,178
32,061,017
1,504,142
3,722,919
2,649,210
1,001,482
6,034,940
735,512
1,268,677
1,262,958
199,187
3,261,696
—
442,481
—
302,449
—
—
51,112
—
35,777
—
64,791
122,765
97,643
50,977
163,343
5,445
13,631
9,620
3,629
21,833
52,664
76,861
61,149
54,886
271,365
23,571
40,681
32,359
12,371
121,631
565
2,097
2,771
613
4,157
5,673
8,363
5,957
3,583
19,926
38,196
75,053
59,410
15,064
176,127
43,242
25,116
27,121
27,378
26,916
2,473,801
5,849,756
4,208,198
1,707,396
10,101,934
5,953,007
14,964,526
10,653,382
4,081,782
21,959,083
(1,696,267
)
(4,046,628
)
(2,518,636
)
(1,812,534
)
(6,608,050
)
3,848,880
10,148,915
6,398,519
3,214,108
6,685,841
2,152,613
6,102,287
3,879,883
1,401,574
77,791
$
8,105,620
$
21,066,813
$
14,533,265
$
5,483,356
$
22,036,874
See accompanying notes to financial statements.
98
Statement of Changes in Net Assets
| NSL | JFR | |||||||||||||||
| Unaudited Six Months Ended |
Year |
Unaudited Six Months Ended |
Year |
|||||||||||||
| Operations |
||||||||||||||||
| Net investment income (loss) |
$ | 5,953,007 | $ | 12,511,395 | $ | 14,964,526 | $ | 30,818,550 | ||||||||
| Net realized gain (loss) from: |
||||||||||||||||
| Investments and foreign currency |
(1,696,267 | ) | (6,289,690 | ) | (4,046,628 | ) | (13,015,328 | ) | ||||||||
| Swaps |
— | — | — | 700,593 | ||||||||||||
| Change in net unrealized appreciation (depreciation) of: |
||||||||||||||||
| Investments and foreign currency |
3,848,880 | 30,109,941 | 10,148,915 | 72,362,728 | ||||||||||||
| Swaps |
— | — | — | (712,604 | ) | |||||||||||
| Net increase (decrease) in net assets applicable to common shares from operations |
8,105,620 | 36,331,646 | 21,066,813 | 90,153,939 | ||||||||||||
| Distributions to Common Shareholders |
||||||||||||||||
| Dividends |
(7,876,740 | ) | (14,807,499 | ) | (19,807,627 | ) | (35,545,583 | ) | ||||||||
| Return of Capital |
— | — | — | — | ||||||||||||
| Decrease in net assets applicable to common shares from distributions to common shareholders |
(7,876,740 | ) | (14,807,499 | ) | (19,807,627 | ) | (35,545,583 | ) | ||||||||
| Net increase (decrease) in net assets applicable to common shares |
228,880 | 21,524,147 | 1,259,186 | 54,608,356 | ||||||||||||
| Net assets applicable to common shares at the beginning of period |
235,214,070 | 213,689,923 | 589,469,020 | 534,860,664 | ||||||||||||
| Net assets applicable to common shares at the end of period |
$ | 235,442,950 | $ | 235,214,070 | $ | 590,728,206 | $ | 589,469,020 | ||||||||
See accompanying notes to financial statements.
99
Statement of Changes in Net Assets (continued)
| JRO | JSD | |||||||||||||||
| Unaudited Six Months Ended |
Year |
Unaudited Six Months Ended |
Year |
|||||||||||||
| Operations |
||||||||||||||||
| Net investment income (loss) |
$ | 10,653,382 | $ | 21,709,499 | $ | 4,081,782 | $ | 8,086,949 | ||||||||
| Net realized gain (loss) from: |
||||||||||||||||
| Investments and foreign currency |
(2,518,636 | ) | (9,129,575 | ) | (1,812,534 | ) | (4,645,577 | ) | ||||||||
| Swaps |
— | 573,213 | — | — | ||||||||||||
| Change in net unrealized appreciation (depreciation) of: |
||||||||||||||||
| Investments and foreign currency |
6,398,519 | 51,259,397 | 3,214,108 | 21,559,851 | ||||||||||||
| Swaps |
— | (583,039 | ) | — | — | |||||||||||
| Net increase (decrease) in net assets applicable to common shares from operations |
14,533,265 | 63,829,495 | 5,483,356 | 25,001,223 | ||||||||||||
| Distributions to Common Shareholders |
||||||||||||||||
| Dividends |
(13,986,720 | ) | (24,932,849 | ) | (5,234,451 | ) | (9,490,595 | ) | ||||||||
| Return of Capital |
— | — | — | — | ||||||||||||
| Decrease in net assets applicable to common shares from distributions to common shareholders |
(13,986,720 | ) | (24,932,849 | ) | (5,234,451 | ) | (9,490,595 | ) | ||||||||
| Net increase (decrease) in net assets applicable to common shares |
546,545 | 38,896,646 | 248,905 | 15,510,628 | ||||||||||||
| Net assets applicable to common shares at the beginning of period |
416,302,428 | 377,405,782 | 156,492,046 | 140,981,418 | ||||||||||||
| Net assets applicable to common shares at the end of period |
$ | 416,848,973 | $ | 416,302,428 | $ | 156,740,951 | $ | 156,492,046 | ||||||||
See accompanying notes to financial statements.
100
| JQC | ||||||||
| Unaudited Six Months Ended |
Year |
|||||||
| Operations |
||||||||
| Net investment income (loss) |
$ | 21,959,083 | $ | 43,882,774 | ||||
| Net realized gain (loss) from: |
||||||||
| Investments and foreign currency |
(6,608,050 | ) | (6,889,132 | ) | ||||
| Swaps |
— | — | ||||||
| Change in net unrealized appreciation (depreciation) of: |
||||||||
| Investments and foreign currency |
6,685,841 | 83,403,124 | ||||||
| Swaps |
— | — | ||||||
| Net increase (decrease) in net assets applicable to common shares from operations |
22,036,874 | 120,396,766 | ||||||
| Distributions to Common Shareholders |
||||||||
| Dividends |
(32,939,497 | ) | (40,633,984 | ) | ||||
| Return of Capital |
— | (74,850,888 | ) | |||||
| Decrease in net assets applicable to common shares from distributions to common shareholders |
(32,939,497 | ) | (115,484,872 | ) | ||||
| Net increase (decrease) in net assets applicable to common shares |
(10,902,623 | ) | 4,911,894 | |||||
| Net assets applicable to common shares at the beginning of period |
937,711,821 | 932,799,927 | ||||||
| Net assets applicable to common shares at the end of period |
$ | 926,809,198 | $ | 937,711,821 | ||||
See accompanying notes to financial statements.
101
Six Months Ended January 31, 2022 (Unaudited) Cash Flows from Operating Activities: Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations 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 Proceeds from sales and maturities of investments Proceeds from (Purchase of) short-term investments, net Payment-in-kind
distributions Amortization (Accretion) of premiums and discounts, net Amortization of deferred offering costs (Increase) Decrease in: Receivable for interest Receivable for investments sold Other assets Increase (Decrease) in: Investments purchased – regular settlement Investments purchased – when-issued/delayed-delivery settlement Payable for unfunded senior loans Accrued management fees Accrued interest Accrued Trustees fees Accrued other expenses Net realized (gain) loss from investments and foreign currency Change in net unrealized appreciation (depreciation) of investments
and foreign currency Net cash provided by (used in) operating activities Cash Flow from Financing Activities: Increase (Decrease) in cash overdraft Cash distributions paid to common shareholders Net cash provided by (used in) financing activities Net Increase (Decrease) in Cash Cash at the beginning of period Cash at the end of period Cash paid for interest (excluding borrowing and amortization of
offering costs)
NSL
JFR
JRO
JSD
JQC
$
8,105,620
$
21,066,813
$
14,533,265
$
5,483,356
$
22,036,874
(85,688,078
)
(222,697,765
)
(141,601,590
)
(57,106,061
)
(298,204,149
)
77,608,897
199,128,034
127,929,303
51,460,010
282,277,229
8,777,845
27,008,825
26,360,204
5,099,058
13,396,077
(213,811
)
(443,019
)
(350,108
)
(145,307
)
(914,482
)
(737,291
)
(1,848,064
)
(1,220,500
)
(531,229
)
(1,830,106
)
23,480
36,833
17,574
25,594
—
(517,145
)
(856,083
)
(779,004
)
(197,041
)
(1,679,817
)
(954,794
)
3,215,006
(3,532,997
)
44,991
4,739,467
(20,854
)
33,878
(13,552
)
(9,644
)
(23,293
)
3,018,455
1,300,896
2,477,302
603,494
(3,919,827
)
994,379
(142,096
)
(5,215,320
)
1,897,725
(9,268,085
)
(1,080,293
)
(727,183
)
(2,091,237
)
(183,537
)
(458,857
)
114
535
299
51
(7,556
)
(727
)
637
(12,229
)
1,633
371,460
6,094
12,980
8,321
1,672
32,150
(9,120
)
41,666
8,322
1,927
83,608
1,696,267
4,046,628
2,518,636
1,812,534
6,608,050
(3,848,880
)
(10,148,915
)
(6,398,519
)
(3,214,108
)
(6,685,841
)
7,160,158
19,029,606
12,638,170
5,045,118
6,552,902
—
—
215,220
—
24,222,403
(7,879,926
)
(19,808,984
)
(13,986,316
)
(5,219,096
)
(34,565,714
)
(7,879,926
)
(19,808,984
)
(13,771,096
)
(5,219,096
)
(10,343,311
)
(719,768
)
(779,378
)
(1,132,926
)
(173,978
)
(3,790,409
)
719,768
787,135
1,132,926
173,978
3,790,409
$
—
$
7,757
$
—
$
—
$
—
Supplemental Disclosure of Cash Flow Information
$
703,170
$
1,186,737
$
1,257,429
$
155,996
$
2,888,769
See accompanying notes to financial statements.
102
THIS PAGE INTENTIONALLY LEFT BLANK
103
Selected data for a share outstanding throughout each period:
104
| Common Share Supplemental Data/ Ratios Applicable to Common Shares |
||||||||||||||||||||||
| Common Share Total Returns |
Ratios to Average Net Assets(c) | |||||||||||||||||||||
| Based on NAV(b) |
Based |
Ending Net Assets (000) |
Expenses | Net Investment Income (Loss) |
Portfolio Turnover Rate(d) |
|||||||||||||||||
| 3.54 | % | 6.55 | % | $ | 235,443 | 2.07 | %** | 4.98 | %** | 21 | % | |||||||||||
| 17.48 | 28.97 | 235,214 | 2.20 | 5.49 | 43 | |||||||||||||||||
| (9.89 | ) | (12.19 | ) | 213,690 | 3.05 | 6.28 | 43 | |||||||||||||||
| 1.81 | 3.60 | 254,487 | 3.26 | 6.77 | 31 | |||||||||||||||||
| 5.91 | (3.78 | ) | 266,752 | 2.90 | 6.24 | 29 | ||||||||||||||||
| 10.22 | 17.00 | 269,083 | 2.64 | 6.70 | 55 | |||||||||||||||||
| 3.58 | 9.51 | 590,728 | 1.95 | ** | 4.99 | ** | 21 | |||||||||||||||
| 17.36 | 30.14 | 589,469 | 2.20 | 5.39 | 43 | |||||||||||||||||
| (8.82 | ) | (10.98 | ) | 534,861 | 3.01 | 5.93 | 44 | |||||||||||||||
| 2.03 | 1.98 | 628,218 | 3.43 | 6.25 | 32 | |||||||||||||||||
| 5.01 | (6.64 | ) | 657,157 | 2.99 | 5.68 | 29 | ||||||||||||||||
| 10.76 | 18.63 | 663,863 | 2.63 | 6.28 | 59 | |||||||||||||||||
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
| (b) | Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized. |
Total Return Based on Common Share Price is the combination of changes in the market price per common share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
| (c) | • | Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares (as described in Note 5 – Fund Shares) and/or borrowings (as described in Note 9 – Fund Leverage), where applicable. | ||
| • | Each ratio includes the effect of all interest expense paid and other costs related to preferred shares and/or borrowings, where applicable, as follows: |
| Ratios of Interest Expense to Average Net Assets Applicable to Common Shares |
||||
| NSL |
| |||
| Year Ended 7/31: |
| |||
| 2022(e) |
0.62 | %** | ||
| 2021 |
0.73 | |||
| 2020 |
1.60 | |||
| 2019 |
1.84 | |||
| 2018 |
1.46 | |||
| 2017 |
1.19 | |||
| Ratios of Interest Expense to Average Net Assets Applicable to Common Shares |
||||
| JFR |
| |||
| Year Ended 7/31: |
| |||
| 2022(e) |
0.59 | %** | ||
| 2021 |
0.82 | |||
| 2020 |
1.64 | |||
| 2019 |
2.07 | |||
| 2018 |
1.61 | |||
| 2017 |
1.24 | |||
| (d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
| (e) | Unaudited. For the six months ended January 31, 2022. |
| * | Rounds to less than $0.01 per share. |
| ** | Annualized. |
See accompanying notes to financial statements.
105
Financial Highlights (continued)
Selected data for a share outstanding throughout each period:
| Investment Operations | Less Distributions to Common Shareholders |
Common Share | ||||||||||||||||||||||||||||||||||||||||||
| Beginning Common Share NAV |
Net Investment Income (Loss)(a) |
Net Realized/ Unrealized Gain (Loss) |
Total | From Net Investment Income |
From Accumu lated Net Realized Gains |
Total | Discount Per |
Premium Per Shares Sold through Shelf Offering |
Ending NAV |
Ending Share Price |
||||||||||||||||||||||||||||||||||
| JRO |
| |||||||||||||||||||||||||||||||||||||||||||
| Year Ended 7/31: |
||||||||||||||||||||||||||||||||||||||||||||
| 2022(e) |
$ | 10.27 | $ | 0.26 | $ | 0.10 | $ | 0.36 | $ | (0.35 | ) | $ | — | $ | (0.35 | ) | $ | — | $ | — | $ | 10.28 | $ | 10.18 | ||||||||||||||||||||
| 2021 |
9.31 | 0.54 | 1.04 | 1.58 | (0.62 | ) | — | (0.62 | ) | — | — | 10.27 | 9.69 | |||||||||||||||||||||||||||||||
| 2020 |
10.94 | 0.59 | (1.53 | ) | (0.94 | ) | (0.69 | ) | — | (0.69 | ) | — | — | 9.31 | 7.97 | |||||||||||||||||||||||||||||
| 2019 |
11.47 | 0.70 | (0.49 | ) | 0.21 | (0.74 | ) | — | (0.74 | ) | — | * | — | 10.94 | 9.70 | |||||||||||||||||||||||||||||
| 2018 |
11.70 | 0.66 | (0.09 | ) | 0.57 | (0.80 | ) | — | (0.80 | ) | — | — | * | 11.47 | 10.23 | |||||||||||||||||||||||||||||
| 2017 |
11.31 | 0.76 | 0.45 | 1.21 | (0.83 | ) | — | (0.83 | ) | — | 0.01 | 11.70 | 11.87 | |||||||||||||||||||||||||||||||
| JSD |
| |||||||||||||||||||||||||||||||||||||||||||
| Year Ended 7/31: |
||||||||||||||||||||||||||||||||||||||||||||
| 2022(e) |
15.52 | 0.40 | 0.14 | 0.54 | (0.52 | ) | — | (0.52 | ) | — | — | 15.54 | 14.90 | |||||||||||||||||||||||||||||||
| 2021 |
13.98 | 0.80 | 1.68 | 2.48 | (0.94 | ) | — | (0.94 | ) | — | — | 15.52 | 14.40 | |||||||||||||||||||||||||||||||
| 2020 |
16.89 | 0.96 | (2.79 | ) | (1.83 | ) | (1.08 | ) | — | (1.08 | ) | — | * | — | 13.98 | 11.64 | ||||||||||||||||||||||||||||
| 2019 |
17.92 | 1.19 | (0.98 | ) | 0.21 | (1.24 | ) | — | (1.24 | ) | — | — | 16.89 | 15.36 | ||||||||||||||||||||||||||||||
| 2018 |
18.07 | 1.19 | (0.04 | ) | 1.15 | (1.30 | ) | — | (1.30 | ) | — | — | 17.92 | 16.67 | ||||||||||||||||||||||||||||||
| 2017 |
17.49 | 1.29 | 0.54 | 1.83 | (1.25 | ) | — | (1.25 | ) | — | — | * | 18.07 | 17.75 | ||||||||||||||||||||||||||||||
106
| Common Share Supplemental Data/ Ratios Applicable to Common Shares |
||||||||||||||||||||||
| Common Share Total Returns |
Ratios to Average Net Assets(c) | |||||||||||||||||||||
| Based on NAV(b) |
Based |
Ending Net Assets (000) |
Expenses | Net Investment Income (Loss) |
Portfolio Turnover Rate(d) |
|||||||||||||||||
| 3.48 | % | 8.71 | % | $ | 416,849 | 1.99 | %** | 5.04 | %** | 20 | % | |||||||||||
| 17.42 | 30.14 | 416,302 | 2.19 | 5.39 | 41 | |||||||||||||||||
| (8.91 | ) | (11.13 | ) | 377,406 | 3.07 | 5.85 | 43 | |||||||||||||||
| 1.94 | 2.19 | 443,700 | 3.31 | 6.37 | 34 | |||||||||||||||||
| 5.06 | (7.38 | ) | 465,378 | 2.99 | 5.77 | 30 | ||||||||||||||||
| 11.06 | 18.92 | 465,161 | 2.68 | 6.57 | 57 | |||||||||||||||||
| 3.50 | 7.10 | 156,741 | 2.15 | ** | 5.13 | ** | 21 | |||||||||||||||
| 18.24 | 32.61 | 156,492 | 2.37 | 5.35 | 45 | |||||||||||||||||
| (11.19 | ) | (17.88 | ) | 140,981 | 3.31 | 6.27 | 40 | |||||||||||||||
| 1.30 | (0.30 | ) | 170,487 | 3.45 | 6.89 | 33 | ||||||||||||||||
| 6.66 | 1.33 | 180,884 | 2.96 | 6.69 | 29 | |||||||||||||||||
| 10.68 | 17.91 | 182,468 | 2.52 | 7.18 | 58 | |||||||||||||||||
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
| (b) | Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized. |
| Total Return Based on Common Share Price is the combination of changes in the market price per common share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. |
| (c) | • | Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares (as described in Note 5 – Fund Shares) and/or borrowings (as described in Note 9 – Fund Leverage), where applicable. | ||
| • | Each ratio includes the effect of all interest expense paid and other costs related to preferred shares and/or borrowings, where applicable, as follows: |
| Ratios of Interest Expense to Average Net Assets Applicable to Common Shares |
||||
| JRO |
| |||
| Year Ended 7/31: |
| |||
| 2022(e) |
0.60 | %** | ||
| 2021 |
0.79 | |||
| 2020 |
1.68 | |||
| 2019 |
1.94 | |||
| 2018 |
1.59 | |||
| 2017 |
1.27 | |||
| Ratios of Interest Expense to Average Net Assets Applicable to Common Shares |
||||
| JSD |
| |||
| Year Ended 7/31: |
| |||
| 2022(e) |
0.68 | %** | ||
| 2021 |
0.70 | |||
| 2020 |
1.70 | |||
| 2019 |
2.00 | |||
| 2018 |
1.44 | |||
| 2017 |
1.07 | |||
| (d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
| (e) | Unaudited. For the six months ended January 31, 2022. |
| * | Rounds to less than $0.01 per share. |
| ** | Annualized. |
See accompanying notes to financial statements.
107
Financial Highlights (continued)
Selected data for a share outstanding throughout each period:
108
| Common Share Supplemental Data/ Ratios Applicable to Common Shares |
||||||||||||||||||||||
| Common Share Total Returns |
Ratios to Average Net Assets(c) | |||||||||||||||||||||
| Based on NAV(b) |
Based on Share Price(b) |
Ending Net Assets (000) |
Expenses | Net Investment Income (Loss) |
Portfolio Turnover Rate(d) |
|||||||||||||||||
| 2.38 | % | 2.83 | % | $ | 926,809 | 2.14 | %** | 4.65 | %** | 19 | % | |||||||||||
| 13.42 | 26.98 | 937,712 | 2.22 | 4.64 | 43 | |||||||||||||||||
| (5.91 | ) | (9.54 | ) | 932,800 | 3.11 | 5.11 | 52 | |||||||||||||||
| 3.43 | 9.33 | 1,151,777 | 3.42 | 5.25 | 59 | |||||||||||||||||
| 3.64 | (3.09 | ) | 1,237,262 | 3.01 | 4.84 | 45 | ||||||||||||||||
| 7.70 | 10.75 | 1,265,447 | 2.57 | 5.59 | 46 | |||||||||||||||||
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
| (b) | Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized. |
Total Return Based on Common Share Price is the combination of changes in the market price per common share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
| (c) | • | Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to reverse repurchase agreements and borrowings (as described in Note 9 – Fund Leverage), where applicable. | ||
| • | Each ratio includes the effect of all interest expense and other costs related to reverse repurchase agreements and borrowings, where applicable, as follows: |
| JQC | Ratios of Interest Expense to Average Net Assets Applicable to Common Shares |
|||
| Year Ended 7/31: |
| |||
| 2022(e) |
0.69 | %** | ||
| 2021 |
0.80 | |||
| 2020 |
1.72 | |||
| 2019 |
2.08 | |||
| 2018 |
1.67 | |||
| 2017 |
1.23 | |||
| (d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
| (e) | Unaudited. For the six months ended January 31, 2022. |
| * | Rounds to less than $0.01 per share. |
| ** | Annualized. |
See accompanying notes to financial statements.
109
Financial Highlights (continued)
Selected data for a share outstanding throughout each period:
| Borrowings at the End of Period |
TFP Shares at the End of Period |
Term Preferred at the End of Period |
Borrowings, TFP Shares, and/or Term Preferred at the End of Period |
|||||||||||||||||||||||||
| Aggregate Amount Outstanding (000) |
Asset Coverage Per $1,000 Share |
Aggregate Amount Outstanding (000) |
Asset Coverage Per $1,000 Share |
Aggregate Amount Outstanding (000) |
Asset Coverage Per $1,000 Share |
Asset Coverage Per $1 Liquidation Preference |
||||||||||||||||||||||
| NSL |
|
|||||||||||||||||||||||||||
| Year Ended 7/31: |
||||||||||||||||||||||||||||
| 2022(a) |
$ | 94,300 | $ | 3,921 | $ | 40,000 | $ | 2,753 | $ | — | $ | — | $ | 2.75 | ||||||||||||||
| 2021 |
94,300 | 3,918 | 40,000 | 2,751 | — | — | 2.75 | |||||||||||||||||||||
| 2020 |
86,200 | 3,862 | — | — | 33,000 | 2,793 | 2.79 | |||||||||||||||||||||
| 2019 |
114,000 | 3,610 | — | — | 43,000 | 2,621 | 2.62 | |||||||||||||||||||||
| 2018 |
114,000 | 3,717 | — | — | 43,000 | 2,699 | 2.70 | |||||||||||||||||||||
| 2017 |
114,000 | 3,738 | — | — | 43,000 | 2,714 | 2.71 | |||||||||||||||||||||
| JFR |
|
|||||||||||||||||||||||||||
| Year Ended 7/31: |
||||||||||||||||||||||||||||
| 2022(a) |
238,400 | 3,897 | 100,000 | 2,746 | — | — | 2.75 | |||||||||||||||||||||
| 2021 |
238,400 | 3,892 | 100,000 | 2,742 | — | — | 2.74 | |||||||||||||||||||||
| 2020 |
208,100 | 4,003 | — | — | 90,000 | 2,794 | 2.79 | |||||||||||||||||||||
| 2019 |
264,500 | 3,810 | — | — | 115,000 | 2,655 | 2.66 | |||||||||||||||||||||
| 2018 |
254,300 | 4,077 | — | — | 125,200 | 2,732 | 2.73 | |||||||||||||||||||||
| 2017 |
254,300 | 4,103 | — | — | 125,200 | 2,749 | 2.75 | |||||||||||||||||||||
| JRO |
|
|||||||||||||||||||||||||||
| Year Ended 7/31: |
||||||||||||||||||||||||||||
| 2022(a) |
164,500 | 3,990 | 75,000 | 2,740 | — | — | 2.74 | |||||||||||||||||||||
| 2021 |
164,500 | 3,987 | 75,000 | 2,738 | — | — | 2.74 | |||||||||||||||||||||
| 2020 |
164,900 | 3,562 | — | — | 45,000 | 2,798 | 2.80 | |||||||||||||||||||||
| 2019 |
178,800 | 3,951 | — | — | 84,000 | 2,688 | 2.69 | |||||||||||||||||||||
| 2018 |
178,800 | 4,073 | — | — | 84,000 | 2,771 | 2.77 | |||||||||||||||||||||
| 2017 |
178,800 | 4,071 | — | — | 84,000 | 2,770 | 2.77 | |||||||||||||||||||||
| JSD |
|
|||||||||||||||||||||||||||
| Year Ended 7/31: |
||||||||||||||||||||||||||||
| 2022(a) |
19,500 | 12,628 | 70,000 | 2,751 | — | — | 2.75 | |||||||||||||||||||||
| 2021 |
19,500 | 12,615 | 70,000 | 2,749 | — | — | 2.75 | |||||||||||||||||||||
| 2020 |
8,500 | 25,821 | 70,000 | 2,796 | — | — | 2.80 | |||||||||||||||||||||
| 2019 |
72,000 | 3,854 | — | — | 35,000 | 2,593 | 2.59 | |||||||||||||||||||||
| 2018 |
72,000 | 3,998 | — | — | 35,000 | 2,691 | 2.69 | |||||||||||||||||||||
| 2017 |
72,000 | 4,020 | — | — | 35,000 | 2,705 | 2.71 | |||||||||||||||||||||
| JQC |
|
|||||||||||||||||||||||||||
| Year Ended 7/31: |
||||||||||||||||||||||||||||
| 2022(a) |
402,000 | 3,305 | — | — | — | — | — | |||||||||||||||||||||
| 2021 |
402,000 | 3,333 | — | — | — | — | — | |||||||||||||||||||||
| 2020 |
402,000 | 3,320 | — | — | — | — | — | |||||||||||||||||||||
| 2019 |
480,000 | 3,400 | — | — | — | — | — | |||||||||||||||||||||
| 2018 |
561,000 | 3,205 | — | — | — | — | — | |||||||||||||||||||||
| 2017 |
561,000 | 3,256 | — | — | — | — | — | |||||||||||||||||||||
| (a) | Unaudited. For the six months ended January 31, 2022. |
110
(Unaudited)
1. General Information
Fund Information
The funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) symbols are as follows (each a “Fund” and collectively, the “Funds”):
| • | Nuveen Senior Income Fund (NSL) |
| • | Nuveen Floating Rate Income Fund (JFR) |
| • | Nuveen Floating Rate Income Opportunity Fund (JRO) |
| • | Nuveen Short Duration Credit Opportunities Fund (JSD) |
| • | Nuveen Credit Strategies Income Fund (JQC) |
The Funds are registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as diversified closed-end management investment companies. NSL, JFR, JRO, JSD and JQC were organized as Massachusetts business trusts on August 13, 1999, January 15, 2004, April 27, 2004, January 3, 2011 and May 17, 2003, respectively.
The end of the reporting period for the Funds is January 31, 2022, and the period covered by these Notes to Financial Statements is the six months ended January 31, 2022 (the “current fiscal period”).
Investment Adviser and Sub-Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds’ portfolios, manages the Funds’ business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into a sub-advisory agreement with Nuveen Asset Management, LLC (the “Sub-Adviser”), also an affiliate of the Adviser, under which the Sub-Adviser manages the Fund’s investment portfolio.
Developments Regarding NSL’s, JFR’s, JRO’s and JSD’s Control Share By-Law
On January 14, 2021, the Funds’ Board of Trustees (the “Board”) received a shareholder demand letter (the “Demand Letter”) from Saba Capital CEF Opportunities 1, Ltd. and Saba Capital Management, L.P. (collectively, “Saba”) demanding that the Funds (i) rescind the Funds’ by-law provisions pursuant to which, in summary, a shareholder who obtains beneficial ownership of common shares in a Control Share Acquisition (as defined in the by-laws) shall have the same voting rights as other common shareholders only to the extent authorized by the other disinterested shareholders (the “Control Share By-Law”) and (ii) commence judicial action against the Board to ensure that the Control Share By-Law is withdrawn. Following review of the Demand Letter, the Board determined that it would not be in the best interests of the Funds or the Funds’ shareholders to take the actions requested in the Demand Letter. Also on January 14, 2021, Saba filed a civil complaint in the U.S. District Court for the Southern District of New York (the “District Court”) against the Funds, certain other Nuveen funds and the Board, seeking a declaration that the Control Share By-Law violates the 1940 Act, rescission of the Control Share By-Law and a permanent injunction against applying the Control Share By-Law. On February 18, 2022, the District Court granted judgment in favor of Saba’s claim for rescission of the Control Share By-Law and Saba’s declaratory judgment claim, and declared that the Control Share By-Law violates Section 18(i) of the 1940 Act. Following review of the judgment of the District Court, on February 22, 2022, the Board amended the Funds’ by-laws to provide that the Control Share By-Law shall be of no force and effect for so long as the judgment of the District Court is effective and that if the judgment of the District Court is reversed, overturned, vacated, stayed, or otherwise nullified, the Control Share By-Law will be automatically reinstated and apply to any beneficial owner of common shares acquired in a Control Share Acquisition, regardless of whether such Control Share Acquisition occurs before or after such reinstatement, for the duration of the stay or upon issuance of the mandate reversing, overturning, vacating or otherwise nullifying the judgment of the District Court. On February 25, 2022, the Board and Funds appealed the District Court’s decision to the U.S. Court of Appeals for the Second Circuit.
Developments Regarding JQC’s Control Share By-Law
On October 5, 2020, the Fund and certain other closed-end funds in the Nuveen fund complex amended their by-laws. Among other things, the amended by-laws included provisions pursuant to which, in summary, a shareholder who obtains beneficial ownership of common shares in a Control Share Acquisition (as defined in the by-laws) shall have the same Control Share By-Law. On January 14, 2021, a shareholder of certain Nuveen closed-end funds filed a civil complaint in the District Court against certain Nuveen funds and their trustees, seeking a declaration that such funds’ Control Share
111
Notes to Financial Statements (continued)
(Unaudited)
By-Laws violate the 1940 Act, rescission of such fund’s Control Share By-Laws and a permanent injunction against such funds applying the Control Share By-Laws. On February 18, 2022, the District Court granted judgment in favor of the plaintiff’s claim for rescission of such funds’ Control Share By-Laws and the plaintiff’s declaratory judgment claim, and declared that such funds’ Control Share By-Laws violate Section 18(i) of the 1940 Act. Following review of the judgment of the District Court, on February 22, 2022, the Board amended the Fund’s by-laws to provide that the Fund’s Control Share By-Law shall be of no force and effect for so long as the judgment of the District Court is effective and that if the judgment of the District Court is reversed, overturned, vacated, stayed, or otherwise nullified, the Fund’s Control Share By-Law will be automatically reinstated and apply to any beneficial owner of common shares acquired in a Control Share Acquisition, regardless of whether such Control Share Acquisition occurs before or after such reinstatement, for the duration of the stay or upon issuance of the mandate reversing, overturning, vacating or otherwise nullifying the judgment of the District Court. On February 25, 2022, the Board and the Fund appealed the District Court’s decision to the U.S. Court of Appeals for the Second Circuit.
Other Matters
The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds’ normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.
2. Significant Accounting Policies
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. Each Fund is an investment company and follows the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services – Investment Companies. The net asset value (“NAV”) for financial reporting purposes may differ from the NAV for processing security and common share transactions. The NAV for financial reporting purposes includes security and common share transactions through the date of the report. Total return is computed based on the NAV used for processing security and common share transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.
Compensation
The Funds pay no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
Distributions to Common Shareholders
Dividends to common shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
NSL, JFR, JRO and JSD have implemented a level distribution policy. Effective in conjunction with the declaration of JQC’s October 2021 distribution, the Fund implemented a level distribution policy. The level distribution policy is intended to provide shareholders with stable, but not guaranteed, cash flow, independent of the amount or timing of income earned or capital gains realized by the Funds. 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, in order to maintain its level distribution amount, each Fund may pay out more than its net investment income during the period. As a result, distribution sources may include net investment income, realized gains and return of capital. The amounts and sources of distributions are reported for financial reporting purposes and are not being provided for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes will be reported to shareholders on Form 1099-DIV which will be sent to shareholders shortly after calendar year-end. More details about each Fund’s distributions and the basis for these estimates are available on www.nuveen.com/cef.
Foreign Currency Transactions and Translation
To the extent that the Funds invest in securities and/or contracts that are denominated in a currency other than U.S. dollars, the Funds will be subject to currency risk, which is the risk that an increase in the U.S. dollar relative to the foreign currency will reduce returns or portfolio value. Generally, when the
112
U.S. dollar rises in value against a foreign currency, the Funds’ investments denominated in that currency will lose value because its currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value. Investments and other assets and liabilities denominated in foreign currencies are converted into U.S. dollars on a spot (i.e. cash) basis at the spot rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and income denominated in foreign currencies are translated into U.S. dollars on the respective dates of such transactions.
The books and records of the Funds are maintained in U.S. dollars. Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollars at the end of each day. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign currency, (ii) investments and (iii) derivatives include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received are recognized as a component of “Net realized gain (loss) from investments and foreign currency” on the Statement of Operations, when applicable.
The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with (i) investments and (ii) other assets and liabilities are recognized as a component of “Change in net unrealized appreciation (depreciation) of investments and foreign currency” on the Statement of Operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange rates associated with investments in derivatives are recognized as a component of the respective derivative’s related “Change in net unrealized appreciation (depreciation)” on the Statement of Operations, when applicable.
Indemnifications
Under the Funds’ organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
Investments and Investment Income
Securities transactions are accounted for as of the trade date for financial reporting purposes. Trade date for senior and subordinated loans purchased in the “primary market” is considered the date on which the loan allocations are determined. Trade date for senior and subordinated loans purchased in the “secondary market” is the date on which the transaction is entered into. Realized gains and losses on securities transactions are based upon the specific identification method. Dividend income is recorded on the ex-dividend date or, for foreign securities, when information is available. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded at fair value. Interest income, which is recorded on an accrual basis and includes accretion of discounts and amortization of premiums for financial reporting purposes. Interest income also reflects payment-in-kind (“PIK”) interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash. Fee income consists primarily of amendment fees, when applicable. Amendment fees are earned as compensation for evaluating and accepting changes to an original senior loan agreement and are recognized when received. Fee income and amendment fees, if any, are recognized as “Fees” on the Statement of Operations.
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable master repurchase agreements, International Swaps and Derivative Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 4 – Portfolio Securities and Investments in Derivatives.
New Accounting Pronouncements and Rule Issuances
Reference Rate Reform
In March 2020, FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates, when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Financial Conduct Authority (FCA). The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For new and existing contracts,
113
Notes to Financial Statements (continued)
(Unaudited)
the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management has not yet elected to apply the amendments, is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds’ investments and has currently determined that it is unlikely the ASU’s adoption will have a significant impact on the Funds’ financial statements and various filings.
Securities and Exchange Commission (“SEC”) Adopts New Rules to Modernize Fund Valuation Framework
In December 2020, the SEC voted to adopt a new rule governing fund valuation practices. New Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of Section 2(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotations are not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of a board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, with a compliance date of September 8, 2022. A fund may voluntarily comply with the rules after the effective date, and in advance of the compliance date, under certain conditions. Management is currently assessing the impact of these provisions on the Funds’ financial statements.
3. Investment Valuation and Fair Value Measurements
The Funds’ investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the 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 sale price at the official close of business 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 sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. To the extent these securities are actively traded and that valuation adjustments are not applied, they are generally classified as Level 1. If there is no official close of business, then the latest available sale price is utilized. If no sales are reported, then the mean of the latest available bid and ask prices is utilized and these securities are generally classified as Level 2.
Prices of fixed-income securities are generally provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service establishes 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, the pricing service may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.
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 Board. These foreign securities are generally classified as Level 2.
Investments in investment companies are valued at their respective NAVs on the valuation date and are generally classified as Level 1.
Any portfolio security or derivative for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Board. As a general principle, the fair value of a security would appear to be 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,
114
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 of the fair value hierarchy; otherwise they would be classified as Level 3.
The following table summarizes the market value of the Funds’ investments as of the end of the reporting period, based on the inputs used to value them:
| NSL | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments*: |
||||||||||||||||
| Variable Rate Senior Loan Interests** |
$ | — | $ | 324,925,107 | $ | 1,992,946 | $ | 326,918,053 | ||||||||
| Corporate Bonds |
— | 35,384,936 | — | 35,384,936 | ||||||||||||
| Common Stocks** |
1,590,584 | 6,972,241 | 32,894 | 8,595,719 | ||||||||||||
| Warrants** |
2,820 | 1,856,510 | — | 1,859,330 | ||||||||||||
| Convertible Preferred Securities** |
— | 235,921 | — | 235,921 | ||||||||||||
| Short-Term Investments: |
||||||||||||||||
| Investment Companies |
1,638,927 | — | — | 1,638,927 | ||||||||||||
| Total |
$ | 3,232,331 | $ | 369,374,715 | $ | 2,025,840 | $ | 374,632,886 | ||||||||
| JFR | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments*: |
||||||||||||||||
| Variable Rate Senior Loan Interests** |
$ | — | $ | 820,894,026 | $ | 4,019,393 | $ | 824,913,419 | ||||||||
| Corporate Bonds |
— | 88,377,890 | — | 88,377,890 | ||||||||||||
| Common Stocks** |
3,766,564 | 17,990,379 | 63,476 | 21,820,419 | ||||||||||||
| Asset-Backed Securities |
— | 7,502,824 | — | 7,502,824 | ||||||||||||
| Warrants** |
6,585 | 4,427,286 | — | 4,433,871 | ||||||||||||
| Convertible Preferred Securities** |
— | 542,197 | — | 542,197 | ||||||||||||
| Short-Term Investments: |
||||||||||||||||
| Investment Companies |
13,249,060 | — | — | 13,249,060 | ||||||||||||
| Total |
$ | 17,022,209 | $ | 939,734,602 | $ | 4,082,869 | $ | 960,839,680 | ||||||||
| JRO | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments*: |
||||||||||||||||
| Variable Rate Senior Loan Interests** |
$ | — | $ | 571,241,101 | $ | 2,894,775 | $ | 574,135,876 | ||||||||
| Corporate Bonds |
— | 64,012,743 | — | 64,012,743 | ||||||||||||
| Common Stocks** |
2,634,619 | 13,195,607 | 46,519 | 15,876,745 | ||||||||||||
| Asset-Backed Securities |
— | 4,416,647 | — | 4,416,647 | ||||||||||||
| Warrants** |
4,710 | 3,119,358 | — | 3,124,068 | ||||||||||||
| Convertible Preferred Securities** |
— | 374,418 | — | 374,418 | ||||||||||||
| Total |
$ | 2,639,329 | $ | 656,359,874 | $ | 2,941,294 | $ | 661,940,497 | ||||||||
| JSD | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments*: |
||||||||||||||||
| Variable Rate Senior Loan Interests** |
$ | — | $ | 215,794,624 | $ | 1,688,110 | $ | 217,482,734 | ||||||||
| Corporate Bonds |
— | 24,844,075 | — | 24,844,075 | ||||||||||||
| Common Stocks** |
1,087,108 | 4,225,703 | 11,306 | 5,324,117 | ||||||||||||
| Warrants** |
2,820 | 1,273,336 | — | 1,276,156 | ||||||||||||
| Convertible Preferred Securities** |
— | 175,757 | — | 175,757 | ||||||||||||
| Short-Term Investments: |
||||||||||||||||
| Investment Companies |
5,600,310 | — | — | 5,600,310 | ||||||||||||
| Total |
$ | 6,690,238 | $ | 246,313,495 | $ | 1,699,416 | $ | 254,703,149 | ||||||||
| JQC | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments*: |
||||||||||||||||
| Variable Rate Senior Loan Interests** |
$ | — | $ | 1,287,776,365 | $ | 11,657,806 | $ | 1,299,434,171 | ||||||||
| Corporate Bonds |
— | 210,955,315 | — | 210,955,315 | ||||||||||||
| Common Stocks** |
1,466,502 | 8,090,007 | 194,930 | 9,751,439 | ||||||||||||
| Warrants** |
9,435 | 2,632,229 | 5 | 2,641,669 | ||||||||||||
| Convertible Bonds |
— | 1,861,579 | — | 1,861,579 | ||||||||||||
| Convertible Preferred Securities** |
— | 580,972 | — | 580,972 | ||||||||||||
| Total |
$ | 1,475,937 | $ | 1,511,896,467 | $ | 11,852,741 | $ | 1,525,225,145 | ||||||||
| * | Refer to the Fund’s Portfolio of Investments for industry classifications, where applicable. |
| ** | Refer to the Fund’s Portfolio of Investments for securities classified as Level 2 and/or Level 3. |
115
Notes to Financial Statements (continued)
(Unaudited)
The Funds hold liabilities in preferred shares, where applicable, which are not reflected in the tables above. The fair values of the Funds’ liabilities for preferred shares approximate their liquidation preference. Preferred shares are generally classified as Level 2 and further described in Note 5 – Fund Shares.
The following is a reconciliation of the Funds’ Level 3 investments held at the beginning and end of the measurement period:
| NSL | JFR | JRO | ||||||||||||||||||||||||||||||||||
| Level 3 | Level 3 | Level 3 | ||||||||||||||||||||||||||||||||||
| Variable Rate Senior Loan Interests |
Common Stocks |
Warrant | Variable Rate Senior Loan Interests |
Common Stocks |
Warrant | Variable Rate Senior Loan Interests |
Common Stocks |
Warrant | ||||||||||||||||||||||||||||
| Balance at the beginning of period |
$ | 2,005,844 | $ | 412,479 | $ | 4,378 | $ | 4,035,068 | $ | 869,850 | $ | 8,755 | $ | 2,913,510 | $ | 600,347 | $ | 5,839 | ||||||||||||||||||
| Gains (losses): |
||||||||||||||||||||||||||||||||||||
| Net realized gains (losses) |
19 | (45,665 | ) | — | 20 | (77,572 | ) | — | 27 | (59,301 | ) | — | ||||||||||||||||||||||||
| Change in net unrealized appreciation (depreciation) |
(28,946 | ) | 27,729 | 831 | (62,113 | ) | 45,552 | 1,661 | (51,082 | ) | 34,442 | 1,108 | ||||||||||||||||||||||||
| Purchases at cost |
(78 | ) | — | — | (1,948 | ) | — | — | (136 | ) | — | — | ||||||||||||||||||||||||
| Sales at proceeds |
(13,059 | ) | — | — | (13,059 | ) | — | — | (18,876 | ) | — | — | ||||||||||||||||||||||||
| Net discounts (premiums) |
29,166 | — | — | 61,425 | — | — | 51,332 | — | — | |||||||||||||||||||||||||||
| Transfers into |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| Transfers (out of) |
— | (361,649 | ) | (5,209 | ) | — | (774,354 | ) | (10,416 | ) | — | (528,969 | ) | (6,947 | ) | |||||||||||||||||||||
| Balance at the end of period |
$ | 1,992,946 | $ | 32,894 | $ | — | $ | 4,019,393 | $ | 63,476 | $ | — | $ | 2,894,775 | $ | 46,519 | $ | — | ||||||||||||||||||
| Change in net unrealized appreciation (depreciation) during the period of Level 3 securities held as of period end |
$ | (28,947 | ) | $ | 27,730 | $ | 831 | $ | (62,113 | ) | $ | 45,552 | $ | 1,661 | $ | (51,083 | ) | $ | 34,442 | $ | 1,108 | |||||||||||||||
| JSD | JQC | |||||||||||||||||||||||
| Level 3 | Level 3 | |||||||||||||||||||||||
| Variable Rate Senior Loan Interests |
Common Stocks | Warrant | Variable Rate Senior Loan Interests |
Common Stocks | Warrant | |||||||||||||||||||
| Balance at the beginning of period |
$ | 1,699,036 | $ | 257,488 | $ | 4,378 | $ | 11,733,256 | $ | 1,577,863 | $ | 5 | ||||||||||||
| Gains (losses): |
||||||||||||||||||||||||
| Net realized gains (losses) |
16 | (36,408 | ) | — | 113 | (5 | ) | — | ||||||||||||||||
| Change in net unrealized appreciation (depreciation) |
(23,367 | ) | 36,556 | 831 | (204,290 | ) | (162,373 | ) | — | |||||||||||||||
| Purchases at cost |
(52 | ) | — | — | — | — | — | |||||||||||||||||
| Sales at proceeds |
(11,118 | ) | — | — | (78,212 | ) | — | — | ||||||||||||||||
| Net discounts (premiums) |
23,595 | — | — | 206,939 | — | — | ||||||||||||||||||
| Transfers into |
— | — | — | — | — | — | ||||||||||||||||||
| Transfers (out of) |
— | (246,330 | ) | (5,209 | ) | — | (1,220,555 | ) | — | |||||||||||||||
| Balance at the end of period |
$ | 1,688,110 | $ | 11,306 | $ | — | $ | 11,657,806 | $ | 194,930 | $ | 5 | ||||||||||||
| Change in net unrealized appreciation (depreciation) during the period of Level 3 securities held as of period end |
$ | (23,367 | ) | $ | 36,556 | $ | 831 | $ | (204,290 | ) | $ | (162,373) | $ | — | ||||||||||
As of the measurement date, the following Common Stocks categorized as Level 3: (1) Millennium Health LLC are priced based on updated financial statements which reflect the most recent net asset values; (2) TNT Crane & Rigging Inc. are priced at a placeholder value; (3) Tribune Co are priced at last trade price less the distribution amount; (4) Skillsoft Corp are priced at an 18.19% amortized discount applied to the closing price of the common shares. The Variable Rate Senior Loan Interests categorized as Level 3 are valued utilizing a weighted probability model which is weighted at 50% to a full recovery and 50% to the current vendor price of the loan. The following warrants categorized as Level 3: (1) ACBL HLDG CORP are valued utilizing the weighted average of quarterly cash payments received with a 25% discount; (2) Tenerity Inc. are priced at placeholder value.
116
The table below presents the transfers in and out of the three valuation levels for the Funds as of the end of the reporting period when compared to the valuation levels at the end of the previous fiscal year. Changes in valuation inputs or methodologies may result in transfers into or out of an assigned level within the fair value hierarchy. Transfers in or out of levels are generally due to the availability of publicly available information and to the significance or extent the Adviser determines that the valuation inputs or methodologies may impact the valuation of those securities.
| Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
| Transfers In | (Transfers Out) | Transfers In | (Transfers Out) | Transfers In | (Transfers Out) | |||||||||||||||||||
| NSL | ||||||||||||||||||||||||
| Common Stocks |
$ | 358,356 | $ | — | $ | 3,293 | $ | — | $ | — | $ | (361,649 | ) | |||||||||||
| Warrants |
— | — | 5,209 | — | — | (5,209 | ) | |||||||||||||||||
| JFR | ||||||||||||||||||||||||
| Common Stocks |
$ | 768,549 | $ | — | $ | 5,806 | $ | — | $ | — | $ | (774,355 | ) | |||||||||||
| Warrants |
— | — | 10,416 | — | — | (10,416 | ) | |||||||||||||||||
| JRO | ||||||||||||||||||||||||
| Common Stocks |
$ | 524,520 | $ | — | $ | 4,449 | $ | — | $ | — | $ | (528,969 | ) | |||||||||||
| Warrants |
— | — | 6,947 | — | — | (6,947 | ) | |||||||||||||||||
| JSD | ||||||||||||||||||||||||
| Common Stocks |
$ | 243,814 | $ | — | $ | 2,516 | $ | — | $ | — | $ | (246,330 | ) | |||||||||||
| Warrants |
— | — | 5,209 | — | — | (5,209 | ) | |||||||||||||||||
| JQC | ||||||||||||||||||||||||
| Common Stocks |
$ | 1,220,375 | $ | — | $ | 180 | $ | — | $ | — | $ | (1,220,555 | ) | |||||||||||
4. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Unfunded Commitments
Pursuant to the terms of certain of the variable rate senior loan agreements, the Funds may have unfunded senior loan commitments. Each Fund will maintain with its custodian, cash, liquid securities and/or liquid senior loans having an aggregate value at least equal to the amount of unfunded senior loan commitments. As of the end of the reporting period, the Funds’ outstanding unfunded senior loan commitments were as follows:
| NSL | JFR | JRO | JSD | JQC | ||||||||||||||||
| Outstanding unfunded senior loan commitments |
$ | 616,631 | $ | 1,347,375 | $ | 1,018,543 | $ | 365,475 | $ | 1,382,905 | ||||||||||
Participation Commitments
With respect to the senior loans held in each Fund’s portfolio, the Funds may: 1) invest in assignments; 2) act as a participant in primary lending syndicates; or 3) invest in participations. If a Fund purchases a participation of a senior loan interest, the Fund would typically enter into a contractual agreement with the lender or other third party selling the participation, rather than directly with the borrower. As such, the Fund not only assumes the credit risk of the borrower, but also that of the selling participant or other persons interpositioned between the Fund and the borrower. As of the end of the reporting period, the Funds had no such outstanding participation commitments.
Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Investment Transactions
Long-term purchases and sales (including maturities) during the current fiscal period were as follows:
| NSL | JFR | JRO | JSD | JQC | ||||||||||||||||
| Purchases |
$ | 85,688,078 | $ | 222,697,765 | $ | 141,601,590 | $ | 57,106,061 | $ | 298,204,149 | ||||||||||
| Sales and maturities |
77,608,897 | 199,128,034 | 127,929,303 | 51,460,010 | 282,277,229 | |||||||||||||||
The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed-delivery
117
Notes to Financial Statements (continued)
(Unaudited)
purchase commitments. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the reporting period, such amounts are recognized on the Statement of Assets and Liabilities.
Investments in Derivatives
Each Fund is authorized to invest in certain derivative instruments, such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
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.
5. Fund Shares
Common Shares
Common Share Transactions
During the Funds’ current and prior fiscal period, there were no transactions in common shares.
Preferred Shares
Taxable Fund Preferred Shares
NSL, JFR, JRO and JSD have issued and have outstanding Taxable Fund Preferred (“TFP”) Shares, with a $1,000 liquidation preference per share. These TFP Shares were issued via private placement and are not publicly available.
Each Fund is obligated to redeem its TFP Shares by the date as specified in its offering documents (“Term Redemption Date”), unless earlier redeemed by the Fund. TFP Shares are initially issued in a pre-specified mode, however, TFP Shares can be subsequently designated as an alternative mode at a later date at the discretion of the Funds. The modes within TFP Shares detail the dividend mechanics and are described as follows. At a subsequent date, the Funds may establish additional mode structures with the TFP Share.
| • | Variable Rate Mode (“VRM”) – Dividends for TFP Shares designated in this mode are based upon a short-term index plus an additional fixed “spread” amount established at the time of issuance or renewal / conversion of its mode. At the end of the period of the mode, the Funds will be required to either extend the term of the mode, designate an alternative mode or redeem the TFP Shares. |
The fair value of TFP Shares while in VRM are expected to approximate their liquidation preference so long as the fixed “spread” on the shares remains roughly in line with the “spread’ being demanded by investors on instruments having similar terms in the current market. In current market conditions, the Adviser has determined that the fair value of the shares are approximately their liquidation preference, but their fair value could vary if market conditions change materially.
| • | Variable Rate Demand Mode (“VRDM”) – Dividends for TFP Shares designated in this mode will be established by a remarketing agent; therefore, the market value of the TFP Shares is expected to approximate its liquidation preference. While in this mode, shares will have an unconditional liquidity feature that enable its shareholders to require a liquidity provider, which each Fund has entered into a contractual agreement, to purchase shares in the event that the shares are not able to be successfully remarketed. In the event that shares within this mode are unable to be successfully remarketed and are purchased by the liquidity provider, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the shares. Each Fund is required to redeem any shares that are still owned by a liquidity provider after six months of continuous, unsuccessful remarketing. |
118
Each Fund will pay a liquidity and remarketing fee on the aggregate principal amount of all TFP Shares while within VRDM. Payments made by the Funds to the liquidity provider and remarketing agent are recognized as “Liquidity fees” and “Remarketing fees”, respectively, on the Statement of Operations.
For financial reporting purposes, the liquidation preference of TFP Shares is recorded as a liability and is recognized as a component of “Taxable Fund Preferred (“TFP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities. Dividends on the TFP shares are treated as interest payments for financial reporting purposes. Unpaid dividends on TFP shares are recognized as a component on “Interest payable” on the Statement of Assets and Liabilities. Dividends accrued on TFP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
Subject to certain conditions, TFP Shares may be redeemed, in whole or in part, at any time at the option of the Funds. Each Fund may also be required to redeem certain TFP shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share in all circumstances is equal to the liquidation preference per share plus any accumulated but unpaid dividends.
Costs incurred in connection with their offering of TFP Shares were recorded as a deferred charge and are being amortized over the life of the shares. These offering costs are recognized as a component of “Taxable Fund Preferred (“TFP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.
As of the end of the reporting period, NSL, JFR, JRO and JSD had $39,592,273, $99,348,218, $74,691,988 and $69,606,350 TFP Shares at liquidation preference, net of deferred offering costs, respectively. Further details of the Funds’ TFP Shares outstanding as of the end of the reporting period, were as follows:
| Fund | Series | Shares Outstanding |
Liquidation Preference |
Term Redemption Date |
Mode | |||||||||||||
| NSL | A | 40,000 | $ | 40,000,000 | November 1, 2030 | VRM | ||||||||||||
| JFR | A | 100,000 | $ | 100,000,000 | January 1, 2031 | VRDM | ||||||||||||
| JRO | A | 75,000 | $ | 75,000,000 | December 1, 2030 | VRM | ||||||||||||
| JSD | A |
70,000 | $ | 70,000,000 | November 1, 2029 | VRDM | ||||||||||||
The average liquidation preference of TFP Shares outstanding and the annualized dividend rate for each Fund during the current fiscal period were as follows:
| NSL | JFR | JRO | JSD | |||||||||||||
| Average liquidation preference of TFP Shares outstanding |
$ | 40,000,000 | $ | 100,000,000 | $ | 75,000,000 | $ | 70,000,000 | ||||||||
| Annualized dividend rate |
1.31 | % | 0.19 | % | 1.31 | % | 0.19 | % | ||||||||
Preferred Share Transactions
Transactions in preferred shares during the Funds’ current and prior fiscal period, where applicable, are noted in the following table.
Transactions in TFP Shares for the Funds, where applicable, were as follows:
| Year Ended July 31, 2021 |
||||||||||||
| NSL | Series | Shares | Amount | |||||||||
| TFP Shares issued |
A | 40,000 | $ | 40,000,000 | ||||||||
| Year Ended July 31, 2021 |
||||||||||||
| JFR | Series | Shares | Amount | |||||||||
| TFP Shares issued |
A | 100,000 | $ | 100,000,000 | ||||||||
| Year Ended July 31, 2021 |
||||||||||||
| JRO | Series | Shares | Amount | |||||||||
| TFP Shares issued |
A | 75,000 | $ | 75,000,000 | ||||||||
119
Notes to Financial Statements (continued)
(Unaudited)
Transactions in Term Preferred for the Funds, where applicable, were as follows:
| Year Ended July 31, 2021 |
||||||||||||
| NSL | Series | Shares | Amount | |||||||||
| Term Preferred redeemed |
2021 | (33,000 | ) | $ | (33,000,000 | ) | ||||||
| Year Ended July 31, 2021 |
||||||||||||
| JFR | Series | Shares | Amount | |||||||||
| Term Preferred redeemed |
2024 | (35,000 | ) | $ | (35,000,000 | ) | ||||||
| 2027 | (55,000 | ) | (55,000,000 | ) | ||||||||
| Total |
(90,000 | ) | $ | (90,000,000 | ) | |||||||
| Year Ended July 31, 2021 |
||||||||||||
| JRO | Series | Shares | Amount | |||||||||
| Term Preferred redeemed |
2027 | (45,000 | ) | $ | (45,000,000 | ) | ||||||
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.
Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed each Fund’s tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements.
As of the end of the reporting period, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes was as follows:
| Fund | Tax Cost | Gross Unrealized Appreciation |
Gross Unrealized (Depreciation) |
Net Unrealized Appreciation (Depreciation) |
||||||||||||
| NSL |
$ | 380,379,162 | $ | 6,694,535 | $ | (12,440,811 | ) | $ | (5,746,276 | ) | ||||||
| JFR |
971,247,580 | 17,571,168 | (27,979,068 | ) | (10,407,900 | ) | ||||||||||
| JRO |
670,156,028 | 12,256,046 | (20,471,577 | ) | (8,215,531 | ) | ||||||||||
| JSD |
258,045,203 | 4,232,552 | (7,574,606 | ) | (3,342,054 | ) | ||||||||||
| JQC |
1,543,078,768 | 17,527,508 | (35,381,131 | ) | (17,853,623 | ) | ||||||||||
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:
| Fund | Undistributed Ordinary Income |
Undistributed Long-Term Capital Gains |
Unrealized Appreciation (Depreciation) |
Capital Loss Carryforwards |
Late-Year Loss Deferrals |
Other Book-to-Tax Differences |
Total | |||||||||||||||||||||
| NSL |
$ | 604,450 | $ | — | $ | (9,568,054 | ) | $ | (41,773,322 | ) | $ | — | $ | (1,312,790 | ) | $ | (52,049,716 | ) | ||||||||||
| JFR |
1,614,569 | — | (20,376,772 | ) | (96,449,752 | ) | — | (3,301,271 | ) | (118,513,226 | ) | |||||||||||||||||
| JRO |
935,637 | — | (14,485,372 | ) | (70,318,490 | ) | — | (2,331,120 | ) | (86,199,345 | ) | |||||||||||||||||
| JSD |
659,733 | — | (6,511,911 | ) | (27,930,624 | ) | — | (872,409 | ) | (34,655,211 | ) | |||||||||||||||||
| JQC |
— | — | (24,098,269 | ) | (201,346,942 | ) | — | (6,902,513 | ) | (232,347,724 | ) | |||||||||||||||||
120
As of prior fiscal period end, the Funds had capital loss carryforwards, which will not expire:
| Fund | Short-Term | Long-Term | Total | |||||||||
| NSL |
$ | 2,300,950 | $ | 39,472,372 | $ | 41,773,322 | ||||||
| JFR |
4,896,511 | 91,553,241 | 96,449,752 | |||||||||
| JRO |
3,285,667 | 67,032,823 | 70,318,490 | |||||||||
| JSD |
2,606,605 | 25,324,019 | 27,930,624 | |||||||||
| JQC |
29,554,323 | 171,792,619 | 201,346,942 | |||||||||
7. Management Fees
Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:
| Average Daily Managed Assets* | NSL JFR JRO JSD |
JQC Fund-Level Fee Rate |
||||||
| For the first $500 million |
0.6500 | % | 0.6800 | % | ||||
| For the next $500 million |
0.6250 | 0.6550 | ||||||
| For the next $500 million |
0.6000 | 0.6300 | ||||||
| For the next $500 million |
0.5750 | 0.6050 | ||||||
| For managed assets over $2 billion |
0.5500 | 0.5800 | ||||||
The annual complex-level fee, payable monthly, for each Fund is calculated by multiplying the current complex-wide fee rate, determined according to the following schedule by the Funds’ daily managed assets:
| Complex-Level Eligible Asset Breakpoint Level* | Effective Complex-Level Fee Rate at Breakpoint Level | |||
| $55 billion |
0.2000 | % | ||
| $56 billion |
0.1996 | |||
| $57 billion |
0.1989 | |||
| $60 billion |
0.1961 | |||
| $63 billion |
0.1931 | |||
| $66 billion |
0.1900 | |||
| $71 billion |
0.1851 | |||
| $76 billion |
0.1806 | |||
| $80 billion |
0.1773 | |||
| $91 billion |
0.1691 | |||
| $125 billion |
0.1599 | |||
| $200 billion |
0.1505 | |||
| $250 billion |
0.1469 | |||
| $300 billion |
0.1445 | |||
| * | 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, 2022, the complex-level fee for each Fund was 0.1537%. |
121
Notes to Financial Statements (continued)
(Unaudited)
8. Commitments and Contingencies
In the normal course of business, each Fund enters into a variety of agreements that may expose the Fund to some risk of loss. These could include certain agreements related to preferred shares, which are described elsewhere in these Notes to Financial Statements. The risk of future loss arising from such agreements, while not quantifiable, is expected to be remote. As of the end of the reporting period, the Funds did not have any unfunded commitments.
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, the Funds are not subject to any material legal proceedings.
9. Fund Leverage
Borrowings
Each Fund has entered into a borrowing arrangement (“Borrowings”) as a means of leverage.
Borrowing Information for NSL, JFR and JRO
The following Funds have entered into a revolving credit and security agreement with certain banks and their affiliates. As of the end of the reporting period, each Fund’s maximum commitment amount under its Borrowings is as follows:
| NSL | JFR | JRO | ||||||||||
| Maximum commitment amount |
$ | 102,500,000 | $ | 260,000,000 | $ | 180,000,000 | ||||||
As of the end of the reporting period, each Fund’s outstanding balance on its Borrowings was as follows:
| NSL | JFR | JRO | ||||||||||
| Outstanding balance on Borrowings |
$ | 94,300,000 | $ | 238,400,000 | $ | 164,500,000 | ||||||
Interest is charged at a rate equal to 1-Month LIBOR (London Inter-Bank Offered Rate) plus 0.80%. JFR accrues 0.25% per annum on the undrawn balance if the undrawn portion of the Borrowings on a particular day is more than 25% of the maximum commitment amount. NSL and JRO accrue 0.30% per annum on the undrawn balance if the undrawn portion of the Borrowings on a particular day is more than 10% of the maximum commitment amount. NSL also accrued an upfront fee of 0.05% on the maximum commitment amount and which was paid in two installments, half at the closing of the agreement in October 2020 and the other half upon its 12-month anniversary in 2021.
On October 4, 2021, NSL renewed its Borrowing through October 3, 2022. On December 17, 2021, JFR renewed its Borrowings through December 16, 2022. On November 4, 2021, JRO renewed its Borrowings through November 3, 2022. All other items of the Borrowings remain unchanged.
During the Funds’ utilization period(s) during the current fiscal period, the average daily balance outstanding (which was for the entire current reporting period) and average annual interest rate on each Fund’s Borrowings were as follows:
| NSL | JFR | JRO | ||||||||||
| Average daily balance outstanding |
$ | 94,300,000 | $ | 238,400,000 | $ | 164,500,000 | ||||||
| Average annual interest rate |
0.90 | % | 0.91 | % | 0.90 | % | ||||||
Borrowings Information for JSD
The Fund has outstanding a 364-day revolving line of credit. As of the end of the reporting period, the Fund’s maximum commitment amount under its Borrowings is as follows:
| JSD | ||||
| Maximum commitment amount |
$ | 30,000,000 | ||
As of the end of the reporting period, the Fund’s outstanding balance on its Borrowings was as follows:
| JSD | ||||
| Outstanding balance on Borrowings |
$ | 19,500,000 | ||
Interest is charged on these Borrowings at a rate per annum equal to 1-Month LIBOR plus 0.80%. The Fund also accrued 0.15% per annum on the undrawn portion if it was less than 50% of the maximum commitment; however, if the undrawn portion of the Borrowings was greater than 50% of the maximum commitment amount the Fund accrued a 0.25% per annum on the undrawn portion of the Borrowings.
122
On October 27, 2021, JSD renewed its Borrowings through October 26, 2022. The Fund also accrued a 0.05% amendment fee based on the maximum commitment amount. All other items of the Borrowings remain unchanged.
During the Fund’s utilization period(s) during the current fiscal period, the average daily balance outstanding (which was for the entire current reporting period) and average annual interest rate on the Fund’s Borrowings were as follows:
| JSD | ||||
| Average daily balance outstanding |
$ | 19,500,000 | ||
| Average annual interest rate |
0.92 | % | ||
Borrowings Information for JQC
The Fund has entered into a borrowing agreement with a bank and its affiliate. As of the end of the reporting period, the Fund’s maximum commitment amount under its Borrowings is as follows:
| JQC | ||||
| Maximum commitment amount |
$ | 430,000,000 | ||
As of the end of the reporting period, the Fund’s outstanding balance on its Borrowings was as follows:
| JQC | ||||
| Outstanding balance on Borrowings |
$ | 402,000,000 | ||
Interest is charged on the Borrowings at a rate per annum equal to the 3-Month LIBOR plus 1.10% and the Fund accrues 1.10% per annum on any positive difference between 90% of the maximum commitment amount and the daily drawn amount.
During the Fund’s utilization period(s) during the current fiscal period, the average daily balance outstanding (which was for the entire current reporting period) and average annual interest rate on the Fund’s Borrowings were as follows:
| JQC | ||||
| Average daily balance outstanding |
$ | 402,000,000 | ||
| Average annual interest rate |
1.27 | % | ||
Other Borrowings Information for the Funds
In order to maintain their Borrowings, the Funds must meet certain collateral, asset coverage and other requirements. Each Fund’s Borrowings outstanding is fully secured by eligible securities held in its portfolio of investments.
Each Fund’s Borrowings outstanding is recognized as “Borrowings” on the Statement of Assets and Liabilities. Interest expense incurred on the borrowed amount, undrawn balance and initial fees are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
Reverse Repurchase Agreements
During the current fiscal period, JQC used reverse repurchase agreements as a means of leverage.
The Fund may enter into a reverse repurchase agreement with brokers, dealers, banks or other financial institutions that have been determined by the Adviser to be creditworthy. In a reverse repurchase agreement, a Fund sells to the counterparty a security that it holds with a contemporaneous agreement to repurchase the same security at an agreed-upon price and date, reflecting the interest rate effective for the term of the agreement. It may also be viewed as the borrowing of money by the Fund. Cash received in exchange for securities delivered, plus accrued interest payments to be made by the Fund to a counterparty, are reflected as a liability on the Statement of Assets and Liabilities. Interest payments made by the Fund to counterparties are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
In a reverse repurchase agreement, the Fund retains the risk of loss associated with the sold security. In order to minimize risk, the Fund identifies for coverage securities and cash as collateral with a fair value at least equal to its purchase obligations under these agreements (including accrued interest). 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. The Fund will identify assets determined to be liquid by the Adviser to cover its obligations under reverse repurchase agreements.
123
Notes to Financial Statements (continued)
(Unaudited)
As of the end of the reporting period, the Fund’s outstanding balances on its reverse repurchase agreements were as follows:
| Counterparty | Rate | Principal Amount |
Maturity | Value | Value and Accrued Interest |
|||||||||||||||
| Societe Generale |
3-Month LIBOR plus 0.80 | % | $ | (142,000,000 | ) | N/A | $ | (142,000,000 | ) | $ | (142,465,843 | ) | ||||||||
N/A – Maturity is not applicable. The final repurchase date will be established following pre-specified advance notice by the Fund or the counterparty to the reverse repurchase agreement.
During the current fiscal period, the average daily balance outstanding (which was for the entire current reporting period) and average interest rate on the Fund’s reverse repurchase agreements were as follows:
| JQC | ||||
| Average daily balance outstanding |
$142,000,000 | |||
| Average interest rate |
0.96 | % | ||
The following table presents the reverse repurchase agreements subject to netting agreements and the collateral delivered related to those reverse repurchase agreements.
| Counterparty | Reverse Repurchase Agreements* |
Collateral Pledged to Counterparty |
||||||
| Societe Generale |
$ | (142,465,843 | ) | $ | 164,126,683 | |||
| * | Represents gross value and accrued interest for the counterparty as reported in the preceding table. |
10. Inter-Fund Lending
Inter-Fund Borrowing and Leading
The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities “fails,” resulting in an unanticipated cash shortfall) (the “Inter-Fund Program”). The closed-end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund’s outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund’s total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund’s inter-fund loans to any one fund shall not exceed 5% of the lending fund’s net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business day’s notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund’s investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.
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.
124
Risk Considerations (Unaudited)
Risk Considerations
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.
Nuveen Senior Income Fund (NSL)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Adjustable Rate Senior Loans may not be fully secured by collateral, generally do not trade on exchanges, and are typically issued by unrated or below-investment grade companies, and therefore are subject to greater liquidity and credit risk. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as interest rate risk are described in more detail on the Fund’s web page at www.nuveen.com/NSL.
Nuveen Floating Rate Income Fund (JFR)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Adjustable Rate Senior Loans may not be fully secured by collateral, generally do not trade on exchanges, and are typically issued by unrated or below-investment grade companies, and therefore are subject to greater liquidity and credit risk. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as interest rate risk are described in more detail on the Fund’s web page at www.nuveen.com/JFR.
Nuveen Floating Rate Income Opportunity Fund (JRO)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Adjustable Rate Senior Loans may not be fully secured by collateral, generally do not trade on exchanges, and are typically issued by unrated or below-investment grade companies, and therefore are subject to greater liquidity and credit risk. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as interest rate risk are described in more detail on the Fund’s web page at www.nuveen.com/JRO.
Nuveen Short Duration Credit Opportunities Fund (JSD)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Adjustable Rate Senior Loans may not be fully secured by collateral, generally do not trade on exchanges, and are typically issued by unrated or below-investment grade companies, and therefore are subject to greater liquidity and credit risk. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as interest rate risk are described in more detail on the Fund’s web page at www.nuveen.com/JSD.
125
Risk Considerations (continued)
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.
126
Additional Fund Information (Unaudited)
| Board of Trustees | ||||||||||
| Jack B. Evans | William C. Hunter | Amy B.R. Lancellotta | Joanne T. Medero | Albin F. Moschner | John K. Nelson | |||||
| Judith M. Stockdale | Carole E. Stone | Matthew Thornton III | Terence J. Toth | Margaret L Wolff | Robert L. Young |
| Investment Adviser Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606 |
Custodian State Street
Bank One Lincoln Street Boston, MA 02111 |
Legal Counsel Chapman and Cutler LLP Chicago, IL 60603 |
Independent Registered KPMG LLP 200 East Randolph Street Chicago, IL 60601 |
Transfer Agent and Computershare Trust Company, N.A. 150 Royall Street Canton, MA 02021 (800) 257-8787 | ||||
Distribution Information
The Funds hereby designate their percentages of dividends paid from net ordinary income as dividends qualifying as Interest-Related Dividends and/or short term capital gain dividends as defined in Internal Revenue Code Section 871(k) for the taxable periods ending December 31, 2020 and July 31, 2021:
| NSL | JFR | JRO | JSD | JQC | ||||||||||||||||
| August 1, 2020 through December 31, 2020 |
77.1% | 72.2% | 73.8% | 77.2% | 81.4% | |||||||||||||||
| January 1, 2021 through July 31, 2021 |
72.1% | 71.2% | 71.2% | 77.9% | 80.4% | |||||||||||||||
The Funds had the following percentages, or maximum amount allowable, of ordinary dividends treated as Section 163(j) interest dividends pursuant to Section 163(j) of the Internal Revenue Code for the taxable year ended July 31, 2021:
| NSL | JFR | JRO | JSD | JQC | ||||||||||||||||
| % of Section 163(j) Interest Dividends |
94.7% | 89.9% | 91.5% | 94.9% | 97.3% | |||||||||||||||
Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT. You may obtain this information on the SEC’s website at http://www.sec.gov.
Nuveen Funds’ Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.