NPORT-EX 2 tiaa_JPT.htm
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.