Nuveen Core Plus Impact Fund : Measuring Impact - Nuveen Core Plus Impact Fund (NPCT)

2ND ANNUAL IMPACT REPORT

Impact metric1

Measuring impact in NPCT

The Nuveen Core Plus Impact Fund (NPCT) is an actively managed, fixed income closed-end fund that directs capital to finance positive societal and environmental outcomes.

		Amount invested (M)
Impact for 2022*	Equivalent to:	as of 31 Dec 2022†

SOCIAL OUTCOMES
	Housing units built or supported	23,039		$18.2
Affordable	Housing built or supported at or below 80% AMI breakdown	22,251
housing
Community	Full-time jobs created	16,041 FTE		$44.4
Daily riders on public transit	4.3 million	Greater than the population of Los Angeles2
and economic
development	People reached through community programs	256,024	Almost half the population of Wyoming3
ENVIRONMENTAL OUTCOMES
	CO2-equivalent emissions avoided	39.9 million metric tons	11 coal-fired power plants in one year4	$181.2
Renewable	Energy saved	2.9 million kilowatt hours (KWh)	Roughly the annual carbon sequestration by a forest
nearly three times the size of Central Park4
energy and
Total renewable energy capacity	41,154 MW
climate change
New renewable energy capacity added	4,447 MW	Similar to the total installed solar capacity of Florida5
	Renewable energy generated	56.4 million MWh annualized	7.8 million homes electricity use for one year4
	BREEAM** certified Good, Very Good, Excellent, or Outstanding	4		$94.9
	LEED*** gold and platinum certified buildings	20 buildings6
Natural	People who benefited from clean water and	7.3 million	About the population of Arizona3
wastewater projects
resources
Waste diverted from landfills	1.5 million metric tons
	Water saved	4.4 billion gallons	Average household water use in a year for 40,550 homes7
	Wastewater treated	383 million gallons/day

Total impact AUM= $338.7 million (59% of portfolio)

• Total overall AUM for the Fund was $574.0 million as of 31 Dec 2022.
  * See the full reporting methodology on the last page for more information.
  ** BREEAM stands for Building Research Establishment Environmental Assessment Methodology.
  *** LEED stands for Leadership in Energy and Environmental Design.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

A core bond allocation with over $338 million of impact investments across 21 countries8,9

United States

Sum of CO2 avoided:	10.3 metric tons
Sum of water saved:	2.1 billion gallons
Renewable generation:	16.8 MWh annualized

Europe

CO2-equivalent emissions avoided:	18.9 million metric tons
Renewable energy generation:	25.9 million MWh annualized
Total renewable energy capacity:	11,375 MW

$197m

$56.2m

$17.4m

$10.5m $57.6m

Americas (ex. U.S.)
CO2-equivalent emissions avoided:	48,683 metric tons
Total renewable energy capacity:	454 MW
Renewable energy generation:	1.3 million MWh

Africa

	People benefited from clean	5.7 million
	water & wastewater projects:
	CO2-equivalent emissions avoided:	44,165 metric tons
	Wastewater treated per day:	96 million gallons

Asia

	CO2-equivalent emissions avoided:	9.7 million metric tons
	New renewable energy capacity:	4,289 MW
	Water saved:	2.3 billion gallons

Our impact investments align closely with the

Sustainable Development Goals (SDGs)

Number of impact holdings aligned with the SDGs10

159

as of 31 Dec 2022

Affordable & Clean Energy	7.
Climate Action	13.
Responsible Production & Consumption	12.
Sustainable Cities & Communities	11.
No Poverty	1.
Quality Education	4.
Clean Water & Sanitation	6.
Decent Work & Economic Growth	8.
Good Health & Well-Being	6.
Zero Hunger	2.
Life on Land	15.

	62
	AUM by primary
33	SDG alignment
22
17

12

				5	7.	Affordable & Clean Energy	72%
				11.	Sustainable Cities & Communities	12%
3
	12.	Responsible Consumption & Production	4%
					8.	Decent Work & Economic Growth	4%
		3		2.	Zero Hunger	3%
					4.	Quality Education	3%
	2		1.	No Poverty	1%
	2		15.	Life on Land	<1%
		6.	Clean Water & Sanitation	<1%

1

Holdings are subject to change.

The Nuveen Core Plus Impact Fund (NPCT) 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.

Income enhancing opportunities: Actively managed, primarily high-quality portfolio of traditional (core) and non-traditional, higher yielding investments.

Environmental and societal impact: Strategic allocation to bonds with direct and measurable impact within affordable housing, community or economic development, and renewable energy and natural resources.

Envioronmental, social and governance (ESG) quality: Bonds must demonstrate ESG leadership within their issuers' industries, which can help add value to performance and mitgage risk.

To learn more, consult with your financial professional, call Nuveen at 800.752.8700 or visit nuveen.com.

Endnotes

1. Reporting methodology
   The Nuveen Responsible Investing team developed this report to provide an indication of the aggregate social and environmental impact created by the projects and organizations financed in part by the Fund. Given the difficulty of attributing impact in proportion to the size of the Fund's share of each bond issuance, the data reflect total impact generated by the project, program, or issuer rather than the Fund's share alone.
   The report represents bonds that are classified under the Fund's proprietary impact framework and for which relevant data are available.
   All impact data are sourced from publicly available issuer disclosures at the bond or project level when possible, or the program or issuer level if not. Metrics selected for each impact theme reflect the information most commonly reported by issuers, and each metric includes data from between 1 and 24 holdings. In cases where the Fund has a large position in a certain issuer, we prioritize selecting metrics reported by that issuer.
2. Population equivalency:https://www.census.gov/popclock/Los Angeles' population was 3.9 million as of 12/31/22
3. Population equivalency:https://www.census.gov/data/tables/time-series/demo/popest/2020s-state-total.html#v2022Wyoming's population was 581,381 and Arizona's was 7.4 million as of 12/31/22

• CO2 & Energy Equivalencies: 1,183.269 kWh saved equivalent to one acre of carbon sequestered by U.S. forests in one year:https://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator- Coal fired power plant 3,735,944.2 tons of CO2 in a year; 6341.02 kWh per home per year. Area of Central Park, NY is 840 acres https://www.britannica.com/place/Central-Park-New-York-City

• Cumulative Utility-Scale Solar PV Capacity (MW), as of 2021 for US States https://emp.lbl.gov/capacity-and-generation-state
  6 LEED certified buildings by level: 3 platinum and 17 gold

1. Water usage:https://www.epa.gov/watersense/how-we-use-water; Average US households use approximately 300 gallons per day
   (109,500 gallons per year)
2. Highlighted country information was determined by issuer reporting or country of risk information.
3. Holdings with no metrics available include new projects with no results yet, projects in development, issuers with misaligned reporting timelines or metrics that did not align with Nuveen's, and issuers for whom we could not locate impact reporting.
4. Impact holdings are tagged based on the types of projects financed, using an evidence-based approach to align with SDG targets. An individual holding could be aligned with up to three SDGs.

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 professional.

Important information on risk

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. Because the Impact Criteria and/or Nuveen's Environmental Social Governance (ESG) investment criteria may exclude investments of certain issuers for non-financial reasons, the Fund may forgo some market opportunities available to funds that do not use these criteria. This may cause the Fund to underperform the market as a whole or other funds that do not use an Impact Criteria or ESG investment strategy or that use a different methodology or different factors to determine an investment's impact and/or ESG investment criteria. Issuers of debt instruments in which the Fund may invest may default on their obligations to pay principal or interest when due. Investments of below investment grade quality are regarded as having speculative characteristics with respect to the issuer's capacity to pay interest and repay principal, and may be subject to higher price volatility and default risk than investment grade investments of comparable terms and duration. Non-U.S.investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. The values of municipal securities held by the Fund may be adversely affected by local political and economic conditions and developments. 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 are described in more detail on the Fund's web page at www.nuveen.com/NPCT.

Nuveen Securities, LLC, member FINRA and SIPC.

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