1

Nuveen

Preferred

and

Income

Fund

Portfolio

of

Investments

April

30,

2022

(Unaudited)

JPT

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

LONG-TERM

INVESTMENTS

-

147.1%  (53.1%

of

Total

Investments)

X

75,127,765

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

78.8%

(53.1%

of

Total

Investments)

X

75,127,765

Automobiles

-

2.1%

(1.4%

of

Total

Investments)

$

695

General

Motors

Financial

Co

Inc

5.700%

N/A

(3)

BB+

$

678,494

1,479

General

Motors

Financial

Co

Inc

5.750%

N/A

(3)

BB+

1,360,695

Total

Automobiles

2,039,189

Banks

-

24.5%

(16.5%

of

Total

Investments)

685

Bank

of

America

Corp

6.500%

N/A

(3)

BBB+

698,275

540

Bank

of

America

Corp

4.375%

N/A

(3)

BBB+

477,900

240

Bank

of

America

Corp

6.100%

N/A

(3)

BBB+

242,533

780

Bank

of

America

Corp

6.300%

N/A

(3)

BBB+

797,550

715

Bank

of

America

Corp

6.250%

N/A

(3)

BBB+

723,795

1,872

Citigroup

Inc

5.950%

N/A

(3)

BBB-

1,829,880

420

Citigroup

Inc

4.150%

N/A

(3)

BBB-

371,532

1,455

Citigroup

Inc

6.300%

N/A

(3)

BBB-

1,438,631

900

Citigroup

Inc

6.250%

N/A

(3)

BBB-

899,433

629

Citizens

Financial

Group

Inc

6.375%

N/A

(3)

BB+

608,558

833

CoBank

ACB

6.250%

N/A

(3)

BBB+

833,000

200

Fifth

Third

Bancorp

4.500%

N/A

(3)

Baa3

193,983

475

First

Citizens

BancShares

Inc/NC

5.800%

N/A

(3)

N/R

475,119

915

Huntington

Bancshares

Inc/OH

5.625%

N/A

(3)

Baa3

912,228

420

JPMorgan

Chase

&

Co

6.100%

N/A

(3)

BBB+

420,882

1,500

JPMorgan

Chase

&

Co

5.000%

N/A

(3)

BBB+

1,421,550

1,990

JPMorgan

Chase

&

Co

6.750%

N/A

(3)

BBB+

2,024,994

220

M&T

Bank

Corp

5.125%

N/A

(3)

Baa2

216,150

220

M&T

Bank

Corp

3.500%

N/A

(3)

Baa2

184,803

465

M&T

Bank

Corp

6.450%

N/A

(3)

Baa2

467,325

266

PNC

Financial

Services

Group

Inc/The

5.000%

N/A

(3)

Baa2

255,360

420

PNC

Financial

Services

Group

Inc/The

6.000%

N/A

(3)

Baa2

418,950

485

PNC

Financial

Services

Group

Inc/The

3.400%

N/A

(3)

Baa2

417,100

310

Regions

Financial

Corp

5.750%

N/A

(3)

Baa3

316,200

235

SVB

Financial

Group

4.000%

N/A

(3)

Baa2

204,379

180

SVB

Financial

Group

4.700%

N/A

(3)

Baa2

147,265

120

SVB

Financial

Group

4.100%

N/A

(3)

Baa2

97,200

525

Truist

Financial

Corp

5.050%

N/A

(3)

Baa2

500,062

375

Truist

Financial

Corp

5.100%

N/A

(3)

Baa2

373,594

1,780

Truist

Financial

Corp

4.800%

N/A

(3)

Baa2

1,695,806

805

Wells

Fargo

&

Co

7.950%

11/15/29

Baa1

980,916

885

Wells

Fargo

&

Co

5.900%

N/A

(3)

Baa2

866,194

1,130

Wells

Fargo

&

Co

5.875%

N/A

(3)

Baa2

1,138,475

355

Zions

Bancorp

NA

5.800%

N/A

(3)

BB+

349,657

355

Zions

Bancorp

NA

7.200%

N/A

(3)

BB+

365,295

Total

Banks

23,364,574

Capital

Markets

-

5.2%

(3.5%

of

Total

Investments)

295

Bank

of

New

York

Mellon

Corp/The

4.700%

N/A

(3)

Baa1

294,262

1,080

Charles

Schwab

Corp/The

5.375%

N/A

(3)

BBB

1,088,176

1,250

Dresdner

Funding

Trust

I,

144A

8.151%

6/30/31

Baa3

1,512,500

360

Goldman

Sachs

Group

Inc/The

4.125%

N/A

(3)

BBB-

322,856

1,008

Goldman

Sachs

Group

Inc/The

5.500%

N/A

(3)

BBB-

1,008,796

709

Goldman

Sachs

Group

Inc/The

5.300%

N/A

(3)

BBB-

699,691

Total

Capital

Markets

4,926,281

Nuveen

Preferred

and

Income

Fund

(continued)

Portfolio

of

Investments

April

30,

2022

(Unaudited)

2

JPT

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Consumer

Finance

-

2.3%

(1.6%

of

Total

Investments)

$

475

Ally

Financial

Inc

4.700%

N/A

(3)

Ba2

$

408,885

625

Ally

Financial

Inc

4.700%

N/A

(3)

Ba2

539,687

500

American

Express

Co

3.550%

N/A

(3)

Baa2

430,675

535

Capital

One

Financial

Corp

3.950%

N/A

(3)

Baa3

464,113

335

Discover

Financial

Services

6.125%

N/A

(3)

Ba2

340,862

Total

Consumer

Finance

2,184,222

Diversified

Financial

Services

-

5.4%

(3.7%

of

Total

Investments)

905

American

AgCredit

Corp,

144A

5.250%

N/A

(3)

BB+

823,550

1,025

Capital

Farm

Credit

ACA,

144A

5.000%

N/A

(3)

BB

927,625

250

Compeer

Financial

ACA,

144A

4.875%

N/A

(3)

BB+

221,250

2

Compeer

Financial

ACA,

144A

6.750%

N/A

(3)

BB+

2,020,000

630

Equitable

Holdings

Inc

4.950%

N/A

(3)

BBB-

628,740

560

Voya

Financial

Inc

6.125%

N/A

(3)

BBB-

557,200

Total

Diversified

Financial

Services

5,178,365

Electric

Utilities

-

2.7%

(1.8%

of

Total

Investments)

345

American

Electric

Power

Co

Inc

3.875%

2/15/62

BBB

309,134

370

Edison

International

5.000%

N/A

(3)

BB+

334,896

160

Edison

International

5.375%

N/A

(3)

BB+

147,573

270

Electricite

de

France

SA,

144A

5.250%

N/A

(3)

BBB-

267,300

1,125

Emera

Inc

6.750%

6/15/76

BB+

1,140,469

355

Southern

Co/The

4.000%

1/15/51

BBB-

337,307

Total

Electric

Utilities

2,536,679

Food

Products

-

5.8%

(3.9%

of

Total

Investments)

2,005

Dairy

Farmers

of

America

Inc,

144A

7.125%

N/A

(3)

BB+

1,964,900

620

Land

O'

Lakes

Inc,

144A

7.250%

N/A

(3)

BB

646,350

1,550

Land

O'

Lakes

Inc,

144A

8.000%

N/A

(3)

BB

1,623,625

1,275

Land

O'

Lakes

Inc,

144A

7.000%

N/A

(3)

BB

1,294,763

Total

Food

Products

5,529,638

Independent

Power

Producers

&

Energy

Traders

-

1.1%

(0.8%

of

Total

Investments)

445

AES

Andes

SA,

144A

6.350%

10/07/79

BB

427,204

355

AES

Andes

SA,

144A

7.125%

3/26/79

BB

344,354

195

Vistra

Corp,

144A

7.000%

N/A

(3)

Ba3

189,637

120

Vistra

Corp,

144A

8.000%

N/A

(3)

Ba3

120,750

Total

Independent

Power

Producers

&

Energy

Traders

1,081,945

Industrial

Conglomerates

-

1.5%

(1.0%

of

Total

Investments)

1,467

General

Electric

Co

(3-Month

LIBOR

reference

rate

+

3.330%

spread)

(4)

4.156%

N/A

(3)

BBB-

1,386,124

Total

Industrial

Conglomerates

1,386,124

Insurance

-

16.5%

(11.1%

of

Total

Investments)

280

Aegon

NV

5.500%

4/11/48

Baa1

286,751

260

American

International

Group

Inc

5.750%

4/01/48

BBB-

251,430

1,490

Assurant

Inc

7.000%

3/27/48

BB+

1,538,365

3,390

Assured

Guaranty

Municipal

Holdings

Inc,

144A

6.400%

12/15/66

BBB+

3,428,985

440

AXIS

Specialty

Finance

LLC

4.900%

1/15/40

BBB

409,200

220

Enstar

Finance

LLC

5.750%

9/01/40

BB+

216,395

375

Enstar

Finance

LLC

5.500%

1/15/42

BB+

348,750

225

Legal

&

General

Group

PLC

5.250%

3/21/47

A3

224,719

845

Markel

Corp

6.000%

N/A

(3)

BBB-

864,013

205

MetLife

Inc

5.875%

N/A

(3)

BBB

202,717

900

MetLife

Inc,

144A

9.250%

4/08/38

BBB

1,112,060

450

PartnerRe

Finance

B

LLC

4.500%

10/01/50

Baa1

420,750

1,670

Provident

Financing

Trust

I

7.405%

3/15/38

BB+

1,905,888

3

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Insurance

(continued)

$

200

Prudential

Financial

Inc

5.125%

3/01/52

BBB+

$

194,500

125

Prudential

Financial

Inc

3.700%

10/01/50

BBB+

109,471

940

QBE

Insurance

Group

Ltd,

144A

5.875%

N/A

(3)

Baa2

944,700

618

QBE

Insurance

Group

Ltd

6.750%

12/02/44

BBB

638,666

840

QBE

Insurance

Group

Ltd,

144A

7.500%

11/24/43

Baa1

872,573

740

SBL

Holdings

Inc,

144A

6.500%

N/A

(3)

BB

649,350

1,290

SBL

Holdings

Inc,

144A

7.000%

N/A

(3)

BB

1,157,775

Total

Insurance

15,777,058

Media

-

0.3%

(0.2%

of

Total

Investments)

295

Paramount

Global

6.375%

3/30/62

Baa3

285,904

Total

Media

285,904

Multi-Utilities

-

2.7%

(1.9%

of

Total

Investments)

355

Algonquin

Power

&

Utilities

Corp

4.750%

1/18/82

BB+

324,637

1,040

CenterPoint

Energy

Inc

6.125%

N/A

(3)

BBB-

1,000,708

145

CMS

Energy

Corp

4.750%

6/01/50

BBB-

139,200

304

NiSource

Inc

5.650%

N/A

(3)

BBB-

293,360

475

Sempra

Energy

4.125%

4/01/52

BBB-

417,431

440

Sempra

Energy

4.875%

N/A

(3)

BBB-

433,400

Total

Multi-Utilities

2,608,736

Oil,

Gas

&

Consumable

Fuels

-

2.4%

(1.6%

of

Total

Investments)

255

Enbridge

Inc

6.000%

1/15/77

BBB-

256,166

220

Enbridge

Inc

5.500%

7/15/77

BBB-

210,741

630

Enbridge

Inc

5.750%

7/15/80

BBB-

625,275

295

Energy

Transfer

LP

6.500%

N/A

(3)

BB

280,282

300

MPLX

LP

6.875%

N/A

(3)

BB+

293,700

298

Transcanada

Trust

5.500%

9/15/79

BBB

286,825

355

Transcanada

Trust

5.600%

3/07/82

BBB

343,462

Total

Oil,

Gas

&

Consumable

Fuels

2,296,451

Trading

Companies

&

Distributors

-

3.9%

(2.6%

of

Total

Investments)

2,850

AerCap

Global

Aviation

Trust,

144A

6.500%

6/15/45

BB+

2,764,500

455

AerCap

Holdings

NV

5.875%

10/10/79

BB+

426,563

580

Air

Lease

Corp

4.650%

N/A

(3)

BB+

522,000

Total

Trading

Companies

&

Distributors

3,713,063

U.S.

Agency

-

1.4%

(0.9%

of

Total

Investments)

615

Farm

Credit

Bank

of

Texas,

144A

6.200%

N/A

(3)

BBB+

645,750

640

Farm

Credit

Bank

of

Texas,

144A

5.700%

N/A

(3)

Baa1

665,600

Total

U.S.

Agency

1,311,350

Wireless

Telecommunication

Services

-

1.0%

(0.6%

of

Total

Investments)

860

Vodafone

Group

PLC

7.000%

4/04/79

BB+

908,186

Total

Wireless

Telecommunication

Services

908,186

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$77,531,401)

75,127,765

Principal

Amount

(000)

Description

(1)

,(5)

Coupon

Maturity

Ratings

(2)

Value

X

39,758,283

CONTINGENT

CAPITAL

SECURITIES

-

41.7%

(28.1%

of

Total

Investments)

X

39,758,283

Banks

-

28.9%

(19.5%

of

Total

Investments)

$

740

Banco

Mercantil

del

Norte

SA/Grand

Cayman,

144A

7.500%

N/A

(3)

Ba2

$

709,327

1,900

Barclays

PLC

7.750%

N/A

(3)

BBB-

1,916,625

1,000

Barclays

PLC

6.125%

N/A

(3)

BBB-

980,620

1,250

Barclays

PLC

8.000%

N/A

(3)

BBB-

1,288,281

Nuveen

Preferred

and

Income

Fund

(continued)

Portfolio

of

Investments

April

30,

2022

(Unaudited)

4

JPT

Principal

Amount

(000)

Description

(1),(5)

Coupon

Maturity

Ratings

(2)

Value

Banks

(continued)

$

3,200

BNP

Paribas

SA,

144A

6.625%

N/A

(3)

BBB

$

3,223,483

1,835

Credit

Agricole

SA,

144A

8.125%

N/A

(3)

BBB

1,972,625

3,500

HSBC

Holdings

PLC

6.375%

N/A

(3)

BBB

3,514,980

2,150

HSBC

Holdings

PLC

6.000%

N/A

(3)

BBB

2,064,000

2,545

ING

Groep

NV

6.500%

N/A

(3)

BBB

2,538,637

285

ING

Groep

NV,

Reg

S

6.750%

N/A

(3)

BBB

286,425

3,000

Lloyds

Banking

Group

PLC

7.500%

N/A

(3)

Baa3

3,082,800

580

Macquarie

Bank

Ltd/London,

144A

6.125%

N/A

(3)

BB+

558,540

2,080

NatWest

Group

PLC

6.000%

N/A

(3)

BBB-

2,049,944

200

NatWest

Group

PLC

8.000%

N/A

(3)

BBB-

210,500

680

Nordea

Bank

Abp,

144A

6.625%

N/A

(3)

BBB+

688,500

2,400

Societe

Generale

SA,

144A

7.875%

N/A

(3)

BB+

2,456,173

27,345

Total

Banks

27,541,460

Capital

Markets

-

12.8%

(8.6%

of

Total

Investments)

3,000

Credit

Suisse

Group

AG,

144A

7.500%

N/A

(3)

BB+

3,002,070

1,000

Credit

Suisse

Group

AG,

144A

6.375%

N/A

(3)

BB+

941,390

2,400

Deutsche

Bank

AG

6.000%

N/A

(3)

BB-

2,232,000

3,845

UBS

Group

AG

6.875%

N/A

(3)

BBB

3,893,063

1,840

UBS

Group

AG,

144A

7.000%

N/A

(3)

BBB

1,869,900

290

UBS

Group

AG

5.125%

N/A

(3)

BBB

278,400

12,375

Total

Capital

Markets

12,216,823

Total

Contingent

Capital

Securities

(cost

$41,351,933)

39,758,283

Shares

Description

(1)

Coupon

Ratings

(2)

Value

X

23,275,379

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

24.4%

(16.4%

of

Total

Investments)

X

23,275,379

Banks

-

6.8%

(4.6%

of

Total

Investments)

16,050

CoBank

ACB

(6)

6.250%

BBB+

$

1,613,025

4,740

CoBank

ACB

(6)

6.200%

BBB+

492,960

15,000

Farm

Credit

Bank

of

Texas

(6)

6.750%

Baa1

1,548,750

19,366

Fifth

Third

Bancorp

6.625%

Baa3

501,386

8,100

KeyCorp

6.125%

Baa3

216,351

21,268

Regions

Financial

Corp

6.375%

Baa3

546,588

10,600

Regions

Financial

Corp

5.700%

Baa3

257,050

16,894

Synovus

Financial

Corp

5.875%

BB-

431,979

16,400

Wells

Fargo

&

Co

4.750%

Baa2

318,980

7,900

Western

Alliance

Bancorp

4.250%

Ba1

173,563

15,308

Wintrust

Financial

Corp

6.875%

BB

407,040

Total

Banks

6,507,672

Capital

Markets

-

2.6%

(1.7%

of

Total

Investments)

7,777

Goldman

Sachs

Group

Inc/The

5.500%

BB+

197,847

33,800

Morgan

Stanley

5.850%

Baa3

852,774

19,451

Morgan

Stanley

6.875%

Baa3

505,726

23,100

Morgan

Stanley

6.375%

Baa3

601,293

12,974

Morgan

Stanley

7.125%

Baa3

339,011

Total

Capital

Markets

2,496,651

Consumer

Finance

-

0.2%

(0.2%

of

Total

Investments)

11,900

Synchrony

Financial

5.625%

BB-

246,092

Total

Consumer

Finance

246,092

Diversified

Financial

Services

-

2.7%

(1.8%

of

Total

Investments)

12,213

AgriBank

FCB

(6)

6.875%

BBB+

1,276,258

18,500

Equitable

Holdings

Inc

5.250%

BBB-

402,560

35,623

Voya

Financial

Inc

5.350%

BBB-

878,107

Total

Diversified

Financial

Services

2,556,925

5

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

Diversified

Telecommunication

Services

-

0.2%

(0.1%

of

Total

Investments)

8,700

AT&T

Inc

4.750%

BBB-

$

168,867

Total

Diversified

Telecommunication

Services

168,867

Food

Products

-

2.1%

(1.4%

of

Total

Investments)

31,132

CHS

Inc

6.750%

N/R

824,375

32,207

CHS

Inc

7.100%

N/R

851,875

10,959

CHS

Inc

7.875%

N/R

300,825

Total

Food

Products

1,977,075

Insurance

-

6.4%

(4.3%

of

Total

Investments)

23,700

American

Equity

Investment

Life

Holding

Co

6.625%

BB

613,593

43,600

American

Equity

Investment

Life

Holding

Co

5.950%

BB

1,076,484

16,280

Aspen

Insurance

Holdings

Ltd

5.625%

BB+

379,161

38,688

Aspen

Insurance

Holdings

Ltd

5.950%

BB+

947,469

12,000

Assurant

Inc

5.250%

BB+

262,320

24,100

Athene

Holding

Ltd

6.375%

BBB

635,758

27,700

Athene

Holding

Ltd

6.350%

BBB

704,965

23,000

Enstar

Group

Ltd

7.000%

BB+

591,100

26,902

Reinsurance

Group

of

America

Inc

5.750%

BBB+

695,686

9,463

Selective

Insurance

Group

Inc

4.600%

BBB-

182,825

Total

Insurance

6,089,361

Oil,

Gas

&

Consumable

Fuels

-

2.0%

(1.4%

of

Total

Investments)

8,300

Energy

Transfer

LP

7.600%

BB

200,860

31,634

NuStar

Energy

LP

7.592%

B2

759,216

34,163

NuStar

Energy

LP

7.625%

B2

733,138

10,020

NuStar

Logistics

LP

8.020%

B

253,406

Total

Oil,

Gas

&

Consumable

Fuels

1,946,620

Thrifts

&

Mortgage

Finance

-

0.9%

(0.6%

of

Total

Investments)

32,731

New

York

Community

Bancorp

Inc

6.375%

Ba2

841,841

Total

Thrifts

&

Mortgage

Finance

841,841

Trading

Companies

&

Distributors

-

0.5%

(0.3%

of

Total

Investments)

17,771

Air

Lease

Corp

6.150%

BB+

444,275

Total

Trading

Companies

&

Distributors

444,275

Total

$25

Par

(or

similar)

Retail

Preferred

(cost

$24,127,712)

23,275,379

Nuveen

Preferred

and

Income

Fund

(continued)

Portfolio

of

Investments

April

30,

2022

(Unaudited)

6

JPT

Part

F

of

Form

N-PORT

was

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”)

and

in

conformity

with

the

applicable

rules

and

regulations

of

the

U.S.

Securities

and

Exchange

Commission

(“SEC”)

related

to

interim

filings.

Part

F

of

Form

N-PORT

does

not

include

all

information

and

footnotes

required

by

U.S.

GAAP

for

complete

financial

statements.

Certain

footnote

disclosures

normally

included

in

financial

statements

prepared

in

accordance

with

U.S.

GAAP

have

been

condensed

or

omitted

from

this

report

pursuant

to

the

rules

of

the

SEC.

For

a

full

set

of

the

Fund’s

notes

to

financial

statements,

please

refer

to

the

Fund’s

most

recently

filed

annual

or

semi-annual

report.

Fair

Value

Measurements

The

Fund’s

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Board

of

Directors/

Trustees.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

The

following

table

summarizes

the

market

value

of

the

Fund's

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

X

2,026,188

CORPORATE

BONDS

-

2.2%

(1.4%

of

Total

Investments)

X

2,026,188

Banks

-

1.1%

(0.7%

of

Total

Investments)

$

1,000

Commerzbank

AG,

144A

8.125%

9/19/23

Baa3

$

1,040,798

Insurance

-

1.1%

(0.7%

of

Total

Investments)

980

Fidelis

Insurance

Holdings

Ltd,

144A

6.625%

4/01/41

BB+

985,390

$

1,980

Total

Corporate

Bonds

(cost

$2,131,250)

2,026,188

Total

Long-Term

Investments

(cost

$145,142,296)

140,187,615

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

 1.5% (1.0%

of

Total

Investments)

X

1,439,351

REPURCHASE

AGREEMENTS

-

1.5%

(1.0%

of

Total

Investments)

X

1,439,351

$

1,439

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

4/30/22,

repurchase

price

$1,439,351,

collateralized

by

$1,708,000,

U.S.

Treasury

Bond,

2.250%,

due

8/15/46,

value

$1,468,223

0.000%

5/02/22

$

1,439,351

Total

Short-Term

Investments

(cost

$1,439,351)

1,439,351

Total

Investments

(cost

$

146,581,647

)

-

148

.6

%

141,626,966

Borrowings

-

(49.3)%

(7)

(

47,000,000

)

Other

Assets

Less

Liabilities

-

0.7%

708,862

Net

Assets

Applicable

to

Common

Shares

-

100%

$

95,335,828

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

$1,000

Par

(or

similar)

Institutional

Preferred

$

–

$

75,127,765

$

–

$

75,127,765

Contingent

Capital

Securities

–

39,758,283

–

39,758,283

$25

Par

(or

similar)

Retail

Preferred

18,344,386

4,930,993

–

23,275,379

Corporate

Bonds

–

2,026,188

–

2,026,188

Short-Term

Investments:

Repurchase

Agreements

–

1,439,351

–

1,439,351

Total

$

18,344,386

$

123,282,580

$

–

$

141,626,966

7

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(2)

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

of

Standard

&

Poor’s

Group

(“Standard

&

Poor’s”),

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

or

Fitch,

Inc.

(“Fitch”)

rating.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Ratings

below

BBB

by

Standard

&

Poor’s,

Baa

by

Moody’s

or

BBB

by

Fitch

are

considered

to

be

below

investment

grade.

Holdings

designated

N/R

are

not

rated

by

any

of

these

national

rating

agencies.

(3)

Perpetual

security.

Maturity

date

is

not

applicable.

(4)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(5)

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.

(6)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

2.

(7)

Borrowings

as

a

percentage

of

Total

investments

is

33.2%.

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.