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		811-22518

Nuveen Short Duration Credit Opportunities Fund

 

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

 

(Address of principal executive offices)  (Zip code)

Gifford R. Zimmerman

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

 

(Name and address of agent for service)

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

Date of fiscal year end:   July 31                       

Date of reporting period:   January 31, 2019                    

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.

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ITEM 1. REPORTS TO STOCKHOLDERS.

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Closed-End Funds

 

31 January 2019

 

Nuveen

Closed-End Funds

 

NSL		Nuveen Senior Income Fund
JFR		Nuveen Floating Rate Income Fund
JRO		Nuveen Floating Rate Income Opportunity Fund
JSD		Nuveen Short Duration Credit Opportunities Fund
JQC		Nuveen Credit Strategies Income Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (www.nuveen.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting the financial intermediary (such as a broker-dealer or bank) through which you hold your Fund shares or, if you are a direct investor, by enrolling at www.nuveen.com/e-reports.

You may elect to receive all future shareholder reports in paper free of charge at any time by contacting your financial intermediary or, if you are a direct investor, (i) by calling 800-257-8787 and selecting option #2 or (ii) by logging into your Investor Center account at www.computershare.com/investor and clicking on “Communication Preferences.” Your election to receive reports in paper will apply to all funds held in your account with your financial intermediary or, if you are a direct investor, to all your directly held Nuveen Funds and any other directly held funds within the same group of related investment companies.

 

Semiannual Report

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NOT FDIC INSURED  MAY LOSE VALUE  NO BANK GUARANTEE

 

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Table of Contents

 

Chairman’s Letter to Shareholders			4
Portfolio Managers’ Comments			5
Fund Leverage			8
Common Share Information			10
Risk Considerations			13
Performance Overview and Holding Summaries			16
Portfolios of Investments			26
Statement of Assets and Liabilities			83
Statement of Operations			84
Statement of Changes in Net Assets			85
Statement of Cash Flows			88
Financial Highlights			90
Notes to Financial Statements			98
Additional Fund Information			116
Glossary of Terms Used in this Report			117
Reinvest Automatically, Easily and Conveniently			118

 

3

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Chairman’s Letter to Shareholders

 

 

4

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Portfolio Managers’ Comments

 

Nuveen Senior Income Fund (NSL)

Nuveen Floating Rate Income Fund (JFR)

Nuveen Floating Rate Income Opportunity Fund (JRO)

Nuveen Short Duration Credit Opportunities Fund (JSD)

Nuveen Credit Strategies Income Fund (JQC)

The Funds’ investment portfolios are managed by Symphony Asset Management, LLC (Symphony), an affiliate of Nuveen, LLC. During the reporting period, Gunther Stein and Scott Caraher managed NSL, JFR and JRO, Gunther, Scott and Jenny Rhee managed JSD, and Gunther and Sutanto Widjaja managed JQC.

On October 1, 2018, Gunther Stein ceased serving as a portfolio manager for each of the Funds.

Here the team discusses their management strategies and the performance of the Funds for the six-month reporting period ended January 31, 2019.

What strategies were used to manage the Funds during the six-month reporting period ended January 31, 2019?

NSL seeks to achieve a high level of current income, consistent with capital preservation by investing primarily in adjustable rate U.S dollar-denominated secured senior loans. The Fund invests at least 80% of its managed assets in adjustable rate senior secured loans. Up to 20% may include U.S. dollar denominated senior loans of non-U.S. borrowers, senior loans that are not secured, other debt securities and equity securities and warrants. The Fund uses leverage.

JFR seeks to achieve a high level of current income by investing in adjustable rate secured and unsecured senior loans and other debt instruments. The Fund invests at least 80% of its managed assets in adjustable rate loans, primarily senior loans, though the loans may include unsecured senior loans and secured and unsecured subordinated loans. At least 65% the Fund’s managed assets must include adjustable rate senior loans that are secured by specific collateral. The Fund uses leverage.

JRO seeks to achieve a high level of current income. The Fund invests at least 80% of its managed assets in adjustable rate loans, primarily senior loans, though the loans may include unsecured senior loans and secured and unsecured subordinated loans. At least 65% of the Fund’s managed assets must include adjustable rate senior loans that are secured by specific collateral. The Fund uses leverage.

 

 

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, 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, while BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

 

5

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Portfolio Managers’ Comments (continued)

 

JSD seeks to provide current income and the potential for capital appreciation. The Fund invests at least 70% of its managed assets in adjustable rate corporate debt instruments, including senior secured loans, second lien loans and other adjustable rate corporate debt instruments, at least 80% of “assets,” at time of purchase, in loans or securities in the issuing company’s capital structure that are senior to its common equity, including but not limited to debt securities, preferred securities and up to 30% of the Fund’s assets may include other types of debt instruments or short positions consisting primarily of high yield debt. The Fund maintains a portfolio with an average duration that does not exceed two years. The Fund uses leverage.

JQC’s primary investment objective is high current income and its secondary objective is total return. The Fund invests at least 70% of its managed assets in adjustable rate senior secured and second lien loans, at least 80% of “assets,” at time of purchase, in loans or securities in the issuing company’s capital structure that are senior to its common equity, including but not limited to debt securities, preferred securities and up to 30% opportunistically in other types of securities across a company’s capital structure, primarily income-oriented securities such as high yield debt, convertible securities and other forms of corporate debt. The Fund uses leverage.

What were the market conditions under which the Funds generated their performance during the six-month reporting period ended January 31, 2019?

For the six-month reporting period ended January 31, 2019, the credit markets were fairly volatile. This was most pronounced during the fourth quarter of 2018. In the quarter, outflows from floating rate loan mutual funds and exchange-traded funds (ETFs) as well as open-end high yield funds caused a technically-driven performance drawdown across the levered credit market. Within loans, forced selling by these vehicles put acute downward pressure on prices.

The general “risk off” sentiment that caused the sell-off was sparked by, among other things, concerns over 1) increasingly negative U.S.-China trade rhetoric, 2) the strength, or lack thereof, of Chinese economic growth, and 3) the potential near term slowing of the U.S. economy. These three key factors shifted consensus views toward a more benign U.S. interest rate outlook, countering the initial premise for fear of rising U.S. interest rates.

Entering into 2019, negative investor sentiment reversed sharply. The January 2019 reversal in investor perspective and risk appetite was due to Fed Chair Jerome Powell communicating a more cautious (i.e., dovish) posture in regard to potential interest rates hikes that was more in-line with investor expectations; the appearance of positive progress in U.S.-China trade negotiations; and renewed conviction in the consensus view that the U.S. was not sliding toward recession in 2019. Due to these circumstances, capital markets broadly, including loans and high yield bonds, began to recover in price, although retail demand for loans remained muted.

How did the Funds perform during this six-month reporting period ended January 31, 2019?

The tables in the Performance Overview and Holding Summaries section of this report provide total return performance for each Fund for the six-month, one-year, five-year, ten-year and/or since inception periods ended January 31, 2019. The Fund’s total returns at net asset value (NAV) are compared with the performance of a corresponding market index.

During the reporting period, four of the Funds declined by comparable amounts. JQC was an exception given its more differentiated mandate relative to the other Funds, which is covered in more detail in the section below. The Funds’ total returns at NAV for the reporting period are as follows: NSL -2.62%; JFR -2.47%; JRO -2.46%; JSD -2.79%; JQC -1.41%. By comparison, the Credit Suisse Leveraged Loan Index returned 0.24%. However, the loan market underperformed the high yield bond market (as measured by the ICE BofAML U.S. High Yield Index) as it rose 1.02% over the same time period. Although it also declined meaningfully in the fourth quarter of 2018, the high yield bond market’s performance was supported by relatively stronger returns in the first two months of the reporting period and in January 2019.

 

6

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Despite the sell-off that occurred during the reporting period, we believed corporate defaults would and will continue to remain low (below the historical average of approximately 3%), as credit conditions remain benign and U.S. economic activity remains supportive of corporate financial results. While this is a positive fundamental backdrop for corporate credit, the recovery rally in January has led to a tempering of total return opportunities, most notably for loans, as prices of previously dislocated issues have generally moved back toward par.

What other Fund factors impacted the Funds’ Performance?

The major allocation and security selection performance factors were similar in NSL, JFR, JRO, and JSD.

In addition to the above market factors negatively impacting absolute and relative performance, security selection within these four Funds was disappointing, particularly within media, banks, and software & services where the Funds had exposure to higher beta issues. Within media, the loans of Catalina Marketing Corporation, which is engaged in the print coupon business, struggled amid secular changes that threaten the company’s business model (i.e., shift to online distribution versus print), while the loans and bonds of iHeartCommunications, which is undergoing a restructuring, also hurt return comparisons. The loan of Ditech, a residential mortgage servicer, that emerged from restructuring in 2018 also detracted, as did the loans of Skillsoft Corporation. Skillsoft is an educational technology company that was downgraded during the reporting period and later announced earnings that were below expectations. We continue to hold the positions. Lastly, the Funds’ energy sector exposures also contributed to underperformance, as company issues within the sector came under intense pressure as oil prices declined reflecting investor fears of lower consumption/demand due to weakening global economic growth.

Somewhat offsetting negative results were positive performance in the loans and bonds of Intelsat Jackson Holdings, S.A., which operates the world’s largest satellite services operation. Intelsat has benefitted from strong market positioning with regard to the rollout of 5G wireless technology. In addition, the loans of Petco Animal Supplies, Inc., which recently announced a partnership with an independent pet food manufacturer, also aided return comparisons. Lastly, the loan of Albertson’s LLC were additive to performance as this higher quality loan recovered swiftly following the market sell-off in the fourth quarter 2018.

JQC has a differentiated mandate (i.e., higher quality loans and larger high yield bond exposure) relative to the other Funds. Due to these circumstances, it had a different performance result during the reporting period. While the Fund still produced a negative return during the reporting period, its larger exposure to high yield bonds aided performance, particularly within the relatively stronger Health Care sector. In terms of key issuer/issue contributors, while Catalina Marketing Corporation and iHeartCommunications detracted from JQC’s absolute return, it was to a lesser degree than the other Funds. Specifically, JQC did not have exposure to the lower quality second lien loan of Catalina Marketing and had less exposure to a non-rated lower quality loan of Clear Channel Communications, which falls under the iHeartCommunications corporate structure. However, tempering JQC’s relative outperformance versus the other Funds at the issuer level was a modestly higher exposure to the equity of Cengage Learning. This reorganization equity was obtained through the company’s formal restructuring process. Cengage Learning offers an online learning platform for higher education professionals. The company announced disappointing quarterly results during the reporting period. Due to these circumstances, Cengage was a top five detractor in JQC while this was not the case for the other Funds. We continue to hold the Cengage position.

On the positive side, as with the other Funds, the loans and bonds of Intelsat Jackson Holdings, S.A. were additive to JQC’s performance. In addition, and different from the other Funds given position sizing, the loans of Serta Simmons Holdings LLC and Centene Corporation were particularly additive. Serta Simmons recently announced a partnership with a bedding manufacturer and has been the subject of potential acquisition rumors surrounding the bankruptcy of a major distributor, while managed care operator Centene Corporation quarterly revenue and earnings increased and exceeded investor expectations.

 

7

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Fund Leverage

 

IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE

One important factor impacting the returns of the Funds’ common shares relative to their comparative benchmarks was the Funds’ use of leverage through bank borrowings, Term Preferred Shares (Term Preferred) for NSL, JFR, JRO and JSD and reverse repurchase agreements for JQC. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income and total return, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments in recent years have been much lower than the interest the Fund has been earning on its portfolio securities that it has bought with the proceeds of that leverage.

However, use of leverage can expose Fund common shares to additional price volatility. When a Fund uses leverage, the Fund common shares will experience a greater increase in their net asset value if the securities acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the securities acquired through leverage decline in value, which will make the shares’ net asset value more volatile, and total return performance more variable, over time.

In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Over the last few quarters, short-term interest rates have indeed increased from their extended lows after the 2007-09 financial crisis. This increase has reduced common share net income, and also reduced potential for long-term total returns. Nevertheless, the ability to effectively borrow at current short-term rates is still resulting in enhanced common share income, and management believes that the advantages of continuation of leverage outweigh the associated increase in risk and volatility described above.

NSL, JFR, JRO and JSD’s use of leverage had a negative impact on total return performance during this reporting period, while JQCs’ use of leverage had a negligible impact on total return performance.

During the current fiscal period, NSL, JFR, JRO and JSD used cancellable interest rate swaps in which each Fund received payments based upon pre-determined fixed rates and paid one-month LIBOR plus a fixed spread. After a non-callable period, the swap counterparty owns the right on future monthly dates to terminate the swap at par. The purpose of the cancellable interest rate swap is to convert a fixed rate Term Preferred Share issuance to floating rate, and the cancellation dates of the swap correspond to dates on which the Funds can call the Term Preferred Share issue. Collectively, these interest rate swap contracts had a negligible impact for NSL and JSD and a positive impact on JFR’s and JRO’s total return performance during the period.

As of January 31, 2019, the Funds’ percentages of leverage are as shown in the accompanying table.

 

		NSL				JFR				JRO				JSD				JQC
Effective Leverage*			38.42	%			37.93	%			37.43	%			38.67	%			37.02	%
Regulatory Leverage*			38.42	%			37.93	%			37.43	%			38.67	%			29.57	%

*

Effective leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of reverse repurchase agreements, certain derivatives and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund’s capital structure. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund’s effective leverage ratio. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.

 

8

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THE FUNDS’ LEVERAGE

Bank Borrowings

As noted above, the Funds employ leverage through the use of bank borrowings. The Funds’ bank borrowing activities are as shown in the accompanying table.

 

		Current Reporting Period																								Subsequent to the Close of the Reporting Period
Fund		August 1, 2018				Draws				Paydowns				January 31, 2019				Average Balance Outstanding								Draws				Paydowns				March 27, 2019
NSL		$	114,000,000			$	—			$	—			$	114,000,000			$	114,000,000							$	—			$	—			$	114,000,000
JFR		$	254,300,000			$	10,200,000			$	—			$	264,500,000			$	258,568,478							$	—			$	—			$	264,500,000
JRO		$	178,800,000			$	—			$	—			$	178,800,000			$	178,800,000							$	—			$	—			$	178,800,000
JSD		$	72,000,000			$	—			$	—			$	72,000,000			$	72,000,000							$	—			$	—			$	72,000,000
JQC		$	561,000,000			$	—			$	(66,000,000	)		$	495,000,000			$	517,717,391							$	—			$	(40,000,000	)		$	455,000,000

Refer to Notes to Financial Statements, Note 9 – Fund Leverage, Borrowings for further details.

Reverse Repurchase Agreements

As noted previously, in addition to bank borrowings, JQC also utilized reverse repurchase agreements. The Fund’s transactions in reverse repurchase agreements are as shown in the accompanying table.

 

Current Reporting Period																								Subsequent to the Close of the Reporting Period
August 1, 2018				Purchases				Sales				January 31, 2019				Average Balance Outstanding								Purchases				Sales				March 27, 2019
	$145,000,000				$55,000,000				$(2,000,000)				$198,000,000				$187,347,826								$    —				$    —				$198,000,000

Refer to Notes to Financial Statements, Note 9 – Fund Leverage, Reverse Repurchase Agreements for further details.

Term Preferred Shares

As noted previously, in addition to bank borrowings, the following Funds also issued Term Preferred. The Funds' transactions in Term Preferred are as shown in the accompanying table.

 

		Current Reporting Period																								Subsequent to the Close of the Reporting Period
Fund		August 1, 2018				Issuance				Redemptions				January 31, 2019				Average Balance Outstanding								Issuance				Redemptions				March 27, 2019
NSL		$	43,000,000			$	—			$	—			$	43,000,000			$	43,000,000							$	—			$	—			$	43,000,000
JFR		$	125,200,000			$	—			$	(10,200,000	)		$	115,000,000			$	121,208,696							$	—			$	—			$	115,000,000
JRO		$	84,000,000			$	—			$	—			$	84,000,000			$	84,000,000							$	—			$	—			$	84,000,000
JSD		$	35,000,000			$	—			$	—			$	35,000,000			$	35,000,000							$	—			$	—			$	35,000,000

Refer to Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details on Term Preferred.

 

9

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Common Share Information

 

NSL, JFR, JRO and JSD COMMON SHARE DISTRIBUTION INFORMATION

The following information regarding NSL’s, JFR’s, JRO’s and JSD’s distributions is current as of January 31, 2019. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investment value changes.

During the current reporting period, each Fund’s distributions to common shareholders were as shown in the accompanying table.

 

		Per Common Share Amounts
Monthly Distribution (Ex-Dividend Date)		NSL				JFR				JRO				JSD
August 2018		$	0.0335			$	0.0575			$	0.0580			$	0.1005
September			0.0355				0.0600				0.0605				0.1035
October			0.0355				0.0600				0.0605				0.1035
November			0.0355				0.0600				0.0605				0.1035
December			0.0355				0.0600				0.0605				0.1035
January 2019			0.0355				0.0600				0.0605				0.1035
Total Distributions from Net Investment Income		$	0.2110			$	0.3575			$	0.3605			$	0.6180
Current Distribution Rate*			7.42	%			7.42	%			7.56	%			7.97	%

*

Current distribution rate is based on the Fund’s current annualized monthly distribution divided by the Fund’s current market price. The Fund’s monthly distributions to its shareholders may be comprised of ordinary income, net realized capital gains and, if at the end of the fiscal year the Fund’s cumulative net ordinary income and net realized gains are less than the amount of the Fund’s distributions, a return of capital for tax purposes.

NSL, JFR, JRO and JSD seek to pay regular monthly dividends out of its net investment income at a rate that reflects their 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 NSL, JFR, JRO and JSD during the current reporting period were paid from net investment income. If a portion of the Fund’s monthly distributions is sourced or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders will be notified of those sources. For financial reporting purposes, the per share amounts of each Fund’s distributions for the reporting period are presented in this report’s Financial Highlights. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 – Income Tax Information within the Notes to Financial Statements of this report.

JQC DISTRIBUTION INFORMATION

The following information regarding JQC’s distributions is current as of January 31, 2019.

Effective with JQC’s January 2019 distribution, the Fund has implemented a capital return plan where a supplemental amount is expected to be included in the Fund’s regular monthly distribution. Under this program, the Fund’s regular monthly distribution is expected to include net investment income, return of capital and potentially capital gains for tax purposes.

 

10

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The figures in the table below provide an estimate as of January 31, 2019 of the sources (for tax purposes) of the Fund’s distributions. These source estimates include amounts currently estimated to be attributable to realized gains and/or returns of capital. The Fund attributes these non-income sources equally to each regular distribution throughout the fiscal year. The estimated information shown below is for the distributions paid on common shares for all prior months in the current fiscal year. These estimates should not be used for tax reporting purposes, and the distribution sources may differ for financial reporting than for tax reporting. The final determination of the tax characteristics of all distributions paid in 2019 will be made in early 2020 and reported to you on Form 1099-DIV. More details about the tax characteristics of the Fund’s distributions are available on www.nuveen.com/CEFdistributions.

Data as of January 31, 2019

 

Current Month Estimated Percentage of Distributions														Calendar YTD Estimated Per Share Amounts
Net Investment Income				Realized Gains				Return of Capital						Total Distributions				Net Investment Income				Realized Gains				Return of Capital
	43.1%				0.0%				56.9%						$0.1015				$0.0438				$0.0000				$0.0577

The following table provides information regarding Fund distributions and total return performance over various time periods. This information is intended to help you better understand whether Fund returns for the specified time periods were sufficient to meet Fund distributions.

Data as of January 31, 2019

 

Annualized

Cumulative

Inception Date

Latest Monthly Per Share Distribution

Current Distribution on NAV

1-Year Return on NAV

5-Year Return on NAV

Calendar YTD Distributions on NAV

Calendar YTD Return on NAV

6/25/2003

$0.1015

14.02%

1.17%

2.92%

1.20%

4.16%

COMMON SHARE EQUITY SHELF PROGRAMS

During the current reporting period, the following Funds were authorized by the Securities and Exchange Commission to issue additional common shares through an equity shelf program (“Shelf Offering”). Under these programs, the Funds, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above each Fund’s NAV per common share. The total amount of common shares authorized under these Shelf Offerings are as shown in the accompanying table.

 

		JFR				JRO
Additional authorized common shares			12,900,000	*			8,500,000	*

*	Represents additional authorized common shares for the period August 1, 2018 through November 30, 2018.

Refer to Notes to Financial Statements, Note 4 – Fund Shares, Common Shares Equity Shelf Programs and Offering Costs for further details of Shelf Offerings and each Fund’s respective transactions.

COMMON SHARE REPURCHASES

During August 2018, the Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.

 

11

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Common Share Information (continued)

 

As of January 31, 2019, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.

 

		NSL				JFR				JRO				JSD				JQC
Common shares cumulatively repurchased and retired			15,400				147,593				39,400				—				5,473,400
Common shares authorized for repurchase			3,860,000				5,690,000				4,055,000				1,010,000				13,575,000

During the current reporting period, the following Funds repurchased and retired their common shares at a weighted average price per share and a weighted average discount per share as shown in the following table.

 

		NSL				JRO				JQC
Common shares repurchased and retired			10,400				20,000				157,700
Weighted average price per common share repurchased and retired			$5.41				$8.82				$7.43
Weighted average discount per common share repurchased and retired			15.29	%			16.68	%			16.16	%

OTHER COMMON SHARE INFORMATION

As of January 31, 2019, and during the current reporting period, the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs as shown in the accompanying table.

 

		NSL				JFR				JRO				JSD				JQC
Common share NAV			$6.52				$10.91				$10.84				$16.81				$8.69
Common share price			$5.74				$9.71				$9.60				$15.59				$7.72
Premium/(Discount) to NAV			(11.96	)%			(11.00	)%			(11.44	)%			(7.26	)%			(11.16	)%
6-month average premium/(discount) to NAV			(11.75	)%			(11.47	)%			(11.32	)%			(8.39	)%			(13.31	)%

 

12

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Risk Considerations

(Unaudited)

 

Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.

Nuveen Senior Income Fund (NSL)

Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Adjustable Rate Senior Loans may not be fully secured by collateral, generally do not trade on exchanges, and are typically issued by unrated or below-investment grade companies, and therefore are subject to greater liquidity and credit risk. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as interest rate risk are described in more detail on the Fund’s web page at www.nuveen.com/NSL.

Nuveen Floating Rate Income Fund (JFR)

Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Adjustable Rate Senior Loans may not be fully secured by collateral, generally do not trade on exchanges, and are typically issued by unrated or below-investment grade companies, and therefore are subject to greater liquidity and credit risk. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as interest rate risk are described in more detail on the Fund’s web page at www.nuveen.com/JFR.

Nuveen Floating Rate Income Opportunity Fund (JRO)

Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Adjustable Rate Senior Loans may not be fully secured by collateral, generally do not trade on exchanges, and are typically issued by unrated or below-investment grade companies, and therefore are subject to greater liquidity and credit risk. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as interest rate risk are described in more detail on the Fund’s web page at www.nuveen.com/JRO.

Nuveen Short Duration Credit Opportunities Fund (JSD)

Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Adjustable Rate Senior Loans may not be fully secured by collateral, generally do not trade on exchanges, and are typically issued by unrated or below-investment grade companies, and therefore are subject to greater liquidity and credit risk. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as interest rate risk are described in more detail on the Fund’s web page at www.nuveen.com/JSD.

 

13

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Risk Considerations (continued)

(Unaudited)

 

Nuveen Credit Strategies Income Fund (JQC)

Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Adjustable Rate Senior Loans may not be fully secured by collateral, generally do not trade on exchanges, and are typically issued by unrated or below-investment grade companies, and therefore are subject to greater liquidity and credit risk. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. Common stock prices have often experienced significant volatility. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as interest rate risk are described in more detail on the Fund’s web page at www.nuveen.com/JQC.

 

14

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THIS PAGE INTENTIONALLY LEFT BLANK

 

15

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NSL		Nuveen Senior Income Fund Performance Overview and Holding Summaries as of January 31, 2019

 

Refer to Glossary of Terms Used in this Report for further definition of the terms used within this section.

Average Annual Total Returns as of January 31, 2019

 

		Cumulative				Average Annual
		6-Month				1-Year				5-Year				10-Year
NSL at Common Share NAV			(2.62)%				1.39%				3.36%				13.29%
NSL at Common Share Price			(2.95)%				(4.31)%				2.38%				12.73%
Credit Suisse Leveraged Loan Index			0.24%				2.37%				3.65%				7.94%

Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

Common Share Price Performance — Weekly Closing Price

 

 

16

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This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

 

 

17

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JFR		Nuveen Floating Rate Income Fund Performance Overview and Holding Summaries as of January 31, 2019

 

Refer to Glossary of Terms Used in this Report for further definition of the terms used within this section.

Average Annual Total Returns as of January 31, 2019

 

		Cumulative				Average Annual
		6-Month				1-Year				5-Year				10-Year
JFR at Common Share NAV			(2.47)%				0.70%				3.38%				12.25%
JFR at Common Share Price			(2.27)%				(6.08)%				2.52%				11.12%
Credit Suisse Leveraged Loan Index			0.24%				2.37%				3.65%				7.94%

Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

Common Share Price Performance — Weekly Closing Price

 

 

18

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This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

 

 

19

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JRO		Nuveen Floating Rate Income Opportunity Fund Performance Overview and Holding Summaries as of January 31, 2019

 

Refer to Glossary of Terms Used in this Report for further definition of the terms used within this section.

Average Annual Total Returns as of January 31, 2019

 

		Cumulative				Average Annual
		6-Month				1-Year				5-Year				10-Year
JRO at Common Share NAV			(2.46)%				0.94%				3.43%				13.52%
JRO at Common Share Price			(2.65)%				(6.70)%				2.48%				12.84%
Credit Suisse Leveraged Loan Index			0.24%				2.37%				3.65%				7.94%

Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

Common Share Price Performance — Weekly Closing Price

 

 

20

---

 

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

 

 

 

21

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JSD		Nuveen Short Duration Credit Opportunities Fund Performance Overview and Holding Summaries as of January 31, 2019

 

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Average Annual Total Returns as of January 31, 2019

 

		Cumulative				Average Annual
		6-Month				1-Year				5-Year				Since Inception
JSD at Common Share NAV			(2.79)%				1.76%				3.72%				5.78%
JSD at Common Share Price			(2.73)%				1.33%				3.87%				4.56%
Credit Suisse Leveraged Loan Index			0.24%				2.37%				3.65%				4.28%

Since inception returns are from May 25, 2011. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

Common Share Price Performance — Weekly Closing Price

 

 

22

---

 

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

 

 

 

23

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JQC		Nuveen Credit Strategies Income Fund Performance Overview and Holding Summaries as of January 31, 2019

 

Refer to Glossary of Terms Used in this Report for further definition of the terms used within this section.

Average Annual Total Returns as of January 31, 2019

 

		Cumulative				Average Annual
		6-Month				1-Year				5-Year				10-Year
JQC at Common Share NAV			(1.41)%				1.17%				2.92%				11.89%
JQC at Common Share Price			1.60%				2.01%				2.80%				13.77%
Credit Suisse Leveraged Loan Index			0.24%				2.37%				3.65%				7.94%

Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

Common Share Price Performance — Weekly Closing Price

 

 

24

---

 

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

 

 

 

25

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NSL		Nuveen Senior Income Fund   Portfolio of Investments    January 31, 2019
		(Unaudited)

 

Principal Amount (000)				Description (1)		Coupon (2)				Reference Rate (2)				Spread (2)				Maturity (3)				Ratings (4)				Value
				LONG-TERM INVESTMENTS – 160.2% (98.1% of Total Investments)
				VARIABLE RATE SENIOR LOAN INTERESTS – 142.9% (87.6% of Total Investments) (2)
				Aerospace & Defense – 2.8% (1.8% of Total Investments)
$	188			Rexnord LLC/ RBS Global, Inc., Term Loan, First Lien			4.499%				1-Month LIBOR				2.000%				8/21/24				BB+			$	187,258
	3,218			Sequa Corporation, Term Loan B			7.516%				3-Month LIBOR				5.000%				11/28/21				B				3,169,263
	1,152			Sequa Corporation, Term Loan, Second Lien			11.751%				3-Month LIBOR				9.000%				4/28/22				CCC				1,101,553
	1,928			Transdigm, Inc., Term Loan E			4.999%				1-Month LIBOR				2.500%				5/30/25				BB				1,884,150
	488			Transdigm, Inc., Term Loan F			4.999%				1-Month LIBOR				2.500%				6/09/23				BB				478,149
	318			Transdigm, Inc., Term Loan G, First Lien			4.999%				1-Month LIBOR				2.500%				8/22/24				BB–				311,458
	7,292			Total Aerospace & Defense																							7,131,831
				Air Freight & Logistics – 0.7% (0.5% of Total Investments)
	814			PAE Holding Corporation, Term Loan B			8.119%				2-Month LIBOR				5.500%				10/20/22				B+				810,161
	1,083			XPO Logistics, Inc., Term Loan B			4.500%				1-Month LIBOR				2.000%				2/24/25				BBB–				1,068,524
	1,897			Total Air Freight & Logistics																							1,878,685
				Airlines – 2.4% (1.3% of Total Investments)
	1,920			American Airlines, Inc., Replacement Term Loan			4.516%				1-Month LIBOR				2.000%				10/10/21				BB+				1,898,102
	933			American Airlines, Inc., Term Loan 2025			4.252%				1-Month LIBOR				1.750%				6/27/25				BB+				896,499
	3,260			American Airlines, Inc., Term Loan B			4.509%				1-Month LIBOR				2.000%				12/14/23				BB+				3,166,847
	6,113			Total Airlines																							5,961,448
				Auto Components – 0.7% (0.4% of Total Investments)
	845			DexKo Global, Inc., Term Loan B			5.999%				1-Month LIBOR				3.500%				7/24/24				B+				833,936
	985			Superior Industries International, Inc., Term Loan B			6.499%				1-Month LIBOR				4.000%				5/22/24				B+				973,491
	1,830			Total Auto Components																							1,807,427
				Automobiles – 0.5% (0.3% of Total Investments)
	500			Caliber Collision, Term Loan B, (WI/DD)			TBD				TBD				TBD				TBD				B+				499,895
	743			Navistar, Inc., Tranche B, Term Loan			6.020%				1-Month LIBOR				3.500%				11/06/24				BB–				732,758
	1,243			Total Automobiles																							1,232,653
				Beverages – 0.9% (0.5% of Total Investments)
	2,219			Jacobs Douwe Egberts, Term Loan B			4.563%				3-Month LIBOR				2.000%				11/01/25				BB				2,198,376
				Biotechnology – 1.1% (0.7% of Total Investments)
	2,948			Grifols, Inc., Term Loan B			4.664%				1-Week LIBOR				2.250%				1/31/25				BB+				2,914,960
				Building Products – 1.6% (1.0% of Total Investments)
	537			Fairmount, Initial Term Loan			6.553%				3-Month LIBOR				3.750%				6/01/25				BB				428,744
	487			Ply Gem Industries, Inc., Term Loan B			6.547%				3-Month LIBOR				3.750%				4/12/25				B+				465,088
	3,181			Quikrete Holdings, Inc., Term Loan B			5.249%				1-Month LIBOR				2.750%				11/15/23				BB–				3,090,837
	4,205			Total Building Products																							3,984,669
				Capital Markets – 1.5% (0.9% of Total Investments)
	1,741			Capital Automotive LP, Term Loan, Second Lien			8.499%				1-Month LIBOR				6.000%				3/24/25				CCC+				1,739,201
	2,038			RPI Finance Trust, Term Loan B6			4.499%				1-Month LIBOR				2.000%				3/27/23				BBB–				2,021,336
	3,779			Total Capital Markets																							3,760,537
				Chemicals – 0.7% (0.4% of Total Investments)
	676			Ineos US Finance LLC, Term Loan			4.499%				1-Month LIBOR				2.000%				4/01/24				BBB–				658,343
	898			Mineral Technologies, Inc., Term Loan B2			4.750%				N/A				N/A				5/07/21				BB+				891,519
	300			SI Group, Term Loan B			7.537%				3-Month LIBOR				4.750%				10/15/25				BB–				297,750
	1,874			Total Chemicals																							1,847,612

 

26

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Principal Amount (000)				Description (1)		Coupon (2)				Reference Rate (2)				Spread (2)				Maturity (3)				Ratings (4)				Value
				Commercial Services & Supplies – 5.9% (3.6% of Total Investments)
$	1,894			Brand Energy & Infrastructure Services, Inc., Term Loan B, First Lien			6.957%				3-Month LIBOR				4.250%				6/16/24				B			$	1,819,091
	110			Education Management LLC, Tranche A, Term Loan, (5)			0.000%				N/A				N/A				7/02/20				N/R				4,128
	248			Education Management LLC, Tranche B, Term Loan, (5)			0.000%				N/A				N/A				7/02/20				N/R				311
	3,618			Formula One Group, Term Loan B			4.999%				1-Month LIBOR				2.500%				2/01/24				B+				3,494,532
	415			Fort Dearborn Holding Company, Inc., Term Loan, First Lien			6.784%				1-Month LIBOR				4.000%				10/19/23				B–				396,996
	1,463			Getty Images, Inc., Term Loan B, First Lien			5.999%				1-Month LIBOR				3.500%				10/18/19				B–				1,457,084
	1,247			GFL Environmental, Term Loan			5.499%				1-Month LIBOR				3.000%				5/31/25				B+				1,205,995
	2,250			iQor US, Inc., Term Loan, First Lien, (DD1)			7.797%				3-Month LIBOR				5.000%				4/01/21				CCC+				2,028,798
	250			iQor US, Inc., Term Loan, Second Lien			11.547%				3-Month LIBOR				8.750%				4/01/22				CCC–				187,187
	764			KAR Auction Services, Inc., Term Loan B5			5.313%				3-Month LIBOR				2.500%				3/09/23				BB				759,323
	705			LSC Communications, Refinancing Term Loan			7.999%				1-Month LIBOR				5.500%				9/30/22				B+				702,356
	481			Monitronics International, Inc., Term Loan B2, First Lien			8.303%				3-Month LIBOR				5.500%				9/30/22				CCC+				423,801
	1,298			Protection One, Inc., Term Loan			5.249%				1-Month LIBOR				2.750%				5/02/22				BB–				1,283,005
	973			Universal Services of America, Initial Term Loan, First Lien			6.249%				1-Month LIBOR				3.750%				7/28/22				BB				931,412
	170			West Corporation, Incremental Term Loan B1			5.999%				1-Month LIBOR				3.500%				10/10/24				BB+				155,025
	15,886			Total Commercial Services & Supplies																							14,849,044
				Communications Equipment – 3.2% (2.0% of Total Investments)
	2,574			Avaya, Inc., Tranche B Term Loan			6.759%				1-Month LIBOR				4.250%				12/15/24				BB–				2,538,144
	900			Mitel US Holdings, Inc., Term Loan, First Lien			6.999%				1-Month LIBOR				4.500%				11/30/25				B				888,975
	329			MultiPlan, Inc., Term Loan B			5.553%				3-Month LIBOR				2.750%				6/07/23				B+				318,877
	1,083			Plantronics, Term Loan B			4.999%				1-Month LIBOR				2.500%				7/02/25				BB+				1,057,095
	3,461			Univision Communications, Inc., Term Loan C5			5.249%				1-Month LIBOR				2.750%				3/15/24				B				3,235,584
	8,347			Total Communications Equipment																							8,038,675
				Construction & Engineering – 0.9% (0.6% of Total Investments)
	995			KBR, Inc., Term Loan B			6.249%				1-Month LIBOR				3.750%				4/25/25				BB–				993,761
	1,326			Traverse Midstream Partners, Term Loan B			6.600%				6-Month LIBOR				4.000%				9/27/24				B+				1,323,974
	2,321			Total Construction & Engineering																							2,317,735
				Consumer Finance – 0.6% (0.4% of Total Investments)
	495			Vantiv LLC, Repriced Term Loan B4			4.222%				1-Month LIBOR				1.750%				8/09/24				BBB–				492,880
	1,132			Verscend Technologies, Tern Loan B			6.999%				1-Month LIBOR				4.500%				8/27/25				B+				1,125,391
	1,627			Total Consumer Finance																							1,618,271
				Containers & Packaging – 0.3% (0.2% of Total Investments)
	699			Berry Global, Inc., Term Loan Q			4.516%				1-Month LIBOR				2.000%				10/01/22				BBB–				693,206
				Distributors – 0.4% (0.2% of Total Investments)
	995			SRS Distribution, Inc., Term Loan B			5.749%				1-Month LIBOR				3.250%				5/23/25				B				948,205
				Diversified Consumer Services – 3.0% (1.9% of Total Investments)
	3,532			Cengage Learning Acquisitions, Inc., Term Loan B			6.769%				1-Month LIBOR				4.250%				6/07/23				B				3,009,506
	2,377			Houghton Mifflin, Term Loan B, First Lien			5.499%				1-Month LIBOR				3.000%				5/28/21				B				2,249,708
	967			Laureate Education, Inc., Term Loan B			6.549%				1-Month LIBOR				3.500%				4/26/24				B+				964,368
	1,500			Refinitiv, Term Loan B			6.249%				1-Month LIBOR				3.750%				10/01/25				BB+				1,443,165
	8,376			Total Diversified Consumer Services																							7,666,747
				Diversified Financial Services – 3.1% (1.9% of Total Investments)
	419			Altisource Solutions S.A R.L., Term Loan B			6.803%				3-Month LIBOR				4.000%				4/03/24				B+				409,476
	565			Freedom Mortgage Corporation, Initial Term Loan			7.249%				1-Month LIBOR				4.750%				2/23/22				BB				567,140
	2,975			Hilton Hotels, Term Loan B			4.260%				1-Month LIBOR				1.750%				10/25/23				BBB–				2,949,429
	421			Lions Gate Entertainment Corp., Term Loan B			4.749%				1-Month LIBOR				2.250%				3/24/25				BB				414,644
	528			Travelport LLC, Term Loan B			5.116%				3-Month LIBOR				2.500%				3/17/25				B+				527,144
	1,143			Veritas US, Inc., Term Loan B1			7.074%				1-Month LIBOR				4.500%				1/27/23				B				1,002,420

 

27

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NSL		Nuveen Senior Income Fund (continued)
		Portfolio of Investments    January 31, 2019
		(Unaudited)

 

Principal Amount (000)				Description (1)		Coupon (2)				Reference Rate (2)				Spread (2)				Maturity (3)				Ratings (4)				Value
				Diversified Financial Services (continued)
$	2,716			Walter Investment Management Corporation, Tranche B, Term Loan, First Lien, (5)			8.499%				N/A				N/A				6/30/22				CCC			$	1,846,536
	8,767			Total Diversified Financial Services																							7,716,789
				Diversified Telecommunication Services – 8.0% (4.9% of Total Investments)
	1,045			CenturyLink, Inc., Initial Term Loan A			5.249%				1-Month LIBOR				2.750%				11/01/22				BBB–				1,026,712
	5,556			CenturyLink, Inc., Term Loan B, (DD1)			5.249%				1-Month LIBOR				2.750%				1/31/25				BBB–				5,323,249
	2,909			Frontier Communications Corporation, Term Loan B			6.250%				1-Month LIBOR				3.750%				1/14/22				BB				2,789,866
	236			Intelsat Jackson Holdings, S.A., Term Loan B4			7.002%				1-Month LIBOR				4.500%				1/02/24				B+				240,318
	378			Intelsat Jackson Holdings, S.A., Term Loan B5			6.625%				N/A				N/A				1/02/24				B+				379,858
	1,802			Level 3 Financing, Inc., Tranche B, Term Loan			4.756%				1-Month LIBOR				2.250%				2/22/24				BBB–				1,773,936
	3,491			Numericable Group S.A., Term Loan B13			6.509%				1-Month LIBOR				4.000%				8/14/26				B				3,303,595
	433			Windstream Corporation, Term Loan B6, (5)			6.510%				1-Month LIBOR				4.000%				3/29/21				BB				403,811
	5,000			Ziggo B.V., Term Loan E			5.009%				1-Month LIBOR				2.500%				4/15/25				BB				4,845,900
	20,850			Total Diversified Telecommunication Services																							20,087,245
				Electric Utilities – 1.1% (0.7% of Total Investments)
	424			EFS Cogen Holdings LLC, Term Loan B			5.980%				3-Month LIBOR				3.250%				6/28/23				BB				418,258
	1,596			Texas Competitive Electric Holdings LLC, Exit Term Loan B			4.499%				1-Month LIBOR				2.000%				8/01/23				BBB–				1,574,055
	821			Vistra Operations Co., Term Loan B3			4.505%				1-Month LIBOR				2.000%				12/31/25				BBB–				807,240
	2,841			Total Electric Utilities																							2,799,553
				Electrical Equipment – 0.4% (0.3% of Total Investments)
	1,184			TTM Technologies, Term Loan B, (DD1)			5.020%				1-Month LIBOR				2.500%				9/28/24				BB+				1,154,104
				Energy Equipment & Services – 2.0% (1.2% of Total Investments)
	702			Cypress Semiconductor Corp, Term Loan B			4.500%				1-Month LIBOR				2.000%				7/05/21				BB+				696,882
	2,481			McDermott International, Term Loan			7.499%				1-Month LIBOR				5.000%				5/12/25				BB–				2,386,479
	2,355			Seadrill Partners LLC, Initial Term Loan			8.803%				3-Month LIBOR				6.000%				2/21/21				CCC+				1,904,566
	5,538			Total Energy Equipment & Services																							4,987,927
				Equity Real Estate Investment Trusts – 2.2% (1.3% of Total Investments)
	3,985			Communications Sales & Leasing, Inc., Shortfall Term Loan			5.499%				1-Month LIBOR				3.000%				10/24/22				B–				3,747,194
	736			Realogy Group LLC, Term Loan A			4.758%				1-Month LIBOR				2.250%				2/08/23				BB+				724,898
	986			Realogy Group LLC, Term Loan B			4.758%				1-Month LIBOR				2.250%				2/08/25				BB+				963,671
	5,707			Total Equity Real Estate Investment Trusts																							5,435,763
				Food & Staples Retailing – 6.5% (4.0% of Total Investments)
	941			Albertson’s LLC, Term Loan B6			5.691%				3-Month LIBOR				3.000%				6/22/23				BB				928,428
	10,137			Albertson’s LLC, Term Loan B7			5.499%				1-Month LIBOR				3.000%				11/17/25				BB				9,943,871
	831			Hearthside Group Holdings LLC, Term Loan B			6.186%				1-Month LIBOR				3.688%				5/23/25				B				802,357
	367			Save-A-Lot, Term Loan B			8.803%				3-Month LIBOR				6.000%				12/05/23				CCC+				204,643
	4,495			US Foods, Inc., Term Loan B			4.499%				1-Month LIBOR				2.000%				6/27/23				BBB–				4,429,724
	16,771			Total Food & Staples Retailing																							16,309,023
				Food Products – 0.2% (0.1% of Total Investments)
	598			American Seafoods Group LLC, Term Loan B			5.250%				1-Month LIBOR				2.750%				8/21/23				BB–				592,518
				Health Care Equipment & Supplies – 2.4% (1.5% of Total Investments)
	1,441			Acelity, Term Loan B			6.053%				3-Month LIBOR				3.250%				2/02/24				B+				1,434,041
	350			Air Methods Term Loan, First Lien, (WI/DD)			TBD				TBD				TBD				TBD				B				287,389
	617			Greatbatch, New Term Loan B			5.510%				1-Month LIBOR				3.000%				10/27/22				B+				612,623
	500			LifeScan, Term Loan B			8.797%				3-Month LIBOR				6.000%				10/01/24				B+				481,253
	1,856			Onex Carestream Finance LP, Term Loan, First Lien			8.249%				1-Month LIBOR				5.750%				2/28/21				B+				1,814,306
	938			Onex Carestream Finance LP, Term Loan, Second Lien			11.999%				1-Month LIBOR				9.500%				6/07/21				B–				923,741
	498			Vyaire Medical, Inc., Term Loan B			7.547%				3-Month LIBOR				4.750%				4/16/25				B				470,138
	6,200			Total Health Care Equipment & Supplies																							6,023,491

 

28

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Principal Amount (000)				Description (1)		Coupon (2)				Reference Rate (2)				Spread (2)				Maturity (3)				Ratings (4)				Value
				Health Care Providers & Services – 7.2% (4.4% of Total Investments)
$	603			Air Medical Group Holdings, Inc., Term Loan B			6.769%				1-Month LIBOR				4.250%				3/14/25				B+			$	567,792
	1,086			Air Medical Group Holdings, Inc., Term Loan B			5.764%				1-Month LIBOR				3.250%				4/28/22				B+				1,024,217
	747			Ardent Health, Term Loan, First Lien			6.999%				1-Month LIBOR				4.500%				6/30/25				B+				743,916
	707			Catalent Pharma Solutions, Inc., Term Loan B			4.749%				1-Month LIBOR				2.250%				5/20/24				BB				704,064
	458			Community Health Systems, Inc., Term Loan H			5.957%				3-Month LIBOR				3.250%				1/27/21				BB				451,077
	949			Concentra, Inc., Term Loan B			5.270%				1-Month LIBOR				2.750%				6/01/22				B+				943,480
	430			ConvaTec Healthcare, Term Loan B			5.053%				3-Month LIBOR				2.250%				10/25/23				BB				426,709
	350			HCA, Inc., Term Loan B11, (WI/DD)			TBD				TBD				TBD				TBD				BBB–				348,835
	752			Healogics, Inc., Term Loan, First Lien			7.010%				3-Month LIBOR				4.250%				7/01/21				B–				679,711
	40			Heartland Dental Care, Inc., Delay Draw Facility, (6)			3.750%				N/A				N/A				4/30/25				B				38,473
	432			Heartland Dental Care, Inc., Term Loan, First Lien			6.249%				1-Month LIBOR				3.750%				4/30/25				B				420,347
	1,706			Kindred at Home Hospice, Term Loan B			6.250%				1-Month LIBOR				3.750%				7/02/25				B+				1,697,601
	500			Kindred at Home Hospice, Term Loan, Second Lien			9.500%				1-Month LIBOR				7.000%				6/21/26				CCC+				507,813
	1,500			Lifepoint Health, Inc., Term Loan			7.129%				3-Month LIBOR				4.500%				11/16/25				B+				1,467,000
	1,391			Millennium Laboratories, Inc., Term Loan B, First Lien			8.999%				1-Month LIBOR				6.500%				12/21/20				CCC+				783,895
	3,351			Pharmaceutical Product Development, Inc., Term Loan B, (DD1)			4.999%				1-Month LIBOR				2.500%				8/18/22				BB–				3,290,609
	744			PharMerica, Term Loan, First Lien			6.008%				1-Month LIBOR				3.500%				12/06/24				B+				743,329
	744			Prospect Medical Holdings, Term Loan B1			8.063%				1-Month LIBOR				5.500%				2/22/24				B+				740,653
	119			Quorum Health Corp., Term Loan B			9.249%				1-Month LIBOR				6.750%				4/29/22				B+				118,447
	1,669			Select Medical Corporation, Term Loan B			5.012%				1-Month LIBOR				2.500%				3/06/25				BB				1,654,672
	612			Team Health, Initial Term Loan, (WI/DD)			TBD				TBD				TBD				TBD				B+				552,014
	148			Vizient, Inc., Term Loan B			5.249%				1-Month LIBOR				2.750%				2/13/23				BB–				147,739
	19,038			Total Health Care Providers & Services																							18,052,393
				Health Care Technology – 1.1% (0.7% of Total Investments)
	2,888			Emdeon, Inc., Term Loan			5.249%				1-Month LIBOR				2.750%				3/01/24				B+				2,830,111
				Hotels, Restaurants & Leisure – 12.7% (7.8% of Total Investments)
	1,021			24 Hour Fitness Worldwide, Inc., Term Loan B			5.999%				1-Month LIBOR				3.500%				5/30/25				BB–				1,012,349
	700			Aramark Corporation, Term Loan			4.249%				1-Month LIBOR				1.750%				3/11/25				BBB–				695,999
	5,938			Burger King Corporation, Term Loan B3			4.749%				1-Month LIBOR				2.250%				2/16/24				BB–				5,851,041
	2,346			Caesars Entertainment Operating Company, Inc., Term Loan B			4.499%				1-Month LIBOR				2.000%				10/06/24				BB				2,305,026
	1,980			Caesars Resort Collection, Term Loan, First Lien			5.249%				1-Month LIBOR				2.750%				12/23/24				BB				1,956,002
	1,146			CCM Merger, Inc., Term Loan B			4.749%				1-Month LIBOR				2.250%				8/09/21				BB–				1,137,631
	2,168			CityCenter Holdings LLC, Term Loan B			4.749%				1-Month LIBOR				2.250%				4/18/24				BB–				2,133,225
	991			Equinox Holdings, Inc., Term Loan B1			5.499%				1-Month LIBOR				3.000%				3/08/24				B+				979,587
	490			Four Seasons Holdings, Inc., Term Loan B			4.499%				1-Month LIBOR				2.000%				11/30/23				BB+				483,008
	2,298			Intrawest Resorts Holdings, Inc., Term Loan B			5.499%				1-Month LIBOR				3.000%				7/31/24				B				2,271,957
	1,667			Life Time Fitness, Inc., Term Loan B			5.457%				3-Month LIBOR				2.750%				6/10/22				BB–				1,646,873
	500			MGM Growth Properties, Term Loan A, (WI/DD)			TBD				TBD				TBD				TBD				BB+				495,000
	1,070			MGM Growth Properties, Term Loan B			4.414%				1-Month LIBOR				2.000%				3/21/25				BBB–				1,054,458
	4,893			Scientific Games Corp., Initial Term Loan B5			5.249%				1-Month LIBOR				2.750%				8/14/24				BB–				4,750,498
	882			Seaworld Parks and Entertainment, Inc., Term Loan B5			5.499%				1-Month LIBOR				3.000%				4/01/24				B				867,394
	1,692			Stars Group Holdings, Term Loan B			6.303%				3-Month LIBOR				3.500%				7/10/25				B+				1,679,392
	1,722			Station Casino LLC, Term Loan B			5.000%				1-Month LIBOR				2.500%				6/08/23				BB–				1,704,797
	998			Wyndham International, Inc., Term Loan B			4.249%				1-Month LIBOR				1.750%				5/30/25				BBB–				982,892
	32,502			Total Hotels, Restaurants & Leisure																							32,007,129
				Household Durables – 0.5% (0.3% of Total Investments)
	1,355			Serta Simmons Holdings LLC, Term Loan, First Lien			6.013%				1-Month LIBOR				3.500%				11/08/23				B–				1,161,563
				Household Products – 0.3% (0.2% of Total Investments)
	737			Reynolds Group Holdings, Inc., Term Loan, First Lien			5.249%				1-Month LIBOR				2.750%				2/05/23				B+				727,797
				Industrial Conglomerates – 0.3% (0.2% of Total Investments)
	744			Education Advisory Board, Term Loan, First Lien			6.408%				2-Month LIBOR				3.750%				11/15/24				B				723,905

 

29

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NSL		Nuveen Senior Income Fund (continued)
		Portfolio of Investments    January 31, 2019
		(Unaudited)

 

Principal Amount (000)				Description (1)		Coupon (2)				Reference Rate (2)				Spread (2)				Maturity (3)				Ratings (4)				Value
				Insurance – 2.1% (1.3% of Total Investments)
$	491			Acrisure LLC, Term Loan B			6.749%				1-Month LIBOR				4.250%				11/22/23				B			$	483,146
	2,681			Alliant Holdings I LLC, Term Loan B			5.258%				1-Month LIBOR				2.750%				5/09/25				B				2,586,318
	727			Asurion LLC, Term Loan B6			5.499%				1-Month LIBOR				3.000%				11/03/23				BB–				716,663
	1,650			Hub International Holdings, Inc., Term Loan B			5.514%				3-Month LIBOR				2.750%				4/25/25				B				1,594,685
	5,549			Total Insurance																							5,380,812
				Interactive Media & Services – 0.7% (0.4% of Total Investments)
	883			Rackspace Hosting, Inc., Refinancing Term B Loan, First Lien			5.582%				3-Month LIBOR				3.000%				11/03/23				BB+				820,904
	1,000			WeddingWire, Inc., Term Loan			7.290%				3-Month LIBOR				4.500%				12/19/25				B+				998,440
	1,883			Total Interactive Media & Services																							1,819,344
				Internet and Direct Marketing Retail – 1.0% (0.6% of Total Investments)
	2,491			Uber Technologies, Inc., Term Loan			6.516%				1-Month LIBOR				4.000%				4/04/25				N/R				2,479,569
				Internet Software & Services – 0.8% (0.5% of Total Investments)
	973			Ancestry.com, Inc., Term Loan, First Lien			5.750%				1-Month LIBOR				3.250%				10/19/23				B				957,913
	556			Dynatrace, Term Loan, First Lien			5.749%				1-Month LIBOR				3.250%				8/22/25				B+				550,761
	56			Dynatrace, Term Loan, Second Lien			9.499%				1-Month LIBOR				7.000%				8/21/26				CCC+				56,183
	1,109			SkillSoft Corporation, Term Loan, Second Lien			10.749%				1-Month LIBOR				8.250%				4/28/22				CCC–				587,714
	2,694			Total Internet Software & Services																							2,152,571
				IT Services – 5.6% (3.4% of Total Investments)
	563			DTI Holdings, Inc., Replacement Term Loan B1			7.494%				3-Month LIBOR				4.750%				9/29/23				B				529,994
	1,442			First Data Corporation, Term Loan, First Lien, (DD1)			4.519%				1-Month LIBOR				2.000%				7/10/22				BB+				1,438,145
	3,212			First Data Corporation, Term Loan, First Lien			4.519%				1-Month LIBOR				2.000%				4/26/24				BB+				3,203,886
	649			Gartner, Inc., Term Loan A			3.999%				1-Month LIBOR				1.500%				3/21/22				BB+				644,409
	627			GTT Communications, Inc., Term Loan, First Lien			5.250%				1-Month LIBOR				2.750%				6/02/25				BB–				590,110
	1,098			Sabre, Inc., Term Loan B			4.499%				1-Month LIBOR				2.000%				2/22/24				BB				1,084,740
	429			Science Applications International Corporation, Term Loan B			4.249%				1-Month LIBOR				1.750%				10/31/25				BB+				423,469
	2,000			Syniverse Holdings, Inc., Initial Term Loan, Second Lien			11.509%				1-Month LIBOR				9.000%				3/11/24				CCC+				1,720,000
	1,569			Syniverse Holdings, Inc., Tranche Term Loan C			7.509%				1-Month LIBOR				5.000%				3/09/23				B				1,427,363
	1,231			Tempo Acquisition LLC, Term Loan B			5.499%				1-Month LIBOR				3.000%				5/01/24				B+				1,211,464
	1,237			West Corporation, Term Loan B			6.499%				1-Month LIBOR				4.000%				10/10/24				BB+				1,139,416
	731			WEX, Inc., Term Loan B			4.749%				1-Month LIBOR				2.250%				7/01/23				BB–				721,978
	14,788			Total IT Services																							14,134,974
				Life Sciences Tools & Services – 0.3% (0.2% of Total Investments)
	297			Inventiv Health, Inc., Term Loan B			4.499%				1-Month LIBOR				2.000%				8/01/24				BB				293,227
	399			Parexel International Corp., Term Loan B, (WI/DD)			TBD				TBD				TBD				TBD				B+				379,090
	696			Total Life Sciences Tools & Services																							672,317
				Machinery – 1.3% (0.8% of Total Investments)
	734			BJ’s Wholesale Club, Inc., Term Loan B			5.514%				1-Month LIBOR				3.000%				2/01/24				B+				729,016
	1,001			Gardner Denver, Inc., Term Loan B			5.249%				1-Month LIBOR				2.750%				7/30/24				BB+				997,055
	834			Gates Global LLC, Term Loan B			5.249%				1-Month LIBOR				2.750%				4/01/24				B+				818,125
	496			TNT Crane and Rigging Inc., Initial Term Loan, First Lien			7.303%				3-Month LIBOR				4.500%				11/27/20				CCC+				455,420
	500			TNT Crane and Rigging, Inc., Term Loan, Second Lien			11.803%				3-Month LIBOR				9.000%				11/26/21				CCC–				417,500
	3,565			Total Machinery																							3,417,116
				Marine – 0.6% (0.4% of Total Investments)
	647			American Commercial Lines LLC, Term Loan B, First Lien			11.249%				1-Month LIBOR				8.750%				11/12/20				CCC+				462,516
	1,024			Harvey Gulf International Marine, Inc., Exit Term Loan			8.508%				6-Month LIBOR				6.000%				7/02/23				B				1,020,596
	1,671			Total Marine																							1,483,112

 

30

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Principal Amount (000)				Description (1)		Coupon (2)				Reference Rate (2)				Spread (2)				Maturity (3)				Ratings (4)				Value
				Media – 13.9% (8.5% of Total Investments)
$	1,245			Advantage Sales & Marketing, Inc., Term Loan, First Lien			5.749%				1-Month LIBOR				3.250%				7/23/21				B+			$	1,100,359
	381			Affinion Group Holdings, Inc., Term Loan, First Lien			10.390%				3-Month LIBOR				7.750%				5/10/22				CCC+				373,258
	70			Catalina Marketing Corporation, Delayed Draw Term Loan, First Lien, (WI/DD)			TBD				TBD				TBD				TBD				B3				70,346
	263			Catalina Marketing Corporation, DIP Term Loan, First Lien			8.008%				3-Month LIBOR				5.500%				6/14/19				Caa2				226,959
	105			Catalina Marketing Corporation, Term Loan A			12.514%				1-Month LIBOR				10.000%				6/14/19				B3				105,519
	114			Catalina Marketing Corporation, Term Loan B, (WI/DD)			TBD				TBD				TBD				TBD				B3				114,313
	1,592			Catalina Marketing Corporation, Term Loan, First Lien, (5)			0.000%				N/A				N/A				4/09/21				D				143,320
	1,000			Catalina Marketing Corporation, Term Loan, Second Lien, (5)			9.457%				N/A				N/A				4/11/22				D				18,500
	350			CBS Radio, Inc., Term Loan B, (WI/DD)			TBD				TBD				TBD				TBD				BB–				340,813
	2,894			Cequel Communications LLC, Term Loan B			4.759%				1-Month LIBOR				2.250%				1/10/26				BB				2,795,844
	3,025			Charter Communications Operating Holdings LLC, Term Loan B			4.500%				1-Month LIBOR				2.000%				4/30/25				BBB–				2,989,457
	1,488			Cineworld Group PLC, Term Loan B			4.999%				1-Month LIBOR				2.500%				2/28/25				BB–				1,455,525
	3,064			Clear Channel Communications, Inc., Tranche D, Term Loan, (5)			0.000%				N/A				N/A				1/30/19				CCC				2,078,907
	4,961			Clear Channel Communications, Inc., Term Loan E, (5)			0.000%				N/A				N/A				7/30/19				CCC				3,366,640
	993			CSC Holdings LLC, Term Loan B			5.009%				1-Month LIBOR				2.500%				1/25/26				BB+				972,650
	3,969			Cumulus Media, Inc., Exit Term Loan			7.000%				1-Month LIBOR				4.500%				5/13/22				B				3,841,995
	415			Gray Television, Inc., Term Loan B2			4.770%				1-Month LIBOR				2.250%				2/07/24				BB+				408,431
	919			IMG Worldwide, Inc., Term Loan B			5.250%				1-Month LIBOR				2.750%				5/18/25				B				868,816
	2,042			Intelsat Jackson Holdings, S.A., Term Loan B			6.252%				1-Month LIBOR				3.750%				11/30/23				B+				2,030,158
	2,377			McGraw-Hill Education Holdings LLC, Term Loan B			6.499%				1-Month LIBOR				4.000%				5/02/22				BB+				2,171,150
	1,137			Meredith Corporation, Tranche Term Loan B1			5.249%				1-Month LIBOR				2.750%				1/31/25				BB				1,131,607
	998			Metro-Goldwyn-Mayer, Inc., Term Loan, First Lien			5.000%				1-Month LIBOR				2.500%				7/03/25				BB				985,660
	750			Metro-Goldwyn-Mayer, Inc., Term Loan, Second Lien			7.000%				1-Month LIBOR				4.500%				7/03/26				B				725,629
	257			Nexstar Broadcasting, Inc., Term Loan B3			4.756%				1-Month LIBOR				2.250%				1/17/24				BB+				249,491
	1,487			Nexstar Broadcasting, Inc., Term Loan B3			4.752%				1-Month LIBOR				2.250%				1/17/24				BB+				1,443,146
	846			Sinclair Television Group, Term Loan B2, (DD1)			4.750%				1-Month LIBOR				2.250%				1/31/24				BB+				841,616
	1,083			Springer Science & Business Media, Inc., Term Loan B13, First Lien			5.999%				1-Month LIBOR				3.500%				8/15/22				B				1,079,981
	767			UPC Financing Partnership, Term Loan AR1, First Lien			5.009%				1-Month LIBOR				2.500%				1/15/26				BB+				756,759
	2,364			WideOpenWest Finance LLC, Term Loan B			5.753%				1-Month LIBOR				3.250%				8/18/23				B				2,264,738
	40,956			Total Media																							34,951,587
				Multiline Retail – 1.2% (0.7% of Total Investments)
	1,152			Belk, Inc., Term Loan B, First Lien, (DD1)			7.365%				2-Month LIBOR				4.750%				12/12/22				B				920,940
	868			EG America LLC, Term Loan, First Lien			6.813%				3-Month LIBOR				4.000%				2/07/25				B				841,083
	449			Hudson’s Bay Company, Term Loan B, First Lien			5.752%				1-Month LIBOR				3.250%				9/30/22				BB–				440,464
	827			Neiman Marcus Group, Inc., Term Loan			5.763%				1-Month LIBOR				3.250%				10/25/20				CCC				735,969
	3,296			Total Multiline Retail																							2,938,456
				Oil, Gas & Consumable Fuels – 2.7% (1.6% of Total Investments)
	1,085			BCP Renaissance Parent, Term Loan B			6.244%				3-Month LIBOR				3.500%				10/31/24				BB–				1,076,972
	750			California Resources Corporation, Term Loan			12.874%				1-Month LIBOR				10.375%				12/31/21				B				786,563
	2,130			California Resources Corporation, Term Loan B			7.252%				1-Month LIBOR				4.750%				12/31/22				B				2,093,609
	1,546			Fieldwood Energy LLC, Exit Term Loan			7.749%				1-Month LIBOR				5.250%				4/11/22				BB–				1,423,642
	610			Fieldwood Energy LLC, Exit Term Loan, second Lien			9.749%				1-Month LIBOR				7.250%				4/11/23				B+				527,581
	824			Peabody Energy Corporation, Term Loan B			5.249%				1-Month LIBOR				2.750%				3/31/25				BB				809,916
	6,945			Total Oil, Gas & Consumable Fuels																							6,718,283
				Personal Products – 1.4% (0.8% of Total Investments)
	975			Coty, Inc., Term Loan A			4.271%				1-Month LIBOR				1.750%				4/05/23				BB				948,188
	995			Coty, Inc., Term Loan B			4.771%				1-Month LIBOR				2.250%				4/07/25				BB				947,116

 

31

---

NSL		Nuveen Senior Income Fund (continued)
		Portfolio of Investments    January 31, 2019
		(Unaudited)

 

Principal Amount (000)				Description (1)		Coupon (2)				Reference Rate (2)				Spread (2)				Maturity (3)				Ratings (4)				Value
				Personal Products (continued)
$	2,185			Revlon Consumer Products Corporation, Term Loan B, First Lien			6.207%				3-Month LIBOR				3.500%				11/16/20				B–			$	1,566,871
	4,155			Total Personal Products																							3,462,175
				Pharmaceuticals – 2.1% (1.3% of Total Investments)
	586			Alphabet Holding Company, Inc., Initial Term Loan, First Lien			5.999%				1-Month LIBOR				3.500%				9/26/24				B–				533,954
	2,115			Concordia Healthcare Corp, Exit Term Loan			8.016%				1-Month LIBOR				5.500%				9/06/24				B–				2,017,431
	662			Valeant Pharmaceuticals International, Inc., Term Loan B, (DD1)			5.263%				1-Month LIBOR				2.750%				11/15/25				BB				653,853
	1,992			Valeant Pharmaceuticals International, Inc., Term Loan, First Lien			5.513%				1-Month LIBOR				3.000%				6/02/25				BB				1,973,914
	5,355			Total Pharmaceuticals																							5,179,152
				Professional Services – 2.0% (1.2% of Total Investments)
	1,190			Ceridian HCM Holding, Inc., Term Loan B			5.749%				1-Month LIBOR				3.250%				4/30/25				B				1,178,658
	1,256			Nielsen Finance LLC, Term Loan B4			4.511%				1-Month LIBOR				2.000%				10/04/23				BBB–				1,238,074
	718			On Assignment, Inc., Term Loan B			4.499%				1-Month LIBOR				2.000%				4/02/25				BB				710,325
	2,218			Skillsoft Corporation, Initial Term Loan, First Lien			7.249%				1-Month LIBOR				4.750%				4/28/21				B–				1,821,721
	5,382			Total Professional Services																							4,948,778
				Real Estate Management & Development – 0.9% (0.6% of Total Investments)
	1,421			GGP, Term Loan B			4.999%				1-Month LIBOR				2.500%				8/27/25				BB+				1,363,564
	981			Trico Group LLC, Term Loan, First Lien			9.207%				3-Month LIBOR				6.500%				2/02/24				B				961,625
	2,402			Total Real Estate Management & Development																							2,325,189
				Road & Rail – 3.0% (1.9% of Total Investments)
	5,750			Avolon LLC, Term Loan B			4.503%				1-Month LIBOR				2.000%				1/15/25				BBB–				5,700,666
	970			Quality Distribution, Incremental Term Loan, First Lien			8.303%				3-Month LIBOR				5.500%				8/18/22				B				955,450
	960			Savage Enterprises LLC, Term Loan B			7.020%				1-Month LIBOR				4.500%				8/01/25				B+				960,832
	7,680			Total Road & Rail																							7,616,948
				Semiconductors & Semiconductor Equipment – 1.5% (0.9% of Total Investments)
	500			Cabot Microelectronics, Term Loan B			4.750%				1-Month LIBOR				2.250%				11/14/25				BB+				496,875
	453			Lumileds, Term Loan B			6.205%				3-Month LIBOR				3.500%				6/30/24				B+				344,199
	1,130			Microchip Technology., Inc., Term Loan B			4.500%				1-Month LIBOR				2.000%				5/29/25				BBB–				1,114,873
	775			Micron Technology, Inc., Term Loan B			4.250%				1-Month LIBOR				1.750%				4/10/22				BBB				769,029
	1,070			ON Semiconductor Corporation, Term Loan B3			4.249%				1-Month LIBOR				1.750%				3/31/23				BBB–				1,059,012
	3,928			Total Semiconductors & Semiconductor Equipment																							3,783,988
				Software – 13.7% (8.4% of Total Investments)
	1,597			Blackboard, Inc., Term Loan B4			7.780%				3-Month LIBOR				5.000%				6/30/21				B–				1,503,267
	351			Compuware Corporation, Term Loan, First Lien			6.002%				1-Month LIBOR				3.500%				8/25/25				B+				351,496
	900			DiscoverOrg LLC, Term Loan B, (WI/DD)			TBD				TBD				TBD				TBD				B				895,500
	1,580			Ellucian, Term Loan B, First Lien			6.053%				3-Month LIBOR				3.250%				9/30/22				B				1,549,564
	2,450			Greeneden U.S. Holdings II LLC, Term Loan B			5.749%				1-Month LIBOR				3.250%				12/01/23				B				2,399,774
	5,267			Infor (US), Inc., Term Loan B			5.249%				1-Month LIBOR				2.750%				2/01/22				B+				5,245,075
	1,548			Informatica, Term Loan B			5.749%				1-Month LIBOR				3.250%				8/05/22				B+				1,546,252
	973			Kronos Incorporated, Term Loan B			5.541%				3-Month LIBOR				3.000%				11/20/23				B				955,673
	458			McAfee Holdings International, Inc., Term Loan, Second Lien			11.000%				1-Month LIBOR				8.500%				9/29/25				B–				466,354
	1,992			McAfee LLC, Term Loan B			6.250%				1-Month LIBOR				3.750%				9/30/24				B+				1,984,088
	638			Micro Focus International PLC, New Term Loan			4.999%				1-Month LIBOR				2.500%				6/21/24				BB–				619,021
	4,312			Micro Focus International PLC, Term Loan B			4.999%				1-Month LIBOR				2.500%				6/21/24				BB–				4,180,400
	1,873			Micro Focus International PLC, Term Loan B2			4.749%				1-Month LIBOR				2.250%				11/19/21				BB–				1,846,279
	429			Misys, New Term Loan, Second Lien			10.053%				3-Month LIBOR				7.250%				6/13/25				BB–				406,927
	253			Mitchell International, Inc., Initial Term Loan, First Lien			5.749%				1-Month LIBOR				3.250%				11/29/24				B				243,436
	300			Mitchell International, Inc., Initial Term Loan, Second Lien			9.749%				1-Month LIBOR				7.250%				12/01/25				CCC				294,600

 

32

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Principal Amount (000)				Description (1)		Coupon (2)				Reference Rate (2)				Spread (2)				Maturity (3)				Ratings (4)				Value
				Software (continued)
$	980			RP Crown Parent LLC, Term Loan B			5.249%				1-Month LIBOR				2.750%				10/15/23				B+			$	965,300
	3,913			SS&C Technologies, Inc./ Sunshine Acquisition II, Inc., Term Loan B3, (DD1)			4.749%				1-Month LIBOR				2.250%				4/16/25				BB				3,839,794
	1,505			SS&C Technologies, Inc./ Sunshine Acquisition II, Inc., Term Loan B4, (DD1)			4.749%				1-Month LIBOR				2.250%				4/16/25				BB				1,476,911
	3,635			TIBCO Software, Inc., Term Loan, First Lien			6.010%				1-Month LIBOR				3.500%				12/04/20				B+				3,614,633
	34,954			Total Software																							34,384,344
				Specialty Retail – 1.8% (1.1% of Total Investments)
	1,009			Academy, Ltd., Term Loan B			6.514%				1-Month LIBOR				4.000%				7/01/22				CCC+				701,241
	2,676			Petco Animal Supplies, Inc., Term Loan B1			5.994%				3-Month LIBOR				3.250%				1/26/23				B				2,063,230
	1,780			Petsmart Inc., Term Loan B, First Lien			5.520%				1-Month LIBOR				3.000%				3/11/22				B–				1,496,803
	470			Serta Simmons Holdings LLC, Term Loan, Second Lien, (DD1)			10.514%				1-Month LIBOR				8.000%				11/08/24				CCC				337,936
	5,935			Total Specialty Retail																							4,599,210
				Technology Hardware, Storage & Peripherals – 7.3% (4.5% of Total Investments)
	3,066			BMC Software, Inc., Term Loan B			7.053%				3-Month LIBOR				4.250%				10/02/25				B				2,999,320
	7,731			Dell International LLC, Refinancing Term Loan B			4.500%				1-Month LIBOR				2.000%				9/07/23				BBB–				7,636,543
	2,138			Dell International LLC, Replacement Term Loan A2			4.250%				1-Month LIBOR				1.750%				9/07/21				BBB–				2,116,791
	5,698			Western Digital, Term Loan B			4.260%				1-Month LIBOR				1.750%				4/29/23				BBB–				5,569,886
	18,633			Total Technology Hardware, Storage & Peripherals																							18,322,540
				Trading Companies & Distributors – 0.5% (0.3% of Total Investments)
	1,254			Univar, Inc., Term Loan B			4.749%				1-Month LIBOR				2.250%				7/01/24				BB				1,231,088
				Transportation Infrastructure – 0.9% (0.5% of Total Investments)
	500			Atlantic Aviation FBO Inc., Term Loan			6.270%				1-Month LIBOR				3.750%				12/06/25				BB				503,125
	998			Ceva Group PLC, Term Loan, First Lien			6.553%				3-Month LIBOR				3.750%				8/04/25				BB–				988,772
	262			Standard Aero, Canadien Term Loan, (WI/DD)			TBD				TBD				TBD				TBD				B				261,535
	488			Standard Aero, USD Term Loan B, (WI/DD)			TBD				TBD				TBD				TBD				BB				486,455
	2,248			Total Transportation Infrastructure																							2,239,887
				Wireless Telecommunication Services – 2.4% (1.5% of Total Investments)
	729			Asurion LLC, Term Loan B4			5.499%				1-Month LIBOR				3.000%				8/04/22				BB–				719,277
	5,404			Sprint Corporation, Term Loan, First Lien			5.000%				1-Month LIBOR				2.500%				2/02/24				BB+				5,288,920
	6,133			Total Wireless Telecommunication Services																							6,008,197
$	379,964			Total Variable Rate Senior Loan Interests (cost $376,033,564)																							359,709,029
Principal Amount (000)				Description (1)										Coupon				Maturity				Ratings (4)				Value
				CORPORATE BONDS – 15.0% (9.2% of Total Investments)
				Communications Equipment – 3.1% (1.9% of Total Investments)
$	115			Avaya Holdings Corporation, 144A, (5), (7)											7.000%				4/01/19				N/R			$	—
	2,895			Avaya Holdings Corporation, 144A, (5), (7)											10.500%				3/01/21				N/R				—
	3,995			Intelsat Jackson Holdings SA											5.500%				8/01/23				CCC+				3,630,456
	4,050			Intelsat Jackson Holdings SA, 144A											9.750%				7/15/25				CCC+				4,217,062
	11,055			Total Communications Equipment																							7,847,518
				Containers & Packaging – 0.9% (0.5% of Total Investments)
	2,277			Reynolds Group Issuer Inc.											5.750%				10/15/20				B+				2,286,057
				Diversified Telecommunication Services – 1.8% (1.1% of Total Investments)
	295			CSC Holdings LLC, 144A											10.125%				1/15/23				B+				317,494
	4,309			Intelsat Luxembourg SA											7.750%				6/01/21				CC				4,136,640
	4,604			Total Diversified Telecommunication Services																							4,454,134

 

33

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NSL		Nuveen Senior Income Fund (continued)
		Portfolio of Investments    January 31, 2019
		(Unaudited)

 

Principal Amount (000)				Description (1)										Coupon				Maturity				Ratings (4)				Value
				Health Care Providers & Services – 0.3% (0.2% of Total Investments)
$	510			Tenet Healthcare Corporation											4.750%				6/01/20				BB–			$	513,825
	350			Tenet Healthcare Corporation											6.000%				10/01/20				BB				361,480
	860			Total Health Care Providers & Services																							875,305
				Hotels, Restaurants & Leisure – 1.1% (0.7% of Total Investments)
	2,650			Scientific Games International Inc.											10.000%				12/01/22				B–				2,785,813
				Media – 3.5% (2.1% of Total Investments)
	100			Charter Communications Operating LLC											3.579%				7/23/20				BBB–				100,258
	347			DISH DBS Corporation											5.125%				5/01/20				BB–				347,867
	1,000			DISH DBS Corporation											5.875%				11/15/24				BB–				828,750
	2,122			iHeartCommunications Inc., (5)											9.000%				12/15/19				CCC				1,421,740
	9,172			iHeartCommunications Inc., (5)											5.340%				2/01/21				CC				1,109,797
	2,430			iHeartCommunications Inc., (5)											9.000%				3/01/21				CCC				1,622,025
	1,524			iHeartCommunications Inc., 144A, (5)											11.250%				3/01/21				C				960,120
	2,830			Intelsat Luxembourg SA											8.125%				6/01/23				CCC–				2,354,206
	19,525			Total Media																							8,744,763
				Oil, Gas & Consumable Fuels – 1.6% (1.0% of Total Investments)
	2,735			California Resources Corporation, 144A											8.000%				12/15/22				B–				2,194,838
	400			Denbury Resources Inc.											6.375%				8/15/21				CCC+				330,000
	1,404			Denbury Resources Inc., 144A											9.250%				3/31/22				B+				1,379,430
	115			EP Energy LLC, 144A											9.375%				5/01/24				CCC				61,238
	4,654			Total Oil, Gas & Consumable Fuels																							3,965,506
				Pharmaceuticals – 0.6% (0.4% of Total Investments)
	1,000			Bausch Health Companies Inc., 144A											6.500%				3/15/22				BB				1,033,750
	437			Concordia International Corporation											8.000%				9/06/24				B–				415,150
	1,437			Total Pharmaceuticals																							1,448,900
				Semiconductors & Semiconductor Equipment – 0.3% (0.2% of Total Investments)
	761			Advanced Micro Devices Inc.											7.500%				8/15/22				B+				825,685
				Software – 0.5% (0.3% of Total Investments)
	1,275			Infor US Inc., 144A											5.750%				8/15/20				B+				1,293,870
				Wireless Telecommunication Services – 1.3% (0.8% of Total Investments)
	500			Sprint Capital Corporation											7.875%				9/15/23				B+				531,250
	2,000			Sprint Capital Corporation											7.125%				6/15/24				B+				2,055,000
	550			Sprint Communications Inc.											7.000%				8/15/20				B+				570,625
	3,050			Total Wireless Telecommunication Services																							3,156,875
$	52,148			Total Corporate Bonds (cost $42,974,563)																							37,684,426
Shares				Description (1)																						Value
				COMMON STOCKS – 2.2% (1.2% of Total Investments)
				Diversified Consumer Services – 0.1% (0.0% of Total Investments)
	37,172			Cengage Learning Holdings II Inc., (8), (9)																						$	144,042
				Energy Equipment & Services – 0.4% (0.3% of Total Investments)
	19,407			C&J Energy Services Inc., (8)																							311,870
	40,007			Transocean Ltd																							342,860
	1,961			Vantage Drilling International, (8), (9)																							454,952
				Total Energy Equipment & Services																							1,109,682
				Health Care Providers & Services – 0.1% (0.0% of Total Investments)
	35,750			Millennium Health LLC, (7), (8)																							69,285
	33,563			Millennium Health LLC, (7), (8)																							65,018

 

34

---

Shares				Description (1)																						Value
				Health Care Providers & Services (continued)
	38,382			Millennium Health LLC, (8), (9)																						$	2,111
				Total Health Care Providers & Services																							136,414
				Marine – 0.2% (0.1% of Total Investments)
	10,768			HGIM Corporation, (9)																							409,184
	2,409			HGIM Corporation, (8), (9)																							91,542
				Total Marine																							500,726
				Media – 0.5% (0.3% of Total Investments)
	50,775			Cumulus Media Inc., (8)																							611,839
	775,233			Hibu PLC, (8), (9)																							202,336
	6,268			Metro-Goldwyn-Mayer Inc., (8), (9)																							489,531
	14,825			Tribune Media Company, (9)																							9,636
				Total Media																							1,313,342
				Pharmaceuticals – 0.1% (0.0% of Total Investments)
	11,982			Advanz Pharma Corporation, (8)																							226,699
				Software – 0.8% (0.5% of Total Investments)
	118,613			Avaya Holdings Corporation, (8)																							2,005,746
				Specialty Retail – 0.0% (0.0% of Total Investments)
	14,849			Gymboree Holding Corporation, (8), (9)																							29,698
	5,454			Gymboree Holding Corporation, (8), (9)																							10,908
				Total Specialty Retail																							40,606
				Total Common Stocks (cost $10,452,719)																							5,477,257
Shares				Description (1)																						Value
				COMMON STOCK RIGHTS – 0.1% (0.1% of Total Investments)
				Oil, Gas & Consumable Fuels – 0.1% (0.1% of Total Investments)
	7,052			Fieldwood Energy LLC, (7), (8)																						$	221,558
	1,425			Fieldwood Energy LLC, (8), (9)																							47,025
				Total Common Stock Rights (cost $201,310)																							268,583
Shares				Description (1)																						Value
				WARRANTS – 0.0% (0.0% of Total Investments)
	11,806			Avaya Holdings Corporation, (9)																						$	14,758
				Total Warrants (cost $1,103,821)																							14,758
				Total Long-Term Investments (cost $430,765,977)																							403,154,053
Shares				Description (1)										Coupon												Value
				SHORT-TERM INVESTMENTS – 3.2% (1.9% of Total Investments)
				INVESTMENT COMPANIES – 3.2% (1.9% of Total Investments)
	8,014,761			BlackRock Liquidity Funds T-Fund Portfolio, (10)											2.290% (11)											$	8,014,761
				Total Short-Term Investments (cost $8,014,761)																							8,014,761
				Total Investments (cost $438,780,738) – 163.4%																							411,168,814
				Borrowings – (45.3)% (12), (13)																							(114,000,000	)
				Term Preferred Shares, net of deferred offering costs – (16.9)% (14)																							(42,494,344	)
				Other Assets Less Liabilities – (1.2)% (15)																							(2,982,953	)
				Net Assets Applicable to Common Shares – 100%																						$	251,691,517

 

35

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NSL		Nuveen Senior Income Fund (continued)
		Portfolio of Investments    January 31, 2019
		(Unaudited)

 

Investments in Derivatives

Interest Rate Swaps – OTC Uncleared

 

Counterparty		Notional Amount				Fund Pay/Receive Floating Rate				Floating Rate Index				Fixed Rate (Annualized)				Fixed Rate Payment Frequency				Maturity Date				Value				Unrealized Appreciation (Depreciation)
Morgan Stanley Capital Services LLC		$	43,000,000				Pay				1-Month LIBOR				2.000	%(16)			Monthly				11/01/21	(17)		$	(665,341	)		$	(665,341	)

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.

 

(1)	All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

 

(2)

Senior loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate (Reference Rate) plus an assigned fixed rate (Spread). These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate (“LIBOR”), or (ii) the prime rate offered by one or more major United States banks. Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan. The rate shown is the coupon as of the end of the reporting period.

 

(3)

Senior loans generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments of senior loans may occur. As a result, the actual remaining maturity of senior loans held may be substantially less than the stated maturities shown.

 

(4)

For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

 

(5)

As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records.

 

(6)	Investment, or portion of investment, represents an outstanding unfunded senior loan commitment. See Notes to Financial Statements, Note 8 – Senior Loan Commitments for more information.

 

(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. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.

 

(8)	Non-income producing; issuer has not declared a dividend within the past twelve months.

 

(9)	For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.

 

(10)	A copy of the most recent financial statements for these investment companies can be obtained directly from the Securities and Exchange Commission on its website at the http://www.sec.gov.

 

(11)	The rate shown is the annualized seven-day subsidized yield as of the end of the reporting period.

 

(12)	Borrowings as a percentage of Total Investments is 27.7%.

 

(13)	The Fund segregates 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings.

 

(14)	Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 10.3%.

 

(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 cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable.

 

(16)	Effective November 1, 2019, the fixed rate paid by the Fund increased according to a predetermined schedule as specified in the swap contract. Additionally, this fixed rate increase will continue to occur every twelve months on specific dates through the swap contract’s termination date.

 

(17)	This interest rate swap has an optional early termination date beginning on November 1, 2018 and monthly thereafter through the termination date as specified in the swap contract.

 

144A	Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

 

DD1	Portion of investment purchased on a delayed delivery basis.

 

LIBOR

London Inter-Bank Offered Rate

 

N/A	Not Applicable

 

TBD

Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the final coupon rate and maturity date.

 

WI/DD

Purchased on a when-issued or delayed delivery basis.

 

See accompanying notes to financial statements.

 

36

---

JFR		Nuveen Floating Rate Income Fund   Portfolio of Investments    January 31, 2019
		(Unaudited)

 

Principal Amount (000)				Description (1)		Coupon (2)				Reference Rate (2)				Spread (2)				Maturity (3)				Ratings (4)				Value
				LONG-TERM INVESTMENTS – 159.1% (98.4% of Total Investments)
				VARIABLE RATE SENIOR LOAN INTERESTS – 138.0% (85.3% of Total Investments) (2)
				Aerospace & Defense – 2.2% (1.4% of Total Investments)
$	693			Rexnord LLC/ RBS Global, Inc., Term Loan, First Lien			4.499%				1-Month LIBOR				2.000%				8/21/24				BB+			$	688,942
	5,963			Sequa Corporation, Term Loan B			7.516%				3-Month LIBOR				5.000%				11/28/21				B				5,872,410
	2,134			Sequa Corporation, Term Loan, Second Lien			11.751%				3-Month LIBOR				9.000%				4/28/22				CCC				2,041,095
	2,892			Transdigm, Inc., Term Loan E			4.999%				1-Month LIBOR				2.500%				5/30/25				BB				2,826,226
	975			Transdigm, Inc., Term Loan F			4.999%				1-Month LIBOR				2.500%				6/09/23				BB				956,299
	1,303			Transdigm, Inc., Term Loan G, First Lien			4.999%				1-Month LIBOR				2.500%				8/22/24				BB–				1,274,555
	13,960			Total Aerospace & Defense																							13,659,527
				Air Freight & Logistics – 0.6% (0.4% of Total Investments)
	1,628			PAE Holding Corporation, Term Loan B			8.119%				2-Month LIBOR				5.500%				10/20/22				B+				1,620,322
	2,167			XPO Logistics, Inc., Term Loan B			4.500%				1-Month LIBOR				2.000%				2/24/25				BBB–				2,137,047
	3,795			Total Air Freight & Logistics																							3,757,369
				Airlines – 2.2% (1.3% of Total Investments)
	4,056			American Airlines, Inc., Replacement Term Loan			4.516%				1-Month LIBOR				2.000%				10/10/21				BB+				4,009,257
	2,131			American Airlines, Inc., Term Loan 2025			4.252%				1-Month LIBOR				1.750%				6/27/25				BB+				2,046,972
	7,534			American Airlines, Inc., Term Loan B			4.509%				1-Month LIBOR				2.000%				12/14/23				BB+				7,319,208
	13,721			Total Airlines																							13,375,437
				Auto Components – 0.5% (0.3% of Total Investments)
	1,408			DexKo Global, Inc., Term Loan B			5.999%				1-Month LIBOR				3.500%				7/24/24				B+				1,389,893
	1,970			Superior Industries International, Inc., Term Loan B			6.499%				1-Month LIBOR				4.000%				5/22/24				B+				1,946,983
	3,378			Total Auto Components																							3,336,876
				Automobiles – 0.4% (0.2% of Total Investments)
	1,000			Caliber Collision, Term Loan B, (WI/DD)			TBD				TBD				TBD				TBD				B+				999,790
	1,485			Navistar, Inc., Tranche B, Term Loan			6.020%				1-Month LIBOR				3.500%				11/06/24				BB–				1,465,517
	2,485			Total Automobiles																							2,465,307
				Beverages – 0.7% (0.4% of Total Investments)
	4,108			Jacobs Douwe Egberts, Term Loan B			4.563%				3-Month LIBOR				2.000%				11/01/25				BB				4,070,096
				Biotechnology – 0.9% (0.5% of Total Investments)
	5,404			Grifols, Inc., Term Loan B			4.664%				1-Week LIBOR				2.250%				1/31/25				BB+				5,344,093
				Building Products – 1.5% (0.9% of Total Investments)
	767			Fairmount, Initial Term Loan			6.553%				3-Month LIBOR				3.750%				6/01/25				BB				612,492
	649			Ply Gem Industries, Inc., Term Loan B			6.547%				3-Month LIBOR				3.750%				4/12/25				B+				620,118
	8,260			Quikrete Holdings, Inc., Term Loan B			5.249%				1-Month LIBOR				2.750%				11/15/23				BB–				8,026,310
	9,676			Total Building Products																							9,258,920
				Capital Markets – 1.8% (1.1% of Total Investments)
	3,482			Capital Automotive LP, Term Loan, Second Lien			8.499%				1-Month LIBOR				6.000%				3/24/25				CCC+				3,478,402
	7,844			RPI Finance Trust, Term Loan B6			4.499%				1-Month LIBOR				2.000%				3/27/23				BBB–				7,781,278
	11,326			Total Capital Markets																							11,259,680
				Chemicals – 0.4% (0.3% of Total Investments)
	1,206			Ineos US Finance LLC, Term Loan			4.499%				1-Month LIBOR				2.000%				4/01/24				BBB–				1,173,395
	782			Mineral Technologies, Inc., Term Loan B2			4.750%				N/A				N/A				5/07/21				BB+				776,561
	600			SI Group, Term Loan B			7.537%				3-Month LIBOR				4.750%				10/15/25				BB–				595,500
	2,588			Total Chemicals																							2,545,456

 

37

---

JFR		Nuveen Floating Rate Income Fund (continued)
		Portfolio of Investments    January 31, 2019
		(Unaudited)

 

Principal Amount (000)				Description (1)		Coupon (2)				Reference Rate (2)				Spread (2)				Maturity (3)				Ratings (4)				Value
				Commercial Services & Supplies – 5.3% (3.3% of Total Investments)
$	697			ADS Waste Holdings, Inc., Term Loan B			4.664%				1-Week LIBOR				2.250%				11/10/23				BB+			$	690,887
	3,453			Brand Energy & Infrastructure Services, Inc., Term Loan B, First Lien			6.957%				3-Month LIBOR				4.250%				6/16/24				B				3,316,385
	696			Education Management LLC, Tranche A, Term Loan, (6)			0.000%				N/A				N/A				7/02/20				N/R				26,101
	1,567			Education Management LLC, Tranche B, Term Loan, (6)			0.000%				N/A				N/A				7/02/20				N/R				1,967
	8,273			Formula One Group, Term Loan B			4.999%				1-Month LIBOR				2.500%				2/01/24				B+				7,990,666
	829			Fort Dearborn Holding Company, Inc., Term Loan, First Lien			6.784%				1-Month LIBOR				4.000%				10/19/23				B–				793,993
	2,769			Getty Images, Inc., Term Loan B, First Lien			5.999%				1-Month LIBOR				3.500%				10/18/19				B–				2,756,925
	2,494			GFL Environmental, Term Loan			5.499%				1-Month LIBOR				3.000%				5/31/25				B+				2,411,990
	4,500			iQor US, Inc., Term Loan, First Lien, (DD1)			7.797%				3-Month LIBOR				5.000%				4/01/21				CCC+				4,057,596
	500			iQor US, Inc., Term Loan, Second Lien			11.547%				3-Month LIBOR				8.750%				4/01/22				CCC–				374,375
	1,146			KAR Auction Services, Inc., Term Loan B5			5.313%				3-Month LIBOR				2.500%				3/09/23				BB				1,138,985
	1,234			LSC Communications, Refinancing Term Loan			7.999%				1-Month LIBOR				5.500%				9/30/22				B+				1,229,123
	963			Monitronics International, Inc., Term Loan B2, First Lien			8.303%				3-Month LIBOR				5.500%				9/30/22				CCC+				847,601
	3,281			Protection One, Inc., Term Loan			5.249%				1-Month LIBOR				2.750%				5/02/22				BB–				3,242,952
	1,945			Universal Services of America, Initial Term Loan, First Lien			6.249%				1-Month LIBOR				3.750%				7/28/22				BB				1,862,824
	1,750			Universal Services of America, Term Loan, Second Lien			10.999%				1-Month LIBOR				8.500%				7/28/23				CCC				1,677,078
	340			West Corporation, Incremental Term Loan B1			5.999%				1-Month LIBOR				3.500%				10/10/24				BB+				310,051
	36,437			Total Commercial Services & Supplies																							32,729,499
				Communications Equipment – 4.1% (2.5% of Total Investments)
	6,292			Avaya, Inc., Tranche B Term Loan			6.759%				1-Month LIBOR				4.250%				12/15/24				BB–				6,204,462
	1,600			Mitel US Holdings, Inc., Term Loan, First Lien			6.999%				1-Month LIBOR				4.500%				11/30/25				B				1,580,400
	734			MultiPlan, Inc., Term Loan B			5.553%				3-Month LIBOR				2.750%				6/07/23				B+				711,754
	2,167			Plantronics, Term Loan B			4.999%				1-Month LIBOR				2.500%				7/02/25				BB+				2,114,190
	15,920			Univision Communications, Inc., Term Loan C5			5.249%				1-Month LIBOR				2.750%				3/15/24				B				14,883,686
	26,713			Total Communications Equipment																							25,494,492
				Construction & Engineering – 0.6% (0.4% of Total Investments)
	1,990			KBR, Inc., Term Loan B			6.249%				1-Month LIBOR				3.750%				4/25/25				BB–				1,987,522
	1,756			Traverse Midstream Partners, Term Loan B			6.600%				6-Month LIBOR				4.000%				9/27/24				B+				1,752,472
	3,746			Total Construction & Engineering																							3,739,994
				Consumer Finance – 0.8% (0.4% of Total Investments)
	2,486			Vantiv LLC, Repriced Term Loan B4			4.222%				1-Month LIBOR				1.750%				8/09/24				BBB–				2,475,572
	2,265			Verscend Technologies, Tern Loan B			6.999%				1-Month LIBOR				4.500%				8/27/25				B+				2,250,783
	4,751			Total Consumer Finance																							4,726,355
				Containers & Packaging – 0.2% (0.1% of Total Investments)
	1,397			Berry Global, Inc., Term Loan Q			4.516%				1-Month LIBOR				2.000%				10/01/22				BBB–				1,386,412
				Distributors – 0.3% (0.2% of Total Investments)
	1,990			SRS Distribution, Inc., Term Loan B			5.749%				1-Month LIBOR				3.250%				5/23/25				B				1,896,410
				Diversified Consumer Services – 6.4% (3.9% of Total Investments)
	5,805			Cengage Learning Acquisitions, Inc., Term Loan B			6.769%				1-Month LIBOR				4.250%				6/07/23				B				4,946,380
	4,853			Houghton Mifflin, Term Loan B, First Lien			5.499%				1-Month LIBOR				3.000%				5/28/21				B				4,594,079
	2,321			Laureate Education, Inc., Term Loan B			6.549%				1-Month LIBOR				3.500%				4/26/24				B+				2,314,484
	3,000			Refinitiv, Term Loan B			6.249%				1-Month LIBOR				3.750%				10/01/25				BB+				2,886,330
	839			Altisource Solutions S.A R.L., Term Loan B			6.803%				3-Month LIBOR				4.000%				4/03/24				B+				818,952
	1,695			Freedom Mortgage Corporation, Initial Term Loan			7.249%				1-Month LIBOR				4.750%				2/23/22				BB				1,701,420
	13,942			Hilton Hotels, Term Loan B, (DD1)			4.260%				1-Month LIBOR				1.750%				10/25/23				BBB–				13,820,666
	842			Lions Gate Entertainment Corp., Term Loan B			4.749%				1-Month LIBOR				2.250%				3/24/25				BB				829,287
	1,408			Travelport LLC, Term Loan B			5.116%				3-Month LIBOR				2.500%				3/17/25				B+				1,404,746
	2,287			Veritas US, Inc., Term Loan B1			7.074%				1-Month LIBOR				4.500%				1/27/23				B				2,004,841

 

38

---

Principal Amount (000)				Description (1)		Coupon (2)				Reference Rate (2)				Spread (2)				Maturity (3)				Ratings (4)				Value
				Diversified Consumer Services (continued)
$	6,093			Walter Investment Management Corporation, Tranche B, Term Loan, First Lien, (6)			8.499%				N/A				N/A				6/30/22				CCC			$	4,143,346
	43,085			Total Diversified Consumer Services																							39,464,531
				Diversified Telecommunication Services – 7.2% (4.5% of Total Investments)
	2,138			CenturyLink, Inc., Initial Term Loan A			5.249%				1-Month LIBOR				2.750%				11/01/22				BBB–				2,100,094
	11,450			CenturyLink, Inc., Term Loan B, (DD1)			5.249%				1-Month LIBOR				2.750%				1/31/25				BBB–				10,971,701
	5,782			Frontier Communications Corporation, Term Loan B			6.250%				1-Month LIBOR				3.750%				1/14/22				BB				5,544,933
	465			Intelsat Jackson Holdings, S.A., Term Loan B4			7.002%				1-Month LIBOR				4.500%				1/02/24				B+				472,649
	744			Intelsat Jackson Holdings, S.A., Term Loan B5			6.625%				N/A				N/A				1/02/24				B+				747,093
	6,283			Level 3 Financing, Inc., Tranche B, Term Loan			4.756%				1-Month LIBOR				2.250%				2/22/24				BBB–				6,183,653
	6,983			Numericable Group S.A., Term Loan B13			6.509%				1-Month LIBOR				4.000%				8/14/26				B				6,607,191
	722			Windstream Corporation, Term Loan B6, (6)			6.510%				1-Month LIBOR				4.000%				3/29/21				BB				673,019
	12,000			Ziggo B.V., Term Loan E			5.009%				1-Month LIBOR				2.500%				4/15/25				BB				11,630,160
	46,567			Total Diversified Telecommunication Services																							44,930,493
				Electric Utilities – 0.9% (0.6% of Total Investments)
	849			EFS Cogen Holdings LLC, Term Loan B			5.980%				3-Month LIBOR				3.250%				6/28/23				BB–				836,515
	3,192			Texas Competitive Electric Holdings LLC, Exit Term Loan B			4.499%				1-Month LIBOR				2.000%				8/01/23				BBB–				3,148,110
	1,709			Vistra Operations Co., Term Loan B3			4.505%				1-Month LIBOR				2.000%				12/31/25				BBB–				1,680,447
	5,750			Total Electric Utilities																							5,665,072
				Electrical Equipment – 0.4% (0.2% of Total Investments)
	2,329			TTM Technologies, Term Loan B, (DD1)			5.020%				1-Month LIBOR				2.500%				9/28/24				BB+				2,271,122
				Energy Equipment & Services – 1.4% (0.9% of Total Investments)
	4,963			McDermott International, Term Loan			7.499%				1-Month LIBOR				5.000%				5/12/25				BB–				4,772,957
	4,693			Seadrill Partners LLC, Initial Term Loan			8.803%				3-Month LIBOR				6.000%				2/21/21				CCC+				3,795,086
	9,656			Total Energy Equipment & Services																							8,568,043
				Equity Real Estate Investment Trusts – 1.8% (1.1% of Total Investments)
	8,223			Communications Sales & Leasing, Inc., Shortfall Term Loan			5.499%				1-Month LIBOR				3.000%				10/24/22				B–				7,733,433
	1,472			Realogy Group LLC, Term Loan A			4.758%				1-Month LIBOR				2.250%				2/08/23				BB+				1,449,797
	1,844			Realogy Group LLC, Term Loan B			4.758%				1-Month LIBOR				2.250%				2/08/25				BB+				1,801,583
	11,539			Total Equity Real Estate Investment Trusts																							10,984,813
				Food & Staples Retailing – 6.6% (4.1% of Total Investments)
	2,933			Albertson’s LLC, Term Loan B5			5.822%				3-Month LIBOR				3.000%				12/21/22				BB				2,899,165
	1,882			Albertson’s LLC, Term Loan B6			5.691%				3-Month LIBOR				3.000%				6/22/23				BB				1,856,855
	21,519			Albertson’s LLC, Term Loan B7			5.499%				1-Month LIBOR				3.000%				11/17/25				BB				21,109,063
	713			Del Monte Foods Company, Term Loan, First Lien			5.903%				3-Month LIBOR				3.250%				2/18/21				CCC+				591,599
	1,663			Hearthside Group Holdings LLC, Term Loan B			6.186%				1-Month LIBOR				3.688%				5/23/25				B				1,604,714
	733			Save-A-Lot, Term Loan B			8.803%				3-Month LIBOR				6.000%				12/05/23				CCC+				409,287
	12,568			US Foods, Inc., Term Loan B			4.499%				1-Month LIBOR				2.000%				6/27/23				BBB–				12,385,951
	42,011			Total Food & Staples Retailing																							40,856,634
				Food Products – 0.2% (0.1% of Total Investments)
	1,315			American Seafoods Group LLC, Term Loan B			5.250%				1-Month LIBOR				2.750%				8/21/23				BB–				1,303,539
				Health Care Equipment & Supplies – 2.1% (1.3% of Total Investments)
	3,296			Acelity, Term Loan B			6.053%				3-Month LIBOR				3.250%				2/02/24				B+				3,280,498
	800			Air Methods Term Loan, First Lien, (WI/DD)			TBD				TBD				TBD				TBD				B				656,888
	1,234			Greatbatch, New Term Loan B			5.510%				1-Month LIBOR				3.000%				10/27/22				B+				1,225,247
	1,000			LifeScan, Term Loan B			8.797%				3-Month LIBOR				6.000%				10/01/24				B+				962,505
	3,483			Onex Carestream Finance LP, Term Loan, First Lien			8.249%				N/A				N/A				2/28/21				B+				3,405,545
	2,351			Onex Carestream Finance LP, Term Loan, Second Lien			11.999%				1-Month LIBOR				9.500%				6/07/21				B–				2,315,696

 

39

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JFR		Nuveen Floating Rate Income Fund (continued)
		Portfolio of Investments    January 31, 2019
		(Unaudited)

 

Principal Amount (000)				Description (1)		Coupon (2)				Reference Rate (2)				Spread (2)				Maturity (3)				Ratings (4)				Value
				Health Care Equipment & Supplies (continued)
$	995			Vyaire Medical, Inc., Term Loan B			7.547%				3-Month LIBOR				4.750%				4/16/25				B			$	940,275
	13,159			Total Health Care Equipment & Supplies																							12,786,654
				Health Care Providers & Services – 7.7% (4.7% of Total Investments)
	1,874			Acadia Healthcare, Inc., Term Loan B3			4.999%				1-Month LIBOR				2.500%				2/11/22				BB				1,850,169
	2,316			Air Medical Group Holdings, Inc., Term Loan B			5.764%				1-Month LIBOR				3.250%				4/28/22				B+				2,184,996
	1,206			Air Medical Group Holdings, Inc., Term Loan B			6.769%				1-Month LIBOR				4.250%				3/14/25				B+				1,135,583
	1,494			Ardent Health, Term Loan, First Lien			6.999%				1-Month LIBOR				4.500%				6/30/25				B+				1,487,832
	2,735			Catalent Pharma Solutions, Inc., Term Loan B			4.749%				1-Month LIBOR				2.250%				5/20/24				BB				2,723,253
	1,510			Community Health Systems, Inc., Term Loan H			5.957%				3-Month LIBOR				3.250%				1/27/21				BB				1,488,370
	1,424			Concentra, Inc., Term Loan B			5.270%				1-Month LIBOR				2.750%				6/01/22				B+				1,415,219
	1,074			ConvaTec Healthcare, Term Loan B			5.053%				3-Month LIBOR				2.250%				10/25/23				BB				1,066,771
	672			DaVita HealthCare Partners, Inc., Tranche B, Term Loan			5.249%				1-Month LIBOR				2.750%				6/24/21				BBB–				670,659
	1,247			HCA, Inc., Term Loan B10			4.499%				1-Month LIBOR				2.000%				3/13/25				BBB–				1,244,852
	4,085			HCA, Inc., Term Loan B11, (DD1)			4.249%				1-Month LIBOR				1.750%				3/17/23				BBB–				4,070,498
	1,881			Healogics, Inc., Term Loan, First Lien			7.010%				3-Month LIBOR				4.250%				7/01/21				B–				1,699,277
	84			Heartland Dental Care Inc., Delay Draw Facility, (5)			3.750%				N/A				N/A				4/30/25				B				82,062
	922			Heartland Dental Care, Inc., Term Loan, First Lien			6.249%				1-Month LIBOR				3.750%				4/30/25				B				896,584
	3,412			Kindred at Home Hospice, Term Loan B			6.250%				1-Month LIBOR				3.750%				7/02/25				B+				3,395,201
	1,000			Kindred at Home Hospice, Term Loan, Second Lien			9.500%				1-Month LIBOR				7.000%				6/21/26				CCC+				1,015,625
	3,000			Lifepoint Health, Inc., Term Loan			7.129%				3-Month LIBOR				4.500%				11/16/25				B+				2,934,000
	3,147			Millennium Laboratories, Inc., Term Loan B, First Lien			8.999%				1-Month LIBOR				6.500%				12/21/20				CCC+				1,773,781
	9,194			Pharmaceutical Product Development, Inc., Term Loan B, (DD1)			4.999%				1-Month LIBOR				2.500%				8/18/22				BB–				9,027,685
	1,489			PharMerica, Term Loan, First Lien			6.008%				1-Month LIBOR				3.500%				12/06/24				B+				1,486,658
	1,489			Prospect Medical Holdings, Term Loan B1			8.063%				1-Month LIBOR				5.500%				2/22/24				B+				1,481,306
	269			Quorum Health Corp., Term Loan B			9.249%				1-Month LIBOR				6.750%				4/29/22				B+				269,114
	2,867			Select Medical Corporation, Term Loan B			5.012%				1-Month LIBOR				2.500%				3/06/25				BB				2,842,289
	1,223			Team Health, Initial Term Loan, (WI/DD)			TBD				TBD				TBD				TBD				B+				1,104,027
	371			Vizient, Inc., Term Loan B			5.249%				1-Month LIBOR				2.750%				2/13/23				Ba3				369,348
	49,985			Total Health Care Providers & Services																							47,715,159
				Health Care Technology – 1.1% (0.7% of Total Investments)
	6,738			Emdeon, Inc., Term Loan			5.249%				1-Month LIBOR				2.750%				3/01/24				B+				6,603,592
				Hotels, Restaurants & Leisure – 12.8% (7.9% of Total Investments)
	2,552			24 Hour Fitness Worldwide, Inc., Term Loan B			5.999%				1-Month LIBOR				3.500%				5/30/25				BB–				2,530,873
	1,166			Aramark Corporation, Term Loan			4.249%				1-Month LIBOR				1.750%				3/11/25				BBB–				1,159,999
	993			Arby’s Restaurant Group, Inc., Term Loan B			5.764%				1-Month LIBOR				3.250%				2/05/25				B				968,511
	22,291			Burger King Corporation, Term Loan B3			4.749%				1-Month LIBOR				2.250%				2/16/24				BB–				21,964,683
	4,412			Caesars Entertainment Operating Company, Inc., Term Loan B			4.499%				1-Month LIBOR				2.000%				10/06/24				BB				4,335,252
	4,950			Caesars Resort Collection, Term Loan, First Lien			5.249%				1-Month LIBOR				2.750%				12/23/24				BB				4,890,006
	989			CCM Merger, Inc., Term Loan B			4.749%				1-Month LIBOR				2.250%				8/09/21				BB				981,556
	4,583			CityCenter Holdings LLC, Term Loan B			4.749%				1-Month LIBOR				2.250%				4/18/24				BB–				4,508,534
	2,684			Equinox Holdings, Inc., Term Loan B1			5.499%				1-Month LIBOR				3.000%				3/08/24				B+				2,653,049
	980			Four Seasons Holdings, Inc., Term Loan B			4.499%				1-Month LIBOR				2.000%				11/30/23				BB+				966,015
	3,830			Intrawest Resorts Holdings, Inc., Term Loan B			5.499%				1-Month LIBOR				3.000%				7/31/24				B				3,786,595
	2,501			Life Time Fitness, Inc., Term Loan B			5.457%				3-Month LIBOR				2.750%				6/10/22				BB–				2,470,309
	1,250			MGM Growth Properties, Term Loan A, (WI/DD)			TBD				TBD				TBD				TBD				BB+				1,237,500
	3,321			MGM Growth Properties, Term Loan B			4.414%				1-Month LIBOR				2.000%				3/21/25				BBB–				3,273,795
	12,440			Scientific Games Corp., Initial Term Loan B5			5.249%				1-Month LIBOR				2.750%				8/14/24				BB–				12,078,147
	3,174			Seaworld Parks and Entertainment, Inc., Term Loan B5			5.499%				1-Month LIBOR				3.000%				4/01/24				B				3,123,188
	3,385			Stars Group Holdings, Term Loan B			6.303%				3-Month LIBOR				3.500%				7/10/25				B+				3,358,785
	3,444			Station Casino LLC, Term Loan B			5.000%				1-Month LIBOR				2.500%				6/08/23				BB–				3,409,594
	1,995			Wyndham International, Inc., Term Loan B			4.249%				1-Month LIBOR				1.750%				5/30/25				BBB–				1,965,783
	80,940			Total Hotels, Restaurants & Leisure																							79,662,174

 

40

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Principal Amount (000)				Description (1)		Coupon (2)				Reference Rate (2)				Spread (2)				Maturity (3)				Ratings (4)				Value
				Household Durables – 1.3% (0.8% of Total Investments)
$	3,583			Serta Simmons Holdings LLC, Term Loan, First Lien			6.013%				1-Month LIBOR				3.500%				11/08/23				B–			$	3,072,578
	1,000			Energizer Holdings, Term Loan B			4.758%				1-Month LIBOR				2.250%				12/17/25				BB+				994,375
	3,784			Reynolds Group Holdings, Inc., Term Loan, First Lien			5.249%				1-Month LIBOR				2.750%				2/05/23				B+				3,737,191
	8,367			Total Household Durables																							7,804,144
				Independent Power & Renewable Electricity Producers – 0.8% (0.5% of Total Investments)
	5,019			NRG Energy, Inc., Term Loan B			4.249%				1-Month LIBOR				1.750%				6/30/23				BBB–				4,947,225
				Industrial Conglomerates – 0.2% (0.1% of Total Investments)
	1,489			Education Advisory Board, Term Loan, First Lien			6.408%				2-Month LIBOR				3.750%				11/15/24				B				1,447,809
				Insurance – 2.3% (1.4% of Total Investments)
	983			Acrisure LLC, Term Loan B			6.749%				1-Month LIBOR				4.250%				11/22/23				B				966,291
	6,119			Alliant Holdings I LLC, Term Loan B			5.258%				1-Month LIBOR				2.750%				5/09/25				B				5,902,681
	3,996			Asurion LLC, Term Loan B6			5.499%				1-Month LIBOR				3.000%				11/03/23				BB–				3,941,648
	3,352			Hub International Holdings, Inc., Term Loan B			5.514%				3-Month LIBOR				2.750%				4/25/25				B				3,238,577
	14,450			Total Insurance																							14,049,197
				Interactive Media & Services – 0.5% (0.3% of Total Investments)
	1,412			Rackspace Hosting, Inc., Refinancing Term B Loan, First Lien			5.582%				3-Month LIBOR				3.000%				11/03/23				BB+				1,313,447
	2,000			WeddingWire, Inc., Term Loan			7.290%				3-Month LIBOR				4.500%				12/19/25				B+				1,996,880
	3,412			Total Interactive Media & Services																							3,310,327
				Internet and Direct Marketing Retail – 0.9% (0.6% of Total Investments)
	4,983			Uber Technologies, Inc., Term Loan			6.516%				1-Month LIBOR				4.000%				4/04/25				N/R				4,959,138
	744			Uber Technologies, Inc., Term Loan			6.008%				1-Month LIBOR				3.500%				7/13/23				N/R				736,474
	5,727			Total Internet and Direct Marketing Retail																							5,695,612
				Internet Software & Services – 0.7% (0.4% of Total Investments)
	1,945			Ancestry.com, Inc., Term Loan, First Lien			5.750%				1-Month LIBOR				3.250%				10/19/23				B				1,915,825
	1,083			Dynatrace, Term Loan, First Lien			5.749%				1-Month LIBOR				3.250%				8/22/25				B+				1,073,520
	110			Dynatrace, Term Loan, Second Lien			9.499%				1-Month LIBOR				7.000%				8/21/26				CCC+				109,510
	2,448			SkillSoft Corporation, Term Loan, Second Lien			10.749%				1-Month LIBOR				8.250%				4/28/22				CCC–				1,297,413
	5,586			Total Internet Software & Services																							4,396,268
				IT Services – 5.8% (3.6% of Total Investments)
	1,127			DTI Holdings, Inc., Replacement Term Loan B1			7.494%				3-Month LIBOR				4.750%				9/29/23				B				1,059,987
	8,276			First Data Corporation, Term Loan, First Lien			4.519%				1-Month LIBOR				2.000%				4/26/24				BB+				8,256,549
	4,194			First Data Corporation, Term Loan, First Lien, (DD1)			4.519%				1-Month LIBOR				2.000%				7/10/22				BB+				4,182,265
	1,667			Gartner, Inc., Term Loan A			3.999%				1-Month LIBOR				1.500%				3/21/22				Ba1				1,654,564
	2,506			GTT Communications, Inc., Term Loan, First Lien			5.250%				1-Month LIBOR				2.750%				6/02/25				BB–				2,360,441
	679			Presidio, Inc., Term Loan B			5.543%				3-Month LIBOR				2.750%				2/02/24				B+				671,491
	3,623			Sabre, Inc., Term Loan B			4.499%				1-Month LIBOR				2.000%				2/22/24				BB				3,581,232
	858			Science Applications International Corporation, Term Loan B			4.249%				1-Month LIBOR				1.750%				10/31/25				BB+				846,938
	3,500			Syniverse Holdings, Inc., Initial Term Loan, Second Lien			11.509%				1-Month LIBOR				9.000%				3/11/24				CCC+				3,010,000
	4,337			Syniverse Holdings, Inc., Tranche Term Loan C			7.509%				1-Month LIBOR				5.000%				3/09/23				B				3,946,239
	2,463			Tempo Acquisition LLC, Term Loan B			5.499%				1-Month LIBOR				3.000%				5/01/24				B+				2,422,928
	2,724			West Corporation, Term Loan B			6.499%				1-Month LIBOR				4.000%				10/10/24				BB+				2,509,088
	1,463			WEX, Inc., Term Loan B			4.749%				1-Month LIBOR				2.250%				7/01/23				BB–				1,443,956
	37,417			Total IT Services																							35,945,678
				Life Sciences Tools & Services – 0.5% (0.3% of Total Investments)
	595			Inventiv Health, Inc., Term Loan B			4.499%				1-Month LIBOR				2.000%				8/01/24				BB				586,454
	2,479			Parexel International Corp., Term Loan B			5.249%				1-Month LIBOR				2.750%				9/27/24				B+				2,355,098
	3,074			Total Life Sciences Tools & Services																							2,941,552

 

41

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JFR		Nuveen Floating Rate Income Fund (continued)
		Portfolio of Investments    January 31, 2019
		(Unaudited)

 

Principal Amount (000)				Description (1)		Coupon (2)				Reference Rate (2)				Spread (2)				Maturity (3)				Ratings (4)				Value
				Machinery – 1.0% (0.6% of Total Investments)
$	1,008			BJ’s Wholesale Club, Inc., Term Loan B			5.514%				1-Month LIBOR				3.000%				2/01/24				B+			$	1,001,069
	2,412			Gardner Denver, Inc., Term Loan B			5.249%				1-Month LIBOR				2.750%				7/30/24				BB+				2,402,834
	1,459			Gates Global LLC, Term Loan B			5.249%				1-Month LIBOR				2.750%				4/01/24				B+				1,431,718
	893			TNT Crane and Rigging Inc., Initial Term Loan, First Lien			7.303%				3-Month LIBOR				4.500%				11/27/20				CCC+				819,754
	850			TNT Crane and Rigging, Inc., Term Loan, Second Lien			11.803%				3-Month LIBOR				9.000%				11/26/21				CCC–				709,750
	6,622			Total Machinery																							6,365,125
				Marine – 0.6% (0.4% of Total Investments)
	1,294			American Commercial Lines LLC, Term Loan B, First Lien			11.249%				1-Month LIBOR				8.750%				11/12/20				CCC+				925,031
	3,119			Harvey Gulf International Marine, Inc., Exit Term Loan			8.508%				6-Month LIBOR				6.000%				7/02/23				B				3,107,735
	4,413			Total Marine																							4,032,766
				Media – 13.3% (8.2% of Total Investments)
	2,051			Advantage Sales & Marketing, Inc., Term Loan, First Lien			5.749%				1-Month LIBOR				3.250%				7/23/21				B+				1,813,428
	763			Affinion Group Holdings, Inc., Term Loan, First Lien			10.390%				3-Month LIBOR				7.750%				5/10/22				CCC+				746,516
	241			Catalina Marketing Corporation, Delayed Draw Term Loan, First Lien, (WI/DD)			TBD				TBD				TBD				TBD				N/R				241,117
	902			Catalina Marketing Corporation, DIP Term Loan, First Lien			8.008%				3-Month LIBOR				5.500%				6/14/19				N/R				777,919
	361			Catalina Marketing Corporation, Term Loan A			12.514%				1-Month LIBOR				10.000%				6/14/19				N/R				361,676
	391			Catalina Marketing Corporation, Term Loan B, (WI/DD)			TBD				TBD				TBD				TBD				N/R				391,815
	5,458			Catalina Marketing Corporation, Term Loan, First Lien, (6)			0.000%				N/A				N/A				4/09/21				D				491,239
	2,000			Catalina Marketing Corporation, Term Loan, Second Lien, (6)			9.457%				N/A				N/A				4/11/22				D				37,000
	850			CBS Radio, Inc., Term Loan B, (WI/DD)			TBD				TBD				TBD				TBD				BB–				827,688
	6,159			Cequel Communications LLC, Term Loan B			4.759%				1-Month LIBOR				2.250%				1/10/26				BB				5,950,798
	5,473			Charter Communications Operating Holdings LLC, Term Loan B			4.500%				1-Month LIBOR				2.000%				4/30/25				BBB–				5,409,468
	2,975			Cineworld Group PLC, Term Loan B			4.999%				1-Month LIBOR				2.500%				2/28/25				BB–				2,911,050
	6,896			Clear Channel Communications, Inc., Tranche D, Term Loan, (6)			0.000%				N/A				N/A				1/30/19				N/R				4,679,887
	9,866			Clear Channel Communications, Inc., Term Loan E, (6)			0.000%				N/A				N/A				7/30/19				CCC				6,696,027
	2,233			CSC Holdings LLC, Term Loan B			5.009%				1-Month LIBOR				2.500%				1/25/26				BB+				2,188,463
	9,314			Cumulus Media, Inc., Exit Term Loan			7.000%				1-Month LIBOR				4.500%				5/13/22				B				9,016,065
	830			Gray Television, Inc., Term Loan B2			4.770%				1-Month LIBOR				2.250%				2/07/24				BB+				816,861
	1,000			Gray Television, Inc., Term Loan C			5.020%				1-Month LIBOR				2.500%				1/02/26				BB+				988,335
	2,757			IMG Worldwide, Inc., Term Loan B			5.250%				1-Month LIBOR				2.750%				5/18/25				B				2,606,449
	4,033			Intelsat Jackson Holdings, S.A., Term Loan B			6.252%				1-Month LIBOR				3.750%				11/30/23				B+				4,009,367
	4,904			McGraw-Hill Education Holdings LLC, Term Loan B			6.499%				1-Month LIBOR				4.000%				5/02/22				BB+				4,479,307
	2,728			Meredith Corporation, Tranche Term Loan B1			5.249%				1-Month LIBOR				2.750%				1/31/25				BB				2,715,857
	1,995			Metro-Goldwyn-Mayer, Inc., Term Loan, First Lien			5.000%				1-Month LIBOR				2.500%				7/03/25				BB				1,971,319
	1,250			Metro-Goldwyn-Mayer, Inc., Term Loan, Second Lien			7.000%				1-Month LIBOR				4.500%				7/03/26				B				1,209,381
	3,694			Nexstar Broadcasting, Inc., Term Loan B3			4.752%				1-Month LIBOR				2.250%				1/17/24				BB+				3,586,132
	639			Nexstar Broadcasting, Inc., Term Loan B3			4.756%				1-Month LIBOR				2.250%				1/17/24				BB+				619,970
	532			Red Ventures, Term Loan B			5.499%				1-Month LIBOR				3.000%				11/08/24				BB				527,665
	3,529			Sinclair Television Group, Term Loan B2, (DD1)			4.750%				1-Month LIBOR				2.250%				1/31/24				BB+				3,509,986
	2,166			Springer Science & Business Media, Inc., Term Loan B13, First Lien			5.999%				1-Month LIBOR				3.500%				8/15/22				B				2,159,963
	3,066			UPC Financing Partnership, Term Loan AR1, First Lien			5.009%				1-Month LIBOR				2.500%				1/15/26				BB+				3,027,035
	8,229			WideOpenWest Finance LLC, Term Loan B			5.753%				1-Month LIBOR				3.250%				8/18/23				B				7,883,355
	97,285			Total Media																							82,651,138

 

42

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Principal Amount (000)				Description (1)		Coupon (2)				Reference Rate (2)				Spread (2)				Maturity (3)				Ratings (4)				Value
				Multiline Retail – 1.4% (0.9% of Total Investments)
$	3,101			99 Cents Only Stores, Tranche B2, Term Loan, Second Lien, (cash 8.853%, PIK 1.500%)			8.432%				3-Month LIBOR				6.500%				1/13/22				CCC+			$	2,790,965
	2,310			Belk, Inc., Term Loan B, First Lien, (DD1)			7.365%				2-Month LIBOR				4.750%				12/12/22				B				1,847,307
	1,985			EG America LLC, Term Loan, First Lien			6.813%				3-Month LIBOR				4.000%				2/07/25				B				1,922,475
	899			Hudson’s Bay Company, Term Loan B, First Lien			5.752%				1-Month LIBOR				3.250%				9/30/22				BB–				880,928
	1,748			Neiman Marcus Group, Inc., Term Loan			5.763%				1-Month LIBOR				3.250%				10/25/20				CCC				1,554,987
	10,043			Total Multiline Retail																							8,996,662
				Oil, Gas & Consumable Fuels – 2.2% (1.4% of Total Investments)
	1,447			BCP Renaissance Parent, Term Loan B			6.244%				3-Month LIBOR				3.500%				10/31/24				BB–				1,435,962
	1,750			California Resources Corporation, Term Loan			12.874%				1-Month LIBOR				10.375%				12/31/21				B				1,835,313
	5,041			California Resources Corporation, Term Loan B			7.252%				1-Month LIBOR				4.750%				12/31/22				B				4,953,892
	3,333			Fieldwood Energy LLC, Exit Term Loan			7.749%				1-Month LIBOR				5.250%				4/11/22				BB–				3,068,618
	1,099			Fieldwood Energy LLC, Exit Term Loan, second Lien			9.749%				1-Month LIBOR				7.250%				4/11/23				B+				950,345
	1,450			Peabody Energy Corporation, Term Loan B			5.249%				1-Month LIBOR				2.750%				3/31/25				BB				1,424,354
	14,120			Total Oil, Gas & Consumable Fuels																							13,668,484
				Personal Products – 1.8% (1.1% of Total Investments)
	6,094			Coty, Inc., Term Loan A			4.271%				1-Month LIBOR				1.750%				4/05/23				BB				5,926,172
	1,990			Coty, Inc., Term Loan B			4.771%				1-Month LIBOR				2.250%				4/07/25				BB				1,894,231
	4,369			Revlon Consumer Products Corporation, Term Loan B, First Lien			6.207%				3-Month LIBOR				3.500%				11/16/20				B–				3,133,742
	12,453			Total Personal Products																							10,954,145
				Pharmaceuticals – 1.9% (1.2% of Total Investments)
	1,310			Alphabet Holding Company, Inc., Initial Term Loan, First Lien			5.999%				1-Month LIBOR				3.500%				9/26/24				B–				1,194,609
	5,031			Concordia Healthcare Corp, Exit Term Loan			8.016%				1-Month LIBOR				5.500%				9/06/24				B–				4,798,937
	1,470			Valeant Pharmaceuticals International, Inc., Term Loan B, (DD1)			5.263%				1-Month LIBOR				2.750%				11/15/25				BB				1,452,116
	4,215			Valeant Pharmaceuticals International, Inc., Term Loan, First Lien			5.513%				1-Month LIBOR				3.000%				6/02/25				BB				4,176,346
	12,026			Total Pharmaceuticals																							11,622,008
				Professional Services – 1.6% (1.0% of Total Investments)
	2,251			Ceridian HCM Holding, Inc., Term Loan B			5.749%				1-Month LIBOR				3.250%				4/30/25				B				2,230,153
	2,948			Nielsen Finance LLC, Term Loan B4			4.511%				1-Month LIBOR				2.000%				10/04/23				BBB–				2,905,822
	1,197			On Assignment, Inc., Term Loan B			4.499%				1-Month LIBOR				2.000%				4/02/25				BB				1,183,875
	4,730			Skillsoft Corporation, Initial Term Loan, First Lien			7.249%				1-Month LIBOR				4.750%				4/28/21				B–				3,886,268
	11,126			Total Professional Services																							10,206,118
				Real Estate Management & Development – 1.7% (1.1% of Total Investments)
	4,362			Capital Automotive LP, Term Loan, First Lien			5.000%				1-Month LIBOR				2.500%				3/25/24				B+				4,257,918
	4,737			GGP, Term Loan B			4.999%				1-Month LIBOR				2.500%				8/27/25				BB+				4,545,212
	1,963			Trico Group LLC, Term Loan, First Lien			9.207%				3-Month LIBOR				6.500%				2/02/24				B				1,923,250
	11,062			Total Real Estate Management & Development																							10,726,380
				Road & Rail – 2.7% (1.7% of Total Investments)
	13,313			Avolon LLC, Term Loan B			4.503%				1-Month LIBOR				2.000%				1/15/25				BBB–				13,198,454
	1,940			Quality Distribution, Incremental Term Loan, First Lien			8.303%				3-Month LIBOR				5.500%				8/18/22				B				1,910,900
	1,920			Savage Enterprises LLC, Term Loan B			7.020%				1-Month LIBOR				4.500%				8/01/25				B+				1,921,664
	17,173			Total Road & Rail																							17,031,018
				Semiconductors & Semiconductor Equipment – 1.5% (0.9% of Total Investments)
	1,000			Cabot Microelectronics, Term Loan B			4.750%				1-Month LIBOR				2.250%				11/14/25				BB+				993,750
	1,405			Cypress Semiconductor Corp, Term Loan B			4.500%				1-Month LIBOR				2.000%				7/05/21				BB+				1,393,763
	1,227			Lumileds, Term Loan B			6.205%				3-Month LIBOR				3.500%				6/30/24				B+				931,984
	2,713			Microchip Technology., Inc., Term Loan B			4.500%				1-Month LIBOR				2.000%				5/29/25				BBB–				2,675,696

 

43

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JFR		Nuveen Floating Rate Income Fund (continued)
		Portfolio of Investments    January 31, 2019
		(Unaudited)

 

Principal Amount (000)				Description (1)		Coupon (2)				Reference Rate (2)				Spread (2)				Maturity (3)				Ratings (4)				Value
				Semiconductors & Semiconductor Equipment (continued)
$	1,306			Micron Technology, Inc., Term Loan B			4.250%				1-Month LIBOR				1.750%				4/10/22				BBB			$	1,296,185
	2,021			ON Semiconductor Corporation, Term Loan B3			4.249%				1-Month LIBOR				1.750%				3/31/23				BBB–				2,000,357
	9,672			Total Semiconductors & Semiconductor Equipment																							9,291,735
				Software – 12.0% (7.4% of Total Investments)
	3,944			Blackboard, Inc., Term Loan B4			7.780%				3-Month LIBOR				5.000%				6/30/21				B–				3,712,729
	685			Compuware Corporation, Term Loan, First Lien			6.002%				1-Month LIBOR				3.500%				8/25/25				B+				685,121
	2,150			DiscoverOrg LLC, Term Loan B, (WI/DD)			TBD				TBD				TBD				TBD				N/R				2,139,250
	3,613			Ellucian, Term Loan B, First Lien			6.053%				3-Month LIBOR				3.250%				9/30/22				B				3,544,555
	4,411			Greeneden U.S. Holdings II LLC, Term Loan B			5.749%				1-Month LIBOR				3.250%				12/01/23				B				4,319,594
	12,044			Infor (US), Inc., Term Loan B			5.249%				1-Month LIBOR				2.750%				2/01/22				B+				11,993,698
	3,647			Informatica, Term Loan B			5.749%				1-Month LIBOR				3.250%				8/05/22				B+				3,644,184
	1,460			Kronos Incorporated, Term Loan B			5.541%				3-Month LIBOR				3.000%				11/20/23				B				1,433,510
	917			McAfee Holdings International, Inc., Term Loan, Second Lien			11.000%				1-Month LIBOR				8.500%				9/29/25				B–				932,708
	4,268			McAfee LLC, Term Loan B			6.250%				1-Month LIBOR				3.750%				9/30/24				B+				4,251,617
	1,149			Micro Focus International PLC, New Term Loan			4.999%				1-Month LIBOR				2.500%				6/21/24				BB–				1,114,237
	7,761			Micro Focus International PLC, Term Loan B			4.999%				1-Month LIBOR				2.500%				6/21/24				BB–				7,524,720
	5,435			Micro Focus International PLC, Term Loan B2			4.749%				1-Month LIBOR				2.250%				11/19/21				BB–				5,357,026
	893			Misys, New Term Loan, Second Lien			10.053%				3-Month LIBOR				7.250%				6/13/25				BB–				846,814
	506			Mitchell International, Inc., Initial Term Loan, First Lien			5.749%				1-Month LIBOR				3.250%				11/29/24				B				486,873
	667			Mitchell International, Inc., Initial Term Loan, Second Lien			9.749%				1-Month LIBOR				7.250%				12/01/25				CCC				654,667
	1,960			RP Crown Parent LLC, Term Loan B			5.249%				1-Month LIBOR				2.750%				10/15/23				B+				1,930,600
	7,976			SS&C Technologies, Inc./ Sunshine Acquisition II, Inc., Term Loan B3, (DD1)			4.749%				1-Month LIBOR				2.250%				4/16/25				BB				7,826,657
	3,068			SS&C Technologies, Inc./ Sunshine Acquisition II, Inc., Term Loan B4, (DD1)			4.749%				1-Month LIBOR				2.250%				4/16/25				BB				3,010,390
	9,232			TIBCO Software, Inc., Term Loan, First Lien			6.010%				1-Month LIBOR				3.500%				12/04/20				B+				9,181,454
	75,786			Total Software																							74,590,404
				Specialty Retail – 1.7% (1.1% of Total Investments)
	2,059			Academy, Ltd., Term Loan B			6.514%				1-Month LIBOR				4.000%				7/01/22				CCC+				1,430,202
	6,383			Petco Animal Supplies, Inc., Term Loan B1			5.994%				3-Month LIBOR				3.250%				1/26/23				B				4,920,766
	3,845			Petsmart Inc., Term Loan B, First Lien			5.520%				1-Month LIBOR				3.000%				3/11/22				B–				3,233,948
	1,534			Serta Simmons Holdings LLC, Term Loan, Second Lien, (DD1)			10.514%				1-Month LIBOR				8.000%				11/08/24				CCC				1,103,923
	13,821			Total Specialty Retail																							10,688,839
				Technology Hardware, Storage & Peripherals – 6.8% (4.3% of Total Investments)
	7,340			BMC Software, Inc., Term Loan B			7.053%				3-Month LIBOR				4.250%				10/02/25				B				7,181,861
	19,499			Dell International LLC, Refinancing Term Loan B			4.500%				1-Month LIBOR				2.000%				9/07/23				BBB–				19,260,222
	5,558			Dell International LLC, Replacement Term Loan A2			4.250%				1-Month LIBOR				1.750%				9/07/21				BBB–				5,502,508
	10,580			Western Digital, Term Loan B			4.260%				1-Month LIBOR				1.750%				4/29/23				BBB–				10,341,794
	42,977			Total Technology Hardware, Storage & Peripherals																							42,286,385
				Trading Companies & Distributors – 0.6% (0.4% of Total Investments)
	284			HD Supply Waterworks, Ltd., Term Loan B			5.721%				3-Month LIBOR				3.000%				8/01/24				B+				281,316
	3,392			Univar, Inc., Term Loan B			4.749%				1-Month LIBOR				2.250%				7/01/24				BB				3,329,677
	3,676			Total Trading Companies & Distributors																							3,610,993
				Transportation Infrastructure – 0.7% (0.4% of Total Investments)
	1,000			Atlantic Aviation FBO Inc., Term Loan			6.270%				1-Month LIBOR				3.750%				12/06/25				BB				1,006,250
	1,995			Ceva Group PLC, Term Loan, First Lien			6.553%				3-Month LIBOR				3.750%				8/04/25				BB–				1,977,544
	524			Standard Aero, Canadien Term Loan, (WI/DD)			TBD				TBD				TBD				TBD				N/R				523,070
	976			Standard Aero, USD Term Loan B, (WI/DD)			TBD				TBD				TBD				TBD				BB				972,910
	4,495			Total Transportation Infrastructure																							4,479,774

 

44

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Principal Amount (000)				Description (1)		Coupon (2)				Reference Rate (2)				Spread (2)				Maturity (3)				Ratings (4)				Value
				Wireless Telecommunication Services – 2.4% (1.5% of Total Investments)
$	4,011			Asurion LLC, Term Loan B4			5.499%				1-Month LIBOR				3.000%				8/04/22				BB–			$	3,956,022
	11,299			Sprint Corporation, Term Loan, First Lien			5.000%				1-Month LIBOR				2.500%				2/02/24				BB+				11,058,652
	15,310			Total Wireless Telecommunication Services																							15,014,674
$	905,150			Total Variable Rate Senior Loan Interests (cost $892,785,213)																							856,612,209
Principal Amount (000)				Description (1)										Coupon				Maturity				Ratings (4)				Value
				CORPORATE BONDS – 15.8% (9.8% of Total Investments)
				Communications Equipment – 2.5% (1.5% of Total Investments)
$	210			Avaya Holdings Corporation, 144A, (6), (7)											7.000%				4/01/19				N/R			$	—
	5,150			Avaya Holdings Corporation, 144A, (6), (7)											10.500%				3/01/21				N/R				—
	8,702			Intelsat Jackson Holdings SA											5.500%				8/01/23				CCC+				7,907,942
	7,080			Intelsat Jackson Holdings SA, 144A											9.750%				7/15/25				CCC+				7,372,050
	21,142			Total Communications Equipment																							15,279,992
				Containers & Packaging – 0.9% (0.6% of Total Investments)
	5,718			Reynolds Group Issuer Inc.											5.750%				10/15/20				B+				5,739,463
				Diversified Telecommunication Services – 2.2% (1.4% of Total Investments)
	619			CSC Holdings LLC, 144A											10.125%				1/15/23				B+				666,199
	3,350			CSC Holdings LLC, 144A											10.875%				10/15/25				B+				3,860,875
	9,529			Intelsat Luxembourg SA											7.750%				6/01/21				CC				9,147,840
	13,498			Total Diversified Telecommunication Services																							13,674,914
				Health Care Providers & Services – 0.5% (0.3% of Total Investments)
	1,260			Tenet Healthcare Corporation											4.750%				6/01/20				BB–				1,269,450
	830			Tenet Healthcare Corporation											6.000%				10/01/20				BB				857,224
	1,200			Tenet Healthcare Corporation											4.500%				4/01/21				BB				1,202,400
	3,290			Total Health Care Providers & Services																							3,329,074
				Hotels, Restaurants & Leisure – 0.9% (0.6% of Total Investments)
	5,500			Scientific Games International Inc.											10.000%				12/01/22				B–				5,781,875
				Media – 3.5% (2.2% of Total Investments)
	1,000			CCO Holdings LLC											5.750%				9/01/23				BB+				1,020,000
	200			Charter Communications Operating LLC											3.579%				7/23/20				BBB–				200,516
	645			DISH DBS Corporation											5.125%				5/01/20				BB–				646,612
	2,000			DISH DBS Corporation											5.875%				7/15/22				BB–				1,900,000
	2,500			DISH DBS Corporation											5.875%				11/15/24				BB–				2,071,875
	4,812			iHeartCommunications Inc., (6)											9.000%				12/15/19				CCC				3,224,040
	16,459			iHeartCommunications Inc., (6)											5.340%				2/01/21				CC				1,991,579
	8,250			iHeartCommunications Inc., (6)											9.000%				3/01/21				CCC				5,506,875
	1,762			iHeartCommunications Inc., 144A, (6)											11.250%				3/01/21				C				1,110,060
	4,960			Intelsat Luxembourg SA											8.125%				6/01/23				CCC				4,126,100
	42,588			Total Media																							21,797,657
				Oil, Gas & Consumable Fuels – 1.2% (0.7% of Total Investments)
	5,015			California Resources Corporation, 144A											8.000%				12/15/22				B–				4,024,538
	700			Denbury Resources Inc.											6.375%				8/15/21				CCC+				577,500
	2,547			Denbury Resources Inc., 144A											9.250%				3/31/22				B+				2,502,428
	225			EP Energy LLC, 144A											9.375%				5/01/24				CCC				119,813
	8,487			Total Oil, Gas & Consumable Fuels																							7,224,279
				Pharmaceuticals – 0.5% (0.3% of Total Investments)
	2,000			Bausch Health Companies Inc., 144A											6.500%				3/15/22				BB				2,067,500
	1,165			Concordia International Corporation											8.000%				9/06/24				B–				1,106,750
	3,165			Total Pharmaceuticals																							3,174,250

 

45

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JFR		Nuveen Floating Rate Income Fund (continued)
		Portfolio of Investments    January 31, 2019
		(Unaudited)

 

Principal Amount (000)				Description (1)										Coupon				Maturity				Ratings (4)				Value
				Real Estate Management & Development – 0.7% (0.4% of Total Investments)
$	4,250			Realogy Group LLC, 144A											5.250%				12/01/21				B+			$	4,248,385
				Semiconductors & Semiconductor Equipment – 0.4% (0.3% of Total Investments)
	1,564			Advanced Micro Devices Inc.											7.500%				8/15/22				B+				1,696,940
	930			Advanced Micro Devices Inc.											7.000%				7/01/24				B+				972,780
	2,494			Total Semiconductors & Semiconductor Equipment																							2,669,720
				Software – 0.5% (0.3% of Total Investments)
	3,200			Infor US Inc., 144A											5.750%				8/15/20				B+				3,247,360
				Wireless Telecommunication Services – 2.0% (1.2% of Total Investments)
	750			Level 3 Financing Inc.											5.375%				8/15/22				BB				755,850
	1,400			Sprint Communications Inc.											7.000%				8/15/20				B+				1,452,500
	7,750			Sprint Capital Corporation											7.875%				9/15/23				B+				8,234,375
	1,750			Sprint Capital Corporation											7.125%				6/15/24				B+				1,798,125
	11,650			Total Wireless Telecommunication Services																							12,240,850
$	124,982			Total Corporate Bonds (cost $107,652,121)																							98,407,819
Shares				Description (1)																						Value
				COMMON STOCKS – 2.1% (1.3% of Total Investments)
				Diversified Consumer Services – 0.0% (0.0% of Total Investments)
	54,521			Cengage Learning Holdings II Inc., (8), (9)																						$	211,269
				Energy Equipment & Services – 0.3% (0.2% of Total Investments)
	39,026			C&J Energy Services Inc., (8)																							627,148
	83,230			Transocean Ltd																							713,281
	2,712			Vantage Drilling International, (8), (9)																							629,184
				Total Energy Equipment & Services																							1,969,613
				Health Care Providers & Services – 0.0% (0.0% of Total Investments)
	68,990			Millennium Health LLC, (7), (8)																							133,705
	64,762			Millennium Health LLC, (7), (8)																							125,457
	74,059			Millennium Health LLC, (8), (9)																							4,073
				Total Health Care Providers & Services																							263,235
				Marine – 0.3% (0.2% of Total Investments)
	32,786			HGIM Corporation, (9)																							1,245,868
	7,338			HGIM Corporation, (8), (9)																							278,844
				Total Marine																							1,524,712
				Media – 0.7% (0.4% of Total Investments)
	119,154			Cumulus Media Inc., (8)																							1,435,806
	1,973,746			Hibu PLC, (8), (9)																							515,148
	26,045			Metro-Goldwyn-Mayer Inc., (8), (9)																							2,034,114
	45,942			Tribune Media Company, (9)																							29,862
				Total Media																							4,014,930
				Pharmaceuticals – 0.1% (0.1% of Total Investments)
	34,292			Advanz Pharma Corporation, (8)																							648,804
				Software – 0.7% (0.4% of Total Investments)
	254,188			Avaya Holdings Corporation, (8)																							4,298,319
				Specialty Retail – 0.0% (0.0% of Total Investments)
	29,698			Gymboree Holding Corporation, (8), (9)																							59,396
	10,908			Gymboree Holding Corporation, (8), (9)																							21,816
				Total Specialty Retail																							81,212
				Total Common Stocks (cost $22,144,419)																							13,012,094

 

46

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Shares				Description (1), (10)																						Value
				INVESTMENT COMPANIES – 1.7% (1.1% of Total Investments)
	353,668			Eaton Vance Floating-Rate Income Trust Fund																						$	4,696,711
	968,586			Eaton Vance Senior Income Trust																							5,898,689
				Total Investment Companies (cost $11,981,509)																							10,595,400
Principal Amount (000)				Description (1)										Coupon				Maturity				Ratings (4)				Value
				ASSET-BACKED SECURITIES – 1.4% (0.9% of Total Investments)
$	1,200			Bristol Park CLO LTD, Series 2016-1A, 144A, (3-Month LIBOR reference rate + 7.250% spread), (11)											10.037%				4/15/29				BB–			$	1,196,480
	500			Carlyle Global Market Strategies Collateralized Loan Obligations, Series 2013-2A, 144A, (3-Month LIBOR reference rate + 5.250% spread), (11)											8.030%				1/18/29				BB–				472,981
	1,200			Dryden 50 Senior Loan Fund, Series 2017-50A, 144A, (3-Month LIBOR reference rate + 6.260% spread), (11)											9.047%				7/15/30				BB–				1,164,046
	1,250			Gilbert Park CLO LTD, Series 2017-1A, 144A, (3-Month LIBOR reference rate + 6.400% spread), (11)											9.187%				10/15/30				BB–				1,219,342
	2,750			Madison Park Funding Limited, Collateralized Loan Obligations, Series 2012-10A, 144A, (3-Month LIBOR reference rate + 5.500% spread), (11)											8.261%				4/20/26				BB–				2,711,046
	1,500			Madison Park Funding Limited, Collateralized Loan Obligations, Series 2015-16A, 144A, (3-Month LIBOR reference rate + 7.620% spread), (11)											10.381%				1/20/29				BB				1,502,793
	600			Neuberger Berman Loan Advisers CLO 28 Limited, Series 2018-28A, 144A, (3-Month LIBOR reference rate + 5.600% spread), (11)											8.361%				4/20/30				BB–				554,264
$	9,000			Total Asset-Backed Securities (cost $8,815,683)																							8,820,952
Shares				Description (1)																						Value
				COMMON STOCK RIGHTS – 0.1% (0.0% of Total Investments)
				Oil, Gas & Consumable Fuels – 0.1% (0.0% of Total Investments)
	13,053			Fieldwood Energy LLC, (7), (8)																						$	410,097
	2,637			Fieldwood Energy LLC, (8), (9)																							87,021
				Total Common Stock Rights (cost $372,582)																							497,118
Shares				Description (1)																						Value
				WARRANTS – 0.0% (0.0% of Total Investments)
	21,002			Avaya Holdings Corporation, (9)																						$	26,252
				Total Warrants (cost $1,915,310)																							26,252
				Total Long-Term Investments (cost $1,045,666,837)																							987,971,844
Shares				Description (1)										Coupon												Value
				SHORT-TERM INVESTMENTS – 2.6% (1.6% of Total Investments)
				INVESTMENT COMPANIES – 2.6% (1.6% of Total Investments)
	16,339,538			BlackRock Liquidity Funds T-Fund Portfolio, (10)											2.290% (12)											$	16,339,538
				Total Short-Term Investments (cost $16,339,538)																							16,339,538
				Total Investments (cost $1,062,006,375) – 161.7%																							1,004,311,382
				Borrowings – (42.6)% (13), (14)																							(264,500,000	)
				Term Preferred Shares, net of deferred offering costs – (18.4)% (15)																							(113,985,173	)
				Other Assets Less Liabilities – (0.7)% (16)																							(4,779,892	)
				Net Assets Applicable to Common Shares – 100%																						$	621,046,317

 

47

---

JFR		Nuveen Floating Rate Income Fund (continued)
		Portfolio of Investments    January 31, 2019
		(Unaudited)

 

Investments in Derivatives

Interest Rate Swaps – OTC Uncleared

 

Counterparty		Notional Amount				Fund Pay/Receive Floating Rate				Floating Rate Index				Fixed Rate (Annualized)				Fixed Rate Payment Frequency				Maturity Date				Value				Unrealized Appreciation (Depreciation)
Morgan Stanley Capital Services LLC		$	25,000,000				Pay				1-Month LIBOR				3.350	%(17)			Monthly				1/01/22	(18)		$	(153,687	)		$	(153,687	)
Morgan Stanley Capital Services LLC			35,000,000				Pay				1-Month LIBOR				5.750				Monthly				6/01/24	(19)			45,189				45,189
Morgan Stanley Capital Services LLC			55,000,000				Pay				1-Month LIBOR				4.000				Monthly				1/01/27	(20)			(847,739	)			(847,739	)
Total		$	115,000,000																							$	(956,237	)		$	(956,237	)
Total unrealized appreciation on interest rate swaps																														$	45,189
Total unrealized depreciation on interest rate swaps																														$	(1,001,426	)

 

48

---

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.

 

(1)	All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

 

(2)

Senior loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate (Reference Rate) plus an assigned fixed rate (Spread). These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate (“LIBOR”), or (ii) the prime rate offered by one or more major United States banks. Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan. The rate shown is the coupon as of the end of the reporting period.

 

(3)

Senior loans generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments of senior loans may occur. As a result, the actual remaining maturity of senior loans held may be substantially less than the stated maturities shown.

 

(4)

For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

 

(5)	Investment, or portion of investment, represents an outstanding unfunded senior loan commitment. See Notes to Financial Statements, Note 8 – Senior Loan Commitments for more information.

 

(6)

As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records.

 

(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. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.

 

(8)	Non-income producing; issuer has not declared a dividend within the past twelve months.

 

(9)	For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.

 

(10)	A copy of the most recent financial statements for these investment companies can be obtained directly from the Securities and Exchange Commission on its website at the http://www.sec.gov.

 

(11)	Variable rate security. The rate shown is the coupon as of the end of the reporting period.

 

(12)	The rate shown is the annualized seven-day subsidized yield as of the end of the reporting period.

 

(13)	Borrowings as a percentage of Total Investments is 26.3%.

 

(14)	The Fund segregates 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings.

 

(15)	Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 11.3%.

 

(16)

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 cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable.

 

(17)	Effective April 1, 2017, the fixed rate paid by the Fund increased according to a predetermined schedule as specified in the swap contract. Additionally, this fixed rate increase will continue to occur every three months on specific dates through the swap contract’s termination date.

 

(18)	This interest rate swap has an optional early termination date beginning on January 1, 2019 and monthly thereafter through the termination date as specified in the swap contract.

 

(19)	This interest rate swap has an optional early termination date beginning on June 1, 2020 and monthly thereafter through the termination date as specified in the swap contract.

 

(20)	This interest rate swap has an optional early termination date beginning on January 1, 2021 and monthly thereafter through the termination date as specified in the swap contract.

 

144A	Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

 

DD1	Portion of investment purchased on a delayed delivery basis.

 

LIBOR

London Inter-Bank Offered Rate

 

N/A	Not Applicable

 

PIK

Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period.

 

TBD

Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the final coupon rate and maturity date.

 

WI/DD

Purchased on a when-issued or delayed delivery basis.

 

See accompanying notes to financial statements.

 

49

---

JRO		Nuveen Floating Rate Income Opportunity Fund   Portfolio of Investments    January 31, 2019
		(Unaudited)

 

Principal Amount (000)				Description (1)		Coupon (2)				Reference Rate (2)				Spread (2)				Maturity (3)				Ratings (4)				Value
				LONG-TERM INVESTMENTS – 157.3% (98.2% of Total Investments)
				VARIABLE RATE SENIOR LOAN INTERESTS – 137.9% (86.1% of Total Investments) (2)
				Aerospace & Defense – 2.4% (1.5% of Total Investments)
$	376			Rexnord LLC/ RBS Global, Inc., Term Loan, First Lien			4.499%				1-Month LIBOR				2.000%				8/21/24				BB+			$	373,237
	4,460			Sequa Corporation, Term Loan B			7.516%				3-Month LIBOR				5.000%				11/28/21				B				4,393,601
	1,597			Sequa Corporation, Term Loan, Second Lien			11.751%				3-Month LIBOR				9.000%				4/28/22				CCC				1,527,100
	3,292			Transdigm, Inc., Term Loan E			4.999%				1-Month LIBOR				2.500%				5/30/25				BB				3,216,631
	731			Transdigm, Inc., Term Loan F			4.999%				1-Month LIBOR				2.500%				6/09/23				BB				717,224
	397			Transdigm, Inc., Term Loan G, First Lien			4.999%				1-Month LIBOR				2.500%				8/22/24				BB–				388,098
	10,853			Total Aerospace & Defense																							10,615,891
				Air Freight & Logistics – 0.6% (0.4% of Total Investments)
	1,086			PAE Holding Corporation, Term Loan B			8.119%				2-Month LIBOR				5.500%				10/20/22				B+				1,080,215
	1,444			XPO Logistics, Inc., Term Loan B			4.500%				1-Month LIBOR				2.000%				2/24/25				BBB–				1,424,698
	2,530			Total Air Freight & Logistics																							2,504,913
				Airlines – 1.9% (1.2% of Total Investments)
	2,704			American Airlines, Inc., Replacement Term Loan			4.516%				1-Month LIBOR				2.000%				10/10/21				BB+				2,672,838
	1,594			American Airlines, Inc., Term Loan 2025			4.252%				1-Month LIBOR				1.750%				6/27/25				BB+				1,530,831
	4,180			American Airlines, Inc., Term Loan B			4.509%				1-Month LIBOR				2.000%				12/14/23				BB+				4,061,296
	8,478			Total Airlines																							8,264,965
				Auto Components – 0.6% (0.4% of Total Investments)
	1,127			DexKo Global, Inc., Term Loan B			5.999%				1-Month LIBOR				3.500%				7/24/24				B+				1,111,914
	1,477			Superior Industries International, Inc., Term Loan B			6.499%				1-Month LIBOR				4.000%				5/22/24				B+				1,460,237
	2,604			Total Auto Components																							2,572,151
				Automobiles – 0.4% (0.2% of Total Investments)
	750			Caliber Collision, Term Loan B, (WI/DD)			TBD				TBD				TBD				TBD				B+				749,842
	990			Navistar, Inc., Tranche B, Term Loan			6.020%				1-Month LIBOR				3.500%				11/06/24				BB–				977,011
	1,740			Total Automobiles																							1,726,853
				Beverages – 0.8% (0.5% of Total Investments)
	3,378			Jacobs Douwe Egberts, Term Loan B			4.563%				3-Month LIBOR				2.000%				11/01/25				BB				3,347,106
				Biotechnology – 0.9% (0.6% of Total Investments)
	3,930			Grifols, Inc., Term Loan B			4.664%				1-Week LIBOR				2.250%				1/31/25				BB+				3,886,613
				Building Products – 1.9% (1.2% of Total Investments)
	767			Fairmount, Initial Term Loan			6.553%				3-Month LIBOR				3.750%				6/01/25				BB				612,492
	649			Ply Gem Industries, Inc., Term Loan B			6.547%				3-Month LIBOR				3.750%				4/12/25				B+				620,118
	7,422			Quikrete Holdings, Inc., Term Loan B			5.249%				1-Month LIBOR				2.750%				11/15/23				BB–				7,211,330
	8,838			Total Building Products																							8,443,940
				Capital Markets – 2.6% (1.6% of Total Investments)
	2,008			Capital Automotive LP, Term Loan, First Lien			5.000%				1-Month LIBOR				2.500%				3/25/24				B+				1,960,280
	2,321			Capital Automotive LP, Term Loan, Second Lien			8.499%				1-Month LIBOR				6.000%				3/24/25				CCC+				2,318,935
	2,000			Distributed Power, Term Loan B			5.809%				2-Month LIBOR				3.250%				10/05/25				B				1,930,000
	5,306			RPI Finance Trust, Term Loan B6			4.499%				1-Month LIBOR				2.000%				3/27/23				BBB–				5,262,910
	11,635			Total Capital Markets																							11,472,125

 

50

---

Principal Amount (000)				Description (1)		Coupon (2)				Reference Rate (2)				Spread (2)				Maturity (3)				Ratings (4)				Value
				Chemicals – 0.4% (0.2% of Total Investments)
$	888			Ineos US Finance LLC, Term Loan			4.499%				1-Month LIBOR				2.000%				4/01/24				BBB–			$	864,364
	434			Mineral Technologies, Inc., Term Loan B2			4.750%				N/A				N/A				5/07/21				BB+				430,484
	450			SI Group, Term Loan B			7.537%				3-Month LIBOR				4.750%				10/15/25				BB–				446,625
	1,772			Total Chemicals																							1,741,473
				Commercial Services & Supplies – 5.6% (3.5% of Total Investments)
	699			ADS Waste Holdings, Inc., Term Loan B			4.664%				1-Week LIBOR				2.250%				11/10/23				BB+				692,627
	1,986			Brand Energy & Infrastructure Services, Inc., Term Loan B, First Lien			6.957%				3-Month LIBOR				4.250%				6/16/24				B				1,907,973
	220			Education Management LLC, Tranche A, Term Loan, (6)			0.000%				N/A				N/A				7/02/20				N/R				8,257
	496			Education Management LLC, Tranche B, Term Loan, (6)			0.000%				N/A				N/A				7/02/20				N/R				622
	5,846			Formula One Group, Term Loan B			4.999%				1-Month LIBOR				2.500%				2/01/24				B+				5,646,015
	553			Fort Dearborn Holding Company, Inc., Term Loan, First Lien			6.784%				1-Month LIBOR				4.000%				10/19/23				B–				529,328
	1,000			Fort Dearborn Holding Company, Inc., Term Loan, Second Lien			11.294%				3-Month LIBOR				8.500%				10/07/24				CCC				922,500
	1,879			Getty Images, Inc., Term Loan B, First Lien			5.999%				1-Month LIBOR				3.500%				10/18/19				B–				1,871,141
	1,746			GFL Environmental, Term Loan			5.499%				1-Month LIBOR				3.000%				5/31/25				B+				1,688,393
	3,150			iQor US, Inc., Term Loan, First Lien, (DD1)			7.797%				3-Month LIBOR				5.000%				4/01/21				CCC+				2,840,317
	333			iQor US, Inc., Term Loan, Second Lien			11.547%				3-Month LIBOR				8.750%				4/01/22				CCC–				249,583
	955			KAR Auction Services, Inc., Term Loan B5			5.313%				3-Month LIBOR				2.500%				3/09/23				BB				949,154
	881			LSC Communications, Refinancing Term Loan			7.999%				1-Month LIBOR				5.500%				9/30/22				B+				877,945
	825			Monitronics International, Inc., Term Loan B2, First Lien			8.303%				3-Month LIBOR				5.500%				9/30/22				CCC+				726,515
	2,247			Protection One, Inc., Term Loan			5.249%				1-Month LIBOR				2.750%				5/02/22				BB–				2,220,837
	1,459			Universal Services of America, Initial Term Loan, First Lien			6.249%				1-Month LIBOR				3.750%				7/28/22				BB				1,397,118
	1,750			Universal Services of America, Term Loan, Second Lien			10.999%				1-Month LIBOR				8.500%				7/28/23				CCC				1,677,077
	255			West Corporation, Incremental Term Loan B1			5.999%				1-Month LIBOR				3.500%				10/10/24				BB+				232,538
	26,280			Total Commercial Services & Supplies																							24,437,940
				Communications Equipment – 3.5% (2.2% of Total Investments)
	5,302			Avaya, Inc., Tranche B Term Loan			6.759%				1-Month LIBOR				4.250%				12/15/24				BB–				5,228,252
	1,400			Mitel US Holdings, Inc., Term Loan, First Lien			6.999%				1-Month LIBOR				4.500%				11/30/25				B				1,382,850
	252			MultiPlan, Inc., Term Loan B			5.553%				3-Month LIBOR				2.750%				6/07/23				B+				244,876
	1,625			Plantronics, Term Loan B			4.999%				1-Month LIBOR				2.500%				7/02/25				BB+				1,585,643
	7,615			Univision Communications, Inc., Term Loan C5			5.249%				1-Month LIBOR				2.750%				3/15/24				B				7,118,284
	16,194			Total Communications Equipment																							15,559,905
				Construction & Engineering – 0.7% (0.5% of Total Investments)
	1,493			KBR, Inc., Term Loan B			6.249%				1-Month LIBOR				3.750%				4/25/25				BB–				1,490,642
	1,755			Traverse Midstream Partners, Term Loan B			6.600%				6-Month LIBOR				4.000%				9/27/24				B+				1,752,472
	3,248			Total Construction & Engineering																							3,243,114
				Consumer Finance – 0.6% (0.4% of Total Investments)
	993			Vantiv LLC, Repriced Term Loan B4			4.222%				1-Month LIBOR				1.750%				8/09/24				BBB–				988,242
	1,698			Verscend Technologies, Tern Loan B			6.999%				1-Month LIBOR				4.500%				8/27/25				B+				1,688,087
	2,691			Total Consumer Finance																							2,676,329
				Containers & Packaging – 0.2% (0.1% of Total Investments)
	1,048			Berry Global, Inc., Term Loan Q			4.516%				1-Month LIBOR				2.000%				10/01/22				BBB–				1,039,809
				Distributors – 0.3% (0.2% of Total Investments)
	1,244			SRS Distribution, Inc., Term Loan B			5.749%				1-Month LIBOR				3.250%				5/23/25				B				1,185,256
				Diversified Consumer Services – 2.6% (1.6% of Total Investments)
	4,960			Cengage Learning Acquisitions, Inc., Term Loan B			6.769%				1-Month LIBOR				4.250%				6/07/23				B				4,226,407
	3,978			Houghton Mifflin, Term Loan B, First Lien			5.499%				1-Month LIBOR				3.000%				5/28/21				B				3,765,291

 

51

---

JRO		Nuveen Floating Rate Income Opportunity Fund (continued)
		Portfolio of Investments    January 31, 2019
		(Unaudited)

 

Principal Amount (000)				Description (1)		Coupon (2)				Reference Rate (2)				Spread (2)				Maturity (3)				Ratings (4)				Value
				Diversified Consumer Services (continued)
$	1,354			Laureate Education, Inc., Term Loan B			6.549%				1-Month LIBOR				3.500%				4/26/24				B+			$	1,350,115
	2,250			Refinitiv, Term Loan B			6.249%				1-Month LIBOR				3.750%				10/01/25				BB+				2,164,747
	12,542			Total Diversified Consumer Services																							11,506,560
				Diversified Financial Services – 3.5% (2.2% of Total Investments)
	629			Altisource Solutions S.A R.L., Term Loan B			6.803%				3-Month LIBOR				4.000%				4/03/24				B+				614,214
	1,130			Freedom Mortgage Corporation, Initial Term Loan			7.249%				1-Month LIBOR				4.750%				2/23/22				BB				1,134,280
	7,877			Hilton Hotels, Term Loan B, (DD1)			4.260%				1-Month LIBOR				1.750%				10/25/23				BBB–				7,807,445
	631			Lions Gate Entertainment Corp., Term Loan B			4.749%				1-Month LIBOR				2.250%				3/24/25				BB				621,966
	823			Travelport LLC, Term Loan B			5.116%				3-Month LIBOR				2.500%				3/17/25				B+				821,272
	1,715			Veritas US, Inc., Term Loan B1			7.074%				1-Month LIBOR				4.500%				1/27/23				B				1,503,630
	4,252			Walter Investment Management Corporation, Tranche B, Term Loan, First Lien, (6)			8.499%				N/A				N/A				6/30/22				CCC				2,891,519
	17,057			Total Diversified Financial Services																							15,394,326
				Diversified Telecommunication Services – 7.3% (4.5% of Total Investments)
	1,425			CenturyLink, Inc., Initial Term Loan A			5.249%				1-Month LIBOR				2.750%				11/01/22				BBB–				1,400,062
	8,581			CenturyLink, Inc., Term Loan B, (DD1)			5.249%				1-Month LIBOR				2.750%				1/31/25				BBB–				8,220,699
	4,436			Frontier Communications Corporation, Term Loan B			6.250%				1-Month LIBOR				3.750%				1/14/22				BB				4,254,524
	383			Intelsat Jackson Holdings, S.A., Term Loan B4			7.002%				1-Month LIBOR				4.500%				1/02/24				B+				389,870
	614			Intelsat Jackson Holdings, S.A., Term Loan B5			6.625%				N/A				N/A				1/02/24				B+				616,249
	3,643			Level 3 Financing, Inc., Tranche B, Term Loan			4.756%				1-Month LIBOR				2.250%				2/22/24				BBB–				3,585,342
	4,489			Numericable Group S.A., Term Loan B13			6.509%				1-Month LIBOR				4.000%				8/14/26				B				4,247,480
	577			Windstream Corporation, Term Loan B6, (6)			6.510%				1-Month LIBOR				4.000%				3/29/21				BB				538,415
	9,000			Ziggo B.V., Term Loan E			5.009%				1-Month LIBOR				2.500%				4/15/25				BB				8,722,620
	33,148			Total Diversified Telecommunication Services																							31,975,261
				Electric Utilities – 1.0% (0.6% of Total Investments)
	636			EFS Cogen Holdings LLC, Term Loan B			5.980%				3-Month LIBOR				3.250%				6/28/23				BB–				627,386
	2,394			Texas Competitive Electric Holdings LLC, Exit Term Loan B			4.499%				1-Month LIBOR				2.000%				8/01/23				BBB–				2,361,083
	1,366			Vistra Operations Co., Term Loan B3			4.505%				1-Month LIBOR				2.000%				12/31/25				BBB–				1,342,793
	4,396			Total Electric Utilities																							4,331,262
				Electrical Equipment – 0.4% (0.2% of Total Investments)
	1,668			TTM Technologies, Term Loan B, (DD1)			5.020%				1-Month LIBOR				2.500%				9/28/24				BB+				1,626,346
				Energy Equipment & Services – 1.6% (1.0% of Total Investments)
	1,054			Cypress Semiconductor Corp, Term Loan B			4.500%				1-Month LIBOR				2.000%				7/05/21				BB+				1,045,322
	2,978			McDermott International, Term Loan			7.499%				1-Month LIBOR				5.000%				5/12/25				BB–				2,863,774
	3,739			Seadrill Partners LLC, Initial Term Loan			8.803%				3-Month LIBOR				6.000%				2/21/21				CCC+				3,024,312
	7,771			Total Energy Equipment & Services																							6,933,408
				Equity Real Estate Investment Trusts – 1.7% (1.1% of Total Investments)
	5,792			Communications Sales & Leasing, Inc., Shortfall Term Loan			5.499%				1-Month LIBOR				3.000%				10/24/22				B–				5,446,357
	981			Realogy Group LLC, Term Loan A			4.758%				1-Month LIBOR				2.250%				2/08/23				BB+				966,531
	1,254			Realogy Group LLC, Term Loan B			4.758%				1-Month LIBOR				2.250%				2/08/25				BB+				1,225,523
	8,027			Total Equity Real Estate Investment Trusts																							7,638,411
				Food & Staples Retailing – 5.8% (3.6% of Total Investments)
	1,318			Albertson’s LLC, Term Loan B6			5.691%				3-Month LIBOR				3.000%				6/22/23				BB				1,299,985
	14,328			Albertson’s LLC, Term Loan B7			5.499%				1-Month LIBOR				3.000%				11/17/25				BB				14,055,418
	1,247			Hearthside Group Holdings LLC, Term Loan B			6.186%				1-Month LIBOR				3.688%				5/23/25				B				1,203,535
	489			Save-A-Lot, Term Loan B			8.803%				3-Month LIBOR				6.000%				12/05/23				CCC+				272,858
	8,806			US Foods, Inc., Term Loan B			4.499%				1-Month LIBOR				2.000%				6/27/23				BBB–				8,678,483
	26,188			Total Food & Staples Retailing																							25,510,279
				Food Products – 0.2% (0.1% of Total Investments)
	956			American Seafoods Group LLC, Term Loan B			5.250%				1-Month LIBOR				2.750%				8/21/23				BB–				948,029

 

52

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Principal Amount (000)				Description (1)		Coupon (2)				Reference Rate (2)				Spread (2)				Maturity (3)				Ratings (4)				Value
				Health Care Equipment & Supplies – 2.1% (1.3% of Total Investments)
$	1,724			Acelity, Term Loan B			6.053%				3-Month LIBOR				3.250%				2/02/24				B+			$	1,716,117
	600			Air Methods Term Loan, First Lien, (WI/DD)			TBD				TBD				TBD				TBD				B				492,666
	925			Greatbatch, New Term Loan B			5.510%				1-Month LIBOR				3.000%				10/27/22				B+				918,935
	750			LifeScan, Term Loan B			8.797%				3-Month LIBOR				6.000%				10/01/24				B+				721,879
	2,671			Onex Carestream Finance LP, Term Loan, First Lien			8.249%				N/A				N/A				2/28/21				B+				2,609,926
	2,262			Onex Carestream Finance LP, Term Loan, Second Lien			11.999%				1-Month LIBOR				9.500%				6/07/21				B–				2,228,397
	746			Vyaire Medical, Inc., Term Loan B			7.547%				3-Month LIBOR				4.750%				4/16/25				B				705,206
	9,678			Total Health Care Equipment & Supplies																							9,393,126
				Health Care Providers & Services – 7.6% (4.7% of Total Investments)
	1,665			Air Medical Group Holdings, Inc., Term Loan B			5.764%				1-Month LIBOR				3.250%				4/28/22				B+				1,570,466
	861			Air Medical Group Holdings, Inc., Term Loan B			6.769%				1-Month LIBOR				4.250%				3/14/25				B+				811,131
	1,245			Ardent Health, Term Loan, First Lien			6.999%				1-Month LIBOR				4.500%				6/30/25				B+				1,240,067
	1,128			Catalent Pharma Solutions, Inc., Term Loan B			4.749%				1-Month LIBOR				2.250%				5/20/24				BB				1,123,636
	1,208			Community Health Systems, Inc., Term Loan H			5.957%				3-Month LIBOR				3.250%				1/27/21				BB				1,190,696
	1,424			Concentra, Inc., Term Loan B			5.270%				1-Month LIBOR				2.750%				6/01/22				B+				1,415,219
	859			ConvaTec Healthcare, Term Loan B			5.053%				3-Month LIBOR				2.250%				10/25/23				BB				853,417
	1,000			Envision Healthcare Corporation, Initial Term Loan			6.249%				1-Month LIBOR				3.750%				10/10/25				B+				944,750
	748			HCA, Inc., Term Loan B10			4.499%				1-Month LIBOR				2.000%				3/13/25				BBB–				746,911
	2,249			HCA, Inc., Term Loan B11, (DD1)			4.249%				1-Month LIBOR				1.750%				3/17/23				BBB–				2,241,229
	1,129			Healogics, Inc., Term Loan, First Lien			7.010%				3-Month LIBOR				4.250%				7/01/21				B–				1,019,566
	51			Heartland Dental Care, Inc., Delay Draw Facility, (5)			3.750%				N/A				N/A				4/30/25				B				49,371
	555			Heartland Dental Care, Inc., Term Loan, First Lien			6.249%				1-Month LIBOR				3.750%				4/30/25				B				539,406
	2,437			Kindred at Home Hospice, Term Loan B			6.250%				1-Month LIBOR				3.750%				7/02/25				B+				2,425,144
	1,750			Kindred at Home Hospice, Term Loan, Second Lien			9.500%				1-Month LIBOR				7.000%				6/21/26				CCC+				1,777,344
	2,000			Lifepoint Health, Inc., Term Loan			7.129%				3-Month LIBOR				4.500%				11/16/25				B+				1,956,000
	2,173			Millennium Laboratories, Inc., Term Loan B, First Lien			8.999%				1-Month LIBOR				6.500%				12/21/20				CCC+				1,224,876
	6,248			Pharmaceutical Product Development, Inc., Term Loan B, (DD1)			4.999%				1-Month LIBOR				2.500%				8/18/22				BB–				6,136,497
	1,241			PharMerica, Term Loan, First Lien			6.008%				1-Month LIBOR				3.500%				12/06/24				B+				1,238,882
	993			Prospect Medical Holdings, Term Loan B1			8.063%				1-Month LIBOR				5.500%				2/22/24				B+				987,538
	205			Quorum Health Corp., Term Loan B			9.249%				1-Month LIBOR				6.750%				4/29/22				B+				204,666
	2,389			Select Medical Corporation, Term Loan B			5.012%				1-Month LIBOR				2.500%				3/06/25				BB				2,368,575
	1,049			Team Health, Initial Term Loan, (WI/DD)			TBD				TBD				TBD				TBD				B+				946,309
	223			Vizient, Inc., Term Loan B			5.249%				1-Month LIBOR				2.750%				2/13/23				N/R				221,609
	34,830			Total Health Care Providers & Services																							33,233,305
				Health Care Technology – 1.2% (0.7% of Total Investments)
	4,813			Emdeon, Inc., Term Loan			5.249%				1-Month LIBOR				2.750%				3/01/24				B+				4,716,852
	449			Press Ganey Holdings, Inc., Term Loan, Second Lien			8.999%				1-Month LIBOR				6.500%				10/21/24				CCC+				448,879
	5,262			Total Health Care Technology																							5,165,731
				Hotels, Restaurants & Leisure – 13.4% (8.4% of Total Investments)
	1,531			24 Hour Fitness Worldwide, Inc., Term Loan B			5.999%				1-Month LIBOR				3.500%				5/30/25				BB–				1,518,524
	933			Aramark Corporation, Term Loan			4.249%				1-Month LIBOR				1.750%				3/11/25				BBB–				927,999
	744			Arby’s Restaurant Group, Inc., Term Loan B			5.764%				1-Month LIBOR				3.250%				2/05/25				B				726,383
	17,397			Burger King Corporation, Term Loan B3			4.749%				1-Month LIBOR				2.250%				2/16/24				BB–				17,142,131
	5,163			Caesars Entertainment Operating Company, Inc., Term Loan B			4.499%				1-Month LIBOR				2.000%				10/06/24				BB				5,072,238
	2,970			Caesars Resort Collection, Term Loan, First Lien			5.249%				1-Month LIBOR				2.750%				12/23/24				BB				2,934,004
	886			CCM Merger, Inc., Term Loan B			4.749%				1-Month LIBOR				2.250%				8/09/21				BB				879,800
	3,257			CityCenter Holdings LLC, Term Loan B			4.749%				1-Month LIBOR				2.250%				4/18/24				BB–				3,204,483
	1,817			Equinox Holdings, Inc., Term Loan B1			5.499%				1-Month LIBOR				3.000%				3/08/24				B+				1,795,910
	980			Four Seasons Holdings, Inc., Term Loan B			4.499%				1-Month LIBOR				2.000%				11/30/23				BB+				966,015
	3,064			Intrawest Resorts Holdings, Inc., Term Loan B			5.499%				1-Month LIBOR				3.000%				7/31/24				B				3,029,276
	1,945			Life Time Fitness, Inc., Term Loan B			5.457%				3-Month LIBOR				2.750%				6/10/22				BB–				1,921,352
	900			MGM Growth Properties, Term Loan A, (WI/DD)			TBD				TBD				TBD				TBD				BB+				891,000
	2,247			MGM Growth Properties, Term Loan B			4.414%				1-Month LIBOR				2.000%				3/21/25				BBB–				2,214,483
	8,401			Scientific Games Corp., Initial Term Loan B5			5.249%				1-Month LIBOR				2.750%				8/14/24				BB–				8,156,381

 

53

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JRO		Nuveen Floating Rate Income Opportunity Fund (continued)
		Portfolio of Investments    January 31, 2019
		(Unaudited)

 

Principal Amount (000)				Description (1)		Coupon (2)				Reference Rate (2)				Spread (2)				Maturity (3)				Ratings (4)				Value
				Hotels, Restaurants & Leisure (continued)
$	3,484			Stars Group Holdings, Term Loan B			6.303%				3-Month LIBOR				3.500%				7/10/25				B+			$	3,456,903
	2,583			Station Casino LLC, Term Loan B			5.000%				1-Month LIBOR				2.500%				6/08/23				BB–				2,557,195
	1,496			Wyndham International, Inc., Term Loan B			4.249%				1-Month LIBOR				1.750%				5/30/25				BBB–				1,474,337
	59,798			Total Hotels, Restaurants & Leisure																							58,868,414
				Household Durables – 0.4% (0.3% of Total Investments)
	2,080			Serta Simmons Holdings LLC, Term Loan, First Lien			6.013%				1-Month LIBOR				3.500%				11/08/23				B–				1,783,489
				Household Products – 0.2% (0.1% of Total Investments)
	982			Reynolds Group Holdings, Inc., Term Loan, First Lien			5.249%				1-Month LIBOR				2.750%				2/05/23				B+				970,396
				Independent Power & Renewable Electricity Producers – 0.9% (0.6% of Total Investments)
	4,056			NRG Energy, Inc., Term Loan B			4.249%				1-Month LIBOR				1.750%				6/30/23				BBB–				3,997,776
				Industrial Conglomerates – 0.2% (0.1% of Total Investments)
	993			Education Advisory Board, Term Loan, First Lien			6.408%				2-Month LIBOR				3.750%				11/15/24				B				965,206
				Insurance – 1.9% (1.2% of Total Investments)
	737			Acrisure LLC, Term Loan B			6.749%				1-Month LIBOR				4.250%				11/22/23				B				724,718
	3,815			Alliant Holdings I LLC, Term Loan B			5.258%				1-Month LIBOR				2.750%				5/09/25				B				3,681,386
	1,817			Asurion LLC, Term Loan B6			5.499%				1-Month LIBOR				3.000%				11/03/23				BB–				1,791,658
	2,214			Hub International Holdings, Inc., Term Loan B			5.514%				3-Month LIBOR				2.750%				4/25/25				B				2,139,038
	8,583			Total Insurance																							8,336,800
				Interactive Media & Services – 0.6% (0.4% of Total Investments)
	1,059			Rackspace Hosting, Inc., Refinancing Term B Loan, First Lien			5.582%				3-Month LIBOR				3.000%				11/03/23				BB+				985,085
	1,500			WeddingWire, Inc., Term Loan			7.290%				3-Month LIBOR				4.500%				12/19/25				B+				1,497,660
	2,559			Total Interactive Media & Services																							2,482,745
				Internet and Direct Marketing Retail – 1.0% (0.6% of Total Investments)
	3,488			Uber Technologies, Inc., Term Loan			6.516%				1-Month LIBOR				4.000%				4/04/25				N/R				3,471,149
	744			Uber Technologies, Inc., Term Loan			6.008%				1-Month LIBOR				3.500%				7/13/23				N/R				736,474
	4,232			Total Internet and Direct Marketing Retail																							4,207,623
				Internet Software & Services – 0.8% (0.5% of Total Investments)
	1,459			Ancestry.com, Inc., Term Loan, First Lien			5.750%				1-Month LIBOR				3.250%				10/19/23				B				1,436,869
	953			Dynatrace, Term Loan, First Lien			5.749%				1-Month LIBOR				3.250%				8/22/25				B+				943,941
	97			Dynatrace, Term Loan, Second Lien			9.499%				1-Month LIBOR				7.000%				8/21/26				CCC+				96,291
	1,912			SkillSoft Corporation, Term Loan, Second Lien			10.749%				1-Month LIBOR				8.250%				4/28/22				CCC–				1,013,807
	4,421			Total Internet Software & Services																							3,490,908
				IT Services – 6.8% (4.2% of Total Investments)
	751			DTI Holdings, Inc., Replacement Term Loan B1			7.494%				3-Month LIBOR				4.750%				9/29/23				B				706,658
	6,320			First Data Corporation, Term Loan, First Lien			4.519%				1-Month LIBOR				2.000%				4/26/24				BB+				6,303,406
	3,023			First Data Corporation, Term Loan, First Lien, (DD1)			4.519%				1-Month LIBOR				2.000%				7/10/22				BB+				3,014,600
	1,158			Gartner, Inc., Term Loan A			3.999%				1-Month LIBOR				1.500%				3/21/22				Ba1				1,149,487
	1,671			GTT Communications, Inc., Term Loan, First Lien			5.250%				1-Month LIBOR				2.750%				6/02/25				BB–				1,573,628
	2,500			Optiv Security, Inc., Term Loan, Second Lien			9.749%				1-Month LIBOR				7.250%				1/31/25				CCC+				2,321,875
	651			Presidio, Inc., Term Loan B			5.543%				3-Month LIBOR				2.750%				2/02/24				B+				644,632
	3,623			Sabre, Inc., Term Loan B			4.499%				1-Month LIBOR				2.000%				2/22/24				BB				3,581,232
	715			Science Applications International Corporation, Term Loan B			4.249%				1-Month LIBOR				1.750%				10/31/25				BB+				705,781
	3,500			Syniverse Holdings, Inc., Initial Term Loan, Second Lien			11.509%				1-Month LIBOR				9.000%				3/11/24				CCC+				3,010,000
	2,583			Syniverse Holdings, Inc., Tranche Term Loan C			7.509%				1-Month LIBOR				5.000%				3/09/23				B				2,350,951
	1,724			Tempo Acquisition LLC, Term Loan B			5.499%				1-Month LIBOR				3.000%				5/01/24				B+				1,696,049
	2,006			West Corporation, Term Loan B			6.499%				1-Month LIBOR				4.000%				10/10/24				BB+				1,847,277
	975			WEX, Inc., Term Loan B			4.749%				1-Month LIBOR				2.250%				7/01/23				BB–				962,637
	31,200			Total IT Services																							29,868,213

 

54

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Principal Amount (000)				Description (1)		Coupon (2)				Reference Rate (2)				Spread (2)				Maturity (3)				Ratings (4)				Value
				Life Sciences Tools & Services – 0.4% (0.3% of Total Investments)
$	446			Inventiv Health, Inc., Term Loan B			4.499%				1-Month LIBOR				2.000%				8/01/24				BB			$	439,840
	1,586			Parexel International Corp., Term Loan B			5.249%				1-Month LIBOR				2.750%				9/27/24				B+				1,506,884
	2,032			Total Life Sciences Tools & Services																							1,946,724
				Machinery – 1.1% (0.7% of Total Investments)
	1,025			BJ’s Wholesale Club, Inc., Term Loan B			5.514%				1-Month LIBOR				3.000%				2/01/24				B+				1,017,300
	1,784			Gardner Denver, Inc., Term Loan B			5.249%				1-Month LIBOR				2.750%				7/30/24				BB+				1,777,495
	1,042			Gates Global LLC, Term Loan B			5.249%				1-Month LIBOR				2.750%				4/01/24				B+				1,022,656
	695			TNT Crane and Rigging Inc., Initial Term Loan, First Lien			7.303%				3-Month LIBOR				4.500%				11/27/20				CCC+				637,586
	650			TNT Crane and Rigging, Inc., Term Loan, Second Lien			11.803%				3-Month LIBOR				9.000%				11/26/21				CCC–				542,750
	5,196			Total Machinery																							4,997,787
				Marine – 0.6% (0.4% of Total Investments)
	863			American Commercial Lines LLC, Term Loan B, First Lien			11.249%				1-Month LIBOR				8.750%				11/12/20				CCC+				616,688
	2,007			Harvey Gulf International Marine, Inc., Exit Term Loan			8.508%				6-Month LIBOR				6.000%				7/02/23				B				1,999,701
	2,870			Total Marine																							2,616,389
				Media – 13.7% (8.6% of Total Investments)
	1,142			Advantage Sales & Marketing, Inc., Term Loan, First Lien			5.749%				1-Month LIBOR				3.250%				7/23/21				B+				1,009,320
	572			Affinion Group Holdings, Inc., Term Loan, First Lien			10.390%				3-Month LIBOR				7.750%				5/10/22				CCC+				559,887
	164			Catalina Marketing Corporation, Delayed Draw Term Loan, First Lien, (WI/DD)			TBD				TBD				TBD				TBD				N/R				164,141
	614			Catalina Marketing Corporation, DIP Term Loan, First Lien			8.008%				3-Month LIBOR				5.500%				6/14/19				N/R				529,571
	246			Catalina Marketing Corporation, Term Loan A			12.514%				1-Month LIBOR				10.000%				6/14/19				N/R				246,212
	266			Catalina Marketing Corporation, Term Loan B, (WI/DD)			TBD				TBD				TBD				TBD				N/R				266,730
	3,716			Catalina Marketing Corporation, Term Loan, First Lien, (6)			0.000%				N/A				N/A				4/09/21				D				334,412
	1,500			Catalina Marketing Corporation, Term Loan, Second Lien, (6)			9.457%				N/A				N/A				4/11/22				D				27,750
	550			CBS Radio, Inc., Term Loan B, (WI/DD)			TBD				TBD				TBD				TBD				BB–				535,563
	4,537			Cequel Communications LLC, Term Loan B			4.759%				1-Month LIBOR				2.250%				1/10/26				BB				4,384,170
	4,199			Charter Communications Operating Holdings LLC, Term Loan B			4.500%				1-Month LIBOR				2.000%				4/30/25				BBB–				4,150,169
	1,983			Cineworld Group PLC, Term Loan B			4.999%				1-Month LIBOR				2.500%				2/28/25				BB–				1,939,889
	5,014			Clear Channel Communications, Inc., Tranche D, Term Loan, (6)			0.000%				N/A				N/A				1/30/19				CCC				3,402,502
	7,295			Clear Channel Communications, Inc., Term Loan E, (6)			0.000%				N/A				N/A				7/30/19				CCC				4,950,824
	1,489			CSC Holdings LLC, Term Loan B			5.009%				1-Month LIBOR				2.500%				1/25/26				BB+				1,458,975
	6,620			Cumulus Media, Inc., Exit Term Loan			7.000%				1-Month LIBOR				4.500%				5/13/22				B				6,408,346
	553			Gray Television, Inc., Term Loan B2			4.770%				1-Month LIBOR				2.250%				2/07/24				BB+				544,574
	750			Gray Television, Inc., Term Loan C			5.020%				1-Month LIBOR				2.500%				1/02/26				BB+				741,251
	1,838			IMG Worldwide, Inc., Term Loan B			5.250%				1-Month LIBOR				2.750%				5/18/25				B				1,737,633
	3,252			Intelsat Jackson Holdings, S.A., Term Loan B			6.252%				1-Month LIBOR				3.750%				11/30/23				B+				3,232,754
	5,806			McGraw-Hill Education Holdings LLC, Term Loan B			6.499%				1-Month LIBOR				4.000%				5/02/22				BB+				5,302,742
	1,591			Meredith Corporation, Tranche Term Loan B1			5.249%				1-Month LIBOR				2.750%				1/31/25				BB				1,584,250
	1,496			Metro-Goldwyn-Mayer, Inc., Term Loan, First Lien			5.000%				1-Month LIBOR				2.500%				7/03/25				BB				1,478,490
	1,000			Metro-Goldwyn-Mayer, Inc., Term Loan, Second Lien			7.000%				1-Month LIBOR				4.500%				7/03/26				B				967,505
	2,738			Nexstar Broadcasting, Inc., Term Loan B3			4.752%				1-Month LIBOR				2.250%				1/17/24				BB+				2,657,479
	473			Nexstar Broadcasting, Inc., Term Loan B3			4.756%				1-Month LIBOR				2.250%				1/17/24				BB+				459,425
	399			Red Ventures, Term Loan B			5.499%				1-Month LIBOR				3.000%				11/08/24				BB				395,749
	2,337			Sinclair Television Group, Term Loan B2, (DD1)			4.750%				1-Month LIBOR				2.250%				1/31/24				BB+				2,324,044
	1,444			Springer Science & Business Media, Inc., Term Loan B13, First Lien			5.999%				1-Month LIBOR				3.500%				8/15/22				B				1,439,975
	1,533			UPC Financing Partnership, Term Loan AR1, First Lien			5.009%				1-Month LIBOR				2.500%				1/15/26				BB+				1,513,518

 

55

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JRO		Nuveen Floating Rate Income Opportunity Fund (continued)
		Portfolio of Investments    January 31, 2019
		(Unaudited)

 

Principal Amount (000)				Description (1)		Coupon (2)				Reference Rate (2)				Spread (2)				Maturity (3)				Ratings (4)				Value
				Media (continued)
$	5,726			WideOpenWest Finance LLC, Term Loan B			5.753%				1-Month LIBOR				3.250%				8/18/23				B			$	5,487,806
	70,843			Total Media																							60,235,656
				Multiline Retail – 1.4% (0.9% of Total Investments)
	2,054			99 Cents Only Stores, Tranche B2, Term Loan, Second Lien, (cash 8.853%, PIK 1.500%)			8.432%				3-Month LIBOR				6.500%				1/13/22				CCC+				1,848,816
	1,573			Belk, Inc., Term Loan B, First Lien, (DD1)			7.365%				2-Month LIBOR				4.750%				12/12/22				B				1,257,681
	1,489			EG America LLC, Term Loan, First Lien			6.813%				3-Month LIBOR				4.000%				2/07/25				B				1,441,857
	599			Hudson’s Bay Company, Term Loan B, First Lien			5.752%				1-Month LIBOR				3.250%				9/30/22				BB–				587,285
	1,324			Neiman Marcus Group, Inc., Term Loan			5.763%				1-Month LIBOR				3.250%				10/25/20				CCC				1,177,550
	7,039			Total Multiline Retail																							6,313,189
				Oil, Gas & Consumable Fuels – 2.5% (1.6% of Total Investments)
	1,447			BCP Renaissance Parent, Term Loan B			6.244%				3-Month LIBOR				3.500%				10/31/24				BB–				1,435,962
	1,250			California Resources Corporation, Term Loan			12.874%				1-Month LIBOR				10.375%				12/31/21				B				1,310,938
	3,414			California Resources Corporation, Term Loan B			7.252%				1-Month LIBOR				4.750%				12/31/22				B				3,356,655
	2,551			Fieldwood Energy LLC, Exit Term Loan			7.749%				1-Month LIBOR				5.250%				4/11/22				BB–				2,348,314
	1,574			Fieldwood Energy LLC, Exit Term Loan, second Lien			9.749%				1-Month LIBOR				7.250%				4/11/23				B+				1,360,262
	1,206			Peabody Energy Corporation, Term Loan B			5.249%				1-Month LIBOR				2.750%				3/31/25				BB				1,184,629
	11,442			Total Oil, Gas & Consumable Fuels																							10,996,760
				Personal Products – 1.2% (0.8% of Total Investments)
	1,706			Coty, Inc., Term Loan A			4.271%				1-Month LIBOR				1.750%				4/05/23				BB				1,659,328
	1,493			Coty, Inc., Term Loan B			4.771%				1-Month LIBOR				2.250%				4/07/25				BB				1,420,673
	3,147			Revlon Consumer Products Corporation, Term Loan B, First Lien			6.207%				3-Month LIBOR				3.500%				11/16/20				B–				2,257,440
	6,346			Total Personal Products																							5,337,441
				Pharmaceuticals – 1.8% (1.1% of Total Investments)
	963			Alphabet Holding Company, Inc., Initial Term Loan, First Lien			5.999%				1-Month LIBOR				3.500%				9/26/24				B–				877,856
	3,232			Concordia Healthcare Corp, Exit Term Loan			8.016%				1-Month LIBOR				5.500%				9/06/24				B–				3,083,494
	986			Valeant Pharmaceuticals International, Inc., Term Loan B, (DD1)			5.263%				1-Month LIBOR				2.750%				11/15/25				BB				973,760
	2,847			Valeant Pharmaceuticals International, Inc., Term Loan, First Lien			5.513%				1-Month LIBOR				3.000%				6/02/25				BB				2,821,165
	8,028			Total Pharmaceuticals																							7,756,275
				Professional Services – 1.5% (0.9% of Total Investments)
	1,064			Ceridian HCM Holding, Inc., Term Loan B			5.749%				1-Month LIBOR				3.250%				4/30/25				B				1,054,069
	1,965			Nielsen Finance LLC, Term Loan B4			4.511%				1-Month LIBOR				2.000%				10/04/23				BBB–				1,937,215
	957			On Assignment, Inc., Term Loan B			4.499%				1-Month LIBOR				2.000%				4/02/25				BB				947,100
	3,141			Skillsoft Corporation, Initial Term Loan, First Lien			7.249%				1-Month LIBOR				4.750%				4/28/21				B–				2,579,824
	7,127			Total Professional Services																							6,518,208
				Real Estate Management & Development – 1.0% (0.6% of Total Investments)
	2,843			GGP, Term Loan B			4.999%				1-Month LIBOR				2.500%				8/27/25				BB+				2,727,127
	1,472			Trico Group LLC, Term Loan, First Lien			9.207%				3-Month LIBOR				6.500%				2/02/24				B				1,442,438
	4,315			Total Real Estate Management & Development																							4,169,565
				Road & Rail – 2.8% (1.7% of Total Investments)
	9,725			Avolon LLC, Term Loan B			4.503%				1-Month LIBOR				2.000%				1/15/25				BBB–				9,641,923
	1,455			Quality Distribution, Incremental Term Loan, First Lien			8.303%				3-Month LIBOR				5.500%				8/18/22				B				1,433,175
	1,200			Savage Enterprises LLC, Term Loan B			7.020%				1-Month LIBOR				4.500%				8/01/25				B+				1,201,040
	12,380			Total Road & Rail																							12,276,138
				Semiconductors & Semiconductor Equipment – 1.1% (0.7% of Total Investments)
	750			Cabot Microelectronics, Term Loan B			4.750%				1-Month LIBOR				2.250%				11/14/25				BB+				745,313

 

56

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Principal Amount (000)				Description (1)		Coupon (2)				Reference Rate (2)				Spread (2)				Maturity (3)				Ratings (4)				Value
				Semiconductors & Semiconductor Equipment (continued)
$	209			Lumileds, Term Loan B			6.205%				3-Month LIBOR				3.500%				6/30/24				B+			$	158,872
	1,808			Microchip Technology., Inc., Term Loan B			4.500%				1-Month LIBOR				2.000%				5/29/25				BBB–				1,783,798
	919			Micron Technology, Inc., Term Loan B			4.250%				1-Month LIBOR				1.750%				4/10/22				BBB				911,671
	1,427			ON Semiconductor Corporation, Term Loan B3			4.249%				1-Month LIBOR				1.750%				3/31/23				BBB–				1,412,017
	5,113			Total Semiconductors & Semiconductor Equipment																							5,011,671
				Software – 13.0% (8.1% of Total Investments)
	3,021			Blackboard, Inc., Term Loan B4			7.780%				3-Month LIBOR				5.000%				6/30/21				B–				2,843,167
	602			Compuware Corporation, Term Loan, First Lien			6.002%				1-Month LIBOR				3.500%				8/25/25				B+				602,424
	1,500			DiscoverOrg LLC, Term Loan B, (WI/DD)			TBD				TBD				TBD				TBD				N/R				1,492,500
	2,140			Ellucian, Term Loan B, First Lien			6.053%				3-Month LIBOR				3.250%				9/30/22				B				2,099,032
	2,940			Greeneden U.S. Holdings II LLC, Term Loan B			5.749%				1-Month LIBOR				3.250%				12/01/23				B				2,879,729
	10,794			Infor (US), Inc., Term Loan B			5.249%				1-Month LIBOR				2.750%				2/01/22				B+				10,749,904
	2,514			Informatica, Term Loan B			5.749%				1-Month LIBOR				3.250%				8/05/22				B+				2,511,460
	1,216			Kronos Incorporated, Term Loan B			5.541%				3-Month LIBOR				3.000%				11/20/23				B				1,194,591
	688			McAfee Holdings International, Inc., Term Loan, Second Lien			11.000%				1-Month LIBOR				8.500%				9/29/25				B–				699,531
	3,130			McAfee LLC, Term Loan B			6.250%				1-Month LIBOR				3.750%				9/30/24				B+				3,117,853
	894			Micro Focus International PLC, New Term Loan			4.999%				1-Month LIBOR				2.500%				6/21/24				BB–				866,629
	6,036			Micro Focus International PLC, Term Loan B			4.999%				1-Month LIBOR				2.500%				6/21/24				BB–				5,852,560
	2,914			Micro Focus International PLC, Term Loan B2			4.749%				1-Month LIBOR				2.250%				11/19/21				BB–				2,871,989
	636			Misys, New Term Loan, Second Lien			10.053%				3-Month LIBOR				7.250%				6/13/25				BB–				602,773
	380			Mitchell International, Inc., Initial Term Loan, First Lien			5.749%				1-Month LIBOR				3.250%				11/29/24				B				365,155
	667			Mitchell International, Inc., Initial Term Loan, Second Lien			9.749%				1-Month LIBOR				7.250%				12/01/25				CCC				654,667
	1,470			RP Crown Parent LLC, Term Loan B			5.249%				1-Month LIBOR				2.750%				10/15/23				B+				1,447,950
	5,736			SS&C Technologies, Inc./ Sunshine Acquisition II, Inc., Term Loan B3, (DD1)			4.749%				1-Month LIBOR				2.250%				4/16/25				BB				5,628,505
	2,206			SS&C Technologies, Inc./ Sunshine Acquisition II, Inc., Term Loan B4, (DD1)			4.749%				1-Month LIBOR				2.250%				4/16/25				BB				2,164,909
	8,387			TIBCO Software, Inc., Term Loan, First Lien			6.010%				1-Month LIBOR				3.500%				12/04/20				B+				8,340,961
	57,871			Total Software																							56,986,289
				Specialty Retail – 1.6% (1.0% of Total Investments)
	1,594			Academy, Ltd., Term Loan B			6.514%				1-Month LIBOR				4.000%				7/01/22				CCC+				1,107,369
	3,849			Petco Animal Supplies, Inc., Term Loan B1			5.994%				3-Month LIBOR				3.250%				1/26/23				B				2,967,904
	2,705			Petsmart Inc., Term Loan B, First Lien			5.520%				1-Month LIBOR				3.000%				3/11/22				B–				2,274,560
	1,204			Serta Simmons Holdings LLC, Term Loan, Second Lien, (DD1)			10.514%				1-Month LIBOR				8.000%				11/08/24				CCC				865,932
	9,352			Total Specialty Retail																							7,215,765
				Technology Hardware, Storage & Peripherals – 6.9% (4.3% of Total Investments)
	5,680			BMC Software, Inc., Term Loan B			7.053%				3-Month LIBOR				4.250%				10/02/25				B				5,557,520
	13,778			Dell International LLC, Refinancing Term Loan B			4.500%				1-Month LIBOR				2.000%				9/07/23				BBB–				13,609,892
	4,171			Dell International LLC, Replacement Term Loan A2			4.250%				1-Month LIBOR				1.750%				9/07/21				BBB–				4,128,873
	6,998			Western Digital, Term Loan B			4.260%				1-Month LIBOR				1.750%				4/29/23				BBB–				6,840,267
	30,627			Total Technology Hardware, Storage & Peripherals																							30,136,552
				Trading Companies & Distributors – 0.1% (0.1% of Total Investments)
	571			Univar, Inc., Term Loan B			4.749%				1-Month LIBOR				2.250%				7/01/24				BB				560,617
				Transportation Infrastructure – 0.7% (0.4% of Total Investments)
	750			Atlantic Aviation FBO Inc., Term Loan			6.270%				1-Month LIBOR				3.750%				12/06/25				BB				754,688
	1,247			Ceva Group PLC, Term Loan, First Lien			6.553%				3-Month LIBOR				3.750%				8/04/25				BB–				1,235,965
	350			Standard Aero, Canadien Term Loan, (WI/DD)			TBD				TBD				TBD				TBD				N/R				348,713
	650			Standard Aero, USD Term Loan B, (WI/DD)			TBD				TBD				TBD				TBD				BB				648,607
	2,997			Total Transportation Infrastructure																							2,987,973
				Wireless Telecommunication Services – 1.9% (1.2% of Total Investments)
	1,823			Asurion LLC, Term Loan B4			5.499%				1-Month LIBOR				3.000%				8/04/22				BB–				1,798,192

 

57

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JRO		Nuveen Floating Rate Income Opportunity Fund (continued)
		Portfolio of Investments    January 31, 2019
		(Unaudited)

 

Principal Amount (000)				Description (1)		Coupon (2)				Reference Rate (2)				Spread (2)				Maturity (3)				Ratings (4)				Value
				Wireless Telecommunication Services (continued)
$	6,878			Sprint Corporation, Term Loan, First Lien			5.000%				1-Month LIBOR				2.500%				2/02/24				BB+			$	6,731,353
	8,701			Total Wireless Telecommunication Services																							8,529,545
$	639,740			Total Variable Rate Senior Loan Interests (cost $630,597,427)																							605,938,541
Principal Amount (000)				Description (1)										Coupon				Maturity				Ratings (4)				Value
				CORPORATE BONDS – 16.1% (10.2% of Total Investments)
				Communications Equipment – 2.7% (1.7% of Total Investments)
$	155			Avaya Holdings Corporation, 144A, (6), (7)											7.000%				4/01/19				N/R			$	—
	3,830			Avaya Holdings Corporation, 144A, (6), (7)											10.500%				3/01/21				N/R				—
	6,472			Intelsat Jackson Holdings SA											5.500%				8/01/23				CCC+				5,881,430
	5,580			Intelsat Jackson Holdings SA, 144A											9.750%				7/15/25				CCC+				5,810,175
	16,037			Total Communications Equipment																							11,691,605
				Containers & Packaging – 0.9% (0.6% of Total Investments)
	4,070			Reynolds Group Issuer Inc.											5.750%				10/15/20				B+				4,085,719
				Diversified Telecommunication Services – 2.1% (1.3% of Total Investments)
	489			CSC Holdings LLC, 144A											10.125%				1/15/23				B+				526,286
	1,650			CSC Holdings LLC, 144A											10.875%				10/15/25				B+				1,901,625
	6,902			Intelsat Luxembourg SA											7.750%				6/01/21				CC				6,625,920
	9,041			Total Diversified Telecommunication Services																							9,053,831
				Health Care Providers & Services – 0.5% (0.3% of Total Investments)
	880			Tenet Healthcare Corporation											4.750%				6/01/20				BB–				886,600
	590			Tenet Healthcare Corporation											6.000%				10/01/20				BB				609,352
	800			Tenet Healthcare Corporation											4.500%				4/01/21				BB				801,600
	2,270			Total Health Care Providers & Services																							2,297,552
				Hotels, Restaurants & Leisure – 1.0% (0.6% of Total Investments)
	4,200			Scientific Games International Inc.											10.000%				12/01/22				B–				4,415,250
				Media – 3.5% (2.2% of Total Investments)
	150			Charter Communications Operating LLC											3.579%				7/23/20				BBB–				150,387
	495			DISH DBS Corporation											5.125%				5/01/20				BB–				496,238
	1,000			DISH DBS Corporation											5.875%				11/15/24				BB–				828,750
	4,662			iHeartCommunications Inc., (6)											9.000%				12/15/19				CCC				3,123,540
	14,960			iHeartCommunications Inc., (6)											5.340%				2/01/21				CC				1,810,186
	6,250			iHeartCommunications Inc., (6)											9.000%				3/01/21				CCC				4,171,875
	1,714			iHeartCommunications Inc., 144A, (6)											11.250%				3/01/21				C				1,079,820
	4,370			Intelsat Luxembourg SA											8.125%				6/01/23				CCC–				3,635,294
	33,601			Total Media																							15,296,090
				Oil, Gas & Consumable Fuels – 1.2% (0.8% of Total Investments)
	3,755			California Resources Corporation, 144A											8.000%				12/15/22				B–				3,013,388
	500			Denbury Resources Inc.											6.375%				8/15/21				CCC+				412,500
	1,814			Denbury Resources Inc., 144A											9.250%				3/31/22				B+				1,782,255
	180			EP Energy LLC, 144A											9.375%				5/01/24				CCC				95,850
	6,249			Total Oil, Gas & Consumable Fuels																							5,303,993
				Pharmaceuticals – 0.5% (0.3% of Total Investments)
	1,500			Bausch Health Companies Inc., 144A											6.500%				3/15/22				BB				1,550,625
	733			Concordia International Corporation											8.000%				9/06/24				B–				696,350
	2,233			Total Pharmaceuticals																							2,246,975
				Real Estate Management & Development – 0.7% (0.5% of Total Investments)
	3,250			Realogy Group LLC, 144A											5.250%				12/01/21				B+				3,248,765

 

58

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Principal Amount (000)				Description (1)										Coupon				Maturity				Ratings (4)				Value
				Semiconductors & Semiconductor Equipment – 0.3% (0.2% of Total Investments)
$	1,394			Advanced Micro Devices Inc.											7.500%				8/15/22				B+			$	1,512,490
				Software – 0.7% (0.4% of Total Investments)
	3,050			Infor US Inc., 144A											5.750%				8/15/20				B+				3,095,140
				Wireless Telecommunication Services – 2.0% (1.3% of Total Investments)
	750			Level 3 Financing Inc.											5.375%				8/15/22				BB				755,850
	6,000			Sprint Capital Corporation											7.875%				9/15/23				B+				6,375,000
	500			Sprint Capital Corporation											7.125%				6/15/24				B+				513,750
	900			Sprint Communications Inc.											7.000%				8/15/20				B+				933,750
	8,150			Total Wireless Telecommunication Services																							8,578,350
$	93,545			Total Corporate Bonds (cost $80,407,541)																							70,825,760
Shares				Description (1)																						Value
				COMMON STOCKS – 2.3% (1.4% of Total Investments)
				Diversified Consumer Services – 0.1% (0.0% of Total Investments)
	49,978			Cengage Learning Holdings II Inc., (8), (9)																						$	193,665
				Energy Equipment & Services – 0.4% (0.2% of Total Investments)
	29,321			C&J Energy Services Inc., (8)																							471,189
	63,862			Transocean Ltd																							547,297
	2,534			Vantage Drilling International, (8), (9)																							587,888
				Total Energy Equipment & Services																							1,606,374
				Health Care Providers & Services – 0.0% (0.0% of Total Investments)
	50,560			Millennium Health LLC, (7), (8)																							97,987
	47,462			Millennium Health LLC, (7), (8)																							91,943
	54,276			Millennium Health LLC, (8), (9)																							2,985
				Total Health Care Providers & Services																							192,915
				Marine – 0.2% (0.1% of Total Investments)
	21,097			HGIM Corporation, (9)																							801,686
	4,721			HGIM Corporation, (8), (9)																							179,398
				Total Marine																							981,084
				Media – 0.7% (0.5% of Total Investments)
	84,691			Cumulus Media Inc., (8)																							1,020,527
	1,318,561			Hibu PLC, (8), (9)																							344,144
	23,363			Metro-Goldwyn-Mayer Inc., (8), (9)																							1,824,650
	36,087			Tribune Media Company, (9)																							23,457
				Total Media																							3,212,778
				Pharmaceuticals – 0.1% (0.1% of Total Investments)
	22,941			Advanz Pharma Corporation, (8)																							434,044
				Software – 0.8% (0.5% of Total Investments)
	206,112			Avaya Holdings Corporation, (8)																							3,485,354
				Specialty Retail – 0.0% (0.0% of Total Investments)
	22,273			Gymboree Holding Corporation, (8), (9)																							44,546
	8,181			Gymboree Holding Corporation, (8), (9)																							16,362
				Total Specialty Retail																							60,908
				Total Common Stocks (cost $17,251,932)																							10,167,122

 

59

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JRO		Nuveen Floating Rate Income Opportunity Fund (continued)
		Portfolio of Investments    January 31, 2019
		(Unaudited)

 

Principal Amount (000)				Description (1)										Coupon				Maturity				Ratings (4)				Value
				ASSET-BACKED SECURITIES – 0.9% (0.5% of Total Investments)
$	675			Bristol Park CLO LTD, Series 2016-1A, 144A, (3-Month LIBOR reference rate + 7.250% spread), (10)											10.037%				4/15/29				BB–			$	673,020
	800			Dryden 50 Senior Loan Fund, Series 2017-50A, 144A, (3-Month LIBOR reference rate + 6.260% spread), (10)											9.047%				7/15/30				BB–				776,030
	750			Gilbert Park CLO LTD, Series 2017-1A, 144A, (3-Month LIBOR reference rate + 6.400% spread), (10)											9.187%				10/15/30				BB–				731,606
	1,250			Madison Park Funding Limited, Collateralized Loan Obligations, Series 2012-10A, 144A, (3-Month LIBOR reference rate + 5.500% spread), (10)											8.261%				4/20/26				BB–				1,232,294
	400			Neuberger Berman Loan Advisers CLO 28 Limited, Series 2018-28A, 144A, (3-Month LIBOR reference rate + 5.600% spread), (10)											8.361%				4/20/30				BB–				369,509
$	3,875			Total Asset-Backed Securities (cost $3,796,610)																							3,782,459
Shares				Description (1)																						Value
				COMMON STOCK RIGHTS – 0.1% (0.0% of Total Investments)
				Oil, Gas & Consumable Fuels – 0.1% (0.0% of Total Investments)
	13,466			Fieldwood Energy LLC, (7), (8)																						$	423,072
	2,721			Fieldwood Energy LLC, (8), (9)																							89,793
				Total Common Stock Rights (cost $384,387)																							512,865
Shares				Description (1)																						Value
				WARRANTS – 0.0% (0.0% of Total Investments)
	15,619			Avaya Holdings Corporation, (9)																						$	19,524
				Total Warrants (cost $1,460,830)																							19,524
				Total Long-Term Investments (cost $733,898,727)																							691,246,271
Shares				Description (1)										Coupon												Value
				SHORT-TERM INVESTMENTS – 2.8% (1.8% of Total Investments)
				INVESTMENT COMPANIES – 2.8% (1.8% of Total Investments)
	12,312,629			BlackRock Liquidity Funds T-Fund Portfolio, (11)											2.290% (12)											$	12,312,629
				Total Short-Term Investments (cost $12,312,629)																							12,312,629
				Total Investments (cost $746,211,356) – 160.1%																							703,558,900
				Borrowings – (40.7)% (13), (14)																							(178,800,000	)
				Term Preferred Shares, net of deferred offering costs – (18.9)% (15)																							(82,966,686	)
				Other Assets Less Liabilities – (0.5)% (16)																							(2,443,496	)
				Net Assets Applicable to Common Shares – 100%																						$	439,348,718

Investments in Derivatives

Interest Rate Swaps – OTC Uncleared

 

Counterparty		Notional Amount				Fund Pay/Receive Floating Rate				Floating Rate Index				Fixed Rate (Annualized)				Fixed Rate Payment Frequency				Maturity Date				Value				Unrealized Appreciation (Depreciation)
Morgan Stanley Capital Services LLC		$	8,000,000				Pay				1-Month LIBOR				3.000	%(17)			Monthly				12/01/23	(18)		$	(52,046	)		$	(52,046	)
Morgan Stanley Capital Services LLC			10,000,000				Pay				1-Month LIBOR				2.500	(19)			Monthly				1/01/22	(20)			(80,145	)			(80,145	)
Morgan Stanley Capital Services LLC			21,000,000				Pay				1-Month LIBOR				2.500	(21)			Monthly				4/01/22	(22)			(237,039	)			(237,039	)
Morgan Stanley Capital Services LLC			45,000,000				Pay				1-Month LIBOR				4.000				Monthly				1/01/27	(23)			(693,605	)			(693,605	)
Total		$	84,000,000																							$	(1,062,835	)		$	(1,062,835	)
Total unrealized appreciation on interest rate swaps																														$	—
Total unrealized depreciation on interest rate swaps																														$	(1,062,835	)

 

60

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For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.

 

(1)	All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

 

(2)

Senior loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate (Reference Rate) plus an assigned fixed rate (Spread). These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate (“LIBOR”), or (ii) the prime rate offered by one or more major United States banks. Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of senior loan. The rate shown is the coupon as of the end of the reporting period.

 

(3)

Senior loans generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments of senior loans may occur. As a result, the actual remaining maturity of senior loans held may be substantially less than the stated maturities shown.

 

(4)

For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

 

(5)	Investment, or portion of investment, represents an outstanding unfunded senior loan commitment. See Notes to Financial Statements, Note 8 – Senior Loan Commitments for more information.

 

(6)

As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records.

 

(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. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.

 

(8)	Non-income producing; issuer has not declared a dividend within the past twelve months.

 

(9)	For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.

 

(10)	Variable rate security. The rate shown is the coupon as of the end of the period.

 

(11)	A copy of the most recent financial statements for these investment companies can be obtained directly from the Securities and Exchange Commission on its website at the http://www.sec.gov.

 

(12)	The rate shown is the annualized seven-day subsidized yield as of the end of the reporting period.

 

(13)	Borrowings as a percentage of Total Investments is 25.4%.

 

(14)	The Fund segregates 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings.

 

(15)	Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 11.8%.

 

(16)

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 cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable.

 

(17)	Effective December 1, 2018, the fixed rate paid by the Fund increased according to a predetermined schedule as specified in the swap contract. Additionally, this fixed rate increase will continue to occur every two years on specific dates through the swap contract’s termination date.

 

(18)	This interest rate swap has an optional early termination date beginning on December 1, 2018 and monthly thereafter through the termination date as specified in the swap contract.

 

(19)	Effective January 1, 2020, the fixed rate paid by the Fund increased according to a predetermined schedule as specified in the swap contract. Additionally, this fixed rate increase will continue to occur every twelve months on specific dates through the swap contract’s termination date.

 

(20)	This interest rate swap has an optional early termination date beginning on January 1, 2019 and monthly thereafter through the termination date as specified in the swap contract.

 

(21)	Effective April 1, 2020, the fixed rate paid by the Fund increased according to a predetermined schedule as specified in the swap contract. Additionally, this fixed rate increase will continue to occur every twelve months on specific dates through the swap contract’s termination date.

 

(22)	This interest rate swap has an optional early termination date beginning on July 1, 2019 and monthly thereafter through the termination date as specified in the swap contract.

 

(23)	This interest rate swap has an optional early termination date beginning on January 1, 2021 and monthly thereafter through the termination date as specified in the swap contract.

 

144A	Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

 

DD1	Portion of investment purchased on a delayed delivery basis.

 

LIBOR

London Inter-Bank Offered Rate

 

N/A	Not Applicable

 

PIK

Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period.

 

TBD

Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the final coupon rate and maturity date.

 

WI/DD

Purchased on a when-issued or delayed delivery basis.

 

See accompanying notes to financial statements.

 

61

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JSD		Nuveen Short Duration Credit Opportunities Fund   Portfolio of Investments    January 31, 2019
		(Unaudited)

 

Principal Amount (000)				Description (1)		Coupon (2)				Reference Rate (2)				Spread (2)				Maturity (3)				Ratings (4)				Value
				LONG-TERM INVESTMENTS – 160.9% (98.7% of Total Investments)
				VARIABLE RATE SENIOR LOAN INTERESTS – 142.5% (87.4% of Total Investments) (2)
				Aerospace & Defense – 2.8% (1.7% of Total Investments)
$	2,386			Sequa Corporation, Term Loan B			7.516%				3-Month LIBOR				5.000%				11/28/21				B			$	2,349,791
	854			Sequa Corporation, Term Loan, Second Lien			11.751%				3-Month LIBOR				9.000%				4/28/22				CCC				816,725
	1,650			Transdigm, Inc., Term Loan F			4.999%				1-Month LIBOR				2.500%				6/09/23				BB				1,618,410
	4,890			Total Aerospace & Defense																							4,784,926
				Air Freight & Logistics – 0.9% (0.5% of Total Investments)
	814			PAE Holding Corporation, Term Loan B			8.119%				2-Month LIBOR				5.500%				10/20/22				B+				810,161
	722			XPO Logistics, Inc., Term Loan B			4.500%				1-Month LIBOR				2.000%				2/24/25				BBB –				712,349
	1,536			Total Air Freight & Logistics																							1,522,510
				Airlines – 2.4% (1.5% of Total Investments)
	1,680			American Airlines, Inc., Replacement Term Loan			4.516%				1-Month LIBOR				2.000%				10/10/21				BB+				1,660,840
	660			American Airlines, Inc., Term Loan 2025			4.252%				1-Month LIBOR				1.750%				6/27/25				BB+				634,331
	500			American Airlines, Inc., Term Loan B			4.500%				1-Month LIBOR				2.000%				4/28/23				BB+				485,705
	1,305			American Airlines, Inc., Term Loan B			4.509%				1-Month LIBOR				2.000%				12/14/23				BB+				1,267,456
	4,145			Total Airlines																							4,048,332
				Auto Components – 0.8% (0.5% of Total Investments)
	845			DexKo Global, Inc., Term Loan B			5.999%				1-Month LIBOR				3.500%				7/24/24				B+				833,936
	492			Superior Industries International, Inc., Term Loan B			6.499%				1-Month LIBOR				4.000%				5/22/24				B+				486,746
	1,337			Total Auto Components																							1,320,682
				Beverages – 0.8% (0.5% of Total Investments)
	1,439			Jacobs Douwe Egberts, Term Loan B			4.563%				3-Month LIBOR				2.000%				11/01/25				BB				1,425,846
				Biotechnology – 1.2% (0.7% of Total Investments)
	1,965			Grifols, Inc., Term Loan B			4.664%				1-Week LIBOR				2.250%				1/31/25				BB+				1,943,306
				Building Products – 1.3% (0.8% of Total Investments)
	307			Fairmount, Initial Term Loan			6.553%				3-Month LIBOR				3.750%				6/01/25				BB				244,997
	324			Ply Gem Industries, Inc., Term Loan B			6.547%				3-Month LIBOR				3.750%				4/12/25				B+				310,059
	1,699			Quikrete Holdings, Inc., Term Loan B			5.249%				1-Month LIBOR				2.750%				11/15/23				BB–				1,650,963
	2,330			Total Building Products																							2,206,019
				Capital Markets – 2.7% (1.6% of Total Investments)
	1,082			Capital Automotive LP, Term Loan, First Lien			5.000%				1-Month LIBOR				2.500%				3/25/24				B+				1,056,023
	1,741			Capital Automotive LP, Term Loan, Second Lien			8.499%				1-Month LIBOR				6.000%				3/24/25				CCC+				1,739,201
	1,701			RPI Finance Trust, Term Loan B6			4.499%				1-Month LIBOR				2.000%				3/27/23				BBB–				1,687,738
	4,524			Total Capital Markets																							4,482,962
				Chemicals – 0.4% (0.3% of Total Investments)
	423			Ineos US Finance LLC, Term Loan			4.499%				1-Month LIBOR				2.000%				4/01/24				BBB–				412,042
	300			SI Group, Term Loan B			7.537%				3-Month LIBOR				4.750%				10/15/25				BB–				297,750
	723			Total Chemicals																							709,792
				Commercial Services & Supplies – 6.5% (4.0% of Total Investments)
	1,337			Brand Energy & Infrastructure Services, Inc., Term Loan B, First Lien			6.957%				3-Month LIBOR				4.250%				6/16/24				B				1,283,869
	2,748			Formula One Group, Term Loan B			4.999%				1-Month LIBOR				2.500%				2/01/24				B+				2,653,987
	276			Fort Dearborn Holding Company, Inc., Term Loan, First Lien			6.784%				1-Month LIBOR				4.000%				10/19/23				B–				264,664

 

62

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Principal Amount (000)				Description (1)		Coupon (2)				Reference Rate (2)				Spread (2)				Maturity (3)				Ratings (4)				Value
				Commercial Services & Supplies (continued)
$	1,047			Getty Images, Inc., Term Loan B, First Lien			5.999%				1-Month LIBOR				3.500%				10/18/19				B–			$	1,043,026
	499			GFL Environmental, Term Loan			5.499%				1-Month LIBOR				3.000%				5/31/25				B+				482,398
	1,800			iQor US, Inc., Term Loan, First Lien, (DD1)			7.797%				3-Month LIBOR				5.000%				4/01/21				CCC+				1,623,039
	167			iQor US, Inc., Term Loan, Second Lien			11.547%				3-Month LIBOR				8.750%				4/01/22				CCC–				124,792
	764			KAR Auction Services, Inc., Term Loan B5			5.313%				3-Month LIBOR				2.500%				3/09/23				BB				759,323
	705			LSC Communications, Refinancing Term Loan			7.999%				1-Month LIBOR				5.500%				9/30/22				B+				702,356
	413			Monitronics International, Inc., Term Loan B2, First Lien			8.303%				3-Month LIBOR				5.500%				9/30/22				CCC+				363,258
	579			Protection One, Inc., Term Loan			5.249%				1-Month LIBOR				2.750%				5/02/22				BB–				571,813
	972			Universal Services of America, Initial Term Loan, First Lien			6.249%				1-Month LIBOR				3.750%				7/28/22				BB				931,412
	170			West Corporation, Incremental Term Loan B1			5.999%				1-Month LIBOR				3.500%				10/10/24				BB+				155,025
	11,477			Total Commercial Services & Supplies																							10,958,962
				Communications Equipment – 2.2% (1.3% of Total Investments)
	2,281			Avaya, Inc., Tranche B Term Loan			6.759%				1-Month LIBOR				4.250%				12/15/24				BB–				2,248,970
	900			Mitel US Holdings, Inc., Term Loan, First Lien			6.999%				1-Month LIBOR				4.500%				11/30/25				B				888,975
	542			Plantronics, Term Loan B			4.999%				1-Month LIBOR				2.500%				7/02/25				BB+				528,548
	3,723			Total Communications Equipment																							3,666,493
				Construction & Engineering – 1.2% (0.7% of Total Investments)
	746			KBR, Inc., Term Loan B			6.249%				1-Month LIBOR				3.750%				4/25/25				BB–				745,321
	1,326			Traverse Midstream Partners, Term Loan B			6.600%				6-Month LIBOR				4.000%				9/27/24				B+				1,323,974
	2,072			Total Construction & Engineering																							2,069,295
				Consumer Finance – 0.8% (0.5% of Total Investments)
	744			Vantiv LLC, Repriced Term Loan B4			4.222%				1-Month LIBOR				1.750%				8/09/24				BBB–				741,182
	566			Verscend Technologies, Tern Loan B			6.999%				1-Month LIBOR				4.500%				8/27/25				B+				562,696
	1,310			Total Consumer Finance																							1,303,878
				Containers & Packaging – 0.4% (0.3% of Total Investments)
	699			Berry Global, Inc., Term Loan Q			4.516%				1-Month LIBOR				2.000%				10/01/22				BBB–				693,206
				Distributors – 0.4% (0.3% of Total Investments)
	746			SRS Distribution, Inc., Term Loan B			5.749%				1-Month LIBOR				3.250%				5/23/25				B				711,154
				Diversified Consumer Services – 2.1% (1.3% of Total Investments)
	1,824			Cengage Learning Acquisitions, Inc., Term Loan B			6.769%				1-Month LIBOR				4.250%				6/07/23				B				1,554,263
	838			Houghton Mifflin, Term Loan B, First Lien			5.499%				1-Month LIBOR				3.000%				5/28/21				B				793,099
	580			Laureate Education, Inc., Term Loan B			6.549%				N/A				N/A				4/26/24				B+				578,621
	750			Refinitiv, Term Loan B			6.249%				1-Month LIBOR				3.750%				10/01/25				BB+				721,582
	3,992			Total Diversified Consumer Services																							3,647,565
				Diversified Financial Services – 2.5% (1.5% of Total Investments)
	419			Altisource Solutions S.A R.L., Term Loan B			6.803%				3-Month LIBOR				4.000%				4/03/24				B+				409,476
	565			Freedom Mortgage Corporation, Initial Term Loan			7.249%				1-Month LIBOR				4.750%				2/23/22				BB				567,140
	377			Hilton Hotels, Term Loan B			4.260%				1-Month LIBOR				1.750%				10/25/23				BBB–				374,000
	421			Lions Gate Entertainment Corp., Term Loan B			4.749%				1-Month LIBOR				2.250%				3/24/25				BB				414,644
	1,143			Veritas US, Inc., Term Loan B1			7.074%				1-Month LIBOR				4.500%				1/27/23				B				1,002,420
	2,200			Walter Investment Management Corporation, Tranche B, Term Loan, First Lien, (5)			8.499%				N/A				N/A				6/30/22				CCC				1,496,234
	5,125			Total Diversified Financial Services																							4,263,914
				Diversified Telecommunication Services – 7.3% (4.5% of Total Investments)
	713			CenturyLink, Inc., Initial Term Loan A			5.249%				1-Month LIBOR				2.750%				11/01/22				BBB–				700,031
	4,255			CenturyLink, Inc., Term Loan B, (DD1)			5.249%				1-Month LIBOR				2.750%				1/31/25				BBB–				4,076,708
	421			CommScope, Inc., Term Loan B			4.499%				1-Month LIBOR				2.000%				12/29/22				BBB–				420,232
	2,527			Frontier Communications Corporation, Term Loan B			6.250%				1-Month LIBOR				3.750%				1/14/22				BB				2,423,562
	195			Intelsat Jackson Holdings, S.A., Term Loan B4			7.002%				1-Month LIBOR				4.500%				1/02/24				B+				198,206
	312			Intelsat Jackson Holdings, S.A., Term Loan B5			6.625%				N/A				N/A				1/02/24				B+				313,294
	200			Level 3 Financing, Inc., Tranche B, Term Loan			4.756%				1-Month LIBOR				2.250%				2/22/24				BBB–				196,844

 

63

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JSD		Nuveen Short Duration Credit Opportunities Fund (continued)
		Portfolio of Investments    January 31, 2019
		(Unaudited)

 

Principal Amount (000)				Description (1)		Coupon (2)				Reference Rate (2)				Spread (2)				Maturity (3)				Ratings (4)				Value
				Diversified Telecommunication Services (continued)
$	1,995			Numericable Group S.A., Term Loan B13			6.509%				1-Month LIBOR				4.000%				8/14/26				B			$	1,887,769
	289			Windstream Corporation, Term Loan B6, (5)			6.510%				1-Month LIBOR				4.000%				3/29/21				BB				269,207
	2,000			Ziggo B.V., Term Loan E			5.009%				1-Month LIBOR				2.500%				4/15/25				BB				1,938,360
	12,907			Total Diversified Telecommunication Services																							12,424,213
				Electric Utilities – 1.5% (1.0% of Total Investments)
	424			EFS Cogen Holdings LLC, Term Loan B			5.980%				3-Month LIBOR				3.250%				6/28/23				BB–				418,258
	1,596			Texas Competitive Electric Holdings LLC, Exit Term Loan B			4.499%				1-Month LIBOR				2.000%				8/01/23				BBB–				1,574,055
	687			Vistra Operations Co., Term Loan B3			4.505%				1-Month LIBOR				2.000%				12/31/25				BBB–				675,307
	2,707			Total Electric Utilities																							2,667,620
				Electrical Equipment – 0.5% (0.3% of Total Investments)
	830			TTM Technologies, Term Loan B, (DD1)			5.020%				1-Month LIBOR				2.500%				9/28/24				BB+				809,142
				Energy Equipment & Services – 1.8% (1.1% of Total Investments)
	1,985			McDermott International, Term Loan			7.499%				1-Month LIBOR				5.000%				5/12/25				BB–				1,909,183
	1,404			Seadrill Partners LLC, Initial Term Loan			8.803%				3-Month LIBOR				6.000%				2/21/21				CCC+				1,134,946
	3,389			Total Energy Equipment & Services																							3,044,129
				Equity Real Estate Investment Trusts – 1.9% (1.2% of Total Investments)
	2,919			Communications Sales & Leasing, Inc., Shortfall Term Loan			5.499%				1-Month LIBOR				3.000%				10/24/22				B–				2,745,314
	491			Realogy Group LLC, Term Loan A			4.758%				1-Month LIBOR				2.250%				2/08/23				BB+				483,266
	3,410			Total Equity Real Estate Investment Trusts																							3,228,580
				Food & Staples Retailing – 6.7% (4.1% of Total Investments)
	941			Albertson’s LLC, Term Loan B6			5.691%				3-Month LIBOR				3.000%				6/22/23				BB				928,428
	7,377			Albertson’s LLC, Term Loan B7			5.499%				1-Month LIBOR				3.000%				11/17/25				BB				7,236,116
	950			Del Monte Foods Company, Term Loan, First Lien			5.903%				3-Month LIBOR				3.250%				2/18/21				CCC+				788,799
	367			Save-A-Lot, Term Loan B			8.803%				3-Month LIBOR				6.000%				12/05/23				CCC+				204,643
	2,222			US Foods, Inc., Term Loan B			4.499%				1-Month LIBOR				2.000%				6/27/23				BBB–				2,189,453
	11,857			Total Food & Staples Retailing																							11,347,439
				Food Products – 0.4% (0.2% of Total Investments)
	598			American Seafoods Group LLC, Term Loan B			5.250%				1-Month LIBOR				2.750%				8/21/23				BB–				592,518
				Health Care Equipment & Supplies – 3.1% (1.9% of Total Investments)
	1,047			Acelity, Term Loan B			6.053%				3-Month LIBOR				3.250%				2/02/24				B+				1,042,249
	250			Air Methods Term Loan, First Lien, (WI/DD)			TBD				TBD				TBD				TBD				B				205,277
	617			Greatbatch, New Term Loan B			5.510%				1-Month LIBOR				3.000%				10/27/22				B+				612,623
	500			LifeScan, Term Loan B			8.797%				3-Month LIBOR				6.000%				10/01/24				B+				481,252
	1,682			Onex Carestream Finance LP, Term Loan, First Lien			8.249%				N/A				N/A				2/28/21				B+				1,644,525
	849			Onex Carestream Finance LP, Term Loan, Second Lien			11.999%				1-Month LIBOR				9.500%				6/07/21				B–				836,442
	498			Vyaire Medical, Inc., Term Loan B			7.547%				3-Month LIBOR				4.750%				4/16/25				B				470,137
	5,443			Total Health Care Equipment & Supplies																							5,292,505
				Health Care Providers & Services – 8.5% (5.2% of Total Investments)
	724			Air Medical Group Holdings, Inc., Term Loan B			5.764%				1-Month LIBOR				3.250%				4/28/22				B+				682,811
	517			Air Medical Group Holdings, Inc., Term Loan B			6.769%				1-Month LIBOR				4.250%				3/14/25				B+				486,678
	498			Ardent Health, Term Loan, First Lien			6.999%				1-Month LIBOR				4.500%				6/30/25				B+				495,530
	421			Catalent Pharma Solutions, Inc., Term Loan B			4.749%				1-Month LIBOR				2.250%				5/20/24				BB				419,572
	494			Community Health Systems, Inc., Term Loan H			5.957%				3-Month LIBOR				3.250%				1/27/21				BB				486,440
	769			ConvaTec Healthcare, Term Loan B			5.053%				3-Month LIBOR				2.250%				10/25/23				BB				763,889
	250			HCA, Inc., Term Loan B11, (WI/DD)			TBD				TBD				TBD				TBD				BBB-				249,167
	40			Heartland Dental Care, Inc., Delay Draw Facility, (6)			3.750%				N/A				N/A				4/30/25				B				38,473
	432			Heartland Dental Care, Inc., Term Loan, First Lien			6.249%				1-Month LIBOR				3.750%				4/30/25				B				420,347
	1,462			Kindred at Home Hospice, Term Loan B			6.250%				1-Month LIBOR				3.750%				7/02/25				B+				1,455,086
	400			Kindred at Home Hospice, Term Loan, Second Lien			9.500%				1-Month LIBOR				7.000%				6/21/26				CCC+				406,250
	1,500			Lifepoint Health, Inc., Term Loan			7.129%				3-Month LIBOR				4.500%				11/16/25				B+				1,467,000

 

64

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Principal Amount (000)				Description (1)		Coupon (2)				Reference Rate (2)				Spread (2)				Maturity (3)				Ratings (4)				Value
				Health Care Providers & Services (continued)
$	649			Millennium Laboratories, Inc., Term Loan B, First Lien			8.999%				1-Month LIBOR				6.500%				12/21/20				CCC+			$	365,937
	2,799			Pharmaceutical Product Development, Inc., Term Loan B, (DD1)			4.999%				1-Month LIBOR				2.500%				8/18/22				BB–				2,748,245
	744			PharMerica, Term Loan, First Lien			6.008%				1-Month LIBOR				3.500%				12/06/24				B+				743,329
	744			Prospect Medical Holdings, Term Loan B1			8.063%				1-Month LIBOR				5.500%				2/22/24				B+				740,653
	118			Quorum Health Corp., Term Loan B			9.249%				1-Month LIBOR				6.750%				4/29/22				B+				118,446
	1,669			Select Medical Corporation, Term Loan B			5.012%				1-Month LIBOR				2.500%				3/06/25				BB				1,654,672
	524			Team Health, Initial Term Loan, (WI/DD)			TBD				TBD				TBD				TBD				B+				473,155
	148			Vizient, Inc., Term Loan B			5.249%				1-Month LIBOR				2.750%				2/13/23				N/R				147,739
	14,902			Total Health Care Providers & Services																							14,363,419
				Health Care Technology – 0.8% (0.5% of Total Investments)
	1,444			Emdeon, Inc., Term Loan			5.249%				1-Month LIBOR				2.750%				3/01/24				B+				1,415,055
				Hotels, Restaurants & Leisure – 11.8% (7.2% of Total Investments)
	1,021			24 Hour Fitness Worldwide, Inc., Term Loan B			5.999%				1-Month LIBOR				3.500%				5/30/25				BB–				1,012,349
	2,697			Burger King Corporation, Term Loan B3			4.749%				1-Month LIBOR				2.250%				2/16/24				BB–				2,657,590
	1,208			Caesars Entertainment Operating Company, Inc., Term Loan B			4.499%				1-Month LIBOR				2.000%				10/06/24				BB				1,186,617
	1,980			Caesars Resort Collection, Term Loan, First Lien			5.249%				1-Month LIBOR				2.750%				12/23/24				BB				1,956,002
	1,310			CCM Merger, Inc., Term Loan B			4.749%				1-Month LIBOR				2.250%				8/09/21				BB				1,300,852
	1,629			CityCenter Holdings LLC, Term Loan B			4.749%				1-Month LIBOR				2.250%				4/18/24				BB–				1,602,335
	1,239			Equinox Holdings, Inc., Term Loan B1			5.499%				1-Month LIBOR				3.000%				3/08/24				B+				1,224,484
	1,112			Life Time Fitness, Inc., Term Loan B			5.457%				3-Month LIBOR				2.750%				6/10/22				BB–				1,097,915
	350			MGM Growth Properties, Term Loan A, (WI/DD)			TBD				TBD				TBD				TBD				BB+				346,500
	1,000			Penn National Gaming, Inc., Term Loan B			4.758%				1-Month LIBOR				2.250%				10/15/25				BB				989,375
	3,812			Scientific Games Corp., Initial Term Loan B5			5.249%				1-Month LIBOR				2.750%				8/14/24				BB–				3,700,869
	1,144			Stars Group Holdings, Term Loan B			6.303%				3-Month LIBOR				3.500%				7/10/25				B+				1,135,474
	1,722			Station Casino LLC, Term Loan B			5.000%				1-Month LIBOR				2.500%				6/08/23				BB–				1,704,797
	20,224			Total Hotels, Restaurants & Leisure																							19,915,159
				Household Durables – 0.3% (0.2% of Total Investments)
	643			Serta Simmons Holdings LLC, Term Loan, First Lien			6.013%				1-Month LIBOR				3.500%				11/08/23				B–				551,558
				Household Products – 0.9% (0.6% of Total Investments)
	1,632			Reynolds Group Holdings, Inc., Term Loan, First Lien			5.249%				1-Month LIBOR				2.750%				2/05/23				B+				1,611,551
				Industrial Conglomerates – 0.4% (0.3% of Total Investments)
	744			Education Advisory Board, Term Loan, First Lien			6.408%				2-Month LIBOR				3.750%				11/15/24				B				723,905
				Insurance – 0.9% (0.5% of Total Investments)
	491			Acrisure LLC, Term Loan B			6.749%				1-Month LIBOR				4.250%				11/22/23				B				483,146
	1,009			Hub International Holdings, Inc., Term Loan B			5.514%				3-Month LIBOR				2.750%				4/25/25				B				974,852
	1,500			Total Insurance																							1,457,998
				Interactive Media & Services – 1.0% (0.6% of Total Investments)
	706			Rackspace Hosting, Inc., Refinancing Term B Loan, First Lien			5.582%				3-Month LIBOR				3.000%				11/03/23				BB+				656,724
	1,000			WeddingWire, Inc., Term Loan			7.290%				3-Month LIBOR				4.500%				12/19/25				B+				998,440
	1,706			Total Interactive Media & Services																							1,655,164
				Internet and Direct Marketing Retail – 1.0% (0.6% of Total Investments)
	1,744			Uber Technologies, Inc., Term Loan			6.516%				1-Month LIBOR				4.000%				4/04/25				N/R				1,735,574
				Internet Software & Services – 1.2% (0.7% of Total Investments)
	973			Ancestry.com, Inc., Term Loan, First Lien			5.750%				1-Month LIBOR				3.250%				10/19/23				B				957,912
	369			Dynatrace, Term Loan, First Lien			5.749%				1-Month LIBOR				3.250%				8/22/25				B+				365,179
	37			Dynatrace, Term Loan, Second Lien			9.499%				1-Month LIBOR				7.000%				8/21/26				CCC+				37,252

 

65

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JSD		Nuveen Short Duration Credit Opportunities Fund (continued)
		Portfolio of Investments    January 31, 2019
		(Unaudited)

 

Principal Amount (000)				Description (1)		Coupon (2)				Reference Rate (2)				Spread (2)				Maturity (3)				Ratings (4)				Value
				Internet Software & Services (continued)
$	1,109			SkillSoft Corporation, Term Loan, Second Lien			10.749%				1-Month LIBOR				8.250%				4/28/22				CCC–			$	587,714
	2,488			Total Internet Software & Services																							1,948,057
				IT Services – 7.6% (4.7% of Total Investments)
	376			DTI Holdings, Inc., Replacement Term Loan B1			7.494%				3-Month LIBOR				4.750%				9/29/23				B				353,329
	4,550			First Data Corporation, Term Loan, First Lien			4.519%				1-Month LIBOR				2.000%				4/26/24				BB+				4,537,818
	707			First Data Corporation, Term Loan, First Lien, (DD1)			4.519%				1-Month LIBOR				2.000%				7/10/22				BB+				704,780
	649			Gartner, Inc., Term Loan A			3.999%				1-Month LIBOR				1.500%				3/21/22				NR				644,409
	418			GTT Communications, Inc., Term Loan, First Lien			5.250%				1-Month LIBOR				2.750%				6/02/25				BB–				393,407
	1,266			Sabre, Inc., Term Loan B			4.499%				1-Month LIBOR				2.000%				2/22/24				BB				1,251,609
	1,500			Syniverse Holdings, Inc., Initial Term Loan, Second Lien			11.509%				1-Month LIBOR				9.000%				3/11/24				CCC+				1,290,000
	1,199			Syniverse Holdings, Inc., Tranche Term Loan C			7.509%				1-Month LIBOR				5.000%				3/09/23				B				1,091,513
	985			Tempo Acquisition LLC, Term Loan B			5.499%				1-Month LIBOR				3.000%				5/01/24				B+				969,171
	1,037			West Corporation, Term Loan B			6.499%				1-Month LIBOR				4.000%				10/10/24				BB+				955,212
	731			WEX, Inc., Term Loan B			4.749%				1-Month LIBOR				2.250%				7/01/23				BB–				721,978
	13,418			Total IT Services																							12,913,226
				Machinery – 1.5% (0.9% of Total Investments)
	154			BJ’s Wholesale Club, Inc., Term Loan B			5.514%				1-Month LIBOR				3.000%				2/01/24				B+				152,449
	712			Gardner Denver, Inc., Term Loan B			5.249%				1-Month LIBOR				2.750%				7/30/24				BB+				709,245
	625			Gates Global LLC, Term Loan B			5.249%				1-Month LIBOR				2.750%				4/01/24				B+				613,594
	824			TNT Crane and Rigging Inc., Initial Term Loan, First Lien			7.303%				3-Month LIBOR				4.500%				11/27/20				CCC+				756,258
	400			TNT Crane and Rigging, Inc., Term Loan, Second Lien			11.803%				3-Month LIBOR				9.000%				11/26/21				CCC–				334,000
	2,715			Total Machinery																							2,565,546
				Marine – 0.9% (0.5% of Total Investments)
	647			American Commercial Lines LLC, Term Loan B, First Lien			11.249%				1-Month LIBOR				8.750%				11/12/20				CCC+				462,516
	969			Harvey Gulf International Marine, Inc., Exit Term Loan			8.508%				6-Month LIBOR				6.000%				7/02/23				B				965,352
	1,616			Total Marine																							1,427,868
				Media – 12.5% (7.7% of Total Investments)
	828			Advantage Sales & Marketing, Inc., Term Loan, First Lien			5.749%				1-Month LIBOR				3.250%				7/23/21				B+				732,162
	381			Affinion Group Holdings, Inc., Term Loan, First Lien			10.390%				3-Month LIBOR				7.750%				5/10/22				CCC+				373,258
	23			Catalina Marketing Corporation, Delayed Draw Term Loan, First Lien, (WI/DD)			TBD				TBD				TBD				TBD				N/R				23,449
	88			Catalina Marketing Corporation, DIP Term Loan, First Lien			8.008%				3-Month LIBOR				5.500%				6/14/19				N/R				75,653
	35			Catalina Marketing Corporation, Term Loan A			12.514%				1-Month LIBOR				10.000%				6/14/19				N/R				35,173
	38			Catalina Marketing Corporation, Term Loan B, (WI/DD)			TBD				TBD				TBD				TBD				N/R				38,104
	531			Catalina Marketing Corporation, Term Loan, First Lien, (5)			0.000%				N/A				N/A				4/09/21				D				47,773
	500			Catalina Marketing Corporation, Term Loan, Second Lien, (5)			9.457%				N/A				N/A				4/11/22				D				9,250
	250			CBS Radio, Inc., Term Loan B, (WI/DD)			TBD				TBD				TBD				TBD				BB–				243,437
	496			Cineworld Group PLC, Term Loan B			4.999%				1-Month LIBOR				2.500%				2/28/25				BB–				485,581
	2,998			Clear Channel Communications, Inc., Tranche D, Term Loan, (5)			0.000%				N/A				N/A				1/30/19				CCC				2,034,647
	3,945			Clear Channel Communications, Inc., Term Loan E, (5)			0.000%				N/A				N/A				7/30/19				CCC				2,677,269
	496			CSC Holdings LLC, Term Loan B			5.009%				1-Month LIBOR				2.500%				1/25/26				BB+				486,325
	2,015			Cumulus Media, Inc., Exit Term Loan			7.000%				1-Month LIBOR				4.500%				5/13/22				B				1,950,699
	415			Gray Television, Inc., Term Loan B2			4.770%				1-Month LIBOR				2.250%				2/07/24				BB+				408,431
	689			IMG Worldwide, Inc., Term Loan B			5.250%				1-Month LIBOR				2.750%				5/18/25				B				651,612
	1,772			Intelsat Jackson Holdings, S.A., Term Loan B			6.252%				1-Month LIBOR				3.750%				11/30/23				B+				1,761,507
	2,708			McGraw-Hill Education Holdings LLC, Term Loan B			6.499%				1-Month LIBOR				4.000%				5/02/22				BB+				2,472,968

 

66

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Principal Amount (000)				Description (1)		Coupon (2)				Reference Rate (2)				Spread (2)				Maturity (3)				Ratings (4)				Value
				Media (continued)
$	682			Meredith Corporation, Tranche Term Loan B1			5.249%				1-Month LIBOR				2.750%				1/31/25				BB			$	678,964
	748			Metro-Goldwyn-Mayer, Inc., Term Loan, First Lien			5.000%				1-Month LIBOR				2.500%				7/03/25				BB				739,245
	400			Metro-Goldwyn-Mayer, Inc., Term Loan, Second Lien			7.000%				1-Month LIBOR				4.500%				7/03/26				B				387,002
	257			Nexstar Broadcasting, Inc., Term Loan B3			4.756%				1-Month LIBOR				2.250%				1/17/24				BB+				249,491
	1,487			Nexstar Broadcasting, Inc., Term Loan B3			4.752%				1-Month LIBOR				2.250%				1/17/24				BB+				1,443,146
	133			Red Ventures, Term Loan B			5.499%				1-Month LIBOR				3.000%				11/08/24				BB				131,916
	250			Sinclair Television Group, Term Loan B2, (WI/DD)			TBD				TBD				TBD				TBD				BB+				248,645
	722			Springer Science & Business Media, Inc., Term Loan B13, First Lien			5.999%				1-Month LIBOR				3.500%				8/15/22				B				719,988
	2,224			WideOpenWest Finance LLC, Term Loan B			5.753%				1-Month LIBOR				3.250%				8/18/23				B				2,131,149
	25,111			Total Media																							21,236,844
				Multiline Retail – 1.4% (0.9% of Total Investments)
	1,086			Belk, Inc., Term Loan B, First Lien, (DD1)			7.365%				2-Month LIBOR				4.750%				12/12/22				B				868,252
	620			EG America LLC, Term Loan, First Lien			6.813%				3-Month LIBOR				4.000%				2/07/25				B				600,774
	300			Hudson’s Bay Company, Term Loan B, First Lien			5.752%				1-Month LIBOR				3.250%				9/30/22				BB–				293,643
	709			Neiman Marcus Group, Inc., Term Loan			5.763%				1-Month LIBOR				3.250%				10/25/20				CCC				630,300
	2,715			Total Multiline Retail																							2,392,969
				Oil, Gas & Consumable Fuels – 3.4% (2.1% of Total Investments)
	1,085			BCP Renaissance Parent, Term Loan B			6.244%				3-Month LIBOR				3.500%				10/31/24				BB–				1,076,972
	750			California Resources Corporation, Term Loan			12.874%				1-Month LIBOR				10.375%				12/31/21				B				786,563
	1,665			California Resources Corporation, Term Loan B			7.252%				1-Month LIBOR				4.750%				12/31/22				B				1,636,553
	923			Fieldwood Energy LLC, Exit Term Loan			7.749%				1-Month LIBOR				5.250%				4/11/22				BB–				850,181
	1,091			Fieldwood Energy LLC, Exit Term Loan, second Lien			9.749%				1-Month LIBOR				7.250%				4/11/23				B+				943,331
	522			Peabody Energy Corporation, Term Loan B			5.249%				1-Month LIBOR				2.750%				3/31/25				BB				512,878
	6,036			Total Oil, Gas & Consumable Fuels																							5,806,478
				Personal Products – 1.4% (0.8% of Total Investments)
	995			Coty, Inc., Term Loan B			4.771%				1-Month LIBOR				2.250%				4/07/25				BB				947,116
	1,926			Revlon Consumer Products Corporation, Term Loan B, First Lien			6.207%				3-Month LIBOR				3.500%				11/16/20				B–				1,381,138
	2,921			Total Personal Products																							2,328,254
				Pharmaceuticals – 1.7% (1.1% of Total Investments)
	1,463			Concordia Healthcare Corp, Exit Term Loan			8.016%				1-Month LIBOR				5.500%				9/06/24				B–				1,395,576
	355			Valeant Pharmaceuticals International, Inc., Term Loan B, (DD1)			5.263%				1-Month LIBOR				2.750%				11/15/25				BB				350,995
	1,183			Valeant Pharmaceuticals International, Inc., Term Loan, First Lien			5.513%				1-Month LIBOR				3.000%				6/02/25				BB				1,171,765
	3,001			Total Pharmaceuticals																							2,918,336
				Professional Services – 1.8% (1.1% of Total Investments)
	988			Ceridian HCM Holding, Inc., Term Loan B			5.749%				1-Month LIBOR				3.250%				4/30/25				B				978,888
	983			Nielsen Finance LLC, Term Loan B4			4.511%				1-Month LIBOR				2.000%				10/04/23				BBB–				968,607
	1,380			Skillsoft Corporation, Initial Term Loan, First Lien			7.249%				1-Month LIBOR				4.750%				4/28/21				B–				1,133,359
	3,351			Total Professional Services																							3,080,854
				Real Estate Management & Development – 0.8% (0.5% of Total Investments)
	1,421			GGP, Term Loan B			4.999%				1-Month LIBOR				2.500%				8/27/25				BB+				1,363,564
				Road & Rail – 2.2% (1.4% of Total Investments)
	2,160			Avolon LLC, Term Loan B			4.503%				1-Month LIBOR				2.000%				1/15/25				BBB–				2,141,613
	970			Quality Distribution, Incremental Term Loan, First Lien			8.303%				3-Month LIBOR				5.500%				8/18/22				B				955,450
	720			Savage Enterprises LLC, Term Loan B			7.020%				1-Month LIBOR				4.500%				8/01/25				B+				720,624
	3,850			Total Road & Rail																							3,817,687

 

67

---

JSD		Nuveen Short Duration Credit Opportunities Fund (continued)
		Portfolio of Investments    January 31, 2019
		(Unaudited)

 

Principal Amount (000)				Description (1)		Coupon (2)				Reference Rate (2)				Spread (2)				Maturity (3)				Ratings (4)				Value
				Semiconductors & Semiconductor Equipment – 1.7% (1.0% of Total Investments)
$	500			Cabot Microelectronics, Term Loan B			4.750%				1-Month LIBOR				2.250%				11/14/25				BB+			$	496,875
	453			Lumileds, Term Loan B			6.205%				3-Month LIBOR				3.500%				6/30/24				B+				344,199
	452			Microchip Technology., Inc., Term Loan B			4.500%				1-Month LIBOR				2.000%				5/29/25				BBB–				445,949
	875			Micron Technology, Inc., Term Loan B			4.250%				1-Month LIBOR				1.750%				4/10/22				BBB				868,258
	713			ON Semiconductor Corporation, Term Loan B3			4.249%				1-Month LIBOR				1.750%				3/31/23				BBB–				706,008
	2,993			Total Semiconductors & Semiconductor Equipment																							2,861,289
				Software – 14.2% (8.7% of Total Investments)
	967			Blackboard, Inc., Term Loan B4			7.780%				3-Month LIBOR				5.000%				6/30/21				B–				909,976
	233			Compuware Corporation, Term Loan, First Lien			6.002%				1-Month LIBOR				3.500%				8/25/25				B+				233,058
	600			DiscoverOrg LLC, Term Loan B, (WI/DD)			TBD				TBD				TBD				TBD				N/R				597,000
	676			Ellucian, Term Loan B, First Lien			6.053%				3-Month LIBOR				3.250%				9/30/22				B				663,436
	1,960			Greeneden U.S. Holdings II LLC, Term Loan B			5.749%				1-Month LIBOR				3.250%				12/01/23				B				1,919,819
	2,331			Infor (US), Inc., Term Loan B			5.249%				1-Month LIBOR				2.750%				2/01/22				B+				2,320,812
	1,448			Informatica, Term Loan B			5.749%				1-Month LIBOR				3.250%				8/05/22				B+				1,446,335
	973			Kronos Incorporated, Term Loan B			5.541%				3-Month LIBOR				3.000%				11/20/23				B				955,673
	458			McAfee Holdings International, Inc., Term Loan, Second Lien			11.000%				1-Month LIBOR				8.500%				9/29/25				B–				466,354
	1,423			McAfee LLC, Term Loan B			6.250%				1-Month LIBOR				3.750%				9/30/24				B+				1,417,206
	319			Micro Focus International PLC, New Term Loan			4.999%				1-Month LIBOR				2.500%				6/21/24				BB–				309,510
	2,156			Micro Focus International PLC, Term Loan B			4.999%				1-Month LIBOR				2.500%				6/21/24				BB–				2,090,200
	1,249			Micro Focus International PLC, Term Loan B2			4.749%				1-Month LIBOR				2.250%				11/19/21				BB–				1,230,852
	371			Misys, New Term Loan, Second Lien			10.053%				3-Month LIBOR				7.250%				6/13/25				BB–				352,025
	127			Mitchell International, Inc., Initial Term Loan, First Lien			5.749%				1-Month LIBOR				3.250%				11/29/24				B				121,718
	133			Mitchell International, Inc., Initial Term Loan, Second Lien			9.749%				1-Month LIBOR				7.250%				12/01/25				CCC				130,933
	735			RP Crown Parent LLC, Term Loan B			5.249%				1-Month LIBOR				2.750%				10/15/23				B+				723,975
	2,731			SS&C Technologies, Inc./ Sunshine Acquisition II, Inc., Term Loan B3, (DD1)			4.749%				1-Month LIBOR				2.250%				4/16/25				BB				2,680,050
	1,050			SS&C Technologies, Inc./ Sunshine Acquisition II, Inc., Term Loan B4, (DD1)			4.749%				1-Month LIBOR				2.250%				4/16/25				BB				1,030,836
	997			SS&C Technologies, Inc./ Sunshine Acquisition II, Inc., Term Loan B5			4.749%				1-Month LIBOR				2.250%				4/16/25				BB				980,219
	3,480			TIBCO Software, Inc., Term Loan, First Lien			6.010%				1-Month LIBOR				3.500%				12/04/20				B+				3,461,154
	24,417			Total Software																							24,041,141
				Specialty Retail – 1.8% (1.1% of Total Investments)
	622			Academy, Ltd., Term Loan B			6.514%				1-Month LIBOR				4.000%				7/01/22				CCC+				432,123
	1,967			Petco Animal Supplies, Inc., Term Loan B1			5.994%				3-Month LIBOR				3.250%				1/26/23				B				1,516,302
	1,239			Petsmart Inc., Term Loan B, First Lien			5.520%				1-Month LIBOR				3.000%				3/11/22				B–				1,041,639
	157			Serta Simmons Holdings LLC, Term Loan, Second Lien, (DD1)			10.514%				1-Month LIBOR				8.000%				11/08/24				CCC				112,645
	3,985			Total Specialty Retail																							3,102,709
				Technology Hardware, Storage & Peripherals – 7.2% (4.4% of Total Investments)
	2,680			BMC Software, Inc., Term Loan B			7.053%				3-Month LIBOR				4.250%				10/02/25				B				2,622,141
	3,531			Dell International LLC, Refinancing Term Loan B			4.500%				1-Month LIBOR				2.000%				9/07/23				BBB–				3,487,475
	1,781			Dell International LLC, Replacement Term Loan A2			4.250%				1-Month LIBOR				1.750%				9/07/21				BBB–				1,762,819
	4,474			Western Digital, Term Loan B			4.260%				1-Month LIBOR				1.750%				4/29/23				BBB–				4,372,919
	12,466			Total Technology Hardware, Storage & Peripherals																							12,245,354
				Trading Companies & Distributors – 0.4% (0.3% of Total Investments)
	750			Univar, Inc., Term Loan B			4.749%				1-Month LIBOR				2.250%				7/01/24				BB				736,301
				Transportation Infrastructure – 0.9% (0.5% of Total Investments)
	500			Atlantic Aviation FBO Inc., Term Loan			6.270%				1-Month LIBOR				3.750%				12/06/25				BB				503,125
	998			Ceva Group PLC, Term Loan, First Lien			6.553%				3-Month LIBOR				3.750%				8/04/25				BB–				988,772
	1,498			Total Transportation Infrastructure																							1,491,897

 

68

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Principal Amount (000)				Description (1)		Coupon (2)				Reference Rate (2)				Spread (2)				Maturity (3)				Ratings (4)				Value
				Wireless Telecommunication Services – 1.7% (1.0% of Total Investments)
$	2,948			Sprint Corporation, Term Loan, First Lien			5.000%				1-Month LIBOR				2.500%				2/02/24				BB+			$	2,884,866
$	255,413			Total Variable Rate Senior Loan Interests (cost $251,209,232)																							241,757,611
Principal Amount (000)				Description (1)										Coupon				Maturity				Ratings (4)				Value
				CORPORATE BONDS – 16.3% (10.0% of Total Investments)
				Communications Equipment – 3.0% (1.8% of Total Investments)
$	85			Avaya Holdings Corporation, 144A, (5), (7)											7.000%				4/01/19				N/R			$	—
	2,085			Avaya Holdings Corporation, 144A, (5), (7)											10.500%				3/01/21				N/R				—
	3,509			Intelsat Jackson Holdings SA											5.500%				8/01/23				CCC+				3,188,804
	1,790			Intelsat Jackson Holdings SA, 144A											9.750%				7/15/25				CCC+				1,863,837
	7,469			Total Communications Equipment																							5,052,641
				Containers & Packaging – 0.9% (0.6% of Total Investments)
	1,502			Reynolds Group Issuer Inc.											5.750%				10/15/20				B+				1,507,825
				Diversified Telecommunication Services – 2.2% (1.4% of Total Investments)
	582			CSC Holdings LLC, 144A											10.125%				1/15/23				B+				626,377
	3,310			Intelsat Luxembourg SA											7.750%				6/01/21				CC				3,177,600
	3,892			Total Diversified Telecommunication Services																							3,803,977
				Health Care Providers & Services – 0.3% (0.2% of Total Investments)
	350			Tenet Healthcare Corporation											4.750%				6/01/20				BB–				352,625
	230			Tenet Healthcare Corporation											6.000%				10/01/20				BB				237,544
	580			Total Health Care Providers & Services																							590,169
				Hotels, Restaurants & Leisure – 1.3% (0.8% of Total Investments)
	2,150			Scientific Games International Inc.											10.000%				12/01/22				B–				2,260,188
				Media – 3.6% (2.2% of Total Investments)
	100			Charter Communications Operating LLC											3.579%				7/23/20				BBB–				100,258
	345			DISH DBS Corporation											5.125%				5/01/20				BB–				345,862
	1,000			DISH DBS Corporation											5.875%				11/15/24				BB–				828,750
	2,835			iHeartCommunications Inc., (5)											9.000%				12/15/19				CCC				1,899,450
	6,046			iHeartCommunications Inc., (5)											5.340%				2/01/21				CC				731,618
	795			iHeartCommunications Inc., (5)											9.000%				3/01/21				CCC				530,663
	1,985			Intelsat Luxembourg SA											8.125%				6/01/23				CCC–				1,651,272
	13,106			Total Media																							6,087,873
				Oil, Gas & Consumable Fuels – 1.8% (1.1% of Total Investments)
	1,760			California Resources Corporation, 144A											8.000%				12/15/22				B–				1,412,400
	400			Denbury Resources Inc.											6.375%				8/15/21				CCC+				330,000
	1,340			Denbury Resources Inc., 144A											9.250%				3/31/22				B+				1,316,550
	115			EP Energy LLC, 144A											9.375%				5/01/24				CCC				61,238
	3,615			Total Oil, Gas & Consumable Fuels																							3,120,188
				Pharmaceuticals – 0.5% (0.3% of Total Investments)
	500			Bausch Health Companies Inc., 144A											6.500%				3/15/22				BB				516,875
	310			Concordia International Corporation											8.000%				9/06/24				B–				294,500
	810			Total Pharmaceuticals																							811,375
				Semiconductors & Semiconductor Equipment – 0.1% (0.0% of Total Investments)
	106			Advanced Micro Devices Inc.											7.500%				8/15/22				B+				115,010
				Software – 0.4% (0.2% of Total Investments)
	625			Infor US Inc., 144A											5.750%				8/15/20				B+				634,250

 

69

---

JSD		Nuveen Short Duration Credit Opportunities Fund (continued)
		Portfolio of Investments    January 31, 2019
		(Unaudited)

 

Principal Amount (000)				Description (1)										Coupon				Maturity				Ratings (4)				Value
				Wireless Telecommunication Services – 2.2% (1.4% of Total Investments)
$	2,750			Sprint Capital Corporation											7.875%				9/15/23				B+			$	2,921,875
	250			Sprint Capital Corporation											7.125%				6/15/24				B+				256,875
	550			Sprint Communications Inc.											7.000%				8/15/20				B+				570,625
	3,550			Total Wireless Telecommunication Services																							3,749,375
$	37,405			Total Corporate Bonds (cost $29,655,533)																							27,732,871
Shares				Description (1)																						Value
				COMMON STOCKS – 1.9% (1.2% of Total Investments)
				Diversified Consumer Services – 0.1% (0.1% of Total Investments)
	27,611			Cengage Learning Holdings II Inc., (8), (9)																						$	106,993
				Energy Equipment & Services – 0.4% (0.3% of Total Investments)
	12,611			C&J Energy Services Inc., (8)																							202,659
	28,730			Transocean Ltd																							246,216
	1,318			Vantage Drilling International, (8), (9)																							305,776
				Total Energy Equipment & Services																							754,651
				Health Care Providers & Services – 0.0% (0.0% of Total Investments)
	12,290			Millennium Health LLC, (7), (8)																							23,818
	11,533			Millennium Health LLC, (7), (8)																							22,342
	13,189			Millennium Health LLC, (8), (9)																							725
				Total Health Care Providers & Services																							46,885
				Marine – 0.3% (0.2% of Total Investments)
	10,185			HGIM Corporation, (9)																							387,030
	2,279			HGIM Corporation, (8), (9)																							86,602
				Total Marine																							473,632
				Media – 0.2% (0.1% of Total Investments)
	25,780			Cumulus Media Inc., (8)																							310,649
				Pharmaceuticals – 0.1% (0.0% of Total Investments)
	4,093			Advanz Pharma Corporation, (8)																							77,439
				Software – 0.8% (0.5% of Total Investments)
	84,215			Avaya Holdings Corporation, (8)																							1,424,076
				Specialty Retail – 0.0% (0.0% of Total Investments)
	14,849			Gymboree Holding Corporation, (8), (9)																							29,698
	5,454			Gymboree Holding Corporation, (8), (9)																							10,908
				Total Specialty Retail																							40,606
				Total Common Stocks (cost $5,833,795)																							3,234,931
Shares				Description (1)																						Value
				COMMON STOCK RIGHTS – 0.2% (0.1% of Total Investments)
				Oil, Gas & Consumable Fuels – 0.2% (0.1% of Total Investments)
	7,268			Fieldwood Energy LLC, (7), (8)																						$	228,345
	1,468			Fieldwood Energy LLC, (8), (9)																							48,444
				Total Common Stock Rights (cost $207,458)																							276,789
Shares				Description (1)																						Value
				WARRANTS – 0.0% (0.0% of Total Investments)
	8,503			Avaya Holdings Corporation, (9)																						$	10,629
				Total Warrants (cost $565,168)																							10,629
				Total Long-Term Investments (cost $287,471,186)																							273,012,831

 

70

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Shares				Description (1)										Coupon												Value
				SHORT-TERM INVESTMENTS – 2.2% (1.3% of Total Investments)
				INVESTMENT COMPANIES – 2.2% (1.3% of Total Investments)
	3,664,427			BlackRock Liquidity Funds T-Fund Portfolio (10)											2.290% (11)											$	3,664,427
				Total Short-Term Investments (cost $3,664,427)																							3,664,427
				Total Investments (cost $291,135,613) – 163.1%																							276,677,258
				Borrowings – (42.4)% (12), (13)																							(72,000,000	)
				Term Preferred Shares, net of deferred offering costs – (20.4)% (14)																							(34,661,696	)
				Other Assets Less Liabilities – (0.3)% (15)																							(327,237	)
				Net Assets Applicable to Common Shares – 100%																						$	169,688,325

Investments in Derivatives

Credit Default Swaps – OTC Cleared

 

Referenced Entity		Buy/Sell Protection (16)				Notional Amount				Fixed Rate (Annualized)				Fixed Rate Payment Frequency				Maturity Date				Premiums Paid (Received)				Value				Unrealized Appreciation (Depreciation)				Variation Margin Receivable/ (Payable)
Arconic Inc.			Buy			$	2,000,000				1.000	%			Quarterly				12/20/23			$	251,209			$	143,548			$	(107,662	)		$	(3,703	)
Ford Motor Co.			Buy				2,000,000				5.000				Quarterly				12/20/23				(206,846	)			(225,128	)			(18,282	)			(12,552	)
Total						$	4,000,000															$	44,363			$	(81,580	)		$	(125,944	)		$	(16,255	)
Total credit default swaps premiums paid																						$	251,209
Total credit default swaps premiums received																						$	(206,846	)
Total receivable for variation margin on swap contracts																																		$	—
Total payable for variation margin on swap contracts																																		$	(16,255	)

Interest Rate Swaps – OTC Uncleared

 

Counterparty		Notional Amount				Fund Pay/Receive Floating Rate				Floating Rate Index				Fixed Rate (Annualized)				Fixed Rate Payment Frequency				Maturity Date				Value				Unrealized Appreciation (Depreciation)
Morgan Stanley Capital Services LLC		$	35,000,000				Pay				1-Month LIBOR				2.500%	(17)			Monthly				11/01/20	(18)		$	(52,850	)		$	(52,850	)

 

71

---

JSD		Nuveen Short Duration Credit Opportunities Fund (continued)
		Portfolio of Investments    January 31, 2019
		(Unaudited)

 

 

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.

 

(1)	All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

 

(2)

Senior loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate (Reference Rate) plus an assigned fixed rate (Spread). These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate (“LIBOR”), or (ii) the prime rate offered by one or more major United States banks. Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan. The rate shown is the coupon as of the end of the reporting period.

 

(3)

Senior loans generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments of senior loans may occur. As a result, the actual remaining maturity of senior loans held may be substantially less than the stated maturities shown.

 

(4)

For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

 

(5)

As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records.

 

(6)	Investment, or portion of investment, represents an outstanding unfunded senior loan commitment. See Notes to Financial Statements, Note 8 – Senior Loan Commitments for more information.

 

(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. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.

 

(8)	Non-income producing; issuer has not declared a dividend within the past twelve months.

 

(9)	For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.

 

(10)	A copy of the most recent financial statements for these investment companies can be obtained directly from the Securities and Exchange Commission on its website at the http://www.sec.gov.

 

(11)	The rate shown is the annualized seven-day subsidized yield as of the end of the reporting period.

 

(12)	Borrowings as a percentage of Total Investments is 26.0%.

 

(13)	The Fund segregates 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings.

 

(14)	Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 12.5%.

 

(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 cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable.

 

(16)	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.

 

(17)	Effective November 1, 2017, the fixed rate paid by the Fund increased according to a predetermined schedule as specified in the swap contract. Additionally, this fixed rate increase will continue to occur every six months on specific dates through the swap contract’s termination date.

 

(18)	This interest rate swap has an optional early termination date beginning on November 1, 2018 and monthly thereafter through the termination date as specified in the swap contract.

 

144A	Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

 

DD1	Portion of investment purchased on a delayed delivery basis.

 

LIBOR

London Inter-Bank Offered Rate

 

N/A	Not Applicable

 

TBD

Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the final coupon rate and maturity date.

 

WI/DD

Purchased on a when-issued or delayed delivery basis.

 

See accompanying notes to financial statements.

 

72

---

JQC		Nuveen Credit Strategies Income Fund   Portfolio of Investments    January 31, 2019
		(Unaudited)

 

Principal Amount (000)				Description (1)		Coupon (2)				Reference Rate (2)				Spread (2)				Maturity (3)				Ratings (4)				Value
				LONG-TERM INVESTMENTS – 157.1% (97.5% of Total Investments)
				VARIABLE RATE SENIOR LOAN INTERESTS – 121.7% (75.6% of Total Investments) (2)
				Aerospace & Defense – 1.2% (0.7% of Total Investments)
$	2,231			Rexnord LLC/ RBS Global, Inc., Term Loan, First Lien			4.499%				1-Month LIBOR				2.000%				8/21/24				BB+			$	2,216,425
	11,910			Transdigm, Inc., Term Loan E			4.999%				1-Month LIBOR				2.500%				5/30/25				BB				11,638,690
	14,141			Total Aerospace & Defense																							13,855,115
				Airlines – 3.6% (2.2% of Total Investments)
	2,939			American Airlines, Inc., Replacement Term Loan			4.516%				1-Month LIBOR				2.000%				10/10/21				BB+				2,905,259
	14,122			American Airlines, Inc., Term Loan 2025			4.252%				1-Month LIBOR				1.750%				6/27/25				BB+				13,564,618
	7,840			American Airlines, Inc., Term Loan B			4.500%				1-Month LIBOR				2.000%				4/28/23				BB+				7,615,854
	3,438			American Airlines, Inc., Term Loan B			4.509%				1-Month LIBOR				2.000%				12/14/23				BB+				3,340,062
	14,708			United Air Lines, Inc., Term Loan B			4.249%				1-Month LIBOR				1.750%				4/01/24				BBB–				14,511,600
	43,047			Total Airlines																							41,937,393
				Automobiles – 1.2% (0.8% of Total Investments)
	14,850			Navistar, Inc., Tranche B, Term Loan			6.020%				1-Month LIBOR				3.500%				11/06/24				BB–				14,655,168
				Beverages – 1.2% (0.8% of Total Investments)
	14,756			Jacobs Douwe Egberts, Term Loan B			4.563%				3-Month LIBOR				2.000%				11/01/25				BB				14,620,852
				Biotechnology – 0.2% (0.2% of Total Investments)
	2,977			Grifols, Inc., Term Loan B			4.664%				1-Week LIBOR				2.250%				1/31/25				BB+				2,944,404
				Building Products – 1.5% (0.9% of Total Investments)
	17,766			Quikrete Holdings, Inc., Term Loan B, (DD1)			5.249%				1-Month LIBOR				2.750%				11/15/23				BB–				17,262,417
				Capital Markets – 3.0% (1.8% of Total Investments)
	14,810			Capital Automotive LP, Term Loan, First Lien			5.000%				1-Month LIBOR				2.500%				3/25/24				B+				14,458,766
	20,825			RPI Finance Trust, Term Loan B6, (5)			4.499%				1-Month LIBOR				2.000%				3/27/23				BBB–				20,657,541
	35,635			Total Capital Markets																							35,116,307
				Chemicals – 2.2% (1.4% of Total Investments)
	13,730			Axalta Coating Systems, Term Loan, First Lien, (DD1)			4.553%				3-Month LIBOR				1.750%				6/01/24				BBB–				13,504,808
	9,113			Ineos US Finance LLC, Term Loan			4.499%				1-Month LIBOR				2.000%				4/01/24				BBB-				8,870,901
	3,929			Platform Specialty Products Corporation, Tranche B6, Term Loan, (WI/DD)			TBD				TBD				TBD				TBD				BB–				3,926,321
	26,772			Total Chemicals																							26,302,030
				Commercial Services & Supplies – 3.8% (2.3% of Total Investments)
	18,178			ADS Waste Holdings, Inc., Term Loan B			4.664%				1-Week LIBOR				2.250%				11/10/23				BB+				18,021,457
	15,123			Formula One Group, Term Loan B			4.999%				1-Month LIBOR				2.500%				2/01/24				B+				14,606,343
	4,331			Getty Images, Inc., Term Loan B, First Lien			5.999%				1-Month LIBOR				3.500%				10/18/19				B–				4,312,145
	3,541			Monitronics International, Inc., Term Loan B2, First Lien			8.303%				3-Month LIBOR				5.500%				9/30/22				CCC+				3,117,843
	4,329			Trans Union LLC, Term Loan B3			4.499%				1-Month LIBOR				2.000%				4/10/23				BB+				4,281,522
	45,502			Total Commercial Services & Supplies																							44,339,310
				Communications Equipment – 2.2% (1.4% of Total Investments)
	5,000			Mitel US Holdings, Inc., Term Loan, First Lien			6.999%				1-Month LIBOR				4.500%				11/30/25				B				4,938,750
	14,981			MultiPlan, Inc., Term Loan B			5.553%				3-Month LIBOR				2.750%				6/07/23				B+				14,536,474
	7,149			Plantronics, Term Loan B			4.999%				1-Month LIBOR				2.500%				7/02/25				BB+				6,975,824
	27,130			Total Communications Equipment																							26,451,048

 

73

---

JQC		Nuveen Credit Strategies Income Fund (continued)
		Portfolio of Investments    January 31, 2019
		(Unaudited)

 

Principal Amount (000)				Description (1)		Coupon (2)				Reference Rate (2)				Spread (2)				Maturity (3)				Ratings (4)				Value
				Containers & Packaging – 0.2% (0.1% of Total Investments)
$	1,397			Berry Global, Inc., Term Loan Q			4.516%				1-Month LIBOR				2.000%				10/01/22				BBB–			$	1,386,412
	865			Kronos Incorporated, Term Loan B, Second Lien			4.513%				1-Month LIBOR				2.000%				4/03/25				BBB				865,934
	2,262			Total Containers & Packaging																							2,252,346
				Diversified Consumer Services – 2.2% (1.3% of Total Investments)
	7,478			Cengage Learning Acquisitions, Inc., Term Loan B			6.769%				1-Month LIBOR				4.250%				6/07/23				B				6,371,579
	19,069			Laureate Education, Inc., Term Loan B			6.549%				1-Month LIBOR				3.500%				4/26/24				B+				19,013,517
	26,547			Total Diversified Consumer Services																							25,385,096
				Diversified Financial Services – 3.0% (1.9% of Total Investments)
	14,681			Hilton Hotels, Term Loan B			4.260%				1-Month LIBOR				1.750%				10/25/23				BBB–				14,553,023
	1,262			Lions Gate Entertainment Corp., Term Loan B			4.749%				1-Month LIBOR				2.250%				3/24/25				BB				1,243,931
	11,668			Travelport LLC, Term Loan B, (DD1)			5.116%				3-Month LIBOR				2.500%				3/17/25				B+				11,641,534
	12,261			Walter Investment Management Corporation, Tranche B, Term Loan, First Lien, (6)			8.499%				N/A				N/A				6/30/22				CCC				8,337,510
	39,872			Total Diversified Financial Services																							35,775,998
				Diversified Telecommunication Services – 4.6% (2.8% of Total Investments)
	11,544			CenturyLink, Inc., Initial Term Loan A			5.249%				1-Month LIBOR				2.750%				11/01/22				BBB–				11,342,278
	1,950			CenturyLink, Inc., Term Loan B			5.249%				1-Month LIBOR				2.750%				1/31/25				BBB–				1,868,414
	766			Intelsat Jackson Holdings, S.A., Term Loan B4			7.002%				1-Month LIBOR				4.500%				1/02/24				B+				779,146
	1,226			Intelsat Jackson Holdings, S.A., Term Loan B5			6.625%				N/A				N/A				1/02/24				B+				1,231,558
	11,144			Level 3 Financing, Inc., Tranche B, Term Loan, (5)			4.756%				1-Month LIBOR				2.250%				2/22/24				BBB–				10,967,985
	8,977			Numericable Group S.A., Term Loan B13			6.509%				1-Month LIBOR				4.000%				8/14/26				B				8,494,959
	20,000			Ziggo B.V., Term Loan E, (5)			5.009%				1-Month LIBOR				2.500%				4/15/25				BB				19,383,600
	55,607			Total Diversified Telecommunication Services																							54,067,940
				Electric Utilities – 2.1% (1.3% of Total Investments)
	15,318			Texas Competitive Electric Holdings LLC, Exit Term Loan B			4.499%				1-Month LIBOR				2.000%				8/01/23				BBB–				15,107,427
	9,477			Vistra Operations Co., Term Loan B3			4.505%				1-Month LIBOR				2.000%				12/31/25				BBB–				9,317,484
	24,795			Total Electric Utilities																							24,424,911
				Energy Equipment & Services – 0.1% (0.0% of Total Investments)
	892			Seadrill Partners LLC, Initial Term Loan			8.803%				3-Month LIBOR				6.000%				2/21/21				CCC+				721,253
				Equity Real Estate Investment Trusts – 1.3% (0.8% of Total Investments)
	8,082			Communications Sales & Leasing, Inc., Shortfall Term Loan			5.499%				1-Month LIBOR				3.000%				10/24/22				B–				7,600,257
	7,342			Realogy Group LLC, Term Loan B			4.758%				1-Month LIBOR				2.250%				2/08/25				BB+				7,174,270
	15,424			Total Equity Real Estate Investment Trusts																							14,774,527
				Food & Staples Retailing – 3.5% (2.2% of Total Investments)
	5,072			Albertson’s LLC, Term Loan B6			5.691%				3-Month LIBOR				3.000%				6/22/23				BB				5,003,437
	19,509			Albertson’s LLC, Term Loan B7			5.499%				1-Month LIBOR				3.000%				11/17/25				BB				19,136,820
	17,863			US Foods, Inc., Term Loan B			4.499%				1-Month LIBOR				2.000%				6/27/23				BBB–				17,604,749
	42,444			Total Food & Staples Retailing																							41,745,006
				Food Products – 1.7% (1.1% of Total Investments)
	5,000			Chobani, Inc., Term Loan B, (WI/DD)			TBD				TBD				TBD				TBD				B+				4,811,250
	15,483			JBS USA LLC, Term Loan B, (DD1)			5.301%				3-Month LIBOR				2.500%				10/30/22				BB+				15,352,899
	20,483			Total Food Products																							20,164,149
				Health Care Equipment & Supplies – 3.6% (2.2% of Total Investments)
	16,834			Acelity, Term Loan B, (DD1)			6.053%				3-Month LIBOR				3.250%				2/02/24				B+				16,757,164
	5,878			DJO Finance LLC, Term Loan B, First Lien			5.827%				1-Month LIBOR				3.250%				6/08/20				B+				5,874,557
	12,298			Onex Carestream Finance LP, Term Loan, First Lien			8.249%				1-Month LIBOR				5.750%				2/28/21				B+				12,021,735

 

74

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Principal Amount (000)				Description (1)		Coupon (2)				Reference Rate (2)				Spread (2)				Maturity (3)				Ratings (4)				Value
				Health Care Equipment & Supplies (continued)
$	7,954			Onex Carestream Finance LP, Term Loan, Second Lien			11.999%				1-Month LIBOR				9.500%				6/07/21				B–			$	7,834,388
	42,964			Total Health Care Equipment & Supplies																							42,487,844
				Health Care Providers & Services – 8.6% (5.4% of Total Investments)
	3,192			Acadia Healthcare, Inc., Term Loan B3			4.999%				1-Month LIBOR				2.500%				2/11/22				BB				3,150,474
	9,967			Ardent Health, Term Loan, First Lien			6.999%				1-Month LIBOR				4.500%				6/30/25				B+				9,927,985
	5,934			Community Health Systems, Inc., Term Loan H			5.957%				3-Month LIBOR				3.250%				1/27/21				BB				5,848,922
	14,364			ConvaTec Healthcare, Term Loan B			5.053%				3-Month LIBOR				2.250%				10/25/23				BB				14,270,760
	4,987			DaVita HealthCare Partners, Inc., Tranche B, Term Loan			5.249%				1-Month LIBOR				2.750%				6/24/21				BBB–				4,978,019
	7,000			Envision Healthcare Corporation, Initial Term Loan			6.249%				1-Month LIBOR				3.750%				10/10/25				B+				6,613,250
	6,910			HCA, Inc., Term Loan B11			4.249%				1-Month LIBOR				1.750%				3/17/23				BBB–				6,886,990
	12,674			Kindred at Home Hospice, Term Loan B			6.250%				1-Month LIBOR				3.750%				7/02/25				B+				12,610,747
	4,500			Lifepoint Health, Inc., Term Loan, (WI/DD)			TBD				TBD				TBD				TBD				B+				4,401,000
	9,201			Millennium Laboratories, Inc., Term Loan B, First Lien			8.999%				1-Month LIBOR				6.500%				12/21/20				CCC+				5,185,453
	9,314			Pharmaceutical Product Development, Inc., Term Loan B			4.999%				1-Month LIBOR				2.500%				8/18/22				BB–				9,145,555
	7,940			PharMerica, Term Loan, First Lien			6.008%				1-Month LIBOR				3.500%				12/06/24				B+				7,928,844
	161			Quorum Health Corp., Term Loan B			9.249%				1-Month LIBOR				6.750%				4/29/22				B+				161,123
	10,949			Select Medical Corporation, Term Loan B			5.012%				1-Month LIBOR				2.500%				3/06/25				BB				10,853,661
	107,093			Total Health Care Providers & Services																							101,962,783
				Health Care Technology – 0.4% (0.3% of Total Investments)
	5,273			Emdeon, Inc., Term Loan, (5)			5.249%				1-Month LIBOR				2.750%				3/01/24				B+				5,168,410
				Hotels, Restaurants & Leisure – 12.6% (7.8% of Total Investments)
	2,805			Aramark Corporation, Term Loan			4.249%				1-Month LIBOR				1.750%				3/11/25				BBB–				2,790,975
	17,462			Burger King Corporation, Term Loan B3			4.749%				1-Month LIBOR				2.250%				2/16/24				BB–				17,205,207
	12,622			Caesars Entertainment Operating Company, Inc., Term Loan B			4.499%				1-Month LIBOR				2.000%				10/06/24				BB				12,401,606
	18,315			Caesars Resort Collection, Term Loan, First Lien			5.249%				1-Month LIBOR				2.750%				12/23/24				BB				18,093,022
	1,084			CCM Merger, Inc., Term Loan B			4.749%				1-Month LIBOR				2.250%				8/09/21				BB				1,075,996
	5,459			Las Vegas Sands Corporation, Term Loan B			4.249%				1-Month LIBOR				1.750%				3/27/25				BBB				5,369,199
	21,996			Life Time Fitness, Inc., Term Loan B			5.457%				3-Month LIBOR				2.750%				6/10/22				BB–				21,724,906
	12,000			Marriott Ownership Resorts Inc., Term Loan, 1L			4.749%				1-Month LIBOR				2.250%				8/29/25				BBB–				11,932,560
	4,668			MGM Growth Properties, Term Loan B			4.414%				1-Month LIBOR				2.000%				3/21/25				BBB–				4,601,271
	17,933			Scientific Games Corp., Initial Term Loan B5			5.249%				1-Month LIBOR				2.750%				8/14/24				BB–				17,411,458
	8,965			Stars Group Holdings, Term Loan B			6.303%				3-Month LIBOR				3.500%				7/10/25				B+				8,896,214
	15,496			Station Casino LLC, Term Loan B			5.000%				1-Month LIBOR				2.500%				6/08/23				BB–				15,343,171
	2,494			Wyndham International, Inc., Term Loan B			4.249%				1-Month LIBOR				1.750%				5/30/25				BBB–				2,457,229
	9,729			YUM Brands, Term Loan B			4.263%				1-Month LIBOR				1.750%				4/03/25				BBB–				9,661,790
	151,028			Total Hotels, Restaurants & Leisure																							148,964,604
				Household Durables – 1.7% (1.0% of Total Investments)
	22,848			Serta Simmons Holdings LLC, Term Loan, First Lien			6.013%				1-Month LIBOR				3.500%				11/08/23				B–				19,592,147
				Household Products – 2.4% (1.5% of Total Investments)
	9,750			Energizer Holdings, Term Loan B			4.758%				1-Month LIBOR				2.250%				12/17/25				BB+				9,695,156
	19,265			Reynolds Group Holdings, Inc., Term Loan, First Lien			5.249%				1-Month LIBOR				2.750%				2/05/23				B+				19,028,656
	29,015			Total Household Products																							28,723,812
				Insurance – 0.8% (0.5% of Total Investments)
	9,785			Hub International Holdings, Inc., Term Loan B			5.514%				3-Month LIBOR				2.750%				4/25/25				B				9,454,695
				Interactive Media & Services – 2.6% (1.6% of Total Investments)
	18,021			Ancestry.com, Inc., Term Loan, First Lien			5.750%				1-Month LIBOR				3.250%				10/19/23				B				17,750,409
	10,023			Dynatrace, Term Loan, First Lien			5.749%				1-Month LIBOR				3.250%				8/22/25				B+				9,931,792

 

75

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JQC		Nuveen Credit Strategies Income Fund (continued)
		Portfolio of Investments    January 31, 2019
		(Unaudited)

 

Principal Amount (000)				Description (1)		Coupon (2)				Reference Rate (2)				Spread (2)				Maturity (3)				Ratings (4)				Value
				Interactive Media & Services (continued)
$	306			Dynatrace, Term Loan, Second Lien			9.499%				1-Month LIBOR				7.000%				8/21/26				CCC+			$	305,542
	4,000			SkillSoft Corporation, Term Loan, Second Lien			10.749%				1-Month LIBOR				8.250%				4/28/22				CCC–				2,120,000
	32,350			Total Interactive Media & Services																							30,107,743
				IT Services – 6.1% (3.8% of Total Investments)
	2,000			First Data Corporation, Term Loan A, (WI/DD)			TBD				TBD				TBD				TBD				BB				1,989,060
	17,324			First Data Corporation, Term Loan, First Lien			4.519%				1-Month LIBOR				2.000%				4/26/24				BB+				17,278,701
	7,653			First Data Corporation, Term Loan, First Lien			4.519%				1-Month LIBOR				2.000%				7/10/22				BB+				7,632,221
	7,304			GTT Communications, Inc., Term Loan, First Lien			5.250%				1-Month LIBOR				2.750%				6/02/25				BB–				6,878,705
	2,738			Neustar, Inc., Term Loan B3			4.999%				1-Month LIBOR				2.500%				1/08/20				BB–				2,726,687
	18,670			Sabre, Inc., Term Loan B			4.499%				1-Month LIBOR				2.000%				2/22/24				BB				18,452,580
	5,167			Syniverse Holdings, Inc., Tranche Term Loan C			7.509%				1-Month LIBOR				5.000%				3/09/23				B				4,701,902
	12,810			Tempo Acquisition LLC, Term Loan B, (5)			5.499%				1-Month LIBOR				3.000%				5/01/24				B+				12,604,082
	73,666			Total IT Services																							72,263,938
				Machinery – 1.1% (0.7% of Total Investments)
	12,876			Gardner Denver, Inc., Term Loan B			5.249%				1-Month LIBOR				2.750%				7/30/24				BB+				12,826,018
				Marine – 0.2% (0.1% of Total Investments)
	2,669			Harvey Gulf International Marine, Inc., Exit Term Loan			8.508%				6-Month LIBOR				6.000%				7/02/23				B				2,658,891
				Media – 11.8% (7.3% of Total Investments)
	7,067			Acquisitions Cogeco Cable II L.P., Term Loan, First Lien			4.874%				1-Month LIBOR				2.375%				1/03/25				BB–				6,940,999
	3,495			Advantage Sales & Marketing, Inc., Term Loan, First Lien			5.749%				1-Month LIBOR				3.250%				7/23/21				B+				3,089,469
	145			Catalina Marketing Corporation, Delayed Draw Term Loan, First Lien, (WI/DD)			TBD				TBD				TBD				TBD				N/R				145,494
	544			Catalina Marketing Corporation, DIP Term Loan, First Lien			8.008%				3-Month LIBOR				5.500%				6/14/19				N/R				469,407
	218			Catalina Marketing Corporation, Term Loan A			12.514%				1-Month LIBOR				10.000%				6/14/19				N/R				218,240
	236			Catalina Marketing Corporation, Term Loan B, (WI/DD)			TBD				TBD				TBD				TBD				N/R				236,427
	3,294			Catalina Marketing Corporation, Term Loan, First Lien, (6)			0.000%				N/A				N/A				4/09/21				D				296,420
	10,932			Charter Communications Operating Holdings LLC, Term Loan B			4.500%				1-Month LIBOR				2.000%				4/30/25				BBB–				10,804,932
	10,887			Cineworld Group PLC, Term Loan B			4.999%				1-Month LIBOR				2.500%				2/28/25				BB–				10,653,419
	1,290			Clear Channel Communications, Inc., Tranche D, Term Loan, (6)			0.000%				N/A				N/A				1/30/19				CCC				875,312
	1,358			Clear Channel Communications, Inc., Term Loan E, (6)			0.000%				N/A				N/A				7/30/19				CCC				921,353
	4,218			CSC Holdings LLC, Term Loan B			5.009%				1-Month LIBOR				2.500%				1/25/26				BB+				4,133,762
	18,330			Cumulus Media, Inc., Exit Term Loan			7.000%				1-Month LIBOR				4.500%				5/13/22				B				17,743,471
	5,000			Intelsat Jackson Holdings, S.A., Term Loan B			6.252%				1-Month LIBOR				3.750%				11/30/23				B+				4,970,550
	16,880			Meredith Corporation, Tranche Term Loan B1, (DD1)			5.249%				1-Month LIBOR				2.750%				1/31/25				BB				16,806,105
	2,502			Nexstar Broadcasting, Inc., Term Loan B3			4.752%				1-Month LIBOR				2.250%				1/17/24				BB+				2,428,869
	433			Nexstar Broadcasting, Inc., Term Loan B3			4.756%				1-Month LIBOR				2.250%				1/17/24				BB+				419,903
	4,962			Sinclair Television Group, Term Loan B2			4.750%				1-Month LIBOR				2.250%				1/31/24				BB+				4,935,131
	4,332			Springer Science & Business Media, Inc., Term Loan B13, First Lien			5.999%				1-Month LIBOR				3.500%				8/15/22				B				4,319,926
	25,238			Tribune Media Company, Term Loan C			5.499%				1-Month LIBOR				3.000%				1/27/24				BB+				25,159,170
	12,000			Virgin Media Investment Holdings Limited, Term Loan K			5.009%				1-Month LIBOR				2.500%				1/15/26				BB+				11,806,740
	12,189			WideOpenWest Finance LLC, Term Loan B			5.753%				1-Month LIBOR				3.250%				8/18/23				B				11,677,546
	145,550			Total Media																							139,052,645
				Multiline Retail – 0.8% (0.5% of Total Investments)
	120			Belk, Inc., Term Loan B, First Lien, (DD1)			7.365%				2-Month LIBOR				4.750%				12/12/22				B				95,605
	9,925			EG America LLC, Term Loan, First Lien			6.813%				3-Month LIBOR				4.000%				2/07/25				B				9,612,377
	10,045			Total Multiline Retail																							9,707,982

 

76

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Principal Amount (000)				Description (1)		Coupon (2)				Reference Rate (2)				Spread (2)				Maturity (3)				Ratings (4)				Value
				Oil, Gas & Consumable Fuels – 1.2% (0.8% of Total Investments)
$	4,000			California Resources Corporation, Term Loan B			7.252%				1-Month LIBOR				4.750%				12/31/22				B			$	3,931,660
	4,969			Fieldwood Energy LLC, Exit Term Loan			7.749%				1-Month LIBOR				5.250%				4/11/22				BB–				4,574,617
	6,895			Fieldwood Energy LLC, Exit Term Loan, second Lien			9.749%				1-Month LIBOR				7.250%				4/11/23				B+				5,960,340
	15,864			Total Oil, Gas & Consumable Fuels																							14,466,617
				Personal Products – 2.2% (1.4% of Total Investments)
	5,850			Coty, Inc., Term Loan A			4.271%				1-Month LIBOR				1.750%				4/05/23				BB				5,689,125
	4,975			Coty, Inc., Term Loan B			4.771%				1-Month LIBOR				2.250%				4/07/25				BB				4,735,578
	21,257			Revlon Consumer Products Corporation, Term Loan B, First Lien			6.207%				3-Month LIBOR				3.500%				11/16/20				B–				15,245,912
	32,082			Total Personal Products																							25,670,615
				Pharmaceuticals – 1.2% (0.7% of Total Investments)
	14,862			Alphabet Holding Company, Inc., Initial Term Loan, First Lien			5.999%				1-Month LIBOR				3.500%				9/26/24				B–				13,552,588
	659			Valeant Pharmaceuticals International, Inc., Term Loan, First Lien			5.513%				1-Month LIBOR				3.000%				6/02/25				BB				652,654
	15,521			Total Pharmaceuticals																							14,205,242
				Professional Services – 2.3% (1.4% of Total Investments)
	941			Ceridian HCM Holding, Inc., Term Loan B			5.749%				1-Month LIBOR				3.250%				4/30/25				B				932,427
	19,148			On Assignment, Inc., Term Loan B			4.499%				1-Month LIBOR				2.000%				4/02/25				BB				18,941,999
	8,930			Skillsoft Corporation, Initial Term Loan, First Lien			7.249%				1-Month LIBOR				4.750%				4/28/21				B–				7,335,365
	29,019			Total Professional Services																							27,209,791
				Real Estate Management & Development – 1.2% (0.7% of Total Investments)
	14,214			GGP, Term Loan B			4.999%				1-Month LIBOR				2.500%				8/27/25				BB+				13,635,637
				Road & Rail – 1.1% (0.7% of Total Investments)
	12,818			Avolon LLC, Term Loan B			4.503%				1-Month LIBOR				2.000%				1/15/25				BBB–				12,708,381
				Semiconductors & Semiconductor Equipment – 2.6% (1.6% of Total Investments)
	6,500			Cabot Microelectronics, Term Loan B			4.750%				1-Month LIBOR				2.250%				11/14/25				BB+				6,459,375
	5,811			Lumileds, Term Loan B			6.205%				3-Month LIBOR				3.500%				6/30/24				B+				4,413,189
	14,017			Microchip Technology., Inc., Term Loan B			4.500%				1-Month LIBOR				2.000%				5/29/25				BBB–				13,824,431
	6,302			ON Semiconductor Corporation, Term Loan B3			4.249%				1-Month LIBOR				1.750%				3/31/23				BBB–				6,236,407
	32,630			Total Semiconductors & Semiconductor Equipment																							30,933,402
				Software – 12.2% (7.6% of Total Investments)
	6,030			Blackboard, Inc., Term Loan B4			7.780%				3-Month LIBOR				5.000%				6/30/21				B–				5,675,436
	18,660			Ellucian, Term Loan B, First Lien			6.053%				3-Month LIBOR				3.250%				9/30/22				B				18,303,829
	10,321			Greeneden U.S. Holdings II LLC, Term Loan B			5.749%				1-Month LIBOR				3.250%				12/01/23				B				10,108,018
	18,158			Infor (US), Inc., Term Loan B, (5)			5.249%				1-Month LIBOR				2.750%				2/01/22				B+				18,080,604
	5,379			Informatica, Term Loan B			5.749%				1-Month LIBOR				3.250%				8/05/22				B+				5,374,208
	4,975			IQVIA Inc., Term Loan, 1L			4.249%				1-Month LIBOR				1.750%				6/11/25				BBB–				4,906,594
	2,919			Kronos Incorporated, Term Loan B			5.541%				3-Month LIBOR				3.000%				11/20/23				B				2,867,019
	15,169			Kronos Incorporated, Term Loan B, Second Lien			10.791%				3-Month LIBOR				8.250%				11/01/24				CCC				15,450,309
	1,915			Micro Focus International PLC, New Term Loan			4.999%				1-Month LIBOR				2.500%				6/21/24				BB–				1,857,062
	12,935			Micro Focus International PLC, Term Loan B			4.999%				1-Month LIBOR				2.500%				6/21/24				BB–				12,541,201
	10,209			Micro Focus International PLC, Term Loan B2			4.749%				1-Month LIBOR				2.250%				11/19/21				BB–				10,062,645
	1,213			Misys, New Term Loan, Second Lien			10.053%				3-Month LIBOR				7.250%				6/13/25				BB–				1,149,734
	3,940			RP Crown Parent LLC, Term Loan B			5.249%				1-Month LIBOR				2.750%				10/15/23				B+				3,880,603
	11,239			SS&C Technologies, Inc./ Sunshine Acquisition II, Inc., Term Loan B3			4.749%				1-Month LIBOR				2.250%				4/16/25				BB				11,028,677
	4,323			SS&C Technologies, Inc./ Sunshine Acquisition II, Inc., Term Loan B4			4.749%				1-Month LIBOR				2.250%				4/16/25				BB				4,241,993
	18,653			TIBCO Software, Inc., Term Loan, First Lien			6.010%				1-Month LIBOR				3.500%				12/04/20				B+				18,550,225
	146,038			Total Software																							144,078,157

 

77

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JQC		Nuveen Credit Strategies Income Fund (continued)
		Portfolio of Investments    January 31, 2019
		(Unaudited)

 

Principal Amount (000)				Description (1)		Coupon (2)				Reference Rate (2)				Spread (2)				Maturity (3)				Ratings (4)				Value
				Specialty Retail – 0.9% (0.6% of Total Investments)
$	703			Academy, Ltd., Term Loan B			6.514%				1-Month LIBOR				4.000%				7/01/22				CCC+			$	488,334
	3,661			Petco Animal Supplies, Inc., Term Loan B1			5.994%				3-Month LIBOR				3.250%				1/26/23				B				2,822,659
	8,661			Petsmart Inc., Term Loan B, First Lien			5.520%				1-Month LIBOR				3.000%				3/11/22				B–				7,284,455
	313			Serta Simmons Holdings LLC, Term Loan, Second Lien			10.514%				1-Month LIBOR				8.000%				11/08/24				CCC				225,290
	13,338			Total Specialty Retail																							10,820,738
				Technology Hardware, Storage & Peripherals – 2.3% (1.4% of Total Investments)
	5,000			BMC Software, Inc., Term Loan B			7.053%				3-Month LIBOR				4.250%				10/02/25				B				4,891,975
	14,868			Dell International LLC, Refinancing Term Loan B			4.500%				1-Month LIBOR				2.000%				9/07/23				BBB–				14,686,437
	7,148			Western Digital, Term Loan B			4.260%				1-Month LIBOR				1.750%				4/29/23				BBB–				6,987,095
	27,016			Total Technology Hardware, Storage & Peripherals																							26,565,507
				Trading Companies & Distributors – 2.5% (1.6% of Total Investments)
	10,890			HD Supply Waterworks, Ltd., Term Loan B			5.721%				3-Month LIBOR				3.000%				8/01/24				B+				10,794,713
	19,176			Univar, Inc., Term Loan B			4.749%				1-Month LIBOR				2.250%				7/01/24				BB				18,821,818
	30,066			Total Trading Companies & Distributors																							29,616,531
				Transportation Infrastructure – 0.1% (0.1% of Total Investments)
	524			Standard Aero, Canadien Term Loan, (WI/DD)			TBD				TBD				TBD				TBD				N/R				523,070
	976			Standard Aero, USD Term Loan B, (WI/DD)			TBD				TBD				TBD				TBD				BB				972,910
	1,500			Total Transportation Infrastructure																							1,495,980
				Wireless Telecommunication Services – 0.4% (0.3% of Total Investments)
	4,913			Sprint Corporation, Term Loan, First Lien			5.000%				1-Month LIBOR				2.500%				2/02/24				BB+				4,808,109
$	1,491,083			Total Variable Rate Senior Loan Interests (cost $1,487,300,315)																							1,435,981,489
Principal Amount (000)				Description (1)		Coupon												Maturity				Ratings (4)				Value
				CORPORATE BONDS – 29.4% (18.1% of Total Investments)
				Airlines – 0.4% (0.3% of Total Investments)
$	5,000			American Airlines Group Inc., 144A, (5)			4.625%												3/01/20				BB–			$	5,000,000
				Banks – 0.3% (0.2% of Total Investments)
	3,000			JPMorgan Chase & Company, (3-Month LIBOR reference rate + 0.680% spread), (15)			3.418%												6/01/21				AA–				3,007,404
				Communications Equipment – 1.0% (0.6% of Total Investments)
	19,375			Avaya Holdings Corporation, 144A, (6), (7)			7.000%												4/01/19				N/R				–
	9,250			Avaya Holdings Corporation, 144A, (6), (7)			10.500%												3/01/21				N/R				–
	8,510			CommScope Technologies LLC, 144A, (5)			6.000%												6/15/25				BB–				8,041,950
	3,612			Intelsat Jackson Holdings SA, (5)			5.500%												8/01/23				CCC+				3,282,405
	40,747			Total Communications Equipment																							11,324,355
				Consumer Finance – 1.9% (1.1% of Total Investments)
	5,000			DAE Funding LLC, 144A, (5)			5.250%												11/15/21				BB+				5,037,500
	10,000			Refinitiv US Holdings Inc., 144A, (5)			6.250%												5/15/26				BB+				9,825,000
	7,000			Verscend Escrow Corporation, 144A, (5)			9.750%												8/15/26				CCC+				7,026,250
	22,000			Total Consumer Finance																							21,888,750
				Diversified Financial Services – 0.3% (0.2% of Total Investments)
	3,000			Park Aerospace Holdings Ltd, 144A, (5)			5.500%												2/15/24				BB				3,048,750
				Diversified Telecommunication Services – 1.0% (0.6% of Total Investments)
	3,000			CenturyLink Inc.			6.450%												6/15/21				BB				3,053,400
	4,000			CenturyLink Inc.			5.800%												3/15/22				BB				4,008,520
	2,000			CommScope Inc., 144A			5.000%												6/15/21				BB–				1,997,500

 

78

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Principal Amount (000)				Description (1)		Coupon												Maturity				Ratings (4)				Value
				Diversified Telecommunication Services (continued)
$	3,413			Intelsat Luxembourg SA			7.750%												6/01/21				CC			$	3,276,480
	12,413			Total Diversified Telecommunication Services																							12,335,900
				Food Products – 0.7% (0.4% of Total Investments)
	3,000			B&G Foods Inc., (5)			5.250%												4/01/25				BB–				2,941,500
	5,000			ESAL GmbH, 144A, (5)			6.250%												2/05/23				BB–				5,025,000
	8,000			Total Food Products																							7,966,500
				Health Care Equipment & Supplies – 2.0% (1.2% of Total Investments)
	17,500			DJO Finance LLC, 144A, (5)			8.125%												6/15/21				CCC				18,186,000
	4,965			Kinetic Concepts Inc. / KCI USA Inc., 144A, (5)			7.875%												2/15/21				B+				5,064,300
	22,465			Total Health Care Equipment & Supplies																							23,250,300
				Health Care Providers & Services – 7.7% (4.8% of Total Investments)
	17,000			Centene Corporation			4.750%												1/15/25				BB+				17,233,750
	4,000			Centene Corporation, 144A, (5)			5.375%												6/01/26				BB+				4,146,200
	4,000			HCA Inc., (5)			6.500%												2/15/20				BBB–				4,110,000
	4,000			HCA Inc., (5)			5.250%												6/15/26				BBB–				4,215,000
	16,000			Molina Healthcare Inc., (5)			5.375%												11/15/22				BB–				16,300,000
	5,000			Molina Healthcare Inc., 144A, (5)			4.875%												6/15/25				BB–				4,887,500
	12,650			Polaris Intermediate Corporation, 144A, (5)			8.500%												12/01/22				B–				12,144,000
	1,200			Select Medical Corporation, (5)			6.375%												6/01/21				B–				1,206,000
	1,500			Tenet Healthcare Corporation			4.750%												6/01/20				BB–				1,511,250
	9,500			Tenet Healthcare Corporation, (5)			6.000%												10/01/20				BB				9,811,600
	5,500			Tenet Healthcare Corporation			5.125%												5/01/25				BB–				5,372,895
	8,000			WellCare Health Plans Inc., (5)			5.250%												4/01/25				BB				8,160,000
	1,500			WellCare Health Plans Inc., 144A			5.375%												8/15/26				BB				1,533,750
	89,850			Total Health Care Providers & Services																							90,631,945
				Health Care Technology – 1.2% (0.7% of Total Investments)
	14,840			CHANGE HEALTH / FIN INC., 144A, (5)			5.750%												3/01/25				B–				14,209,300
				Hotels, Restaurants & Leisure – 0.9% (0.5% of Total Investments)
	4,000			International Game Technology PLC, 144A			6.250%												2/15/22				BB+				4,140,000
	3,250			Scientific Games International Inc.			6.250%												9/01/20				CCC+				3,217,500
	3,080			Scientific Games International Inc., (5)			10.000%												12/01/22				B–				3,237,850
	10,330			Total Hotels, Restaurants & Leisure																							10,595,350
				Media – 3.4% (2.1% of Total Investments)
	3,000			CCO Holdings LLC			5.250%												9/30/22				BB+				3,032,775
	4,000			CCO Holdings LLC, 144A, (5)			5.125%												5/01/23				BB+				4,053,520
	2,860			CSC Holdings LLC, 144A			5.375%												7/15/23				BB				2,888,600
	5,000			CSC Holdings LLC, 144A, (5)			5.500%												4/15/27				BB				4,887,400
	10,609			iHeartCommunications Inc., (6)			9.000%												12/15/19				CCC				7,108,030
	42,258			iHeartCommunications Inc., (6)			5.340%												2/01/21				CC				5,113,238
	240			iHeartCommunications Inc., (6)			9.000%												3/01/21				CCC				160,200
	2,000			Nielsen Company Luxembourg SARL, 144A			5.500%												10/01/21				BB				2,015,600
	12,000			Univision Communications Inc., 144A, (5)			5.125%												5/15/23				B				11,220,000
	81,967			Total Media																							40,479,363
				Oil, Gas & Consumable Fuels – 0.7% (0.5% of Total Investments)
	11,000			California Resources Corporation, 144A			8.000%												12/15/22				B–				8,827,500
				Pharmaceuticals – 2.3% (1.4% of Total Investments)
	9,500			Bausch Health Companies Inc., 144A, (5)			6.500%												3/15/22				BB				9,820,625
	2,000			Bausch Health Companies Inc., 144A			7.000%												3/15/24				BB				2,098,750
	6,000			Bausch Health Companies Inc., 144A, (5)			5.500%												11/01/25				BB				5,984,160
	9,400			Teva Pharmaceutical Finance Netherlands III BV			2.200%												7/21/21				BBB				8,885,202
	26,900			Total Pharmaceuticals																							26,788,737

 

79

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JQC		Nuveen Credit Strategies Income Fund (continued)
		Portfolio of Investments    January 31, 2019
		(Unaudited)

 

Principal Amount (000)				Description (1)		Coupon												Maturity				Ratings (4)				Value
				Real Estate Management & Development – 0.5% (0.3% of Total Investments)
$	6,000			Realogy Group LLC, 144A, (5)			5.250%												12/01/21				B+			$	5,997,720
				Specialty Retail – 0.9% (0.6% of Total Investments)
	5,825			PetSmart Inc., 144A			5.875%												6/01/25				B–				4,574,373
	6,428			WEX Inc., 144A, (5)			4.750%												2/01/23				BB–				6,347,650
	12,253			Total Specialty Retail																							10,922,023
				Technology Hardware, Storage & Peripherals – 1.1% (0.7% of Total Investments)
	5,000			Dell International LLC, 144A, (5)			5.875%												6/15/21				BB+				5,081,111
	5,000			Dell International LLC, 144A, (5)			7.125%												6/15/24				BB+				5,273,008
	3,000			Western Digital Corporation			4.750%												2/15/26				BBB–				2,790,000
	13,000			Total Technology Hardware, Storage & Peripherals																							13,144,119
				Wireless Telecommunication Services – 3.1% (1.9% of Total Investments)
	1,000			Hughes Satellite Systems Corporation, (5)			6.625%												8/01/26				BB–				962,500
	6,000			Hughes Satellite Systems Corporation, (5)			5.250%												8/01/26				BBB–				5,745,000
	6,000			Intelsat Jackson Holdings SA, 144A			8.500%												10/15/24				CCC+				6,060,000
	8,750			Sprint Capital Corporation, (5)			7.875%												9/15/23				B+				9,296,875
	2,500			Sprint Corporation, (5)			7.250%												9/15/21				B+				2,625,275
	12,000			T-Mobile USA Inc., (5)			6.375%												3/01/25				BB+				12,450,000
	36,250			Total Wireless Telecommunication Services																							37,139,650
$	419,015			Total Corporate Bonds (cost $380,305,274)																							346,557,666
Shares				Description (1), (8)																						Value
				EXCHANGE-TRADED FUNDS – 3.9% (2.4% of Total Investments)
	2,043,313			Invesco Senior Loan ETF																						$	45,851,944
				Total Exchange-Traded Funds (cost $47,314,519)																							45,851,944
Shares				Description (1)																						Value
				COMMON STOCKS – 1.1% (0.7% of Total Investments)
				Diversified Consumer Services – 0.1% (0.1% of Total Investments)
	291,285			Cengage Learning Holdings II Inc., (9), (10)																						$	1,128,729
				Energy Equipment & Services – 0.2% (0.1% of Total Investments)
	10,935			Vantage Drilling International, (9), (10)																							2,536,920
				Health Care Providers & Services – 0.1% (0.0% of Total Investments)
	211,860			Millennium Health LLC, (7), (9)																							410,591
	198,883			Millennium Health LLC, (7), (9)																							385,277
	227,437			Millennium Health LLC, (9), (10)																							12,509
				Total Health Care Providers & Services																							808,377
				Marine – 0.1% (0.1% of Total Investments)
	28,051			HGIM Corporation, (10)																							1,065,938
	6,278			HGIM Corporation, (9), (10)																							238,564
				Total Marine																							1,304,502
				Media – 0.3% (0.2% of Total Investments)
	51,719			Affinion Group Holdings Inc., (9), (10)																							297,384
	241,742			Cumulus Media Inc., (9)																							2,912,991
	17,987			Tribune Media Company, (10)																							11,692
				Total Media																							3,222,067
				Pharmaceuticals – 0.2% (0.1% of Total Investments)
	110,097			Advanz Pharma Corporation, (9)																							2,083,035

 

80

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Shares				Description (1)																						Value
				Software – 0.1% (0.1% of Total Investments)
	81,218			Avaya Holdings Corporation, (9)																						$	1,373,396
				Total Common Stocks (cost $31,563,302)																							12,457,026
Principal Amount (000)				Description (1)		Coupon												Maturity				Ratings (4)				Value
				CONVERTIBLE BONDS – 0.9% (0.6% of Total Investments)
				Biotechnology – 0.4% (0.2% of Total Investments)
$	3,000			Acorda Therapeutics Inc.			1.750%												6/15/21				N/R			$	2,653,440
	2,000			Clovis Oncology Inc.			2.500%												9/15/21				N/R				1,826,230
	5,000			Total Biotechnology																							4,479,670
				Pharmaceuticals – 0.3% (0.2% of Total Investments)
	3,000			Horizon Pharma Investment Ltd			2.500%												3/15/22				CCC+				3,129,606
				Technology Hardware, Storage & Peripherals – 0.2% (0.2% of Total Investments)
	3,500			Western Digital Corporation, 144A			1.500%												2/01/24				BBB–				3,005,814
$	11,500			Total Convertible Bonds (cost $10,536,086)																							10,615,090
Shares				Description (1)																						Value
				COMMON STOCK RIGHTS – 0.1% (0.1% of Total Investments)
				Oil, Gas & Consumable Fuels – 0.1% (0.1% of Total Investments)
	45,924			Fieldwood Energy LLC, (7), (9)																						$	1,442,831
	9,278			Fieldwood Energy LLC, (9), (10)																							306,174
				Total Common Stock Rights (cost $1,310,866)																							1,749,005
Shares				Description (1)																						Value
				WARRANTS – 0.0% (0.0% of Total Investments)
	37,273			Avaya Holdings Corporation, (10)																							47,154
				Total Warrants (cost $4,921,201)																							47,154
				Total Long-Term Investments (cost $1,963,251,563)																							1,853,259,374
Shares				Description (1)		Coupon																				Value
				SHORT-TERM INVESTMENTS – 4.0% (2.5% of Total Investments)
				INVESTMENT COMPANIES – 4.0% (2.5% of Total Investments)
	46,766,350			BlackRock Liquidity Funds T-Fund Portfolio, (8)			2.290% (11)																			$	46,766,350
				Total Short-Term Investments (cost $46,766,350)																							46,766,350
				Total Investments (cost $2,010,017,913) – 161.1%																							1,900,025,724
				Borrowings – (42.0)% (12), (13)																							(495,000,000	)
				Reverse Repurchase Agreements – (16.8)% (14)																							(198,000,000	)
				Other Assets Less Liabilities – (2.3)%																							(27,945,500	)
				Net Assets Applicable to Common Shares – 100%																						$	1,179,080,224

 

81

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JQC		Nuveen Credit Strategies Income Fund (continued)
		Portfolio of Investments    January 31, 2019
		(Unaudited)

 

 

 

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.

 

(1)	All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

 

(2)

Senior loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate (Reference Rate) plus an assigned fixed rate (Spread). These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate (“LIBOR”), or (ii) the prime rate offered by one or more major United States banks. Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan. The rate shown is the coupon as of the end of the reporting period.

 

(3)

Senior loans generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments of senior loans may occur. As a result, the actual remaining maturity of senior loans held may be substantially less than the stated maturities shown.

 

(4)

For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

 

(5)	Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in reverse repurchase agreements. As of the end of the reporting period, investments with a value of $332,737,446 have been pledged as collateral for reverse repurchase agreements.

 

(6)

As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records.

 

(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. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.

 

(8)	A copy of the most recent financial statements for these exchange-traded funds and investment companies can be obtained directly from the Securities and Exchange Commission on its website at the http://www.sec.gov.

 

(9)	Non-income producing; issuer has not declared a dividend within the past twelve months.

 

(10)	For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.

 

(11)	The rate shown is the annualized seven-day subsidized yield as of the end of the reporting period.

 

(12)	Borrowings as a percentage of Total Investments is 26.1%.

 

(13)	The Fund segregates 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings.

 

(14)	Reverse Repurchase Agreements as a percentage of Total Investments is 10.4%.

 

(15)	Variable rate security. The rate shown is the coupon as of the end of the 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

 

TBD

Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the final coupon rate and maturity date.

 

WI/DD

Purchased on a when-issued or delayed delivery basis.

 

See accompanying notes to financial statements.

 

82

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Statement of Assets and Liabilities

January 31, 2019

(Unaudited)

 

		NSL				JFR				JRO				JSD				JQC
Assets
Long-term investments, at value (cost $430,765,977, $1,045,666,837, $733,898,727, $287,471,186 and $1,963,251,563, respectively)		$	403,154,053			$	987,971,844			$	691,246,271			$	273,012,831			$	1,853,259,374
Short-term investments, at value (cost approximates value)			8,014,761				16,339,538				12,312,629				3,664,427				46,766,350
Cash collateral at brokers for investments in swaps(1)			637,000				1,290,000				1,161,000				431,729				606
Credit default swaps premiums paid			—				—				—				251,209				—
Unrealized appreciation on interest rate swaps			—				45,189				—				—				—
Receivable for:
Interest			1,645,482				4,023,811				2,852,571				1,234,331				9,683,121
Investments sold			6,878,687				18,443,585				14,406,258				3,921,193				27,647,730
Reclaims			—				—				—				—				17,480
Shares sold			—				31,001				—				—				—
Other assets			150,050				139,391				88,527				42,020				360,624
Total assets			420,480,033				1,028,284,359				722,067,256				282,557,740				1,937,735,285
Liabilities
Borrowings			114,000,000				264,500,000				178,800,000				72,000,000				495,000,000
Reverse repurchase agreements			—				—				—				—				198,000,000
Cash overdraft			1,059,492				2,118,983				1,439,538				—				—
Cash overdraft denominated in foreign currencies (cost $968, $2,463, $1,646, $55 and $174, respectively)			1,016				2,586				1,727				52				177
Credit default swaps premiums received			—				—				—				206,846				—
Unrealized depreciation on interest rate swaps			665,341				1,001,426				1,062,835				52,850				—
Payable for:
Dividends			1,345,310				3,389,735				2,439,876				974,990				13,651,253
Investments purchased			8,281,674				20,723,981				14,534,997				4,334,656				47,627,313
Unfunded senior loans			39,561				84,383				50,767				39,561				—
Variation margin on swap contracts			—				—				—				16,255				—
Term Preferred Shares (“Term Preferred”), net of deferred offering costs (liquidation preference $43,000,000, $115,000,000, $84,000,000, $35,000,000 and $—, respectively)			42,494,344				113,985,173				82,966,686				34,661,696				—
Accrued expenses:
Interest			397,322				370,580				645,819				279,429				2,328,601
Management fees			280,157				674,985				476,819				189,814				1,283,304
Trustees fees			73,956				138,559				87,793				16,396				359,283
Other			150,343				247,651				211,681				96,870				405,130
Total liabilities			168,788,516				407,238,042				282,718,538				112,869,415				758,655,061
Net assets applicable to common shares		$	251,691,517			$	621,046,317			$	439,348,718			$	169,688,325			$	1,179,080,224
Common shares outstanding			38,611,472				56,918,468				40,541,218				10,095,648				135,609,290
Net asset value (“NAV”) per common share outstanding		$	6.52			$	10.91			$	10.84			$	16.81			$	8.69
Net assets applicable to common shares consist of:
Common shares, $0.01 par value per share		$	386,115			$	569,185			$	405,412			$	100,956			$	1,356,093
Paid-in-surplus			287,743,093				708,896,922				503,351,629				191,865,113				1,386,846,300
Total distributable earnings			(36,437,691	)			(88,419,790	)			(64,408,323	)			(22,277,744	)			(209,122,169	)
Net assets applicable to common shares		$	251,691,517			$	621,046,317			$	439,348,718			$	169,688,325			$	1,179,080,224
Authorized shares:
Common			Unlimited				Unlimited				Unlimited				Unlimited				Unlimited
Preferred			Unlimited				Unlimited				Unlimited				Unlimited				Unlimited

(1)	Cash pledged to collateralize the net payment obligations for investments in derivatives.

 

See accompanying notes to financial statements.

 

83

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Statement of Operations

Six Months Ended January 31, 2019

(Unaudited)

 

		NSL				JFR				JRO				JSD				JQC
Investment Income
Interest and dividends		$	12,709,689			$	29,950,518			$	21,226,157			$	8,819,863			$	50,049,352
Fees			360,719				876,710				594,432				269,354				1,031,772
Total investment income			13,070,408				30,827,228				21,820,589				9,089,217				51,081,124
Expenses
Management fees			1,699,609				4,088,598				2,890,763				1,153,700				7,773,086
Interest expense and amortization of offering costs			2,331,078				6,476,262				4,269,916				1,643,675				12,535,655
Custodian fees			63,956				107,792				98,972				48,865				179,327
Trustees fees			6,230				15,232				10,692				4,228				28,752
Professional fees			24,795				50,344				40,011				26,526				59,084
Shareholder reporting expenses			24,127				55,428				40,453				14,343				91,965
Shareholder servicing agent fees			7,469				13,373				13,301				6,922				1,551
Stock exchange listing fees			5,404				7,965				5,676				3,413				18,998
Investor relations expenses			13,971				33,735				23,920				9,329				62,724
Other			23,205				26,330				24,305				20,196				14,543
Total expenses			4,199,844				10,875,059				7,418,009				2,931,197				20,765,685
Net investment income (loss)			8,870,564				19,952,169				14,402,580				6,158,020				30,315,439
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments and foreign currency			(3,221,833	)			(5,623,332	)			(4,593,236	)			(1,530,573	)			(19,360,904	)
Swaps			(240,676	)			115,137				9,516				(115,275	)			—
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency			(12,797,255	)			(31,680,499	)			(22,318,841	)			(9,505,560	)			(28,272,877	)
Swaps			533,639				1,474,348				1,268,252				36,797				—
Net realized and unrealized gain (loss)			(15,726,125	)			(35,714,346	)			(25,634,309	)			(11,114,611	)			(47,633,781	)
Net increase (decrease) in net assets applicable to common shares from operations		$	(6,855,561	)		$	(15,762,177	)		$	(11,231,729	)		$	(4,956,591	)		$	(17,318,342	)

 

See accompanying notes to financial statements.

 

84

---

Statement of Changes in Net Assets

(Unaudited)

 

		NSL								JFR
		Six Months Ended 1/31/19				Year(1) Ended 7/31/18				Six Months Ended 1/31/19				Year(1) Ended 7/31/18
Operations
Net investment income (loss)		$	8,870,564			$	16,516,893			$	19,952,169			$	37,297,459
Net realized gain (loss) from:
Investments and foreign currency			(3,221,833	)			988,609				(5,623,332	)			(3,918,156	)
Swaps			(240,676	)			(170,366	)			115,137				710,097
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency			(12,797,255	)			(1,461,678	)			(31,680,499	)			795,592
Swaps			533,639				(650,645	)			1,474,348				(3,024,738	)
Net increase (decrease) in net assets applicable to common shares from operations			(6,855,561	)			15,222,813				(15,762,177	)			31,860,254
Distributions to Common Shareholders(2)
Dividends(3)			(8,148,846	)			(17,553,641	)			(20,348,352	)			(44,003,590	)
Decrease in net assets applicable to common shares from distributions to common shareholders			(8,148,846	)			(17,553,641	)			(20,348,352	)			(44,003,590	)
Capital Share Transactions
Common shares:
Proceeds from shelf offering, net of offering costs			—				—				—				5,297,434
Net proceeds from shares issued to shareholders due to reinvestment of distributions			—				—				—				139,663
Cost of common shares repurchased and retired			(56,494	)			—				—				—
Net increase (decrease) in net assets applicable to common shares from capital share transactions			(56,494	)			—				—				5,437,097
Net increase (decrease) in net assets applicable to common shares			(15,060,901	)			(2,330,828	)			(36,110,529	)			(6,706,239	)
Net assets applicable to common shares at the beginning of period			266,752,418				269,083,246				657,156,846				663,863,085
Net assets applicable to common shares at the end of period		$	251,691,517			$	266,752,418			$	621,046,317			$	657,156,846

(1)	Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 11 – New Accounting Pronouncements for further details.

(2)	The composition and per share amounts of the Funds’ distributions are presented in the Financial Highlights. The distribution information for the Funds as of its most recent tax year end is presented within the Notes to Financial Statements, Note 6 – Income Tax Information.

(3)	For the fiscal year ended July 31, 2018, the Funds’ distributions to shareholders were paid from net investment income.

 

See accompanying notes to financial statements.

 

85

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Statement of Changes in Net Assets (continued)

(Unaudited)

 

 

		JRO								JSD
		Six Months Ended 1/31/19				Year(1) Ended 7/31/18				Six Months Ended 1/31/19				Year(1) Ended 7/31/18
Operations
Net investment income (loss)		$	14,402,580			$	26,747,901			$	6,158,020			$	12,002,204
Net realized gain (loss) from:
Investments and foreign currency			(4,593,236	)			(2,177,791	)			(1,530,573	)			(1,771,955	)
Swaps			9,516				661,463				(115,275	)			(201,725	)
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency			(22,318,841	)			828,220				(9,505,560	)			1,590,671
Swaps			1,268,252				(2,851,257	)			36,797				(104,691	)
Net increase (decrease) in net assets applicable to common shares from operations			(11,231,729	)			23,208,536				(4,956,591	)			11,514,504
Distributions to Common Shareholders(2)
Dividends(3)			(14,621,109	)			(32,185,250	)			(6,239,110	)			(13,098,094	)
Decrease in net assets applicable to common shares from distributions to common shareholders			(14,621,109	)			(32,185,250	)			(6,239,110	)			(13,098,094	)
Capital Share Transactions
Common shares:
Proceeds from shelf offering, net of offering costs			—				9,134,335				—				—
Net proceeds from shares issued to shareholders due to reinvestment of distributions			—				59,873				—				—
Cost of common shares repurchased and retired			(176,868	)			—				—				—
Net increase (decrease) in net assets applicable to common shares from capital share transactions			(176,868	)			9,194,208				—				—
Net increase (decrease) in net assets applicable to common shares			(26,029,706	)			217,494				(11,195,701	)			(1,583,590	)
Net assets applicable to common shares at the beginning of period			465,378,424				465,160,930				180,884,026				182,467,616
Net assets applicable to common shares at the end of period		$	439,348,718			$	465,378,424			$	169,688,325			$	180,884,026

(1)	Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 11 – New Accounting Pronouncements for further details.

(2)	The composition and per share amounts of the Funds’ distributions are presented in the Financial Highlights. The distribution information for the Funds as of its most recent tax year end is presented within the Notes to Financial Statements, Note 6 – Income Tax Information.

(3)	For the fiscal year ended July 31, 2018, the Funds’ distributions to shareholders were paid from net investment income.

 

See accompanying notes to financial statements.

 

86

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		JQC
		Six Months Ended 1/31/19				Year(1) Ended 7/31/18
Operations
Net investment income (loss)		$	30,315,439			$	59,827,455
Net realized gain (loss) from:
Investments and foreign currency			(19,360,904	)			(9,945,000	)
Swaps			—				1,412,527
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency			(28,272,877	)			(5,536,690	)
Swaps			—				(1,375,436	)
Net increase (decrease) in net assets applicable to common shares from operations			(17,318,342	)			44,382,856
Distributions to Common Shareholders(2)
Dividends(3)			(39,688,431	)			(72,567,457	)
Decrease in net assets applicable to common shares from distributions to common shareholders			(39,688,431	)			(72,567,457	)
Capital Share Transactions
Common shares:
Proceeds from shelf offering, net of offering costs			—				—
Net proceeds from shares issued to shareholders due to reinvestment of distributions			—				—
Cost of common shares repurchase and retired			(1,175,108	)			—
Net increase (decrease) in net assets applicable to common shares from capital share transactions			(1,175,108	)			—
Net increase (decrease) in net assets applicable to common shares			(58,181,881	)			(28,184,601	)
Net assets applicable to common shares at the beginning of period			1,237,262,105				1,265,446,706
Net assets applicable to common shares at the end of period		$	1,179,080,224			$	1,237,262,105

(1)	Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 11 – New Accounting Pronouncements for further details.

(2)	The composition and per share amounts of the Funds’ distributions are presented in the Financial Highlights. The distribution information for the Funds as of its most recent tax year end is presented within the Notes to Financial Statements, Note 6 – Income Tax Information.

(3)	For the fiscal year ended July 31, 2018, the Funds’ distributions to shareholders were paid from net investment income.

 

See accompanying notes to financial statements.

 

87

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Statement of Cash Flows

Six Months Ended January 31, 2019

(Unaudited)

 

		NSL				JFR				JRO				JSD				JQC
Cash Flows from Operating Activities:
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations		$	(6,855,561	)		$	(15,762,177	)		$	(11,231,729	)		$	(4,956,591	)		$	(17,318,342	)
Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from operations to net cash provided by (used in) operating activities:
Purchases of investments			(53,641,752	)			(138,212,950	)			(103,663,271	)			(33,926,274	)			(402,924,459	)
Proceeds from sales and maturities of investments			56,143,703				143,067,450				107,685,089				34,827,127				420,437,689
Proceeds from (Purchases of) short-term investments, net			2,106,668				7,201,552				4,843,732				4,454,078				19,946,680
Proceeds from (Payments for) cash denominated in foreign currencies, net			22				56				38				1				(3	)
Premiums received (paid) for credit default swaps			—				—				—				(33,383	)			—
Payment-in-kind distributions			(55,144	)			(128,247	)			(31,226	)			(22,555	)			—
Proceeds from litigation settlement			—				—				—				—				171,876
Amortization (Accretion) of premiums and discounts, net			(985,745	)			(1,614,301	)			(1,263,411	)			(744,057	)			1,057,079
Amortization of deferred offering costs			92,577				162,212				53,661				97,262				—
(Increase) Decrease in:
Receivable for interest			95,158				375,367				222,048				42,229				42,273
Receivable for investments sold			(3,597,524	)			(10,319,794	)			(7,039,772	)			(465,025	)			7,695,570
Other assets			(21,138	)			10,651				27,238				(12,708	)			51,765
Increase (Decrease) in:
Payable for investments purchased			(2,562,542	)			(3,908,425	)			(3,148,939	)			(4,068,814	)			(31,602,185	)
Payable for unfunded senior loans			(21,944	)			(46,806	)			(28,159	)			(21,944	)			—
Payable for variation margin on swap contracts			—				—				—				15,726				—
Accrued interest			396,738				370,580				214,892				279,429				145,967
Accrued management fees			(10,180	)			(23,392	)			(17,454	)			(7,394	)			(40,126	)
Accrued Trustees fees			(10,864	)			(17,859	)			(11,295	)			(2,020	)			(50,124	)
Accrued other expenses			(11,590	)			5,037				7,238				(719	)			(55,461	)
Net realized (gain) loss from investments and foreign currency			3,221,833				5,623,332				4,593,236				1,530,573				19,360,904
Change in net unrealized (appreciation) depreciation of:
Investments and foreign currency			12,797,255				31,680,499				22,318,841				9,505,560				28,272,877
Swaps(1)			(533,639	)			(1,474,348	)			(1,268,252	)			(120,754	)			—
Net cash provided by (used in) operating activities			6,546,331				16,988,437				12,262,505				6,369,747				45,191,980
Cash Flows from Financing Activities:
Proceeds from reverse repurchase agreements			—				—				—				—				55,000,000
(Payments for) reverse repurchase agreements			—				—				—				—				(2,000,000	)
Proceeds from borrowings			—				10,200,000				—				—				—
Repayments of borrowings			—				—				—				—				(66,000,000	)
(Payments for) Term Preferred Shares redeemed, at liquidation preference			—				(10,200,000	)			—				—				—
Increase (Decrease) in cash overdraft			1,059,492				2,118,983				1,439,538				—				—
Increase (Decrease) in cash overdraft denominated in foreign currencies			(22	)			(56	)			(38	)			(1	)			159
Cash distributions paid to common shareholders			(8,072,307	)			(20,200,364	)			(14,520,887	)			(6,213,545	)			(31,017,719	)
Cost of shares repurchased and retired			(56,494	)			—				(176,868	)			—				(1,175,108	)
Net cash provided by (used in) financing activities			(7,069,331	)			(18,081,437	)			(13,258,255	)			(6,213,546	)			(45,192,668	)
Net Increase (Decrease) in Cash and Cash Collateral at Brokers			(523,000	)			(1,093,000	)			(995,750	)			156,201				(688	)
Cash and cash collateral at brokers at the beginning of period			1,160,000				2,383,000				2,156,750				275,528				1,294
Cash and cash collateral at brokers at the end of period		$	637,000			$	1,290,000			$	1,161,000			$	431,729			$	606
Supplemental Disclosure of Cash Flow Information		NSL				JFR				JRO				JSD				JQC
Cash paid for interest (excluding borrowing and amortization of offering costs)		$	1,817,267			$	5,943,470			$	3,985,068			$	1,243,219			$	12,397,355

(1)	Excluding over-the-counter cleared swaps.

 

See accompanying notes to financial statements.

 

88

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89

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Financial Highlights

(Unaudited)

 

Selected data for a common share outstanding throughout each period:

 

						Investment Operations												Less Distributions to Common Shareholders												Common Share
		Beginning Common Share NAV				Net Invest ment Income (Loss)(a)				Net Realized/ Unrealized Gain (Loss)				Total				From Net Investment Income				From Accumu lated Net Realized Gains				Total				Offering Costs				Discount from Shares Repurchased and Retired				Premium from Shares Sold through Shelf Offering				Ending NAV				Ending Share Price
NSL
Year Ended 7/31:
2019(e)		$	6.91			$	0.23			$	(0.41	)		$	(0.18	)		$	(0.21	)		$	—			$	(0.21	)		$	—			$	—	*		$	—			$	6.52			$	5.74
2018			6.97				0.43				(0.04	)			0.39				(0.45	)			—				(0.45	)			—				—				—				6.91				6.13
2017			6.76				0.46				0.21				0.67				(0.46	)			—				(0.46	)			—				—				—				6.97				6.83
2016			7.16				0.45				(0.43	)			0.02				(0.42	)			—				(0.42	)			—				—	*			—				6.76				6.25
2015			7.51				0.45				(0.38	)			0.07				(0.42	)			—				(0.42	)			—				—				—				7.16				6.34
2014			7.46				0.44				0.05				0.49				(0.44	)			—				(0.44	)			—				—				—				7.51				6.98
JFR
Year Ended 7/31:
2019(e)			11.55				0.35				(0.63	)			(0.28	)			(0.36	)			—				(0.36	)			—				—				—				10.91				9.71
2018			11.76				0.66				(0.10	)			0.56				(0.77	)			—				(0.77	)			—				—				—	*			11.55				10.30
2017			11.36				0.73				0.46				1.19				(0.79	)			—				(0.79	)			—				—				—	*			11.76				11.83
2016			12.01				0.73				(0.66	)			0.07				(0.72	)			—				(0.72	)			—				—				—				11.36				10.68
2015			12.59				0.75				(0.61	)			0.14				(0.72	)			—				(0.72	)			—				—				—				12.01				10.67
2014			12.54				0.75				0.06				0.81				(0.76	)			—				(0.76	)			—	*			—				—	*			12.59				11.72

 

90

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								Common Share Supplemental Data/ Ratios Applicable to Common Shares
Common Share Total Returns												Ratios to Average Net Assets(c)
Based on NAV(b)				Based on Share Price(b)				Ending Net Assets (000)				Expenses				Net Investment Income (Loss)				Portfolio Turnover Rate(d)
	(2.62	)%			(2.95	)%		$	251,692				3.21	%**			6.78	%**			13	%
	5.91				(3.78	)			266,752				2.90				6.24				29
	10.22				17.00				269,083				2.64				6.70				55
	0.61				5.89				261,071				2.53				6.84				29
	0.96				(3.25	)			276,530				2.37				6.08				34
	6.78				(0.29	)			290,088				2.15				5.89				58
	(2.47	)			(2.27	)			621,046				3.37	**			6.19	**			14
	5.01				(6.64	)			657,157				2.99				5.68				29
	10.76				18.63				663,863				2.63				6.28				59
	0.93				7.50				626,627				2.46				6.52				26
	1.15				(2.88	)			662,801				2.29				6.08				33
	6.62				(1.84	)			694,584				2.05				5.94				52

 

(a)	Per share Net Investment Income (Loss) is calculated using the average daily shares method.

(b)

Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.

Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.

(c)		•		Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares) and/or borrowings (as described in Note 9 – Fund Leverage), where applicable.
		•		Each ratio includes the effect of all interest expense paid and other costs related to preferred shares and/or borrowings, where applicable, as follows:

 

 

(d)	Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.

(e)	For the six months ended January 31, 2019.

*	Rounds to less than $0.01 per share.

**	Annualized.

 

See accompanying notes to financial statements.

 

91

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Financial Highlights (continued)

(Unaudited)

 

Selected data for a common share outstanding throughout each period:

 

						Investment Operations												Less Distributions to Common Shareholders												Common Share
		Beginning Common Share NAV				Net Investment Income (Loss)(a)				Net Realized/ Unrealized Gain (Loss)				Total				From Net Investment Income				From Accumu lated Net Realized Gains				Total				Offering Costs				Discount from Shares Repurchased and Retired				Premium from Shares Sold through Shelf Offering				Ending NAV				Ending Share Price
JRO
Year Ended 7/31:
2019(e)		$	11.47			$	0.36			$	(0.63	)		$	(0.27	)		$	(0.36	)		$	—			$	(0.36	)		$	—			$	—	*		$	—			$	10.84			$	9.60
2018			11.70				0.66				(0.09	)			0.57				(0.80	)			—				(0.80	)			—				—				—	*			11.47				10.23
2017			11.31				0.76				0.45				1.21				(0.83	)			—				(0.83	)			—				—				0.01				11.70				11.87
2016			12.05				0.77				(0.75	)			0.02				(0.76	)			—				(0.76	)			—				—				—				11.31				10.72
2015			12.68				0.79				(0.66	)			0.13				(0.76	)			—				(0.76	)			—				—				—				12.05				10.82
2014			12.55				0.78				0.14				0.92				(0.79	)			—				(0.79	)			—	*			—				—	*			12.68				12.40
JSD
Year Ended 7/31:
2019(e)			17.92				0.61				(1.10	)			(0.49	)			(0.62	)			—				(0.62	)			—				—				—				16.81				15.59
2018			18.07				1.19				(0.04	)			1.15				(1.30	)			—				(1.30	)			—				—				—				17.92				16.67
2017			17.49				1.29				0.54				1.83				(1.25	)			—				(1.25	)			—				—				—	*			18.07				17.75
2016			18.63				1.21				(1.16	)			0.05				(1.16	)			(0.03	)			(1.19	)			—				—				—				17.49				16.16
2015			19.48				1.22				(0.87	)			0.35				(1.16	)			(0.04	)			(1.20	)			—				—				—				18.63				16.41
2014			19.91				1.29				(0.02	)			1.27				(1.37	)			(0.33	)			(1.70	)			—	*			—				—				19.48				18.20

 

92

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								Common Share Supplemental Data/ Ratios Applicable to Common Shares
Common Share Total Returns												Ratios to Average Net Assets(c)
Based on NAV(b)				Based on Share Price(b)				Ending Net Assets (000)				Expenses				Net Investment Income (Loss)				Portfolio Turnover Rate(d)
	(2.46	)%			(2.65	)%		$	439,349				3.25	%**			6.32	%**			15	%
	5.06				(7.38	)			465,378				2.99				5.77				30
	11.06				18.92				465,161				2.68				6.57				57
	0.53				6.91				435,189				2.49				6.91				27
	1.03				(6.74	)			463,729				2.31				6.41				34
	7.54				3.91				487,784				2.07				6.16				55
	(2.79	)			(2.73	)			169,688				3.31	**			6.95	**			12
	6.66				1.33				180,884				2.96				6.69				29
	10.68				17.91				182,468				2.52				7.18				58
	0.62				6.52				176,531				2.27				7.05				34
	1.87				(3.27	)			188,031				1.78				6.43				31
	6.59				0.16				196,613				1.88				6.52				45

 

(a)	Per share Net Investment Income (Loss) is calculated using the average daily shares method.

(b)

Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.

Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.

(c)		•		Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares) and/or borrowings (as described in Note 9 – Fund Leverage), where applicable.
		•		Each ratio includes the effect of all interest expense paid and other costs related to preferred shares and/or borrowings, where applicable, as follows:

 

 

(d)	Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.

(e)	For the six months ended January 31, 2019.

*	Rounds to less than $0.01 per share.

**	Annualized.

 

See accompanying notes to financial statements.

 

93

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Financial Highlights (continued)

(Unaudited)

 

Selected data for a common share outstanding throughout each period:

 

 

						Investment Operations												Less Distributions to Common Shareholders												Common Share
		Beginning Common Share NAV				Net Investment Income (Loss)(a)				Net Realized/ Unrealized Gain (Loss)				Total				From Net Investment Income				From Accumulated Net Realized Gains				Total				Discount from Shares Repurchased and Retired				Ending NAV				Ending Share Price
JQC
Year Ended 7/31:
2019(f)		$	9.11			$	0.22			$	(0.35	)		$	(0.13	)		$	(0.29	)		$	—			$	(0.29	)		$	—	*		$	8.69			$	7.72
2018			9.32				0.44				(0.12	)			0.32				(0.53	)			—				(0.53	)			—				9.11				7.89
2017			9.25				0.52				0.18				0.70				(0.63	)			—				(0.63	)			—				9.32				8.69
2016			9.88				0.58				(0.60	)			(0.02	)			(0.61	)			—				(0.61	)			—	*			9.25				8.43
2015			10.25				0.62				(0.43	)			0.19				(0.56	)			—				(0.56	)			—	*			9.88				8.59
2014			10.13				0.60				0.16				0.76				(0.64	)			—				(0.64	)			—	*			10.25				9.05

 

(a)	Per share Net Investment Income (Loss) is calculated using the average daily shares method.

(b)

Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.

Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.

(c)		•		Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to reverse repurchase agreements and borrowings (as described in Note 9 – Fund Leverage), where applicable.
		•		Each ratio includes the effect of all interest expense and other costs related to reverse repurchase agreements and borrowings, where applicable, as follows:

 

JQC		Ratios of Interest Expense to Average Net Assets Applicable to Common Shares
Year Ended 7/31:
2019(f)			2.05	%**
2018			1.67
2017			1.23
2016			1.01
2015			0.66
2014			0.52

 

94

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								Common Share Supplemental Data/ Ratios Applicable to Common Shares
Common Share Total Returns												Ratios to Average Net Assets Before Reimbursement(c)								Ratios to Average Net Assets After Reimbursement(c)
Based on NAV(b)				Based on Share Price(b)				Ending Net Assets (000)				Expenses				Net Investment Income (Loss)				Expenses				Net Investment Income (Loss)				Portfolio Turnover Rate(e)
	(1.41	)%			1.60	%		$	1,179,080				3.39	%**			4.95	%**			N/A				N/A				28	%
	3.64				(3.09	)			1,237,262				3.01				4.84				N/A				N/A				45
	7.70				10.75				1,265,447				2.57				5.59				N/A				N/A				46
	0.11				5.98				1,255,254				2.41				6.32				N/A				N/A				46
	1.82				1.02				1,344,763				1.95				6.16				N/A				N/A				61
	7.74				(3.44	)			1,396,303				1.77				5.84				1.76	%(d)			5.85	%(d)			65

 

(d)

During the fiscal year ended July 31, 2014, the Adviser voluntarily reimbursed the Fund for certain expenses incurred in connection with a common shares equity shelf program. As a result the Expenses and Net Investment Income (Loss) Ratios to Average Net Assets Applicable to Common Shares reflect the voluntary expense reimbursement from Adviser.

(e)	Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.

(f)	For the six months ended January 31, 2019.

*	Rounds to less than $0.01 per share.

**	Annualized.

N/A	Fund no longer has a contractual reimbursement agreement with the Adviser.

 

See accompanying notes to financial statements.

 

95

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Financial Highlights (continued)

(Unaudited)

 

 

		Borrowings at the End of Period								VRTP Shares at the End of Period								Term Preferred at the End of Period								Borrowings, VRTP Shares and/or Term Preferred at the End of Period
		Aggregate Amount Outstanding (000)				Asset Coverage Per $1,000 Share(b)				Aggregate Amount Outstanding (000)				Asset Coverage Per $100,000 Share				Aggregate Amount Outstanding (000)				Asset Coverage Per $1,000 Share				Asset Coverage Per $1 Liquidation Preference
NSL
Year Ended 7/31:
2019(a)		$	114,000			$	3,585			$	—			$	—			$	43,000			$	2,603			$	2.60
2018			114,000				3,717				—				—				43,000				2,699				2.70
2017			114,000				3,738				—				—				43,000				2,714				2.71
2016			101,000				4,030				45,000				278,816				—				—				2.79
2015			112,500				3,974				58,000				262,188				—				—				2.62
2014			112,000				4,108				58,000				270,640				—				—				2.71
JFR
Year Ended 7/31:
2019(a)			264,500				3,783				—				—				115,000				2,636				2.64
2018			254,300				4,077				—				—				125,200				2,732				2.73
2017			254,300				4,103				—				—				125,200				2,749				2.75
2016			240,800				4,051				108,000				279,652				—				—				2.80
2015			270,300				3,966				139,000				261,935				—				—				2.62
2014			269,000				4,099				139,000				270,241				—				—				2.70
JRO
Year Ended 7/31:
2019(a)			178,800				3,927				—				—				84,000				2,672				2.67
2018			178,800				4,073				—				—				84,000				2,771				2.77
2017			178,800				4,071				—				—				84,000				2,770				2.77
2016			166,800				4,059				75,000				279,979				—				—				2.80
2015			188,800				3,975				98,000				261,691				—				—				2.62
2014			188,000				4,116				98,000				270,554				—				—				2.71
JSD
Year Ended 7/31:
2019(a)			72,000				3,843				—				—				35,000				2,586				2.59
2018			72,000				3,998				—				—				35,000				2,691				2.69
2017			72,000				4,020				—				—				35,000				2,705				2.71
2016			64,000				4,305				—				—				35,000				2,783				2.78
2015			85,200				3,207				—				—				—				—				—
2014			85,000				3,313				—				—				—				—				—
JQC
Year Ended 7/31:
2019(a)			495,000				3,382				—				—				—				—				—
2018			561,000				3,205				—				—				—				—				—
2017			561,000				3,256				—				—				—				—				—
2016			561,000				3,238				—				—				—				—				—
2015			640,000				3,101				—				—				—				—				—
2014			606,000				3,304				—				—				—				—				—

 

96

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(a)	For the six months ended January 31, 2019.

(b)

Beginning with the fiscal year ended July 31, 2017, the Funds are calculating Asset Coverage Per $1,000 of Borrowings as defined under the 1940 Act and not as defined for financial reporting purposes. For purposes of calculating Asset Coverage as defined under the 1940 Act, the outstanding preferred shares are excluded because they are treated as equity for regulatory purposes. The Asset Coverage amounts presented in the table above are calculated in accordance with the 1940 Act, and therefore the Asset Coverage per $1,000 of Borrowings reflects the amount of Fund total assets (less all liabilities not represented by borrowings and preferred shares) per $1,000 of borrowings alone.

For financial reporting purposes, preferred shares are considered to be debt. For the fiscal years ended July 31, 2014 through July 31, 2016, the Asset Coverage amounts per $1,000 of Borrowings reflected the amount of Fund total assets (less all liabilities not represented by borrowings and preferred shares) per $1,000 of the combined amount of borrowings and outstanding preferred shares and the Asset Coverage amounts per financial reporting purposes as follows:

 

 

 

See accompanying notes to financial statements.

 

97

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Notes to Financial Statements

(Unaudited)

 

1. General Information and Significant Accounting Policies

General Information

Fund Information

The funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) symbols are as follows (each a “Fund” and collectively, the “Funds”):

 

•

Nuveen Senior Income Fund (NSL)

 

•

Nuveen Floating Rate Income Fund (JFR)

 

•

Nuveen Floating Rate Income Opportunity Fund (JRO)

 

•

Nuveen Short Duration Credit Opportunities Fund (JSD)

 

•

Nuveen Credit Strategies Income Fund (JQC)

The Funds are registered under the Investment Company Act of 1940, as amended, as diversified closed-end management investment companies. NSL, JFR, JRO, JSD and JQC were organized as Massachusetts business trusts on August 13, 1999, January 15, 2004, April 27, 2004, January 3, 2011 and May 17, 2003, respectively.

The end of the reporting period for the Funds is January 31, 2019, and the period covered by these Notes to Financial Statements is the six months ended January 31, 2019 (the “current fiscal period”).

Investment Adviser

The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds’ portfolios, manages the Funds’ business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-advisory agreements with Symphony Asset Management, LLC (“Symphony”), an affiliate of Nuveen, under which Symphony manages the investment portfolios of the Funds. The Adviser is responsible for overseeing the Funds’ investments in interest rate and credit default swap contracts.

Investment Objectives and Principal Investment Strategies

NSL’s investment objective is to achieve a high level of current income, consistent with capital preservation. The Fund invests at least 80% of its managed assets (as defined in Note 7 – Management Fees) in adjustable rate senior loans. Senior loans that satisfy the 80% requirement may be secured or unsecured so long as any unsecured senior loans are investment grade quality. The Fund invests at least 65% of its managed assets in adjustable rate senior loans that are secured by specific collateral. The Fund may invest a substantial portion of its managed assets in senior loans and other debt instruments that are, at the time of investment, rated below investment grade or are unrated but judged to be of comparable quality by Symphony.

JFR’s investment objective is to achieve a high level of current income. The Fund invests at least 80% of its managed assets in adjustable rate loans, primarily secured senior loans. As part of the 80% requirement, the Fund also may invest in unsecured senior loans and secured and unsecured subordinated loans. The Fund invests at least 65% of its managed assets in adjustable rate senior loans that are secured by specific collateral. The Fund may invest a substantial portion of its managed assets in senior loans and other debt instruments that are, at the time of investment, rated below investment grade or are unrated but judged to be of comparable quality by Symphony.

JRO’s investment objective is to achieve a high level of current income. The Fund invests at least 80% of its managed assets in adjustable rate loans, primarily secured senior loans. As part of the 80% requirement, the Fund also may invest in unsecured senior loans and secured and unsecured subordinated loans. The Fund invests at least 65% of its managed assets in adjustable rate senior loans that are secured by specific collateral.

JSD’s investment objective is to provide current income and the potential for capital appreciation. Under normal market circumstances the Fund will invest at least 70% of its managed assets in adjustable rate corporate debt instruments, including senior secured loans, second lien loans and other adjustable rate corporate debt instruments. The Fund may make limited tactical investments in high yield debt and other debt instruments of up to 30% of its managed assets. No more than 30% of the Fund’s managed assets may be invested in debt instruments that are, at the time of investment, rated CCC+ or Caa or below by any Nationally Recognized Statistical Rating Organization or that are unrated but judged by Symphony, to be of comparable quality.

 

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The Fund may enter into tactical short positions consisting primarily of high yield debt, either directly or through the use of derivatives, including credit default swaps, creating investment exposure or hedging existing long (positive) investment exposure in a notional amount up to 20% of its managed assets. The Fund may invest up to 20% of its managed assets in debt instruments of non-U.S. issuers that are U.S. dollar or non-U.S. dollar denominated. The Fund’s investments in debt instruments of non-U.S. issuers may include debt instruments of issuers located, or conducting their business, in emerging markets countries.

JQC’s investment objectives are high current income and total return. The Fund meets its investment objectives by investing approximately 70% of its managed assets in senior secured and second lien loans, and up to 30% of its managed assets across the capital structure of companies (including equity securities) with a primary emphasis on high yield bonds, convertible securities and other forms of income-producing securities.

The Funds can invest up to 5% in iBOXX Loan Total Return Swaps.

Significant Accounting Policies

Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (ASC) Topic 946 “Financial Services – Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).

Investment Transactions

Investment transactions are recorded on a trade date basis. 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 from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments 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.

As of the end of the reporting period, the Funds’ outstanding when-issued/delayed delivery purchase commitments were as follows:

 

		NSL				JFR				JRO				JSD				JQC
Outstanding when-issued/delayed delivery purchase commitments		$	8,281,674			$	20,723,981			$	14,534,582			$	4,334,656			$	45,452,951

Investment Income

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 reflects the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Interest income also reflects payment-in-kind (“PIK”) interest and fee income, if any. PIK interest represents income received in the form of securities in lien of cash. Fee income consists primarily of amendment fees. Amendment fees are earned as compensation for evaluating and accepting changes to an original senior loan agreement and are recognized when received. Fee income and amendment fees, if any, are recognized as “Fees” on the Statement of Operations.

Professional Fees

Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.

Dividends and Distributions to Common Shareholders

Dividends to common shareholders, if any, are declared monthly. For NSL, JFR, JRO and JSD net realized capital gains from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.

For the period August 1, 2018 through December 31, 2018, JQC’s regular monthly distributions were sourced entirely from net investment income. Effective in conjunction with the declaration of the January 2019 distribution, the Fund has implemented a capital return plan where a supplemental amount is expected to be included in the Fund’s regular monthly distribution. Under this program, the Fund’s regular monthly distribution is expected to include net investment income, return of capital and potentially capital gains for tax purposes. In the event that total distributions during a calendar year exceed the Fund’s total return on net asset value (“NAV”), the difference will reduce NAV per share. If the Fund’s total return on NAV exceeds total distributions during a calendar year, the excess will be reflected as an increase in NAV per share. The final determination of the source and character of all

 

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distributions for the fiscal year are made after the end of the fiscal year and is reflected in the financial statements contained in the annual report as of July 31 each year.

Distributions to common shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Compensation

The Funds pay no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Funds’ Board of Trustees (the “Board”) has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

Indemnifications

Under the Funds’ organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

Netting Agreements

In the ordinary course of business, the Funds may enter into transactions subject to enforceable master repurchase agreements, International Swaps and Derivative Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.

The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to common shares from operations during the current fiscal period. Actual results may differ from those estimates.

2. Investment Valuation and Fair Value Measurements

The fair valuation input levels as described below are for fair value measurement purposes.

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. A three-tier hierarchy 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 the reporting entity’s own 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).

Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the Nasdaq National Market (“Nasdaq”) are valued at the Nasdaq Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or Nasdaq for which there were no transactions on a given day or securities not listed on a securities exchange or Nasdaq are valued at the quoted bid price and are generally classified as Level 2.

Prices of fixed-income securities are provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon,

 

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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. These securities are generally classified as Level 2. 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 or Level 3 depending on the observability of the significant inputs.

Like most fixed-income securities, the senior and subordinated loans in which the Funds invest are not listed on an organized exchange. The secondary market of such investments may be less liquid relative to markets for other fixed-income securities. Consequently, the value of senior and subordinated loans, determined as described above, may differ significantly from the value that would have been determined had there been an active market for that senior loan. These securities are generally classified as Level 2.

Prices of swap contracts are also provided by a pricing service approved by the Board using the same methods as described above and are generally classified as Level 2.

Exchange-traded funds are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1.

Investments in investment companies are valued at their respective NAV’s on the valuation date and are generally classified as Level 1.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of the Funds’ shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares. If significant market events occur between the time of determination of the closing price of a foreign security on an exchange and the time that the Funds’ NAV is determined, or if under the Funds’ procedures, the closing price of a foreign security is not deemed to be reliable, the security would be valued at fair value as determined in accordance with procedures established in good faith by the Board. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs.

Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.

The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:

 

NSL		Level 1				Level 2				Level 3				Total
Long-Term Investments*:
Variable Rate Senior Loan Interests		$	—			$	359,709,029			$	—			$	359,709,029
Corporate Bonds**			—				37,684,426				—	***			37,684,426
Common Stocks**			3,499,014				1,843,940				134,303				5,477,257
Common Stocks Rights**			—				47,025				221,558				268,583
Warrants**			—				14,758				—				14,758
Short-Term Investments:
Investment Companies			8,014,761				—				—				8,014,761
Investments in Derivatives:
Interest Rate Swaps****			—				(665,341	)			—				(665,341	)
Total		$	11,513,775			$	398,633,837			$	355,861			$	410,503,473

 

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JFR
Long-Term Investments*:
Variable Rate Senior Loan Interests		$	—			$	856,612,209			$	—			$	856,612,209
Corporate Bonds**			—				98,407,819				—	***			98,407,819
Common Stocks**			7,723,358				5,029,574				259,162				13,012,094
Investment Companies			10,595,400				—				—				10,595,400
Asset-Backed Securities			—				8,820,952				—				8,820,952
Common Stock Rights**			—				87,021				410,097				497,118
Warrants**			—				26,252				—				26,252
Short-Term Investments:
Investment Companies			16,339,538				—				—				16,339,538
Investments in Derivatives:
Interest Rate Swaps****			—				(956,237	)			—				(956,237	)
Total		$	34,658,296			$	968,027,590			$	669,259			$	1,003,355,145
JRO		Level 1				Level 2				Level 3				Total
Long-Term Investments*:
Variable Rate Senior Loan Interests		$	—			$	605,938,541			$	—			$	605,938,541
Corporate Bonds**			—				70,825,760				—	***			70,825,760
Common Stocks**			5,958,411				4,018,781				189,930				10,167,122
Asset-Backed Securities			—				3,782,459				—				3,782,459
Common Stock Rights**			—				89,793				423,072				512,865
Warrants**			—				19,524				—				19,524
Short-Term Investments:
Investment Companies			12,312,629				—				—				12,312,629
Investments in Derivatives:
Interest Rate Swaps****			—				(1,062,835	)			—				(1,062,835	)
Total		$	18,271,040			$	683,612,023			$	613,002			$	702,496,065
JSD
Long-Term Investments*:
Variable Rate Senior Loan Interests		$	—			$	241,757,611			$	—			$	241,757,611
Corporate Bonds**			—				27,732,871				—	***			27,732,871
Common Stocks**			2,261,039				927,732				46,160				3,234,931
Common Stock Rights**			—				48,444				228,345				276,789
Warrants**			—				10,629				—				10,629
Short-Term Investments:
Investment Companies			3,664,427				—				—				3,664,427
Investments in Derivatives:
Credit Default Swaps****			—				(125,944	)			—				(125,944	)
Interest Rate Swaps****			—				(52,850	)			—				(52,850	)
Total		$	5,925,466			$	270,298,493			$	274,505			$	276,498,464
JQC
Long-Term Investments*:
Variable Rate Senior Loan Interests		$	—			$	1,435,981,489			$	—			$	1,435,981,489
Corporate Bonds**			—				346,557,666				—	***			346,557,666
Exchange-Traded Funds			45,851,944				—				—				45,851,944
Common Stocks**			6,369,422				5,291,736				795,868				12,457,026
Convertible Bonds			—				10,615,090				—				10,615,090
Common Stock Rights**			—				306,174				1,442,831				1,749,005
Warrants**			—				47,154				—				47,154
Short-Term Investments:
Investment Companies			46,766,350				—				—				46,766,350
Total		$	98,987,716			$	1,798,799,309			$	2,238,699			$	1,900,025,724

*	Refer to the Fund’s Portfolio of Investments for industry classifications, where applicable.

**	Refer to the Fund’s Portfolio of Investments for securities classified as Level 2 and/or Level 3.

***	Value equals zero as of the end of the reporting period.

****	Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments.

 

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3. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Foreign Currency Transactions

To the extent that the Funds may invest in securities and/or contracts that are denominated in a currency other than U.S. dollars, the Funds will be subject to currency risk, which is the risk that an increase in the U.S. dollar relative to the foreign currency will reduce returns or portfolio value. Generally, when the U.S. dollar rises in value against a foreign currency, the Funds’ investments denominated in that currency will lose value because its currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value. Investments and other assets and liabilities denominated in foreign currencies are converted into U.S. dollars on a spot (i.e. cash) basis at the spot rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and income denominated in foreign currencies are translated into U.S. dollars on the respective dates of such transactions.

The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, assets and liabilities are translated into U.S. dollars at 4:00 p.m. Eastern Time. Investment transactions, income and expenses are translated on the respective dates of such transactions. Net realized foreign currency gains and losses resulting from changes in exchange rates 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 a Fund and the amounts actually received.

The realized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with (i) foreign currency, (ii) investments, (iii) investments in derivatives and (iv) other assets and liabilities 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.

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.

Investments in Derivatives

Each Fund is authorized to invest in certain derivative instruments, such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.

Interest Rate Swap Contracts

Interest rate swap contracts involve a Fund’s agreement with the counterparty to pay or receive a fixed rate payment in exchange for the counterparty receiving or paying a variable rate payment. Forward interest rate swap contracts involve a Fund’s agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Fund a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the “effective date”).

The amount of the payment obligation for an interest rate swap is based on the notional amount and the termination date of the contract. Interest rate swap contracts do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the net amount of interest payments that the Fund is to receive.

Interest rate swap contracts are valued daily. Upon entering into an interest rate swap contract (and beginning on the effective date for a forward interest rate swap contract), the Fund accrues the fixed rate payment expected to be paid or received and the variable rate payment expected to be received or paid on the interest rate swap contracts on a daily basis, and recognizes the daily change in the fair value of the Fund’s contractual rights and obligations under the contracts. For an over-the-counter (“OTC”) swap that is not cleared through a clearing house (“OTC Uncleared”), the amount recorded on these transactions is recognized on the Statement of Assets and Liabilities as a component of “Unrealized appreciation or depreciation on interest rate swaps.”

 

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Upon the execution of an OTC swap cleared through a clearing house (“OTC Cleared”), the Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Cash deposited by the Fund to cover initial margin requirements on open swap contracts, if any, is recognized as a component of “Cash collateral at brokers for investment in swaps” on the Statement of Assets and Liabilities. Investments in OTC Cleared swaps obligate the 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 contract. If the Fund has unrealized appreciation, the clearing broker will credit the Fund’s account with an amount equal to the appreciation. Conversely, if the Fund has unrealized depreciation, the clearing broker will debit the 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 interest rate swaps” as described in the preceding paragraph.

The net amount of periodic payments settled in cash are recognized as a component of “Net realized gain (loss) from swaps” on the Statement of Operations, in addition to the net realized gain or loss recorded upon the termination of the swap contract. For tax purposes, payments expected to be received or paid on the swap contracts are treated as ordinary income or expense, respectively. Changes in the value of the swap contracts during the fiscal period are recognized as a component of “Change in net unrealized appreciation (depreciation) of swaps” on the Statement of Operations. In certain instances, payments are made or received upon entering into the swap contract to compensate for differences between the stated terms of the swap agreements and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Payments received or made at the beginning of the measurement period, if any, are recognized as “Interest rate swaps premiums received and/or paid” on the Statement of Assets and Liabilities.

During the current fiscal period, NSL, JFR, JRO and JSD used cancellable interest rate swaps in which each Fund received payments based upon pre-determined fixed rates and paid one-month LIBOR plus a fixed spread. After a non-callable period, the swap counterparty owns the right on future monthly dates to terminate the swap at par. The purpose of the cancellable interest rate swap is to convert a fixed rate Term Preferred Share issuance to floating rate, and the cancellation dates of the swap correspond to dates on which the Funds can call the Term Preferred Share issue.

The average notional amount of interest rate swap contracts outstanding during the current fiscal period was as follows:

 

		NSL				JFR				JRO				JSD
Average notional amount of interest rate swap contracts outstanding*		$	43,000,000			$	115,000,000			$	84,000,000			$	40,833,333

*	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.

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 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.

 

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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. Conversely, if a Fund has unrealized depreciation the clearing broker will debit the 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, JSD invested in credit default swap contracts to provide a benefit if particular bonds’ credit quality worsened.

The average notional amount of credit default swap contracts outstanding during the current fiscal period was as follows:

 

		JSD
Average notional amount of credit default swap contracts outstanding*		$	2,000,000

*	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.

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.

 

				Location on the Statement of Assets and Liabilities
Underlying Risk Exposure		Derivative Instrument		Asset Derivatives										(Liability) Derivatives
				Location		Value								Location		Value
NSL
Interest rate		Swaps (OTC Uncleared)		—		$	—							Unrealized depreciation on interest rate swaps		$	(665,341	)
JFR
Interest rate		Swaps (OTC Uncleared)		Unrealized appreciation on interest rate swaps		$	45,189							Unrealized depreciation on interest rate swaps		$	(1,001,426	)
JRO
Interest rate		Swaps (OTC Uncleared)		—		$	—							Unrealized depreciation on interest rate swaps		$	(1,062,835	)
JSD
Credit		Swaps (OTC Cleared)		—		$	—							Payable for variation margin on swap contracts**^		$	(125,944	)
Interest Rate		Swaps (OTC Uncleared)		—		$	—							Unrealized depreciation on interest rate swaps		$	(52,850	)
Total						$	—									$	(178,794	)

**	Value represents the unrealized appreciation (depreciation) of swaps as reported in the Fund’s Portfolio of Investments and not the asset and/or liability amount as described above.

^	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.

 

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(Unaudited)

 

The following table presents the swap contracts subject to netting agreements and the collateral delivered related to those swap contracts as of end of the reporting period.

 

Fund		Counterparty		Gross Unrealized Appreciation on Interest Rate Swaps***				Gross Unrealized (Depreciation) on Interest Rate Swaps***				Net Unrealized Appreciation (Depreciation) on Interest Rate Swaps				Collateral Pledged to (from) Counterparty				Net Exposure
NSL		Morgan Stanley Capital Services LLC		$	—			$	(665,341	)		$	(665,341	)		$	637,000			$	(28,341	)
JFR		Morgan Stanley Capital Services LLC			45,189				(1,001,426	)			(956,237	)			956,237				—
JRO		Morgan Stanley Capital Services LLC			—				(1,062,835	)			(1,062,835	)			1,062,835				—
JSD		Morgan Stanley Capital Services LLC			—				(52,850	)			(52,850	)			52,850				—

***	Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund’s Portfolio of Investments.

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		Underlying Risk Exposure		Derivative Instrument		Net Realized Gain (Loss) from Swaps				Change in Net Unrealized Appreciation (Depreciation) of Swaps
NSL		Interest rate		Swaps		$	(240,676	)		$	533,639
JFR		Interest rate		Swaps		$	115,137			$	1,474,348
JRO		Interest rate		Swaps		$	9,516			$	1,268,252
JSD
		Credit		Swaps		$	(31,817	)		$	(83,957	)
		Interest rate		Swaps			(83,458	)			120,754
Total						$	(115,275	)		$	36,797

Market and Counterparty Credit Risk

In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

4. Fund Shares

Common Shares

Common Shares Equity Shelf Programs and Offering Costs

The following Funds have each filed registration statements with the Securities and Exchange Commission (“SEC”) authorizing each Fund to issue additional common shares through one or more equity shelf program (“Shelf Offering”), which became effective with the SEC during prior fiscal periods.

Under these Shelf Offerings, the Funds, subject to market conditions, may raise additional equity capital by issuing additional common shares from time to time in varying amounts and by different offering methods at a net price at or above each Fund’s NAV per common share. In the event a Fund’s Shelf

 

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Offering registration statement is no longer current, the Fund may not issue additional common shares until a post-effective amendment to the registration statement has been filed with the SEC.

Additional authorized common shares, common shares sold and offering proceeds, net of offering costs under each Fund’s Shelf Offering during the Fund’s current and prior fiscal period were as follows:

 

		NSL								JFR
		Six Months Ended 1/31/19				Year Ended 7/31/18*				Six Months Ended 1/31/19**				Year Ended 7/31/18
Additional authorized common shares			—				8,800,000				12,900,000				12,900,000
Common shares sold			—				—				—				452,068
Offering proceeds, net of offering costs		$	—			$	—				—			$	5,297,434
		JRO								JSD
		Six Months Ended 1/31/19**				Year Ended 7/31/18				Six Months Ended 1/31/19				Year Ended 7/31/18*
Additional authorized common shares			8,500,000				8,500,000				—				1,000,000
Common shares sold			—				783,600				—				—
Offering proceeds, net of offering costs		$	—			$	9,134,335			$	—			$	—

*	Represents additional authorized common shares for the period August 1, 2017 through December 8, 2017.

**	Represent additional authorized common shares for the period August 1, 2018 through November 30, 2018.

Costs incurred by the Funds in connection with their initial shelf registrations were recorded as a prepaid expense and recognized as a component of “Deferred offering costs” on the Statement of Assets and Liabilities. These costs are amortized pro rata as shares are sold and are recognized as a component of “Proceeds from shelf offering, net of offering costs” on the Statement of Changes in Net Assets. Any deferred offering costs remaining one year after effectiveness of the initial shelf registration will be expensed. Costs incurred by the Funds to keep the shelf registration current are expensed as incurred and recognized as a component of “Other expenses” on the Statement of Operations.

Common Share Transactions

Transactions in common shares during the Funds’ current and prior fiscal period, where applicable, were as follows:

 

		NSL								JFR
		Six Months Ended 1/31/2019				Year Ended 7/31/2018				Six Months Ended 1/31/2019				Year Ended 7/31/2018
Common shares:
Sold through shelf offering			—				—				—				452,068
Issued to shareholders due to reinvestment of distributions			—				—				—				11,975
Repurchased and retired			(10,400	)			—				—				—
Weighted average common share:
Premium to NAV per shelf offering share sold			—				—				—				1.38	%
Price per share repurchased and retired		$	5.41				—				—				—
Discount per share repurchased and retired			15.29	%			—				—				—
		JRO								JQC
		Six Months Ended 1/31/2019				Year Ended 7/31/2018				Six Months Ended 1/31/2019				Year Ended 7/31/2018
Common shares:
Sold through shelf offering			—				783,600				—				—
Issued to shareholders due to reinvestment of distributions			—				5,155				—				—
Repurchased and retired			(20,000	)			—				(157,700	)			—
Weighted average common share:
Premium to NAV per shelf offering share sold			—				1.71	%			—				—
Price per share repurchased and retired		$	8.82				—			$	7.43				—
Discount per share repurchased and retired			16.68	%			—				16.16	%			—

 

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Notes to Financial Statements (continued)

(Unaudited)

 

Preferred Shares

Term Preferred Shares

The following Funds have issued and have outstanding Term Preferred Shares (“Term Preferred”), with a $1,000 liquidation preference per share.

As of the end of the reporting, NSL, JFR, JRO and JSD had $42,494,344, $113,985,173, $82,966,686 and $34,661,696 Term Preferred at liquidation preference, net of deferred offering costs, respectively. Further details of the Funds’ Term Preferred Shares outstanding as of the end of the reporting period, were as follows:

 

Fund		Series				Shares Outstanding				Liquidation Preference
NSL			2021				43,000			$	43,000,000
JFR			2022				25,000				25,000,000
			2024				35,000				35,000,000
			2027				55,000				55,000,000
JRO			2022				10,000			$	10,000,000
			2022-1				21,000				21,000,000
			2023				8,000				8,000,000
			2027				45,000				45,000,000
JSD			2020				35,000			$	35,000,000

Each Fund is obligated to redeem its Term Preferred by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed or repurchased by the Fund. The Term Preferred are subject to redemption at the option of each Fund, subject to payment of a premium for approximately one year following the date of issuance (“Optional Redemption Premium Expiration Date”), and at liquidation preference per share plus accumulated but unpaid dividends. Term Preferred are subject to mandatory redemption in certain circumstances. Each Fund may be obligated to redeem a certain amount of the Term Preferred if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation preference per share (plus any premium) plus any accumulated but unpaid dividends. The Term Redemption Date and Optional Redemption Premium Expiration Date for each Fund’s series of Term Preferred are as follows:

 

Fund

Series

Term Redemption Date

Optional Redemption Premium Expiration Date

NSL

2021

November 1, 2021

October 31, 2017

JFR

2022

January 1, 2022

December 31, 2017

2024

June 1, 2024

N/A

2027

January 1, 2027

December 31, 2017

JRO

2022

January 1, 2022

December 31, 2017

2022-1

April 1, 2022

June 30, 2019

2023

December 1, 2023

November 30, 2017

2027

January 1, 2027

December 31, 2017

JSD

2020

November 1, 2020

October 31, 2016

N/A	– Not applicable

The average liquidation preference of Term Preferred outstanding and the annualized dividend rate for each Fund during the current fiscal period were as follows:

 

		NSL				JFR				JRO				JSD
Average liquidation preference of Term Preferred outstanding		$	43,000,000			$	121,208,696			$	84,000,000			$	35,000,000
Annualized dividend rate			1.98	%			3.70	%			3.28	%			2.23	%

Term Preferred generally do not trade, and market quotations are generally not available. Term Preferred are short-term instruments that pay a dividend rate, subject to adjustment as set forth in accordance with the offering documents. The fair value of Term Preferred is expected to be approximately its liquidation preference so long as the fixed “spread” on the Term Preferred remains roughly in line with the “spread” being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Fund’s Adviser has determined that the fair value of Term Preferred is approximately its liquidation preference, but its fair value could vary if market conditions change materially. For financial reporting

 

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purposes, the liquidation preference of Term Preferred is a liability and is recognized as “Term Preferred Shares (“Term Preferred”), net of deferred offering costs” on the Statement of Assets and Liabilities.

Dividends on Term Preferred (which are treated as interest payments for financial reporting purposes) are at the rates set forth in its offering document. The initial dividend rate will expire approximately two years after the first issuance of shares and will be adjusted upwards semi-annually thereafter. Unpaid dividends on Term Preferred are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. Dividends accrued on Term Preferred are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.

Costs incurred in connection with each Fund’s offering of Term Preferred were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as components of “Term Preferred Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.

In conjunction with JFR’s redemption of Series 2019 Term Preferred, the remaining deferred offering costs of $52,114, were fully expensed during the current fiscal period, as the redemptions were deemed an extinguishment of debt.

Preferred Share Transactions

Transactions in preferred shares during the Funds’ current and prior fiscal period, where applicable, are noted in the following table.

Transactions in Term Preferred for the Funds, where applicable, were as follows:

 

		Six Months Ended January 31, 2019
JFR		Series				Shares				Amount
Term Preferred redeemed			2019				10,200			$	10,200,000

5. Investment Transactions

Long-term purchases and sales (including maturities but excluding derivative transactions, where applicable) during the current fiscal period, were as follows:

 

		NSL				JFR				JRO				JSD				JQC
Purchases		$	53,641,752			$	138,212,950			$	103,663,271			$	33,926,274			$	402,924,459
Sales and maturities		$	56,143,703			$	143,067,450			$	107,685,089			$	34,827,127			$	420,437,689

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 gain to shareholders and to 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.

For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to the treatment of timing differences in recognizing certain gains and losses on investment transactions and recognition of premium amortization (except for NSL). To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.

The tables below present the cost and unrealized appreciation (depreciation) of each Fund’s investment portfolio, as determined on a federal income tax basis, as of January 31, 2019.

For purposes of this disclosure, derivative tax cost is generally the sum of any upfront fees or premiums exchanged and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting. If a particular derivative category does not disclose any tax unrealized appreciation or depreciation, the change in value of those derivatives have generally been fully realized for tax purposes.

 

109

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(Unaudited)

 

 

		NSL				JFR				JRO				JSD				JQC
Tax cost of investments		$	441,852,385			$	1,073,907,865			$	754,154,450			$	293,897,012			$	2,027,044,633
Gross unrealized:
Appreciation			3,667,804				9,293,966				6,797,734				2,758,757				8,179,029
Depreciation			(34,351,375	)			(78,890,449	)			(57,393,284	)			(19,978,511	)			(135,197,938	)
Net unrealized appreciation (depreciation) of investments		$	(30,683,571	)		$	(69,596,483	)		$	(50,595,550	)		$	(17,219,754	)		$	(127,018,909	)
						NSL				JFR				JRO				JSD
Tax cost of swaps						$	—			$	—			$	—			$	(81,580	)
Net unrealized appreciation (depreciation) of swaps							(665,341	)			(956,237	)			(1,062,835	)			(52,850	)

Permanent differences, primarily due to expiration of capital loss carryforwards, bond premium amortization adjustments, treatment of notional principal contracts, nondeductible offering costs, foreign currency transactions, investments in partnerships, distressed PIK bond adjustments and federal taxes paid, resulted in reclassifications among the Funds’ components of common share net assets as of July 31, 2018, the Funds’ last tax year end, as follows:

 

		NSL				JFR				JRO				JSD				JQC
Paid-in-surplus		$	(29,464,537)			$	(67,257,711)			$	(46,592,886)			$	(192,942)			$	(8,513,146)
Undistributed (Over-distribution of) net investment income			114,907				1,963,579				1,737,347				84,695				3,791,771
Accumulated net realized gain (loss)			29,349,630				65,294,132				44,855,539				108,247				4,721,375

The tax components of undistributed net ordinary income and net long-term capital gains as of July 31, 2018, the Funds’ last tax year end, were as follows:

 

		NSL				JFR				JRO				JSD				JQC
Undistributed net ordinary income1		$	2,985,455			$	4,877,606			$	3,199,983			$	1,685,802			$	857,230
Undistributed net long-term capital gains			—				—				—				—				—
1  Undistributed net ordinary income (on a tax basis) has not been reduced for the dividend declared on July 2, 2018, paid on August 1, 2018. Net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any.

The tax character of distributions paid during the Funds’ last tax year ended July 31, 2018, was designated for purposes of the dividends paid deduction as follows:

 

		NSL				JFR				JRO				JSD				JQC
Distributions from net ordinary income2		$	18,645,372			$	48,769,652			$	35,379,514			$	13,766,120			$	74,671,845
Distributions from net long-term capital gains			—				—				—				—				—

2	Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.

As of July 31, 2018, the Funds’ last tax year end, the Funds had unused capital losses carrying forward available for federal income tax purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.

 

		NSL				JFR				JRO				JSD				JQC
Not subject to expiration:
Short-term		$	—			$	43,342			$	304,388			$	14,921			$	9,492,644
Long-term			4,076,891				13,159,712				8,137,862				3,779,388				38,892,992
Total		$	4,076,891			$	13,203,054			$	8,442,250			$	3,794,309			$	48,385,636

As of July 31, 2018, the Funds’ last tax year end, the following Funds’ capital loss carryforwards expired as follows:

 

		NSL				JFR				JRO				JQC
Expired capital loss carryforwards		$	29,264,459			$	67,020,214			$	46,332,843			$	8,513,146

During the Funds’ last tax year ended, July 31, 2018, NSL utilized $721,041 of its capital loss carryforward.

7. Management Fees

Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. Symphony is compensated for its services to the Funds from the management fees paid to the Adviser.

 

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Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:

 

Average Daily Managed Assets*		NSL JFR JRO JSD Fund-Level Fee Rate				JQC Fund-Level Fee Rate
For the first $500 million			0.6500	%			0.6800	%
For the next $500 million			0.6250				0.6550
For the next $500 million			0.6000				0.6300
For the next $500 million			0.5750				0.6050
For managed assets over $2 billion			0.5500				0.5800

The annual complex-level fee, payable monthly, for each Fund is calculated by multiplying the current complex-wide fee rate, determined according to the following schedule by the Funds’ daily managed assets:

 

Complex-Level Eligible Asset Breakpoint Level*		Effective Complex-Level Fee Rate at Breakpoint Level
$55 billion			0.2000	%
$56 billion			0.1996
$57 billion			0.1989
$60 billion			0.1961
$63 billion			0.1931
$66 billion			0.1900
$71 billion			0.1851
$76 billion			0.1806
$80 billion			0.1773
$91 billion			0.1691
$125 billion			0.1599
$200 billion			0.1505
$250 billion			0.1469
$300 billion			0.1445

*

For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and closed-end funds that constitute ‘’eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of January 31, 2019, the complex-level fee for each Fund was 0.1595%.

8. Senior Loan Commitments

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 following Funds’ outstanding unfunded senior loan commitments were as follows:

 

		NSL				JFR				JRO				JSD
Outstanding unfunded senior loan commitments		$	39,561			$	84,383			$	50,767			$	39,561

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

 

111

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Notes to Financial Statements (continued)

(Unaudited)

 

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.

9. Fund Leverage

Borrowings

Each Fund has entered into a borrowing arrangement (“Borrowings”) as a means of leverage.

Borrowings Information for NSL, JFR and JRO

The following Funds have entered into a revolving credit and security agreement with certain banks and their affiliates. As of the end of the reporting period, each Fund’s maximum commitment amount under its Borrowings is as follows:

 

		NSL				JFR				JRO
Maximum commitment amount		$	115,000,000			$	290,000,000			$	195,000,000

As of the end of the reporting period, each Fund’s outstanding balance on its Borrowings was as follows:

 

		NSL				JFR				JRO
Outstanding balance on Borrowings		$	114,000,000			$	264,500,000			$	178,800,000

For NSL, interest is charged at a rate equal to 1-Month LIBOR (London Inter-Bank Offered Rate) plus 0.75% (0.80% prior to January 28, 2019). For JFR and JRO, interest is charged at a rate equal to 1-Month LIBOR (London Inter-Bank Offered Rate) plus 0.80%. NSL accrues 0.15% per annum on the undrawn balance if it is less than 50% of the maximum commitment amount; however, if the undrawn portion of the Borrowings is greater than 50% of the maximum commitment amount the Fund will accrue 0.25% per annum on the undrawn portion. JFR accrues 0.25% per annum on the undrawn balance if the undrawn portion of the Borrowings on a particular day is more than 20% of the maximum commitment amount. JRO accrues 0.30% per annum on the undrawn balance if the undrawn portion of the Borrowings on a particular day is more than 10% of the maximum commitment amount. NSL and JRO also accrued an upfront fee of 0.05% and 0.025% per annum on the maximum commitment amount, respectively.

On December 21, 2018, JFR and JRO renewed their Borrowings through December 20, 2019. On January 28, 2019, NSL renewed its Borrowings through January 27, 2020. Interest charged on NSL’s Borrowings was changed to 1-Month LIBOR plus 0.80%. All other items of the Borrowings remain unchanged.

During the current fiscal period, the average daily balance outstanding and average annual interest rate on each Fund’s Borrowings were as follows:

 

		NSL				JFR				JRO
Average daily balance outstanding		$	114,000,000			$	258,568,478			$	178,800,000
Average annual interest rate			3.06	%			3.06	%			3.08	%

Borrowings Information for JSD

The Fund has outstanding a 364-day revolving line of credit. As of the end of the reporting period, the Fund’s maximum commitment amount under its Borrowings is as follows:

 

		JSD
Maximum commitment amount		$	75,000,000

As of the end of the reporting period, the Fund’s outstanding balance on its Borrowings was as follows:

 

		JSD
Outstanding balance on Borrowings		$	72,000,000

Interest is charged on these Borrowings at a rate per annum equal to 1-Month LIBOR plus 0.80%. The Fund also accrued 0.15% per annum on the undrawn portion if it was less than 50% of the maximum commitment; however, if the undrawn portion of the Borrowings was greater than 50% of the maximum commitment amount the Fund accrued a 0.25% per annum on the undrawn portion of the Borrowings.

On October 31, 2018, JSD renewed its Borrowings through October 30, 2019. The Fund also accrued an upfront fee of 0.05% per annum on the maximum commitment amount. All other items of the Borrowings remain unchanged.

 

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During the current fiscal period, the average daily balance outstanding and average annual interest rate on the Fund’s Borrowings were as follows:

 

		JSD
Average daily balance outstanding		$	72,000,000
Average annual interest rate			3.06	%

Borrowings Information for JQC

The Fund has entered into a borrowing agreement with a bank and its affiliate. As of the end of the reporting period, the Fund’s maximum commitment amount under its Borrowings is as follows:

 

		JQC
Maximum commitment amount		$	550,000,000

As of the end of the reporting period, the Fund’s outstanding balance on its Borrowings was as follows:

 

		JQC
Outstanding balance on Borrowings		$	495,000,000

For the period August 1, 2018 to September 11, 2018, the interest was charged on these Borrowings at a rate per annum equal to 3-Month LIBOR plus 1.15%. The Fund also accrued 1.15% per annum on any positive difference between 90% of the maximum commitment amount and the daily drawn amount.

On September 11, 2018, JQC amended its borrowings. Interest is charged on the Borrowings at a rate per annum equal to the 3-Month LIBOR plus 1.10%. The Fund also accrues 1.10% per annum on any positive difference between 90% of the maximum commitment amount and the daily drawn amount. All other items remain unchanged.

During the current fiscal period, the average daily balance outstanding and average annual interest rate on the Fund’s Borrowings were as follows:

 

		JQC
Average daily balance outstanding		$	517,717,391
Average annual interest rate			3.55	%

Other Borrowings Information for the Funds

In order to maintain their Borrowings, the Funds must meet certain collateral, asset coverage and other requirements. Each Fund’s Borrowings outstanding is fully secured by eligible securities held in its portfolio of investments.

Each Funds’ Borrowings outstanding is recognized as “Borrowings” on the Statement of Assets and Liabilities. Interest expense incurred on the borrowed amount, undrawn balance and initial fees are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.

Reverse Repurchase Agreements

During the current fiscal period, JQC used reverse repurchase agreements as a means of leverage.

In a reverse repurchase agreement, the Fund sells to the counterparty a security that it holds with a contemporaneous agreement to repurchase the same security at an agreed-upon price and date, with the Fund retaining the risk of loss that is associated with that security. The Fund will pledge assets determined to be liquid by the Adviser to cover its obligations under reverse repurchase agreements. Securities sold under reverse repurchase agreements are recorded as a liability and recognized as “Reverse repurchase agreements” on the Statement of Assets and Liabilities.

Payments made on reverse repurchase agreements are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. In periods of increased demand for the security, the Fund receives a fee for use of the security by the counterparty. This results in interest income to the Fund, which is recognized as a component of the “Interest and dividend income” on the Statement of Operations.

 

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Notes to Financial Statements (continued)

(Unaudited)

 

As of the end of the reporting period, the Fund’s outstanding balances on its reverse repurchase agreements were as follows:

 

Counterparty		Rate				Principal Amount				Maturity*				Value				Value and Accrued Interest
Societe Generale			3-Month LIBOR plus 0.75	%		$	(198,000,000	)			4/15/20			$	(198,000,000	)		$	(198,625,328	)

*	The Fund may repurchase the reverse repurchase agreement prior to the maturity date and/or counterparty may accelerate maturity upon pre-specified advance notice.

During the current fiscal period, the average daily balance outstanding and average interest rate on the Fund’s reverse repurchase agreements were as follows:

 

		JQC
Average daily balance outstanding			$187,347,826
Average interest rate			3.28	%

The following table presents the reverse repurchase agreements subject to netting agreements and the collateral delivered related to those reverse repurchase agreements.

 

Counterparty		Reverse Repurchase Agreements*				Collateral Pledged to Counterparty**				Net Exposure
Societe Generale		$	(198,625,328	)		$	198,625,328			$	—

*	Represents gross value and accrued interest for the counterparty as reported in the preceding table.

**	As of the end of the reporting period, the value of the collateral pledged to the counterparty exceeded the value of the reverse repurchase agreements.

10. Inter-Fund Lending

The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities “fails,” resulting in an unanticipated cash shortfall) (the “Inter-Fund Program”). The closed-end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund’s outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund’s total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund’s inter-fund loans to any one fund shall not exceed 5% of the lending fund’s net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business day’s notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund’s investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.

The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day’s notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.

During the current reporting period, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.

11. New Accounting Pronouncements

Disclosure Update and Simplification

During August 2018, the SEC issued Final Rule Release No. 33-10532, Disclosure Update and Simplification (“Final Rule Release No. 33-10532”). Final Rule Release No. 33-10532 amends certain financial statement disclosure requirements to conform to U.S. GAAP. The amendments to Rule 6-04.17 of Regulation S-X (balance sheet) remove the requirement to separately state the book basis components of net assets: undistributed (over-distribution of)

 

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net investment income (“UNII”), accumulated undistributed net realized gains (losses), and net unrealized appreciation (depreciation) at the balance sheet date. Instead, consistent with U.S. GAAP, funds will be required to disclose total distributable earnings. The amendments to Rule 6-09 of Regulation S-X (statement of changes in net assets) remove the requirement to separately state the sources of distributions paid. Instead, consistent with U.S. GAAP, funds will be required to disclose the total amount of distributions paid, except that any tax return of capital must be separately disclosed. The amendments also remove the requirement to parenthetically state the book basis amount of UNII on the statement of changes in net assets.

The requirements of Final Rule Release No. 33-10532 are effective November 5, 2018, and the Funds’ Statement of Assets and Liabilities and Statement of Changes in Net Assets for the current reporting period have been modified accordingly. In addition, certain amounts within each Fund’s Statement of Changes in Net Assets for the prior fiscal period have been modified to conform to Final Rule Release No. 33-10532.

For the prior fiscal period, the total amount of distributions paid to shareholders from net investment income and from accumulated net realized gains, if any, are recognized as “Dividends” on the Statement of Changes in Net Assets.

As of July 31, 2018, the Funds’ Statement of Changes in Net Assets reflected the following UNII balances.

 

		NSL				JFR				JRO				JSD				JQC
UNII at the end of period		$	492,596			$	(6,939,292	)		$	(4,665,678	)		$	(1,022,611	)		$	(21,887,770	)

FASB Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities

The FASB has issued ASU 2017-08, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 specifies that the premium amortization period ends at the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implications of ASU 2017-08, if any.

Fair Value Measurement: Disclosure Framework

During August 2018, the FASB issued ASU 2018-13 (“ASU 2018-13”), Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements. ASU 2018-13 modifies the disclosures required by Topic 820, Fair Value Measurements. The amendments in ASU 2018-13 are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. During the current reporting period, management early implemented this guidance. This implementation did not have a material impact on the Funds’ financial statements.

12. Subsequent Events

Borrowings

Subsequent to the end of the reporting period, JQC decreased its maximum commitment amount to $505,000,000 and reduced the outstanding balance on its Borrowings to $455,000,000.

 

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Additional Fund Information

 

Board of Trustees
Margo Cook*		Jack B. Evans		William C. Hunter		Albin F. Moschner		John K. Nelson
Judith M. Stockdale		Carole E. Stone		Terence J. Toth		Margaret L Wolff		Robert L. Young

 

*	Interested Board Member.

 

Fund Manager Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606		Custodian State Street Bank & Trust Company One Lincoln Street Boston, MA 02111		Legal Counsel Chapman and Cutler LLP Chicago, IL 60603		Independent Registered Public Accounting Firm KPMG LLP 200 East Randolph Street Chicago, IL 60601		Transfer Agent and Shareholder Services Computershare Trust Company, N.A. 250 Royall Street Canton, MA 02021 (800) 257-8787

 

 

Portfolio of Investments Information

Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT. You may obtain this information on the SEC’s website at http://www.sec.gov.

 

 

Nuveen Funds’ Proxy Voting Information

You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.

 

 

CEO Certification Disclosure

Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.

 

 

Common Share Repurchases

Each Fund intends to repurchase, through its open market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock, as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.

 

		NSL				JFR				JRO				JSD				JQC
Common shares repurchased			10,400				—				20,000				—				157,700

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.

 

 

 

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Glossary of Terms Used in this Report

 

∎

Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or offer price and reinvested dividends and capital gains distributions, if any) over the time period being considered.

 

∎

Collateralized Loan Obligation (CLO): A security backed by a pool of debt, often low rated corporate loans. Collateralized loan obligations (CLOs) are similar to collateralized mortgage obligations, except for the different type of underlying loan.

 

∎

Convexity: A tool used in risk management to measure the sensitivity of bond duration to interest rate changes. Higher convexity generally means higher sensitivity to interest rate changes.

 

∎

Credit Suisse Leveraged Loan Index: A representative, unmanaged index of tradeable, senior, U.S. dollar-denominated leveraged loans. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.

 

∎

Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see below) and the leverage effects of certain derivative investments in the fund’s portfolio.

 

∎

ICE BofAML U.S. High Yield Index: An index that tracks the performance of U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic market. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.

 

∎

Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.

 

∎

Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.

 

∎

Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.

 

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Reinvest Automatically, Easily and Conveniently

 

 

118

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Notes

 

 

119

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Nuveen:

Serving Investors for Generations

Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio.

Focused on meeting investor needs.

Nuveen is the investment manager of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.

Find out how we can help you.

To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.

Learn more about Nuveen Funds at: www.nuveen.com/closed-end-funds

 

Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com				ESA-A-0119D         780995-INV-B-03/20

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Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this filing.

Item 6. Schedule of Investments.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this filing.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this filing.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

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

Item 11. Controls and Procedures.

 

(a)

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

 

(b)

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

File the exhibits listed below as part of this Form.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

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

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

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

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

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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 Short Duration Credit Opportunities Fund

 

By (Signature and Title)		/s/ Gifford R. Zimmerman
		Gifford R. Zimmerman
		Vice President and Secretary

Date: April 9, 2019

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/ Cedric H. Antosiewicz
		Cedric H. Antosiewicz
		Chief Administrative Officer
		(principal executive officer)

Date: April 9, 2019

 

By (Signature and Title)		/s/ Stephen D. Foy
		Stephen D. Foy
		Vice President and Controller
		(principal financial officer)

Date: April 9, 2019