Investment Company Act file number | 811-21137 |
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 |
4 | ||||
5 | ||||
7 | ||||
14 | ||||
16 | ||||
20 | ||||
30 | ||||
31 | ||||
33 | ||||
66 | ||||
67 | ||||
68 | ||||
71 | ||||
72 | ||||
79 | ||||
97 | ||||
139 | ||||
141 | ||||
142 | ||||
144 | ||||
155 |
• | 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. |
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. |
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. |
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. |
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. |
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. |
JPC | JPS | |||||||
Maximum aggregate offering | Unlimited | Unlimited |
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 | % |
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 |
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 | % |
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 | )% |
JPC | Nuveen Preferred & Income Opportunities Fund Performance Overview and Holding Summaries 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. |
$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% |
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% |
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% |
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% |
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 |
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. |
$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% |
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% |
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% |
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% |
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 |
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. |
$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% |
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% |
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% |
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% |
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 |
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. |
1 | Value on 1/26/17 is $24.63, which represents the Fund’s public offering price less sales load. |
$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% |
UBS Group AG | 4.5% | |||
HSBC Holdings PLC | 4.0% | |||
Citigroup Inc | 3.3% | |||
Barclays PLC | 3.0% | |||
Credit Suisse Group AG | 3.0% |
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% |
fixed-income investments)
A | 0.2% | |||
BBB | 65.3% | |||
BB or Lower | 33.1% | |||
N/R (not rated) | 1.4% | |||
Total | 100% |
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 |
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). |
1 | Value on 12/15/21 is $25.00, which represents the Fund’s public offering price. |
$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% |
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% |
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% |
Citigroup Inc | 4.4% | |||
JPMorgan Chase & Co | 3.8% | |||
Wells Fargo & Co | 3.8% | |||
Bank of America Corp | 3.2% | |||
Morgan Stanley | 3.0% |
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. |
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 |
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) | |
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) | |
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) | |
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 |
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 |
(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 |
(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. |
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) | |
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) | BBB- | 2,460,478 | |||||||||||||||
2,990 | UniCredit SpA Reg S | 8.000% | N/A (4) | BB- | 2,897,758 | |||||||||||||||
181,190 | Total Banks | 178,646,287 | ||||||||||||||||||
Capital Markets – 14.1% | ||||||||||||||||||||
8,175 | Credit Suisse Group AG, 144A (5) | 7.500% | N/A (4) | BB | 7,597,028 | |||||||||||||||
4,037 | Credit Suisse Group AG, 144A | 7.500% | N/A (4) | BB | 3,963,422 | |||||||||||||||
1,870 | Credit Suisse Group AG, 144A | 9.750% | N/A (4) | BB | 1,985,940 | |||||||||||||||
9,496 | Credit Suisse Group AG, 144A (3), (5) | 7.250% | N/A (4) | BB | 8,413,456 | |||||||||||||||
1,955 | Credit Suisse Group AG, 144A (5) | 6.375% | N/A (4) | Ba2 | 1,651,975 | |||||||||||||||
12,995 | Deutsche Bank AG (3), (5) | 6.000% | N/A (4) | BB- | 11,240,675 | |||||||||||||||
8,620 | UBS Group AG, 144A (5) | 7.000% | N/A (4) | BBB | 8,776,281 | |||||||||||||||
3,585 | UBS Group AG, 144A | 3.875% | N/A (4) | BBB | 3,091,865 | |||||||||||||||
1,595 | UBS Group AG, 144A | 4.875% | N/A (4) | BBB | 1,421,357 | |||||||||||||||
2,035 | UBS Group AG Reg S | 5.125% | N/A (4) | BBB | 1,940,735 | |||||||||||||||
8,637 | UBS Group AG Reg S | 7.000% | N/A (4) | BBB | 8,981,271 | |||||||||||||||
9,405 | UBS Group AG Reg S (5) | 6.875% | N/A (4) | BBB | 9,604,856 | |||||||||||||||
72,405 | Total Capital Markets | 68,668,861 | ||||||||||||||||||
Total Contingent Capital Securities (cost $256,598,085) | 247,315,148 | |||||||||||||||||||
Shares | Description (1) | Coupon | Ratings (2) | Value | ||||||||||||||||
$25 PAR (OR SIMILAR) RETAIL PREFERRED – 29.8% (18.9% of Total Investments) | ||||||||||||||||||||
Banks – 8.8% | ||||||||||||||||||||
99,200 | CoBank ACB (8) | 6.250% | BBB+ | $ | 9,944,800 | |||||||||||||||
62,728 | CoBank ACB (8) | 6.200% | BBB+ | 6,429,620 |
JPI | Nuveen Preferred and Income Term Fund (continued) | |
Portfolio of Investments July 31, 2022 |
Shares | Description (1) | Coupon | Ratings (2) | Value | ||||||||||||||||
Banks (continued) | ||||||||||||||||||||
111,200 | Farm Credit Bank of Texas, 144A (5), (8) | 6.750% | Baa1 | $ | 11,314,600 | |||||||||||||||
98,863 | Fifth Third Bancorp | 6.625% | Baa3 | 2,611,961 | ||||||||||||||||
25,900 | KeyCorp | 6.125% | Baa3 | 690,494 | ||||||||||||||||
120,200 | Regions Financial Corp | 6.375% | Baa3 | 3,199,724 | ||||||||||||||||
57,838 | Regions Financial Corp | 5.700% | Baa3 | 1,454,047 | ||||||||||||||||
82,853 | Synovus Financial Corp | 5.875% | BB- | 2,118,551 | ||||||||||||||||
64,600 | Wells Fargo & Co | 4.750% | Baa2 | 1,351,432 | ||||||||||||||||
43,000 | Western Alliance Bancorp | 4.250% | Ba1 | 1,034,580 | ||||||||||||||||
86,389 | Wintrust Financial Corp | 6.875% | BB | 2,289,309 | ||||||||||||||||
Total Banks | 42,439,118 | |||||||||||||||||||
Capital Markets – 3.1% | ||||||||||||||||||||
31,549 | Goldman Sachs Group Inc | 5.500% | BB+ | 791,249 | ||||||||||||||||
101,372 | Morgan Stanley | 7.125% | BBB- | 2,661,015 | ||||||||||||||||
93,300 | Morgan Stanley | 6.375% | BBB- | 2,470,584 | ||||||||||||||||
83,476 | Morgan Stanley | 6.875% | BBB- | 2,196,253 | ||||||||||||||||
63,000 | Morgan Stanley (8) | 6.500% | BBB- | 1,641,780 | ||||||||||||||||
196,300 | Morgan Stanley | 5.850% | BBB- | 5,040,984 | ||||||||||||||||
Total Capital Markets | 14,801,865 | |||||||||||||||||||
Consumer Finance – 0.3% | ||||||||||||||||||||
66,500 | Synchrony Financial | 5.625% | BB- | 1,373,890 | ||||||||||||||||
Diversified Financial Services – 3.0% | ||||||||||||||||||||
69,700 | AgriBank FCB (8) | 6.875% | BBB+ | 7,091,975 | ||||||||||||||||
105,500 | Equitable Holdings Inc (5) | 5.250% | BBB- | 2,508,790 | ||||||||||||||||
190,535 | Voya Financial Inc | 5.350% | BBB- | 4,700,498 | ||||||||||||||||
Total Diversified Financial Services | 14,301,263 | |||||||||||||||||||
Diversified Telecommunication Services – 0.2% | ||||||||||||||||||||
49,500 | AT&T Inc (5) | 4.750% | BBB- | 1,029,600 | ||||||||||||||||
Food Products – 2.7% | ||||||||||||||||||||
180,029 | CHS Inc | 7.100% | N/R | 4,767,168 | ||||||||||||||||
177,210 | CHS Inc | 6.750% | N/R | 4,729,735 | ||||||||||||||||
61,800 | CHS Inc | 7.875% | N/R | 1,741,524 | ||||||||||||||||
20,500 | Dairy Farmers of America Inc, 144A (8) | 7.875% | BB+ | 2,030,853 | ||||||||||||||||
Total Food Products | 13,269,280 | |||||||||||||||||||
Insurance – 7.7% | ||||||||||||||||||||
122,300 | American Equity Investment Life Holding Co | 6.625% | BB | 3,141,887 | ||||||||||||||||
241,300 | American Equity Investment Life Holding Co | 5.950% | BB | 5,873,242 | ||||||||||||||||
62,000 | Aspen Insurance Holdings Ltd | 5.625% | BB+ | 1,468,780 | ||||||||||||||||
231,598 | Aspen Insurance Holdings Ltd | 5.950% | BB+ | 5,604,671 | ||||||||||||||||
45,000 | Assurant Inc | 5.250% | Baa3 | 1,050,300 | ||||||||||||||||
159,300 | Athene Holding Ltd (5) | 6.350% | BBB | 4,272,426 | ||||||||||||||||
120,000 | Athene Holding Ltd | 6.375% | BBB | 3,160,800 | ||||||||||||||||
59,400 | Delphi Financial Group Inc (5), (8) | 4.601% | BBB | 1,262,250 | ||||||||||||||||
123,400 | Enstar Group Ltd (5) | 7.000% | BBB- | 2,996,152 | ||||||||||||||||
200,629 | Maiden Holdings North America Ltd (5) | 7.750% | N/R | 3,803,926 | ||||||||||||||||
146,800 | Reinsurance Group of America Inc (5) | 5.750% | BBB+ | 3,853,500 | ||||||||||||||||
43,200 | Selective Insurance Group Inc | 4.600% | BBB- | 877,392 | ||||||||||||||||
Total Insurance | 37,365,326 | |||||||||||||||||||
Oil, Gas & Consumable Fuels – 1.9% | ||||||||||||||||||||
33,200 | Energy Transfer LP | 7.600% | BB | 786,840 | ||||||||||||||||
139,235 | NuStar Energy LP (5) | 7.673% | B2 | 2,916,973 | ||||||||||||||||
157,103 | NuStar Energy LP | 8.769% | B2 | 3,762,617 | ||||||||||||||||
71,018 | NuStar Logistics LP (5) | 9.246% | B | 1,774,030 | ||||||||||||||||
Total Oil, Gas & Consumable Fuels | 9,240,460 |
Shares | Description (1) | Coupon | Ratings (2) | Value | ||||||||||||||||
Thrifts & Mortgage Finance – 1.3% | ||||||||||||||||||||
65,790 | Federal Agricultural Mortgage Corp | 6.000% | N/R | $ | 1,942,450 | |||||||||||||||
169,115 | New York Community Bancorp Inc (5) | 6.375% | Ba2 | 4,427,430 | ||||||||||||||||
Total Thrifts & Mortgage Finance | 6,369,880 | |||||||||||||||||||
Trading Companies & Distributors – 0.8% | ||||||||||||||||||||
114,543 | Air Lease Corp (5) | 6.150% | BB+ | 2,795,995 | ||||||||||||||||
41,600 | WESCO International Inc | 10.625% | B | 1,171,040 | ||||||||||||||||
Total Trading Companies & Distributors | 3,967,035 | |||||||||||||||||||
Total $25 Par (or similar) Retail Preferred (cost $144,703,558) | 144,157,717 | |||||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
CORPORATE BONDS – 0.7% (0.5% of Total Investments) | ||||||||||||||||||||
Banks – 0.2% | ||||||||||||||||||||
$ | 1,085 | Commerzbank AG, 144A (5) | 8.125% | 9/19/23 | Baa3 | $ | 1,112,264 | |||||||||||||
Insurance – 0.5% | ||||||||||||||||||||
2,400 | Fidelis Insurance Holdings Ltd, 144A (5) | 6.625% | 4/01/41 | BB+ | 2,352,000 | |||||||||||||||
$ | 3,485 | Total Corporate Bonds (cost $3,485,000) | 3,464,264 | |||||||||||||||||
Total Long-Term Investments (cost $781,162,580) | 756,907,774 | |||||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||||||||||||||||
SHORT-TERM INVESTMENTS – 1.0% (0.6% of Total Investments) | ||||||||||||||||||||
REPURCHASE AGREEMENTS – 1.0% (0.6% of Total Investments) | ||||||||||||||||||||
$ | 4,622 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 7/29/22, repurchase price $4,622,459, collateralized by $3,018,400, U.S Treasury Inflation Index Government Bond, 2.500%, due 1/15/29, value $4,714,836 | 0.450% | 8/01/22 | $ | 4,622,286 | ||||||||||||||
Total Short-Term Investments (cost $4,622,286) | 4,622,286 | |||||||||||||||||||
Total Investments (cost $785,784,866) – 157.3% | 761,530,060 | |||||||||||||||||||
Borrowings – (44.6)% (9), (10) | (216,000,000 | ) | ||||||||||||||||||
Reverse Repurchase Agreements, including accrued interest – (13.5)% (11) | (65,189,978 | ) | ||||||||||||||||||
Other Assets Less Liabilities – 0.8% (12) | 3,902,036 | |||||||||||||||||||
Net Assets Applicable to Common Shares – 100% | $ | 484,242,118 |
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 | $ | 112,000,000 | Receive | 1-Month LIBOR | 1.928 | % | Monthly | 6/01/18 | 3/01/23 | 3/01/24 | $ | 719,407 | $ | 719,407 | ||||||||||||||||||||||||||
Morgan Stanley Capital Services, LLC | 45,000,000 | Receive | 1-Month LIBOR | 2.333 | Monthly | 7/01/19 | 10/01/23 | 7/01/24 | 222,011 | 222,011 | ||||||||||||||||||||||||||||||
Total | $ | 157,000,000 | $ | 941,418 | $ | 941,418 |
JPI | Nuveen Preferred and Income Term Fund (continued) | |
Portfolio of Investments July 31, 2022 |
(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 $197,806,164. |
(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 $157,389,618 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 28.4%. |
(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 $521,181,625 have been pledged as collateral for borrowings. |
(11) | Reverse Repurchase Agreements, including accrued interest as a percentage of Total Investments is 8.6%. |
(12) | Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter |
(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. |
JPS | Nuveen Preferred & Income Securities Fund Portfolio of Investments July 31, 2022 |
Principal Amount (000)/ Shares | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
LONG-TERM INVESTMENTS – 158.2% (98.8% of Total Investments) | ||||||||||||||||||||
$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 79.0% (49.4% of Total Investments) | ||||||||||||||||||||
Banks – 32.6% | ||||||||||||||||||||
$ | 19,300 | Bank of America Corp (3) | 6.500% | N/A (4) | BBB+ | $ | 19,790,260 | |||||||||||||
12,300 | Bank of America Corp | 6.100% | N/A (4) | BBB+ | 12,436,871 | |||||||||||||||
2,861 | Bank of America Corp (5) | 8.050% | 6/15/27 | Baa2 | 3,251,208 | |||||||||||||||
2,800 | Bank of America Corp | 4.375% | N/A (4) | BBB+ | 2,541,000 | |||||||||||||||
60,000 | Bank of America Corp (5) | 6.125% | N/A (4) | BBB+ | 60,300,000 | |||||||||||||||
3,000 | Bank of Nova Scotia | 4.900% | N/A (4) | BBB- | 2,921,250 | |||||||||||||||
19,799 | Citigroup Inc (5) | 4.000% | N/A (4) | BBB- | 18,405,697 | |||||||||||||||
20,700 | Citigroup Inc | 3.875% | N/A (4) | BBB- | 18,920,835 | |||||||||||||||
8,500 | Citigroup Inc (5) | 4.150% | N/A (4) | BBB- | 7,484,930 | |||||||||||||||
3,400 | Citizens Financial Group Inc (5) | 6.375% | N/A (4) | BB+ | 3,055,971 | |||||||||||||||
7,500 | Citizens Financial Group Inc | 4.000% | N/A (4) | BB+ | 6,322,138 | |||||||||||||||
3,976 | Citizens Financial Group Inc (5) | 5.650% | N/A (4) | BB+ | 4,086,135 | |||||||||||||||
14,000 | CoBank ACB (3), (5) | 6.250% | N/A (4) | BBB+ | 13,490,280 | |||||||||||||||
12,130 | Comerica Inc (5) | 5.625% | N/A (4) | Baa2 | 12,463,575 | |||||||||||||||
6,100 | Corestates Capital III (3-Month LIBOR reference rate + 0.570% spread), 144A (5), (6) | 1.981% | 2/15/27 | A1 | 5,649,984 | |||||||||||||||
1,250 | DNB Bank ASA (6-Month LIBOR reference rate + 0.150% spread) (6) | 0.954% | N/A (4) | Baa2 | 887,500 | |||||||||||||||
1,250 | DNB Bank ASA (3-Month LIBOR reference rate + 0.250% spread) (6) | 1.848% | N/A (4) | Baa2 | 886,000 | |||||||||||||||
1,000 | Fifth Third Bancorp | 4.500% | N/A (4) | Baa3 | 970,190 | |||||||||||||||
2,500 | Goldman Sachs Group Inc | 3.800% | N/A (4) | BBB- | 2,157,205 | |||||||||||||||
30,000 | HSBC Capital Funding Dollar 1 LP, 144A (3), (5) | 10.176% | N/A (4) | BBB | 40,433,853 | |||||||||||||||
8,000 | HSBC Capital Funding Dollar 1 LP, Reg S | 10.176% | N/A (4) | BBB | 10,782,361 | |||||||||||||||
21,000 | Huntington Bancshares Inc/OH (5) | 4.450% | N/A (4) | Baa3 | 19,603,051 | |||||||||||||||
11,000 | Huntington Bancshares Inc/OH (5) | 5.625% | N/A (4) | Baa3 | 10,890,000 | |||||||||||||||
7,000 | JPMorgan Chase & Co (5) | 6.100% | N/A (4) | BBB+ | 7,004,200 | |||||||||||||||
55,800 | JPMorgan Chase & Co | 6.750% | N/A (4) | BBB+ | 57,334,500 | |||||||||||||||
2,000 | JPMorgan Chase & Co | 3.650% | N/A (4) | BBB+ | 1,830,400 | |||||||||||||||
8,000 | KeyCorp Capital III (5) | 7.750% | 7/15/29 | Baa2 | 9,210,188 | |||||||||||||||
6,200 | PNC Financial Services Group Inc (5) | 3.400% | N/A (4) | Baa2 | 5,084,000 | |||||||||||||||
4,100 | PNC Financial Services Group Inc (3-Month LIBOR reference rate + 3.678% spread) (6) | 3.804% | N/A (4) | Baa2 | 4,064,874 | |||||||||||||||
3,000 | PNC Financial Services Group Inc | 6.000% | N/A (4) | Baa2 | 3,018,750 | |||||||||||||||
2,000 | Regions Financial Corp | 5.750% | N/A (4) | Baa3 | 2,033,885 | |||||||||||||||
24,100 | Standard Chartered PLC, 144A | 7.014% | N/A (4) | BBB- | 25,287,867 | |||||||||||||||
16,200 | SVB Financial Group (5) | 4.250% | N/A (4) | Baa2 | 12,807,102 | |||||||||||||||
1,000 | SVB Financial Group | 4.100% | N/A (4) | Baa2 | 777,700 | |||||||||||||||
46,867 | Truist Financial Corp (3) | 4.950% | N/A (4) | Baa2 | 47,359,104 | |||||||||||||||
36,386 | Truist Financial Corp | 4.800% | N/A (4) | Baa2 | 34,513,866 | |||||||||||||||
38,150 | Wells Fargo & Co (3), (5) | 3.900% | N/A (4) | Baa2 | 35,336,438 | |||||||||||||||
25,580 | Wells Fargo & Co (5) | 7.950% | 11/15/29 | Baa1 | 30,746,001 | |||||||||||||||
Total Banks | 554,139,169 | |||||||||||||||||||
Capital Markets – 10.0% | ||||||||||||||||||||
21,300 | Bank of New York Mellon Corp | 3.750% | N/A (4) | Baa1 | 18,556,560 | |||||||||||||||
35,150 | Bank of New York Mellon Corp (3) | 4.700% | N/A (4) | Baa1 | 35,009,400 | |||||||||||||||
10,000 | Bank of New York Mellon Corp | 3.700% | N/A (4) | Baa1 | 9,200,137 | |||||||||||||||
18,700 | Charles Schwab Corp (3-Month LIBOR reference rate + 4.820% spread) (6) | 7.602% | N/A (4) | BBB | 18,665,584 | |||||||||||||||
15,500 | Charles Schwab Corp | 4.000% | N/A (4) | BBB | 14,095,235 | |||||||||||||||
39,505 | Charles Schwab Corp (3) | 5.375% | N/A (4) | BBB | 40,113,377 | |||||||||||||||
7,500 | Depository Trust & Clearing Corp, 144A | 3.375% | N/A (4) | A | 6,076,914 | |||||||||||||||
7,600 | Goldman Sachs Group Inc | 4.950% | N/A (4) | BBB- | 7,265,600 | |||||||||||||||
6,000 | Goldman Sachs Group Inc | 5.500% | N/A (4) | BBB- | 5,966,984 | |||||||||||||||
18,000 | Goldman Sachs Group Inc | 3.650% | N/A (4) | BBB- | 15,211,393 | |||||||||||||||
Total Capital Markets | 170,161,184 |
JPS | Nuveen Preferred & Income Securities Fund (continued) | |
Portfolio of Investments July 31, 2022 |
Principal Amount (000)/ Shares | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Consumer Finance – 2.4% | ||||||||||||||||||||
$ | 8,500 | Ally Financial Inc | 4.700% | N/A (4) | Ba2 | $ | 7,162,950 | |||||||||||||
7,400 | Ally Financial Inc | 4.700% | N/A (4) | Ba2 | 5,838,166 | |||||||||||||||
14,500 | American Express Co | 3.550% | N/A (4) | Baa2 | 12,745,500 | |||||||||||||||
5,000 | Capital One Financial Corp (5) | 3.950% | N/A (4) | Baa3 | 4,349,932 | |||||||||||||||
10,000 | Discover Financial Services (5) | 6.125% | N/A (4) | Ba2 | 10,210,232 | |||||||||||||||
Total Consumer Finance | 40,306,780 | |||||||||||||||||||
Diversified Financial Services – 2.1% | ||||||||||||||||||||
7,500 | Citigroup Inc | 5.950% | N/A (4) | BBB- | 7,459,645 | |||||||||||||||
4,000 | JP Morgan Chase & Company | 6.000% | N/A (4) | BBB+ | 3,887,115 | |||||||||||||||
12,800 | Scentre Group Trust 2, 144A (5) | 4.750% | 9/24/80 | BBB+ | 11,773,620 | |||||||||||||||
12,700 | Voya Financial Inc | 6.125% | N/A (4) | BBB- | 12,167,913 | |||||||||||||||
Total Diversified Financial Services | 35,288,293 | |||||||||||||||||||
Electric Utilities – 3.4% | ||||||||||||||||||||
8,500 | American Electric Power Co Inc (5) | 3.875% | 2/15/62 | BBB | 7,189,021 | |||||||||||||||
24,075 | Duke Energy Corp (3) | 4.875% | N/A (4) | BBB- | 22,750,092 | |||||||||||||||
91 | Emera Inc | 6.750% | 6/15/76 | BB+ | 90,435 | |||||||||||||||
10,000 | NextEra Energy Capital Holdings Inc | 3.954% | 6/15/67 | BBB | 7,901,858 | |||||||||||||||
17,400 | PPL Capital Funding Inc (5) | 4.915% | 3/30/67 | BBB | 13,920,000 | |||||||||||||||
6,000 | Southern Co | 5.459% | 3/15/57 | BBB- | 5,964,000 | |||||||||||||||
Total Electric Utilities | 57,815,406 | |||||||||||||||||||
Food Products – 0.4% | ||||||||||||||||||||
6,705 | Dairy Farmers of America Inc, 144A (5) | 7.125% | N/A (4) | BB+ | 6,235,650 | |||||||||||||||
Insurance – 19.0% | ||||||||||||||||||||
3,598 | ACE Capital Trust II | 9.700% | 4/01/30 | BBB+ | 4,677,300 | |||||||||||||||
10,500 | Allianz SE, 144A (5) | 3.500% | N/A (4) | A | 9,231,198 | |||||||||||||||
8,400 | Allianz SE Reg S | 3.500% | N/A (4) | A | 7,384,959 | |||||||||||||||
4,400 | Allstate Corp | 5.750% | 8/15/53 | Baa1 | 4,078,976 | |||||||||||||||
1,100 | Allstate Corp (3) | 6.500% | 5/15/57 | Baa1 | 1,145,393 | |||||||||||||||
13,300 | American International Group Inc (5) | 5.750% | 4/01/48 | BBB- | 12,158,042 | |||||||||||||||
2,299 | Aon Corp (5) | 8.205% | 1/01/27 | BBB | 2,475,661 | |||||||||||||||
6,210 | Argentum Netherlands BV for Swiss Re Ltd Reg S (5) | 5.750% | 8/15/50 | BBB+ | 6,078,038 | |||||||||||||||
2,100 | Argentum Netherlands BV for Swiss Re Ltd Reg S | 5.625% | 8/15/52 | BBB+ | 1,999,158 | |||||||||||||||
16,550 | AXA SA (5) | 8.600% | 12/15/30 | A2 | 20,165,471 | |||||||||||||||
17,819 | AXA SA, 144A | 6.379% | N/A (4) | A3 | 20,154,038 | |||||||||||||||
1,550 | Cloverie PLC for Zurich Insurance Co Ltd Reg S | 5.625% | 6/24/46 | A+ | 1,561,762 | |||||||||||||||
7,900 | Legal & General Group PLC Reg S | 5.250% | 3/21/47 | A3 | 7,653,046 | |||||||||||||||
29,600 | MetLife Capital Trust IV, 144A (5) | 7.875% | 12/15/37 | BBB | 32,592,238 | |||||||||||||||
3,000 | MetLife Inc | 10.750% | 8/01/39 | BBB | 4,147,500 | |||||||||||||||
11,300 | MetLife Inc | 3.850% | N/A (4) | BBB | 10,669,960 | |||||||||||||||
36,531 | MetLife Inc, 144A (3), (5) | 9.250% | 4/08/38 | BBB | 43,493,497 | |||||||||||||||
41,904 | Nationwide Financial Services Inc (5) | 6.750% | 5/15/37 | Baa2 | 41,870,241 | |||||||||||||||
20,600 | Nippon Life Insurance Co, 144A (5) | 2.750% | 1/21/51 | A- | 16,998,451 | |||||||||||||||
6,500 | Prudential Financial Inc (3) | 3.700% | 10/01/50 | BBB+ | 5,685,770 | |||||||||||||||
27,180 | Prudential Financial Inc (5) | 5.625% | 6/15/43 | BBB+ | 27,115,583 | |||||||||||||||
14,900 | Sumitomo Life Insurance Co, 144A (5) | 3.375% | 4/15/81 | A- | 13,030,033 | |||||||||||||||
8,700 | Willow No 2 Ireland PLC for Zurich Insurance Co Ltd Reg S | 4.250% | 10/01/45 | A+ | 8,248,783 | |||||||||||||||
23,794 | Zurich Finance Ireland Designated Activity Co Reg S | 3.000% | 4/19/51 | A+ | 19,464,444 | |||||||||||||||
Total Insurance | 322,079,542 | |||||||||||||||||||
Machinery – 0.3% | ||||||||||||||||||||
5,700 | Stanley Black & Decker Inc (5) | 4.000% | 3/15/60 | BBB+ | 5,086,765 | |||||||||||||||
Multi-Utilities – 3.3% | ||||||||||||||||||||
500 | Algonquin Power & Utilities Corp | 4.750% | 1/18/82 | BB+ | 441,550 | |||||||||||||||
38,020 | Dominion Energy Inc | 4.650% | N/A (4) | BBB- | 35,358,600 |
Principal Amount (000)/ Shares | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Multi-Utilities (continued) | ||||||||||||||||||||
$ | 2,000 | Dominion Energy Inc | 4.350% | N/A (4) | BBB- | $ | 1,819,991 | |||||||||||||
20,900 | NiSource Inc | 5.650% | N/A (4) | BBB- | 19,046,595 | |||||||||||||||
Total Multi-Utilities | 56,666,736 | |||||||||||||||||||
Oil, Gas & Consumable Fuels – 3.0% | ||||||||||||||||||||
5,900 | BP Capital Markets PLC | 4.375% | N/A (4) | Baa1 | 5,824,893 | |||||||||||||||
16,000 | Enbridge Inc (5) | 5.750% | 7/15/80 | BBB- | 15,070,400 | |||||||||||||||
10,934 | Enterprise Products Operating LLC (5) | 5.250% | 8/16/77 | Baa2 | 9,451,590 | |||||||||||||||
3,400 | Enterprise Products Operating LLC | 5.375% | 2/15/78 | Baa2 | 2,724,608 | |||||||||||||||
14,885 | Transcanada Trust (5) | 5.500% | 9/15/79 | BBB | 13,691,306 | |||||||||||||||
4,560 | Transcanada Trust (5) | 5.600% | 3/07/82 | BBB | 4,257,426 | |||||||||||||||
Total Oil, Gas & Consumable Fuels | 51,020,223 | |||||||||||||||||||
Road & Rail – 1.5% | ||||||||||||||||||||
25,485 | BNSF Funding Trust I | 6.613% | 12/15/55 | A | 24,968,929 | |||||||||||||||
Wireless Telecommunication Services – 1.0% | ||||||||||||||||||||
16,516 | Vodafone Group PLC | 7.000% | 4/04/79 | BB+ | 17,362,445 | |||||||||||||||
Total $1,000 Par (or similar) Institutional Preferred (cost $1,382,337,816) | 1,341,131,122 | |||||||||||||||||||
Principal Amount (000) | Description (1), (7) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
CONTINGENT CAPITAL SECURITIES – 54.3% (33.9% of Total Investments) | ||||||||||||||||||||
Banks – 42.6% | ||||||||||||||||||||
$ | 2,800 | Australia & New Zealand Banking Group Ltd/United Kingdom, 144A | 6.750% | N/A (4) | Baa2 | $ | 2,856,000 | |||||||||||||
17,800 | Banco Bilbao Vizcaya Argentaria SA (3) | 6.500% | N/A (4) | Ba2 | 17,062,734 | |||||||||||||||
11,800 | Banco Bilbao Vizcaya Argentaria SA | 6.125% | N/A (4) | Ba2 | 10,333,601 | |||||||||||||||
6,200 | Banco Santander SA | 4.750% | N/A (4) | Ba1 | 5,294,496 | |||||||||||||||
24,200 | Banco Santander SA Reg S | 7.500% | N/A (4) | Ba1 | 24,502,500 | |||||||||||||||
1,708 | Barclays Bank PLC (5) | 7.625% | 11/21/22 | BBB+ | 1,719,476 | |||||||||||||||
26,000 | Barclays PLC (3) | 8.000% | N/A (4) | BBB- | 26,780,000 | |||||||||||||||
63,300 | Barclays PLC | 7.750% | N/A (4) | BBB- | 63,767,964 | |||||||||||||||
5,500 | BNP Paribas SA, 144A | 7.000% | N/A (4) | BBB | 5,530,250 | |||||||||||||||
38,585 | BNP Paribas SA, 144A (3), (5) | 7.375% | N/A (4) | BBB | 40,119,683 | |||||||||||||||
39,000 | BNP Paribas SA, 144A | 4.625% | N/A (4) | BBB | 34,577,517 | |||||||||||||||
10,000 | BNP Paribas SA Reg S | 7.375% | N/A (4) | BBB | 10,397,741 | |||||||||||||||
31,550 | Credit Agricole SA, 144A | 8.125% | N/A (4) | BBB | 33,561,313 | |||||||||||||||
19,653 | Credit Agricole SA, 144A | 7.875% | N/A (4) | BBB | 20,193,458 | |||||||||||||||
2,000 | Credit Agricole SA, 144A | 4.750% | N/A (4) | BBB | 1,695,000 | |||||||||||||||
4,466 | Credit Agricole SA Reg S | 8.125% | N/A (4) | BBB | 4,750,708 | |||||||||||||||
10,500 | Danske Bank A/S Reg S | 7.000% | N/A (4) | BBB- | 10,141,950 | |||||||||||||||
5,000 | Danske Bank A/S Reg S | 4.375% | N/A (4) | BBB- | 4,300,000 | |||||||||||||||
11,588 | Danske Bank A/S Reg S (5) | 6.125% | N/A (4) | BBB- | 11,211,390 | |||||||||||||||
33,192 | DNB Bank ASA Reg S | 4.875% | N/A (4) | BBB | 32,111,932 | |||||||||||||||
8,504 | HSBC Holdings PLC (5) | 6.250% | N/A (4) | BBB | 8,533,764 | |||||||||||||||
1,600 | HSBC Holdings PLC (5) | 6.000% | N/A (4) | BBB | 1,534,931 | |||||||||||||||
26,700 | ING Groep NV | 6.500% | N/A (4) | BBB | 26,267,193 | |||||||||||||||
10,000 | ING Groep NV | 5.750% | N/A (4) | BBB | 9,554,755 | |||||||||||||||
9,600 | Intesa Sanpaolo SpA, 144A | 7.700% | N/A (4) | BB- | 8,976,000 | |||||||||||||||
4,500 | Lloyds Banking Group PLC | 6.750% | N/A (4) | Baa3 | 4,421,811 | |||||||||||||||
3,000 | Lloyds Banking Group PLC | 7.500% | N/A (4) | Baa3 | 3,037,500 | |||||||||||||||
48,428 | Lloyds Banking Group PLC | 7.500% | N/A (4) | Baa3 | 48,924,552 | |||||||||||||||
5,075 | Macquarie Bank Ltd/London, 144A (5) | 6.125% | N/A (4) | BB+ | 4,696,507 | |||||||||||||||
14,250 | NatWest Group PLC | 8.000% | N/A (4) | BBB- | 14,713,125 | |||||||||||||||
17,000 | NatWest Group PLC | 6.000% | N/A (4) | BBB- | 16,585,710 | |||||||||||||||
26,400 | Nordea Bank Abp, 144A (3) | 6.625% | N/A (4) | BBB+ | 26,339,485 | |||||||||||||||
35,090 | Nordea Bank Abp, 144A (3) | 6.125% | N/A (4) | BBB | 35,028,095 | |||||||||||||||
18,988 | Nordea Bank Abp Reg S (3) | 6.125% | N/A (4) | BBB+ | 18,954,502 | |||||||||||||||
10,000 | Skandinaviska Enskilda Banken AB Reg S | 5.125% | N/A (4) | BBB+ | 9,596,800 | |||||||||||||||
73,300 | Societe Generale SA, 144A (5) | 8.000% | N/A (4) | BB | 75,317,909 | |||||||||||||||
4,550 | Societe Generale SA, 144A | 5.375% | N/A (4) | BB+ | 3,817,967 | |||||||||||||||
1,700 | Societe Generale SA, 144A | 4.750% | N/A (4) | BB+ | 1,480,676 |
JPS | Nuveen Preferred & Income Securities Fund (continued) | |
Portfolio of Investments July 31, 2022 |
Principal Amount (000) | Description (1), (7) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Banks (continued) | ||||||||||||||||||||
$ | 9,000 | Societe Generale SA Reg S | 7.875% | N/A (4) | BB+ | $ | 9,113,797 | |||||||||||||
13,000 | Standard Chartered PLC, 144A (3) | 7.750% | N/A (4) | BBB- | 13,327,274 | |||||||||||||||
7,200 | Svenska Handelsbanken AB Reg S | 4.375% | N/A (4) | A- | 6,391,555 | |||||||||||||||
15,000 | UniCredit SpA Reg S | 8.000% | N/A (4) | BB- | 14,537,250 | |||||||||||||||
727,727 | Total Banks | 722,058,871 | ||||||||||||||||||
Capital Markets – 11.7% | ||||||||||||||||||||
11,000 | Credit Suisse Group AG, 144A | 7.500% | N/A (4) | BB | 10,222,300 | |||||||||||||||
10,000 | Credit Suisse Group AG, 144A (3) | 9.750% | N/A (4) | BB | 10,620,000 | |||||||||||||||
58,000 | Credit Suisse Group AG, 144A (5) | 7.500% | N/A (4) | BB | 56,942,892 | |||||||||||||||
17,400 | Credit Suisse Group AG Reg S | 7.500% | N/A (4) | BB | 17,095,500 | |||||||||||||||
7,400 | UBS Group AG, 144A (5) | 7.000% | N/A (4) | BBB | 7,534,162 | |||||||||||||||
24,000 | UBS Group AG, 144A | 4.875% | N/A (4) | BBB | 21,387,187 | |||||||||||||||
25,000 | UBS Group AG, 144A (5) | 3.875% | N/A (4) | BBB | 21,561,120 | |||||||||||||||
35,300 | UBS Group AG Reg S (5) | 6.875% | N/A (4) | BBB | 36,050,125 | |||||||||||||||
10,800 | UBS Group AG Reg S | 5.125% | N/A (4) | BBB | 10,299,722 | |||||||||||||||
10,000 | UBS Group AG Reg S | 3.875% | N/A (4) | BBB | 8,624,448 | |||||||||||||||
208,900 | Total Capital Markets | 200,337,456 | ||||||||||||||||||
Total Contingent Capital Securities (cost $945,445,043) | 922,396,327 | |||||||||||||||||||
Shares | Description (1) | Coupon | Ratings (2) | Value | ||||||||||||||||
$25 PAR (OR SIMILAR) RETAIL PREFERRED – 17.3% (10.8% of Total Investments) | ||||||||||||||||||||
Banks – 7.5% | ||||||||||||||||||||
233,680 | Associated Banc-Corp | 5.625% | Baa3 | $ | 5,874,715 | |||||||||||||||
301,095 | Bank of America Corp | 5.375% | BBB+ | 7,391,882 | ||||||||||||||||
346,088 | Citigroup Inc | 6.875% | BBB- | 9,292,463 | ||||||||||||||||
53,000 | CoBank ACB (8) | 6.200% | BBB+ | 5,432,500 | ||||||||||||||||
47,500 | CoBank ACB (8) | 6.250% | BBB+ | 4,761,875 | ||||||||||||||||
177,750 | Farm Credit Bank of Texas, 144A (5), (8) | 6.750% | Baa1 | 18,086,063 | ||||||||||||||||
50,000 | Fifth Third Bancorp | 4.950% | Baa3 | 1,240,000 | ||||||||||||||||
84,563 | Fifth Third Bancorp | 6.625% | Baa3 | 2,234,154 | ||||||||||||||||
40,000 | First Republic Bank/CA | 4.000% | BBB- | 734,400 | ||||||||||||||||
150,000 | Fulton Financial Corp | 5.125% | Baa3 | 3,427,500 | ||||||||||||||||
11,474 | JPMorgan Chase & Co | 5.750% | BBB+ | 293,505 | ||||||||||||||||
718,558 | KeyCorp | 6.125% | Baa3 | 19,156,756 | ||||||||||||||||
1,413,440 | PNC Financial Services Group Inc (5) | 6.849% | Baa2 | 35,717,629 | ||||||||||||||||
189,200 | Regions Financial Corp (5) | 5.700% | Baa3 | 4,756,488 | ||||||||||||||||
21,637 | Synovus Financial Corp | 5.875% | BB- | 553,258 | ||||||||||||||||
212,731 | Wells Fargo & Co | 5.850% | Baa2 | 5,205,528 | ||||||||||||||||
152,000 | Western Alliance Bancorp | 4.250% | Ba1 | 3,657,120 | ||||||||||||||||
Total Banks | 127,815,836 | |||||||||||||||||||
Capital Markets – 2.1% | ||||||||||||||||||||
103,000 | Affiliated Managers Group Inc | 4.200% | Baa1 | 1,946,700 | ||||||||||||||||
136,229 | Affiliated Managers Group Inc | 5.875% | Baa1 | 3,446,594 | ||||||||||||||||
160,000 | Affiliated Managers Group Inc | 4.750% | Baa1 | 3,353,600 | ||||||||||||||||
356,501 | Goldman Sachs Group Inc | 5.500% | BB+ | 8,941,045 | ||||||||||||||||
612,782 | Morgan Stanley | 5.850% | BBB- | 15,736,242 | ||||||||||||||||
15,000 | Northern Trust Corp | 4.700% | BBB+ | 358,950 | ||||||||||||||||
74,642 | State Street Corp | 5.900% | Baa1 | 1,922,031 | ||||||||||||||||
Total Capital Markets | 35,705,162 | |||||||||||||||||||
Consumer Finance – 0.2% | ||||||||||||||||||||
130,000 | Capital One Financial Corp (5) | 4.800% | Baa3 | 2,706,600 | ||||||||||||||||
50,338 | Capital One Financial Corp (5) | 5.000% | Baa3 | 1,123,041 | ||||||||||||||||
Total Consumer Finance | 3,829,641 | |||||||||||||||||||
Diversified Financial Services – 1.1% | ||||||||||||||||||||
105,300 | AgriBank FCB (8) | 6.875% | BBB+ | 10,714,275 | ||||||||||||||||
239,758 | Equitable Holdings Inc (5) | 5.250% | BBB- | 5,701,445 | ||||||||||||||||
100,000 | Equitable Holdings Inc | 4.300% | BBB- | 2,003,000 |
Shares | Description (1) | Coupon | Ratings (2) | Value | ||||||||||||||||
Diversified Financial Services (continued) | ||||||||||||||||||||
39,705 | Voya Financial Inc (5) | 5.350% | BBB- | $ | 979,523 | |||||||||||||||
Total Diversified Financial Services | 19,398,243 | |||||||||||||||||||
Diversified Telecommunication Services – 0.7% | ||||||||||||||||||||
578,314 | AT&T Inc | 4.750% | BBB- | 12,028,931 | ||||||||||||||||
20,680 | AT&T Inc (5) | 5.000% | BBB- | 466,748 | ||||||||||||||||
Total Diversified Telecommunication Services | 12,495,679 | |||||||||||||||||||
Electric Utilities – 1.4% | ||||||||||||||||||||
145,955 | Alabama Power Co | 5.000% | A3 | 3,662,011 | ||||||||||||||||
5,786 | CMS Energy Corp | 5.875% | BBB- | 146,038 | ||||||||||||||||
82,916 | DTE Energy Co | 4.375% | BBB- | 1,754,502 | ||||||||||||||||
152,276 | Duke Energy Corp (5) | 5.750% | BBB- | 4,035,314 | ||||||||||||||||
13,220 | Entergy Arkansas LLC | 4.875% | A | 332,483 | ||||||||||||||||
1,047 | Entergy Louisiana LLC | 4.875% | A | 26,123 | ||||||||||||||||
16,000 | Entergy Texas Inc (5) | 5.375% | BBB- | 405,760 | ||||||||||||||||
197,288 | NextEra Energy Capital Holdings Inc | 5.650% | BBB | 5,050,573 | ||||||||||||||||
188,947 | Southern Co | 4.950% | BBB- | 4,417,581 | ||||||||||||||||
86,891 | Southern Co (3) | 5.250% | BBB- | 2,213,983 | ||||||||||||||||
53,372 | Southern Co | 4.200% | BBB- | 1,072,777 | ||||||||||||||||
Total Electric Utilities | 23,117,145 | |||||||||||||||||||
Equity Real Estate Investment Trusts (Reits) – 1.7% | ||||||||||||||||||||
125,000 | Hudson Pacific Properties Inc | 4.750% | Baa3 | 2,591,250 | ||||||||||||||||
80,301 | Prologis Inc (8) | 8.540% | BBB | 4,858,210 | ||||||||||||||||
300,000 | Public Storage | 4.000% | A3 | 5,991,000 | ||||||||||||||||
185,296 | Public Storage | 5.600% | A3 | 4,923,315 | ||||||||||||||||
131,589 | Public Storage | 4.625% | A3 | 3,189,717 | ||||||||||||||||
121,528 | Public Storage | 4.000% | A3 | 2,414,761 | ||||||||||||||||
83,200 | Public Storage | 4.125% | A3 | 1,790,464 | ||||||||||||||||
111,690 | Public Storage (5) | 4.750% | A3 | 2,775,497 | ||||||||||||||||
4,000 | Public Storage | 4.700% | A3 | 97,280 | ||||||||||||||||
Total Equity Real Estate Investment Trusts (Reits) | 28,631,494 | |||||||||||||||||||
Food Products – 0.2% | ||||||||||||||||||||
32,500 | Dairy Farmers of America Inc, 144A (8) | 7.875% | BB+ | 3,219,645 | ||||||||||||||||
Insurance – 1.4% | ||||||||||||||||||||
591,623 | Allstate Corp | 5.100% | Baa1 | 14,672,250 | ||||||||||||||||
60,000 | American Financial Group Inc/OH | 5.625% | Baa2 | 1,466,400 | ||||||||||||||||
93,406 | American Financial Group Inc/OH | 5.875% | Baa2 | 2,406,138 | ||||||||||||||||
19,825 | American International Group Inc | 5.850% | BBB- | 519,613 | ||||||||||||||||
24,814 | Arch Capital Group Ltd | 5.450% | BBB | 603,973 | ||||||||||||||||
3,839 | Hartford Financial Services Group Inc | 6.000% | BBB- | 100,659 | ||||||||||||||||
28,129 | MetLife Inc | 4.750% | BBB | 672,002 | ||||||||||||||||
49,847 | Prudential Financial Inc | 4.125% | BBB+ | 1,102,616 | ||||||||||||||||
40,000 | RenaissanceRe Holdings Ltd | 4.200% | BBB | 763,600 | ||||||||||||||||
5,646 | W R Berkley Corp | 5.700% | Baa2 | 140,472 | ||||||||||||||||
38,000 | W R Berkley Corp | 4.250% | BBB- | 765,320 | ||||||||||||||||
Total Insurance | 23,213,043 | |||||||||||||||||||
Multi-Utilities – 0.8% | ||||||||||||||||||||
179,646 | Algonquin Power & Utilities Corp | 6.200% | BB+ | 4,582,769 | ||||||||||||||||
280,000 | DTE Energy Co | 5.250% | BBB- | 7,011,200 | ||||||||||||||||
95,000 | DTE Energy Co | 4.375% | BBB- | 1,926,600 | ||||||||||||||||
Total Multi-Utilities | 13,520,569 | |||||||||||||||||||
Oil, Gas & Consumable Fuels – 0.2% | ||||||||||||||||||||
125,563 | Enbridge Inc | 6.375% | BBB- | 3,204,368 | ||||||||||||||||
Total $25 Par (or similar) Retail Preferred (cost $301,205,670) | 294,150,825 |
JPS | Nuveen Preferred & Income Securities Fund (continued) | |
Portfolio of Investments July 31, 2022 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
CORPORATE BONDS – 4.7% (2.9% of Total Investments) | ||||||||||||||||||||
Banks – 0.6% | ||||||||||||||||||||
$ | 7,000 | Citizens Financial Group Inc | 6.000% | 1/06/71 | BB+ | $ | 6,110,380 | |||||||||||||
3,600 | JPMorgan Chase & Co (5) | 8.750% | 9/01/30 | Baa1 | 4,497,553 | |||||||||||||||
10,600 | Total Banks | 10,607,933 | ||||||||||||||||||
Equity Real Estate Investment Trusts (Reits) – 0.8% | ||||||||||||||||||||
16,100 | Scentre Group Trust 2, 144A (3) | 5.125% | 9/24/80 | BBB+ | 13,699,018 | |||||||||||||||
Insurance – 3.3% | ||||||||||||||||||||
30,860 | Liberty Mutual Group Inc, 144A (5) | 7.800% | 3/15/37 | Baa3 | 35,865,261 | |||||||||||||||
6,150 | Liberty Mutual Insurance Co, 144A (3), (5) | 7.697% | 10/15/97 | BBB+ | 7,547,157 | |||||||||||||||
5,300 | Lincoln National Corp (3-Month LIBOR reference rate + 2.040% spread) (5), (6) | 4.750% | 4/20/67 | BBB | 4,002,835 | |||||||||||||||
1,000 | Nippon Life Insurance Co, 144A | 2.900% | 9/16/51 | A- | 819,201 | |||||||||||||||
8,000 | Zurich Finance Ireland Designated Activity Co Reg S | 3.500% | 5/02/52 | A+ | 6,610,400 | |||||||||||||||
51,310 | Total Insurance | 54,844,854 | ||||||||||||||||||
$ | 78,010 | Total Corporate Bonds (cost $78,496,808) | 79,151,805 | |||||||||||||||||
Shares | Description (1) | Coupon | Ratings (2) | Value | ||||||||||||||||
CONVERTIBLE PREFERRED SECURITIES – 1.8% (1.1% of Total Investments) | ||||||||||||||||||||
Banks – 1.8% | ||||||||||||||||||||
7,493 | Bank of America Corp | 7.250% | BBB+ | $ | 9,321,667 | |||||||||||||||
16,041 | Wells Fargo & Co | 7.500% | Baa2 | 20,356,029 | ||||||||||||||||
Total Banks | 29,677,696 | |||||||||||||||||||
Total Convertible Preferred Securities (cost $32,961,574) | 29,677,696 | |||||||||||||||||||
Shares | Description (1) | Value | ||||||||||||||||||
INVESTMENT COMPANIES – 1.1% (0.7% of Total Investments) | ||||||||||||||||||||
723,135 | BlackRock Credit Allocation Income Trust | $ | 8,438,986 | |||||||||||||||||
646,421 | John Hancock Preferred Income Fund III | 11,027,942 | ||||||||||||||||||
Total Investment Companies (cost $27,993,530) | 19,466,928 | |||||||||||||||||||
Total Long-Term Investments (cost $2,768,440,441) | 2,685,974,703 | |||||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||||||||||||||||
SHORT-TERM INVESTMENTS – 1.8% (1.2% of Total Investments) | ||||||||||||||||||||
REPURCHASE AGREEMENTS – 1.8% (1.2% of Total Investments) | ||||||||||||||||||||
$ | 31,360 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 7/29/22, repurchase price $31,361,573, collateralized by $20,478,300, U.S. Treasury Inflation Index Government Bond, 2.500%, due 1/15/29, value $31,987,750 | 0.450% | 8/01/22 | $ | 31,360,397 | ||||||||||||||
Total Short-Term Investments (cost $31,360,397) | 31,360,397 | |||||||||||||||||||
Total Investments (cost $2,799,800,838) – 160.0% | 2,717,335,100 | |||||||||||||||||||
Borrowings – (29.4)% (9), (10) | (499,300,000 | ) | ||||||||||||||||||
Reverse Repurchase Agreements, including accrued interest – (16.2)% (11) | (275,588,867 | ) | ||||||||||||||||||
Taxable Fund Preferred Shares, net of deferred offering costs – (15.8)% (12) | (268,930,316 | ) | ||||||||||||||||||
Other Assets Less Liabilities – 1.4% (13) | 24,180,880 | |||||||||||||||||||
Net Assets Applicable to Common Shares – 100% | $ | 1,697,696,797 |
Counterparty | Notional Amount | Fund Pay/Receive Floating Rate | Floating Rate Index | Fixed Rate (Annualized) | Fixed Rate Payment Frequency | Effective Date (14) | Optional Termination Date | Maturity Date | Value | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||||||
Morgan Stanley Capital Services, LLC | $ | 521,000,000 | Receive | 1-Month LIBOR | 1.994 | % | Monthly | 6/01/18 | 7/01/25 | 7/01/27 | $ | 5,265,234 | $ | 5,265,234 | ||||||||||||||||||||||||||
Morgan Stanley Capital Services, LLC | 90,000,000 | Receive | 1-Month LIBOR | 2.364 | Monthly | 7/01/19 | 7/01/26 | 7/01/28 | (595,246 | ) | (595,246 | ) | ||||||||||||||||||||||||||||
Total | $ | 611,000,000 | $ | 4,669,988 | $ | 4,669,988 |
(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 $389,505,910. |
(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 $707,100,826 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 18.4%. |
(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 $1,568,812,837 have been pledged as collateral for borrowings. |
(11) | Reverse Repurchase Agreements, including accrued interest as a percentage of Total investments is 10.1%. |
(12) | Taxable Fund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 9.9%. |
(13) | Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter |
(14) | 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. |
JPT | Nuveen Preferred and Income Fund Portfolio of Investments July 31, 2022 |
Principal Amount (000)/ Shares | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
LONG-TERM INVESTMENTS – 149.4% (99.9% of Total Investments) | ||||||||||||||||||||
$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 75.1% (50.2% of Total Investments) | ||||||||||||||||||||
Automobiles – 2.1% | ||||||||||||||||||||
$ | 695 | General Motors Financial Co Inc | 5.700% | N/A (3) | BB+ | $ | 658,512 | |||||||||||||
1,479 | General Motors Financial Co Inc | 5.750% | N/A (3) | BB+ | 1,325,348 | |||||||||||||||
Total Automobiles | 1,983,860 | |||||||||||||||||||
Banks – 25.3% | ||||||||||||||||||||
730 | Bank of America Corp | 6.300% | N/A (3) | BBB+ | 757,883 | |||||||||||||||
685 | Bank of America Corp | 6.500% | N/A (3) | BBB+ | 702,400 | |||||||||||||||
540 | Bank of America Corp | 4.375% | N/A (3) | BBB+ | 490,050 | |||||||||||||||
550 | Bank of America Corp | 6.250% | N/A (3) | BBB+ | 553,940 | |||||||||||||||
240 | Bank of America Corp | 6.100% | N/A (3) | BBB+ | 242,671 | |||||||||||||||
900 | Citigroup Inc | 6.250% | N/A (3) | BBB- | 922,572 | |||||||||||||||
1,455 | Citigroup Inc | 6.300% | N/A (3) | BBB- | 1,405,791 | |||||||||||||||
1,872 | Citigroup Inc | 5.950% | N/A (3) | BBB- | 1,842,067 | |||||||||||||||
420 | Citigroup Inc | 4.150% | N/A (3) | BBB- | 369,844 | |||||||||||||||
629 | Citizens Financial Group Inc | 6.375% | N/A (3) | BB+ | 565,355 | |||||||||||||||
833 | CoBank ACB | 6.250% | N/A (3) | BBB+ | 802,672 | |||||||||||||||
200 | Fifth Third Bancorp | 4.500% | N/A (3) | Baa3 | 194,038 | |||||||||||||||
475 | First Citizens BancShares Inc/NC (3-Month LIBOR reference rate + 3.972% spread) (4) | 5.801% | N/A (3) | BB- | 448,281 | |||||||||||||||
915 | Huntington Bancshares Inc/OH | 5.625% | N/A (3) | Baa3 | 905,850 | |||||||||||||||
420 | JPMorgan Chase & Co | 6.100% | N/A (3) | BBB+ | 420,252 | |||||||||||||||
1,990 | JPMorgan Chase & Co | 6.750% | N/A (3) | BBB+ | 2,044,725 | |||||||||||||||
1,500 | JPMorgan Chase & Co | 5.000% | N/A (3) | BBB+ | 1,393,467 | |||||||||||||||
315 | KeyCorp | 5.000% | N/A (3) | Baa3 | 292,265 | |||||||||||||||
220 | M&T Bank Corp | 3.500% | N/A (3) | Baa2 | 179,403 | |||||||||||||||
465 | M&T Bank Corp | 6.450% | N/A (3) | Baa2 | 460,476 | |||||||||||||||
220 | M&T Bank Corp | 5.125% | N/A (3) | Baa2 | 203,547 | |||||||||||||||
266 | PNC Financial Services Group Inc | 5.000% | N/A (3) | Baa2 | 246,326 | |||||||||||||||
485 | PNC Financial Services Group Inc | 3.400% | N/A (3) | Baa2 | 397,700 | |||||||||||||||
420 | PNC Financial Services Group Inc | 6.000% | N/A (3) | Baa2 | 422,625 | |||||||||||||||
310 | Regions Financial Corp | 5.750% | N/A (3) | Baa3 | 315,252 | |||||||||||||||
235 | SVB Financial Group | 4.000% | N/A (3) | Baa2 | 190,503 | |||||||||||||||
120 | SVB Financial Group | 4.100% | N/A (3) | Baa2 | 93,324 | |||||||||||||||
180 | SVB Financial Group | 4.700% | N/A (3) | Baa2 | 143,618 | |||||||||||||||
375 | Truist Financial Corp | 5.100% | N/A (3) | Baa2 | 358,688 | |||||||||||||||
525 | Truist Financial Corp (3-Month LIBOR reference rate + 3.102% spread) (4) | 4.931% | N/A (3) | Baa2 | 485,756 | |||||||||||||||
1,580 | Truist Financial Corp | 4.800% | N/A (3) | Baa2 | 1,498,706 | |||||||||||||||
550 | UniCredit SpA Reg S | 8.000% | N/A (3) | BB- | 533,033 | |||||||||||||||
1,130 | Wells Fargo & Co | 5.875% | N/A (3) | Baa2 | 1,139,852 | |||||||||||||||
885 | Wells Fargo & Co | 5.900% | N/A (3) | Baa2 | 840,117 | |||||||||||||||
805 | Wells Fargo & Co | 7.950% | 11/15/29 | Baa1 | 967,574 | |||||||||||||||
355 | Zions Bancorp NA | 7.200% | N/A (3) | BB+ | 359,304 | |||||||||||||||
355 | Zions Bancorp NA | 5.800% | N/A (3) | BB+ | 341,465 | |||||||||||||||
Total Banks | 23,531,392 | |||||||||||||||||||
Capital Markets – 3.7% | ||||||||||||||||||||
295 | Bank of New York Mellon Corp | 4.700% | N/A (3) | Baa1 | 293,820 | |||||||||||||||
1,080 | Charles Schwab Corp | 5.375% | N/A (3) | BBB | 1,096,632 | |||||||||||||||
360 | Goldman Sachs Group Inc | 4.125% | N/A (3) | BBB- | 316,723 | |||||||||||||||
1,008 | Goldman Sachs Group Inc | 5.500% | N/A (3) | BBB- | 1,002,453 | |||||||||||||||
709 | Goldman Sachs Group Inc | 5.300% | N/A (3) | BBB- | 701,122 | |||||||||||||||
Total Capital Markets | 3,410,750 | |||||||||||||||||||
Consumer Finance – 2.4% | ||||||||||||||||||||
475 | Ally Financial Inc | 4.700% | N/A (3) | Ba2 | 374,747 | |||||||||||||||
625 | Ally Financial Inc | 4.700% | N/A (3) | Ba2 | 526,687 | |||||||||||||||
500 | American Express Co | 3.550% | N/A (3) | Baa2 | 439,500 |
Principal Amount (000)/ Shares | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Consumer Finance (continued) | ||||||||||||||||||||
$ | 535 | Capital One Financial Corp | 3.950% | N/A (3) | Baa3 | $ | 465,443 | |||||||||||||
335 | Discover Financial Services | 6.125% | N/A (3) | Ba2 | 342,043 | |||||||||||||||
145 | Discover Financial Services | 5.500% | N/A (3) | Ba2 | 123,510 | |||||||||||||||
Total Consumer Finance | 2,271,930 | |||||||||||||||||||
Diversified Financial Services – 4.4% | ||||||||||||||||||||
305 | American AgCredit Corp, 144A | 5.250% | N/A (3) | BB+ | 279,075 | |||||||||||||||
425 | Capital Farm Credit ACA, 144A | 5.000% | N/A (3) | BB | 379,100 | |||||||||||||||
250 | Compeer Financial ACA, 144A | 4.875% | N/A (3) | BB+ | 220,625 | |||||||||||||||
2 | Compeer Financial ACA, 144A | 6.750% | N/A (3) | BB+ | 2,020,000 | |||||||||||||||
630 | Equitable Holdings Inc | 4.950% | N/A (3) | BBB- | 618,058 | |||||||||||||||
560 | Voya Financial Inc | 6.125% | N/A (3) | BBB- | 536,538 | |||||||||||||||
Total Diversified Financial Services | 4,053,396 | |||||||||||||||||||
Electric Utilities – 2.6% | ||||||||||||||||||||
345 | American Electric Power Co Inc | 3.875% | 2/15/62 | BBB | 291,790 | |||||||||||||||
370 | Edison International | 5.000% | N/A (3) | BB+ | 312,126 | |||||||||||||||
160 | Edison International | 5.375% | N/A (3) | BB+ | 137,865 | |||||||||||||||
270 | Electricite de France SA, 144A | 5.250% | N/A (3) | BBB- | 259,200 | |||||||||||||||
1,125 | Emera Inc | 6.750% | 6/15/76 | BB+ | 1,118,022 | |||||||||||||||
305 | Southern Co | 4.000% | 1/15/51 | BBB- | 284,059 | |||||||||||||||
Total Electric Utilities | 2,403,062 | |||||||||||||||||||
Food Products – 5.6% | ||||||||||||||||||||
2,005 | Dairy Farmers of America Inc, 144A | 7.125% | N/A (3) | BB+ | 1,864,650 | |||||||||||||||
620 | Land O’ Lakes Inc, 144A | 7.250% | N/A (3) | BB | 604,500 | |||||||||||||||
1,550 | Land O’ Lakes Inc, 144A | 8.000% | N/A (3) | BB | 1,565,500 | |||||||||||||||
1,275 | Land O’ Lakes Inc, 144A | 7.000% | N/A (3) | BB | 1,218,977 | |||||||||||||||
Total Food Products | 5,253,627 | |||||||||||||||||||
Independent Power Producers & Energy Traders – 1.1% | ||||||||||||||||||||
445 | AES Andes SA, 144A | 6.350% | 10/07/79 | BB | 379,140 | |||||||||||||||
355 | AES Andes SA, 144A | 7.125% | 3/26/79 | BB | 323,050 | |||||||||||||||
200 | Vistra Corp, 144A | 8.000% | N/A (3) | Ba3 | 193,750 | |||||||||||||||
195 | Vistra Corp, 144A | 7.000% | N/A (3) | Ba3 | 181,338 | |||||||||||||||
Total Independent Power Producers & Energy Traders | 1,077,278 | |||||||||||||||||||
Industrial Conglomerates – 1.5% | ||||||||||||||||||||
1,467 | General Electric Co (3-Month LIBOR reference rate + 3.330% spread) (4) | 5.159% | N/A (3) | BBB- | 1,367,978 | |||||||||||||||
Insurance – 14.8% | ||||||||||||||||||||
280 | Aegon NV | 5.500% | 4/11/48 | Baa1 | 270,254 | |||||||||||||||
260 | American International Group Inc | 5.750% | 4/01/48 | BBB- | 237,676 | |||||||||||||||
1,490 | Assurant Inc | 7.000% | 3/27/48 | Baa3 | 1,492,886 | |||||||||||||||
3,390 | Assured Guaranty Municipal Holdings Inc, 144A | 6.400% | 12/15/66 | BBB+ | 3,270,538 | |||||||||||||||
440 | AXIS Specialty Finance LLC | 4.900% | 1/15/40 | BBB | 381,427 | |||||||||||||||
220 | Enstar Finance LLC | 5.750% | 9/01/40 | BBB- | 205,546 | |||||||||||||||
375 | Enstar Finance LLC | 5.500% | 1/15/42 | BBB- | 321,738 | |||||||||||||||
225 | Legal & General Group PLC Reg S | 5.250% | 3/21/47 | A3 | 217,967 | |||||||||||||||
845 | Markel Corp | 6.000% | N/A (3) | BBB- | 857,666 | |||||||||||||||
900 | MetLife Inc, 144A | 9.250% | 4/08/38 | BBB | 1,071,532 | |||||||||||||||
205 | MetLife Inc | 5.875% | N/A (3) | BBB | 199,900 | |||||||||||||||
450 | PartnerRe Finance B LLC | 4.500% | 10/01/50 | Baa1 | 397,125 | |||||||||||||||
805 | Provident Financing Trust I | 7.405% | 3/15/38 | BB+ | 885,500 | |||||||||||||||
125 | Prudential Financial Inc | 3.700% | 10/01/50 | BBB+ | 109,342 | |||||||||||||||
200 | Prudential Financial Inc | 5.125% | 3/01/52 | BBB+ | 190,985 | |||||||||||||||
940 | QBE Insurance Group Ltd, 144A | 5.875% | N/A (3) | Baa2 | 915,090 | |||||||||||||||
840 | QBE Insurance Group Ltd, 144A | 7.500% | 11/24/43 | Baa1 | 852,027 | |||||||||||||||
268 | QBE Insurance Group Ltd Reg S | 6.750% | 12/02/44 | BBB | 270,835 | |||||||||||||||
1,290 | SBL Holdings Inc, 144A | 7.000% | N/A (3) | BB | 1,057,587 | |||||||||||||||
740 | SBL Holdings Inc, 144A | 6.500% | N/A (3) | BB | 542,050 | |||||||||||||||
Total Insurance | 13,747,671 |
JPT | Nuveen Preferred and Income Fund (continued) | |
Portfolio of Investments July 31, 2022 |
Principal Amount (000)/ Shares | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Media – 0.3% | ||||||||||||||||||||
$ | 295 | Paramount Global | 6.375% | 3/30/62 | Baa3 | $ | 278,638 | |||||||||||||
Multi-Utilities – 2.7% | ||||||||||||||||||||
355 | Algonquin Power & Utilities Corp | 4.750% | 1/18/82 | BB+ | 313,501 | |||||||||||||||
1,040 | CenterPoint Energy Inc | 6.125% | N/A (3) | BBB- | 938,576 | |||||||||||||||
145 | CMS Energy Corp | 4.750% | 6/01/50 | BBB- | 135,772 | |||||||||||||||
304 | NiSource Inc | 5.650% | N/A (3) | BBB- | 277,041 | |||||||||||||||
440 | Sempra Energy | 4.875% | N/A (3) | BBB- | 426,544 | |||||||||||||||
475 | Sempra Energy | 4.125% | 4/01/52 | BBB- | 400,982 | |||||||||||||||
Total Multi-Utilities | 2,492,416 | |||||||||||||||||||
Oil, Gas & Consumable Fuels – 2.4% | ||||||||||||||||||||
220 | Enbridge Inc | 5.500% | 7/15/77 | BBB- | 199,827 | |||||||||||||||
255 | Enbridge Inc | 6.000% | 1/15/77 | BBB- | 242,501 | |||||||||||||||
630 | Enbridge Inc | 5.750% | 7/15/80 | BBB- | 593,397 | |||||||||||||||
295 | Energy Transfer LP | 6.500% | N/A (3) | BB | 267,712 | |||||||||||||||
60 | Energy Transfer LP | 7.125% | N/A (3) | BB | 54,000 | |||||||||||||||
300 | MPLX LP | 6.875% | N/A (3) | BB+ | 287,697 | |||||||||||||||
300 | Transcanada Trust | 5.600% | 3/07/82 | BBB | 280,094 | |||||||||||||||
298 | Transcanada Trust | 5.500% | 9/15/79 | BBB | 274,102 | |||||||||||||||
Total Oil, Gas & Consumable Fuels | 2,199,330 | |||||||||||||||||||
Trading Companies & Distributors – 3.9% | ||||||||||||||||||||
2,850 | AerCap Global Aviation Trust, 144A | 6.500% | 6/15/45 | BB+ | 2,702,512 | |||||||||||||||
455 | AerCap Holdings NV | 5.875% | 10/10/79 | BB+ | 403,812 | |||||||||||||||
580 | Air Lease Corp | 4.650% | N/A (3) | BB+ | 507,588 | |||||||||||||||
Total Trading Companies & Distributors | 3,613,912 | |||||||||||||||||||
U.S. Agency – 1.3% | ||||||||||||||||||||
615 | Farm Credit Bank of Texas, 144A | 6.200% | N/A (3) | BBB+ | 570,256 | |||||||||||||||
640 | Farm Credit Bank of Texas, 144A | 5.700% | N/A (3) | Baa1 | 604,496 | |||||||||||||||
Total U.S. Agency | 1,174,752 | |||||||||||||||||||
Wireless Telecommunication Services – 1.0% | ||||||||||||||||||||
860 | Vodafone Group PLC | 7.000% | 4/04/79 | BB+ | 904,075 | |||||||||||||||
Total $1,000 Par (or similar) Institutional Preferred (cost $72,978,027) | 69,764,067 | |||||||||||||||||||
Principal Amount (000) | Description (1), (5) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
CONTINGENT CAPITAL SECURITIES – 44.9% (30.0% of Total Investments) | ||||||||||||||||||||
Banks – 31.5% | ||||||||||||||||||||
$ | 1,555 | Banco Bilbao Vizcaya Argentaria SA | 6.500% | N/A (3) | Ba2 | $ | 1,490,593 | |||||||||||||
740 | Banco Mercantil del Norte SA/Grand Cayman, 144A | 7.500% | N/A (3) | Ba2 | 664,150 | |||||||||||||||
1,900 | Barclays PLC | 7.750% | N/A (3) | BBB- | 1,914,046 | |||||||||||||||
1,000 | Barclays PLC | 6.125% | N/A (3) | BBB- | 964,300 | |||||||||||||||
1,250 | Barclays PLC | 8.000% | N/A (3) | BBB- | 1,287,500 | |||||||||||||||
3,200 | BNP Paribas SA, 144A | 6.625% | N/A (3) | BBB | 3,210,742 | |||||||||||||||
2,035 | Credit Agricole SA, 144A | 8.125% | N/A (3) | BBB | 2,164,731 | |||||||||||||||
2,150 | HSBC Holdings PLC | 6.000% | N/A (3) | BBB | 2,062,563 | |||||||||||||||
3,500 | HSBC Holdings PLC | 6.375% | N/A (3) | BBB | 3,532,627 | |||||||||||||||
2,545 | ING Groep NV | 6.500% | N/A (3) | BBB | 2,503,746 | |||||||||||||||
285 | ING Groep NV Reg S | 6.750% | N/A (3) | BBB | 285,975 | |||||||||||||||
3,200 | Lloyds Banking Group PLC | 7.500% | N/A (3) | Baa3 | 3,240,000 | |||||||||||||||
580 | Macquarie Bank Ltd/London, 144A | 6.125% | N/A (3) | BB+ | 536,744 | |||||||||||||||
2,080 | NatWest Group PLC | 6.000% | N/A (3) | BBB- | 2,029,310 | |||||||||||||||
200 | NatWest Group PLC | 8.000% | N/A (3) | BBB- | 206,500 | |||||||||||||||
680 | Nordea Bank Abp, 144A | 6.625% | N/A (3) | BBB+ | 678,441 | |||||||||||||||
2,400 | Societe Generale SA, 144A | 7.875% | N/A (3) | BB+ | 2,430,346 | |||||||||||||||
29,300 | Total Banks | 29,202,314 |
Principal Amount (000) | Description (1), (5) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Capital Markets – 13.4% | ||||||||||||||||||||
$ | 3,000 | Credit Suisse Group AG, 144A | 7.500% | N/A (3) | BB | $ | 2,945,322 | |||||||||||||
1,000 | Credit Suisse Group AG, 144A | 6.375% | N/A (3) | Ba2 | 845,000 | |||||||||||||||
340 | Credit Suisse Group AG, 144A | 9.750% | N/A (3) | BB | 361,080 | |||||||||||||||
2,400 | Deutsche Bank AG | 6.000% | N/A (3) | BB- | 2,076,000 | |||||||||||||||
2,040 | UBS Group AG, 144A | 7.000% | N/A (3) | BBB | 2,076,985 | |||||||||||||||
3,845 | UBS Group AG Reg S | 6.875% | N/A (3) | BBB | 3,926,706 | |||||||||||||||
290 | UBS Group AG Reg S | 5.125% | N/A (3) | BBB | 276,567 | |||||||||||||||
12,915 | Total Capital Markets | 12,507,660 | ||||||||||||||||||
Total Contingent Capital Securities (cost $43,551,396) | 41,709,974 | |||||||||||||||||||
Shares | Description (1) | Coupon | Ratings (2) | Value | ||||||||||||||||
$25 PAR (OR SIMILAR) RETAIL PREFERRED – 25.5% (17.1% of Total Investments) | ||||||||||||||||||||
Banks – 7.1% | ||||||||||||||||||||
4,740 | CoBank ACB (6) | 6.200% | BBB+ | $ | 485,850 | |||||||||||||||
16,050 | CoBank ACB (6) | 6.250% | BBB+ | 1,609,012 | ||||||||||||||||
15,000 | Farm Credit Bank of Texas, 144A (6) | 6.750% | Baa1 | 1,526,250 | ||||||||||||||||
19,366 | Fifth Third Bancorp | 6.625% | Baa3 | 511,650 | ||||||||||||||||
8,100 | KeyCorp | 6.125% | Baa3 | 215,946 | ||||||||||||||||
21,268 | Regions Financial Corp | 6.375% | Baa3 | 566,154 | ||||||||||||||||
10,600 | Regions Financial Corp | 5.700% | Baa3 | 266,484 | ||||||||||||||||
16,894 | Synovus Financial Corp | 5.875% | BB- | 431,980 | ||||||||||||||||
16,400 | Wells Fargo & Co | 4.750% | Baa2 | 343,088 | ||||||||||||||||
7,900 | Western Alliance Bancorp | 4.250% | Ba1 | 190,074 | ||||||||||||||||
15,308 | Wintrust Financial Corp | 6.875% | BB | 405,662 | ||||||||||||||||
Total Banks | 6,552,150 | |||||||||||||||||||
Capital Markets – 3.0% | ||||||||||||||||||||
7,777 | Goldman Sachs Group Inc | 5.500% | BB+ | 195,047 | ||||||||||||||||
23,100 | Morgan Stanley | 6.375% | BBB- | 611,688 | ||||||||||||||||
19,451 | Morgan Stanley | 6.875% | BBB- | 511,756 | ||||||||||||||||
33,800 | Morgan Stanley | 5.850% | BBB- | 867,984 | ||||||||||||||||
12,974 | Morgan Stanley | 7.125% | BBB- | 340,567 | ||||||||||||||||
11,600 | Morgan Stanley (6) | 6.500% | BBB- | 302,296 | ||||||||||||||||
Total Capital Markets | 2,829,338 | |||||||||||||||||||
Consumer Finance – 0.3% | ||||||||||||||||||||
11,900 | Synchrony Financial | 5.625% | BB- | 245,854 | ||||||||||||||||
Diversified Financial Services – 2.8% | ||||||||||||||||||||
12,213 | AgriBank FCB (6) | 6.875% | BBB+ | 1,242,673 | ||||||||||||||||
18,500 | Equitable Holdings Inc | 5.250% | BBB- | 439,930 | ||||||||||||||||
35,623 | Voya Financial Inc | 5.350% | BBB- | 878,819 | ||||||||||||||||
Total Diversified Financial Services | 2,561,422 | |||||||||||||||||||
Diversified Telecommunication Services – 0.2% | ||||||||||||||||||||
8,700 | AT&T Inc | 4.750% | BBB- | 180,960 | ||||||||||||||||
Food Products – 2.1% | ||||||||||||||||||||
32,207 | CHS Inc | 7.100% | N/R | 852,841 | ||||||||||||||||
31,132 | CHS Inc | 6.750% | N/R | 830,913 | ||||||||||||||||
10,959 | CHS Inc | 7.875% | N/R | 308,825 | ||||||||||||||||
Total Food Products | �� | 1,992,579 | ||||||||||||||||||
Insurance – 6.6% | ||||||||||||||||||||
23,700 | American Equity Investment Life Holding Co | 6.625% | BB | 608,853 | ||||||||||||||||
43,600 | American Equity Investment Life Holding Co | 5.950% | BB | 1,061,224 | ||||||||||||||||
16,280 | Aspen Insurance Holdings Ltd | 5.625% | BB+ | 385,673 | ||||||||||||||||
38,688 | Aspen Insurance Holdings Ltd | 5.950% | BB+ | 936,250 | ||||||||||||||||
12,000 | Assurant Inc | 5.250% | Baa3 | 280,080 | ||||||||||||||||
24,100 | Athene Holding Ltd | 6.375% | BBB | 634,794 |
JPT | Nuveen Preferred and Income Fund (continued) | |
Portfolio of Investments July 31, 2022 |
Shares | Description (1) | Coupon | Ratings (2) | Value | ||||||||||||||||
Insurance (continued) | ||||||||||||||||||||
27,700 | Athene Holding Ltd | 6.350% | BBB | $ | 742,914 | |||||||||||||||
23,000 | Enstar Group Ltd | 7.000% | BBB- | 558,440 | ||||||||||||||||
26,902 | Reinsurance Group of America Inc | 5.750% | BBB+ | 706,177 | ||||||||||||||||
9,463 | Selective Insurance Group Inc | 4.600% | BBB- | 192,194 | ||||||||||||||||
Total Insurance | 6,106,599 | |||||||||||||||||||
Oil, Gas & Consumable Fuels – 1.8% | ||||||||||||||||||||
8,300 | Energy Transfer LP | 7.600% | BB | 196,710 | ||||||||||||||||
24,163 | NuStar Energy LP | 7.673% | B2 | 506,215 | ||||||||||||||||
31,634 | NuStar Energy LP | 8.769% | B2 | 757,634 | ||||||||||||||||
10,020 | NuStar Logistics LP | 9.246% | B | 250,300 | ||||||||||||||||
Total Oil, Gas & Consumable Fuels | 1,710,859 | |||||||||||||||||||
Thrifts & Mortgage Finance – 0.9% | ||||||||||||||||||||
32,731 | New York Community Bancorp Inc | 6.375% | Ba2 | 856,898 | ||||||||||||||||
Trading Companies & Distributors – 0.7% | ||||||||||||||||||||
17,771 | �� | Air Lease Corp | 6.150% | BB+ | 433,790 | |||||||||||||||
7,500 | WESCO International Inc | 10.625% | B | 211,125 | ||||||||||||||||
Total Trading Companies & Distributors | 644,915 | |||||||||||||||||||
Total $25 Par (or similar) Retail Preferred (cost $24,375,793) | 23,681,574 | |||||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
CORPORATE BONDS – 3.9% (2.6% of Total Investments) | ||||||||||||||||||||
Banks – 2.9% | ||||||||||||||||||||
$ | 1,600 | Banco Santander SA Reg S | 7.500% | 5/08/71 | Ba1 | $ | 1,620,000 | |||||||||||||
1,000 | Commerzbank AG, 144A | 8.125% | 9/19/23 | Baa3 | 1,025,128 | |||||||||||||||
2,600 | Total Banks | 2,645,128 | ||||||||||||||||||
Insurance – 1.0% | ||||||||||||||||||||
980 | Fidelis Insurance Holdings Ltd, 144A | 6.625% | 4/01/41 | BB+ | 960,400 | |||||||||||||||
$ | 3,580 | Total Corporate Bonds (cost $3,628,850) | 3,605,528 | |||||||||||||||||
Total Long-Term Investments (cost $144,534,066) | 138,761,143 | |||||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||||||||||||||||
SHORT-TERM INVESTMENTS – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||
REPURCHASE AGREEMENTS – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||
$ | 195 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 7/29/22, repurchase price $194,681, collateralized by $127,200, U.S Treasury Inflation Index Government Bond, 2.500%, due 1/15/29, value $198,690 | 0.450% | 8/01/22 | $ | 194,673 | ||||||||||||||
Total Short-Term Investments (cost $194,673) | 194,673 | |||||||||||||||||||
Total Investments (cost $144,728,739) – 149.6% | 138,955,816 | |||||||||||||||||||
Borrowings – (50.6)% (7), (8) | (47,000,000 | ) | ||||||||||||||||||
Other Assets Less Liabilities – 1.0% | 955,531 | |||||||||||||||||||
Net Assets Applicable to Common Shares – 100% | $ | 92,911,347 |
(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) | Perpetual security. Maturity date is not applicable. |
(4) | Variable rate security. The rate shown is the coupon as of the end of the reporting period. |
(5) | Contingent Capital Securities (“CoCos”) are hybrid securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer. For example, the terms may specify an automatic write-down of principal or a mandatory conversion into the issuer’s common stock under certain adverse circumstances, such as the issuer’s capital ratio falling below a specified level. |
(6) | For fair value measurement disclosure purposes, investment classified as Level 2. |
(7) | Borrowings as a percentage of Total Investments is 33.8%. |
(8) | The Fund segregates 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. |
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. |
NPFD | Nuveen Variable Rate Preferred & Income Fund Portfolio of Investments July 31, 2022 |
Principal Amount (000)/ Shares | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
LONG-TERM INVESTMENTS – 155.6% (99.4% of Total Investments) | ||||||||||||||||||||
$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 97.0% (62.0% of Total Investments) | ||||||||||||||||||||
Automobiles – 4.0% | ||||||||||||||||||||
$ | 10,000 | General Motors Financial Co Inc | 5.700% | N/A (3) | BB+ | $ | 9,475,000 | |||||||||||||
12,331 | General Motors Financial Co Inc (4) | 5.750% | N/A (3) | BB+ | 11,049,940 | |||||||||||||||
Total Automobiles | 20,524,940 | |||||||||||||||||||
Banks – 40.7% | ||||||||||||||||||||
3,000 | Bank of America Corp | 6.300% | N/A (3) | BBB+ | 3,114,588 | |||||||||||||||
5,000 | Bank of America Corp | 6.500% | N/A (3) | BBB+ | 5,127,010 | |||||||||||||||
8,000 | Bank of America Corp | 4.375% | N/A (3) | BBB+ | 7,260,000 | |||||||||||||||
2,219 | Bank of America Corp (4) | 6.100% | N/A (3) | BBB+ | 2,243,692 | |||||||||||||||
7,810 | Bank of America Corp | 6.250% | N/A (3) | BBB+ | 7,865,946 | |||||||||||||||
3,375 | Citigroup Inc | 5.950% | N/A (3) | BBB- | 3,321,034 | |||||||||||||||
19,995 | Citigroup Inc (4) | 6.300% | N/A (3) | BBB- | 19,318,749 | |||||||||||||||
2,875 | Citigroup Inc | 6.250% | N/A (3) | BBB- | 2,947,105 | |||||||||||||||
1,877 | Citigroup Inc | 4.150% | N/A (3) | BBB- | 1,652,849 | |||||||||||||||
8,000 | Citigroup Inc | 5.000% | N/A (3) | BBB- | 7,406,932 | |||||||||||||||
4,290 | Citizens Financial Group Inc | 4.000% | N/A (3) | BB+ | 3,616,263 | |||||||||||||||
2,500 | Citizens Financial Group Inc | 6.375% | N/A (3) | BB+ | 2,247,038 | |||||||||||||||
4,095 | Fifth Third Bancorp | 4.500% | N/A (3) | Baa3 | 3,972,928 | |||||||||||||||
5,600 | First Citizens BancShares Inc/NC (3-Month LIBOR reference rate + 3.972% spread) (5) | 5.801% | N/A (3) | BB- | 5,285,000 | |||||||||||||||
2,700 | Goldman Sachs Group Inc | 3.800% | N/A (3) | BBB- | 2,329,782 | |||||||||||||||
5,190 | HSBC Capital Funding Dollar 1 LP, 144A | 10.176% | N/A (3) | BBB | 6,995,057 | |||||||||||||||
8,400 | Huntington Bancshares Inc/OH | 5.625% | N/A (3) | Baa3 | 8,316,000 | |||||||||||||||
1,245 | JPMorgan Chase & Co | 3.650% | N/A (3) | BBB+ | 1,139,424 | |||||||||||||||
5,000 | JPMorgan Chase & Co | 6.100% | N/A (3) | BBB+ | 5,003,000 | |||||||||||||||
16,250 | JPMorgan Chase & Co | 6.750% | N/A (3) | BBB+ | 16,696,875 | |||||||||||||||
8,130 | JPMorgan Chase & Co | 5.000% | N/A (3) | BBB+ | 7,552,589 | |||||||||||||||
4,789 | KeyCorp | 5.000% | N/A (3) | Baa3 | 4,443,360 | |||||||||||||||
2,020 | M&T Bank Corp | 3.500% | N/A (3) | Baa2 | 1,647,250 | |||||||||||||||
6,000 | M&T Bank Corp (4) | 5.125% | N/A (3) | Baa2 | 5,551,282 | |||||||||||||||
3,534 | PNC Financial Services Group Inc (4) | 5.000% | N/A (3) | Baa2 | 3,272,620 | |||||||||||||||
2,800 | PNC Financial Services Group Inc | 3.400% | N/A (3) | Baa2 | 2,296,000 | |||||||||||||||
2,825 | PNC Financial Services Group Inc | 6.000% | N/A (3) | Baa2 | 2,842,656 | |||||||||||||||
2,820 | Regions Financial Corp | 5.750% | N/A (3) | Baa3 | 2,867,779 | |||||||||||||||
4,000 | SVB Financial Group | 4.000% | N/A (3) | Baa2 | 3,242,604 | |||||||||||||||
4,470 | SVB Financial Group | 4.700% | N/A (3) | Baa2 | 3,566,524 | |||||||||||||||
1,970 | Truist Financial Corp (3-Month LIBOR reference rate + 3.102% spread) (5) | 4.931% | N/A (3) | Baa2 | 1,822,742 | |||||||||||||||
13,368 | Truist Financial Corp (4) | 4.800% | N/A (3) | Baa2 | 12,680,189 | |||||||||||||||
8,195 | Truist Financial Corp | 5.100% | N/A (3) | Baa2 | 7,838,537 | |||||||||||||||
18,208 | Wells Fargo & Co | 3.900% | N/A (3) | Baa2 | 16,865,160 | |||||||||||||||
9,429 | Wells Fargo & Co | 5.875% | N/A (3) | Baa2 | 9,511,208 | |||||||||||||||
4,000 | Wells Fargo & Co | 5.900% | N/A (3) | Baa2 | 3,797,140 | |||||||||||||||
1,200 | Zions Bancorp NA | 7.200% | N/A (3) | BB+ | 1,214,549 | |||||||||||||||
Total Banks | 206,871,461 | |||||||||||||||||||
Capital Markets – 7.2% | ||||||||||||||||||||
2,405 | Bank of New York Mellon Corp (4) | 4.700% | N/A (3) | Baa1 | 2,395,380 | |||||||||||||||
3,000 | Charles Schwab Corp | 4.000% | N/A (3) | BBB | 2,728,110 | |||||||||||||||
11,373 | Charles Schwab Corp | 5.375% | N/A (3) | BBB | 11,548,144 | |||||||||||||||
8,200 | Goldman Sachs Group Inc | 4.125% | N/A (3) | BBB- | 7,214,240 | |||||||||||||||
7,045 | Goldman Sachs Group Inc (4) | 5.500% | N/A (3) | BBB- | 7,006,234 | |||||||||||||||
5,890 | Goldman Sachs Group Inc (4) | 5.300% | N/A (3) | BBB- | 5,824,555 | |||||||||||||||
Total Capital Markets | 36,716,663 |
Principal Amount (000)/ Shares | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Communications Equipment – 0.6% | ||||||||||||||||||||
$ | 3,520 | Vodafone Group PLC | 4.125% | 6/04/81 | BB+ | $ | 2,849,317 | |||||||||||||
Consumer Finance – 3.9% | ||||||||||||||||||||
4,200 | Ally Financial Inc | 4.700% | N/A (3) | Ba2 | 3,313,554 | |||||||||||||||
5,000 | Ally Financial Inc | 4.700% | N/A (3) | Ba2 | 4,213,500 | |||||||||||||||
3,785 | American Express Co (4) | 3.550% | N/A (3) | Baa2 | 3,327,015 | |||||||||||||||
4,705 | Capital One Financial Corp | 3.950% | N/A (3) | Baa3 | 4,093,286 | |||||||||||||||
3,690 | Discover Financial Services | 5.500% | N/A (3) | Ba2 | 3,143,113 | |||||||||||||||
1,745 | Discover Financial Services | 6.125% | N/A (3) | Ba2 | 1,781,685 | |||||||||||||||
Total Consumer Finance | 19,872,153 | |||||||||||||||||||
Diversified Financial Services – 2.7% | ||||||||||||||||||||
3,250 | Capital Farm Credit ACA, 144A | 5.000% | N/A (3) | BB | 2,899,000 | |||||||||||||||
350 | Compeer Financial ACA, 144A | 4.875% | N/A (3) | BB+ | 308,875 | |||||||||||||||
6,310 | Equitable Holdings Inc | 4.950% | N/A (3) | BBB- | 6,190,385 | |||||||||||||||
4,352 | Voya Financial Inc | 6.125% | N/A (3) | BBB- | 4,169,666 | |||||||||||||||
Total Diversified Financial Services | 13,567,926 | |||||||||||||||||||
Electric Utilities – 4.9% | ||||||||||||||||||||
2,600 | American Electric Power Co Inc (4) | 3.875% | 2/15/62 | BBB | 2,198,995 | |||||||||||||||
4,530 | Edison International | 5.000% | N/A (3) | BB+ | 3,821,433 | |||||||||||||||
1,445 | Edison International | 5.375% | N/A (3) | BB+ | 1,245,099 | |||||||||||||||
2,000 | Electricite de France SA, 144A | 5.250% | N/A (3) | BBB- | 1,920,000 | |||||||||||||||
14,093 | Emera Inc (4) | 6.750% | 6/15/76 | BB+ | 14,005,583 | |||||||||||||||
2,000 | Southern Co/The | 4.000% | 1/15/51 | BBB- | 1,862,683 | |||||||||||||||
Total Electric Utilities | 25,053,793 | |||||||||||||||||||
Independent Power Producers & Energy Traders – 1.5% | ||||||||||||||||||||
2,685 | AES Andes SA, 144A | 7.125% | 3/26/79 | BB | 2,443,350 | |||||||||||||||
1,700 | AES Andes SA, 144A | 6.350% | 10/07/79 | BB | 1,448,400 | |||||||||||||||
1,560 | Vistra Corp, 144A | 8.000% | N/A (3) | Ba3 | 1,511,250 | |||||||||||||||
2,215 | Vistra Corp, 144A | 7.000% | N/A (3) | Ba3 | 2,059,817 | |||||||||||||||
Total Independent Power Producers & Energy Traders | 7,462,817 | |||||||||||||||||||
Industrial Conglomerates – 1.7% | ||||||||||||||||||||
9,440 | General Electric Co (3-Month LIBOR reference rate + 3.330% spread) (5) | 5.159% | N/A (3) | BBB- | 8,802,800 | |||||||||||||||
Insurance – 13.8% | ||||||||||||||||||||
2,595 | Aegon NV (4) | 5.500% | 4/11/48 | Baa1 | 2,504,673 | |||||||||||||||
2,250 | American International Group Inc (4) | 5.750% | 4/01/48 | BBB- | 2,056,812 | |||||||||||||||
3,516 | Assurant Inc (4) | 7.000% | 3/27/48 | Baa3 | 3,522,811 | |||||||||||||||
3,000 | Assured Guaranty Municipal Holdings Inc, 144A | 6.400% | 12/15/66 | BBB+ | 2,894,281 | |||||||||||||||
3,050 | AXIS Specialty Finance LLC (4) | 4.900% | 1/15/40 | BBB | 2,643,984 | |||||||||||||||
6,115 | Enstar Finance LLC | 5.500% | 1/15/42 | BBB- | 5,246,482 | |||||||||||||||
1,000 | Enstar Finance LLC | 5.750% | 9/01/40 | BBB- | 934,299 | |||||||||||||||
1,530 | Legal & General Group PLC Reg S | 5.250% | 3/21/47 | A3 | 1,482,172 | |||||||||||||||
10,345 | Markel Corp | 6.000% | N/A (3) | BBB- | 10,500,060 | |||||||||||||||
8,000 | MetLife Inc (4) | 5.875% | N/A (3) | BBB | 7,800,988 | |||||||||||||||
945 | Prudential Financial Inc | 3.700% | 10/01/50 | BBB+ | 826,623 | |||||||||||||||
1,395 | Prudential Financial Inc | 5.125% | 3/01/52 | BBB+ | 1,332,121 | |||||||||||||||
8,205 | QBE Insurance Group Ltd, 144A (4) | 7.500% | 11/24/43 | Baa1 | 8,322,479 | |||||||||||||||
1,600 | QBE Insurance Group Ltd, 144A | 5.875% | N/A (3) | Baa2 | 1,557,600 | |||||||||||||||
3,875 | QBE Insurance Group Ltd Reg S | 6.750% | 12/02/44 | BBB | 3,915,994 | |||||||||||||||
14,500 | SBL Holdings Inc, 144A | 7.000% | N/A (3) | BB | 11,887,609 | |||||||||||||||
3,915 | SBL Holdings Inc, 144A | 6.500% | N/A (3) | BB | 2,867,737 | |||||||||||||||
Total Insurance | 70,296,725 | |||||||||||||||||||
Media – 0.4% | ||||||||||||||||||||
2,235 | Paramount Global | 6.375% | 3/30/62 | Baa3 | 2,111,037 |
NPFD | Nuveen Variable Rate Preferred & Income Fund (continued) | |
Portfolio of Investments July 31, 2022 |
Principal Amount (000)/ Shares | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Multi-Utilities – 4.1% | ||||||||||||||||||||
$ | 6,115 | Algonquin Power & Utilities Corp | 4.750% | 1/18/82 | BB+ | $ | 5,400,157 | |||||||||||||
8,050 | CenterPoint Energy Inc | 6.125% | N/A (3) | BBB- | 7,264,941 | |||||||||||||||
2,500 | CMS Energy Corp (4) | 4.750% | 6/01/50 | BBB- | 2,340,900 | |||||||||||||||
3,210 | Sempra Energy (4) | 4.875% | N/A (3) | BBB- | 3,111,836 | |||||||||||||||
3,400 | Sempra Energy | 4.125% | 4/01/52 | BBB- | 2,870,184 | |||||||||||||||
Total Multi-Utilities | 20,988,018 | |||||||||||||||||||
Oil, Gas & Consumable Fuels – 5.3% | ||||||||||||||||||||
3,000 | Enbridge Inc | 6.000% | 1/15/77 | BBB- | 2,852,958 | |||||||||||||||
13,546 | Enbridge Inc | 5.500% | 7/15/77 | BBB- | 12,303,878 | |||||||||||||||
5,345 | Energy Transfer LP (4) | 6.500% | N/A (3) | BB | 4,850,588 | |||||||||||||||
545 | Energy Transfer LP | 7.125% | N/A (3) | BB | 490,500 | |||||||||||||||
2,730 | MPLX LP | 6.875% | N/A (3) | BB+ | 2,618,041 | |||||||||||||||
2,155 | Transcanada Trust | 5.600% | 3/07/82 | BBB | 2,012,007 | |||||||||||||||
2,000 | Transcanada Trust (4) | 5.500% | 9/15/79 | BBB | 1,839,611 | |||||||||||||||
Total Oil, Gas & Consumable Fuels | 26,967,583 | |||||||||||||||||||
Trading Companies & Distributors – 4.9% | ||||||||||||||||||||
3,200 | AerCap Global Aviation Trust, 144A (4) | 6.500% | 6/15/45 | BB+ | 3,034,399 | |||||||||||||||
16,900 | AerCap Holdings NV | 5.875% | 10/10/79 | BB+ | 14,998,750 | |||||||||||||||
4,841 | Air Lease Corp | 4.650% | N/A (3) | BB+ | 4,236,607 | |||||||||||||||
3,673 | ILFC E-Capital Trust I, 144A | 4.850% | 12/21/65 | B+ | 2,758,099 | |||||||||||||||
Total Trading Companies & Distributors | 25,027,855 | |||||||||||||||||||
U.S. Agency – 0.0% | ||||||||||||||||||||
50 | Farm Credit Bank of Texas, 144A | 6.200% | N/A (3) | BBB+ | 46,362 | |||||||||||||||
50 | Farm Credit Bank of Texas, 144A | 5.700% | N/A (3) | Baa1 | 47,226 | |||||||||||||||
Total U.S. Agency | 93,588 | |||||||||||||||||||
Wireless Telecommunication Services – 1.3% | ||||||||||||||||||||
6,000 | Vodafone Group PLC | 7.000% | 4/04/79 | BB+ | 6,307,500 | |||||||||||||||
Total $1,000 Par (or similar) Institutional Preferred (cost $552,317,888) | 493,514,176 | |||||||||||||||||||
Principal Amount (000) | Description (1), (6) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
CONTINGENT CAPITAL SECURITIES – 29.4% (18.8% of Total Investments) | ||||||||||||||||||||
Banks – 20.7% | ||||||||||||||||||||
$ | 1,000 | Australia & New Zealand Banking Group Ltd/United Kingdom, 144A (4) | 6.750% | N/A (3) | Baa2 | $ | 1,020,000 | |||||||||||||
3,200 | Banco Bilbao Vizcaya Argentaria SA | 6.500% | N/A (3) | Ba2 | 3,067,458 | |||||||||||||||
2,200 | Banco Bilbao Vizcaya Argentaria SA | 6.125% | N/A (3) | Ba2 | 1,926,604 | |||||||||||||||
715 | Banco Mercantil del Norte SA/Grand Cayman, 144A | 7.500% | N/A (3) | Ba2 | 641,713 | |||||||||||||||
1,595 | Banco Mercantil del Norte SA/Grand Cayman, 144A | 7.625% | N/A (3) | Ba2 | 1,498,168 | |||||||||||||||
3,000 | Banco Santander SA | 4.750% | N/A (3) | Ba1 | 2,561,853 | |||||||||||||||
4,000 | Banco Santander SA Reg S | 7.500% | N/A (3) | Ba1 | 4,050,000 | |||||||||||||||
3,800 | Barclays PLC | 6.125% | N/A (3) | BBB- | 3,664,340 | |||||||||||||||
9,588 | Barclays PLC | 7.750% | N/A (3) | BBB- | 9,658,882 | |||||||||||||||
7,265 | BNP Paribas SA, 144A | 6.625% | N/A (3) | BBB | 7,289,388 | |||||||||||||||
2,089 | BNP Paribas SA, 144A | 7.000% | N/A (3) | BBB | 2,100,490 | |||||||||||||||
2,465 | Credit Agricole SA, 144A | 7.875% | N/A (3) | BBB | 2,532,788 | |||||||||||||||
5,800 | Credit Agricole SA, 144A | 8.125% | N/A (3) | BBB | 6,169,750 | |||||||||||||||
925 | Danske Bank A/S Reg S | 4.375% | N/A (3) | BBB- | 795,500 | |||||||||||||||
910 | Danske Bank A/S Reg S | 7.000% | N/A (3) | BBB- | 878,969 | |||||||||||||||
8,000 | HSBC Holdings PLC | 6.375% | N/A (3) | BBB | 8,074,575 | |||||||||||||||
1,220 | HSBC Holdings PLC | 6.375% | N/A (3) | BBB | 1,212,031 | |||||||||||||||
6,650 | HSBC Holdings PLC (4) | 6.000% | N/A (3) | BBB | 6,379,555 | |||||||||||||||
8,441 | ING Groep NV Reg S | 6.750% | N/A (3) | BBB | 8,469,868 | |||||||||||||||
1,098 | Intesa Sanpaolo SpA, 144A | 7.700% | N/A (3) | BB- | 1,026,630 | |||||||||||||||
2,000 | Lloyds Banking Group PLC | 7.500% | N/A (3) | Baa3 | 2,020,507 | |||||||||||||||
9,185 | Lloyds Banking Group PLC | 6.750% | N/A (3) | Baa3 | 9,025,407 | |||||||||||||||
1,500 | Macquarie Bank Ltd/London, 144A | 6.125% | N/A (3) | BB+ | 1,388,130 | |||||||||||||||
7,000 | NatWest Group PLC | 8.000% | N/A (3) | BBB- | 7,227,500 |
Principal Amount (000) | Description (1), (6) | Coupon | Maturity | Ratings (2) | Value | |||||||||||||||
Banks (continued) | ||||||||||||||||||||
$ | 2,100 | Nordea Bank Abp, 144A (4) | 6.625% | N/A (3) | BBB+ | $ | 2,095,186 | |||||||||||||
1,500 | Societe Generale SA, 144A (4) | 4.750% | N/A (3) | BB+ | 1,306,479 | |||||||||||||||
5,000 | Societe Generale SA, 144A (4) | 8.000% | N/A (3) | BB | 5,137,647 | |||||||||||||||
1,700 | Standard Chartered PLC, 144A (4) | 7.750% | N/A (3) | BBB- | 1,742,797 | |||||||||||||||
1,080 | Standard Chartered PLC, 144A | 6.000% | N/A (3) | BBB- | 1,071,499 | |||||||||||||||
1,660 | UniCredit SpA Reg S | 8.000% | N/A (3) | BB- | 1,608,789 | |||||||||||||||
106,686 | Total Banks | 105,642,503 | ||||||||||||||||||
Capital Markets – 8.7% | ||||||||||||||||||||
2,100 | Credit Suisse Group AG, 144A | 7.500% | N/A (3) | BB | 2,061,725 | |||||||||||||||
1,575 | Credit Suisse Group AG, 144A | 9.750% | N/A (3) | BB | 1,672,650 | |||||||||||||||
10,904 | Credit Suisse Group AG, 144A | 7.500% | N/A (3) | BB | 10,133,087 | |||||||||||||||
5,850 | Credit Suisse Group AG, 144A | 6.375% | N/A (3) | Ba2 | 4,943,250 | |||||||||||||||
6,800 | Deutsche Bank AG (4) | 6.000% | N/A (3) | BB- | 5,882,000 | |||||||||||||||
6,600 | UBS Group AG, 144A (4) | 4.875% | N/A (3) | BBB | 5,881,476 | |||||||||||||||
420 | UBS Group AG, 144A | 7.000% | N/A (3) | BBB | 427,615 | |||||||||||||||
12,305 | UBS Group AG Reg S | 6.875% | N/A (3) | BBB | 12,566,481 | |||||||||||||||
400 | UBS Group AG Reg S | 5.125% | N/A (3) | BBB | 381,471 | |||||||||||||||
46,954 | Total Capital Markets | 43,949,755 | ||||||||||||||||||
Total Contingent Capital Securities (cost $164,388,041) | 149,592,258 | |||||||||||||||||||
Shares | Description (1) | Coupon | Ratings (2) | Value | ||||||||||||||||
$25 PAR (OR SIMILAR) RETAIL PREFERRED – 29.2% (18.6% of Total Investments) | ||||||||||||||||||||
Banks – 6.0% | ||||||||||||||||||||
38,600 | CoBank ACB (7) | 6.200% | BBB+ | $ | 3,956,500 | |||||||||||||||
14,431 | CoBank ACB (7) | 6.250% | BBB+ | 1,446,708 | ||||||||||||||||
121,601 | Fifth Third Bancorp | 6.625% | Baa3 | 3,212,698 | ||||||||||||||||
62,700 | KeyCorp | 6.125% | Baa3 | 1,671,582 | ||||||||||||||||
208,766 | PNC Financial Services Group Inc | 6.849% | Baa2 | 5,275,517 | ||||||||||||||||
163,723 | Regions Financial Corp | 5.700% | Baa3 | 4,115,996 | ||||||||||||||||
168,058 | Regions Financial Corp | 6.375% | Baa3 | 4,473,704 | ||||||||||||||||
136,600 | Synovus Financial Corp | 5.875% | BB- | 3,492,862 | ||||||||||||||||
99,600 | Wintrust Financial Corp | 6.875% | BB | 2,639,400 | ||||||||||||||||
Total Banks | 30,284,967 | |||||||||||||||||||
Capital Markets – 4.9% | ||||||||||||||||||||
51,400 | Goldman Sachs Group Inc | 5.500% | BB+ | 1,289,112 | ||||||||||||||||
166,500 | Morgan Stanley | 7.125% | BBB- | 4,370,625 | ||||||||||||||||
122,800 | Morgan Stanley | 6.375% | BBB- | 3,251,744 | ||||||||||||||||
122,400 | Morgan Stanley | 6.875% | BBB- | 3,220,344 | ||||||||||||||||
66,000 | Morgan Stanley (7) | 6.500% | BBB- | 1,719,960 | ||||||||||||||||
433,584 | Morgan Stanley | 5.850% | BBB- | 11,134,437 | ||||||||||||||||
Total Capital Markets | 24,986,222 | |||||||||||||||||||
Diversified Financial Services – 1.9% | ||||||||||||||||||||
31,750 | AgriBank FCB (7) | 6.875% | BBB+ | 3,230,562 | ||||||||||||||||
261,000 | Voya Financial Inc | 5.350% | BBB- | 6,438,870 | ||||||||||||||||
Total Diversified Financial Services | 9,669,432 | |||||||||||||||||||
Food Products – 2.5% | ||||||||||||||||||||
157,200 | CHS Inc | 6.750% | N/R | 4,195,668 | ||||||||||||||||
315,300 | CHS Inc | 7.100% | N/R | 8,349,144 | ||||||||||||||||
300 | Dairy Farmers of America Inc, 144A (7) | 7.875% | BB+ | 29,720 | ||||||||||||||||
Total Food Products | 12,574,532 | |||||||||||||||||||
Insurance – 7.9% | ||||||||||||||||||||
180,150 | American Equity Investment Life Holding Co | 6.625% | BB | 4,628,053 | ||||||||||||||||
310,550 | American Equity Investment Life Holding Co | 5.950% | BB | 7,558,787 | ||||||||||||||||
340,200 | Aspen Insurance Holdings Ltd | 5.950% | BB+ | 8,232,840 | ||||||||||||||||
166,250 | Athene Holding Ltd | 6.375% | BBB | 4,379,025 | ||||||||||||||||
194,775 | Athene Holding Ltd | 6.350% | BBB | 5,223,866 |
NPFD | Nuveen Variable Rate Preferred & Income Fund (continued) | |
Portfolio of Investments July 31, 2022 |
Shares | Description (1) | Coupon | Ratings (2) | Value | ||||||||||||||||
Insurance (continued) | ||||||||||||||||||||
131,900 | Enstar Group Ltd | 7.000% | BBB- | $ | 3,202,532 | |||||||||||||||
188,600 | Reinsurance Group of America Inc | 5.750% | BBB+ | 4,950,750 | ||||||||||||||||
77,800 | Reinsurance Group of America Inc | 6.200% | BBB+ | 1,971,452 | ||||||||||||||||
Total Insurance | 40,147,305 | |||||||||||||||||||
Multi-Utilities – 0.2% | ||||||||||||||||||||
31,600 | NiSource Inc | 6.500% | BBB- | 843,088 | ||||||||||||||||
Oil, Gas & Consumable Fuels – 2.9% | ||||||||||||||||||||
51,100 | Energy Transfer LP | 7.600% | BB | 1,211,070 | ||||||||||||||||
176,668 | NuStar Energy LP | 8.769% | B2 | 4,231,199 | ||||||||||||||||
271,200 | NuStar Energy LP | 7.673% | B2 | 5,681,640 | ||||||||||||||||
154,289 | NuStar Logistics LP | 9.246% | B | 3,854,139 | ||||||||||||||||
Total Oil, Gas & Consumable Fuels | 14,978,048 | |||||||||||||||||||
Thrifts & Mortgage Finance – 1.9% | ||||||||||||||||||||
115,560 | Federal Agricultural Mortgage Corp | 6.000% | N/R | 3,411,909 | ||||||||||||||||
243,300 | New York Community Bancorp Inc | 6.375% | Ba2 | 6,369,594 | ||||||||||||||||
Total Thrifts & Mortgage Finance | 9,781,503 | |||||||||||||||||||
Trading Companies & Distributors – 1.0% | ||||||||||||||||||||
164,687 | Air Lease Corp | 6.150% | BB+ | 4,020,010 | ||||||||||||||||
43,800 | WESCO International Inc | 10.625% | B | 1,232,970 | ||||||||||||||||
Total Trading Companies & Distributors | 5,252,980 | |||||||||||||||||||
Total $25 Par (or similar) Retail Preferred (cost $160,024,352) | 148,518,077 | |||||||||||||||||||
Total Long-Term Investments (cost $876,730,281) | 791,624,511 | |||||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||||||||||||||||
SHORT-TERM INVESTMENTS – 0.9% (0.6% of Total Investments) | ||||||||||||||||||||
REPURCHASE AGREEMENTS – 0.9% (0.6% of Total Investments) | ||||||||||||||||||||
$ | 4,815 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 7/29/22, repurchase price $4,815,151, collateralized by $3,144,200, U.S Treasury Inflation Index Government Bond, 2.500%, due 1/15/29, value $4,911,339 | 0.450% | 8/01/22 | $ | 4,814,971 | ||||||||||||||
Total Short-Term Investments (cost $4,814,971) | 4,814,971 | |||||||||||||||||||
Total Investments (cost $881,545,252) – 156.5% | 796,439,482 | |||||||||||||||||||
Borrowings – (37.1)% (8), (9) | (188,600,000 | ) | ||||||||||||||||||
Reverse Repurchase Agreements, including accrued interest – (20.4)% (10) | (103,887,702 | ) | ||||||||||||||||||
Other Assets Less Liabilities – 1.0% (11) | 4,877,233 | |||||||||||||||||||
Net Assets Applicable to Common Shares – 100% | $ | 508,829,013 |
Description | Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
U.S. Treasury 5-Year Note | (493 | ) | 9/22 | $ | (55,890,599 | ) | $ | (56,067,196 | ) | $ | (176,597 | ) |
(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) | Perpetual security. Maturity date is not applicable. |
(4) | 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 $145,022,279 have been pledged as collateral for reverse repurchase agreements. |
(5) | Variable rate security. The rate shown is the coupon as of the end of the reporting period. |
(6) | 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. |
(7) | For fair value measurement disclosure purposes, investment classified as Level 2. |
(8) | Borrowings as a percentage of Total Investments is 23.7%. |
(9) | 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 $395,783,244 have been pledged as collateral for borrowings. |
(10) | Reverse Repurchase Agreements, including accrued interest as a percentage of Total investments is 13.0%. |
(11) | 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. |
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 |
RegS | 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. |
JPC | JPI | JPS | JPT | NPFD | ||||||||||||||||
Assets | ||||||||||||||||||||
Long-term investments, at value (cost $1,439,517,773, $781,162,580, $2,768,440,441, $144,534,066 and $876,730,281, respectively) | $ | 1,396,259,035 | $ | 756,907,774 | $ | 2,685,974,703 | $ | 138,761,143 | $ | 791,624,511 | ||||||||||
Short-term investments, at value (cost approximates value) | 4,813,498 | 4,622,286 | 31,360,397 | 194,673 | 4,814,971 | |||||||||||||||
Cash | 4,615,537 | — | 969,792 | 25 | — | |||||||||||||||
Cash collateral at brokers for investments in futures (1) | — | — | — | — | 689,898 | |||||||||||||||
Cash denominated in foreign currencies (cost $—, $—, $163, $— and $—, respectively) | — | — | 163 | — | — | |||||||||||||||
Unrealized appreciation on interest rate swaps | 2,520,950 | 941,418 | 5,265,234 | — | — | |||||||||||||||
Receivable for: | ||||||||||||||||||||
Dividends | 132,809 | 85,294 | 1,047,244 | 17,159 | 171,672 | |||||||||||||||
Interest | 18,461,052 | 9,704,790 | 35,256,590 | 1,917,246 | 10,020,159 | |||||||||||||||
Investments sold | 391,121 | — | — | — | — | |||||||||||||||
Reclaims | 49,905 | — | — | 1,843 | 28,877 | |||||||||||||||
Deferred offering costs | 187,362 | — | 198,422 | — | — | |||||||||||||||
Other assets | 360,668 | 82,734 | 929,601 | 6,370 | 5,367 | |||||||||||||||
Total assets | 1,427,791,937 | 772,344,296 | 2,761,002,146 | 140,898,459 | 807,355,455 | |||||||||||||||
Liabilities | ||||||||||||||||||||
Cash overdraft | — | 116,096 | — | — | — | |||||||||||||||
Cash collateral due to broker | 2,825,673 | 1,055,181 | 5,305,638 | — | — | |||||||||||||||
Borrowings | 423,400,000 | 216,000,000 | 499,300,000 | 47,000,000 | 188,600,000 | |||||||||||||||
Reverse repurchase agreements, including accrued interest | 102,318,630 | 65,189,978 | 275,588,867 | — | 103,887,702 | |||||||||||||||
Unrealized depreciation on interest rate swaps | 249,556 | — | 595,246 | — | — | |||||||||||||||
Payable for: | ||||||||||||||||||||
Dividends | 5,467,089 | 2,937,935 | 8,857,764 | 543,727 | 3,334,099 | |||||||||||||||
Investments purchased – regular settlement | 6,969,222 | 1,575,000 | — | 290,000 | 1,650,000 | |||||||||||||||
Offering costs | — | — | 576,102 | — | — | |||||||||||||||
Variation margin on futures contracts | — | — | — | — | 3,852 | |||||||||||||||
Taxable Fund Preferred (“TFP”) Shares, net of deferred offering costs (liquidation preference $—, $—, $ 270,000,000, $— and $—, respectively) | — | — | 268,930,316 | — | — | |||||||||||||||
Accrued expenses: | ||||||||||||||||||||
Interest | 886,725 | 453,254 | 1,277,098 | 9,561 | 324,799 | |||||||||||||||
Management fees | 953,633 | 537,538 | 1,730,357 | 68,216 | 611,339 | |||||||||||||||
Trustees fees | 342,811 | 67,357 | 658,247 | 6,328 | 8,282 | |||||||||||||||
Shelf offering costs | 40,772 | — | 41,761 | — | — | |||||||||||||||
Other | 275,788 | 169,839 | 443,953 | 69,280 | 106,369 | |||||||||||||||
Total liabilities | 543,729,899 | 288,102,178 | 1,063,305,349 | 47,987,112 | 298,526,442 | |||||||||||||||
Commitments and contingencies (as disclosed in Note 8) | ||||||||||||||||||||
Net assets applicable to common shares | $ | 884,062,038 | $ | 484,242,118 | $ | 1,697,696,797 | $ | 92,911,347 | $ | 508,829,013 | ||||||||||
Common shares outstanding | 105,069,232 | 22,772,419 | 205,710,932 | 4,391,624 | 24,164,141 | |||||||||||||||
Net asset value (“NAV”) per common share outstanding | $ | 8.41 | $ | 21.26 | $ | 8.25 | $ | 21.16 | $ | 21.06 | ||||||||||
Net assets applicable to common shares consist of: | ||||||||||||||||||||
Common shares, $0.01 par value per share | $ | 1,050,692 | $ | 227,724 | $ | 2,057,109 | $ | 43,916 | $ | 241,641 | ||||||||||
Paid-in-surplus | 1,049,253,894 | 537,875,526 | 1,877,845,371 | 111,065,215 | 603,829,711 | |||||||||||||||
Total distributable earnings (loss) | (166,242,548 | ) | (53,861,132 | ) | (182,205,683 | ) | (18,197,784 | ) | (95,242,339 | ) | ||||||||||
Net assets applicable to common shares | $ | 884,062,038 | $ | 484,242,118 | $ | 1,697,696,797 | $ | 92,911,347 | $ | 508,829,013 | ||||||||||
Authorized shares: | ||||||||||||||||||||
Common | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited | |||||||||||||||
Preferred | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited |
(1) | Cash pledged to collateralize the net payment obligations for investments in derivatives. |
JPC | JPI | JPS | JPT | NPFD (1) | ||||||||||||||||
Investment Income | ||||||||||||||||||||
Dividends | $ | 22,544,081 | $ | 10,352,481 | $ | 21,322,198 | $ | 2,606,099 | $ | 5,071,899 | ||||||||||
Interest | 66,182,397 | 36,656,466 | 136,024,336 | 6,997,733 | 16,451,030 | |||||||||||||||
Rehypothecation income | 74,994 | 68,003 | 255,820 | — | — | |||||||||||||||
Total investment income | 88,801,472 | 47,076,950 | 157,602,354 | 9,603,832 | 21,522,929 | |||||||||||||||
Expenses | ||||||||||||||||||||
Management fees | 12,434,968 | 7,008,448 | 23,760,225 | 1,565,270 | 4,441,428 | |||||||||||||||
Interest expense and amortization of offering costs | 6,937,616 | 3,692,626 | 13,603,119 | 560,206 | 2,456,257 | |||||||||||||||
Liquidity fees | — | — | 130,623 | — | — | |||||||||||||||
Remarketing fees | — | — | 13,500 | — | — | |||||||||||||||
Custodian fees | 181,605 | 106,131 | 339,879 | 30,157 | 72,529 | |||||||||||||||
Trustees fees | 46,100 | 24,892 | 89,440 | 10,417 | 22,004 | |||||||||||||||
Professional fees | 141,601 | 78,050 | 231,570 | 124,905 | 56,239 | |||||||||||||||
Shareholder reporting expenses | 149,909 | 69,325 | 296,493 | 25,920 | 19,687 | |||||||||||||||
Shareholder servicing agent fees | 2,241 | 648 | 4,802 | 1,398 | 108 | |||||||||||||||
Stock exchange listing fees | 30,670 | 7,211 | 60,279 | 7,175 | — | |||||||||||||||
Investor relations expenses | 49,508 | 27,521 | 101,871 | 6,214 | 22,860 | |||||||||||||||
Other | 27,380 | 15,607 | 34,331 | 10,514 | 3,085 | |||||||||||||||
Total expenses before expense reimbursement | 20,001,598 | 11,030,459 | 38,666,132 | 2,342,176 | 7,094,197 | |||||||||||||||
Expense reimbursement | — | — | — | (254,914 | ) | — | ||||||||||||||
Net expenses | 20,001,598 | 11,030,459 | 38,666,132 | 2,087,262 | 7,094,197 | |||||||||||||||
Net investment income (loss) | 68,799,874 | 36,046,491 | 118,936,222 | 7,516,570 | 14,428,732 | |||||||||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investments and foreign currency | (14,551,968 | ) | (2,694,347 | ) | 10,651,214 | (1,075,211 | ) | (5,398,457 | ) | |||||||||||
Futures contracts | 1,713,691 | 1,612,854 | — | 265,502 | 985,489 | |||||||||||||||
Swaps | (5,165,009 | ) | (2,649,333 | ) | (10,105,705 | ) | — | — | ||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Investments and foreign currency | (170,838,823 | ) | (99,769,575 | ) | (393,846,791 | ) | (19,958,013 | ) | (85,105,770 | ) | ||||||||||
Futures contracts | 896,503 | 844,887 | — | 138,551 | (176,597 | ) | ||||||||||||||
Swaps | 29,067,374 | 8,472,981 | 54,965,989 | — | — | |||||||||||||||
Net realized and unrealized gain (loss) | (158,878,232 | ) | (94,182,533 | ) | (338,335,293 | ) | (20,629,171 | ) | (89,695,335 | ) | ||||||||||
Net increase (decrease) in net assets applicable to common shares from operations | $ | (90,078,358 | ) | $ | (58,136,042 | ) | $ | (219,399,071 | ) | $ | (13,112,601 | ) | $ | (75,266,603 | ) |
(1) | For the period December 15, 2021 (commencement of operations) through July 31, 2022. |
JPC | JPI | |||||||||||||||
Year Ended 7/31/22 | Year Ended 7/31/21 | Year Ended 7/31/22 | Year Ended 7/31/21 | |||||||||||||
Operations | ||||||||||||||||
Net investment income (loss) | $ | 68,799,874 | | $ | 69,111,496 | $ | 36,046,491 | | $ | 37,498,387 | ||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments and foreign currency | | (14,551,968 | ) | 8,606,310 | | (2,694,347 | ) | 8,849,056 | ||||||||
Futures contracts | | 1,713,691 | | 1,062,326 | | 1,612,854 | | 976,904 | ||||||||
Swaps | | (5,165,009 | ) | (6,217,126 | ) | | (2,649,333 | ) | (2,991,949 | ) | ||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments and foreign currency | | (170,838,823 | ) | 90,072,375 | | (99,769,575 | ) | 54,551,734 | ||||||||
Futures contracts | | 896,503 | | (526,263 | ) | | 844,887 | | (506,715 | ) | ||||||
Swaps | | 29,067,374 | | 15,312,751 | | 8,472,981 | | 3,970,105 | ||||||||
Net increase (decrease) in net assets applicable to common shares from operations | | (90,078,358 | ) | 177,421,869 | | (58,136,042 | ) | 102,347,522 | ||||||||
Distributions to Common Shareholders | ||||||||||||||||
Dividends | | (66,660,132 | ) | (65,752,057 | ) | | (35,659,439 | ) | (35,645,968 | ) | ||||||
Decrease in net assets applicable to common shares from distributions to common shareholders | | (66,660,132 | ) | (65,752,057 | ) | | (35,659,439 | ) | (35,645,968 | ) | ||||||
Capital Share Transactions | ||||||||||||||||
Common shares: | ||||||||||||||||
Proceeds from shelf offering, net of offering costs | 11,703,948 | 4,757,224 | — | — | ||||||||||||
Proceeds from sale of shares | — | — | — | — | ||||||||||||
Net proceeds from shares issued to shareholders due to reinvestment of distributions | 382,390 | 93,796 | | 154,363 | | 122,141 | ||||||||||
Cost of shares repurchased and retired through tender offer | — | — | — | — | ||||||||||||
Net increase (decrease) in net assets applicable to common shares from capital share transactions | 12,086,338 | 4,851,020 | | 154,363 | | 122,141 | ||||||||||
Net increase (decrease) in net assets applicable to common shares | | (144,652,152 | ) | 116,520,832 | | (93,641,118 | ) | 66,823,695 | ||||||||
Net assets applicable to common shares at the beginning of period | $ | 1,028,714,190 | | $ | 912,193,358 | $ | 577,883,236 | | $ | 511,059,541 | ||||||
Net assets applicable to common shares at the end of period | $ | 884,062,038 | | $ | 1,028,714,190 | $ | 484,242,118 | | $ | 577,883,236 |
JPS | JPT | |||||||||||||||
Year Ended 7/31/22 | Year Ended 7/31/21 | Year Ended 7/31/22 | Year Ended 7/31/21 | |||||||||||||
Operations | ||||||||||||||||
Net investment income (loss) | $ | 118,936,222 | | $ | 127,664,148 | $ | 7,516,570 | | $ | 8,952,095 | ||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments and foreign currency | | 10,651,214 | | 19,722,013 | | (1,075,211 | ) | 771,145 | ||||||||
Futures contracts | — | — | | 265,502 | | 232,378 | ||||||||||
Swaps | | (10,105,705 | ) | (11,669,868 | ) | — | — | |||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments and foreign currency | | (393,846,791 | ) | 131,150,023 | | (19,958,013 | ) | 14,886,835 | ||||||||
Futures contracts | — | — | | 138,551 | | (54,008 | ) | |||||||||
Swaps | | 54,965,989 | | 28,742,497 | — | — | ||||||||||
Net increase (decrease) in net assets applicable to common shares from operations | | (219,399,071 | ) | 295,608,813 | | (13,112,601 | ) | 24,788,445 | ||||||||
Distributions to Common Shareholders | ||||||||||||||||
Dividends | | (121,278,321 | ) | (123,552,214 | ) | | (8,310,452 | ) | (9,728,671 | ) | ||||||
Decrease in net assets applicable to common shares from distributions to common shareholders | | (121,278,321 | ) | (123,552,214 | ) | | (8,310,452 | ) | (9,728,671 | ) | ||||||
Capital Share Transactions | ||||||||||||||||
Common shares: | ||||||||||||||||
Proceeds from shelf offering, net of offering costs | 9,114,000 | 9,215,446 | — | — | ||||||||||||
Proceeds from sale of shares | — | — | — | — | ||||||||||||
Net proceeds from shares issued to shareholders due to reinvestment of distributions | 287,954 | 466,698 | 54,398 | 118,396 | ||||||||||||
Cost of shares repurchased and retired through tender offer | — | — | (57,097,582 | ) | — | |||||||||||
Net increase (decrease) in net assets applicable to common shares from capital share transactions | 9,401,954 | 9,682,144 | | (57,043,184 | ) | 118,396 | ||||||||||
Net increase (decrease) in net assets applicable to common shares | | (331,275,438 | ) | 181,738,743 | | (78,466,237 | ) | 15,178,170 | ||||||||
Net assets applicable to common shares at the beginning of period | $ | 2,028,972,235 | | $ | 1,847,233,492 | $ | 171,377,584 | | $ | 156,199,414 | ||||||
Net assets applicable to common shares at the end of period | $ | 1,697,696,797 | | $ | 2,028,972,235 | $ | 92,911,347 | | $ | 171,377,584 |
NPFD | ||||
For the period 12/15/2021 (commencement of operations) through 7/31/2022 | ||||
Operations | ||||
Net investment income (loss) | $ | 14,428,732 | ||
Net realized gain (loss) from: | ||||
Investments and foreign currency | (5,398,457 | ) | ||
Futures contracts | 985,489 | |||
Swaps | — | |||
Change in net unrealized appreciation (depreciation) of: | ||||
Investments and foreign currency | (85,105,770 | ) | ||
Futures contracts | (176,597 | ) | ||
Swaps | — | |||
Net increase (decrease) in net assets applicable to common shares from operations | (75,266,603 | ) | ||
Distributions to Common Shareholders | ||||
Dividends | (20,007,909 | ) | ||
Decrease in net assets applicable to common shares from distributions to common shareholders | (20,007,909 | ) | ||
Capital Share Transactions | ||||
Common shares: | ||||
Proceeds from shelf offering, net of offering costs | — | |||
Proceeds from sale of shares | 604,003,525 | |||
Net proceeds from shares issued to shareholders due to reinvestment of distributions | — | |||
Cost of shares repurchased and retired through tender offer | — | |||
Net increase (decrease) in net assets applicable to common shares from capital share transactions | 604,003,525 | |||
Net increase (decrease) in net assets applicable to common shares | 508,729,013 | |||
Net assets applicable to common shares at the beginning of period | $ | 100,000 | ||
Net assets applicable to common shares at the end of period | $ | 508,829,013 |
JPC | JPI | JPS | JPT | NPFD (1) | ||||||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||||||
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations | $ | (90,078,358 | ) | $ | (58,136,042 | ) | $ | (219,399,071 | ) | $ | (13,112,601 | ) | $ | (75,266,603 | ) | |||||
Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from operations to net cash provided by (used in) operating activities: | ||||||||||||||||||||
Purchases of investments | (1,065,218,624 | ) | (76,350,812 | ) | (341,330,102 | ) | (60,041,463 | ) | (957,552,596 | ) | ||||||||||
Proceeds from sales and maturities of investments | 1,088,424,268 | 85,146,382 | 440,401,303 | 116,802,842 | 68,477,715 | |||||||||||||||
Proceeds from (Purchase of) short-term investments, net | 19,933,857 | (2,369,571 | ) | 3,298,646 | 533,888 | (4,814,971 | ) | |||||||||||||
Proceeds from litigation settlement | 223,196 | — | 237,302 | — | — | |||||||||||||||
Taxes paid | — | — | — | (529 | ) | (32,173 | ) | |||||||||||||
Amortization (Accretion) of premiums and discounts, net | 3,668,317 | 2,843,590 | 11,330,148 | 1,056,898 | 6,978,316 | |||||||||||||||
Amortization of deferred offering costs | — | — | 20,316 | — | — | |||||||||||||||
(Increase) Decrease in: | ||||||||||||||||||||
Receivable for dividends | 94,200 | 4,754 | (25,219 | ) | 3,040 | (171,672 | ) | |||||||||||||
Receivable for interest | (1,230,690 | ) | (16,190 | ) | 3,170,807 | 172,853 | (10,020,159 | ) | ||||||||||||
Receivable for investments sold | (391,121 | ) | — | 196,740 | — | — | ||||||||||||||
Receivable for reclaims | 42 | 39 | — | (1,843 | ) | (28,877 | ) | |||||||||||||
Receivable for shares sold | 563,167 | — | 1,541,350 | — | — | |||||||||||||||
Other assets | 43,553 | (5,746 | ) | (149,856 | ) | (6,126 | ) | (5,367 | ) | |||||||||||
Increase (Decrease) in: | ||||||||||||||||||||
Payable for Investments purchased – regular settlement | (464,661 | ) | (2,774,033 | ) | (24,683,125 | ) | (770,000 | ) | 1,650,000 | |||||||||||
Payable for offering costs | — | — | 576,102 | — | — | |||||||||||||||
Payable for variation margin on futures contracts | (77,344 | ) | (72,891 | ) | — | (11,953 | ) | 3,852 | ||||||||||||
Accrued management fees | (147,238 | ) | (84,286 | ) | (398,224 | ) | (89,818 | ) | 611,339 | |||||||||||
Accrued interest | 686,393 | 427,965 | 1,050,368 | 7,417 | 810,501 | |||||||||||||||
Accrued Trustees fees | (56,315 | ) | (7,693 | ) | (107,089 | ) | 4,639 | 8,282 | ||||||||||||
Accrued shelf offering costs | (24,244 | ) | — | (5,826 | ) | — | — | |||||||||||||
Accrued other expenses | (56,733 | ) | (37,709 | ) | (94,184 | ) | (27,962 | ) | 106,369 | |||||||||||
Net realized (gain) loss from investments and foreign currency | 14,551,968 | 2,694,347 | (10,651,214 | ) | 1,075,211 | 5,398,457 | ||||||||||||||
Change in net unrealized (appreciation) depreciation of: | ||||||||||||||||||||
Investments and foreign currency | 170,838,823 | 99,769,575 | 393,846,791 | 19,958,013 | 85,105,770 | |||||||||||||||
Swaps | (29,067,374 | ) | (8,472,981 | ) | (54,965,989 | ) | — | — | ||||||||||||
Net cash provided by (used in) operating activities | 112,215,082 | 42,558,698 | 203,859,974 | 65,552,506 | (878,741,817 | ) | ||||||||||||||
Cash Flow from Financing Activities: | ||||||||||||||||||||
Proceeds from TFP shares issued, at liquidation preference | — | — | 270,000,000 | — | — | |||||||||||||||
Proceeds from borrowings | 10,700,000 | 1,200,000 | — | — | 210,200,000 | |||||||||||||||
(Repayments of) borrowings | (50,000,000 | ) | (20,000,000 | ) | (374,000,000 | ) | — | (21,600,000 | ) | |||||||||||
Proceeds from reverse repurchase agreements | 3,500,000 | 8,500,000 | — | — | 120,000,000 | |||||||||||||||
(Repayments of) reverse repurchase agreements | (22,400,000 | ) | — | — | — | (16,598,000 | ) | |||||||||||||
Proceeds from shelf offering, net of offering costs | 11,705,923 | — | 9,114,930 | — | — | |||||||||||||||
Proceeds from sale of shares | 604,003,525 | |||||||||||||||||||
(Payments for) deferred offering costs | — | — | (1,090,000 | ) | — | — | ||||||||||||||
Increase (Decrease) in cash overdraft | — | 116,096 | — | (34,712 | ) | — | ||||||||||||||
Increase (Decrease) in cash collateral due to broker | 2,825,673 | 1,055,181 | 5,305,638 | — | — | |||||||||||||||
Cash distributions paid to common shareholders | (66,209,883 | ) | (35,509,936 | ) | (122,350,431 | ) | (8,505,212 | ) | (16,673,810 | ) | ||||||||||
Cost of common shares repurchased and retired through tender offer | — | — | — | (57,097,582 | ) | — | ||||||||||||||
Net cash provided by (used in) financing activities | (109,878,287 | ) | (44,638,659 | ) | (213,019,863 | ) | (65,637,506 | ) | 879,331,715 | |||||||||||
Net Increase (Decrease) in Cash, cash denominated in foreign currencies and Cash Collateral at Brokers | 2,336,795 | (2,079,961 | ) | (9,159,889 | ) | (85,000 | ) | 589,898 | ||||||||||||
Cash, cash denominated in foreign currencies and cash collateral at brokers at the beginning of period | 2,278,742 | 2,079,961 | 10,129,844 | 85,025 | 100,000 | |||||||||||||||
Cash, cash denominated in foreign currencies and cash collateral at brokers at the end of period | $ | 4,615,537 | $ | — | $ | 969,955 | $ | 25 | $ | 689,898 |
JPC | JPI | JPS | JPT | NPFD (1) | ||||||||||||||||
Cash | $ | 4,615,537 | $ | — | $ | 969,792 | $ | 25 | $ | — | ||||||||||
Cash denominated in foreign currencies | — | — | 163 | — | — | |||||||||||||||
Cash collateral at brokers for investments in futures | — | — | — | — | 689,898 | |||||||||||||||
Total cash, cash denominated in foreign currencies and cash collateral at brokers | $ | 4,615,537 | $ | — | $ | 969,955 | $ | 25 | $ | 689,898 | ||||||||||
Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||
Cash paid for interest (excluding amortization of offering costs) | $ | 6,247,880 | $ | 3,250,862 | $ | 12,541,706 | $ | 552,268 | $ | 1,645,756 | ||||||||||
Non-cash financing activities not included herein consists of reinvestments of common share distributions | 382,390 | 154,363 | 287,954 | 54,398 | — |
(1) | For the period December 15, 2021 (commencement of operations) through July 31, 2022. |
Investment Operations | Less Distributions to Common Shareholders | Common Share | ||||||||||||||||||||||||||||||||||||||||||||||
Beginning Common Share NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Return of Capital | Total | Premium from Shares Sold through Shelf Offering | Shelf Offering Costs | Ending NAV | Ending Share Price | |||||||||||||||||||||||||||||||||||||
JPC | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 7/31: | ||||||||||||||||||||||||||||||||||||||||||||||||
2022 | $ | 9.91 | $ | 0.66 | $ | (1.52 | ) | $ | (0.86 | ) | $ | (0.64 | ) | $ | — | $ | — | $ | (0.64 | ) | $ | — | * | $ | — | * | $ | 8.41 | $ | 8.20 | ||||||||||||||||||
2021 | 8.83 | 0.67 | 1.05 | 1.72 | (0.64 | ) | — | — | (0.64 | ) | — | * | — | * | 9.91 | 10.00 | ||||||||||||||||||||||||||||||||
2020 | 10.14 | 0.65 | (1.26 | ) | (0.61 | ) | (0.68 | ) | — | (0.02 | ) | (0.70 | ) | — | — | 8.83 | 8.81 | |||||||||||||||||||||||||||||||
2019 | 10.16 | 0.70 | 0.01 | 0.71 | (0.70 | ) | — | (0.03 | ) | (0.73 | ) | — | — | 10.14 | 9.91 | |||||||||||||||||||||||||||||||||
2018 | 10.87 | 0.76 | (0.70 | ) | 0.06 | (0.77 | ) | — | — | * | (0.77 | ) | — | — | 10.16 | 9.44 | ||||||||||||||||||||||||||||||||
JPI | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 7/31: | ||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 25.38 | 1.58 | (4.13 | ) | (2.55 | ) | (1.57 | ) | — | — | (1.57 | ) | — | — | 21.26 | 20.51 | ||||||||||||||||||||||||||||||||
2021 | 22.45 | 1.65 | 2.85 | 4.50 | (1.57 | ) | — | — | (1.57 | ) | — | — | 25.38 | 26.26 | ||||||||||||||||||||||||||||||||||
2020 | 24.67 | 1.59 | (2.20 | ) | (0.61 | ) | (1.57 | ) | — | (0.04 | ) | (1.61 | ) | — | — | 22.45 | 22.20 | |||||||||||||||||||||||||||||||
2019 | 24.39 | 1.64 | 0.27 | 1.91 | (1.61 | ) | — | (0.02 | ) | (1.63 | ) | — | — | 24.67 | 24.27 | |||||||||||||||||||||||||||||||||
2018 | 25.97 | 1.66 | (1.55 | ) | 0.11 | (1.62 | ) | — | (0.07 | ) | (1.69 | ) | — | — | 24.39 | 23.13 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized. |
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. |
Common Share Supplemental Data/ Ratios Applicable to Common Shares | ||||||||||||||||||||||
Common Share Total Returns | Ratios to Average Net Assets(c) | |||||||||||||||||||||
Based on NAV(b) | Based on Share Price(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | |||||||||||||||||
(9.05 | )% | (11.91 | )% | $ | 884,062 | 2.06 | % | 7.10 | % | 71 | % | |||||||||||
19.93 | 21.55 | 1,028,714 | 1.81 | 7.02 | 23 | |||||||||||||||||
(6.16 | ) | (4.12 | ) | 912,193 | 2.50 | 6.87 | 32 | |||||||||||||||
7.48 | 13.52 | 1,047,925 | 3.04 | 7.10 | 23 | |||||||||||||||||
0.57 | (3.76 | ) | 1,049,894 | 2.59 | 7.19 | 29 | ||||||||||||||||
(10.41 | ) | (16.35 | ) | 484,242 | 2.06 | 6.75 | 9 | |||||||||||||||
20.54 | 26.22 | 577,883 | 1.76 | 6.79 | 23 | |||||||||||||||||
(2.50 | ) | (1.93 | ) | 511,060 | 2.34 | 6.75 | 34 | |||||||||||||||
8.29 | 12.79 | 561,523 | 2.72 | 6.90 | 27 | |||||||||||||||||
0.37 | (1.40 | ) | 555,058 | 2.22 | 6.56 | 26 |
(c) • | Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to borrowings and/or reverse repurchase agreements (as described in Note 9 – Borrowing Arrangements and Reverse Repurchase Agreements, where applicable. |
• | Each ratio includes the effect of all interest expenses paid and other costs related to borrowings and/or reverse repurchase agreements, where applicable, as follows: |
Ratios of Interest Expense to Average Net Assets Applicable to Common Shares | ||||
JPC | ||||
Year Ended 7/31: | ||||
2022 | 0.72 | % | ||
2021 | 0.49 | |||
2020 | 1.17 | |||
2019 | 1.73 | |||
2018 | 1.29 |
Ratios of Interest Expense to Average Net Assets Applicable to Common Shares | ||||
JPI | ||||
Year Ended 7/31: | ||||
2022 | 0.69 | % | ||
2021 | 0.44 | |||
2020 | 1.01 | |||
2019 | 1.43 | |||
2018 | 0.97 |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
* | Value rounded to zero. |
Investment Operations | Less Distributions to Common Shareholders | Common Share | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Common Share NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Return of Capital | Total | Discount Per Share Repurchased and Retired | Shelf Offering Costs | Premium from Shares Sold through Shelf Offering | Ending NAV | Ending Share Price | ||||||||||||||||||||||||||||||||||||||||
JPS | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 7/31: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | $ | 9.91 | $ | 0.58 | $ | (1.65 | ) | $ | (1.07 | ) | $ | (0.59 | ) | $ | — | | $ | — | $ | (0.59 | ) | $ | — | $ | — | * | $ | — | * | $ | 8.25 | $ | 7.77 | |||||||||||||||||||
2021 | 9.06 | 0.63 | 0.83 | 1.46 | (0.61 | ) | — | — | (0.61 | ) | — | — | * | — | * | 9.91 | 10.02 | |||||||||||||||||||||||||||||||||||
2020 | 9.84 | 0.63 | (0.76 | ) | (0.13 | ) | (0.60 | ) | — | (0.05 | ) | (0.65 | ) | — | — | — | 9.06 | 9.07 | ||||||||||||||||||||||||||||||||||
2019 | 9.73 | 0.66 | 0.12 | 0.78 | (0.66 | ) | — | (0.01 | ) | (0.67 | ) | — | * | — | — | 9.84 | 9.79 | |||||||||||||||||||||||||||||||||||
2018 | 10.39 | 0.69 | (0.62 | ) | 0.07 | (0.73 | ) | — | — | (0.73 | ) | — | — | — | 9.73 | 8.94 | ||||||||||||||||||||||||||||||||||||
JPT | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 7/31: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 25.04 | 1.30 | (3.68 | ) | (2.38 | ) | | (1.50 | ) | — | — | | (1.50 | ) | — | — | — | 21.16 | 20.26 | |||||||||||||||||||||||||||||||||
2021 | 22.84 | 1.31 | 2.31 | 3.62 | (1.42 | ) | — | — | (1.42 | ) | — | — | — | 25.04 | 25.45 | |||||||||||||||||||||||||||||||||||||
2020 | 24.24 | 1.29 | (1.27 | ) | 0.02 | (1.42 | ) | — | — | (1.42 | ) | — | — | — | 22.84 | 23.20 | ||||||||||||||||||||||||||||||||||||
2019 | 23.89 | 1.36 | 0.41 | 1.77 | (1.42 | ) | — | — | (1.42 | ) | — | — | — | 24.24 | 23.90 | |||||||||||||||||||||||||||||||||||||
2018 | 25.62 | 1.44 | (1.66 | ) | (0.22 | ) | (1.51 | ) | — | — | (1.51 | ) | — | — | — | 23.89 | 23.17 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized. |
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. |
Common Share Supplemental Data/ Ratios Applicable to Common Shares | ||||||||||||||||||||||||||
Common Share Total Returns | Ratios to Average Net Assets(c) | |||||||||||||||||||||||||
Based on NAV(b) | Based on Share Price(b) | Ending Net Assets (000) | Expenses Before Reimbursement | Expenses After Reimbursement(d) | Net Investment Income (Loss)(d) | Portfolio Turnover Rate(e) | ||||||||||||||||||||
(11.16 | )% | (17.04 | )% | $ | 1,697,697 | 2.06 | % | N/A | % | 6.33 | % | 12 | % | |||||||||||||
16.45 | 17.75 | 2,028,972 | 1.78 | N/A | 6.51 | 14 | ||||||||||||||||||||
(1.29 | ) | (0.59 | ) | 1,847,233 | 2.44 | N/A | 6.73 | 24 | ||||||||||||||||||
8.53 | 18.01 | 2,004,447 | 3.02 | N/A | 6.91 | 16 | ||||||||||||||||||||
0.66 | (6.43 | ) | 1,982,910 | 2.48 | N/A | 6.77 | 13 | |||||||||||||||||||
(9.81 | ) | (14.88 | ) | 92,911 | 1.72 | 1.53 | 5.33 | 34 | ||||||||||||||||||
16.25 | 16.33 | 171,378 | 1.37 | N/A | 5.42 | 28 | ||||||||||||||||||||
0.15 | 3.18 | 156,199 | 1.71 | N/A | 5.52 | 22 | ||||||||||||||||||||
7.76 | 9.78 | 165,623 | 2.00 | N/A | 5.83 | 26 | ||||||||||||||||||||
(0.84 | ) | (2.36 | ) | 163,238 | 1.77 | N/A | 5.82 | 28 |
(c) • | Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares (as described in Note 5 – Fund Shares) and/or borrowings and/or reverse repurchase agreements (as described in Note 9 – Borrowing Arrangements and Reverse Repurchase Agreements, where applicable. |
• | Each ratio includes the effect of all interest expenses paid and other costs related to preferred shares and/or borrowings and/or reverse repurchase agreements, where applicable, as follows: |
Ratios of Interest Expense to Average Net Assets Applicable to Common Shares | ||||
JPS | ||||
Year Ended 7/31: | ||||
2022 | 0.73 | % | ||
2021 | 0.49 | |||
2020 | 1.14 | |||
2019 | 1.73 | |||
2018 | 1.22 |
Ratios of Interest Expense to Average Net Assets Applicable to Common Shares | ||||
JPT | ||||
Year Ended 7/31: | ||||
2022 | 0.41 | % | ||
2021 | 0.22 | |||
2020 | 0.55 | |||
2019 | 0.83 | |||
2018 | 0.60 |
(d) | During the fiscal year ended July 31, 2022, the Adviser voluntarily reimbursed JPT for certain expenses incurred in connection with its restructuring. See Note 7-Management Fees for more information. |
(e) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
N/A | Fund does not/did not have a contractual reimbursement with the Adviser. |
* | Value rounded to zero. |
Investment Operations | Less Distributions to Common Shareholders | Common Share | ||||||||||||||||||||||||||||||||||
Beginning Common Share NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | Ending Share Price | ||||||||||||||||||||||||||||
NPFD | ||||||||||||||||||||||||||||||||||||
Year Ended 7/31: | ||||||||||||||||||||||||||||||||||||
2022(e) | $ | 25.00 | $ | 0.61 | $ | (3.72 | ) | $ | (3.11 | ) | $ | (0.83 | ) | $ | — | $ | (0.83 | ) | $ | 21.06 | $ | 19.98 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized. |
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. |
Common Share Supplemental Data/ Ratios Applicable to Common Shares | ||||||||||||||||||||||
Common Share Total Returns | Ratios to Average Net Assets(c) | |||||||||||||||||||||
Based on NAV(b) | Based on Share Price(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | |||||||||||||||||
(12.48 | )% | (16.77 | )% | $ | 508,829 | 2.13 | %* | 4.33 | %* | 14 | % |
(c) • | Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to borrowings and/or reverse repurchase agreements (as described in Note 9 – Borrowing Arrangements and Reverse Repurchase Agreements, where applicable. |
• | Each ratio includes the effect of all interest expenses paid and other costs related to borrowings and/or reverse repurchase agreements, where applicable, as follows: |
NPFD | Ratios of Interest Expense to Average Net Assets Applicable to Common Shares | |||
Year Ended 7/31: | ||||
2022(e) | 0.74 | %* |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
(e) | For the period December 15, 2021 (commencement of operations) through July 31, 2022. |
* | Annualized. |
Borrowings | TFP Shares | Borrowings, and/or TFP Shares | ||||||||||||||||||
Aggregate Amount Outstanding (000)(a) | Asset Coverage Per $1,000 Share(b) | Aggregate Amount Outstanding (000)(a) | Asset Coverage Per $1,000 Share(b) | Asset Coverage Per $1 Liquidation Preference | ||||||||||||||||
JPC | ||||||||||||||||||||
Year Ended 7/31: | ||||||||||||||||||||
2022 | $ | 423,400 | $ | 3,088 | $ | — | $ | — | $ | — | ||||||||||
2021 | 462,700 | 3,223 | — | — | — | |||||||||||||||
2020 | 400,000 | 3,280 | — | — | — | |||||||||||||||
2019 | 455,000 | 3,303 | — | — | — | |||||||||||||||
2018 | 437,000 | 3,403 | — | — | — | |||||||||||||||
JPI | ||||||||||||||||||||
Year Ended 7/31: | ||||||||||||||||||||
2022 | 216,000 | 3,242 | — | — | — | |||||||||||||||
2021 | 234,800 | 3,461 | — | — | — | |||||||||||||||
2020 | 200,000 | 3,555 | — | — | — | |||||||||||||||
2019 | 210,000 | 3,674 | — | — | — | |||||||||||||||
2018 | 225,000 | 3,467 | — | — | — | |||||||||||||||
JPS | ||||||||||||||||||||
Year Ended 7/31: | ||||||||||||||||||||
2022 | 499,300 | 4,402 | 270,000 | 3,208 | 3.21 | |||||||||||||||
2021 | 873,300 | 3,323 | — | — | — | |||||||||||||||
2020 | 740,300 | 3,495 | — | — | — | |||||||||||||||
2019 | 853,300 | 3,349 | — | — | — | |||||||||||||||
2018 | 845,300 | 3,346 | — | — | — | |||||||||||||||
JPT | ||||||||||||||||||||
Year Ended 7/31: | ||||||||||||||||||||
2022 | 47,000 | 2,977 | — | — | — | |||||||||||||||
2021 | 47,000 | 4,646 | — | — | — | |||||||||||||||
2020 | 37,300 | 5,188 | — | — | — | |||||||||||||||
2019 | 42,500 | 4,897 | — | — | — | |||||||||||||||
2018 | 42,500 | 4,841 | — | — | — | |||||||||||||||
NPFD | ||||||||||||||||||||
Year Ended 7/31: | ||||||||||||||||||||
2022(c) | 188,600 | 3,698 | — | — | — |
(a) | Aggregate Amount Outstanding: Aggregate amount outstanding represents the principal amount outstanding or liquidation preference as of the end of the relevant fiscal year. |
(b) | Asset Coverage Per $1,000: Asset coverage per $1,000 is calculated by subtracting the Fund’s liabilities and indebtedness not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s senior securities representing indebtedness then outstanding (if applicable,) plus the aggregate of the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result by 1,000. |
(c) | For the period December 15, 2021 (commencement of operations) through July 31, 2022. |
• | 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) |
• | 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. |
• | Beginning February 8, 2022 the Adviser is waiving 50% of the Fund’s net management fees, which will continue over the first year following the elimination of the term. |
JPC | Value | % of Total Investments | ||||||
Country: | ||||||||
United Kingdom | $ | 170,831,831 | 12.2 | % | ||||
Switzerland | 106,329,701 | 7.6 | ||||||
France | 73,782,647 | 5.3 | ||||||
Spain | 33,104,134 | 2.4 | ||||||
Netherlands | 30,355,138 | 2.2 | ||||||
Canada | 28,303,874 | 2.0 | ||||||
Australia | 24,017,904 | 1.7 | ||||||
Germany | 21,467,951 | 1.5 | ||||||
Ireland | 19,470,421 | 1.4 | ||||||
Bermuda | 15,330,265 | 1.1 | ||||||
Other | 30,966,854 | 2.1 | ||||||
Total non-U.S. securities | $ | 553,960,720 | 39.5 | % | ||||
JPI | ||||||||
Country: | ||||||||
United Kingdom | $ | 94,668,491 | 12.4 | % | ||||
Switzerland | 57,428,184 | 7.6 | ||||||
France | 41,094,185 | 5.4 | ||||||
Spain | 17,738,815 | 2.3 | ||||||
Netherlands | 17,050,504 | 2.3 | ||||||
Canada | 16,675,627 | 2.2 | ||||||
Australia | 16,277,846 | 2.2 | ||||||
Germany | 12,352,939 | 1.6 | ||||||
Bermuda | 9,425,452 | 1.2 | ||||||
Ireland | 9,267,482 | 1.2 | ||||||
Other | 18,505,416 | 2.4 | ||||||
Total non-U.S. securities | $ | 310,484,941 | 40.8 | % | ||||
JPS | ||||||||
Country: | ||||||||
United Kingdom | $ | 310,690,572 | 11.4 | % | ||||
France | 280,875,525 | 10.3 | ||||||
Switzerland | 244,300,042 | 9.0 | ||||||
Finland | 80,322,082 | 3.0 | ||||||
Spain | 57,193,331 | 2.1 | ||||||
Canada | 44,259,505 | 1.6 | ||||||
Netherlands | 35,821,948 | 1.3 | ||||||
Norway | 33,885,432 | 1.3 | ||||||
Australia | 33,025,145 | 1.2 | ||||||
Japan | 30,847,685 | 1.1 | ||||||
Other | 82,534,702 | 3.1 | ||||||
Total non-U.S. securities | $ | 1,233,755,969 | 45.4 | % |
JPT | Value | % of Total Investments | ||||||
Country: | ||||||||
United Kingdom | $ | 16,358,888 | 11.8 | % | ||||
Switzerland | 10,431,660 | 7.5 | ||||||
France | 8,065,019 | 5.8 | ||||||
Spain | 3,110,593 | 2.2 | ||||||
Ireland | 3,106,324 | 2.2 | ||||||
Germany | 3,101,128 | 2.2 | ||||||
Netherlands | 3,059,974 | 2.2 | ||||||
Canada | 3,021,443 | 2.2 | ||||||
Australia | 2,574,696 | 1.9 | ||||||
Bermuda | 2,282,323 | 1.6 | ||||||
Other | 2,577,814 | 1.9 | ||||||
Total non-U.S. securities | $ | 57,689,862 | 41.5 | % | ||||
NPFD | ||||||||
Country: | ||||||||
United Kingdom | $ | 67,711,139 | 8.5 | % | ||||
Canada | 38,414,194 | 4.8 | ||||||
Switzerland | 38,067,756 | 4.8 | ||||||
France | 26,456,541 | 3.3 | ||||||
Ireland | 18,033,149 | 2.3 | ||||||
Australia | 16,204,202 | 2.0 | ||||||
Spain | 11,605,914 | 1.5 | ||||||
Netherlands | 10,974,541 | 1.4 | ||||||
Bermuda | 8,232,840 | 1.0 | ||||||
Other | 18,318,704 | 2.3 | ||||||
Total non-U.S. securities | $ | 254,018,980 | 31.9 | % |
Level 1 – | Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. | |
Level 2 – | Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.). | |
Level 3 – | Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
JPC | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Long-Term Investments*: | ||||||||||||||||
$1,000 Par (or similar) Institutional Preferred | $ | — | $ | 692,587,126 | $ | — | $ | 692,587,126 | ||||||||
Contingent Capital Securities | — | 448,246,983 | — | 448,246,983 | ||||||||||||
$25 Par (or similar) Retail Preferred | 192,942,422 | 56,666,704 | ** | — | 249,609,126 | |||||||||||
Corporate Bonds | — | 5,815,800 | — | 5,815,800 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Repurchase Agreements | — | 4,813,498 | — | 4,813,498 | ||||||||||||
Investments in Derivatives: | ||||||||||||||||
Interest Rate Swaps*** | — | 2,271,394 | — | 2,271,394 | ||||||||||||
Total | $ | 192,942,422 | $ | 1,210,401,505 | $ | — | $ | 1,403,343,927 | ||||||||
JPI | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Long-Term Investments*: | ||||||||||||||||
$1,000 Par (or similar) Institutional Preferred | $ | — | $ | 361,970,645 | $ | — | $ | 361,970,645 | ||||||||
Contingent Capital Securities | — | 247,315,148 | — | 247,315,148 | ||||||||||||
$25 Par (or similar) Retail Preferred | 104,441,839 | 39,715,878 | ** | — | 144,157,717 | |||||||||||
Corporate Bonds | — | 3,464,264 | — | 3,464,264 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Repurchase Agreements | — | 4,622,286 | — | 4,622,286 | ||||||||||||
Investments in Derivatives: | ||||||||||||||||
Interest Rate Swaps*** | — | 941,418 | — | 941,418 | ||||||||||||
Total | $ | 104,441,839 | $ | 658,029,639 | $ | — | $ | 762,471,478 | ||||||||
JPS | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Long-Term Investments*: | ||||||||||||||||
$1,000 Par (or similar) Institutional Preferred | $ | — | $ | 1,341,131,122 | $ | — | $ | 1,341,131,122 | ||||||||
Contingent Capital Securities | — | 922,396,327 | — | 922,396,327 | ||||||||||||
$25 Par (or similar) Retail Preferred | 247,078,257 | 47,072,568 | ** | — | 294,150,825 | |||||||||||
Corporate Bonds | — | 79,151,805 | — | 79,151,805 | ||||||||||||
Convertible Preferred Securities | 29,677,696 | — | — | 29,677,696 | ||||||||||||
Investment Companies | 19,466,928 | — | — | 19,466,928 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Repurchase Agreements | — | 31,360,397 | — | 31,360,397 | ||||||||||||
Investments in Derivatives: | ||||||||||||||||
Interest Rate Swaps*** | — | 4,669,988 | — | 4,669,988 | ||||||||||||
Total | $ | 296,222,881 | $ | 2,425,782,207 | $ | — | $ | 2,722,005,088 |
JPT | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Long-Term Investments*: | ||||||||||||||||
$1,000 Par (or similar) Institutional Preferred | $ | — | $ | 69,764,067 | $ | — | $ | 69,764,067 | ||||||||
Contingent Capital Securities | — | 41,709,974 | — | 41,709,974 | ||||||||||||
$25 Par (or similar) Retail Preferred | 18,515,493 | 5,166,081 | ** | — | 23,681,574 | |||||||||||
Corporate Bonds | — | 3,605,528 | — | 3,605,528 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Repurchase Agreements | — | 194,673 | — | 194,673 | ||||||||||||
Total | $ | 18,515,493 | $ | 120,440,323 | $ | — | $ | 138,955,816 | ||||||||
NPFD | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Long-Term Investments*: | ||||||||||||||||
$1,000 Par (or similar) Institutional Preferred | $ | — | $ | 493,514,176 | $ | — | $ | 493,514,176 | ||||||||
Contingent Capital Securities | — | 149,592,258 | — | 149,592,258 | ||||||||||||
$25 Par (or similar) Retail Preferred | 138,134,627 | 10,383,450 | ** | — | 148,518,077 | |||||||||||
Short-Term Investments: | ||||||||||||||||
Repurchase Agreements | — | 4,814,971 | — | 4,814,971 | ||||||||||||
Investments in Derivatives: | ||||||||||||||||
Futures Contracts*** | (176,597 | ) | — | — | (176,597 | ) | ||||||||||
Total | $ | 137,958,030 | $ | 658,304,855 | $ | — | $ | 796,262,885 |
* | Refer to the Fund’s Portfolio of Investments for industry classifications, when applicable. |
** | Refer to the Fund’s Portfolio of Investments for securities classified as Level 2. |
*** | Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments. |
Fund | Counterparty | Short-Term Investments, at Value | Collateral Pledged (From) Counterparty | |||||||
JPC | Fixed Income Clearing Corporation | $ | 4,813,498 | $ | (4,909,777 | ) | ||||
JPI | Fixed Income Clearing Corporation | 4,622,286 | (4,714,836 | ) | ||||||
JPS | Fixed Income Clearing Corporation | 31,360,397 | (31,987,750 | ) | ||||||
JPT | Fixed Income Clearing Corporation | 194,673 | (198,690 | ) | ||||||
NPFD | Fixed Income Clearing Corporation | 4,814,971 | (4,911,339 | ) |
JPC | JPI | JPS | JPT | NPFD | ||||||||||||||||
Purchases | $ | 1,065,218,624 | $ | 76,350,812 | $ | 341,330,102 | $ | 60,041,463 | $ | 957,552,596 | ||||||||||
Sales and maturities | 1,088,424,268 | 85,146,382 | 440,401,303 | 116,802,842 | 68,477,715 |
JPC | JPI | JPT | NPFD | |||||||||||||
Average notional amount of futures contracts outstanding* | 42,314,452 | 39,843,544 | 6,483,945 | �� | 57,733,465 |
* | The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of the current fiscal period and at the end of each quarter within the current fiscal period. |
Location on the Statement of Assets and Liabilities | ||||||||||||||||
Underlying Risk Exposure | Derivative Instrument | Asset Derivatives | (Liability) Derivatives | |||||||||||||
Location | Value | Location | Value | |||||||||||||
NPFD | ||||||||||||||||
Interest rate | Futures contracts | — | $ | — | Payable for variation margin on futures contracts* | $ | (176,597 | ) |
* | Value represents the cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Fund’s Portfolio of Investments and not the daily asset and/or liability derivative location as described in the table above. |
Fund | Underlying Risk Exposure | Derivative Instrument | Net Realized Gain (Loss) from Futures Contracts | Change in Net Unrealized Appreciation (Depreciation) of Futures Contracts | ||||||||
JPC | Interest rate | Futures contracts | $ | 1,713,691 | $ | 896,503 | ||||||
JPI | Interest rate | Futures contracts | 1,612,854 | 844,887 | ||||||||
JPT | Interest rate | Futures contracts | 265,502 | 138,551 | ||||||||
NPFD | Interest rate | Futures contracts | 985,489 | (176,597 | ) |
JPC | JPI | JPS | ||||||||||
Average notional amount of interest rate swap contracts outstanding* | $ | 325,500,000 | $ | 157,000,000 | $ | 611,000,000 |
* | The average notional amount is calculated based on the outstanding notional at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period. |
Location on the Statement of Assets and Liabilities | ||||||||||||||||||
Underlying Risk Exposure | Derivative Instrument | Asset Derivatives | (Liability) Derivatives | |||||||||||||||
Location | Value | Location | Value | |||||||||||||||
JPC | ||||||||||||||||||
Interest rate | Swaps (OTC Uncleared) | Unrealized appreciation on interest rate swaps** | $ | 2,520,950 | Unrealized depreciation on interest rate swaps** | $ | (249,556 | ) | ||||||||||
JPI | ||||||||||||||||||
Interest rate | Swaps (OTC Uncleared) | Unrealized appreciation on interest rate swaps** | $ | 941,418 | Unrealized depreciation on interest rate swaps** | $ | �� | |||||||||||
JPS | ||||||||||||||||||
Interest rate | Swaps (OTC Uncleared) | Unrealized appreciation on interest rate swaps** | $ | 5,265,234 | Unrealized depreciation on interest rate swaps** | $ | (595,246 | ) |
** | Some swap contracts require a counterparty to pay or receive a premium, which is disclosed in the Statement of Assets and Liabilities, when applicable, and is not reflected in the cumulative unrealized appreciation (depreciation) presented above. |
Fund | Counterparty | Gross Unrealized Appreciation on Interest Rate Swaps*** | Gross Unrealized (Depreciation) on Interest Rate Swaps*** | Net Unrealized Appreciation (Depreciation) on Interest Rate Swaps | Collateral Pledged to (from) Counterparty | Net Exposure | ||||||||||||||||
JPC | Morgan Stanley Capital Services LLC | $ | 2,520,950 | $ | (249,556 | ) | $ | 2,271,394 | $ | (2,837,189 | ) | $ | 565,795 | |||||||||
JPI | Morgan Stanley Capital Services LLC | 941,418 | — | 941,418 | (1,056,099 | ) | 114,681 | |||||||||||||||
JPS | Morgan Stanley Capital Services LLC | 5,265,234 | (595,246 | ) | 4,669,988 | (5,327,201 | ) | 657,213 |
*** | Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund’s Portfolio of Investments. |
Fund | Underlying Risk Exposure | Derivative Instrument | Net Realized Gain (Loss) from Swaps | Change in Net Unrealized Appreciation (Depreciation) of Swaps | ||||||||
JPC | Interest rate | Swaps | $ | (5,165,009 | ) | $ | 29,067,374 | |||||
JPI | Interest rate | Swaps | (2,649,333 | ) | 8,472,981 | |||||||
JPS | Interest rate | Swaps | (10,105,705 | ) | 54,965,989 |
JPT | ||||
Number of common shares outstanding before tender offer | 6,846,241 | |||
Number of common shares authorized for tender offer | 2,454,617 | |||
Purchase price (100% of share NAV on expiration date) | $ | 23.2613 | ||
Number of common shares outstanding after tender offer | 4,391,624 |
JPC | JPS | |||||||||||||||
Year Ended 7/31/2022 | Year Ended 7/31/21* | Year Ended 7/31/2022 | Year Ended 7/31/2021 | |||||||||||||
Maximum aggregate offering | Unlimited | Unlimited | Unlimited | Unlimited | ||||||||||||
Common shares sold | 1,185,860 | 480,154 | 921,252 | 932,349 | ||||||||||||
Offering proceeds, net of offering costs | $ | 11,703,948 | $ | 4,757,224 | $ | 9,114,000 | $ | 9,215,446 |
* | For the period March 19, 2021 through July 31, 2021. |
JPC | JPI | JPS | JPT | NPFD* | ||||||||||||||||||||||||||||||||
Year Ended 7/31/22 | Year Ended 7/31/21 | Year Ended 7/31/22 | Year Ended 7/31/21 | Year Ended 7/31/22 | Year Ended 7/31/21 | Year Ended 7/31/22 | Year Ended 7/31/21 | For the period 12/15/2021 commencement of operations) through 7/31/22 | ||||||||||||||||||||||||||||
Common shares: | ||||||||||||||||||||||||||||||||||||
Sold through shelf offering | 1,185,860 | 480,154 | — | — | 921,252 | 932,349 | — | — | — | |||||||||||||||||||||||||||
Sold | — | — | — | — | — | — | — | — | 24,160,141 | |||||||||||||||||||||||||||
Repurchased and retired through tender offer | — | — | — | — | — | — | (2,454,617 | ) | — | — | ||||||||||||||||||||||||||
Issued to shareholders due to reinvestment of distributions | 38,614 | 9,455 | 6,156 | 4,872 | 29,125 | 48,338 | 2,174 | 4,887 | — | |||||||||||||||||||||||||||
Total | 1,224,474 | 489,609 | 6,156 | 4,872 | 950,377 | 980,687 | (2,452,443 | ) | 4,887 | 24,160,141 | ||||||||||||||||||||||||||
Weighted average common share: | ||||||||||||||||||||||||||||||||||||
Premium to NAV per shelf offering sold | 1.18 | % | 1.08 | % | — | — | 1.16 | % | 1.12 | % | — | — | — | |||||||||||||||||||||||
Tender offer: | ||||||||||||||||||||||||||||||||||||
Price per common share | — | — | — | — | — | — | $ | 23.26 | — | — | ||||||||||||||||||||||||||
Discount per common share | — | — | — | — | — | — | 0.00 | % | — | — |
* | Prior to the commencement of operations, the Adviser purchased 4,000 shares, which are still held as of the end of the reporting period. |
• | Variable Rate Mode (“VRM”) – Dividends for TFP Shares designated in this mode are based upon a short-term index plus an additional fixed “spread” amount established at the time of issuance or renewal / conversion of its mode. At the end of the period of the mode, the Fund will be required to either extend the term of the mode, designate an alternative mode or redeem the TFP Shares. |
• | Variable Rate Demand Mode (“VRDM”) – Dividends for TFP Shares designated in this mode will be established by a remarketing agent; therefore, the market value of the TFP Shares is expected to approximate its liquidation preference. While in this mode, shares will have an unconditional liquidity feature that enable its shareholders to require a liquidity provider, which each Fund has entered into a contractual agreement, to purchase shares in the event that the shares are not able to be successfully remarketed. In the event that shares within this mode are unable to be successfully remarketed and are purchased by the liquidity provider, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the shares. Each Fund is required to redeem any shares that are still owned by a liquidity provider after six months of continuous, unsuccessful remarketing. |
Fund | Series | Shares Outstanding | Liquidation Preference | Term Redemption Date | Mode | |||||||||||||||
JPS | A | 270,000 | $ | 270,000,000 | July 1, 2032 | VRDM |
JPS* | ||||
Average liquidation preference of TFP Shares outstanding | $ | 270,000,000 | ||
Annualized dividend rate | 2.27 | % |
* | For the period July 14, 2022 (first issuance date of shares) through July 31, 2022. |
Year Ended July 31, 2022 | ||||||||||||
JPS | Series | Shares | Amount | |||||||||
TFP Shares issued | A | 270,000 | $ | 270,000,000 |
Fund | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | ||||||||||||
JPC | $ | 1,457,498,286 | $ | 12,491,268 | $ | (66,645,627 | ) | $ | (54,154,359 | ) | ||||||
JPI | 791,190,369 | 8,857,986 | (37,576,877 | ) | (28,718,891 | ) | ||||||||||
JPS | 2,809,073,773 | 41,859,264 | (128,927,949 | ) | (87,068,685 | ) | ||||||||||
JPT | 145,207,041 | 943,674 | (7,194,899 | ) | (6,251,225 | ) | ||||||||||
NPFD | 886,286,051 | 446,869 | (90,470,035 | ) | (90,023,166 | ) |
Fund | Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Unrealized Appreciation (Depreciation) | Capital Loss Carryforwards | Late-Year Loss Deferrals | Other Book-to-Tax Differences | Total | |||||||||||||||||||
JPC | $ 4,295,389 | $ | — | $ | (54,156,995 | ) | $ | (111,151,957 | ) | $ | — | $ | (5,228,985 | ) | $ | (166,242,548 | ) | |||||||||
JPI | 1,493,449 | — | (28,718,891 | ) | (23,811,514 | ) | — | (2,824,176 | ) | (53,861,132 | ) | |||||||||||||||
JPS | 2,451,794 | — | (87,068,685 | ) | (89,493,764 | ) | — | (8,095,028 | ) | (182,205,683 | ) | |||||||||||||||
JPT | 206,075 | — | (6,251,225 | ) | (11,601,485 | ) | — | (551,149 | ) | (18,197,784 | ) | |||||||||||||||
NPFD | 2,850,698 | — | (90,023,166 | ) | (4,735,220 | ) | — | (3,334,651 | ) | (95,242,339 | ) |
7/31/22 | 7/31/21 | |||||||||||||||||||
Fund | Ordinary Income | Long-Term Capital Gains | Ordinary Income | Long-Term Capital Gains | ||||||||||||||||
JPC | $ | 66,660,132 | $ | — | $ | 65,752,057 | $ | — | ||||||||||||
JPI | 35,659,439 | — | 35,645,968 | — | ||||||||||||||||
JPS | 121,278,321 | — | 123,552,214 | — | ||||||||||||||||
JPT | 8,310,452 | — | 9,728,671 | — | ||||||||||||||||
NPFD | 20,007,909 | — | — | — |
Fund | Short-Term | Long-Term | Total | |||||||||
JPC | $ | 45,557,568 | $ | 65,594,389 | $ | 111,151,957 | ||||||
JPI | 11,051,618 | 12,759,896 | 23,811,514 | |||||||||
JPS | 12,058,682 | 77,435,082 | 89,493,764 | |||||||||
JPT | 2,833,013 | 8,768,472 | 11,601,485 | |||||||||
NPFD | 4,735,220 | — | 4,735,220 |
Fund | Utilized | |||
JPC | $ | — | ||
JPI | — | |||
JPS | 1,539,145 | |||
JPT | — | |||
NPFD | — |
Fund-Level Average Daily Managed Assets | JPC | JPI | JPS | JPT | NPFD | |||||||||||||||
For the first $500 million | 0.6800 | % | 0.7000 | % | 0.7000 | % | 0.7000 | % | 0.7500 | % | ||||||||||
For the next $500 million | 0.6550 | 0.6750 | 0.6750 | 0.6750 | 0.7250 | |||||||||||||||
For the next $500 million | 0.6300 | 0.6500 | 0.6500 | 0.6500 | 0.7000 | |||||||||||||||
For the next $500 million | 0.6050 | 0.6250 | 0.6250 | 0.6250 | 0.6750 | |||||||||||||||
For managed assets over $2 billion | 0.5800 | 0.6000 | 0.6000 | 0.6000 | 0.6500 |
Complex-Level Eligible Asset Breakpoint Level* | Effective Complex-Level Fee Rate at Breakpoint Level | |||
$55 billion | 0.2000 | % | ||
$56 billion | 0.1996 | |||
$57 billion | 0.1989 | |||
$60 billion | 0.1961 | |||
$63 billion | 0.1931 | |||
$66 billion | 0.1900 | |||
$71 billion | 0.1851 | |||
$76 billion | 0.1806 | |||
$80 billion | 0.1773 | |||
$91 billion | 0.1691 | |||
$125 billion | 0.1599 | |||
$200 billion | 0.1505 | |||
$250 billion | 0.1469 | |||
$300 billion | 0.1445 |
* | For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and closed-end funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011, but do not include certain assets of certain Nuveen funds that were reorganized into funds advised by an affiliate of the Adviser during the 2019 calendar year. As of July 31, 2022, the complex-level fee rate for each Fund was 0.1562%. |
JPC | JPI | JPS | JPT | NPFD | ||||||||||||||||
Maximum commitment amount | $ | 485,000,000 | $ | 255,000,000 | $ | 560,000,000 | $ | 47,000,000 | $ | 250,000,000 |
JPC | JPI | JPS | JPT | NPFD | ||||||||||||||||
Outstanding balance on Borrowings | $ | 423,400,000 | $ | 216,000,000 | $ | 499,300,000 | $ | 47,000,000 | $ | 188,600,000 |
JPC | JPI | JPS | JPT | NPFD 1 | ||||||||||||||||
Utilization period | 365 | 365 | 365 | 365 | 202 | |||||||||||||||
Average daily balance outstanding | $ | 455,111,644 | $ | 231,129,315 | $ | 829,047,945 | $ | 47,000,000 | $ | 197,116,832 | ||||||||||
Average annual interest rate | 1.23 | % | 1.23 | % | 1.20 | % | 1.19 | % | 1.37 | % | ||||||||||
1 For the period January 11, 2022 (inital draw) through July 31, 2022. |
JPC | JPI | JPS | ||||||||||
Hypothecated Securities | $ | 378,989,172 | $ | 197,806,164 | $ | 389,505,910 |
JPC | JPI | JPS | ||||||||||
Rehypothecation Fees | $ | 74,994 | $ | 68,003 | $ | 255,820 |
Fund | Counterparty | Rate | Principal Amount | Maturity* | Value | Value and Accrued Interest | ||||||||||||||
JPC | BNP Paribas | OBFR + 0.80% | $ | (102,100,000 | ) | N/A | $ | (102,100,000 | ) | $ | (102,318,630 | ) | ||||||||
JPI | BNP Paribas | OBFR + 0.80% | (65,000,000 | ) | N/A | (65,000,000 | ) | (65,189,978 | ) | |||||||||||
JPS | BNP Paribas | OBFR + 0.80% | (275,000,000 | ) | N/A | (275,000,000 | ) | (275,588,867 | ) | |||||||||||
NPFD | Royal Bank of Canada | 1.900% | (103,402,000 | ) | 8/4/22 | (103,402,000 | ) | (103,887,702 | ) |
* | The Fund may repurchase the reverse repurchase agreement prior to the maturity date and/or counterparty may accelerate maturity upon pre-specified advance notice. |
JPC | JPI | JPS | NPFD 2 | |||||||||||||
Utilization period (days outstanding) | 365 | 365 | 365 | 208 | ||||||||||||
Average daily balance outstanding | $ | (115,558,630 | ) | $ | (64,426,301 | ) | $ | (275,000,000 | ) | $ | (107,266,712 | ) | ||||
Average annual interest rate | 1.16 | % | 1.28 | % | 1.21 | % | 1.58 | % | ||||||||
2 For the period January 5, 2022 (initial purchase of reverse repurchase agreements) through July 31, 2022. |
Fund | Counterparty | Reverse Repurchase Agreements** | Collateral Pledged to Counterparty | |||||||
JPC | BNP Paribas | $ | (102,318,630 | ) | $ | 255,549,076 | ||||
JPI | BNP Paribas | (65,189,978 | ) | 157,389,618 | ||||||
JPS | BNP Paribas | (275,588,867 | ) | 707,100,826 | ||||||
NPFD | Royal Bank of Canada | (103,887,702 | ) | 145,022,279 |
** | Represents gross value and accrued interest for the counterparty as reported in the preceding table. |
• | The Fund will invest at least 50% of its Managed Assets in securities rated investment grade (BBB/Baa and above) at the time of investment. Investment grade quality securities are those securities that, at the time of investment, are (i) rated by at least one nationally recognized statistical rating organization (“NRSRO”) within the four highest grades (Baa or BBB or better by Moody’s Investors Service, Inc. (“Moody’s”), Standard & Poor’s Corporation, a division of The McGraw-Hill Companies (“S&P”), or Fitch Ratings (“Fitch”)), or are unrated but judged to be of comparable quality. |
• | The Fund will invest more than 25% of its Managed Assets in the securities of companies principally engaged in financial services. |
• | The Fund is not limited in the amount of its investments in non-U.S. issuers. The Fund may invest up to 10% of its Managed Assets innon-U.S. dollar-denominated securities. The Fund may invest up to 5% of its Managed Assets in preferred securities issued by companies located in emerging market countries. |
• | The Fund may invest up to 20% of its Managed Assets in securities issued by federal, state and local governments and U.S. government agencies. |
• | The Fund invests at least 50% of its Managed Assets in securities rated investment grade (BBB-/Baa3 or higher) at the time of purchase. A security is considered to have the highest rating assigned to it by a rating agency or, in the case of an unrated security, to have the same rating as rated securities judged by the Fund’ssub-adviser to be of comparable quality. |
• | The Fund may invest up to 10% of its Managed Assets in securities rated below B-/B3 at the time of purchase. |
• | The Fund may invest up to 10% of its Managed Assets in securities of issuers in emerging market countries. |
• | The Fund will invest 100% of its Managed Assets in U.S. dollar denominated securities. |
• | The Fund may invest up to 10% of its total assets in securities of other open- or closed-end investment companies (including ETFs) that invest primarily in securities of the types in which the Fund may invest directly. |
• | The Fund will invest at least 50% of its Managed Assets in securities rated investment grade (BBB/Baa and above) at the time of investment. Investment grade quality securities are those securities that, at the time of investment, are rated by at least one NRSRO within the four highest grades (Baa or BBB or better by Moody’s, S&P, or Fitch), or are unrated but judged to be of comparable quality by the Fund’s investment adviser or sub-adviser. The Fund may invest in securities of below investment grade quality, commonly referred to as “high yield” or “junk” bonds, which are regarded as having predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal when due, and they are more susceptible to default or decline in market value due to adverse economic and business developments than investment grade securities. |
• | The Fund will invest more than 25% of its Managed Assets in the securities of companies principally engaged in financial services. |
• | The Fund may invest without limit in U.S. dollar denominated securities of foreign issuers. |
• | The Fund, in implementing its hedging strategies, may enter into futures transactions with a notional principal amount that will not exceed 35% of its Managed Assets, and may invest in options on futures the purchase of which will not exceed 0.5% of its Managed Assets in any calendar quarter. |
• | The Fund’s levered effective duration may vary over time based on market conditions, but as a matter of policy the Fund’s levered effective duration will not exceed six years. Levered effective duration” takes into account the effects of leverage and optional call provisions of the securities in the Fund’s portfolio. |
• | The Fund may invest without limit in below investment grade securities (BB+/Ba1 or lower); however, the Fund may invest no more than 10% of its Managed Assets in securities rated below B-/B3 at the time of purchase, which may include distressed securities. A security is considered to have the highest rating assigned to it by a rating agency or, in the case of an unrated security, to have the same rating as rated securities judged by the Fund’ssub-adviser to be of comparable quality. |
• | The Fund will not invest in defaulted securities or in the securities of an issuer that is in bankruptcy or insolvency proceedings, however the Fund may hold investments that at the time of purchase are not in default or involved in bankruptcy or insolvency proceedings, but may later become so, and the Fund is under no obligation to sell or dispose of such securities should their solvency change. |
• | The Fund may invest up to 40% of its Managed Assets in securities issued by companies located anywhere in the world outside of the U.S.; however, the Fund may invest no more than 10% of its Managed Assets in securities of issuers in emerging market countries. |
• | The Fund will only invest in U.S. dollar denominated securities. |
• | The security is converted to common equity; |
• | The investor is forced to assume a temporary writedown of the security’s value; and |
• | The investor is forced to assume a permanent writedown of the security’s value. |
• | The Fund will invest at least 50% of its Managed Assets (as defined below) in securities that are rated investment grade or are unrated but judged to be of comparable quality by the Fund’s subadviser. |
• | The Fund may invest up to 20% of its Managed Assets in contingent capital securities or contingent convertible securities (sometimes referred to as “CoCos”). |
• | The Fund may invest up to 15% of its Managed Assets in companies located in emerging market countries. |
• | The Fund will only invest in U.S. dollar denominated securities. |
• | The Fund will invest more than 25% of its Managed Assets in the securities of companies principally engaged in the financial services sector. |
• | The security is converted to common equity; |
• | The investor is forced to assume a temporary writedown of the security’s value; and |
• | The investor is forced to assume a permanent writedown of the security’s value. |
Risk | 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) | ||||||||||||||||||||
Portfolio Level Risks | |||||||||||||||||||||||||
Asset-Backed Securities (“ABS”) Risk | — | — | — | — | X | ||||||||||||||||||||
Below Investment Grade Risk | X | X | X | X | X | ||||||||||||||||||||
Call Risk | X | X | X | X | X | ||||||||||||||||||||
Collateralized Mortgage-Backed Securities (“CMBS”) and Mortgage-Backed Securities (“MBS”) Risk | — | — | — | — | X | ||||||||||||||||||||
Common Stock Risk | X | X | X | X | — | ||||||||||||||||||||
Concentration and Financial Services Sector Risk | X | X | X | X | X | ||||||||||||||||||||
Contingent Capital Securities (“CoCos”) Risk | X | X | X | X | X | ||||||||||||||||||||
Convertible Securities Risk | X | X | X | X | X | ||||||||||||||||||||
Credit Risk | X | X | X | X | X | ||||||||||||||||||||
Credit Spread Risk | X | X | X | X | X | ||||||||||||||||||||
Debt Securities Risk | X | X | X | X | X | ||||||||||||||||||||
Defaulted and Distressed Securities Risk | — | — | — | X | — | ||||||||||||||||||||
Deflation Risk | X | X | X | X | X | ||||||||||||||||||||
Derivatives Risk | X | X | X | X | X | ||||||||||||||||||||
Duration Risk | X | X | X | X | X | ||||||||||||||||||||
Emerging Markets Risk | X | X | X | X | X | ||||||||||||||||||||
Equity Securities Risk | — | — | — | — | X | ||||||||||||||||||||
Financial Futures and Options Transactions Risk | X | X | X | X | X | ||||||||||||||||||||
Floating-Rate and Fixed-to-Floating | X | X | X | X | — | ||||||||||||||||||||
Foreign Currency Risk | X | — | X | — | — | ||||||||||||||||||||
Hedging Risk | X | X | X | X | X | ||||||||||||||||||||
Illiquid Investments Risk | X | X | X | X | X | ||||||||||||||||||||
Income Risk | X | X | X | X | X | ||||||||||||||||||||
Inflation Risk | X | X | X | X | X | ||||||||||||||||||||
Inflation Correlation Risk | X | X | X | X | X | ||||||||||||||||||||
Interest Rate Risk | X | X | X | X | X | ||||||||||||||||||||
Inverse Floating Rate Securities Risk | — | — | — | — | X | ||||||||||||||||||||
LIBOR Floor Risk | X | X | X | X | X | ||||||||||||||||||||
LIBOR Replacement Risk | X | X | X | X | X | ||||||||||||||||||||
Loan Risk | — | — | — | — | X | ||||||||||||||||||||
Municipal Securities Market Liquidity Risk | — | X | — | X | X | ||||||||||||||||||||
Municipal Securities Market Risk | — | X | — | X | X | ||||||||||||||||||||
Non-U.S. Securities Risk | X | X | X | X | X | ||||||||||||||||||||
Other Investment Companies Risk | X | X | X | X | X |
Risk | 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) | ||||||||||||||||||||
Preferred and Hybrid Preferred Securities Risk | X | X | X | X | X | ||||||||||||||||||||
Reinvestment Risk | X | X | X | X | X | ||||||||||||||||||||
Senior Loan Risk | — | — | — | — | X | ||||||||||||||||||||
Sovereign Government and Supranational Debt Risk | — | — | — | — | X | ||||||||||||||||||||
Swap Transactions Risk | X | X | X | X | X | ||||||||||||||||||||
Unrated Securities Risk | X | X | X | X | X | ||||||||||||||||||||
U.S. Government Securities Risk | X | X | X | X | X | ||||||||||||||||||||
Valuation Risk | X | X | X | X | X | ||||||||||||||||||||
Warrants and Equity Securities Risk | X | X | X | X | — | ||||||||||||||||||||
When-Issued and Delayed-Delivery Transactions | X | X | X | X | X | ||||||||||||||||||||
Zero Coupon Bonds Risk | X | X | X | X | — | ||||||||||||||||||||
Fund Level and Other Risks | |||||||||||||||||||||||||
Anti-Takeover Provisions | X | X | X | X | X | ||||||||||||||||||||
Borrowing Risk | X | X | X | X | X | ||||||||||||||||||||
Counterparty Risk | X | X | X | X | X | ||||||||||||||||||||
Cybersecurity Risk | X | X | X | X | X | ||||||||||||||||||||
Global Economic Risk | X | X | X | X | X | ||||||||||||||||||||
Investment and Market Risk | X | X | X | X | X | ||||||||||||||||||||
Legislation and Regulatory Risk | X | X | X | X | X | ||||||||||||||||||||
Leverage Risk | X | X | X | X | X | ||||||||||||||||||||
Limited Term Risk | — | X | — | — | — | ||||||||||||||||||||
Market Discount from Net Asset Value | X | X | X | X | X | ||||||||||||||||||||
Recent Market Conditions | X | X | X | X | X | ||||||||||||||||||||
Reverse Repurchase Agreement Risk | X | X | X | X | X | ||||||||||||||||||||
Tax Risk | X | X | X | X | X |
• | financial services companies may suffer a setback if regulators change the rules under which they operate, which may increase costs for or limit the ability to offer new services or products and make it difficult to pass increased costs on to consumers; |
• | unstable interest rates can have a disproportionate effect on the financial services sector; |
• | financial services companies whose securities the Fund may purchase may themselves have concentrated portfolios, such as a high level of loans to real estate developers, which makes them vulnerable to economic conditions that affect that sector; and |
• | financial services companies have been affected by increased competition, which could adversely affect the profitability or viability of such companies. |
• | If the Fund has a need for cash and the securities in a special purpose trust are not actively traded due to adverse market conditions; |
• | If special purpose trust sponsors (as a collective group or individually) experience financial hardship and consequently seek to terminate their respective outstanding special purpose trusts; and |
• | If the value of an underlying security declines significantly and if additional collateral has not been posted by the Fund. |
• | Limited Voting Rights Risk. |
• | Special Redemption Rights Risk. |
• | Payment Deferral and Omission Risk. skip (“non-cumulative” preferred securities) or defer (“cumulative” preferred securities) distributions for a stated period without any adverse consequences to theissuer. Non-cumulative preferred securities can defer distributions indefinitely. Cumulative preferred securities typically contain provisions that allow an issuer, at its discretion, to defer distribution payments for up to 10 years. If the Fund owns a preferred security that is deferring its distribution, the Fund may be required to report income for tax purposes although it has not yet received such income. In addition, recent changes in bank regulations may increase the likelihood for issuers to defer or omit distributions. |
• | Credit and Subordination Risk. |
• | Floating Rate and Fixed-to-Floating Rate Securities Risk. to fixed-to-floating rate and fixed-to-floating rate |
• | Liquidity Risk. |
• | Regulatory Risk. |
• | New Types of Securities Risk. |
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) | ||||||||||||||||
Estimated Leverage as a Percentage of Managed Assets (Including Assets Attributable to Leverage) | 37.28% | 36.72% | 38.09% | 33.59% | 36.46% | |||||||||||||||
Estimated Annual Effective Leverage Expense Rate Payable by Fund on Leverage | 1.22% | 1.25% | 1.23% | 1.19% | 1.59% | |||||||||||||||
Annual Return Fund Portfolio Must Experience (net of expenses) to Cover Estimated Annual Effective Interest Expense Rate on Leverage | 0.45% | 0.46% | 0.47% | 0.40% | 0.58% | |||||||||||||||
Common Share Total Return for (10.00)% Assumed Portfolio Total Return | -16.67% | -16.53% | -16.91% | -15.66% | -16.65% | |||||||||||||||
Common Share Total Return for (5.00)% Assumed Portfolio Total Return | -8.69% | -8.63% | -8.83% | -8.13% | -8.78% | |||||||||||||||
Common Share Total Return for 0.00% Assumed Portfolio Total Return | -0.72% | -0.72% | -0.76% | -0.60% | -0.91% | |||||||||||||||
Common Share Total Return for 5.00% Assumed Portfolio Total Return | 7.25% | 7.18% | 7.32% | 6.93% | 6.96% | |||||||||||||||
Common Share Total Return for 10.00% Assumed Portfolio Total Return | 15.22% | 15.08% | 15.40% | 14.46% | 14.83% |
• | 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 (sometimes referred to as “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 28, 2022, and continuing over the first year following the elimination of the term. |
Shareholder Transaction Expenses | Nuveen Preferred & Income Opportunities Fund (JPC) | Nuveen Preferred & Income Securities Fund (JPS) | ||||||
Maximum Sales Charge (as a percentage of offering price) (1) | 4.00% | 4.00% | ||||||
Dividend Reinvestment Plan Fees (2) | $ | 2.50 | $ | 2.50 |
(1) | A maximum sales charge of 4.00% applies only to offerings pursuant to a syndicated underwriting. The maximum sales charge for offerings made at-the-market |
(2) | You will be charged a $2.50 service charge and pay brokerage charges if you direct ComputerShare Inc. and ComputerShare Trust Company, N.A., as agent for the common shareholders, to sell your Common Shares held in a dividend reinvestment account. |
As a Percentage of Net Assets Attributable to Common Shares (1) | ||||||||
Annual Expenses | Nuveen Preferred & Income Opportunities Fund (JPC) | Nuveen Preferred & Income Securities Fund (JPS) | ||||||
Management Fees | 1.28% | 1.26% | ||||||
Interest and Other Related Expenses (2) | 0.72% | 0.73% | ||||||
Other Expenses (3) | 0.06% | 0.07% | ||||||
Total Annual Expenses | 2.06% | 2.06% |
(1) | Stated as percentages of average net assets attributable to Common Shares for the fiscal year ended July 31, 2022. |
(2) | Interest and Other Related Expenses reflect actual expenses and fees for leverage incurred by a Fund for the fiscal year ended July 31, 2022. The types of leverage used by each Fund during the fiscal year ended July 31, 2022 are described in the Fund Leverage and the Notes to Financial Statements (Note 4 – Portfolio Securities and Investments in Derivatives, Portfolio Securities; Note 5 – Fund Shares, Preferred Shares; and Note 9 – Borrowing Arrangements and Reverse Repurchase Agreements) sections of this annual report. Actual Interest and Other Related Expenses incurred in the future may be higher or lower. If short-term market interest rates rise in the future, and if a Fund continues to maintain leverage the cost of which is tied to short-term interest rates, a Fund’s interest expenses on its short-term borrowings can be expected to rise in tandem. A Fund’s use of leverage will increase the amount of management fees paid to the Fund’s adviser and sub-advisor(s). |
(3) | Other Expenses are based on estimated amounts for the current fiscal year. Expenses attributable to the Fund’s investments, if any, in other investment companies are currently estimated not to exceed 0.01%. |
Nuveen Preferred & Income Opportunities Fund (JPC) | Nuveen Preferred & Income Securities Fund (JPS) | |||||||
1 Year | $ | 31 | $ | 31 | ||||
3 Years | $ | 74 | $ | 74 | ||||
5 Years | $ | 120 | $ | 120 | ||||
10 Years | $ | 247 | $ | 247 |
Nuveen Preferred & Income Opportunities Fund (JPC) | Nuveen Preferred & Income Securities Fund (JPS) | |||||||
1 Year | $ | 60 | $ | 60 | ||||
3 Years | $ | 102 | $ | 102 | ||||
5 Years | $ | 146 | $ | 146 | ||||
10 Years | $ | 269 | $ | 269 |
Nuveen Preferred & Income Opportunities Fund (JPC) | Nuveen Preferred & Income Securities Fund (JPS) | |||||||
1 Year | $ | 21 | $ | 21 | ||||
3 Years | $ | 65 | $ | 65 | ||||
5 Years | $ | 111 | $ | 111 | ||||
10 Years | $ | 239 | $ | 239 |
Market Price | Net Asset Value | Premium/(Discount) to NAV | ||||||||||||||||||||||
Fiscal Quarter End | High | Low | High | Low | High | Low | ||||||||||||||||||
July 2022 | $ | 8.29 | $ | 7.35 | $ | 8.70 | $ | 7.99 | (2.50 | )% | (9.25 | )% | ||||||||||||
April 2022 | $ | 9.31 | $ | 7.99 | $ | 9.53 | $ | 8.70 | (2.31 | )% | (8.91 | )% | ||||||||||||
January 2022 | $ | 9.99 | $ | 8.99 | $ | 9.90 | $ | 9.48 | 1.33 | % | (6.05 | )% | ||||||||||||
October 2021 | $ | 10.06 | $ | 9.84 | $ | 9.98 | $ | 9.81 | 1.41 | % | (0.50 | )% | ||||||||||||
July 2021 | $ | 10.05 | $ | 9.51 | $ | 9.94 | $ | 9.67 | 1.11 | % | (1.65 | )% | ||||||||||||
April 2021 | $ | 9.75 | $ | 9.05 | $ | 9.82 | $ | 9.61 | (0.51 | )% | (5.89 | )% | ||||||||||||
January 2021 | $ | 9.50 | $ | 8.30 | $ | 9.68 | $ | 9.06 | (1.35 | )% | (8.55 | )% | ||||||||||||
October 2020 | $ | 8.93 | $ | 8.22 | $ | 9.16 | $ | 8.83 | 0.34 | % | (8.87 | )% |
Market Price | Net Asset Value | Premium/(Discount) to NAV | ||||||||||||||||||||||
Fiscal Quarter End | High | Low | High | Low | High | Low | ||||||||||||||||||
July 2022 | $ | 7.81 | $ | 7.00 | $ | 8.50 | $ | 7.80 | (5.82 | )% | (11.17 | )% | ||||||||||||
April 2022 | $ | 9.43 | $ | 7.75 | $ | 9.44 | $ | 8.50 | (0.11 | )% | (9.86 | )% | ||||||||||||
January 2022 | $ | 9.94 | $ | 8.97 | $ | 9.85 | $ | 9.41 | 1.33 | % | (5.37 | )% | ||||||||||||
October 2021 | $ | 10.06 | $ | 9.78 | $ | 9.97 | $ | 9.81 | 1.33 | % | (0.81 | )% | ||||||||||||
July 2021 | $ | 10.06 | $ | 9.65 | $ | 9.93 | $ | 9.70 | 1.31 | % | (0.82 | )% | ||||||||||||
April 2021 | $ | 9.87 | $ | 9.21 | $ | 9.83 | $ | 9.63 | 0.61 | % | (4.95 | )% | ||||||||||||
January 2021 | $ | 9.73 | $ | 8.76 | $ | 9.74 | $ | 9.24 | 0.00 | % | (5.88 | )% | ||||||||||||
October 2020 | $ | 9.23 | $ | 8.64 | $ | 9.38 | $ | 9.06 | 0.11 | % | (6.05 | )% |
July 31, 2022 | Nuveen Preferred & Income Opportunities Fund (JPC) | Nuveen Preferred & Income Securities Fund (JPS) | ||||||
NAV per Common Share | $ | 8.41 | $ | 8.25 | ||||
Market Price | $ | 8.20 | $ | 7.77 | ||||
Percentage of Premium/(Discount) to NAV per Common Share | (2.50 | )% | (5.82 | )% | ||||
Net Assets Attributable to Common Shares | $ | 884,062,038 | $ | 1,697,696,797 |
Borrowings Outstanding at the End of Period | ||||||||
Fiscal Year Ended | Aggregate Amount Outstanding (000) (1) | Asset Coverage Per $1,000 (2) | ||||||
July 31 | ||||||||
2022 | $ | 423,400 | $ | 3,088 | ||||
2021 | $ | 462,700 | $ | 3,223 | ||||
2020 | $ | 400,000 | $ | 3,280 | ||||
2019 | $ | 455,000 | $ | 3,303 | ||||
2018 | $ | 437,000 | $ | 3,403 | ||||
2017 | $ | 540,000 | �� | $ | 3,079 | |||
2016 | $ | 404,100 | $ | 3,526 | ||||
2015 | $ | 404,100 | $ | 3,506 | ||||
2014 | $ | 402,500 | $ | 3,572 | ||||
2013 (3) | $ | 402,500 | $ | 3,473 | ||||
December 31 | ||||||||
2012 | $ | 383,750 | $ | 3,599 |
(1) | Aggregate Amount Outstanding: Aggregate amount outstanding represents the principal amount outstanding as of the end of the relevant fiscal year owed by the Fund to lenders under arrangements in place at the time. |
(2) | Asset Coverage per $1,000: Asset coverage per $1,000 of debt is calculated by subtracting the Fund’s liabilities and indebtedness not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s senior securities representing indebtedness then outstanding, and multiplying the result by 1,000. |
(3) | For the seven months ended July 31, 2013. |
Borrowings Outstanding at the End of Period | Taxable Fund Preferred (TFP) Shares at the End of Period | |||||||||||||||
Fiscal Year Ended July 31 | Aggregate Amount Outstanding (000) (1) | Asset Coverage Per $1,000 (2) | Aggregate Amount Outstanding (000) (3) | Asset Coverage Per $1,000 Share (2) | ||||||||||||
2022 | $ | 499,300 | $ | 4,941 | $ | 270,000 | $ | 9,137 | ||||||||
2021 | $ | 873,300 | $ | 3,323 | $ | 0 | $ | 0 | ||||||||
2020 | $ | 740,300 | $ | 3,495 | $ | 0 | $ | 0 | ||||||||
2019 | $ | 853,300 | $ | 3,349 | $ | 0 | $ | 0 | ||||||||
2018 | $ | 845,300 | $ | 3,346 | $ | 0 | $ | 0 | ||||||||
2017 | $ | 845,300 | $ | 3,506 | $ | 0 | $ | 0 | ||||||||
2016 | $ | 945,000 | $ | 3,086 | $ | 0 | $ | 0 | ||||||||
2015 | $ | 465,800 | $ | 3,521 | $ | 0 | $ | 0 | ||||||||
2014 | $ | 464,000 | $ | 3,581 | $ | 0 | $ | 0 | ||||||||
2013 | $ | 464,000 | $ | 3,451 | $ | 0 | $ | 0 |
(1) | Aggregate Amount Outstanding: Aggregate amount outstanding represents the principal amount outstanding as of the end of the relevant fiscal year. |
(2) | Asset Coverage per $1,000 Share: Asset coverage per $1,000 of share is calculated by subtracting the Fund’s liabilities and indebtedness not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s senior securities representing indebtedness then outstanding, and multiplying the result by 1,000. |
(3) | Aggregate Amount Outstanding: Aggregate amount outstanding represents the liquidation preference as of the end of the relevant fiscal year. |
Fund | Net Long-Term Capital Gains | |||
JPC | $ | — | ||
JPI | — | |||
JPS | — | |||
JPT | — | |||
NPFD | — |
Fund | Percentage | |||
JPC | 69.7 | % | ||
JPI | 62.8 | |||
JPS | 39.3 | |||
JPT | 79.2 | |||
NPFD | — |
Fund | Percentage | |||
JPC | 100.0 | % | ||
JPI | 100.0 | |||
JPS | 97.3 | |||
JPT | 88.8 | |||
NPFD | — |
Fund | Prior Year End to 12/31 Percentage | 1/1 to Current Year End Percentage | ||||||
JPC | 20.8 | % | 15.6 | % | ||||
JPI | 13.5 | 4.4 | ||||||
JPS | 24.7 | 10.9 | ||||||
JPT | 18.3 | 8.9 | ||||||
NPFD | — | 1.1 |
Fund | Percentage | |||
JPC | 21.0 | % | ||
JPI | 10.3 | |||
JPS | 26.1 | |||
JPT | 19.0 | |||
NPFD | — |
Board of Trustees | ||||||||||
Jack B. Evans | William C. Hunter | Amy B. R. Lancellotta | Joanne T. Medero | Albin F. Moschner | John K. Nelson | |||||
Judith M. Stockdale | Carole E. Stone | Matthew Thornton III | Terence J. Toth | Margaret L. Wolff | Robert L. Young |
Investment Adviser Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606 | Custodian State Street Bank & Trust Company One Lincoln Street Boston, MA 02111 | Legal Counsel Chapman and Cutler LLP Chicago, IL 60603 | Independent Registered Public Accounting Firm KPMG LLP 200 East Randolph Street Chicago, IL 60601 | Transfer Agent and Shareholder Services Computershare Trust Company, N.A. 150 Royall Street Canton, MA 02021 (800) 257-8787 |
JPC | JPI | JPS | JPT | |||||||||||||
Common shares repurchased | 0 | 0 | 0 | 0 |
∎ | Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or offer price and reinvested dividends and capital gains distributions, if any) over the time period being considered. |
∎ | Bloomberg Capital Securities Index: An index is designed to measure the performance of USD-denominated preferred securities, including Tier 1 and Tier 2 securities. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. |
∎ | Bloomberg Capital Securities Tier-1 Index: An index designed to measure the performance of hybrid fixed-income securities, including Tier 1 securities. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. |
∎ | Contingent Capital Securities (CoCos): CoCos are debt or capital securities of primarily non-U.S. issuers with loss absorption contingency mechanisms built into the terms of the security, for example a mandatory conversion into common stock of the issuer, or a principal write-down, which if triggered would likely cause the CoCo investment to lose value. Loss absorption mechanisms would become effective upon the occurrence of a specified contingency event, or at the discretion of a regulatory body. Specified contingency events, as identified in the CoCo’s governing documents, usually reference a decline in the issuer’s capital below a specified threshold level, and/or certain regulatory events. A loss absorption contingency event for CoCos would likely be the result of, or related to, the deterioration of the issuer’s financial condition and/or its status as a going concern. In such a case, with respect to CoCos that provide for conversion into common stock upon the occurrence of the contingency event, the market price of the issuer’s common stock received by the Acquiring Fund will have likely declined, perhaps substantially, and may continue to decline after conversion. CoCos rated below investment grade should be considered high yield securities, or “junk,” but often are issued by entities whose more senior securities are rated investment grade. CoCos are a relatively new type of security; and there is a risk that CoCo security issuers may suffer the sort of future financial distress that could materially increase the likelihood (or the market’s perception of the likelihood) that an automatic write-down or conversion event on those issuers’ CoCos will occur. Additionally, the trading behavior of a given issuer’s CoCo may be strongly impacted by the trading behavior of other issuers’ CoCos, such that negative information from an unrelated CoCo security may cause a decline in value of one or more CoCos held by the Fund. Accordingly, the trading behavior of CoCos may not follow the trading behavior of other types of debt and preferred securities. Despite these concerns, the prospective reward vs. risk characteristics of at least certain CoCos may be very attractive relative to other fixed-income alternatives. |
∎ | Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change. |
∎ | Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see below) and the leverage effects of certain derivative investments in the fund’s portfolio. |
∎ | Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports. |
∎ | ICE BofA Fixed Rate Preferred Securities Index: An index designed to measure the performance of investment grade fixed-rate, USD-denominated preferred securities issued in the U.S. domestic market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. |
∎ | ICE BofA U.S. All Capital Securities Index: An index designed to measure the performance of investment grade and below investment grade fixed rate and fixed-to-floating rate, USD-denominated hybrid corporate and preferred securities publicly issued in the U.S. domestic market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. |
∎ | ICE USD Contingent Capital Index (CDLR): An index designed to measure the performance of USD-denominated contingent capital debt publicly issued in the major domestic and Eurobond markets, including investment grade and below investment grade issues. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. |
∎ | ICE Variable Rate Preferred & Hybrid Securities Index: An index designed to measure the performance of floating- and variable-rate investment grade and below investment gradeUSD-denominated preferred stock and hybrid debt publicly issued by corporations in the U.S. domestic market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. |
∎ | JPC Blended Benchmark (effective April 1, 2022): Consists of: 1) 60% ICE BofA U.S. All Capital Securities Index (defined herein), and 2) 40% ICE USD Contingent Capital Index (CDLR) (defined herein). Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. |
∎ | JPC Blended Benchmark (from December 31, 2013 through March 31, 2022): Consists of: 1) 50% ICE BofA Fixed Rate Preferred Securities Index (defined herein), 2) 30% ICE BofA U.S. All Capital Securities Index (defined herein), and 3) 20% ICE USD Contingent Capital Index (CDLR) (defined herein). Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. |
∎ | JPC Blended Benchmark (through December 30, 2013): Consists of: 1) 82.5% ICE BofA Fixed Rate Preferred Securities Index, (defined herein), and 2) 17.5% Bloomberg Capital Securities Index (defined herein). Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. |
∎ | JPI Blended Benchmark (effective December 31, 2013): Consists of: 1) 60% ICE BofA U.S. All Capital Securities Index (defined herein), and 2) 40% ICE USD Contingent Capital Index (CDLR) (defined herein). Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. |
∎ | JPI Blended Benchmark (through December 30, 2013): Consists of: 1) 65% ICE BofA Fixed Rate Preferred Securities Index (defined herein), and 2) 35% Bloomberg Capital Securities Index (defined herein). Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. |
∎ | JPS Blended Benchmark (effective December 31, 2013): Consists of: 1) 60% ICE BofA U.S. All Capital Securities Index (defined herein), and 2) 40% ICE USD Contingent Capital Index (CDLR) (defined herein). Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. |
∎ | JPS Blended Benchmark (through December 30, 2013): Consists of: 1) 55% ICE BofA Fixed Rate Preferred Securities Index (defined herein), and 2) 45% Bloomberg Capital Securities Tier-1 Index (defined herein). Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. |
∎ | JPT Blended Benchmark (effective February 28, 2022): Consists of: 1) 60% ICE BofA U.S. All Capital Securities Index (defined herein), and 2) 40% ICE USD Contingent Capital Index (CDLR) (defined herein). Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. |
∎ | Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital. |
∎ | Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding. |
∎ | NPFD Blended Benchmark: Consists of: 1) 80% ICE Variable Rate Preferred & Hybrid Securities Index (defined herein), and 2) 20% ICE USD Contingent Capital Index (CDLR) (defined herein). Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. |
∎ | Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940. |
A. | Nature, Extent and Quality of Services |
• | Centralization of Functions – ongoing initiatives to centralize investment leadership and create a more cohesive market approach and centralized shared support model (including through the consolidation of certain affiliatedsub-advisers) in seeking to operate more effectively and enhance the research capabilities and services to the Nuveen funds; |
• | Fund Improvements and Product Management Initiatives – continuing to proactively manage the Nuveen fund complex as a whole and at the individual fund level with an aim to continually improve product platforms and investment strategies to better serve shareholders through, among other things, rationalizing the product line and gaining efficiencies through mergers, repositionings and liquidations; launching new funds; reviewing and updating investment policies and benchmarks; soft closing certain funds; modifying the conversion periods on certain share classes; and evaluating and adjusting portfolio management teams as appropriate for various funds; |
• | Capital Initiatives – continuing to invest capital to support new Nuveen funds with initial capital as well as to support existing funds; |
• | Compliance Program Initiatives – continuing efforts to mitigate compliance risk with a focus on environmental, social and governance (“ESG” ) controls and processes, increase operating efficiencies, implement enhancements to strengthen ongoing execution of key compliance program elements, support international business growth and facilitate integration of Nuveen’s operating model; |
• | Investment Oversight – preparing reports to the Board addressing, among other things, fund performance; market conditions; investment team matters; product developments; changes to mandates, policies and benchmarks; and other management proposals as well as preparing and coordinating investment presentations to the Board; |
• | Risk Management and Valuation Services – continuing to oversee and manage risk including, among other things, conducting ongoing calculations and monitoring of risk measures across the Nuveen funds, instituting investment risk controls, providing risk reporting throughout Nuveen, participating in internal oversight committees, dedicating the resources and time to develop the processes necessary to help address fund compliance with the new derivatives rule and continuing to implement an operational risk framework that seeks to provide greater transparency of operational risk matters across the complex as well as provide multiple other risk programs that seek to provide a more disciplined and consistent approach to identifying and mitigating Nuveen’s operational risks. Further, the securities valuation team |
continues, among other things, to oversee the daily valuation process of the portfolio securities of the funds, maintain the valuation policies and procedures, facilitate valuation committee meetings, manage relationships with pricing vendors, prepare relevant valuation reports and design methods to simplify and enhance valuation workflow within the organization and implement processes and procedures to help address compliance with the new valuation rule applicable to the funds; |
• | Regulatory Matters – continuing efforts to monitor regulatory trends and advocate on behalf of Nuveen and/or the Nuveen funds, to implement and comply with new or revised rules and mandates and to respond to regulatory inquiries and exams; |
• | Government Relations – continuing efforts of various Nuveen teams and Nuveen’s affiliates to develop policy positions on a broad range of issues that may impact the Nuveen funds, advocate and communicate these positions to lawmakers and other regulatory authorities and work with trade associations to ensure these positions are represented; |
• | Business Continuity, Disaster Recovery and Information Security – continuing efforts of Nuveen to periodically test and update business continuity and disaster recovery plans and, together with its affiliates, to maintain an information security program that seeks to identify and manage information security risks, and provide reports to the Board, at least annually, addressing, among other things, management’s security risk assessment, cyber risk profile, potential impact of new or revised laws and regulations, incident tracking and other relevant information technology risk-related reports; |
• | Distribution Management Services – continuing to manage the distributions among the varying types of Nuveen funds within the Nuveen complex to be consistent with the respective fund’s product design and positioning in striving to deliver those earnings to shareholders in a relatively consistent manner over time as well as assisting in the development of new products or the restructuring of existing funds; and |
• | with respect specifically to closed-end funds, such continuing services also included: |
• | Leverage Management Services – continuing to actively manage the various forms of leverage utilized across the complex, including through committing resources and focusing on sourcing/structure development and bank provider management; |
• | Capital Management, Market Intelligence and Secondary Market Services – ongoing capital management efforts which may include at times shelf offerings, tender offers, capital return programs and share repurchases as well as providing market data analysis to help understandclosed-end fund ownership cycles and their impact on secondary market trading as well as to improve proxy solicitation efforts; and |
• | Closed-end Fund Investor Relations Programclosed-end fund investor relations program which, among other things, raises awareness, provides educational materials and cultivates advocacy forclosed-end funds and the Nuveenclosed-end fund product line. |
B. | The Investment Performance of the Funds and Fund Advisers |
C. | Fees, Expenses and Profitability |
1. | Fees and Expenses |
2. | Comparisons with the Fees of Other Clients |
3. | Profitability of Fund Advisers |
D. | Economies of Scale and Whether Fee Levels Reflect These Economies of Scale |
E. | Indirect Benefits |
F. | Other Considerations |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed and Term (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Board Member | ||||
Independent Board Members: | ||||||||
∎ TERENCE J. TOTH | Formerly, a Co-Founding Partner, Promus Capital (investment advisory firm) (2008-2017); formerly, Director, Quality Control Corporation (manufacturing) (since 2012-2021); Chair of the Board of the Kehrein Center for the Arts (philanthropy) (since 2021); member: Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (philanthropy) (since 2012), and chair of its Investment Committee; formerly, Member, Chicago Fellowship Board (philanthropy) (2005-2016); formerly, Director, Fulcrum IT Services LLC (information technology services firm to government entities) (2010-2019); formerly, Director, LogicMark LLC (health services) (2012-2016); formerly, Director, Legal & General Investment Management America, Inc. (asset management) (2008-2013); formerly, CEO and President, Northern Trust Global Investments (financial services) (2004-2007): Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (financial services) (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004). | |||||||
1959 333 W. Wacker Drive Chicago, IL 60606 | Chair and Board Member | 2oo8 Class II | 140 | |||||
∎ JACK B. EVANS | Chairman (since 2019), formerly, President (1996-2019), The Hall-Perrine Foundation, (private philanthropic corporation); Life Trustee of Coe College; formerly, Member and President Pro-Tern of the Board of Regents for the State of Iowa University System (2007- 2013); Director and Chairman (2009-2021), United Fire Group, a publicly held company; Director, Public Member, American Board of Orthopaedic Surgery (2015-2020); Director (2000-2004), Alliant Energy; Director (1996-2015), The Gazette Company (media and publishing); Director (1997- 2003), Federal Reserve Bank of Chicago; President and Chief Operating Officer (1972-1995), SCI Financial Group, Inc., (regional financial services firm). | |||||||
1948 333 W. Wacker Drive Chicago, IL 60606 | Board Member | 1999 Class Ill | 140 | |||||
∎ WILLIAM C. HUNTER | Dean Emeritus, formerly, Dean, Tippie College of Business, University of (2006-2012); Director of Well mark, Inc. (since 2009); past Director (2005-2015), and past President (2010-2014) Beta Gamma Sigma, Inc., The International Business Honor Society; formerly, Director (2004-2018) of Xerox Corporation; formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University. | |||||||
1948 333 W. Wacker Drive Chicago, IL 60606 | Board Member | 2003 Class I | 140 | |||||
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed and Term (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Board Member | ||||
Independent Board Members (continued) | ||||||||
∎ AMY B. R. LANCELLOTTA | Formerly, Managing Director, Independent Directors Council (IDC) (supports the fund independent director community and is part of the Investment Company Institute (ICI), which represents regulated investment companies) (2006-2019); formerly, various positions with ICI (1989-2006); Member of the Board of Directors, Jewish Coalition Against Domestic Abuse (UCADA) (since 2020). | |||||||
1959 333 W. Wacker Drive Chicago, IL 60606 | Board Member | 2021 Class II | 140 | |||||
∎ JOANNE T. MEDERO | Formerly, Managing Director, Government Relations and Public Policy (2009-2020) and Senior Advisor to the Vice Chairman (2018-2020). BlackRock, Inc. (global investment management firm); formerly, Managing (Director, Global Head of Government Relations and Public Policy, Barclays Group (IBIM) (investment banking, investment management and wealth management businesses) (2006-2009); formerly, Managing Director, Global General Counsel and Corporate Secretary, Barclays Global Investors (global investment management firm) (1996-2006); formerly, Partner, Orrick, Herrington & Sutcliffe LLP (law firm) (1993-1995); formerly, General Counsel, Commodity Futures Trading Commission (government agency overseeing U.S. derivatives markets) (1989-1993); formerly, Deputy Associate Director/ Associate Director for Legal and Financial Affairs, Office of Presidential Personnel, The White House (1986-1989); Member of the Board of Directors, Baltic-American Freedom Foundation (seeks to provide opportunities for citizens of the Baltic states to gain education and professional development through exchanges in the U.S.) (since 2019). | |||||||
1954 333 W. Wacker Drive Chicago, IL 60606 | Board Member | 2021 Class III | 140 | |||||
∎ ALBIN F. MOSCHNER | Founder and Chief Executive Officer, Northcroft Partners, LLC, (management consulting) (since 2012); formerly, Chairman (2019), and Director (2012-2019), USA Technologies, Inc., (provider of solutions and services to facilitate electronic payment transactions); formerly, Director, Wintrust Financial Corporation (1996-2016); previously, held positions at Leap Wireless International, Inc., (consumer wireless services) including Consultant (2011- 2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004- 2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (telecommunication services) (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (internet technology provider) (1996-1997); formerly, various executive positions (1991-1996) including Chief Executive Officer (1995-1996) of Zenith Electronics Corporation (consumer electronics). | |||||||
1952 333 W. Wacker Drive Chicago, IL 60606 | Board Member | 2016 Class Ill | 140 | |||||
∎ JOHN K. NELSON | Member of Board of Directors of Corel 2 LLC. (private firm which develops branding, marketing and communications strategies for clients) (since 2008); served on The President’s Council of Fordham University (2010-2019) and previously a Director of the Curran Center for Catholic American Studies (2009- 2018); formerly, senior external advisor to the Financial Services practice of Deloitte Consulting LLP. (2012-2014); former Chair of the Board of Trustees of Marian University (2010-2014 as trustee, 2011-2014 as Chair); formerly Chief Executive Officer of ABN AMRO Bank N.V., North America, and Global Head of the Financial Markets Division (2007-2008), with various executive leadership roles in ABN AMRO Bank N.V. between 1996 and 2007. | |||||||
1962 333 W. Wacker Drive Chicago, IL 60606 | Board Member | 2013 Class II | 140 | |||||
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed and Term (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Board Member | ||||
Independent Board Members (continued) | ||||||||
∎ JUDITH M. STOCKDALE | Board Member, Land Trust Alliance (national public charity addressing natural land and water conservation in the U.S.) (since 2013); formerly, Board Member, U.S. Endowment for Forestry and Communities (national endowment addressing forest health, sustainable forest production and markets, and economic health of forest-reliant communities in the U.S.) (2013-2019); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation (private foundation endowed to support both natural land conservation and artistic vitality); prior thereto, Executive Director, Great Lakes Protection Fund (endowment created jointly by seven of the eight Great Lake states’ Governors to take a regional approach to improving the health of the Great Lakes) (1990-1994). | |||||||
1947 333 W. Wacker Drive Chicago, IL 60606 | Board Member | 1997 Class I | 140 | |||||
∎ CAROLE E. STONE | Former Director, Chicago Board Options Exchange, Inc. (2006-2017); and C2 Options Exchange, Incorporated (2009-2017); formerly Director, Cboe, Global Markets, Inc., (2010-2020) formerly named CBOE Holdings, Inc.; formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010). | |||||||
1947 333 W. Wacker Drive Chicago, IL 60606 | Board Member | 2007 Class I | 140 | |||||
∎ MATTHEW THORNTON Ill | Formerly, Executive Vice President and Chief Operating Officer (2018-2019), Fed Ex Freight Corporation, a subsidiary of FedEx Corporation (“FedEx”) (provider of transportation, e-commerce and business services through its portfolio of companies); formerly, Senior Vice President, U.S. Operations (2006-2018), Federal Express Corporation, a subsidiary of FedEx;formerly, Member of the Board of Directors (2012-2018), Safe Kids Worldwide® (anon-profit organization dedicated to preventing childhood injuries). Member of the Board of Directors (since 2014), The Sherwin-Williams Company (develops, manufactures, distributes and sells paints, coatings and related products); Director (since 2020), Crown Castle International (provider of communications infrastructure). | |||||||
1958 333 W. Wacker Drive Chicago, IL 60606 | Board Member | 2020 Class Ill | 140 | |||||
∎ MARGARET L. WOLFF | Formerly, member of the Board of Directors (2013-2017) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions Group) (legal services) (2005-2014); Member of the Board of Trustees of New York-Presbyterian Hospital (since 2005); Member (since 2004), formerly, Chair (2015-2022) of the Board of Trustees of The John A. Hartford Foundation (philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College. | |||||||
1955 333 W. Wacker Drive Chicago, IL 60606 | Board Member | 2016 Class I | 140 | |||||
∎ ROBERT L. YOUNG | Formerly, Chief Operating Officer and Director, J.P.Morgan Investment Management Inc. (financial services) (2010-2016); formerly, President and Principal Executive Officer (2013-2016), and Senior Vice President and Chief Operating Officer (2005-2010), of J.P.Morgan Funds; formerly, Director and various officer positions for J.P.Morgan Investment Management Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One Group Administrative Services) and JPMorgan Distribution Services, Inc. (financial services) (formerly, One Group Dealer Services, Inc.) (1999-2017). | |||||||
1963 333 W. Wacker Drive Chicago, IL 60606 | Board Member | 2017 Class II | 140 | |||||
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (2) | Principal Occupation(s) During Past 5 Years | |||
Officers of the Funds: | ||||||
∎ DAVID J. LAMB | Managing Director of Nuveen Fund Advisors, LLC (since 2019) Senior Managing Director (since 2021), formerly, Managing Director (2020-2021) of Nuveen Securities, LLC; Senior Managing Director (since 2021), formerly, Managing Director (2017-2021), Senior Vice President of Nuveen (2006-2017), Vice President prior to 2006. | |||||
1963 333 W. Wacker Drive Chicago, IL 60606 | Chief Administrative Officer | 2015 | ||||
∎ BRETT E. BLACK | Enterprise Senior Compliance Officer of Nuveen (since 2022); formerly, Vice President (2014-2022), Chief Compliance Officer (2017-2022), Deputy Chief Compliance Officer (2014-2017) and Senior Compliance Officer (2012-2014) of BMO Funds, Inc.; formerly Senior Compliance Officer of BMO Asset Management Corp. (2012-2014). | |||||
1972 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Chief Compliance Officer | 2022 | ||||
∎ MARK J. CZARNIECKI | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2016); Managing Director (since 2022), formerly, Vice President (2017-2022) and Assistant Secretary (since 2017) of Nuveen Fund Advisors, LLC; Managing Director and Associate General Counsel (since January 2022), formerly, Vice President and Associate General Counsel of Nuveen (2013-2021); Managing Director (since 2022), formerly, Vice President (2018-2022), Assistant Secretary and Associate General Counsel (since 2018) of Nuveen Asset Management LLC. | |||||
1979 901 Marquette Avenue Minneapolis, MN 55402 | Vice President and Assistant Secretary | 2013 | ||||
∎ DIANA R. GONZALEZ | Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC (since 2017); Vice President, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC (since 2022); Vice President and Associate General Counsel of Nuveen (since 2017); formerly, Associate General Counsel of Jackson National Asset Management (2012-2017). | |||||
1978 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | Vice President and Assistant Secretary | 2017 | ||||
∎ NATHANIEL T. JONES | Senior Managing Director (since 2021), formerly, Managing Director (2017-2021), Senior Vice President (2016-2017), Vice President (2077-2016) of Nuveen; Managing Director (since 2015) of Nuveen Fund Advisors, LLC; Chartered Financial Analyst. | |||||
1979 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Treasurer | 2016 | ||||
∎ TINA M. LAZAR | Managing Director (since 2017), formerly, Senior Vice President (2014-2017) of Nuveen Securities, LLC. | |||||
1961 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2002 | ||||
∎ BRIAN J. LOCKHART | Managing Director (since 2019) of Nuveen Fund Advisors, LLC; Senior Managing Director (since 2021), formerly, Managing Director (2017-2021), Vice President (2010-2017) of Nuveen; Head of Investment Oversight (since 2017), formerly, Team Leader of Manager Oversight (2015-2017); Chartered Financial Analyst and Certified Financial Risk Manager. | |||||
1974 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2019 | ||||
∎ JOHN M. MCCANN | Managing Director and Assistant Secretary of Nuveen Fund Advisors, LLC (since 2021); Managing Director, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC (since 2021); Managing Director of TIAA SMA Strategies LLC (since 2021); Managing Director (since 2019, formerly, Vice President and Director), Associate General Counsel and Assistant Secretary of College Retirement Equities Fund, TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds; Managing Director (since 2018), formerly, Vice President and Director, Associate General Counsel and Assistant Secretary of Teachers Insurance and Annuity Association of America, Teacher Advisors LLC and TIAA-CREF Investment Management, LLC; Vice President (since 2017), Associate General Counsel and Assistant Secretary (since 2077) of Nuveen Alternative Advisors LLC; General Counsel and Assistant Secretary of Covariance Capital Management, Inc. (2014-2017). | |||||
1975 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | Vice President and Assistant Secretary | 2022 | ||||
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (2) | Principal Occupation(s) During Past 5 Years | |||
Officers of the Funds (continued): | ||||||
∎ KEVIN J. MCCARTHY | Senior Managing Director (since 2017) and Secretary and General Counsel (since 2016) of Nuveen Investments, Inc., formerly, Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2008-2016); Senior Managing Director (since 2017) and Assistant Secretary (since 2008) of Nuveen Securities, LLC, formerly Executive Vice President (2016-2017) and Managing Director (2008- 2016); Senior Managing Director (since 2017), and Secretary (since 2016) of Nuveen Fund Advisors, LLC, formerly, Co-General Counsel (2011-2020), Executive Vice President (2016-2017), Managing Director (2008-2016) and Assistant Secretary (2007-2016); Senior Managing Director (since 2017), Secretary (since 2016) of Nuveen Asset Management, LLC, formerly, Associate General Counsel (2011-2020), Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2011- 2016); formerly, Vice President (2007-2021) and Secretary (2016-2021), of NWQ Investment Management Company, LLC, and Santa Barbara Asset Management, LLC; Vice President and Secretary of Winslow Capital Management, LLC (since 2010). Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Alternative Investments, LLC. | |||||
1966 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2007 | ||||
∎ JON SCOTT MEISSNER | Managing Director of Mutual Fund Tax and Financial Reporting groups at Nuveen (since 2017); Managing Director of Nuveen Fund Advisors, LLC (since 2019); Senior Director of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC (since 2016); Senior Director (since 2015) Mutual Fund Taxation to the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and the CREF Accounts; has held various positions with TIAA since 2004. | |||||
1973 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | Vice President and Assistant Secretary | 2019 | ||||
∎ DEANN D. MORGAN | President, Nuveen Fund Advisors, LLC (since 2020); Executive Vice President, Global Head of Product at Nuveen (since 2019); Co-Chief Executive Officer of Nuveen Securities, LLC since 2020); Managing Member of MDR Collaboratory LLC (since 2018); formerly, Managing Director, (Head of Wealth Management Product Structuring & COO Multi Asset Investing. The Blackstone Group (2013-2017). | |||||
1969 730 Third Avenue New York, NY 10017 | Vice President | 2020 | ||||
∎ WILLIAM A. SIFFERMANN | Managing Director (since 2017), formerly Senior Vice President (2016-2017) and Vice President (2011-2016) of Nuveen. | |||||
1975 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2017 | ||||
∎ TREY S. STENERSEN | Senior Managing Director of Teacher Advisors LLC and TIAACREF Investment Management, LLC (since 2018); Senior Managing Director (since 2019) and Chief Risk Officer (since 2022), formerly Head of Investment Risk Management (2017-2022) of Nuveen; Senior Managing Director (since 2018) of Nuveen Alternative Advisors LLC. | |||||
1965 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | Vice President | 2022 | ||||
∎ E. SCOTT WICKERHAM | Senior Managing Director, Head of Public Investment Finance at Nuveen (since 2019), formerly, Managing Director; Senior Managing Director (since 2019) of Nuveen Fund Advisers, (LLC; Principal Financial Officer, Principal Accounting Officer and Treasurer (since 2017) of the TIAA CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and Principal Financial Financial Officer, Principal Accounting Officer (since 2020) and Treasurer (since 2017) to the CREF Accounts; formerly, Senior Director, TIAA-CREF Fund Administration (2014-2015); has held various positions with TIAA since 2006. | |||||
1973 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | Vice President and Controller | 2019 | ||||
∎ MARKL WINGET | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2008), and Nuveen Fund Advisors, LLC (since 2019); Vice President, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC (since 2020); Vice President (since 2010) and Associate General Counsel (since 2019), formerly, Assistant General Counsel (2008-2016) of Nuveen. | |||||
1968 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Secretary | 2008 | ||||
∎ GIFFORD R. ZIMMERMAN | Managing Director and Assistant Secretary of Nuveen Securities, LLC (since 2022); Managing Director, Assistant Secretary and General Counsel (since 2022), formerly, Co-General Counsel (2011- 2020) of Nuveen Fund Advisors, LLC; formerly, Managing Director (2004-2020) and Assistant Secretary (1994-2020) of Nuveen Investments, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2022) of Nuveen Asset Management, LLC; formerly, Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (2002-2020), Santa Barbara Asset Management, LLC(2006-2020) and Winslow Capital Management, LLC (2010-2020); Chartered Financial Analyst. | |||||
1956 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 1988 | ||||
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (2) | Principal Occupation(s) During Past 5 Years | |||
Officers of the Funds (continued): | ||||||
∎ RACHAEL ZUFALL | Managing Director (since 2017), Associate General Counsel and Assistant Secretary (since 2014) of the CREF Accounts, TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds; Managing Director (since 2017), Associate General Counsel and Assistant Secretary (since 2011) of Teacher Advisors, LLC and TIAA-CREF Investment Management, LLC; Managing Director of Nuveen, LLC and of TIAA (since 2017). | |||||
1973 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | Vice President and Assistant Secretary | 2022 |
(1) | The Board of Trustees is divided into three classes, Class I, Class 11, and Class 111, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares, when applicable, to serve until the next annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen complex. |
(2) | Officers serve indefinite terms until their successor has been duly elected and qualified, their death or their resignation or removal. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen complex. |
Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com | EAN-B-0722D 2399428-INV-Y-09/23 |
ITEM 2. CODE OF ETHICS.
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/fund-governance. (To view the code, click on Code of Conduct.)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone, Jack B. Evans, Albin F. Moschner, John K. Nelson and Robert L. Young, who are “independent” for purposes of Item 3 of Form N-CSR.
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Ms. Stone formerly served on the Board of Directors of CBOE Global Markets, Inc. (formerly, CBOE Holdings, Inc.), the Chicago Board Options Exchange, and the C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.
Mr. Moschner is a consultant in the wireless industry and, in July 2012, founded Northcroft Partners, LLC, a management consulting firm that provides operational, management and governance solutions. Prior to founding Northcroft Partners, LLC, Mr. Moschner held various positions at Leap Wireless International, Inc., a provider of wireless services, where he was as a consultant from February 2011 to July 2012, Chief Operating Officer from July 2008 to February 2011, and Chief Marketing Officer from August 2004 to June 2008. Before he joined Leap Wireless International, Inc., Mr. Moschner was President of the Verizon Card Services division of Verizon Communications, Inc. from 2000 to 2003, and President of One Point Services at One Point Communications from 1999 to 2000. Mr. Moschner also served at Zenith Electronics Corporation as Director, President and Chief Executive Officer from 1995 to 1996, and as Director, President and Chief Operating Officer from 1994 to 1995.
Mr. Nelson is on the Board of Directors of Core12, LLC. (since 2008), a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank’s Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank’s representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).
Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. (“J.P. Morgan Investment”) and its affiliates (collectively, “J.P. Morgan”). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan’s domestic retail mutual fund and institutional commingled and separate account businesses, and co-led these activities for J.P. Morgan’s global retail and institutional investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm’s midwestern mutual fund practice.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Nuveen Preferred & Income Securities Fund
The following tables show the amount of fees that KPMG LLP, the Fund’s auditor, billed to the Fund during the Fund’s last two full fiscal years. For engagements with KPMG LLP the Audit Committee approved in advance all audit services and non-audit services that KPMG LLP provided to the Fund, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Fund to its accountant during the fiscal year in which the services are provided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.
The Audit Committee has delegated certain pre-approval responsibilities to its Chair (or, in her absence, any other member of the Audit Committee).
SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND
Fiscal Year Ended | Audit Fees Billed to Fund 1 | Audit-Related Fees Billed to Fund 2 | Tax Fees Billed to Fund 3 | All Other Fees Billed to Fund 4 | ||||||||||||
July 31, 2022 | $ | 30,150 | $ | 2,500 | $ | 0 | $ | 0 | ||||||||
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Percentage approved pursuant to pre-approval exception | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
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July 31, 2021 | $ | 29,010 | $ | 5,500 | $ | 0 | $ | 0 | ||||||||
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Percentage approved pursuant to pre-approval exception | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
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1 “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.
2 “Audit Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.
3 “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.
4 “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.
SERVICES THAT THE FUND’S AUDITOR BILLED TO THE
ADVISER AND AFFILIATED FUND SERVICE PROVIDERS
The following tables show the amount of fees billed by KPMG LLP to Nuveen Fund Advisors, LLC (formerly Nuveen Fund Advisors, Inc.) (the “Adviser”), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two full fiscal years.
The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to KPMG LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Fund’s audit is completed.
Fiscal Year Ended | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | |||||||||
July 31, 2022 | $ | 0 | $ | 0 | $ | 0 | ||||||
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Percentage approved pursuant to pre-approval exception | 0 | % | 0 | % | 0 | % | ||||||
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July 31, 2021 | $ | 0 | $ | 0 | $ | 0 | ||||||
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Percentage approved pursuant to pre-approval exception | 0 | % | 0 | % | 0 | % | ||||||
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NON-AUDIT SERVICES
The following table shows the amount of fees that KPMG LLP billed during the Fund’s last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non-audit services that KPMG LLP provides to the Adviser and any Affiliated Fund Services Provider, if the engagement related directly to the Fund’s operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from KPMG LLP about any non-audit services that KPMG LLP rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating KPMG LLP ’s independence.
Fiscal Year Ended | Total Non-Audit Fees Billed to Fund | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) | Total | ||||||||||||
July 31, 2022 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
July 31, 2021 | $ | 0 | $ | 0 | $ | 0 | $ | 0 |
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.
Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund’s independent accountants and (ii) all audit and non-audit services to be performed by the Fund’s independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chair for her verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). As of the end of the period covered by this report, the members of the audit committee are Jack B. Evans, John K. Nelson, Judith M. Stockdale, Albin F. Moschner, Robert L. Young and Carole E. Stone, Chair.
ITEM 6. SCHEDULE OF INVESTMENTS.
(a) See Portfolio of Investments in Item 1.
(b) Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
The Adviser has engaged Spectrum Asset Management, Inc. (“Spectrum”, “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has also delegated to the Sub-Adviser the full responsibility for proxy voting and related duties in accordance with the Sub-Adviser’s policy and procedures. The Adviser periodically will monitor the Sub-Adviser’s voting to ensure that they are carrying out their duties. The Sub-Adviser’s proxy voting policies and procedures are summarized as follows:
Spectrum has adopted a Policy on Proxy Voting for Investment Advisory Clients (the “Voting Policy”), which provides that Spectrum aims to ensure that, when delegated proxy voting authority by a client, Spectrum act (1) solely in the interest of the client in providing for ultimate long-term stockholder value, and (2) without undue influence from individuals or groups who may have an economic interest in the outcome of a proxy vote. Spectrum relies on the custodian bank to deliver proxies to Spectrum for voting.
Spectrum has selected Institutional Shareholder Services (“ISS”) to assist with Spectrum’s proxy voting responsibilities. Spectrum generally follows ISS standard proxy voting guidelines which embody the positions and factors Spectrum considers important in casting proxy votes. In connection with each proxy vote, ISS prepares a written analysis and recommendation based on its guidelines. In order to avoid any conflict of interest for ISS, the CCO will require ISS to deliver additional information or certify that ISS has adopted policies and procedures to detect and mitigate such conflicts of interest in issuing voting recommendations. Spectrum also may obtain voting recommendations from two proxy voting services as an additional check on the independence of ISS’ voting recommendations.
Spectrum may, on any particular proxy vote, diverge from ISS’ guidelines or recommendations. In such a case, Spectrum’s Voting Policy requires that: (i) the requesting party document the reason for the request; (ii) the approval of the Chief Investment Officer; (iii) notification to appropriate compliance personnel; (iv) a determination that the decision is not influenced by any conflict of interest; and (v) a written record of the process.
When Spectrum determines not to follow ISS’ guidelines or recommendations, Spectrum classifies proxy voting issues into three broad categories: (1) Routine Administrative Items; (2) Special Interest Issues; and (3) Issues having the Potential for Significant Economic Impact, and casts proxy votes in accordance with the philosophy and decision guidelines developed for that category in the Voting Policy.
• | Routine Administrative Items. Spectrum is willing to defer to management on matters a routine administrative nature. Examples of issues on which Spectrum will normally defer to management’s recommendation include selection of auditors, increasing the authorized number of common shares and the election of unopposed directors. |
• | Special Interest Issues. In general, Spectrum will abstain from voting on shareholder social, political, environmental proposals because their long-term impact on share value cannot be calculated with any reasonable degree of confidence. |
• | Issues Having the Potential for Significant Economic Impact. |
Spectrum is not willing to defer to management on proposals which have the potential for major economic impact on the corporation and value of its shares and believes such issues should be carefully analyzed and decided by shareholders. Examples of such issues are classification of board of directors’ cumulative voting and supermajority provisions, defensive strategies (e.g., greenmail prevention), business combinations and restructurings and executive and director compensation.
Conflicts of Interest. There may be a material conflict of interest when Spectrum votes, on behalf of a client, a proxy that is solicited by an affiliated person of Spectrum or another Spectrum client. To avoid such
conflicts, Spectrum has established procedures under its Voting Policy to seek to ensure that voting decisions are based on a client’s best interests and are not the product of a material conflict. In addition to employee monitoring for potential conflicts, the CCO reviews Spectrum’s and its affiliates’ material business relationships and personal and financial relationships of senior personnel of Spectrum and its affiliates to monitor for conflicts of interest.
If a conflict of interest is identified, Spectrum considers both financial and non-financial materiality to determine if a conflict of interest is material. If a material conflict of interest is found to exist, the CCO discloses the conflict to affected clients and obtains consent from each client in the manner in which Spectrum proposed to vote.
Spectrum clients can obtain a copy of the Voting Policy or information on how Spectrum voted their proxies by calling Spectrum’s Compliance Department at (203) 322-0189.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Nuveen Fund Advisors, LLC is the Fund’s investment adviser (also referred to as the “Adviser”.) The Adviser is responsible for the selection and on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Spectrum Asset Management, Inc. (the “Sub-Adviser”), as sub-adviser to provide discretionary investment advisory services. The following section provides information on the portfolio managers at the Sub-Adviser.
ITEM 8(a)(1). | PORTFOLIO MANAGER BIOGRAPHIES |
As of the date of filing this report, the following individual at the Sub-Adviser (the “Portfolio Managers”) had primary responsibility for the day-to-day implementation of the Fund’s investment strategy:
Mark A. Lieb is the Founder, President and Chief Executive Officer of Spectrum. Prior to founding Spectrum in 1987, Mr. Lieb was a Founder, Director and Partner of DBL Preferred Management, Inc., a wholly owned corporate cash management subsidiary of Drexel Burnham Lambert, Inc. Mr. Lieb was instrumental in the formation and development of all aspects of DBL Preferred Management, Inc., including the daily management of preferred stock portfolios for institutional clients, hedging strategies, and marketing strategies. Mr. Lieb’s prior employment included the development of the preferred stock trading desk at Mosley Hallgarten & Estabrook. BA Economics, Central Connecticut State College; MBA Finance, University of Hartford.
L. Phillip Jacoby, IV is an Executive Director and Chief Investment Officer of Spectrum. Mr. Jacoby joined Spectrum in 1995 as a Portfolio Manager and held the position of Managing Director and Senior Portfolio Manager until his appointment as CIO on January 1, 2010, following the planned retirement of his predecessor. Prior to joining Spectrum, Mr. Jacoby was a Senior Investment Officer at USL Capital Corporation (a subsidiary of Ford Motor Corporation) and co-manager of the preferred stock portfolio of its US Corporate Financing Division for six years. Mr. Jacoby began his career in 1981 with The Northern Trust Company, Chicago and then moved to Los Angeles to join E.F. Hutton & Co. as a Vice President and Institutional Salesman, Generalist Fixed Income Sales through most of the 1980s. BSBA Finance, Boston University School of Management.
ITEM 8(a)(2). | OTHER ACCOUNTS MANAGED BY PORTFOLIO MANAGERS |
Other Accounts Managed. In addition to managing the Fund, as of July 31, 2022, the Portfolio Managers are also primarily responsible for the day-to-day portfolio management of the following accounts:
Portfolio Manager | Type of Account Managed | Number of Accounts | Assets* | |||||||
Phillip Jacoby | Separately Managed Accounts | 70 | 7,300,000,000 | |||||||
Pooled Accounts | 8 | 4,000,000,000 | ||||||||
Registered Investment Vehicles | 8 | 8,800,000,000 | ||||||||
Mark Lieb | Separately Managed Accounts | 70 | 7,300,000,000 | |||||||
Pooled Accounts | 8 | 4,000,000,000 | ||||||||
Registered Investment Vehicles | 8 | 8,800,000,000 |
*Assets are as of July 31, 2022.
POTENTIAL MATERIAL CONFLICTS OF INTEREST
There are no potential material conflicts of interest to report, other than that Spectrum executes all transactions for the Fund through its wholly owned FINRA member broker/dealer, SAMI Brokerage LLC, certain of which transactions involve commission charges. The potential conflicts of interests related to this arrangement are disclosed in Spectrum’s SEC Form ADV and are mitigated by, among other things, Spectrum’s Best Execution Policies and Procedures.
ITEM 8(a)(3). | FUND MANAGER COMPENSATION |
As of the most recently completed fiscal year end, the primary Portfolio Managers’ compensation is as follows:
Spectrum Asset Management offers investment professionals a competitive compensation structure that is evaluated relative to other asset management firms to ensure its continued competitiveness and alignment with industry best practices. The objective of the structure is to align individual and team contributions with client performance objectives in a manner that is consistent with industry standards and business results.
Compensation for investment professionals at all levels is comprised of base salary and variable incentive components. As team members advance in their careers, the variable component increases in its proportion commensurate with responsibility levels. The incentive component is aligned with performance and goals of the firm. Salaries are established based on a benchmark of salary levels of relevant asset management firms, taking into account each portfolio manager’s position and
responsibilities, experience, contribution to client servicing, compliance with firm and/or regulatory policies and procedures, work ethic, seniority and length of service, and contribution to the overall functioning of the organization. Spectrum attempts to award all compensation in a manner that promotes sound risk management principles. Base salaries are fixed, but are subject to periodic adjustments, usually on an annual basis.
The variable incentive is in the form of a discretionary bonus and may represent a significant proportion of an individual’s total annual compensation. Discretionary bonuses are determined quarterly and are based on a methodology used by senior management that takes into consideration several factors, including but not necessarily limited to those listed below:
• | Changes in overall firm assets under management, including those assets in the Fund. (Portfolio managers are not directly incentivized to increase assets (“AUM”), although they are indirectly compensated as a result of an increase in AUM) |
• | Portfolio performance (on a pre-tax basis) relative to benchmarks measured annually. |
• | Contribution to client servicing |
• | Compliance with firm and/or regulatory policies and procedures |
• | Work ethic |
• | Seniority and length of service |
• | Contribution to overall functioning of organization |
ITEM 8(a)(4). | OWNERSHIP OF JPS SECURITIES AS OF JULY 31, 2022. |
Name of Portfolio Manager | None | $1 - $10,000 | $10,001- $50,000 | $50,001- $100,000 | $100,001 - $500,000 | $500,001- $1,000,000 | Over $1,000,000 | |||||||
Phillip Jacoby | X | |||||||||||||
Mark Lieb | X |
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15 (b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15 (b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. EXHIBITS.
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant’s website at www.nuveen.com/fund-governance and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
(a)(4) Change in the registrant’s independent public accountant. Not applicable.
(c) Consent of Independent Registered Public Accounting Firm
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Preferred & Income Securities Fund
By (Signature and Title) | /s/ Mark L. Winget | |||
Mark L. Winget | ||||
Vice President and Secretary | ||||
Date: October 7, 2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) | /s/ David J. Lamb | |||
David J. Lamb | ||||
Chief Administrative Officer | ||||
(principal executive officer) | ||||
Date: October 7, 2022 | ||||
By (Signature and Title) | /s/ E. Scott Wickerham | |||
E. Scott Wickerham | ||||
Vice President and Controller | ||||
(principal financial officer) | ||||
Date: October 7, 2022 |