NPCT - Nuveen Core Plus Impact Fund

What this means for you

Almitas specializes in closed-end funds trading below the value of their holdings - not a bank or an index fund holding shares for clients - and has told the regulator it is not seeking changes. 2 other large investors own more than 5% of this fund and have said the same; that is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. July 30, 2026

   First Trust Portfolios L.P. now owns 5.9%, as a passive investor.

   Original document →

2. Feb 12, 2026

   Morgan Stanley cut its stake to 8% (from 9%), as a passive investor.

   Original document →

3. May 6, 2025

   Morgan Stanley raised its stake to 9% (from 7.3%), as a passive investor.

   Original document →

4. March 7, 2025

   Saba sold down below 5% and stopped reporting.

   Original document →

5. Feb 25, 2025

   Saba cut its stake to 6.1% (from 7.1%). It has said it may push for changes.

   Original document →

About this fund

• Run by Nuveen Fund Advisors, LLC. Part of the Nuveen fund family. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Size: about $310 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 32% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. About 47% of that is money the fund has borrowed by selling preferred shares. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 1% a year in management fees; 4.4% a year in total, including interest on borrowed money. Fiscal year ended Dec 31, 2025. As of Dec 31, 2025, from the fund's yearly report. Original document →
  Among the 90 funds we follow that invest in bonds, 34 charge a lower management fee and 70 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Dec 31, 2025) the fund paid $1.34 a share. $0.49 of that was income; $0.85 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Dec 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Dec 31, 2025): $11.20. The shares traded at $10.18, about 9.1% below that. As of Dec 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: up 2.6% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2020.

How this has changed

• Payouts per share: $1.34 in the fiscal year ended Dec 31, 2025; $1.28 in the year ended Dec 31, 2024; $1.04 in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.85 in the year ended Dec 31, 2025; $0.68 in the year ended Dec 31, 2024; $0.59 in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 4.43% a year in the fiscal year ended Dec 31, 2025; 5.08% a year in the year ended Dec 31, 2024; 5.5% a year in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $322 million at Dec 31, 2025; $335 million at Dec 31, 2024; $343 million at Dec 31, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 31, 2023 →.
• Borrowing: about 31% on top of its own money at Dec 31, 2025; 30% at Dec 31, 2024; 31% at Dec 31, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 31, 2023 →.
• The fund had about 28.7 million shares at Dec 31, 2025, about the same as at Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Dec 31, 2025: the shares returned +9.6%, counting payouts; the holdings +8.2%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Dec 31, 2025, from the fund's annual report. Original document →
• The year ended Dec 31, 2024: the shares returned +17.2%, counting payouts; the holdings +8.4%. As of Dec 31, 2024, from the fund's annual report. Original document →
• The year ended Dec 31, 2023: the shares returned +7.8%, counting payouts; the holdings +6.2%. As of Dec 31, 2023, from the fund's annual report. Original document →
• The year ended Dec 31, 2022: the shares returned -37.5%, counting payouts; the holdings -31.9%. As of Dec 31, 2022, from the fund's annual report. Original document →
• The year ended Dec 31, 2021: the shares returned -5%, counting payouts; the holdings +1.9%. As of Dec 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned -17.7%. $10,000 of shares bought at the start (Jan 1, 2021) would have become about $8,230 by Dec 31, 2025, with every payout counted, before tax. As of Dec 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: +5.8%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 75 funds that invest in bonds with a fiscal year ending within six months of this one, 26 reported a higher share return for that year and 48 a lower one. As of Dec 31, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly bonds (77%), the rest mortgage bonds, preferred shares and cash and short-term holdings. About 60% issued in the U.S.

1. Unicredit Spa - 4.9%
2. Intesa Sanpaolo Spa - 4.8%
3. Santos Finance - 4.5%
4. Brooklyn Union Gas Co/The - 3.8%
5. Benin Intl Gov Bond, Benin Government International Bond - 3.5%
6. Banco Nacional Com Ext, Banco Nacional de Comercio Exterior SNC/Cayman Islands - 3.3%
7. PNC Financial Services Group Inc/The - 3.3%
8. Standard Chartered PLC - 3%
9. Air Lease, Sumisho Air Lease Corp - 2.9%
10. Southern Cal Edison, Southern California Edison Co - 2.9%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →