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  

811-21137

Nuveen Preferred & Income Securities Fund

 

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

 

(Address of principal executive offices)  (Zip code)

Mark L. Winget

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

 

(Name and address of agent for service)

Registrant’s telephone number, including area code:   (312) 917-7700                    

Date of fiscal year end:   July 31                       

Date of reporting period:   January 31, 2023                    

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

June 6, 2023

Nuveen Investments, Inc.

333 West Wacker Drive

Chicago, IL 60606

Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

RE:        Nuveen Preferred & Income Opportunities Fund

Nuveen Preferred and Income Term Fund

Nuveen Preferred & Income Securities Fund

Nuveen Preferred and Income Fund

Nuveen Variable Rate Preferred & Income Fund

Ladies and Gentlemen:

We are filing an amendment to Form Type N-CSRS for the Funds, originally filed on 06-Apr-2023.

 

  1.

Nuveen Preferred & Income Opportunities Fund

Accession Number: 0001193125-23-093383

Filed: 06-Apr-2023 11:03:12

 

  2.

Nuveen Preferred and Income Term Fund

Accession Number: 0001193125-23-093382

Filed: 06-Apr-2023 11:03:05

 

  3.

Nuveen Preferred & Income Securities Fund

Accession Number: 0001193125-23-093386

Filed: 06-Apr-2023 11:04:18

 

  4.

Nuveen Preferred and Income Fund

Accession Number: 0001193125-23-093385

Filed: 06-Apr-2023 11:04:11

  5.

Nuveen Variable Rate Preferred & Income Fund

Accession Number: 0001193125-23-093387

Filed 06-Apr-2023 11:04:40

Explanation:     We are including the Statement of Cash Flows that was inadvertently omitted from the previously filing.

This missing Statement of Cash Flows will be sent to shareholders and has been added to the Funds’ January 31, 2023 semi-annual shareholder report posted to the Funds’ website at https://www.nuveen.com/en-us/closed-end-funds.

Sincerely,

Nuveen Investments, Inc.

Gina Spunder

Assistant Vice President and Assistant Secretary

312-917-8176

Closed-End
Funds
Closed-End
Funds
Nuveen
January
31,
2023
Semi-annual
Report
This
semi-annual
report
contains
the
Funds'
unaudited financial
statements.
JPC
Nuveen
Preferred
&
Income
Opportunities
Fund
JPI
Nuveen
Preferred
and
Income
Term
Fund
JPS
Nuveen
Preferred
&
Income
Securities
Fund
JPT
Nuveen
Preferred
and
Income
Fund
NPFD
Nuveen
Variable
Rate
Preferred
&
Income
Fund
Life
is
Complex.
Nuveen
makes
things
e-simple.
It
only
takes
a
minute
to
sign
up
for
e-Reports.
Once
enrolled,
you’ll
receive
an
e-mail
as
soon
as
your
Nuveen
Fund
information
is
ready.
No
more
waiting
for
delivery
by
regular
mail.
Just
click
on
the
link
within
the
e-mail
to
see
the
report
and
save
it
on
your
computer
if
you
wish.
Free
e-Reports
right
to
your
email!
www.investordelivery.com
If
you
receive
your
Nuveen
Fund
distributions
and
statements
from
your
financial
professional
or
brokerage
account.
or
www.nuveen.com/client-access
If
you
receive
your
Nuveen
Fund
dividends
and
statements
directly
from
Nuveen.
NOT
FDIC
INSURED
MAY
LOSE
VALUE
NO
BANK
GUARANTEE
Table
of
Contents
3
Chair’s
Letter
to
Shareholders
4
Important
Notices
5
Fund
Leverage
6
Common
Share
Information
8
Performance
Overview
and
Holdings
Summaries
10
Portfolios
of
Investments
20
Statement
of
Assets
and
Liabilities
56
Statement
of
Operations
57
Statement
of
Changes
in
Net
Assets
58
Statement
of
Cash
Flows
61
Financial
Highlights
64
Notes
to
Financial
Statements
71
Risk
Considerations
88
Additional
Fund
Information
90
Glossary
of
Terms
Used
in
this
Report
91
4
Chair’s
Letter
to
Shareholders
Dear
Shareholders,
The
significant
measures
taken
by
the
U.S.
Federal
Reserve
(Fed)
and
other
global
central
banks
over
the
past
year
to
contain
inflation
have
begun
to
take
effect.
From
March
2022
to
February
2023,
the
Fed
raised
the
target
fed
funds
rate
by
4.50%
to
a
range
of
4.50%
to
4.75%,
marking
the
fastest
interest
rate
hiking
cycle
in
its
history.
Across
most
of
the
world,
inflation
rates
have
fallen
from
their
post-pandemic
highs
but
currently
remain
well
above
the
levels
that
central
banks
consider
supportive
of
their
economies’
long-term
growth.
At
the
same
time,
the
U.S.
and
other
large
economies
have
remained
surprisingly
resilient,
even
as
financial
conditions
have
tightened.
Despite
contracting
in
the
first
half
of
2022,
U.S.
gross
domestic
product
grew
2.1%
in
the
year
overall
compared
to
2021.
More
recent
data
have
shown
a
relatively
strong
jobs
market,
rebounding
consumer
sentiment
and
spending,
and
a
pick-up
in
manufacturing.
Markets
are
concerned
that
these
conditions
could
keep
upward
pressure
on
inflation,
which
could
prompt
central
banks
to
continue
raising
interest
rates
at
the
risk
of
slowing
economies
too
much.
Fed
officials
are
closely
monitoring
inflation
data
and
other
economic
measures
to
modify
their
rate
setting
policy
based
upon
these
factors,
and
additional
rate
hikes
are
expected
until
the
Fed
sees
sustainable
progress
toward
its
inflation
goals.
In
the
meantime,
markets
are
likely
to
continue
reacting
in
the
short
term
to
news
about
inflation
data,
economic
indicators
and
central
bank
policy.
Recently,
following
the
collapses
of
Silicon
Valley
Bank
and
two
cryptocurrency-exposed
banks,
investors
sought
to
assess
contagion
risks
across
the
banking
sector
as
well
as
the
impact
to
the
Fed’s
pace
of
rate
hikes
going
forward,
which
contributed
to
volatility
in
the
markets.
We
encourage
investors
to
keep
a
long-term
perspective
amid
the
short-term
noise.
Your
financial
professional
can
help
you
review
how
well
your
portfolio
is
aligned
with
your
time
horizon,
risk
tolerance
and
investment
goals.
On
behalf
of
the
other
members
of
the
Nuveen
Fund
Board,
we
look
forward
to
continuing
to
earn
your
trust
in
the
months
and
years
ahead.
Terence
J.
Toth
Chair
of
the
Board
March
22,
2023
Important
Notices
5
For
Shareholders
of
Nuveen
Preferred
&
Income
Opportunities
Fund
(JPC)
Nuveen
Preferred
and
Income
Term
Fund
(JPI)
Nuveen
Preferred
&
Income
Securities
Fund
(JPS)
Nuveen
Preferred
and
Income
Fund
(JPT)
Nuveen
Variable
Rate
Preferred
&
Income
Fund
(NPFD)
Portfolio
Manager
Commentaries
in
Semi-annual
Reports
The
Funds
include
portfolio
manager
commentary
in
their
annual
shareholder
reports.
For
the
Funds’
most
recent
annual
portfolio
manager
discussion,
please
refer
to
the
Portfolio
Managers’
Comments
section
of
each
Fund’s
July
31,
2022
annual
shareholder
report.
For
current
information
on
your
Fund’s
investment
objectives,
portfolio
management
team
and
average
annual
total
returns
please
refer
to
the
Fund’s
website
at
www.nuveen.com.
For
changes
that
occurred
to
your
Fund
both
during
and
subsequent
to
this
reporting
period,
please
refer
to
the
Notes
to
Financial
Statements
section
of
this
report.
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.
Recent
Market
Factors
Each
of
the
Funds
covered
by
this
Report
have
substantial
allocations
to
preferred
and
contingent
capital
securities
issued
by
U.S.
and
non-U.S.
banks
and
other
financial
institutions. 
Given
recent
increases
in
prevailing
interest
rates
and
other
market
factors,
these
securities
are
subject
to
heightened
volatility
and
default
risk
and
may,
ultimately,
detract
from
Fund
performance. 
The
Fund’s
investments
may
also
be
subject
to
the
risk
that
central
bank
or
other
extraordinary
government
intervention
may
negatively
impact
the
priority
or
likelihood
of
repayment. 
In
addition,
recent
bank
failures
may
have
a
destabilizing
impact
on
the
broader
banking
industry
or
markets
generally,
which
may
also
heighten
volatility
and
reduce
liquidity. 
6
Fund
Leverage
IMPACT
OF
THE
FUND’S
LEVERAGE
STRATEGY
ON
PERFORMANCE
One
important
factor
impacting
the
returns
of
the
Funds’
common
shares
relative
to
their
comparative
benchmarks
was
the
Funds’
use
of
leverage
through
bank
borrowings,
Taxable
Fund
Preferred
Shares
(TFP)
for
JPC,
JPS
and
NPFD
and
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
securities
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.
JPS
and
JPC's
use
of
leverage
contributed
to
relative
performance
during
this
reporting
period.
JPI,
JPT
and
NPFD's
use
of
leverage
had
a
negligible
impact
on
relative
performance
during
this
reporting
period.
In
addition,
each
Fund's
use
of
leverage
was
accretive
to
overall
common
share
income.
JPC,
JPI
and
JPS
continued
to
use
interest
rate
swap
contracts
to
partially
hedge
the
interest
cost
of
leverage.
The
interest
rate
swaps
in
JPC
and
JPS
contributed
to
relative
performance
during
the
period.
The
interest
rate
swaps
in
JPI
had
a
negligible
impact
on
relative
performance
during
the
reporting
period.
As
of
January
31,
2023,
the
Funds’
percentages
of
leverage
are
as
shown
in
the
accompanying
table.
*
Effective
leverage
is
a
Fund’s
effective
economic
leverage,
and
includes
both
regulatory
leverage
and
the
leverage
effects
of
reverse
repurchase
agreements,
certain
derivative
and
other
investments
in
a
Fund’s
portfolio
that
increase
the
Fund’s
investment
exposure.
Regulatory
leverage
consists
of
preferred
shares
issued
or
borrowings
of
a
Fund.
Both
of
these
are
part
of
a
Fund’s
capital
structure.
A
Fund,
however,
may
from
time
to
time
borrow
on
a
typically
transient
basis
in
connection
with
its
day-to-day
operations,
primarily
in
connection
with
the
need
to
settle
portfolio
trades.
Such
incidental
borrowings
are
excluded
from
the
calculation
of
a
Fund’s
effective
leverage
ratio.
Regulatory
leverage
is
subject
to
asset
coverage
limits
set
forth
in
the
Investment
Company
Act
of
1940.
THE
FUNDS’
LEVERAGE
Bank
Borrowings
As
noted
previously,
the
Fund
employs
leverage
through
the
use
of
bank
borrowings.
The
Funds’
bank
borrowings
activities
are
as
shown
in
the
accompanying
table.
Refer
to
Notes
to
Financial
Statements,
Note
9
–
Borrowing
Arrangements
and
Reverse
Repurchase
Agreements
for
further
details.
Reverse
Repurchase
Agreements
As
noted
previously,
the
Fund
used
reverse
repurchase
agreements,
in
which
the
Funds
sell
to
a
counterparty
a
security
that
it
holds
with
a
contemporaneous
agreement
to
repurchase
the
same
security
at
an
agreed-upon
price
and
date.
The
Funds’
transactions
in
reverse
repurchase
agreements
are
as
shown
in
the
accompanying
table.
JPC
JPI
JPS
JPT
NPFD
Effective
Leverage*
36.28%
35.62%
37.26%
32.63%
35.61%
Regulatory
Leverage*
36.28%
35.62%
37.26%
32.63%
35.61%
Current
Reporting
Period
Subsequent
to
the
Close
of
the
Reporting
Period
Fund
Outstanding
Balance
as
of
August
1,
2022
Draws
Paydowns
Outstanding
Balance
as
of
January
31,
2023
Average
Balance
Outstanding
Draws
Paydowns
Outstanding
Balance
as
of
March
22,
2023
JPC
$423,400,000
$
-
$(174,000,000)
$249,400,000
$271,530,435
$14,700,000
$  
(66,500,000)
$197,600,000
JPI
$216,000,000
$
  12,400,000
$   (30,000,000)
$198,400,000
$204,748,913
$12,000,000
$  
(36,500,000)
$173,900,000
JPS
$499,300,000
$
-
$   (40,000,000)
$459,300,000
$471,908,696
$                     -
$
(110,000,000)
$349,300,000
JPT
$  47,000,000
$
  -
$     (3,600,000)
$   43,400,000
$   44,738,043
$   1,300,000
$    
(5,200,000)
$  39,500,000
NPFD
$188,600,000
$
  19,514,000
$   (48,800,000)
$159,314,000
$158,778,239
$10,300,000
$  
(32,000,000)
$137,614,000
7
*
For
the
period
September
26,
2022
(initial
purchase
of
reverse
repurchase
agreements)
through
January
31,
2023.
Taxable
Fund
Preferred
Shares
As
noted
previously,
in
addition
to
bank
borrowings,
JPC,
JPS
and
NPFD
also
issued
TFP.
The
Fund’s
transactions
in
TFP
are
as
shown
in
the
accompanying
table.
*
For
the
period
August
18,
2022
(first
issuance
date
of
shares)
through
January
31,
2023.
**
For
the
period
September
1,
2022
(first
issuance
date
of
shares)
through
January
31,
2023.
Refer
to
Notes
to
Financial
Statements,
Note
5
–
Fund
Shares
for
further
details
on
TFP.
Current
Reporting
Period
Subsequent
to
the
Close
of
the
Reporting
Period
Fund
Outstanding
Balance
as
of
August
1,
2022
Sales
Purchases
Outstanding
Balance
as
of
January
31,
2023
Average
Balance
Outstanding
Sales
Purchases
Outstanding
Balance
as
of
March
22,
2023
JPC
$102,100,000
  $-
$-
$102,100,000
$102,100,000
  $
-
  $
-
  $102,100,000
JPI
$65,000,000
   $-
$-
$65,000,000
$65,000,000
  $
-
  $
-
  $65,000,000
JPS
$275,000,000
   $-
$-
$275,000,000
$275,000,000
  $
-
  $
-
  $275,000,000
JPT
$-
   $1,000,000
$-
$1,000,000
$1,000,000*
  $500,000
  $
-
  $1,500,000
NPFD
$103,402,000
   $52,197,000
$(119,916,000)
$35,683,000
$54,634,832
  $
-
  $
-
  $35,683,000
Current
Reporting
Period
Subsequent
to
the
Close
of
the
Reporting
Period
Fund
Outstanding
Balance
as
of
August
1,
2022
Issuance
Redemptions
Outstanding
Balance
as
of
January
31,
2023
Average
Balance
Outstanding
Sales
Purchases
Outstanding
Balance
as
of
March
22,
2023
JPC
$-
$150,000,000
$-
$150,000,000
$150,000,000*
  $
-
  $
-
  $150,000,000
JPS
$270,000,000
$-
$-
$270,000,000
$270,000,000
  $
-
  $
-
  $270,000,000
NPFD
$-
$85,000,000
$-
$85,000,000
$85,000,000**
  $
-
  $
-
  $85,000,000
8
Common
Share
Information
COMMON
SHARE
DISTRIBUTION
INFORMATION
The
following
information
regarding the
Funds' distributions
is
current
as
of
January
31,
2023.  Each
Fund's
distribution
levels
may
vary
over
time
based
on each
Fund's
investment
activity
and
portfolio
investment
value
changes.
During
the
current
reporting
period, each
Fund's
distributions
to
common
shareholders
were
as
shown
in
the
accompanying
table.
.
Each
Fund
seeks
to
pay
regular
monthly
dividends
out
of
its
net
investment
income
at
a
rate
that
reflects
its
past
and
projected
net
income
performance.
To
permit
each
Fund
to
maintain
a
more
stable
monthly
dividend,
the
Fund
may
pay
dividends
at
a
rate
that
may
be
more
or
less
than
the
amount
of
net
income
actually
earned
by
the
Fund
during
the
period.
Distributions
to
common
shareholders
are
determined
on
a
tax
basis,
which
may
differ
from
amounts
recorded
in
the
accounting
records.
In
instances
where
the
monthly
dividend
exceeds
the
earned
net
investment
income,
the
Fund
would
report
a
negative
undistributed
net
ordinary
income.
Refer
to
Note
6
–
Income
Tax
Information
for
additional
information
regarding
the
amounts
of
undistributed
net
ordinary
income
and
undistributed
net
long-term
capital
gains
and
the
character
of
the
actual
distributions
paid
by
the
Fund
during
the
period.
All
monthly
dividends
paid
by
each
Fund
during
the
current
reporting
period
were
paid
from
net
investment
income.
If
a
portion
of
the
Fund’s
monthly
distributions
is
sourced
or
comprised
of
elements
other
than
net
investment
income,
including
capital
gains
and/
or
a
return
of
capital,
shareholders
will
be
notified
of
those
sources.
For
financial
reporting
purposes,
the
per
share
amounts
of
each
Fund’s
distributions
for
the
reporting
period
are
presented
in
this
report’s
Financial
Highlights.
For
income
tax
purposes,
distribution
information
for
each
Fund
as
of
its
most
recent
tax
year
end
is
presented
in
Note
6
–
Income
Tax
Information
within
the
Notes
to
Financial
Statements
of
this
report.
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
EQUITY
SHELF
PROGRAMS
During
the
current
reporting
period,
JPC
and
JPS
were
authorized
by
the
Securities
and
Exchange
Commission
to
issue
additional
common
shares
through
an
equity
shelf
program
(Shelf
Offering).
Under
these
programs,
JPC
and
JPS,
subject
to
market
conditions,
may
raise
additional
capital
from
time
to
time
in
varying
amounts
and
offering
methods
at
a
net
price
at
or
above
each
Fund’s
NAV
per
common
share.
The
maximum
aggregate
offering
under
these
Shelf
Offerings,
are
as
shown
in
the
accompanying
table.
During
the
current
reporting
period,
JPS
and
JPC
did
not
sell
any
common
shares
through
their
Shelf
Offerings.
Refer
to
Notes
to
Financial
Statements,
Note
5
–
Fund
Shares
for
further
details
of
Shelf
Offerings
and
each
Fund’s
transactions.
Per
Common
Share
Amounts
Monthly
Distributions
(Ex-Dividend
Date)
JPC
JPI
JPS
JPT
NPFD
August
$0.0530
$0.1305
$0.0435
$0.1255
$0.1380
September
0.0530
0.1305
0.0435
0.1255
0.1380
October
0.0530
0.1240
0.0435
0.1205
0.1195
November
0.0530
0.1240
0.0435
0.1205
0.1195
December
0.0530
0.1240
0.0435
0.1205
0.1195
January
0.0470
0.1150
0.0405
0.1070
0.0960
Total
Distributions
from
Net
Investment
Income
$0.3120
$0.7480
$0.2580
$0.7195
$0.7305
JPC
JPI
JPS
JPT
NPFD
Current
Distribution
Rate*
7.09%
6.77%
6.37%
6.64%
6.09%
*
Current
distribution
rate
is
based
on
the
Fund’s
current
annualized
monthly
distribution
divided
by
the
Fund’s
current
market
price.
The
Fund’s
monthly
distributions
to
its
shareholders
may
be
comprised
of
ordinary
income,
net
realized
capital
gains
and,
if
at
the
end
of
the
fiscal
year
the
Fund’s
cumulative
net
ordinary
income
and
net
realized
gains
are
less
than
the
amount
of
the
Fund’s
distributions,
a
return
of
capital
for
tax
purposes.
JPC
JPS
Maximum
aggregate
offering
Unlimited
Unlimited
9
COMMON
SHARE
REPURCHASES
During
August
2022,
the
Funds’
Board
of
Trustees
reauthorized
an
open-market
share
repurchase
program
for
JPC,
JPI,
JPS
and
JPT
and
authorized
an
open-market
share
repurchase
program
for
NPFD,
allowing
each
Fund
to
repurchase
an
aggregate
of
up
to
approximately
10%
of
its
outstanding
common
shares.
During
the
current
reporting
period,
the
Funds
did
not
repurchase
any
of
their
outstanding
common
shares.
As
of
January
31,
2023,
(and
since
the
inception
of
the
Funds’
repurchase
programs),
each
Fund
has
cumulatively
repurchased
and
retired
its
outstanding
common
shares
as
shown
in
the
accompanying
table.
OTHER
COMMON
SHARE
INFORMATION
As
of
January
31,
2023,
the
Funds’
common
share
prices
were
trading
at
a
premium/(discount)
to
their
common
share
NAV,
and
trading
at
an
average
premium/(discount)
to
NAV
during
the
current
reporting
period,
as
follows:
JPC
JPI
JPS
JPT
NPFD
Common
shares
cumulatively
repurchased
and
retired
2,826,100
0
38,000
0
0
Common
shares
authorized
for
repurchase
10,505,000
2,275,000
20,570,000
435,000
2,415,000
JPC
JPI
JPS
JPT
NPFD
Common
share
NAV
$8.38
$20.90
$8.22
$20.87
$20.96
Common
share
price
$7.96
$20.37
$7.63
$19.35
$18.92
Premium/(Discount)
to
NAV
(5.01)%
(2.54)%
(7.18)%
(7.28)%
(9.73)%
Average
premium/(discount)
to
NAV
(6.45)%
(3.82)%
(9.65)%
(7.54)%
(8.87)%
10
Nuveen
Preferred
&
Income
Opportunities
Fund
Performance
Overview
and
Holdings
Summaries
as
of
January
31,
2023
JPC
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Average
Annual
Total
Returns
as
of
January
31,
2023*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
JPC
Blended
Benchmark.
The
Fund’s
Blended
Benchmark
consists
of:
1)
60%
ICE
BofA
U.S.
All
Capital
Securities
Index
and
2)
40%
ICE
USD
Contingent
Capital
Index
(CDLR).
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
details
on
the
Fund’s
Blended
Benchmark
compositions
through
March
31,
2022.
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
per-
formance
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
Total
Returns
as
of
January
31,
2023
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
JPC
at
Common
Share
NAV
3/26/03
3.62%
(5.04)%
2.43%
5.22%
JPC
at
Common
Share
Price
3/26/03
1.19%
(6.15)%
3.37%
5.70%
ICE
BofA
U.S.
All
Capital
Securities
Index
—
2.02%
(5.16)%
3.32%
4.81%
JPC
Blended
Benchmark
—
2.61%
(4.93)%
3.23%
4.52%
11
Holdings
Summaries
as
of
January
31,
2023
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.
Fund
Allocation
(%
of
net
assets)
$1,000
Par
(or
similar)
Institutional
Preferred
77.4‌%
Contingent
Capital
Securities
49.6‌%
$25
Par
(or
similar)
Retail
Preferred
27.5‌%
Corporate
Bonds
0.4‌%
Repurchase
Agreements
0.7‌%
Other
Assets
&
Liabilities,
Net
1.3%
Net
Assets
Plus
Borrowings,
Reverse
Repurchase
Agreements,
including
accrued
interest
and
Taxable
Fund
Preferred
Shares,
net
of
deferred
offering
costs
156.9‌%
Borrowings
(28.3)%
Reverse
Repurchase
Agreements,
including
accrued
interest
(11.6‌)%
Taxable
Fund
Preferred
Shares,
net
of
deferred
offering
costs
(17.0‌)%
Net
Assets
100‌%
Portfolio
Composition
1
(%
of
total
investments)
Banks
47.8%
Insurance
13.5%
Capital
Markets
13.0%
Food
Products
4.5%
Diversified
Financial
Services
3.8%
Oil,
Gas
&
Consumable
Fuels
3.1%
Other
13.8%
Repurchase
Agreements
0.5%
Net
Assets
100%
Country
Allocation
2
(%
of
total
investments)
United
States
60.1‌%
United
Kingdom
11.9‌%
Switzerland
7.3‌%
France
5.3‌%
Spain
2.4‌%
Canada
2.3‌%
Netherlands
2.2‌%
Australia
1.8‌%
Ireland
1.5‌%
Germany
1.4‌%
Bermuda
1.1‌%
Other
2.7‌%
Total
100‌%
Top
Five
Issuers
(%
of
total
long-term
investments)
UBS
Group
AG
4.0%
Citigroup
Inc
3.4%
Credit
Suisse
Group
AG
3.4%
HSBC
Holdings
PLC
3.4%
Barclays
PLC
3.0%
Portfolio
Credit
Quality
(%
of
total
long-term
fixed-income
investments)
A
0.1%
BBB
64.9%
BB
or
Lower
31.9%
N/R
(not
rated)
3.1%
Total
100‌%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising  “Other”
and
not
listed
in
the
table
above.
2
Includes
2.2%
(as
a
percentage
of
total
investments)
in
emerging
market
countries.
12
Nuveen
Preferred
and
Income
Term
Fund
Performance
Overview
and
Holdings
Summaries
as
of
January
31,
2023
JPI
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Average
Annual
Total
Returns
as
of
January
31,
2023*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
JPI
Blended
Benchmark.
The
Fund’s
Blended
Benchmark
consists
of:
1)
60%
ICE
BofA
U.S.
All
Capital
Securities
Index
and
2)
40%
ICE
USD
Contingent
Capital
Index
(CDLR).
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
details
on
the
Fund’s
Blended
Benchmark
compositions
through
December
31,
2013.
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
per-
formance
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
Total
Returns
as
of
January
31,
2023
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
JPI
at
Common
Share
NAV
7/26/12
2.14%
(7.04)%
2.65%
5.68%
JPI
at
Common
Share
Price
7/26/12
3.28%
(9.35)%
3.89%
5.92%
ICE
BofA
U.S.
All
Capital
Securities
Index
—
2.02%
(5.16)%
3.32%
4.81%
JPI
Blended
Benchmark
—
2.61%
(5.22)%
3.41%
4.73%
13
Holdings
Summaries
as
of
January
31,
2023
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.
Fund
Allocation
(%
of
net
assets)
$1,000
Par
(or
similar)
Institutional
Preferred
75.2‌%
Contingent
Capital
Securities
49.8‌%
$25
Par
(or
similar)
Retail
Preferred
28.6‌%
Corporate
Bonds
0.7‌%
Repurchase
Agreements
0.4‌%
Other
Assets
&
Liabilities,
Net
0.7%
Net
Assets
Plus
Borrowings
and
Reverse
Repurchase
Agreements,
including
accrued
interest
155.4‌%
Borrowings
(41.7)%
Reverse
Repurchase
Agreements,
including
accrued
interest
(13.7‌)%
Net
Assets
100‌%
Portfolio
Composition
1
(%
of
total
investments)
Banks
46.1%
Insurance
14.8%
Capital
Markets
12.8%
Diversified
Financial
Services
5.1%
Food
Products
4.6%
Oil,
Gas
&
Consumable
Fuels
3.1%
Other
13.2%
Repurchase
Agreements
0.3%
Net
Assets
100%
Top
Five
Issuers
(%
of
total
long-term
investments)
UBS
Group
AG
3.9%
HSBC
Holdings
PLC
3.4%
Credit
Suisse
Group
AG
3.4%
Citigroup
Inc
3.2%
Barclays
PLC
3.0%
Portfolio
Credit
Quality
(%
of
total
long-term
fixed-income
investments)
A
0.2%
BBB
65.1%
BB
or
Lower
32.4%
N/R
(not
rated)
2.3%
Total
100‌%
Country
Allocation
2
(%
of
total
investments)
United
States
59.4‌%
United
Kingdom
12.2‌%
Switzerland
7.3‌%
France
5.4‌%
Spain
2.4‌%
Canada
2.4‌%
Netherlands
2.3‌%
Australia
2.1‌%
Germany
1.5‌%
Bermuda
1.3‌%
Ireland
1.2‌%
Other
2.5‌%
Total
100‌%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising  “Other”
and
not
listed
in
the
table
above.
2
Includes
2.3%
(as
a
percentage
of
total
investments)
in
emerging
market
countries.
14
Nuveen
Preferred
&
Income
Securities
Fund
Performance
Overview
and
Holdings
Summaries
as
of
January
31,
2023
JPS
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Average
Annual
Total
Returns
as
of
January
31,
2023*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
JPS
Blended
Benchmark.
The
Fund’s
Blended
Benchmark
consists
of:
1)
60%
ICE
BofA
U.S.
All
Capital
Securities
Index
and
2)
40%
ICE
USD
Contingent
Capital
Index
(CDLR).
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
details
on
the
Fund’s
Blended
Benchmark
compositions
through
December
31,
2013.
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
per-
formance
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
Total
Returns
as
of
January
31,
2023
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
JPS
at
Common
Share
NAV
9/24/02
3.00%
(6.79)%
2.22%
5.50%
JPS
at
Common
Share
Price
9/24/02
1.86%
(11.58)%
2.82%
5.40%
ICE
BofA
U.S.
All
Capital
Securities
Index
—
2.02%
(5.16)%
3.32%
4.81%
JPS
Blended
Benchmark
—
2.61%
(5.22)%
3.41%
4.85%
15
Holdings
Summaries
as
of
January
31,
2023
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.
Fund
Allocation
(%
of
net
assets)
$1,000
Par
(or
similar)
Institutional
Preferred
79.5‌%
Contingent
Capital
Securities
53.6‌%
$25
Par
(or
similar)
Retail
Preferred
15.0‌%
Corporate
Bonds
4.6‌%
Convertible
Preferred
Securities
1.7‌%
Investment
Companies
1.1‌%
Repurchase
Agreements
2.6‌%
Other
Assets
&
Liabilities,
Net
1.3%
Net
Assets
Plus
Borrowings,
Reverse
Repurchase
Agreements,
including
accrued
interest
and
Taxable
Fund
Preferred
Shares,
net
of
deferred
offering
costs
159.4‌%
Borrowings
(27.2)%
Reverse
Repurchase
Agreements,
including
accrued
interest
(16.3‌)%
Taxable
Fund
Preferred
Shares,
net
of
deferred
offering
costs
(15.9‌)%
Net
Assets
100‌%
Portfolio
Composition
1
(%
of
total
investments)
Banks
55.4%
Capital
Markets
14.2%
Insurance
12.7%
Multi-Utilities
2.9%
Oil,
Gas
&
Consumable
Fuels
2.2%
Electric
Utilities
2.1%
Other
8.2%
Investment
Companies
0.7%
Repurchase
Agreements
1.6%
Net
Assets
100%
Top
Five
Issuers
(%
of
total
long-term
investments)
Bank
of
America
Corp
4.4%
UBS
Group
AG
4.0%
BNP
Paribas
SA
3.9%
Wells
Fargo
&
Co
3.7%
Barclays
PLC
3.4%
Portfolio
Credit
Quality
(%
of
total
long-term
fixed-income
investments)
A
6.2%
BBB
80.7%
BB
or
Lower
13.1%
Total
100‌%
Country
Allocation
2
(%
of
total
investments)
United
States
53.8‌%
United
Kingdom
11.2‌%
France
9.2‌%
Switzerland
8.4‌%
Canada
4.0‌%
Finland
2.9‌%
Spain
2.3‌%
Netherlands
1.3‌%
Australia
1.3‌%
Norway
1.2‌%
Japan
1.2‌%
Other
3.2‌%
Total
100‌%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising  “Other”
and
not
listed
in
the
table
above.
2
Includes
less
than
0.1%
(as
a
percentage
of
total
investments)
in
emerging
market
countries.
16
Nuveen
Preferred
and
Income
Fund
Performance
Overview
and
Holdings
Summaries
as
of
January
31,
2023
JPT
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Average
Annual
Total
Returns
as
of
January
31,
2023*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
JPT
Blended
Benchmark.
Effective
February
28,
2022,
the
Fund’s
Blended
Benchmark
consists
of:
1)
60%
ICE
BofA
U.S.
All
Capital
Securities
Index
and
2)
40%
ICE
USD
Contingent
Capital
Index
(CDLR).
Prior
to
February
28,
2022,
the
Fund’s
performance
was
measured
against
the
ICE
BofA
U.S.
All
Capital
Securities
Index.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
details.
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
per-
formance
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
Total
Returns
as
of
January
31,
2023
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
JPT
at
Common
Share
NAV
1/26/17
2.27%
(6.36)%
2.76%
3.42%
JPT
at
Common
Share
Price
1/26/17
(0.71)%
(12.45)%
2.46%
1.99%
ICE
BofA
U.S.
All
Capital
Securities
Index
—
2.02%
(5.16)%
3.32%
3.97%
JPT
Blended
Benchmark
—
2.61%
(5.46)%
3.26%
3.92
%
17
Holdings
Summaries
as
of
January
31,
2023
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.
Fund
Allocation
(%
of
net
assets)
$1,000
Par
(or
similar)
Institutional
Preferred
74.6‌%
Contingent
Capital
Securities
45.8‌%
$25
Par
(or
similar)
Retail
Preferred
24.5‌%
Corporate
Bonds
2.1‌%
Repurchase
Agreements
0.7‌%
Other
Assets
&
Liabilities,
Net
0.8%
Net
Assets
Plus
Borrowings
and
Reverse
Repurchase
Agreements,
including
accrued
interest
148.5‌%
Borrowings
(47.4)%
Reverse
Repurchase
Agreements,
including
accrued
interest
(1.1‌)%
Net
Assets
100‌%
Top
Five
Issuers
(%
of
total
long-term
investments)
UBS
Group
AG
4.1%
HSBC
Holdings
PLC
3.4%
Credit
Suisse
Group
AG
3.1%
Citigroup
Inc
3.0%
Barclays
PLC
2.9%
Portfolio
Composition
1
(%
of
total
investments)
Banks
44.9%
Insurance
15.3%
Capital
Markets
12.7%
Food
Products
5.0%
Diversified
Financial
Services
4.9%
Oil,
Gas
&
Consumable
Fuels
3.2%
Other
13.5%
Repurchase
Agreements
0.5%
Net
Assets
100%
Portfolio
Credit
Quality
(%
of
total
long-term
fixed-income
investments)
A
0.2%
BBB
66.5%
BB
or
Lower
30.8%
N/R
(not
rated)
2.5%
Total
100‌%
Country
Allocation
2
(%
of
total
investments)
United
States
59.2‌%
United
Kingdom
11.7‌%
Switzerland
7.1‌%
France
5.5‌%
Canada
2.4‌%
Spain
2.3‌%
Netherlands
2.2‌%
Germany
2.1‌%
Ireland
2.1‌%
Australia
1.9‌%
Bermuda
1.7‌%
Other
1.8‌%
Total
100‌%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising  “Other”
and
not
listed
in
the
table
above.
2
Includes
2.6%
(as
a
percentage
of
total
investments)
in
emerging
market
countries.
18
Nuveen
Variable
Rate
Preferred
&
Income
Fund
Performance
Overview
and
Holdings
Summaries
as
of
January
31,
2023
NPFD
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Average
Annual
Total
Returns
as
of
January
31,
2023*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
NPFD
Blended
Benchmark.
The
Fund’s
Blended
Benchmark
consists
of:
1)
80%
ICE
Variable
Rate
Preferred
&
Hybrid
Securities
Index
and
2)
20%
ICE
USD
Contingent
Capital
Index
(CDLR).
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
per-
formance
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
Total
Returns
as
of
January
31,
2023
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
Since
Inception
NPFD
at
Common
Share
NAV
12/15/21
3.22%
(7.29)%
(8.61)%
NPFD
at
Common
Share
Price
12/15/21
(1.39)%
(17.19)%
(16.05)%
ICE
Variable
Rate
Preferred
&
Hybrid
Securities
Index
—
4.43%
(1.66)%
(2.11)%
NPFD
Blended
Benchmark
—
4.23%
(2.41)%
(2.86
)%
19
Holdings
Summaries
as
of
January
31,
2023
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.
Fund
Allocation
(%
of
net
assets)
$1,000
Par
(or
similar)
Institutional
Preferred
97.1‌%
$25
Par
(or
similar)
Retail
Preferred
29.2‌%
Contingent
Capital
Securities
27.7‌%
Other
Assets
&
Liabilities,
Net
1.3%
Net
Assets
Plus
Borrowings,
Reverse
Repurchase
Agreements,
including
accrued
interest
and
Taxable
Fund
Preferred
Shares,
net
of
deferred
offering
costs
155.3‌%
Borrowings
(31.5)%
Reverse
Repurchase
Agreements,
including
accrued
interest
(7.1‌)%
Taxable
Fund
Preferred
Shares,
net
of
deferred
offering
costs
(16.7‌)%
Net
Assets
100‌%
Top
Five
Issuers
(%
of
total
long-term
investments)
Citigroup
Inc
4.3%
Wells
Fargo
&
Co
3.5%
JPMorgan
Chase
&
Co
3.4%
Bank
of
America
Corp
3.1%
Morgan
Stanley
3.0%
Portfolio
Composition
1
(%
of
total
investments)
Banks
42.2%
Insurance
14.4%
Capital
Markets
12.8%
Oil,
Gas
&
Consumable
Fuels
5.9%
Trading
Companies
&
Distributors
4.0%
Diversified
Financial
Services
3.4%
Other
17.3%
Net
Assets
100%
Portfolio
Credit
Quality
(%
of
total
long-term
fixed-income
investments)
A
0.2%
BBB
66.5%
BB
or
Lower
30.8%
N/R
(not
rated)
2.5%
Total
100‌%
Country
Allocation
2
(%
of
total
investments)
United
States
68.3‌%
United
Kingdom
8.6‌%
Canada
5.2‌%
Switzerland
4.1‌%
France
3.0‌%
Ireland
2.5‌%
Australia
2.0‌%
Spain
1.5‌%
Netherlands
1.4‌%
Bermuda
1.1‌%
Germany
0.7‌%
Other
1.6‌%
Total
100‌%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising  “Other”
and
not
listed
in
the
table
above.
2
Includes
1.9%
(as
a
percentage
of
total
investments)
in
emerging
market
countries.
20
Nuveen
Preferred
&
Income
Opportunities
Fund
Portfolio
of
Investments
January
31,
2023
(Unaudited)
JPC
Principal
Amount
(000)
/
Shares
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
LONG-TERM
INVESTMENTS
-
154.9%  
(99.5%
of
Total
Investments)
X
682,137,041
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
77.4%
(49.8%
of
Total
Investments)
X
682,137,041
Automobiles
-
2.3%
$
7,485
General
Motors
Financial
Co
Inc
5.700%
N/A
(3)
BB+
$
6,923,625
14,640
General
Motors
Financial
Co
Inc
(4)
5.750%
N/A
(3)
BB+
13,400,147
22,125
Total
Automobiles
20,323,772
Banks
-
31.2%
1,415
Bank
of
America
Corp
6.100%
N/A
(3)
BBB+
1,415,566
3,685
Bank
of
America
Corp
4.375%
N/A
(3)
BBB+
3,344,506
3,540
Bank
of
America
Corp
6.250%
N/A
(3)
BBB+
3,537,805
16,125
Bank
of
America
Corp
(4)
6.500%
N/A
(3)
BBB+
16,205,012
5,560
Bank
of
America
Corp
(4),(5)
6.300%
N/A
(3)
BBB+
5,625,052
16,055
Citigroup
Inc
(4)
6.250%
N/A
(3)
BBB-
16,160,000
9,981
Citigroup
Inc
(5)
5.950%
N/A
(3)
BBB-
9,726,727
1,820
Citigroup
Inc
4.150%
N/A
(3)
BBB-
1,619,800
6,290
Citigroup
Inc
(4)
5.000%
N/A
(3)
BBB-
6,006,950
13,145
Citigroup
Inc
(5)
6.300%
N/A
(3)
BBB-
12,931,394
2,015
Citizens
Financial
Group
Inc
(4)
4.000%
N/A
(3)
BB+
1,745,843
1,685
Citizens
Financial
Group
Inc
6.375%
N/A
(3)
BB+
1,614,061
3,150
CoBank
ACB
(4)
6.250%
N/A
(3)
BBB+
3,121,740
8,820
CoBank
ACB
6.450%
N/A
(3)
BBB+
8,905,075
1,900
Fifth
Third
Bancorp
(4)
4.500%
N/A
(3)
Baa3
1,824,003
14,985
First
Citizens
BancShares
Inc/NC
(3-Month
LIBOR
reference
rate
+
3.972%
spread)
(5),(6)
8.741%
N/A
(3)
N/R
15,046,275
910
Goldman
Sachs
Group
Inc/The
4.400%
N/A
(3)
BB+
824,836
925
Goldman
Sachs
Group
Inc/The
3.800%
N/A
(3)
BBB-
809,814
2,314
HSBC
Capital
Funding
Dollar
1
LP,
144A
(4)
10.176%
N/A
(3)
BBB
2,904,070
8,525
Huntington
Bancshares
Inc/OH
5.625%
N/A
(3)
Baa3
8,373,262
24,555
JPMorgan
Chase
&
Co
(4)
6.750%
N/A
(3)
BBB+
24,802,514
2,660
JPMorgan
Chase
&
Co
(4)
6.100%
N/A
(3)
BBB+
2,653,350
4,280
JPMorgan
Chase
&
Co
3.650%
N/A
(3)
BBB+
3,900,150
7,275
JPMorgan
Chase
&
Co
5.000%
N/A
(3)
BBB+
7,074,937
2,485
KeyCorp
5.000%
N/A
(3)
Baa3
2,411,444
6,970
M&T
Bank
Corp
(4)
6.450%
N/A
(3)
Baa2
6,952,457
1,880
M&T
Bank
Corp
5.125%
N/A
(3)
Baa2
1,744,641
1,440
M&T
Bank
Corp
(4)
3.500%
N/A
(3)
Baa2
1,209,600
1,740
PNC
Financial
Services
Group
Inc
6.200%
N/A
(3)
Baa2
1,740,522
4,245
PNC
Financial
Services
Group
Inc/The
6.000%
N/A
(3)
Baa2
4,223,350
2,657
PNC
Financial
Services
Group
Inc/The
5.000%
N/A
(3)
Baa2
2,498,152
16,977
PNC
Financial
Services
Group
Inc/The
(3-Month
LIBOR
reference
rate
+
3.678%
spread)
(4),(6)
3.804%
N/A
(3)
Baa2
17,019,428
2,835
PNC
Financial
Services
Group
Inc/The
3.400%
N/A
(3)
Baa2
2,416,838
4,290
Regions
Financial
Corp
5.750%
N/A
(3)
Baa3
4,261,201
3,290
SVB
Financial
Group
4.000%
N/A
(3)
Baa2
2,634,035
875
SVB
Financial
Group
4.100%
N/A
(3)
Baa2
649,688
785
SVB
Financial
Group
4.700%
N/A
(3)
Baa2
600,525
6,082
Truist
Financial
Corp
5.100%
N/A
(3)
Baa2
5,893,439
14,735
Truist
Financial
Corp
(5)
4.800%
N/A
(3)
Baa2
14,119,299
3,430
Truist
Financial
Corp
(3-Month
LIBOR
reference
rate
+
3.102%
spread)
(6)
7.871%
N/A
(3)
Baa2
3,460,013
6,490
Wells
Fargo
&
Co
5.900%
N/A
(3)
Baa2
6,352,088
13,625
Wells
Fargo
&
Co
(4),(5)
5.875%
N/A
(3)
Baa2
13,559,600
11,747
Wells
Fargo
&
Co
(4)
3.900%
N/A
(3)
Baa2
10,829,266
1,385
Wells
Fargo
&
Co
(4)
7.950%
11/15/29
Baa1
1,576,480
1,105
Zions
Bancorp
NA
5.800%
N/A
(3)
BB+
1,087,382
21
Principal
Amount
(000)
/
Shares
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Banks
(continued)
$
9,666
Zions
Bancorp
NA
(5)
7.200%
N/A
(3)
BB+
$
9,762,660
280,349
Total
Banks
275,174,850
Capital
Markets
-
3.6%
2,040
Bank
of
New
York
Mellon
Corp/The
4.700%
N/A
(3)
Baa1
1,994,044
7,425
Charles
Schwab
Corp
5.375%
N/A
(3)
BBB
7,367,085
4,825
Charles
Schwab
Corp/The
(4)
4.000%
N/A
(3)
BBB
4,445,755
7,411
Goldman
Sachs
Group
Inc/The
5.300%
N/A
(3)
BBB-
7,289,174
9,704
Goldman
Sachs
Group
Inc/The
5.500%
N/A
(3)
BBB-
9,606,960
1,555
Goldman
Sachs
Group
Inc/The
4.125%
N/A
(3)
BBB-
1,383,140
32,960
Total
Capital
Markets
32,086,158
Communications
Equipment
-
0.2%
2,315
Vodafone
Group
PLC
(4)
4.125%
6/04/81
BB+
1,874,224
2,315
Total
Communications
Equipment
1,874,224
Consumer
Finance
-
2.5%
6,365
Ally
Financial
Inc
4.700%
N/A
(3)
Ba2
4,885,137
6,609
Ally
Financial
Inc
(4)
4.700%
N/A
(3)
Ba2
5,435,903
4,560
American
Express
Co
3.550%
N/A
(3)
Baa2
4,034,687
3,215
Capital
One
Financial
Corp
3.950%
N/A
(3)
Baa3
2,790,423
3,175
Discover
Financial
Services
(4)
6.125%
N/A
(3)
Ba2
3,147,537
1,465
Discover
Financial
Services
5.500%
N/A
(3)
Ba2
1,289,200
25,389
Total
Consumer
Finance
21,582,887
Diversified
Financial
Services
-
4.2%
4,570
American
AgCredit
Corp,
144A
(4)
5.250%
N/A
(3)
BB+
4,010,175
2,590
Capital
Farm
Credit
ACA,
144A
(4)
5.000%
N/A
(3)
BB
2,356,900
1,100
Compeer
Financial
ACA,
144A
4.875%
N/A
(3)
BB+
970,751
13
Compeer
Financial
ACA,
144A
(4)
6.750%
N/A
(3)
BB+
12,518,428
7,470
Equitable
Holdings
Inc
4.950%
N/A
(3)
BBB-
7,245,034
9,696
Voya
Financial
Inc
(4)
6.125%
N/A
(3)
BBB-
9,665,942
25,439
Total
Diversified
Financial
Services
36,767,230
Electric
Utilities
-
2.6%
2,070
American
Electric
Power
Co
Inc
3.875%
2/15/62
BBB
1,775,314
6,070
Edison
International
(4)
5.000%
N/A
(3)
BB+
5,396,776
995
Edison
International
(4)
5.375%
N/A
(3)
BB+
929,510
11,680
Emera
Inc
(4)
6.750%
6/15/76
BB+
11,471,316
3,580
Southern
Co/The
4.000%
1/15/51
BBB-
3,405,761
24,395
Total
Electric
Utilities
22,978,677
Food
Products
-
4.4%
2,145
Dairy
Farmers
of
America
Inc,
144A
7.125%
N/A
(3)
BB+
1,833,975
3,860
Land
O'
Lakes
Inc,
144A
(4)
7.250%
N/A
(3)
BB
3,416,100
7,435
Land
O'
Lakes
Inc,
144A
(4)
7.000%
N/A
(3)
BB
6,542,800
28,560
Land
O'
Lakes
Inc,
144A
(4),(5)
8.000%
N/A
(3)
BB
26,846,400
42,000
Total
Food
Products
38,639,275
Independent
Power
Producers
&
Energy
Traders
-
1.9%
2,200
AES
Andes
SA,
144A
(4)
7.125%
3/26/79
BB
2,130,150
4,775
AES
Andes
SA,
144A
6.350%
10/07/79
BB
4,512,375
8,525
Vistra
Corp,
144A
8.000%
N/A
(3)
Ba3
8,356,631
1,550
Vistra
Corp,
144A
7.000%
N/A
(3)
Ba3
1,449,250
17,050
Total
Independent
Power
Producers
&
Energy
Traders
16,448,406
Nuveen
Preferred
&
Income
Opportunities
Fund
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
22
JPC
Principal
Amount
(000)
/
Shares
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Industrial
Conglomerates
-
1.6%
$
14,026
General
Electric
Co
(3-Month
LIBOR
reference
rate
+
3.330%
spread)
(4),(5),(6)
8.099%
N/A
(3)
BBB-
$
13,976,909
14,026
Total
Industrial
Conglomerates
13,976,909
Insurance
-
12.4%
1,615
Aegon
NV
5.500%
4/11/48
Baa1
1,539,206
1,550
American
International
Group
Inc
(4)
5.750%
4/01/48
BBB-
1,524,812
16,404
Assurant
Inc
(4)
7.000%
3/27/48
Baa3
16,239,880
11,519
Assured
Guaranty
Municipal
Holdings
Inc,
144A
(4)
6.400%
12/15/66
BBB+
10,914,253
2,465
AXIS
Specialty
Finance
LLC
(4)
4.900%
1/15/40
BBB
2,093,983
2,395
Enstar
Finance
LLC
5.750%
9/01/40
BBB-
2,146,639
5,720
Enstar
Finance
LLC
5.500%
1/15/42
BBB-
4,717,855
1,485
Legal
&
General
Group
PLC
,
Reg
S
5.250%
3/21/47
A3
1,432,283
8,710
Markel
Corp
6.000%
N/A
(3)
BBB-
8,688,225
1,430
MetLife
Inc
5.875%
N/A
(3)
BBB
1,419,275
4,790
MetLife
Inc
3.850%
N/A
(3)
BBB
4,558,697
4,088
MetLife
Inc,
144A
9.250%
4/08/38
BBB
4,936,260
2,485
PartnerRe
Finance
B
LLC
(4)
4.500%
10/01/50
Baa1
2,220,355
7,488
Provident
Financing
Trust
I
(4)
7.405%
3/15/38
BB+
7,956,000
745
Prudential
Financial
Inc
3.700%
10/01/50
BBB+
641,399
2,690
Prudential
Financial
Inc
5.125%
3/01/52
BBB+
2,509,501
2,960
QBE
Insurance
Group
Ltd,
144A
(4)
5.875%
N/A
(3)
Baa2
2,915,600
9,055
QBE
Insurance
Group
Ltd,
144A
(4)
7.500%
11/24/43
Baa1
9,102,301
7,593
QBE
Insurance
Group
Ltd
,
Reg
S
6.750%
12/02/44
BBB
7,571,193
10,685
SBL
Holdings
Inc,
144A
(4)
7.000%
N/A
(3)
BB
8,857,079
9,700
SBL
Holdings
Inc,
144A
(5)
6.500%
N/A
(3)
BB
7,433,110
115,572
Total
Insurance
109,417,906
Media
-
0.3%
3,110
Paramount
Global
6.375%
3/30/62
Baa3
2,713,382
3,110
Total
Media
2,713,382
Multi-Utilities
-
2.2%
2,125
Algonquin
Power
&
Utilities
Corp
(4)
4.750%
1/18/82
BB+
1,795,625
7,999
CenterPoint
Energy
Inc
6.125%
N/A
(3)
BBB-
7,869,016
1,210
CMS
Energy
Corp
(4)
4.750%
6/01/50
BBB-
1,100,447
1,320
NiSource
Inc
5.650%
N/A
(3)
BBB-
1,280,476
3,005
Sempra
Energy
4.125%
4/01/52
BBB-
2,630,402
4,750
Sempra
Energy
4.875%
N/A
(3)
BBB-
4,560,000
20,409
Total
Multi-Utilities
19,235,966
Oil,
Gas
&
Consumable
Fuels
-
2.8%
2,578
Enbridge
Inc
5.500%
7/15/77
BBB-
2,408,552
4,075
Enbridge
Inc
7.625%
1/15/83
BBB-
4,201,247
5,765
Enbridge
Inc
(4)
5.750%
7/15/80
BBB-
5,455,362
1,540
Enbridge
Inc
(4)
6.000%
1/15/77
BBB-
1,463,293
3,320
Energy
Transfer
LP
(4)
6.500%
N/A
(3)
BB
3,113,762
630
Energy
Transfer
LP
7.125%
N/A
(3)
BB
575,505
2,447
MPLX
LP
(4)
6.875%
N/A
(3)
BB+
2,447,734
3,015
Transcanada
Trust
(5)
5.600%
3/07/82
BBB
2,698,425
3,010
Transcanada
Trust
(4)
5.500%
9/15/79
BBB
2,716,364
26,380
Total
Oil,
Gas
&
Consumable
Fuels
25,080,244
Trading
Companies
&
Distributors
-
3.6%
15,493
AerCap
Global
Aviation
Trust,
144A
(4)
6.500%
6/15/45
BB+
15,149,520
6,030
AerCap
Holdings
NV
(4)
5.875%
10/10/79
BB+
5,775,414
4,180
Air
Lease
Corp
(4)
4.650%
N/A
(3)
BB+
3,709,750
8,474
ILFC
E-Capital
Trust
I,
144A
6.538%
12/21/65
BB+
5,627,524
23
Principal
Amount
(000)
/
Shares
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Trading
Companies
&
Distributors
(continued)
$
1,960
ILFC
E-Capital
Trust
I,
144A
6.288%
12/21/65
B+
$
1,259,300
36,137
Total
Trading
Companies
&
Distributors
31,521,508
U.S.
Agency
-
0.8%
2,420
Farm
Credit
Bank
of
Texas,
144A
(4)
5.700%
N/A
(3)
Baa1
2,250,600
5,835
Farm
Credit
Bank
of
Texas,
144A
(4)
6.200%
N/A
(3)
BBB+
5,222,325
8,255
Total
U.S.
Agency
7,472,925
Wireless
Telecommunication
Services
-
0.8%
6,644
Vodafone
Group
PLC
7.000%
4/04/79
BB+
6,842,722
6,644
Total
Wireless
Telecommunication
Services
6,842,722
$
702,555
Total
$1,000
Par
(or
similar)
Institutional
Preferred
(cost
$708,331,913)
682,137,041
Principal
Amount
(000)
Description
(1)
,(7)
Coupon
Maturity
Ratings
(2)
Value
X
436,801,676
CONTINGENT
CAPITAL
SECURITIES
-
49.6%
(31.9%
of
Total
Investments)
X
436,801,676
Banks
-
35.6%
$
2,025
Australia
&
New
Zealand
Banking
Group
Ltd/United
Kingdom,
144A
(4)
6.750%
N/A
(3)
Baa2
$
2,042,212
3,805
Banco
Bilbao
Vizcaya
Argentaria
SA
(4)
6.125%
N/A
(3)
Ba2
3,526,691
12,820
Banco
Bilbao
Vizcaya
Argentaria
SA
6.500%
N/A
(3)
Ba2
12,547,703
3,120
Banco
Mercantil
del
Norte
SA/Grand
Cayman,
144A
(4)
7.625%
N/A
(3)
Ba2
3,084,994
4,700
Banco
Mercantil
del
Norte
SA/Grand
Cayman,
144A
(4)
7.500%
N/A
(3)
Ba2
4,521,400
7,905
Banco
Santander
SA
4.750%
N/A
(3)
Ba1
6,858,918
10,600
Banco
Santander
SA
,
Reg
S
7.500%
N/A
(3)
Ba1
10,520,500
10,185
Barclays
PLC
8.000%
N/A
(3)
BBB-
10,146,806
6,440
Barclays
PLC
6.125%
N/A
(3)
BBB-
6,150,136
17,495
Barclays
PLC
7.750%
N/A
(3)
BBB-
17,363,263
6,985
Barclays
PLC
8.000%
N/A
(3)
BBB-
7,013,988
1,000
BNP
Paribas
SA,
144A
7.000%
N/A
(3)
BBB
990,000
13,810
BNP
Paribas
SA,
144A
7.375%
N/A
(3)
BBB
13,893,689
11,770
BNP
Paribas
SA,
144A
6.625%
N/A
(3)
BBB
11,608,162
1,850
BNP
Paribas
SA,
144A
7.750%
N/A
(3)
BBB
1,914,750
1,090
BNP
Paribas
SA,
144A
9.250%
N/A
(3)
BBB
1,183,740
12,445
Credit
Agricole
SA,
144A
8.125%
N/A
(3)
BBB
12,828,182
7,754
Credit
Agricole
SA,
144A
(4)
7.875%
N/A
(3)
BBB
7,746,246
1,600
Danske
Bank
A/S
,
Reg
S
7.000%
N/A
(3)
BBB-
1,552,000
1,840
Danske
Bank
A/S
,
Reg
S
4.375%
N/A
(3)
BBB-
1,616,900
1,815
Danske
Bank
A/S
,
Reg
S
6.125%
N/A
(3)
BBB-
1,767,592
20,270
HSBC
Holdings
PLC
(4),(5)
6.000%
N/A
(3)
BBB
19,467,308
23,364
HSBC
Holdings
PLC
(5)
6.375%
N/A
(3)
BBB
23,060,268
12,425
ING
Groep
NV
,
Reg
S
6.750%
N/A
(3)
BBB
12,192,031
9,280
ING
Groep
NV
(5)
5.750%
N/A
(3)
BBB
8,781,014
7,585
ING
Groep
NV
6.500%
N/A
(3)
BBB
7,414,868
3,805
Intesa
Sanpaolo
SpA,
144A
(4)
7.700%
N/A
(3)
BB-
3,591,909
20,395
Lloyds
Banking
Group
PLC
7.500%
N/A
(3)
Baa3
20,196,149
11,980
Lloyds
Banking
Group
PLC
(4)
7.500%
N/A
(3)
Baa3
11,891,228
3,350
Macquarie
Bank
Ltd/London,
144A
(4)
6.125%
N/A
(3)
BB+
3,083,765
11,569
NatWest
Group
PLC
(4)
6.000%
N/A
(3)
Baa3
11,048,395
11,190
NatWest
Group
PLC
8.000%
N/A
(3)
BBB-
11,315,888
6,985
Nordea
Bank
Abp,
144A
6.625%
N/A
(3)
BBB+
6,888,956
8,746
Societe
Generale
SA,
144A
7.875%
N/A
(3)
BB+
8,702,270
2,820
Societe
Generale
SA,
144A
4.750%
N/A
(3)
BB+
2,508,672
6,268
Societe
Generale
SA,
144A
8.000%
N/A
(3)
BB
6,346,350
2,495
Societe
Generale
SA,
144A
9.375%
N/A
(3)
BB+
2,679,006
2,066
Societe
Generale
SA,
144A
(4)
6.750%
N/A
(3)
BB
1,923,872
2,010
Standard
Chartered
PLC,
144A
7.750%
N/A
(3)
BBB-
2,019,708
Nuveen
Preferred
&
Income
Opportunities
Fund
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
24
JPC
Principal
Amount
(000)
Description
(1),(7)
Coupon
Maturity
Ratings
(2)
Value
Banks
(continued)
$
2,681
Standard
Chartered
PLC,
144A
6.000%
N/A
(3)
BBB-
$
2,634,083
5,300
Standard
Chartered
PLC,
144A
4.300%
N/A
(3)
BBB-
4,538,920
5,500
UniCredit
SpA
,
Reg
S
8.000%
N/A
(3)
BB-
5,424,375
321,138
Total
Banks
314,586,907
Capital
Markets
-
13.6%
6,370
Credit
Suisse
Group
AG,
144A
9.750%
N/A
(3)
BB-
6,178,900
8,090
Credit
Suisse
Group
AG,
144A
6.375%
N/A
(3)
Ba2
6,552,900
18,750
Credit
Suisse
Group
AG,
144A
(5)
7.500%
N/A
(3)
BB-
17,357,945
10,229
Credit
Suisse
Group
AG,
144A
(4)
7.250%
N/A
(3)
BB-
8,387,780
8,210
Credit
Suisse
Group
AG,
144A
7.500%
N/A
(3)
BB-
7,778,975
20,620
Deutsche
Bank
AG
(4),(5)
6.000%
N/A
(3)
Ba2
18,715,823
17,870
UBS
Group
AG,
144A
(4)
7.000%
N/A
(3)
BBB
17,757,776
3,755
UBS
Group
AG,
144A
3.875%
N/A
(3)
BBB
3,240,703
15,645
UBS
Group
AG
,
Reg
S
7.000%
N/A
(3)
BBB
15,759,208
15,780
UBS
Group
AG
,
Reg
S
6.875%
N/A
(3)
BBB
15,653,760
1,655
UBS
Group
AG,
144A
4.875%
N/A
(3)
BBB
1,487,680
126,974
Total
Capital
Markets
118,871,450
Commercial
Banks
-
0.4%
3,415
HSBC
Holdings
PLC
(4)
6.375%
N/A
(3)
BBB
3,343,319
3,415
Total
Commercial
Banks
3,343,319
$
451,527
Total
Contingent
Capital
Securities
(cost
$453,012,417)
436,801,676
Shares
Description
(1)
Coupon
Ratings
(2)
Value
X
241,819,547
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
27.5%
(17.6%
of
Total
Investments)
X
241,819,547
Banks
-
7.3%
93,724
CoBank
ACB
6.200%
BBB+
$
9,278,676
165,500
Farm
Credit
Bank
of
Texas,
144A
(4)
6.750%
Baa1
16,508,625
221,181
Fifth
Third
Bancorp
(4)
6.625%
Baa3
5,522,890
427,000
KeyCorp
6.200%
Baa3
10,944,010
138,275
KeyCorp
6.125%
Baa3
3,599,298
219,461
Regions
Financial
Corp
6.375%
Baa3
5,721,348
67,764
Regions
Financial
Corp
5.700%
Baa3
1,685,291
91,115
Synovus
Financial
Corp
5.875%
BB-
2,256,919
68,200
Wells
Fargo
&
Co
4.750%
Baa2
1,447,886
141,500
Western
Alliance
Bancorp
4.250%
Ba1
3,038,005
160,747
Wintrust
Financial
Corp
6.875%
BB
4,187,459
Total
Banks
64,190,407
Capital
Markets
-
3.1%
57,993
Goldman
Sachs
Group
Inc/The
5.500%
BB+
1,446,925
203,611
Morgan
Stanley
5.850%
BBB
5,120,817
100,352
Morgan
Stanley
6.375%
BBB
2,564,997
110,293
Morgan
Stanley
6.875%
BBB
2,781,590
115,800
Morgan
Stanley
6.500%
BBB
3,015,432
484,260
Morgan
Stanley
(4)
7.125%
BBB
12,319,574
Total
Capital
Markets
27,249,335
Consumer
Finance
-
0.5%
84,573
Capital
One
Financial
Corp
(4)
5.000%
Baa3
1,851,303
132,414
Synchrony
Financial
(4)
5.625%
BB-
2,623,121
Total
Consumer
Finance
4,474,424
25
Shares  
Description
(1)
Coupon
Ratings
(2)
Value
Diversified
Financial
Services
-
1.7%
74,600
AgriBank
FCB
6.875%
BBB+
$
7,460,000
114,400
Equitable
Holdings
Inc
5.250%
BBB-
2,587,728
204,839
Voya
Financial
Inc
5.350%
BBB-
5,161,943
Total
Diversified
Financial
Services
15,209,671
Diversified
Telecommunication
Services
-
0.1%
52,800
AT&T
Inc
(4)
4.750%
BBB-
1,107,744
Total
Diversified
Telecommunication
Services
1,107,744
Food
Products
-
2.6%
229,411
CHS
Inc
(4)
7.875%
N/R
5,946,333
295,991
CHS
Inc
7.100%
N/R
7,565,530
279,909
CHS
Inc
6.750%
N/R
7,087,296
23,900
Dairy
Farmers
of
America
Inc,
144A
7.875%
BB+
2,294,400
Total
Food
Products
22,893,559
Insurance
-
8.3%
226,000
American
Equity
Investment
Life
Holding
Co
6.625%
BB
5,810,460
460,300
American
Equity
Investment
Life
Holding
Co
5.950%
BB
11,056,406
423,677
Aspen
Insurance
Holdings
Ltd
5.950%
BB+
10,469,059
107,800
Aspen
Insurance
Holdings
Ltd
5.625%
BB+
2,384,536
82,800
Assurant
Inc
5.250%
Baa3
1,897,776
236,052
Athene
Holding
Ltd
6.375%
BBB
6,031,129
411,533
Athene
Holding
Ltd
6.350%
BBB
10,481,745
63,400
Delphi
Financial
Group
Inc
7.796%
BBB
1,442,350
319,645
Enstar
Group
Ltd
7.000%
BBB-
7,681,069
219,645
Maiden
Holdings
North
America
Ltd
7.750%
N/R
4,171,037
116,700
Reinsurance
Group
of
America
Inc
7.125%
BBB+
3,108,888
273,630
Reinsurance
Group
of
America
Inc
5.750%
BBB+
7,152,688
46,100
Selective
Insurance
Group
Inc
4.600%
BBB-
858,843
Total
Insurance
72,545,986
Oil,
Gas
&
Consumable
Fuels
-
1.9%
60,200
Energy
Transfer
LP
7.600%
BB
1,444,800
221,982
NuStar
Energy
LP
11.502%
B2
5,553,990
242,497
NuStar
Energy
LP
10.379%
B2
5,635,630
163,651
NuStar
Logistics
LP
11.526%
B
4,102,730
Total
Oil,
Gas
&
Consumable
Fuels
16,737,150
Thrifts
&
Mortgage
Finance
-
1.2%
70,467
Federal
Agricultural
Mortgage
Corp
6.000%
N/R
1,885,697
337,570
New
York
Community
Bancorp
Inc
6.375%
Ba2
8,334,603
Total
Thrifts
&
Mortgage
Finance
10,220,300
Trading
Companies
&
Distributors
-
0.8%
207,815
Air
Lease
Corp
6.150%
BB+
5,110,171
76,500
WESCO
International
Inc
10.625%
B+
2,080,800
Total
Trading
Companies
&
Distributors
7,190,971
Total
$25
Par
(or
similar)
Retail
Preferred
(cost
$246,966,528)
241,819,547
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
X
3,624,189
CORPORATE
BONDS
-
0.4%
(0.2%
of
Total
Investments)
X
3,624,189
Banks
-
0.1%
$
1,180
Commerzbank
AG,
144A
8.125%
9/19/23
Baa3
$
1,190,814
1,180
Total
Banks
1,190,814
Nuveen
Preferred
&
Income
Opportunities
Fund
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
26
JPC
A
Investments
in
Derivatives
Principal
Amount
(000)  
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Insurance
-
0.3%
$
2,575
Fidelis
Insurance
Holdings
Ltd,
144A
6.625%
4/01/41
BB+
$
2,433,375
2,575
Total
Insurance
2,433,375
$
3,755
Total
Corporate
Bonds
(cost
$3,761,302)
3,624,189
Total
Long-Term
Investments
(cost
$1,412,072,160)
1,364,382,453
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
 0.7% (0.5%
of
Total
Investments)
X
6,169,002
REPURCHASE
AGREEMENTS
-
0.7%
(0.5%
of
Total
Investments)
X
6,169,002
$
6,169
Repurchase
Agreement
with
Fixed
Income
Clearing
Corporation,
dated
1/31/23,
repurchase
price
$6,169,221,
collateralized
by
$6,473,200,
U.S.
Treasury
Note,
2.875%,
due
6/15/25,
value
$6,292,404
1.280%
2/01/23
$
6,169,002
Total
Short-Term
Investments
(cost
$6,169,002)
6,169,002
Total
Investments
(cost
$
1,418,241,162
)
-
155
.6
%
1,370,551,455
Borrowings
-
(28.3)%
(8),(9)
(
249,400,000
)
Reverse
Repurchase
Agreements,
including
accrued
interest
-
(11.6)%(10)
(
102,518,768
)
Taxable
Fund
Preferred
Shares,
net
of
deferred
offering
costs
-
(17.0)%(11)
(
149,335,943
)
Other
Assets
&
Liabilities,
Net
-   1.3%(12)
11,676,924
Net
Assets
Applicable
to
Common
Shares
-
100%
$
880,973,668
Interest
Rate
Swaps
-
OTC
Uncleared
Counterparty
Notional
Amount
Fund
Pay/Receive
Floating
Rate
Floating
Rate
Index
Fixed
Rate
Fixed
Rate
Payment
Frequency
Effective
Date
(13)
Optional
Termination
Date
Maturity
Date
Value
Unrealized
Appreciation
(Depreciation)
Morgan
Stanley
Capital
Services,
LLC
$
277,500,000
Receive
1-Month
LIBOR
1.994%
Monthly
6/01/18
7/01/25
7/01/27
$
12,402,666
$
12,402,666
Morgan
Stanley
Capital
Services,
LLC
48,000,000
Receive
1-Month
LIBOR
2.364%
Monthly
7/01/19
7/01/26
7/01/28
1,787,339
1,787,339
Total
unrealized
appreciation
on
interest
rate
swaps
$
14,190,005
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(2)
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
of
Standard
&
Poor’s
Group
(“Standard
&
Poor’s”),
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
or
Fitch,
Inc.
(“Fitch”)
rating.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Ratings
below
BBB
by
Standard
&
Poor’s,
Baa
by
Moody’s
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
(3)
Perpetual
security.
Maturity
date
is
not
applicable.
(4)
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
$259,427,523
have
been
pledged
as
collateral
for
reverse
repurchase
agreements.
(5)
Investment,
or
portion
of
investment,
is
hypothecated.
The
total
value
of
investments
hypothecated
as
of
the
end
of
the
reporting
period
was
$186,388,673.
(6)
Variable
rate
security.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(7)
Contingent
Capital
Securities
(“CoCos”)
are
hybrid
securities
with
loss
absorption
characteristics
built
into
the
terms
of
the
security
for
the
benefit
of
the
issuer.
For
example,
the
terms
may
specify
an
automatic
write-down
of
principal
or
a
mandatory
conversion
into
the
issuer’s
common
stock
under
certain
adverse
circumstances,
such
as
the
issuer’s
capital
ratio
falling
below
a
specified
level.
(8)
Borrowings
as
a
percentage
of
Total
Investments
is
18.2%.
(9)
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
$892,602,698
have
been
pledged
as
collateral
for
borrowings.
(10)
Reverse
Repurchase
Agreements,
including
accrued
interest
as
a
percentage
of
Total
investments
is
7.5%.
(11)
Taxable
Fund
Preferred
Shares,
net
of
deferred
offering
costs
as
a
percentage
of
Total
Investments
is
10.9%.
27
(12)
Other
assets
less
liabilities
includes
the
unrealized
appreciation
(depreciation)
of
certain
over-the-counter
("OTC")
derivatives
as
well
as
the
OTC
cleared
and
exchange-traded
derivatives,
when
applicable.
The
unrealized
appreciation
(depreciation)
of
OTC
cleared
and
exchange-
traded
derivatives
is
recognized
as
part
of
the
cash
collateral
at
brokers
and/or
the
receivable
or
payable
for
variation
margin
as
presented
on
the
Statement
of
Assets
and
Liabilities,
when
applicable.
(13)
Effective
date
represents
the
date
on
which
both
the
Fund
and
counterparty
commence
interest
payment
accruals
on
each
contract.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
LIBOR
London
Inter-Bank
Offered
Rate
N/A
Not
Applicable.
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.
See
accompanying
notes
to
financial
statements
28
Nuveen
Preferred
and
Income
Term
Fund
Portfolio
of
Investments
January
31,
2023
(Unaudited)
JPI
Principal
Amount
(000)
/
Shares
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
LONG-TERM
INVESTMENTS
-
154.3%  
(99.7%
of
Total
Investments)
X
357,876,903
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
75.2%
(48.6%
of
Total
Investments)
X
357,876,903
Automobiles
-
2.2%
$
7,963
General
Motors
Financial
Co
Inc
(3)
5.750%
N/A
(4)
BB+
$
7,288,618
3,610
General
Motors
Financial
Co
Inc
(3)
5.700%
N/A
(4)
BB+
3,339,250
11,573
Total
Automobiles
10,627,868
Banks
-
27.0%
1,330
Bank
of
America
Corp
6.100%
N/A
(4)
BBB+
1,330,532
3,815
Bank
of
America
Corp
(3)
6.300%
N/A
(4)
BBB+
3,859,636
3,620
Bank
of
America
Corp
(3)
6.500%
N/A
(4)
BBB+
3,637,962
3,290
Bank
of
America
Corp
6.250%
N/A
(4)
BBB+
3,287,960
2,430
Bank
of
America
Corp
4.375%
N/A
(4)
BBB+
2,205,468
1,695
Citigroup
Inc
4.150%
N/A
(4)
BBB-
1,508,550
2,870
Citigroup
Inc
(5)
6.250%
N/A
(4)
BBB-
2,888,770
4,850
Citigroup
Inc
(3)
5.000%
N/A
(4)
BBB-
4,631,750
7,308
Citigroup
Inc
(3)
5.950%
N/A
(4)
BBB-
7,121,824
7,565
Citigroup
Inc
(3)
6.300%
N/A
(4)
BBB-
7,442,069
1,530
Citizens
Financial
Group
Inc
4.000%
N/A
(4)
BB+
1,325,628
880
Citizens
Financial
Group
Inc
6.375%
N/A
(4)
BB+
842,952
4,805
CoBank
ACB
(3)
6.450%
N/A
(4)
BBB+
4,851,347
1,065
Fifth
Third
Bancorp
4.500%
N/A
(4)
Baa3
1,022,402
2,670
First
Citizens
BancShares
Inc/NC
(3-Month
LIBOR
reference
rate
+
3.972%
spread)
(6)
8.741%
N/A
(4)
N/R
2,680,918
860
Goldman
Sachs
Group
Inc/The
3.800%
N/A
(4)
BBB-
752,909
850
Goldman
Sachs
Group
Inc/The
4.400%
N/A
(4)
BB+
770,451
2,121
HSBC
Capital
Funding
Dollar
1
LP,
144A
10.176%
N/A
(4)
BBB
2,661,855
4,740
Huntington
Bancshares
Inc/OH
5.625%
N/A
(4)
Baa3
4,655,632
2,305
JPMorgan
Chase
&
Co
3.650%
N/A
(4)
BBB+
2,100,431
5,800
JPMorgan
Chase
&
Co
(5)
5.000%
N/A
(4)
BBB+
5,640,500
10,092
JPMorgan
Chase
&
Co
6.750%
N/A
(4)
BBB+
10,193,727
2,945
JPMorgan
Chase
&
Co
6.100%
N/A
(4)
BBB+
2,937,637
2,430
KeyCorp
5.000%
N/A
(4)
Baa3
2,358,072
1,570
M&T
Bank
Corp
6.450%
N/A
(4)
Baa2
1,566,048
1,340
M&T
Bank
Corp
3.500%
N/A
(4)
Baa2
1,125,600
2,785
M&T
Bank
Corp
5.125%
N/A
(4)
Baa2
2,584,482
945
PNC
Financial
Services
Group
Inc
6.200%
N/A
(4)
Baa2
945,283
1,407
PNC
Financial
Services
Group
Inc/The
5.000%
N/A
(4)
Baa2
1,322,883
2,130
PNC
Financial
Services
Group
Inc/The
3.400%
N/A
(4)
Baa2
1,815,825
2,340
PNC
Financial
Services
Group
Inc/The
6.000%
N/A
(4)
Baa2
2,328,066
799
PNC
Financial
Services
Group
Inc/The
(3-Month
LIBOR
reference
rate
+
3.678%
spread)
(6)
3.804%
N/A
(4)
Baa2
800,997
1,745
Regions
Financial
Corp
5.750%
N/A
(4)
Baa3
1,733,286
1,320
SVB
Financial
Group
4.000%
N/A
(4)
Baa2
1,056,816
730
SVB
Financial
Group
4.700%
N/A
(4)
Baa2
558,450
830
SVB
Financial
Group
4.100%
N/A
(4)
Baa2
616,275
3,270
Truist
Financial
Corp
5.100%
N/A
(4)
Baa2
3,168,620
7,960
Truist
Financial
Corp
(5)
4.800%
N/A
(4)
Baa2
7,627,392
1,805
Truist
Financial
Corp
(3-Month
LIBOR
reference
rate
+
3.102%
spread)
(5),(6)
7.871%
N/A
(4)
Baa2
1,820,794
6,540
Wells
Fargo
&
Co
3.900%
N/A
(4)
Baa2
6,029,062
3,256
Wells
Fargo
&
Co
5.900%
N/A
(4)
Baa2
3,186,810
1,230
Wells
Fargo
&
Co
(5)
7.950%
11/15/29
Baa1
1,400,051
5,803
Wells
Fargo
&
Co
5.875%
N/A
(4)
Baa2
5,775,146
1,050
Zions
Bancorp
NA
5.800%
N/A
(4)
BB+
1,033,259
29
Principal
Amount
(000)
/
Shares
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Banks
(continued)
$
1,415
Zions
Bancorp
NA
(5)
7.200%
N/A
(4)
BB+
$
1,429,150
132,136
Total
Banks
128,633,277
Capital
Markets
-
3.5%
1,145
Bank
of
New
York
Mellon
Corp/The
4.700%
N/A
(4)
Baa1
1,119,206
4,215
Charles
Schwab
Corp
(3)
5.375%
N/A
(4)
BBB
4,182,123
1,950
Charles
Schwab
Corp/The
4.000%
N/A
(4)
BBB
1,796,730
4,595
Goldman
Sachs
Group
Inc/The
5.500%
N/A
(4)
BBB-
4,549,050
4,127
Goldman
Sachs
Group
Inc/The
(3),(5)
5.300%
N/A
(4)
BBB-
4,059,158
950
Goldman
Sachs
Group
Inc/The
4.125%
N/A
(4)
BBB-
845,005
16,982
Total
Capital
Markets
16,551,272
Communications
Equipment
-
0.3%
1,920
Vodafone
Group
PLC
4.125%
6/04/81
BB+
1,554,432
1,920
Total
Communications
Equipment
1,554,432
Consumer
Finance
-
2.4%
2,570
Ally
Financial
Inc
4.700%
N/A
(4)
Ba2
1,972,475
3,190
Ally
Financial
Inc
(3)
4.700%
N/A
(4)
Ba2
2,623,775
2,350
American
Express
Co
3.550%
N/A
(4)
Baa2
2,079,280
2,705
Capital
One
Financial
Corp
3.950%
N/A
(4)
Baa3
2,347,774
1,820
Discover
Financial
Services
6.125%
N/A
(4)
Ba2
1,804,257
800
Discover
Financial
Services
5.500%
N/A
(4)
Ba2
704,000
13,435
Total
Consumer
Finance
11,531,561
Diversified
Financial
Services
-
4.9%
2,010
American
AgCredit
Corp,
144A
5.250%
N/A
(4)
BB+
1,763,775
2,425
Capital
Farm
Credit
ACA,
144A
5.000%
N/A
(4)
BB
2,206,750
12
Compeer
Financial
ACA,
144A
6.750%
N/A
(4)
BB+
11,723,607
1,050
Compeer
Financial
ACA,
144A
4.875%
N/A
(4)
BB+
926,626
3,430
Equitable
Holdings
Inc
4.950%
N/A
(4)
BBB-
3,326,702
3,171
Voya
Financial
Inc
(5)
6.125%
N/A
(4)
BBB-
3,161,170
12,098
Total
Diversified
Financial
Services
23,108,630
Electric
Utilities
-
2.6%
1,920
American
Electric
Power
Co
Inc
(5)
3.875%
2/15/62
BBB
1,646,668
2,110
Edison
International
5.000%
N/A
(4)
BB+
1,875,980
930
Edison
International
5.375%
N/A
(4)
BB+
868,788
6,100
Emera
Inc
(5)
6.750%
6/15/76
BB+
5,991,012
1,935
Southern
Co/The
4.000%
1/15/51
BBB-
1,840,824
12,995
Total
Electric
Utilities
12,223,272
Food
Products
-
4.6%
2,250
Dairy
Farmers
of
America
Inc,
144A
7.125%
N/A
(4)
BB+
1,923,750
2,240
Land
O'
Lakes
Inc,
144A
(3)
7.250%
N/A
(4)
BB
1,982,400
12,550
Land
O'
Lakes
Inc,
144A
(3)
8.000%
N/A
(4)
BB
11,797,000
7,223
Land
O'
Lakes
Inc,
144A
7.000%
N/A
(4)
BB
6,356,240
24,263
Total
Food
Products
22,059,390
Independent
Power
Producers
&
Energy
Traders
-
1.2%
1,240
AES
Andes
SA,
144A
7.125%
3/26/79
BB
1,200,630
2,550
AES
Andes
SA,
144A
6.350%
10/07/79
BB
2,409,750
1,135
Vistra
Corp,
144A
8.000%
N/A
(4)
Ba3
1,112,584
1,095
Vistra
Corp,
144A
7.000%
N/A
(4)
Ba3
1,023,825
6,020
Total
Independent
Power
Producers
&
Energy
Traders
5,746,789
Nuveen
Preferred
and
Income
Term
Fund
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
30
JPI
Principal
Amount
(000)
/
Shares
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Industrial
Conglomerates
-
1.6%
$
7,552
General
Electric
Co
(3-Month
LIBOR
reference
rate
+
3.330%
spread)
(3),(6)
8.099%
N/A
(4)
BBB-
$
7,525,568
7,552
Total
Industrial
Conglomerates
7,525,568
Insurance
-
14.4%
1,505
Aegon
NV
5.500%
4/11/48
Baa1
1,434,369
1,447
American
International
Group
Inc
(5)
5.750%
4/01/48
BBB-
1,423,486
8,580
Assurant
Inc
(5)
7.000%
3/27/48
Baa3
8,494,158
10,595
Assured
Guaranty
Municipal
Holdings
Inc,
144A
(5)
6.400%
12/15/66
BBB+
10,038,762
2,320
AXIS
Specialty
Finance
LLC
(5)
4.900%
1/15/40
BBB
1,970,808
1,540
Enstar
Finance
LLC
5.750%
9/01/40
BBB-
1,380,302
1,505
Enstar
Finance
LLC
(5)
5.500%
1/15/42
BBB-
1,241,324
1,375
Legal
&
General
Group
PLC
,
Reg
S
5.250%
3/21/47
A3
1,326,188
4,755
Markel
Corp
(3)
6.000%
N/A
(4)
BBB-
4,743,113
1,270
MetLife
Inc
(5)
5.875%
N/A
(4)
BBB
1,260,475
1,850
MetLife
Inc
3.850%
N/A
(4)
BBB
1,760,666
3,440
MetLife
Inc,
144A
9.250%
4/08/38
BBB
4,153,800
2,335
PartnerRe
Finance
B
LLC
(5)
4.500%
10/01/50
Baa1
2,086,330
4,129
Provident
Financing
Trust
I
(3)
7.405%
3/15/38
BB+
4,387,062
700
Prudential
Financial
Inc
3.700%
10/01/50
BBB+
602,657
1,405
Prudential
Financial
Inc
5.125%
3/01/52
BBB+
1,310,724
7,495
QBE
Insurance
Group
Ltd,
144A
7.500%
11/24/43
Baa1
7,534,152
2,770
QBE
Insurance
Group
Ltd,
144A
(5)
5.875%
N/A
(4)
Baa2
2,728,450
1,135
QBE
Insurance
Group
Ltd
,
Reg
S
6.750%
12/02/44
BBB
1,131,740
9,195
SBL
Holdings
Inc,
144A
7.000%
N/A
(4)
BB
7,621,979
2,600
SBL
Holdings
Inc,
144A
6.500%
N/A
(4)
BB
1,992,380
71,946
Total
Insurance
68,622,925
Media
-
0.3%
1,660
Paramount
Global
6.375%
3/30/62
Baa3
1,448,300
1,660
Total
Media
1,448,300
Multi-Utilities
-
2.3%
1,195
Algonquin
Power
&
Utilities
Corp
4.750%
1/18/82
BB+
1,009,775
4,505
CenterPoint
Energy
Inc
6.125%
N/A
(4)
BBB-
4,431,794
570
CMS
Energy
Corp
(5)
4.750%
6/01/50
BBB-
518,392
1,215
NiSource
Inc
5.650%
N/A
(4)
BBB-
1,178,620
1,785
Sempra
Energy
(5)
4.125%
4/01/52
BBB-
1,562,485
2,365
Sempra
Energy
4.875%
N/A
(4)
BBB-
2,270,400
11,635
Total
Multi-Utilities
10,971,466
Oil,
Gas
&
Consumable
Fuels
-
2.9%
1,245
Enbridge
Inc
5.500%
7/15/77
BBB-
1,163,168
2,245
Enbridge
Inc
7.625%
1/15/83
BBB-
2,314,552
690
Enbridge
Inc
6.000%
1/15/77
BBB-
655,631
3,520
Enbridge
Inc
(5)
5.750%
7/15/80
BBB-
3,330,941
1,590
Energy
Transfer
LP
(5)
6.500%
N/A
(4)
BB
1,491,229
345
Energy
Transfer
LP
(5)
7.125%
N/A
(4)
BB
315,158
1,620
MPLX
LP
(5)
6.875%
N/A
(4)
BB+
1,620,486
1,645
Transcanada
Trust
(5)
5.500%
9/15/79
BBB
1,484,525
1,650
Transcanada
Trust
(5)
5.600%
3/07/82
BBB
1,476,750
14,550
Total
Oil,
Gas
&
Consumable
Fuels
13,852,440
Trading
Companies
&
Distributors
-
3.6%
7,045
AerCap
Global
Aviation
Trust,
144A
(5)
6.500%
6/15/45
BB+
6,888,812
1,915
AerCap
Holdings
NV
5.875%
10/10/79
BB+
1,834,149
2,045
Air
Lease
Corp
4.650%
N/A
(4)
BB+
1,814,937
1,855
ILFC
E-Capital
Trust
I,
144A
(5)
6.288%
12/21/65
B+
1,191,838
31
Principal
Amount
(000)
/
Shares
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Trading
Companies
&
Distributors
(continued)
$
7,902
ILFC
E-Capital
Trust
I,
144A
(5)
6.538%
12/21/65
BB+
$
5,247,663
20,762
Total
Trading
Companies
&
Distributors
16,977,399
U.S.
Agency
-
0.7%
2,270
Farm
Credit
Bank
of
Texas,
144A
5.700%
N/A
(4)
Baa1
2,111,100
1,180
Farm
Credit
Bank
of
Texas,
144A
6.200%
N/A
(4)
BBB+
1,056,100
3,450
Total
U.S.
Agency
3,167,200
Wireless
Telecommunication
Services
-
0.7%
3,180
Vodafone
Group
PLC
7.000%
4/04/79
BB+
3,275,114
3,180
Total
Wireless
Telecommunication
Services
3,275,114
$
366,157
Total
$1,000
Par
(or
similar)
Institutional
Preferred
(cost
$371,846,555)
357,876,903
Principal
Amount
(000)
Description
(1)
,(7)
Coupon
Maturity
Ratings
(2)
Value
X
237,265,159
CONTINGENT
CAPITAL
SECURITIES
-
49.8%
(32.2%
of
Total
Investments)
X
237,265,159
Banks
-
36.1%
$
1,470
Australia
&
New
Zealand
Banking
Group
Ltd/United
Kingdom,
144A
6.750%
N/A
(4)
Baa2
$
1,482,495
3,570
Banco
Bilbao
Vizcaya
Argentaria
SA
(5)
6.125%
N/A
(4)
Ba2
3,308,880
5,600
Banco
Bilbao
Vizcaya
Argentaria
SA
(3)
6.500%
N/A
(4)
Ba2
5,481,056
1,300
Banco
Mercantil
del
Norte
SA/Grand
Cayman,
144A
(5)
7.500%
N/A
(4)
Ba2
1,250,600
2,930
Banco
Mercantil
del
Norte
SA/Grand
Cayman,
144A
(5)
7.625%
N/A
(4)
Ba2
2,897,125
5,200
Banco
Santander
SA
,
Reg
S
7.500%
N/A
(4)
Ba1
5,161,000
4,660
Banco
Santander
SA
4.750%
N/A
(4)
Ba1
4,043,334
5,170
Barclays
PLC
(5)
8.000%
N/A
(4)
BBB-
5,150,612
3,460
Barclays
PLC
8.000%
N/A
(4)
BBB-
3,474,359
7,610
Barclays
PLC
(5)
7.750%
N/A
(4)
BBB-
7,552,697
6,095
Barclays
PLC
(3)
6.125%
N/A
(4)
BBB-
5,820,664
950
BNP
Paribas
SA,
144A
7.000%
N/A
(4)
BBB
940,500
6,020
BNP
Paribas
SA,
144A
(3)
6.625%
N/A
(4)
BBB
5,937,225
7,615
BNP
Paribas
SA,
144A
(3)
7.375%
N/A
(4)
BBB
7,661,147
1,000
BNP
Paribas
SA,
144A
7.750%
N/A
(4)
BBB
1,035,000
795
BNP
Paribas
SA,
144A
9.250%
N/A
(4)
BBB
863,370
6,979
Credit
Agricole
SA,
144A
(3)
8.125%
N/A
(4)
BBB
7,193,883
3,935
Credit
Agricole
SA,
144A
7.875%
N/A
(4)
BBB
3,931,065
870
Danske
Bank
A/S
,
Reg
S
7.000%
N/A
(4)
BBB-
843,900
1,020
Danske
Bank
A/S
,
Reg
S
6.125%
N/A
(4)
BBB-
993,358
970
Danske
Bank
A/S
,
Reg
S
4.375%
N/A
(4)
BBB-
852,387
13,356
HSBC
Holdings
PLC
(3)
6.375%
N/A
(4)
BBB
13,182,372
10,360
HSBC
Holdings
PLC
(3)
6.000%
N/A
(4)
BBB
9,949,744
4,850
ING
Groep
NV
(3)
5.750%
N/A
(4)
BBB
4,589,215
6,740
ING
Groep
NV
,
Reg
S
6.750%
N/A
(4)
BBB
6,613,625
4,270
ING
Groep
NV
(3)
6.500%
N/A
(4)
BBB
4,174,224
2,139
Intesa
Sanpaolo
SpA,
144A
(5)
7.700%
N/A
(4)
BB-
2,019,210
6,550
Lloyds
Banking
Group
PLC
(3)
7.500%
N/A
(4)
Baa3
6,486,137
10,515
Lloyds
Banking
Group
PLC
(3)
7.500%
N/A
(4)
Baa3
10,437,084
3,050
Macquarie
Bank
Ltd/London,
144A
6.125%
N/A
(4)
BB+
2,807,607
5,950
NatWest
Group
PLC
8.000%
N/A
(4)
BBB-
6,016,938
6,240
NatWest
Group
PLC
6.000%
N/A
(4)
Baa3
5,959,200
3,735
Nordea
Bank
Abp,
144A
(3)
6.625%
N/A
(4)
BBB+
3,683,644
1,928
Societe
Generale
SA,
144A
(5)
6.750%
N/A
(4)
BB
1,795,365
2,635
Societe
Generale
SA,
144A
(5)
4.750%
N/A
(4)
BB+
2,344,096
1,820
Societe
Generale
SA,
144A
8.000%
N/A
(4)
BB
1,842,750
4,723
Societe
Generale
SA,
144A
7.875%
N/A
(4)
BB+
4,699,385
1,265
Societe
Generale
SA,
144A
9.375%
N/A
(4)
BB+
1,358,294
2,890
Standard
Chartered
PLC,
144A
4.300%
N/A
(4)
BBB-
2,474,996
Nuveen
Preferred
and
Income
Term
Fund
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
32
JPI
Principal
Amount
(000)
Description
(1),(7)
Coupon
Maturity
Ratings
(2)
Value
Banks
(continued)
$
1,875
Standard
Chartered
PLC,
144A
7.750%
N/A
(4)
BBB-
$
1,884,056
725
Standard
Chartered
PLC,
144A
6.000%
N/A
(4)
BBB-
712,313
2,990
UniCredit
SpA
,
Reg
S
8.000%
N/A
(4)
BB-
2,948,888
175,825
Total
Banks
171,853,800
Capital
Markets
-
13.3%
3,450
Credit
Suisse
Group
AG,
144A
9.750%
N/A
(4)
BB-
3,346,500
4,407
Credit
Suisse
Group
AG,
144A
7.500%
N/A
(4)
BB-
4,175,632
9,496
Credit
Suisse
Group
AG,
144A
(3),(5)
7.250%
N/A
(4)
BB-
7,786,720
8,520
Credit
Suisse
Group
AG,
144A
(5)
7.500%
N/A
(4)
BB-
7,887,450
1,955
Credit
Suisse
Group
AG,
144A
(5)
6.375%
N/A
(4)
Ba2
1,583,550
10,995
Deutsche
Bank
AG
(3),(5)
6.000%
N/A
(4)
Ba2
9,979,655
7,637
UBS
Group
AG
,
Reg
S
7.000%
N/A
(4)
BBB
7,692,750
2,780
UBS
Group
AG,
144A
3.875%
N/A
(4)
BBB
2,399,242
9,405
UBS
Group
AG
,
Reg
S
6.875%
N/A
(4)
BBB
9,329,760
8,620
UBS
Group
AG,
144A
(5)
7.000%
N/A
(4)
BBB
8,565,866
900
UBS
Group
AG,
144A
4.875%
N/A
(4)
BBB
809,010
68,165
Total
Capital
Markets
63,556,135
Commercial
Banks
-
0.4%
1,895
HSBC
Holdings
PLC
6.375%
N/A
(4)
BBB
1,855,224
1,895
Total
Commercial
Banks
1,855,224
$
245,885
Total
Contingent
Capital
Securities
(cost
$246,864,514)
237,265,159
Shares
Description
(1)
Coupon
Ratings
(2)
Value
X
135,993,617
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
28.6%
(18.5%
of
Total
Investments)
X
135,993,617
Banks
-
7.8%
62,728
CoBank
ACB
6.200%
BBB+
$
6,210,072
111,200
Farm
Credit
Bank
of
Texas,
144A
(3),(5)
6.750%
Baa1
11,092,200
98,863
Fifth
Third
Bancorp
6.625%
Baa3
2,468,609
232,000
KeyCorp
6.200%
Baa3
5,946,160
25,900
KeyCorp
6.125%
Baa3
674,177
120,200
Regions
Financial
Corp
6.375%
Baa3
3,133,614
57,838
Regions
Financial
Corp
5.700%
Baa3
1,438,431
71,253
Synovus
Financial
Corp
5.875%
BB-
1,764,937
64,600
Wells
Fargo
&
Co
4.750%
Baa2
1,371,458
43,000
Western
Alliance
Bancorp
4.250%
Ba1
923,210
86,389
Wintrust
Financial
Corp
6.875%
BB
2,250,433
Total
Banks
37,273,301
Capital
Markets
-
3.0%
31,549
Goldman
Sachs
Group
Inc/The
5.500%
BB+
787,147
101,372
Morgan
Stanley
7.125%
BBB
2,578,904
93,300
Morgan
Stanley
6.375%
BBB
2,384,748
83,476
Morgan
Stanley
6.875%
BBB
2,105,265
63,000
Morgan
Stanley
6.500%
BBB
1,640,520
196,300
Morgan
Stanley
5.850%
BBB
4,936,945
Total
Capital
Markets
14,433,529
Consumer
Finance
-
0.3%
66,500
Synchrony
Financial
5.625%
BB-
1,317,365
Total
Consumer
Finance
1,317,365
33
Shares  
Description
(1)
Coupon
Ratings
(2)
Value
Diversified
Financial
Services
-
3.0%
69,700
AgriBank
FCB
6.875%
BBB+
$
6,970,000
105,500
Equitable
Holdings
Inc
(5)
5.250%
BBB-
2,386,410
190,535
Voya
Financial
Inc
(3)
5.350%
BBB-
4,801,482
Total
Diversified
Financial
Services
14,157,892
Diversified
Telecommunication
Services
-
0.2%
49,500
AT&T
Inc
(5)
4.750%
BBB-
1,038,510
Total
Diversified
Telecommunication
Services
1,038,510
Food
Products
-
2.6%
61,800
CHS
Inc
7.875%
N/R
1,601,856
169,110
CHS
Inc
6.750%
N/R
4,281,865
168,229
CHS
Inc
7.100%
N/R
4,299,934
20,500
Dairy
Farmers
of
America
Inc,
144A
7.875%
BB+
1,968,000
Total
Food
Products
12,151,655
Insurance
-
7.8%
122,300
American
Equity
Investment
Life
Holding
Co
6.625%
BB
3,144,333
241,300
American
Equity
Investment
Life
Holding
Co
5.950%
BB
5,796,026
231,598
Aspen
Insurance
Holdings
Ltd
5.950%
BB+
5,722,786
62,000
Aspen
Insurance
Holdings
Ltd
5.625%
BB+
1,371,440
45,000
Assurant
Inc
5.250%
Baa3
1,031,400
120,000
Athene
Holding
Ltd
6.375%
BBB
3,066,000
159,300
Athene
Holding
Ltd
(5)
6.350%
BBB
4,057,371
39,400
Delphi
Financial
Group
Inc
(5)
7.796%
BBB
896,350
123,400
Enstar
Group
Ltd
(5)
7.000%
BBB-
2,965,302
150,629
Maiden
Holdings
North
America
Ltd
(5)
7.750%
N/R
2,860,430
64,300
Reinsurance
Group
of
America
Inc
7.125%
BBB+
1,712,952
146,800
Reinsurance
Group
of
America
Inc
(5)
5.750%
BBB+
3,837,352
43,200
Selective
Insurance
Group
Inc
4.600%
BBB-
804,816
Total
Insurance
37,266,558
Oil,
Gas
&
Consumable
Fuels
-
1.9%
33,200
Energy
Transfer
LP
7.600%
BB
796,800
139,235
NuStar
Energy
LP
(5)
10.379%
B2
3,235,822
125,403
NuStar
Energy
LP
11.502%
B2
3,137,583
71,018
NuStar
Logistics
LP
(5)
11.526%
B
1,780,421
Total
Oil,
Gas
&
Consumable
Fuels
8,950,626
Thrifts
&
Mortgage
Finance
-
1.2%
47,855
Federal
Agricultural
Mortgage
Corp
6.000%
N/R
1,280,600
169,115
New
York
Community
Bancorp
Inc
(5)
6.375%
Ba2
4,175,449
Total
Thrifts
&
Mortgage
Finance
5,456,049
Trading
Companies
&
Distributors
-
0.8%
114,543
Air
Lease
Corp
(5)
6.150%
BB+
2,816,612
41,600
WESCO
International
Inc
10.625%
B+
1,131,520
Total
Trading
Companies
&
Distributors
3,948,132
Total
$25
Par
(or
similar)
Retail
Preferred
(cost
$138,185,240)
135,993,617
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
X
3,362,944
CORPORATE
BONDS
-
0.7%
(0.4%
of
Total
Investments)
X
3,362,944
Banks
-
0.2%
$
1,085
Commerzbank
AG,
144A
(5)
8.125%
9/19/23
Baa3
$
1,094,944
1,085
Total
Banks
1,094,944
Nuveen
Preferred
and
Income
Term
Fund
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
34
JPI
Investments
in
Derivatives
Principal
Amount
(000)  
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Insurance
-
0.5%
$
2,400
Fidelis
Insurance
Holdings
Ltd,
144A
(5)
6.625%
4/01/41
BB+
$
2,268,000
2,400
Total
Insurance
2,268,000
$
3,485
Total
Corporate
Bonds
(cost
$3,485,000)
3,362,944
Total
Long-Term
Investments
(cost
$760,381,309)
734,498,623
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
 0.4% (0.3%
of
Total
Investments)
X
2,086,097
REPURCHASE
AGREEMENTS
-
0.4%
(0.3%
of
Total
Investments)
X
2,086,097
$
2,086
Repurchase
Agreement
with
Fixed
Income
Clearing
Corporation,
dated
1/31/23,
repurchase
price
$2,086,172,
collateralized
by
$2,189,000,
U.S.
Treasury
Note,
2.875%,
due
6/15/25,
value
$2,127,861
1.280%
2/01/23
$
2,086,097
Total
Short-Term
Investments
(cost
$2,086,097)
2,086,097
Total
Investments
(cost
$
762,467,406
)
-
154
.7
%
736,584,720
Borrowings
-
(41.7)%
(8),(9)
(
198,400,000
)
Reverse
Repurchase
Agreements,
including
accrued
interest
-
(13.7)%(10)
(
65,402,830
)
Other
Assets
&
Liabilities,
Net
-   0.7%(11)
3,257,246
Net
Assets
Applicable
to
Common
Shares
-
100%
$
476,039,136
Interest
Rate
Swaps
-
OTC
Uncleared
Counterparty
Notional
Amount
Fund
Pay/Receive
Floating
Rate
Floating
Rate
Index
Fixed
Rate
Fixed
Rate
Payment
Frequency
Effective
Date
(12)
Optional
Termination
Date
Maturity
Date
Value
Unrealized
Appreciation
(Depreciation)
Morgan
Stanley
Capital
Services,
LLC
$
45,000,000
Receive
1-Month
LIBOR
2.333%
Monthly
7/01/19
10/01/23
7/01/24
$
852,642
$
852,642
Morgan
Stanley
Capital
Services,
LLC
112,000,000
Receive
1-Month
LIBOR
1.928%
Monthly
6/01/18
3/01/23
3/01/24
473,275
473,275
Total
unrealized
appreciation
on
interest
rate
swaps
$
1,325,917
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(2)
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
of
Standard
&
Poor’s
Group
(“Standard
&
Poor’s”),
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
or
Fitch,
Inc.
(“Fitch”)
rating.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Ratings
below
BBB
by
Standard
&
Poor’s,
Baa
by
Moody’s
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
(3)
Investment,
or
portion
of
investment,
is
hypothecated.
The
total
value
of
investments
hypothecated
as
of
the
end
of
the
reporting
period
was
$184,582,319.
(4)
Perpetual
security.
Maturity
date
is
not
applicable.
(5)
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
$148,932,303
have
been
pledged
as
collateral
for
reverse
repurchase
agreements.
(6)
Variable
rate
security.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(7)
Contingent
Capital
Securities
(“CoCos”)
are
hybrid
securities
with
loss
absorption
characteristics
built
into
the
terms
of
the
security
for
the
benefit
of
the
issuer.
For
example,
the
terms
may
specify
an
automatic
write-down
of
principal
or
a
mandatory
conversion
into
the
issuer’s
common
stock
under
certain
adverse
circumstances,
such
as
the
issuer’s
capital
ratio
falling
below
a
specified
level.
(8)
Borrowings
as
a
percentage
of
Total
Investments
is
26.9%.
(9)
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
$503,534,861
have
been
pledged
as
collateral
for
borrowings.
(10)
Reverse
Repurchase
Agreements,
including
accrued
interest
as
a
percentage
of
Total
investments
is
8.9%.
(11)
Other
assets
less
liabilities
includes
the
unrealized
appreciation
(depreciation)
of
certain
over-the-counter
("OTC")
derivatives
as
well
as
the
OTC
cleared
and
exchange-traded
derivatives,
when
applicable.
The
unrealized
appreciation
(depreciation)
of
OTC
cleared
and
exchange-
traded
derivatives
is
recognized
as
part
of
the
cash
collateral
at
brokers
and/or
the
receivable
or
payable
for
variation
margin
as
presented
on
the
Statement
of
Assets
and
Liabilities,
when
applicable.
35
(12)
Effective
date
represents
the
date
on
which
both
the
Fund
and
counterparty
commence
interest
payment
accruals
on
each
contract.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
LIBOR
London
Inter-Bank
Offered
Rate
N/A
Not
Applicable.
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.
See
accompanying
notes
to
financial
statements
36
Nuveen
Preferred
&
Income
Securities
Fund
Portfolio
of
Investments
January
31,
2023
(Unaudited)
JPS
Principal
Amount
(000)
/
Shares
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
LONG-TERM
INVESTMENTS
-
155.5%  
(98.4%
of
Total
Investments)
X
1,345,126,672
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
79.5%
(50.3%
of
Total
Investments)
X
1,345,126,672
Banks
-
37.6%
$
19,300
Bank
of
America
Corp
(3)
6.500%
N/A
(4)
BBB+
$
19,395,767
60,000
Bank
of
America
Corp
(5)
6.125%
N/A
(4)
BBB+
60,060,000
12,300
Bank
of
America
Corp
6.100%
N/A
(4)
BBB+
12,304,920
2,861
Bank
of
America
Corp
(5)
8.050%
6/15/27
Baa2
3,150,898
6,800
Bank
of
America
Corp
4.375%
N/A
(4)
BBB+
6,171,680
22,600
Bank
of
Nova
Scotia/The
8.625%
10/27/82
BBB-
24,063,577
3,000
Bank
of
Nova
Scotia/The
4.900%
N/A
(4)
BBB-
2,913,480
20,700
Citigroup
Inc
3.875%
N/A
(4)
BBB-
18,897,030
8,500
Citigroup
Inc
(5)
4.150%
N/A
(4)
BBB-
7,565,000
19,799
Citigroup
Inc
(5)
4.000%
N/A
(4)
BBB-
18,316,873
7,500
Citizens
Financial
Group
Inc
4.000%
N/A
(4)
BB+
6,498,177
3,400
Citizens
Financial
Group
Inc
(5)
6.375%
N/A
(4)
BB+
3,256,860
3,976
Citizens
Financial
Group
Inc
(5)
5.650%
N/A
(4)
BB+
3,926,221
5,000
CoBank
ACB
6.450%
N/A
(4)
BBB+
5,048,228
14,000
CoBank
ACB
(5)
6.250%
N/A
(4)
BBB+
13,874,401
12,130
Comerica
Inc
(5)
5.625%
N/A
(4)
Baa2
11,891,473
6,100
Corestates
Capital
III
(3-Month
LIBOR
reference
rate
+
0.570%
spread),
144A
(5),(6)
5.176%
2/15/27
A1
5,772,820
2,500
Goldman
Sachs
Group
Inc/The
3.800%
N/A
(4)
BBB-
2,188,688
30,000
HSBC
Capital
Funding
Dollar
1
LP,
144A
(5)
10.176%
N/A
(4)
BBB
37,650,000
11,000
Huntington
Bancshares
Inc/OH
(5)
5.625%
N/A
(4)
Baa3
10,804,209
24,000
Huntington
Bancshares
Inc/OH
(5)
4.450%
N/A
(4)
Baa3
22,492,060
55,800
JPMorgan
Chase
&
Co
6.750%
N/A
(4)
BBB+
56,362,464
7,000
JPMorgan
Chase
&
Co
(5)
6.100%
N/A
(4)
BBB+
6,982,500
2,000
JPMorgan
Chase
&
Co
3.650%
N/A
(4)
BBB+
1,822,500
8,000
KeyCorp
Capital
III
(5)
7.750%
7/15/29
Baa2
8,664,510
4,300
M&T
Bank
Corp
3.500%
N/A
(4)
Baa2
3,612,000
21,325
PNC
Financial
Services
Group
Inc
6.200%
N/A
(4)
Baa2
21,331,397
6,200
PNC
Financial
Services
Group
Inc/The
(5)
3.400%
N/A
(4)
Baa2
5,285,500
4,100
PNC
Financial
Services
Group
Inc/The
(3-Month
LIBOR
reference
rate
+
3.678%
spread)
(6)
3.804%
N/A
(4)
Baa2
4,110,246
3,000
PNC
Financial
Services
Group
Inc/The
6.000%
N/A
(4)
Baa2
2,984,700
2,000
Regions
Financial
Corp
5.750%
N/A
(4)
Baa3
1,986,574
24,100
Standard
Chartered
PLC,
144A
7.014%
N/A
(4)
BBB-
24,163,293
16,200
SVB
Financial
Group
(5)
4.250%
N/A
(4)
Baa2
12,934,080
32,700
Toronto-Dominion
Bank/The
8.125%
10/31/82
Baa1
34,702,875
46,700
Truist
Financial
Corp
(3)
4.950%
N/A
(4)
Baa2
46,233,000
36,386
Truist
Financial
Corp
(3)
4.800%
N/A
(4)
Baa2
34,865,612
25,580
Wells
Fargo
&
Co
(5)
7.950%
11/15/29
Baa1
29,116,508
47,650
Wells
Fargo
&
Co
(5)
3.900%
N/A
(4)
Baa2
43,927,344
638,507
Total
Banks
635,327,465
Capital
Markets
-
9.7%
10,000
Bank
of
New
York
Mellon
Corp/The
3.700%
N/A
(4)
Baa1
9,243,410
35,600
Bank
of
New
York
Mellon
Corp/The
3.750%
N/A
(4)
Baa1
30,929,280
29,068
Bank
of
New
York
Mellon
Corp/The
4.700%
N/A
(4)
Baa1
28,413,166
39,505
Charles
Schwab
Corp
5.375%
N/A
(4)
BBB
39,196,861
15,500
Charles
Schwab
Corp/The
4.000%
N/A
(4)
BBB
14,281,700
7,500
Depository
Trust
&
Clearing
Corp/The,
144A
3.375%
N/A
(4)
A
6,272,250
7,600
Goldman
Sachs
Group
Inc/The
4.950%
N/A
(4)
BBB-
7,292,630
12,000
Goldman
Sachs
Group
Inc/The
5.500%
N/A
(4)
BBB-
11,880,000
37
Principal
Amount
(000)
/
Shares
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Capital
Markets
(continued)
$
18,000
Goldman
Sachs
Group
Inc/The
(3)
3.650%
N/A
(4)
BBB-
$
15,652,800
174,773
Total
Capital
Markets
163,162,097
Commercial
Banks
-
0.6%
8,000
HSBC
Capital
Funding
Dollar
1
LP,
Reg
S
10.176%
N/A
(4)
BBB
10,040,000
8,000
Total
Commercial
Banks
10,040,000
Consumer
Finance
-
2.5%
7,400
Ally
Financial
Inc
(3)
4.700%
N/A
(4)
Ba2
5,679,500
8,500
Ally
Financial
Inc
4.700%
N/A
(4)
Ba2
6,991,250
14,500
American
Express
Co
3.550%
N/A
(4)
Baa2
12,829,597
8,000
Capital
One
Financial
Corp
(5)
3.950%
N/A
(4)
Baa3
6,943,509
10,000
Discover
Financial
Services
(5)
6.125%
N/A
(4)
Ba2
9,913,502
48,400
Total
Consumer
Finance
42,357,358
Diversified
Financial
Services
-
1.9%
7,500
Citigroup
Inc
(3-Month
LIBOR
reference
rate
+
4.068%
spread)
(6)
8.870%
N/A
(4)
BBB-
7,560,000
12,800
Scentre
Group
Trust
2,
144A
(5)
4.750%
9/24/80
BBB+
11,943,979
12,700
Voya
Financial
Inc
(3)
6.125%
N/A
(4)
BBB-
12,660,630
33,000
Total
Diversified
Financial
Services
32,164,609
Electric
Utilities
-
1.9%
8,500
American
Electric
Power
Co
Inc
(5)
3.875%
2/15/62
BBB
7,289,937
26,075
Duke
Energy
Corp
(3)
4.875%
N/A
(4)
BBB-
25,122,855
91
Emera
Inc
6.750%
6/15/76
BB+
89,374
34,666
Total
Electric
Utilities
32,502,166
Food
Products
-
0.3%
6,705
Dairy
Farmers
of
America
Inc,
144A
(5)
7.125%
N/A
(4)
BB+
5,732,775
6,705
Total
Food
Products
5,732,775
Insurance
-
15.2%
3,598
ACE
Capital
Trust
II
9.700%
4/01/30
BBB+
4,524,123
8,400
Allianz
SE
,
Reg
S
3.500%
N/A
(4)
A
7,325,640
10,500
Allianz
SE,
144A
(5)
3.500%
N/A
(4)
A
9,157,050
13,300
American
International
Group
Inc
(5)
5.750%
4/01/48
BBB-
13,083,875
2,299
Aon
Corp
(5)
8.205%
1/01/27
BBB
2,385,213
6,210
Argentum
Netherlands
BV
for
Swiss
Re
Ltd
,
Reg
S
(5)
5.750%
8/15/50
BBB+
6,085,800
2,100
Argentum
Netherlands
BV
for
Swiss
Re
Ltd
,
Reg
S
5.625%
8/15/52
BBB+
2,037,000
1,550
Cloverie
PLC
for
Zurich
Insurance
Co
Ltd
,
Reg
S
5.625%
6/24/46
A+
1,543,404
3,989
Corebridge
Financial
Inc,
144A
6.875%
12/15/52
BBB-
3,968,017
7,900
Legal
&
General
Group
PLC
,
Reg
S
5.250%
3/21/47
A3
7,619,550
29,600
MetLife
Capital
Trust
IV,
144A
(5)
7.875%
12/15/37
BBB
32,559,941
3,000
MetLife
Inc
10.750%
8/01/39
BBB
4,125,300
36,531
MetLife
Inc,
144A
(3),(5)
9.250%
4/08/38
BBB
44,111,183
11,300
MetLife
Inc
(3)
3.850%
N/A
(4)
BBB
10,754,337
41,904
Nationwide
Financial
Services
Inc
(5)
6.750%
5/15/37
Baa2
41,262,575
20,600
Nippon
Life
Insurance
Co,
144A
(5)
2.750%
1/21/51
A-
17,440,269
3,670
Prudential
Financial
Inc
(5)
5.625%
6/15/43
BBB+
3,651,650
6,500
Prudential
Financial
Inc
3.700%
10/01/50
BBB+
5,596,101
14,900
Sumitomo
Life
Insurance
Co,
144A
(5)
3.375%
4/15/81
A-
13,112,000
8,700
Willow
No
2
Ireland
PLC
for
Zurich
Insurance
Co
Ltd
,
Reg
S
4.250%
10/01/45
A+
8,138,850
23,794
Zurich
Finance
Ireland
Designated
Activity
Co
,
Reg
S
3.000%
4/19/51
A+
18,875,542
260,345
Total
Insurance
257,357,420
Nuveen
Preferred
&
Income
Securities
Fund
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
38
JPS
Principal
Amount
(000)
/
Shares
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Machinery
-
0.3%
$
5,700
Stanley
Black
&
Decker
Inc
(5)
4.000%
3/15/60
BBB+
$
5,022,640
5,700
Total
Machinery
5,022,640
Multi-Utilities
-
3.7%
500
Algonquin
Power
&
Utilities
Corp
4.750%
1/18/82
BB+
422,500
42,533
Dominion
Energy
Inc
4.650%
N/A
(4)
BBB-
39,679,036
3,233
Dominion
Energy
Inc
4.350%
N/A
(4)
BBB-
2,893,535
20,900
NiSource
Inc
5.650%
N/A
(4)
BBB-
20,274,198
67,166
Total
Multi-Utilities
63,269,269
Oil,
Gas
&
Consumable
Fuels
-
3.4%
5,900
BP
Capital
Markets
PLC
(5)
4.375%
N/A
(4)
Baa1
5,692,025
5,800
Enbridge
Inc
(5)
7.625%
1/15/83
BBB-
5,979,689
16,000
Enbridge
Inc
(5)
5.750%
7/15/80
BBB-
15,140,640
10,934
Enterprise
Products
Operating
LLC
(5)
5.250%
8/16/77
Baa2
9,544,737
3,400
Enterprise
Products
Operating
LLC
5.375%
2/15/78
Baa2
2,844,072
14,885
Transcanada
Trust
(5)
5.500%
9/15/79
BBB
13,432,916
4,560
Transcanada
Trust
(5)
5.600%
3/07/82
BBB
4,081,200
61,479
Total
Oil,
Gas
&
Consumable
Fuels
56,715,279
Road
&
Rail
-
1.4%
25,485
BNSF
Funding
Trust
I
6.613%
12/15/55
A
24,465,600
25,485
Total
Road
&
Rail
24,465,600
Wireless
Telecommunication
Services
-
1.0%
16,516
Vodafone
Group
PLC
7.000%
4/04/79
BB+
17,009,994
16,516
Total
Wireless
Telecommunication
Services
17,009,994
$
1,380,742
Total
$1,000
Par
(or
similar)
Institutional
Preferred
(cost
$1,394,548,091)
1,345,126,672
Principal
Amount
(000)
Description
(1)
,(7)
Coupon
Maturity
Ratings
(2)
Value
X
906,809,398
CONTINGENT
CAPITAL
SECURITIES
-
53.6%
(33.9%
of
Total
Investments)
X
906,809,398
Banks
-
42.9%
$
2,800
Australia
&
New
Zealand
Banking
Group
Ltd/United
Kingdom,
144A
6.750%
N/A
(4)
Baa2
$
2,823,800
11,800
Banco
Bilbao
Vizcaya
Argentaria
SA
6.125%
N/A
(4)
Ba2
10,936,913
17,800
Banco
Bilbao
Vizcaya
Argentaria
SA
6.500%
N/A
(4)
Ba2
17,421,928
28,200
Banco
Santander
SA
,
Reg
S
(5)
7.500%
N/A
(4)
Ba1
27,988,500
6,200
Banco
Santander
SA
4.750%
N/A
(4)
Ba1
5,379,543
63,300
Barclays
PLC
7.750%
N/A
(4)
BBB-
62,823,351
26,000
Barclays
PLC
8.000%
N/A
(4)
BBB-
25,902,500
38,585
BNP
Paribas
SA,
144A
(3),(5)
7.375%
N/A
(4)
BBB
38,818,825
5,500
BNP
Paribas
SA,
144A
7.000%
N/A
(4)
BBB
5,445,000
2,500
BNP
Paribas
SA,
144A
7.750%
N/A
(4)
BBB
2,587,500
9,900
BNP
Paribas
SA,
144A
9.250%
N/A
(4)
BBB
10,751,400
39,000
BNP
Paribas
SA,
144A
4.625%
N/A
(4)
BBB
34,125,000
10,000
BNP
Paribas
SA
,
Reg
S
7.375%
N/A
(4)
BBB
10,060,600
19,653
Credit
Agricole
SA,
144A
(3)
7.875%
N/A
(4)
BBB
19,633,347
2,000
Credit
Agricole
SA,
144A
4.750%
N/A
(4)
BBB
1,700,800
4,466
Credit
Agricole
SA
,
Reg
S
8.125%
N/A
(4)
BBB
4,603,508
31,550
Credit
Agricole
SA,
144A
8.125%
N/A
(4)
BBB
32,521,424
5,000
Danske
Bank
A/S
,
Reg
S
4.375%
N/A
(4)
BBB-
4,393,750
10,500
Danske
Bank
A/S
,
Reg
S
7.000%
N/A
(4)
BBB-
10,185,000
11,588
Danske
Bank
A/S
,
Reg
S
(5)
6.125%
N/A
(4)
BBB-
11,285,321
33,192
DNB
Bank
ASA
,
Reg
S
4.875%
N/A
(4)
BBB
31,490,910
1,600
HSBC
Holdings
PLC
(5)
6.000%
N/A
(4)
BBB
1,536,640
8,504
HSBC
Holdings
PLC
(5)
6.250%
N/A
(4)
BBB
8,504,000
39
Principal
Amount
(000)
Description
(1),(7)
Coupon
Maturity
Ratings
(2)
Value
Banks
(continued)
$
26,700
ING
Groep
NV
(3)
6.500%
N/A
(4)
BBB
$
26,101,119
10,000
ING
Groep
NV
5.750%
N/A
(4)
BBB
9,462,300
9,600
Intesa
Sanpaolo
SpA,
144A
7.700%
N/A
(4)
BB-
9,062,372
3,000
Lloyds
Banking
Group
PLC
7.500%
N/A
(4)
Baa3
2,970,750
4,500
Lloyds
Banking
Group
PLC
6.750%
N/A
(4)
Baa3
4,393,631
48,428
Lloyds
Banking
Group
PLC
(3)
7.500%
N/A
(4)
Baa3
48,069,149
5,075
Macquarie
Bank
Ltd/London,
144A
(5)
6.125%
N/A
(4)
BB+
4,671,673
14,250
NatWest
Group
PLC
8.000%
N/A
(4)
BBB-
14,410,313
17,000
NatWest
Group
PLC
6.000%
N/A
(4)
Baa3
16,235,000
18,988
Nordea
Bank
Abp
,
Reg
S
6.125%
N/A
(4)
BBB+
18,556,607
35,090
Nordea
Bank
Abp,
144A
6.125%
N/A
(4)
BBB
34,292,781
26,400
Nordea
Bank
Abp,
144A
6.625%
N/A
(4)
BBB+
26,037,000
10,000
Skandinaviska
Enskilda
Banken
AB
,
Reg
S
5.125%
N/A
(4)
BBB+
9,475,000
9,000
Societe
Generale
SA
,
Reg
S
7.875%
N/A
(4)
BB+
8,955,000
4,550
Societe
Generale
SA,
144A
5.375%
N/A
(4)
BB+
3,912,679
73,300
Societe
Generale
SA,
144A
(3)
8.000%
N/A
(4)
BB
74,216,250
13,000
Standard
Chartered
PLC,
144A
7.750%
N/A
(4)
BBB-
13,062,790
7,200
Svenska
Handelsbanken
AB
,
Reg
S
4.375%
N/A
(4)
A-
6,534,000
15,000
UniCredit
SpA
,
Reg
S
8.000%
N/A
(4)
BB-
14,793,750
740,719
Total
Banks
726,131,724
Capital
Markets
-
10.7%
58,000
Credit
Suisse
Group
AG,
144A
(3),(5)
7.500%
N/A
(4)
BB-
54,955,000
17,400
Credit
Suisse
Group
AG
,
Reg
S
7.500%
N/A
(4)
BB-
16,486,500
5,000
Credit
Suisse
Group
AG,
144A
9.750%
N/A
(4)
BB-
4,850,000
35,300
UBS
Group
AG
,
Reg
S
(5)
6.875%
N/A
(4)
BBB
35,017,600
10,800
UBS
Group
AG
,
Reg
S
5.125%
N/A
(4)
BBB
10,235,160
24,000
UBS
Group
AG,
144A
(3)
4.875%
N/A
(4)
BBB
21,573,600
25,000
UBS
Group
AG,
144A
(5)
3.875%
N/A
(4)
BBB
21,575,919
10,000
UBS
Group
AG
,
Reg
S
(5)
3.875%
N/A
(4)
BBB
8,630,367
7,400
UBS
Group
AG,
144A
(5)
7.000%
N/A
(4)
BBB
7,353,528
192,900
Total
Capital
Markets
180,677,674
$
933,619
Total
Contingent
Capital
Securities
(cost
$939,470,517)
906,809,398
Shares
Description
(1)
Coupon
Ratings
(2)
Value
X
254,207,007
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
15.0%
(9.5%
of
Total
Investments)
X
254,207,007
Banks
-
4.7%
233,680
Associated
Banc-Corp
5.625%
Baa3
$
5,739,181
1,327
Bank
of
America
Corp
5.000%
BBB+
30,362
301,095
Bank
of
America
Corp
5.375%
BBB+
7,268,433
31,570
Bank
of
Hawaii
Corp
4.375%
Baa2
598,252
344,788
Citigroup
Inc
6.875%
BBB-
8,792,094
53,000
CoBank
ACB
6.200%
BBB+
5,247,000
72,650
Farm
Credit
Bank
of
Texas,
144A
(5)
6.750%
Baa1
7,246,838
84,196
Fifth
Third
Bancorp
6.625%
Baa3
2,102,374
50,000
Fifth
Third
Bancorp
4.950%
Baa3
1,184,500
41,923
First
Republic
Bank/CA
4.000%
BBB-
766,352
2,372
First
Republic
Bank/CA
4.125%
BBB-
44,688
150,000
Fulton
Financial
Corp
5.125%
Baa3
3,172,500
11,474
JPMorgan
Chase
&
Co
5.750%
BBB+
286,621
679,809
KeyCorp
6.125%
Baa3
17,695,428
189,461
KeyCorp
6.200%
Baa3
4,855,885
189,200
Regions
Financial
Corp
(5)
5.700%
Baa3
4,705,404
35,395
Synovus
Financial
Corp
5.875%
BB-
876,734
15,300
Truist
Financial
Corp
4.750%
Baa2
339,660
300
Washington
Federal
Inc
4.875%
Baa3
6,087
212,731
Wells
Fargo
&
Co
5.850%
Baa2
5,194,891
Nuveen
Preferred
&
Income
Securities
Fund
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
40
JPS
Shares  
Description
(1)
Coupon
Ratings
(2)
Value
Banks
(continued)
152,000
Western
Alliance
Bancorp
4.250%
Ba1
$
3,263,440
Total
Banks
79,416,724
Capital
Markets
-
2.1%
112,294
Affiliated
Managers
Group
Inc
4.200%
Baa1
1,997,710
142,027
Affiliated
Managers
Group
Inc
5.875%
Baa1
3,593,283
173,947
Affiliated
Managers
Group
Inc
4.750%
Baa1
3,478,940
352,074
Goldman
Sachs
Group
Inc/The
5.500%
BB+
8,784,246
604,790
Morgan
Stanley
5.850%
BBB
15,210,469
7,033
Northern
Trust
Corp
4.700%
BBB+
160,704
64,392
State
Street
Corp
5.900%
Baa1
1,640,708
1,179
Stifel
Financial
Corp
4.500%
BB
22,672
3,893
Stifel
Financial
Corp
5.200%
BBB+
92,381
Total
Capital
Markets
34,981,113
Consumer
Finance
-
0.2%
131,816
Capital
One
Financial
Corp
(5)
4.800%
Baa3
2,741,773
62,097
Capital
One
Financial
Corp
(5)
5.000%
Baa3
1,359,303
Total
Consumer
Finance
4,101,076
Diversified
Financial
Services
-
1.2%
105,300
AgriBank
FCB
6.875%
BBB+
10,530,000
104,321
Equitable
Holdings
Inc
4.300%
BBB-
2,053,037
248,158
Equitable
Holdings
Inc
(5)
5.250%
BBB-
5,613,334
54,092
Voya
Financial
Inc
(5)
5.350%
BBB-
1,363,119
Total
Diversified
Financial
Services
19,559,490
Diversified
Telecommunication
Services
-
0.8%
578,314
AT&T
Inc
4.750%
BBB-
12,133,028
5,341
AT&T
Inc
5.625%
BBB+
133,845
19,067
AT&T
Inc
5.350%
BBB+
457,799
20,680
AT&T
Inc
(5)
5.000%
BBB-
458,476
Total
Diversified
Telecommunication
Services
13,183,148
Electric
Utilities
-
1.3%
69,380
CMS
Energy
Corp
5.875%
BBB-
1,726,174
75,535
DTE
Energy
Co
4.375%
BBB-
1,610,406
153,939
Duke
Energy
Corp
(5)
5.750%
BBB-
3,968,547
3,028
Duke
Energy
Corp
5.625%
BBB-
76,306
57,794
Entergy
Arkansas
LLC
4.875%
A
1,356,425
7,795
Entergy
Louisiana
LLC
4.875%
A
183,183
4,746
Entergy
Mississippi
LLC
4.900%
A
112,148
16,000
Entergy
Texas
Inc
(5)
5.375%
BBB-
390,208
204,489
NextEra
Energy
Capital
Holdings
Inc
5.650%
BBB
5,267,637
86,891
Southern
Co/The
5.250%
BBB-
2,138,388
195,057
Southern
Co/The
4.950%
BBB-
4,400,486
56,928
Southern
Co/The
4.200%
BBB-
1,133,436
Total
Electric
Utilities
22,363,344
Equity
Real
Estate
Investment
Trusts
-
1.9%
9,405
Digital
Realty
Trust
Inc
5.200%
Baa3
221,112
1,030
Digital
Realty
Trust
Inc
5.250%
Baa3
24,545
138,410
Hudson
Pacific
Properties
Inc
4.750%
Ba1
2,067,845
5,424
Kimco
Realty
Corp
5.125%
Baa2
126,976
30,310
Kimco
Realty
Corp
5.250%
Baa2
716,528
85,301
Prologis
Inc
8.540%
BBB+
4,903,955
11,902
Public
Storage
4.700%
A3
258,154
7,802
Public
Storage
3.875%
A3
143,089
7,735
Public
Storage
3.900%
A3
142,633
41
Shares  
Description
(1)
Coupon
Ratings
(2)
Value
Equity
Real
Estate
Investment
Trusts
(continued)
9,737
Public
Storage
3.950%
A3
$
179,842
24,683
Public
Storage
4.100%
A3
469,718
6,101
Public
Storage
5.150%
A3
147,522
112,196
Public
Storage
4.125%
A3
2,160,895
4,274
Public
Storage
4.875%
A3
96,934
189,213
Public
Storage
5.600%
A3
4,823,039
196,121
Public
Storage
4.625%
A3
4,198,951
304,180
Public
Storage
4.000%
A3
5,834,172
127,960
Public
Storage
4.000%
A3
2,412,046
124,101
Public
Storage
(5)
4.750%
A3
2,719,053
2,293
Public
Storage
5.050%
A3
54,895
15,000
Vornado
Realty
Trust
4.450%
Ba1
243,150
Total
Equity
Real
Estate
Investment
Trusts
31,945,054
Food
Products
-
0.2%
32,500
Dairy
Farmers
of
America
Inc,
144A
(3)
7.875%
BB+
3,120,000
Total
Food
Products
3,120,000
Insurance
-
1.7%
537,423
Allstate
Corp/The
7.995%
Baa1
13,543,060
96,099
American
Financial
Group
Inc/OH
5.875%
Baa2
2,441,876
68,848
American
Financial
Group
Inc/OH
5.625%
Baa2
1,678,514
4,824
American
Financial
Group
Inc/OH
5.125%
Baa2
112,399
200
American
Financial
Group
Inc/OH
4.500%
Baa2
4,030
19,825
American
International
Group
Inc
5.850%
BBB-
502,762
34,439
Arch
Capital
Group
Ltd
5.450%
BBB
830,324
1,986
Assurant
Inc
5.250%
Baa3
45,519
985
Globe
Life
Inc
4.250%
BBB+
19,651
3,839
Hartford
Financial
Services
Group
Inc/The
6.000%
BBB-
98,854
56,568
MetLife
Inc
4.750%
BBB
1,299,367
152,845
Prudential
Financial
Inc
5.950%
BBB+
3,897,548
2,847
Prudential
Financial
Inc
4.125%
BBB+
58,791
79,019
Reinsurance
Group
of
America
Inc
7.125%
BBB+
2,105,066
40,000
RenaissanceRe
Holdings
Ltd
4.200%
BBB
727,200
9,763
RenaissanceRe
Holdings
Ltd
5.750%
BBB+
235,874
17,555
W
R
Berkley
Corp
5.700%
Baa2
433,082
41,233
W
R
Berkley
Corp
4.250%
Baa2
821,361
8,091
W
R
Berkley
Corp
5.100%
BBB
184,879
Total
Insurance
29,040,157
Multi-Utilities
-
0.8%
179,646
Algonquin
Power
&
Utilities
Corp
6.200%
BB+
4,167,787
15,518
CMS
Energy
Corp
5.875%
BBB-
390,278
2,126
CMS
Energy
Corp
5.625%
BBB-
52,512
11,000
CMS
Energy
Corp
4.200%
BBB-
218,570
100,548
DTE
Energy
Co
4.375%
BBB-
2,060,229
281,710
DTE
Energy
Co
5.250%
BBB-
6,986,408
2,987
NiSource
Inc
6.500%
BBB-
76,258
Total
Multi-Utilities
13,952,042
Oil,
Gas
&
Consumable
Fuels
-
0.1%
101,713
Enbridge
Inc
6.375%
BBB-
2,544,859
Total
Oil,
Gas
&
Consumable
Fuels
2,544,859
Total
$25
Par
(or
similar)
Retail
Preferred
(cost
$265,707,609)
254,207,007
Nuveen
Preferred
&
Income
Securities
Fund
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
42
JPS
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
X
77,748,068
CORPORATE
BONDS
-
4.6%
(2.9%
of
Total
Investments)
X
77,748,068
Banks
-
0.7%
$
7,000
Citizens
Financial
Group
Inc
6.000%
1/06/72
BB+
$
6,715,611
3,600
JPMorgan
Chase
&
Co
(5)
8.750%
9/01/30
Baa1
4,271,196
10,600
Total
Banks
10,986,807
Equity
Real
Estate
Investment
Trusts
-
0.8%
16,100
Scentre
Group
Trust
2,
144A
5.125%
9/24/80
BBB+
14,165,305
16,100
Total
Equity
Real
Estate
Investment
Trusts
14,165,305
Insurance
-
3.1%
30,860
Liberty
Mutual
Group
Inc,
144A
(5)
7.800%
3/15/37
Baa3
34,360,681
6,150
Liberty
Mutual
Insurance
Co,
144A
(5)
7.697%
10/15/97
BBB+
7,008,612
2,600
Lincoln
National
Corp
(3-Month
LIBOR
reference
rate
+
2.040%
spread)
(5),(6)
6.848%
4/20/67
BBB-
1,956,500
2,000
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
,
Reg
S
5.875%
5/23/42
A
2,042,500
1,000
Nippon
Life
Insurance
Co,
144A
2.900%
9/16/51
A-
844,111
8,000
Zurich
Finance
Ireland
Designated
Activity
Co
,
Reg
S
3.500%
5/02/52
A+
6,383,552
50,610
Total
Insurance
52,595,956
$
77,310
Total
Corporate
Bonds
(cost
$78,382,196)
77,748,068
Shares
Description
(1)
Coupon
Ratings
(2)
Value
X
28,000,459
CONVERTIBLE
PREFERRED
SECURITIES
-
1.7%
(1.1%
of
Total
Investments)
X
28,000,459
Banks
-
1.7%
6,286
Bank
of
America
Corp
7.250%
BBB+
$
7,821,041
16,041
Wells
Fargo
&
Co
7.500%
Baa2
20,179,418
Total
Banks
28,000,459
Total
Convertible
Preferred
Securities
(cost
$31,178,111)
28,000,459
Shares
Description
(1)
Value
18,295,913
INVESTMENT
COMPANIES
-
1.1%
(0.7%
of
Total
Investments)
X
18,295,913
723,135
BlackRock
Credit
Allocation
Income
Trust
$
8,185,888
646,421
John
Hancock
Preferred
Income
Fund
III
10,110,025
Total
Investment
Companies
(cost
$27,993,530)
18,295,913
Total
Long-Term
Investments
(cost
$2,737,280,054)
2,630,187,517
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
 2.6% (1.6%
of
Total
Investments)
43,663,483
REPURCHASE
AGREEMENTS
-
2.6%
(1.6%
of
Total
Investments)
X
43,663,483
$
43,663
Repurchase
Agreement
with
Fixed
Income
Clearing
Corporation,
dated
1/31/23,
repurchase
price
$43,665,036,
collateralized
by
$45,816,500,
U.S.
Treasury
Note,
2.875%,
due
6/15/25,
value
$44,536,845
1.280%
2/01/23
$
43,663,483
Total
Short-Term
Investments
(cost
$43,663,483)
43,663,483
Total
Investments
(cost
$
2,780,943,537
)
-
158
.1
%
2,673,851,000
Borrowings
-
(27.2)%
(8),(9)
(
459,300,000
)
Reverse
Repurchase
Agreements,
including
accrued
interest
-
(16.3)%(10)
(
276,127,924
)
Taxable
Fund
Preferred
Shares,
net
of
deferred
offering
costs
-
(15.9)%(11)
(
268,984,657
)
Other
Assets
&
Liabilities,
Net
-   1.3%(12)
21,945,458
Net
Assets
Applicable
to
Common
Shares
-
100%
$
1,691,383,877
43
Investments
in
Derivatives
Interest
Rate
Swaps
-
OTC
Uncleared
Counterparty
Notional
Amount
Fund
Pay/Receive
Floating
Rate
Floating
Rate
Index
Fixed
Rate
Fixed
Rate
Payment
Frequency
Effective
Date
(13)
Optional
Termination
Date
Maturity
Date
Value
Unrealized
Appreciation
(Depreciation)
Morgan
Stanley
Capital
Services,
LLC
$
521,000,000
Receive
1-Month
LIBOR
1.994%
Monthly
6/01/18
7/01/25
7/01/27
$
23,285,726
$
23,285,726
Morgan
Stanley
Capital
Services,
LLC
90,000,000
Receive
1-Month
LIBOR
2.364%
Monthly
7/01/19
7/01/26
7/01/28
3,351,261
3,351,261
Total
unrealized
appreciation
on
interest
rate
swaps
$
26,636,987
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(2)
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
of
Standard
&
Poor’s
Group
(“Standard
&
Poor’s”),
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
or
Fitch,
Inc.
(“Fitch”)
rating.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Ratings
below
BBB
by
Standard
&
Poor’s,
Baa
by
Moody’s
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
(3)
Investment,
or
portion
of
investment,
is
hypothecated.
The
total
value
of
investments
hypothecated
as
of
the
end
of
the
reporting
period
was
$426,393,902.
(4)
Perpetual
security.
Maturity
date
is
not
applicable.
(5)
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
$642,595,104
have
been
pledged
as
collateral
for
reverse
repurchase
agreements.
(6)
Variable
rate
security.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(7)
Contingent
Capital
Securities
(“CoCos”)
are
hybrid
securities
with
loss
absorption
characteristics
built
into
the
terms
of
the
security
for
the
benefit
of
the
issuer.
For
example,
the
terms
may
specify
an
automatic
write-down
of
principal
or
a
mandatory
conversion
into
the
issuer’s
common
stock
under
certain
adverse
circumstances,
such
as
the
issuer’s
capital
ratio
falling
below
a
specified
level.
(8)
Borrowings
as
a
percentage
of
Total
Investments
is
17.2%.
(9)
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
$1,324,710,998
have
been
pledged
as
collateral
for
borrowings.
(10)
Reverse
Repurchase
Agreements,
including
accrued
interest
as
a
percentage
of
Total
investments
is
10.3%.
(11)
Taxable
Fund
Preferred
Shares,
net
of
deferred
offering
costs
as
a
percentage
of
Total
Investments
is
10.1%.
(12)
Other
assets
less
liabilities
includes
the
unrealized
appreciation
(depreciation)
of
certain
over-the-counter
("OTC")
derivatives
as
well
as
the
OTC
cleared
and
exchange-traded
derivatives,
when
applicable.
The
unrealized
appreciation
(depreciation)
of
OTC
cleared
and
exchange-
traded
derivatives
is
recognized
as
part
of
the
cash
collateral
at
brokers
and/or
the
receivable
or
payable
for
variation
margin
as
presented
on
the
Statement
of
Assets
and
Liabilities,
when
applicable.
(13)
Effective
date
represents
the
date
on
which
both
the
Fund
and
counterparty
commence
interest
payment
accruals
on
each
contract.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
LIBOR
London
Inter-Bank
Offered
Rate
N/A
Not
Applicable.
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.
See
accompanying
notes
to
financial
statements
44
Nuveen
Preferred
and
Income
Fund
Portfolio
of
Investments
January
31,
2023
(Unaudited)
JPT
Principal
Amount
(000)
/
Shares
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
LONG-TERM
INVESTMENTS
-
147.0%  
(99.5%
of
Total
Investments)
X
68,325,433
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
74.6%
(50.5%
of
Total
Investments)
X
68,325,433
Automobiles
-
2.2%
$
1,479
General
Motors
Financial
Co
Inc
5.750%
N/A
(3)
BB+
$
1,353,744
695
General
Motors
Financial
Co
Inc
5.700%
N/A
(3)
BB+
642,875
2,174
Total
Automobiles
1,996,619
Banks
-
25.7%
440
Bank
of
America
Corp
4.375%
N/A
(3)
BBB+
399,344
685
Bank
of
America
Corp
6.500%
N/A
(3)
BBB+
688,399
730
Bank
of
America
Corp
6.300%
N/A
(3)
BBB+
738,541
240
Bank
of
America
Corp
6.100%
N/A
(3)
BBB+
240,096
550
Bank
of
America
Corp
6.250%
N/A
(3)
BBB+
549,659
1,337
Citigroup
Inc
5.950%
N/A
(3)
BBB-
1,302,939
420
Citigroup
Inc
4.150%
N/A
(3)
BBB-
373,800
900
Citigroup
Inc
6.250%
N/A
(3)
BBB-
905,886
1,455
Citigroup
Inc
6.300%
N/A
(3)
BBB-
1,431,356
444
Citizens
Financial
Group
Inc
6.375%
N/A
(3)
BB+
425,308
880
CoBank
ACB
6.450%
N/A
(3)
BBB+
888,488
833
CoBank
ACB
6.250%
N/A
(3)
BBB+
825,527
200
Fifth
Third
Bancorp
4.500%
N/A
(3)
Baa3
192,000
475
First
Citizens
BancShares
Inc/NC
(3-Month
LIBOR
reference
rate
+
3.972%
spread)
(4)
8.741%
N/A
(3)
N/R
476,942
775
Huntington
Bancshares
Inc/OH
5.625%
N/A
(3)
Baa3
761,206
1,990
JPMorgan
Chase
&
Co
6.750%
N/A
(3)
BBB+
2,010,059
1,500
JPMorgan
Chase
&
Co
5.000%
N/A
(3)
BBB+
1,458,750
420
JPMorgan
Chase
&
Co
6.100%
N/A
(3)
BBB+
418,950
315
KeyCorp
5.000%
N/A
(3)
Baa3
305,676
345
M&T
Bank
Corp
6.450%
N/A
(3)
Baa2
344,132
220
M&T
Bank
Corp
3.500%
N/A
(3)
Baa2
184,800
515
M&T
Bank
Corp
5.125%
N/A
(3)
Baa2
477,920
170
PNC
Financial
Services
Group
Inc
6.200%
N/A
(3)
Baa2
170,051
266
PNC
Financial
Services
Group
Inc/The
5.000%
N/A
(3)
Baa2
250,097
485
PNC
Financial
Services
Group
Inc/The
3.400%
N/A
(3)
Baa2
413,463
420
PNC
Financial
Services
Group
Inc/The
6.000%
N/A
(3)
Baa2
417,858
310
Regions
Financial
Corp
5.750%
N/A
(3)
Baa3
307,919
120
SVB
Financial
Group
4.100%
N/A
(3)
Baa2
89,100
180
SVB
Financial
Group
4.700%
N/A
(3)
Baa2
137,700
235
SVB
Financial
Group
4.000%
N/A
(3)
Baa2
188,145
525
Truist
Financial
Corp
(3-Month
LIBOR
reference
rate
+
3.102%
spread)
(4)
7.871%
N/A
(3)
Baa2
529,594
605
Truist
Financial
Corp
5.100%
N/A
(3)
Baa2
586,243
1,475
Truist
Financial
Corp
4.800%
N/A
(3)
Baa2
1,413,367
805
Wells
Fargo
&
Co
7.950%
11/15/29
Baa1
916,294
885
Wells
Fargo
&
Co
5.900%
N/A
(3)
Baa2
866,194
1,130
Wells
Fargo
&
Co
5.875%
N/A
(3)
Baa2
1,124,576
355
Zions
Bancorp
NA
7.200%
N/A
(3)
BB+
358,550
355
Zions
Bancorp
NA
5.800%
N/A
(3)
BB+
349,340
23,990
Total
Banks
23,518,269
Capital
Markets
-
3.6%
205
Bank
of
New
York
Mellon
Corp/The
4.700%
N/A
(3)
Baa1
200,382
1,080
Charles
Schwab
Corp
5.375%
N/A
(3)
BBB
1,071,576
360
Goldman
Sachs
Group
Inc/The
4.125%
N/A
(3)
BBB-
320,212
1,008
Goldman
Sachs
Group
Inc/The
5.500%
N/A
(3)
BBB-
997,920
45
Principal
Amount
(000)
/
Shares
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Capital
Markets
(continued)
$
709
Goldman
Sachs
Group
Inc/The
5.300%
N/A
(3)
BBB-
$
697,345
3,362
Total
Capital
Markets
3,287,435
Consumer
Finance
-
2.4%
475
Ally
Financial
Inc
4.700%
N/A
(3)
Ba2
364,563
625
Ally
Financial
Inc
4.700%
N/A
(3)
Ba2
514,063
435
American
Express
Co
3.550%
N/A
(3)
Baa2
384,888
500
Capital
One
Financial
Corp
3.950%
N/A
(3)
Baa3
433,969
335
Discover
Financial
Services
6.125%
N/A
(3)
Ba2
332,102
145
Discover
Financial
Services
5.500%
N/A
(3)
Ba2
127,600
2,515
Total
Consumer
Finance
2,157,185
Diversified
Financial
Services
-
4.4%
305
American
AgCredit
Corp,
144A
5.250%
N/A
(3)
BB+
267,638
425
Capital
Farm
Credit
ACA,
144A
5.000%
N/A
(3)
BB
386,750
250
Compeer
Financial
ACA,
144A
4.875%
N/A
(3)
BB+
220,625
2
Compeer
Financial
ACA,
144A
6.750%
N/A
(3)
BB+
1,987,052
630
Equitable
Holdings
Inc
4.950%
N/A
(3)
BBB-
611,027
560
Voya
Financial
Inc
6.125%
N/A
(3)
BBB-
558,264
2,172
Total
Diversified
Financial
Services
4,031,356
Electric
Utilities
-
2.4%
345
American
Electric
Power
Co
Inc
3.875%
2/15/62
BBB
295,885
370
Edison
International
5.000%
N/A
(3)
BB+
328,963
160
Edison
International
5.375%
N/A
(3)
BB+
149,469
1,125
Emera
Inc
6.750%
6/15/76
BB+
1,104,900
360
Southern
Co/The
4.000%
1/15/51
BBB-
342,479
2,360
Total
Electric
Utilities
2,221,696
Food
Products
-
5.3%
2,005
Dairy
Farmers
of
America
Inc,
144A
7.125%
N/A
(3)
BB+
1,714,275
620
Land
O'
Lakes
Inc,
144A
7.250%
N/A
(3)
BB
548,700
1,275
Land
O'
Lakes
Inc,
144A
7.000%
N/A
(3)
BB
1,122,000
1,550
Land
O'
Lakes
Inc,
144A
8.000%
N/A
(3)
BB
1,457,000
5,450
Total
Food
Products
4,841,975
Independent
Power
Producers
&
Energy
Traders
-
1.0%
355
AES
Andes
SA,
144A
7.125%
3/26/79
BB
343,729
245
AES
Andes
SA,
144A
6.350%
10/07/79
BB
231,525
200
Vistra
Corp,
144A
8.000%
N/A
(3)
Ba3
196,050
195
Vistra
Corp,
144A
7.000%
N/A
(3)
Ba3
182,325
995
Total
Independent
Power
Producers
&
Energy
Traders
953,629
Industrial
Conglomerates
-
1.4%
1,307
General
Electric
Co
(3-Month
LIBOR
reference
rate
+
3.330%
spread)
(4)
8.099%
N/A
(3)
BBB-
1,302,425
1,307
Total
Industrial
Conglomerates
1,302,425
Insurance
-
14.8%
280
Aegon
NV
5.500%
4/11/48
Baa1
266,859
260
American
International
Group
Inc
5.750%
4/01/48
BBB-
255,775
1,490
Assurant
Inc
7.000%
3/27/48
Baa3
1,475,093
3,390
Assured
Guaranty
Municipal
Holdings
Inc,
144A
(5)
6.400%
12/15/66
BBB+
3,212,025
440
AXIS
Specialty
Finance
LLC
4.900%
1/15/40
BBB
373,774
220
Enstar
Finance
LLC
5.750%
9/01/40
BBB-
197,186
375
Enstar
Finance
LLC
5.500%
1/15/42
BBB-
309,300
225
Legal
&
General
Group
PLC
,
Reg
S
5.250%
3/21/47
A3
217,013
845
Markel
Corp
6.000%
N/A
(3)
BBB-
842,888
Nuveen
Preferred
and
Income
Fund
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
46
JPT
Principal
Amount
(000)
/
Shares
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Insurance
(continued)
$
205
MetLife
Inc
5.875%
N/A
(3)
BBB
$
203,462
900
MetLife
Inc,
144A
9.250%
4/08/38
BBB
1,086,750
450
PartnerRe
Finance
B
LLC
4.500%
10/01/50
Baa1
402,076
750
Provident
Financing
Trust
I
7.405%
3/15/38
BB+
796,875
200
Prudential
Financial
Inc
5.125%
3/01/52
BBB+
186,580
125
Prudential
Financial
Inc
3.700%
10/01/50
BBB+
107,617
940
QBE
Insurance
Group
Ltd,
144A
5.875%
N/A
(3)
Baa2
925,900
268
QBE
Insurance
Group
Ltd
,
Reg
S
6.750%
12/02/44
BBB
267,230
840
QBE
Insurance
Group
Ltd,
144A
7.500%
11/24/43
Baa1
844,388
740
SBL
Holdings
Inc,
144A
6.500%
N/A
(3)
BB
567,062
1,290
SBL
Holdings
Inc,
144A
7.000%
N/A
(3)
BB
1,069,315
14,233
Total
Insurance
13,607,168
Media
-
0.3%
295
Paramount
Global
6.375%
3/30/62
Baa3
257,379
295
Total
Media
257,379
Multi-Utilities
-
2.5%
295
Algonquin
Power
&
Utilities
Corp
4.750%
1/18/82
BB+
249,275
840
CenterPoint
Energy
Inc
6.125%
N/A
(3)
BBB-
826,350
75
CMS
Energy
Corp
4.750%
6/01/50
BBB-
68,210
304
NiSource
Inc
5.650%
N/A
(3)
BBB-
294,897
475
Sempra
Energy
4.125%
4/01/52
BBB-
415,787
440
Sempra
Energy
4.875%
N/A
(3)
BBB-
422,400
2,429
Total
Multi-Utilities
2,276,919
Oil,
Gas
&
Consumable
Fuels
-
2.8%
410
Enbridge
Inc
7.625%
1/15/83
BBB-
422,702
630
Enbridge
Inc
5.750%
7/15/80
BBB-
596,163
220
Enbridge
Inc
5.500%
7/15/77
BBB-
205,540
155
Enbridge
Inc
6.000%
1/15/77
BBB-
147,279
295
Energy
Transfer
LP
6.500%
N/A
(3)
BB
276,675
60
Energy
Transfer
LP
7.125%
N/A
(3)
BB
54,810
300
MPLX
LP
6.875%
N/A
(3)
BB+
300,090
300
Transcanada
Trust
5.600%
3/07/82
BBB
268,500
298
Transcanada
Trust
5.500%
9/15/79
BBB
268,929
2,668
Total
Oil,
Gas
&
Consumable
Fuels
2,540,688
Trading
Companies
&
Distributors
-
3.6%
2,600
AerCap
Global
Aviation
Trust,
144A
6.500%
6/15/45
BB+
2,542,358
255
AerCap
Holdings
NV
5.875%
10/10/79
BB+
244,234
580
Air
Lease
Corp
4.650%
N/A
(3)
BB+
514,750
3,435
Total
Trading
Companies
&
Distributors
3,301,342
U.S.
Agency
-
1.2%
615
Farm
Credit
Bank
of
Texas,
144A
6.200%
N/A
(3)
BBB+
550,425
640
Farm
Credit
Bank
of
Texas,
144A
5.700%
N/A
(3)
Baa1
595,200
1,255
Total
U.S.
Agency
1,145,625
Wireless
Telecommunication
Services
-
1.0%
860
Vodafone
Group
PLC
7.000%
4/04/79
BB+
885,723
860
Total
Wireless
Telecommunication
Services
885,723
$
69,500
Total
$1,000
Par
(or
similar)
Institutional
Preferred
(cost
$71,401,169)
68,325,433
47
Principal
Amount
(000)
Description
(1)
,(6)
Coupon
Maturity
Ratings
(2)
Value
X
41,956,630
CONTINGENT
CAPITAL
SECURITIES
-
45.8%
(31.0%
of
Total
Investments)
X
41,956,630
Banks
-
33.2%
$
1,555
Banco
Bilbao
Vizcaya
Argentaria
SA
6.500%
N/A
(3)
Ba2
$
1,521,972
740
Banco
Mercantil
del
Norte
SA/Grand
Cayman,
144A
7.500%
N/A
(3)
Ba2
711,880
1,600
Banco
Santander
SA
,
Reg
S
7.500%
N/A
(3)
Ba1
1,588,000
745
Barclays
PLC
8.000%
N/A
(3)
BBB-
742,206
1,000
Barclays
PLC
6.125%
N/A
(3)
BBB-
954,990
1,600
Barclays
PLC
7.750%
N/A
(3)
BBB-
1,587,952
675
Barclays
PLC
8.000%
N/A
(3)
BBB-
677,801
320
BNP
Paribas
SA,
144A
7.750%
N/A
(3)
BBB
331,200
2,605
BNP
Paribas
SA,
144A
6.625%
N/A
(3)
BBB
2,569,181
250
BNP
Paribas
SA,
144A
9.250%
N/A
(3)
BBB
271,500
2,035
Credit
Agricole
SA,
144A
8.125%
N/A
(3)
BBB
2,097,658
1,950
HSBC
Holdings
PLC
6.000%
N/A
(3)
BBB
1,872,780
2,730
HSBC
Holdings
PLC
6.375%
N/A
(3)
BBB
2,694,510
285
ING
Groep
NV
,
Reg
S
6.750%
N/A
(3)
BBB
279,656
2,545
ING
Groep
NV
6.500%
N/A
(3)
BBB
2,487,916
3,200
Lloyds
Banking
Group
PLC
7.500%
N/A
(3)
Baa3
3,168,800
580
Macquarie
Bank
Ltd/London,
144A
6.125%
N/A
(3)
BB+
533,906
200
NatWest
Group
PLC
8.000%
N/A
(3)
BBB-
202,250
2,080
NatWest
Group
PLC
6.000%
N/A
(3)
Baa3
1,986,400
680
Nordea
Bank
Abp,
144A
6.625%
N/A
(3)
BBB+
670,650
1,930
Societe
Generale
SA,
144A
7.875%
N/A
(3)
BB+
1,920,350
250
Societe
Generale
SA,
144A
9.375%
N/A
(3)
BB+
268,437
365
Standard
Chartered
PLC,
144A
6.000%
N/A
(3)
BBB-
358,612
545
Standard
Chartered
PLC,
144A
4.300%
N/A
(3)
BBB-
466,738
550
UniCredit
SpA
,
Reg
S
8.000%
N/A
(3)
BB-
542,438
31,015
Total
Banks
30,507,783
Capital
Markets
-
12.6%
2,900
Credit
Suisse
Group
AG,
144A
7.500%
N/A
(3)
BB-
2,747,750
1,000
Credit
Suisse
Group
AG,
144A
6.375%
N/A
(3)
Ba2
810,000
620
Credit
Suisse
Group
AG,
144A
9.750%
N/A
(3)
BB-
601,400
2,000
Deutsche
Bank
AG
6.000%
N/A
(3)
Ba2
1,815,308
2,040
UBS
Group
AG,
144A
7.000%
N/A
(3)
BBB
2,027,189
3,475
UBS
Group
AG
,
Reg
S
6.875%
N/A
(3)
BBB
3,447,200
12,035
Total
Capital
Markets
11,448,847
$
43,050
Total
Contingent
Capital
Securities
(cost
$43,855,074)
41,956,630
Shares
Description
(1)
Coupon
Ratings
(2)
Value
X
22,488,277
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
24.5%
(16.6%
of
Total
Investments)
X
22,488,277
Banks
-
6.3%
4,740
CoBank
ACB
6.200%
BBB+
$
469,260
15,000
Farm
Credit
Bank
of
Texas,
144A
6.750%
Baa1
1,496,250
19,366
Fifth
Third
Bancorp
6.625%
Baa3
483,569
8,100
KeyCorp
6.125%
Baa3
210,843
43,000
KeyCorp
6.200%
Baa3
1,102,090
21,268
Regions
Financial
Corp
6.375%
Baa3
554,457
10,600
Regions
Financial
Corp
5.700%
Baa3
263,622
13,258
Synovus
Financial
Corp
5.875%
BB-
328,401
16,400
Wells
Fargo
&
Co
4.750%
Baa2
348,172
7,900
Western
Alliance
Bancorp
4.250%
Ba1
169,613
15,308
Wintrust
Financial
Corp
6.875%
BB
398,773
Total
Banks
5,825,050
Capital
Markets
-
2.8%
5,577
Goldman
Sachs
Group
Inc/The
5.500%
BB+
139,146
33,800
Morgan
Stanley
5.850%
BBB
850,070
19,451
Morgan
Stanley
6.875%
BBB
490,554
Nuveen
Preferred
and
Income
Fund
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
48
JPT
Shares  
Description
(1)
Coupon
Ratings
(2)
Value
Capital
Markets
(continued)
12,974
Morgan
Stanley
7.125%
BBB
$
330,059
16,433
Morgan
Stanley
6.375%
BBB
420,027
11,600
Morgan
Stanley
6.500%
BBB
302,064
Total
Capital
Markets
2,531,920
Consumer
Finance
-
0.3%
11,900
Synchrony
Financial
5.625%
BB-
235,739
Total
Consumer
Finance
235,739
Diversified
Financial
Services
-
2.8%
12,213
AgriBank
FCB
6.875%
BBB+
1,221,300
18,500
Equitable
Holdings
Inc
5.250%
BBB-
418,470
35,623
Voya
Financial
Inc
5.350%
BBB-
897,700
Total
Diversified
Financial
Services
2,537,470
Diversified
Telecommunication
Services
-
0.2%
8,700
AT&T
Inc
4.750%
BBB-
182,526
Total
Diversified
Telecommunication
Services
182,526
Food
Products
-
2.0%
31,207
CHS
Inc
7.100%
N/R
797,651
31,132
CHS
Inc
6.750%
N/R
788,262
10,959
CHS
Inc
7.875%
N/R
284,057
Total
Food
Products
1,869,970
Insurance
-
6.9%
23,700
American
Equity
Investment
Life
Holding
Co
6.625%
BB
609,327
43,600
American
Equity
Investment
Life
Holding
Co
5.950%
BB
1,047,272
16,280
Aspen
Insurance
Holdings
Ltd
5.625%
BB+
360,114
38,688
Aspen
Insurance
Holdings
Ltd
5.950%
BB+
955,980
12,000
Assurant
Inc
5.250%
Baa3
275,040
24,100
Athene
Holding
Ltd
6.375%
BBB
615,755
27,700
Athene
Holding
Ltd
6.350%
BBB
705,519
23,000
Enstar
Group
Ltd
7.000%
BBB-
552,690
11,600
Reinsurance
Group
of
America
Inc
7.125%
BBB+
309,024
26,902
Reinsurance
Group
of
America
Inc
5.750%
BBB+
703,218
9,463
Selective
Insurance
Group
Inc
4.600%
BBB-
176,296
Total
Insurance
6,310,235
Oil,
Gas
&
Consumable
Fuels
-
1.9%
5,100
Energy
Transfer
LP
7.600%
BB
122,400
31,634
NuStar
Energy
LP
11.502%
B2
791,483
24,163
NuStar
Energy
LP
10.379%
B2
561,548
10,020
NuStar
Logistics
LP
11.526%
B
251,201
Total
Oil,
Gas
&
Consumable
Fuels
1,726,632
Thrifts
&
Mortgage
Finance
-
0.8%
31,600
New
York
Community
Bancorp
Inc
6.375%
Ba2
780,204
Total
Thrifts
&
Mortgage
Finance
780,204
Trading
Companies
&
Distributors
-
0.5%
11,571
Air
Lease
Corp
6.150%
BB+
284,531
7,500
WESCO
International
Inc
10.625%
B+
204,000
Total
Trading
Companies
&
Distributors
488,531
Total
$25
Par
(or
similar)
Retail
Preferred
(cost
$23,428,757)
22,488,277
49
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
X
1,935,265
CORPORATE
BONDS
-
2.1%
(1.4%
of
Total
Investments)
X
1,935,265
Banks
-
1.1%
$
1,000
Commerzbank
AG,
144A
8.125%
9/19/23
Baa3
$
1,009,165
1,000
Total
Banks
1,009,165
Insurance
-
1.0%
980
Fidelis
Insurance
Holdings
Ltd,
144A
6.625%
4/01/41
BB+
926,100
980
Total
Insurance
926,100
$
1,980
Total
Corporate
Bonds
(cost
$1,996,673)
1,935,265
Total
Long-Term
Investments
(cost
$140,681,673)
134,705,605
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
 0.7% (0.5%
of
Total
Investments)
X
634,573
REPURCHASE
AGREEMENTS
-
0.7%
(0.5%
of
Total
Investments)
X
634,573
$
635
Repurchase
Agreement
with
Fixed
Income
Clearing
Corporation,
dated
1/31/23,
repurchase
price
$634,595,
collateralized
by
$665,900,
U.S.
Treasury
Note,
2.875%,
due
6/15/25,
value
$647,301
1.280%
2/01/23
$
634,573
Total
Short-Term
Investments
(cost
$634,573)
634,573
Total
Investments
(cost
$
141,316,246
)
-
147
.7
%
135,340,178
Borrowings
-
(47.4)%
(7),(8)
(
43,400,000
)
Reverse
Repurchase
Agreements,
including
accrued
interest
-
(1.1)%(9)
(
1,001,365
)
Other
Assets
&
Liabilities,
Net
-   0.8%
713,857
Net
Assets
Applicable
to
Common
Shares
-
100%
$
91,652,670
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(2)
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
of
Standard
&
Poor’s
Group
(“Standard
&
Poor’s”),
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
or
Fitch,
Inc.
(“Fitch”)
rating.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Ratings
below
BBB
by
Standard
&
Poor’s,
Baa
by
Moody’s
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
(3)
Perpetual
security.
Maturity
date
is
not
applicable.
(4)
Variable
rate
security.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(5)
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
$1,421,250
have
been
pledged
as
collateral
for
reverse
repurchase
agreements.
(6)
Contingent
Capital
Securities
(“CoCos”)
are
hybrid
securities
with
loss
absorption
characteristics
built
into
the
terms
of
the
security
for
the
benefit
of
the
issuer.
For
example,
the
terms
may
specify
an
automatic
write-down
of
principal
or
a
mandatory
conversion
into
the
issuer’s
common
stock
under
certain
adverse
circumstances,
such
as
the
issuer’s
capital
ratio
falling
below
a
specified
level.
(7)
Borrowings
as
a
percentage
of
Total
Investments
is
32.1%.
(8)
The
Fund
segregates
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.
(9)
Reverse
Repurchase
Agreements,
including
accrued
interest
as
a
percentage
of
Total
investments
is
0.7%.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
LIBOR
London
Inter-Bank
Offered
Rate
N/A
Not
Applicable.
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.
See
accompanying
notes
to
financial
statements
50
Nuveen
Variable
Rate
Preferred
&
Income
Fund
Portfolio
of
Investments
January
31,
2023
(Unaudited)
NPFD
Principal
Amount
(000)
/
Shares
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
LONG-TERM
INVESTMENTS
-
154.0%  
(100.0%
of
Total
Investments)
X
491,572,187
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
97.1%
(63.0%
of
Total
Investments)
X
491,572,187
Automobiles
-
4.1%
$
12,331
General
Motors
Financial
Co
Inc
(3)
5.750%
N/A
(4)
BB+
$
11,286,695
10,000
General
Motors
Financial
Co
Inc
5.700%
N/A
(4)
BB+
9,250,000
22,331
Total
Automobiles
20,536,695
Banks
-
39.1%
7,810
Bank
of
America
Corp
6.250%
N/A
(4)
BBB+
7,805,158
2,219
Bank
of
America
Corp
6.100%
N/A
(4)
BBB+
2,219,888
11,000
Bank
of
America
Corp
6.500%
N/A
(4)
BBB+
11,054,582
3,000
Bank
of
America
Corp
6.300%
N/A
(4)
BBB+
3,035,100
3,375
Citigroup
Inc
5.950%
N/A
(4)
BBB-
3,289,019
8,000
Citigroup
Inc
5.000%
N/A
(4)
BBB-
7,640,000
2,875
Citigroup
Inc
6.250%
N/A
(4)
BBB-
2,893,803
16,995
Citigroup
Inc
6.300%
N/A
(4)
BBB-
16,718,831
2,500
Citizens
Financial
Group
Inc
6.375%
N/A
(4)
BB+
2,394,750
4,290
Citizens
Financial
Group
Inc
4.000%
N/A
(4)
BB+
3,716,957
6,050
CoBank
ACB
6.450%
N/A
(4)
BBB+
6,108,356
3,271
Fifth
Third
Bancorp
4.500%
N/A
(4)
Baa3
3,140,165
5,600
First
Citizens
BancShares
Inc/NC
(3-Month
LIBOR
reference
rate
+
3.972%
spread)
(5)
8.741%
N/A
(4)
N/R
5,622,899
5,190
HSBC
Capital
Funding
Dollar
1
LP,
144A
10.176%
N/A
(4)
BBB
6,513,450
8,400
Huntington
Bancshares
Inc/OH
5.625%
N/A
(4)
Baa3
8,250,487
3,910
JPMorgan
Chase
&
Co
6.100%
N/A
(4)
BBB+
3,900,225
4,488
JPMorgan
Chase
&
Co
5.000%
N/A
(4)
BBB+
4,364,580
17,750
JPMorgan
Chase
&
Co
6.750%
N/A
(4)
BBB+
17,928,920
4,789
KeyCorp
5.000%
N/A
(4)
Baa3
4,647,246
8,000
M&T
Bank
Corp
5.125%
N/A
(4)
Baa2
7,424,004
3,990
PNC
Financial
Services
Group
Inc
6.200%
N/A
(4)
Baa2
3,991,197
2,825
PNC
Financial
Services
Group
Inc/The
6.000%
N/A
(4)
Baa2
2,810,592
3,534
PNC
Financial
Services
Group
Inc/The
5.000%
N/A
(4)
Baa2
3,322,721
2,820
Regions
Financial
Corp
5.750%
N/A
(4)
Baa3
2,801,069
4,000
SVB
Financial
Group
4.000%
N/A
(4)
Baa2
3,202,474
4,470
SVB
Financial
Group
4.700%
N/A
(4)
Baa2
3,419,550
4,970
Truist
Financial
Corp
(3-Month
LIBOR
reference
rate
+
3.102%
spread)
(5)
7.871%
N/A
(4)
Baa2
5,013,488
8,195
Truist
Financial
Corp
5.100%
N/A
(4)
Baa2
7,940,930
8,368
Truist
Financial
Corp
(3)
4.800%
N/A
(4)
Baa2
8,018,343
14,929
Wells
Fargo
&
Co
5.875%
N/A
(4)
Baa2
14,857,341
6,208
Wells
Fargo
&
Co
3.900%
N/A
(4)
Baa2
5,723,000
7,000
Wells
Fargo
&
Co
5.900%
N/A
(4)
Baa2
6,851,250
1,200
Zions
Bancorp
NA
7.200%
N/A
(4)
BB+
1,212,000
202,021
Total
Banks
197,832,375
Capital
Markets
-
7.0%
2,405
Bank
of
New
York
Mellon
Corp/The
4.700%
N/A
(4)
Baa1
2,350,821
15,373
Charles
Schwab
Corp
5.375%
N/A
(4)
BBB
15,253,091
5,700
Goldman
Sachs
Group
Inc/The
4.125%
N/A
(4)
BBB-
5,070,031
5,890
Goldman
Sachs
Group
Inc/The
5.300%
N/A
(4)
BBB-
5,793,177
7,045
Goldman
Sachs
Group
Inc/The
5.500%
N/A
(4)
BBB-
6,974,550
36,413
Total
Capital
Markets
35,441,670
51
Principal
Amount
(000)
/
Shares
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Consumer
Finance
-
3.9%
$
4,200
Ally
Financial
Inc
4.700%
N/A
(4)
Ba2
$
3,223,500
5,000
Ally
Financial
Inc
4.700%
N/A
(4)
Ba2
4,112,500
3,785
American
Express
Co
3.550%
N/A
(4)
Baa2
3,348,967
4,705
Capital
One
Financial
Corp
3.950%
N/A
(4)
Baa3
4,083,652
3,690
Discover
Financial
Services
5.500%
N/A
(4)
Ba2
3,247,200
1,745
Discover
Financial
Services
6.125%
N/A
(4)
Ba2
1,729,906
23,125
Total
Consumer
Finance
19,745,725
Diversified
Financial
Services
-
3.3%
3,250
Capital
Farm
Credit
ACA,
144A
5.000%
N/A
(4)
BB
2,957,500
3,000
Citigroup
Inc
5.900%
N/A
(4)
BBB-
3,013,233
350
Compeer
Financial
ACA,
144A
4.875%
N/A
(4)
BB+
308,875
6,310
Equitable
Holdings
Inc
4.950%
N/A
(4)
BBB-
6,119,968
4,352
Voya
Financial
Inc
6.125%
N/A
(4)
BBB-
4,338,509
17,262
Total
Diversified
Financial
Services
16,738,085
Electric
Utilities
-
4.6%
2,600
American
Electric
Power
Co
Inc
3.875%
2/15/62
BBB
2,229,863
4,530
Edison
International
5.000%
N/A
(4)
BB+
4,027,578
1,445
Edison
International
5.375%
N/A
(4)
BB+
1,349,891
14,093
Emera
Inc
(3)
6.750%
6/15/76
BB+
13,841,203
2,000
Southern
Co/The
4.000%
1/15/51
BBB-
1,902,660
24,668
Total
Electric
Utilities
23,351,195
Independent
Power
Producers
&
Energy
Traders
-
1.5%
2,685
AES
Andes
SA,
144A
7.125%
3/26/79
BB
2,599,751
1,700
AES
Andes
SA,
144A
6.350%
10/07/79
BB
1,606,500
2,215
Vistra
Corp,
144A
7.000%
N/A
(4)
Ba3
2,071,025
1,560
Vistra
Corp,
144A
8.000%
N/A
(4)
Ba3
1,529,190
8,160
Total
Independent
Power
Producers
&
Energy
Traders
7,806,466
Industrial
Conglomerates
-
1.7%
8,440
General
Electric
Co
(3-Month
LIBOR
reference
rate
+
3.330%
spread)
(5)
8.099%
N/A
(4)
BBB-
8,410,460
8,440
Total
Industrial
Conglomerates
8,410,460
Insurance
-
14.3%
2,595
Aegon
NV
5.500%
4/11/48
Baa1
2,473,214
2,250
American
International
Group
Inc
5.750%
4/01/48
BBB-
2,213,438
4,516
Assurant
Inc
7.000%
3/27/48
Baa3
4,470,818
3,000
Assured
Guaranty
Municipal
Holdings
Inc,
144A
6.400%
12/15/66
BBB+
2,842,500
3,050
AXIS
Specialty
Finance
LLC
(3)
4.900%
1/15/40
BBB
2,590,933
6,115
Enstar
Finance
LLC
5.500%
1/15/42
BBB-
5,043,650
1,000
Enstar
Finance
LLC
5.750%
9/01/40
BBB-
896,300
1,530
Legal
&
General
Group
PLC
,
Reg
S
5.250%
3/21/47
A3
1,475,685
10,345
Markel
Corp
6.000%
N/A
(4)
BBB-
10,319,138
8,000
MetLife
Inc
(3)
5.875%
N/A
(4)
BBB
7,940,000
3,395
Prudential
Financial
Inc
5.125%
3/01/52
BBB+
3,167,196
3,875
QBE
Insurance
Group
Ltd
,
Reg
S
6.750%
12/02/44
BBB
3,863,871
8,205
QBE
Insurance
Group
Ltd,
144A
(3)
7.500%
11/24/43
Baa1
8,247,861
1,600
QBE
Insurance
Group
Ltd,
144A
5.875%
N/A
(4)
Baa2
1,576,000
3,915
SBL
Holdings
Inc,
144A
6.500%
N/A
(4)
BB
3,000,064
14,500
SBL
Holdings
Inc,
144A
7.000%
N/A
(4)
BB
12,019,433
77,891
Total
Insurance
72,140,101
Media
-
0.4%
2,235
Paramount
Global
6.375%
3/30/62
Baa3
1,949,970
2,235
Total
Media
1,949,970
Nuveen
Variable
Rate
Preferred
&
Income
Fund
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
52
NPFD
Principal
Amount
(000)
/
Shares
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Multi-Utilities
-
4.2%
$
5,955
Algonquin
Power
&
Utilities
Corp
4.750%
1/18/82
BB+
$
5,031,975
8,050
CenterPoint
Energy
Inc
6.125%
N/A
(4)
BBB-
7,919,187
2,500
CMS
Energy
Corp
(3)
4.750%
6/01/50
BBB-
2,273,650
3,210
Sempra
Energy
4.875%
N/A
(4)
BBB-
3,081,600
3,400
Sempra
Energy
4.125%
4/01/52
BBB-
2,976,163
23,115
Total
Multi-Utilities
21,282,575
Oil,
Gas
&
Consumable
Fuels
-
5.9%
7,490
Enbridge
Inc
7.625%
1/15/83
BBB-
7,722,047
8,546
Enbridge
Inc
5.500%
7/15/77
BBB-
7,984,284
2,350
Enbridge
Inc
6.000%
1/15/77
BBB-
2,232,948
5,345
Energy
Transfer
LP
6.500%
N/A
(4)
BB
5,012,969
545
Energy
Transfer
LP
7.125%
N/A
(4)
BB
497,857
2,730
MPLX
LP
6.875%
N/A
(4)
BB+
2,730,819
2,155
Transcanada
Trust
5.600%
3/07/82
BBB
1,928,725
2,000
Transcanada
Trust
5.500%
9/15/79
BBB
1,804,893
31,161
Total
Oil,
Gas
&
Consumable
Fuels
29,914,542
Trading
Companies
&
Distributors
-
5.1%
6,200
AerCap
Global
Aviation
Trust,
144A
(3)
6.500%
6/15/45
BB+
6,062,546
13,900
AerCap
Holdings
NV
5.875%
10/10/79
BB+
13,313,142
4,841
Air
Lease
Corp
4.650%
N/A
(4)
BB+
4,296,388
3,673
ILFC
E-Capital
Trust
I,
144A
6.288%
12/21/65
B+
2,359,902
28,614
Total
Trading
Companies
&
Distributors
26,031,978
U.S.
Agency
-
0.0%
50
Farm
Credit
Bank
of
Texas,
144A
6.200%
N/A
(4)
BBB+
44,750
50
Farm
Credit
Bank
of
Texas,
144A
5.700%
N/A
(4)
Baa1
46,500
100
Total
U.S.
Agency
91,250
Wireless
Telecommunication
Services
-
2.0%
10,000
Vodafone
Group
PLC
7.000%
4/04/79
BB+
10,299,100
10,000
Total
Wireless
Telecommunication
Services
10,299,100
$
515,536
Total
$1,000
Par
(or
similar)
Institutional
Preferred
(cost
$535,987,220)
491,572,187
Shares
Description
(1)
Coupon
Ratings
(2)
Value
X
147,957,223
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
29.2%
(19.0%
of
Total
Investments)
X
147,957,223
Banks
-
5.8%
38,600
CoBank
ACB
6.200%
BBB+
$
3,821,400
1,000
Farm
Credit
Bank
of
Texas,
144A
6.750%
Baa1
99,750
121,601
Fifth
Third
Bancorp
6.625%
Baa3
3,036,377
245,000
KeyCorp
6.200%
Baa3
6,279,350
62,700
KeyCorp
6.125%
Baa3
1,632,081
163,723
Regions
Financial
Corp
5.700%
Baa3
4,071,791
168,058
Regions
Financial
Corp
6.375%
Baa3
4,381,272
136,600
Synovus
Financial
Corp
5.875%
BB-
3,383,582
99,600
Wintrust
Financial
Corp
6.875%
BB
2,594,580
Total
Banks
29,300,183
Capital
Markets
-
5.3%
151,400
Goldman
Sachs
Group
Inc/The
5.500%
BB+
3,777,430
166,500
Morgan
Stanley
7.125%
BBB
4,235,760
122,800
Morgan
Stanley
6.375%
BBB
3,138,768
122,400
Morgan
Stanley
6.875%
BBB
3,086,928
431,297
Morgan
Stanley
5.850%
BBB
10,847,120
53
Shares  
Description
(1)
Coupon
Ratings
(2)
Value
Capital
Markets
(continued)
66,000
Morgan
Stanley
6.500%
BBB
$
1,718,640
Total
Capital
Markets
26,804,646
Diversified
Financial
Services
-
1.9%
31,750
AgriBank
FCB
6.875%
BBB+
3,175,000
261,000
Voya
Financial
Inc
5.350%
BBB-
6,577,200
Total
Diversified
Financial
Services
9,752,200
Food
Products
-
2.4%
157,200
CHS
Inc
6.750%
N/R
3,980,304
315,300
CHS
Inc
7.100%
N/R
8,059,068
300
Dairy
Farmers
of
America
Inc,
144A
7.875%
BB+
28,800
Total
Food
Products
12,068,172
Insurance
-
8.0%
180,150
American
Equity
Investment
Life
Holding
Co
6.625%
BB
4,631,657
310,550
American
Equity
Investment
Life
Holding
Co
5.950%
BB
7,459,411
340,200
Aspen
Insurance
Holdings
Ltd
5.950%
BB+
8,406,342
166,250
Athene
Holding
Ltd
6.375%
BBB
4,247,687
194,775
Athene
Holding
Ltd
6.350%
BBB
4,960,919
131,900
Enstar
Group
Ltd
7.000%
BBB-
3,169,557
188,600
Reinsurance
Group
of
America
Inc
5.750%
BBB+
4,930,004
93,300
Reinsurance
Group
of
America
Inc
7.125%
BBB+
2,485,512
Total
Insurance
40,291,089
Multi-Utilities
-
0.2%
31,600
NiSource
Inc
6.500%
BBB-
806,748
Total
Multi-Utilities
806,748
Oil,
Gas
&
Consumable
Fuels
-
3.1%
51,100
Energy
Transfer
LP
7.600%
BB
1,226,400
176,668
NuStar
Energy
LP
11.502%
B2
4,420,234
271,200
NuStar
Energy
LP
10.379%
B2
6,302,688
154,289
NuStar
Logistics
LP
11.526%
B
3,868,025
Total
Oil,
Gas
&
Consumable
Fuels
15,817,347
Thrifts
&
Mortgage
Finance
-
1.5%
81,399
Federal
Agricultural
Mortgage
Corp
6.000%
N/R
2,178,237
230,765
New
York
Community
Bancorp
Inc
6.375%
Ba2
5,697,588
Total
Thrifts
&
Mortgage
Finance
7,875,825
Trading
Companies
&
Distributors
-
1.0%
164,687
Air
Lease
Corp
6.150%
BB+
4,049,653
43,800
WESCO
International
Inc
10.625%
B+
1,191,360
Total
Trading
Companies
&
Distributors
5,241,013
Total
$25
Par
(or
similar)
Retail
Preferred
(cost
$160,894,967)
147,957,223
Principal
Amount
(000)
Description
(1)
,(6)
Coupon
Maturity
Ratings
(2)
Value
X
140,383,030
CONTINGENT
CAPITAL
SECURITIES
-
27.7%
(18.0%
of
Total
Investments)
X
140,383,030
Banks
-
20.1%
$
1,000
Australia
&
New
Zealand
Banking
Group
Ltd/United
Kingdom,
144A
6.750%
N/A
(4)
Baa2
$
1,008,500
3,200
Banco
Bilbao
Vizcaya
Argentaria
SA
6.500%
N/A
(4)
Ba2
3,132,032
2,200
Banco
Bilbao
Vizcaya
Argentaria
SA
6.125%
N/A
(4)
Ba2
2,039,085
715
Banco
Mercantil
del
Norte
SA/Grand
Cayman,
144A
7.500%
N/A
(4)
Ba2
687,830
1,595
Banco
Mercantil
del
Norte
SA/Grand
Cayman,
144A
7.625%
N/A
(4)
Ba2
1,577,104
4,000
Banco
Santander
SA
,
Reg
S
7.500%
N/A
(4)
Ba1
3,970,000
Nuveen
Variable
Rate
Preferred
&
Income
Fund
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
54
NPFD
Investments
in
Derivatives
Principal
Amount
(000)
Description
(1),(6)
Coupon
Maturity
Ratings
(2)
Value
Banks
(continued)
$
3,000
Banco
Santander
SA
4.750%
N/A
(4)
Ba1
$
2,603,005
7,258
Barclays
PLC
7.750%
N/A
(4)
BBB-
7,203,347
3,800
Barclays
PLC
6.125%
N/A
(4)
BBB-
3,628,962
2,340
Barclays
PLC
8.000%
N/A
(4)
BBB-
2,349,711
735
BNP
Paribas
SA,
144A
7.750%
N/A
(4)
BBB
760,725
655
BNP
Paribas
SA,
144A
9.250%
N/A
(4)
BBB
711,330
5,150
BNP
Paribas
SA,
144A
6.625%
N/A
(4)
BBB
5,079,188
2,089
BNP
Paribas
SA,
144A
7.000%
N/A
(4)
BBB
2,068,110
5,800
Credit
Agricole
SA,
144A
8.125%
N/A
(4)
BBB
5,978,582
2,465
Credit
Agricole
SA,
144A
7.875%
N/A
(4)
BBB
2,462,535
910
Danske
Bank
A/S
,
Reg
S
7.000%
N/A
(4)
BBB-
882,700
925
Danske
Bank
A/S
,
Reg
S
4.375%
N/A
(4)
BBB-
812,844
6,290
HSBC
Holdings
PLC
6.000%
N/A
(4)
BBB
6,040,916
7,000
HSBC
Holdings
PLC
6.375%
N/A
(4)
BBB
6,909,000
8,441
ING
Groep
NV
,
Reg
S
6.750%
N/A
(4)
BBB
8,282,731
1,098
Intesa
Sanpaolo
SpA,
144A
7.700%
N/A
(4)
BB-
1,036,509
9,185
Lloyds
Banking
Group
PLC
6.750%
N/A
(4)
Baa3
8,967,889
2,000
Lloyds
Banking
Group
PLC
7.500%
N/A
(4)
Baa3
1,985,180
1,500
Macquarie
Bank
Ltd/London,
144A
6.125%
N/A
(4)
BB+
1,380,790
7,000
NatWest
Group
PLC
8.000%
N/A
(4)
BBB-
7,078,750
795
NatWest
Group
PLC
6.000%
N/A
(4)
Baa3
759,225
2,100
Nordea
Bank
Abp,
144A
6.625%
N/A
(4)
BBB+
2,071,125
1,500
Societe
Generale
SA,
144A
4.750%
N/A
(4)
BB+
1,334,400
1,500
Societe
Generale
SA,
144A
9.375%
N/A
(4)
BB+
1,610,625
3,345
Societe
Generale
SA,
144A
8.000%
N/A
(4)
BB
3,386,813
1,700
Standard
Chartered
PLC,
144A
7.750%
N/A
(4)
BBB-
1,708,211
755
Standard
Chartered
PLC,
144A
6.000%
N/A
(4)
BBB-
741,788
1,660
UniCredit
SpA
,
Reg
S
8.000%
N/A
(4)
BB-
1,637,175
103,706
Total
Banks
101,886,717
Capital
Markets
-
7.4%
9,004
Credit
Suisse
Group
AG,
144A
7.500%
N/A
(4)
BB-
8,335,517
2,460
Credit
Suisse
Group
AG,
144A
7.500%
N/A
(4)
BB-
2,330,850
3,325
Credit
Suisse
Group
AG,
144A
9.750%
N/A
(4)
BB-
3,225,250
5,850
Credit
Suisse
Group
AG,
144A
6.375%
N/A
(4)
Ba2
4,738,500
6,000
Deutsche
Bank
AG
6.000%
N/A
(4)
Ba2
5,445,923
3,710
UBS
Group
AG,
144A
4.875%
N/A
(4)
BBB
3,334,919
9,550
UBS
Group
AG
,
Reg
S
6.875%
N/A
(4)
BBB
9,473,600
420
UBS
Group
AG,
144A
7.000%
N/A
(4)
BBB
417,362
40,319
Total
Capital
Markets
37,301,921
Commercial
Banks
-
0.2%
1,220
HSBC
Holdings
PLC
6.375%
N/A
(4)
BBB
1,194,392
1,220
Total
Commercial
Banks
1,194,392
$
145,245
Total
Contingent
Capital
Securities
(cost
$153,059,025)
140,383,030
Total
Long-Term
Investments
(cost
$849,941,212)
779,912,440
Borrowings
-
(31.5)%
(7),(8)
(
159,314,000
)
Reverse
Repurchase
Agreements,
including
accrued
interest
-
(7.1)%(9)
(
35,855,302
)
Taxable
Fund
Preferred
Shares,
net
of
deferred
offering
costs
-
(16.7)%(10)
(
84,499,075
)
Other
Assets
&
Liabilities,
Net
-   1.3%(11)
6,133,211
Net
Assets
Applicable
to
Common
Shares
-
100%
$
506,377,274
Futures
Contracts
-
Short
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
U.S.
Treasury
5-Year
Note
(448)
3/23
$
(
48,520,228
)
$
(
48,940,500
)
$
(
420,272
)
55
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(2)
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
of
Standard
&
Poor’s
Group
(“Standard
&
Poor’s”),
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
or
Fitch,
Inc.
(“Fitch”)
rating.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Ratings
below
BBB
by
Standard
&
Poor’s,
Baa
by
Moody’s
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
(3)
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
$53,309,292
have
been
pledged
as
collateral
for
reverse
repurchase
agreements.
(4)
Perpetual
security.
Maturity
date
is
not
applicable.
(5)
Variable
rate
security.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(6)
Contingent
Capital
Securities
(“CoCos”)
are
hybrid
securities
with
loss
absorption
characteristics
built
into
the
terms
of
the
security
for
the
benefit
of
the
issuer.
For
example,
the
terms
may
specify
an
automatic
write-down
of
principal
or
a
mandatory
conversion
into
the
issuer’s
common
stock
under
certain
adverse
circumstances,
such
as
the
issuer’s
capital
ratio
falling
below
a
specified
level.
(7)
Borrowings
as
a
percentage
of
Total
Investments
is
20.4%.
(8)
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
$340,633,981
have
been
pledged
as
collateral
for
borrowings.
(9)
Reverse
Repurchase
Agreements,
including
accrued
interest
as
a
percentage
of
Total
investments
is
4.6%.
(10)
Taxable
Fund
Preferred
Shares,
net
of
deferred
offering
costs
as
a
percentage
of
Total
Investments
is
10.9%.
(11)
Other
assets
less
liabilities
includes
the
unrealized
appreciation
(depreciation)
of
certain
over-the-counter
("OTC")
derivatives
as
well
as
the
OTC
cleared
and
exchange-traded
derivatives,
when
applicable.
The
unrealized
appreciation
(depreciation)
of
OTC
cleared
and
exchange-
traded
derivatives
is
recognized
as
part
of
the
cash
collateral
at
brokers
and/or
the
receivable
or
payable
for
variation
margin
as
presented
on
the
Statement
of
Assets
and
Liabilities,
when
applicable.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
LIBOR
London
Inter-Bank
Offered
Rate
N/A
Not
Applicable.
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.
See
accompanying
notes
to
financial
statements
Statement
of
Assets
and
Liabilities
January
31,
2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
56
.
JPC
JPI
JPS
JPT
NPFD
Assets
Long-term
investments,
at
value
†
$
1,364,382,453‌
$
734,498,623‌
$
2,630,187,517‌
$
134,705,605‌
$
779,912,440‌
Short-term
investments,
at
value
◊
6,169,002‌
2,086,097‌
43,663,483‌
634,573‌
–‌
Cash
4,742,894‌
1,315,103‌
166,294‌
269,247‌
–‌
Cash
denominated
in
foreign
currencies
^
–‌
–‌
174‌
–‌
–‌
Cash
collateral
at
brokers
for
investments
in
futures
contracts
(1)
–‌
–‌
–‌
–‌
582,046‌
Unrealized
appreciation
on
interest
rate
swaps
14,190,005‌
1,325,917‌
26,636,987‌
–‌
–‌
Receivable
for
dividends
88,346‌
61,915‌
390,550‌
10,699‌
134,643‌
Receivable
for
interest
19,083,304‌
9,550,740‌
34,172,626‌
1,806,620‌
9,627,167‌
Receivable
for
investments
sold
1,054,007‌
145,500‌
393,749‌
–‌
–‌
Receivable
for
reclaims
49,905‌
–‌
–‌
1,843‌
28,877‌
Deferred
offering
costs
187,362‌
–‌
198,422‌
–‌
–‌
Other
assets
486,759‌
83,488‌
922,992‌
1,859‌
76,756‌
Total
assets
1,410,434,037‌
749,067,383‌
2,736,732,794‌
137,430,446‌
790,361,929‌
Liabilities
Cash
overdraft
–‌
–‌
–‌
–‌
138,641‌
Cash
collateral
due
to
broker
14,727,118‌
1,319,656‌
27,630,008‌
–‌
–‌
Borrowings
249,400,000‌
198,400,000‌
459,300,000‌
43,400,000‌
159,314,000‌
Reverse
repurchase
agreements,
including
accrued
interest
102,518,768‌
65,402,830‌
276,127,924‌
1,001,365‌
35,855,302‌
Payable
for
dividends
4,848,114‌
2,587,494‌
8,138,937‌
463,491‌
2,319,374‌
Payable
for
investments
purchased
-
regular
settlement
5,803,671‌
3,674,780‌
–‌
604,379‌
417,894‌
Payable
for
offering
costs
116,466‌
–‌
67,875‌
–‌
–‌
Payable
for
variation
margin
on
futures
contracts
–‌
–‌
–‌
–‌
94,500‌
Taxable
Fund
Preferred
("TFP")
Shares,
net
of
deferred
offering
costs
**
149,335,943‌
–‌
268,984,657‌
–‌
84,499,075‌
Accrued
expenses:
Custodian
fees
150,897‌
88,552‌
268,958‌
29,639‌
809‌
Interest
1,101,907‌
883,504‌
2,030,026‌
192,744‌
650,566‌
Investor
relations
24,270‌
13,714‌
47,433‌
1,542‌
15,038‌
Management
fees
925,319‌
524,064‌
1,811,174‌
48,898‌
602,978‌
Trustees
fees
357,742‌
71,135‌
687,057‌
1,689‌
9,721‌
Professional
fees
—‌
15,389‌
34,442‌
16,381‌
24,652‌
Shareholder
reporting
expenses
93,327‌
41,967‌
184,403‌
12,978‌
16,985‌
Shareholder
servicing
agent
fees
296‌
21‌
694‌
21‌
232‌
Shelf
offering
costs
38,172‌
–‌
25,650‌
–‌
–‌
Other
18,359‌
5,141‌
9,679‌
4,649‌
24,888‌
Total
liabilities
529,460,369‌
273,028,247‌
1,045,348,917‌
45,777,776‌
283,984,655‌
Commitments
and
contingencies
(as
disclosed
in
Note
8)
Net
assets
applicable
to
common
shares
$
880,973,668‌
$
476,039,136‌
$
1,691,383,877‌
$
91,652,670‌
$
506,377,274‌
Common
shares
outstanding
105,069,232‌
22,772,419‌
205,710,932‌
4,391,624‌
24,164,141‌
Net
asset
value
("NAV")
per
common
share
outstanding
$
8
.38‌
$
20
.90‌
$
8
.22‌
$
20
.87‌
$
20
.96‌
Net
assets
applicable
to
common
shares
consist
of:
Common
shares,
$0.01
par
value
per
share
$
1,050,692‌
$
227,724‌
$
2,057,109‌
$
43,916‌
$
241,641‌
Paid-in
surplus
1,049,253,894‌
537,875,526‌
1,877,845,371‌
111,065,215‌
603,829,711‌
Total
distributable
earnings
(loss)
(
169,330,918‌
)
(
62,064,114‌
)
(
188,518,603‌
)
(
19,456,461‌
)
(
97,694,078‌
)
Net
assets
applicable
to
common
shares
$
880,973,668‌
$
476,039,136‌
$
1,691,383,877‌
$
91,652,670‌
$
506,377,274‌
Authorized
shares:
Common
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Preferred
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
†
Long-term
investments,
cost
$
1,412,072,160‌
$
760,381,309‌
$
2,737,280,054‌
$
140,681,673‌
$
849,941,212‌
◊
Short-term
investments,
cost
$
6,169,002‌
$
2,086,097‌
$
43,663,483‌
$
634,573‌
$
—‌
^
Cash
denominated
in
foreign
currencies,
cost
$
—‌
$
—‌
$
164‌
$
—‌
$
—‌
**
TFP
Shares,
liquidation
preference
150,000,000‌
—‌
270,000,000‌
—‌
85,000,000‌
(1)
Cash
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
derivatives.
Statement
of
Operations
Six
Months
Ended
January
31,
2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
57
JPC
JPI
JPS
JPT
NPFD
Investment
Income
Dividends
$
8,504,141‌
$
5,020,089‌
$
9,823,637‌
$
813,981‌
$
4,880,158‌
Interest
34,526,761‌
18,286,091‌
67,678,729‌
3,277,528‌
14,175,185‌
Rehypothecation
income
61,103‌
46,124‌
92,051‌
—‌
—‌
Total
Investment
Income
43,092,005‌
23,352,304‌
77,594,417‌
4,091,509‌
19,055,343‌
Expenses
–
–
–
–
–
Management
fees
5,545,120‌
3,105,648‌
10,758,883‌
577,505‌
3,469,195‌
Shareholder
servicing
agent
fees
912‌
62‌
2,106‌
62‌
198‌
Interest
expense
and
amortization
of
offering
costs
10,451,286‌
5,815,662‌
20,806,727‌
955,271‌
5,768,977‌
Liquidity
fees
637,836‌
—‌
1,335,253‌
—‌
331,140‌
Remarketing
fees
69,583‌
—‌
138,000‌
—‌
36,597‌
Stock
exchange
listing
fees
15,577‌
3,641‌
30,551‌
6,123‌
—‌
Investor
relations
expenses
25,283‌
13,365‌
48,991‌
3,176‌
17,381‌
Custodian
expenses
103,504‌
63,656‌
205,328‌
17,513‌
51,637‌
Trustees
fees
16,175‌
8,639‌
32,005‌
1,626‌
9,064‌
Professional
fees
146,512‌
36,809‌
172,460‌
42,436‌
89,498‌
Shareholder
reporting
expenses
78,725‌
36,055‌
148,109‌
11,922‌
17,835‌
Other
9,291‌
7,348‌
12,111‌
5,102‌
5,574‌
Total
expenses
before
expense
reimbursement
17,099,804‌
9,090,885‌
33,690,524‌
1,620,736‌
9,797,096‌
Expense
reimbursement
—‌
—‌
—‌
(
288,908‌
)
—‌
Net
expenses
17,099,804‌
9,090,885‌
33,690,524‌
1,331,828‌
9,797,096‌
Net
investment
income
(loss)
25,992,201‌
14,261,419‌
43,903,893‌
2,759,681‌
9,258,247‌
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
from
investments
and
foreign
currency
(
4,756,776‌
)
(
4,816,633‌
)
3,293,809‌
(
655,440‌
)
(
11,522,737‌
)
Net
realized
gain
(loss)
from
futures
contracts
—‌
—‌
—‌
—‌
2,631,333‌
Net
realized
gain
(loss)
from
swaps
969,062‌
629,382‌
2,222,647‌
—‌
—‌
Net
realized
gain
(loss)
(
3,787,714‌
)
(
4,187,251‌
)
5,516,456‌
(
655,440‌
)
(
8,891,404‌
)
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
and
foreign
currency
(
4,429,868‌
)
(
1,627,880‌
)
(
24,626,789‌
)
(
203,145‌
)
15,076,998‌
Change
in
net
unrealized
appreciation
(depreciation)
of
futures
contracts
—‌
—‌
—‌
—‌
(
243,675‌
)
Change
in
net
unrealized
appreciation
(depreciation)
of
swaps
11,918,611‌
384,499‌
21,966,999‌
—‌
—‌
Change
in
net
unrealized
appreciation
(depreciation)
7,488,743‌
(
1,243,381‌
)
(
2,659,790‌
)
(
203,145‌
)
14,833,323‌
Net
realized
and
unrealized
gain
(loss)
3,701,029‌
(
5,430,632‌
)
2,856,666‌
(
858,585‌
)
5,941,919‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
$
29,693,230‌
$
8,830,787‌
$
46,760,559‌
$
1,901,096‌
$
15,200,166‌
Statement
of
Changes
in
Net
Assets
See
accompanying
notes
to
financial
statements.
58
JPC
JPI
Unaudited
Six
Months
Ended
1/31/23
Year
Ended
7/31/22
Unaudited
Six
Months
Ended
1/31/23
Year
Ended
7/31/22
Operations
Net
investment
income
(loss)
$
25,992,201‌
$
68,799,874‌
$
14,261,419‌
$
36,046,491‌
Net
realized
gain
(loss)
(
3,787,714‌
)
(
18,003,286‌
)
(
4,187,251‌
)
(
3,730,826‌
)
Change
in
net
unrealized
appreciation
(depreciation)
7,488,743‌
(
140,874,946‌
)
(
1,243,381‌
)
(
90,451,707‌
)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
29,693,230‌
(
90,078,358‌
)
8,830,787‌
(
58,136,042‌
)
Distributions
to
Common
Shareholders
Dividends
(
32,781,600‌
)
(
66,660,132‌
)
(
17,033,769‌
)
(
35,659,439‌
)
Decrease
in
net
assets
applicable
to
common
shares
from
distributions
to
common
shareholders
(
32,781,600‌
)
(
66,660,132‌
)
(
17,033,769‌
)
(
35,659,439‌
)
Capital
Share
Transactions
Common
shares:
Proceeds
from
shelf
offering,
net
of
offering
costs
—‌
11,703,948‌
—‌
—‌
Net
proceeds
from
shares
issued
to
shareholders
due
to
reinvestment
of
distributions
—‌
382,390‌
—‌
154,363‌
Net
increase
(decrease)
in
net
assets
from
applicable
to
common
shares
from
capital
share
transactions
—‌
12,086,338‌
—‌
154,363‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
(
3,088,370‌
)
(
144,652,152‌
)
(
8,202,982‌
)
(
93,641,118‌
)
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
884,062,038‌
1,028,714,190‌
484,242,118‌
577,883,236‌
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
880,973,668‌
$
884,062,038‌
$
476,039,136‌
$
484,242,118‌
See
accompanying
notes
to
financial
statements.
59
JPS
JPT
Unaudited
Six
Months
Ended
1/31/23
Year
Ended
7/31/22
Unaudited
Six
Months
Ended
1/31/23
Year
Ended
7/31/22
Operations
Net
investment
income
(loss)
$
43,903,893‌
$
118,936,222‌
$
2,759,681‌
$
7,516,570‌
Net
realized
gain
(loss)
5,516,456‌
545,509‌
(
655,440‌
)
(
809,709‌
)
Change
in
net
unrealized
appreciation
(depreciation)
(
2,659,790‌
)
(
338,880,802‌
)
(
203,145‌
)
(
19,819,462‌
)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
46,760,559‌
(
219,399,071‌
)
1,901,096‌
(
13,112,601‌
)
Distributions
to
Common
Shareholders
Dividends
(
53,073,479‌
)
(
121,278,321‌
)
(
3,159,773‌
)
(
8,310,452‌
)
Decrease
in
net
assets
applicable
to
common
shares
from
distributions
to
common
shareholders
(
53,073,479‌
)
(
121,278,321‌
)
(
3,159,773‌
)
(
8,310,452‌
)
Capital
Share
Transactions
Common
shares:
Proceeds
from
shelf
offering,
net
of
offering
costs
—‌
9,114,000‌
—‌
—‌
Net
proceeds
from
shares
issued
to
shareholders
due
to
reinvestment
of
distributions
—‌
287,954‌
—‌
54,398‌
Cost
of
shares
repurchased
and
retired
through
tender
offer
–‌
–‌
–‌
(
57,097,582‌
)
Net
increase
(decrease)
in
net
assets
from
applicable
to
common
shares
from
capital
share
transactions
—‌
9,401,954‌
—‌
(
57,043,184‌
)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
(
6,312,920‌
)
(
331,275,438‌
)
(
1,258,677‌
)
(
78,466,237‌
)
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
1,697,696,797‌
2,028,972,235‌
92,911,347‌
171,377,584‌
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
1,691,383,877‌
$
1,697,696,797‌
$
91,652,670‌
$
92,911,347‌
See
accompanying
notes
to
financial
statements.
60
NPFD
Unaudited
Six
Months
Ended
1/31/23
Unaudited
For
the
Period
12/15/21
(commencement
of
operations)
through
7/31/22
Operations
Net
investment
income
(loss)
$
9,258,247‌
$
14,428,732‌
Net
realized
gain
(loss)
(
8,891,404‌
)
(
4,412,968‌
)
Change
in
net
unrealized
appreciation
(depreciation)
14,833,323‌
(
85,282,367‌
)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
15,200,166‌
(
75,266,603‌
)
Distributions
to
Common
Shareholders
Dividends
(
17,651,905‌
)
(
20,007,909‌
)
Decrease
in
net
assets
applicable
to
common
shares
from
distributions
to
common
shareholders
(
17,651,905‌
)
(
20,007,909‌
)
Capital
Share
Transactions
Common
shares:
Proceeds
from
sale
of
common
shares
—‌
604,003,525‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
(
2,451,739‌
)
508,729,013‌
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
508,829,013‌
100,000‌
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
506,377,274‌
$
508,829,013‌
Statement
of
Cash
Flows
January
31,
2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
61
JPC
JPI
JPS
JPT
NPFD
Cash
Flows
from
Operating
Activities
Net
Increase
(Decrease)
in
Net
Assets
Applicable
to
Common
Shares
from
Operations
$
29,693,230‌
$
8,830,787‌
$
46,760,559‌
$
1,901,096‌
$
15,200,166‌
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
(79,858,195‌)
(30,711,963‌)
(179,818,662‌)
(6,315,938‌)
(77,922,938‌)
Proceeds
from
sale
and
maturities
of
investments
99,631,285‌
45,413,953‌
209,222,725‌
9,083,128‌
87,435,651‌
Proceeds
from
(Purchase
of)
short-term
investments,
net
(1,355,504‌)
2,536,189‌
(12,303,086‌)
(439,900‌)
4,814,971‌
Proceeds
from
litigation
settlement
455‌
—‌
—‌
—‌
—‌
Amortization
(Accretion)
of
premiums
and
discounts,
net
2,916,393‌
1,262,648‌
5,050,306‌
429,763‌
5,753,619‌
Amortization
of
deferred
offering
costs
20,943‌
—‌
54,341‌
—‌
19,075‌
(Increase)
Decrease
in:
Receivable
for
dividends
44,463‌
23,379‌
656,694‌
6,460‌
37,029‌
Receivable
for
interest
(622,252‌)
154,050‌
1,083,964‌
110,626‌
392,992‌
Receivable
for
investments
sold
(662,886‌)
(145,500‌)
(393,749‌)
—‌
—‌
Other
assets
(126,091‌)
(754‌)
6,609‌
4,511‌
(71,389‌)
Increase
(Decrease)
in:
Payable
for
investments
purchased
-
regular
settlement
(1,165,551‌)
2,099,780‌
—‌
314,379‌
(1,232,106‌)
Payable
for
variation
margin
on
futures
contracts
—‌
—‌
—‌
—‌
90,648‌
Payable
for
offering
cost
116,466‌
—‌
(508,227‌)
—‌
—‌
Accrued
custodian
fees
(5,403‌)
(5,279‌)
24,648‌
(1,320‌)
(71,208‌)
Accrued
investor
relations
fees
336‌
14‌
106‌
708‌
3,730‌
Accrued
management
fees
(28,314‌)
(13,474‌)
80,817‌
(19,318‌)
(8,361‌)
Accrued
interest
415,320‌
643,102‌
1,291,985‌
184,548‌
12,367‌
Accrued
Trustees
fees
14,931‌
3,778‌
28,810‌
(4,639‌)
1,439‌
Accrued
professional
fees
(32,625‌)
(17,441‌)
(583‌)
(12,347‌)
13,612‌
Accrued
shareholder
reporting
expenses
42,638‌
20,219‌
79,447‌
8,558‌
6,062‌
Accrued
shareholder
servicing
agent
fees
6‌
—‌
17‌
—‌
124‌
Accrued
shelf
offering
costs
(2,600‌)
—‌
(16,111‌)
—‌
—‌
Accrued
other
expenses
6,409‌
(2,568‌)
(1,979‌)
331‌
23,915‌
Net
realized
(gain)
loss
from
investments
and
foreign
currency
4,756,776‌
4,816,633‌
(3,293,809‌)
655,440‌
11,522,737‌
Change
in
net
unrealized
(appreciation)
depreciation
of
investments
and
foreign
currency
4,429,868‌
1,627,880‌
24,626,789‌
203,145‌
(15,076,998‌)
Change
in
net
unrealized
(appreciation)
depreciation
of
swaps
(11,918,611‌)
(384,499‌)
(21,966,999‌)
—‌
—‌
Net
cash
from
operating
activities
46,311,487‌
36,150,934‌
70,664,612‌
6,109,231‌
30,945,137‌
Cash
Flows
from
Financing
Activities
Proceeds
from
borrowings
—‌
12,400,000‌
—‌
—‌
19,514,000‌
(Repayments)
of
borrowings
(174,000,000‌)
(30,000,000‌)
(40,000,000‌)
(3,600,000‌)
(48,800,000‌)
Proceeds
from
reverse
repurchase
agreements
—‌
—‌
—‌
1,000,000‌
52,197,000‌
(Repayments
of)
reverse
repurchase
agreements
—‌
—‌
—‌
—‌
(119,916,000‌)
Proceeds
from
TFP
Shares
issued,
at
liquidation
preference
150,000,000‌
—‌
—‌
—‌
85,000,000‌
(Payments
for)
deferred
offering
costs
(685,000‌)
—‌
—‌
—‌
(520,000‌)
Increase
(Decrease)
in
cash
overdraft
—‌
(116,096‌)
—‌
—‌
138,641‌
Increase
(Decrease)
in
cash
collateral
due
to
broker
11,901,445‌
264,475‌
22,324,370‌
—‌
—‌
Cash
distributions
paid
to
common
shareholders
(33,400,575‌)
(17,384,210‌)
(53,792,306‌)
(3,240,009‌)
(18,666,630‌)
Net
cash
provided
by
(used
in)
financing
activities
(46,184,130‌)
(34,835,831‌)
(71,467,936‌)
(5,840,009‌)
(31,052,989‌)
Net
Increase
(Decrease)
in
Cash,
cash
denominated
in
foreign
currencies
and
Cash
Collateral
at
Brokers
127,357‌
1,315,103‌
(803,324‌)
269,222‌
(107,852‌)
Cash,
cash
denominated
in
foreign
currencies
and
Cash
Collateral
at
Brokers
at
the
beginning
of
period
4,615,537‌
—‌
969,792‌
25‌
689,898‌
Cash,
cash
denominated
in
foreign
currencies
and
Cash
Collateral
at
Brokers
at
the
end
of
period
$
4,742,894‌
$
1,315,103‌
$
166,468‌
$
269,247‌
$
582,046‌
See
accompanying
notes
to
financial
statements.
62
The
following
table
provides
a
reconciliation
of
cash
and
cash
collateral
at
brokers
to
the
statement
of
assets
and
liabilities: 
JPC
JPI
JPS
JPT
NPFD
Cash
$
4,742,894‌
$
1,315,103‌
$
166,294‌
$
269,247‌
$
—‌
Cash
denominated
in
foreign
currencies
—‌
—‌
174‌
—‌
—‌
Cash
collateral
at
brokers
for
investments
in
futures
contracts
—‌
—‌
—‌
—‌
582,046‌
Total
cash
,
cash
denominated
in
foreign
currencies
and
cash
collateral
at
brokers
$
4,742,894‌
$
1,315,103‌
$
166,468‌
$
269,247‌
$
582,046‌
Supplemental
Disclosure
of
Cash
Flow
Information
JPC
JPI
JPS
JPT
NPFD
Cash
paid
for
interest
$
10,017,001‌
$
5,164,068‌
$
19,464,325‌
$
769,453‌
$
5,737,536‌
Financial
Highlights
64
The
Funds'
fiscal
year
end
is
July
31st. 
The
following
data
is
for
a
common
share
outstanding for
each
fiscal
year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
to
Common
Shareholders
Common
Share
Beginning
Common
Share
NAV
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Accumulated
Net
Realized
Gains
Return
of
Capital
Total
Shelf
Offering
Costs
Premium
per
Share
Sold
through
Shelf
Offering
Ending
NAV
Ending
Share
Price
JPC
2023(e)
$
8.41
$
0.25
$
0.03
$
0.28
$
(0.31)
$
—
$
—
$
(0.31)
$
—
$
—
$
8.38
$
7.96
2022
9.91
0.66
(1.52)
(0.86)
(0.64)
—
—
(0.64)
—(g)
—(g)
8.41
8.20
2021
8.83
0.67
1.05
1.72
(0.64)
—
—
(0.64)
—(g)
—(g)
9.91
10.00
2020
10.14
0.65
(1.26)
(0.61)
(0.68)
—
(0.02)
(0.70)
—
—
8.83
8.81
2019
10.16
0.70
0.01
0.71
(0.70)
—
(0.03)
(0.73)
—
—
10.14
9.91
2018
10.87
0.76
(0.70)
0.06
(0.77)
—
—(g)
(0.77)
—
—
10.16
9.44
JPI
2023(e)
21.26
0.63
(0.24)
0.39
(0.75)
—
—
(0.75)
—
—
20.90
20.37
2022
25.38
1.58
(4.13)
(2.55)
(1.57)
—
—
(1.57)
—
—
21.26
20.51
2021
22.45
1.65
2.85
4.50
(1.57)
—
—
(1.57)
—
—
25.38
26.26
2020
24.67
1.59
(2.20)
(0.61)
(1.57)
—
(0.04)
(1.61)
—
—
22.45
22.20
2019
24.39
1.64
0.27
1.91
(1.61)
—
(0.02)
(1.63)
—
—
24.67
24.27
2018
25.97
1.66
(1.55)
0.11
(1.62)
—
(0.07)
(1.69)
—
—
24.39
23.13
(a)
Per
share
Net
Investment
Income
(Loss)
is
calculated
using
the
average
daily
shares
method.
(b)
Total
Return
Based
on
Common
Share
NAV
is
the
combination
of
changes
in
common
share
NAV,
reinvested
dividend
income
at
NAV
and
reinvested
capital
gains
distributions
at
NAV,
if
any.
The
last
dividend
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
dividend
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
dividend
income
and
reinvested
capital
gains
distributions,
if
any,
at
the
average
price
paid
per
share
at
the
time
of
reinvestment.
The
last
dividend
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
dividend
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.
See
accompanying
notes
to
financial
statements.
65
Ratios
of
Interest
Expense
to
Average
Net
Assets
Applicable
to
Common
Shares
JPC
JPI
2023
(e)
2.63
%
(f)
2.54
%
(f)
2022
0.72
0.69
2021
0.49
0.44
2020
1.17
1.01
2019
1.73
1.43
2018
1.29
0.97
Common
Share
Supplemental
Data/
Ratios
Applicable
to
Common
Shares
Common
Share
Total
Returns
Ratios
to
Average
Net
Assets
Based
on
NAV(b)
Based
on
Share
Price(b)
Ending
Net
Assets
(000)
Expenses(c)
Net
Investment
Income
(Loss)(c)
Portfolio
Turnover
Rate(d)
3.62‌
%
1.19‌
%
$
880,974
4.03‌
%
(f)
6.12‌
%
(f)
6‌
%
(9.05‌)
(11.91‌)
884,062
2.06‌
7.10‌
71‌
19.93‌
21.55‌
1,028,714
1.81‌
7.02‌
23‌
(6.16‌)
(4.12‌)
912,193
2.50‌
6.87‌
32‌
7.48‌
13.52‌
1,047,925
3.04‌
7.10‌
23‌
0.57‌
(3.76‌)
1,049,894
2.59‌
7.19‌
29‌
2.14‌
3.28‌
476,039
3.96‌
(f)
6.22‌
(f)
4‌
(10.41‌)
(16.35‌)
484,242
2.06‌
6.75‌
9‌
20.54‌
26.22‌
577,883
1.76‌
6.79‌
23‌
(2.50‌)
(1.93‌)
511,060
2.34‌
6.75‌
34‌
8.29‌
12.79‌
561,523
2.72‌
6.90‌
27‌
0.37‌
(1.40‌)
555,058
2.22‌
6.56‌
26‌
(c)
•
Net
Investment
Income
(Loss)
ratios
reflect
income
earned
and
expenses
incurred
on
assets
attributable
to
preferred
shares
(as
described
in
Note
5
–
Fund
Shares)
and/or
borrowings
and/or
reverse
repurchase
agreements
(as
described
in
Note
9
-
Borrowing
Agreements
and
Reverse
Repurchase
Agreements),
where
applicable.
•
Each
ratio
includes
the
effect
of
all
interest
expenses
paid
and
other
costs
related
to
preferred
shares
and/or
borrowings
and/or
reverse
repurchase
agreements,
where
applicable,
as
follows:
(d)
Portfolio
Turnover
Rate
is
calculated
based
on
the
lesser
of
long-term
purchases
or
sales
(as
disclosed
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives)
divided
by
the
average
long-term
market
value
during
the
period.
(e)
Unaudited.  For
the
six
months
ended
January
31,
2023.
(f)
Annualized.
(g)
Value
rounded
to
zero.
Financial
Highlights
66
The
Funds'
fiscal
year
end
is
July
31st. 
The
following
data
is
for
a
common
share
outstanding for
each
fiscal
year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
to
Common
Shareholders
Common
Share
Beginning
Common
Share
NAV
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Accumulated
Net
Realized
Gains
Return
of
Capital
Total
Discount
Per
Share
Repurchased
and
Retired
Shelf
Offering
Costs
Premium
per
Share
Sold
through
Shelf
Offering
Ending
NAV
Ending
Share
Price
JPS
2023(f)
$
8.25
$
0.21
$
0.02
$
0.23
$
(0.26)
$
—
$
—
$
(0.26)
$
—
$
—
$
—
$
8.22
$
7.63
2022
9.91
0.58
(1.65)
(1.07)
(0.59)
—
—
(0.59)
—
—(h)
—(h)
8.25
7.77
2021
9.06
0.63
0.83
1.46
(0.61)
—
—
(0.61)
—
—(h)
—(h)
9.91
10.02
2020
9.84
0.63
(0.76)
(0.13)
(0.60)
—
(0.05)
(0.65)
—
—
—
9.06
9.07
2019
9.73
0.66
0.12
0.78
(0.66)
—
(0.01)
(0.67)
—(h)
—
—
9.84
9.79
2018
10.39
0.69
(0.62)
0.07
(0.73)
—
—
(0.73)
—
—
—
9.73
8.94
JPT
2023(f)
21.16
0.63
(0.20)
0.43
(0.72)
—
—
(
0.72)
—
—
—
20.87
19.35
2022
25.04
1.30
(3.68)
(2.38)
(1.50)
—
—
(1.50)
—
—
—
21.16
20.26
2021
22.84
1.31
2.31
3.62
(1.42)
—
—
(1.42)
—
—
—
25.04
25.45
2020
24.24
1.29
(1.27)
0.02
(1.42)
—
—
(1.42)
—
—
—
22.84
23.20
2019
23.89
1.36
0.41
1.77
(1.42)
—
—
(1.42)
—
—
—
24.24
23.90
2018
25.62
1.44
(1.66)
(0.22)
(1.51)
—
—
(1.51)
—
—
—
23.89
23.17
(a)
Per
share
Net
Investment
Income
(Loss)
is
calculated
using
the
average
daily
shares
method.
(b)
Total
Return
Based
on
Common
Share
NAV
is
the
combination
of
changes
in
common
share
NAV,
reinvested
dividend
income
at
NAV
and
reinvested
capital
gains
distributions
at
NAV,
if
any.
The
last
dividend
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
dividend
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
dividend
income
and
reinvested
capital
gains
distributions,
if
any,
at
the
average
price
paid
per
share
at
the
time
of
reinvestment.
The
last
dividend
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
dividend
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.
See
accompanying
notes
to
financial
statements.
67
Ratios
of
Interest
Expense
to
Average
Net
Assets
Applicable
to
Common
Shares
JPS
JPT
2023
(f)
2.75
%
(g)
2.16
%
(g)
2022
0.73
0.41
2021
0.49
0.22
2020
1.14
0.55
2019
1.73
0.83
2018
1.22
0.60
Common
Share
Supplemental
Data/
Ratios
Applicable
to
Common
Shares
Common
Share
Total
Returns
Ratios
to
Average
Net
Assets
Based
on
NAV(b)
Based
on
Share
Price(b)
Ending
Net
Assets
(000)
Expenses(c)
Expenses
After
Reimbursement(d)
Net
Investment
Income
(Loss)(c),(d)
Portfolio
Turnover
Rate(e)
3.00‌
%
1.86‌
%
$
1,691,384
4.15‌
%
(g)
N/A‌
%
(g)
5.41‌
%
(g)
7‌
%
(11.16‌)
(17.04‌)
1,697,697
2.06‌
N/A‌
6.33‌
12‌
16.45‌
17.75‌
2,028,972
1.78‌
N/A‌
6.51‌
14‌
(1.29‌)
(0.59‌)
1,847,233
2.44‌
N/A‌
6.73‌
24‌
8.53‌
18.01‌
2,004,447
3.02‌
N/A‌
6.91‌
16‌
0.66‌
(6.43‌)
1,982,910
2.48‌
N/A‌
6.77‌
13‌
2.27‌
(0.71‌)
91,653
3.66‌
(g)
3.01‌
(g)
6.23‌
(g)
5‌
(9.81‌)
(14.88‌)
92,911
1.72‌
1.53‌
5.33‌
34‌
16.25‌
16.33‌
171,378
1.37‌
N/A‌
5.42‌
28‌
0.15‌
3.18‌
156,199
1.71‌
N/A‌
5.52‌
22‌
7.76‌
9.78‌
165,623
2.00‌
N/A‌
5.83‌
26‌
(0.84‌)
(2.36‌)
163,238
1.77‌
N/A‌
5.82‌
28‌
(c)
•
Net
Investment
Income
(Loss)
ratios
reflect
income
earned
and
expenses
incurred
on
assets
attributable
to
preferred
shares
(as
described
in
Note
5
–
Fund
Shares)
and/or
borrowings
and/or
reverse
repurchase
agreements
(as
described
in
Note
9
-
Borrowing
Agreements
and
Reverse
Repurchase
Agreements),
where
applicable.
•
Each
ratio
includes
the
effect
of
all
interest
expenses
paid
and
other
costs
related
to
preferred
shares
and/or
borrowings
and/or
reverse
repurchase
agreements,
where
applicable,
as
follows:
(d)
During
the
six
months
ended
January
31,
2023
and
the
year
ended
July
31,
2022,
the
Adviser
voluntarily
reimbursed
JPT
for
certain
expenses
incurred
in
connection
with
its
restructuring.
See
Note
7-Management
Fees
for
more
information.
(e)
Portfolio
Turnover
Rate
is
calculated
based
on
the
lesser
of
long-term
purchases
or
sales
(as
disclosed
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives)
divided
by
the
average
long-term
market
value
during
the
period.
(f)
Unaudited.  For
the
six
months
ended
January
31,
2023.
(g)
Annualized.
(h)
Value
rounded
to
zero.
Financial
Highlights
68
The
Fund's
fiscal
year
end
is
July
31st. 
The
following
data
is
for
a
common
share
outstanding for
each
fiscal
year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
to
Common
Shareholders
Common
Share
Beginning
Common
Share
NAV
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Accumulated
Net
Realized
Gains
Total
Ending
NAV
Ending
Share
Price
NPFD
2023(e)
$
21.06
$
0.38
$
0.25
$
0.63
$
(
0.73)
$
—
$
(0.73)
$
20.96
$
18.92
2022(g)
25.00
0.61
(3.72)
(3.11)
(0.83)
—
(0.83)
21.06
19.98
(a)
Per
share
Net
Investment
Income
(Loss)
is
calculated
using
the
average
daily
shares
method.
(b)
Total
Return
Based
on
Common
Share
NAV
is
the
combination
of
changes
in
common
share
NAV,
reinvested
dividend
income
at
NAV
and
reinvested
capital
gains
distributions
at
NAV,
if
any.
The
last
dividend
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
dividend
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
dividend
income
and
reinvested
capital
gains
distributions,
if
any,
at
the
average
price
paid
per
share
at
the
time
of
reinvestment.
The
last
dividend
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
dividend
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.
See
accompanying
notes
to
financial
statements.
69
Ratios
of
Interest
Expense
to
Average
Net
Assets
Applicable
to
Common
Shares
NPFD
2023
(e)
2.53
%
(f)
2022
0.74
Common
Share
Supplemental
Data/
Ratios
Applicable
to
Common
Shares
Common
Share
Total
Returns
Ratios
to
Average
Net
Assets
Based
on
NAV(b)
Based
on
Share
Price(b)
Ending
Net
Assets
(000)
Expenses(c)
Net
Investment
Income
(Loss)(c)
Portfolio
Turnover
Rate(d)
3.22‌
%
(1.39‌)
%
$
506,377
4.04‌
%
(f)
3.82‌
%
(f)
10‌
%
(12.48‌)
(16.77‌)
508,829
2.13‌
(f)
4.33‌
(f)
14‌
(c)
•
Net
Investment
Income
(Loss)
ratios
reflect
income
earned
and
expenses
incurred
on
assets
attributable
to
preferred
shares
(as
described
in
Note
5
–
Fund
Shares)
and/or
borrowings
and/or
reverse
repurchase
agreements
(as
described
in
Note
9
-
Borrowing
Agreements
and
Reverse
Repurchase
Agreements),
where
applicable.
•
Each
ratio
includes
the
effect
of
all
interest
expenses
pai
d
and
other
costs
related
to
preferred
shares
and/or
borrowings
and/or
reverse
repurchase
agreements,
where
applicable,
as
follows:
(d)
Portfolio
Turnover
Rate
is
calculated
based
on
the
lesser
of
long-term
purchases
or
sales
(as
disclosed
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives)
divided
by
the
average
long-term
market
value
during
the
period.
(e)
Unaudited.  For
the
six
months
ended
January
31,
2023.
(f)
Annualized.
(g)
For
the
period
December
15,
2021
(commencement
of
operations)
through
July
31,
2022.
70
Financial
Highlights
(continued)
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
Borrowings
and/or
TFP
Shares
Aggregate
Amount
Outstanding
(000)(a)
Asset
Coverage
Per
$1,000
Share(b)
Aggregate
Amount
Outstanding
(000)
(a)
Asset
Coverage
Per
$1,000
Share
(b)
Asset
Coverage
Per
$1
Liquidation
Preference
JPC
2023(c)
$
249,400
$
5,134
$
150,000
$
3,206
$
3.21
2022
423,400
3,088
—
—
—
2021
462,700
3,223
—
—
—
2020
400,000
3,280
—
—
—
2019
455,000
3,303
—
—
—
2018
437,000
3,403
—
—
—
JPI
2023(c)
198,400
3,399
—
—
—
2022
216,000
3,242
—
—
—
2021
234,800
3,461
—
—
—
2020
200,000
3,555
—
—
—
2019
210,000
3,674
—
—
—
2018
225,000
3,467
—
—
—
JPS
2023(c)
459,300
5,270
270,000
3,319
3.32
2022
499,300
4,402
270,000
3,208
3.21
2021
873,300
3,323
—
—
—
2020
740,300
3,495
—
—
—
2019
853,300
3,349
—
—
—
2018
845,300
3,346
—
—
—
JPT
2023(c)
43,400
3,112
—
—
—
2022
47,000
2,977
—
—
—
2021
47,000
4,646
—
—
—
2020
37,300
5,188
—
—
—
2019
42,500
4,897
—
—
—
2018
42,500
4,841
—
—
—
NPFD
2023(c)
159,314
4,712
85,000
3,073
3.07
2022(d)
188,600
3,698
—
—
—
(a)
Aggregate
Amount
Outstanding:
Aggregate
amount
outstanding
represents
the
principal
amount
outstanding
or
liquidation
preference
as
of
the
end
of
the
relevant
fiscal
year.
(b)
Asset
Coverage
Per
$1,000:
Asset
coverage
per
$1,000
of
debt
is
calculated
by
subtracting
the
Fund's
liabilities
and
indebtedness
not
represented
by
senior
securities
from
the
Fund's
total
assets,
dividing
the
results
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)
Unaudited.  For
the
six
months
ended
January
31,
2023.
(d)
For
the
period
December
15,
2021
(commencement
of
operations)
through
July
31,
2022.
Notes
to
Financial
Statements
(Unaudited)
71
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”):
Nuveen
Preferred
&
Income
Opportunities
Fund
(JPC)
Nuveen
Preferred
and
Income
Term
Fund
(JPI)
Nuveen
Preferred
&
Income
Securities
Fund
(JPS)
Nuveen
Preferred
and
Income
Fund
(JPT)
Nuveen
Variable
Rate
Preferred
&
Income
Fund
(NPFD)
The
Funds
are
registered
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
as
amended,
as
diversified
closed-end
management
investment
companies.
JPC,
JPI,
JPS,
JPT
and
NPFD
were
each
organized
as
Massachusetts
business
trusts
on
January
27,
2003,
April
18,
2012,
June
24,
2002,
July
6,
2016
and
June
1,
2021,
respectively.
Current
Fiscal
Period
The
end
of
the
reporting
period
for
the
Funds
is
January
31,
2023,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
six
months
ended
January
31,
2023
(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’
portfolios,
manages
the
Funds’
business
affairs
and
provides
certain
clerical,
bookkeeping
and
other
administrative
services,
and,
if
necessary,
asset
allocation
decisions.
For
JPC,
JPI,
JPT
and
NPFD,
the
Adviser
has
entered
into
sub-advisory
agreements
with
Nuveen
Asset
Management
LLC
(“NAM”),
a
subsidiary
of
the
Adviser.
For
JPS,
the
Adviser
has
entered
into
a
sub-advisory
agreement
with
Spectrum
Asset
Management,
Inc.
(“Spectrum”).
Spectrum
and
NAM
are
each
a
“Sub-Adviser”
and
collectively,
the
“Sub-Advisers”
for
their
respective
Funds.
The
Sub-Advisers
manage
the
investment
portfolio
of
each
Fund.
The
Adviser
is
responsible
for
managing
JPC’s,
JPI’s
and
JPS’s
investments
in
swap
contracts.
Developments
Regarding
the
Funds’
Control
Share
By-Law
On
October
5,
2020,
the
Funds
and
certain
other
closed-end
funds
in
the
Nuveen
fund
complex
amended
their
by-laws.
Among
other
things,
the
amended
by-laws
included
provisions
pursuant
to
which,
in
summary,
a
shareholder
who
obtains
beneficial
ownership
of
common
shares
in
a
Control
Share
Acquisition
(as
defined
in
the
by-laws)
shall
have
the
same
voting
rights
as
other
common
shareholders
only
to
the
extent
authorized
by
the
other
disinterested
shareholders
(the
“Control
Share
By-Law”).
On
January
14,
2021,
a
shareholder
of
certain
Nuveen
closed-end
funds
filed
a
civil
complaint
in
the
U.S.
District
Court
for
the
Southern
District
of
New
York
(the
“District
Court”)
against
certain
Nuveen
funds
and
their
trustees,
seeking
a
declaration
that
such
funds’
Control
Share
By-Laws
violate
the
1940
Act,
rescission
of
such
fund’s
Control
Share
By-Laws
and
a
permanent
injunction
against
such
funds
applying
the
Control
Share
By-Laws.
On
February
18,
2022,
the
District
Court
granted
judgment
in
favor
of
the
plaintiff’s
claim
for
rescission
of
such
funds’
Control
Share
By-Laws
and
the
plaintiff’s
declaratory
judgment
claim,
and
declared
that
such
funds’
Control
Share
By-Laws
violate
Section
18(i)
of
the
1940
Act.
Following
review
of
the
judgment
of
the
District
Court,
on
February
22,
2022,
the
Board
of
Trustees
(the
“Board”)
amended
the
Funds’
by-laws
to
provide
that
the
Funds’
Control
Share
By-Law
shall
be
of
no
force
and
effect
for
so
long
as
the
judgment
of
the
District
Court
is
effective
and
that
if
the
judgment
of
the
District
Court
is
reversed,
overturned,
vacated,
stayed,
or
otherwise
nullified,
the
Funds’
Control
Share
By-Law
will
be
automatically
reinstated
and
apply
to
any
beneficial
owner
of
common
shares
acquired
in
a
Control
Share
Acquisition,
regardless
of
whether
such
Control
Share
Acquisition
occurs
before
or
after
such
reinstatement,
for
the
duration
of
the
stay
or
upon
issuance
of
the
mandate
reversing,
overturning,
vacating
or
otherwise
nullifying
the
judgment
of
the
District
Court.
On
February
25,
2022,
the
Board
and
the
Funds
appealed
the
District
Court’s
decision
to
the
U.S.
Court
of
Appeals
for
the
Second
Circuit.
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
common
share
transactions
through
the
date
of
the
report.
Total
return
is
computed
based
on
the
NAV
used
for
processing
security
and
common
share
transactions.
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
the
Funds.
72
Notes
to
Financial
Statements
(Unaudited)
(continued)
Compensation
The
Funds pay
no
compensation
directly
to
those
of
its
trustees
or
to
its
officers,
all
of
whom
receive
remuneration
for
their
services
to
each
Fund
from
the
Adviser
or
its
affiliates.
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.
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.
Foreign
Currency
Transactions
and
Translation
To
the
extent
that
the
Funds
invest
in
securities
and/or
contracts
that
are
denominated
in
a
currency
other
than
U.S.
dollars,
the
Funds
will
be
subject
to
currency
risk,
which
is
the
risk
that
an
increase
in
the
U.S.
dollar
relative
to
the
foreign
currency
will
reduce
returns
or
portfolio
value.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
Funds’
investments
denominated
in
that
currency
will
lose
value
because
their
currency
is
worth
fewer
U.S.
dollars;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value.
Investments
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
converted
into
U.S.
dollars
on
a
spot
(i.e.
cash)
basis
at
the
spot
rate
prevailing
in
the
foreign
currency
exchange
market
at
the
time
of
valuation.
Purchases
and
sales
of
investments
and
income
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
on
the
respective
dates
of
such
transactions.
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
investments
and
foreign
currency”
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
net
unrealized
appreciation
(depreciation)
of
investments
and
foreign
currency”
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
net
unrealized
appreciation
(depreciation)”
on
the
Statement
of
Operations,
when
applicable.
As
of
the
end
of
the
reporting
period,
the
Funds’
investments
in
non-U.S.
securities
were
as
follows:
JPC
Value
%
of
Total
Investments
Country:
United
Kingdom
$
163,242,756
11.9
%
Switzerland
100,155,627
7.3
France
72,324,939
5.3
Spain
33,453,812
2.4
Canada
32,210,184
2.3
Netherlands
29,927,120
2.2
Australia
24,715,072
1.8
Ireland
20,924,934
1.5
Germany
19,906,637
1.4
Bermuda
15,286,970
1.1
Other
35,090,651
2.7
Total
non-U.S.
Securities
$547,238,702
39.9%
73
JPI
Value
%
of
Total
Investments
Country:
United
Kingdom
$
89,773,984
12.2
%
Switzerland
53,576,482
7.3
France
39,602,080
5.4
Spain
17,994,270
2.4
Canada
17,426,354
2.4
Netherlands
16,811,433
2.3
Australia
15,684,444
2.1
Germany
11,074,598
1.5
Bermuda
9,362,227
1.3
Ireland
8,722,961
1.2
Other
19,099,491
2.5
Total
non-U.S.
Securities
$299,128,324
40.6%
JPS
Value
%
of
Total
Investments
Country:
United
Kingdom
$
300,082,985
11.2
%
France
247,331,334
9.2
Switzerland
223,741,822
8.4
Canada
107,538,898
4.0
Finland
78,886,387
2.9
Spain
61,726,884
2.3
Netherlands
35,563,419
1.3
Australia
33,604,757
1.3
Norway
31,490,910
1.2
Japan
31,396,380
1.2
Other
85,217,458
3.2
Total
non-U.S.
Securities
$1,236,581,234
46.2%
JPT
Value
%
of
Total
Investments
Country:
United
Kingdom
$
15,815,775
11.7
%
Switzerland
9,633,539
7.1
France
7,458,326
5.5
Canada
3,263,288
2.4
Spain
3,109,972
2.3
Netherlands
3,034,431
2.2
Germany
2,824,472
2.1
Ireland
2,786,592
2.1
Australia
2,571,424
1.9
Bermuda
2,242,194
1.7
Other
2,500,222
1.8
Total
non-U.S.
Securities
$55,240,235
40.8%
NPFD
Value
%
of
Total
Investments
Country:
United
Kingdom
$
66,855,606
8.6
%
Canada
40,546,075
5.2
Switzerland
31,855,998
4.1
France
23,392,307
3.0
Ireland
19,375,688
2.5
Australia
16,077,023
2.0
Spain
11,744,122
1.5
Netherlands
10,755,945
1.4
Bermuda
8,406,342
1.1
Germany
5,445,924
0.7
Other
12,911,538
1.6
Total
non-U.S.
Securities
$247,366,568
31.7%
74
Notes
to
Financial
Statements
(Unaudited)
(continued)
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.
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
recorded
on
the
ex-dividend
date
and
recorded
at
fair
value.
Interest
income,
which
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
and
paydown
gains
and
losses,
if
any.
PIK
interest
represents
income
received
in
the
form
of
securities
in
lieu
of
cash.
Rehypothecation
income
is
comprised
of
fees
earned
in
connection
with
the
rehypothecation
of
pledged
collateral
as
further
described
in
Note
9
–
Borrowing
Arrangements
and
Reverse
Repurchase
Agreements.
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
Statements
of
Assets
and
Liabilities.
The
Funds’
investments
subject
to
netting
agreements
as
of
the
end
of
the
reporting
period,
if
any,
are
further
described
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives.
New
Accounting
Pronouncements
and
Rule
Issuances
Reference
Rate
Reform
In
March
2020,
FASB
issued
Accounting
Standards
Update
("ASU")
2020-04,
Reference
Rate
Reform:
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting.
The
main
objective
of
the
new
guidance
is
to
provide
relief
to
companies
that
will
be
impacted
by
the
expected
change
in
benchmark
interest
rates,
when
participating
banks
will
no
longer
be
required
to
submit
London
Interbank
Offered
Rate
(LIBOR)
quotes
by
the
UK
Financial
Conduct
Authority
(FCA).
The
new
guidance
allows
companies
to,
provided
the
only
change
to
existing
contracts
are
a
change
to
an
approved
benchmark
interest
rate,
account
for
modifications
as
a
continuance
of
the
existing
contract
without
additional
analysis.
For
new
and
existing
contracts,
the
Funds
may
elect
to
apply
the
amendments
as
of
March
12,
2020
through
December
31,
2022.
In
December
2022,
FASB
deferred
ASU
2022-04
and
issued
ASU
2022-06,
Reference
Rate
Reform:
Deferral
of
the
Sunset
Date
of
Topic
848,
which
extends
the
application
of
the
amendments
through
December
31,
2024.
Management
has
not
yet
elected
to
apply
the
amendments,
is
continuously
evaluating
the
potential
effect
a
discontinuation
of
LIBOR
could
have
on
the
Funds’
investments
and
has
currently
determined
that
it
is
unlikely
the
ASU’s
adoption
will
have
a
significant
impact
on
the
Funds’
financial
statements
and
various
filings.
New
Rules
to
Modernize
Fund
Valuation
Framework
Take
Effect
A
new
rule
adopted
by
the
Securities
and
Exchange
Commission
(the
"SEC")
governing
fund
valuation
practices,
Rule
2a-5
under
the
1940
Act,
has
established
requirements
for
determining
fair
value
in
good
faith
for
purposes
of
the
1940
Act.
Rule
2a-5
permits
fund
boards
to
designate
certain
parties
to
perform
fair
value
determinations,
subject
to
board
oversight
and
certain
other
conditions.
Rule
2a-5
also
defines
when
market
quotations
are
"readily
available"
for
purposes
of
Section
2(a)(41)
of
the
1940
Act,
which
requires
a
fund
to
fair
value
a
security
when
market
quotations
are
not
readily
available.
Separately,
new
SEC
Rule
31a-4
under
the
1940
Act
sets
forth
the
recordkeeping
requirements
associated
with
fair
value
determinations.
The
Funds
adopted
a
valuation
policy
conforming
to
the
new
rules,
effective
September
1,
2022,
and
there
was
no
material
impact
to
the
Funds.
FASB
issues
ASU
2022-03-Fair
Value
Measurement
(Topic
820),
Fair
Value
Measurement
of
Equity
Securities
Subject
to
Contractual
Sale
Restrictions
("ASU
2022-03")
In
June
2022,
the
FASB
issued
ASU
2022-03
to
clarify
the
guidance
in
Topic
820,
Fair
Value
Measurement
("Topic
820").
The
amendments
in
ASU
2022-03
affect
all
entities
that
have
investments
in
equity
securities
measured
at
fair
value
that
are
subject
to
a
contractual
sale
restriction.
ASU
2022-
03
(1)
clarifies
the
guidance
in
Topic
820,
when
measuring
the
fair
value
of
an
equity
security
subject
to
contractual
restrictions
that
prohibit
the
sale
of
equity
security,
(2)
amends
a
related
illustrative
example,
and
(3)
introduces
new
disclosure
requirements
for
equity
securities
subject
to
contractual
sale
restrictions
that
are
measured
at
fair
value
in
accordance
with
Topic
820.
For
public
business
entities,
the
amendments
in
ASU
2022-03
are
75
effective
for
fiscal
years
beginning
after
December
15,
2023,
and
interim
periods
within
those
fiscal
years.
For
all
other
entities,
the
amendments
are
effective
for
fiscal
years
beginning
after
December
15,
2024,
and
interim
periods
within
those
fiscal
years.
Early
adoption
is
permitted
for
both
interim
and
annual
financial
statements
that
have
not
yet
been
issued
or
made
available
for
issuance.
Management
is
currently
assessing
the
impact
of
these
provisions
on
the
Funds'
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.
Investments
in
investment
companies
are
valued
at
their
respective
NAVs
or
share
price on
the
valuation
date
and
are
generally
classified
as
Level
1. 
Repurchase
agreements
are
valued
at
contract
amount
plus
accrued
interest,
which
approximates
market
value.
These
securities
are
generally
classified
as
Level
2.
Futures
contracts
are
valued
using
the
closing
settlement
price
or,
in
the
absence
of
such
a
price,
the
last
traded
price
and
are
generally
classified
as
Level
1. 
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:
76
Notes
to
Financial
Statements
(Unaudited)
(continued)
JPC
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
$1,000
Par
(or
similar)
Institutional
Preferred
$
12,518,428
$
669,618,613
$
–
$
682,137,041
Contingent
Capital
Securities
–
436,801,676
–
436,801,676
$25
Par
(or
similar)
Retail
Preferred
221,344,121
20,475,426
–
241,819,547
Corporate
Bonds
–
3,624,189
–
3,624,189
Short-Term
Investments:
Repurchase
Agreements
–
6,169,002
–
6,169,002
Investments
in
Derivatives:
Interest
Rate
Swaps**
–
14,190,005
–
14,190,005
Total
$
233,862,549
$
1,150,878,911
$
–
$
1,384,741,460
1
JPI
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
$1,000
Par
(or
similar)
Institutional
Preferred
$
11,723,607
$
346,153,296
$
–
$
357,876,903
Contingent
Capital
Securities
–
237,265,159
–
237,265,159
$25
Par
(or
similar)
Retail
Preferred
119,949,195
16,044,422
–
135,993,617
Corporate
Bonds
–
3,362,944
–
3,362,944
Short-Term
Investments:
Repurchase
Agreements
–
2,086,097
–
2,086,097
Investments
in
Derivatives:
Interest
Rate
Swaps**
–
1,325,917
–
1,325,917
Total
$
131,672,802
$
606,237,835
$
–
$
737,910,637
1
JPS
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
$1,000
Par
(or
similar)
Institutional
Preferred
$
–
$
1,345,126,672
$
–
$
1,345,126,672
Contingent
Capital
Securities
–
906,809,398
–
906,809,398
$25
Par
(or
similar)
Retail
Preferred
230,406,052
23,800,955
–
254,207,007
Corporate
Bonds
–
77,748,068
–
77,748,068
Convertible
Preferred
Securities
28,000,459
–
–
28,000,459
Investment
Companies
18,295,913
–
–
18,295,913
Short-Term
Investments:
Repurchase
Agreements
–
43,663,483
–
43,663,483
Investments
in
Derivatives:
Interest
Rate
Swaps**
–
26,636,987
–
26,636,987
Total
$
276,702,424
$
2,423,785,563
$
–
$
2,700,487,987
1
JPT
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
$1,000
Par
(or
similar)
Institutional
Preferred
$
1,987,052
$
66,338,381
$
–
$
68,325,433
Contingent
Capital
Securities
–
41,956,630
–
41,956,630
$25
Par
(or
similar)
Retail
Preferred
20,797,717
1,690,560
–
22,488,277
Corporate
Bonds
–
1,935,265
–
1,935,265
Short-Term
Investments:
Repurchase
Agreements
–
634,573
–
634,573
Total
$
22,784,769
$
112,555,409
$
–
$
135,340,178
1
NPFD
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
$1,000
Par
(or
similar)
Institutional
Preferred
$
–
$
491,572,187
$
–
$
491,572,187
$25
Par
(or
similar)
Retail
Preferred
140,932,023
7,025,200
–
147,957,223
Contingent
Capital
Securities
–
140,383,030
–
140,383,030
Investments
in
Derivatives:
Futures
Contracts**
(420,272)
–
–
(420,272)
Total
$
140,511,751
$
638,980,417
$
–
$
779,492,168
1
*
Refer
to
the
Fund's
Portfolio
of
Investments
for
industry
classifications.
77
The
Funds
hold
liabilities
in
preferred
shares,
where
applicable,
which
are
not
reflected
in
the
tables
above.
The
fair
values
of
the
Funds’
liabilities
for
preferred
shares
approximate
their
liquidation
preference.
Preferred
shares
are
generally
classified
as
Level
2
and
further
described
in
Note
5
—
Fund
Shares.
4.
Portfolio
Securities
and
Investments
in
Derivatives
Portfolio
Securities
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.
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.
Investment
Transactions
Long-term
purchases
and
sales
(including
maturities
but
excluding
derivatives
transactions,
where
applicable)
during
the
current
fiscal
period
were
as
follows:
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.
The
Funds
have
earmarked
securities
in
their
portfolios
with
a
current
value
at
least
equal
to
the
amount
of
the
when-issued/
delayed
delivery
purchase
commitments.
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.
Investments
in
Derivatives
Each
Fund
is
authorized
to
invest
in
certain
other
derivative
instruments. Each
Fund
limits
its
investments
in
futures,
options
on
futures
and
swap
contracts
to
the
extent
necessary
for
the
Adviser
to
claim
the
exclusion
from
registration
by
the
Commodity
Futures
Trading
Commission
as
a
commodity
pool
operator
with
respect
to
the
Fund.
The
Funds
record
derivative
instruments
at
fair
value,
with
changes
in
fair
value
recognized
on
the
Statement
of
Operations,
when
applicable.
Even
though
the
Funds'
investments
in
derivatives
may
represent
economic
hedges,
they
are
not
considered
to
be
hedge
transactions
for
financial
reporting
purposes.
**
Represents
net
unrealized
appreciation
(depreciation)
as
reported
in
the
Fund's
Portfolio
of
Investments.
Fund
Counterparty
Short-term
Investments,
at
Value
Collateral
Pledged
(From)
Counterparty
JPC
Fixed
Income
Clearing
Corporation
$
6,169,002
$
(6,292,404)
JPI
Fixed
Income
Clearing
Corporation
2,086,097
(2,127,861)
JPS
Fixed
Income
Clearing
Corporation
43,663,483
(44,536,845)
JPT
Fixed
Income
Clearing
Corporation
634,573
(647,301)
Fund
Purchases
Sales
and
Maturities
JPC
$
79,858,195
$
99,631,285
JPI
30,711,963
45,413,953
JPS
179,818,662
209,222,725
JPT
6,315,938
9,083,128
NPFD
77,922,938
87,435,651
78
Notes
to
Financial
Statements
(Unaudited)
(continued)
Futures
Contracts
Upon
execution
of
a
futures
contract,
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.
Cash
held
by
the
broker
to
cover
initial
margin
requirements
on
open
futures
contracts,
if
any,
is
recognized
as
“Cash
collateral
at
brokers
for
investments
in
futures
contracts”
on
the
Statement
of
Assets
and
Liabilities.
Investments
in
futures
contracts
obligate
a
Fund
and
the
clearing
broker
to
settle
monies
on
a
daily
basis
representing
changes
in
the
prior
days
“mark-to-market”
of
the
open
contracts.
If
a
Fund
has
unrealized
appreciation
the
clearing
broker
would
credit
the
Fund’s
account
with
an
amount
equal
to
appreciation
and
conversely
if
a
Fund
has
unrealized
depreciation
the
clearing
broker
would
debit
the
Fund’s
account
with
an
amount
equal
to
depreciation.
These
daily
cash
settlements
are
also
known
as
“variation
margin.”
Variation
margin
is
recognized
as
a
receivable
and/or
payable
for
“Variation
margin
on
futures
contracts”
on
the
Statement
of
Assets
and
Liabilities.
During
the
period
the
futures
contract
is
open,
changes
in
the
value
of
the
contract
are
recognized
as
an
unrealized
gain
or
loss
by
“marking-to-
market”
on
a
daily
basis
to
reflect
the
changes
in
market
value
of
the
contract,
which
is
recognized
as
a
component
of
“Change
in
net
unrealized
appreciation
(depreciation)
of
futures
contracts”
on
the
Statement
of
Operations.
When
the
contract
is
closed
or
expired,
a
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
contract
on
the
closing
date
and
value
of
the
contract
when
originally
entered
into,
which
is
recognized
as
a
component
of
“Net
realized
gain
(loss)
from
futures
contracts”
on
the
Statement
of
Operations.
Risks
of
investments
in
futures
contracts
include
the
possible
adverse
movement
in
the
price
of
the
securities
or
indices
underlying
the
contracts,
the
possibility
that
there
may
not
be
a
liquid
secondary
market
for
the
contracts
and/or
that
a
change
in
the
value
of
the
contract
may
not
correlate
with
a
change
in
the
value
of
the
underlying
securities
or
indices.
During
the
current
fiscal
period,
NPFD
invested
in
short
interest
rate
futures
to
manage
the
Fund’s
exposure
to
various
points
along
the
yield
curve,
with
a
net
effect
of
decreasing
the
Fund’s
overall
interest
rate
sensitivity.
The
average
notional
amount
of
futures
outstanding
during
the
current
fiscal
period
was
as
follows:
The
following
table
presents
the
fair
value
of
all
futures
contracts
held
as
of
end
of
the
reporting
period,
the
location
of
these
instruments
on
the
Statement
of
Assets
and
Liabilities
and
the
primary
underlying
risk
exposure.
The
following
table
presents
the
amount
of
net
realized
gain
(loss)
and
change
in
net
unrealized
appreciation
(depreciation)
recognized
on
futures
contracts
on
the
Statement
of
Operations
during
the
current
fiscal
period,
and
the
primary
underlying
risk
exposure.
Interest
Rate
Swap
Contracts
Interest
rate
swap
contracts
involve
a
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
a
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”).
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
with
respect
to
the
swap
counterparty
on
such
transactions
is
limited
to
the
net
amount
of
interest
payments
that
the
Fund
is
to
receive.
Fund
Average
Notional
Amount
of
Futures
Contracts
Outstanding*
NPFD
$52,239,819
*
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.
Location
on
the
Statement
of
Assets
and
Liabilities
Underlying
Derivative
Asset
Derivatives
(Liability)
Derivatives
Risk
Exposure
Instrument
Location
Value
Location
Value
NPFD
Interest
rate
Futures
contracts
-
$
-
Payable
for
variation
margin
on
futures
contracts*
$
(420,272)
*
Value
represents
the
cumulative
unrealized
appreciation
(depreciation)
of
futures
contracts
as
reported
in
the
Fund’s
Portfolio
of
Investments
and
not
the
asset
and/or
liability
derivatives
location
as
described
in
the
table
above.
Fund
Underlying
Risk
Exposure
Derivative
Instrument
Net
Realized
Gain
(Loss)
from
Futures
Contracts
Change
in
Net
Unrealized
Appreciation
(Depreciation)
of
Futures
Contracts
NPFD
Interest
rate
Future
contracts
$
2,631,333
$
(243,675)
79
Interest
rate
swap
contracts
are
valued
daily.
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.
For
an
over-the-counter
(“OTC”)
swap,
that
is
not
cleared
through
a
clearing
house
(“OTC
Uncleared”),
the
amount
recorded
on
these
transactions
is
recognized
on
the
Statement
of
Assets
and
Liabilities
as
a
component
of
“Unrealized
appreciation
or
depreciation
on
interest
rate
swaps.”
Upon
the
execution
of
an
OTC
swap
cleared
through
a
clearing
house
(“OTC
Cleared”),
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
deposited
by
the
Fund
to
cover
initial
margin
requirements
on
open
swap
contracts,
if
any,
is
recognized
as
a
component
of
“Cash
collateral
at
brokers
for
investments
in
swaps”
on
the
Statement
of
Assets
and
Liabilities.
Investments
in
OTC
Cleared
swaps
obligate
the
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
contract.
If
the
Fund
has
unrealized
appreciation,
the
clearing
broker
will
credit
the
Fund’s
account
with
an
amount
equal
to
the
appreciation.
Conversely,
if
the
Fund
has
unrealized
depreciation,
the
clearing
broker
will
debit
the
Fund’s
account
with
an
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
swap
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
or
depreciation
on
interest
rate
swaps”
as
described
in
the
preceding
paragraph.
The
net
amount
of
periodic
payments
settled
in
cash
are
recognized
as
a
component
of
“Net
realized
gain
(loss)
from
swaps”
on
the
Statement
of
Operations,
in
addition
to
the
net
realized
gain
or
loss
recorded
upon
the
termination
of
the
swap
contract.
For
tax
purposes,
payments
expected
to
be
received
or
paid
on
the
swap
contracts
are
treated
as
ordinary
income
or
expense,
respectively.
Changes
in
the
value
of
the
swap
contracts
during
the
fiscal
period
are
recognized
as
a
component
of
“Change
in
net
unrealized
appreciation
(depreciation)
of
swaps”
on
the
Statement
of
Operations.
In
certain
instances,
payments
are
made
or
received
upon
entering
into
the
swap
contract
to
compensate
for
differences
between
the
stated
terms
of
the
swap
agreements
and
prevailing
market
conditions
(credit
spreads,
currency
exchange
rates,
interest
rates,
and
other
relevant
factors).
Payments
received
or
made
at
the
beginning
of
the
measurement
period,
if
any,
are
recognized
as
“Interest
rate
swaps
premiums
received
and/or
paid”
on
the
Statement
of
Assets
and
Liabilities.
During
the
current
fiscal
period,
JPC,
JPI
and
JPS
continued
to
use
interest
rate
swap
contracts
to
partially
hedge
the
interest
cost
of
leverage.
The
average
notional
amount
of
interest
rate
swap
contracts
outstanding
during
the
current
fiscal
period
was
as
follows:
The
following
table
presents
the
fair
value
of
all
swap
contracts
held
by
the
Funds
as
of
the
end
of
the
reporting
period,
the
location
of
these
instruments
on
the
Statement
of
Assets
and
Liabilities
and
the
primary
underlying
risk
exposure.
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
Average
Notional
Amount
of
Interest
Rate
Swap
Contracts
Outstanding*
JPC
$
325,500,000
JPI
157,000,000
JPS
611,000,000
*
The
average
notional
amount
is
calculated
based
on
the
outstanding
notional
at
the
beginning
of
the
current
fiscal
period
and
at
the
end
of
each
fiscal
quarter
within
the
current
fiscal
period.
Location
on
the
Statement
of
Assets
and
Liabilities
Underlying
Derivative
Asset
Derivatives
(Liability)
Derivatives
Risk
Exposure
Instrument
Location
Value
Location
Value
JPC
Interest
rate
Swaps
(OTC
Uncleared)
Unrealized
appreciation
on
interest
rate
swaps**
$
14,190,005
-
$-
JPI
Interest
rate
Swaps
(OTC
Uncleared)
Unrealized
appreciation
on
interest
rate
swaps**
$
1,325,917
-
$-
JPS
Interest
rate
Swaps
(OTC
Uncleared)
Unrealized
appreciation
on
interest
rate
swaps**
$
26,636,987
-
$-
**
Some
swap
contracts
require
a
counterparty
to
pay
or
receive
a
premium,
which
is
disclosed
in
the
Statement
of
Assets
and
Liabilities,
when
applicable,
and
is
not
reflected
in
the
cumulative
unrealized
appreciation
(depreciation)
presented
above.
80
Notes
to
Financial
Statements
(Unaudited)
(continued)
The
following
table
presents
the
amount
of
net
realized
gain
(loss)
and
change
in
net
unrealized
appreciation
(depreciation)
recognized
on
swap
contracts
on
the
Statement
of
Operations
during
the
current
fiscal
period,
and
the
primary
underlying
risk
exposure.
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
predetermined
threshold
amount.
5.
Fund
Shares
Common
Shares
Tender
Offer
The
Board
has
authorized
JPT
to
conduct
a
tender
offer
pursuant
to
which
the
Fund
would
offer
to
purchase
up
to
100%
of
its
then
outstanding
shares
for
cash
on
a
pro
rata
basis
at
a
price
per
share
equal
100%
of
the
NAV
per
share
as
determined
as
of
the
close
of
regular
trading
on
the
NYSE
on
the
expiration
date
of
the
tender
offer.
On
January
19,
2022,
Nuveen
announced
the
Fund’s
tender
offer,
which
commenced
on
January
20,
2022
and
expired
on
February
17,
2022.
In
the
tender
offer
2,454,617
shares
were
tendered,
representing
approximately
36%
of
the
Fund’s
common
shares
outstanding
from
participating
shareholders.
The
final
results
of
the
tender
offer
are
as
shown
in
the
accompanying
table.
Common
Shares
Equity
Shelf
Programs
and
Offering
Costs
The
following
Funds
have
filed
a
registration
statement
with
the
SEC
authorizing
each
Fund
to
issue
additional
common
shares
through
one
or
more
equity
shelf
programs
(“Shelf
Offering”),
which
became
effective
with
the
SEC
during
prior
fiscal
periods.
Fund
Counterparty
Gross
Unrealized
Appreciation
Interest
Rate
Swaps***
Gross
Unrealized
(Depreciation)
Interest
Rate
Swaps***
Net
Unrealized
Collateral
Pledged
to
(from)
Counterparty
Net
Exposure
JPC
Morgan
Stanley
Capital
Services
LLC
$
14,190,005
$
-  
$
14,190,005
$
(14,730,574)
$
(540,569)
JPI
Morgan
Stanley
Capital
Services
LLC
1,325,917
-  
1,325,917
(1,320,574)
5,343
JPS
Morgan
Stanley
Capital
Services
LLC
26,636,987
-  
26,636,987
(27,651,571)
(1,014,584)
***  Represents
gross
unrealized
appreciation
(depreciation)
for
the
counterparty
as
reported
in
the
Fund's
Portfolio
of
Investments.
Fund
Underlying
Risk
Exposure
Derivative
Instrument
Net
Realized
Gain
(Loss)
from
Swaps
Change
in
Net
Unrealized
Appreciation
(Depreciation)
of
Swaps
JPC
Interest
rate
Swaps
$
969,062
$
11,918,611
JPI
Interest
rate
Swaps
629,382
384,499
JPS
Interest
rate
Swaps
2,222,647
21,966,999
JPT
Number
of
common
shares
outstanding
before
tender
offer
6,846,241
Number
of
common
shares
authorized
for
tender
offer
2,454,617
Purchase
price
(100%
of
share
NAV
on
expiration
date)
$  
23.2613
Number
of
common
shares
outstanding
after
tender
offer
4,391,624
81
Under
these
Shelf
Offering,
the
Funds
subject
to
market
conditions,
may
raise
additional
equity
capital
by
issuing
additional
common
shares
from
time
to
time
in
varying
amounts
and
by
different
offering
methods
at
a
net
price
at
or
above
the
Fund’s
NAV
per
common
share.
In
the
event
the
Fund’s
Shelf
Offering
registration
statement
is
no
longer
current,
the
Fund
may
not
issue
additional
common
shares
until
a
post-effective
amendment
to
the
registration
statement
has
been
filed
with
the
SEC.
Maximum
aggregate
offering,
common
shares
sold
and
offering
proceeds,
net
of
offering
costs
under
each
Fund’s
Shelf
Offering
during
the
Funds’
current
and
prior
fiscal
period
were
as
follows:
Costs
incurred
by
each
Fund
in
connection
with
their
initial
shelf
registration
are
recorded
as
a
prepaid
expense
and
recognized
as
“Deferred
offering
costs”
on
the
Statement
of
Assets
and
Liabilities.
These
costs
are
amortized
pro
rata
as
common
shares
are
sold
and
are
recognized
as
a
component
of
“Proceeds
from
shelf
offering,
net
of
offering
costs”
on
the
Statement
of
Changes
in
Net
Assets.
Any
deferred
offering
costs
remaining
after
the
effectiveness
of
the
initial
shelf
registration
will
be
expensed.
Costs
incurred
by
the
Funds
to
keep
the
shelf
registration
current
are
expensed
as
incurred
and
recognized
as
a
component
of
“Other
expenses”
on
the
Statement
of
Operations.
Common
Shares
Transactions
Transactions
in common
shares during
the
Funds' current
and
prior
fiscal
period,
where
applicable, were
as
follows:
*
Prior
to
the
commencement
of
operations,
the
Adviser
purchased
4,000
shares,
which
are
still
held
as
of
the
end
of
the
reporting
period.
Preferred
Shares
Taxable
Fund
Preferred
Shares
JPC,
JPS
and
NPFD
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.
Each
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
Funds.
The
modes
within
TFP
Shares
detail
the
dividend
mechanics
and
are
described
as
follows.
At
a
subsequent
date,
the
Funds
may
establish
additional
mode
structures
with
the
TFP
Share.
JPC
JPS
Six
Months
Ended
1/31/23
Year
Ended
7/31/22
Six
Months
Ended
1/31/23
Year
Ended
7/31/22
Maximum
aggregate
offering
Unlimited
Unlimited
Unlimited
Unlimited
Common
shares
sold
-
1,185,860
-
921,252
Offering
proceeds,
net
of
offering
costs
$              -
$
11,703,948
$               -
$
9,114,000
JPC
JPI
JPS
Six
Months
Ended
1/31/23
Year
Ended
7/31/22
Six
Months
Ended
1/31/23
Year
Ended
7/31/22
Six
Months
Ended
1/31/23
Year
Ended
7/31/22
Common
Shares:
Sold
through
shelf
offering
—
1,185,860
—
—
—
921,252
Issued
to
shareholders
due
to
reinvestment
of
distributions
—
38,614
—
6,156
—
29,125
Total
—
1,224,474
—
6,156
—
950,377
Premium
to
NAV
per
shelf
offering
sold
–%
1.18%
–%
–%
–%
1.16%
JPT
NPFD*
Six
Months
Ended
1/31/23
Year
Ended
7/31/22
Six
Months
Ended
1/31/23
Year
Ended
For
the
Period
December
15,
2021
(commencement
of
operations)
through
July
31,
2022
Common
Shares:
Sold
—
—
—
24,160,141
Repurchased
and
retired
through
tender
offer
—
(2,454,617)
—
—
Issued
to
shareholders
due
to
reinvestment
of
distributions
—
2,174
—
—
Total
—
(2,452,443)
—
24,160,141
Tender
offer:
Price
per
common
share
$—
$23.26
$—
$—
Discount
per
common
share
—%
0.00%%
—%
—%
82
Notes
to
Financial
Statements
(Unaudited)
(continued)
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
each
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.
Each
Fund
is
required
to
redeem
any
shares
that
are
still
owned
by
a
liquidity
provider
after
six
months
of
continuous,
unsuccessful
remarketing.
The
Funds
will
pay
a
liquidity
and
remarketing
fee
on
the
aggregate
principal
amount
of
all
TFP
Shares
while
within
VRDM.
Payments
made
by
the
Funds
to
the
liquidity
provider
and
remarketing
agent
are
recognized
as
“Liquidity
fees”
and
“Remarketing
fees”,
respectively,
on
the
Statement
of
Operations.
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
Funds.
Each
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.
JPC
and
NPFD
both
incurred
offering
costs
of
$685,000
and
$520,000
respectively,
in
connection
with
their
offering
of
TFP
Shares,
which
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.
Details
of
the
Fund’s
TFP
Shares
outstanding
as
of
the
end
of
the
reporting
period,
were
as
follows:
The
average
liquidation
preference
of
TFP
Shares
outstanding
and
the
annualized
dividend
rate
for
the
Fund
during
the
current
fiscal
period
were
as
follows:
*
For
the
period
August
18,
2022
(first
issuance
date
of
shares)
through
January
31,
2023.
**
For
the
period
September
1,
2022
(first
issuance
date
of
shares)
through
January
31,
2023.
Preferred
Share
Transactions
Transactions
in
preferred
shares
during
the
Funds’
current
and
prior
fiscal
period,
where
applicable,
are
noted
in
the
following
table.
Transactions
in
TFP
Shares
for
the
Funds,
where
applicable,
were
as
follows:
Fund
Series
Shares
Outstanding
Liquidation
Preference
Liquidation
Preference,
net
of
deferred
offering
costs
Term
Redemption
Date
Mode
JPC
A
150,000
$
150,000,000
$
149,335,943
August
1,
2037
VRDM
JPS
A
270,000
270,000,000
268,984,657
July
1,
2032
VRDM
NPFD
A
85,000
85,000,000
84,499,075
February
1,
2034
VRDM
JPC*
JPS
NPFD**
Average
liquidation
preference
of
TFP
Shares
outstanding
$150,000,000
$270,000,000
$85,000,000
Average
dividend
rate
3.76%
3.64%
3.86%
83
6.
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
the
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:
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:
As
of
prior
fiscal
period
end,
the
Funds
had
capital
loss
carryforwards,
which
will
not
expire:
Six
Months
Ended
January
31,
2023
JPC
Series
Shares
Amount
TFP
Shares
Issued
A
150,000
$
150,000,000
NPFD
Series
Shares
Amount
TFP
Shares
Issued
A
85,000
$
85,000,000
Year
Ended
July
31,
2022
JPS
Series
Shares
Amount
TFP
Shares
Issued
A
270,000
$
270,000,000
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
JPC
$
1,432,325,229
$
22,643,637
$
(70,227,406)
$
(47,583,769)
JPI
768,448,382
5,618,784
(36,156,529)
(30,537,745)
JPS
2,793,458,386
48,505,610
(141,476,009)
(92,970,399)
JPT
142,156,103
895,688
(7,711,613)
(6,815,925)
NPFD
859,160,414
1,276,655
(80,944,901)
(79,668,246)
Fund
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Unrealized
Appreciation
(Depreciation)
Capital
Loss
Carryforwards
Late-Year
Loss
Deferrals
Other
Book-to-Tax
Differences
Total
JPC
$
4,295,389
$
—
$
(54,156,995)
$
(111,151,957)
$
—
$
(5,228,985)
$
(166,242,548)
JPI
1,493,449
—
(28,718,891)
(23,811,514)
—
(2,824,176)
(53,861,132)
JPS
2,451,794
—
(87,068,685)
(89,493,764)
—
(8,095,028)
(182,205,683)
JPT
206,075
—
(6,251,225)
(11,601,485)
—
(551,149)
(18,197,784)
NPFD
2,850,698
—
(90,023,166)
(4,735,220)
—
(3,334,651)
(95,242,339)
Fund
Short-Term
Long-Term
Total
JPC
$
45,557,568
$
65,594,389
$
111,151,957
JPI
11,051,618
12,759,896
23,811,514
JPS
12,058,682
77,435,082
89,493,764
JPT
2,833,013
8,768,472
11,601,485
NPFD
4,735,220
—
4,735,220
84
Notes
to
Financial
Statements
(Unaudited)
(continued)
7.
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.
Spectrum
also
receives
compensation
on
certain
portfolio
transactions
for
providing
brokerage
services
to
JPS.
During
the
current
fiscal
period,
JPS
paid
Spectrum
commissions
of
$25,556.
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
each
Fund’s
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:
The
annual
complex-level
fee,
payable
monthly,
for
each
Fund
is
calculated
by
multiplying
the
current
complex-wide
fee
rate,
determined
according
to
the
following
schedule
by
the
Fund’s
daily
managed
assets:
*
For
the
complex-level
fees,
managed
assets
include
closed-end
fund
assets
managed
by
the
Adviser
that
are
attributable
to
certain
types
of
leverage.
For
these
purposes,
leverage
includes
the
funds’
use
of
preferred
stock
and
borrowings
and
certain
investments
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
managed
assets
in
certain
circumstances.
The
complex-level
fee
is
calculated
based
upon
the
aggregate
daily
managed
assets
of
all
Nuveen
open-end
and
closed-end
funds
that
constitute
‘’eligible
assets.”
Eligible
assets
do
not
include
assets
attributable
to
investments
in
other
Nuveen
funds
or
assets
in
excess
of
a
determined
amount
(originally
$2
billion)
added
to
the
Nuveen
fund
complex
in
connection
with
the
Adviser’s
assumption
of
the
management
of
the
former
First
American
Funds
effective
January
1,
2011,
but
do
not
include
certain
assets
of
certain
Nuveen
funds
that
were
reorganized
into
funds
advised
by
an
affiliate
of
the
Adviser
during
the
2019
calendar
year.
As
of
January
31,
2023,
the
complex-level
fee
for
each
Fund
was
as
follows:
Beginning
February
8,
2022,
and
for
a
one-year
period,
the
Adviser
is
waiving
50%
of
JPT's
net
management
fees.
Average
Daily
Managed
Assets
JPC
JPI
JPS
JPT
NPFD
For
the
first
$500
million
0.6800
%
0.7000
%
0.7000
%
0.7000
%
0.7500
%
For
the
next
$500
million
0.6550
0.6750
0.6750
0.6750
0.7250
For
the
next
$500
million
0.6300
0.6500
0.6500
0.6500
0.7000
For
the
next
$500
million
0.6050
0.6250
0.6250
0.6250
0.6750
For
managed
assets
over
$2
billion
0.5800
0.6000
0.6000
0.6000
0.6500
Complex-Level
Eligible
Asset
Breakpoint
Level*
Effective
Complex-Level
Fee
Rate
at
Breakpoint
Level
$55
billion
0.2000
%
$56
billion
0.1996
$57
billion
0.1989
$60
billion
0.1961
$63
billion
0.1931
$66
billion
0.1900
$71
billion
0.1851
$76
billion
0.1806
$80
billion
0.1773
$91
billion
0.1691
$125
billion
0.1599
$200
billion
0.1505
$250
billion
0.1469
$300
billion
0.1445
Fund
Complex-Level
Fee
JPC
0.1580%
JPI
0.1580%
JPS
0.1580%
JPT
0.1580%
NPFD
0.1580%
85
8.
Commitments
and
Contingencies
In
the
normal
course
of
business, each
Fund
enters
into
a
variety
of
agreements
that
may
expose
the
Funds
to
some
risk
of
loss.
These
could
include
recourse
arrangements
for
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
a
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.
9.
Borrowings
Arrangements
and
Reverse
Repurchase
Agreements
Borrowings
Each
Fund
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:
As
of
the
end
of
the
reporting
period,
each
Fund’s
outstanding
balance
on
its
Borrowings
was
as
follows:
For
JPC,
JPI
and
JPS
interest
is
charged
on
these
Borrowings
at
OBFR
(“Overnight
Bank
Funding
Rate”)
plus
0.85%
per
annum
on
the
amounts
borrowed.
JPT’s
interest
is
charged
on
the
Borrowings
at
a
rate
equal
to
the
1-Month
Term
SOFR
(“Secured
Overnight
Financing
Rate”)
plus
0.825%
(this
is
comprised
of
a
0.05%
credit
adjustment
spread
to
account
for
SOFR
basis
plus
0.775%
prior
to
drawn
rate)
per
annum
on
the
amount
borrowed
and
a
0.125%
per
annum
commitment
fee
on
the
undrawn
portion
of
the
Borrowings.
For
NPFD,
interest
is
charged
on
these
Borrowings
at
OBFR
plus
0.75%
per
annum
on
the
amounts
borrowed
and
0.25%
per
annum
on
the
undrawn
balance
if
the
undrawn
portion
of
the
Borrowings
on
a
particular
day
is
more
than
25%
of
the
maximum
commitment
amount.
During
the
current
fiscal
period,
the
average
daily
balance
outstanding
and
average
annual
interest
rate
on
each
Fund’s
Borrowings
were
as
follows:
Fund
Maximum
Commitment
Amount
JPC
$
320,000,000
JPI
255,000,000
JPS
560,000,000
JPT
47,000,000
NPFD
190,000,000
Fund
Outstanding
balance
on
Borrowings
JPC
$
249,400,000
JPI
198,400,000
JPS
459,300,000
JPT
43,400,000
NPFD
159,314,000
Fund
Utilization
Period
(Days
Outstanding)
Average
Daily
Balance
Outstanding
Average
Annual
Interest
Rate
JPC
184
$
271,530,435
4.19
%
JPI
184
204,748,913
4.23
JPS
184
471,908,696
4.24
JPT
184
44,738,043
4.15
NPFD
184
158,778,239
4.19
86
Notes
to
Financial
Statements
(Unaudited)
(continued)
In
order
to
maintain
these
Borrowings,
the
Funds
must
meet
certain
collateral,
asset
coverage
and
other
requirements.
The
Funds’
borrowings
outstanding
are
fully
secured
by
eligible
securities
held
in
each
Fund’s
portfolio
of
investments.
(“Pledged
Collateral”)
Borrowings
outstanding
are
recognized
as
“Borrowings”
on
the
Statement
of
Assets
and
Liabilities.
Interest
expense
incurred
on
the
borrowed
amount
and
undrawn
balance
and
amendment
fees
are
recognized
as
a
component
of
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
Rehypothecation
JPC,
JPI
and
JPS
have
each
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
Funds’
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
1⁄3
%
of
the
Funds’
total
assets.
The
Funds
may
designate
any
Pledged
Collateral
as
ineligible
for
rehypothecation.
The
Funds
may
also
recall
Hypothecated
Securities
on
demand.
The
Funds
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
Funds
may
not
be
able
to
obtain
replacement
financing
required
to
purchase
replacement
securities
and,
consequently,
the
Funds’
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
Funds
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,
JPC,
JPI
and
JPS
each
had
Hypothecated
Securities
as
follows:
JPC,
JPI
and
JPS
earn
Rehypothecation
Fees,
which
are
recognized
as
“Rehypothecation
income”
on
the
Statement
of
Operations.
During
the
current
fiscal
period,
the
Rehypothecation
Fees
earned
by
each
Fund
were
as
follows:
Reverse
Repurchase
Agreements
During
the
current
fiscal
period,
Each
Fund
used
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,
a
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
and
amortization
of
offering
costs”
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
Funds'
outstanding
balances
on
its
reverse
repurchase
agreements
were
as
follows:
*
The
Fund
may
repurchase
the
reverse
repurchase
agreement
prior
to
the
maturity
date
and/or
counterparty
may
accelerate
maturity
upon
pre-
specified
advance
notice.
JPC
JPI
JPS
Hypothecated
Securities
$186,388,673
$184,582,319
$426,393,902
JPC
JPI
JPS
Rehypothecation
Fees
$61,103
$46,124
$92,051
Fund
Counterparty
Rate
Principal
Amount
Maturity*
Value
Value
and
Accrued
Interest
JPC
BNP
Paribas
OBFR
+
0.80%
$(102,100,000)
N/A
$
(102,100,000)
$
(102,518,768)
JPI
BNP
Paribas
OBFR
+
0.80%
(65,000,000)
N/A
(65,000,000)
(65,402,830)
JPS
BNP
Paribas
OBFR
+
0.80%
(275,000,000)
N/A
(275,000,000)
(276,127,924)
JPT
Royal
Bank
of
Canada
5.46%
(1,000,000)
2/23/23
(1,000,000)
(1,001,365)
NPFD
Royal
Bank
of
Canada
5.18%
(35,683,000)
2/3/23
(35,683,000)
(35,855,302)
87
During
the
current
fiscal
period,
the
average
daily
balance
outstanding
and
average
annual
interest
rate
on
the
Funds’
reverse
repurchase
agreements
were
as
follows:
**
For
the
period
September
26,
2022
(initial
purchase
of
reverse
repurchase
agreements)
through
January
1,
2023.
The
following
table
presents
the
reverse
repurchase
agreements
subject
to
netting
agreements
and
the
collateral
delivered
related
to
those
reverse
repurchase
agreements.
10.
Inter-Fund
Borrowing
and
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.
Fund
Utilization
period
(days
outstanding)
Average
daily
balance
outstanding
Average
annual
interest
rate
JPC
184
$
(102,100,000)
4.14%
JPI
184
(65,000,000)
4.40
JPS
184
(275,000,000)
4.14
JPT**
128
(1,000,000)
4.86
NPFD
184
(54,634,832)
3.73
Fund
Counterparty
Reverse
Repurchase
Agreements***
Collateral
Pledged
to
Counterparty
JPC
BNP
Paribas
$
(102,518,768)
$
259,427,523
JPI
BNP
Paribas
(65,402,830)
148,932,303
JPS
BNP
Paribas
(276,127,924)
642,595,104
JPT
Royal
Bank
of
Canada
(1,001,365)
1,421,250
NPFD
Royal
Bank
of
Canada
(35,855,302)
53,309,292
***
Represents
gross
value
and
accrued
interest
for
the
counterparty
as
reported
in
the
preceding
table.
88
Risk
Considerations
(Unaudited)
Fund
shares
are
not
guaranteed
or
endorsed
by
any
bank
or
other
insured
depository
institution,
and
are
not
federally
insured
by
the
Federal
Deposit
Insurance
Corporation.
Nuveen
Preferred
&
Income
Opportunities
Fund
(JPC)
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.
Preferred
securities
are
subordinated
to
bonds
and
other
debt
instruments
in
a
company’s
capital
structure,
and
therefore
are
subject
to
greater
credit
risk.
Debt
or
fixed
income
securities
such
as
those
held
by
the
Fund,
are
subject
to
market
risk,
credit
risk,
interest
rate
risk,
derivatives
risk,
liquidity
risk,
and
income
risk.
As
interest
rates
rise,
bond
prices
fall.
Lower
credit
debt
securities
may
be
more
likely
to
fail
to
make
timely
interest
or
principal
payments.
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.
Certain
types
of
preferred
or
debt
securities
with
special
loss
absorption
provisions,
such
as
contingent
capital
securities
(CoCos),
may
be
or
become
so
subordinated
that
they
present
risks
equivalent
to,
or
in
some
cases
even
greater
than,
the
same
company’s
common
stock.
These
loss
absorption
features
work
to
the
benefit
of
the
security
issuer,
not
the
investor.
These
and
other
risk
considerations
such
as
concentration
and
foreign
securities
risk
are
described
in
more
detail
on
the
Fund’s
web
page
at
www.nuveen.com/JPC
.
Nuveen
Preferred
and
Income
Term
Fund
(JPI)
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.
Preferred
securities
are
subordinated
to
bonds
and
other
debt
instruments
in
a
company’s
capital
structure,
and
therefore
are
subject
to
greater
credit
risk.
Debt
or
fixed
income
securities
such
as
those
held
by
the
Fund,
are
subject
to
market
risk,
credit
risk,
interest
rate
risk,
derivatives
risk,
liquidity
risk,
and
income
risk.
As
interest
rates
rise,
bond
prices
fall.
Lower
credit
debt
securities
may
be
more
likely
to
fail
to
make
timely
interest
or
principal
payments.
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.
Certain
types
of
preferred
or
debt
securities
with
special
loss
absorption
provisions,
such
as
contingent
capital
securities
(CoCos),
may
be
or
become
so
subordinated
that
they
present
risks
equivalent
to,
or
in
some
cases
even
greater
than,
the
same
company’s
common
stock.
These
loss
absorption
features
work
to
the
benefit
of
the
security
issuer,
not
the
investor.
For
these
and
other
risks,
including
the
Fund’s
limited
term
and
concentration
risk,
see
the
Fund’s
web
page
at
www.nuveen.com/JPI
.
Nuveen
Preferred
&
Income
Securities
Fund
(JPS)
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.
Preferred
securities
are
subordinated
to
bonds
and
other
debt
instruments
in
a
company’s
capital
structure,
and
therefore
are
subject
to
greater
credit
risk.
Debt
or
fixed
income
securities
such
as
those
held
by
the
Fund,
are
subject
to
market
risk,
credit
risk,
interest
rate
risk,
derivatives
risk,
liquidity
risk,
and
income
risk.
As
interest
rates
rise,
bond
prices
fall.
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.
Certain
types
of
preferred
or
debt
securities
with
special
loss
absorption
provisions,
such
as
contingent
capital
securities
(CoCos),
may
be
or
become
so
subordinated
that
they
present
risks
equivalent
to,
or
in
some
cases
even
greater
than,
the
same
company’s
common
stock.
These
loss
absorption
features
work
to
the
benefit
of
the
security
issuer,
not
the
investor.
These
and
other
risks
such
as
concentration
and
foreign
securities
risk
are
described
in
more
detail
on
the
Fund’s
web
page
at
www.nuveen.com/JPS
.
Nuveen
Preferred
and
Income
Fund
(JPT)
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.
Preferred
securities
are
subordinated
to
bonds
and
other
debt
instruments
in
a
company’s
capital
structure,
and
therefore
are
subject
to
greater
credit
risk.
Debt
or
fixed
income
securities
such
as
those
held
by
the
Fund,
are
subject
to
market
risk,
credit
risk,
interest
rate
risk,
derivatives
risk,
liquidity
risk,
and
income
risk.
As
interest
rates
rise,
89
bond
prices
fall.
Lower
credit
debt
securities
may
be
more
likely
to
fail
to
make
timely
interest
or
principal
payments.
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.
For
these
and
other
risks,
such
as
concentration
risk,
see
the
Fund’s
web
page
at
www.nuveen.com/JPT
.
Nuveen
Variable
Rate
Preferred
&
Income
Fund
(NPFD)
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.
Preferred
securities
are
subordinated
to
bonds
and
other
debt
instruments
in
a
company’s
capital
structure,
and
therefore
are
subject
to
greater
credit
risk.
Debt
or
fixed
income
securities
such
as
those
held
by
the
Fund,
are
subject
to
market
risk,
credit
risk,
interest
rate
risk,
derivatives
risk,
liquidity
risk,
and
income
risk.
As
interest
rates
rise,
bond
prices
fall.
Lower
credit
debt
securities
may
be
more
likely
to
fail
to
make
timely
interest
or
principal
payments.
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.
Certain
types
of
preferred,
hybrid
or
debt
securities
with
special
loss
absorption
provisions,
such
as
contingent
capital
securities
(CoCos),
may
be
or
become
so
subordinated
that
they
present
risks
equivalent
to,
or
in
some
cases
even
greater
than,
the
same
company’s
common
stock.
These
loss
absorption
features
work
to
the
benefit
of
the
security
issuer,
not
the
investor
(this
fund).
For
these
and
other
risks,
such
as
concentration
risk,
see
the
Fund’s
web
page
at
www.nuveen.com/NPFD
.
90
Additional
Fund
Information
(Unaudited)
Portfolio
of
Investments
Information
The
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.
Active
Shelf
Offering
Statement
of
Additional
Information
(SAI)
for
JPC
and
JPS
The
SAI
for
the
active
shelf
offerings
for
each
JPC
and
JPS
contains
additional
information
about
the
Fund’s
Board
of
Trustees.
You
may
obtain
a
copy
of
the
fund’s
SAI
without
charge,
upon
request,
by
calling
Nuveen
at
(312)
917-7700,
by
writing
to
the
Fund,
or
on
Nuveen’s
website
at
www.nuveen.com.
You
may
also
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.
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.
Board
of
Trustees
Jack
B.
Evans
William
C.
Hunter
Amy
B.R.
Lancellotta
Joanne
T.
Medero
Albin
F.
Moschner
John
K.
Nelson
Matthew
Thornton
III
Terence
J.
Toth
Margaret
L.
Wolff
Robert
L.
Young
Investment
Adviser
Nuveen
Fund
Advisors,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Custodian
State
Street
Bank
&
Trust
Company
One
Lincoln
Street
Boston,
MA
02111
Legal
Counsel
Chapman
and
Cutler
LLP
Chicago,
IL
60603
Independent
Registered
Public
Accounting
Firm
KPMG
LLP
200
East
Randolph
Street
Chicago,
IL
60601
Transfer
Agent
and
Shareholder
Services
Computershare
Trust
Company,
N.A.
150
Royall
Street
Canton,
MA
02021
(800)
257-8787
JPC
JPI
JPS
JPT
NPFD
Common
shares
repurchased
0
0
0
0
0
Glossary
of
Terms
Used
in
this
Report
(Unaudited)
91
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.
Bloomberg
Capital
Securities
Index:
An
index
designed
to
measure
the
performance
of
USD-denominated
preferred
securities,
including
Tier
1
and
Tier
2
securities.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Bloomberg
Capital
Securities
Tier-1
Index:
An
index
designed
to
measure
the
performance
of
hybrid
fixed-income
securities,
including
Tier
1
securities.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
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
CoCo
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’
CoCoswill
occur.
Additionally,
the
trading
behavior
of
a
given
issuer’s
CoCo
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.
ICE
BofA
Fixed
Rate
Preferred
Securities
Index:
An
index
designed
to
measure
the
performance
of
investment
grade
fixed-
rate,
USD-denominated
preferred
securities
issued
in
the
U.S.
domestic
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
ICE
BofA
U.S.
All
Capital
Securities
Index:
An
index
designed
to
measure
the
performance
of
investment
grade
and
below
investment
grade
fixed
rate
and
fixed-to-floating
rate,
USD-denominated
hybrid
corporate
and
preferred
securities
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.
ICE
USD
Contingent
Capital
Index
(CDLR):
An
index
designed
to
measure
the
performance
of
USD
denominated
contingent
capital
debt
publicly
issued
in
the
major
domestic
and
Eurobond
markets,
including
investment
grade
and
below
investment
grade
issues.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
ICE
Variable
Rate
Preferred
&
Hybrid
Securities
Index:
An
index
designed
to
measure
the
performance
of
floating-
and
variable-rate
investment
grade
and
below
investment
grade
USD-denominated
preferred
stock
and
hybrid
debt
publicly
issued
by
Glossary
of
Terms
Users
in
the
Report
(Unaudited)
(continued)
92
corporations
in
the
U.S.
domestic
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
JPC
Blended
Benchmark
(effective
April
1,
2022):
Consists
of:
1)
60%
ICE
BofA
U.S.
All
Capital
Securities
Index
(defined
herein),
and
2)
40%
ICE
USD
Contingent
Capital
Index
(CDLR)
(defined
herein).
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
JPC
Blended
Benchmark
(from
December
31,
2013
through
March
31,
2022):
Consists
of:
1)
50%
ICE
BofA
Fixed
Rate
Preferred
Securities
Index
(defined
herein),
2)
30%
ICE
BofA
U.S.
All
Capital
Securities
Index
(defined
herein),
and
3)
20%
ICE
USD
Contingent
Capital
Index
(CDLR)
(defined
herein).
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
JPC
Blended
Benchmark
(through
December
30,
2013):
Consists
of:
1)
82.5%
ICE
BofA
Fixed
Rate
Preferred
Securities
Index,
(defined
herein),
and
2)
17.5%
Bloomberg
Capital
Securities
Index
(defined
herein).
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
JPI
Blended
Benchmark
(effective
December
31,
2013):
Consists
of:
1)
60%
ICE
BofA
U.S.
All
Capital
Securities
Index
(defined
herein),
and
2)
40%
ICE
USD
Contingent
Capital
Index
(CDLR)
(defined
herein).
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
JPI
Blended
Benchmark
(through
December
30,
2013
):
Consists
of:
1)
65%
ICE
BofA
Fixed
Rate
Preferred
Securities
Index
(defined
herein),
and
2)
35%
Bloomberg
Capital
Securities
Index
(defined
herein).
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
JPS
Blended
Benchmark
(effective
December
31,
2013
):
Consists
of:
1)
60%
ICE
BofA
U.S.
All
Capital
Securities
Index
(defined
herein),
and
2)
40%
ICE
USD
Contingent
Capital
Index
(CDLR)
(defined
herein).
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
JPS
Blended
Benchmark
(through
December
30,
2013):
Consists
of:
1)
55%
ICE
BofA
Fixed
Rate
Preferred
Securities
Index
(defined
herein),
and
2)
45%
Bloomberg
Capital
Securities
Tier-1
Index
(defined
herein).
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
JPT
Blended
Benchmark
(effective
February
28,
2022):
Consists
of:
1)
60%
ICE
BofA
U.S.
All
Capital
Securities
Index
(defined
herein),
and
2)
40%
ICE
USD
Contingent
Capital
Index
(CDLR)
(defined
herein).
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Leverage:
Leverage
is
created
whenever
a
fund
has
investment
exposure
(both
reward
and/or
risk)
equivalent
to
more
than
100%
of
the
investment
capital.
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.
NPFD
Blended
Benchmark:
Consists
of:
1)
80%
ICE
Variable
Rate
Preferred
&
Hybrid
Securities
Index
(defined
herein),
and
2)
20%
ICE
USD
Contingent
Capital
Index
(CDLR)
(defined
herein).
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
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.
Nuveen
Securities,
LLC,
member
FINRA
and
SIPC
333
West
Wacker
Drive
Chicago,
IL
60606
www.nuveen.com
ESA-B-0123D
2766035-INV-B-03/24
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

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this filing.

Item 6. Schedule of Investments.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this filing.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this filing.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

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.

Item 11. Controls and Procedures.

 

(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.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

File the exhibits listed below as part of this Form.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable.

(a)(4) Change in registrant’s independent public accountant. Not applicable.

(b) If the report is filed under Section  13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2 (b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section  1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section  18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.

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.

(Registrant) Nuveen Preferred & Income Securities Fund

 

By (Signature and Title)   

/s/ Mark L. Winget

   
   Mark L. Winget   
   Vice President and Secretary   

Date: June 6, 2023

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.

 

By (Signature and Title)   

/s/ David J. Lamb

   
   David J. Lamb   
   Chief Administrative Officer   
   (principal executive officer)   

Date: June 6, 2023

 

By (Signature and Title)   

/s/ E. Scott Wickerham

   
   E. Scott Wickerham   
   Vice President and Controller   
   (principal financial officer)   

Date: June 6, 2023

EX-99.CERT

CERTIFICATIONS PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

CERTIFICATIONS

I, David J. Lamb, certify that:

 

1.

I have reviewed this report on Form N-CSR of Nuveen Preferred & Income Securities 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 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:

 

  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;

 

  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;

 

  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

 

  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 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):

 

  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

 

  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: June 6, 2023

 

 

/s/ David J. Lamb

  David J. Lamb
  Chief Administrative Officer
  (principal executive officer)

I, E. Scott Wickerham, certify that:

 

1.

I have reviewed this report on Form N-CSR of Nuveen Preferred & Income Securities 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 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:

 

  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;

 

  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;

 

  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

 

  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 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):

 

  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

 

  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: June 6, 2023

 

 

/s/ E. Scott Wickerham

  E. Scott Wickerham
  Vice President and Controller
  (principal financial officer)

EX-99.906CERT

CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

Certification Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002; provided by the Chief Executive Officer and Chief Financial Officer, based on each such officer’s knowledge and belief.

The undersigned officers of Nuveen Preferred & Income Securities Fund (the “Registrant”), certify that, to the best of each such officer’s knowledge and belief:

 

  1.

The Form N-CSR of the Registrant for the period ended January 31, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

  2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: June 6, 2023

 

 

/s/ David J. Lamb

  David J. Lamb
  Chief Administrative Officer
  (principal executive officer)
 

/s/ E. Scott Wickerham

  E. Scott Wickerham
  Vice President and Controller
  (principal financial officer)