Nuveen Variable Rate Preferred & Income Fund

0001193125-22-259438.txt : 20221007 0001193125-22-259438.hdr.sgml : 20221007 20221007130310 ACCESSION NUMBER: 0001193125-22-259438 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 17 CONFORMED PERIOD OF REPORT: 20220731 FILED AS OF DATE: 20221007 DATE AS OF CHANGE: 20221007 EFFECTIVENESS DATE: 20221007 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Nuveen Variable Rate Preferred & Income Fund CENTRAL INDEX KEY: 0001865389 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-23704 FILM NUMBER: 221300108 BUSINESS ADDRESS: STREET 1: 333 W. WACKER DR. CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 312-917-8146 MAIL ADDRESS: STREET 1: 333 W. WACKER DR. CITY: CHICAGO STATE: IL ZIP: 60606 N-CSR 1 d268760dncsr.htm NUVEEN VARIABLE RATE PREFERRED & INCOME FUND Nuveen Variable Rate Preferred & Income 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		811-23704

Nuveen Variable Rate Preferred & Income 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: July 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 policymaking 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 July 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

Annual Report

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Table of Contents


Chair’s Letter to Shareholders			4

Important Notices			5

Portfolio Managers’ Comments			7

Fund Leverage			14

Common Share Information			16

Performance Overview and Holding Summaries			20

Shareholder Meeting Report			30

Report of Independent Registered Public Accounting Firm			31

Portfolios of Investments			33

Statement of Assets and Liabilities			66

Statement of Operations			67

Statement of Changes in Net Assets			68

Statement of Cash Flows			71

Financial Highlights			72

Notes to Financial Statements			79

Shareholder Update			97

Important Tax Information			139

Additional Fund Information			141

Glossary of Terms Used in this Report			142

Annual Investment Management Agreement Approval Process			144

Board Members & Officers			155

Chair’s Letter to Shareholders

LOGO

Dear Shareholders,

The question of whether economies are moving toward normalization or recession has dominated financial markets in 2022. Persistently high inflation has made the outcome more unpredictable, as it has dampened consumer sentiment, pushed central banks into raising interest rates more aggressively and contributed to considerable turbulence in the markets this year.

Inflation has surged partially due to COVID supply chain bottlenecks and exacerbated by Russia’s war in Ukraine and recent lockdowns across China to contain a large-scale COVID-19 outbreak. This has necessitated increasingly forceful responses from the U.S. Federal Reserve (Fed) and other central banks, who have signaled their intentions to slow inflation while tolerating slower economic growth. As anticipated, the Fed began the rate hiking cycle in March 2022, raising its short-term rate by 0.25% from near zero for the first time since the pandemic was declared two years ago. Larger increases of 0.50% in May and 0.75% in June, July and September 2022 followed, bringing the target fed funds rate to a range of 3.00% to 3.25%. Additional rate hikes are expected in the remainder of this year, although Fed officials will closely monitor inflation data along with other economic measures and modify their rate setting policy based upon these factors. U.S. gross domestic product growth has now contracted for two consecutive quarters, according to government estimates, as consumer and business activity has slowed in part due to higher prices and borrowing costs. However, the still strong labor market suggests not all areas of the economy are weakening in unison.

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, we look forward to continuing to earn your trust in the months and years ahead.

LOGO

Terence J. Toth

Chair of the Board

September 23, 2022

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)

Fund Restructuring for Nuveen Preferred and Income Fund (JPT)

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.

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 at $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 of the fund.

•

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

•

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.

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 other western nations, 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 may adversely impact, among other things, the Russian economy and various sectors of the global economy, including but not limited to, the financials, energy, metals and mining, engineering and defense sectors. The sanctions and any related boycotts, tariffs, and financial restrictions

Important Notices (continued)

imposed on Russia’s government, companies and certain individuals may cause a decline in the value and liquidity of Russian securities; 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.

Portfolio Managers’ Comments

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) (formerly Nuveen Preferred and Income 2022 Term Fund)

Nuveen Variable Rate Preferred & Income Fund (NPFD)

Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Fund Advisors, LLC, the Funds’ investment adviser, is the sub-adviser for the Nuveen Preferred & Income Opportunities Fund (JPC), Nuveen Preferred and Income Term Fund (JPI), Nuveen Preferred and Income Fund (JPT) and Nuveen Variable Rate Preferred & Income Fund (NPFD). The Funds’ portfolio managers are Douglas M. Baker, CFA and Brenda A. Langenfeld, CFA. The Nuveen Preferred & Income Securities Fund (JPS) is sub-advised by a team of specialists at Spectrum Asset Management, Inc. (Spectrum), a wholly owned subsidiary of Principal Global Investors Holding Company (U.S.), LLC. The portfolio managers for JPS are Mark Lieb and Phil Jacoby.

Here the Funds’ portfolio management teams review economic and market conditions, key investment strategies and the Funds’ performance for the twelve-month reporting period July 31, 2022. For more information on the Funds’ investment objectives and policies, please refer to the Shareholder Update section of the report.

What factors affected the economy and the markets during the twelve-month annual reporting period ended July 31, 2022?

After recovering from the pandemic in 2021, the U.S. economy weakened in the first half of 2022. Overall, 2021 gross domestic product (GDP) grew by 5.7% as the economy reopened with the help of $5.3 trillion in crisis-related aid from the federal government, low borrowing rates for businesses and individuals, an increase in COVID-19 vaccinations and improved treatments for COVID-19. However, in early 2022, China’s COVID-19 lockdown and the Russia-Ukraine war worsened existing pandemic-related supply chain disruptions. Inflation increased more than expected during the first half of 2022, putting pressure on global central banks to respond with more aggressive measures.

The U.S. Federal Reserve (Fed) began an interest rate hiking cycle in March 2022 with a 0.25% hike to the target federal funds rate, followed by larger increases of 0.50% in May 2022, 0.75% in June 2022 and another 0.75% in July 2022. Overall, the Fed raised the target federal funds rate from near zero at the start of 2022 to a range of 2.25% to 2.50% by July 2022. Subsequent to the end of the reporting period, the Fed raised the policy interest rate another 0.75% in September 2022 to a range of 3.00% to 3.25%. Interest rate, stock and bond price volatility increased as markets considered whether the Fed could cool inflation without putting the economy into a recession. Additionally, the U.S. dollar appreciated significantly relative to major world currencies beginning in March of 2022, serving as a headwind to the profits of international companies and U.S. domestic companies with overseas earnings. The dollar’s appreciation was driven in part by the Fed’s increasingly forceful response to inflation compared with other central banks, the relatively better prospects of the U.S. economy and “safe-haven” flows from investors uncertain about geopolitical and global economic conditions.

By mid-year, inflation and higher borrowing costs appeared to be dampening consumer confidence and consumer spending. Also, two consecutive quarters of negative U.S. GDP growth added to recession risks. U.S. GDP fell by an annual rate of 0.6% in the second quarter of 2022, according to the second estimate from the U.S. Bureau of Economic

Portfolio Managers’ Comments (continued)

Analysis. This followed a 1.6% annualized GDP decrease in the first quarter of 2022. However, the labor market, another key gauge of the economy’s health, has remained resilient. As of July 2022, the U.S. unemployment rate fell to 3.5%, its pre-pandemic low, and the economy has now recovered the 22 million jobs lost since the beginning of the pandemic.

The preferred market struggled during the reporting period, with all segments of the market posting negative returns that were driven by a combination of wider credit spreads and higher U.S. Treasury rates. $1,000 par preferred securities were top performers, followed by $25 par securities and contingent capital securities (“CoCos”). Securities that have coupons with reset features also fared better than fixed-rate coupons during the same period. Those structures are predominately found in the $1,000 par and CoCo segments.

Nuveen Preferred & Income Opportunities Fund (JPC)

What key strategies were used to manage the Fund during the twelve-month reporting period ended July 31, 2022?

The Fund seeks to provide high current income and secondarily, total return, by investing at least 80% of its managed assets in preferred and other income producing securities, including hybrid securities such as contingent capital securities (CoCos). The Fund invests up to 20% opportunistically in other securities, primarily income-oriented securities such as corporate and taxable municipal debt and common equity. Additionally, at least 50% is invested in securities that are rated investment grade at the time of purchase or, if unrated, judged to be of comparable quality by the Fund’s investment management team. The Fund uses leverage.

The investment management team incorporated several active themes within the Fund relative to the JPC Blended Benchmark, including an overweight to $1,000 par preferred securities and securities that have coupons with reset features (floating rate, fixed-to-floating rate, fixed-to-fixed), an underweight to CoCos and a corresponding overweight to U.S.-domiciled issuers. The investment management team increased the Fund’s exposure to CoCos beginning in the second quarter of 2022. However, given the anticipated impact of the Russia-Ukraine war on the European economy, the Fund shifted its allocation to core Western European countries and reduced exposure to periphery European countries. The Fund was strategically overweight in the more highly regulated bank and insurance sectors, so investors could benefit from the added scrutiny of regulatory oversight resulting in higher required capital levels.

How did the Fund perform during the twelve-month reporting period ended July 31, 2022?

For the twelve-month reporting period ended July 31, 2022, JPC outperformed the JPC Blended Benchmark. For the purposes of this Performance Commentary, references to relative performance are in comparison to the JPC Blended Benchmark. Effective April 1, 2022, the JPC Blended Benchmark was updated to consist of: 1) 60% ICE BofA U.S. All Capital Securities Index and 2) 40% ICE USD Contingent Capital Index (CDLR). Benchmark performance prior to April 1, 2022 reflects the JPC Blended Benchmark’s previous composition 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).

The Fund’s outperformance was driven by an overweight to $1,000 par preferred securities, which gave the Fund greater exposure to securities that have coupons with reset features. These investments generally demonstrate lower sensitivity to interest rates. During the reporting period, these structures outperformed securities with fixed-rate coupons. The Fund’s relatively shorter leverage-adjusted duration was also accretive to performance. Historically, the investment management team has limited emerging markets exposure in the portfolio and the Fund held no securities from Russian, Ukrainian or Belarusian-domiciled issuers during the reporting period. Conversely, the JPC Blended Benchmark began 2022 with approximately a 1.4% weighting in US dollar denominated CoCos issued by Russian banks, whose prices dropped to zero by the end of the first quarter of 2022. While the absolute exposure to these securities was modest in the JPC Blended Benchmark, their price performance had a meaningful impact on the benchmark performance during the first quarter of 2022. The Fund’s lack of exposure was accretive to relative performance. The

Fund’s overweight exposure to Land O’ Lakes Inc. and CHS Inc. contributed to performance. Both of these consumer non-cyclical sector holdings outperformed the broader market that encountered headwinds due to uncertainty surrounding the global economy. The Fund continues to hold both positions.

Partially offsetting the outperformance was the Fund’s use of leverage through bank borrowings and reverse repurchase agreements, which significantly detracted from relative performance during the reporting period. However, the Fund’s use of leverage was accretive to overall common share income. Leverage is discussed in more detail in the Fund Leverage section of this report.

In addition to the use of leverage, the Fund’s modest overweight to consumer cyclicals detracted from performance as the market began to price in an economic slowdown and the sector underperformed the JPC Blended Benchmark during the second quarter of 2022. An underweight to the utilities sector also detracted from performance as that sector outperformed the JPC Blended Benchmark. Finally, the Fund’s overweight exposure to Deutsche Bank AG and General Motors Financial Co Inc. both detracted from performance. Deutsche Bank underperformed due to concerns about Russian exposure. Capital levels remain strong and the Fund continues to hold the position. An overweight to General Motors hindered performance due to increased economic uncertainty. The Fund continues to maintain an overweight given the company’s solid long-term fundamentals.

The Fund sold interest rate futures during the reporting period to manage its exposure to various points along the yield curve, with a net effect of decreasing the Fund’s overall interest rate sensitivity. During the reporting period, the interest rate futures had a negligible impact on relative performance.

Nuveen Preferred and Income Term Fund (JPI)

What key strategies were used to manage the Fund during the twelve-month reporting period ended July 31, 2022?

The Fund seeks to provide a high level of current income and total return by investing at least 80% of its managed assets in preferred and other income-producing securities, including hybrid securities such as contingent capital securities, with a focus on securities issued by financial and insurance firms. At least 50% of its managed assets are rated investment grade at the time of purchase or, if unrated, judged to be of comparable quality by the Fund’s investment management team.

The investment management team incorporated several active themes within the Fund relative to the JPI Blended Benchmark that included an overweight to $1,000 par preferred securities and securities that have coupons with reset features (floating rate, fixed-to-floating rate, fixed-to-fixed), an underweight to CoCos and a corresponding overweight to U.S.-domiciled issuers. Given the anticipated impact of the Russian-Ukrainian war on the European economy, the investment management team modestly reduced the Fund’s CoCos exposure and correspondingly added to its preferred securities allocation. Within the CoCos allocation, the investment management team was more defensive given its relatively greater concern for the European economy. As a result, the team rotated some of the Fund’s exposure out of periphery European countries and added exposure to core Western European countries. The Fund was strategically overweight the more highly regulated bank and insurance sectors, so investors could benefit from the added scrutiny of regulatory oversight resulting in higher required capital levels.

How did the Fund perform during the twelve-month reporting period ended July 31, 2022?

For the twelve-month reporting period ended July 31, 2022, JPI underperformed 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). For the purposes of this Performance Commentary, references to relative performance are in comparison to the JPI Blended Benchmark.

Portfolio Managers’ Comments (continued)

The Fund’s use of leverage through bank borrowings and reverse repurchase agreements significantly detracted from relative performance during the reporting period. However, the Fund’s use of leverage was accretive to overall common share income. Leverage is discussed in more detail in the Fund Leverage section of this report.

In addition to the use of leverage, the Fund’s longer leverage-adjusted duration for most of the reporting period and an underweight to the utilities sector detracted from relative performance. Also, the Fund’s overweight to Deutsche Bank AG and SBL Holdings both detracted from relative results. Deutsche Bank underperformed due to concerns about Russian exposure. Capital levels remain strong and the Fund continues to hold the position. SBL Holdings underperformance was related to selling pressure during the reporting period. The Fund continues to hold the position based on its solid credit metrics.

Partially offsetting the Fund’s relative detractors were overweight exposures to the consumer non-cyclical sector, $1,000 par preferred securities, and securities that have coupons with reset features, as well as selection within the CoCos allocation that contributed favorably to the Fund’s relative results. The Fund’s overweight exposure to Land O’ Lakes Inc. and CHS Inc. also contributed to performance. Both of these consumer non-cyclical sector holdings outperformed the broader market that encountered headwinds given uncertainty surrounding the global economy. The Fund continues to hold both positions.

Nuveen Preferred & Income Securities Fund (JPS)

What key strategies were used to manage the Fund during the twelve-month reporting period ended July 31, 2022?

The Fund primarily seeks to offer high current income consistent with capital preservation. The Fund invests at least 80% of its managed assets in preferred and other income-producing securities, including hybrid securities such as contingent capital securities. At least 50% is invested in securities that are rated investment grade. The Fund uses leverage.

The investment management team incorporated several strategies relative to the JPS Blended Benchmark, including an overweight to $1,000 par preferred securities and CoCos. The Fund was also underweight securities with a duration of at least 10 years and overweight securities with a duration of one to three years. As interest rates are expected to be elevated for some time, the Fund maintained an overall shorter-duration profile relative to the JPS Blended Benchmark.

How did the Fund perform during this twelve-month reporting period ended July 31, 2022?

For the twelve-month reporting period ended July 31, 2022, JPS underperformed 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). For the purposes of this Performance Commentary, references to relative performance are in comparison to the JPS Blended Benchmark.

In addition to the use of leverage, the Fund’s overweight to securities with a duration of one to three years detracted from relative performance. Although these securities had short-duration profiles, they underperformed because of the significant flattening on the front end of the yield curve. The longer-duration junior subordinated debt of MetLife and Nationwide Financial also detracted from performance. Longer-duration securities underperformed driven by rising interest rates during the reporting period. The Fund continues to hold these issues because the credits are stable and the current income has remained above market levels.

Partially offsetting some of the Fund’s underperformance was an underweight to securities with a duration of at least 10 years. As previously mentioned, longer-duration securities underperformed driven by rising interest rates during the reporting period. The Fund’s allocation to Bank of America Corp. perpetual preferred and PNC Financial Services Group Inc. PRP $25 par preferred also contributed to performance. The floating rate features of both holdings contributed to their outperformance. The Fund continues to maintain its allocation to Bank of America Corp. and PNC Financial Services Group.

Nuveen Preferred and Income Fund (JPT) (formerly Nuveen Preferred and Income 2022 Term Fund)

What key strategies were used to manage the Fund during the twelve-month reporting period ended July 31, 2022?

The Fund seeks to provide a high level of current income and total return. The Fund provides access to both the exchange-traded and over-the-counter preferred securities markets, seeking to capitalize on price discrepancies that may occur between these two markets. The Fund also has the flexibility to opportunistically invest in preferred securities with various coupon structures, including fixed-to-floating structures, which may help reduce interest rate risk and enhance performance in a rising rate environment. The Fund invests at least 80% of its managed assets in preferred and other income-producing securities, including hybrid securities such as contingent capital securities (CoCos). The Fund may invest without limit in below investment grade securities but no more than 10% in securities rated below B-/B3 at the time of investment. Up to 40% of its managed assets may be in securities issued by companies located anywhere in the world, but no more than 10% in securities of issuers in emerging markets countries, and 100% in U.S. dollar-denominated securities. The Fund uses leverage.

During the reporting period, the investment management team incorporated several active themes within the Fund relative to the JPT Blended Benchmark, including: an overweight to $1,000 par preferred securities; an overweight to securities that have coupons with reset features (floating rate, fixed-to-floating rate, fixed-to-fixed); and an underweight to CoCos with a corresponding overweight to U.S.-domiciled issuers. On February 28, 2022, JPT’s investment policies were amended to permit investment in CoCos. Following the policy change, the investment management team increased exposure to CoCo securities. However, given the anticipated impact of the Russian-Ukrainian war on the European economy, the Fund shifted its allocation to core Western European countries and reduced exposure to periphery European countries. In terms of sector exposure, the Fund was strategically overweight in the highly regulated bank and insurance sectors, so investors could benefit from the added scrutiny of regulatory oversight resulting in higher required capital levels.

How did the Fund perform during the twelve-month reporting period ended July 31, 2022?

For the twelve-month reporting period ended July 31, 2022, JPT performed in line with the JPT Blended Benchmark. For the purposes of this Performance Commentary, references to relative performance are in comparison to the JPT Blended Benchmark. Effective February 28, 2022, the JPT Blended Benchmark was updated to consist of: 1) 60% ICE BofA U.S. All Capital Securities Index, and 2) 40% ICE USD Contingent Capital Index (CDLR). Benchmark performance prior to February 28, 2022 consisted of the ICE BofA U.S. All Capital Securities Index.

Contributors to the Fund’s relative performance included overweight exposure to the consumer non-cyclical sector, $1,000 par preferred securities and securities that have coupons with reset features, as well as selection within the CoCo allocation. The Fund’s overweight to $1,000 par preferred securities gave the Fund greater exposure to securities that have coupons with reset features. These structures generally demonstrate lower sensitivity to interest rates and during the reporting period, they outperformed securities with fixed-rate coupons. Historically, the investment management team has limited emerging markets exposure in the portfolio and the Fund held no securities from Russian, Ukrainian or Belarusian domiciled issuers during the reporting period. Conversely, the JPT Blended Benchmark began 2022 with approximately a 1.4% weighting in USD CoCos issued by Russian banks, whose prices dropped to zero by the end of

Portfolio Managers’ Comments (continued)

the first quarter of 2022. While the absolute exposure was modest in the JPT Blended Benchmark, the price performance had a meaningful impact during the first quarter of 2022. The Fund’s lack of exposure was accretive to relative performance. The Fund’s overweight exposure to Land O’ Lakes Inc. and CHS Inc. also contributed to performance. Both of these consumer non-cyclical sector holdings outperformed the broader market that encountered headwinds due to uncertainty surrounding the global economy. The Fund continues to hold both positions.

Serving to partially offset the contributors was the Fund’s use of leverage through bank borrowings, which significantly detracted from relative performance during the reporting period. However, the Fund’s use of leverage was accretive to overall common share income. Leverage is discussed in more detail in the Fund Leverage section of this report.

In addition to the use of leverage, the Fund’s relatively longer leverage-adjusted duration for most of the reporting period detracted from relative performance. The Fund’s modest overweight to consumer cyclicals detracted from performance as the market began to price in an economic slowdown and the sector underperformed the JPT Blended Benchmark during the second quarter of 2022. An underweight to the utilities sector also detracted from performance as that sector outperformed the JPT Blended Benchmark. Finally, the Fund’s overweight exposure to Deutsche Bank and SBL Holdings both detracted from performance. Deutsche Bank underperformed due to concerns about Russian exposure. Capital levels remain strong and the Fund continues to hold the position. SBL Holdings underperformance was related to selling pressure during the reporting period. The Fund continues to hold the position based on its solid credit metrics.

Nuveen Variable Rate Preferred & Income Fund (NPFD)

What key strategies were used to manage the Fund during the abbreviated reporting period since the Fund’s commencement on December 15, 2021 through July 31, 2022?

The Fund seeks to provide a high level of current income and total return by investing in primarily investment grade, variable rate preferred securities and other variable rate income-producing securities from high quality, highly regulated companies such as banks, utilities and insurance companies. All, or almost all, of the Fund’s distributions of net investment income are expected to be treated as qualified dividend income (QDI) which is generally taxed at a lower rate than interest and ordinary dividend income, assuming holding period and certain other requirements are met.

The Fund may invest up to 20% of managed assets in contingent capital securities or contingent convertible securities (CoCos) and up to 15% in companies located in emerging market countries but may only invest in U.S. dollar denominated securities. More than 25% of managed assets are invested in securities of companies in the financial services sector. The Fund uses leverage and has a 12-year term with the potential to convert to perpetual.

The overwhelming majority of the invest-up period was via the secondary market in attractive opportunities in both U.S.-domiciled and non-U.S.-domiciled issuers, including CoCos. Positioning favored highly regulated sectors such as banks and insurance. Given the anticipated impact of the Russian/Ukrainian war on the European economy, the investment management team slightly reduced the Fund’s CoCos exposure beginning in February 2022 and correspondingly added to its preferred securities allocation. Within the CoCos allocation, the team rotated some exposure out of periphery European countries and added exposure to core Western European countries.

How did the Fund perform during the abbreviated reporting period since the Fund’s commencement on December 15, 2021 through July 31, 2022?

For the abbreviated reporting period since the Fund’s commencement on December 15, 2021 through July 31, 2022, NPFD underperformed 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). For the purposes of this Performance Commentary, references to relative performance are in comparison to the NPFD Blended Benchmark.

In addition to the use of leverage, the Fund’s longer leverage-adjusted effective duration and modest steepening bias detracted from relative performance. The Fund’s overweight to consumer cyclicals detracted from performance as the market began to price in an economic slowdown during the second quarter of 2022 and the sector underperformed the benchmark. The Fund’s overweight exposure to SBL Holdings and General Motors also detracted from performance. SBL Holdings underperformance was related to selling pressure during the reporting period. The Fund continues to hold based on its solid credit metrics. An overweight to General Motors hindered performance due to increased economic uncertainty. The Fund continues to maintain an overweight given the company’s solid long-term fundamentals.

Partially offsetting the Fund’s relative detractors was the Fund’s lack of exposure to Russian-domiciled issuers. The investment management team has limited emerging markets exposure in the Fund and held no securities from Russian, Ukrainian or Belarusian-domiciled issuers during the reporting period. Conversely, the NPFD Blended Benchmark began 2022 with an estimated 0.7% weighting in USD CoCos issued by Russian banks, whose prices dropped to zero by the end of the first quarter of 2022 and resulted in removal from the index. While the absolute exposure was modest in the NPFD Blended Benchmark, the price performance had a meaningful impact. Overweight positions in the insurance and consumer non-cyclical sectors contributed favorably to the Fund’s relative performance versus the NPFD Blended Benchmark. These sectors outperformed the NPFD Blended Benchmark since the Fund’s inception. The Fund’s overweight exposure to CHS Inc. and NuStar Energy LP contributed to performance. Within the consumer non-cyclical sector, CHS Inc. outperformed the broader market, which encountered headwinds due to uncertainty surrounding the global economy. Nustar Energy was a strong performer tracking higher oil prices during the reporting period. The Fund continues to hold both positions.

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, Taxable Fund Preferred Shares (TFP) for JPS and 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 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 significantly detracted from relative performance during the reporting period. However, the Funds’ use of leverage was accretive to overall common share income.

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 contributed to the relative performance of JPC, JPI and JPS.

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


	JPC			JPI			JPS			JPT			NPFD
Effective Leverage*		37.28	%		36.72	%		38.09	%		33.59	%		36.46	%
Regulatory Leverage*		32.38	%		30.85	%		31.18	%		33.59	%		27.04	%

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 a 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.

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 July 31, 2022		Average Balance Outstanding			Draws		Paydowns			Outstanding Balance as of September 23, 2022
JPC	$	462,700,000	$	10,700,000	$	(50,000,000	)	$	423,400,000	$	455,111,644		$	—	$	(150,000,000	)	$	273,400,000
JPI	$	234,800,000	$	1,200,000	$	(20,000,000	)	$	216,000,000	$	231,129,315		$	9,400,000	$	—		$	225,400,000
JPS	$	873,300,000	$	—	$	(374,000,000	)	$	499,300,000	$	829,047,945		$	—	$	—		$	499,300,000
JPT	$	47,000,000	$	—	$	—		$	47,000,000	$	47,000,000		$	—	$	—		$	47,000,000
NPFD	$	—	$	210,200,000	$	(21,600,000	)	$	188,600,000	$	197,116,832	*	$	—	$	(33,800,000	)	$	154,800,000

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

Refer to Notes to Financial Statements, Note 9 – Borrowing Arrangements and Reverse Repurchase Agreements 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 July 31, 2022		Average Balance Outstanding			Sales		Purchases			Outstanding Balance as of September 23, 2022
JPC	$	121,000,000	$	3,500,000	$	(22,400,000	)	$	102,100,000	$	115,558,630		$	—	$	—		$	102,100,000
JPI	$	56,500,000	$	8,500,000	$	—		$	65,000,000	$	64,426,301		$	—	$	—		$	65,000,000
JPS	$	275,000,000	$	—	$	—		$	275,000,000	$	275,000,000		$	—	$	—		$	275,000,000
NPFD	$	—	$	120,000,000	$	(16,598,000	)	$	103,402,000	$	107,266,712	**	$	52,197,000	$	(103,402,000	)	$	52,197,000

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

Refer to Notes to Financial Statements, Note 9 – Borrowing Arrangements and Reverse Repurchase Agreements for further details.

Taxable Fund Preferred Shares

As noted previously, in addition to bank borrowings, JPS also issued TFP. The Fund’s transactions in TFP are as shown in the accompanying table.


Current Reporting Period											Subsequent to the Close of the Reporting Period
Outstanding Balance as of August 1, 2021		Issuance		Redemptions		Outstanding Balance as of July 31, 2022		Average Balance Outstanding			Issuance		Redemptions		Outstanding Balance as of September 23, 2022
	$ —		$270,000,000		$ —		$270,000,000		$270,000,000	*		$ —		$ —		$270,000,000

*	For the period July 14, 2022 (first issuance date of shares) through July 31, 2022.

Refer to Notes to Financial Statements, Note 5 – Fund Shares and Note 11 - Subsequent Events for further details on TFP.

Common Share Information

COMMON SHARE DISTRIBUTION INFORMATION

The following information regarding the Funds’ distributions is current as of July 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			NPFD
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		0.0530			0.1305			0.0505			0.1185			—
February		0.0530			0.1305			0.0505			0.1185			0.1380
March		0.0530			0.1305			0.0505			0.1350			0.1380
April		0.0530			0.1305			0.0475			0.1350			0.1380
May		0.0530			0.1305			0.0475			0.1350			0.1380
June		0.0530			0.1305			0.0475			0.1350			0.1380
July 2022		0.0530			0.1305			0.0435			0.1255			0.1380
Total Distributions	$	0.6360		$	1.5660		$	0.5900		$	1.4950		$	0.8280

Current Distribution Rate*		7.76	%		7.64	%		6.72	%		7.43	%		8.29	%

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. 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).

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 2022 (subsequent to the close of the reporting period), the Funds’ Board of Trustees reauthorized an open-market common share repurchase program for JPC, JPI, JPS and JPT and authorized an open-market common share repurchase for NPFD, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding common shares.

During the current reporting period, the Funds did not repurchase any of their outstanding common shares. As of July 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

TENDER OFFER

The Fund’s Board of Trustees authorized JPT to conduct a tender offer pursuant to which the Fund offered to purchase up to 100% of JPT’s outstanding shares for cash on a pro rata basis at a price per share equal to 100% of the NAV per share, as determined on the date the tender offer expires.

On January 19, 2022, Nuveen announced the Fund’s tender offer, which commenced on January 20, 2022 and expired on February 17, 2022. In the tender offer, 2,454,617 common shares were tendered, representing approximately 36% of the Fund’s common shares outstanding, and therefore the Fund repurchased these outstanding shares from participating shareholders.

Common Share Information (continued)

During the current reporting period, JPT repurchased and retired their common shares, through the tender offer, at a price per share and a discount per share as shown in the accompanying table.


Common shares repurchased and retired through tender offer		2,454,617
Tender offer price per common share	$	23.2613
Tender offer discount per common share		0.00	%

Refer to Notes to Financial Statements, Note 5 – Fund Shares, Tender Offer for further details on the tender offer.

OTHER COMMON SHARE INFORMATION

As of July 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	$	8.41		$	21.26		$	8.25		$	21.16		$	21.06
Common share price	$	8.20		$	20.51		$	7.77		$	20.26		$	19.98
Premium/(Discount) to NAV		(2.50	)%		(3.53	)%		(5.82	)%		(4.25	)%		(5.13	)%
Average premium/(discount) to NAV		(3.26	)%		(1.46	)%		(3.90	)%		(2.46	)%		(3.52	)%

THIS PAGE INTENTIONALLY LEFT BLANK

JPC

Nuveen Preferred & Income Opportunities Fund

Performance Overview and Holding Summaries as of July 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 July 31, 2022*


	Average Annual
	1-Year		5-Year		10-Year
JPC at Common Share NAV		(9.05)%		2.04%		6.02%
JPC at Common Share Price		(11.91)%		2.32%		6.58%
ICE BofA U.S. All Capital Securities Index		(9.18)%		2.96%		5.29%
JPC Blended Benchmark		(9.64)%		2.77%		4.62%

For purposes of Fund performance, relative results are measured against the JPC Blended Benchmark. Effective April 1, 2022, the Fund’s Blended Benchmark was updated to consist of: 1) 60% ICE BofA U.S. All Capital Securities Index and 2) 40% ICE USD Contingent Capital Index (CDLR). From December 31, 2013 through March 31, 2022, the Fund’s 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). Through December 30, 2013, the JPC Blended Benchmark’s consists of: 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.

Performance data shown represents past performance and does not predict or guarantee 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

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Growth of an Assumed $10,000 Investment as of July 31, 2022 - Common Share Price

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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			78.3%
Contingent Capital Securities			50.7%
$25 Par (or similar) Retail Preferred			28.2%
Corporate Bonds			0.7%
Repurchase Agreements			0.6%
Other Assets Less Liabilities			1.0%
Net Assets Plus Borrowings and Reverse Repurchase Agreements, including accrued interest			159.5%
Borrowings			(47.9)%
Reverse Repurchase Agreements, including accrued interest			(11.6)%
Net Assets			100%

Portfolio Composition¹

(% of total investments)


Banks			47.4%
Insurance			14.4%
Capital Markets			13.5%
Food Products			4.7%
Diversified Financial Services			3.7%
Trading Companies & Distributors			2.7%
Oil, Gas & Consumable Fuels			2.5%
Other			10.8%
Repurchase Agreements			0.3%
Total			100%

Country Allocation²

(% of total investments)


United States			60.5%
United Kingdom			12.2%
Switzerland			7.6%
France			5.3%
Spain			2.4%
Netherlands			2.2%
Canada			2.0%
Australia			1.7%
Germany			1.5%
Ireland			1.4%
Bermuda			1.1%
Other			2.1%
Total			100%

Top Five Issuers

(% of total long-term
investments)


UBS Group AG			4.4%
HSBC Holdings PLC			3.6%
Citigroup Inc			3.3%
Credit Suisse Group AG			3.2%
Barclays PLC			2.9%

Portfolio Credit Quality

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


A			0.1%
BBB			65.6%
BB or Lower			32.3%
N/R (not rated)			2.0%
Total			100%

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

2	Includes 2.0% (as a percentage of total investments) in emerging market countries.

JPI

Nuveen Preferred and Income Term Fund

Performance Overview and Holding Summaries as of July 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 July 31, 2022*


	Average Annual
	1-Year		5-Year		10-Year
JPI at Common Share NAV		(10.41)%		2.74%		6.56%
JPI at Common Share Price		(16.35)%		2.86%		5.80%
ICE BofA U.S. All Capital Securities Index		(9.18)%		2.96%		5.29%
JPI Blended Benchmark		(9.48)%		3.16%		4.82%

For purposes of Fund performance, relative results are measured against the JPI Blended Benchmark. The Fund’s Blended Benchmark consists of: 1) 60% ICE BofA U.S. All Capital Securities Index and 2) 40% ICE USD Contingent Capital Index (CDLR). Through December 30, 2013, the Fund’s Blended Benchmark consists of: 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.

Daily Common Share NAV and Share Price

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Growth of an Assumed $10,000 Investment as of July 31, 2022 - Common Share Price

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Fund Allocation

(% of net assets)


$1,000 Par (or similar) Institutional Preferred			74.7%
Contingent Capital Securities			51.1%
$25 Par (or similar) Retail Preferred			29.8%
Corporate Bonds			0.7%
Repurchase Agreements			1.0%
Other Assets Less Liabilities			0.8%
Net Assets Plus Borrowings and Reverse Repurchase Agreements, including accrued interest			158.1%
Borrowings			(44.6)%
Reverse Repurchase Agreements, including accrued interest			(13.5)%
Net Assets			100%

Portfolio Composition¹

(% of total investments)


Banks			45.6%
Insurance			14.4%
Capital Markets			13.2%
Diversified Financial Services			4.9%
Food Products			4.9%
Other			16.4%
Repurchase Agreements			0.6%
Total			100%

Country Allocation²

(% of total investments)


United States			59.2%
United Kingdom			12.4%
Switzerland			7.6%
France			5.4%
Spain			2.3%
Netherlands			2.3%
Canada			2.2%
Australia			2.2%
Germany			1.6%
Bermuda			1.2%
Ireland			1.2%
Other			2.4%
Total			100%

Top Five Issuers

(% of total long-term
investments)


UBS Group AG			4.5%
HSBC Holdings PLC			3.6%
Citigroup Inc			3.2%
Credit Suisse Group AG			3.1%
Barclays PLC			2.9%

Portfolio Credit Quality

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


A			0.2%
BBB			64.9%
BB or Lower			32.7%
N/R (not rated)			2.2%
Total			100%

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

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

JPS

Nuveen Preferred & Income Securities Fund

Performance Overview and Holding Summaries as of July 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 July 31, 2022*


	Average Annual
	1-Year		5-Year		10-Year
JPS at Common Share NAV		(11.16)%		2.21%		6.18%
JPS at Common Share Price		(17.04)%		1.41%		5.65%
ICE BofA U.S. All Capital Securities Index		(9.18)%		2.96%		5.29%
JPS Blended Benchmark		(9.48)%		3.16%		5.23%

For purposes of Fund performance, relative results are measured against the JPS Blended Benchmark. The Fund’s Blended Benchmark consists of: 1) 60% ICE BofA U.S. All Capital Securities Index and 2) 40% ICE USD Contingent Capital Index (CDLR). Through to December 30, 2013, the Fund’s Blended Benchmark consists of: 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.

Daily Common Share NAV and Share Price

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Growth of an Assumed $10,000 Investment as of July 31, 2022 - Common Share Price

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Fund Allocation

(% of net assets)


$1,000 Par (or similar) Institutional Preferred			79.0%
Contingent Capital Securities			54.3%
$25 Par (or similar) Retail Preferred			17.3%
Corporate Bonds			4.7%
Convertible Preferred Securities			1.8%
Investment Companies			1.1%
Repurchase Agreements			1.8%
Other Assets Less Liabilities			1.4%
Net Assets Plus Borrowings, Reverse Repurchase Agreements, including accrued interest and Taxable Fund Preferred Shares, net of deferred offering costs			161.4%
Borrowings			(29.4)%
Reverse Repurchase Agreements, including accrued interest			(16.2)%
Taxable Fund Preferred, net of deferred offering costs			(15.8)%
Net Assets			100%

Portfolio Composition¹

(% of total investments)


Banks			53.2%
Capital Markets			14.9%
Insurance			14.7%
Electric Utilities			3.0%
Other			12.3%
Repurchase Agreements			1.2%
Investment Companies			0.7%
Total			100%

Country Allocation²

(% of total investments)


United States			54.6%
United Kingdom			11.4%
France			10.3%
Switzerland			9.0%
Finland			3.0%
Spain			2.1%
Canada			1.6%
Netherlands			1.3%
Norway			1.3%
Australia			1.2%
Japan			1.1%
Other			3.1%
Total			100%

Top Five Issuers

(% of total long-term
investments)


Bank of America Corp			4.3%
UBS Group AG			3.9%
Credit Suisse Group AG			3.5%
BNP Paribas SA			3.4%
Barclays PLC			3.4%

Portfolio Credit Quality

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


A			7.5%
BBB			79.1%
BB or Lower			13.4%
Total			100%

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

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

JPT

Nuveen Preferred and Income Fund

Performance Overview and Holding Summaries as of July 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 July 31, 2022*


	Average Annual
	1-Year		5-Year		Since Inception
JPT at Common Share NAV		(9.81)%		2.33%		3.32%
JPT at Common Share Price		(14.88)%		1.84%		2.31%
ICE BofA U.S. All Capital Securities Index		(9.18)%		2.96%		3.97%
JPT Blended Benchmark		(9.98)%		2.78%		3.80%

For purposes of Fund performance, relative results are measured against the JPT Blended Benchmark. Effective February 28, 2022, the Fund’s 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 February 28, 2022, the Fund’s performance was measured against the ICE BofA U.S. All Capital Securities Index. Refer to the Glossary of Terms Used in this report for further details.

Since inception returns are from 1/26/17. Performance data shown represents past performance and does not predict or guarantee 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

Growth of an Assumed $10,000 Investment as of July 31, 2022 - Common Share Price

LOGO

1	Value on 1/26/17 is $24.63, which represents the Fund’s public offering price less sales load.

Fund Allocation

(% of net assets)


$1,000 Par (or similar) Institutional Preferred			75.1%
Contigent Capital Securities			44.9%
$25 Par (or similar) Retail Preferred			25.5%
Corporate Bonds			3.9%
Repurchase Agreements			0.2%
Other Assets Less Liabilities			1.0%
Net Assets Plus Borrowings			150.6%
Borrowings			(50.6)%
Net Assets			100%

Top Five Issuers

(% of total long-term investments)


UBS Group AG			4.5%
HSBC Holdings PLC			4.0%
Citigroup Inc			3.3%
Barclays PLC			3.0%
Credit Suisse Group AG			3.0%

Portfolio Composition¹

(% of total investments)


Banks			44.6%
Insurance			15.0%
Capital Markets			13.5%
Food Products			5.2%
Diversified Financial Services			4.8%
Trading Companies & Distributors			3.1%
Other			13.7%
Repurchase Agreements			0.1%
Total			100%

Portfolio Credit Quality

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


A			0.2%
BBB			65.3%
BB or Lower			33.1%
N/R (not rated)			1.4%
Total			100%

Country Allocation²

(% of total investments)


United States			58.5%
United Kingdom			11.8%
Switzerland			7.5%
France			5.8%
Spain			2.2%
Ireland			2.2%
Germany			2.2%
Netherlands			2.2%
Canada			2.2%
Australia			1.9%
Bermuda			1.6%
Other			1.9%
Total			100%

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

2	Includes 2.6% (as a percentage of total investments) in emerging market countries.

NPFD

Nuveen Variable Rate Preferred & Income Fund

Performance Overview and Holding Summaries as of July 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 July 31, 2022*


	Since Inception
NPFD at Common Share NAV		(12.48)%
NPFD at Common Share Price		(16.77)%
ICE Variable Rate Preferred & Hybrid Securities Index		(6.52)%
NPFD Blended Benchmark		(7.15)%

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

Since inception returns are from 12/15/2021. Performance data shown represents past performance and does not predict or guarantee 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

Growth of an Assumed $10,000 Investment as of July 31, 2022 - Common Share Price

LOGO

1	Value on 12/15/21 is $25.00, which represents the Fund’s public offering price.

Fund Allocation

(% of net assets)


$1,000 Par (or similar) Institutional Preferred			97.0%
Contingent Capital Securities			29.4%
$25 Par (or similar) Retail Preferred			29.2%
Repurchase Agreements			0.9%
Other Assets Less Liabilities			1.0%
Net Assets Plus Borrowings and Reverse Repurchase Agreements, including accrued interest			157.5%
Borrowings			(37.1)%
Reverse Repurchase Agreements, including accrued interest			(20.4)%
Net Assets			100%

Portfolio Composition¹

(% of total investments)


Banks			43.0%
Insurance			13.9%
Capital Markets			13.3%
Oil, Gas & Consumable Fuels			5.3%
Trading Companies & Distributors			3.8%
Electric Utilities			3.1%
Other			17.0%
Repurchase Agreements			0.6%
Total			100%

Country Allocation²

(% of total investments)


United States			68.1%
United Kingdom			8.5%
Canada			4.8%
Switzerland			4.8%
France			3.3%
Ireland			2.3%
Australia			2.0%
Spain			1.5%
Netherlands			1.4%
Bermuda			1.0%
Other			2.3%
Total			100%

Top Five Issuers

(% of total long- term investments)


Citigroup Inc			4.4%
JPMorgan Chase & Co			3.8%
Wells Fargo & Co			3.8%
Bank of America Corp			3.2%
Morgan Stanley			3.0%

Portfolio Credit Quality

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


A			0.2%
BBB			67.4%
BB or Lower			30.4%
N/R (not rated)			2.0%
Total			100%

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

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

Shareholder Meeting Report

The annual meeting of shareholders was held on April 8, 2022 for JPC, JPI, JPS and JPT. The meeting was held virtually due to public health concerns regarding the ongoing COVID-19 pandemic; at this meeting the shareholders were asked to elect Board members.


	JPC		JPI		JPS		JPT
	Common Shares		Common Shares		Common Shares		Common Shares
Approval of the Board Members was reached as follows:
William C. Hunter
For		77,777,914		16,624,330		149,954,832		4,897,170
Withhold		2,497,315		564,757		4,122,817		242,767
Total		80,275,229		17,189,087		154,077,649		5,139,937
Judith M. Stockdale
For		77,485,636		16,666,637		149,105,147		4,877,367
Withhold		2,789,593		522,450		4,972,502		262,570
Total		80,275,229		17,189,087		154,077,649		5,139,937
Carole E. Stone
For		77,531,909		16,680,802		149,134,541		4,893,628
Withhold		2,743,320		508,285		4,943,108		246,309
Total		80,275,229		17,189,087		154,077,649		5,139,937
Margaret L. Wolff
For		78,035,707		16,681,772		149,828,600		4,907,526
Withhold		2,239,522		507,315		4,249,049		232,411
Total		80,275,229		17,189,087		154,077,649		5,139,937

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees

Nuveen Preferred & Income Opportunities Fund, Nuveen Preferred and Income Term Fund, Nuveen Preferred & Income Securities Fund, Nuveen Preferred and Income Fund (formerly Nuveen Preferred and Income 2022 Term Fund), and Nuveen Variable Rate Preferred & Income Fund:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of the Funds listed in Appendix A (the Funds), including the portfolios of investments, as of July 31, 2022, the related statements of operations, cash flows, and changes in net assets for the Funds and periods listed in Appendix A, and the related notes (collectively, the financial statements) and the financial highlights for the Funds and periods listed in Appendix A. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of July 31, 2022, the results of their operations and their cash flows, and the changes in their net assets for the Funds and periods listed in Appendix A, and the financial highlights for the Funds and periods listed in Appendix A, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of July 31, 2022, by correspondence with custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor of one or more Nuveen investment companies since 2014.

Chicago, Illinois

September 28, 2022

Appendix A

Funds and Periods

For the year ended July 31, 2022 (statements of operations and cash flows); each of the years in the two-year period ended July 31, 2022 (statements of changes in net assets); each of the years in the five-year period ended July 31, 2022 (financial highlights):

Nuveen Preferred & Income Opportunities Fund

Nuveen Preferred and Income Term Fund

Nuveen Preferred & Income Securities Fund

Nuveen Preferred and Income Fund (formerly Nuveen Preferred and Income 2022 Term Fund)

For the period December 15, 2021 (commencement of operations) through July 31, 2022 (statement of operations, statement of cash flows, statement of changes in net assets and financial highlights):

Nuveen Variable Rate Preferred & Income Fund

JPC

Nuveen Preferred & Income
Opportunities Fund

Portfolio of Investments July 31, 2022


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

		LONG-TERM INVESTMENTS – 157.9% (99.7% of Total Investments)

		$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 78.3% (49.5% of Total Investments)

		Automobiles – 2.3%

$	7,485	General Motors Financial Co Inc (3)		5.700%		N/A (4)		BB+	$	7,092,038
	14,640	General Motors Financial Co Inc (5)		5.750%		N/A (4)		BB+		13,119,060
		Total Automobiles								20,211,098

		Banks – 30.8%

	1,415	Bank of America Corp		6.100%		N/A (4)		BBB+		1,430,746
	3,540	Bank of America Corp		6.250%		N/A (4)		BBB+		3,565,358
	5,560	Bank of America Corp (5)		6.300%		N/A (4)		BBB+		5,772,370
	3,685	Bank of America Corp		4.375%		N/A (4)		BBB+		3,344,137
	21,125	Bank of America Corp (3), (5)		6.500%		N/A (4)		BBB+		21,661,619
	1,820	Citigroup Inc		4.150%		N/A (4)		BBB-		1,602,656
	16,055	Citigroup Inc (5)		6.250%		N/A (4)		BBB-		16,457,659
	6,290	Citigroup Inc (5)		5.000%		N/A (4)		BBB-		5,823,701
	9,981	Citigroup Inc (3)		5.950%		N/A (4)		BBB-		9,821,404
	13,145	Citigroup Inc (3)		6.300%		N/A (4)		BBB-		12,700,423
	2,015	Citizens Financial Group Inc (5)		4.000%		N/A (4)		BB+		1,698,548
	1,685	Citizens Financial Group Inc		6.375%		N/A (4)		BB+		1,514,503
	3,150	CoBank ACB (5)		6.250%		N/A (4)		BBB+		3,035,313
	1,900	Fifth Third Bancorp (5)		4.500%		N/A (4)		Baa3		1,843,361
	14,985	First Citizens BancShares Inc/NC (3-Month LIBOR reference rate + 3.972% spread) (3), (6)		5.801%		N/A (4)		BB-		14,142,094
	910	Goldman Sachs Group Inc		4.400%		N/A (4)		BB+		822,276
	925	Goldman Sachs Group Inc		3.800%		N/A (4)		BBB-		798,166
	2,314	HSBC Capital Funding Dollar 1 LP, 144A		10.176%		N/A (4)		BBB		3,118,798
	5,525	Huntington Bancshares Inc/OH		5.625%		N/A (4)		Baa3		5,469,750
	3,025	Huntington Bancshares Inc/OH (5)		5.700%		N/A (4)		Baa3		2,742,979
	4,280	JPMorgan Chase & Co		3.650%		N/A (4)		BBB+		3,917,056
	24,555	JPMorgan Chase & Co (5)		6.750%		N/A (4)		BBB+		25,230,262
	7,275	JPMorgan Chase & Co		5.000%		N/A (4)		BBB+		6,758,313
	2,660	JPMorgan Chase & Co (5)		6.100%		N/A (4)		BBB+		2,661,596
	2,485	KeyCorp		5.000%		N/A (4)		Baa3		2,305,648
	6,970	M&T Bank Corp (5)		6.450%		N/A (4)		Baa2		6,902,191
	1,880	M&T Bank Corp		5.125%		N/A (4)		Baa2		1,739,402
	1,440	M&T Bank Corp (5)		3.500%		N/A (4)		Baa2		1,174,277
	1,922	PNC Financial Services Group Inc		5.000%		N/A (4)		Baa2		1,779,846
	2,835	PNC Financial Services Group Inc		3.400%		N/A (4)		Baa2		2,324,700
	16,977	PNC Financial Services Group Inc (3-Month LIBOR reference rate + 3.678% spread) (5), (6)		3.804%		N/A (4)		Baa2		16,831,554
	4,245	PNC Financial Services Group Inc		6.000%		N/A (4)		Baa2		4,271,531
	8,290	Regions Financial Corp (3)		5.750%		N/A (4)		Baa3		8,430,455
	3,290	SVB Financial Group		4.000%		N/A (4)		Baa2		2,667,042
	785	SVB Financial Group		4.700%		N/A (4)		Baa2		626,336
	875	SVB Financial Group		4.100%		N/A (4)		Baa2		680,488
	17,735	Truist Financial Corp (3)		4.800%		N/A (4)		Baa2		16,822,498
	1,930	Truist Financial Corp (3-Month LIBOR reference rate + 3.102% spread) (6)		4.931%		N/A (4)		Baa2		1,785,733
	4,690	Truist Financial Corp		5.100%		N/A (4)		Baa2		4,485,996
	11,747	Wells Fargo & Co (5)		3.900%		N/A (4)		Baa2		10,880,659
	6,490	Wells Fargo & Co (3)		5.900%		N/A (4)		Baa2		6,160,860
	13,950	Wells Fargo & Co (3), (5)		5.875%		N/A (4)		Baa2		14,071,625
	1,385	Wells Fargo & Co (5)		7.950%		11/15/29		Baa1		1,664,707
	9,666	Zions Bancorp NA (3)		7.200%		N/A (4)		BB+		9,783,189
	1,105	Zions Bancorp NA		5.800%		N/A (4)		BB+		1,062,871
		Total Banks								272,384,696



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


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

		Capital Markets – 3.8%

$	2,040	Bank of New York Mellon Corp (3)		4.700%		N/A (4)		Baa1	$	2,031,840
	7,425	Charles Schwab Corp (3)		5.375%		N/A (4)		BBB		7,539,345
	1,825	Charles Schwab Corp (5)		4.000%		N/A (4)		BBB		1,659,600
	4,325	Charles Schwab Corp (3-Month LIBOR reference rate + 4.820% spread) (6)		7.602%		N/A (4)		BBB		4,317,040
	7,411	Goldman Sachs Group Inc (3)		5.300%		N/A (4)		BBB-		7,328,655
	9,704	Goldman Sachs Group Inc		5.500%		N/A (4)		BBB-		9,650,603
	1,555	Goldman Sachs Group Inc		4.125%		N/A (4)		BBB-		1,368,066
		Total Capital Markets								33,895,149

		Communications Equipment – 0.2%

	2,315	Vodafone Group PLC (5)		4.125%		6/04/81		BB+		1,873,911

		Consumer Finance – 2.3%

	6,365	Ally Financial Inc		4.700%		N/A (4)		Ba2		5,021,612
	6,609	Ally Financial Inc (5)		4.700%		N/A (4)		Ba2		5,569,404
	3,060	American Express Co		3.550%		N/A (4)		Baa2		2,689,740
	3,215	Capital One Financial Corp		3.950%		N/A (4)		Baa3		2,797,006
	3,175	Discover Financial Services (5)		6.125%		N/A (4)		Ba2		3,241,749
	1,465	Discover Financial Services		5.500%		N/A (4)		Ba2		1,247,876
		Total Consumer Finance								20,567,387

		Diversified Financial Services – 4.2%

	4,570	American AgCredit Corp, 144A (5)		5.250%		N/A (4)		BB+		4,181,550
	2,590	Capital Farm Credit ACA, 144A (5)		5.000%		N/A (4)		BB		2,310,280
	1,100	Compeer Financial ACA, 144A		4.875%		N/A (4)		BB+		970,751
	13	Compeer Financial ACA, 144A (5)		6.750%		N/A (4)		BB+		12,726,000
	7,470	Equitable Holdings Inc (3)		4.950%		N/A (4)		BBB-		7,328,395
	9,696	Voya Financial Inc (5)		6.125%		N/A (4)		BBB-		9,289,770
		Total Diversified Financial Services								36,806,746

		Electric Utilities – 2.5%

	2,070	American Electric Power Co Inc		3.875%		2/15/62		BBB		1,750,738
	995	Edison International (5)		5.375%		N/A (4)		BB+		857,352
	6,070	Edison International (5)		5.000%		N/A (4)		BB+		5,120,551
	1,565	Electricite de France SA, 144A (5)		5.250%		N/A (4)		BBB-		1,502,400
	11,680	Emera Inc (5)		6.750%		6/15/76		BB+		11,607,551
	1,905	Southern Co		4.000%		1/15/51		BBB-		1,774,206
		Total Electric Utilities								22,612,798

		Food Products – 4.7%

	2,145	Dairy Farmers of America Inc, 144A		7.125%		N/A (4)		BB+		1,994,850
	7,435	Land O’ Lakes Inc, 144A (5)		7.000%		N/A (4)		BB		7,108,306
	3,860	Land O’ Lakes Inc, 144A (5)		7.250%		N/A (4)		BB		3,763,500
	28,560	Land O’ Lakes Inc, 144A (3), (5)		8.000%		N/A (4)		BB		28,845,600
		Total Food Products								41,712,256

		Independent Power Producers & Energy Traders – 1.8%

	2,200	AES Andes SA, 144A (5)		7.125%		3/26/79		BB		2,002,000
	4,775	AES Andes SA, 144A		6.350%		10/07/79		BB		4,068,300
	1,550	Vistra Corp, 144A		7.000%		N/A (4)		Ba3		1,441,407
	8,525	Vistra Corp, 144A (3)		8.000%		N/A (4)		Ba3		8,258,594
		Total Independent Power Producers & Energy Traders								15,770,301

		Industrial Conglomerates – 1.5%

	14,026	General Electric Co (3-Month LIBOR reference rate + 3.330% spread) (3), (5), (6)		5.159%		N/A (4)		BBB-		13,079,245

		Insurance – 14.3%

	1,615	Aegon NV		5.500%		4/11/48		Baa1		1,558,785
	1,550	American International Group Inc (5)		5.750%		4/01/48		BBB-		1,416,915


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

		Insurance (continued)

$	10,404	Assurant Inc (3), (5)		7.000%		3/27/48		Baa3	$	10,424,153
	11,519	Assured Guaranty Municipal Holdings Inc, 144A (5)		6.400%		12/15/66		BBB+		11,113,075
	2,465	AXIS Specialty Finance LLC (5)		4.900%		1/15/40		BBB		2,136,859
	2,395	Enstar Finance LLC		5.750%		9/01/40		BBB-		2,237,646
	5,720	Enstar Finance LLC		5.500%		1/15/42		BBB-		4,907,584
	1,485	Legal & General Group PLC Reg S		5.250%		3/21/47		A3		1,438,579
	8,710	Markel Corp		6.000%		N/A (4)		BBB-		8,840,553
	11,660	MetLife Capital Trust IV, 144A (5)		7.875%		12/15/37		BBB		12,838,699
	1,430	MetLife Inc		5.875%		N/A (4)		BBB		1,394,427
	1,790	MetLife Inc		3.850%		N/A (4)		BBB		1,690,197
	8,088	MetLife Inc, 144A		9.250%		4/08/38		BBB		9,629,504
	575	Nationwide Financial Services Capital Trust (3)		7.899%		3/01/37		Baa2		649,750
	9,550	Nationwide Financial Services Inc (5)		6.750%		5/15/37		Baa2		9,542,306
	2,485	PartnerRe Finance B LLC (5)		4.500%		10/01/50		Baa1		2,193,012
	7,281	Provident Financing Trust I (5)		7.405%		3/15/38		BB+		8,009,100
	745	Prudential Financial Inc		3.700%		10/01/50		BBB+		651,677
	1,190	Prudential Financial Inc (3)		5.125%		3/01/52		BBB+		1,136,362
	9,055	QBE Insurance Group Ltd, 144A (5)		7.500%		11/24/43		Baa1		9,184,649
	2,960	QBE Insurance Group Ltd, 144A (5)		5.875%		N/A (4)		Baa2		2,881,560
	6,715	QBE Insurance Group Ltd Reg S		6.750%		12/02/44		BBB		6,786,038
	10,685	SBL Holdings Inc, 144A (5)		7.000%		N/A (4)		BB		8,759,938
	9,700	SBL Holdings Inc, 144A (3)		6.500%		N/A (4)		BB		7,105,250
		Total Insurance								126,526,618

		Media – 0.3%

	3,110	Paramount Global		6.375%		3/30/62		Baa3		2,937,505

		Multi-Utilities – 2.1%

	2,125	Algonquin Power & Utilities Corp (5)		4.750%		1/18/82		BB+		1,876,587
	7,999	CenterPoint Energy Inc		6.125%		N/A (4)		BBB-		7,218,915
	1,210	CMS Energy Corp (5)		4.750%		6/01/50		BBB-		1,132,996
	1,320	NiSource Inc		5.650%		N/A (4)		BBB-		1,202,943
	3,005	Sempra Energy		4.125%		4/01/52		BBB-		2,536,736
	4,750	Sempra Energy		4.875%		N/A (4)		BBB-		4,604,742
		Total Multi-Utilities								18,572,919

		Oil, Gas & Consumable Fuels – 2.3%

	2,578	Enbridge Inc		5.500%		7/15/77		BBB-		2,341,606
	1,540	Enbridge Inc (5)		6.000%		1/15/77		BBB-		1,464,518
	5,765	Enbridge Inc (5)		5.750%		7/15/80		BBB-		5,430,053
	3,320	Energy Transfer LP (5)		6.500%		N/A (4)		BB		3,012,900
	630	Energy Transfer LP		7.125%		N/A (4)		BB		567,000
	1,735	MPLX LP (5)		6.875%		N/A (4)		BB+		1,663,847
	3,015	Transcanada Trust		5.600%		3/07/82		BBB		2,814,943
	3,010	Transcanada Trust (5)		5.500%		9/15/79		BBB		2,768,615
		Total Oil, Gas & Consumable Fuels								20,063,482

		Trading Companies & Distributors – 3.5%

	15,493	AerCap Global Aviation Trust, 144A (5)		6.500%		6/15/45		BB+		14,691,234
	5,385	AerCap Holdings NV		5.875%		10/10/79		BB+		4,779,187
	4,180	Air Lease Corp (5)		4.650%		N/A (4)		BB+		3,658,132
	8,474	ILFC E-Capital Trust I, 144A (3)		5.100%		12/21/65		BB+		6,291,945
	1,960	ILFC E-Capital Trust I, 144A		4.850%		12/21/65		B+		1,471,787
		Total Trading Companies & Distributors								30,892,285

		U.S. Agency – 0.9%

	2,420	Farm Credit Bank of Texas, 144A (5)		5.700%		N/A (4)		Baa1		2,285,750
	5,835	Farm Credit Bank of Texas, 144A (5)		6.200%		N/A (4)		BBB+		5,410,475
		Total U.S. Agency								7,696,225

		Wireless Telecommunication Services – 0.8%

	6,644	Vodafone Group PLC (3)		7.000%		4/04/79		BB+		6,984,505
		Total $1,000 Par (or similar) Institutional Preferred (cost $719,728,761)								692,587,126



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


Principal Amount (000)		Description (1), (7)	Coupon		Maturity		Ratings (2)		Value

		CONTINGENT CAPITAL SECURITIES – 50.7% (32.0% of Total Investments)

		Banks – 36.4%

$	2,025	Australia & New Zealand Banking Group Ltd/United Kingdom, 144A (5)		6.750%		N/A (4)		Baa2	$	2,065,500
	3,805	Banco Bilbao Vizcaya Argentaria SA (5)		6.125%		N/A (4)		Ba2		3,332,148
	12,820	Banco Bilbao Vizcaya Argentaria SA		6.500%		N/A (4)		Ba2		12,289,003
	3,120	Banco Mercantil del Norte SA/Grand Cayman, 144A (5)		7.625%		N/A (4)		Ba2		2,930,585
	4,700	Banco Mercantil del Norte SA/Grand Cayman, 144A (5)		7.500%		N/A (4)		Ba2		4,218,250
	7,905	Banco Santander SA		4.750%		N/A (4)		Ba1		6,750,482
	10,600	Banco Santander SA Reg S (5)		7.500%		N/A (4)		Ba1		10,732,500
	6,440	Barclays PLC (3)		6.125%		N/A (4)		BBB-		6,210,092
	19,365	Barclays PLC (3)		7.750%		N/A (4)		BBB-		19,508,162
	14,810	Barclays PLC (3)		8.000%		N/A (4)		BBB-		15,254,300
	13,810	BNP Paribas SA, 144A (3)		7.375%		N/A (4)		BBB		14,359,280
	1,000	BNP Paribas SA, 144A		7.000%		N/A (4)		BBB		1,005,500
	13,145	BNP Paribas SA, 144A (3)		6.625%		N/A (4)		BBB		13,189,127
	7,754	Credit Agricole SA, 144A		7.875%		N/A (4)		BBB		7,967,235
	12,445	Credit Agricole SA, 144A (3)		8.125%		N/A (4)		BBB		13,238,369
	1,840	Danske Bank A/S Reg S		4.375%		N/A (4)		BBB-		1,582,400
	1,815	Danske Bank A/S Reg S		6.125%		N/A (4)		BBB-		1,756,012
	1,600	Danske Bank A/S Reg S (5)		7.000%		N/A (4)		BBB-		1,545,440
	21,850	HSBC Holdings PLC (3), (5)		6.000%		N/A (4)		BBB		20,961,396
	3,415	HSBC Holdings PLC (5)		6.375%		N/A (4)		BBB		3,392,693
	26,144	HSBC Holdings PLC (3)		6.375%		N/A (4)		BBB		26,387,712
	9,280	ING Groep NV (3)		5.750%		N/A (4)		BBB		8,866,813
	7,585	ING Groep NV		6.500%		N/A (4)		BBB		7,462,047
	12,425	ING Groep NV Reg S		6.750%		N/A (4)		BBB		12,467,493
	3,805	Intesa Sanpaolo SpA, 144A (5)		7.700%		N/A (4)		BB-		3,557,675
	11,190	Lloyds Banking Group PLC (3), (5)		7.500%		N/A (4)		Baa3		11,304,736
	20,395	Lloyds Banking Group PLC (3)		7.500%		N/A (4)		Baa3		20,649,938
	3,350	Macquarie Bank Ltd/London, 144A		6.125%		N/A (4)		BB+		3,100,157
	9,649	NatWest Group PLC (5)		6.000%		N/A (4)		BBB-		9,413,854
	12,440	NatWest Group PLC (3)		8.000%		N/A (4)		BBB-		12,844,300
	3,985	Nordea Bank Abp, 144A		6.625%		N/A (4)		BBB+		3,975,865
	2,820	Societe Generale SA, 144A		4.750%		N/A (4)		BB+		2,456,180
	11,536	Societe Generale SA, 144A (3)		7.875%		N/A (4)		BB+		11,681,863
	6,268	Societe Generale SA, 144A		8.000%		N/A (4)		BB		6,440,555
	2,066	Societe Generale SA, 144A (5)		6.750%		N/A (4)		BB		1,942,139
	5,300	Standard Chartered PLC, 144A		4.300%		N/A (4)		BBB-		4,064,809
	5,406	Standard Chartered PLC, 144A (5)		6.000%		N/A (4)		BBB-		5,363,446
	2,010	Standard Chartered PLC, 144A		7.750%		N/A (4)		BBB-		2,060,602
	5,500	UniCredit SpA Reg S		8.000%		N/A (4)		BB-		5,330,325
	325,418	Total Banks								321,658,983

		Capital Markets – 14.3%

	18,750	Credit Suisse Group AG, 144A		7.500%		N/A (4)		BB		17,424,375
	8,090	Credit Suisse Group AG, 144A (3)		6.375%		N/A (4)		Ba2		6,836,050
	7,420	Credit Suisse Group AG, 144A (3)		7.500%		N/A (4)		BB		7,284,763
	10,229	Credit Suisse Group AG, 144A (3), (5)		7.250%		N/A (4)		BB		9,062,894
	3,445	Credit Suisse Group AG, 144A		9.750%		N/A (4)		BB		3,658,590
	23,420	Deutsche Bank AG (3), (5)		6.000%		N/A (4)		BB-		20,258,300
	3,755	UBS Group AG, 144A		3.875%		N/A (4)		BBB		3,238,480
	2,940	UBS Group AG, 144A		4.875%		N/A (4)		BBB		2,619,930
	17,870	UBS Group AG, 144A (5)		7.000%		N/A (4)		BBB		18,193,983
	15,645	UBS Group AG Reg S (5)		7.000%		N/A (4)		BBB		16,268,610
	15,780	UBS Group AG Reg S (5)		6.875%		N/A (4)		BBB		16,115,325
	5,900	UBS Group AG Reg S		5.125%		N/A (4)		BBB		5,626,700
	133,244	Total Capital Markets								126,588,000
		Total Contingent Capital Securities (cost $463,586,185)								448,246,983


Shares		Description (1)	Coupon		Ratings (2)		Value

		$25 PAR (OR SIMILAR) RETAIL PREFERRED – 28.2% (17.8% of Total Investments)

		Banks – 8.0%

	93,724	CoBank ACB (8)		6.200%		BBB+	$	9,606,710
	158,575	CoBank ACB (8)		6.250%		BBB+		15,897,144
	165,500	Farm Credit Bank of Texas, 144A (5), (8)		6.750%		Baa1		16,839,625
	221,181	Fifth Third Bancorp (5)		6.625%		Baa3		5,843,602
	138,275	KeyCorp		6.125%		Baa3		3,686,411
	219,461	Regions Financial Corp		6.375%		Baa3		5,842,052
	61,900	Regions Financial Corp		5.700%		Baa3		1,556,166
	91,115	Synovus Financial Corp		5.875%		BB-		2,329,811
	68,200	Wells Fargo & Co		4.750%		Baa2		1,426,744
	141,500	Western Alliance Bancorp		4.250%		Ba1		3,404,490
	160,747	Wintrust Financial Corp		6.875%		BB		4,259,795
		Total Banks						70,692,550

		Capital Markets – 3.3%

	57,993	Goldman Sachs Group Inc		5.500%		BB+		1,454,464
	203,611	Morgan Stanley		5.850%		BBB-		5,228,731
	115,800	Morgan Stanley (8)		6.500%		BBB-		3,017,748
	100,352	Morgan Stanley		6.375%		BBB-		2,657,321
	110,293	Morgan Stanley		6.875%		BBB-		2,901,809
	534,260	Morgan Stanley (5)		7.125%		BBB-		14,024,325
		Total Capital Markets						29,284,398

		Consumer Finance – 0.5%

	84,573	Capital One Financial Corp (5)		5.000%		Baa3		1,886,824
	132,414	Synchrony Financial (5)		5.625%		BB-		2,735,673
		Total Consumer Finance						4,622,497

		Diversified Financial Services – 1.7%

	74,600	AgriBank FCB (8)		6.875%		BBB+		7,590,550
	114,400	Equitable Holdings Inc		5.250%		BBB-		2,720,432
	204,839	Voya Financial Inc		5.350%		BBB-		5,053,378
		Total Diversified Financial Services						15,364,360

		Diversified Telecommunication Services – 0.1%

	52,800	AT&T Inc (5)		4.750%		BBB-		1,098,240

		Food Products – 2.7%

	229,411	CHS Inc (5)		7.875%		N/R		6,464,802
	279,909	CHS Inc		6.750%		N/R		7,470,771
	295,991	CHS Inc		7.100%		N/R		7,837,842
	23,900	Dairy Farmers of America Inc, 144A (8)		7.875%		BB+		2,367,677
		Total Food Products						24,141,092

		Insurance – 8.0%

	226,000	American Equity Investment Life Holding Co		6.625%		BB		5,805,940
	460,300	American Equity Investment Life Holding Co (3)		5.950%		BB		11,203,702
	107,800	Aspen Insurance Holdings Ltd		5.625%		BB+		2,553,782
	423,677	Aspen Insurance Holdings Ltd		5.950%		BB+		10,252,983
	82,800	Assurant Inc		5.250%		Baa3		1,932,552
	236,052	Athene Holding Ltd		6.375%		BBB		6,217,610
	411,533	Athene Holding Ltd		6.350%		BBB		11,037,315
	63,400	Delphi Financial Group Inc (8)		4.601%		BBB		1,347,250
	319,645	Enstar Group Ltd		7.000%		BBB-		7,760,981
	219,645	Maiden Holdings North America Ltd		7.750%		N/R		4,164,469
	157,800	Reinsurance Group of America Inc		5.750%		BBB+		4,142,250
	113,445	Reinsurance Group of America Inc (5)		6.200%		BBB+		2,874,696
	46,100	Selective Insurance Group Inc		4.600%		BBB-		936,291
		Total Insurance						70,229,821



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


Shares		Description (1)	Coupon				Ratings (2)		Value

		Oil, Gas & Consumable Fuels – 1.8%

	60,200	Energy Transfer LP		7.600%				BB	$	1,426,740
	221,982	NuStar Energy LP		8.769%				B2		5,316,469
	242,497	NuStar Energy LP		7.673%				B2		5,080,312
	163,651	NuStar Logistics LP		9.246%				B		4,088,002
		Total Oil, Gas & Consumable Fuels								15,911,523

		Thrifts & Mortgage Finance – 1.3%

	74,541	Federal Agricultural Mortgage Corp		6.000%				N/R		2,200,823
	337,570	New York Community Bancorp Inc		6.375%				Ba2		8,837,583
		Total Thrifts & Mortgage Finance								11,038,406

		Trading Companies & Distributors – 0.8%

	207,815	Air Lease Corp		6.150%				BB+		5,072,764
	76,500	WESCO International Inc		10.625%				B		2,153,475
		Total Trading Companies & Distributors								7,226,239
		Total $25 Par (or similar) Retail Preferred (cost $250,812,767)								249,609,126

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

		CORPORATE BONDS – 0.7% (0.4% of Total Investments)

		Banks – 0.2%

$	1,180	Commerzbank AG, 144A		8.125%		9/19/23		Baa3	$	1,209,651

		Insurance – 0.5%

	2,575	Fidelis Insurance Holdings Ltd, 144A		6.625%		4/01/41		BB+		2,523,500
	1,792	Liberty Mutual Group Inc, 144A (5)		7.800%		3/15/37		Baa3		2,082,649
	4,367	Total Insurance								4,606,149
$	5,547	Total Corporate Bonds (cost $5,390,060)								5,815,800
		Total Long-Term Investments (cost $1,439,517,773)								1,396,259,035

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

		SHORT-TERM INVESTMENTS – 0.6% (0.3% of Total Investments)

		REPURCHASE AGREEMENTS – 0.6% (0.3% of Total Investments)

$	4,813	Repurchase Agreement with Fixed Income Clearing Corporation, dated 7/29/22, repurchase price $4,813,678, collateralized by $3,143,200, U.S. Treasury Inflation Index Government Bond, 2.500%, due 1/15/29, value 4,909,777		0.450%		8/01/22			$	4,813,498
		Total Short-Term Investments (cost $4,813,498)								4,813,498
		Total Investments (cost $1,444,331,271) – 158.5%								1,401,072,533
		Borrowings – (47.9)% (9), (10)								(423,400,000	)
		Reverse Repurchase Agreements, including accrued interest – (11.6)% (11)								(102,318,630	)
		Other Assets Less Liabilities – 1.0% (12)								8,708,135
		Net Assets Applicable to Common Shares – 100%							$	884,062,038

Investment in Derivatives

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 (13)		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	$	2,520,950		$	2,520,950
Morgan Stanley Capital Services, LLC		48,000,000		Receive		1-Month LIBOR		2.364			Monthly		7/01/19		7/01/26		7/01/28		(249,556	)		(249,556	)
Total	$	325,500,000																$	2,271,394		$	2,271,394

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. Ratings are not covered by the report of independent registered public accounting firm.

(3)	Investment, or portion of investment, is hypothecated. The total value of investments hypothecated as of the end of the reporting period was $378,989,172.

(4)	Perpetual security. Maturity date is not applicable.

(5)	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 $255,549,076 have been pledged as collateral for reverse repurchase agreements.

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

(7)

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.

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

(9)	Borrowings as a percentage of Total Investments is 30.2%.

(10)

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 $985,779,981 have been pledged as collateral for borrowings.

(11)	Reverse Repurchase Agreements, including accrued interest as a percentage of Total investments is 7.3%.

(12)

Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as well as the OTC cleared and exchange-traded derivatives, 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.

(13)	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.

JPI

Nuveen Preferred and Income
Term Fund

Portfolio of Investments July 31, 2022


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

		LONG-TERM INVESTMENTS – 156.3% (99.4% of Total Investments)

		$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 74.7% (47.5% of Total Investments)

		Automobiles – 2.3%

$	8,463	General Motors Financial Co Inc (3)		5.750%		N/A (4)		BB+	$	7,583,784
	3,610	General Motors Financial Co Inc (3)		5.700%		N/A (4)		BB+		3,420,475
		Total Automobiles								11,004,259

		Banks – 25.8%

	1,330	Bank of America Corp		6.100%		N/A (4)		BBB+		1,344,800
	3,290	Bank of America Corp (3)		6.250%		N/A (4)		BBB+		3,313,567
	2,430	Bank of America Corp		4.375%		N/A (4)		BBB+		2,205,225
	3,815	Bank of America Corp (3)		6.300%		N/A (4)		BBB+		3,960,718
	3,620	Bank of America Corp (3)		6.500%		N/A (4)		BBB+		3,711,956
	9,343	Citigroup Inc (3)		5.950%		N/A (4)		BBB-		9,193,605
	6,565	Citigroup Inc (3)		6.300%		N/A (4)		BBB-		6,342,965
	4,850	Citigroup Inc (3)		5.000%		N/A (4)		BBB-		4,490,453
	1,695	Citigroup Inc		4.150%		N/A (4)		BBB-		1,492,583
	2,870	Citigroup Inc (5)		6.250%		N/A (4)		BBB-		2,941,980
	1,580	Citizens Financial Group Inc		6.375%		N/A (4)		BB+		1,420,128
	1,530	Citizens Financial Group Inc		4.000%		N/A (4)		BB+		1,289,716
	1,215	Fifth Third Bancorp		4.500%		N/A (4)		Baa3		1,178,781
	2,670	First Citizens BancShares Inc/NC (3-Month LIBOR reference rate + 3.972% spread) (6)		5.801%		N/A (4)		BB-		2,519,813
	850	Goldman Sachs Group Inc		4.400%		N/A (4)		BB+		768,060
	860	Goldman Sachs Group Inc		3.800%		N/A (4)		BBB-		742,079
	2,121	HSBC Capital Funding Dollar 1 LP, 144A		10.176%		N/A (4)		BBB		2,858,673
	4,740	Huntington Bancshares Inc/OH		5.625%		N/A (4)		Baa3		4,692,600
	2,370	JPMorgan Chase & Co		6.100%		N/A (4)		BBB+		2,371,422
	6,800	JPMorgan Chase & Co (5)		5.000%		N/A (4)		BBB+		6,317,049
	2,305	JPMorgan Chase & Co		3.650%		N/A (4)		BBB+		2,109,536
	10,092	JPMorgan Chase & Co		6.750%		N/A (4)		BBB+		10,369,530
	2,430	KeyCorp		5.000%		N/A (4)		Baa3		2,254,618
	1,340	M&T Bank Corp		3.500%		N/A (4)		Baa2		1,092,730
	1,570	M&T Bank Corp		6.450%		N/A (4)		Baa2		1,554,726
	1,765	M&T Bank Corp		5.125%		N/A (4)		Baa2		1,633,002
	2,130	PNC Financial Services Group Inc		3.400%		N/A (4)		Baa2		1,746,600
	1,407	PNC Financial Services Group Inc		5.000%		N/A (4)		Baa2		1,302,936
	2,340	PNC Financial Services Group Inc		6.000%		N/A (4)		Baa2		2,354,625
	799	PNC Financial Services Group Inc (3-Month LIBOR reference rate + 3.678% spread) (6)		3.804%		N/A (4)		Baa2		792,155
	1,745	Regions Financial Corp (3)		5.750%		N/A (4)		Baa3		1,774,565
	1,320	SVB Financial Group		4.000%		N/A (4)		Baa2		1,070,059
	830	SVB Financial Group		4.100%		N/A (4)		Baa2		645,491
	730	SVB Financial Group		4.700%		N/A (4)		Baa2		582,453
	9,280	Truist Financial Corp (3), (5)		4.800%		N/A (4)		Baa2		8,802,525
	1,805	Truist Financial Corp (3-Month LIBOR reference rate + 3.102% spread) (5), (6)		4.931%		N/A (4)		Baa2		1,670,076
	2,520	Truist Financial Corp		5.100%		N/A (4)		Baa2		2,410,386
	5,803	Wells Fargo & Co (3)		5.875%		N/A (4)		Baa2		5,853,594
	1,230	Wells Fargo & Co (5)		7.950%		11/15/29		Baa1		1,478,404
	3,256	Wells Fargo & Co		5.900%		N/A (4)		Baa2		3,090,872
	7,240	Wells Fargo & Co (3)		3.900%		N/A (4)		Baa2		6,706,050
	1,415	Zions Bancorp NA (5)		7.200%		N/A (4)		BB+		1,432,155
	1,050	Zions Bancorp NA		5.800%		N/A (4)		BB+		1,009,968
		Total Banks								124,893,229


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

		Capital Markets – 3.6%

$	1,395	Bank of New York Mellon Corp		4.700%		N/A (4)		Baa1	$	1,389,420
	1,950	Charles Schwab Corp		4.000%		N/A (4)		BBB		1,773,272
	4,215	Charles Schwab Corp (3)		5.375%		N/A (4)		BBB		4,279,911
	1,450	Goldman Sachs Group Inc		4.125%		N/A (4)		BBB-		1,275,689
	4,595	Goldman Sachs Group Inc		5.500%		N/A (4)		BBB-		4,569,715
	4,127	Goldman Sachs Group Inc (5)		5.300%		N/A (4)		BBB-		4,081,144
		Total Capital Markets								17,369,151

		Communications Equipment – 0.3%

	1,920	Vodafone Group PLC		4.125%		6/04/81		BB+		1,554,173

		Consumer Finance – 2.5%

	2,570	Ally Financial Inc		4.700%		N/A (4)		Ba2		2,027,579
	3,190	Ally Financial Inc		4.700%		N/A (4)		Ba2		2,688,213
	2,850	American Express Co		3.550%		N/A (4)		Baa2		2,505,150
	3,005	Capital One Financial Corp		3.950%		N/A (4)		Baa3		2,614,309
	1,820	Discover Financial Services		6.125%		N/A (4)		Ba2		1,858,262
	800	Discover Financial Services		5.500%		N/A (4)		Ba2		681,434
		Total Consumer Finance								12,374,947

		Diversified Financial Services – 4.8%

	2,010	American AgCredit Corp, 144A		5.250%		N/A (4)		BB+		1,839,150
	2,425	Capital Farm Credit ACA, 144A		5.000%		N/A (4)		BB		2,163,100
	12	Compeer Financial ACA, 144A		6.750%		N/A (4)		BB+		11,918,000
	1,050	Compeer Financial ACA, 144A		4.875%		N/A (4)		BB+		926,626
	3,430	Equitable Holdings Inc (3)		4.950%		N/A (4)		BBB-		3,364,979
	3,171	Voya Financial Inc (3), (5)		6.125%		N/A (4)		BBB-		3,038,146
		Total Diversified Financial Services								23,250,001

		Electric Utilities – 2.7%

	1,920	American Electric Power Co Inc (5)		3.875%		2/15/62		BBB		1,623,873
	2,110	Edison International		5.000%		N/A (4)		BB+		1,779,961
	930	Edison International		5.375%		N/A (4)		BB+		801,344
	1,460	Electricite de France SA, 144A		5.250%		N/A (4)		BBB-		1,401,600
	6,100	Emera Inc (5)		6.750%		6/15/76		BB+		6,062,162
	1,670	Southern Co		4.000%		1/15/51		BBB-		1,555,341
		Total Electric Utilities								13,224,281

		Food Products – 4.9%

	2,250	Dairy Farmers of America Inc, 144A		7.125%		N/A (4)		BB+		2,092,500
	2,240	Land O’ Lakes Inc, 144A		7.250%		N/A (4)		BB		2,184,000
	12,550	Land O’ Lakes Inc, 144A (3)		8.000%		N/A (4)		BB		12,675,500
	7,223	Land O’ Lakes Inc, 144A (3)		7.000%		N/A (4)		BB		6,905,621
		Total Food Products								23,857,621

		Independent Power Producers & Energy Traders – 1.1%

	1,240	AES Andes SA, 144A		7.125%		3/26/79		BB		1,128,400
	2,550	AES Andes SA, 144A (5)		6.350%		10/07/79		BB		2,172,600
	1,135	Vistra Corp, 144A		8.000%		N/A (4)		Ba3		1,099,531
	1,095	Vistra Corp, 144A		7.000%		N/A (4)		Ba3		1,018,284
		Total Independent Power Producers & Energy Traders								5,418,815

		Industrial Conglomerates – 1.5%

	7,852	General Electric Co (3-Month LIBOR reference rate + 3.330% spread) (6)		5.159%		N/A (4)		BBB-		7,321,990

		Insurance – 14.5%

	1,505	Aegon NV		5.500%		4/11/48		Baa1		1,452,614
	1,447	American International Group Inc (5)		5.750%		4/01/48		BBB-		1,322,758
	8,580	Assurant Inc (5)		7.000%		3/27/48		Baa3		8,596,620
	10,595	Assured Guaranty Municipal Holdings Inc, 144A (5)		6.400%		12/15/66		BBB+		10,221,637
	2,320	AXIS Specialty Finance LLC (5)		4.900%		1/15/40		BBB		2,011,162



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


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

		Insurance (continued)

$	1,505	Enstar Finance LLC (5)		5.500%		1/15/42		BBB-	$	1,291,244
	1,540	Enstar Finance LLC (5)		5.750%		9/01/40		BBB-		1,438,820
	1,375	Legal & General Group PLC Reg S		5.250%		3/21/47		A3		1,332,017
	4,755	Markel Corp (3)		6.000%		N/A (4)		BBB-		4,826,272
	1,850	MetLife Inc		3.850%		N/A (4)		BBB		1,746,852
	3,440	MetLife Inc, 144A		9.250%		4/08/38		BBB		4,095,635
	1,270	MetLife Inc (5)		5.875%		N/A (4)		BBB		1,238,407
	2,335	PartnerRe Finance B LLC (5)		4.500%		10/01/50		Baa1		2,060,637
	4,734	Provident Financing Trust I (3)		7.405%		3/15/38		BB+		5,207,400
	700	Prudential Financial Inc		3.700%		10/01/50		BBB+		612,314
	1,105	Prudential Financial Inc (5)		5.125%		3/01/52		BBB+		1,055,193
	7,495	QBE Insurance Group Ltd, 144A (3)		7.500%		11/24/43		Baa1		7,602,313
	2,770	QBE Insurance Group Ltd, 144A (5)		5.875%		N/A (4)		Baa2		2,696,595
	1,135	QBE Insurance Group Ltd Reg S		6.750%		12/02/44		BBB		1,147,007
	2,600	SBL Holdings Inc, 144A		6.500%		N/A (4)		BB		1,904,500
	10,005	SBL Holdings Inc, 144A (3)		7.000%		N/A (4)		BB		8,202,450
		Total Insurance								70,062,447

		Media – 0.3%

	1,660	Paramount Global		6.375%		3/30/62		Baa3		1,567,929

		Multi-Utilities – 2.7%

	1,975	Algonquin Power & Utilities Corp (5)		4.750%		1/18/82		BB+		1,744,123
	5,505	CenterPoint Energy Inc (3)		6.125%		N/A (4)		BBB-		4,968,137
	570	CMS Energy Corp (5)		4.750%		6/01/50		BBB-		533,725
	1,215	NiSource Inc		5.650%		N/A (4)		BBB-		1,107,254
	2,365	Sempra Energy		4.875%		N/A (4)		BBB-		2,292,677
	2,785	Sempra Energy		4.125%		4/01/52		BBB-		2,351,018
		Total Multi-Utilities								12,996,934

		Oil, Gas & Consumable Fuels – 2.5%

	1,245	Enbridge Inc		5.500%		7/15/77		BBB-		1,130,837
	1,440	Enbridge Inc		6.000%		1/15/77		BBB-		1,369,420
	3,520	Enbridge Inc (5)		5.750%		7/15/80		BBB-		3,315,488
	1,590	Energy Transfer LP (5)		6.500%		N/A (4)		BB		1,442,925
	345	Energy Transfer LP		7.125%		N/A (4)		BB		310,500
	1,620	MPLX LP (5)		6.875%		N/A (4)		BB+		1,553,563
	1,650	Transcanada Trust		5.600%		3/07/82		BBB		1,540,516
	1,645	Transcanada Trust (5)		5.500%		9/15/79		BBB		1,513,080
		Total Oil, Gas & Consumable Fuels								12,176,329

		Trading Companies & Distributors – 3.8%

	7,045	AerCap Global Aviation Trust, 144A (5)		6.500%		6/15/45		BB+		6,680,420
	2,915	AerCap Holdings NV		5.875%		10/10/79		BB+		2,587,062
	2,045	Air Lease Corp		4.650%		N/A (4)		BB+		1,789,684
	1,855	ILFC E-Capital Trust I, 144A (5)		4.850%		12/21/65		B+		1,392,942
	7,902	ILFC E-Capital Trust I, 144A (5)		5.100%		12/21/65		BB+		5,867,235
		Total Trading Companies & Distributors								18,317,343

		U.S. Agency – 0.7%

	2,270	Farm Credit Bank of Texas, 144A		5.700%		N/A (4)		Baa1		2,144,072
	1,180	Farm Credit Bank of Texas, 144A		6.200%		N/A (4)		BBB+		1,094,149
		Total U.S. Agency								3,238,221

		Wireless Telecommunication Services – 0.7%

	3,180	Vodafone Group PLC		7.000%		4/04/79		BB+		3,342,975
		Total $1,000 Par (or similar) Institutional Preferred (cost $376,375,937)								361,970,645


Principal Amount (000)		Description (1), (7)	Coupon		Maturity		Ratings (2)		Value

		CONTINGENT CAPITAL SECURITIES – 51.1% (32.5% of Total Investments)

		Banks – 37.0%

$	1,970	Australia & New Zealand Banking Group Ltd/United Kingdom, 144A		6.750%		N/A (4)		Baa2	$	2,009,400
	3,570	Banco Bilbao Vizcaya Argentaria SA (5)		6.125%		N/A (4)		Ba2		3,126,352
	5,600	Banco Bilbao Vizcaya Argentaria SA		6.500%		N/A (4)		Ba2		5,368,051
	1,300	Banco Mercantil del Norte SA/Grand Cayman, 144A (5)		7.500%		N/A (4)		Ba2		1,166,750
	2,930	Banco Mercantil del Norte SA/Grand Cayman, 144A (5)		7.625%		N/A (4)		Ba2		2,752,120
	4,660	Banco Santander SA		4.750%		N/A (4)		Ba1		3,979,411
	5,200	Banco Santander SA Reg S		7.500%		N/A (4)		Ba1		5,265,000
	8,350	Barclays PLC (3), (5)		7.750%		N/A (4)		BBB-		8,411,730
	7,750	Barclays PLC (5)		8.000%		N/A (4)		BBB-		7,982,500
	6,095	Barclays PLC (3)		6.125%		N/A (4)		BBB-		5,877,408
	950	BNP Paribas SA, 144A		7.000%		N/A (4)		BBB		955,225
	7,615	BNP Paribas SA, 144A (3)		7.375%		N/A (4)		BBB		7,917,880
	7,110	BNP Paribas SA, 144A		6.625%		N/A (4)		BBB		7,133,868
	3,935	Credit Agricole SA, 144A		7.875%		N/A (4)		BBB		4,043,212
	6,979	Credit Agricole SA, 144A (3)		8.125%		N/A (4)		BBB		7,423,911
	870	Danske Bank A/S Reg S		7.000%		N/A (4)		BBB-		840,333
	1,020	Danske Bank A/S Reg S		6.125%		N/A (4)		BBB-		986,850
	970	Danske Bank A/S Reg S		4.375%		N/A (4)		BBB-		834,200
	1,895	HSBC Holdings PLC		6.375%		N/A (4)		BBB		1,882,621
	14,356	HSBC Holdings PLC (3)		6.375%		N/A (4)		BBB		14,489,825
	11,100	HSBC Holdings PLC (3)		6.000%		N/A (4)		BBB		10,648,581
	4,850	ING Groep NV (3)		5.750%		N/A (4)		BBB		4,634,056
	4,270	ING Groep NV		6.500%		N/A (4)		BBB		4,200,783
	6,740	ING Groep NV Reg S		6.750%		N/A (4)		BBB		6,763,051
	2,139	Intesa Sanpaolo SpA, 144A (5)		7.700%		N/A (4)		BB-		1,999,965
	10,645	Lloyds Banking Group PLC (3)		7.500%		N/A (4)		Baa3		10,754,148
	6,550	Lloyds Banking Group PLC (3)		7.500%		N/A (4)		Baa3		6,631,875
	3,050	Macquarie Bank Ltd/London, 144A		6.125%		N/A (4)		BB+		2,822,531
	5,255	NatWest Group PLC		6.000%		N/A (4)		BBB-		5,126,936
	6,950	NatWest Group PLC (5)		8.000%		N/A (4)		BBB-		7,175,875
	3,735	Nordea Bank Abp, 144A (3)		6.625%		N/A (4)		BBB+		3,726,439
	6,163	Societe Generale SA, 144A		7.875%		N/A (4)		BB+		6,240,926
	1,820	Societe Generale SA, 144A (5)		8.000%		N/A (4)		BB		1,870,104
	2,635	Societe Generale SA, 144A (5)		4.750%		N/A (4)		BB+		2,295,048
	1,928	Societe Generale SA, 144A (5)		6.750%		N/A (4)		BB		1,812,412
	2,890	Standard Chartered PLC, 144A		4.300%		N/A (4)		BBB-		2,216,471
	1,875	Standard Chartered PLC, 144A		7.750%		N/A (4)		BBB-		1,922,203
	2,480	Standard Chartered PLC, 144A		6.000%		N/A (4)