# EDGAR Filing Document

**Accession Number:** 0001472215
**File Stem:** 0001193125-25-196774
**Filing Date:** 2025-9
**Character Count:** 298320
**Document Hash:** bb34c5281453fa62080c842903b8d695
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-196774.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001193125-25-196774

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nuveen Mortgage & Income Fund/MA/
- **CENTRAL INDEX KEY:** 0001472215

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22329
- **FILM NUMBER:** 251295353

**BUSINESS ADDRESS:**
- **STREET 1:** 333 WEST WACKER DRIVE
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312-917-8146

**MAIL ADDRESS:**
- **STREET 1:** 333 WEST WACKER DRIVE
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Nuveen Mortgage Opportunity Term Fund
- **DATE OF NAME CHANGE:** 20090914

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 811-22329

Nuveen Mortgage and Income Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Vice President and Secretary

333 West Wacker Drive

Chicago, Illinois 60606

(Name and address of agent for service)

Registrant's telephone number, including area code: (<u>800) 257-8787</u>

Date of fiscal year end: <u>December</u> <u>31</u>

Date of reporting period: <u>June</u> <u>30, 2025</u>

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**Item 1.** **Reports to Stockholders.** <br>

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---

| | | |
|:---|:---|:---|
| ![LOGO](g83882dsp001.jpg) | <br> **Closed-End Funds** <br>| <br> **June 30, 2025** <br>|

---

## Nuveen

## Closed-End Funds
This semi-annual report contains the Funds' unaudited financial statements.

---

| | |
|:---|:---|
| Nuveen Global High Income Fund | **JGH** |
| Nuveen Core Plus Impact Fund | **NPCT** |
| Nuveen Mortgage and Income Fund | **JLS** |

---

## Semi-Annual Report

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## Table

## of Contents

---

| | |
|:---|:---|
|  [Important Notices](#tx83882_1) | 3 |
|  [Common Share Information](#tx83882_2) | 4 |
|  [About the Funds' Benchmarks](#tx83882_3) | 6 |
|  [Fund Performance, Leverage and Holdings Summaries](#tx83882_4) | 7 |
|  [Performance Overview and Holdings Summaries](#tx83882_5) | 9 |
|  [Portfolios of Investments](#tx83882_6) | 15 |
|  [Statement of Assets and Liabilities](#tx83882_7) | 35 |
|  [Statement of Operations](#tx83882_8) | 36 |
|  [Statement of Changes in Net Assets](#tx83882_9) | 37 |
|  [Statement of Cash Flows](#tx83882_10) | 39 |
|  [Financial Highlights](#tx83882_11) | 42 |
|  [Notes to Financial Statements](#tx83882_12) | 47 |
|  [Shareholder Meeting Report](#tx83882_13) | 60 |
|  [Additional Fund Information](#tx83882_14) | 62 |
|  [Glossary of Terms Used in this Report](#tx83882_15) | 63 |
|  [Statement Regarding Basis for Approval of Investment Advisory Contract](#tx83882_16) | 65 |

---

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## Important Notices
**Portfolio manager commentaries:** The Funds include portfolio manager commentary in their annual shareholder reports. For your Fund's most recent annual portfolio manager discussion, please refer to the Portfolio Managers' Comments section of the Fund's annual shareholder report.

**Fund changes:** For changes that occurred to your Fund both during and after this reporting period, please refer to the Notes to Financial Statements section of this report.

**Fund principal investment policies and principal risks:** Refer to the Shareholder Update section of your Fund's annual shareholder report for information on the Fund's principal investment policies and principal risks.

**Fund performance:** For current information on your Fund's average annual total returns please refer to the Fund's website at www.nuveen.com. For average annual total returns as of the end of this reporting period, please refer to the Performance Overview and Holding Summaries section within this report.

**JGH - Portfolio manager updates:** Effective February 11, 2025, James Kim and Mark Zheng, CFA have been added as portfolio managers of the Fund. Effective June 30, 2025, Aashh Parekh, CFA was added as a portfolio manager of the Fund. Effective July 1, 2025, Kevin Lorenz retired and is no longer a portfolio manager of the Fund.

**JGH - Investment pol** **icy change:** Effective April 30, 2025, the following policy changes were made to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Removed the Fund's policy limiting investments in emerging markets debt to 25% of managed assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Removed the Fund's policy requiring a minimum 40% of managed assets in non-U.S. securities.

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## Common Share Information
**COMMON SHARE DISTRIBUTION INFORMATION** 

The following information regarding the distributions for each fund are current as of June 30, 2025, the Funds' fiscal and tax year end, and may differ from previously issued distribution notices.

Each Fund's distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of its common shares (stated in terms of a fixed cents per common share dividend distribution rate which may be set from time to time). Each Fund intends to distribute all or substantially all of its net investment income each year through its regular monthly distribution and to distribute realized capital gains at least annually. In addition, in any monthly period, to maintain its declared per common share distribution amount, a Fund may distribute more or less than its net investment income during the period. In the event a Fund distributes more than its net investment income during any yearly period, such distributions may also include realized gains and/or a return of capital. To the extent that a distribution includes a return of capital the NAV per share may erode. The practice of maintaining a stable distribution level had no material effect on each Fund's investment strategy during the most recent fiscal period and is not expected to have such an effect in future periods, however, distributions in excess of Fund returns will cause its NAV per share to erode. For additional information, refer to the distribution information section below and in the Notes to Financial Statements herein.

Actual amounts and sources for tax reporting purposes will be determined as of the Fund's fiscal year-end and reported to shareholders on Form 1099-DIV.

Because distribution source estimates are updated throughout the current fiscal year based on a fund's performance, these estimates may differ from both the tax information reported to you in your fund's 1099 statement, as well as the ultimate economic sources of distributions over the life of your investment.

The figures in the table below provide an estimate of the sources of distributions and may include amounts attributed to realized gains and/or returns of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income." The Funds attribute these estimates equally to each regular distribution throughout the year. Consequently, the estimated information shown below is for the current distribution, and also represents an updated estimate for all prior months in the fiscal year. These estimates should not be used for tax reporting purposes. The final determination for all distributions paid in 2025 will be made in early 2026 and reported to you on Form 1099-DIV. More details about the Fund's distributions and the basis for these estimates are available on www.nuveen.com/en-us/closed-end-funds.

**Data as of June 30, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Current Month**<br>**Percentage of Distributions** | **Current Month**<br>**Percentage of Distributions** | **Current Month**<br>**Percentage of Distributions** | **Fiscal YTD**<br>**Per Share Amounts** | **Fiscal YTD**<br>**Per Share Amounts** | **Fiscal YTD**<br>**Per Share Amounts** | |
| <br>**Fund** |<br>**Latest<br>Monthly<br>Per Share**<br> **Distributions** | **Net<br>Investment**<br> **Income** | **Realized**<br> **Gains** | **Return of<br>Capital** | **Total<br>Distributions** | **Net<br>Investment**<br> **Income** | **Realized**<br> **Gains** |<br>**Return of<br>Capital** |
|  JGH(FYE 12/31) | $0.1035 | 97.90% | 0.00% | 2.10% | $0.6210 | $0.6080 | $0.0000 | $0.0130 |
|  NPCT(FYE 12/31) | $0.1075 | 31.90% | 0.00% | 68.10% | $0.7025 | $0.2243 | $0.0000 | $0.4782 |

---

**NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS** 

The Nuveen Closed-End Funds' monthly and quarterly periodic distributions to shareholders are posted on www.nuveen.com and can be found on Nuveen's enhanced closed-end fund resource page, which is at https://www.nuveen.com/resource-center- closedend funds, along with other Nuveen closed-end fund product updates. To ensure timely access to the latest information, shareholders may use a subscribe function, which can be activated at this web page (https://www.nuveen.com/subscriptions).

**COMMON SHARE REPURCHASES** 

The Funds' Board of Trustees authorized an open-market share repurchase program, allowing each Fund to repurchase and retire an aggregate of up to approximately 10% of its outstanding common shares.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

During the current reporting period, the Funds did not repurchase any of their outstanding common shares. As of June 30, 2025, and since the inception of the Funds' repurchase program, each Fund have cumulatively repurchased and retired its outstanding common shares as shown in the accompanying table.

---

| | | | |
|:---|:---|:---|:---|
| | **JGH** | **NPCT** | **JLS** |
|  Common shares cumulatively repurchased and retired | 900000 | 0 | 10814 |
|  Common shares authorized for repurchase | 2315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545000 |

---

**5**

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## About the Funds' Benchmarks
**Bloomberg Global High Yield Index (USD Hedged):** An index designed to measure the performance of the fixed-rate, high yield debt of companies in the U.S., developed markets and emerging markets. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

**Bloomberg MSCI U.S. Green Bond Index:** An index designed to measure the performance of USD - denominated, U.S. and non-U.S. fixed income securities, issued to fund projects with direct environmental benefits. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

**Bloomberg U.S. Aggregate Bond Index:** An index designed to measure the performance of the USD-denominated, fixed-rate, U.S. investment grade taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage backed securities (MBS), asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS). Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

**Bloomberg U.S. Corporate High Yield Bond Index**: An index designed to measure the performance of the USD- denominated, fixed rate corporate high yield bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

**ICE BofA U.S. ABS** **& CMBS Index:** An index that consists of a 50/50 blend of USD-denominated investment grade fixed- and floating-rate asset backed securities (ABS) and fixed-rate commercial mortgage-backed securities (CMBS) publicly issued in the U.S. domestic market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

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## Fund Performance, Leverage and Holdings Summaries
**The Fund Performance, Leverage and Holding Summaries for each Fund are shown below within this section of the report.** 

**Fund Performance** 

**Performance data for each Fund shown below represents past performance and does not predict or guarantee 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.

Total returns for a period of less than one year are not annualized (i.e. cumulative returns). Since inception returns are shown for share classes that have less than 10-years of performance. For performance, current to the most recent month-end visit Nuveen.com or call (800) 257-8787.

**Impact of Leverage** 

One important factor impacting the returns of the Funds' common shares relative to their comparative benchmarks was the Funds' use of leverage through their issuance of bank borrowings, Taxable Fund Preferred Shares (TFP) and/or reverse repurchase agreements. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income. The opportunity arises when short-term rates that a Fund pays on its leveraging instruments are lower than the interest the Fund earns on its portfolio of long-term bonds that it has bought with the proceeds of that leverage.

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

In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. In recent quarters, fund leverage expenses have generally tracked the overall movement of short-term interest rates. While fund leverage expenses are higher than their prior year lows, leverage nevertheless continues to provide the opportunity for incremental common share income, particularly over longer- term periods.

**Leverage Ratios** 

Each Fund's Effective Leverage and Regulatory Leverage Ratios are set forth below. "Effective Leverage" is a Fund's effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund's portfolio that increase the Fund's investment exposure. "Regulatory Leverage" consists of preferred shares or borrowings of a Fund. Regulatory Leverage is a part of a Fund's capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940. A Fund, however, may from time to time borrow for temporary purposes, typically on a transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such temporary borrowings are excluded from the calculation of a Fund's Effective Leverage and Regulatory Leverage ratios.

**Holding Summaries** 

The Holdings Summaries data relates to the securities held in each Fund's portfolio of investments as of the end of this reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change. Refer to the Fund's Portfolio of Investments for individual security information.

With respect to JGH and NPCT, the Funds use credit quality ratings for its portfolio securities provided by Standard & Poor's Group, Moody's Investors Service, Inc. and Fitch, Inc. If all three provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. 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.

With respect to JLS, the ratings disclosed are the highest rating given by 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.

------

**Fund Performance, Leverage and Holdings Summaries (continued)** 

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.

------

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| | |
|:---|:---|
| **JGH** | **Nuveen Global High Income Fund**<br> **Fund Performance, Leverage and Holdings June 30, 2025** |

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**Performance\*** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | **Total Returns as of**<br>**June 30, 2025** | **Total Returns as of**<br>**June 30, 2025** | **Total Returns as of**<br>**June 30, 2025** |
|  | **Cumulative** | **Cumulative** | **Average Annual** | **Average Annual** | **Average Annual** |
| | **Inception<br>Date** | **6-Month** | **1-Year** | **5-Year** | **10-Year** |
| JGH at Common Share NAV | 11/24/14 | 4.11% | 12.80% | 7.14% | 5.04% |
| JGH at Common Share Price | 11/24/14 | 5.64% | 11.21% | 9.49% | 6.99% |
| Bloomberg Global High Yield Index (USD Hedged) |  | 4.65% | 11.53% | 5.85% | 5.36% |

---

\* For purposes of Fund performance, relative results are measured against the Bloomberg Global High Yield Index (USD Hedged).

**Daily Common Share NAV and Share Price**![LOGO](g83882dsp009b.jpg)

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| | | | |
|:---|:---|:---|:---|
| **Common<br>Share**<br>**NAV** | **Common<br>Share Price** | **Premium/(Discount)<br>to NAV** | **Average<br>Premium/(Discount)<br>to NAV** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.77 | $12.93 | (6.10)% | (6.14)% |

---

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**Fund Performance, Leverage and Holdings June 30, 2025** (continued)

**Leverage and Holdings** 

---

| | |
|:---|:---|
| **Leverage** | |
| Effective Leverage | 28.55% |
| Regulatory Leverage | 25.03% |
| **Fund Allocation**<br> **(% of net assets)** |  |
| Corporate Bonds | 92.4% |
|  Variable Rate Senior Loan Interests | 24.3% |
| Sovereign Debt | 18.3% |
| Preferred Stock | 1.0% |
| Mortgage-Backed Securities | 0.7% |
| Common Stocks | 0.2% |
| Asset-Backed Securities | 0.2% |
| Repurchase Agreements | 1.4% |
| Other Assets & Liabilities, Net | 1.6% |
| Reverse Repurchase Agreements, including accrued interest | (6.7)% |
| Borrowings | (33.4)% |
| **Net Assets** | **100%** |
| **Top Five Issuers**<br> **(% of total investments)** |  |
|  Turkiye Government International Bond | 1.5% |
|  Petroleos Mexicanos | 1.4% |
|  Argentine Republic Government International Bond | 1.4% |
|  CSC Holdings LLC | 1.3% |
|  Egypt Government International Bond | 1.3% |

---

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| | |
|:---|:---|
| **Portfolio Composition<sup>1</sup>**<br> **(% of total investments)** | |
| Banks | 9.4% |
| Energy | 9.0% |
| Health Care Equipment & Services | 7.9% |
| Utilities | 7.3% |
| Financial Services | 5.3% |
| Telecommunication Services | 5.2% |
| Software & Services | 4.3% |
| Insurance | 3.9% |
| Media & Entertainment | 4.0% |
| Materials | 3.8% |
| Food, Beverage & Tobacco | 3.5% |
| Commercial & Professional Services | 3.0% |
| Transportation | 3.0% |
| Capital Goods | 2.7% |
| Pharmaceuticals, Biotechnology & Life Sciences | 2.3% |
| Consumer Durables & Apparel | 2.1% |
| Consumer Discretionary Distribution & Retail | 2.0% |
| Automobiles & Components | 1.8% |
| Consumer Services | 1.6% |
| Equity Real Estate Investment Trusts (REITs) | 1.1% |
| Other | 2.0% |
| Sovereign Debt | 13.2% |
| Mortgage-Backed Securities | 0.5% |
| Asset-Backed Securities | 0.1% |
| Repurchase Agreements | 1.0% |
| **Total** | **100%** |

---

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| | |
|:---|:---|
| **Portfolio Credit Quality**<br> **(% of total investments)** | |
| A | 0.0% |
| BBB | 9.7% |
| BB or Lower | 86.5% |
| N/R (not rated) | 3.8% |
| **Total** | **100%** |
| **Country Allocation<sup>2,3</sup>**<br> **(% of total investments)** |  |
| United States | 57.2% |
| United Kingdom | 3.9% |
| Mexico | 3.5% |
| Canada | 3.0% |
| Turkey | 2.6% |
| Spain | 2.4% |
| Colombia | 2.2% |
| South Africa | 2.0% |
| Argentina | 1.8% |
| Switzerland | 1.8% |
| France | 1.7% |
| Netherlands | 1.5% |
| Other | 16.4% |
| **Total** | **100%** |

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1 See the Portfolio of Investments for the remaining industries/sectors comprising "Other" and not listed in the table above.

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| | |
|:---|:---|
| 2 | Includes 25.9% (as a percentage of total investments) in emerging market countries.  |

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| | |
|:---|:---|
| 3 | "Other" countries include thirty-four countries that individually constitute less than 1.4% as a percentage of total investments.  |

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| | |
|:---|:---|
| **NPCT** | **Nuveen Core Plus Impact Fund**<br> **Fund Performance, Leverage and Holdings June 30, 2025** |

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**Performance\*** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Total Returns as of**<br>**June 30, 2025** | **Total Returns as of**<br>**June 30, 2025** | **Total Returns as of**<br>**June 30, 2025** |
|  | | **Cumulative** | **Average Annual** | **Average Annual** |
| |<br>**Inception<br>Date** | **6-Month** | **1-Year** | **Since<br>Inception** |
| NPCT at Common Share NAV | 4/27/21 | 3.65% | 7.43% | (4.41)% |
| NPCT at Common Share Price | 4/27/21 | 13.80% | 17.03% | (3.70)% |
| Bloomberg U.S. Aggregate Bond Index |  | 4.02% | 6.08% | (0.52)% |
| NPCT Blended Benchmark |  | 4.22% | 8.17% | 1.77% |

---

\*For purposes of Fund performance, relative results are measured against the NPCT Blended Benchmark. The Fund's Blended Benchmark consists of:

1) 60% of Bloomberg MSCI U.S. Green Bond Index and 2) 40% Bloomberg U.S. Corporate High Yield Bond Index.

**Daily Common Share NAV and Share Price**![LOGO](g83882dsp011.jpg)

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| | | | |
|:---|:---|:---|:---|
| **Common<br>Share**<br>**NAV** | **Common<br>Share Price** | **Premium/(Discount)<br>to NAV** | **Average<br>Premium/(Discount)<br>to NAV** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.35 | $11.21 | (1.23)% | (7.24)% |

---

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**Fund Performance, Leverage and Holdings June 30, 2025** (continued)

**Leverage and Holdings** 

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| | |
|:---|:---|
| **Leverage** | |
| Effective Leverage | 35.72% |
| Regulatory Leverage | 28.88% |
| **Fund Allocation**<br> **(% of net assets)** |  |
| Corporate Bonds | 103.8% |
|  Mortgage-Backed Securities | 22.0% |
|  Sovereign Debt | 6.6% |
|  Preferred Stock | 5.9% |
|  Municipal Bonds | 4.2% |
|  Variable Rate Senior Loan Interests | 4.2% |
|  U.S. Government and Agency Obligations | 2.9% |
|  Asset-Backed Securities | 2.4% |
|  Repurchase Agreements | 1.0% |
|  Other Assets & Liabilities, Net | 2.6% |
|  Reverse Repurchase |  |
| Agreements, including accrued interest | (15.0)% |
|  Borrowings | (19.2)% |
|  TFP Shares, Net | (21.4)% |
| **Net Assets** | **100%** |

---

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| | |
|:---|:---|
| **Portfolio Composition<sup>1</sup>**<br> **(% of total investments)** | |
| Utilities | 29.7% |
| Banks | 14.0% |
| Financial Services | 8.0% |
| Capital Goods | 4.4% |
| Materials | 3.1% |
| Energy | 2.8% |
| Telecommunication Services | 2.7% |
| Commercial & Professional Services | 2.3% |
| Consumer Discretionary Distribution & Retail | 1.4% |
| Automobiles & Components | 1.4% |
| Consumer Durables & Apparel | 1.2% |
| Transportation | 0.9% |
| Insurance | 0.9% |
| Real Estate Management & Development | 0.7% |
| Technology Hardware & Equipment | 0.5% |
| Equity Real Estate Investment Trusts (Reits) | 0.3% |
| Mortgage-Backed Securities | 14.4% |
| Sovereign Debt | 4.3% |
| Municipal Bonds | 2.8% |
| U.S. Government and Agency Obligations | 1.9% |
| Asset-Backed Securities | 1.6% |
| Repurchase Agreements | 0.7% |
| **Total** | **100%** |

---

---

| | |
|:---|:---|
| **Portfolio Credit Quality**<br> **(% of total investments)** | |
| AAA | 0.4% |
| AA | 5.7% |
| A | 6.8% |
| BBB | 42.3% |
| BB or Lower | 35.1% |
| N/R (not rated) | 9.7% |
| **Total** | **100%** |
| **Country Allocation<sup>2,3</sup>**<br> **(% of total investments)** |  |
| United States | 60.1% |
| Italy | 5.7% |
| United Kingdom | 4.6% |
| Chile | 4.0% |
| Mexico | 3.5% |
| Australia | 2.8% |
| Indonesia | 2.3% |
| India | 2.3% |
| Benin | 2.0% |
| Canada | 2.0% |
| Turkey | 1.7% |
| France | 1.7% |
| Other | 7.3% |
| **Total** | **100%** |

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1 See the Portfolio of Investments for the remaining industries/sectors comprising "Other" and not listed in the table above.

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| | |
|:---|:---|
| 2 | Includes 20.9% (as a percentage of total investments) in emerging market countries.  |

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| | |
|:---|:---|
| 3 | "Other" countries include eight countries that individually constitute less than 1.5% as a percentage of total investments.  |

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| | |
|:---|:---|
| **JLS** | **Nuveen Mortgage and Income Fund**<br> **Fund Performance, Leverage and Holdings June 30, 2025** |

---

**Performance\*** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | **Total Returns as of**<br>**June 30, 2025** | **Total Returns as of**<br>**June 30, 2025** | **Total Returns as of**<br>**June 30, 2025** |
|  | **Cumulative** | **Cumulative** | **Average Annual** | **Average Annual** | **Average Annual** |
| | **Inception**<br>**Date** | **6-Month** | **1-Year** | **5-Year** | **10-Year** |
| JLS at Common Share NAV | 11/25/09 | 5.47% | 10.39% | 5.76% | 4.67% |
| JLS at Common Share Price | 11/25/09 | 9.38% | 14.87% | 6.84% | 6.13% |
| Bloomberg U.S. Aggregate Bond Index |  | 4.02% | 6.08% | (0.73)% | 1.76% |
| JLS Blended Benchmark |  | 3.66% | 7.01% | 2.04% | 2.76% |

---

\*For purposes of Fund performance, relative results are measured against the linked returns between the ICE BofA U.S. ABS & CMBS Index (effective October 13, 2019) and the Bloomberg U.S. Aggregate Bond Index (through October 13, 2019).

**Daily Common Share NAV and Share Price**![LOGO](g83882dsp013b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Common<br>Share**<br>**NAV** | **Common<br>Share Price** | **Premium/(Discount)<br>to NAV** | **Average<br>Premium/(Discount)<br>to NAV** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.57 | $18.74 | (4.24)% | (5.21)% |

---

------

**Fund Performance, Leverage and Holdings June 30, 2025 (continued)** 

**Leverage and Holdings** 

---

| | |
|:---|:---|
| **Leverage** | |
|  Effective Leverage | 22.24% |
|  Regulatory Leverage | 2.30% |

---

---

| | |
|:---|:---|
| **Fund Allocation**<br> **(% of net assets)** | |
|  Mortgage-Backed Securities | 86.6% |
|  Asset-Backed Securities | 39.2% |
|  Short-Term U.S. Government and Agency Obligations | 5.1% |
|  Other Assets & Liabilities, Net | (2.1)% |
|  Reverse Repurchase Agreements, including accrued interest | (26.4)% |
|  Borrowings | (2.4)% |
| **Net Assets** | **100%** |

---

---

| | |
|:---|:---|
| **Portfolio Credit Quality**<br> **(% of total investments)** | |
|  AAA | 2.0% |
|  AA | 1.1% |
|  A | 7.8% |
|  BBB | 14.4% |
|  BB or Lower | 42.4% |
|  N/R (not rated) | 32.3% |
| **Total** | **100%** |

---

------

**Portfolio of Investments June 30, 2025** 

**JGH** 

**(Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** | | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **LONG-TERM INVESTMENTS - 137.1% (99.0% of Total Investments)** |  |  |  |
|  |  | **ASSET-BACKED SECURITIES - 0.2% (0.1% of Total Investments)** |  |  |  |
| $750000 | (a) | Industrial DPR Funding Ltd , Series 2022 1A | 5.380% | 04/15/34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670268 |
|  |  | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $750,000)** |  |  | **670268** |
| **SHARES** |  | **DESCRIPTION** |  |  | **VALUE** |
|  |  | **COMMON STOCKS - 0.2% (0.2% of Total Investments)** |  |  |  |
|  |  | **MEXICO - 0.2%** |  |  |  |
| 47127 | (b) | Grupo Aeromexico SAB de CV |  |  | 753449 |
|  |  | TOTAL MEXICO |  |  | 753449 |
|  |  | **TOTAL COMMON STOCKS**<br> **(Cost $885,858)** |  |  | **753449** |
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **CORPORATE BONDS - 92.4% (66.7% of Total Investments)** |  |  |  |
|  |  | **ARGENTINA - 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | (c) | Pampa Energia SA | 7.875 | 12/16/34 | 997610 |
| 1000000 | (c) | YPF SA | 8.250 | 01/17/34 | 999843 |
|  |  | TOTAL ARGENTINA |  |  | 1997453 |
|  |  | **BRAZIL - 0.7%** |  |  |  |
| 638000 | (c) | Ambipar Lux Sarl | 9.875 | 02/06/31 | 602988 |
| 300000 | (c) | LD Celulose International GmbH | 7.950 | 01/26/32 | 315750 |
| 500000 | (c) | Minerva Luxembourg SA | 8.875 | 09/13/33 | 540109 |
| 980000 |  | Petrobras Global Finance BV | 6.900 | 03/19/49 | 930186 |
|  |  | TOTAL BRAZIL |  |  | 2389033 |
|  |  | **CANADA - 4.2%** |  |  |  |
| 2047000 | (c) | AltaGas Ltd | 7.200 | 10/15/54 | 2047452 |
| 1000000 | (c) | Baytex Energy Corp | 7.375 | 03/15/32 | 954889 |
| 2000000 |  | Enbridge Inc | 8.500 | 01/15/84 | 2226736 |
| 3600000 | (c) | Garda World Security Corp | 8.375 | 11/15/32 | 3697952 |
| 640000 | (c) | New Flyer Holdings Inc | 9.250 | 07/01/30 | 675227 |
| 2026000 |  | Rogers Communications Inc | 7.125 | 04/15/55 | 2053561 |
| 1105000 | (c) | South Bow Canadian Infrastructure Holdings Ltd | 7.625 | 03/01/55 | 1147163 |
| 575000 | (c) | South Bow Canadian Infrastructure Holdings Ltd | 7.500 | 03/01/55 | 593255 |
|  |  | TOTAL CANADA |  |  | 13396235 |
|  |  | **CHILE - 0.9%** |  |  |  |
| 600000 | (c) | AES Andes SA | 8.150 | 06/10/55 | 620763 |
| 400000 | (c),(d) | Banco de Credito e Inversiones SA | 8.750 | N/A | 422012 |
| 1000000 | (c),(d) | Banco del Estado de Chile | 7.950 | N/A | 1038750 |
| 750000 | (c) | Latam Airlines Group SA | 7.875 | 04/15/30 | 765000 |
|  |  | TOTAL CHILE |  |  | 2846525 |
|  |  | **COLOMBIA - 2.2%** |  |  |  |
| 475000 | (c) | Banco Davivienda SA | 8.125 | 07/02/35 | 476567 |
| 800000 |  | Bancolombia SA | 8.625 | 12/24/34 | 841132 |
| 625000 | (e) | Ecopetrol SA | 6.875 | 04/29/30 | 619326 |
| 1000000 | (e) | Ecopetrol SA | 5.875 | 11/02/51 | 658386 |
| 1500000 | (e) | Ecopetrol SA | 8.875 | 01/13/33 | 1547408 |
| 80000 |  | Ecopetrol SA | 8.375 | 01/19/36 | 77189 |
| 500000 | (e) | Ecopetrol SA | 7.750 | 02/01/32 | 491376 |
| 550000 | (c) | Gran Tierra Energy Inc | 9.500 | 10/15/29 | 418586 |
| 1050000 | (c) | Grupo Aval Ltd | 4.375 | 02/04/30 | 962793 |
| 1000000 | (c) | Grupo Nutresa SA | 9.000 | 05/12/35 | 1079477 |
|  |  | TOTAL COLOMBIA |  |  | 7172240 |
|  |  | **COSTA RICA - 0.5%** |  |  |  |
| 1500000 | (c),(e) | Liberty Costa Rica Senior Secured Finance | 10.875 | 01/15/31 | 1595250 |
|  |  | TOTAL COSTA RICA |  |  | 1595250 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **15** |

---

------

**Portfolio of Investments June 30, 2025** (continued)

**JGH** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** | | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **FRANCE - 2.3%** |  |  |  |
| $355000 | (c) | Altice France SA | 8.125% | 02/01/27 | $319500 |
| 3560000 | (c),(d) | BNP Paribas SA | 7.450 | N/A | 3581360 |
| 2295000 | (c) | Iliad Holding SASU | 8.500 | 04/15/31 | 2454789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | (c),(d) | Societe Generale SA | 10.000 | N/A | 1091344 |
|  |  | TOTAL FRANCE |  |  | 7446993 |
|  |  | **GERMANY - 1.7%** |  |  |  |
| EUR 2,000,000 | (d) | Deutsche Bank AG, Reg S | 7.125 | N/A | 2401969 |
| 2815000 | (c) | IHO Verwaltungs GmbH | 8.000 | 11/15/32 | 2878450 |
|  |  | TOTAL GERMANY |  |  | 5280419 |
|  |  | **GHANA - 0.4%** |  |  |  |
| 725000 | (c) | Kosmos Energy Ltd | 8.750 | 10/01/31 | 537208 |
| 951000 | (c) | Tullow Oil PLC | 10.250 | 05/15/26 | 824993 |
|  |  | TOTAL GHANA |  |  | 1362201 |
|  |  | **GUATEMALA - 0.2%** |  |  |  |
| 525000 | (c) | Millicom International Cellular SA | 7.375 | 04/02/32 | 538910 |
|  |  | TOTAL GUATEMALA |  |  | 538910 |
|  |  | **INDIA - 0.2%** |  |  |  |
| 482250 | (c) | Continuum Green Energy India Pvt / Co-Issuers | 7.500 | 06/26/33 | 495955 |
|  |  | TOTAL INDIA |  |  | 495955 |
|  |  | **INDONESIA - 0.9%** |  |  |  |
| 1000000 | (c) | Indika Energy Tbk PT | 8.750 | 05/07/29 | 962600 |
| 500000 | (c) | Medco Laurel Tree Pte Ltd | 6.950 | 11/12/28 | 495736 |
| 1500000 | (c),(e) | Medco Maple Tree Pte Ltd | 8.960 | 04/27/29 | 1561351 |
|  |  | TOTAL INDONESIA |  |  | 3019687 |
|  |  | **ISRAEL - 1.2%** |  |  |  |
| 2351000 | (c) | Energean Israel Finance Ltd, Reg S | 5.875 | 03/30/31 | 2165488 |
| 485000 | (c) | Energean Israel Finance Ltd, Reg S | 8.500 | 09/30/33 | 496930 |
| 1250000 | (c) | Leviathan Bond Ltd, Reg S | 6.500 | 06/30/27 | 1239423 |
|  |  | TOTAL ISRAEL |  |  | 3901841 |
|  |  | **ITALY - 0.6%** |  |  |  |
| 2000000 | (c),(d) | Intesa Sanpaolo SpA | 7.700 | N/A | 2003690 |
|  |  | TOTAL ITALY |  |  | 2003690 |
|  |  | **KUWAIT - 0.2%** |  |  |  |
| 500000 | (c),(d) | NBK Tier 1 Ltd | 3.625 | N/A | 482161 |
|  |  | TOTAL KUWAIT |  |  | 482161 |
|  |  | **MEXICO - 4.6%** |  |  |  |
| 1975000 | (c),(d) | Banco Mercantil del Norte SA/Grand Cayman | 8.375 | N/A | 2047994 |
| 1125000 | (c),(d) | Banco Mercantil del Norte SA/Grand Cayman | 8.750 | N/A | 1135471 |
| 1000000 | (c) | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX | 8.450 | 06/29/38 | 1057682 |
| 1000000 | (c) | Grupo Aeromexico SAB de CV | 8.625 | 11/15/31 | 955150 |
| 476000 | (c) | Nemak SAB de CV | 3.625 | 06/28/31 | 394357 |
| 750000 | (c) | Orbia Advance Corp SAB de CV | 7.500 | 05/13/35 | 776640 |
| 950000 |  | Petroleos MexicanosA1 | 6.625 | 06/15/35 | 800640 |
| 5871000 | (e) | Petroleos Mexicanos | 6.700 | 02/16/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5454616 |
| 1500000 | (c) | Saavi Energia Sarl | 8.875 | 02/10/35 | 1565250 |
| 500000 | (c) | Trust Fibra Uno | 8.250 | 01/23/37 | 526908 |
|  |  | TOTAL MEXICO |  |  | 14714708 |
|  |  | **NETHERLANDS - 1.2%** |  |  |  |
| 3000000 | (d) | ING Groep NV, Reg S | 7.500 | N/A | 3093750 |
| 545000 | (c) | Trivium Packaging Finance BV | 8.250 | 07/15/30 | 576330 |
|  |  | TOTAL NETHERLANDS |  |  | 3670080 |
|  |  | **NIGERIA - 0.8%** |  |  |  |
| 875000 | (c),(e) | Access Bank PLC | 6.125 | 09/21/26 | 862072 |
| 500000 | (c) | IHS Holding Ltd | 6.250 | 11/29/28 | 485955 |
| 1250000 | (c),(e) | IHS Holding Ltd | 8.250 | 11/29/31 | 1260916 |
|  |  | TOTAL NIGERIA |  |  | 2608943 |

---

---

| | |
|:---|:---|
| **16** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** | | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **PANAMA - 0.5%** |  |  |  |
| $665000 | (c),(e) | C&W Senior Finance Ltd | 9.000% | 01/15/33 | $679987 |
| 400000 | (c) | Empresa de Transmision Electrica SA | 5.125 | 05/02/49 | 286000 |
| 200000 | (c) | Sable International Finance Ltd | 7.125 | 10/15/32 | 200532 |
| 551554 | (c) | UEP Penonome II SA2020 1 | 6.500 | 10/01/38 | 488036 |
|  |  | TOTAL PANAMA |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1654555 |
|  |  | **PERU - 0.2%** |  |  |  |
| 500000 | (c) | Hunt Oil Co of Peru LLC Sucursal Del Peru | 7.750 | 11/05/38 | 526070 |
|  |  | TOTAL PERU |  |  | 526070 |
|  |  | **PUERTO RICO - 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2275000 | (c) | LCPR Senior Secured Financing DAC | 6.750 | 10/15/27 | 1532417 |
|  |  | TOTAL PUERTO RICO |  |  | 1532417 |
|  |  | **SOUTH AFRICA - 1.6%** |  |  |  |
| 1400000 | (c),(e) | Eskom Holdings SOC Ltd | 6.350 | 08/10/28 | 1414000 |
| 500000 | (c),(e) | Eskom Holdings SOC Ltd | 8.450 | 08/10/28 | 525387 |
| 1500000 |  | Sasol Financing USA LLC | 5.500 | 03/18/31 | 1232615 |
| 1750000 | (c),(e) | Transnet SOC Ltd | 8.250 | 02/06/28 | 1810094 |
|  |  | TOTAL SOUTH AFRICA |  |  | 4982096 |
|  |  | **SPAIN - 3.4%** |  |  |  |
| 1800000 | (d) | Banco Bilbao Vizcaya Argentaria SA | 9.375 | N/A | 1986469 |
| 4200000 | (d) | Banco Santander SA | 9.625 | N/A | 4898133 |
| 4000000 | (c) | Grifols SA | 4.750 | 10/15/28 | 3845308 |
|  |  | TOTAL SPAIN |  |  | 10729910 |
|  |  | **SUPRANATIONAL - 0.3%** |  |  |  |
| 1000000 | (c) | Banque Ouest Africaine de Developpement | 8.200 | 02/13/55 | 1000602 |
|  |  | TOTAL SUPRANATIONAL |  |  | 1000602 |
|  |  | **SWITZERLAND - 2.5%** |  |  |  |
| 1500000 | (a) | Credit Suisse Group AG | 7.500 | 01/17/72 | 172500 |
| 3030000 | (c),(d) | UBS Group AG | 9.250 | N/A | 3503925 |
| 3000000 | (c) | VistaJet Malta Finance PLC / Vista Management Holding Inc | 6.375 | 02/01/30 | 2812440 |
| 1475000 | (c) | VistaJet Malta Finance PLC / Vista Management Holding Inc | 9.500 | 06/01/28 | 1515994 |
|  |  | TOTAL SWITZERLAND |  |  | 8004859 |
|  |  | **TOGO - 0.2%** |  |  |  |
| 500000 | (c) | Ecobank Transnational Inc | 10.125 | 10/15/29 | 510625 |
|  |  | TOTAL TOGO |  |  | 510625 |
|  |  | **TURKEY - 1.5%** |  |  |  |
| 1000000 | (c) | Limak Cimento Sanayi ve Ticaret AS | 9.750 | 07/25/29 | 1000480 |
| 925000 | (c) | Sisecam UK PLC | 8.625 | 05/02/32 | 934820 |
| 750000 | (c) | Turkiye Vakiflar Bankasi TAO | 8.994 | 10/05/34 | 773219 |
| 900000 | (c) | Ulker Biskuvi Sanayi AS | 7.875 | 07/08/31 | 920039 |
| 1000000 | (c) | Yapi ve Kredi Bankasi AS | 9.250 | 01/17/34 | 1043200 |
|  |  | TOTAL TURKEY |  |  | 4671758 |
|  |  | **UNITED KINGDOM - 5.3%** |  |  |  |
| 1045000 | (c),(e) | Ardonagh Finco Ltd | 7.750 | 02/15/31 | 1092515 |
| 1575000 | (c),(e) | Ardonagh Group Finance Ltd | 8.875 | 02/15/32 | 1657289 |
| 1475000 | (d) | Barclays PLC | 8.000 | N/A | 1547167 |
| 1000000 | (c) | Fidelis Insurance Holdings Ltd | 6.625 | 04/01/41 | 997000 |
| 2000000 | (d) | Lloyds Banking Group PLC | 8.000 | N/A | 2109208 |
| 1000000 | (d) | Lloyds Banking Group PLC | 6.750 | N/A | 978480 |
| 2000000 | (c) | Merlin Entertainments Group US Holdings Inc | 7.375 | 02/15/31 | 1787229 |
| 1420000 | (c) | Motion Finco Sarl | 8.375 | 02/15/32 | 1300861 |
| 1400000 | (d) | NatWest Group PLC | 8.125 | N/A | 1510116 |
| 3690000 | (c) | Zegona Finance PLC | 8.625 | 07/15/29 | 3939075 |
|  |  | TOTAL UNITED KINGDOM |  |  | 16918940 |
|  |  | **UNITED STATES - 52.9%** |  |  |  |
| 1000000 | (c) | 1261229 BC Ltd | 10.000 | 04/15/32 | 1008770 |
| 1000000 | (c) | Acrisure LLC / Acrisure Finance Inc | 8.500 | 06/15/29 | 1042820 |
| 2000000 | (c) | Advantage Sales & Marketing Inc | 6.500 | 11/15/28 | 1559040 |
| 1500000 | (d) | Ally Financial Inc | 4.700 | N/A | 1345272 |
| 1500000 | (c) | Alta Equipment Group Inc | 9.000 | 06/01/29 | 1398786 |
| 3258400 | (c) | Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp | 7.000 | 04/15/30 | 3044134 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **17** |

---

------

**Portfolio of Investments June 30, 2025** (continued)

**JGH** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** | | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **UNITED STATES** (continued) |  |  |  |
| $3880000 | (c) | APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves | 7.875% | 11/01/29 | $3968891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | (c),(e) | Azorra Finance Ltd | 7.750 | 04/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085496 |
| 1000000 | (c) | Bausch Health Cos Inc | 11.000 | 09/30/28 | 990000 |
| 1700000 | (c),(f) | Beach Acquisition Bidco LLC | 10.000 | 07/15/33 | 1762075 |
| 5500000 | (c) | Brightline East LLC | 11.000 | 01/31/30 | 4070000 |
| 2000000 | (c) | CD&R Smokey Buyer Inc | 9.500 | 10/15/29 | 1629785 |
| 600000 | (c) | Champ Acquisition Corp | 8.375 | 12/01/31 | 637576 |
| 1750000 | (c) | CHS/Community Health Systems Inc | 4.750 | 02/15/31 | 1496045 |
| 2405000 | (c) | CHS/Community Health Systems Inc | 10.875 | 01/15/32 | 2548980 |
| 1905000 | (c) | Clue Opco LLC | 9.500 | 10/15/31 | 2019710 |
| 1000000 | (c) | Clydesdale Acquisition Holdings Inc | 8.750 | 04/15/30 | 1022824 |
| 1660000 | (c) | Compass Minerals International Inc | 8.000 | 07/01/30 | 1715013 |
| 5000000 | (c) | Condor Merger Sub Inc | 7.375 | 02/15/30 | 4721919 |
| 1100000 | (c) | Cornerstone Building Brands Inc | 9.500 | 08/15/29 | 1011253 |
| 3100000 | (c) | CSC Holdings LLC | 11.250 | 05/15/28 | 3088333 |
| 2905000 | (c) | CSC Holdings LLC | 11.750 | 01/31/29 | 2763108 |
| 500000 | (c) | Dcli Bidco LLC | 7.750 | 11/15/29 | 506479 |
| 1500000 | (c) | Dealer Tire LLC / DT Issuer LLC | 8.000 | 02/01/28 | 1448813 |
| 1900000 |  | DENTSPLY SIRONA Inc | 8.375 | 09/12/55 | 1910482 |
| 970000 | (c) | Dornoch Debt Merger Sub Inc | 6.625 | 10/15/29 | 751154 |
| 1000000 |  | EchoStar Corp | 10.750 | 11/30/29 | 1030000 |
| 4500000 | (c) | Encore Capital Group Inc | 8.500 | 05/15/30 | 4826677 |
| 1000000 | (d) | Energy Transfer LP | 7.125 | N/A | 1018664 |
| 1939000 | (c) | Enstar Group Ltd | 7.500 | 04/01/45 | 1994548 |
| 2500000 |  | EUSHI Finance Inc | 7.625 | 12/15/54 | 2588027 |
| 3000000 | (c) | Ferrellgas LP / Ferrellgas Finance Corp | 5.875 | 04/01/29 | 2775508 |
| 1900000 | (c) | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc | 6.750 | 01/15/30 | 1753323 |
| 2600000 | (c) | Fiesta Purchaser Inc | 9.625 | 09/15/32 | 2743437 |
| 2000000 | (d),(g) | Fifth Third Bancorp (TSFR3M + 3.295%) | 7.590 | N/A | 2012066 |
| 1500000 | (d),(g) | First Citizens BancShares Inc/NC (TSFR3M + 4.234%) | 8.552 | N/A | 1548107 |
| 3000000 |  | FMC Corp | 8.450 | 11/01/55 | 3070121 |
| 2240000 | (c) | Freedom Mortgage Holdings LLC | 8.375 | 04/01/32 | 2264140 |
| 1700000 | (c) | Getty Images Inc | 9.750 | 03/01/27 | 1666093 |
| 1289042 | (c) | Global Medical Response Inc, (cash 9.500%, PIK 10.000%) | 10.000 | 10/31/28 | 1289042 |
| 1000000 | (c) | Heartland Dental LLC / Heartland Dental Finance Corp | 10.500 | 04/30/28 | 1055891 |
| 1000000 | (c) | Hilcorp Energy I LP / Hilcorp Finance Co | 7.250 | 02/15/35 | 977851 |
| 500000 | (c) | Hilcorp Energy I LP / Hilcorp Finance Co | 8.375 | 11/01/33 | 518794 |
| 1230000 | (c) | Icahn Enterprises LP / Icahn Enterprises Finance Corp | 10.000 | 11/15/29 | 1217730 |
| 1750000 |  | Icahn Enterprises LP / Icahn Enterprises Finance Corp | 9.000 | 06/15/30 | 1636419 |
| 2400000 | (c) | ILFC E-Capital Trust I | 6.430 | 12/21/65 | 2006734 |
| 1000000 |  | Kennedy-Wilson Inc | 4.750 | 03/01/29 | 937215 |
| 2000000 | (c) | Kohl's Corp | 10.000 | 06/01/30 | 2073038 |
| 1500000 | (c),(d) | Land O' Lakes Inc | 8.000 | N/A | 1428750 |
| 1000000 | (c),(d) | Land O' Lakes Inc | 7.000 | N/A | 836250 |
| 3000000 | (c) | Level 3 Financing Inc | 3.625 | 01/15/29 | 2565000 |
| 1295000 | (c) | LifePoint Health Inc | 11.000 | 10/15/30 | 1428639 |
| 2500000 | (c) | LifePoint Health Inc | 10.000 | 06/01/32 | 2579163 |
| 2500000 | (c) | LONG RIDGE ENERGY LLC | 8.750 | 02/15/32 | 2596883 |
| 2014000 | (c) | Michaels Cos Inc/The | 7.875 | 05/01/29 | 1319170 |
| 750000 | (c) | Michaels Cos Inc/The | 5.250 | 05/01/28 | 599626 |
| 515000 | (c) | MPT Operating Partnership LP / MPT Finance Corp | 8.500 | 02/15/32 | 538976 |
| 2000000 |  | MPT Operating Partnership LP / MPT Finance Corp | 5.000 | 10/15/27 | 1847376 |
| 1500000 | (c) | Neptune Bidco US Inc | 9.290 | 04/15/29 | 1460528 |
| 1200000 |  | Newell Brands Inc | 5.750 | 04/01/46 | 1025209 |
| 1500000 | (c),(d) | NRG Energy Inc | 10.250 | N/A | 1665648 |
| 3020000 | (c) | Owens-Brockway Glass Container Inc | 7.250 | 05/15/31 | 3094932 |
| 1750000 |  | Paramount Global | 6.375 | 03/30/62 | 1719437 |
| 3360000 |  | PG&E Corp | 7.375 | 03/15/55 | 3181988 |
| 3000000 | (d),(g) | Plains All American Pipeline LP (TSFR3M + 4.372%) | 8.698 | N/A | 3006342 |
| 2520000 | (c) | Prime Healthcare Services Inc | 9.375 | 09/01/29 | 2501100 |
| 1022875 | (c) | Rackspace Finance LLC | 3.500 | 05/15/28 | 411189 |

---

---

| | |
|:---|:---|
| **18** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** | | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **UNITED STATES** (continued) |  |  |  |
| $2250000 | (c) | Radiology Partners Inc, (cash 9.781%, PIK 9.781%) | 9.781% | 02/15/30 | $2210625 |
| 2630000 | (c) | Radiology Partners Inc | 8.500 | 07/15/32 | 2636128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625000 | (c) | RR Donnelley & Sons Co | 9.500 | 08/01/29 | 1625000 |
| 2000000 | (c) | RR Donnelley & Sons Co | 10.875 | 08/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1932035 |
| 2400000 | (c) | S&S Holdings LLC | 8.375 | 10/01/31 | 2345503 |
| 1000000 | (c),(d) | SBL Holdings Inc | 9.508 | N/A | 998764 |
| 1000000 | (c),(d) | SBL Holdings Inc | 6.500 | N/A | 916689 |
| 1000000 | (c) | Staples Inc | 10.750 | 09/01/29 | 946425 |
| 2556250 | (c) | Team Health Holdings Inc, (cash 9.000%, PIK 4.500%) | 9.000 | 06/30/28 | 2773531 |
| 1390000 | (c) | TransMontaigne Partners LLC | 8.500 | 06/15/30 | 1446010 |
| 356000 | (c) | Transocean Inc | 8.750 | 02/15/30 | 366090 |
| 1000000 | (c) | Transocean Inc | 8.000 | 02/01/27 | 985119 |
| 2000000 | (c) | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC | 6.500 | 02/15/29 | 1933058 |
| 730000 | (c) | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC | 8.625 | 06/15/32 | 737408 |
| 3530000 | (c) | Univision Communications Inc | 7.375 | 06/30/30 | 3469055 |
| 6000000 | (c),(d) | Venture Global LNG Inc | 9.000 | N/A | 5833193 |
| 665000 |  | Veritiv Operating Co | 10.500 | 11/30/30 | 719859 |
| 1000000 | (c) | Viasat Inc | 6.500 | 07/15/28 | 945091 |
| 2930000 | (c) | Viking Baked Goods Acquisition Corp | 8.625 | 11/01/31 | 2870722 |
| 4000000 | (c),(d) | Vistra Corp | 8.875 | N/A | 4347556 |
| 760000 | (c) | Windstream Escrow LLC / Windstream Escrow Finance Corp | 8.250 | 10/01/31 | 795937 |
| 2250000 | (c) | XPLR Infrastructure Operating Partners LP | 8.625 | 03/15/33 | 2411498 |
| 1500000 | (c) | Zayo Group Holdings Inc | 6.125 | 03/01/28 | 1294461 |
|  |  | TOTAL UNITED STATES |  |  | 168896146 |
|  |  | **ZAMBIA - 0.1%** |  |  |  |
| 300000 | (c) | First Quantum Minerals Ltd | 8.625 | 06/01/31 | 311249 |
|  |  | TOTAL ZAMBIA |  |  | 311249 |
|  |  | **TOTAL CORPORATE BONDS**<br> **(Cost $294,461,465)** |  |  | **294661551** |
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **MORTGAGE-BACKED SECURITIES - 0.7% (0.5% of Total Investments)** |  |  |  |
| 2000000 | (g) | ILPT Commercial Mortgage Trust 2025-LPF2 , Series 2025 LPF2 | 8.199 | 07/15/42 | 2055493 |
|  |  | **TOTAL MORTGAGE-BACKED SECURITIES**<br> **(Cost $1,999,950)** |  |  | **2055493** |
| **SHARES** |  | **DESCRIPTION** | **RATE** |  | **VALUE** |
|  |  | **PREFERRED STOCK - 1.0% (0.7% of Total Investments)** |  |  |  |
|  |  | **TRINIDAD AND TOBAGO - 0.1%** |  |  |  |
| 275000 | (c) | Trinidad Generation UnLtd | 7.750 |  | 284900 |
|  |  | TOTAL TRINIDAD AND TOBAGO |  |  | 284900 |
|  |  | **UNITED STATES - 0.9%** |  |  |  |
| 33625 |  | Synchrony Financial | 8.250 |  | 835245 |
| 83200 |  | Wintrust Financial Corp | 7.875 |  | 2129920 |
|  |  | TOTAL UNITED STATES |  |  | 2965165 |
|  |  | **TOTAL PREFERRED STOCK**<br> **(Cost $3,190,384)** |  |  | **3250065** |
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **SOVEREIGN DEBT - 18.3% (13.2% of Total Investments)** |  |  |  |
|  |  | **ANGOLA - 1.0%** |  |  |  |
| 1500000 | (c) | Angolan Government International Bond | 8.250 | 05/09/28 | 1413328 |
| 900000 | (c) | Angolan Government International Bond | 8.000 | 11/26/29 | 814304 |
| 1050000 | (c) | Angolan Government International Bond | 8.750 | 04/14/32 | 926796 |
|  |  | TOTAL ANGOLA |  |  | 3154428 |
|  |  | **ARGENTINA - 1.9%** |  |  |  |
| 1166000 |  | Argentine Republic Government International Bond | 0.750 | 07/09/30 | 929885 |
| 4500000 |  | Argentine Republic Government International Bond | 4.125 | 07/09/35 | 3027233 |
| 3025000 |  | Argentine Republic Government International Bond | 5.000 | 01/09/38 | 2155974 |
|  |  | TOTAL ARGENTINA |  |  | 6113092 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **19** |

---

------

**Portfolio of Investments June 30, 2025** (continued)

**JGH** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** | | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **BARBADOS - 0.5%** |  |  |  |
| $1500000 | (c) | Barbados Government International Bond | 8.000% | 06/26/35 | $1505138 |
|  |  | TOTAL BARBADOS |  |  | 1505138 |
|  |  | **BENIN - 0.6%** |  |  |  |
| EUR 1,050,000 | (c) | Benin Government International Bond | 4.950 | 01/22/35 | 1061466 |
| 1025000 | (c) | Benin Government International Bond | 7.960 | 02/13/38 | 971078 |
|  |  | TOTAL BENIN |  |  | 2032544 |
|  |  | **BRAZIL - 0.3%** |  |  |  |
| 1000000 |  | Brazilian Government International Bond | 7.125 | 05/13/54 | 956392 |
|  |  | TOTAL BRAZIL |  |  | 956392 |
|  |  | **COLOMBIA - 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 |  | Colombia Government International Bond | 5.625 | 02/26/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032920 |
| 700000 |  | Colombia Government International Bond | 8.750 | 11/14/53 | 692370 |
| 1000000 |  | Colombia Government International Bond | 7.750 | 11/07/36 | 976450 |
|  |  | TOTAL COLOMBIA |  |  | 2701740 |
|  |  | **COTE D'IVOIRE - 1.4%** |  |  |  |
| 750000 | (c) | Ivory Coast Government International Bond | 6.125 | 06/15/33 | 680291 |
| EUR 1,625,000 | (c) | Ivory Coast Government International Bond | 6.875 | 10/17/40 | 1632964 |
| 1162057 | (c) | Ivory Coast Government International Bond | 5.750 | 12/31/32 | 1103969 |
| 1000000 | (c) | Ivory Coast Government International Bond | 8.450 | 04/01/36 | 962250 |
|  |  | TOTAL COTE D'IVOIRE |  |  | 4379474 |
|  |  | **ECUADOR - 0.6%** |  |  |  |
| 371475 | (c) | Ecuador Government International Bond | 1.000 | 07/31/35 | 269130 |
| 1767500 | (c) | Ecuador Government International Bond | 5.000 | 07/31/30 | 1533306 |
| 88000 | (c) | Ecuador Government International Bond | 5.000 | 07/31/40 | 55282 |
|  |  | TOTAL ECUADOR |  |  | 1857718 |
|  |  | **EGYPT - 1.8%** |  |  |  |
| 1225000 | (c) | Egypt Government International Bond | 8.625 | 02/04/30 | 1237295 |
| 1700000 | (c) | Egypt Government International Bond | 7.600 | 03/01/29 | 1713650 |
| 2300000 | (c) | Egypt Government International Bond | 7.053 | 01/15/32 | 2098348 |
| 975000 | (c) | Egypt Government International Bond | 8.500 | 01/31/47 | 789869 |
|  |  | TOTAL EGYPT |  |  | 5839162 |
|  |  | **EL SALVADOR - 0.5%** |  |  |  |
| 1000000 | (c) | El Salvador Government International Bond | 0.250 | 04/17/30 | 20486 |
| 1575000 | (c),(e) | El Salvador Government International Bond | 9.250 | 04/17/30 | 1665563 |
|  |  | TOTAL EL SALVADOR |  |  | 1686049 |
|  |  | **HONDURAS - 0.7%** |  |  |  |
| 750000 | (c),(e) | Honduras Government International Bond | 5.625 | 06/24/30 | 716250 |
| 1300000 | (c),(e) | Honduras Government International Bond | 8.625 | 11/27/34 | 1364350 |
|  |  | TOTAL HONDURAS |  |  | 2080600 |
|  |  | **IRAQ - 0.4%** |  |  |  |
| 1162500 | (c) | Iraq International Bond | 5.800 | 01/15/28 | 1147840 |
|  |  | TOTAL IRAQ |  |  | 1147840 |
|  |  | **KENYA - 0.5%** |  |  |  |
| 750000 | (c) | Republic of Kenya Government International Bond | 9.750 | 02/16/31 | 760053 |
| 1000000 | (c) | Republic of Kenya Government International Bond | 9.500 | 03/05/36 | 940736 |
|  |  | TOTAL KENYA |  |  | 1700789 |
|  |  | **NIGERIA - 0.9%** |  |  |  |
| 1425000 | (c),(e) | Nigeria Government International Bond | 10.375 | 12/09/34 | 1501003 |
| 1425000 | (c),(e) | Nigeria Government International Bond | 7.875 | 02/16/32 | 1350584 |
|  |  | TOTAL NIGERIA |  |  | 2851587 |
|  |  | **ROMANIA - 0.3%** |  |  |  |
| 1000000 | (c) | Romanian Government International Bond | 7.500 | 02/10/37 | 1038103 |
|  |  | TOTAL ROMANIA |  |  | 1038103 |
|  |  | **RWANDA - 0.7%** |  |  |  |
| 2450000 | (c) | Rwanda International Government Bond | 5.500 | 08/09/31 | 2085915 |
|  |  | TOTAL RWANDA |  |  | 2085915 |

---

---

| | |
|:---|:---|
| **20** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** | | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **SENEGAL - 0.7%** |  |  |  |
| $2100000 | (c) | Senegal Government International Bond | 6.250% | 05/23/33 | $1380170 |
| 1325000 | (c) | Senegal Government International Bond | 6.750 | 03/13/48 | 795282 |
|  |  | TOTAL SENEGAL |  |  | 2175452 |
|  |  | **SOUTH AFRICA - 1.2%** |  |  |  |
| 1400000 |  | Republic of South Africa Government International Bond | 5.000 | 10/12/46 | 976598 |
| 1475000 | (e) | Republic of South Africa Government International Bond | 7.300 | 04/20/52 | 1329682 |
| 1500000 | (c),(e) | Republic of South Africa Government International Bond | 7.100 | 11/19/36 | 1488206 |
|  |  | TOTAL SOUTH AFRICA |  |  | 3794486 |
|  |  | **TURKEY - 2.1%** |  |  |  |
| 1225000 |  | Turkiye Government International Bond | 6.000 | 01/14/41 | 1008307 |
| 1375000 |  | Turkiye Government International Bond | 4.875 | 04/16/43 | 969662 |
| 1500000 |  | Turkiye Government International Bond | 6.500 | 09/20/33 | 1439521 |
| 2225000 |  | Turkiye Government International Bond | 7.625 | 05/15/34 | 2280656 |
| 1050000 |  | Turkiye Government International Bond | 6.500 | 01/03/35 | 992551 |
|  |  | TOTAL TURKEY |  |  | 6690697 |
|  |  | **UKRAINE - 0.2%** |  |  |  |
| 479899 | (c) | Ukraine Government International Bond | 1.750 | 02/01/29 | 295738 |
| 617307 | (c) | Ukraine Government International Bond | 0.000 | 02/01/35 | 289266 |
| 131089 | (c) | Ukraine Government International Bond | 0.000 | 02/01/36 | 61284 |
|  |  | TOTAL UKRAINE |  |  | 646288 |
|  |  | **UZBEKISTAN - 0.9%** |  |  |  |
| 1075000 | (c) | Republic of Uzbekistan International Bond | 5.375 | 02/20/29 | 1054856 |
| 1900000 | (c) | Republic of Uzbekistan International Bond | 3.900 | 10/19/31 | 1673299 |
|  |  | TOTAL UZBEKISTAN |  |  | 2728155 |
|  |  | **ZAMBIA - 0.3%** |  |  |  |
| 1219678 | (c) | Zambia Government International Bond | 5.750 | 06/30/33 | 1119504 |
|  |  | TOTAL ZAMBIA |  |  | 1119504 |
|  |  | **TOTAL SOVEREIGN DEBT**<br> **(Cost $58,174,488)** |  |  | **58285153** |
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **VARIABLE RATE SENIOR LOAN INTERESTS - 24.3% (17.6% of Total Investments)** |  |  |  |
|  |  | **NETHERLANDS - 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050795 | (g) | Nouryon Finance B.V., Term Loan B1, (TSFR3M + 3.250%) | 7.510 | 04/03/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2062976 |
| 853305 | (g) | Pegasus BidCo BV, Term Loan B, (TSFR3M + 3.250%) | 7.576 | 07/12/29 | 859705 |
|  |  | TOTAL NETHERLANDS |  |  | 2922681 |
|  |  | **UNITED KINGDOM - 0.1%** |  |  |  |
| 343891 | (g) | GVC Holdings (Gibraltar) Limited, Term Loan B3, (TSFR6M + 2.750%) | 7.016 | 10/31/29 | 345641 |
|  |  | TOTAL UNITED KINGDOM |  |  | 345641 |
|  |  | **UNITED STATES - 23.3%** |  |  |  |
| 496256 | (g) | AAL Delaware Holdco, Inc., Term Loan, (TSFR1M + 2.750%) | 7.077 | 07/30/31 | 497420 |
| 3148796 | (g) | Amentum Government Services Holdings LLC, Term Loan B, (TSFR1M + 2.250%) | 6.577 | 09/29/31 | 3148796 |
| 487500 | (g) | American Airlines, Inc., Term Loan, (TSFR3M + 2.250%) | 6.522 | 04/20/28 | 485024 |
| 947849 | (g) | Berlin Packaging LLC, Term Loan B7, (TSFR1M + TSFR3M + 3.500%) | 7.810 | 06/09/31 | 952323 |
| 1358184 | (g) | Boost Newco Borrower, LLC, Term Loan B, (TSFR3M + 2.000%) | 6.296 | 01/31/31 | 1363277 |
| 2194500 | (g) | Boxer Parent Company Inc., Term Loan B, (TSFR3M + 3.000%) | 7.333 | 07/30/31 | 2183385 |
| 4218045 | (g) | Broadstreet Partners, Inc., Term Loan B4, (TSFR1M + 3.000%) | 7.327 | 06/16/31 | 4227852 |
| 586161 | (g) | Brown Group Holding, LLC, Incremental Term Loan B2, (TSFR1M<br> + TSFR3M + 2.500%) | 6.816 | 07/01/31 | 587526 |
| 248675 | (g) | Carnival Corporation, Term Loan (2027), (TSFR1M + 2.000%) | 6.312 | 08/09/27 | 249296 |
| 2000000 | (g) | Clarios Global LP, Term Loan B, (TSFR1M + 2.750%) | 7.077 | 01/28/32 | 2004380 |
| 1465752 | (g) | CommScope, Inc., Term Loan, (TSFR1M + 5.250%) | 9.577 | 12/17/29 | 1485752 |
| 2481250 | (g) | Fortress Intermediate 3, Inc, Term Loan B, (TSFR1M + 3.500%) | 7.827 | 06/27/31 | 2490555 |
| 1194000 | (g) | GBT US III LLC, Term Loan B, (TSFR3M + 2.500%) | 6.783 | 07/28/31 | 1197481 |
| 162080 | (g) | ICON Luxembourg S.A.R.L., LUX Term Loan B, (TSFR3M + 2.000%) | 6.296 | 07/03/28 | 163320 |
| 2325195 | (g) | Insulet Corporation, Term Loan, (TSFR1M + 2.000%) | 6.327 | 08/04/31 | 2344087 |

---

*See Notes to Financial Statements* 21

------

**Portfolio of Investments June 30, 2025** (continued)

**JGH** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **UNITED STATES** (continued) |  |  |  |
| $282853 (g) | Javelin Buyer Inc, (TSFR3M + 5.250%) | 0.000% | 12/06/32 | $279671 |
| 2768062 (g) | Javelin Buyer, Inc., First Lien Term Loan, (TSFR3M + 3.250%) | 7.333 | 12/08/31 | 2782761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1406866 (g) | Jazz Financing Lux S.a.r.l., First Lien Term Loan B, (TSFR1M + 2.250%) | 6.577 | 05/05/28 | 1414590 |
| 1885750 (g) | Johnstone Supply LLC, Term Loan B, (TSFR1M + 2.500%) | 6.818 | 06/09/31 | 1891643 |
| 2984786 (g) | Lumen Technologies, Inc., Extended Term Loan B2, (TSFR1M + 2.350%) | 6.791 | 04/15/30 | 2951923 |
| 2671329 (g) | Medline Borrower, LP, Add-on Term Loan B, (TSFR1M + 2.250%) | 6.577 | 10/23/28 | 2677406 |
| 2760000 (g) | Onex TSG Intermediate Corp., Term Loan B, (TSFR3M + 4.750%) | 9.344 | 02/28/28 | 2770778 |
| 3154661 (g) | Organon & Co, Term Loan, (TSFR1M + 2.250%) | 6.571 | 05/19/31 | 3109960 |
| 1893500 (g) | Parexel International Corporation, Term Loan B, (TSFR1M + 2.500%) | 6.827 | 11/15/28 | 1896160 |
| 1449936 (g) | PetSmart, Inc., Term Loan B, (TSFR1M + 3.750%) | 8.177 | 02/14/28 | 1438155 |
| 1230303 (g) | Planet US Buyer LLC, Term Loan B, (TSFR3M + 3.000%) | 7.330 | 02/10/31 | 1236916 |
| 40382 (g) | PRA Health Sciences, Inc., US Term Loan B, (TSFR3M + 2.000%) | 6.296 | 07/03/28 | 40691 |
| 979533 (g) | Project Alpha Intermediate Holding, Inc., First Lien Term Loan B, (TSFR3M + 3.250%) | 7.542 | 10/28/30 | 985248 |
| 219441 (g) | Rackspace Finance, LLC, First Lien First Out Term Loan, (TSFR1M + 6.250%) | 10.679 | 05/15/28 | 220655 |
| 206470 (g) | Select Medical Corporation, Term Loan B, (TSFR1M + 2.000%) | 6.327 | 12/03/31 | 207375 |
| 3794 (g) | SkyMiles IP Ltd., Skymiles Term Loan B, (TSFR3M + 3.750%) | 8.022 | 10/20/27 | 3824 |
| 3691450 (g) | Talen Energy Supply, LLC, Incremental Term Loan B, (TSFR3M + 2.500%) | 6.808 | 12/15/31 | 3707600 |
| 612500 (g) | Talen Energy Supply, LLC, Term Loan B, (TSFR3M + 2.500%) | 6.808 | 05/17/30 | 614653 |
| 888772 (g) | TransDigm, Inc., Term Loan J, (TSFR3M + 2.500%) | 6.796 | 02/28/31 | 891354 |
| 4395036 (g) | Triton Water Holdings, Inc, Term Loan B, (TSFR3M + 2.250%) | 6.546 | 03/31/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4415781 |
| 792000 (g) | UKG Inc., Term Loan B, (TSFR1M + 3.000%) | 7.311 | 02/10/31 | 795885 |
| 614125 (g) | USI, Inc., Term Loan C, (TSFR3M + 2.250%) | 6.546 | 09/27/30 | 613222 |
| 2379037 (g) | Varsity Brands, Inc., Term Loan, (TSFR3M + 3.500%) | 7.830 | 08/26/31 | 2381643 |
| 1974425 (g) | VC GB Holdings I Corp., First Lien Term Loan, (TSFR3M + 3.500%) | 8.057 | 05/16/28 | 1964098 |
| 275025 (g) | W.R. Grace & Co.-Conn., Term Loan B, (TSFR3M + 3.250%) | 7.546 | 09/22/28 | 275770 |
| 1281787 (g) | WIN Waste Innovations Holdings, Inc., Incremental Term Loan, (TSFR1M + 3.750%) | 8.191 | 03/27/28 | 1289799 |
| 2972402 (g) | Windsor Holdings III, LLC, Term Loan B, (TSFR1M + 2.750%) | 7.072 | 08/01/30 | 2976608 |
| 2307000 | X Corp., Term Loan | 9.500 | 10/29/29 | 2246441 |
| 2000000 (g) | Zayo Group Holdings, Inc., Term Loan, (TSFR1M + 3.000%) | 7.441 | 03/09/27 | 1907590 |
| 2985000 (g) | Zelis Payments Buyer, Inc., 5th Amendment Term Loan, (TSFR1M + 3.250%) | 7.577 | 11/26/31 | 2973179 |
|  | TOTAL UNITED STATES |  |  | 74341853 |
|  | **TOTAL VARIABLE RATE SENIOR LOAN INTERESTS**<br> **(Cost $77,102,998)** | **TOTAL VARIABLE RATE SENIOR LOAN INTERESTS**<br> **(Cost $77,102,998)** |  | **77610175** |
|  | **TOTAL LONG-TERM INVESTMENTS**<br> **(Cost $436,565,143)** | **TOTAL LONG-TERM INVESTMENTS**<br> **(Cost $436,565,143)** |  | **437286154** |
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **SHORT-TERM INVESTMENTS - 1.4% (1.0% of Total Investments)** |  |  |  |
|  | **REPURCHASE AGREEMENTS - 1.4% (1.0% of Total Investments)** |  |  |  |
| 4425000 (h) | Fixed Income Clearing Corporation | 4.370 | 07/01/25 | 4425000 |
|  | **TOTAL REPURCHASE AGREEMENTS**<br> **(Cost $4,425,000)** |  |  | **4425000** |
|  | **TOTAL SHORT-TERM INVESTMENTS**<br> **(Cost $4,425,000)** |  |  | **4425000** |
|  | **TOTAL INVESTMENTS (Cost $440,990,143) - 138.5%** |  |  | **441711154** |
|  | **BORROWINGS - (33.4)% (i),(j)** |  |  | **(106500000)** |
|  | **REVERSE REPURCHASE AGREEMENTS, INCLUDING ACCRUED INTEREST - (6.7)%(k)** | **REVERSE REPURCHASE AGREEMENTS, INCLUDING ACCRUED INTEREST - (6.7)%(k)** | **REVERSE REPURCHASE AGREEMENTS, INCLUDING ACCRUED INTEREST - (6.7)%(k)** | **(21238397)** |
|  | **OTHER ASSETS & LIABILITIES, NET - 1.6%** |  |  | **5066252** |
|  | **NET ASSETS APPLICABLE TO COMMON SHARES - 100%** |  |  | $**319039009** |

---

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

---

| | |
|:---|:---|
| **22** | *See Notes to Financial Statements* |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| EUR | Euro  |

---

---

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

---

---

| | |
|:---|:---|
| Reg S | Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States.  |

---

TSFR1M CME Term Secured Overnight Financing Rate 1 Month

TSFR3M CME Term Secured Overnight Financing Rate 3 Month

TSFR6M CME Term Secured Overnight Financing Rate 6 Month

(a) For fair value measurement disclosure purposes, investment classified as Level 3.

(b) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(c) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are
deemed liquid and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. As of the end of the reporting period, the aggregate value of these securities is $272,961,617 or
61.8% of Total Investments.

(d) Perpetual security. Maturity date is not applicable.

(e) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in
reverse repurchase agreements. As of the end of the reporting period, investments with a value of $29,094,837 have been pledged as collateral for reverse repurchase agreements.

(f) When-issued or delayed delivery security.

(g) Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the
underlying asset of the security. Coupon rate reflects the rate at period end.

(h) Agreement with Fixed Income Clearing Corporation, 4.370% dated 6/30/25 to be repurchased at $4,425,537 on 7/1/25,
collateralized by Government Agency Securities, with coupon rate 2.125% and maturity date 1/15/35, valued at $4,513,529.

(i) Borrowings as a percentage of Total Investments is 24.1%.

(j) The Fund may pledge up to 100% of its eligible investment (excluding any investments pledged as collateral to specific
investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings.

(k) Reverse Repurchase Agreements, including accrued interest as a percentage of Total investments is 4.8%.

Principal denominated in U.S. Dollars, unless otherwise noted.

Investments in Derivatives

**Forward Foreign Currency Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency<br>Purchased** | **Notional Amount**<br> **(Local Currency)** | **Currency Sold** | **Notional Amount**<br> **(Local Currency)** | **Counterparty** | **Settlement**<br> **Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  U.S. Dollar | 2287490 | Euro | 2010774 | Toronto Dominion Bank | 7/11/25 | $(82506) |
|  U.S. Dollar | 2612928 | Euro | 2283431 | Toronto Dominion Bank | 7/11/25 | (78434) |
|  Total |  |  |  |  |  | $(160940) |
|  Total unrealized appreciation on forward foreign currency contracts | Total unrealized appreciation on forward foreign currency contracts | Total unrealized appreciation on forward foreign currency contracts | Total unrealized appreciation on forward foreign currency contracts | Total unrealized appreciation on forward foreign currency contracts |  | $– |
|  Total unrealized depreciation on forward foreign currency contracts | Total unrealized depreciation on forward foreign currency contracts | Total unrealized depreciation on forward foreign currency contracts | Total unrealized depreciation on forward foreign currency contracts | Total unrealized depreciation on forward foreign currency contracts |  | $(160940) |

---

**Interest Rate Swaps - OTC Uncleared** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Fund**<br> **Pay/Receive**<br> **Floating Rate** | **Floating Rate**<br> **Index** | **Fixed Rate**<br> **(Annualized)** | **Fixed Rate**<br> **Payment**<br> **Frequency** | **Effective**<br> **Date(a)** | **Optional**<br> **Termination**<br> **Date** | **Maturity**<br> **Date** | **Notional**<br> **Amount** | **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
|  Morgan Stanley | Receive | SOFR | 1.994% | Monthly | 6/01/18 | 7/01/25 | 7/01/27 | $87400000 | $206614 | $206614 |

---

SOFR &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secured Overnight Financing Rate

(a) Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each
contract.

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **23** |

---

------

**Consolidated Portfolio of Investments June 30, 2025** 

**NPCT** 

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **PRINCIPAL** | | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  |  | **LONG-TERM INVESTMENTS - 152.0% (99.3% of Total Investments)** | **LONG-TERM INVESTMENTS - 152.0% (99.3% of Total Investments)** | **LONG-TERM INVESTMENTS - 152.0% (99.3% of Total Investments)** | **LONG-TERM INVESTMENTS - 152.0% (99.3% of Total Investments)** |
|  |  |  | **ASSET-BACKED SECURITIES - 2.4% (1.6% of Total Investments)** | **ASSET-BACKED SECURITIES - 2.4% (1.6% of Total Investments)** | **ASSET-BACKED SECURITIES - 2.4% (1.6% of Total Investments)** | **ASSET-BACKED SECURITIES - 2.4% (1.6% of Total Investments)** |
| $— | 1000000 | (a) | Frontier Issuer LLC, Series 2023 1 | 8.300% | 08/20/53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032160 |
|  | 1000000 | (a) | Frontier Issuer LLC, Series 2023 1 | 11.500 | 08/20/53 | 1051792 |
|  | 2009145 | (a) | GoodLeap Sustainable Home Solutions Trust 2021-3, Series 2021 3CS | 3.500 | 05/20/48 | 1239780 |
|  | 2281482 | (a) | GoodLeap Sustainable Home Solutions Trust 2021-4, Series 2021 4GS | 3.500 | 07/20/48 | 1546245 |
|  | 5481250 | (a),(b) | Mosaic Solar Loan Trust 2019-2, Series 2019 2A | 0.000 | 09/20/40 | 1949132 |
|  | 1000000 | (a) | Tesla Auto Lease Trust 2023-A, Series 2023 A | 5.940 | 07/20/27 | 1002152 |
|  |  |  | **TOTAL ASSET-BACKED SECURITIES<br>(Cost $11,056,241)** |  |  | 7821261 |
| **PRINCIPAL** | **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  |  | **CORPORATE BONDS - 103.8% (67.8% of Total Investments) (c)** |  |  |  |
|  |  |  | **AUTOMOBILES & COMPONENTS - 2.1%** |  |  |  |
|  | 4000000 |  | Dana Inc | 4.250 | 09/01/30 | 3942432 |
|  | 3510000 |  | Ford Motor Co | 3.250 | 02/12/32 | 2959277 |
|  |  |  | TOTAL AUTOMOBILES & COMPONENTS |  |  | 6901709 |
|  |  |  | **BANKS - 21.4%** |  |  |  |
|  | 10375000 | (a),(d) | Banco Nacional de Comercio Exterior SNC/Cayman Islands | 2.720 | 08/11/31 | 9817803 |
|  | 4250000 | (d),(e) | Citigroup Inc | 4.150 | N/A | 4134843 |
|  | 17000000 | (a),(d) | Intesa Sanpaolo SpA | 4.950 | 06/01/42 | 13747871 |
|  | 3250000 | (d),(e) | JPMorgan Chase & Co | 3.650 | N/A | 3197238 |
|  | 5000000 | (f) | Lloyds Banking Group PLC | 4.976 | 08/11/33 | 4956274 |
|  | 10195000 | (d),(e) | PNC Financial Services Group Inc/The | 3.400 | N/A | 9845770 |
|  | 10000000 | (a),(d),(f) | Standard Chartered PLC | 5.300 | 01/09/43 | 9123177 |
|  | 15000000 | (a),(d),(f) | UniCredit SpA | 5.459 | 06/30/35 | 14913269 |
|  |  |  | TOTAL BANKS |  |  | 69736245 |
|  |  |  | **CAPITAL GOODS - 5.3%** |  |  |  |
|  | 9000000 | (d),(e) | Air Lease Corp | 4.650 | N/A | 8948121 |
|  | 5800000 | (f) | GATX Corp | 3.100 | 06/01/51 | 3599950 |
|  | 5000000 | (a) | Sociedad de Transmision Austral SA | 4.000 | 01/27/32 | 4653845 |
|  |  |  | TOTAL CAPITAL GOODS |  |  | 17201916 |
|  |  |  | **COMMERCIAL & PROFESSIONAL SERVICES - 0.5%** |  |  |  |
|  | 964000 | (a) | Ambipar Lux Sarl | 9.875 | 02/06/31 | 911098 |
|  | 600000 | (a) | Ambipar Lux Sarl | 10.875 | 02/05/33 | 567040 |
|  |  |  | TOTAL COMMERCIAL & PROFESSIONAL SERVICES |  |  | 1478138 |
|  |  |  | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 2.1%** |  |  |  |
|  | 10000000 |  | Nordstrom Inc | 5.000 | 01/15/44 | 6931587 |
|  |  |  | TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL |  |  | 6931587 |
|  |  |  | **CONSUMER DURABLES & APPAREL - 1.8%** |  |  |  |
|  | EUR 5,000,000 | (g) | Arcelik AS, Reg S | 3.000 | 05/27/26 | 5848759 |
|  |  |  | TOTAL CONSUMER DURABLES & APPAREL |  |  | 5848759 |
|  |  |  | **ENERGY - 4.3%** |  |  |  |
|  | 15000000 | (a),(f) | Santos Finance Ltd | 3.649 | 04/29/31 | 13963810 |
|  |  |  | TOTAL ENERGY |  |  | 13963810 |
|  |  |  | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.5%** |  |  |  |
|  | 2000000 |  | Host Hotels & Resorts LP | 2.900 | 12/15/31 | 1752507 |
|  |  |  | TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) |  |  | 1752507 |
|  |  |  | **FINANCIAL SERVICES - 10.9%** |  |  |  |
|  | 7200000 | (d),(e) | American Express Co | 3.550 | N/A | 7031850 |
|  | 2400000 |  | Community Preservation Corp/The | 2.867 | 02/01/30 | 2206782 |
|  | 2000000 | (a) | HAT Holdings I LLC / HAT Holdings II LLC | 3.750 | 09/15/30 | 1827713 |
|  | 6839000 | (a),(f) | HAT Holdings I LLC / HAT Holdings II LLC | 3.375 | 06/15/26 | 6694062 |
|  | 1000000 | (a) | HAT Holdings I LLC / HAT Holdings II LLC | 8.000 | 06/15/27 | 281294 |
|  | EUR 5,400,000 | (g) | Power Finance Corp Ltd | 1.841 | 09/21/28 | 6082605 |
|  | 4292000 | (a) | Starwood Property Trust Inc | 3.625 | 07/15/26 | 4219064 |
|  | 5710000 | (a) | Starwood Property Trust Inc | 4.375 | 01/15/27 | 5656476 |

---

---

| | |
|:---|:---|
| **24** | *See Notes to Financial Statements* |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** | | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **FINANCIAL SERVICES** (continued) |  |  |  |
| $1445000 | (a) | Starwood Property Trust Inc | 6.000% | 04/15/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1461535 |
|  |  | TOTAL FINANCIAL SERVICES |  |  | 35461381 |
|  |  | **INSURANCE - 1.5%** |  |  |  |
| 4800000 | (a),(d) | Swiss Re Finance Luxembourg SA | 5.000 | 04/02/49 | 4780800 |
|  |  | TOTAL INSURANCE |  |  | 4780800 |
|  |  | **MATERIALS - 4.7%** |  |  |  |
| 345000 | (a) | Alcoa Nederland Holding BV | 7.125 | 03/15/31 | 362073 |
| 550000 | (a) | LD Celulose International GmbH | 7.950 | 01/26/32 | 578875 |
| 5000000 | (a) | LG Chem Ltd | 2.375 | 07/07/31 | 4310264 |
| 5000000 |  | LYB International Finance III LLC | 3.800 | 10/01/60 | 3231101 |
| 6845000 | (a) | Star Energy Geothermal Wayang Windu Ltd | 6.750 | 04/24/33 | 6954609 |
|  |  | TOTAL MATERIALS |  |  | 15436922 |
|  |  | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.7%** |  |  |  |
| EUR 2,250,000 | (g) | GTC Aurora Luxembourg SA, Reg S | 2.250 | 06/23/26 | 2430745 |
|  |  | TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT |  |  | 2430745 |
|  |  | **TECHNOLOGY HARDWARE & EQUIPMENT - 0.7%** |  |  |  |
| 2500000 |  | SK Battery America Inc, Reg S | 2.125 | 01/26/26 | 2446380 |
|  |  | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT |  |  | 2446380 |
|  |  | **TELECOMMUNICATION SERVICES - 4.1%** |  |  |  |
| 2760000 | (a) | Turkcell Iletisim Hizmetleri AS | 7.650 | 01/24/32 | 2803676 |
| 5000000 |  | Verizon Communications Inc | 2.987 | 10/30/56 | 3009266 |
| 10000000 | (d) | Vodafone Group PLC | 5.125 | 06/04/81 | 7565658 |
|  |  | TOTAL TELECOMMUNICATION SERVICES |  |  | 13378600 |
|  |  | **TRANSPORTATION - 1.5%** |  |  |  |
| 7000000 |  | Norfolk Southern Corp | 4.100 | 05/15/21 | 4831706 |
|  |  | TOTAL TRANSPORTATION |  |  | 4831706 |
|  |  | **UTILITIES - 41.7%** |  |  |  |
| 1750000 |  | AES Corp/The | 2.450 | 01/15/31 | 1529926 |
| 1700000 | (d) | AES Corp/The | 7.600 | 01/15/55 | 1750320 |
| 5000000 | (d) | Algonquin Power & Utilities Corp | 4.750 | 01/18/82 | 4876619 |
| 15000000 | (a),(f) | Brooklyn Union Gas Co/The | 4.273 | 03/15/48 | 11522950 |
| 1125000 | (a) | California Buyer Ltd / Atlantica Sustainable Infrastructure PLC | 6.375 | 02/15/32 | 1126834 |
| 5100000 | (a) | Clearway Energy Operating LLC | 3.750 | 01/15/32 | 4576746 |
| 2500000 | (d) | CMS Energy Corp | 4.750 | 06/01/50 | 2429525 |
| 2500000 | (d) | CMS Energy Corp | 3.750 | 12/01/50 | 2247169 |
| 7050000 | (a) | Colbun SA | 3.150 | 01/19/32 | 6262940 |
| 2244000 |  | Consolidated Edison Co of New York Inc | 4.300 | 12/01/56 | 1766946 |
| EUR 5,000,000 | (d),(g),(h) | EDP - Energias de Portugal SA | 1.875 | 03/14/82 | 5400030 |
| EUR 8,000,000 | (d),(e),(g) | Engie SA, Reg S | 1.875 | N/A | 8349763 |
| 3175000 | (d) | Exelon Corp | 6.500 | 03/15/55 | 3229501 |
| 5530000 | (a) | India Cleantech Energy2021 1 | 4.700 | 08/10/26 | 5443527 |
| 6650000 | (a),(f) | Interchile SA | 4.500 | 06/30/56 | 5297494 |
| 2000000 | (a) | Leeward Renewable Energy Operations LLC | 4.250 | 07/01/29 | 1867422 |
| 7330000 | (a),(f) | Liberty Utilities Finance GP 1 | 2.050 | 09/15/30 | 6435858 |
| 7000000 | (a) | Pattern Energy Operations LP / Pattern Energy Operations Inc | 4.500 | 08/15/28 | 6782029 |
| 918668 |  | PG&E Recovery Funding LLC | 4.838 | 06/01/33 | 923402 |
| 4600000 | (d) | Sempra | 4.125 | 04/01/52 | 4423125 |
| 4408736 | (a) | Solar Star Funding LLC | 5.375 | 06/30/35 | 4536613 |
| 13000000 | (f) | Southern California Edison Co | 3.650 | 06/01/51 | 8594356 |
| 4000000 |  | Southern Co Gas Capital Corp | 3.150 | 09/30/51 | 2555865 |
| 5000000 | (d) | Southern Co/The | 3.750 | 09/15/51 | 4931105 |
| 5000000 | (a) | Star Energy Geothermal Darajat II / Star Energy Geothermal Salak | 4.850 | 10/14/38 | 4730797 |
| 8075000 | (a),(i) | Sunnova Energy Corp | 5.875 | 09/01/26 | 161500 |
| 9222400 | (a) | Sweihan PV Power Co PJSC2022 1 | 3.625 | 01/31/49 | 7603740 |
| 3754030 | (a) | Topaz Solar Farms LLC | 5.750 | 09/30/39 | 3685744 |
| 8321783 | (a) | Topaz Solar Farms LLC | 4.875 | 09/30/39 | 7323169 |
| 2433325 | (a) | UEP Penonome II SA2020 1 | 6.500 | 10/01/38 | 2153102 |
| 1500000 | (a),(d),(e) | Vistra Corp | 7.000 | N/A | 1518050 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **25** |

---

------

---

| |
|:---|
| **Consolidated Portfolio of Investments June 30, 2025** (continued) |
| **NPCT** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** | | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **UTILITIES** (continued) |  |  |  |
| $2033000 | (a) | XPLR Infrastructure Operating Partners LP | 7.250% | 01/15/29 | $2084094 |
|  |  | TOTAL UTILITIES |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136120261 |
|  |  | **TOTAL CORPORATE BONDS**<br> **(Cost $396,516,006)** |  |  | **338701466** |
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **MORTGAGE-BACKED SECURITIES - 22.0% (14.4% of Total Investments)** |  |  |  |
| 5000000 | (a),(h) | Alen 2021-ACEN Mortgage Trust, Series 2021 ACEN, (TSFR1M + 4.114%) | 8.426 | 04/15/34 | 3883750 |
| 5000000 | (a),(h) | BAMLL Commercial Mortgage Securities Trust 2021-JACX, Series 2021 JACX, (TSFR1M + 3.864%) | 8.176 | 09/15/38 | 4402452 |
| 4000000 | (a),(h) | BBCMS Mortgage Trust 2020-C6, Series 2020 C6 | 3.811 | 02/15/53 | 3032200 |
| 3840000 | (a),(h) | Benchmark 2019-B10 Mortgage Trust, Series 2019 B10 | 4.029 | 03/15/62 | 2865307 |
| 2500000 | (a),(h) | BSST 2022-1700 Mortgage Trust, Series 2022 1700, (TSFR1M + 1.300%) | 5.612 | 02/15/37 | 2257684 |
| 7887000 | (a),(h) | COMM 2020-CX Mortgage Trust, Series 2020 CX | 2.773 | 11/10/46 | 6085107 |
| 62844269 | (a),(h) | Freddie Mac Multifamily ML Certificates, Series 2021 ML11, (I/O) | 0.770 | 03/25/38 | 3074970 |
| 24098673 | (h) | Freddie Mac Multifamily ML Certificates, Series 2023 ML18 | 1.508 | 09/25/37 | 2499755 |
| 27618661 | (h) | Freddie Mac Multifamily ML Certificates, Series 2021 ML10, (I/O) | 2.128 | 01/25/38 | 3946707 |
| 44807152 | (h) | Freddie Mac Multifamily ML Certificates, Series 2021 ML12, (I/O) | 1.305 | 07/25/41 | 3983356 |
| 2500000 | (a),(h) | Hudson Yards 2019-55HY Mortgage Trust, Series 2019 55HY | 3.041 | 12/10/41 | 2118037 |
| 5000000 | (a),(h) | J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-AON, Series 2018 AON | 4.767 | 07/05/31 | 839998 |
| 10000000 | (a),(h) | MFT Trust 2020-ABC, Series 2020 ABC | 3.593 | 02/10/42 | 6107263 |
| 5661000 | (a),(h) | Natixis Commercial Mortgage Securities Trust 2019-MILE, (TSFR1M + 2.829%) | 7.141 | 07/15/36 | 4455634 |
| 700000 | (a),(h) | Natixis Commercial Mortgage Securities Trust 2019-MILE, Series 2019 MILE, (TSFR1M + 3.579%) | 7.891 | 07/15/36 | 507456 |
| 4420000 | (a),(h) | NYC Commercial Mortgage Trust 2021-909, Series 2021 909 | 3.312 | 04/10/43 | 3384376 |
| 80369000 | (a),(h) | SLG Office Trust 2021-OVA, Series 2021 OVA, (I/O) | 0.258 | 07/15/41 | 989656 |
| 3860000 | (a) | SLG Office Trust 2021-OVA, Series 2021 OVA | 2.851 | 07/15/41 | 3257622 |
| 7000000 | (a) | SLG Office Trust 2021-OVA, Series 2021 OVA | 2.851 | 07/15/41 | 5605209 |
| 3500000 | (a),(h) | SUMIT 2022-BVUE Mortgage Trust, Series 2022 BVUE | 2.989 | 02/12/41 | 2467371 |
| 6000000 | (a),(h) | VNDO Trust 2016-350P, Series 2016 350P | 4.033 | 01/10/35 | 5703101 |
| 500000 | (a),(h) | Wells Fargo Commercial Mortgage Trust 2017-SMP, Series 2017 SMP, (TSFR1M + 0.921%) | 6.258 | 12/15/34 | 463502 |
|  |  | **TOTAL MORTGAGE-BACKED SECURITIES<br>(Cost $95,065,629)** |  |  | **71930513** |
| **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **MUNICIPAL BONDS - 4.2% (2.8% of Total Investments)** |  |  |  |
|  |  | **ARIZONA - 0.2%** |  |  |  |
| 705000 |  | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, KIPPC NYC Public Charter Schools - Gerard Facility Project, Series 2021C | 3.250 | 07/01/31 | 638979 |
|  |  | TOTAL ARIZONA |  |  | 638979 |
|  |  | **DISTRICT OF COLUMBIA - 0.1%** |  |  |  |
| 254000 |  | District of Columbia Water and Sewer Authority, Public Utility Revenue Bonds, Taxable Senior Lien Green Series 2014A | 4.814 | 10/01/14 | 216903 |
|  |  | **TOTAL DISTRICT OF COLUMBIA** |  |  | 216903 |
|  |  | **INDIANA - 0.0%** |  |  |  |
| 234358 | (i) | Fort Wayne, Indiana Economic Development, Solid Waste Facility Revenue Bonds, Do Good Foods LLC Fort Wayne, Taxable Series 2022A-2 | 10.750 | 12/01/29 | 23 |
|  |  | TOTAL INDIANA |  |  | 23 |

---

---

| | |
|:---|:---|
| **26** | *See Notes to Financial Statements* |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **MICHIGAN - 1.7%** |  |  |  |
| $1000000 | Detroit, Wayne County, Michigan, General Obligation Bonds, Series 2021 | 2.960% | 04/01/27 | $977344 |
| 500000 | Detroit, Wayne County, Michigan, General Obligation Bonds, Series 2021 | 3.110 | 04/01/28 | 484234 |
| 2245000 | Detroit, Wayne County, Michigan, General Obligation Bonds, Series 2021 | 3.244 | 04/01/29 | 2154251 |
| 425000 | Detroit, Wayne County, Michigan, General Obligation Bonds, Series 2021 | 3.344 | 04/01/30 | 403007 |
| 1575000 | Detroit, Wayne County, Michigan, General Obligation Bonds, Taxable Series 2021B | 3.644 | 04/01/34 | 1427296 |
|  | TOTAL MICHIGAN |  |  | 5446132 |
|  | **MONTANA - 0.6%** |  |  |  |
| 1000000 (a) | Gallatin County, Montana, Industrial Development Revenue Bonds, Series 2022 | 11.500 | 09/01/27 | 1030524 |
| 1000000 (a) | Gallatin County, Montana, Industrial Development Revenue Bonds, Series 2022 | 11.500 | 09/01/27 | 1030525 |
|  | TOTAL MONTANA |  |  | 2061049 |
|  | **NEW HAMPSHIRE - 0.7%** |  |  |  |
| 61572625 | New Hampshire Business Finance Authority | 0.595 | 08/20/39 | 2445665 |
|  | TOTAL NEW HAMPSHIRE |  |  | 2445665 |
|  | **NEW YORK - 0.8%** |  |  |  |
| 2500000 | New York Transportation Development Corporation, Revenue Bonds, MTA ADA Upgrades Project, Long Term Taxable Sustainability Green Series 2023B | 6.971 | 06/30/51 | 2465879 |
|  | TOTAL NEW YORK |  |  | 2465879 |
|  | **WISCONSIN - 0.1%** |  |  |  |
| 500000 (a) | Public Finance Authority, Wisconsin, Educational Facilities Revenue Bonds, Series 2025B | 6.250 | 06/01/31 | 503019 |
|  | TOTAL WISCONSIN |  |  | 503019 |
|  | **TOTAL MUNICIPAL BONDS<br>(Cost $14,927,118)** |  |  | **13777649** |
| **SHARES** | **DESCRIPTION** | **RATE** |  | **VALUE** |
|  | **PREFERRED STOCK - 5.9% (3.8% of Total Investments)** |  |  |  |
|  | **CAPITAL GOODS - 1.6%** |  |  |  |
| 269000 | Triton International Ltd | 5.750 |  | 5097550 |
|  | TOTAL CAPITAL GOODS |  |  | 5097550 |
|  | **FINANCIAL SERVICES - 1.4%** |  |  |  |
| 300000 | Affiliated Managers Group Inc | 4.200 |  | 4530000 |
|  | TOTAL FINANCIAL SERVICES |  |  | 4530000 |
|  | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.3%** |  |  |  |
| 77904 | Brookfield Property Partners LP | 5.750 |  | 1012752 |
|  | TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT |  |  | 1012752 |
|  | **UTILITIES - 2.6%** |  |  |  |
| 100426 | Brookfield Infrastructure Partners LP | 5.125 |  | 1680127 |
| 200000 | Brookfield Renewable Partners LP | 5.250 |  | 3466000 |
| 200000 | CMS Energy Corp | 4.200 |  | 3432000 |
|  | TOTAL UTILITIES |  |  | 8578127 |
|  | **TOTAL PREFERRED STOCK<br>(Cost $28,938,056)** |  |  | **19218429** |
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  | **SOVEREIGN DEBT - 6.6% (4.3% of Total Investments)** |  |  |  |
|  | **BENIN - 3.1%** |  |  |  |
| EUR 10,000,000 (a) | Benin Government International Bond | 4.950 | 01/22/35 | 10109200 |
|  | TOTAL BENIN |  |  | 10109200 |
|  | **CHILE - 1.2%** |  |  |  |
| 5000000 | Chile Government International Bond | 3.100 | 05/07/41 | 3711800 |
|  | TOTAL CHILE |  |  | 3711800 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **27** |

---

------

---

| |
|:---|
| **Consolidated Portfolio of Investments June 30, 2025** (continued) |
| **NPCT** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **MEXICO - 2.3%** |  |  |  |
|  | EUR 5,000,000 | Mexico Government International Bond | 2.250% | 08/12/36 | $4586803 |
| $— | 3150000 | Mexico Government International Bond | 4.875 | 05/19/33 | 2971080 |
|  |  | TOTAL MEXICO |  |  | 7557883 |
|  |  | **TOTAL SOVEREIGN DEBT**<br> **(Cost $25,548,416)** |  |  | **21378883** |
| **PRINCIPAL** | **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 2.9% (1.9% of Total Investments)** | **U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 2.9% (1.9% of Total Investments)** | **U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 2.9% (1.9% of Total Investments)** |  |
|  | 305000 | United States Treasury Note/Bond | 4.625 | 02/15/55 | 296898 |
|  | 6920000 | United States Treasury Note/Bond | 4.250 | 05/15/35 | 6930813 |
|  | 92000 | United States Treasury Note/Bond | 3.875 | 06/15/28 | 92489 |
|  | 1296000 | United States Treasury Note/Bond | 3.875 | 06/30/30 | 1300961 |
|  | 776000 | United States Treasury Note/Bond | 3.750 | 06/30/27 | 776485 |
|  |  | **TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS**<br> **(Cost $9,260,347)** |  |  | **9397646** |
| **PRINCIPAL** | **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **VARIABLE RATE SENIOR LOAN INTERESTS - 4.2% (2.7% of Total Investments)** | **VARIABLE RATE SENIOR LOAN INTERESTS - 4.2% (2.7% of Total Investments)** | **VARIABLE RATE SENIOR LOAN INTERESTS - 4.2% (2.7% of Total Investments)** |  |
|  |  | **COMMERCIAL & PROFESSIONAL SERVICES - 3.0%** |  |  |  |
|  | 10205427 (h) | Liberty Tire Recycling Holdco, LLC, Term Loan, (TSFR1M + 4.500%) | 8.941 | 05/08/28 | 9907786 |
|  |  | TOTAL COMMERCIAL & PROFESSIONAL SERVICES |  |  | 9907786 |
|  |  | **UTILITIES - 1.2%** |  |  |  |
|  | 980083 (h) | Constellation Renewables, LLC, Term Loan, (TSFR3M + 2.250%) | 6.583 | 12/15/27 | 983758 |
|  | 2800000 (h) | Vistra Zero Operating Company, LLC, Term Loan B, (TSFR1M + 2.000%) | 6.327 | 04/30/31 | 2768724 |
|  |  | TOTAL UTILITIES |  |  | 3752482 |
|  |  | **TOTAL VARIABLE RATE SENIOR LOAN INTERESTS**<br> **(Cost $13,888,841)** |  |  | **13660268** |
|  |  | **TOTAL LONG-TERM INVESTMENTS**<br> **(Cost $595,200,654)** |  |  | **495886115** |
| **PRINCIPAL** | **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  | **SHORT-TERM INVESTMENTS - 1.0%(0.7% of Total Investments)** |  |  |  |
|  |  | **REPURCHASE AGREEMENTS - 1.0% (0.7% of Total Investments)** |  |  |  |
|  | 3275000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (j)  | Fixed Income Clearing Corporation | 4.370 | 07/01/25 | 3275000 |
|  |  | **TOTAL REPURCHASE AGREEMENTS**<br> **(Cost $3,275,000)** |  |  | **3275000** |
|  |  | **TOTAL SHORT-TERM INVESTMENTS**<br> **(Cost $3,275,000)** |  |  | **3275000** |
|  |  | **TOTAL INVESTMENTS - 153.0%**<br> **(Cost $598,475,654)** |  |  | **499161115** |
|  |  | **BORROWINGS - (19.2)% (k),(l)** |  |  | **(62500000)** |
|  |  | **REVERSE REPURCHASE AGREEMENTS, INCLUDING ACCRUED INTEREST - (15.0)%(m)** | **REVERSE REPURCHASE AGREEMENTS, INCLUDING ACCRUED INTEREST - (15.0)%(m)** | **REVERSE REPURCHASE AGREEMENTS, INCLUDING ACCRUED INTEREST - (15.0)%(m)** | **(49078226)** |
|  |  | **TFP SHARES, NET - (21.4)%(n)** |  |  | **(69733954)** |
|  |  | **OTHER ASSETS & LIABILITIES, NET - 2.6%** |  |  | **8390486** |
|  |  | **NET ASSETS APPLICABLE TO COMMON SHARES - 100%** |  |  | **$326239421** |

---

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

---

| | |
|:---|:---|
|  EUR | Euro |
| I/O | Interest only security |
| Reg S | Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering |
|  | those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the |
|  | registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are |
|  | made outside the United States. |
| TSFR1M | CME Term Secured Overnight Financing Rate 1 Month |
| TSFR3M | CME Term Secured Overnight Financing Rate 3 Month |

---

---

| | |
|:---|:---|
| **28** | *See Notes to Financial Statements* |

---

------

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are
deemed liquid and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. As of the end of the reporting period, the aggregate value of these securities is $272,736,187 or
54.6% of Total Investments.

(b) For fair value measurement disclosure purposes, investment classified as Level 3.

(c) Contains $1,000 Par Preferred and/or Contingent Capital Securities.

(d) $1,000 Par Institutional Preferred security. As of the end of the period, the percent of $1,000 Par Institutional
Preferred securities was 26.5% of Total Investments.

(e) Perpetual security. Maturity date is not applicable.

(f) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in
reverse repurchase agreements. As of the end of the reporting period, investments with a value of $67,473,222 have been pledged as collateral for reverse repurchase agreements.

(g) All or a portion of this security is owned by Nuveen Core Plus Impact Fund Ltd. which is a 100% owned subsidiary of the
fund.

(h) Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the
underlying asset of the security. Coupon rate reflects the rate at period end.

(i) Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the
protection of bankruptcy.

(j) Agreement with Fixed Income Clearing Corporation, 4.370% dated 6/30/25 to be repurchased at $3,275,398 on 7/1/25,
collateralized by Government Agency Securities, with coupon rate 4.000% and maturity date 6/30/32, valued at $3,340,653.

(k) Borrowings as a percentage of Total Investments is 12.5%.

(l) The Fund may pledge up to 100% of its eligible investment (excluding any investments pledged as collateral to specific
investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings.

(m) Reverse Repurchase Agreements, including accrued interest as a percentage of Total investments is 9.8%.

(n) TFP Shares, Net as a percentage of Total Investments is 14.0%.

Principal denominated in U.S. Dollars, unless otherwise noted.

**Investments in Derivatives** 

**Forward Foreign Currency Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency**<br> **Purchased** | **Notional Amount**<br> **(Local Currency)** | **Currency Sold** | **Notional Amount**<br> **(Local Currency)** | **Counterparty** | **Settlement**<br> **Date** | **Unrealized<br>Appreciation**<br> **(Depreciation)** |
|  U.S. Dollar | 7605799 | Euro | 6858671 | Barclays Bank PLC | 7/11/25 | $(478163) |
|  Total |  |  |  |  |  | $(478163) |
|  Total unrealized appreciation on forward foreign currency contracts | Total unrealized appreciation on forward foreign currency contracts | Total unrealized appreciation on forward foreign currency contracts | Total unrealized appreciation on forward foreign currency contracts | Total unrealized appreciation on forward foreign currency contracts |  | $- |
|  Total unrealized depreciation on forward foreign currency contracts | Total unrealized depreciation on forward foreign currency contracts | Total unrealized depreciation on forward foreign currency contracts | Total unrealized depreciation on forward foreign currency contracts | Total unrealized depreciation on forward foreign currency contracts |  | $(478163) |

---

**Cross Currency Swaps - OTC Uncleared** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Terms of payments<br>to be paid** | **Terms of payments**<br> **to be received** | **Currency** | **Maturity<br>Date** | **Notional<br>Amount<br>(Local<br>Currency)** | **Value** | **Upfront<br>Premiums<br>Paid**<br> **(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Citibank N.A. | Fixed annual 2.250% | Fixed semi-annual | USD | 6/23/26 | 2725875 | $55876 | $25810 | $30066 |
|  |  | 3.562% | EUR |  | 2250000 |  |  |  |
|  Citibank N.A. | Fixed semi-annual | Fixed annual 3.472% | USD | 7/02/31 | 5904500 | 110090 | 15684 | 94406 |
|  | 1.875% |  | EUR |  | 5000000 |  |  |  |
|  Citibank N.A. | Fixed semi-annual | Fixed annual 3.493% | USD | 7/02/31 | 3543900 | 71640 | (7354) | 78994 |
|  | 1.875% |  | EUR |  | 3000000 |  |  |  |
|  Citibank N.A. | Fixed semi-annual | Fixed annual 3.775% | USD | 8/12/36 | 5909000 | 170293 | 12380 | 157913 |
|  | 2.250% |  | EUR |  | 5000000 |  |  |  |
|  JPMorgan Chase Bank, N.A. | Fixed semi-annual<br>1.875% | Fixed annual 3.431% | USD<br>EUR | 6/14/29 | 5905000<br>5000000 | 24845 | (2509) | 27354 |
|  Morgan Stanley Capital Services LLC | Fixed semi-annual<br>3.000% | Fixed annual 4.330% | USD<br>EUR | 5/27/26 | 6088500<br>5000000 | 163721 | 4250 | 159471 |
|  Morgan Stanley Capital Services LLC | Fixed semi-annual<br>1.841% | Fixed annual 3.337% | USD<br>EUR | 9/21/28 | 6376320<br>5400000 | (9360) | (4) | (9356) |
|  Total |  |  |  |  |  | $587105 | $48257 | $538848 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **29** |

---

------

---

| |
|:---|
| **Portfolio of Investments June 30, 2025** |
| **JLS**<br>**(Unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **PRINCIPAL** | | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** | **VALUE** |
|  |  |  | **LONG-TERM INVESTMENTS - 125.8% (96.1% of Total Investments)** | **LONG-TERM INVESTMENTS - 125.8% (96.1% of Total Investments)** | **LONG-TERM INVESTMENTS - 125.8% (96.1% of Total Investments)** | **LONG-TERM INVESTMENTS - 125.8% (96.1% of Total Investments)** | **LONG-TERM INVESTMENTS - 125.8% (96.1% of Total Investments)** |
|  |  |  | **ASSET-BACKED SECURITIES - 39.2% (29.9% of Total Investments)** | **ASSET-BACKED SECURITIES - 39.2% (29.9% of Total Investments)** | **ASSET-BACKED SECURITIES - 39.2% (29.9% of Total Investments)** | **ASSET-BACKED SECURITIES - 39.2% (29.9% of Total Investments)** | **ASSET-BACKED SECURITIES - 39.2% (29.9% of Total Investments)** |
| $1083147 | 1083147 | (a) | AASET 2020-1 Trust, Series 2020 1A | 6.413% | 01/16/40 | $1016695 | 1016695 |
|  | 1500000 | (a),(b) | ACRE Commercial Mortgage 2021-FL4 Ltd, Series 2021 FL4, (TSFR1M + 3.214%) | 7.529 | 12/18/37 |  | 1434862 |
|  | 515000 | (a) | Affirm Asset Securitization Trust 2023-B, Series 2023 B | 11.320 | 09/15/28 |  | 519611 |
|  | 299854 | (a) | Air Canada 2020-2 Class B Pass Through Trust, Series 2020 A | 9.000 | 10/01/25 |  | 301809 |
|  | 750000 | (a),(b) | Apidos CLO XLII Ltd, Series 2022 42A, (TSFR3M + 3.650%) | 7.919 | 04/20/38 |  | 752278 |
|  | 375000 | (a),(b) | Armor RE II Ltd, (3-Month U.S. Treasury Bill + 8.500%) | 0.000 | 01/07/28 |  | 375113 |
|  | 550000 | (a) | Avis Budget Rental Car Funding AESOP LLC, Series 2021 2A | 4.080 | 02/20/28 |  | 531516 |
|  | 750000 | (a),(b) | Bonanza RE Ltd, (3-Month U.S. Treasury Bill + 8.450%) | 12.787 | 01/08/26 |  | 751950 |
|  | 290017 | (a),(c) | British Airways 2020-1 Class B Pass Through Trust, Series 2020 A | 8.375 | 11/15/28 |  | 305672 |
|  | 2000000 | (a),(c) | Cars Net Lease Mortgage Notes Series 2020-1, Series 2020 1A | 4.690 | 12/15/50 |  | 1863072 |
|  | 775000 | (a) | CARS-DB4 LP, Series 2020 1A | 4.520 | 02/15/50 |  | 748571 |
|  | 250000 | (a),(b) | Cayuga Park CLO Ltd, Series 2020 1A, (TSFR3M + 6.262%) | 1.000 | 07/17/34 |  | 251256 |
|  | 1000000 | (a) | Centersquare Issuer LLC, Series 2024 1A | 5.600 | 10/26/54 |  | 973083 |
|  | 385000 | (a),(b) | CIFC Funding 2020-II Ltd, Series 2020 2A, (LIBOR 3 M + 6.762%) | 11.031 | 10/20/34 |  | 386907 |
|  | 700000 | (a),(b) | CIFC Funding 2022-II Ltd, Series 2022 2A, (TSFR3M + 4.750%) | 9.019 | 04/19/35 |  | 690122 |
|  | 750000 | (a),(b) | CIFC Funding 2022-IV Ltd, Series 2022 4A, (SOFR + 3.550%) | 7.811 | 07/16/35 |  | 751349 |
|  | 250000 | (a) | Cologix Data Centers US Issuer LLC, Series 2021 1A | 5.990 | 12/26/51 |  | 241786 |
|  | 1000000 | (a) | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC, Series 2025 1A | 9.408 | 05/20/55 |  | 1045679 |
|  | 1000000 | (a),(b),(c) | Elmwood CLO 26 Ltd, Series 2024 1A, (TSFR3M + 6.450%) | 10.719 | 04/18/37 |  | 1018114 |
|  | 500000 | (a) | ExteNet Issuer LLC, Series 2024 1A | 9.050 | 07/25/54 |  | 524768 |
|  | 1500000 | (a) | Frontier Issuer LLC, Series 2023 1 | 11.500 | 08/20/53 |  | 1577687 |
|  | 1500000 | (a),(d) | Frontier Issuer LLC, Series 2023 1 | 8.300 | 08/20/53 |  | 1548240 |
|  | 500000 | (a),(b) | GoldentTree Loan Management US CLO 1 Ltd, Series 2021 11A, (LIBOR 3 M + 7.762%) | 12.379 | 10/20/34 |  | 486301 |
|  | 1000000 | (a),(b) | GRACIE POINT INTERNATIONAL FUNDING 2023-2, Series 2023 2A, (SOFR90A + 5.400%) | 9.748 | 03/01/27 |  | 1007414 |
|  | 173000 | (a),(b) | Gracie Point International Funding 2024-1 LLC, Series 2024 1A, (SOFR90A + 7.150%) | 11.572 | 03/01/28 |  | 173137 |
|  | 477500 | (a) | Hardee's Funding LLC, Series 2020 1A | 3.981 | 12/20/50 |  | 454093 |
|  | 7143 | (a),(b) | Hestia Re Ltd, (1-Month U.S. Treasury Bill + 10.080%) | 14.374 | 04/22/29 |  | 2857 |
|  | 141419 | (a) | HIN Timeshare Trust 2020-A, Series 2020 A | 5.500 | 10/09/39 |  | 137657 |
|  | 101013 | (a) | HIN Timeshare Trust 2020-A, Series 2020 A | 6.500 | 10/09/39 |  | 96913 |
|  | 750000 | (a) | Hotwire Funding LLC, Series 2024 1A | 9.188 | 06/20/54 |  | 788118 |
|  | 420000 | (a),(b) | KKR CLO 49 Ltd, Series Y 49A, (TSFR3M + 6.820%) | 11.089 | 10/20/37 |  | 415817 |
|  | 221296 | (a) | LUNAR AIRCRAFT 2020-1 LTD, Series 2020 1A | 3.376 | 02/15/45 |  | 215770 |
|  | 1125000 | (a),(b) | Magnetite XXIII Ltd, Series 2019 23A, (TSFR3M + 6.562%) | 7.484 | 01/25/35 |  | 1127978 |
|  | 125000 | (a) | MetroNet Infrastructure Issuer LLC, Series 2023 1A | 8.010 | 04/20/53 |  | 130123 |
|  | 125000 | (a) | MetroNet Infrastructure Issuer LLC, Series 2023 1A | 10.850 | 04/20/53 |  | 133502 |
|  | 1000000 | (a) | MetroNet Infrastructure Issuer LLC, Series 2024 1A | 10.860 | 04/20/54 |  | 1073662 |
|  | 1000000 | (e) | MetroNet Infrastructure Issuer LLC, Series 2025 1 | 9.370 | 07/20/55 |  | 1023604 |
|  | 1000000 | (a) | Mexico Remittances Funding Fiduciary Estate Management Sarl | 12.500 | 10/15/31 |  | 977500 |
|  | 1525000 | (a),(f) | Mosaic Solar Loan Trust 2019-2, Series 2019 2A | 0.000 | 09/20/40 |  | 542290 |
|  | 497442 | (a) | Mosaic Solar Loan Trust 2020-2, Series 2020 2A | 5.420 | 08/20/46 |  | 463315 |
|  | 1000000 | (a) | Mosaic Solar Loan Trust 2024-1, Series 2024 1A | 10.000 | 09/20/49 |  | 623183 |
|  | 116886 | (a) | MVW 2020-1 LLC, Series 2020 1A | 7.140 | 10/20/37 |  | 115994 |
|  | 84850 | (a) | Oportun Funding 2022-1 LLC, Series 2022 1 | 6.000 | 06/15/29 |  | 84875 |
|  | 364311 | (a) | Oportun Issuance Trust 2021-B, Series 2021 B | 5.410 | 05/08/31 |  | 359897 |
|  | 201349 | (a) | Oportun Issuance Trust 2021-C, Series 2021 C | 5.570 | 10/08/31 |  | 198144 |
|  | 2000000 | (a) | Oportun Issuance Trust 2024-1, Series 2024 1A | 12.072 | 04/08/31 |  | 2082265 |
|  | 1000000 | (a) | Oportun Issuance Trust 2025-B, Series 2025 B | 9.400 | 05/09/33 |  | 996677 |
|  | 500000 | (a),(b),(e) | Palmer Square CLO 2021-4 Ltd, Series 2021 4A, (TSFR3M + 5.750%) | 0.000 | 07/15/38 |  | 502500 |
|  | 625000 | (a),(b) | Palmer Square CLO Ltd, Series 2022 1A, (TSFR3M + 6.350%) | 10.622 | 04/20/35 |  | 626654 |
|  | 500000 | (a),(b) | Rad CLO 6 Ltd, Series 2019 6A, (TSFR3M + 6.750%) | 11.019 | 10/20/37 |  | 496662 |
|  | 750000 | (a),(b) | Rad CLO 7 Ltd, Series 2020 7A, (TSFR3M + 4.150%) | 8.430 | 04/17/36 |  | 751189 |

---

---

| | |
|:---|:---|
| **30** | *See Notes to Financial Statements* |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **PRINCIPAL** | | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
| | |  | **ASSET-BACKED SECURITIES** (continued) | **ASSET-BACKED SECURITIES** (continued) | **ASSET-BACKED SECURITIES** (continued) | **ASSET-BACKED SECURITIES** (continued) |
| $— | 350000 | (a),(b) | REESE PARK CLO LTD, Series 2020 1A, (TSFR3M + 6.000%) | 10.256% | 01/15/38 | 350609 |
|  | 500000 | (a),(b) | Residential Reinsurance 2022 Ltd, (3-Month U.S. Treasury Bill + 7.690%) | 11.984 | 12/06/26 | 516000 |
|  | 250000 | (a),(b) | Residential Reinsurance 2025 Ltd, (3-Month U.S. Treasury Bill + 5.750%) | 4.783 | 06/06/29 | 249425 |
|  | 1000000 | (a),(b) | Sixth Street CLO XIX Ltd, Series 2021 19A, (LIBOR 3 M + 6.162%) | 6.035 | 07/20/34 | 1005888 |
|  | 458993 | (a) | Start II LTD, Series 2019 1 | 5.095 | 03/15/44 | 454499 |
|  | 442580 | (a),(b) | Sunnova Helios XII Issuer LLC, Series 2023 B | 6.000 | 08/22/50 | 265209 |
|  | 1000000 | (a),(b) | TCW CLO 2021-2 Ltd, Series 2021 2A, (LIBOR 3 M + 7.122%) | 11.747 | 07/25/34 | 994965 |
|  | 1000000 | (a) | Uniti Fiber Abs Issuer Llc, Series 2025 1A | 9.120 | 04/20/55 | 1032341 |
|  | 500000 | (a),(b) | Ursa Re II Ltd, (3-Month U.S. Treasury Bill + 7.000%) | 11.294 | 12/06/25 | 507100 |
|  | 629338 | (a) | Vivint Solar Financing V LLC, Series 2018 1A | 7.370 | 04/30/48 | 600169 |
|  | 182339 | (a) | VR Funding LLC, Series 2020 1A | 6.420 | 11/15/50 | 179734 |
|  | 500000 | (a) | Zayo Issuer LLC, Series 2025 1A | 8.659 | 03/20/55 | 513092 |
|  | 500000 | (a) | Ziply Fiber Issuer LLC, Series 2024 1A | 7.810 | 04/20/54 | 522729 |
|  | 1000000 | (a) | Ziply Fiber Issuer LLC, Series 2024 1A | 11.170 | 04/20/54 | 1076711 |
|  |  |  | **TOTAL ASSET-BACKED SECURITIES<br>(Cost $42,380,784)** |  |  | **41966702** |
| **PRINCIPAL** | **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  |  | **MORTGAGE-BACKED SECURITIES - 86.6% (66.2% of Total Investments)** | **MORTGAGE-BACKED SECURITIES - 86.6% (66.2% of Total Investments)** | **MORTGAGE-BACKED SECURITIES - 86.6% (66.2% of Total Investments)** | **MORTGAGE-BACKED SECURITIES - 86.6% (66.2% of Total Investments)** |
|  | 1000000 | (a),(b) | ARDN 2025-ARCP Mortgage Trust, Series 2025 ARCP, (TSFR1M + 3.000%) | 7.300 | 06/15/35 | 1003697 |
|  | 1000000 | (a),(b) | ARDN 2025-ARCP Mortgage Trust, (TSFR1M + 4.500%) | 8.800 | 06/15/35 | 1004552 |
|  |  | (b),(c) | BANK 2017-BNK6, Series 2017 BNK6 | 3.851 | 07/15/60 | 917414 |
|  | 1000000 | (a),(c) | BANK 2019-BNK21, Series 2019 BN21 | 2.500 | 10/17/52 | 731903 |
|  | 1000000 | (a),(b) | BBCMS Mortgage Trust 2020-C6, Series 2020 C6 | 3.811 | 02/15/53 | 847685 |
|  | 1750000 | (a),(b),(c) | BBCMS Trust 2015-SRCH, Series 2015 SRCH | 5.122 | 08/10/35 | 1640300 |
|  | 500000 | (b) | Benchmark 2018-B2 Mortgage Trust, Series 2018 B2 | 4.450 | 02/15/51 | 401385 |
|  | 1100000 | (b),(c) | Benchmark 2019-B14 Mortgage Trust, Series 2019 B14 | 3.888 | 12/15/62 | 842517 |
|  | 1500000 | (a) | Benchmark 2020-B18 Mortgage Trust, Series 2020 B18 | 4.139 | 07/15/53 | 1483074 |
|  | 948827 | (a),(b) | BLP Commercial Mortgage Trust 2024-IND2, Series 2024 IND2, (TSFR1M + 3.689%) | 8.011 | 03/15/41 | 950965 |
|  | 1000000 | (b),(c) | Cantor Commercial Real Estate Lending 2019-CF1, Series 2019 CF1 | 4.352 | 05/15/52 | 837752 |
|  | 845000 | (b) | CD 2016-CD1 Mortgage Trust, Series 2016 CD1 | 3.631 | 08/10/49 | 571629 |
|  | 1500000 | (b) | CD 2016-CD2 Mortgage Trust, Series 2016 CD2 | 4.107 | 11/10/49 | 910726 |
|  | 1978000 | (b) | CD 2017-CD3 Mortgage Trust, Series 2017 CD3 | 4.682 | 02/10/50 | 925199 |
|  | 23977 | (a),(b) | CF 2020-P1 Mortgage Trust, Series 2020 P1 | 2.840 | 04/15/52 | 23819 |
|  | 346492 | (b) | CHL Mortgage Pass-Through Trust 2006-HYB1, Series 2006 HYB1 | 4.964 | 03/20/36 | 322868 |
|  | 1471597 | (a),(b) | COMM 2013-LC13 Mortgage Trust, Series 2013 LC13 | 5.549 | 08/10/46 | 1350017 |
|  | 925000 | (b),(c) | COMM 2014-CCRE15 Mortgage Trust, Series 2014 CR15 | 4.069 | 02/10/47 | 884674 |
|  | 755772 | (c) | COMM 2014-CCRE17 Mortgage Trust, Series 2014 CR17 | 4.377 | 05/10/47 | 730036 |
|  | 645450 | (b),(c) | COMM 2014-CR14 Mortgage Trust, Series 2014 CR14 | 3.793 | 02/10/47 | 622017 |
|  | 1500000 | (a),(b) | COMM 2014-UBS3 Mortgage Trust, Series 2014 UBS3 | 4.767 | 06/10/47 | 645000 |
|  | 1400000 | (a) | COMM 2015-CCRE22 Mortgage Trust, Series 2015 CR22 | 3.000 | 03/10/48 | 962430 |
|  | 872394 | (b),(c) | COMM 2015-CCRE23 Mortgage Trust, Series 2015 CR23 | 4.365 | 05/10/48 | 847824 |
|  | 1800000 | (b) | COMM 2015-CCRE24 Mortgage Trust, Series 2015 CR24 | 3.463 | 08/10/48 | 1633722 |
|  | 892000 | (b),(c) | COMM 2015-CCRE25 Mortgage Trust, Series 2015 CR25 | 4.689 | 08/10/48 | 873171 |
|  | 1245000 | (b),(c) | COMM 2015-CCRE25 Mortgage Trust, Series 2015 CR25 | 3.768 | 08/10/48 | 1170042 |
|  | 625000 | (a),(b) | Connecticut Avenue Securities Trust 2021-R03, Series 2021 R03, (SOFR30A + 5.500%) | 9.805 | 12/25/41 | 651830 |
|  | 2100000 | (a),(b) | Connecticut Avenue Securities Trust 2022-R01, Series 2022 R01, (SOFR30A + 6.000%) | 10.305 | 12/25/41 | 2206297 |
|  | 1000000 | (a),(b) | Connecticut Avenue Securities Trust 2022-R03, Series 2022 R03, (SOFR30A + 9.850%) | 14.823 | 03/25/42 | 1120442 |
|  | 2840000 | (a),(b),(c) | Connecticut Avenue Securities Trust 2022-R05, Series 2022 R05, (SOFR30A + 7.000%) | 11.305 | 04/25/42 | 3075880 |
|  | 1900000 | (a),(b) | Connecticut Avenue Securities Trust 2022-R07, Series 2022 R07, (SOFR30A + 12.000%) | 16.306 | 06/25/42 | 2225983 |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **31** |

---

------

---

| |
|:---|
| **Portfolio of Investments June 30, 2025** (continued) |
| **JLS** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **PRINCIPAL** | | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  |  | **MORTGAGE-BACKED SECURITIES** (continued) |  |  |  |
| $— | 4000000 | (a),(b),(c) | Connecticut Avenue Securities Trust 2023-R02, Series 2023 R02, (SOFR30A + 5.550%) | 9.855% | 01/25/43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4368109 |
|  | 2000000 | (a),(b),(c) | Connecticut Avenue Securities Trust 2023-R04, Series 2023 R04, (SOFR30A + 5.350%) | 9.656 | 05/25/43 | 2189436 |
|  | 2250000 | (a),(b),(c) | Connecticut Avenue Securities Trust 2023-R05, Series 2023 R05, (SOFR30A + 4.750%) | 9.056 | 06/25/43 | 2429673 |
|  | 2280000 | (a),(b),(c) | Connecticut Avenue Securities Trust 2023-R06, Series 2023 R06, (SOFR30A + 3.900%) | 9.188 | 07/25/43 | 2412412 |
|  | 3110000 | (a),(b) | Connecticut Avenue Securities Trust 2023-R06, Series 2023 R06, (SOFR30A + 5.900%) | 10.205 | 07/25/43 | 3320914 |
|  | 33000000 | (a),(b) | DOLP Trust 2021-NYC, Series 2021 NYC | 0.665 | 05/10/41 | 986167 |
|  | 77620 | (a),(b) | Flagstar Mortgage Trust 2017-2, Series 2017 2 | 3.978 | 10/25/47 | 71036 |
|  | 7467859 | (b) | Freddie Mac Multifamily ML Certificates, Series 2021 ML12, (I/O) | 1.305 | 07/25/41 | 663893 |
|  | 2280000 | (a),(b),(c) | Freddie Mac STACR REMIC Trust 2021-DNA6, Series 2021 DNA6, (SOFR30A + 7.500%) | 11.805 | 10/25/41 | 2424370 |
|  | 2270000 | (a),(b) | Freddie Mac STACR REMIC Trust 2022-DNA1, Series 2022 DNA1, (SOFR30A + 7.100%) | 11.405 | 01/25/42 | 2422761 |
|  | 4400000 | (a),(b) | Freddie Mac STACR REMIC Trust 2022-DNA2, Series 2022 DNA2, (SOFR30A + 4.750%) | 9.055 | 02/25/42 | 4612321 |
|  | 2270000 | (a),(b) | Freddie Mac STACR REMIC Trust 2022-DNA2, Series 2022 DNA2, (SOFR30A + 8.500%) | 13.788 | 02/25/42 | 2481356 |
|  | 3250000 | (a),(b) | Freddie Mac STACR REMIC Trust 2022-DNA3, Series 2022 DNA3, (SOFR30A + 5.650%) | 10.218 | 04/25/42 | 3477177 |
|  | 2945000 | (a),(b) | Freddie Mac STACR REMIC Trust 2022-DNA3, Series 2022 DNA3, (SOFR30A + 9.750%) | 15.087 | 04/25/42 | 3294760 |
|  | 1000000 | (a),(b) | GS Mortgage Securities Corp Trust 2018-TWR, Series 2018 TWR, (TSFR1M + 1.747%) | 6.059 | 07/15/31 | 210514 |
|  | 1100000 | (a),(b) | GS Mortgage Securities Corp Trust 2018-TWR, Series 2018 TWR, (TSFR1M + 1.897%) | 6.209 | 07/15/31 | 155682 |
|  | 700000 | (a),(b) | GS Mortgage Securities Corp Trust 2018-TWR, Series 2018 TWR, (TSFR1M + 2.397%) | 6.709 | 07/15/31 | 73419 |
|  | 700000 | (a),(b) | GS Mortgage Securities Corp Trust 2018-TWR, Series 2018 TWR, (TSFR1M + 3.097%) | 7.409 | 07/15/31 | 66143 |
|  | 892000 | (a),(b) | GS Mortgage Securities Corp Trust 2018-TWR, Series 2018 TWR, (TSFR1M + 4.222%) | 8.534 | 07/15/31 | 75012 |
|  | 2000000 | (b),(c) | GS Mortgage Securities Trust 2016-GS4, Series 2016 GS4 | 4.073 | 11/10/49 | 1785981 |
|  | 1000000 | (a),(b) | ILPT Commercial Mortgage Trust 2025-LPF2, Series 2025 LPF2 | 8.199 | 07/15/42 | 1027746 |
|  | 441000 | (a),(b) | JP Morgan Chase Commercial Mortgage Securities Trust 2019- ICON UES, Series 2019 UES | 4.601 | 05/05/32 | 421910 |
|  | 377000 | (a),(b) | JP Morgan Chase Commercial Mortgage Securities Trust 2019- ICON UES, Series 2019 UES | 4.601 | 05/05/32 | 364053 |
|  | 366000 | (a) | JP Morgan Chase Commercial Mortgage Securities Trust 2020- NNN, Series 2020 NNN | 3.972 | 01/16/37 | 115294 |
|  | 2000000 | (b) | JPMBB Commercial Mortgage Securities Trust 2014-C22, Series 2014 C22 | 4.658 | 09/15/47 | 1848844 |
|  | 1000000 |  | JPMBB Commercial Mortgage Securities Trust 2015-C27, Series 2015 C27 | 3.898 | 02/15/48 | 863105 |
|  | 605689 | (b),(c) | JPMBB Commercial Mortgage Securities Trust 2015-C29, Series 2015 C29 | 4.118 | 05/15/48 | 601949 |
|  | 1189000 | (b),(c) | JPMBB Commercial Mortgage Securities Trust 2016-C1, Series 2016 C1 | 4.853 | 03/17/49 | 1135563 |
|  | 2000000 | (b),(c) | JPMCC Commercial Mortgage Securities Trust 2017-JP5, Series 2017 JP5 | 3.904 | 03/15/50 | 1756146 |
|  | 1500000 | (a),(b) | JPMCC Commercial Mortgage Securities Trust 2017-JP6, Series 2017 JP6 | 4.598 | 07/15/50 | 1150608 |
|  | 1930000 | (b),(c) | JPMCC Commercial Mortgage Securities Trust 2017-JP6, Series 2017 JP6 | 3.848 | 07/15/50 | 1580958 |
|  | 1849000 | (a),(b),(c) | JPMCC Commercial Mortgage Securities Trust 2017-JP7, Series 2017 JP7 | 4.571 | 09/15/50 | 1155657 |
|  | 478356 | (c) | Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19, Series 2014 C19 | 4.000 | 12/15/47 | 463895 |
|  | 226295 | (b) | Morgan Stanley Capital I Trust 2015-MS1, Series 2015 MS1 | 4.152 | 05/15/48 | 217697 |

---

---

| | |
|:---|:---|
| **32** | *See Notes to Financial Statements* |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL** | **PRINCIPAL** | | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  |  | **MORTGAGE-BACKED SECURITIES** (continued) |  |  |  |
| $— | 172073 | (b) | Morgan Stanley Mortgage Loan Trust 2007-15AR, Series 2007 15AR | 3.368% | 11/25/37 | $120249 |
|  | 1000000 | (a) | MRCD 2019-MARK Mortgage Trust, Series 2019 PARK | 2.718 | 12/15/36 | 701400 |
|  | 1000000 | (a),(b) | MTN Commercial Mortgage Trust 2022-LPFL, Series 2022 LPFL, (TSFR1M + 5.285%) | 9.605 | 03/15/39 | 1002592 |
|  | 600000 | (a),(b) | Natixis Commercial Mortgage Securities Trust 2019-MILE, Series 2019 MILE, (TSFR1M + 2.279%) | 6.591 | 07/15/36 | 506392 |
|  | 1000000 | (a),(b) | Natixis Commercial Mortgage Securities Trust 2019-MILE, (TSFR1M + 2.829%) | 7.141 | 07/15/36 | 787075 |
|  | 1050000 | (a),(b) | Natixis Commercial Mortgage Securities Trust 2019-MILE, (TSFR1M + 4.329%) | 8.641 | 07/15/36 | 702741 |
|  | 400000 | (a),(b),(c) | OPEN Trust 2023-AIR, Series 2023 AIR, (TSFR1M + 5.236%) | 9.548 | 11/15/40 | 401689 |
|  | 1000000 | (a),(b),(c) | PKHL Commercial Mortgage Trust 2021-MF, Series 2021 MF, (TSFR1M + 0.994%) | 5.306 | 07/15/38 | 946395 |
|  | 1000000 | (a),(b) | PKHL Commercial Mortgage Trust 2021-MF, Series 2021 MF, (TSFR1M + 2.114%) | 6.426 | 07/15/38 | 719353 |
|  | 1602435 | (a),(b),(c) | SMR 2022-IND Mortgage Trust, Series 2022 IND, (TSFR1M + 3.950%) | 8.262 | 02/15/39 | 1608241 |
|  | 127100000 | (a),(b) | SUMIT 2022-BVUE Mortgage Trust, Series 2022 BVUE, (I/O) | 0.179 | 02/12/41 | 456225 |
|  | 1000000 | (a),(b),(c) | TX Trust 2024-HOU, Series 2024 1, (TSFR1M + 3.239%) | 7.551 | 06/15/39 | 997155 |
|  | 1300000 | (b),(c) | Wells Fargo Commercial Mortgage Trust 2015-NXS1, Series 2015 NXS1 | 4.041 | 05/15/48 | 1261827 |
|  |  |  | **TOTAL MORTGAGE-BACKED SECURITIES** |  |  |  |
|  |  |  | **(Cost $102,467,757)** |  |  | **92850745** |
|  |  |  | **TOTAL LONG-TERM INVESTMENTS** |  |  |  |
|  |  |  | **(Cost $144,848,541)** |  |  | **134817447** |
|  | **PRINCIPAL** |  | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE** |
|  |  |  | **SHORT-TERM INVESTMENTS - 5.1%(3.9% of Total Investments)** |  |  |  |
|  |  |  | **U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 5.1% (3.9% of Total Investments)** | **U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 5.1% (3.9% of Total Investments)** | **U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 5.1% (3.9% of Total Investments)** | **U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 5.1% (3.9% of Total Investments)** |
|  | 1000000 |  | Fannie Mae Discount Notes | 0.000 | 07/16/25 | 998147 |
|  | 330000 |  | Federal Home Loan Bank Discount Notes | 0.000 | 07/16/25 | 329388 |
|  | 2509000 |  | Federal Home Loan Bank Discount Notes | 0.000 | 07/18/25 | 2503769 |
|  | 674000 |  | Freddie Mac Discount Notes | 0.000 | 07/01/25 | 673922 |
|  | 1011000 |  | Freddie Mac Discount Notes | 0.000 | 07/09/25 | 1009946 |
|  |  |  | **TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS** |  |  |  |
|  |  |  | **(Cost $5,515,744)** |  |  | **5515172** |
|  |  |  | **TOTAL SHORT-TERM INVESTMENTS** |  |  |  |
|  |  |  | **(Cost $5,515,744)** |  |  | **5515172** |
|  |  |  | **TOTAL INVESTMENTS - 130.9%** |  |  |  |
|  |  |  | **(Cost $150,364,285)** |  |  | **140332619** |
|  |  |  | **BORROWINGS - (2.4)% (g),(h)** |  |  | **(2520000)** |
|  |  |  | **REVERSE REPURCHASE AGREEMENTS, INCLUDING ACCRUED INTEREST - (26.4)%(i)** | **REVERSE REPURCHASE AGREEMENTS, INCLUDING ACCRUED INTEREST - (26.4)%(i)** | **REVERSE REPURCHASE AGREEMENTS, INCLUDING ACCRUED INTEREST - (26.4)%(i)** | **(28319008)** |
|  |  |  | **OTHER ASSETS & LIABILITIES, NET - (2.1)%** |  |  | **(2294447)** |
|  |  |  | **NET ASSETS APPLICABLE TO COMMON SHARES - 100%** |  |  | $**107199164** |

---

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

---

| | |
|:---|:---|
| I/O | Interest only security |
| LIBOR | London Inter-Bank Offered Rate |
| M | Month |
| SOFR | Secured Overnight Financing Rate |
| SOFR30A | 30 Day Average Secured Overnight Financing Rate |
| SOFR90A | 90 Day Average Secured Overnight Financing Rate |
| TSFR1M | CME Term Secured Overnight Financing Rate 1 Month |
| TSFR3M | CME Term Secured Overnight Financing Rate 3 Month |

---

---

| | |
|:---|:---|
| *See Notes to Financial Statements* | **33** |

---

------

---

| |
|:---|
| **Portfolio of Investments June 30, 2025** (continued) |
| **JLS** |

---

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are
deemed liquid and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. As of the end of the reporting period, the aggregate value of these securities is $109,002,760 or
77.7% of Total Investments.

(b) Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the
underlying asset of the security. Coupon rate reflects the rate at period end.

(c) 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 $39,642,348 have been pledged as collateral for reverse repurchase agreements.

(d) Investment, or portion of investment, is hypothecated. The total value of investments hypothecated as of the end of the
reporting period was $1,548,137.

(e) When-issued or delayed delivery security.

(f) For fair value measurement disclosure purposes, investment classified as Level 3.

(g) Borrowings as a percentage of Total Investments is 1.8%.

(h) The Fund may pledge up to 100% of its eligible investments (excluding any investments separately pledged as collateral for
specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings. As of the end of the reporting period, investments with a value of $22,875,318 have been pledged as collateral for borrowings.

(i) Reverse Repurchase Agreements, including accrued interest as a percentage of Total investments is 20.2%.

---

| | |
|:---|:---|
| **34** | *See Notes to Financial Statements* |

---

------

## Statement of Assets and Liabilities
**June 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
| **June 30, 2025 (Unaudited)** | **JGH** | **NPCT<sup>(1)</sup>** | **JLS** |
|  **ASSETS** |  |  |  |
|  Long-term investments, at value<sup>†</sup> | $437286154 | $495886115 | $134817447 |
|  Short-term investments, at value<sup>◇</sup> | 4425000 | 3275000 | 5515172 |
|  Cash | 911277 | 3549895 |  |
|  Cash denominated in foreign currencies<sup>^</sup> |  | 3931 |  |
|  Cash collateral at broker for investments in swap contracts |  | 2620610 |  |
|  Swap premiums paid |  | 48257 |  |
|  Unrealized appreciation on cross currency swap contracts |  | 538848 |  |
|  Unrealized appreciation on interest rate swaps contracts | 206614 |  |  |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends |  | 27634 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 7653153 | 5647783 | 733122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 2138943 | 1373139 | 725000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclaims |  | 30709 | 621 |
|  Other | 38775 | – | 25080 |
|  **Total assets** | **452659916** | **513001921** | **141816442** |
|  **LIABILITIES** |  |  |  |
|  Cash overdraft |  |  | 1220803 |
|  Cash collateral due to broker for investments in swaps | 187609 |  |  |
|  Borrowings | 106500000 | 62500000 | 2520000 |
|  Reverse repurchase agreements, including accrued interest | 21238397 | 49078226 | 28319008 |
|  Unrealized depreciation on forward foreign currency contracts | 160940 | 478163 |  |
|  TFP Shares, Net<sup>\*\*</sup> |  | 69733954 |  |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 310891 | 395905 | 107726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 2339503 | 2976152 | 831789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 282803 | 267188 | 12663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased - regular settlement | 753610 | 1197578 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased - when-issued/delayed-delivery settlement | 1700000 |  | 1499812 |
|  Accrued expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 54882 | 40342 | 25730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor relations | 9473 | 7089 | 6699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 39498 | 9605 | 23846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 27627 | 24336 | 45186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting expenses | 13858 | 9824 | 3947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees | 100 | 9090 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 1716 | 35048 | 47 |
|  **Total liabilities** | **133620907** | **186762500** | **34617278** |
|  **Commitments and contingencies<sup>(2)</sup>** |  |  |  |
|  **Net assets applicable to common shares** | $**319039009** | $**326239421** | $**107199164** |
|  Common shares outstanding | 23177393 | 28755000 | 5476626 |
|  Net asset value ("NAV") per common share outstanding | $13.77 | $11.35 | $19.57 |
|  **NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:** |  |  |  |
|  Common shares, $0.01 par value per share | $231774 | $287550 | $54766 |
|  Paid-in capital | 458328717 | 515517242 | 121660037 |
|  Total distributable earnings (loss) | (139521482) | (189565371) | (14515639) |
|  Net assets applicable to common shares | $319039009 | $326239421 | $107199164 |
|  Authorized shares: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common | Unlimited | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred | – | Unlimited | – |
|  <sup>†</sup> Long-term investments, cost | $436565143 | $595200654 | $144848541 |
|  ◇ Short-term investments, cost | $4425000 | $3275000 | $5515744 |
|  <sup>^</sup> Cash denominated in foreign currencies, cost | $– | $15590 | $– |
|  <sup>\*\*</sup> TFP Shares, liquidation preference | $– | $70000000 | $– |

---

(1) Consolidated Statement of Assets and Liabilities (as disclosed in Notes to Financial Statements).

(2) As disclosed in Notes to Financial Statements.

*See Notes to Financial Statements* 

**35** 

------

## Statement of Operations

---

| | | | |
|:---|:---|:---|:---|
| **Six Months Ended June 30, 2025 (Unaudited)** | **JGH** | **NPCT<sup>(1)</sup>** | **JLS** |
|  **INVESTMENT INCOME** |  |  |  |
|  Dividends | $34676 | $654923 | $– |
|  Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18194934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13174971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6014387 |
|  Rehypothecation income |  |  | 321 |
|  Tax withheld | – | (4063) | – |
|  Total investment income | 18229610 | 13825831 | 6014708 |
|  **EXPENSES** |  |  |  |
|  Management fees | 1877499 | 2418281 | 651139 |
|  Shareholder servicing agent fees | 849 | 11721 | 273 |
|  Interest expense and amortization of offering costs | 3368929 | 4464279 | 868449 |
|  Trustees fees | 8019 | 14600 | 2444 |
|  Custodian expenses | 36096 | 30360 | 18096 |
|  Excise tax liability expense |  |  | 28054 |
|  Investor relations expenses | 53692 | 43670 | 4044 |
|  Professional fees | 39437 | 52809 | 63032 |
|  Shareholder reporting expenses | 24301 | 19174 | 10978 |
|  Stock exchange listing fees | 3824 | 4507 | 3824 |
|  Other | 3412 | 38419 | 5732 |
|  Total expenses | 5416058 | 7097820 | 1656065 |
|  **Net investment income (loss)** | **12813552** | **6728011** | **4358643** |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
|  Realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (3039666) | (3668352) | (1255330) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts |  | 447553 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 1110824 | 446475 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (11303) | (469532) | – |
|  Net realized gain (loss) | (1940145) | (3243856) | (1255330) |
|  Change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 2871914 | 12547546 | 2616107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (160940) | (893785) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (1019783) | (3562896) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 4136 | 33335 | – |
|  Net change in unrealized appreciation (depreciation) | 1695327 | 8124200 | 2616107 |
|  Net realized and unrealized gain (loss) | (244818) | 4880344 | 1360777 |
|  **Net increase (decrease) in net assets applicable to common shares from operations** | $**12568734** | $**11608355** | $**5719420** |

---

(1) Consolidated Statement of Operations (as disclosed in Notes to Financial Statements).

*See Notes to Financial Statements* 

**36** 

------

## Statement of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JGH** | **JGH** | **NPCT<sup>(1)</sup>** | **NPCT<sup>(1)</sup>** |
| | **Unaudited**<br> **Six Months Ended<br>6/30/25** | **Year Ended<br>12/31/24** | **Unaudited<br>Six Months Ended<br>6/30/25** | **Year Ended<br>12/31/24** |
|  **OPERATIONS** |  |  |  |  |
|  Net investment income (loss) | $12813552 | $22891075 | $6728011 | $14036837 |
|  Net realized gain (loss) | (1940145) | (8598076) | (3243856) | (8893790) |
|  Net change in unrealized appreciation (depreciation) | 1695327 | 25416364 | 8124200 | 23207167 |
|  Net increase (decrease) in net assets applicable to common shares from operations | 12568734 | 39709363 | 11608355 | 28350214 |
|  **DISTRIBUTIONS TO COMMON SHAREHOLDERS** |  |  |  |  |
|  Dividends | (14393161) | (26169198) | (20200388) | (17230029) |
|  Return of Capital | – | (2617124) | – | (19633881) |
|  Total distributions | (14393161) | (28786322) | (20200388) | (36863910) |
|  Net increase (decrease) in net assets applicable to common shares | (1824427) | 10923041 | (8592033) | (8513696) |
|  Net assets applicable to common shares at the beginning of period | 320863436 | 309940395 | 334831454 | 343345150 |
|  **Net assets applicable to common shares at the end of period** | $**319039009** | $**320863436** | $**326239421** | $**334831454** |

---

*See Notes to Financial Statements* 

**37** 

------

**Statement of Changes in Net Assets** (continued)<br>

---

| | | |
|:---|:---|:---|
| | **JLS** | **JLS** |
| | **Unaudited**<br> **Six Months Ended**<br> **6/30/25** | **Year Ended**<br> **12/31/24** |
|  **OPERATIONS** |  |  |
|  Net investment income (loss) | $4358643 | $9658177 |
|  Net realized gain (loss) | (1255330) | 2011 |
|  Net change in unrealized appreciation (depreciation) | 2616107 | 3768209 |
|  Net increase (decrease) in net assets applicable to common shares from operations | 5719420 | 13428397 |
|  **DISTRIBUTIONS TO COMMON SHAREHOLDERS** |  |  |
|  Dividends | (5043973) | (9773039) |
|  Total distributions | (5043973) | (9773039) |
|  Net increase (decrease) in net assets applicable to common shares | 675447 | 3655358 |
|  Net assets applicable to common shares at the beginning of period | 106523717 | 102868359 |
|  **Net assets applicable to common shares at the end of period** | $**107199164** | $**106523717** |

---

(1) Consolidated Statement of Changes in Net Assets (as disclosed in Notes to Financial Statements).

---

| | |
|:---|:---|
| **38** | *See Notes to Financial Statements* |

---

------

## Statement of Cash Flows

---

| | | | |
|:---|:---|:---|:---|
| **Six Months Ended June 30, 2025 (Unaudited)** | **JGH** | **NPCT<sup>(1)</sup>** | **JLS** |
| **CASH FLOWS FROM OPERATING ACTIVITIES** | | | |
|  **Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations** | $12568734 | $11608355 | $5719420 |
|  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 | (165990128) | (62962359) | (11324620) |
|  Proceeds from sale and maturities of investments | 159532185 | 76588292 | 15705059 |
|  Proceeds from (Purchase of) short-term investments, net | 17025000 | 4175000 | (4423000) |
|  Proceeds from (Purchase of) closed foreign currency spot transactions | 20297 | 32561 |  |
|  Proceeds from litigation settlement | 11859 |  |  |
|  Premiums received (paid) for credit default swaps contracts |  | (152) |  |
|  Amortization (Accretion) of premiums and discounts, net | (803463) | 53182 | (119788) |
|  Amortization of deferred offering costs |  | 16825 |  |
| (Increase) Decrease in: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for dividends |  | 24866 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for interest | 134006 | (414489) | (40306) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for reclaims |  | 29490 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 26410 | (1346562) | (725000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 18294 | 30703 | 451 |
|  Increase (Decrease) in: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for interest | 66644 | (315000) | (60353) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased - regular settlement | 753610 | 1197578 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased - when-issued/delayed-delivery settlement | (12664005) |  | 1499812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for management fees | (13589) | (27061) | (4822) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued custodian fees | 3788 | 4910 | 1879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued investor relations fees | 3552 | 2380 | 1109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Trustees fees | (11591) | (6390) | (2306) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued professional fees | 21492 | 17256 | 10892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued shareholder reporting expenses | (19528) | (15525) | (5248) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued shareholder servicing agent fees | 71 | 4959 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued other expenses | 1716 | 15781 | 47 |
|  Net realized (gain) loss from investments | 3039666 | 3668352 | 1255330 |
|  Net realized (gain) loss from foreign currency transactions | 11303 | 469532 |  |
|  Net realized (gain) loss from paydowns | (5008) | 144929 | (74664) |
|  Net change in unrealized (appreciation) depreciation of investments | (2871914) | (12547546) | (2616107) |
|  Net change in unrealized (appreciation) depreciation of forward foreign currency | 160940 | 893785 |  |
|  Net change in unrealized (appreciation) depreciation of swap contracts | 1019783 | 3562896 |  |
|  Net change in unrealized (appreciation) depreciation on foreign currency translations | (4136) | (33335) | – |
|  Net cash provided by (used in) operating activities | 12035988 | 24873213 | 4797877 |
|  **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |  |
|  Proceeds from borrowings | 2500000 |  |  |
|  Proceeds from reverse repurchase agreements | 21000000 | 97640000 | 131708000 |
|  (Repayments of) reverse repurchase agreements | (20000000) | (97640000) | (132708000) |
|  Increase (Decrease) in: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash overdraft | (1531053) | (3042989) | 414307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral due to broker | (1040000) |  |  |
|  Cash distributions paid to common shareholders | (12053658) | (17224236) | (4212184) |
|  Net cash provided by (used in) financing activities | (11124711) | (20267225) | (4797877) |
|  **Net increase (decrease) in cash, cash denominated in foreign currencies and cash collateral at brokers** | 911277 | 4605988 |  |
|  Cash, cash denominated in foreign currencies and cash collateral at brokers at the beginning of period |  | 1568448 |  |
|  Cash, cash denominated in foreign currencies and cash collateral at brokers at the end of period | $911277 | $6174436 | $– |

---

(1) Consolidated Statement of Cash Flows (as disclosed in Notes to Financial Statements).

*See Notes to Financial Statements* 

**39** 

------

The following table provides a reconciliation of cash, cash denominated in foreign currencies and cash collateral at brokers to the Statement of Assets and Liabilities:

---

| | | | |
|:---|:---|:---|:---|
| | **JGH** | **NPCT** | **JLS** |
|  Cash | $911277 | $3549895 | $– |
|  Cash denominated in foreign currencies |  | 3931 |  |
|  Cash collateral at broker for investments in swap contracts | – | 2620610 | – |
|  **Total cash, cash denominated in foreign currencies and cash collateral at brokers** | $911277 | $6174436 | $– |
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION** | **JGH** | **NPCT** | **JLS** |
|  Cash paid for interest (excluding borrowing and amortization of offering costs) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3286468 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4757984 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921023 |

---

---

| | |
|:---|:---|
| **40** | *See Notes to Financial Statements* |

---

------

[This page intentionally left blank.]

------

## Financial Highlights
The following data is for a common share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | | | **Less Distributions to**<br>**Common Shareholders** | **Less Distributions to**<br>**Common Shareholders** | | **Common Share** | **Common Share** |
| |<br>**Common**<br> **Share**<br> **Net Asset**<br> **Value,**<br> **Beginning**<br> **of Period** | **Net**<br> **Investment<br>Income (NII)<br>(Loss)<sup>(a)</sup>** | **Net**<br> **Realized/<br>Unrealized Gain<br>(Loss)** |<br>**Total** |<br>**From<br>NII** | **From Net<br>Realized<br>Gains** | **Return of<br>Capital** |<br>**Total** | **Net Asset<br>Value,<br>End of<br>Period** | **Share<br>Price,<br>End of<br>Period** |
|  **JGH** | **JGH** | | | | | | | | | |
|  6/30/25<sup>(d)</sup> | $13.84 | $0.55 | $–<sup>(e)</sup> | $0.55 | $(0.62) | $– | $– | $(0.62) | $13.77 | $12.93 |
|  12/31/24 | 13.37 | 0.99 | 0.72 | 1.71 | (1.13) |  | (0.11) | (1.24) | 13.84 | 12.84 |
|  12/31/23 | 12.79 | 0.82 | 1.00 | 1.82 | (0.95) |  | (0.29) | (1.24) | 13.37 | 12.20 |
|  12/31/22 | 16.63 | 0.95 | (3.43) | (2.48) | (0.99) |  | (0.37) | (1.36) | 12.79 | 11.25 |
|  12/31/21 | 16.97 | 1.04 | (0.08) | 0.96 | (0.98) |  | (0.32) | (1.30) | 16.63 | 15.88 |
|  12/31/20 | 18.14 | 1.10 | (1.16) | (0.06) | (1.07) | – | (0.04) | (1.11) | 16.97 | 15.55 |
|  **NPCT<sup>(g)</sup>** |  |  |  |  |  |  |  |  |  |  |
|  6/30/25<sup>(d)</sup> | 11.64 | 0.22 | 0.19 | 0.41 | (0.70) |  |  | (0.70) | 11.35 | 11.21 |
|  12/31/24 | 11.94 | 0.49 | 0.49 | 0.98 | (0.60) |  | (0.68) | (1.28) | 11.64 | 10.51 |
|  12/31/23 | 12.27 | 0.38 | 0.33 | 0.71 | (0.45) |  | (0.59) | (1.04) | 11.94 | 10.08 |
|  12/31/22 | 19.66 | 0.67 | (6.83) | (6.16) | (0.78) |  | (0.45) | (1.23) | 12.27 | 10.36 |
|  12/31/21<sup>(h)</sup> | 20.00 | 0.31 | 0.07 | 0.38 | (0.36) | (0.03) | (0.33) | (0.72) | 19.66 | 18.30 |

---

(a) Based on average shares outstanding.

(b) Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested distributions at
Common Share NAV, if any. The last distribution 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 distribution
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 distributions, if any, at the average price paid per share at the time of reinvestment. The last distribution 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 distribution 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.

**42** 

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **<br>Common Share Supplemental Data/<br>Ratios Applicable to Common Shares** | **<br>Common Share Supplemental Data/<br>Ratios Applicable to Common Shares** | **<br>Common Share Supplemental Data/<br>Ratios Applicable to Common Shares** | **<br>Common Share Supplemental Data/<br>Ratios Applicable to Common Shares** |
| **Common Share**<br>**Total Returns** | **Common Share**<br>**Total Returns** | | **Ratios to Average**<br>**Net Assets** | **Ratios to Average**<br>**Net Assets** | |
| **Based**<br> **on**<br> **Net Asset**<br> **Value<sup>(b)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Based**<br> **on**<br> **Share<br>Price<sup>(b)</sup>** |<br>**Net**<br> **Assets,**<br> **End of<br>Period (000)** | **Expenses<sup>(c)</sup>** | **Net<br>Investment<br>Income<br>(Loss)<sup>(c)</sup>** |<br>**Portfolio<br>Turnover<br>Rate** |
| 4.11% | 5.64% | $319039 | 3.47 %<sup>(f)</sup> | 8.20 %<sup>(f)</sup> | 37% |
| 13.39 | 15.87 | 320863 | 3.73 | 7.29 | 93 |
| 15.15 | 20.80 | 309940 | 3.82 | 6.43 | 35 |
| (15.10) | (21.07) | 296494 | 2.43 | 6.82 | 26 |
| 5.82 | 10.84 | 385474 | 1.68 | 6.16 | 87 |
| 0.39 | 2.88 | 393299 | 1.87 | 6.94 | 35 |
| 3.65 | 13.80 | 326239 | 4.36 <sup>(f)</sup> | 4.13 <sup>(f)</sup> | 13 |
| 8.44 | 17.15 | 334831 | 5.08 | 4.08 | 27 |
| 6.21 | 7.77 | 343345 | 5.50 | 3.27 | 11 |
| (31.89) | (37.45) | 352717 | 2.95 | 4.61 | 10 |
| 1.90 | (4.96) | 565276 | 1.47 <sup>(f)</sup> | 2.28 <sup>(f)</sup> | 17 |

---

(c) • Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred
shares, borrowings, and/or reverse repurchase agreements (as described in Notes to Financial Statements), where applicable.

• The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares and/or reverse repurchase agreements (as described in Notes to Financial Statements) where applicable, as follows:

---

| | | |
|:---|:---|:---|
| **Ratios of Interest Expense to**<br> **Average Net Assets Applicable**<br> **to Common Shares** | **Ratios of Interest Expense to**<br> **Average Net Assets Applicable**<br> **to Common Shares** | **Ratios of Interest Expense to**<br> **Average Net Assets Applicable**<br> **to Common Shares** |
| | **JGH** | **NPCT** |
|  6/30/25<sup>(d)</sup> | 2.16 %<sup>(f)</sup> | 2.74 %<sup>(f)</sup> |
|  12/31/24 | 2.41 | 3.36 |
|  12/31/23 | 2.46 | 3.77 |
|  12/31/22 | 1.04 | 1.33 |
|  12/31/21<sup>(h)</sup> | 0.35 | 0.18 |
|  12/31/20 | 0.59 | N/A |

---

(d) Unaudited.

(e) Value rounded to zero.

(f) Annualized.

(g) Consolidated Financial Highlights (as disclosed in Notes to Financial Statements).

(h) For the period April 27, 2021 (commencement of operations) through December 31, 2021.

*See Notes to Financial Statements.* 

**43** 

------

## Financial Highlights (continued)
The following data is for a common share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | | | **Less Distributions to**<br>**Common Shareholders** | **Less Distributions to**<br>**Common Shareholders** | | **Common Share** | **Common Share** | **Common Share** |
| |<br>**Common<br>Share**<br> **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net<br>Investment<br>Income (NII)<br>(Loss)<sup>(a)</sup>** | **Net<br>Realized/<br>Unrealized<br>Gain (Loss)** |<br>**Total** |<br>**From<br>NII** | **From<br>Net<br>Realized<br>Gains** | **Return of<br>Capital** |<br>**Total** | **Discount**<br> **Per Share<br>Repurchased<br>and Retired** | **Net Asset<br>Value,<br>End of<br>Period** | **Share<br>Price,<br>End of<br>Period** |
|  **JLS** | **JLS** | **JLS** | **JLS** | **JLS** | **JLS** | **JLS** | **JLS** | **JLS** | **JLS** | **JLS** | **JLS** |
|  6/30/25<sup>(d)</sup> | $19.45 | $0.80 | $0.24 | $1.04 | $(0.92) | $— | $— | $(0.92) | $— | $19.57 | $18.74 |
|  12/31/24 | 18.78 | 1.76 | 0.69 | 2.45 | (1.78) |  |  | (1.78) |  | 19.45 | 18.00 |
|  12/31/23 | 18.86 | 1.51 | (0.02) | 1.49 | (1.57) |  |  | (1.57) |  | 18.78 | 16.88 |
|  12/31/22 | 22.19 | 1.12 | (3.38) | (2.26) | (0.86) |  | (0.20) | (1.06) | (0.01) | 18.86 | 16.18 |
|  12/31/21 | 22.17 | 0.83 | 0.16 | 0.99 | (0.85) |  | (0.12) | (0.97) |  | 22.19 | 20.96 |
|  12/31/20 | 22.83 | 0.86 | (0.55) | 0.31 | (0.73) |  | (0.24) | (0.97) |  | 22.17 | 19.77 |

---

(a) Based on average shares outstanding.

(b) Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested distributions at
Common Share NAV, if any. The last distribution 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 distribution
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 distributions, if any, at the average price paid per share at the time of reinvestment. The last distribution 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 distribution 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. <br>

**44** 

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Common Share Supplemental Data/**<br>**Ratios Applicable to Common Shares** | **Common Share Supplemental Data/**<br>**Ratios Applicable to Common Shares** | **Common Share Supplemental Data/**<br>**Ratios Applicable to Common Shares** | **Common Share Supplemental Data/**<br>**Ratios Applicable to Common Shares** | **Common Share Supplemental Data/**<br>**Ratios Applicable to Common Shares** |
| **Common Share<br>Total Returns** | **Common Share<br>Total Returns** | | **Ratios to Average**<br>**Net Assets** | **Ratios to Average**<br>**Net Assets** | **Ratios to Average**<br>**Net Assets** | |
| **Based on<br>Net Asset<br>Value<sup>(b)</sup>** | **Based<br>on<br>Share<br>Price<sup>(b)</sup>** |<br>**Net**<br> **Assets, End<br>of<br>Period (000)** | **Expenses<sup>(c)</sup>** | **Expenses**<br> **After<br>Reimbursement** | **Net<br>Investment<br>Income<br>(Loss)<sup>(c)</sup>** |<br>**Portfolio<br>Turnover<br>Rate** |
| 5.47% | 9.38% | $107199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14%<sup>(e)</sup> | N/A %<sup>(e)</sup> | 8.26 %<sup>(e)</sup> | 8% |
| 13.49 | 17.73 | 106524 | 3.65 | N/A | 9.10 | 20 |
| 8.18 | 14.79 | 102868 | 4.16 | N/A | 7.98 | 28 |
| (10.30) | (17.88) | 103267 | 2.72 | N/A | 5.61 | 47 |
| 4.47 | 11.02 | 121785 | 1.87 | N/A | 3.69 | 73 |
| 1.69 | (5.36) | 121642 | 2.46 | 1.54 | 4.04 | 117 |

---

(c) • Net Investment Income (Loss) ratios reflect income earned and
expenses incurred on assets attributable to borrowings, and/or reverse repurchase agreements (as described in Notes to Financial Statements), where applicable.

• The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares and/or reverse repurchase agreements (as described in Notes to Financial Statements) where applicable, as follows:

---

| | |
|:---|:---|
| | **Ratios of Interest<br>Expense to<br>Average Net Assets<br>Applicable<br>to Common Shares** |
| | **JLS** |
|  6/30/25<sup>(d)</sup> | 1.65%<sup>(e)</sup> |
|  12/31/24 | 2.14 |
|  12/31/23 | 2.60 |
|  12/31/22 | 1.17 |
|  12/31/21 | 0.45 |
|  12/31/20 | 0.91 |

---

(d) Unaudited.

(e) Annualized.

*See Notes to Financial Statements.* 

**45** 

------

The following table sets forth information regarding each Fund's outstanding senior securities as of the end of each of the Fund's last five fiscal periods, as applicable.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Borrowings** | | **TFP Shares** | **TFP Shares** | |
| | **Aggregate<br>Amount<br>Outstanding<br>(000)<sup>(a)</sup>** | **Asset<br>Coverage<br>Per $1,000<br>Share<sup>(b)</sup>** | **Aggregate<br>Amount<br>Outstanding<br>(000)<sup>(a)</sup>** | **Asset<br>Coverage<br>Per $1,000<br>Share<sup>(c)</sup>** |<br>**Asset<br>Coverage<br>Per $1<br>Liquidation<br>Preference<sup>(d)</sup>** |
|  **JGH** | | | | | |
|  6/30/25<sup>(e)</sup> | $106500 | $3996 | $– | $– | $– |
|  12/31/24 | 104000 | 4085 |  |  |  |
|  12/31/23 | 119000 | 3605 |  |  |  |
|  12/31/22 | 127000 | 3335 |  |  |  |
|  12/31/21 | 159000 | 3424 |  |  |  |
|  12/31/20 | 149200 | 3636 | – | – | – |
|  **NPCT** |  |  |  |  |  |
|  6/30/25<sup>(e)</sup> | 62500 | 7340 | 70000 | 3462 | 3.46 |
|  12/31/24 | 62500 | 7477 | 70000 | 3527 | 3.53 |
|  12/31/23 | 75500 | 6475 | 70000 | 3360 | 3.36 |
|  12/31/22 | 105500 | 5007 | 70000 | 3010 | 3.01 |
|  12/31/21<sup>(f)</sup> | 167000 | 4385 | – | – | – |
|  **JLS** |  |  |  |  |  |
|  6/30/25<sup>(e)</sup> | 2520 | 43539 |  |  |  |
|  12/31/24 | 2520 | 43271 |  |  |  |
|  12/31/23 | 5520 | 19636 |  |  |  |
|  12/31/22 | 12495 | 9265 |  |  |  |
|  12/31/21 | 8455 | 15404 |  |  |  |
|  12/31/20 | 15505 | 8845 | – | – | – |

---

(a) Aggregate Amount Outstanding: Aggregate amount outstanding represents the principal amount outstanding or liquidation
preference, if applicable, as of the end of the relevant fiscal year.

(b) Asset Coverage Per $1,000: Asset coverage per $1,000 is calculated by subtracting the Fund's liabilities and
indebtedness not represented by senior securities from the Fund's total assets, dividing the result by the aggregate amount of the Fund's senior securities representing indebtedness then outstanding (if applicable), plus the aggregate of
the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result by 1,000.

(c) Asset Coverage Per $1,000: Asset coverage per $1,000 is calculated by subtracting the Fund's liabilities and
indebtedness not represented by senior securities from the Fund's total assets, dividing the result by the aggregate amount of the Fund's senior securities representing indebtedness then outstanding (if applicable), plus the aggregate of
the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result by 1,000. For purpose of asset coverage above, senior securities consist of preferred shares or borrowings of a Fund and does not
include derivative transactions and other investments that have the economic effect of leverage such as reverse repurchase agreements and tender option bonds. If the leverage effects of such investments were included, the asset coverage amounts
presented would be lower.

(d) Includes all preferred shares presented for the Fund.

(e) Unaudited.

(f) For the period April 27, 2021 (commencement of operations) through December 31, 2021.

**46** 

------

## Notes to Financial Statements
**(Unaudited)**

**1. General Information** 

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

&nbsp;&nbsp;&nbsp;&nbsp;• Nuveen Global High Income Fund (JGH)

&nbsp;&nbsp;&nbsp;&nbsp;• Nuveen Core Plus Impact Fund (NPCT)

&nbsp;&nbsp;&nbsp;&nbsp;• Nuveen Mortgage and Income Fund (JLS)

The Funds are registered under the Investment Company Act of 1940 (the "1940 Act"), as amended, as closed-end management investment companies. JGH, NPCT and JLS were organized as Massachusetts business trusts on August 5, 2014, December 4, 2020 and September 10, 2009, respectively.

**Current Fiscal Period**: The end of the reporting period for the Funds is June 30, 2025, and the period covered by these Notes to Financial Statements is the six months ended June 30, 2025 (the "current fiscal period").

**Investment Adviser and Sub-Adviser:** The Funds' investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a subsidiary of Nuveen, LLC ("Nuveen"). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds' portfolio, manages the Funds' business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into a sub-advisory agreement with Nuveen Asset Management, LLC ("NAM"), a subsidiary of the Adviser and Teachers Advisors, LLC ("TAL"), an affiliate of the Adviser, (each a "Sub-Adviser" and collectively, the "Sub-Advisers"). NAM manages the investment portfolios of JGH and NPCT, while TAL manages the investment portfolio of JLS.

**Basis for Consolidation:** NPCT is presented on a consolidated basis with the Nuveen Core Plus Impact Fund Ltd. (the "Subsidiary"), a wholly-owned subsidiary of NPCT organized under the laws of the Cayman Islands. The Subsidiary commenced operations on April 27, 2021 and is intended to provide the Fund with exposure to Regulation S fixed-income securities. Regulation S securities are securities of U.S. and non- U.S. issuers that are issued through private placement transactions with the SEC pursuant to Regulation S under the Securities Act of 1933, as amended. The Subsidiary is advised by the Adviser and has the same investment objective as NPCT, but unlike NPCT, it may invest in Regulation S securities without limitation. As of the end of the reporting period, the net assets of the Subsidiary were $28,726,116 representing 9% of the Fund's consolidated net assets. All inter-company transactions and balances have been eliminated.

Select financial information related to the Subsidiary is as follows:

---

| | |
|:---|:---|
| | **NPCT** |
|  Total long-term investments at value | $28352120 |
|  Net assets applicable to Common Shares | 28726116 |
|  Net investment income (loss) | 312121 |
|  Net realized gain (loss) from investments and foreign currency | (6555) |
|  Change in net unrealized appreciation (depreciation) from investments and foreign currency | (3736896) |

---

**2. Significant Accounting Policies** 

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. Each Fund is an investment company and follows accounting guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification 946, Financial Services – Investment Companies. The net asset value ("NAV") for financial reporting purposes may differ from the NAV for processing security and shareholder transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing security and shareholder transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.

**Compensation:** The Funds pay no compensation directly to those of its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The 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.

**47** 

------

**Notes to Financial Statements** (continued)

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

The Funds' distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of their common shares (stated in terms of a fixed cents per common share dividend distributions rate which may be set from time to time). Each Fund intends to distribute all or substantially all of its net investment income each year through its regular monthly distribution and to distribute realized capital gains at least annually. In addition, in any monthly period, to maintain its declared per common share distribution amount, a Fund may distribute more or less than its net investment income during the period. In the event a Fund distributes more than its net investment income during any yearly period, such distributions may also include realized gains and/or a return of capital. To the extent that a distribution includes a return of capital the NAV per share may erode.

**Foreign Currency Transactions and Translation:** The books and records of the Funds are maintained in U.S. dollars. Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollars at the end of each day. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign currency, (ii) investments and (iii) derivatives include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received are recognized as a component of "Net realized gain (loss) from foreign currency transactions" 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 unrealized appreciation (depreciation) on foreign currency translations" 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 unrealized appreciation (depreciation)" on the Statement of Operations, when applicable.

**Foreign Taxes:** The Funds may be subject to foreign taxes on income, gains on investments or foreign currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest.

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

**Investments and Investment Income:** Securities transactions are accounted for as of the trade date for financial reporting purposes. Trade date for senior and subordinated loans purchased in the "primary market" is considered the date on which the loan allocations are determined. Trade date for senior and subordinated loans purchased in the "secondary market" is the date on which the transaction is entered into. Realized gains and losses on securities transactions are based upon the specific identification method. Dividend income is recorded on the ex-dividend date or, for certain 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, is recorded on an accrual basis and includes accretion of discounts and amortization of premiums for financial reporting purposes. Interest income also reflects payment-in kind ("PIK") interest, paydown gains and losses and fee income, if any. PIK interest represents income received in the form of securities in lieu 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.

**Netting Agreements:** In the ordinary course of business, the Funds may enter into transactions subject to enforceable master repurchase agreements, International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements ("netting agreements"). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis. With respect to certain counterparties, in accordance with the terms of the netting agreements, collateral posted to the Funds is held in a segregated account by the Funds' custodian and/or with respect to those amounts which can be sold or repledged, are presented in the Funds' Portfolio of Investments or Statement of Assets and Liabilities.

The Funds' investments subject to netting agreements as of the end of the reporting period, if any, are further described later in these Notes to Financial Statements.

**Segment Reporting:** Each Fund represents a single operating segment. The officers of the Funds act as the chief operating decision maker ("CODM"). The CODM monitors the operating results of each Fund as a whole and is responsible for each Fund's long-term strategic asset allocation in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as "total assets" and significant segment revenues and expenses are listed on the Statement of Operations.

**48** 

------

**New Accounting Pronouncement**: In December 2023, the FASB issued Accounting Standard Update ("ASU") No. 2023-09, Income Taxes (Topic 740) Improvements to Income tax disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Management is currently evaluating the implications of these changes on the financial statements.

**3. Investment Valuation and Fair Value Measurements** 

The Funds' investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to oversight of the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management's assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

---

| | |
|:---|:---|
| Level 1 – | Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. |
| Level 2 – | Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.). |
| Level 3 – | Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of investments). |

---

A description of the valuation techniques applied to the Funds' major classifications of assets and liabilities measured at fair value follows:

Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their last reported sales price or official closing price of such market or exchange on the valuation date. Foreign equity securities and registered investment companies that trade on a foreign exchange are valued at the last reported sales price or official closing price on the principal exchange where traded, and converted to U.S. dollars at the prevailing rates of exchange on the valuation date. For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Funds' net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Adviser, subject to the oversight of the Board. To the extent these securities are actively traded and no valuation adjustments are applied, they are generally classified as Level 1. When valuation adjustments are applied to the most recent last sales price or official closing price, these securities are generally classified as Level 2.

Prices of fixed-income securities are generally provided by pricing services approved by the Adviser, which is subject to review by the Adviser and oversight of the Board. Pricing services establish a security's fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, pricing services may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.

Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally classified as Level 2.

Forward foreign currency contracts are valued using the prevailing forward exchange rate which is derived from quotes provided by the pricing service using the procedures approved by the Adviser, subject to the oversight of the Board, and are generally classified as Level 2.

Swap contracts are marked-to-market daily based upon a price supplied by a pricing service. Swaps are generally classified as Level 2.

For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the valuations derived using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in good faith using alternative procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair value of a security is the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.

The following table summarizes the market value of the Funds' investments as of the end of the reporting period, based on the inputs used to value them:

**49** 

------

**Notes to Financial Statements** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JGH** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $– | $– | $670268 | $670268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  | 753449 |  | 753449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294489051 | 172500 | 294661551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 2055493 |  | 2055493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2965165 | 284900 |  | 3250065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt |  | 58285153 |  | 58285153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Senior Loan Interests |  | 77610175 |  | 77610175 |
|  Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 4425000 |  | 4425000 |
|  Investments in Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts\* |  | (160940) |  | (160940) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Swaps\* | – | 206614 | – | 206614 |
|  Total | $2965165 | $437948895 | $842768 | $441756828 |
| **NPCT** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $– | $5872129 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1949132 | $7821261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 338701466 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338701466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 71930513 |  | 71930513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 13777649 |  | 13777649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock | 19218429 |  |  | 19218429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt |  | 21378883 |  | 21378883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government and Agency Obligations |  | 9397646 |  | 9397646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Senior Loan Interests |  | 13660268 |  | 13660268 |
|  Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 3275000 |  | 3275000 |
|  Investments in Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cross Currency Swaps\* |  | 538848 |  | 538848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts\* | – | (478163) | – | (478163) |
|  Total | $19218429 | $478054239 | $1949132 | $499221800 |
| **JLS** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $– | $41424412 | $542290 | $41966702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 92850745 |  | 92850745 |
|  Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government and Agency Obligations | – | 5515172 | – | 5515172 |
|  Total | $– | $139790329 | $542290 | $140332619 |

---

\* Represents net unrealized appreciation (depreciation).

**4. Portfolio Securities** 

**Participation Commitments for JGH and NPCT:** With respect to the senior loans held in JGH's and NPCT's portfolio, the Funds may: 1) invest in assignments; 2) act as a participant in primary lending syndicates; or 3) invest in participations. If a Fund purchases a participation of a senior loan interest, the Fund would typically enter into a contractual agreement with the lender or other third party selling the participation, rather than directly with the borrower. As such, the Fund not only assumes the credit risk of the borrower, but also that of the selling participant or other persons inter positioned between the Fund and the borrower. As of the end of the reporting period, JGH and NPCT had no such outstanding participation commitments.

**Repurchase Agreements:** In connection with transactions in repurchase agreements, it is each Fund's policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.

The following table presents the repurchase agreements for the Funds that are subject to netting agreements as of the end of the reporting period, and the collateral delivered related to those repurchase agreements.

**50** 

------

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Counterparty** | **Short-term<br>Investments,**<br> **at Value** | **Collateral<br>Pledged (From)<br>Counterparty** |
| **JGH** | Fixed Income Clearing Corporation | $4425000 | $(4513529) |
| **NPCT** | Fixed Income Clearing Corporation | 3275000 | (3340653) |

---

**Zero Coupon Securities:** A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.

**Purchases and Sales:** Long-term purchases and sales during the current fiscal period were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Non-U.S.<br>Government<br>Purchases** | **U.S.**<br> **Government<br>Purchases** | **Non-U.S.**<br> **Government Sales**<br> **and Maturities** | **U.S.<br>Government<br>Sales** |
| **JGH** | $&nbsp;&nbsp;&nbsp;&nbsp;165990128 | $— | $159532185 | $— |
| **NPCT** | 14587307 | 48375052 | 22962226 | 53626066 |
| **JLS** | 10029282 | 1295338 | 12302421 | 3402638 |

---

The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the reporting period, such amounts are recognized on the Statement of Assets and Liabilities.

**5. Derivative Investments** 

Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Investments in derivatives as of the end of and/or during the current fiscal period, if any, are included within the Statement of Assets and Liabilities and the Statement of Operations, respectively.

**Forward Foreign Currency Contracts:** During the current fiscal period, JGH and NPCT used foreign exchange forwards to hedge its exposure to Euro denominated positions.

A forward contract is an agreement between two parties to purchase or sell a specified quantity of a currency at or before a specified date in the future at a specified price. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. Forward contracts are typically traded in the over-the-counter ("OTC") markets and all details of the contract are negotiated between the counterparties to the agreement. Forward contracts are marked-to-market daily and any resulting unrealized gains or losses are reflected as appreciation or depreciation on the Statements of Assets and Liabilities. The Funds realizes gains and losses at the time the forward contracts are closed and are included on the Statement of Operations. Risks may arise upon entering into forward contracts from unanticipated movements in the value of a foreign currency relative to the U.S. dollar; and that losses may exceed amounts recognized on the Statements of Assets and Liabilities.

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

---

| | |
|:---|:---|
| **Fund** | **Average Notional Amount of Forward<br>Contracts Outstanding<sup>\*</sup>** |
|  **JGH** | $1633473 |
|  **NPCT** | 7407585 |

---

\* The average notional amount is calculated based on the outstanding notional amount of contracts 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 forward foreign currency contracts subject to netting agreements and the collateral delivered related to those forward foreign currency contracts as of the end of the reporting period.

**51** 

------

**Notes to Financial Statements** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Counterparty** | **Gross Unrealized<br>Appreciation on<br>Forward Foreign<br>Currency Contracts\*** | **Gross Unrealized<br>(Depreciation) on<br>Forward Foreign<br>Currency Contracts\*** | **Net Unrealized** | **Collateral<br>Pledged to (from)<br>Counterparty** | **Net Exposure** |
| **JGH** | Toronto Dominion Bank | $- | $(160940) | $(160940) | $- | $(160940) |
| **NPCT** | Barclays Bank PLC | - | (478163) | (478163) | - | (478163) |

---

\* Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Funds' Portfolio of Investments.

**Interest Rate Swap Contracts:** A Fund may enter into an interest rate swap contract to gain or reduce exposure to interest rates, to manage duration, the yield curve or interest rate risk. During the current fiscal period, JGH continued to utilize forward starting interest rate swap contracts to partially hedge its future interest cost of leverage.

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

Upon entering into an interest rate swap contract (and beginning on the effective date for a forward interest rate swap contract), the Fund accrues the fixed rate payment expected to be paid or received and the variable rate payment expected to be received or paid on the interest rate swap contracts on a daily basis, and recognizes the daily change in the fair value of the Fund's contractual rights and obligations under the contracts. The amount of the payment obligation for an interest rate swap is based on the notional amount and the termination date of the contract. Interest rate swap contracts do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss on such transactions is limited to the net amount of interest payments that the Fund is to receive from the counterparty. Payments paid (received) at the beginning of the measurement period are reflected as swap premiums paid (received) on the Statement of Assets and Liabilities, when applicable. Interest rate swaps can be settled either directly with the counterparty ("OTC") or through a central clearinghouse ("centrally cleared"). For OTC swaps, the daily change in the market value of the swap contract, along with any daily interest fees accrued, are recognized as unrealized appreciation (depreciation) on interest rate swaps contracts on the Statement of Assets and Liabilities.

Upon the execution of a centrally cleared swap, a Fund is obligated to deposit cash or eligible securities, also known as "initial margin," into an account at its clearing broker equal to a specified percentage of the contract amount. Securities deposited for initial margin, if any, are identified in the Portfolio of Investments and cash deposited for initial margin, if any, is reflected on the Statement of Assets and Liabilities. The Fund and the clearing broker are obligated to settle monies on a daily basis representing the changes in the value of the swap contracts. These daily cash settlements are known as "variation margin" and is recognized on the Statement of Assets and Liabilities as a receivable or payable for variation margin on interest rate swaps contracts.

Changes in the value of the swap contracts during the fiscal period are recognized as net unrealized appreciation (depreciation) of swaps contracts on the Statement of Operations. The net amount of periodic payments settled in cash are recognized as net realized gain (loss) from swap contracts on the Statement of Operations, in addition to the net realized gain or loss recorded upon the termination of the swap contract.

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

---

| | |
|:---|:---|
| **Fund** | **Average Notional Amount of Interest Rate Swap<br>Contracts Outstanding<sup>\*</sup>** |
|  **JGH** | $87400000 |

---

\* The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period.

**Cross Currency Swap Contracts:** NPCT uses cross currency swap contracts to gain or mitigate exposure to foreign exchange markets. A cross currency swap is an agreement between two parties to exchange two different currencies with the understanding that the exchange will be reversed at a later date at specified exchange rates. During the current fiscal period, NPCT used cross currency swaps to hedge its Euro exposure to U.S. dollars.

Risks may arise upon entering into these contracts from the potential of default by counterparty and, depending on their terms, may be subject to foreign exchange risk.

Cross currency swap contracts are valued daily. Upon entering into a cross currency swap contract the exchange of currencies takes place at the current spot rate. For an OTC Uncleared swap not cleared through a clearing house, the amount recorded on these transactions is recognized on the Statement of Assets and Liabilities as a component of "Unrealized appreciation or deprecation on cross currency swaps contracts."

Upon the execution of an OTC Cleared swap, 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 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 contracts" on the Statement of Assets and Liabilities. Investments in OTC Cleared swaps obligate a Fund and the clearing broker to settle monies on a daily basis representing changes in the prior day's "mark-to-market" of the swap. If a Fund has unrealized appreciation, the clearing broker would credit the Fund's account with an amount equal to the appreciation and conversely if a Fund has unrealized depreciation, the clearing broker will debit a Fund's account with an

**52** 

------

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 swaps 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 (depreciation) on cross currency swaps contracts" as described in the preceding paragraph.

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

---

| | |
|:---|:---|
| **Fund** | **Average Notional Amount of Swap Contracts<br>Outstanding<sup>\*</sup>** |
|  **NPCT** | $36453095 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Counterparty** | **Gross<br>Unrealized<br>Appreciation<br>on Swaps\*\*** | **Gross<br>Unrealized<br>(Depreciation)<br>on Swaps\*\*** | **Net Unrealized<br>Appreciation<br>(Depreciation)<br>on Interest Rate<br>Swaps** | **Swaps**<br> **Premium**<br> **Paid**<br> **(Received)** | **Collateral**<br> **Pledged**<br> **to (from)**<br> **Counterparty\*\*\*** | **Net**<br> **Exposure** |
| **JGH** | Morgan Stanley Capital Services LLC | $206614 | $- | $206614 | $- | $(187609) | $19005 |
| **NPCT** | Citibank N.A. | $361379 | $- | $361379 | $46520 | $(397572) | $10327 |
|  | J.P. Morgan Securities Inc. | 27354 |  | 27354 | (2509) | (11630) | 13215 |
|  | Morgan Stanley Capital Services LLC | 159471 | (9356) | 150115 | 4246 | (140152) | 14209 |
|  |  | $548204 | $(9356) | $538848 | $48257 | $(549354) | $37751 |

---

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

\*\*\* For NPCT, the amount is held in a segregated account at the custodian and not included on the Statement of Assets and Liabilities. 

As of the end of the reporting period, the Funds have invested in derivative contracts which are reflected in the Statement of Assets and Liabilities as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Derivative Instrument** | **Risk Exposure** |  **<u>Asset Derivatives</u>** |  **<u>Asset Derivatives</u>** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Instrument** | **Risk Exposure** | **Location** | **Value** | **Location** | **<u>Value</u>** |
| **JGH** |  |  |  |  |  |
| Forward Foreign Currency Contracts | Foreign currency exchange rate |  | $– | Unrealized depreciation on forward contracts<sup>\*</sup> | $(160940) |
| Interest Rate Swaps | Interest rate | Unrealized appreciation on interest rate swaps contracts | 206614 | - |  |
| **NPCT** |  |  |  |  |  |
| Forward Foreign Currency Contracts | Foreign currency exchange rate |  |  | Unrealized depreciation on forward contracts<sup>\*</sup> | (478163) |
| Cross Currency Swaps | Foreign currency exchange rate | Unrealized appreciation on cross currency swap contracts<sup>\*</sup> | 538848 | - | – |

---

\* 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.

During the current fiscal period, the effect of derivative contracts on the Funds' Statements of Operations was as follows:

**53** 

------

**Notes to Financial Statements** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Instrument** | **Risk Exposure** | **Net Realized Gain<br>(Loss)** | **Change in**<br> **Unrealized Appreciation<br>(Depreciation)** |
| **JGH** |  |  |  |
| Forward foreign currency contracts | Foreign currency exchange rate | $– | $(160940) |
| Swap contracts | Interest rate | 1110824 | (1019783) |
| **NPCT** |  |  |  |
| Forward foreign currency contracts | Foreign currency exchange rate | 447553 | (893785) |
| Swap contracts | Foreign currency exchange rate | 446475 | (3562896) |

---

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

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

**6. Fund Shares** 

**Common Share Transactions:** The Funds did not have any transactions in common shares during the Funds' current and prior fiscal period.

**Preferred Shares** 

**Taxable Fund Preferred Shares:** NPCT has issued and has outstanding Taxable Fund Preferred ("TFP") Shares, with a $1,000 liquidation preference per share. These TFP Shares were issued via private placement and are not publicly available.

The Fund is obligated to redeem its TFP Shares by the date as specified in its offering documents ("Term Redemption Date"), unless earlier redeemed by the Fund. TFP Shares are initially issued in a pre-specified mode, however, TFP Shares can be subsequently designated as an alternative mode at a later date at the discretion of the Fund. The modes within TFP Shares detail the dividend mechanics and are described as follows. At a subsequent date, the Fund may establish additional mode structures with the TFP Share.

• Variable Rate Mode ("VRM") – Dividends for TFP Shares designated in this mode are based upon a short-term index plus an additional fixed "spread" amount established at the time of issuance or renewal / conversion of its mode. At the end of the period of the mode, the Fund will be required to either extend the term of the mode, designate an alternative mode or redeem the TFP Shares.

The fair value of TFP Shares while in VRM are expected to approximate their liquidation preference so long as the fixed "spread" on the shares remains roughly in line with the "spread' being demanded by investors on instruments having similar terms in the current market. In current market conditions, the Adviser has determined that the fair value of the shares are approximately their liquidation preference, but their fair value could vary if market conditions change materially.

• Variable Rate Demand Mode ("VRDM") – Dividends for TFP Shares designated in this mode will be established by a remarketing agent; therefore, the market value of the TFP Shares is expected to approximate its liquidation preference. While in this mode, shares will have an unconditional liquidity feature that enable its shareholders to require a liquidity provider, which the Fund has entered into a contractual agreement, to purchase shares in the event that the shares are not able to be successfully remarketed. In the event that shares within this mode are unable to be successfully remarketed and are purchased by the liquidity provider, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent's ability to successfully remarket the shares. The Fund is required to redeem any shares that are still owned by a liquidity provider after six months of continuous, unsuccessful remarketing.

The Fund will pay a liquidity and remarketing fee on the aggregate principal amount of all TFP Shares while within VRDM. Payments made by the Fund to the liquidity provider and remarketing agent are recognized as "Liquidity fees" and "Remarketing fees", respectively, on the Statement of Operations.

**54** 

------

For financial reporting purposes, the liquidation preference of TFP Shares is recorded as a liability and is recognized as a component of "Taxable Fund Preferred ("TFP") Shares, net of deferred offering costs" on the Statement of Assets and Liabilities. Dividends on the TFP shares are treated as interest payments for financial reporting purposes. Unpaid dividends on TFP shares are recognized as a component on "Interest payable" on the Statement of Assets and Liabilities. Dividends accrued on TFP Shares are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.

Subject to certain conditions, TFP Shares may be redeemed, in whole or in part, at any time at the option of the Fund. The Fund may also be required to redeem certain TFP shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share in all circumstances is equal to the liquidation preference per share plus any accumulated but unpaid dividends.

Cost incurred in connection with its offering of TFP Shares, were recorded as a deferred charge and are being amortized over the life of the shares. These offering costs are recognized as a component of "Taxable Fund Preferred ("TFP") Shares, net of deferred offering costs" on the Statement of Assets and Liabilities and "Interest expense and amortization of offering costs" on the Statement of Operations.

As of the end of the reporting period, NPCT had $69,733,954 TFP Shares at liquidation preference, net of deferred offering costs. Further details of the Fund's TFP Shares outstanding as of the end of the reporting period, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Series** | **Shares<br>Outstanding** | **Liquidation<br>Preference** | **Term<br>Redemption<br>Date** | **Mode** |
|  **NPCT** | A | 70000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000000 | May 2, 2033 | VRM |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Average**<br> **Liquidation**<br> **Preference of<br>TFP**<br> **Shares**<br> **Outstanding** | **Annualized<br>Dividend Rate** |
|  NPCT | $70000000 | 5.55% |

---

**7. Income Tax Information** 

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.

Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund's federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed each Fund's tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Fund's financial statements.

As of the end of the reporting period, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost** | **Gross Unrealized<br>Appreciation** | **Gross**<br> **Unrealized<br>(Depreciation)** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **JGH** | $440832626 | $12270969 | $(11346767) | $924202 |
|  **NPCT** | 601821728 | 1818077 | (104369748) | (102551671) |
|  **JLS** | 151616587 | 3274941 | (14558909) | (11283968) |

---

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.

As of prior fiscal period end, the components of accumulated earnings on a tax basis were as follows:

**55** 

------

**Notes to Financial Statements** (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gains** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Capital Loss<br>Carryforwards** | **Late-Year Loss<br>Deferrals** | **Other<br>Book-to-Tax<br>Differences** | **Total** |
|  **JGH** | $— | $— | $(914116) | $(136529251) | $— | $(253687) | $(137697054) |
|  **NPCT** |  |  | (111140352) | (69752968) |  | (80017) | (180973337) |
|  **JLS** | 967392 |  | (12468123) | (3690354) |  |  | (15191085) |

---

As of prior fiscal period end, the Funds had capital loss carryforwards, which will not expire:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** | **Total** |
|  **JGH** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28220391 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108308860 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136529251 |
|  **NPCT** | 13116436 | 56636532 | 69752968 |
|  **JLS** | 1775831 | 1914523 | 3690354 |

---

**8. Management Fees and Other Transactions with Affiliates** 

**Management Fees:** Each Fund's management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Advisers are compensated for their services to the Funds from the management fees paid to the Adviser.

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

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

---

| | | |
|:---|:---|:---|
| <br>**Average Daily Managed Assets** | **JGH**<br>**Fund-Level Fee<br>Rate** | **NPCT**<br>**Fund-Level Fee<br>Rate** |
|  For the first $500 million | 0.7000% | 0.8000% |
|  For the next $500 million | 0.6750 | 0.7750 |
|  For the next $500 million | 0.6500 | 0.7500 |
|  For the next $500 million | 0.6250 | 0.7250 |
|  For managed assets over $2 billion | 0.6000 | 0.7000 |

---

---

| | |
|:---|:---|
| <br>**Average Daily Managed Assets\*** | **JLS**<br>**Fund-Level Fee<br>Rate** |
|  For the first $125 million | 0.8000% |
|  For the next $125 million | 0.7875 |
|  For the next $150 million | 0.7750 |
|  For the next $600 million | 0.7625 |
|  For managed assets over $1 billion | 0.7500 |

---

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

---

| | |
|:---|:---|
| **Complex-Level Asset Breakpoint Level\*** | **Complex-Level Fee** |
|  For the first $124.3 billion | 0.1600% |
|  For the next $75.7 billion | 0.1350 |
|  For the next $200 billion | 0.1325 |
|  For eligible assets over $400 billion | 0.1300 |

---

\* The complex-level fee is calculated based upon the aggregate daily "eligible assets" of all Nuveen-branded closed-end funds and Nuveen branded open-end funds ("Nuveen Mutual Funds"). Except as described below, eligible assets include the assets of all Nuveen-branded closed-end funds and Nuveen Mutual Funds organized in the United States. Eligible assets do not include the net assets of: Nuveen fund-of-funds, Nuveen money market funds, Nuveen index funds, Nuveen Large Cap Responsible Equity Fund or Nuveen Life Large Cap Responsible Equity Fund. In addition, eligible assets include a fixed percentage of the aggregate net assets of the active equity and fixed income Nuveen Mutual Funds advised by the Adviser's affiliate, Teachers Advisors, LLC (except those identified above). The fixed percentage will increase annually until May 1, 2033, at which time eligible assets will include all of the aggregate net assets of the active equity and fixed income Nuveen Mutual Funds advised by Teachers Advisors, LLC (except those identified above). Eligible assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds' use of preferred stock and borrowings and certain investments 

**56** 

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in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances.

As of the end of the reporting period, the annual complex-level fee for each Fund was as follows:

---

| | |
|:---|:---|
| **Fund** | **Complex-Level Fee** |
|  JGH | 0.1569% |
|  NPCT | 0.1569 |
|  JLS | 0.1569 |

---

**9. Commitments and Contingencies** 

In the normal course of business, each Fund enters into a variety of agreements that may expose the Fund to some risk of loss. These could include certain agreements related to preferred shares, which are described elsewhere in these Notes to Financial Statements. The risk of future loss arising from such agreements, while not quantifiable, is expected to be remote. As of the end of the reporting period, the Funds did not have any unfunded commitments.

From time to time, the Funds may be party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Funds' rights under contracts. As of the end of the reporting period, management has determined that any legal proceeding(s) the Funds are subject to, including those described within this report, are unlikely to have a material impact to any of the Funds' financial statements.

**10. Borrowing Arrangements and Reverse Repurchase Agreements** 

**Borrowings:** Each Fund has entered into a borrowing arrangement ("Borrowings") as a means of leverage. As of the end of the reporting period, each Fund's maximum commitment amount under these Borrowings is as follows:

---

| | |
|:---|:---|
| **Fund** | **Maximum<br>Commitment<br>Amount** |
|  JGH | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000000 |
|  NPCT | 80000000 |
|  JLS | 22500000 |

---

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

---

| | |
|:---|:---|
| **Fund** | **Outstanding<br>balance<br>on Borrowings** |
|  JGH | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106500000 |
|  NPCT | 62500000 |
|  JLS | 2520000 |

---

JGH has entered into a 364-day revolving line of credit. Interest is charged on these Borrowings to the drawn amount at a rate per annum equal to one-month Term SOFR ("Secured Overnight Financing Rate") plus 0.90%. The Fund also accrued a 0.15% per annum commitment fee based on the undrawn balance based on the maximum commitment amount of the Borrowings to the extent the unused portion of the Borrowings is less than 50% of the maximum commitment amount otherwise the per annum commitment fee is 0.25%.

NPCT has entered into a committed financing agreement. Interest is charged on these Borrowings to the drawn amount at a rate per annum equal to Fed Funds plus 0.80% and accrues 0.25% 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.

JLS has entered into a committed financing agreement. Interest is charged on these Borrowings at OBFR ("Overnight Bank Funding Rate") plus 1.70% per annum on the amount borrowed and 0.50% per annum on the undrawn balance which was waived for the reporting period.

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

**57** 

------

**Notes to Financial Statements** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Utilization<br>Period (Days<br>Outstanding)** | **Average<br>Daily Balance<br>Outstanding** | **Average Annual<br>Interest Rate** |
|  **JGH** | 181 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106486188 | 5.38% |
|  **NPCT** | 181 | 62500000 | 4.28 |
|  **JLS** | 181 | 2520000 | 6.10 |

---

**Other Borrowings Information for the Funds:** In order to maintain these Borrowings, the Funds must meet certain collateral, asset coverage and other requirements. Each Fund's Borrowings outstanding are fully secured by eligible securities held in each Fund's portfolio of investments.

Each Fund's Borrowings outstanding is recognized as "Borrowings" on the Statement of Assets and Liabilities. Interest expense and other fees incurred on the drawn amount and undrawn balance are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.

**Rehypothecation:** JLS has entered into a Rehypothecation Side Letter ("Side Letter") with its prime brokerage lender, allowing it to re-register the Pledged Collateral in its own name or in a name other than the Fund's to pledge, repledge, hypothecate, rehypothecate, sell, lend or otherwise transfer or use the Pledged Collateral (the "Hypothecated Securities") with all rights of ownership as described in the Side Letter. Subject to certain conditions, the total value of the outstanding Hypothecated Securities shall not exceed the lesser of (i) 98% of the outstanding balance on the Borrowings to which the Pledged Collateral relates and (ii) 33 <sup>1</sup>⁄<sub>3</sub> % of the Fund's total assets. The Fund may designate any Pledged Collateral as ineligible for rehypothecation. The Fund may also recall Hypothecated Securities on demand.

The Fund also have the right to apply and set-off an amount equal to one-hundred percent (100%) of the then-current fair market value of such Pledged Collateral against the current Borrowings under the Side Letter in the event that the prime brokerage lender fails to timely return the Pledged Collateral and in certain other circumstances. In such circumstances, however, the Fund may not be able to obtain replacement financing required to purchase replacement securities and, consequently, the Fund's income generating potential may decrease. Even if a Fund is able to obtain replacement financing, it might not be able to purchase replacement securities at favorable prices.

The Fund will receive a fee in connection with the Hypothecated Securities ("Rehypothecation Fees") in addition to any principal, interest, dividends and other distributions paid on the Hypothecated Securities.

As of the end of the reporting period, the Fund had $1,548,137 in Hypothecated Securities. During the current fiscal period, the Fund earned Rehypothecation Fees of $321, which is recognized as "Rehypothecation income" on the Statement of Operations.

**Reverse Repurchase Agreements:** During the current fiscal period, the fund utilized reverse repurchase agreements as a means of leverage.

Each Fund may enter into a reverse repurchase agreement with brokers, dealers, banks or other financial institutions that have been determined by the Adviser to be creditworthy. In a reverse repurchase agreement, the Fund sells to the counterparty a security that it holds with a contemporaneous agreement to repurchase the same security at an agreed-upon price and date, reflecting the interest rate effective for the term of the agreement. It may also be viewed as the borrowing of money by the Fund. Cash received in exchange for securities delivered, plus accrued interest payments to be made by the Fund to a counterparty, are reflected as a liability on the Statement of Assets and Liabilities. Interest payments made by the Fund to counterparties are recognized as a component of "Interest expense" on the Statement of Operations.

In a reverse repurchase agreement, the Fund retains the risk of loss associated with the sold security. Reverse repurchase agreements also involve the risk that the purchaser fails to return the securities as agreed upon, files for bankruptcy or becomes insolvent. Upon a bankruptcy or insolvency of a counterparty, the Fund is considered to be an unsecured creditor with respect to excess collateral and as such the return of excess collateral may be delayed.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Counterparty** | **Rate** | **Principal<br>Amount** | **Maturity** | **Value** | **Value and Accrued<br>Interest** |
|  **JGH** | Societe Generale SA | 4.86% | $(21000000) | On-Demand | $(21000000) | $(21238397) |
|  **NPCT** | Societe Generale SA | 4.74% | (33820000) | 7/03/25 | (33820000) | (33933523) |
|  **NPCT** | Societe Generale SA | 4.73% | (3000000) | 7/03/25 | (3000000) | (3020540) |
|  **NPCT** | Toronto-Dominion Bank/The | 5.06% | (12000000) | 7/15/25 | (12000000) | (12124163) |
|  **Total** |  |  | **$(48820000)** |  | **$(48820000)** | **$(49078226)** |
|  **JLS** | Lucid Prime Fund LLC | 5.15% | (5044000) | 7/17/25 | (5044000) | (5057715) |
|  **JLS** | Royal Bank of Canada | 5.77% | (8975000) | 7/17/25 | (8975000) | (9081431) |
|  **JLS** | Societe Generale SA | 5.44% | (14118000) | 7/02/25 | (14118000) | (14179862) |
|  **Total** |  |  | **$(28137000)** |  | **$(28137000)** | **$(28319008)** |

---

**58** 

------

During the current fiscal period, the average daily balance outstanding and average annual interest rate on the Funds' reverse repurchase agreements were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Utilization<br>period (days<br>outstanding)** | **Average<br>daily balance<br>outstanding** | **Weighted<br>Average annual<br>interest rate** |
|  **JGH** | 181 | $(20000000) | 5.29% |
|  **NPCT** | 181 | (48820000) | 4.88% |
|  **JLS** | 181 | (28351740) | 5.58% |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Counterparty** | **Reverse**<br> **Repurchase<br>Agreements\*** | **Collateral**<br> **Pledged to<br>Counterparty** |
|  **JGH** | Societe Generale | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21238397) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29094837) |
|  **NPCT** | Societe Generale | (33933522) | (46543727) |
|  | Societe Generale | (3020540) | (4374559) |
|  | Toronto-Dominion Bank/The | (12124163) | (16554936) |
|  **JLS** | Lucid Prime Fund LLC | (5057714) | (6223288) |
|  | Royal Bank of Canada | (9081431) | (14658671) |
|  | Societe Generale | (14179862) | (18760389) |
|  \* Represents gross value and accrued interest for the counterparty as reported in the preceding table. | \* Represents gross value and accrued interest for the counterparty as reported in the preceding table. | \* Represents gross value and accrued interest for the counterparty as reported in the preceding table. | \* Represents gross value and accrued interest for the counterparty as reported in the preceding table. |

---

**11. Inter-Fund Lending** 

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

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

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

**12. Subsequent Events** 

**Shelf Offering:** On August 15, 2025, JGH filed a registration statement with the SEC authorizing the Fund to issue an additional $100,000,000 common shares, preferred shares and/or subscription rights to purchase common shares through a shelf offering.

**59** 

------

## Shareholder Meeting Report
**(Unaudited)**

The annual meeting of shareholders for NPCT was held on April 17, 2025; at this meeting the shareholders were asked to elect Board Members.

The vote totals for NPCT are set forth below:

---

| | | |
|:---|:---|:---|
| | **NPCT** | **NPCT** |
| | Common and<br>Preferred Shares<br>voting together as<br>a single class | Preferred Shares |
|  **Approval of the Board Members was reached as follows:** |  |  |
|  Thomas J. Kenny |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For | 20579357 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withhold | 2935180 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 23514537 | - |
|  Joanne T. Medero |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For | 20518263 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withhold | 2996274 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 23514537 | - |
|  Loren M. Starr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For | 20044452 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withhold | 3470085 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 23514537 | - |
|  Matthew Thornton III |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For | 20095697 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withhold | 3418840 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 23514537 | - |
|  Robert L. Young |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For | 20104984 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withhold | 3409553 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 23514537 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albin F. Moschner |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For |  | 70000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withhold | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | - | 70000 |
|  Margaret L. Wolff |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For |  | 70000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withhold | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | - | 70000 |

---

**60** 

------

The annual meeting of shareholders for JGH and JLS was held on April 17, 2025; at this meeting the shareholders were asked to elect Board Members.

The vote totals for JGH and JLS are set forth below:

---

| | | |
|:---|:---|:---|
| | **JGH** | **JLS** |
| | Common<br>Shares | Common<br>Shares |
|  **Approval of the Board Members was reached as follows:** |  |  |
|  Michael A. Forrester |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For | 15200310 | 2737558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withhold | 4093222 | 98707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 19293532 | 2836265 |
|  Thomas J. Kenny |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For | 15025392 | 2732309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withhold | 4268140 | 103956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 19293532 | 2836265 |
|  Margaret L. Wolff |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For | 15029480 | 2742947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withhold | 4264052 | 93318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 19293532 | 2836265 |
|  Robert L. Young |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For | 15039562 | 2732309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withhold | 4253970 | 103956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 19293532 | 2836265 |

---

**61** 

------

## Additional Fund Information
**(Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Board of Trustees** | **Board of Trustees** | **Board of Trustees** |  |  |  |  |
| Joseph A. Boateng | Michael A. Forrester | Thomas J. Kenny | Amy B.R. Lancellotta | Joanne T. Medero | Albin F. Moschner | John K. Nelson |
| Loren M. Starr | Matthew Thornton III | Terence J. Toth | Margaret L. Wolff | Robert L. Young |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Adviser**<br> Nuveen Fund Advisors, LLC<br> 333 West Wacker Drive<br> Chicago, IL 60606 | **Custodian**<br> State Street Bank<br> & Trust Company<br> One Congress Street<br> Suite 1<br> Boston, MA 02114-2016 | **Legal Counsel**<br> Chapman and Cutler<br> LLP<br> Chicago, IL 60606 | **Independent Registered**<br> **Public Accounting Firm**<br> PricewaterhouseCoopers<br> LLP<br> One North Wacker Drive<br> Chicago, IL 60606 | **Transfer Agent and**<br> **Shareholder Services**<br> Computershare Trust Company,<br> N.A.<br> 150 Royall Street<br> Canton, MA 02021<br> (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.

---

| | | | |
|:---|:---|:---|:---|
| | **JGH** | **NPCT** | **JLS** |
|  Common shares repurchased | 0 | 0 | 0 |

---

**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.

**62** 

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## Glossary of Terms Used in this Report
**(Unaudited)**

**Asset-Backed Securities (ABS):** Securities whose value and income payments are derived from and collateralized by a specific pool of underlying assets. The pool of assets typically is a group of small and/or illiquid assets that may be difficult to sell individually. The underlying pools of asset-backed securities often include payments from credit cards, auto loans or mortgage loans.

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

**Commercial Mortgage-Backed Securities (CMBS):** Commercial mortgage-backed securities are backed by cash flows of a mortgage or pool of mortgages on commercial real estate. CMBS generally are structured to provide protection to the senior class investors against potential losses on the underlying mortgage loans. CMBS are typically characterized by the following: i) loans on multifamily housing, non-residential property, ii) payments based on the amortization schedule of 25-30 years with a balloon payment due usually after 10 years, and iii) restrictions on prepayments.

**Contingent Capital Securities (CoCos):** CoCos are debt or capital securities of primarily non-U.S. issuers with loss absorption contingency mechanisms built into the terms of the security, for example a mandatory conversion into common stock of the issuer, or a principal write-down, which if triggered would likely cause the CoCos investment to lose value. Loss absorption mechanisms would become effective upon the occurrence of a specified contingency event, or at the discretion of a regulatory body. Specified contingency events, as identified in the CoCo's governing documents, usually reference a decline in the issuer's capital below a specified threshold level, and/or certain regulatory events. A loss absorption contingency event for CoCos would likely be the result of, or related to, the deterioration of the issuer's financial condition and/or its status as a going concern. In such a case, with respect to CoCos that provide for conversion into common stock upon the occurrence of the contingency event, the market price of the issuer's common stock received by the Acquiring Fund will have likely declined, perhaps substantially, and may continue to decline after conversion. CoCos rated below investment grade should be considered high yield securities, or "junk," but often are issued by entities whose more senior securities are rated investment grade. CoCos are a relatively new type of security; and there is a risk that CoCo security issuers may suffer the sort of future financial distress that could materially increase the likelihood (or the market's perception of the likelihood) that an automatic write-down or conversion event on those issuers' CoCos will occur. Additionally, the trading behavior of a given issuer's CoCos may be strongly impacted by the trading behavior of other issuers' CoCos, such that negative information from an unrelated CoCo security may cause a decline in value of one or more CoCos held by the Fund. Accordingly, the trading behavior of CoCos may not follow the trading behavior of other types of debt and preferred securities. Despite these concerns, the prospective reward vs. risk characteristics of at least certain CoCos may be very attractive relative to other fixed-income alternatives.

**Duration:** Duration is a measure of the expected period over which a bond's principal and interest will be paid, and consequently is a measure of the sensitivity of a bond's or bond fund's value to changes when market interest rates change. Generally, the longer a bond's or fund's duration, the more the price of the bond or fund will change as interest rates change.

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

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

**Mortgage-Backed Securities (MBS):** Mortgage-backed securities (MBS) are bonds backed by pools of mortgages, usually with similar characteristics, and which return principal and interest in each payment. MBS are composed of residential mortgages (RMBS) or commercial mortgages (CMBS). RMBS are further divided into agency RMBS and non-agency RMBS, depending on the issuer.

**Net Asset Value (NAV) Per Share:** A fund's Net Assets is equal to its total assets (securities, cash, 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.

**63** 

------

**Glossary of Terms Users in the Report** (continued)

**Residential Mortgage-Backed Securities (RMBS):** Residential mortgage-backed securities are securities the payments on which depend primarily on the cash flow from residential mortgage loans made to borrowers that are secured by residential real estate. RMBS consist of agency and non-agency RMBS. Agency RMBS have agency guarantees that assure investors that they will receive timely payment of interest and principal, regardless of delinquency or default rates on the underlying loans. Agency RMBS include securities issued by the Government National Mortgage Association, the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, and other federal agencies, or issues guaranteed by them. Non-agency RMBS do not have agency guarantees. Non-agency RMBS have credit enhancement built into the structure to shield investors from borrower delinquencies. The spectrum of non-agency residential mortgage loans includes traditional jumbo loans (prime), alternative-A loans (Alt-A), and home equity loans (subprime).

**64** 

------

## Statement Regarding Basis for Approval of Investment Advisory Contract
**(Unaudited)**

**Nuveen Global High Income Fund** 

**Nuveen Core Plus Impact Fund** 

**Nuveen Mortgage and Income Fund** 

**The Approval Process** 

At meetings held on April 28 and 29, 2025 (the "Meeting"), the Boards of Directors or Trustees (as the case may be) of the group of funds advised by Nuveen Fund Advisors, LLC ("NFAL" or the "Adviser"), including the Funds (as defined below), and the group of funds advised by Teachers Advisors, LLC ("TAL" and all such funds, collectively, the "Nuveen funds" or the "funds") approved the renewal of the investment management agreements (each, an "Investment Management Agreement") with NFAL and TAL, respectively. TAL and NFAL are affiliates as NFAL is a subsidiary of Nuveen, LLC, the investment arm of Teachers Insurance and Annuity Association of America ("TIAA"), and TAL is an indirect wholly owned subsidiary of TIAA. The Boards of Trustees of the Funds also approved the renewal of the sub-advisory agreements (each, a "Sub-Advisory Agreement") with: (i) in the case of Nuveen Global High Income Fund (the "Global High Income Fund") and Nuveen Core Plus Impact Fund (the "Core Plus Impact Fund"), Nuveen Asset Management, LLC ("NAM" and, each of NAM and TAL, a "Sub-Adviser"), and (ii) in the case of Nuveen Mortgage and Income Fund (the "Mortgage Fund"), TAL. NAM and TAL are each an affiliate of the Adviser.

The Boards of Directors or Trustees of the Nuveen funds are each a "Board" or collectively the "Board" (as the context may dictate) and the directors or trustees (as the case may be) are each a "Board Member." The Board Members of each Board are not "interested persons" (as defined under the Investment Company Act of 1940 (the "1940 Act")) and, therefore, each Board is deemed to be comprised of all disinterested Board Members. References to a Board and the Board Members are interchangeable.

In accordance with applicable law, following up to an initial two-year period, the Board of each Fund considers the renewal of each Investment Management Agreement and Sub-Advisory Agreement on behalf of the Fund on an annual basis. The Investment Management Agreements and Sub-Advisory Agreements are collectively referred to as the "Advisory Agreements," and the Adviser and each Sub-Adviser are collectively the "Fund Advisers" and each a "Fund Adviser." Below is a summary of the annual review process the Board undertook related to its most recent renewal of the Advisory Agreements with respect to each Nuveen fund covered by this report (each, a "Fund" and, collectively, the "Funds").

To reach their determination, the Board Members considered the review of the Advisory Agreements to be an ongoing process. The Board Members employed the accumulated information, knowledge and experience they had gained during their tenure as disinterested Board Members on the respective Board of the Nuveen funds and its committees in overseeing the applicable funds and working with the respective investment advisers and sub-advisers in their review of the advisory agreements for the fund complex. The Board and/or its committees meet regularly throughout the year and at these meetings, the Board Members received materials and discussed information covering a wide range of topics pertinent to the annual consideration of the renewal of the Advisory Agreements. Such topics include, but are not limited to, the investment performance of the funds over various periods; investment oversight matters; economic, market and regulatory developments; any significant organizational or other developments impacting a Fund Adviser and its strategic plans for its business; product initiatives for various funds; fund expenses; compliance, regulatory and risk management matters; trading practices; the derivatives risk management program; management of distributions; valuation of securities; payments to financial intermediaries; securities lending (as applicable); and closed-end fund market activity, capital management initiatives, institutional ownership, management of leverage financing, the secondary market trading of the closed-end funds and any actions taken to address market discounts to net asset value. The Board also seeks to meet at its regular quarterly meetings with members of senior management to discuss various topics, including market conditions, industry developments and any significant developments or strategic plans for the Fund Advisers, if any.

To help with the review of performance, the Board and/or its committees periodically received and discussed presentations from member(s) of investment teams throughout the year, culminating in an annual performance review of the Nuveen funds at the Board's meeting held on February 25-26, 2025 (the "February Meeting"). The presentations, discussions and meetings during the year provide a means for the Board Members to evaluate and consider the level, breadth and quality of services provided by the Fund Advisers and any changes to such services over time in light of new or modified regulatory requirements, changes to market conditions or other factors.

In addition to the materials and discussions that occurred at prior meetings, the Board, through its independent legal counsel, requested and received extensive materials and information prepared specifically for its review of the Advisory Agreements. During the year, management worked with an ad hoc committee established by the Board to help enhance and streamline the materials provided in connection with the annual review of the Advisory Agreements. The materials provided at the Meeting and/or prior meetings covered a wide range of matters including, but not limited to, a description of the nature, extent and quality of services provided by the Fund Advisers; a review of each Sub-Adviser and applicable investment team; an analysis of fund performance with a focus on funds considered to have met certain challenged performance measurements; an analysis of the fees and expense ratios of the Nuveen funds with a focus on funds considered to have certain expense characteristics; a list of management fee and sub-advisory fee schedules; an analysis of advisory fees compared to fees assessed to other types of clients; a description of portfolio manager compensation; certain profitability and/or financial data; and a description of indirect benefits received by the Fund Advisers as a result of their relationships with the Nuveen funds. The Board also considered information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, comparing fee and expense levels of each respective Fund to those of a peer universe.

**65** 

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**Statement Regarding Basis for Approval of Investment Advisory Contract** 

(continued)

The information prepared specifically for the annual review supplemented the information provided to the Board and its committees and the evaluations of the Nuveen funds by the Board and its committees during the year. The Board's review of the Advisory Agreements is based on all the information provided to the Board and its committees over time. The performance, fee and expense data and other information provided by a Fund Adviser, Broadridge or other service providers were not independently verified by the Board Members.

As part of their review, the Board Members and independent legal counsel met in executive session on April 9, 2025 to review and discuss materials provided in connection with their annual review of the Advisory Agreements. After reviewing this information, the Board Members requested, directly or through independent legal counsel, additional information, and the Board subsequently reviewed and discussed the responses to these follow-up questions and requests. The Board Members and independent legal counsel met again in executive session on April 17, 2025 (together with the April 9, 2025 executive session, the "Executive Sessions") to discuss the responses to the initial supplemental information request and, following their review of the data provided, requested management present certain additional information at the Meeting. In addition to the Executive Sessions, the Board Members met in additional executive sessions prior to and during the Meeting. During the Meeting, the Board Members considered the responses, invited representatives of management to provide additional information and determined that the information provided (whether oral or written) was responsive to their requests.

The Board Members were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel at which no representatives of management were present. In connection with their annual review, the Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements, including guidance from court cases evaluating advisory fees.

After the discussions and with the background and knowledge described above, the Board Members approved the continuation of the Advisory Agreements on behalf of the applicable Funds for an additional one-year period. The Board did not identify any single factor as all-important or controlling, but rather each decision reflected the comprehensive consideration of all the information (written or oral) provided to the Board and its committees throughout the year as well as the materials prepared specifically in connection with the annual review process. The contractual arrangements may reflect the results of prior year(s) of review, negotiation and information provided in connection with the Board's annual review of the Funds' advisory arrangements and oversight of the Funds. Each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the annual review process and may have placed different emphasis on the relevant information year to year in light of, among other things, changing market and economic conditions. A summary of the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements is set forth below.

**A. Nature, Extent and Quality of Services** 

In evaluating the renewal of the Advisory Agreements, the Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser's services provided to each respective Fund. With this approach, they considered the roles of the Adviser and the respective Sub-Adviser in providing services to the Funds.

The Board considered that the Adviser provides a wide array of management, oversight and other services to manage and operate the Funds. The Board considered the Adviser and its affiliates' dedication of resources, time, people and capital as well as consistent program of improvement and innovation aimed at keeping the Nuveen fund complex relevant and attractive for existing and new investors and meeting the needs of an increasingly complex regulatory environment. Among the information provided in connection with the review of services at the Meeting and/or prior meetings, the Board considered a description of the organizational changes at the Adviser during the year, the management teams that comprise the various support and investment functions for the funds and the background of certain personnel who support the funds. The Board considered the significant resources, both financial and personnel, the Adviser and its affiliates had committed over the past several years in working to bring the asset management businesses of Nuveen and TIAA under one centralized umbrella and to consolidate their respective fund families to the benefit of the funds through, among other things, enhanced operating efficiencies, centralized investment leadership and a centralized shared resources and support model. To help ensure the continuation of services, the Board considered, among other things, management's emphasis on succession planning and key person risk evaluation pursuant to which certain management team(s) meet annually to conduct a comprehensive review of successors to key positions, to develop and monitor corporate-wide standards and procedures in seeking to help ensure the firm may continue to operate in the event of business disruptions, and to review staffing and compensation levels to help remain competitive with peers in the industry. The Board considered a description of the application of business continuity plans and the periodic testing and review of such plans. As noted below, the Board also considered certain financial data of the Adviser and TIAA in assessing the financial stability and condition of the Adviser to provide a high level of quality of services to the Funds.

In its review, the Board considered that the Funds operated in a highly regulated industry and the scope and complexity of the services and resources that the Adviser and its affiliates must provide to manage and operate the Funds have expanded over the years due to regulatory, market and other developments. Such services included maintaining and monitoring the Nuveen funds' compliance programs, risk management programs, liquidity risk management programs, derivatives risk management programs and cybersecurity programs. The Board and/or its Compliance, Risk Management and Regulatory Oversight Committee received reports regarding the funds' compliance policies and procedures and matters undertaken thereunder as well as other compliance initiatives on a regular basis.

In considering the breadth and quality of services the Adviser and its various teams provide, the Board considered that the Adviser provides investment advisory services. With respect to the Funds, such Funds utilize the applicable Sub-Adviser to manage the portfolios of the Funds subject to the supervision of the Adviser. Accordingly, the Board considered that the Adviser and its affiliates, among other things, oversee and review the performance of the respective Sub-Adviser and its investment team(s); evaluate Fund performance and market conditions; evaluate investment strategies and recommend changes thereto; oversee trade execution and, as applicable, securities lending; evaluate investment risks; and manage valuation matters. As noted below, the Board also considered the Nuveen funds' performance over various time periods throughout the year.

**66** 

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In addition to the portfolio management services provided to the Funds (including indirectly by overseeing a Sub-Adviser), the Board considered the extensive compliance, regulatory, administrative and other services the Adviser and its various teams or affiliates provide to manage and operate the applicable funds, including but not limited to: distribution management services pursuant to which management seeks to implement distribution policies and set distribution levels consistent with each fund's product design and positioning; compliance services including establishing and maintaining broad-based compliance policies across the Nuveen fund complex, evaluating the compliance programs of various fund services providers, conducting ongoing risk assessments and testing, monitoring portfolio compliance with investment and regulatory requirements and providing a comprehensive compliance training program; providing regulatory advocacy services, including submitting comments on regulatory proposals and monitoring regulatory developments that may impact the fund(s); providing support to the Board and its committees throughout the year, including providing reports on a wide range of topics relating to the operations and management of the funds, helping to refine the materials provided to the Board and/or its committees and providing educational sessions on various topics; establishing and reviewing the services provided by other fund service providers (such as a fund's custodian, accountant, and transfer agent); providing legal support services; and evaluating trade allocation and execution.

Such services also include managing leverage; providing capital management and secondary market services (such as implementing common share shelf offerings, capital return programs and common share repurchases); and maintaining a closed-end fund investor relations program. The Board considered that management actively monitors any discount from net asset value per share at which a fund's common stock trades and evaluates potential avenues to mitigate the discount, including evaluating the level of distributions that the fund pays.

Aside from the services provided, the Board considered the financial resources of the Adviser and/or its affiliates and their willingness to make investments to support the funds. The Board considered the funds' access to a seed capital budget provided by the Adviser and/or its affiliates to support new or existing funds and/or facilitate changes for a respective fund. The Board considered the benefits to shareholders of investing in a Fund that is a part of a large fund complex with a variety of investment disciplines, capabilities, and expertise. The Board considered the overall reputation and capabilities of the Adviser and its affiliates and the Adviser's continuing commitment to provide high quality services.

In its review, the Board also considered the significant risks borne by the Adviser and its affiliates in connection with their services to the Nuveen funds, including entrepreneurial risks in sponsoring and supporting new funds and smaller funds and ongoing risks with managing the Funds, such as investment, operational, reputational, regulatory, compliance and litigation risks.

The Board considered the division of responsibilities between the Adviser and the respective Sub-Adviser and considered that each Sub-Adviser and its investment personnel, as noted, generally are responsible for the management of the respective Fund's portfolio under the oversight of the Adviser and the Board. The Board considered an analysis of each Sub-Adviser provided by the Adviser which included, among other things, a summary of changes (if any) in the leadership teams and/or portfolio manager teams; the performance of the funds sub-advised by the respective Sub-Adviser over various periods of time that met certain performance screening measurements; and data reflecting product changes (if any) taken with respect to certain funds. The Board considered that the Adviser recommended the renewal of the Sub-Advisory Agreements.

Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.

**B. The Investment Performance of the Funds and Fund Advisers** 

In evaluating the quality of the services provided by the Fund Advisers, the Board also considered a variety of investment performance data of the Funds. In leading up to the annual review, the Board and/or its Investment Committee considered, among other things, Fund performance (based on net asset value net of fees) over the quarter, one-, three- and five-year periods ending December 31, 2024 on an absolute basis and as compared to the performance of comparable peers (the "Performance Peer Group") and to a benchmark for the prescribed periods. Prior to the Meeting, the Board also received updated Fund performance over the quarter, one-, three- and five-year periods ended March 31, 2025 on an absolute basis and in comparison to the Performance Peer Group and a benchmark for the prescribed periods. In its review of relative performance, the Board considered a Fund's performance relative to its Performance Peer Group, among other things, by evaluating its quartile ranking with the 1st quartile representing the top performing funds within the Performance Peer Group and the 4th quartile representing the lowest performing funds.

The Board took into account the performance data, presentations and discussions (written and oral) that were provided at the Meeting and in prior meetings over time in evaluating fund performance, including particular focus on management's analysis of the performance of funds that met certain screening measurements as determined pursuant to a methodology approved by the Board or additional measurements as determined by management's investment analysts. As various Nuveen funds have modified their portfolio teams and/or made significant changes to their portfolio strategies over time, the Board reviewed, among other things, certain tracking performance data over specific periods comparing performance before and after such changes.

In evaluating performance, the Board considered some of the limitations of the performance data. The Board considered, among other things, that performance data reflects performance over a specified period which may differ significantly depending on the ending dates selected, particularly during periods of market volatility. Further, the Board considered that regardless of the performance period reviewed by the Board, shareholders may evaluate performance based on their own respective holding periods which may differ from the performance periods reviewed by the Board and lead to differing results. With respect to comparative performance, the Board considered that differing investment objectives, investment strategies, dates of inception, type and cost of leverage (if any), asset size and other factors between the Performance Peer Group and the respective Fund necessarily lead to differences in performance results. Similarly, differences in the investment objective(s) and strategies of a Fund and its benchmark (particularly an actively managed fund that does not directly follow an index) as well as the costs of operating a Fund would contribute to differences in performance results. To assist the Board in its review of the comparability of the relative performance, management generally has ranked the relevancy of the Performance Peer Groups to the applicable funds (subject to certain exceptions) as low, medium or high.

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**Statement Regarding Basis for Approval of Investment Advisory Contract** 

(continued)

The Board also considered that secondary market trading of shares of the closed-end funds also continues to be a priority for the Board given its importance to shareholders, and therefore, the Board and/or its Closed-End Fund Committee reviews certain performance data reflecting, among other things, the premiums and discounts at which the shares of the closed-end funds have traded as of specified dates at their quarterly meetings with an annual review of the closed-end fund market for the 2024 calendar year at its February Meeting. In its review, the Board considered, among other things, market conditions for closed-end funds, changes to investment mandates and guidelines, distribution policies, and leverage management; additional share offerings, share repurchases (if any) and similar capital market actions; and effective communications programs to build greater awareness and deepen understanding of closed-end funds. As applicable, the Board considered, among other things, the impact of leverage on a closed-end fund's common share earnings and total return.

The Board evaluated performance in light of various relevant factors which may include, among other things, general market conditions, issuer- specific information, asset class information, leverage and fund cash flows. The Board considered that long-term performance could be impacted by even one period of significant outperformance or underperformance and that a single investment theme could disproportionately affect performance. Further, the Board considered that market and economic conditions may significantly impact a Fund's performance, particularly over shorter periods, and such performance may be more reflective of such economic or market events and not necessarily reflective of management skill. Although the Board reviews short-, intermediate- and longer-term performance data, the Board considered that longer periods of performance may reflect full market cycles.

In their review from year to year, the Board Members consider and may place different emphasis on the relevant information in light of changing circumstances in market and economic conditions. In evaluating performance, the Board focused particular attention on funds with less favorable performance records. However, depending on the facts and circumstances, including any differences between the respective fund and its benchmark and/or Performance Peer Group, the Board may be satisfied with a fund's performance notwithstanding that its performance may be below that of its benchmark and/or peer group for certain periods. With respect to any funds for which the Board has identified performance issues, the Board seeks to monitor such funds more closely until performance improves, discuss with the Adviser the reasons for such results, consider whether any steps are necessary or appropriate to address such issues, discuss and evaluate the potential consequences of such steps and review the results of any steps undertaken.

The performance determinations with respect to each Fund are summarized below:

&nbsp;&nbsp;&nbsp;&nbsp;• For the Global High Income Fund, the Board considered that although the Fund's performance was below the performance
of its benchmark for the three- and five-year periods ended December 31, 2024, the Fund outperformed its benchmark for the one-year period ended December 31, 2024. In addition, the Fund ranked in the first quartile of its Performance Peer
Group for the one-year period, second quartile for the three-year period and third quartile for the five-year period ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors,
including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the
Advisory Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;• For the Core Plus Impact Fund, the Board considered that although the Fund's performance was below the performance of
its benchmark for the three-year period ended December 31, 2024, the Fund outperformed its benchmark for the one -year period and matched the performance of its benchmark for the five-year period ended December 31, 2024. In addition,
although the Fund ranked in the fourth quartile of its Performance Peer Group for the three-year period ended December 31, 2024, the Fund ranked in the third quartile for the one-year period and first quartile for the five-year period ended
December 31, 2024. In considering performance, the Board considered that the Fund's Performance Peer Group was classified as low for relevancy. The Board considered management's analysis on the Fund's performance, including
the factors that contributed to or detracted from performance. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the
Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;• For the Mortgage Fund, the Board considered that the Fund outperformed its benchmark for the one-, three- and five-year
periods ended December 31, 2024. In addition, the Fund ranked in the first quartile of its Performance Peer Group for the one-year period and second quartile for the three- and five-year periods ended December 31, 2024. In its review, the
Board considered that the Fund's Performance Peer Group was classified as low for relevancy. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during
certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements.

**C. Fees, Expenses and Profitability** 

**1.** **Fees and Expenses** 

As part of the annual review, the Board Members considered, among other things, the management fee schedules for the respective Fund. In addition to the management fee arrangements, the Board Members considered a Fund's operating expense ratio as it more directly reflected a shareholder's total costs in investing in the respective Fund.

In its review, the Board considered that the management fees of the Funds were generally comprised of two components, a fund-level component and a complex-level component, each with its own breakpoint schedule, subject to certain exceptions. The Board considered that in 2024, the Board approved a revised complex-wide breakpoint schedule which simplified and reduced the complex-level fee rates at various thresholds and

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expanded the eligible funds whose assets would be included in calculating the complex-level fee, effective May 1, 2024. The Board considered that the complex-level component is intended to be an efficient mechanism designed to help share cost efficiencies with shareholders as the complex- wide assets grow.

The Board also considered comparative fee and expense information prepared by an independent third-party provider of fund data. More specifically, the Board Members generally reviewed, among other things, each Fund's management fee rates and net total expense ratio in relation to similar data for a comparable universe of peers (the "Expense Universe"). In their review, the Board Members considered, in particular, each fund with a net total expense ratio (based on common assets and excluding investment-related costs such as the costs of leverage and taxes) meeting certain expense screening criteria adopted by the Board when compared to its Expense Universe and management's commentary as to the factors contributing to each such fund's relative net total expense ratio. The Board also considered, in relevant part, a fund's management fee in light of its performance history with particular focus on any fund identified as having a higher management fee and/or expense ratio compared to peers coupled with experiencing a period of challenged performance.

In their review, the Board Members considered the methodology Broadridge employed to establish its Expense Universe. The Board further considered that differences between the applicable Fund and its Expense Universe, as well as changes to the composition of the Expense Universe from year to year, may limit some of the value of the comparative data. The Board Members also considered that it can be difficult to compare management fees among funds with peers as there are variations in the services that are included for the fees paid. The Board Members took these limitations and differences into account when reviewing comparative peer data.

In addition, although the Board reviewed net total expense ratio both including and excluding investment-related expenses (e.g., leverage costs), as applicable, the Board considered that leverage expenses will vary across funds and peers because of differences in the forms and terms of leverage employed by the respective fund and therefore generally considered each closed-end fund's net total expense ratio and fees excluding investment- related costs and taxes. The Board also considered that the use of leverage may create a conflict of interest for the respective Adviser and Sub- Adviser given the increase of assets from leverage upon which an advisory or sub-advisory fee is based but also considered the impact of leverage on the fund's return. The Board Members considered, however, that the Adviser and respective Sub-Adviser would seek to manage the potential conflict by recommending to the Board to leverage the applicable fund or increase such leverage when the respective Fund Adviser has determined that such action would be in the best interests of the respective fund and its common shareholders and by periodically reviewing with the Board the fund's performance and the impact of the use of leverage on that performance.

With respect to the Sub-Advisers, the Board also considered, among other things, the sub-advisory fee schedule paid to the respective Sub-Adviser in light of the sub-advisory services provided to the respective Fund. In its review, the Board considered that the compensation paid to a Sub- Adviser is the responsibility of the Adviser, not the Funds.

The Board's considerations regarding the comparative fee data for each Fund are set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;• For the Global High Income Fund, although the Fund's actual management fee rate was above the Expense Universe median,
the Fund's contractual management fee rate was slightly above (within 5 basis points) the Expense Universe median, and the Fund's net total expense ratio was below the Expense Universe median.

&nbsp;&nbsp;&nbsp;&nbsp;• For the Core Plus Impact Fund, the Fund's contractual management fee rate, actual management fee rate and net total
expense ratio were each above the Expense Universe median. In its review, the Board considered, among other things, that differences in the Fund's investment strategy relative to the peer set in the Expense Universe, a reduction in the
contractual management fee driven by a reduction in the complex-wide fee implemented in 2024, and an increase in non-management fees due to costs related to higher activist related shareholder costs during the review period impacted the relative
expense results.

&nbsp;&nbsp;&nbsp;&nbsp;• For the Mortgage Fund, although the Fund's contractual management fee rate and actual management fee rate were above
the Expense Universe median, the Fund's net total expense ratio was slightly above (within 5 basis points) the Expense Universe median. In its review, the Board, however, also considered, among other things, the composition of the Expense
Universe which included only three peers that were unaffiliated with Nuveen funds.

Based on its review of the information provided, the Board determined that each Fund's management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.

**2.** **Comparisons with the Fees of Other Clients** 

In evaluating the appropriateness of fees, the Board also considered that the Adviser, the Sub-Advisers and/or their affiliate(s) provide investment management services to other types of clients which may include, among others: separately managed accounts ("SMAs"), retail managed accounts, foreign funds (UCITS), other investment companies (as sub-advisers), limited partnerships and collective investment trusts. The Board considered certain fee data for these other types of clients managed in a similar manner to certain of the funds compared to the management fee of the applicable fund. The Board considered a description of various factors which contribute to the differences in the management fee rates of the funds compared to those charged to these other types of clients which limited the comparability of the data. In this regard, the Board considered that the differences in, among other things, the breadth of services provided by the Adviser and its affiliates to the funds compared to those provided to other clients; the expenses the Adviser and its affiliates incur in launching, operating and supporting a fund; the support services provided to shareholders; the extensive regulatory, disclosure and governance requirements applicable to funds; the establishment and maintenance of servicing relationships with various service providers for the funds; the manner of managing such assets; investment policies; investor profiles; and account sizes all may contribute to the variations in relative fee rates. Differences in the level of advisory services required for passively managed funds also contribute to differences in the management fee levels of such funds compared to actively managed funds. In addition, differences in the client base; governing bodies, regulatory and legal requirements; distribution; jurisdiction and operational complexities also would contribute to variations

**69** 

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**Statement Regarding Basis for Approval of Investment Advisory Contract** 

(continued)

in management fees assessed the funds compared to foreign fund clients. Further, differences in the level of advisory and non-advisory services required and risk incurred when serving as a sub-adviser to other investment companies compared to serving as the Adviser to a Nuveen fund contribute to differences in the fees assessed. In this regard, the Board further considered the significant entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the Funds. As a general matter, higher fee levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. The Board further considered that a Sub-Adviser's fee is essentially for portfolio management services and therefore more comparable to the fees received for retail wrap accounts and other external sub-advisory mandates. The Board concluded that the varying levels of fees were reasonable given the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Profitability of the Fund Advisers** 

In considering the costs of services to be provided and profits to be realized by the Adviser (which encompassed the Sub-Advisers) from its relationship with the Funds, the Board Members considered a variety of estimated profitability data from various perspectives including, among other things, (a) historical pre-distribution and post-distribution margins over specified periods for the Adviser's services to the applicable funds; (b) certain profitability data on behalf of the Adviser attributable to servicing all applicable funds for 2024 and 2023; (c) certain profitability data of both the Adviser and TAL (as an adviser of certain other Nuveen funds) on a combined basis derived from types of funds in the aggregate (i.e., from closed-end funds, exchange-traded funds, interval funds and open-end funds) for 2024 and 2023; and (d) certain profitability data of both the Adviser and TAL (as an adviser of certain other Nuveen funds) on a combined basis by asset grouping of Nuveen funds in the aggregate (i.e., from equity, fund of funds, index, municipal bond and taxable fixed income funds). In addition, the Board considered profitability data at the per fund level for the respective adviser.

In reviewing the profitability data, the Board Members considered the subjective nature of calculating profitability as the information is not audited and is necessarily dependent on cost allocation methodologies to allocate expenses throughout the complex and among the various advisory products. The Board reviewed, among other things, a description of the cost allocation methodology employed to develop the profitability data. However, the Board Members considered that given there is no single universally recognized expense allocation methodology, other reasonable and valid allocation methodologies could be employed and could lead to significantly different profit and loss results and therefore developing profitability data is difficult, particularly on a per fund level.

Further, in considering the comparative margin data with peers, the Board Members considered the limitations of the comparative data given that peer data is not generally public and the calculation of profitability is subjective and affected by numerous factors (such as types of funds a peer manages, its business mix, its cost of capital, the numerous assumptions underlying the methodology used to allocate expenses and other factors) that can have a significant impact on the results. Given that the peer profitability data may reflect the different business mix of the respective peer firm, the Board also considered the pre- and post-distribution margins of Nuveen, LLC for each of the calendar years from 2020 through 2024.

Aside from the foregoing profitability data, the Board also considered, among other things, the audited statutory-basis financial statements of TIAA as of December 31, 2024 and 2023 and the related statutory-basis statements of operations, of changes in capital and contingency reserves and of cash flows for the years ended December 31, 2024, December 31, 2023 and December 31, 2022. The Board considered the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility. The Board also considered the investments the Adviser, its parent and/or other affiliates made into their business.

In evaluating the reasonableness of the compensation, the Board Members also considered the indirect benefits the Adviser or Sub-Advisers received that were directly attributable to the management of the applicable funds as discussed in further detail below. Based on its review, the Board was satisfied that the Adviser's (together with the Sub-Advisers) level of profitability from its relationship with the applicable Fund was not unreasonable in light of the nature, extent and quality of services provided.

**D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale** 

The Board considered whether there have been economies of scale with respect to the management of the funds, whether these economies of scale have been appropriately shared with the funds and whether there is potential for realization of further economies of scale. Although the Board considered that economies of scale are difficult to measure with any precision and the rates at which certain expenses are incurred may not decline with a rise in assets, the Board considered that there are a variety of methods that may be employed to help share the benefits of economies of scale, including, among other things, through the use of breakpoints in the management fee schedule, the pricing of funds at scale at inception and investments in the Adviser's business which can enhance the services provided to the funds for the fees paid. The Board considered such factors applicable to the particular Fund's advisory fee structure.

As noted above, the Board considered that the management fee of the Adviser for the Funds generally was comprised of a fund-level component and a complex-level component each with its own breakpoint schedule. The Board also approved a revised complex-wide breakpoint schedule in 2024 which reduced the complex-level fee rates at various thresholds and expanded the assets included when calculating the complex-level fee. With this structure, the Board considered that the complex-level breakpoint schedule was designed to deliver the benefits of economies of scale to shareholders when the assets of the eligible participating funds in the complex pass certain thresholds even if the assets of a particular fund are unchanged or have declined, and the fund-level breakpoint schedules were designed to share economies of scale with shareholders if the particular fund grows. The Board reviewed the fund-level and complex-level fee schedules.

Although closed-end funds may make additional share offerings from time to time, the Board considered that closed-end funds have a more limited ability to increase their assets to attain additional economies of scale because the growth of their assets will occur primarily from the appreciation of their investment portfolios.

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The Board Members also considered the continued reinvestment in Nuveen's business to enhance its capabilities and services to the benefit of its various clients. The Board considered that many of these investments were not specific to individual Nuveen funds, but rather initiatives from which the family of funds as a whole may benefit. The Board further considered that the scope of the services of the Adviser and its affiliates have expanded over time without raising advisory fees to the funds, and this was also a means of sharing economies of scale with the funds and their shareholders. The Board considered the Adviser's and/or its affiliates' ongoing efforts to streamline the product line-up, among other things, to create more scaled funds which may help improve both expense and trading economies for participating funds.

Based on its review, the Board was satisfied that the current fee arrangements together with the reinvestment in management's business appropriately shared any economies of scale with shareholders.

**E. Indirect Benefits** 

The Board Members received and considered information regarding various indirect benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the funds. These benefits included, among other things, economies of scale to the extent the Adviser or its affiliates share investment resources and/or personnel with other clients of the Adviser. Certain funds may also be used as investment options for other products or businesses offered by the Adviser and/or its affiliates, such as variable products, fund of funds and 529 education savings plans, and the Adviser and/or affiliates of the Adviser may serve as sub-adviser to various funds in which case all advisory and sub-advisory fees generated by such funds stay within Nuveen.

Further, the funds may pay the Adviser and/or its affiliates for other services, such as distribution. In this regard, the Board considered that an affiliate of the Adviser received compensation in 2024 for serving as an underwriter on shelf offerings of existing closed-end funds and reviewed the amounts paid for such services in 2024 and 2023.

In addition, the Board Members considered that the Adviser and Sub-Advisers (except as noted) may utilize soft dollar brokerage arrangements attributable to the respective fund(s) to obtain research and other services for any or all of their clients, although the Board Members also considered with respect to the Nuveen funds advised by the Adviser, reimbursements of such costs by the Adviser and/or the applicable Sub-Adviser.

The Adviser and its affiliates may also benefit from the advisory relationships with the Nuveen funds to the extent this relationship results in potential investors viewing the TIAA group of companies as a leading retirement plan provider in the academic and nonprofit market and a single source for all their financial service needs. The Adviser and/or its affiliates may further benefit to the extent that they have pricing or other information regarding vendors the funds utilize in establishing arrangements with such vendors for other products.

Based on its review, the Board concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable in light of the services provided.

**F. Other Considerations** 

The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members concluded that the terms of each Advisory Agreement were reasonable, that the respective Fund Adviser's fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed for an additional one-year period.

**71** 

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![LOGO](g83882g58b43.jpg)

## Nuveen:

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

Focused on meeting investor needs.

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

Find out how we can help you.

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

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

NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

Nuveen Securities, LLC, member FINRA and SIPC \| 333 West Wacker Drive \| Chicago, IL 60606 \| www.nuveen.com <br>ESA-B-0625P 4631621

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**Item 2.** **Code of Ethics.** <br>

Not applicable to this filing.

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**Item 3.** **Audit Committee Financial Expert.** <br>

Not applicable to this filing.

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**Item 4.** **Principal Accountant Fees and Services.** <br>

Not applicable to this filing.

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**Item 5.** **Audit Committee of Listed Registrants.** <br>

Not applicable to this filing.

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**Item 6.** **Investments.** <br>

(a) Schedule of Investments is included as part of the Portfolio of Investments filed under Item 1 of this Form N-CSR.

(b) Not applicable.

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**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** <br>

Not applicable to closed-end investment companies.

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**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** <br>

Not applicable to closed-end investment companies.

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**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

Not applicable to closed-end investment companies.

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**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** <br>

Not applicable to closed-end investment companies.

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**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** <br>

See Statement Regarding Basis for Approval of Investment Advisory Contract in Item 1.

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**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Not applicable to this filing.

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**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable to this filing.

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**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable.

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**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

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.

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**Item 16.** **Controls and Procedures.** <br>

(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.

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**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

Not applicable.

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**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

(a) Not applicable.

(b) Not applicable.

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**Item 19.** **Exhibits.** <br>

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| | |
|:---|:---|
| (a)(1) | Not applicable to this filing. |
| (a)(2) | Not applicable to this filing. |
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d83882dex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.](d83882dex99906cert.htm) |

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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.

<u>Nuveen Mortgage and Income Fund</u> 

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| | |
|:---|:---|
| Date: September 5, 2025 | By: <u>/s/ David J. Lamb</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp; David J. Lamb |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Chief Administrative Officer |

---

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.

---

| | |
|:---|:---|
| Date: September 5, 2025 | By: <u>/s/ David J. Lamb</u>  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; David J. Lamb |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Chief Administrative Officer |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (principal executive officer) |
| Date: September 5, 2025 | By: <u>/s/ Marc Cardella</u>  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Marc Cardella |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Vice President and Controller |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (principal financial officer) |

---

## Ex-99.Cert

**Exhibit 19(a)(3)** 

**<u>CERTIFICATION</u>**

I, David J. Lamb, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Mortgage and Income
Fund;

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

------

---

| | |
|:---|:---|
| Date: September 5, 2025 | By: <u>/s/ David J. Lamb</u>  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; David J. Lamb |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Chief Administrative Officer |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (principal executive officer) |

---

------

**<u>CERTIFICATION</u>**

I, Marc Cardella, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Mortgage and Income
Fund;

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

------

---

| | |
|:---|:---|
| Date: September 5, 2025 | By: <u>/s/ Marc Cardella</u>  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Marc Cardella |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Vice President and Controller |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (principal financial officer) |

---

## Exhibit 99.906

**Exhibit 19(b)** 

**<u>CERTIFICATION</u>**

**Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

**(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)** 

In connection with the semi-annual report of the Nuveen Mortgage and Income Fund (the "Fund") on Form N-CSR for the period ended June 30, 2025, as filed with the Securities and Exchange Commission (the "Report"), the undersigned officers of the Fund certify that, to the best of each such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

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

---

| | |
|:---|:---|
| Date: September 5, 2025 | By: <u>/s/ David J. Lamb</u>  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; David J. Lamb |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Chief Administrative Officer |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (principal executive officer) |
| Date: September 5, 2025 | By: <u>/s/ Marc Cardella</u>  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Marc Cardella |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Vice President and Controller |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (principal financial officer) |

---