NPCT Nuveen Core Plus Impact Fund

ITEM 1. REPORTS TO STOCKHOLDERS.

Closed-End Funds

31 December

2021

Nuveen Closed-End Funds

As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will not be sent to you by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (www.nuveen.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting the financial intermediary (such as a broker-dealer or bank) through which you hold your Fund shares or, if you are a direct investor, by enrolling at www.nuveen.com/e-reports.

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

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Table of Contents

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Chair’s Letter to Shareholders

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Portfolio Managers’ Comments

Nuveen Global High Income Fund (JGH)

Nuveen Core Plus Impact Fund (NPCT)

Nuveen Mortgage and Income Fund (JLS)

Nuveen Global High Income Fund (JGH) features portfolio management by Nuveen Asset Management, LLC (NAM) an affiliate of Nuveen Fund Advisors, LLC, the Fund’s investment adviser. The Fund’s portfolio managers are Kevin Lorenz, CFA, Anders S. Persson, CFA, and Jacob J. Fitzpatrick, CFA.

Nuveen Core Plus Impact Fund (NPCT) features portfolio management by Nuveen Asset Management, LLC (NAM) an affiliate of Nuveen Fund Advisors, LLC, the Fund’s investment adviser. The Fund’s portfolio managers are Stephen Liberatore, CFA, Jessica Zarzycki, CFA and Kristal Seales, CFA.

Nuveen Mortgage and Income Fund (JLS) features portfolio management by Teachers Advisors, LLC (TAL), an affiliate of Nuveen Fund Advisors, LLC, the Fund’s investment adviser. The Fund’s portfolio managers are Aashh Parekh, CFA, Nick Travaglino and Stephen Virgilio.

Here the Funds’ portfolio management teams review economic and financial market conditions, key investment strategies and the performance of the Funds for the twelve-month reporting period ended December 31, 2021. For more information on the Funds’ investment objectives and policies, please refer to the Shareholder Update section at the end of the report.

What factors affected the economy and financial markets during the twelve-month reporting period ended December 31, 2021?

The U.S. economic recovery remained on course over the twelve-month reporting period, despite setbacks from the COVID-19 virus and higher-than-expected inflation readings. Since the pandemic reached the U.S. in early 2020, the federal government has enacted $5.3 trillion in crisis-related aid and the U.S. Federal Reserve (Fed) has kept borrowing rates low for businesses and individuals and kept the credit system stable. These measures, along with increasing vaccinations and improved treatments, helped the economy to reopen and activity to rebound during 2021, despite additional COVID-19 surges caused by new, more contagious variants. U.S. gross domestic product (GDP) rose at an annualized 6.9% in the fourth quarter of 2021, accelerating from 2.3% in the third quarter when the delta variant

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.

Each Fund uses credit quality ratings for its portfolio securities provided by Moody’s Investors Service, Inc. (Moody’s), Standard & Poor’s (S&P) and Fitch, Inc. (Fitch). For JGH and NPCT, if all three of Moody’s, S&P, and Fitch provide a rating for a security, the middle rating 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. For JLS, the highest rating given by Moody’s, S&P and Fitch is used. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. 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. Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

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Portfolio Managers’ Comments (continued)

weighed on economic activity, according to the Bureau of Economic Analysis “advance” estimate. Also according to the “advance” estimate, in 2021 overall, GDP grew 5.7%, rebounding from the contraction of -3.4% in 2020.

The return of consumer demand to the economy put upward pressure on inflation in 2021. However, as supply chains remained under stress and labor shortages continued, in part because of resurgences of the virus around the world, inflation appeared to be more durable than initially expected. The Fed responded by reducing its pandemic-era support programs and signaled that rate increases were likely in 2022. Financial markets grew more concerned about the timing and size of these monetary policy shifts and their implications for the broader economic outlook, which led to short-term volatility in interest rates and stock prices. However, strong corporate earnings and a lessening economic impact from each subsequent wave of the virus supported a more optimistic view that ultimately drove stock prices and interest rates higher over 2021.

Nuveen Global High Income Fund (JGH)

What key strategies were used to manage the Fund during the twelve-month reporting period ended December 31, 2021?

The Fund seeks to deliver high current income through a diversified portfolio of global high-income securities that may span the capital structure and credit spectrum, including high yield bonds from the U.S. and developed and emerging markets, as well as preferred and convertible securities. The Fund uses leverage. Leverage is discussed in more detail later in the Fund Leverage Section of this report.

Throughout the reporting period, the Fund’s portfolio management team continued to favor taking prudent credit risk versus duration (interest rate) risk in the portfolio through key overweights in B-rated debt, senior loans and preferred securities. The portfolio maintained overweights in service-based industries like technology, health care and banking driven by the outlook for higher interest rates, energy producers and midstream operators. Key underweights included BB-rated securities given their higher interest rate risk relative to the rest of the high yield market, as well as the communications sector and cyclical issuers, where valuations have tightened significantly. The portfolio also underweighted emerging market (EM) sovereign debt because of policy and fiscal overhang involving a number of sovereign issuers.

How did the Fund perform during the twelve-month reporting period ended December 31, 2021?

For the twelve-month reporting period ended December 31, 2021, the Fund’s portfolio outperformed the Bloomberg Global High Yield Index (USD Hedged). For the purposes of this Performance Commentary, references to relative performance are in comparison to the Bloomberg Global High Yield Index (USD Hedged).

The portfolio broadly benefited from its allocation to and security selection within the high yield corporate segment, which performed strongly throughout the reporting period. Within the high yield corporate segment, security selection was strong in the communications sector, including outdoor advertising company Clear Channel Holdings, which saw its bonds rally based on improvement in bookings across billboards, digital and transit in the U.S. and Europe. Also, overweight positions in Swiss cable company UPC Broadband and U.K. communications provider Virgin Media aided relative performance. The portfolio management team maintains exposure to all three issuers because their bonds continue to provide attractive yields, which helps the Fund achieve its objective of delivering high current income to shareholders.

The portfolio’s emerging market (EM) corporate bond segment also benefited from security selection. Specifically, the lack of exposure to two Chinese real estate developers found in the index, China Evergrande Group and Kaisa Group Holdings, which both saw the value of their bonds drop sharply during the reporting period, was particularly beneficial. Chinese regulators implemented a significant policy change in August 2020 that contributed to a major liquidity crisis this year at China Evergrande Group, one of the country’s largest and most indebted residential real estate developers. The company ultimately defaulted on its bonds in December 2021.

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The portfolio’s outperformance was partially offset by security selection within oilfield services, which detracted from performance, specifically an underweight to lower quality service companies. These issuers have benefited from a stronger commodity price environment and open capital markets and significantly outperformed the benchmark. Similarly, security selection in the metals and mining industry proved detrimental to performance because of an underweight to lower-quality producers, which rallied during the reporting period.

Nuveen Core Plus Impact Fund (NPCT)

What key strategies were used to manage the Fund during the abbreviated reporting period ended December 31, 2021?

The Fund seeks total return through high current income and capital appreciation, investing primarily in fixed income investments while giving special consideration to certain impact and environmental, social and governance (“ESG”) criteria.

During the abbreviated reporting period since its inception on April 27, 2021, the Fund’s common assets have been fully invested in attractively valued, yield-producing fixed income assets. The Fund also began to strategically deploy leverage to enhance the income and total return of the portfolio in the prevailing low rate environment. As of December 31, 2021, the portfolio held approximately 58% in impact investments and 42% in ESG (environmental, social and governance) leaders. Impact investing is focused on an outcome where capital is used to make a tangible impact while ESG focuses on companies that are implementing better standards in their business practices. As the portfolio management team continued to seek attractive candidates to increase exposure to impact holdings, the portfolio was broadly diversified across impact categories as of December 31, 2021. At the sector level, the portfolio was focused primarily on corporate bonds, with opportunistic allocations to commercial mortgage-backed securities (CMBS), preferred securities, bank loans, asset-backed securities (ABS), emerging markets debt and taxable municipal bonds. As noted above, the Fund uses leverage. Leverage is discussed in more detail later in the Fund Leverage Section of this report.

How did the Fund perform during the abbreviated reporting period ended December 31, 2021?

For the abbreviated reporting period since the Fund’s inception on April 27, 2021, the Fund’s portfolio performed in-line with the NPCT Blended Benchmark, which consists of 60% Bloomberg MSCI U.S. Green Bond and 40% Bloomberg U.S. Corporate High Yield Index. For the purposes of this Performance Commentary, references to relative performance are in comparison to the NPCT Blended Benchmark.

The “risk on” sentiment driving fixed income markets in 2021 provided a tailwind to the portfolio’s relative performance during the abbreviated reporting period. Spread sectors, where the portfolio had overweight exposure generally outperformed U.S. Treasuries, in which the portfolio does not make long-term investments. Most of the portfolio’s positive relative performance was driven by its corporate bond exposure. Within this sector, the portfolio’s security selection in banking, communications, transportation and electric utilities contributed positively to relative performance. The portfolio’s corporate bond outperformers included securities in the lower part of the capital structure and higher beta project finance securities that benefited from the market’s risk-on tone (higher beta holdings are those with greater return potential but also greater volatility).

The portfolio’s outperformance was partially offset by the energy sector positions in the portfolio, which were of relatively higher quality and lagged given investors’ search for yield and risk appetite that favored lower-rated investments. A relatively small cash position also detracted during the Fund’s invest-up phase, as the portfolio management team worked to fully invest the Fund into its longer-term holdings. The rising interest rate environment was a headwind to the portfolio’s longer duration positioning relative to the NPCT Blended Benchmark. The portfolio’s longer overall duration is the natural result of portfolio management’s focus on longer maturity bonds, which better align with the longer term nature of the impacts focused on and also offer greater incremental yield.

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Portfolio Managers’ Comments (continued)

During the current fiscal period, the Fund used cross currency swaps and foreign exchange forwards to hedge its Euro exposure to U.S. dollars and hedge exposure to EUR denominated positions. The cross currency swaps and foreign exchange forwards both had a negligible impact on performance during the reporting period.

Nuveen Mortgage and Income Fund (JLS)

What key strategies were used to manage the Fund during the twelve-month reporting period ended December 31, 2021?

The Fund’s objective is to generate high current income through opportunistic investments in securitized credit. The Fund invests in mortgage-backed securities (MBS), including residential MBS and commercial MBS, and non-mortgage related asset-backed securities (ABS), including but not limited to any asset that generates reliable cash flows, including collateralized loan obligations as well as pools of consumer auto loans, credit card receivables, aircraft leases and maintenance agreements, timeshare agreements, and solar photovoltaics. The Fund uses leverage. Leverage is discussed in more detail later in the Fund Leverage Section of this report.

While the Fund’s core portfolio remained largely intact during the reporting period, the portfolio management team found attractive opportunities to add value, searching for tactical trades and investing proceeds from calls and redemptions in credit risk transfer (CRT) securities (credit risk transfer (CRT) use subordination structures to reduce public risk on mortgage-related securities, offering partial guarantees for loans based on the credit quality of the loan pools), single asset single borrower (SASB) CMBS and collateralized loan obligations (CLOs). The portfolio management team continued to maintain exposure to these relative value opportunities at the end of the reporting period. Additionally, at the end of the reporting period, the portfolio management team placed a greater emphasis on floating rate securities given the outlook for higher rates.

How did the Fund perform during the twelve-month reporting period ended December 31, 2021?

For the twelve-month reporting period ended December 31, 2021, the Fund’s portfolio outperformed the JLS Blended Benchmark, which 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). For the purposes of this Performance Commentary, references to relative performance are in comparison to the JLS Blended Benchmark.

The main factors that contributed to the portfolio’s relative performance were asset-backed securities (ABS), commercial mortgage-backed securities (CMBS) and residential mortgage-backed securities (RMBS), with CMBS holdings contributing the most to the Fund’s outperformance. While CMBS was the best performing sector, both ABS and RMBS benefited from expectations of a strong post-COVID-19 economic recovery as investors moved into securities expected to benefit from accelerating economic growth. By early February 2021, most credit spreads had reached pre-COVID-19 levels and, in some cases, surpassed those levels. Credit risk transfer (CRT) and non-agency mortgage-backed securities (MBS) were also contributors as credit spreads tightened significantly during the first half of the reporting period, reflecting the market’s conviction in the strength of the U.S. housing market and the likelihood of further credit de-levering through home appreciation and prepayments. Performance moderated during the second half of the reporting period as interest rates increased, the yield curve moved higher and credit spreads narrowed.

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Fund Leverage

IMPACT OF THE FUND’S LEVERAGE STRATEGY ON PERFORMANCE

One important factor impacting the common share returns of the Funds relative to their comparative benchmarks was the use of leverage through bank borrowings and reverse repurchase agreements (for NPCT and JLS). 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 the Fund pays on its leveraging instruments are lower than the interest the Fund earns on its portfolio securities that it has bought with the proceeds of that leverage. This has been particularly true in the recent market environment where short-term rates have been low by historical standards.

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 somewhat higher than their recent lows, leverage nevertheless continues to provide the opportunity for incremental common share income, particularly over longer-term periods.

The Funds use of leverage had a positive impact on total return performance during this reporting period.

JGH also continued to use interest rate swap contracts to partially hedge its future interest cost of leverage. The impact of the swap contracts on total return performance was positive during this reporting period largely due to the improvement in mark-to-market values driven by the increase in long-term rates.

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Refer to Notes to Financial Statements, Note 8 – Fund Leverage for further details.

Refer to Notes to Financial Statements, Note 8 – Fund Leverage for further details.

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Common Share

Information

COMMON SHARE DISTRIBUTION INFORMATION FOR JGH AND JLS

The following information regarding the distributions for JGH and JLS are current as of December 31, 2021, the Funds’ fiscal and tax year end and may differ from previously issued distribution notifications.

Effective with each Fund’s March 2021 distribution, the Funds implemented a level distribution program. The goal of the level distribution program is to provide shareholders with stable, but not guaranteed, cash flow, independent of the amount or timing of income earned or capital gains realized by the Funds. The Funds intend to distribute all or substantially all of their net investment income through their regular monthly distribution and to distribute realized capital gains at least annually. In any monthly period, in order to maintain its level distribution amount, each Fund may pay out more or less than its net investment income during the period. As a result, regular distributions throughout the year are expected to include net investment income and potentially a return of capital or capital gains for tax purposes. You should not draw any conclusions about the Fund’s investment performance from the amount of the distribution or from the terms of the level distribution program. A return of capital is a non-taxable distribution of a portion of a Fund’s capital. A return of capital distribution does not necessarily reflect a Fund’s investment performance and should not be confused with “yield” or “income.”

The amounts and sources of distributions reported in this notice are for financial reporting purposes and are not being provided for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes will be reported to shareholders on Form 1099-DIV, which will be sent to shareholders shortly after calendar year-end. Because distribution source estimates are updated throughout the current fiscal year based on a Fund’s performance, those estimates may differ from both the tax information reported to you in your Fund’s 1099 statement, as well as the ultimate economic sources of distributions over the life of your investment. The figures in the table below provide the sources of distributions and may include amounts attributed to realized gains and/or returns of capital. More details about each Fund’s distributions are available on www.nuveen.com/en-us/closed-end-funds.

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Common Share Information (continued)

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

COMMON SHARE DISTRIBUTION INFORMATION FOR NPCT

The following information regarding the Fund’s distributions is current as of December 31, 2021, the Fund’s fiscal and tax year end, and may differ from previously issued distribution notifications. This notice provides shareholders with information regarding fund distributions, as required by current securities laws. You should not draw any conclusions about the Fund’s investment performance from the amount of the distribution or from the terms of the Fund’s Managed Distribution Policy.

The Fund may in certain periods distribute more than its income and net realized capital gains, and the Fund currently estimates that it has done so for the fiscal year-to-date period. In such instances, a portion of the distribution may be a return 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 amounts and sources of distributions reported in this notice are for financial reporting purposes and are not being provided for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes will be reported to shareholders on Form 1099-DIV which will be sent to shareholders shortly after calendar year-end. More details about the Fund’s distributions and the basis for these estimates are available on www.nuveen.com/cef.

The following tables provide information regarding the Fund’s common share distributions and total return performance for the fiscal year ended December 31, 2021. This information is intended to help you better understand whether the Funds’ returns for the specified time period were sufficient to meet its distributions.

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NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS

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

COMMON SHARE REPURCHASES

During August 2021, the Funds’ Board of Trustees reauthorized JGH and JLS and authorized NPCT to participate in an open-market common share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding common shares.

As of December 31, 2021, and since the inception of the Funds’ repurchase program, the Funds have cumulatively repurchased and retired its outstanding common shares as shown in the accompanying table.

During the current reporting period, the Funds did not repurchase any of their outstanding common shares.

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

Since inception returns are from 11/24/14. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

Daily Common Share NAV and Share Price

Growth of an Assumed $10,000 Investment as of December 31, 2021 — Common Share Price

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

The Fund uses 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.

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

Since inception returns are from 4/27/21. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

Daily Common Share NAV and Share Price

Growth of an Assumed $10,000 Investment as of December 31, 2021 — Common Share Price

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

The Fund uses 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.

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Performance prior to October 14, 2019, reflects the Fund’s performance under the management of a sub-adviser using investment strategies that differed from those currently in place. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

Daily Common Share NAV and Share Price

Growth of an Assumed $10,000 Investment as of December 31, 2021 — Common Share Price

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

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

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