NPORT-EX 2 tiaa_JPT.htm
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.