UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number   811-21333

Nuveen Credit Strategies Income Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Name and address of agent for service)

Registrant’s telephone number, including area code:     (312) 917-7700

Date of fiscal year end:     July 31

Date of reporting period:     July 31, 2023

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

Closed-End

Funds

Closed-End

Funds

Nuveen

July

31,

2023

Annual

Report

Nuveen

Floating

Rate

Income

Fund

JFR

Nuveen

Credit

Strategies

Income

Fund

JQC

2

Table

of

Contents

Chair’s

Letter

to

Shareholders

3

Important

Notices

4

Portfolio

Managers’

Comments

5

Fund

Leverage

8

Common

Share

Information

10

About

the

Funds’

Benchmarks

12

Performance

Overview

and

Holdings

Summaries

13

Shareholder

Meeting

Report

17

Report

of

Independent

Registered

Public

Accounting

Firm

19

Portfolios

of

Investments

20

Statement

of

Assets

and

Liabilities

61

Statement

of

Operations

62

Statement

of

Changes

in

Net

Assets

63

Statement

of

Cash

Flows

64

Notes

to

Financial

Statements

68

Shareholder

Update

79

Important

Tax

Information

103

Additional

Fund

Information

104

Glossary

of

Terms

Used

in

this

Report

105

Annual

Investment

Management

Agreement

Approval

Process

106

Board

Members

&

Officers

113

Chair’s

Letter

to

Shareholders

3

Dear

Shareholders,

Inflation

concerns

have

continued

to

dominate

the

investment

landscape

in

2023.

While

inflation

rates

have

fallen

meaningfully

from

post-pandemic

highs,

helped

by

the

significant

policy

interest

rate

increases

from

the

U.S.

Federal

Reserve

(Fed)

and

other

global

central

banks

since

2022

and

the

normalization

of

supply

chains,

they

currently

remain

above

the

levels

that

central

banks

consider

supportive

of

their

economies’

long-term

growth.

Core

inflation

measures,

which

exclude

volatile

food

and

energy

prices,

in

particular

remain

above

central

banks’

targeted

levels.

At

the

same

time,

the

U.S.

and

other

large

economies

have

remained

relatively

resilient,

even

as

financial

conditions

have

tightened.

U.S.

gross

domestic

product

increased

to

2.1%

in

the

second

quarter

of

2023

from

2.0%

in

the

first

quarter

of

2023,

after

growing

2.1%

in

2022

overall

compared

to

2021.

Consider

that

much

of

this

growth

occurred

while

the

Fed

was

raising

interest

rates

in

one

of

the

fastest

hiking

cycles

in

its

history.

From

March

2022

to

July

2023

(with

only

a

brief

pause

in

June

2023),

the

Fed

increased

the

target

fed

funds

rate

from

near

zero

to

a

range

of

5.25%

to

5.50%

as

of

July

2023.

Despite

historically

high

inflation

and

rapidly

rising

interest

rates,

the

jobs

market

has

remained

relatively

strong,

helping

to

support

consumer

sentiment

and

spending.

However,

markets

are

concerned

that

these

conditions

could

keep

upward

pressure

on

prices

and

wages

while

the

impact

of

the

collapse

of

three

regional

U.S.

banks

(Silicon

Valley

Bank,

Signature

Bank

and

First

Republic

Bank)

and

major

European

bank

Credit

Suisse

in

March

2023

adds

to

uncertainty.

Given

the

lingering

upside

risks

to

inflation

and

the

lagging

impact

of

tighter

credit

conditions

on

the

economy,

Fed

officials

are

closely

monitoring

incoming

inflation

data

and

other

economic

measures

to

modify

their

rate

setting

activity

based

upon

these

factors

on

a

meeting-by-meeting

basis.

The

Fed

remains

committed

to

acting

until

it

sees

sustainable

progress

toward

its

inflation

goals.

Additionally,

market

concerns

surrounding

the

U.S.

debt

ceiling

faded

after

the

government

agreed

in

June

2023

to

suspend

the

nation’s

borrowing

limit

until

January

2025,

averting

a

near-term

default

scenario.

In

the

meantime,

markets

are

likely

to

continue

reacting

in

the

short

term

to

news

about

inflation

data,

economic

indicators

and

central

bank

policy.

We

encourage

investors

to

keep

a

long-term

perspective

amid

the

short-term

turbulence.

Your

financial

professional

can

help

you

review

how

well

your

portfolio

is

aligned

with

your

time

horizon,

risk

tolerance

and

investment

goals.

On

behalf

of

the

other

members

of

the

Nuveen

Fund

Board,

we

look

forward

to

continuing

to

earn

your

trust

in

the

months

and

years

ahead.

Terence

J.

Toth

Chair

of

the

Board

September 22,

2023

4

Important

Notices

Fund

Mergers

Update

for

Nuveen

Floating

Rate

Income

Fund

(JFR)

Effective

prior

to

the

opening

of

business

on

July

31,

2023,

Nuveen

Senior

Income

Fund

(NSL),

Nuveen

Floating

Rate

Income

Opportunity

Fund

(JRO)

and

Nuveen

Short

Duration

Credit

Opportunities

Fund

(JSD)

were

each

merged

into

JFR.

Refer

to

Notes

to

Financial

Statements

within

this

report

for

further

details

on

the

merger.

Events

that

Occurred

Subsequent

to

the

Reporting

Period

Product

Actions

for

Nuveen

Credit

Strategies

Fund

(JQC)

The

Board

of

Trustees

of

JQC

approved

the

following

changes

to

the

Fund’s

portfolio

management

team,

investment

policies

and

performance

benchmark,

which

became

effective

on

August

9,

2023:

Himani

Trivedi,

Head

of

Structured

Credit,

was

added

as

a

portfolio

manager.

Scott

Caraher

and

Kevin

Lorenz

continue

to

serve

as

portfolio

managers

of

the

Fund.

The

Fund’s

investment

policies

changed

to

allow

the

Fund

to

persistently

invest

a

greater

portion

of

its

portfolio

in

collateralized

loan

obligation

(CLO)

debt

and

high

yield

corporate

debt.

The

Fund’s

performance

benchmark

changed

from

the

Credit

Suisse

Leveraged

Loan

Index

to

the

JQC

Blended

Benchmark,

which

is

a

linked

benchmark

that

consists

of

100%

Credit

Suisse

Leveraged

Loan

Index

through

August

8,

2023

and

thereafter

1)

75%

Credit

Suisse

Leveraged

Loan

Index

and

2)

25%

ICE

BofA

U.S.

High

Yield

Index.

The

Credit

Suisse

Leverage

Loan

Index

will

remain

the

Fund’s

broad-

based

benchmark.

Portfolio

Managers’

Comments

5

Nuveen

Floating

Rate

Income

Fund

(JFR)

Nuveen

Credit

Strategies

Income

Fund

(JQC)

These

Funds

feature

portfolio

management

by

Nuveen

Asset

Management,

LLC

(NAM),

an

affiliate

of

Nuveen

Fund

Advisors,

LLC,

the

Funds’

investment

adviser

(the

“Adviser”).

Scott

Caraher,

Kevin

R.

Lorenz,

CFA,

and

Himani

Trivedi

manage

the

Nuveen

Credit

Strategies

Income

Fund

(JQC).

Scott

Caraher

and

Kevin

Lorenz,

CFA,

manage

the

Nuveen

Floating

Rate

Income

Fund

(JFR).

Effective

August

9,

2023

(subsequent

to

the

close

of

the

reporting

period),

Himani

Trivedi

was

added

as

a

portfolio

manager

to

the

Nuveen

Credit

Strategies

Income

Fund.

Additionally,

the

Fund’s

performance

benchmark

changed

from

the

Credit

Suisse

Leveraged

Loan

Index

to

a

linked

benchmark

comprised

of

the

return

streams

from

100%

Credit

Suisse

Leveraged

Loan

Index

until

08/08/2023,

and

thereafter

75%

Credit

Suisse

Leveraged

Loan

Index

and

25%

ICE

BofA

U.S.

High

Yield

Index.

In

addition,

the

Fund’s

investment

policies

changed

to

allow

the

Fund

to

persistently

invest

a

greater

portion

of

its

portfolio

in

collateralized

loan

obligation

(CLO)

debt

and

high

yield

corporate

debt.

Effective

July

31,

2023,

the

Nuveen

Senior

Income

Fund

(NSL),

Nuveen

Floating

Rate

Income

Opportunity

Fund

(JRO),

and

Nuveen

Short

Duration

Credit

Opportunities

Fund

(JSD)

merged

into

the

Nuveen

Floating

Rate

Income

Fund

(JFR).

Here

the

portfolio

management

team

discusses

economic

and

market

conditions,

key

investment

strategies

and

the

Funds’

performance

for

the

twelve-month

reporting

period

ended

July

31,

2023.

For

more

information

on

the

Funds’

investment

objectives

and

policies,

please

refer

to

the

Shareholder

Update

section

of

the

report.

What

factors

affected

the

economy

and

the

market

conditions

during

the

twelve-month

annual

reporting

period

ended

July

31,

2023?

The

U.S.

economy

performed

better

than

expected

despite

persistent

inflationary

pressure

and

rising

interest

rates

during

the

twelve-month

period

ended

July

31,

2023.

In

the

second

quarter

of

2023,

the

economy

grew

at

an

annualized

rate

of

2.1%,

according

to

the

second

estimate

from

the

U.S.

Bureau

of

Economic

Analysis,

compared

to

2.0%

in

the

first

quarter

and

in

line

with

2.1%

in

2022

overall.

Early

in

the

reporting

period,

inflation

rose

sharply

because

of

supply

chain

disruptions

and

high

food

and

energy

prices,

the

Russia-Ukraine

war

and

China’s

zero-COVID

restrictions

(eventually

lifted

in

December

2022).

During

the

reporting

period,

U.S.

inflation

reached

its

peak

level

in

August

2022.

Since

then,

price

pressures

have

eased

given

normalization

in

supply

chains,

falling

energy

prices

and

aggressive

measures

by

the

U.S.

Federal

Reserve

(Fed)

and

other

global

central

banks

to

tighten

financial

conditions

and

slow

demand

in

their

economies.

Nevertheless,

during

the

reporting

period

inflation

levels

remained

much

higher

than

central

banks’

target

levels.

The

Fed

raised

its

target

fed

funds

rate

seven

times

during

the

reporting

period,

bringing

it

to

a

range

of

5.25%

to

5.50%

as

of

July

2023.

One

of

the

Fed’s

rate

increases

occurred

in

March

2023,

a

decision

that

was

closely

watched

because

of

the

failure

of

Silicon

Valley

Bank

and

Signature

Bank

during

the

same

month

and

uncertainty

around

the

economic

impact

of

these

failures.

Additionally,

in

March

2023,

Swiss

bank

UBS

agreed

to

buy

Credit

Suisse,

which

was

considered

to

be

vulnerable

in

the

current

environment.

For

much

of

the

reporting

period,

the

Fed’s

activity

led

to

significant

volatility

in

bond

and

stock

markets.

In

addition,

it

contributed

to

an

increase

in

the

U.S.

dollar’s

value

relative

to

major

world

currencies,

which

acts

as

a

headwind

to

the

profits

of

international

companies

and

U.S.

domestic

companies

with

overseas

earnings.

Global

currency

and

bond

markets

were

further

roiled

in

September

2022

by

an

unpopular

fiscal

spending

proposal

in

the

U.K.

but

recovered

after

the

plans

were

abandoned.

During

the

reporting

period,

elevated

inflation

and

higher

borrowing

costs

weighed

on

some

segments

of

the

economy,

including

the

real

estate

market.

Consumer

spending,

however,

has

remained

more

resilient

than

expected,

in

part

because

of

a

still-strong

labor

market,

another

key

gauge

of

the

economy’s

health.

As

of

July

2023,

the

unemployment

rate

remained

near

its

pre-pandemic

low

of

3.5%,

although

monthly

job

growth

appeared

to

be

slowing.

The

strong

labor

market

and

wage

gains

helped

provide

a

measure

of

resilience

to

the

U.S.

economy

during

the

reporting

period,

even

as

the

Fed

sought

to

soften

job

growth

to

help

curb

inflation

pressures.

The

loan

market

generated

a

strong

total

return

of

9.49%

during

the

reporting

period,

as

measured

by

the

Credit

Suisse

Leveraged

Loan

Index.

Because

of

their

floating-rate

coupons,

loans

have

benefited

considerably

from

the

Federal

Reserve’s

interest

rate

hiking

cycle,

which

began

in

March

2022.

These

increases

helped

boost

the

current

yield

for

the

loan

market,

as

measured

by

the

Credit

Suisse

Leveraged

Loan

Index,

from

6.57%

at

the

beginning

of

the

reporting

period

to

9.53%

as

of

July

2023.

Performance

for

senior

Portfolio

Managers’

Comments

(continued)

6

loans

has

also

been

aided

by

a

supportive

technical

backdrop,

as

net

issuance

of

collateralized

loan

obligations,

the

largest

buyer

base

for

senior

loans,

remained

robust.

From

a

credit

perspective,

loans

rated

BB

and

B

outperformed

their

CCC

rated

counterparts.

What

key

strategies

were

used

to

manage

the

Funds

during

the

twelve-month

reporting

period

ended

July

31,

2023?

The

Funds’

investment

objective

is

to

achieve

a

high

level

of

current

income,

consistent

with

capital

preservation

by

investing

primarily

in

adjustable

rate

U.S.

dollar-denominated

secured

senior

loans

and

other

debt

instruments.

The

portfolio

management

team

focuses

on

loans

of

issuers

with

businesses

in

defensive

sectors

that

have

strong

asset

coverage,

as

well

as

loans

of

larger

issuance

and

facility

sizes.

These

loans

are

generally

referred

to

as

broadly

syndicated

loans.

Consistent

with

their

investment

policies,

the

Funds

also

invest

opportunistically

in

below

investment

grade

corporate

bonds

to

seek

relative

value

opportunities

across

the

capital

structure.

The

Funds

use

leverage.

Leverage

is

discussed

in

more

detail

later

in

the

Fund

Leverage

section

of

this

report.

During

the

reporting

period,

the

portfolio

management

team

continued

to

focus

on

higher

quality

and

more

liquid

loans,

which

is

consistent

with

the

Funds’

investment

philosophy.

The

strategy

has

historically

favored

these

kinds

of

loans,

particularly

during

periods

when

the

portfolio

management

team

does

not

believe

investors

are

being

properly

compensated

for

the

additional

risk

in

lower

credit

quality

issues.

At

the

same

time,

the

portfolio

management

team

looked

to

selectively

add

to

lower

rated

loans

that

have

experienced

technical

selloffs,

focusing

on

issuers

that

can

navigate

a

potential

economic

slowdown

and

where

default

risk

is

mispriced.

How

did

the

Funds

perform

during

the

twelve-month

reporting

period

ended

July

31,

2023?

For

the

twelve-month

reporting

period

ended

July

31,

2023,

JFR

and

JQC

underperformed

the

Credit

Suisse

Leveraged

Loan

Index.

For

purposes

of

this

performance

commentary,

references

to

relative

performance

are

in

comparison

to

the

Credit

Suisse

Leveraged

Loan

Index.

For

JFR,

the

primary

detractor

from

relative

performance

was

the

Fund’s

out-of-benchmark

allocation

to

high

yield

corporate

bonds,

which

is

consistent

with

its

mandate.

During

the

reporting

period,

high

yield

corporate

bonds

generally

underperformed

senior

loans

as

a

result

of

their

longer-duration

profiles

amid

the

increase

in

interest

rates.

In

addition,

the

Fund’s

exposure

to

bonds

within

the

communication

services

and

information

technology

sectors

detracted

from

relative

results.

The

Fund’s

exposure

to

out-

of-benchmark

equities

received

from

reorganizations

also

detracted

from

relative

results

during

the

reporting

period.

The

Fund’s

underperformance

was

partially

offset

by

positive

security

selection

within

the

loan

portfolio,

particularly

in

consumer

discretionary

and

energy.

Another

contributor

to

the

Fund’s

relative

performance

was

its

selected

exposure

to

BBB

rated

bonds

that

performed

well.

The

primary

detractor

from

JQC’s

relative

performance

was

the

Fund’s

exposure

to

out-of-benchmark

equities

received

from

reorganizations

during

the

reporting

period.

The

Fund’s

out-of-benchmark

allocation

to

high

yield

corporate

bonds,

which

is

consistent

with

its

mandate,

also

detracted

from

relative

performance.

In

addition,

the

Fund’s

exposure

to

bonds

within

the

information

technology

and

consumer

staples

sectors

negatively

impacted

relative

results.

These

detractors

were

partially

offset

by

positive

security

selection

within

the

Fund’s

loan

portfolio,

particularly

within

the

consumer

discretionary

sector.

Another

contributor

to

the

Fund’s

relative

performance

was

its

exposure

to

an

oil

and

gas

exploration

and

production

company,

QuarterNorth

Energy

Holding

Inc.

(formerly

known

as

Fieldwood

Energy

Inc.

prior

to

its

debt

restructuring),

which

is

not

represented

in

the

benchmark.

7

This

material

is

not

intended

to

be

a

recommendation

or

investment

advice,

does

not

constitute

a

solicitation

to

buy,

sell

or

hold

a

security

or

an

investment

strategy,

and

is

not

provided

in

a

fiduciary

capacity.

The

information

provided

does

not

take

into

account

the

specific

objectives

or

circumstances

of

any

particular

investor,

or

suggest

any

specific

course

of

action.

Investment

decisions

should

be

made

based

on

an

investor’s

objectives

and

circumstances

and

in

consultation

with

his

or

her

advisors.

Certain

statements

in

this

report

are

forward-looking

statements.

Discussions

of

specific

investments

are

for

illustration

only

and

are

not

intended

as

recommendations

of

individual

investments.

The

forward-looking

statements

and

other

views

expressed

herein

are

those

of

the

portfolio

managers

as

of

the

date

of

this

report.

Actual

future

results

or

occurrences

may

differ

significantly

from

those

anticipated

in

any

forward-looking

statements,

and

the

views

expressed

herein

are

subject

to

change

at

any

time,

due

to

numerous

market

and

other

factors.

The

Funds

disclaim

any

obligation

to

update

publicly

or

revise

any

forward-looking

statements

or

views

expressed

herein.

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s

Group

(S&P),

Moody’s

Investors

Service,

Inc.

(Moody’s)

or

Fitch,

Inc.

(Fitch).

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,

while

BB,

B,

CCC,

CC,

C

and

D

are

below

investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Bond

insurance

guarantees

only

the

payment

of

principal

and

interest

on

the

bond

when

due,

and

not

the

value

of

the

bonds

themselves,

which

will

fluctuate

with

the

bond

market

and

the

financial

success

of

the

issuer

and

the

insurer.

Insurance

relates

specifically

to

the

bonds

in

the

portfolio

and

not

to

the

share

prices

of

a

Fund.

No

representation

is

made

as

to

the

insurers’

ability

to

meet

their

commitments.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

8

Fund

Leverage

IMPACT

OF

THE

FUNDS’

LEVERAGE

STRATEGIES

ON

PERFORMANCE

One

important

factor

impacting

the

returns

of

the

Funds’

common

shares

relative

to

their

comparative

benchmarks

was

the

Funds’

use

of

leverage

through

bank

borrowings,

Taxable

Fund

Preferred

Shares

(TFP)

and

reverse

repurchase

agreements

for

JQC.

The

Funds

use

leverage

because

our

research

has

shown

that,

over

time,

leveraging

provides

opportunities

for

additional

income.

The

opportunity

arises

when

short-term

rates

that

a

Fund

pays

on

its

leveraging

instruments

are

lower

than

the

interest

the

Fund

earns

on

its

portfolio

securities

that

it

has

bought

with

the

proceeds

of

that

leverage.

However,

use

of

leverage

can

expose

Fund

common

shares

to

additional

price

volatility.

When

a

Fund

uses

leverage,

the

Fund’s

common

shares

will

experience

a

greater

increase

in

their

net

asset

value

if

the

securities

acquired

through

the

use

of

leverage

increase

in

value,

but

will

also

experience

a

correspondingly

larger

decline

in

their

net

asset

value

if

the

securities

acquired

through

leverage

decline

in

value.

All

this

will

make

the

shares’

total

return

performance

more

variable

over

time.

In

addition,

common

share

income

in

levered

funds

will

typically

decrease

in

comparison

to

unlevered

funds

when

short-term

interest

rates

increase

and

increase

when

short-term

interest

rates

decrease.

In

recent

quarters,

fund

leverage

expenses

have

generally

tracked

the

overall

movement

of

short-term

interest

rates.

While

fund

leverage

expenses

are

higher

than

their

prior

year

lows,

leverage

nevertheless

continues

to

provide

the

opportunity

for

incremental

common

share

income,

particularly

over

longer-term

periods.

JFR's

use

of

leverage

contributed

to

relative

performance

over

this

reporting

period

while

JQC's

use

of

leverage

had

a

negligible

impact

on

relative

performance

over

this

reporting

period.

Both

Funds’

use

of

leverage

was

accretive

to

common

share

income.

As

of

July

31,

2023,

the

Funds’

percentages

of

leverage

are

as

shown

in

the

accompanying

table.

*

Effective

leverage

is

a

Fund’s

effective

economic

leverage,

and

includes

both

regulatory

leverage

and

the

leverage

effects

of

reverse

repurchase

agreements,

certain

derivative

and

other

investments

in

a

Fund’s

portfolio

that

increase

the

Fund’s

investment

exposure.

Regulatory

leverage

consists

of

preferred

shares

issued

or

borrowings

of

a

Fund.

Both

of

these

are

part

of

a

Fund’s

capital

structure.

A

Fund,

however,

may

from

time

to

time

borrow

on

a

typically

transient

basis

in

connection

with

its

day-to-day

operations,

primarily

in

connection

with

the

need

to

settle

portfolio

trades.

Such

incidental

borrowings

are

excluded

from

the

calculation

of

a

Fund’s

effective

leverage

ratio.

Regulatory

leverage

is

subject

to

asset

coverage

limits

set

forth

in

the

Investment

Company

Act

of

1940.

THE

FUNDS’

LEVERAGE

Bank

Borrowings

As

noted

previously,

the

Funds

employ

leverage

through

the

use

of

bank

borrowings.

The

Funds’

bank

borrowings

activities

are

as

shown

in

the

accompanying

table.

*Value

does

not

include

activity

related

to

the

Merger.

Refer

to

Notes

to

Financial

Statements

for

further

details.

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.

JFR

JQC

Effective

Leverage*

38.36%

38.46%

Regulatory

Leverage*

38.36%

30.80%

Current

Reporting

Period

Subsequent

to

the

Close

of

the

Reporting

Period

Fund

Outstanding

Balance

as

of

August

1,

2022

Draws

Paydowns

Outstanding

Balance

as

of

July

31,

2023

Average

Balance

Outstanding

Draws

Paydowns

Outstanding

Balance

as

of

September

22,

2023

JFR

$233,400,000

$

487,400,000*

$(243,600,000)*

$477,200,000

$230,666,301

$-

$-

$477,200,000

JQC

$246,000,000

$

8,300,000

$(42,700,000)

$211,600,000

$225,681,918

$-

$-

$211,600,000

Current

Reporting

Period

Subsequent

to

the

Close

of

the

Reporting

Period

Fund

Outstanding

Balance

as

of

August

1,

2022

Sales

Purchases

Outstanding

Balance

as

of

July

31,

2023

Average

Balance

Outstanding

Sales

Purchases

Outstanding

Balance

as

of

September

22,

2023

JQC

$142,000,000

$  

—

$  

—

$142,000,000

$142,000,000

$  

—

$  

—

$142,000,000

9

Refer

to

Notes

to

Financial

Statements

for

further

details.

Taxable

Fund

Preferred

Shares

As

noted

previously,

in

addition

to

bank

borrowings,

the

Funds

also

issued

TFP.

The

Funds’

transactions

in

TFP

are

as

shown

in

the

accompanying

table.

*Issued

in

the

Merger.

Refer

to

Notes

to

Financial

Statements

for

further

details.

Current

Reporting

Period

Subsequent

to

the

Close

of

the

Reporting

Period

Fund

Outstanding

Balance

as

of

August

1,

2022

Issuance

Redemptions

Outstanding

Balance

as

of

July

31,

2023

Average

Balance

Outstanding

Issuance

Redemptions

Outstanding

Balance

as

of

September

22,

2023

JFR

$100,000,000

$185,000,000*

$-

$285,000,000

$100,506,849

  $

-

  $

-

$285,000,000

JQC

$140,000,000

$-

$-

$140,000,000

$140,000,000

  $

-

  $

-

$140,000,000

10

Common

Share

Information

COMMON

SHARE

DISTRIBUTION

INFORMATION

The

following

information

regarding

the

Fund’s

distributions

is

current

as

of

July

31,

2023,

the

Fund’s

fiscal

and

tax

year

end,

and

may

differ

from

previously

issued

distribution

notifications.

The

Funds

have

adopted

a

level

distribution

program

to

provide

shareholders

with

stable,

but

not

guaranteed,

cash

flow,

independent

of

the

amount

or

timing

of

income

earned

or

capital

gains

realized

by

the

Funds.

Under

this

program,

each

Fund’s

regular

monthly

distribution,

in

order

to

maintain

its

level

distribution

amount,

may

include

net

investment

income,

return

of

capital

and

potentially

capital

gains

for

tax

purposes.

The

practice

of

maintaining

a

stable

distribution

level

had

no

material

effect

on

each

Fund’s

investment

strategy

during

the

most

recent

fiscal

period

and

is

not

expected

to

have

such

an

effect

in

future

periods,

however,

distributions

in

excess

of

Fund

returns

will

cause

its

NAV

per

share

to

erode.

For

additional

information,

refer

to

the

distribution

information

section

below

and

in

the

Notes

to

Financial

Statements

herein.

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

the

Funds’

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

the

Funds’

distributions

are

available

on

www.nuveen.com/en-us/closed-

end-funds.

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.

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).

Data

as

of

July

31,

2023

Current

Month

Percentage

of

Distributions

Fiscal

YTD

Per

Share

Amounts

Fund

Net

Investment

Income

Realized

Gains

Return

of

Capital

Total

Net

Investment

Income

Realized

Gains

Return

of

Capital

JFR

100.00%

0.00%

0.00%

$0.8685

$0.8685

$0.0000

$0.0000

JQC

96.67%

0.00%

3.33%

$0.5535

$0.5351

$0.0000

$0.0184

Data

as

of

July

31,

2023

Annualized

Cumulative

Fund

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

JFR

$0.0745

9.79%

6.88%

2.54%

9.51%

6.88%

JQC

$0.0475

9.78%

5.01%

1.91%

9.49%

5.01%

11

COMMON

SHARE

REPURCHASES

The

Funds’

Board

of

Trustees

reauthorized

an

open-market

share

repurchase

program,

allowing

each

Fund

to

repurchase

and

retire

an

aggregate

of

up

to

approximately

10%

of

its

outstanding

common

shares.

During

the

current

reporting

period,

the

Funds

did

not

repurchase

any

of

their

outstanding

common

shares.

 As

of

July

31,

2023,

(and

since

the

inception

of

the

Funds’

repurchase

programs),

each

Fund

has

cumulatively

repurchased

and

retired

its

outstanding

common

shares

as

shown

in

the

accompanying

table.

OTHER

COMMON

SHARE

INFORMATION

As

of

July

31,

2023,

the

Funds’

common

share

prices

were

trading

at

a

premium/(discount)

to

their

common

share

NAVs

and

trading

at

an

average

premium/(discount)

to

NAV

during

the

current

reporting

period,

as

follows:

JFR

JQC

Common

shares

cumulatively

repurchased

and

retired

147,593

5,473,400

Common

shares

authorized

for

repurchase

5,690,000

13,560,000

JFR

JQC

Common

share

NAV

$9.13

$5.83

Common

share

price

$8.08

$5.08

Premium/(Discount)

to

NAV

(11.50)%

(12.86)%

Average

premium/(discount)

to

NAV

(10.18)%

(12.35)%

12

About

the

Funds’

Benchmarks

Credit

Suisse

Leveraged

Loan

Index

:

An

index

designed

to

measure

the

performance

of

the

USD-denominated

leveraged

loan

market.

The

index

includes

issuers

from

developed

countries;

issuers

from

developing

countries

are

excluded.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Nuveen

Floating

Rate

Income

Fund

Performance

Overview

and

Holdings

Summaries

as

of

July

31,

2023

13

JFR

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Fund

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

Credit

Suisse

Leveraged

Loan

Index.

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

may

be

higher

or

lower

than

the

data

shown.

Returns

do

not

reflect

the

deduction

of

taxes

that

shareholders

may

have

to

pay

on

Fund

distributions

or

upon

the

sale

of

Fund

shares.

Returns

at

NAV

are

net

of

Fund

expenses,

and

assume

reinvestment

of

distributions.

Comparative

index

return

information

is

provided

for

the

Fund’s

shares

at

NAV

only.

Indexes

are

not

available

for

direct

investment.

Daily

Common

Share

NAV

and

Share

Price

Growth

of

an

Assumed

$10,000

Investment

as

of July

31,

2023

 -

Common

Share

Price 

Total

Returns

as

of

July

31,

2023

Average

Annual

Inception

Date

1-Year

5-Year

10-Year

JFR

at

Common

Share

NAV

3/25/04

6.88%

2.54%

3.68%

JFR

at

Common

Share

Price

3/25/04

1.57%

3.17%

2.87%

Credit

Suisse

Leveraged

Loan

Index

—

9.49%

4.12%

4.16%

14

Performance

Overview

and

Holdings

Summaries

as

of

July

31,

2023

(continued)

Holdings

Summaries

as

of

July

31,

2023

This

data

relates

to

the

securities

held

in

the

Fund’s

portfolio

of

investments

as

of

the

end

of

the

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s

Group,

Moody’s

Investors

Service,

Inc.

or

Fitch,

Inc.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC,

CC,

C

and

D

are

below-investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Fund

Allocation

(%

of

net

assets)

Variable

Rate

Senior

Loan

Interests

131.7‌%

Corporate

Bonds

21.5‌%

Common

Stocks

4.5‌%

Asset-Backed

Securities

1.4‌%

Warrants

0.9‌%

Convertible

Preferred

Securities

0.1‌%

Short-Term

Investment

Companies

2.8‌%

Other

Assets

&

Liabilities,

Net

(0.7)%

Borrowings

(39.0)%

TFP

Shares,

Net

(23.2‌)%

Net

Assets

100‌%

Portfolio

Composition

1

(%

of

total

investments)

Hotels,

Restaurants

&

Leisure

13.0%

Software

10.3%

Media

9.0%

Health

Care

Providers

&

Services

5.7%

Oil,

Gas

&

Consumable

Fuels

4.6%

Health

Care

Equipment

&

Supplies

3.9%

Specialty

Retail

3.9%

Insurance

3.5%

Passenger

Airlines

3.4%

Diversified

Telecommunication

Services

2.7%

Commercial

Services

&

Supplies

2.6%

Energy

Equipment

&

Services

2.6%

Chemicals

2.4%

Pharmaceuticals

1.9%

Containers

&

Packaging

1.9%

IT

Services

1.8%

Machinery

1.6%

Electric

Utilities

1.5%

Communications

Equipment

1.5%

Other

19.6%

Investment

Companies

1.7%

Asset-Backed

Securities

0.9%

Total

100%

Top

Five

Issuers

(%

of

total

long-term

investments)

Quarternorth

Energy

Holding

Inc

2.1%

B.C.

Unlimited

Liability

Company,

Term

Loan

B4

1.7%

Medline

Borrower,

LP,

Term

Loan

B

1.6%

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

B

1.3%

CSC

Holdings,

LLC,

Term

Loan

B6

1.3%

Bond

Credit

Quality

(%

of

total

long-term

investments)

BBB

11.7%

BB

or

Lower

86.1%

N/R

(not

rated)

2.2%

Total

100‌%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

Nuveen

Credit

Strategies

Income

Fund

Performance

Overview

and

Holdings

Summaries

as

of

July

31,

2023

15

JQC

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Fund

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

Credit

Suisse

Leveraged

Loan

Index.

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

may

be

higher

or

lower

than

the

data

shown.

Returns

do

not

reflect

the

deduction

of

taxes

that

shareholders

may

have

to

pay

on

Fund

distributions

or

upon

the

sale

of

Fund

shares.

Returns

at

NAV

are

net

of

Fund

expenses,

and

assume

reinvestment

of

distributions.

Comparative

index

return

information

is

provided

for

the

Fund’s

shares

at

NAV

only.

Indexes

are

not

available

for

direct

investment.

Daily

Common

Share

NAV

and

Share

Price

Growth

of

an

Assumed

$10,000

Investment

as

of July

31,

2023

 -

Common

Share

Price 

Total

Returns

as

of

July

31,

2023

Average

Annual

Inception

Date

1-Year

5-Year

10-Year

JQC

at

Common

Share

NAV

6/25/03

5.01%

1.91%

3.03%

JQC

at

Common

Share

Price

6/25/03

2.77%

3.29%

2.69%

Credit

Suisse

Leveraged

Loan

Index

—

9.49%

4.12%

4.16%

16

Performance

Overview

and

Holdings

Summaries

as

of

July

31,

2023

(continued)

Holdings

Summaries

as

of

July

31,

2023

This

data

relates

to

the

securities

held

in

the

Fund’s

portfolio

of

investments

as

of

the

end

of

the

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s

Group,

Moody’s

Investors

Service,

Inc.

or

Fitch,

Inc.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC,

CC,

C

and

D

are

below-investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Fund

Allocation

(%

of

net

assets)

Variable

Rate

Senior

Loan

Interests

134.5‌%

Corporate

Bonds

23.0‌%

Common

Stocks

1.9‌%

Warrants

0.3‌%

Short-Term

Investment

Companies

4.1‌%

Other

Assets

&

Liabilities,

Net

(1.3)%

Reverse

Repurchase

Agreements,

including

accrued

interest

(18.1‌)%

Borrowings

(26.8)%

TFP

Shares,

Net

(17.6‌)%

Net

Assets

100‌%

Portfolio

Composition

1

(%

of

total

investments)

Hotels,

Restaurants

&

Leisure

12.4%

Software

11.4%

Media

9.4%

Health

Care

Providers

&

Services

6.5%

Insurance

4.8%

Health

Care

Equipment

&

Supplies

4.2%

Passenger

Airlines

4.1%

Specialty

Retail

4.0%

Oil,

Gas

&

Consumable

Fuels

3.6%

Commercial

Services

&

Supplies

2.9%

Diversified

Telecommunication

Services

2.9%

Chemicals

2.2%

IT

Services

1.9%

Pharmaceuticals

1.7%

Machinery

1.6%

Trading

Companies

&

Distributors

1.5%

Containers

&

Packaging

1.5%

Communications

Equipment

1.4%

Electric

Utilities

1.4%

Other

18.1%

Investment

Companies

2.5%

Total

100%

Top

Five

Issuers

(%

of

total

long-term

investments)

Ultimate

Software

Group

Inc

(The),

Term

Loan

B

1.8%

Medline

Borrower,

LP,

Term

Loan

B

1.7%

PetSmart,

Inc.,

Term

Loan

B

1.3%

Parexel

International

Corporation,

Term

Loan,

First

Lien

1.2%

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

B

1.2%

Bond

Credit

Quality

(%

of

total

long-term

investments)

BBB

11.7%

BB

or

Lower

86.5%

N/R

(not

rated)

1.8%

Total

100‌%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

Shareholder

Meeting

Report

17

The

annual

meeting

of

shareholders

was

held

on

May

8,

2023

for

JFR

and

JQC;

at

this

meeting

the

shareholders

were

asked

to

elect

Board

members.

Additionally,

JFR

shareholders

were

asked

to

approve

an

Agreement

and

Plan

of

Merger

as

well

as

the

issuance

of

additional

common

shares

in

connection

with

the

Agreement

and

Plan

of

Merger.

JFR

JQC

Common

and

Preferred

shares

voting

together

as

a

class

Preferred

shares

Common

and

Preferred

shares

voting

together

as

a

class

Preferred

shares

To

approve

an

Agreement

and

Plan

of

Merger:

For

—

100,000

—

—

Against

—

—

—

—

Abstain

—

—

—

—

Broker

Non-Votes

—

—

—

—

Total

—

100,000

—

—

To

approve

the

Issuance

of

additional

common

shares:

For

23,979,516

—

—

—

Against

1,174,929

—

—

—

Abstain

458,089

—

—

—

Broker

Non-Votes

21,011,566

—

—

—

Total

46,624,100

—

—

—

Approval

of

the

Board

Members

was

reached

as

follows:

Amy

B.

R.

Lancellotta

For

45,241,111

—

102,890,741

—

Withhold

1,382,989

—

5,851,643

—

Total

46,624,100

—

108,742,384

—

John

K.

Nelson

For

44,928,770

—

92,385,654

—

Withhold

1,695,330

—

16,356,730

—

Total

46,624,100

—

108,742,384

—

Terence

J.

Toth

For

44,883,161

—

102,711,944

—

Withhold

1,740,939

—

6,030,440

—

Total

46,624,100

—

108,742,384

—

Robert

L.

Young

For

45,297,226

—

92,523,111

—

Withhold

1,326,874

—

16,219,273

—

Total

46,624,100

—

108,742,384

—

William

C.

Hunter

For

—

100,000

—

129,000

Withhold

—

—

—

—

Total

—

100,000

—

129,000

Albin

F.

Moschner

For

—

100,000

—

129,000

Withhold

—

—

—

—

Total

—

100,000

—

129,000

Report

of

Independent

Registered

Public

Accounting

Firm

19

To

the

Shareholders

and

Board

of

Trustees

Nuveen

Floating

Rate

Income

Fund

and

Nuveen

Credit

Strategies

Income

Fund

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities

of

Nuveen

Floating

Rate

Income

Fund

and

Nuveen

Credit

Strategies

Income

Fund

(the

Funds),

including

the

portfolios

of

investments,

as

of

July

31,

2023,

the

related

statements

of

operations

and

cash

flows

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

years

in

the

two-year

period

then

ended,

and

the

related

notes

(collectively,

the

financial

statements)

and

the

financial

highlights

for

each

of

the

years

in

the

five-year

period

then

ended.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Funds

as

of

July

31,

2023,

the

results

of

their

operations

and

their

cash

flows

for

the

year

then

ended,

the

changes

in

their

net

assets

for

each

of

the

years

in

the

two-year

period

then

ended,

and

the

financial

highlights

for

each

of

the

years

in

the

five-year

period

then

ended,

in

conformity

with

U.S.

generally

accepted

accounting

principles.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

these

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Such

procedures

also

included

confirmation

of

securities

owned

as

of

July

31,

2023,

by

correspondence

with

custodians

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

KPMG

LLP

We

have

served

as

the

auditor

of

one

or

more

Nuveen

investment

companies

since

2014.

Chicago,

Illinois 

September

29,

2023

20

Nuveen

Floating

Rate

Income

Fund

Portfolio

of

Investments

July

31,

2023

JFR

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

LONG-TERM

INVESTMENTS

-

160.1%  

(98.3%

of

Total

Investments) 

X

–

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

-

131

.7

%

(

80

.8

%

of

Total

Investments)

(2)

X

1,612,916,113

Aerospace

&

Defense

-

1.2%

(0.8%

of

Total

Investments)

$

4,122

TransDigm,

Inc.,

Term

Loan

H

8.492%

SOFR90A

3.250%

2/22/27

Ba3

$

4,134,365

10,904

TransDigm,

Inc.,

Term

Loan

I

8.492%

SOFR90A

3.250%

8/24/28

Ba3

10,927,644

Total

Aerospace

&

Defense

15,062,009

Automobile

Components

-

0.5%

(0.3%

of

Total

Investments)

1,048

Adient

US

LLC,

Term

Loan

B

8.683%

TSFR1M

3.250%

4/08/28

BB+

1,051,079

3,320

Clarios

Global

LP,

Term

Loan

9.069%

TSFR1M

3.750%

4/20/30

B+

3,323,735

839

DexKo

Global

Inc.,

Term

Loan

B

9.253%

SOFR90A

3.750%

10/04/28

B2

812,208

1,505

Phinia

Inc,

Term

Loan

B

9.419%

TSFR1M

4.000%

7/03/28

BB+

1,508,762

Total

Automobile

Components

6,695,784

Beverages

-

1.7%

(1.1%

of

Total

Investments)

1,194

Arterra

Wines

Canada,

Inc.,

Term

Loan

9.003%

3-Month

LIBOR

3.500%

11/25/27

B2

1,142,641

4,002

City

Brewing

Company,

LLC,

Term

Loan

9.070%

TSFR3M

3.500%

4/05/28

CCC

2,598,326

4,695

Naked

Juice

LLC,

Term

Loan

8.520%

SOFR90A

+

3

Month

LIBOR

3.250%

1/20/29

B2

4,446,934

738

Naked

Juice

LLC,

Term

Loan,

Second

Lien

11.342%

SOFR90A

6.000%

1/20/30

CCC

600,153

6,219

Sunshine

Investments

B.V.,

Term

Loan

9.336%

SOFR90A

4.250%

5/05/29

B+

6,222,637

6,541

Triton

Water

Holdings,

Inc,

Term

Loan

8.753%

SOFR90A

3.250%

3/31/28

B

6,339,679

Total

Beverages

21,350,370

Biotechnology

-

0.8%

(0.5%

of

Total

Investments)

9,998

Grifols

Worldwide

Operations

USA,

Inc.,

Term

Loan

B

7.414%

SOFR90A

2.000%

11/15/27

BB+

9,883,233

Total

Biotechnology

9,883,233

Broadline

Retail

-

0.1%

(0.1%

of

Total

Investments)

1,252

Belk,

Inc.,

Term

Loan

12.976%

3-Month

LIBOR

7.500%

7/31/25

CCC

1,076,830

6,120

Belk,

Inc.,

Term

Loan

,

(cash

15.299%,

PIK

8.000%)

15.299%

3-Month

LIBOR

10.000%

7/31/25

C

757,305

Total

Broadline

Retail

1,834,135

Building

Products

-

1.8%

(1.1%

of

Total

Investments)

9,734

Chamberlain

Group

Inc,

Term

Loan

B

8.669%

SOFR30A

3.250%

10/22/28

B

9,607,377

1,198

Cornerstone

Building

Brands,

Inc.,

Term

Loan

B

8.572%

TSFR1M

3.250%

4/12/28

B

1,162,814

796

Griffon

Corporation,

Term

Loan

B

7.639%

SOFR90A

2.250%

1/19/29

BB

796,250

7,511

Quikrete

Holdings,

Inc.,

Term

Loan,

First

Lien

8.058%

TSFR1M

2.625%

1/31/27

Ba2

7,517,509

2,215

Standard

Industries

Inc.,

Term

Loan

B

7.906%

TSFR1M

2.500%

9/22/28

BBB-

2,221,818

1,056

Zurn

Holdings,

Inc.,

Term

Loan

B

7.319%

TSFR1M

2.000%

10/04/28

BB+

1,056,953

Total

Building

Products

22,362,721

21

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

Capital

Markets

-

0.4%

(0.3%

of

Total

Investments)

$

869

Advisor

Group,

Inc.,

Term

Loan

9.933%

1-Month

LIBOR

4.500%

7/31/26

B1

$

870,445

4,230

Motion

Finco

Sarl,

Term

Loan

B1

,

(DD1)

8.788%

3-Month

LIBOR

3.250%

11/04/26

B

4,220,747

Total

Capital

Markets

5,091,192

Chemicals

-

3.2%

(1.9%

of

Total

Investments)

566

Avient

Corporation,

Term

Loan

B

8.616%

SOFR90A

3.250%

8/29/29

BB+

567,847

4,336

Axalta

Coating

Systems

Dutch

Holding

B

B.V,

Term

Loan

B

8.242%

SOFR90A

3.000%

12/08/29

BBB-

4,352,681

5,259

Discovery

Purchaser

Corporation,

Term

Loan

9.617%

SOFR90A

4.375%

8/03/29

B-

5,143,912

2,494

H.B.

Fuller

Company,

Term

Loan

B

7.819%

TSFR1M

2.500%

2/08/30

BBB-

2,504,411

1,500

INEOS

Quattro

Holdings

UK

Ltd,

Term

Loan

9.169%

TSFR1M

3.750%

3/03/30

BB

1,490,625

2,357

INEOS

Styrolution

US

Holding

LLC,

Term

Loan

B

8.183%

TSFR1M

2.750%

1/29/26

BB+

2,342,071

3,975

Ineos

US

Finance

LLC,

Term

Loan

B

8.805%

TSFR1M

3.500%

2/09/30

BB

3,938,987

533

Kraton

Corporation,

Term

Loan

8.766%

SOFR90A

3.250%

3/15/29

BB

533,693

1,837

Lonza

Group

AG,

Term

Loan

B

9.267%

SOFR90A

3.925%

7/03/28

B2

1,581,246

5,024

Nouryon

Finance

B.V.,

Term

Loan

B

9.318%

SOFR90A

4.000%

4/03/28

BB-

5,016,974

996

PQ

Corporation,

Term

Loan

B

7.969%

TSFR3M

2.500%

6/09/28

BB-

992,844

650

Starfruit

Finco

B.V,

Term

Loan

9.347%

TSFR3M

4.000%

3/03/28

BB-

647,562

9,670

Trinseo

Materials

Operating

S.C.A.,

Term

Loan

7.538%

1-Month

LIBOR

2.000%

9/09/24

Ba3

9,491,072

Total

Chemicals

38,603,925

Commercial

Services

&

Supplies

-

3.2%

(2.0%

of

Total

Investments)

4,049

Amentum

Government

Services

Holdings

LLC,

Term

Loan

9.222%

SOFR30A

4.000%

2/07/29

B

3,927,627

1,904

Anticimex

International

AB,

Term

Loan

B1

8.517%

SOFR90A

+

3

Month

LIBOR

3.467%

11/16/28

B

1,888,270

4,220

Covanta

Holding

Corporation,

Term

Loan

B

7.819%

TSFR1M

2.500%

11/30/28

BB

4,218,093

320

Covanta

Holding

Corporation,

Term

Loan

C

7.819%

TSFR1M

2.500%

11/30/28

BB

319,965

2,501

Garda

World

Security

Corporation,

Term

Loan

B

9.641%

TSFR1M

4.250%

10/30/26

BB

2,502,031

3,767

GFL

Environmental

Inc.,

Term

Loan

8.305%

TSFR1M

3.000%

5/31/27

BB-

3,777,085

1,720

Herman

Miller,

Inc,

Term

Loan

B

7.433%

TSFR1M

2.000%

7/19/28

BB+

1,686,062

3,085

National

Intergovernmental

Purchasing

Alliance

Co,Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

B2

3,090,517

290

National

Intergovernmental

Purchasing

Alliance

Co,Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

B2

290,321

7,307

Prime

Security

Services

Borrower,

LLC,

Term

Loan

7.977%

TSFR1M

+

1Month

LIBOR

2.750%

9/23/26

BB

7,307,361

1,474

Vertical

US

Newco

Inc,

Term

Loan

B

9.381%

6-Month

LIBOR

3.500%

7/31/27

B+

1,470,486

Nuveen

Floating

Rate

Income

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

22

JFR

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

Commercial

Services

&

Supplies

(continued)

$

5,477

West

Corporation,

Term

Loan

B3

9.569%

TSFR1M

4.000%

4/10/27

B1

$

5,255,413

4,439

WIN

Waste

Innovations

Holdings,

Inc.,

Term

Loan

B

,

(DD1)

8.183%

TSFR1M

2.750%

3/25/28

B3

3,544,886

Total

Commercial

Services

&

Supplies

39,278,117

Communications

Equipment

-

1.8%

(1.1%

of

Total

Investments)

7,872

CommScope,

Inc.,

Term

Loan

B

8.683%

TSFR1M

3.250%

4/04/26

B1

7,351,052

7,286

Delta

TopCo,

Inc.,

Term

Loan

B

9.069%

SOFR180A

3.750%

12/01/27

B2

7,130,054

1,703

EOS

Finco

Sarl,

Term

Loan

11.268%

SOFR90A

6.000%

8/03/29

B

1,684,811

4,061

MLN

US

HoldCo

LLC,

Term

Loan

B2

12.110%

TSFR3M

6.700%

10/18/27

N/R

1,516,036

6,990

MLN

US

HoldCo

LLC,

Term

Loan,

First

Lien

9.838%

SOFR90A

4.500%

11/30/25

CC

1,100,952

2,374

Riverbed

Technology,

Inc.,

Term

Loan

9.742%

SOFR90A

4.500%

7/01/28

N/R

1,436,199

1,732

ViaSat,

Inc.,

Term

Loan

9.819%

TSFR1M

4.500%

3/04/29

BB+

1,672,763

Total

Communications

Equipment

21,891,867

Construction

&

Engineering

-

0.7%

(0.4%

of

Total

Investments)

629

Aegion

Corporation,

Term

Loan

10.183%

TSFR1M

4.750%

5/17/28

B2

619,688

3,253

Centuri

Group,

Inc,

Term

Loan

B

7.294%

TSFR1M

2.000%

8/27/28

Ba2

3,252,909

3,142

Osmose

Utilities

Services,

Inc.,

Term

Loan

8.683%

TSFR1M

3.250%

6/22/28

B

3,119,120

1,279

Pike

Corporation,

Term

Loan

B

8.433%

TSFR1M

3.000%

1/21/28

Ba3

1,278,829

Total

Construction

&

Engineering

8,270,546

Consumer

Finance

-

0.6%

(0.4%

of

Total

Investments)

7,846

Fleetcor

Technologies

Operating

Company,

LLC,

Term

Loan

B4

7.169%

TSFR1M

1.750%

4/30/28

BB+

7,815,762

Total

Consumer

Finance

7,815,762

Consumer

Staples

Distribution

&

Retail

-

0.9%

(0.5%

of

Total

Investments)

2,306

Cardenas

Markets,

Inc.,

Term

Loan

12.092%

SOFR90A

6.750%

8/01/29

B

2,299,273

2,818

US

Foods,

Inc.,

Term

Loan

B

8.183%

TSFR1M

2.750%

11/22/28

BB+

2,824,170

5,327

US

Foods,

Inc.,

Term

Loan

B

,

(DD1)

7.433%

TSFR1M

2.000%

9/13/26

BB+

5,334,796

Total

Consumer

Staples

Distribution

&

Retail

10,458,239

Containers

&

Packaging

-

2.8%

(1.7%

of

Total

Investments)

5,510

Berry

Global,

Inc.,

Term

Loan

Z

7.293%

TSFR3M

1.750%

7/01/26

BBB-

5,511,981

3,632

Charter

NEX

US,

Inc.,

Term

Loan

9.183%

TSFR1M

3.750%

12/01/27

B

3,620,779

5,585

Clydesdale

Acquisition

Holdings

Inc,

Term

Loan

B

,

(DD1)

9.594%

SOFR30A

4.175%

3/30/29

B

5,541,712

1,023

Klockner-Pentaplast

of

America,

Inc.,

Term

Loan

B

10.104%

SOFR180A

4.725%

2/09/26

B-

972,154

2,429

LABL,

Inc.,

Term

Loan,

First

Lien

,

(DD1)

10.419%

TSFR1M

5.100%

10/29/28

B2

2,420,189

23

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

Containers

&

Packaging

(continued)

$

4,742

Reynolds

Group

Holdings

Inc.

,

Term

Loan

B

8.683%

TSFR1M

3.250%

9/24/28

B+

$

4,740,113

2,924

Reynolds

Group

Holdings

Inc.

,

Term

Loan

B2

8.683%

TSFR1M

3.250%

2/05/26

B+

2,924,798

8,707

TricorBraun

Holdings,

Inc.,

Term

Loan

8.683%

TSFR1M

3.250%

3/03/28

B2

8,611,610

Total

Containers

&

Packaging

34,343,336

Diversified

Consumer

Services

-

0.6%

(0.3%

of

Total

Investments)

1,950

GT

Polaris,

Inc.,

Term

Loan

9.381%

TSFR3M

3.750%

9/24/27

B

1,866,530

5,806

Spin

Holdco

Inc.,

Term

Loan

,

(DD1)

9.230%

3-Month

LIBOR

4.000%

3/04/28

B-

4,947,538

Total

Diversified

Consumer

Services

6,814,068

Diversified

Financial

Services

-

0.0%

(0.0%

of

Total

Investments)

4,663

Ditech

Holding

Corporation,

Term

Loan

(5)

0.000%

N/A

N/A

12/19/22

N/R

512,913

Total

Diversified

Financial

Services

512,913

Diversified

Telecommunication

Services

-

3.0%

(1.9%

of

Total

Investments)

3,901

Altice

France

S.A.,

Term

Loan

B12

9.257%

3-Month

LIBOR

3.688%

1/31/26

B2

3,478,749

13,688

Altice

France

S.A.,

Term

Loan

B13

9.321%

3-Month

LIBOR

4.000%

8/14/26

B2

12,189,243

5,010

CenturyLink,

Inc.,

Term

Loan

B

7.683%

TSFR1M

2.250%

3/15/27

BB

3,521,837

185

Cincinnati

Bell,

Inc.,

Term

Loan

B2

8.669%

SOFR30A

3.250%

11/23/28

BB-

177,316

3,618

Connect

Finco

Sarl,

Term

Loan

B

8.819%

TSFR1M

3.500%

12/12/26

BB+

3,614,506

841

Cyxtera

DC

Holdings,

Inc.,

Term

Loan

13.760%

SOFR30A

8.500%

12/07/23

N/R

841,083

2,520

Cyxtera

DC

Holdings,

Inc.,

Term

Loan

B

(5)

0.000%

N/A

N/A

5/01/24

N/R

1,389,650

9,734

Frontier

Communications

Corp.,

Term

Loan

B

9.183%

TSFR1M

3.750%

10/08/27

BB+

9,284,584

1,460

Level

3

Financing

Inc.,

Term

Loan

B

7.183%

TSFR1M

1.750%

3/01/27

Ba2

1,376,963

1,750

Zayo

Group

Holdings,

Inc.,

Term

Loan

8.433%

TSFR1M

3.000%

3/09/27

B-

1,341,970

Total

Diversified

Telecommunication

Services

37,215,901

Electric

Utilities

-

1.8%

(1.1%

of

Total

Investments)

2,719

ExGen

Renewables

IV,

LLC,

Term

Loan

8.025%

SOFR90A

2.500%

12/15/27

BB-

2,709,245

198

Pacific

Gas

&

Electric

Company,

Term

Loan

8.433%

TSFR1M

3.000%

6/23/25

BB+

198,411

10,480

Talen

Energy

Supply,

LLC,

Term

Loan

B

9.590%

TSFR3M

4.500%

5/17/30

BB+

10,480,403

8,493

Talen

Energy

Supply,

LLC,

Term

Loan

C

9.590%

TSFR3M

4.500%

5/27/30

BB+

8,492,740

Total

Electric

Utilities

21,880,799

Electronic

Equipment,

Instruments

&

Components

-

0.7%

(0.4%

of

Total

Investments)

4,125

II-VI

Incorporated,

Term

Loan

B

8.183%

SOFR30A

2.750%

7/01/29

BBB-

4,129,058

3,854

Ingram

Micro

Inc.,

Term

Loan

B

9.038%

3-Month

LIBOR

3.500%

7/02/28

BB+

3,849,807

Total

Electronic

Equipment,

Instruments

&

Components

7,978,865

Nuveen

Floating

Rate

Income

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

24

JFR

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

Entertainment

-

1.4%

(0.8%

of

Total

Investments)

$

5,247

AMC

Entertainment

Holdings,

Inc.

,

Term

Loan

B

8.202%

1-Month

LIBOR

3.000%

4/22/26

B-

$

4,106,819

12,576

Crown

Finance

US,

Inc.,

Term

Loan

(5)

0.000%

N/A

N/A

2/28/25

N/R

3,290,822

1,467

Crown

Finance

US,

Inc.,

Term

Loan

(5)

0.000%

N/A

N/A

9/20/26

N/R

383,789

3,699

Diamond

Sports

Group,

LLC,

Term

Loan,

Second

Lien

(5)

8.314%

SOFR90A

3.250%

8/24/26

N/R

114,259

1,769

Lions

Gate

Capital

Holdings

LLC,

Term

Loan

B

7.669%

TSFR1M

2.250%

3/24/25

Ba2

1,768,351

2,972

Springer

Nature

Deutschland

GmbH,

Term

Loan

B18

8.503%

SOFR90A

3.000%

8/14/26

BB+

2,975,066

546

Univision

Communications

Inc.,

Term

Loan

C5

8.183%

1-Month

LIBOR

2.750%

3/15/24

B+

636,504

3,700

Virgin

Media

Bristol

LLC,

Term

Loan

Q

8.586%

TSFR1M

3.250%

1/31/29

BB+

3,657,690

Total

Entertainment

16,933,300

Financial

Services

-

1.3%

(0.8%

of

Total

Investments)

6,852

Avolon

TLB

Borrower

1

(US)

LLC,

Term

Loan

B4

6.855%

SOFR30A

1.500%

2/12/27

Baa2

6,821,343

5,361

Avolon

TLB

Borrower

1

(US)

LLC,

Term

Loan

B6

7.755%

SOFR30A

2.500%

6/22/28

Baa2

5,368,874

3,880

Trans

Union,

LLC,

Term

Loan

B6

7.683%

TSFR1M

2.250%

12/01/28

BBB-

3,880,871

Total

Financial

Services

16,071,088

Food

Products

-

1.1%

(0.7%

of

Total

Investments)

4,204

8th

Avenue

Food

&

Provisions,

Inc.,

Term

Loan,

First

Lien

9.183%

TSFR1M

3.750%

10/01/25

CCC+

3,910,234

2,548

CHG

PPC

Parent

LLC,

Term

Loan

8.433%

TSFR1M

3.000%

12/08/28

B1

2,522,189

2,202

Froneri

International

Ltd.,

Term

Loan

7.669%

TSFR1M

2.250%

1/31/27

BB-

2,195,530

1

H

Food

Holdings

LLC,

Term

Loan

B

9.269%

6-Month

LIBOR

3.688%

5/31/25

B3

0

2,655

Sycamore

Buyer

LLC,

Term

Loan

B

7.682%

SOFR30A

2.250%

7/22/29

BB+

2,597,856

2,562

UTZ

Quality

Foods,

LLC,

Term

Loan

B

8.433%

TSFR1M

3.000%

1/20/28

B1

2,564,527

Total

Food

Products

13,790,336

Ground

Transportation

-

1.8%

(1.1%

of

Total

Investments)

2,413

First

Student

Bidco

Inc,

Term

Loan

B

8.501%

TSFR3M

3.000%

7/21/28

BB+

2,355,008

905

First

Student

Bidco

Inc,

Term

Loan

C

8.501%

3-Month

LIBOR

3.000%

7/21/28

BB+

882,745

644

Genesee

&

Wyoming

Inc.

(New),

Term

Loan

7.342%

SOFR90A

2.000%

12/30/26

BB+

644,181

4,822

Hertz

Corporation,

(The),

Term

Loan

B

5.653%

3-Month

LIBOR

3.250%

6/30/28

BB+

4,825,742

929

Hertz

Corporation,

(The),

Term

Loan

C

5.653%

3-Month

LIBOR

3.250%

6/30/28

BB+

929,154

12,636

Uber

Technologies,

Inc.,

Term

Loan

B

7.974%

SOFR90A

+

TSFR3M

2.750%

3/03/30

Ba2

12,658,235

Total

Ground

Transportation

22,295,065

25

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

Health

Care

Equipment

&

Supplies

-

6.2%

(3.8%

of

Total

Investments)

$

22,897

Bausch

&

Lomb,

Inc.,

Term

Loan

8.592%

SOFR90A

3.250%

5/05/27

BB-

$

22,427,824

3,244

Carestream

Health,

Inc.,

Term

Loan

12.842%

SOFR90A

7.500%

9/30/27

B-

2,446,483

7,179

CNT

Holdings

I

Corp,

Term

Loan

8.800%

SOFR90A

3.500%

11/08/27

B

7,171,187

1,428

Embecta

Corp,

Term

Loan

B

8.337%

SOFR180A

3.000%

1/27/29

Ba3

1,421,136

2,365

ICU

Medical,

Inc.,

Term

Loan

B

7.892%

SOFR90A

2.500%

12/14/28

BBB-

2,368,267

1,225

Insulet

Corporation,

Term

Loan

B

8.683%

TSFR1M

3.250%

5/04/28

Ba3

1,228,638

31,894

Medline

Borrower,

LP,

Term

Loan

B

8.683%

TSFR1M

3.250%

10/21/28

BB-

31,609,288

5,595

Viant

Medical

Holdings,

Inc.,

Term

Loan,

First

Lien

9.183%

1-Month

LIBOR

3.750%

7/02/25

B3

5,477,442

2,447

Vyaire

Medical,

Inc.,

Term

Loan

B

10.267%

SOFR90A

+

3

Month

LIBOR

4.750%

4/16/25

Caa1

1,779,510

Total

Health

Care

Equipment

&

Supplies

75,929,775

Health

Care

Providers

&

Services

-

8.5%

(5.2%

of

Total

Investments)

7,123

AHP

Health

Partners,

Inc.,

Term

Loan

B

8.933%

TSFR1M

3.500%

8/23/28

B1

7,125,796

319

DaVita,

Inc.

,

Term

Loan

B

7.183%

TSFR1M

1.750%

8/12/26

BBB-

316,167

377

Element

Materials

Technology

Group

US

Holdings

Inc.,

Term

Loan

9.592%

SOFR90A

4.250%

4/12/29

B1

374,462

817

Element

Materials

Technology

Group

US

Holdings

Inc.,

Term

Loan

9.592%

SOFR90A

4.250%

4/12/29

B1

811,335

1,910

Gainwell

Acquisition

Corp.,

Term

Loan

B

9.342%

SOFR90A

4.000%

10/01/27

BB-

1,882,131

1,534

Global

Medical

Response,

Inc.,

Term

Loan

9.683%

TSFR1M

4.250%

3/14/25

CCC+

948,749

10,432

Global

Medical

Response,

Inc.,

Term

Loan

B

9.780%

SOFR90A

4.250%

10/02/25

CCC+

6,444,794

10,953

ICON

Luxembourg

S.A.R.L.,

Term

Loan

7.753%

SOFR90A

2.250%

7/01/28

BB+

10,976,018

3,753

National

Mentor

Holdings,

Inc.,

Term

Loan

9.130%

SOFR90A

+

TSFR1M

3.750%

3/02/28

B-

3,002,348

61

National

Mentor

Holdings,

Inc.,

Term

Loan

C

9.092%

SOFR90A

3.750%

3/02/28

B-

49,113

4,827

Onex

TSG

Intermediate

Corp.,

Term

Loan

B

10.381%

TSFR3M

4.750%

2/26/28

B

4,335,790

20,136

Parexel

International

Corporation,

Term

Loan,

First

Lien

8.555%

TSFR1M

3.250%

11/15/28

B1

20,078,273

5,927

Phoenix

Guarantor

Inc,

Term

Loan

B

8.683%

TSFR1M

3.250%

3/05/26

B1

5,893,024

4,888

Phoenix

Guarantor

Inc,

Term

Loan

B3

8.933%

TSFR1M

3.500%

3/05/26

B1

4,865,091

1,025

Select

Medical

Corp,Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

Ba2

1,025,000

10,558

Select

Medical

Corporation,

Term

Loan

B

7.805%

TSFR1M

2.500%

3/06/25

Ba2

10,555,850

15,710

Surgery

Center

Holdings,

Inc.,

Term

Loan

9.119%

SOFR30A

3.750%

8/31/26

B1

15,734,380

2,899

Team

Health

Holdings,

Inc.,

Term

Loan

B

10.569%

SOFR30A

5.250%

2/02/27

B-

2,004,481

4,304

Team

Health

Holdings,

Inc.,

Term

Loan,

First

Lien

8.183%

1-Month

LIBOR

2.750%

2/06/24

B-

3,810,089

Nuveen

Floating

Rate

Income

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

26

JFR

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

Health

Care

Providers

&

Services

(continued)

$

3,611

US

Radiology

Specialists,

Inc.,

Term

Loan

10.669%

TSFR1M

5.250%

12/15/27

B-

$

3,466,318

Total

Health

Care

Providers

&

Services

103,699,209

Health

Care

Technology

-

0.0%

(0.0%

of

Total

Investments)

17

Athenahealth,

Inc.,

Term

Loan

(6)

3.500%

Unfunded

3.500%

1/27/29

B+

17,004

142

Athenahealth,

Inc.,

Term

Loan

B

8.805%

SOFR30A

3.500%

1/27/29

B+

138,070

Total

Health

Care

Technology

155,074

Hotels,

Restaurants

&

Leisure

-

19.6%

(12.0%

of

Total

Investments)

700

24

Hour

Fitness

Worldwide,

Inc.,

Exit

Term

Loan

19.507%

3-Month

LIBOR

14.000%

9/29/26

Caa3

367,654

1,528

24

Hour

Fitness

Worldwide,

Inc.,

Term

Loan

,

(cash

10.529%,

PIK

5.000%)

10.529%

3-Month

LIBOR

5.000%

12/29/25

CCC-

276,866

3,865

Alterra

Mountain

Company,

Term

Loan

8.933%

TSFR1M

3.500%

8/17/28

B+

3,870,105

206

Alterra

Mountain

Company,

Term

Loan

B

9.169%

TSFR1M

3.750%

5/31/30

B+

205,748

1,468

Aramark

Services,

Inc.,

Term

Loan

B6

7.933%

TSFR1M

2.500%

6/22/30

Ba2

1,467,839

34,143

B.C.

Unlimited

Liability

Company,

Term

Loan

B4

7.183%

1-Month

LIBOR

1.750%

11/19/26

BB+

33,985,996

11,900

Caesars

Entertainment

Corp,

Term

Loan

B

8.555%

TSFR1M

3.250%

1/25/30

Ba3

11,922,488

13,020

Carnival

Corporation,

Term

Loan

B

8.433%

TSFR1M

3.000%

6/30/25

Ba2

13,026,254

3,203

Carnival

Corporation,

Term

Loan

B

8.683%

TSFR1M

3.250%

10/18/28

Ba2

3,198,474

6,747

Churchill

Downs

Incorporated,

Term

Loan

B1

7.419%

TSFR1M

2.000%

3/17/28

BBB-

6,742,908

2,494

Cinemark

USA,

Inc.,

Term

Loan

B

9.049%

SOFR90A

+

TSFR1M

3.750%

5/18/30

BB+

2,491,680

17,809

ClubCorp

Holdings,

Inc.,

Term

Loan

B

8.288%

3-Month

LIBOR

2.750%

9/18/24

B-

17,420,864

10,550

Crown

Finance

US,

Inc.,

Term

Loan

15.228%

TSFR1M

+

TSFR3M

10.000%

9/09/23

N/R

10,662,589

3,009

Crown

Finance

US,

Inc.,

Term

Loan

(6)

2.071%

3-Month

LIBOR

0.500%

8/31/23

CCC+

787,365

11,361

Equinox

Holdings,

Inc.,

Term

Loan,

First

Lien

8.602%

SOFR180A+

SOFR90A+

3

Month

LIBOR

3.000%

3/08/24

Caa2

10,731,081

17,646

Fertitta

Entertainment,

LLC,

Term

Loan

B

9.319%

SOFR30A

4.000%

1/27/29

B

17,486,638

2,310

Four

Seasons

Hotels

Limited,

Term

Loan

B

8.555%

TSFR1M

3.250%

11/30/29

BB+

2,317,788

5,851

GVC

Holdings

(Gibraltar)

Limited,

Term

Loan

B

8.437%

CME

Term

SOFR

1

Month

3.500%

10/31/29

Ba1

5,856,363

5,158

Hilton

Grand

Vacations

Borrower

LLC,

Term

Loan

B

8.433%

TSFR1M

3.000%

8/02/28

BBB-

5,165,372

10,242

Hilton

Worldwide

Finance,

LLC,

Term

Loan

B2

7.148%

TSFR1M

1.750%

6/21/26

BBB-

10,247,079

15,466

IRB

Holding

Corp,

Term

Loan

B

8.419%

SOFR30A

3.000%

12/15/27

B+

15,404,953

3,734

Life

Time

Fitness

Inc

,

Term

Loan

B

10.050%

TSFR3M

4.750%

1/15/26

BB+

3,754,416

570

Motion

Finco

Sarl,

Term

Loan

B2

8.788%

3-Month

LIBOR

3.250%

11/04/26

B

568,394

27

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

Hotels,

Restaurants

&

Leisure

(continued)

$

2,524

NASCAR

Holdings,

Inc,

Term

Loan

B

7.933%

TSFR1M

2.500%

10/18/26

BBB-

$

2,532,394

3,079

PCI

Gaming

Authority,

Term

Loan

7.933%

TSFR1M

2.500%

5/31/26

BBB-

3,086,769

2,579

Penn

National

Gaming,

Inc.,

Term

Loan

B

8.169%

SOFR30A

2.750%

4/20/29

BB

2,579,445

2,735

Scientific

Games

Holdings

LP,

Term

Loan

B

8.768%

SOFR90A

3.500%

2/04/29

BB-

2,705,611

10,021

Scientific

Games

International,

Inc.,

Term

Loan

8.302%

SOFR30A

3.000%

4/07/29

BBB-

10,019,978

5,772

SeaWorld

Parks

&

Entertainment,

Inc.,

Term

Loan

B

8.433%

TSFR1M

3.000%

8/25/28

BB

5,778,681

18,963

Stars

Group

Holdings

B.V.

(The),

Term

Loan

7.753%

SOFR90A

2.250%

7/10/25

BBB

18,978,383

4,680

Stars

Group

Holdings

B.V.

(The),

Term

Loan

B

8.753%

SOFR90A

3.250%

7/04/28

BBB

4,689,020

7,845

Station

Casinos

LLC,

Term

Loan

B

7.601%

TSFR1M

2.250%

2/08/27

BB

7,828,390

2,314

Twin

River

Worldwide

Holdings,

Inc.,

Term

Loan

B

8.838%

SOFR90A

3.250%

10/01/28

BB+

2,285,163

1,738

William

Morris

Endeavor

Entertainment,

LLC,

Term

Loan,

First

Lien

8.183%

TSFR1M

+

1

Month

LIBOR

2.750%

5/16/25

B+

1,737,721

Total

Hotels,

Restaurants

&

Leisure

240,180,469

Household

Durables

-

0.9%

(0.6%

of

Total

Investments)

8,198

AI

Aqua

Merger

Sub,

Inc.,

Term

Loan

B,

First

Lien

8.944%

SOFR30A

3.750%

7/30/28

B

8,104,676

101

Serta

Simmons

Bedding,

LLC,

Term

Loan

(5)

14.448%

1-Month

LIBOR

9.500%

8/10/23

N/R

101,510

3,354

Weber-Stephen

Products

LLC,

Term

Loan

B

8.683%

TSFR1M

3.250%

10/30/27

CCC+

3,011,846

Total

Household

Durables

11,218,032

Household

Products

-

0.3%

(0.1%

of

Total

Investments)

1,491

Energizer

Holdings,

Inc.,

Term

Loan

7.656%

TSFR1M

2.250%

12/22/27

Ba1

1,492,402

1,589

Reynolds

Consumer

Products

LLC,

Term

Loan

7.169%

TSFR1M

1.750%

2/04/27

BBB-

1,587,744

Total

Household

Products

3,080,146

Independent

Power

and

Renewable

Electricity

Producers

-

0.3%

(0.2%

of

Total

Investments)

3,255

Vistra

Operations

Company

LLC,

Term

Loan

B3,

First

Lien

7.183%

TSFR1M

1.750%

12/31/25

BBB-

3,255,440

Total

Independent

Power

and

Renewable

Electricity

Producers

3,255,440

Insurance

-

5.5%

(3.4%

of

Total

Investments)

9,840

Acrisure,

LLC,

Term

Loan

B

8.933%

1-Month

LIBOR

3.500%

2/15/27

B

9,613,755

3,711

Alliant

Holdings

Intermediate,

LLC,

Term

Loan

B4

8.920%

1-Month

LIBOR

3.500%

11/06/27

B

3,705,642

7,817

Alliant

Holdings

Intermediate,

LLC,

Term

Loan

B5

8.722%

TSFR1M

3.500%

2/08/27

B

7,811,410

2,327

AmWINS

Group,

Inc.,

Term

Loan

B

8.055%

TSFR1M

2.750%

2/19/28

Ba3

2,327,245

494

AssuredPartners,

Inc.,

Term

Loan

8.819%

SOFR30A

3.500%

2/13/27

B

491,898

Nuveen

Floating

Rate

Income

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

28

JFR

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

Insurance

(continued)

$

1,279

Asurion

LLC,

Term

Loan

B4,

Second

Lien

10.683%

TSFR1M

5.250%

1/20/29

B

$

1,123,518

1,282

Asurion

LLC,

Term

Loan

B7

8.538%

3-Month

LIBOR

3.000%

11/03/24

Ba3

1,282,457

10,078

Asurion

LLC,

Term

Loan

B8

8.788%

3-Month

LIBOR

3.250%

12/23/26

Ba3

9,835,117

3,973

Asurion

LLC,

Term

Loan

B9

8.788%

3-Month

LIBOR

3.250%

7/31/27

Ba3

3,809,015

695

Asurion

LLC,Term

Loan

,

(WI/

DD)

TBD

TBD

TBD

TBD

Ba3

667,780

4,420

Broadstreet

Partners,

Inc.,

Term

Loan

B

,

(DD1)

8.433%

TSFR1M

3.000%

1/27/27

B

4,402,727

2,358

Broadstreet

Partners,

Inc.,

Term

Loan

B2

8.555%

TSFR1M

3.250%

1/27/27

B

2,350,631

250

Broadstreet

Partners,

Inc.,

Term

Loan

B3

9.319%

TSFR1M

4.000%

1/26/29

B

249,531

1,154

Hub

International

Limited,

Term

Loan

B

9.123%

SOFR90A

4.000%

11/10/29

B

1,157,922

7,485

HUB

International

Limited,

Term

Loan

B

9.584%

SOFR90A

4.250%

6/08/30

B

7,524,689

1,605

Ryan

Specialty

Group,

LLC,

Term

Loan

8.419%

SOFR30A

3.000%

9/01/27

BB-

1,606,631

9,017

USI,

Inc.,

Term

Loan

8.992%

SOFR90A

3.750%

11/16/29

B1

9,027,052

Total

Insurance

66,987,020

Interactive

Media

&

Services

-

0.9%

(0.5%

of

Total

Investments)

23,299

Rackspace

Technology

Global,

Inc.,

Term

Loan

B

,

(DD1)

8.029%

TSFR1M

2.750%

2/09/28

B3

10,464,130

Total

Interactive

Media

&

Services

10,464,130

IT

Services

-

2.7%

(1.7%

of

Total

Investments)

4,032

Ahead

DB

Holdings,

LLC,

Term

Loan

B

9.092%

SOFR90A

3.750%

10/16/27

B+

3,936,008

801

iQor

US

Inc.,

Exit

Term

Loan

12.905%

TSFR1M

7.600%

11/19/24

B1

794,818

3,598

Peraton

Corp.,

Term

Loan

B

9.169%

TSFR1M

3.750%

2/01/28

BB-

3,576,901

3,898

Perforce

Software,

Inc.,

Term

Loan

B

9.183%

TSFR1M

3.750%

7/01/26

B2

3,759,596

11,011

Syniverse

Holdings,

Inc.,

Term

Loan

12.242%

SOFR90A

7.000%

5/10/29

B-

10,154,917

5,385

Tempo

Acquisition

LLC,

Term

Loan

B

8.319%

TSFR1M

3.000%

8/31/28

BB-

5,401,724

3,813

WEX

Inc.,

Term

Loan

7.683%

TSFR1M

2.250%

4/01/28

Ba2

3,818,848

2,120

World

Wide

Technology

Holding

Co.

LLC,

Term

Loan

8.491%

SOFR30A

3.250%

2/23/30

BB

2,113,064

Total

IT

Services

33,555,876

Leisure

Products

-

0.8%

(0.5%

of

Total

Investments)

1,567

Hayward

Industries,

Inc.,

Term

Loan

8.183%

TSFR1M

2.750%

5/28/28

BB

1,539,836

1,659

SRAM,

LLC

,

Term

Loan

B

8.183%

TSFR1M

2.750%

5/18/28

BB-

1,655,640

6,215

Topgolf

Callaway

Brands

Corp.,

Term

Loan

B

8.919%

TSFR1M

3.500%

3/09/30

B+

6,213,306

Total

Leisure

Products

9,408,782

Life

Sciences

Tools

&

Services

-

0.6%

(0.4%

of

Total

Investments)

986

Avantor

Funding,

Inc.,

Term

Loan

B5

7.555%

TSFR1M

2.250%

11/06/27

BBB-

987,391

4,602

Curia

Global,

Inc.,

Term

Loan

9.101%

TSFR3M

3.750%

8/30/26

B3

4,019,369

2,728

ICON

Luxembourg

S.A.R.L.,

Term

Loan

7.753%

SOFR90A

2.250%

7/01/28

BB+

2,734,062

Total

Life

Sciences

Tools

&

Services

7,740,822

29

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

Machinery

-

2.5%

(1.6%

of

Total

Investments)

$

1,910

AI

Alpine

AT

Bidco

GmbH,

Term

Loan

B

8.032%

3-Month

LIBOR

2.750%

11/06/25

B

$

1,902,045

7,813

Ali

Group

North

America

Corporation,

Term

Loan

B

7.433%

TSFR1M

2.000%

10/13/28

Baa3

7,831,975

3,857

Alliance

Laundry

Systems

LLC,

Term

Loan

B

8.849%

SOFR30A+

SOFR90A

3.500%

10/08/27

B

3,856,179

2,400

Chart

Industries,

Inc.,

Term

Loan

B

9.105%

SOFR30A

3.750%

12/08/29

Ba3

2,406,986

1,753

Emrld

Borrower

LP,

Term

Loan

B

8.264%

TSFR3M

3.000%

5/04/30

BB+

1,756,507

3,470

Gardner

Denver,

Inc.,

Term

Loan

B2

7.169%

TSFR1M

1.750%

2/28/27

BBB

3,474,556

5,270

Gates

Global

LLC,

Term

Loan

B3

7.919%

TSFR1M

2.500%

3/31/27

Ba3

5,265,406

1,697

Grinding

Media

Inc.,

Term

Loan

B

9.386%

SOFR90A

4.000%

10/12/28

B

1,667,719

2,205

Madison

IAQ

LLC,

Term

Loan

8.302%

6-Month

LIBOR

3.250%

6/21/28

B2

2,166,953

973

Victory

Buyer

LLC,

Term

Loan

,

(DD1)

9.258%

TSFR3M

3.750%

11/18/28

B3

891,696

Total

Machinery

31,220,022

Media

-

11.5%

(7.1%

of

Total

Investments)

5,608

ABG

Intermediate

Holdings

2

LLC,

Term

Loan

B1

8.560%

1-Month

LIBOR

3.500%

12/21/28

B1

5,613,257

960

ABG

Intermediate

Holdings

2

LLC,

Term

Loan,

Second

Lien

11.060%

1-Month

LIBOR

6.000%

12/20/29

CCC+

942,600

1,209

Altice

Financing

SA,

Term

Loan

10.308%

TSFR3M

5.000%

10/31/27

B

1,087,697

2,940

Cable

One,

Inc.,

Term

Loan

B4

7.433%

TSFR1M

2.000%

5/03/28

BB+

2,932,650

9,605

Cengage

Learning,

Inc.,

Term

Loan

B

10.323%

3-Month

LIBOR

4.750%

7/14/26

B

9,519,234

2,093

Charter

Communications

Operating,

LLC,

Term

Loan

B2

7.095%

SOFR30A+

SOFR90A

1.750%

2/01/27

BBB-

2,080,955

1,085

Checkout

Holding

Corp.,

Term

Loan

13.901%

SOFR90A

7.500%

5/24/30

N/R

648,250

26,545

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

B

8.972%

TSFR1M

+

TSFR3M

3.500%

8/23/26

B1

25,781,705

2,397

CSC

Holdings,

LLC,

Term

Loan

7.586%

1-Month

LIBOR

2.250%

1/15/26

B

2,269,983

2,019

CSC

Holdings,

LLC,

Term

Loan

B1

7.586%

1-Month

LIBOR

2.250%

7/17/25

B

1,933,649

1,253

CSC

Holdings,

LLC,

Term

Loan

B5

7.836%

1-Month

LIBOR

2.500%

4/15/27

B

1,096,752

12,116

CSC

Holdings,

LLC,

Term

Loan

B6

9.722%

TSFR1M

4.500%

1/18/28

B

11,171,131

1,180

Cumulus

Media

New

Holdings

Inc.,

Term

Loan

B

9.226%

3-Month

LIBOR

3.750%

3/31/26

B

945,009

15,085

DirecTV

Financing,

LLC,

Term

Loan

10.433%

TSFR1M

5.000%

8/02/27

BBB-

15,014,289

3,858

Dotdash

Meredith

Inc,

Term

Loan

B

9.213%

SOFR30A

4.000%

12/01/28

B+

3,655,657

2,634

E.W.

Scripps

Company

(The),

Term

Loan

B2

7.996%

TSFR1M

2.563%

5/01/26

BB

2,613,243

7,472

Formula

One

Holdings

Limited,

Term

Loan

B

8.319%

TSFR1M

3.000%

1/15/30

BB+

7,487,878

1,487

Gray

Television,

Inc.,

Term

Loan

E

7.727%

TSFR1M

2.500%

1/02/26

BB+

1,475,827

Nuveen

Floating

Rate

Income

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

30

JFR

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

Media

(continued)

$

13,756

iHeartCommunications,

Inc.,

Term

Loan

8.305%

TSFR1M

3.000%

5/01/26

BB-

$

12,445,643

53

LCPR

Loan

Financing

LLC,

Term

Loan

B

9.086%

TSFR1M

3.750%

10/15/28

BB+

52,671

7,357

McGraw-Hill

Global

Education

Holdings,

LLC,

Term

Loan

10.257%

TSFR1M

+

6

Month

LIBOR

4.750%

7/30/28

BB+

7,165,875

1,204

Mission

Broadcasting,

Inc.,

Term

Loan

B

7.727%

TSFR1M

2.500%

6/03/28

BBB-

1,197,423

1,630

Nexstar

Broadcasting,

Inc.,

Term

Loan

B4

7.933%

TSFR1M

2.500%

9/18/26

BBB-

1,631,977

1,087

Outfront

Media

Capital

LLC,

Term

Loan

B

7.069%

TSFR1M

1.750%

11/18/26

Ba1

1,082,418

2,384

Radiate

Holdco,

LLC,

Term

Loan

B

8.683%

TSFR1M

3.250%

9/25/26

B3

2,015,427

2,649

Red

Ventures,

LLC,

Term

Loan

B

8.319%

TSFR1M

3.000%

2/23/30

BB+

2,646,542

672

Virgin

Media

Bristol

LLC,

Term

Loan

N

7.836%

TSFR1M

2.500%

1/31/28

BB+

655,496

1,050

Virgin

Media

Bristol

LLC,

Term

Loan

Y

8.311%

SOFR180A

3.250%

3/06/31

BB-

1,034,581

2,817

WideOpenWest

Finance

LLC,

Term

Loan

B

8.242%

SOFR90A

3.000%

12/20/28

BB

2,775,872

12,234

Ziggo

Financing

Partnership,

Term

Loan

I

7.836%

TSFR1M

2.500%

4/30/28

BB

11,925,909

Total

Media

140,899,600

Metals

&

Mining

-

0.1%

(0.1%

of

Total

Investments)

1,180

Arsenal

AIC

Parent

LLC,Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

Ba3

1,180,614

Total

Metals

&

Mining

1,180,614

Oil,

Gas

&

Consumable

Fuels

-

4.0%

(2.4%

of

Total

Investments)

2,956

BCP

Renaissance

Parent

LLC,

Term

Loan

B3

8.742%

SOFR90A

3.500%

10/31/26

B+

2,955,729

4,096

Buckeye

Partners,

L.P.,

Term

Loan

B

7.683%

TSFR1M

2.250%

11/01/26

BBB-

4,092,638

1,128

EG

America

LLC,

Term

Loan

9.305%

TSFR1M

4.000%

2/05/25

B

1,125,613

10,062

Freeport

LNG

Investments,

LLLP,

Term

Loan

A

8.588%

SOFR90A

3.000%

11/16/26

N/R

9,921,836

8,482

Gulf

Finance,

LLC,

Term

Loan

12.330%

SOFR180A

+

TSFR1M

6.750%

8/25/26

B

8,515,000

205

M6

ETX

Holdings

II

Midco

LLC,

Term

Loan

B

9.891%

TSFR1M

4.500%

8/11/29

BB

204,908

3,630

Oryx

Midstream

Services

Permian

Basin

LLC,

Term

Loan

8.505%

SOFR30A

3.250%

10/05/28

BB

3,638,061

7,779

QuarterNorth

Energy

Holding

Inc.,

Exit

Term

Loan,

Second

Lien

13.433%

TSFR1M

8.000%

8/27/26

B

7,765,780

4,037

TransMontaigne

Operating

Company

L.P.,

Term

Loan

B

8.926%

SOFR30A

+

TSFR1M

3.500%

11/05/28

BB-

4,016,829

4,911

Traverse

Midstream

Partners

LLC,

Term

Loan

9.216%

SOFR90A

3.750%

2/16/28

B+

4,897,448

1,800

Whitewater

Whistler

Holdings,

LLC,

Term

Loan

B

8.492%

SOFR90A

3.250%

1/25/30

BB+

1,802,250

Total

Oil,

Gas

&

Consumable

Fuels

48,936,092

31

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

Paper

&

Forest

Products

-

0.1%

(0.0%

of

Total

Investments)

$

846

Asplundh

Tree

Expert,

LLC,

Term

Loan

B

7.169%

TSFR1M

1.750%

9/04/27

BBB-

$

846,836

Total

Paper

&

Forest

Products

846,836

Passenger

Airlines

-

4.6%

(2.8%

of

Total

Investments)

6,297

AAdvantage

Loyalty

IP

Ltd.,

Term

Loan

10.338%

SOFR90A

4.750%

4/20/28

BB+

6,530,574

2,481

Air

Canada,

Term

Loan

B

8.839%

3-Month

LIBOR

3.500%

8/11/28

Ba2

2,485,632

11,009

American

Airlines,

Inc.,

Term

Loan

B

,

(DD1)

8.154%

SOFR180A

2.750%

2/06/28

Ba3

10,927,335

3,945

American

Airlines,

Inc.,

Term

Loan,

First

Lien

7.628%

TSFR3M

+

6

Month

LIBOR

2.625%

1/29/27

BB-

3,885,999

11,759

Kestrel

Bidco

Inc.,

Term

Loan

B

8.251%

SOFR90A

3.000%

12/11/26

B+

11,521,248

2,789

Mileage

Plus

Holdings

LLC,

Term

Loan

B

10.764%

3-Month

LIBOR

5.250%

6/20/27

Baa3

2,912,553

11,363

SkyMiles

IP

Ltd.,

Term

Loan

B

9.076%

SOFR90A

3.750%

10/20/27

Baa1

11,829,387

5,835

United

Airlines,

Inc.,

Term

Loan

B

9.292%

3-Month

LIBOR

3.750%

4/21/28

Ba1

5,853,311

Total

Passenger

Airlines

55,946,039

Personal

Care

Products

-

0.5%

(0.3%

of

Total

Investments)

1,561

Conair

Holdings,

LLC,

Term

Loan

B

9.288%

3-Month

LIBOR

3.750%

5/17/28

B-

1,488,730

–

Coty

Inc.,

Term

Loan

B

7.529%

TSFR1M

2.253%

4/05/25

BB

0

3,299

Kronos

Acquisition

Holdings

Inc.,

Term

Loan

B

9.253%

3-Month

LIBOR

3.750%

12/22/26

B2

3,242,406

1,716

Kronos

Acquisition

Holdings

Inc.,

Term

Loan,

First

Lien

11.375%

SOFR90A

6.000%

12/22/26

B2

1,704,849

Total

Personal

Care

Products

6,435,985

Pharmaceuticals

-

2.9%

(1.8%

of

Total

Investments)

1,914

Amneal

Pharmaceuticals

LLC,

Term

Loan

B

8.933%

TSFR1M

3.500%

5/04/25

B

1,825,028

2,099

Catalent

Pharma

Solutions

Inc.,

Term

Loan

B3

7.406%

TSFR1M

2.000%

2/22/28

BB+

2,068,057

2,609

Elanco

Animal

Health

Incorporated,

Term

Loan

B

6.963%

TSFR1M

1.750%

8/01/27

BB+

2,573,800

19,269

Jazz

Financing

Lux

S.a.r.l.,

Term

Loan

8.933%

1-Month

LIBOR

3.500%

5/05/28

BB+

19,270,355

–

Mallinckrodt

International

Finance

S.A.,

Term

Loan

10.869%

SOFR30A

5.500%

9/30/27

Caa3

0

85

Mallinckrodt

International

Finance

S.A.,

Term

Loan

10.619%

SOFR30A

5.250%

9/30/27

Caa3

64,400

7,585

Organon

&

Co,

Term

Loan

8.257%

SOFR30A

3.000%

6/02/28

BB

7,574,505

2,282

Perrigo

Investments,

LLC,

Term

Loan

B

7.669%

SOFR30A

2.350%

4/05/29

BB+

2,273,393

Total

Pharmaceuticals

35,649,538

Professional

Services

-

2.2%

(1.3%

of

Total

Investments)

1,685

CHG

Healthcare

Services

Inc.,

Term

Loan

8.683%

TSFR1M

3.250%

9/30/28

B1

1,683,732

610

CoreLogic

Inc,Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

B2

562,630

4,597

Creative

Artists

Agency,

LLC

,

Term

Loan

B

,

(DD1)

8.819%

TSFR1M

3.500%

11/16/28

B+

4,582,283

6,642

Dun

&

Bradstreet

Corporation

(The),

Term

Loan

8.666%

TSFR1M

3.250%

2/08/26

BB+

6,649,150

3,822

EAB

Global,

Inc.,

Term

Loan

9.131%

3-Month

LIBOR

3.500%

8/16/28

B2

3,797,513

Nuveen

Floating

Rate

Income

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

32

JFR

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

Professional

Services

(continued)

$

1,745

Physician

Partners

LLC,

Term

Loan

9.392%

SOFR90A

4.000%

2/01/29

B

$

1,672,778

21

Travelport

Finance

(Luxembourg)

S.a.r.l.,

Term

Loan

,

(cash

7.033%,

PIK

6.500%)

7.038%

3-Month

LIBOR

1.500%

2/28/25

B-

20,868

7,373

Verscend

Holding

Corp.,

Term

Loan

B

9.433%

TSFR1M

4.000%

8/27/25

BB-

7,378,367

Total

Professional

Services

26,347,321

Real

Estate

Management

&

Development

-

0.5%

(0.3%

of

Total

Investments)

3,196

Cushman

&

Wakefield

U.S.

Borrower,

LLC,

Term

Loan

8.669%

TSFR1M

3.250%

1/31/30

BB

3,100,183

2,534

Cushman

&

Wakefield

U.S.

Borrower,

LLC,

Term

Loan

B

8.183%

TSFR1M

2.750%

8/21/25

BB

2,531,932

Total

Real

Estate

Management

&

Development

5,632,115

Semiconductors

&

Semiconductor

Equipment

-

0.1%

(0.1%

of

Total

Investments)

3,247

Bright

Bidco

B.V.,

Term

Loan

7.034%

SOFR90A

+

3

Month

LIBOR

4.500%

10/31/27

B-

1,347,680

Total

Semiconductors

&

Semiconductor

Equipment

1,347,680

Software

-

16.4%

(10.1%

of

Total

Investments)

1,447

Apttus

Corporation,

Term

Loan

9.433%

TSFR1M

4.000%

5/06/28

BB

1,429,177

11,455

Avaya,

Inc.,

Term

Loan

13.805%

TSFR1M

8.500%

8/01/28

N/R

9,610,336

14,362

Banff

Merger

Sub

Inc,

Term

Loan

9.183%

TSFR1M

3.750%

10/02/25

B2

14,344,590

1,836

Camelot

U.S.

Acquisition

LLC,

Term

Loan

B

8.433%

TSFR1M

3.000%

10/31/26

BB+

1,836,739

2,762

Camelot

U.S.

Acquisition

LLC,

Term

Loan

B

8.433%

TSFR1M

3.000%

10/31/26

B+

2,763,346

1,473

CCC

Intelligent

Solutions

Inc.,

Term

Loan

B

7.683%

TSFR1M

2.250%

9/21/28

B+

1,471,655

6,463

CDK

Global,

Inc.,

Term

Loan

B

9.492%

SOFR90A

4.250%

6/09/29

B+

6,472,930

5,244

Ceridian

HCM

Holding

Inc.,

Term

Loan

B

7.976%

3-Month

LIBOR

2.500%

4/30/25

Ba3

5,251,996

7,444

DTI

Holdco,

Inc.,

Term

Loan

10.119%

SOFR90A

4.750%

4/21/29

B2

7,015,734

18,046

Epicor

Software

Corporation,

Term

Loan

8.683%

TSFR1M

3.250%

7/31/27

B2

17,953,621

14,538

Finastra

USA,

Inc.,

Term

Loan,

First

Lien

9.167%

3

+

6

Month

LIBOR

3.500%

6/13/24

B

14,126,511

3,725

Greeneden

U.S.

Holdings

II,

LLC,

Term

Loan

B4

9.433%

TSFR1M

4.000%

12/01/27

B2

11,744,730

1,471

Greenway

Health,

LLC,

Term

Loan,

First

Lien

9.271%

3-Month

LIBOR

3.750%

2/16/24

Caa1

1,206,643

12,689

Informatica

LLC,

Term

Loan

B

8.183%

TSFR1M

2.750%

10/14/28

BB-

12,643,820

2,211

iQor

US

Inc.,

Second

Out

Term

Loan

12.933%

1-Month

LIBOR

7.500%

11/19/25

CCC+

1,484,372

5,643

McAfee,

LLC,

Term

Loan

B

8.963%

SOFR30A

3.750%

2/03/29

BB+

5,475,762

12,900

NortonLifeLock

Inc.,

Term

Loan

B

7.419%

SOFR30A

2.000%

1/28/29

BBB-

12,873,505

18,159

Open

Text

Corporation,

Term

Loan

B

8.919%

TSFR1M

3.500%

8/25/29

BBB-

18,209,867

1,368

Project

Ruby

Ultimate

Parent

Corp.,

Term

Loan

8.683%

TSFR1M

3.250%

3/10/28

B

1,353,214

3,927

Proofpoint,

Inc.,

Term

Loan,

First

Lien

8.683%

TSFR1M

3.250%

8/31/28

BB-

3,875,270

2,560

Quartz

Acquireco

LLC,

Term

Loan

B

8.817%

SOFR30A

3.500%

4/14/30

BB+

2,560,000

33

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

Software

(continued)

$

355

RealPage,

Inc,

Term

Loan,

First

Lien

8.433%

TSFR1M

3.000%

4/22/28

B+

$

348,921

6,326

Sophia,

L.P.,

Term

Loan

B

9.038%

3-Month

LIBOR

3.500%

10/07/27

B2

6,302,111

3,922

SS&C

European

Holdings

Sarl,

Term

Loan

B4

7.183%

TSFR1M

1.750%

4/16/25

BB+

3,925,192

4,112

SS&C

Technologies

Inc.,

Term

Loan

B3

7.183%

TSFR1M

1.750%

4/16/25

BB+

4,114,839

905

SS&C

Technologies

Inc.,

Term

Loan

B5

7.183%

TSFR1M

1.750%

4/16/25

BB+

905,099

844

SS&C

Technologies

Inc.,

Term

Loan

B6

7.669%

SOFR30A

2.250%

3/22/29

BB+

844,433

1,272

SS&C

Technologies

Inc.,

Term

Loan

B7

7.669%

SOFR30A

2.250%

3/22/29

BB+

1,272,724

6,217

Ultimate

Software

Group

Inc

(The),

Term

Loan

8.618%

SOFR90A

3.250%

5/03/26

B1

6,191,962

2,647

Ultimate

Software

Group

Inc

(The),

Term

Loan

B

9.219%

TSFR3M

3.750%

5/03/26

B1

2,646,888

2,788

Vision

Solutions,

Inc.,

Term

Loan

9.863%

3-Month

LIBOR

4.000%

5/28/28

B2

2,677,205

10,968

Zelis

Healthcare

Corporation,

Term

Loan

8.933%

TSFR1M

3.500%

9/30/26

B

10,972,180

7,279

ZoomInfo

LLC,

Term

Loan

B

8.169%

TSFR1M

2.750%

2/28/30

Ba1

7,297,181

Total

Software

201,202,553

Specialty

Retail

-

4.7%

(2.9%

of

Total

Investments)

1,812

Academy,

Ltd.,

Term

Loan

9.115%

1

+

3

Month

LIBOR

3.750%

11/06/27

BB

1,822,100

6,640

Avis

Budget

Car

Rental,

LLC,

Term

Loan

B

7.183%

TSFR1M

1.750%

8/06/27

BB+

6,620,476

3,665

Avis

Budget

Car

Rental,

LLC,

Term

Loan

C

8.919%

SOFR30A

3.500%

3/15/29

BB+

3,670,733

2,190

Belron

Finance

US

LLC,

Term

Loan

8.160%

TSFR3M

2.750%

4/06/29

BBB-

2,193,427

1,091

Driven

Holdings,

LLC,

Term

Loan

B

8.406%

TSFR1M

3.000%

12/17/28

B3

1,073,456

5,358

Jo-Ann

Stores,

Inc.,

Term

Loan

B1

10.362%

SOFR90A

4.750%

6/30/28

CCC

2,743,220

5,639

LBM

Acquisition

LLC,

Term

Loan

B

9.169%

TSFR1M

3.750%

12/18/27

B+

5,480,075

1,707

Les

Schwab

Tire

Centers,

Term

Loan

B

8.477%

TSFR1M

3.250%

11/02/27

B

1,705,353

22,275

PetSmart,

Inc.,

Term

Loan

B

,

(DD1)

9.169%

TSFR1M

3.750%

2/12/28

BB

22,295,225

5,775

Restoration

Hardware,

Inc.,

Term

Loan

B

7.933%

SOFR30A

2.500%

10/15/28

BB-

5,620,485

1,231

SRS

Distribution

Inc.,

Term

Loan

8.919%

TSFR1M

3.500%

6/04/28

B-

1,216,629

913

Staples,

Inc.,

Term

Loan

10.299%

3-Month

LIBOR

5.000%

4/12/26

B

786,145

2,284

Wand

NewCo

3,

Inc.,

Term

Loan

8.169%

TSFR1M

2.750%

2/05/26

B2

2,283,564

Total

Specialty

Retail

57,510,888

Technology

Hardware,

Storage

&

Peripherals

-

0.2%

(0.1%

of

Total

Investments)

2,201

NCR

Corporation,

Term

Loan

7.933%

TSFR1M

2.500%

8/28/26

BB+

2,199,770

Total

Technology

Hardware,

Storage

&

Peripherals

2,199,770

Nuveen

Floating

Rate

Income

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

34

JFR

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

Textiles,

Apparel

&

Luxury

Goods

-

0.4%

(0.2%

of

Total

Investments)

$

4,250

Birkenstock

GmbH

&

Co.

KG,

Term

Loan

B

8.593%

TSFR3M

3.250%

4/28/28

BB+

$

4,253,135

886

New

Trojan

Parent,

Inc.,

Term

Loan,

First

Lien

8.543%

SOFR30A

+

TSFR1M

3.250%

1/06/28

CCC+

502,664

279

Samsonite

International

S.A.,

Term

Loan

8.055%

TSFR1M

2.750%

6/21/30

BB+

280,074

Total

Textiles,

Apparel

&

Luxury

Goods

5,035,873

Trading

Companies

&

Distributors

-

1.3%

(0.8%

of

Total

Investments)

4,675

Core

&

Main

LP,

Term

Loan

B

7.803%

SOFR30A+

SOFR90A

2.500%

6/10/28

B+

4,669,754

3,421

Resideo

Funding

Inc.,

Term

Loan

7.579%

SOFR30A

+

3

Month

LIBOR

2.250%

2/12/28

BBB-

3,416,991

7,900

Windsor

Holdings

III

LLC,

Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

BB+

7,886,846

Total

Trading

Companies

&

Distributors

15,973,591

Transportation

Infrastructure

-

0.9%

(0.5%

of

Total

Investments)

5,685

Brown

Group

Holding,

LLC,

Term

Loan

B

7.805%

TSFR1M

2.500%

4/22/28

B+

5,643,794

2,481

Brown

Group

Holding,

LLC,

Term

Loan

B2

9.067%

SOFR30A+

SOFR90A+

TSFR3M

3.750%

6/09/29

B+

2,481,511

2,807

KKR

Apple

Bidco,

LLC,

Term

Loan

8.183%

TSFR1M

2.750%

9/23/28

B

2,790,210

Total

Transportation

Infrastructure

10,915,515

Wireless

Telecommunication

Services

-

1.1%

(0.7%

of

Total

Investments)

2,905

GOGO

Intermediate

Holdings

LLC,

Term

Loan

B

9.183%

TSFR1M

3.750%

4/30/28

B+

2,912,096

10,623

Intelsat

Jackson

Holdings

S.A.,

Term

Loan

B

(5)

9.443%

SOFR90A

4.250%

1/27/29

BB+

10,615,639

Total

Wireless

Telecommunication

Services

13,527,735

Total

Variable

Rate

Senior

Loan

Interests

(cost

$1,673,662,408)

1,612,916,113

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(4)

Value

X

–

CORPORATE

BONDS

-

21

.5

%

(

13

.2

%

of

Total

Investments)

X

263,219,029

Aerospace

&

Defense

-

0.3%

(0.2%

of

Total

Investments)

$

4,537

TransDigm

Inc

4.625%

1/15/29

B-

$

4,049,273

Total

Aerospace

&

Defense

4,049,273

Automobile

Components

-

0.5%

(0.3%

of

Total

Investments)

6,500

Adient

Global

Holdings

Ltd,

144A

4.875%

8/15/26

BB-

6,240,640

Total

Automobile

Components

6,240,640

Chemicals

-

0.8%

(0.5%

of

Total

Investments)

5,425

Celanese

US

Holdings

LLC

5.900%

7/05/24

BBB-

5,415,330

4,942

Trinseo

Materials

Operating

SCA

/

Trinseo

Materials

Finance

Inc,

144A

5.375%

9/01/25

B3

4,492,406

Total

Chemicals

9,907,736

35

Principal

Amount

(000)  

Description

(1)

Coupon

Maturity

Ratings

(4)

Value

Commercial

Services

&

Supplies

-

1.0%

(0.6%

of

Total

Investments)

$

4,650

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc,

144A

6.250%

1/15/28

B

$

4,377,652

3,431

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc,

144A

5.750%

4/15/26

BB

3,363,799

4,750

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc,

144A

3.375%

8/31/27

BB

4,193,049

Total

Commercial

Services

&

Supplies

11,934,500

Communications

Equipment

-

0.5%

(0.3%

of

Total

Investments)

3,025

Commscope

Inc,

144A

4.750%

9/01/29

B1

2,330,421

2,679

Commscope

Inc,

144A

8.250%

3/01/27

CCC+

2,028,070

2,000

CommScope

Technologies

LLC,

144A

5.000%

3/15/27

CCC+

1,333,986

Total

Communications

Equipment

5,692,477

Containers

&

Packaging

-

0.2%

(0.2%

of

Total

Investments)

1,280

LABL

Inc,

144A

9.500%

11/01/28

B2

1,312,000

1,810

Pactiv

Evergreen

Group

Issuer

Inc/Pactiv

Evergreen

Group

Issuer

LLC,

144A

4.375%

9/30/28

B+

1,600,027

Total

Containers

&

Packaging

2,912,027

Diversified

Telecommunication

Services

-

1.3%

(0.8%

of

Total

Investments)

3,022

Frontier

Communications

Holdings

LLC,

144A

6.000%

1/15/30

BB-

2,195,135

9,216

Frontier

Communications

Holdings

LLC,

144A

5.875%

10/15/27

BB+

8,441,190

2,000

Frontier

Communications

Holdings

LLC,

144A

5.000%

5/01/28

BB+

1,694,816

2,250

Frontier

Communications

Holdings

LLC

5.875%

11/01/29

CCC+

1,649,759

1,990

Level

3

Financing

Inc,

144A

10.500%

5/15/30

Ba2

2,061,371

Total

Diversified

Telecommunication

Services

16,042,271

Electric

Utilities

-

0.7%

(0.4%

of

Total

Investments)

10,140

Bruce

Mansfield

Unit

1

2007

Pass

Through

Trust

(5)

6.850%

6/01/34

N/R

101

3,060

Pacific

Gas

and

Electric

Co

4.550%

7/01/30

BBB

2,779,446

0

(7)

Pacific

Gas

and

Electric

Co

4.500%

7/01/40

BBB

1

6,028

PG&E

Corp

5.000%

7/01/28

BB+

5,576,726

Total

Electric

Utilities

8,356,274

Energy

Equipment

&

Services

-

1.2%

(0.8%

of

Total

Investments)

2,750

Shelf

Drilling

Holdings

Ltd,

144A

8.250%

2/15/25

CCC+

2,626,250

4,900

Shelf

Drilling

Holdings

Ltd,

144A

8.875%

11/15/24

B1

4,912,250

2,500

Transocean

Inc,

144A

11.500%

1/30/27

CCC+

2,621,544

4,750

Weatherford

International

Ltd,

144A

8.625%

4/30/30

B

4,868,166

Total

Energy

Equipment

&

Services

15,028,210

Entertainment

-

0.9%

(0.5%

of

Total

Investments)

15,215

AMC

Entertainment

Holdings

Inc,

144A

,

(cash

10.000%,

PIK

12.000%)

10.000%

6/15/26

CCC-

10,422,275

10,250

Diamond

Sports

Group

LLC

/

Diamond

Sports

Finance

Co,

144A

(5)

6.625%

8/15/27

N/R

239,930

6,820

Diamond

Sports

Group

LLC

/

Diamond

Sports

Finance

Co,

144A

(5)

5.375%

8/15/26

N/R

213,125

Total

Entertainment

10,875,330

Health

Care

Equipment

&

Supplies

-

0.2%

(0.1%

of

Total

Investments)

3,025

Mozart

Debt

Merger

Sub

Inc,

144A

3.875%

4/01/29

BB-

2,648,908

Total

Health

Care

Equipment

&

Supplies

2,648,908

Nuveen

Floating

Rate

Income

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

36

JFR

Principal

Amount

(000)  

Description

(1)

Coupon

Maturity

Ratings

(4)

Value

Health

Care

Providers

&

Services

-

0.8%

(0.5%

of

Total

Investments)

$

4,660

Select

Medical

Corp,

144A

6.250%

8/15/26

B-

$

4,620,289

3,765

Tenet

Healthcare

Corp

6.125%

10/01/28

B+

3,586,501

1,799

Tenet

Healthcare

Corp

4.875%

1/01/26

BB-

1,741,163

Total

Health

Care

Providers

&

Services

9,947,953

Hotels,

Restaurants

&

Leisure

-

1.6%

(1.0%

of

Total

Investments)

9,261

1011778

BC

ULC

/

New

Red

Finance

Inc,

144A

4.000%

10/15/30

B+

7,958,461

1,807

1011778

BC

ULC

/

New

Red

Finance

Inc,

144A

3.500%

2/15/29

BB+

1,587,931

2,377

Caesars

Entertainment

Inc,

144A

6.250%

7/01/25

Ba3

2,364,058

2,250

Carnival

Corp,

144A

10.500%

2/01/26

BB-

2,371,759

2,955

Carnival

Holdings

Bermuda

Ltd,

144A

10.375%

5/01/28

B+

3,224,345

1,799

Life

Time

Inc,

144A

5.750%

1/15/26

BB+

1,763,525

Total

Hotels,

Restaurants

&

Leisure

19,270,079

Insurance

-

0.2%

(0.1%

of

Total

Investments)

1,825

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-

Issuer,

144A

6.750%

4/15/28

B

1,815,749

935

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-

Issuer,

144A

4.250%

10/15/27

B

853,187

Total

Insurance

2,668,936

Interactive

Media

&

Services

-

0.2%

(0.2%

of

Total

Investments)

6,609

Rackspace

Technology

Global

Inc,

144A

3.500%

2/15/28

B3

2,956,146

Total

Interactive

Media

&

Services

2,956,146

Internet

Software

&

Services

-

0.2%

(0.1%

of

Total

Investments)

6,708

Rackspace

Technology

Global

Inc,

144A

5.375%

12/01/28

CCC-

1,857,412

Total

Internet

Software

&

Services

1,857,412

IT

Services

-

0.2%

(0.1%

of

Total

Investments)

2,325

SABRE

GLBL

INC,

144A

7.375%

9/01/25

B-

2,098,313

Total

IT

Services

2,098,313

Media

-

3.1%

(1.9%

of

Total

Investments)

13,000

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

3.500%

3/01/42

BBB-

8,646,183

12,529

CSC

Holdings

LLC,

144A

3.375%

2/15/31

B

8,678,713

5,220

iHeartCommunications

Inc,

144A

5.250%

8/15/27

BB-

4,106,870

20

iHeartCommunications

Inc

6.375%

5/01/26

BB-

16,965

1,350

LCPR

Senior

Secured

Financing

DAC,

144A

5.125%

7/15/29

BB+

1,116,348

4,132

McGraw-Hill

Education

Inc,

144A

5.750%

8/01/28

BB+

3,627,896

8,994

VZ

Secured

Financing

BV,

144A

5.000%

1/15/32

BB

7,308,726

4,195

Ziggo

Bond

Co

BV,

144A

6.000%

1/15/27

B-

3,902,607

Total

Media

37,404,308

Metals

&

Mining

-

0.2%

(0.1%

of

Total

Investments)

2,880

First

Quantum

Minerals

Ltd,

144A

6.875%

10/15/27

B+

2,831,674

Total

Metals

&

Mining

2,831,674

Oil,

Gas

&

Consumable

Fuels

-

3.0%

(1.8%

of

Total

Investments)

2,700

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp,

144A

8.125%

1/15/27

B-

2,585,250

10,000

Citgo

Holding

Inc,

144A

9.250%

8/01/24

B+

10,000,000

3,500

Citgo

Petroleum

Corp,

144A

7.000%

6/15/25

BB

3,457,860

1,799

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co,

144A

6.250%

11/01/28

BB+

1,722,121

1,799

MEG

Energy

Corp,

144A

5.875%

2/01/29

BB-

1,724,585

9,167

NGL

Energy

Operating

LLC

/

NGL

Energy

Finance

Corp,

144A

7.500%

2/01/26

B+

9,083,244

37

Principal

Amount

(000)  

Description

(1)

Coupon

Maturity

Ratings

(4)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

$

1,000

NGL

Energy

Partners

LP

/

NGL

Energy

Finance

Corp

7.500%

4/15/26

CCC

$

949,226

1,000

NGL

Energy

Partners

LP

/

NGL

Energy

Finance

Corp

6.125%

3/01/25

CCC

979,123

6,000

PBF

Holding

Co

LLC

/

PBF

Finance

Corp

6.000%

2/15/28

BB

5,665,440

621

PBF

Holding

Co

LLC

/

PBF

Finance

Corp

7.250%

6/15/25

BB

619,448

Total

Oil,

Gas

&

Consumable

Fuels

36,786,297

Passenger

Airlines

-

1.0%

(0.6%

of

Total

Investments)

5,220

American

Airlines

Inc,

144A

11.750%

7/15/25

BB

5,753,194

3,025

Delta

Air

Lines

Inc

3.750%

10/28/29

Baa3

2,734,781

2,377

United

Airlines

Inc,

144A

4.625%

4/15/29

Ba1

2,150,391

1,799

United

Airlines

Inc,

144A

4.375%

4/15/26

Ba1

1,703,361

Total

Passenger

Airlines

12,341,727

Pharmaceuticals

-

0.2%

(0.1%

of

Total

Investments)

2,650

Organon

&

Co

/

Organon

Foreign

Debt

Co-Issuer

BV,

144A

5.125%

4/30/31

BB-

2,246,374

Total

Pharmaceuticals

2,246,374

Specialized

Reits

-

0.5%

(0.3%

of

Total

Investments)

9,750

American

Tower

Corp

2.950%

1/15/51

BBB+

6,093,123

Total

Specialized

Reits

6,093,123

Specialty

Retail

-

1.6%

(1.0%

of

Total

Investments)

14,370

Hertz

Corp/The,

144A

4.625%

12/01/26

B+

12,982,577

6,055

Michaels

Cos

Inc/The,

144A

7.875%

5/01/29

CCC

4,314,187

725

PetSmart

Inc

/

PetSmart

Finance

Corp,

144A

7.750%

2/15/29

B-

707,208

1,812

PetSmart

Inc

/

PetSmart

Finance

Corp,

144A

4.750%

2/15/28

BB

1,661,560

Total

Specialty

Retail

19,665,532

Wireless

Telecommunication

Services

-

1.1%

(0.7%

of

Total

Investments)

7,820

Vmed

O2

UK

Financing

I

PLC,

144A

4.250%

1/31/31

BB+

6,475,492

8,160

Vmed

O2

UK

Financing

I

PLC,

144A

4.750%

7/15/31

BB+

6,888,017

Total

Wireless

Telecommunication

Services

13,363,509

Total

Corporate

Bonds

(cost

$281,776,409)

263,219,029

Shares

Description

(1)

Value

X

–

COMMON

STOCKS

-

4

.5

%

(

2

.8

%

of

Total

Investments)

X

54,662,141

Banks

-

0.0%

(0.0%

of

Total

Investments)

78,746

iQor

US

Inc

(8)

$

52,524

Total

Banks

52,524

Broadline

Retail

-

0.0%

(0.0%

of

Total

Investments)

749

Belk

Inc

(8)

5,993

Total

Broadline

Retail

5,993

Chemicals

-

0.0%

(0.0%

of

Total

Investments)

80

LyondellBasell

Industries

NV,

Class

A

7,909

Total

Chemicals

7,909

Communications

Equipment

-

0.1%

(0.1%

of

Total

Investments)

81,991

Avaya

Inc

(8),(9)

477,348

45,085

Windstream

Services

PE

LLC

(8)

428,308

Total

Communications

Equipment

905,656

Nuveen

Floating

Rate

Income

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

38

JFR

Shares

Description

(1)

Value

Construction

&

Engineering

-

0.0%

(0.0%

of

Total

Investments)

4,865

TNT

Crane

&

Rigging

Inc

(8)

$

29,190

8,626

TNT

Crane

&

Rigging

Inc

(8)

2,156

Total

Construction

&

Engineering

31,346

Diversified

Consumer

Services

-

0.1%

(0.0%

of

Total

Investments)

57,279

Cengage

Learning

Holdings

II

Inc

(8)

601,429

Total

Diversified

Consumer

Services

601,429

Diversified

Telecommunication

Services

-

0.0%

(0.0%

of

Total

Investments)

46,534

Windstream

Services

PE

LLC

(8)

442,073

Total

Diversified

Telecommunication

Services

442,073

Energy

Equipment

&

Services

-

2.0%

(1.2%

of

Total

Investments)

190,961

Quarternorth

Energy

Holding

Inc

(8)

21,483,113

215,829

Transocean

Ltd

(8)

1,899,295

24,445

Vantage

Drilling

International

(8)

594,820

Total

Energy

Equipment

&

Services

23,977,228

Health

Care

Equipment

&

Supplies

-

0.0%

(0.0%

of

Total

Investments)

195,344

Onex

Carestream

Finance

LP

(8)

390,688

Total

Health

Care

Equipment

&

Supplies

390,688

Health

Care

Providers

&

Services

-

0.0%

(0.0%

of

Total

Investments)

157,320

Millennium

Health

LLC

(8),(9)

5,978

167,590

Millennium

Health

LLC

(8),(9)

23,127

Total

Health

Care

Providers

&

Services

29,105

Hotels,

Restaurants

&

Leisure

-

0.0%

(0.0%

of

Total

Investments)

332,537

24

Hour

Fitness

Worldwide

Inc

(8)

1,995

699,154

24

Hour

Fitness

Worldwide

Inc

(8)

4,195

Total

Hotels,

Restaurants

&

Leisure

6,190

Independent

Power

and

Renewable

Electricity

Producers

-

1.4%

(0.9%

of

Total

Investments)

218,919

Energy

Harbor

Corp

(8),(10)

16,867,709

Total

Independent

Power

and

Renewable

Electricity

Producers

16,867,709

Marine

Transportation

-

0.0%

(0.0%

of

Total

Investments)

2,293

ACBL

HLDG

CORP

(8)

91,720

Total

Marine

Transportation

91,720

Media

-

0.0%

(0.0%

of

Total

Investments)

34,846

Catalina

Marketing

Corp

(8)

87,115

4,067,540

Hibu

plc

(8)

–

Total

Media

87,115

Oil,

Gas

&

Consumable

Fuels

-

0.7%

(0.4%

of

Total

Investments)

23,789

California

Resources

Corp

1,269,143

42,689

Chord

Energy

Corp

6,695,343

160

Quarternorth

Energy

Holding

Inc

(8)

18,000

Total

Oil,

Gas

&

Consumable

Fuels

7,982,486

Professional

Services

-

0.0%

(0.0%

of

Total

Investments)

255,423

Skillsoft

Corp

(8)

337,158

Total

Professional

Services

337,158

39

Shares

Description

(1)

Value

Semiconductors

&

Semiconductor

Equipment

-

0.0%

(0.0%

of

Total

Investments)

60,637

Bright

Bidco

BV

(8),(9)

$

26,987

44,390

Bright

Bidco

BV

(8)

21,086

Total

Semiconductors

&

Semiconductor

Equipment

48,073

Software

-

0.2%

(0.2%

of

Total

Investments)

390,364

Avaya

Inc

(8)

2,797,739

Total

Software

2,797,739

Total

Common

Stocks

(cost

$71,036,883)

54,662,141

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(4)

Value

X

–

ASSET-BACKED

SECURITIES

-

1.4%

(0.9%

of

Total

Investments)

X

17,469,677

$

750

Battalion

CLO

XI

Ltd,

(3-Month

LIBOR

reference

rate

+

7.112%

spread),

2017

11A,

144A(11)

8.034%

4/24/34

Ba3

$

624,142

1,500

CIFC

Funding

2019-I

Ltd,

(3-Month

LIBOR

reference

rate

+

7.092%

spread),

2019

1A,

144A(11)

7.893%

4/20/32

Ba3

1,435,525

2,000

Dryden

50

Senior

Loan

Fund,

(3-Month

LIBOR

reference

rate

+

6.522%

spread),

2017

50A,

144A(11)

11.830%

7/15/30

Ba3

1,753,036

3,000

Flatiron

CLO

19

Ltd,

(3-Month

LIBOR

reference

rate

+

6.100%

spread),

2019

1A,

144A(11)

11.418%

11/16/34

BB-

2,856,666

2,000

Gilbert

Park

CLO

Ltd,

(TSFR3M

reference

rate

+

6.662%

spread),

2017

1A,

144A(11)

11.970%

10/15/30

B1

1,801,012

1,000

Goldentree

Loan

Opportunities

IX

Ltd,

(TSFR3M

reference

rate

+

5.922%

spread),

2014

9A,

144A(11)

11.291%

10/29/29

BB-

964,621

1,500

KKR

CLO

30

Ltd,

(3-Month

LIBOR

reference

rate

+

6.662%

spread),

Y

30A,

144A(11)

11.970%

10/17/31

Ba3

1,397,442

750

Magnetite

XXVII

Ltd,

(TSFR3M

reference

rate

+

6.262%

spread),

2020

27A,

144A(11)

11.588%

10/20/34

Ba3

737,312

1,000

Neuberger

Berman

Loan

Advisers

CLO

28

Ltd,

(TSFR3M

reference

rate

+

5.862%

spread),

2018

28A,

144A(11)

11.188%

4/20/30

BB-

920,988

2,875

Neuberger

Berman

Loan

Advisers

CLO

48

Ltd,

(TSFR3M

reference

rate

+

3.200%

spread),

2022

48A,

144A(11)

8.551%

4/25/36

BBB-

2,770,876

2,500

Rockford

Tower

CLO

2017-3

Ltd,

(3-Month

LIBOR

reference

rate

+

6.012%

spread),

2017

3A,

144A(11)

6.813%

10/20/30

Ba3

2,208,057

Total

Asset-Backed

Securities

(cost

$18,585,705)

17,469,677

Shares

Description

(1)

Value

X

–

WARRANTS

-

0

.9

%

(

0

.6

%

of

Total

Investments)

X

11,628,446

Energy

Equipment

&

Services

-

0.9%

(0.6%

of

Total

Investments)

85,148

Quarternorth

Energy

Holding

Inc

$

9,579,150

64,966

Quarternorth

Energy

Holding

Inc

757,958

125,120

Quarternorth

Energy

Holding

Inc

625,600

Total

Energy

Equipment

&

Services

10,962,708

Entertainment

-

0.0%

(0.0%

of

Total

Investments)

511,666

Cineworld

Warrant

–

Total

Entertainment

–

Marine

Transportation

-

0.0%

(0.0%

of

Total

Investments)

2,411

ACBL

HLDG

CORP

96,440

8,970

ACBL

HLDG

CORP

197,340

6,822

ACBL

HLDG

CORP

341,100

20,184

American

Commercial

Barge

Line

LLC

(9)

5,046

15,348

American

Commercial

Barge

Line

LLC

(9)

5,372

Total

Marine

Transportation

645,298

Nuveen

Floating

Rate

Income

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

40

JFR

A

Shares

Description

(1)

Value

Oil,

Gas

&

Consumable

Fuels

-

0.0%

(0.0%

of

Total

Investments)

1,129

California

Resources

Corp

$

20,435

Total

Oil,

Gas

&

Consumable

Fuels

20,435

Wireless

Telecommunication

Services

-

0.0%

(0.0%

of

Total

Investments)

7

Intelsat

SA/Luxembourg

5

Total

Wireless

Telecommunication

Services

5

Total

Warrants

(cost

$2,444,935)

11,628,446

Shares

Description

(1)

Coupon

Ratings

(4)

Value

X

–

CONVERTIBLE

PREFERRED

SECURITIES

-

0

.1

%

(

0

.0

%

of

Total

Investments)

X

633,814

Marine

Transportation

-

0.1%

(0.0%

of

Total

Investments)

9,712

ACBL

HLDG

CORP

0.000%

N/R

$

485,600

6,737

ACBL

HLDG

CORP

0.000%

N/R

148,214

Total

Marine

Transportation

633,814

Total

Convertible

Preferred

Securities

(cost

$471,378)

633,814

Total

Long-Term

Investments

(cost

$2,047,977,718)

1,960,529,220

Shares

Description

(1)

Coupon

Value

SHORT-TERM

INVESTMENTS

-

 2.8% (1.7%

of

Total

Investments) 

–

INVESTMENT

COMPANIES

-

2

.8

%

(

1

.7

%

of

Total

Investments)

X

34,785,932

34,785,932

BlackRock

Liquidity

Funds

T-Fund

5.222%(12)

$

34,785,932

Total

Investment

Companies

(cost

$34,785,932)

34,785,932

Total

Short-Term

Investments

(cost

$34,785,932)

34,785,932

Total

Investments

(cost

$

2,082,763,650

)

-

162

.9

%

1,995,315,152

Borrowings

-

(39.0)%

(13),(14)

(

477,200,000

)

TFP

Shares,

Net

-

(23.2)%(15)

(

283,545,899

)

Other

Assets

&

Liabilities,

Net

-   (0.7)%

(

10,017,691

)

Net

Assets

Applicable

to

Common

Shares

-

100%

$

1,224,551,562

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.

Ratings

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(5)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(6)

Investment,

or

portion

of

investment,

represents

an

outstanding

unfunded

senior

loan

commitment.

(7)

Principal

Amount

(000)

rounds

to

less

than

$1,000.

(8)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(9)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

41

(10)

Energy

Harbor

Corp

(ENGH)

common

stock

received

as

part

of

the

bankruptcy

settlements

during

February

2020

for

Bruce

Mansfield

Unit

1

2007

Pass-Through

Trust.

Various

funds

and

accounts

managed

by

Nuveen,

including

the

Fund,

collectively

are

a

substantial

minority

holder

of

ENGH’s

outstanding

shares

of

common

stock,

and

possess

certain

other

rights

with

respect

to

the

corporate

governance

of

ENGH.

Due

to

these

facts,

under

the

federal

securities

laws,

the

securities

of

ENGH

held

by

Nuveen

funds

and

accounts,

including

the

Fund,

cannot

be

sold

except

under

limited

conditions

(which

are

not  currently

satisfied).

The

Fund

is

therefore

unable

to

sell

such

shares

in

ordinary

secondary

market

transactions

at

this

time.

On

March

6,

2023

Vistra

Corp.

(“Vistra”)

announced

that

it

has

executed

a

definitive

agreement

with

Energy

Harbor

Corp.,

pursuant

to

which

Energy

Harbor

will

merge

with

and

into

a

newly-formed

subsidiary

of

Vistra.  The

companies

anticipate

closing

the

transaction

in

the

second

half

of

2023.  In

connection

with

the

transaction,

Nuveen

funds

and

accounts

expect

to

receive

a

combination

of

cash

and

shares

in

a

newly

formed

entity.

Nuveen

expects

these

shares

to

be

issued

in

a

private

transaction

and

may

have

reduced

secondary

market

liquidity.  The

transaction

is

subject

to

certain

regulatory

approvals

and

there

can

be

no

assurance

that

the

transaction

will

close.

(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

23.9%.

(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)

TFP

Shares,

Net

as

a

percentage

of

Total

Investments

is

14.2%.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

CME

Chicago

Mercantile

Exchange

DD1

Portion

of

investment

purchased

on

a

delayed

delivery

basis.

LIBOR

London

Inter-Bank

Offered

Rate

N/A

Not

Applicable.

PIK

Payment-in-kind

(“PIK”)

security.  Depending

on

the

terms

of

the

security,

income

may

be

received

in

the

form

of

cash,

securities,

or

a

combination

of

both.  The

PIK

rate

shown,

where

applicable,

represents

the

annualized

rate

of

the

last

PIK

payment

made

by

the

issuer

as

of

the

end

of

the

reporting

period.

REIT

Real

Estate

Investment

Trust

SOFR

180A

180

Day

Average

Secured

Overnight

Financing

Rate

SOFR

30A

30

Day

Average

Secured

Overnight

Financing

Rate

SOFR

90A

90

Day

Average

Secured

Overnight

Financing

Rate

TBD

Senior

loan

purchased

on

a

when-issued

or

delayed-delivery

basis.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date

of

the

transaction.

In

addition,

senior

loans

typically

trade

without

accrued

interest

and

therefore

a

coupon

rate

is

not

available

prior

to

settlement.

At

settlement,

if

still

unknown,

the

borrower

or

counterparty

will

provide

the

Fund

with

the

final

coupon

rate

and

maturity

date.

TSFR

1M

CME

Term

SOFR

1

Month

TSFR

3M

CME

Term

SOFR

3

Month

WI/DD

Purchased

on

a

when-issued

or

delayed

delivery

basis.

See

Notes

to

Financial

Statements

42

Nuveen

Credit

Strategies

Income

Fund

Portfolio

of

Investments

July

31,

2023

JQC

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

LONG-TERM

INVESTMENTS

-

159.7%  

(97.5%

of

Total

Investments) 

X

–

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

-

134.5%

(82.1%

of

Total

Investments)

(2)

X

1,062,820,900

Aerospace

&

Defense

-

1.5%

(0.9%

of

Total

Investments)

$

1,950

TransDigm,

Inc.,

Term

Loan

H

8.492%

SOFR90A

3.250%

2/22/27

Ba3

$

1,955,915

10,185

TransDigm,

Inc.,

Term

Loan

I

8.492%

SOFR90A

3.250%

8/24/28

Ba3

10,206,369

Total

Aerospace

&

Defense

12,162,284

Automobile

Components

-

0.7%

(0.4%

of

Total

Investments)

3,937

Clarios

Global

LP,

Term

Loan

9.069%

TSFR1M

3.750%

4/20/30

B+

3,941,517

458

DexKo

Global

Inc.,

Term

Loan

B

9.253%

SOFR90A

3.750%

10/04/28

B2

443,883

1,000

Phinia

Inc,

Term

Loan

B

9.419%

TSFR1M

4.000%

7/03/28

BB+

1,002,500

Total

Automobile

Components

5,387,900

Beverages

-

1.2%

(0.7%

of

Total

Investments)

2,834

City

Brewing

Company,

LLC,

Term

Loan

9.070%

TSFR3M

3.500%

4/05/28

CCC

1,840,138

4,851

Sunshine

Investments

B.V.,

Term

Loan

9.336%

SOFR90A

4.250%

5/05/29

B+

4,853,657

2,826

Triton

Water

Holdings,

Inc,

Term

Loan

8.753%

SOFR90A

3.250%

3/31/28

B

2,738,961

Total

Beverages

9,432,756

Broadline

Retail

-

0.1%

(0.0%

of

Total

Investments)

328

Belk,

Inc.,

Term

Loan

12.976%

3-Month

LIBOR

7.500%

7/31/25

CCC

282,029

1,594

Belk,

Inc.,

Term

Loan

,

(cash

15.299%,

PIK

8.000%)

15.299%

3-Month

LIBOR

10.000%

7/31/25

C

197,242

Total

Broadline

Retail

479,271

Building

Products

-

1.9%

(1.2%

of

Total

Investments)

5,186

Chamberlain

Group

Inc,

Term

Loan

B

8.669%

SOFR30A

3.250%

10/22/28

B

5,118,684

557

Cornerstone

Building

Brands,

Inc.,

Term

Loan

B

8.572%

TSFR1M

3.250%

4/12/28

B

540,313

8,678

Quikrete

Holdings,

Inc.,

Term

Loan,

First

Lien

8.058%

TSFR1M

2.625%

1/31/27

Ba2

8,685,232

984

Standard

Industries

Inc.,

Term

Loan

B

7.906%

TSFR1M

2.500%

9/22/28

BBB-

987,475

Total

Building

Products

15,331,704

Capital

Markets

-

0.3%

(0.2%

of

Total

Investments)

1,963

Motion

Finco

Sarl,

Term

Loan

B1

8.788%

3-Month

LIBOR

3.250%

11/04/26

B

1,958,851

Total

Capital

Markets

1,958,851

Chemicals

-

3.2%

(2.0%

of

Total

Investments)

2,906

Axalta

Coating

Systems

Dutch

Holding

B

B.V,

Term

Loan

B

8.242%

SOFR90A

3.000%

12/08/29

BBB-

2,917,222

4,301

Discovery

Purchaser

Corporation,

Term

Loan

9.617%

SOFR90A

4.375%

8/03/29

B-

4,207,113

1,372

H.B.

Fuller

Company,

Term

Loan

B

7.819%

TSFR1M

2.500%

2/08/30

BBB-

1,377,426

1,120

INEOS

Quattro

Holdings

UK

Ltd,

Term

Loan

9.169%

TSFR1M

3.750%

3/03/30

BB

1,113,000

1,694

INEOS

Styrolution

US

Holding

LLC,

Term

Loan

B

8.183%

TSFR1M

2.750%

1/29/26

BB+

1,683,605

43

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

Chemicals

(continued)

$

2,890

Ineos

US

Finance

LLC,

Term

Loan

B

8.805%

TSFR1M

3.500%

2/09/30

BB

$

2,863,817

454

Kraton

Corporation,

Term

Loan

8.766%

SOFR90A

3.250%

3/15/29

BB

454,627

1,238

Lonza

Group

AG,

Term

Loan

B

9.267%

SOFR90A

3.925%

7/03/28

B2

1,065,692

3,378

Nouryon

Finance

B.V.,

Term

Loan

B

9.318%

SOFR90A

4.000%

4/03/28

BB-

3,373,133

498

PQ

Corporation,

Term

Loan

B

7.969%

TSFR3M

2.500%

6/09/28

BB-

496,422

485

Starfruit

Finco

B.V,

Term

Loan

9.347%

TSFR3M

4.000%

3/03/28

BB-

483,181

5,490

Trinseo

Materials

Operating

S.C.A.,

Term

Loan

7.538%

1-Month

LIBOR

2.000%

9/09/24

Ba3

5,388,527

Total

Chemicals

25,423,765

Commercial

Services

&

Supplies

-

3.8%

(2.3%

of

Total

Investments)

2,500

Amentum

Government

Services

Holdings

LLC,

Term

Loan

9.222%

SOFR30A

4.000%

2/07/29

B

2,424,758

1,140

Anticimex

International

AB,

Term

Loan

B1

8.517%

SOFR90A

+

3

Month

LIBOR

3.467%

11/16/28

B

1,130,594

2,205

Covanta

Holding

Corporation,

Term

Loan

B

7.819%

TSFR1M

2.500%

11/30/28

BB

2,203,928

167

Covanta

Holding

Corporation,

Term

Loan

C

7.819%

TSFR1M

2.500%

11/30/28

BB

167,178

8,712

Garda

World

Security

Corporation,

Term

Loan

B

9.641%

TSFR1M

4.250%

10/30/26

BB

8,715,866

2,044

GFL

Environmental

Inc.,

Term

Loan

8.305%

TSFR1M

3.000%

5/31/27

BB-

2,049,888

1,440

National

Intergovernmental

Purchasing

Alliance

Co,Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

B2

1,442,241

135

National

Intergovernmental

Purchasing

Alliance

Co,Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

B2

135,483

3,905

Prime

Security

Services

Borrower,

LLC,

Term

Loan

7.977%

TSFR1M

+

1Month

LIBOR

2.750%

9/23/26

BB

3,905,423

3,434

Vertical

US

Newco

Inc,

Term

Loan

B

,

(DD1)

9.381%

6-Month

LIBOR

3.500%

7/31/27

B+

3,425,107

2,179

West

Corporation,

Term

Loan

B3

9.569%

TSFR1M

4.000%

4/10/27

B1

2,090,512

2,470

WIN

Waste

Innovations

Holdings,

Inc.,

Term

Loan

B

,

(DD1)

8.183%

TSFR1M

2.750%

3/25/28

B3

2,197,611

Total

Commercial

Services

&

Supplies

29,888,589

Communications

Equipment

-

1.3%

(0.8%

of

Total

Investments)

3,377

CommScope,

Inc.,

Term

Loan

B

8.683%

TSFR1M

3.250%

4/04/26

B1

3,153,768

3,760

Delta

TopCo,

Inc.,

Term

Loan

B

9.069%

SOFR180A

3.750%

12/01/27

B2

3,679,867

1,151

EOS

Finco

Sarl,

Term

Loan

11.268%

SOFR90A

6.000%

8/03/29

B

1,137,857

440

MLN

US

HoldCo

LLC,

Term

Loan

B2

12.110%

TSFR3M

6.700%

10/18/27

N/R

164,271

975

MLN

US

HoldCo

LLC,

Term

Loan,

First

Lien

9.838%

SOFR90A

4.500%

11/30/25

CC

153,545

1,621

Riverbed

Technology,

Inc.,

Term

Loan

8.220%

3

+

12

Month

LIBOR

4.667%

7/01/28

N/R

980,959

1,238

ViaSat,

Inc.,

Term

Loan

9.819%

TSFR1M

4.500%

3/04/29

BB+

1,194,831

Total

Communications

Equipment

10,465,098

Nuveen

Credit

Strategies

Income

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

44

JQC

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

Construction

&

Engineering

-

0.5%

(0.3%

of

Total

Investments)

$

411

Aegion

Corporation,

Term

Loan

10.183%

TSFR1M

4.750%

5/17/28

B2

$

405,277

2,149

Centuri

Group,

Inc,

Term

Loan

B

8.842%

TSFR1M

2.000%

8/27/28

Ba2

2,148,230

1,428

Osmose

Utilities

Services,

Inc.,

Term

Loan

8.683%

TSFR1M

3.250%

6/22/28

B

1,417,425

Total

Construction

&

Engineering

3,970,932

Consumer

Finance

-

0.4%

(0.2%

of

Total

Investments)

3,134

Fleetcor

Technologies

Operating

Company,

LLC,

Term

Loan

B4

7.169%

TSFR1M

1.750%

4/30/28

BB+

3,121,985

Total

Consumer

Finance

3,121,985

Consumer

Staples

Distribution

&

Retail

-

0.4%

(0.3%

of

Total

Investments)

1,496

Cardenas

Markets,

Inc.,

Term

Loan

12.092%

SOFR90A

6.750%

8/01/29

B

1,491,742

1,960

US

Foods,

Inc.,

Term

Loan

B

8.183%

TSFR1M

2.750%

11/22/28

BB+

1,964,466

Total

Consumer

Staples

Distribution

&

Retail

3,456,208

Containers

&

Packaging

-

2.3%

(1.4%

of

Total

Investments)

216

Berry

Global,

Inc.,

Term

Loan

Z

7.293%

TSFR3M

1.750%

7/01/26

BBB-

216,546

3,794

Clydesdale

Acquisition

Holdings

Inc,

Term

Loan

B

9.594%

SOFR30A

4.175%

3/30/29

B

3,764,948

1,259

Klockner-Pentaplast

of

America,

Inc.,

Term

Loan

B

10.104%

SOFR180A

4.725%

2/09/26

B-

1,196,542

2,818

LABL,

Inc.,

Term

Loan,

First

Lien

,

(DD1)

10.419%

TSFR1M

5.100%

10/29/28

B2

2,807,817

2,088

Reynolds

Group

Holdings

Inc.

,

Term

Loan

B

8.683%

TSFR1M

3.250%

9/24/28

B+

2,086,769

2,930

Reynolds

Group

Holdings

Inc.

,

Term

Loan

B2

8.683%

TSFR1M

3.250%

2/05/26

B+

2,930,794

4,925

TricorBraun

Holdings,

Inc.,

Term

Loan

8.683%

TSFR1M

3.250%

3/03/28

B2

4,870,595

Total

Containers

&

Packaging

17,874,011

Diversified

Consumer

Services

-

0.4%

(0.2%

of

Total

Investments)

3,772

Spin

Holdco

Inc.,

Term

Loan

,

(DD1)

9.230%

3-Month

LIBOR

4.000%

3/04/28

B-

3,214,715

Total

Diversified

Consumer

Services

3,214,715

Diversified

Financial

Services

-

0.1%

(0.0%

of

Total

Investments)

3,111

Ditech

Holding

Corporation,

Term

Loan

(5)

0.000%

N/A

N/A

12/19/22

N/R

342,226

Total

Diversified

Financial

Services

342,226

Diversified

Telecommunication

Services

-

3.4%

(2.1%

of

Total

Investments)

1,287

Altice

France

S.A.,

Term

Loan

B12

9.257%

3-Month

LIBOR

3.688%

1/31/26

B2

1,148,043

11,476

Altice

France

S.A.,

Term

Loan

B13

9.321%

3-Month

LIBOR

4.000%

8/14/26

B2

10,219,732

56

CenturyLink,

Inc.,

Term

Loan

B

7.683%

TSFR1M

2.250%

3/15/27

BB

39,603

1,180

Cincinnati

Bell,

Inc.,

Term

Loan

B2

8.669%

SOFR30A

3.250%

11/23/28

BB-

1,128,964

558

Cyxtera

DC

Holdings,

Inc.,

Term

Loan

13.760%

SOFR30A

8.500%

12/07/23

N/R

557,963

1,672

Cyxtera

DC

Holdings,

Inc.,

Term

Loan

B

(5)

0.000%

N/A

N/A

5/01/24

N/R

921,874

45

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

Diversified

Telecommunication

Services

(continued)

$

1,999

Dawn

Acquisitions

LLC,Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

Caa1

$

1,534,628

3,498

Eagle

Broadband

Investments

LLC,

Term

Loan

8.503%

SOFR90A

3.000%

11/12/27

B+

3,399,818

5,547

Frontier

Communications

Corp.,

Term

Loan

B

9.183%

TSFR1M

3.750%

10/08/27

BB+

5,290,574

940

Level

3

Financing

Inc.,

Term

Loan

B

7.183%

TSFR1M

1.750%

3/01/27

Ba2

886,537

974

Numericable

Group

SA,

Term

Loan

B11

8.381%

3-Month

LIBOR

2.750%

7/31/25

B2

929,769

1,490

Zayo

Group

Holdings,

Inc.,

Term

Loan

8.433%

TSFR1M

3.000%

3/09/27

B-

1,142,592

Total

Diversified

Telecommunication

Services

27,200,097

Electric

Utilities

-

1.7%

(1.0%

of

Total

Investments)

7,331

Talen

Energy

Supply,

LLC,

Term

Loan

B

9.590%

1-Month

LIBOR

3.750%

5/27/30

BB+

7,330,854

5,940

Talen

Energy

Supply,

LLC,

Term

Loan

B

9.590%

1-Month

LIBOR

3.750%

5/27/30

BB+

5,940,520

Total

Electric

Utilities

13,271,374

Electronic

Equipment,

Instruments

&

Components

-

0.6%

(0.4%

of

Total

Investments)

2,177

II-VI

Incorporated,

Term

Loan

B

8.183%

SOFR30A

2.750%

7/01/29

BBB-

2,179,225

2,371

Ingram

Micro

Inc.,

Term

Loan

B

9.038%

3-Month

LIBOR

3.500%

7/02/28

BB+

2,368,374

Total

Electronic

Equipment,

Instruments

&

Components

4,547,599

Entertainment

-

1.1%

(0.6%

of

Total

Investments)

1,896

AMC

Entertainment

Holdings,

Inc.

,

Term

Loan

B

8.202%

1-Month

LIBOR

3.000%

4/22/26

B-

1,483,844

7,729

Crown

Finance

US,

Inc.,

Term

Loan

(5)

0.000%

N/A

N/A

2/28/25

N/R

2,022,386

2,552

Diamond

Sports

Group,

LLC,

Term

Loan,

Second

Lien

(5)

8.314%

SOFR90A

3.250%

8/24/26

N/R

78,847

965

Lions

Gate

Capital

Holdings

LLC,

Term

Loan

B

7.669%

TSFR1M

2.250%

3/24/25

Ba2

964,555

3,809

Springer

Nature

Deutschland

GmbH,

Term

Loan

B18

8.503%

SOFR90A

3.000%

8/14/26

BB+

3,811,973

11

Univision

Communications

Inc.,

Term

Loan

C5

8.183%

1-Month

LIBOR

2.750%

3/15/24

B+

11,645

Total

Entertainment

8,373,250

Financial

Services

-

1.2%

(0.7%

of

Total

Investments)

2,114

Avolon

TLB

Borrower

1

(US)

LLC,

Term

Loan

B4

6.855%

SOFR30A

1.500%

2/12/27

Baa2

2,103,911

4,883

Avolon

TLB

Borrower

1

(US)

LLC,

Term

Loan

B6

7.755%

SOFR30A

2.500%

6/22/28

Baa2

4,890,469

2,689

Trans

Union,

LLC,

Term

Loan

B6

7.683%

TSFR1M

2.250%

12/01/28

BBB-

2,690,133

Total

Financial

Services

9,684,513

Nuveen

Credit

Strategies

Income

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

46

JQC

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

Food

Products

-

1.0%

(0.6%

of

Total

Investments)

$

2,533

8th

Avenue

Food

&

Provisions,

Inc.,

Term

Loan,

First

Lien

9.183%

TSFR1M

3.750%

10/01/25

CCC+

$

2,356,080

1,728

CHG

PPC

Parent

LLC,

Term

Loan

8.433%

TSFR1M

3.000%

12/08/28

B1

1,710,787

1,940

Froneri

International

Ltd.,

Term

Loan

7.669%

TSFR1M

2.250%

1/31/27

BB-

1,934,384

1,608

Sycamore

Buyer

LLC,

Term

Loan

B

7.682%

SOFR30A

2.250%

7/22/29

BB+

1,573,281

Total

Food

Products

7,574,532

Ground

Transportation

-

1.8%

(1.1%

of

Total

Investments)

4,827

Hertz

Corporation,

(The),

Term

Loan

B

,

(DD1)

8.683%

TSFR1M

3.250%

6/30/28

BB+

4,830,254

928

Hertz

Corporation,

(The),

Term

Loan

C

,

(DD1)

8.683%

TSFR1M

3.250%

6/30/28

BB+

928,484

8,756

Uber

Technologies,

Inc.,

Term

Loan

B

8.007%

SOFR90A

+

TSFR3M

2.750%

3/03/30

Ba2

8,771,060

Total

Ground

Transportation

14,529,798

Health

Care

Equipment

&

Supplies

-

6.6%

(4.0%

of

Total

Investments)

14,758

Bausch

&

Lomb,

Inc.,

Term

Loan

8.592%

SOFR90A

3.250%

5/05/27

BB-

14,455,872

2,113

Carestream

Health,

Inc.,

Term

Loan

12.842%

SOFR90A

7.500%

9/30/27

B-

1,593,954

4,631

CNT

Holdings

I

Corp,

Term

Loan

8.800%

SOFR90A

3.500%

11/08/27

B

4,626,332

1,224

Embecta

Corp,

Term

Loan

B

8.337%

SOFR180A

3.000%

1/27/29

Ba3

1,218,116

1,318

ICU

Medical,

Inc.,

Term

Loan

B

7.892%

SOFR90A

2.500%

12/14/28

BBB-

1,320,099

21,626

Medline

Borrower,

LP,

Term

Loan

B

8.683%

TSFR1M

3.250%

10/21/28

BB-

21,433,027

7,396

Viant

Medical

Holdings,

Inc.,

Term

Loan,

First

Lien

9.183%

1-Month

LIBOR

3.750%

7/02/25

B3

7,239,930

Total

Health

Care

Equipment

&

Supplies

51,887,330

Health

Care

Providers

&

Services

-

9.5%

(5.8%

of

Total

Investments)

4,913

AHP

Health

Partners,

Inc.,

Term

Loan

B

8.933%

TSFR1M

3.500%

8/23/28

B1

4,914,342

1,455

DaVita,

Inc.

,

Term

Loan

B

7.183%

TSFR1M

1.750%

8/12/26

BBB-

1,440,712

267

Element

Materials

Technology

Group

US

Holdings

Inc.,

Term

Loan

9.592%

SOFR90A

4.250%

4/12/29

B1

265,244

579

Element

Materials

Technology

Group

US

Holdings

Inc.,

Term

Loan

9.592%

SOFR90A

4.250%

4/12/29

B1

574,696

1,706

Gainwell

Acquisition

Corp.,

Term

Loan

B

9.342%

SOFR90A

4.000%

10/01/27

BB-

1,680,963

2,853

Global

Medical

Response,

Inc.,

Term

Loan

9.683%

TSFR1M

4.250%

3/14/25

CCC+

1,764,687

12,091

Global

Medical

Response,

Inc.,

Term

Loan

B

9.780%

SOFR90A

4.250%

10/02/25

CCC+

7,469,732

706

ICON

Luxembourg

S.A.R.L.,

Term

Loan

7.753%

SOFR90A

2.250%

7/01/28

BB+

707,662

6,115

National

Mentor

Holdings,

Inc.,

Term

Loan

9.130%

SOFR90A

+

TSFR1M

3.750%

3/02/28

B-

4,892,221

197

National

Mentor

Holdings,

Inc.,

Term

Loan

C

9.092%

SOFR90A

3.750%

3/02/28

B-

157,190

3,317

Onex

TSG

Intermediate

Corp.,

Term

Loan

B

10.381%

TSFR3M

4.750%

2/26/28

B

2,980,030

47

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

Health

Care

Providers

&

Services

(continued)

$

15,043

Parexel

International

Corporation,

Term

Loan,

First

Lien

8.555%

TSFR1M

3.250%

11/15/28

B1

$

14,999,491

6,002

Phoenix

Guarantor

Inc,

Term

Loan

B

8.683%

TSFR1M

3.250%

3/05/26

B1

5,968,183

4,025

Phoenix

Guarantor

Inc,

Term

Loan

B3

8.933%

TSFR1M

3.500%

3/05/26

B1

4,006,098

19,418

Select

Medical

Corporation,

Term

Loan

B

7.805%

TSFR1M

2.500%

3/06/25

Ba2

9,706,300

11,592

Surgery

Center

Holdings,

Inc.,

Term

Loan

9.119%

SOFR30A

3.750%

8/31/26

B1

11,610,586

839

Team

Health

Holdings,

Inc.,

Term

Loan

B

10.569%

SOFR30A

5.250%

2/02/27

B-

580,037

1,596

Team

Health

Holdings,

Inc.,

Term

Loan,

First

Lien

8.183%

1-Month

LIBOR

2.750%

2/06/24

B-

1,413,188

Total

Health

Care

Providers

&

Services

75,131,362

Health

Care

Technology

-

0.0%

(0.0%

of

Total

Investments)

13

Athenahealth,

Inc.,

Term

Loan

(6)

3.500%

Unfunded

3.500%

1/27/29

B+

12,405

103

Athenahealth,

Inc.,

Term

Loan

B

8.805%

SOFR30A

3.500%

1/27/29

B+

100,725

Total

Health

Care

Technology

113,130

Hotels,

Restaurants

&

Leisure

-

18.6%

(11.4%

of

Total

Investments)

3,334

Alterra

Mountain

Company,

Term

Loan

8.933%

TSFR1M

3.500%

8/17/28

B+

3,337,836

1,000

Alterra

Mountain

Company,

Term

Loan

B

9.169%

TSFR1M

3.750%

5/31/30

B+

1,000,630

1,848

Aramark

Services,

Inc.,

Term

Loan

B6

7.933%

TSFR1M

2.500%

6/22/30

Ba2

1,847,986

10,902

B.C.

Unlimited

Liability

Company,

Term

Loan

B4

7.183%

1-Month

LIBOR

1.750%

11/19/26

BB+

10,851,902

7,785

Caesars

Entertainment

Corp,

Term

Loan

B

8.555%

TSFR1M

3.250%

1/25/30

Ba3

7,800,085

2,203

Carnival

Corporation,

Term

Loan

B

8.683%

TSFR1M

3.250%

10/18/28

Ba2

2,199,852

6,707

Carnival

Corporation,

Term

Loan

B

8.433%

TSFR1M

3.000%

6/30/25

Ba2

6,710,103

3,315

Churchill

Downs

Incorporated,

Term

Loan

B1

7.419%

TSFR1M

2.000%

3/17/28

BBB-

3,312,622

1,995

Cinemark

USA,

Inc.,

Term

Loan

B

9.049%

SOFR90A

+

TSFR1M

3.750%

5/18/30

BB+

1,993,344

6,888

ClubCorp

Holdings,

Inc.,

Term

Loan

B

8.288%

3-Month

LIBOR

2.750%

9/18/24

B-

6,737,428

5,925

Crown

Finance

US,

Inc.,

Term

Loan

15.224%

SOFR90A

+

TSFR1M

10.000%

9/09/23

N/R

5,987,944

1,848

Crown

Finance

US,

Inc.,

Term

Loan

(6)

2.071%

3-Month

LIBOR

0.500%

8/31/23

CCC+

483,566

11,958

Equinox

Holdings,

Inc.,

Term

Loan,

First

Lien

8.602%

3

+

6

Month

LIBOR

3.000%

3/08/24

Caa2

11,294,428

14,783

Fertitta

Entertainment,

LLC,

Term

Loan

B

9.319%

SOFR30A

4.000%

1/27/29

B

14,649,275

3,127

GVC

Holdings

(Gibraltar)

Limited,

Term

Loan

B

,

(DD1)

8.437%

SOFR180A

3.500%

10/31/29

Ba1

3,130,173

2,948

Hilton

Grand

Vacations

Borrower

LLC,

Term

Loan

B

8.433%

TSFR1M

3.000%

8/02/28

BBB-

2,951,641

3,231

Hilton

Worldwide

Finance,

LLC,

Term

Loan

B2

7.148%

TSFR1M

1.750%

6/21/26

BBB-

3,232,898

10,261

IRB

Holding

Corp,

Term

Loan

B

8.419%

SOFR30A

3.000%

12/15/27

B+

10,221,036

Nuveen

Credit

Strategies

Income

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

48

JQC

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

Hotels,

Restaurants

&

Leisure

(continued)

$

5,633

Life

Time

Fitness

Inc

,

Term

Loan

B

10.050%

TSFR3M

4.750%

1/15/26

BB+

$

5,663,989

2,302

Marriott

Ownership

Resorts,

Inc.,

Term

Loan

B

7.169%

TSFR1M

1.750%

8/31/25

BB+

2,300,980

279

Motion

Finco

Sarl,

Term

Loan

B2

8.788%

3-Month

LIBOR

3.250%

11/04/26

B

277,852

586

NASCAR

Holdings,

Inc,

Term

Loan

B

7.933%

TSFR1M

2.500%

10/18/26

BBB-

588,403

581

PCI

Gaming

Authority,

Term

Loan

7.933%

TSFR1M

2.500%

5/31/26

BBB-

582,493

1,838

Penn

National

Gaming,

Inc.,

Term

Loan

B

8.169%

SOFR30A

2.750%

4/20/29

BB

1,837,688

1,520

Scientific

Games

Holdings

LP,

Term

Loan

B

8.768%

SOFR90A

3.500%

2/04/29

BB-

1,503,008

4,703

Scientific

Games

International,

Inc.,

Term

Loan

8.302%

SOFR30A

3.000%

4/07/29

BBB-

4,702,124

3,930

SeaWorld

Parks

&

Entertainment,

Inc.,

Term

Loan

B

8.433%

TSFR1M

3.000%

8/25/28

BB

3,934,421

10,349

Stars

Group

Holdings

B.V.

(The),

Term

Loan

7.753%

SOFR90A

2.250%

7/10/25

BBB

10,357,636

3,042

Stars

Group

Holdings

B.V.

(The),

Term

Loan

B

8.753%

SOFR90A

3.250%

7/04/28

BBB

3,048,112

12,000

Station

Casinos

LLC,

Term

Loan

B

7.601%

TSFR1M

2.250%

2/08/27

BB

11,974,844

2,216

Twin

River

Worldwide

Holdings,

Inc.,

Term

Loan

B

8.838%

SOFR90A

3.250%

10/01/28

BB+

2,188,746

375

William

Morris

Endeavor

Entertainment,

LLC,

Term

Loan,

First

Lien

8.183%

TSFR1M

+

1

Month

LIBOR

2.750%

5/16/25

B+

375,009

Total

Hotels,

Restaurants

&

Leisure

147,078,054

Household

Durables

-

1.1%

(0.7%

of

Total

Investments)

7,042

AI

Aqua

Merger

Sub,

Inc.,

Term

Loan

B,

First

Lien

8.944%

SOFR30A

3.750%

7/30/28

B

6,962,178

6

Serta

Simmons

Bedding,

LLC,

Term

Loan

(5)

14.448%

1-Month

LIBOR

9.500%

8/10/23

N/R

5,866

2,248

Weber-Stephen

Products

LLC,

Term

Loan

B

8.683%

TSFR1M

3.250%

10/30/27

CCC+

2,018,309

Total

Household

Durables

8,986,353

Independent

Power

and

Renewable

Electricity

Producers

-

0.2%

(0.1%

of

Total

Investments)

1,307

Vistra

Operations

Company

LLC,

Term

Loan

B3,

First

Lien

7.183%

TSFR1M

1.750%

12/31/25

BBB-

1,306,963

Total

Independent

Power

and

Renewable

Electricity

Producers

1,306,963

Insurance

-

7.7%

(4.7%

of

Total

Investments)

13,443

Acrisure,

LLC,

Term

Loan

B

8.933%

1-Month

LIBOR

3.500%

2/15/27

B

13,133,192

7,280

Alliant

Holdings

Intermediate,

LLC,

Term

Loan

B4

8.920%

1-Month

LIBOR

3.500%

11/06/27

B

7,269,806

2,963

Alliant

Holdings

Intermediate,

LLC,

Term

Loan

B5

8.722%

TSFR1M

3.500%

2/08/27

B

2,961,079

1,587

AmWINS

Group,

Inc.,

Term

Loan

B

8.055%

TSFR1M

2.750%

2/19/28

Ba3

1,587,357

1,629

Asurion

LLC,

Term

Loan

B4,

Second

Lien

10.683%

TSFR1M

5.250%

1/20/29

B

1,430,971

842

Asurion

LLC,

Term

Loan

B7

8.538%

3-Month

LIBOR

3.000%

11/03/24

Ba3

841,633

1,434

Asurion

LLC,

Term

Loan

B8

8.788%

3-Month

LIBOR

3.250%

12/23/26

Ba3

1,399,324

5,194

Asurion

LLC,

Term

Loan

B9

8.788%

3-Month

LIBOR

3.250%

7/31/27

Ba3

4,979,061

49

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

Insurance

(continued)

$

455

Asurion

LLC,Term

Loan

,

(WI/

DD)

TBD

TBD

TBD

TBD

Ba3

$

437,180

1,121

Broadstreet

Partners,

Inc.,

Term

Loan

B

8.433%

TSFR1M

3.000%

1/27/27

B

1,116,900

1,965

Broadstreet

Partners,

Inc.,

Term

Loan

B2

8.555%

TSFR1M

3.250%

1/27/27

B

1,958,859

4,475

Broadstreet

Partners,

Inc.,

Term

Loan

B3

,

(DD1)

9.319%

TSFR1M

4.000%

1/26/29

B

4,466,609

776

Hub

International

Limited,

Term

Loan

B

9.123%

SOFR90A

4.000%

11/10/29

B

778,603

10,417

HUB

International

Limited,

Term

Loan

B

9.584%

SOFR90A

4.250%

6/08/30

B

10,472,916

243

Ryan

Specialty

Group,

LLC,

Term

Loan

8.419%

SOFR30A

3.000%

9/01/27

BB-

243,429

5,955

USI,

Inc.,

Term

Loan

8.992%

SOFR90A

3.750%

11/16/29

B1

5,961,729

1,930

USI,

Inc.,

Term

Loan

B

8.788%

3-Month

LIBOR

3.250%

12/02/26

B1

1,933,941

Total

Insurance

60,972,589

Interactive

Media

&

Services

-

0.7%

(0.4%

of

Total

Investments)

994

Adevinta

ASA,

Term

Loan

B

8.288%

3-Month

LIBOR

2.750%

6/25/28

BBB-

996,068

9,688

Rackspace

Technology

Global,

Inc.,

Term

Loan

B

,

(DD1)

8.029%

TSFR1M

2.750%

2/09/28

B3

4,350,899

Total

Interactive

Media

&

Services

5,346,967

IT

Services

-

3.0%

(1.8%

of

Total

Investments)

1,584

Ahead

DB

Holdings,

LLC,

Term

Loan

B

9.092%

SOFR90A

3.750%

10/16/27

B+

1,546,603

2,471

Peraton

Corp.,

Term

Loan

B

9.169%

TSFR1M

3.750%

2/01/28

BB-

2,456,139

8,064

Syniverse

Holdings,

Inc.,

Term

Loan

12.242%

SOFR90A

7.000%

5/10/29

B-

7,437,404

10,775

Tempo

Acquisition

LLC,

Term

Loan

B

8.319%

TSFR1M

3.000%

8/31/28

BB-

10,807,617

1,496

World

Wide

Technology

Holding

Co.

LLC,

Term

Loan

8.491%

SOFR30A

3.250%

2/23/30

BB

1,491,575

Total

IT

Services

23,739,338

Leisure

Products

-

1.6%

(1.0%

of

Total

Investments)

7,338

Hayward

Industries,

Inc.,

Term

Loan

8.183%

TSFR1M

2.750%

5/28/28

BB

7,210,309

1,161

SRAM,

LLC

,

Term

Loan

B

8.183%

TSFR1M

2.750%

5/18/28

BB-

1,158,948

4,514

Topgolf

Callaway

Brands

Corp.,

Term

Loan

B

8.919%

TSFR1M

3.500%

3/09/30

B+

4,512,875

Total

Leisure

Products

12,882,132

Life

Sciences

Tools

&

Services

-

0.8%

(0.5%

of

Total

Investments)

6,719

Curia

Global,

Inc.,

Term

Loan

9.101%

TSFR3M

3.750%

8/30/26

B3

5,867,921

176

ICON

Luxembourg

S.A.R.L.,

Term

Loan

7.753%

SOFR90A

2.250%

7/01/28

BB+

176,569

Total

Life

Sciences

Tools

&

Services

6,044,490

Machinery

-

2.6%

(1.6%

of

Total

Investments)

4,987

Ali

Group

North

America

Corporation,

Term

Loan

B

7.433%

TSFR1M

2.000%

10/13/28

Baa3

4,999,133

1,929

Alliance

Laundry

Systems

LLC,

Term

Loan

B

8.849%

SOFR30A+

SOFR90A

3.500%

10/08/27

B

1,928,089

1,402

Chart

Industries,

Inc.,

Term

Loan

B

9.105%

SOFR30A

3.750%

12/08/29

Ba3

1,405,867

1,753

Emrld

Borrower

LP,

Term

Loan

B

8.264%

TSFR3M

3.000%

5/04/30

BB+

1,756,507

Nuveen

Credit

Strategies

Income

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

50

JQC

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

Machinery

(continued)

$

7,143

Gardner

Denver,

Inc.,

Term

Loan

B2

7.169%

TSFR1M

1.750%

2/28/27

BBB

$

7,151,839

978

Grinding

Media

Inc.,

Term

Loan

B

9.386%

SOFR90A

4.000%

10/12/28

B

961,213

1,470

Madison

IAQ

LLC,

Term

Loan

8.302%

6-Month

LIBOR

3.250%

6/21/28

B2

1,444,635

620

Victory

Buyer

LLC,

Term

Loan

,

(DD1)

9.258%

TSFR3M

3.750%

11/18/28

B3

568,856

Total

Machinery

20,216,139

Media

-

12.1%

(7.4%

of

Total

Investments)

3,628

ABG

Intermediate

Holdings

2

LLC,

Term

Loan

B1

8.560%

1-Month

LIBOR

3.500%

12/21/28

B1

3,631,525

720

ABG

Intermediate

Holdings

2

LLC,

Term

Loan,

Second

Lien

11.060%

1-Month

LIBOR

6.000%

12/20/29

CCC+

706,950

968

Altice

Financing

SA,

Term

Loan

10.308%

TSFR3M

5.000%

10/31/27

B

871,389

1,960

Cable

One,

Inc.,

Term

Loan

B4

7.433%

TSFR1M

2.000%

5/03/28

BB+

1,955,100

6,311

Cengage

Learning,

Inc.,

Term

Loan

B

10.323%

3-Month

LIBOR

4.750%

7/14/26

B

6,254,154

2,502

Charter

Communications

Operating,

LLC,

Term

Loan

B2

7.095%

SOFR30A+

SOFR90A

1.750%

2/01/27

BBB-

2,487,235

316

Checkout

Holding

Corp.,

Term

Loan

13.901%

SOFR90A

7.500%

5/24/30

N/R

188,990

12,417

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

B

8.972%

TSFR1M

+

TSFR3M

3.500%

8/23/26

B1

12,059,602

3,742

Cogeco

Communications

Finance

(USA),

LP,

Term

Loan

B

7.419%

TSFR1M

2.000%

1/04/25

BB

3,739,945

1,543

CSC

Holdings,

LLC,

Term

Loan

7.586%

1-Month

LIBOR

2.250%

1/15/26

B

1,461,350

241

CSC

Holdings,

LLC,

Term

Loan

B1

7.586%

1-Month

LIBOR

2.250%

7/17/25

B

231,221

1,147

CSC

Holdings,

LLC,

Term

Loan

B5

7.836%

1-Month

LIBOR

2.500%

4/15/27

B

1,004,224

4,615

CSC

Holdings,

LLC,

Term

Loan

B6

9.722%

TSFR1M

4.500%

1/18/28

B

4,255,324

7,980

DirecTV

Financing,

LLC,

Term

Loan

10.433%

TSFR1M

5.000%

8/02/27

BBB-

7,942,773

2,888

Fleet

U.S.

Bidco

Inc.,

Term

Loan

B

8.433%

1-Month

LIBOR

3.000%

10/07/26

B+

2,887,500

4,988

Formula

One

Holdings

Limited,

Term

Loan

B

8.319%

TSFR1M

3.000%

1/15/30

BB+

4,998,599

4,280

Gray

Television,

Inc.,

Term

Loan

E

7.727%

TSFR1M

2.500%

1/02/26

BB+

4,248,514

4,916

iHeartCommunications,

Inc.,

Term

Loan

8.305%

TSFR1M

3.000%

5/01/26

BB-

4,447,995

4,949

McGraw-Hill

Global

Education

Holdings,

LLC,

Term

Loan

10.257%

TSFR1M

+

6

Month

LIBOR

4.750%

7/30/28

BB+

4,820,381

407

Mission

Broadcasting,

Inc.,

Term

Loan

B

7.727%

TSFR1M

2.500%

6/03/28

BBB-

404,667

1,019

Nexstar

Broadcasting,

Inc.,

Term

Loan

B4

7.933%

TSFR1M

2.500%

9/18/26

BBB-

1,019,985

1,975

Radiate

Holdco,

LLC,

Term

Loan

B

8.683%

TSFR1M

3.250%

9/25/26

B3

1,669,684

1,403

Red

Ventures,

LLC,

Term

Loan

B

8.319%

TSFR1M

3.000%

2/23/30

BB+

1,401,585

51

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

Media

(continued)

$

8,798

Virgin

Media

Bristol

LLC,

Term

Loan

N

7.836%

TSFR1M

2.500%

1/31/28

BB+

$

8,581,921

750

Virgin

Media

Bristol

LLC,

Term

Loan

Y

8.311%

SOFR180A

3.250%

3/06/31

BB-

738,986

13,651

Ziggo

Financing

Partnership,

Term

Loan

I

7.836%

TSFR1M

2.500%

4/30/28

BB

13,306,769

Total

Media

95,316,368

Metals

&

Mining

-

0.1%

(0.1%

of

Total

Investments)

795

Arsenal

AIC

Parent

LLC,Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

Ba3

795,413

Total

Metals

&

Mining

795,413

Oil,

Gas

&

Consumable

Fuels

-

3.9%

(2.4%

of

Total

Investments)

11,251

Buckeye

Partners,

L.P.,

Term

Loan

B

7.683%

TSFR1M

2.250%

11/01/26

BBB-

11,241,318

295

EG

America

LLC,

Term

Loan

9.305%

TSFR1M

4.000%

2/05/25

B

294,903

3,575

EG

Group

Limited,

Term

Loan

B

9.164%

SOFR90A

4.000%

2/05/25

B

3,567,818

3,463

Freeport

LNG

Investments,

LLLP,

Term

Loan

A

8.588%

SOFR90A

3.000%

11/16/26

N/R

3,414,510

4,497

Gulf

Finance,

LLC,

Term

Loan

,

(DD1)

12.330%

SOFR180A

+

TSFR1M

6.750%

8/25/26

B

4,514,264

2,394

Oryx

Midstream

Services

Permian

Basin

LLC,

Term

Loan

8.505%

SOFR30A

3.250%

10/05/28

BB

2,398,722

1,608

QuarterNorth

Energy

Holding

Inc.,

Exit

Term

Loan,

Second

Lien

13.433%

TSFR1M

8.000%

8/27/26

B

1,605,372

2,954

TransMontaigne

Operating

Company

L.P.,

Term

Loan

B

8.926%

SOFR30A

+

TSFR1M

3.500%

11/05/28

BB-

2,939,143

1,170

Whitewater

Whistler

Holdings,

LLC,

Term

Loan

B

8.492%

SOFR90A

3.250%

1/25/30

BB+

1,171,462

Total

Oil,

Gas

&

Consumable

Fuels

31,147,512

Passenger

Airlines

-

5.2%

(3.2%

of

Total

Investments)

3,701

AAdvantage

Loyalty

IP

Ltd.,

Term

Loan

10.338%

SOFR90A

4.750%

4/20/28

BB+

3,837,984

2,703

Air

Canada,

Term

Loan

B

8.839%

3-Month

LIBOR

3.500%

8/11/28

Ba2

2,707,524

7,044

American

Airlines,

Inc.,

Term

Loan

B

,

(DD1)

8.154%

SOFR180A

2.750%

2/06/28

Ba3

6,991,726

3,169

American

Airlines,

Inc.,

Term

Loan,

First

Lien

7.628%

TSFR3M

+

6

Month

LIBOR

2.625%

1/29/27

BB-

3,120,936

10,313

Kestrel

Bidco

Inc.,

Term

Loan

B

8.251%

SOFR90A

3.000%

12/11/26

B+

10,104,446

10,125

Mileage

Plus

Holdings

LLC,

Term

Loan

B

10.764%

3-Month

LIBOR

5.250%

6/20/27

Baa3

10,574,923

850

SkyMiles

IP

Ltd.,

Term

Loan

B

9.076%

SOFR90A

3.750%

10/20/27

Baa1

884,918

3,112

United

Airlines,

Inc.,

Term

Loan

B

9.292%

3-Month

LIBOR

3.750%

4/21/28

Ba1

3,121,766

Total

Passenger

Airlines

41,344,223

Personal

Care

Products

-

0.5%

(0.3%

of

Total

Investments)

995

Conair

Holdings,

LLC,

Term

Loan

B

9.288%

3-Month

LIBOR

3.750%

5/17/28

B-

949,095

–

Coty

Inc.,

Term

Loan

B

7.529%

TSFR1M

2.253%

4/05/25

BB

0

4

kdc/one

Development

Corporation,

Inc.,

Term

Loan

B

9.183%

1-Month

LIBOR

3.750%

12/21/25

N/R

4,323

Nuveen

Credit

Strategies

Income

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

52

JQC

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

Personal

Care

Products

(continued)

$

2,255

Kronos

Acquisition

Holdings

Inc.,

Term

Loan

B

9.253%

3-Month

LIBOR

3.750%

12/22/26

B2

$

2,215,779

1,094

Kronos

Acquisition

Holdings

Inc.,

Term

Loan,

First

Lien

11.375%

SOFR90A

6.000%

12/22/26

B2

1,087,150

Total

Personal

Care

Products

4,256,347

Pharmaceuticals

-

1.8%

(1.1%

of

Total

Investments)

244

Catalent

Pharma

Solutions

Inc.,

Term

Loan

B3

7.406%

TSFR1M

2.000%

2/22/28

BB+

240,868

9,866

Jazz

Financing

Lux

S.a.r.l.,

Term

Loan

8.933%

1-Month

LIBOR

3.500%

5/05/28

BB+

9,866,400

–

Mallinckrodt

International

Finance

S.A.,

Term

Loan

10.619%

SOFR30A

5.250%

9/30/27

Caa3

0

2,542

Organon

&

Co,

Term

Loan

8.257%

SOFR30A

3.000%

6/02/28

BB

2,538,852

1,625

Perrigo

Investments,

LLC,

Term

Loan

B

7.669%

SOFR30A

2.350%

4/05/29

BB+

1,618,498

Total

Pharmaceuticals

14,264,618

Professional

Services

-

1.9%

(1.2%

of

Total

Investments)

899

CHG

Healthcare

Services

Inc.,

Term

Loan

8.683%

TSFR1M

3.250%

9/30/28

B1

898,318

3,394

Creative

Artists

Agency,

LLC

,

Term

Loan

B

,

(DD1)

8.819%

TSFR1M

3.500%

11/16/28

B+

3,383,274

1,167

Dun

&

Bradstreet

Corporation

(The),

Term

Loan

8.666%

TSFR1M

3.250%

2/08/26

BB+

1,168,543

1,995

Dun

&

Bradstreet

Corporation

(The),

Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

BB+

1,995,051

1,045

Physician

Partners

LLC,

Term

Loan

9.392%

SOFR90A

4.000%

2/01/29

B

1,001,764

4,960

Trans

Union,

LLC,

Term

Loan

B5

7.169%

TSFR1M

1.750%

11/13/26

BBB-

4,949,137

25

Travelport

Finance

(Luxembourg)

S.a.r.l.,

Term

Loan

,

(cash

7.038%,

PIK

6.500%)

7.038%

3-Month

LIBOR

1.500%

2/28/25

B-

25,132

1,470

Verscend

Holding

Corp.,

Term

Loan

B

9.433%

TSFR1M

4.000%

8/27/25

BB-

1,470,947

Total

Professional

Services

14,892,166

Real

Estate

Management

&

Development

-

0.4%

(0.2%

of

Total

Investments)

1,827

Cushman

&

Wakefield

U.S.

Borrower,

LLC,

Term

Loan

8.669%

TSFR1M

3.250%

1/31/30

BB

1,771,977

1,448

Cushman

&

Wakefield

U.S.

Borrower,

LLC,

Term

Loan

B

8.183%

TSFR1M

2.750%

8/21/25

BB

1,447,181

Total

Real

Estate

Management

&

Development

3,219,158

Semiconductors

&

Semiconductor

Equipment

-

0.1%

(0.1%

of

Total

Investments)

2,098

Bright

Bidco

B.V.,

Term

Loan

7.023%

SOFR90A

+

3

Month

LIBOR

6.523%

10/31/27

B-

870,490

Total

Semiconductors

&

Semiconductor

Equipment

870,490

Software

-

18.1%

(11.1%

of

Total

Investments)

1,050

Apttus

Corporation,

Term

Loan

9.433%

TSFR1M

4.000%

5/06/28

BB

1,037,259

9,576

Avaya,

Inc.,

Term

Loan

13.805%

TSFR1M

8.500%

8/01/28

N/R

8,033,870

9,206

Banff

Merger

Sub

Inc,

Term

Loan

9.183%

TSFR1M

3.750%

10/02/25

B2

9,194,138

53

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

Software

(continued)

$

1,000

CCC

Intelligent

Solutions

Inc.,

Term

Loan

B

7.683%

TSFR1M

2.250%

9/21/28

B+

$

999,150

4,647

CDK

Global,

Inc.,

Term

Loan

B

9.492%

SOFR90A

4.250%

6/09/29

B+

4,654,131

2,847

Ceridian

HCM

Holding

Inc.,

Term

Loan

B

7.976%

3-Month

LIBOR

2.500%

4/30/25

Ba3

2,851,605

3,970

DTI

Holdco,

Inc.,

Term

Loan

10.119%

SOFR90A

4.750%

4/21/29

B2

3,741,725

6,443

Emerald

TopCo

Inc,

Term

Loan

8.933%

TSFR1M

3.500%

7/25/26

B2

6,231,311

10,520

Epicor

Software

Corporation,

Term

Loan

8.683%

TSFR1M

3.250%

7/31/27

B2

10,466,044

8,742

Finastra

USA,

Inc.,

Term

Loan,

First

Lien

9.167%

3

+

6

Month

LIBOR

3.500%

6/13/24

B

8,494,615

5,273

Greeneden

U.S.

Holdings

II,

LLC,

Term

Loan

B4

9.433%

TSFR1M

4.000%

12/01/27

B2

5,273,894

6,913

Informatica

LLC,

Term

Loan

B

8.183%

TSFR1M

2.750%

10/14/28

BB-

6,887,684

3,595

McAfee,

LLC,

Term

Loan

B

8.963%

SOFR30A

3.750%

2/03/29

BB+

3,488,774

7,979

NortonLifeLock

Inc.,

Term

Loan

B

7.419%

SOFR30A

2.000%

1/28/29

BBB-

7,962,993

10,448

Open

Text

Corporation,

Term

Loan

B

8.919%

TSFR1M

3.500%

8/25/29

BBB-

10,476,910

733

Project

Ruby

Ultimate

Parent

Corp.,

Term

Loan

8.683%

TSFR1M

3.250%

3/10/28

B

724,936

1,687

Proofpoint,

Inc.,

Term

Loan,

First

Lien

8.683%

TSFR1M

3.250%

8/31/28

BB-

1,665,078

3,625

Quartz

Acquireco

LLC,

Term

Loan

B

8.817%

SOFR30A

3.500%

4/14/30

BB+

3,625,000

256

RealPage,

Inc,

Term

Loan,

First

Lien

8.433%

TSFR1M

3.000%

4/22/28

B+

251,613

9,862

Sophia,

L.P.,

Term

Loan

B

9.038%

3-Month

LIBOR

3.500%

10/07/27

B2

9,824,928

3,276

SS&C

European

Holdings

Sarl,

Term

Loan

B4

7.183%

TSFR1M

1.750%

4/16/25

BB+

3,278,284

3,434

SS&C

Technologies

Inc.,

Term

Loan

B3

7.183%

TSFR1M

1.750%

4/16/25

BB+

3,436,729

8,320

Ultimate

Software

Group

Inc

(The),

Term

Loan

8.618%

SOFR90A

3.250%

5/03/26

B1

8,287,305

14,438

Ultimate

Software

Group

Inc

(The),

Term

Loan

B

9.219%

TSFR3M

3.750%

5/03/26

B1

14,437,572

1,671

Vision

Solutions,

Inc.,

Term

Loan

9.863%

3-Month

LIBOR

4.000%

5/28/28

B2

1,604,416

6,378

Zelis

Healthcare

Corporation,

Term

Loan

8.933%

TSFR1M

3.500%

9/30/26

B

6,381,096

Total

Software

143,311,060

Specialty

Retail

-

4.4%

(2.7%

of

Total

Investments)

845

Academy,

Ltd.,

Term

Loan

9.115%

1

+

3

Month

LIBOR

3.750%

11/06/27

BB

850,313

2,120

Avis

Budget

Car

Rental,

LLC,

Term

Loan

B

7.183%

TSFR1M

1.750%

8/06/27

BB+

2,113,452

2,527

Avis

Budget

Car

Rental,

LLC,

Term

Loan

C

8.919%

SOFR30A

3.500%

3/15/29

BB+

2,530,890

1,460

Belron

Finance

US

LLC,

Term

Loan

8.160%

TSFR3M

2.750%

4/06/29

BBB-

1,462,285

755

Driven

Holdings,

LLC,

Term

Loan

B

8.406%

TSFR1M

3.000%

12/17/28

B3

743,162

3,736

Jo-Ann

Stores,

Inc.,

Term

Loan

B1

10.362%

SOFR90A

4.750%

6/30/28

CCC

1,912,918

3,810

LBM

Acquisition

LLC,

Term

Loan

B

,

(DD1)

9.169%

TSFR1M

3.750%

12/18/27

B+

3,702,705

1,067

Les

Schwab

Tire

Centers,

Term

Loan

B

8.477%

TSFR1M

3.250%

11/02/27

B

1,065,220

Nuveen

Credit

Strategies

Income

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

54

JQC

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

Specialty

Retail

(continued)

$

16,033

PetSmart,

Inc.,

Term

Loan

B

9.169%

TSFR1M

3.750%

2/12/28

BB

$

16,047,069

3,540

Restoration

Hardware,

Inc.,

Term

Loan

B

7.933%

SOFR30A

2.500%

10/15/28

BB-

3,445,460

754

SRS

Distribution

Inc.,

Term

Loan

8.919%

TSFR1M

3.500%

6/04/28

B-

744,577

Total

Specialty

Retail

34,618,051

Textiles,

Apparel

&

Luxury

Goods

-

0.4%

(0.3%

of

Total

Investments)

2,995

Birkenstock

GmbH

&

Co.

KG,

Term

Loan

B

8.593%

TSFR3M

3.250%

4/28/28

BB+

2,997,114

634

New

Trojan

Parent,

Inc.,

Term

Loan,

First

Lien

8.543%

SOFR30A

+

TSFR1M

3.250%

1/06/28

CCC+

359,917

Total

Textiles,

Apparel

&

Luxury

Goods

3,357,031

Trading

Companies

&

Distributors

-

2.4%

(1.5%

of

Total

Investments)

12,553

Core

&

Main

LP,

Term

Loan

B

7.803%

SOFR30A+

SOFR90A

2.500%

6/10/28

B+

12,539,374

1,466

Resideo

Funding

Inc.,

Term

Loan

7.579%

SOFR30A

+

3

Month

LIBOR

2.250%

2/12/28

BBB-

1,464,425

9

Univar

Solutions

USA

Inc.,

Term

Loan

B6

7.288%

3-Month

LIBOR

1.750%

6/03/28

BBB-

8,456

5,165

Windsor

Holdings

III

LLC,

Term

Loan

,

(WI/DD)

TBD

TBD

TBD

TBD

BB+

5,156,400

Total

Trading

Companies

&

Distributors

19,168,655

Transportation

Infrastructure

-

0.9%

(0.5%

of

Total

Investments)

2,189

Brown

Group

Holding,

LLC,

Term

Loan

B

7.805%

TSFR1M

2.500%

4/22/28

B+

2,173,316

1,787

Brown

Group

Holding,

LLC,

Term

Loan

B2

9.067%

SOFR30A+

SOFR90A+

TSFR3M

3.750%

6/09/29

B+

1,786,688

2,992

KKR

Apple

Bidco,

LLC,

Term

Loan

8.183%

TSFR1M

2.750%

9/23/28

B

2,974,241

Total

Transportation

Infrastructure

6,934,245

Wireless

Telecommunication

Services

-

1.0%

(0.6%

of

Total

Investments)

1,263

GOGO

Intermediate

Holdings

LLC,

Term

Loan

B

9.183%

TSFR1M

3.750%

4/30/28

B+

1,266,129

6,668

Intelsat

Jackson

Holdings

S.A.,

Term

Loan

B

(5)

9.443%

SOFR90A

4.250%

1/27/29

BB+

6,663,129

Total

Wireless

Telecommunication

Services

7,929,258

Total

Variable

Rate

Senior

Loan

Interests

(cost

$1,095,684,833)

1,062,820,900

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(4)

Value

X

–

CORPORATE

BONDS

-

23.0%

(14.0%

of

Total

Investments)

X

181,520,839

Aerospace

&

Defense

-

0.3%

(0.2%

of

Total

Investments)

$

2,963

TransDigm

Inc

(7)

4.625%

1/15/29

B-

$

2,644,477

Total

Aerospace

&

Defense

2,644,477

Automobile

Components

-

0.4%

(0.2%

of

Total

Investments)

2,699

Clarios

Global

LP

/

Clarios

US

Finance

Co,

144A

(7)

6.250%

5/15/26

B+

2,696,996

Total

Automobile

Components

2,696,996

Capital

Markets

-

0.1%

(0.1%

of

Total

Investments)

1,000

LPL

Holdings

Inc,

144A

(7)

4.625%

11/15/27

BBB-

942,411

Total

Capital

Markets

942,411

55

Principal

Amount

(000)  

Description

(1)

Coupon

Maturity

Ratings

(4)

Value

Chemicals

-

0.3%

(0.2%

of

Total

Investments)

$

2,690

Trinseo

Materials

Operating

SCA

/

Trinseo

Materials

Finance

Inc,

144A

(7)

5.375%

9/01/25

B3

$

2,445,279

Total

Chemicals

2,445,279

Commercial

Services

&

Supplies

-

1.0%

(0.6%

of

Total

Investments)

1,200

GFL

Environmental

Inc,

144A

(7)

5.125%

12/15/26

BB-

1,167,019

2,650

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc,

144A

(7)

6.250%

1/15/28

B

2,494,791

2,316

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc,

144A

(7)

5.750%

4/15/26

BB

2,270,638

2,500

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc,

144A

(7)

3.375%

8/31/27

BB

2,206,868

Total

Commercial

Services

&

Supplies

8,139,316

Communications

Equipment

-

0.9%

(0.6%

of

Total

Investments)

1,975

Commscope

Inc,

144A

(7)

4.750%

9/01/29

B1

1,521,514

1,607

Commscope

Inc,

144A

(7)

8.250%

3/01/27

CCC+

1,216,539

6,750

CommScope

Technologies

LLC,

144A

(7)

5.000%

3/15/27

CCC+

4,502,203

Total

Communications

Equipment

7,240,256

Consumer

Staples

Distribution

&

Retail

-

0.5%

(0.3%

of

Total

Investments)

4,000

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC,

144A

(7)

4.625%

1/15/27

BB

3,790,593

Total

Consumer

Staples

Distribution

&

Retail

3,790,593

Containers

&

Packaging

-

0.1%

(0.1%

of

Total

Investments)

1,190

Pactiv

Evergreen

Group

Issuer

Inc/Pactiv

Evergreen

Group

Issuer

LLC,

144A

(7)

4.375%

9/30/28

B+

1,051,952

Total

Containers

&

Packaging

1,051,952

Diversified

Telecommunication

Services

-

1.3%

(0.8%

of

Total

Investments)

1,978

Frontier

Communications

Holdings

LLC,

144A

(7)

6.000%

1/15/30

BB-

1,436,789

2,000

Frontier

Communications

Holdings

LLC

(7)

5.875%

11/01/29

CCC+

1,466,452

6,313

Frontier

Communications

Holdings

LLC,

144A

(7)

5.875%

10/15/27

BB+

5,782,252

1,290

Level

3

Financing

Inc,

144A

(7)

10.500%

5/15/30

Ba2

1,336,266

Total

Diversified

Telecommunication

Services

10,021,759

Electric

Utilities

-

0.6%

(0.4%

of

Total

Investments)

3,750

Bruce

Mansfield

Unit

1

2007

Pass

Through

Trust

(5)

6.850%

6/01/34

N/R

37

1,940

Pacific

Gas

and

Electric

Co

(7)

4.550%

7/01/30

BBB

1,762,133

3,318

PG&E

Corp

(7)

5.000%

7/01/28

BB+

3,069,605

Total

Electric

Utilities

4,831,775

Energy

Equipment

&

Services

-

1.0%

(0.6%

of

Total

Investments)

2,500

Shelf

Drilling

Holdings

Ltd,

144A

(7)

8.250%

2/15/25

CCC+

2,387,500

2,200

Shelf

Drilling

Holdings

Ltd,

144A

(7)

8.875%

11/15/24

B1

2,205,500

1,500

Transocean

Inc,

144A

11.500%

1/30/27

CCC+

1,572,926

1,500

Weatherford

International

Ltd,

144A

(7)

8.625%

4/30/30

B

1,537,316

Total

Energy

Equipment

&

Services

7,703,242

Entertainment

-

0.9%

(0.6%

of

Total

Investments)

10,390

AMC

Entertainment

Holdings

Inc,

144A

,

(cash

10.000%,

PIK

12.000%)

(7)

10.000%

6/15/26

CCC-

7,117,150

4,040

Diamond

Sports

Group

LLC

/

Diamond

Sports

Finance

Co,

144A

(5)

5.375%

8/15/26

N/R

126,250

5,750

Diamond

Sports

Group

LLC

/

Diamond

Sports

Finance

Co,

144A

(5)

6.625%

8/15/27

N/R

134,595

Total

Entertainment

7,377,995

Nuveen

Credit

Strategies

Income

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

56

JQC

Principal

Amount

(000)  

Description

(1)

Coupon

Maturity

Ratings

(4)

Value

Health

Care

Equipment

&

Supplies

-

0.2%

(0.1%

of

Total

Investments)

$

1,975

Mozart

Debt

Merger

Sub

Inc,

144A

(7)

3.875%

4/01/29

BB-

$

1,729,453

Total

Health

Care

Equipment

&

Supplies

1,729,453

Health

Care

Providers

&

Services

-

1.2%

(0.7%

of

Total

Investments)

3,210

Select

Medical

Corp,

144A

(7)

6.250%

8/15/26

B-

3,182,646

5,500

Tenet

Healthcare

Corp

(7)

6.125%

10/01/28

B+

5,239,245

1,201

Tenet

Healthcare

Corp

(7)

4.875%

1/01/26

BB-

1,162,388

Total

Health

Care

Providers

&

Services

9,584,279

Hotels,

Restaurants

&

Leisure

-

1.6%

(1.0%

of

Total

Investments)

5,692

1011778

BC

ULC

/

New

Red

Finance

Inc,

144A

(7)

4.000%

10/15/30

B+

4,891,433

1,193

1011778

BC

ULC

/

New

Red

Finance

Inc,

144A

(7)

3.500%

2/15/29

BB+

1,048,369

1,623

Caesars

Entertainment

Inc,

144A

(7)

6.250%

7/01/25

Ba3

1,614,163

1,850

Carnival

Corp,

144A

(7)

10.500%

2/01/26

BB-

1,950,113

1,895

Carnival

Holdings

Bermuda

Ltd,

144A

(7)

10.375%

5/01/28

B+

2,067,727

1,201

Life

Time

Inc,

144A

(7)

5.750%

1/15/26

BB+

1,177,317

Total

Hotels,

Restaurants

&

Leisure

12,749,122

Insurance

-

0.2%

(0.1%

of

Total

Investments)

625

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-

Issuer,

144A

(7)

4.250%

10/15/27

B

570,312

1,175

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-

Issuer,

144A

(7)

6.750%

4/15/28

B

1,169,044

Total

Insurance

1,739,356

Interactive

Media

&

Services

-

0.3%

(0.1%

of

Total

Investments)

4,391

Rackspace

Technology

Global

Inc,

144A

(7)

3.500%

2/15/28

B3

1,964,055

Total

Interactive

Media

&

Services

1,964,055

Internet

Software

&

Services

-

0.1%

(0.1%

of

Total

Investments)

3,344

Rackspace

Technology

Global

Inc,

144A

5.375%

12/01/28

CCC-

925,937

Total

Internet

Software

&

Services

925,937

IT

Services

-

0.2%

(0.1%

of

Total

Investments)

1,500

SABRE

GLBL

INC,

144A

7.375%

9/01/25

B-

1,353,750

Total

IT

Services

1,353,750

Media

-

3.3%

(2.0%

of

Total

Investments)

7,000

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

(7)

3.500%

3/01/42

BBB-

4,655,637

3,000

Clear

Channel

Outdoor

Holdings

Inc,

144A

(7)

5.125%

8/15/27

B1

2,754,754

8,521

CSC

Holdings

LLC,

144A

(7)

3.375%

2/15/31

B

5,902,412

5,000

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor

Inc,

144A

(7)

5.875%

8/15/27

BBB-

4,513,619

18

iHeartCommunications

Inc

6.375%

5/01/26

BB-

15,373

2,799

McGraw-Hill

Education

Inc,

144A

(7)

5.750%

8/01/28

BB+

2,457,522

6,006

VZ

Secured

Financing

BV,

144A

(7)

5.000%

1/15/32

BB

4,880,610

1,305

Ziggo

Bond

Co

BV,

144A

(7)

6.000%

1/15/27

B-

1,214,041

Total

Media

26,393,968

Metals

&

Mining

-

0.3%

(0.2%

of

Total

Investments)

2,120

First

Quantum

Minerals

Ltd,

144A

(7)

6.875%

10/15/27

B+

2,084,426

Total

Metals

&

Mining

2,084,426

57

Principal

Amount

(000)  

Description

(1)

Coupon

Maturity

Ratings

(4)

Value

Oil,

Gas

&

Consumable

Fuels

-

1.9%

(1.2%

of

Total

Investments)

$

2,000

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp,

144A

(7)

8.125%

1/15/27

B-

$

1,915,000

2,000

Citgo

Petroleum

Corp,

144A

(7)

7.000%

6/15/25

BB

1,975,920

3,201

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co,

144A

(7)

6.250%

11/01/28

BB+

3,064,207

1,000

Matador

Resources

Co

(7)

5.875%

9/15/26

BB-

973,129

1,201

MEG

Energy

Corp,

144A

(7)

5.875%

2/01/29

BB-

1,151,321

4,503

NGL

Energy

Operating

LLC

/

NGL

Energy

Finance

Corp,

144A

(7)

7.500%

2/01/26

B+

4,461,857

750

NGL

Energy

Partners

LP

/

NGL

Energy

Finance

Corp

(7)

7.500%

4/15/26

CCC

711,920

500

NGL

Energy

Partners

LP

/

NGL

Energy

Finance

Corp

(7)

6.125%

3/01/25

CCC

489,562

485

PBF

Holding

Co

LLC

/

PBF

Finance

Corp

7.250%

6/15/25

BB

483,788

Total

Oil,

Gas

&

Consumable

Fuels

15,226,704

Passenger

Airlines

-

1.5%

(0.9%

of

Total

Investments)

3,405

American

Airlines

Inc,

144A

(7)

11.750%

7/15/25

BB

3,752,802

1,975

Delta

Air

Lines

Inc

(7)

3.750%

10/28/29

Baa3

1,785,518

4,000

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets

Ltd,

144A

(7)

6.500%

6/20/27

Baa3

3,999,778

1,623

United

Airlines

Inc,

144A

(7)

4.625%

4/15/29

Ba1

1,468,272

1,201

United

Airlines

Inc,

144A

(7)

4.375%

4/15/26

Ba1

1,137,152

Total

Passenger

Airlines

12,143,522

Pharmaceuticals

-

1.1%

(0.6%

of

Total

Investments)

7,000

Horizon

Therapeutics

USA

Inc,

144A

5.500%

8/01/27

Ba2

7,070,000

1,500

Organon

&

Co

/

Organon

Foreign

Debt

Co-Issuer

BV,

144A

(7)

5.125%

4/30/31

BB-

1,271,532

Total

Pharmaceuticals

8,341,532

Professional

Services

-

0.3%

(0.2%

of

Total

Investments)

2,000

Verscend

Escrow

Corp,

144A

(7)

9.750%

8/15/26

CCC+

2,005,692

Total

Professional

Services

2,005,692

Software

-

0.2%

(0.1%

of

Total

Investments)

1,500

SS&C

Technologies

Inc,

144A

(7)

5.500%

9/30/27

B+

1,449,121

Total

Software

1,449,121

Specialized

Reits

-

0.4%

(0.3%

of

Total

Investments)

5,250

American

Tower

Corp

(7)

2.950%

1/15/51

BBB+

3,280,913

Total

Specialized

Reits

3,280,913

Specialty

Retail

-

2.2%

(1.3%

of

Total

Investments)

3,900

Academy

Ltd,

144A

(7)

6.000%

11/15/27

BB

3,768,375

9,515

Hertz

Corp/The,

144A

(7)

4.625%

12/01/26

B+

8,596,327

3,945

Michaels

Cos

Inc/The,

144A

(7)

7.875%

5/01/29

CCC

2,810,812

675

PetSmart

Inc

/

PetSmart

Finance

Corp,

144A

(7)

7.750%

2/15/29

B-

658,435

1,188

PetSmart

Inc

/

PetSmart

Finance

Corp,

144A

(7)

4.750%

2/15/28

BB

1,089,367

545

Staples

Inc,

144A

(7)

7.500%

4/15/26

B

450,249

Total

Specialty

Retail

17,373,565

Wireless

Telecommunication

Services

-

0.6%

(0.3%

of

Total

Investments)

5,180

Vmed

O2

UK

Financing

I

PLC,

144A

(7)

4.250%

1/31/31

BB+

4,289,393

Total

Wireless

Telecommunication

Services

4,289,393

Total

Corporate

Bonds

(cost

$196,670,964)

181,520,839

Nuveen

Credit

Strategies

Income

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

58

JQC

Shares

Description

(1)

Value

X

–

COMMON

STOCKS

-

1.9%

(1.2%

of

Total

Investments)

X

14,784,480

Broadline

Retail

-

0.0%

(0.0%

of

Total

Investments)

196

Belk

Inc

(8)

$

1,568

Total

Broadline

Retail

1,568

Chemicals

-

0.0%

(0.0%

of

Total

Investments)

89

LyondellBasell

Industries

NV,

Class

A

8,798

Total

Chemicals

8,798

Communications

Equipment

-

0.1%

(0.0%

of

Total

Investments)

68,536

Avaya

Inc

(8),(9)

399,014

Total

Communications

Equipment

399,014

Diversified

Consumer

Services

-

0.1%

(0.1%

of

Total

Investments)

41,905

Cengage

Learning

Holdings

II

Inc

(8)

440,002

Total

Diversified

Consumer

Services

440,002

Energy

Equipment

&

Services

-

0.5%

(0.3%

of

Total

Investments)

31,033

Quarternorth

Energy

Holding

Inc

(8)

3,491,213

31,358

Vantage

Drilling

International

(8)

763,034

Total

Energy

Equipment

&

Services

4,254,247

Health

Care

Equipment

&

Supplies

-

0.1%

(0.1%

of

Total

Investments)

242,758

Onex

Carestream

Finance

LP

(8)

485,516

Total

Health

Care

Equipment

&

Supplies

485,516

Health

Care

Providers

&

Services

-

0.0%

(0.0%

of

Total

Investments)

211,860

Millennium

Health

LLC

(8),(9)

29,237

198,883

Millennium

Health

LLC

(8),(9)

7,557

Total

Health

Care

Providers

&

Services

36,794

Independent

Power

and

Renewable

Electricity

Producers

-

0.8%

(0.5%

of

Total

Investments)

80,962

Energy

Harbor

Corp

(8),(10)

6,238,122

Total

Independent

Power

and

Renewable

Electricity

Producers

6,238,122

Media

-

0.0%

(0.0%

of

Total

Investments)

10,159

Catalina

Marketing

Corp

(8)

25,397

8

Cumulus

Media

Inc,

Class

A

(8)

51

Total

Media

25,448

Oil,

Gas

&

Consumable

Fuels

-

0.0%

(0.0%

of

Total

Investments)

5,773

California

Resources

Corp

307,990

Total

Oil,

Gas

&

Consumable

Fuels

307,990

Professional

Services

-

0.0%

(0.0%

of

Total

Investments)

164,471

Skillsoft

Corp

(8)

217,102

Total

Professional

Services

217,102

Semiconductors

&

Semiconductor

Equipment

-

0.0%

(0.0%

of

Total

Investments)

39,129

Bright

Bidco

BV

(8),(9)

17,415

28,645

Bright

Bidco

BV

(8)

13,607

Total

Semiconductors

&

Semiconductor

Equipment

31,022

Software

-

0.3%

(0.2%

of

Total

Investments)

326,337

Avaya

Inc

(8)

2,338,857

Total

Software

2,338,857

Total

Common

Stocks

(cost

$24,284,792)

14,784,480

59

Shares

Description

(1)

Value

X

–

WARRANTS

-

0.3%

(0.2%

of

Total

Investments)

X

2,796,649

Energy

Equipment

&

Services

-

0.3%

(0.2%

of

Total

Investments)

17,602

Quarternorth

Energy

Holding

Inc

$

1,980,225

37,801

Quarternorth

Energy

Holding

Inc

441,024

72,802

Quarternorth

Energy

Holding

Inc

364,010

Total

Energy

Equipment

&

Services

2,785,259

Entertainment

-

0.0%

(0.0%

of

Total

Investments)

266,347

Cineworld

Warrant

–

Total

Entertainment

–

Media

-

0.0%

(0.0%

of

Total

Investments)

4,644

Tenerity

Inc

(9)

5

Total

Media

5

Oil,

Gas

&

Consumable

Fuels

-

0.0%

(0.0%

of

Total

Investments)

629

California

Resources

Corp

11,385

Total

Oil,

Gas

&

Consumable

Fuels

11,385

Total

Warrants

(cost

$1,831,028)

2,796,649

Total

Long-Term

Investments

(cost

$1,318,471,617)

1,261,922,868

Shares

Description

(1)

Coupon

Value

SHORT-TERM

INVESTMENTS

-

 4.1% (2.5%

of

Total

Investments) 

–

INVESTMENT

COMPANIES

-

4.1%

(2.5%

of

Total

Investments)

X

32,053,047

32,053,047

BlackRock

Liquidity

Funds

T-Fund

5.222%(11)

$

32,053,047

Total

Investment

Companies

(cost

$32,053,047)

32,053,047

Total

Short-Term

Investments

(cost

$32,053,047)

32,053,047

Total

Investments

(cost

$1,350,524,664

)

-

163.8%

1,293,975,915

Borrowings

-

(26.8)%

(12),(13)

(211,600,000)

Reverse

Repurchase

Agreements,

including

accrued

interest

-

(18.1)%(14)

(142,821,375)

TFP

Shares,

Net

-

(17.6)%(15)

(139,362,070)

Other

Assets

&

Liabilities,

Net

-   (1.3)%

(10,234,915)

Net

Assets

Applicable

to

Common

Shares

-

100%

$

789,957,555

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.

Ratings

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(5)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(6)

Investment,

or

portion

of

investment,

represents

an

outstanding

unfunded

senior

loan

commitment.

Nuveen

Credit

Strategies

Income

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

60

JQC

(7)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

reverse

repurchase

agreements.

As

of

the

end

of

the

reporting

period,

investments

with

a

value

of

$166,494,976

have

been

pledged

as

collateral

for

reverse

repurchase

agreements.

(8)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(9)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(10)

Energy

Harbor

Corp

(ENGH)

common

stock

received

as

part

of

the

bankruptcy

settlements

during

February

2020

for

Bruce

Mansfield

Unit

1

2007

Pass-Through

Trust.

Various

funds

and

accounts

managed

by

Nuveen,

including

the

Fund,

collectively

are

a

substantial

minority

holder

of

ENGH’s

outstanding

shares

of

common

stock,

and

possess

certain

other

rights

with

respect

to

the

corporate

governance

of

ENGH.

Due

to

these

facts,

under

the

federal

securities

laws,

the

securities

of

ENGH

held

by

Nuveen

funds

and

accounts,

including

the

Fund,

cannot

be

sold

except

under

limited

conditions

(which

are

not  currently

satisfied).

The

Fund

is

therefore

unable

to

sell

such

shares

in

ordinary

secondary

market

transactions

at

this

time.

On

March

6,

2023

Vistra

Corp.

(“Vistra”)

announced

that

it

has

executed

a

definitive

agreement

with

Energy

Harbor

Corp.,

pursuant

to

which

Energy

Harbor

will

merge

with

and

into

a

newly-formed

subsidiary

of

Vistra.  The

companies

anticipate

closing

the

transaction

in

the

second

half

of

2023.  In

connection

with

the

transaction,

Nuveen

funds

and

accounts

expect

to

receive

a

combination

of

cash

and

shares

in

a

newly

formed

entity.

Nuveen

expects

these

shares

to

be

issued

in

a

private

transaction

and

may

have

reduced

secondary

market

liquidity.  The

transaction

is

subject

to

certain

regulatory

approvals

and

there

can

be

no

assurance

that

the

transaction

will

close.

(11)

The

rate

shown

is

the

annualized

seven-day

subsidized

yield

as

of

end

of

the

reporting

period.

(12)

Borrowings

as

a

percentage

of

Total

Investments

is

16.4%.

(13)

The

Fund

segregates

100%

of

its

eligible

investments

(excluding

any

investments

separately

pledged

as

collateral

for

specific

investments

in

derivatives,

when

applicable)

in

the

Portfolio

of

Investments

as

collateral

for

borrowings.

(14)

Reverse

Repurchase

Agreements,

including

accrued

interest

as

a

percentage

of

Total

investments

is

11.0%.

(15)

TFP

Shares,

Net

as

a

percentage

of

Total

Investments

is

10.8%.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

CME

Chicago

Mercantile

Exchange

DD1

Portion

of

investment

purchased

on

a

delayed

delivery

basis.

LIBOR

London

Inter-Bank

Offered

Rate

N/A

Not

Applicable.

PIK

Payment-in-kind

(“PIK”)

security.  Depending

on

the

terms

of

the

security,

income

may

be

received

in

the

form

of

cash,

securities,

or

a

combination

of

both.  The

PIK

rate

shown,

where

applicable,

represents

the

annualized

rate

of

the

last

PIK

payment

made

by

the

issuer

as

of

the

end

of

the

reporting

period.

REIT

Real

Estate

Investment

Trust

SOFR

180A

180

Day

Average

Secured

Overnight

Financing

Rate

SOFR

30A

30

Day

Average

Secured

Overnight

Financing

Rate

SOFR

90A

90

Day

Average

Secured

Overnight

Financing

Rate

TBD

Senior

loan

purchased

on

a

when-issued

or

delayed-delivery

basis.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date

of

the

transaction.

In

addition,

senior

loans

typically

trade

without

accrued

interest

and

therefore

a

coupon

rate

is

not

available

prior

to

settlement.

At

settlement,

if

still

unknown,

the

borrower

or

counterparty

will

provide

the

Fund

with

the

final

coupon

rate

and

maturity

date.

TSFR

1M

CME

Term

SOFR

1

Month

TSFR

3M

CME

Term

SOFR

3

Month

WI/DD

Purchased

on

a

when-issued

or

delayed

delivery

basis.

See

Notes

to

Financial

Statements

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements.

61

.

July

31,

2023

JFR

JQC

ASSETS

Long-term

investments,

at

value

†

$

1,960,529,220‌

$

1,261,922,868‌

Short-term

investments,

at

value

◊

34,785,932‌

32,053,047‌

Cash

–‌

3,471,185‌

Cash

denominated

in

foreign

currencies

^

–‌

16‌

Receivables:

Dividends

3,360,650‌

111‌

Interest

19,126,168‌

10,912,889‌

Investments

sold

12,087,484‌

11,011,821‌

Reclaims

–‌

15,850‌

Other

939,691‌

937,482‌

Total

assets

2,030,829,145‌

1,320,325,269‌

LIABILITIES

Cash

overdraft

1,711,645‌

–‌

Borrowings

477,200,000‌

211,600,000‌

Reverse

repurchase

agreements,

including

accrued

interest

–‌

142,821,375‌

TFP

Shares,

Net

**

283,545,899‌

139,362,070‌

Payables:

Dividends

4,212,245‌

6,351,261‌

Interest

1,128,431‌

806,359‌

Investments

purchased

-

regular

settlement

15,680,675‌

149,021‌

Investments

purchased

-

when-issued/delayed-delivery

settlement

16,852,441‌

27,331,552‌

Unfunded

senior

loans

2,133,040‌

241,627‌

Accrued

expenses:

Custodian

fees

458,730‌

234,202‌

Investor

relations

939‌

575‌

Management

fees

1,355,005‌

892,620‌

Trustees

fees

452,759‌

507,013‌

Professional

fees

39,089‌

9,448‌

Shareholder

reporting

expenses

44,655‌

57,539‌

Shareholder

servicing

agent

fees

2,310‌

148‌

Other

1,459,720‌

2,904‌

Total

liabilities

806,277,583‌

530,367,714‌

Commitments

and

contingencies

(1)

Net

assets

applicable

to

common

shares

$

1,224,551,562‌

$

789,957,555‌

Common

shares

outstanding

134,056,187‌

135,609,290‌

Net

asset

value

("NAV")

per

common

share

outstanding

$

9.13‌

$

5.83‌

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

CONSIST

OF:

Common

shares,

$0.01

par

value

per

share

$

1,340,562‌

$

1,356,093‌

Paid-in

capital

1,667,926,654‌

1,148,545,187‌

Total

distributable

earnings

(loss)

(444,715,654‌)

(359,943,725‌)

Net

assets

applicable

to

common

shares

$

1,224,551,562‌

$

789,957,555‌

Authorized

shares:

Common

Unlimited

Unlimited

Preferred

Unlimited

Unlimited

†

Long-term

investments,

cost

$

2,047,977,718‌

$

1,318,471,617‌

◊

Short-term

investments,

cost

$

34,785,932‌

$

32,053,047‌

^

Cash

denominated

in

foreign

currencies,

cost

$

—‌

$

17‌

**

TFP  Shares,

liquidation

preference

285,000,000‌

140,000,000‌

(1)

As

disclosed

in

Notes

to

Financial

Statements.

Statement

of

Operations

See

Notes

to

Financial

Statements.

62

Year

Ended

July

31,

2023

JFR

JQC

INVESTMENT

INCOME

Dividends

$

3,118,014‌

$

1,229,727‌

Interest

72,519,480‌

106,484,359‌

Fees

833,585‌

1,150,533‌

Total

investment

income

76,471,079‌

108,864,619‌

EXPENSES

–

–

Management

fees

6,822,810‌

10,646,419‌

Shareholder

servicing

agent

fees

15,479‌

3,604‌

Interest

expense

and

amortization

of

offering

costs

16,141,442‌

24,897,726‌

Trustees

fees

25,270‌

39,202‌

Custodian

expenses

230,431‌

294,069‌

Investor

relations

expenses

160,925‌

301,609‌

Liquidity

fees

877,749‌

1,178,546‌

Merger

expenses

170,000‌

—‌

Professional

fees

182,047‌

184,928‌

Remarketing

fees

101,582‌

141,944‌

Shareholder

reporting

expenses

92,095‌

148,927‌

Stock

exchange

listing

fees

16,998‌

40,500‌

Other

48,516‌

27,902‌

Total

expenses

24,885,344‌

37,905,376‌

Net

investment

income

(loss)

51,585,735‌

70,959,243‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

and

foreign

currency

(41,362,643‌)

(77,125,772‌)

Net

realized

gain

(loss)

(41,362,643‌)

(77,125,772‌)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

and

foreign

currency

24,617,768‌

44,153,255‌

Change

in

net

unrealized

appreciation

(depreciation)

24,617,768‌

44,153,255‌

Net

realized

and

unrealized

gain

(loss)

(16,744,875‌)

(32,972,517‌)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

$

34,840,860‌

$

37,986,726‌

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements.

63

JFR

JQC

Year

Ended

7/31/23

Year

Ended

7/31/22

Year

Ended

7/31/23

Year

Ended

7/31/22

OPERATIONS

Net

investment

income

(loss)

$

51,585,735‌

$

31,747,379‌

$

70,959,243‌

$

47,060,156‌

Net

realized

gain

(loss)

(41,362,643‌)

(6,113,575‌)

(77,125,772‌)

(15,170,323‌)

Change

in

net

unrealized

appreciation

(depreciation)

24,617,768‌

(40,639,786‌)

44,153,255‌

(77,831,207‌)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

34,840,860‌

(15,005,982‌)

37,986,726‌

(45,941,374‌)

DISTRIBUTIONS

TO

COMMON

SHAREHOLDERS

Dividends

(49,433,689‌)

(35,004,216‌)

(72,562,902‌)

(47,176,021‌)

Return

of

Capital

–‌

(5,066,385‌)

(2,496,840‌)

(17,563,855‌)

Decrease

in

net

assets

applicable

to

common

shares

from

distributions

to

common

shareholders

(49,433,689‌)

(40,070,601‌)

(75,059,742‌)

(64,739,876‌)

CAPITAL

SHARE

TRANSACTIONS

Common

shares:

Fund

Merger

704,751,954‌

—‌

—‌

—‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

capital

share

transactions

704,751,954‌

(55,076,583‌)

—‌

(110,681,250‌)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

690,159,125‌

–‌

(37,073,016‌)

–‌

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

534,392,437‌

589,469,020‌

827,030,571‌

937,711,821‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

1,224,551,562‌

$

534,392,437‌

$

789,957,555‌

$

827,030,571‌

Statement

of

Cash

Flows

See

Notes

to

Financial

Statements.

64

The

following

table

provides

a

reconciliation

of

cash

and

cash

denominated

in

foreign

currencies

to

the

Statement

of

Assets

and

Liabilities:

July

31,

2023

JFR

JQC

CASH

FLOWS

FROM

OPERATING

ACTIVITIES

Net

Increase

(Decrease)

in

Net

Assets

Applicable

to

Common

Shares

from

Operations

$

34,840,860‌

$

37,986,726‌

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

(259,950,806‌)

(360,306,908‌)

Proceeds

from

sale

and

maturities

of

investments

273,969,974‌

412,667,174‌

Proceeds

from

(Purchase

of)

short-term

investments,

net

(6,710,645‌)

(18,705,806‌)

Proceeds

from

(Purchase

of)

closed

foreign

currency

spot

transactions

—‌

(1‌)

Proceeds

from

litigation

settlement

—‌

3,823‌

Payment-in-kind

distributions

(1,082,889‌)

—‌

Amortization

(Accretion)

of

premiums

and

discounts,

net

(6,653,369‌)

(6,984,063‌)

Amortization

of

deferred

offering

costs

72,865‌

71,493‌

(Increase)

Decrease

in:

Receivable

for

dividends

(1,967,774‌)

(111‌)

Receivable

for

interest

(1,645,909‌)

(1,277,040‌)

Receivable

for

reclaims

—‌

795‌

Receivable

for

investments

sold

32,791,322‌

32,707,098‌

Other

assets

480,549‌

(354,982‌)

Increase

(Decrease)

in:

Payable

for

interest

1,077,726‌

940,558‌

Payable

for

investments

purchased

-

regular

settlement

(11,233,474‌)

(284,873‌)

Payable

for

investments

purchased

-

when-issued/delayed-delivery

settlement

(14,616,355‌)

(18,377,589‌)

Payable

for

unfunded

senior

loans

843,736‌

(521,516‌)

Payable

for

offering

cost

—‌

(298,479‌)

Accrued

custodian

fees

233,788‌

(90,245‌)

Accrued

investor

relations

fees

939‌

575‌

Accrued

management

fees

774,567‌

(36,477‌)

Accrued

Trustees

fees

269,739‌

43,391‌

Accrued

professional

fees

(2,694‌)

(38,951‌)

Accrued

shareholder

reporting

expenses

16,991‌

913‌

Accrued

shareholder

servicing

agent

fees

1,610‌

(207‌)

Accrued

other

expenses

(2,450,982‌)

(11,489‌)

Net

realized

(gain)

loss

from

investments

and

foreign

currency

41,362,643‌

77,125,772‌

Change

in

net

unrealized

(appreciation)

depreciation

of

investments

and

foreign

currency

(24,617,768‌)

(44,153,255‌)

Net

cash

provided

by

(used

in)

operating

activities

55,804,644‌

110,106,326‌

CASH

FLOWS

FROM

FINANCING

ACTIVITIES

Proceeds

from

borrowings

233,500,000‌

8,300,000‌

(Repayments)

of

borrowings

(243,600,000‌)

(42,700,000‌)

(Payments

for)

deferred

offering

costs

(911,417‌)

—‌

Increase

(Decrease)

in:

Cash

overdraft

1,711,645‌

—‌

Cash

distributions

paid

to

common

shareholders

(48,954,038‌)

(74,313,060‌)

Net

cash

provided

by

(used

in)

financing

activities

(58,253,810‌)

(108,713,060‌)

Net

increase

(decrease)

in

cash

and

cash

denominated

in

foreign

currencies

(2,449,166‌)

1,393,266‌

Cash,

cash

denominated

in

foreign

currencies

at

the

beginning

of

period

2,449,166‌

2,077,935‌

Cash

and

cash

denominated

in

foreign

currencies

at

the

end

of

period

$

—‌

$

3,471,201‌

JFR

JQC

Cash

$

—‌

$

3,471,185‌

Cash

denominated

in

foreign

currencies

—‌

16‌

Total

cash

and

cash

denominated

in

foreign

currencies

$

—‌

$

3,471,201‌

SUPPLEMENTAL

DISCLOSURE

OF

CASH

FLOW

INFORMATION

JFR

JQC

Cash

paid

for

interest

(excluding

borrowing

and

amortization

of

offering

costs)

$

14,991,147‌

$

23,967,932‌

Financial

Highlights

65

The

following

data

is

for

a

common

share

outstanding for

each

fiscal year

end

unless

otherwise

noted:

It

Investment

Operations

Less

Distributions

to

Common

Shareholders

Common

Share

Common

Share

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Return

of

Capital

Total

Discount

Per

Share

Repurchased

and

Retired

Net

Asset

Value,

End

of

Period

Share

Price,

End

of

Period

JFR

7/31/23

$

9.39

$

0.91

$

(0.30)

$

0.61

$

(0.87)

$

—

$

—

$

(0.87)

$

—

$

9.13

$

8.08

7/31/22

10.36

0.56

(0.83)

(0.27)

(0.61)

—

(0.09)

(0.70)

—

9.39

8.84

7/31/21

9.40

0.54

1.04

1.58

(0.62)

—

—

(0.62)

—

10.36

9.76

7/31/20

11.04

0.60

(1.54)

(0.94)

(0.70)

—

—

(0.70)

—

9.40

8.03

7/31/19

11.55

0.70

(0.48)

0.22

(0.73)

—

—

(0.73)

—

11.04

9.76

JQC

7/31/23

6.10

0.52

(0.24)

0.28

(0.53)

—

(0.02)

(0.55)

—

5.83

5.08

7/31/22

6.91

0.35

(0.68)

(0.33)

(0.35)

—

(0.13)

(0.48)

—

6.10

5.50

7/31/21

6.88

0.32

0.56

0.88

(0.30)

—

(0.55)

(0.85)

—

6.91

6.53

7/31/20

8.49

0.39

(0.87)

(0.48)

(0.39)

—

(0.74)

(1.13)

—

6.88

5.88

7/31/19

9.11

0.46

(0.17)

0.29

(0.60)

—

(0.31)

(0.91)

—(d)

8.49

7.68

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.

See

Notes

to

Financial

Statements

66

Ratios

of

Interest

Expense

to

Average

Net

Assets

Applicable

to

Common

Shares

JFR

JQC

7/31/23

3.28

%

3.30

%

7/31/22

0.80

0.91

7/31/21

0.82

0.80

7/31/20

1.64

1.72

7/31/19

2.07

2.08

Common

Share

Supplemental

Data/

Ratios

Applicable

to

Common

Shares

Common

Share

Total

Returns

Ratios

to

Average

Net

Assets

Based

on

Net

Asset

Value(b)

Based

on

Share

Price(b)

Net

Assets,

End

of

Period

(000)

Expenses(c)

Net

Investment

Income

(Loss)(c)

Portfolio

Turnover

Rate

6.88‌

%

1.57‌

%

$

1,224,552

4.77‌

%

9.88‌

%

28‌

%

(2.84‌)

(2.59‌)

534,392

2.17‌

5.49‌

38‌

17.36‌

30.14‌

589,469

2.20‌

5.39‌

43‌

(8.82‌)

(10.98‌)

534,861

3.01‌

5.93‌

44‌

2.03‌

1.98‌

628,218

3.43‌

6.25‌

32‌

5.01‌

2.77‌

789,958

4.75‌

8.90‌

28‌

(5.15‌)

(8.93‌)

827,031

2.35‌

5.20‌

33‌

13.42‌

26.98‌

937,712

2.22‌

4.64‌

43‌

(5.91‌)

(9.54‌)

932,800

3.11‌

5.11‌

52‌

3.43‌

9.33‌

1,151,777

3.42‌

5.25‌

59‌

(c)

•

Net

Investment

Income

(Loss)

ratios

reflect

income

earned

and

expenses

incurred

on

assets

attributable

to

preferred

shares

(as

described

in

Notes

to

Financial

Statements),

borrowings

and/or

reverse

repurchase

agreements

(as

described

in

Notes

to

Financial

Statements),

where

applicable.

•

Each

ratio

includes

the

effect

of

all

interest

expenses

paid

and

other

costs

related

to

preferred

shares,

borrowings

and/or

reverse

repurchase

agreements,

where

applicable,

as

follows:

(d)

Value

rounded

to

zero.

Financial

Highlights

(continued)

67

The

following

table

sets

forth

information

regarding

each

Fund's

outstanding

senior

securities

as

of

the

end

of

each

of

the

Fund's

last

five

fiscal

periods,

as

applicable.

Borrowings

TFP

Shares

Term

Preferred

Aggregate

Amount

Outstanding

(000)(a)

Asset

Coverage

Per

$1,000

Share(b)

Aggregate

Amount

Outstanding

(000)(a)

Asset

Coverage

Per

$1,000

Share(b)

Aggregate

Amount

Outstanding

(000)(a)

Asset

Coverage

Per

$1,000

Share

Asset

Coverage

Per

$1

Liquidation

Preference(c)

JFR

7/31/23

$

477,200

$

4,163

$

285,000

$

2,607

$

—

$

—

$

2.61

7/31/22

233,400

3,718

100,000

2,603

—

—

2.60

7/31/21

238,400

3,892

100,000

2,742

—

—

2.74

7/31/20

208,100

4,003

—

—

90,000

2,794

2.79

7/31/19

264,500

3,810

—

—

115,000

2,655

2.66

JQC

7/31/23

211,600

5,395

140,000

3,247

—

—

3.25

7/31/22

246,000

4,931

140,000

3,143

—

—

3.14

7/31/21

402,000

3,333

—

—

—

—

—

7/31/20

402,000

3,320

—

—

—

—

—

7/31/19

480,000

3,400

—

—

—

—

—

(a)

Aggregate

Amount

Outstanding:

Aggregate

amount

outstanding

represents

the

principal

amount

outstanding

or

liquidation

preference,

if

applicable,

as

of

the

end

of

the

relevant

fiscal

year.

(b)

Asset

Coverage

Per

$1,000:

Asset

coverage

per

$1,000

of

debt

is

calculated

by

subtracting

the

Fund's

liabilities

and

indebtedness

not

represented

by

senior

securities

from

the

Fund's

total

assets,

dividing

the

results

by

the

aggregate

amount

of

the

Fund's

senior

securities

representing

indebtedness

then

outstanding

(if

applicable),

plus

the

aggregate

of

the

involuntary

liquidation

preference

of

the

outstanding

preferred

shares,

if

applicable,

and

multiplying

the

result

by

1,000.

(c)

Includes

all

borrowings

and

preferred

shares

presented

for

the

Fund.

68

Notes

to

Financial

Statements

1.

General

Information 

Fund

Information:

The

funds

covered

in

this

report

and

their

corresponding

New

York

Stock

Exchange

(“NYSE”)

symbols

are

as

follows

(each

a

“Fund”

and

collectively,

the

“Funds”):

Nuveen

Floating

Rate

Income

Fund

(JFR)

Nuveen

Credit

Strategies

Income

Fund

(JQC)

The

Funds

are

registered

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

as

amended,

as

diversified

closed-end

management

investment

companies.

JFR

and

JQC

were

organized

as

Massachusetts

business

trusts

on

January

15,

2004

and

May

17,

2003,

respectively.

Current

Fiscal

Period:

The

end

of

the

reporting

period

for

the

Funds

is

July

31,

2023,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

fiscal

year

ended

July

31,

2023

(the

“current

fiscal

period”).

Investment

Adviser

and

Sub-Adviser:

The

Funds’

investment

adviser

is

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”),

a

subsidiary

of

Nuveen,

LLC

(“Nuveen”).

Nuveen

is

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(TIAA).

The

Adviser

has

overall

responsibility

for

management

of

the

Funds,

oversees

the

management

of

the

Funds’

portfolios,

manages

the

Funds’

business

affairs

and

provides

certain

clerical,

bookkeeping

and

other

administrative

services,

and,

if

necessary,

asset

allocation

decisions.

The

Adviser

has

entered

into

sub-

advisory

agreements

with

Nuveen

Asset

Management,

LLC

(the

“Sub-Adviser”),

a

subsidiary

of

the

Adviser,

under

which

the

Sub-Adviser

manages

the

investment

portfolios

of

the

Funds.

Fund

Mergers:

Effective

prior

to

the

opening

of

business

on

July

31,

2023,

Nuveen

Senior

Income

Fund

(NSL),

Nuveen

Floating

Rate

Income

Opportunity

Fund

(JRO)

and

Nuveen

Short

Duration

Credit

Opportunities

Fund

(JSD)

(the

“Target

Funds”)

were

each

merged

into

JFR

(the

“Acquiring

Fund”)

(each

a

“Merger”).

With

respect

to

each

Merger

of

a

Target

Fund

with

and

into

the

Acquiring

Fund,

the

separate

legal

existence

of

the

Target

Fund

ceased

for

all

purposes

and

the

Acquiring

Fund

succeeded

to

all

the

assets

and

assumed

all

the

liabilities

of

the

Target

Fund.

Shares

of

the

Target

Fund

were

converted

into

newly

issued

shares

of

the

Acquiring

Fund.

Holders

of

common

shares

of

the

Target

Fund

received

newly

issued

common

shares

of

the

Acquiring

Fund,

the

aggregate

net

asset

value

(“NAV”)

of

which

was

equal

to

the

aggregate

NAV

of

the

common

shares

of

the

Target

Fund

held

immediately

prior

to

the

Merger

(including

for

this

purpose

fractional

Acquiring

Fund

shares

to

which

shareholders

were

entitled).

For

accounting

and

performance

reporting

purposes,

the

Acquiring

Fund

is

the

survivor.

Refer

to

Note

12

for

further

details

on

each

Merger.

Developments

Regarding

JFR’s

Control

Share

By-Law:

On

January

14,

2021,

the

Board

received

a

shareholder

demand

letter

(the

“Demand

Letter”)

from

Saba

Capital

CEF

Opportunities

1,

Ltd.

and

Saba

Capital

Management,

L.P.

(collectively,

“Saba”)

demanding

that

the

Fund

(i)

rescinds

the

Fund’s

by-law

provisions

pursuant

to

which,

in

summary,

a

shareholder

who

obtains

beneficial

ownership

of

common

shares

in

a

Control

Share

Acquisition

(as

defined

in

the

by-laws)

shall

have

the

same

voting

rights

as

other

common

shareholders

only

to

the

extent

authorized

by

the

other

disinterested

shareholders

(the

“Control

Share

By-Law”)

and

(ii)

commence

judicial

action

against

the

Board

to

ensure

that

the

Control

Share

By-Law

is

withdrawn.

Following

review

of

the

Demand

Letter,

the

Board

determined

that

it

would

not

be

in

the

best

interests

of

the

Fund

or

the

Fund’s

shareholders

to

take

the

actions

requested

in

the

Demand

Letter.

Also

on

January

14,

2021,

Saba

filed

a

civil

complaint

in

the

U.S.

District

Court

for

the

Southern

District

of

New

York

(the

“District

Court”)

against

the

Fund,

certain

other

Nuveen

funds

and

the

Board,

seeking

a

declaration

that

the

Control

Share

By-Law

violates

the

1940

Act,

rescission

of

the

Control

Share

By-Law

and

a

permanent

injunction

against

applying

the

Control

Share

By-Law.

On

February

18,

2022,

the

District

Court

granted

judgment

in

favor

of

Saba’s

claim

for

rescission

of

the

Control

Share

By-Law

and

Saba’s

declaratory

judgment

claim,

and

declared

that

the

Control

Share

By-Law

violates

Section

18(i)

of

the

1940

Act.

Following

review

of

the

judgment

of

the

District

Court,

on

February

22,

2022,

the

Board

amended

the

Fund’s

by-laws

to

provide

that

the

Control

Share

By-Law

shall

be

of

no

force

and

effect

for

so

long

as

the

judgment

of

the

District

Court

is

effective

and

that

if

the

judgment

of

the

District

Court

is

reversed,

overturned,

vacated,

stayed,

or

otherwise

nullified,

the

Control

Share

By-Law

will

be

automatically

reinstated

and

apply

to

any

beneficial

owner

of

common

shares

acquired

in

a

Control

Share

Acquisition,

regardless

of

whether

such

Control

Share

Acquisition

occurs

before

or

after

such

reinstatement,

for

the

duration

of

the

stay

or

upon

issuance

of

the

mandate

reversing,

overturning,

vacating

or

otherwise

nullifying

the

judgment

of

the

District

Court.

On

February

25,

2022,

the

Board

and

Fund

appealed

the

District

Court’s

decision

to

the

U.S.

Court

of

Appeals

for

the

Second

Circuit.

Developments

Regarding

JQC’s

Control

Share

By-Law:

On

October

5,

2020,

the

Fund

and

certain

other

closed-end

funds

in

the

Nuveen

fund

complex

amended

their

by-laws.

Among

other

things,

the

amended

by-laws

included

provisions

pursuant

to

which,

in

summary,

a

shareholder

who

obtains

beneficial

ownership

of

common

shares

in

a

Control

Share

Acquisition

(as

defined

in

the

by-laws)

shall

have

the

same

Control

Share

By-Law.

On

January

14,

2021,

a

shareholder

of

certain

Nuveen

closed-end

funds

filed

a

civil

complaint

in

the

District

Court

against

certain

Nuveen

funds

and

their

trustees,

seeking

a

declaration

that

such

funds’

Control

Share

By-Laws

violate

the

1940

Act,

rescission

of

such

fund’s

Control

Share

By-Laws

and

a

permanent

injunction

against

such

funds

applying

the

Control

Share

By-Laws.

On

February

18,

2022,

the

District

Court

granted

judgment

in

favor

of

the

plaintiff’s

claim

for

rescission

of

such

funds’

Control

Share

By-Laws

and

the

plaintiff’s

declaratory

judgment

claim,

and

declared

that

such

funds’

Control

Share

By-Laws

violate

Section

18(i)

of

the

1940

Act.

Following

review

of

the

judgment

of

the

District

Court,

on

February

22,

2022,

the

Board

amended

the

Fund’s

by-laws

to

provide

that

the

Fund’s

Control

Share

By-Law

shall

be

of

no

force

and

effect

for

so

long

as

the

judgment

of

the

District

Court

is

effective

and

that

if

the

judgment

of

the

District

Court

is

reversed,

overturned,

vacated,

stayed,

or

otherwise

nullified,

the

Fund’s

Control

Share

By-Law

will

be

automatically

reinstated

and

apply

to

any

beneficial

owner

of

common

shares

acquired

in

a

Control

Share

Acquisition,

regardless

of

whether

such

Control

Share

Acquisition

occurs

before

or

after

such

reinstatement,

for

the

duration

of

the

stay

or

upon

issuance

of

the

mandate

reversing,

overturning,

vacating

or

otherwise

nullifying

the

judgment

of

the

District

Court.

On

February

25,

2022,

the

Board

and

the

Fund

appealed

the

District

Court’s

decision

to

the

U.S.

Court

of

Appeals

for

the

Second

Circuit.

69

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates. Each

Fund

is

an

investment

company

and

follows

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

–

Investment

Companies.

The

net

asset

value

(“NAV”)

for

financial

reporting

purposes

may

differ

from

the

NAV

for

processing

security

and

shareholder

transactions.

The

NAV

for

financial

reporting

purposes

includes

security

and

shareholder

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the

NAV

used

for

processing

security

and

shareholder

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds.

Compensation:

The

Funds pay

no

compensation

directly

to

those

of its

officers,

all

of

whom

receive

remuneration

for

their

services

to

the

Funds

from

the

Adviser

or

its

affiliates.

The Board has

adopted

a

deferred

compensation

plan

for

independent

trustees

that

enables

trustees

to

elect

to

defer

receipt

of

all

or

a

portion

of

the

annual

compensation

they

are

entitled

to

receive

from

certain

Nuveen-advised

funds.

Under

the

plan,

deferred

amounts

are

treated

as

though

equal

dollar

amounts

had

been

invested

in

shares

of

select

Nuveen-advised

funds.

Distributions

to

Common

Shareholders:

Distributions

to

common shareholders

are

recorded

on

the

ex-dividend

date.

The

amount,

character

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

The

Funds

have

implemented

a

level

distribution

program

to

provide

shareholders

with

stable,

but

not

guaranteed,

cash

flow,

independent

of

the

amount

or

timing

of

income

earned

or

capital

gains

realized

by

the

Funds.

Under

this

program,

each

Fund’s

regular

monthly

distribution,

in

order

to

maintain

its

level

distribution

amount,

may

include

net

investment

income,

return

of

capital

and

potentially

capital

gains

for

tax

purposes.

The

amounts

and

sources

of

distributions

are

reported

for

financial

reporting

purposes

and

are

not

being

provided

for

tax

reporting

purposes.

The

actual

amounts

and

character

of

the

distributions

for

tax

reporting

purposes

will

be

reported

to

shareholders

on

Form

1099-DIV

which

will

be

sent

to

shareholders

shortly

after

calendar

year-end.

More

details

about

the

Fund’s

distributions

and

the

basis

for

these

estimates

are

available

on

www.

nuveen.com/cef.

Foreign

Currency

Transactions

and

Translation:

To

the

extent

that

the

Funds

invest

in

securities

and/or

contracts

that

are

denominated

in

a

currency

other

than

U.S.

dollars,

the

Funds

will

be

subject

to

currency

risk,

which

is

the

risk

that

an

increase

in

the

U.S.

dollar

relative

to

the

foreign

currency

will

reduce

returns

or

portfolio

value.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

Funds’

investments

denominated

in

that

currency

will

lose

value

because

their

currency

is

worth

fewer

U.S.

dollars;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value.

Investments

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

converted

into

U.S.

dollars

on

a

spot

(i.e.

cash)

basis

at

the

spot

rate

prevailing

in

the

foreign

currency

exchange

market

at

the

time

of

valuation.

Purchases

and

sales

of

investments

and

income

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

on

the

respective

dates

of

such

transactions.

The

books

and

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

end

of

each

day.

Purchases

and

sales

of

securities,

income

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

dates

of

the

transactions.

Net

realized

foreign

currency

gains

and

losses

resulting

from

changes

in

exchange

rates

associated

with

(i)

foreign

currency,

(ii)

investments

and

(iii)

derivatives

include

foreign

currency

gains

and

losses

between

trade

date

and

settlement

date

of

the

transactions,

foreign

currency

transactions,

and

the

difference

between

the

amounts

of

interest

and

dividends

recorded

on

the

books

of

the

Funds

and

the

amounts

actually

received

are

recognized

as

a

component

of

“Net

realized

gain

(loss)

from

investments

and

foreign

currency”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

currency

exchange

rates

and

changes

in

foreign

exchange

rates

associated

with

(i)

investments

and

(ii)

other

assets

and

liabilities

are

recognized

as

a

component

of

“Change

in

net

unrealized

appreciation

(depreciation)

of

investments

and

foreign

currency”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

exchange

rates

associated

with

investments

in

derivatives

are

recognized

as

a

component

of

the

respective

derivative’s

related

“Change

in

net

unrealized

appreciation

(depreciation)”

on

the

Statement

of

Operations,

when

applicable.

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

on

income,

gains

on

investments

or

foreign

currency

repatriation,

a

portion

of

which

may

be

recoverable.

The

Funds

will

accrue

such

taxes

and

recoveries

as

applicable,

based

upon

the

current

interpretation

of

tax

rules

and

regulations

that

exist

in

the

markets

in

which

the

Funds

invest.

Indemnifications:

Under

the

Funds'

organizational

documents, their

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Funds.

In

addition,

in

the

normal

course

of

business,

the Funds

enter

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Funds'

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Funds

that

have

not

yet

occurred.

However,

the Funds

have

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

Investments

and

Investment

Income:

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Trade

date

for

senior

and

subordinated

loans

purchased

in

the

“primary

market”

is

considered

the

date

on

which

the

loan

allocations

are

determined.

Trade

date

for

senior

and

subordinated

loans

purchased

in

the

“secondary

market”

is

the

date

on

which

the

transaction

is

entered

into.

Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Dividend

income

is

recorded

on

the

ex-dividend

date

or,

for

foreign

securities,

when

information

is

available.

Non-cash

dividends

received

in

the

form

of

stock,

if

any,

are

recognized

on

the

ex-dividend

date

and

recorded

at

fair

value.

Interest

income,

which

is

recorded

on

an

accrual

basis

and

includes

accretion

of

discounts

and

amortization

of

premiums

for

financial

reporting

purposes.

Interest

income

also

reflects

payment-in-kind

(“PIK”)

interest

and

paydown

gains

and

losses,

if

any.

PIK

interest

70

Notes

to

Financial

Statements

(continued)

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

Derivatives

Association,

Inc.

(ISDA)

master

agreements

or

other

similar

arrangements

(“netting

agreements”).

Generally,

the

right

to

offset

in

netting

agreements

allows

each

Fund

to

offset

certain

securities

and

derivatives

with

a

specific

counterparty,

when

applicable,

as

well

as

any

collateral

received

or

delivered

to

that

counterparty

based

on

the

terms

of

the

agreements.

Generally,

each

Fund

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

With

respect

to

certain

counterparties,

in

accordance

with

the

terms

of

the

netting

agreements,

collateral

posted

to

the

Funds

is

held

in

a

segregated

account

by

the

Funds’

custodian

and/or

with

respect

to

those

amounts

which

can

be

sold

or

repledged,

are

presented

in

the

Funds’

Portfolio

of

Investments

or

Statement

of

Assets

and

Liabilities.

The

Funds’

investments

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

if

any,

are

further

described

later

in

these

Notes

to

Financial

Statements.

New

Accounting

Pronouncement: 

In

March

2020,

FASB

issued

Accounting

Standards

Update

("ASU")

2020-04,

Reference

Rate

Reform:

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

The

main

objective

of

the

new

guidance

is

to

provide

relief

to

companies

that

will

be

impacted

by

the

expected

change

in

benchmark

interest

rates,

when

participating

banks

will

no

longer

be

required

to

submit

London

Interbank

Offered

Rate

(LIBOR)

quotes

by

the

UK

Financial

Conduct

Authority

(FCA).

The

new

guidance

allows

companies

to,

provided

the

only

change

to

existing

contracts

are

a

change

to

an

approved

benchmark

interest

rate,

account

for

modifications

as

a

continuance

of

the

existing

contract

without

additional

analysis.

For

new

and

existing

contracts,

the

Funds

may

elect

to

apply

the

amendments

as

of

March

12,

2020

through

December

31,

2022.

In

December

2022,

FASB

deferred

ASU

2022-04

and

issued

ASU

2022-06,

Reference

Rate

Reform:

Deferral

of

the

Sunset

Date

of

Topic

848,

which

extends

the

application

of

the

amendments

through

December

31,

2024.

Management

has

not

yet

elected

to

apply

the

amendments,

is

continuously

evaluating

the

potential

effect

a

discontinuation

of

LIBOR

could

have

on

the

Funds’

investments

and

has

currently

determined

that

it

is

unlikely

the

ASU’s

adoption

will

have

a

significant

impact

on

the

Funds’

financial

statements

and

various

filings.

New

Rule

Issuance:

A

new

rule

adopted

by

the

Securities

and

Exchange

Commission

(the

"SEC")

governing

fund

valuation

practices,

Rule

2a-5

under

the

1940

Act,

has

established

requirements

for

determining

fair

value

in

good

faith

for

purposes

of

the

1940

Act.

Rule

2a-5

permits

fund

boards

to

designate

certain

parties

to

perform

fair

value

determinations,

subject

to

board

oversight

and

certain

other

conditions.

Rule

2a-5

also

defines

when

market

quotations

are

"readily

available"

for

purposes

of

Section

2(a)(41)

of

the

1940

Act,

which

requires

a

fund

to

fair

value

a

security

when

market

quotations

are

not

readily

available.

Separately,

new

SEC

Rule

31a-4

under

the

1940

Act

sets

forth

the

recordkeeping

requirements

associated

with

fair

value

determinations.

The

Funds

adopted

a

valuation

policy

conforming

to

the

new

rules,

effective

September

1,

2022,

and

there

was

no

material

impact

to

the

Funds.

New

Accounting

Pronouncement:

In

June

2022,

the

FASB

issued

ASU

2022-03

to

clarify

the

guidance

in

Topic

820,

Fair

Value

Measurement

("Topic

820").

The

amendments

in

ASU

2022-03

affect

all

entities

that

have

investments

in

equity

securities

measured

at

fair

value

that

are

subject

to

a

contractual

sale

restriction.

ASU

2022-03

(1)

clarifies

the

guidance

in

Topic

820,

when

measuring

the

fair

value

of

an

equity

security

subject

to

contractual

restrictions

that

prohibit

the

sale

of

equity

security,

(2)

amends

a

related

illustrative

example,

and

(3)

introduces

new

disclosure

requirements

for

equity

securities

subject

to

contractual

sale

restrictions

that

are

measured

at

fair

value

in

accordance

with

Topic

820.

For

public

business

entities,

the

amendments

in

ASU

2022-03

are

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

those

fiscal

years.

For

all

other

entities,

the

amendments

are

effective

for

fiscal

years

beginning

after

December

15,

2024,

and

interim

periods

within

those

fiscal

years.

Early

adoption

is

permitted

for

both

interim

and

annual

financial

statements

that

have

not

yet

been

issued

or

made

available

for

issuance.

Management

is

currently

assessing

the

impact

of

these

provisions

on

the

Funds'

financial

statements.

3.

Investment

Valuation

and

Fair

Value

Measurements 

The

Funds’

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Adviser,

subject

to

oversight

of

the Board.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the

Funds’

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Equity

securities

and

exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

last

reported sales

price

or

official

closing

price of such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

on

a

foreign

exchange

are

valued

at

the

last

reported sales

price

or

official

closing

price

on

the

principal

exchange

where

traded,

and

converted

to

71

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the valuation

date.

For

events affecting

the value

of

foreign

securities

between

the

time

when

the

exchange

on

which

they

are

traded

closes

and

the

time

when

the

Funds'

net

assets

are

calculated,

such

securities

will

be

valued

at

fair

value

in

accordance

with

procedures

adopted

by

the

Adviser,

subject

to

the

oversight

of

the

Board. To

the

extent

these

securities

are

actively

traded

and

no

valuation

adjustments

are

applied,

they

are

generally

classified

as

Level

1. When

valuation

adjustments

are

applied

to

the

most

recent

last

sales

price

or

official

closing

price, these

securities

are

generally

classified

as

Level

2.

Prices

of

fixed-income

securities

are

generally

provided

by

pricing

services

approved

by

the

Adviser,

which

is

subject

to

review

by

the

Adviser

and

oversight

of

the

Board. Pricing

services

establish

a

security’s

fair

value

using

methods

that

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

In

pricing

certain

securities,

particularly

less

liquid

and

lower

quality

securities,

pricing

services

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

These

securities

are

generally

classified

as

Level

2.

Investments

in

investment

companies

are

valued

at

their

respective

NAVs

or

share

price on

the

valuation

date

and

are

generally

classified

as

Level

1. 

For

any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

Adviser

deems

the

valuations

derived

using

the

valuation

procedures

described

above

not

to

reflect

fair

value,

the

Adviser

will

determine

a

fair

value

in

good

faith

using

alternative

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

is

the

amount

that

the

owner

might

reasonably

expect

to

receive

for

it

in

a

current

sale.

A

variety

of

factors

may

be

considered

in

determining

the

fair

value

of

such

securities,

which

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as

Level

2;

otherwise

they

would

be

classified

as

Level

3.

The

following

table

summarizes

the

market

value

of

the

Funds’

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

The

Funds

hold

liabilities

in

preferred

shares,

where

applicable,

which

are

not

reflected

in

the

tables

above.

The

fair

values

of

the

Funds’

liabilities

for

preferred

shares

approximate

their

liquidation

preference.

Preferred

shares

are

generally

classified

as

Level

2

and

further

described

in

these

Notes

to

Financial

Statements.

4.

Portfolio

Securities

Unfunded

Commitments:

Pursuant

to

the

terms

of

certain

of

the

variable

rate

senior

loan

agreements,

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:

JFR

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Variable

Rate

Senior

Loan

Interests

$

–

$

1,612,916,113

$

–

$

1,612,916,113

Corporate

Bonds

–

263,219,029

–

263,219,029

Common

Stocks

10,208,848

43,919,853

533,440*

54,662,141

Asset-Backed

Securities

–

17,469,677

–

17,469,677

Warrants

20,435

11,597,593

10,418*

11,628,446

Convertible

Preferred

Securities

–

633,814

–

633,814

Short-Term

Investments:

Investment

Companies

34,785,932

–

–

34,785,932

Total

$

45,015,215

$

1,949,756,079

$

543,858

$

1,995,315,152

JQC

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Variable

Rate

Senior

Loan

Interests

$

–

$

1,062,820,900

$

–

$

1,062,820,900

Corporate

Bonds

–

181,520,839

–

181,520,839

Common

Stocks

533,941

13,797,316

453,223*

14,784,480

Warrants

11,385

2,785,259

5*

2,796,649

Short-Term

Investments:

Investment

Companies

32,053,047

–

–

32,053,047

Total

$

32,598,373

$

1,260,924,314

$

453,228

$

1,293,975,915

*

Refer

to

the

Fund's

Portfolio

of

Investments

for

securities

classified

as

Level

3.

72

Notes

to

Financial

Statements

(continued)

Participation

Commitments

:

With

respect

to

the

senior

loans

held

in

each

Fund’s

portfolio,

the

Fund

may:

1)

invest

in

assignments;

2)

act

as

a

participant

in

primary

lending

syndicates;

or

3)

invest

in

participations.

If

the

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

Fund

had

no

such

outstanding

participation

commitments.

Zero

Coupon

Securities:

A

zero

coupon

security

does

not

pay

a

regular

interest

coupon

to

its

holders

during

the

life

of

the

security.

Income

to

the

holder

of

the

security

comes

from

accretion

of

the

difference

between

the

original

purchase

price

of

the

security

at

issuance

and

the

par

value

of

the

security

at

maturity

and

is

effectively

paid

at

maturity.

The

market

prices

of

zero

coupon

securities

generally

are

more

volatile

than

the

market

prices

of

securities

that

pay

interest

periodically.

Purchases

and

Sales:

Long-term

purchases

and

sales

during

the

current fiscal

period

were

as

follows:

The

Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period. If

a

Fund

has

outstanding

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

5.

Derivative

Investments

Each

Fund

is

authorized

to

invest

in

certain

derivative

instruments.

As

defined

by

U.S.

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variables.

Investments

in

derivatives

as

of

the

end

of

and/or

during

the

current

fiscal

period,

if

any,

are

included

within

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations,

respectively.

Market

and

Counterparty

Credit

Risk:

In

the

normal

course

of

business

each

Fund

may

invest

in

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

the

transaction

to

perform

(counterparty

credit

risk).

The

potential

loss

could

exceed

the

value

of

the

financial

assets

recorded

on

the

financial

statements.

Financial

assets,

which

potentially

expose

each

Fund

to

counterparty

credit

risk,

consist

principally

of

cash

due

from

counterparties

on

forward,

option

and

swap

transactions,

when

applicable.

The

extent

of

each

Fund’s

exposure

to

counterparty

credit

risk

in

respect

to

these

financial

assets

approximates

their

carrying

value

as

recorded

on

the

Statement

of

Assets

and

Liabilities.

Each

Fund

helps

manage

counterparty

credit

risk

by

entering

into

agreements

only

with

counterparties

the

Adviser

believes

have

the

financial

resources

to

honor

their

obligations

and

by

having

the

Adviser

monitor

the

financial

stability

of

the

counterparties.

Additionally,

counterparties

may

be

required

to

pledge

collateral

daily

(based

on

the

daily

valuation

of

the

financial

asset)

on

behalf

of

each

Fund

with

a

value

approximately

equal

to

the

amount

of

any

unrealized

gain

above

a

pre-determined

threshold.

Reciprocally,

when

each

Fund

has

an

unrealized

loss,

the

Funds

have

instructed

the

custodian

to

pledge

assets

of

the

Funds

as

collateral

with

a

value

approximately

equal

to

the

amount

of

the

unrealized

loss

above

a

pre-determined

threshold.

Collateral

pledges

are

monitored

and

subsequently

adjusted

if

and

when

the

valuations

fluctuate,

either

up

or

down,

by

at

least

the

pre-determined

threshold

amount.

6.

Fund

Shares

Common Share

Transactions:

Transactions

in common

shares

for

the

Funds

during

the

Funds’

current

and

prior

fiscal

period,

where

applicable,

were

as

follows:

Fund

Outstanding

Unfunded

Senior

Loan

Commitments

Floating

Rate

Income

$

2,133,040

Credit

Strategies

Income

241,627

Fund

Purchases

Sales

and

Maturities

JFR

$

259,950,806

$

273,969,974

JQC

360,306,908

412,667,174

73

Preferred

Shares

Taxable

Fund

Preferred

Shares:

The

Funds

have

issued

and

have

outstanding

Taxable

Fund

Preferred

(“TFP”)

Shares,

with

a

$1,000

liquidation

preference

per

share.

These

TFP

Shares

were

issued

via

private

placement

and

are

not

publicly

available.

Each

Fund

is

obligated

to

redeem

its

TFP

Shares

by

the

date

as

specified

in

its

offering

documents

(“Term

Redemption

Date”),

unless

earlier

redeemed

by

the

Fund.

TFP

Shares

are

initially

issued

in

a

pre-specified

mode,

however,

TFP

Shares

can

be

subsequently

designated

as

an

alternative

mode

at

a

later

date

at

the

discretion

of

the

Funds.

The

modes

within

TFP

Shares

detail

the

dividend

mechanics

and

are

described

as

follows.

At

a

subsequent

date,

the

Funds

may

establish

additional

mode

structures

with

the

TFP

Share.

•

Variable

Rate

Mode

(“VRM”)

–

Dividends

for

TFP

Shares

designated

in

this

mode

are

based

upon

a

short-term

index

plus

an

additional

fixed

“spread"

amount

established

at

the

time

of

issuance

or

renewal

/

conversion

of

its

mode.

At

the

end

of

the

period

of

the

mode,

the

Fund

will

be

required

to

either

extend

the

term

of

the

mode,

designate

an

alternative

mode

or

redeem

the

TFP

Shares.

The

fair

value

of

TFP

Shares

while

in

VRM

are

expected

to

approximate

their

liquidation

preference

so

long

as

the

fixed

“spread”

on

the

shares

remains

roughly

in

line

with

the

“spread’

being

demanded

by

investors

on

instruments

having

similar

terms

in

the

current

market.

In

current

market

conditions,

the

Adviser

has

determined

that

the

fair

value

of

the

shares

are

approximately

their

liquidation

preference,

but

their

fair

value

could

vary

if

market

conditions

change

materially.

•

Variable

Rate

Demand

Mode

(“VRDM”)

–

Dividends

for

TFP

Shares

designated

in

this

mode

will

be

established

by

a

remarketing

agent;

therefore,

the

market

value

of

the

TFP

Shares

is

expected

to

approximate

its

liquidation

preference.

While

in

this

mode,

shares

will

have

an

unconditional

liquidity

feature

that

enable

its

shareholders

to

require

a

liquidity

provider,

which

each

Fund

has

entered

into

a

contractual

agreement,

to

purchase

shares

in

the

event

that

the

shares

are

not

able

to

be

successfully

remarketed.

In

the

event

that

shares

within

this

mode

are

unable

to

be

successfully

remarketed

and

are

purchased

by

the

liquidity

provider,

the

dividend

rate

will

be

the

maximum

rate

which

is

designed

to

escalate

according

to

a

specified

schedule

in

order

to

enhance

the

remarketing

agent’s

ability

to

successfully

remarket

the

shares.

Each

Fund

is

required

to

redeem

any

shares

that

are

still

owned

by

a

liquidity

provider

after

six

months

of

continuous,

unsuccessful

remarketing.

The

Funds

will

pay

a

liquidity

and

remarketing

fee

on

the

aggregate

principal

amount

of

all

TFP

Shares

while

within

VRDM.

Payments

made

by

the

Funds

to

the

liquidity

provider

and

remarketing

agent

are

recognized

as

“Liquidity

fees”

and

“Remarketing

fees”,

respectively,

on

the

Statement

of

Operations.

For

financial

reporting

purposes,

the

liquidation

preference

of

TFP

Shares

is

recorded

as

a

liability

and

is

recognized

as

a

component

of

“TFP

Shares,

net”

on

the

Statement

of

Assets

and

Liabilities.

Dividends

on

the

TFP

shares

are

treated

as

interest

payments

for

financial

reporting

purposes.

Unpaid

dividends

on

TFP

shares

are

recognized

as

a

component

on

“Interest

payable”

on

the

Statement

of

Assets

and

Liabilities.

Dividends

accrued

on

TFP

Shares

are

recognized

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Subject

to

certain

conditions,

TFP

Shares

may

be

redeemed,

in

whole

or

in

part,

at

any

time

at

the

option

of

the

Funds.

Each

Fund

may

also

be

required

to

redeem

certain

TFP

shares

if

the

Fund

fails

to

maintain

certain

asset

coverage

requirements

and

such

failures

are

not

cured

by

the

applicable

cure

date.

The

redemption

price

per

share

in

all

circumstances

is

equal

to

the

liquidation

preference

per

share

plus

any

accumulated

but

unpaid

dividends.

Costs

incurred

in

connection

with

their

offerings

of

TFP

Shares

were

recorded

as

a

deferred

charge

and

are

being

amortized

over

the

life

of

the

shares.

These

offering

costs

are

recognized

as

a

component

of

“TFP

Shares,

net”

on

the

Statement

of

Assets

and

Liabilities

and

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

As

of

the

end

of

the

reporting

period,

JFR

and

JQC

had

$283,545,899

and

$139,362,070

TFP

Shares

at

liquidation

preference,

net

of

deferred

offering

costs,

respectively.

Further

details

of

the

Funds’

TFP

Shares

outstanding

as

of

the

end

of

the

reporting

period,

were

as

follows:

The

average

liquidation

preference

of

TFP

Shares

outstanding

and

the

annualized

dividend

rate

for

the

Fund

during

the

current

fiscal

period

were

as

follows:

Ok

JFR

Year

Ended

7/31/23

Year

Ended

7/31/22

Common

Shares:

Issued

in

the

Merger

77,137,719

—

Total

77,137,719

—

Fund

Series

Shares

Outstanding

Liquidation

Preference

Term

Redemption

Date

Mode

JFR

A

1,000

$100,000,000

January

1,

2031

VRDM

B

1,5

00

$115

,000,000

December

1,

2030

VRM

C

70

0

$70

,000,000

November

1,

2029

VRDM

Fund

Series

Shares

Outstanding

Liquidation

Preference

Term

Redemption

Date

Mode

JQC

A

1,400

$140,000,000

July

1,

2032

VRDM

74

Notes

to

Financial

Statements

(continued)

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:

7.

Income

Tax

Information

Each

Fund

is

a

separate

taxpayer

for

federal

income

tax

purposes.

Each

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

Each

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund's

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

each

Fund's

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund's

financial

statements.

Differences

between

amounts

for

financial

statement

and

federal

income

tax

purposes

are

primarily

due

to

timing

differences

in

recognizing

gains

and

losses

on

investment

transactions.

Temporary

differences

do

not

require

reclassification.

As

of

year

end,

permanent

differences

that

resulted

in

reclassifications

among

the

components

of

net

assets

relate

primarily

to

bond

premium

amortization

adjustments,

investments

in

partnerships,

nondeductible

expenses,

reorganization

adjustments,

and

treatment

of

notional

principal

contracts.

Temporary

and

permanent

differences

have

no

impact

on

a

Fund’s

net

assets.

As

of

year

end,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

As

of

year

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

The

tax

character

of

distributions

paid

were

as

follows:

Fund

Average

Liquidation

Preference

of

TFP

Shares

Outstanding

Annualized

Dividend

Rate

JFR

$

100,506,849

4.35

%

JQC

140,000,000

4.34

Year

Ended

July

31,

2023

JFR

Series

Shares

Amount

TFP

Shares

issued*

B

115,000

$115,000,000

C

70,000

$70,000,000

Year

Ended

July

31,

2022

JQC

Series

Shares

Amount

TFP

Shares

issued

A

140,000

$140,000,000

*  Issued

in

the

Merger

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

JFR

$

2,085,135,596

$

44,604,079

$

(134,424,523)

$

(89,820,444)

JQC

1,352,788,131

15,805,834

(74,618,050)

(58,812,216)

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

JFR

$

2,793,000

$

—

$

(89,820,444)

$

(353,447,784)

$

—

$

(4,240,426)

$

(444,715,654)

JQC

—

—

(58,809,666)

(294,692,618)

—

(6,441,441)

(359,943,725)

75

As

of

year

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

8.

Management

Fees

and

Other

Transactions

with

Affiliates

Management

Fees:

Each

Fund’s

management

fee

compensates

the

Adviser

for

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:

The

annual

complex-level

fee,

payable

monthly,

for

each

Fund

is

calculated

by

multiplying

the

current

complex-wide

fee

rate,

determined

according

to

the

following

schedule

by

the

Fund’s

daily

managed

assets:

*

For

the

complex-level

fees,

managed

assets

include

closed-end

fund

assets

managed

by

the

Adviser

that

are

attributable

to

certain

types

of

leverage.

For

these

purposes,

leverage

includes

the

funds’

use

of

preferred

stock

and

borrowings

and

certain

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

held

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

securities,

subject

to

an

agreement

by

the

Adviser

as

to

certain

funds

to

limit

the

amount

of

such

assets

for

determining

managed

assets

in

certain

circumstances.

The

complex-level

fee

is

calculated

based

upon

the

aggregate

daily

managed

assets

of

all

Nuveen

open-end

and

closed-end

funds

that

constitute

‘’eligible

assets.”

Eligible

assets

do

not

include

assets

attributable

to

investments

in

other

Nuveen

funds

or

assets

in

excess

of

a

7/31/23

7/31/22

Fund

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

JFR

$

49,433,689

$

—

$

—

$

35,004,216

$

—

$

5,066,385

JQC

72,562,902

—

2,496,840

47,176,021

—

17,563,855

Fund

Short-Term

Long-Term

Total

JFR

1

$

34,764,095

$

318,683,689

$

353,447,784

JQC

45,832,217

248,860,401

294,692,618

1

A

portion

of

JFR's

capital

loss

carryforwards

is

subject

to

an

annual

limitation

under

the

Internal

Revenue

Code

and

related

regulations.

Average

Daily

Managed

Assets*

JFR

Fund-Level

Fee

Rate

JQC

Fund-Level

Fee

Rate

For

the

first

$500

million

0.6500

%

0.6800

%

For

the

next

$500

million

0.6250

0.6550

For

the

next

$500

million

0.6000

0.6300

For

the

next

$500

million

0.5750

0.6050

For

managed

assets

over

$2

billion

0.5500

0.5800

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

76

Notes

to

Financial

Statements

(continued)

$550,000,000

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

July

31,

2023,

the

complex-level

fee

for

each

Fund

was

as

follows:

9.

Commitments

and

Contingencies

In

the

normal

course

of

business, each

Fund

enters

into

a

variety

of

agreements

that

may

expose

the

Funds

to

some

risk

of

loss.

These

could

include

recourse

arrangements

for

certain

agreements

related

to

preferred

shares,

which

are

described

elsewhere

in

these

Notes

to

Financial

Statements.

The

risk

of

future

loss

arising

from

such

agreements,

while

not

quantifiable,

is

expected

to

be

remote.

As

of

the

end

of

the

reporting

period,

the

Funds

did

not

have

any

unfunded

commitments

other

than

those

disclosed

in

the

Notes

to

Financial

Statements.

From

time

to

time,

the

Funds

may

be

a

party

to

certain

legal

proceedings

in

the

ordinary

course

of

business,

including

proceedings

relating

to

the

enforcement

of

the

Funds' rights

under

contracts.

As

of

the

end

of

the

reporting

period,

management

has

determined

that

any

legal

proceeding(s)

the

Funds

are

subject

to,

including

those

described

within

this

report,

are

unlikely

to

have

a

material

impact

to

any

of

the

Funds’

financial

statements.

10.

Borrowings

Arrangements

and

Reverse

Repurchase

Agreements

Borrowings:

Each

Fund

has

entered

into

a

borrowing

arrangement

(“Borrowings”)

as

a

means

of

leverage.

JFR

has

entered

into

a

revolving

credit

and

security

agreement

with

certain

banks

and

their

affiliates.

JQC

has

entered

into

a

borrowing

agreement

with

a

bank

and

its

affiliate.

As

of

the

end

of

the

reporting

period,

each

Fund’s

maximum

commitment

amount

under

its

Borrowings

is

as

follows:

On

July

31,

2023,

JFR

entered

into

a

new

Borrowing

facility

and

changed

its

interest

on

Borrowings

to

1-Month

Term

Secured

Overnight

Financing

Rate

(SOFR)

plus

0.95%

per

annum

on

the

amount

borrowed.

JFR

accrues

0.15%

per

annum

on

the

undrawn

balance

if

the

undrawn

portion

of

the

Borrowings

on

a

particular

day

is

more

than

the

maximum

commitment

amount.

JFR

also

accrued

an

upfront

fee

of

0.05%

per

annum

on

the

maximum

commitment

amount.

During

December

2022,

JFR

amended

its

Borrowings

and

changed

its

interest

on

Borrowings

to

1-

Month

Term

SOFR

plus

1.00%

per

annum

on

the

amount

borrowed.

All

other

terms

remain

unchanged.

Interest

is

charged

at

a

rate

equal

to

1-Month

Term

SOFR

plus

0.95%

(1-Month

Term

SOFR

plus

1.00%

for

the

period

December

17,

2022

through

July

30,

2023

and

1-Month

LIBOR

plus

0.80%

prior

to

December

16,

2022)

for

JFR.

JFR

accrues

0.15%

per

annum

(0.25%

prior

to

July

31,

2023)

on

the

undrawn

balance

if

the

undrawn

portion

of

the

Borrowings

on

a

particular

day

is

more

than

the

maximum

commitment

amount

(25%

of

the

maximum

commitment

amount

prior

to

July

31,

2023).

Interest

is

charged

on

the

Borrowings

at

a

rate

per

annum

equal

to

the

daily

SOFR

plus

1.10%

for

JQC

and

the

Fund

accrues

1.10%

per

annum

on

any

positive

difference

between

90%

of

the

maximum

commitment

amount

and

the

daily

drawn

amount.

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

the

Funds’

Borrowings

were

as

follows:

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

utilized

reverse

repurchase

agreements

as

a

means

of

leverage.

Fund

Complex-Level

Fee

JFR

0.1594%

JQC

0.1594%

Fund

Maximum

Commitment

Amount

JFR

JQC

$235,000,000

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

JFR

365

$

230,666,301

5.07

%

JQC

365

225,681,918

5.12

77

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,

the

Fund

sells

to

the

counterparty

a

security

that

it

holds

with

a

contemporaneous

agreement

to

repurchase

the

same

security

at

an

agreed-upon

price

and

date,

reflecting

the

interest

rate

effective

for

the

term

of

the

agreement.

It

may

also

be

viewed

as

the

borrowing

of

money

by

the

Fund.

Cash

received

in

exchange

for

securities

delivered,

plus

accrued

interest

payments

to

be

made

by

the

Fund

to

a

counterparty,

are

reflected

as

a

liability

on

the

Statement

of

Assets

and

Liabilities.

Interest

payments

made

by

the

Fund

to

counterparties

are

recognized

as

a

component

of

"Interest

expense

and

amortization

of

offering

costs" on

the

Statement

of

Operations.

In

a

reverse

repurchase

agreement,

the

Fund

retains

the

risk

of

loss

associated

with

the

sold

security. Reverse

repurchase

agreements

also

involve

the

risk

that

the

purchaser

fails

to

return

the

securities

as

agreed

upon,

files

for

bankruptcy

or

becomes

insolvent.

Upon

a

bankruptcy

or

insolvency

of

a

counterparty,

the

Fund

is

considered

to

be

an

unsecured

creditor

with

respect

to

excess

collateral

and

as

such

the

return

of

excess

collateral

may

be

delayed.

As

of

the

end

of

the

reporting

period,

the

Fund’s

outstanding

balances

on

its

reverse

repurchase

agreements

were

as

follows

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

annual

interest

rate

on

the

Fund’s

reverse

repurchase

agreements

were

as

follows:

The

following

table

presents

the

reverse

repurchase

agreements

subject

to

netting

agreements

and

the

collateral

delivered

related

to

those

reverse

repurchase

agreements.

11.

Inter-Fund

Borrowing

and

Lending

Inter-Fund

Borrowing

and

Lending:

The

SEC

has

granted

an

exemptive

order

permitting

registered

open-end

and

closed-end

Nuveen

funds

to

participate

in

an

inter-fund

lending

facility

whereby

the

Nuveen

funds

may

directly

lend

to

and

borrow

money

from

each

other

for

temporary

purposes

(e.g.,

to

satisfy

redemption

requests

or

when

a

sale

of

securities

“fails,”

resulting

in

an

unanticipated

cash

shortfall)

(the

“Inter-Fund

Program”).

The

closed-end

Nuveen

funds,

including

the

Funds

covered

by

this

shareholder

report,

will

participate

only

as

lenders,

and

not

as

borrowers,

in

the

Inter-Fund

Program

because

such

closed-end

funds

rarely,

if

ever,

need

to

borrow

cash

to

meet

redemptions.

The

Inter-Fund

Program

is

subject

to

a

number

of

conditions,

including,

among

other

things,

the

requirements

that

(1)

no

fund

may

borrow

or

lend

money

through

the

Inter-Fund

Program

unless

it

receives

a

more

favorable

interest

rate

than

is

typically

available

from

a

bank

or

other

financial

institution

for

a

comparable

transaction;

(2)

no

fund

may

borrow

on

an

unsecured

basis

through

the

Inter-Fund

Program

unless

the

fund’s

outstanding

borrowings

from

all

sources

immediately

after

the

inter-fund

borrowing

total

10%

or

less

of

its

total

assets;

provided

that

if

the

borrowing

fund

has

a

secured

borrowing

outstanding

from

any

other

lender,

including

but

not

limited

to

another

fund,

the

inter-fund

loan

must

be

secured

on

at

least

an

equal

priority

basis

with

at

least

an

equivalent

percentage

of

collateral

to

loan

value;

(3)

if

a

fund’s

total

outstanding

borrowings

immediately

after

an

inter-fund

borrowing

would

be

greater

than

10%

of

its

total

assets,

the

fund

may

borrow

through

the

inter-fund

loan

on

a

secured

basis

only;

(4)

no

fund

may

lend

money

if

the

loan

would

cause

its

aggregate

outstanding

loans

through

the

Inter-Fund

Program

to

exceed

15%

of

its

net

assets

at

the

time

of

the

loan;

(5)

a

fund’s

inter-fund

loans

to

any

one

fund

shall

not

exceed

5%

of

the

lending

fund’s

net

assets;

(6)

the

duration

of

inter-

fund

loans

will

be

limited

to

the

time

required

to

receive

payment

for

securities

sold,

but

in

no

event

more

than

seven

days;

and

(7)

each

inter-fund

loan

may

be

called

on

one

business

day’s

notice

by

a

lending

fund

and

may

be

repaid

on

any

day

by

a

borrowing

fund.

In

addition,

a

Nuveen

fund

may

participate

in

the

Inter-Fund

Program

only

if

and

to

the

extent

that

such

participation

is

consistent

with

the

fund’s

investment

objective

and

investment

policies.

The

Board

is

responsible

for

overseeing

the

Inter-Fund

Program.

The

limitations

detailed

above

and

the

other

conditions

of

the

SEC

exemptive

order

permitting

the

Inter-Fund

Program

are

designed

to

minimize

the

risks

associated

with

Inter-Fund

Program

for

both

the

lending

fund

and

the

borrowing

fund.

However,

no

borrowing

or

lending

activity

is

without

risk.

When

a

fund

borrows

money

from

another

fund,

there

is

a

risk

that

the

loan

could

be

called

on

one

day’s

notice

or

not

renewed,

in

which

case

the

fund may

have

to

borrow

from

a

bank

at

a

higher

rate

or

take

other

actions

to

payoff

such

loan

if

an

inter-fund

loan

is

not

available

from

another

fund.

Any

delay

in

repayment

to

a

lending

fund

could

result

in

a

lost

investment

opportunity

or

additional

borrowing

costs.

Fund

Counterparty

Rate

Principal

Amount

Maturity

Value

Value

and

Accrued

Interest

JQC

Societe

Generale

Daily

SOFR

plus

0.85%

$

(142,000,000)

N/A

$

(142,000,000)

$

(142,821,375)

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

JQC

365

$

$142,000,000

5.08

%

Fund

Counterparty

Reverse

Repurchase

Agreements*

Collateral

Pledged

to

Counterparty

JQC

Societe

Generale

$

(142,821,375)

$

166,494,976

*

Represents

gross

value

and

accrued

interest

for

the

counterparty

as

reported

in

the

preceding

table.

78

Notes

to

Financial

Statements

(continued)

During

the

current

reporting

period,

none

of

the

Funds

covered

by

this

shareholder

report

have

entered

into

any

inter-fund

loan

activity.

12.

Fund

Mergers

The

Mergers

as

previously

described

in

these

Notes

to

Financial

Statements

were

structured

to

qualify

as

tax-free

reorganizations

under

the

Internal

Revenue

Code

for

federal

income

tax

purposes,

and

the

Target

Funds’

shareholders

recognized

no

gain

or

loss

for

federal

income

tax

purposes

as

a

result.

Prior

to

the

closing

of

each

Merger,

the

Target

Funds

distributed

all

of

their

net

investment

income

and

capital

gains,

if

any.

Such

a

distribution

may

be

taxable

to

the

Target

Funds’

shareholders

for

federal

income

tax

purposes.

Investments

:

The

cost,

fair

value

and

net

unrealized

appreciation

(depreciation)

of

the

investments

(including

investments

in

derivatives)

of

the

Target

Funds

as

of

the

date

of

each

Merger,

were

as

follows:

For

financial

reporting

purposes,

assets

received

and

shares

issued

by

the

Acquiring

Fund

were

recorded

at

fair

value;

however,

the

cost

basis

of

the

investments

received

from

the

Target

Funds

were

carried

forward

to

align

ongoing

reporting

of

the

Acquiring

Fund’s

realized

and

unrealized

gains

and

losses

with

amounts

distributable

to

shareholders

for

tax

purposes.

Common

Shares:

The

common

shares

outstanding,

net

assets

applicable

to

common

shares

and

NAV

per

common

share

outstanding

immediately

before

and

after

each

Merger

were

as

follows:

Pro

Forma

Results

of

Operations

(Unaudited):

The

beginning

of

NSL,

JRO

and

JSD’s

current

fiscal

period

was

August

1,

2022.

Assuming

the

Mergers

had

been

completed

on

August

1,

2022,

the

beginning

of

the

Acquiring

Fund’s

current

fiscal

period,

the

pro

forma

results

of

operations

for

the

Fund’s

current

fiscal

period,

are

as

follows:

Because

the

combined

investment

portfolio

of

each

Merger

has

been

managed

as

a

single

integrated

portfolio

since

each

Merger

was

completed,

it

is

not

practicable

to

separate

the

amounts

of

revenue

and

earnings

of

each

Target

Fund

that

have

been

included

in

the

Statement

of

Operations

of

the

Acquiring

Fund

since

each

Merger

was

consummated.

Cost

and

Expenses:

In

connection

with

each

Merger,

the

Acquiring

Fund

incurred

certain

associated

costs

and

expenses.

Such

amounts

were

included

as

components

of

“Accrued

other

expenses”

on

the

Statement

of

Assets

and

Liabilities

and

“Merger

expenses”

on

the

Statement

of

Operations.

NSL

JRO

JSD

Cost

of

investments

$344,632,384

$609,923,927

$222,044,352

Fair

value

of

investments

328,685,550

584,427,318

211,314,732

Net

unrealized

appreciation

(depreciation)

of

investments

(15,946,834)

(25,496,609)

(10,729,620)

Target

Fund

-

Prior

to

Merger

into

JFR

NSL

JRO

JSD

Common

shares

outstanding

38,611,472

40,541,218

10,085,648

Net

assets

applicable

to

common

shares

$204,836,272

$365,458,910

$134,456,772

NAV

per

common

share

outstanding

$5.31

$9.01

$13.33

Acquiring

Fund

-

Prior

to

Merger

JFR

Common

shares

outstanding

56,918,468

Net

assets

applicable

to

common

shares

$520,022,658

NAV

per

common

share

outstanding

$9.14

Acquiring

Fund

-

Post

Merger

JFR

Common

shares

outstanding

134,056,187

Net

assets

applicable

to

common

shares

$1,224,774,612

NAV

per

common

share

outstanding

$9.14

Acquiring

Fund

-

Pro

Forma

Results

from

Operations

JFR

Net

investment

income

(loss)

$117,699,093

Net

realized

and

unrealized

gains

(losses)

(127,454,722)

Change

in

net

assets

resulting

from

operations

(9,755,629)

Shareholder

Update

(Unaudited)

79

CURRENT

INVESTMENT

OBJECTIVES,

INVESTMENT

POLICIES

AND

PRINCIPAL

RISKS

OF

THE

FUNDS

NUVEEN

FLOATING

RATE

INCOME

FUND

(JFR)

Investment

Objective

The

Fund’s

investment

objective

is

to

achieve

a

high

level

of

current

income.

Investment

Policies

The

Fund

invests

at

least

80%

of

its

Assets

(as

defined

below)

in

secured

Senior

Loans

and

unsecured

Senior

Loans,

which

unsecured

Senior

Loans

will

be,

at

the

time

of

investment,

investment

grade

quality.

With

respect

to

the

Fund’s

Senior

Loans

included

in

the

80%

policy,

such

instruments

will

at

times

have

a

dollar-weighted

average

time

until

the

next

interest

rate

adjustment

of

90

days

or

less.

“Assets”

mean

the

net

assets

of

the

Fund

plus

the

amount

of

any

borrowings

for

investment

purposes.

“Managed

Assets”

mean

the

total

assets

of

the

Fund,

minus

the

sum

of

its

accrued

liabilities

(other

than

Fund

liabilities

incurred

for

the

express

purpose

of

creating

leverage).

Total

assets

for

this

purpose

shall

include

assets

attributable

to

the

Fund’s

use

of

leverage

(whether

or

not

those

assets

are

reflected

in

the

Fund’s

financial

statements

for

purposes

of

generally

accepted

accounting

principles),

and

derivatives

will

be

valued

at

their

market

value.

Under

normal

circumstances:

The

Fund

invests

at

least

65%

of

its

Managed

Assets

in

Senior

Loans

that

are

secured

by

specific

collateral.

The

Fund

may

invest

its

Managed

Assets

without

limit

in

Senior

Loans

and

other

debt

instruments

that

are,

at

the

time

of

investment,

rated

below

investment

grade

or

unrated

but

judged

to

be

of

comparable

quality.

Investment

grade

quality

securities

are

those

securities

that,

at

the

time

of

investment,

are

(i)

rated

by

at

least

one

nationally

recognized

statistical

rating

organization

NRSRO

within

the

four

highest

grades

(BBB-

or

Baa3

or

better

by

S&P,

Moody’s

or

Fitch,

or

(ii)

unrated

but

judged

to

be

of

comparable

quality.

However,

no

more

than

30%

of

the

Fund’s

Managed

Assets

may

be

invested

in

Senior

Loans

and

other

debt

securities

that

are,

at

the

time

of

investment,

rated

CCC+

or

Caa

or

below

by

S&P,

Moody’s

or

Fitch

or

that

are

unrated

but

judged

to

be

of

comparable

quality.

The

Fund

may

invest

up

to

20%

of

its

Managed

Assets

in

(i)

other

debt

securities

such

as

investment

and

non-investment

grade

debt

securities,

convertible

securities

and

structured

notes

(other

than

structured

notes

that

are

designed

to

provide

returns

and

risks

that

emulate

those

of

Senior

Loans,

which

may

be

treated

as

an

investment

in

Senior

Loans

for

purposes

of

the

80%

requirement

set

forth

above),

(ii)

mortgage-related

and

other

asset-backed

securities

(including

collateralized

loan

obligations

and

collateralized

debt

obligations),

and

(iii)

debt

securities

and

other

instruments

issued

by

government,

government-related

or

supranational

issuers

(commonly

referred

to

as

sovereign

debt

securities).

No

more

than

5%

of

the

Fund’s

Managed

Assets

may

be

invested

in

each

of

convertible

securities,

mortgage-

related

and

other

asset-backed

securities,

and

sovereign

debt

securities.

The

debt

securities

in

which

the

Fund

may

invest

may

have

short-term,

intermediate-term

or

long-term

maturities.

The

Fund

also

may

receive

warrants

and

equity

securities

issued

by

a

borrower

or

its

affiliates

in

connection

with

the

Fund’s

other

investments

in

such

entities.

The

Fund

maintains

an

average

duration

of

one

year

or

less

for

its

portfolio

investments

in

Senior

Loans

and

other

debt

instruments.

The

Fund

will

not

invest

in

inverse

floating

rate

securities.

The

Fund

may

invest

up

to

20%

of

its

Managed

Assets

in

securities

of

non-U.S.

issuers

(which

includes

borrowers)

that

are

U.S.

dollar

or

non-

U.S.

dollar

denominated.

The

Fund’s

Managed

Assets

to

be

invested

in

Senior

Loans

and

other

debt

instruments

of

non-U.S.

issuers

may

include

debt

securities

of

issuers

located,

or

conducting

their

business

in,

emerging

markets

countries.

The

Fund

may

not

invest

more

than

20%

of

its

Managed

Assets

in

securities

from

an

industry

which

(for

purposes

of

this

policy)

generally

refers

to

the

classification

of

companies

in

the

same

or

similar

lines

of

business

such

as

the

automotive,

textiles

and

apparel,

hotels,

media

production

and

consumer

retailing

industries.

The

Fund

may

invest

more

than

20%

of

its

Managed

Assets

in

sectors

which

(for

purposes

of

this

policy)

generally

refers

to

broader

classifications

of

industries,

such

as

the

consumer

discretionary

sector

which

includes

the

automotive,

textiles

and

apparel,

hotels,

media

production

and

consumer

retailing

industries,

provided

the

Fund’s

investment

in

a

particular

industry

within

the

sector

does

not

exceed

the

industry

limitation.

The

Fund

may

invest

up

to

5%

of

its

Managed

Assets

in

iBoxx

Loan

Total

Return

Swaps.

An

iBoxx

Loan

Total

Return

Swap

is

a

specific

type

of

total

return

swap

on

an

index

that

is

designed

to

provide

exposure

to

the

Senior

Loan

market.

The

iBoxx

Loan

Total

Return

Swap’s

underlying

index

is

the

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index,

which

is

one

of

a

subset

of

indices

designed

to

track

the

broader,

rules-based

Markit

iBoxx

USD

Liquid

Leveraged

Loan

Index.

“iBoxx

Loan

Total

Return

Swaps”

means

total

return

swaps

written

on

the

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index.

The

foregoing

policies

apply

only

at

the

time

of

any

new

investment.

80

Shareholder

Update

(Unaudited)

(continued)

Approving

Changes

in

Investment

Policies

The

Board

of

Trustees

of

the

Fund

may

change

the

policies

described

above

without

a

shareholder

vote.

However,

with

respect

to

the

Fund’s

policy

of

investing

at

least

80%

of

its

Assets

in

secured

Senior

Loans

and

unsecured

Senior

Loans,

which

unsecured

Senior

Loans

will

be,

at

the

time

of

investment,

investment

grade

quality,

such

policy

may

not

be

changed

without

60

days’

prior

written

notice.

Portfolio

Contents

The

Fund

generally

invests

in

Senior

Loans.

Senior

Loans

typically

hold

the

most

senior

position

in

the

capital

structure

of

a

business

entity,

are

typically

secured

with

specific

collateral

and

have

a

claim

on

the

assets

and/or

stock

of

the

issuer

that

is

senior

to

that

held

by

subordinated

debt

holders

and

stockholders

of

the

issuer.

Senior

Loans

generally

include:

(i)

Senior

Loans

made

by

banks

or

other

financial

institutions

to

U.S.

and

non-U.S.

corporations,

partnerships

and

other

business

entities

(each

a

“Borrower”

and,

collectively,

“Borrowers”),

(ii)

assignments

of

such

interests

in

Senior

Loans,

or

(iii)

participation

interests

in

Senior

Loans.

Generally,

an

assignment

is

the

actual

sale

of

the

loan,

in

whole

or

in

part.

A

participation,

on

the

other

hand,

means

that

the

original

lender

maintains

ownership

over

the

loan

and

the

participant

has

only

a

contract

right

against

the

original

lender,

not

a

credit

relationship

with

the

Borrower.

Senior

Loans

typically

hold

the

most

senior

position

in

the

capital

structure

of

a

Borrower,

are

typically

secured

with

specific

collateral

and

have

a

claim

on

the

assets

and/or

stock

of

the

Borrower

that

is

senior

to

that

held

by

subordinated

debt

holders

and

stockholders

of

the

Borrower.

The

capital

structure

of

a

Borrower

may

include

Senior

Loans,

senior

and

junior

subordinated

debt,

preferred

stock

and

common

stock

issued

by

the

Borrower,

typically

in

descending

order

of

seniority

with

respect

to

claims

on

the

Borrower’s

assets.

The

proceeds

of

Senior

Loans

primarily

are

used

by

Borrowers

to

finance

leveraged

buyouts,

recapitalizations,

mergers,

acquisitions,

stock

repurchases,

refinancings,

internal

growth

and

for

other

corporate

purposes.

A

Senior

Loan

is

typically

originated,

negotiated

and

structured

by

a

U.S.

or

non-U.S.

commercial

bank,

insurance

company,

finance

company

or

other

financial

institution

(“Agent”)

for

a

lending

syndicate

of

financial

institutions

which

typically

includes

the

Agent

(“Lenders”).

The

Agent

typically

administers

and

enforces

the

Senior

Loan

on

behalf

of

the

other

Lenders

in

the

syndicate.

In

addition,

an

institution,

typically

but

not

always

the

Agent,

holds

any

collateral

on

behalf

of

the

Lenders.

The

Fund

normally

will

rely

primarily

on

the

Agent

to

collect

principal

of

and

interest

on

a

Senior

Loan.

Also,

the

Fund

usually

will

rely

on

the

Agent

to

monitor

compliance

by

the

Borrower

with

the

restrictive

covenants

in

a

loan

agreement.

Senior

loans

in

which

the

Fund

invests

generally

pay

interest

at

rates

that

are

redetermined

either

daily,

monthly,

quarterly

or

semi-annually

by

reference

to

a

base

lending

rate

plus

a

premium

or

credit

spread.

The

interest

rates

on

senior

loans

are

generally

based

on

a

percentage

above

he

London

Inter-Office

Bank

Rate

(“LIBOR”),

the

Secured

Oversight

Financing

Rate

(“SOFR”),

a

U.S.

bank’s

prime

or

base

rate,

the

overnight

federal

funds

rate

or

another

rate.

The

publication

of

U.S.

dollar

LIBOR

as

a

representative

reference

rate

ceased

as

of

June

30,

2023,

although

the

publication

of

synthetic

1-month,

3-month

and

6-month

U.S.

dollar

LIBOR

will

continue

for

a

limited

time

for

use

in

connection

with

a

small

number

of

legacy

financial

contracts

that

have

not

yet

transitioned

to

SOFR

or

another

replacement

reference

rate.

SOFR

and

other

replacement

reference

rates

are

relatively

new,

which

may

result

in,

among

other

things,

increased

volatility

or

illiquidity

in

markets

for

instruments

that

rely

on

such

reference

rates.

As

adjustable

rate

loans,

the

frequency

of

how

often

a

senior

loan

resets

its

interest

rate

will

impact

how

closely

such

senior

loans

track

current

market

interest

rates.

Senior

loans

typically

have

a

stated

term

of

between

one

and

eight

years.

The

Fund

may

purchase

participations

in

Senior

Loans.

By

purchasing

a

participation

interest

in

a

loan,

the

Fund

acquires

some

or

all

of

the

interest

of

a

bank

or

other

financial

institution

in

a

loan

to

a

Borrower.

Under

a

participation,

the

Fund

generally

will

have

rights

that

are

more

limited

than

the

rights

of

lenders

or

of

persons

who

acquire

a

Senior

Loan

by

assignment.

In

a

participation,

the

Fund

typically

has

a

contractual

relationship

with

the

lender

selling

the

participation,

but

not

with

the

Borrower.

As

a

result,

the

Fund

assumes

the

credit

risk

of

the

lender

selling

the

participation

in

addition

to

the

credit

risk

of

the

Borrower.

In

the

event

of

insolvency

of

the

lender

selling

the

participation,

the

Fund

may

be

treated

as

a

general

creditor

of

the

lender

and

may

not

have

a

senior

claim

to

the

lenders’

interest

in

the

Senior

Loan.

A

lender

selling

a

participation

and

other

persons

interpositioned

between

the

lender

and

the

Fund

with

respect

to

participations

will

likely

conduct

their

principal

business

activities

in

the

banking,

finance

and

financial

services

industries.

The

Fund

may

invest

in

corporate

debt

securities,

including

corporate

bonds.

Corporate

debt

securities

are

fully

taxable

debt

obligations

issued

by

corporations.

These

securities

fund

capital

improvements,

expansions,

debt

refinancing

or

acquisitions

that

require

more

capital

than

would

ordinarily

be

available

from

a

single

lender.

Investors

in

corporate

debt

securities

lend

money

to

the

issuing

corporation

in

exchange

for

interest

payments

and

repayment

of

the

principal

at

a

set

maturity

date.

Rates

on

corporate

debt

securities

are

set

according

to

prevailing

interest

rates

at

the

time

of

the

issue,

the

credit

rating

of

the

issuer,

the

length

of

the

maturity

and

other

terms

of

the

security,

such

as

a

call

feature.

The

Fund

may

utilize

structured

notes

and

similar

instruments

for

investment

purposes

and

also

for

hedging

purposes.

Structured

notes

are

privately

negotiated

debt

obligations

where

the

principal

and/or

interest

is

determined

by

reference

to

the

performance

of

a

benchmark

asset,

market

or

interest

rate

(an

“embedded

index”),

such

as

selected

securities,

an

index

of

securities

or

specified

interest

rates,

or

the

differential

performance

of

two

assets

or

markets.

The

Fund

may

invest

in

debtor-in-possession

financings

(commonly

called

“DIP

financings”).

DIP

financings

are

arranged

when

an

entity

seeks

the

protections

of

the

bankruptcy

court

under

chapter

11

of

the

U.S.

Bankruptcy

Code.

These

financings

allow

the

entity

to

continue

its

business

operations

while

reorganizing

under

chapter

11.

Such

financings

are

senior

liens

on

unencumbered

security

(i.e.,

security

not

subject

to

other

creditors

claims).

The

Fund

may

acquire

equity

securities

and

warrants

issued

by

a

Borrower

or

its

affiliates

as

part

of

a

package

of

investments

in

the

Borrower

or

its

affiliates

issued

in

connection

with

a

Senior

Loan

of

the

Borrower.

The

Fund

also

may

convert

a

warrant

so

acquired

into

the

underlying

security.

Investments

in

warrants

and

equity

securities

entail

certain

risks

in

addition

to

those

associated

with

investments

in

Senior

Loans.

The

value

of

these

securities

may

be

affected

more

rapidly,

and

to

a

greater

extent,

by

company-specific

developments

and

general

market

conditions.

These

risks

may

81

increase

fluctuations

in

the

Fund’s

NAV.

The

Fund

may

possess

material

non-public

information

about

a

Borrower

as

a

result

of

its

ownership

of

a

Senior

Loan

of

such

Borrower.

Because

of

prohibitions

on

trading

in

securities

of

issuers

while

in

possession

of

such

information

the

Fund

might

be

unable

to

enter

into

a

transaction

in

a

security

of

such

a

Borrower

when

it

would

otherwise

be

advantageous

to

do

so.

The

Fund

may

invest

in

convertible

securities,

which

may

include

convertible

debt,

convertible

preferred

stock,

synthetic

convertible

securities

and

may

also

include

secured

and

unsecured

debt,

based

upon

the

judgment

of

the

Fund’s

sub-adviser.

Convertible

securities

may

pay

interest

or

dividends

that

are

based

on

a

fixed

or

floating

rate.

A

convertible

security

is

a

preferred

stock,

warrant

or

other

security

that

may

be

converted

into

or

exchanged

for

a

prescribed

amount

of

common

stock

or

other

security

of

the

same

or

a

different

issuer

or

into

cash

within

a

particular

period

of

time

at

a

specified

price

or

formula.

The

Fund

may

invest

in

mortgage-related

securities.

Mortgage-related

securities

are

debt

instruments

that

provide

periodic

payments

consisting

of

interest

and/or

principal

that

are

derived

from

or

related

to

payments

of

interest

and/or

principal

on

underlying

mortgages.

Additional

payments

on

mortgage-related

securities

may

be

made

out

of

unscheduled

prepayments

of

principal

resulting

from

the

sale

of

the

underlying

property,

or

from

refinancing

or

foreclosure,

net

of

fees

or

costs

that

may

be

incurred.

The

mortgage-related

securities

in

which

the

Fund

invests

will

typically

pay

variable

rates

of

interest,

although

the

Fund

may

invest

in

fixed-rate

obligations

as

well.

The

Fund

may

invest

in

certain

asset-backed

securities

(“ABS”).

ABS

are

payment

claims

that

are

securitized

in

the

form

of

negotiable

paper

that

is

issued

by

a

financing

company

(generally

called

a

Special

Purpose

Vehicle

or

“SPV”).

These

securitized

payment

claims

are,

as

a

rule,

corporate

financial

assets

brought

into

a

pool

according

to

specific

diversification

rules.

The

SPV

is

a

company

founded

solely

for

the

purpose

of

securitizing

these

claims

and

its

only

asset

is

the

risk

arising

out

of

this

diversified

asset

pool.

On

this

basis,

marketable

securities

are

issued

which,

due

to

the

diversification

of

the

underlying

risk,

generally

represent

a

lower

level

of

risk

than

the

original

assets.

The

redemption

of

the

securities

issued

by

the

SPV

takes

place

at

maturity

out

of

the

cash

flow

generated

by

the

collected

claims.

The

Fund

may

invest

in

collateralized

loan

obligations

(“CLOs”).

A

CLO

is

a

structured

credit

security

issued

by

an

SPV

that

was

created

to

reapportion

the

risk

and

return

characteristics

of

a

pool

of

assets.

The

assets,

typically

Senior

Loans,

are

used

as

collateral

supporting

the

various

debt

tranches

issued

by

the

SPV.

The

key

feature

of

the

CLO

structure

is

the

prioritization

of

the

cash

flows

from

a

pool

of

debt

securities

among

the

several

classes

of

CLO

holders,

thereby

creating

a

series

of

obligations

with

varying

rates

and

maturities

appealing

to

a

wide

range

of

investors.

CLOs

generally

are

secured

by

an

assignment

to

a

trustee

under

an

indenture

pursuant

to

which

the

bonds

are

issued

of

collateral

consisting

of

a

pool

of

debt

instruments,

usually,

non-investment

grade

bank

loans.

Payments

with

respect

to

the

underlying

debt

securities

generally

are

made

to

the

trustee

under

the

indenture.

CLOs

are

designed

to

be

retired

as

the

underlying

debt

instruments

are

repaid.

In

the

event

of

sufficient

early

prepayments

on

such

debt

instruments,

the

class

or

series

of

CLO

first

to

mature

generally

will

be

retired

prior

to

maturity.

Therefore,

although

in

most

cases

the

issuer

of

CLOs

will

not

supply

additional

collateral

in

the

event

of

such

prepayments,

there

will

be

sufficient

collateral

to

secure

their

priority

with

respect

to

other

CLO

tranches

that

remain

outstanding.

The

credit

quality

of

these

securities

depends

primarily

upon

the

quality

of

the

underlying

assets,

their

priority

with

respect

to

other

CLO

tranches

and

the

level

of

credit

support

and/or

enhancement

provided.

The

Fund

also

may

invest

in

collateralized

debt

obligations

(“CDOs”).

A

CDO

is

a

structured

credit

security

issued

by

an

SPV

that

was

created

to

reapportion

the

risk

and

return

characteristics

of

a

pool

of

assets.

The

assets,

typically

non-investment

grade

bonds,

leveraged

loans,

and

other

asset-backed

obligations,

are

used

as

collateral

supporting

the

various

debt

and

equity

tranches

issued

by

the

SPV.

CDOs

operate

similarly

to

CLOs.

The

Fund

may

invest

in

commercial

paper.

Commercial

paper

represents

short-term

unsecured

promissory

notes

issued

in

bearer

form

by

corporations

such

as

banks

or

bank

holding

companies

and

finance

companies.

The

rate

of

return

on

commercial

paper

may

be

linked

or

indexed

to

the

level

of

exchange

rates

between

the

U.S.

dollar

and

a

foreign

currency

or

currencies.

The

Fund

may

invest

in

U.S.

Government

securities.

U.S.

Government

securities

include

(1)

U.S.

Treasury

obligations,

which

differ

in

their

interest

rates,

maturities

and

times

of

issuance:

U.S.

Treasury

bills

(maturities

of

one

year

or

less),

U.S.

Treasury

notes

(maturities

of

one

year

to

ten

years)

and

U.S.

Treasury

bonds

(generally

maturities

of

greater

than

ten

years)

and

(2)

obligations

issued

or

guaranteed

by

U.S.

Government

agencies

and

instrumentalities

that

are

supported

by

any

of

the

following:

(i)

the

full

faith

and

credit

of

the

U.S.

Treasury,

(ii)

the

right

of

the

issuer

to

borrow

an

amount

limited

to

a

specific

line

of

credit

from

the

U.S.

Treasury,

(iii)

discretionary

authority

of

the

U.S.

Government

to

purchase

certain

obligations

of

the

U.S.

Government

agency

or

instrumentality

or

(iv)

the

credit

of

the

agency

or

instrumentality.

The

Fund

may

invest

in

securities

of

non-U.S.

issuers

that

are

U.S.

dollar

or

non-U.S.

dollar

denominated.

The

Fund

may

invest

in

any

region

of

the

world

and

invest

in

companies

operating

in

developed

countries

such

as

Canada,

Japan,

Australia,

New

Zealand

and

most

Western

European

countries.

An

“emerging

market”

country

is

any

country

determined

to

have

an

emerging

markets

economy,

considering,

among

other

things,

factors

such

as

whether

the

country

has

a

low-to-middle

income

economy

according

to

the

World

Bank

or

its

related

organizations,

the

country’s

credit

rating,

its

political

and

economic

stability

and

the

development

of

its

financial

and

capital

markets.

These

countries

generally

include

countries

located

in

Latin

America,

the

Caribbean,

Asia,

Africa,

the

Middle

East

and

Eastern

and

Central

Europe.

Securities

of

non-U.S.

issuers

include

American

Depository

Receipts

(“ADRs”),

Global

Depositary

Receipts

(“GDRs”)

or

other

securities

representing

underlying

shares

of

non-U.S.

issuers.

Positions

in

those

securities

are

not

necessarily

denominated

in

the

same

currency

as

the

common

stocks

into

which

they

may

be

converted.

ADRs

are

receipts

typically

issued

by

an

American

bank

or

trust

company

evidencing

ownership

of

the

underlying

securities.

GDRs

are

U.S.

dollar-

denominated

receipts

evidencing

ownership

of

non-U.S.

securities.

Generally,

ADRs,

in

registered

form,

are

designed

for

the

U.S.

securities

markets

and

GDRs,

in

bearer

form,

are

designed

for

use

in

non-U.S.

securities

markets.

The

Fund

may

invest

in

sponsored

or

unsponsored

ADRs.

In

the

case

of

an

unsponsored

ADR,

the

Fund

is

likely

to

bear

its

proportionate

share

of

the

expenses

of

the

depository

and

it

may

have

greater

difficulty

in

receiving

shareholder

communications

than

it

would

have

with

a

sponsored

ADR.

The

Fund

may

invest

in

Eurodollar

instruments

and

Yankee

bonds.

Yankee

bonds

are

U.S.

dollar

denominated

bonds

typically

issued

in

the

U.S.

by

non-U.S.

governments

and

their

agencies

and

non-U.S.

banks

and

corporations.

These

investments

involve

risks

that

are

different

from

investments

in

securities

issued

by

U.S.

issuers,

including

potential

unfavorable

political

and

economic

developments,

non-U.S.

withholding

or

other

taxes,

seizure

of

non-U.S.

deposits,

currency

controls,

interest

limitations

or

other

governmental

restrictions

which

might

affect

payment

of

principal

or

interest.

82

Shareholder

Update

(Unaudited)

(continued)

The

Fund

may

invest

in

sovereign

debt

securities

issued

by

issuers

located,

or

conducting

their

business,

in

emerging

markets

countries,

and

a

wide

variety

of

bonds

and

other

debt

instruments

of

varying

maturities

issued

by

domestic

and

non-U.S.

corporations,

including

high

yield

debt

securities.

The

Fund

may

invest

in

zero

coupon

bonds.

A

zero

coupon

bond

is

a

bond

that

typically

does

not

pay

interest

for

the

entire

life

of

the

obligation

or

for

an

initial

period

after

the

issuance

of

the

obligation.

The

Fund

may

buy

and

sell

securities

on

a

when-issued

or

delayed

delivery

basis,

making

payment

or

taking

delivery

at

a

later

date,

normally

within

15

to

45

days

of

the

trade

date.

The

Fund

may

invest

in

illiquid

securities

(i.e.,

securities

that

are

not

readily

marketable),

including,

but

not

limited

to,

restricted

securities

(securities

the

disposition

of

which

is

restricted

under

the

federal

securities

laws),

securities

that

may

be

resold

only

pursuant

to

Rule

144A

under

the

1933

Act,

and

repurchase

agreements

with

maturities

in

excess

of

seven

days.

The

Fund

may

enter

into

certain

derivative

instruments

in

pursuit

of

its

investment

objective,

including

to

seek

to

enhance

return,

to

hedge

certain

risks

of

its

investments

in

Senior

Loans

or

as

a

substitute

for

a

position

in

the

underlying

asset.

Such

instruments

include

total

return

swaps;

interest

rate

swaps;

credit

default

swaps;

interest

rate

caps;

interest

rate

floors;

interest

rate

collars;

swaptions;

credit-linked

notes;

securities

indices;

other

indices

or

other

financial

instruments;

stock

and

bond

index

futures;

futures

contracts

on

securities;

options

on

securities;

options

on

futures

contracts;

options

on

stock

and

bond

indexes;

interest

rate

futures;

exchange-traded

and

over-the-counter

options

on

securities

or

indices;

index

linked

securities;

currency

exchange

transactions;

financial

futures;

options

on

financial

futures;

index

futures;

index

options;

index

options

on

futures

contracts;

interest

rate

options;

interest

rate

option

on

futures

contracts;

short

sales;

structured

notes;

options

on

U.S.

Treasury

security

or

U.S.

Government

The

Fund

may

also

invest

in

securities

of

other

open-

or

closed-end

investment

companies

(including

ETFs)

that

invest

primarily

in

the

types

in

which

the

Fund

may

invest

directly,

to

the

extent

permitted

by

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”)

and

the

rules

and

regulations

issued

thereunder.

Use

of

Leverage

The

Fund

uses

leverage

to

pursue

its

investment

objective.

The

Fund

may

use

leverage

to

the

extent

permitted

by

the

1940

Act.

The

Fund

may

source

leverage

through

a

number

of

methods

including

through

borrowings,

issuing

Preferred

Shares,

the

issuance

of

debt

securities,

and

entering

into

reverse

repurchase

agreements

(effectively

a

borrowing).

In

addition,

the

Fund

may

use

derivatives

that

may

have

the

economic

effect

of

leverage,

such

as

certain

credit

default

swaps,

total

return

swaps

and

bond

futures.

The

amount

and

sources

of

leverage

will

vary

depending

on

market

conditions.

Temporary

Defensive

Periods

During

temporary

defensive

periods

(e.g.,

times

when,

in

the

Fund’s

investment

adviser’s

and/or

the

Fund’s

sub-adviser’s

opinion,

temporary

imbalances

of

supply

and

demand

or

other

temporary

dislocations

in

the

Senior

Loan

market

adversely

affect

the

price

at

which

Senior

Loans

are

available),

the

Fund

may

invest

up

to

100%

of

its

assets

in

high

quality,

short-term

securities,

and

in

short-,

intermediate-,

or

long-term

U.S.

Treasury

securities.

There

can

be

no

assurance

that

such

techniques

will

be

successful.

Accordingly,

during

such

periods,

the

Fund

may

not

achieve

its

investment

objective.

83

NUVEEN

CREDIT

STRATEGIES

INCOME

FUND

(JQC)

Investment

Objectives

The

Fund’s

primary

investment

objective

is

to

achieve

a

high

level

of

current

income.

The

Fund’s

secondary

investment

objective

is

total

return.

Investment

Policies

The

Fund

will

invest

at

least

80%

of

its

Assets

(as

defined

below),

at

time

of

purchase,

in

loans

or

securities

that

are

senior

to

its

common

equity

in

the

issuing

company’s

capital

structure,

including

but

not

limited

to

debt

securities

and

preferred

securities.

“Assets”

mean

the

net

assets

of

the

Fund

plus

the

amount

of

any

borrowings

for

investment

purposes.

“Managed

Assets”

mean

the

total

assets

of

the

Fund,

minus

the

sum

of

its

accrued

liabilities

(other

than

Fund

liabilities

incurred

for

the

express

purpose

of

creating

leverage).

Total

assets

for

this

purpose

shall

include

assets

attributable

to

the

Fund’s

use

of

leverage

(whether

or

not

those

assets

are

reflected

in

the

Fund’s

financial

statements

for

purposes

of

generally

accepted

accounting

principles),

and

derivatives

will

be

valued

at

their

market

value.

Under

normal

circumstances:

The

Fund

may

invest

without

limitation

in

instruments

that

are

rated

below

investment

grade

or

are

unrated

but

judged

to

be

of

comparable

quality.

Investment

grade

quality

instruments

are

those

that

are

(i)

rated

by

at

least

one

NRSRO

within

the

four

highest

grades

(BBB-

or

Baa3

or

better

by

S&P,

Moody’s

or

Fitch),

or

(ii)

unrated

but

judged

to

be

of

comparable

quality.

However,

the

Fund

may

not

invest

more

than

30%

of

its

Managed

Assets

in

instruments

that

are

rated

CCC/Caa

or

lower

at

the

time

of

investment

(or

are

unrated

but

judged

by

the

Fund’s

sub-adviser

to

be

of

comparable

quality).

The

Fund

may

invest

up

to

20%

of

its

Managed

Assets

in

instruments

of

non-U.S.

issuers

that

are

U.S.

dollar

or

non-U.S.

dollar

denominated,

including

instruments

of

issuers

located,

or

conducting

their

business

in,

emerging

markets

countries.

The

Fund

may

invest

up

to

25%

of

its

Managed

Assets

in

collateralized

loan

obligation

(“CLO”)

debt

securities.

The

foregoing

policies

apply

only

at

the

time

of

any

new

investment.

Approving

Changes

in

Investment

Policies

The

Board

of

Trustees

of

the

Fund

may

change

the

policies

described

above

without

a

shareholder

vote.

However,

with

respect

to

the

Fund’s

policy

of

investing

at

least

80%

of

its

Assets

in

loans

or

securities

that

are

senior

to

its

common

equity

in

the

issuing

company’s

capital

structure,

such

policy

may

not

be

changed

without

60

days’

prior

written

notice.

Portfolio

Contents

The

Fund

may

invest

in

collateralized

loan

obligations

(“CLOs”).

A

CLO

is

a

structured

credit

security

issued

by

an

SPV

that

was

created

to

reapportion

the

risk

and

return

characteristics

of

a

pool

of

assets.

The

assets,

typically

Senior

Loans,

are

used

as

collateral

supporting

the

various

debt

tranches

issued

by

the

SPV.

The

key

feature

of

the

CLO

structure

is

the

prioritization

of

the

cash

flows

from

a

pool

of

debt

securities

among

the

several

classes

of

CLO

holders,

thereby

creating

a

series

of

obligations

with

varying

rates

and

maturities

appealing

to

a

wide

range

of

investors.

CLOs

generally

are

secured

by

an

assignment

to

a

trustee

under

an

indenture

pursuant

to

which

the

bonds

are

issued

of

collateral

consisting

of

a

pool

of

debt

instruments,

usually,

non-investment

grade

bank

loans.

Payments

with

respect

to

the

underlying

debt

securities

generally

are

made

to

the

trustee

under

the

indenture.

CLOs

are

designed

to

be

retired

as

the

underlying

debt

instruments

are

repaid.

In

the

event

of

sufficient

early

prepayments

on

such

debt

instruments,

the

class

or

series

of

CLO

first

to

mature

generally

will

be

retired

prior

to

maturity.

Therefore,

although

in

most

cases

the

issuer

of

CLOs

will

not

supply

additional

collateral

in

the

event

of

such

prepayments,

there

will

be

sufficient

collateral

to

secure

their

priority

with

respect

to

other

CLO

tranches

that

remain

outstanding.

The

credit

quality

of

these

securities

depends

primarily

upon

the

quality

of

the

underlying

assets,

their

priority

with

respect

to

other

CLO

tranches

and

the

level

of

credit

support

and/or

enhancement

provided.

The

Fund

also

may

invest

in

collateralized

debt

obligations

(“CDOs”).

A

CDO

is

a

structured

credit

security

issued

by

an

SPV

that

was

created

to

reapportion

the

risk

and

return

characteristics

of

a

pool

of

assets.

The

assets,

typically

non-investment

grade

bonds,

leveraged

loans,

and

other

asset-backed

obligations,

are

used

as

collateral

supporting

the

various

debt

and

equity

tranches

issued

by

the

SPV.

CDOs

operate

similarly

to

CLOs.

The

Fund

may

invest

in

corporate

debt

instruments.

Corporate

debt

instruments

generally

are

used

by

corporations

to

borrow

money

from

investors.

The

Issuer

pays

the

investor

a

fixed

or

variable

rate

of

interest

and

normally

must

repay

the

amount

borrowed

on

or

before

maturity.

Certain

debt

instruments

in

which

the

Fund

may

invest

may

be

“perpetual”

in

that

they

have

no

maturity

date

and

some

may

be

convertible

into

equity

securities

of

the

Issuer

or

its

affiliates.

The

Fund

may

invest

in

debt

instruments

of

any

quality

and

such

debt

instruments

may

be

secured

or

unsecured.

In

addition,

certain

debt

instruments

in

which

the

Fund

may

invest

may

be

subordinated

to

the

payment

of

an

Issuer’s

senior

debt.

The

Fund

may

in

senior

loans.

Senior

loans

typically

hold

the

most

senior

position

in

the

capital

structure

of

a

business

entity,

are

typically

secured

with

specific

collateral

and

have

a

claim

on

the

assets

and/or

stock

of

the

issuer

that

is

senior

to

that

held

by

subordinated

debt

holders

and

stockholders

of

the

issuer.

Senior

loans

generally

include:

(i)

senior

loans

made

by

banks

or

other

financial

institutions

to

U.S.

and

non-U.S.

corporations,

partnerships

and

other

business

entities

(each

a

“Borrower”

and,

collectively,

“Borrowers”),

(ii)

assignments

of

such

interests

in

senior

loans,

or

(iii)

participation

interests

in

senior

loans.

Generally,

an

assignment

is

the

actual

sale

of

the

loan,

in

whole

or

in

part.

A

participation,

on

the

other

hand,

means

that

the

original

lender

maintains

ownership

over

the

loan

and

the

participant

has

only

a

contract

right

against

the

original

lender,

not

a

credit

relationship

with

the

84

Shareholder

Update

(Unaudited)

(continued)

Borrower.

Senior

loans

typically

hold

the

most

senior

position

in

the

capital

structure

of

a

Borrower,

are

typically

secured

with

specific

collateral

and

have

a

claim

on

the

assets

and/or

stock

of

the

Borrower

that

is

senior

to

that

held

by

subordinated

debt

holders

and

stockholders

of

the

Borrower.

The

capital

structure

of

a

Borrower

may

include

senior

loans,

senior

and

junior

subordinated

debt,

preferred

stock

and

common

stock

issued

by

the

Borrower,

typically

in

descending

order

of

seniority

with

respect

to

claims

on

the

Borrower’s

assets.

The

proceeds

of

senior

loans

primarily

are

used

by

Borrowers

to

finance

leveraged

buyouts,

recapitalizations,

mergers,

acquisitions,

stock

repurchases,

refinancings,

internal

growth

and

for

other

corporate

purposes.

A

senior

loan

is

typically

originated,

negotiated

and

structured

by

a

U.S.

or

non-U.S.

commercial

bank,

insurance

company,

finance

company

or

other

financial

institution

(“Agent”)

for

a

lending

syndicate

of

financial

institutions

which

typically

includes

the

Agent

(“Lenders”).

The

Agent

typically

administers

and

enforces

the

senior

loan

on

behalf

of

the

other

Lenders

in

the

syndicate.

In

addition,

an

institution,

typically

but

not

always

the

Agent,

holds

any

collateral

on

behalf

of

the

Lenders.

The

Fund

normally

will

rely

primarily

on

the

Agent

to

collect

principal

of

and

interest

on

a

senior

loan.

Also,

the

Fund

usually

will

rely

on

the

Agent

to

monitor

compliance

by

the

Borrower

with

the

restrictive

covenants

in

a

loan

agreement.

Senior

loans

in

which

the

Fund

invests

generally

pay

interest

at

rates

that

are

redetermined

either

daily,

monthly,

quarterly

or

semi-annually

by

reference

to

a

base

lending

rate

plus

a

premium

or

credit

spread.

The

interest

rates

on

senior

loans

are

generally

based

on

a

percentage

above

LIBOR,

SOFR,

a

U.S.

bank’s

prime

or

base

rate,

the

overnight

federal

funds

rate

or

another

rate.

The

publication

of

U.S.

dollar

LIBOR

as

a

representative

reference

rate

ceased

as

of

June

30,

2023,

although

the

publication

of

synthetic

1-month,

3-month

and

6-month

U.S.

dollar

LIBOR

will

continue

for

a

limited

time

for

use

in

connection

with

a

small

number

of

legacy

financial

contracts

that

have

not

yet

transitioned

to

SOFR

or

another

replacement

reference

rate.

SOFR

and

other

replacement

reference

rates

are

relatively

new,

which

may

result

in,

among

other

things,

increased

volatility

or

illiquidity

in

markets

for

instruments

that

rely

on

such

reference

rates.

As

adjustable

rate

loans,

the

frequency

of

how

often

a

senior

loan

resets

its

interest

rate

will

impact

how

closely

such

senior

loans

track

current

market

interest

rates.

Senior

loans

typically

have

a

stated

term

of

between

one

and

eight

years.

The

Fund

may

invest

in

adjustable

rate

subordinated

loans.

The

subordinated

loans

in

which

the

Fund

may

invest

are

typically

privately-negotiated

investments

that

rank

subordinate

in

priority

of

payment

to

senior

debt,

such

as

Senior

Loans,

and

are

often

unsecured.

However,

such

subordinated

loans

rank

senior

to

common

and

preferred

equity

in

a

Borrower’s

capital

structure.

Subordinated

loans

may

have

elements

of

both

debt

and

equity

instruments,

offering

fixed

or

adjustable

rates

of

return

in

the

form

of

interest

payments

associated

with

senior

debt,

while

providing

lenders

an

opportunity

to

participate

in

the

capital

appreciation

of

a

Borrower,

if

any,

through

an

equity

interest.

This

equity

interest

may

take

the

form

of

warrants

or

direct

equity

investments

which

will

be

in

conjunction

with

the

subordinated

loans.

Due

to

their

higher

risk

profile

and

often

less

restrictive

covenants

as

compared

to

Senior

Loans,

subordinated

loans

generally

earn

a

higher

return

than

secured

Senior

Loans.

The

warrants

associated

with

subordinated

loans

are

typically

detachable,

which

allows

lenders

the

opportunity

to

receive

repayment

of

their

principal

on

an

agreed

amortization

schedule

while

retaining

their

equity

interest

in

the

Borrower.

Subordinated

loans

also

may

include

a

“put”

feature,

which

permits

the

holder

to

sell

its

equity

interest

back

to

the

Borrower

at

a

price

determined

through

an

agreed

formula.

The

Fund

may

invest

in

subordinated

loans

that

are

primarily

unsecured

and

that

provide

for

relatively

high,

adjustable

rates

of

interest,

providing

the

Fund

with

significant

current

interest

income.

The

subordinated

loans

in

which

the

Fund

may

invest

may

have

interest-only

payments

in

the

early

years,

with

amortization

of

principal

deferred

to

the

later

years

of

the

subordinated

loans.

In

some

cases,

the

Fund

may

acquire

subordinated

loans

that,

by

their

terms,

convert

into

equity

or

additional

debt

instruments

or

defer

payments

of

interest

for

the

first

few

years

after

issuance.

Also,

in

some

cases

the

subordinated

loans

in

which

the

Fund

may

invest

will

be

collateralized

by

a

subordinated

lien

on

some

or

all

of

the

assets

of

the

Borrower.

Typically,

subordinated

loans

in

which

the

Fund

may

invest

will

have

maturities

of

four

to

eight

years.

The

Fund

may

invest

in

common

stocks

and

other

equity

securities.

Common

stocks

generally

represent

an

ownership

interest

in

an

issuer,

without

preference

over

any

other

class

of

securities,

including

such

issuer’s

fixed

income

securities

and

senior

equity

securities.

Dividend

payments

generally

are

not

guaranteed

and

so

may

be

discontinued

by

the

issuer

at

its

discretion

or

because

of

the

issuer’s

inability

to

satisfy

its

liabilities.

Further,

an

issuer’s

history

of

paying

dividends

does

not

guarantee

that

it

will

continue

to

pay

dividends

in

the

future.

In

addition

to

dividends,

under

certain

circumstances

the

Fund

may

benefit

from

capital

appreciation

of

an

issuer’s

common

stock.

The

Fund

may

invest

in

convertible

securities,

which

may

include

convertible

debt,

convertible

preferred

stock,

synthetic

convertible

securities

and

may

also

include

secured

and

unsecured

debt,

based

upon

the

judgment

of

the

Fund’s

sub-adviser.

Convertible

securities

may

pay

interest

or

dividends

that

are

based

on

a

fixed

or

floating

rate.

A

convertible

security

is

a

preferred

stock,

warrant

or

other

security

that

may

be

converted

into

or

exchanged

for

a

prescribed

amount

of

common

stock

or

other

security

of

the

same

or

a

different

issuer

or

into

cash

within

a

particular

period

of

time

at

a

specified

price

or

formula.

The

Fund

may

utilize

structured

notes

and

similar

instruments

for

investment

purposes

and

also

for

hedging

purposes.

Structured

notes

are

privately

negotiated

debt

obligations

where

the

principal

and/or

interest

is

determined

by

reference

to

the

performance

of

a

benchmark

asset,

market

or

interest

rate

(an

“embedded

index”),

such

as

selected

securities,

an

index

of

securities

or

specified

interest

rates,

or

the

differential

performance

of

two

assets

or

markets.

For

cash

management

purposes,

the

Fund

may

enter

into

repurchase

agreements

(a

purchase

of,

and

a

simultaneous

commitment

to

resell,

a

financial

instrument

at

an

agreed

upon

price

on

an

agreed

upon

date)

only

with

member

banks

of

the

Federal

Reserve

System

and

member

firms

of

the

New

York

Stock

Exchange.

When

participating

in

repurchase

agreements,

the

Fund

buys

securities

from

a

vendor,

e.g.,

a

bank

or

brokerage

firm,

with

the

agreement

that

the

vendor

will

repurchase

the

securities

at

a

higher

price

at

a

later

date.

Such

transactions

afford

an

opportunity

for

the

Fund

to

earn

a

return

on

available

cash

at

minimal

market

risk,

although

the

Fund

may

be

subject

to

various

delays

and

risks

of

loss

if

the

vendor

is

unable

to

meet

its

obligation

to

repurchase.

The

Fund

may

invest

in

debtor-in-possession

financings

(commonly

called

“DIP

financings”).

DIP

financings

are

arranged

when

an

entity

seeks

the

protections

of

the

bankruptcy

court

under

chapter

11

of

the

U.S.

Bankruptcy

Code.

These

financings

allow

the

entity

to

continue

its

business

operations

while

reorganizing

under

chapter

11.

Such

financings

are

senior

liens

on

unencumbered

security

(i.e.,

security

not

subject

to

other

creditors

claims).

85

The

Fund

may

acquire

equity

securities

and

warrants

issued

by

a

Borrower

or

its

affiliates

as

part

of

a

package

of

investments

in

the

Borrower

or

its

affiliates

issued

in

connection

with

a

Senior

Loan

of

the

Borrower.

The

Fund

also

may

convert

a

warrant

so

acquired

into

the

underlying

security.

Investments

in

warrants

and

equity

securities

entail

certain

risks

in

addition

to

those

associated

with

investments

in

Senior

Loans.

The

value

of

these

securities

may

be

affected

more

rapidly,

and

to

a

greater

extent,

by

company-specific

developments

and

general

market

conditions.

These

risks

may

increase

fluctuations

in

the

Fund’s

NAV.

The

Fund

may

possess

material

non-public

information

about

a

Borrower

as

a

result

of

its

ownership

of

a

Senior

Loan

of

such

Borrower.

Because

of

prohibitions

on

trading

in

securities

of

issuers

while

in

possession

of

such

information

the

Fund

might

be

unable

to

enter

into

a

transaction

in

a

security

of

such

a

Borrower

when

it

would

otherwise

be

advantageous

to

do

so.

The

Fund

may

invest

in

mortgage-related

securities.

Mortgage-related

securities

are

debt

instruments

that

provide

periodic

payments

consisting

of

interest

and/or

principal

that

are

derived

from

or

related

to

payments

of

interest

and/or

principal

on

underlying

mortgages.

Additional

payments

on

mortgage-related

securities

may

be

made

out

of

unscheduled

prepayments

of

principal

resulting

from

the

sale

of

the

underlying

property,

or

from

refinancing

or

foreclosure,

net

of

fees

or

costs

that

may

be

incurred.

The

mortgage-related

securities

in

which

the

Fund

invests

will

typically

pay

variable

rates

of

interest,

although

the

Fund

may

invest

in

fixed-rate

obligations

as

well.

The

Fund

may

invest

in

certain

ABS.

ABS

are

payment

claims

that

are

securitized

in

the

form

of

negotiable

paper

that

is

issued

by

a

financing

company

(generally

called

a

SPV).

These

securitized

payment

claims

are,

as

a

rule,

corporate

financial

assets

brought

into

a

pool

according

to

specific

diversification

rules.

The

SPV

is

a

company

founded

solely

for

the

purpose

of

securitizing

these

claims

and

its

only

asset

is

the

risk

arising

out

of

this

diversified

asset

pool.

On

this

basis,

marketable

securities

are

issued

which,

due

to

the

diversification

of

the

underlying

risk,

generally

represent

a

lower

level

of

risk

than

the

original

assets.

The

redemption

of

the

securities

issued

by

the

SPV

takes

place

at

maturity

out

of

the

cash

flow

generated

by

the

collected

claims.

The

Fund

may

invest

in

commercial

paper.

Commercial

paper

represents

short-term

unsecured

promissory

notes

issued

in

bearer

form

by

corporations

such

as

banks

or

bank

holding

companies

and

finance

companies.

The

rate

of

return

on

commercial

paper

may

be

linked

or

indexed

to

the

level

of

exchange

rates

between

the

U.S.

dollar

and

a

foreign

currency

or

currencies.

The

Fund

may

invest

in

U.S.

Government

securities.

U.S.

Government

securities

include

(1)

U.S.

Treasury

obligations,

which

differ

in

their

interest

rates,

maturities

and

times

of

issuance:

U.S.

Treasury

bills

(maturities

of

one

year

or

less),

U.S.

Treasury

notes

(maturities

of

one

year

to

ten

years)

and

U.S.

Treasury

bonds

(generally

maturities

of

greater

than

ten

years)

and

(2)

obligations

issued

or

guaranteed

by

U.S.

Government

agencies

and

instrumentalities

that

are

supported

by

any

of

the

following:

(i)

the

full

faith

and

credit

of

the

U.S.

Treasury,

(ii)

the

right

of

the

issuer

to

borrow

an

amount

limited

to

a

specific

line

of

credit

from

the

U.S.

Treasury,

(iii)

discretionary

authority

of

the

U.S.

Government

to

purchase

certain

obligations

of

the

U.S.

Government

agency

or

instrumentality

or

(iv)

the

credit

of

the

agency

or

instrumentality.

The

Fund

may

invest

in

securities

of

non-U.S.

Issuers

that

are

U.S.

dollar

or

non-U.S.

dollar

denominated,

including

debt

securities

of

issuers

located,

or

conducting

their

business,

in

emerging

markets

countries.

The

Fund’s

Managed

Assets

to

be

invested

in

Adjustable

Rate

Loans

and

other

debt

instruments

of

non-U.S.

Issuers

may

include

debt

securities

of

Issuers

located,

or

conducting

their

business

in,

emerging

markets

countries.

The

Fund

may

invest

in

any

region

of

the

world

and

invest

in

companies

operating

in

developed

countries

such

as

Canada,

Japan,

Australia,

New

Zealand

and

most

Western

European

countries.

An

“emerging

market”

country

is

any

country

determined

to

have

an

emerging

markets

economy,

considering,

among

other

things,

factors

such

as

whether

the

country

has

a

low-to-middle-income

economy

according

to

the

World

Bank

or

its

related

organizations,

the

country’s

credit

rating,

its

political

and

economic

stability

and

the

development

of

its

financial

and

capital

markets.

These

countries

generally

include

countries

located

in

Latin

America,

the

Caribbean,

Asia,

Africa,

the

Middle

East

and

Eastern

and

Central

Europe.

The

Fund

may

invest

in

preferred

securities.

Preferred

securities,

which

generally

pay

fixed

or

adjustable

rate

dividends

or

interest

to

investors,

have

preference

over

common

stock

in

the

payment

of

dividends

or

interest

and

the

liquidation

of

a

company’s

assets,

which

means

that

a

company

typically

must

pay

dividends

or

interest

on

its

preferred

securities

before

paying

any

dividends

on

its

common

stock.

On

the

other

hand,

preferred

securities

are

junior

to

all

forms

of

the

company’s

debt,

including

both

senior

and

subordinated

debt.

Because

of

their

subordinated

position

in

the

capital

structure

of

an

issuer,

the

ability

to

defer

dividend

or

interest

payments

for

extended

periods

of

time

without

triggering

a

default

from

legal

action

and

certain

other

features,

preferred

securities

are

often

treated

as

equity-like

instruments

by

both

issuers

and

investors,

as

their

quality

and

value

are

heavily

dependent

on

the

profitability

and

cash

flows

of

the

issuer

rather

than

on

any

legal

claims

to

specific

assets.

The

Fund

may

invest

in

contingent

capital

securities

(sometimes

referred

to

as

“CoCos”).

CoCos

are

hybrid

securities,

issued

primarily

by

non-U.S.

financial

institutions,

which

have

loss

absorption

mechanisms

benefitting

the

issuer

built

into

their

terms.

CoCos

generally

provide

for

mandatory

conversion

into

the

common

stock

of

the

issuer

or

a

write-down

of

the

principal

amount

or

value

of

the

CoCos

upon

the

occurrence

of

certain

triggers

linked

to

regulatory

capital

thresholds.

In

addition,

they

may

provide

for

mandatory

conversion

or

a

principal

write-down

upon

the

occurrence

of

certain

events

such

as

regulatory

actions

calling

into

question

the

issuing

banking

institution’s

continued

viability

as

a

going-concern.

Equity

conversion

or

principal

write-down

features

are

tailored

to

the

issuer

and

its

regulatory

requirements

and,

unlike

traditional

convertible

securities,

conversions

are

not

voluntary.

The

Fund

may

invest

in

zero

coupon

bonds.

A

zero

coupon

bond

is

a

bond

that

typically

does

not

pay

interest

for

the

entire

life

of

the

obligation

or

for

an

initial

period

after

the

issuance

of

the

obligation.

The

Fund

may

buy

and

sell

securities

on

a

when-issued

or

delayed

delivery

basis,

making

payment

or

taking

delivery

at

a

later

date,

normally

within

15

to

45

days

of

the

trade

date.

The

Fund

may

invest

in

illiquid

securities

(i.e.,

securities

that

are

not

readily

marketable),

including,

but

not

limited

to,

restricted

securities

(securities

the

disposition

of

which

is

restricted

under

the

federal

securities

laws),

securities

that

may

be

resold

only

pursuant

to

Rule

144A

under

the

1933

Act,

and

repurchase

agreements

with

maturities

in

excess

of

seven

days.

86

Shareholder

Update

(Unaudited)

(continued)

The

Fund

may

enter

into

certain

derivative

transactions,

primarily

but

not

limited

to

credit

default

and

interest

rate

swaps,

as

a

hedging

technique

to

protect

against

potential

adverse

changes

in

the

market

value

of

portfolio

instruments.

The

Fund

also

may

use

derivatives

to

attempt

to

protect

the

NAV

of

the

Fund,

to

facilitate

the

sale

of

certain

portfolio

instruments,

to

manage

the

Fund’s

effective

interest

rate

exposure,

and

as

a

temporary

substitute

for

purchasing

or

selling

particular

instruments.

From

time

to

time,

the

Fund

also

may

enter

into

derivative

transactions

to

create

investment

exposure

to

the

extent

such

transactions

may

facilitate

implementation

of

its

strategy

more

efficiently

than

through

outright

purchases

or

sales

of

portfolio

instruments.

The

Fund

may

also

invest

in

securities

of

other

open-

or

closed-end

investment

companies

(including

ETFs)

that

invest

primarily

in

the

types

in

which

the

Fund

may

invest

directly,

to

the

extent

permitted

by

the

1940

Act

and

the

rules

and

regulations

issued

thereunder.

Use

of

Leverage

The

Fund

uses

leverage

to

pursue

its

investment

objective.

The

Fund

may

use

leverage

to

the

extent

permitted

by

the

1940

Act.

The

Fund

may

source

leverage

through

a

number

of

methods

including

through

borrowings,

issuing

Preferred

Shares

and

the

issuance

of

debt

securities.

In

addition,

the

Fund

may

use

derivatives

that

may

have

the

economic

effect

of

leverage,

such

as

certain

credit

default

swaps,

total

return

swaps

and

bond

futures.

The

amount

and

sources

of

leverage

will

vary

depending

on

market

conditions.

Temporary

Defensive

Periods

During

temporary

defensive

periods

(e.g.,

times

when,

in

the

Fund’s

investment

adviser’s

and/or

the

Fund’s

sub-adviser’s

opinion,

temporary

imbalances

of

supply

and

demand

or

other

temporary

dislocations

in

the

Senior

Loan

market

adversely

affect

the

price

at

which

Senior

Loans

are

available),

the

Fund

may

invest

up

to

100%

of

its

assets

in

high

quality,

short-term

securities,

and

in

short-,

intermediate-,

or

long-term

U.S.

Treasury

securities.

There

can

be

no

assurance

that

such

techniques

will

be

successful.

Accordingly,

during

such

periods,

the

Fund

may

not

achieve

its

investment

objective.

87

PRINCIPAL

RISKS

OF

THE

FUNDS

The

factors

that

are

most

likely

to

have

a

material

effect

on

a

particular

Fund’s

portfolio

as

a

whole

are

called

“principal

risks.”

Each

Fund

is

subject

to

the

principal

risks

indicated

below,

whether

through

direct

investment

or

derivative

positions.

Each

Fund

may

be

subject

to

additional

risks

other

than

those

identified

and

described

below

because

the

types

of

investments

made

by

a

Fund

can

change

over

time.

Risk

Nuveen

Floating

Rate

Income

Fund

(JFR)

Nuveen

Credit

Strategies

Income

Fund

(JQC)

Portfolio

Level

Risks

Asset-Back

Securities

Risk

-

X

Basis

Risk

X

X

Below

Investment

Grade

Risk

X

X

Call

Risk

X

X

Collateralized

Debt

Obligation

Risk

-

X

Collateralized

Loan

Obligation

Risk

-

X

Contingent

Capital

Securities

(“CoCos”)

Risk

-

X

Convertible

Securities

Risk

-

X

Credit

Risk

X

X

Credit

Spread

Risk

X

X

Debt

Securities

Risk

X

X

Defaulted

and

Distressed

Securities

Risk

-

-

Deflation

Risk

X

X

Derivatives

Risk

X

X

Duration

Risk

X

X

Emerging

Markets

Risk

X

X

Financial

Futures

and

Options

Transactions

Risk

X

X

Floating-Rate

and

Fixed-to-Floating

Rate

Securities

Risk

X

X

Foreign

Currency

Risk

X

X

Hedging

Risk

X

X

Illiquid

Investments

Risk

X

X

Income

Risk

X

X

Inflation

Risk

X

X

Inflation

Correlation

Risk

X

X

Interest

Rate

Risk

X

X

Inverse

Floating

Rate

Securities

Risk

-

X

Loan

Participation

Risk

X

X

Loan

Risk

X

X

Mortgage-Backed

Securities

Risk

-

X

Non-U.S.

Investments

Risk

X

X

Other

Investment

Companies

Risk

X

X

Preferred

Securities

Risk

-

X

Reinvestment

Risk

X

X

Second

Lien

Loans

and

Unsecured

Loans

Risk

X

X

Senior

Loan

Agent

Risk

X

X

Senior

Loan

Risk

X

X

Short

Exposure

Risk

-

-

88

Shareholder

Update

(Unaudited)

(continued)

Risk

Nuveen

Floating

Rate

Income

Fund

(JFR)

Nuveen

Credit

Strategies

Income

Fund

(JQC)

Portfolio

Level

Risks

Structured

Product

Risk

X

X

Sovereign

Government

and

Supranational

Debt

Risk

-

X

Subordinated

Loans

and

Other

Subordinated

Debt

Instruments

Risk

X

X

Swap

Transactions

Risk

X

X

Unrated

Securities

Risk

X

X

Valuation

Risk

X

X

Warrants

and

Equity

Securities

Risk

X

X

When-Issued

and

Delayed-Delivery

Transactions

Risk

X

X

Zero

Coupon

Bonds

Risk

X

X

Risk

Fund

Level

and

Other

Risks

Anti-Takeover

Provisions

X

X

Borrowing

Risk

X

X

Counterparty

Risk

X

X

Cybersecurity

Risk

X

X

Fund

Level

Tax

Risk

X

X

Global

Economic

Risk

X

X

Investment

and

Market

Risk

X

X

Legislation

and

Regulatory

Risk

X

X

Leverage

Risk

X

X

Market

Discount

from

Net

Asset

Value

X

X

Recent

Market

Conditions

X

X

Reverse

Repurchase

Agreement

Risk

X

X

Tax

Risk

X

X

89

Portfolio

Level

Risks:

Asset-Backed

Securities

Risk.

Asset-backed

securities

represent

participations

in,

or

are

secured

by

and

payable

from,

pools

of

assets

including

company

receivables,

truck

and

auto

loans,

leases

and

credit

card

receivables.

These

securities

may

be

in

the

form

of

pass-through

instruments

or

asset-backed

bonds.

Asset-backed

securities

are

issued

by

non-governmental

entities

and

carry

no

direct

or

indirect

government

guarantee;

the

asset

pools

that

back

asset-backed

securities

are

securitized

through

the

use

of

privately-formed

trusts

or

special

purpose

corporations.

Payments

on

asset-backed

securities

depend

upon

assets

held

by

the

issuer

and

collections

of

the

underlying

loans.

The

value

of

these

securities

depends

on

many

factors,

including

changing

interest

rates,

the

availability

of

information

about

the

pool

and

its

structure,

the

credit

quality

of

the

underlying

assets,

the

market’s

perception

of

the

servicer

of

the

pool,

and

any

credit

enhancement

provided.

In

certain

market

conditions,

asset-backed

securities

may

experience

volatile

fluctuations

in

value

and

periods

of

illiquidity.

Basis

Risk.

As

short-term

rates

change,

interest

income

from

floating

rate

loans

may

not

increase

in

concert

with

increases

in

the

costs

of

floating

rate

leverage

or

other

borrowings,

introducing

basis

or

imperfect

hedging

risk.

Below

Investment

Grade

Risk.

Investments

of

below

investment

grade

quality

are

regarded

as

having

speculative

characteristics

with

respect

to

the

issuer’s

capacity

to

pay

dividends

or

interest

and

repay

principal,

and

may

be

subject

to

higher

price

volatility

and

default

risk

than

investment

grade

investments

of

comparable

terms

and

duration.

Issuers

of

lower

grade

investments

may

be

highly

leveraged

and

may

not

have

available

to

them

more

traditional

methods

of

financing.

The

prices

of

these

lower

grade

investments

are

typically

more

sensitive

to

negative

developments,

such

as

a

decline

in

the

issuer’s

revenues

or

a

general

economic

downturn.

The

secondary

market

for

lower

rated

investments

may

not

be

as

liquid

as

the

secondary

market

for

more

highly

rated

investments,

a

factor

which

may

have

an

adverse

effect

on

the

Fund’s

ability

to

dispose

of

a

particular

investment.

If

a

below

investment

grade

investment

goes

into

default,

or

its

issuer

enters

bankruptcy,

it

might

be

difficult

to

sell

that

security

in

a

timely

manner

at

a

reasonable

price.

If

a

below

investment

grade

investment

goes

into

default,

or

its

issuer

enters

bankruptcy,

it

might

be

difficult

to

sell

that

investment

in

a

timely

manner

at

a

reasonable

price.

Call

Risk

.

The

Fund

may

invest

in

securities

that

are

subject

to

call

risk.

Such

securities

may

be

redeemed

at

the

option

of

the

issuer,

or

“called,”

before

their

stated

maturity

or

redemption

date.

In

general,

an

issuer

will

call

its

instruments

if

they

can

be

refinanced

by

issuing

new

instruments

that

bear

a

lower

interest

rate.

The

Fund

is

subject

to

the

possibility

that

during

periods

of

falling

interest

rates,

an

issuer

will

call

its

high

yielding

securities.

The

Fund

would

then

be

forced

to

invest

the

unanticipated

proceeds

at

lower

interest

rates,

resulting

in

a

decline

in

the

Fund’s

income.

Collateralized

Debt

Obligation

(“CDO”)

Risk.

The

risks

of

an

investment

in

CDOs

depend

largely

on

the

type

of

the

collateral

securities

and

the

class

of

the

CDO

in

which

the

Fund

invests.

In

addition

to

the

normal

risks

associated

with

fixed-income

securities,

CDOs

carry

additional

risks

including,

but

not

limited

to,

the

risk

that:

(1)

distributions

from

collateral

securities

may

not

be

adequate

to

make

interest

or

other

payments;

(2)

the

quality

of

the

collateral

may

decline

in

value

or

default;

(3)

the

fact

that

the

CDOs

may

be

subordinate

to

other

classes;

and

(4)

the

complex

structure

of

the

security

may

not

be

fully

understood

at

the

time

of

investment

and

may

produce

disputes

with

the

issuer

or

unexpected

investment

results.

Collateralized

Loan

Obligation

(“CLO”)

Risk.

A

CLO

is

an

ABS

whose

underlying

collateral

is

a

pool

of

loans,

which

may

include,

among

others,

domestic

and

foreign

floating

rate

and

fixed

rate

senior

secured

loans,

senior

unsecured

loans,

and

subordinate

corporate

loans,

including

loans

that

may

be

rated

below

investment

grade

or

equivalent

unrated

loans.

In

addition

to

the

risks

associated

with

loans,

illiquid

investments

and

high-yield

securities

described

below,

investments

in

CLOs

carry

additional

risks

including,

but

not

limited

to,

the

risk

that:

(1)

distributions

from

the

collateral

may

not

be

adequate

to

make

interest

or

other

payments;

(2)

the

quality

of

the

collateral

may

decline

in

value

or

default;

(3)

the

Fund

may

invest

in

tranches

of

CLOs

that

are

subordinate

to

other

tranches;

(4)

the

complex

structure

of

the

CLO

may

not

be

fully

understood

at

the

time

of

investment

and

may

produce

disputes

with

the

issuer

or

unexpected

investment

results;

and

(5)

the

CLO’s

manager

may

perform

poorly.

CLOs

may

charge

management

and

other

administrative

fees,

which

are

in

addition

to

those

of

the

Fund.

Contingent

Capital

Securities

(“CoCos”)

Risk.

A

loss

absorption

mechanism

trigger

event

for

CoCos

would

likely

be

the

result

of,

or

related

to,

the

deterioration

of

the

issuer’s

financial

condition

(e.g.,

a

decrease

in

the

issuer’s

capital

ratio)

and

status

as

a

going

concern.

In

such

a

case,

with

respect

to

CoCos

that

provide

for

conversion

into

common

stock

upon

the

occurrence

of

the

trigger

event,

the

market

price

of

the

issuer’s

common

stock

received

by

the

Fund

will

have

likely

declined,

perhaps

substantially,

and

may

continue

to

decline,

which

may

adversely

affect

the

Fund’s

NAV.

Further,

the

issuer’s

common

stock

would

be

subordinate

to

the

issuer’s

other

classes

of

securities

and

therefore

would

worsen

the

Fund’s

standing

in

a

bankruptcy

proceeding.

In

addition,

because

the

common

stock

of

the

issuer

may

not

pay

a

dividend,

investors

in

these

instruments

could

experience

a

reduced

income

rate,

potentially

to

zero.

In

view

of

the

foregoing,

CoCos

are

often

rated

below

investment

grade

and

are

subject

to

the

risks

of

below

investment

grade

securities.

CoCos

may

be

subject

to

an

automatic

write-down

(i.e.,

the

automatic

write-down

of

the

principal

amount

or

value

of

the

securities,

potentially

to

zero,

and

the

cancellation

of

the

securities)

under

certain

circumstances,

which

could

result

in

the

Fund

losing

a

portion

or

all

of

its

investment

in

such

securities.

In

addition,

the

Fund

may

not

have

any

rights

with

respect

to

repayment

of

the

principal

amount

of

the

securities

that

has

not

become

due

or

the

payment

of

interest

or

dividends

on

such

securities

for

any

period

from

(and

including)

the

interest

or

dividend

payment

date

falling

immediately

prior

to

the

occurrence

of

such

automatic

write-down.

An

automatic

write-down

could

also

result

in

a

reduced

income

rate

if

the

90

Shareholder

Update

(Unaudited)

(continued)

dividend

or

interest

payment

is

based

on

the

security’s

par

value.

Coupon

payments

on

CoCos

may

be

discretionary

and

may

be

cancelled

by

the

issuer

for

any

reason

or

may

be

subject

to

approval

by

the

issuer’s

regulator

and

may

be

suspended

in

the

event

there

are

insufficient

distributable

reserves.

In

certain

scenarios,

investors

in

CoCos

may

suffer

a

loss

of

capital

ahead

of

equity

holders

or

when

equity

holders

do

not.

There

is

no

guarantee

that

the

Fund

will

receive

a

return

of

principal

on

CoCos.

Any

indication

that

an

automatic

write-down

or

conversion

event

may

occur

can

be

expected

to

have

a

material

adverse

effect

on

the

market

price

of

CoCos.

The

prices

of

CoCos

may

be

volatile.

Additionally,

the

trading

behavior

of

a

given

issuer’s

CoCo

may

be

strongly

impacted

by

the

trading

behavior

of

other

issuers’

CoCos,

such

that

negative

information

from

an

unrelated

CoCo

may

cause

a

decline

in

value

of

one

or

more

CoCos

held

by

a

fund.

Accordingly,

the

trading

behavior

of

CoCos

may

not

follow

the

trading

behavior

of

other

similarly

structured

securities.

CoCos

are

issued

primarily

by

financial

institutions.

Therefore,

CoCos

present

substantially

increased

risks

at

times

of

financial

turmoil,

which

could

affect

financial

institutions

more

than

companies

in

other

sectors

and

industries.

Convertible

Securities

Risk

.

Convertible

securities

have

characteristics

of

both

equity

and

debt

securities

and,

as

a

result,

are

exposed

to

certain

additional

risks

that

are

typically

associated

with

debt,

including

but

not

limited

to

Interest

Rate

Risk,

Credit

Risk,

Below

Investment

Grade

Risk

and

Unrated

Securities

Risk.

The

value

of

a

convertible

security

is

influenced

by

both

the

yield

of

non-convertible

securities

of

comparable

issuers

and

by

the

value

of

the

underlying

common

stock.

Convertible

securities

generally

offer

lower

interest

or

dividend

yields

than

non-convertible

securities

of

similar

credit

quality.

The

market

values

of

convertible

securities

tend

to

decline

as

interest

rates

increase

and,

conversely,

to

increase

as

interest

rates

decline.

However,

the

convertible

security’s

market

value

tends

to

reflect

the

market

price

of

the

common

stock

of

the

issuing

company

when

that

stock

price

is

greater

than

the

convertible

security’s

“conversion

price.”

The

conversion

price

is

defined

as

the

predetermined

price

at

which

the

convertible

security

could

be

exchanged

for

the

associated

common

stock.

As

the

market

price

of

the

underlying

common

stock

declines,

the

price

of

the

convertible

security

tends

to

be

influenced

more

by

the

yield

of

the

convertible

security.

Thus,

the

convertible

security

may

not

decline

in

price

to

the

same

extent

as

the

underlying

common

stock.

Convertible

securities

fall

below

debt

obligations

of

the

same

issuer

in

order

of

preference

or

priority

in

the

event

of

a

liquidation

and

are

typically

unrated

or

rated

lower

than

such

debt

obligations.

Credit

Risk.

Issuers

of

securities

in

which

the

Fund

may

invest

may

default

on

their

obligations

to

pay

principal

or

interest

when

due.

This

non-

payment

would

result

in

a

reduction

of

income

to

the

Fund,

a

reduction

in

the

value

of

a

security

experiencing

non-payment

and

potentially

a

decrease

in

the

NAV

of

the

Fund.

To

the

extent

that

the

credit

rating

assigned

to

a

security

in

the

Fund’s

portfolio

is

downgraded,

the

market

price

and

liquidity

of

such

security

may

be

adversely

affected.

Credit

Spread

Risk.

Credit

spread

risk

is

the

risk

that

credit

spreads

(i.e.,

the

difference

in

yield

between

securities

that

is

due

to

differences

in

their

credit

quality)

may

increase

when

the

market

believes

that

securities

generally

have

a

greater

risk

of

default.

Increasing

credit

spreads

may

reduce

the

market

values

of

the

Fund’s

securities.

Credit

spreads

often

increase

more

for

lower

rated

and

unrated

securities

than

for

investment

grade

securities.

In

addition,

when

credit

spreads

increase,

reductions

in

market

value

will

generally

be

greater

for

longer-maturity

securities.

Debt

Securities

Risk.

Issuers

of

debt

instruments

in

which

the

Fund

may

invest

may

default

on

their

obligations

to

pay

principal

or

interest

when

due.

This

non-payment

would

result

in

a

reduction

of

income

to

the

Fund,

a

reduction

in

the

value

of

a

debt

instrument

experiencing

non-payment

and,

potentially,

a

decrease

in

the

NAV

of

the

Fund.

There

can

be

no

assurance

that

liquidation

of

collateral

would

satisfy

the

issuer’s

obligation

in

the

event

of

non-payment

of

scheduled

interest

or

principal

or

that

such

collateral

could

be

readily

liquidated.

In

the

event

of

bankruptcy

of

an

issuer,

the

Fund

could

experience

delays

or

limitations

with

respect

to

its

ability

to

realize

the

benefits

of

any

collateral

securing

a

security.

To

the

extent

that

the

credit

rating

assigned

to

a

security

in

the

Fund’s

portfolio

is

downgraded,

the

market

price

and

liquidity

of

such

security

may

be

adversely

affected.

Defaulted

and

Distressed

Securities

Risk.

The

Fund

may

hold

investments

that

at

the

time

of

purchase

are

in

default

or

involved

in

bankruptcy

or

insolvency

proceedings,

or

may

later

become

so.

Moreover,

the

Fund

may

invest

in

low-rated

securities

that,

although

not

in

default,

may

be

“distressed,”

meaning

that

the

issuer

is

experiencing

financial

difficulties

or

distress

at

the

time

of

acquisition.

Such

securities

would

present

a

substantial

risk

of

future

default

which

may

cause

the

Fund

to

incur

losses,

including

additional

expenses,

to

the

extent

it

is

required

to

seek

recovery

upon

a

default

in

the

payment

of

principal

or

interest

on

those

securities.

In

any

reorganization

or

liquidation

proceeding

relating

to

a

portfolio

security,

the

Fund

may

lose

its

entire

investment

or

may

be

required

to

accept

cash

or

securities

with

a

value

less

than

its

original

investment.

Defaulted

or

distressed

securities

may

be

subject

to

restrictions

on

resale.

Deflation

Risk.

Deflation

risk

is

the

risk

that

prices

throughout

the

economy

decline

over

time.

Deflation

may

have

an

adverse

effect

on

the

creditworthiness

of

issuers

and

may

make

issuer

default

more

likely,

which

may

result

in

a

decline

in

the

value

of

the

Fund’s

portfolio.

Derivatives

Risk.

The

use

of

derivatives

involves

additional

risks

and

transaction

costs

which

could

leave

the

Fund

in

a

worse

position

than

if

it

had

not

used

these

instruments.

Derivative

instruments

can

be

used

to

acquire

or

to

transfer

the

risk

and

returns

of

a

security

or

other

asset

without

buying

or

selling

the

security

or

asset.

These

instruments

may

entail

investment

exposures

that

are

greater

than

their

cost

would

suggest.

As

a

result,

a

small

investment

in

derivatives

can

result

in

losses

that

greatly

exceed

the

original

investment.

Derivatives

can

be

highly

volatile,

illiquid

and

difficult

to

value.

An

over-the-counter

derivative

transaction

between

the

Fund

and

a

counterparty

that

is

not

cleared

through

a

central

counterparty

also

involves

the

risk

that

a

loss

may

be

sustained

as

a

result

of

the

failure

of

the

counterparty

to

the

contract

to

make

required

payments.

The

payment

obligation

for

a

cleared

derivative

transaction

is

guaranteed

by

a

central

counterparty,

which

exposes

the

Fund

to

the

creditworthiness

of

the

central

counterparty.

The

use

of

certain

derivatives

involves

leverage,

which

can

cause

the

Fund’s

portfolio

to

be

more

volatile

than

if

the

91

portfolio

had

not

been

leveraged.

Leverage

can

significantly

magnify

the

effect

of

price

movements

of

the

reference

asset,

disproportionately

increasing

the

Fund’s

losses

and

reducing

the

Fund’s

opportunities

for

gains

when

the

reference

asset

changes

in

unexpected

ways.

In

some

instances,

such

leverage

could

result

in

losses

that

exceed

the

original

amount

invested.

It

is

possible

that

regulatory

or

other

developments

in

the

derivatives

market,

including

changes

in

government

regulation

could

adversely

impact

the

Fund’s

ability

to

invest

in

certain

derivatives

or

successfully

use

derivative

instruments.

Duration

Risk.

Duration

is

the

sensitivity,

expressed

in

years,

of

the

price

of

a

fixed-income

security

to

changes

in

the

general

level

of

interest

rates

(or

yields).

Securities

with

longer

durations

tend

to

be

more

sensitive

to

interest

rate

(or

yield)

changes,

which

typically

corresponds

to

increased

volatility

and

risk,

than

securities

with

shorter

durations.

For

example,

if

a

security

or

portfolio

has

a

duration

of

three

years

and

interest

rates

increase

by

1%,

then

the

security

or

portfolio

would

decline

in

value

by

approximately

3%.

Duration

differs

from

maturity

in

that

it

considers

potential

changes

to

interest

rates,

and

a

security’s

coupon

payments,

yield,

price

and

par

value

and

call

features,

in

addition

to

the

amount

of

time

until

the

security

matures.

The

duration

of

a

security

will

be

expected

to

change

over

time

with

changes

in

market

factors

and

time

to

maturity.

Emerging

Markets

Risk.

Risks

of

investing

in

securities

of

emerging

markets

issuers

include:

smaller

market

capitalization

of

securities

markets,

which

may

suffer

periods

of

relative

illiquidity;

significant

price

volatility;

restrictions

on

foreign

investment;

and

possible

restrictions

on

repatriation

of

investment

income

and

capital.

In

addition,

foreign

investors

may

be

required

to

register

the

proceeds

of

sales;

and

future

economic

or

political

crises

could

lead

to

price

controls,

forced

mergers,

expropriation

or

confiscatory

taxation,

seizure,

nationalization,

or

creation

of

government

monopolies.

Certain

emerging

markets

also

may

face

other

significant

internal

or

external

risks,

including

a

heightened

risk

of

war,

and

ethnic,

religious

and

racial

conflicts.

In

addition,

governments

in

many

emerging

market

countries

participate

to

a

significant

degree

in

their

economies

and

securities

markets,

which

may

impair

investment

and

economic

growth,

and

which

may

in

turn

diminish

the

value

of

the

securities

in

those

markets.

The

considerations

noted

below

in

“Non-U.S.

Securities

Risk”

are

generally

intensified

for

investments

in

emerging

market

countries.

Financial

Futures

and

Options

Transactions

Risk.

The

Fund

may

use

certain

transactions

for

hedging

the

portfolio’s

exposure

to

credit

risk

and

the

risk

of

increases

in

interest

rates,

which

could

result

in

poorer

overall

performance

for

the

Fund.

There

may

be

an

imperfect

correlation

between

price

movements

of

the

futures

and

options

and

price

movements

of

the

portfolio

securities

being

hedged.

If

the

Fund

engages

in

futures

transactions

or

in

the

writing

of

options

on

futures,

it

will

be

required

to

maintain

initial

margin

and

maintenance

margin

and

may

be

required

to

make

daily

variation

margin

payments

in

accordance

with

applicable

rules

of

the

exchanges

and

the

Commodity

Futures

Trading

Commission

(“CFTC”).

If

the

Fund

purchases

a

financial

futures

contract

or

a

call

option

or

writes

a

put

option

in

order

to

hedge

the

anticipated

purchase

of

securities,

and

if

the

Fund

fails

to

complete

the

anticipated

purchase

transaction,

the

Fund

may

have

a

loss

or

a

gain

on

the

futures

or

options

transaction

that

will

not

be

offset

by

price

movements

in

the

securities

that

were

the

subject

of

the

anticipatory

hedge.

There

can

be

no

assurance

that

a

liquid

market

will

exist

at

a

time

when

the

Fund

seeks

to

close

out

a

derivatives

or

futures

or

a

futures

option

position,

and

the

Fund

would

remain

obligated

to

meet

margin

requirements

until

the

position

is

closed.

Floating-Rate

and

Fixed-to-Floating-Rate

Securities

Risk.

The

market

value

of

floating-rate

securities

is

a

reflection

of

discounted

expected

cash

flows

based

on

expectations

for

future

interest

rate

resets.

The

market

value

of

such

securities

may

fall

in

a

declining

interest

rate

environment

and

may

also

fall

in

a

rising

interest

rate

environment

if

there

is

a

lag

between

the

rise

in

interest

rates

and

the

reset.

This

risk

may

also

be

present

with

respect

to

fixed-to-floating-rate

securities

in

which

the

Fund

may

invest.

A

secondary

risk

associated

with

declining

interest

rates

is

the

risk

that

income

earned

by

the

Fund

on

floating-rate

and

fixed-to-floating-rate

securities

will

decline

due

to

lower

coupon

payments

on

floating

rate

securities.

Foreign

Currency

Risk.

Because

the

Fund

may

invest

in

securities

denominated

or

quoted

in

currencies

other

than

the

U.S.

dollar,

changes

in

foreign

currency

exchange

rates

may

affect

the

value

of

securities

held

by

the

Fund

and

the

unrealized

appreciation

or

depreciation

of

investments.

Currencies

of

certain

countries

may

be

volatile

and

therefore

may

affect

the

value

of

securities

denominated

in

such

currencies,

which

means

that

the

Fund’s

NAV

could

decline

as

a

result

of

changes

in

the

exchange

rates

between

foreign

currencies

and

the

U.S.

dollar.

In

addition,

certain

countries,

particularly

emerging

market

countries,

may

impose

foreign

currency

exchange

controls

or

other

restrictions

on

the

transferability,

repatriation

or

convertibility

of

currency.

Hedging

Risk.

The

Fund’s

use

of

derivatives

or

other

transactions

to

reduce

risk

involves

costs

and

will

be

subject

to

the

investment

adviser’s

and/or

the

sub-adviser’s

ability

to

predict

correctly

changes

in

the

relationships

of

such

hedge

instruments

to

the

Fund’s

portfolio

holdings

or

other

factors.

No

assurance

can

be

given

that

the

investment

adviser’s

and/or

the

sub-adviser’s

judgment

in

this

respect

will

be

correct,

and

no

assurance

can

be

given

that

the

Fund

will

enter

into

hedging

or

other

transactions

at

times

or

under

circumstances

in

which

it

may

be

advisable

to

do

so.

Hedging

activities

may

reduce

the

Fund’s

opportunities

for

gain

by

offsetting

the

positive

effects

of

favorable

price

movements

and

may

result

in

net

losses.

Illiquid

Investments

Risk.

I

Illiquid

investments

are

investments

that

are

not

readily

marketable.

These

investments

may

include

restricted

investments,

including

Rule

144A

securities,

which

cannot

be

resold

to

the

public

without

an

effective

registration

statement

under

the

1933

Act,

or

if

they

are

unregistered,

may

be

sold

only

in

a

privately

negotiated

transaction

or

pursuant

to

an

available

exemption

from

registration.

The

Fund

may

not

be

able

to

readily

dispose

of

such

investments

at

prices

that

approximate

those

at

which

the

Fund

could

sell

such

investments

if

they

were

more

widely

traded

and,

as

a

result

of

such

illiquidity,

the

Fund

may

have

to

sell

other

investments

or

engage

in

borrowing

transactions

if

necessary

to

raise

cash

to

meet

its

obligations.

Limited

liquidity

can

also

affect

the

market

price

of

investments,

thereby

adversely

affecting

the

Fund’s

NAV

and

ability

to

make

dividend

distributions.

The

financial

markets

in

general

have

in

recent

years

experienced

periods

of

extreme

secondary

market

supply

and

92

Shareholder

Update

(Unaudited)

(continued)

demand

imbalance,

resulting

in

a

loss

of

liquidity

during

which

market

prices

were

suddenly

and

substantially

below

traditional

measures

of

intrinsic

value.

During

such

periods,

some

investments

could

be

sold

only

at

arbitrary

prices

and

with

substantial

losses.

Periods

of

such

market

dislocation

may

occur

again

at

any

time.

Income

Risk.

The

Fund’s

income

could

decline

due

to

falling

market

interest

rates.

This

is

because,

in

a

falling

interest

rate

environment,

the

Fund

generally

will

have

to

invest

the

proceeds

from

maturing

portfolio

securities

in

lower-yielding

securities.

Inflation

Risk.

Inflation

risk

is

the

risk

that

the

value

of

assets

or

income

from

investments

will

be

worth

less

in

the

future

as

inflation

decreases

the

value

of

money.

As

inflation

increases,

the

real

value

of

the

common

shares

and

distributions

can

decline.

Currently,

inflation

rates

are

elevated

relative

to

normal

market

conditions

and

could

increase.

Inflation

Correlation

Risk.

Although

the

values

of

certain

of

the

Fund’s

loan

investments

are

generally

linked

or

correlated

to

the

rate

of

inflation,

there

is

no

guarantee

that

such

investments

will

provide

any

protection

against

the

impact

of

inflation.

In

addition,

while

these

investments

are

expected

to

be

protected

from

long-term

inflationary

trends,

short-term

increases

in

inflation

may

lead

to

a

decline

in

their

value.

Further,

when

inflation

and

expectations

of

inflation

are

low

or

declining,

the

Fund’s

positions

in

such

investments

are

likely

to

underperform

the

overall

stock

markets.

Interest

Rate

Risk.

Interest

rate

risk

is

the

risk

that

securities

in

the

Fund’s

portfolio

will

decline

in

value

because

of

changes

in

market

interest

rates.

Generally,

when

market

interest

rates

rise,

the

market

value

of

such

securities

will

fall,

and

vice

versa

.

As

interest

rates

decline,

issuers

of

securities

may

prepay

principal

earlier

than

scheduled,

forcing

the

Fund

to

reinvest

in

lower-yielding

securities

and

potentially

reducing

the

Fund’s

income.

As

interest

rates

increase,

slower

than

expected

principal

payments

may

extend

the

average

life

of

securities,

potentially

locking

in

a

below-market

interest

rate

and

reducing

the

Fund’s

value.

In

typical

market

interest

rate

environments,

the

prices

of

longer-term

securities

generally

fluctuate

more

than

prices

of

shorter-term

securities

as

interest

rates

change.

Inverse

Floating

Rate

Securities

Risk.

The

Fund

may

invest

in

inverse

floating

rate

securities.

In

general,

income

on

inverse

floating

rate

securities

will

decrease

when

short-term

interest

rates

increase

and

increase

when

short-term

interest

rates

decrease.

Investments

in

inverse

floating

rate

securities

may

subject

the

Fund

to

the

risks

of

reduced

or

eliminated

interest

payments

and

losses

of

principal.

In

addition,

inverse

floating

rate

securities

may

increase

or

decrease

in

value

at

a

greater

rate

than

the

underlying

interest

rate,

which

effectively

leverages

the

Fund’s

investment.

As

a

result,

the

market

value

of

such

securities

generally

will

be

more

volatile

than

that

of

fixed

rate

securities.

The

Fund

may

invest

in

inverse

floating

rate

securities

issued

by

special

purpose

trusts

that

have

recourse

to

the

Fund.

In

such

instances,

the

Fund

may

be

at

risk

of

loss

that

exceeds

its

investment

in

the

inverse

floating

rate

securities.

The

Fund

may

be

required

to

sell

its

inverse

floating

rate

securities

at

less

than

favorable

prices,

or

liquidate

other

Fund

portfolio

holdings

in

certain

circumstances,

including,

but

not

limited

to,

the

following:

If

the

Fund

has

a

need

for

cash

and

the

securities

in

a

special

purpose

trust

are

not

actively

trading

due

to

adverse

market

conditions;

If

special

purpose

trust

sponsors

(as

a

collective

group

or

individually)

experience

financial

hardship

and

consequently

seek

to

terminate

their

respective

outstanding

special

purpose

trusts;

and

If

the

value

of

an

underlying

security

declines

significantly

and

if

additional

collateral

has

not

been

posted

by

the

Fund.

Loan

Participation

Risk.

The

Fund

may

purchase

a

participation

interest

in

a

loan

and

by

doing

so

acquire

some

or

all

of

the

interest

of

a

bank

or

other

lending

institution

in

a

loan

to

a

borrower.

A

participation

typically

will

result

in

the

Fund

having

a

contractual

relationship

only

with

the

lender,

not

the

borrower.

As

a

result,

the

Fund

assumes

the

credit

risk

of

the

lender

selling

the

participation

in

addition

to

the

credit

risk

of

the

borrower.

By

purchasing

a

participation,

the

Fund

will

have

the

right

to

receive

payments

of

principal,

interest

and

any

fees

to

which

it

is

entitled

only

from

the

lender

selling

the

participation

and

only

upon

receipt

by

the

lender

of

the

payments

from

the

borrower.

In

the

event

of

insolvency

or

bankruptcy

of

the

lender

selling

the

participation,

the

Fund

may

be

treated

as

a

general

creditor

of

the

lender

and

may

not

have

a

senior

claim

to

the

lender’s

interest

in

the

loan.

If

the

Fund

only

acquires

a

participation

in

the

loan

made

by

a

third

party,

the

Fund

may

not

be

able

to

control

the

exercise

of

any

remedies

that

the

lender

would

have

under

the

loan.

Such

third

party

participation

arrangements

are

designed

to

give

loan

investors

preferential

treatment

over

high

yield

investors

in

the

event

of

a

deterioration

in

the

credit

quality

of

the

borrower.

Even

when

these

arrangements

exist,

however,

there

can

be

no

assurance

that

the

principal

and

interest

owed

on

the

loan

will

be

repaid

in

full.

Loan

Risk.

The

lack

of

an

active

trading

market

for

certain

loans

may

impair

the

ability

of

the

Fund

to

realize

full

value

in

the

event

of

the

need

to

sell

a

loan

and

may

make

it

difficult

to

value

such

loans.

Portfolio

transactions

in

loans

may

settle

in

as

short

as

seven

days

but

typically

can

take

up

to

two

or

three

weeks,

and

in

some

cases

much

longer.

As

a

result

of

these

extended

settlement

periods,

the

Fund

may

incur

losses

if

it

is

required

to

sell

other

investments

or

temporarily

borrow

to

meet

its

cash

needs.

The

risks

associated

with

unsecured

loans,

which

are

not

backed

by

a

security

interest

in

any

specific

collateral,

are

higher

than

those

for

comparable

loans

that

are

secured

by

specific

collateral.

For

secured

loans,

there

is

a

risk

that

the

value

of

any

collateral

securing

a

loan

in

which

the

Fund

has

an

interest

may

decline

and

that

the

collateral

may

not

be

sufficient

to

cover

the

amount

owed

on

the

loan.

Interests

in

loans

made

to

finance

highly

leveraged

companies

or

transactions

such

as

corporate

acquisitions

may

be

especially

vulnerable

to

adverse

changes

in

economic

or

market

conditions.

Loans

may

have

restrictive

covenants

limiting

the

ability

of

a

borrower

to

further

encumber

its

assets.

However,

in

periods

of

high

demand

by

lenders

like

the

Fund

for

loan

investments,

borrowers

may

limit

these

covenants

and

weaken

a

lender’s

ability

to

access

collateral

securing

the

loan;

reprice

the

credit

risk

associated

with

the

borrower;

and

mitigate

potential

loss.

The

Fund

may

experience

relatively

greater

realized

or

unrealized

losses

or

delays

and

expenses

in

enforcing

its

rights

with

respect

to

loans

with

93

fewer

restrictive

covenants.

Additionally,

loans

may

not

be

considered

“securities”

and,

as

a

result,

the

Fund

may

not

be

entitled

to

rely

on

the

anti-

fraud

protections

of

the

securities

laws.

Because

junior

loans

have

a

lower

place

in

an

issuer’s

capital

structure

and

may

be

unsecured,

junior

loans

involve

a

higher

degree

of

overall

risk

than

senior

loans

of

the

issuer.

Mortgage-Backed

Securities

Risk

.

Investing

in

MBS

entails

various

risks:

credit

risks,

liquidity

risks,

interest

rate

risks,

market

risks,

operations

risks,

structural

risks,

geographical

concentration

risks,

basis

risks

and

legal

risks.

Most

MBS

are

subject

to

the

significant

credit

risks

inherent

in

the

underlying

collateral

and

to

the

risk

that

the

servicer

fails

to

perform.

MBS

are

subject

to

risks

associated

with

their

structure

and

execution,

including

the

process

by

which

principal

and

interest

payments

are

allocated

and

distributed

to

investors,

how

credit

losses

affect

the

issuing

vehicle

and

the

return

to

investors

in

such

MBS,

whether

the

collateral

represents

a

fixed

set

of

specific

assets

or

accounts,

whether

the

underlying

collateral

assets

are

revolving

or

closed-end,

under

what

terms

(including

maturity

of

the

MBS)

any

remaining

balance

in

the

accounts

may

revert

to

the

issuing

entity

and

the

extent

to

which

the

entity

that

is

the

actual

source

of

the

collateral

assets

is

obligated

to

provide

support

to

the

issuing

vehicle

or

to

the

investors

in

such

MBS.

In

addition,

concentrations

of

MBS

of

a

particular

type,

as

well

as

concentrations

of

MBS

issued

or

guaranteed

by

affiliated

obligors,

serviced

by

the

same

servicer

or

backed

by

underlying

collateral

located

in

a

specific

geographic

region,

may

subject

the

MBS

to

additional

risk.

The

risks

associated

with

MBS

include:

(1)

credit

risk

associated

with

the

performance

of

the

underlying

mortgage

properties

and

of

the

borrowers

owning

these

properties;

(2)

adverse

changes

in

economic

conditions

and

circumstances,

which

are

more

likely

to

have

an

adverse

impact

on

MBS

secured

by

loans

on

certain

types

of

commercial

properties

than

on

those

secured

by

loans

on

residential

properties;

(3)

prepayment

risk,

which

can

lead

to

significant

fluctuations

in

value

of

the

MBS;

(4)

loss

of

all

or

part

of

the

premium,

if

any,

paid;

and

(5)

decline

in

the

market

value

of

the

security,

whether

resulting

from

changes

in

interest

rates,

prepayments

on

the

underlying

mortgage

collateral

or

perceptions

of

the

credit

risk

associated

with

the

underlying

mortgage

collateral.

MBS

represent

an

interest

in

a

pool

of

mortgages.

When

market

interest

rates

decline,

more

mortgages

are

refinanced

and

the

securities

are

paid

off

earlier

than

expected.

Prepayments

may

also

occur

on

a

scheduled

basis

or

due

to

foreclosure.

When

market

interest

rates

increase,

the

market

values

of

MBS

decline.

At

the

same

time,

however,

mortgage

refinancings

and

prepayments

slow,

which

lengthens

the

effective

maturities

of

these

securities.

As

a

result,

the

negative

effect

of

the

rate

increase

on

the

market

value

of

MBS

is

usually

more

pronounced

than

it

is

for

other

types

of

debt

securities.

In

addition,

in

the

event

of

increased

instability

in

the

credit

markets,

the

market

for

some

MBS

may

experience

reduced

liquidity

and

greater

volatility

with

respect

to

the

value

of

such

securities,

making

it

more

difficult

to

value

such

securities.

Moreover,

the

relationship

between

borrower

prepayments

and

changes

in

interest

rates

may

mean

some

high-yielding

MBS

have

less

potential

for

increases

in

value

if

market

interest

rates

were

to

fall

than

conventional

bonds

with

comparable

maturities.

In

addition,

in

periods

of

falling

interest

rates,

the

rate

of

prepayments

tends

to

increase.

During

such

periods,

the

reinvestment

of

prepayment

proceeds

by

the

Fund

will

generally

be

at

lower

rates

than

the

rates

that

were

carried

by

the

obligations

that

have

been

prepaid.

Because

of

these

and

other

reasons,

MBS’

total

return

and

maturity

may

be

difficult

to

predict

precisely.

To

the

extent

that

the

Fund

purchases

MBS

at

a

premium,

prepayments

(which

may

be

made

without

penalty)

may

result

in

loss

of

the

Fund’s

principal

investment

to

the

extent

of

premium

paid.

MBS

generally

are

classified

as

either

CMBS

or

RMBS,

each

of

which

are

subject

to

certain

specific

risks

as

further

described

herein.

Non-U.S.

Securities

Risk

.

Investments

in

securities

of

non-U.S.

issuers

involve

special

risks,

including:

less

publicly

available

information

about

non-U.S.

issuers

or

markets

due

to

less

rigorous

disclosure

or

accounting

standards

or

regulatory

practices;

many

non-U.S.

markets

are

smaller,

less

liquid

and

more

volatile;

the

economies

of

non-U.S.

countries

may

grow

at

slower

rates

than

expected

or

may

experience

a

downturn

or

recession;

the

impact

of

economic,

political,

social

or

diplomatic

events;

and

withholding

and

other

non-U.S.

taxes

may

decrease

the

Fund’s

return.

These

risks

are

more

pronounced

to

the

extent

that

the

Fund

invests

a

significant

amount

of

its

assets

in

issuers

located

in

one

region.

Other

Investment

Companies

Risk.

The

Fund

may

invest

in

the

securities

of

other

investment

companies,

including

ETFs.

Investing

in

an

investment

company

exposes

the

Fund

to

all

of

the

risks

of

that

investment

company’s

investments.

The

Fund,

as

a

holder

of

the

securities

of

other

investment

companies,

will

bear

its

pro

rata

portion

of

the

other

investment

companies’

expenses,

including

advisory

fees.

These

expenses

are

in

addition

to

the

direct

expenses

of

the

Fund’s

own

operations.

As

a

result,

the

cost

of

investing

in

investment

company

shares

may

exceed

the

costs

of

investing

directly

in

its

underlying

investments.

In

addition,

securities

of

other

investment

companies

may

be

leveraged.

As

a

result,

the

Fund

may

be

indirectly

exposed

to

leverage

through

an

investment

in

such

securities

and

therefore

magnify

the

Fund’s

leverage

risk.

With

respect

to

ETF’s,

an

ETF

that

is

based

on

a

specific

index

may

not

be

able

to

replicate

and

maintain

exactly

the

composition

and

relative

weighting

of

securities

in

the

index.

The

value

of

an

ETF

based

on

a

specific

index

is

subject

to

change

as

the

values

of

its

respective

component

assets

fluctuate

according

to

market

volatility.

ETFs

typically

rely

on

a

limited

pool

of

authorized

participants

to

create

and

redeem

shares,

and

an

active

trading

market

for

ETF

shares

may

not

develop

or

be

maintained.

The

market

value

of

shares

of

ETFs

and

closed-end

funds

may

differ

from

their

NAV.

Preferred

Securities

Risk.

Preferred

securities

are

subordinated

to

bonds

and

other

debt

instruments

in

a

company’s

capital

structure,

and

therefore

are

subject

to

greater

credit

risk.

In

addition,

preferred

stockholders

(such

as

the

Fund,

to

the

extent

it

invests

in

preferred

stocks

of

other

issuers)

generally

have

no

voting

rights

with

respect

to

the

issuing

company

unless

preferred

dividends

have

been

in

arrears

for

a

specified

number

of

periods,

at

which

time

the

preferred

stockholders

may

elect

a

number

of

directors

to

the

issuer’s

board.

Generally,

once

all

the

arrearages

have

been

paid,

the

preferred

stockholders

no

longer

have

voting

rights.

In

the

case

of

certain

taxable

preferred

stocks,

holders

generally

have

no

voting

rights,

except

(i)

if

the

issuer

fails

to

pay

dividends

for

a

specified

period

of

time

or

(ii)

if

a

declaration

of

default

occurs

and

is

continuing.

In

such

an

event,

rights

of

preferred

stockholders

generally

would

include

the

right

to

appoint

and

authorize

a

trustee

to

enforce

the

trust

or

special

purpose

entity’s

rights

as

a

creditor

under

the

agreement

with

its

operating

company.

In

certain

varying

circumstances,

an

issuer

of

preferred

stock

may

94

Shareholder

Update

(Unaudited)

(continued)

redeem

the

securities

prior

to

a

specified

date.

For

instance,

for

certain

types

of

preferred

stock,

a

redemption

may

be

triggered

by

a

change

in

U.S.

federal

income

tax

or

securities

laws.

As

with

call

provisions,

a

redemption

by

the

issuer

may

negatively

impact

the

return

of

the

security

held

by

the

Fund.

Reinvestment

Risk

.

Reinvestment

risk

is

the

risk

that

income

from

the

Fund’s

portfolio

will

decline

if

and

when

the

Fund

invests

the

proceeds

from

matured,

traded

or

called

securities

at

market

interest

rates

that

are

below

the

portfolio’s

current

earnings

rate.

A

decline

in

income

could

affect

the

common

shares’

market

price,

NAV

and/or

a

common

shareholder’s

overall

returns.

Second

Lien

Loans

and

Unsecured

Loans

Risk

.

Second

lien

loans

and

unsecured

loans

generally

are

subject

to

the

same

risks

associated

with

investments

in

senior

loans,

as

discussed

below.

Because

second

lien

loans

and

unsecured

loans

are

lower

in

priority

of

payment

to

senior

loans,

they

are

subject

to

the

additional

risk

that

the

cash

flow

of

the

borrower

and

property

securing

the

loan,

if

any,

may

be

insufficient

to

meet

scheduled

payments

after

giving

effect

to

the

senior

secured

obligations

of

the

borrower.

This

risk

is

generally

higher

for

unsecured

loans,

which

are

not

backed

by

a

security

interest

in

any

specific

collateral.

Second

lien

loans

and

unsecured

loans

are

expected

to

have

greater

price

volatility

than

senior

loans

and

may

be

less

liquid.

Second

lien

loans

and

unsecured

loans

of

below

investment

grade

quality

also

share

the

same

risks

of

other

below

investment

grade

debt

instruments.

Senior

Loan

Agent

Risk.

A

financial

institution’s

employment

as

an

agent

under

a

senior

loan

might

be

terminated

in

the

event

that

it

fails

to

observe

a

requisite

standard

of

care

or

becomes

insolvent.

A

successor

agent

would

generally

be

appointed

to

replace

the

terminated

agent,

and

assets

held

by

the

agent

under

the

loan

agreement

would

likely

remain

available

to

holders

of

such

indebtedness.

However,

if

assets

held

by

the

terminated

agent

for

the

benefit

of

the

Fund

were

determined

to

be

subject

to

the

claims

of

the

agent’s

general

creditors,

the

Fund

might

incur

certain

costs

and

delays

in

realizing

payment

on

a

senior

loan

or

loan

participation

and

could

suffer

a

loss

of

principal

and/or

interest.

In

situations

involving

other

interposed

financial

institutions

(e.g.,

an

insurance

company

or

government

agency)

similar

risks

may

arise.

Senior

Loan

Risk

.

Senior

loans

typically

hold

the

most

senior

position

in

the

capital

structure

of

a

business

entity,

are

typically

secured

with

specific

collateral

and

have

a

claim

on

the

assets

and/or

stock

of

the

issuer

that

is

senior

to

that

held

by

subordinated

debt

holders

and

stockholders

of

the

issuer.

Senior

loans

are

usually

rated

below

investment

grade,

and

share

the

same

risks

of

other

below

investment

grade

debt

instruments.

Although

the

Fund

may

invest

in

senior

loans

that

are

secured

by

specific

collateral,

there

can

be

no

assurance

that

the

liquidation

of

such

collateral

would

satisfy

an

issuer’s

obligation

to

the

Fund

in

the

event

of

issuer

default

or

that

such

collateral

could

be

readily

liquidated

under

such

circumstances.

If

the

terms

of

a

senior

loan

do

not

require

the

issuer

to

pledge

additional

collateral

in

the

event

of

a

decline

in

the

value

of

the

already

pledged

collateral,

the

Fund

will

be

exposed

to

the

risk

that

the

value

of

the

collateral

will

not

at

all

times

equal

or

exceed

the

amount

of

the

issuer’s

obligations

under

the

senior

loan.

In

the

event

of

bankruptcy

of

an

issuer,

the

Fund

could

also

experience

delays

or

limitations

with

respect

to

its

ability

to

realize

the

benefits

of

any

collateral

securing

a

senior

loan.

Some

senior

loans

are

subject

to

the

risk

that

a

court,

pursuant

to

fraudulent

conveyance

or

other

similar

laws,

could

subordinate

the

senior

loans

to

presently

existing

or

future

indebtedness

of

the

issuer

or

take

other

action

detrimental

to

lenders,

including

the

Fund.

Such

court

action

could

under

certain

circumstances

include

invalidation

of

senior

loans.

Short

Exposure

Risk.

The

Fund

may

enter

into

tactical

short

positions,

either

directly

or

through

derivatives,

to

create

negative

investment

exposure

to

or

hedge

existing

investment

exposure.

Short

selling

involves

selling

securities

that

may

be

owned,

and

if

not

owned,

borrowing

the

same

securities

for

delivery

to

the

purchaser,

with

an

obligation

to

replace

the

borrowed

securities

at

a

later

date.

Short

selling

allows

the

short

seller

to

profit

from

declines

in

market

prices

to

the

extent

such

declines

exceed

the

transaction

costs

and

the

costs

of

borrowing

the

securities.

A

short

sale

creates

the

risk

of

an

unlimited

loss,

in

that

the

price

of

the

underlying

security

could

theoretically

increase

without

limit,

thus

increasing

the

cost

of

buying

those

securities

to

cover

the

short

position.

There

can

be

no

assurance

that

the

securities

necessary

to

cover

a

short

position

will

be

available

for

purchase.

Purchasing

securities

to

close

out

the

short

position

can

itself

cause

the

price

of

the

securities

to

rise

further,

thereby

exacerbating

the

loss.

Sovereign

Government

and

Supranational

Debt

Risk

.

Investments

in

sovereign

debt,

including

supranational

debt,

involve

special

risks.

Foreign

governmental

issuers

of

debt

or

the

governmental

authorities

that

control

the

repayment

of

the

debt

may

be

unable

or

unwilling

to

repay

principal

or

pay

interest

when

due.

In

the

event

of

default,

there

may

be

limited

or

no

legal

recourse

in

that,

generally,

remedies

for

defaults

must

be

pursued

in

the

courts

of

the

defaulting

party.

Political

conditions,

especially

a

sovereign

entity’s

willingness

to

meet

the

terms

of

its

debt

obligations,

are

of

considerable

significance.

The

ability

of

a

foreign

sovereign

issuer,

especially

an

emerging

market

country,

to

make

timely

payments

on

its

debt

obligations

will

also

be

strongly

influenced

by

the

sovereign

issuer’s

balance

of

payments,

including

export

performance,

its

access

to

international

credit

facilities

and

investments,

fluctuations

of

interest

rates

and

the

extent

of

its

foreign

reserves.

A

country

whose

exports

are

concentrated

in

a

few

commodities

or

whose

economy

depends

on

certain

strategic

imports

could

be

vulnerable

to

fluctuations

in

international

prices

of

these

commodities

or

imports.

If

a

sovereign

issuer

cannot

generate

sufficient

earnings

from

foreign

trade

to

service

its

external

debt,

it

may

need

to

depend

on

continuing

loans

and

aid

from

foreign

governments,

commercial

banks,

and

multinational

organizations.

The

cost

of

servicing

external

debt

will

also

generally

be

adversely

affected

by

rising

international

interest

rates,

as

many

external

debt

obligations

bear

interest

at

rates

which

are

adjusted

based

upon

international

interest

rates.

Foreign

investment

in

certain

sovereign

debt

is

restricted

or

controlled

to

varying

degrees,

including

requiring

governmental

approval

for

the

repatriation

of

income,

capital

or

proceeds

of

sales

by

foreign

investors.

There

are

no

bankruptcy

proceedings

similar

to

those

in

the

U.S.

by

which

defaulted

sovereign

debt

may

be

collected.

Structured

Product

Risk.

The

Fund

may

invest

in

structured

products

such

as

structured

notes.

Holders

of

structured

products

bear

risks

of

the

underlying

investments,

index

or

reference

obligation

and

are

subject

to

counterparty

risk.

The

Fund

may

have

the

right

to

receive

payments

to

which

it

is

entitled

only

from

the

structured

product,

and

generally

does

not

have

direct

rights

against

the

issuer

or

the

entity

that

sold

assets

to

95

the

special

purpose

trust.

While

certain

structured

products

enable

the

investor

to

acquire

interests

in

a

pool

of

securities

without

the

brokerage

and

other

expenses

associated

with

directly

holding

the

same

securities,

investors

in

structured

products

generally

pay

their

share

of

the

structured

product’s

administrative

and

other

expenses.

When

investing

in

structured

products,

it

is

impossible

to

predict

whether

the

underlying

index

or

prices

of

the

underlying

securities

will

rise

or

fall,

but

prices

of

the

underlying

indices

and

securities

(and,

therefore,

the

prices

of

structured

products)

will

be

influenced

by

the

same

types

of

political

and

economic

events

that

affect

particular

issuers

of

securities

and

capital

markets

generally.

Certain

structured

products

may

be

thinly

traded

or

have

a

limited

trading

market

and

may

have

the

effect

of

increasing

the

illiquidity

of

the

Fund’s

portfolio

to

the

extent

that

the

Fund,

at

a

particular

point

in

time,

may

be

unable

to

find

qualified

buyers

for

these

securities.

Investments

in

structured

notes

involve

risks

including

income

risk,

credit

and

market

risk.

Structured

notes

may

be

less

liquid

than

other

types

of

securities

and

more

volatile

than

the

reference

instrument

or

security

underlying

the

note.

Subordinated

Loans

and

Other

Subordinated

Debt

Instruments

Risk.

Issuers

of

subordinated

loans

and

other

subordinated

debt

instruments

in

which

the

Fund

may

invest

usually

will

have,

or

may

be

permitted

to

incur,

other

debt

that

ranks

equally

with,

or

senior

to,

the

subordinated

loans

or

other

subordinated

debt

instruments.

By

their

terms,

such

debt

instruments

may

provide

that

the

holders

are

entitled

to

receive

payment

of

interest

or

principal

on

or

before

the

dates

on

which

the

Fund

is

entitled

to

receive

payments

in

respect

of

subordinated

loans

or

other

subordinated

debt

instruments

in

which

it

invests.

Also,

in

the

event

of

insolvency,

liquidation,

dissolution,

reorganization

or

bankruptcy

of

an

issuer,

holders

of

debt

instruments

ranking

senior

to

the

subordinated

loan

or

other

debt

instrument

in

which

the

Fund

invests

would

typically

be

entitled

to

receive

payment

in

full

before

the

Fund

receives

any

distribution

in

respect

of

its

investment.

After

repaying

such

senior

creditors,

such

issuer

may

not

have

any

remaining

assets

to

use

for

repaying

its

obligation

to

the

Fund.

In

the

case

of

debt

ranking

equally

with

subordinated

loans

or

other

subordinated

debt

instruments

in

which

the

Fund

invests,

the

Fund

would

have

to

share

on

an

equal

basis

any

distributions

with

other

creditors

holding

such

debt

in

the

event

of

an

insolvency,

liquidation,

dissolution,

reorganization

or

bankruptcy

of

the

relevant

issuer.

In

addition,

the

Fund

will

likely

not

be

in

a

position

to

control

any

issuer

by

investing

in

its

debt

instruments.

As

a

result,

the

Fund

will

be

subject

to

the

risk

that

an

issuer

in

which

it

invests

may

make

business

decisions

with

which

the

Fund

disagrees

and

the

management

of

such

issuer,

as

representatives

of

the

holders

of

their

common

equity,

may

take

risks

or

otherwise

act

in

ways

that

do

not

serve

the

Fund’s

interests

as

a

debt

investor.

Swap

Transactions

Risk

.

The

Fund

may

enter

into

debt-related

derivative

instruments

such

as

credit

default

swap

contracts

and

interest

rate

swaps.

Like

most

derivative

instruments,

the

use

of

swaps

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

In

addition,

the

use

of

swaps

requires

an

understanding

by

the

investment

adviser

and/or

the

sub-adviser

of

not

only

the

referenced

asset,

rate

or

index,

but

also

of

the

swap

itself.

If

the

investment

adviser

and/or

the

sub-adviser

is

incorrect

in

its

forecasts

of

default

risks,

market

spreads

or

other

applicable

factors

or

events,

the

investment

performance

of

the

Fund

would

diminish

compared

with

what

it

would

have

been

if

these

techniques

were

not

used.

Unrated

Securities

Risk.

The

Fund

may

purchase

securities

that

are

not

rated

by

any

rating

organization.

Unrated

securities

determined

by

the

Fund’s

investment

adviser

to

be

of

comparable

quality

to

rated

investments

which

the

Fund

may

purchase

may

pay

a

higher

dividend

or

interest

rate

than

such

rated

investments

and

be

subject

to

a

greater

risk

of

illiquidity

or

price

changes.

Less

public

information

is

typically

available

about

unrated

investments

or

issuers

than

rated

investments

or

issuers.

Some

unrated

securities

may

not

have

an

active

trading

market

or

may

be

difficult

to

value,

which

means

the

Fund

might

have

difficulty

selling

them

promptly

at

an

acceptable

price.

To

the

extent

that

the

Fund

invests

in

unrated

securities,

the

Fund’s

ability

to

achieve

its

investment

objectives

will

be

more

dependent

on

the

investment

adviser’s

credit

analysis

than

would

be

the

case

when

the

Fund

invests

in

rated

securities.

Valuation

Risk.

The

securities

in

which

the

Fund

invests

typically

are

valued

by

a

pricing

service

utilizing

a

range

of

market-based

inputs

and

assumptions,

including

readily

available

market

quotations

obtained

from

broker-dealers

making

markets

in

such

instruments,

cash

flows

and

transactions

for

comparable

instruments.

There

is

no

assurance

that

the

Fund

will

be

able

to

sell

a

portfolio

security

at

the

price

established

by

the

pricing

service,

which

could

result

in

a

loss

to

the

Fund.

Pricing

services

generally

price

securities

assuming

orderly

transactions

of

an

institutional

“round

lot”

size,

but

some

trades

may

occur

in

smaller,

“odd

lot”

sizes,

often

at

lower

prices

than

institutional

round

lot

trades.

Different

pricing

services

may

incorporate

different

assumptions

and

inputs

into

their

valuation

methodologies,

potentially

resulting

in

different

values

for

the

same

securities.

As

a

result,

if

the

Fund

were

to

change

pricing

services,

or

if

the

Fund’s

pricing

service

were

to

change

its

valuation

methodology,

there

could

be

a

material

impact,

either

positive

or

negative,

on

the

Fund’s

NAV.

Warrants

and

Equity

Securities

Risk.

Investments

in

warrants

and

equity

securities

entail

certain

risks

in

addition

to

those

associated

with

investments

in

adjustable

rate

instruments

or

other

debt

instruments.

The

value

of

warrants

and

equity

securities

may

be

affected

more

rapidly,

and

to

a

greater

extent,

by

company-specific

developments

and

general

market

conditions.

These

risks

may

increase

fluctuations

in

the

Fund’s

NAV.

The

Fund

may

possess

material

non-public

information

about

an

issuer

as

a

result

of

its

ownership

of

an

adjustable

rate

instrument

or

other

debt

instrument

of

such

issuer.

Because

of

prohibitions

on

trading

in

securities

of

issuers

while

in

possession

of

such

information,

the

Fund

might

be

unable

to

enter

into

a

transaction

in

a

security

of

such

an

issuer

when

it

would

otherwise

be

advantageous

to

do

so.

When-Issued

and

Delayed-Delivery

Transactions

Risk.

The

Fund

may

invest

in

securities

on

a

“when-issued”

or

“delayed-delivery”

basis.

When-issued

and

delayed-delivery

transactions

may

involve

an

element

of

risk

because

no

interest

accrues

on

the

securities

prior

to

settlement

and,

because

securities

are

subject

to

market

fluctuations,

the

value

of

the

securities

at

time

of

delivery

may

be

less

(or

more)

than

their

cost.

A

separate

account

of

the

Fund

will

be

established

with

its

custodian

consisting

of

cash

equivalents

or

liquid

securities

having

a

market

value

at

all

times

at

least

equal

to

the

amount

of

any

delayed

payment

commitment.

Zero

Coupon

Bonds

Risk.

Because

interest

on

zero

coupon

bonds

is

not

paid

on

a

current

basis,

the

values

of

zero

coupon

bonds

will

be

more

volatile

in

response

to

interest

rate

changes

than

the

values

of

bonds

that

distribute

income

regularly.

Although

zero

coupon

bonds

generate

income

for

accounting

purposes,

they

do

not

produce

cash

flow,

and

thus

the

Fund

could

be

forced

to

liquidate

securities

at

an

inopportune

time

in

order

to

generate

cash

to

distribute

to

shareholders

as

required

by

tax

laws.

96

Shareholder

Update

(Unaudited)

(continued)

Fund

Level

and

Other

Risks:

Anti-Takeover

Provisions.

The

Fund’s

organizational

documents

include

provisions

that

could

limit

the

ability

of

other

entities

or

persons

to

acquire

control

of

the

Fund

or

convert

the

Fund

to

open-end

status,

which

include

those

commonly

known

as

“Control

Share

Acquisition”

provisions.

Although

the

application

of

the

"Control

Share

Acquisition"

provisions

has

currently

been

suspended,

these

provisions

could

have

the

effect

of

depriving

the

common

shareholders

of

opportunities

to

sell

their

common

shares

at

a

premium

over

the

then-current

market

price

of

the

common

shares.

Borrowing

Risk.

In

addition

to

borrowing

for

leverage,

the

Fund

may

borrow

for

temporary

or

emergency

purposes,

to

pay

dividends,

repurchase

its

shares,

or

clear

portfolio

transactions.

Borrowing

may

exaggerate

changes

in

the

NAV

of

the

Fund’s

shares

and

may

affect

the

Fund’s

net

income.

When

the

Fund

borrows

money,

it

must

pay

interest

and

other

fees,

which

will

reduce

the

Fund’s

returns

if

such

costs

exceed

the

returns

on

the

portfolio

securities

purchased

or

retained

with

such

borrowings.

Any

such

borrowings

are

intended

to

be

temporary.

However,

under

certain

market

circumstances,

such

borrowings

might

be

outstanding

for

longer

periods

of

time.

Counterparty

Risk.

Changes

in

the

credit

quality

of

the

companies

that

serve

as

the

Fund’s

counterparties

with

respect

to

derivatives

or

other

transactions

supported

by

another

party’s

credit

will

affect

the

value

of

those

instruments.

Certain

entities

that

have

served

as

counterparties

in

the

markets

for

these

transactions

have

incurred

or

may

incur

in

the

future

significant

financial

hardships

including

bankruptcy

and

losses

as

a

result

of

exposure

to

sub-prime

mortgages

and

other

lower-quality

credit

investments.

As

a

result,

such

hardships

have

reduced

these

entities’

capital

and

called

into

question

their

continued

ability

to

perform

their

obligations

under

such

transactions.

By

using

such

derivatives

or

other

transactions,

the

Fund

assumes

the

risk

that

its

counterparties

could

experience

similar

financial

hardships.

In

the

event

of

the

insolvency

of

a

counterparty,

the

Fund

may

sustain

losses

or

be

unable

to

liquidate

a

derivatives

position.

Cybersecurity

Risk.

The

Fund

and

its

service

providers

are

susceptible

to

operational

and

information

security

risk

resulting

from

cyber

incidents.

Cyber

incidents

refer

to

both

intentional

attacks

and

unintentional

events

including:

processing

errors,

human

errors,

technical

errors

including

computer

glitches

and

system

malfunctions,

inadequate

or

failed

internal

or

external

processes,

market-wide

technical-related

disruptions,

unauthorized

access

to

digital

systems

(through

“hacking”

or

malicious

software

coding),

computer

viruses,

and

cyber-attacks

which

shut

down,

disable,

slow

or

otherwise

disrupt

operations,

business

processes

or

website

access

or

functionality

(including

denial

of

service

attacks).

Cyber

incidents

could

adversely

impact

the

Fund

and

cause

the

Fund

to

incur

financial

loss

and

expense,

as

well

as

face

exposure

to

regulatory

penalties,

reputational

damage,

and

additional

compliance

costs

associated

with

corrective

measures.

In

addition,

substantial

costs

may

be

incurred

in

order

to

prevent

any

cyber

incidents

in

the

future.

Furthermore,

the

Fund

cannot

control

the

cybersecurity

plans

and

systems

put

in

place

by

its

service

providers

or

any

other

third

parties

whose

operations

may

affect

the

Fund.

Fund

Tax

Risk.

The

Fund

has

elected

to

be

treated

and

intends

to

qualify

each

year

as

a

Regulated

Investment

Company

(“RIC”)

under

the

Internal

Revenue

Code

of

1986,

as

amended

(the

“Code”).

As

a

RIC,

the

Fund

is

not

expected

to

be

subject

to

U.S.

federal

income

tax

to

the

extent

that

it

distributes

its

investment

company

taxable

income

and

net

capital

gains.

To

qualify

for

the

special

tax

treatment

available

to

a

RIC,

the

Fund

must

comply

with

certain

investment,

distribution,

and

diversification

requirements.

Under

certain

circumstances,

the

Fund

may

be

forced

to

sell

certain

assets

when

it

is

not

advantageous

in

order

to

meet

these

requirements,

which

may

reduce

the

Fund’s

overall

return.

If

the

Fund

fails

to

meet

any

of

these

requirements,

subject

to

the

opportunity

to

cure

such

failures

under

applicable

provisions

of

the

Code,

the

Fund’s

income

would

be

subject

to

a

double

level

of

U.S.

federal

income

tax.

The

Fund’s

income,

including

its

net

capital

gain,

would

first

be

subject

to

U.S.

federal

income

tax

at

regular

corporate

rates,

even

if

such

income

were

distributed

to

shareholders

and,

second,

all

distributions

by

the

Fund

from

earnings

and

profits,

including

distributions

of

net

capital

gain

(if

any),

would

be

taxable

to

shareholders

as

dividends.

Global

Economic

Risk.

National

and

regional

economies

and

financial

markets

are

becoming

increasingly

interconnected,

which

increases

the

possibilities

that

conditions

in

one

country,

region

or

market

might

adversely

impact

issuers

in

a

different

country,

region

or

market.

Changes

in

legal,

political,

regulatory,

tax

and

economic

conditions

may

cause

fluctuations

in

markets

and

investments

prices

around

the

world,

which

could

negatively

impact

the

value

of

the

Fund’s

investments.

Major

economic

or

political

disruptions,

particularly

in

large

economies

like

China’s,

may

have

global

negative

economic

and

market

repercussions.

Additionally,

instability

in

various

countries,

such

as

Afghanistan,

and

Syria,

natural

and

environmental

disasters

and

the

spread

of

infectious

illnesses

or

other

public

health

emergencies,

possible

terrorist

attacks

in

the

United

States

and

around

the

world,

continued

tensions

between

North

Korea

and

the

United

States

and

the

international

community

generally,

growing

social

and

political

discord

in

the

United

States,

the

European

debt

crisis,

the

response

of

the

international

community—through

economic

sanctions

and

otherwise—further

downgrade

of

U.S.

government

securities,

the

change

in

the

U.S.

president

and

the

new

administration

and

other

similar

events

may

adversely

affect

the

global

economy

and

the

markets

and

issuers

in

which

the

Fund

invests.

Recent

examples

of

such

events

include

the

outbreak

of

a

novel

coronavirus

known

as

COVID-19

that

was

first

detected

in

China

in

December

2019

and

heightened

concerns

regarding

North

Korea’s

nuclear

weapons

and

long-range

ballistic

missile

programs.

In

addition,

Russia’s

invasion

of

Ukraine

in

February

2022

has

resulted

in

sanctions

imposed

by

several

nations,

such

as

the

United

States,

United

Kingdom,

European

Union

and

Canada.

The

current

sanctions

and

potential

further

sanctions

may

negatively

impact

certain

sectors

of

Russia’s

economy,

but

also

may

negatively

impact

the

value

of

the

Fund’s

investments

that

do

not

have

direct

exposure

to

Russia.

These

events

could

reduce

consumer

demand

or

economic

output,

result

in

market

closure,

travel

restrictions

or

quarantines,

and

generally

have

a

significant

impact

on

the

economy.

These

events

could

also

impair

the

information

technology

and

other

operational

systems

upon

which

the

Fund’s

service

providers,

including

the

Fund’s

sub-adviser,

rely,

and

could

otherwise

disrupt

the

ability

of

employees

of

the

Fund’s

service

providers

to

perform

essential

tasks

on

behalf

of

the

Fund.

Governmental

and

quasi-governmental

authorities

and

regulators

throughout

the

world

have

in

the

past

responded

to

major

economic

disruptions

with

a

variety

of

significant

fiscal

and

monetary

policy

changes,

including

but

not

limited

to,

direct

capital

infusions

into

companies,

new

monetary

programs

and

dramatically

lower

interest

rates.

An

unexpected

or

quick

reversal

of

these

policies,

or

the

ineffectiveness

of

these

policies,

could

increase

volatility

in

securities

markets,

which

could

adversely

affect

the

Fund’s

investments.

97

The

Fund

does

not

know

and

cannot

predict

how

long

the

securities

markets

may

be

affected

by

these

events

and

the

effects

of

these

and

similar

events

in

the

future

on

the

U.S.

economy

and

securities

markets.

The

Fund

may

be

adversely

affected

by

abrogation

of

international

agreements

and

national

laws

which

have

created

the

market

instruments

in

which

the

Fund

may

invest,

failure

of

the

designated

national

and

international

authorities

to

enforce

compliance

with

the

same

laws

and

agreements,

failure

of

local,

national

and

international

organizations

to

carry

out

the

duties

prescribed

to

them

under

the

relevant

agreements,

revisions

of

these

laws

and

agreements

which

dilute

their

effectiveness

or

conflicting

interpretation

of

provisions

of

the

same

laws

and

agreements.

Investment

and

Market

Risk.

An

investment

in

common

shares

is

subject

to

investment

risk,

including

the

possible

loss

of

the

entire

principal

amount

that

you

invest.

Common

shares

frequently

trade

at

a

discount

to

their

NAV.

An

investment

in

common

shares

represents

an

indirect

investment

in

the

securities

owned

by

the

Fund.

Common

shares

at

any

point

in

time

may

be

worth

less

than

your

original

investment,

even

after

taking

into

account

the

reinvestment

of

Fund

dividends

and

distributions.

Legislation

and

Regulatory

Risk.

At

any

time

after

the

date

of

this

report,

legislation

or

additional

regulations

may

be

enacted

that

could

negatively

affect

the

assets

of

the

Fund,

securities

held

by

the

Fund

or

the

issuers

of

such

securities.

Fund

shareholders

may

incur

increased

costs

resulting

from

such

legislation

or

additional

regulation.

There

can

be

no

assurance

that

future

legislation,

regulation

or

deregulation

will

not

have

a

material

adverse

effect

on

the

Fund

or

will

not

impair

the

ability

of

the

Fund

to

achieve

its

investment

objectives.

Leverage

Risk.

The

use

of

leverage

creates

special

risks

for

common

shareholders,

including

potential

interest

rate

risks

and

the

likelihood

of

greater

volatility

of

NAV

and

market

price

of,

and

distributions

on,

the

common

shares.

The

use

of

leverage

in

a

declining

market

will

likely

cause

a

greater

decline

in

the

Fund’s

NAV,

which

may

result

at

a

greater

decline

of

the

common

share

price,

than

if

the

Fund

were

not

to

have

used

leverage.

The

Fund

will

pay

(and

common

shareholders

will

bear)

any

costs

and

expenses

relating

to

the

Fund’s

use

of

leverage,

which

will

result

in

a

reduction

in

the

Fund’s

NAV.

The

investment

adviser

may,

based

on

its

assessment

of

market

conditions

and

composition

of

the

Fund’s

holdings,

increase

or

decrease

the

amount

of

leverage.

Such

changes

may

impact

the

Fund’s

distributions

and

the

price

of

the

common

shares

in

the

secondary

market.

The

Fund

may

seek

to

refinance

its

leverage

over

time,

in

the

ordinary

course,

as

current

forms

of

leverage

mature

or

it

is

otherwise

desirable

to

refinance;

however,

the

form

that

such

leverage

will

take

cannot

be

predicted

at

this

time.

If

the

Fund

is

unable

to

replace

existing

leverage

on

comparable

terms,

its

costs

of

leverage

will

increase.

Accordingly,

there

is

no

assurance

that

the

use

of

leverage

may

result

in

a

higher

yield

or

return

to

common

shareholders.

The

amount

of

fees

paid

to

the

investment

adviser

and

the

sub-advisor

for

investment

advisory

services

will

be

higher

if

the

Fund

uses

leverage

because

the

fees

will

be

calculated

based

on

the

Fund’s

Managed

Assets

-

this

may

create

an

incentive

for

the

investment

adviser

and

the

sub-

advisor

to

leverage

the

Fund

or

increase

the

Fund’s

leverage.

Market

Discount

from

Net

Asset

Value.

Shares

of

closed-end

investment

companies

like

the

Fund

frequently

trade

at

prices

lower

than

their

NAV.

This

characteristic

is

a

risk

separate

and

distinct

from

the

risk

that

the

Fund’s

NAV

could

decrease

as

a

result

of

investment

activities.

Whether

investors

will

realize

gains

or

losses

upon

the

sale

of

the

common

shares

will

depend

not

upon

the

Fund’s

NAV

but

entirely

upon

whether

the

market

price

of

the

common

shares

at

the

time

of

sale

is

above

or

below

the

investor’s

purchase

price

for

the

common

shares.

Furthermore,

management

may

have

difficulty

meeting

the

Fund’s

investment

objectives

and

managing

its

portfolio

when

the

underlying

securities

are

redeemed

or

sold

during

periods

of

market

turmoil

and

as

investors’

perceptions

regarding

closed-end

funds

or

their

underlying

investments

change.

Because

the

market

price

of

the

common

shares

will

be

determined

by

factors

such

as

relative

supply

of

and

demand

for

the

common

shares

in

the

market,

general

market

and

economic

circumstances,

and

other

factors

beyond

the

control

of

the

Fund,

the

Fund

cannot

predict

whether

the

common

shares

will

trade

at,

below

or

above

NAV.

The

common

shares

are

designed

primarily

for

long-term

investors,

and

you

should

not

view

the

Fund

as

a

vehicle

for

short-term

trading

purposes.

Recent

Market

Conditions.

Periods

of

unusually

high

financial

market

volatility

and

restrictive

credit

conditions,

at

times

limited

to

a

particular

sector

or

geographic

area,

have

occurred

in

the

past

and

may

be

expected

to

recur

in

the

future.

Some

countries,

including

the

United

States,

have

adopted

or

have

signaled

protectionist

trade

measures,

relaxation

of

the

financial

industry

regulations

that

followed

the

financial

crisis,

and/or

reductions

to

corporate

taxes.

The

scope

of

these

policy

changes

is

still

developing,

but

the

equity

and

debt

markets

may

react

strongly

to

expectations

of

change,

which

could

increase

volatility,

particularly

if

a

resulting

policy

runs

counter

to

the

market’s

expectations.

The

outcome

of

such

changes

cannot

be

foreseen

at

the

present

time.

In

addition,

geopolitical

and

other

risks,

including

environmental

and

public

health

risks,

may

add

to

instability

in

the

world

economy

and

markets

generally.

As

a

result

of

increasingly

interconnected

global

economies

and

financial

markets,

the

value

and

liquidity

of

the

Fund’s

investments

may

be

negatively

affected

by

events

impacting

a

country

or

region,

regardless

of

whether

the

Fund

invests

in

issuers

located

in

or

with

significant

exposure

to

such

country

or

region.

Ukraine

has

experienced

ongoing

military

conflict,

most

recently

in

February

2022

when

Russia

invaded

Ukraine;

this

conflict

may

expand

and

military

attacks

could

occur

elsewhere

in

Europe.

Europe

has

also

been

struggling

with

mass

migration

from

the

Middle

East

and

Africa.

The

ultimate

effects

of

these

events

and

other

socio-political

or

geographical

issues

are

not

known

but

could

profoundly

affect

global

economies

and

markets.

The

ongoing

trade

war

between

China

and

the

United

States,

including

the

imposition

of

tariffs

by

each

country

on

the

other

country’s

products,

has

created

a

tense

political

environment.

These

actions

may

trigger

a

significant

reduction

in

international

trade,

the

oversupply

of

certain

manufactured

goods,

substantial

price

reductions

of

goods

and

possible

failure

of

individual

companies

and/or

large

segments

of

China’s

export

industry,

which

could

have

a

negative

impact

on

the

Fund’s

performance.

U.S.

companies

that

source

material

and

goods

from

China

and

those

that

make

large

amounts

of

sales

in

China

would

be

particularly

vulnerable

to

an

escalation

of

trade

tensions.

Uncertainty

regarding

the

outcome

of

the

trade

98

Shareholder

Update

(Unaudited)

(continued)

tensions

and

the

potential

for

a

trade

war

could

cause

the

U.S.

dollar

to

decline

against

safe

haven

currencies,

such

as

the

Japanese

yen

and

the

euro.

Events

such

as

these

and

their

consequences

are

difficult

to

predict

and

it

is

unclear

whether

further

tariffs

may

be

imposed

or

other

escalating

actions

may

be

taken

in

the

future.

Recently

the

U.S.

Federal

Reserve

(the

“Fed”)

has

sharply

raised

interest

rates

and

has

signaled

an

intention

to

continue

to

do

so

or

maintain

higher

interest

rates

until

current

inflation

levels

re-align

with

the

Fed’s

long-term

inflation

target.

Changing

interest

rate

environments

impact

the

various

sectors

of

the

economy

in

different

ways.

For

example,

in

March

2023,

the

Federal

Deposit

Insurance

Corporation

(""FDIC"")

was

appointed

receiver

for

each

of

Silicon

Valley

Bank

and

Signature

Bank,

the

second-

and

third-largest

bank

failures

in

U.S.

history,

which

failures

may

be

attributable,

in

part,

to

rising

interest

rates.

Bank

failures

may

have

a

destabilizing

impact

on

the

broader

banking

industry

or

markets

generally.

The

impact

of

these

developments

in

the

near-

and

long-term

is

unknown

and

could

have

additional

adverse

effects

on

economies,

financial

markets

and

asset

valuations

around

the

world.

Reverse

Repurchase

Agreement

Risk.

A

reverse

repurchase

agreement,

in

economic

essence,

constitutes

a

securitized

borrowing

by

the

Fund

from

the

security

purchaser.

The

Fund

may

enter

into

reverse

repurchase

agreements

for

the

purpose

of

creating

a

leveraged

investment

exposure

and,

as

such,

their

usage

involves

essentially

the

same

risks

associated

with

a

leveraging

strategy

generally

since

the

proceeds

from

these

agreements

may

be

invested

in

additional

portfolio

securities.

Reverse

repurchase

agreements

tend

to

be

short-term

in

tenor,

and

there

can

be

no

assurances

that

the

purchaser

(lender)

will

commit

to

extend

or

“roll”

a

given

agreement

upon

its

agreed-upon

repurchase

date

or

an

alternative

purchaser

can

be

identified

on

similar

terms.

Reverse

repurchase

agreements

also

involve

the

risk

that

the

purchaser

fails

to

return

the

securities

as

agreed

upon,

files

for

bankruptcy

or

becomes

insolvent.

The

Fund

may

be

restricted

from

taking

normal

portfolio

actions

during

such

time,

could

be

subject

to

loss

to

the

extent

that

the

proceeds

of

the

agreement

are

less

than

the

value

of

securities

subject

to

the

agreement

and

may

experience

adverse

tax

consequences.

Tax

Risk.

The

Fund

has

elected

to

be

treated

and

intends

to

qualify

each

year

as

a

Regulated

Investment

Company

(“RIC”)

under

the

Internal

Revenue

Code

of

1986,

as

amended

(the

“Code”).

As

a

RIC,

the

Fund

is

not

expected

to

be

subject

to

U.S.

federal

income

tax

to

the

extent

that

it

distributes

its

investment

company

taxable

income

and

net

capital

gains.

To

qualify

for

the

special

tax

treatment

available

to

a

RIC,

the

Fund

must

comply

with

certain

investment,

distribution,

and

diversification

requirements.

Under

certain

circumstances,

the

Fund

may

be

forced

to

sell

certain

assets

when

it

is

not

advantageous

in

order

to

meet

these

requirements,

which

may

reduce

the

Fund’s

overall

return.

If

the

Fund

fails

to

meet

any

of

these

requirements,

subject

to

the

opportunity

to

cure

such

failures

under

applicable

provisions

of

the

Code,

the

Fund’s

income

would

be

subject

to

a

double

level

of

U.S.

federal

income

tax.

The

Fund’s

income,

including

its

net

capital

gain,

would

first

be

subject

to

U.S.

federal

income

tax

at

regular

corporate

rates,

even

if

such

income

were

distributed

to

shareholders

and,

second,

all

distributions

by

the

Fund

from

earnings

and

profits,

including

distributions

of

net

capital

gain

(if

any),

would

be

taxable

to

shareholders

as

dividends.

99

EFFECTS

OF

LEVERAGE

The

following

table

is

furnished

in

response

to

requirements

of

the

SEC.

It

is

designed

to

illustrate

the

effects

of

leverage

through

the

use

of

senior

securities,

as

that

term

is

defined

under

Section

18

of

the

1940

Act,

as

well

as

certain

other

forms

of

leverage,

such

as

reverse

repurchase

agreements,

on

common

share

total

return,

assuming

investment

portfolio

total

returns

(consisting

of

income

and

changes

in

the

value

of

investments

held

in

the

Fund’s

portfolio)

of

-10%,

-5%,

0%,

5%

and

10%.

The

table

below

reflects

each

Fund’s

(i)

continued

use

of

leverage

as

of

July

31,

2023

as

a

percentage

of

Managed

Assets

(including

assets

attributable

to

such

leverage),

(ii)

the

estimated

annual

effective

interest

expense

rate

payable

by

the

Funds

on

such

instruments

(based

on

actual

leverage

costs

incurred

during

the

fiscal

year

ended

July

31,

2023)

as

set

forth

in

the

table,

and

(iii)

the

annual

return

that

the

Fund’s

portfolio

must

experience

(net

of

expenses)

in

order

to

cover

such

costs

of

leverage

based

on

such

estimated

annual

effective

interest

expense

rate.

The

information

below

does

not

reflect

any

Fund’s

use

of

certain

other

forms

of

economic

leverage

achieved

through

the

use

of

certain

derivative

instruments.

The

numbers

are

merely

estimates,

used

for

illustration.

The

costs

of

leverage

may

vary

frequently

and

may

be

significantly

higher

or

lower

than

the

estimated

rate.

The

assumed

investment

portfolio

returns

in

the

table

below

are

hypothetical

figures

and

are

not

necessarily

indicative

of

the

investment

portfolio

returns

experienced

or

expected

to

be

experienced

by

the

Funds.

Your

actual

returns

may

be

greater

or

less

than

those

appearing

below.

Common

Share

total

return

is

composed

of

two

elements

—

the

distributions

paid

by

the

Fund

to

holders

of

common

shares

(the

amount

of

which

is

largely

determined

by

the

net

investment

income

of

the

Fund

after

paying

dividend

payments

on

any

preferred

shares

issued

by

the

Fund

and

expenses

on

any

forms

of

leverage

outstanding)

and

gains

or

losses

on

the

value

of

the

securities

and

other

instruments

the

Fund

owns.

As

required

by

SEC

rules,

the

table

assumes

that

the

Funds

are

more

likely

to

suffer

capital

losses

than

to

enjoy

capital

appreciation.

For

example,

to

assume

a

total

return

of

0%,

the

Fund

must

assume

that

the

income

it

receives

on

its

investments

is

entirely

offset

by

losses

in

the

value

of

those

investments.

This

table

reflects

hypothetical

performance

of

the

Fund’s

portfolio

and

not

the

actual

performance

of

the

Fund’s

common

shares,

the

value

of

which

is

determined

by

market

forces

and

other

factors.

Should

the

Fund

elect

to

add

additional

leverage

to

its

portfolio,

any

benefits

of

such

additional

leverage

cannot

be

fully

achieved

until

the

proceeds

resulting

from

the

use

of

such

leverage

have

been

received

by

the

Fund

and

invested

in

accordance

with

the

Fund’s

investment

objectives

and

policies.

As

noted

above,

the

Fund’s

willingness

to

use

additional

leverage,

and

the

extent

to

which

leverage

is

used

at

any

time,

will

depend

on

many

factors.

Nuveen

Floating

Rate  

Income

Fund

(JFR)

Nuveen

Credit

Strategies

Income

Fund   (JQC)

Estimated

Leverage

as

a

Percentage

of

Managed

Assets

(Including

Assets

Attributable

to

Leverage)

38.37%

38.46%

Estimated

Annual

Effective

Leverage

Expense

Rate

Payable

by

Fund

on

Leverage

5.17%

5.18%

Annual

Return

Fund

Portfolio

Must

Experience

(net

of

expenses)

to

Cover

Estimated

Annual

Effective

Interest

Expense

Rate

on

Leverage

1.98%

1.99%

Common

Share

Total

Return

for

(10.00)%

Assumed

Portfolio

Total

Return

(19.44)%

(19.49)%

Common

Share

Total

Return

for

(5.00)%

Assumed

Portfolio

Total

Return

(11.33)%

(11.36)%

Common

Share

Total

Return

for

0.00%

Assumed

Portfolio

Total

Return

(3.22)%

(3.24)%

Common

Share

Total

Return

for

5.00%

Assumed

Portfolio

Total

Return

4.89%

4.89%

Common

Share

Total

Return

for

10.00%

Assumed

Portfolio

Total

Return

13.01%

13.01%

100

Shareholder

Update

(Unaudited)

(continued)

DIVIDEND

REINVESTMENT

PLAN

Nuveen

Closed-End

Funds

Automatic

Reinvestment

Plan

Your

Nuveen

Closed-End

Fund

allows

you

to

conveniently

reinvest

distributions

in

additional

Fund

shares.

By

choosing

to

reinvest,

you’ll

be

able

to

invest

money

regularly

and

automatically,

and

watch

your

investment

grow

through

the

power

of

compounding.

Just

like

distributions

in

cash,

there

may

be

times

when

income

or

capital

gains

taxes

may

be

payable

on

distributions

that

are

reinvested.

It

is

important

to

note

that

an

automatic

reinvestment

plan

does

not

ensure

a

profit,

nor

does

it

protect

you

against

loss

in

a

declining

market.

Easy

and

convenient

To

make

recordkeeping

easy

and

convenient,

each

quarter

you’ll

receive

a

statement

showing

your

total

distributions,

the

date

of

investment,

the

shares

acquired

and

the

price

per

share,

and

the

total

number

of

shares

you

own.

How

shares

are

purchased

The

shares

you

acquire

by

reinvesting

will

either

be

purchased

on

the

open

market

or

newly

issued

by

the

Fund.

If

the

shares

are

trading

at

or

above

NAV

at

the

time

of

valuation,

the

Fund

will

issue

new

shares

at

the

greater

of

the

NAV

or

95%

of

the

then-current

market

price.

If

the

shares

are

trading

at

less

than

NAV,

shares

for

your

account

will

be

purchased

on

the

open

market.

If

Computershare

Trust

Company,

N.A.

(the

“Plan

Agent”)

begins

purchasing

Fund

shares

on

the

open

market

while

shares

are

trading

below

NAV,

but

the

Fund’s

shares

subsequently

trade

at

or

above

their

NAV

before

the

Plan

Agent

is

able

to

complete

its

purchases,

the

Plan

Agent

may

cease

open-market

purchases

and

may

invest

the

uninvested

portion

of

the

distribution

in

newly-issued

Fund

shares

at

a

price

equal

to

the

greater

of

the

shares’

NAV

or

95%

of

the

shares’

market

value

on

the

last

business

day

immediately

prior

to

the

purchase

date.

Distributions

received

to

purchase

shares

in

the

open

market

will

normally

be

invested

shortly

after

the

distribution

payment

date.

No

interest

will

be

paid

on

distributions

awaiting

reinvestment.

Because

the

market

price

of

the

shares

may

increase

before

purchases

are

completed,

the

average

purchase

price

per

share

may

exceed

the

market

price

at

the

time

of

valuation,

resulting

in

the

acquisition

of

fewer

shares

than

if

the

distribution

had

been

paid

in

shares

issued

by

the

Fund.

A

pro

rata

portion

of

any

applicable

brokerage

commissions

on

open

market

purchases

will

be

paid

by

Dividend

Reinvestment

Plan

(the

“Plan”)

participants.

These

commissions

usually

will

be

lower

than

those

charged

on

individual

transactions.

Flexible

You

may

change

your

distribution

option

or

withdraw

from

the

Plan

at

any

time,

should

your

needs

or

situation

change.

You

can

reinvest

whether

your

shares

are

registered

in

your

name,

or

in

the

name

of

a

brokerage

firm,

bank,

or

other

nominee.

Ask

your

investment

advisor

if

his

or

her

firm

will

participate

on

your

behalf.

Participants

whose

shares

are

registered

in

the

name

of

one

firm

may

not

be

able

to

transfer

the

shares

to

another

firm

and

continue

to

participate

in

the

Plan.

The

Fund

reserves

the

right

to

amend

or

terminate

the

Plan

at

any

time.

Although

the

Fund

reserves

the

right

to

amend

the

Plan

to

include

a

service

charge

payable

by

the

participants,

there

is

no

direct

service

charge

to

participants

in

the

Plan

at

this

time.

Call

today

to

start

reinvesting

distributions

For

more

information

on

the

Nuveen

Automatic

Reinvestment

Plan

or

to

enroll

in

or

withdraw

from

the

Plan,

speak

with

your

financial

professional

or

call

us

at

(800)

257-8787.

101

CHANGES

OCCURRING

DURING

THE

FISCAL

YEAR

The

following

information

in

this

annual

report

is

a

summary

of

certain

changes

during

the

most

recent

fiscal

year.

This

information

may

not

reflect

all

of

the

changes

that

have

occurred

since

you

purchased

shares

of

a

Fund.

During

the

most

recent

fiscal

year,

there

have

been

no

changes

required

to

be

reported

in

connection

with:

(i)

the

Funds’

investment

objectives

and

principal

investment

policies

that

have

not

been

approved

by

shareholders,

(ii)

the

principal

risks

of

the

Fund,

(iii)

the

portfolio

managers

of

the

Funds;

(iv)

a

Fund’s

charter

or

by-laws

that

would

delay

or

prevent

a

change

of

control

of

the

Fund

that

have

not

been

approved

by

shareholders

except

as

follows:

Principal

Risks

The

principal

risk

factor

previously

titled

“Tax

Risk”

has

been

renamed

“Fund

Tax

Risk.”

Additionally,

the

previously

disclosed

principal

risk

factors

of

“LIBOR

Floor

Risk”

and

“LIBOR

Replacement

Risk”

are

no

longer

considered

principal

risks

of

the

Fund.

Developments

Regarding

the

Funds’

Control

Share

By-Law

On

October

5,

2020,

the

Nuveen

Floating

Rate

Income

Fund

and

the

Nuveen

Credit

Strategies

Income

Fund

(each

a

“Fund”

and

collectively

the

“Funds”)

and

certain

other

closed-end

funds

in

the

Nuveen

fund

complex

amended

their

by-laws.

Among

other

things,

the

amended

by-laws

included

provisions

pursuant

to

which,

in

summary,

a

shareholder

who

obtains

beneficial

ownership

of

common

shares

in

a

Control

Share

Acquisition

(as

defined

in

the

by-laws)

shall

have

the

same

voting

rights

as

other

common

shareholders

only

to

the

extent

authorized

by

the

other

disinterested

shareholders

(the

“Control

Share

By-Law”).

On

January

14,

2021,

a

shareholder

of

certain

Nuveen

closed-end

funds

filed

a

civil

complaint

in

the

U.S.

District

Court

for

the

Southern

District

of

New

York

(the

“District

Court”)

against

certain

Nuveen

funds

and

their

trustees,

seeking

a

declaration

that

such

funds’

Control

Share

By-Laws

violate

the

1940

Act,

rescission

of

such

fund’s

Control

Share

By-Laws

and

a

permanent

injunction

against

such

funds

applying

the

Control

Share

By-Laws.

On

February

18,

2022,

the

District

Court

granted

judgment

in

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

Funds’

bylaws

to

provide

that

the

Funds’

Control

Share

By-Law

shall

be

of

no

force

and

effect

for

so

long

as

the

judgment

of

the

District

Court

is

effective

and

that

if

the

judgment

of

the

District

Court

is

reversed,

overturned,

vacated,

stayed,

or

otherwise

nullified,

the

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

Funds

appealed

the

District

Court’s

decision

to

the

U.S.

Court

of

Appeals

for

the

Second

Circuit.

CHANGES

OCCURRING

AFTER

OF

THE

FISCAL

YEAR

Portfolio

Managers

Effective

August

9,

2023,

Himani

Trivedi,

Head

of

Structured

Credit,

joined

Scott

Caraher,

Head

of

Senior

Loans,

and

Kevin

Lorenz,

Head

of

High

Yield,

as

portfolio

managers

of

JQC.

Ms.

Trivedi,

is

head

of

structured

credit

at

Nuveen.

She

is

responsible

for

managing

loans

and

investments

in

structured

credit

across

Nuveen-

managed

collateralized

loan

obligations

(CLOs)

and

various

fixed

income

strategies.

Previously,

Ms.

Trivedi

served

as

a

co-head

of

investments

and

head

of

structured

credit

at

Nuveen

affiliate

Symphony

Asset

Management.

She

started

at

Nuveen

under

Symphony

affiliate

in

2004

on

the

convertibles

desk,

launched

the

CLO

platform

in

2005

and

became

co-Portfolio

Manager

for

all

CLOs

in

2008.

Prior

to

joining

Nuveen,

Ms.

Trivedi

worked

on

model

validation

for

securitized

products

at

Washington

Mutual

Bank

and

started

her

career

in

finance

at

ICICI

Bank

in

India.

Ms.

Trivedi

graduated

with

a

B.S.

in

Chemical

Engineering

and

an

M.B.A.

in

Finance

from

Gujarat

University,

India

and

a

Masters

in

Financial

Engineering

(MFE)

from

the

Haas

School

of

Business

at

University

of

California,

Berkeley.

102

Shareholder

Update

(Unaudited)

(continued)

Investment

Policies

In

connection

with

the

addition

of

Ms.

Trivedi

as

portfolio

manager

of

JQC,

the

Board

of

Trustees

of

JQC

approved

the

following

investment

policy

changes,

all

of

which

were

effective

as

of

August

9,

2023.

Principal

Risks

As

of

the

result

of

the

above

policy

changes,

“Inverse

Floating

Rate

Securities

Risk”

was

added

as

a

principal

risk

factor

for

JQC.

Previous

Investment

Policy

New

Investment

Policy

The

Fund

invests

at

least

70%

of

its

Managed

Assets

in

adjustable

rate

senior

loans

and

second

lien

loans.

Existing

policy

eliminated.

The

Fund

may

invest

up

to

30%

of

its

Managed

Assets

in

the

following

securities:

i.

other

debt

securities

such

as

investment

and

non-investment

grade

debt

securities,

fixed

rate

senior

loans

or

subordinated

loans,

convertible

securities

and

structured

notes

(other

than

structured

notes

that

are

designed

to

provide

returns

and

risks

that

emulate

those

of

Adjustable

Rate

Loans,

which

may

be

treated

as

an

investment

in

Adjustable

Rate

Loans

for

purposes

of

the

70%

requirement

set

forth

above);

ii.

mortgage-related

and

other

asset-backed

securities

(including

collateralized

loan

obligations

and

collateralized

debt

obligations);

iii.

debt

securities

and

other

instruments

issued

by

government,

government-

related

or

supranational

issuers

(commonly

referred

to

as

sovereign

debt

securities);

and

iv.

domestic

and

international

equity

securities.

Existing

policy

eliminated.

Substantially

all

of

the

Fund’s

portfolio

likely

will

be

invested

in

senior

loans

that

are,

at

the

time

of

investment,

rated

below

investment

grade

or

unrated

but

judged

to

be

of

comparable

quality.

Investment

grade

quality

securities

are

those

securities

that,

at

the

time

of

investment,

are

(i)

rated

by

at

least

one

NRSRO

within

the

four

highest

grades

(BBB-

or

Baa3

or

better

by

S&P,

Moody’s

or

Fitch),

or

(ii)

unrated

but

judged

to

be

of

comparable

quality.

The

Fund

may

also

purchase

other

debt

securities

that

are

rated

below

investment

grade

or

that

are

unrated

but

judged

to

be

of

comparable

quality.

The

Fund

may

invest

without

limitation

in

instruments

that

are

rated

below

investment

grade

or

are

unrated

but

judged

to

be

of

comparable

quality.

Investment

grade

quality

instruments

are

those

that

are

(i)

rated

by

at

least

one

NRSRO

within

the

four

highest

grades

(BBB-

or

Baa3

or

better

by

S&P,

Moody’s

or

Fitch),

or

(ii)

unrated

but

judged

to

be

of

comparable

quality.

However,

the

Fund

may

not

invest

more

than

30%

of

its

Managed

Assets

in

instruments

that

are

rated

CCC/Caa

or

lower

at

the

time

of

investment

(or

are

unrated

but

judged

by

the

Fund’s

sub-adviser

to

be

of

comparable

quality).

The

Fund

maintains

an

average

duration

of

two

years

or

less

for

its

portfolio

investments

in

Adjustable

Rate

Loans

and

other

debt

instruments.

“Average

duration”

and

“average

portfolio

duration”

are

each

defined

to

be

the

modified

duration

of

the

Fund’s

portfolio,

which

is

the

measure

of

a

debt

instrument’s

or

a

portfolio’s

price

sensitivity

with

respect

to

changes

in

market

yields

adjusted

to

reflect

the

effect

of

the

Fund’s

effective

leverage.

Existing

policy

eliminated.

The

Fund

will

not

invest

in

inverse

floating

rate

securities.

Existing

policy

eliminated.

The

Fund

may

invest

up

to

20%

of

its

Managed

Assets

in

securities

of

non-U.S.

Issuers

that

are

U.S.

dollar

or

non-U.S.

dollar

denominated.

The

Fund’s

Managed

Assets

to

be

invested

in

Adjustable

Rate

Loans

and

other

debt

instruments

of

non-U.S.

Issuers

may

include

debt

securities

of

Issuers

located,

or

conducting

their

business

in,

emerging

markets

countries.

The

Fund

may

invest

up

to

20%

of

its

Managed

Assets

in

instruments

of

non-U.S.

issuers

that

are

U.S.

dollar

or

non-U.S.

dollar

denominated,

including

instruments

of

issuers

located,

or

conducting

their

business

in,

emerging

markets

countries.

No

current

policy

regarding

CLO

investments.

The

Fund

may

invest

up

to

25%

of

its

Managed

Assets

in

collateralized

loan

obligation

(CLO)

debt

securities.

103

Important

Tax

Information

(Unaudited)

As

required

by

the

Internal

Revenue

Code

and

Treasury

Regulations,

certain

tax

information,

as

detailed

below,

must

be

provided

to

shareholders.

Shareholders

are

advised

to

consult

their

tax

advisor

with

respect

to

the

tax

implications

of

their

investment.

The

amounts

listed

below

may

differ

from

the

actual

amounts

reported

on

Form

1099-DIV,

which

will

be

sent

to

shareholders

shortly

after

calendar

year

end.

Long-Term

Capital

Gains

As

of

year

end,

each

Fund

designates

the

following

distribution

amounts,

or

maximum

amount

allowable,

as

being

from

net

long-term

capital

gains

pursuant

to

Section

852(b)(3)

of

the

Internal

Revenue

Code:

Dividends

Received

Deduction

(DRD)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

eligible

for

the

dividends

received

deduction

for

corporate

shareholders:

Qualified

Dividend

Income

(QDI)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

treated

as

qualified

dividend

income

for

individuals

pursuant

to

Section

1(h)(11)

of

the

Internal

Revenue

Code:

Qualified

Interest

Income

(QII)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

treated

as

qualified  interest

income

and/or short-term

capital

gain

dividends pursuant

to

Section

871(k)

of

the

Internal

Revenue

Code:

163(j)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

dividends

treated

as

Section

163(j)

interest

dividends

pursuant

to

Section

163(j)

of

the

Internal

Revenue

Code:

Fund

Net

Long-Term

Capital

Gains

JFR

$

—

JQC

—

Fund

Percentage

JFR

1

.1

%

JQC

0

.2

Fund

Percentage

JFR

1

.1

%

JQC

0

.2

Fund

Prior

Year

End

to

12/31

Percentage

1/1

to

Current

Year

End

Percentage

JFR

64

.2

%

100

.0

%

JQC

63

.0

100

.0

Fund

Percentage

JFR

96

.6

%

JQC

91

.8

104

Additional

Fund

Information

(Unaudited)

Portfolio

of

Investments

Information

Each

Fund

is

required

to

file

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

You

may

obtain

this

information

on

the

SEC’s

website

at

http://www.sec.gov.

Nuveen

Funds’

Proxy

Voting

Information

You

may

obtain

(i)

information

regarding

how

each

fund

voted

proxies

relating

to

portfolio

securities

held

during

the

most

recent

twelve-month

period

ended

June

30,

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787

or

on

Nuveen’s

website

at

www.nuveen.com

and

(ii)

a

description

of

the

policies

and

procedures

that

each

fund

used

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787.

You

may

also

obtain

this

information

directly

from

the

SEC.

Visit

the

SEC

on-line

at

http://www.sec.gov.

CEO

Certification

Disclosure

Each

Fund’s

Chief

Executive

Officer

(CEO)

has

submitted

to

the

New

York

Stock

Exchange

(NYSE)

the

annual

CEO

certification

as

required

by

Section

303A.12(a)

of

the

NYSE

Listed

Company

Manual.

Each

Fund

has

filed

with

the

SEC

the

certification

of

its

CEO

and

Chief

Financial

Officer

required

by

Section

302

of

the

Sarbanes-Oxley

Act.

Common

Share

Repurchases

Each

Fund

intends

to

repurchase,

through

its

open-market

share

repurchase

program,

shares

of

its

own

common

stock

at

such

times

and

in

such

amounts

as

is

deemed

advisable.

During

the

period

covered

by

this

report,

each

Fund

repurchased

shares

of

its

common

stock

as

shown

in

the

accompanying

table.

Any

future

repurchases

will

be

reported

to

shareholders

in

the

next

annual

or

semi-annual

report.

FINRA

BrokerCheck:

The

Financial

Industry

Regulatory

Authority

(FINRA)

provides

information

regarding

the

disciplinary

history

of

FINRA

member

firms

and

associated

investment

professionals.

This

information

as

well

as

an

investor

brochure

describing

FINRA

BrokerCheck

is

available

to

the

public

by

calling

the

FINRA

BrokerCheck

Hotline

number

at

(800)

289-9999

or

by

visiting

www.FINRA.org.

Board

of

Trustees

Jack

B.

Evans

William

C.

Hunter

Amy

B.R.

Lancellotta

Joanne

T.

Medero

Albin

F.

Moschner

John

K.

Nelson

Matthew

Thornton

III

Terence

J.

Toth

Margaret

L.

Wolff

Robert

L.

Young

Investment

Adviser

Nuveen

Fund

Advisors,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Custodian

State

Street

Bank

&

Trust

Company

One

Congress

Street

Suite

1

Boston,

MA

02114-2016

Legal

Counsel

Chapman

and

Cutler

LLP

Chicago,

IL

60603

Independent

Registered

Public

Accounting

Firm

KPMG

LLP

200

East

Randolph

Street

Chicago,

IL

60601

Transfer

Agent

and

Shareholder

Services

Computershare

Trust

Company,

N.A.

150

Royall

Street

Canton,

MA

02021

(800)

257-8787

JFR

JQC

Common

shares

repurchased

0

0

Glossary

of

Terms

Used

in

this

Report

(Unaudited)

105

19(a)

Notice:

Section

19(a)

of

the

Investment

Company

Act

of

1940

requires

that

the

payment

of

any

distribution

which

is

made

from

a

source

other

than

the

fund’s

net

income

be

accompanied

by

a

written

notice

that

discloses

the

estimated

sources

of

such

payment.

Average

Annual

Total

Return:

This

is

a

commonly

used

method

to

express

an

investment’s

performance

over

a

particular,

usually

multi-year

time

period.

It

expresses

the

return

that

would

have

been

necessary

each

year

to

equal

the

investment’s

actual

cumulative

performance

(including

change

in

NAV

or

offer

price

and

reinvested

dividends

and

capital

gains

distributions,

if

any)

over

the

time

period

being

considered.

Collateralized

Loan

Obligation

(CLO):

A

security

backed

by

a

pool

of

debt,

often

low

rated

corporate

loans.

Collateralized

loan

obligations

(CLOs)

are

similar

to

collateralized

mortgage

obligations,

except

for

the

different

type

of

underlying

loan.

Convexity:

A

tool

used

in

risk

management

to

measure

the

sensitivity

of

bond

duration

to

interest

rate

changes.

Higher

convexity

generally

means

higher

sensitivity

to

interest

rate

changes.

Gross

Domestic

Product

(GDP):

The

total

market

value

of

all

final

goods

and

services

produced

in

a

country/region

in

a

given

year,

equal

to

total

consumer,

investment

and

government

spending,

plus

the

value

of

exports,

minus

the

value

of

imports.

Effective

Leverage:

Effective

leverage

is

a

fund’s

effective

economic

leverage,

and

includes

both

regulatory

leverage

(see

below)

and

the

leverage

effects

of

certain

derivative

investments

in

the

fund’s

portfolio.

Leverage:

Leverage

is

created

whenever

a

fund

has

investment

exposure

(both

reward

and/or

risk)

equivalent

to

more

than

100%

of

the

investment

capital.

Net

Asset

Value

(NAV)

Per

Share:

A

fund’s

Net

Assets

is

equal

to

its

total

assets

(securities,

cash,

accrued

earnings

and

receivables)

less

its

total

liabilities.

NAV

per

share

is

equal

to

the

fund’s

Net

Assets

divided

by

its

number

of

shares

outstanding.

Regulatory

Leverage:

Regulatory

leverage

consists

of

preferred

shares

issued

by

or

borrowings

of

a

fund.

Both

of

these

are

part

of

a

fund’s

capital

structure.

Regulatory

leverage

is

subject

to

asset

coverage

limits

set

forth

in

the

Investment

Company

Act

of

1940.

106

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

At

a

meeting

held

on

May

23-25,

2023

(the

“May

Meeting”),

the

Boards

of

Trustees

(collectively,

the

“Board”

and

each

Trustee,

a

“Board

Member”)

of

the

Funds,

which

are

comprised

entirely

of

Board

Members

who

are

not

“interested

persons”

(as

defined

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”))

(the

“Independent

Board

Members”),

approved,

for

their

respective

Fund,

the

renewal

of

the

management

agreement

(each,

an

“Investment

Management

Agreement”)

with

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”)

pursuant

to

which

the

Adviser

serves

as

the

investment

adviser

to

such

Fund

and

the

sub-advisory

agreement

(each,

a

“Sub-Advisory

Agreement”)

with

Nuveen

Asset

Management,

LLC

(the

“Sub-

Adviser”)

pursuant

to

which

the

Sub-Adviser

serves

as

the

sub-adviser

to

such

Fund

for

an

additional

one-year

term.

As

the

Board

is

comprised

of

all

Independent

Board

Members,

the

references

to

the

Board

and

the

Independent

Board

Members

are

interchangeable.

Following

up

to

an

initial

two-year

period,

the

Board

considers

the

renewal

of

each

Investment

Management

Agreement

and

Sub-Advisory

Agreement

on

behalf

of

the

applicable

Fund

on

an

annual

basis.

The

Investment

Management

Agreements

and

Sub-Advisory

Agreements

are

collectively

referred

to

as

the

“Advisory

Agreements,”

and

the

Adviser

and

the

Sub-Adviser

are

collectively,

the

“Fund

Advisers”

and

each,

a

“Fund

Adviser.”

The

Independent

Board

Members

considered

the

review

of

the

advisory

agreements

for

the

Nuveen

funds

to

be

an

ongoing

process

and

employed

the

accumulated

information,

knowledge

and

experience

the

Board

Members

had

gained

during

their

tenure

on

the

boards

governing

the

Nuveen

funds

and

working

with

the

Adviser

and

the

applicable

sub-advisers

in

their

annual

review

of

the

advisory

agreements.

Throughout

the

year,

the

Board

and

its

committees

meet

regularly

and,

at

these

meetings,

receive

regular

and/or

special

reports

that

cover

an

extensive

array

of

topics

and

information

that

are

relevant

to

the

Board’s

annual

consideration

of

the

renewal

of

the

advisory

agreements

for

the

Nuveen

funds.

Such

information

may

address,

among

other

things,

fund

performance

and

risk

information;

the

Adviser’s

strategic

plans;

product

initiatives

for

various

funds;

the

review

of

the

funds

and

investment

teams;

compliance,

regulatory

and

risk

management

matters;

the

trading

practices

of

the

various

sub-advisers

to

the

Nuveen

funds;

management

of

distributions;

valuation

of

securities;

fund

expenses;

securities

lending;

liquidity

management;

overall

market

and

regulatory

developments;

and

with

respect

to

closed-end

funds,

capital

management

initiatives,

institutional

ownership,

management

of

leverage

financing

and

the

secondary

market

trading

of

the

closed-end

funds

and

any

actions

to

address

discounts.

The

Board

also

seeks

to

meet

periodically

with

the

Nuveen

funds’

sub-advisers

and/or

portfolio

teams,

when

feasible.

The

presentations,

discussions,

and

meetings

throughout

the

year

also

provide

a

means

for

the

Board

to

evaluate

the

level,

breadth

and

quality

of

services

provided

by

the

Adviser

and

how

such

services

have

changed

over

time

in

light

of

new

or

modified

regulatory

requirements,

changes

to

market

conditions

or

other

factors.

In

connection

with

its

annual

consideration

of

the

advisory

agreements

for

the

Nuveen

funds,

the

Board,

through

its

independent

legal

counsel,

requested

and

received

extensive

materials

and

information

prepared

specifically

for

its

review

of

such

advisory

agreements

by

the

Adviser

and

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data.

The

materials

cover

a

wide

range

of

topics

including,

but

not

limited

to,

a

description

of

the

nature,

extent

and

quality

of

services

provided

by

the

Fund

Advisers;

a

review

of

product

actions

advanced

in

2022

for

the

benefit

of

particular

Nuveen

funds

and/or

the

Nuveen

fund

complex;

a

review

of

each

sub-adviser

to

the

Nuveen

funds

and/or

the

applicable

investment

team;

an

analysis

of

fund

performance

with

a

focus

on

any

Nuveen

funds

considered

performance

outliers;

an

analysis

of

the

fees

and

expense

ratios

of

the

Nuveen

funds

with

a

focus

on

any

Nuveen

funds

considered

expense

outliers;

a

review

of

management

fee

schedules;

a

description

of

portfolio

manager

compensation;

an

overview

of

the

secondary

market

trading

of

shares

of

the

Nuveen

closed-end

funds

(including,

among

other

things,

an

analysis

of

secondary

market

performance

and

commentary

regarding

the

leverage

management,

share

repurchase

and

shelf

offering

programs

of

Nuveen

closed-end

funds);

a

description

of

the

profitability

or

financial

data

of

Nuveen

and

the

sub-advisers

to

the

Nuveen

funds;

and

a

description

of

indirect

benefits

received

by

the

Adviser

and

the

sub-advisers

as

a

result

of

their

relationships

with

the

Nuveen

funds.

The

information

prepared

specifically

for

the

annual

review

supplemented

the

information

provided

to

the

Board

and

its

committees

and

the

evaluations

of

the

Nuveen

funds

by

the

Board

and

its

committees

during

the

year.

The

Board’s

review

of

the

advisory

agreements

for

the

Nuveen

funds

is

based

on

all

the

information

provided

to

the

Board

and

its

committees

throughout

the

year

as

well

as

the

information

prepared

specifically

with

respect

to

the

annual

review

of

such

advisory

agreements.

The

performance,

fee

and

expense

data

and

other

information

provided

by

a

Fund

Adviser,

Broadridge

or

other

service

providers

were

not

independently

verified

by

the

Independent

Board

Members.

As

part

of

its

review,

the

Board

met

on

April

11-12,

2023

(the

“April

Meeting”)

to

review

and

discuss,

in

part,

the

performance

of

the

Nuveen

funds

and

the

Adviser’s

evaluation

of

each

sub-adviser

to

the

Nuveen

funds

and/or

its

investment

teams.

At

the

April

Meeting,

the

Board

Members

asked

questions

and

requested

additional

information

that

was

provided

for

the

May

Meeting.

The

Independent

Board

Members

were

advised

by

independent

legal

counsel

during

the

annual

review

process

as

well

as

throughout

the

year,

including

meeting

in

executive

sessions

with

such

counsel

at

which

no

representatives

from

the

Adviser

or

the

Sub-Adviser

were

present.

In

connection

with

their

annual

review,

the

Independent

Board

Members

also

received

a

memorandum

from

independent

legal

counsel

outlining

their

fiduciary

duties

and

legal

standards

in

reviewing

the

Advisory

Agreements,

including

guidance

from

court

cases

evaluating

advisory

fees.

The

Board’s

decision

to

renew

the

Advisory

Agreements

was

not

based

on

a

single

identified

factor,

but

rather

the

decision

reflected

the

comprehensive

consideration

of

all

the

information

provided

to

the

Board

and

its

committees

throughout

the

year

as

well

as

the

materials

prepared

specifically

in

connection

with

the

renewal

process.

The

contractual

arrangements

are

a

result

of

multiple

years

of

review,

negotiation

and

information

provided

in

connection

with

the

Board’s

annual

review

of

the

Nuveen

funds’

advisory

arrangements

and

oversight

of

the

Nuveen

funds.

Each

Board

Member

may

have

attributed

different

levels

of

importance

to

the

various

factors

and

information

considered

in

connection

with

the

approval

process

and

may

place

different

emphasis

on

the

relevant

information

year

to

year

in

light

of,

among

other

things,

changing

market

and

economic

conditions.

A

summary

of

the

principal

factors

and

information,

but

not

all

the

factors,

the

Board

considered

in

deciding

to

renew

the

Advisory

Agreements

is

set

forth

below.

107

A.

Nature,

Extent

and

Quality

of

Services

In

evaluating

the

renewal

of

the

Advisory

Agreements,

the

Independent

Board

Members

received

and

considered

information

regarding

the

nature,

extent

and

quality

of

the

applicable

Fund

Adviser’s

services

provided

to

the

respective

Fund

with

particular

focus

on

the

services

and

enhancements

or

changes

to

such

services

provided

during

the

last

year.

The

Independent

Board

Members

considered

the

Investment

Management

Agreements

and

the

Sub-Advisory

Agreements

separately

in

the

course

of

their

review.

With

this

approach,

they

considered

the

respective

roles

of

the

Adviser

and

the

Sub-Adviser

in

providing

services

to

the

Funds.

The

Board

recognized

that

the

Adviser

provides

a

wide

array

of

management,

oversight

and

administrative

services

to

manage

and

operate

the

Nuveen

funds

and

that

the

scope

and

complexity

of

these

services,

along

with

the

undertakings

required

of

the

Adviser

in

connection

with

providing

these

services,

have

expanded

over

time

as

a

result

of,

among

other

things,

regulatory,

market

and

other

developments.

The

Board

noted

the

Adviser’s

dedication

of

resources,

time,

personnel

and

capital

and

commitment

to

continuing

to

develop

improvements

and

innovations

that

seek

to

enhance

the

Nuveen

fund

complex

and

meet

the

needs

of

the

Nuveen

funds

in

an

increasingly

complex

regulatory

environment.

The

Board

received

and

reviewed

information

regarding,

among

other

things,

the

Adviser’s

investment

oversight

responsibilities,

regulatory

and

compliance

services,

administrative

duties

and

other

services.

The

Board

considered

the

breadth

and

the

quality

of

the

services

the

Adviser

and

its

various

teams

provide

in

overseeing

the

investment

management

of

the

Nuveen

funds,

including,

among

other

things,

overseeing

and

reviewing

the

services

provided

by

the

various

sub-advisers

to

the

Nuveen

funds

and

their

investment

teams;

evaluating

fund

performance

and

market

conditions;

overseeing

operational

and

investment

risks;

evaluating

investment

strategies

and

recommending

any

changes

thereto;

managing

liquidity;

managing

the

daily

valuation

of

portfolio

securities;

overseeing

trade

execution

and

securities

lending;

and

setting

and

managing

distributions

consistent

with

the

respective

fund’s

product

design.

With

respect

to

closed-end

funds,

such

services

also

include

managing

leverage;

monitoring

asset

coverage

levels

for

leveraged

funds

and

compliance

with

rating

agency

criteria;

providing

capital

management

and

secondary

market

services

(such

as

implementing

common

share

shelf

offerings,

capital

return

programs

and

common

share

repurchases);

and

maintaining

a

closed-end

fund

investor

relations

program.

The

Board

also

reviewed

the

structure

of

investment

personnel

compensation

of

each

Fund

Adviser

and

considered

whether

the

structure

provides

appropriate

incentives

to

attract

and

maintain

qualified

personnel

and

to

act

in

the

best

interests

of

the

respective

Nuveen

fund.

Given

the

Nuveen

funds

operate

in

a

highly

regulated

industry,

the

Board

further

considered

the

extensive

compliance,

regulatory

and

administrative

services

the

Adviser

and

its

various

teams

provide

to

manage

and

operate

the

Nuveen

funds.

The

Board

recognized

such

services

included,

but

were

not

limited

to,

managing

compliance

policies;

monitoring

compliance

with

applicable

policies,

laws

and

regulations;

devising

internal

compliance

programs

in

seeking

to

enhance

compliance

with

regulatory

requirements

and

creating

a

framework

to

review

and

assess

compliance

programs;

overseeing

sub-adviser

compliance

testing;

preparing

compliance

training

materials;

and

responding

to

regulatory

requests.

The

Board

reviewed

highlights

of

the

various

initiatives

Nuveen

compliance

had

taken

in

2022

including,

among

other

things,

additional

due

diligence

of

service

providers

as

their

operating

environments

evolve

post-Covid

to

more

hybrid

in-person

working

arrangements;

investments

in

supporting

and

expanding

international

trading

capabilities;

continuing

efforts

to

enhance

policies

and

controls

to

address

compliance

risks

including

those

related

to

environmental,

social

and

governance

(“ESG”)

matters

and

new

regulatory

developments

or

guidance;

and

establishing

and

maintaining

compliance

policies

and

comprehensive

compliance

training

programs.

The

Board

also

considered

information

regarding

the

Adviser’s

business

continuity,

disaster

recovery

and

information

security

programs

and

the

periodic

testing

and

review

of

such

programs.

In

addition

to

the

above

functions,

the

Board

considered

the

quality

and

extent

of

other

non-advisory

services

the

Adviser

provides

including,

among

other

things,

various

fund

administration

services

(such

as

preparing,

overseeing

or

assisting

with

the

preparation

of

tax

and

regulatory

filings);

product

management

services

(such

as

evaluating

and

enhancing

products

and

strategies);

legal

support

services;

shareholder

services

and

transfer

agency

function

oversight

services;

and

board

support

and

reporting

services.

With

respect

to

board

support

services,

the

Board

reviewed

a

summary

of

the

annual,

quarterly,

and

special

reports

the

Adviser

and/or

its

affiliates

provided

to

the

Board

throughout

2022.

The

Board

further

acknowledged

various

initiatives

the

Adviser

had

undertaken

or

continued

in

2022

in

seeking

to

improve

the

effectiveness

of

its

organization,

the

Nuveen

funds

product

line-up

as

well

as

particular

Nuveen

fund(s)

through,

among

other

things,

rationalizing

the

product

line

and

gaining

efficiencies

through

mergers,

repositionings

and

liquidations;

launching

new

funds;

reviewing

and

updating

investment

policies

and

benchmarks;

reopening

certain

funds

previously

closed

to

new

investors;

adding

or

modifying

the

share

classes

offered

by

certain

funds;

implementing

fee

waivers

and

expense

cap

changes

for

certain

funds

and

evaluating

and

adjusting

portfolio

management

teams

as

appropriate

for

various

funds;

and

developing

policy

positions

on

a

broad

range

of

regulatory

proposals

that

may

impact

the

funds

and

communicating

with

lawmakers

and

other

regulatory

authorities

to

help

ensure

these

positions

are

represented.

Aside

from

the

services

provided,

the

Board

recognized

the

financial

resources

of

the

Adviser

and

its

affiliates

and

their

willingness

to

make

investments

in

the

technology,

personnel

and

infrastructure

to

support

the

Nuveen

funds,

including

maintaining

a

seed

capital

budget

to

support

new

or

existing

funds

and/or

facilitate

changes

for

a

respective

fund.

The

Board

noted

the

benefits

to

shareholders

of

investing

in

a

fund

that

is

a

part

of

a

large

fund

complex

with

a

variety

of

investment

disciplines,

capabilities,

expertise

and

resources

available

to

navigate

and

support

the

Nuveen

funds

including

during

stressed

times.

The

Board

recognized

the

overall

reputation

and

capabilities

of

the

Adviser

and

its

affiliates,

the

Adviser’s

continuing

commitment

to

provide

high

quality

services,

its

willingness

to

implement

operational

or

organizational

changes

in

seeking,

among

other

things,

to

enhance

efficiencies

and

services

to

the

Nuveen

funds

and

its

responsiveness

to

the

Board’s

questions

and/or

concerns

raised

throughout

the

year

and

during

the

annual

review

of

advisory

agreements.

The

Board

also

considered

the

significant

risks

borne

by

the

Adviser

and

its

affiliates

in

connection

with

their

services

to

the

Nuveen

funds,

including

entrepreneurial

risks

in

sponsoring

new

funds

and

ongoing

risks

with

managing

the

funds

such

as

investment,

operational,

reputational,

regulatory,

compliance

and

litigation

risks.

The

Board

further

considered

the

division

of

responsibilities

between

the

Adviser

and

the

Sub-Adviser

and

recognized

that

the

Sub-Adviser

and

its

investment

personnel

generally

are

responsible

for

the

management

of

each

Fund’s

portfolio

under

the

oversight

of

the

Adviser

and

the

Board.

The

Board

considered

an

analysis

of

the

Sub-Adviser

provided

by

the

Adviser

which

included,

among

other

things,

the

assets

under

management

of

the

applicable

investment

team

and

changes

thereto,

a

summary

of

the

applicable

investment

team

and

changes

to

such

team,

the

investment

process

108

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

and

philosophy

of

the

applicable

investment

team,

the

performance

of

the

Nuveen

funds

sub-advised

by

the

Sub-Adviser

over

various

periods

of

time

and

a

summary

of

any

significant

policy

and/or

other

changes

to

the

Nuveen

funds

sub-advised

by

the

Sub-Adviser.

The

Board

further

considered

at

the

May

Meeting

or

prior

meetings

evaluations

of

the

Sub-Adviser’s

compliance

programs

and

trade

execution.

The

Board

noted

that

the

Adviser

recommended

the

renewal

of

the

Sub-Advisory

Agreements.

Based

on

its

review,

the

Board

determined,

in

the

exercise

of

its

reasonable

business

judgment,

that

it

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

to

the

respective

Funds

under

each

applicable

Advisory

Agreement.

B.

The

Investment

Performance

of

the

Funds

and

Fund

Advisers

In

evaluating

the

quality

of

the

services

provided

by

the

Fund

Advisers,

the

Board

also

considered

a

variety

of

investment

performance

data

of

the

Nuveen

funds

prepared

specifically

for

the

annual

review

of

the

advisory

agreements

as

well

as

the

performance

data

the

Board

received

throughout

the

year

representing

different

time

periods.

In

this

regard,

leading

into

the

May

Meeting,

the

Board

reviewed,

among

other

things,

Fund

performance

over

the

quarter,

one-,

three-

and

five-year

periods

ending

December 31,

2022

and

March

31,

2023.

In

addition,

the

Board

reviewed

and

discussed

performance

data

at

its

regularly

scheduled

quarterly

meetings

during

the

year.

The

Board

therefore

took

into

account

the

performance

data,

presentations

and

discussions

(written

and

oral)

that

have

been

provided

for

the

annual

review

as

well

as

in

prior

meetings

over

time

in

evaluating

fund

performance,

including

the

Adviser’s

analysis

of

a

fund’s

performance

with

particular

focus

on

performance

outliers

(both

overperformance

and

underperformance),

the

factors

contributing

to

performance

(including

relative

to

a

fund’s

benchmark

and

peers

and

the

impact

of

market

conditions)

and

any

recommendations

or

steps

that

had

been

taken

or

were

proposed

to

be

taken

to

address

significant

performance

concerns.

In

this

regard,

the

Board

noted,

among

other

things,

that

certain

Nuveen

funds

had

changes

in

portfolio

managers

or

other

significant

changes

to

their

investment

strategies

or

policies

since

March

2020,

and,

as

a

result,

the

Board

reviewed

certain

tracking

performance

data

comparing

the

performance

of

such

funds

before

and

after

such

changes.

The

Board

recognized

that

performance

data

reflects

performance

over

a

specified

period

which

may

differ

significantly

depending

on

the

ending

dates

selected,

particularly

during

periods

of

market

volatility.

Further,

the

Board

noted

that

shareholders

may

evaluate

performance

based

on

their

own

respective

holding

periods

which

may

differ

from

the

performance

periods

reviewed

by

the

Board

and

lead

to

differing

results.

In

its

evaluation,

the

Board

reviewed

Nuveen

fund

performance

results

from

different

perspectives.

In

general,

subject

to

certain

exceptions,

the

Board

reviewed

both

absolute

and

relative

fund

performance

during

the

annual

review

over

the

various

time

periods

and

evaluated

performance

results

in

light

of

a

fund’s

investment

objective(s),

strategies

and

risks.

With

respect

to

the

relative

performance,

the

Board

considered

fund

performance

in

comparison

to

the

performance

of

peer

funds

(the

“Performance

Peer

Group”)

and

recognized

and/or

customized

benchmarks

(i.e.,

generally

benchmarks

derived

from

multiple

recognized

benchmarks).

In

reviewing

such

comparative

performance,

the

Board

was

cognizant

of

the

inherent

limitations

of

such

data

which

can

make

meaningful

performance

comparisons

generally

difficult.

As

an

illustration,

differences

in

the

composition

of

the

Performance

Peer

Group,

the

investment

objective(s),

strategies

and

other

characteristics

of

the

peers

in

the

Performance

Peer

Group,

the

level,

type

and

cost

of

leverage

(if

any)

of

the

peers,

and

the

varying

sizes

of

peers

all

may

contribute

to

differences

in

the

performance

results

of

a

Performance

Peer

Group

compared

to

the

applicable

Nuveen

fund.

With

respect

to

relative

performance

of

a

Nuveen

fund

compared

to

a

benchmark

index,

differences,

among

other

things,

in

the

investment

objective(s)

and

strategies

of

a

fund

and

the

benchmark

(particularly

an

actively

managed

fund

that

does

not

directly

follow

an

index)

as

well

as

the

costs

of

operating

a

fund

would

necessarily

contribute

to

differences

in

performance

results

and

limit

the

value

of

the

comparative

performance

information.

To

assist

the

Board

in

its

review

of

the

comparability

of

the

relative

performance,

the

Adviser

has

ranked

the

relevancy

of

the

peer

group

to

the

Funds

as

low,

medium

or

high.

The

secondary

market

trading

of

shares

of

the

Nuveen

closed-end

funds

also

continues

to

be

a

priority

for

the

Board

given

its

importance

to

shareholders,

and

therefore

the

Board

and/or

its

Closed-end

Fund

committee

reviews

certain

performance

data

reflecting,

among

other

things,

the

premiums

and

discounts

at

which

the

shares

of

the

Nuveen

closed-end

funds

have

traded

over

specified

periods

throughout

the

year.

In

its

review,

the

Board

considers,

among

other

things,

changes

to

investment

mandates

and

guidelines,

distribution

policies,

leverage

levels

and

types;

share

repurchases

and

similar

capital

market

actions;

and

effective

communications

programs

to

build

greater

awareness

and

deepen

understanding

of

closed-end

funds.

As

applicable,

the

Board

considered

the

impact

of

leverage

on

a

Nuveen

fund’s

performance.

The

Board

further

acknowledged

that

performance

results

should

include

the

distribution

yields

of

funds

that

seek

to

provide

income

as

part

of

their

investment

objective(s)

to

shareholders.

In

this

regard,

the

Board

considered

that

the

use

of

leverage

by

various

funds

may

have

detracted

from

total

return

performance

of

such

funds

over

various

periods

in

current

market

conditions,

but

the

leverage

also

was

accretive

in

helping

to

provide

income.

The

Board

also

evaluated

Nuveen

fund

performance

in

light

of

various

relevant

factors

which

may

include,

among

other

things,

general

market

conditions,

issuer-specific

information,

asset

class

information,

leverage

and

fund

cash

flows.

The

Board

acknowledged

that

long-term

performance

could

be

impacted

by

even

one

period

of

significant

outperformance

or

underperformance

and

that

a

single

investment

theme

could

disproportionately

affect

performance.

Further,

the

Board

recognized

that

the

market

and

economic

conditions

may

significantly

impact

a

fund’s

performance,

particularly

over

shorter

periods,

and

such

performance

may

be

more

reflective

of

such

economic

or

market

events

and

not

necessarily

reflective

of

management

skill.

Although

the

Board

reviews

short-,

intermediate-

and

longer-term

performance

data,

the

Board

recognized

that

longer

periods

of

performance

may

reflect

full

market

cycles.

In

relation

to

recent

general

market

conditions,

the

Board

had

recognized

the

general

market

volatility

and

underperformance

of

the

market

in

2022

in

considering

Nuveen

fund

performance.

The

Board

took

into

account

the

Adviser’s

assessment

of

a

fund’s

performance

during

the

recent

period

of

significant

market

volatility.

In

their

review

from

year

to

year,

the

Board

Members

consider

and

may

place

different

emphasis

on

the

relevant

information

in

light

of

changing

circumstances

in

market

and

economic

conditions.

In

evaluating

performance,

the

Board

focused

particular

attention

on

funds

with

less

favorable

performance

records.

However,

depending

on

the

facts

and

circumstances

including

any

differences

between

the

respective

fund

and

its

benchmark

and/or

Performance

Peer

Group,

the

Board

may

be

satisfied

with

a

fund’s

performance

notwithstanding

109

that

its

performance

may

be

below

that

of

its

benchmark

and/or

peer

group

for

certain

periods.

With

respect

to

any

funds

for

which

the

Board

has

identified

performance

issues,

the

Board

seeks

to

monitor

such

funds

closely

until

performance

improves,

discusses

with

the

Adviser

the

reasons

for

such

results,

considers

whether

any

steps

are

necessary

or

appropriate

to

address

such

issues,

and

reviews

the

results

of

any

steps

undertaken.

The

Board’s

determinations

with

respect

to

each

Fund

are

summarized

below.

For

Nuveen

Floating

Rate

Income

Fund

(the

“Floating

Rate

Fund”),

the

Board

noted

that

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

December 31,

2022,

the

Fund

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

such

periods.

Further,

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-

and

five-year

periods

ended

March

31,

2023,

the

Fund

outperformed

its

benchmark

for

the

three-year

period

ended

March

31,

2023

and

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-

and

five-year

periods

and

second

quartile

of

its

Performance

Peer

Group

for

the

three-year

period

ended

March

31,

2023.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

Nuveen

Credit

Strategies

Income

Fund

(the

“Credit

Strategies

Fund”),

the

Board

noted

that

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-,

three-

and

five-year

periods

ended

December 31,

2022

and

March

31,

2023.

The

Board

noted

that

the

Fund’s

use

of

leverage

detracted

from

the

Fund’s

performance

in

2022

but

was

accretive

to

overall

common

share

income.

The

Board

took

into

account

management’s

discussion

of

the

Fund’s

performance,

including

the

reasons

for

the

challenged

performance

for

certain

periods,

and

the

Fund’s

more

recent

improved

performance

over

the

quarter

ended

March

31,

2023.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

C.

Fees,

Expenses

and

Profitability

1.

Fees

and

Expenses

As

part

of

its

annual

review,

the

Board

generally

reviewed,

among

other

things,

with

respect

to

the

Nuveen

closed-end

funds,

the

contractual

management

fee

and

actual

management

fee

(i.e.,

the

management

fee

after

taking

into

consideration

fee

waivers

and/or

expense

reimbursements,

if

any)

paid

by

a

fund

to

the

Adviser

in

light

of

the

nature,

extent

and

quality

of

the

services

provided.

The

Board

also

considered

the

total

operating

expense

ratio

of

a

fund

(after

any

fee

waivers

and/or

expense

reimbursements).

More

specifically,

the

Independent

Board

Members

reviewed,

among

other

things,

each

Nuveen

closed-end

fund’s

actual

management

fee

rate

(after

fee

waivers

and/or

expense

reimbursements,

if

any)

and

net

total

expense

ratio

in

relation

to

those

of

a

comparable

universe

of

funds

(the

“Peer

Universe”)

established

by

Broadridge.

The

Independent

Board

Members

reviewed

the

methodology

Broadridge

employed

to

establish

its

Peer

Universe

and

recognized

that

differences

between

the

applicable

fund

and

its

respective

Peer

Universe

as

well

as

changes

to

the

composition

of

the

Peer

Universe

from

year

to

year

may

limit

some

of

the

value

of

the

comparative

data.

The

Independent

Board

Members

take

these

limitations

and

differences

into

account

when

reviewing

comparative

peer

data.

The

Independent

Board

Members

also

considered

a

fund’s

operating

expense

ratio

as

it

more

directly

reflected

the

shareholder’s

costs

in

investing

in

the

respective

fund.

In

their

review,

the

Independent

Board

Members

considered,

in

particular,

each

Nuveen

fund

with

a

net

total

expense

ratio

(excluding

investment-related

costs

of

leverage

for

closed-end

funds)

of

six

basis

points

or

higher

compared

to

that

of

its

peer

average

(each,

an

“Expense

Outlier

Fund”)

and

an

analysis

as

to

the

factors

contributing

to

each

such

fund’s

higher

relative

net

total

expense

ratio.

In

addition,

although

the

Board

reviewed

a

fund’s

total

net

expenses

both

including

and

excluding

investment-related

expenses

(i.e.,

leverage

costs)

for

certain

of

the

closed-end

funds,

the

Board

recognized

that

leverage

expenses

will

vary

across

funds

and

in

comparison

to

peers

because

of

differences

in

the

forms

and

terms

of

leverage

employed

by

the

respective

fund.

Accordingly,

in

reviewing

the

comparative

data

between

a

fund

and

its

peers,

the

Board

generally

considered

the

fund’s

net

total

expense

ratio

and

fees

(excluding

leverage

costs

and

leveraged

assets

for

the

closed-end

funds)

to

be

higher

if

they

were

over

10

basis

points

higher,

slightly

higher

if

they

were

6

to

10

basis

points

higher,

in

line

if

they

were

within

approximately

5

basis

points

higher

than

the

peer

average

and

below

if

they

were

below

the

peer

average

of

the

Peer

Universe.

The

Independent

Board

Members

also

considered,

in

relevant

part,

a

Nuveen

fund’s

management

fee

and

net

total

expense

ratio

in

light

of

its

performance

history,

including

reviewing

certain

funds

identified

by

the

Adviser

and/or

the

Board

as

having

a

higher

net

total

expense

ratio

or

management

fee

compared

to

their

respective

peers

coupled

with

experiencing

periods

of

challenged

performance

and

considering

the

reasons

for

such

comparative

positions.

In

addition,

with

respect

to

closed-end

funds

that

utilize

leverage,

the

Independent

Board

Members

recognized

that

certain

assets

attributable

to

a

fund’s

use

of

leverage

may

be

included

in

the

amount

of

assets

upon

which

the

advisory

fee

or

sub-advisory

fee

is

calculated.

The

Independent

Board

Members

acknowledged

the

fact

that

a

decision

to

employ

leverage

or

increase

a

fund’s

leverage

which

has

the

effect,

all

other

things

being

equal,

of

increasing

the

assets

upon

which

an

advisory

or

sub-

advisory

fee

is

based

(and,

in

turn,

increasing

the

Adviser’s

and

applicable

sub-adviser’s

management

fees),

means

that

the

Adviser

and

applicable

sub-adviser

may

have

a

conflict

of

interest

in

determining

whether

to

use

or

increase

leverage.

The

Independent

Board

Members

recognized,

however,

that

the

Adviser

and

sub-advisers

would

seek

to

manage

the

potential

conflict

by

recommending

to

the

Board

to

leverage

the

applicable

fund

or

increase

such

leverage

when

the

Adviser

and/or

sub-adviser,

as

applicable,

has

determined

that

such

action

would

be

in

the

best

interests

of

the

respective

fund

and

its

common

shareholders

and

by

periodically

reviewing

with

the

Board

the

fund’s

performance

and

the

impact

of

the

use

of

leverage

on

that

performance.

110

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

In

their

review

of

the

fee

arrangements

for

the

Nuveen

funds,

the

Independent

Board

Members

also

considered

the

management

fee

schedules,

including

the

complex-wide

and

fund-level

breakpoint

schedules,

as

applicable.

The

Board

noted

that

across

the

Nuveen

fund

complex,

the

complex-wide

fee

breakpoints

reduced

fees

by

approximately

$62.4 million

and

fund-level

breakpoints

reduced

fees

by

approximately

$76.1 million

in

2022.

With

respect

to

the

Sub-Adviser,

the

Board

also

considered,

among

other

things,

the

sub-advisory

fee

schedule

paid

to

the

Sub-Adviser

in

light

of

the

sub-advisory

services

provided

to

the

respective

Fund

and

comparative

data

of

the

fees

the

Sub-Adviser

charges

to

other

clients,

if

any.

In

its

review,

the

Board

recognized

that

the

compensation

paid

to

the

Sub-Adviser

is

the

responsibility

of

the

Adviser,

not

the

Funds.

The

Independent

Board

Members

noted

that

(a)

the

Floating

Rate

Fund

had

an

actual

management

fee

and

a

net

total

expense

ratio

that

were

below

the

respective

peer

averages;

and

(b)

the

Credit

Strategies

Fund

had

an

actual

management

fee

that

was

in

line

with

the

peer

average

and

a

net

total

expense

ratio

that

was

below

the

peer

average.

Based

on

its

review

of

the

information

provided,

the

Board

determined

that

each

Fund’s

management

fees

(as

applicable)

to

a

Fund

Adviser

were

reasonable

in

light

of

the

nature,

extent

and

quality

of

services

provided

to

the

Fund.

2.

Comparisons

with

the

Fees

of

Other

Clients

In

evaluating

the

appropriateness

of

fees,

the

Board

also

considered

information

regarding

the

fee

rates

the

respective

Fund

Advisers

charged

to

certain

other

types

of

clients

and

the

type

of

services

provided

to

these

other

clients.

With

respect

to

the

Adviser

and/or

the

Sub-Adviser,

such

other

clients

may

include:

retail

and

institutional

managed

accounts

sub-advised

by

the

Sub-Adviser;

hedge

funds

or

other

structured

products

managed

by

the

Sub-Adviser;

investment

companies

offered

outside

the

Nuveen

family

and

sub-advised

by

the

Sub-

Adviser;

foreign

investment

companies

offered

by

Nuveen

and

sub-advised

by

the

Sub-Adviser;

and

collective

investment

trusts

sub-advised

by

the

Sub-Adviser.

The

Board

further

noted

that

the

Adviser

also

advised,

and

the

Sub-Adviser

sub-advised,

certain

exchange-traded

funds

(“ETFs”)

sponsored

by

Nuveen.

The

Board

reviewed,

among

other

things,

the

range

of

fees

assessed

for

managed

accounts,

hedge

funds

(along

with

their

performance

fee),

foreign

investment

companies

and

ETFs

offered

by

Nuveen,

as

applicable.

The

Board

also

reviewed

the

fee

range

and

average

fee

rate

of

certain

selected

investment

strategies

offered

in

retail

and

institutional

managed

accounts

sub-advised

by

the

Sub-Adviser,

the

hedge

funds

advised

by

the

Sub-Adviser

(along

with

their

performance

fee)

and

non-Nuveen

investment

companies

sub-advised

by

certain

affiliated

sub-advisers.

In

considering

the

comparative

fee

data,

the

Board

recognized

that

differences,

including

but

not

limited

to,

the

amount,

type

and

level

of

services

provided

by

the

Adviser

to

the

Nuveen

funds

compared

to

that

provided

to

other

clients

as

well

as

differences

in

investment

policies;

eligible

portfolio

assets

and

the

manner

of

managing

such

assets;

product

structure;

investor

profiles;

account

sizes;

and

regulatory

requirements

contribute

to

the

variations

in

the

fee

schedules.

Similarly,

differences

in

the

client

base,

governing

bodies,

distribution

jurisdiction

and

operational

complexities

would

also

contribute

to

variations

in

management

fees

assessed

the

Nuveen

funds

compared

to

foreign

fund

clients.

Further,

with

respect

to

ETFs,

the

Board

considered

that

the

Nuveen

ETFs

that

are

designed

to

track

the

performance

of

a

specified

index

(“Index

ETFs”)

were

passively

managed

compared

to

the

active

management

of

other

Nuveen

funds,

which

also

contributed

to

the

differences

in

fee

levels

between

such

Index

ETFs

and

the

actively

managed

funds.

The

Board

acknowledged

the

wide

range

of

services

in

addition

to

investment

management

that

the

Adviser

had

provided

to

the

Nuveen

funds

compared

to

other

types

of

clients

as

well

as

the

increased

entrepreneurial,

legal

and

regulatory

risks

that

the

Adviser

incurs

in

sponsoring

and

managing

the

Nuveen

funds.

In

general,

higher

fee

levels

reflect

higher

levels

of

service

provided

by

the

Adviser,

increased

investment

management

complexity,

greater

product

management

requirements,

and

higher

levels

of

business

risk

or

some

combination

of

these

factors.

The

Board

further

considered

that

the

Sub-Adviser’s

fee

is

essentially

for

portfolio

management

services

and

therefore

more

comparable

to

the

fees

it

receives

for

retail

wrap

accounts

and

other

external

sub-advisory

mandates.

The

Board

concluded

the

varying

levels

of

fees

were

justified

given,

among

other

things,

the

more

extensive

services,

regulatory

requirements

and

legal

liabilities,

and

the

entrepreneurial,

legal

and

regulatory

risks

incurred

in

sponsoring

and

advising

a

registered

investment

company

compared

to

that

required

in

advising

other

types

of

clients.

3.

Profitability

of

Fund

Advisers

In

their

review,

the

Independent

Board

Members

considered

estimated

profitability

information

of

Nuveen

as

a

result

of

its

advisory

services

to

the

Nuveen

funds

as

well

as

profitability

data

of

other

publicly

traded

asset

management

firms.

Such

profitability

information

included,

among

other

things,

gross

and

net

revenue

margins

(excluding

distribution)

of

Nuveen

Investments,

Inc.

(“Nuveen

Investments”)

for

services

to

the

Nuveen

funds

on

a

pre-tax

and

after-tax

basis

for

the

2022

and

2021

calendar

years

as

well

as

the

revenues

earned

(less

any

expense

reimbursements/fee

waivers)

and

expenses

incurred

by

Nuveen

Investments

for

its

advisory

activities

to

the

Nuveen

funds

(excluding

distribution

and

certain

other

expenses)

for

the

2022

and

2021

calendar

years.

The

Independent

Board

Members

also

considered

a

summary

of

some

of

the

key

factors

that

impacted

Nuveen’s

profitability

in

2022.

In

addition,

the

Board

reviewed

the

revenues,

expenses

and

operating

margin

(pre-

and

after-tax)

the

Adviser

derived

from

its

ETF

product

line

for

the

2022

and

2021

calendar

years.

111

In

developing

the

profitability

data

of

the

Adviser

for

its

advisory

services

to

the

Nuveen

funds,

the

Independent

Board

Members

recognized

the

subjective

nature

of

calculating

profitability

as

the

information

is

not

audited

and

is

necessarily

dependent

on

cost

allocation

methodologies

to

allocate

expenses

throughout

the

complex

and

among

the

various

advisory

products.

Given

there

is

no

perfect

expense

allocation

methodology

and

that

other

reasonable

and

valid

allocation

methodologies

could

be

employed

and

could

lead

to

significantly

different

results,

the

Board

reviewed,

among

other

things,

a

description

of

the

cost

allocation

methodologies

employed

to

develop

the

financial

information,

a

summary

of

the

history

of

changes

to

the

methodology

over

the

years

from

2010

through

2022,

and

a

historical

expense

analysis

of

Nuveen

Investments’

revenues,

expenses

and

pre-tax

net

revenue

margins

derived

from

its

advisory

services

to

the

Nuveen

funds

(excluding

distribution)

for

the

calendar

years

from

2017

through

2022.

The

Board

had

also

appointed

four

Independent

Board

Members

to

serve

as

the

Board’s

liaisons,

with

the

assistance

of

independent

counsel,

to

meet

with

representatives

of

the

Adviser

and

review

the

development

of

the

profitability

data

and

to

report

to

the

full

Board.

In

addition,

the

Board

considered

certain

comparative

operating

margin

data.

In

this

regard,

the

Board

reviewed

the

operating

margins

of

Nuveen

Investments

compared

to

the

adjusted

operating

margins

of

a

peer

group

of

asset

management

firms

with

publicly

available

data

and

the

most

comparable

assets

under

management

(based

on

asset

size

and

asset

composition)

to

Nuveen.

The

Board

recognized

that

the

operating

margins

of

the

peers

were

adjusted

generally

to

address

that

certain

services

provided

by

the

peers

were

not

provided

by

Nuveen.

The

Board

also

reviewed,

among

other

things,

the

net

revenue

margins

(pre-tax)

of

Nuveen

Investments

on

a

company-wide

basis

and

the

net

revenue

margins

(pre-tax)

of

Nuveen

Investments

derived

from

its

services

to

the

Nuveen

funds

only

(including

and

excluding

distribution)

compared

to

the

adjusted

operating

margins

of

the

peer

group

for

each

calendar

year

from

2012

to

2022.

Although

the

total

company

operating

margins

of

Nuveen

Investments

were

in

the

bottom

half

of

the

peer

group

range

for

2022

and

2021,

the

Independent

Board

Members

recognized

the

limitations

of

the

comparative

data

given

that

peer

data

is

not

generally

public

and

the

calculation

of

profitability

is

subjective

and

affected

by

numerous

factors

(such

as

types

of

funds

a

peer

manages,

its

business

mix,

its

cost

of

capital,

the

numerous

assumptions

underlying

the

methodology

used

to

allocate

expenses

and

other

factors)

that

can

have

a

significant

impact

on

the

results.

Aside

from

Nuveen’s

profitability,

the

Board

recognized

that

the

Adviser

is

a

subsidiary

of

Nuveen,

LLC,

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”).

Accordingly,

the

Board

also

reviewed

a

balance

sheet

for

TIAA

reflecting

its

assets,

liabilities

and

capital

and

contingency

reserves

for

the

2022

and

2021

calendar

years

to

consider

the

financial

strength

of

TIAA.

The

Board

recognized

the

benefit

of

an

investment

adviser

and

its

parent

with

significant

resources,

particularly

during

periods

of

market

volatility.

The

Board

also

noted

the

reinvestments

Nuveen,

its

parent

and/or

other

affiliates

made

into

its

business

through,

among

other

things,

the

investment

of

seed

capital

in

certain

Nuveen

funds

and

continued

investments

in

enhancements

to

technological

capabilities.

In

addition

to

Nuveen,

the

Independent

Board

Members

considered

the

profitability

of

the

Sub-Adviser

from

its

relationships

with

the

respective

Nuveen

funds.

In

this

regard,

the

Independent

Board

Members

reviewed,

among

other

things,

the

Sub-Adviser’s

revenues,

expenses

and

net

revenue

margins

(pre-

and

after-tax)

for

its

advisory

activities

to

the

respective

Nuveen

funds

for

the

calendar

years

ended

December 31,

2022

and

December

31,

2021.

The

Independent

Board

Members

also

reviewed

a

profitability

analysis

reflecting

the

revenues,

expenses

and

revenue

margin

(pre-

and

after-tax)

by

asset

type

for

the

Sub-Adviser

for

the

calendar

years

ending

December 31,

2022

and

December

31,

2021.

In

evaluating

the

reasonableness

of

the

compensation,

the

Independent

Board

Members

also

considered

any

other

ancillary

benefits

derived

by

the

respective

Fund

Adviser

from

its

relationship

with

the

Nuveen

funds

as

discussed

in

further

detail

below.

Based

on

a

consideration

of

all

the

information

provided,

the

Board

noted

that

Nuveen’s

and

the

Sub-Adviser’s

level

of

profitability

was

acceptable

and

not

unreasonable

in

light

of

the

services

provided.

D.

Economies

of

Scale

and

Whether

Fee

Levels

Reflect

These

Economies

of

Scale

The

Board

considered

whether

there

have

been

economies

of

scale

with

respect

to

the

management

of

the

Nuveen

funds,

whether

these

economies

of

scale

have

been

appropriately

shared

with

the

funds

and

whether

there

is

potential

for

realization

of

further

economies

of

scale.

Although

the

Board

recognized

that

economies

of

scale

are

difficult

to

measure

with

any

precision

and

certain

expenses

may

not

decline

with

a

rise

in

assets,

the

Board

considered

that

Nuveen

shares

the

benefits

of

economies

of

scale,

if

any,

in

a

number

of

ways

including

through

the

use

of

breakpoints

in

the

management

fee

schedule,

fee

waivers

and/or

expense

limitations,

the

pricing

of

funds

at

scale

at

inception

and

investments

in

Nuveen’s

business

which

can

enhance

the

services

provided

to

the

funds

for

the

fees

paid.

In

this

regard,

the

Board

recognized

that

the

management

fee

of

the

Adviser

is

generally

comprised

of

a

fund-level

component

and

a

complex-level

component

each

with

its

own

breakpoint

schedule,

subject

to

certain

exceptions.

The

Board

reviewed

the

fund-level

and

complex-level

fee

schedules.

With

this

structure,

the

Board

noted

that

the

complex-level

breakpoint

schedule

is

designed

to

deliver

the

benefits

of

economies

of

scale

to

shareholders

when

the

eligible

assets

in

the

complex

pass

certain

thresholds

even

if

the

assets

of

a

particular

fund

are

unchanged

or

have

declined,

and

the

fund-level

breakpoint

schedules

are

designed

to

share

economies

of

scale

with

shareholders

if

the

particular

fund

grows.

The

Board

noted,

however,

that

although

closed-end

funds

may

make

additional

share

offerings

from

time

to

time,

the

closed-end

funds

have

a

more

limited

ability

to

increase

their

assets

because

the

growth

of

their

assets

will

occur

primarily

from

the

appreciation

of

their

investment

portfolios.

As

noted

above,

the

Independent

Board

Members

also

recognized

the

continued

reinvestment

in

Nuveen’s

business

to

enhance

its

capabilities

and

services

to

the

benefit

of

its

various

clients.

The

Board

understood

that

many

of

these

investments

in

the

Nuveen

business

were

not

specific

to

individual

Nuveen

funds

but

rather

incurred

across

of

a

variety

of

products

and

services

pursuant

to

which

the

family

of

Nuveen

funds

as

a

whole

may

benefit.

In

addition,

the

Board

also

considered

that

Nuveen

has

provided,

without

raising

advisory

fees

to

the

Nuveen

funds,

certain

additional

services,

including,

but

not

limited

to,

services

required

by

new

regulations

and

regulatory

interpretations,

and

this

was

also

a

means

of

sharing

economies

of

scale

with

the

funds

and

their

shareholders.

112

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

Based

on

its

review,

the

Board

was

satisfied

that

the

current

fee

arrangements

together

with

the

reinvestment

in

Nuveen’s

business

appropriately

shared

any

economies

of

scale

with

shareholders.

E.

Indirect

Benefits

The

Independent

Board

Members

received

and

considered

information

regarding

other

benefits

the

respective

Fund

Adviser

or

its

affiliates

may

receive

as

a

result

of

their

relationship

with

the

Nuveen

funds.

The

Board

acknowledged

that

an

affiliate

of

the

Adviser

may

receive

compensation

for

serving

as

a

co-manager

in

the

initial

public

offerings

of

new

Nuveen

closed-end

funds

(if

any)

and

for

serving

as

an

underwriter

on

shelf

offerings

of

existing

Nuveen

closed-end

funds

and

reviewed

the

amounts

paid

for

such

services,

if

any,

in

2021

and

2022.

In

addition,

the

Independent

Board

Members

noted

that

the

various

sub-advisers

to

the

Nuveen

funds

do

not

generally

benefit

from

soft

dollar

arrangements

with

respect

to

Nuveen

fund

portfolio

transactions.

Based

on

its

review,

the

Board

concluded

that

any

indirect

benefits

received

by

a

Fund

Adviser

as

a

result

of

its

relationship

with

the

Funds

were

reasonable

in

light

of

the

services

provided.

F.

Other

Considerations

The

Independent

Board

Members

did

not

identify

any

single

factor

discussed

previously

as

all-important

or

controlling.

The

Independent

Board

Members

concluded

that

the

terms

of

each

Advisory

Agreement

were

reasonable,

that

the

respective

Fund

Adviser’s

fees

were

reasonable

in

light

of

the

services

provided

to

each

Fund

and

that

the

Advisory

Agreements

be

renewed

for

an

additional

one-year

period.

113

Board

Members

&

Officers

(Unaudited)

The

management

of

the

Funds,

including

general

supervision

of

the

duties

performed

for

the

Funds

by

the

Adviser,

is

the

responsibility

of

the

Board

of

Trustees

of

the

Funds.

None

of

the

trustees

who

are

not

“interested”

persons

of

the

Funds

(referred

to

herein

as

“independent

board

members”)

has

ever

been

a

director

or

employee

of,

or

consultant

to,

Nuveen

or

its

affiliates.

The

names

and

business

addresses

of

the

trustees

and

officers

of

the

Funds,

their

principal

occupations

and

other

affiliations

during

the

past

five

years,

the

number

of

portfolios

each

Trustee

oversees

and

other

directorships

they

hold

are

set

forth

below.

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

and

Term

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Board

Member

Independent

Trustees:

Terence

J.

Toth

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Chair

and

Board

Member

2008

Class

II

Formerly,

a

Co-Founding

Partner,

Promus

Capital

(investment

advisory

firm)

(2008-2017);

formerly,

Director,

Quality

Control

Corporation

(manufacturing)

(2012-2021);

Chair

of

the

Board

of

the

Kehrein

Center

for

the

Arts

(philanthropy)

(since

2021);

member:

Catalyst

Schools

of

Chicago

Board

(since

2008)

and

Mather

Foundation

Board

(philanthropy)

(since

2012),

formerly,

Chair

of

its

Investment

Committee

(2017-2022);

formerly,

Member,

Chicago

Fellowship

Board

(philanthropy)

(2005-2016);

formerly,

Director,

Fulcrum

IT

Services

LLC

(information

technology

services

firm

to

government

entities)

(2010-2019);

formerly,

Director,

LogicMark

LLC

(health

services)

(2012-2016);

formerly,

Director,

Legal

&

General

Investment

Management

America,

Inc.

(asset

management)

(2008-2013);

formerly,

CEO

and

President,

Northern

Trust

Global

Investments

(financial

services)

(2004-2007);

Executive

Vice

President,

Quantitative

Management

&

Securities

Lending

(2000-2004);

prior

thereto,

various

positions

with

Northern

Trust

Company

(financial

services)

(since

1994);

formerly,

Member,

Northern

Trust

Mutual

Funds

Board

(2005-2007),

Northern

Trust

Global

Investments

Board

(2004-2007),

Northern

Trust

Japan

Board

(2004-2007),

Northern

Trust

Securities

Inc.

Board

(2003-

2007)

and

Northern

Trust

Hong

Kong

Board

(1997-2004).

135

Jack

B.

Evans

1948

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

1999

Class

III

Chairman

(since

2019),

formerly,

President

(1996-2019),

The

Hall-Perrine

Foundation,

(private

philanthropic

corporation);

Life

Trustee

of

Coe

College

and

the

Iowa

College

Foundation;

formerly,

Member

and

President

Pro-Tem

of

the

Board

of

Regents

for

the

State

of

Iowa

University

System

(2007-

2013);

Director

and

Chairman

(2009-2021),

United

Fire

Group,

a

publicly

held

company;

Director,

Public

Member,

American

Board

of

Orthopaedic

Surgery

(2015-2020);

Director

(2000-2004),

Alliant

Energy;

Director

(1996-2015),

The

Gazette

Company

(media

and

publishing);

Director

(1997-

2003),

Federal

Reserve

Bank

of

Chicago;

President

and

Chief

Operating

Officer

(1972-1995),

SCI

Financial

Group,

Inc.,

(regional

financial

services

firm).

135

William

C.

Hunter

1948

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2003

Class

I

Dean

Emeritus,

formerly,

Dean,

Tippie

College

of

Business,

University

of

Iowa

(2006-2012);

Director

of

Wellmark,

Inc.

(since

2009);

past

Director

(2005-2015),

and

past

President

(2010-

2014)

Beta

Gamma

Sigma,

Inc.,

The

International

Business

Honor

Society;

formerly,

Director

(2004-2018)

of

Xerox

Corporation;

formerly,

Dean

and

Distinguished

Professor

of

Finance,

School

of

Business

at

the

University

of

Connecticut

(2003-2006);

previously,

Senior

Vice

President

and

Director

of

Research

at

the

Federal

Reserve

Bank

of

Chicago

(1995-2003);

formerly,

Director

(1997-2007),

Credit

Research

Center

at

Georgetown

University.

135

114

Board

Members

&

Officers

(Unaudited)

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

and

Term

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Board

Member

Amy

B.

R.

Lancellotta

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2021

Class

II

Formerly,

Managing

Director,

Independent

Directors

Council

(IDC)

(supports

the

fund

independent

director

community

and

is

part

of

the

Investment

Company

Institute

(ICI),

which

represents

regulated

investment

companies)

(2006-2019);

formerly,

various

positions

with

ICI

(1989-2006);

Member

of

the

Board

of

Directors,

Jewish

Coalition

Against

Domestic

Abuse

(JCADA)

(since

2020).

135

Joanne

T.

Medero

1954

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2021

Class

III

Formerly,

Managing

Director,

Government

Relations

and

Public

Policy

(2009-2020)

and

Senior

Advisor

to

the

Vice

Chairman

(2018-2020),

BlackRock,

Inc.

(global

investment

management

firm);

formerly,

Managing

Director,

Global

Head

of

Government

Relations

and

Public

Policy,

Barclays

Group

(IBIM)

(investment

banking,

investment

management

and

wealth

management

businesses)

(2006-2009);

formerly,

Managing

Director,

Global

General

Counsel

and

Corporate

Secretary,

Barclays

Global

Investors

(global

investment

management

firm)

(1996-2006);

formerly,

Partner,

Orrick,

Herrington

&

Sutcliffe

LLP

(law

firm)

(1993-1995);

formerly,

General

Counsel,

Commodity

Futures

Trading

Commission

(government

agency

overseeing

U.S.

derivatives

markets)

(1989-1993);

formerly,

Deputy

Associate

Director/Associate

Director

for

Legal

and

Financial

Affairs,

Office

of

Presidential

Personnel,

The

White

House

(1986-1989);

Member

of

the

Board

of

Directors,

Baltic-American

Freedom

Foundation

(seeks

to

provide

opportunities

for

citizens

of

the

Baltic

states

to

gain

education

and

professional

development

through

exchanges

in

the

U.S.)

(since

2019).

135

Albin

F.

Moschner

1952

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2016

Class

III

Founder

and

Chief

Executive

Officer,

Northcroft

Partners,

LLC,

(management

consulting)

(since

2012);

formerly,

Chairman

(2019),

and

Director

(2012-2019),

USA

Technologies,

Inc.,

(provider

of

solutions

and

services

to

facilitate

electronic

payment

transactions);

formerly,

Director,

Wintrust

Financial

Corporation

(1996-2016);

previously,

held

positions

at

Leap

Wireless

International,

Inc.

(consumer

wireless

services),

including

Consultant

(2011-2012),

Chief

Operating

Officer

(2008-2011),

and

Chief

Marketing

Officer

(2004-2008);

formerly,

President,

Verizon

Card

Services

division

of

Verizon

Communications,

Inc.

(2000-2003);

formerly,

President,

One

Point

Services

at

One

Point

Communications

(telecommunication

services)

(1999-2000);

formerly,

Vice

Chairman

of

the

Board,

Diba,

Incorporated

(internet

technology

provider)

(1996-1997);

formerly,

various

executive

positions

(1991-1996)

including

Chief

Executive

Officer

(1995-1996)

of

Zenith

Electronics

Corporation

(consumer

electronics).

135

John

K.

Nelson

1962

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2013

Class

II

Member

of

Board

of

Directors

of

Core12

LLC.

(private

firm

which

develops

branding,

marketing

and

communications

strategies

for

clients)

(since

2008);

served

The

President’s

Council

of

Fordham

University

(2010-2019)

and

previously

a

Director

of

the

Curran

Center

for

Catholic

American

Studies

(2009-2018);

formerly,

senior

external

advisor

to

the

Financial

Services

practice

of

Deloitte

Consulting

LLP.

(2012-2014);

former

Chair

of

the

Board

of

Trustees

of

Marian

University

(2010-2014

as

trustee,

2011-2014

as

Chair);

formerly

Chief

Executive

Officer

of

ABN

AMRO

Bank

N.V.,

North

America,

and

Global

Head

of

the

Financial

Markets

Division

(2007-2008),

with

various

executive

leadership

roles

in

ABN

AMRO

Bank

N.V.

between

1996

and

2007.

135

115

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

and

Term

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Board

Member

Matthew

Thornton

III

1958

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2020

Class

III

Formerly,

Executive

Vice

President

and

Chief

Operating

Officer

(2018-2019),

FedEx

Freight

Corporation,

a

subsidiary

of

FedEx

Corporation

(FedEx)

(provider

of

transportation,

e-commerce

and

business

services

through

its

portfolio

of

companies);

formerly,

Senior

Vice

President,

U.S.

Operations

(2006-2018),

Federal

Express

Corporation,

a

subsidiary

of

FedEx;

formerly

Member

of

the

Board

of

Directors

(2012-2018),

Safe

Kids

Worldwide®

(a

non-profit

organization

dedicated

to

preventing

childhood

injuries).

Member

of

the

Board

of

Directors

(since

2014),

The

Sherwin-Williams

Company

(develops,

manufactures,

distributes

and

sells

paints,

coatings

and

related

products);

Director

(since

2020),

Crown

Castle

International

(provider

of

communications

infrastructure).

135

Margaret

L.

Wolff

1955

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2016

Class

I

Formerly,

member

of

the

Board

of

Directors

(2013-2017)

of

Travelers

Insurance

Company

of

Canada

and

The

Dominion

of

Canada

General

Insurance

Company

(each,

a

part

of

Travelers

Canada,

the

Canadian

operation

of

The

Travelers

Companies,

Inc.);

formerly,

Of

Counsel,

Skadden,

Arps,

Slate,

Meagher

&

Flom

LLP

(Mergers

&

Acquisitions

Group)

(legal

services)

(2005-

2014);

Member

of

the

Board

of

Trustees

of

New

York-Presbyterian

Hospital

(since

2005);

Member

(since

2004)

formerly,

Chair

(2015-

2022)

of

the

Board

of

Trustees

of

The

John

A.

Hartford

Foundation

(a

philanthropy

dedicated

to

improving

the

care

of

older

adults);

formerly,

Member

(2005-2015)

and

Vice

Chair

(2011-2015)

of

the

Board

of

Trustees

of

Mt.

Holyoke

College.

135

Robert

L.

Young

(2)

1963

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2017

Class

I

or

Class

II

Formerly,

Chief

Operating

Officer

and

Director,

J.P.

Morgan

Investment

Management

Inc.

(financial

services)

(2010-2016);

formerly,

President

and

Principal

Executive

Officer

(2013-2016),

and

Senior

Vice

President

and

Chief

Operating

Officer

(2005-2010),

of

J.P.

Morgan

Funds;

formerly,

Director

and

various

officer

positions

for

J.P.

Morgan

Investment

Management

Inc.

(formerly,

JPMorgan

Funds

Management,

Inc.

and

formerly,

One

Group

Administrative

Services)

and

JPMorgan

Distribution

Services,

Inc.

(financial

services)

(formerly,

One

Group

Dealer

Services,

Inc.)

(1999-2017).

135

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(3)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Officers

of

the

Funds:

David

J.

Lamb

1963

333

W.

Wacker

Drive

Chicago,

IL

60606

Chief

Administrative

Officer

2015

Managing

Director

of

Nuveen

Fund

Advisors,

LLC

(since

2019);

Senior

Managing

Director

(since

2021),

formerly,

Managing

Director

(2020-2021)

of

Nuveen

Securities,

LLC;

Senior

Managing

Director

(since

2021),

formerly,

Managing

Director

(2017-2021),

Senior

Vice

President

of

Nuveen

(2006-2017).

Brett

E.

Black

1972

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Chief

Compliance

Officer

2022

Managing

Director,

Chief

Compliance

Officer

of

Nuveen

(since

2022);

formerly,

Vice

President

(2014-2022),

Chief

Compliance

Officer

and

Anti-Money

Laundering

Compliance

Officer

(2017-2022),

Deputy

Chief

Compliance

Officer

(2014-2017)

of

BMO

Funds,

Inc.

116

Board

Members

&

Officers

(Unaudited)

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(3)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Mark

J.

Czarniecki

1979

901

Marquette

Avenue

Minneapolis,

MN

55402

Vice

President

and

Assistant

Secretary

2013

Managing

Director

(since

2022),

formerly,

Vice

President

(2016-2022),

and

Assistant

Secretary

(since

2016)

of

Nuveen

Securities,

LLC;

Managing

Director

(since

2022),

formerly,

Vice

President

(2017-2022)

and

Assistant

Secretary

(since

2017)

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director

and

Associate

General

Counsel

(since

January

2022),

formerly,

Vice

President

and

Associate

General

Counsel

of

Nuveen

(2013-2021);

Managing

Director

(since

2022),

formerly,

Vice

President

(2018-2022),

Assistant

Secretary

and

Associate

General

Counsel

(since

2018)

of

Nuveen

Asset

Management,

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC

(since

2023).

Diana

R.

Gonzalez

1978

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2017

Vice

President

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC

(since

2017);

Vice

President

and

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC

(since

2022);

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC

(since

2023);

Vice

President

and

Associate

General

Counsel

of

Nuveen

(since

2017);

formerly,

Associate

General

Counsel

of

Jackson

National

Asset

Management

(2012-2017).

Nathaniel

T.

Jones

1979

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Treasurer

2016

Senior

Managing

Director

(since

2021),

formerly,

Managing

Director

(2017-2021),

Senior

Vice

President

(2016-2017)

of

Nuveen;

Managing

Director

(since

2015)

of

Nuveen

Fund

Advisors,

LLC;

Chartered

Financial

Analyst.

Brian

H.

Lawrence

1982

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                            

Vice

President

and

Assistant

Secretary

2023

Vice

President

and

Associate

General

Counsel

of

Nuveen

(since

2023);

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

(since

2023)

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

formerly

Corporate

Counsel

of

Franklin

Templeton

(2018-2022).

Tina

M.

Lazar

1961

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2002

Managing

Director

(since

2017),

formerly,

Senior

Vice

President

(2014-2017)

of

Nuveen

Securities,

LLC.

Brian

J.

Lockhart

1974

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2019

Managing

Director

(since

2019)

of

Nuveen

Fund

Advisors,

LLC;

Senior

Managing

Director

(since

2021),

formerly,

Managing

Director

(2017-2021),

Vice

President

(2010-2017)

of

Nuveen;

Head

of

Investment

Oversight

(since

2017),

formerly,

Team

Leader

of

Manager

Oversight

(2015-2017);

Chartered

Financial

Analyst

and

Certified

Financial

Risk

Manager.

John

M.

McCann

1975

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                            

Vice

President

and

Assistant

Secretary

2022

Managing

Director

(since

2021),

General

Counsel

and

Secretary

(since

2023),

formerly,

Assistant

Secretary

(2021-2023),

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC

(since

2021);

Managing

Director

(since

2021)

and

Assistant

Secretary

(since

2016)

of

TIAA

SMA

Strategies

LLC;

Managing

Director

(since

2019,

formerly,

Vice

President

and

Director),

Associate

General

Counsel

and

Assistant

Secretary

of

College

Retirement

Equities

Fund,

TIAA

Separate

Account

VA-1,

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds;

Managing

Director

(since

2018),

formerly,

Vice

President

and

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Insurance

and

Annuity

Association

of

America,

Teacher

Advisors

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director

(since

2022),

formerly,

Vice

President

(2017-2022),

Associate

General

Counsel

and

Assistant

Secretary

(since

2011)

of

Nuveen

Alternative

Advisors

LLC;

General

Counsel

and

Assistant

Secretary

of

Covariance

Capital

Management,

Inc.

(2014-2017).

117

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(3)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Kevin

J.

McCarthy

1966

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

2007

Executive

Vice

President

(since

2022)

and

Secretary

and

General

Counsel

(since

2016)

of

Nuveen

Investments,

Inc.,

formerly,

Senior

Managing

Director

(2017-

2022);

Executive

Vice

President

(since

2023)

and

Assistant

Secretary

(since

2008)

of

Nuveen

Securities,

LLC,

formerly

Senior

Managing

Director

(2017-2023);

Executive

Vice

President

and

Assistant

Secretary

(since

2023)

of

Nuveen

Fund

Advisors,

LLC,

formerly,

Senior

Managing

Director

(2017-2023),

Secretary

(2016-

2023)

and

Co-General

Counsel

(2011-2020);

Executive

Vice

President

(since

2023)

and

Secretary

(since

2016)

of

Nuveen

Asset

Management,

LLC,

formerly,

Senior

Managing

Director

(2017-2023)

and

Associate

General

Counsel

(2011-

2020);

Executive

Vice

President

(since

2021)

and

Secretary

(since

2023),

formerly,

General

Counsel

and

Assistant

Secretary

(2021-2023)

of

Teachers

Advisors,

LLC;

Executive

Vice

President

(since

2017)

and

Secretary

(since

2023),

formerly,

General

Counsel

and

Assistant

Secretary

(2017-2023)

of

TIAA-CREF

Investment

Management,

LLC;

formerly,

Vice

President

(2007-2021)

and

Secretary

(2016-

2021),

of

NWQ

Investment

Management

Company,

LLC

and

Santa

Barbara

Asset

Management,

LLC;

Vice

President

and

Secretary

of

Winslow

Capital

Management,

LLC

(since

2010);

Executive

Vice

President

(since

2023)

and

Secretary

(since

2016)

of

Nuveen

Alternative

Investments,

LLC,

formerly

Senior

Managing

Director

(2017-2023).

Jon

Scott

Meissner

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                            

Vice

President

and

Assistant

Secretary

2019

Managing

Director,

Mutual

Fund

Tax

and

Expense

Administration

(since

2022),

formerly,

Managing

Director

of

Mutual

Fund

Tax

and

Financial

Reporting

groups

(2017-2022),

at

Nuveen;

Managing

Director

of

Nuveen

Fund

Advisors,

LLC

(since

2019);

Managing

Director

(since

2021),

formerly,

Senior

Director

(2016-2021),

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director,

Mutual

Fund

Tax

and

Expense

Administration

(since

2022),

formerly,

Senior

Director

Mutual

Fund

Taxation

(2015-2022),

to

the

TIAA-CREF

Funds,

the

TIAA-CREF

Life

Funds,

the

TIAA

Separate

Account

VA-1

and

the

CREF

Accounts;

has

held

various

positions

with

TIAA

since

2004.

William

A.

Siffermann

1975

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2017

Managing

Director

(since

2017),

formerly

Senior

Vice

President

(2016-2017)

of

Nuveen.

Trey

S.

Stenersen

1965

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                                

Vice

President

2022

Senior

Managing

Director

of

Teachers

Advisors

LLC

and

TIAA-CREF

Investment

Management,

LLC

(since

2018);

Senior

Managing

Director

(since

2019)

and

Chief

Risk

Officer

(since

2022),

formerly

Head

of

Investment

Risk

Management

(2017-

2022)

of

Nuveen;

Senior

Managing

Director

(since

2018)

of

Nuveen

Alternative

Advisors

LLC.

E.

Scott

Wickerham

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                                

Vice

President

and

Controller

2019

Senior

Managing

Director,

Head

of

Public

Investment

Finance

at

Nuveen

(since

2019),

formerly,

Managing

Director;

Senior

Managing

Director

(since

2019)

of

Nuveen

Fund

Advisors,

LLC;

Senior

Managing

Director

(since

2022)

of

Nuveen

Asset

Management,

LLC;

Senior

Managing

Director

of

Teachers

Advisors,

LLC

(since

2021)

and

TIAA-CREF

Investment

Management,

LLC

(since

2016);

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

(since

2017)

of

the

TIAA-CREF

Funds,

the

TIAA-CREF

Life

Funds,

the

TIAA

Separate

Account

VA-1

and

Principal

Financial

Officer,

Principal

Accounting

Officer

(since

2020)

and

Treasurer

(since

2017)

of

the

CREF

Accounts;

has

held

various

positions

with

TIAA

since

2006.

Mark

L.

Winget

1968

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Secretary

2008

Vice

President

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

(since

2008),

and

Nuveen

Fund

Advisors,

LLC

(since

2019);

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-

CREF

Investment

Management,

LLC

(since

2023)

and

Nuveen

Asset

Management,

LLC

(since

2020);

Vice

President

(since

2010)

and

Associate

General

Counsel

(since

2019)

of

Nuveen.

Rachael

Zufall

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                                

Vice

President

and

Assistant

Secretary

2022

Managing

Director

and

Assistant

Secretary

(since

2023)

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director

(since

2017),

Associate

General

Counsel

and

Assistant

Secretary

(since

2014)

of

the

CREF

Accounts,

TIAA

Separate

Account

VA-1,

TIAA-

CREF

Funds

and

TIAA-CREF

Life

Funds;

Managing

Director

(since

2017),

Associate

General

Counsel

and

Assistant

Secretary

(since

2011)

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director

of

Nuveen,

LLC

and

of

TIAA

(since

2017).

118

Board

Members

&

Officers

(Unaudited)

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(3)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

(1)

The

Board

of

Trustees

is

divided

into

three

classes,

Class

I,

Class

II,

and

Class

III,

with

each

being

elected

to

serve

until

the

third

succeeding

annual

shareholders’

meeting

subsequent

to

its

election

or

thereafter

in

each

case

when

its

respective

successors

are

duly

elected

or

appointed,

except

two

board

members

are

elected

by

the

holders

of

Preferred

Shares,

when

applicable,

to

serve

until

the

next

annual

shareholders’

meeting

subsequent

to

its

election

or

thereafter

in

each

case

when

its

respective

successors

are

duly

elected

or

appointed.

The

year

first

elected

or

appointed

represents

the

year

in

which

the

board

member

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

complex.

(2)

Robert

L.

Young

has

been

reclassified

as

a

Class

I

Board

Member

for

those

Funds

that

have

held

their

2023

annual

shareholder

meetings

and

will

be

re-designated

as

a

Class

I

Board

Member

at

the

remaining

2023

annual

shareholder

meetings.

(3)

Officers

serve

indefinite

terms

until

their

successor

has

been

duly

elected

and

qualified,

their

death

or

their

resignation

or

removal.  The

year

first

elected

or

appointed

represents

the

year

in

which

the

Officer

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

Complex.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

EAN-A-0723P

3065793-INV-Y-09/24

Nuveen:

Serving

Investors

for

Generations

Since

1898,

financial

advisors

and

their

clients

have

relied

on

Nuveen

to

provide

dependable

investment

solutions

through

continued

adherence

to

proven,

long-term

investing

principles.

Today,

we

offer

a

range

of

high

quality

solutions

designed

to

be

integral

components

of

a

well-diversified

core

portfolio.

Focused

on

meeting

investor

needs.

Nuveen

is

the

investment

manager

of

TIAA.

We

have

grown

into

one

of

the

world’s

premier

global

asset

managers,

with

specialist

knowledge

across

all

major

asset

classes

and

particular

strength

in

solutions

that

provide

income

for

investors

and

that

draw

on

our

expertise

in

alternatives

and

responsible

investing.

Nuveen

is

driven

not

only

by

the

independent

investment

processes

across

the

firm,

but

also

the

insights,

risk

management,

analytics

and

other

tools

and

resources

that

a

truly

world-class

platform

provides.

As

a

global

asset

manager,

our

mission

is

to

work

in

partnership

with

our

clients

to

create

solutions

which

help

them

secure

their

financial

future.

Find

out

how

we

can

help

you.

To

learn

more

about

how

the

products

and

services

of

Nuveen

may

be

able

to

help

you

meet

your

financial

goals,

talk

to

your

financial

advisor,

or

call

us

at

(800)

257-8787.

Please

read

the

information

provided

carefully

before

you

invest.

Investors

should

consider

the

investment

objective

and

policies,

risk

considerations,

charges

and

expenses

of

any

investment

carefully.

Where

applicable,

be

sure

to

obtain

a

prospectus,

which

contains

this

and

other

relevant

information.

To

obtain

a

prospectus,

please

contact

your

securities

representative

or

Nuveen,

333

W.

Wacker

Dr.,

Chicago,

IL

60606.

Please

read

the

prospectus

carefully

before

you

invest

or

send

money.

Learn

more

about

Nuveen

Funds

at:

www.nuveen.com/closed-end-funds

NOT

FDIC

INSURED

MAY

LOST

VALUE

NO

BANK

GUARANTEE

ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/fund-governance. (To view the code, click on Code of Conduct.)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Jack B. Evans, Albin F. Moschner, John K. Nelson and Robert L. Young, who are “independent” for purposes of Item 3 of Form N-CSR.

Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.

Mr. Moschner is a consultant in the wireless industry and, in July 2012, founded Northcroft Partners, LLC, a management consulting firm that provides operational, management and governance solutions. Prior to founding Northcroft Partners, LLC, Mr. Moschner held various positions at Leap Wireless International, Inc., a provider of wireless services, where he was as a consultant from February 2011 to July 2012, Chief Operating Officer from July 2008 to February 2011, and Chief Marketing Officer from August 2004 to June 2008. Before he joined Leap Wireless International, Inc., Mr. Moschner was President of the Verizon Card Services division of Verizon Communications, Inc. from 2000 to 2003, and President of One Point Services at One Point Communications from 1999 to 2000. Mr. Moschner also served at Zenith Electronics Corporation as Director, President and Chief Executive Officer from 1995 to 1996, and as Director, President and Chief Operating Officer from 1994 to 1995.

Mr. Nelson is on the Board of Directors of Core12, LLC. (since 2008), a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank’s Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank’s representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).

Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. (“J.P. Morgan Investment”) and its affiliates (collectively, “J.P. Morgan”). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan’s domestic retail mutual fund and institutional commingled and separate account businesses, and co-led these activities for J.P. Morgan’s global retail and institutional investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm’s midwestern mutual fund practice.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Nuveen Credit Strategies Income Fund

The following tables show the amount of fees that KPMG LLP, the Fund’s auditor, billed to the Fund during the Fund’s last two full fiscal years. For engagements with KPMG LLP the Audit Committee approved in advance all audit services and non-audit services that KPMG LLP provided to the Fund, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Fund to its accountant during the fiscal year in which the services are provided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chair (or, in her absence, any other member of the Audit Committee).

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND

Fiscal Year Ended	Audit Fees Billed to Fund 1			Audit-Related Fees Billed to Fund 2			Tax Fees Billed to Fund 3			All Other Fees Billed to Fund 4
July 31, 2023	$	53,317		$	0		$	0		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%		0	%
July 31, 2022	$	45,700		$	40,500		$	0		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%		0	%

¹ “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

² “Audit Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.

³ “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.

⁴ “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE

ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

The following tables show the amount of fees billed by KPMG LLP to Nuveen Fund Advisors, LLC (formerly Nuveen Fund Advisors, Inc.) (the “Adviser”), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two full fiscal years.

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to KPMG LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Fund’s audit is completed.

Fiscal Year Ended	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
July 31, 2023	$	0		$	0		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%
July 31, 2022	$	0		$	0		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%

NON-AUDIT SERVICES

The following table shows the amount of fees that KPMG LLP billed during the Fund’s last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non-audit services that KPMG LLP provides to the Adviser and any Affiliated Fund Services Provider, if the engagement related directly to the Fund’s operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from KPMG LLP about any non-audit services that KPMG LLP rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating KPMG LLP ’s independence.

Fiscal Year Ended	Total Non-Audit Fees Billed to Fund		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)		Total
July 31, 2023	$	0	$	0	$	0	$	0
July 31, 2022	$	0	$	0	$	0	$	0

“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.

Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund’s independent accountants and (ii) all audit and non-audit services to be performed by the Fund’s independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chair for her verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). As of the end of the period covered by this report, the members of the audit committee are Jack B. Evans, Albin F. Moschner, John K. Nelson, Chair, Margaret L. Wolff, and Robert L. Young.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Nuveen Fund Advisors, LLC, is the registrant’s investment adviser (also referred to as the “Adviser”). The Adviser is responsible for the on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has delegated to the Sub-Adviser the full responsibility for proxy voting on securities held in the registrant’s portfolio and related duties in accordance with the Sub-Adviser’s policies and procedures. The Adviser periodically monitors the Sub-Adviser’s voting to ensure that it is carrying out its duties. The Sub-Adviser’s proxy voting policies and procedures are attached to this filing as an exhibit and incorporated herein by reference.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Nuveen Fund Advisors, LLC is the registrant’s investment adviser (also referred to as the “Adviser”). The Adviser is responsible for the selection and on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Nuveen Asset Management” or “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. The following section provides information on the portfolio managers at the Sub-Adviser:

ITEM 8(a)(1). PORTFOLIO MANAGER BIOGRAPHIES

As of the date of filing this report, the following individuals at the Sub-Adviser (the “Portfolio Managers”) have primary responsibility for the day-to-day implementation of the registrant’s investment strategies:

Scott Caraher, Head of Senior Loans and responsible for senior loan-focused portfolio management. When Scott joined Nuveen affiliate Symphony Asset Management in 2002, he was a gaming and industrials analyst providing long and short credit ideas to the investment team up and down the capital structure. Scott began trading loans for the platform in 2003 and in 2005 was named an associate portfolio manager on the firm’s loan strategies. He became the lead portfolio manager on the firm’s loan strategies in 2008. Prior to joining the firm, Scott was an Investment Banking Analyst in the industrial group at Deutsche Banc Alex Brown in New York.

Kevin Lorenz, CFA, head of high yield and responsible for retail and institutional high yield bond focused portfolio management. He has served in a variety of roles since joining the firm in 1987. He has been investing in high yield over his entire career and has focused exclusively on high yield since 1995. Kevin is also a member of the global fixed income investment committee, which discusses and debates investment policy for all global fixed income products.

Himani Trivedi, head of structured credit and responsible for managing loans and investments in structured credit across Nuveen-managed CLOs and various fixed income strategies. Previously, she served as a co-head of investments and head of structured credit at Nuveen affiliate Symphony Asset Management. Himani started at Nuveen under Symphony affiliate in 2004 on the convertibles desk, launched the CLO platform in 2005 and became co-Portfolio Manager for all CLOs in 2008. Prior to joining Nuveen, Himani worked on model validation for securitized products at Washington Mutual Bank and started her career in finance at ICICI Bank in India.

ITEM 8(a)(2). OTHER ACCOUNTS MANAGED BY PORTFOLIO MANAGERS

Other Accounts Managed. In addition to managing the registrant, the Portfolio Managers are also primarily responsible for the day-to-day portfolio management of the following accounts:

Portfolio Manager	Type of Account Managed	Number of Accounts		Assets*
Scott Caraher	Registered Investment Company		5	$4.04 billion
	Other Pooled Investment Vehicles		4	$705 million
	Other Accounts		9	$2.47 billion
	Performance Fee Accounts		1	$97.20 million
Kevin Lorenz	Registered Investment Company		11	$11.38 billion
	Other Pooled Investment Vehicles		1	$81 million
	Other Accounts		1	$14.40 million
	Performance Fee Accounts		0	$0
Himani Trivedi	Registered Investment Company		0	$0
	Other Pooled Investment Vehicles		33	$11.46 billion
	Other Accounts		1	$115 million
	Performance Fee Accounts		0	$0

* Assets are as of July 31, 2023 (as of August 31, 2023 for Himani Trivedi).

POTENTIAL MATERIAL CONFLICTS OF INTEREST

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.

The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.

If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.

With respect to many of its clients’ accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.

Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by a portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.

Conflicts of interest may also arise when the Sub-Adviser invests one or more of its client accounts in different or multiple parts of the same issuer’s capital structure, including investments in public versus private securities, debt versus equity, or senior versus junior/subordinated debt, or otherwise where there are different or inconsistent rights or benefits. Decisions or actions such as investing, trading, proxy voting, exercising, waiving or amending rights or covenants, workout activity, or serving on a board, committee or other involvement in governance may result in conflicts of interest between clients holding different securities or investments. Generally, individual portfolio managers will seek to act in a manner that they believe serves the best interest of the accounts they manage. In cases where a portfolio manager or team faces a conflict among its client accounts, it will seek to act in a manner that it believes best reflects its overall fiduciary duty, which may result in relative advantages or disadvantages for particular accounts.

Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

Nuveen Asset Management or its affiliates, including TIAA, sponsor an array of financial products for retirement and other investment goals, and provide services worldwide to a diverse customer base. Accordingly, from time to time, a Fund may be restricted from purchasing or selling securities, or from engaging in other investment activities because of regulatory, legal or contractual restrictions that arise due to another client account’s investments and/or the internal policies of Nuveen Asset Management, TIAA or its affiliates designed to comply with such restrictions. As a result, there may be periods, for example, when Nuveen Asset Management will not initiate or recommend certain types of transactions in certain securities or instruments with respect to which investment limits have been reached.

The investment activities of Nuveen Asset Management or its affiliates may also limit the investment strategies and rights of the Funds. For example, in certain circumstances where the Funds invest in securities issued by companies that operate in certain regulated industries, in certain emerging or international markets, or are subject to corporate or regulatory ownership definitions, or invest in certain futures and derivative transactions, there may be limits on the aggregate amount invested by Nuveen Asset Management or its affiliates for the Funds and other client accounts that may not be exceeded without the grant of a license or other regulatory or corporate consent. If certain aggregate ownership thresholds are reached or certain transactions undertaken, the ability of Nuveen Asset Management, on behalf of the Funds or other client accounts, to purchase or dispose of investments or exercise rights or undertake business transactions may be restricted by regulation or otherwise impaired. As a result, Nuveen Asset Management, on behalf of the Funds or other client accounts, may limit purchases, sell existing investments, or otherwise restrict or limit the exercise of rights (including voting rights) when Nuveen Asset Management, in its sole discretion, deems it appropriate in light of potential regulatory or other restrictions on ownership or other consequences resulting from reaching investment thresholds.

ITEM 8(a)(3). FUND MANAGER COMPENSATION

As of the most recently completed fiscal year end, the primary Portfolio Managers’ compensation is as follows:

Portfolio manager compensation consists primarily of base salary and variable components consisting of (i) a cash bonus; (ii) a long-term performance award; and (iii) participation in a profits interest plan.

Base salary. A portfolio manager’s base salary is determined based upon an analysis of the portfolio manager’s general performance, experience and market levels of base pay for such position.

Cash bonus. A portfolio manager is eligible to receive an annual cash bonus that is based on three variables: risk-adjusted investment performance relative to benchmark generally measured over the most recent one, three and five year periods (unless the portfolio manager’s tenure is shorter), ranking versus Morningstar peer funds generally measured over the most recent one, three and five year periods (unless the portfolio manager’s tenure is shorter), and management and peer reviews.

Long-term performance award. A portfolio manager is eligible to receive a long-term performance award that vests after three years. The amount of the award when granted is based on the same factors used in determining the cash bonus. The value of the award at the completion of the three-year vesting period is adjusted based on the risk-adjusted investment performance of Fund(s) managed by the portfolio manager during the vesting period and the performance of the TIAA organization as a whole.

Profits interest plan. Portfolio managers are eligible to receive profits interests in Nuveen Asset Management and its affiliate, Teachers Advisors, LLC, which vest over time and entitle their holders to a percentage of the firms’ annual profits. Profits interests are allocated to each portfolio manager based on such person’s overall contribution to the firms.

There are generally no differences between the methods used to determine compensation with respect to the Fund and the Other Accounts shown in the table above.

ITEM 8(a)(4). OWNERSHIP OF JQC SECURITIES AS OF JULY 31, 2023

Name of Portfolio Manager

None

$1 - $10,000

$10,001 -$50,000

$50,001 -$100,000

$100,001  -$500,000

$500,001 -$1,000,000

Over $1,000,000

Scott Caraher

X

Kevin Lorenz

X

Himani Trivedi*

X

* Ownership of JQC securities are as of August 31, 2023 for Himani Trivedi.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15 (b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

File the exhibits listed below as part of this Form.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant’s website at www.nuveen.com/fund-governance and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT Attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(a)(4) Change in the registrant’s independent public accountant. Not applicable.

(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nuveen Credit Strategies Income Fund

By (Signature and Title)	/s/ Mark L. Winget
	Mark L. Winget
	Vice President and Secretary
Date: October 6, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ David J. Lamb
	David J. Lamb
	Chief Administrative Officer
	(principal executive officer)
Date: October 6, 2023
By (Signature and Title)	/s/ E. Scott Wickerham
	E. Scott Wickerham
	Vice President and Funds Controller
	(principal financial officer)
Date: October 6, 2023