Why senior loans now?

Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Funds have adopted one of three distribution approaches: income-only, managed distribution, or level distribution. Historical distributions from managed distributions have included realized capital gains along with net investment income, and have also included a return of capital, representing unrealized gains or paid-in capital or both. Historical distributions under a level distribution or capital return plan approach have included a return of capital along with net investment income and may also include realized capital gains. It is important to understand these sources, and also the fund’s distribution rate relative to its NAV performance. Leverage increases return volatility and magnifies the Fund's potential return and its risks; there is no guarantee a fund's leverage strategy will be successful. These and other risk considerations such as interest rate risk are described in more detail on the Fund's web page at www.nuveen.com/JFR.

The London Interbank Offered Rate or LIBOR, is used throughout global banking and financial industries to determine interest rates for a variety of financial instruments (such as debt instruments and derivatives) and borrowing arrangements. The United Kingdom's Financial Conduct Authority has undertaken a multiyear phase out of LIBOR. As a result, the administrator of LIBOR ceased publishing certain LIBOR settings after December 31, 2021 and expects to cease publication of all settings after June 30, 2023. The transition away from LIBOR may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR, such as floating-rate debt obligations.