N-CSRS 1 d296567dncsrs.htm NUVEEN PREFERRED & INCOME SECURITIES FUND Nuveen Preferred & Income Securities Fund

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, 2022                    

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.


LOGO

 

Closed-End Funds

 

31 January 2022

 

Nuveen Closed-End Funds

 

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 (formerly Nuveen Preferred and Income 2022 Term Fund)
NPFD    Nuveen Variable Rate Preferred & Income Fund

 

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

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

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

 

Semiannual Report


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 dividends 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

 

LOGO


Table of Contents

 

Chair’s Letter to Shareholders

     4  

Important Notices

     5  

Fund Leverage

     7  

Common Share Information

     9  

Performance Overview and Holding Summaries

     12  

Shareholder Meeting Report

     22  

Portfolios of Investments

     23  

Statement of Assets and Liabilities

     57  

Statement of Operations

     58  

Statement of Changes in Net Assets

     59  

Statement of Cash Flows

     62  

Financial Highlights

     64  

Notes to Financial Statements

     70  

Risk Considerations

     85  

Additional Fund Information

     87  

Glossary of Terms Used in this Report

     88  

Annual Investment Management Agreement Approval Process

     91  

 

3


Chair’s Letter to Shareholders

 

LOGO

Dear Shareholders,

In February, the world witnessed Russia invade Ukraine. The scale of the humanitarian crisis and economic shock caused by these events cannot yet be quantified, and our thoughts remain with all those affected.

Given the fluidity of the situation, market uncertainty is currently high. Conditions were already challenging prior to the invasion, with inflation lingering at multi-decade highs, interest rates expected to continue rising, economic growth moderating from the post-pandemic recovery, and weakening performance across equity markets and some bond market segments. The Russia-Ukraine conflict has accelerated these trends in the short term. The spike in geopolitical risks led to surging prices for oil and other hard and soft commodities, driving both inflation and recession risks higher. The U.S. Federal Reserve (Fed) and other central banks now face an even more difficult task of slowing inflation without stifling economic growth. At their March 2022 meeting, Fed officials announced a quarter percentage point increase to the short-term interest rate, raising it from near zero for the first time since the pandemic was declared two years ago.

In the meantime, while markets will likely continue fluctuating with the daily headlines, we encourage investors to keep a long-term perspective. To learn more about how well your portfolio is aligned to your time horizon, risk tolerance and investment goals, consider reviewing it with your financial professional.

On behalf of the other members of the Nuveen Fund Board, I look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

 

LOGO

Terence J. Toth

Chair of the Board

March 23, 2022

 

 

4


Important Notices

 

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 Semiannual Reports

Beginning with this semiannual shareholder report, the Funds will include portfolio manager commentary only in their annual shareholder reports. For the Funds’ most recent annual portfolio manager discussion, please refer to the Portfolio Managers’ Comments section of the Funds’ July 31, 2021 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.

Fund Restructuring for Nuveen Preferred and Income Fund (JPT)

Events that occurred during the current reporting period

On January 19, 2022, shareholders of Nuveen Preferred and Income Fund (JPT) approved a proposal to restructure the fund (the “restructuring”). The restructuring allowed shareholders the opportunity to maintain their investment in JPT and its exposure to a leveraged strategy focused on preferred and other income producing securities in lieu of the scheduled termination of the fund. The effectiveness of the restructuring was contingent on the success of the fund’s tender offer.

On January 20, 2022, JPT conducted a tender offer, which allowed shareholders to offer up to 100% of their shares for repurchase for cash at a price per share equal to 100% of the net asset value (“NAV”) per share determined on the date the tender offer expired.

Events that occurred subsequent to the current reporting period

JPT’s tender offer expired on February 17, 2022. In the tender offer 2,454,617 shares were tendered, representing approximately 36% of JPT’s common shares outstanding. Properly tendered shares were repurchased $23.2613 per share, which was the NAV of the fund as of the close of ordinary trading on the New York Stock Exchange on February 17, 2022.

As a result of the successful completion of the tender offer, the restructuring of the JPT was completed and on February 28, 2022 the following changes became effective.

 

   

JPT’s declaration of trust was amended to eliminate the term structure of the fund.

 

   

JPT’s investment policies were amended to permit investment in contingent capital securities (CoCos).

 

   

JPT’s use of leverage is expected to increase from current levels.

 

5


Important Notices (continued)

 

   

JPT’s name changed to Nuveen Preferred and Income Fund.

 

   

Nuveen Fund Advisors, LLC, the investment adviser to the fund, will waive 50% of the fund’s net management fees beginning February 8, 2022 and continuing over the first year following the elimination of the term structure.

More details about JPT’s restructuring is available on www.nuveen.com/cef.

Additional Market Disruption Risk

In late February 2022, Russia launched a large scale military attack on Ukraine. The invasion significantly amplified already existing geopolitical tensions among Russia, Ukraine, Europe, NATO and the West, including the U.S. In response to the military action by Russia, various countries, including the U.S., the United Kingdom, and European Union issued broad-ranging economic sanctions against Russia. Such sanctions included, among other things, a prohibition on doing business with certain Russian companies, large financial institutions, officials and oligarchs; a commitment by certain countries and the European Union to remove selected Russian banks from the Society for Worldwide Interbank Financial Telecommunications (“SWIFT”), the electronic banking network that connects banks globally; and restrictive measures to prevent the Russian Central Bank from undermining the impact of the sanctions.

Additional sanctions may be imposed in the future. Such sanctions (and any future sanctions) and other actions against Russia may adversely impact, among other things, the Russian economy and various sectors of the economy, including but not limited to, financials, energy, metals and mining, engineering and defense and defense-related materials sectors; resulting in a decline in the value and liquidity of Russian securities; resulting in boycotts, tariffs, and purchasing and financing restrictions on Russia’s government, companies and certain individuals; weaken the value of the ruble; downgrade the country’s credit rating; freeze Russian securities and/or funds invested in prohibited assets and impair the ability to trade in Russian securities and/or other assets; and have other adverse consequences on the Russian government, economy, companies and region. Further, several large corporations and U.S. states have announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses.

The ramifications of the hostilities and sanctions, however, may not be limited to Russia and Russian companies but may spill over to and negatively impact other regional and global economic markets (including Europe and the United States), companies in other countries (particularly those that have done business with Russia) and on various sectors, industries and markets for securities and commodities globally, such as oil and natural gas. Accordingly, the actions discussed above and the potential for a wider conflict could increase financial market volatility, cause severe negative effects on regional and global economic markets, industries, and companies and have a negative effect on your Fund’s investments and performance beyond any direct exposure to Russian issuers or those of adjoining geographic regions. In addition, Russia may take retaliatory actions and other countermeasures, including cyberattacks and espionage against other countries and companies around the world, which may negatively impact such countries and the companies in which your Fund invests.

The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on Fund performance and the value of an investment in the Fund, particularly with respect to Russian exposure.

 

6


Fund Leverage

 

IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES 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 as well as the use of reverse repurchase agreements for JPC, JPI JPS and NPFD. 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 pays on its leveraging instruments are lower than the interest the Fund earns on its portfolio securities that it has bought with the proceeds of that leverage. This has been particularly true in the recent market environment where short-term rates have been low by historical standards.

However, use of leverage can expose Fund common shares to additional price volatility. When a Fund uses leverage, the Fund’s common shares will experience a greater increase in their net asset value if the securities acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the securities acquired through leverage decline in value. All this will make the shares’ total return performance more variable, over time.

In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. In recent quarters, fund leverage expenses have generally tracked the overall movement of short-term tax-exempt interest rates. While fund leverage expenses are somewhat higher than their all-time lows, leverage nevertheless continues to provide the opportunity for incremental common share income, particularly over longer-term periods.

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

JPC, JPI and JPS continued to use interest rate swap contracts to partially hedge the interest cost of leverage. During the period, these interest rate swaps had a positive impact on the overall fund performance of JPC, JPI and JPS.

As of January 31, 2022, the Funds’ percentages of leverage are as shown in the accompanying table.

 

     JPC        JPI        JPS        JPT        NPFD  

Effective Leverage*

    37.42        35.31        37.20        22.27        34.50

Regulatory Leverage*

    32.13        29.97        31.05        22.27        24.71
*

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 the 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.

 

7


Fund Leverage (continued)

 

THE FUNDS’ LEVERAGE

Bank Borrowings

As noted previously, the Funds employ leverage through the use of bank borrowings. The Funds’ bank borrowing activities are as shown in the accompanying table.

 

    Current Reporting Period           Subsequent to the Close of the Reporting Period  

Fund

 

Outstanding
Balance as of
August 1, 2021

   

Draws

   

Paydowns

   

Outstanding
Balance as of
January 31, 2022

    Average Balance
Outstanding
           Draws     Paydowns     Outstanding
Balance as of
March 23, 2022
 

JPC

  $ 462,700,000     $ 10,700,000     $     $ 473,400,000     $ 470,192,120             $     —     $ (40,000,000   $ 433,400,000  

JPI

  $ 234,800,000     $ 1,200,000     $     $ 236,000,000     $ 235,060,870             $     —     $ (5,000,000   $ 231,000.000  

JPS

  $ 873,300,000     $     —     $     $ 873,300,000     $ 873,300,000             $     —     $ (59,000,000   $ 814,300,000  

JPT

  $ 47,000,000     $     —     $     —     $ 47,000,000     $ 47,000,000             $     —     $     —     $ 47,000,000  

NPFD

  $     —     $ 193,200,000     $     —     $ 193,200,000     $ 166,533,333           $ 12,000,000     $ (1,600,000   $ 203,600,000  
*

For the period January 11, 2022 (initial draw) through January 31, 2022.

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

Reverse Repurchase Agreements

As noted previously, JPC, JPI, JPS and NPFD 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.

 

    Current Reporting Period           Subsequent to the Close of the Reporting Period  

Fund

 

Outstanding
Balance as of
August 1, 2021

   

Sales

   

Purchases

   

Outstanding
Balance as of
January 31, 2022

    Average Balance
Outstanding
           Sales     Purchases     Outstanding
Balance as of
March 23, 2022
 

JPC

  $ 121,000,000     $ 7,000,000     $ (3,500,000   $ 124,500,000     $ 124,274,457             $     —     $ (22,400,000   $ 102,100,000  

JPI

  $ 56,500,000     $ 9,100,000     $ (600,000   $ 65,000,000     $ 63,853,804             $     —     $     —     $ 65,000,000  

JPS

  $ 275,000,000     $     —     $     $ 275,000,000     $ 275,000,000             $     —     $     —     $ 275,000,000  

NPFD

  $     —     $ 120,000,000     $ (3,200,000   $ 116,800,000     $ 102,577,778 **            $     —     $ (8,398,000   $ 108,402,000  
**

For the period January 5, 2022 (initial purchase of reverse repurchase agreements) through January 31, 2022.

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

 

8


Common Share Information

 

COMMON SHARE DISTRIBUTION INFORMATION

The following information regarding the Funds’ distributions is current as of January 31, 2022. 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.

 

    Per Common Share Amounts  
Monthly Distributions (Ex-Dividend Date)   JPC        JPI        JPS        JPT  

August 2021

  $ 0.0530        $ 0.1305        $ 0.0505        $ 0.1185  

September

    0.0530          0.1305          0.0505          0.1185  

October

    0.0530          0.1305          0.0505          0.1185  

November

    0.0530          0.1305          0.0505          0.1185  

December

    0.0530          0.1305          0.0505          0.1185  

January 2022

    0.0530          0.1305          0.0505          0.1185  

Total Distributions

  $ 0.3180        $ 0.7830        $ 0.3030        $ 0.7110  

Current Distribution Rate*

    6.92        6.46        6.47        5.96
*

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.

NPFD declared its first distribution of $0.1380 during January 2022, for shareholders of record on February 15, 2022 and payable on March 1, 2022 (subsequent to the end of the reporting period). 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).

 

9


Common Share Information (continued)

 

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.

 

     JPC        JPS  

Maximum aggregate offering

    Unlimited          Unlimited  

During the current reporting period, JPS and JPC sold common shares through their Shelf Offerings at a weighted average premium to its NAV per common share as shown in the accompanying table.

 

     JPC        JPS  

Common shares sold through shelf offering

    1,185,860          921,252  

Weighted average premium to NAV per common share sold

    1.18        1.16

Refer to Notes to Financial Statements, Note 5 – Fund Shares for further details of Shelf Offerings and each Fund’s transactions.

COMMON SHARE REPURCHASES

During August 2021, the Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing JPC, JPI, JPS and JPT to repurchase an aggregate of up to approximately 10% of its outstanding common shares. NPFD is currently not authorized to repurchase its common shares.

During the current reporting period, the Funds did not repurchase any of their outstanding common shares. As of January 31, 2022 (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.

 

     JPC        JPI        JPS        JPT  

Common shares cumulatively repurchased and retired

    2,826,100          0          38,000          0  

Common shares authorized for repurchase

    10,380,000          2,275,000          20,475,000          680,000  

OTHER COMMON SHARE INFORMATION

As of January 31, 2022, 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 share NAV

  $ 9.52        $ 24.21        $ 9.43        $ 23.96        $ 24.36  

Common share price

  $ 9.19        $ 24.25        $ 9.28        $ 23.87        $ 24.78  

Premium/(Discount) to NAV

    (3.47 )%         0.17        (1.59 )%         (0.38 )%         1.72

Average premium/(discount) to NAV

    (0.53 )%         1.19        (0.46 )%         0.26        2.40

 

10


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11


JPC     

Nuveen Preferred & Income Opportunities Fund

Performance Overview and Holding Summaries as of January 31, 2022

 

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, 2022*

 

    Cumulative        Average Annual  
     6-Month        1-Year        5-Year        10-Year  
JPC at Common Share NAV     (0.76)%          5.48%          5.64%          8.14%  
JPC at Common Share Price     (5.03)%          7.02%          6.03%          9.08%  
ICE BofA U.S. All Capital Securities Index     (2.31)%          1.63%          5.86%          6.81%  
JPC Blended Benchmark     (2.48)%          1.21%          5.79%          6.14%  

Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment. Performance for indexes that were created after the Fund’s inception are linked to the Fund’s previous benchmark.

Daily Common Share NAV and Share Price

 

LOGO

 

*

For purposes of Fund performance, relative results are measured against the JPC Blended Benchmark. The JPC Blended Benchmark consists of: 1) 50% ICE BofA Fixed Rate Preferred Securities Index, 2) 30% ICE BofA U.S. All Capital Securities Index and 3) 20% ICE USD Contingent Capital Index (CDLR). Prior to December 31, 2013: 1) 82.5% ICE BofA Fixed Rate Preferred Securities Index and 2) 17.5% Bloomberg Capital Securities Index. Refer to the Glossary of Terms Used in this Report for further details on the Fund’s Blended Benchmark compositions.

 

12


 

 

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     80.5%  
$25 Par (or similar) Retail Preferred     34.2%  
Contingent Capital Securities     30.7%  
Corporate Bonds     8.3%  
Convertible Preferred Securities     4.1%  
Common Stocks     0.4%  
Repurchase Agreements     1.5%  
Other Assets Less Liabilities     0.1%  

Net Assets Plus Borrowings and Reverse Repurchase Agreements

    159.8%  
Borrowings     (47.3)%  
Reverse Repurchase Agreements     (12.5)%  

Net Assets

    100%  

Portfolio Composition

(% of total investments)

 

Banks     41.0%  
Insurance     14.3%  
Capital Markets     9.6%  
Food Products     5.2%  
Diversified Financial Services     3.8%  
Electric Utilities     3.6%  
Multi-Utilities     2.7%  
Other2     18.8%  
Repurchase Agreements     1.0%  

Total

    100%  

Country Allocation1

(% of total investments)

 

United States     73.3%  
United Kingdom     8.0%  
Switzerland     4.1%  
France     3.4%  
Canada     3.1%  
Spain     1.3%  
Australia     1.3%  
Netherlands     1.1%  
Germany     1.0%  
Italy     0.9%  
Ireland     0.7%  
Other     1.8%  

Total

    100%  
 

 

Top Five Issuers

(% of total long-term
investments)

 

Citigroup Inc     3.4%  
JPMorgan Chase & Co     3.2%  
Bank of America Corp     2.9%  
Wells Fargo & Co     2.9%  
Land O’ Lakes Inc     2.8%  

Portfolio Credit Quality

(% of total long-term fixed-income investments)

 

A     0.1%  
BBB     57.8%  
BB or Lower     36.8%  
N/R (not rated)     5.3%  

Total

    100%  
 

 

 

1

Includes 1.3% (as a percentage of total investments) in emerging market countries.

2

See the Portfolio of Investments for the remaining industries comprising “Other” and not listed in the Portfolio Composition above.

 

13


JPI     

Nuveen Preferred and Income Term Fund

Performance Overview and Holding Summaries as of January 31, 2022

 

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, 2022*

 

    Cumulative        Average Annual  
     6-Month        1-Year        5-Year        Since
Inception
 
JPI at Common Share NAV     (1.57)%          5.19%          6.74%          7.94%  
JPI at Common Share Price     (4.71)%          6.60%          7.54%          7.79%  
ICE BofA U.S. All Capital Securities Index     (2.31)%          1.63%          5.86%          6.65%  
JPI Blended Benchmark     (2.01)%          1.86%          6.38%          5.98%  

Since inception returns are from 7/26/12. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

Daily Common Share NAV and Share Price

 

LOGO

 

 

*

For purposes of Fund performance, relative results are measured against the JPI Blended Benchmark. The JPI 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 December 31, 2013: 1) 65% ICE BofA Fixed Rate Preferred Securities Index and 2) 35% Bloomberg Capital Securities Index. Refer to the Glossary of Terms Used in this Report for further details on the Fund’s Blended Benchmark compositions.

 

14


 

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     72.7%  
Contingent Capital Securities     51.9%  
$25 Par (or similar) Retail Preferred     28.2%  
Corporate Bonds     0.7%  
Repurchase Agreements     0.2%  
Other Assets Less Liabilities     0.9%  

Net Assets Plus Borrowings and Reverse Repurchase Agreements

    154.6%  
Borrowings     (42.8)%  
Reverse Repurchase Agreements     (11.8)%  

Net Assets

    100%  

Portfolio Composition

(% of total investments)

 

Banks     48.0%  
Insurance     14.6%  
Capital Markets     12.1%  
Diversified Financial Services     4.8%  
Food Products     4.7%  
Other2     15.7%  
Repurchase Agreements     0.1%  

Total

    100%  

Country Allocation1

(% of total investments)

 

United States     58.0%  
United Kingdom     12.8%  
Switzerland     7.2%  
France     6.0%  
Spain     2.3%  
Australia     2.2%  
Canada     2.0%  
Netherlands     1.9%  
Germany     1.7%  
Italy     1.5%  
Ireland     1.2%  
Other     3.2%  

Total

    100%  
 

 

Top Five Issuers

(% of total long-term
investments)

 

UBS Group AG     3.7%  
HSBC Holdings PLC     3.6%  
Credit Suisse Group AG     3.5%  
Citigroup Inc     3.2%  
Barclays PLC     3.1%  

Portfolio Credit Quality

(% of total long-term fixed-income
investments)

 

A     0.2%  
BBB     61.2%  
BB or Lower     36.2%  
N/R (not rated)     2.4%  

Total

    100%  
 

 

 

1

Includes 2.1% (as a percentage of total investments) in emerging market countries.

2

See the Portfolio of Investments for the remaining industries comprising “Other” and not listed in the Portfolio Composition above.

 

15


JPS     

Nuveen Preferred & Income Securities Fund

Performance Overview and Holding Summaries as of January 31, 2022

 

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, 2022*

 

    Cumulative        Average Annual  
     6-Month        1-Year        5-Year        10-Year  
JPS at Common Share NAV     (1.84)%          3.42%          6.51%          8.41%  
JPS at Common Share Price     (4.43)%          5.75%          6.54%          8.64%  
ICE BofA U.S. All Capital Securities Index     (2.31)%          1.63%          5.86%          6.48%  
JPS Blended Benchmark     (2.01)%          1.86%          6.38%          6.78%  

Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment. Performance for indexes that were created after the Fund’s inception are linked to the Fund’s previous benchmark.

Daily Common Share NAV and Share Price

 

LOGO

 

 

*

For purposes of Fund performance, relative results are measured against the JPS Blended Benchmark. The JPS 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 December 31, 2013: 1) 55% ICE BofA Fixed Rate Preferred Securities Index and 2) 45% Bloomberg Capital Securities Tier-1 Index. Refer to the Glossary of Terms Used in this Report for further details on the Fund’s Blended Benchmark compositions.

 

16


 

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      79.1%  
Contingent Capital Securities      54.8%  
$25 Par (or similar) Retail Preferred      16.7%  
Corporate Bonds      4.5%  
Convertible Preferred Securities      1.8%  
Investment Companies      1.1%  
Repurchase Agreements      1.1%  
Other Assets Less Liabilities      0.1%  

Net Assets Plus Borrowings and Reverse Repurchase Agreements

     159.2%  
Borrowings      (45.0)%  
Reverse Repurchase Agreements      (14.2)%  

Net Assets

     100%  

Portfolio Composition

(% of total investments)

 

Banks      52.0%  
Insurance      15.5%  
Capital Markets      14.0%  
Electric Utilities      3.9%  
Other2      13.2%  
Repurchase Agreements      0.7%  
Investment Companies      0.7%  

Total

     100%  

Country Allocation1

(% of total investments)

 

United States      52.8%  
United Kingdom      13.4%  
France      10.0%  
Switzerland      8.1%  
Finland      2.8%  
Canada      2.2%  
Spain      2.0%  
Norway      1.8%  
Netherlands      1.2%  
Australia      1.2%  
Japan      1.2%  
Other      3.3%  

Total

     100%  
 

 

Top Five Issuers

(% of total long-term
investments)

 

Barclays PLC      4.1%  
UBS Group AG      3.4%  
Wells Fargo & Co      3.3%  
BNP Paribas SA      3.2%  
Societe Generale SA      3.2%  

Portfolio Credit Quality

(% of total long-term fixed-income investments)

 

A     7.1%  
BBB     79.2%  
BB or Lower     13.7%  

Total

    100%  
 

 

 

1

Includes 0.0% (as a percentage of total investments) in emerging market countries.

2

See the Portfolio of Investments for the remaining industries comprising “Other” and not listed in the Portfolio Composition above.

 

17


JPT     

Nuveen Preferred and Income Fund

Performance Overview and Holding Summaries as of January 31, 2022

 

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, 2022*

 

    Cumulative        Average Annual  
     6-Month        1-Year        5-Year        Since
Inception
 
JPT at Common Share NAV     (1.51)%          4.06%          5.55%          5.49%  
JPT at Common Share Price     (3.46)%          2.79%          5.25%          5.15%  
ICE BofA U.S. All Capital Securities Index     (2.31)%          1.63%          5.86%          5.90%  

Since inception returns are from 1/26/17. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

Daily Common Share NAV and Share Price

 

LOGO

 

 

*

For purposes of Fund performance, relative results are measured against the ICE BofA U.S. All Capital Securities Index.

 

18


 

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

    93.6%  

$25 Par (or similar) Retail Preferred

    32.6%  

Corporate Bonds

    1.3%  

Repurchase Agreements

    0.4%  

Other Assets Less Liabilities

    0.8%  

Net Assets Plus Borrowings

    128.7%  

Borrowings

    (28.7)%  

Net Assets

    100%  

Portfolio Composition

(% of total investments)

 

Banks

    32.0%  

Insurance

    23.7%  

Capital Markets

    7.1%  

Food Products

    7.0%  

Diversified Financial Services

    6.9%  

Oil, Gas & Consumable Fuels

    4.4%  

Other2

    18.5%  

Repurchase Agreements

    0.4%  

Total

    100%  

Country Allocation1

(% of total investments)

 

United States

    83.1%  

Canada

    3.7%  

United Kingdom

    2.8%  

Ireland

    2.8%  

Bermuda

    2.3%  

Australia

    2.3%  

France

    1.6%  

Other

    1.4%  

Total

    100%  
 

 

Top Five Issuers

(% of total long- term investments)

 

Citigroup Inc

    4.2%  

JPMorgan Chase & Co

    3.8%  

Wells Fargo & Co

    3.4%  

Land O’ Lakes Inc

    3.3%  

Bank of America Corp

    3.1%  

Portfolio Credit Quality

(% of total long-term
fixed-income investments)

 

A     1.1%  
BBB     60.7%  
BB or Lower     35.1%  
N/R (not rated)     3.1%  

Total

    100%  
 

 

1

Includes 2.8% (as a percentage of total investments) in emerging market countries.

2

See the Portfolio of Investments for the remaining industries comprising “Other” and not listed in the Portfolio Composition above.

 

19


NPFD     

Nuveen Variable Rate Preferred & Income Fund

Performance Overview and Holding Summaries as of January 31, 2022

 

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

Cumulative Total Returns as of January 31, 2022*

 

        Since
Inception
 
NPFD at Common Share NAV        (2.56)%  
NPFD at Common Share Price        (0.88)%  
ICE Variable Rate Preferred & Hybrid Securities Index        (0.73)%  
NPFD Blended Benchmark        (0.83)%  

Since inception returns are from 12/15/2021. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

Daily Common Share NAV and Share Price

 

LOGO

 

 

*

For purposes of Fund performance, relative results are measured against the NPFD Blended Benchmark. The NPFD Blended Benchmark consists of: 1) 80% ICE Variable Rate Preferred & Hybrid Securities Index and 2) 20% ICE USD Contingent Capital Index (CDLR).

 

20


 

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

    94.1%  

Contingent Capital Securities

    30.6%  

$25 Par (or similar) Retail Preferred

    24.2%  

Repurchase Agreements

    0.5%  

Other Assets Less Liabilities

    3.3%  

Net Assets Plus Borrowings and Reverse Repurchase Agreements

    152.7%  

Borrowings

    (32.8)%  

Reverse Repurchase Agreements

    (19.9)%  

Net Assets

    100%  

Portfolio Composition

(% of total investments)

 

Banks

    45.3%  

Insurance

    13.6%  

Capital Markets

    12.6%  

Oil, Gas & Consumable Fuels

    5.1%  

Trading Companies & Distributors

    3.6%  

Electric Utilities

    3.3%  

Other2

    16.2%  
Repurchase Agreements     0.3%  

Total

    100%  

Country Allocation1

(% of total investments)

 

United States

    66.5%  

United Kingdom

    9.0%  

Canada

    4.7%  

Switzerland

    4.5%  

France

    3.8%  

Ireland

    2.2%  

Australia

    2.1%  

Spain

    1.4%  

Netherlands

    1.2%  

Italy

    1.2%  

Other

    3.4%  

Total

    100%  
 

 

Top Five Issuers

(% of total long- term investments)

 

Citigroup Inc

    4.8%  

JPMorgan Chase & Co

    4.4%  

Wells Fargo & Co

    3.8%  

Bank of America Corp

    3.3%  

Goldman Sachs Group Inc

    3.0%  

Portfolio Credit Quality

(% of total long-term
fixed-income investments)

 

A     0.2%  
BBB     63.8%  
BB or Lower     33.5%  
N/R (not rated)     2.5%  

Total

    100%  
 

 

1

Includes 1.8% (as a percentage of total investments) in emerging market countries.

2

See the Portfolio of Investments for the remaining industries comprising “Other” and not listed in the Portfolio Composition above.

 

21


Shareholder Meeting Report

 

A special meeting of shareholders was held on December 17, 2021 for JPT. The meeting was held virtually due to public health concerns regarding the ongoing COVID-19 pandemic; at this meeting shareholders were asked to approve an amendment to the Fund’s Declaration of Trust. The meeting was subsequently adjourned to January 19, 2022 in order to seek additional shareholder participation.

 

     JPT  
     Common
Shares
 

To approve an amendment to the Fund’s Declaration of Trust

 

For

    3,462,697  

Against

    299,684  

Abstain

    186,995  

Total

    3,949,376  

 

22


JPC   

Nuveen Preferred & Income
Opportunities Fund

 

Portfolio of Investments    January 31, 2022

     (Unaudited)

 

Principal
Amount (000)/
Shares
    Description (1)   Coupon      Maturity      Ratings (2)      Value  
 

LONG-TERM INVESTMENTS – 158.2% (99.0% of Total Investments)

 

  
 

$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 80.5% (50.4% of Total Investments)

 

     
 

Auto Components – 1.1%

 

$ 3,625    

Adient US LLC, 144A

    9.000%        4/15/25        BB-      $ 3,841,412  
  6,600    

American Axle & Manufacturing Inc, (3)

    6.500%        4/01/27        B+        6,798,000  
 

Total Auto Components

                               10,639,412  
      Automobiles – 3.1%  
  7,485    

General Motors Financial Co Inc

    5.700%        N/A (4)        BB+        8,411,643  
  9,140    

General Motors Financial Co Inc, (3)

    5.750%        N/A (4)        BB+        9,645,442  
  11,750    

General Motors Financial Co Inc, (3), (5)

    6.500%        N/A (4)        BB+        12,807,500  
 

Total Automobiles

                               30,864,585  
      Banks – 32.1%  
  3,685    

Bank of America Corp

    4.375%        N/A (4)        BBB+        3,639,306  
  3,540    

Bank of America Corp

    6.250%        N/A (4)        BBB+        3,752,400  
  27,985    

Bank of America Corp, (3), (5), (6)

    6.500%        N/A (4)        BBB+        30,117,457  
  5,560    

Bank of America Corp, (3)

    6.300%        N/A (4)        BBB+        6,088,200  
  1,415    

Bank of America Corp

    6.100%        N/A (4)        BBB+        1,525,243  
  1,820    

Citigroup Inc

    4.150%        N/A (4)        BBB-        1,775,810  
  16,055    

Citigroup Inc, (3)

    6.250%        N/A (4)        BBB-        17,740,775  
  6,290    

Citigroup Inc, (3)

    5.000%        N/A (4)        BBB-        6,360,071  
  9,981    

Citigroup Inc

    5.950%        N/A (4)        BBB-        10,529,955  
  7,145    

Citigroup Inc

    6.300%        N/A (4)        BBB-        7,347,204  
  2,215    

Citizens Financial Group Inc, (3)

    4.000%        N/A (4)        BB+        2,173,469  
  1,685    

Citizens Financial Group Inc

    6.375%        N/A (4)        BB+        1,727,125  
  3,150    

CoBank ACB, (3)

    6.250%        N/A (4)        BBB+        3,449,250  
  2,420    

Farm Credit Bank of Texas, 144A, (3)

    5.700%        N/A (4)        Baa1        2,571,250  
  1,900    

Fifth Third Bancorp, (3)

    4.500%        N/A (4)        Baa3        1,957,000  
  14,985    

First Citizens BancShares Inc/NC

    5.800%        N/A (4)        N/R        15,546,937  
  910    

Goldman Sachs Group Inc/The

    4.400%        N/A (4)        BB+        889,525  
  925    

Goldman Sachs Group Inc/The

    3.800%        N/A (4)        BBB-        889,656  
  2,314    

HSBC Capital Funding Dollar 1 LP, 144A

    10.176%        N/A (4)        BBB        3,748,680  
  3,025    

Huntington Bancshares Inc/OH, (3)

    5.700%        N/A (4)        Baa3        3,040,125  
  5,525    

Huntington Bancshares Inc/OH

    5.625%        N/A (4)        Baa3        6,203,028  
  2,660    

JPMorgan Chase & Co, (3)

    6.100%        N/A (4)        BBB+        2,822,925  
  33,555    

JPMorgan Chase & Co, (3)

    6.750%        N/A (4)        BBB+        35,927,338  
  4,665    

JPMorgan Chase & Co

    3.650%        N/A (4)        BBB+        4,484,791  
  7,275    

JPMorgan Chase & Co

    5.000%        N/A (4)        BBB+        7,402,313  
  2,485    

KeyCorp

    5.000%        N/A (4)        Baa3        2,615,463  
  12,655    

Lloyds Bank PLC, 144A

    12.000%        N/A (4)        Baa3        12,655,000  
  1,440    

M&T Bank Corp, (3)

    3.500%        N/A (4)        Baa2        1,353,758  
  1,880    

M&T Bank Corp

    5.125%        N/A (4)        Baa2        1,997,848  
  6,970    

M&T Bank Corp, (3)

    6.450%        N/A (4)        Baa2        7,325,121  
  2,222    

PNC Financial Services Group Inc/The

    5.000%        N/A (4)        Baa2        2,310,880  
  1,710    

PNC Financial Services Group Inc/The

    3.400%        N/A (4)        Baa2        1,611,658  
  21,977    

PNC Financial Services Group Inc/The, (3-Month LIBOR reference rate + 3.678% spread), (3), (7)

    3.804%        N/A (4)        Baa2        22,130,950  
  8,290    

Regions Financial Corp

    5.750%        N/A (4)        BB+        8,912,496  
  785    

SVB Financial Group

    4.700%        N/A (4)        Baa2        779,270  
  875    

SVB Financial Group

    4.100%        N/A (4)        Baa2        826,193  
  3,690    

SVB Financial Group

    4.000%        N/A (4)        Baa2        3,586,570  
  10,155    

Truist Financial Corp, (5)

    4.800%        N/A (4)        Baa2        10,358,100  
  2,690    

Truist Financial Corp

    5.100%        N/A (4)        Baa2        2,918,650  
  1,930    

Truist Financial Corp

    5.050%        N/A (4)        Baa2        1,910,700  

 

23


JPC    Nuveen Preferred & Income Opportunities Fund (continued)
   Portfolio of Investments    January 31, 2022
   (Unaudited)

 

Principal
Amount (000)/
Shares
    Description (1)   Coupon      Maturity      Ratings (2)      Value  
      Banks (continued)  
$ 9,458    

Truist Financial Corp, (5)

    4.950%        N/A (4)        Baa2      $ 10,010,536  
  1,385    

Wells Fargo & Co, (3)

    7.950%        11/15/29        Baa1        1,848,155  
  7,780    

Wells Fargo & Co, (3)

    3.900%        N/A (4)        Baa2        7,705,701  
  20,134    

Wells Fargo & Co, (3), (5)

    5.875%        N/A (4)        Baa2        21,524,252  
  3,490    

Wells Fargo & Co

    5.900%        N/A (4)        Baa2        3,577,250  
  11,196    

Zions Bancorp NA, (5)

    7.200%        N/A (4)        BB+        11,847,160  
  1,105    

Zions Bancorp NA

    5.800%        N/A (4)        BB+        1,126,609  
 

Total Banks

                               320,642,153  
      Capital Markets – 3.3%  
  2,040    

Bank of New York Mellon Corp/The

    4.700%        N/A (4)        Baa1        2,149,650  
  2,250    

Charles Schwab Corp/The, (3)

    4.000%        N/A (4)        BBB        2,222,843  
  4,325    

Charles Schwab Corp/The

    7.000%        N/A (4)        BBB        4,352,031  
  11,935    

Charles Schwab Corp/The

    5.375%        N/A (4)        BBB        12,818,190  
  5,069    

Goldman Sachs Group Inc/The

    5.500%        N/A (4)        BBB-        5,316,621  
  1,555    

Goldman Sachs Group Inc/The

    4.125%        N/A (4)        BBB-        1,518,069  
  4,411    

Goldman Sachs Group Inc/The

    5.300%        N/A (4)        BBB-        4,730,797  
 

Total Capital Markets

                               33,108,201  
      Communications Equipment – 0.2%  
  2,315    

Vodafone Group PLC, (3)

    4.125%        6/04/81        BB+        2,205,084  
      Consumer Finance – 3.5%  
  14,134    

Ally Financial Inc, (3)

    4.700%        N/A (4)        Ba2        13,973,579  
  6,365    

Ally Financial Inc

    4.700%        N/A (4)        Ba2        6,301,350  
  3,335    

American Express Co

    3.550%        N/A (4)        Baa2        3,193,262  
  3,215    

Capital One Financial Corp

    3.950%        N/A (4)        Baa3        3,142,663  
  8,120    

Discover Financial Services, (3)

    6.125%        N/A (4)        Ba2        8,761,967  
 

Total Consumer Finance

                               35,372,821  
      Diversified Financial Services – 4.4%  
  9,325    

American AgCredit Corp, 144A, (3)

    5.250%        N/A (4)        BB+        9,511,500  
  2,590    

Capital Farm Credit ACA, 144A, (3)

    5.000%        N/A (4)        BB        2,654,750  
  13,000    

Compeer Financial ACA, 144A, (3), (9)

    6.750%        N/A (4)        BB+        13,104,000  
  1,100    

Compeer Financial ACA, 144A

    4.875%        N/A (4)        BB+        1,116,500  
  3,670    

Equitable Holdings Inc

    4.950%        N/A (4)        BBB-        3,770,925  
  13,001    

Voya Financial Inc, (3)

    6.125%        N/A (4)        BBB-        13,456,035  
 

Total Diversified Financial Services

                               43,613,710  
      Electric Utilities – 4.6%                           
  2,070    

American Electric Power Co Inc

    3.875%        2/15/62        BBB-        2,030,551  
  5,880    

Edison International, (3)

    5.000%        N/A (4)        BB+        5,857,538  
  1,200    

Edison International, (3)

    5.375%        N/A (4)        BB+        1,217,250  
  1,565    

Electricite de France SA, 144A, (3)

    5.250%        N/A (4)        Baa3        1,590,431  
  21,680    

Emera Inc, (3)

    6.750%        6/15/76        BB+        24,444,200  
  7,475    

NextEra Energy Capital Holdings Inc, (3)

    5.650%        5/01/79        BBB        8,307,373  
  2,165    

Southern Co/The, (6)

    4.000%        1/15/51        BBB-        2,181,259  
 

Total Electric Utilities

                               45,628,602  
      Food Products – 4.6%                           
  2,145    

Dairy Farmers of America Inc, 144A

    7.125%        N/A (4)        BB+        2,236,162  
  3,860    

Land O’ Lakes Inc, 144A, (3)

    7.250%        N/A (4)        BB        4,159,150  
  29,460    

Land O’ Lakes Inc, 144A, (3)

    8.000%        N/A (4)        BB        31,632,675  
  7,435    

Land O’ Lakes Inc, 144A, (3)

    7.000%        N/A (4)        BB        7,881,100  
 

Total Food Products

                               45,909,087  
      Health Care Providers & Services – 0.5%                           
  4,900    

Tenet Healthcare Corp, 144A, (3)

    7.500%        4/01/25        B+        5,104,683  
      Independent Power & Renewable Electricity Producers – 1.6%                           
  1,350    

AES Andes SA, 144A, (3)

    7.125%        3/26/79        BB        1,380,443  

 

24


  
  
  

 

Principal
Amount (000)/
Shares
    Description (1)   Coupon      Maturity      Ratings (2)      Value  
      Independent Power & Renewable Electricity Producers (continued)                           
$ 2,775    

AES Andes SA, 144A

    6.350%        10/07/79        BB      $ 2,822,716  
  8,525    

Vistra Corp, 144A

    8.000%        N/A (4)        Ba3        8,844,687  
  2,815    

Vistra Corp, 144A

    7.000%        N/A (4)        Ba3        2,800,925  
 

Total Independent Power & Renewable Electricity Producers

                               15,848,771  
      Industrial Conglomerates – 0.9%                           
  9,026    

General Electric Co, (3-Month LIBOR reference rate + 3.330% spread), (3), (7)

    3.533%        N/A (4)        BBB-        8,822,915  
      Insurance – 13.1%                           
  1,615    

Aegon NV

    5.500%        4/11/48        BBB        1,816,270  
  1,550    

American International Group Inc, (6)

    5.750%        4/01/48        BBB-        1,690,384  
  9,409    

Assurant Inc

    7.000%        3/27/48        BB+        10,655,692  
  11,519    

Assured Guaranty Municipal Holdings Inc, 144A, (6)

    6.400%        12/15/66        BBB+        12,651,080  
  2,465    

AXIS Specialty Finance LLC

    4.900%        1/15/40        BBB        2,568,062  
  2,395    

Enstar Finance LLC

    5.750%        9/01/40        BB+        2,478,754  
  5,720    

Enstar Finance LLC

    5.500%        1/15/42        BB+        5,640,608  
  1,485    

Legal & General Group PLC, Reg S

    5.250%        3/21/47        A3        1,579,298  
  5,075    

Markel Corp

    6.000%        N/A (4)        BBB-        5,417,563  
  11,660    

MetLife Capital Trust IV, 144A, (3)

    7.875%        12/15/37        BBB        15,536,950  
  8,088    

MetLife Inc, 144A, (6)

    9.250%        4/08/38        BBB        11,952,431  
  2,275    

MetLife Inc

    3.850%        N/A (4)        BBB        2,292,063  
  1,430    

MetLife Inc

    5.875%        N/A (4)        BBB        1,577,639  
  575    

Nationwide Financial Services Capital Trust

    7.899%        3/01/37        Baa2        718,797  
  9,550    

Nationwide Financial Services Inc, (3), (6)

    6.750%        5/15/37        Baa2        11,245,125  
  2,485    

PartnerRe Finance B LLC, (6)

    4.500%        10/01/50        Baa1        2,546,280  
  5,065    

Provident Financing Trust I

    7.405%        3/15/38        BB+        6,191,962  
  745    

Prudential Financial Inc, (6)

    3.700%        10/01/50        BBB+        729,301  
  9,055    

QBE Insurance Group Ltd, 144A

    7.500%        11/24/43        Baa1        9,802,037  
  1,215    

QBE Insurance Group Ltd, Reg S

    6.750%        12/02/44        BBB        1,319,842  
  2,960    

QBE Insurance Group Ltd, 144A, (3)

    5.875%        N/A (4)        Baa2        3,130,200  
  9,700    

SBL Holdings Inc, 144A

    6.500%        N/A (4)        BB        9,215,000  
  10,685    

SBL Holdings Inc, 144A

    7.000%        N/A (4)        BB        10,524,725  
 

Total Insurance

                               131,280,063  
      Multi-Utilities – 2.5%                           
  2,125    

Algonquin Power & Utilities Corp

    4.750%        1/18/82        BB+        2,099,556  
  6,420    

CenterPoint Energy Inc

    6.125%        N/A (4)        BBB-        6,565,156  
  850    

CMS Energy Corp, (6)

    4.750%        6/01/50        BBB-        898,620  
  3,400    

Dominion Energy Inc

    4.350%        N/A (4)        BBB-        3,425,500  
  1,320    

NiSource Inc

    5.650%        N/A (4)        BBB-        1,343,100  
  3,005    

Sempra Energy

    4.125%        4/01/52        BBB-        2,925,679  
  7,280    

Sempra Energy

    4.875%        N/A (4)        BBB-        7,614,516  
 

Total Multi-Utilities

                               24,872,127  
      Oil, Gas & Consumable Fuels – 1.8%                           
  1,540    

Enbridge Inc, (3)

    6.000%        1/15/77        BBB-        1,634,147  
  800    

Enbridge Inc

    5.500%        7/15/77        BBB-        816,138  
  3,765    

Enbridge Inc

    5.750%        7/15/80        BBB-        4,122,675  
  1,705    

Energy Transfer LP

    6.500%        N/A (4)        BB        1,743,891  
  1,735    

MPLX LP

    6.875%        N/A (4)        BB+        1,726,325  
  6,450    

Transcanada Trust, (3)

    5.875%        8/15/76        BBB        6,888,600  
  1,400    

Transcanada Trust

    5.500%        9/15/79        BBB        1,470,000  
 

Total Oil, Gas & Consumable Fuels

                               18,401,776  
      Trading Companies & Distributors – 2.2%                           
  7,560    

AerCap Global Aviation Trust, 144A

    6.500%        6/15/45        BB+        8,092,753  
  3,205    

AerCap Holdings NV

    5.875%        10/10/79        BB+        3,251,472  
  2,180    

Air Lease Corp, (3)

    4.650%        N/A (4)        BB+        2,196,830  
  1,960    

ILFC E-Capital Trust I, 144A

    3.370%        12/21/65        B+        1,631,700  

 

25


JPC    Nuveen Preferred & Income Opportunities Fund (continued)
   Portfolio of Investments    January 31, 2022
   (Unaudited)

 

Principal
Amount (000)/
Shares
    Description (1)   Coupon      Maturity      Ratings (2)      Value  
      Trading Companies & Distributors (continued)                           
$ 8,474    

ILFC E-Capital Trust I, 144A

    3.620%        12/21/65        BB+      $ 7,351,195  
 

Total Trading Companies & Distributors

                               22,523,950  
      U.S. Agency – 0.6%                           
  5,835    

Farm Credit Bank of Texas, 144A, (3)

    6.200%        N/A (4)        BBB+        6,258,038  
      Wireless Telecommunication Services – 0.4%  
  3,285    

Vodafone Group PLC

    7.000%        4/04/79        BB+        3,775,638  
 

Total $1,000 Par (or similar) Institutional Preferred (cost $766,961,950)

 

              804,871,616  
Shares     Description (1)   Coupon              Ratings (2)      Value  
 

$25 PAR (OR SIMILAR) RETAIL PREFERRED – 34.2% (21.4% of Total Investments)

 

     
      Banks – 9.1%                           
  63,000    

Bank of America Corp

    4.375%           BBB+      $ 1,489,320  
  389,931    

Citigroup Inc, (5)

    7.125%           BBB-        10,457,949  
  127,675    

CoBank ACB, (8)

    6.250%           BBB+        13,252,665  
  93,724    

CoBank ACB, (8)

    6.200%           BBB+        10,098,761  
  165,500    

Farm Credit Bank of Texas, 144A, (3), (8)

    6.750%           Baa1        17,046,500  
  236,981    

Fifth Third Bancorp, (3)

    6.625%           Baa3        6,495,650  
  178,757    

FNB Corp/PA, (3)

    7.250%           Ba1        4,853,253  
  138,275    

KeyCorp

    6.125%           Baa3        3,975,406  
  72,962    

People’s United Financial Inc

    5.625%           BB+        2,000,618  
  247,561    

Regions Financial Corp, (3)

    6.375%           BB+        6,941,610  
  61,900    

Regions Financial Corp

    5.700%           BB+        1,648,397  
  91,115    

Synovus Financial Corp

    5.875%           BB-        2,434,593  
  66,100    

Truist Financial Corp

    4.750%           Baa2        1,680,262  
  68,200    

Wells Fargo & Co

    4.750%           Baa2        1,694,088  
  187,400    

Western Alliance Bancorp, (3)

    4.250%           Ba1        4,726,228  
  91,847    

Wintrust Financial Corp

    6.875%                 BB        2,546,917  
 

Total Banks

                               91,342,217  
      Capital Markets – 4.5%  
  79,169    

Charles Schwab Corp/The

    5.950%           BBB        2,036,227  
  33,793    

Goldman Sachs Group Inc/The

    5.500%           BB+        884,363  
  741,766    

Morgan Stanley, (3), (5)

    7.125%           Baa3        20,087,023  
  110,293    

Morgan Stanley

    6.875%           Baa3        2,991,146  
  209,211    

Morgan Stanley

    5.850%           Baa3        5,774,224  
  100,352    

Morgan Stanley

    6.375%           Baa3        2,735,595  
  276,907    

Stifel Financial Corp, (3)

    6.250%           BB-        7,205,120  
  130,906    

Stifel Financial Corp, (3)

    6.125%                 BB-        3,385,229  
 

Total Capital Markets

                               45,098,927  
      Consumer Finance – 0.7%  
  84,573    

Capital One Financial Corp, (3)

    5.000%           Baa3        2,120,245  
  204,314    

Synchrony Financial, (3)

    5.625%                 BB-        5,310,121  
 

Total Consumer Finance

                               7,430,366  
      Diversified Financial Services – 1.7%  
  74,600    

AgriBank FCB, (8)

    6.875%           BBB+        7,944,900  
  114,400    

Equitable Holdings Inc

    5.250%           BBB-        2,932,072  
  204,839    

Voya Financial Inc

    5.350%                 BBB-        5,868,637  
 

Total Diversified Financial Services

                               16,745,609  
      Diversified Telecommunication Services – 0.8%  
  52,800    

AT&T Inc, (3)

    4.750%           BBB-        1,297,296  
  259,100    

Qwest Corp

    6.750%                 BBB-        6,573,367  
 

Total Diversified Telecommunication Services

                               7,870,663  

 

26


  
  
  

 

Shares     Description (1)   Coupon              Ratings (2)      Value  
      Electric Utilities – 0.3%  
  100,000    

Duke Energy Corp, (3)

    5.750%                 BBB-      $ 2,673,000  
      Equity Real Estate Investment Trust – 1.2%  
  142,800    

Pebblebrook Hotel Trust

    6.375%           N/R        3,571,428  
  132,500    

Pebblebrook Hotel Trust

    5.700%           N/R        3,113,750  
  66,300    

Summit Hotel Properties Inc

    5.875%           N/R        1,630,980  
  138,800    

Sunstone Hotel Investors Inc

    6.125%                 N/R        3,472,776  
 

Total Equity Real Estate Investment Trust

                               11,788,934  
      Food Products – 3.7%  
  295,811    

CHS Inc, (3)

    7.875%           N/R        8,134,803  
  487,106    

CHS Inc

    7.100%           N/R        13,322,349  
  468,864    

CHS Inc

    6.750%           N/R        12,771,855  
  23,900    

Dairy Farmers of America Inc, 144A, (5), (8), (9)

    7.875%                 BB+        2,413,900  
 

Total Food Products

                               36,642,907  
      Insurance – 8.4%  
  274,600    

American Equity Investment Life Holding Co

    5.950%           BB        7,359,280  
  137,600    

American Equity Investment Life Holding Co

    6.625%           BB        3,784,000  
  302,283    

Argo Group US Inc, (3)

    6.500%           BBB-        7,756,582  
  249,028    

Aspen Insurance Holdings Ltd

    5.950%           BB+        6,721,266  
  66,100    

Aspen Insurance Holdings Ltd

    5.625%           BB+        1,693,482  
  48,200    

Assurant Inc

    5.250%           BB+        1,226,208  
  411,533    

Athene Holding Ltd, (3)

    6.350%           BBB        11,444,733  
  370,852    

Athene Holding Ltd

    6.375%           BBB        10,061,215  
  63,400    

Delphi Financial Group Inc, (8), (9)

    3.346%           BBB        1,378,950  
  459,098    

Enstar Group Ltd, (3)

    7.000%           BB+        12,840,971  
  255,780    

Hartford Financial Services Group Inc/The, (3)

    7.875%           Baa2        6,514,716  
  219,645    

Maiden Holdings North America Ltd

    7.750%           N/R        4,821,010  
  113,445    

Reinsurance Group of America Inc, (3)

    6.200%           BBB+        2,932,553  
  157,800    

Reinsurance Group of America Inc

    5.750%           BBB+        4,541,484  
  46,100    

Selective Insurance Group Inc

    4.600%                 BBB-        1,101,790  
 

Total Insurance

                               84,178,240  
      Multi-Utilities – 0.7%  
  271,210    

Algonquin Power & Utilities Corp

    6.200%                 BB+        7,252,156  
      Oil, Gas & Consumable Fuels – 1.2%  
  35,700    

Energy Transfer LP

    7.600%           BB        888,930  
  167,226    

NuStar Energy LP

    6.969%           B2        4,115,432  
  148,751    

NuStar Energy LP

    7.625%           B2        3,269,547  
  127,137    

NuStar Logistics LP

    6.975%                 B        3,205,124  
 

Total Oil, Gas & Consumable Fuels

                               11,479,033  
      Thrifts & Mortgage Finance – 1.1%  
  75,580    

Federal Agricultural Mortgage Corp

    6.000%           N/R        2,023,276  
  337,570    

New York Community Bancorp Inc, (3)

    6.375%                 Ba2        9,354,065  
 

Total Thrifts & Mortgage Finance

                               11,377,341  
      Trading Companies & Distributors – 0.3%  
  124,215    

Air Lease Corp

    6.150%                 BB+        3,259,402  
      Wireless Telecommunication Services – 0.5%                           
  177,000    

United States Cellular Corp

    6.250%                 BB+        4,543,590  
 

Total $25 Par (or similar) Retail Preferred (cost $330,762,660)

                               341,682,385  
Principal
Amount (000)
    Description (1)   Coupon      Maturity      Ratings (2)      Value  
 

CONTINGENT CAPITAL SECURITIES – 30.7% (19.3% of Total Investments) (10)

 

     
      Banks – 23.3%  
$ 2,025    

Australia & New Zealand Banking Group Ltd/United Kingdom, 144A, (3)

    6.750%        N/A (4)        Baa2      $ 2,257,875  

 

27


JPC    Nuveen Preferred & Income Opportunities Fund (continued)
   Portfolio of Investments    January 31, 2022
   (Unaudited)

 

Principal
Amount (000)
    Description (1)   Coupon      Maturity      Ratings (2)      Value  
      Banks – 23.3% (continued)  
$ 3,805    

Banco Bilbao Vizcaya Argentaria SA, (3)

    6.125%        N/A (4)        Ba2      $ 3,904,881  
  5,975    

Banco Bilbao Vizcaya Argentaria SA

    6.500%        N/A (4)        Ba2        6,206,531  
  1,400    

Banco Mercantil del Norte SA/Grand Cayman, 144A

    7.500%        N/A (4)        Ba2        1,424,500  
  3,120    

Banco Mercantil del Norte SA/Grand Cayman, 144A, (3)

    7.625%        N/A (4)        Ba2        3,186,830  
  5,600    

Banco Santander SA, Reg S, (3)

    7.500%        N/A (4)        Ba1        5,949,104  
  4,905    

Banco Santander SA

    4.750%        N/A (4)        Ba1        4,713,705  
  9,910    

Barclays PLC

    8.000%        N/A (4)        BBB-        10,799,125  
  8,865    

Barclays PLC

    7.750%        N/A (4)        BBB-        9,419,063  
  6,440    

Barclays PLC

    6.125%        N/A (4)        BBB-        6,848,618  
  1,600    

Barclays PLC

    4.375%        N/A (4)        BBB-        1,510,560  
  1,000    

BNP Paribas SA, 144A

    7.000%        N/A (4)        BBB        1,132,500  
  10,495    

BNP Paribas SA, 144A, (5)

    7.375%        N/A (4)        BBB        11,736,558  
  8,145    

BNP Paribas SA, 144A

    6.625%        N/A (4)        BBB        8,590,532  
  2,165    

Credit Agricole SA, 144A

    4.750%        N/A (4)        BBB        2,124,406  
  5,985    

Credit Agricole SA, 144A

    7.875%        N/A (4)        BBB        6,486,244  
  7,445    

Credit Agricole SA, 144A

    8.125%        N/A (4)        BBB        8,612,004  
  5,100    

Credit Suisse Group AG, 144A

    5.250%        N/A (4)        BB+        5,085,720  
  1,815    

Danske Bank A/S, Reg S

    6.125%        N/A (4)        BBB-        1,878,561  
  1,840    

Danske Bank A/S, Reg S

    4.375%        N/A (4)        BBB-        1,775,600  
  1,600    

Danske Bank A/S, Reg S, (3)

    7.000%        N/A (4)        BBB-        1,716,992  
  4,010    

HSBC Holdings PLC, (3)

    6.375%        N/A (4)        BBB        4,210,500  
  15,344    

HSBC Holdings PLC, (5)

    6.375%        N/A (4)        BBB        16,221,984  
  11,850    

HSBC Holdings PLC, (3)

    6.000%        N/A (4)        BBB        12,509,215  
  6,130    

ING Groep NV, Reg S

    6.750%        N/A (4)        BBB        6,520,788  
  3,210    

ING Groep NV

    6.500%        N/A (4)        BBB        3,434,700  
  5,280    

ING Groep NV

    5.750%        N/A (4)        BBB        5,550,600  
  7,590    

Intesa Sanpaolo SpA, 144A, (3)

    7.700%        N/A (4)        BB-        8,330,025  
  11,565    

Lloyds Banking Group PLC, (3)

    7.500%        N/A (4)        Baa3        12,550,107  
  6,995    

Lloyds Banking Group PLC

    7.500%        N/A (4)        Baa3        7,759,728  
  3,350    

Macquarie Bank Ltd/London, 144A

    6.125%        N/A (4)        BB+        3,504,938  
  6,385    

NatWest Group PLC

    8.000%        N/A (4)        BBB-        7,191,106  
  5,405    

NatWest Group PLC, (3)

    6.000%        N/A (4)        BBB-        5,692,006  
  3,985    

Nordea Bank Abp, 144A

    6.625%        N/A (4)        BBB+        4,420,879  
  1,975    

Societe Generale SA, 144A

    8.000%        N/A (4)        BB        2,230,387  
  6,536    

Societe Generale SA, 144A

    7.875%        N/A (4)        BB+        7,000,710  
  2,066    

Societe Generale SA, 144A, (3)

    6.750%        N/A (4)        BB        2,200,290  
  2,820    

Societe Generale SA, 144A

    4.750%        N/A (4)        BB+        2,785,906  
  4,845    

Standard Chartered PLC, 144A

    4.300%        N/A (4)        BBB-        4,530,075  
  2,010    

Standard Chartered PLC, 144A

    7.750%        N/A (4)        BBB-        2,115,364  
  3,120    

Standard Chartered PLC, 144A

    6.000%        N/A (4)        BBB-        3,260,400  
  5,060    

UniCredit SpA, Reg S

    8.000%        N/A (4)        BB-        5,477,450  
  218,766    

Total Banks

                               232,857,067  
      Capital Markets – 7.4%  
  2,090    

Credit Suisse Group AG, 144A

    6.375%        N/A (4)        BB+        2,181,438  
  10,229    

Credit Suisse Group AG, 144A, (3)

    7.250%        N/A (4)        BB+        10,932,244  
  3,925    

Credit Suisse Group AG, 144A

    7.500%        N/A (4)        BB+        4,183,030  
  8,750    

Credit Suisse Group AG, 144A

    7.500%        N/A (4)        BB+        9,105,600  
  14,020    

Deutsche Bank AG, (3)

    6.000%        N/A (4)        BB-        14,125,150  
  10,095    

UBS Group AG, Reg S, (3)

    7.000%        N/A (4)        BBB        10,970,741  
  1,640    

UBS Group AG, Reg S

    5.125%        N/A (4)        BBB        1,693,457  
  7,950    

UBS Group AG, 144A, (3)

    7.000%        N/A (4)        BBB        8,402,196  
  6,455    

UBS Group AG, Reg S, (3)

    6.875%        N/A (4)        BBB        7,011,382  
  1,715    

UBS Group AG, 144A

    4.875%        N/A (4)        BBB        1,712,599  
  4,590    

UBS Group AG, 144A

    3.875%        N/A (4)        BBB        4,407,547  
  71,459    

Total Capital Markets

                               74,725,384  
$ 290,225    

Total Contingent Capital Securities (cost $296,032,532)

                               307,582,451  

 

28


  
  
  

 

Principal
Amount (000)
    Description (1)   Coupon      Maturity      Ratings (2)      Value  
 

CORPORATE BONDS – 8.3% (5.2% of Total Investments)

 

      Banks – 0.1%  
$ 1,180    

Commerzbank AG, 144A

    8.125%        9/19/23        Baa3      $ 1,281,752  
      Containers & Packaging – 0.4%  
  3,444    

Sealed Air Corp, 144A, (3)

    6.875%        7/15/33        BB+        4,115,580  
      Entertainment – 1.2%  
  11,350    

Liberty Interactive LLC, (3)

    8.500%        7/15/29        BB        11,787,883  
      Food & Staples Retailing – 0.8%  
  7,675    

Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC, 144A, (3)

    7.500%        3/15/26        BB        8,147,012  
      Health Care Providers & Services – 0.3%  
  3,350    

MEDNAX Inc, 144A

    6.250%        1/15/27        B+        3,500,181  
      Insurance – 1.2%  
  2,575    

Fidelis Insurance Holdings Ltd, 144A

    6.625%        4/01/41        BB+        2,697,312  
  7,117    

Liberty Mutual Group Inc, 144A, (3)

    7.800%        3/15/37        Baa3        9,679,120  
  9,692    

Total Insurance

                               12,376,432  
      Interactive Media & Services – 0.7%  
  6,605    

TripAdvisor Inc, 144A, (3)

    7.000%        7/15/25        BB-        6,918,738  
      Media – 1.3%  
  6,275    

DISH DBS Corp, (3)

    7.375%        7/01/28        B-        6,063,846  
  4,725    

ViacomCBS Inc, (3), (6)

    6.875%        4/30/36        BBB        6,486,373  
  11,000    

Total Media

                               12,550,219  
      Oil, Gas & Consumable Fuels – 0.7%  
  6,510    

Enviva Partners LP / Enviva Partners Finance Corp, 144A, (3)

    6.500%        1/15/26        BB-        6,725,676  
      Semiconductors & Semiconductor Equipment – 0.7%  
  6,358    

Amkor Technology Inc, 144A, (3)

    6.625%        9/15/27        BB        6,683,848  
      Specialty Retail – 0.6%  
  5,600    

Bath & Body Works Inc

    6.875%        11/01/35        BB        6,440,000  
      Technology Hardware, Storage & Peripherals – 0.3%  
  2,500    

Dell International LLC / EMC Corp

    6.200%        7/15/30        BBB        3,036,200  
$ 75,264    

Total Corporate Bonds (cost $79,400,600)

                               83,563,521  
Shares     Description (1)   Coupon              Ratings (2)      Value  
 

CONVERTIBLE PREFERRED SECURITIES – 4.1% (2.5% of Total Investments)

 

      Banks – 0.9%  
  6,400    

Wells Fargo & Co, (3)

    7.500%                 Baa2      $ 9,114,304  
      Electric Utilities – 1.0%  
  159,500    

NextEra Energy Inc

    6.219%           BBB        8,196,705  
  24,600    

Southern Co/The

    6.750%                 BBB-        1,311,180  
 

Total Electric Utilities

                               9,507,885  
      Multi-Utilities – 0.7%  
  72,900    

Dominion Energy Inc

    7.250%                 BBB-        7,437,258  
      Semiconductors & Semiconductor Equipment – 1.5%  
  8,050    

Broadcom Inc

    8.000%                 N/R        14,744,541  
 

Total Convertible Preferred Securities (cost $34,059,116)

                               40,803,988  

 

29


JPC    Nuveen Preferred & Income Opportunities Fund (continued)
   Portfolio of Investments    January 31, 2022
   (Unaudited)

 

Shares     Description (1)                           Value  
 

COMMON STOCKS – 0.4% (0.2% of Total Investments)

          
      Multi-Utilities – 0.4% (0.2% of Total Investments)  
  26,568    

Sempra Energy

                             $ 3,670,635  
 

Total Common Stocks (cost $3,534,924)

                               3,670,635  
 

Total Long-Term Investments (cost $1,510,751,782)

                               1,582,174,596  
Principal
Amount (000)
    Description (1)   Coupon      Maturity              Value  
 

SHORT-TERM INVESTMENTS – 1.5% (1.0% of Total Investments)

          
      REPURCHASE AGREEMENTS – 1.5% (1.0% of Total Investments)                           
$ 15,251    

Repurchase Agreement with Fixed Income Clearing Corporation, dated 1/31/22, repurchase price $15,251,018, collateralized by $16,117,400, U.S. Treasury Bond, 1.875%, due 2/15/41, value $15,556,083

    0.000%        2/01/22               $ 15,251,018  
 

Total Short-Term Investments (cost $15,251,018)

                               15,251,018  
 

Total Investments (cost $1,526,002,800) – 159.7%

 

              1,597,425,614  
 

Borrowings – (47.3)% (11), (12)

 

              (473,400,000
 

Reverse Repurchase Agreements, including accrued interest – (12.5)% (13)

 

              (124,670,820
 

Other Assets Less Liabilities – 0.1% (14)

 

              979,602  
 

Net Assets Applicable to Common Shares – 100%

 

            $ 1,000,334,396  

 

 

30


  
  
  

 

Investments in Derivatives

Futures Contracts – Short

 

Description    Number of
Contracts
     Expiration
Date
     Notional
Amount
     Value      Unrealized
Appreciation
(Depreciation)
     Variation
Margin
Receivable/
(Payable)
 

U.S. Treasury 10-Year Note

     (310      3/22      $ (40,142,026    $ (39,670,313    $ 471,713      $ (4,844

Interest Rate Swaps – OTC Uncleared

 

Counterparty   Notional
Amount
    Fund
Pay/Receive
Floating Rate
    Floating Rate Index     Fixed Rate
(Annualized)
    Fixed Rate
Payment
Frequency
    Effective
Date (15)
    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     $ (9,109,368   $ (9,109,368

Morgan Stanley Capital Services, LLC

    48,000,000       Receive       1-Month LIBOR       2.364       Monthly       7/01/19       7/01/26       7/01/28       (2,670,428     (2,670,428

Total

  $ 325,500,000                                                             $ (11,779,796   $ (11,779,796

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 $130,133,031 have been pledged as collateral for reverse repurchase agreements.

 

(4)

Perpetual security. Maturity date is not applicable.

 

(5)

Investment, or portion of investment, is hypothecated. The total value of investments hypothecated as of the end of the reporting period was $129,386,542.

 

(6)

Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives.

 

(7)

Variable rate security. The rate shown is the coupon as of the end of the reporting period.

 

(8)

For fair value measurement disclosure purposes, investment classified as Level 2.

 

(9)

Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

 

(10)

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.

 

(11)

Borrowings as a percentage of Total Investments is 29.6%.

 

(12)

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 $940,232,132 have been pledged as collateral for borrowings.

 

(13)

Reverse Repurchase Agreements, including accrued interest as a percentage of Total Investments is 7.8%.

 

(14)

Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as presented on the Statement of Assets and Liabilities, 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.

 

(15)

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.

 

31


JPI   

Nuveen Preferred and Income
Term Fund

 

Portfolio of Investments    January 31, 2022

     (Unaudited)

 

Principal
Amount (000)/
Shares
    Description (1)   Coupon      Maturity      Ratings (2)      Value  
 

LONG-TERM INVESTMENTS – 153.5% (99.9% of Total Investments)

 

     
 

$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 72.7% (47.3% of Total Investments)

 

      Automobiles – 2.4%                           
$ 3,610    

General Motors Financial Co Inc.

    5.700%        N/A (3)        BB+      $ 4,056,918  
  8,463    

General Motors Financial Co Inc, (4)

    5.750%        N/A (3)        BB+        8,931,004  
 

Total Automobiles

                               12,987,922  
      Banks – 25.7%  
  3,430    

Bank of America Corp

    4.375%        N/A (3)        BBB+        3,387,468  
  3,290    

Bank of America Corp

    6.250%        N/A (3)        BBB+        3,487,400  
  3,620    

Bank of America Corp

    6.500%        N/A (3)        BBB+        3,895,844  
  3,815    

Bank of America Corp

    6.300%        N/A (3)        BBB+        4,177,425  
  1,330    

Bank of America Corp

    6.100%        N/A (3)        BBB+        1,433,620  
  1,695    

Citigroup Inc

    4.150%        N/A (3)        BBB-        1,653,845  
  2,870    

Citigroup Inc, (5)

    6.250%        N/A (3)        BBB-        3,171,350  
  5,850    

Citigroup Inc, (4)

    5.000%        N/A (3)        BBB-        5,915,169  
  9,343    

Citigroup Inc, (4)

    5.950%        N/A (3)        BBB-        9,856,865  
  6,565    

Citigroup Inc, (4)

    6.300%        N/A (3)        BBB-        6,750,790  
  2,075    

Citizens Financial Group Inc

    4.000%        N/A (3)        BB+        2,036,094  
  1,580    

Citizens Financial Group Inc

    6.375%        N/A (3)        BB+        1,619,500  
  2,270    

Farm Credit Bank of Texas, 144A

    5.700%        N/A (3)        Baa1        2,411,875  
  1,815    

Fifth Third Bancorp

    4.500%        N/A (3)        Baa3        1,869,450  
  2,670    

First Citizens BancShares Inc/NC

    5.800%        N/A (3)        N/R        2,770,125  
  850    

Goldman Sachs Group Inc/The

    4.400%        N/A (3)        BB+        830,875  
  860    

Goldman Sachs Group Inc/The

    3.800%        N/A (3)        BBB-        827,139  
  2,121    

HSBC Capital Funding Dollar 1 LP, 144A

    10.176%        N/A (3)        BBB        3,436,020  
  5,140    

Huntington Bancshares Inc/OH

    5.625%        N/A (3)        Baa3        5,770,781  
  2,370    

JPMorgan Chase & Co

    6.100%        N/A (3)        BBB+        2,515,163  
  10,092    

JPMorgan Chase & Co

    6.750%        N/A (3)        BBB+        10,805,504  
  4,340    

JPMorgan Chase & Co

    3.650%        N/A (3)        BBB+        4,172,346  
  6,800    

JPMorgan Chase & Co, (5)

    5.000%        N/A (3)        BBB+        6,919,000  
  2,430    

KeyCorp

    5.000%        N/A (3)        Baa3        2,557,575  
  705    

Lloyds Bank PLC, 144A

    12.000%        N/A (3)        Baa3        705,000  
  1,340    

M&T Bank Corp

    3.500%        N/A (3)        Baa2        1,259,747  
  1,765    

M&T Bank Corp

    5.125%        N/A (3)        Baa2        1,875,639  
  1,570    

M&T Bank Corp

    6.450%        N/A (3)        Baa2        1,649,992  
  1,907    

PNC Financial Services Group Inc/The

    5.000%        N/A (3)        Baa2        1,983,280  
  1,595    

PNC Financial Services Group Inc/The

    3.400%        N/A (3)        Baa2        1,503,272  
  799    

PNC Financial Services Group Inc/The, (3-Month LIBOR reference rate + 3.678% spread), (6)

    3.804%        N/A (3)        Baa2        804,597  
  1,745    

Regions Financial Corp, (4)

    5.750%        N/A (3)        BB+        1,876,032  
  730    

SVB Financial Group

    4.700%        N/A (3)        Baa2        724,671  
  830    

SVB Financial Group

    4.100%        N/A (3)        Baa2        783,703  
  1,320    

SVB Financial Group

    4.000%        N/A (3)        Baa2        1,283,000  
  9,280    

Truist Financial Corp, (5)

    4.800%        N/A (3)        Baa2        9,465,600  
  2,520    

Truist Financial Corp

    5.100%        N/A (3)        Baa2        2,734,200  
  1,805    

Truist Financial Corp, (5)

    5.050%        N/A (3)        Baa2        1,786,950  
  1,230    

Wells Fargo & Co, (5)

    7.950%        11/15/29        Baa1        1,641,322  
  7,240    

Wells Fargo & Co, (4)

    3.900%        N/A (3)        Baa2        7,170,858  
  5,803    

Wells Fargo & Co

    5.875%        N/A (3)        Baa2        6,203,697  
  3,256    

Wells Fargo & Co

    5.900%        N/A (3)        Baa2        3,337,400  
  1,415    

Zions Bancorp NA, (5)

    7.200%        N/A (3)        BB+        1,497,296  
  1,050    

Zions Bancorp NA

    5.800%        N/A (3)        BB+        1,070,534  
 

Total Banks

                               141,628,013  

 

32


  
  
  

 

Principal
Amount (000)/
Shares
    Description (1)   Coupon      Maturity      Ratings (2)      Value  
      Capital Markets – 3.5%  
$ 1,895    

Bank of New York Mellon Corp/The

    4.700%        N/A (3)        Baa1      $ 1,996,856  
  1,950    

Charles Schwab Corp/The

    4.000%        N/A (3)        BBB        1,926,463  
  4,215    

Charles Schwab Corp/The

    5.375%        N/A (3)        BBB        4,526,910  
  4,595    

Goldman Sachs Group Inc/The

    5.500%        N/A (3)        BBB-        4,819,466  
  1,450    

Goldman Sachs Group Inc/The

    4.125%        N/A (3)        BBB-        1,415,563  
  4,127    

Goldman Sachs Group Inc/The, (5)

    5.300%        N/A (3)        BBB-        4,426,207  
 

Total Capital Markets

                               19,111,465  
      Communications Equipment – 0.3%  
  1,920    

Vodafone Group PLC

    4.125%        6/04/81        BB+        1,828,838  
      Consumer Finance – 2.5%  
  3,690    

Ally Financial Inc

    4.700%        N/A (3)        Ba2        3,648,118  
  2,570    

Ally Financial Inc

    4.700%        N/A (3)        Ba2        2,544,300  
  3,110    

American Express Co

    3.550%        N/A (3)        Baa2        2,977,825  
  3,005    

Capital One Financial Corp

    3.950%        N/A (3)        Baa3        2,937,388  
  1,820    

Discover Financial Services

    6.125%        N/A (3)        Ba2        1,963,889  
 

Total Consumer Finance

                               14,071,520  
      Diversified Financial Services – 4.5%  
  2,010    

American AgCredit Corp, 144A

    5.250%        N/A (3)        BB+        2,050,200  
  2,425    

Capital Farm Credit ACA, 144A

    5.000%        N/A (3)        BB        2,485,625  
  12,000    

Compeer Financial ACA, 144A, (8)

    6.750%        N/A (3)        BB+        12,272,000  
  1,050    

Compeer Financial ACA, 144A

    4.875%        N/A (3)        BB+        1,065,750  
  3,430    

Equitable Holdings Inc

    4.950%        N/A (3)        BBB-        3,524,325  
  3,171    

Voya Financial Inc, (5)

    6.125%        N/A (3)        BBB-        3,281,985  
 

Total Diversified Financial Services

                               24,679,885  
      Electric Utilities – 2.8%  
  1,920    

American Electric Power Co Inc

    3.875%        2/15/62        BBB-        1,883,410  
  1,935    

Edison International

    5.000%        N/A (3)        BB+        1,927,608  
  1,120    

Edison International

    5.375%        N/A (3)        BB+        1,136,100  
  1,460    

Electricite de France SA, 144A

    5.250%        N/A (3)        Baa3        1,483,725  
  6,300    

Emera Inc, (5)

    6.750%        6/15/76        BB+        7,103,250  
  2,025    

Southern Co/The

    4.000%        1/15/51        BBB-        2,040,208  
 

Total Electric Utilities

                               15,574,301  
      Food Products – 4.7%  
  2,250    

Dairy Farmers of America Inc, 144A

    7.125%        N/A (3)        BB+        2,345,625  
  2,240    

Land O’ Lakes Inc, 144A

    7.250%        N/A (3)        BB        2,413,600  
  12,550    

Land O’ Lakes Inc, 144A, (4)

    8.000%        N/A (3)        BB        13,475,563  
  7,223    

Land O’ Lakes Inc, 144A, (4)

    7.000%        N/A (3)        BB        7,656,380  
 

Total Food Products

                               25,891,168  
      Independent Power & Renewable Electricity Producers – 0.9%  
  1,240    

AES Andes SA, 144A

    7.125%        3/26/79        BB        1,267,962  
  2,550    

AES Andes SA, 144A, (5)

    6.350%        10/07/79        BB        2,593,847  
  1,180    

Vistra Corp, 144A

    7.000%        N/A (3)        Ba3        1,174,100  
 

Total Independent Power & Renewable Electricity Producers

                               5,035,909  
      Industrial Conglomerates – 1.5%  
  8,392    

General Electric Co, (3-Month LIBOR reference rate + 3.330%
spread), (4), (6)

    3.533%        N/A (3)        BBB-        8,203,180  
      Insurance – 14.5%  
  1,505    

Aegon NV

    5.500%        4/11/48        BBB        1,692,561  
  1,447    

American International Group Inc, (9)

    5.750%        4/01/48        BBB-        1,578,055  
  8,815    

Assurant Inc, (5)

    7.000%        3/27/48        BB+        9,982,987  
  10,595    

Assured Guaranty Municipal Holdings Inc, 144A, (4), (9)

    6.400%        12/15/66        BBB+        11,636,270  
  2,320    

AXIS Specialty Finance LLC, (5)

    4.900%        1/15/40        BBB        2,417,000  
  1,540    

Enstar Finance LLC, (5)

    5.750%        9/01/40        BB+        1,593,854  

 

33


JPI    Nuveen Preferred and Income Term Fund (continued)
   Portfolio of Investments    January 31, 2022
   (Unaudited)

 

Principal
Amount (000)/
Shares
    Description (1)   Coupon      Maturity      Ratings (2)      Value  
      Insurance (continued)  
$ 1,505    

Enstar Finance LLC

    5.500%        1/15/42        BB+      $ 1,484,111  
  1,375    

Legal & General Group PLC, Reg S

    5.250%        3/21/47        A3        1,462,313  
  4,755    

Markel Corp

    6.000%        N/A (3)        BBB-        5,075,962  
  3,440    

MetLife Inc, 144A, (9)

    9.250%        4/08/38        BBB        5,083,625  
  2,115    

MetLife Inc

    3.850%        N/A (3)        BBB        2,130,863  
  1,270    

MetLife Inc, (5)

    5.875%        N/A (3)        BBB        1,401,120  
  2,335    

PartnerRe Finance B LLC, (5), (9)

    4.500%        10/01/50        Baa1        2,392,581  
  4,734    

Provident Financing Trust I, (5)

    7.405%        3/15/38        BB+        5,787,315  
  700    

Prudential Financial Inc

    3.700%        10/01/50        BBB+        685,250  
  8,495    

QBE Insurance Group Ltd, 144A, (4)

    7.500%        11/24/43        Baa1        9,195,837  
  1,135    

QBE Insurance Group Ltd, Reg S

    6.750%        12/02/44        BBB        1,232,939  
  2,770    

QBE Insurance Group Ltd, 144A

    5.875%        N/A (3)        Baa2        2,929,275  
  2,600    

SBL Holdings Inc, 144A

    6.500%        N/A (3)        BB        2,470,000  
  10,005    

SBL Holdings Inc, 144A, (4)

    7.000%        N/A (3)        BB        9,854,925  
 

Total Insurance

                               80,086,843  
      Multi-Utilities – 2.8%  
  1,975    

Algonquin Power & Utilities Corp

    4.750%        1/18/82        BB+        1,951,352  
  6,005    

CenterPoint Energy Inc

    6.125%        N/A (3)        BBB-        6,140,773  
  795    

CMS Energy Corp, (9)

    4.750%        6/01/50        BBB-        840,474  
  1,215    

NiSource Inc

    5.650%        N/A (3)        BBB-        1,236,262  
  2,785    

Sempra Energy

    4.125%        4/01/52        BBB-        2,711,486  
  2,365    

Sempra Energy

    4.875%        N/A (3)        BBB-        2,473,672  
 

Total Multi-Utilities

                               15,354,019  
      Oil, Gas & Consumable Fuels – 1.9%  
  1,440    

Enbridge Inc

    6.000%        1/15/77        BBB-        1,528,034  
  745    

Enbridge Inc

    5.500%        7/15/77        BBB-        760,028  
  3,520    

Enbridge Inc, (5)

    5.750%        7/15/80        BBB-        3,854,400  
  1,590    

Energy Transfer LP

    6.500%        N/A (3)        BB        1,626,268  
  1,620    

MPLX LP, (5)

    6.875%        N/A (3)        BB+        1,611,900  
  1,320    

Transcanada Trust

    5.500%        9/15/79        BBB        1,386,000  
 

Total Oil, Gas & Consumable Fuels

                               10,766,630  
      Trading Companies & Distributors – 3.8%  
  7,045    

AerCap Global Aviation Trust, 144A, (5)

    6.500%        6/15/45        BB+        7,541,461  
  2,915    

AerCap Holdings NV

    5.875%        10/10/79        BB+        2,957,268  
  2,045    

Air Lease Corp

    4.650%        N/A (3)        BB+        2,060,787  
  1,855    

ILFC E-Capital Trust I, 144A, (5)

    3.370%        12/21/65        B+        1,544,288  
  7,902    

ILFC E-Capital Trust I, 144A, (5)

    3.620%        12/21/65        BB+        6,854,985  
 

Total Trading Companies & Distributors

                               20,958,789  
      U.S. Agency – 0.2%  
  1,180    

Farm Credit Bank of Texas, 144A

    6.200%        N/A (3)        BBB+        1,265,550  
      Wireless Telecommunication Services – 0.7%                           
  3,180    

Vodafone Group PLC

    7.000%        4/04/79        BB+        3,654,956  
 

Total $1,000 Par (or similar) Institutional Preferred (cost $378,284,310)

                               401,098,988  
Principal
Amount (000)
    Description (1)   Coupon      Maturity      Ratings (2)      Value  
 

CONTINGENT CAPITAL SECURITIES – 51.9% (33.8% of Total Investments) (10)

 

     
      Banks – 39.3%  
$ 1,970    

Australia & New Zealand Banking Group Ltd/United Kingdom, 144A

    6.750%        N/A (3)        Baa2      $ 2,196,550  
  3,570    

Banco Bilbao Vizcaya Argentaria SA, (5)

    6.125%        N/A (3)        Ba2        3,663,713  
  5,600    

Banco Bilbao Vizcaya Argentaria SA

    6.500%        N/A (3)        Ba2        5,817,000  
  1,300    

Banco Mercantil del Norte SA/Grand Cayman, 144A

    7.500%        N/A (3)        Ba2        1,322,750  
  2,930    

Banco Mercantil del Norte SA/Grand Cayman, 144A, (5)

    7.625%        N/A (3)        Ba2        2,992,761  
  5,200    

Banco Santander SA, Reg S

    7.500%        N/A (3)        Ba1        5,524,168  
  4,660    

Banco Santander SA

    4.750%        N/A (3)        Ba1        4,478,260  

 

34


  
  
  

 

Principal
Amount (000)
    Description (1)   Coupon      Maturity      Ratings (2)      Value  
      Banks – 39.3% (continued)  
$ 9,270    

Barclays PLC, (5)

    8.000%        N/A (3)        BBB-      $ 10,101,704  
  8,050    

Barclays PLC, (5)

    7.750%        N/A (3)        BBB-        8,553,125  
  6,095    

Barclays PLC

    6.125%        N/A (3)        BBB-        6,481,728  
  1,500    

Barclays PLC

    4.375%        N/A (3)        BBB-        1,416,150  
  950    

BNP Paribas SA, 144A

    7.000%        N/A (3)        BBB        1,075,875  
  9,790    

BNP Paribas SA, 144A, (4)

    7.375%        N/A (3)        BBB        10,948,157  
  7,610    

BNP Paribas SA, 144A

    6.625%        N/A (3)        BBB        8,026,267  
  2,015    

Credit Agricole SA, 144A

    4.750%        N/A (3)        BBB        1,977,219  
  5,415    

Credit Agricole SA, 144A, (4)

    7.875%        N/A (3)        BBB        5,868,506  
  6,979    

Credit Agricole SA, 144A, (4)

    8.125%        N/A (3)        BBB        8,072,958  
  4,765    

Credit Suisse Group AG, 144A

    5.250%        N/A (3)        BB+        4,751,658  
  1,700    

Danske Bank A/S, Reg S

    6.125%        N/A (3)        BBB-        1,759,534  
  1,725    

Danske Bank A/S, Reg S

    4.375%        N/A (3)        BBB-        1,664,625  
  1,500    

Danske Bank A/S, Reg S

    7.000%        N/A (3)        BBB-        1,609,680  
  3,655    

HSBC Holdings PLC

    6.375%        N/A (3)        BBB        3,837,750  
  14,356    

HSBC Holdings PLC, (4)

    6.375%        N/A (3)        BBB        15,177,450  
  11,100    

HSBC Holdings PLC, (4)

    6.000%        N/A (3)        BBB        11,717,493  
  5,735    

ING Groep NV, Reg S

    6.750%        N/A (3)        BBB        6,100,606  
  3,045    

ING Groep NV

    6.500%        N/A (3)        BBB        3,258,150  
  4,850    

ING Groep NV

    5.750%        N/A (3)        BBB        5,098,563  
  7,214    

Intesa Sanpaolo SpA, 144A, (5)

    7.700%        N/A (3)        BB-        7,917,365  
  10,645    

Lloyds Banking Group PLC, (4)

    7.500%        N/A (3)        Baa3        11,551,741  
  6,550    

Lloyds Banking Group PLC, (4)

    7.500%        N/A (3)        Baa3        7,266,078  
  3,050    

Macquarie Bank Ltd/London, 144A

    6.125%        N/A (3)        BB+        3,191,063  
  5,970    

NatWest Group PLC, (5)

    8.000%        N/A (3)        BBB-        6,723,712  
  5,050    

NatWest Group PLC

    6.000%        N/A (3)        BBB-        5,318,155  
  3,735    

Nordea Bank Abp, 144A

    6.625%        N/A (3)        BBB+        4,143,534  
  1,820    

Societe Generale SA, 144A, (4)

    8.000%        N/A (3)        BB        2,055,344  
  6,163    

Societe Generale SA, 144A, (4)

    7.875%        N/A (3)        BB+        6,601,189  
  1,928    

Societe Generale SA, 144A, (5)

    6.750%        N/A (3)        BB        2,053,320  
  2,635    

Societe Generale SA, 144A, (5)

    4.750%        N/A (3)        BB+        2,603,143  
  4,520    

Standard Chartered PLC, 144A

    4.300%        N/A (3)        BBB-        4,226,200  
  1,875    

Standard Chartered PLC, 144A

    7.750%        N/A (3)        BBB-        1,973,288  
  2,880    

Standard Chartered