N-CSR

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 811-05309

Nuveen Investment Funds, Inc.

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Mark J. Czarniecki

Vice President and Secretary

333 West Wacker Drive,

Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: August 31

Date of reporting period: August 31, 2022

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

Income

Funds

Mutual

Funds

Nuveen

Taxable

Fixed

August

31,

2022

Annual

Report

Fund

Name

Class

A

Class

C

Class

R6

Class

I

Nuveen

Credit

Income

Fund

FJSIX

FCSIX

—

FJSYX

Nuveen

Flexible

Income

Fund

NWQAX

NWQCX

NQWFX

NWQIX

Nuveen

Floating

Rate

Income

Fund

NFRAX

NFFCX

NFRFX

NFRIX

Nuveen

High

Yield

Income

Fund

NCOAX

NCFCX

NCSRX

NCOIX

Nuveen

Preferred

Securities

and

Income

Fund

NPSAX

NPSCX

NPSFX

NPSRX

Nuveen

Strategic

Income

Fund

FCDDX

FCBCX

FSFRX

FCBYX

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www.investordelivery.com

If

you

receive

your

Nuveen

Fund

distributions

and

statements

from

your

financial

advisor

or

brokerage

account.

or

www.nuveen.com/client-access

If

you

receive

your

Nuveen

Fund

distributions

and

statements

directly

from

Nuveen.

Must

be

preceded

by

or

accompanied

by

a

prospectus.

NOT

FDIC

INSURED

MAY

LOSE

VALUE

NO

BANK

GUARANTEE

Table

of

Contents

3

Chair’s

Letter

to

Shareholders

4

Important

Notices

5

Portfolio

Managers’

Comments

6

Risk

Considerations

and

Dividend

Information

12

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

15

Yields

33

Expense

Examples

35

Report

of

Independent

Registered

Public

Accounting

Firm

38

Statement

of

Assets

and

Liabilities

120

Statement

of

Operations

122

Statement

of

Changes

in

Net

Assets

124

Financial

Highlights

130

Financial

Highlights

132

Notes

to

Financial

Statements

142

Important

Tax

Information

162

Additional

Fund

Information

164

Glossary

of

Terms

Used

in

this

Report

165

Liquidity

Risk

Management

Program

168

Annual

Investment

Management

Agreement

Approval

Process

169

Trustees

and

Officers

176

4

Chair’s

Letter

to

Shareholders

Dear

Shareholders,

The

question

of

whether

economies

are

moving

toward

normalization

or

recession

has

dominated

financial

markets

in

2022.

High

inflation

has

made

the

outcome

more

unpredictable,

as

it

has

dampened

consumer

sentiment,

pushed

central

banks

into

raising

interest

rates

more

aggressively

and

contributed

to

considerable

turbulence

in

the

markets

this

year.

Inflation

has

surged

partially

due

to

COVID

supply

chain

bottlenecks

and

exacerbated

by

Russia’s

war

in

Ukraine

and

recent

lockdowns

across

China

to

contain

a

large-scale

COVID-19

outbreak.

This

has

necessitated

increasingly

forceful

responses

from

the

U.S.

Federal

Reserve

(Fed)

and

other

central

banks,

who

have

signaled

their

intentions

to

slow

inflation

while

tolerating

materially

slower

economic

growth

and

some

softening

in

the

labor

market.

As

anticipated,

the

Fed

began

the

rate

hiking

cycle

in

March

2022,

raising

its

short-term

rate

by

0.25%

from

near

zero

for

the

first

time

since

the

pandemic

was

declared

more

than

two

years

ago.

Larger

increases

of

0.50%

in

May

and

0.75%

in

June,

July

and

September

2022

followed,

bringing

the

target

fed

funds

rate

to

a

range

of

3.00%

to

3.25%.

Additional

rate

hikes

are

expected

in

the

remainder

of

this

year,

although

Fed

officials

will

closely

monitor

inflation

data

along

with

other

economic

measures

and

modify

their

rate

setting

policy

based

upon

these

factors.

U.S.

gross

domestic

product

growth

has

now

contracted

for

two

consecutive

quarters,

according

to

government

estimates,

as

consumer

and

business

activity

has

slowed

in

part

due

to

higher

prices

and

borrowing

costs.

The

sharp

increase

in

the

U.S.

dollar’s

value

relative

to

other

currencies

in

2022

has

added

further

uncertainty

to

the

economic

outlook.

However,

the

still

strong

labor

market

suggests

not

all

areas

of

the

economy

are

weakening

in

unison.

While

markets

will

likely

continue

fluctuating

with

the

daily

headlines,

we

encourage

investors

to

keep

a

long-term

perspective.

To

learn

more

about

how

well

your

portfolio

is

aligned

to

your

time

horizon,

risk

tolerance

and

investment

goals,

consider

reviewing

it

with

your

financial

professional.

On

behalf

of

the

other

members

of

the

Nuveen

Fund

Board,

we

look

forward

to

continuing

to

earn

your

trust

in

the

months

and

years

ahead.

Terence

J.

Toth

Chair

of

the

Board

October 21,

2022

Important

Notices

5

For

Shareholders

of

Nuveen

Credit

Income

Fund

Nuveen

Flexible

Income

Fund

Nuveen

Floating

Rate

Income

Fund

Nuveen

High

Yield

Income

Fund

Nuveen

Preferred

Securities

and

Income

Fund

Nuveen

Strategic

Income

Fund

Change

in

Fiscal

and

Tax

Year

End

Effective

February

24,

2022,

the

Funds’

Board

of

Directors/Trustees

(the

“Board”)

approved

that

each

Fund’s

fiscal

and

tax

year

end

(collectively,

“fiscal

year

ends”)

be

changed

from

June

30

to

August

31

for

Nuveen

Credit

Income

Fund

(“Credit

Income”)

and

Nuveen

Strategic

Income

Fund

(“Strategic

Income”)

and

from

September

30

to

August

31

for

Nuveen

Flexible

Income

Fund,

Nuveen

Floating

Rate

Income

Fund,

Nuveen

High

Yield

Income

Fund

and

Nuveen

Preferred

Securities

and

Income

Fund

(each

a

“Fund”

and

collectively

the

“Funds”).

As

a

result,

effective

July

1,

2022,

the

Funds

began

to

adhere

to

the

fiscal

reporting

and

regulatory

filing

schedule

required

by

an

August

31

fiscal

year

end.

For

Shareholders

of

Nuveen

Flexible

Income

Fund

Sub-Adviser

and

Fund

Name

Changes

In

August

2021,

the

Fund’s

Board

of

Trustees

approved

an

amended

and

restated

sub-advisory

agreement,

effective

on

December

31,

2021,

between

Nuveen

Fund

Advisors,

LLC

(“NFAL”),

the

Fund’s

investment

adviser,

and

Nuveen

Asset

Management,

LLC

(“NAM”),

pursuant

to

which

NAM

replaced

NWQ

Investment

Management

Company,

LLC

(“NWQ”)

as

the

Fund’s

sub-adviser.

NAM

and

NWQ

are

both

affiliates

of

NFAL

and

are

subsidiaries

of

Nuveen,

LLC.

In

connection

therewith,

the

Fund’s

Board

of

Trustees

also

approved

that

the

Fund

be

renamed

Nuveen

Flexible

Income

Fund,

effective

December

31,

2021.

The

Fund’s

portfolio

management

team

and

investment

strategy

were

not

affected

by

these

changes.

For

additional

information

regarding

these

changes,

please

consult

the

Fund’s

prospectus

dated

January

31,

2022.

Portfolio

Manager

Addition

Effective

October

31,

2022

(subsequent

to

the

close

of

this

reporting

period),

Steve

T.

Peña,

Managing

Director,

is

added

as

a

portfolio

manager

of

the

Nuveen

Flexible

Income

Fund.

Thomas

J.

Ray

and

Susi

Budiman

will

continue

to

serve

as

portfolio

managers

of

the

Fund.

For

Shareholders

of

Nuveen

Floating

Rate

Income

Fund

Lending

of

Portfolio

Securities

Effective

April

29,

2022,

the

Fund

may

lend

securities

representing

up

to

one-third

of

the

value

of

its

total

assets

to

broker-dealers,

banks,

and

other

institutions

in

order

to

generate

additional

income.

Refer

to

the

Fund’s

Statement

of

Additional

Information

dated

January

31,

2022

and

to

the

Notes

to

Financial

Statements,

Note

4.

Portfolio

Securities

and

Investments

in

Derivatives

of

this

report

for

further

information.

6

Portfolio

Managers’

Comments

Nuveen

Credit

Income

Fund

Nuveen

Flexible

Income

Fund

Nuveen

Floating

Rate

Income

Fund

Nuveen

High

Yield

Income

Fund

Nuveen

Preferred

Securities

and

Income

Fund

Nuveen

Strategic

Income

Fund

These

Funds

feature

portfolio

management

by

Nuveen

Asset

Management,

LLC

(NAM),

an

affiliate

of

Nuveen

Fund

Advisors,

LLC,

the

Funds’

investment

adviser.

Portfolio

managers

Anders

S.

Persson,

CFA,

Jean

C.

Lin,

CFA,

Karina

L.

Bubeck,

CFA,

Aashh

K.

Parekh,

CFA,

and

Brenda

A.

Langenfeld,

CFA,

manage

the

Nuveen

Credit

Income

Fund.

Portfolio

managers

Thomas

J.

Ray,

CFA,

and

Susi

Budiman,

CFA,

FRM,

manage

the

Nuveen

Flexible

Income

Fund.

Portfolio

managers

Scott

Caraher

and

Kevin

Lorenz,

CFA,

manage

the

Nuveen

Floating

Rate

Income

Fund.

Portfolio

managers

Scott

Caraher

and

Jean

C.

Lin,

CFA,

manage

the

Nuveen

High

Yield

Income

Fund.

Portfolio

managers

Douglas

M.

Baker,

CFA,

and

Brenda

A.

Langenfeld,

CFA,

manage

the

Nuveen

Preferred

Securities

and

Income

Fund.

Portfolio

managers

Nicholas

Travaglino,

Douglas

M.

Baker,

CFA,

Kevin

Lorenz,

CFA,

and

Katherine

Renfrew

manage

the

Nuveen

Strategic

Income

Fund.

Here

the

Funds’

portfolio

managers

review

U.S.

economy

and

global

market

conditions,

key

investment

strategies

and

the

Funds’

performance

for

the

abbreviated

annual

reporting

periods

ended

August

31,

2022.

For

more

information

on

each

Fund’s

investment

objectives

and

policies,

please

refer

to

the

prospectus.

What

factors

affected

the

U.S.

economy

and

the

global

markets

during

the

abbreviated

annual

reporting

periods

ended

August

31,

2022?

After

recovering

from

the

pandemic

in

2021,

the

U.S.

economy

weakened

in

2022.

Overall,

2021

gross

domestic

product

(GDP)

grew

by

5.7%

as

the

economy

reopened

with

the

help

of

$5.3

trillion

in

crisis-related

aid

from

the

federal

government,

low

borrowing

rates

for

businesses

and

individuals,

an

increase

in

COVID-19

vaccinations

and

improved

treatments

for

COVID-19.

However,

in

early

2022,

China’s

COVID-19

lockdown

and

the

Russia-Ukraine

war

worsened

existing

pandemic-related

supply

chain

disruptions.

Inflation

increased

more

than

expected

year-to-date

2022,

putting

pressure

on

global

central

banks

to

respond

with

more

aggressive

measures.

The

U.S.

Federal

Reserve

(Fed)

began

an

interest

rate

hiking

cycle

in

March

2022

with

a

0.25%

hike

to

the

target

federal

funds

rate,

followed

by

larger

increases

of

0.50%

in

May

2022,

0.75%

in

June

2022

and

another

0.75%

in

July

2022.

Overall,

the

Fed

raised

the

target

federal

funds

rate

from

near

zero

at

the

start

of

2022

to

a

range

of

2.25%

to

2.50%

by

July

2022.

Subsequent

to

the

end

of

the

reporting

period,

the

Fed

raised

the

policy

interest

rate

another

0.75%

in

September

2022

to

a

range

of

3.00%

to

3.25%.

Volatility

for

interest

rates,

stocks

and

bonds

increased

as

markets

considered

whether

the

Fed

could

cool

inflation

without

causing

a

recession.

Additionally,

the

U.S.

dollar

appreciated

significantly

relative

to

major

world

currencies,

accelerating

in

March

2022,

serving

as

a

headwind

to

the

profits

of

international

companies

and

U.S.

domestic

companies

with

overseas

earnings.

The

dollar’s

appreciation

was

driven

in

part

by

the

Fed’s

increasingly

forceful

response

to

inflation

compared

with

other

central

banks,

the

relatively

better

prospects

of

the

U.S.

economy

and

“safe-haven”

flows

from

investors

uncertain

about

geopolitical

and

global

economic

conditions.

After

the

close

of

this

reporting

period,

global

currency

and

bond

markets

sold

off

sharply

in

late

September

2022

on

concerns

about

the

U.K.’s

new

fiscal

spending

plan.

By

mid-year,

inflation

and

higher

borrowing

costs

appeared

to

be

dampening

consumer

confidence

and

consumer

spending,

while

two

consecutive

quarters

of

negative

U.S.

GDP

growth

added

to

recession

risks.

U.S.

GDP

fell

by

an

annual

rate

of

0.6%

in

the

second

quarter

of

2022,

according

to

the

third

estimate

from

the

U.S.

Bureau

of

Economic

Analysis.

This

followed

a

1.6%

annualized

GDP

decrease

in

the

first

quarter

of

2022.

However,

the

labor

market,

another

key

gauge

of

the

economy’s

health,

has

remained

resilient.

By

July

2022,

the

economy

had

recovered

the

22

million

jobs

lost

since

the

beginning

of

the

pandemic,

and

the

unemployment

rate,

at

3.5%

as

of

September

2022,

remained

near

its

pre-pandemic

low.

During

the

abbreviated

eleven-month

reporting

period

ended

August

31,

2022,

preferred

securities,

high

yield

bonds

and

senior

loans

posted

negative

returns

driven

by

a

combination

of

both

higher

interest

rates

and

wider

credit

spreads.

The

Russia-Ukraine

War,

a

significant

ramp-up

in

inflation

and

concerns

that

tighter

monetary

policy

might

lead

to

a

recession

weighed

on

risk

assets

and

pushed

credit

spreads

wider

and

led

to

spikes

in

volatility.

The

preferred

securities

and

U.S.

dollar-denominated

contingent

capital

securities

(CoCos)

markets

were

not

immune

to

these

developments.

While

performance

was

negative

across

all

segments,

7

$1,000

par

preferred

securities

outperformed

both

$25

par

preferred

securities

and

U.S.

dollar-denominated

CoCos

securities.

For

the

abbreviated

eleven-month

reporting

period,

the

high

yield

market,

as

measured

by

the

ICE

BofA

U.S.

High

Yield

Index,

returned

-10.5%,

with

the

bulk

of

the

sell-off

in

the

second

quarter

of

2022.

However,

high

yield

credit

fundamentals

remained

relatively

benign.

Senior

loans

outperformed

both

preferred

securities

and

high

yield

bonds

with

the

Credit

Suisse

Leveraged

Loan

Index

returning

-0.5%

for

the

reporting

period. 

During

the

abbreviated

two-month

reporting

period

ended

August

31,

2022,

the

broad

fixed

income

market,

as

measured

by

the

Bloomberg

U.S.

Aggregate

Bond

Index,

declined.

Additionally,

while

U.S.

Treasury

yields

moderated

in

July

2022,

they

rose

sharply

in

August

2022

across

the

maturity

spectrum,

led

by

shorter

maturities.

Spread

sectors

outperformed

during

the

abbreviated

two-

month

reporting,

led

by

high

yield

corporates,

senior

loans

and

preferred

securities.

Spreads

tightened

and

valuations

increased

in

the

segments

as

a

result

of

strong

corporate

earnings,

light

new

issuance,

retail

demand

for

high

yield

bonds

and

institutional

support

for

loans.

Nuveen

Credit

Income

Fund

What

key

strategies

were

used

to

manage

the

Fund

during

the

abbreviated

two-month

annual

reporting

period

ended

August

31,

2022?

The

Fund’s

investment

objective

seeks

to

provide

total

return,

with

an

emphasis

on

a

high

level

of

current

income,

offering

diversified

exposure

to

lower

rated

credit

sectors,

including

the

full

spectrum

of

securitized

sectors

and

the

flexibility

to

add

less

liquid

structures

as

opportunities

arise.

During

the

abbreviated

reporting

period,

the

Fund

remained

positioned

approximately

midway

along

its

risk

spectrum

with

roughly

half

of

its

portfolio

allocated

to

high

yield

corporate

bonds

and

the

remainder

to

a

diversified

mix

of

primarily

lower-quality

credit,

including

senior

loans,

ABS

and

CMBS.

The

Fund’s

duration

remained

shorter

than

its

benchmark

during

the

reporting

period,

which

reduced

its

interest

rate

sensitivity.

How

did

the

Fund

perform

during

the

abbreviated

two-month

annual

reporting

period

ended

August

31,

2022?

The

Nuveen

Credit

Income

Fund’s

Class

A

Shares

at

NAV

underperformed

the

Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Bond

Index

for

the

abbreviated

two-month

reporting

period.

For

the

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Bond

Index.

The

Fund’s

underperformance

was

primarily

a

result

of

its

out-of-benchmark

exposures

in

two

securitized

sectors,

ABS

and

CMBS,

which

underperformed

high

yield

corporate

bonds

during

the

reporting

period.

In

addition,

the

Fund’s

out-of-benchmark

allocation

to

senior

loans

slightly

detracted

from

relative

performance

during

the

reporting

period.

The

Fund’s

underperformance

was

largely

offset

by

its

shorter-duration

positioning

versus

its

benchmark,

which

buffered

the

portfolio

from

the

corresponding

drop

in

bond

prices

in

the

rising

interest

rate

environment.

Relative

performance

was

also

aided

by

security

selection

within

the

Fund’s

high

yield

corporate

exposure,

particularly

in

the

cyclical

services,

wireless

and

energy

industries.

During

the

reporting

period,

the

Fund

used

credit

default

swap

index

contracts

to

increase

the

portfolio’s

exposure

to

high

yield

credit

while

the

cash

from

inflows

was

invested

amid

a

generally

low

supply

of

high

yield

bonds.

This

activity

had

a

negligible

impact

on

relative

performance

during

the

reporting

period.

Nuveen

Flexible

Income

Fund

What

key

strategies

were

used

to

manage

the

Fund

during

the

abbreviated

eleven-month

annual

reporting

period

ended

August

31,

2022?

The

investment

objective

of

the

Fund

is

to

provide

current

income

and

positive

risk-adjusted

capital

appreciation

by

investing

in

corporate

securities

across

the

capital

structure

based

on

the

assessment

of

relative

value

and

risk.

During

the

abbreviated

reporting

period,

the

Fund

maintained

an

overweight

to

BBB

and

BB-rated

corporate

credits

which

represented

a

risk/reward

trade-off

that

provided

attractive

relative

value,

higher

yields

and

less

exposure

to

higher

rates

than

high-

quality,

core

fixed

income.

In

addition,

the

Fund

increased

exposure

to

dividend-paying

equities

to

take

advantage

of

improved

valuations

amid

the

heightened

market

volatility

during

various

periods

in

2022.

Portfolio

Managers’

Comments

(continued)

8

How

did

the

Fund

perform

during

the

abbreviated

eleven-month

annual

reporting

period

ended

August

31,

2022?

For

the

eleven-month

reporting

period

ended

August

31,

2022,

the

Fund

outperformed

the

Flexible

Income

Blended

Benchmark.

For

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

Flexible

Income

Blended

Benchmark,

which

consists

of:

1)

50%

of

the

ICE

BofA

U.S.

Corporate

Index

and

2)

50%

of

the

ICE

BofA

U.S.

High

Yield

Index.

The

Fund’s

outperformance

was

driven

primarily

by

its

out-of-benchmark

allocations

to

common

stocks

and

preferred

securities.

Valero

Energy

Corp.

common

stock

was

the

leading

individual

contributor

to

the

Fund’s

relative

performance

for

the

reporting

period.

Valero,

the

largest

independent

refiner

and

marketer

of

petroleum

products

in

the

United

States,

benefited

from

higher

energy

prices.

The

Fund

continues

to

hold

the

position.

The

common

stock

of

health

care

and

insurance

provider

Cigna

Corp

was

another

contributor

to

the

Fund’s

relative

performance.

The

company

continued

to

generate

healthy

cash

flow,

allowing

Cigna’s

management

to

pay

an

attractive

dividend

in

addition

to

repurchasing

stock

shares.

As

a

result,

the

Fund

continues

to

hold

the

position.

In

addition,

call

options

were

written

on

Applied

Materials,

Inc.

and

Qualcomm

Incorporated

to

partially

hedge

against

the

long

common

stock

positions

in

the

Fund's

portfolio.

However,

the

call

options

had

a

negligible

impact

on

relative

performance

over

the

reporting

period.

Security

selection

within

the

Fund’s

high

yield

bonds

and

investment

grade

bonds,

as

well

as

convertible

bonds,

served

to

partially

offset

the

Fund’s

outperformance

during

the

reporting

period.

The

investment

grade

senior

notes

of

Hewlett-Packard

Enterprise

Co.

were

the

leading

individual

detractors

during

the

reporting

period.

Significant

rate

increases

negatively

impacted

performance

given

the

longer-duration

nature

of

these

securities.

Despite

the

added

duration

risk,

the

position

could

benefit

as

the

company’s

order

backlog

and

improved

profitability

are

realized.

The

Fund

continues

to

hold

the

position.

Nuveen

Floating

Rate

Income

Fund

What

key

strategies

were

used

to

manage

the

Fund

during

the

abbreviated

eleven-month

annual

reporting

period

ended

August

31,

2022?

The

principal

investment

objective

of

the

Fund

is

to

seek

a

high

level

of

current

income,

and

secondarily

capital

appreciation,

by

investing

primarily

in

floating

rate

loans

and

other

floating

rate

securities,

a

substantial

portion

of

which

may

be

rated

below

investment

grade.

During

the

abbreviated

reporting

period,

the

Fund

continued

to

tilt

toward

a

higher-quality

mix

of

loans.

In

particular,

it

focused

on

larger,

more

liquid

loans,

which

are

mostly

issued

by

companies

with

greater

scale

and,

therefore,

an

improved

ability

to

manage

elevated

funding

prices

or

pass

through

higher

input

costs

to

consumers.

As

a

result

of

the

increased

economic

uncertainty,

the

investment

management

team

selected

higher-quality

senior

loans,

generally

avoiding

issuers

with

weaker

capital

structures.

How

did

the

Fund

perform

during

the

abbreviated

eleven-month

annual

reporting

period

ended

August

31,

2022?

For

the

abbreviated

eleven-month

reporting

period

ended

August

31,

2022,

the

Fund

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.

The

Fund’s

allocation

to

out-of-benchmark

high

yield

corporate

bonds,

which

is

consistent

with

its

mandate,

was

the

primary

detractor

from

relative

performance

given

their

significant

underperformance

versus

senior

loans,

particularly

during

the

second

half

of

the

reporting

period.

The

top

individual

detractors

from

relative

performance

included

senior

loans

and

corporate

bonds

of

Avaya

Inc.,

a

telecommunications

equipment

manufacturer

that

announced

disappointing

earnings

during

the

reporting

period.

As

of

the

end

of

the

reporting

period,

the

Fund

continued

to

hold

these positions

based on

an

assessment

of

their

fundamental

long-term

value.

Partially

offsetting

the

underperformance

was

the

higher

quality

bias

of

the

loan

portfolio

as

higher-rated

loans

generally

outperformed

lower-rated

loans

during

the

reporting

period.

In

addition,

select

holdings

in

energy-related

companies

contributed

positively

to

relative

results

driven

by

rising

energy

prices

during

the

reporting

period.

The

post-reorganization

equity

of

exploration

and

production

(E&P)

company

California

Resources

Corp.

outperformed,

driven

by

the

energy

rally

and

the

firm's

strong

earnings.

Loans

issued

by

another

E&P

company,

QuarterNorth

Energy

Holding

Inc.,

also

contributed

to

relative

performance.

As

of

the

end

of

the

reporting

period,

the

Fund

maintained

exposure

to

both

companies.

9

Nuveen

High

Yield

Income

Fund

What

key

strategies

were

used

to

manage

the

Fund

during

the

abbreviated

eleven-month

annual

reporting

period

ended

August

31,

2022?

The

investment

objective

of

the

Fund

is

to

seek

current

income

and

capital

appreciation

by

investing

primarily

in

debt

instruments

such

as

bonds,

loans

and

convertible

securities,

a

substantial

portion

of

which

may

be

rated

below

investment

grade

or,

if

unrated,

of

comparable

quality.

Heading

into

the

abbreviated

reporting

period,

the

Fund

was

positioned

with

shorter

duration

relative

to

the

benchmark,

which

reduced

its

interest

rate

sensitivity.

The

Fund

maintained

its

out-of-benchmark

allocation

to

senior

loans.

It

was

also

overweight

B-rated

credit

issues

and

underweight

BB-rated

credit

issues

relative

to

the

benchmark.

The

investment

management

team

selectively

reduced

exposure

to

B

and

CCC-rated

credit

issues

in

favor

of

BB-rated

bonds

to

defensively

position

the

Fund

amid

the

increased

economic

uncertainty.

How

did

the

Fund

perform

during

the

abbreviated

eleven-month

annual

reporting

period

ended

August

31,

2022?

For

the

abbreviated

eleven-month

reporting

period

ended

August

31,

2022,

the

Fund

outperformed

the

ICE

BofA

U.S.

High

Yield

Index.

For

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

ICE

BofA

U.S.

High

Yield

Index.

The

Fund’s

outperformance

was

driven

primarily

by

security

selection.

From

an

industry

perspective,

health

care

was

the

top

performer

while

select

holdings

in

energy-related

companies

contributed

positively

to

relative

performance

given

the

rise

in

energy

prices

during

the

reporting

period.

The

Fund’s

out-of-benchmark

allocation

to

senior

loans

also

aided

relative

performance

as

higher

interest

rates

contributed

to

senior

loan

performance

during

the

reporting

period.

Lastly,

from

a

credit

quality

perspective,

the

Fund’s

underweight

to

CCC-rated

credit

issues

aided

relative

performance.

Partially

offsetting

the

Fund’s

outperformance

was

its

underweight

to

issuers

within

the

capital

goods

and

real

estate

sectors.

While

overall

exposure

to

senior

loans

aided

relative

performance,

the

senior

loans

of

automotive

and

specialty

LED

light

producer

Lumileds

detracted

from

relative

performance.

The

Fund

exited

its

position

in

Lumileds.

During

the

reporting

period,

the

Fund

used

credit

default

swap

index

contracts

to

add

exposure

to

high

yield

credit

while

the

cash

from

inflows

was

invested

amid

a

generally

low

supply

of

high

yield

bonds.

The

credit

default

swaps

had

a

negligible

impact

on

relative

performance

over

the

reporting

period.

Nuveen

Preferred

Securities

and

Income

Fund

What

key

strategies

were

used

to

manage

the

Fund

during

the

abbreviated

eleven-month

annual

reporting

period

ended

August

31,

2022?

The

Fund

has

an

income

strategy

that

invests

across

the

credit

quality

spectrum

in

both

$25

par

retail

and

$1,000

par

institutional

preferred

and

other

income

producing

securities

from

U.S.

and

non-U.S.

issuers

and

seeks

to

provide

a

high

level

of

current

income

and

total

return.

During

the

abbreviated

annual

reporting

period,

several

active

themes

were

incorporated

within

the

Fund

relative

to

the

Nuveen

Preferred

Securities

and

Income

Blended

Benchmark.

This

included

an

overweight

to

$1,000

par

preferred

securities,

an

overweight

to

securities

that

have

coupons

with

reset

features

(floating

rate,

fixed-to-floating

rate,

fixed-to-fixed)

and

specifically

those

with

higher

reset

spreads,

an

underweight

to

U.S.

dollar-denominated

CoCos,

as

well

as

a

shorter-duration

profile

relative

to

the

Blended

Benchmark.

Along

with

capturing

better

relative

value,

the

overweight

to

$1,000

par

preferreds,

which

were

largely

non-fixed

rate

coupon

securities,

was

also

intended

to

position

the

Fund

defensively

against

a

rising

interest

rate

environment.

In

addition,

the

Fund’s

allocation

to

CoCos

was

reduced

during

the

reporting

period

because

that

segment

faced

elevated

risks

as

a

result

of

the

Russia-Ukraine

War.

Portfolio

Managers’

Comments

(continued)

10

How

did

the

Fund

perform

during

the

abbreviated

eleven-month

annual

reporting

period

ended

August

31,

2022?

For

the

eleven-month

abbreviated

reporting

period

ended

August

31,

2022,

the

Fund

outperformed

the

Preferred

Securities

and

Income

Blended

Benchmark.

For

the

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

Preferred

Securities

and

Income

Blended

Benchmark,

a

blended

return

consisting

of:

(1)

60%

ICE

BofA

U.S.

All

Capital

Securities

Index

(I0CS)

and

(2)

40%

ICE

USD

Contingent

Capital

Index

(CDLR).

The

Fund’s

outperformance

was

driven

primarily

by

an

overweight

to

shorter

duration

$1,000

par

preferred

securities

with

non-

fixed

rate

coupon

structures,

which

contributed

to

benchmark

relative

performance

as

interest

rates

increased

during

the

reporting

period.

In

addition,

interest

rate

futures

contracts

were

sold

to

reduce

the

duration

of

its

portfolio.

However,

the

contracts

had

a

negligible

impact

on

relative

performance.

Selection

bias

within

the

$1,000

par

preferred

allocation

contributed

to

relative

performance

as

the

investment

management

team

focused

on

coupon

structures

with

higher

reset

spreads,

which

outperformed.

Notably,

the

Fund

didn’t

hold

any

securities

issued

by

Russian

banks

during

the

reporting

period.

Conversely,

the

Blended

Benchmark

held

a

small

but

measurable

exposure

to

U.S.

dollar-denominated

CoCos

issued

by

Russian

banks,

including

Credit

Bank

of

Moscow,

ALFA-BANK

JSC,

PJSC

Sberbank

and

Sovcombank

of

Russia,

whose

prices

dropped

to

zero

by

the

end

of

the

first

quarter

of

2022.

The

Fund’s

lack

of

exposure

to

these

issues

was

accretive

to

relative

performance.

Partially

offsetting

the

outperformance

were

a

handful

of

$1,000

par

preferred

securities

that

underperformed

during

the

reporting

period,

including

life

insurance

services

company

SBL

Holdings,

Inc.

This

security

was

negatively

impacted

by

lingering

concern

from

some

investors

regarding

elevated

collateralized

loan

obligations

risk

in

the

company’s

investment

portfolio,

however

the

company

significantly

reduced

this

exposure

over

the

last

several

quarters.

The

Fund

continues

to

hold

the

position

based

on

its

solid

credit

metrics.

In

addition,

an

overweight

to

General

Motors

Financial

Co

Inc.

hindered

relative

performance

largely

as

a

result

of

increased

economic

uncertainty.

The

Fund

continues

to

maintain

an

overweight

given

the

company’s

solid

long-term

fundamentals.

Nuveen

Strategic

Income

Fund

What

key

strategies

were

used

to

manage

the

Fund

during

the

abbreviated

two-month

annual

reporting

period

ended

August

31,

2022?

The

Fund

provides

investors

with

a

broadly

flexible,

multi-sector

portfolio

that

seeks

to

deliver

total

return.

The

investment

management

team

actively

manages

a

diversified

portfolio

of

investment

grade

and

high

yield

debt

securities

from

U.S.

and

non-

U.S.

issuers.

During

the

abbreviated

reporting

period,

the

Fund

remained

positioned

with

a

moderate

amount

of

credit

risk

and

a

focus

on

credits

with

durable

free

cash

flows

and

solid

balance

sheets

across

a

number

of

sectors

and

industries.

The

Fund

continued

to

favor

spread

sectors

while

emphasizing

an

up-in-quality

bias

within

the

sectors.

As

a

result

of

increased

economic

uncertainty,

the

Fund

reduced

its

credit

risk

by

rotating

out

of

a

portion

of

its

emerging

market

(EM)

debt

and

into

U.S.

Treasuries

and

cash.

The

investment

management

team

also

maintained

the

Fund’s

shorter-duration

positioning

during

the

reporting

period.

How

did

the

Fund

perform

during

the

abbreviated

two-month

annual

reporting

period

ended

August

31,

2022?

The

Nuveen

Strategic

Income

Fund’s

Class

A

Shares

at

NAV

outperformed

the

Bloomberg

U.S.

Aggregate

Bond

Index

for

the

abbreviated

two-month

annual

reporting

period.

For

the

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

Bloomberg

U.S.

Aggregate

Bond

Index.

The

Fund’s

outperformance

was

primarily

driven

by

its

out-of-benchmark

allocations

to

high

yield

corporate

bonds

and

preferred

securities.

The

Fund’s

corresponding

underweights

to

Treasury

securities

and

the

MBS

sector

benefited

relative

performance

since

both

segments

generally

underperformed.

The

Fund

also

benefited

from

its

significantly

shorter-duration

positioning

versus

its

benchmark,

which

helped

to

buffer

the

portfolio

from

the

corresponding

drop

in

bond

prices

in

the

rising

interest

rate

environment.

During

the

abbreviated

reporting

period,

there

were

no

material

detractors

from

relative

performance.

Also,

as

part

of

the

overall

portfolio

construction

strategy,

the

Fund

sold

interest

rate

futures

contracts

to

reduce

portfolio

duration

and

manage

yield

curve

exposure,

which

had

a

negligible

impact

on

relative

performance.

In

addition,

the

Fund

used

credit

default

swap

index

contracts

to

buy

credit

protection

on

a

portion

of

the

portfolio's

exposure

to

high

yield

credit.

The

credit

default

swaps

had

a

negligible

impact

on

relative

performance

over

the

reporting

period.

11

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

(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;

BB,

B,

CCC,

CC,

C

and

D

are

below-investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

ratings

agencies.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

12

Risk

Considerations

and

Dividend

Information

Risk

Considerations

Nuveen

Credit

Income

Fund

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Credit

risk

arises

from

an

issuer’s

ability

to

make

interest

and

principal

payments

when

due,

as

well

as

the

prices

of

bonds

declining

when

an

issuer’s

credit

quality

is

expected

to

deteriorate.

The

Fund’s

income

could

decline

during

periods

of

falling

interest

rates.

Investments

in

below

investment

grade

or

high

yield

securities

are

subject

to

liquidity

risk

and

heightened

credit

risk.

This

Fund

is

subject

to

the

risks

of

investing

in

loa

ns

,

including

senior

loans

and

secured

and

unsecured

junior

loans.

Unsecured

loans

are

not

backed

by

a

security

interest

in

collateral

and

involve

a

higher

degree

of

risk

than

secured

loans.

Loans

are

also

subject

to

settlement

risk

due

to

the

lack

of

established

settlement

standards

or

remedies

for

failure

to

settle,

and

may

have

limited

restrictive

covenants

on

borrowers,

which

may

weaken

the

Fund’s

ability

to

access

collateral

securing

the

loan

and

enforce

its

rights

as

a

lender.

The

Fund

may

also

invest

in

a

pool

of

loans

through

collateralized

loan

obligations

(CLOs).

In

addition

to

the

risks

associated

with

loans

and

high

yield

securities,

CLOs

are

subject

to

the

risk

that

distributions

from

the

collateral

may

not

be

adequate

to

make

interest

or

other

payments

owed

to

the

Fund.

Asset-backed

and

mortgage-backed

securities

are

subject

to

additional

risks

such

as

prepayment

risk,

liquidity

risk,

default

risk

and

adverse

economic

developments.

Preferred

securities

are

subordinate

to

bonds

and

other

debt

instruments

in

a

company’s

capital

structure

and

therefore

are

subject

to

greater

credit

risk.

Certain

types

of

preferred,

hybrid

or

debt

securities

with

special

loss

absorption

provisions,

such

as

contingent

capital

securities

(CoCos),

may

be

or

become

so

subordinated

that

they

present

risks

equivalent

to,

or

in

some

cases

even

greater

than,

the

same

company’s

common

stock.

Non-U.S.

investments

involve

risks

such

as

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

These

risks

are

magnified

in

emerging

markets.

These

and

other

risk

considerations,

such

as

call,

derivatives,

illiquid

investments,

interest

rate,

market,

and

valuation

risks,

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

Flexible

Income

Fund

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

Debt

and

fixed

income

securities

such

as

those

held

by

the

Fund,

are

subject

to

market

risk,

credit

risk,

interest

rate

risk,

call

risk,

and

income

risk.

As

interest

rates

rise,

bond

prices

fall.

Below

investment

grade

or

high

yield

debt

securities

are

subject

to

liquidity

risk

and

heightened

credit

risk.

Preferred

securities

are

subordinate

to

bonds

and

other

debt

instruments

in

a

company's

capital

structure

and

therefore

are

subject

to

greater

credit

risk.

Foreign

investments

involve

additional

risks,

including

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

Asset-backed

and

mortgage-backed

securities

are

subject

to

additional

risks

such

as

prepayment

risk,

liquidity

risk

and

adverse

economic

developments.

Concentration

in

the

financial

services

sector

may

involve

greater

exposure

to

adverse

economic

or

regulatory

occurrences.

Equity

investments

such

as

those

held

by

the

Fund,

are

subject

to

market

risk,

common

stock

risk,

covered

call

risk,

short

sale

risk,

and

derivatives

risk.

Nuveen

Floating

Rate

Income

Fund

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

Debt

or

fixed

income

securities

such

as

those

held

by

the

Fund,

are

subject

to

market

risk,

credit

risk,

interest

rate

risk,

derivatives

risk,

liquidity

risk,

and

income

risk.

As

interest

rates

rise,

bond

prices

fall.

Below

investment

grade

or

high

yield

debt

securities

are

subject

to

liquidity

risk

and

heightened

credit

risk.

Foreign

investments

involve

additional

risks,

including

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

The

value

of

the

Fund's

convertible

securities

may

decline

in

response

to

such

factors

as

rising

interest

rates

and

fluctuations

in

the

market

price

of

the

underlying

securities.

This

Fund

is

subject

to

loan

settlement

risk

due

to

the

lack

of

established

settlement

standards

or

remedies

for

failure

to

settle.

Nuveen

High

Yield

Income

Fund

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Investments

in

below

investment

grade

or

high

yield

securities

are

subject

to

liquidity

risk

and

heightened

credit

risk.

Credit

risk

arises

from

an

issuer’s

ability

to

make

interest

and

principal

payments

when

due,

as

well

as

the

prices

of

bonds

declining

when

an

issuer’s

credit

quality

is

expected

to

deteriorate.

The

Fund

is

subject

to

interest

rate

risk;

as

interest

rates

rise,

bond

prices

fall.

This

Fund

is

subject

to

the

risks

of

investing

in

loans,

including

loan

settlement

risk

due

to

the

lack

of

established

settlement

standards

or

remedies

for

failure

to

settle

and

covenant

lite

loan

risk,

which

is

the

risk

that

loans

with

limited

restrictive

covenants

on

borrowers

may

weaken

the

Fund’s

ability

to

access

collateral

securing

the

loan

and

enforce

its

rights

as

a

lender.

Non-U.S.

investments

involve

risks

such

as

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

13

accounting

standards.

These

and

other

risk

considerations,

such

as

active

management,

call,

derivatives,

income,

and

unrated

securities

risks,

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

Preferred

Securities

and

Income

Fund

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

Debt

or

fixed

income

securities

such

as

those

held

by

the

Fund,

are

subject

to

market

risk,

credit

risk,

interest

rate

risk,

derivatives

risk,

illiquid

securities

risk,

concentration

risk,

and

income

risk.

As

interest

rates

rise,

bond

prices

fall.

Below

investment

grade

or

high

yield

debt

securities

are

subject

to

liquidity

risk

and

heightened

credit

risk.

Preferred

securities

are

subordinate

to

bonds

and

other

debt

instruments

in

a

company's

capital

structure

and

therefore

are

subject

to

greater

credit

risk.

Certain

types

of

preferred,

hybrid

or

debt

securities

with

special

loss

absorption

provisions,

such

as

contingent

capital

securities

(CoCos),

may

be

or

become

so

subordinated

that

they

present

risks

equivalent

to,

or

in

some

cases

even

greater

than,

the

same

company's

common

stock.

Foreign

investments

involve

additional

risks,

including

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

Nuveen

Strategic

Income

Fund

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

Debt

or

fixed

income

securities

such

as

those

held

by

the

Fund,

are

subject

to

market

risk,

credit

risk,

interest

rate

risk,

call

risk,

derivatives

risk,

dollar

roll

transaction

risk,

and

income

risk.

As

interest

rates

rise,

bond

prices

fall.

Below

investment

grade

or

high

yield

debt

securities

are

subject

to

liquidity

risk

and

heightened

credit

risk.

Foreign

investments

involve

additional

risks,

including

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

The

Fund

gains

additional

exposure

to

currency

rates,

and

therefore

to

the

risk

of

currency

fluctuation,

through

investment

in

foreign

currency

contracts.

The

risks

of

foreign

investments

are

magnified

in

emerging

markets.

Asset-backed

and

mortgage-backed

securities

are

subject

to

additional

risks

such

as

prepayment

risk,

liquidity

risk,

default

risk

and

adverse

economic

developments.

Dividend

Information

Each

Fund

seeks

to

pay

regular

monthly

dividends

out

of

its

net

investment

income

at

a

rate

that

reflects

its

past

and

projected

net

income

performance.

To

permit

each

Fund

to

maintain

a

more

stable

monthly

dividend,

the

Fund

may

pay

dividends

at

a

rate

that

may

be

more

or

less

than

the

amount

of

net

income

actually

earned

by

the

Fund

during

the

period.

Distributions

to

shareholders

are

determined

on

a

tax

basis,

which

may

differ

from

amounts

recorded

in

the

accounting

records.

In

instances

where

the

monthly

dividend

exceeds

the

earned

net

investment

income,

the

Fund

would

report

a

negative

undistributed

net

ordinary

income.

Refer

to

Note

6

–

Income

Tax

Information

for

additional

information

regarding

the

amounts

of

undistributed

net

ordinary

income

and

undistributed

net

long-term

capital

gains

and

the

character

of

the

actual

distributions

paid

by

the

Fund

during

the

period.

All

monthly

dividends

paid

by

Nuveen

Flexible

Income

Fund,

Nuveen

Floating

Rate

Income,

Nuveen

High

Yield

Income

Fund

and

Nuveen

Strategic

Income

Fund

during

the

current

reporting

period

were

paid

from

net

investment

income.

If

a

portion

of

a

Fund’s

monthly

distributions

is

sourced

or

comprised

of

elements

other

than

net

investment

income,

including

capital

gains

and/

or

a

return

of

capital,

shareholders

will

be

notified

of

those

sources.

For

financial

reporting

purposes,

the

per

share

amounts

of

the

Fund’s

distributions

for

the

reporting

period

are

presented

in

this

report’s

Financial

Highlights.

For

income

tax

purposes,

distribution

information

for

each

Fund

as

of

its

most

recent

tax

year

end

is

presented

in

Note

6

–

Income

Tax

Information

within

the

Notes

to

Financial

Statements

of

this

report.

Special

Dividend

Information

for

Nuveen

Credit

Income

Fund

and

Nuveen

Preferred

Securities

and

Income

Fund

The

Nuveen

Credit

Income

Fund

seeks

to

pay

regular

monthly

distributions

at

a

level

rate

that

reflects

past

and

projected

net

income

of

the

Fund.

Because

the

Fund

may

utilize

credit

default

swaps

and

invests

in

non-U.S.

debt

and

fixed-income

securities,

in

certain

periods

it

can

experience

derivative

losses

and

currency

exchange

losses

on

those

holdings.

Under

applicable

tax

rules,

foreign

currency

exchange

gains

or

losses

and

certain

gains

or

losses

on

credit

default

swap

transactions

are

treated

as

ordinary

income

items.

Consequently,

if

a

Fund

experiences

a

foreign

currency

exchange

loss

in

a

given

fiscal

period,

that

loss

may

offset

and

reduce

net

income

which

may

result

in

the

Fund’s

distributions

exceeding

the

amount

of

its

net

income

for

tax

purposes,

resulting

in

any

over-distribution

being

reported

on

the

Fund’s

Form

1099

as

a

return

of

capital.

For

the

fiscal

year

ended

August

31,

2022,

the

Fund

recognized

prior

year

deferred

losses

related

to

credit

default

swap

transactions,

resulting

in

a

portion

of

the

Fund’s

dividends

being

characterized

as

a

return

of

capital

for

tax

purposes

at

fiscal

year-end,

which

is

identified

in

the

tables

below.

The

Nuveen

Preferred

Securities

and

Income

Fund

seeks

to

pay

regular

monthly

distributions

at

a

level

rate

that

reflects

past

and

projected

net

income

of

the

Fund.

The

Fund

may

own

certain

investments

which

recognize

income

for

financial

reporting

in

a

matter

that

differs

from

the

recognition

on

a

tax

basis.

During

the

fiscal

year,

the

Fund

owned

certain

investments

which

accrued

income

for

financial

reporting

purposes

that

was

not

recognized

as

income

on

a

tax

basis.

As

a

result,

the

amount

of

the

Fund’s

distributions

over

the

entire

fiscal

year

exceeded

the

amount

of

net

investment

income

recognized

on

an

income

tax

basis

and

a

portion

of

the

Fund’s

fiscal

year

distributions

have

been

deemed

to

be

a

return

of

capital

for

tax

purposes,

which

is

identified

in

the

table

below.

Risk

Considerations

and

Dividend

Information

(continued)

14

Nuveen

Credit

Income

Fund

-

Data

as

of

August

31,

2022

Fiscal

Year

2022

Percentage

of

the

Distribution

Per

Share

Amounts

Share

Class

Ticker

Symbol

Net

Investment

Income

Realized

Gains

Return

of

Capital

Distributions

Net

Investment

Income

Realized

Gains

Return

of

Capital

Class

A

FJSIX

88.82%

0.00%

11.18%

$0.0565

$0.0502

$0.000

$0.0063

Class

C

FCSIX

86.83%

0.00%

13.17%

$0.0480

$0.0417

$0.000

$0.0063

Class

I

FJSYX

89.53%

0.00%

10.47%

$0.0595

$0.0532

$0.000

$0.0063

Nuveen

Preferred

Securities

Fund

-

Data

as

of

August

31,

2022

Fiscal

Year

2022

Percentage

of

the

Distribution

Per

Share

Amounts

Share

Class

Ticker

Symbol

Net

Investment

Income

Realized

Gains

Return

of

Capital

Distributions

Net

Investment

Income

Realized

Gains

Return

of

Capital

Class

A

NPSAX

96.69%

0.00%

3.31%

$0.7645

$0.7392

$0.000

$0.0253

Class

C

NPCSX

96.08%

0.00%

3.92%

$0.6445

$0.6192

$0.000

$0.0253

Class

R6

NPSFX

96.88%

0.00%

3.12%

$0.8120

$0.7867

$0.000

$0.0253

Class

I

NPSRX

96.85%

0.00%

3.15%

$0.8030

$0.7777

$0.000

$0.0253

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

15

The

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

for

each

Fund

are

shown

within

this

section

of

the

report.

Fund

Performance

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Investment

returns

and

principal

value

will

fluctuate

so

that

when

shares

are

redeemed,

they

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

performance

shown.

Total

returns

for

a

period

of

less

than

one

year

are

not

annualized

(i.e.

cumulative

returns).

Since

inception

returns

are

shown

for

share

classes

that

have

less

than

10-years

of

performance.

Returns

at

net

asset

value

(NAV)

would

be

lower

if

the

sales

charge

were

included.

Returns

assume

reinvestment

of

dividends

and

capital

gains.

For

performance,

current

to

the

most

recent

month-end

visit

Nuveen.com

or

call

(800)

257-8787.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Returns

may

reflect

fee

waivers

and/or

expense

reimbursements

by

the

investment

adviser

during

the

periods

presented.

If

any

such

waivers

and/or

reimbursements

had

not

been

in

place,

returns

would

have

been

reduced.

See

Notes

to

Financial

Statements,

Note

7—Management

Fees

and

Other

Transactions

with

Affiliates

for

more

information.

Returns

reflect

differences

in

sales

charges

and

expenses,

which

are

primarily

differences

in

distribution

and

service

fees,

and

assume

reinvestment

of

dividends

and

capital

gains.

Comparative

index

and

Lipper

return

information

is

provided

for

Class

A

Shares

at

NAV

only.

Expense

Ratios

The

expense

ratios

shown

are

as

of

the

Fund’s

most

recent

prospectus.

The

expense

ratios

shown

reflect

total

operating

expenses

(before

fee

waivers

and/or

expense

reimbursements,

if

any).

The

expense

ratios

include

management

fees

and

other

fees

and

expenses.

Refer

to

the

Financial

Highlights

later

in

this

report

for

the

Fund’s

expense

ratios

as

of

the

end

of

the

reporting

period.

Holding

Summaries

The

Holdings

Summaries

data

relates

to

the

securities

held

in

each

Fund’s

portfolio

of

investments

as

of

the

end

of

this

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

Refer

to

the

Fund’s

Portfolio

of

Investments

for

individual

security

information. 

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s,

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.

16

Nuveen

Credit

Income

Fund

(continued)

Fund

Performance,

Expense

Ratios

and

Holding

Summaries

August

31,

2022

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Bond

Index.

**

Class

A

Shares

have

a

maximum

4.75%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within

less

than

twelve

months,

which

is

not

reflected

in

the

total

returns.

Class

C

Shares

automatically

convert

to

Class

A

Shares

eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors. 

***

The

Fund’s

investment

adviser

has

contractually

agreed

to

waive

fees

and/or

reimburse

expenses

through

July

31,

2024

so

that

the

total

annual

operating

expenses

(excluding

12b-1

distribution

and/or

service

fees,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses)

do

not

exceed

0.75% of

the

average

daily

net

assets

of

any

class

of

Fund

Shares.

This

expense

limitation may

be

terminated

or

modified

prior

to

that

date

only

with

the

approval

of

the

Board

of Directors

of

the

Fund. 

Growth

of

an

Assumed

$10,000

Investment

as

of August

31,

2022

 -

Class

A

Shares 

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

Total

Returns

as

of

August

31,

2022**

Cumulative

Average

Annual

Expense

Ratios

***

Inception

Date

2-Month

1-Year

5-Year

10-Year

Gross

Net

Class

A

Shares

at

NAV

8/30/01

3.16%

(10.24)%

1.47%

3.30%

1.13%

1.01%

Class

A

Shares

at

maximum

Offering

Price

8/30/01

(1.74)%

(14.50)%

0.48%

2.80%

—

—

Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Bond

Index

—

3.46%

(10.61)%

2.57%

4.50%

—

—

Lipper

Global

High

Yield

Funds

Classification

Average

—

2.78%

(11.67)%

1.21%

3.26%

—

—

Class

C

Shares

8/30/01

3.02%

(10.95)%

0.70%

2.70%

1.88%

1.76%

Class

I

Shares

8/30/01

3.20%

(10.12)%

1.68%

3.54%

0.88%

0.76%

17

Holdings

Summaries

as

of

August

31,

2022

Fund

Allocation

(%

of

net

assets)

Corporate

Bonds

47

.4‌

%

Asset-Backed

and

Mortgage-

Backed

Securities

21

.3‌

%

Variable

Rate

Senior

Loan

Interests

9

.3‌

%

Exchange-Traded

Funds

3

.9‌

%

Sovereign

Debt

3

.6‌

%

Contingent

Capital

Securities

2

.1‌

%

$1,000

Par

(or

similar)

Institutional

Preferred

1

.8‌

%

$25

Par

(or

similar)

Retail

Preferred

0

.6‌

%

Common

Stocks

0

.0‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

6

.1‌

%

Repurchase

Agreements

10

.9‌

%

Other

Assets

Less

Liabilities

(7.0)%

Net

Assets

100‌

%

Corporate

Bonds:

Industries

1

(%

of

total

corporate

bonds)

Oil,

Gas

&

Consumable

Fuels

19.9%

Media

7.0%

Hotels,

Restaurants

&

Leisure

6.6%

Health

Care

Providers

&

Services

5.7%

Automobiles

4.9%

Chemicals

4.1%

Diversified

Telecommunication

Services

3.9%

Wireless

Telecommunication

Services

3.6%

Metals

&

Mining

3.4%

Commercial

Services

&

Supplies

3.1%

Airlines

2.9%

Specialty

Retail

2.8%

Insurance

2.8%

Capital

Markets

2.4%

IT

Services

1.9%

Pharmaceuticals

1.7%

Trading

Companies

&

Distributors

1.6%

Road

&

Rail

1.5%

Personal

Products

1.5%

Independent

Power

Producers

&

Energy

Traders

1.5%

Other

17.2%

Total

100.0%

Bond

Credit

Quality

(%

of

total

long-term

fixed

income)

A

0.4%

BBB

9.9%

BB

or

Lower

77.0%

N/R

(not

rated)

12.7%

Total

100‌

%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

18

Nuveen

Flexible

Income

Fund

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

August

31,

2022

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

Flexible

Income

Blended

Benchmark.

The

Flexible

Income

Blended

Benchmark

consist

of:

1)

50%

ICE

BofA

U.S.

Corporate

Index

and

2)

50%

ICE

BofA

U.S.

High

Yield

Index.

**

Class

A

Shares

have

a

maximum

4.75%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within

less

than

twelve

months,

which

is

not

reflected

in

the

total

returns.

Class

C

Shares

automatically

convert

to

Class

A

Shares eight

years

after

purchase.

Returns

for

peri-

ods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

R6

Shares

have

no

sales

charge

and

are

available

only

to

certain

limited

categories

of

investors

as

described

in

the

prospectus.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

***

The

Fund’s

investment

adviser

has

contractually

agreed

to

waive

fees

and/or

reimburse

expenses

through

July

31,

2024 so

that

total

annual

Fund

operating

expenses

(excluding

12b-1

distribution

and/or

service

fees,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses)

do

not

exceed

0.75%

(1.25%

after

July

31,

2024)

of

the

average

daily

net

assets

of

any

class

of

Fund

shares.

However,

because

Class

R6

Shares

are

not

subject

to

sub-transfer

agent

and

similar

fees,

the

total

annual

Fund

operating

expenses

for

Class

R6

Shares

will

be

less

than

the

expense

limitation.

The

expense

limitation

expiring

July

31,

2024,

may

be

terminated

or

modified

prior

to

that

date

only

with

the

approval

of

the

Board

of

Trustees

of

the

Fund.

The

expense

limitation

in

effect

thereafter

may

be

terminated

or

modified

only

with

the

approval

of

shareholders

of

the

Fund.

Total

Returns

as

of

August

31,

2022**

Cumulative

Average

Annual

Expense

Ratios

***

Inception

Date

11-Month

1-Year

5-Year

10-Year

Gross

Net

Class

A

Shares

at

NAV

12/09/09

(11.18)%

(12.05)%

2.05%

3.96%

1.04%

0.95%

Class

A

Shares

at

maximum

Offering

Price

12/09/09

(15.40)%

(16.23)%

1.06%

3.46%

—

—

Bloomberg

U.S.

Aggregate

Bond

Index

—

(10.74)%

(11.52)%

0.52%

1.35%

—

—

Flexible

Income

Blended

Benchmark

—

(12.00)%

(12.45)%

1.81%

3.46%

—

—

Lipper

Flexible

Income

Funds

Classification

Average

—

(9.47)%

(9.93)%

2.14%

3.72%

—

—

Class

C

Shares

12/09/09

(11.81)%

(12.69)%

1.29%

3.34%

1.79%

1.70%

Class

I

Shares

12/09/09

(11.00)%

(11.86)%

2.29%

4.23%

0.79%

0.70%

Total

Returns

as

of

August

31,

2022**

Cumulative

Average

Annual

Expense

Ratios***

Inception

Date

11-Month

1-Year

5-Year

Since

Inception

Gross

Net

Class

R6

Shares

6/30/16

(10.96)%

(11.81)%

2.42%

3.74%

0.72%

0.64%

19

Growth

of

an

Assumed

$10,000

Investment

as

of August

31,

2022

 -

Class

A

Shares 

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

20

Fund

Performance,

Expense

Ratios

and

Holding

Summaries

August

31,

2022

(continued)

Holdings

Summaries

as

of

August

31,

2022

Fund

Allocation

(%

of

net

assets)

Corporate

Bonds

45

.5‌

%

$1,000

Par

(or

similar)

Institutional

Preferred

25

.3‌

%

Common

Stocks

14

.7‌

%

$25

Par

(or

similar)

Retail

Preferred

5

.4‌

%

Convertible

Preferred

Securities

3

.7‌

%

Structured

Notes

1

.6‌

%

Convertible

Bonds

0

.9‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

2

.0‌

%

Repurchase

Agreements

2

.0‌

%

Other

Assets

Less

Liabilities

(1.1)%

Net

Assets

100‌

%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

ConocoPhillips

0.9%

Shell

PLC,

ADR

0.8%

Walmart

Inc

0.8%

Applied

Materials

Inc

0.7%

Valero

Energy

Corp

0.6%

Portfolio

Composition

1

(%

of

net

assets)

Banks

10.5%

Media

7.2%

Technology

Hardware,

Storage

&

Peripherals

5.6%

Oil,

Gas

&

Consumable

Fuels

5.6%

Electric

Utilities

5.2%

Semiconductors

&

Semiconductor

Equipment

3.7%

Health

Care

Providers

&

Services

4.1%

Consumer

Finance

3.9%

Multi-Utilities

3.6%

Capital

Markets

2.5%

Food

&

Staples

Retailing

3.0%

Insurance

2.7%

Automobiles

2.6%

Machinery

2.3%

Chemicals

2.3%

Hotels,

Restaurants

&

Leisure

2.1%

Specialty

Retail

1.9%

Auto

Components

1.9%

Independent

Power

Producers

&

Energy

Traders

1.8%

Food

Products

1.6%

Communications

Equipment

1.7%

Trading

Companies

&

Distributors

1.6%

Equity

Real

Estate

Investment

Trusts

1.6%

Other

16.5%

Structured

Notes

1.6%

Investments

Purchased

with

Collateral

from

Securities

Lending

2.0%

Repurchase

Agreements

2.0%

Other

Assets

Less

Liabilities

(1.1)%

Net

Assets

100%

Bond

Credit

Quality

(%

of

total

long-term

fixed

income)

A

2.0%

BBB

46.7%

BB

or

Lower

47.6%

N/R

(not

rated)

3.7%

Total

100‌

%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

Nuveen

Floating

Rate

Income

Fund

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

August

31,

2022

21

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

Credit

Suisse

Leverage

Loan

Index.

**

Class

A

Shares

have

a

maximum

3.00%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$500,000

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within

less

than

twelve

months,

which

is

not

reflected

in

the

total

returns.

Class

C

Shares

automatically

convert

to

Class

A

Shares eight

years

after

purchase.

Returns

for

peri-

ods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

R6

Shares

have

no

sales

charge

and

are

available

only

to

certain

limited

categories

of

investors

as

described

in

the

prospectus.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

Growth

of

an

Assumed

$10,000

Investment

as

of August

31,

2022

 -

Class

A

Shares 

Total

Returns

as

of

August

31,

2022**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

11-Month

1-Year

5-Year

10-Year

Class

A

Shares

at

NAV

5/02/11

(1.61)%

(1.28)%

2.84%

3.68%

1.03%

Class

A

Shares

at

maximum

Offering

Price

5/02/11

(4.56)%

(4.24)%

2.21%

3.37%

—

Credit

Suisse

Leveraged

Loan

Index

—

(0.47)%

0.18%

3.54%

4.04%

—

Lipper

Loan

Participation

Funds

Classification

Average

—

(2.00)%

(1.49)%

2.26%

2.89%

—

Class

C

Shares

5/02/11

(2.30)%

(2.03)%

2.07%

3.05%

1.78%

Class

I

Shares

5/02/11

(1.32)%

(0.97)%

3.10%

3.95%

0.78%

Total

Returns

as

of

August

31,

2022**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

11-Month

1-Year

5-Year

Since

Inception

Class

R6

Shares

1/28/15

(1.29)%

(0.88)%

3.21%

3.47%

0.70%

22

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

August

31,

2022

(continued)

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

23

Holdings

Summaries

as

of

August

31,

2022

Fund

Allocation

(%

of

net

assets)

Variable

Rate

Senior

Loan

Interests

85

.0‌

%

Corporate

Bonds

11

.9‌

%

Exchange-Traded

Funds

2

.0‌

%

Common

Stocks

0

.9‌

%

$1,000

Par

(or

similar)

Institutional

Preferred

0

.7‌

%

Warrants

0

.3‌

%

Convertible

Preferred

Securities

0

.0‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

0

.2‌

%

Investment

Companies

1

.4‌

%

Other

Assets

Less

Liabilities

(2.4)%

Net

Assets

100‌

%

Corporate

Bonds:

Industries

1

(%

of

total

corporate

bonds)

Health

Care

Providers

&

Services

24.2%

Oil,

Gas

&

Consumable

Fuels

12.3%

Commercial

Services

&

Supplies

10.4%

Hotels,

Restaurants

&

Leisure

10.2%

Media

10.1%

Wireless

Telecommunication

Services

5.6%

Diversified

Telecommunication

Services

4.5%

Communications

Equipment

4.2%

Specialty

Retail

3.1%

Equity

Real

Estate

Investment

Trusts

3.0%

Other

12.4%

Total

100.0%

Portfolio

Credit

Quality

(%

of

total

long-term

fixed

income

investments)

BBB

8.3%

BB

or

Lower

89.1%

N/R

(not

rated)

2.6%

Total

100‌

%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

24

Nuveen

High

Yield

Income

Fund

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

August

31,

2022

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

ICE

BofA

U.S.

High

Yield

Index.

**

Class

A

Shares

have

a

maximum

4.75%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within

less

than

twelve

months,

which

is

not

reflected

in

the

total

returns.

Class

C

Shares

automatically

convert

to

Class

A

Shares eight

years

after

purchase.

Returns

for

peri-

ods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

R6

Shares

have

no

sales

charge

and

are

available

only

to

certain

limited

categories

of

investors

as

described

in

the

prospectus.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

***

The

Fund’s

investment

adviser

has

contractually

agreed

to

waive

fees

and/or

reimburse

expenses

so

that

the

total

annual

operating

expenses

of

the

Fund

(excluding

12b-1

distribution

and/or

service

fees,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses)

do

not

exceed

0.79%

through

July

31,

2024

or

1.35%

after

July

31,

2024

of

the

average

daily

net

assets

of

any

class

of

Fund

shares.

However,

because

Class

R6

shares

are

not

subject

to

sub-transfer

agent

and

similar

fees,

the

total

annual

operating

expenses

for

the

Class

R6

shares

will

be

less

than

the

expense

limitation.

The

expense

limitation

expiring

July

31,

2024

may

be

terminated

or

modified

prior

to

that

date

only

with

the

approval

of

the

Board

of

Trustees

of

the

Fund.

The

expense

limitation

in

effect

thereafter

may

be

terminated

or

modified

only

with

the

approval

of

shareholders

of

the

Fund.

Total

Returns

as

of

August

31,

2022**

Cumulative

Average

Annual

Expense

Ratios

***

Inception

Date

11-Month

1-Year

5-Year

10-Year

Gross

Net

Class

A

Shares

at

NAV

4/28/10

(9.85)%

(9.70)%

1.96%

3.76%

1.06%

0.99%

Class

A

Shares

at

maximum

Offering

Price

4/28/10

(14.14)%

(13.99)%

0.97%

3.26%

—

—

ICE

BofA

U.S.

High

Yield

Index

—

(10.46)%

(10.43)%

2.43%

4.44%

—

—

Lipper

High

Yield

Funds

Classification

Average

—

(9.97)%

(9.94)%

2.04%

3.70%

—

—

Class

C

Shares

4/28/10

(10.46)%

(10.36)%

1.21%

3.14%

1.81%

1.75%

Class

I

Shares

4/28/10

(9.63)%

(9.46)%

2.22%

4.02%

0.81%

0.74%

Total

Returns

as

of

August

31,

2022**

Cumulative

Average

Annual

Expense

Ratios***

Inception

Date

11-Month

1-Year

5-Year

Since

Inception

Gross

Net

Class

R6

Shares

10/1/14

(9.50)%

(9.32)%

2.35%

3.06%

0.70%

0.63%

25

Growth

of

an

Assumed

$10,000

Investment

as

of August

31,

2022

 -

Class

A

Shares 

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

26

Fund

Performance,

Expense

Ratios

and

Holding

Summaries

August

31,

2022

(continued)

Holdings

Summaries

as

of

August

31,

2022

Fund

Allocation

(%

of

net

assets)

Corporate

Bonds

82

.9‌

%

Variable

Rate

Senior

Loan

Interests

7

.5‌

%

$1,000

Par

(or

similar)

Institutional

Preferred

1

.2‌

%

Common

Stocks

0

.6‌

%

Warrants

0

.4‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

3

.0‌

%

Investment

Companies

5

.9‌

%

Other

Assets

Less

Liabilities

(1.5)%

Net

Assets

100‌

%

Top

Five

Holdings

(%

of

net

assets)

BlackRock

Liquidity

Funds

T-Fund

5.9%

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

3.0%

Imola

Merger

Corp

1.3%

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

1.1%

Ford

Motor

Credit

Co

LLC

1.0%

Portfolio

Composition

1

(%

of

net

assets)

Oil,

Gas

&

Consumable

Fuels

13.5%

Media

7.6%

Hotels,

Restaurants

&

Leisure

5.6%

Health

Care

Providers

&

Services

4.7%

Diversified

Telecommunication

Services

4.2%

Chemicals

4.1%

Automobiles

3.4%

Commercial

Services

&

Supplies

2.9%

Capital

Markets

2.9%

Specialty

Retail

2.7%

Metals

&

Mining

2.7%

Wireless

Telecommunication

Services

2.5%

Personal

Products

2.0%

Equity

Real

Estate

Investment

Trusts

1.9%

Auto

Components

1.9%

Insurance

1.7%

Aerospace

&

Defense

1.7%

Consumer

Finance

1.7%

Independent

Power

Producers

&

Energy

Traders

1.7%

Pharmaceuticals

1.6%

Trading

Companies

&

Distributors

1.5%

Energy

Equipment

&

Services

1.4%

Software

1.4%

Other

17.3%

Investments

Purchased

with

Collateral

from

Securities

Lending

3.0%

Investment

Companies

5.9%

Other

Assets

Less

Liabilities

(1.5)%

Net

Assets

100%

Portfolio

Credit

Quality

(%

of

total

long-term

fixed

income

investments)

BBB

6.3%

BB

or

Lower

92.2%

N/R

(not

rated)

1.5%

Total

100‌

%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

Nuveen

Preferred

Securities

and

Income

Fund

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

August

31,

2022

27

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

Preferred

Securities

and

Income

Blended

Benchmark.

The

Preferred

Securities

and

Income

Blended

Benchmark

consists

of

1)

65%

ICE

BofA

Fixed

Rate

Preferred

Securities

Index

and

2)

35%

Bloomberg

Capital

Securities

Index

until

December

30,

2013,

and

thereafter

1)

60%

ICE

BofA

U.S.

All

Capital

Securities

Index

and

2)

40%

ICE

BofA

USD

Contingent

Capital

Index

(CDLR).

Refer

to

the

Glossary

of

Terms

Used

in

This

Report

for

further

details

on

the

Fund's

Blended

Benchmark

compositions

through

January

28,

2021.

**

Class

A

Shares

have

a

maximum

4.75%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within

less

than

twelve

months,

which

is

not

reflected

in

the

total

returns.

Class

C

Shares

automatically

convert

to

Class

A

Shares eight

years

after

purchase.

Returns

for

peri-

ods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

R6

Shares

have

no

sales

charge

and

are

available

only

to

certain

limited

categories

of

investors

as

described

in

the

prospectus.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

Total

Returns

as

of

August

31,

2022**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

11-Month

1-Year

5-Year

10-Year

Class

A

Shares

at

NAV

12/19/06

(9.07)%

(9.07)%

2.49%

5.04%

0.99%

Class

A

Shares

at

maximum

Offering

Price

12/19/06

(13.39)%

(13.38)%

1.50%

4.53%

—

ICE

BofA

U.S.

All

Capital

Securities

Index

—

(11.43)%

(11.44)%

2.41%

4.89%

—

Preferred

Securities

and

Income

Blended

Benchmark

—

(11.76)%

(11.86)%

2.60%

4.65%

—

Lipper

Flexible

Income

Funds

Classification

Average

—

(9.47)%

(9.93)%

2.14%

3.72%

—

Class

C

Shares

12/19/06

(9.72)%

(9.73)%

1.71%

4.42%

1.74%

Class

I

Shares

12/19/06

(8.91)%

(8.84)%

2.73%

5.30%

0.74%

Total

Returns

as

of

August

31,

2022**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

11-Month

1-Year

5-Year

Since

Inception

Class

R6

Shares

6/30/16

(8.84)%

(8.82)%

2.80%

4.26%

0.68%

28

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

August

31,

2022

(continued)

Growth

of

an

Assumed

$10,000

Investment

as

of August

31,

2022

 -

Class

A

Shares 

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

29

Holdings

Summaries

as

of

August

31,

2022

Fund

Allocation

(%

of

net

assets)

$1,000

Par

(or

similar)

Institutional

Preferred

48

.7‌

%

Contingent

Capital

Securities

31

.9‌

%

$25

Par

(or

similar)

Retail

Preferred

18

.0‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

1

.0‌

%

Repurchase

Agreements

1

.3‌

%

Other

Assets

Less

Liabilities

(0.9)%

Net

Assets

100‌

%

Top

Five

Holdings

(%

of

net

assets)

HSBC

Holdings

PLC

1.6%

Deutsche

Bank

AG

1.5%

HSBC

Holdings

PLC

1.4%

CoBank

ACB

1.3%

JPMorgan

Chase

&

Co

1.3%

Portfolio

Composition

1

(%

of

net

assets)

Banks

47.4%

Insurance

13.5%

Capital

Markets

13.2%

Food

Products

4.2%

Diversified

Financial

Services

3.9%

Other

16.4%

Investments

Purchased

with

Collateral

from

Securities

Lending

1.0%

Repurchase

Agreements

1.3%

Other

Assets

Less

Liabilities

(0.9)%

Net

Assets

100%

Portfolio

Credit

Quality

(%

of

total

long-term

fixed

income

investments)

A

0.2%

BBB

66.3%

BB

or

Lower

31.6%

N/R

(not

rated)

1.9%

Total

100‌

%

Country

Allocation

2

(%

of

net

assets)

United

States

60

.1‌

%

United

Kingdom

11

.9‌

%

Switzerland

7

.7‌

%

France

5

.2‌

%

Spain

2

.3‌

%

Netherlands

2

.2‌

%

Canada

2

.1‌

%

Australia

2

.1‌

%

Germany

1

.6‌

%

Ireland

1

.3‌

%

Other

3

.4‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

1

.0‌

%

Other

Assets

Less

Liabilities

(0.9)%

Net

Assets

100‌

%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

Includes

2.0%

(as

a

percentage

of

net

assets)

in

emerging

market

countries.

30

Nuveen

Strategic

Income

Fund

(continued)

Fund

Performance,

Expense

Ratios

and

Holding

Summaries

August

31,

2022

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

Purposes

of

Fund

performance,

relative

results

are

measured

against

the

Bloomberg

U.S.

Aggregate

Bond

Index.

**

Class

A

Shares

have

a

maximum

4.25%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within

less

than

twelve

months,

which

is

not

reflected

in

the

total

returns.

Class

C

Shares

automatically

convert

to

Class

A

Shares eight

years

after

purchase.

Returns

for

peri-

ods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

R6

Shares

have

no

sales

charge

and

are

available

only

to

certain

limited

categories

of

investors

as

described

in

the

prospectus.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

***

The

Fund’s

investment

adviser

has

contractually

agreed

to

waive

fees

and/or

reimburse

expenses

through

July

31,

2024

so

that

the

total

annual

operating

expenses

(excluding

12b-1

distribution

and/or

service

fees,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses)

do

not

exceed

0.59%

of

the

average

daily

net

assets

of

any

class

of

Fund

Shares.

However,

because

the

Class

R6

shares

are

not

subject

to

sub-transfer agent

and

similar

fees,

the

total

annual

operating

expenses

for

the

Class

R6

shares

will

be

less

than

the

expense

limitation.

This

expense

limitation

may

be

terminated

or

modified

prior

to

that

date

only

with

the

approval

of

the

Board

of

Directors

of

the

Fund. 

Total

Returns

as

of

August

31,

2022**

Cumulative

Average

Annual

Expense

Ratios

***

Inception

Date

2-Month

1-Year

5-Year

10-Year

Gross

Net

Class

A

Shares

at

NAV

2/01/00

1.94%

(10.25)%

1.63%

2.85%

0.95%

0.84%

Class

A

Shares

at

maximum

Offering

Price

2/01/00

(2.40)%

(14.06)%

0.76%

2.41%

—

—

Bloomberg

U.S.

Aggregate

Bond

Index

—

(0.45)%

(11.52)%

0.52%

1.35%

—

—

Lipper

Multi-Sector

Income

Funds

Classification

Average

—

1.17%

(9.69)%

1.27%

2.66%

—

—

Class

C

Shares

2/01/00

1.82%

(10.91)%

0.86%

2.25%

1.70%

1.59%

Class

I

Shares

2/01/00

1.99%

(10.08)%

1.88%

3.11%

0.70%

0.59%

Total

Returns

as

of

August

31,

2022**

Cumulative

Average

Annual

Expense

Ratios***

Inception

Date

2-Month

1-Year

5-Year

Since

Inception

Gross

Net

Class

R6

Shares

1/20/15

2.10%

(9.95)%

1.98%

2.52%

0.62%

0.51%

31

Growth

of

an

Assumed

$10,000

Investment

as

of August

31,

2022

 -

Class

A

Shares 

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

32

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

August

31,

2022

(continued)

Holdings

Summaries

as

of

August

31,

2022

Fund

Allocation

(%

of

net

assets)

Asset-Backed

and

Mortgage-

Backed

Securities

40

.3‌

%

Corporate

Bonds

30

.7‌

%

$1,000

Par

(or

similar)

Institutional

Preferred

6

.8‌

%

Sovereign

Debt

6

.5‌

%

Contingent

Capital

Securities

3

.9‌

%

Variable

Rate

Senior

Loan

Interests

3

.4‌

%

U.S.

Government

and

Agency

Obligations

3

.4‌

%

$25

Par

(or

similar)

Retail

Preferred

0

.7‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

1

.6‌

%

Repurchase

Agreements

6

.4‌

%

Other

Assets

Less

Liabilities

(3.7)%

Net

Assets

100‌

%

Corporate

Bonds:

Industries

1

(%

of

total

corporate

bonds)

Oil,

Gas

&

Consumable

Fuels

11.3%

Banks

11.1%

Electric

Utilities

4.5%

Media

4.4%

Capital

Markets

4.4%

Beverages

3.5%

Wireless

Telecommunication

Services

3.4%

Chemicals

3.0%

Metals

&

Mining

2.9%

Equity

Real

Estate

Investment

Trusts

2.9%

Insurance

2.7%

Hotels,

Restaurants

&

Leisure

2.7%

IT

Services

2.6%

Airlines

2.5%

Diversified

Financial

Services

2.4%

Pharmaceuticals

2.2%

Energy

Equipment

&

Services

2.2%

Independent

Power

Producers

&

Energy

Traders

2.2%

Automobiles

1.9%

Communications

Equipment

1.8%

Trading

Companies

&

Distributors

1.8%

Food

Products

1.7%

Construction

Materials

1.7%

Specialty

Retail

1.4%

Commercial

Services

&

Supplies

1.2%

Other

17.6%

Total

100.0%

Bond

Credit

Quality

(%

of

total

long-term

fixed

income)

AAA

6.3%

AA

4.5%

A

11.7%

BBB

36.5%

BB

or

Lower

32.7%

N/R

(not

rated)

8.3%

Total

100‌

%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

Yields

as

of

August

31,

2022

33

Dividend

Yield

is

the

most

recent

dividend

per

share

(annualized)

divided

by

the

offering

price

per

share.

The

SEC

30-Day

Yield

is

a

standardized

measure

of

a

fund’s

yield

that

accounts

for

the

future

amortization

of

premiums

or

discounts

of

bonds

held

in

the

fund’s

portfolio.

The

SEC

30-Day

Yield

is

computed

under

an

SEC

standardized

formula

and

is

based

on

the

maximum

offer

price

per

share.

Subsidized

yields

reflect

fee

waivers

and/or

expense

reimbursements

from

the

investment

adviser

during

the

period.

If

any

such

waivers

and/or

reimbursements

had

not

been

in

place,

yields

would

have

been

reduced.

Unsubsidized

yields

do

not

reflect

waivers

and/or

reimbursements

from

the

investment

adviser

during

the

period.

Refer

to

the

Notes

to

Financial

Statements,

Note

7

–

Management

Fees

and

Other

Transactions

with

Affiliates

for

further

details

on

the

investment

adviser’s

most

recent

agreement

with

the

Fund

to

waive

fees

and/or

reimburse

expenses,

where

applicable.

Dividend

Yield

may

differ

from

the

SEC

30-Day

Yield

because

the

fund

may

be

paying

out

more

or

less

than

it

is

earning

and

it

may

not

include

the

effect

of

amortization

of

bond

premium.

Nuveen

Credit

Income

Fund

Share

Class

Class

A

1

Class

C

Class

I

Dividend

Yield

5.30%

4.82%

5.84%

SEC

30-Day

Yield

-

Subsidized

5.52%

5.03%

5.80%

SEC

30-Day

Yield

-

Unsubsidized

4.59%

4.06%

5.09%

Nuveen

Flexible

Income

Fund

Share

Class

Class

A

1

Class

C

Class

R6

Class

I

Dividend

Yield

4.71%

4.19%

5.23%

5.19%

SEC

30-Day

Yield

-

Subsidized

5.15%

4.63%

5.67%

5.65%

SEC

30-Day

Yield

-

Unsubsidized

4.48%

3.92%

5.02%

4.95%

Nuveen

Floating

Rate

Income

Fund

Share

Class

Class

A

1

Class

C

Class

R6

Class

I

Dividend

Yield

4.82%

4.24%

5.27%

5.23%

SEC

30-Day

Yield

5.17%

4.59%

5.66%

5.58%

Nuveen

High

Yield

Income

Fund

Share

Class

Class

A

1

Class

C

Class

R6

Class

I

Dividend

Yield

5.12%

4.64%

5.72%

5.61%

SEC

30-Day

Yield

-

Subsidized

5.93%

5.61%

6.61%

6.51%

SEC

30-Day

Yield

-

Unsubsidized

5.35%

4.87%

6.04%

5.89%

Nuveen

Preferred

Securities

and

Income

Fund

Share

Class

Class

A

1

Class

C

Class

R6

Class

I

Dividend

Yield

5.13%

4.65%

5.68%

5.65%

SEC

30-Day

Yield

5.03%

4.53%

5.62%

5.55%

34

Nuveen

Strategic

Income

Fund

Share

Class

Class

A

1

Class

C

Class

R6

Class

I

Dividend

Yield

4.15%

3.64%

4.70%

4.60%

SEC

30-Day

Yield

-

Subsidized

4.71%

4.17%

5.24%

5.17%

SEC

30-Day

Yield

-

Unsubsidized

4.53%

3.77%

4.85%

4.79%

1

The

SEC

Yield

for

Class

A

shares

quoted

in

the

table

reflects

the

maximum

sales

load.

Investors

paying

a

reduced

load

because

of

volume

discounts,

investors

paying

no

load

because

they

qualify

for

one

of

the

several

exclusions

from

the

load

and

existing

shareholders

who

previously

paid

a

load

but

would

like

to

know

the

SEC

Yield

applicable

to

their

shares

on

a

going-forward

basis,

should

understand

the

SEC

Yield

effectively

applicable

to

them

would

be

higher

than

the

figure

quoted

in

the

table.

Expense

Examples

35

As

a

shareholder

of

one

or

more

of

the

Funds,

you

incur

two

types

of

costs.

(1)

transaction

costs,

including

up-front

and

back-end

sales

charges

(loads)

or

redemption

fees,

where

applicable;

and

(2)

ongoing

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

where

applicable;

and

other

Fund

expenses.

The

Examples

below

are

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Funds

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

Since

the

expense

examples

for

Nuveen

Credit

Income

Fund

and

Nuveen

Strategic

Income

Fund

reflect

only

62

days

of

the

Funds’

new

fiscal

year

end

reporting

period,

they

may

not

provide

a

meaningful

understanding

of

the

Funds’

ongoing

expenses.

The

Example

below

are

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

period

ended

August

31,

2022.

The

beginning

of

the

period

is

March

1,

2022

for

Nuveen

Flexible

Income

Fund,

Nuveen

Floating

Rate

Income

Fund,

Nuveen

High

Yield

Fund

and

Nuveen

Preferred

Securities

and

Income

Fund

and

July

1,

2022

for

Nuveen

Credit

Income

Fund

and

Nuveen

Strategic

Income

Fund.

The

information

under

“Actual

Performance,”

together

with

the

amount

you

invested,

allows

you

to

estimate

actual

expenses

incurred

over

the

reporting

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.60)

and

multiply

the

result

by

the

cost

shown

for

your

share

class,

in

the

row

entitled

“Expenses

Incurred

During

Period”

to

estimate

the

expenses

incurred

on

your

account

during

this

period.

The

information

under

“Hypothetical

Performance,”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

each

Fund’s

actual

expense

ratios

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expense

you

incurred

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

following

tables

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs.

Therefore,

the

hypothetical

information

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds

or

share

classes.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Nuveen

Credit

Income

Fund

Share

Class

Class

A

Class

C

Class

I

Actual

Performance

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$931.69

$927.84

$931.72

Expenses

Incurred

During

the

Period

$1.69

$2.91

$1.28

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,006.74

$1,005.47

$1,007.17

Expenses

Incurred

During

the

Period

$1.76

$3.03

$1.33

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

1.03%,

1.78%

and

0.78%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

62

/365

(to

reflect

the

one-half

year

period).

Expense

Examples

(continued)

36

Nuveen

Flexible

Income

Fund

Share

Class

Class

A

Class

C

Class

R6

Class

I

Actual

Performance

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$918.76

$915.27

$919.95

$919.64

Expenses

Incurred

During

the

Period

$4.59

$8.21

$3.10

$3.44

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,020.42

$1,016.64

$1,021.98

$1,021.63

Expenses

Incurred

During

the

Period

$4.84

$8.64

$3.26

$3.62

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.95%,

1.70%,

0.64%

and

0.71%

for

Classes

A,

C,

R6

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/365

(to

reflect

the

one-half

year

period).

Nuveen

Floating

Rate

Income

Fund

Share

Class

Class

A

Class

C

Class

R6

Class

I

Actual

Performance

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$983.13

$979.37

$985.43

$984.98

Expenses

Incurred

During

the

Period

$4.65

$8.38

$3.05

$3.40

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,020.52

$1,016.74

$1,022.13

$1,021.78

Expenses

Incurred

During

the

Period

$4.74

$8.54

$3.11

$3.47

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.93%,

1.68%,

0.61%

and

0.68%

for

Classes

A,

C,

R6

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/365

(to

reflect

the

one-half

year

period).

Nuveen

High

Yield

Income

Fund

Share

Class

Class

A

Class

C

Class

R6

Class

I

Actual

Performance

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$926.09

$922.89

$928.68

$927.40

Expenses

Incurred

During

the

Period

$4.85

$8.48

$3.01

$3.64

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,020.16

$1,016.38

$1,022.08

$1,021.42

Expenses

Incurred

During

the

Period

$5.09

$8.89

$3.16

$3.82

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

1.00%,

1.75%,

0.62%

and

0.75%

for

Classes

A,

C,

R6

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/365

(to

reflect

the

one-half

year

period).

Nuveen

Preferred

Securities

and

Income

Fund

Share

Class

Class

A

Class

C

Class

R6

Class

I

Actual

Performance

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$946.52

$942.82

$947.56

$947.23

Expenses

Incurred

During

the

Period

$4.91

$8.57

$3.34

$3.68

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,020.16

$1,016.38

$1,021.78

$1,021.42

Expenses

Incurred

During

the

Period

$5.09

$8.89

$3.47

$3.82

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

1.00%,

1.75%,

0.68%

and

0.75%

for

Classes

A,

C,

R6

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/365

(to

reflect

the

one-half

year

period).

37

Nuveen

Strategic

Income

Fund

Share

Class

Class

A

Class

C

Class

R6

Class

I

Actual

Performance

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$938.51

$934.51

$940.52

$939.87

Expenses

Incurred

During

the

Period

$1.38

$2.61

$0.84

$0.97

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,007.07

$1,005.79

$1,007.63

$1,007.49

Expenses

Incurred

During

the

Period

$1.43

$2.71

$0.87

$1.01

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.84%,

1.59%,

0.51%

and

0.59%

for

Classes

A,

C,

R6

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

62

/365

(to

reflect

the

one-half

year

period).

38

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Shareholders

and

Board

of

Directors/Trustees

Nuveen

Investment

Funds,

Inc.,

Nuveen

Investment

Trust

III,

and

Nuveen

Investment

Trust

V:

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities

of

the

Funds

listed

in

Appendix

A

(the

Funds),

including

the

portfolios

of

investments,

as

of

August

31,

2022,

the

related

statements

of

operations

and

changes

in

net

assets

for

the

Funds

and

periods

listed

in

Appendix

A,

and

the

related

notes

(collectively,

the

financial

statements)

and

the

financial

highlights

for

the

Funds

and

periods

listed

in

Appendix

A.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Funds

as

of

August

31,

2022,

the

results

of

their

operations

and

the

changes

in

their

net

assets

for

the

Funds

and

periods

listed

in

Appendix

A,

and

the

financial

highlights

for

the

Funds

and

periods

listed

in

Appendix

A,

in

conformity

with

U.S.

generally

accepted

accounting

principles.

The

financial

statements

and

financial

highlights

of

Nuveen

Credit

Income

Fund

and

Nuveen

Strategic

Income

Fund

for

the

periods

ended

June

30,

2022

and

prior

were

audited

by

other

auditors,

whose

report

dated

August

26,

2022,

expressed

an

unqualified

opinion

on

those

financial

statements

and

financial

highlights.

Basis

for

Opinions

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

August

31,

2022,

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

October

30,

2022

39

Appendix

A

Nuveen

Investment

Funds,

Inc.

For

the

two

months

ended

August

31,

2022*

(statements

of

operations,

changes

in

net

assets,

and

financial

highlights)

Nuveen

Credit

Income

Fund

Nuveen

Strategic

Income

Fund

*The

statements

of

operations,

changes

in

net

assets

and

the

financial

highlights

of

Nuveen

Credit

Income

Fund

and

Nuveen

Strategic

Income

Fund

for

the

periods

ended

June

30,

2022

and

prior

were

audited

by

other

auditors

whose

report

dated

August

26,

2022

expressed

an

unqualified

opinion

on

those

financial

statements

and

those

financial

highlights.

Nuveen

Investment

Trust

III

For

the

eleven

months

ended

August

31,

2022

and

year-ended

September

30,

2021

(statements

of

operations);

for

the

eleven

months

ended

August

31,

2022

and

each

of

the

years

in

the

two-year

period

ended

September

30,

2021

(statement

of

changes

in

net

assets);

for

the

eleven

months

ended

August

31,

2022

and

each

of

the

years

in

the

five-

year

period

ended

September

30,

2021

(financial

highlights):

Nuveen

Floating

Rate

Income

Fund

Nuveen

High

Yield

Income

Fund

Nuveen

Investment

Trust

V

For

the

eleven

months

ended

August

31,

2022

and

year-ended

September

30,

2021

(statements

of

operations);

for

the

eleven

months

ended

August

31,

2022

and

each

of

the

years

in

the

two-year

period

ended

September

30,

2021

(statement

of

changes

in

net

assets);

for

the

eleven

months

ended

August

31,

2022

and

each

of

the

years

in

the

five-

year

period

ended

September

30,

2021

(financial

highlights):

Nuveen

Flexible

Income

Fund

Nuveen

Preferred

Securities

and

Income

Fund

40

Nuveen

Credit

Income

Fund

Portfolio

of

Investments

August

31,

2022

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

LONG-TERM

INVESTMENTS

-

90.0%   

X

57,581,447

CORPORATE

BONDS

-

47

.4

%

X

57,581,447

Aerospace

&

Defense

-

0.4%

$

500

TransDigm

Inc

6.375%

6/15/26

B-

$

480,000

Air

Freight

&

Logistics

-

0.3%

400

Cargo

Aircraft

Management

Inc,

144A

4.750%

2/01/28

BB

366,040

Airlines

-

1.4%

734

Air

Canada

2020-2

Class

B

Pass

Through

Trust,

144A

9.000%

10/01/25

BBB

742,560

415

Allegiant

Travel

Co,

144A

7.250%

8/15/27

BB+

412,190

250

American

Airlines

Inc/AAdvantage

Loyalty

IP

Ltd,

144A

5.750%

4/20/29

Ba2

225,685

350

United

Airlines

Inc,

144A

4.625%

4/15/29

Ba1

307,125

1,749

Total

Airlines

1,687,560

Auto

Components

-

0.3%

350

IHO

Verwaltungs

GmbH(cash

4.750%,

PIK

5.500%),

144A

4.750%

9/15/26

Ba2

301,891

Automobiles

-

2.3%

410

Ford

Motor

Co

6.100%

8/19/32

BB+

399,237

395

Ford

Motor

Credit

Co

LLC

4.950%

5/28/27

BB+

370,836

2,250

Ford

Motor

Credit

Co

LLC

3.375%

11/13/25

BB+

2,054,093

3,055

Total

Automobiles

2,824,166

Banks

-

0.3%

450

Grupo

Aval

Ltd,

144A

4.375%

2/04/30

BB+

361,125

Beverages

-

0.5%

300

Anadolu

Efes

Biracilik

Ve

Malt

Sanayii

AS,

144A

3.375%

6/29/28

BBB-

219,052

500

Primo

Water

Holdings

Inc,

144A

4.375%

4/30/29

B1

427,398

800

Total

Beverages

646,450

Building

Products

-

0.2%

270

Advanced

Drainage

Systems

Inc,

144A

6.375%

6/15/30

Ba2

261,231

Capital

Markets

-

1.2%

200

AG

TTMT

Escrow

Issuer

LLC,

144A

0.000%

9/30/27

B2

200,080

250

Compass

Group

Diversified

Holdings

LLC,

144A

5.250%

4/15/29

B+

212,812

500

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

5.250%

5/15/27

BB

454,875

250

NFP

Corp,

144A

6.875%

8/15/28

CCC+

205,430

335

NFP

Corp,

144A

7.500%

10/01/30

B1

329,992

1,535

Total

Capital

Markets

1,403,189

Chemicals

-

1.9%

350

ASP

Unifrax

Holdings

Inc,

144A

5.250%

9/30/28

BB

280,779

240

Avient

Corp,

144A

7.125%

8/01/30

BB-

236,981

250

Braskem

Idesa

SAPI,

144A

6.990%

2/20/32

BB-

193,750

250

EverArc

Escrow

Sarl,

144A

5.000%

10/30/29

B+

214,157

12

Rayonier

AM

Products

Inc,

144A

7.625%

1/15/26

B+

11,391

555

Star

Energy

Geothermal

Wayang

Windu

Ltd,

144A

6.750%

4/24/33

Ba3

542,150

500

Trinseo

Materials

Operating

SCA

/

Trinseo

Materials

Finance

Inc,

144A

5.125%

4/01/29

B

354,850

200

Tronox

Inc,

144A

4.625%

3/15/29

BB-

166,360

450

WR

Grace

Holdings

LLC,

144A

5.625%

8/15/29

B+

355,500

2,807

Total

Chemicals

2,355,918

41

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Commercial

Services

&

Supplies

-

1.5%

$

500

Allied

Universal

Holdco

LLC/Allied

Universal

Finance

Corp/

Atlas

Luxco

4

Sarl,

144A

4.625%

6/01/28

B

$

421,313

250

Covanta

Holding

Corp,

144A

4.875%

12/01/29

B

210,938

500

Garda

World

Security

Corp,

144A

4.625%

2/15/27

BB+

439,450

300

GFL

Environmental

Inc,

144A

4.750%

6/15/29

B-

260,250

250

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc,

144A

5.750%

4/15/26

BB-

240,542

250

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc,

144A

6.250%

1/15/28

B-

220,108

2,050

Total

Commercial

Services

&

Supplies

1,792,601

Consumer

Finance

-

0.7%

535

Navient

Corp

5.500%

3/15/29

Ba3

433,370

500

OneMain

Finance

Corp

5.375%

11/15/29

BB

414,105

1,035

Total

Consumer

Finance

847,475

Containers

&

Packaging

-

0.3%

400

LABL

Inc,

144A

5.875%

11/01/28

B2

348,000

Diversified

Financial

Services

-

0.0%

2

Putnam

RE

PTE

Ltd

(1-Month

U.S.

Treasury

Bill

reference

rate

+

5.500%

spread),

144A

(3),(4),(5)

8.357%

6/07/24

N/R

0

Diversified

Telecommunication

Services

-

1.9%

425

Cablevision

Lightpath

LLC,

144A

3.875%

9/15/27

B+

370,910

210

Cogent

Communications

Group

Inc,

144A

7.000%

6/15/27

B

200,695

500

Frontier

Communications

Holdings

LLC,

144A

(6)

6.000%

1/15/30

BB-

412,010

250

Frontier

Communications

Holdings

LLC,

144A

5.875%

10/15/27

BB+

233,187

455

Iliad

Holding

SASU,

144A

7.000%

10/15/28

BB-

411,698

385

Iliad

Holding

SASU,

144A

6.500%

10/15/26

BB-

351,805

350

Kenbourne

Invest

SA,

144A

4.700%

1/22/28

BB-

281,589

2,575

Total

Diversified

Telecommunication

Services

2,261,894

Electric

Utilities

-

0.6%

435

Edison

International

5.375%

9/15/70

BB+

389,325

300

Vistra

Operations

Co

LLC,

144A

5.000%

7/31/27

BB+

279,204

735

Total

Electric

Utilities

668,529

Electronic

Equipment,

Instruments

&

Components

-

0.5%

750

Imola

Merger

Corp,

144A

4.750%

5/15/29

BB+

636,723

Energy

Equipment

&

Services

-

0.2%

250

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp,

144A

6.250%

4/01/28

B+

227,500

Entertainment

-

0.0%

250

Diamond

Sports

Group

LLC

/

Diamond

Sports

Finance

Co,

144A

5.375%

8/15/26

CCC+

47,500

Food

Products

-

0.5%

350

Agrosuper

SA,

144A

4.600%

1/20/32

BBB-

296,285

320

Darling

Ingredients

Inc,

144A

6.000%

6/15/30

BB+

320,403

670

Total

Food

Products

616,688

Gas

Utilities

-

0.5%

500

Ferrellgas

LP

/

Ferrellgas

Finance

Corp,

144A

5.375%

4/01/26

B

435,000

250

Ferrellgas

LP

/

Ferrellgas

Finance

Corp,

144A

5.875%

4/01/29

B

203,750

750

Total

Gas

Utilities

638,750

Nuveen

Credit

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2022

42

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Health

Care

Equipment

&

Supplies

-

0.5%

$

250

Embecta

Corp,

144A

5.000%

2/15/30

Ba3

$

219,190

250

Medline

Borrower

LP,

144A

(6)

5.250%

10/01/29

B-

210,105

250

Mozart

Debt

Merger

Sub

Inc,

144A

3.875%

4/01/29

BB-

211,875

750

Total

Health

Care

Equipment

&

Supplies

641,170

Health

Care

Providers

&

Services

-

2.7%

300

AdaptHealth

LLC,

144A

5.125%

3/01/30

B1

256,125

1,250

Centene

Corp

2.450%

7/15/28

BBB-

1,054,237

500

CHS/Community

Health

Systems

Inc,

144A

4.750%

2/15/31

BB-

369,200

360

Encompass

Health

Corp

4.625%

4/01/31

B+

297,330

140

Encompass

Health

Corp

4.750%

2/01/30

B+

119,732

500

Global

Medical

Response

Inc,

144A

6.500%

10/01/25

B

446,250

275

Owens

&

Minor

Inc,

144A

6.625%

4/01/30

BB-

254,008

250

Tenet

Healthcare

Corp,

144A

6.125%

10/01/28

B+

229,375

250

Tenet

Healthcare

Corp,

144A

4.875%

1/01/26

BB-

237,500

3,825

Total

Health

Care

Providers

&

Services

3,263,757

Hotels,

Restaurants

&

Leisure

-

3.1%

500

Arcos

Dorados

BV,

144A

6.125%

5/27/29

Ba2

482,500

335

BC

ULC

/

New

Red

Finance

Inc,

144A

3.500%

2/15/29

BB+

287,666

500

Carnival

Corp,

144A

4.000%

8/01/28

BB-

416,870

400

CDI

Escrow

Issuer

Inc,

144A

5.750%

4/01/30

B+

370,596

250

Churchill

Downs

Inc,

144A

4.750%

1/15/28

B+

227,413

220

Constellation

Merger

Sub

Inc,

144A

8.500%

9/15/25

Caa2

198,000

200

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co

Inc,

144A

6.750%

7/15/30

CCC+

163,088

400

Fortune

Star

BVI

Ltd,

Reg

S

6.750%

7/02/23

BB

324,200

200

Hilton

Grand

Vacations

Borrower

Escrow

LLC

/

Hilton

Grand

Vacations

Borrower

Esc,

144A

5.000%

6/01/29

BB-

176,963

500

International

Game

Technology

PLC,

144A

5.250%

1/15/29

BB+

467,495

250

Life

Time

Inc,

144A

5.750%

1/15/26

B

225,150

500

Yum!

Brands

Inc

5.375%

4/01/32

BB

460,247

4,255

Total

Hotels,

Restaurants

&

Leisure

3,800,188

Independent

Power

and

Renewable

Electricity

Producers

-

0.1%

120

TerraForm

Power

Operating

LLC,

144A

4.750%

1/15/30

BB-

106,243

Independent

Power

Producers

&

Energy

Traders

-

0.7%

250

Clearway

Energy

Operating

LLC,

144A

4.750%

3/15/28

BB

234,062

500

EnfraGen

Energia

Sur

SA

/

EnfraGen

Spain

SA

/

Prime

Energia

SpA,

144A

5.375%

12/30/30

BBB-

349,243

300

Mercury

Chile

Holdco

LLC,

144A

6.500%

1/24/27

BB+

267,000

1,050

Total

Independent

Power

Producers

&

Energy

Traders

850,305

Industrial

Conglomerates

-

0.3%

450

Bidvest

Group

UK

PLC,

144A

3.625%

9/23/26

Ba2

411,975

Insurance

-

1.3%

400

Acrisure

LLC

/

Acrisure

Finance

Inc,

144A

4.250%

2/15/29

B

339,186

350

BroadStreet

Partners

Inc,

144A

5.875%

4/15/29

CCC+

288,605

500

First

Coast

Re

III

Pte

Ltd

(3-Month

U.S.

Treasury

Bill

reference

rate

+

6.180%

spread),

144A

(5)

9.037%

4/07/25

N/R

471,800

500

SD

Re

Ltd

(3-Month

U.S.

Treasury

Bill

reference

rate

+

9.250%

spread),

144A

(5)

12.107%

11/19/24

N/R

489,750

1,750

Total

Insurance

1,589,341

43

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

IT

Services

-

0.9%

$

500

Ahead

DB

Holdings

LLC,

144A

6.625%

5/01/28

CCC+

$

448,747

500

MPH

Acquisition

Holdings

LLC,

144A

5.500%

9/01/28

Ba3

426,250

250

Presidio

Holdings

Inc,

144A

8.250%

2/01/28

CCC+

225,700

1,250

Total

IT

Services

1,100,697

Machinery

-

0.2%

250

WASH

Multifamily

Acquisition

Inc,

144A

5.750%

4/15/26

B-

240,993

Media

-

3.3%

500

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp,

144A

5.000%

2/01/28

BB+

456,910

1,500

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp,

144A

6.375%

9/01/29

BB+

1,456,875

500

CSC

Holdings

LLC,

144A

3.375%

2/15/31

BB

374,480

300

CSC

Holdings

LLC,

144A

(6)

4.125%

12/01/30

BB

243,000

500

DISH

DBS

Corp

5.875%

11/15/24

B

452,500

300

iHeartCommunications

Inc,

144A

5.250%

8/15/27

BB-

269,143

425

LCPR

Senior

Secured

Financing

DAC,

144A

5.125%

7/15/29

BB+

365,500

85

News

Corp,

144A

5.125%

2/15/32

BB+

78,200

400

VZ

Secured

Financing

BV,

144A

5.000%

1/15/32

BB

329,012

4,510

Total

Media

4,025,620

Metals

&

Mining

-

1.6%

500

FMG

Resources

August

2006

Pty

Ltd,

144A

5.875%

4/15/30

BB+

461,250

345

Mineral

Resources

Ltd,

144A

8.500%

5/01/30

BB

347,525

265

Mineral

Resources

Ltd,

144A

8.000%

11/01/27

BB

264,368

500

Novelis

Corp,

144A

4.750%

1/30/30

BB

435,000

520

SunCoke

Energy

Inc,

144A

4.875%

6/30/29

BB

431,522

2,130

Total

Metals

&

Mining

1,939,665

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.4%

300

Blackstone

Mortgage

Trust

Inc,

144A

3.750%

1/15/27

Ba2

261,045

250

Starwood

Property

Trust

Inc,

144A

4.375%

1/15/27

BB+

222,500

550

Total

Mortgage

Real

Estate

Investment

Trusts

(REITs)

483,545

Oil,

Gas

&

Consumable

Fuels

-

9.4%

500

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp,

144A

5.375%

6/15/29

BB

458,455

375

Apache

Corp

5.100%

9/01/40

BBB-

318,750

260

Ascent

Resources

Utica

Holdings

LLC

/

ARU

Finance

Corp,

144A

7.000%

11/01/26

B+

252,850

500

Buckeye

Partners

LP,

144A

4.500%

3/01/28

BB

442,680

285

Callon

Petroleum

Co,

144A

7.500%

6/15/30

B+

263,625

415

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp,

144A

8.125%

1/15/27

B-

399,755

380

CNX

Midstream

Partners

LP,

144A

4.750%

4/15/30

BB

320,792

490

Crestwood

Midstream

Partners

LP

/

Crestwood

Midstream

Finance

Corp,

144A

5.625%

5/01/27

BB

456,925

350

Energean

Israel

Finance

Ltd,

Reg

S,

144A

5.375%

3/30/28

BB-

313,263

425

EnLink

Midstream

LLC,

144A

5.625%

1/15/28

BB+

408,276

390

EnLink

Midstream

LLC,

144A

6.500%

9/01/30

BB+

388,050

70

EQM

Midstream

Partners

LP,

144A

7.500%

6/01/27

BB

69,219

250

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp

8.000%

1/15/27

B

236,875

250

Hess

Midstream

Operations

LP,

144A

5.500%

10/15/30

BB+

227,629

200

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co,

144A

5.750%

2/01/29

BB+

182,057

175

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co,

144A

6.000%

2/01/31

BB+

158,222

325

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co,

144A

6.250%

4/15/32

BB+

291,311

240

Holly

Energy

Partners

LP

/

Holly

Energy

Finance

Corp,

144A

6.375%

4/15/27

BB+

233,559

175

Kinetik

Holdings

LP,

144A

5.875%

6/15/30

BB+

166,479

350

Laredo

Petroleum

Inc

9.500%

1/15/25

B

351,269

250

Medco

Laurel

Tree

Pte

Ltd,

144A

(6)

6.950%

11/12/28

B+

211,576

Nuveen

Credit

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2022

44

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

$

300

MEG

Energy

Corp,

144A

5.875%

2/01/29

BB-

$

279,000

250

Murphy

Oil

Corp

(6)

5.875%

12/01/27

BB+

243,095

500

New

Fortress

Energy

Inc,

144A

6.500%

9/30/26

BB-

473,675

350

NGL

Energy

Operating

LLC

/

NGL

Energy

Finance

Corp,

144A

7.500%

2/01/26

B+

320,250

250

Occidental

Petroleum

Corp

6.625%

9/01/30

BB+

267,075

400

Occidental

Petroleum

Corp

6.450%

9/15/36

BB+

427,476

1,000

Occidental

Petroleum

Corp

5.875%

9/01/25

BB+

1,025,020

370

Parkland

Corp/Canada,

144A

4.625%

5/01/30

BB

317,605

300

Peru

LNG

Srl,

144A

5.375%

3/22/30

B+

253,500

400

Petroleos

Mexicanos

6.700%

2/16/32

BBB

312,352

350

Saka

Energi

Indonesia

PT,

144A

4.450%

5/05/24

B+

320,650

300

SM

Energy

Co

5.625%

6/01/25

BB-

291,750

350

Sunoco

LP

/

Sunoco

Finance

Corp

4.500%

5/15/29

BB+

297,356

500

USA

Compression

Partners

LP

/

USA

Compression

Finance

Corp

6.875%

9/01/27

BB-

462,220

12,275

Total

Oil,

Gas

&

Consumable

Fuels

11,442,641

Personal

Products

-

0.7%

500

Coty

Inc/HFC

Prestige

Products

Inc/HFC

Prestige

International

US

LLC,

144A

4.750%

1/15/29

BB-

442,420

500

Kronos

Acquisition

Holdings

Inc

/

KIK

Custom

Products

Inc,

144A

(6)

7.000%

12/31/27

CCC

412,500

1,000

Total

Personal

Products

854,920

Pharmaceuticals

-

0.8%

400

Bausch

Health

Cos

Inc,

144A

4.875%

6/01/28

BB-

276,504

500

Horizon

Therapeutics

USA

Inc,

144A

5.500%

8/01/27

Ba2

478,975

250

ORGANON

&

CO/ORG,

144A

4.125%

4/30/28

BB

224,293

1,150

Total

Pharmaceuticals

979,772

Real

Estate

Management

&

Development

-

0.6%

250

Country

Garden

Holdings

Co

Ltd,

Reg

S

3.125%

10/22/25

Ba1

119,964

300

Kennedy-Wilson

Inc

5.000%

3/01/31

BB

246,705

400

Realogy

Group

LLC

/

Realogy

Co-Issuer

Corp,

144A

5.250%

4/15/30

B+

300,784

950

Total

Real

Estate

Management

&

Development

667,453

Road

&

Rail

-

0.7%

420

First

Student

Bidco

Inc

/

First

Transit

Parent

Inc,

144A

4.000%

7/31/29

BB+

362,527

500

United

Rentals

North

America

Inc

5.500%

5/15/27

BB+

495,153

920

Total

Road

&

Rail

857,680

Software

-

0.3%

400

Rocket

Software

Inc,

144A

6.500%

2/15/29

CCC

308,000

Specialty

Retail

-

1.3%

250

Asbury

Automotive

Group

Inc,

144A

4.625%

11/15/29

BB

214,375

240

Builders

FirstSource

Inc,

144A

6.375%

6/15/32

Ba2

222,600

250

LCM

Investments

Holdings

II

LLC,

144A

4.875%

5/01/29

BB-

208,701

250

Michaels

Cos

Inc,

144A

(6)

7.875%

5/01/29

CCC+

166,250

225

Michaels

Cos

Inc,

144A

5.250%

5/01/28

B1

172,508

500

Staples

Inc,

144A

7.500%

4/15/26

B

422,530

300

Staples

Inc,

144A

(6)

10.750%

4/15/27

CCC+

220,500

2,015

Total

Specialty

Retail

1,627,464

45

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Textiles

-

0.2%

$

250

Crocs

Inc,

144A

4.250%

3/15/29

B

$

204,101

Thrifts

&

Mortgage

Finance

-

0.3%

500

Rocket

Mortgage

LLC

/

Quicken

Loans

Co-Issuer

Inc,

144A

3.625%

3/01/29

BB+

402,500

Trading

Companies

&

Distributors

-

0.8%

445

Albion

Financing

1

SARL

/

Aggreko

Holdings

Inc,

144A

6.125%

10/15/26

BB+

396,313

250

Albion

Financing

2SARL,

144A

8.750%

4/15/27

BB-

225,683

300

WESCO

Distribution

Inc,

144A

7.250%

6/15/28

BB

302,478

995

Total

Trading

Companies

&

Distributors

924,474

Wireless

Telecommunication

Services

-

1.7%

500

America

Movil

SAB

de

CV,

144A

5.375%

4/04/32

A-

456,905

250

CT

Trust,

144A

5.125%

2/03/32

Ba1

215,755

1,000

Sprint

Corp

7.875%

9/15/23

Baa3

1,030,300

465

Vmed

O2

UK

Financing

I

PLC,

144A

4.750%

7/15/31

BB+

382,753

2,215

Total

Wireless

Telecommunication

Services

2,085,713

$

64,943

Total

Corporate

Bonds

(cost

$63,539,372)

57,581,447

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

25841836

ASSET-BACKED

AND

MORTGAGE-BACKED

SECURITIES

-

21.3%

X

25,841,836

450

Adams

Outdoor

Advertising

LP

,

144A

7.356%

11/15/48

BB

$

408,920

750

Affirm

Asset

Securitization

Trust

2021-B

,

144A

2.540%

8/17/26

N/R

681,747

1,000

Ashford

Hospitality

Trust

2018-KEYS

(1-Month

LIBOR

reference

rate

+

2.750%

spread),

144A

(5)

2.860%

6/15/35

Baa3

965,605

3

Carvana

Auto

Receivables

Trust

2021-P2

,

144A

0.000%

5/10/28

N/R

1,092,500

500

CIFC

Funding

2020-I

Ltd

(3-Month

LIBOR

reference

rate

+

6.250%

spread),

144A

(5)

8.762%

7/15/36

Ba3

456,941

1,000

COMM

2014-CCRE19

Mortgage

Trust

,

144A

4.854%

8/10/47

BBB-

921,924

1,000

COMM

2014-UBS3

Mortgage

Trust

,

144A

4.926%

6/10/47

N/R

926,280

900

COMM

2015-CCRE22

Mortgage

Trust

,

144A

3.000%

3/10/48

BB-

726,257

485

COMM

2015-CCRE25

Mortgage

Trust

3.928%

8/10/48

BB

399,218

1,000

Connecticut

Avenue

Securities

Trust

2021-R01

(SOFR30A

reference

rate

+

6.000%

spread),

144A

(5)

8.183%

10/25/41

N/R

931,084

850

Connecticut

Avenue

Securities

Trust

2022-R01

(SOFR30A

reference

rate

+

6.000%

spread),

144A

(5)

8.183%

12/25/41

N/R

757,891

225

Connecticut

Avenue

Securities

Trust

2022-R03

(SOFR30A

reference

rate

+

6.250%

spread),

144A

(5)

6.349%

3/25/42

BB-

231,485

450

Connecticut

Avenue

Securities

Trust

2022-R04

(SOFR30A

reference

rate

+

5.250%

spread),

144A

(5)

7.433%

3/25/42

BB-

447,749

1,000

Connecticut

Avenue

Securities

Trust

2022-R05

(SOFR30A

reference

rate

+

4.500%

spread),

144A

(5)

6.014%

4/25/42

Ba2

983,737

500

Elmwood

CLO

16

Ltd

(TSFR3M

reference

rate

+

7.220%

spread),

144A

(5)

8.716%

4/20/34

BB-

471,715

250

EWC

Master

Issuer

LLC

,

144A

5.500%

3/15/52

N/R

232,596

450

FARM

21-1

Mortgage

Trust

,

144A

3.237%

7/25/51

N/R

314,213

1,000

Freddie

Mac

STACR

REMIC

Trust

2021-DNA6

(SOFR30A

reference

rate

+

7.500%

spread),

144A

(5)

9.683%

10/25/41

N/R

944,956

1,000

Freddie

Mac

STACR

REMIC

Trust

2022-DNA1

(SOFR30A

reference

rate

+

3.400%

spread),

144A

(5)

5.583%

1/25/42

B+

909,653

1,000

Freddie

Mac

STACR

REMIC

Trust

2022-DNA1

(SOFR30A

reference

rate

+

7.100%

spread),

144A

(5)

9.283%

1/25/42

N/R

888,308

1,000

Freddie

Mac

STACR

REMIC

Trust

2022-DNA2

(SOFR30A

reference

rate

+

3.750%

spread),

144A

(5)

5.933%

2/25/42

BB

960,220

500

Goldentree

Loan

Opportunities

IX

Ltd

(3-Month

LIBOR

reference

rate

+

5.660%

spread),

144A

(5)

8.466%

10/29/29

BB-

455,012

500

GoldentTree

Loan

Management

US

CLO

1

Ltd

(3-Month

LIBOR

reference

rate

+

7.500%

spread),

144A

(5)

8.563%

10/20/34

B-

450,931

750

Hertz

Vehicle

Financing

LLC

,

144A

6.560%

9/25/26

Ba2

700,805

Nuveen

Credit

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2022

46

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

25841836

ASSET-BACKED

AND

MORTGAGE-BACKED

SECURITIES

(continued)

$

800

JPMBB

Commercial

Mortgage

Securities

Trust

2014-C22

4.702%

9/15/47

BBB

$

727,581

833

MAPS

2021-1

Trust

,

144A

5.437%

6/15/46

Ba1

550,003

1,360

Mosaic

Solar

Loan

Trust

2019-2

,

144A

0.000%

9/20/40

N/R

856,620

1,604

Mosaic

Solar

Loan

Trust

2020-1

,

144A

0.000%

4/20/46

N/R

1,491,679

1,000

Oportun

Funding

XIV

LLC

,

144A

5.400%

3/08/28

N/R

922,447

675

Oportun

Issuance

Trust

2021-C

,

144A

5.570%

10/08/31

N/R

601,405

250

Purchasing

Power

Funding

2021-A

LLC

,

144A

4.370%

10/15/25

N/R

243,414

1,000

Regional

Management

Issuance

Trust

2021-1

,

144A

5.070%

3/17/31

BB-

841,984

1,000

Sixth

Street

CLO

XIX

Ltd

(3-Month

LIBOR

reference

rate

+

5.900%

spread),

144A

(5)

6.035%

7/20/34

BB-

911,545

750

Thayer

Park

CLO

Ltd

(3-Month

LIBOR

reference

rate

+

8.870%

spread),

144A

(5)

1.000%

4/20/34

B-

661,731

1,000

VNDO

Trust

2016-350P

,

144A

4.033%

1/10/35

B

837,710

1,000

VR

Funding

LLC

,

144A

6.420%

11/15/50

N/R

935,970

$

27,835

Total

Asset-Backed

and

Mortgage-Backed

Securities

(cost

$27,628,406)

25,841,836

Principal

Amount

(000)

Description

(1)

Coupon

(7)

Reference

Rate

(7)

Spread

(7)

Maturity

(8)

Ratings

(2)

Value

X

11,317,454

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

-

9

.3

%

(7)

X

11,317,454

Beverages

-

0.4%

$

496

City

Brewing

Company,

LLC,

Term

Loan

5.873%

1-Month

LIBOR

3.500%

4/05/28

B

$

434,219

Chemicals

-

0.7%

500

Herens

US

Holdco

Corp,

Term

Loan,

(WI/DD)

TBD

TBD

TBD

TBD

B

463,543

398

Lonza

Group

AG,

Term

Loan

B,

First

Lien

6.250%

3-Month

LIBOR

4.000%

7/03/28

N/R

368,982

898

Total

Chemicals

832,525

Commercial

Services

&

Supplies

-

0.6%

217

Gopher

Resource,

LLC,

Term

Loan,

First

Lien

5.774%

1-Month

LIBOR

3.250%

1/28/25

B

181,516

500

Prime

Security

Services

Borrower,

LLC,

Term

Loan,

(WI/

DD)

TBD

TBD

TBD

TBD

BB-

489,688

717

Total

Commercial

Services

&

Supplies

671,204

Communications

Equipment

-

0.8%

150

EOS

US

Finco

LLC,

Term

Loan,

(WI/DD)

TBD

TBD

TBD

TBD

B2

144,000

835

Maxar

Technologies

Ltd.,

Term

Loan

B

6.805%

TSFR1M

4.350%

6/14/29

B

804,209

985

Total

Communications

Equipment

948,209

Construction

&

Engineering

-

0.4%

496

Aegion

Corporation,

Term

Loan

7.127%

1-Month

LIBOR

4.750%

5/17/28

B

463,993

Diversified

Consumer

Services

-

0.1%

197

TMK

Hawk

Parent

Corp.,

Term

Loan

B

6.570%

1-Month

LIBOR

3.500%

8/30/24

CC

120,128

197

Total

Diversified

Consumer

Services

120,128

47

Principal

Amount

(000)

Description

(1)

Coupon

(7)

Reference

Rate

(7)

Spread

(7)

Maturity

(8)

Ratings

(2)

Value

Entertainment

-

0.0%

$

36

Diamond

Sports

Group,

LLC,

Term

Loan

10.387%

1-Month

LIBOR

8.000%

5/19/26

B

$

34,345

Health

Care

Equipment

&

Supplies

-

0.4%

500

Bausch

&

Lomb,

Inc.,

Term

Loan,

(WI/DD)

TBD

TBD

TBD

TBD

BB+

471,500

Health

Care

Providers

&

Services

-

0.7%

48

Da

Vinci

Purchaser

Corp.,

Term

Loan

6.524%

1-Month

LIBOR

4.000%

11/26/26

B

47,074

296

Gainwell

Acquisition

Corp.,

Term

Loan

B

6.250%

3-Month

LIBOR

4.000%

10/01/27

BB-

289,592

2

Onex

TSG

Intermediate

Corp.,

Term

Loan

B

7.274%

1-Month

LIBOR

4.750%

2/26/28

B

2,208

500

Parexel

International

Corporation,

Term

Loan,

First

Lien,

(WI/DD)

TBD

TBD

TBD

TBD

B1

488,195

846

Total

Health

Care

Providers

&

Services

827,069

Hotels,

Restaurants

&

Leisure

-

0.7%

186

Caesars

Resort

Collection,

LLC,

Term

Loan

B,

First

Lien,

(WI/DD)

TBD

TBD

TBD

TBD

B+

184,142

488

ClubCorp

Holdings,

Inc.,

Term

Loan

B

5.000%

3-Month

LIBOR

2.750%

9/18/24

B2

469,661

241

Life

Time

Fitness

Inc

,

Term

Loan

B

7.820%

3-Month

LIBOR

4.750%

12/15/24

B

238,019

915

Total

Hotels,

Restaurants

&

Leisure

891,822

Insurance

-

0.5%

750

Asurion

LLC,

Term

Loan

B3,

Second

Lien

7.774%

1-Month

LIBOR

5.250%

2/03/28

B

648,124

Machinery

-

0.4%

500

Filtration

Group

Corporation,

Term

Loan

6.024%

1-Month

LIBOR

3.500%

10/21/28

B

488,375

Media

-

0.5%

653

DirecTV

Financing,

LLC,

Term

Loan

7.524%

1-Month

LIBOR

5.000%

8/02/27

BBB-

626,314

Oil,

Gas

&

Consumable

Fuels

-

0.5%

498

Gulf

Finance,

LLC,

Term

Loan

9.130%

1-Month

LIBOR

6.750%

8/25/26

B

409,816

165

M6

ETX

Holdings

II

Midco

LLC,

Term

Loan,

(WI/DD)

TBD

TBD

TBD

TBD

B+

162,835

663

Total

Oil,

Gas

&

Consumable

Fuels

572,651

Paper

&

Forest

Products

-

0.3%

392

Sylvamo

Corporation,

Term

Loan

B

7.024%

1-Month

LIBOR

4.500%

9/13/28

BB+

382,216

Pharmaceuticals

-

0.4%

494

Jazz

Financing

Lux

S.a.r.l.,

Term

Loan

6.024%

1-Month

LIBOR

3.500%

5/05/28

BB+

485,246

494

Total

Pharmaceuticals

485,246

Nuveen

Credit

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2022

48

Principal

Amount

(000)

Description

(1)

Coupon

(7)

Reference

Rate

(7)

Spread

(7)

Maturity

(8)

Ratings

(2)

Value

Software

-

1.3%

$

347

Apttus

Corporation,

Term

Loan

7.117%

3-Month

LIBOR

4.250%

5/06/28

BB

$

340,436

496

Ceridian

HCM

Holding

Inc.,

Term

Loan

B,

(WI/DD)

TBD

TBD

TBD

TBD

B+

485,470

497

Greeneden

U.S.

Holdings

II,

LLC,

Term

Loan

B4

6.524%

1-Month

LIBOR

4.000%

12/01/27

B2

489,613

311

McAfee,

LLC,

Term

Loan

B

6.157%

SOFR30A

3.750%

2/03/29

BB+

296,121

1,651

Total

Software

1,611,640

Specialty

Retail

-

0.3%

421

PetSmart,

Inc.,

Term

Loan

B

6.270%

1-Month

LIBOR

3.750%

2/12/28

BB-

412,160

Transportation

Infrastructure

-

0.3%

400

Brown

Group

Holding,

LLC,

Term

Loan

B2

6.205%

TSFR1M

3.750%

7/02/29

B+

395,714

$

12,010

Total

Variable

Rate

Senior

Loan

Interests

(cost

$11,667,035)

11,317,454

Shares

Description

(1)

Value

X

4,786,689

EXCHANGE-TRADED

FUNDS

-

3

.9

%

X

4,786,689

64,225

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

(6)

$

4,786,689

Total

Exchange-Traded

Funds

(cost

$5,009,871)

4,786,689

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

4,346,069

SOVEREIGN

DEBT

-

3

.6

%

X

4,346,069

Angola

-

0.3%

$

400

Angolan

Government

International

Bond

,

144A

8.750%

4/14/32

B-

$

327,168

Colombia

-

0.3%

415

Colombia

Government

International

Bond

3.125%

4/15/31

Baa2

312,916

Dominican

Republic

-

0.2%

300

Dominican

Republic

International

Bond

,

144A

4.875%

9/23/32

BB-

242,069

Ecuador

-

0.1%

400

Ecuador

Government

International

Bond

2.500%

7/31/35

N/R

153,924

Guatemala

-

0.4%

500

Guatemala

Government

Bond

,

144A

5.250%

8/10/29

Ba1

487,819

Jordan

-

0.3%

300

Jordan

Government

International

Bond

,

144A(6)

7.750%

1/15/28

BB-

296,910

Mongolia

-

0.3%

500

Mongolia

Government

International

Bond

,

144A

3.500%

7/07/27

B

414,822

Morocco

-

0.2%

350

Morocco

Government

International

Bond

,

144A

3.000%

12/15/32

BB+

261,625

Oman

-

0.4%

500

Oman

Government

International

Bond

,

144A

6.000%

8/01/29

BB

498,690

Paraguay

-

0.2%

300

Paraguay

Government

International

Bond

,

144A

3.849%

6/28/33

Ba1

256,399

Romania

-

0.2%

300

Romanian

Government

International

Bond

,

144A

5.250%

11/25/27

BBB-

291,223

South

Africa

-

0.4%

500

Republic

of

South

Africa

Government

International

Bond

4.850%

9/30/29

Ba2

442,500

49

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Uzbekistan

-

0.3%

$

400

Republic

of

Uzbekistan

International

Bond

,

144A

5.375%

2/20/29

BB-

$

360,004

Total

Sovereign

Debt

(cost

$4,771,588)

4,346,069

Principal

Amount

(000)

Description

(1)

,(9)

Coupon

Maturity

Ratings

(2)

Value

X

2,511,757

CONTINGENT

CAPITAL

SECURITIES

-

2

.1

%

X

2,511,757

Banks

-

1.9%

$

400

Banco

Bilbao

Vizcaya

Argentaria

SA

(6)

6.500%

N/A

(10)

Ba2

$

374,568

400

Banco

Santander

SA

4.750%

N/A

(10)

Ba1

318,800

400

Barclays

PLC

8.000%

N/A

(10)

BBB-

387,000

300

ING

Groep

NV

6.500%

N/A

(10)

BBB

286,590

485

NatWest

Group

PLC

6.000%

N/A

(10)

BBB-

455,800

400

Societe

Generale

SA,

144A

8.000%

N/A

(10)

BB

403,924

2,385

Total

Banks

2,226,682

Capital

Markets

-

0.2%

350

Deutsche

Bank

AG

(6)

6.000%

N/A

(10)

BB-

285,075

$

2,735

Total

Contingent

Capital

Securities

(cost

$2,655,927)

2,511,757

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

X

2,200,364

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

1

.8

%

X

2,200,364

Automobiles

-

0.3%

$

360

General

Motors

Financial

Co

Inc

5.700%

N/A

(10)

BB+

$

334,094

Independent

Power

Producers

&

Energy

Traders

-

0.3%

375

Vistra

Corp,

144A

7.000%

N/A

(10)

Ba3

345,945

Insurance

-

0.5%

200

Assurant

Inc

7.000%

3/27/48

Baa3

201,148

420

Enstar

Finance

LLC

5.750%

9/01/40

BBB-

390,407

620

Total

Insurance

591,555

Media

-

0.3%

465

Paramount

Global

6.375%

3/30/62

Baa3

427,745

Oil,

Gas

&

Consumable

Fuels

-

0.2%

285

Energy

Transfer

LP

6.500%

N/A

(10)

BB

263,130

Trading

Companies

&

Distributors

-

0.2%

250

AerCap

Global

Aviation

Trust,

144A

6.500%

6/15/45

BB+

237,895

$

2,355

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$2,280,487)

2,200,364

Shares

Description

(1)

Coupon

Ratings

(2)

Value

X

777,465

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

0

.6

%

X

777,465

Banks

-

0.2%

8,589

Wintrust

Financial

Corp

6.875%

BB

$

222,026

Oil,

Gas

&

Consumable

Fuels

-

0.2%

11,879

NuStar

Energy

LP

8.769%

B2

275,236

Trading

Companies

&

Distributors

-

0.2%

10,072

WESCO

International

Inc

10.625%

B

280,203

Total

$25

Par

(or

similar)

Retail

Preferred

(cost

$765,590)

777,465

Nuveen

Credit

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2022

50

Investments

in

Derivatives

Shares

Description

(1)

Value

X

89

COMMON

STOCKS

-

0

.0

%

X

89

Energy

Equipment

&

Services

-

0.0%

6

Golden

Close

Maritime

Corp

Ltd

(4),(11)

$

–

Road

&

Rail

-

0.0%

8,907

Jack

Cooper

Enterprises

Inc

(4),(11)

89

Total

Common

Stocks

(cost

$51)

89

Total

Long-Term

Investments

(cost

$118,318,327)

109,363,170

Shares

Description

(1)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

 6.1  %

7,467,287

MONEY

MARKET

FUNDS

-

6

.1

%

X

7,467,287

7,467,287

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

(12)

2.300%(13)

$

7,467,287

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$7,467,287)

7,467,287

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

  10.9% 

13,204,016

REPURCHASE

AGREEMENTS

-

10

.9

%

13,204,016

$

13,204

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

8/31/22,

repurchase

price

$13,204,181,

collateralized

by

$13,588,800,

U.S.

Treasury

Notes,

2.750%,

due

2/15/24,

value

$13,468,100

0.450%

9/01/22

$

13,204,016

Total

Short-Term

Investments

(cost

$13,204,016)

13,204,016

Total

Investments

(cost

$

138,989,630

)

-

107

.0

%

130,034,473

Other

Assets

Less

Liabilities

-   (7.0)%(14)

(

8,494,270

)

Net

Assets

-

100%

$

121,540,203

Credit

Default

Swaps

-

OTC

Cleared

Referenced

Entity

Buy/Sell

Protection

(15)

Current

Credit

Spread

(16)

Notional

Amount

Fixed

Rate

(Annualized)

Fixed

Rate

Payment

Frequency

Maturity

Date

Value

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

CDX.NA.HY.38

Sell

1

.26

%

$

4,950,000

5

.000

%

Quarterly

6/20/27

$

(31,362

)

$

47,718

$

(79,080

)

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.

(2)

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.

(3)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(4)

Investment

valued

at

fair

value

using

methods

determined

in

good

faith

by,

or

at

the

discretion

of,

the

Board.

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(5)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(6)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$7,207,591.

(7)

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.

(8)

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.

51

(9)

Contingent

Capital

Securities

(“CoCos”)

are

hybrid

securities

with

loss

absorption

characteristics

built

into

the

terms

of

the

security

for

the

benefit

of

the

issuer.

For

example,

the

terms

may

specify

an

automatic

write-down

of

principal

or

a

mandatory

conversion

into

the

issuer’s

common

stock

under

certain

adverse

circumstances,

such

as

the

issuer’s

capital

ratio

falling

below

a

specified

level.

(10)

Perpetual

security.

Maturity

date

is

not

applicable.

(11)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(12)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

market

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

market

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(13)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

(14)

Other

assets

less

liabilities

includes

the

unrealized

appreciation

(depreciation)

of

certain

over-the-counter

(“OTC”)

derivatives

as

presented

on

the

Statement

of

Assets

and

Liabilities,

when

applicable.

The

unrealized

appreciation

(depreciation)

of

OTC

cleared

and

exchange-traded

derivatives

is

recognized

as

part

of

the

cash

collateral

at

brokers

and/or

the

receivable

or

payable

for

variation

margin

as

presented

on

the

Statement

of

Assets

and

Liabilities,

when

applicable.

(15)

The

Fund

entered

into

the

credit

default

swaps

to

gain

investment

exposure

to

the

referenced

entity.

Selling

protection

has

a

similar

credit

risk

position

to

owning

the

referenced

entity.

Buying

protection

has

a

similar

credit

risk

position

to

selling

the

referenced

entity

short.

(16)

The

credit

spread

generally

serves

as

an

indication

of

the

current

status

of

the

payment/performance

risk

and

therefore

the

likelihood

of

default

of

the

credit

derivative.

The

credit

spread

also

reflects

the

cost

of

buying/selling

protection

and

may

include

upfront

payments

required

to

be

made

to

enter

into

a

credit

default

swap

contract.

Higher

credit

spreads

are

indicative

of

higher

likelihood

of

performance

by

the

seller

of

protection.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

ETF

Exchange-Traded

Fund

LIBOR

London

Inter-Bank

Offered

Rate

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.

Reg

S

Regulation

S

allows

U.S.

companies

to

sell

securities

to

persons

or

entities

located

outside

of

the

United

States

without

registering

those

securities

with

the

Securities

and

Exchange

Commission.

Specifically,

Regulation

S

provides

a

safe

harbor

from

the

registration

requirements

of

the

Securities

Act

for

the

offers

and

sales

of

securities

by

both

foreign

and

domestic

issuers

that

are

made

outside

the

United

States.

SOFR

30A

30

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

WI/DD

Purchased

on

a

when-issued

or

delayed

delivery

basis.

See

accompanying

notes

to

financial

statements

52

Nuveen

Flexible

Income

Fund

Portfolio

of

Investments

August

31,

2022

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

LONG-TERM

INVESTMENTS

-

97.1%   

X

679,582,733

CORPORATE

BONDS

-

45.5%

X

679,582,733

Auto

Components

-

0.1%

$

2,000

Dana

Financing

Luxembourg

Sarl,

144A

5.750%

4/15/25

BB+

$

1,968,151

Automobiles

-

2.0%

10,250

Ford

Motor

Co

5.291%

12/08/46

BB+

8,225,625

20,780

General

Motors

Co

6.600%

4/01/36

BBB

20,968,073

31,030

Total

Automobiles

29,193,698

Beverages

-

0.9%

4,400

Anheuser-Busch

Cos

LLC

/

Anheuser-Busch

InBev

Worldwide

Inc

4.900%

2/01/46

BBB+

4,177,175

10,560

Anheuser-Busch

InBev

Finance

Inc

4.900%

2/01/46

BBB+

10,025,221

14,960

Total

Beverages

14,202,396

Capital

Markets

-

0.5%

3,685

Morgan

Stanley

5.875%

3/15/71

BBB-

3,670,199

3,990

Raymond

James

Financial

Inc

4.950%

7/15/46

A3

3,890,953

7,675

Total

Capital

Markets

7,561,152

Chemicals

-

1.8%

9,625

Ashland

LLC

6.875%

5/15/43

BB+

9,865,625

19,699

Trinseo

Materials

Operating

SCA

/

Trinseo

Materials

Finance

Inc,

144A

5.375%

9/01/25

B

16,978,174

29,324

Total

Chemicals

26,843,799

Communications

Equipment

-

1.0%

16,700

Viasat

Inc,

144A

5.625%

4/15/27

BB+

15,364,000

Consumer

Finance

-

1.0%

6,789

Ally

Financial

Inc

5.750%

11/20/25

Baa3

6,861,911

6,850

Ally

Financial

Inc

8.000%

11/01/31

BBB-

7,622,607

13,639

Total

Consumer

Finance

14,484,518

Containers

&

Packaging

-

1.1%

15,875

Sealed

Air

Corp,

144A

6.875%

7/15/33

BB+

16,203,136

Diversified

Telecommunication

Services

-

1.1%

12,707

GCI

LLC,

144A

4.750%

10/15/28

B

11,451,803

5,567

Lumen

Technologies

Inc

7.650%

3/15/42

BB

4,334,800

18,274

Total

Diversified

Telecommunication

Services

15,786,603

Electric

Utilities

-

0.9%

3,400

Edison

International

5.750%

6/15/27

BBB-

3,445,009

11,175

Vistra

Operations

Co

LLC,

144A

5.000%

7/31/27

BB+

10,400,349

14,575

Total

Electric

Utilities

13,845,358

Entertainment

-

0.8%

6,425

Liberty

Interactive

LLC

(3)

8.500%

7/15/29

BB

4,899,062

9,050

Magallanes

Inc,

144A

5.141%

3/15/52

BBB-

7,243,591

15,475

Total

Entertainment

12,142,653

53

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Equity

Real

Estate

Investment

Trusts

-

0.9%

$

1,921

GLP

Capital

LP

/

GLP

Financing

II

Inc

5.250%

6/01/25

BBB-

$

1,897,468

8,350

Iron

Mountain

Inc,

144A

4.875%

9/15/29

BB-

7,241,329

4,500

Office

Properties

Income

Trust

4.500%

2/01/25

BBB-

4,209,723

14,771

Total

Equity

Real

Estate

Investment

Trusts

13,348,520

Food

&

Staples

Retailing

-

2.2%

14,739

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC,

144A

7.500%

3/15/26

BB

15,015,356

6,400

CVS

Health

Corp

4.300%

3/25/28

BBB

6,326,920

3,943

Performance

Food

Group

Inc,

144A

5.500%

10/15/27

BB-

3,716,655

8,860

SEG

Holding

LLC

/

SEG

Finance

Corp,

144A

5.625%

10/15/28

BB-

8,009,969

33,942

Total

Food

&

Staples

Retailing

33,068,900

Health

Care

Providers

&

Services

-

2.9%

11,725

Centene

Corp

4.625%

12/15/29

BBB-

11,045,419

9,075

CVS

Health

Corp

4.780%

3/25/38

BBB

8,626,302

2,425

Encompass

Health

Corp

4.750%

2/01/30

B+

2,073,925

7,300

HCA

Inc

5.125%

6/15/39

BBB-

6,577,201

12,385

Tenet

Healthcare

Corp,

144A

4.250%

6/01/29

BB-

10,680,143

4,400

Tenet

Healthcare

Corp,

144A

6.125%

10/01/28

B+

4,037,000

47,310

Total

Health

Care

Providers

&

Services

43,039,990

Hotels,

Restaurants

&

Leisure

-

1.6%

5,750

International

Game

Technology

PLC,

144A

5.250%

1/15/29

BB+

5,376,192

4,018

Marriott

International

Inc/MD

4.625%

6/15/30

BBB

3,837,478

15,075

McDonald's

Corp

4.875%

12/09/45

BBB+

14,761,142

24,843

Total

Hotels,

Restaurants

&

Leisure

23,974,812

Interactive

Media

&

Services

-

1.4%

20,765

TripAdvisor

Inc,

144A

7.000%

7/15/25

BB-

20,393,099

IT

Services

-

0.5%

8,440

Bread

Financial

Holdings

Inc,

144A

4.750%

12/15/24

N/R

7,477,708

Life

Sciences

Tools

&

Services

-

0.5%

8,550

Avantor

Funding

Inc,

144A

4.625%

7/15/28

BB

7,779,474

Machinery

-

2.1%

9,565

ATS

Automation

Tooling

Systems

Inc,

144A

4.125%

12/15/28

B+

8,400,915

11,950

Roller

Bearing

Co

of

America

Inc,

144A

4.375%

10/15/29

B+

10,725,125

12,930

Stevens

Holding

Co

Inc,

144A

6.125%

10/01/26

BB-

12,833,025

34,445

Total

Machinery

31,959,065

Media

-

5.6%

14,575

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp,

144A

5.125%

5/01/27

BB+

13,834,517

14,500

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

6.484%

10/23/45

BBB-

13,840,775

8,360

DISH

DBS

Corp

7.750%

7/01/26

B

6,591,191

5,800

DISH

DBS

Corp

5.125%

6/01/29

B

3,436,500

16,824

Nexstar

Media

Inc,

144A

5.625%

7/15/27

B+

16,019,392

2,725

Nexstar

Media

Inc,

144A

4.750%

11/01/28

B+

2,466,125

26,204

Paramount

Global

6.875%

4/30/36

BBB

26,939,406

88,988

Total

Media

83,127,906

Metals

&

Mining

-

1.0%

6,600

ArcelorMittal

SA

7.000%

10/15/39

BBB-

6,658,016

8,600

Southern

Copper

Corp

(3)

5.875%

4/23/45

BBB+

8,966,776

15,200

Total

Metals

&

Mining

15,624,792

Nuveen

Flexible

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2022

54

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.6%

$

8,700

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC,

144A

(3)

6.000%

4/15/25

Baa3

$

8,429,829

Multiline

Retail

-

0.7%

15,319

Nordstrom

Inc

(3)

5.000%

1/15/44

BBB-

10,329,602

Oil,

Gas

&

Consumable

Fuels

-

2.1%

8,325

Cheniere

Corpus

Christi

Holdings

LLC

5.125%

6/30/27

BBB-

8,308,594

14,640

Enviva

Partners

LP

/

Enviva

Partners

Finance

Corp,

144A

6.500%

1/15/26

BB-

14,220,564

9,939

Phillips

66

4.650%

11/15/34

A3

9,606,088

32,904

Total

Oil,

Gas

&

Consumable

Fuels

32,135,246

Pharmaceuticals

-

0.3%

4,375

Horizon

Therapeutics

USA

Inc,

144A

5.500%

8/01/27

Ba2

4,191,031

Real

Estate

Management

&

Development

-

0.3%

4,306

Greystar

Real

Estate

Partners

LLC,

144A

5.750%

12/01/25

BB-

4,244,984

Road

&

Rail

-

0.5%

8,279

XPO

CNW

Inc

6.700%

5/01/34

B+

7,996,948

Semiconductors

&

Semiconductor

Equipment

-

1.8%

15,308

Amkor

Technology

Inc,

144A

6.625%

9/15/27

BB

14,952,854

8,525

Broadcom

Inc

4.750%

4/15/29

BBB-

8,375,859

5,320

Broadcom

Inc,

144A

3.187%

11/15/36

BBB-

3,953,751

29,153

Total

Semiconductors

&

Semiconductor

Equipment

27,282,464

Software

-

1.3%

4,267

Oracle

Corp

4.300%

7/08/34

BBB+

3,717,793

7,800

SS&C

Technologies

Inc,

144A

5.500%

9/30/27

B+

7,390,890

8,475

VMware

Inc

4.700%

5/15/30

BBB

8,029,928

20,542

Total

Software

19,138,611

Specialty

Retail

-

1.9%

16,159

Bath

&

Body

Works

Inc

(3)

6.875%

11/01/35

BB

14,106,189

10,280

Gap

Inc,

144A

(3)

3.875%

10/01/31

BB

7,129,334

10,505

Gap

Inc,

144A

3.625%

10/01/29

BB

7,316,628

36,944

Total

Specialty

Retail

28,552,151

Technology

Hardware,

Storage

&

Peripherals

-

3.6%

33,344

Hewlett

Packard

Enterprise

Co

6.350%

10/15/45

BBB+

33,599,457

7,219

NCR

Corp,

144A

5.250%

10/01/30

BB-

6,666,542

9,529

Seagate

HDD

Cayman

4.875%

6/01/27

BB+

8,989,087

4,720

Seagate

HDD

Cayman

4.091%

6/01/29

BB+

4,035,600

54,812

Total

Technology

Hardware,

Storage

&

Peripherals

53,290,686

Tobacco

-

0.7%

11,250

Altria

Group

Inc

5.800%

2/14/39

A3

10,404,835

Trading

Companies

&

Distributors

-

1.6%

8,600

Ashtead

Capital

Inc,

144A

4.000%

5/01/28

BBB

7,859,247

2,775

Ashtead

Capital

Inc,

144A

5.500%

8/11/32

BBB

2,722,757

13,400

United

Rentals

North

America

Inc

5.250%

1/15/30

BB+

12,676,400

24,775

Total

Trading

Companies

&

Distributors

23,258,404

Wireless

Telecommunication

Services

-

0.2%

3,004

T-Mobile

USA

Inc

4.750%

2/01/28

BBB-

2,938,212

$

731,144

Total

Corporate

Bonds

(cost

$764,652,356)

679,582,733

55

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

X

378,343,586

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

25.3%

X

378,343,586

Auto

Components

-

1.8%

$

9,635

Dana

Inc

4.250%

9/01/30

BB+

$

7,776,825

21,555

Goodyear

Tire

&

Rubber

Co

(3)

5.250%

7/15/31

BB-

18,576,961

31,190

Total

Auto

Components

26,353,786

Automobiles

-

0.6%

6,763

General

Motors

Financial

Co

Inc

(3)

6.500%

N/A

(4)

BB+

6,214,247

3,613

General

Motors

Financial

Co

Inc

5.700%

N/A

(4)

BB+

3,353,006

10,376

Total

Automobiles

9,567,253

Banks

-

7.6%

8,965

Bank

of

America

Corp

6.300%

N/A

(4)

BBB+

9,133,094

3,375

Bank

of

America

Corp

6.250%

N/A

(4)

BBB+

3,335,605

14,726

Bank

of

America

Corp

6.500%

N/A

(4)

BBB+

14,818,037

25,871

Citigroup

Inc

6.250%

N/A

(4)

BBB-

25,675,674

7,725

First

Citizens

BancShares

Inc/NC

(3-Month

LIBOR

reference

rate

+

3.972%

spread)

(5)

5.801%

N/A

(4)

BB-

7,329,429

4,550

JPMorgan

Chase

&

Co

(3-Month

LIBOR

reference

rate

+

3.470%

spread)

(5)

6.276%

N/A

(4)

BBB+

4,521,563

3,000

JPMorgan

Chase

&

Co

6.100%

N/A

(4)

BBB+

2,953,350

21,550

JPMorgan

Chase

&

Co

6.750%

N/A

(4)

BBB+

21,680,934

9,775

PNC

Financial

Services

Group

Inc

6.200%

N/A

(4)

Baa2

9,627,398

9,100

Wells

Fargo

&

Co

5.875%

N/A

(4)

Baa2

9,054,242

4,883

Zions

Bancorp

NA

7.200%

N/A

(4)

BB+

4,931,830

113,520

Total

Banks

113,061,156

Capital

Markets

-

1.0%

9,600

Ares

Finance

Co

III

LLC,

144A

4.125%

6/30/51

BBB

7,939,322

7,075

Goldman

Sachs

Group

Inc

5.300%

N/A

(4)

BBB-

6,826,670

350

Goldman

Sachs

Group

Inc

4.950%

N/A

(4)

BBB-

329,096

17,025

Total

Capital

Markets

15,095,088

Consumer

Finance

-

2.3%

7,725

Ally

Financial

Inc

4.700%

N/A

(4)

Ba2

6,001,026

21,177

Ally

Financial

Inc

4.700%

N/A

(4)

Ba2

17,469,806

8,075

American

Express

Co

3.550%

N/A

(4)

Baa2

6,934,406

4,035

Capital

One

Financial

Corp

3.950%

N/A

(4)

Baa3

3,426,768

41,012

Total

Consumer

Finance

33,832,006

Electric

Utilities

-

3.3%

13,450

Edison

International

5.000%

N/A

(4)

BB+

11,537,737

22,945

Emera

Inc

6.750%

6/15/76

BB+

23,172,844

15,390

NextEra

Energy

Capital

Holdings

Inc

5.650%

5/01/79

BBB

14,064,737

51,785

Total

Electric

Utilities

48,775,318

Food

Products

-

0.5%

3,300

Land

O'

Lakes

Inc,

144A

7.250%

N/A

(4)

BB

3,159,750

2,042

Land

O'

Lakes

Inc,

144A

8.000%

N/A

(4)

BB

2,047,105

3,200

Land

O'

Lakes

Inc,

144A

7.000%

N/A

(4)

BB

3,056,000

8,542

Total

Food

Products

8,262,855

Independent

Power

Producers

&

Energy

Traders

-

1.8%

20,475

Vistra

Corp,

144A

8.000%

N/A

(4)

Ba3

19,604,812

7,250

Vistra

Corp,

144A

7.000%

N/A

(4)

Ba3

6,688,270

27,725

Total

Independent

Power

Producers

&

Energy

Traders

26,293,082

Nuveen

Flexible

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2022

56

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Insurance

-

1.4%

$

4,950

Enstar

Finance

LLC

5.750%

9/01/40

BBB-

$

4,601,218

5,825

Enstar

Finance

LLC

5.500%

1/15/42

BBB-

4,962,900

10,255

Liberty

Mutual

Group

Inc,

144A

7.800%

3/15/37

Baa3

11,831,980

21,030

Total

Insurance

21,396,098

Media

-

1.0%

1,400

DISH

DBS

Corp

7.375%

7/01/28

B

917,000

7,125

Paramount

Global

6.375%

3/30/62

Baa3

6,554,162

9,255

Sirius

XM

Radio

Inc,

144A

4.000%

7/15/28

BB

8,063,650

17,780

Total

Media

15,534,812

Multi-Utilities

-

1.4%

5,200

Algonquin

Power

&

Utilities

Corp

4.750%

1/18/82

BB+

4,502,056

9,400

Dominion

Energy

Inc

4.350%

N/A

(4)

BBB-

8,514,437

8,721

Sempra

Energy

4.875%

N/A

(4)

BBB-

8,424,204

23,321

Total

Multi-Utilities

21,440,697

Oil,

Gas

&

Consumable

Fuels

-

1.2%

12,781

Transcanada

Trust

5.875%

8/15/76

BBB

12,541,357

5,075

Transcanada

Trust

5.600%

3/07/82

BBB

4,702,061

17,856

Total

Oil,

Gas

&

Consumable

Fuels

17,243,418

Technology

Hardware,

Storage

&

Peripherals

-

1.4%

7,720

Dell

International

LLC

/

EMC

Corp

6.020%

6/15/26

BBB

8,018,385

14,425

NCR

Corp,

144A

5.125%

4/15/29

B

13,469,632

22,145

Total

Technology

Hardware,

Storage

&

Peripherals

21,488,017

$

403,307

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$414,666,642)

378,343,586

Shares

Description

(1)

Value

X

219,614,123

COMMON

STOCKS

-

14.7%

X

219,614,123

Aerospace

&

Defense

-

1.0%

33,600

General

Dynamics

Corp

$

7,692,048

83,000

Raytheon

Technologies

Corp

7,449,250

Total

Aerospace

&

Defense

15,141,298

Banks

-

0.4%

130,700

Wells

Fargo

&

Co

5,712,897

Building

Products

-

0.2%

90,300

Carrier

Global

Corp

3,532,536

Capital

Markets

-

0.7%

191,184

Ares

Capital

Corp

3,754,854

142,500

KKR

&

Co

Inc

7,204,800

Total

Capital

Markets

10,959,654

Chemicals

-

0.5%

126,800

DuPont

de

Nemours

Inc

7,055,152

Communications

Equipment

-

0.7%

214,500

Cisco

Systems

Inc

9,592,440

Electrical

Equipment

-

0.5%

218,800

nVent

Electric

PLC

7,211,648

57

Shares

Description

(1)

Value

Equity

Real

Estate

Investment

Trusts

-

0.5%

22,400

Public

Storage

$

7,410,592

Food

&

Staples

Retailing

-

0.8%

87,500

Walmart

Inc

11,598,125

Health

Care

Equipment

&

Supplies

-

0.5%

82,300

Medtronic

PLC

7,235,816

Health

Care

Providers

&

Services

-

1.2%

26,900

Cigna

Corp

7,624,805

15,600

Humana

Inc

7,515,768

60,100

Tenet

Healthcare

Corp

(6)

3,395,650

Total

Health

Care

Providers

&

Services

18,536,223

Hotels,

Restaurants

&

Leisure

-

0.5%

29,500

McDonald's

Corp

7,442,260

Independent

Power

and

Renewable

Electricity

Producers

-

0.5%

92,567

NextEra

Energy

Partners

LP

7,598,825

IT

Services

-

0.5%

57,800

Global

Payments

Inc

7,180,494

Metals

&

Mining

-

0.4%

94,300

BHP

Group

Ltd,

Sponsored

ADR

5,176,127

Multi-Utilities

-

1.5%

93,530

Dominion

Energy

Inc

7,650,754

116,100

Public

Service

Enterprise

Group

Inc

7,472,196

47,191

Sempra

Energy

7,785,099

Total

Multi-Utilities

22,908,049

Oil,

Gas

&

Consumable

Fuels

-

2.3%

121,300

ConocoPhillips

13,276,285

219,400

Shell

PLC,

ADR

11,623,812

82,300

Valero

Energy

Corp

9,638,976

Total

Oil,

Gas

&

Consumable

Fuels

34,539,073

Pharmaceuticals

-

0.5%

58,500

AstraZeneca

PLC,

Sponsored

ADR

3,649,230

51,400

Bristol-Myers

Squibb

Co

3,464,874

Total

Pharmaceuticals

7,114,104

Road

&

Rail

-

0.2%

71,000

Knight-Swift

Transportation

Holdings

Inc

3,586,210

Semiconductors

&

Semiconductor

Equipment

-

0.7%

116,000

Applied

Materials

Inc

10,912,120

Technology

Hardware,

Storage

&

Peripherals

-

0.6%

674,300

Hewlett

Packard

Enterprise

Co

9,170,480

Total

Common

Stocks

(cost

$211,571,422)

219,614,123

Nuveen

Flexible

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2022

58

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

X

80,689,920

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

5.4%

X

80,689,920

Banks

-

1.2%

77,954

Citigroup

Inc

7.125%

BBB-

$

2,002,638

298,400

KeyCorp

6.200%

Baa3

7,454,032

362,500

Western

Alliance

Bancorp

4.250%

Ba1

7,931,500

Total

Banks

17,388,170

Capital

Markets

-

0.3%

197,807

Morgan

Stanley

7.125%

BBB-

5,057,925

Consumer

Finance

-

0.6%

274,200

Capital

One

Financial

Corp

(3)

5.000%

Baa3

5,538,840

194,900

Synchrony

Financial

5.625%

BB-

3,888,255

Total

Consumer

Finance

9,427,095

Equity

Real

Estate

Investment

Trusts

-

0.2%

99,796

National

Storage

Affiliates

Trust

6.000%

N/R

2,471,947

Food

Products

-

1.1%

384,432

CHS

Inc

6.750%

N/R

9,891,435

195,213

CHS

Inc

7.100%

N/R

5,050,160

63,115

CHS

Inc

7.875%

N/R

1,753,335

Total

Food

Products

16,694,930

Insurance

-

1.3%

60,674

Argo

Group

US

Inc

6.500%

BBB-

1,370,019

220,806

Athene

Holding

Ltd

6.375%

BBB

5,665,882

284,806

Athene

Holding

Ltd

6.350%

BBB

6,963,507

244,032

Enstar

Group

Ltd

7.000%

BBB-

5,883,611

Total

Insurance

19,883,019

Multi-Utilities

-

0.7%

402,590

Algonquin

Power

&

Utilities

Corp

6.200%

BB+

9,766,834

Total

$25

Par

(or

similar)

Retail

Preferred

(cost

$86,571,028)

80,689,920

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

55,561,458

CONVERTIBLE

PREFERRED

SECURITIES

-

3.7%

X

55,561,458

Banks

-

1.3%

2,870

Bank

of

America

Corp

7.250%

BBB+

$

3,522,638

12,630

Wells

Fargo

&

Co

7.500%

Baa2

15,661,200

Total

Banks

19,183,838

Electric

Utilities

-

1.0%

282,640

NextEra

Energy

Inc

6.219%

BBB

14,801,857

Machinery

-

0.2%

62,584

Stanley

Black

&

Decker

Inc

5.250%

BBB+

3,528,486

Semiconductors

&

Semiconductor

Equipment

-

1.2%

11,575

Broadcom

Inc

8.000%

N/R

18,047,277

Total

Convertible

Preferred

Securities

(cost

$53,822,627)

55,561,458

59

Shares

Description

(1)

Coupon

Issue

Price

Cap

Price

Maturity

Value

X

23,911,482

STRUCTURED

NOTES

-

1.6%

X

23,911,482

371,300

Goldman

Sachs,

Mandatory

Exchangeable

Note,

Linked

to

Common

Stock

of

Antero

Resources

Corp.

(Cap

129.50%

of

the

Issue

Price)

16.000%

$28.4848

$36.8878

9/27/22

$

13,282,008

121,400

JPMorgan

Chase

Bank,

Mandatory

Exchangeable

Note,

Linked

to

Common

Stock

of

General

Motors

Company

(Cap

113.90%

of

the

Issue

Price)

12.000%

$95.0260

$67.6817

6/15/22

10,629,474

Total

Structured

Notes

(cost

$22,210,452)

23,911,482

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

14,361,812

CONVERTIBLE

BONDS

-

0.9%

X

14,361,812

Media

-

0.6%

$

20,825

Liberty

Interactive

LLC

4.000%

11/15/29

BB

$

10,100,125

Wireless

Telecommunication

Services

-

0.3%

8,925

Liberty

Interactive

LLC

3.750%

2/15/30

BB

4,261,687

$

29,750

Total

Convertible

Bonds

(cost

$22,711,675)

14,361,812

Total

Long-Term

Investments

(cost

$1,576,206,202)

1,452,065,114

Shares

Description

(1)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

 2.0  %

X

29,611,664

MONEY

MARKET

FUNDS

-

2.0%

X

29,611,664

29,611,664

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

(7)

2.300%(8)

$

29,611,664

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$29,611,664)

29,611,664

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

  2.0% 

29,313,890

REPURCHASE

AGREEMENTS

-

2.0%

29,313,890

$

29,314

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

8/31/22,

repurchase

price

$29,314,257,

collateralized

by

$33,289,400,

U.S.

Treasury

Notes,

1.375%,

due

10/31/28,

value

$29,900,199

0.450%

9/01/22

$

29,313,890

Total

Short-Term

Investments

(cost

$29,313,890)

29,313,890

Total

Investments

(cost

$1,635,131,756

)

-

101.1%

1,510,990,668

Other

Assets

Less

Liabilities

-   (1.1)%

(16,290,164)

Net

Assets

-

100%

$

1,494,700,504

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.

(2)

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.

(3)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$28,354,371.

(4)

Perpetual

security.

Maturity

date

is

not

applicable.

(5)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(6)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

Nuveen

Flexible

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2022

60

(7)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

market

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

market

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(8)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

ADR

American

Depositary

Receipt

LIBOR

London

Inter-Bank

Offered

Rate

N/A

Not

Applicable.

See

accompanying

notes

to

financial

statements

61

Nuveen

Floating

Rate

Income

Fund

Portfolio

of

Investments

August

31,

2022

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

LONG-TERM

INVESTMENTS

-

100.8%   

X

1,974,264,741

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

-

85.0%

(2)

X

1,974,264,741

Aerospace

&

Defense

-

0.3%

$

1,506

Sequa

Mezzanine

Holdings

L.L.C.,

Term

Loan

9.760%

3-Month

LIBOR

6.750%

7/31/23

B-

$

1,497,871

2,146

TransDigm,

Inc.,

Term

Loan

E

4.774%

1-Month

LIBOR

2.250%

5/30/25

Ba3

2,100,875

3,942

TransDigm,

Inc.,

Term

Loan

F

4.774%

1-Month

LIBOR

2.250%

12/09/25

Ba3

3,849,113

7,594

Total

Aerospace

&

Defense

7,447,859

Airlines

-

2.4%

4,278

AAdvantage

Loyalty

IP

Ltd.,

Term

Loan

7.460%

3-Month

LIBOR

4.750%

4/20/28

Ba2

4,222,427

10,910

Air

Canada,

Term

Loan

B

6.421%

3-Month

LIBOR

3.500%

8/11/28

Ba2

10,579,809

7,663

American

Airlines,

Inc.,

Term

Loan

4.391%

1-Month

LIBOR

2.000%

12/14/23

Ba3

7,595,870

1,979

American

Airlines,

Inc.,

Term

Loan

B

4.243%

1-Month

LIBOR

1.750%

6/27/25

Ba3

1,841,102

15,567

Kestrel

Bidco

Inc.,

Term

Loan

B

5.030%

3-Month

LIBOR

3.000%

12/11/26

BB-

14,364,688

6,155

Mileage

Plus

Holdings

LLC,

Term

Loan

B,

(DD1)

7.313%

3-Month

LIBOR

5.250%

6/20/27

Baa3

6,270,406

2,525

SkyMiles

IP

Ltd.,

Term

Loan

B

6.460%

3-Month

LIBOR

3.750%

10/20/27

Baa1

2,564,668

8,189

United

Airlines,

Inc.,

Term

Loan

B

6.533%

1-Month

LIBOR

3.750%

4/21/28

Ba1

7,994,103

57,266

Total

Airlines

55,433,073

Auto

Components

-

1.0%

8,193

Adient

US

LLC,

Term

Loan

B

5.774%

1-Month

LIBOR

3.250%

4/08/28

BB+

8,047,077

11,863

Clarios

Global

LP,

Term

Loan

B

5.774%

1-Month

LIBOR

3.250%

4/30/26

B1

11,599,052

3,431

DexKo

Global

Inc.,

Term

Loan

B

6.000%

3-Month

LIBOR

3.750%

10/04/28

B1

3,290,713

23,487

Total

Auto

Components

22,936,842

Beverages

-

1.1%

1,058

City

Brewing

Company,

LLC,

Term

Loan

5.873%

1-Month

LIBOR

3.500%

4/05/28

B

925,754

8,700

Naked

Juice

LLC,

Term

Loan

5.404%

SOFR90A

3.250%

1/20/29

Ba3

8,370,618

1,705

Naked

Juice

LLC,

Term

Loan,

Second

Lien

8.154%

3-Month

LIBOR

6.000%

1/20/30

B3

1,583,112

7,750

Pegasus

Bidco

BV,

Term

Loan

6.962%

TSFR3M

4.250%

7/12/29

B+

7,556,250

8,120

Triton

Water

Holdings,

Inc,

Term

Loan,

(DD1)

5.750%

3-Month

LIBOR

3.500%

3/31/28

B1

7,640,357

27,333

Total

Beverages

26,076,091

Biotechnology

-

0.3%

6,800

Grifols

Worldwide

Operations

USA,

Inc.,

Term

Loan

B

4.524%

1-Month

LIBOR

2.000%

11/15/27

BB+

6,594,606

Building

Products

-

0.7%

8,935

Chamberlain

Group

Inc,

Term

Loan

B

6.024%

1-Month

LIBOR

3.500%

10/22/28

B+

8,533,020

1,067

Cornerstone

Building

Brands,

Inc.,

Term

Loan

B

5.641%

1-Month

LIBOR

3.250%

4/12/28

B

960,917

778

Griffon

Corporation,

Term

Loan

B

5.490%

SOFR90A

2.500%

1/19/29

BB

758,672

658

Quikrete

Holdings,

Inc.,

Term

Loan,

First

Lien

5.149%

1-Month

LIBOR

2.625%

1/31/27

Ba2

635,859

Nuveen

Floating

Rate

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2022

62

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

Building

Products

(continued)

$

2,430

Standard

Industries

Inc.,

Term

Loan

B

3.788%

6-Month

LIBOR

2.500%

9/22/28

BBB-

$

2,411,229

1,823

Zurn

Holdings,

Inc.,

Term

Loan

B

4.774%

1-Month

LIBOR

2.250%

10/04/28

Ba3

1,823,075

15,691

Total

Building

Products

15,122,772

Capital

Markets

-

0.2%

5,682

Astra

Acquisition

Corp.,

Term

Loan,

First

Lien

7.774%

1-Month

LIBOR

5.250%

10/22/28

BB-

4,848,375

Chemicals

-

1.1%

1,648

ASP

Unifrax

Holdings

Inc,

Term

Loan

B

6.000%

3-Month

LIBOR

3.750%

12/12/25

BB

1,530,581

4,200

Avient

Corp,

Term

Loan,

(WI/

DD)

TBD

TBD

TBD

TBD

BB+

4,193,868

3,604

Diamond

(BC)

B.V.,

Term

Loan

B

5.556%

3-Month

LIBOR

2.750%

9/29/28

Ba3

3,482,998

5,900

Discovery

Purchaser

Corp,

Term

Loan,

(WI/DD)

TBD

TBD

TBD

TBD

B-

5,558,301

827

INEOS

Styrolution

US

Holding

LLC,

Term

Loan

B

5.274%

1-Month

LIBOR

2.750%

1/29/26

BB+

809,184

1,247

Kraton

Corporation,

Term

Loan

5.109%

TSFR3M

3.250%

3/15/29

BB

1,233,047

3,978

PMHC

II,

Inc.,

Term

Loan

B

6.977%

SOFR90A

4.250%

2/03/29

B-

3,577,945

1,270

Trinseo

Materials

Operating

SCA,

(WI/DD)

TBD

TBD

TBD

TBD

Ba2

1,237,456

4,731

W.R.

Grace

&

Co.-Conn.,

Term

Loan

B

6.063%

3-Month

LIBOR

3.750%

9/22/28

BB+

4,655,336

27,405

Total

Chemicals

26,278,716

Commercial

Services

&

Supplies

-

2.7%

4,400

Amentum

Government

Services

Holdings

LLC,

Term

Loan

5.597%

SOFR90A

4.000%

2/07/29

B1

4,298,272

1,592

Anticimex

International

AB,

Term

Loan

7.070%

3-Month

LIBOR

4.000%

11/16/28

N/R

1,554,859

2,189

Anticimex

International

AB,

Term

Loan

B1

6.570%

3-Month

LIBOR

3.500%

11/16/28

B

2,129,722

1,500

AVSC

Holding

Corp.,

Term

Loan

B3

10.000%

3-Month

LIBOR

10.000%

12/04/26

CCC

1,559,250

2,700

Covanta

Holding

Corporation,

Term

Loan

B

5.024%

1-Month

LIBOR

2.500%

11/30/28

Ba1

2,653,187

203

Covanta

Holding

Corporation,

Term

Loan

C

5.024%

1-Month

LIBOR

2.500%

11/30/28

Ba1

199,239

4,929

Garda

World

Security

Corporation,

Term

Loan

B

7.240%

3-Month

LIBOR

4.250%

10/30/26

BB+

4,808,108

20,923

GFL

Environmental

Inc.,

Term

Loan,

(DD1)

5.806%

3-Month

LIBOR

3.000%

5/30/25

N/R

20,852,696

2,481

Herman

Miller,

Inc,

Term

Loan

B

4.524%

1-Month

LIBOR

2.000%

7/19/28

BBB-

2,416,737

7,467

Intrado

Corporation,

Term

Loan

6.524%

1-Month

LIBOR

4.000%

10/10/24

B2

6,141,956

13,443

Prime

Security

Services

Borrower,

LLC,

Term

Loan

5.107%

1-Month

LIBOR

2.750%

9/23/26

BB-

13,165,759

1,219

West

Corporation,

Term

Loan

B1

6.024%

1-Month

LIBOR

3.500%

10/10/24

B2

1,002,136

1,074

WIN

Waste

Innovations

Holdings,

Inc.,

Term

Loan

B

5.000%

3-Month

LIBOR

2.750%

3/25/28

B+

1,055,014

64,120

Total

Commercial

Services

&

Supplies

61,836,935

63

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

Communications

Equipment

-

1.4%

$

2,335

Avaya,

Inc.,

Term

Loan

B,

(DD1)

6.641%

1-Month

LIBOR

4.250%

12/15/27

Caa2

$

1,344,820

2,649

CommScope,

Inc.,

Term

Loan

B

5.774%

1-Month

LIBOR

3.250%

4/04/26

B1

2,547,351

3,464

Delta

TopCo,

Inc.,

Term

Loan

B

5.836%

3-Month

LIBOR

3.750%

12/01/27

B2

3,293,003

650

Delta

TopCo,

Inc.,

Term

Loan,

Second

Lien

9.336%

3-Month

LIBOR

7.250%

12/01/28

CCC

588,793

2,075

EOS

US

Finco

LLC,

Term

Loan,

(WI/DD)

TBD

TBD

TBD

TBD

B2

1,992,000

14,915

Maxar

Technologies

Ltd.,

Term

Loan

B,

(DD1)

6.805%

TSFR1M

4.350%

6/14/29

B

14,365,010

8,383

MLN

US

HoldCo

LLC,

Term

Loan,

First

Lien,

(DD1)

6.873%

1-Month

LIBOR

4.500%

11/30/25

B3

5,025,491

3,256

Riverbed

Technology,

Inc.,

Exit

Term

Loan,

(DD1)

2.000%

3-Month

LIBOR

2.000%

12/07/26

Caa1

1,551,001

1,625

ViaSat,

Inc.,

Term

Loan

7.070%

SOFR30A

4.500%

3/04/29

BB+

1,513,785

39,352

Total

Communications

Equipment

32,221,254

Construction

&

Engineering

-

0.1%

1,047

Aegion

Corporation,

Term

Loan

7.127%

1-Month

LIBOR

4.750%

5/17/28

B

979,026

2,451

Centuri

Group,

Inc,

Term

Loan

B

5.543%

1-Month

LIBOR

2.500%

8/27/28

Ba2

2,397,568

3,498

Total

Construction

&

Engineering

3,376,594

Consumer

Finance

-

0.1%

1,563

Fleetcor

Technologies

Operating

Company,

LLC,

Term

Loan

B4

4.274%

1-Month

LIBOR

1.750%

4/30/28

BB+

1,531,297

Containers

&

Packaging

-

1.1%

6,529

Berry

Global,

Inc.,

Term

Loan

Z

4.178%

3-Month

LIBOR

1.750%

7/01/26

BBB-

6,399,915

3,430

Clydesdale

Acquisition

Holdings

Inc,

Term

Loan

B

6.730%

SOFR30A

4.175%

3/30/29

B

3,319,811

5,463

Klockner-Pentaplast

of

America,

Inc.,

Term

Loan

B,

(DD1)

8.316%

6-Month

LIBOR

4.750%

2/09/26

B

5,067,058

2,804

Reynolds

Group

Holdings

Inc.

,

Term

Loan

B

6.024%

1-Month

LIBOR

3.500%

9/24/28

B+

2,735,217

3,998

Reynolds

Group

Holdings

Inc.

,

Term

Loan

B2

5.774%

3-Month

LIBOR

3.250%

2/05/26

B+

3,910,024

3,577

TricorBraun

Holdings,

Inc.,

Term

Loan

5.774%

1-Month

LIBOR

3.250%

3/03/28

B2

3,475,065

25,801

Total

Containers

&

Packaging

24,907,090

Diversified

Consumer

Services

-

0.2%

3,972

Spin

Holdco

Inc.,

Term

Loan

5.611%

3-Month

LIBOR

4.000%

3/04/28

B-

3,743,974

Diversified

Financial

Services

-

0.3%

1,196

Avaya,

Inc.,

Term

Loan

B2

6.391%

1-Month

LIBOR

4.000%

12/15/27

Caa2

688,226

904

Avolon

TLB

Borrower

1

(US)

LLC,

Term

Loan

B3

4.118%

1-Month

LIBOR

1.750%

1/15/25

Baa2

892,163

668

Avolon

TLB

Borrower

1

(US)

LLC,

Term

Loan

B4

3.868%

1-Month

LIBOR

1.500%

2/12/27

Baa2

655,064

2,071

Ditech

Holding

Corporation,

Term

Loan(5)

0.000%

N/A

0.000%

12/19/22

N/R

243,289

4,763

Trans

Union,

LLC,

Term

Loan

B6

4.774%

1-Month

LIBOR

2.250%

12/01/28

BBB-

4,682,879

9,602

Total

Diversified

Financial

Services

7,161,621

Nuveen

Floating

Rate

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2022

64

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

Diversified

Telecommunication

Services

-

2.7%

$

1,700

Altice

France

S.A.,

Term

Loan

B12

6.200%

3-Month

LIBOR

3.688%

1/31/26

B

$

1,650,901

9,671

Altice

France

S.A.,

Term

Loan

B13

6.905%

3-Month

LIBOR

4.000%

8/14/26

B

9,406,217

1,498

Cablevision

Lightpath

LLC,

Term

Loan

B

5.641%

1-Month

LIBOR

3.250%

12/01/27

B+

1,478,954

515

CenturyLink,

Inc.,

Term

Loan

B

4.774%

1-Month

LIBOR

2.250%

3/15/27

BBB-

486,285

8,735

Cincinnati

Bell,

Inc.,

Term

Loan

B2

5.705%

SOFR30A

3.250%

11/23/28

B+

8,578,936

609

Connect

Finco

Sarl,

Term

Loan

B

6.030%

1-Month

LIBOR

3.500%

12/12/26

B+

592,773

13,909

Cyxtera

DC

Holdings,

Inc.,

Term

Loan

B,

(DD1)

5.790%

3-Month

LIBOR

3.000%

5/01/24

B

13,495,686

9,326

Dawn

Acquisition

LLC,

Term

Loan

6.000%

3-Month

LIBOR

3.750%

12/31/25

B-

7,409,651

2,724

Eagle

Broadband

Investments

LLC,

Term

Loan

5.313%

3-Month

LIBOR

3.000%

11/12/27

B+

2,669,260

16,631

Frontier

Communications

Corp.,

Term

Loan

B

6.063%

3-Month

LIBOR

3.750%

10/08/27

BB+

16,181,409

65,318

Total

Diversified

Telecommunication

Services

61,950,072

Electric

Utilities

-

0.7%

853

ExGen

Renewables

IV,

LLC,

Term

Loan

5.570%

3-Month

LIBOR

2.500%

12/15/27

BB-

844,376

4,726

Pacific

Gas

&

Electric

Company,

Term

Loan

5.563%

1-Month

LIBOR

3.000%

6/23/25

BB

4,652,070

9,834

Talen

Energy

Supply,

LLC,

Term

Loan

B,

(DD1)(5)

6.274%

TSFR3M

3.750%

7/08/26

N/R

9,920,048

15,413

Total

Electric

Utilities

15,416,494

Electrical

Equipment

-

0.0%

1,027

Vertiv

Group

Corporation,

Term

Loan

B

5.112%

1-Month

LIBOR

2.750%

3/02/27

BB-

992,822

Electronic

Equipment,

Instruments

&

Components

-

0.9%

5,000

II-VI

Incorporated,

Term

Loan

B

5.123%

1-Month

LIBOR

2.750%

7/01/29

BBB-

4,904,150

16,154

Ingram

Micro

Inc.,

Term

Loan

B

5.750%

3-Month

LIBOR

3.500%

7/02/28

BB+

15,588,986

21,154

Total

Electronic

Equipment,

Instruments

&

Components

20,493,136

Energy

Equipment

&

Services

-

0.0%

112

Petroleum

Geo-Services

ASA,

Term

Loan

10.024%

1-Month

LIBOR

7.500%

3/19/24

N/R

105,170

Entertainment

-

0.9%

13,622

AMC

Entertainment

Holdings,

Inc.

,

Term

Loan

B

5.380%

3-Month

LIBOR

3.000%

4/22/26

B-

11,763,991

5,123

Crown

Finance

US,

Inc.,

Term

Loan

4.000%

3-Month

LIBOR

2.500%

2/28/25

CCC

3,318,988

2,325

Crown

Finance

US,

Inc.,

Term

Loan

4.250%

3-Month

LIBOR

2.750%

9/20/26

CCC

1,483,499

169

Crown

Finance

US,

Inc.,

Term

Loan

B1

10.076%

6-Month

LIBOR

8.250%

5/23/24

B-

180,564

411

Diamond

Sports

Group,

LLC,

Term

Loan

10.387%

1-Month

LIBOR

8.000%

5/19/26

B

388,958

872

Diamond

Sports

Group,

LLC,

Term

Loan,

Second

Lien

5.637%

SOFR30A

3.250%

8/24/26

CCC+

164,727

1,210

Lions

Gate

Capital

Holdings

LLC,

Term

Loan

B

4.774%

1-Month

LIBOR

2.250%

3/24/25

Ba2

1,189,462

1,032

Playtika

Holding

Corp,

Term

Loan

5.274%

1-Month

LIBOR

2.750%

3/11/28

BB+

1,011,949

65

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

Entertainment

(continued)

$

2,574

Univision

Communications

Inc.,

Term

Loan

C5

5.274%

1-Month

LIBOR

2.750%

3/15/24

B+

$

2,570,112

27,338

Total

Entertainment

22,072,250

Food

&

Staples

Retailing

-

1.2%

10,676

US

Foods,

Inc.,

4.493%

1-Month

LIBOR

2.000%

9/13/26

BB

10,441,619

18,527

US

Foods,

Inc.,

Term

Loan

B

5.820%

3-Month

LIBOR

2.750%

11/22/28

BB

18,326,742

29,203

Total

Food

&

Staples

Retailing

28,768,361

Food

Products

-

0.4%

4,903

CHG

PPC

Parent

LLC,

Term

Loan

5.563%

1-Month

LIBOR

3.000%

12/08/28

B1

4,792,401

119

H

Food

Holdings

LLC,

Term

Loan

B3

7.524%

1-Month

LIBOR

5.000%

5/31/25

B2

115,443

5,400

Sycamore

Buyer

LLC,

Term

Loan

B

4.756%

3-Month

LIBOR

2.250%

7/22/29

BB+

5,292,000

10,422

Total

Food

Products

10,199,844

Health

Care

Equipment

&

Supplies

-

3.0%

22,295

Bausch

&

Lomb,

Inc.,

Term

Loan,

(DD1)

5.653%

SOFR30A

3.250%

5/05/27

BB+

21,024,185

1,398

Carestream

Health,

Inc.,

Term

Loan(5)

9.500%

3-Month

LIBOR

7.250%

5/08/23

D

1,338,982

1,277

Embecta

Corp,

Term

Loan

B

5.054%

SOFR90A

3.000%

1/27/29

Ba3

1,251,153

3,257

ICU

Medical,

Inc.,

Term

Loan

B

4.604%

SOFR90A

2.250%

12/14/28

BBB-

3,194,143

41,912

Medline

Borrower,

LP,

Term

Loan

B

5.774%

1-Month

LIBOR

3.250%

10/21/28

BB-

40,093,188

1,478

Viant

Medical

Holdings,

Inc.,

Term

Loan,

First

Lien

6.274%

1-Month

LIBOR

3.750%

7/02/25

B3

1,398,328

535

Vyaire

Medical,

Inc.,

Term

Loan

B

7.035%

3-Month

LIBOR

4.750%

4/30/25

Caa1

396,108

72,152

Total

Health

Care

Equipment

&

Supplies

68,696,087

Health

Care

Providers

&

Services

-

7.3%

407

Agiliti

Health,

Inc,

Term

Loan

5.125%

1-Month

LIBOR

2.750%

1/04/26

B+

399,000

2,664

Agiliti

Health,

Inc,

Term

Loan

5.125%

1-Month

LIBOR

2.750%

1/04/26

B+

2,611,072

10,294

AHP

Health

Partners,

Inc.,

Term

Loan

B

6.024%

1-Month

LIBOR

3.500%

8/23/28

B1

9,939,655

5,223

Change

Healthcare

Holdings

LLC,

Term

Loan

B

5.024%

1-Month

LIBOR

2.500%

3/01/24

B+

5,199,383

4,275

DaVita,

Inc.

,

Term

Loan

B,

(DD1)

4.274%

1-Month

LIBOR

1.750%

8/12/26

BBB-

4,164,021

3,491

Electron

BidCo

Inc.,

Term

Loan

5.524%

1-Month

LIBOR

3.000%

11/01/28

B1

3,413,517

510

Element

Materials

Technology

Group

US

Holdings

Inc,

(WI/

DD)(6)

TBD

TBD

TBD

TBD

B1

503,306

1,105

Element

Materials

Technology

Group

US

Holdings

Inc.,

Term

Loan,

(WI/DD)

TBD

TBD

TBD

TBD

B1

1,090,497

2,659

EyeCare

Partners,

LLC,

Term

Loan

6.000%

3-Month

LIBOR

3.750%

2/20/27

B2

2,483,556

622

Forefront

Management

Holdings,

LLC,

Term

Loan(6)

5.637%

TSFR1M

2.125%

3/23/29

B

609,606

3,328

Forefront

Management

Holdings,

LLC,

Term

Loan

B

6.537%

SOFR30A

4.250%

3/23/29

B

3,261,394

4,391

Gainwell

Acquisition

Corp.,

Term

Loan

B

6.250%

3-Month

LIBOR

4.000%

10/01/27

BB-

4,302,891

1,695

Global

Medical

Response,

Inc.,

Term

Loan

6.774%

1-Month

LIBOR

4.250%

3/14/25

B

1,560,875

Nuveen

Floating

Rate

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2022

66

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

Health

Care

Providers

&

Services

(continued)

$

8,463

Global

Medical

Response,

Inc.,

Term

Loan

B

6.623%

1-Month

LIBOR

4.250%

10/02/25

B

$

7,783,511

6,302

ICON

Luxembourg

S.A.R.L.,

Term

Loan

4.563%

3-Month

LIBOR

2.250%

7/01/28

BB+

6,217,281

1,302

Onex

TSG

Intermediate

Corp.,

Term

Loan

B

7.274%

1-Month

LIBOR

4.750%

2/26/28

B

1,158,647

4,221

Packaging

Coordinators

Midco,

Inc.,

Term

Loan,

First

Lien

6.000%

3-Month

LIBOR

3.750%

11/30/27

B2

4,122,866

37,720

Parexel

International

Corporation,

Term

Loan,

First

Lien

5.774%

1-Month

LIBOR

3.250%

11/15/28

B1

36,829,882

3,510

Phoenix

Guarantor

Inc,

Term

Loan

B

5.774%

1-Month

LIBOR

3.250%

3/05/26

B1

3,405,544

2,977

Phoenix

Guarantor

Inc,

Term

Loan

B3,

(DD1)

5.944%

1-Month

LIBOR

3.500%

3/05/26

B1

2,891,645

234

Quorum

Health

Corporation,

Term

Loan(5)

10.598%

3-Month

LIBOR

8.250%

4/29/25

B-

159,956

23,311

RegionalCare

Hospital

Partners

Holdings,

Inc.,

Term

Loan

B,

(DD1)

6.274%

1-Month

LIBOR

3.750%

11/16/25

B1

22,644,622

14,730

Select

Medical

Corporation,

Term

Loan

B

5.030%

1-Month

LIBOR

2.500%

3/06/25

Ba2

14,457,868

743

Sound

Inpatient

Physicians,

Term

Loan

B

5.493%

1-Month

LIBOR

3.000%

6/28/25

B

709,088

20,683

Surgery

Center

Holdings,

Inc.,

Term

Loan

6.140%

1-Month

LIBOR

3.750%

8/31/26

B1

20,133,075

5,149

Team

Health

Holdings,

Inc.,

Term

Loan,

First

Lien

5.274%

1-Month

LIBOR

2.750%

2/06/24

B

4,882,300

5,884

US

Radiology

Specialists,

Inc.,

Term

Loan

7.563%

3-Month

LIBOR

5.250%

12/15/27

B-

5,643,751

175,893

Total

Health

Care

Providers

&

Services

170,578,809

Health

Care

Technology

-

0.3%

779

Athenahealth,

Inc.,

Term

Loan(6)

3.500%

N/A

3.500%

1/27/29

B+

747,550

4,596

Athenahealth,

Inc.,

Term

Loan

B

5.800%

SOFR30A

3.500%

1/27/29

B+

4,410,542

2,088

Carestream

Health,

Inc.,

Term

Loan,

Second

Lien(5)

8.000%

3-Month

LIBOR

8.000%

8/05/23

D

1,797,921

7,463

Total

Health

Care

Technology

6,956,013

Hotels,

Restaurants

&

Leisure

-

12.5%

336

24

Hour

Fitness

Worldwide,

Inc.,

Exit

Term

Loan

7.232%

3-Month

LIBOR

5.000%

12/29/25

CCC-

106,019

144

24

Hour

Fitness

Worldwide,

Inc.,

Exit

Term

Loan

12.000%

3-Month

LIBOR

12.000%

9/29/26

Caa3

141,458

8,740

Alterra

Mountain

Company,

Term

Loan

6.024%

1-Month

LIBOR

3.500%

8/17/28

B

8,532,225

4,920

Alterra

Mountain

Company,

Term

Loan

B1

5.274%

1-Month

LIBOR

2.750%

7/31/24

B

4,847,743

41,267

B.C.

Unlimited

Liability

Company,

Term

Loan

B4

4.274%

1-Month

LIBOR

1.750%

11/19/26

BB+

40,175,305

16,693

Caesars

Resort

Collection,

LLC,

Term

Loan

B,

First

Lien

5.274%

1-Month

LIBOR

2.750%

12/22/24

B+

16,512,268

8,012

Caesars

Resort

Collection,

LLC,

Term

Loan

B1

6.024%

1-Month

LIBOR

3.500%

7/20/25

B+

7,964,268

8,406

Carnival

Corporation,

Term

Loan

B,

(DD1)

5.877%

6-Month

LIBOR

3.000%

6/30/25

Ba2

8,043,937

3,061

Carnival

Corporation,

Term

Loan

B

6.127%

6-Month

LIBOR

3.250%

10/18/28

BB-

2,869,392

2,978

Churchill

Downs

Incorporated,

Term

Loan

B,

(DD1)

4.530%

1-Month

LIBOR

2.000%

12/27/24

BBB-

2,959,385

67

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

Hotels,

Restaurants

&

Leisure

(continued)

$

7,095

Churchill

Downs

Incorporated,

Term

Loan

B1,

(DD1)

4.530%

1-Month

LIBOR

2.000%

3/17/28

BBB-

$

6,982,521

13,782

ClubCorp

Holdings,

Inc.,

Term

Loan

B

5.000%

3-Month

LIBOR

2.750%

9/18/24

B2

13,254,776

2,593

Crown

Finance

US,

Inc.,

Term

Loan(6)

5.728%

3-Month

LIBOR

3.000%

2/28/23

CCC+

1,751,398

392

Crown

Finance

US,

Inc.,

Term

Loan

B1

8.250%

3-Month

LIBOR

8.250%

5/23/24

B-

453,213

42,548

Delta

2

(LUX)

S.a.r.l.,

Term

Loan,

(DD1)

5.024%

1-Month

LIBOR

2.500%

2/01/24

BB-

42,246,811

4,663

Equinox

Holdings,

Inc.,

Term

Loan,

First

Lien

5.250%

3-Month

LIBOR

3.000%

3/08/24

CCC

3,611,606

583

Equinox

Holdings,

Inc.,

Term

Loan,

Second

Lien

9.250%

3-Month

LIBOR

7.000%

3/08/25

CC

396,405

2,233

Everi

Holdings

Inc.,

Term

Loan

B

4.750%

1-Month

LIBOR

2.500%

8/03/28

BB+

2,207,377

15,463

Fertitta

Entertainment,

LLC,

Term

Loan

B

6.455%

SOFR30A

4.000%

1/27/29

B

14,903,629

3,714

Hilton

Grand

Vacations

Borrower

LLC,

Term

Loan

B

5.524%

1-Month

LIBOR

3.000%

8/02/28

BB+

3,642,372

995

IRB

Holding

Corp,

Term

Loan

B

5.437%

SOFR30A

3.150%

12/15/27

B+

965,310

1,169

Life

Time

Fitness

Inc

,

Term

Loan

B

7.820%

3-Month

LIBOR

4.750%

12/15/24

B

1,155,884

21,378

NASCAR

Holdings,

Inc,

Term

Loan

B,

(DD1)

5.024%

1-Month

LIBOR

2.500%

10/18/26

BBB-

21,109,464

711

PCI

Gaming

Authority,

Term

Loan

5.024%

1-Month

LIBOR

2.500%

5/31/26

BBB-

697,175

4,347

Penn

National

Gaming,

Inc.,

Term

Loan

B

5.305%

SOFR30A

2.750%

4/20/29

BB

4,272,579

3,718

Scientific

Games

Holdings

LP,

Term

Loan

B

5.617%

SOFR90A

3.500%

2/04/29

BB-

3,591,495

12,035

Scientific

Games

International,

Inc.,

Term

Loan

5.407%

SOFR30A

3.000%

4/07/29

BB

11,861,997

7,594

SeaWorld

Parks

&

Entertainment,

Inc.,

Term

Loan

B

5.563%

1-Month

LIBOR

3.000%

8/25/28

BB-

7,487,345

28,924

Stars

Group

Holdings

B.V.

(The),

Term

Loan

4.500%

3-Month

LIBOR

2.250%

7/10/25

BBB

28,311,055

2,534

Station

Casinos

LLC,

Term

Loan

B

4.780%

1-Month

LIBOR

2.250%

2/08/27

BB-

2,479,599

15,425

Twin

River

Worldwide

Holdings,

Inc.,

Term

Loan

B

5.623%

1-Month

LIBOR

3.250%

10/01/28

BB+

14,738,581

11,467

William

Morris

Endeavor

Entertainment,

LLC,

Term

Loan,

First

Lien

5.280%

1-Month

LIBOR

2.750%

5/16/25

B

11,134,553

297,920

Total

Hotels,

Restaurants

&

Leisure

289,407,145

Household

Durables

-

0.8%

972

AI

Aqua

Merger

Sub

Inc,

(WI/

DD)

TBD

TBD

TBD

TBD

B3

937,387

4,278

AI

Aqua

Merger

Sub

Inc,

Term

Loan,

(WI/DD)

TBD

TBD

TBD

TBD

B3

4,124,505

6,750

AI

Aqua

Merger

Sub,

Inc.,

Term

Loan

B,

First

Lien

6.037%

SOFR30A

3.750%

7/30/28

B3

6,517,969

2,313

Serta

Simmons

Bedding,

LLC,

Term

Loan(5)

9.891%

1-Month

LIBOR

7.500%

8/10/23

B-

1,339,820

91

Serta

Simmons

Bedding,

LLC,

Term

Loan(5)

9.891%

1-Month

LIBOR

7.500%

8/10/23

B

89,928

7,559

Weber-Stephen

Products

LLC,

Term

Loan

B

5.774%

1-Month

LIBOR

3.250%

10/30/27

CCC+

6,481,556

21,963

Total

Household

Durables

19,491,165

Nuveen

Floating

Rate

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2022

68

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

Independent

Power

and

Renewable

Electricity

Producers

-

0.3%

$

5,892

Talen

Energy

Supply,

DIP

Term

Loan,

Term

Loan(5)

7.480%

TSFR3M

4.750%

11/10/23

N/R

$

5,897,892

Insurance

-

4.1%

3,759

Acrisure,

LLC,

Term

Loan

B

6.024%

1-Month

LIBOR

3.500%

2/15/27

B

3,612,159

1,995

Acrisure,

LLC,

Term

Loan

B,

First

Lien

6.774%

1-Month

LIBOR

4.250%

2/15/27

B

1,943,457

4,754

Alliant

Holdings

Intermediate,

LLC,

Term

Loan

B

5.774%

1-Month

LIBOR

3.250%

5/10/25

B

4,671,224

10,513

Alliant

Holdings

Intermediate,

LLC,

Term

Loan

B4

5.877%

1-Month

LIBOR

3.500%

11/12/27

B

10,252,838

6,983

AssuredPartners,

Inc.,

Term

Loan

5.955%

SOFR30A

3.500%

2/13/27

B

6,810,102

4,227

AssuredPartners,

Inc.,

Term

Loan

B

6.024%

1-Month

LIBOR

3.500%

2/13/27

B

4,118,813

1,990

AssuredPartners,

Inc.,

Term

Loan

B

6.024%

1-Month

LIBOR

3.500%

2/13/27

B

1,939,305

5,098

Asurion

LLC,

Term

Loan

B4,

Second

Lien

7.774%

1-Month

LIBOR

5.250%

1/15/29

B

4,377,907

6,861

Asurion

LLC,

Term

Loan

B7,

(DD1)

5.524%

1-Month

LIBOR

3.000%

11/03/24

Ba3

6,620,536

398

Asurion

LLC,

Term

Loan

B8

5.774%

1-Month

LIBOR

3.250%

12/23/26

Ba3

365,834

1,667

Asurion

LLC,

Term

Loan

B9

5.774%

1-Month

LIBOR

3.250%

7/31/27

Ba3

1,530,654

992

Broadstreet

Partners,

Inc.,

Term

Loan

B

5.524%

1-Month

LIBOR

3.000%

1/27/27

B1

965,537

9,946

Broadstreet

Partners,

Inc.,

Term

Loan

B2

5.774%

1-Month

LIBOR

3.250%

1/27/27

B1

9,672,655

7,360

Hub

International

Limited,

Term

Loan

B

5.982%

3-Month

LIBOR

3.250%

4/25/25

B

7,264,440

6,614

Hub

International

Limited,

Term

Loan

B,

(DD1)

5.766%

3-Month

LIBOR

3.000%

4/25/25

B

6,491,115

12,010

Ryan

Specialty

Group,

LLC,

Term

Loan

5.555%

SOFR30A

3.000%

9/01/27

BB-

11,889,952

8,581

USI,

Inc.,

Term

Loan

5.250%

3-Month

LIBOR

3.000%

5/16/24

B

8,495,761

4,951

USI,

Inc.,

Term

Loan

B

5.500%

3-Month

LIBOR

3.250%

12/02/26

B

4,898,879

98,699

Total

Insurance

95,921,168

Interactive

Media

&

Services

-

0.5%

1,392

Getty

Images,

Inc.,

Term

Loan

B

7.625%

3-Month

LIBOR

4.500%

2/19/26

B1

1,383,620

13,771

Rackspace

Technology

Global,

Inc.,

Term

Loan

B

5.617%

3-Month

LIBOR

2.750%

2/09/28

B+

11,255,872

15,163

Total

Interactive

Media

&

Services

12,639,492

Internet

&

Direct

Marketing

Retail

-

0.4%

4,970

CNT

Holdings

I

Corp,

Term

Loan

5.812%

SOFR30A

3.500%

11/08/27

B

4,872,713

560

Medical

Solutions

Holdings,

Inc.,

Term

Loan(6)

5.543%

3-Month

LIBOR

3.500%

11/01/23

B1

547,750

3,010

Medical

Solutions

Holdings,

Inc.,

Term

Loan,

First

Lien

6.377%

3-Month

LIBOR

3.500%

11/01/28

B1

2,943,814

8,540

Total

Internet

&

Direct

Marketing

Retail

8,364,277

IT

Services

-

1.8%

1,342

Ahead

DB

Holdings,

LLC,

Term

Loan

B

6.010%

3-Month

LIBOR

3.750%

10/16/27

B+

1,312,067

290

iQor

US

Inc.,

Exit

Term

Loan

10.024%

1-Month

LIBOR

7.500%

9/15/27

B1

289,426

6,683

Optiv

Security,

Inc.

,

Term

Loan,

First

Lien,

(DD1)

5.774%

1-Month

LIBOR

3.250%

2/01/24

B-

6,514,888

970

Peraton

Corp.,

Term

Loan

B

6.274%

1-Month

LIBOR

3.750%

2/01/28

BB-

944,563

69

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

IT

Services

(continued)

$

3,088

Perforce

Software,

Inc.,

Term

Loan

B

6.274%

1-Month

LIBOR

3.750%

7/01/26

B2

$

2,854,622

8,394

Sabre

GLBL

Inc.,

Term

Loan

B

4.524%

1-Month

LIBOR

2.000%

2/22/24

Ba3

8,372,872

11,900

Syniverse

Holdings,

Inc.,

Term

Loan

9.455%

SOFR30A

7.000%

5/10/29

B-

10,615,157

5,645

Tempo

Acquisition

LLC,

Term

Loan

B

5.455%

SOFR30A

3.000%

8/31/28

BB-

5,571,673

4,278

Travelport

Finance

(Luxembourg)

S.a.r.l.,

Term

Loan

3.750%

3-Month

LIBOR

1.500%

2/28/25

B-

4,200,689

786

WEX

Inc.,

Term

Loan

4.774%

1-Month

LIBOR

2.250%

4/01/28

Ba2

771,025

43,376

Total

IT

Services

41,446,982

Leisure

Products

-

0.2%

3,460

Hayward

Industries,

Inc.,

Term

Loan

5.024%

1-Month

LIBOR

2.500%

5/28/28

BB

3,358,069

804

SRAM,

LLC

,

Term

Loan

B

5.274%

1-Month

LIBOR

2.750%

5/18/28

BB-

788,455

4,264

Total

Leisure

Products

4,146,524

Life

Sciences

Tools

&

Services

-

0.2%

2,004

Avantor

Funding,

Inc.,

Term

Loan

B5

4.774%

1-Month

LIBOR

2.250%

11/06/27

BB+

1,976,778

1,190

Curia

Global,

Inc.,

Term

Loan

6.556%

3-Month

LIBOR

3.750%

8/30/26

B2

1,151,276

1,570

ICON

Luxembourg

S.A.R.L.,

Term

Loan

4.563%

3-Month

LIBOR

2.250%

7/01/28

BB+

1,549,150

4,764

Total

Life

Sciences

Tools

&

Services

4,677,204

Machinery

-

1.1%

5,653

Ali

Group

North

America

Corporation,

Term

Loan

B

4.570%

1-Month

LIBOR

2.000%

10/13/28

Baa3

5,513,413

1,315

Alliance

Laundry

Systems

LLC,

Term

Loan

B

5.955%

3-Month

LIBOR

3.500%

10/08/27

B

1,292,597

3,216

Filtration

Group

Corporation,

Term

Loan

6.024%

1-Month

LIBOR

3.500%

10/21/28

B

3,140,935

9,947

Gates

Global

LLC,

Term

Loan

B3

5.024%

1-Month

LIBOR

2.500%

3/31/27

Ba3

9,773,572

4,528

Grinding

Media

Inc.,

Term

Loan

B

4.796%

3-Month

LIBOR

4.000%

10/12/28

B

4,369,810

743

Madison

IAQ

LLC,

Term

Loan

4.524%

6-Month

LIBOR

3.250%

6/21/28

B1

718,369

25,402

Total

Machinery

24,808,696

Media

-

6.6%

3,165

ABG

Intermediate

Holdings

2

LLC,

Term

Loan

B1

6.055%

SOFR30A

3.600%

12/21/28

B1

3,097,744

640

ABG

Intermediate

Holdings

2

LLC,

Term

Loan,

Second

Lien

8.555%

SOFR30A

6.000%

12/20/29

CCC+

604,800

2,743

Altice

Financing

SA,

Term

Loan,

First

Lien

5.262%

3-Month

LIBOR

2.750%

1/31/26

B

2,650,158

3,218

Cable

One,

Inc.,

Term

Loan

B4

4.524%

1-Month

LIBOR

2.000%

5/03/28

BB+

3,135,157

11,580

Cengage

Learning,

Inc.,

Term

Loan

B

7.814%

3-Month

LIBOR

4.750%

7/14/26

B

10,980,307

280

Checkout

Holding

Corp.,

First

Out

Term

Loan

10.024%

1-Month

LIBOR

7.500%

2/15/23

N/R

236,323

538

Checkout

Holding

Corp.,

Last

Out

Term

Loan

9.500%

1-Month

LIBOR

9.500%

8/15/23

N/R

184,753

39,641

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

B

6.024%

1-Month

LIBOR

3.500%

8/21/26

B1

36,816,829

6,841

CSC

Holdings,

LLC,

Term

Loan

4.641%

1-Month

LIBOR

2.250%

1/15/26

BB

6,665,872

5,444

CSC

Holdings,

LLC,

Term

Loan

B1

4.641%

1-Month

LIBOR

2.250%

7/17/25

BB

5,297,220

Nuveen

Floating

Rate

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2022

70

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

Media

(continued)

$

3,823

CSC

Holdings,

LLC,

Term

Loan

B5

4.891%

1-Month

LIBOR

2.500%

4/15/27

BB

$

3,707,096

15,009

DirecTV

Financing,

LLC,

Term

Loan

7.524%

1-Month

LIBOR

5.000%

8/02/27

BBB-

14,400,804

7,447

Dotdash

Meredith

Inc,

Term

Loan

B

6.407%

1-Month

LIBOR

4.000%

12/01/28

BB-

6,944,776

642

Emerald

Expositions

Holding,

Inc.,

Term

Loan

B

5.274%

1-Month

LIBOR

2.750%

5/22/24

B

621,950

911

Gray

Television,

Inc.,

Term

Loan

B

4.873%

1-Month

LIBOR

2.500%

2/07/24

BB+

906,994

1,507

Gray

Television,

Inc.,

Term

Loan

C

4.873%

1-Month

LIBOR

2.500%

1/02/26

BB+

1,484,463

24,577

iHeartCommunications,

Inc.,

Term

Loan

5.524%

1-Month

LIBOR

3.000%

5/01/26

BB-

23,828,592

3,805

LCPR

Loan

Financing

LLC,

Term

Loan

B

6.141%

1-Month

LIBOR

3.750%

10/15/28

BB+

3,734,033

10,455

McGraw-Hill

Global

Education

Holdings,

LLC,

Term

Loan

7.274%

1-Month

LIBOR

4.750%

7/30/28

BB+

10,141,044

721

Mission

Broadcasting,

Inc.,

Term

Loan

B

4.873%

1-Month

LIBOR

2.500%

6/03/28

BBB-

707,509

2,907

Outfront

Media

Capital

LLC,

Term

Loan

B

4.274%

1-Month

LIBOR

1.750%

11/18/26

Ba1

2,854,616

3,469

Virgin

Media

Bristol

LLC,

Term

Loan

N

4.891%

1-Month

LIBOR

2.500%

1/31/28

BB+

3,400,487

3,910

WideOpenWest

Finance

LLC,

Term

Loan

B

5.300%

SOFR30A

3.000%

12/20/28

BB

3,846,807

7,871

Ziggo

Financing

Partnership,

Term

Loan

I

4.891%

1-Month

LIBOR

2.500%

4/30/28

BB

7,625,141

161,144

Total

Media

153,873,475

Multiline

Retail

-

0.0%

787

Belk,

Inc.,

Term

Loan

13.000%

3-Month

LIBOR

13.000%

7/31/25

CCC-

270,127

165

Belk,

Inc.,

Term

Loan

10.480%

3-Month

LIBOR

7.500%

7/31/25

B-

149,899

952

Total

Multiline

Retail

420,026

Oil,

Gas

&

Consumable

Fuels

-

2.4%

393

BCP

Renaissance

Parent

LLC,

Term

Loan

B3

5.554%

SOFR90A

3.500%

11/01/24

B2

387,074

4,274

Buckeye

Partners,

L.P.,

Term

Loan

B

4.623%

1-Month

LIBOR

2.250%

11/01/26

BBB-

4,214,822

6,448

Citgo

Petroleum

Corporation,

Term

Loan

B,

(DD1)

8.774%

1-Month

LIBOR

6.250%

3/28/24

BB

6,458,003

2,510

Delek

US

Holdings,

Inc.,

Term

Loan

B

4.774%

1-Month

LIBOR

2.250%

3/30/25

BB+

2,458,141

1,945

Delek

US

Holdings,

Inc.,

Term

Loan

B

8.024%

1-Month

LIBOR

5.500%

3/30/25

BB+

1,939,779

782

EG

America

LLC,

Term

Loan

5.006%

3-Month

LIBOR

4.000%

2/05/25

B-

765,614

15,910

Freeport

LNG

Investments,

LLLP,

Term

Loan

A,

(DD1)

5.802%

3-Month

LIBOR

3.000%

11/16/26

N/R

15,342,921

13,022

Gulf

Finance,

LLC,

Term

Loan,

(DD1)

9.130%

1-Month

LIBOR

6.750%

8/25/26

B

10,727,009

3,165

M6

ETX

Holdings

II

Midco

LLC,

Term

Loan,

(WI/DD)

TBD

TBD

TBD

TBD

B+

3,123,475

5,722

QuarterNorth

Energy

Holding

Inc.,

Exit

Term

Loan,

Second

Lien

10.524%

1-Month

LIBOR

8.000%

8/27/26

B

5,709,986

4,328

TransMontaigne

Operating

Company

L.P.,

Term

Loan

B

5.877%

1-Month

LIBOR

3.500%

11/05/28

BB

4,220,044

1,280

Traverse

Midstream

Partners

LLC,

Term

Loan

5.950%

TSFR3M

4.250%

9/27/24

B+

1,273,512

59,779

Total

Oil,

Gas

&

Consumable

Fuels

56,620,380

71

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

Paper

&

Forest

Products

-

0.1%

$

1,272

Asplundh

Tree

Expert,

LLC,

Term

Loan

B

4.274%

1-Month

LIBOR

1.750%

9/04/27

BBB-

$

1,256,542

Personal

Products

-

0.2%

992

Conair

Holdings,

LLC,

Term

Loan

B

6.000%

3-Month

LIBOR

3.750%

5/17/28

B-

858,513

1

Kronos

Acquisition

Holdings

Inc.,

Term

Loan

B

6.820%

3-Month

LIBOR

3.750%

12/22/26

B2

695

4,035

Revlon

Consumer

Products

Corporation,

Term

Loan

B(5),(7)

5.576%

6-Month

LIBOR

3.500%

9/07/23

N/R

2,892,177

5,028

Total

Personal

Products

3,751,385

Pharmaceuticals

-

3.1%

5,885

Bausch

Health

Companies

Inc.,

Term

Loan

B

7.662%

SOFR30A

5.250%

1/27/27

BB-

4,722,048

769

Catalent

Pharma

Solutions

Inc.,

Term

Loan

B3

4.375%

1-Month

LIBOR

2.000%

2/22/28

BBB-

762,210

32,393

Jazz

Financing

Lux

S.a.r.l.,

Term

Loan

6.024%

1-Month

LIBOR

3.500%

5/05/28

BB+

31,835,134

3,483

LSCS

Holdings,

Inc.,

Term

Loan,

First

Lien

6.750%

3-Month

LIBOR

4.500%

12/16/28

B2

3,356,259

1,972

Mallinckrodt

International

Finance

S.A.,

Term

Loan

7.503%

3-Month

LIBOR

5.500%

9/30/27

B3

1,532,103

13,294

Mallinckrodt

International

Finance

S.A.,

Term

Loan,

(DD1)

7.253%

3-Month

LIBOR

5.250%

9/30/27

B3

10,455,400

17,769

Organon

&

Co,

Term

Loan

4.625%

3-Month

LIBOR

3.000%

6/02/28

BB

17,613,083

2,891

Perrigo

Investments,

LLC,

Term

Loan

B

4.907%

SOFR30A

2.500%

4/05/29

Baa3

2,876,545

78,456

Total

Pharmaceuticals

73,152,782

Professional

Services

-

0.9%

2,776

CCRR

Parent,

Inc,

Term

Loan

B

6.010%

3-Month

LIBOR

3.750%

3/05/28

B

2,706,713

3,418

CHG

Healthcare

Services

Inc.,

Term

Loan

4.750%

3-Month

LIBOR

3.250%

9/30/28

B1

3,341,122

731

Creative

Artists

Agency,

LLC

,

Term

Loan

B

6.274%

1-Month

LIBOR

3.750%

11/26/26

B

725,309

3,163

Dun

&

Bradstreet

Corporation

(The),

Term

Loan

5.743%

1-Month

LIBOR

3.250%

2/08/26

BB+

3,083,167

2,658

Dun

&

Bradstreet

Corporation

(The),

Term

Loan

B2

5.709%

SOFR30A

3.250%

1/18/29

BB+

2,602,964

1,442

Physician

Partners

LLC,

Term

Loan

6.555%

SOFR30A

4.000%

2/01/29

B

1,390,927

7,881

Verscend

Holding

Corp.,

Term

Loan

B

6.524%

1-Month

LIBOR

4.000%

8/27/25

BB-

7,845,163

22,069

Total

Professional

Services

21,695,365

Real

Estate

Management

&

Development

-

0.2%

3,881

Cushman

&

Wakefield

U.S.

Borrower,

LLC,

Term

Loan

B

5.274%

1-Month

LIBOR

2.750%

8/21/25

BB

3,783,975

1,988

Forest

City

Enterprises,

L.P.,

Term

Loan

B

6.024%

1-Month

LIBOR

3.500%

12/07/25

B+

1,948,836

5,869

Total

Real

Estate

Management

&

Development

5,732,811

Road

&

Rail

-

1.6%

1,679

First

Student

Bidco

Inc,

Term

Loan

B

5.232%

3-Month

LIBOR

3.000%

7/21/28

BB+

1,618,895

623

First

Student

Bidco

Inc,

Term

Loan

C

5.232%

3-Month

LIBOR

3.000%

7/21/28

BB+

600,387

9,455

Genesee

&

Wyoming

Inc.

(New),

Term

Loan

4.250%

3-Month

LIBOR

2.000%

12/30/26

BB+

9,280,167

Nuveen

Floating

Rate

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2022

72

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

Road

&

Rail

(continued)

$

21,770

Hertz

Corporation,

(The),

Term

Loan

B

5.780%

1-Month

LIBOR

3.250%

6/30/28

BB+

$

21,324,525

4,142

Hertz

Corporation,

(The),

Term

Loan

C

5.780%

1-Month

LIBOR

3.250%

6/30/28

BB+

4,057,305

37,669

Total

Road

&

Rail

36,881,279

Semiconductors

&

Semiconductor

Equipment

-

0.5%

16,796

Bright

Bidco

B.V.,

Term

Loan

B(5)

0.000%

N/A

0.000%

6/30/24

CCC

6,358,487

2,004

Bright

Bidco

BV,

Term

Loan,

(WI/DD)

TBD

TBD

TBD

TBD

N/R

2,004,468

1,685

Entegris,

Inc.,

Term

Loan

B

5.597%

3-Month

LIBOR

3.000%

7/06/29

Baa3

1,683,349

165

MACOM

Technology

Solutions

Holdings,

Inc.,

Term

Loan

4.774%

1-Month

LIBOR

2.250%

5/19/24

Ba1

163,250

1,134

Ultra

Clean

Holdings,

Inc,

Term

Loan

B

6.274%

1-Month

LIBOR

3.750%

8/27/25

B1

1,121,175

21,784

Total

Semiconductors

&

Semiconductor

Equipment

11,330,729

Software

-

11.3%

1,451

Applied

Systems,

Inc.,

Term

Loan,

First

Lien

5.250%

3-Month

LIBOR

3.000%

9/19/24

B2

1,441,923

3,421

AppLovin

Corporation,

Term

Loan

B

5.250%

3-Month

LIBOR

3.000%

10/21/28

BB-

3,336,967

1,308

Apttus

Corporation,

Term

Loan

7.117%

3-Month

LIBOR

4.250%

5/06/28

BB

1,285,552

9,925

Avaya,

Inc.,

Term

Loan

12.307%

TSFR3M

1.000%

12/15/27

Caa2

6,339,594

8,733

Banff

Merger

Sub

Inc,

Term

Loan

6.274%

1-Month

LIBOR

3.750%

10/02/25

B2

8,452,370

3,985

Camelot

U.S.

Acquisition

LLC,

Term

Loan

B

5.524%

1-Month

LIBOR

3.000%

10/31/26

B1

3,890,356

10,511

Camelot

U.S.

Acquisition

LLC,

Term

Loan

B

5.524%

1-Month

LIBOR

3.000%

10/31/26

B1

10,288,959

4,065

CCC

Intelligent

Solutions

Inc.,

Term

Loan

B

4.500%

3-Month

LIBOR

2.250%

9/21/28

B+

3,995,132

7,315

CDK

Global

,

Inc.,

Term

Loan

B

6.610%

TSFR3M

4.500%

7/06/29

B+

7,145,841

7,411

Ceridian

HCM

Holding

Inc.,

Term

Loan

B

4.873%

1-Month

LIBOR

2.500%

4/30/25

B+

7,246,999

5,000

DTI

Holdco,

Inc.,

Term

Loan

10.327%

SOFR90A

4.750%

4/21/29

B2

4,796,000

2,752

Emerald

TopCo

Inc,

Term

Loan

6.024%

1-Month

LIBOR

3.500%

7/25/26

B2

2,644,567

15,162

Epicor

Software

Corporation,

Term

Loan

5.774%

1-Month

LIBOR

3.250%

7/31/27

B2

14,761,426

26,247

Finastra

USA,

Inc.,

Term

Loan,

First

Lien,

(DD1)

6.871%

3-Month

LIBOR

3.500%

6/13/24

B+

24,627,763

15,504

Greeneden

U.S.

Holdings

II,

LLC,

Term

Loan

B4

6.524%

1-Month

LIBOR

4.000%

12/01/27

B2

15,278,675

1,552

Greenway

Health,

LLC,

Term

Loan,

First

Lien

5.250%

3-Month

LIBOR

3.750%

2/16/24

B-

1,399,282

1,995

Hyland

Software,

Inc.,

Term

Loan,

First

Lien

6.024%

1-Month

LIBOR

3.500%

7/01/24

B1

1,974,152

3,374

IGT

Holding

IV

AB,

Term

Loan

B2

5.650%

3-Month

LIBOR

3.400%

3/29/28

B

3,301,865

11,870

Informatica

LLC,

Term

Loan

B

5.313%

1-Month

LIBOR

2.563%

10/14/28

BB-

11,636,643

3,820

Instructure

Holdings,

Inc.,

Term

Loan

B

6.121%

3-Month

LIBOR

2.750%

10/29/28

BB+

3,763,119

801

iQor

US

Inc.,

Second

Out

Term

Loan

10.024%

1-Month

LIBOR

7.500%

11/19/25

CCC+

657,674

5,504

MA

FinanceCo.,

LLC,

Term

Loan

B

5.915%

3-Month

LIBOR

4.250%

6/05/25

BB+

5,457,391

18,284

McAfee,

LLC,

Term

Loan

B

6.157%

SOFR30A

3.750%

2/03/29

BB+

17,403,880

18,250

Nortonlifelock

Inc,

Term

Loan

B,

(WI/DD)

TBD

TBD

TBD

TBD

BBB-

17,757,250

73

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

Software

(continued)

$

6,494

Polaris

Newco

LLC,

Term

Loan

B

6.524%

1-Month

LIBOR

4.000%

6/04/28

B2

$

6,253,557

395

Project

Ruby

Ultimate

Parent

Corp.,

Term

Loan

5.774%

1-Month

LIBOR

3.250%

3/10/28

B

384,446

6,970

Proofpoint,

Inc.,

Term

Loan,

First

Lien

6.320%

3-Month

LIBOR

3.250%

8/31/28

BB-

6,727,739

–(8)

RealPage,

Inc,

Term

Loan,

First

Lien

5.524%

1-Month

LIBOR

3.000%

4/22/28

B+

132

11,919

Seattle

Spinco,

Inc.,

Term

Loan

B3

5.274%

1-Month

LIBOR

2.750%

6/21/24

BB+

11,799,703

5,043

Seattle

Spinco,

Inc.,

Term

Loan

B5

6.400%

SOFR30A

4.000%

1/14/27

BB+

4,992,387

9,124

Sophia,

L.P.,

Term

Loan

B

5.750%

3-Month

LIBOR

3.500%

10/07/27

B2

8,838,897

866

SS&C

European

Holdings

Sarl,

Term

Loan

B4

4.274%

1-Month

LIBOR

1.750%

4/16/25

BB+

849,584

1,067

SS&C

Technologies

Inc.,

Term

Loan

B3

4.274%

1-Month

LIBOR

1.750%

4/16/25

BB+

1,046,560

10,219

SS&C

Technologies

Inc.,

Term

Loan

B5,

(DD1)

4.274%

1-Month

LIBOR

1.750%

4/16/25

BB+

10,014,369

2,279

SS&C

Technologies

Inc.,

Term

Loan

B6

4.805%

SOFR30A

2.250%

3/22/29

BB+

2,231,417

3,229

SS&C

Technologies

Inc.,

Term

Loan

B7

4.805%

SOFR30A

2.250%

3/22/29

BB+

3,161,572

247

Tibco

Software

Inc.,

Term

Loan

B3

6.280%

1-Month

LIBOR

3.750%

7/03/26

B+

246,757

13,196

Ultimate

Software

Group

Inc

(The),

Term

Loan

5.535%

3-Month

LIBOR

3.250%

5/03/26

B1

12,811,809

3,980

Ultimate

Software

Group

Inc

(The),

Term

Loan

B

6.274%

1-Month

LIBOR

3.750%

5/03/26

B1

3,884,548

1,065

Ultimate

Software

Group

Inc

(The),

Term

Loan,

Second

Lien

7.535%

3-Month

LIBOR

5.250%

5/03/27

Caa1

1,043,199

4,723

Vision

Solutions,

Inc.,

Term

Loan

6.783%

3-Month

LIBOR

4.000%

5/28/28

B2

4,500,693

4,937

Zelis

Healthcare

Corporation,

Term

Loan,

(DD1)

5.873%

1-Month

LIBOR

3.500%

9/30/26

B

4,838,664

273,993

Total

Software

262,509,413

Specialty

Retail

-

2.6%

1,259

Academy,

Ltd.,

Term

Loan

6.123%

1-Month

LIBOR

3.750%

11/06/27

BB-

1,238,080

7,235

Avis

Budget

Car

Rental,

LLC,

Term

Loan

B,

(DD1)

4.280%

1-Month

LIBOR

1.750%

8/06/27

BB+

7,017,406

8,667

Avis

Budget

Car

Rental,

LLC,

Term

Loan

C,

(DD1)

6.059%

SOFR30A

3.500%

3/15/29

BB+

8,531,875

5,107

Driven

Holdings,

LLC,

Term

Loan

B

3.517%

3-Month

LIBOR

3.000%

12/17/28

B2

4,979,520

2,844

Jo-Ann

Stores,

Inc.,

Term

Loan

B1

7.516%

3-Month

LIBOR

4.750%

6/30/28

B-

1,886,696

1,868

LBM

Acquisition

LLC,

Term

Loan

B

7.121%

3-Month

LIBOR

3.750%

12/18/27

B+

1,713,951

1,369

Les

Schwab

Tire

Centers,

Term

Loan

B

6.580%

3-Month

LIBOR

3.250%

11/02/27

B

1,338,388

19,879

PetSmart,

Inc.,

Term

Loan

B

6.270%

1-Month

LIBOR

3.750%

2/12/28

BB-

19,473,514

3,970

Restoration

Hardware,

Inc.,

Term

Loan

B

5.024%

1-Month

LIBOR

2.500%

10/15/28

BB

3,669,273

851

SRS

Distribution

Inc.,

Term

Loan

6.177%

SOFR90A

3.500%

6/04/28

B-

820,524

652

Staples,

Inc.,

Term

Loan

7.782%

3-Month

LIBOR

5.000%

4/12/26

B

577,185

8,021

Staples,

Inc.,

Term

Loan

B2

7.282%

3-Month

LIBOR

4.500%

9/12/24

B

7,644,160

2,495

Wand

NewCo

3,

Inc.,

Term

Loan

5.524%

1-Month

LIBOR

3.000%

2/05/26

B2

2,402,710

64,217

Total

Specialty

Retail

61,293,282

Nuveen

Floating

Rate

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2022

74

Principal

Amount

(000)

Description

(1)

Coupon

(2)

Reference

Rate

(2)

Spread

(2)

Maturity

(3)

Ratings

(4)

Value

Technology

Hardware,

Storage

&

Peripherals

-

0.3%

$

7,337

NCR

Corporation,

Term

Loan

5.310%

3-Month

LIBOR

2.500%

8/28/26

BB+

$

7,264,058

Textiles,

Apparel

&

Luxury

Goods

-

0.7%

4,765

Birkenstock

GmbH

&

Co.

KG,

Term

Loan

B

5.098%

6-Month

LIBOR

3.250%

4/28/28

BB-

4,615,902

1,477

Canada

Goose

Inc.,

Term

Loan

5.750%

3-Month

LIBOR

3.500%

10/07/27

BB

1,451,690

10,828

Crocs

Inc,

Term

Loan

B,

(DD1)

4.450%

SOFR90A

3.500%

2/19/29

Ba2

10,460,160

17,070

Total

Textiles,

Apparel

&

Luxury

Goods

16,527,752

Trading

Companies

&

Distributors

-

0.4%

6,405

Core

&

Main

LP,

Term

Loan

B

5.570%

3-Month

LIBOR

2.500%

6/10/28

B+

6,271,018

2,259

Fly

Funding

II

S.a.r.l.,

Term

Loan

B

4.620%

3-Month

LIBOR

1.750%

8/09/25

B+

2,068,127

8,664

Total

Trading

Companies

&

Distributors

8,339,145

Transportation

Infrastructure

-

0.6%

3,956

Brown

Group

Holding,

LLC,

Term

Loan

B

5.024%

1-Month

LIBOR

2.500%

4/22/28

B+

3,904,752

2,900

Brown

Group

Holding,

LLC,

Term

Loan

B2

6.205%

TSFR1M

3.750%

7/02/29

B+

2,868,926

6,219

KKR

Apple

Bidco,

LLC,

Term

Loan

5.274%

1-Month

LIBOR

2.750%

9/23/28

B+

6,091,794

720

KKR

Apple

Bidco,

LLC,

Term

Loan

6.379%

SOFR30A

4.000%

9/23/28

B+

711,450

13,795

Total

Transportation

Infrastructure

13,576,922

Wireless

Telecommunication

Services

-

1.2%

5,215

GOGO

Intermediate

Holdings

LLC,

Term

Loan

B

6.556%

3-Month

LIBOR

3.750%

4/30/28

B+

5,124,746

14,769

Intelsat

Jackson

Holdings

S.A.,

Term

Loan

B,

(DD1)

7.445%

SOFR180A

4.500%

1/27/29

BB-

14,056,513

4,987

Iridium

Satellite

LLC,

Term

Loan

B2

5.024%

1-Month

LIBOR

2.500%

11/04/26

Ba3

4,934,879

3,474

MetroNet

Systems

Holdings,

LLC,

Term

Loan,

First

Lien

6.184%

SOFR30A

3.864%

6/02/28

B

3,376,555

28,445

Total

Wireless

Telecommunication

Services

27,492,693

$

2,078,187

Total

Variable

Rate

Senior

Loan

Interests

(cost

$2,042,185,337)

1,974,264,741

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(4)

Value

X

277,156,825

CORPORATE

BONDS

-

11.9%

X

277,156,825

Airlines

-

0.2%

$

3,287

Air

Canada,

144A

3.875%

8/15/26

Ba2

$

2,933,072

1,500

United

Airlines

Inc,

144A

4.625%

4/15/29

Ba1

1,316,250

1,000

United

Airlines

Inc,

144A

4.375%

4/15/26

Ba1

911,750

5,787

Total

Airlines

5,161,072

75

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(4)

Value

Auto

Components

-

0.1%

$

2,210

Adient

US

LLC,

144A

9.000%

4/15/25

BB+

$

2,279,924

Automobiles

-

0.2%

5,000

Ford

Motor

Credit

Co

LLC

5.584%

3/18/24

BB+

4,976,006

Chemicals

-

0.1%

1,425

Rayonier

AM

Products

Inc,

144A

7.625%

1/15/26

B+

1,352,681

Commercial

Services

&

Supplies

-

1.2%

12,800

GFL

Environmental

Inc,

144A

5.125%

12/15/26

BB-

12,370,142

5,000

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc,

144A

5.250%

4/15/24

BB-

4,953,288

11,655

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc,

144A

5.750%

4/15/26

BB-

11,214,090

250

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc,

144A

6.250%

1/15/28

B-

220,108

29,705

Total

Commercial

Services

&

Supplies

28,757,628

Communications

Equipment

-

0.5%

13,808

Avaya

Inc,

144A

6.125%

9/15/28

Caa2

7,549,938

3,500

Commscope

Inc,

144A

6.000%

3/01/26

B1

3,307,850

1,000

Commscope

Inc,

144A

(9)

8.250%

3/01/27

CCC+

857,015

18,308

Total

Communications

Equipment

11,714,803

Containers

&

Packaging

-

0.1%

3,000

Owens-Brockway

Glass

Container

Inc,

144A

5.375%

1/15/25

B

2,790,411

Diversified

Telecommunication

Services

-

0.5%

9,784

Frontier

Communications

Holdings

LLC,

144A

5.875%

10/15/27

BB+

9,126,026

1,000

Frontier

Communications

Holdings

LLC

5.875%

11/01/29

CCC+

816,250

2,500

Lumen

Technologies

Inc

6.750%

12/01/23

BB

2,528,575

13,284

Total

Diversified

Telecommunication

Services

12,470,851

Electric

Utilities

-

0.1%

5,340

Bruce

Mansfield

Unit

1

2007

Pass

Through

Trust

(5)

6.850%

6/01/34

N/R

6,675

994

Pacific

Gas

and

Electric

Co(WI/DD)

3.150%

1/01/26

BBB-

921,015

993

Pacific

Gas

and

Electric

Co(WI/DD)

4.500%

7/01/40

BBB-

773,284

7,327

Total

Electric

Utilities

1,700,974

Electronic

Equipment,

Instruments

&

Components

-

0.1%

2,000

Brightstar

Corp,

144A

9.750%

10/15/25

B2

1,909,347

Energy

Equipment

&

Services

-

0.0%

1,000

Weatherford

International

Ltd,

144A

8.625%

4/30/30

B-

903,869

Entertainment

-

0.1%

1,000

AMC

Entertainment

Holdings

Inc,

144A

10.000%

6/15/26

CCC-

803,750

1,955

Diamond

Sports

Group

LLC

/

Diamond

Sports

Finance

Co,

144A

5.375%

8/15/26

CCC+

371,450

2,000

Diamond

Sports

Group

LLC

/

Diamond

Sports

Finance

Co,

144A

6.625%

8/15/27

CCC-

182,520

4,955

Total

Entertainment

1,357,720

Equity

Real

Estate

Investment

Trusts

-

0.3%

3,000

RLJ

Lodging

Trust

LP,

144A

3.750%

7/01/26

BB-

2,691,420

5,565

Uniti

Group

LP

/

Uniti

Fiber

Holdings

Inc

/

CSL

Capital

LLC,

144A

7.875%

2/15/25

BB+

5,497,636

8,565

Total

Equity

Real

Estate

Investment

Trusts

8,189,056

Nuveen

Floating

Rate

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2022

76

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(4)

Value

Health

Care

Providers

&

Services

-

2.9%

$

250

CHS/Community

Health

Systems

Inc,

144A

6.000%

1/15/29

BB-

$

205,190

585

CHS/Community

Health

Systems

Inc,

144A

8.000%

3/15/26

BB-

546,975

350

CHS/Community

Health

Systems

Inc,

144A

(9)

8.000%

12/15/27

BB-

303,863

2,000

Global

Medical

Response

Inc,

144A

6.500%

10/01/25

B

1,785,000

1,000

HCA

Inc

5.000%

3/15/24

BBB-

1,006,531

4,901

HCA

Inc

5.375%

2/01/25

BBB-

4,947,560

9,086

Legacy

LifePoint

Health

LLC,

144A

4.375%

2/15/27

B1

7,897,642

7,500

Legacy

LifePoint

Health

LLC,

144A

6.750%

4/15/25

B1

7,361,925

1,250

LifePoint

Health

Inc,

144A

5.375%

1/15/29

CCC+

947,512

5,500

Tenet

Healthcare

Corp,

144A

4.625%

6/15/28

BB-

4,999,473

17,250

Tenet

Healthcare

Corp,

144A

4.875%

1/01/26

BB-

16,387,500

20,500

Tenet

Healthcare

Corp,

144A

4.625%

9/01/24

BB-

19,923,069

412

Tenet

Healthcare

Corp

4.625%

7/15/24

BB-

403,435

500

Tenet

Healthcare

Corp,

144A

(9)

6.125%

10/01/28

B+

458,750

71,084

Total

Health

Care

Providers

&

Services

67,174,425

Hotels,

Restaurants

&

Leisure

-

1.2%

1,250

BC

ULC

/

New

Red

Finance

Inc,

144A

4.000%

10/15/30

B+

1,014,456

17,230

Caesars

Entertainment

Inc,

144A

6.250%

7/01/25

B1

16,823,545

5,500

Life

Time

Inc,

144A

5.750%

1/15/26

B

4,953,300

2,000

MGM

Resorts

International

6.750%

5/01/25

B+

1,997,740

2,000

MGM

Resorts

International

6.000%

3/15/23

B+

2,000,262

1,500

Scientific

Games

International

Inc,

144A

8.625%

7/01/25

B+

1,544,025

29,480

Total

Hotels,

Restaurants

&

Leisure

28,333,328

Independent

Power

Producers

&

Energy

Traders

-

0.2%

5,000

Ziggo

Bond

Co

BV,

144A

(9)

6.000%

1/15/27

B-

4,503,925

Insurance

-

0.1%

2,100

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-

Issuer,

144A

4.250%

10/15/27

B

1,891,616

Media

-

1.2%

2,900

Clear

Channel

Outdoor

Holdings

Inc,

144A

5.125%

8/15/27

B1

2,597,327

3,250

CSC

Holdings

LLC,

144A

5.500%

4/15/27

BB

3,080,285

2,000

CSC

Holdings

LLC

5.875%

9/15/22

B+

1,997,500

3,000

CSC

Holdings

LLC,

144A

3.375%

2/15/31

BB

2,246,880

2,000

DISH

DBS

Corp

5.000%

3/15/23

B

1,957,265

4,008

iHeartCommunications

Inc

6.375%

5/01/26

BB-

3,785,270

7,000

iHeartCommunications

Inc,

144A

5.250%

8/15/27

BB-

6,280,010

250

LCPR

Senior

Secured

Financing

DAC,

144A

5.125%

7/15/29

BB+

215,000

6,000

McGraw-Hill

Education

Inc,

144A

5.750%

8/01/28

BB+

5,268,416

500

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp,

144A

5.000%

8/15/27

B+

457,630

30,908

Total

Media

27,885,583

Oil,

Gas

&

Consumable

Fuels

-

1.5%

2,500

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp,

144A

8.125%

1/15/27

B-

2,408,160

972

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp,

144A

9.250%

7/15/24

B+

996,681

1,500

Citgo

Holding

Inc,

144A

9.250%

8/01/24

B+

1,494,900

6,500

Citgo

Petroleum

Corp,

144A

7.000%

6/15/25

BB

6,321,055

3,000

EQM

Midstream

Partners

LP

(9)

4.750%

7/15/23

BB

2,970,000

500

Gulfport

Energy

Corp,

144A

(9)

8.000%

5/17/26

BB-

503,330

1,000

Laredo

Petroleum

Inc

9.500%

1/15/25

B

1,003,625

4,000

Matador

Resources

Co

5.875%

9/15/26

BB-

3,915,400

1,000

NGL

Energy

Operating

LLC

/

NGL

Energy

Finance

Corp,

144A

7.500%

2/01/26

B+

915,000

77

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(4)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

$

250

NGL

Energy

Partners

LP

/

NGL

Energy

Finance

Corp

(9)

6.125%

3/01/25

Caa1

$

203,181

250

NGL

Energy

Partners

LP

/

NGL

Energy

Finance

Corp

(9)

7.500%

11/01/23

Caa1

236,875

2,307

PBF

Holding

Co

LLC

/

PBF

Finance

Corp

7.250%

6/15/25

BB-

2,240,789

11,000

PBF

Logistics

LP

/

PBF

Logistics

Finance

Corp

6.875%

5/15/23

BB-

11,000,000

34,779

Total

Oil,

Gas

&

Consumable

Fuels

34,208,996

Pharmaceuticals

-

0.2%

3,000

Elanco

Animal

Health

Inc

5.772%

8/28/23

BB

2,994,900

2,981

Par

Pharmaceutical

Inc,

144A

(5)

7.500%

4/01/27

D

2,533,731

5,981

Total

Pharmaceuticals

5,528,631

Specialty

Retail

-

0.4%

1,000

Hertz

Corp,

144A

5.000%

12/01/29

B+

804,390

9,115

Hertz

Corp,

144A

4.625%

12/01/26

B+

7,807,089

10,115

Total

Specialty

Retail

8,611,479

Wireless

Telecommunication

Services

-

0.7%

15,000

Sprint

Corp

7.875%

9/15/23

Baa3

15,454,500

$

307,013

Total

Corporate

Bonds

(cost

$298,453,732)

277,156,825

Shares

Description

(1)

Value

X

46,196,980

EXCHANGE-TRADED

FUNDS

-

2.0%

X

46,196,980

1,107,693

Invesco

Senior

Loan

ETF

(9)

$

23,228,322

536,275

SPDR

Blackstone

Senior

Loan

ETF

22,968,658

Total

Exchange-Traded

Funds

(cost

$49,008,025)

46,196,980

Shares

Description

(1)

Value

21,321,683

COMMON

STOCKS

-

0.9%

X

21,321,683

Banks

-

0.0%

28,137

iQor

US

Inc

(10),(11)

$

112,548

Communications

Equipment

-

0.0%

24,672

Windstream

Services

PE

LLC

(10),(11)

376,248

Construction

&

Engineering

-

0.0%

4,761

TNT

Crane

&

Rigging

Inc

(10),(11)

1,190

2,687

TNT

Crane

&

Rigging

Inc

(10),(11)

20,153

Total

Construction

&

Engineering

21,343

Diversified

Consumer

Services

-

0.0%

17,726

Cengage

Learning

Holdings

II

Inc

(10),(11)

248,164

Diversified

Telecommunication

Services

-

0.0%

18,781

Windstream

Services

PE

LLC

(10),(11)

286,410

Energy

Equipment

&

Services

-

0.5%

85,364

Quarternorth

Energy

Holding

Inc

(10),(11)

9,873,798

76,990

Transocean

Ltd

(11)

278,704

5,884

Vantage

Drilling

International

(10),(11)

86,300

Total

Energy

Equipment

&

Services

10,238,802

Health

Care

Providers

&

Services

-

0.0%

57,666

Millennium

Health

LLC

(7),(11)

2,826

61,430

Millennium

Health

LLC

(7),(11)

9,153

Total

Health

Care

Providers

&

Services

11,979

Nuveen

Floating

Rate

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2022

78

Shares

Description

(1)

Value

Hotels,

Restaurants

&

Leisure

-

0.0%

159,883

24

Hour

Fitness

Worldwide

Inc

(10),(11)

$

20,305

76,044

24

Hour

Fitness

Worldwide

Inc

(10),(11)

57,033

Total

Hotels,

Restaurants

&

Leisure

77,338

Independent

Power

and

Renewable

Electricity

Producers

-

0.4%

115,290

Energy

Harbor

Corp

(10),(11),(12)

8,819,685

Internet

&

Direct

Marketing

Retail

-

0.0%

7,503

Catalina

Marketing

Corp

(10),(11)

1,591

Marine

-

0.0%

1,018

ACBL

HLDG

CORP

(10),(11)

19,342

Media

-

0.0%

7

Cumulus

Media

Inc,

Class

A

(11)

65

Multiline

Retail

-

0.0%

99

PEABODYENERGY

WTS

(10),(11)

866

Oil,

Gas

&

Consumable

Fuels

-

0.0%

8,735

California

Resources

Corp

436,401

2,246

Chord

Energy

Corp

317,921

Total

Oil,

Gas

&

Consumable

Fuels

754,322

Professional

Services

-

0.0%

109,621

Skillsoft

Corp

(9),(11)

352,980

Total

Common

Stocks

(cost

$22,661,656)

21,321,683

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(4)

Value

X

15,818,342

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

0.7%

X

15,818,342

Banks

-

0.2%

$

3,000

JPMorgan

Chase

&

Co

(3-Month

LIBOR

reference

rate

+

3.470%

spread)

(13)

6.276%

N/A

(14)

BBB+

$

2,981,250

Capital

Markets

-

0.1%

3,000

Charles

Schwab

Corp

(3-Month

LIBOR

reference

rate

+

3.315%

spread)

(9),(13)

6.397%

N/A

(14)

BBB

2,962,092

Commercial

Banks

-

0.4%

10,000

JPMorgan

Chase

&

Co

(3-Month

LIBOR

reference

rate

+

3.320%

spread)

(13)

5.597%

N/A

(14)

BBB+

9,875,000

$

16,000

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$15,887,217)

15,818,342

Shares

Description

(1)

Value

X

7,117,678

WARRANTS

-

0.3%

X

7,117,678

Energy

Equipment

&

Services

-

0.3%

55,057

Fieldwood

Energy

LLC

(10)

$

6,368,278

55,290

Fieldwood

Energy

LLC

(10)

248,805

28,708

Fieldwood

Energy

LLC

(10)

215,310

Total

Energy

Equipment

&

Services

6,832,393

Entertainment

-

0.0%

90,106

Cineworld

Warrant

(10)

9,010

79

Shares

Description

(1)

Value

Industrial

Conglomerates

-

0.0%

27,261

American

Commercial

Barge

Line

LLC

(10)

$

9,896

Marine

-

0.0%

3,984

ACBL

HLDG

CORP

(10)

96,943

3,029

ACBL

HLDG

CORP

(10)

128,732

1,071

ACBL

HLDG

CORP

(10)

20,349

35,856

American

Commercial

Barge

Line

LLC

(10)

10,757

Total

Marine

256,781

Oil,

Gas

&

Consumable

Fuels

-

0.0%

500

California

Resources

Corp

9,175

Software

-

0.0%

16,108

Avaya

Holdings

Corp

(10)

419

Wireless

Telecommunication

Services

-

0.0%

4

Intelsat

SA/Luxembourg

(10)

4

Total

Warrants

(cost

$2,532,885)

7,117,678

Shares  

Description

(1)

Coupon

Ratings

(4)

Value

X

375,187

CONVERTIBLE

PREFERRED

SECURITIES

-

0.0%

X

375,187

Communications

Equipment

-

0.0%

28,482

Riverbed

Technology

Inc(10)

0.000%

N/R

$

99,687

Marine

-

0.0%

4,313

ACBL

HLDG

CORP

(10)

0.000%

N/R

183,302

3,789

ACBL

HLDG

CORP

(10)

0.000%

N/R

92,198

Total

Marine

275,500

Total

Convertible

Preferred

Securities

(cost

$822,217)

375,187

Total

Long-Term

Investments

(cost

$2,431,551,069)

2,342,251,436

Shares

Description

(1)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

 0.2  %

4,818,092

MONEY

MARKET

FUNDS

-

0.2%

X

4,818,092

4,818,092

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

(15)

2.300%(16)

$

4,818,092

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$4,818,092)

4,818,092

Shares

Description

(1)

Coupon

Value

SHORT-TERM

INVESTMENTS

-

  1.4% 

33,358,107

INVESTMENT

COMPANIES

-

1.4%

33,358,107

33,358,107

BlackRock

Liquidity

Funds

T-Fund

1.346%(17)

$

33,358,107

Total

Investment

Companies

(cost

$33,358,107)

33,358,107

Total

Short-Term

Investments

(cost

$33,358,107)

33,358,107

Total

Investments

(cost

$2,469,727,268

)

-

102.4%

2,380,427,635

Other

Assets

Less

Liabilities

-   (2.4)%

(56,130,973)

Net

Assets

-

100%

$

2,324,296,662

Nuveen

Floating

Rate

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2022

80

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(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)

Investment

valued

at

fair

value

using

methods

determined

in

good

faith

by,

or

at

the

discretion

of,

the

Board.

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(8)

Principal

Amount

(000)

rounds

to

less

than

$1,000.

(9)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$4,589,991.

(10)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

2.

(11)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(12)

Common

Stock

received

as

part

of

the

bankruptcy

settlements

during

February

2020

for

Bruce

Mansfield

Unit

1

2007

Pass-Through

Trust.

(13)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(14)

Perpetual

security.

Maturity

date

is

not

applicable.

(15)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

market

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

market

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(16)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

(17)

The

rate

shown

is

the

annualized

seven-day

subsidized

yield

as

of

end

of

the

reporting

period.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

DD1

Portion

of

investment

purchased

on

a

delayed

delivery

basis.

ETF

Exchange-Traded

Fund

LIBOR

London

Inter-Bank

Offered

Rate

N/A

Not

Applicable.

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

SPDR

Standard

&

Poor's

Depositary

Receipt

TBD

Senior

loan

purchased

on

a

when-issued

or

delayed-delivery

basis.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date

of

the

transaction.

In

addition,

senior

loans

typically

trade

without

accrued

interest

and

therefore

a

coupon

rate

is

not

available

prior

to

settlement.

At

settlement,

if

still

unknown,

the

borrower

or

counterparty

will

provide

the

Fund

with

the

final

coupon

rate

and

maturity

date.

TSFR

1M

CME

Term

SOFR

1

Month

TSFR

3M

CME

Term

SOFR

3

Month

WI/DD

Purchased

on

a

when-issued

or

delayed

delivery

basis.

See

accompanying

notes

to

financial

statements

81

Nuveen

High

Yield

Income

Fund

Portfolio

of

Investments

August

31,

2022

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

LONG-TERM

INVESTMENTS

-

92.6%   

X

444,157,901

CORPORATE

BONDS

-

82.9%

X

444,157,901

Aerospace

&

Defense

-

1.7%

$

2,250

Rolls-Royce

PLC,

144A

5.750%

10/15/27

BB-

$

2,033,640

1,800

TransDigm

Inc

4.625%

1/15/29

B-

1,522,116

3,620

TransDigm

Inc

6.375%

6/15/26

B-

3,475,200

2,000

TransDigm

UK

Holdings

PLC

6.875%

5/15/26

B-

1,931,156

9,670

Total

Aerospace

&

Defense

8,962,112

Air

Freight

&

Logistics

-

0.4%

2,475

Cargo

Aircraft

Management

Inc,

144A

4.750%

2/01/28

BB

2,264,872

Airlines

-

1.3%

2,095

Allegiant

Travel

Co,

144A

7.250%

8/15/27

BB+

2,080,817

1,850

American

Airlines

Inc/AAdvantage

Loyalty

IP

Ltd,

144A

5.750%

4/20/29

Ba2

1,670,069

1,850

American

Airlines

Inc/AAdvantage

Loyalty

IP

Ltd,

144A

5.500%

4/20/26

Ba2

1,759,868

1,250

United

Airlines

Inc,

144A

4.625%

4/15/29

Ba1

1,096,875

675

United

Airlines

Inc,

144A

4.375%

4/15/26

Ba1

615,431

7,720

Total

Airlines

7,223,060

Auto

Components

-

1.9%

2,000

Adient

Global

Holdings

Ltd,

144A

4.875%

8/15/26

BB-

1,850,880

1,285

Dana

Inc

4.500%

2/15/32

BB+

1,025,871

4,850

Goodyear

Tire

&

Rubber

Co

(3)

5.000%

7/15/29

BB-

4,347,783

930

Goodyear

Tire

&

Rubber

Co

(3)

5.250%

7/15/31

BB-

801,511

2,300

IHO

Verwaltungs

GmbH(Cash

4.750%,

PIK

5.500%),

144A

4.750%

9/15/26

Ba2

1,983,858

11,365

Total

Auto

Components

10,009,903

Automobiles

-

3.4%

2,000

Ford

Motor

Co

3.250%

2/12/32

BB+

1,562,180

2,570

Ford

Motor

Co

6.100%

8/19/32

BB+

2,502,538

2,610

Ford

Motor

Credit

Co

LLC

4.950%

5/28/27

BB+

2,450,333

3,000

Ford

Motor

Credit

Co

LLC

3.375%

11/13/25

BB+

2,738,790

4,000

Ford

Motor

Credit

Co

LLC

5.113%

5/03/29

BB+

3,696,700

6,000

Ford

Motor

Credit

Co

LLC

2.300%

2/10/25

BB+

5,467,200

20,180

Total

Automobiles

18,417,741

Beverages

-

0.5%

3,175

Primo

Water

Holdings

Inc,

144A

4.375%

4/30/29

B1

2,713,977

Building

Products

-

0.6%

3,200

Advanced

Drainage

Systems

Inc,

144A

6.375%

6/15/30

Ba2

3,096,070

Capital

Markets

-

2.9%

2,000

AG

TTMT

Escrow

Issuer

LLC,

144A

0.000%

9/30/27

B2

2,000,800

2,625

Compass

Group

Diversified

Holdings

LLC,

144A

5.250%

4/15/29

B+

2,234,531

3,000

Hunt

Cos

Inc,

144A

5.250%

4/15/29

BB-

2,535,000

4,625

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

4.375%

2/01/29

BB

3,933,701

1,800

LPL

Holdings

Inc,

144A

4.000%

3/15/29

BB

1,593,756

1,535

NFP

Corp,

144A

7.500%

10/01/30

B1

1,512,052

2,265

NFP

Corp,

144A

6.875%

8/15/28

CCC+

1,861,196

17,850

Total

Capital

Markets

15,671,036

Nuveen

High

Yield

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2022

82

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Chemicals

-

4.1%

$

3,320

ASP

Unifrax

Holdings

Inc,

144A

5.250%

9/30/28

BB

$

2,663,385

2,890

Avient

Corp,

144A

7.125%

8/01/30

BB-

2,853,644

1,800

Axalta

Coating

Systems

LLC,

144A

(3)

3.375%

2/15/29

BB-

1,491,904

2,680

EverArc

Escrow

Sarl,

144A

5.000%

10/30/29

B+

2,295,769

1,640

Olin

Corp

5.000%

2/01/30

BB+

1,488,329

1,000

Olin

Corp

5.125%

9/15/27

BB+

949,155

1,000

Olin

Corp

5.625%

8/01/29

BB+

952,770

80

Rayonier

AM

Products

Inc,

144A

7.625%

1/15/26

B+

75,940

2,750

Trinseo

Materials

Operating

SCA

/

Trinseo

Materials

Finance

Inc,

144A

5.125%

4/01/29

B

1,951,675

1,800

Trinseo

Materials

Operating

SCA

/

Trinseo

Materials

Finance

Inc,

144A

5.375%

9/01/25

B

1,551,384

3,200

Tronox

Inc,

144A

4.625%

3/15/29

BB-

2,661,760

1,265

Univar

Solutions

USA

Inc/Washington,

144A

5.125%

12/01/27

BB+

1,176,450

2,005

WR

Grace

Holdings

LLC,

144A

5.625%

8/15/29

B+

1,583,950

25,430

Total

Chemicals

21,696,115

Commercial

Services

&

Supplies

-

2.5%

3,000

Allied

Universal

Holdco

LLC

/

Allied

Universal

Finance

Corp,

144A

6.625%

7/15/26

B

2,808,870

2,000

Allied

Universal

Holdco

LLC/Allied

Universal

Finance

Corp/

Atlas

Luxco

4

Sarl,

144A

4.625%

6/01/28

B

1,685,251

1,250

Covanta

Holding

Corp,

144A

4.875%

12/01/29

B

1,054,688

3,000

Garda

World

Security

Corp,

144A

4.625%

2/15/27

BB+

2,636,700

3,425

GFL

Environmental

Inc,

144A

4.750%

6/15/29

B-

2,971,187

2,500

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc,

144A

6.250%

1/15/28

B-

2,201,081

15,175

Total

Commercial

Services

&

Supplies

13,357,777

Communications

Equipment

-

0.5%

1,350

Commscope

Inc,

144A

6.000%

3/01/26

B1

1,275,885

1,800

Viasat

Inc,

144A

5.625%

4/15/27

BB+

1,656,000

3,150

Total

Communications

Equipment

2,931,885

Construction

Materials

-

0.3%

1,800

Gates

Global

LLC

/

Gates

Corp,

144A

6.250%

1/15/26

B

1,705,500

Consumer

Finance

-

1.7%

1,975

Navient

Corp

5.500%

3/15/29

Ba3

1,599,824

3,000

Navient

Corp

4.875%

3/15/28

Ba3

2,449,580

2,040

OneMain

Finance

Corp

3.500%

1/15/27

BB

1,682,519

2,850

OneMain

Finance

Corp

4.000%

9/15/30

BB

2,123,528

1,250

OneMain

Finance

Corp

5.375%

11/15/29

BB

1,035,262

11,115

Total

Consumer

Finance

8,890,713

Containers

&

Packaging

-

0.5%

3,000

LABL

Inc,

144A

5.875%

11/01/28

B2

2,610,000

Diversified

Telecommunication

Services

-

3.9%

4,975

Altice

France

SA/France,

144A

5.125%

7/15/29

B

3,779,309

3,500

Cablevision

Lightpath

LLC,

144A

3.875%

9/15/27

B+

3,054,555

1,710

Cogent

Communications

Group

Inc,

144A

7.000%

6/15/27

B

1,634,231

3,000

Frontier

Communications

Holdings

LLC,

144A

5.875%

10/15/27

BB+

2,798,250

4,500

Frontier

Communications

Holdings

LLC,

144A

(3)

6.000%

1/15/30

BB-

3,708,090

3,110

Iliad

Holding

SASU,

144A

7.000%

10/15/28

BB-

2,814,021

2,770

Iliad

Holding

SASU,

144A

6.500%

10/15/26

BB-

2,531,171

700

Virgin

Media

Finance

PLC,

144A

5.000%

7/15/30

B

552,965

24,265

Total

Diversified

Telecommunication

Services

20,872,592

83

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Electric

Utilities

-

0.3%

$

1,800

Bruce

Mansfield

Unit

1

2007

Pass

Through

Trust

(4)

6.850%

6/01/34

N/R

$

2,250

2,000

Vistra

Operations

Co

LLC,

144A

5.000%

7/31/27

BB+

1,861,360

3,800

Total

Electric

Utilities

1,863,610

Electronic

Equipment,

Instruments

&

Components

-

1.3%

8,250

Imola

Merger

Corp,

144A

4.750%

5/15/29

BB+

7,003,956

Energy

Equipment

&

Services

-

1.0%

3,950

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp,

144A

6.250%

4/01/28

B+

3,594,500

1,800

USA

Compression

Partners

LP

/

USA

Compression

Finance

Corp

6.875%

4/01/26

BB-

1,688,130

5,750

Total

Energy

Equipment

&

Services

5,282,630

Entertainment

-

0.3%

2,000

Univision

Communications

Inc,

144A

4.500%

5/01/29

B+

1,749,500

Equity

Real

Estate

Investment

Trusts

-

1.9%

2,700

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC,

144A

3.375%

6/15/26

Baa3

2,343,033

2,000

Iron

Mountain

Inc,

144A

4.875%

9/15/27

BB-

1,835,700

1,815

Iron

Mountain

Information

Management

Services

Inc,

144A

5.000%

7/15/32

BB-

1,506,644

1,755

RLJ

Lodging

Trust

LP,

144A

4.000%

9/15/29

BB-

1,481,731

1,090

RLJ

Lodging

Trust

LP,

144A

3.750%

7/01/26

BB-

977,883

2,500

SBA

Communications

Corp

3.125%

2/01/29

BB-

2,059,812

11,860

Total

Equity

Real

Estate

Investment

Trusts

10,204,803

Food

Products

-

0.5%

1,000

Chobani

LLC

/

Chobani

Finance

Corp

Inc,

144A

4.625%

11/15/28

B1

875,126

1,805

Darling

Ingredients

Inc,

144A

6.000%

6/15/30

BB+

1,807,274

2,805

Total

Food

Products

2,682,400

Gas

Utilities

-

0.8%

2,425

Ferrellgas

LP

/

Ferrellgas

Finance

Corp,

144A

5.375%

4/01/26

B

2,109,750

2,650

Ferrellgas

LP

/

Ferrellgas

Finance

Corp,

144A

5.875%

4/01/29

B

2,159,750

5,075

Total

Gas

Utilities

4,269,500

Health

Care

Equipment

&

Supplies

-

1.2%

2,735

Embecta

Corp,

144A

5.000%

2/15/30

Ba3

2,397,939

1,500

Medline

Borrower

LP,

144A

(3)

5.250%

10/01/29

B-

1,260,630

3,500

Mozart

Debt

Merger

Sub

Inc,

144A

3.875%

4/01/29

BB-

2,966,250

7,735

Total

Health

Care

Equipment

&

Supplies

6,624,819

Health

Care

Providers

&

Services

-

3.9%

1,800

Centene

Corp

2.450%

7/15/28

BBB-

1,518,102

2,000

Centene

Corp

2.500%

3/01/31

BBB-

1,595,840

3,800

Centene

Corp

4.250%

12/15/27

BBB-

3,608,708

2,500

CHS/Community

Health

Systems

Inc,

144A

4.750%

2/15/31

BB-

1,846,000

2,165

Encompass

Health

Corp

4.625%

4/01/31

B+

1,788,108

835

Encompass

Health

Corp

4.750%

2/01/30

B+

714,114

1,750

Global

Medical

Response

Inc,

144A

6.500%

10/01/25

B

1,561,875

1,425

Owens

&

Minor

Inc,

144A

6.625%

4/01/30

BB-

1,316,223

2,000

Tenet

Healthcare

Corp,

144A

6.125%

10/01/28

B+

1,835,000

5,500

Tenet

Healthcare

Corp,

144A

4.625%

6/15/28

BB-

4,999,472

23,775

Total

Health

Care

Providers

&

Services

20,783,442

Hotels,

Restaurants

&

Leisure

-

5.2%

500

1011778

BC

ULC

/

New

Red

Finance

Inc,

144A

4.375%

1/15/28

B+

446,982

1,600

BC

ULC

/

New

Red

Finance

Inc,

144A

3.500%

2/15/29

BB+

1,373,928

Nuveen

High

Yield

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2022

84

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Hotels,

Restaurants

&

Leisure

(continued)

$

4,250

Carnival

Corp,

144A

4.000%

8/01/28

BB-

$

3,543,395

3,050

CDI

Escrow

Issuer

Inc,

144A

5.750%

4/01/30

B+

2,825,794

1,000

Churchill

Downs

Inc,

144A

4.750%

1/15/28

B+

909,650

1,840

Constellation

Merger

Sub

Inc,

144A

8.500%

9/15/25

Caa2

1,656,000

2,300

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co

Inc,

144A

4.625%

1/15/29

B

2,004,289

855

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co

Inc,

144A

6.750%

7/15/30

CCC+

697,201

2,485

Hilton

Grand

Vacations

Borrower

Escrow

LLC

/

Hilton

Grand

Vacations

Borrower

Esc,

144A

5.000%

6/01/29

BB-

2,198,765

2,300

Hilton

Worldwide

Finance

LLC

/

Hilton

Worldwide

Finance

Corp

4.875%

4/01/27

BB+

2,196,500

3,120

International

Game

Technology

PLC,

144A

5.250%

1/15/29

BB+

2,917,169

1,500

Life

Time

Inc,

144A

5.750%

1/15/26

B

1,350,900

2,000

Marriott

Ownership

Resorts

Inc,

144A

4.500%

6/15/29

B+

1,686,190

1,800

Penn

Entertainment

Inc,

144A

5.625%

1/15/27

B

1,646,460

2,460

Yum!

Brands

Inc

5.375%

4/01/32

BB

2,264,418

31,060

Total

Hotels,

Restaurants

&

Leisure

27,717,641

Household

Durables

-

0.2%

1,350

Newell

Brands

Inc

5.625%

4/01/36

BBB-

1,209,060

Independent

Power

Producers

&

Energy

Traders

-

1.4%

1,850

Clearway

Energy

Operating

LLC,

144A

4.750%

3/15/28

BB

1,732,063

1,800

TerraForm

Power

Operating

LLC,

144A

4.750%

1/15/30

BB-

1,593,639

2,600

TerraForm

Power

Operating

LLC,

144A

5.000%

1/31/28

BB-

2,383,078

2,000

Ziggo

Bond

Co

BV,

144A

6.000%

1/15/27

B-

1,801,570

8,250

Total

Independent

Power

Producers

&

Energy

Traders

7,510,350

Insurance

-

1.7%

3,700

Acrisure

LLC

/

Acrisure

Finance

Inc,

144A

4.250%

2/15/29

B

3,137,469

2,000

AmWINS

Group

Inc,

144A

4.875%

6/30/29

B-

1,740,054

2,920

BroadStreet

Partners

Inc,

144A

5.875%

4/15/29

CCC+

2,407,791

2,000

Ryan

Specialty

Group

LLC,

144A

4.375%

2/01/30

BB-

1,802,500

10,620

Total

Insurance

9,087,814

IT

Services

-

1.3%

2,895

Ahead

DB

Holdings

LLC,

144A

6.625%

5/01/28

CCC+

2,598,244

1,500

CA

Magnum

Holdings,

144A

5.375%

10/31/26

BB-

1,353,750

2,100

MPH

Acquisition

Holdings

LLC,

144A

5.500%

9/01/28

Ba3

1,790,250

1,425

Presidio

Holdings

Inc,

144A

8.250%

2/01/28

CCC+

1,286,490

7,920

Total

IT

Services

7,028,734

Media

-

6.6%

2,025

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp,

144A

4.500%

8/15/30

BB+

1,702,974

2,250

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp,

144A

5.000%

2/01/28

BB+

2,056,095

5,650

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4.500%

5/01/32

BB+

4,584,862

6,000

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp,

144A

6.375%

9/01/29

BB+

5,827,500

2,250

CSC

Holdings

LLC,

144A

3.375%

2/15/31

BB

1,685,160

3,800

DISH

DBS

Corp

5.875%

11/15/24

B

3,439,000

1,500

Gray

Escrow

Inc,

144A

5.375%

11/15/31

BB-

1,267,770

2,000

iHeartCommunications

Inc

6.375%

5/01/26

BB-

1,888,960

2,420

iHeartCommunications

Inc,

144A

4.750%

1/15/28

BB-

2,076,796

2,000

LCPR

Senior

Secured

Financing

DAC,

144A

6.750%

10/15/27

BB+

1,887,680

3,400

LCPR

Senior

Secured

Financing

DAC,

144A

5.125%

7/15/29

BB+

2,924,000

1,150

News

Corp,

144A

5.125%

2/15/32

BB+

1,058,000

1,850

Sirius

XM

Radio

Inc,

144A

4.000%

7/15/28

BB

1,611,859

4,000

VZ

Secured

Financing

BV,

144A

5.000%

1/15/32

BB

3,290,120

40,295

Total

Media

35,300,776

85

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Metals

&

Mining

-

2.7%

$

2,000

First

Quantum

Minerals

Ltd,

144A

6.875%

3/01/26

B+

$

1,919,370

431

First

Quantum

Minerals

Ltd,

144A

6.500%

3/01/24

B+

426,690

3,000

FMG

Resources

August

2006

Pty

Ltd,

144A

5.875%

4/15/30

BB+

2,767,500

2,170

Mineral

Resources

Ltd,

144A

8.500%

5/01/30

BB

2,185,884

2,000

Novelis

Corp,

144A

3.250%

11/15/26

BB

1,780,000

3,000

Novelis

Corp,

144A

4.750%

1/30/30

BB

2,610,000

3,145

SunCoke

Energy

Inc,

144A

4.875%

6/30/29

BB

2,609,878

15,746

Total

Metals

&

Mining

14,299,322

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.8%

1,550

Blackstone

Mortgage

Trust

Inc,

144A

3.750%

1/15/27

Ba2

1,348,732

2,325

Starwood

Property

Trust

Inc,

144A

4.375%

1/15/27

BB+

2,069,250

750

Starwood

Property

Trust

Inc,

144A

3.750%

12/31/24

BB+

698,853

4,625

Total

Mortgage

Real

Estate

Investment

Trusts

(REITs)

4,116,835

Oil,

Gas

&

Consumable

Fuels

-

13.1%

1,835

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp,

144A

5.375%

6/15/29

BB

1,682,530

1,000

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp,

144A

5.750%

3/01/27

BB

947,500

2,000

Apache

Corp

5.100%

9/01/40

BBB-

1,700,000

935

Ascent

Resources

Utica

Holdings

LLC

/

ARU

Finance

Corp,

144A

7.000%

11/01/26

B+

909,288

2,750

Buckeye

Partners

LP,

144A

4.500%

3/01/28

BB

2,434,740

2,855

Callon

Petroleum

Co,

144A

7.500%

6/15/30

B+

2,640,875

1,710

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp,

144A

8.125%

1/15/27

B-

1,647,182

1,530

CNX

Midstream

Partners

LP,

144A

4.750%

4/15/30

BB

1,291,611

4,000

Crestwood

Midstream

Partners

LP

/

Crestwood

Midstream

Finance

Corp,

144A

6.000%

2/01/29

BB

3,695,000

3,250

DT

Midstream

Inc,

144A

4.125%

6/15/29

BB+

2,853,435

2,900

Energean

Israel

Finance

Ltd,

Reg

S,

144A

5.875%

3/30/31

BB-

2,513,485

1,950

EnLink

Midstream

LLC,

144A

5.625%

1/15/28

BB+

1,873,268

1,960

EnLink

Midstream

LLC,

144A

6.500%

9/01/30

BB+

1,950,200

1,840

EQM

Midstream

Partners

LP,

144A

6.500%

7/01/27

BB

1,776,058

3,075

EQM

Midstream

Partners

LP,

144A

4.750%

1/15/31

BB

2,659,444

1,625

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp

8.000%

1/15/27

B

1,539,687

2,000

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp

6.500%

10/01/25

B

1,860,620

2,930

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co,

144A

6.000%

2/01/31

BB+

2,649,087

575

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co,

144A

5.750%

2/01/29

BB+

523,413

1,520

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co,

144A

6.250%

4/15/32

BB+

1,362,439

1,215

Holly

Energy

Partners

LP

/

Holly

Energy

Finance

Corp,

144A

6.375%

4/15/27

BB+

1,182,393

2,205

Kinetik

Holdings

LP,

144A

5.875%

6/15/30

BB+

2,097,639

2,050

Laredo

Petroleum

Inc

9.500%

1/15/25

B

2,057,431

2,750

Matador

Resources

Co

5.875%

9/15/26

BB-

2,691,837

1,975

MEG

Energy

Corp,

144A

5.875%

2/01/29

BB-

1,836,750

1,850

Murphy

Oil

Corp

(3)

6.375%

7/15/28

BB+

1,821,806

1,850

Murphy

Oil

Corp

7.050%

5/01/29

BB+

1,803,318

2,165

New

Fortress

Energy

Inc,

144A

6.500%

9/30/26

BB-

2,051,013

2,075

NGL

Energy

Operating

LLC

/

NGL

Energy

Finance

Corp,

144A

7.500%

2/01/26

B+

1,898,625

2,000

Occidental

Petroleum

Corp

6.625%

9/01/30

BB+

2,136,600

1,500

Occidental

Petroleum

Corp

8.875%

7/15/30

BB+

1,752,300

2,150

Occidental

Petroleum

Corp

6.450%

9/15/36

BB+

2,297,683

3,150

Parkland

Corp/Canada,

144A

4.625%

5/01/30

BB

2,703,936

620

SM

Energy

Co

(3)

6.500%

7/15/28

BB-

597,060

1,400

SM

Energy

Co

(3)

5.625%

6/01/25

BB-

1,361,500

1,500

Sunoco

LP

/

Sunoco

Finance

Corp

4.500%

5/15/29

BB+

1,274,383

2,000

Western

Midstream

Operating

LP

4.550%

2/01/30

BBB-

1,805,000

74,695

Total

Oil,

Gas

&

Consumable

Fuels

69,879,136

Nuveen

High

Yield

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2022

86

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Personal

Products

-

1.0%

$

4,050

Coty

Inc/HFC

Prestige

Products

Inc/HFC

Prestige

International

US

LLC,

144A

4.750%

1/15/29

BB-

$

3,583,602

2,350

Kronos

Acquisition

Holdings

Inc

/

KIK

Custom

Products

Inc,

144A

(3)

7.000%

12/31/27

CCC

1,938,750

6,400

Total

Personal

Products

5,522,352

Pharmaceuticals

-

1.6%

2,250

Horizon

Therapeutics

USA

Inc,

144A

5.500%

8/01/27

Ba2

2,155,388

1,750

Jazz

Securities

DAC,

144A

4.375%

1/15/29

BB+

1,578,045

3,000

ORGANON

&

CO/ORG,

144A

4.125%

4/30/28

BB

2,691,510

2,600

Teva

Pharmaceutical

Finance

Netherlands

III

BV

4.750%

5/09/27

Ba2

2,274,177

9,600

Total

Pharmaceuticals

8,699,120

Professional

Services

-

0.2%

1,200

Clarivate

Science

Holdings

Corp,

144A

3.875%

7/01/28

B1

1,027,204

Real

Estate

Management

&

Development

-

0.9%

2,000

Cushman

&

Wakefield

US

Borrower

LLC,

144A

6.750%

5/15/28

BB

1,982,500

1,750

Kennedy-Wilson

Inc

5.000%

3/01/31

BB

1,439,112

1,675

Kennedy-Wilson

Inc

4.750%

3/01/29

BB

1,397,587

5,425

Total

Real

Estate

Management

&

Development

4,819,199

Road

&

Rail

-

0.6%

1,335

First

Student

Bidco

Inc

/

First

Transit

Parent

Inc,

144A

4.000%

7/31/29

BB+

1,152,319

2,000

United

Rentals

North

America

Inc

5.500%

5/15/27

BB+

1,980,610

3,335

Total

Road

&

Rail

3,132,929

Semiconductors

&

Semiconductor

Equipment

-

0.4%

2,500

Entegris

Escrow

Corp

4.750%

4/15/29

N/R

2,299,100

Software

-

0.4%

900

Condor

Merger

Sub

Inc,

144A

7.375%

2/15/30

CCC+

751,410

1,875

Rocket

Software

Inc,

144A

6.500%

2/15/29

CCC

1,443,750

2,775

Total

Software

2,195,160

Specialty

Retail

-

2.3%

1,850

Asbury

Automotive

Group

Inc,

144A

5.000%

2/15/32

BB

1,545,027

2,190

Builders

FirstSource

Inc,

144A

6.375%

6/15/32

Ba2

2,031,225

1,590

LCM

Investments

Holdings

II

LLC,

144A

4.875%

5/01/29

BB-

1,327,339

2,575

Michaels

Cos

Inc,

144A

5.250%

5/01/28

B1

1,974,253

1,175

Michaels

Cos

Inc,

144A

(3)

7.875%

5/01/29

CCC+

781,375

2,800

Staples

Inc,

144A

(3)

10.750%

4/15/27

CCC+

2,058,000

3,250

Staples

Inc,

144A

7.500%

4/15/26

B

2,746,445

15,430

Total

Specialty

Retail

12,463,664

Technology

Hardware,

Storage

&

Peripherals

-

0.2%

1,300

NCR

Corp,

144A

6.125%

9/01/29

BB-

1,239,600

Textiles,

Apparel

&

Luxury

Goods

-

0.7%

1,850

Crocs

Inc,

144A

4.250%

3/15/29

B

1,510,347

2,490

Wolverine

World

Wide

Inc,

144A

(3)

4.000%

8/15/29

BB-

2,026,858

4,340

Total

Textiles,

Apparel

&

Luxury

Goods

3,537,205

Thrifts

&

Mortgage

Finance

-

0.5%

2,000

Rocket

Mortgage

LLC

/

Quicken

Loans

Co-Issuer

Inc,

144A

3.625%

3/01/29

BB+

1,610,000

1,000

Rocket

Mortgage

LLC

/

Quicken

Loans

Co-Issuer

Inc,

144A

2.875%

10/15/26

BB+

840,000

3,000

Total

Thrifts

&

Mortgage

Finance

2,450,000

87

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Trading

Companies

&

Distributors

-

1.5%

$

2,965

Albion

Financing

1

SARL

/

Aggreko

Holdings

Inc,

144A

6.125%

10/15/26

BB+

$

2,640,603

2,000

Albion

Financing

2SARL,

144A

8.750%

4/15/27

BB-

1,805,465

2,000

H&E

Equipment

Services

Inc,

144A

3.875%

12/15/28

BB-

1,689,760

2,000

WESCO

Distribution

Inc,

144A

7.250%

6/15/28

BB

2,016,520

8,965

Total

Trading

Companies

&

Distributors

8,152,348

Wireless

Telecommunication

Services

-

2.2%

2,000

Sprint

Corp

7.875%

9/15/23

Baa3

2,060,600

5,000

Sprint

Corp

7.625%

3/01/26

Baa3

5,288,122

2,700

T-Mobile

USA

Inc

4.750%

2/01/28

BBB-

2,640,870

1,935

Vmed

O2

UK

Financing

I

PLC,

144A

4.750%

7/15/31

BB+

1,592,747

11,635

Total

Wireless

Telecommunication

Services

11,582,339

$

501,086

Total

Corporate

Bonds

(cost

$489,816,382)

444,157,901

Principal

Amount

(000)

Description

(1)

Coupon

(5)

Reference

Rate

(5)

Spread

(5)

Maturity

(6)

Ratings

(2)

Value

X

40,216,961

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

-

7.5%

(5)

X

40,216,961

Beverages

-

0.3%

$

1,662

Triton

Water

Holdings,

Inc,

Term

Loan

5.750%

3-Month

LIBOR

3.500%

3/31/28

B1

$

1,564,129

Commercial

Services

&

Supplies

-

0.4%

1,995

Prime

Security

Services

Borrower,

LLC,

Term

Loan

5.107%

1-Month

LIBOR

2.750%

9/23/26

BB-

1,953,804

Communications

Equipment

-

0.3%

1,845

CommScope,

Inc.,

Term

Loan

B

5.774%

1-Month

LIBOR

3.250%

4/04/26

B1

1,774,620

1,845

Total

Communications

Equipment

1,774,620

Diversified

Consumer

Services

-

0.3%

1,422

Spin

Holdco

Inc.,

Term

Loan

5.611%

3-Month

LIBOR

4.000%

3/04/28

B-

1,339,823

Diversified

Telecommunication

Services

-

0.3%

1,745

Cyxtera

DC

Holdings,

Inc.,

Term

Loan

B

5.790%

3-Month

LIBOR

3.000%

5/01/24

B

1,693,507

Health

Care

Providers

&

Services

-

0.8%

2,498

Surgery

Center

Holdings,

Inc.,

Term

Loan

6.140%

1-Month

LIBOR

3.750%

8/31/26

B1

2,432,183

2,000

US

Radiology

Specialists,

Inc.,

Term

Loan

7.563%

3-Month

LIBOR

5.250%

12/15/27

B-

1,918,113

4,498

Total

Health

Care

Providers

&

Services

4,350,296

Hotels,

Restaurants

&

Leisure

-

0.4%

382

24

Hour

Fitness

Worldwide,

Inc.,

Exit

Term

Loan

7.232%

3-Month

LIBOR

5.000%

12/29/25

CCC-

120,904

151

24

Hour

Fitness

Worldwide,

Inc.,

Exit

Term

Loan

12.000%

3-Month

LIBOR

12.000%

9/29/26

Caa3

147,712

1,995

Fertitta

Entertainment,

LLC,

Term

Loan

B

6.455%

SOFR30A

4.000%

1/27/29

B

1,922,811

2,528

Total

Hotels,

Restaurants

&

Leisure

2,191,427

Nuveen

High

Yield

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2022

88

Principal

Amount

(000)

Description

(1)

Coupon

(5)

Reference

Rate

(5)

Spread

(5)

Maturity

(6)

Ratings

(2)

Value

Interactive

Media

&

Services

-

0.2%

$

1,059

Getty

Images,

Inc.,

Term

Loan

B

7.625%

3-Month

LIBOR

4.500%

2/19/26

B1

$

1,052,977

Media

-

1.0%

5,613

DirecTV

Financing,

LLC,

Term

Loan

7.524%

1-Month

LIBOR

5.000%

8/02/27

BBB-

5,385,618

5,613

Total

Media

5,385,618

Paper

&

Forest

Products

-

0.4%

2,228

Sylvamo

Corporation,

Term

Loan

B

7.024%

1-Month

LIBOR

4.500%

9/13/28

BB+

2,172,354

Personal

Products

-

1.0%

7,214

Revlon

Consumer

Products

Corporation,

Term

Loan

B(4),(7)

5.576%

6-Month

LIBOR

3.500%

9/07/23

N/R

5,170,564

Professional

Services

-

0.4%

2,157

Verscend

Holding

Corp.,

Term

Loan

B

6.524%

1-Month

LIBOR

4.000%

8/27/25

BB-

2,147,273

Software

-

1.0%

1,746

Camelot

U.S.

Acquisition

LLC,

Term

Loan

B

5.524%

1-Month

LIBOR

3.000%

10/31/26

B1

1,708,711

2,000

McAfee,

LLC,

Term

Loan

B

6.157%

SOFR30A

3.750%

2/03/29

BB+

1,903,750

1,750

Nortonlifelock

Inc,

Term

Loan

B,

(WI/DD)

TBD

TBD

TBD

TBD

BBB-

1,702,750

5,496

Total

Software

5,315,211

Specialty

Retail

-

0.4%

2,558

PECF

USS

Intermediate

Holding

III

Corporation,

Term

Loan

B

6.774%

1-Month

LIBOR

4.250%

11/04/28

B2

2,389,947

Wireless

Telecommunication

Services

-

0.3%

1,746

GOGO

Intermediate

Holdings

LLC,

Term

Loan

B

6.556%

3-Month

LIBOR

3.750%

4/30/28

B+

1,715,411

$

43,766

Total

Variable

Rate

Senior

Loan

Interests

(cost

$42,105,882)

40,216,961

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

X

6,499,896

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

1.2%

X

6,499,896

Electric

Utilities

-

0.5%

$

2,725

Edison

International

5.375%

N/A

(8)

BB+

$

2,438,875

Independent

Power

Producers

&

Energy

Traders

-

0.3%

1,800

Vistra

Corp,

144A

7.000%

N/A

(8)

Ba3

1,660,536

Oil,

Gas

&

Consumable

Fuels

-

0.4%

2,600

Energy

Transfer

LP

6.500%

N/A

(8)

BB

2,400,485

$

7,125

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$7,091,253)

6,499,896

89

Shares

Description

(1)

Value

X

3,061,208

COMMON

STOCKS

-

0.6%

X

3,061,208

Hotels,

Restaurants

&

Leisure

-

0.0%

86,730

24

Hour

Fitness

Worldwide

Inc

(9),(10)

$

65,048

182,331

24

Hour

Fitness

Worldwide

Inc

(9),(10)

23,156

Total

Hotels,

Restaurants

&

Leisure

88,204

Independent

Power

and

Renewable

Electricity

Producers

-

0.6%

38,861

Energy

Harbor

Corp

(9),(10)

2,972,866

Internet

&

Direct

Marketing

Retail

-

0.0%

652

Catalina

Marketing

Corp

(9),(10)

138

Total

Common

Stocks

(cost

$3,655,505)

3,061,208

Shares

Description

(1)

Value

1,910,159

WARRANTS

-

0.4%

X

1,910,159

Energy

Equipment

&

Services

-

0.4%

13,860

Fieldwood

Energy

LLC

(9)

$

1,603,145

36,435

Fieldwood

Energy

LLC

(9)

163,957

18,918

Fieldwood

Energy

LLC

(9)

141,885

Total

Energy

Equipment

&

Services

1,908,987

Software

-

0.0%

45,063

Avaya

Holdings

Corp

(9)

1,172

Total

Warrants

(cost

$5,005,088)

1,910,159

Total

Long-Term

Investments

(cost

$547,674,110)

495,846,125

Shares

Description

(1)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

 3.0  %

15,820,798

MONEY

MARKET

FUNDS

-

3.0%

X

15,820,798

15,820,798

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

(11)

2.300%(12)

$

15,820,798

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$15,820,798)

15,820,798

Shares

Description

(1)

Coupon

Value

SHORT-TERM

INVESTMENTS

-

  5.9% 

31,582,470

INVESTMENT

COMPANIES

-

5.9%

31,582,470

31,582,470

BlackRock

Liquidity

Funds

T-Fund

1.346%(13)

$

31,582,470

Total

Investment

Companies

(cost

$31,582,470)

31,582,470

Total

Short-Term

Investments

(cost

$31,582,470)

31,582,470

Total

Investments

(cost

$595,077,378

)

-

101.5%

543,249,393

Other

Assets

Less

Liabilities

-   (1.5)%

(7,832,406)

Net

Assets

-

100%

$

535,416,987

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.

(2)

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.

(3)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$15,084,535.

(4)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

Nuveen

High

Yield

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2022

90

(5)

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.

(6)

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.

(7)

Investment

valued

at

fair

value

using

methods

determined

in

good

faith

by,

or

at

the

discretion

of,

the

Board.

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(8)

Perpetual

security.

Maturity

date

is

not

applicable.

(9)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

2.

(10)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(11)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

market

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

market

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(12)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

(13)

The

rate

shown

is

the

annualized

seven-day

subsidized

yield

as

of

end

of

the

reporting

period.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

DD1

Portion

of

investment

purchased

on

a

delayed

delivery

basis.

LIBOR

London

Inter-Bank

Offered

Rate

N/A

Not

Applicable.

Reg

S

Regulation

S

allows

U.S.

companies

to

sell

securities

to

persons

or

entities

located

outside

of

the

United

States

without

registering

those

securities

with

the

Securities

and

Exchange

Commission.

Specifically,

Regulation

S

provides

a

safe

harbor

from

the

registration

requirements

of

the

Securities

Act

for

the

offers

and

sales

of

securities

by

both

foreign

and

domestic

issuers

that

are

made

outside

the

United

States.

SOFR

30A

30

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

WI/DD

Purchased

on

a

when-issued

or

delayed

delivery

basis.

See

accompanying

notes

to

financial

statements

91

Nuveen

Preferred

Securities

and

Income

Fund

Portfolio

of

Investments

August

31,

2022

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

LONG-TERM

INVESTMENTS

-

98.6%   

X

2,493,512,642

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

48.7%

X

2,493,512,642

Automobiles

-

1.5%

$

54,118

General

Motors

Financial

Co

Inc

(3)

5.750%

N/A

(4)

BB+

$

47,691,487

31,084

General

Motors

Financial

Co

Inc

5.700%

N/A

(4)

BB+

28,847,169

85,202

Total

Automobiles

76,538,656

Banks

-

18.8%

23,600

Bank

of

America

Corp

6.250%

N/A

(4)

BBB+

23,324,524

13,651

Bank

of

America

Corp

6.100%

N/A

(4)

BBB+

13,522,995

18,745

Bank

of

America

Corp

4.375%

N/A

(4)

BBB+

16,065,777

30,756

Bank

of

America

Corp

6.300%

N/A

(4)

BBB+

31,332,675

21,626

Bank

of

America

Corp

(3)

6.500%

N/A

(4)

BBB+

21,761,162

36,431

Citigroup

Inc

5.000%

N/A

(4)

BBB-

33,884,473

50,287

Citigroup

Inc

5.950%

N/A

(4)

BBB-

48,188,048

47,169

Citigroup

Inc

6.300%

N/A

(4)

BBB-

45,518,085

21,595

Citigroup

Inc

(3)

6.250%

N/A

(4)

BBB-

21,431,958

15,994

Citigroup

Inc

4.150%

N/A

(4)

BBB-

13,551,716

20,295

Citizens

Financial

Group

Inc

4.000%

N/A

(4)

BB+

17,295,027

5,846

Citizens

Financial

Group

Inc

6.375%

N/A

(4)

BB+

5,337,349

33,000

CoBank

ACB

6.450%

N/A

(4)

BBB+

33,577,500

23,396

CoBank

ACB

6.250%

N/A

(4)

BBB+

23,284,563

5,865

Commerzbank

AG,

144A

8.125%

9/19/23

Baa3

5,990,210

29,665

Farm

Credit

Bank

of

Texas,

144A

5.700%

N/A

(4)

Baa1

28,395,635

14,461

Fifth

Third

Bancorp

(3)

4.500%

N/A

(4)

Baa3

13,730,379

17,141

First

Citizens

BancShares

Inc/NC

(3-Month

LIBOR

reference

rate

+

3.972%

spread)

(5)

5.801%

N/A

(4)

BB-

16,263,268

965

Goldman

Sachs

Group

Inc

4.400%

N/A

(4)

BB+

853,060

10,510

Goldman

Sachs

Group

Inc

3.800%

N/A

(4)

BBB-

8,697,025

9,768

HSBC

Capital

Funding

Dollar

1

LP,

144A

10.176%

N/A

(4)

BBB

13,046,284

26,515

Huntington

Bancshares

Inc/OH

(3)

5.625%

N/A

(4)

Baa3

25,719,550

21,887

JPMorgan

Chase

&

Co

(3)

3.650%

N/A

(4)

BBB+

18,986,972

23,045

JPMorgan

Chase

&

Co

6.100%

N/A

(4)

BBB+

22,686,650

66,161

JPMorgan

Chase

&

Co

6.750%

N/A

(4)

BBB+

66,562,984

37,473

JPMorgan

Chase

&

Co

5.000%

N/A

(4)

BBB+

34,662,525

12,491

KeyCorp

5.000%

N/A

(4)

Baa3

11,489,011

8,046

M&T

Bank

Corp

6.450%

N/A

(4)

Baa2

7,965,540

14,785

M&T

Bank

Corp

3.500%

N/A

(4)

Baa2

11,877,594

9,548

M&T

Bank

Corp

5.125%

N/A

(4)

Baa2

8,847,624

16,242

PNC

Financial

Services

Group

Inc

(3-Month

LIBOR

reference

rate

+

3.678%

spread)

(5)

3.804%

N/A

(4)

Baa2

16,091,835

12,190

PNC

Financial

Services

Group

Inc

6.200%

N/A

(4)

Baa2

12,005,931

23,815

PNC

Financial

Services

Group

Inc

(3)

6.000%

N/A

(4)

Baa2

23,160,087

16,330

PNC

Financial

Services

Group

Inc/The

3.400%

N/A

(4)

Baa2

13,194,640

12,879

PNC

Financial

Services

Group

Inc/The

5.000%

N/A

(4)

Baa2

11,789,876

14,453

Regions

Financial

Corp

(3)

5.750%

N/A

(4)

Baa3

14,577,296

4,675

SVB

Financial

Group

4.700%

N/A

(4)

Baa2

3,621,852

5,752

SVB

Financial

Group

4.100%

N/A

(4)

Baa2

4,317,323

8,655

SVB

Financial

Group

4.000%

N/A

(4)

Baa2

7,000,533

10,446

Truist

Financial

Corp

(3-Month

LIBOR

reference

rate

+

3.102%

spread)

(3),(5)

4.931%

N/A

(4)

Baa2

9,801,143

55,096

Truist

Financial

Corp

4.800%

N/A

(4)

Baa2

51,181,323

20,271

Truist

Financial

Corp

5.100%

N/A

(4)

Baa2

19,206,772

52,005

Wells

Fargo

&

Co

3.900%

N/A

(4)

Baa2

45,829,406

51,924

Wells

Fargo

&

Co

5.875%

N/A

(4)

Baa2

51,662,910

13,263

Wells

Fargo

&

Co

5.900%

N/A

(4)

Baa2

12,477,186

Nuveen

Preferred

Securities

and

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2022

92

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Banks

(continued)

$

6,580

Wells

Fargo

&

Co

7.950%

11/15/29

Baa1

$

7,628,186

7,645

Zions

Bancorp

NA

7.200%

N/A

(4)

BB+

7,721,450

7,490

Zions

Bancorp

NA

5.800%

N/A

(4)

BB+

7,126,426

1,010,428

Total

Banks

962,244,338

Capital

Markets

-

2.3%

7,300

Bank

of

New

York

Mellon

Corp

4.700%

N/A

(4)

Baa1

7,176,192

8,010

Charles

Schwab

Corp

(3-Month

LIBOR

reference

rate

+

4.820%

spread)

(5)

7.602%

N/A

(4)

BBB

7,992,852

9,210

Charles

Schwab

Corp

4.000%

N/A

(4)

BBB

7,920,600

28,486

Charles

Schwab

Corp

5.375%

N/A

(4)

BBB

28,307,963

25,800

Goldman

Sachs

Group

Inc

5.300%

N/A

(4)

BBB-

24,894,431

35,798

Goldman

Sachs

Group

Inc

5.500%

N/A

(4)

BBB-

35,361,264

8,925

Goldman

Sachs

Group

Inc

4.125%

N/A

(4)

BBB-

7,644,709

123,529

Total

Capital

Markets

119,298,011

Communications

Equipment

-

0.2%

12,580

Vodafone

Group

PLC

4.125%

6/04/81

BB+

9,869,010

Consumer

Finance

-

1.6%

22,925

Ally

Financial

Inc

4.700%

N/A

(4)

Ba2

17,808,871

24,980

Ally

Financial

Inc

4.700%

N/A

(4)

Ba2

20,607,353

15,930

American

Express

Co

3.550%

N/A

(4)

Baa2

13,679,888

20,795

Capital

One

Financial

Corp

(3)

3.950%

N/A

(4)

Baa3

17,660,381

4,705

Discover

Financial

Services

(3)

6.125%

N/A

(4)

Ba2

4,767,506

8,000

Discover

Financial

Services

5.500%

N/A

(4)

Ba2

6,894,305

97,335

Total

Consumer

Finance

81,418,304

Diversified

Financial

Services

-

2.3%

20,560

American

AgCredit

Corp,

144A

5.250%

N/A

(4)

BB+

19,223,600

13,295

Capital

Farm

Credit

ACA,

144A

5.000%

N/A

(4)

BB

11,865,787

3,955

Citigroup

Capital

III

7.625%

12/01/36

Baa3

4,557,493

33

Compeer

Financial

ACA,

144A

6.750%

N/A

(4)

BB+

32,813,250

6,700

Compeer

Financial

ACA,

144A

4.875%

N/A

(4)

BB+

5,912,754

25,209

Equitable

Holdings

Inc

(3)

4.950%

N/A

(4)

BBB-

24,523,395

21,248

Voya

Financial

Inc

(3)

6.125%

N/A

(4)

BBB-

20,691,937

91,000

Total

Diversified

Financial

Services

119,588,216

Electric

Utilities

-

1.8%

16,285

American

Electric

Power

Co

Inc

3.875%

2/15/62

BBB

13,856,403

13,929

Edison

International

5.000%

N/A

(4)

BB+

11,948,635

8,247

Edison

International

5.375%

N/A

(4)

BB+

7,381,065

6,963

Electricite

de

France

SA,

144A

5.250%

N/A

(4)

BBB-

6,701,632

39,449

Emera

Inc

6.750%

6/15/76

BB+

39,840,729

10,225

Southern

Co

4.000%

1/15/51

BBB-

9,467,736

95,098

Total

Electric

Utilities

89,196,200

Food

Products

-

2.8%

13,835

Dairy

Farmers

of

America

Inc,

144A

7.125%

N/A

(4)

BB+

12,866,550

44,310

Land

O'

Lakes

Inc,

144A

8.000%

N/A

(4)

BB

44,420,775

46,321

Land

O'

Lakes

Inc,

144A

7.000%

N/A

(4)

BB

44,236,555

40,847

Land

O'

Lakes

Inc,

144A

7.250%

N/A

(4)

BB

39,111,003

145,313

Total

Food

Products

140,634,883

Independent

Power

Producers

&

Energy

Traders

-

0.7%

13,450

AES

Andes

SA,

144A

6.350%

10/07/79

BB

12,464,296

7,705

AES

Andes

SA,

144A

7.125%

3/26/79

BB

7,289,547

10,900

Vistra

Corp,

144A

7.000%

N/A

(4)

Ba3

10,055,468

93

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Independent

Power

Producers

&

Energy

Traders

(continued)

$

7,395

Vistra

Corp,

144A

8.000%

N/A

(4)

Ba3

$

7,080,712

39,450

Total

Independent

Power

Producers

&

Energy

Traders

36,890,023

Industrial

Conglomerates

-

1.0%

53,672

General

Electric

Co

(3-Month

LIBOR

reference

rate

+

3.330%

spread)

(5)

5.159%

N/A

(4)

BBB-

50,760,294

Insurance

-

9.1%

9,895

Aegon

NV

5.500%

4/11/48

Baa1

9,404,206

9,025

American

International

Group

Inc

5.750%

4/01/48

BBB-

8,550,582

47,922

Assurant

Inc

7.000%

3/27/48

Baa3

48,197,136

66,640

Assured

Guaranty

Municipal

Holdings

Inc,

144A

6.400%

12/15/66

BBB+

63,474,600

12,610

AXIS

Specialty

Finance

LLC

4.900%

1/15/40

BBB

10,781,550

15,804

Enstar

Finance

LLC

5.750%

9/01/40

BBB-

14,690,434

17,288

Enstar

Finance

LLC

5.500%

1/15/42

BBB-

14,729,376

13,545

Fidelis

Insurance

Holdings

Ltd,

144A

6.625%

4/01/41

BB+

13,206,375

9,234

Legal

&

General

Group

PLC,

Reg

S

5.250%

3/21/47

A3

8,890,403

33,078

Markel

Corp

(3)

6.000%

N/A

(4)

BBB-

32,921,763

24,448

MetLife

Inc,

144A

9.250%

4/08/38

BBB

29,169,336

7,470

MetLife

Inc

3.850%

N/A

(4)

BBB

6,938,899

6,931

MetLife

Inc

5.875%

N/A

(4)

BBB

6,794,319

15,099

PartnerRe

Finance

B

LLC

4.500%

10/01/50

Baa1

13,575,856

24,242

Provident

Financing

Trust

I

7.405%

3/15/38

BB+

26,016,610

7,115

Prudential

Financial

Inc

5.125%

3/01/52

BBB+

6,608,559

3,085

Prudential

Financial

Inc

3.700%

10/01/50

BBB+

2,676,237

20,951

QBE

Insurance

Group

Ltd,

144A

(3)

5.875%

N/A

(4)

Baa2

20,346,676

41,288

QBE

Insurance

Group

Ltd,

144A

(3)

7.500%

11/24/43

Baa1

42,062,150

14,681

QBE

Insurance

Group

Ltd,

Reg

S

6.750%

12/02/44

BBB

14,772,022

66,824

SBL

Holdings

Inc,

144A

7.000%

N/A

(4)

BB

55,798,040

20,030

SBL

Holdings

Inc,

144A

6.500%

N/A

(4)

BB

15,673,475

487,205

Total

Insurance

465,278,604

Media

-

0.2%

12,628

Paramount

Global

6.375%

3/30/62

Baa3

11,616,274

Multi-Utilities

-

1.7%

12,930

Algonquin

Power

&

Utilities

Corp

4.750%

1/18/82

BB+

11,194,535

35,086

CenterPoint

Energy

Inc

(3)

6.125%

N/A

(4)

BBB-

32,643,556

9,789

CMS

Energy

Corp

4.750%

6/01/50

BBB-

8,981,408

6,839

NiSource

Inc

5.650%

N/A

(4)

BBB-

6,360,270

14,740

Sempra

Energy

4.125%

4/01/52

BBB-

12,384,365

17,730

Sempra

Energy

4.875%

N/A

(4)

BBB-

17,126,608

97,114

Total

Multi-Utilities

88,690,742

Oil,

Gas

&

Consumable

Fuels

-

1.7%

11,854

Enbridge

Inc

6.000%

1/15/77

BBB-

11,294,130

21,437

Enbridge

Inc

5.750%

7/15/80

BBB-

20,132,993

4,735

Enbridge

Inc

5.500%

7/15/77

BBB-

4,332,405

17,442

Energy

Transfer

LP

6.500%

N/A

(4)

BB

16,103,561

5,895

Energy

Transfer

LP

7.125%

N/A

(4)

BB

5,364,163

9,480

MPLX

LP

(3)

6.875%

N/A

(4)

BB+

9,142,933

10,750

Transcanada

Trust

5.500%

9/15/79

BBB

9,888,199

13,285

Transcanada

Trust

5.600%

3/07/82

BBB

12,308,744

94,878

Total

Oil,

Gas

&

Consumable

Fuels

88,567,128

Trading

Companies

&

Distributors

-

2.4%

47,150

AerCap

Global

Aviation

Trust,

144A

6.500%

6/15/45

BB+

44,866,997

22,977

AerCap

Holdings

NV

(3)

5.875%

10/10/79

BB+

20,811,678

12,455

Air

Lease

Corp

4.650%

N/A

(4)

BB+

10,827,863

Nuveen

Preferred

Securities

and

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2022

94

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Trading

Companies

&

Distributors

(continued)

$

15,564

ILFC

E-Capital

Trust

I,

144A

4.850%

12/21/65

B+

$

11,050,440

50,949

ILFC

E-Capital

Trust

I,

144A

5.100%

12/21/65

BB+

36,683,280

149,095

Total

Trading

Companies

&

Distributors

124,240,258

U.S.

Agency

-

0.1%

6,770

Farm

Credit

Bank

of

Texas,

144A

6.200%

N/A

(4)

BBB+

6,363,326

Wireless

Telecommunication

Services

-

0.5%

21,619

Vodafone

Group

PLC

7.000%

4/04/79

BB+

22,318,375

$

2,622,916

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$2,620,658,507)

2,493,512,642

Principal

Amount

(000)

Description

(1),(6)

Coupon

Maturity

Ratings

(2)

Value

X

1,636,323,782

CONTINGENT

CAPITAL

SECURITIES

-

31.9%

X

1,636,323,782

Banks

-

22.9%

$

12,702

Australia

&

New

Zealand

Banking

Group

Ltd/United

Kingdom,

144A

(3)

6.750%

N/A

(4)

Baa2

$

12,643,201

39,025

Banco

Bilbao

Vizcaya

Argentaria

SA

(3)

6.500%

N/A

(4)

Ba2

36,543,809

22,172

Banco

Bilbao

Vizcaya

Argentaria

SA

6.125%

N/A

(4)

Ba2

18,972,680

16,450

Banco

Mercantil

del

Norte

SA/Grand

Cayman,

144A

7.625%

N/A

(4)

Ba2

15,479,450

10,700

Banco

Mercantil

del

Norte

SA/Grand

Cayman,

144A

(3)

7.500%

N/A

(4)

Ba2

9,737,000

43,235

Banco

Santander

SA

4.750%

N/A

(4)

Ba1

34,458,295

31,000

Banco

Santander

SA,

Reg

S

7.500%

N/A

(4)

Ba1

30,504,372

14,865

Barclays

PLC

8.000%

N/A

(4)

BBB-

14,381,888

47,935

Barclays

PLC

8.000%

N/A

(4)

BBB-

47,112,947

54,805

Barclays

PLC

7.750%

N/A

(4)

BBB-

53,563,119

39,900

Barclays

PLC

(3)

6.125%

N/A

(4)

BBB-

36,855,630

48,326

BNP

Paribas

SA,

144A

7.375%

N/A

(4)

BBB

48,587,320

7,085

BNP

Paribas

SA,

144A

7.750%

N/A

(4)

BBB

7,077,915

43,780

BNP

Paribas

SA,

144A

6.625%

N/A

(4)

BBB

42,168,414

9,150

BNP

Paribas

SA,

144A

7.000%

N/A

(4)

BBB

8,689,573

30,508

Credit

Agricole

SA,

144A

7.875%

N/A

(4)

BBB

30,355,460

43,319

Credit

Agricole

SA,

144A

8.125%

N/A

(4)

BBB

44,347,826

13,421

Credit

Suisse

Group

AG,

144A

5.250%

N/A

(4)

BB-

10,089,103

6,745

Danske

Bank

A/S,

Reg

S

6.125%

N/A

(4)

BBB-

6,390,887

6,435

Danske

Bank

A/S,

Reg

S

4.375%

N/A

(4)

BBB-

5,346,069

5,746

Danske

Bank

A/S,

Reg

S

7.000%

N/A

(4)

BBB-

5,455,942

13,075

HSBC

Holdings

PLC

6.375%

N/A

(4)

BBB

12,571,712

78,865

HSBC

Holdings

PLC

6.000%

N/A

(4)

BBB

72,449,575

87,177

HSBC

Holdings

PLC

6.375%

N/A

(4)

BBB

84,115,644

38,070

ING

Groep

NV

5.750%

N/A

(4)

BBB

35,126,047

29,900

ING

Groep

NV

(3)

6.500%

N/A

(4)

BBB

28,563,470

40,460

ING

Groep

NV,

Reg

S

6.750%

N/A

(4)

BBB

39,549,650

12,795

Intesa

Sanpaolo

SpA,

144A

(3)

7.700%

N/A

(4)

BB-

11,501,927

52,280

Lloyds

Banking

Group

PLC

7.500%

N/A

(4)

Baa3

50,682,323

61,896

Lloyds

Banking

Group

PLC

7.500%

N/A

(4)

Baa3

61,215,144

20,370

Macquarie

Bank

Ltd/London,

144A

6.125%

N/A

(4)

BB+

18,822,444

43,929

NatWest

Group

PLC

8.000%

N/A

(4)

BBB-

43,823,570

34,345

NatWest

Group

PLC

6.000%

N/A

(4)

BBB-

32,277,191

24,375

Nordea

Bank

Abp,

144A

(3)

6.625%

N/A

(4)

BBB+

23,889,256

10,183

Societe

Generale

SA,

144A

(3)

8.000%

N/A

(4)

BB

10,282,895

22,820

Societe

Generale

SA,

144A

4.750%

N/A

(4)

BB+

18,887,657

13,411

Societe

Generale

SA,

144A

(3)

6.750%

N/A

(4)

BB

12,053,332

35,590

Societe

Generale

SA,

144A

7.875%

N/A

(4)

BB+

35,241,008

17,951

Standard

Chartered

PLC,

144A

6.000%

N/A

(4)

BBB-

17,055,300

17,349

Standard

Chartered

PLC,

144A

7.750%

N/A

(4)

BBB-

17,410,833

18,860

Standard

Chartered

PLC,

144A

4.300%

N/A

(4)

BBB-

13,608,010

95

Principal

Amount

(000)

Description

(1),(6)

Coupon

Maturity

Ratings

(2)

Value

Banks

(continued)

$

20,135

UniCredit

SpA,

Reg

S

8.000%

N/A

(4)

BB-

$

18,950,176

1,241,140

Total

Banks

1,176,838,064

Capital

Markets

-

9.0%

46,573

Credit

Suisse

Group

AG,

144A

7.500%

N/A

(4)

BB-

44,149,527

50,349

Credit

Suisse

Group

AG,

144A

7.500%

N/A

(4)

BB-

44,358,914

62,450

Credit

Suisse

Group

AG,

144A

7.250%

N/A

(4)

BB-

51,536,410

15,965

Credit

Suisse

Group

AG,

144A

9.750%

N/A

(4)

BB-

16,124,650

12,260

Credit

Suisse

Group

AG,

144A

6.375%

N/A

(4)

Ba2

9,587,306

91,385

Deutsche

Bank

AG

6.000%

N/A

(4)

BB-

74,433,083

62,835

UBS

Group

AG,

144A

7.000%

N/A

(4)

BBB

61,376,426

26,125

UBS

Group

AG,

144A

3.875%

N/A

(4)

BBB

21,730,643

13,440

UBS

Group

AG,

144A

4.875%

N/A

(4)

BBB

11,585,167

52,277

UBS

Group

AG,

Reg

S

7.000%

N/A

(4)

BBB

52,538,385

17,638

UBS

Group

AG,

Reg

S

5.125%

N/A

(4)

BBB

16,249,007

56,380

UBS

Group

AG,

Reg

S

6.875%

N/A

(4)

BBB

55,816,200

507,677

Total

Capital

Markets

459,485,718

$

1,748,817

Total

Contingent

Capital

Securities

(cost

$1,785,405,999)

1,636,323,782

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

X

923,760,093

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

18.0%

X

923,760,093

Banks

-

5.7%

168,671

CoBank

ACB

(7)

6.200%

BBB+

$

17,288,777

659,236

CoBank

ACB

(7)

6.250%

BBB+

66,665,240

441,610

Farm

Credit

Bank

of

Texas,

144A

(7)

6.750%

Baa1

44,823,415

563,126

Fifth

Third

Bancorp

6.625%

Baa3

14,432,919

280,000

Huntington

Bancshares

Inc/OH

(7)

5.782%

Baa3

6,440,000

285,287

KeyCorp

6.125%

Baa3

7,266,260

2,556,667

KeyCorp

6.200%

Baa3

63,865,542

328,644

PNC

Financial

Services

Group

Inc

(3)

6.850%

Baa2

8,288,402

745,483

Regions

Financial

Corp

6.375%

Baa3

18,644,530

302,269

Regions

Financial

Corp

(3)

5.700%

Baa3

7,003,573

610,175

Synovus

Financial

Corp

5.875%

BB-

14,625,895

342,966

Wells

Fargo

&

Co

4.750%

Baa2

6,773,578

327,000

Western

Alliance

Bancorp

4.250%

Ba1

7,154,760

470,441

Wintrust

Financial

Corp

6.875%

BB

12,160,900

Total

Banks

295,433,791

Capital

Markets

-

1.9%

223,890

Goldman

Sachs

Group

Inc

(3)

5.500%

BB+

5,480,827

725,688

Morgan

Stanley

7.125%

BBB-

18,555,842

548,497

Morgan

Stanley

6.375%

BBB-

13,970,219

552,788

Morgan

Stanley

6.875%

BBB-

14,040,815

1,379,881

Morgan

Stanley

5.850%

BBB-

34,152,055

420,900

Morgan

Stanley

6.500%

BBB-

10,985,490

Total

Capital

Markets

97,185,248

Consumer

Finance

-

0.1%

350,835

Synchrony

Financial

5.625%

BB-

6,999,158

Diversified

Financial

Services

-

1.6%

408,534

AgriBank

FCB

(7)

6.875%

BBB+

41,466,201

558,300

Equitable

Holdings

Inc

5.250%

BBB-

11,819,211

1,158,054

Voya

Financial

Inc

(3)

5.350%

BBB-

27,399,558

Total

Diversified

Financial

Services

80,684,970

Nuveen

Preferred

Securities

and

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2022

96

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

Diversified

Telecommunication

Services

-

0.1%

314,900

AT&T

Inc(3)

4.750%

BBB-

$

6,105,911

Food

Products

-

1.4%

528,896

CHS

Inc

(3)

6.750%

N/R

13,608,494

506,287

CHS

Inc

7.875%

N/R

14,064,653

1,451,502

CHS

Inc

7.100%

N/R

37,550,357

12,881

CHS

Inc

7.500%

N/R

345,211

66,700

Dairy

Farmers

of

America

Inc,

144A

(7)

7.875%

BB+

6,603,300

Total

Food

Products

72,172,015

Insurance

-

4.4%

853,711

American

Equity

Investment

Life

Holding

Co

6.625%

BB

20,992,753

1,516,728

American

Equity

Investment

Life

Holding

Co

(3)

5.950%

BB

35,370,097

603,290

Aspen

Insurance

Holdings

Ltd

(3)

5.625%

BB+

12,910,406

1,320,871

Aspen

Insurance

Holdings

Ltd

(3)

5.950%

BB+

29,746,015

229,700

Assurant

Inc

5.250%

Baa3

4,908,689

856,816

Athene

Holding

Ltd

6.375%

BBB

21,985,899

1,074,674

Athene

Holding

Ltd

6.350%

BBB

26,275,779

171,383

Axis

Capital

Holdings

Ltd

5.500%

BBB

3,749,860

236,820

Delphi

Financial

Group

Inc

(7)

6.095%

BBB

5,150,835

717,116

Enstar

Group

Ltd

(3)

7.000%

BBB-

17,289,667

1,026,075

Maiden

Holdings

North

America

Ltd

7.750%

N/R

18,007,616

863,405

Reinsurance

Group

of

America

Inc

5.750%

BBB+

21,904,585

86,129

Reinsurance

Group

of

America

Inc

6.200%

BBB+

2,155,809

221,929

Selective

Insurance

Group

Inc

4.600%

BBB-

4,150,072

Total

Insurance

224,598,082

Multi-Utilities

-

0.1%

143,700

NiSource

Inc

6.500%

BBB-

3,635,610

Oil,

Gas

&

Consumable

Fuels

-

1.4%

258,400

Energy

Transfer

LP

7.600%

BB

6,059,480

832,558

NuStar

Energy

LP

8.769%

B2

19,290,369

1,237,707

NuStar

Energy

LP

7.646%

B2

26,066,109

753,936

NuStar

Logistics

LP

9.246%

B

18,735,310

Total

Oil,

Gas

&

Consumable

Fuels

70,151,268

Thrifts

&

Mortgage

Finance

-

0.8%

400,000

Federal

Agricultural

Mortgage

Corp

(3)

6.000%

N/R

11,200,240

1,141,927

New

York

Community

Bancorp

Inc

6.375%

Ba2

27,965,792

Total

Thrifts

&

Mortgage

Finance

39,166,032

97

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

Trading

Companies

&

Distributors

-

0.5%

844,551

Air

Lease

Corp

(3)

6.150%

BB+

$

20,066,532

271,800

WESCO

International

Inc

10.625%

B

7,561,476

Total

Trading

Companies

&

Distributors

27,628,008

Total

$25

Par

(or

similar)

Retail

Preferred

(cost

$963,339,128)

923,760,093

Total

Long-Term

Investments

(cost

$5,369,403,634)

5,053,596,517

Shares

Description

(1)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

 1.0  %

X

53,834,118

MONEY

MARKET

FUNDS

-

1.0%

X

53,834,118

53,834,118

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

(8)

2.300%(9)

$

53,834,118

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$53,834,118)

53,834,118

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

  1.3% 

65,121,741

REPURCHASE

AGREEMENTS

-

1.3%

65,121,741

$

65,122

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

8/31/22,

repurchase

price

$65,122,555,

collateralized

by

$73,953,400,

U.S.

Treasury

Notes,

1.375%,

due

10/31/28,

value

$66,424,189

0.450%

9/01/22

$

65,121,741

Total

Short-Term

Investments

(cost

$65,121,741)

65,121,741

Total

Investments

(cost

$5,488,359,493

)

-

100.9%

5,172,552,376

Other

Assets

Less

Liabilities

-   (0.9)%

(46,229,382)

Net

Assets

-

100%

$

5,126,322,994

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.

(2)

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.

(3)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$51,511,865.

(4)

Perpetual

security.

Maturity

date

is

not

applicable.

(5)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(6)

Contingent

Capital

Securities

(“CoCos”)

are

hybrid

securities

with

loss

absorption

characteristics

built

into

the

terms

of

the

security

for

the

benefit

of

the

issuer.

For

example,

the

terms

may

specify

an

automatic

write-down

of

principal

or

a

mandatory

conversion

into

the

issuer’s

common

stock

under

certain

adverse

circumstances,

such

as

the

issuer’s

capital

ratio

falling

below

a

specified

level.

(7)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

2.

(8)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

market

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

market

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(9)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

LIBOR

London

Inter-Bank

Offered

Rate

N/A

Not

Applicable.

Reg

S

Regulation

S

allows

U.S.

companies

to

sell

securities

to

persons

or

entities

located

outside

of

the

United

States

without

registering

those

securities

with

the

Securities

and

Exchange

Commission.

Specifically,

Regulation

S

provides

a

safe

harbor

from

the

registration

requirements

of

the

Securities

Act

for

the

offers

and

sales

of

securities

by

both

foreign

and

domestic

issuers

that

are

made

outside

the

United

States.

See

accompanying

notes

to

financial

statements

98

Nuveen

Strategic

Income

Fund

Portfolio

of

Investments

August

31,

2022

a

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

LONG-TERM

INVESTMENTS

-

95.7%   

279449230

ASSET-BACKED

AND

MORTGAGE-BACKED

SECURITIES

-

40.3%

X

279,449,230

$

1,441

Aaset

2021-2

Trust

,

144A

2.798%

1/15/47

A1

$

1,200,037

600

ACRE

Commercial

Mortgage

2021-FL4

Ltd

(1-Month

LIBOR

reference

rate

+

2.600%

spread),

144A

(3)

4.977%

12/18/37

N/R

579,729

1,500

Adams

Outdoor

Advertising

LP

,

144A

7.356%

11/15/48

BB

1,363,067

1,593

Adams

Outdoor

Advertising

LP

,

144A

4.810%

11/15/48

A

1,536,699

750

Affirm

Asset

Securitization

Trust

2021-B

,

144A

2.540%

8/17/26

N/R

681,747

2,000

AGL

CLO

19

Ltd

(TSFR3M

reference

rate

+

2.750%

spread),

144A

(3)

4.908%

7/21/35

AA

1,970,568

2,500

Alen

2021-ACEN

Mortgage

Trust

(1-Month

LIBOR

reference

rate

+

4.000%

spread),

144A

(3)

6.391%

4/15/34

BB-

2,288,568

712

Ameriquest

Mortgage

Securities

Inc

Asset

Back

Ser

2004-

R1

(1-Month

LIBOR

reference

rate

+

0.600%

spread)

(3)

0.787%

2/25/34

A

671,443

1,000

AMSR

2019-SFR1

Trust

,

144A

3.247%

1/19/39

A1

921,560

346

AMSR

2020-SFR1

Trust

,

144A

2.619%

4/17/37

A1

325,872

1,482

AMSR

2020-SFR1

Trust

,

144A

2.419%

4/17/37

Aa2

1,399,046

1,000

Angel

Oak

Mortgage

Trust

2019-5

,

144A

3.957%

10/25/49

BB+

923,627

1,900

Angel

Oak

Mortgage

Trust

2020-1

,

144A

3.161%

12/25/59

A-

1,769,560

516

Arroyo

Mortgage

Trust

2019-3

,

144A

3.416%

10/25/48

AA-

489,511

850

Avis

Budget

Rental

Car

Funding

AESOP

LLC

,

144A

2.130%

8/20/27

BBB

744,313

1,750

Avis

Budget

Rental

Car

Funding

AESOP

LLC

,

144A

4.080%

2/20/28

Ba2

1,503,848

2,000

BAMLL

Commercial

Mortgage

Securities

Trust

2022-DKLX

(TSFR1M

reference

rate

+

3.000%

spread),

144A

(3)

5.308%

1/15/39

Baa3

1,919,319

1,115

BANK

2017-BNK5

4.331%

6/15/60

A-

1,010,286

700

BANK

2017-BNK8

4.200%

11/15/50

A-

631,708

2,700

BANK

2019-BNK18

4.214%

5/15/62

A-

2,376,359

2,500

BANK

2019-BNK21

,

144A

2.500%

10/17/52

BBB

1,768,252

1,250

BANK

2019-BNK24

2.929%

11/15/62

AAA

1,172,954

115

Bear

Stearns

Commercial

Mortgage

Securities

Trust

2005-PWR7

5.214%

2/11/41

BB

113,768

1,700

Benchmark

2018-B2

Mortgage

Trust

4.381%

2/15/51

A-

1,549,308

1,000

Benchmark

2018-B5

Mortgage

Trust

4.208%

7/15/51

AAA

983,596

1,000

Benchmark

2019-B14

Mortgage

Trust

,

144A

2.500%

12/15/62

BBB

709,740

1,500

Benchmark

2020-B18

Mortgage

Trust

,

144A

4.139%

7/15/53

B-

1,262,182

1,000

Benchmark

2020-IG2

Mortgage

Trust

,

144A

2.791%

9/15/48

Aaa

848,058

1,000

Benchmark

2020-IG3

Mortgage

Trust

,

144A

3.654%

9/15/48

N/R

891,547

298

Bojangles

Issuer

LLC

,

144A

3.832%

10/20/50

N/R

274,554

2,625

Boyce

Park

Clo

Ltd

(SOFR

reference

rate

+

3.100%

spread),

144A

(3)

3.648%

4/21/35

BBB-

2,423,403

1,275

BX

Commercial

Mortgage

Trust

2019-XL

(1-Month

LIBOR

reference

rate

+

2.000%

spread),

144A

(3)

2.110%

10/15/36

N/R

1,234,368

1,634

BX

Commercial

Mortgage

Trust

2021-XL2

(1-Month

LIBOR

reference

rate

+

1.846%

spread),

144A

(3)

4.237%

10/15/38

N/R

1,552,640

1,095

BXP

Trust

2017-CC

,

144A

3.552%

8/13/37

BBB-

954,250

1,500

BXP

Trust

2021-601L

,

144A

2.868%

1/15/44

Baa3

1,063,718

1,250

Cars

Net

Lease

Mortgage

Notes

Series

2020-1

,

144A

4.690%

12/15/50

BBB

1,164,158

496

Cars

Net

Lease

Mortgage

Notes

Series

2020-1

,

144A

3.100%

12/15/50

A

449,394

1,150

CARS-DB4

LP

,

144A

4.520%

2/15/50

BBB

1,004,935

635

CARS-DB5

LP

,

144A

1.920%

8/15/51

A+

551,616

1,775

Carvana

Auto

Receivables

Trust

2021-N4

2.300%

9/11/28

BBB

1,653,913

705

CD

2016-CD1

Mortgage

Trust

3.631%

8/10/49

A-

630,284

1,000

CD

2017-CD3

Mortgage

Trust

3.984%

2/10/50

AA-

912,899

750

CF

2020-P1

Mortgage

Trust

,

144A

3.603%

4/15/52

N/R

752,920

49

CF

2020-P1

Mortgage

Trust

,

144A

2.840%

4/15/25

N/R

47,251

1,381

CF

Hippolyta

Issuer

LLC

,

144A

2.280%

7/15/60

A-

1,247,067

690

CF

Hippolyta

Issuer

LLC

,

144A

2.600%

7/15/60

A-

592,934

1

CHL

Mortgage

Pass-Through

Trust

2005-27

5.500%

12/25/35

N/R

675

99

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

279449230

ASSET-BACKED

AND

MORTGAGE-BACKED

SECURITIES

(continued)

$

2,000

CIFC

Funding

2020-I

Ltd

(3-Month

LIBOR

reference

rate

+

2.000%

spread),

144A

(3)

4.512%

7/15/36

A

$

1,889,312

500

CIFC

Funding

2020-I

Ltd

(3-Month

LIBOR

reference

rate

+

6.250%

spread),

144A

(3)

8.762%

7/15/36

Ba3

456,941

2,125

CIFC

Funding

2020-I

Ltd

(3-Month

LIBOR

reference

rate

+

3.100%

spread),

144A

(3)

5.612%

7/15/36

BBB-

1,987,818

1,760

CIFC

Funding

2020-II

Ltd

(3-Month

LIBOR

reference

rate

+

3.050%

spread),

144A

(3)

5.760%

10/20/34

BBB-

1,639,702

1,305

CIFC

Funding

2020-II

Ltd

(3-Month

LIBOR

reference

rate

+

2.050%

spread),

144A

(3)

4.760%

10/20/34

A

1,227,809

385

CIFC

Funding

2020-II

Ltd

(3-Month

LIBOR

reference

rate

+

6.500%

spread),

144A

(3)

9.210%

10/20/34

BB-

353,408

2,500

CIFC

Funding

2022-IV

Ltd

(SOFR

reference

rate

+

3.550%

spread),

144A

(3)

5.152%

7/16/35

BBB-

2,347,417

1,000

Citigroup

Commercial

Mortgage

Trust

2014-GC23

,

144A

4.631%

7/10/47

BBB-

923,784

2,750

Citigroup

Commercial

Mortgage

Trust

2015-GC29

3.758%

4/10/48

AA-

2,616,970

1,690

Citigroup

Commercial

Mortgage

Trust

2015-GC29

4.279%

4/10/48

A-

1,597,245

850

Citigroup

Commercial

Mortgage

Trust

2021-PRM2

(1-Month

LIBOR

reference

rate

+

1.900%

spread),

144A

(3)

4.292%

10/15/36

BBB-

807,918

1,770

Cologix

Data

Centers

US

Issuer

LLC

,

144A

3.300%

12/26/51

N/R

1,633,017

400

COMM

2013-CCRE10

Mortgage

Trust

4.210%

8/10/46

Aaa

398,657

2,000

COMM

2013-CCRE10

Mortgage

Trust

,

144A

5.031%

8/10/46

Baa3

1,925,724

1,500

COMM

2014-CCRE19

Mortgage

Trust

,

144A

4.854%

8/10/47

BBB-

1,382,886

1,400

COMM

2014-LC17

Mortgage

Trust

4.696%

10/10/47

A

1,344,541

750

COMM

2014-LC17

Mortgage

Trust

4.188%

10/10/47

AAA

734,031

2,000

Comm

2014-UBS2

Mortgage

Trust

4.947%

3/10/47

Baa1

1,927,342

2,000

COMM

2014-UBS3

Mortgage

Trust

4.896%

6/10/47

A3

1,933,675

2,000

COMM

2014-UBS3

Mortgage

Trust

,

144A

4.926%

6/10/47

N/R

1,852,561

1,840

COMM

2015-CCRE22

Mortgage

Trust

4.207%

3/10/48

A-

1,733,423

2,000

COMM

2015-CCRE22

Mortgage

Trust

,

144A

3.000%

3/10/48

BB-

1,613,904

2,628

COMM

2015-CCRE23

Mortgage

Trust

4.428%

5/10/48

N/R

2,273,790

500

COMM

2015-CCRE24

Mortgage

Trust

4.487%

8/10/48

A-

469,239

2,240

COMM

2015-CCRE24

Mortgage

Trust

3.463%

8/10/48

BBB-

1,918,816

1,000

COMM

2015-CCRE24

Mortgage

Trust

4.487%

8/10/48

AA-

959,147

550

COMM

2015-CCRE25

Mortgage

Trust

3.928%

8/10/48

BB

452,721

3,000

COMM

2015-CCRE26

Mortgage

Trust

4.620%

10/10/48

A-

2,817,169

900

COMM

2015-LC23

Mortgage

Trust

4.718%

10/10/48

A-

848,100

1,000

COMM

2019-GC44

Mortgage

Trust

3.642%

8/15/57

A-

834,348

1,500

Commercial

Mortgage

Pass

Through

Certificates

,

144A

3.896%

1/10/39

Baa3

1,329,944

101

Connecticut

Avenue

Securities

Trust

2018-R07

,

144A

4.659%

4/25/31

A

100,830

625

Connecticut

Avenue

Securities

Trust

2021-R03

(SOFR30A

reference

rate

+

5.500%

spread),

144A

(3)

7.683%

12/25/41

N/R

559,611

850

Connecticut

Avenue

Securities

Trust

2022-R01

(SOFR30A

reference

rate

+

6.000%

spread),

144A

(3)

8.183%

12/25/41

N/R

757,891

4,000

Connecticut

Avenue

Securities

Trust

2022-R03

(SOFR30A

reference

rate

+

6.250%

spread),

144A

(3)

6.349%

3/25/42

BB-

4,115,284

4,000

Connecticut

Avenue

Securities

Trust

2022-R03

(SOFR30A

reference

rate

+

3.500%

spread),

144A

(3)

5.683%

3/25/42

BBB-

4,054,978

4,000

Connecticut

Avenue

Securities

Trust

2022-R04

(SOFR30A

reference

rate

+

5.250%

spread),

144A

(3)

7.433%

3/25/42

BB-

3,979,992

3,000

Connecticut

Avenue

Securities

Trust

2022-R05

(SOFR30A

reference

rate

+

4.500%

spread),

144A

(3)

6.014%

4/25/42

Ba2

2,951,211

1,950

Connecticut

Avenue

Securities

Trust

2022-R06

(SOFR30A

reference

rate

+

6.350%

spread),

144A

(3)

8.533%

5/25/42

BB-

2,016,186

2,190

Connecticut

Avenue

Securities

Trust

2022-R08

(SOFR30A

reference

rate

+

5.600%

spread),

144A

(3)

7.114%

7/25/42

BB-

2,213,275

3,000

Crescendo

Royalty

Funding

LP

,

144A

3.567%

12/20/51

N/R

2,688,739

1,000

CSMC

2021-NQM1

,

144A

2.130%

5/25/65

BBB

829,372

1,191

DB

Master

Finance

LLC

,

144A

2.493%

11/20/51

BBB

1,016,784

1,191

DB

Master

Finance

LLC

,

144A

2.045%

11/20/51

BBB

1,035,691

641

DB

Master

Finance

LLC

,

144A

4.021%

5/20/49

BBB

611,014

246

Diamond

Resorts

Owner

Trust

2021-1

,

144A

2.700%

11/21/33

BBB

228,702

Nuveen

Strategic

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2022

100

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

279449230

ASSET-BACKED

AND

MORTGAGE-BACKED

SECURITIES

(continued)

$

246

Diamond

Resorts

Owner

Trust

2021-1

,

144A

3.830%

11/21/33

BB

$

230,955

30,450

DOLP

Trust

2021-NYC

,

144A

,

(I/O)

0.665%

5/10/41

A-

1,290,967

988

Domino's

Pizza

Master

Issuer

LLC

,

144A

2.662%

4/25/51

BBB+

847,451

1,478

DRIVEN

BRANDS

FUNDING

LLC

,

144A

3.237%

1/20/51

BBB-

1,270,589

1,622

DRIVEN

BRANDS

FUNDING

LLC

,

144A

3.786%

7/20/50

BBB-

1,462,908

2,000

EWC

Master

Issuer

LLC

,

144A

5.500%

3/15/52

N/R

1,860,766

1,590

Extended

Stay

America

Trust

(1-Month

LIBOR

reference

rate

+

1.080%

spread),

144A

(3)

1.164%

7/15/38

Aaa

1,558,026

930

Fannie

Mae

Connecticut

Avenue

Securities

(SOFR30A

reference

rate

+

3.300%

spread),

144A

(3)

5.483%

11/25/41

B+

878,451

201

Fannie

Mae

REMICS

(1-Month

LIBOR

reference

rate

+

5.950%

spread)

,

(I/O)(3)

3.506%

9/25/43

N/R

24,752

89

Flagstar

Mortgage

Trust

2017-2

,

144A

4.044%

10/25/47

Aa3

84,552

1,362

Flagstar

Mortgage

Trust

2021-10INV

,

144A

3.000%

10/25/51

Aa1

1,163,831

2,735

Flagstar

Mortgage

Trust

2021-4

,

144A

2.500%

6/01/51

AAA

2,264,900

2,000

Flexential

Issuer

2021-1

,

144A

3.250%

11/27/51

N/R

1,825,265

20

FNMA

POOL

256890

FN

09/37

FIXED

6

6.000%

9/01/37

N/R

21,206

23

FNMA

POOL

745101

FN

04/32

FIXED

VAR

6.000%

4/01/32

N/R

23,922

72

FNMA

POOL

745324

FN

03/34

FIXED

VAR

6.000%

3/01/34

N/R

73,961

1

FNMA

POOL

905597

FN

12/36

FLOATING

VAR

(12-Month

LIBOR

reference

rate

+

1.875%

spread)

(3)

2.125%

12/01/36

N/R

749

14

FNMA

POOL

946228

FN

09/37

FLOATING

VAR

(12-Month

LIBOR

reference

rate

+

1.532%

spread)

(3)

1.782%

9/01/37

N/R

14,284

0(4)

FNMA

POOL

AL1187

FN

07/24

FIXED

VAR

5.500%

7/01/24

N/R

18

23

FNMA

POOL

FM1108

FN

11/44

FIXED

VAR

5.000%

11/01/44

N/R

24,027

159

FNMA

POOL

FM1136

FN

03/39

FIXED

VAR

5.500%

3/01/39

N/R

168,145

28

FNMA

POOL

FM1137

FN

09/39

FIXED

VAR

6.000%

9/01/39

N/R

29,938

119

FNMA

POOL

FM1138

FN

08/37

FIXED

VAR

6.500%

8/01/37

N/R

124,512

11,592

Freddie

Mac

Multifamily

ML

Certificates

,

(I/O)

1.300%

7/25/41

N/R

1,265,739

500

Freddie

Mac

STACR

REMIC

Trust

2021-DNA3

(SOFR30A

reference

rate

+

2.100%

spread),

144A

(3)

4.283%

10/25/33

BBB-

484,930

2,000

Freddie

Mac

STACR

REMIC

Trust

2021-DNA6

(SOFR30A

reference

rate

+

7.500%

spread),

144A

(3)

9.683%

10/25/41

N/R

1,889,912

2,000

Freddie

Mac

STACR

REMIC

Trust

2022-DNA1

(SOFR30A

reference

rate

+

3.400%

spread),

144A

(3)

5.583%

1/25/42

B+

1,819,307

2,500

Freddie

Mac

STACR

REMIC

Trust

2022-DNA1

(SOFR30A

reference

rate

+

2.500%

spread),

144A

(3)

4.683%

1/25/42

BB

2,280,720

1,730

Freddie

Mac

STACR

REMIC

Trust

2022-DNA2

(SOFR30A

reference

rate

+

3.750%

spread),

144A

(3)

5.933%

2/25/42

BB

1,661,180

4,000

Freddie

Mac

STACR

REMIC

Trust

2022-DNA3

(SOFR30A

reference

rate

+

5.650%

spread),

144A

(3)

7.833%

4/25/42

B+

3,899,930

4,000

Freddie

Mac

STACR

REMIC

Trust

2022-DNA4

(SOFR30A

reference

rate

+

6.250%

spread),

144A

(3)

8.433%

5/25/42

B

3,975,191

2,000

Freddie

Mac

STACR

REMIC

Trust

2022-DNA5

(SOFR30A

reference

rate

+

7.500%

spread),

144A

(3)

9.683%

6/25/42

B

2,112,587

2,900

Freddie

Mac

STACR

REMIC

Trust

2022-HQA1

(SOFR30A

reference

rate

+

7.000%

spread),

144A

(3)

9.183%

3/25/42

B-

2,929,003

1,110

Freddie

Mac

STACR

REMIC

Trust

2022-HQA1

(SOFR30A

reference

rate

+

3.500%

spread),

144A

(3)

5.683%

3/25/42

BBB-

1,100,198

150

Freddie

Mac

Strips

(1-Month

LIBOR

reference

rate

+

5.920%

spread)

,

(I/O)(3)

3.529%

3/15/44

N/R

16,564

1,000

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

(SOFR30A

reference

rate

+

6.000%

spread),

144A

(3)

7.524%

7/25/42

Ba2

1,020,005

900

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

(SOFR30A

reference

rate

+

4.000%

spread),

144A

(3)

6.183%

11/25/50

Ba1

900,000

4,000

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

(SOFR30A

reference

rate

+

4.000%

spread),

144A

(3)

6.183%

7/25/42

Baa3

4,050,142

1,175

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

(SOFR30A

reference

rate

+

3.650%

spread),

144A

(3)

3.700%

11/25/41

B+

1,113,959

500

Goldentree

Loan

Opportunities

IX

Ltd

(3-Month

LIBOR

reference

rate

+

5.660%

spread),

144A

(3)

8.466%

10/29/29

BB-

455,013

101

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

279449230

ASSET-BACKED

AND

MORTGAGE-BACKED

SECURITIES

(continued)

$

2,000

GS

Mortgage

Securities

Corp

II

(1-Month

LIBOR

reference

rate

+

3.350%

spread),

144A

(3)

5.741%

11/15/36

N/R

$

1,908,635

1,200

GS

Mortgage

Securities

Corp

Trust

2017-SLP

,

144A

4.744%

10/10/32

B

1,176,000

1,081

GS

Mortgage

Securities

Corp

Trust

2018-TWR

(1-Month

LIBOR

reference

rate

+

1.450%

spread),

144A

(3)

3.449%

7/15/31

A

1,047,821

1,500

GS

Mortgage

Securities

Corp

Trust

2018-TWR

(1-Month

LIBOR

reference

rate

+

1.850%

spread),

144A

(3)

4.241%

7/15/31

BB

1,435,343

1,000

GS

Mortgage

Securities

Trust

2016-GS3

4.115%

10/10/49

A-

907,697

1,200

GS

Mortgage

Securities

Trust

2016-GS4

4.080%

11/10/49

A-

1,061,858

1,425

GS

Mortgage

Securities

Trust

2019-GC38

4.158%

2/10/52

AAA

1,349,776

1,000

GS

Mortgage

Securities

Trust

2020-GSA2

2.012%

12/12/53

AAA

823,482

8

GS

Mortgage-Backed

Securities

Corp

Trust

2019-PJ2

,

144A

4.000%

11/25/49

Aaa

7,863

168

GS

Mortgage-Backed

Securities

Corp

Trust

2019-PJ2

,

144A

4.000%

11/25/49

Aa1

163,451

176

GS

Mortgage-Backed

Securities

Corp

Trust

2021-PJ5

,

144A

2.500%

10/25/51

Aa1

145,776

2,660

GS

Mortgage-Backed

Securities

Trust

2021-PJ6

,

144A

2.500%

11/25/51

Aa1

2,223,022

1,783

GS

Mortgage-Backed

Securities

Trust

2021-PJ7

,

144A

2.500%

1/25/52

AA+

1,477,085

363

GS

Mortgage-Backed

Securities

Trust

2021-PJ8

,

144A

2.500%

1/25/52

Aaa

301,236

2,955

Hardee's

Funding

LLC

,

144A

3.981%

12/20/50

BBB

2,632,728

750

Hertz

Vehicle

Financing

LLC

,

144A

2.050%

12/26/25

Baa2

687,084

1,000

HI-FI

Music

IP

Issuer

LP

,

144A

3.939%

2/01/62

N/R

915,964

575

Hilton

Grand

Vacations

Trust

2019-A

,

144A

2.840%

7/25/33

A-

541,729

2,076

Horizon

Aircraft

Finance

II

Ltd

,

144A

3.721%

7/15/39

BBB

1,807,820

899

Horizon

Aircraft

Finance

III

Ltd

,

144A

3.425%

11/15/39

A

773,373

1,000

Hotwire

Funding

LLC

,

144A

2.658%

11/20/51

BBB

850,684

1,025

Hpefs

Equipment

Trust

2022-2

,

144A

4.940%

3/20/30

Aa3

1,001,641

500

Hudson

Yards

2019-30HY

Mortgage

Trust

,

144A

3.558%

7/10/39

BBB-

423,620

1,000

Hudson

Yards

2019-55HY

Mortgage

Trust

,

144A

3.041%

12/10/41

N/R

753,293

562

Impac

Secured

Assets

CMN

Owner

Trust

8.000%

10/25/30

N/R

493,118

426

Imperial

Fund

Mortgage

Trust

2020-NQM1

,

144A

2.051%

10/25/55

AA-

403,769

2,000

Imperial

Fund

Mortgage

Trust

2020-NQM1

,

144A

3.531%

10/25/55

BBB+

1,839,109

425

Imperial

Fund

Mortgage

Trust

2021-NQM1

,

144A

1.617%

6/25/56

A

378,237

450

Imperial

Fund

Mortgage

Trust

2021-NQM1

,

144A

2.383%

6/25/56

BBB

359,172

1,250

Industrial

DPR

Funding

Ltd

,

144A

5.380%

4/15/34

BBB

1,148,438

2,500

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2022-NLP

(TSFR1M

reference

rate

+

2.608%

spread),

144A

(3)

3.886%

4/15/37

N/R

2,318,760

199

JP

Morgan

Alternative

Loan

Trust

2007-S1

(1-Month

LIBOR

reference

rate

+

0.560%

spread)

(3)

3.004%

4/25/47

BBB-

189,248

335

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2013-C16

4.166%

12/15/46

Aaa

331,633

397

JP

Morgan

Mortgage

Trust

2018-3

,

144A

3.500%

9/25/48

Aaa

360,076

128

JP

Morgan

Mortgage

Trust

2018-4

,

144A

3.500%

10/25/48

Aaa

116,504

527

JP

MORGAN

MORTGAGE

TRUST

2018-5

,

144A

3.500%

10/25/48

Aaa

479,656

893

JP

Morgan

Mortgage

Trust

2018-6

,

144A

3.889%

12/25/48

Baa3

788,901

102

JP

Morgan

Mortgage

Trust

2019-1

,

144A

4.000%

5/25/49

AAA

99,217

45

JP

Morgan

Mortgage

Trust

2019-INV1

(1-Month

LIBOR

reference

rate

+

0.950%

spread),

144A

(3)

3.394%

10/25/49

Aaa

44,760

237

JP

Morgan

Mortgage

Trust

2020-1

,

144A

3.844%

6/25/50

Aa1

209,120

443

JP

Morgan

Mortgage

Trust

2021-11

,

144A

2.500%

1/25/52

Aa1

367,589

304

JP

Morgan

Mortgage

Trust

2021-6

,

144A

2.500%

10/25/51

Aaa

252,230

303

JP

Morgan

Mortgage

Trust

2021-7

,

144A

2.500%

11/25/51

Aaa

251,281

200

JP

Morgan

Mortgage

Trust

2021-8

,

144A

2.500%

12/25/51

AAA

165,640

1,692

JPMBB

Commercial

Mortgage

Securities

Trust

2014-C22

4.702%

9/15/47

BBB

1,538,834

2,500

JPMBB

Commercial

Mortgage

Securities

Trust

2015-C31

4.766%

8/15/48

N/R

2,341,021

1,400

JPMBB

Commercial

Mortgage

Securities

Trust

2016-C1

,

144A

4.390%

3/17/49

BBB

1,242,650

1,500

JPMCC

Commercial

Mortgage

Securities

Trust

2017-JP5

3.723%

3/15/50

Aaa

1,452,393

1,335

JPMCC

Commercial

Mortgage

Securities

Trust

2017-JP7

3.782%

9/15/50

A-

1,181,020

Nuveen

Strategic

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2022

102

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

279449230

ASSET-BACKED

AND

MORTGAGE-BACKED

SECURITIES

(continued)

$

1,400

JPMCC

Commercial

Mortgage

Securities

Trust

2017-JP7

,

144A

4.532%

9/15/50

BBB

$

1,171,335

190

Ladder

Capital

Commercial

Mortgage

2013-GCP

Mortgage

Trust

,

144A

3.985%

2/15/36

AAA

179,121

1,693

Lunar

2021-1

Structured

Aircraft

Portfolio

Notes

,

144A

5.682%

10/15/46

Ba3

1,466,469

280

LUNAR

AIRCRAFT

2020-1

LTD

,

144A

4.335%

2/15/45

BB

219,451

1,500

Madison

Park

Funding

LIX

Ltd

(3-Month

LIBOR

reference

rate

+

2.100%

spread),

144A

(3)

6.294%

1/18/34

A+

1,424,507

1,500

Madison

Park

Funding

XXXVI

Ltd

(TSFR3M

reference

rate

+

3.500%

spread),

144A

(3)

5.981%

4/15/35

BBB+

1,413,308

1,500

Magnetite

XXIII

Ltd

(3-Month

LIBOR

reference

rate

+

2.050%

spread),

144A

(3)

1.000%

1/25/35

A

1,420,106

157

MAPS

2018-1

Ltd

,

144A

4.212%

5/15/43

BBB+

142,579

501

MAPS

2021-1

Trust

,

144A

2.521%

6/15/46

A1

425,100

300

Mercury

Financial

Credit

Card

Master

Trust

,

144A

1.540%

3/20/26

N/R

284,183

34,356

MFT

Trust

2020-ABC

,

144A

,

(I/O)

0.235%

2/10/42

N/R

328,725

1,138

Morgan

Stanley

Capital

I

Trust

2011-C1

,

144A

4.193%

9/15/47

A

1,197,591

750

Morgan

Stanley

Capital

I

Trust

2018-H3

4.177%

7/15/51

AAA

733,691

283

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2021-5

,

144A

2.500%

8/25/51

AAA

234,698

2,000

MRCD

2019-MARK

Mortgage

Trust

,

144A

2.718%

12/15/36

N/R

1,783,134

500

MSCG

Trust

2015-ALDR

,

144A

3.577%

6/07/35

BBB-

412,051

1,500

MSCG

Trust

2015-ALDR

,

144A

3.577%

6/07/35

A-

1,293,768

1,000

MTN

Commercial

Mortgage

Trust

2022-LPFL

(TSFR1M

reference

rate

+

2.943%

spread),

144A

(3)

2.993%

3/15/39

Baa3

955,344

751

MVW

2019-2

LLC

,

144A

2.680%

10/20/38

BBB+

690,157

329

MVW

2021-1W

LLC

,

144A

1.940%

1/22/41

BBB

297,314

574

MVW

Owner

Trust

2019-1

,

144A

3.330%

11/20/36

BBB+

542,518

1,500

Natixis

Commercial

Mortgage

Securities

Trust

2019-MILE

(1-Month

LIBOR

reference

rate

+

3.500%

spread),

144A

(3)

5.891%

7/15/36

N/R

1,439,697

1,500

Natixis

Commercial

Mortgage

Securities

Trust

2019-MILE

(1-Month

LIBOR

reference

rate

+

4.250%

spread),

144A

(3)

6.641%

7/15/36

N/R

1,425,175

1,100

Navistar

Financial

Dealer

Note

Master

Owner

Trust

II

(SOFR30A

reference

rate

+

1.800%

spread),

144A

(3)

4.083%

5/25/27

Aa1

1,103,185

660

Neuberger

Berman

Loan

Advisers

Clo

40

Ltd

(3-Month

LIBOR

reference

rate

+

5.850%

spread),

144A

(3)

8.590%

4/16/33

BB-

601,104

1,000

Neuberger

Berman

Loan

Advisers

Clo

40

Ltd

(3-Month

LIBOR

reference

rate

+

2.750%

spread),

144A

(3)

5.490%

4/16/33

BBB-

921,679

1,625

Neuberger

Berman

Loan

Advisers

CLO

48

Ltd

(TSFR3M

reference

rate

+

3.200%

spread),

144A

(3)

5.741%

4/25/36

BBB-

1,530,007

112

New

Residential

Mortgage

Loan

Trust

2015-2

,

144A

5.408%

8/25/55

Baa1

109,122

1,000

NLT

2021-INV2

Trust

,

144A

2.569%

8/25/56

BBB

772,898

1,000

Oak

Street

Investment

Grade

Net

Lease

Fund

Series

2021-

1

,

144A

4.230%

1/20/51

BBB+

917,886

49

OBX

2018-1

Trust

(1-Month

LIBOR

reference

rate

+

0.650%

spread),

144A

(3)

3.094%

6/25/57

AAA

47,432

897

OBX

2021-J2

Trust

,

144A

2.500%

7/25/51

Aa1

742,253

2,175

OHA

Credit

Funding

4

Ltd

(3-Month

LIBOR

reference

rate

+

3.200%

spread),

144A

(3)

4.336%

10/22/36

BBB-

2,047,895

1,150

One

Bryant

Park

Trust

2019-OBP

,

144A

2.516%

9/15/54

Aaa

985,110

1,488

OPG

Trust

2021-PORT

(1-Month

LIBOR

reference

rate

+

1.529%

spread),

144A

(3)

3.920%

10/15/36

N/R

1,379,068

500

Oportun

Funding

XIV

LLC

,

144A

3.440%

3/08/28

N/R

461,135

500

Oportun

Funding

XIV

LLC

,

144A

5.400%

3/08/28

N/R

461,223

617

Oportun

Issuance

Trust

2021-C

,

144A

3.610%

10/08/31

N/R

550,211

350

Oportun

Issuance

Trust

2021-C

,

144A

5.570%

10/08/31

N/R

311,840

1,000

Palmer

Square

CLO

2021-3

Ltd

(3-Month

LIBOR

reference

rate

+

2.950%

spread),

144A

(3)

5.462%

1/15/35

Baa3

928,383

2,500

Palmer

Square

CLO

2022-1

Ltd

(TSFR3M

reference

rate

+

3.050%

spread),

144A

(3)

3.516%

4/20/35

Baa3

2,309,648

250

Purchasing

Power

Funding

2021-A

LLC

,

144A

4.370%

10/15/25

N/R

243,414

2,469

Purewest

Funding

LLC

,

144A

4.091%

12/22/36

BBB+

2,373,249

103

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

279449230

ASSET-BACKED

AND

MORTGAGE-BACKED

SECURITIES

(continued)

$

16

Sequoia

Mortgage

Trust

2018-7

,

144A

4.000%

9/25/48

Aaa

$

15,934

8

Sequoia

Mortgage

Trust

2019-2

,

144A

4.000%

6/25/49

Aaa

7,853

308

Sequoia

Mortgage

Trust

2020-3

,

144A

3.000%

4/25/50

AAA

263,998

1,455

Sesac

Finance

LLC

,

144A

5.216%

7/25/49

N/R

1,372,168

1,899

Settlement

Fee

Finance

2019-1

LLC

,

144A

(5)

3.840%

11/01/49

N/R

1,822,171

280

Sierra

Timeshare

2019-2

Receivables

Funding

LLC

,

144A

4.540%

5/20/36

BB

271,663

265

Sierra

Timeshare

2019-3

Receivables

Funding

LLC

,

144A

4.180%

8/20/36

BB

251,735

228

Sierra

Timeshare

2021-1

Receivables

Funding

LLC

,

144A

1.790%

11/20/37

BBB

210,113

273

S-Jets

2017-1

Ltd

,

144A

3.967%

8/15/42

BBB-

228,655

1,155

SLG

Office

Trust

2021-OVA

,

144A

2.851%

7/15/41

N/R

881,538

40,180

SLG

Office

Trust

2021-OVA

,

144A

,

(I/O)

0.258%

7/15/41

AA-

688,372

1,929

SMR

2022-IND

Mortgage

Trust

(TSFR1M

reference

rate

+

3.950%

spread),

144A

(3)

6.257%

2/15/39

Baa3

1,833,572

1,891

Sonic

Capital

LLC

,

144A

3.845%

1/20/50

BBB

1,735,097

1,500

Spruce

Hill

Mortgage

Loan

Trust

2020-SH1

,

144A

3.827%

1/28/50

BBB

1,388,581

1,096

START

Ireland

,

144A

5.095%

3/15/44

BB

838,558

1,737

Taco

Bell

Funding

LLC

,

144A

1.946%

8/25/51

BBB

1,508,830

2,610

Taco

Bell

Funding

LLC

,

144A

2.294%

8/25/51

BBB

2,143,273

1,500

TCW

CLO

2021-2

Ltd

(3-Month

LIBOR

reference

rate

+

6.860%

spread),

144A

(3)

6.985%

7/25/34

BB-

1,376,475

305

Tricon

American

Homes

2019-SFR1

Trust

,

144A

3.198%

3/17/38

A1

285,878

700

Tricon

American

Homes

2020-SFR1

,

144A

2.548%

7/17/38

A3

629,358

1,141

UBS-Barclays

Commercial

Mortgage

Trust

2013-C5

,

144A

3.649%

3/10/46

AA-

1,112,928

3,000

VB-S1

Issuer

LLC

-

VBTEL

,

144A

4.288%

2/15/52

BBB-

2,693,899

600

Verus

Securitization

Trust

2019-4

,

144A

3.207%

11/25/59

A-

565,958

961

Verus

Securitization

Trust

2020-1

,

144A

2.724%

1/25/60

AA-

934,642

297

Verus

Securitization

Trust

2020-4

,

144A

2.321%

5/25/65

AA

286,776

2,000

Verus

Securitization

Trust

2021-8

,

144A

3.288%

11/25/66

BBB

1,618,777

1,281

Vivint

Solar

Financing

V

LLC

,

144A

7.370%

4/30/48

N/R

1,226,813

700

VNDO

Trust

2016-350P

,

144A

4.033%

1/10/35

B

586,397

1,117

VR

Funding

LLC

,

144A

2.790%

11/15/50

N/R

1,003,490

200

VR

Funding

LLC

,

144A

6.420%

11/15/50

N/R

187,194

53

Washington

Mutual

MSC

Mortgage

Pass-Through

Certificates

Series

2004-RA3

Trust

5.839%

8/25/38

A

51,505

401

Wells

Fargo

Mortgage

Backed

Securities

2021-1

Trust

,

144A

2.500%

12/25/50

AAA

333,430

984

Wells

Fargo

Mortgage

Backed

Securities

2021-INV1

Trust

,

144A

3.318%

8/25/51

A

791,603

861

Wendy's

Funding

LLC

,

144A

2.370%

6/15/51

BBB

720,586

350

WFRBS

Commercial

Mortgage

Trust

2013-C14

3.337%

6/15/46

Aaa

346,478

544

ZAXBY'S

FUNDING

LLC

,

144A

3.238%

7/30/51

N/R

462,086

$

416,830

Total

Asset-Backed

and

Mortgage-Backed

Securities

(cost

$302,353,848)

279,449,230

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

X

212,824,353

CORPORATE

BONDS

-

30.7%

X

212,824,353

Aerospace

&

Defense

-

0.2%

$

645

Boeing

Co

5.705%

5/01/40

Baa2

$

615,201

595

Boeing

Co

2.196%

2/04/26

Baa2

544,471

185

Boeing

Co

3.250%

2/01/35

Baa2

142,328

90

Raytheon

Technologies

Corp

4.500%

6/01/42

A-

85,250

375

Raytheon

Technologies

Corp

1.900%

9/01/31

A-

302,622

1,890

Total

Aerospace

&

Defense

1,689,872

Airlines

-

0.8%

714

American

Airlines

2016-1

Class

AA

Pass

Through

Trust

3.575%

1/15/28

A-

643,379

1,350

American

Airlines

2021-1

Class

A

Pass

Through

Trust

2.875%

7/11/34

A

1,129,222

410

British

Airways

2020-1

Class

A

Pass

Through

Trust,

144A

4.250%

11/15/32

A

382,524

365

British

Airways

2020-1

Class

B

Pass

Through

Trust,

144A

8.375%

11/15/28

BBB

379,023

Nuveen

Strategic

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2022

104

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Airlines

(continued)

$

1,000

Grupo

Aeromexico

SAB

de

CV,

144A

8.500%

3/17/27

B

$

912,118

1,924

United

Airlines

2020-1

Class

A

Pass

Through

Trust

5.875%

10/15/27

A

1,924,944

5,763

Total

Airlines

5,371,210

Auto

Components

-

0.3%

600

Adient

Global

Holdings

Ltd,

144A

4.875%

8/15/26

BB-

555,264

1,500

Goodyear

Tire

&

Rubber

Co

(6)

5.000%

7/15/29

BB-

1,344,675

2,100

Total

Auto

Components

1,899,939

Automobiles

-

0.6%

1,040

Ford

Motor

Credit

Co

LLC

3.375%

11/13/25

BB+

949,447

1,345

General

Motors

Financial

Co

Inc

3.600%

6/21/30

BBB

1,163,881

1,500

Hyundai

Capital

Services

Inc,

144A

2.125%

4/24/25

BBB+

1,400,579

650

Kia

Corp,

144A

2.750%

2/14/27

BBB+

596,489

4,535

Total

Automobiles

4,110,396

Banks

-

3.4%

1,200

Access

Bank

PLC,

144A

6.125%

9/21/26

B2

984,000

375

African

Export-Import

Bank/The,

144A

2.634%

5/17/26

Baa1

337,462

1,450

Akbank

TAS,

144A

(6)

6.800%

2/06/26

B3

1,306,021

1,000

Banco

de

Credito

e

Inversiones

SA,

144A

2.875%

10/14/31

A2

832,500

1,050

Banco

Nacional

de

Comercio

Exterior

SNC/Cayman

Islands,

144A

2.720%

8/11/31

Ba1

912,927

1,235

Banco

Santander

SA

3.800%

2/23/28

A-

1,127,904

500

Bangkok

Bank

PCL/Hong

Kong,

144A

3.466%

9/23/36

Baa3

418,833

330

Bank

of

America

Corp

3.248%

10/21/27

AA-

311,371

1,825

Bank

of

America

Corp

1.898%

7/23/31

AA-

1,437,384

860

Bank

of

America

Corp

1.922%

10/24/31

AA-

680,350

850

Banque

Ouest

Africaine

de

Developpement,

144A

5.000%

7/27/27

Baa1

798,405

1,035

Banque

Ouest

Africaine

de

Developpement,

144A

4.700%

10/22/31

Baa1

885,028

1,160

BNP

Paribas

SA,

144A

4.375%

5/12/26

A-

1,138,144

550

Caelus

Re

VI

Ltd

(3-Month

U.S.

Treasury

Bill

reference

rate

+

5.380%

spread),

144A

(3)

8.260%

6/07/23

N/R

539,770

25

Citigroup

Inc

4.300%

11/20/26

BBB+

24,648

495

Citigroup

Inc

2.572%

6/03/31

A

413,583

570

Citigroup

Inc

4.910%

5/24/33

A

557,587

1,675

Development

Bank

of

Kazakhstan

JSC,

144A

2.950%

5/06/31

Baa2

1,302,463

1,375

Grupo

Aval

Ltd,

144A

4.375%

2/04/30

BB+

1,103,437

590

HSBC

Holdings

PLC

2.099%

6/04/26

A+

543,703

1,500

ING

Groep

NV

3.950%

3/29/27

A+

1,442,113

1,225

JPMorgan

Chase

&

Co

2.956%

5/13/31

A

1,049,944

275

JPMorgan

Chase

&

Co

1.470%

9/22/27

AA-

240,824

600

JPMorgan

Chase

&

Co

1.953%

2/04/32

AA-

475,651

1,000

Turkiye

Garanti

Bankasi

AS,

144A

7.177%

5/24/27

Caa2

847,668

1,525

Turkiye

Vakiflar

Bankasi

TAO,

144A

5.500%

10/01/26

B-

1,258,049

2,900

Wells

Fargo

&

Co

3.900%

3/15/71

Baa2

2,555,625

27,175

Total

Banks

23,525,394

Beverages

-

1.1%

1,200

Anadolu

Efes

Biracilik

Ve

Malt

Sanayii

AS,

144A

3.375%

6/29/28

BBB-

876,208

560

Anheuser-Busch

Cos

LLC

/

Anheuser-Busch

InBev

Worldwide

Inc

4.900%

2/01/46

BBB+

531,640

750

Becle

SAB

de

CV,

144A

2.500%

10/14/31

BBB+

615,750

730

Central

American

Bottling

Corp

/

CBC

Bottling

Holdco

SL

/

Beliv

Holdco

SL,

144A

5.250%

4/27/29

BB+

677,075

1,200

Cia

Cervecerias

Unidas

SA,

144A

3.350%

1/19/32

A-

1,044,000

1,000

Coca-Cola

Icecek

AS,

144A

4.500%

1/20/29

BBB-

842,098

565

Constellation

Brands

Inc

2.875%

5/01/30

BBB

492,238

1,125

Primo

Water

Holdings

Inc,

144A

4.375%

4/30/29

B1

961,645

105

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Beverages

(continued)

$

1,775

Triton

Water

Holdings

Inc,

144A

6.250%

4/01/29

CCC+

$

1,455,855

8,905

Total

Beverages

7,496,509

Biotechnology

-

0.1%

400

AbbVie

Inc

3.200%

11/21/29

BBB+

365,346

200

Gilead

Sciences

Inc

2.600%

10/01/40

A3

145,294

600

Total

Biotechnology

510,640

Building

Products

-

0.1%

1,125

Cemex

SAB

de

CV,

144A

5.125%

9/08/70

BB-

933,187

Capital

Markets

-

1.3%

90

AG

TTMT

Escrow

Issuer

LLC,

144A

0.000%

9/30/27

B2

90,036

1,000

Banco

BTG

Pactual

SA/Cayman

Islands,

144A

2.750%

1/11/26

Ba2

915,900

1,000

Compass

Group

Diversified

Holdings

LLC,

144A

5.250%

4/15/29

B+

851,250

3,000

Credit

Suisse

Group

AG,

144A

2.997%

12/14/23

BBB

2,979,108

100

Credit

Suisse

Group

AG,

144A

3.091%

5/14/32

BBB

75,580

1,750

ENN

Clean

Energy

International

Investment

Ltd,

144A

3.375%

5/12/26

BBB-

1,540,219

1,325

Goldman

Sachs

Group

Inc

1.992%

1/27/32

A2

1,047,746

1,055

Morgan

Stanley

3.950%

4/23/27

BBB+

1,022,410

150

Morgan

Stanley

1.928%

4/28/32

A1

118,808

665

NFP

Corp,

144A

7.500%

10/01/30

B1

655,058

10,135

Total

Capital

Markets

9,296,115

Chemicals

-

0.9%

240

Air

Products

and

Chemicals

Inc

1.500%

10/15/25

A

223,707

1,700

Alpek

SAB

de

CV,

144A

4.250%

9/18/29

BBB-

1,549,125

950

EverArc

Escrow

Sarl,

144A

5.000%

10/30/29

B+

813,799

1,025

OCP

SA,

144A

3.750%

6/23/31

BB+

841,490

1,325

Orbia

Advance

Corp

SAB

de

CV,

144A

1.875%

5/11/26

BBB

1,184,603

1,225

Sasol

Financing

USA

LLC

4.375%

9/18/26

BB

1,138,613

790

Tronox

Inc,

144A

4.625%

3/15/29

BB-

657,122

7,255

Total

Chemicals

6,408,459

Commercial

Services

&

Supplies

-

0.4%

1,670

ADT

Security

Corp/The,

144A

4.875%

7/15/32

BB-

1,397,032

1,000

Allied

Universal

Holdco

LLC/Allied

Universal

Finance

Corp/

Atlas

Luxco

4

Sarl,

144A

4.625%

6/01/28

B

842,626

375

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc,

144A

6.250%

1/15/28

B-

330,162

3,045

Total

Commercial

Services

&

Supplies

2,569,820

Communications

Equipment

-

0.6%

1,000

Network

i2i

Ltd,

144A

(6)

3.975%

6/03/71

BB

856,959

1,275

T-Mobile

USA

Inc

2.250%

11/15/31

BBB-

1,022,868

2,585

Vodafone

Group

PLC

4.125%

6/04/81

BB+

2,027,932

4,860

Total

Communications

Equipment

3,907,759

Construction

Materials

-

0.5%

1,000

Cemex

SAB

de

CV,

144A

3.875%

7/11/31

BB+

842,065

750

Gates

Global

LLC

/

Gates

Corp,

144A

6.250%

1/15/26

B

710,625

1,200

GCC

SAB

de

CV,

144A

3.614%

4/20/32

BBB-

1,027,200

1,250

UltraTech

Cement

Ltd,

144A

2.800%

2/16/31

Baa3

1,040,410

4,200

Total

Construction

Materials

3,620,300

Nuveen

Strategic

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2022

106

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Consumer

Finance

-

0.2%

$

1,095

OneMain

Finance

Corp

3.500%

1/15/27

BB

$

903,117

425

OneMain

Finance

Corp

5.375%

11/15/29

BB

351,989

1,520

Total

Consumer

Finance

1,255,106

Containers

&

Packaging

-

0.3%

1,125

Amcor

Flexibles

North

America

Inc

2.690%

5/25/31

BBB

922,930

1,000

LABL

Inc,

144A

5.875%

11/01/28

B2

870,000

2,125

Total

Containers

&

Packaging

1,792,930

Diversified

Consumer

Services

-

0.1%

570

Matterhorn

Re

Ltd,

144A

0.000%

12/07/22

N/R

534,603

Diversified

Financial

Services

-

0.7%

500

Citrus

Re

Ltd

(3-Month

U.S.

Treasury

Bill

reference

rate

+

5.100%

spread),

144A

(3)

5.100%

6/07/25

N/R

499,150

1,450

DAE

Funding

LLC,

144A

3.375%

3/20/28

Baa3

1,290,474

289

GE

Capital

International

Funding

Co

Unlimited

Co

4.418%

11/15/35

BBB+

273,260

500

Hestia

Re

Ltd

(1-Month

U.S.

Treasury

Bill

reference

rate

+

9.500%

spread),

144A

(3)

9.500%

4/22/25

N/R

494,150

1,000

Indian

Railway

Finance

Corp

Ltd,

144A

3.570%

1/21/32

BBB-

866,180

250

Matterhorn

Re

Ltd

(SOFR

reference

rate

+

5.315%

spread),

144A

(3)

5.889%

3/24/25

N/R

240,000

1

Putnam

RE

PTE

Ltd

(1-Month

U.S.

Treasury

Bill

reference

rate

+

5.500%

spread),

144A

(3),(5),(7)

8.357%

6/07/24

N/R

0

1,000

Sanders

Re

Ltd

(3-Month

U.S.

Treasury

Bill

reference

rate

+

3.090%

spread),

144A

(3)

3.250%

4/07/25

N/R

972,500

500

Sierra

Ltd

(3-Month

U.S.

Treasury

Bill

reference

rate

+

3.250%

spread),

144A

(3)

6.135%

12/28/22

N/R

495,650

5,490

Total

Diversified

Financial

Services

5,131,364

Diversified

Telecommunication

Services

-

0.3%

775

Altice

France

SA/France,

144A

5.125%

7/15/29

B

588,736

215

AT&T

Inc

4.350%

3/01/29

BBB+

209,747

130

AT&T

Inc

3.500%

6/01/41

BBB+

102,470

257

AT&T

Inc

3.800%

12/01/57

BBB+

194,541

770

Iliad

Holding

SASU,

144A

6.500%

10/15/26

BB-

703,611

500

Verizon

Communications

Inc

2.875%

11/20/50

A-

344,314

200

Verizon

Communications

Inc

1.750%

1/20/31

A-

158,592

2,847

Total

Diversified

Telecommunication

Services

2,302,011

Electric

Utilities

-

1.4%

125

AEP

Texas

Inc

2.100%

7/01/30

A-

103,229

1,035

AES

Andres

BV,

144A

5.700%

5/04/28

BB-

892,664

350

DTE

Electric

Co

2.250%

3/01/30

Aa3

304,027

370

Duke

Energy

Carolinas

LLC

4.250%

12/15/41

Aa3

339,450

2,000

Edison

International

5.375%

9/15/70

BB+

1,790,000

800

Empresas

Publicas

de

Medellin

ESP,

144A

4.375%

2/15/31

Baa3

640,017

950

Eskom

Holdings

SOC

Ltd,

144A

6.350%

8/10/28

Ba2

898,453

875

NextEra

Energy

Capital

Holdings

Inc

1.900%

6/15/28

A-

757,015

250

NPC

Ukrenergo,

144A

6.875%

11/09/28

Caa3

46,250

2,000

Oglethorpe

Power

Corp

4.200%

12/01/42

BBB+

1,611,691

590

PacifiCorp

2.900%

6/15/52

A+

425,609

500

PECO

Energy

Co

4.150%

10/01/44

Aa3

452,695

290

Public

Service

Co

of

Colorado

2.700%

1/15/51

A1

205,554

1,500

ReNew

Wind

Energy

AP2

/

ReNew

Power

Pvt

Ltd

other

9

Subsidiaries,

144A

(6)

4.500%

7/14/28

Ba3

1,197,519

11,635

Total

Electric

Utilities

9,664,173

107

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Electronic

Equipment,

Instruments

&

Components

-

0.1%

$

1,150

Imola

Merger

Corp,

144A

4.750%

5/15/29

BB+

$

976,309

Energy

Equipment

&

Services

-

0.7%

550

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp,

144A

6.250%

4/01/28

B+

500,500

1,100

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp,

144A

6.875%

4/01/27

B+

1,031,250

2,000

EIG

Pearl

Holdings

Sarl,

144A

3.545%

8/31/36

A1

1,748,740

1,700

Galaxy

Pipeline

Assets

Bidco

Ltd,

144A

2.625%

3/31/36

Aa2

1,430,125

5,350

Total

Energy

Equipment

&

Services

4,710,615

Entertainment

-

0.1%

315

Magallanes

Inc,

144A

5.050%

3/15/42

BBB-

257,516

145

Univision

Communications

Inc,

144A

7.375%

6/30/30

B+

143,917

460

Total

Entertainment

401,433

Equity

Real

Estate

Investment

Trusts

-

0.9%

550

Brixmor

Operating

Partnership

LP

2.250%

4/01/28

BBB

464,618

245

Brixmor

Operating

Partnership

LP

2.500%

8/16/31

BBB

189,600

965

Essential

Properties

LP

2.950%

7/15/31

BBB

741,289

1,511

Kite

Realty

Group

Trust

4.750%

9/15/30

BBB

1,371,943

560

Regency

Centers

LP

2.950%

9/15/29

BBB+

488,896

2,200

SBA

Tower

Trust,

144A

1.840%

4/15/27

A2

1,917,586

270

SBA

Tower

Trust,

144A

1.884%

1/15/26

A2

243,109

240

SBA

Tower

Trust,

144A

2.836%

1/15/25

A2

229,313

500

SBA

Tower

Trust,

144A

1.631%

11/15/26

A2

439,892

7,041

Total

Equity

Real

Estate

Investment

Trusts

6,086,246

Food

&

Staples

Retailing

-

0.2%

585

Sysco

Corp

3.300%

7/15/26

Baa1

566,128

555

Walmart

Inc

1.800%

9/22/31

AA

466,639

1,140

Total

Food

&

Staples

Retailing

1,032,767

Food

Products

-

0.5%

1,600

Amaggi

Luxembourg

International

Sarl,

144A

5.250%

1/28/28

BB

1,482,000

1,750

BRF

SA,

144A

4.875%

1/24/30

Ba2

1,483,475

1,075

Ulker

Biskuvi

Sanayi

AS,

144A

6.950%

10/30/25

B

759,509

4,425

Total

Food

Products

3,724,984

Gas

Utilities

-

0.3%

1,050

Ferrellgas

LP

/

Ferrellgas

Finance

Corp,

144A

5.375%

4/01/26

B

913,500

1,125

Ferrellgas

LP

/

Ferrellgas

Finance

Corp,

144A

5.875%

4/01/29

B

916,875

2,175

Total

Gas

Utilities

1,830,375

Health

Care

Providers

&

Services

-

0.3%

375

HCA

Inc

3.500%

7/15/51

BBB-

257,415

1,840

Tenet

Healthcare

Corp,

144A

4.375%

1/15/30

BB-

1,610,000

525

UnitedHealth

Group

Inc

2.000%

5/15/30

A+

447,204

2,740

Total

Health

Care

Providers

&

Services

2,314,619

Hotels,

Restaurants

&

Leisure

-

0.8%

500

Arcos

Dorados

BV,

144A

6.125%

5/27/29

Ba2

482,500

990

Cinemark

USA

Inc,

144A

(6)

5.250%

7/15/28

B

801,969

1,500

Genm

Capital

Labuan

Ltd,

144A

3.882%

4/19/31

BBB

1,172,679

600

Life

Time

Inc,

144A

5.750%

1/15/26

B

540,360

965

Marriott

Ownership

Resorts

Inc,

144A

4.500%

6/15/29

B+

813,587

325

Melco

Resorts

Finance

Ltd,

144A

5.750%

7/21/28

BB-

219,537

1,135

Sands

China

Ltd

3.750%

8/08/31

Baa2

828,766

Nuveen

Strategic

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2022

108

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Hotels,

Restaurants

&

Leisure

(continued)

$

1,250

Wynn

Macau

Ltd,

144A

5.625%

8/26/28

B+

$

875,000

7,265

Total

Hotels,

Restaurants

&

Leisure

5,734,398

Independent

Power

And

Renewable

Electricity

Producers

-

0.1%

875

Israel

Electric

Corp

Ltd,

Reg

S,

144A

3.750%

2/22/32

BBB+

809,167

Independent

Power

Producers

&

Energy

Traders

-

0.7%

1,197

Alfa

Desarrollo

SpA,

144A

4.550%

9/27/51

BBB-

861,671

1,050

Colbun

SA,

144A

3.150%

1/19/32

BBB+

876,750

1,500

EnfraGen

Energia

Sur

SA

/

EnfraGen

Spain

SA

/

Prime

Energia

SpA,

144A

5.375%

12/30/30

BBB-

1,047,728

1,490

Sweihan

PV

Power

Co

PJSC,

144A

3.625%

1/31/49

BBB+

1,261,560

645

UEP

Penonome

II

SA,

144A

6.500%

10/01/38

BB

570,881

5,882

Total

Independent

Power

Producers

&

Energy

Traders

4,618,590

Industrial

Conglomerates

-

0.0%

225

Roper

Technologies

Inc

1.750%

2/15/31

BBB+

176,336

Insurance

-

0.8%

950

Aon

Corp

/

Aon

Global

Holdings

PLC

2.600%

12/02/31

A-

798,873

720

Berkshire

Hathaway

Finance

Corp

2.875%

3/15/32

AA

640,779

500

Bonanza

RE

Ltd

(3-Month

U.S.

Treasury

Bill

reference

rate

+

4.750%

spread),

144A

(3)

7.607%

12/23/24

N/R

479,050

250

Bonanza

RE

Ltd

(3-Month

U.S.

Treasury

Bill

reference

rate

+

5.750%

spread),

144A

(3)

8.630%

3/16/25

N/R

244,400

470

BroadStreet

Partners

Inc,

144A

5.875%

4/15/29

CCC+

387,555

500

First

Coast

Re

III

Pte

Ltd

(3-Month

U.S.

Treasury

Bill

reference

rate

+

6.180%

spread),

144A

(3)

9.037%

4/07/25

N/R

471,800

355

Hartford

Financial

Services

Group

Inc

2.900%

9/15/51

BBB+

243,358

250

Kendall

Re

Ltd

(3-Month

U.S.

Treasury

Bill

reference

rate

+

4.000%

spread),

144A

(3)

4.040%

5/02/24

N/R

238,475

1,395

Prudential

Financial

Inc

3.700%

10/01/50

BBB+

1,210,163

550

Residential

Reinsurance

2020

Ltd

(3-Month

U.S.

Treasury

Bill

reference

rate

+

6.180%

spread),

144A

(3)

6.510%

12/06/24

N/R

545,160

500

Vitality

Re

XII

Ltd

(3-Month

U.S.

Treasury

Bill

reference

rate

+

2.250%

spread),

144A

(3)

5.107%

1/07/25

BBB+

488,000

6,440

Total

Insurance

5,747,613

Interactive

Media

&

Services

-

0.3%

1,100

Arches

Buyer

Inc,

144A

4.250%

6/01/28

B1

885,500

535

Baidu

Inc

1.625%

2/23/27

A

470,033

725

Prosus

NV,

144A

3.680%

1/21/30

BBB

583,232

2,360

Total

Interactive

Media

&

Services

1,938,765

Internet

&

Direct

Marketing

Retail

-

0.3%

2,000

Prosus

NV,

144A

3.257%

1/19/27

BBB

1,730,680

200

Prosus

NV,

144A

4.850%

7/06/27

BBB

184,500

2,200

Total

Internet

&

Direct

Marketing

Retail

1,915,180

IT

Services

-

0.8%

2,075

Ahead

DB

Holdings

LLC,

144A

6.625%

5/01/28

CCC+

1,862,299

750

MPH

Acquisition

Holdings

LLC,

144A

5.500%

9/01/28

Ba3

639,375

2,140

Presidio

Holdings

Inc,

144A

8.250%

2/01/28

CCC+

1,931,993

1,500

Virtusa

Corp,

144A

7.125%

12/15/28

CCC+

1,185,000

6,465

Total

IT

Services

5,618,667

109

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Machinery

-

0.1%

$

800

WASH

Multifamily

Acquisition

Inc,

144A

5.750%

4/15/26

B-

$

771,176

Marine

-

0.2%

1,740

Misc

Capital

Two

Labuan

Ltd,

144A

3.750%

4/06/27

BBB

1,635,536

Media

-

1.4%

2,000

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp,

144A

6.375%

9/01/29

BB+

1,942,500

1,010

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

3.900%

6/01/52

BBB-

684,328

470

Comcast

Corp

2.650%

2/01/30

A-

415,546

415

Comcast

Corp

2.800%

1/15/51

A-

287,000

420

Comcast

Corp

3.969%

11/01/47

A-

360,721

1,500

CSC

Holdings

LLC,

144A

4.125%

12/01/30

BB

1,215,000

400

Discovery

Communications

LLC

4.875%

4/01/43

BBB-

319,176

1,500

Grupo

Televisa

SAB

(6)

5.250%

5/24/49

BBB+

1,460,535

925

LCPR

Senior

Secured

Financing

DAC,

144A

5.125%

7/15/29

BB+

795,500

1,500

Sirius

XM

Radio

Inc,

144A

4.000%

7/15/28

BB

1,306,912

625

TEGNA

Inc

4.625%

3/15/28

BB

598,825

10,765

Total

Media

9,386,043

Metals

&

Mining

-

0.9%

700

AngloGold

Ashanti

Holdings

PLC

3.375%

11/01/28

Baa3

613,826

1,675

AngloGold

Ashanti

Holdings

PLC

3.750%

10/01/30

Baa3

1,422,385

750

Antofagasta

PLC,

144A

(6)

5.625%

5/13/32

BBB+

742,500

800

First

Quantum

Minerals

Ltd,

144A

6.500%

3/01/24

B+

792,000

1,120

Freeport

Indonesia

PT,

144A

5.315%

4/14/32

Baa3

1,035,730

2,000

SunCoke

Energy

Inc,

144A

4.875%

6/30/29

BB

1,659,700

7,045

Total

Metals

&

Mining

6,266,141

Multiline

Retail

-

0.2%

1,450

JSM

Global

Sarl,

144A

4.750%

10/20/30

Ba1

1,156,375

Oil,

Gas

&

Consumable

Fuels

-

3.5%

625

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp,

144A

8.125%

1/15/27

B-

602,040

430

Cenovus

Energy

Inc

2.650%

1/15/32

BBB-

352,927

1,600

Cosan

SA,

144A

5.500%

9/20/29

BB

1,539,384

360

Diamondback

Energy

Inc

3.125%

3/24/31

BBB

310,402

575

Ecopetrol

SA

6.875%

4/29/30

Baa3

534,457

1,000

Ecopetrol

SA

5.875%

11/02/51

Baa3

669,473

450

Ecopetrol

SA

4.625%

11/02/31

Baa3

351,164

100

Ecopetrol

SA

5.875%

5/28/45

Baa3

69,013

900

Empresa

Nacional

del

Petroleo,

144A

3.450%

9/16/31

A-

756,000

826

Energean

Israel

Finance

Ltd,

Reg

S,

144A

5.375%

3/30/28

BB-

739,301

540

Energy

Transfer

LP

5.000%

5/15/50

BBB-

463,423

250

EnLink

Midstream

LLC

5.375%

6/01/29

BB+

233,750

475

Enterprise

Products

Operating

LLC

3.200%

2/15/52

BBB+

342,938

335

EQM

Midstream

Partners

LP,

144A

7.500%

6/01/30

BB

332,591

240

Holly

Energy

Partners

LP

/

Holly

Energy

Finance

Corp,

144A

6.375%

4/15/27

BB+

233,559

580

Kinder

Morgan

Energy

Partners

LP

5.800%

3/15/35

BBB

585,046

500

Medco

Laurel

Tree

Pte

Ltd,

144A

6.950%

11/12/28

B+

423,153

1,500

MEG

Energy

Corp,

144A

5.875%

2/01/29

BB-

1,395,000

255

MPLX

LP

2.650%

8/15/30

BBB

212,567

785

MPLX

LP

4.875%

6/01/25

BBB

788,378

800

Murphy

Oil

Corp

5.875%

12/01/27

BB+

777,904

1,050

New

Fortress

Energy

Inc,

144A

6.500%

9/30/26

BB-

994,717

850

NGL

Energy

Operating

LLC

/

NGL

Energy

Finance

Corp,

144A

7.500%

2/01/26

B+

777,750

975

ONEOK

Inc

3.400%

9/01/29

BBB

863,782

Nuveen

Strategic

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2022

110

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

$

1,010

Parkland

Corp/Canada,

144A

4.625%

5/01/30

BB

$

866,976

500

Pertamina

Persero

PT,

144A

1.400%

2/09/26

Baa2

448,799

200

Petroleos

del

Peru

SA,

144A

4.750%

6/19/32

BBB-

159,412

559

Petroleos

Mexicanos

7.690%

1/23/50

BBB

385,151

100

Petroleos

Mexicanos

6.750%

9/21/47

BBB

63,061

1,490

Petroleos

Mexicanos

6.700%

2/16/32

BBB

1,163,511

250

Phillips

66

3.300%

3/15/52

A3

185,998

1,665

Saka

Energi

Indonesia

PT,

144A

4.450%

5/05/24

B+

1,525,378

1,000

SierraCol

Energy

Andina

LLC,

144A

6.000%

6/15/28

B1

735,440

1,000

Thaioil

Treasury

Center

Co

Ltd,

144A

2.500%

6/18/30

BBB

819,270

245

TotalEnergies

Capital

International

SA

2.986%

6/29/41

A+

194,441

1,780

Transcanada

Trust

5.500%

9/15/79

BBB

1,637,302

625

Tullow

Oil

PLC,

144A

10.250%

5/15/26

B2

581,000

975

USA

Compression

Partners

LP

/

USA

Compression

Finance

Corp

6.875%

9/01/27

BB-

901,329

27,400

Total

Oil,

Gas

&

Consumable

Fuels

24,015,787

Paper

&

Forest

Products

-

0.2%

1,500

Suzano

Austria

GmbH

3.125%

1/15/32

BBB-

1,188,195

Personal

Products

-

0.2%

675

Coty

Inc,

144A

5.000%

4/15/26

BB-

639,562

745

Natura

&Co

Luxembourg

Holdings

Sarl,

144A

(6)

6.000%

4/19/29

BB

659,288

1,420

Total

Personal

Products

1,298,850

Pharmaceuticals

-

0.7%

505

AbbVie

Inc

4.250%

11/21/49

BBB+

444,084

545

CVS

Health

Corp

1.750%

8/21/30

BBB

440,432

500

CVS

Health

Corp

2.700%

8/21/40

BBB

361,335

155

Merck

&

Co

Inc

2.350%

6/24/40

A+

113,923

1,475

ORGANON

&

CO/ORG,

144A

5.125%

4/30/31

BB-

1,290,625

900

Takeda

Pharmaceutical

Co

Ltd

5.000%

11/26/28

BBB+

912,121

990

Teva

Pharmaceutical

Finance

Netherlands

III

BV

(6)

5.125%

5/09/29

Ba2

865,244

300

Teva

Pharmaceutical

Finance

Netherlands

III

BV

2.800%

7/21/23

Ba2

287,769

5,370

Total

Pharmaceuticals

4,715,533

Road

&

Rail

-

0.1%

220

Canadian

Pacific

Railway

Co

3.000%

12/02/41

BBB+

173,280

395

Union

Pacific

Corp

2.750%

3/01/26

A-

379,095

615

Total

Road

&

Rail

552,375

Semiconductors

&

Semiconductor

Equipment

-

0.4%

972

Broadcom

Inc,

144A

3.469%

4/15/34

BBB-

787,071

1,200

SK

Hynix

Inc,

144A

1.500%

1/19/26

Baa2

1,064,360

675

TSMC

Arizona

Corp

3.875%

4/22/27

AA-

663,242

2,847

Total

Semiconductors

&

Semiconductor

Equipment

2,514,673

Software

-

0.3%

1,000

Condor

Merger

Sub

Inc,

144A

7.375%

2/15/30

CCC+

834,900

430

Oracle

Corp

2.875%

3/25/31

BBB+

356,457

1,000

Rocket

Software

Inc,

144A

6.500%

2/15/29

CCC

770,000

215

Salesforce

Inc

2.700%

7/15/41

A+

163,959

2,645

Total

Software

2,125,316

Specialty

Retail

-

0.4%

1,125

Michaels

Cos

Inc,

144A

(6)

5.250%

5/01/28

B1

862,537

1,000

Michaels

Cos

Inc,

144A

(6)

7.875%

5/01/29

CCC+

665,000

510

O'Reilly

Automotive

Inc

4.350%

6/01/28

Baa1

505,016

205

O'Reilly

Automotive

Inc

1.750%

3/15/31

Baa1

162,692

111

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Specialty

Retail

(continued)

$

270

O'Reilly

Automotive

Inc

4.200%

4/01/30

Baa1

$

259,593

700

Staples

Inc,

144A

7.500%

4/15/26

B

591,542

3,810

Total

Specialty

Retail

3,046,380

Technology

Hardware,

Storage

&

Peripherals

-

0.1%

1,085

Apple

Inc

2.450%

8/04/26

Aaa

1,031,767

Thrifts

&

Mortgage

Finance

-

0.2%

2,000

Rocket

Mortgage

LLC

/

Quicken

Loans

Co-Issuer

Inc,

144A

3.625%

3/01/29

BB+

1,610,000

Tobacco

-

0.0%

135

BAT

Capital

Corp

2.259%

3/25/28

BBB+

113,932

235

BAT

Capital

Corp

3.984%

9/25/50

BBB+

159,814

370

Total

Tobacco

273,746

Trading

Companies

&

Distributors

-

0.5%

880

AerCap

Holdings

NV

5.875%

10/10/79

BB+

797,070

1,605

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.300%

1/30/32

BBB

1,295,285

1,825

Albion

Financing

2SARL,

144A

(6)

8.750%

4/15/27

BB-

1,647,487

4,310

Total

Trading

Companies

&

Distributors

3,739,842

Transportation

Infrastructure

-

0.1%

500

Adani

Ports

&

Special

Economic

Zone

Ltd,

144A

3.100%

2/02/31

BBB-

392,613

250

Aeropuerto

Internacional

de

Tocumen

SA,

144A

4.000%

8/11/41

BBB

203,280

750

Total

Transportation

Infrastructure

595,893

Wireless

Telecommunication

Services

-

1.0%

1,375

America

Movil

SAB

de

CV,

144A

5.375%

4/04/32

A-

1,256,489

1,580

AT&T

Inc

3.500%

9/15/53

BBB+

1,164,800

1,400

C&W

Senior

Financing

DAC,

144A

6.875%

9/15/27

BB-

1,242,500

775

CT

Trust,

144A

5.125%

2/03/32

Ba1

668,839

975

Empresa

Nacional

de

Telecomunicaciones

SA,

144A

3.050%

9/14/32

BBB

814,125

1,386

Millicom

International

Cellular

SA,

144A

5.125%

1/15/28

BB+

1,279,112

995

Vmed

O2

UK

Financing

I

PLC,

144A

4.750%

7/15/31

BB+

819,009

8,486

Total

Wireless

Telecommunication

Services

7,244,874

$

246,376

Total

Corporate

Bonds

(cost

$246,151,358)

212,824,353

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

X

46,952,725

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

6.8%

X

46,952,725

Automobiles

-

0.3%

$

1,235

General

Motors

Financial

Co

Inc

5.700%

N/A

(8)

BB+

$

1,146,129

1,285

General

Motors

Financial

Co

Inc

5.750%

N/A

(8)

BB+

1,132,406

2,520

Total

Automobiles

2,278,535

Banks

-

3.2%

1,100

Banco

de

Credito

del

Peru

S.A,

144A

3.125%

7/01/30

BBB-

1,012,000

1,500

Bank

of

America

Corp

6.100%

N/A

(8)

BBB+

1,485,935

1,500

Bank

of

America

Corp

6.125%

N/A

(8)

BBB+

1,476,450

1,330

Citigroup

Inc

5.950%

N/A

(8)

BBB-

1,274,487

1,500

Citigroup

Inc

5.000%

N/A

(8)

BBB-

1,395,150

1,000

Citigroup

Inc

6.300%

N/A

(8)

BBB-

965,000

2,000

CoBank

ACB

6.250%

N/A

(8)

BBB+

1,990,474

2,000

Goldman

Sachs

Group

Inc

3.800%

N/A

(8)

BBB-

1,655,000

1,560

Huntington

Bancshares

Inc/OH

5.625%

N/A

(8)

Baa3

1,513,200

1,275

JPMorgan

Chase

&

Co

5.000%

N/A

(8)

BBB+

1,179,375

2,450

JPMorgan

Chase

&

Co

3.650%

N/A

(8)

BBB+

2,125,375

Nuveen

Strategic

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2022

112

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Banks

(continued)

$

300

Societe

Generale

SA,

144A

4.027%

1/21/43

BBB

$

206,425

2,000

Truist

Financial

Corp

4.800%

N/A

(8)

Baa2

1,857,896

1,415

Truist

Financial

Corp

5.100%

N/A

(8)

Baa2

1,340,712

1,300

Wells

Fargo

&

Co

5.900%

N/A

(8)

Baa2

1,222,977

1,230

Wells

Fargo

&

Co

5.875%

N/A

(8)

Baa2

1,223,815

23,460

Total

Banks

21,924,271

Capital

Markets

-

0.3%

2,050

Charles

Schwab

Corp/The

5.375%

N/A

(8)

BBB

2,037,187

Consumer

Finance

-

0.3%

1,110

Ally

Financial

Inc

4.700%

N/A

(8)

Ba2

915,699

1,500

Capital

One

Financial

Corp

(6)

3.950%

N/A

(8)

Baa3

1,273,891

2,610

Total

Consumer

Finance

2,189,590

Diversified

Financial

Services

-

0.1%

1,000

Voya

Financial

Inc

6.125%

N/A

(8)

BBB-

973,830

Electric

Utilities

-

0.2%

1,500

Southern

Co

4.000%

1/15/51

BBB-

1,388,910

Food

Products

-

0.4%

2,730

Land

O'

Lakes

Inc,

144A

8.000%

N/A

(8)

BB

2,736,825

Independent

Power

Producers

&

Energy

Traders

-

0.2%

1,304

Vistra

Corp,

144A

7.000%

N/A

(8)

Ba3

1,202,966

Insurance

-

0.5%

2,835

AXIS

Specialty

Finance

LLC

4.900%

1/15/40

BBB

2,423,925

1,000

Hanwha

Life

Insurance

Co

Ltd,

144A

3.379%

2/04/32

A-

879,331

3,835

Total

Insurance

3,303,256

Media

-

0.3%

2,185

Paramount

Global

6.375%

3/30/62

Baa3

2,009,943

Multi-Utilities

-

0.3%

2,035

Sempra

Energy

4.875%

N/A

(8)

BBB-

1,965,744

Oil,

Gas

&

Consumable

Fuels

-

0.5%

2,235

Enbridge

Inc

5.750%

7/15/80

BBB-

2,099,045

1,400

Energy

Transfer

LP

6.500%

N/A

(8)

BB

1,292,569

3,635

Total

Oil,

Gas

&

Consumable

Fuels

3,391,614

Trading

Companies

&

Distributors

-

0.1%

825

AerCap

Global

Aviation

Trust,

144A

6.500%

6/15/45

BB+

785,054

Wireless

Telecommunication

Services

-

0.1%

800

Network

i2i

Ltd,

144A

5.650%

N/A

(8)

BB

765,000

$

50,489

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$53,512,134)

46,952,725

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

X

45,292,280

SOVEREIGN

DEBT

-

6.5%

X

45,292,280

Angola

-

0.1%

$

1,050

Angolan

Government

International

Bond

,

144A

8.750%

4/14/32

B-

$

858,816

113

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Bermuda

-

0.2%

$

1,150

Bermuda

Government

International

Bond

,

144A(6)

2.375%

8/20/30

A+

$

966,265

650

Bermuda

Government

International

Bond

,

144A

3.717%

1/25/27

A+

636,238

Total

Bermuda

1,602,503

Chile

-

0.1%

1,100

Chile

Government

International

Bond

(6)

2.550%

1/27/32

A1

916,593

Colombia

-

0.1%

850

Colombia

Government

International

Bond

5.000%

6/15/45

Baa2

570,683

Costa

Rica

-

0.1%

905

Costa

Rica

Government

International

Bond

,

144A

5.625%

4/30/43

B

679,950

Cote

d'Ivoire

-

0.4%

1,750

Ivory

Coast

Government

International

Bond

,

144A

6.125%

6/15/33

BB-

1,476,892

1,441

Ivory

Coast

Government

International

Bond

,

144A

5.750%

12/31/32

BB-

1,287,764

Total

Cote

d'Ivoire

2,764,656

Dominican

Republic

-

0.2%

835

Dominican

Republic

International

Bond

,

144A

5.300%

1/21/41

BB-

618,253

1,000

Dominican

Republic

International

Bond

,

144A

4.500%

1/30/30

BB-

838,137

12,000

DOP

Dominican

Republic

International

Bond

,

144A

9.750%

6/05/26

BB-

219,283

Total

Dominican

Republic

1,675,673

Ecuador

-

0.0%

380

Ecuador

Government

International

Bond

,

144A

5.000%

7/31/30

B-

199,852

Egypt

-

0.3%

1,925

Egypt

Government

International

Bond

,

144A

5.577%

2/21/23

B+

1,893,284

El

Salvador

-

0.1%

1,925

El

Salvador

Government

International

Bond

,

144A

6.375%

1/18/27

CCC+

730,190

Ghana

-

0.1%

1,300

Ghana

Government

International

Bond

,

144A

8.125%

3/26/32

CCC+

489,970

Hungary

-

0.1%

425

Hungary

Government

International

Bond

,

144A

5.250%

6/16/29

BBB

408,977

Indonesia

-

0.4%

950

Perusahaan

Penerbit

SBSN

Indonesia

III

,

144A

3.800%

6/23/50

BBB

782,308

2,100

Perusahaan

Penerbit

SBSN

Indonesia

III

,

144A(6)

4.700%

6/06/32

BBB

2,160,096

Total

Indonesia

2,942,404

Iraq

-

0.3%

2,073

Iraq

International

Bond

,

144A

5.800%

1/15/28

N/R

1,725,119

Italy

-

0.2%

1,600

Republic

of

Italy

Government

International

Bond

5.375%

6/15/33

BBB-

1,589,178

Jamaica

-

0.2%

1,005

Jamaica

Government

International

Bond

6.750%

4/28/28

B+

1,088,272

Jordan

-

0.2%

1,300

Jordan

Government

International

Bond

,

144A

5.850%

7/07/30

BB-

1,137,500

Kazakhstan

-

0.1%

1,000

Kazakhstan

Government

International

Bond

,

144A

6.500%

7/21/45

Baa2

1,005,700

Nuveen

Strategic

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2022

114

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Kenya

-

0.3%

$

1,445

Republic

of

Kenya

Government

International

Bond

,

144A

6.300%

1/23/34

B+

$

986,212

400

Republic

of

Kenya

Government

International

Bond

,

144A

7.000%

5/22/27

B+

316,000

Total

Kenya

1,302,212

Mexico

-

0.6%

850

Mexico

Government

International

Bond

3.750%

1/11/28

BBB

817,686

1,000

Mexico

Government

International

Bond

(6)

4.750%

4/27/32

BBB

969,977

1,950

Mexico

Government

International

Bond

4.280%

8/14/41

BBB

1,558,505

1,640

Mexico

Government

International

Bond

4.750%

3/08/44

BBB

1,389,361

Total

Mexico

4,735,529

Mongolia

-

0.2%

450

Mongolia

Government

International

Bond

,

144A

5.125%

4/07/26

B

413,820

795

Mongolia

Government

International

Bond

,

144A(6)

4.450%

7/07/31

B

614,482

Total

Mongolia

1,028,302

Morocco

-

0.2%

850

Morocco

Government

International

Bond

,

144A

5.500%

12/11/42

BB+

694,338

920

Morocco

Government

International

Bond

,

144A

3.000%

12/15/32

BB+

687,700

Total

Morocco

1,382,038

Nigeria

-

0.1%

815

Nigeria

Government

International

Bond

,

144A

7.875%

2/16/32

B2

586,898

325

Nigeria

Government

International

Bond

,

144A

8.375%

3/24/29

B2

257,059

Total

Nigeria

843,957

Oman

-

0.1%

850

Oman

Government

International

Bond

,

144A

6.000%

8/01/29

BB

847,773

250

Oman

Government

International

Bond

,

144A

6.750%

10/28/27

BB

260,689

275

Oman

Sovereign

Sukuk

Co

,

144A

4.875%

6/15/30

BB

274,918

Total

Oman

1,383,380

Pakistan

-

0.0%

275

Pakistan

Global

Sukuk

Programme

Co

Ltd

,

144A(6)

7.950%

1/31/29

B3

213,108

Panama

-

0.2%

1,360

Panama

Bonos

del

Tesoro

3.362%

6/30/31

BBB

1,183,200

Peru

-

0.1%

925

Peruvian

Government

International

Bond

2.783%

1/23/31

Baa1

787,811

Philippines

-

0.3%

495

Philippine

Government

International

Bond

4.200%

3/29/47

BBB+

442,979

1,000

Philippine

Government

International

Bond

6.375%

10/23/34

BBB+

1,151,074

Total

Philippines

1,594,053

Poland

-

0.1%

1,000

Republic

of

Poland

Government

International

Bond

3.250%

4/06/26

A2

982,012

Qatar

-

0.2%

850

Qatar

Government

International

Bond

,

144A

4.817%

3/14/49

AA-

877,098

900

Qatar

Government

International

Bond

,

144A

3.750%

4/16/30

AA-

904,590

Total

Qatar

1,781,688

Rwanda

-

0.2%

1,375

Rwanda

International

Government

Bond

,

144A

5.500%

8/09/31

B+

1,048,300

Saudi

Arabia

-

0.2%

1,890

Saudi

Government

International

Bond

,

144A

3.750%

1/21/55

A1

1,571,932

South

Africa

-

0.3%

2,450

Republic

of

South

Africa

Government

International

Bond

5.375%

7/24/44

Ba2

1,754,205

115

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Turkey

-

0.2%

$

1,550

Turkiye

Ihracat

Kredi

Bankasi

AS

,

144A

5.750%

7/06/26

B3

$

1,299,942

Ukraine

-

0.0%

225

Ukraine

Government

International

Bond

,

144A

7.750%

9/01/29

CCC+

44,122

390

Ukraine

Government

International

Bond

,

144A

9.750%

11/01/30

CCC+

77,169

Total

Ukraine

121,291

Total

Sovereign

Debt

(cost

$56,039,212)

45,292,280

Principal

Amount

(000)

Description

(1),(9)

Coupon

Maturity

Ratings

(2)

Value

X

27,348,072

CONTINGENT

CAPITAL

SECURITIES

-

3.9%

X

27,348,072

Banks

-

3.7%

$

1,650

Banco

Bilbao

Vizcaya

Argentaria

SA

6.500%

N/A

(8)

Ba2

$

1,545,094

1,480

Banco

Mercantil

del

Norte

SA/Grand

Cayman,

144A

6.750%

N/A

(8)

Ba2

1,423,020

3,460

Banco

Santander

SA

4.750%

N/A

(8)

Ba1

2,757,620

1,375

Bancolombia

SA

4.625%

12/18/29

Ba3

1,198,505

1,250

Bangkok

Bank

PCL/Hong

Kong,

144A

5.000%

N/A

(8)

Ba1

1,177,137

2,000

Bank

Hapoalim

BM,

Reg

S,

144A

3.255%

1/21/32

BBB

1,739,428

1,840

Barclays

PLC

8.000%

N/A

(8)

BBB-

1,780,200

1,330

BNP

Paribas

SA,

144A

6.625%

N/A

(8)

BBB

1,281,041

2,895

HSBC

Holdings

PLC

6.000%

N/A

(8)

BBB

2,659,501

1,500

Lloyds

Banking

Group

PLC

7.500%

N/A

(8)

Baa3

1,483,500

2,265

Lloyds

Banking

Group

PLC

7.500%

N/A

(8)

Baa3

2,195,782

2,000

Macquarie

Bank

Ltd/London,

144A

6.125%

N/A

(8)

BB+

1,848,055

1,700

Mizrahi

Tefahot

Bank

Ltd,

Reg

S,

144A

3.077%

4/07/31

BBB

1,487,500

2,000

NatWest

Group

PLC

8.000%

N/A

(8)

BBB-

1,995,200

1,130

NatWest

Group

PLC

6.000%

N/A

(8)

BBB-

1,061,966

27,875

Total

Banks

25,633,549

Capital

Markets

-

0.2%

2,105

Deutsche

Bank

AG

6.000%

N/A

(8)

BB-

1,714,523

$

29,980

Total

Contingent

Capital

Securities

(cost

$29,260,115)

27,348,072

Principal

Amount

(000)

Description

(1)

Coupon

(10)

Reference

Rate

(10)

Spread

(10)

Maturity

(11)

Ratings

(2)

Value

X

23,319,957

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

-

3.4%

(10)

X

23,319,957

Airlines

-

0.3%

$

350

Mileage

Plus

Holdings

LLC,

Term

Loan

B

7.313%

3-Month

LIBOR

5.250%

6/20/27

Baa3

$

356,563

175

SkyMiles

IP

Ltd.,

Term

Loan

B

6.460%

3-Month

LIBOR

3.750%

10/20/27

Baa1

177,749

1,481

United

Airlines,

Inc.,

Term

Loan

B

6.533%

1-Month

LIBOR

3.750%

4/21/28

Ba1

1,445,974

2,006

Total

Airlines

1,980,286

Beverages

-

0.1%

397

City

Brewing

Company,

LLC,

Term

Loan

5.873%

1-Month

LIBOR

3.500%

4/05/28

B

347,375

437

Pegasus

Bidco

BV,

Term

Loan

6.962%

TSFR3M

4.250%

7/12/29

B+

426,075

834

Total

Beverages

773,450

Building

Products

-

0.1%

497

Chamberlain

Group

Inc,

Term

Loan

B

6.024%

1-Month

LIBOR

3.500%

10/22/28

B+

474,635

425

Cornerstone

Building

Brands,

Inc.,

Term

Loan

B

5.641%

1-Month

LIBOR

3.250%

4/12/28

B

382,431

922

Total

Building

Products

857,066

Nuveen

Strategic

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2022

116

Principal

Amount

(000)

Description

(1)

Coupon

(10)

Reference

Rate

(10)

Spread

(10)

Maturity

(11)

Ratings

(2)

Value

Chemicals

-

0.2%

$

1,101

Messer

Industries

GmbH,

Term

Loan

4.760%

3-Month

LIBOR

2.500%

3/01/26

BB-

$

1,083,435

69

W.R.

Grace

&

Co.-Conn.,

Term

Loan

B

6.063%

3-Month

LIBOR

3.750%

9/22/28

BB+

68,533

1,170

Total

Chemicals

1,151,968

Commercial

Services

&

Supplies

-

0.1%

247

GFL

Environmental

Inc.,

Term

Loan

5.806%

3-Month

LIBOR

3.000%

5/30/25

N/R

245,429

441

Prime

Security

Services

Borrower,

LLC,

Term

Loan

5.107%

1-Month

LIBOR

2.750%

9/23/26

BB-

432,084

688

Total

Commercial

Services

&

Supplies

677,513

Containers

&

Packaging

-

0.1%

494

Plaze,

Inc.,

Term

Loan

B

7.250%

Prime

2.500%

8/03/26

B

470,994

246

Reynolds

Group

Holdings

Inc.

,

Term

Loan

B2

5.774%

3-Month

LIBOR

3.250%

2/05/26

B+

240,863

740

Total

Containers

&

Packaging

711,857

Diversified

Telecommunication

Services

-

0.0%

172

Cablevision

Lightpath

LLC,

Term

Loan

B

5.641%

1-Month

LIBOR

3.250%

12/01/27

B+

169,716

156

Zayo

Group

Holdings,

Inc.,

Term

Loan

5.524%

1-Month

LIBOR

3.000%

3/09/27

B

142,377

328

Total

Diversified

Telecommunication

Services

312,093

Electronic

Equipment,

Instruments

&

Components

-

0.1%

396

Ingram

Micro

Inc.,

Term

Loan

B

5.750%

3-Month

LIBOR

3.500%

7/02/28

BB+

382,140

Health

Care

Equipment

&

Supplies

-

0.4%

2,000

Bausch

&

Lomb,

Inc.,

Term

Loan

5.653%

SOFR30A

3.250%

5/05/27

BB+

1,886,000

597

Medline

Borrower,

LP,

Term

Loan

B

5.774%

1-Month

LIBOR

3.250%

10/21/28

BB-

571,093

2,597

Total

Health

Care

Equipment

&

Supplies

2,457,093

Health

Care

Providers

&

Services

-

0.7%

1,109

Change

Healthcare

Holdings

LLC,

Term

Loan

B

5.024%

1-Month

LIBOR

2.500%

3/01/24

B+

1,104,344

998

Parexel

International

Corporation,

Term

Loan,

First

Lien

5.774%

1-Month

LIBOR

3.250%

11/15/28

B1

973,949

1,153

RegionalCare

Hospital

Partners

Holdings,

Inc.,

Term

Loan

B

6.274%

1-Month

LIBOR

3.750%

11/16/25

B1

1,120,094

1,482

Select

Medical

Corporation,

Term

Loan

B

5.030%

1-Month

LIBOR

2.500%

3/06/25

Ba2

1,455,120

4,742

Total

Health

Care

Providers

&

Services

4,653,507

Hotels,

Restaurants

&

Leisure

-

0.1%

169

Caesars

Resort

Collection,

LLC,

Term

Loan

B1

6.024%

1-Month

LIBOR

3.500%

7/20/25

B+

167,903

493

IRB

Holding

Corp,

Term

Loan

B

5.437%

SOFR30A

3.150%

12/15/27

B+

477,829

662

Total

Hotels,

Restaurants

&

Leisure

645,732

117

Principal

Amount

(000)

Description

(1)

Coupon

(10)

Reference

Rate

(10)

Spread

(10)

Maturity

(11)

Ratings

(2)

Value

Household

Durables

-

0.1%

$

445

Weber-Stephen

Products

LLC,

Term

Loan

B

5.774%

1-Month

LIBOR

3.250%

10/30/27

CCC+

$

381,942

Internet

&

Direct

Marketing

Retail

-

0.1%

469

CNT

Holdings

I

Corp,

Term

Loan

5.812%

SOFR30A

3.500%

11/08/27

B

459,890

Machinery

-

0.1%

664

Filtration

Group

Corporation,

Term

Loan,

First

Lien

5.524%

1-Month

LIBOR

3.000%

3/28/25

B

654,916

Media

-

0.2%

295

Banijay

Entertainment

S.A.S,

Term

Loan

6.112%

1-Month

LIBOR

3.750%

3/01/25

B1

292,310

979

DirecTV

Financing,

LLC,

Term

Loan

7.524%

1-Month

LIBOR

5.000%

8/02/27

BBB-

939,470

1,274

Total

Media

1,231,780

Oil,

Gas

&

Consumable

Fuels

-

0.0%

244

Delek

US

Holdings,

Inc.,

Term

Loan

B

8.024%

1-Month

LIBOR

5.500%

3/30/25

BB+

243,764

Pharmaceuticals

-

0.3%

1,087

Jazz

Financing

Lux

S.a.r.l.,

Term

Loan

6.024%

1-Month

LIBOR

3.500%

5/05/28

BB+

1,068,757

1,399

Organon

&

Co,

Term

Loan

4.625%

3-Month

LIBOR

3.000%

6/02/28

BB

1,386,345

2,486

Total

Pharmaceuticals

2,455,102

Semiconductors

&

Semiconductor

Equipment

-

0.1%

820

Ultra

Clean

Holdings,

Inc,

Term

Loan

B

6.274%

1-Month

LIBOR

3.750%

8/27/25

B1

811,685

820

Total

Semiconductors

&

Semiconductor

Equipment

811,685

Software

-

0.1%

317

Camelot

U.S.

Acquisition

LLC,

Term

Loan

B

5.524%

1-Month

LIBOR

3.000%

10/31/26

B1

310,192

494

IGT

Holding

IV

AB,

Term

Loan

B2

5.650%

3-Month

LIBOR

3.400%

3/29/28

B

483,258

123

Ultimate

Software

Group

Inc

(The),

Term

Loan

5.535%

3-Month

LIBOR

3.250%

5/03/26

B1

119,549

934

Total

Software

912,999

Specialty

Retail

-

0.2%

526

Les

Schwab

Tire

Centers,

Term

Loan

B

6.580%

3-Month

LIBOR

3.250%

11/02/27

B

514,218

83

LS

Group

OpCo

Acquistion

LLC,

Term

Loan,

(WI/DD)

TBD

TBD

TBD

TBD

N/R

81,167

990

PetSmart,

Inc.,

Term

Loan

B

6.270%

1-Month

LIBOR

3.750%

2/12/28

BB-

969,789

1,599

Total

Specialty

Retail

1,565,174

$

24,020

Total

Variable

Rate

Senior

Loan

Interests

(cost

$23,811,366)

23,319,957

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

X

23,976,875

U.S.

GOVERNMENT

AND

AGENCY

OBLIGATIONS

-

3.4%

X

23,976,875

$

20,000

United

States

Treasury

Note/Bond

3.250%

5/15/42

Aaa

$

19,131,250

3,000

United

States

Treasury

Note/Bond

2.750%

8/15/32

Aaa

2,894,062

2,000

United

States

Treasury

Note/Bond

3.375%

8/15/42

Aaa

1,951,563

$

25,000

Total

U.S.

Government

and

Agency

Obligations

(cost

$25,080,208)

23,976,875

Nuveen

Strategic

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2022

118

Investments

in

Derivatives

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

X

4,969,715

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

0.7%

X

4,969,715

Capital

Markets

-

0.1%

28,850

Morgan

Stanley

6.500%

BBB-

$

752,985

Diversified

Financial

Services

-

0.2%

14,600

AgriBank

FCB(12)

6.875%

BBB+

1,481,900

Insurance

-

0.4%

49,000

Assurant

Inc

5.250%

Baa3

1,047,130

70,000

Enstar

Group

Ltd

7.000%

BBB-

1,687,700

Total

Insurance

2,734,830

Total

$25

Par

(or

similar)

Retail

Preferred

(cost

$5,156,250)

4,969,715

Total

Long-Term

Investments

(cost

$741,364,491)

664,133,207

Shares

Description

(1)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

 1.6  %

10,771,866

MONEY

MARKET

FUNDS

-

1.6%

X

10,771,866

10,771,866

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

(13)

2.300%(14)

$

10,771,866

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$10,771,866)

10,771,866

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

  6.4% 

44,212,268

REPURCHASE

AGREEMENTS

-

6.4%

44,212,268

$

44,212

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

8/31/22,

repurchase

price

$44,212,821,

collateralized

by

$45,500,700,

U.S.

Treasury

Notes,

2.750%,

due

2/15/24,

value

$45,096,547

0.450%

9/01/22

$

44,212,268

Total

Short-Term

Investments

(cost

$44,212,268)

44,212,268

Total

Investments

(cost

$796,348,625

)

-

103.7%

719,117,341

Other

Assets

Less

Liabilities

-   (3.7)%(15)

(25,525,168)

Net

Assets

-

100%

$

693,592,173

Futures

Contracts

-

Long

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

U.S.

Treasury

Ultra

Bond

300

12/22

$

44,409,975

$

44,850,000

$

440,025

Total

$44,409,975

$44,850,000

$440,025

Futures

Contracts

-

Short

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

U.S.

Treasury

5-Year

Note

(575)

12/22

$

(63,953,458)

$

(63,721,680)

$

231,778

U.S.

Treasury

2-Year

Note

(650)

12/22

(67,820,431)

(67,706,641)

113,790

U.S.

Treasury

10-Year

Note

(275)

12/22

(32,264,685)

(32,149,219)

115,466

Total

$(164,038,574)

$(163,577,540)

$461,034

119

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.

(2)

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.

(3)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(4)

Principal

Amount

(000)

rounds

to

less

than

$1,000.

(5)

Investment

valued

at

fair

value

using

methods

determined

in

good

faith

by,

or

at

the

discretion

of,

the

Board.

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(6)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$9,723,932.

(7)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(8)

Perpetual

security.

Maturity

date

is

not

applicable.

(9)

Contingent

Capital

Securities

(“CoCos”)

are

hybrid

securities

with

loss

absorption

characteristics

built

into

the

terms

of

the

security

for

the

benefit

of

the

issuer.

For

example,

the

terms

may

specify

an

automatic

write-down

of

principal

or

a

mandatory

conversion

into

the

issuer’s

common

stock

under

certain

adverse

circumstances,

such

as

the

issuer’s

capital

ratio

falling

below

a

specified

level.

(10)

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.

(11)

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.

(12)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

2.

(13)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

market

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

market

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(14)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

(15)

Other

assets

less

liabilities

includes

the

unrealized

appreciation

(depreciation)

of

certain

over-the-counter

(“OTC”)

derivatives

as

presented

on

the

Statement

of

Assets

and

Liabilities,

when

applicable.

The

unrealized

appreciation

(depreciation)

of

OTC

cleared

and

exchange-traded

derivatives

is

recognized

as

part

of

the

cash

collateral

at

brokers

and/or

the

receivable

or

payable

for

variation

margin

as

presented

on

the

Statement

of

Assets

and

Liabilities,

when

applicable.

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.

DOP

Dominican

Peso

I/O

Interest

only

security

LIBOR

London

Inter-Bank

Offered

Rate

N/A

Not

Applicable.

Reg

S

Regulation

S

allows

U.S.

companies

to

sell

securities

to

persons

or

entities

located

outside

of

the

United

States

without

registering

those

securities

with

the

Securities

and

Exchange

Commission.

Specifically,

Regulation

S

provides

a

safe

harbor

from

the

registration

requirements

of

the

Securities

Act

for

the

offers

and

sales

of

securities

by

both

foreign

and

domestic

issuers

that

are

made

outside

the

United

States.

SOFR

30A

30

Day

Average

Secured

Overnight

Financing

Rate

TBD

Senior

loan

purchased

on

a

when-issued

or

delayed-delivery

basis.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date

of

the

transaction.

In

addition,

senior

loans

typically

trade

without

accrued

interest

and

therefore

a

coupon

rate

is

not

available

prior

to

settlement.

At

settlement,

if

still

unknown,

the

borrower

or

counterparty

will

provide

the

Fund

with

the

final

coupon

rate

and

maturity

date.

TSFR

1M

CME

Term

SOFR

1

Month

TSFR

3M

CME

Term

SOFR

3

Month

WI/DD

Purchased

on

a

when-issued

or

delayed

delivery

basis.

See

accompanying

notes

to

financial

statements

Statement

of

Assets

and

Liabilities

August

31,

2022

See

accompanying

notes

to

financial

statements.

120

Credit

Income

Flexible

Income

Floating

Rate

Income

High

Yield

Income

Preferred

Securities

and

Income

Strategic

Income

Assets

Long-term

investments,

at

value

†‡

$

109,363,170‌

$

1,452,065,114‌

$

2,342,251,436‌

$

495,846,126‌

$

5,053,596,517‌

$

664,133,207‌

Investments

purchased

with

collateral

from

securities

lending,

at

value

(cost

approximates

value)

7,467,287‌

29,611,664‌

4,818,092‌

15,820,798‌

53,834,118‌

10,771,866‌

Short-term

investments,

at

value

◊

13,204,016‌

29,313,890‌

33,358,107‌

31,582,470‌

65,121,741‌

44,212,268‌

Cash

183,239‌

268,810‌

7,738,273‌

–‌

181,922‌

–‌

Cash

denominated

in

foreign

currencies

^

14‌

–‌

–‌

169‌

–‌

–‌

Cash

collateral

at

brokers

for

investments

in

futures

contracts

–‌

–‌

–‌

–‌

–‌

2,387,196‌

Cash

collateral

at

brokers

for

investments

in

swaps

379,809‌

–‌

–‌

374,000‌

–‌

411,162‌

Credit

default

swap

premiums

paid

47,718‌

–‌

–‌

–‌

–‌

–‌

Receivable

for

dividends

6,511‌

930,639‌

1,485‌

–‌

5,910,278‌

55,719‌

Receivable

for

due

from

affiliate

–‌

12,578‌

–‌

–‌

–‌

–‌

Receivable

for

interest

1,249,455‌

17,953,942‌

16,210,607‌

8,024,191‌

69,310,297‌

5,942,056‌

Receivable

for

investments

sold

5,984,994‌

–‌

57,778,414‌

16,211,316‌

26,623,914‌

4,989,115‌

Receivable

for

reclaims

–‌

105,166‌

–‌

2,349‌

–‌

272‌

Receivable

for

reimbursement

from

Adviser

20,062‌

–‌

–‌

–‌

–‌

–‌

Receivable

for

shares

sold

121,136‌

1,684,071‌

5,389,540‌

305,803‌

13,938,072‌

2,241,501‌

Receivable

for

variation

margin

on

futures

contracts

–‌

–‌

–‌

–‌

–‌

47,266‌

Other

assets

85,038‌

114,084‌

390,241‌

129,456‌

351,625‌

131,929‌

Total

assets

138,112,449‌

1,532,059,958‌

2,467,936,195‌

568,296,678‌

5,288,868,484‌

735,323,557‌

Liabilities

Cash

overdraft

–‌

–‌

–‌

3,860,094‌

–‌

4,235,738‌

Payable

for

collateral

from

securities

lending

7,467,287‌

29,611,664‌

4,818,092‌

15,820,798‌

53,834,118‌

10,771,866‌

Payable

for

dividends

23,967‌

140,206‌

1,107,051‌

78,301‌

2,660,556‌

470,339‌

Payable

for

investments

purchased

-

regular

settlement

5,696,083‌

–‌

15,001,784‌

10,048,721‌

–‌

4,961,802‌

Payable

for

investments

purchased

-

when-issued/

delayed-delivery

settlement

2,916,378‌

–‌

109,172,934‌

1,688,750‌

–‌

82,585‌

Payable

for

shares

redeemed

236,485‌

6,692,420‌

9,714,895‌

851,747‌

101,289,415‌

20,297,957‌

Payable

for

unfunded

senior

loans

–‌

–‌

1,925,772‌

–‌

–‌

–‌

Payable

for

variation

margin

on

futures

contracts

–‌

–‌

–‌

–‌

–‌

293,946‌

Payable

for

variation

margin

on

swaps

27,182‌

–‌

–‌

–‌

–‌

–‌

Accrued

expenses:

Management

fees

–‌

59,187‌

1,125,057‌

5,470‌

2,883,547‌

101,681‌

Trustees

fees

39,682‌

47,098‌

92,079‌

51,452‌

227,866‌

63,506‌

12b-1

distribution

and

service

fees

56,038‌

234,948‌

99,322‌

27,498‌

278,921‌

114,395‌

Other

109,144‌

573,931‌

582,547‌

446,860‌

1,371,067‌

337,569‌

Total

liabilities

16,572,246‌

37,359,454‌

143,639,533‌

32,879,691‌

162,545,490‌

41,731,384‌

Net

assets

$

121,540,203‌

$

1,494,700,504‌

$

2,324,296,662‌

$

535,416,987‌

$

5,126,322,994‌

$

693,592,173‌

†

Long-term

investments,

cost

$

118,318,327‌

$

1,576,206,202‌

$

2,431,551,069‌

$

547,674,110‌

$

5,369,403,634‌

$

741,364,491‌

◊

Short-term

investments,

cost

$

13,204,016‌

$

29,313,890‌

$

33,358,107‌

$

31,582,470‌

$

65,121,741‌

$

44,212,268‌

‡

Includes

securities

loaned

of

$

7,207,591‌

$

28,354,371‌

$

4,589,991‌

$

15,084,535‌

$

51,511,865‌

$

9,723,932‌

^

Cash

denominated

in

foreign

currencies,

cost

$

14‌

$

—‌

$

—‌

$

175‌

$

—‌

$

—‌

Statement

of

Assets

and

Liabilities

(continued)

See

accompanying

notes

to

financial

statements.

121

Credit

Income

Flexible

Income

Floating

Rate

Income

High

Yield

Income

Preferred

Securities

and

Income

Strategic

Income

Class

A

Shares

Net

Assets

$

51,908,384‌

$

230,504,773‌

$

246,409,736‌

$

50,894,530‌

$

551,740,695‌

$

105,181,984‌

Shares

outstanding

8,166,304‌

12,176,264‌

13,603,185‌

2,977,257‌

35,630,495‌

10,752,538‌

NAV

and

offering

price

per

share

$

6.36‌

$

18.93‌

$

18.11‌

$

17.09‌

$

15.49‌

$

9.78‌

Maximum

sales

charge

4.75%

4.75%

3.00%

4.75%

4.75%

4.25%

Offering

price

per

share

(NAV

per

share

plus

maximum

sales

charge)

$

6.68‌

$

19.87‌

$

18.67‌

$

17.94‌

$

16.26‌

$

10.21‌

Class

C

Shares

Net

Assets

$

8,925,750‌

$

208,774,820‌

$

55,284,833‌

$

18,123,405‌

$

184,904,430‌

$

18,212,080‌

Shares

outstanding

1,406,015‌

11,048,572‌

3,051,941‌

1,061,038‌

11,931,175‌

1,871,283‌

NAV

and

offering

price

per

share

$

6.35‌

$

18.90‌

$

18.11‌

$

17.08‌

$

15.50‌

$

9.73‌

Class

R6

Shares

Net

Assets

$

—‌

$

15,113,228‌

$

227,215,188‌

$

7,778,753‌

$

1,051,040,015‌

$

240,575,288‌

Shares

outstanding

—‌

792,761‌

12,479,572‌

452,390‌

67,673,938‌

24,504,374‌

NAV

and

offering

price

per

share

$

—‌

$

19.06‌

$

18.21‌

$

17.19‌

$

15.53‌

$

9.82‌

Class

I

Shares

Net

Assets

$

60,706,069‌

$

1,040,307,683‌

$

1,795,386,905‌

$

458,620,299‌

$

3,338,637,854‌

$

329,622,821‌

Shares

outstanding

9,525,092‌

54,885,115‌

98,991,437‌

26,797,391‌

215,385,844‌

33,697,445‌

NAV

and

offering

price

per

share

$

6.37‌

$

18.95‌

$

18.14‌

$

17.11‌

$

15.50‌

$

9.78‌

Fund

level

net

assets

consist

of:

Capital

paid-in

$

265,024,807‌

$

1,757,026,071‌

$

2,627,281,286‌

$

769,400,277‌

$

5,700,988,986‌

$

821,303,744‌

Total

distributable

earnings

(loss)

(143,484,604‌)

(262,325,567‌)

(302,984,624‌)

(233,983,290‌)

(574,665,992‌)

(127,711,571‌)

Fund

level

net

assets

$

121,540,203‌

$

1,494,700,504‌

$

2,324,296,662‌

$

535,416,987‌

$

5,126,322,994‌

$

693,592,173‌

Authorized

shares

-

per

class

2

billion

Unlimited

Unlimited

Unlimited

Unlimited

2

billion

Par

value

per

share

$

0.0001

$

0.01

$

0.01

$

0.01

$

0.01

$

0.0001

Statement

of

Operations

August

31,

2022

See

accompanying

notes

to

financial

statements.

122

Credit

Income

Flexible

Income

Floating

Rate

Income

Two

Months

Ended

8/31/22

Year

Ended

6/30/2022

Eleven

Months

Ended

8/31/22

Year

Ended

9/30/2021

Eleven

Months

Ended

8/31/22

Year

Ended

9/30/2021

Investment

Income

Dividends

$

6,525‌

$

59,701‌

$

18,793,379‌

$

22,811,452‌

$

1,731,854‌

$

20,918‌

Interest

1,117,504‌

7,155,441‌

57,363,566‌

57,995,296‌

79,982,522‌

39,469,190‌

Payment

from

affiliate

—‌

—‌

39,728‌

35,558‌

—‌

—‌

Securities

lending

income,

net

9,349‌

21,759‌

128,450‌

111,116‌

202,492‌

—‌

Tax

withheld

—‌

—‌

—‌

(64,293‌)

—‌

—‌

Total

Investment

Income

1,133,378‌

7,236,901‌

76,325,123‌

80,889,129‌

81,916,868‌

39,490,108‌

Expenses

–

–

–

–

–

–

Management

fees

105,218‌

794,369‌

10,767,951‌

11,727,657‌

9,951,369‌

4,690,093‌

12b-1

service

fees

-

Class

A

Shares

22,238‌

161,068‌

625,097‌

716,336‌

469,356‌

236,755‌

12b-1

distribution

and

service

fees

-

Class

C

Shares

15,273‌

126,490‌

2,278,511‌

2,735,499‌

429,732‌

321,984‌

12b-1

distribution

and

service

fees

-

Class

R3

Shares

(1)

—‌

—‌

—‌

—‌

—‌

—‌

Shareholder

servicing

agent

fees

12,693‌

136,812‌

1,070,312‌

1,115,790‌

1,229,738‌

633,965‌

Interest

expense

6,415‌

10,725‌

9,372‌

10,890‌

129,962‌

193,735‌

Custodian

expenses

31,109‌

56,445‌

147,387‌

142,580‌

121,025‌

232,421‌

Director/Trustees

fees

482‌

4,411‌

48,972‌

47,914‌

59,012‌

22,144‌

Professional

fees

41,177‌

97,361‌

100,937‌

125,735‌

131,703‌

220,759‌

Shareholder

reporting

expenses

9,933‌

18,617‌

122,135‌

426,330‌

151,955‌

159,474‌

Federal

and

state

registration

fees

9,818‌

67,756‌

131,496‌

164,364‌

216,749‌

109,389‌

Other

1,053‌

9,452‌

18,107‌

15,712‌

20,712‌

106‌

Total

expenses

before

fee

waiver/expense

reimbursement

255,409‌

1,483,506‌

15,320,277‌

17,228,807‌

12,911,313‌

6,820,825‌

Fee

waiver/expense

reimbursement

(81,374‌)

(200,059‌)

(1,066,606‌)

(1,412,533‌)

—‌

—‌

Net

expenses

174,035‌

1,283,447‌

14,253,671‌

15,816,274‌

12,911,313‌

6,820,825‌

Net

investment

income

(loss)

959,343‌

5,953,454‌

62,071,452‌

65,072,855‌

69,005,555‌

32,669,283‌

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

from

investments

(973,021‌)

(4,705,256‌)

(23,267,172‌)

13,408,927‌

(16,720,970‌)

(8,740,231‌)

Net

realized

gain

(loss)

from

options

written

—‌

—‌

469,013‌

1,231‌

—‌

—‌

Net

realized

gain

(loss)

from

swaps

(30,109‌)

10,169‌

—‌

—‌

—‌

—‌

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

2,467,838‌

(14,563,484‌)

(249,341,750‌)

64,611,491‌

(94,351,288‌)

62,295,861‌

Change

in

net

unrealized

appreciation

(depreciation)

of

options

written

—‌

—‌

(165,293‌)

165,292‌

—‌

—‌

Change

in

net

unrealized

appreciation

(depreciation)

of

swaps

(79,080‌)

—‌

—‌

—‌

—‌

—‌

Net

realized

and

unrealized

gain

(loss)

1,385,628‌

(19,258,571‌)

(272,305,202‌)

78,186,941‌

(111,072,258‌)

53,555,630‌

Net

increase

(decrease)

in

net

assets

from

operations

$

2,344,971‌

$

(13,305,117‌)

$

(210,233,750‌)

$

143,259,796‌

$

(42,066,703‌)

$

86,224,913‌

Statement

of

Operations

(continued)

See

accompanying

notes

to

financial

statements.

123

High

Yield

Income

Preferred

Securities

and

Income

Strategic

Income

Eleven

Months

Ended

8/31/22

Year

Ended

9/30/2021

Eleven

Months

Ended

8/31/22

Year

Ended

9/30/2021

Two

Months

Ended

8/31/22

Year

Ended

6/30/2022

Investment

Income

Dividends

$

214,104‌

$

16,614‌

$

50,748,756‌

$

55,961,092‌

$

55,719‌

$

286,932‌

Interest

29,406,954‌

32,296,511‌

208,815,199‌

196,635,737‌

5,705,665‌

32,207,420‌

Securities

lending

income,

net

63,903‌

51,489‌

358,859‌

117,701‌

7,522‌

58,769‌

Tax

withheld

—‌

—‌

—‌

—‌

—‌

(3,557‌)

Total

Investment

Income

29,684,961‌

32,348,000‌

259,922,814‌

252,714,530‌

5,768,906‌

32,549,564‌

Expenses

–

–

–

–

–

–

Management

fees

3,147,610‌

3,504,490‌

31,396,205‌

30,665,750‌

636,342‌

4,217,875‌

12b-1

service

fees

-

Class

A

Shares

124,997‌

118,984‌

1,305,325‌

1,315,813‌

43,974‌

311,248‌

12b-1

distribution

and

service

fees

-

Class

C

Shares

219,240‌

334,422‌

1,925,323‌

2,343,027‌

32,340‌

267,420‌

12b-1

distribution

and

service

fees

-

Class

R3

Shares

(1)

—‌

—‌

—‌

13,744‌

—‌

—‌

Shareholder

servicing

agent

fees

705,770‌

676,100‌

2,712,476‌

2,562,341‌

62,725‌

512,948‌

Interest

expense

60,521‌

35,763‌

91,198‌

92,844‌

5,212‌

5,070‌

Custodian

expenses

97,640‌

106,017‌

426,341‌

318,866‌

94,813‌

147,350‌

Director/Trustees

fees

16,240‌

16,801‌

149,429‌

129,980‌

4,532‌

25,467‌

Professional

fees

79,138‌

282,893‌

164,437‌

201,690‌

44,597‌

141,815‌

Shareholder

reporting

expenses

81,873‌

136,592‌

285,588‌

322,419‌

30,656‌

103,110‌

Federal

and

state

registration

fees

94,331‌

101,999‌

235,918‌

351,540‌

14,263‌

97,065‌

Other

13,826‌

1,769‌

35,965‌

24,474‌

2,164‌

17,296‌

Total

expenses

before

fee

waiver/expense

reimbursement

4,641,186‌

5,315,830‌

38,728,205‌

38,342,488‌

971,618‌

5,846,664‌

Fee

waiver/expense

reimbursement

(272,061‌)

(412,776‌)

—‌

—‌

(223,120‌)

(828,260‌)

Net

expenses

4,369,125‌

4,903,054‌

38,728,205‌

38,328,744‌

748,498‌

5,018,404‌

Net

investment

income

(loss)

25,315,836‌

27,444,946‌

221,194,609‌

214,372,042‌

5,020,408‌

27,531,160‌

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

from

investments

(30,678,130‌)

14,738,521‌

(39,238,384‌)

15,660,019‌

(6,850,417‌)

(12,292,617‌)

Net

realized

gain

(loss)

from

futures

contracts

—‌

—‌

11,792,157‌

2,358,134‌

1,022,630‌

4,239,122‌

Net

realized

gain

(loss)

from

swaps

315,061‌

—‌

—‌

—‌

162,518‌

—‌

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

(58,618,202‌)

26,995,711‌

(694,450,697‌)

271,055,986‌

14,846,403‌

(113,721,127‌)

Change

in

net

unrealized

appreciation

(depreciation)

of

futures

contracts

—‌

—‌

(2,069,139‌)

2,722,673‌

(313,952‌)

1,163,834‌

Net

realized

and

unrealized

gain

(loss)

(88,981,271‌)

41,734,232‌

(723,966,063‌)

291,796,812‌

8,867,182‌

(120,610,788‌)

Net

increase

(decrease)

in

net

assets

from

operations

$

(63,665,435‌)

$

69,179,178‌

$

(502,771,454‌)

$

506,168,854‌

$

13,887,590‌

$

(93,079,628‌)

(1)

Class

R3

Shares

were

converted

to

Class

A

Shares

at

the

close

of

business

on

June

4,

2021

and

are

no

longer

available

for

reinvestment

or

through

an

exchange

from

other

Nuveen

mutual

funds.

Statement

of

Changes

in

Net

Assets

See

accompanying

notes

to

financial

statements.

124

Credit

Income

Two

Months

Ended

8/31/22

Year

Ended

6/30/22

Year

Ended

6/30/21

Operations

Net

investment

income

(loss)

$

959,343‌

$

5,953,454‌

$

9,212,870‌

Net

realized

gain

(loss)

from

investments

(973,021‌)

(4,705,256‌)

9,601,884‌

Net

realized

gain

(loss)

from

swaps

(30,109‌)

10,169‌

–‌

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

2,467,838‌

(14,563,484‌)

9,220,305‌

Change

in

net

unrealized

appreciation

(depreciation)

of

swaps

(79,080‌)

–‌

–‌

Net

increase

(decrease)

in

net

assets

from

operations

2,344,971‌

(13,305,117‌)

28,035,059‌

Distributions

to

Shareholders

Dividends:

Class

A

Shares

(411,848‌)

(2,925,697‌)

(3,571,099‌)

Class

C

Shares

(58,807‌)

(478,065‌)

(728,420‌)

Class

R3

Shares

(1)

—‌

—‌

(9,581‌)

Class

I

Shares

(351,885)

(2,603,591)

(4,404,641)

Return

of

capital:

Class

A

Shares

(51,865‌)

—‌

—‌

Class

C

Shares

(8,920‌)

—‌

—‌

Class

I

Shares

(41,134‌)

—‌

—‌

Decrease

in

net

assets

from

distributions

to

shareholders

(924,459‌)

(6,007,353‌)

(8,713,741‌)

Fund

Share

Transactions

Proceeds

from

sale

of

shares

36,718,906‌

74,478,583‌

160,030,174‌

Proceeds

from

shares

issued

to

shareholders

due

to

reinvestment

of

distributions

880,503‌

5,693,978‌

8,252,382‌

37,599,409‌

80,172,561‌

168,282,556‌

Cost

of

shares

redeemed

(3,138,025‌)

(162,306,703‌)

(186,625,700‌)

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

34,461,384‌

(82,134,142‌)

(18,343,144‌)

Net

increase

(decrease)

in

net

assets

35,881,896‌

(101,446,612‌)

978,174‌

Net

assets

at

the

beginning

of

period

85,658,307‌

187,104,919‌

186,126,745‌

Net

assets

at

the

end

of

period

$

121,540,203‌

$

85,658,307‌

$

187,104,919‌

See

accompanying

notes

to

financial

statements.

125

Flexible

Income

Eleven

Months

Ended

8/31/22

Year

Ended

9/30/21

Year

Ended

9/30/20

Operations

Net

investment

income

(loss)

$

62,071,452‌

$

65,072,855‌

$

63,735,696‌

Net

realized

gain

(loss)

from

investments

(23,267,172‌)

13,408,927‌

(52,553,831‌)

Net

realized

gain

(loss)

from

options

written

469,013‌

1,231‌

301,006‌

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

(249,341,750‌)

64,611,491‌

2,703,606‌

Change

in

net

unrealized

appreciation

(depreciation)

of

options

written

(165,293‌)

165,292‌

–‌

Net

increase

(decrease)

in

net

assets

from

operations

(210,233,750‌)

143,259,796‌

14,186,477‌

Distributions

to

Shareholders

Dividends:

Class

A

Shares

(11,797,013‌)

(12,116,702‌)

(13,760,149‌)

Class

C

Shares

(8,946,228‌)

(9,533,349‌)

(11,985,677‌)

Class

R6

Shares

(742,040‌)

(460,978‌)

(353,971‌)

Class

I

Shares

(55,624,570)

(52,878,328)

(59,414,084)

Decrease

in

net

assets

from

distributions

to

shareholders

(77,109,851‌)

(74,989,357‌)

(85,513,881‌)

Fund

Share

Transactions

Proceeds

from

sale

of

shares

384,514,694‌

583,992,891‌

770,135,346‌

Proceeds

from

shares

issued

to

shareholders

due

to

reinvestment

of

distributions

75,334,744‌

73,767,550‌

85,141,825‌

459,849,438‌

657,760,441‌

855,277,171‌

Cost

of

shares

redeemed

(551,362,571‌)

(446,475,445‌)

(596,857,685‌)

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

(91,513,133‌)

211,284,996‌

258,419,486‌

Net

increase

(decrease)

in

net

assets

(378,856,734‌)

279,555,435‌

187,092,082‌

Net

assets

at

the

beginning

of

period

1,873,557,238‌

1,594,001,803‌

1,406,909,721‌

Net

assets

at

the

end

of

period

$

1,494,700,504‌

$

1,873,557,238‌

$

1,594,001,803‌

See

accompanying

notes

to

financial

statements.

126

Floating

Rate

Income

Eleven

Months

Ended

8/31/22

Year

Ended

9/30/21

Year

Ended

9/30/20

Operations

Net

investment

income

(loss)

$

69,005,555‌

$

32,669,283‌

$

41,831,565‌

Net

realized

gain

(loss)

from

investments

(16,720,970‌)

(8,740,231‌)

(48,008,589‌)

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

(94,351,288‌)

62,295,861‌

(27,077,548‌)

Net

increase

(decrease)

in

net

assets

from

operations

(42,066,703‌)

86,224,913‌

(33,254,572‌)

Distributions

to

Shareholders

Dividends:

Class

A

Shares

(7,138,690‌)

(3,923,887‌)

(5,043,261‌)

Class

C

Shares

(1,309,874‌)

(1,099,742‌)

(1,881,098‌)

Class

R6

Shares

(7,141,660‌)

(3,286,851‌)

(2,956,643‌)

Class

I

Shares

(54,925,152)

(26,580,531)

(39,658,769)

Decrease

in

net

assets

from

distributions

to

shareholders

(70,515,376‌)

(34,891,011‌)

(49,539,771‌)

Fund

Share

Transactions

Proceeds

from

sale

of

shares

2,635,293,845‌

648,316,331‌

411,707,659‌

Proceeds

from

shares

issued

to

shareholders

due

to

reinvestment

of

distributions

62,585,772‌

31,264,656‌

44,804,076‌

2,697,879,617‌

679,580,987‌

456,511,735‌

Cost

of

shares

redeemed

(1,329,659,883‌)

(377,359,108‌)

(774,402,165‌)

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

1,368,219,734‌

302,221,879‌

(317,890,430‌)

Net

increase

(decrease)

in

net

assets

1,255,637,655‌

353,555,781‌

(400,684,773‌)

Net

assets

at

the

beginning

of

period

1,068,659,007‌

715,103,226‌

1,115,787,999‌

Net

assets

at

the

end

of

period

$

2,324,296,662‌

$

1,068,659,007‌

$

715,103,226‌

See

accompanying

notes

to

financial

statements.

127

High

Yield

Income

Eleven

Months

Ended

8/31/22

Year

Ended

9/30/21

Year

Ended

9/30/20

Operations

Net

investment

income

(loss)

$

25,315,836‌

$

27,444,946‌

$

30,038,055‌

Net

realized

gain

(loss)

from

investments

(30,678,130‌)

14,738,521‌

(29,094,856‌)

Net

realized

gain

(loss)

from

swaps

315,061‌

–‌

(206,372‌)

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

(58,618,202‌)

26,995,711‌

(12,437,874‌)

Net

increase

(decrease)

in

net

assets

from

operations

(63,665,435‌)

69,179,178‌

(11,701,047‌)

Distributions

to

Shareholders

Dividends:

Class

A

Shares

(2,268,525‌)

(2,442,754‌)

(3,048,610‌)

Class

C

Shares

(817,974‌)

(1,478,044‌)

(2,278,339‌)

Class

R6

Shares

(347,690‌)

(382,235‌)

(391,970‌)

Class

I

Shares

(21,870,651)

(27,432,689)

(27,070,848)

Decrease

in

net

assets

from

distributions

to

shareholders

(25,304,840‌)

(31,735,722‌)

(32,789,767‌)

Fund

Share

Transactions

Proceeds

from

sale

of

shares

319,175,710‌

297,420,498‌

327,766,372‌

Proceeds

from

shares

issued

to

shareholders

due

to

reinvestment

of

distributions

24,364,224‌

30,297,730‌

30,907,131‌

343,539,934‌

327,718,228‌

358,673,503‌

Cost

of

shares

redeemed

(390,244,003‌)

(204,424,085‌)

(405,072,906‌)

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

(46,704,069‌)

123,294,143‌

(46,399,403‌)

Net

increase

(decrease)

in

net

assets

(135,674,344‌)

160,737,599‌

(90,890,217‌)

Net

assets

at

the

beginning

of

period

671,091,331‌

510,353,732‌

601,243,949‌

Net

assets

at

the

end

of

period

$

535,416,987‌

$

671,091,331‌

$

510,353,732‌

See

accompanying

notes

to

financial

statements.

128

Preferred

Securities

and

Income

Eleven

Months

Ended

8/31/22

Year

Ended

9/30/21

Year

Ended

9/30/20

Operations

Net

investment

income

(loss)

$

221,194,609‌

$

214,372,042‌

$

200,926,968‌

Net

realized

gain

(loss)

from

investments

(39,238,384‌)

15,660,019‌

(49,820,389‌)

Net

realized

gain

(loss)

from

futures

contracts

11,792,157‌

2,358,134‌

(11,927,812‌)

Net

realized

gain

(loss)

from

swaps

–‌

–‌

(2,222,747‌)

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

(694,450,697‌)

271,055,986‌

(60,947,893‌)

Change

in

net

unrealized

appreciation

(depreciation)

of

futures

contracts

(2,069,139‌)

2,722,673‌

(653,534‌)

Change

in

net

unrealized

appreciation

(depreciation)

of

swaps

–‌

–‌

1,150,645‌

Net

increase

(decrease)

in

net

assets

from

operations

(502,771,454‌)

506,168,854‌

76,505,238‌

Distributions

to

Shareholders

Dividends:

Class

A

Shares

(25,258,186‌)

(24,863,918‌)

(22,381,281‌)

Class

C

Shares

(7,777,840‌)

(9,343,513‌)

(10,869,756‌)

Class

R3

Shares

(1)

—‌

(123,631‌)

(99,790‌)

Class

R6

Shares

(45,822,169‌)

(33,907,594‌)

(22,477,503‌)

Class

I

Shares

(166,609,787)

(164,197,788)

(151,218,507)

Return

of

capital:

Class

A

Shares

(864,230‌)

—‌

—‌

Class

C

Shares

(317,696‌)

—‌

—‌

Class

R3

Shares

—‌

—‌

—‌

Class

R6

Shares

(1,475,493‌)

—‌

—‌

Class

I

Shares

(5,423,300‌)

—‌

—‌

Decrease

in

net

assets

from

distributions

to

shareholders

(253,548,701‌)

(232,436,444‌)

(207,046,837‌)

Fund

Share

Transactions

Proceeds

from

sale

of

shares

2,467,230,498‌

2,511,404,036‌

2,069,830,048‌

Proceeds

from

shares

issued

to

shareholders

due

to

reinvestment

of

distributions

223,486,739‌

202,562,578‌

179,694,455‌

2,690,717,237‌

2,713,966,614‌

2,249,524,503‌

Cost

of

shares

redeemed

(2,424,701,187‌)

(1,314,089,393‌)

(2,036,765,732‌)

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

266,016,050‌

1,399,877,221‌

212,758,771‌

Net

increase

(decrease)

in

net

assets

(490,304,105‌)

1,673,609,631‌

82,217,172‌

Net

assets

at

the

beginning

of

period

5,616,627,099‌

3,943,017,468‌

3,860,800,296‌

Net

assets

at

the

end

of

period

$

5,126,322,994‌

$

5,616,627,099‌

$

3,943,017,468‌

See

accompanying

notes

to

financial

statements.

129

Strategic

Income

Two

Months

Ended

8/31/22

Year

Ended

6/30/22

Year

Ended

6/30/21

Operations

Net

investment

income

(loss)

$

5,020,408‌

$

27,531,160‌

$

20,936,901‌

Net

realized

gain

(loss)

from

investments

(6,850,417‌)

(12,292,617‌)

9,928,743‌

Net

realized

gain

(loss)

from

futures

contracts

1,022,630‌

4,239,122‌

(1,154,722‌)

Net

realized

gain

(loss)

from

swaps

162,518‌

–‌

(20,553‌)

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

14,846,403‌

(113,721,127‌)

21,564,129‌

Change

in

net

unrealized

appreciation

(depreciation)

of

futures

contracts

(313,952‌)

1,163,834‌

160,985‌

Net

increase

(decrease)

in

net

assets

from

operations

13,887,590‌

(93,079,628‌)

51,415,483‌

Distributions

to

Shareholders

Dividends:

Class

A

Shares

(719,094‌)

(3,806,231‌)

(3,716,215‌)

Class

C

Shares

(108,128‌)

(613,221‌)

(790,131‌)

Class

R3

Shares

(1)

—‌

—‌

(69,107‌)

Class

R6

Shares

(1,806,717‌)

(8,731,621‌)

(2,233,938‌)

Class

I

Shares

(2,530,818)

(13,540,313)

(13,610,712)

Decrease

in

net

assets

from

distributions

to

shareholders

(5,164,757‌)

(26,691,386‌)

(20,420,103‌)

Fund

Share

Transactions

Proceeds

from

sale

of

shares

45,375,187‌

365,153,490‌

262,293,562‌

Proceeds

from

shares

issued

to

shareholders

due

to

reinvestment

of

distributions

4,245,251‌

21,214,611‌

14,543,140‌

49,620,438‌

386,368,101‌

276,836,702‌

Cost

of

shares

redeemed

(56,355,925‌)

(238,194,913‌)

(241,434,814‌)

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

(6,735,487‌)

148,173,188‌

35,401,888‌

Net

increase

(decrease)

in

net

assets

1,987,346‌

28,402,174‌

66,397,268‌

Net

assets

at

the

beginning

of

period

691,604,827‌

663,202,653‌

596,805,385‌

Net

assets

at

the

end

of

period

$

693,592,173‌

$

691,604,827‌

$

663,202,653‌

(1)

Class

R3

Shares

were

converted

to

Class

A

Shares

at

the

close

of

business

on

June

4,

2021

and

are

no

longer

available

for

reinvestment

or

through

an

exchange

from

other

Nuveen

mutual

funds.

Financial

Highlights

130

Credit

Income

The

Fund's

fiscal

year

end

is

August

31st. 

The

following

data

is

for

a

share

outstanding for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Beginning

NAV

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Accumulated

Net

Realized

Gains

Return

of

Capital

Total

Ending

NAV

Class

A

2022(e)

$

6.22

$

0.06

$

0.14

$

0.20

$

(0.05)

$

—

$

(0.01)

$

(0.06)

$

6.36

2022

7.42

0.32

(1.20)

(0.88)

(0.32)

—

—

(0.32)

6.22

2021

6.69

0.34

0.71

1.05

(0.32)

—

—

(0.32)

7.42

2020

7.44

0.38

(0.75)

(0.37)

(0.35)

—

(0.03)

(0.38)

6.69

2019

7.51

0.46

(0.04)

0.42

(0.49)

—

—

(0.49)

7.44

2018

7.80

0.52

(0.28)

0.24

(0.53)

—

—

(0.53)

7.51

Class

C

2022(e)

6.21

0.05

0.14

0.19

(0.04)

—

(0.01)

(0.05)

6.35

2022

7.41

0.26

(1.19)

(0.93)

(0.27)

—

—

(0.27)

6.21

2021

6.69

0.29

0.70

0.99

(0.27)

—

—

(0.27)

7.41

2020

7.43

0.33

(0.74)

(0.41)

(0.30)

—

(0.03)

(0.33)

6.69

2019

7.50

0.40

(0.04)

0.36

(0.43)

—

—

(0.43)

7.43

2018

7.79

0.46

(0.28)

0.18

(0.47)

—

—

(0.47)

7.50

Class

I

2022(e)

6.23

0.06

0.14

0.20

(0.05)

—

(0.01)

(0.06)

6.37

2022

7.45

0.34

(1.22)

(0.88)

(0.34)

—

—

(0.34)

6.23

2021

6.71

0.36

0.72

1.08

(0.34)

—

—

(0.34)

7.45

2020

7.47

0.40

(0.76)

(0.36)

(0.37)

—

(0.03)

(0.40)

6.71

2019

7.54

0.48

(0.04)

0.44

(0.51)

—

—

(0.51)

7.47

2018

7.82

0.54

(0.27)

0.27

(0.55)

—

—

(0.55)

7.54

(a)

Per

share

Net

Investment

Income

(Loss)

is

calculated

using

the

average

daily

shares

method.

(b)

Total

return

is

the

combination

of

changes

in

NAV

without

any

sales

charge,

reinvested

dividend

income

at

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

Total

returns

are

not

annualized.

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.  See

Note

7

-

Management

Fees

and

Other

Transactions

with

Affiliates

for

more

information.

(d)

Portfolio

Turnover

Rate

is

calculated

based

on

the

lesser

of

long-term

purchases

or

sales

(as

disclosed

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives)

divided

by

the

average

long-term

market

value

during

the

period.

(e)

For

the

two

months

ended

August

31,

2022.  Prior

to

July

1,

2022,

the

Fund's

fiscal

year

end

was

June

30th.

(f)

Annualized.

See

accompanying

notes

to

financial

statements.

131

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Ending

Net

Assets

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c)

Portfolio

Turnover

Rate(d)

3.16‌

%

$

51,908

1.50‌

%

(f)

1.03‌

%

(f)

5.53‌

%

(f)

6‌

%

(12.23‌)

51,332

1.15‌

1.00‌

4.51‌

120‌

16.01‌

77,953

1.12‌

1.00‌

4.75‌

196‌

(5.15‌)

82,545

1.12‌

1.00‌

5.31‌

80‌

5.86‌

151,673

1.01‌

1.00‌

6.19‌

113‌

3.16‌

126,376

1.04‌

1.00‌

6.70‌

126‌

3.02‌

8,926

2.25‌

(f)

1.78‌

(f)

4.77‌

(f)

6‌

(12.92‌)

8,887

1.90‌

1.75‌

3.70‌

120‌

15.03‌

15,101

1.87‌

1.75‌

4.02‌

196‌

(5.75‌)

22,612

1.87‌

1.75‌

4.58‌

80‌

5.04‌

35,655

1.77‌

1.75‌

5.46‌

113‌

2.37‌

41,121

1.80‌

1.75‌

6.00‌

126‌

3.20‌

60,706

1.25‌

(f)

0.78‌

(f)

5.55‌

(f)

6‌

(12.23‌)

25,439

0.90‌

0.75‌

4.63‌

120‌

16.40‌

94,051

0.87‌

0.75‌

4.99‌

196‌

(5.03‌)

80,728

0.86‌

0.75‌

5.47‌

80‌

6.10‌

101,560

0.76‌

0.75‌

6.45‌

113‌

3.52‌

139,777

0.79‌

0.75‌

6.95‌

126‌

Financial

Highlights

132

Flexible

Income

The

Fund's

fiscal

year

end

is

August

31st. 

The

following

data

is

for

a

share

outstanding for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Beginning

NAV

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Accumulated

Net

Realized

Gains

Total

Ending

NAV

Class

A

2022(f)

$

22.27

$

0.72

$

(3.16)

$

(2.44)

$

(0.90)

$

—

$

(0.90)

$

18.93

2021

21.36

0.81

1.04

1.85

(0.94)

—

(0.94)

22.27

2020

22.06

0.88

(0.39)

0.49

(1.19)

—

(1.19)

21.36

2019

21.44

1.02

0.76

1.78

(1.16)

—

(1.16)

22.06

2018

22.13

1.01

(0.52)

0.49

(1.18)

—

(1.18)

21.44

2017

21.81

1.11

0.33

1.44

(1.12)

—

(1.12)

22.13

Class

C

2022(f)

22.22

0.58

(3.15)

(2.57)

(0.75)

—

(0.75)

18.90

2021

21.31

0.64

1.04

1.68

(0.77)

—

(0.77)

22.22

2020

22.01

0.72

(0.39)

0.33

(1.03)

—

(1.03)

21.31

2019

21.40

0.86

0.75

1.61

(1.00)

—

(1.00)

22.01

2018

22.08

0.85

(0.52)

0.33

(1.01)

—

(1.01)

21.40

2017

21.77

0.95

0.32

1.27

(0.96)

—

(0.96)

22.08

Class

R6

2022(f)

22.42

0.79

(3.19)

(2.40)

(0.96)

—

(0.96)

19.06

2021

21.50

0.89

1.04

1.93

(1.01)

—

(1.01)

22.42

2020

22.20

0.96

(0.40)

0.56

(1.26)

—

(1.26)

21.50

2019

21.57

1.11

0.74

1.85

(1.22)

—

(1.22)

22.20

2018

22.19

1.13

(0.51)

0.62

(1.24)

—

(1.24)

21.57

2017

21.88

1.21

0.26

1.47

(1.16)

—

(1.16)

22.19

Class

I

2022(f)

22.29

0.77

(3.16)

(2.39)

(0.95)

—

(0.95)

18.95

2021

21.38

0.87

1.03

1.90

(0.99)

—

(0.99)

22.29

2020

22.08

0.93

(0.39)

0.54

(1.24)

—

(1.24)

21.38

2019

21.47

1.08

0.74

1.82

(1.21)

—

(1.21)

22.08

2018

22.16

1.07

(0.53)

0.54

(1.23)

—

(1.23)

21.47

2017

21.84

1.17

0.33

1.50

(1.18)

—

(1.18)

22.16

(a)

Per

share

Net

Investment

Income

(Loss)

is

calculated

using

the

average

daily

shares

method.

(b)

Total

return

is

the

combination

of

changes

in

NAV

without

any

sales

charge,

reinvested

dividend

income

at

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

Total

returns

are

not

annualized.

(c)

Excludes

the

Fund's

voluntary

compensation

from

the

Adviser.  See

Note

7-Management

Fees

and

Other

Transactions

with

Affiliates

for

more

information.

(d)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.  See

Note

7

-

Management

Fees

and

Other

Transactions

with

Affiliates

for

more

information.

(e)

Portfolio

Turnover

Rate

is

calculated

based

on

the

lesser

of

long-term

purchases

or

sales

(as

disclosed

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives)

divided

by

the

average

long-term

market

value

during

the

period.

(f)

For

the

eleven

months

ended

August

31,

2022.  Prior

to

July

1,

2022,

the

Fund's

fiscal

year

end

was

September

30th.

(g)

Annualized.

N/A

Fund

did

not

have

Payment

from

Affiliates

for

the

periods

prior

to

the

fiscal

year

ended

September

30,

2020.

See

accompanying

notes

to

financial

statements.

133

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Total

Return

Excluding

Payment

from

Affiliates(b),(c)

Ending

Net

Assets

(000)

Gross

Expenses

Net

Expenses(d)

NII

(Loss)(d)

NII

(Loss)

Excluding

Payment

from

Affiliates(c),(d)

Portfolio

Turnover

Rate(e)

(11.18‌)

%

(11.18‌)

%

$

230,505

1.02‌

%

(g)

0.95‌

%

(g)

3.78‌

%

(g)

3.78‌

%

(g)

31‌

%

8.71‌

8.71‌

298,734

1.04‌

0.95‌

3.66‌

3.65‌

30‌

2.35‌

N/A‌

264,865

1.04‌

0.96‌

4.13‌

N/A‌

38‌

8.69‌

N/A‌

221,484

1.06‌

0.96‌

4.85‌

N/A‌

24‌

2.27‌

N/A‌

176,014

1.08‌

0.96‌

4.66‌

N/A‌

29‌

6.77‌

N/A‌

125,547

1.12‌

0.96‌

5.11‌

N/A‌

24‌

(11.81‌)

(11.81‌)

208,775

1.77‌

(g)

1.70‌

(g)

3.03‌

(g)

3.03‌

(g)

31‌

7.97‌

7.97‌

276,035

1.79‌

1.70‌

2.91‌

2.90‌

30‌

1.59‌

N/A‌

262,068

1.79‌

1.71‌

3.38‌

N/A‌

38‌

7.85‌

N/A‌

223,364

1.81‌

1.71‌

4.10‌

N/A‌

24‌

1.49‌

N/A‌

182,049

1.83‌

1.71‌

3.91‌

N/A‌

29‌

6.04‌

N/A‌

128,801

1.87‌

1.71‌

4.37‌

N/A‌

24‌

(10.96‌)

(10.96‌)

15,113

0.71‌

(g)

0.64‌

(g)

4.12‌

(g)

4.12‌

(g)

31‌

9.09‌

9.09‌

14,881

0.72‌

0.64‌

3.97‌

3.96‌

30‌

2.69‌

N/A‌

6,682

0.72‌

0.64‌

4.46‌

N/A‌

38‌

9.03‌

N/A‌

649

0.74‌

0.64‌

5.22‌

N/A‌

24‌

2.86‌

N/A‌

272

0.75‌

0.64‌

5.12‌

N/A‌

29‌

6.95‌

N/A‌

43

0.80‌

0.63‌

5.51‌

N/A‌

24‌

(11.00‌)

(11.00‌)

1,040,308

0.77‌

(g)

0.70‌

(g)

4.03‌

(g)

4.03‌

(g)

31‌

9.02‌

9.02‌

1,283,908

0.79‌

0.70‌

3.90‌

3.89‌

30‌

2.60‌

N/A‌

1,060,386

0.79‌

0.71‌

4.38‌

N/A‌

38‌

8.91‌

N/A‌

961,413

0.80‌

0.71‌

5.09‌

N/A‌

24‌

2.53‌

N/A‌

632,596

0.83‌

0.71‌

4.92‌

N/A‌

29‌

7.05‌

N/A‌

413,189

0.86‌

0.71‌

5.40‌

N/A‌

24‌

134

Financial

Highlights

(continued)

Floating

Rate

Income

The

Fund's

fiscal

year

end

is

August

31st. 

The

following

data

is

for

a

share

outstanding for

each

fiscal

year

end

unless

otherwise

noted:

m

Investment

Operations

Less

Distributions

Beginning

NAV

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Accumulated

Net

Realized

Gains

Total

Ending

NAV

Class

A

2022(e)

$

19.06

$

0.63

$

(0.93)

$

(0.30)

$

(0.65)

$

—

$

(0.65)

$

18.11

2021

17.80

0.72

1.32

2.04

(0.78)

—

(0.78)

19.06

2020

19.08

0.80

(1.14)

(0.34)

(0.94)

—

(0.94)

17.80

2019

19.65

0.93

(0.56)

0.37

(0.94)

—

(0.94)

19.08

2018

19.64

0.79

0.05

0.84

(0.83)

—

(0.83)

19.65

2017

19.71

0.78

0.18

0.96

(1.03)

—

(1.03)

19.64

Class

C

2022(e)

19.06

0.50

(0.93)

(0.43)

(0.52)

—

(0.52)

18.11

2021

17.80

0.59

1.31

1.90

(0.64)

—

(0.64)

19.06

2020

19.08

0.66

(1.14)

(0.48)

(0.80)

—

(0.80)

17.80

2019

19.65

0.79

(0.56)

0.23

(0.80)

—

(0.80)

19.08

2018

19.63

0.64

0.06

0.70

(0.68)

—

(0.68)

19.65

2017

19.71

0.64

0.16

0.80

(0.88)

—

(0.88)

19.63

Class

R6

2022(e)

19.16

0.69

(0.93)

(0.24)

(0.71)

—

(0.71)

18.21

2021

17.88

0.79

1.33

2.12

(0.84)

—

(0.84)

19.16

2020

19.17

0.86

(1.15)

(0.29)

(1.00)

—

(1.00)

17.88

2019

19.73

1.06

(0.62)

0.44

(1.00)

—

(1.00)

19.17

2018

19.68

0.90

0.02

0.92

(0.87)

—

(0.87)

19.73

2017

19.74

0.86

0.16

1.02

(1.08)

—

(1.08)

19.68

Class

I

2022(e)

19.08

0.67

(0.92)

(0.25)

(0.69)

—

(0.69)

18.14

2021

17.81

0.77

1.32

2.09

(0.82)

—

(0.82)

19.08

2020

19.10

0.84

(1.15)

(0.31)

(0.98)

—

(0.98)

17.81

2019

19.67

0.97

(0.55)

0.42

(0.99)

—

(0.99)

19.10

2018

19.65

0.84

0.05

0.89

(0.87)

—

(0.87)

19.67

2017

19.72

0.82

0.19

1.01

(1.08)

—

(1.08)

19.65

(a)

Per

share

Net

Investment

Income

(Loss)

is

calculated

using

the

average

daily

shares

method.

(b)

Total

return

is

the

combination

of

changes

in

NAV

without

any

sales

charge,

reinvested

dividend

income

at

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

Total

returns

are

not

annualized.

(c)

The

Fund

has

a

contractual

fee

waiver/expense

reimbursement

agreement

with

the

Adviser,

but

did

not

receive

a

fee

waiver/expense

reimbursement

during

the

periods

presented

herein.

See

Note

7

-

Management

Fees

and

Other

Transactions

with

Affiliates

for

more

information.

(d)

Portfolio

Turnover

Rate

is

calculated

based

on

the

lesser

of

long-term

purchases

or

sales

(as

disclosed

in

Note

4

-

Portfol

io

Securities

and

Investments

in

Derivatives)

divided

by

the

average

long-term

market

value

during

the

period.

(e)

For

the

eleven

months

ended

August

31,

2022.  Prior

to

July

1,

2022,

the

Fund's

fiscal

year

end

was

September

30th.

(f)

Annualized.

See

accompanying

notes

to

financial

statements.

135

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Ending

Net

Assets

(000)

Expenses(c)

NII

(Loss)(c)

Portfolio

Turnover

Rate(d)

(1.61‌)

%

$

246,410

0.94‌

%

(f)

3.70‌

%

(f)

37‌

%

11.67‌

121,925

1.03‌

3.88‌

52‌

(1.81‌)

90,684

1.01‌

4.43‌

63‌

1.93‌

112,723

1.00‌

4.81‌

32‌

4.40‌

220,648

1.04‌

4.02‌

33‌

4.95‌

257,236

0.99‌

3.96‌

58‌

(2.30‌)

55,285

1.69‌

(f)

2.93‌

(f)

37‌

10.79‌

34,192

1.78‌

3.14‌

52‌

(2.50‌)

33,375

1.76‌

3.66‌

63‌

1.21‌

53,639

1.75‌

4.10‌

32‌

3.61‌

87,289

1.79‌

3.28‌

33‌

4.12‌

90,616

1.74‌

3.22‌

58‌

(1.29‌)

227,215

0.61‌

(f)

4.03‌

(f)

37‌

12.03‌

83,970

0.70‌

4.20‌

52‌

(1.46‌)

55,634

0.67‌

4.75‌

63‌

2.34‌

54,122

0.66‌

5.53‌

32‌

4.80‌

2,298

0.65‌

4.58‌

33‌

5.26‌

1,114

0.66‌

4.33‌

58‌

(1.32‌)

1,795,387

0.69‌

(f)

3.97‌

(f)

37‌

11.93‌

828,572

0.78‌

4.10‌

52‌

(1.56‌)

535,410

0.76‌

4.65‌

63‌

2.24‌

895,304

0.76‌

5.04‌

32‌

4.65‌

2,126,985

0.79‌

4.29‌

33‌

5.20‌

1,866,183

0.75‌

4.20‌

58‌

136

Financial

Highlights

(continued)

High

Yield

Income

The

Fund's

fiscal

year

end

is

August

31st. 

The

following

data

is

for

a

share

outstanding for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Beginning

NAV

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Accumulated

Net

Realized

Gains

Total

Ending

NAV

Class

A

2022(e)

$

19.77

$

0.77

$

(2.68)

$

(1.91)

$

(0.77)

$

—

$

(0.77)

$

17.09

2021

18.51

0.86

1.40

2.26

(1.00)

—

(1.00)

19.77

2020

20.16

1.04

(1.57)

(0.53)

(1.12)

—

(1.12)

18.51

2019

20.14

1.03

0.07

1.10

(1.08)

—

(1.08)

20.16

2018

20.36

1.04

(0.12)

0.92

(1.14)

—

(1.14)

20.14

2017

20.11

1.25

0.50

1.75

(1.50)

—

(1.50)

20.36

Class

C

2022(e)

19.75

0.64

(2.67)

(2.03)

(0.64)

—

(0.64)

17.08

2021

18.49

0.72

1.40

2.12

(0.86)

—

(0.86)

19.75

2020

20.14

0.89

(1.56)

(0.67)

(0.98)

—

(0.98)

18.49

2019

20.11

0.88

0.08

0.96

(0.93)

—

(0.93)

20.14

2018

20.33

0.89

(0.13)

0.76

(0.98)

—

(0.98)

20.11

2017

20.08

1.11

0.49

1.60

(1.35)

—

(1.35)

20.33

Class

R6

2022(e)

19.88

0.84

(2.70)

(1.86)

(0.83)

—

(0.83)

17.19

2021

18.60

0.93

1.42

2.35

(1.07)

—

(1.07)

19.88

2020

20.25

1.11

(1.57)

(0.46)

(1.19)

—

(1.19)

18.60

2019

20.22

1.11

0.07

1.18

(1.15)

—

(1.15)

20.25

2018

20.42

1.12

(0.13)

0.99

(1.19)

—

(1.19)

20.22

2017

20.14

1.39

0.45

1.84

(1.56)

—

(1.56)

20.42

Class

I

2022(e)

19.79

0.81

(2.67)

(1.86)

(0.82)

—

(0.82)

17.11

2021

18.53

0.91

1.40

2.31

(1.05)

—

(1.05)

19.79

2020

20.17

1.08

(1.55)

(0.47)

(1.17)

—

(1.17)

18.53

2019

20.15

1.08

0.07

1.15

(1.13)

—

(1.13)

20.17

2018

20.37

1.10

(0.13)

0.97

(1.19)

—

(1.19)

20.15

2017

20.11

1.28

0.53

1.81

(1.55)

—

(1.55)

20.37

(a)

Per

share

Net

Investment

Income

(Loss)

is

calculated

using

the

average

daily

shares

method.

(b)

Total

return

is

the

combination

of

changes

in

NAV

without

any

sales

charge,

reinvested

dividend

income

at

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

Total

returns

are

not

annualized.

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.  See

Note

7

-

Management

Fees

and

Other

Transactions

with

Affiliates

for

more

information.

(d)

Portfolio

Turnover

Rate

is

calculated

based

on

the

lesser

of

long-term

purchases

or

sales

(as

disclosed

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives)

divided

by

the

average

long-term

market

value

during

the

period.

(e)

For

the

eleven

months

ended

August

31,

2022.  Prior

to

July

1,

2022,

the

Fund's

fiscal

year

end

was

September

30th.

(f)

Annualized.

See

accompanying

notes

to

financial

statements.

137

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Ending

Net

Assets

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c)

Portfolio

Turnover

Rate(d)

(9.85‌)

%

$

50,895

1.05‌

%

(f)

1.00‌

%

(f)

4.54‌

%

(f)

116‌

%

12.44‌

53,994

1.06‌

0.99‌

4.40‌

134‌

(2.58‌)

39,747

1.04‌

1.00‌

5.43‌

128‌

5.73‌

47,647

1.04‌

1.00‌

5.22‌

70‌

4.68‌

52,494

1.04‌

1.00‌

5.19‌

43‌

8.95‌

86,950

0.99‌

0.99‌

6.14‌

55‌

(10.46‌)

18,123

1.80‌

(f)

1.75‌

(f)

3.76‌

(f)

116‌

11.61‌

30,391

1.81‌

1.75‌

3.69‌

134‌

(3.33‌)

36,222

1.80‌

1.75‌

4.70‌

128‌

4.94‌

54,408

1.80‌

1.75‌

4.47‌

70‌

3.93‌

63,854

1.79‌

1.75‌

4.43‌

43‌

8.15‌

80,828

1.75‌

1.74‌

5.45‌

55‌

(9.50‌)

7,779

0.67‌

(f)

0.62‌

(f)

4.94‌

(f)

116‌

12.87‌

7,568

0.70‌

0.63‌

4.78‌

134‌

(2.19‌)

6,567

0.68‌

0.63‌

5.82‌

128‌

6.09‌

6,651

0.68‌

0.64‌

5.58‌

70‌

5.09‌

7,064

0.68‌

0.64‌

5.54‌

43‌

9.32‌

4,494

0.67‌

0.67‌

6.76‌

55‌

(9.63‌)

458,620

0.80‌

(f)

0.75‌

(f)

4.77‌

(f)

116‌

12.69‌

579,139

0.81‌

0.74‌

4.66‌

134‌

(2.29‌)

427,818

0.79‌

0.75‌

5.67‌

128‌

5.98‌

492,539

0.79‌

0.75‌

5.45‌

70‌

4.93‌

586,060

0.79‌

0.75‌

5.45‌

43‌

9.26‌

556,776

0.74‌

0.74‌

6.31‌

55‌

138

Financial

Highlights

(continued)

Preferred

Securities

and

Income

The

Fund's

fiscal

year

end

is

August

31st. 

The

following

data

is

for

a

share

outstanding for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Beginning

NAV

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Accumulated

Net

Realized

Gains

Return

of

Capital

Total

Ending

NAV

Class

A

2022(e)

$

17.84

$

0.66

$

(2.25)

$

(1.59)

$

(0.73)

$

—

$

(0.03)

$

(0.76)

$

15.49

2021

16.73

0.76

1.18

1.94

(0.83)

—

—

(0.83)

17.84

2020

17.21

0.83

(0.45)

0.38

(0.86)

—

—

(0.86)

16.73

2019

16.75

0.90

0.46

1.36

(0.90)

—

—

(0.90)

17.21

2018

17.72

0.90

(0.97)

(0.07)

(0.90)

—

—

(0.90)

16.75

2017

17.14

0.90

0.62

1.52

(0.94)

—

—

(0.94)

17.72

Class

C

2022(e)

17.85

0.55

(2.26)

(1.71)

(0.61)

—

(0.03)

(0.64)

15.50

2021

16.74

0.63

1.18

1.81

(0.70)

—

—

(0.70)

17.85

2020

17.21

0.70

(0.44)

0.26

(0.73)

—

—

(0.73)

16.74

2019

16.77

0.78

0.44

1.22

(0.78)

—

—

(0.78)

17.21

2018

17.73

0.77

(0.96)

(0.19)

(0.77)

—

—

(0.77)

16.77

2017

17.15

0.77

0.62

1.39

(0.81)

—

—

(0.81)

17.73

Class

R6

2022(e)

17.89

0.71

(2.26)

(1.55)

(0.78)

—

(0.03)

(0.81)

15.53

2021

16.77

0.83

1.18

2.01

(0.89)

—

—

(0.89)

17.89

2020

17.25

0.89

(0.46)

0.43

(0.91)

—

—

(0.91)

16.77

2019

16.79

0.95

0.46

1.41

(0.95)

—

—

(0.95)

17.25

2018

17.74

0.97

(0.97)

—

(0.95)

—

—

(0.95)

16.79

2017

17.15

0.95

0.62

1.57

(0.98)

—

—

(0.98)

17.74

Class

I

2022(e)

17.86

0.70

(2.26)

(1.56)

(0.77)

—

(0.03)

(0.80)

15.50

2021

16.74

0.81

1.19

2.00

(0.88)

—

—

(0.88)

17.86

2020

17.22

0.87

(0.45)

0.42

(0.90)

—

—

(0.90)

16.74

2019

16.77

0.95

0.44

1.39

(0.94)

—

—

(0.94)

17.22

2018

17.73

0.94

(0.95)

(0.01)

(0.95)

—

—

(0.95)

16.77

2017

17.14

0.95

0.62

1.57

(0.98)

—

—

(0.98)

17.73

(a)

Per

share

Net

Investment

Income

(Loss)

is

calculated

using

the

average

daily

shares

method.

(b)

Total

return

is

the

combination

of

changes

in

NAV

without

any

sales

charge,

reinvested

dividend

income

at

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

Total

returns

are

not

annualized.

(c)

The

Fund

has

a

contractual

fee

waiver/expense

reimbursement

agreement

with

the

Adviser,

but

did

not

receive

a

fee

waiver/expense

reimbursement

during

the

periods

presented

herein.

See

Note

7

-

Management

Fees

and

Other

Transactions

with

Affiliates

for

more

information.

(d)

Portfolio

Turnover

Rate

is

calculated

based

on

the

lesser

of

long-term

purchases

or

sales

(as

disclosed

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives)

divided

by

the

average

long-term

market

value

during

the

period.

(e)

For

the

eleven

months

ended

August

31,

2022.  Prior

to

July

1,

2022,

the

Fund's

fiscal

year

end

was

September

30th.

(f)

Annualized.

See

accompanying

notes

to

financial

statements.

139

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Ending

Net

Assets

(000)

Expenses(c)

NII

(Loss)(c)

Portfolio

Turnover

Rate(d)

(9.07‌)

%

$

551,741

0.99‌

%

(f)

4.34‌

%

(f)

12‌

%

11.79‌

597,657

0.99‌

4.32‌

14‌

2.33‌

458,391

1.03‌

4.97‌

37‌

8.45‌

416,289

1.03‌

5.44‌

34‌

(0.39‌)

383,353

1.03‌

5.20‌

30‌

9.11‌

458,980

1.04‌

5.19‌

9‌

(9.72‌)

184,904

1.74‌

(f)

3.57‌

(f)

12‌

10.96‌

232,618

1.74‌

3.57‌

14‌

1.63‌

235,790

1.78‌

4.21‌

37‌

7.54‌

260,290

1.79‌

4.69‌

34‌

(1.07‌)

276,059

1.78‌

4.47‌

30‌

(8.31‌)

291,647

1.79‌

4.46‌

9‌

(8.84‌)

1,051,040

0.67‌

(f)

4.65‌

(f)

12‌

12.16‌

944,235

0.68‌

4.65‌

14‌

2.66‌

453,348

0.69‌

5.32‌

37‌

8.77‌

382,299

0.70‌

5.73‌

34‌

(0.01‌)

673,119

0.71‌

5.63‌

30‌

9.42‌

4,021

0.72‌

5.51‌

9‌

(8.91‌)

3,338,638

0.74‌

(f)

4.57‌

(f)

12‌

12.11‌

3,842,118

0.74‌

4.57‌

14‌

2.57‌

2,792,500

0.78‌

5.20‌

37‌

8.66‌

2,800,599

0.78‌

5.69‌

34‌

(0.09‌)

2,650,158

0.78‌

5.47‌

30‌

9.43‌

3,035,551

0.78‌

5.47‌

9‌

140

Financial

Highlights

(continued)

Strategic

Income

The

Fund's

fiscal

year

end

is

August

31st. 

The

following

data

is

for

a

share

outstanding for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Beginning

NAV

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Accumulated

Net

Realized

Gains

Return

of

Capital

Total

Ending

NAV

Class

A

2022(e)

$

9.66

$

0.07

$

0.12

$

0.19

$

(0.07)

$

—

$

—

$

(0.07)

$

9.78

2022

11.23

0.35

(1.59)

(1.24)

(0.33)

—

—

(0.33)

9.66

2021

10.69

0.34

0.53

0.87

(0.33)

—

—

(0.33)

11.23

2020

10.60

0.36

0.12

0.48

(0.39)

—

—

(0.39)

10.69

2019

10.17

0.40

0.38

0.78

(0.35)

—

—

(0.35)

10.60

2018

10.65

0.36

(0.43)

(0.07)

(0.21)

—

(0.20)

(0.41)

10.17

Class

C

2022(e)

9.61

0.05

0.13

0.18

(0.06)

—

—

(0.06)

9.73

2022

11.17

0.26

(1.57)

(1.31)

(0.25)

—

—

(0.25)

9.61

2021

10.64

0.26

0.52

0.78

(0.25)

—

—

(0.25)

11.17

2020

10.55

0.28

0.12

0.40

(0.31)

—

—

(0.31)

10.64

2019

10.12

0.32

0.39

0.71

(0.28)

—

—

(0.28)

10.55

2018

10.59

0.28

(0.42)

(0.14)

(0.13)

—

(0.20)

(0.33)

10.12

Class

R6

2022(e)

9.69

0.07

0.13

0.20

(0.07)

—

—

(0.07)

9.82

2022

11.27

0.39

(1.60)

(1.21)

(0.37)

—

—

(0.37)

9.69

2021

10.73

0.38

0.53

0.91

(0.37)

—

—

(0.37)

11.27

2020

10.64

0.40

0.12

0.52

(0.43)

—

—

(0.43)

10.73

2019

10.20

0.44

0.38

0.82

(0.38)

—

—

(0.38)

10.64

2018

10.67

0.39

(0.42)

(0.03)

(0.24)

—

(0.20)

(0.44)

10.20

Class

I

2022(e)

9.66

0.07

0.12

0.19

(0.07)

—

—

(0.07)

9.78

2022

11.23

0.37

(1.58)

(1.21)

(0.36)

—

—

(0.36)

9.66

2021

10.69

0.37

0.53

0.90

(0.36)

—

—

(0.36)

11.23

2020

10.60

0.39

0.12

0.51

(0.42)

—

—

(0.42)

10.69

2019

10.17

0.42

0.39

0.81

(0.38)

—

—

(0.38)

10.60

2018

10.65

0.38

(0.42)

(0.04)

(0.24)

—

(0.20)

(0.44)

10.17

(a)

Per

share

Net

Investment

Income

(Loss)

is

calculated

using

the

average

daily

shares

method.

(b)

Total

return

is

the

combination

of

changes

in

NAV

without

any

sales

charge,

reinvested

dividend

income

at

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

Total

returns

are

not

annualized.

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.  See

Note

7

-

Management

Fees

and

Other

Transactions

with

Affiliates

for

more

information.

(d)

Portfolio

Turnover

Rate

is

calculated

based

on

the

lesser

of

long-term

purchases

or

sales

(as

disclosed

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives)

divided

by

the

average

long-term

market

value

during

the

period.

(e)

For

the

two

months

ended

August

31,

2022.  Prior

to

July

1,

2022,

the

Fund's

fiscal

year

end

was

June

30th.

(f)

Annualized.

See

accompanying

notes

to

financial

statements.

141

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Ending

Net

Assets

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c)

Portfolio

Turnover

Rate(d)

1.94‌

%

$

105,182

1.02‌

%

(f)

0.84‌

%

(f)

3.99‌

%

(f)

10‌

%

(11.26‌)

102,000

0.93‌

0.83‌

3.19‌

75‌

8.25‌

139,845

0.95‌

0.84‌

3.07‌

128‌

4.63‌

101,886

0.97‌

0.84‌

3.42‌

62‌

7.89‌

87,084

0.96‌

0.84‌

3.90‌

54‌

(0.70‌)

106,805

0.93‌

0.83‌

3.41‌

124‌

1.82‌

18,212

1.77‌

(f)

1.59‌

(f)

3.23‌

(f)

10‌

(11.91‌)

19,754

1.68‌

1.58‌

2.43‌

75‌

7.39‌

30,993

1.70‌

1.59‌

2.33‌

128‌

3.84‌

37,285

1.72‌

1.59‌

2.71‌

62‌

7.11‌

42,024

1.71‌

1.59‌

3.15‌

54‌

(1.40‌)

59,612

1.68‌

1.58‌

2.66‌

124‌

2.10‌

240,575

0.69‌

(f)

0.51‌

(f)

4.31‌

(f)

10‌

(10.97‌)

236,581

0.59‌

0.49‌

3.59‌

75‌

8.59‌

67,689

0.62‌

0.51‌

3.40‌

128‌

4.96‌

59,099

0.63‌

0.50‌

3.77‌

62‌

8.24‌

50,127

0.62‌

0.50‌

4.26‌

54‌

(0.38‌)

46,588

0.60‌

0.50‌

3.75‌

124‌

1.99‌

329,623

0.77‌

(f)

0.59‌

(f)

4.23‌

(f)

10‌

(11.01‌)

333,270

0.68‌

0.58‌

3.46‌

75‌

8.51‌

424,677

0.70‌

0.59‌

3.32‌

128‌

4.86‌

395,502

0.72‌

0.59‌

3.71‌

62‌

8.15‌

400,059

0.71‌

0.59‌

4.15‌

54‌

(0.47‌)

493,098

0.68‌

0.58‌

3.67‌

124‌

142

Notes

to

Financial

Statements

1.

General

Information 

Trust

and

Fund

Information

The

Nuveen

Investment

Funds,

Inc.,

Nuveen

Investment

Trust

III

and

Nuveen

Investment

Trust

V

(each

a

“Trust”

and

collectively,

the

“Trusts”)

are

open-end

management

investment

companies

registered

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

as

amended.

The

Nuveen

Investment

Funds,

Inc.

is

comprised

of

Nuveen

Credit

Income

Fund

(“Credit

Income”)

and

Nuveen

Strategic

Income

Fund

(“Strategic

Income”),

among

others,

Nuveen

Investment

Trust

III

is

comprised

of

Nuveen

Floating

Rate

Income

Fund

(“Floating

Rate

Income”)

and

Nuveen

High

Yield

Income

Fund

(“High

Yield

Income”),

among

others

and

Nuveen

Investment

Trust

V

is

comprised

of

Nuveen

Flexible

Income

Fund

(“Flexible

Income”)

and

Nuveen

Preferred

Securities

and

Income

Fund

(“Preferred

Securities

and

Income”)

among

others

(each

a

“Fund”

and

collectively

the

“Funds”),

as

diversified

funds.

Nuveen

Investment

Funds,

Inc.

was

incorporated

in

the

State

of

Maryland

on

August

20,

1987.

Nuveen

Investment

Trust

III

was

organized

as

a

Massachusetts

business

trust

on

August

20,

1998.

Nuveen

Investment

Trust

V

was

organized

as

a

Massachusetts

business

trust

on

September

27,

2006.

Change

in

Fiscal

and

Tax

Year

End

Effective

February

24,

2022,

the

Funds’

Board

of

Directors/Trustees

(the

“Board”)

approved

that

each

Fund’s

fiscal

and

tax

year

end

(collectively,

“fiscal

year

ends”)

be

changed

from

June

30

to

August

31

for

Credit

Income

and

Strategic

Income

and

from

September

30

to

August

31

for

Flexible

Income,

Floating

Rate

Income,

High

Yield

Income

and

Preferred

Securities

and

Income.

As

a

result,

effective

July

1,

2022,

the

Funds

began

to

adhere

to

the

fiscal

reporting

and

regulatory

filing

schedule

required

by

an

August

31

fiscal

year

end.

Current

Fiscal

Period

The

end

of

the

reporting

period

for

the

Funds

is

August

31,

2022.

The

period

covered

by

these

Notes

to

Financial

Statements

for

Credit

Income

and

Strategic

Income

is

the

period

July

1,

2022

through

August

31,

2022,

while

the

reporting

period

for

Flexible

Income,

Floating

Rate

Income,

High

Yield

Income

and

Preferred

Securities

and

Income

is

October

1,

2021

through

August

31,

2022

(collectively

the

“current

fiscal

period”).

Investment

Adviser

and

Sub-Advisers

The

Funds’

investment

adviser

is

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”),

a

subsidiary

of

Nuveen,

LLC

(“Nuveen”).

Nuveen

is

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(TIAA).

The

Adviser

has

overall

responsibility

for

management

of

the

Funds,

oversees

the

management

of

the

Funds’

portfolios,

manages

the

Funds’

business

affairs

and

provides

certain

clerical,

bookkeeping

and

other

administrative

services,

and,

if

necessary,

asset

allocation

decisions.

The

Adviser

has

entered

into

sub-advisory

agreements

with

Nuveen

Asset

Management

LLC

(“NAM”),

a

subsidiary

of

the

Adviser,

under

which

the

Sub-Adviser

manages

the

investment

portfolios

of

the

Funds.

For

Flexible

Income,

prior

to

December

31,

2021,

the

Adviser

had

entered

into

a

sub-advisory

agreement

with

NWQ

Investment

Management,

LLC

(“NWQ”),

an

affiliate

of

the

Adviser,

under

which

NWQ

managed

the

investment

portfolio

of

the

Fund.

Sub-Adviser

and

Fund

Name

Change

In

August

2021,

Flexible

Income’s

Board

approved

an

amended

and

restated

sub-advisory

agreement

for

the

Fund,

effective

on

December

31,

2021,

between

the

Adviser

and

NAM,

pursuant

to

which

NAM

replaced

NWQ

as

the

Fund’s

sub-adviser.

NAM

and

NWQ

are

both

affiliates

of

NFAL

and

are

subsidiaries

of

Nuveen.

In

connection

therewith,

the

Board

also

approved

that

the

Fund

be

renamed

from

Nuveen

NWQ

Flexible

Income

Fund

to

Nuveen

Flexible

Income

Fund,

effective

December

31,

2021.

The

Fund’s

portfolio

management

team

and

investment

strategy

were

not

affected

by

these

changes.

Share

Classes

and

Sales

Charges

Class

A

Shares

are

generally

sold

with

an

up-front

sales

charge.

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

(“NAV”)

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(“CDSC”)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

are

sold

without

an

up-front

sales

charge

but

are

subject

to

a

CDSC

of

1%

if

redeemed

within

twelve

months

of

purchase.

Class

C

Shares

automatically

convert

to

Class

A

Shares

eight

years

after

purchase.

Class

R6

Shares

and

Class

I

Shares

are

sold

without

an

upfront

sales

charge.

Other

Matters 

The

outbreak

of

the

novel

coronavirus

(“COVID-19”)

and

subsequent

global

pandemic

began

significantly

impacting

the

U.S.

and

global

financial

markets

and

economies

during

the

calendar

quarter

ended

March

31,

2020.

The

worldwide

spread

of

COVID-19

has

created

significant

uncertainty

in

the

global

economy.

The

duration

and

extent

of

COVID-19

over

the

long-term

cannot

be

reasonably

estimated

at

this

time.

The

ultimate

impact

of

COVID-19

and

the

extent

to

which

COVID-19

impacts

the

Funds’

normal

course

of

business,

results

of

operations,

investments,

and

cash

flows

will

depend

on

future

developments,

which

are

highly

uncertain

and

difficult

to

predict.

Management

continues

to

monitor

and

evaluate

this

situation.

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates.

Each

Fund

is

an

investment

company

and

follows

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

143

Accounting

Standards

Codification

946,

Financial

Services

—

Investment

Companies.

The

NAV

for

financial

reporting

purposes

may

differ

from

the

NAV

for

processing

security

and

shareholder

transactions.

The

NAV

for

financial

reporting

purposes

includes

security

and

shareholder

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the

NAV

used

for

processing

security

and

shareholder

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds.

Compensation

None

of

the

Trusts

pay

compensation

directly

to

those

of

its

directors/trustees

or

to

its

officers,

all

of

whom

receive

remuneration

for

their

services

to

each

Trust

from

the

Adviser

or

its

affiliates.

The

Board

has

adopted

a

deferred

compensation

plan

for

independent

trustees

that

enables

directors/

trustees

to

elect

to

defer

receipt

of

all

or

a

portion

of

the

annual

compensation

they

are

entitled

to

receive

from

certain

Nuveen-advised

funds.

Under

the

plan,

deferred

amounts

are

treated

as

though

equal

dollar

amounts

had

been

invested

in

shares

of

select

Nuveen-advised

funds.

Distributions

to

Shareholders

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

amount,

character

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Foreign

Currency

Transactions

and

Translation

The

books

and

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

end

of

each

day.

Purchases

and

sales

of

securities,

income

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

dates

of

the

transactions.

Net

realized

foreign

currency

gains

and

losses

resulting

from

changes

in

exchange

rates

associated

with

(i)

foreign

currency,

(ii)

investments

and

(iii)

derivatives

include

foreign

currency

gains

and

losses

between

trade

date

and

settlement

date

of

the

transactions,

foreign

currency

transactions,

and

the

difference

between

the

amounts

of

interest

and

dividends

recorded

on

the

books

of

the

Funds

and

the

amounts

actually

received

are

recognized

as

a

component

of

“Net

realized

gain

(loss)

from

investments

and

foreign

currency”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

currency

exchange

rates

and

changes

in

foreign

exchange

rates

associated

with

(i)

investments

and

(ii)

other

assets

and

liabilities

are

recognized

as

a

component

of

“Change

in

net

unrealized

appreciation

(depreciation)

of

investments

and

foreign

currency”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

exchange

rates

associated

with

investments

in

derivatives

are

recognized

as

a

component

of

the

respective

derivative’s

related

“Change

in

net

unrealized

appreciation

(depreciation)”

on

the

Statement

of

Operations,

when

applicable.

As

of

the

end

of

the

reporting

period,

Preferred

Securities

and

Income’s

investments

in

non-U.S.

securities

were

as

follows:

Foreign

Taxes

The

Funds

may

be

subject

to

foreign

taxes

on

income,

gains,

on

investments

or

foreign

currency

repatriation,

a

portion

of

which

may

be

recoverable. 

The

Funds

will

accrue

such

taxes

and

recoveries

as

applicable,

based

upon

the

current

interpretation

of

tax

rules

and

regulations

that

exist

in

the

markets

in

which

the

Funds

invest.

Indemnifications

Under each

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to each

Trust.

In

addition,

in

the

normal

course

of

business, each

Trust

enters

into

contracts

that

provide

general

indemnifications

to

other

parties. Each

Trust’s

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against each

Trust

that

have

not

yet

occurred.

However, each

Trust

has

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

Preferred

Securities

and

Income

Value

%

of

Net

Assets

Country:

United

Kingdom

$

611,246,957

11.9

%

Switzerland

395,141,737

7.7

France

264,393,033

5.2

Spain

120,479,157

2.3

Netherlands

112,643,373

2.2

Canada

108,991,736

2.1

Australia

108,646,492

2.1

Germany

80,423,292

1.6

Ireland

65,678,674

1.3

Other

172,367,346

3.4

Total

non-U.S.

Securities

$2,040,011,797

39.8%

144

Notes

to

Financial

Statements

(continued)

Investments

and

Investment

Income

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Trade

date

for

senior

and

subordinated

loans

purchased

in

the

“primary

market”

is

considered

the

date

on

which

the

loan

allocations

are

determined.

Trade

date

for

senior

and

subordinated

loans

purchased

in

the

“secondary

market”

is

the

date

on

which

the

transaction

is

entered

into.

Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Dividend

income

is

recorded

on

the

ex-dividend

date

or,

for

foreign

securities,

when

information

is

available.

Non-cash

dividends

received

in

the

form

of

stock,

if

any,

are

recognized

on

the

ex-dividend

date

and

recorded

at

fair

value.

Interest

income,

which

is

recorded

on

an

accrual

basis

and

includes

accretion

of

discounts

and

amortization

of

premiums

for

financial

reporting

purposes.

Interest

income

also

reflects

payment-in-kind

(“PIK”)

interest

and

paydown

gains

and

losses,

if

any.

PIK

interest

represents

income

received

in

the

form

of

securities

in

lieu

of

cash.

Fee

income

consists

primarily

of

amendment

fees,

when

applicable.

Amendment

fees

are

earned

as

compensation

for

evaluating

and

accepting

changes

to

an

original

senior

loan

agreement

and

are

recognized

when

received.

Securities

lending

income

is

comprised

of

fees

earned

from

borrowers

and

income

earned

on

cash

collateral

investments.

Fee

income

and

amendment

fees,

if

any,

are

recognized

as

“Fees”

on

the

Statement

of

Operations.

Multiclass

Operations

and

Allocations

Income

and

expenses

of

the

Funds that

are

not

directly

attributable

to

a

specific

class

of

shares

are

prorated

among

the

classes

based

on

the

relative

value

of

the

settled

shares

of

each

class.

 Expenses

directly

attributable

to

a

class

of

shares

are

recorded

to

the

specific

class.

12b-1

distribution

and

service

fees

are

allocated

on

a

class-specific

basis.

Sub-transfer

agent

fees

and

similar

fees,

which

are

recognized

as

a

component

of

“Shareholder

servicing

agent

fees”

on

the

Statement

of

Operations,

are

not

charged

to

Class

R6

Shares

and

are

prorated

among

the

other

classes

based

on

their

relative

settled

shares.

Realized

and

unrealized

capital

gains

and

losses

of

the

Funds

are

prorated

among

the

classes

based

on

the

relative

net

assets

of

each

class.

Netting

Agreements

In

the

ordinary

course

of

business,

the

Funds

may

enter

into

transactions

subject

to

enforceable

master

repurchase

agreements,

International

Swaps

and

Derivatives

Association,

Inc.

(ISDA)

master

agreements

or

other

similar

arrangements

(“netting

agreements”).

Generally,

the

right

to

offset

in

netting

agreements

allows

each

Fund

to

offset

certain

securities

and

derivatives

with

a

specific

counterparty,

when

applicable,

as

well

as

any

collateral

received

or

delivered

to

that

counterparty

based

on

the

terms

of

the

agreements.

Generally,

each

Fund

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

The

Funds’

investments

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

if

any,

are

further

described

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives.

New

Accounting

Pronouncements

and

Rule

Issuances

Reference

Rate

Reform

In

March

2020,

FASB

issued

Accounting

Standards

Update

(“ASU”)

2020-04,

Reference

Rate

Reform:

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

The

main

objective

of

the

new

guidance

is

to

provide

relief

to

companies

that

will

be

impacted

by

the

expected

change

in

benchmark

interest

rates,

when

participating

banks

will

no

longer

be

required

to

submit

London

Interbank

Offered

Rate

(LIBOR)

quotes

by

the

UK

Financial

Conduct

Authority

(FCA).

The

new

guidance

allows

companies

to,

provided

the

only

change

to

existing

contracts

are

a

change

to

an

approved

benchmark

interest

rate,

account

for

modifications

as

a

continuance

of

the

existing

contract

without

additional

analysis.

For

new

and

existing

contracts,

the

Funds

may

elect

to

apply

the

amendments

as

of

March

12,

2020

through

December

31,

2022.

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

Rules

to

Modernize

Fund

Valuation

Framework

Take

Effect

A

new

rule

adopted

by

the

Securities

and

Exchange

Commission

(the

"SEC")

governing

fund

valuation

practices,

Rule

2a-5

under

the

1940

Act,

has

established

requirements

for

determining

fair

value

in

good

faith

for

purposes

of

the

1940

Act.

Rule

2a-5

permits

fund

boards

to

designate

certain

parties

to

perform

fair

value

determinations,

subject

to

board

oversight

and

certain

other

conditions.

Rule

2a-5

also

defines

when

market

quotations

are

"readily

available"

for

purposes

of

Section

29(a)(41)

of

the

1940

Act,

which

requires

a

fund

to

fair

value

a

security

when

market

quotations

are

not

readily

available.

Separately,

new

SEC

Rule

31a-4

under

the

1940

Act

sets

forth

the

recordkeeping

requirements

associated

with

fair

value

determinations.

The

Funds

adopted

a

valuation

policy

conforming

to

the

new

rules,

effective

September

1,

2022,

and

there

was

no

material

impact

to

the

Funds.

FASB

issues

ASU

2022-03-Fair

Value

Measurement

(Topic

820),

Fair

Value

Measurement

of

Equity

Securities

to

Contractual

Sale

Restrictions

("ASU

2022-03")

In

June

2022,

the

FASB

issued

ASU

2022-03

to

clarify

the

guidance

in

Topic

820,

Fair

Value

Measurement

("Topic

820").

The

amendments

in

ASU

2022-03

affect

all

entities

that

have

investments

in

equity

securities

measured

at

fair

value

that

are

subject

to

a

contractual

sale

restriction.

ASU

2022-

03

(1)

clarifies

the

guidance

in

Topic

820,

when

measuring

the

fair

value

of

an

equity

security

subject

to

contractual

restrictions

that

prohibit

the

sale

of

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

145

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

Board.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the

Funds’

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Equity

securities

and

exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

sale

price

at

the

official

close

of

business

of

such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

on

a

foreign

exchange

are

valued

at

the

last

sale

price

or

official

closing

price

reported

on

the

exchange

where

traded

and

converted

to

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the

date

of

valuation.

To

the

extent

these

securities

are

actively

traded

and

that

valuation

adjustments

are

not

applied,

they

are

generally

classified

as

Level

1.

If

there

is

no

official

close

of

business,

then

the

latest

available

sale

price

is

utilized.

If

no

sales

are

reported,

then

the

mean

of

the

latest

available

bid

and

ask

prices

is

utilized

and

these

securities

are

generally

classified

as

Level

2.

For

events

affecting

the

value

of

foreign

securities

between

the

time

when

the

exchange

on

which

they

are

traded

closes

and

the

time

when

the

Funds’

net

assets

are

calculated,

such

securities

will

be

valued

at

fair

value

in

accordance

with

procedures

adopted

by

the

Board.

These

foreign

securities

are

generally

classified

as

Level

2.

Prices

of

certain

American

Depositary

Receipts

(“ADR”)

held

by

the

Funds

that

trade

in

the

United

States

are

valued

based

on

the

last

traded

price,

official

closing

price,

or

an

evaluated

price

provided

by

the

independent

pricing

service

(“pricing

service”)

and

are

generally

classified

as

Level

1

or

2.

Prices

of

fixed-income

securities

are

generally

provided

by

a pricing

service

approved

by

the

Board.

The

pricing

service

establishes

a

security’s

fair

value

using

methods

that

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

In

pricing

certain

securities,

particularly

less

liquid

and

lower

quality

securities,

the

pricing

service

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

These

securities

are

generally

classified

as

Level

2. 

Repurchase

agreements

are

valued

at

contract

amount

plus

accrued

interest,

which

approximates

market

value.

These

securities

are

generally

classified

as

Level

2.

Investments

in

investment

companies

are

valued

at

their

respective

NAVs

on

the

valuation

date

and

are

generally

classified

as

Level

1. 

Futures

contracts

are

valued

using

the

closing

settlement

price

or,

in

the

absence

of

such

a

price,

the

last

traded

price

and

are

generally

classified

as

Level

1.

Swap

contracts

are

marked-to-market

daily

based

upon

a

price

supplied

by

a

pricing

service.

Swaps

are

generally

classified

as

Level

2.

Purchased

and

written

options

traded

and

listed

on

a

national

market

or

exchange

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

and

are

generally

classified

as

Level

1.

Over-the-counter

(“OTC”)

options

are

marked-to-market

daily

based

upon

a

price

supplied

by

a

pricing

service.

OTC

options

are

generally

classified

as

Level

2.

Any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

above

valuation

procedures

are

deemed

not

to

reflect

fair

value

are

valued

at

fair

value,

as

determined

in

good

faith

using

procedures

approved

by

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

would

appear

to

be

the

amount

that

the

owner

might

reasonably

expect

to

receive

for

it

in

a

current

sale.

A

variety

of

factors

may

be

considered

in

determining

the

fair

value

of

such

securities,

which

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

146

Notes

to

Financial

Statements

(continued)

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

of

the

fair

value

hierarchy;

otherwise

they

would

be

classified

as

Level

3.

The

following

table

summarizes

the

market

value

of

the

Funds’

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

Credit

Income

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Corporate

Bonds

$

–

$

57,581,447

$

–**

$

57,581,447

Asset-Backed

and

Mortgage-Backed

Securities

–

25,841,836

–

25,841,836

Variable

Rate

Senior

Loan

Interests

–

11,317,454

–

11,317,454

Exchange-Traded

Funds

4,786,689

–

–

4,786,689

Sovereign

Debt

–

4,346,069

–

4,346,069

Contingent

Capital

Securities

–

2,511,757

–

2,511,757

$1,000

Par

(or

similar)

Institutional

Preferred

–

2,200,364

–

2,200,364

$25

Par

(or

similar)

Retail

Preferred

777,465

–

–

777,465

Common

Stocks

–

–

89***

89

Investments

Purchased

with

Collateral

from

Securities

Lending

7,467,287

–

–

7,467,287

Short-Term

Investments:

Repurchase

Agreements

–

13,204,016

–

13,204,016

Investments

in

Derivatives:

Credit

Default

Swaps****

–

(79,080)

–

(79,080)

Total

$

13,031,441

$

116,923,863

$

89

$

129,955,393

Flexible

Income

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Corporate

Bonds

$

–

$

679,582,733

$

–

$

679,582,733

$1,000

Par

(or

similar)

Institutional

Preferred

–

378,343,586

–

378,343,586

Common

Stocks

219,614,123

–

–

219,614,123

$25

Par

(or

similar)

Retail

Preferred

80,689,920

–

–

80,689,920

Convertible

Preferred

Securities

55,561,458

–

–

55,561,458

Structured

Notes

–

23,911,482

–

23,911,482

Convertible

Bonds

–

14,361,812

–

14,361,812

Investments

Purchased

with

Collateral

from

Securities

Lending

29,611,664

–

–

29,611,664

Short-Term

Investments:

Repurchase

Agreements

–

29,313,890

–

29,313,890

Total

$

385,477,165

$

1,125,513,503

$

–

$

1,510,990,668

Floating

Rate

Income

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Variable

Rate

Senior

Loan

Interests

$

–

$

1,971,372,564

$

2,892,177***

$

1,974,264,741

Corporate

Bonds

–

277,156,825

–

277,156,825

Exchange-Traded

Funds

46,196,980

–

–

46,196,980

Common

Stocks

1,386,071

19,923,633

*****

11,979***

21,321,683

$1,000

Par

(or

similar)

Institutional

Preferred

–

15,818,342

–

15,818,342

Warrants

9,175

7,108,503

*****

–

7,117,678

Convertible

Preferred

Securities

–

375,187

*****

–

375,187

Investments

Purchased

with

Collateral

from

Securities

Lending

4,818,092

–

–

4,818,092

Short-Term

Investments:

Investment

Companies

33,358,107

–

–

33,358,107

Total

$

85,768,425

$

2,291,755,054

$

2,904,156

$

2,380,427,635

147

4.

Portfolio

Securities

and

Investments

in

Derivatives

Portfolio

Securities

Unfunded Commitments

Pursuant

to

the

terms

of

certain

of

the

variable

rate

senior

loan

agreements,

the

Funds

may

have

unfunded

senior

loan

commitments.

Each

Fund

will

maintain

with

its

custodian,

cash,

liquid

securities

and/or

liquid

senior

loans

having

an

aggregate

value

at

least

equal

to

the

amount

of

unfunded

senior

loan

commitments.

As

of

the

end

of

the

reporting

period,

the

Funds’

outstanding

unfunded

senior

loan

commitments

were

as

follows:

High

Yield

Income

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Corporate

Bonds

$

–

$

444,157,901

$

–

$

444,157,901

Variable

Rate

Senior

Loan

Interests

–

35,046,397

5,170,564***

40,216,961

$1,000

Par

(or

similar)

Institutional

Preferred

–

6,499,896

–

6,499,896

Common

Stocks

–

3,061,208

*****

–

3,061,208

Warrants

–

1,910,159

*****

–

1,910,159

Investments

Purchased

with

Collateral

from

Securities

Lending

15,820,798

–

–

15,820,798

Short-Term

Investments:

Investment

Companies

31,582,470

–

–

31,582,470

Total

$

47,403,268

$

490,675,561

$

5,170,564

$

543,249,393

Preferred

Securities

and

Income

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

$1,000

Par

(or

similar)

Institutional

Preferred

$

–

$

2,493,512,642

$

–

$

2,493,512,642

Contingent

Capital

Securities

–

1,636,323,782

–

1,636,323,782

$25

Par

(or

similar)

Retail

Preferred

735,322,325

188,437,768

*****

–

923,760,093

Investments

Purchased

with

Collateral

from

Securities

Lending

53,834,118

–

–

53,834,118

Short-Term

Investments:

Repurchase

Agreements

–

65,121,741

–

65,121,741

Total

$

789,156,443

$

4,383,395,933

$

–

$

5,172,552,376

Strategic

Income

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Asset-Backed

and

Mortgage-Backed

Securities

$

–

$

277,627,059

$

1,822,171***

$

279,449,230

Corporate

Bonds

–

212,824,353

–**

212,824,353

$1,000

Par

(or

similar)

Institutional

Preferred

–

46,952,725

–

46,952,725

Sovereign

Debt

–

45,292,280

–

45,292,280

Contingent

Capital

Securities

–

27,348,072

–

27,348,072

U.S.

Government

and

Agency

Obligations

–

23,976,875

–

23,976,875

Variable

Rate

Senior

Loan

Interests

–

23,319,957

–

23,319,957

$25

Par

(or

similar)

Retail

Preferred

3,487,815

1,481,900

*****

–

4,969,715

Investments

Purchased

with

Collateral

from

Securities

Lending

10,771,866

–

–

10,771,866

Short-Term

Investments:

Repurchase

Agreements

–

44,212,268

–

44,212,268

Investments

in

Derivatives:

Futures

Contracts****

901,059

–

–

901,059

Total

$

15,160,740

$

703,035,489

$

1,822,171

$

720,018,400

*

Refer

to

the

Fund's

Portfolio

of

Investments

for

industry

classifications.

**

Refer

to

the

Fund’s

Portfolio

of

Investments

for

securities

classified

as

Level

3.

Value

equals

zero

as

of

the

end

of

the

reporting

period.

***

Refer

to

the

Fund's

Portfolio

of

Investments

for

securities

classified

as

Level

3.

****

Represents

net

unrealized

appreciation

(depreciation)

as

reported

in

the

Fund's

Portfolio

of

Investments.

*****

Refer

to

the

Fund’s

Portfolio

of

Investments

for

securities

classified

as

Level

2.

148

Notes

to

Financial

Statements

(continued)

Participation

Commitments

With

respect

to

the

senior

loans

held

in

each

Fund’s

portfolio,

the

Funds

may:

1)

invest

in

assignments;

2)

act

as

a

participant

in

primary

lending

syndicates;

or

3)

invest

in

participations.

If

a

Fund

purchases

a

participation

of

a

senior

loan

interest,

the

Fund

would

typically

enter

into

a

contractual

agreement

with

the

lender

or

other

third

party

selling

the

participation,

rather

than

directly

with

the

borrower.

As

such,

the

Fund

not

only

assumes

the

credit

risk

of

the

borrower,

but

also

that

of

the

selling

participant

or

other

persons

interpositioned

between

the

Fund

and

the

borrower.

As

of

the

end

of

the

reporting

period,

the

Funds

had

no

such

outstanding

participation

commitments.

Securities

Lending

Each

Fund

may

lend

securities

representing

up

to

one-third

of

the

value

of

its

total

assets

to

broker-dealers,

banks,

and

other

institutions

in

order

to

generate

additional

income.

When

loaning

securities,

the

Fund

retains

the

benefits

of

owning

the

securities,

including

the

economic

equivalent

of

dividends

or

interest

generated

by

the

security.

The

loans

are

continuous,

can

be

recalled

at

any

time,

and

have

no

set

maturity.

The

Funds’

custodian,

State

Street

Bank

and

Trust

Company,

serves

as

the

securities

lending

agent

(the

“Agent”).

When

a

Fund

loans

its

portfolio

securities,

it

will

receive,

at

the

inception

of

each

loan,

cash

collateral

equal

to

an

amount

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

actual

percentage

of

the

cash

collateral

will

vary

depending

upon

the

asset

type

of

the

loaned

securities.

Collateral

for

the

loaned

securities

is

invested

in

a

government

money

market

vehicle

maintained

by

the

Agent,

which

is

subject

to

the

requirements

of

Rule

2a-7

under

the

1940

Act.

The

value

of

the

loaned

securities

and

the

liability

to

return

the

cash

collateral

received

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

If

the

market

value

of

the

loaned

securities

increases,

the

borrower

must

furnish

additional

collateral

to

the

Fund,

which

is

also

recognized

on

the

Statement

of

Assets

and

Liabilities.

Securities

out

on

loan

are

subject

to

termination

at

any

time

at

the

option

of

the

borrower

or

the

Fund.

Upon

termination,

the

borrower

is

required

to

return

to

the

Fund

securities

identical

to

the

securities

loaned.

During

the

term

of

the

loan,

the

Fund

bears

the

market

risk

with

respect

to

the

investment

of

collateral

and

the

risk

that

the

Agent

may

default

on

its

contractual

obligations

to

the

Fund.

The

Agent

bears

the

risk

that

the

borrower

may

default

on

its

obligation

to

return

the

loaned

securities

as

the

Agent

is

contractually

obligated

to

indemnify

the

Fund

if

at

the

time

of

a

default

by

a

borrower

some

or

all

of

the

loan

securities

have

not

been

returned.

Securities

lending

income

recognized

by

a

Fund

consists

of

earnings

on

invested

collateral

and

lending

fees,

net

of

any

rebates

to

the

borrower

and

compensation

to

the

Agent.

Such

income

is

recognized

on

the

Statement

of

Operations.

As

of

the

end

of

the

current

reporting

period,

the

total

value

of

the

loaned

securities

and

the

total

value

of

collateral

received

were

as

follows:

Fund

Outstanding

Unfunded

Senior

Loan

Commitments

Credit

Income

$

—

Flexible

Income

—

Floating

Rate

Income

1,925,772

High

Yield

Income

—

Preferred

Securities

and

Income

—

Strategic

Income

—

Fund

Asset

Class

out

on

Loan

Long-Term

Investments,

at

Value

Total

Collateral

Received

Credit

Income

Exchange-Traded

Funds

$4,738,767

$4,879,591

Corporate

Bonds

1,824,699

1,918,483

Contingent

Capital

Securities

350,184

368,500

Sovereign

Debt

293,941

300,713

Total

$7,207,591

$7,467,287

Flexible

Income

Corporate

Bonds

$18,213,843

$19,110,134

$1,000

Par

(or

similar)

Institutional

Preferred

10,088,008

10,446,930

$25

Par

(or

similar)

Retail

Preferred

52,520

54,600

Total

$28,354,371

$29,611,664

Floating

Rate

Income

Corporate

Bonds

2,647,929

$2,775,418

Exchange-Traded

Funds

1,227,290

1,258,309

Common

Stocks

349,447

406,965

$1,000

Par

(or

similar)

Institutional

Preferred

365,325

377,400

Total

$4,589,991

$4,818,092

High

Yield

Income

Corporate

Bonds

$15,084,535

$15,820,798

Preferred

Securities

and

Income

$1,000

Par

(or

similar)

Institutional

Preferred

$33,409,302

$35,006,733

Contingent

Capital

Securities

15,844,356

16,465,095

$25

Par

(or

similar)

Retail

Preferred

2,258,207

2,362,290

Total

$51,511,865

$53,834,118

149

Repurchase

Agreements

In

connection

with

transactions

in

repurchase

agreements,

it

is

each

Fund's

policy

that

its

custodian

take

possession

of

the

underlying

collateral

securities,

the

fair

value

of

which

exceeds

the

principal

amount

of

the

repurchase

transaction,

including

accrued

interest,

at

all

times.

If

the

counterparty

defaults,

and

the

fair

value

of

the

collateral

declines,

realization

of

the

collateral

may

be

delayed

or

limited.

The

following

table

presents

the

repurchase

agreements

for

the

Funds

that

are

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

and

the

collateral

delivered

related

to

those

repurchase

agreements.

Zero

Coupon

Securities

A

zero

coupon

security

does

not

pay

a

regular

interest

coupon

to

its

holders

during

the

life

of

the

security.

Income

to

the

holder

of

the

security

comes

from

accretion

of

the

difference

between

the

original

purchase

price

of

the

security

at

issuance

and

the

par

value

of

the

security

at

maturity

and

is

effectively

paid

at

maturity.

The

market

prices

of

zero

coupon

securities

generally

are

more

volatile

than

the

market

prices

of

securities

that

pay

interest

periodically.

Investment

Transactions

Long-term

purchases

and

sales

(including

maturities

but

excluding

derivative

transactions

and

investments

purchased

with

collateral

from

securities

lending,

where

applicable)

during

the

current fiscal

period

were

as

follows:

The

Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period.

The

Funds

have

earmarked

securities

in

their

portfolios

with

a

current

value

at

least

equal

to

the

amount

of

the

when-issued/

delayed

delivery

purchase

commitments.

If

a

Fund

has

outstanding

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

Investments

in

Derivatives

Each

Fund

is

authorized

to

invest

in

certain

derivative

instruments.

The

Funds

record

derivative

instruments

at

fair

value,

with

changes

in

fair

value

recognized

on

the

Statement

of

Operations,

when

applicable.

Even

though

the

Funds’

investments

in

derivatives

may

represent

economic

hedges,

they

are

not

considered

to

be

hedge

transactions

for

financial

reporting

purposes.

Credit

Default

Swap

Contracts

A

Fund

may

enter

into

a

credit

default

swap

contract

to

seek

to

maintain

a

total

return

on

a

particular

investment

or

portion

of

its

portfolio,

or

to

take

an

active

long

or

short

position

with

respect

to

the

likelihood

of

a

particular

issuer’s

default.

Credit

default

swap

contracts

involve

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

if/when

there

is

a

credit

event

by

a

third

party.

Generally,

a

credit

event

means

bankruptcy,

failure

to

pay,

or

restructuring.

The

specific

credit

events

applicable

for

each

credit

default

swap

are

stated

in

the

terms

of

the

particular

swap

agreement.

When

a

Fund

has

bought

(sold)

protection

in

a

credit

default

swap

upon

occurrence

of

a

specific

credit

event

with

respect

to

the

underlying

referenced

entity,

the

Fund

will

either

(i)

deliver

(receive)

that

security,

or

an

equivalent

amount

of

cash,

from

the

counterparty

in

exchange

for

receipt

(payment)

of

the

notional

amount

to

the

counterparty,

or

(ii)

receive

(pay)

a

net

settlement

amount

of

the

Strategic

Income

Corporate

Bonds

$7,069,703

$8,013,205

Sovereign

Debt

2,520,895

2,620,108

$1,000

Par

(or

similar)

Institutional

Preferred

133,334

138,553

Total

$9,723,932

$10,771,866

Fund

Counterparty

Short-term

Investments,

at

Value

Collateral

Pledged

(From)

Counterparty

Credit

Income

Fixed

Income

Clearing

Corporation

$13,204,016

$(13,468,100)

Flexible

Income

Fixed

Income

Clearing

Corporation

29,313,890

(29,900,199)

Preferred

Securities

and

Income

Fixed

Income

Clearing

Corporation

65,121,741

(66,424,189)

Strategic

Income

Fixed

Income

Clearing

Corporation

44,212,268

(45,096,547)

Fund

Purchases

Sales

and

Maturities

Credit

Income

$

27,559,174

$

6,046,263

Flexible

Income

521,679,545

561,910,291

Floating

Rate

Income

2,101,767,750

686,265,953

High

Yield

Income

634,776,478

694,608,192

Preferred

Securities

and

Income

892,196,582

623,824,850

Strategic

Income

67,154,541

80,567,843

150

Notes

to

Financial

Statements

(continued)

credit

default

swap

contract

less

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

The

difference

between

the

value

of

the

security

received

(delivered)

and

the

notional

amount

delivered

(received)

is

recorded

as

a

realized

gain

or

loss.

Payments

paid

(received)

at

the

beginning

of

the

measurement

period

are

recognized

as

a

component

of

“Credit

default

swaps

premiums

paid

and/

or

received”

on

the

Statement

of

Assets

and

Liabilities,

when

applicable.

Credit

default

swap

contracts

are

valued

daily.

Changes

in

the

value

of

a

credit

default

swap

during

the

fiscal

period

are

recognized

as

a

component

of

“Change

in

net

unrealized

appreciation

(depreciation)

of

swaps”

and

realized

gains

and

losses

are

recognized

as

a

component

of

“Net

realized

gain

(loss)

from

swaps”

on

the

Statement

of

Operations.

For

OTC

swaps

not

cleared

through

a

clearing

house

(“OTC

Uncleared”),

the

daily

change

in

the

market

value

of

the

swap

contract,

along

with

any

daily

interest

fees

accrued,

are

recognized

as

components

of

“Unrealized

appreciation

or

depreciation

on

credit

default

swaps”

on

the

Statement

of

Assets

and

Liabilities.

Upon

the

execution

of

an

OTC

swap

cleared

through

a

clearing

house

(“OTC

Cleared”),

a

Fund

is

obligated

to

deposit

cash

or

eligible

securities,

also

known

as

“initial

margin,”

into

an

account

at

its

clearing

broker

equal

to

a

specified

percentage

of

the

contract

amount.

Cash

held

by

the

broker

to

cover

initial

margin

requirements

on

open

swap

contracts,

if

any,

is

recognized

as

“Cash

collateral

at

brokers

for

investments

in

swaps”

on

the

Statement

of

Assets

and

Liabilities.

Investments

in

OTC

Cleared

swaps

obligate

a

Fund

and

the

clearing

broker

to

settle

monies

on

a

daily

basis

representing

changes

in

the

prior

day’s

“mark-to-market”

of

the

swap.

If

a

Fund

has

unrealized

appreciation

the

clearing

broker

would

credit

the

Fund’s

account

with

an

amount

equal

to

the

appreciation

and

conversely

if

a

Fund

has

unrealized

depreciation

the

clearing

broker

would

debit

a

Fund’s

account

with

an

amount

equal

to

the

depreciation.

These

daily

cash

settlements

are

also

known

as

“variation

margin.”

Variation

margin

for

OTC

Cleared

swaps

is

recognized

as

a

receivable

and/or

payable

for

“Variation

margin

on

swap

contracts”

on

the

Statement

of

Assets

and

Liabilities.

Upon

the

execution

of

an

OTC

Uncleared

swap,

neither

the

Fund

nor

the

counterparty

is

required

to

deposit

initial

margin

as

the

trades

are

recorded

bilaterally

between

both

parties

to

the

swap

contract,

and

the

terms

of

the

variation

margin

are

subject

to

a

predetermined

threshold

negotiated

by

the

Fund

and

the

counterparty.

Variation

margin

for

OTC

Uncleared

swaps

is

recognized

as

a

component

of

“Unrealized

appreciation

or

depreciation

on

credit

default

swaps”

as

described

in

the

preceding

paragraph.

The

maximum

potential

amount

of

future

payments

the

Fund

could

incur

as

a

buyer

or

seller

of

protection

in

a

credit

default

swap

contract

is

limited

to

the

notional

amount

of

the

contract.

The

maximum

potential

amount

would

be

offset

by

the

recovery

value,

if

any,

of

the

respective

referenced

entity.

During

the

current

fiscal

period,

Credit

Income

and

High

Yield

Income

used

credit

default

swaps

to

increase

their

portfolio’s

exposure

to

high

yield

credit.

Strategic

Income

used

credit

default

swap

index

contracts

to

buy

credit

protection

on

a

portion

of

the

portfolio’s

exposure

to

high

yield

credit.

The

average

notional

amount

of

credit

default

swap

contracts

outstanding

during

the

current

fiscal

period

was

as

follows:

The

following

table

presents

the

fair

value

of

all

swap

contracts

held

by

the

Funds

as

of

the

end

of

the

reporting

period,

the

location

of

these

instruments

on

the

Statement

of

Assets

and

Liabilities

and

the

primary

underlying

risk

exposure.

The

following

table

presents

the

amount

of

net

realized

gain

(loss)

and

change

in

net

unrealized

appreciation

(depreciation)

recognized

on

swap

contracts

on

the

Statement

of

Operations

during

the

current

fiscal

period,

and

the

primary

underlying

risk

exposure.

Fund

Average

Notional

Amount

of

Credit

Default

Swaps

Outstanding*

Credit

Income

$

2,475,000

High

Yield

Income**

$

-

Strategic

Income**

$

-

*

The

average

notional

amount

is

calculated

based

on

the

absolute

aggregate

notional

amount

of

contracts

outstanding

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

**The

Fund

used

credit

default

swaps

during

the

current

fiscal

period.

However,

the

Fund

did

not

have

any

such

positions

outstanding

at

the

beginning

of

the

fiscal

period

or

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period

and

therefore

are

not

included

as

part

of

this

calculation.  

Location

on

the

Statement

of

Assets

and

Liabilities

Underlying

Derivative

Asset

Derivatives

(Liability)

Derivatives

Risk

Exposure

Instrument

Location

Value

Location

Value

Credit

Income

Credit

Swaps

(OTC

Cleared)

-

$-

Payable

for

variation

margin

on

swaps***

$79,080

***

Some

swap

contracts

require

a

counterparty

to

pay

or

receive

a

premium,

which

is

disclosed

on

the

Statement

of

Assets

and

Liabilities

and

is

not

reflected

in

the

cumulative

unrealized

appreciation

(depreciation)

presented

above.

Fund

Underlying

Risk

Exposure

Derivative

Instrument

Net

Realized

Gain

(Loss)

from

Swaps

Change

in

Net

Unrealized

Appreciation

(Depreciation)

of

Swaps

Credit

Income

Credit

Swaps

$(30,109)

$(79,080)

High

Yield

Income

Credit

Swaps

$315,061

$

-

Strategic

Income

Credit

Swaps

$162,518

$

-

151

Futures

Contracts

Upon

execution

of

a

futures

contract,

a

Fund

is

obligated

to

deposit

cash

or

eligible

securities,

also

known

as

“initial

margin,”

into

an

account

at

its

clearing

broker

equal

to

a

specified

percentage

of

the

contract

amount.

Cash

held

by

the

broker

to

cover

initial

margin

requirements

on

open

futures

contracts,

if

any,

is

recognized

as

“Cash

collateral

at

brokers

for

investments

in

futures

contracts”

on

the

Statement

of

Assets

and

Liabilities.

Investments

in

futures

contracts

obligate

a

Fund

and

the

clearing

broker

to

settle

monies

on

a

daily

basis

representing

changes

in

the

prior

days

“mark-to-market”

of

the

open

contracts.

If

a

Fund

has

unrealized

appreciation

the

clearing

broker

would

credit

the

Fund’s

account

with

an

amount

equal

to

appreciation

and

conversely

if

a

Fund

has

unrealized

depreciation

the

clearing

broker

would

debit

the

Fund’s

account

with

an

amount

equal

to

depreciation.

These

daily

cash

settlements

are

also

known

as

“variation

margin.”

Variation

margin

is

recognized

as

a

receivable

and/or

payable

for

“Variation

margin

on

futures

contracts”

on

the

Statement

of

Assets

and

Liabilities.

During

the

period

the

futures

contract

is

open,

changes

in

the

value

of

the

contract

are

recognized

as

an

unrealized

gain

or

loss

by

“marking-to-

market”

on

a

daily

basis

to

reflect

the

changes

in

market

value

of

the

contract,

which

is

recognized

as

a

component

of

“Change

in

net

unrealized

appreciation

(depreciation)

of

futures

contracts”

on

the

Statement

of

Operations.

When

the

contract

is

closed

or

expired,

a

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

contract

on

the

closing

date

and

value

of

the

contract

when

originally

entered

into,

which

is

recognized

as

a

component

of

“Net

realized

gain

(loss)

from

futures

contracts”

on

the

Statement

of

Operations.

Risks

of

investments

in

futures

contracts

include

the

possible

adverse

movement

in

the

price

of

the

securities

or

indices

underlying

the

contracts,

the

possibility

that

there

may

not

be

a

liquid

secondary

market

for

the

contracts

and/or

that

a

change

in

the

value

of

the

contract

may

not

correlate

with

a

change

in

the

value

of

the

underlying

securities

or

indices.

During

the

current

fiscal

period,

Preferred

Securities

and

Income

sold

interest

rate

futures

to

reduce

the

duration

of

its

portfolio

and

Strategic

Income

sold

interest

rate

futures

as

part

of

their

overall

portfolio

construction

strategy

to

manage

portfolio

duration

and

yield

curve

exposure.

The

average

notional

amount

of

futures

contracts

outstanding

during

the

current

fiscal

period

was

as

follows:

The

following

table

presents

the

fair

value

of

all

futures

contracts

held

by

the

Funds

as

of

the

end

of

the

reporting

period,

the

location

of

these

instruments

on

the

Statement

of

Assets

and

Liabilities

and

the

primary

underlying

risk

exposure.

The

following

table

presents

the

amount

of

net

realized

gain

(loss)

and

change

in

net

unrealized

appreciation

(depreciation)

recognized

on

futures

contracts

on

the

Statement

of

Operations

during

the

current

fiscal

period,

and

the

primary

underlying

risk

exposure.

Options

Transactions

When a

Fund

writes

an

option,

an

amount

equal

to

the

net

premium

received

(the

premium

less

commission)

is

recognized

as

a

component

of

“Options

written,

at

value”

on

the

Statement

of

Assets

and

Liabilities

and

is

subsequently

adjusted

to

reflect

the

current

value

of

the

written

option

until

the

option

is

exercised

or

expires

or

the

Fund

enters

into

a

closing

purchase

transaction.

The

changes

in

the

value

of

options

written

during

the

fiscal

period

are

recognized

as

a

component

of

“Change

in

net

unrealized

appreciation

(depreciation)

of

options

written”

on

the

Statement

of

Operations.

When

an

option

is

exercised

or

expires

or

the

Fund

enters

into

a

closing

purchase

transaction,

the

difference

between

the

net

premium

received

and

any

amount

paid

at

expiration

or

on

executing

a

closing

purchase

transaction,

including

commission,

is

recognized

as

a

component

of

“Net

realized

gain

(loss)

from

options

written”

on

the

Statement

of

Operations.

The

Fund,

as

a

writer

of

an

option,

has

no

control

over

whether

Fund

Average

Notional

Amount

of

Futures

Contracts

Outstanding*

Preferred

Securities

and

Income

$76,219,782

Strategic

Income

$204,103,042

*

The

average

notional

amount

is

calculated

based

on

the

absolute

aggregate

notional

amount

of

contracts

outstanding

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

Location

on

the

Statement

of

Assets

and

Liabilities

Underlying

Derivative

Asset

Derivatives

(Liability)

Derivatives

Risk

Exposure

Instrument

Location

Value

Location

Value

Strategic

Income

Interest

rate

Futures

contracts

Receivable

for

variation

margin

on

futures

contracts**

$347,244

Payable

for

variation

margin

on

futures

contracts**

$553,815

**

Value

represents

the

cumulative

unrealized

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Fund’s

Portfolio

of

Investments

and

not

the

asset

and/or

liability

derivatives

location

as

described

in

the

table

above.

Fund

Underlying

Risk

Exposure

Derivative

Instrument

Net

Realized

Gain

(Loss)

from

Futures

Contracts

Change

in

Net

Unrealized

Appreciation

(Depreciation)

of

Futures

Contracts

Preferred

Securities

and

Income

Interest

rate

Future

contracts

$11,792,157

$(2,069,139)

Strategic

Income

Interest

rate

Future

contracts

$1,022,630

$(313,952)

152

Notes

to

Financial

Statements

(continued)

the

underlying

instrument

may

be

sold

(called)

or

purchased

(put)

and

as

a

result

bears

the

risk

of

an

unfavorable

change

in

the

market

value

of

the

instrument

underlying

the

written

option.

There

is

also

the

risk

the

Fund

may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

During

the

current

fiscal

period,

Flexible

Income

wrote

call

options

on

Applied

Materials,

Inc.

and

Qualcomm

Incorporated

to

partially

hedge

against

the

long

common

stock

position

in

the

Fund’s

portfolio.

The

average

notional

amount

of

outstanding

options

written

during

the

current

fiscal

period

was

as

follows:

The

following

table

presents

the

amount

of

net

realized

gain

(loss)

and

change

in

net

unrealized

appreciation

(depreciation)

recognized

on

options

written

on

the

Statement

of

Operations

during

the

current

fiscal

period,

and

the

primary

underlying

risk

exposure.

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

predetermined

threshold

amount.

Fund

Average

Notional

Amount

of

Outstanding

Options

Written*

Flexible

Income

$

3,327,800

*

The

average

notional

amount

is

calculated

based

on

the

outstanding

notional

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

Fund

Underlying

Risk

Exposure

Derivative

Instrument

Net

Realized

Gain

(Loss)

from

Options

Written

Change

in

Net

Unrealized

Appreciation

(Depreciation)

of

Options

Written

Flexible

Income

Equity

price

Options

written

$469,014

$(165,293)

153

5.

Fund

Shares

Transactions

in Fund

shares

during

the

current

and

prior

fiscal

period

were

as

follows:

Two

Months

Ended

8/31/22

Year

Ended

6/30/22

Year

Ended

6/30/21

Credit

Income

Shares

Amount

Shares

Amount

Shares

Amount

Shares

sold:

Class

A

60,356

$385,630

1,318,841

$9,494,449

4,713,474

$33,650,595

Class

A

-

automatic

conversion

of

Class

C

Shares

198

1,368

181

1,298

2,903

21,166

Class

A

-

automatic

conversion

of

Class

R3

Shares

—

—

—

—

33,499

247,561

Class

C

44,595

286,664

108,118

767,238

161,941

1,164,088

Class

R3

(1)

—

—

—

—

3,490

25,745

Class

I

5,580,492

36,045,244

8,821,750

64,215,598

17,507,057

124,921,019

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions:

Class

A

67,327

431,100

382,466

2,700,475

463,537

3,331,198

Class

C

10,584

67,651

67,514

477,445

100,501

720,396

Class

R3

(1)

—

—

—

—

1,222

8,957

Class

I

59,662

381,752

350,312

2,516,058

579,184

4,191,831

5,823,214

37,599,409

11,049,182

80,172,561

23,566,808

168,282,556

Shares

redeemed:

Class

A

(213,920)

(1,369,798)

(3,950,941)

(28,481,462)

(7,044,878)

(50,346,706)

Class

C

(80,232)

(513,994)

(781,245)

(5,508,093)

(1,604,428)

(11,502,815)

Class

C

-

automatic

conversion

to

Class

A

Shares

(199)

(1,368)

(181)

(1,298)

(2,907)

(21,166)

Class

R3

(1)

—

—

—

—

(7,230)

(52,700)

Class

R3

-

automatic

conversion

to

Class

A

Shares

—

—

—

—

(32,790)

(247,561)

Class

I

(195,615)

(1,252,865)

(17,717,847)

(128,315,850)

(17,488,589)

(124,454,752)

(489,966)

(3,138,025)

(22,450,214)

(162,306,703)

(26,180,822)

(186,625,700)

Net

increase

(decrease)

5,333,248

$34,461,384

(11,401,032)

$(82,134,142)

(2,614,014)

$(18,343,144)

(1)

Class

R3

Shares

were

converted

to

Class

A

Shares

at

the

close

of

business

on

June

4,

2021

and

are

no

longer

available

for

reinvestment

or

through

an

exchange

from

other

Nuveen

mutual

funds.

Eleven

Months

Ended

8/31/22

Year

Ended

9/30/21

Year

Ended

9/30/20

Flexible

Income

Shares

Amount

Shares

Amount

Shares

Amount

Shares

sold:

Class

A

2,051,982

$43,395,542

3,908,647

$86,693,116

5,469,009

$118,261,432

Class

A

-

automatic

conversion

of

Class

C

Shares

773

15,063

4,029

88,963

—

—

Class

C

968,231

20,585,586

2,268,130

50,169,131

4,052,604

87,617,607

Class

R6

240,094

5,174,437

494,981

11,097,087

605,008

13,311,022

Class

I

14,965,232

315,344,066

19,629,637

435,944,594

25,654,804

550,945,285

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions:

Class

A

560,789

11,581,424

538,418

11,936,665

637,377

13,618,018

Class

C

426,470

8,794,848

424,858

9,395,795

559,344

11,925,868

Class

R6

16,294

337,096

12,715

283,470

14,871

322,014

Class

I

2,644,023

54,621,376

2,348,984

52,151,620

2,771,662

59,275,925

21,873,888

459,849,438

29,630,399

657,760,441

39,764,679

855,277,171

Shares

redeemed:

Class

A

(3,853,653)

(79,032,714)

(3,436,627)

(76,080,859)

(3,744,898)

(78,677,896)

Class

C

(2,769,780)

(56,610,478)

(2,561,954)

(56,616,512)

(2,460,839)

(51,681,376)

Class

C

-

automatic

conversion

to

Class

A

Shares

(774)

(15,063)

(4,038)

(88,963)

—

—

Class

R6

(127,357)

(2,578,883)

(154,768)

(3,450,716)

(338,319)

(7,374,455)

Class

I

(20,312,303)

(413,125,433)

(13,983,751)

(310,238,395)

(22,369,613)

(459,123,958)

(27,063,867)

(551,362,571)

(20,141,138)

(446,475,445)

(28,913,669)

(596,857,685)

Net

increase

(decrease)

(5,189,979)

$(91,513,133)

9,489,261

$211,284,996

10,851,010

$258,419,486

154

Notes

to

Financial

Statements

(continued)

Eleven

Months

Ended

8/31/22

Year

Ended

9/30/21

Year

Ended

9/30/20

Floating

Rate

Income

Shares

Amount

Shares

Amount

Shares

Amount

Shares

sold:

Class

A

13,551,835

$253,448,417

3,057,096

$57,723,358

1,506,851

$27,100,155

Class

A

-

automatic

conversion

of

Class

C

Shares

56

1,071

168

3,138

1,990

37,153

Class

C

1,889,053

35,301,463

426,509

8,050,219

208,562

3,863,094

Class

R6

10,599,284

200,849,228

1,213,886

22,572,822

281,994

5,040,233

Class

I

114,760,443

2,145,693,666

29,640,494

559,966,794

20,322,145

375,667,024

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions:

Class

A

317,556

5,847,005

156,481

2,930,167

208,774

3,780,579

Class

C

63,152

1,163,862

51,823

969,296

86,431

1,568,431

Class

R6

328,684

6,097,582

174,422

3,285,824

163,051

2,955,415

Class

I

2,683,635

49,477,323

1,283,649

24,079,369

2,016,547

36,499,651

144,193,698

2,697,879,617

36,004,528

679,580,987

24,796,345

456,511,735

Shares

redeemed:

Class

A

(6,663,962)

(122,682,242)

(1,911,842)

(35,575,148)

(2,529,746)

(45,221,584)

Class

C

(694,359)

(12,792,746)

(559,193)

(10,414,528)

(1,229,054)

(22,262,056)

Class

C

-

automatic

conversion

to

Class

A

Shares

(56)

(1,071)

(168)

(3,138)

(1,990)

(37,153)

Class

R6

(2,831,644)

(52,794,499)

(116,078)

(2,202,856)

(157,317)

(2,777,845)

Class

I

(61,877,403)

(1,141,389,325)

(17,555,830)

(329,163,438)

(39,165,677)

(704,103,527)

(72,067,424)

(1,329,659,883)

(20,143,111)

(377,359,108)

(43,083,784)

(774,402,165)

Net

increase

(decrease)

72,126,274

$1,368,219,734

15,861,417

$302,221,879

(18,287,439)

$(317,890,430)

Eleven

Months

Ended

8/31/22

Year

Ended

9/30/21

Year

Ended

9/30/20

High

Yield

Income

Shares

Amount

Shares

Amount

Shares

Amount

Shares

sold:

Class

A

1,500,570

$27,860,791

1,520,705

$29,402,853

2,094,513

$40,219,136

Class

A

-

automatic

conversion

of

Class

C

Shares

398

7,093

5,972

117,155

—

—

Class

C

118,553

2,182,576

189,392

3,702,756

81,248

1,545,578

Class

R6

112,595

2,087,033

115,018

2,253,904

125,000

2,338,363

Class

I

15,485,412

287,038,217

13,486,053

261,943,830

15,169,152

283,663,295

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions:

Class

A

110,743

2,030,857

107,438

2,094,316

144,454

2,750,271

Class

C

42,446

783,152

73,557

1,428,123

111,220

2,104,305

Class

R6

17,923

329,845

18,076

353,647

19,643

372,380

Class

I

1,153,933

21,220,370

1,355,185

26,421,644

1,352,713

25,680,175

18,542,573

343,539,934

16,871,396

327,718,228

19,097,943

358,673,503

Shares

redeemed:

Class

A

(1,365,824)

(25,180,847)

(1,049,758)

(20,206,270)

(2,455,553)

(43,116,496)

Class

C

(638,471)

(11,894,931)

(676,630)

(13,154,080)

(935,950)

(17,636,706)

Class

C

-

automatic

conversion

to

Class

A

Shares

(398)

(7,093)

(5,978)

(117,155)

—

—

Class

R6

(58,891)

(1,088,848)

(105,319)

(2,056,147)

(120,000)

(2,269,095)

Class

I

(19,103,934)

(352,072,284)

(8,666,649)

(168,890,433)

(17,848,561)

(342,050,609)

(21,167,518)

(390,244,003)

(10,504,334)

(204,424,085)

(21,360,064)

(405,072,906)

Net

increase

(decrease)

(2,624,945)

$(46,704,069)

6,367,062

$123,294,143

(2,262,121)

$(46,399,403)

155

Eleven

Months

Ended

8/31/22

Year

Ended

9/30/21

Year

Ended

9/30/20

Preferred

Securities

and

Income

Shares

Amount

Shares

Amount

Shares

Amount

Shares

sold:

Class

A

10,359,212

$171,859,699

11,922,417

$210,085,022

11,753,037

$195,406,185

Class

A

-

automatic

conversion

of

Class

C

Shares

552

9,091

7,509

132,718

—

—

Class

A

-

automatic

conversion

of

Class

R3

Shares

—

—

251,245

4,479,699

—

—

Class

C

1,408,003

23,688,870

2,577,549

45,555,914

3,018,249

51,114,830

Class

R3

(1)

—

—

86,505

1,512,818

192,889

2,723,003

Class

R6

39,902,273

661,420,867

37,067,835

656,128,075

14,148,938

226,588,031

Class

I

97,231,970

1,610,251,971

90,130,117

1,593,509,790

96,458,330

1,593,997,999

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions:

Class

A

1,422,197

23,479,939

1,271,233

22,429,537

1,221,797

20,313,209

Class

C

458,851

7,595,861

498,716

8,791,619

598,821

9,968,473

Class

R3

(1)

—

—

6,683

117,913

5,584

92,139

Class

R6

2,821,696

46,663,173

1,882,645

33,386,241

1,328,993

22,125,087

Class

I

8,809,478

145,747,766

7,802,803

137,837,268

7,633,690

127,195,547

162,414,232

2,690,717,237

153,505,257

2,713,966,614

136,360,328

2,249,524,503

Shares

redeemed:

Class

A

(9,651,585)

(160,212,474)

(7,352,832)

(129,339,236)

(9,769,365)

(160,262,711)

Class

C

(2,967,859)

(49,210,602)

(4,122,450)

(72,507,967)

(4,650,693)

(76,526,327)

Class

C

-

automatic

conversion

to

Class

A

Shares

(552)

(9,091)

(7,505)

(132,718)

—

—

Class

R3

(1)

—

—

(21,135)

(375,110)

(97,306)

(1,565,508)

Class

R3

-

automatic

conversion

to

Class

A

Shares

—

—

(249,565)

(4,479,699)

—

—

Class

R6

(27,827,832)

(464,961,000)

(13,198,700)

(232,626,251)

(10,616,657)

(172,880,021)

Class

I

(105,798,930)

(1,750,308,020)

(49,578,571)

(874,628,412)

(99,967,576)

(1,625,531,165)

(146,246,758)

(2,424,701,187)

(74,530,758)

(1,314,089,393)

(125,101,597)

(2,036,765,732)

Net

increase

(decrease)

16,167,474

$266,016,050

78,974,499

$1,399,877,221

11,258,731

$212,758,771

(1)

Class

R3

Shares

were

converted

to

Class

A

Shares

at

the

close

of

business

on

June

4,

2021

and

are

no

longer

available

for

reinvestment

or

through

an

exchange

from

other

Nuveen

mutual

funds.

156

Notes

to

Financial

Statements

(continued)

6.

Income

Tax

Information

Each

Fund

is

a

separate

taxpayer

for

federal

income

tax

purposes.

Each

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

Each

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund's

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

each

Fund's

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund's

financial

statements.

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,

complex

securities

character

adjustments,

foreign

currency

transactions,

paydowns,

return

of

capital

and

long-term

capital

gain

distributions

received

from

portfolio

investments,

taxes

paid,

and

treatment

of

notional

principal

contracts.

Temporary

and

permanent

differences

have

no

impact

on

a

Fund’s

net

assets.

Two

Months

Ended

8/31/22

Year

Ended

6/30/22

Year

Ended

6/30/21

Strategic

Income

Shares

Amount

Shares

Amount

Shares

Amount

Shares

sold:

Class

A

449,641

$4,418,739

2,074,903

$22,023,970

4,300,992

$47,607,779

Class

A

-

automatic

conversion

of

Class

C

Shares

1,692

17,629

1,698

17,693

11,336

125,494

Class

A

-

automatic

conversion

of

Class

R3

Shares

—

—

—

—

166,701

1,860,249

Class

C

27,874

269,737

175,027

1,905,437

654,656

7,202,856

Class

R3

(1)

—

—

—

—

56,077

624,947

Class

R6

234,052

2,294,446

19,948,897

225,387,789

3,340,178

37,090,284

Class

I

3,902,489

38,374,636

10,873,634

115,818,601

15,118,572

167,781,953

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions:

Class

A

62,109

610,080

294,729

3,152,123

281,391

3,122,654

Class

C

10,661

104,186

55,381

589,068

67,933

749,356

Class

R3

(1)

—

—

—

—

5,023

55,799

Class

R6

179,604

1,771,429

800,966

8,544,118

189,462

2,111,437

Class

I

179,158

1,759,556

837,346

8,929,302

766,117

8,503,894

5,047,280

49,620,438

35,062,581

386,368,101

24,958,438

276,836,702

Shares

redeemed:

Class

A

(323,423)

(3,165,099)

(4,264,306)

(45,949,857)

(1,835,769)

(20,377,866)

Class

C

(221,537)

(2,156,843)

(947,420)

(10,091,244)

(1,441,974)

(15,874,191)

Class

C

-

automatic

conversion

to

Class

A

Shares

(1,701)

(17,629)

(1,706)

(17,693)

(11,388)

(125,494)

Class

R3

(1)

—

—

—

—

(177,761)

(1,980,525)

Class

R3

-

automatic

conversion

to

Class

A

Shares

—

—

—

—

(166,106)

(1,860,249)

Class

R6

(318,704)

(3,137,555)

(2,343,991)

(24,558,640)

(3,031,536)

(33,769,016)

Class

I

(4,895,084)

(47,878,799)

(15,013,236)

(157,577,479)

(15,061,631)

(167,447,473)

(5,760,449)

(56,355,925)

(22,570,659)

(238,194,913)

(21,726,165)

(241,434,814)

Net

increase

(decrease)

(713,169)

$(6,735,487)

12,491,922

$148,173,188

3,232,273

$35,401,888

(1)

Class

R3

Shares

were

converted

to

Class

A

Shares

at

the

close

of

business

on

June

4,

2021

and

are

no

longer

available

for

reinvestment

or

through

an

exchange

from

other

Nuveen

mutual

funds.

157

As

of

year

end,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

was

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

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Credit

Income

$

138,718,145

$

357,650

$

(9,072,684)

$

(8,715,034)

Flexible

Income

1,691,339,076

30,174,364

(210,522,772)

(180,348,408)

Floating

Rate

Income

2,474,748,293

17,567,150

(111,887,808)

(94,320,658)

High

Yield

Income

597,206,931

4,351,270

(58,308,807)

(53,957,537)

Preferred

Securities

and

Income

5,525,760,171

33,389,051

(386,596,846)

(353,207,795)

Strategic

Income

797,094,254

1,095,865

(78,171,719)

(77,075,854)

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

Credit

Income

$

—

$

—

$

(8,715,034)

$

(134,175,790)

$

—

$

(593,780)

$

(143,484,604)

Flexible

Income

18,275,324

—

(180,348,408)

(93,968,944)

—

(6,283,539)

(262,325,567)

Floating

Rate

Income

10,263,157

—

(94,320,658)

(208,818,190)

—

(10,108,933)

(302,984,624)

High

Yield

Income

2,247,772

—

(53,957,543)

(179,788,682)

—

(2,484,837)

(233,983,290)

Preferred

Securities

and

Income

—

—

(353,207,795)

(197,374,914)

—

(24,083,283)

(574,665,992)

Strategic

Income

3,184,616

—

(77,075,716)

(51,047,183)

—

(2,773,288)

(127,711,571)

Two

Months

Ended

8/31/22

6/30/22

6/30/21

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

Credit

Income

$822,059

$–

$102,400

$6,007,353

$–

$—

$8,713,741

$–

$—

Strategic

Income

5,164,757

–

—

26,691,386

–

—

20,420,103

–

—

Eleven

Months

Ended

8/31/22

9/30/21

9/30/20

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

Flexible

Income

$77,109,851

$–

$—

$74,989,357

$–

$—

$85,513,881

$–

$—

Floating

Rate

Income

70,515,376

–

—

34,891,011

–

—

49,539,771

–

—

High

Yield

Income

25,304,840

–

—

31,735,722

–

—

32,789,767

–

—

Preferred

Securities

and

Income

245,467,982

–

8,080,719

232,436,444

–

—

207,046,837

–

—

158

Notes

to

Financial

Statements

(continued)

As

of

year

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

7.

Management

Fees

and

Other

Transactions

with

Affiliates

Management

Fees

Each

Fund’s

management

fee

compensates

the

Adviser

for

the

overall

investment

advisory

and

administrative

services

and

general

office

facilities.

The

Sub-Adviser

is

compensated

for

its

services

to

the

Funds

from

the

management

fees

paid

to

the

Adviser.

Each

Fund’s

management

fee

consists

of

two

components

–

a

fund-level

fee,

based

only

on

the

amount

of

assets

within

each

individual

Fund,

and

a

complex-level

fee,

based

on

the

aggregate

amount

of

all

eligible

fund

assets

managed

by

the

Adviser.

This

pricing

structure

enables

each

Fund’s

shareholders

to

benefit

from

growth

in

the

assets

within

their

respective

Fund

as

well

as

from

growth

in

the

amount

of

complex-wide

assets

managed

by

the

Adviser.

The

annual

fund-level

fee,

payable

monthly,

for

each

Fund

was

calculated

according

to

the

following

schedule:

The

annual

complex-level

fee,

payable

monthly,

for

each

Fund

is

determined

by

taking

the

complex-level

fee

rate,

which

is

based

on

the

aggregate

amount

of

“eligible

assets”

of

all

Nuveen

funds

as

set

forth

in

the

schedule

below,

and

for

Credit

Income

and

Strategic

Income,

making,

as

appropriate,

an

upward

adjustment

to

that

rate

based

upon

the

percentage

of

the

particular

fund’s

assets

that

are

not

“eligible

assets.”

The

complex-level

fee

schedule

for

each

Fund

is

as

follows:

*

The

complex-level

fee

is

calculated

based

upon

the

aggregate

daily

“eligible

assets”

of

all

Nuveen

open-end

and

closed-end

funds.

Eligible

assets

do

not

include

assets

attributable

to

investments

in

other

Nuveen

funds

or

assets

in

excess

of

a

determined

amount

(originally

$2

billion)

added

to

the

Nuveen

fund

complex

in

connection

with

the

Adviser’s

assumption

of

the

management

of

the

former

First

American

Funds

effective

January

1,

2011,

but

do

include

certain

assets

of

certain

Nuveen

funds

that

were

reorganized

into

funds

advised

by

an

affiliate

of

the

Adviser

during

the

2019

calendar

year.

Eligible

assets

include

closed-end

fund

assets

managed

by

the

Adviser

that

are

attributable

to

certain

types

of

leverage.

For

these

purposes,

Fund

Short-Term

Long-Term

Total

Credit

Income

$

45,528,173

$

88,647,617

$

134,175,790

Flexible

Income

57,414,734

36,554,210

93,968,944

Floating

Rate

Income

48,559,269

160,258,921

208,818,190

High

Yield

Income

24,483,847

155,304,835

179,788,682

Preferred

Securities

and

Income

103,663,738

93,711,176

197,374,914

Strategic

Income

30,510,750

20,536,433

51,047,183

Average

Daily

Net

Assets

Credit

Income

Flexible

Income

Floating

Rate

Income

High

Yield

Income

Preferred

Securities

and

Income

Strategic

Income

For

the

first

$125

million

0.4000

%

0.5500

%

0.4500

%

0.4500

%

0.5500

%

0.3600%

For

the

next

$125

million

0.3875

0.5375

0.4375

0.4375

0.5375

0.3475

For

the

next

$250

million

0.3750

0.5250

0.4250

0.4250

0.5250

0.3350

For

the

next

$500

million

0.3625

0.5125

0.4125

0.4125

0.5125

0.3225

For

the

next

$1

billion

0.3500

0.5000

0.4000

0.4000

0.5000

0.3100

For

the

next

$3

billion

0.3250

0.4750

0.3750

0.3750

0.4750

0.2850

For

the

next

$5

billion

0.3000

0.4500

0.3500

0.3500

0.4500

0.2600

For

net

assets

over

$10

billion

0.2875

0.4375

0.3375

0.3375

0.4375

0.2475

Complex-Level

Eligible

Asset

Breakpoint

Level*

Effective

Complex-Level

Fee

Rate

at

Breakpoint

Level

$55

billion

0.2000

%

$56

billion

0.1996

$57

billion

0.1989

$60

billion

0.1961

$63

billion

0.1931

$66

billion

0.1900

$71

billion

0.1851

$76

billion

0.1806

$80

billion

0.1773

$91

billion

0.1691

$125

billion

0.1599

$200

billion

0.1505

$250

billion

0.1469

$300

billion

0.1445

159

leverage

includes

the

closed-end

funds’

use

of

preferred

stock

and

borrowings

and

certain

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

held

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

securities,

subject

to

an

agreement

by

the

Adviser

as

to

certain

funds

to

limit

the

amount

of

such

assets

for

determining

eligible

assets

in

certain

circumstances.

As

of

August

31,

2022,

the

complex-level

fee

rate

for

each

Fund

was

as

follows:

The

Adviser

has

agreed

to

waive

fees

and/or

reimburse

expenses

(“Expense

Cap”)

of

the

Funds

so

that

the

total

annual

Fund

operating

expenses

(excluding

12b-1

distribution

and/or

service

fees,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses)

do

not

exceed

the

average

daily

net

assets

of

any

class

of

Fund

shares

in

the

amounts

and

for

the

time

periods

stated

in

the

following

table.

However,

because

Class

R6

Shares

are

not

subject

to

sub-transfer

agent

and

similar

fees,

the

total

annual

fund

operating

expense

for

the

Class

R6

Shares

will

be

less

than

the

expense

limitation.

The

temporary

expense

limitations

may

be

terminated

or

modified

prior

to

expiration

date

only

with

the

approval

of

the

Board.

The

expense

limitations

in

effect

thereafter

may

be

terminated

or

modified

only

with

the

approval

of

shareholders

of

each

Fund.

Distribution

and

Service

Fees

Each

Fund

has

adopted

a

distribution

and

service

plan

under

rule

12b-1

under

the

1940

Act.

Class

A

Shares

incur

a

0.25%

annual

12b-1

service

fee.

Class

C

Shares

incur

a

0.75%

annual

12b-1

distribution

fee

and

a

0.25%

annual

12b-1

service

fee.

 Class

R6

Shares

and

Class

I

Shares

are

not

subject

to

12b-1

distribution

or

service

fees.

The

fees

under

this

plan

compensate

Nuveen

Securities,

LLC,

(the

“Distributor”),

a

wholly-owned

subsidiary

of

Nuveen,

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Funds

and

establishing

and

maintaining

shareholder

accounts.

Other

Transactions

with

Affiliates 

Flexible

Income receives

voluntary

compensation

from

the

Adviser

in

amounts

that

approximate

a

portion

of

the

cost

of

research

services

obtained

from

broker-dealers

and

research

providers

if

the

Adviser

had

purchased

the

research

services

directly.

This

income

received

by

the

Fund

is

recognized

as

Payment

from

affiliate

on

the

Statement

of

Operations,

and

any

income

due

to

the

Funds

as

of

the

end

of

the

reporting

period

is

recognized

as

“Receivable

due

from

affiliate”

on

the

Statement

of

Assets

and

Liabilities.

During

the

current

fiscal

period,

the

Distributor,

collected

sales

charges

on

purchases

of

Class

A

Shares,

the

majority

of

which

were

paid

out

as

concessions

to

financial

intermediaries

as

follows:

Fund

Complex-Level

Fee

Credit

Income

0

.2000%

Flexible

Income

0

.1567%

Floating

Rate

Income

0

.1567%

High

Yield

Income

0

.1567%

Preferred

Securities

and

Income

0

.1567%

Strategic

Income

0

.1931%

Fund

Temporary

Expense

Cap

Temporary

Expense

Cap

Expiration

Date

Permanent

Expense

Cap

Credit

Income

0.75%

July

31,

2024

N/A

Flexible

Income

0.75%

July

31,

2024

1.25%

Floating

Rate

Income

0.85%

July

31,

2024

1.10%

High

Yield

Income

0.79%

July

31,

2024

1.35%

Preferred

Securities

and

Income

N/A

N/A

1.25%

Strategic

Income

0.59%

July

31,

2024

N/A

N/A

-

Not

Applicable.

Fund

Sales

Charges

Collected

(Unaudited)

Paid

to

Financial

Intermediaries

(Unaudited)

Credit

Income

$

893

$

768

Flexible

Income

436,911

391,616

Floating

Rate

Income

598,000

559,201

High

Yield

Income

90,988

80,707

Preferred

Securities

and

Income

1,008,019

933,308

Strategic

Income

7,421

7,210

160

Notes

to

Financial

Statements

(continued)

The

Distributor

also

received

12b-1

service

fees

on

Class

A

Shares,

substantially

all

of

which

were

paid

to

compensate

financial

intermediaries

for

providing

services

to

shareholders

relating

to

their

investments.

During

the

current

fiscal

period,

the

Distributor

compensated

financial

intermediaries

directly

with

commission

advances

at

the

time

of

purchase

as

follows:

To

compensate

for

commissions

advanced

to

financial

intermediaries,

all

12b-1

service

and

distribution

fees

collected

on

Class

C

Shares

during

the

first

year

following

a

purchase

are

retained

by

the

Distributor.

During

the

current

fiscal

period,

the

Distributor

retained

such

12b-1

fees

as

follows:

The

remaining

12b-1

fees

charged

to

each

Fund

were

paid

to

compensate

financial

intermediaries

for

providing

services

to

shareholders

relating

to

their

investments.

The

Distributor

also

collected

and

retained

CDSC

on

share

redemptions

during

the

current

fiscal

period,

as

follows: 

As

of

the

end

of

the

reporting

period,

the

percentage

of

Fund

shares

owned

by

Nuveen

were

as

follows:

Fund

Commission

Advances

(Unaudited)

Credit

Income

$

575

Flexible

Income

251,712

Floating

Rate

Income

582,493

High

Yield

Income

14,648

Preferred

Securities

and

Income

588,915

Strategic

Income

6,843

Fund

12b-1

Fees

Retained

(Unaudited)

Credit

Income

$

843

Flexible

Income

371,143

Floating

Rate

Income

155,473

High

Yield

Income

30,279

Preferred

Securities

and

Income

376,307

Strategic

Income

2,419

Fund

CDSC

Retained

(Unaudited)

Credit

Income

$

3,790

Flexible

Income

59,953

Floating

Rate

Income

47,235

High

Yield

Income

3,384

Preferred

Securities

and

Income

111,226

Strategic

Income

433

Fund

Nuveen

Owned

Shares

Floating

Rate

Income

-%*

*Rounds

to

less

than

1%.

161

8.

Borrowing

Arrangements

Committed

Line

of

Credit

The

Funds,

along

with

certain

other

funds

managed

by

the

Adviser

(“Participating

Funds”),

have

established

a

364-day,

$2.700

billion

standby

credit

facility

with

a

group

of

lenders,

under

which

the

Participating

Funds

may

borrow

for

temporary

purposes

(other

than

on-going

leveraging

for

investment

purposes).

Each

Participating

Fund

is

allocated

a

designated

proportion

of

the

facility’s

capacity

(and

its

associated

costs,

as

described

below)

based

upon

a

multi-factor

assessment

of

the

likelihood

and

frequency

of

its

need

to

draw

on

the

facility,

the

size

of

the

Fund

and

its

anticipated

draws,

and

the

potential

importance

of

such

draws

to

the

operations

and

well-being

of

the

Fund,

relative

to

those

of

the

other

Funds.

A

Fund

may

effect

draws

on

the

facility

in

excess

of

its

designated

capacity

if

and

to

the

extent

that

other

Participating

Funds

have

undrawn

capacity.

The

credit

facility

expires

in

June

2023

unless

extended

or

renewed.

The

credit

facility

has

the

following

terms:

0.15%

per

annum

on

unused

commitment

amounts

and

a

drawn

interest

rate

equal

to

the

higher

of

(a)

OBFR

(Overnight

Bank

Funding

Rate)

plus

1.20%

per

annum

or

(b)

the

Fed

Funds

Effective

Rate

plus

1.20%

per

annum

on

amounts

borrowed.

The

Participating

Funds

also

incurred

a

0.05%

upfront

fee

on

the

increased

commitments

from

select

lenders.

Interest

expense

incurred

by

the

Participating

Funds,

when

applicable,

is

recognized

as

a

component

of

“Interest

expense”

on

the

Statement

of

Operations.

Participating

Funds

paid

administration,

legal

and

arrangement

fees,

which

are

recognized

as

a

component

of

“Interest

expense”

on

the

Statement

of

Operations,

and

along

with

commitment

fees,

have

been

allocated

among

such

Participating

Funds

based

upon

the

relative

proportions

of

the

facility’s

aggregate

capacity

reserved

for

them

and

other

factors

deemed

relevant

by

the

Adviser

and

the

Board

of

each

Participating

Fund.

During

each

Fund’s

utilization

period(s)

during

the

current

fiscal

period,

the

average

daily

balance

outstanding

and

average

annual

interest

rate

on

the

Borrowings

were

as

follows:

Borrowings

outstanding

as

of

the

end

of

the

reporting

period,

if

any,

are

recognized

as

“Borrowings”

on

the

Statement

of

Assets

and

Liabilities.

Fund

Maximum

Outstanding

Balance

Credit

Income

$

—

Flexible

Income

—

Floating

Rate

Income

—

High

Yield

Income

45,100,000

Preferred

Securities

and

Income

152,100,000

Strategic

Income

—

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

Credit

Income

—

$

—

—

%

Flexible

Income

—

—

—

Floating

Rate

Income

—

—

—

High

Yield

Income

60

14,035,000

1.32

Preferred

Securities

and

Income

6

56,433,333

1.28

Strategic

Income

—

—

—

162

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:

Fund

Net

Long-Term

Capital

Gains

Credit

Income

$

—

Flexible

Income

—

Floating

Rate

Income

—

High

Yield

Income

—

Preferred

Securities

and

Income

—

Strategic

Income

—

Fund

Percentage

Credit

Income

2

.4

%

Flexible

Income

27

.8

Floating

Rate

Income

–

High

Yield

Income

–

Preferred

Securities

and

Income

48

.5

Strategic

Income

12

.7

Fund

Percentage

Credit

Income

7

.5

%

Flexible

Income

31

.0

Floating

Rate

Income

–

High

Yield

Income

–

Preferred

Securities

and

Income

92

.2

Strategic

Income

21

.7

Fund

7/1/21

to

12/31/21

Percentage

1/1/22

to

6/30/22

Percentage

7/1/22

to

Current

Year

End

Percentage

Credit

Income

71.3%

53.3

%

58.9

%

Strategic

Income

47

.2

59.6

55.0

163

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

Prior

Year

End

to

12/31

Percentage

1/1

to

Current

Year

End

Percentage

Flexible

Income

72.3%

56.4%

Floating

Rate

Income

46.9

92.2

High

Yield

Income

79.9

84.7

Preferred

Securities

and

Income

7.0

4.2

Fund

Percentage

Credit

Income

100

.0

%

Flexible

Income

69

.7

Floating

Rate

Income

84

.3

High

Yield

Income

91

.3

Preferred

Securities

and

Income

14

.6

Strategic

Income

86

.5

164

Additional

Fund

Information

(Unaudited)

Investment

Adviser

Nuveen

Fund

Advisors,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Sub-Adviser

Nuveen

Asset

Management,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Independent

Registered

Public

Accounting

Firm

KPMG

LLP

200

East

Randolph

Street

Chicago,

IL

60601

Custodian

State

Street

Bank

&

Trust

Company

One

Lincoln

Street

Boston,

MA

02111

Legal

Counsel

Chapman

and

Cutler

LLP

Chicago,

IL

60603

Transfer

Agent

and

Shareholder

Services

DST

Asset

Manager

Solutions,

Inc.

(DST)

P.O.

Box

219140

Kansas

City,

MO

64121-9140

(800)

257-8787

Portfolio

of

Investments

Information

Each

Fund

is

required

to

file

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

You

may

obtain

this

information

on

the

SEC’s

website

at

http://www.sec.gov.

Nuveen

Funds’

Proxy

Voting

Information

You

may

obtain

(i)

information

regarding

how

each

fund

voted

proxies

relating

to

portfolio

securities

held

during

the

most

recent

twelve-month

period

ended

June

30,

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787

or

on

Nuveen’s

website

at

www.nuveen.com

and

(ii)

a

description

of

the

policies

and

procedures

that

each

fund

used

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787.

You

may

also

obtain

this

information

directly

from

the

SEC.

Visit

the

SEC

on-line

at

http://www.sec.gov.

FINRA

BrokerCheck

:

The

Financial

Industry

Regulatory

Authority

(FINRA)

provides

information

regarding

the

disciplinary

history

of

FINRA

member

firms

and

associated

investment

professionals.

This

information

as

well

as

an

investor

brochure

describing

FINRA

BrokerCheck

is

available

to

the

public

by

calling

the

FINRA

BrokerCheck

Hotline

number

at

(800)

289-9999

or

by

visiting

www.FINRA.org.

Glossary

of

Terms

Used

in

this

Report

(Unaudited)

165

Asset-Backed

Securities

(ABS):

Securities

whose

value

and

income

payments

are

derived

from

and

collateralized

by

a

specific

pool

of

underlying

assets.

The

pool

of

assets

typically

is

a

group

of

small

and/or

illiquid

assets

that

may

be

difficult

to

sell

individually.

The

underlying

pools

of

asset-backed

securities

often

include

payments

from

credit

cards,

auto

loans

or

mortgage

loans.

Average

Annual

Total

Return:

This

is

a

commonly

used

method

to

express

an

investment’s

performance

over

a

particular,

usually

multi-year

time

period.

It

expresses

the

return

that

would

have

been

necessary

each

year

to

equal

the

investment’s

actual

cumulative

performance

(including

change

in

NAV

or

offer

price

and

reinvested

dividends

and

capital

gains

distributions,

if

any)

over

the

time

period

being

considered.

Basis

Point:

One

one-hundredth

of

one

percentage

point,

or

0.01%.

For

example,

25

basis

points

equals

0.25%.

Beta:

A

measure

of

the

variability

of

the

change

in

the

share

price

for

a

fund

in

relation

to

a

change

in

the

value

of

the

fund’s

market

benchmark.

Securities

with

betas

higher

than

1.0

have

been,

and

are

expected

to

be,

more

volatile

than

the

benchmark;

securities

with

betas

lower

than

1.0

have

been,

and

are

expected

to

be,

less

volatile

than

the

benchmark.

Bloomberg

Capital

Securities

Index:

An

Index

designed

to

measure

the

performance

of

USD-denominated

preferred

securities,

including

Tier

1

and

Tier

2

securities.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Bloomberg

U.S.

Aggregate

Bond

Index:

An

index

designed

to

measure

the

performance

of

the

USD-denominated,

fixed-rate

U.S.

investment

grade

taxable

bond

market.

The

index

includes

Treasuries,

government-related

and

corporate

securities,

mortgage-backed

securities

(MBS),

asset-backed

securities

(ABS)

and

commercial

mortgage-

backed

securities

(CMBS).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Bond

Index:

An

issuer-constrained

version

of

the

U.S.

Corporate

High

Yield

Bond

Index,

which

is

an

index

designed

to

measure

the

performance

of

the

USD-denominated,

fixed-rate

corporate

high

yield

bond

market

that

limits

each

issuer

to

2%

of

the

index.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Commercial

Mortgage-Backed

Securities

(CMBS):

Commercial

mortgage-backed

securities

are

backed

by

cash

flows

of

a

mortgage

or

pool

of

mortgages

on

commercial

real

estate.

CMBS

generally

are

structured

to

provide

protection

to

the

senior

class

investors

against

potential

losses

on

the

underlying

mortgage

loans.

CMBS

are

typically

characterized

by

the

following:

i)

loans

on

multi-family

housing,

non-residential

property,

ii)

payments

based

on

the

amortization

schedule

of

25-30

years

with

a

balloon

payment

due

usually

after

10

years,

and

iii)

restrictions

on

prepayments.

Contingent

Capital

Securities

(CoCos):

CoCos

are

debt

or

capital

securities

of

primarily

non-U.S.

issuers

with

loss

absorption

contingency

mechanisms

built

into

the

terms

of

the

security,

for

example

a

mandatory

conversion

into

common

stock

of

the

issuer,

or

a

principal

write-down,

which

if

triggered

would

likely

cause

the

CoCo

investment

to

lose

value.

Loss

absorption

mechanisms

would

become

effective

upon

the

occurrence

of

a

specified

contingency

event,

or

at

the

discretion

of

a

regulatory

body.

Specified

contingency

events,

as

identified

in

the

CoCo’s

governing

documents,

usually

reference

a

decline

in

the

issuer’s

capital

below

a

specified

threshold

level,

and/or

certain

regulatory

events.

A

loss

absorption

contingency

event

for

CoCos

would

likely

be

the

result

of,

or

related

to,

the

deterioration

of

the

issuer’s

financial

condition

and/or

its

status

as

a

going

concern.

In

such

a

case,

with

respect

to

CoCos

that

provide

for

conversion

into

common

stock

upon

the

occurrence

of

the

contingency

event,

the

market

price

of

the

issuer’s

common

stock

received

by

the

Acquiring

Fund

will

have

likely

declined,

perhaps

substantially,

and

may

continue

to

decline

after

conversion.

CoCos

rated

below

investment

grade

should

be

considered

high

yield

securities,

or

“junk,”

but

often

are

issued

by

entities

whose

more

senior

securities

are

rated

investment

grade.

CoCos

are

a

relatively

new

type

of

security;

and

there

is

a

risk

that

CoCo

security

issuers

may

suffer

the

sort

of

future

financial

distress

that

could

materially

increase

the

likelihood

(or

the

market’s

perception

of

the

likelihood)

that

an

automatic

write-down

or

conversion

event

on

those

issuers’

CoCos

will

occur.

Additionally,

the

trading

behavior

of

a

given

issuer’s

CoCo

may

be

strongly

impacted

by

the

trading

behavior

of

other

issuers’

CoCos,

such

that

negative

information

from

an

unrelated

CoCo

security

may

cause

a

decline

in

value

of

one

or

more

CoCos

held

by

the

Fund.

Accordingly,

the

Glossary

of

Terms

Users

in

the

Report

(Unaudited)

(continued)

166

trading

behavior

of

CoCos

may

not

follow

the

trading

behavior

of

other

types

of

debt

and

preferred

securities.

Despite

these

concerns,

the

prospective

reward

vs.

risk

characteristics

of

at

least

certain

CoCos

may

be

very

attractive

relative

to

other

fixed-income

alternatives.

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.

Duration:

Duration

is

a

measure

of

the

expected

period

over

which

a

bond’s

principal

and

interest

will

be

paid,

and

consequently

is

a

measure

of

the

sensitivity

of

a

bond’s

(or

bond

fund’s)

value

to

changes

when

market

interest

rates

change.

Generally,

the

longer

a

bond

or

fund’s

duration,

the

more

the

price

of

the

bond

or

fund

will

change

as

interest

rates

change.

Flexible

Income

Blended

Benchmark:

Consists

of:

1)

50%

ICE

BofA

U.S.

Corporate

Index

(defined

herein),

and

2)

50%

ICE

BofA

U.S.

High

Yield

Index

(defined

herein).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

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.

Hybrid

Security:

A

hybrid

security

combines

two

or

more

different

financial

instruments.

A

hybrid

security

generally

combines

both

debt

and

equity

characteristics.

ICE

BofA

Contingent

Capital

Securities

(USD

Hedged)

Index

(COCO):

An

index

designed

to

measure

the

performance

of

all

contingent

capital

debt

publicly

issued

in

the

major

domestic

and

Eurobond

markets,

including

investment

grade

and

sub-investment

grade

issues.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

ICE

BofA

Fixed

Rate

Preferred

Securities

Index:

An

Index

designed

to

measure

the

performance

of

investment

grade

fixed-rate,

USD-denominated

preferred

securities

issued

in

the

U.S.

domestic

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

ICE

BofA

U.S.

All

Capital

Securities

Index:

An

index

designed

to

measure

the

performance

of

investment

grade

and

below

investment

grade

fixed

rate

and

fixed-to-floating

rate,

USD-denominated

hybrid

corporate

and

preferred

securities

publicly

issued

in

the

U.S.

domestic

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

ICE

BofA

U.S.

Corporate

Index:

An

index

comprised

of

USD-denominated

investment

grade,

fixed-rate

corporate

debt

securities

publicly

issued

in

the

U.S.

domestic

market

with

at

least

one

year

remaining

to

maturity

and

a

minimum

amount

outstanding

of

$250

million.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

include

the

effects

of

any

sales

charges

or

management

fees.

ICE

BofA

U.S.

High

Yield

Index:

An

index

designed

to

measure

the

performance

of

USD-denominated

below

investment

grade

corporate

debt

publicly

issued

in

the

U.S.

domestic

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

ICE

USD

Contingent

Capital

Index

(CDLR):

An

index

designed

to

measure

the

performance

of

USD-denominated

contingent

capital

debt

publicly

issued

in

the

major

domestic

and

Eurobond

markets,

including

investment

grade

and

below

investment

grade

issues.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Lipper

Flexible

Income

Funds

Classification

Average:

Represents

the

average

annualized

total

return

for

all

reporting

funds

in

the

Lipper

Flexible

Income

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges.

167

Lipper

Global

High

Yield

Funds

Classification

Average:

Represents

the

average

annualized

returns

for

all

reporting

funds

in

the

Lipper

Global

High

Yield

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges.

Lipper

High

Yield

Funds

Classification

Average:

Represents

the

average

annualized

total

return

for

all

reporting

funds

in

the

Lipper

High

Yield

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges.

Lipper

Loan

Participation

Funds

Classification

Average:

Represents

the

average

annualized

total

return

for

all

reporting

funds

in

the

Lipper

Loan

Participation

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges.

Lipper

Multi-Sector

Income

Funds

Classification

Average:

Represents

the

average

annualized

returns

for

all

reporting

funds

in

the

Lipper

Multi-Sector

Income

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges.

Mortgage-Backed

Securities

(MBS):

Mortgage-backed

securities

(MBS)

are

bonds

backed

by

pools

of

mortgages,

usually

with

similar

characteristics,

and

which

return

principal

and

interest

in

each

payment.

MBS

are

composed

of

residential

mortgages

(RMBS)

or

commercial

mortgages

(CMBS).

RMBS

are

further

divided

into

agency

RMBS

and

non-

agency

RMBS,

depending

on

the

issuer.

Net

Asset

Value

(NAV)

Per

Share:

A

fund’s

Net

Assets

is

equal

to

its

total

assets

(securities,

cash

and

accrued

earnings)

less

its

total

liabilities.

For

funds

with

multiple

classes,

Net

Assets

are

determined

separately

for

each

share

class.

NAV

per

share

is

equal

to

the

fund’s

(or

share

class’)

Net

Assets

divided

by

its

number

of

shares

outstanding.

Option-adjusted

spread

(OAS):

The

option-adjusted

spread

(OAS)

for

a

fixed-income

security

is

the

amount

of

yield

that

would

need

to

be

added

to

each

of

the

discount

rates

used

to

value

each

of

the

security’s

cash

flows

(typically

based

on

the

yields

of

U.S.

Treasury

securities)

so

that

the

sum

of

the

discounted

value

of

all

of

the

security’s

cash

flows

matches

its

market

price,

using

a

dynamic

pricing

model

that

takes

into

account

any

embedded

options,

such

as

call

features,

applicable

to

the

security.

Preferred

Securities

and

Income

Blended

Benchmark

(effective

January

29,

2021):

Consists

of:

1)

65%

ICE

BofA

Fixed

Rate

Preferred

Securities

Index

(defined

herein),

and

2)

35%

Bloomberg

Capital

Securities

Index

(defined

herein)

through

December

30,

2013,

and

thereafter

1)

60%

ICE

BofA

U.S.

All

Capital

Securities

Index

(defined

herein),

and

2)

40%

ICE

USD

Contingent

Capital

Index

(CDLR)

(defined

herein).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Preferred

Securities

and

Income

Blended

Benchmark

(through

January

28,

2021):

Consists

of:

1)

65%

ICE

BofA

Fixed

Rate

Preferred

Securities

Index

(defined

herein),

and

2)

35%

Bloomberg

Capital

Securities

Index

(see

Fund’s

current

Blended

Benchmark)

until

December

30,

2013,

and

thereafter

1)

60%

ICE

BofA

U.S.

All

Capital

Securities

Index

(defined

herein),

and

2)

40%

ICE

BofA

Contingent

Capital

Securities

(USD

Hedged)

Index

(COCO)

(defined

herein).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Tax

Equalization:

The

practice

of

treating

a

portion

of

the

distribution

made

to

a

redeeming

shareholder,

which

represents

their

proportionate

part

of

undistributed

net

investment

income

and

capital

gain

as

a

distribution

for

tax

purposes.

Such

amounts

are

referred

to

as

the

equalization

debits

(or

payments)

and

will

be

considered

a

distribution

to

the

shareholder

of

net

investment

income

and

capital

gain

for

calculation

of

the

Fund’s

dividends

paid

deduction.

Zero

Coupon

Bond:

A

zero

coupon

bond

does

not

pay

a

regular

interest

coupon

to

its

holders

during

the

life

of

the

bond.

Income

to

the

holder

of

the

bond

comes

from

accretion

of

the

difference

between

the

original

purchase

price

of

the

bond

at

issuance

and

the

par

value

of

the

bond

at

maturity

and

is

effectively

paid

at

maturity.

The

market

prices

of

zero

coupon

bonds

generally

are

more

volatile

than

the

market

prices

of

bonds

that

pay

interest

periodically.

168

Liquidity

Risk

Management

Program

(Unaudited)

Discussion

of

the

operation

and

effectiveness

of

the

Funds’

liquidity

risk

management

program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

each

Fund

covered

in

this

Report

(the

“Funds”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”),

which

is

designed

to

manage

the

Funds’

liquidity

risk.

The

Program

consists

of

various

protocols

for

assessing

and

managing

each

Fund’s

liquidity

risk.

The

Funds’

Board

of

Directors/Trustees

(the

“Board”)

previously

designated

Nuveen

Fund

Advisors,

LLC,

the

Funds’

investment

adviser,

as

the

Administrator

of

the

Program.

The

adviser’s

Liquidity

Monitoring

and

Analysis

Team

(“LMAT”)

carries

out

day-to-day

Program

management

with

oversight

by

the

adviser’s

Liquidity

Oversight

Sub-Committee

(the

LOSC”).

The

LOSC

is

composed

of

personnel

from

the

adviser

and

Teachers

Advisors,

LLC,

an

affiliate

of

the

adviser.

At

a

May

23-25,

2022

meeting

of

the

Board,

the

Administrator

provided

the

Board

with

a

written

report

addressing

the

Program’s

operation,

adequacy

and

effectiveness

of

implementation

for

calendar

year

2021

(the

“Review

Period”),

as

required

under

the

Liquidity

Rule.

The

report

noted

that

the

Program

has

been

and

continues

to

be

adequately

and

effectively

implemented

to

monitor

and

(as

applicable)

respond

to

the

Fund’s

liquidity

developments.

In

accordance

with

the

Program,

the

LMAT

assesses

each

Fund’s

liquidity

risk

no

less

frequently

than

annually

based

on

various

factors,

such

as

(1)

the

Fund’s

investment

strategy

and

the

liquidity

of

portfolio

investments,

(ii)

cash

flow

projections,

and

(ii)

holdings

of

cash

and

cash

equivalents,

borrowing

arrangements,

and

other

funding

sources.

Certain

factors

are

considered

under

both

normal

and

reasonably

foreseeable

stressed

conditions.

Each

Fund

portfolio

investment

is

classified

into

one

of

four

liquidity

categories

(including

the

most

liquid,

“Highly

Liquid”,

and

the

least

liquid,

“Illiquid”,

discussed

below),

The

classification

is

based

on

a

determination

of

how

long

it

is

reasonably

expected

to

take

to

convert

the

investment

into

cash,

or

sell

or

dispose

of

the

investment,

in

current

market

conditions

without

significantly

changing

the

market

value

of

the

investment

Liquidity

classification

determinations

take

into

account

various

market,

trading,

and

investment-specific

considerations,

as

well

as

market

depth,

and

use

third-

party

vendor

data.

Any

Fund

that

does

not

primarily

hold

highly

liquid

investments

must,

among

other

things,

determine

a

minimum

percentage

of

Fund

assets

that

must

be

invested

in

highly

liquid

investments

(a

“Highly

Liquid

Investment

Minimum”).

During

the

Review

Period,

Nuveen

Floating

Rate

Fund

determined

that

it

would

hold

a

minimum

of

10%

of

its

assets

in

highly

liquid

investments,

and

it

maintained

at

least

that

amount

during

the

Review

Period.

Similarly

during

the

Review

Period,

Nuveen

High

Yield

Income

Fund

determined

that

it

would

hold

a

minimum

of

20%

of

its

assets

in

highly

liquid

investments,

and

it

maintained

at

least

that

amount

during

the

review

period.

All

of

the

other

Funds

in

this

Report

primarily

held

highly

liquid

investments

and

therefore

were

exempt

from

the

requirement

to

adopt

a

Highly

Liquid

Investment

Minimum

and

to

comply

with

the

related

requirements

under

the

Liquidity

Rule.

The

Liquidity

Rule

also

limits

a

Fund’s

investments

in

Illiquid

investments.

Specifically,

the

Liquidity

Rule

prohibits

a

Fund

from

acquiring

Illiquid

investments

if

doing

so

would

result

in

the

Fund

holding

more

than

15%

of

its

net

assets

in

illiquid

investments,

and

requires

certain

reporting

to

the

Fund

Board

and

the

Securities

and

Exchange

Commission

any

time

a

Fund’s

holdings

of

Illiquid

investments

exceeds

15%

of

net

assets.

During

the

Review

Period,

no

Fund

exceeded

the

15%

limit

on

Illiquid

investments.

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

169

At

a

meeting

held

on

May

23-25,

2022

(the

“May

Meeting”),

the

Board

of

Directors

or

Trustees,

as

applicable

(the

“Board”

and

each

Director

or

Trustee,

a

“Board

Member”)

of

the

Funds,

which

is

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

each

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

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

Board

has

established

various

standing

committees

composed

of

various

Independent

Board

Members

that

are

assigned

specific

responsibilities

to

enhance

the

effectiveness

of

the

Board’s

oversight

and

decision

making.

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;

payments

to

financial

intermediaries,

including

12b-1

fees

and

sub-transfer

agency

fees,

if

applicable;

securities

lending;

liquidity

management;

and

overall

market

and

regulatory

developments.

The

Board

also

seeks

to

meet

periodically

with

the

Nuveen

funds’

sub-advisers

and/or

portfolio

teams,

when

feasible.

The

Board

further

meets,

among

other

things,

to

specifically

consider

the

annual

renewal

of

the

advisory

agreements

for

the

Nuveen

funds.

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

taken

during

2021

(such

as

mergers,

liquidations,

fund

launches,

changes

to

investment

teams,

and

changes

to

investment

policies);

a

review

of

each

sub-adviser

to

the

Nuveen

funds

and/or

the

applicable

investment

teams;

an

analysis

of

fund

performance

in

absolute

terms

and

as

compared

to

the

performance

of

certain

peer

funds

and

benchmarks

with

a

focus

on

any

performance

outliers;

an

analysis

of

the

fees

and

expense

ratios

of

the

Nuveen

funds

in

absolute

terms

and

as

compared

to

those

of

certain

peer

funds

with

a

focus

on

any

expense

outliers;

a

review

of

management

fee

schedules;

a

review

of

temporary

and

permanent

expense

caps

and

fee

waivers

for

open-end

funds

(as

applicable)

and

related

expense

savings;

a

description

of

portfolio

manager

compensation;

a

review

of

the

performance

of

various

service

providers;

a

description

of

various

initiatives

Nuveen

had

undertaken

or

continued

in

2021

and

2022

for

the

benefit

of

particular

fund(s)

and/or

the

complex;

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.

In

continuing

its

practice,

the

Board

met

prior

to

the

May

Meeting

to

begin

its

considerations

of

the

renewal

of

the

Advisory

Agreements.

Accordingly,

on

April

13-14,

2022

(the

“April

Meeting”),

the

Board

met

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

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

sub-advisers

in

their

review

of

the

advisory

agreements.

The

contractual

arrangements

are

a

result

of

multiple

years

of

review,

negotiation

and

information

provided

in

connection

with

the

boards’

annual

review

of

the

Nuveen

funds’

advisory

arrangements

and

oversight

of

the

Nuveen

funds.

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.

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.

170

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

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

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

Nuveen

funds

operate

in

a

highly

regulated

industry

and,

therefore,

the

Adviser

has

provided

a

wide

array

of

management,

oversight

and

administrative

services

to

manage

and

operate

the

funds,

and

the

scope

and

complexity

of

these

services

have

expanded

over

time

as

a

result

of,

among

other

things,

regulatory,

market

and

other

developments.

The

Board

accordingly

considered

the

Adviser’s

dedication

of

extensive

resources,

time,

people

and

capital

employed

to

support

and

manage

the

Nuveen

funds

as

well

as

the

Adviser’s

continued

program

of

developing

improvements

and

innovations

for

the

benefit

of

the

funds

and

shareholders

and

to

meet

the

ever

increasing

regulatory

requirements

applicable

to

the

funds.

In

this

regard,

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

Adviser’s

investment

oversight

team’s

extensive

services

in

overseeing

the

various

sub-advisers

to

the

Nuveen

funds;

evaluating

fund

performance;

and

preparing

reports

to

the

Board

addressing,

among

other

things,

fund

performance,

market

conditions,

investment

team

matters,

product

developments

and

management

proposals.

The

Board

further

recognized

the

range

of

services

the

various

teams

of

the

Adviser

provided

including,

but

not

limited

to,

overseeing

operational

and

risk

management;

managing

liquidity;

overseeing

the

daily

valuation

process;

and

managing

distributions

in

seeking

to

deliver

long-term

fund

earnings

to

shareholders

consistent

with

the

respective

Nuveen

fund’s

product

design

and

positioning.

The

Board

also

considered

the

structure

of

investment

personnel

compensation

of

each

Fund

Adviser

and

whether

the

structure

provides

appropriate

incentives

to

attract

and

maintain

qualified

personnel

and

to

act

in

the

best

interests

of

the

respective

Nuveen

fund.

The

Board

further

recognized

that

the

Adviser’s

compliance

and

regulatory

functions

were

integral

to

the

investment

management

of

the

Nuveen

funds.

The

Board

recognized

such

services

included,

but

were

not

limited

to,

managing

compliance

policies;

monitoring

compliance

with

applicable

policies,

law

and

regulations;

devising

internal

compliance

programs

and

a

framework

to

review

and

assess

compliance

programs;

overseeing

sub-adviser

compliance

testing;

preparing

compliance

training

materials;

and

responding

to

regulatory

requests.

The

Board

further

considered

information

regarding

the

Adviser’s

business

continuity

and

disaster

recovery

plans

as

well

as

information

regarding

its

information

security

program,

including

presentations

of

such

program

provided

at

a

site

visit

in

2022,

to

help

identify

and

manage

information

security

risks.

In

addition

to

the

above

functions,

the

Board

considered

that

the

Adviser

also

provides,

among

other

things,

fund

administration

services

(such

as

preparing

fund

tax

returns

and

other

tax

compliance

services;

preparing

regulatory

filings;

interacting

with

the

Nuveen

funds’

independent

public

accountants

and

overseeing

other

service

providers;

and

managing

fund

budgets

and

expenses);

product

management

services

(such

as

evaluating

and

enhancing

products

and

strategies);

legal

services

(such

as

helping

to

prepare

and

file

registration

statements

and

proxy

statements;

overseeing

fund

activities

and

providing

legal

interpretations

regarding

such

activities;

maintaining

regulatory

registrations

and

negotiating

agreements

with

other

fund

service

providers;

and

monitoring

changes

in

regulatory

requirements

and

commenting

on

rule

proposals

impacting

investment

companies);

and

oversight

of

shareholder

services

and

transfer

agency

functions

(such

as

overseeing

transfer

agent

service

providers

which

include

registered

shareholder

customer

service

and

transaction

processing;

overseeing

proxy

solicitation

and

tabulation

services;

and

overseeing

the

production

and

distribution

of

financial

reports

by

service

providers).

The

Board

also

considered

the

quality

of

support

services

and

communications

the

Adviser

provided

the

Board,

including,

in

part,

organizing

and

administrating

Board

meetings

and

supporting

Board

committees;

preparing

regular

and

ad

hoc

reports

on

fund

performance,

market

conditions

and

investment

team

matters;

providing

due

diligence

reports

addressing

product

development

and

management

proposals;

and

coordinating

site

visits

of

the

Board

and

presentations

by

investment

teams

and

senior

management.

In

addition

to

the

services

provided,

the

Board

considered

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.

Further,

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.

In

evaluating

services,

the

Board

reviewed

various

highlights

of

the

initiatives

the

Adviser

and

its

affiliates

have

undertaken

or

continued

in

2021

and

2022

to

benefit

the

Nuveen

complex

and/or

particular

Nuveen

funds

and

meet

the

requirements

of

an

increasingly

complex

regulatory

environment

including,

but

not

limited

to:

Centralization

of

Functions

–

ongoing

initiatives

to

centralize

investment

leadership

and

create

a

more

cohesive

market

approach

and

centralized

shared

support

model

(including

through

the

consolidation

of

certain

affiliated

sub-advisers)

in

seeking

to

operate

more

effectively

and

enhance

the

research

capabilities

and

services

to

the

Nuveen

funds;

171

Fund

Improvements

and

Product

Management

Initiatives

–

continuing

to

proactively

manage

the

Nuveen

fund

complex

as

a

whole

and

at

the

individual

fund

level

with

an

aim

to

continually

improve

product

platforms

and

investment

strategies

to

better

serve

shareholders

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;

soft

closing

certain

funds;

modifying

the

conversion

periods

on

certain

share

classes;

and

evaluating

and

adjusting

portfolio

management

teams

as

appropriate

for

various

funds;

Capital

Initiatives

–

continuing

to

invest

capital

to

support

new

Nuveen

funds

with

initial

capital

as

well

as

to

support

existing

funds;

Liquidity

Management

–

continuing

to

operate

the

liquidity

management

program

of

the

applicable

Nuveen

funds

including

monitoring

daily

their

liquidity

profile

and

assessing

annually

the

overall

liquidity

risk

of

such

funds;

Compliance

Program

Initiatives

–

continuing

efforts

to

mitigate

compliance

risk

with

a

focus

on

environmental,

social

and

governance

(“ESG”)

controls

and

processes,

increase

operating

efficiencies,

implement

enhancements

to

strengthen

ongoing

execution

of

key

compliance

program

elements,

support

international

business

growth

and

facilitate

integration

of

Nuveen’s

operating

model;

Investment

Oversight

–

preparing

reports

to

the

Board

addressing,

among

other

things,

fund

performance;

market

conditions;

investment

team

matters;

product

developments;

changes

to

mandates,

policies

and

benchmarks;

and

other

management

proposals

as

well

as

preparing

and

coordinating

investment

presentations

to

the

Board;

Risk

Management

and

Valuation

Services

–

continuing

to

oversee

and

manage

risk

including,

among

other

things,

conducting

ongoing

calculations

and

monitoring

of

risk

measures

across

the

Nuveen

funds,

instituting

investment

risk

controls,

providing

risk

reporting

throughout

Nuveen,

participating

in

internal

oversight

committees,

dedicating

the

resources

and

time

to

develop

the

processes

necessary

to

help

address

fund

compliance

with

the

new

derivatives

rule

and

continuing

to

implement

an

operational

risk

framework

that

seeks

to

provide

greater

transparency

of

operational

risk

matters

across

the

complex

as

well

as

provide

multiple

other

risk

programs

that

seek

to

provide

a

more

disciplined

and

consistent

approach

to

identifying

and

mitigating

Nuveen’s

operational

risks.

Further,

the

securities

valuation

team

continues,

among

other

things,

to

oversee

the

daily

valuation

process

of

the

portfolio

securities

of

the

funds,

maintain

the

valuation

policies

and

procedures,

facilitate

valuation

committee

meetings,

manage

relationships

with

pricing

vendors,

prepare

relevant

valuation

reports

and

design

methods

to

simplify

and

enhance

valuation

workflow

within

the

organization

and

implement

processes

and

procedures

to

help

address

compliance

with

the

new

valuation

rule

applicable

to

the

funds;

Regulatory

Matters

–

continuing

efforts

to

monitor

regulatory

trends

and

advocate

on

behalf

of

Nuveen

and/or

the

Nuveen

funds,

to

implement

and

comply

with

new

or

revised

rules

and

mandates

and

to

respond

to

regulatory

inquiries

and

exams;

Government

Relations

–

continuing

efforts

of

various

Nuveen

teams

and

Nuveen’s

affiliates

to

develop

policy

positions

on

a

broad

range

of

issues

that

may

impact

the

Nuveen

funds,

advocate

and

communicate

these

positions

to

lawmakers

and

other

regulatory

authorities

and

work

with

trade

associations

to

ensure

these

positions

are

represented;

Business

Continuity,

Disaster

Recovery

and

Information

Security

–

continuing

efforts

of

Nuveen

to

periodically

test

and

update

business

continuity

and

disaster

recovery

plans

and,

together

with

its

affiliates,

to

maintain

an

information

security

program

that

seeks

to

identify

and

manage

information

security

risks,

and

provide

reports

to

the

Board,

at

least

annually,

addressing,

among

other

things,

management’s

security

risk

assessment,

cyber

risk

profile,

potential

impact

of

new

or

revised

laws

and

regulations,

incident

tracking

and

other

relevant

information

technology

risk-related

reports;

and

Distribution

Management

Services

–

continuing

to

manage

the

distributions

among

the

varying

types

of

Nuveen

funds

within

the

Nuveen

complex

to

be

consistent

with

the

respective

fund’s

product

design

and

positioning

in

striving

to

deliver

those

earnings

to

shareholders

in

a

relatively

consistent

manner

over

time

as

well

as

assisting

in

the

development

of

new

products

or

the

restructuring

of

existing

funds.

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

thereto,

the

investment

process

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

received

and

considered

a

variety

of

investment

performance

data

of

the

Nuveen

funds

they

advise.

In

evaluating

performance,

the

Board

recognized

that

performance

data

may

differ

significantly

depending

on

the

ending

date

selected,

particularly

during

periods

of

market

volatility,

and

therefore

considered

the

broader

perspective

of

performance

over

a

variety

of

time

periods

that

may

include

full

market

cycles.

In

this

regard,

the

Board

reviewed,

among

other

things,

Fund

performance

over

the

quarter,

one-,

three-

and

five-year

periods

ending

December 31,

2021

and

March

31,

2022.

The

performance

data

was

based

on

Class

A

shares;

however,

the

performance

of

other

classes

should

be

substantially

similar

as

they

invest

in

the

same

portfolio

of

securities

and

differences

in

performance

among

the

classes

would

be

principally

attributed

to

the

variations

in

the

expense

structures

of

the

classes.

The

performance

data

prepared

for

the

annual

review

of

the

advisory

agreements

for

the

Nuveen

funds

supplemented

the

fund

performance

data

that

the

Board

172

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

received

throughout

the

year

at

its

meetings

representing

differing

time

periods.

In

its

review,

the

Board

took

into

account

the

discussions

with

representatives

of

the

Adviser;

the

Adviser’s

analysis

regarding

fund

performance

that

occurred

at

these

Board

meetings

with

particular

focus

on

funds

that

were

considered

performance

outliers

(both

overperformance

and

underperformance);

the

factors

contributing

to

the

performance;

and

any

recommendations

or

steps

taken

to

address

performance

concerns.

Regardless

of

the

time

period

reviewed

by

the

Board,

the

Board

recognized

that

shareholders

may

evaluate

performance

based

on

their

own

holding

periods

which

may

differ

from

the

periods

reviewed

by

the

Board

and

lead

to

differing

results.

In

its

review,

the

Board

reviewed

both

absolute

and

relative

fund

performance

during

the

annual

review

over

the

various

time

periods.

With

respect

to

the

latter,

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).

For

Nuveen

funds

that

had

changes

in

portfolio

managers

or

other

significant

changes

to

their

investment

strategies

or

policies

since

March

2019,

the

Board

reviewed

certain

tracking

performance

data

comparing

the

performance

of

such

funds

before

and

after

such

changes.

In

considering

performance

data,

the

Board

is

aware

of

certain

inherent

limitations

with

such

data,

including

that

differences

between

the

objective(s),

strategies

and

other

characteristics

of

the

Nuveen

funds

compared

to

the

respective

Performance

Peer

Group

and/or

benchmark(s);

differences

in

the

composition

of

the

Performance

Peer

Group

over

time;

and

differences

in

the

types

and/or

levels

of

any

leverage

and

related

costs

with

that

of

the

Performance

Peer

Group

would

all

necessarily

contribute

to

differences

in

performance

results

and

limit

the

value

of

the

comparative

information.

Further,

the

Board

recognized

the

inherent

limitations

in

comparing

the

performance

of

an

actively

managed

fund

to

a

benchmark

index

due

to

the

fund’s

pursuit

of

an

investment

strategy

that

does

not

directly

follow

the

index.

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

Board

also

evaluated

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.

In

relation

to

general

market

conditions,

the

Board

had

recognized

the

recent

periods

in

2022

of

general

market

volatility

and

underperformance.

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.

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.

Accordingly,

depending

on

the

facts

and

circumstances

including

any

differences

between

the

respective

Nuveen

fund

and

its

benchmark

and/or

Performance

Peer

Group,

the

Board

may

be

satisfied

with

a

fund’s

performance

notwithstanding

that

its

performance

may

be

below

that

of

its

benchmark

or

peer

group

for

certain

periods.

However,

with

respect

to

any

Nuveen

funds

for

which

the

Board

has

identified

performance

issues,

the

Board

monitors

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

Credit

Income

Fund

(the

“Credit

Income

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,

2021,

the

Fund

ranked

in

the

second

quartile

of

its

Performance

Peer

Group

for

the

one-

and

three-year

periods

ended

December 31,

2021

and

the

third

quartile

for

the

five-year

period

ended

December 31,

2021.

Further,

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

March 31,

2022,

the

Fund

ranked

in

the

second

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

and

the

third

quartile

for

the

three-

and

five-

year

periods

ended

March 31,

2022.

The

Board

was

also

aware

that

there

were

changes

to

the

Fund’s

investment

objective

and

certain

investment

policies

effective

in

July

2020

and

changes

to

the

portfolio

management

team,

and

that

the

performance

data

prior

to

such

time

would

not

reflect

such

changes.

Based

on

its

review,

the

Board

was

generally

satisfied

with

the

Fund’s

overall

performance.

For

Nuveen

Flexible

Income

Fund

(the

“Flexible

Income

Fund”),

the

Board

noted

that

the

Fund

outperformed

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

December 31,

2021

and

March 31,

2022.

The

Fund

also

ranked

in

the

first

quartile

of

its

Performance

Peer

Group

for

the

one-year

periods

ended

December 31,

2021

and

March 31,

2022

and

the

second

quartile

for

the

three-

and

five-year

periods

ended

December 31,

2021

and

March 31,

2022.

Based

on

its

review,

the

Board

was

generally

satisfied

with

the

Fund’s

overall

performance.

For

Nuveen

Floating

Rate

Income

Fund

(the

“Floating

Rate

Fund”),

the

Board

noted

that

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

three-

and

five-year

periods

ended

December 31,

2021

and

March 31,

2022.

However,

the

Fund

outperformed

its

benchmark

for

the

one-year

periods

ended

December 31,

2021

and

March 31,

2022

and

ranked

in

the

first

quartile

of

its

Performance

Peer

Group

for

the

one-,

three-

and

five-year

periods

ended

December 31,

2021

and

March 31,

2022.

Based

on

its

review,

the

Board

was

generally

satisfied

with

the

Fund’s

overall

performance.

For

Nuveen

High

Yield

Income

Fund

(the

“High

Yield

Fund”),

the

Board

noted

that

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

three-

and

five-year

periods

ended

December 31,

2021,

the

Fund

outperformed

its

benchmark

for

the

one-year

period

ended

December 31,

2021.

The

Fund

also

ranked

in

the

first

quartile

of

its

Performance

Peer

Group

for

the

one-year

period,

the

fourth

quartile

for

the

three-year

period

and

the

third

quartile

for

the

five-year

period

ended

December 31,

2021.

Further,

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

three-

and

five-year

periods

ended

March 31,

2022,

the

Fund

outperformed

its

benchmark

for

the

one-year

period

ended

March 31,

2022.

The

Fund

also

ranked

in

the

first

quartile

of

its

Performance

Peer

Group

for

the

one-year

period,

the

fourth

quartile

for

the

three-year

period

and

the

third

quartile

for

the

five-year

period

ended

March 31,

2022.

Based

on

its

review,

the

Board

was

generally

satisfied

with

the

Fund’s

overall

performance.

173

For

Nuveen

Preferred

Securities

and

Income

Fund

(the

“Preferred

Fund”),

the

Board

noted

that

although

the

Fund’s

performance

was

below

the

performance

of

its

blended

benchmark

for

the

three-

and

five-year

periods

ended

December 31,

2021,

the

Fund

outperformed

its

blended

benchmark

for

the

one-year

period

and

ranked

in

the

first

quartile

of

its

Performance

Peer

Group

for

the

one-year

period,

the

second

quartile

for

the

three-year

period

and

the

third

quartile

for

the

five-year

period

ended

December 31,

2021.

In

addition,

although

the

Fund’s

performance

was

below

the

performance

of

its

blended

benchmark

for

the

five-year

period

ended

March 31,

2022,

the

Fund

outperformed

its

blended

benchmark

for

the

one-

and

three-year

periods

ended

March 31,

2022

and

ranked

in

the

first

quartile

of

its

Performance

Peer

Group

for

the

one-

and

three-year

periods

and

second

quartile

for

the

five-year

period

ended

March 31,

2022.

Based

on

its

review,

the

Board

was

generally

satisfied

with

the

Fund’s

overall

performance.

For

Nuveen

Strategic

Income

Fund

(the

“Strategic

Income

Fund”),

the

Board

noted

that

the

Fund

outperformed

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

December 31,

2021

and

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-

and

five-year

periods

ended

December 31,

2021

and

the

first

quartile

for

the

three-year

period

ended

December 31,

2021.

Further,

the

Fund

outperformed

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

March 31,

2022

and

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-year

period,

the

first

quartile

for

the

three-year

period

and

the

second

quartile

for

the

five-year

period

ended

March 31,

2022.

Based

on

its

review,

the

Board

was

generally

satisfied

with

the

Fund’s

overall

performance.

C.

Fees,

Expenses

and

Profitability

1.

Fees

and

Expenses

As

part

of

its

annual

review,

the

Board

considered

the

contractual

management

fee

and

net

management

fee

(the

management

fee

after

taking

into

consideration

fee

waivers

and/or

expense

reimbursements,

if

any)

paid

by

a

Nuveen

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

before

and

after

any

fee

waivers

and/or

expense

reimbursements.

More

specifically,

the

Independent

Board

Members

reviewed,

among

other

things,

each

fund’s

gross

and

net

management

fee

rates

(i.e.,

before

and

after

expense

reimbursements

and/or

fee

waivers,

if

any)

and

net

total

expense

ratio

in

relation

to

those

of

a

comparable

universe

of

funds

(the

“Peer

Universe”)

and/or

to

a

more

focused

subset

of

comparable

funds

(the

“Peer

Group”)

established

by

Broadridge

(subject

to

certain

exceptions).

The

Independent

Board

Members

reviewed

the

methodology

Broadridge

employed

to

establish

its

Peer

Universe

and

Peer

Group

and

recognized

that

differences

between

the

applicable

fund

and

its

respective

Peer

Universe

and/or

Peer

Group

as

well

as

changes

to

the

composition

of

the

Peer

Group

and/or

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

fund

with

a

net

expense

ratio

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

expense

ratio.

Accordingly,

in

reviewing

the

comparative

data

between

a

fund

and

its

peers,

the

Board

generally

considered

the

fund’s

net

expense

ratio

and

fees

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

Group.

The

Independent

Board

Members

also

considered,

in

relevant

part,

a

fund’s

net

management

fee

and

net

total

expense

ratio

in

light

of

its

performance

history.

In

their

review

of

the

fee

arrangements

for

the

Nuveen

funds,

the

Independent

Board

Members

considered

the

management

fee

schedules,

including

the

complex-wide

and

fund-level

breakpoint

schedules,

and

the

expense

reimbursements

and/or

fee

waivers

provided

by

Nuveen

for

each

fund,

as

applicable.

The

Board

noted

that

across

the

Nuveen

fund

complex,

the

complex-wide

fee

breakpoints

reduced

fees

by

approximately

$72.5

million

and

fund-level

breakpoints

reduced

fees

by

approximately

$89.1

million

in

2021.

Further,

fee

caps

and

waivers

for

all

applicable

Nuveen

funds

saved

approximately

an

additional

$13.6

million

in

fees

for

shareholders

in

2021.

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

Credit

Income

Fund,

the

Flexible

Income

Fund

and

the

Strategic

Income

Fund

each

had

a

net

management

fee

and

a

net

expense

ratio

that

were

below

the

respective

peer

averages;

(b)

the

Floating

Rate

Fund

had

a

net

management

fee

that

was

the

same

as

the

peer

average

and

a

net

expense

ratio

that

was

below

the

peer

average;

(c)

the

High

Yield

Fund

had

a

net

management

fee

that

was

below

the

peer

average

and

a

net

expense

ratio

that

was

in

line

with

the

peer

average;

and

(d)

the

Preferred

Fund

had

a

net

management

fee

that

was

in

line

with

the

peer

average

and

a

net

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.

174

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

2.

Comparisons

with

the

Fees

of

Other

Clients

In

determining

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

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

recognized

that

the

Sub-Adviser

was

an

affiliated

sub-adviser

and,

with

respect

to

affiliated

sub-advisers,

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

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

fee

data

of

other

clients,

the

Board

recognized,

among

other

things,

that

differences

in

the

amount,

type

and

level

of

services

provided

to

the

Nuveen

funds

relative

to

other

types

of

clients

as

well

as

any

differences

in

portfolio

investment

policies,

the

types

of

assets

managed

and

related

complexities

in

managing

such

assets,

the

entrepreneurial

and

other

risks

associated

with

a

particular

strategy,

investor

profiles,

account

sizes

and

regulatory

requirements

will

contribute

to

the

variations

in

the

fee

schedules.

The

Board

recognized

the

breadth

of

services

the

Adviser

had

provided

to

the

Nuveen

funds

compared

to

these

other

types

of

clients

as

the

funds

operate

in

a

highly

regulated

industry

with

increasing

regulatory

requirements

as

well

as

the

increased

entrepreneurial,

legal

and

regulatory

risks

that

the

Adviser

incurs

in

sponsoring

and

managing

the

funds.

Similarly,

with

respect

to

foreign

funds,

the

Board

recognized

that

the

differences

in

the

client

base,

governing

bodies,

distribution

jurisdiction

and

operational

complexities

would

also

contribute

to

variations

in

management

fees

of

the

Nuveen

funds

compared

to

those

of

the

foreign

funds.

Further,

with

respect

to

ETFs,

the

Board

considered

that

certain

Nuveen

ETFs

were

passively

managed

compared

to

the

active

management

of

other

Nuveen

funds

which

also

contributed

to

the

differences

in

fee

levels

between

such

Nuveen

ETFs

and

the

actively-managed

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

inherent

differences

in

the

products

and

the

level

of

services

provided

to

the

Nuveen

funds

versus

other

clients,

the

differing

regulatory

requirements

and

legal

liabilities

and

the

entrepreneurial,

legal

and

regulatory

risks

incurred

in

sponsoring

and

advising

a

registered

investment

company.

3.

Profitability

of

Fund

Advisers

In

their

review,

the

Independent

Board

Members

considered

information

regarding

Nuveen’s

level

of

profitability

for

its

advisory

services

to

the

Nuveen

funds

for

the

calendar

years

2021

and

2020.

The

Board

reviewed,

among

other

things,

the

net

margins

(pre-tax)

for

Nuveen

Investments,

Inc.

(“Nuveen

Investments”),

the

gross

and

net

revenue

margins

(pre-

and

post-tax

and

excluding

distribution)

and

the

revenues,

expenses

and

net

income

(pre-

and

post-tax

and

before

distribution

expenses)

of

Nuveen

Investments

from

the

Nuveen

funds

only;

and

comparative

profitability

data

comparing

the

operating

margins

of

Nuveen

Investments

compared

to

the

adjusted

operating

margins

of

certain

peers

that

had

publicly

available

data

and

with

the

most

comparable

assets

under

management

(based

on

asset

size

and

asset

composition)

for

each

of

the

last

two

calendar

years.

The

Board

also

reviewed

the

revenues,

expenses

and

operating

margin

(pre-

and

post-tax)

the

Adviser

derived

from

its

ETF

product

line

for

the

2021

and

2020

calendar

years.

In

reviewing

the

profitability

data,

the

Independent

Board

Members

recognized

the

subjective

nature

of

calculating

profitability

as

the

information

is

not

audited

and

is

dependent

on

cost

allocation

methodologies

to

allocate

corporate-wide

overhead/shared

service

expenses,

TIAA

(defined

below)

corporate-wide

overhead

expenses

and

partially

fund

related

expenses

to

the

Nuveen

complex

and

its

affiliates

and

to

further

allocate

such

expenses

between

the

Nuveen

fund

and

non-fund

businesses.

The

Independent

Board

Members

reviewed

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

to

2021,

and

the

net

revenue

margins

derived

from

the

Nuveen

funds

(pre-tax

and

including

and

excluding

distribution)

and

total

company

margins

from

Nuveen

Investments

compared

to

the

firm-wide

adjusted

operating

margins

of

the

peers

for

each

calendar

year

from

2012

to

2021.

The

Board

had

also

appointed

four

Independent

Board

Members

to

serve

as

the

Board’s

liaisons,

with

the

assistance

of

independent

counsel,

to

review

the

development

of

the

profitability

data

and

to

report

to

the

full

Board.

In

its

evaluation,

the

Board,

however,

recognized

that

other

reasonable

and

valid

allocation

methodologies

could

be

employed

and

could

lead

to

significantly

different

results.

The

Independent

Board

Members

also

reviewed

a

summary

of

the

key

drivers

that

affected

Nuveen’s

revenues

and

expenses

impacting

profitability

in

2021

versus

2020.

In

reviewing

the

comparative

peer

data

noted

above,

the

Board

considered

that

the

operating

margins

of

Nuveen

Investments

compared

favorably

to

the

peer

group

range

of

operating

margins;

however,

the

Independent

Board

Members

also

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.

175

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

2021

and

2020

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

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

post-tax)

for

its

advisory

activities

to

the

respective

funds

for

the

calendar

years

ended

December

31,

2021

and

December

31,

2020.

The

Independent

Board

Members

also

reviewed

a

profitability

analysis

reflecting

the

revenues,

expenses

and

revenue

margin

(pre-

and

post-tax)

by

asset

type

for

the

Sub-Adviser

for

the

calendar

years

ending

December

31,

2021

and

December

31,

2020

and

the

pre-

and

post-tax

revenue

margins

from

2021

and

2020.

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

and

whether

these

economies

of

scale

have

been

appropriately

shared

with

the

funds.

The

Board

recognized

that

although

economies

of

scale

are

difficult

to

measure

and

certain

expenses

may

not

decline

with

a

rise

in

assets,

there

are

several

methods

to

help

share

the

benefits

of

economies

of

scale,

including

breakpoints

in

the

management

fee

schedule,

fee

waivers

and/or

expense

limitations,

the

pricing

of

Nuveen

funds

at

scale

at

inception

and

investments

in

Nuveen’s

business

which

can

enhance

the

services

provided

to

the

funds

for

the

fees

paid.

The

Board

noted

that

Nuveen

generally

has

employed

these

various

methods,

and

the

Board

considered

the

extent

to

which

the

Nuveen

funds

will

benefit

from

economies

of

scale

as

their

assets

grow.

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.

The

Board

considered

that

the

fund-level

breakpoint

schedules

are

designed

to

share

economies

of

scale

with

shareholders

if

the

particular

fund

grows,

and

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.

In

addition

to

the

fund-level

and

complex-level

fee

schedules,

the

Independent

Board

Members

considered

the

temporary

and/or

permanent

expense

caps

applicable

to

certain

Nuveen

funds

(including

the

amounts

of

fees

waived

or

amounts

reimbursed

to

the

respective

funds

in

2021

and

2020),

including

(a)

the

temporary

expense

caps

applicable

to

the

Credit

Income

Fund

and

the

Strategic

Income

Fund;

(b)

the

permanent

expense

cap

applicable

to

the

Preferred

Fund;

and

(c)

the

temporary

and

permanent

expense

caps

applicable

to

the

Flexible

Income

Fund,

the

Floating

Rate

Fund

and

the

High

Yield

Fund.

The

Board

recognized

that

such

waivers

and

reimbursements

applicable

to

the

respective

Nuveen

funds

are

another

means

for

potential

economies

of

scale

to

be

shared

with

shareholders

of

such

funds

and

can

provide

a

protection

from

an

increase

in

expenses

if

the

assets

of

the

applicable

funds

decline.

As

noted

above,

the

Independent

Board

Members

also

recognized

the

continued

reinvestment

in

Nuveen’s

business.

Based

on

its

review,

the

Board

concluded

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

Independent

Board

Members

recognized

that

an

affiliate

of

the

Adviser

serves

as

principal

underwriter

providing

distribution

and/or

shareholder

services

to

the

open-end

funds.

The

Independent

Board

Members

further

noted

that,

subject

to

certain

exceptions,

certain

classes

of

the

Nuveen

open-end

funds

pay

12b-1

fees

and

while

a

majority

of

such

fees

were

paid

to

third

party

financial

intermediaries,

the

Board

reviewed

the

amount

retained

by

the

Adviser’s

affiliate.

In

addition,

the

Independent

Board

Members

also

noted

that

various

sub-advisers

(including

the

Sub-Adviser)

may

engage

in

soft

dollar

transactions

pursuant

to

which

they

may

receive

the

benefit

of

research

products

and

other

services

provided

by

broker-dealers

executing

portfolio

transactions

on

behalf

of

the

applicable

Nuveen

funds.

However,

the

Board

noted

that

any

benefits

for

the

Sub-Adviser

when

transacting

in

fixed-income

securities

may

be

more

limited

as

such

securities

generally

trade

on

a

principal

basis

and

therefore

do

not

generate

brokerage

commissions.

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

and

within

acceptable

parameters.

F.

Other

Considerations

The

Board

Members

did

not

identify

any

single

factor

discussed

previously

as

all-important

or

controlling.

The

Board

Members,

including

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.

176

Trustees

and

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.

The

number

of

Trustees of

the

Funds

is

currently

set

at

ten.

None

of

the Trustees

who

are

not

“interested”

persons

of

the

Funds

(referred

to

herein

as

“Independent

Trustees”)

has

ever

been

a Trustee

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

oversees

and

other

directorships

they

hold

are

set

forth

below.

The

Funds’

Statement

of

Additional

Information

(“SAI”)

includes

more

information

about

the

Trustees.

To

request

a

free

copy,

call

Nuveen

Investments

at

(800)

257-8787

or

visit

the

Funds’

website

at

www.nuveen.com.

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Trustee

Independent

Trustees:

Terence

J.

Toth

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Chair

and

Trustee

2008

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),

and

chair

of

its

investment

committee;

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).

140

Jack

B.

Evans

1948

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

1999

Chairman

(since

2019),

formerly,

President

(1996-2019),

The

Hall-Perrine

Foundation,

(private

philanthropic

corporation);

Life

Trustee

of

Coe

College;

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).

140

William

C.

Hunter

1948

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2003

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.

140

177

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Trustee

Amy

B.

R.

Lancellotta

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2021

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).

140

Joanne

T.

Medero

1954

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2021

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).

140

Albin

F.

Moschner

1952

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2016

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).

140

John

K.

Nelson

1962

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2013

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.

140

178

Trustees

and

Officers

(Unaudited)

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Trustee

Judith

M.

Stockdale

1947

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

1997

Board

Member,

Land

Trust

Alliance

(national

public

charity

addressing

natural

land

and

water

conservation

in

the

U.S.)

(since

2013);

formerly,

Board

Member,

U.S.

Endowment

for

Forestry

and

Communities

(national

endowment

addressing

forest

health,

sustainable

forest

production

and

markets,

and

economic

health

of

forest-reliant

communities

in

the

U.S.)

(2013-2019);

formerly,

Executive

Director

(1994-2012),

Gaylord

and

Dorothy

Donnelley

Foundation

(private

foundation

endowed

to

support

both

natural

land

conservation

and

artistic

vitality);

prior

thereto,

Executive

Director,

Great

Lakes

Protection

Fund

(endowment

created

jointly

by

seven

of

the

eight

Great

Lakes

states’

Governors

to

take

a

regional

approach

to

improving

the

health

of

the

Great

Lakes)

(1990-1994).

140

Carole

E.

Stone

1947

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2007

Former

Director,

Chicago

Board

Options

Exchange

(2006-2017),

and

C2

Options

Exchange,

Incorporated

(2009-2017);

formerly,

Director,

Cboe

Global

Markets,

Inc.,

(2010-2020)

(formerly

named

CBOE

Holdings,

Inc.);

formerly,

Commissioner,

New

York

State

Commission

on

Public

Authority

Reform

(2005-2010).

140

Matthew

Thornton

III

1958

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2020

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).

140

Margaret

L.

Wolff

1955

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2016

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.

140

Robert

L.

Young

1963

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2017

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).

140

179

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Officers

of

the

Funds:

Christopher

E.

Stickrod

1976

333

W.

Wacker

Drive

Chicago,

IL

60606

Chief

Administrative

Officer

2020

Senior

Managing

Director

(since

2017)

and

Head

of

Advisory

Product

(since

2020),

formerly,

Managing

Director

(2016-2017)

and

Senior

Vice

President

(2013-

2016)

of

Nuveen;

Senior

Managing

Director

of

Nuveen

Securities,

LLC

(since

2018)

and

of

Nuveen

Fund

Advisors,

LLC

(since

2019).

Brett

E.

Black

1972

333

West

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Chief

Compliance

Officer

2022

Enterprise

Senior

Compliance

Officer

of

Nuveen

(since

2022);

formerly,

Vice

President

(2014-2022),

Chief

Compliance

Officer

(2017-2022),

Deputy

Chief

Compliance

Officer

(2014-2017)

and

Senior

Compliance

Officer

(2012-2014)

of

BMO

Funds,

Inc.;

formerly

Senior

Compliance

Officer

of

BMO

Asset

Management

Corp.

(2012-2014).

Mark

J.

Czarniecki

1979

901

Marquette

Avenue

Minneapolis,

MN

55402

Vice

President

and

Secretary

2013

Vice

President

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

(since

2016);

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.

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,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC

(since

2022);

Vice

President

and

Associate

General

Counsel

of

Nuveen

(since

2017);

Associate

General

Counsel

of

Jackson

National

Asset

Management,

LLC

(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),

formerly,

Vice

President

(2011-

2016)

of

Nuveen;

Managing

Director

(since

2015)

of

Nuveen

Fund

Advisors,

LLC;

Chartered

Financial

Analyst.

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

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC

(since

2021);

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;

Vice

President

(since

2017),

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).

180

Trustees

and

Officers

(Unaudited)

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

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

Senior

Managing

Director

(since

2017)

and

Secretary

and

General

Counsel

(since

2016)

of

Nuveen

Investments,

Inc.,

formerly,

Executive

Vice

President

(2016-2017)

and

Managing

Director

and

Assistant

Secretary

(2008-2016);

Senior

Managing

Director

(since

2017)

and

Assistant

Secretary

(since

2008)

of

Nuveen

Securities,

LLC,

formerly

Executive

Vice

President

(2016-2017)

and

Managing

Director

(2008-2016);

Senior

Managing

Director

(since

2017)

and

Secretary

(since

2016)

of

Nuveen

Fund

Advisors,

LLC,

formerly,

Co-General

Counsel

(2011-2020),

Executive

Vice

President

(2016-2017),

Managing

Director

(2008-2016)

and

Assistant

Secretary

(2007-2016);

Senior

Managing

Director

(since

2017),

Secretary

(since

2016)

of

Nuveen

Asset

Management,

LLC,

formerly,

Associate

General

Counsel

(2011-2020),

Executive

Vice

President

(2016-2017)

and

Managing

Director

and

Assistant

Secretary

(2011-2016);

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).

Senior

Managing

Director

(since

2017)

and

Secretary

(since

2016)

of

Nuveen

Alternative

Investments,

LLC.

Jon

Scott

Meissner

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2019

Managing

Director

of

Mutual

Fund

Tax

and

Financial

Reporting

groups

at

Nuveen

(since

2017);

Managing

Director

of

Nuveen

Fund

Advisors,

LLC

(since

2019);

Senior

Director

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC

(since

2016);

Senior

Director

(since

2015)

Mutual

Fund

Taxation

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.

Deann

D.

Morgan

1969

730

Third

Avenue

New

York,

NY

10017

Vice

President

2020

President,

Nuveen

Fund

Advisors,

LLC

(since

2020);

Executive

Vice

President,

Global

Head

of

Product

at

Nuveen

(since

2019);

Co-Chief

Executive

Officer

of

Nuveen

Securities,

LLC

(since

2020);

Managing

Member

of

MDR

Collaboratory

LLC

(since

2018);

Managing

Director,

Head

of

Wealth

Management

Product

Structuring

&

COO

Multi

Asset

Investing.

The

Blackstone

Group

(2013-2017).

William

A.

Siffermann

1975

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2017

Managing

Director

(since

2017),

formerly

Senior

Vice

President

(2016-2017)

and

Vice

President

(2011-2016)

of

Nuveen.

Trey

S.

Stenersen

1965

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

2022

Senior

Managing

Director

of

Teacher

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

730

Third

Avenue

New

York,

NY

10017

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;

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;

formerly,

Senior

Director,

TIAA-CREF

Fund

Administration

(2014-2015);

has

held

various

positions

with

TIAA

since

2006.

Mark

L.

Winget

1968

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

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

Nuveen

Asset

Management,

LLC

(since

2020);

Vice

President

(since

2010)

and

Associate

General

Counsel

(since

2019),

formerly,

Assistant

General

Counsel

(2008-2016)

of

Nuveen.

Gifford

R.

Zimmerman

1956

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

1988

Managing

Director

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

(since

2022);

Managing

Director,

Assistant

Secretary

and

General

Counsel

(since

2022),

formerly,

Co-General

Counsel

(2011-2020)

of

Nuveen

Fund

Advisors,

LLC;

formerly,

Managing

Director

(2004-2020)

and

Assistant

Secretary

(1994-2020)

of

Nuveen

Investments,

Inc.;

Managing

Director,

Assistant

Secretary

and

Associate

General

Counsel

(since

2022)

of

Nuveen

Asset

Management,

LLC;

Vice

President

and

Assistant

Secretary

(since

2022)

of

Winslow

Capital

Management,

LLC;

formerly,

Vice

President

and

Assistant

Secretary

of

NWQ

Investment

Management

Company,

LLC

(2002-2020)

and

Santa

Barbara

Asset

Management,

LLC

(2006-

2020)

Chartered

Financial

Analyst.

181

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Rachael

Zufall

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2022

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

Teacher

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director

of

Nuveen,

LLC

and

of

TIAA

(since

2017).

(1)

Trustees

serve

an

indefinite

term

until

his/her

successor

is

elected

or

appointed.

The

year

first

elected

or

appointed

represents

the

year

in

which

the

director

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

Fund

Complex.

(2)

Officers

serve

one

year

terms

through

August

of

each

year.

The

year

first

elected

or

appointed

represents

the

year

in

which

the

officer

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

Fund

Complex.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

MAN-TFI-0822D

2452032-INV-Y-10/23

Nuveen:

Serving

Investors

for

Generations

Since

1898,

financial

advisors

and

their

clients

have

relied

on

Nuveen

to

provide

dependable

investment

solutions

through

continued

adherence

to

proven,

long-term

investing

principles.

Today,

we

offer

a

range

of

high

quality

solutions

designed

to

be

integral

components

of

a

well-diversified

core

portfolio.

Focused

on

meeting

investor

needs.

Nuveen

is

the

investment

manager

of

TIAA.

We

have

grown

into

one

of

the

world’s

premier

global

asset

managers,

with

specialist

knowledge

across

all

major

asset

classes

and

particular

strength

in

solutions

that

provide

income

for

investors

and

that

draw

on

our

expertise

in

alternatives

and

responsible

investing.

Nuveen

is

driven

not

only

by

the

independent

investment

processes

across

the

firm,

but

also

the

insights,

risk

management,

analytics

and

other

tools

and

resources

that

a

truly

world-class

platform

provides.

As

a

global

asset

manager,

our

mission

is

to

work

in

partnership

with

our

clients

to

create

solutions

which

help

them

secure

their

financial

future.

Find

out

how

we

can

help

you.

To

learn

more

about

how

the

products

and

services

of

Nuveen

may

be

able

to

help

you

meet

your

financial

goals,

talk

to

your

financial

advisor,

or

call

us

at

(800)

257-8787.

Please

read

the

information

provided

carefully

before

you

invest.

Investors

should

consider

the

investment

objective

and

policies,

risk

considerations,

charges

and

expenses

of

any

investment

carefully.

Where

applicable,

be

sure

to

obtain

a

prospectus,

which

contains

this

and

other

relevant

information.

To

obtain

a

prospectus,

please

contact

your

securities

representative

or

Nuveen,

333

W.

Wacker

Dr.,

Chicago,

IL

60606.

Please

read

the

prospectus

carefully

before

you

invest

or

send

money.

Learn

more

about

Nuveen

Funds

at:

www.nuveen.com/mutual-funds

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 Carole E. Stone, 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.

Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Ms. Stone formerly served on the Board of Directors of CBOE Global Markets, Inc. (formerly, CBOE Holdings, Inc.), the Chicago Board Options Exchange, and the C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee involved, among other things, the oversight of audits, audit plans and preparation of financial statements.

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.

The following tables show the amount of fees that KPMG LLP (engaged on February 24, 2022), the Funds’ current auditor, and PricewaterhouseCoopers LLP, the Funds’ former auditor, billed to the Funds’ during the Funds’ last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PricewaterhouseCoopers LLP & KPMG LLP provided to the Funds, 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 preapproval exception for services provided directly to the Funds 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 Funds during the fiscal year in which the services are provided; (B) the Funds 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 Chairman (or, in his absence, any other member ofthe Audit Committee).

Fiscal Year Ended August 31, 2022 5	Audit Fees Billed to Funds 1		Audit-Related Fees Billed to Funds 2		Tax Fees Billed to Funds 3		All Other Fees Billed to Funds 4
Fund Name
Nuveen Credit Income Fund		38,000		0		0		0
Nuveen Strategic Income Fund		38,000		0		0		0
Total	$	76,000	$	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 calculations 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.

⁵  Funds changed audit firm from PricewaterHouseCoopers LLP to KPMG LLP starting 2022.

	Percentage Approved Pursuant to Pre-approval Exception
	Audit Fees Billed to Funds			Audit-Related Fees Billed to Funds			Tax Fees  Billed to Funds			All Other Fees Billed to Funds
Fund Name
Nuveen Credit Income Fund		0	%		0	%		0	%		0	%
Nuveen Strategic Income Fund		0	%		0	%		0	%		0	%
June 30, 2022 5	Audit Fees Billed to Funds 1			Audit-Related Fees Billed to Funds 2			Tax Fees Billed to Funds 3			All Other Fees Billed to Funds 4
Fund Name
Nuveen Credit Income Fund		0			0			0			0
Nuveen Strategic Income Fund		0			0			0			0
Total	$	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 calculations 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.

⁵  FYE changed from 06/30 to 08/31

	Percentage Approved Pursuant to Pre-approval Exception
	Audit Fees Billed to Funds			Audit-Related Fees Billed to Funds			Tax Fees Billed to Funds			All Other Fees Billed to Funds
Fund Name
Nuveen Credit Income Fund		0	%		0	%		0	%		0	%
Nuveen Strategic Income Fund		0	%		0	%		0	%		0	%

Fiscal Year Ended August 31, 2022	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
Nuveen Investment Funds, Inc.	$	0		$	0		$	0
	Percentage Approved Pursuant to Pre-approval Exception
	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
		0	%		0	%		0	%
Fiscal Year Ended June 30, 2022	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
Nuveen Investment Funds, Inc.	$	0		$	0		$	0
	Percentage Approved Pursuant to Pre-approval Exception
	Affiliated Fund Service Providers			Affiliated Fund Service Providers			and Affiliated Fund Service Providers
		0	%		0	%		0	%

Fiscal Year Ended June 30, 2022	Total Non-Audit Fees Billed to Trust		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust)		Total Non-Audit Fees billed to Adviser and Affiliated Fund  Service Providers (all other engagements)
Fund Name
Nuveen Credit Income Fund		61,350		0		0
Nuveen Strategic Income Fund		64,500		0		0
Total	$	125,850	$	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.

Fiscal Year Ended August 31, 2021 1	Total Non-Audit Fees Billed to Trust		Total Non-Audit Fees billed to Adviser and related directly  to the operations and financial reporting of the Trust)		Affiliated Fund Service Providers (all other engagements)
Fund Name
Nuveen Credit Income Fund		0		0		0
Nuveen Strategic Income Fund		0		0		0
Total	$	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.

¹  FYE changed from 06/30 to 08/31

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Funds by the Funds’ independent accountant and (ii) all audit and non-audit services to be performed by the Funds’ independent accountant for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Funds. Regarding tax and research projects conducted by the independent accountant for the Funds and Affiliated Fund Service Providers (with respect to operations and financial reports of the Trust), 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.

Not applicable to this registrant.

ITEM 6. SCHEDULE OF INVESTMENTS.

a) See Portfolio of Investments in Item 1.

b) Not applicable.

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

Not applicable to this registrant.

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

Not applicable to this registrant.

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

Not applicable to this registrant.

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

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees 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: See EX-99.CERT attached hereto.
(a	)(3)	Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.
(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 registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.

SIGNATURES

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

(Registrant) Nuveen Investment Funds, Inc.

By (Signature and Title)	/s/ Mark J. Czarniecki
	Mark J. Czarniecki
	Vice President and Secretary

Date: November 4, 2022

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/ Christopher E. Stickrod
	Christopher E. Stickrod
	Chief Administrative Officer
	(principal executive officer)

Date: November 4, 2022

By (Signature and Title)	/s/ E. Scott Wickerham
	E. Scott Wickerham
	Vice President and Controller
	(principal financial officer)

Date: November 4, 2022

EX-99.CERT

EX-99.CERT

CERTIFICATIONS

I, Christopher E. Stickrod, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Investment Funds, Inc.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting 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; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 4, 2022

/s/ Christopher E. Stickrod

Christopher E. Stickrod

Chief Administrative Officer

(principal executive officer)

I, E. Scott Wickerham, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Investment Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting 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; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 4, 2022

/s/ E. Scott Wickerham

E. Scott Wickerham

Vice President and Controller

(principal financial officer)

EX-99.906 CERT

EX-99.906CERT

Certification Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002; provided by the Chief Executive Officer and Chief Financial Officer, based on each such officer’s knowledge and belief.

The undersigned officers of Nuveen Investment Funds, Inc. (the “Registrant”) certify that, to the best of each such officer’s knowledge and belief:

1. The Form N-CSR of the Registrant for the period ended August 31, 2022 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: November 4, 2022

/s/ Christopher E. Stickrod

Christopher E. Stickrod

Chief Administrative Officer

(principal executive officer)

/s/ E. Scott Wickerham

E. Scott Wickerham

Vice President and Controller

(principal financial officer)