1

Nuveen

Preferred

and

Income

Fund

Portfolio

of

Investments

October

31,

2022

(Unaudited)

JPT

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

LONG-TERM

INVESTMENTS

-

151.1%  

(99.6%

of

Total

Investments)

X

65,005,429

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

77.2%

(50.9%

of

Total

Investments)

X

65,005,429

Automobiles

-

2.1%

$

695

General

Motors

Financial

Co

Inc

5.700%

N/A

(3)

BB+

$

590,750

1,479

General

Motors

Financial

Co

Inc

5.750%

N/A

(3)

BB+

1,212,632

2,174

Total

Automobiles

1,803,382

Banks

-

26.0%

685

Bank

of

America

Corp

6.500%

N/A

(3)

BBB+

679,863

240

Bank

of

America

Corp

6.100%

N/A

(3)

BBB+

231,600

550

Bank

of

America

Corp

6.250%

N/A

(3)

BBB+

535,391

730

Bank

of

America

Corp

6.300%

N/A

(3)

BBB+

711,794

440

Bank

of

America

Corp

4.375%

N/A

(3)

BBB+

353,100

1,337

Citigroup

Inc

5.950%

N/A

(3)

BBB-

1,210,225

1,455

Citigroup

Inc

6.300%

N/A

(3)

BBB-

1,356,788

900

Citigroup

Inc

6.250%

N/A

(3)

BBB-

868,590

420

Citigroup

Inc

4.150%

N/A

(3)

BBB-

328,060

444

Citizens

Financial

Group

Inc

6.375%

N/A

(3)

BB+

404,819

880

CoBank

ACB

6.450%

N/A

(3)

BBB+

853,606

833

CoBank

ACB

6.250%

N/A

(3)

BBB+

795,515

200

Fifth

Third

Bancorp

4.500%

N/A

(3)

Baa3

183,467

475

First

Citizens

BancShares

Inc/NC

(3-Month

LIBOR

reference

rate

+

3.972%

spread)

(4)

7.265%

N/A

(3)

BB-

469,656

775

Huntington

Bancshares

Inc/OH

5.625%

N/A

(3)

Baa3

704,356

420

JPMorgan

Chase

&

Co

6.100%

N/A

(3)

BBB+

411,209

1,500

JPMorgan

Chase

&

Co

5.000%

N/A

(3)

BBB+

1,381,950

1,990

JPMorgan

Chase

&

Co

6.750%

N/A

(3)

BBB+

1,990,000

315

KeyCorp

5.000%

N/A

(3)

Baa3

275,894

220

M&T

Bank

Corp

3.500%

N/A

(3)

Baa2

162,993

345

M&T

Bank

Corp

6.450%

N/A

(3)

Baa2

333,029

220

M&T

Bank

Corp

5.125%

N/A

(3)

Baa2

191,770

266

PNC

Financial

Services

Group

Inc/The

5.000%

N/A

(3)

Baa2

227,754

170

PNC

Financial

Services

Group

Inc/The

6.200%

N/A

(3)

Baa2

161,024

485

PNC

Financial

Services

Group

Inc/The

3.400%

N/A

(3)

Baa2

361,931

420

PNC

Financial

Services

Group

Inc/The

6.000%

N/A

(3)

Baa2

389,550

310

Regions

Financial

Corp

5.750%

N/A

(3)

Baa3

300,700

120

SVB

Financial

Group

4.100%

N/A

(3)

Baa2

73,768

180

SVB

Financial

Group

4.700%

N/A

(3)

Baa2

120,150

235

SVB

Financial

Group

4.000%

N/A

(3)

Baa2

164,452

375

Truist

Financial

Corp

5.100%

N/A

(3)

Baa2

328,153

1,475

Truist

Financial

Corp

4.800%

N/A

(3)

Baa2

1,324,181

525

Truist

Financial

Corp

(3-Month

LIBOR

reference

rate

+

3.102%

spread)

(4)

6.395%

N/A

(3)

Baa2

509,250

805

Wells

Fargo

&

Co

7.950%

11/15/29

Baa1

881,455

885

Wells

Fargo

&

Co

5.900%

N/A

(3)

Baa2

802,584

1,130

Wells

Fargo

&

Co

5.875%

N/A

(3)

Baa2

1,084,800

355

Zions

Bancorp

NA

7.200%

N/A

(3)

BB+

356,775

355

Zions

Bancorp

NA

5.800%

N/A

(3)

BB+

335,475

23,465

Total

Banks

21,855,677

Capital

Markets

-

3.8%

205

Bank

of

New

York

Mellon

Corp/The

4.700%

N/A

(3)

Baa1

196,288

1,080

Charles

Schwab

Corp/The

5.375%

N/A

(3)

BBB

1,054,350

360

Goldman

Sachs

Group

Inc/The

4.125%

N/A

(3)

BBB-

282,600

1,008

Goldman

Sachs

Group

Inc/The

5.500%

N/A

(3)

BBB-

957,056

Nuveen

Preferred

and

Income

Fund

(continued)

Portfolio

of

Investments

October

31,

2022

(Unaudited)

2

JPT

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Capital

Markets

(continued)

$

709

Goldman

Sachs

Group

Inc/The

5.300%

N/A

(3)

BBB-

$

666,240

3,362

Total

Capital

Markets

3,156,534

Consumer

Finance

-

2.3%

475

Ally

Financial

Inc

4.700%

N/A

(3)

Ba2

319,438

625

Ally

Financial

Inc

4.700%

N/A

(3)

Ba2

453,125

435

American

Express

Co

3.550%

N/A

(3)

Baa2

335,494

500

Capital

One

Financial

Corp

3.950%

N/A

(3)

Baa3

374,020

335

Discover

Financial

Services

6.125%

N/A

(3)

Ba2

321,834

145

Discover

Financial

Services

5.500%

N/A

(3)

Ba2

112,099

2,515

Total

Consumer

Finance

1,916,010

Diversified

Financial

Services

-

4.7%

305

American

AgCredit

Corp,

144A

5.250%

N/A

(3)

BB+

279,075

425

Capital

Farm

Credit

ACA,

144A

5.000%

N/A

(3)

BB

361,250

250

Compeer

Financial

ACA,

144A

4.875%

N/A

(3)

BB+

220,625

2

Compeer

Financial

ACA,

144A

6.750%

N/A

(3)

BB+

1,980,000

630

Equitable

Holdings

Inc

4.950%

N/A

(3)

BBB-

585,900

560

Voya

Financial

Inc

6.125%

N/A

(3)

BBB-

546,000

2,172

Total

Diversified

Financial

Services

3,972,850

Electric

Utilities

-

2.7%

345

American

Electric

Power

Co

Inc

3.875%

2/15/62

BBB

264,909

370

Edison

International

5.000%

N/A

(3)

BB+

299,700

160

Edison

International

5.375%

N/A

(3)

BB+

130,544

270

Electricite

de

France

SA,

144A

5.250%

N/A

(3)

BBB-

253,874

1,125

Emera

Inc

6.750%

6/15/76

BB+

1,048,637

305

Southern

Co

4.000%

1/15/51

BBB-

265,195

2,575

Total

Electric

Utilities

2,262,859

Food

Products

-

6.1%

2,005

Dairy

Farmers

of

America

Inc,

144A

7.125%

N/A

(3)

BB+

1,864,652

620

Land

O'

Lakes

Inc,

144A

7.250%

N/A

(3)

BB

576,600

1,275

Land

O'

Lakes

Inc,

144A

7.000%

N/A

(3)

BB

1,176,187

1,550

Land

O'

Lakes

Inc,

144A

8.000%

N/A

(3)

BB

1,530,625

5,450

Total

Food

Products

5,148,064

Independent

Power

And

Renewable

Electricity

Producers

-

0.4%

245

AES

Andes

SA,

144A

6.350%

10/07/79

BB

199,051

195

Vistra

Corp,

144A

7.000%

N/A

(3)

Ba3

172,498

440

Total

Independent

Power

And

Renewable

Electricity

Producers

371,549

Independent

Power

Producers

&

Energy

Traders

-

0.6%

355

AES

Andes

SA,

144A

7.125%

3/26/79

BB

291,360

200

Vistra

Corp,

144A

8.000%

N/A

(3)

Ba3

190,000

555

Total

Independent

Power

Producers

&

Energy

Traders

481,360

Industrial

Conglomerates

-

1.5%

1,307

General

Electric

Co

(3-Month

LIBOR

reference

rate

+

3.330%

spread)

(4)

6.623%

N/A

(3)

BBB-

1,259,621

Insurance

-

15.4%

280

Aegon

NV

5.500%

4/11/48

Baa1

247,520

260

American

International

Group

Inc

5.750%

4/01/48

BBB-

232,370

1,490

Assurant

Inc

7.000%

3/27/48

Baa3

1,418,391

3,390

Assured

Guaranty

Municipal

Holdings

Inc,

144A

6.400%

12/15/66

BBB+

3,084,900

440

AXIS

Specialty

Finance

LLC

4.900%

1/15/40

BBB

356,400

3

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Insurance

(continued)

$

220

Enstar

Finance

LLC

5.750%

9/01/40

BBB-

$

195,004

375

Enstar

Finance

LLC

5.500%

1/15/42

BBB-

294,652

225

Legal

&

General

Group

PLC

,

Reg

S

5.250%

3/21/47

A3

198,000

845

Markel

Corp

6.000%

N/A

(3)

BBB-

809,042

900

MetLife

Inc,

144A

9.250%

4/08/38

BBB

1,033,179

205

MetLife

Inc

5.875%

N/A

(3)

BBB

183,893

450

PartnerRe

Finance

B

LLC

4.500%

10/01/50

Baa1

367,562

750

Provident

Financing

Trust

I

7.405%

3/15/38

BB+

772,500

200

Prudential

Financial

Inc

5.125%

3/01/52

BBB+

170,534

125

Prudential

Financial

Inc

3.700%

10/01/50

BBB+

97,164

840

QBE

Insurance

Group

Ltd,

144A

7.500%

11/24/43

Baa1

835,684

268

QBE

Insurance

Group

Ltd

,

Reg

S

6.750%

12/02/44

BBB

257,928

940

QBE

Insurance

Group

Ltd,

144A

5.875%

N/A

(3)

Baa2

855,732

740

SBL

Holdings

Inc,

144A

6.500%

N/A

(3)

BB

558,700

1,290

SBL

Holdings

Inc,

144A

7.000%

N/A

(3)

BB

1,038,450

14,233

Total

Insurance

13,007,605

Media

-

0.3%

295

Paramount

Global

6.375%

3/30/62

Baa3

249,399

Multi-Utilities

-

2.5%

295

Algonquin

Power

&

Utilities

Corp

4.750%

1/18/82

BB+

237,541

840

CenterPoint

Energy

Inc

6.125%

N/A

(3)

BBB-

788,914

75

CMS

Energy

Corp

4.750%

6/01/50

BBB-

62,184

304

NiSource

Inc

5.650%

N/A

(3)

BBB-

279,680

475

Sempra

Energy

4.125%

4/01/52

BBB-

357,438

440

Sempra

Energy

4.875%

N/A

(3)

BBB-

399,668

2,429

Total

Multi-Utilities

2,125,425

Oil,

Gas

&

Consumable

Fuels

-

2.8%

220

Enbridge

Inc

5.500%

7/15/77

BBB-

188,782

410

Enbridge

Inc

7.625%

1/15/83

BBB-

394,243

630

Enbridge

Inc

5.750%

7/15/80

BBB-

556,674

155

Enbridge

Inc

6.000%

1/15/77

BBB-

139,475

295

Energy

Transfer

LP

6.500%

N/A

(3)

BB

253,700

60

Energy

Transfer

LP

7.125%

N/A

(3)

BB

49,762

300

MPLX

LP

6.875%

N/A

(3)

BB+

292,500

298

Transcanada

Trust

5.500%

9/15/79

BBB

249,575

300

Transcanada

Trust

5.600%

3/07/82

BBB

256,875

2,668

Total

Oil,

Gas

&

Consumable

Fuels

2,381,586

Trading

Companies

&

Distributors

-

3.7%

2,600

AerCap

Global

Aviation

Trust,

144A

6.500%

6/15/45

BB+

2,372,500

255

AerCap

Holdings

NV

5.875%

10/10/79

BB+

229,423

580

Air

Lease

Corp

4.650%

N/A

(3)

BB+

483,373

3,435

Total

Trading

Companies

&

Distributors

3,085,296

U.S.

Agency

-

1.3%

615

Farm

Credit

Bank

of

Texas,

144A

6.200%

N/A

(3)

BBB+

539,119

640

Farm

Credit

Bank

of

Texas,

144A

5.700%

N/A

(3)

Baa1

572,093

1,255

Total

U.S.

Agency

1,111,212

Wireless

Telecommunication

Services

-

1.0%

860

Vodafone

Group

PLC

7.000%

4/04/79

BB+

817,000

$

69,190

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$72,140,349)

65,005,429

Nuveen

Preferred

and

Income

Fund

(continued)

Portfolio

of

Investments

October

31,

2022

(Unaudited)

4

JPT

Principal

Amount

(000)

Description

(1)

,(5)

Coupon

Maturity

Ratings

(2)

Value

X

39,258,443

CONTINGENT

CAPITAL

SECURITIES

-

46.6%

(30.7%

of

Total

Investments)

X

39,258,443

Banks

-

33.8%

$

1,555

Banco

Bilbao

Vizcaya

Argentaria

SA

6.500%

N/A

(3)

Ba2

$

1,389,020

740

Banco

Mercantil

del

Norte

SA/Grand

Cayman,

144A

7.500%

N/A

(3)

Ba2

577,619

1,600

Banco

Santander

SA

,

Reg

S

7.500%

N/A

(3)

Ba1

1,515,421

1,900

Barclays

PLC

7.750%

N/A

(3)

BBB-

1,788,376

1,000

Barclays

PLC

6.125%

N/A

(3)

BBB-

867,500

375

Barclays

PLC

8.000%

N/A

(3)

BBB-

335,945

745

Barclays

PLC

8.000%

N/A

(3)

BBB-

701,006

2,880

BNP

Paribas

SA,

144A

6.625%

N/A

(3)

BBB

2,695,369

320

BNP

Paribas

SA,

144A

7.750%

N/A

(3)

BBB

301,707

2,035

Credit

Agricole

SA,

144A

8.125%

N/A

(3)

BBB

2,024,825

1,950

HSBC

Holdings

PLC

6.000%

N/A

(3)

BBB

1,579,890

2,730

HSBC

Holdings

PLC

6.375%

N/A

(3)

BBB

2,429,700

285

ING

Groep

NV

,

Reg

S

6.750%

N/A

(3)

BBB

269,681

2,545

ING

Groep

NV

6.500%

N/A

(3)

BBB

2,316,207

3,200

Lloyds

Banking

Group

PLC

7.500%

N/A

(3)

Baa3

2,968,000

580

Macquarie

Bank

Ltd/London,

144A

6.125%

N/A

(3)

BB+

493,360

2,080

NatWest

Group

PLC

6.000%

N/A

(3)

Baa3

1,850,992

200

NatWest

Group

PLC

8.000%

N/A

(3)

BBB-

188,510

680

Nordea

Bank

Abp,

144A

6.625%

N/A

(3)

BBB+

640,543

2,200

Societe

Generale

SA,

144A

7.875%

N/A

(3)

BB+

2,141,945

565

Standard

Chartered

PLC,

144A

6.000%

N/A

(3)

BBB-

514,699

545

Standard

Chartered

PLC,

144A

4.300%

N/A

(3)

BBB-

358,298

550

UniCredit

SpA

,

Reg

S

8.000%

N/A

(3)

BB-

513,563

31,260

Total

Banks

28,462,176

Capital

Markets

-

12.8%

3,200

Credit

Suisse

Group

AG,

144A

7.500%

N/A

(3)

BB-

2,895,942

340

Credit

Suisse

Group

AG,

144A

9.750%

N/A

(3)

BB-

323,043

1,000

Credit

Suisse

Group

AG,

144A

6.375%

N/A

(3)

Ba2

745,607

2,000

Deutsche

Bank

AG

6.000%

N/A

(3)

Ba2

1,564,580

3,475

UBS

Group

AG

,

Reg

S

6.875%

N/A

(3)

BBB

3,293,980

2,040

UBS

Group

AG,

144A

7.000%

N/A

(3)

BBB

1,973,115

12,055

Total

Capital

Markets

10,796,267

$

43,315

Total

Contingent

Capital

Securities

(cost

$44,641,890)

39,258,443

Shares

Description

(1)

Coupon

Ratings

(2)

Value

X

21,002,678

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

25.0%

(16.5%

of

Total

Investments)

X

21,002,678

Banks

-

6.6%

4,740

CoBank

ACB

6.200%

BBB+

$

474,000

15,000

Farm

Credit

Bank

of

Texas,

144A

6.750%

Baa1

1,481,250

19,366

Fifth

Third

Bancorp

6.625%

Baa3

488,410

8,100

KeyCorp

6.125%

Baa3

189,054

43,000

KeyCorp

6.200%

Baa3

1,048,340

21,268

Regions

Financial

Corp

6.375%

Baa3

525,319

10,600

Regions

Financial

Corp

5.700%

Baa3

220,692

13,258

Synovus

Financial

Corp

5.875%

BB-

293,002

16,400

Wells

Fargo

&

Co

4.750%

Baa2

295,200

7,900

Western

Alliance

Bancorp

4.250%

Ba1

158,000

15,308

Wintrust

Financial

Corp

6.875%

BB

387,752

Total

Banks

5,561,019

Capital

Markets

-

2.9%

5,577

Goldman

Sachs

Group

Inc/The

5.500%

BB+

137,250

33,800

Morgan

Stanley

5.850%

BBB-

774,358

19,451

Morgan

Stanley

6.875%

BBB-

486,664

11,600

Morgan

Stanley

6.500%

BBB-

287,680

16,433

Morgan

Stanley

6.375%

BBB-

399,157

5

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

Capital

Markets

(continued)

12,974

Morgan

Stanley

7.125%

BBB-

$

324,999

Total

Capital

Markets

2,410,108

Consumer

Finance

-

0.2%

11,900

Synchrony

Financial

5.625%

BB-

201,943

Diversified

Financial

Services

-

2.8%

12,213

AgriBank

FCB

6.875%

BBB+

1,212,140

18,500

Equitable

Holdings

Inc

5.250%

BBB-

344,470

35,623

Voya

Financial

Inc

5.350%

BBB-

754,852

Total

Diversified

Financial

Services

2,311,462

Diversified

Telecommunication

Services

-

0.2%

8,700

AT&T

Inc

4.750%

BBB-

150,684

Food

Products

-

2.2%

31,132

CHS

Inc

6.750%

N/R

760,555

31,207

CHS

Inc

7.100%

N/R

781,735

10,959

CHS

Inc

7.875%

N/R

281,208

Total

Food

Products

1,823,498

Insurance

-

6.9%

23,700

American

Equity

Investment

Life

Holding

Co

6.625%

BB

548,892

43,600

American

Equity

Investment

Life

Holding

Co

5.950%

BB

982,308

16,280

Aspen

Insurance

Holdings

Ltd

5.625%

BB+

314,204

38,688

Aspen

Insurance

Holdings

Ltd

5.950%

BB+

882,473

12,000

Assurant

Inc

5.250%

Baa3

225,960

24,100

Athene

Holding

Ltd

6.375%

BBB

600,813

27,700

Athene

Holding

Ltd

6.350%

BBB

659,537

23,000

Enstar

Group

Ltd

7.000%

BBB-

505,540

11,600

Reinsurance

Group

of

America

Inc

7.125%

BBB+

293,828

26,902

Reinsurance

Group

of

America

Inc

5.750%

BBB+

631,928

9,463

Selective

Insurance

Group

Inc

4.600%

BBB-

158,364

Total

Insurance

5,803,847

Oil,

Gas

&

Consumable

Fuels

-

1.9%

5,100

Energy

Transfer

LP

7.600%

BB

117,453

31,634

NuStar

Energy

LP

10.249%

B2

732,644

24,163

NuStar

Energy

LP

9.126%

B2

513,222

10,020

NuStar

Logistics

LP

10.813%

B

249,598

Total

Oil,

Gas

&

Consumable

Fuels

1,612,917

Thrifts

&

Mortgage

Finance

-

0.8%

31,600

New

York

Community

Bancorp

Inc

6.375%

Ba2

675,924

Trading

Companies

&

Distributors

-

0.5%

11,571

Air

Lease

Corp

6.150%

BB+

248,776

7,500

WESCO

International

Inc

10.625%

B

202,500

Total

Trading

Companies

&

Distributors

451,276

Total

$25

Par

(or

similar)

Retail

Preferred

(cost

$23,428,757)

21,002,678

Nuveen

Preferred

and

Income

Fund

(continued)

Portfolio

of

Investments

October

31,

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

1,924,930

CORPORATE

BONDS

-

2.3%

(1.5%

of

Total

Investments)

X

1,924,930

Banks

-

1.2%

$

1,000

Commerzbank

AG,

144A

8.125%

9/19/23

Baa3

$

996,380

Insurance

-

1.1%

980

Fidelis

Insurance

Holdings

Ltd,

144A

6.625%

4/01/41

BB+

928,550

$

1,980

Total

Corporate

Bonds

(cost

$2,131,250)

1,924,930

Total

Long-Term

Investments

(cost

$142,342,246)

127,191,480

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

 0.6% (0.4%

of

Total

Investments)

X

533,349

REPURCHASE

AGREEMENTS

-

0.6%

(0.4%

of

Total

Investments)

X

533,349

$

533

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

10/31/22,

repurchase

price

$533,361,

collateralized

by

$543,700,

U.S.

Treasury

Bond,

4.250%,

due

5/15/39,

value

$544,019

0.830%

11/01/22

$

533,349

Total

Short-Term

Investments

(cost

$533,349)

533,349

Total

Investments

(cost

$

142,875,595

)

-

151

.7

%

127,724,829

Borrowings

-

(51.5)%

(6)

(

43,400,000

)

Reverse

Repurchase

Agreements,

including

accrued

interest

-

(1.2)%(7)

(

1,000,989

)

Other

Assets

Less

Liabilities

-  1.0%

874,965

Net

Assets

Applicable

to

Common

Shares

-

100%

$

84,198,805

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

$1,000

Par

(or

similar)

Institutional

Preferred

$

–

$

65,005,429

$

–

$

65,005,429

Contingent

Capital

Securities

–

39,258,443

–

39,258,443

$25

Par

(or

similar)

Retail

Preferred

17,835,288

3,167,390

–

21,002,678

Corporate

Bonds

–

1,924,930

–

1,924,930

Short-Term

Investments:

Repurchase

Agreements

–

533,349

–

533,349

Total

$

17,835,288

$

109,889,541

$

–

$

127,724,829

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)

Borrowings

as

a

percentage

of

Total

Investments

is

34.0%.

(7)

Reverse

Repurchase

Agreements,

including

accrued

interest

as

a

percentage

of

Total

investments

is

0.8%.

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.