JPC
Nuveen Preferred & Income Opportunities Fund
Portfolio of Investments April 30, 2020
(Unaudited)
| Principal Amount (000)/ Shares | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
| LONG-TERM INVESTMENTS – 148.0% (97.5% of Total Investments) | ||||||||
| $1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 68.1% (44.9% of Total Investments) | ||||||||
| Automobiles – 1.7% | ||||||||
| $8,645 | General Motors Financial Co Inc | 5.750% | N/A (3) | BB+ | $6,875,412 | |||
| 9,100 | General Motors Financial Co Inc | 6.500% | N/A (3) | BB+ | 7,371,000 | |||
| Total Automobiles | 14,246,412 | |||||||
| Banks – 33.8% | ||||||||
| 2,035 | Bank of America Corp | 6.300% | N/A (3) | BBB | 2,213,907 | |||
| 1,585 | Bank of America Corp | 6.100% | N/A (3) | BBB | 1,677,881 | |||
| 4,415 | Bank of America Corp | 6.250% | N/A (3) | BBB | 4,601,313 | |||
| 30,120 | Bank of America Corp, (4) | 6.500% | N/A (3) | BBB | 32,077,800 | |||
| 2,540 | Barclays Bank PLC, 144A | 10.179% | 6/12/21 | BBB+ | 2,721,099 | |||
| 13,725 | CIT Group Inc, (5) | 5.800% | N/A (3) | Ba3 | 10,769,871 | |||
| 10,191 | Citigroup Inc | 5.950% | N/A (3) | BBB- | 10,268,554 | |||
| 8,035 | Citigroup Inc | 6.300% | N/A (3) | BBB- | 7,934,563 | |||
| 16,220 | Citigroup Inc, (4), (5) | 6.250% | N/A (3) | BBB- | 17,355,400 | |||
| 7,365 | Citigroup Inc | 5.000% | N/A (3) | BBB- | 6,697,031 | |||
| 4,159 | Citizens Financial Group Inc, (3-Month LIBOR reference rate + 3.960% spread), (4), (6) | 5.333% | N/A (3) | BB+ | 3,514,355 | |||
| 3,455 | Citizens Financial Group Inc | 6.375% | N/A (3) | BB+ | 3,264,975 | |||
| 3,150 | CoBank ACB, 144A, (4) | 6.250% | N/A (3) | BBB+ | 3,165,750 | |||
| 1,180 | Commerzbank AG, 144A | 8.125% | 9/19/23 | Baa3 | 1,302,746 | |||
| 7,050 | Farm Credit Bank of Texas | 10.000% | N/A (3) | Baa1 | 7,332,000 | |||
| 2,314 | HSBC Capital Funding Dollar 1 LP, 144A, (5) | 10.176% | N/A (3) | Baa2 | 3,494,140 | |||
| 3,025 | Huntington Bancshares Inc/OH, (4) | 5.700% | N/A (3) | Baa3 | 2,662,000 | |||
| 32,895 | JPMorgan Chase & Co, (4), (5) | 6.750% | N/A (3) | BBB+ | 35,315,414 | |||
| 2,885 | JPMorgan Chase & Co, (3-Month LIBOR reference rate + 3.800% spread), (6) | 4.487% | N/A (3) | BBB+ | 2,738,947 | |||
| 7,585 | JPMorgan Chase & Co, (5) | 5.000% | N/A (3) | BBB+ | 7,054,050 | |||
| 1,460 | JPMorgan Chase & Co | 6.100% | N/A (3) | BBB+ | 1,496,500 | |||
| 2,850 | KeyCorp | 5.000% | N/A (3) | Baa3 | 2,622,000 | |||
| 14,110 | Lloyds Bank PLC, 144A | 12.000% | N/A (3) | Baa3 | 15,853,827 | |||
| 6,970 | M&T Bank Corp, (4) | 6.450% | N/A (3) | Baa2 | 7,248,800 | |||
| 1,765 | M&T Bank Corp | 5.125% | N/A (3) | Baa2 | 1,779,702 | |||
| 23,527 | PNC Financial Services Group Inc, (4), (5) | 6.750% | N/A (3) | Baa2 | 23,865,318 | |||
| 2,767 | PNC Financial Services Group Inc | 5.000% | N/A (3) | Baa2 | 2,814,260 |
1
| JPC | Nuveen Preferred & Income Opportunities Fund(continued) |
| Portfolio of Investments April 30, 2020 | |
| (Unaudited) |
| Principal Amount (000)/ Shares | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
| Banks (continued) | ||||||||
| $3,528 | Royal Bank of Scotland Group PLC | 7.648% | N/A (3) | BBB- | $4,863,701 | |||
| 3,250 | Truist Financial Corp | 5.050% | N/A (3) | Baa2 | 3,053,993 | |||
| 12,955 | Truist Financial Corp, (5) | 4.800% | N/A (3) | Baa2 | 12,111,111 | |||
| 1,600 | USB Realty Corp, (3-Month LIBOR reference rate + 1.147% spread), 144A, (6) | 2.366% | N/A (3) | A3 | 1,256,000 | |||
| 5,035 | Wachovia Capital Trust III, (3-Month LIBOR reference rate + 0.930% spread), (6) | 5.570% | N/A (3) | Baa2 | 5,001,668 | |||
| 1,385 | Wells Fargo & Co | 7.950% | 11/15/29 | Baa1 | 1,777,799 | |||
| 21,519 | Wells Fargo & Co, (5) | 5.875% | N/A (3) | Baa2 | 22,971,532 | |||
| 2,770 | Wells Fargo & Co | 5.900% | N/A (3) | Baa2 | 2,811,550 | |||
| 1,105 | Zions Bancorp NA | 5.800% | N/A (3) | BB+ | 972,400 | |||
| 11,196 | Zions Bancorp NA, (5) | 7.200% | N/A (3) | BB+ | 10,953,679 | |||
| Total Banks | 287,615,636 | |||||||
| Capital Markets – 3.8% | ||||||||
| 4,325 | Charles Schwab Corp | 7.000% | N/A (3) | BBB | 4,508,813 | |||
| 8,920 | Charles Schwab Corp | 5.375% | N/A (3) | BBB | 9,254,500 | |||
| 5,315 | Goldman Sachs Group Inc, (3-Month LIBOR reference rate + 3.922% spread), (6) | 4.370% | N/A (3) | BBB- | 4,936,306 | |||
| 4,711 | Goldman Sachs Group Inc | 5.300% | N/A (3) | BBB- | 4,793,443 | |||
| 6,074 | Goldman Sachs Group Inc | 5.500% | N/A (3) | BBB- | 6,172,702 | |||
| 2,815 | Morgan Stanley, (4) | 5.550% | N/A (3) | BBB- | 2,589,800 | |||
| Total Capital Markets | 32,255,564 | |||||||
| Commercial Services & Supplies – 0.5% | ||||||||
| 5,435 | AerCap Global Aviation Trust, 144A | 6.500% | 6/15/45 | BB+ | 3,967,550 | |||
| Consumer Finance – 0.9% | ||||||||
| 6,845 | Capital One Financial Corp, (3-Month LIBOR reference rate + 3.800% spread), (4), (6) | 4.150% | N/A (3) | Baa3 | 5,715,575 | |||
| 2,540 | Discover Financial Services | 5.500% | N/A (3) | Ba2 | 2,148,510 | |||
| Total Consumer Finance | 7,864,085 | |||||||
| Diversified Financial Services – 2.8% | ||||||||
| 13,700 | Compeer Financial ACA, 144A, (4) | 6.750% | N/A (3) | BB+ | 13,700,000 | |||
| 10,546 | Voya Financial Inc, (4) | 6.125% | N/A (3) | BBB- | 10,440,540 | |||
| Total Diversified Financial Services | 24,140,540 | |||||||
| Electric Utilities – 3.8% | ||||||||
| 2,345 | Electricite de France SA, 144A, (4) | 5.250% | N/A (3) | BBB | 2,303,963 | |||
| 20,925 | Emera Inc, (4), (5) | 6.750% | 6/15/76 | BB+ | 22,117,830 |
2
| Principal Amount (000)/ Shares | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
| Electric Utilities (continued) | ||||||||
| $7,475 | NextEra Energy Capital Holdings Inc | 5.650% | 5/01/79 | BBB | $7,636,137 | |||
| Total Electric Utilities | 32,057,930 | |||||||
| Equity Real Estate Investment Trust – 0.5% | ||||||||
| 4,505 | Sovereign Real Estate Investment Trust, 144A | 12.000% | N/A (3) | BB+ | 4,518,418 | |||
| Food Products – 4.7% | ||||||||
| 2,245 | Dairy Farmers of America Inc, 144A | 7.125% | N/A (3) | BB+ | 1,852,125 | |||
| 3,980 | Land O' Lakes Inc, 144A, (4) | 7.250% | N/A (3) | BB | 3,751,150 | |||
| 29,840 | Land O' Lakes Inc, 144A, (4) | 8.000% | N/A (3) | BB | 27,751,200 | |||
| 7,035 | Land O' Lakes Inc, 144A, (4) | 7.000% | N/A (3) | BB | 6,296,325 | |||
| Total Food Products | 39,650,800 | |||||||
| Independent Power & Renewable Electricity Producers – 0.5% | ||||||||
| 1,350 | AES Gener SA, 144A, (4) | 7.125% | 3/26/79 | BB | 1,285,858 | |||
| 2,775 | AES Gener SA, 144A | 6.350% | 10/07/79 | BB | 2,587,715 | |||
| Total Independent Power & Renewable Electricity Producers | 3,873,573 | |||||||
| Industrial Conglomerates – 1.3% | ||||||||
| 13,573 | General Electric Co, (5) | 5.000% | N/A (3) | BBB- | 11,168,679 | |||
| Insurance – 11.0% | ||||||||
| 2,240 | Aegon NV | 5.500% | 4/11/48 | Baa1 | 2,305,878 | |||
| 1,850 | American International Group Inc, (4) | 5.750% | 4/01/48 | Baa2 | 1,879,174 | |||
| 9,384 | Assurant Inc, (5) | 7.000% | 3/27/48 | BB+ | 9,196,320 | |||
| 13,994 | Assured Guaranty Municipal Holdings Inc, 144A, (4) | 6.400% | 12/15/66 | BBB+ | 12,314,720 | |||
| 2,115 | AXIS Specialty Finance LLC, (4) | 4.900% | 1/15/40 | BBB | 1,850,625 | |||
| 7,117 | Liberty Mutual Group Inc, 144A, (4) | 7.800% | 3/15/37 | Baa3 | 7,793,115 | |||
| 9,335 | MetLife Capital Trust IV, 144A, (4) | 7.875% | 12/15/37 | BBB | 11,575,400 | |||
| 4,195 | MetLife Inc, 144A, (4) | 9.250% | 4/08/38 | BBB | 5,537,400 | |||
| 1,780 | MetLife Inc | 5.875% | N/A (3) | BBB | 1,833,400 | |||
| 575 | Nationwide Financial Services Capital Trust, (4) | 7.899% | 3/01/37 | Baa2 | 649,750 | |||
| 9,550 | Nationwide Financial Services Inc, (4) | 6.750% | 5/15/37 | Baa2 | 10,606,910 | |||
| 5,065 | Provident Financing Trust I, (5) | 7.405% | 3/15/38 | Baa3 | 5,571,500 | |||
| 11,910 | QBE Insurance Group Ltd, 144A, (5) | 7.500% | 11/24/43 | Baa1 | 12,833,025 | |||
| 1,740 | QBE Insurance Group Ltd, Reg S | 6.750% | 12/02/44 | BBB | 1,890,075 | |||
| 10,200 | SBL Holdings Inc, 144A, (5) | 7.000% | N/A (3) | BB | 6,604,500 | |||
| 1,345 | Swiss Re Finance Luxembourg SA, 144A | 5.000% | 4/02/49 | A | 1,466,217 | |||
| Total Insurance | 93,908,009 | |||||||
| Metals & Mining – 0.4% | ||||||||
| 2,630 | BHP Billiton Finance USA Ltd, 144A | 6.250% | 10/19/75 | BBB+ | 2,656,300 |
3
| JPC | Nuveen Preferred & Income Opportunities Fund(continued) |
| Portfolio of Investments April 30, 2020 | |
| (Unaudited) |
| Principal Amount (000)/ Shares | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
| Metals & Mining (continued) | ||||||||
| $790 | BHP Billiton Finance USA Ltd, 144A | 6.750% | 10/19/75 | BBB+ | $882,825 | |||
| Total Metals & Mining | 3,539,125 | |||||||
| Multi-Utilities – 1.0% | ||||||||
| 5,840 | CenterPoint Energy Inc, (5) | 6.125% | N/A (3) | BBB- | 5,329,000 | |||
| 3,235 | NiSource Inc | 5.650% | N/A (3) | BBB- | 2,976,200 | |||
| Total Multi-Utilities | 8,305,200 | |||||||
| Oil, Gas & Consumable Fuels – 0.3% | ||||||||
| 1,225 | MPLX LP | 6.875% | N/A (3) | BB+ | 880,799 | |||
| 1,400 | Transcanada Trust | 5.500% | 9/15/79 | BBB | 1,316,000 | |||
| Total Oil, Gas & Consumable Fuels | 2,196,799 | |||||||
| Trading Companies & Distributors – 0.1% | ||||||||
| 1,950 | AerCap Holdings NV | 5.875% | 10/10/79 | BB+ | 1,301,625 | |||
| U.S. Agency – 0.6% | ||||||||
| 5,835 | Farm Credit Bank of Texas, 144A, (4) | 6.200% | N/A (3) | BBB+ | 5,287,969 | |||
| Wireless Telecommunication Services – 0.4% | ||||||||
| 2,810 | Vodafone Group PLC | 7.000% | 4/04/79 | BB+ | 3,214,489 | |||
| Total $1,000 Par (or similar) Institutional Preferred (cost $591,577,820) | 579,112,403 |
| Shares | Description (1) | Coupon | Ratings (2) | Value | ||||
| $25 PAR (OR SIMILAR) RETAIL PREFERRED – 46.3% (30.5% of Total Investments) | ||||||||
| Banks – 14.3% | ||||||||
| 425,616 | Citigroup Inc | 7.125% | BBB- | $11,636,342 | ||||
| 179,775 | CoBank ACB, 144A, (5), (7) | 6.250% | BBB+ | 18,157,275 | ||||
| 38,725 | CoBank ACB, (7) | 6.125% | BBB+ | 3,930,588 | ||||
| 93,724 | CoBank ACB, (5), (7) | 6.200% | BBB+ | 9,677,003 | ||||
| 196,900 | Farm Credit Bank of Texas, 144A, (4), (5), (7) | 6.750% | Baa1 | 19,690,000 | ||||
| 253,881 | Fifth Third Bancorp | 6.625% | Baa3 | 6,778,623 | ||||
| 178,757 | FNB Corp/PA, (4) | 7.250% | Ba1 | 4,996,258 | ||||
| 469,200 | Huntington Bancshares Inc/OH | 6.250% | Baa3 | 12,053,748 | ||||
| 170,075 | KeyCorp | 6.125% | Baa3 | 4,833,532 | ||||
| 72,962 | People's United Financial Inc | 5.625% | BB+ | 1,860,531 | ||||
| 469,596 | Regions Financial Corp, (4) | 6.375% | BB+ | 12,716,659 | ||||
| 83,900 | Regions Financial Corp | 5.700% | BB+ | 2,224,189 | ||||
| 107,010 | Synovus Financial Corp | 5.875% | BB- | 2,303,925 | ||||
| 138,600 | US Bancorp | 6.500% | A3 | 3,743,586 | ||||
| 68,200 | Wells Fargo & Co | 4.750% | Baa2 | 1,628,616 |
4
| Shares | Description (1) | Coupon | Ratings (2) | Value | ||||
| Banks (continued) | ||||||||
| 223,777 | Western Alliance Bancorp, (4) | 6.250% | N/R | $5,748,831 | ||||
| Total Banks | 121,979,706 | |||||||
| Capital Markets – 6.1% | ||||||||
| 38,261 | B Riley Financial Inc, (4) | 7.500% | N/R | 878,090 | ||||
| 104,318 | Charles Schwab Corp | 6.000% | BBB | 2,709,138 | ||||
| 79,169 | Charles Schwab Corp | 5.950% | BBB | 2,068,686 | ||||
| 53,425 | Cowen Inc, (4) | 7.350% | N/R | 1,223,967 | ||||
| 61,600 | Goldman Sachs Group Inc | 5.500% | Ba1 | 1,555,400 | ||||
| 725,597 | Morgan Stanley, (4) | 7.125% | BBB- | 19,736,238 | ||||
| 167,500 | Morgan Stanley | 6.875% | BBB- | 4,524,175 | ||||
| 181,500 | Morgan Stanley | 5.850% | BBB- | 4,787,970 | ||||
| 170,452 | Morgan Stanley | 6.375% | BBB- | 4,576,636 | ||||
| 33,745 | State Street Corp | 5.350% | Baa1 | 913,815 | ||||
| 212,859 | Stifel Financial Corp, (4) | 6.250% | BB- | 5,323,604 | ||||
| 145,846 | Stifel Financial Corp | 6.250% | BB- | 3,673,861 | ||||
| Total Capital Markets | 51,971,580 | |||||||
| Consumer Finance – 3.0% | ||||||||
| 84,573 | Capital One Financial Corp, (4) | 5.000% | Baa3 | 1,962,094 | ||||
| 782,345 | GMAC Capital Trust I, (4) | 6.177% | BB- | 17,641,880 | ||||
| 290,847 | Synchrony Financial | 5.625% | BB- | 6,061,251 | ||||
| Total Consumer Finance | 25,665,225 | |||||||
| Diversified Financial Services – 2.2% | ||||||||
| 84,200 | AgriBank FCB, (5), (7) | 6.875% | BBB+ | 8,420,000 | ||||
| 114,400 | Equitable Holdings Inc | 5.250% | BBB- | 2,759,328 | ||||
| 284,100 | Voya Financial Inc, (5) | 5.350% | BBB- | 7,341,144 | ||||
| Total Diversified Financial Services | 18,520,472 | |||||||
| Diversified Telecommunication Services – 0.9% | ||||||||
| 83,500 | AT&T Inc, (4) | 4.750% | BBB | 1,921,335 | ||||
| 234,914 | Qwest Corp, (4) | 6.875% | BBB- | 5,558,065 | ||||
| Total Diversified Telecommunication Services | 7,479,400 | |||||||
| Electric Utilities – 0.1% | ||||||||
| 25,000 | Southern Co | 6.250% | BBB | 641,250 | ||||
| Food Products – 4.4% | ||||||||
| 337,011 | CHS Inc, (4) | 7.875% | N/R | 9,075,706 | ||||
| 474,506 | CHS Inc | 7.100% | N/R | 12,479,508 | ||||
| 468,864 | CHS Inc | 6.750% | N/R | 11,871,637 | ||||
| 23,000 | Dairy Farmers of America Inc, 144A, (7) | 7.875% | BB+ | 1,955,000 |
5
| JPC | Nuveen Preferred & Income Opportunities Fund(continued) |
| Portfolio of Investments April 30, 2020 | |
| (Unaudited) |
| Shares | Description (1) | Coupon | Ratings (2) | Value | ||||
| Food Products (continued) | ||||||||
| 24,500 | Dairy Farmers of America Inc, 144A, (7) | 7.875% | BB+ | $2,082,500 | ||||
| Total Food Products | 37,464,351 | |||||||
| Insurance – 11.2% | ||||||||
| 274,600 | American Equity Investment Life Holding Co | 5.950% | BB | 6,378,958 | ||||
| 302,283 | Argo Group US Inc, (4) | 6.500% | BBB- | 7,617,532 | ||||
| 347,928 | Aspen Insurance Holdings Ltd, (5) | 5.950% | Baa3 | 8,419,858 | ||||
| 66,100 | Aspen Insurance Holdings Ltd | 5.625% | Baa3 | 1,578,468 | ||||
| 559,400 | Athene Holding Ltd, (4) | 6.350% | BBB- | 13,576,638 | ||||
| 117,200 | Axis Capital Holdings Ltd | 5.500% | BBB | 2,885,464 | ||||
| 68,900 | Delphi Financial Group Inc, (5), (7) | 3.582% | BBB | 1,515,800 | ||||
| 457,045 | Enstar Group Ltd, (4), (5) | 7.000% | BB+ | 11,366,709 | ||||
| 228,790 | Globe Life Inc, (4) | 6.125% | BBB+ | 6,163,603 | ||||
| 255,780 | Hartford Financial Services Group Inc, (4) | 7.875% | Baa2 | 6,839,557 | ||||
| 219,645 | Maiden Holdings North America Ltd | 7.750% | N/R | 4,614,741 | ||||
| 76,400 | National General Holdings Corp | 7.500% | N/R | 1,761,020 | ||||
| 180,564 | National General Holdings Corp | 7.500% | N/R | 4,080,746 | ||||
| 88,895 | National General Holdings Corp, (4) | 7.625% | N/R | 2,204,596 | ||||
| 166,820 | PartnerRe Ltd, (4) | 7.250% | BBB | 4,307,292 | ||||
| 113,445 | Reinsurance Group of America Inc, (4) | 6.200% | BBB+ | 2,873,562 | ||||
| 347,400 | Reinsurance Group of America Inc, (4) | 5.750% | BBB+ | 8,865,648 | ||||
| Total Insurance | 95,050,192 | |||||||
| Internet & Direct Marketing Retail – 0.1% | ||||||||
| 36,803 | eBay Inc | 6.000% | BBB+ | 957,614 | ||||
| Multi-Utilities – 0.9% | ||||||||
| 271,210 | Algonquin Power & Utilities Corp | 6.200% | BB+ | 7,412,169 | ||||
| Oil, Gas & Consumable Fuels – 0.7% | ||||||||
| 136,600 | NuStar Energy LP | 8.500% | B1 | 2,363,180 | ||||
| 72,929 | NuStar Energy LP | 7.625% | B1 | 1,174,157 | ||||
| 116,117 | NuStar Logistics LP | 7.953% | B1 | 2,215,512 | ||||
| Total Oil, Gas & Consumable Fuels | 5,752,849 | |||||||
| Thrifts & Mortgage Finance – 1.1% | ||||||||
| 103,924 | Federal Agricultural Mortgage Corp | 6.000% | N/R | 2,635,513 | ||||
| 269,770 | New York Community Bancorp Inc | 6.375% | Ba2 | 6,730,761 | ||||
| Total Thrifts & Mortgage Finance | 9,366,274 | |||||||
| Trading Companies & Distributors – 0.2% | ||||||||
| 104,800 | Air Lease Corp | 6.150% | BB+ | 1,888,496 | ||||
| Wireless Telecommunication Services – 1.1% | ||||||||
| 369,965 | United States Cellular Corp | 7.250% | Ba1 | 9,186,231 | ||||
| Total $25 Par (or similar) Retail Preferred (cost $402,225,672) | 393,335,809 |
6
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
| CONTINGENT CAPITAL SECURITIES – 25.0% (16.4% of Total Investments) (8) | ||||||
| Banks – 18.9% | ||||||
| $2,025 | Australia & New Zealand Banking Group Ltd/United Kingdom, 144A, (4) | 6.750% | N/A (3) | Baa2 | $2,171,813 | |
| 4,415 | Banco Bilbao Vizcaya Argentaria SA | 6.500% | N/A (3) | BB+ | 4,012,131 | |
| 7,840 | Banco Bilbao Vizcaya Argentaria SA, (4) | 6.125% | N/A (3) | BB+ | 6,879,600 | |
| 2,310 | Banco Mercantil del Norte SA/Grand Cayman, 144A, (4) | 7.625% | N/A (3) | Ba2 | 1,859,550 | |
| 4,600 | Banco Santander SA, Reg S | 7.500% | N/A (3) | Ba1 | 4,479,250 | |
| 1,870 | Barclays PLC | 8.000% | N/A (3) | BBB- | 1,865,325 | |
| 7,320 | Barclays PLC | 7.750% | N/A (3) | BBB- | 7,063,800 | |
| 6,675 | Barclays PLC, Reg S | 7.875% | N/A (3) | BBB- | 6,608,250 | |
| 5,745 | BNP Paribas SA, 144A | 6.625% | N/A (3) | BBB | 5,709,094 | |
| 1,000 | BNP Paribas SA, 144A | 7.000% | N/A (3) | BBB- | 1,042,500 | |
| 9,645 | BNP Paribas SA, Reg S, 144A | 7.375% | N/A (3) | BBB- | 10,018,744 | |
| 7,255 | Credit Agricole SA, 144A, (5) | 7.875% | N/A (3) | BBB | 7,708,437 | |
| 10,940 | Credit Agricole SA, 144A, (5) | 8.125% | N/A (3) | BBB | 12,143,400 | |
| 10,724 | HSBC Holdings PLC | 6.375% | N/A (3) | BBB | 10,650,219 | |
| 2,405 | HSBC Holdings PLC | 6.000% | N/A (3) | BBB | 2,360,904 | |
| 3,210 | ING Groep NV | 6.500% | N/A (3) | BBB | 3,182,715 | |
| 5,285 | ING Groep NV | 5.750% | N/A (3) | BBB | 5,086,812 | |
| 2,600 | ING Groep NV, Reg S | 6.875% | N/A (3) | BBB | 2,593,500 | |
| 4,940 | Intesa Sanpaolo SpA, 144A, (4) | 7.700% | N/A (3) | BB- | 4,594,200 | |
| 13,410 | Lloyds Banking Group PLC, (4) | 7.500% | N/A (3) | Baa3 | 13,141,800 | |
| 3,010 | Lloyds Banking Group PLC | 7.500% | 12/27/68 | Baa3 | 2,979,900 | |
| 3,350 | Macquarie Bank Ltd/London, 144A | 6.125% | N/A (3) | BB+ | 3,232,750 | |
| 3,845 | Nordea Bank Abp, 144A | 6.625% | N/A (3) | BBB+ | 3,869,031 | |
| 4,590 | Royal Bank of Scotland Group PLC | 8.000% | N/A (3) | BBB- | 4,774,748 | |
| 5,515 | Royal Bank of Scotland Group PLC | 8.625% | N/A (3) | BBB- | 5,625,300 | |
| 6,886 | Societe Generale SA, 144A, (5) | 7.875% | N/A (3) | BBB- | 6,752,549 | |
| 3,961 | Societe Generale SA, 144A | 6.750% | N/A (3) | BB+ | 3,715,933 | |
| 2,325 | Societe Generale SA, 144A | 8.000% | N/A (3) | BB+ | 2,359,875 | |
| 1,725 | Societe Generale SA, 144A | 7.375% | 4/04/69 | BB+ | 1,619,344 | |
| 4,905 | Standard Chartered PLC, 144A, (4) | 7.500% | N/A (3) | BBB- | 4,934,430 | |
| 1,815 | Standard Chartered PLC, 144A | 7.750% | N/A (3) | BBB- | 1,837,688 | |
| 6,060 | UniCredit SpA, Reg S | 8.000% | N/A (3) | BB- | 5,489,802 | |
| 162,201 | Total Banks | 160,363,394 | ||||
| Capital Markets – 5.8% | ||||||
| 3,925 | Credit Suisse Group AG, 144A, (5) | 7.500% | N/A (3) | BB+ | 4,145,781 | |
| 8,430 | Credit Suisse Group AG, 144A, (5) | 7.500% | N/A (3) | BB+ | 8,514,300 | |
| 6,045 | Credit Suisse Group AG, 144A | 6.375% | N/A (3) | BB+ | 5,954,325 | |
| 8,534 | Credit Suisse Group AG, 144A, (4) | 7.250% | N/A (3) | BB+ | 8,512,665 | |
| 4,010 | UBS Group AG, 144A | 7.000% | N/A (3) | BBB | 4,125,087 |
7
| JPC | Nuveen Preferred & Income Opportunities Fund(continued) |
| Portfolio of Investments April 30, 2020 | |
| (Unaudited) |
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
| Capital Markets (continued) | ||||||
| $4,695 | UBS Group AG, Reg S | 6.875% | N/A (3) | BBB | $4,853,456 | |
| 12,310 | UBS Group AG, Reg S | 7.000% | 2/19/69 | BBB | 13,200,752 | |
| 47,949 | Total Capital Markets | 49,306,366 | ||||
| Equity Real Estate Investment Trust – 0.3% | ||||||
| 2,505 | ING Groep NV, Reg S | 6.750% | 4/16/69 | BBB | 2,454,900 | |
| $212,655 | Total Contingent Capital Securities (cost $217,545,745) | 212,124,660 |
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
| CORPORATE BONDS – 7.5% (5.0% of Total Investments) | ||||||||
| Air Freight & Logistics – 0.4% | ||||||||
| $3,153 | XPO Logistics Inc, 144A, (4) | 6.500% | 6/15/22 | BB- | $3,165,612 | |||
| Automobiles – 0.3% | ||||||||
| 475 | Ford Motor Co | 8.500% | 4/21/23 | BBB- | 470,250 | |||
| 2,275 | Ford Motor Co | 7.450% | 7/16/31 | BBB- | 1,899,625 | |||
| 2,750 | Total Automobiles | 2,369,875 | ||||||
| Chemicals – 0.2% | ||||||||
| 474 | Blue Cube Spinco LLC | 9.750% | 10/15/23 | BB | 494,145 | |||
| 1,300 | CVR Partners LP / CVR Nitrogen Finance Corp, 144A | 9.250% | 6/15/23 | B+ | 1,142,661 | |||
| 1,774 | Total Chemicals | 1,636,806 | ||||||
| Diversified Financial Services – 0.4% | ||||||||
| 7,336 | ILFC E-Capital Trust II, 144A | 3.270% | 12/21/65 | BB+ | 3,649,660 | |||
| Entertainment – 1.1% | ||||||||
| 11,350 | Liberty Interactive LLC, (4) | 8.500% | 7/15/29 | BB | 9,761,000 | |||
| Food & Staples Retailing – 0.7% | ||||||||
| 5,175 | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC, 144A, (4) | 7.500% | 3/15/26 | BB- | 5,653,687 | |||
| Health Care Equipment & Supplies – 1.2% | ||||||||
| 9,181 | Avantor Inc, 144A, (4) | 9.000% | 10/01/25 | BB | 9,956,794 | |||
| Media – 0.8% | ||||||||
| 1,125 | Altice Financing SA, 144A | 7.500% | 5/15/26 | B | 1,175,625 | |||
| 4,725 | ViacomCBS Inc, (4) | 6.875% | 4/30/36 | BBB | 5,628,729 | |||
| 5,850 | Total Media | 6,804,354 | ||||||
| Multiline Retail – 0.3% | ||||||||
| 2,650 | Nordstrom Inc, 144A, (4) | 8.750% | 5/15/25 | Baa2 | 2,843,532 |
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| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |||
| Oil, Gas & Consumable Fuels – 0.6% | ||||||||
| $4,960 | Enviva Partners LP / Enviva Partners Finance Corp, 144A, (4) | 6.500% | 1/15/26 | BB- | $5,195,600 | |||
| Semiconductors & Semiconductor Equipment – 0.6% | ||||||||
| 4,923 | Amkor Technology Inc, 144A, (4) | 6.625% | 9/15/27 | BB | 5,058,383 | |||
| Technology Hardware, Storage & Peripherals – 0.3% | ||||||||
| 2,500 | Dell International LLC / EMC Corp, 144A | 6.200% | 7/15/30 | BBB- | 2,764,954 | |||
| Wireless Telecommunication Services – 0.6% | ||||||||
| 5,000 | T-Mobile USA Inc | 6.375% | 3/01/25 | BB+ | 5,131,250 | |||
| $66,602 | Total Corporate Bonds (cost $68,644,709) | 63,991,507 |
| Shares | Description (1) | Coupon | Ratings (2) | Value | ||||
| CONVERTIBLE PREFERRED SECURITIES – 1.1% (0.7% of Total Investments) | ||||||||
| Electric Utilities – 0.5% | ||||||||
| 90,000 | Southern Co | 6.750% | BBB | $4,260,600 | ||||
| Multi-Utilities – 0.6% | ||||||||
| 50,000 | Sempra Energy | 6.750% | N/R | 5,065,500 | ||||
| Total Convertible Preferred Securities (cost $9,255,321) | 9,326,100 | |||||||
| Total Long-Term Investments (cost $1,289,249,267) | 1,257,890,479 |
| Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||||
| SHORT-TERM INVESTMENTS – 3.8% (2.5% of Total Investments) | ||||||||
| REPURCHASE AGREEMENTS – 3.8% (2.5% of Total Investments) | ||||||||
| $32,507 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 4/30/20, repurchase price $32,507,123, collaterized by $31,545,000 U.S. Treasury Notes, 1.500%, due 10/31/24, value $33,161,681 | 0.000% | 5/01/20 | $32,507,123 | ||||
| Total Short-Term Investments (cost $32,507,123) | 32,507,123 | |||||||
| Total Investments (cost $1,321,756,390) – 151.8% | 1,290,397,602 | |||||||
| Borrowings – (42.8)% (9), (10) | (364,310,000) | |||||||
| Reverse Repurchase Agreements – (7.6)% (11) | (65,000,000) | |||||||
| Other Assets Less Liabilities – (1.4)% (12) | (10,799,219) | |||||||
| Net Assets Applicable to Common Shares – 100% | $850,288,383 |
9
| JPC | Nuveen Preferred & Income Opportunities Fund(continued) |
| Portfolio of Investments April 30, 2020 | |
| (Unaudited) |
Investments in Derivatives
| Futures Contracts | |||||||
| Description | Contract Position | Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | Variation Margin Receivable/ (Payable) |
| U.S. Treasury 10-Year Note | Short | (263) | 6/20 | $(36,573,438) | $(34,893,280) | $(1,680,158) | $(24,656) |
| Interest Rate Swaps - OTC Uncleared | ||||||||||
| Counterparty | Notional Amount | Fund Pay/Receive Floating Rate | Floating Rate Index | Fixed Rate (Annualized) | Fixed Rate Payment Frequency | Effective Date (13) | Optional Termination Date | Maturity Date | Value | Unrealized Appreciation (Depreciation) |
| Morgan Stanley Capital Services LLC | $277,500,000 | Receive | 1-Month LIBOR | 1.994% | Monthly | 6/01/18 | 7/01/25 | 7/01/27 | $(31,823,414) | $(31,823,414) |
| Morgan Stanley Capital Services LLC | 48,000,000 | Receive | 1-Month LIBOR | 2.364 | Monthly | 7/01/19 | 7/01/26 | 7/01/28 | (7,468,918) | (7,468,918) |
| Total | $325,500,000 | $(39,292,332) | $(39,292,332) | |||||||
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund's investments in securities are recorded at their estimated fair value. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
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The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
| Level 1 | Level 2 | Level 3 | Total | |
| Long-Term Investments: | ||||
| $1,000 Par (or similar) Institutional Preferred | $ — | $579,112,403 | $ — | $579,112,403 |
| $25 Par (or similar) Retail Preferred | 327,907,643 | 65,428,166 | — | 393,335,809 |
| Contingent Capital Securities | — | 212,124,660 | — | 212,124,660 |
| Corporate Bonds | — | 63,991,507 | — | 63,991,507 |
| Convertible Preferred Securities | 9,326,100 | — | — | 9,326,100 |
| Short-Term Investments: | ||||
| Repurchase Agreements | — | 32,507,123 | — | 32,507,123 |
| Investments in Derivatives: | ||||
| Futures Contracts* | (1,680,158) | — | — | (1,680,158) |
| Interest Rate Swaps* | — | (39,292,332) | — | (39,292,332) |
| Total | $335,533,585 | $913,871,527 | $ — | $1,249,425,112 |
| * | Represents net unrealized appreciation (depreciation). |
| For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | ||
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. | |
| (2) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. | |
| (3) | Perpetual security. Maturity date is not applicable. | |
| (4) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives and/or reverse repurchase agreements. As of the end of the reporting period, investments with a value of $243,685,351 have been pledged as collateral for reverse repurchase agreements. | |
| (5) | Investment, or portion of investment, is hypothecated. The total value of investments hypothecated as of the end of the reporting period was $263,674,512. | |
| (6) | Variable rate security. The rate shown is the coupon as of the end of the reporting period. | |
| (7) | For fair value measurement disclosure purposes, investment classified as Level 2. | |
| (8) | 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. | |
| (9) | Borrowings as a percentage of Total Investments is 28.2%. | |
| (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 $811,390,692 have been pledged as collateral for borrowings. | |
| (11) | Reverse Repurchase Agreements as a percentage of Total Investments is 5.0%. | |
| (12) | Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as well as the OTC cleared and exchange-traded derivatives, when applicable. | |
| (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. |
11