Nuveen Preferred & Income Opportunities Fund (JPC) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21293

Nuveen Preferred & Income Opportunities Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Address of principal executive offices)  (Zip code)

Mark L. Winget

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Name and address of agent for service)

Registrant’s telephone number, including area code:   (312) 917-7700                    

Date of fiscal year end:   July 31                       

Date of reporting period:   January 31, 2023                    

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

Closed-End

Funds

Closed-End

Funds

Nuveen

January

31,

2023

Semi-annual

Report

This

semi-annual

report

contains

the

Funds'

unaudited financial

statements.

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

NPFD

Nuveen

Variable

Rate

Preferred

&

Income

Fund

Life

is

Complex.

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makes

things

e-simple.

It

only

takes

a

minute

to

sign

up

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e-Reports.

Once

enrolled,

you’ll

receive

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e-mail

as

soon

as

your

Nuveen

Fund

information

is

ready.

No

more

waiting

for

delivery

by

regular

mail.

Just

click

on

the

link

within

the

e-mail

to

see

the

report

and

save

it

on

your

computer

if

you

wish.

Free

e-Reports

right

to

your

email!

www.investordelivery.com

If

you

receive

your

Nuveen

Fund

distributions

and

statements

from

your

financial

professional

or

brokerage

account.

or

www.nuveen.com/client-access

If

you

receive

your

Nuveen

Fund

dividends

and

statements

directly

from

Nuveen.

NOT

FDIC

INSURED

MAY

LOSE

VALUE

NO

BANK

GUARANTEE

Table

of

Contents

3

Chair’s

Letter

to

Shareholders

4

Important

Notices

5

Fund

Leverage

6

Common

Share

Information

8

Performance

Overview

and

Holdings

Summaries

10

Portfolios

of

Investments

20

Statement

of

Assets

and

Liabilities

56

Statement

of

Operations

57

Statement

of

Changes

in

Net

Assets

58

Financial

Highlights

62

Notes

to

Financial

Statements

69

Risk

Considerations

86

Additional

Fund

Information

88

Glossary

of

Terms

Used

in

this

Report

89

4

Chair’s

Letter

to

Shareholders

Dear

Shareholders,

The

significant

measures

taken

by

the

U.S.

Federal

Reserve

(Fed)

and

other

global

central

banks

over

the

past

year

to

contain

inflation

have

begun

to

take

effect.

From

March

2022

to

February

2023,

the

Fed

raised

the

target

fed

funds

rate

by

4.50%

to

a

range

of

4.50%

to

4.75%,

marking

the

fastest

interest

rate

hiking

cycle

in

its

history.

Across

most

of

the

world,

inflation

rates

have

fallen

from

their

post-pandemic

highs

but

currently

remain

well

above

the

levels

that

central

banks

consider

supportive

of

their

economies’

long-term

growth.

At

the

same

time,

the

U.S.

and

other

large

economies

have

remained

surprisingly

resilient,

even

as

financial

conditions

have

tightened.

Despite

contracting

in

the

first

half

of

2022,

U.S.

gross

domestic

product

grew

2.1%

in

the

year

overall

compared

to

2021.

More

recent

data

have

shown

a

relatively

strong

jobs

market,

rebounding

consumer

sentiment

and

spending,

and

a

pick-up

in

manufacturing.

Markets

are

concerned

that

these

conditions

could

keep

upward

pressure

on

inflation,

which

could

prompt

central

banks

to

continue

raising

interest

rates

at

the

risk

of

slowing

economies

too

much.

Fed

officials

are

closely

monitoring

inflation

data

and

other

economic

measures

to

modify

their

rate

setting

policy

based

upon

these

factors,

and

additional

rate

hikes

are

expected

until

the

Fed

sees

sustainable

progress

toward

its

inflation

goals.

In

the

meantime,

markets

are

likely

to

continue

reacting

in

the

short

term

to

news

about

inflation

data,

economic

indicators

and

central

bank

policy.

Recently,

following

the

collapses

of

Silicon

Valley

Bank

and

two

cryptocurrency-exposed

banks,

investors

sought

to

assess

contagion

risks

across

the

banking

sector

as

well

as

the

impact

to

the

Fed’s

pace

of

rate

hikes

going

forward,

which

contributed

to

volatility

in

the

markets.

We

encourage

investors

to

keep

a

long-term

perspective

amid

the

short-term

noise.

Your

financial

professional

can

help

you

review

how

well

your

portfolio

is

aligned

with

your

time

horizon,

risk

tolerance

and

investment

goals.

On

behalf

of

the

other

members

of

the

Nuveen

Fund

Board,

we

look

forward

to

continuing

to

earn

your

trust

in

the

months

and

years

ahead.

Terence

J.

Toth

Chair

of

the

Board

March

22,

2023

Important

Notices

5

For

Shareholders

of

Nuveen

Preferred

&

Income

Opportunities

Fund

(JPC)

Nuveen

Preferred

and

Income

Term

Fund

(JPI)

Nuveen

Preferred

&

Income

Securities

Fund

(JPS)

Nuveen

Preferred

and

Income

Fund

(JPT)

Nuveen

Variable

Rate

Preferred

&

Income

Fund

(NPFD)

Portfolio

Manager

Commentaries

in

Semi-annual

Reports

The

Funds

include

portfolio

manager

commentary

in

their

annual

shareholder

reports.

For

the

Funds’

most

recent

annual

portfolio

manager

discussion,

please

refer

to

the

Portfolio

Managers’

Comments

section

of

each

Fund’s

July

31,

2022

annual

shareholder

report.

For

current

information

on

your

Fund’s

investment

objectives,

portfolio

management

team

and

average

annual

total

returns

please

refer

to

the

Fund’s

website

at

www.nuveen.com.

For

changes

that

occurred

to

your

Fund

both

during

and

subsequent

to

this

reporting

period,

please

refer

to

the

Notes

to

Financial

Statements

section

of

this

report.

For

average

annual

total

returns

as

of

the

end

of

this

reporting

period,

please

refer

to

the

Performance

Overview

and

Holding

Summaries

section

within

this

report.

Recent

Market

Factors

Each

of

the

Funds

covered

by

this

Report

have

substantial

allocations

to

preferred

and

contingent

capital

securities

issued

by

U.S.

and

non-U.S.

banks

and

other

financial

institutions. 

Given

recent

increases

in

prevailing

interest

rates

and

other

market

factors,

these

securities

are

subject

to

heightened

volatility

and

default

risk

and

may,

ultimately,

detract

from

Fund

performance. 

The

Fund’s

investments

may

also

be

subject

to

the

risk

that

central

bank

or

other

extraordinary

government

intervention

may

negatively

impact

the

priority

or

likelihood

of

repayment. 

In

addition,

recent

bank

failures

may

have

a

destabilizing

impact

on

the

broader

banking

industry

or

markets

generally,

which

may

also

heighten

volatility

and

reduce

liquidity. 

6

Fund

Leverage

IMPACT

OF

THE

FUND’S

LEVERAGE

STRATEGY

ON

PERFORMANCE

One

important

factor

impacting

the

returns

of

the

Funds’

common

shares

relative

to

their

comparative

benchmarks

was

the

Funds’

use

of

leverage

through

bank

borrowings,

Taxable

Fund

Preferred

Shares

(TFP)

for

JPC,

JPS

and

NPFD

and

reverse

repurchase

agreements.

The

Funds

use

leverage

because

our

research

has

shown

that,

over

time,

leveraging

provides

opportunities

for

additional

income.

The

opportunity

arises

when

short-term

rates

that

a

Fund

pays

on

its

leveraging

instruments

are

lower

than

the

interest

the

Fund

earns

on

its

portfolio

securities

that

it

has

bought

with

the

proceeds

of

that

leverage.

However,

use

of

leverage

can

expose

Fund

common

shares

to

additional

price

volatility.

When

a

Fund

uses

leverage,

the

Fund’s

common

shares

will

experience

a

greater

increase

in

their

net

asset

value

if

the

securities

acquired

through

the

use

of

leverage

increase

in

value,

but

will

also

experience

a

correspondingly

larger

decline

in

their

net

asset

value

if

the

securities

acquired

through

leverage

decline

in

value.

All

this

will

make

the

shares’

total

return

performance

more

variable

over

time.

In

addition,

common

share

income

in

levered

funds

will

typically

decrease

in

comparison

to

unlevered

funds

when

short-term

interest

rates

increase

and

increase

when

short-term

interest

rates

decrease.

In

recent

quarters,

fund

leverage

expenses

have

generally

tracked

the

overall

movement

of

short-term

interest

rates.

While

fund

leverage

expenses

are

higher

than

their

prior

year

lows,

leverage

nevertheless

continues

to

provide

the

opportunity

for

incremental

common

share

income,

particularly

over

longer-term

periods.

JPS

and

JPC's

use

of

leverage

contributed

to

relative

performance

during

this

reporting

period.

JPI,

JPT

and

NPFD's

use

of

leverage

had

a

negligible

impact

on

relative

performance

during

this

reporting

period.

In

addition,

each

Fund's

use

of

leverage

was

accretive

to

overall

common

share

income.

JPC,

JPI

and

JPS

continued

to

use

interest

rate

swap

contracts

to

partially

hedge

the

interest

cost

of

leverage.

The

interest

rate

swaps

in

JPC

and

JPS

contributed

to

relative

performance

during

the

period.

The

interest

rate

swaps

in

JPI

had

a

negligible

impact

on

relative

performance

during

the

reporting

period.

As

of

January

31,

2023,

the

Funds’

percentages

of

leverage

are

as

shown

in

the

accompanying

table.

*

Effective

leverage

is

a

Fund’s

effective

economic

leverage,

and

includes

both

regulatory

leverage

and

the

leverage

effects

of

reverse

repurchase

agreements,

certain

derivative

and

other

investments

in

a

Fund’s

portfolio

that

increase

the

Fund’s

investment

exposure.

Regulatory

leverage

consists

of

preferred

shares

issued

or

borrowings

of

a

Fund.

Both

of

these

are

part

of

a

Fund’s

capital

structure.

A

Fund,

however,

may

from

time

to

time

borrow

on

a

typically

transient

basis

in

connection

with

its

day-to-day

operations,

primarily

in

connection

with

the

need

to

settle

portfolio

trades.

Such

incidental

borrowings

are

excluded

from

the

calculation

of

a

Fund’s

effective

leverage

ratio.

Regulatory

leverage

is

subject

to

asset

coverage

limits

set

forth

in

the

Investment

Company

Act

of

1940.

THE

FUNDS’

LEVERAGE

Bank

Borrowings

As

noted

previously,

the

Fund

employs

leverage

through

the

use

of

bank

borrowings.

The

Funds’

bank

borrowings

activities

are

as

shown

in

the

accompanying

table.

Refer

to

Notes

to

Financial

Statements,

Note

9

–

Borrowing

Arrangements

and

Reverse

Repurchase

Agreements

for

further

details.

Reverse

Repurchase

Agreements

As

noted

previously,

the

Fund

used

reverse

repurchase

agreements,

in

which

the

Funds

sell

to

a

counterparty

a

security

that

it

holds

with

a

contemporaneous

agreement

to

repurchase

the

same

security

at

an

agreed-upon

price

and

date.

The

Funds’

transactions

in

reverse

repurchase

agreements

are

as

shown

in

the

accompanying

table.

JPC

JPI

JPS

JPT

NPFD

Effective

Leverage*

36.28%

35.62%

37.26%

32.63%

35.61%

Regulatory

Leverage*

36.28%

35.62%

37.26%

32.63%

35.61%

Current

Reporting

Period

Subsequent

to

the

Close

of

the

Reporting

Period

Fund

Outstanding

Balance

as

of

August

1,

2022

Draws

Paydowns

Outstanding

Balance

as

of

January

31,

2023

Average

Balance

Outstanding

Draws

Paydowns

Outstanding

Balance

as

of

March

22,

2023

JPC

$423,400,000

$

-

$(174,000,000)

$249,400,000

$271,530,435

$14,700,000

$  

(66,500,000)

$197,600,000

JPI

$216,000,000

$

  12,400,000

$   (30,000,000)

$198,400,000

$204,748,913

$12,000,000

$  

(36,500,000)

$173,900,000

JPS

$499,300,000

$

-

$   (40,000,000)

$459,300,000

$471,908,696

$                     -

$

(110,000,000)

$349,300,000

JPT

$  47,000,000

$

  -

$     (3,600,000)

$   43,400,000

$   44,738,043

$   1,300,000

$    

(5,200,000)

$  39,500,000

NPFD

$188,600,000

$

  19,514,000

$   (48,800,000)

$159,314,000

$158,778,239

$10,300,000

$  

(32,000,000)

$137,614,000

7

*

For

the

period

September

26,

2022

(initial

purchase

of

reverse

repurchase

agreements)

through

January

31,

2023.

Taxable

Fund

Preferred

Shares

As

noted

previously,

in

addition

to

bank

borrowings,

JPC,

JPS

and

NPFD

also

issued

TFP.

The

Fund’s

transactions

in

TFP

are

as

shown

in

the

accompanying

table.

*

For

the

period

August

18,

2022

(first

issuance

date

of

shares)

through

January

31,

2023.

**

For

the

period

September

1,

2022

(first

issuance

date

of

shares)

through

January

31,

2023.

Refer

to

Notes

to

Financial

Statements,

Note

5

–

Fund

Shares

for

further

details

on

TFP.

Current

Reporting

Period

Subsequent

to

the

Close

of

the

Reporting

Period

Fund

Outstanding

Balance

as

of

August

1,

2022

Sales

Purchases

Outstanding

Balance

as

of

January

31,

2023

Average

Balance

Outstanding

Sales

Purchases

Outstanding

Balance

as

of

March

22,

2023

JPC

$102,100,000

  $-

$-

$102,100,000

$102,100,000

  $

-

  $

-

  $102,100,000

JPI

$65,000,000

   $-

$-

$65,000,000

$65,000,000

  $

-

  $

-

  $65,000,000

JPS

$275,000,000

   $-

$-

$275,000,000

$275,000,000

  $

-

  $

-

  $275,000,000

JPT

$-

   $1,000,000

$-

$1,000,000

$1,000,000*

  $500,000

  $

-

  $1,500,000

NPFD

$103,402,000

   $52,197,000

$(119,916,000)

$35,683,000

$54,634,832

  $

-

  $

-

  $35,683,000

Current

Reporting

Period

Subsequent

to

the

Close

of

the

Reporting

Period

Fund

Outstanding

Balance

as

of

August

1,

2022

Issuance

Redemptions

Outstanding

Balance

as

of

January

31,

2023

Average

Balance

Outstanding

Sales

Purchases

Outstanding

Balance

as

of

March

22,

2023

JPC

$-

$150,000,000

$-

$150,000,000

$150,000,000*

  $

-

  $

-

  $150,000,000

JPS

$270,000,000

$-

$-

$270,000,000

$270,000,000

  $

-

  $

-

  $270,000,000

NPFD

$-

$85,000,000

$-

$85,000,000

$85,000,000**

  $

-

  $

-

  $85,000,000

8

Common

Share

Information

COMMON

SHARE

DISTRIBUTION

INFORMATION

The

following

information

regarding the

Funds' distributions

is

current

as

of

January

31,

2023.  Each

Fund's

distribution

levels

may

vary

over

time

based

on each

Fund's

investment

activity

and

portfolio

investment

value

changes.

During

the

current

reporting

period, each

Fund's

distributions

to

common

shareholders

were

as

shown

in

the

accompanying

table.

.

Each

Fund

seeks

to

pay

regular

monthly

dividends

out

of

its

net

investment

income

at

a

rate

that

reflects

its

past

and

projected

net

income

performance.

To

permit

each

Fund

to

maintain

a

more

stable

monthly

dividend,

the

Fund

may

pay

dividends

at

a

rate

that

may

be

more

or

less

than

the

amount

of

net

income

actually

earned

by

the

Fund

during

the

period.

Distributions

to

common

shareholders

are

determined

on

a

tax

basis,

which

may

differ

from

amounts

recorded

in

the

accounting

records.

In

instances

where

the

monthly

dividend

exceeds

the

earned

net

investment

income,

the

Fund

would

report

a

negative

undistributed

net

ordinary

income.

Refer

to

Note

6

–

Income

Tax

Information

for

additional

information

regarding

the

amounts

of

undistributed

net

ordinary

income

and

undistributed

net

long-term

capital

gains

and

the

character

of

the

actual

distributions

paid

by

the

Fund

during

the

period.

All

monthly

dividends

paid

by

each

Fund

during

the

current

reporting

period

were

paid

from

net

investment

income.

If

a

portion

of

the

Fund’s

monthly

distributions

is

sourced

or

comprised

of

elements

other

than

net

investment

income,

including

capital

gains

and/

or

a

return

of

capital,

shareholders

will

be

notified

of

those

sources.

For

financial

reporting

purposes,

the

per

share

amounts

of

each

Fund’s

distributions

for

the

reporting

period

are

presented

in

this

report’s

Financial

Highlights.

For

income

tax

purposes,

distribution

information

for

each

Fund

as

of

its

most

recent

tax

year

end

is

presented

in

Note

6

–

Income

Tax

Information

within

the

Notes

to

Financial

Statements

of

this

report.

NUVEEN

CLOSED-END

FUND

DISTRIBUTION

AMOUNTS

The

Nuveen

Closed-End

Funds’

monthly

and

quarterly

periodic

distributions

to

shareholders

are

posted

on

www.nuveen.com

and

can

be

found

on

Nuveen’s

enhanced

closed-end

fund

resource

page,

which

is

at

https://www.nuveen.com/resource-center-

closed-end-funds,

along

with

other

Nuveen

closed-end

fund

product

updates.

To

ensure

timely

access

to

the

latest

information,

shareholders

may

use

a

subscribe

function,

which

can

be

activated

at

this

web

page

(https://www.nuveen.com/subscriptions).

COMMON

SHARE

EQUITY

SHELF

PROGRAMS

During

the

current

reporting

period,

JPC

and

JPS

were

authorized

by

the

Securities

and

Exchange

Commission

to

issue

additional

common

shares

through

an

equity

shelf

program

(Shelf

Offering).

Under

these

programs,

JPC

and

JPS,

subject

to

market

conditions,

may

raise

additional

capital

from

time

to

time

in

varying

amounts

and

offering

methods

at

a

net

price

at

or

above

each

Fund’s

NAV

per

common

share.

The

maximum

aggregate

offering

under

these

Shelf

Offerings,

are

as

shown

in

the

accompanying

table.

During

the

current

reporting

period,

JPS

and

JPC

did

not

sell

any

common

shares

through

their

Shelf

Offerings.

Refer

to

Notes

to

Financial

Statements,

Note

5

–

Fund

Shares

for

further

details

of

Shelf

Offerings

and

each

Fund’s

transactions.

Per

Common

Share

Amounts

Monthly

Distributions

(Ex-Dividend

Date)

JPC

JPI

JPS

JPT

NPFD

August

$0.0530

$0.1305

$0.0435

$0.1255

$0.1380

September

0.0530

0.1305

0.0435

0.1255

0.1380

October

0.0530

0.1240

0.0435

0.1205

0.1195

November

0.0530

0.1240

0.0435

0.1205

0.1195

December

0.0530

0.1240

0.0435

0.1205

0.1195

January

0.0470

0.1150

0.0405

0.1070

0.0960

Total

Distributions

from

Net

Investment

Income

$0.3120

$0.7480

$0.2580

$0.7195

$0.7305

JPC

JPI

JPS

JPT

NPFD

Current

Distribution

Rate*

7.09%

6.77%

6.37%

6.64%

6.09%

*

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

9

COMMON

SHARE

REPURCHASES

During

August

2022,

the

Funds’

Board

of

Trustees

reauthorized

an

open-market

share

repurchase

program

for

JPC,

JPI,

JPS

and

JPT

and

authorized

an

open-market

share

repurchase

program

for

NPFD,

allowing

each

Fund

to

repurchase

an

aggregate

of

up

to

approximately

10%

of

its

outstanding

common

shares.

During

the

current

reporting

period,

the

Funds

did

not

repurchase

any

of

their

outstanding

common

shares.

As

of

January

31,

2023,

(and

since

the

inception

of

the

Funds’

repurchase

programs),

each

Fund

has

cumulatively

repurchased

and

retired

its

outstanding

common

shares

as

shown

in

the

accompanying

table.

OTHER

COMMON

SHARE

INFORMATION

As

of

January

31,

2023,

the

Funds’

common

share

prices

were

trading

at

a

premium/(discount)

to

their

common

share

NAV,

and

trading

at

an

average

premium/(discount)

to

NAV

during

the

current

reporting

period,

as

follows:

JPC

JPI

JPS

JPT

NPFD

Common

shares

cumulatively

repurchased

and

retired

2,826,100

0

38,000

0

0

Common

shares

authorized

for

repurchase

10,505,000

2,275,000

20,570,000

435,000

2,415,000

JPC

JPI

JPS

JPT

NPFD

Common

share

NAV

$8.38

$20.90

$8.22

$20.87

$20.96

Common

share

price

$7.96

$20.37

$7.63

$19.35

$18.92

Premium/(Discount)

to

NAV

(5.01)%

(2.54)%

(7.18)%

(7.28)%

(9.73)%

Average

premium/(discount)

to

NAV

(6.45)%

(3.82)%

(9.65)%

(7.54)%

(8.87)%

10

Nuveen

Preferred

&

Income

Opportunities

Fund

Performance

Overview

and

Holdings

Summaries

as

of

January

31,

2023

JPC

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Average

Annual

Total

Returns

as

of

January

31,

2023*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

JPC

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).

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

details

on

the

Fund’s

Blended

Benchmark

compositions

through

March

31,

2022.

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

may

be

higher

or

lower

than

the

data

shown.

Returns

do

not

reflect

the

deduction

of

taxes

that

shareholders

may

have

to

pay

on

Fund

distributions

or

upon

the

sale

of

Fund

shares.

Returns

at

NAV

are

net

of

Fund

expenses,

and

assume

reinvestment

of

distributions.

Comparative

index

return

information

is

provided

for

the

Fund’s

shares

at

NAV

only.

Indexes

are

not

available

for

direct

investment.

Daily

Common

Share

NAV

and

Share

Price

Total

Returns

as

of

January

31,

2023

Cumulative

Average

Annual

Inception

Date

6-Month

1-Year

5-Year

10-Year

JPC

at

Common

Share

NAV

3/26/03

3.62%

(5.04)%

2.43%

5.22%

JPC

at

Common

Share

Price

3/26/03

1.19%

(6.15)%

3.37%

5.70%

ICE

BofA

U.S.

All

Capital

Securities

Index

—

2.02%

(5.16)%

3.32%

4.81%

JPC

Blended

Benchmark

—

2.61%

(4.93)%

3.23%

4.52%

11

Holdings

Summaries

as

of

January

31,

2023

This

data

relates

to

the

securities

held

in

the

Fund’s

portfolio

of

investments

as

of

the

end

of

the

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s

Group,

Moody’s

Investors

Service,

Inc.

or

Fitch,

Inc.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC,

CC,

C

and

D

are

below-investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Fund

Allocation

(%

of

net

assets)

$1,000

Par

(or

similar)

Institutional

Preferred

77.4‌%

Contingent

Capital

Securities

49.6‌%

$25

Par

(or

similar)

Retail

Preferred

27.5‌%

Corporate

Bonds

0.4‌%

Repurchase

Agreements

0.7‌%

Other

Assets

&

Liabilities,

Net

1.3%

Net

Assets

Plus

Borrowings,

Reverse

Repurchase

Agreements,

including

accrued

interest

and

Taxable

Fund

Preferred

Shares,

net

of

deferred

offering

costs

156.9‌%

Borrowings

(28.3)%

Reverse

Repurchase

Agreements,

including

accrued

interest

(11.6‌)%

Taxable

Fund

Preferred

Shares,

net

of

deferred

offering

costs

(17.0‌)%

Net

Assets

100‌%

Portfolio

Composition

1

(%

of

total

investments)

Banks

47.8%

Insurance

13.5%

Capital

Markets

13.0%

Food

Products

4.5%

Diversified

Financial

Services

3.8%

Oil,

Gas

&

Consumable

Fuels

3.1%

Other

13.8%

Repurchase

Agreements

0.5%

Net

Assets

100%

Country

Allocation

2

(%

of

total

investments)

United

States

60.1‌%

United

Kingdom

11.9‌%

Switzerland

7.3‌%

France

5.3‌%

Spain

2.4‌%

Canada

2.3‌%

Netherlands

2.2‌%

Australia

1.8‌%

Ireland

1.5‌%

Germany

1.4‌%

Bermuda

1.1‌%

Other

2.7‌%

Total

100‌%

Top

Five

Issuers

(%

of

total

long-term

investments)

UBS

Group

AG

4.0%

Citigroup

Inc

3.4%

Credit

Suisse

Group

AG

3.4%

HSBC

Holdings

PLC

3.4%

Barclays

PLC

3.0%

Portfolio

Credit

Quality

(%

of

total

long-term

fixed-income

investments)

A

0.1%

BBB

64.9%

BB

or

Lower

31.9%

N/R

(not

rated)

3.1%

Total

100‌%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

Includes

2.2%

(as

a

percentage

of

total

investments)

in

emerging

market

countries.

12

Nuveen

Preferred

and

Income

Term

Fund

Performance

Overview

and

Holdings

Summaries

as

of

January

31,

2023

JPI

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Average

Annual

Total

Returns

as

of

January

31,

2023*

*

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).

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

details

on

the

Fund’s

Blended

Benchmark

compositions

through

December

31,

2013.

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

may

be

higher

or

lower

than

the

data

shown.

Returns

do

not

reflect

the

deduction

of

taxes

that

shareholders

may

have

to

pay

on

Fund

distributions

or

upon

the

sale

of

Fund

shares.

Returns

at

NAV

are

net

of

Fund

expenses,

and

assume

reinvestment

of

distributions.

Comparative

index

return

information

is

provided

for

the

Fund’s

shares

at

NAV

only.

Indexes

are

not

available

for

direct

investment.

Daily

Common

Share

NAV

and

Share

Price

Total

Returns

as

of

January

31,

2023

Cumulative

Average

Annual

Inception

Date

6-Month

1-Year

5-Year

10-Year

JPI

at

Common

Share

NAV

7/26/12

2.14%

(7.04)%

2.65%

5.68%

JPI

at

Common

Share

Price

7/26/12

3.28%

(9.35)%

3.89%

5.92%

ICE

BofA

U.S.

All

Capital

Securities

Index

—

2.02%

(5.16)%

3.32%

4.81%

JPI

Blended

Benchmark

—

2.61%

(5.22)%

3.41%

4.73%

13

Holdings

Summaries

as

of

January

31,

2023

This

data

relates

to

the

securities

held

in

the

Fund’s

portfolio

of

investments

as

of

the

end

of

the

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s

Group,

Moody’s

Investors

Service,

Inc.

or

Fitch,

Inc.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC,

CC,

C

and

D

are

below-investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Fund

Allocation

(%

of

net

assets)

$1,000

Par

(or

similar)

Institutional

Preferred

75.2‌%

Contingent

Capital

Securities

49.8‌%

$25

Par

(or

similar)

Retail

Preferred

28.6‌%

Corporate

Bonds

0.7‌%

Repurchase

Agreements

0.4‌%

Other

Assets

&

Liabilities,

Net

0.7%

Net

Assets

Plus

Borrowings

and

Reverse

Repurchase

Agreements,

including

accrued

interest

155.4‌%

Borrowings

(41.7)%

Reverse

Repurchase

Agreements,

including

accrued

interest

(13.7‌)%

Net

Assets

100‌%

Portfolio

Composition

1

(%

of

total

investments)

Banks

46.1%

Insurance

14.8%

Capital

Markets

12.8%

Diversified

Financial

Services

5.1%

Food

Products

4.6%

Oil,

Gas

&

Consumable

Fuels

3.1%

Other

13.2%

Repurchase

Agreements

0.3%

Net

Assets

100%

Top

Five

Issuers

(%

of

total

long-term

investments)

UBS

Group

AG

3.9%

HSBC

Holdings

PLC

3.4%

Credit

Suisse

Group

AG

3.4%

Citigroup

Inc

3.2%

Barclays

PLC

3.0%

Portfolio

Credit

Quality

(%

of

total

long-term

fixed-income

investments)

A

0.2%

BBB

65.1%

BB

or

Lower

32.4%

N/R

(not

rated)

2.3%

Total

100‌%

Country

Allocation

2

(%

of

total

investments)

United

States

59.4‌%

United

Kingdom

12.2‌%

Switzerland

7.3‌%

France

5.4‌%

Spain

2.4‌%

Canada

2.4‌%

Netherlands

2.3‌%

Australia

2.1‌%

Germany

1.5‌%

Bermuda

1.3‌%

Ireland

1.2‌%

Other

2.5‌%

Total

100‌%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

Includes

2.3%

(as

a

percentage

of

total

investments)

in

emerging

market

countries.

14

Nuveen

Preferred

&

Income

Securities

Fund

Performance

Overview

and

Holdings

Summaries

as

of

January

31,

2023

JPS

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Average

Annual

Total

Returns

as

of

January

31,

2023*

*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).

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

details

on

the

Fund’s

Blended

Benchmark

compositions

through

December

31,

2013.

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

may

be

higher

or

lower

than

the

data

shown.

Returns

do

not

reflect

the

deduction

of

taxes

that

shareholders

may

have

to

pay

on

Fund

distributions

or

upon

the

sale

of

Fund

shares.

Returns

at

NAV

are

net

of

Fund

expenses,

and

assume

reinvestment

of

distributions.

Comparative

index

return

information

is

provided

for

the

Fund’s

shares

at

NAV

only.

Indexes

are

not

available

for

direct

investment.

Daily

Common

Share

NAV

and

Share

Price

Total

Returns

as

of

January

31,

2023

Cumulative

Average

Annual

Inception

Date

6-Month

1-Year

5-Year

10-Year

JPS

at

Common

Share

NAV

9/24/02

3.00%

(6.79)%

2.22%

5.50%

JPS

at

Common

Share

Price

9/24/02

1.86%

(11.58)%

2.82%

5.40%

ICE

BofA

U.S.

All

Capital

Securities

Index

—

2.02%

(5.16)%

3.32%

4.81%

JPS

Blended

Benchmark

—

2.61%

(5.22)%

3.41%

4.85%

15

Holdings

Summaries

as

of

January

31,

2023

This

data

relates

to

the

securities

held

in

the

Fund’s

portfolio

of

investments

as

of

the

end

of

the

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s

Group,

Moody’s

Investors

Service,

Inc.

or

Fitch,

Inc.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC,

CC,

C

and

D

are

below-investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Fund

Allocation

(%

of

net

assets)

$1,000

Par

(or

similar)

Institutional

Preferred

79.5‌%

Contingent

Capital

Securities

53.6‌%

$25

Par

(or

similar)

Retail

Preferred

15.0‌%

Corporate

Bonds

4.6‌%

Convertible

Preferred

Securities

1.7‌%

Investment

Companies

1.1‌%

Repurchase

Agreements

2.6‌%

Other

Assets

&

Liabilities,

Net

1.3%

Net

Assets

Plus

Borrowings,

Reverse

Repurchase

Agreements,

including

accrued

interest

and

Taxable

Fund

Preferred

Shares,

net

of

deferred

offering

costs

159.4‌%

Borrowings

(27.2)%

Reverse

Repurchase

Agreements,

including

accrued

interest

(16.3‌)%

Taxable

Fund

Preferred

Shares,

net

of

deferred

offering

costs

(15.9‌)%

Net

Assets

100‌%

Portfolio

Composition

1

(%

of

total

investments)

Banks

55.4%

Capital

Markets

14.2%

Insurance

12.7%

Multi-Utilities

2.9%

Oil,

Gas

&

Consumable

Fuels

2.2%

Electric

Utilities

2.1%

Other

8.2%

Investment

Companies

0.7%

Repurchase

Agreements

1.6%

Net

Assets

100%

Top

Five

Issuers

(%

of

total

long-term

investments)

Bank

of

America

Corp

4.4%

UBS

Group

AG

4.0%

BNP

Paribas

SA

3.9%

Wells

Fargo

&

Co

3.7%

Barclays

PLC

3.4%

Portfolio

Credit

Quality

(%

of

total

long-term

fixed-income

investments)

A

6.2%

BBB

80.7%

BB

or

Lower

13.1%

Total

100‌%

Country

Allocation

2

(%

of

total

investments)

United

States

53.8‌%

United

Kingdom

11.2‌%

France

9.2‌%

Switzerland

8.4‌%

Canada

4.0‌%

Finland

2.9‌%

Spain

2.3‌%

Netherlands

1.3‌%

Australia

1.3‌%

Norway

1.2‌%

Japan

1.2‌%

Other

3.2‌%

Total

100‌%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

Includes

less

than

0.1%

(as

a

percentage

of

total

investments)

in

emerging

market

countries.

16

Nuveen

Preferred

and

Income

Fund

Performance

Overview

and

Holdings

Summaries

as

of

January

31,

2023

JPT

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Average

Annual

Total

Returns

as

of

January

31,

2023*

*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.

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

may

be

higher

or

lower

than

the

data

shown.

Returns

do

not

reflect

the

deduction

of

taxes

that

shareholders

may

have

to

pay

on

Fund

distributions

or

upon

the

sale

of

Fund

shares.

Returns

at

NAV

are

net

of

Fund

expenses,

and

assume

reinvestment

of

distributions.

Comparative

index

return

information

is

provided

for

the

Fund’s

shares

at

NAV

only.

Indexes

are

not

available

for

direct

investment.

Daily

Common

Share

NAV

and

Share

Price

Total

Returns

as

of

January

31,

2023

Cumulative

Average

Annual

Inception

Date

6-Month

1-Year

5-Year

Since

Inception

JPT

at

Common

Share

NAV

1/26/17

2.27%

(6.36)%

2.76%

3.42%

JPT

at

Common

Share

Price

1/26/17

(0.71)%

(12.45)%

2.46%

1.99%

ICE

BofA

U.S.

All

Capital

Securities

Index

—

2.02%

(5.16)%

3.32%

3.97%

JPT

Blended

Benchmark

—

2.61%

(5.46)%

3.26%

3.92

%

17

Holdings

Summaries

as

of

January

31,

2023

This

data

relates

to

the

securities

held

in

the

Fund’s

portfolio

of

investments

as

of

the

end

of

the

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s

Group,

Moody’s

Investors

Service,

Inc.

or

Fitch,

Inc.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC,

CC,

C

and

D

are

below-investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Fund

Allocation

(%

of

net

assets)

$1,000

Par

(or

similar)

Institutional

Preferred

74.6‌%

Contingent

Capital

Securities

45.8‌%

$25

Par

(or

similar)

Retail

Preferred

24.5‌%

Corporate

Bonds

2.1‌%

Repurchase

Agreements

0.7‌%

Other

Assets

&

Liabilities,

Net

0.8%

Net

Assets

Plus

Borrowings

and

Reverse

Repurchase

Agreements,

including

accrued

interest

148.5‌%

Borrowings

(47.4)%

Reverse

Repurchase

Agreements,

including

accrued

interest

(1.1‌)%

Net

Assets

100‌%

Top

Five

Issuers

(%

of

total

long-term

investments)

UBS

Group

AG

4.1%

HSBC

Holdings

PLC

3.4%

Credit

Suisse

Group

AG

3.1%

Citigroup

Inc

3.0%

Barclays

PLC

2.9%

Portfolio

Composition

1

(%

of

total

investments)

Banks

44.9%

Insurance

15.3%

Capital

Markets

12.7%

Food

Products

5.0%

Diversified

Financial

Services

4.9%

Oil,

Gas

&

Consumable

Fuels

3.2%

Other

13.5%

Repurchase

Agreements

0.5%

Net

Assets

100%

Portfolio

Credit

Quality

(%

of

total

long-term

fixed-income

investments)

A

0.2%

BBB

66.5%

BB

or

Lower

30.8%

N/R

(not

rated)

2.5%

Total

100‌%

Country

Allocation

2

(%

of

total

investments)

United

States

59.2‌%

United

Kingdom

11.7‌%

Switzerland

7.1‌%

France

5.5‌%

Canada

2.4‌%

Spain

2.3‌%

Netherlands

2.2‌%

Germany

2.1‌%

Ireland

2.1‌%

Australia

1.9‌%

Bermuda

1.7‌%

Other

1.8‌%

Total

100‌%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

Includes

2.6%

(as

a

percentage

of

total

investments)

in

emerging

market

countries.

18

Nuveen

Variable

Rate

Preferred

&

Income

Fund

Performance

Overview

and

Holdings

Summaries

as

of

January

31,

2023

NPFD

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Average

Annual

Total

Returns

as

of

January

31,

2023*

*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).

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

may

be

higher

or

lower

than

the

data

shown.

Returns

do

not

reflect

the

deduction

of

taxes

that

shareholders

may

have

to

pay

on

Fund

distributions

or

upon

the

sale

of

Fund

shares.

Returns

at

NAV

are

net

of

Fund

expenses,

and

assume

reinvestment

of

distributions.

Comparative

index

return

information

is

provided

for

the

Fund’s

shares

at

NAV

only.

Indexes

are

not

available

for

direct

investment.

Daily

Common

Share

NAV

and

Share

Price

Total

Returns

as

of

January

31,

2023

Cumulative

Average

Annual

Inception

Date

6-Month

1-Year

Since

Inception

NPFD

at

Common

Share

NAV

12/15/21

3.22%

(7.29)%

(8.61)%

NPFD

at

Common

Share

Price

12/15/21

(1.39)%

(17.19)%

(16.05)%

ICE

Variable

Rate

Preferred

&

Hybrid

Securities

Index

—

4.43%

(1.66)%

(2.11)%

NPFD

Blended

Benchmark

—

4.23%

(2.41)%

(2.86

)%

19

Holdings

Summaries

as

of

January

31,

2023

This

data

relates

to

the

securities

held

in

the

Fund’s

portfolio

of

investments

as

of

the

end

of

the

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s

Group,

Moody’s

Investors

Service,

Inc.

or

Fitch,

Inc.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC,

CC,

C

and

D

are

below-investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Fund

Allocation

(%

of

net

assets)

$1,000

Par

(or

similar)

Institutional

Preferred

97.1‌%

$25

Par

(or

similar)

Retail

Preferred

29.2‌%

Contingent

Capital

Securities

27.7‌%

Other

Assets

&

Liabilities,

Net

1.3%

Net

Assets

Plus

Borrowings,

Reverse

Repurchase

Agreements,

including

accrued

interest

and

Taxable

Fund

Preferred

Shares,

net

of

deferred

offering

costs

155.3‌%

Borrowings

(31.5)%

Reverse

Repurchase

Agreements,

including

accrued

interest

(7.1‌)%

Taxable

Fund

Preferred

Shares,

net

of

deferred

offering

costs

(16.7‌)%

Net

Assets

100‌%

Top

Five

Issuers

(%

of

total

long-term

investments)

Citigroup

Inc

4.3%

Wells

Fargo

&

Co

3.5%

JPMorgan

Chase

&

Co

3.4%

Bank

of

America

Corp

3.1%

Morgan

Stanley

3.0%

Portfolio

Composition

1

(%

of

total

investments)

Banks

42.2%

Insurance

14.4%

Capital

Markets

12.8%

Oil,

Gas

&

Consumable

Fuels

5.9%

Trading

Companies

&

Distributors

4.0%

Diversified

Financial

Services

3.4%

Other

17.3%

Net

Assets

100%

Portfolio

Credit

Quality

(%

of

total

long-term

fixed-income

investments)

A

0.2%

BBB

66.5%

BB

or

Lower

30.8%

N/R

(not

rated)

2.5%

Total

100‌%

Country

Allocation

2

(%

of

total

investments)

United

States

68.3‌%

United

Kingdom

8.6‌%

Canada

5.2‌%

Switzerland

4.1‌%

France

3.0‌%

Ireland

2.5‌%

Australia

2.0‌%

Spain

1.5‌%

Netherlands

1.4‌%

Bermuda

1.1‌%

Germany

0.7‌%

Other

1.6‌%

Total

100‌%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

Includes

1.9%

(as

a

percentage

of

total

investments)

in

emerging

market

countries.

20

Nuveen

Preferred

&

Income

Opportunities

Fund

Portfolio

of

Investments

January

31,

2023

(Unaudited)

JPC

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

LONG-TERM

INVESTMENTS

-

154.9%  

(99.5%

of

Total

Investments)

X

682,137,041

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

77.4%

(49.8%

of

Total

Investments)

X

682,137,041

Automobiles

-

2.3%

$

7,485

General

Motors

Financial

Co

Inc

5.700%

N/A

(3)

BB+

$

6,923,625

14,640

General

Motors

Financial

Co

Inc

(4)

5.750%

N/A

(3)

BB+

13,400,147

22,125

Total

Automobiles

20,323,772

Banks

-

31.2%

1,415

Bank

of

America

Corp

6.100%

N/A

(3)

BBB+

1,415,566

3,685

Bank

of

America

Corp

4.375%

N/A

(3)

BBB+

3,344,506

3,540

Bank

of

America

Corp

6.250%

N/A

(3)

BBB+

3,537,805

16,125

Bank

of

America

Corp

(4)

6.500%

N/A

(3)

BBB+

16,205,012

5,560

Bank

of

America

Corp

(4),(5)

6.300%

N/A

(3)

BBB+

5,625,052

16,055

Citigroup

Inc

(4)

6.250%

N/A

(3)

BBB-

16,160,000

9,981

Citigroup

Inc

(5)

5.950%

N/A

(3)

BBB-

9,726,727

1,820

Citigroup

Inc

4.150%

N/A

(3)

BBB-

1,619,800

6,290

Citigroup

Inc

(4)

5.000%

N/A

(3)

BBB-

6,006,950

13,145

Citigroup

Inc

(5)

6.300%

N/A

(3)

BBB-

12,931,394

2,015

Citizens

Financial

Group

Inc

(4)

4.000%

N/A

(3)

BB+

1,745,843

1,685

Citizens

Financial

Group

Inc

6.375%

N/A

(3)

BB+

1,614,061

3,150

CoBank

ACB

(4)

6.250%

N/A

(3)

BBB+

3,121,740

8,820

CoBank

ACB

6.450%

N/A

(3)

BBB+

8,905,075

1,900

Fifth

Third

Bancorp

(4)

4.500%

N/A

(3)

Baa3

1,824,003

14,985

First

Citizens

BancShares

Inc/NC

(3-Month

LIBOR

reference

rate

+

3.972%

spread)

(5),(6)

8.741%

N/A

(3)

N/R

15,046,275

910

Goldman

Sachs

Group

Inc/The

4.400%

N/A

(3)

BB+

824,836

925

Goldman

Sachs

Group

Inc/The

3.800%

N/A

(3)

BBB-

809,814

2,314

HSBC

Capital

Funding

Dollar

1

LP,

144A

(4)

10.176%

N/A

(3)

BBB

2,904,070

8,525

Huntington

Bancshares

Inc/OH

5.625%

N/A

(3)

Baa3

8,373,262

24,555

JPMorgan

Chase

&

Co

(4)

6.750%

N/A

(3)

BBB+

24,802,514

2,660

JPMorgan

Chase

&

Co

(4)

6.100%

N/A

(3)

BBB+

2,653,350

4,280

JPMorgan

Chase

&

Co

3.650%

N/A

(3)

BBB+

3,900,150

7,275

JPMorgan

Chase

&

Co

5.000%

N/A

(3)

BBB+

7,074,937

2,485

KeyCorp

5.000%

N/A

(3)

Baa3

2,411,444

6,970

M&T

Bank

Corp

(4)

6.450%

N/A

(3)

Baa2

6,952,457

1,880

M&T

Bank

Corp

5.125%

N/A

(3)

Baa2

1,744,641

1,440

M&T

Bank

Corp

(4)

3.500%

N/A

(3)

Baa2

1,209,600

1,740

PNC

Financial

Services

Group

Inc

6.200%

N/A

(3)

Baa2

1,740,522

4,245

PNC

Financial

Services

Group

Inc/The

6.000%

N/A

(3)

Baa2

4,223,350

2,657

PNC

Financial

Services

Group

Inc/The

5.000%

N/A

(3)

Baa2

2,498,152

16,977

PNC

Financial

Services

Group

Inc/The

(3-Month

LIBOR

reference

rate

+

3.678%

spread)

(4),(6)

3.804%

N/A

(3)

Baa2

17,019,428

2,835

PNC

Financial

Services

Group

Inc/The

3.400%

N/A

(3)

Baa2

2,416,838

4,290

Regions

Financial

Corp

5.750%

N/A

(3)

Baa3

4,261,201

3,290

SVB

Financial

Group

4.000%

N/A

(3)

Baa2

2,634,035

875

SVB

Financial

Group

4.100%

N/A

(3)

Baa2

649,688

785

SVB

Financial

Group

4.700%

N/A

(3)

Baa2

600,525

6,082

Truist

Financial

Corp

5.100%

N/A

(3)

Baa2

5,893,439

14,735

Truist

Financial

Corp

(5)

4.800%

N/A

(3)

Baa2

14,119,299

3,430

Truist

Financial

Corp

(3-Month

LIBOR

reference

rate

+

3.102%

spread)

(6)

7.871%

N/A

(3)

Baa2

3,460,013

6,490

Wells

Fargo

&

Co

5.900%

N/A

(3)

Baa2

6,352,088

13,625

Wells

Fargo

&

Co

(4),(5)

5.875%

N/A

(3)

Baa2

13,559,600

11,747

Wells

Fargo

&

Co

(4)

3.900%

N/A

(3)

Baa2

10,829,266

1,385

Wells

Fargo

&

Co

(4)

7.950%

11/15/29

Baa1

1,576,480

1,105

Zions

Bancorp

NA

5.800%

N/A

(3)

BB+

1,087,382

21

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Banks

(continued)

$

9,666

Zions

Bancorp

NA

(5)

7.200%

N/A

(3)

BB+

$

9,762,660

280,349

Total

Banks

275,174,850

Capital

Markets

-

3.6%

2,040

Bank

of

New

York

Mellon

Corp/The

4.700%

N/A

(3)

Baa1

1,994,044

7,425

Charles

Schwab

Corp

5.375%

N/A

(3)

BBB

7,367,085

4,825

Charles

Schwab

Corp/The

(4)

4.000%

N/A

(3)

BBB

4,445,755

7,411

Goldman

Sachs

Group

Inc/The

5.300%

N/A

(3)

BBB-

7,289,174

9,704

Goldman

Sachs

Group

Inc/The

5.500%

N/A

(3)

BBB-

9,606,960

1,555

Goldman

Sachs

Group

Inc/The

4.125%

N/A

(3)

BBB-

1,383,140

32,960

Total

Capital

Markets

32,086,158

Communications

Equipment

-

0.2%

2,315

Vodafone

Group

PLC

(4)

4.125%

6/04/81

BB+

1,874,224

2,315

Total

Communications

Equipment

1,874,224

Consumer

Finance

-

2.5%

6,365

Ally

Financial

Inc

4.700%

N/A

(3)

Ba2

4,885,137

6,609

Ally

Financial

Inc

(4)

4.700%

N/A

(3)

Ba2

5,435,903

4,560

American

Express

Co

3.550%

N/A

(3)

Baa2

4,034,687

3,215

Capital

One

Financial

Corp

3.950%

N/A

(3)

Baa3

2,790,423

3,175

Discover

Financial

Services

(4)

6.125%

N/A

(3)

Ba2

3,147,537

1,465

Discover

Financial

Services

5.500%

N/A

(3)

Ba2

1,289,200

25,389

Total

Consumer

Finance

21,582,887

Diversified

Financial

Services

-

4.2%

4,570

American

AgCredit

Corp,

144A

(4)

5.250%

N/A

(3)

BB+

4,010,175

2,590

Capital

Farm

Credit

ACA,

144A

(4)

5.000%

N/A

(3)

BB

2,356,900

1,100

Compeer

Financial

ACA,

144A

4.875%

N/A

(3)

BB+

970,751

13

Compeer

Financial

ACA,

144A

(4)

6.750%

N/A

(3)

BB+

12,518,428

7,470

Equitable

Holdings

Inc

4.950%

N/A

(3)

BBB-

7,245,034

9,696

Voya

Financial

Inc

(4)

6.125%

N/A

(3)

BBB-

9,665,942

25,439

Total

Diversified

Financial

Services

36,767,230

Electric

Utilities

-

2.6%

2,070

American

Electric

Power

Co

Inc

3.875%

2/15/62

BBB

1,775,314

6,070

Edison

International

(4)

5.000%

N/A

(3)

BB+

5,396,776

995

Edison

International

(4)

5.375%

N/A

(3)

BB+

929,510

11,680

Emera

Inc

(4)

6.750%

6/15/76

BB+

11,471,316

3,580

Southern

Co/The

4.000%

1/15/51

BBB-

3,405,761

24,395

Total

Electric

Utilities

22,978,677

Food

Products

-

4.4%

2,145

Dairy

Farmers

of

America

Inc,

144A

7.125%

N/A

(3)

BB+

1,833,975

3,860

Land

O'

Lakes

Inc,

144A

(4)

7.250%

N/A

(3)

BB

3,416,100

7,435

Land

O'

Lakes

Inc,

144A

(4)

7.000%

N/A

(3)

BB

6,542,800

28,560

Land

O'

Lakes

Inc,

144A

(4),(5)

8.000%

N/A

(3)

BB

26,846,400

42,000

Total

Food

Products

38,639,275

Independent

Power

Producers

&

Energy

Traders

-

1.9%

2,200

AES

Andes

SA,

144A

(4)

7.125%

3/26/79

BB

2,130,150

4,775

AES

Andes

SA,

144A

6.350%

10/07/79

BB

4,512,375

8,525

Vistra

Corp,

144A

8.000%

N/A

(3)

Ba3

8,356,631

1,550

Vistra

Corp,

144A

7.000%

N/A

(3)

Ba3

1,449,250

17,050

Total

Independent

Power

Producers

&

Energy

Traders

16,448,406

Nuveen

Preferred

&

Income

Opportunities

Fund

(continued)

Portfolio

of

Investments

January

31,

2023

(Unaudited)

22

JPC

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Industrial

Conglomerates

-

1.6%

$

14,026

General

Electric

Co

(3-Month

LIBOR

reference

rate

+

3.330%

spread)

(4),(5),(6)

8.099%

N/A

(3)

BBB-

$

13,976,909

14,026

Total

Industrial

Conglomerates

13,976,909

Insurance

-

12.4%

1,615

Aegon

NV

5.500%

4/11/48

Baa1

1,539,206

1,550

American

International

Group

Inc

(4)

5.750%

4/01/48

BBB-

1,524,812

16,404

Assurant

Inc

(4)

7.000%

3/27/48

Baa3

16,239,880

11,519

Assured

Guaranty

Municipal

Holdings

Inc,

144A

(4)

6.400%

12/15/66

BBB+

10,914,253

2,465

AXIS

Specialty

Finance

LLC

(4)

4.900%

1/15/40

BBB

2,093,983

2,395

Enstar

Finance

LLC

5.750%

9/01/40

BBB-

2,146,639

5,720

Enstar

Finance

LLC

5.500%

1/15/42

BBB-

4,717,855

1,485

Legal

&

General

Group

PLC

,

Reg

S

5.250%

3/21/47

A3

1,432,283

8,710

Markel

Corp

6.000%

N/A

(3)

BBB-

8,688,225

1,430

MetLife

Inc

5.875%

N/A

(3)

BBB

1,419,275

4,790

MetLife

Inc

3.850%

N/A

(3)

BBB

4,558,697

4,088

MetLife

Inc,

144A

9.250%

4/08/38

BBB

4,936,260

2,485

PartnerRe

Finance

B

LLC

(4)

4.500%

10/01/50

Baa1

2,220,355

7,488

Provident

Financing

Trust

I

(4)

7.405%

3/15/38

BB+

7,956,000

745

Prudential

Financial

Inc

3.700%

10/01/50

BBB+

641,399

2,690

Prudential

Financial

Inc

5.125%

3/01/52

BBB+

2,509,501

2,960

QBE

Insurance

Group

Ltd,

144A

(4)

5.875%

N/A

(3)

Baa2

2,915,600

9,055

QBE

Insurance

Group

Ltd,

144A

(4)

7.500%

11/24/43

Baa1

9,102,301

7,593

QBE

Insurance

Group

Ltd

,

Reg

S

6.750%

12/02/44

BBB

7,571,193

10,685

SBL

Holdings

Inc,

144A

(4)

7.000%

N/A

(3)

BB

8,857,079

9,700

SBL

Holdings

Inc,

144A

(5)

6.500%

N/A

(3)

BB

7,433,110

115,572

Total

Insurance

109,417,906

Media

-

0.3%

3,110

Paramount

Global

6.375%

3/30/62

Baa3

2,713,382

3,110

Total

Media

2,713,382

Multi-Utilities

-

2.2%

2,125

Algonquin

Power

&

Utilities

Corp

(4)

4.750%

1/18/82

BB+

1,795,625

7,999

CenterPoint

Energy

Inc

6.125%

N/A

(3)

BBB-

7,869,016

1,210

CMS

Energy

Corp

(4)

4.750%

6/01/50

BBB-

1,100,447

1,320

NiSource

Inc

5.650%

N/A

(3)

BBB-

1,280,476

3,005

Sempra

Energy

4.125%

4/01/52

BBB-

2,630,402

4,750

Sempra

Energy

4.875%

N/A

(3)

BBB-

4,560,000

20,409

Total

Multi-Utilities

19,235,966

Oil,

Gas

&

Consumable

Fuels

-

2.8%

2,578

Enbridge

Inc

5.500%

7/15/77

BBB-

2,408,552

4,075

Enbridge

Inc

7.625%

1/15/83

BBB-

4,201,247

5,765

Enbridge

Inc

(4)

5.750%

7/15/80

BBB-

5,455,362

1,540

Enbridge

Inc

(4)

6.000%

1/15/77

BBB-

1,463,293

3,320

Energy

Transfer

LP

(4)

6.500%

N/A

(3)

BB

3,113,762

630

Energy

Transfer

LP

7.125%

N/A

(3)

BB

575,505

2,447

MPLX

LP

(4)

6.875%

N/A

(3)

BB+

2,447,734

3,015

Transcanada

Trust

(5)

5.600%

3/07/82

BBB

2,698,425

3,010

Transcanada

Trust

(4)

5.500%

9/15/79

BBB

2,716,364

26,380

Total

Oil,

Gas

&

Consumable

Fuels

25,080,244

Trading

Companies

&

Distributors

-

3.6%

15,493

AerCap

Global

Aviation

Trust,

144A

(4)

6.500%

6/15/45

BB+

15,149,520

6,030

AerCap

Holdings

NV

(4)

5.875%

10/10/79

BB+

5,775,414

4,180

Air

Lease

Corp

(4)

4.650%

N/A

(3)

BB+

3,709,750

8,474

ILFC

E-Capital

Trust

I,

144A

6.538%

12/21/65

BB+

5,627,524

23

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Trading

Companies

&

Distributors

(continued)

$

1,960

ILFC

E-Capital

Trust

I,

144A

6.288%

12/21/65

B+

$

1,259,300

36,137

Total

Trading

Companies

&

Distributors

31,521,508

U.S.

Agency

-

0.8%

2,420

Farm

Credit

Bank

of

Texas,

144A

(4)

5.700%

N/A

(3)

Baa1

2,250,600

5,835

Farm

Credit

Bank

of

Texas,

144A

(4)

6.200%

N/A

(3)

BBB+

5,222,325

8,255

Total

U.S.

Agency

7,472,925

Wireless

Telecommunication

Services

-

0.8%

6,644

Vodafone

Group

PLC

7.000%

4/04/79

BB+

6,842,722

6,644

Total

Wireless

Telecommunication

Services

6,842,722

$

702,555

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$708,331,913)

682,137,041

Principal

Amount

(000)

Description

(1)

,(7)

Coupon

Maturity

Ratings

(2)

Value

X

436,801,676

CONTINGENT

CAPITAL

SECURITIES

-

49.6%

(31.9%

of

Total

Investments)

X

436,801,676

Banks

-

35.6%

$

2,025

Australia

&

New

Zealand

Banking

Group

Ltd/United

Kingdom,

144A

(4)

6.750%

N/A

(3)

Baa2

$

2,042,212

3,805

Banco

Bilbao

Vizcaya

Argentaria

SA

(4)

6.125%

N/A

(3)

Ba2

3,526,691

12,820

Banco

Bilbao

Vizcaya

Argentaria

SA

6.500%

N/A

(3)

Ba2

12,547,703

3,120

Banco

Mercantil

del

Norte

SA/Grand

Cayman,

144A

(4)

7.625%

N/A

(3)

Ba2

3,084,994

4,700

Banco

Mercantil

del

Norte

SA/Grand

Cayman,

144A

(4)

7.500%

N/A

(3)

Ba2

4,521,400

7,905

Banco

Santander

SA

4.750%

N/A

(3)

Ba1

6,858,918

10,600

Banco

Santander

SA

,

Reg

S

7.500%

N/A

(3)

Ba1

10,520,500

10,185

Barclays

PLC

8.000%

N/A

(3)

BBB-

10,146,806

6,440

Barclays

PLC

6.125%

N/A

(3)

BBB-

6,150,136

17,495

Barclays

PLC

7.750%

N/A

(3)

BBB-

17,363,263

6,985

Barclays

PLC

8.000%

N/A

(3)

BBB-

7,013,988

1,000

BNP

Paribas

SA,

144A

7.000%

N/A

(3)

BBB

990,000

13,810

BNP

Paribas

SA,

144A

7.375%

N/A

(3)

BBB

13,893,689

11,770

BNP

Paribas

SA,

144A

6.625%

N/A

(3)

BBB

11,608,162

1,850

BNP

Paribas

SA,

144A

7.750%

N/A

(3)

BBB

1,914,750

1,090

BNP

Paribas

SA,

144A

9.250%

N/A

(3)

BBB

1,183,740

12,445

Credit

Agricole

SA,

144A

8.125%

N/A

(3)

BBB

12,828,182

7,754

Credit

Agricole

SA,

144A

(4)

7.875%

N/A

(3)

BBB

7,746,246

1,600

Danske

Bank

A/S

,

Reg

S

7.000%

N/A

(3)

BBB-

1,552,000

1,840

Danske

Bank

A/S

,

Reg

S

4.375%

N/A

(3)

BBB-

1,616,900

1,815

Danske

Bank

A/S

,

Reg

S

6.125%

N/A

(3)

BBB-

1,767,592

20,270

HSBC

Holdings

PLC

(4),(5)

6.000%

N/A

(3)

BBB

19,467,308

23,364

HSBC

Holdings

PLC

(5)

6.375%

N/A

(3)

BBB

23,060,268

12,425

ING

Groep

NV

,

Reg

S

6.750%

N/A

(3)

BBB

12,192,031

9,280

ING

Groep

NV

(5)

5.750%

N/A

(3)

BBB

8,781,014

7,585

ING

Groep

NV

6.500%

N/A

(3)

BBB

7,414,868

3,805

Intesa

Sanpaolo

SpA,

144A

(4)

7.700%

N/A

(3)

BB-

3,591,909

20,395

Lloyds

Banking

Group

PLC

7.500%

N/A

(3)

Baa3

20,196,149

11,980

Lloyds

Banking

Group

PLC

(4)

7.500%

N/A

(3)

Baa3

11,891,228

3,350

Macquarie

Bank

Ltd/London,

144A

(4)

6.125%

N/A

(3)

BB+

3,083,765

11,569

NatWest

Group

PLC

(4)

6.000%

N/A

(3)

Baa3

11,048,395

11,190

NatWest

Group

PLC

8.000%

N/A

(3)

BBB-

11,315,888

6,985

Nordea

Bank

Abp,

144A

6.625%

N/A

(3)

BBB+

6,888,956

8,746

Societe

Generale

SA,

144A

7.875%

N/A

(3)

BB+

8,702,270

2,820

Societe

Generale

SA,

144A

4.750%

N/A

(3)

BB+

2,508,672

6,268

Societe

Generale

SA,

144A

8.000%

N/A

(3)

BB

6,346,350

2,495

Societe

Generale

SA,

144A

9.375%

N/A

(3)

BB+

2,679,006

2,066

Societe

Generale

SA,

144A

(4)

6.750%

N/A

(3)

BB

1,923,872

2,010

Standard

Chartered

PLC,

144A

7.750%

N/A

(3)

BBB-

2,019,708

Nuveen

Preferred

&

Income

Opportunities

Fund

(continued)

Portfolio

of

Investments

January

31,

2023

(Unaudited)

24

JPC

Principal

Amount

(000)

Description

(1),(7)

Coupon

Maturity

Ratings

(2)

Value

Banks

(continued)

$

2,681

Standard

Chartered

PLC,

144A

6.000%

N/A

(3)

BBB-

$

2,634,083

5,300

Standard

Chartered

PLC,

144A

4.300%

N/A

(3)

BBB-

4,538,920

5,500

UniCredit

SpA

,

Reg

S

8.000%

N/A

(3)

BB-

5,424,375

321,138

Total

Banks

314,586,907

Capital

Markets

-

13.6%

6,370

Credit

Suisse

Group

AG,

144A

9.750%

N/A

(3)

BB-

6,178,900

8,090

Credit

Suisse

Group

AG,

144A

6.375%

N/A

(3)

Ba2

6,552,900

18,750

Credit

Suisse

Group

AG,

144A

(5)

7.500%

N/A

(3)

BB-

17,357,945

10,229

Credit

Suisse

Group

AG,

144A

(4)

7.250%

N/A

(3)

BB-

8,387,780

8,210

Credit

Suisse

Group

AG,

144A

7.500%

N/A

(3)

BB-

7,778,975

20,620

Deutsche

Bank

AG

(4),(5)

6.000%

N/A

(3)

Ba2

18,715,823

17,870

UBS

Group

AG,

144A

(4)

7.000%

N/A

(3)

BBB

17,757,776

3,755

UBS

Group

AG,

144A

3.875%

N/A

(3)

BBB

3,240,703

15,645

UBS

Group

AG

,

Reg

S

7.000%

N/A

(3)

BBB

15,759,208

15,780

UBS

Group

AG

,

Reg

S

6.875%

N/A

(3)

BBB

15,653,760

1,655

UBS

Group

AG,

144A

4.875%

N/A

(3)

BBB

1,487,680

126,974

Total

Capital

Markets

118,871,450

Commercial

Banks

-

0.4%

3,415

HSBC

Holdings

PLC

(4)

6.375%

N/A

(3)

BBB

3,343,319

3,415

Total

Commercial

Banks

3,343,319

$

451,527

Total

Contingent

Capital

Securities

(cost

$453,012,417)

436,801,676

Shares

Description

(1)

Coupon

Ratings

(2)

Value

X

241,819,547

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

27.5%

(17.6%

of

Total

Investments)

X

241,819,547

Banks

-

7.3%

93,724

CoBank

ACB

6.200%

BBB+

$

9,278,676

165,500

Farm

Credit

Bank

of

Texas,

144A

(4)

6.750%

Baa1

16,508,625

221,181

Fifth

Third

Bancorp

(4)

6.625%

Baa3

5,522,890

427,000

KeyCorp

6.200%

Baa3

10,944,010

138,275

KeyCorp

6.125%

Baa3

3,599,298

219,461

Regions

Financial

Corp

6.375%

Baa3

5,721,348

67,764

Regions

Financial

Corp

5.700%

Baa3

1,685,291

91,115

Synovus

Financial

Corp

5.875%

BB-

2,256,919

68,200

Wells

Fargo

&

Co

4.750%

Baa2

1,447,886

141,500

Western

Alliance

Bancorp

4.250%

Ba1

3,038,005

160,747

Wintrust

Financial

Corp

6.875%

BB

4,187,459

Total

Banks

64,190,407

Capital

Markets

-

3.1%

57,993

Goldman

Sachs

Group

Inc/The

5.500%

BB+

1,446,925

203,611

Morgan

Stanley

5.850%

BBB

5,120,817

100,352

Morgan

Stanley

6.375%

BBB

2,564,997

110,293

Morgan

Stanley

6.875%

BBB

2,781,590

115,800

Morgan

Stanley

6.500%

BBB

3,015,432

484,260

Morgan

Stanley

(4)

7.125%

BBB

12,319,574

Total

Capital

Markets

27,249,335

Consumer

Finance

-

0.5%

84,573

Capital

One

Financial

Corp

(4)

5.000%

Baa3

1,851,303

132,414

Synchrony

Financial

(4)

5.625%

BB-

2,623,121

Total

Consumer

Finance

4,474,424

25

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

Diversified

Financial

Services

-

1.7%

74,600

AgriBank

FCB

6.875%

BBB+

$

7,460,000

114,400

Equitable

Holdings

Inc

5.250%

BBB-

2,587,728

204,839

Voya

Financial

Inc

5.350%

BBB-

5,161,943

Total

Diversified

Financial

Services

15,209,671

Diversified

Telecommunication

Services

-

0.1%

52,800

AT&T

Inc

(4)

4.750%

BBB-

1,107,744

Total

Diversified

Telecommunication

Services

1,107,744

Food

Products

-

2.6%

229,411

CHS

Inc

(4)

7.875%

N/R

5,946,333

295,991

CHS

Inc

7.100%

N/R

7,565,530

279,909

CHS

Inc

6.750%

N/R

7,087,296

23,900

Dairy

Farmers

of

America

Inc,

144A

7.875%

BB+

2,294,400

Total

Food

Products

22,893,559

Insurance

-

8.3%

226,000

American

Equity

Investment

Life

Holding

Co

6.625%

BB

5,810,460

460,300

American

Equity

Investment

Life

Holding

Co

5.950%

BB

11,056,406

423,677

Aspen

Insurance

Holdings

Ltd

5.950%

BB+

10,469,059

107,800

Aspen

Insurance

Holdings

Ltd

5.625%

BB+

2,384,536

82,800

Assurant

Inc

5.250%

Baa3

1,897,776

236,052

Athene

Holding

Ltd

6.375%

BBB

6,031,129

411,533

Athene

Holding

Ltd

6.350%

BBB

10,481,745

63,400

Delphi

Financial

Group

Inc

7.796%

BBB

1,442,350

319,645

Enstar

Group

Ltd

7.000%

BBB-

7,681,069

219,645

Maiden

Holdings

North

America

Ltd

7.750%

N/R

4,171,037

116,700

Reinsurance

Group

of

America

Inc

7.125%

BBB+

3,108,888

273,630

Reinsurance

Group

of

America

Inc

5.750%

BBB+

7,152,688

46,100

Selective

Insurance

Group

Inc

4.600%

BBB-

858,843

Total

Insurance

72,545,986

Oil,

Gas

&

Consumable

Fuels

-

1.9%

60,200

Energy

Transfer

LP

7.600%

BB

1,444,800

221,982

NuStar

Energy

LP

11.502%

B2

5,553,990

242,497

NuStar

Energy

LP

10.379%

B2

5,635,630

163,651

NuStar

Logistics

LP

11.526%

B

4,102,730

Total

Oil,

Gas

&

Consumable

Fuels

16,737,150

Thrifts

&

Mortgage

Finance

-

1.2%

70,467

Federal

Agricultural

Mortgage

Corp

6.000%

N/R

1,885,697

337,570

New

York

Community

Bancorp

Inc

6.375%

Ba2

8,334,603

Total

Thrifts

&

Mortgage

Finance

10,220,300

Trading

Companies

&

Distributors

-

0.8%

207,815

Air

Lease

Corp

6.150%

BB+

5,110,171

76,500

WESCO

International

Inc

10.625%

B+

2,080,800

Total

Trading

Companies

&

Distributors

7,190,971

Total

$25

Par

(or

similar)

Retail

Preferred

(cost

$246,966,528)

241,819,547

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

X

3,624,189

CORPORATE

BONDS

-

0.4%

(0.2%

of

Total

Investments)

X

3,624,189

Banks

-

0.1%

$

1,180

Commerzbank

AG,

144A

8.125%

9/19/23

Baa3

$

1,190,814

1,180

Total

Banks

1,190,814

Nuveen

Preferred

&

Income

Opportunities

Fund

(continued)

Portfolio

of

Investments

January

31,

2023

(Unaudited)

26

JPC

A

Investments

in

Derivatives

Principal

Amount

(000)  

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Insurance

-

0.3%

$

2,575

Fidelis

Insurance

Holdings

Ltd,

144A

6.625%

4/01/41

BB+

$

2,433,375

2,575

Total

Insurance

2,433,375

$

3,755

Total

Corporate

Bonds

(cost

$3,761,302)

3,624,189

Total

Long-Term

Investments

(cost

$1,412,072,160)

1,364,382,453

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

 0.7% (0.5%

of

Total

Investments)

X

6,169,002

REPURCHASE

AGREEMENTS

-

0.7%

(0.5%

of

Total

Investments)

X

6,169,002

$

6,169

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

1/31/23,

repurchase

price

$6,169,221,

collateralized

by

$6,473,200,

U.S.

Treasury

Note,

2.875%,

due

6/15/25,

value

$6,292,404

1.280%

2/01/23

$

6,169,002

Total

Short-Term

Investments

(cost

$6,169,002)

6,169,002

Total

Investments

(cost

$

1,418,241,162

)

-

155

.6

%

1,370,551,455

Borrowings

-

(28.3)%

(8),(9)

(

249,400,000

)

Reverse

Repurchase

Agreements,

including

accrued

interest

-

(11.6)%(10)

(

102,518,768

)

Taxable

Fund

Preferred

Shares,

net

of

deferred

offering

costs

-

(17.0)%(11)

(

149,335,943

)

Other

Assets

&

Liabilities,

Net

-   1.3%(12)

11,676,924

Net

Assets

Applicable

to

Common

Shares

-

100%

$

880,973,668

Interest

Rate

Swaps

-

OTC

Uncleared

Counterparty

Notional

Amount

Fund

Pay/Receive

Floating

Rate

Floating

Rate

Index

Fixed

Rate

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

$

12,402,666

$

12,402,666

Morgan

Stanley

Capital

Services,

LLC

48,000,000

Receive

1-Month

LIBOR

2.364%

Monthly

7/01/19

7/01/26

7/01/28

1,787,339

1,787,339

Total

unrealized

appreciation

on

interest

rate

swaps

$

14,190,005

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

reverse

repurchase

agreements.

As

of

the

end

of

the

reporting

period,

investments

with

a

value

of

$259,427,523

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

$186,388,673.

(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)

Borrowings

as

a

percentage

of

Total

Investments

is

18.2%.

(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

$892,602,698

have

been

pledged

as

collateral

for

borrowings.

(10)

Reverse

Repurchase

Agreements,

including

accrued

interest

as

a

percentage

of

Total

investments

is

7.5%.

(11)

Taxable

Fund

Preferred

Shares,

net

of

deferred

offering

costs

as

a

percentage

of

Total

Investments

is

10.9%.

27

(12)

Other

assets

less

liabilities

includes

the

unrealized

appreciation

(depreciation)

of

certain

over-the-counter

("OTC")

derivatives

as

well

as

the

OTC

cleared

and

exchange-traded

derivatives,

when

applicable.

The

unrealized

appreciation

(depreciation)

of

OTC

cleared

and

exchange-

traded

derivatives

is

recognized

as

part

of

the

cash

collateral

at

brokers

and/or

the

receivable

or

payable

for

variation

margin

as

presented

on

the

Statement

of

Assets

and

Liabilities,

when

applicable.

(13)

Effective

date

represents

the

date

on

which

both

the

Fund

and

counterparty

commence

interest

payment

accruals

on

each

contract.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

LIBOR

London

Inter-Bank

Offered

Rate

N/A

Not

Applicable.

Reg

S

Regulation

S

allows

U.S.

companies

to

sell

securities

to

persons

or

entities

located

outside

of

the

United

States

without

registering

those

securities

with

the

Securities

and

Exchange

Commission.

Specifically,

Regulation

S

provides

a

safe

harbor

from

the

registration

requirements

of

the

Securities

Act

for

the

offers

and

sales

of

securities

by

both

foreign

and

domestic

issuers

that

are

made

outside

the

United

States.

See

accompanying

notes

to

financial

statements

28

Nuveen

Preferred

and

Income

Term

Fund

Portfolio

of

Investments

January

31,

2023

(Unaudited)

JPI

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

LONG-TERM

INVESTMENTS

-

154.3%  

(99.7%

of

Total

Investments)

X

357,876,903

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

75.2%

(48.6%

of

Total

Investments)

X

357,876,903

Automobiles

-

2.2%

$

7,963

General

Motors

Financial

Co

Inc

(3)

5.750%

N/A

(4)

BB+

$

7,288,618

3,610

General

Motors

Financial

Co

Inc

(3)

5.700%

N/A

(4)

BB+

3,339,250

11,573

Total

Automobiles

10,627,868

Banks

-

27.0%

1,330

Bank

of

America

Corp

6.100%

N/A

(4)

BBB+

1,330,532

3,815

Bank

of

America

Corp

(3)

6.300%

N/A

(4)

BBB+

3,859,636

3,620

Bank

of

America

Corp

(3)

6.500%

N/A

(4)

BBB+

3,637,962

3,290

Bank

of

America

Corp

6.250%

N/A

(4)

BBB+

3,287,960

2,430

Bank

of

America

Corp

4.375%

N/A

(4)

BBB+

2,205,468

1,695

Citigroup

Inc

4.150%

N/A

(4)

BBB-

1,508,550

2,870

Citigroup

Inc

(5)

6.250%

N/A

(4)

BBB-

2,888,770

4,850

Citigroup

Inc

(3)

5.000%

N/A

(4)

BBB-

4,631,750

7,308

Citigroup

Inc

(3)

5.950%

N/A

(4)

BBB-

7,121,824

7,565

Citigroup

Inc

(3)

6.300%

N/A

(4)

BBB-

7,442,069

1,530

Citizens

Financial

Group

Inc

4.000%

N/A

(4)

BB+

1,325,628

880

Citizens

Financial

Group

Inc

6.375%

N/A

(4)

BB+

842,952

4,805

CoBank

ACB

(3)

6.450%

N/A

(4)

BBB+

4,851,347

1,065

Fifth

Third

Bancorp

4.500%

N/A

(4)

Baa3

1,022,402

2,670

First

Citizens

BancShares

Inc/NC

(3-Month

LIBOR

reference

rate

+

3.972%

spread)

(6)

8.741%

N/A

(4)

N/R

2,680,918

860

Goldman

Sachs

Group

Inc/The

3.800%

N/A

(4)

BBB-

752,909

850

Goldman

Sachs

Group

Inc/The

4.400%

N/A

(4)

BB+

770,451

2,121

HSBC

Capital

Funding

Dollar

1

LP,

144A

10.176%

N/A

(4)

BBB

2,661,855

4,740

Huntington

Bancshares

Inc/OH

5.625%

N/A

(4)

Baa3

4,655,632

2,305

JPMorgan

Chase

&

Co

3.650%

N/A

(4)

BBB+

2,100,431

5,800

JPMorgan

Chase

&

Co

(5)

5.000%

N/A

(4)

BBB+

5,640,500

10,092

JPMorgan

Chase

&

Co

6.750%

N/A

(4)

BBB+

10,193,727

2,945

JPMorgan

Chase

&

Co

6.100%

N/A

(4)

BBB+

2,937,637

2,430

KeyCorp

5.000%

N/A

(4)

Baa3

2,358,072

1,570

M&T

Bank

Corp

6.450%

N/A

(4)

Baa2

1,566,048

1,340

M&T

Bank

Corp

3.500%

N/A

(4)

Baa2

1,125,600

2,785

M&T

Bank

Corp

5.125%

N/A

(4)

Baa2

2,584,482

945

PNC

Financial

Services

Group

Inc

6.200%

N/A

(4)

Baa2

945,283

1,407

PNC

Financial

Services

Group

Inc/The

5.000%

N/A

(4)

Baa2

1,322,883

2,130

PNC

Financial

Services

Group

Inc/The

3.400%

N/A

(4)

Baa2

1,815,825

2,340

PNC

Financial

Services

Group

Inc/The

6.000%

N/A

(4)

Baa2

2,328,066

799

PNC

Financial

Services

Group

Inc/The

(3-Month

LIBOR

reference

rate

+

3.678%

spread)

(6)

3.804%

N/A

(4)

Baa2

800,997

1,745

Regions

Financial

Corp

5.750%

N/A

(4)

Baa3

1,733,286

1,320

SVB

Financial

Group

4.000%

N/A

(4)

Baa2

1,056,816

730

SVB

Financial

Group

4.700%

N/A

(4)

Baa2

558,450

830

SVB

Financial

Group

4.100%

N/A

(4)

Baa2

616,275

3,270

Truist

Financial

Corp

5.100%

N/A

(4)

Baa2

3,168,620

7,960

Truist

Financial

Corp

(5)

4.800%

N/A

(4)

Baa2

7,627,392

1,805

Truist

Financial

Corp

(3-Month

LIBOR

reference

rate

+

3.102%

spread)

(5),(6)

7.871%

N/A

(4)

Baa2

1,820,794

6,540

Wells

Fargo

&

Co

3.900%

N/A

(4)

Baa2

6,029,062

3,256

Wells

Fargo

&

Co

5.900%

N/A

(4)

Baa2

3,186,810

1,230

Wells

Fargo

&

Co

(5)

7.950%

11/15/29

Baa1

1,400,051

5,803

Wells

Fargo

&

Co

5.875%

N/A

(4)

Baa2

5,775,146

1,050

Zions

Bancorp

NA

5.800%

N/A

(4)

BB+

1,033,259

29

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Banks

(continued)

$

1,415

Zions

Bancorp

NA

(5)

7.200%

N/A

(4)

BB+

$

1,429,150

132,136

Total

Banks

128,633,277

Capital

Markets

-

3.5%

1,145

Bank

of

New

York

Mellon

Corp/The

4.700%

N/A

(4)

Baa1

1,119,206

4,215

Charles

Schwab

Corp

(3)

5.375%

N/A

(4)

BBB

4,182,123

1,950

Charles

Schwab

Corp/The

4.000%

N/A

(4)

BBB

1,796,730

4,595

Goldman

Sachs

Group

Inc/The

5.500%

N/A

(4)

BBB-

4,549,050

4,127

Goldman

Sachs

Group

Inc/The

(3),(5)

5.300%

N/A

(4)

BBB-

4,059,158

950

Goldman

Sachs

Group

Inc/The

4.125%

N/A

(4)

BBB-

845,005

16,982

Total

Capital

Markets

16,551,272

Communications

Equipment

-

0.3%

1,920

Vodafone

Group

PLC

4.125%

6/04/81

BB+

1,554,432

1,920

Total

Communications

Equipment

1,554,432

Consumer

Finance

-

2.4%

2,570

Ally

Financial

Inc

4.700%

N/A

(4)

Ba2

1,972,475

3,190

Ally

Financial

Inc

(3)

4.700%

N/A

(4)

Ba2

2,623,775

2,350

American

Express

Co

3.550%

N/A

(4)

Baa2

2,079,280

2,705

Capital

One

Financial

Corp

3.950%

N/A

(4)

Baa3

2,347,774

1,820

Discover

Financial

Services

6.125%

N/A

(4)

Ba2

1,804,257

800

Discover

Financial

Services

5.500%

N/A

(4)

Ba2

704,000

13,435

Total

Consumer

Finance

11,531,561

Diversified

Financial

Services

-

4.9%

2,010

American

AgCredit

Corp,

144A

5.250%

N/A

(4)

BB+

1,763,775

2,425

Capital

Farm

Credit

ACA,

144A

5.000%

N/A

(4)

BB

2,206,750

12

Compeer

Financial

ACA,

144A

6.750%

N/A

(4)

BB+

11,723,607

1,050

Compeer

Financial

ACA,

144A

4.875%

N/A

(4)

BB+

926,626

3,430

Equitable

Holdings

Inc

4.950%

N/A

(4)

BBB-

3,326,702

3,171

Voya

Financial

Inc

(5)

6.125%

N/A

(4)

BBB-

3,161,170

12,098

Total

Diversified

Financial

Services

23,108,630

Electric

Utilities

-

2.6%

1,920

American

Electric

Power

Co

Inc

(5)

3.875%

2/15/62

BBB

1,646,668

2,110

Edison

International

5.000%

N/A

(4)

BB+

1,875,980

930

Edison

International

5.375%

N/A

(4)

BB+

868,788

6,100

Emera

Inc

(5)

6.750%

6/15/76

BB+

5,991,012

1,935

Southern

Co/The

4.000%

1/15/51

BBB-

1,840,824

12,995

Total

Electric

Utilities

12,223,272

Food

Products

-

4.6%

2,250

Dairy

Farmers

of

America

Inc,

144A

7.125%

N/A

(4)

BB+

1,923,750

2,240

Land

O'

Lakes

Inc,

144A

(3)

7.250%

N/A

(4)

BB

1,982,400

12,550

Land

O'

Lakes

Inc,

144A

(3)

8.000%

N/A

(4)

BB

11,797,000

7,223

Land

O'

Lakes

Inc,

144A

7.000%

N/A

(4)

BB

6,356,240

24,263

Total

Food

Products

22,059,390

Independent

Power

Producers

&

Energy

Traders

-

1.2%

1,240

AES

Andes

SA,

144A

7.125%

3/26/79

BB

1,200,630

2,550

AES

Andes

SA,

144A

6.350%

10/07/79

BB

2,409,750

1,135

Vistra

Corp,

144A

8.000%

N/A

(4)

Ba3

1,112,584

1,095

Vistra

Corp,

144A

7.000%

N/A

(4)

Ba3

1,023,825

6,020

Total

Independent

Power

Producers

&

Energy

Traders

5,746,789

Nuveen

Preferred

and

Income

Term

Fund

(continued)

Portfolio

of

Investments

January

31,

2023

(Unaudited)

30

JPI

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Industrial

Conglomerates

-

1.6%

$

7,552

General

Electric

Co

(3-Month

LIBOR

reference

rate

+

3.330%

spread)

(3),(6)

8.099%

N/A

(4)

BBB-

$

7,525,568

7,552

Total

Industrial

Conglomerates

7,525,568

Insurance

-

14.4%

1,505

Aegon

NV

5.500%

4/11/48

Baa1

1,434,369

1,447

American

International

Group

Inc

(5)

5.750%

4/01/48

BBB-

1,423,486

8,580

Assurant

Inc

(5)

7.000%

3/27/48

Baa3

8,494,158

10,595

Assured

Guaranty

Municipal

Holdings

Inc,

144A

(5)

6.400%

12/15/66

BBB+

10,038,762

2,320

AXIS

Specialty

Finance

LLC

(5)

4.900%

1/15/40

BBB

1,970,808

1,540

Enstar

Finance

LLC

5.750%

9/01/40

BBB-

1,380,302

1,505

Enstar

Finance

LLC

(5)

5.500%

1/15/42

BBB-

1,241,324

1,375

Legal

&

General

Group

PLC

,

Reg

S

5.250%

3/21/47

A3

1,326,188

4,755

Markel

Corp

(3)

6.000%

N/A

(4)

BBB-

4,743,113

1,270

MetLife

Inc

(5)

5.875%

N/A

(4)

BBB

1,260,475

1,850

MetLife

Inc

3.850%

N/A

(4)

BBB

1,760,666

3,440

MetLife

Inc,

144A

9.250%

4/08/38

BBB

4,153,800

2,335

PartnerRe

Finance

B

LLC

(5)

4.500%

10/01/50

Baa1

2,086,330

4,129

Provident

Financing

Trust

I

(3)

7.405%

3/15/38

BB+

4,387,062

700

Prudential

Financial

Inc

3.700%

10/01/50

BBB+

602,657

1,405

Prudential

Financial

Inc

5.125%

3/01/52

BBB+

1,310,724

7,495

QBE

Insurance

Group

Ltd,

144A

7.500%

11/24/43

Baa1

7,534,152

2,770

QBE

Insurance

Group

Ltd,

144A

(5)

5.875%

N/A

(4)

Baa2

2,728,450

1,135

QBE

Insurance

Group

Ltd

,

Reg

S

6.750%

12/02/44

BBB

1,131,740

9,195

SBL

Holdings

Inc,

144A

7.000%

N/A

(4)

BB

7,621,979

2,600

SBL

Holdings

Inc,

144A

6.500%

N/A

(4)

BB

1,992,380

71,946

Total

Insurance

68,622,925

Media

-

0.3%

1,660

Paramount

Global

6.375%

3/30/62

Baa3

1,448,300

1,660

Total

Media

1,448,300

Multi-Utilities

-

2.3%

1,195

Algonquin

Power

&

Utilities

Corp

4.750%

1/18/82

BB+

1,009,775

4,505

CenterPoint

Energy

Inc

6.125%

N/A

(4)

BBB-

4,431,794

570

CMS

Energy

Corp

(5)

4.750%

6/01/50

BBB-

518,392

1,215

NiSource

Inc

5.650%

N/A

(4)

BBB-

1,178,620

1,785

Sempra

Energy

(5)

4.125%

4/01/52

BBB-

1,562,485

2,365

Sempra

Energy

4.875%

N/A

(4)

BBB-

2,270,400

11,635

Total

Multi-Utilities

10,971,466

Oil,

Gas

&

Consumable

Fuels

-

2.9%

1,245

Enbridge

Inc

5.500%

7/15/77

BBB-

1,163,168

2,245

Enbridge

Inc

7.625%

1/15/83

BBB-

2,314,552

690

Enbridge

Inc

6.000%

1/15/77

BBB-

655,631

3,520

Enbridge

Inc

(5)

5.750%

7/15/80

BBB-

3,330,941

1,590

Energy

Transfer

LP

(5)

6.500%

N/A

(4)

BB

1,491,229

345

Energy

Transfer

LP

(5)

7.125%

N/A

(4)

BB

315,158

1,620

MPLX

LP

(5)

6.875%

N/A

(4)

BB+

1,620,486

1,645

Transcanada

Trust

(5)

5.500%

9/15/79

BBB

1,484,525

1,650

Transcanada

Trust

(5)

5.600%

3/07/82

BBB

1,476,750

14,550

Total

Oil,

Gas

&

Consumable

Fuels

13,852,440

Trading

Companies

&

Distributors

-

3.6%

7,045

AerCap

Global

Aviation

Trust,

144A

(5)

6.500%

6/15/45

BB+

6,888,812

1,915

AerCap

Holdings

NV

5.875%

10/10/79

BB+

1,834,149

2,045

Air

Lease

Corp

4.650%

N/A

(4)

BB+

1,814,937

1,855

ILFC

E-Capital

Trust

I,

144A

(5)

6.288%

12/21/65

B+

1,191,838

31

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Trading

Companies

&

Distributors

(continued)

$

7,902

ILFC

E-Capital

Trust

I,

144A

(5)

6.538%

12/21/65

BB+

$

5,247,663

20,762

Total

Trading

Companies

&

Distributors

16,977,399

U.S.

Agency

-

0.7%

2,270

Farm

Credit

Bank

of

Texas,

144A

5.700%

N/A

(4)

Baa1

2,111,100

1,180

Farm

Credit

Bank

of

Texas,

144A

6.200%

N/A

(4)

BBB+

1,056,100

3,450

Total

U.S.

Agency

3,167,200

Wireless

Telecommunication

Services

-

0.7%

3,180

Vodafone

Group

PLC

7.000%

4/04/79

BB+

3,275,114

3,180

Total

Wireless

Telecommunication

Services

3,275,114

$

366,157

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$371,846,555)

357,876,903

Principal

Amount

(000)

Description

(1)

,(7)

Coupon

Maturity

Ratings

(2)

Value

X

237,265,159

CONTINGENT

CAPITAL

SECURITIES

-

49.8%

(32.2%

of

Total

Investments)

X

237,265,159

Banks

-

36.1%

$

1,470

Australia

&

New

Zealand

Banking

Group

Ltd/United

Kingdom,

144A

6.750%

N/A

(4)

Baa2

$

1,482,495

3,570

Banco

Bilbao

Vizcaya

Argentaria

SA

(5)

6.125%

N/A

(4)

Ba2

3,308,880

5,600

Banco

Bilbao

Vizcaya

Argentaria

SA

(3)

6.500%

N/A

(4)

Ba2

5,481,056

1,300

Banco

Mercantil

del

Norte

SA/Grand

Cayman,

144A

(5)

7.500%

N/A

(4)

Ba2

1,250,600

2,930

Banco

Mercantil

del

Norte

SA/Grand

Cayman,

144A

(5)

7.625%

N/A

(4)

Ba2

2,897,125

5,200

Banco

Santander

SA

,

Reg

S

7.500%

N/A

(4)

Ba1

5,161,000

4,660

Banco

Santander

SA

4.750%

N/A

(4)

Ba1

4,043,334

5,170

Barclays

PLC

(5)

8.000%

N/A

(4)

BBB-

5,150,612

3,460

Barclays

PLC

8.000%

N/A

(4)

BBB-

3,474,359

7,610

Barclays

PLC

(5)

7.750%

N/A

(4)

BBB-

7,552,697

6,095

Barclays

PLC

(3)

6.125%

N/A

(4)

BBB-

5,820,664

950

BNP

Paribas

SA,

144A

7.000%

N/A

(4)

BBB

940,500

6,020

BNP

Paribas

SA,

144A

(3)

6.625%

N/A

(4)

BBB

5,937,225

7,615

BNP

Paribas

SA,

144A

(3)

7.375%

N/A

(4)

BBB

7,661,147

1,000

BNP

Paribas

SA,

144A

7.750%

N/A

(4)

BBB

1,035,000

795

BNP

Paribas

SA,

144A

9.250%

N/A

(4)

BBB

863,370

6,979

Credit

Agricole

SA,

144A

(3)

8.125%

N/A

(4)

BBB

7,193,883

3,935

Credit

Agricole

SA,

144A

7.875%

N/A

(4)

BBB

3,931,065

870

Danske

Bank

A/S

,

Reg

S

7.000%

N/A

(4)

BBB-

843,900

1,020

Danske

Bank

A/S

,

Reg

S

6.125%

N/A

(4)

BBB-

993,358

970

Danske

Bank

A/S

,

Reg

S

4.375%

N/A

(4)

BBB-

852,387

13,356

HSBC

Holdings

PLC

(3)

6.375%

N/A

(4)

BBB

13,182,372

10,360

HSBC

Holdings

PLC

(3)

6.000%

N/A

(4)

BBB

9,949,744

4,850

ING

Groep

NV

(3)

5.750%

N/A

(4)

BBB

4,589,215

6,740

ING

Groep

NV

,

Reg

S

6.750%

N/A

(4)

BBB

6,613,625

4,270

ING

Groep

NV

(3)

6.500%

N/A

(4)

BBB

4,174,224

2,139

Intesa

Sanpaolo

SpA,

144A

(5)

7.700%

N/A

(4)

BB-

2,019,210

6,550

Lloyds

Banking

Group

PLC

(3)

7.500%

N/A

(4)

Baa3

6,486,137

10,515

Lloyds

Banking

Group

PLC

(3)

7.500%

N/A

(4)

Baa3

10,437,084

3,050

Macquarie

Bank

Ltd/London,

144A

6.125%

N/A

(4)

BB+

2,807,607

5,950

NatWest

Group

PLC

8.000%

N/A

(4)

BBB-

6,016,938

6,240

NatWest

Group

PLC

6.000%

N/A

(4)

Baa3

5,959,200

3,735

Nordea

Bank

Abp,

144A

(3)

6.625%

N/A

(4)

BBB+

3,683,644

1,928

Societe

Generale

SA,

144A

(5)

6.750%

N/A

(4)

BB

1,795,365

2,635

Societe

Generale

SA,

144A

(5)

4.750%

N/A

(4)

BB+

2,344,096

1,820

Societe

Generale

SA,

144A

8.000%

N/A

(4)

BB

1,842,750

4,723

Societe

Generale

SA,

144A

7.875%

N/A

(4)

BB+

4,699,385

1,265

Societe

Generale

SA,

144A

9.375%

N/A

(4)

BB+

1,358,294

2,890

Standard

Chartered

PLC,

144A

4.300%

N/A

(4)

BBB-

2,474,996

Nuveen

Preferred

and

Income

Term

Fund

(continued)

Portfolio

of

Investments

January

31,

2023

(Unaudited)

32

JPI

Principal

Amount

(000)

Description

(1),(7)

Coupon

Maturity

Ratings

(2)

Value

Banks

(continued)

$

1,875

Standard

Chartered

PLC,

144A

7.750%

N/A

(4)

BBB-

$

1,884,056

725

Standard

Chartered

PLC,

144A

6.000%

N/A

(4)

BBB-

712,313

2,990

UniCredit

SpA

,

Reg

S

8.000%

N/A

(4)

BB-

2,948,888

175,825

Total

Banks

171,853,800

Capital

Markets

-

13.3%

3,450

Credit

Suisse

Group

AG,

144A

9.750%

N/A

(4)

BB-

3,346,500

4,407

Credit

Suisse

Group

AG,

144A

7.500%

N/A

(4)

BB-

4,175,632

9,496

Credit

Suisse

Group

AG,

144A

(3),(5)

7.250%

N/A

(4)

BB-

7,786,720

8,520

Credit

Suisse

Group

AG,

144A

(5)

7.500%

N/A

(4)

BB-

7,887,450

1,955

Credit

Suisse

Group

AG,

144A

(5)

6.375%

N/A

(4)

Ba2

1,583,550

10,995

Deutsche

Bank

AG

(3),(5)

6.000%

N/A

(4)

Ba2

9,979,655

7,637

UBS

Group

AG

,

Reg

S

7.000%

N/A

(4)

BBB

7,692,750

2,780

UBS

Group

AG,

144A

3.875%

N/A

(4)

BBB

2,399,242

9,405

UBS

Group

AG

,

Reg

S

6.875%

N/A

(4)

BBB

9,329,760

8,620

UBS

Group

AG,

144A

(5)

7.000%

N/A

(4)

BBB

8,565,866

900

UBS

Group

AG,

144A

4.875%

N/A

(4)

BBB

809,010

68,165

Total

Capital

Markets

63,556,135

Commercial

Banks

-

0.4%

1,895

HSBC

Holdings

PLC

6.375%

N/A

(4)

BBB

1,855,224

1,895

Total

Commercial

Banks

1,855,224

$

245,885

Total

Contingent

Capital

Securities

(cost

$246,864,514)

237,265,159

Shares

Description

(1)

Coupon

Ratings

(2)

Value

X

135,993,617

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

28.6%

(18.5%

of

Total

Investments)

X

135,993,617

Banks

-

7.8%

62,728

CoBank

ACB

6.200%

BBB+

$

6,210,072

111,200

Farm

Credit

Bank

of

Texas,

144A

(3),(5)

6.750%

Baa1

11,092,200

98,863

Fifth

Third

Bancorp

6.625%

Baa3

2,468,609

232,000

KeyCorp

6.200%

Baa3

5,946,160

25,900

KeyCorp

6.125%

Baa3

674,177

120,200

Regions

Financial

Corp

6.375%

Baa3

3,133,614

57,838

Regions

Financial

Corp

5.700%

Baa3

1,438,431

71,253

Synovus

Financial

Corp

5.875%

BB-

1,764,937

64,600

Wells

Fargo

&

Co

4.750%

Baa2

1,371,458

43,000

Western

Alliance

Bancorp

4.250%

Ba1

923,210

86,389

Wintrust

Financial

Corp

6.875%

BB

2,250,433

Total

Banks

37,273,301

Capital

Markets

-

3.0%

31,549

Goldman

Sachs

Group

Inc/The

5.500%

BB+

787,147

101,372

Morgan

Stanley

7.125%

BBB

2,578,904

93,300

Morgan

Stanley

6.375%

BBB

2,384,748

83,476

Morgan

Stanley

6.875%

BBB

2,105,265

63,000

Morgan

Stanley

6.500%

BBB

1,640,520

196,300

Morgan

Stanley

5.850%

BBB

4,936,945

Total

Capital

Markets

14,433,529

Consumer

Finance

-

0.3%

66,500

Synchrony

Financial

5.625%

BB-

1,317,365

Total

Consumer

Finance

1,317,365

33

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

Diversified

Financial

Services

-

3.0%

69,700

AgriBank

FCB

6.875%

BBB+

$

6,970,000

105,500

Equitable

Holdings

Inc

(5)

5.250%

BBB-

2,386,410

190,535

Voya

Financial

Inc

(3)

5.350%

BBB-

4,801,482

Total

Diversified

Financial

Services

14,157,892

Diversified

Telecommunication

Services

-

0.2%

49,500

AT&T

Inc

(5)

4.750%

BBB-

1,038,510

Total

Diversified

Telecommunication

Services

1,038,510

Food

Products

-

2.6%

61,800

CHS

Inc

7.875%

N/R

1,601,856

169,110

CHS

Inc

6.750%

N/R

4,281,865

168,229

CHS

Inc

7.100%

N/R

4,299,934

20,500

Dairy

Farmers

of

America

Inc,

144A

7.875%

BB+

1,968,000

Total

Food

Products

12,151,655

Insurance

-

7.8%

122,300

American

Equity

Investment

Life

Holding

Co

6.625%

BB

3,144,333

241,300

American

Equity

Investment

Life

Holding

Co

5.950%

BB

5,796,026

231,598

Aspen

Insurance

Holdings

Ltd

5.950%

BB+

5,722,786

62,000

Aspen

Insurance

Holdings

Ltd

5.625%

BB+

1,371,440

45,000

Assurant

Inc

5.250%

Baa3

1,031,400

120,000

Athene

Holding

Ltd

6.375%

BBB

3,066,000

159,300

Athene

Holding

Ltd

(5)

6.350%

BBB

4,057,371

39,400

Delphi

Financial

Group

Inc

(5)

7.796%

BBB

896,350

123,400

Enstar

Group

Ltd

(5)

7.000%

BBB-

2,965,302

150,629

Maiden

Holdings

North

America

Ltd

(5)

7.750%

N/R

2,860,430

64,300

Reinsurance

Group

of

America

Inc

7.125%

BBB+

1,712,952

146,800

Reinsurance

Group

of

America

Inc

(5)

5.750%

BBB+

3,837,352

43,200

Selective

Insurance

Group

Inc

4.600%

BBB-

804,816

Total

Insurance

37,266,558

Oil,

Gas

&

Consumable

Fuels

-

1.9%

33,200

Energy

Transfer

LP

7.600%

BB

796,800

139,235

NuStar

Energy

LP

(5)

10.379%

B2

3,235,822

125,403

NuStar

Energy

LP

11.502%

B2

3,137,583

71,018

NuStar

Logistics

LP

(5)

11.526%

B

1,780,421

Total

Oil,

Gas

&

Consumable

Fuels

8,950,626

Thrifts

&

Mortgage

Finance

-

1.2%

47,855

Federal

Agricultural

Mortgage

Corp

6.000%

N/R

1,280,600

169,115

New

York

Community

Bancorp

Inc

(5)

6.375%

Ba2

4,175,449

Total

Thrifts

&

Mortgage

Finance

5,456,049

Trading

Companies

&

Distributors

-

0.8%

114,543

Air

Lease

Corp

(5)

6.150%

BB+

2,816,612

41,600

WESCO

International

Inc

10.625%

B+

1,131,520

Total

Trading

Companies

&

Distributors

3,948,132

Total

$25

Par

(or

similar)

Retail

Preferred

(cost

$138,185,240)

135,993,617

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

X

3,362,944

CORPORATE

BONDS

-

0.7%

(0.4%

of

Total

Investments)

X

3,362,944

Banks

-

0.2%

$

1,085

Commerzbank

AG,

144A

(5)

8.125%

9/19/23

Baa3

$

1,094,944

1,085

Total

Banks

1,094,944

Nuveen

Preferred

and

Income

Term

Fund

(continued)

Portfolio

of

Investments

January

31,

2023

(Unaudited)

34

JPI

Investments

in

Derivatives

Principal

Amount

(000)  

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Insurance

-

0.5%

$

2,400

Fidelis

Insurance

Holdings

Ltd,

144A

(5)

6.625%

4/01/41

BB+

$

2,268,000

2,400

Total

Insurance

2,268,000

$

3,485

Total

Corporate

Bonds

(cost

$3,485,000)

3,362,944

Total

Long-Term

Investments

(cost

$760,381,309)

734,498,623

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

 0.4% (0.3%

of

Total

Investments)

X

2,086,097

REPURCHASE

AGREEMENTS

-

0.4%

(0.3%

of

Total

Investments)

X

2,086,097

$

2,086

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

1/31/23,

repurchase

price

$2,086,172,

collateralized

by

$2,189,000,

U.S.

Treasury

Note,

2.875%,

due

6/15/25,

value

$2,127,861

1.280%

2/01/23

$

2,086,097

Total

Short-Term

Investments

(cost

$2,086,097)

2,086,097

Total

Investments

(cost

$

762,467,406

)

-

154

.7

%

736,584,720

Borrowings

-

(41.7)%

(8),(9)

(

198,400,000

)

Reverse

Repurchase

Agreements,

including

accrued

interest

-

(13.7)%(10)

(

65,402,830

)

Other

Assets

&

Liabilities,

Net

-   0.7%(11)

3,257,246

Net

Assets

Applicable

to

Common

Shares

-

100%

$

476,039,136

Interest

Rate

Swaps

-

OTC

Uncleared

Counterparty

Notional

Amount

Fund

Pay/Receive

Floating

Rate

Floating

Rate

Index

Fixed

Rate

Fixed

Rate

Payment

Frequency

Effective

Date

(12)

Optional

Termination

Date

Maturity

Date

Value

Unrealized

Appreciation

(Depreciation)

Morgan

Stanley

Capital

Services,

LLC

$

45,000,000

Receive

1-Month

LIBOR

2.333%

Monthly

7/01/19

10/01/23

7/01/24

$

852,642

$

852,642

Morgan

Stanley

Capital

Services,

LLC

112,000,000

Receive

1-Month

LIBOR

1.928%

Monthly

6/01/18

3/01/23

3/01/24

473,275

473,275

Total

unrealized

appreciation

on

interest

rate

swaps

$

1,325,917

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)

Investment,

or

portion

of

investment,

is

hypothecated.

The

total

value

of

investments

hypothecated

as

of

the

end

of

the

reporting

period

was

$184,582,319.

(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

$148,932,303

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)

Borrowings

as

a

percentage

of

Total

Investments

is

26.9%.

(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

$503,534,861

have

been

pledged

as

collateral

for

borrowings.

(10)

Reverse

Repurchase

Agreements,

including

accrued

interest

as

a

percentage

of

Total

investments

is

8.9%.

(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.

35

(12)

Effective

date

represents

the

date

on

which

both

the

Fund

and

counterparty

commence

interest

payment

accruals

on

each

contract.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

LIBOR

London

Inter-Bank

Offered

Rate

N/A

Not

Applicable.

Reg

S

Regulation

S

allows

U.S.

companies

to

sell

securities

to

persons

or

entities

located

outside

of

the

United

States

without

registering

those

securities

with

the

Securities

and

Exchange

Commission.

Specifically,

Regulation

S

provides

a

safe

harbor

from

the

registration

requirements

of

the

Securities

Act

for

the

offers

and

sales

of

securities

by

both

foreign

and

domestic

issuers

that

are

made

outside

the

United

States.

See

accompanying

notes

to

financial

statements

36

Nuveen

Preferred

&

Income

Securities

Fund

Portfolio

of

Investments

January

31,

2023

(Unaudited)

JPS

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

LONG-TERM

INVESTMENTS

-

155.5%  

(98.4%

of

Total

Investments)

X

1,345,126,672

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

79.5%

(50.3%

of

Total

Investments)

X

1,345,126,672

Banks

-

37.6%

$

19,300

Bank

of

America

Corp

(3)

6.500%

N/A

(4)

BBB+

$

19,395,767

60,000

Bank

of

America

Corp

(5)

6.125%

N/A

(4)

BBB+

60,060,000

12,300

Bank

of

America

Corp

6.100%

N/A

(4)

BBB+

12,304,920

2,861

Bank

of

America

Corp

(5)

8.050%

6/15/27

Baa2

3,150,898

6,800

Bank

of

America

Corp

4.375%

N/A

(4)

BBB+

6,171,680

22,600

Bank

of

Nova

Scotia/The

8.625%

10/27/82

BBB-

24,063,577

3,000

Bank

of

Nova

Scotia/The

4.900%

N/A

(4)

BBB-

2,913,480

20,700

Citigroup

Inc

3.875%

N/A

(4)

BBB-

18,897,030

8,500

Citigroup

Inc

(5)

4.150%

N/A

(4)

BBB-

7,565,000

19,799

Citigroup

Inc

(5)

4.000%

N/A

(4)

BBB-

18,316,873

7,500

Citizens

Financial

Group

Inc

4.000%

N/A

(4)

BB+

6,498,177

3,400

Citizens

Financial

Group

Inc

(5)

6.375%

N/A

(4)

BB+

3,256,860

3,976

Citizens

Financial

Group

Inc

(5)

5.650%

N/A

(4)

BB+

3,926,221

5,000

CoBank

ACB

6.450%

N/A

(4)

BBB+

5,048,228

14,000

CoBank

ACB

(5)

6.250%

N/A

(4)

BBB+

13,874,401

12,130

Comerica

Inc

(5)

5.625%

N/A

(4)

Baa2

11,891,473

6,100

Corestates

Capital

III

(3-Month

LIBOR

reference

rate

+

0.570%

spread),

144A

(5),(6)

5.176%

2/15/27

A1

5,772,820

2,500

Goldman

Sachs

Group

Inc/The

3.800%

N/A

(4)

BBB-

2,188,688

30,000

HSBC

Capital

Funding

Dollar

1

LP,

144A

(5)

10.176%

N/A

(4)

BBB

37,650,000

11,000

Huntington

Bancshares

Inc/OH

(5)

5.625%

N/A

(4)

Baa3

10,804,209

24,000

Huntington

Bancshares

Inc/OH

(5)

4.450%

N/A

(4)

Baa3

22,492,060

55,800

JPMorgan

Chase

&

Co

6.750%

N/A

(4)

BBB+

56,362,464

7,000

JPMorgan

Chase

&

Co

(5)

6.100%

N/A

(4)

BBB+

6,982,500

2,000

JPMorgan

Chase

&

Co

3.650%

N/A

(4)

BBB+

1,822,500

8,000

KeyCorp

Capital

III

(5)

7.750%

7/15/29

Baa2

8,664,510

4,300

M&T

Bank

Corp

3.500%

N/A

(4)

Baa2

3,612,000

21,325

PNC

Financial

Services

Group

Inc

6.200%

N/A

(4)

Baa2

21,331,397

6,200

PNC

Financial

Services

Group

Inc/The

(5)

3.400%

N/A

(4)

Baa2

5,285,500

4,100

PNC

Financial

Services

Group

Inc/The

(3-Month

LIBOR

reference

rate

+

3.678%

spread)

(6)

3.804%

N/A

(4)

Baa2

4,110,246

3,000

PNC

Financial

Services

Group

Inc/The

6.000%

N/A

(4)

Baa2

2,984,700

2,000

Regions

Financial

Corp

5.750%

N/A

(4)

Baa3

1,986,574

24,100

Standard

Chartered

PLC,

144A

7.014%

N/A

(4)

BBB-

24,163,293

16,200

SVB

Financial

Group

(5)

4.250%

N/A

(4)

Baa2

12,934,080

32,700

Toronto-Dominion

Bank/The

8.125%

10/31/82

Baa1

34,702,875

46,700

Truist

Financial

Corp

(3)

4.950%

N/A

(4)

Baa2

46,233,000

36,386

Truist

Financial

Corp

(3)

4.800%

N/A

(4)

Baa2

34,865,612

25,580

Wells

Fargo

&

Co

(5)

7.950%

11/15/29

Baa1

29,116,508

47,650

Wells

Fargo

&

Co

(5)

3.900%

N/A

(4)

Baa2

43,927,344

638,507

Total

Banks

635,327,465

Capital

Markets

-

9.7%

10,000

Bank

of

New

York

Mellon

Corp/The

3.700%

N/A

(4)

Baa1

9,243,410

35,600

Bank

of

New

York

Mellon

Corp/The

3.750%

N/A

(4)

Baa1

30,929,280

29,068

Bank

of

New

York

Mellon

Corp/The

4.700%

N/A

(4)

Baa1

28,413,166

39,505

Charles

Schwab

Corp

5.375%

N/A

(4)

BBB

39,196,861

15,500

Charles

Schwab

Corp/The

4.000%

N/A

(4)

BBB

14,281,700

7,500

Depository

Trust

&

Clearing

Corp/The,

144A

3.375%

N/A

(4)

A

6,272,250

7,600

Goldman

Sachs

Group

Inc/The

4.950%

N/A

(4)

BBB-

7,292,630

12,000

Goldman

Sachs

Group

Inc/The

5.500%

N/A

(4)

BBB-

11,880,000

37

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Capital

Markets

(continued)

$

18,000

Goldman

Sachs

Group

Inc/The

(3)

3.650%

N/A

(4)

BBB-

$

15,652,800

174,773

Total

Capital

Markets

163,162,097

Commercial

Banks

-

0.6%

8,000

HSBC

Capital

Funding

Dollar

1

LP,

Reg

S

10.176%

N/A

(4)

BBB

10,040,000

8,000

Total

Commercial

Banks

10,040,000

Consumer

Finance

-

2.5%

7,400

Ally

Financial

Inc

(3)

4.700%

N/A

(4)

Ba2

5,679,500

8,500

Ally

Financial

Inc

4.700%

N/A

(4)

Ba2

6,991,250

14,500

American

Express

Co

3.550%

N/A

(4)

Baa2

12,829,597

8,000

Capital

One

Financial

Corp

(5)

3.950%

N/A

(4)

Baa3

6,943,509

10,000

Discover

Financial

Services

(5)

6.125%

N/A

(4)

Ba2

9,913,502

48,400

Total

Consumer

Finance

42,357,358

Diversified

Financial

Services

-

1.9%

7,500

Citigroup

Inc

(3-Month

LIBOR

reference

rate

+

4.068%

spread)

(6)

8.870%

N/A

(4)

BBB-

7,560,000

12,800

Scentre

Group

Trust

2,

144A

(5)

4.750%

9/24/80

BBB+

11,943,979

12,700

Voya

Financial

Inc

(3)

6.125%

N/A

(4)

BBB-

12,660,630

33,000

Total

Diversified

Financial

Services

32,164,609

Electric

Utilities

-

1.9%

8,500

American

Electric

Power

Co

Inc

(5)

3.875%

2/15/62

BBB

7,289,937

26,075

Duke

Energy

Corp

(3)

4.875%

N/A

(4)

BBB-

25,122,855

91

Emera

Inc

6.750%

6/15/76

BB+

89,374

34,666

Total

Electric

Utilities

32,502,166

Food

Products

-

0.3%

6,705

Dairy

Farmers

of

America

Inc,

144A

(5)

7.125%

N/A

(4)

BB+

5,732,775

6,705

Total

Food

Products

5,732,775

Insurance

-

15.2%

3,598

ACE

Capital

Trust

II

9.700%

4/01/30

BBB+

4,524,123

8,400

Allianz

SE

,

Reg

S

3.500%

N/A

(4)

A

7,325,640

10,500

Allianz

SE,

144A

(5)

3.500%

N/A

(4)

A

9,157,050

13,300

American

International

Group

Inc

(5)

5.750%

4/01/48

BBB-

13,083,875

2,299

Aon

Corp

(5)

8.205%

1/01/27

BBB

2,385,213

6,210

Argentum

Netherlands

BV

for

Swiss

Re

Ltd

,

Reg

S

(5)

5.750%

8/15/50

BBB+

6,085,800

2,100

Argentum

Netherlands

BV

for

Swiss

Re

Ltd

,

Reg

S

5.625%

8/15/52

BBB+

2,037,000

1,550

Cloverie

PLC

for

Zurich

Insurance

Co

Ltd

,

Reg

S

5.625%

6/24/46

A+

1,543,404

3,989

Corebridge

Financial

Inc,

144A

6.875%

12/15/52

BBB-

3,968,017

7,900

Legal

&

General

Group

PLC

,

Reg

S

5.250%

3/21/47

A3

7,619,550

29,600

MetLife

Capital

Trust

IV,

144A

(5)

7.875%

12/15/37

BBB

32,559,941

3,000

MetLife

Inc

10.750%

8/01/39

BBB

4,125,300

36,531

MetLife

Inc,

144A

(3),(5)

9.250%

4/08/38

BBB

44,111,183

11,300

MetLife

Inc

(3)

3.850%

N/A

(4)

BBB

10,754,337

41,904

Nationwide

Financial

Services

Inc

(5)

6.750%

5/15/37

Baa2

41,262,575

20,600

Nippon

Life

Insurance

Co,

144A

(5)

2.750%

1/21/51

A-

17,440,269

3,670

Prudential

Financial

Inc

(5)

5.625%

6/15/43

BBB+

3,651,650

6,500

Prudential

Financial

Inc

3.700%

10/01/50

BBB+

5,596,101

14,900

Sumitomo

Life

Insurance

Co,

144A

(5)

3.375%

4/15/81

A-

13,112,000

8,700

Willow

No

2

Ireland

PLC

for

Zurich

Insurance

Co

Ltd

,

Reg

S

4.250%

10/01/45

A+

8,138,850

23,794

Zurich

Finance

Ireland

Designated

Activity

Co

,

Reg

S

3.000%

4/19/51

A+

18,875,542

260,345

Total

Insurance

257,357,420

Nuveen

Preferred

&

Income

Securities

Fund

(continued)

Portfolio

of

Investments

January

31,

2023

(Unaudited)

38

JPS

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Machinery

-

0.3%

$

5,700

Stanley

Black

&

Decker

Inc

(5)

4.000%

3/15/60

BBB+

$

5,022,640

5,700

Total

Machinery

5,022,640

Multi-Utilities

-

3.7%

500

Algonquin

Power

&

Utilities

Corp

4.750%

1/18/82

BB+

422,500

42,533

Dominion

Energy

Inc

4.650%

N/A

(4)

BBB-

39,679,036

3,233

Dominion

Energy

Inc

4.350%

N/A

(4)

BBB-

2,893,535

20,900

NiSource

Inc

5.650%

N/A

(4)

BBB-

20,274,198

67,166

Total

Multi-Utilities

63,269,269

Oil,

Gas

&

Consumable

Fuels

-

3.4%

5,900

BP

Capital

Markets

PLC

(5)

4.375%

N/A

(4)

Baa1

5,692,025

5,800

Enbridge

Inc

(5)

7.625%

1/15/83

BBB-

5,979,689

16,000

Enbridge

Inc

(5)

5.750%

7/15/80

BBB-

15,140,640

10,934

Enterprise

Products

Operating

LLC

(5)

5.250%

8/16/77

Baa2

9,544,737

3,400

Enterprise

Products

Operating

LLC

5.375%

2/15/78

Baa2

2,844,072

14,885

Transcanada

Trust

(5)

5.500%

9/15/79

BBB

13,432,916

4,560

Transcanada

Trust

(5)

5.600%

3/07/82

BBB

4,081,200

61,479

Total

Oil,

Gas

&

Consumable

Fuels

56,715,279

Road

&

Rail

-

1.4%

25,485

BNSF

Funding

Trust

I

6.613%

12/15/55

A

24,465,600

25,485

Total

Road

&

Rail

24,465,600

Wireless

Telecommunication

Services

-

1.0%

16,516

Vodafone

Group

PLC

7.000%

4/04/79

BB+

17,009,994

16,516

Total

Wireless

Telecommunication

Services

17,009,994

$

1,380,742

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$1,394,548,091)

1,345,126,672

Principal

Amount

(000)

Description

(1)

,(7)

Coupon

Maturity

Ratings

(2)

Value

X

906,809,398

CONTINGENT

CAPITAL

SECURITIES

-

53.6%

(33.9%

of

Total

Investments)

X

906,809,398

Banks

-

42.9%

$

2,800

Australia

&

New

Zealand

Banking

Group

Ltd/United

Kingdom,

144A

6.750%

N/A

(4)

Baa2

$

2,823,800

11,800

Banco

Bilbao

Vizcaya

Argentaria

SA

6.125%

N/A

(4)

Ba2

10,936,913

17,800

Banco

Bilbao

Vizcaya

Argentaria

SA

6.500%

N/A

(4)

Ba2

17,421,928

28,200

Banco

Santander

SA

,

Reg

S

(5)

7.500%

N/A

(4)

Ba1

27,988,500

6,200

Banco

Santander

SA

4.750%

N/A

(4)

Ba1

5,379,543

63,300

Barclays

PLC

7.750%

N/A

(4)

BBB-

62,823,351

26,000

Barclays

PLC

8.000%

N/A

(4)

BBB-

25,902,500

38,585

BNP

Paribas

SA,

144A

(3),(5)

7.375%

N/A

(4)

BBB

38,818,825

5,500

BNP

Paribas

SA,

144A

7.000%

N/A

(4)

BBB

5,445,000

2,500

BNP

Paribas

SA,

144A

7.750%

N/A

(4)

BBB

2,587,500

9,900

BNP

Paribas

SA,

144A

9.250%

N/A

(4)

BBB

10,751,400

39,000

BNP

Paribas

SA,

144A

4.625%

N/A

(4)

BBB

34,125,000

10,000

BNP

Paribas

SA

,

Reg

S

7.375%

N/A

(4)

BBB

10,060,600

19,653

Credit

Agricole

SA,

144A

(3)

7.875%

N/A

(4)

BBB

19,633,347

2,000

Credit

Agricole

SA,

144A

4.750%

N/A

(4)

BBB

1,700,800

4,466

Credit

Agricole

SA

,

Reg

S

8.125%

N/A

(4)

BBB

4,603,508

31,550

Credit

Agricole

SA,

144A

8.125%

N/A

(4)

BBB

32,521,424

5,000

Danske

Bank

A/S

,

Reg

S

4.375%

N/A

(4)

BBB-

4,393,750

10,500

Danske

Bank

A/S

,

Reg

S

7.000%

N/A

(4)

BBB-

10,185,000

11,588

Danske

Bank

A/S

,

Reg

S

(5)

6.125%

N/A

(4)

BBB-

11,285,321

33,192

DNB

Bank

ASA

,

Reg

S

4.875%

N/A

(4)

BBB

31,490,910

1,600

HSBC

Holdings

PLC

(5)

6.000%

N/A

(4)

BBB

1,536,640

8,504

HSBC

Holdings

PLC

(5)

6.250%

N/A

(4)

BBB

8,504,000

39

Principal

Amount

(000)

Description

(1),(7)

Coupon

Maturity

Ratings

(2)

Value

Banks

(continued)

$

26,700

ING

Groep

NV

(3)

6.500%

N/A

(4)

BBB

$

26,101,119

10,000

ING

Groep

NV

5.750%

N/A

(4)

BBB

9,462,300

9,600

Intesa

Sanpaolo

SpA,

144A

7.700%

N/A

(4)

BB-

9,062,372

3,000

Lloyds

Banking

Group

PLC

7.500%

N/A

(4)

Baa3

2,970,750

4,500

Lloyds

Banking

Group

PLC

6.750%

N/A

(4)

Baa3

4,393,631

48,428

Lloyds

Banking

Group

PLC

(3)

7.500%

N/A

(4)

Baa3

48,069,149

5,075

Macquarie

Bank

Ltd/London,

144A

(5)

6.125%

N/A

(4)

BB+

4,671,673

14,250

NatWest

Group

PLC

8.000%

N/A

(4)

BBB-

14,410,313

17,000

NatWest

Group

PLC

6.000%

N/A

(4)

Baa3

16,235,000

18,988

Nordea

Bank

Abp

,

Reg

S

6.125%

N/A

(4)

BBB+

18,556,607

35,090

Nordea

Bank

Abp,

144A

6.125%

N/A

(4)

BBB

34,292,781

26,400

Nordea

Bank

Abp,

144A

6.625%

N/A

(4)

BBB+

26,037,000

10,000

Skandinaviska

Enskilda

Banken

AB

,

Reg

S

5.125%

N/A

(4)

BBB+

9,475,000

9,000

Societe

Generale

SA

,

Reg

S

7.875%

N/A

(4)

BB+

8,955,000

4,550

Societe

Generale

SA,

144A

5.375%

N/A

(4)

BB+

3,912,679

73,300

Societe

Generale

SA,

144A

(3)

8.000%

N/A

(4)

BB

74,216,250

13,000

Standard

Chartered

PLC,

144A

7.750%

N/A

(4)

BBB-

13,062,790

7,200

Svenska

Handelsbanken

AB

,

Reg

S

4.375%

N/A

(4)

A-

6,534,000

15,000

UniCredit

SpA

,

Reg

S

8.000%

N/A

(4)

BB-

14,793,750

740,719

Total

Banks

726,131,724

Capital

Markets

-

10.7%

58,000

Credit

Suisse

Group

AG,

144A

(3),(5)

7.500%

N/A

(4)

BB-

54,955,000

17,400

Credit

Suisse

Group

AG

,

Reg

S

7.500%

N/A

(4)

BB-

16,486,500

5,000

Credit

Suisse

Group

AG,

144A

9.750%

N/A

(4)

BB-

4,850,000

35,300

UBS

Group

AG

,

Reg

S

(5)

6.875%

N/A

(4)

BBB

35,017,600

10,800

UBS

Group

AG

,

Reg

S

5.125%

N/A

(4)

BBB

10,235,160

24,000

UBS

Group

AG,

144A

(3)

4.875%

N/A

(4)

BBB

21,573,600

25,000

UBS

Group

AG,

144A

(5)

3.875%

N/A

(4)

BBB

21,575,919

10,000

UBS

Group

AG

,

Reg

S

(5)

3.875%

N/A

(4)

BBB

8,630,367

7,400

UBS

Group

AG,

144A

(5)

7.000%

N/A

(4)

BBB

7,353,528

192,900

Total

Capital

Markets

180,677,674

$

933,619

Total

Contingent

Capital

Securities

(cost

$939,470,517)

906,809,398

Shares

Description

(1)

Coupon

Ratings

(2)

Value

X

254,207,007

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

15.0%

(9.5%

of

Total

Investments)

X

254,207,007

Banks

-

4.7%

233,680

Associated

Banc-Corp

5.625%

Baa3

$

5,739,181

1,327

Bank

of

America

Corp

5.000%

BBB+

30,362

301,095

Bank

of

America

Corp

5.375%

BBB+

7,268,433

31,570

Bank

of

Hawaii

Corp

4.375%

Baa2

598,252

344,788

Citigroup

Inc

6.875%

BBB-

8,792,094

53,000

CoBank

ACB

6.200%

BBB+

5,247,000

72,650

Farm

Credit

Bank

of

Texas,

144A

(5)

6.750%

Baa1

7,246,838

84,196

Fifth

Third

Bancorp

6.625%

Baa3

2,102,374

50,000

Fifth

Third

Bancorp

4.950%

Baa3

1,184,500

41,923

First

Republic

Bank/CA

4.000%

BBB-

766,352

2,372

First

Republic

Bank/CA

4.125%

BBB-

44,688

150,000

Fulton

Financial

Corp

5.125%

Baa3

3,172,500

11,474

JPMorgan

Chase

&

Co

5.750%

BBB+

286,621

679,809

KeyCorp

6.125%

Baa3

17,695,428

189,461

KeyCorp

6.200%

Baa3

4,855,885

189,200

Regions

Financial

Corp

(5)

5.700%

Baa3

4,705,404

35,395

Synovus

Financial

Corp

5.875%

BB-

876,734

15,300

Truist

Financial

Corp

4.750%

Baa2

339,660

300

Washington

Federal

Inc

4.875%

Baa3

6,087

212,731

Wells

Fargo

&

Co

5.850%

Baa2

5,194,891

Nuveen

Preferred

&

Income

Securities

Fund

(continued)

Portfolio

of

Investments

January

31,

2023

(Unaudited)

40

JPS

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

Banks

(continued)

152,000

Western

Alliance

Bancorp

4.250%

Ba1

$

3,263,440

Total

Banks

79,416,724

Capital

Markets

-

2.1%

112,294

Affiliated

Managers

Group

Inc

4.200%

Baa1

1,997,710

142,027

Affiliated

Managers

Group

Inc

5.875%

Baa1

3,593,283

173,947

Affiliated

Managers

Group

Inc

4.750%

Baa1

3,478,940

352,074

Goldman

Sachs

Group

Inc/The

5.500%

BB+

8,784,246

604,790

Morgan

Stanley

5.850%

BBB

15,210,469

7,033

Northern

Trust

Corp

4.700%

BBB+

160,704

64,392

State

Street

Corp

5.900%

Baa1

1,640,708

1,179

Stifel

Financial

Corp

4.500%

BB

22,672

3,893

Stifel

Financial

Corp

5.200%

BBB+

92,381

Total

Capital

Markets

34,981,113

Consumer

Finance

-

0.2%

131,816

Capital

One

Financial

Corp

(5)

4.800%

Baa3

2,741,773

62,097

Capital

One

Financial

Corp

(5)

5.000%

Baa3

1,359,303

Total

Consumer

Finance

4,101,076

Diversified

Financial

Services

-

1.2%

105,300

AgriBank

FCB

6.875%

BBB+

10,530,000

104,321

Equitable

Holdings

Inc

4.300%

BBB-

2,053,037

248,158

Equitable

Holdings

Inc

(5)

5.250%

BBB-

5,613,334

54,092

Voya

Financial

Inc

(5)

5.350%

BBB-

1,363,119

Total

Diversified

Financial

Services

19,559,490

Diversified

Telecommunication

Services

-

0.8%

578,314

AT&T

Inc

4.750%

BBB-

12,133,028

5,341

AT&T

Inc

5.625%

BBB+

133,845

19,067

AT&T

Inc

5.350%

BBB+

457,799

20,680

AT&T

Inc

(5)

5.000%

BBB-

458,476

Total

Diversified

Telecommunication

Services

13,183,148

Electric

Utilities

-

1.3%

69,380

CMS

Energy

Corp

5.875%

BBB-

1,726,174

75,535

DTE

Energy

Co

4.375%

BBB-

1,610,406

153,939

Duke

Energy

Corp

(5)

5.750%

BBB-

3,968,547

3,028

Duke

Energy

Corp

5.625%

BBB-

76,306

57,794

Entergy

Arkansas

LLC

4.875%

A

1,356,425

7,795

Entergy

Louisiana

LLC

4.875%

A

183,183

4,746

Entergy

Mississippi

LLC

4.900%

A

112,148

16,000

Entergy

Texas

Inc

(5)

5.375%

BBB-

390,208

204,489

NextEra

Energy

Capital

Holdings

Inc

5.650%

BBB

5,267,637

86,891

Southern

Co/The

5.250%

BBB-

2,138,388

195,057

Southern

Co/The

4.950%

BBB-

4,400,486

56,928

Southern

Co/The

4.200%

BBB-

1,133,436

Total

Electric

Utilities

22,363,344

Equity

Real

Estate

Investment

Trusts

-

1.9%

9,405

Digital

Realty

Trust

Inc

5.200%

Baa3

221,112

1,030

Digital

Realty

Trust

Inc

5.250%

Baa3

24,545

138,410

Hudson

Pacific

Properties

Inc

4.750%

Ba1

2,067,845

5,424

Kimco

Realty

Corp

5.125%

Baa2

126,976

30,310

Kimco

Realty

Corp

5.250%

Baa2

716,528

85,301

Prologis

Inc

8.540%

BBB+

4,903,955

11,902

Public

Storage

4.700%

A3

258,154

7,802

Public

Storage

3.875%

A3

143,089

7,735

Public

Storage

3.900%

A3

142,633

41

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

Equity

Real

Estate

Investment

Trusts

(continued)

9,737

Public

Storage

3.950%

A3

$

179,842

24,683

Public

Storage

4.100%

A3

469,718

6,101

Public

Storage

5.150%

A3

147,522

112,196

Public

Storage

4.125%

A3

2,160,895

4,274

Public

Storage

4.875%

A3

96,934

189,213

Public

Storage

5.600%

A3

4,823,039

196,121

Public

Storage

4.625%

A3

4,198,951

304,180

Public

Storage

4.000%

A3

5,834,172

127,960

Public

Storage

4.000%

A3

2,412,046

124,101

Public

Storage

(5)

4.750%

A3

2,719,053

2,293

Public

Storage

5.050%

A3

54,895

15,000

Vornado

Realty

Trust

4.450%

Ba1

243,150

Total

Equity

Real

Estate

Investment

Trusts

31,945,054

Food

Products

-

0.2%

32,500

Dairy

Farmers

of

America

Inc,

144A

(3)

7.875%

BB+

3,120,000

Total

Food

Products

3,120,000

Insurance

-

1.7%

537,423

Allstate

Corp/The

7.995%

Baa1

13,543,060

96,099

American

Financial

Group

Inc/OH

5.875%

Baa2

2,441,876

68,848

American

Financial

Group

Inc/OH

5.625%

Baa2

1,678,514

4,824

American

Financial

Group

Inc/OH

5.125%

Baa2

112,399

200

American

Financial

Group

Inc/OH

4.500%

Baa2

4,030

19,825

American

International

Group

Inc

5.850%

BBB-

502,762

34,439

Arch

Capital

Group

Ltd

5.450%

BBB

830,324

1,986

Assurant

Inc

5.250%

Baa3

45,519

985

Globe

Life

Inc

4.250%

BBB+

19,651

3,839

Hartford

Financial

Services

Group

Inc/The

6.000%

BBB-

98,854

56,568

MetLife

Inc

4.750%

BBB

1,299,367

152,845

Prudential

Financial

Inc

5.950%

BBB+

3,897,548

2,847

Prudential

Financial

Inc

4.125%

BBB+

58,791

79,019

Reinsurance

Group

of

America

Inc

7.125%

BBB+

2,105,066

40,000

RenaissanceRe

Holdings

Ltd

4.200%

BBB

727,200

9,763

RenaissanceRe

Holdings

Ltd

5.750%

BBB+

235,874

17,555

W

R

Berkley

Corp

5.700%

Baa2

433,082

41,233

W

R

Berkley

Corp

4.250%

Baa2

821,361

8,091

W

R

Berkley

Corp

5.100%

BBB

184,879

Total

Insurance

29,040,157

Multi-Utilities

-

0.8%

179,646

Algonquin

Power

&

Utilities

Corp

6.200%

BB+

4,167,787

15,518

CMS

Energy

Corp

5.875%

BBB-

390,278

2,126

CMS

Energy

Corp

5.625%

BBB-

52,512

11,000

CMS

Energy

Corp

4.200%

BBB-

218,570

100,548

DTE

Energy

Co

4.375%

BBB-

2,060,229

281,710

DTE

Energy

Co

5.250%

BBB-

6,986,408

2,987

NiSource

Inc

6.500%

BBB-

76,258

Total

Multi-Utilities

13,952,042

Oil,

Gas

&

Consumable

Fuels

-

0.1%

101,713

Enbridge

Inc

6.375%

BBB-

2,544,859

Total

Oil,

Gas

&

Consumable

Fuels

2,544,859

Total

$25

Par

(or

similar)

Retail

Preferred

(cost

$265,707,609)

254,207,007

Nuveen

Preferred

&

Income

Securities

Fund

(continued)

Portfolio

of

Investments

January

31,

2023

(Unaudited)

42

JPS

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

X

77,748,068

CORPORATE

BONDS

-

4.6%

(2.9%

of

Total

Investments)

X

77,748,068

Banks

-

0.7%

$

7,000

Citizens

Financial

Group

Inc

6.000%

1/06/72

BB+

$

6,715,611

3,600

JPMorgan

Chase

&

Co

(5)

8.750%

9/01/30

Baa1

4,271,196

10,600

Total

Banks

10,986,807

Equity

Real

Estate

Investment

Trusts

-

0.8%

16,100

Scentre

Group

Trust

2,

144A

5.125%

9/24/80

BBB+

14,165,305

16,100

Total

Equity

Real

Estate

Investment

Trusts

14,165,305

Insurance

-

3.1%

30,860

Liberty

Mutual

Group

Inc,

144A

(5)

7.800%

3/15/37

Baa3

34,360,681

6,150

Liberty

Mutual

Insurance

Co,

144A

(5)

7.697%

10/15/97

BBB+

7,008,612

2,600

Lincoln

National

Corp

(3-Month

LIBOR

reference

rate

+

2.040%

spread)

(5),(6)

6.848%

4/20/67

BBB-

1,956,500

2,000

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

,

Reg

S

5.875%

5/23/42

A

2,042,500

1,000

Nippon

Life

Insurance

Co,

144A

2.900%

9/16/51

A-

844,111

8,000

Zurich

Finance

Ireland

Designated

Activity

Co

,

Reg

S

3.500%

5/02/52

A+

6,383,552

50,610

Total

Insurance

52,595,956

$

77,310

Total

Corporate

Bonds

(cost

$78,382,196)

77,748,068

Shares

Description

(1)

Coupon

Ratings

(2)

Value

X

28,000,459

CONVERTIBLE

PREFERRED

SECURITIES

-

1.7%

(1.1%

of

Total

Investments)

X

28,000,459

Banks

-

1.7%

6,286

Bank

of

America

Corp

7.250%

BBB+

$

7,821,041

16,041

Wells

Fargo

&

Co

7.500%

Baa2

20,179,418

Total

Banks

28,000,459

Total

Convertible

Preferred

Securities

(cost

$31,178,111)

28,000,459

Shares

Description

(1)

Value

18,295,913

INVESTMENT

COMPANIES

-

1.1%

(0.7%

of

Total

Investments)

X

18,295,913

723,135

BlackRock

Credit

Allocation

Income

Trust

$

8,185,888

646,421

John

Hancock

Preferred

Income

Fund

III

10,110,025

Total

Investment

Companies

(cost

$27,993,530)

18,295,913

Total

Long-Term

Investments

(cost

$2,737,280,054)

2,630,187,517

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

 2.6% (1.6%

of

Total

Investments)

43,663,483

REPURCHASE

AGREEMENTS

-

2.6%

(1.6%

of

Total

Investments)

X

43,663,483

$

43,663

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

1/31/23,

repurchase

price

$43,665,036,

collateralized

by

$45,816,500,

U.S.

Treasury

Note,

2.875%,

due

6/15/25,

value

$44,536,845

1.280%

2/01/23

$

43,663,483

Total

Short-Term

Investments

(cost

$43,663,483)

43,663,483

Total

Investments

(cost

$

2,780,943,537

)

-

158

.1

%

2,673,851,000

Borrowings

-

(27.2)%

(8),(9)

(

459,300,000

)

Reverse

Repurchase

Agreements,

including

accrued

interest

-

(16.3)%(10)

(

276,127,924

)

Taxable

Fund

Preferred

Shares,

net

of

deferred

offering

costs

-

(15.9)%(11)

(

268,984,657

)

Other

Assets

&

Liabilities,

Net

-   1.3%(12)

21,945,458

Net

Assets

Applicable

to

Common

Shares

-

100%

$

1,691,383,877

43

Investments

in

Derivatives

Interest

Rate

Swaps

-

OTC

Uncleared

Counterparty

Notional

Amount

Fund

Pay/Receive

Floating

Rate

Floating

Rate

Index

Fixed

Rate

Fixed

Rate

Payment

Frequency

Effective

Date

(13)

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

$

23,285,726

$

23,285,726

Morgan

Stanley

Capital

Services,

LLC

90,000,000

Receive

1-Month

LIBOR

2.364%

Monthly

7/01/19

7/01/26

7/01/28

3,351,261

3,351,261

Total

unrealized

appreciation

on

interest

rate

swaps

$

26,636,987

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)

Investment,

or

portion

of

investment,

is

hypothecated.

The

total

value

of

investments

hypothecated

as

of

the

end

of

the

reporting

period

was

$426,393,902.

(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

$642,595,104

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)

Borrowings

as

a

percentage

of

Total

Investments

is

17.2%.

(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

$1,324,710,998

have

been

pledged

as

collateral

for

borrowings.

(10)

Reverse

Repurchase

Agreements,

including

accrued

interest

as

a

percentage

of

Total

investments

is

10.3%.

(11)

Taxable

Fund

Preferred

Shares,

net

of

deferred

offering

costs

as

a

percentage

of

Total

Investments

is

10.1%.

(12)

Other

assets

less

liabilities

includes

the

unrealized

appreciation

(depreciation)

of

certain

over-the-counter

("OTC")

derivatives

as

well

as

the

OTC

cleared

and

exchange-traded

derivatives,

when

applicable.

The

unrealized

appreciation

(depreciation)

of

OTC

cleared

and

exchange-

traded

derivatives

is

recognized

as

part

of

the

cash

collateral

at

brokers

and/or

the

receivable

or

payable

for

variation

margin

as

presented

on

the

Statement

of

Assets

and

Liabilities,

when

applicable.

(13)

Effective

date

represents

the

date

on

which

both

the

Fund

and

counterparty

commence

interest

payment

accruals

on

each

contract.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

LIBOR

London

Inter-Bank

Offered

Rate

N/A

Not

Applicable.

Reg

S

Regulation

S

allows

U.S.

companies

to

sell

securities

to

persons

or

entities

located

outside

of

the

United

States

without

registering

those

securities

with

the

Securities

and

Exchange

Commission.

Specifically,

Regulation

S

provides

a

safe

harbor

from

the

registration

requirements

of

the

Securities

Act

for

the

offers

and

sales

of

securities

by

both

foreign

and

domestic

issuers

that

are

made

outside

the

United

States.

See

accompanying

notes

to

financial

statements

44

Nuveen

Preferred

and

Income

Fund

Portfolio

of

Investments

January

31,

2023

(Unaudited)

JPT

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

LONG-TERM

INVESTMENTS

-

147.0%  

(99.5%

of

Total

Investments)

X

68,325,433

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

74.6%

(50.5%

of

Total

Investments)

X

68,325,433

Automobiles

-

2.2%

$

1,479

General

Motors

Financial

Co

Inc

5.750%

N/A

(3)

BB+

$

1,353,744

695

General

Motors

Financial

Co

Inc

5.700%

N/A

(3)

BB+

642,875

2,174

Total

Automobiles

1,996,619

Banks

-

25.7%

440

Bank

of

America

Corp

4.375%

N/A

(3)

BBB+

399,344

685

Bank

of

America

Corp

6.500%

N/A

(3)

BBB+

688,399

730

Bank

of

America

Corp

6.300%

N/A

(3)

BBB+

738,541

240

Bank

of

America

Corp

6.100%

N/A

(3)

BBB+

240,096

550

Bank

of

America

Corp

6.250%

N/A

(3)

BBB+

549,659

1,337

Citigroup

Inc

5.950%

N/A

(3)

BBB-

1,302,939

420

Citigroup

Inc

4.150%

N/A

(3)

BBB-

373,800

900

Citigroup

Inc

6.250%

N/A

(3)

BBB-

905,886

1,455

Citigroup

Inc

6.300%

N/A

(3)

BBB-

1,431,356

444

Citizens

Financial

Group

Inc

6.375%

N/A

(3)

BB+

425,308

880

CoBank

ACB

6.450%

N/A

(3)

BBB+

888,488

833

CoBank

ACB

6.250%

N/A

(3)

BBB+

825,527

200

Fifth

Third

Bancorp

4.500%

N/A

(3)

Baa3

192,000

475

First

Citizens

BancShares

Inc/NC

(3-Month

LIBOR

reference

rate

+

3.972%

spread)

(4)

8.741%

N/A

(3)

N/R

476,942

775

Huntington

Bancshares

Inc/OH

5.625%

N/A

(3)

Baa3

761,206

1,990

JPMorgan

Chase

&

Co

6.750%

N/A

(3)

BBB+

2,010,059

1,500

JPMorgan

Chase

&

Co

5.000%

N/A

(3)

BBB+

1,458,750

420

JPMorgan

Chase

&

Co

6.100%

N/A

(3)

BBB+

418,950

315

KeyCorp

5.000%

N/A

(3)

Baa3

305,676

345

M&T

Bank

Corp

6.450%

N/A

(3)

Baa2

344,132

220

M&T

Bank

Corp

3.500%

N/A

(3)

Baa2

184,800

515

M&T

Bank

Corp

5.125%

N/A

(3)

Baa2

477,920

170

PNC

Financial

Services

Group

Inc

6.200%

N/A

(3)

Baa2

170,051

266

PNC

Financial

Services

Group

Inc/The

5.000%

N/A

(3)

Baa2

250,097

485

PNC

Financial

Services

Group

Inc/The

3.400%

N/A

(3)

Baa2

413,463

420

PNC

Financial

Services

Group

Inc/The

6.000%

N/A

(3)

Baa2

417,858

310

Regions

Financial

Corp

5.750%

N/A

(3)

Baa3

307,919

120

SVB

Financial

Group

4.100%

N/A

(3)

Baa2

89,100

180

SVB

Financial

Group

4.700%

N/A

(3)

Baa2

137,700

235

SVB

Financial

Group

4.000%

N/A

(3)

Baa2

188,145

525

Truist

Financial

Corp

(3-Month

LIBOR

reference

rate

+

3.102%

spread)

(4)

7.871%

N/A

(3)

Baa2

529,594

605

Truist

Financial

Corp

5.100%

N/A

(3)

Baa2

586,243

1,475

Truist

Financial

Corp

4.800%

N/A

(3)

Baa2

1,413,367

805

Wells

Fargo

&

Co

7.950%

11/15/29

Baa1

916,294

885

Wells

Fargo

&

Co

5.900%

N/A

(3)

Baa2

866,194

1,130

Wells

Fargo

&

Co

5.875%

N/A

(3)

Baa2

1,124,576

355

Zions

Bancorp

NA

7.200%

N/A

(3)

BB+

358,550

355

Zions

Bancorp

NA

5.800%

N/A

(3)

BB+

349,340

23,990

Total

Banks

23,518,269

Capital

Markets

-

3.6%

205

Bank

of

New

York

Mellon

Corp/The

4.700%

N/A

(3)

Baa1

200,382

1,080

Charles

Schwab

Corp

5.375%

N/A

(3)

BBB

1,071,576

360

Goldman

Sachs

Group

Inc/The

4.125%

N/A

(3)

BBB-

320,212

1,008

Goldman

Sachs

Group

Inc/The

5.500%

N/A

(3)

BBB-

997,920

45

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Capital

Markets

(continued)

$

709

Goldman

Sachs

Group

Inc/The

5.300%

N/A

(3)

BBB-

$

697,345

3,362

Total

Capital

Markets

3,287,435

Consumer

Finance

-

2.4%

475

Ally

Financial

Inc

4.700%

N/A

(3)

Ba2

364,563

625

Ally

Financial

Inc

4.700%

N/A

(3)

Ba2

514,063

435

American

Express

Co

3.550%

N/A

(3)

Baa2

384,888

500

Capital

One

Financial

Corp

3.950%

N/A

(3)

Baa3

433,969

335

Discover

Financial

Services

6.125%

N/A

(3)

Ba2

332,102

145

Discover

Financial

Services

5.500%

N/A

(3)

Ba2

127,600

2,515

Total

Consumer

Finance

2,157,185

Diversified

Financial

Services

-

4.4%

305

American

AgCredit

Corp,

144A

5.250%

N/A

(3)

BB+

267,638

425

Capital

Farm

Credit

ACA,

144A

5.000%

N/A

(3)

BB

386,750

250

Compeer

Financial

ACA,

144A

4.875%

N/A

(3)

BB+

220,625

2

Compeer

Financial

ACA,

144A

6.750%

N/A

(3)

BB+

1,987,052

630

Equitable

Holdings

Inc

4.950%

N/A

(3)

BBB-

611,027

560

Voya

Financial

Inc

6.125%

N/A

(3)

BBB-

558,264

2,172

Total

Diversified

Financial

Services

4,031,356

Electric

Utilities

-

2.4%

345

American

Electric

Power

Co

Inc

3.875%

2/15/62

BBB

295,885

370

Edison

International

5.000%

N/A

(3)

BB+

328,963

160

Edison

International

5.375%

N/A

(3)

BB+

149,469

1,125

Emera

Inc

6.750%

6/15/76

BB+

1,104,900

360

Southern

Co/The

4.000%

1/15/51

BBB-

342,479

2,360

Total

Electric

Utilities

2,221,696

Food

Products

-

5.3%

2,005

Dairy

Farmers

of

America

Inc,

144A

7.125%

N/A

(3)

BB+

1,714,275

620

Land

O'

Lakes

Inc,

144A

7.250%

N/A

(3)

BB

548,700

1,275

Land

O'

Lakes

Inc,

144A

7.000%

N/A

(3)

BB

1,122,000

1,550

Land

O'

Lakes

Inc,

144A

8.000%

N/A

(3)

BB

1,457,000

5,450

Total

Food

Products

4,841,975

Independent

Power

Producers

&

Energy

Traders

-

1.0%

355

AES

Andes

SA,

144A

7.125%

3/26/79

BB

343,729

245

AES

Andes

SA,

144A

6.350%

10/07/79

BB

231,525

200

Vistra

Corp,

144A

8.000%

N/A

(3)

Ba3

196,050

195

Vistra

Corp,

144A

7.000%

N/A

(3)

Ba3

182,325

995

Total

Independent

Power

Producers

&

Energy

Traders

953,629

Industrial

Conglomerates

-

1.4%

1,307

General

Electric

Co

(3-Month

LIBOR

reference

rate

+

3.330%

spread)

(4)

8.099%

N/A

(3)

BBB-

1,302,425

1,307

Total

Industrial

Conglomerates

1,302,425

Insurance

-

14.8%

280

Aegon

NV

5.500%

4/11/48

Baa1

266,859

260

American

International

Group

Inc

5.750%

4/01/48

BBB-

255,775

1,490

Assurant

Inc

7.000%

3/27/48

Baa3

1,475,093

3,390

Assured

Guaranty

Municipal

Holdings

Inc,

144A

(5)

6.400%

12/15/66

BBB+

3,212,025

440

AXIS

Specialty

Finance

LLC

4.900%

1/15/40

BBB

373,774

220

Enstar

Finance

LLC

5.750%

9/01/40

BBB-

197,186

375

Enstar

Finance

LLC

5.500%

1/15/42

BBB-

309,300

225

Legal

&

General

Group

PLC

,

Reg

S

5.250%

3/21/47

A3

217,013

845

Markel

Corp

6.000%

N/A

(3)

BBB-

842,888

Nuveen

Preferred

and

Income

Fund

(continued)

Portfolio

of

Investments

January

31,

2023

(Unaudited)

46

JPT

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Insurance

(continued)

$

205

MetLife

Inc

5.875%

N/A

(3)

BBB

$

203,462

900

MetLife

Inc,

144A

9.250%

4/08/38

BBB

1,086,750

450

PartnerRe

Finance

B

LLC

4.500%

10/01/50

Baa1

402,076

750

Provident

Financing

Trust

I

7.405%

3/15/38

BB+

796,875

200

Prudential

Financial

Inc

5.125%

3/01/52

BBB+

186,580

125

Prudential

Financial

Inc

3.700%

10/01/50

BBB+

107,617

940

QBE

Insurance

Group

Ltd,

144A

5.875%

N/A

(3)

Baa2

925,900

268

QBE

Insurance

Group

Ltd

,

Reg

S

6.750%

12/02/44

BBB

267,230

840

QBE

Insurance

Group

Ltd,

144A

7.500%

11/24/43

Baa1

844,388

740

SBL

Holdings

Inc,

144A

6.500%

N/A

(3)

BB

567,062

1,290

SBL

Holdings

Inc,

144A

7.000%

N/A

(3)

BB

1,069,315

14,233

Total

Insurance

13,607,168

Media

-

0.3%

295

Paramount

Global

6.375%

3/30/62

Baa3

257,379

295

Total

Media

257,379

Multi-Utilities

-

2.5%

295

Algonquin

Power

&

Utilities

Corp

4.750%

1/18/82

BB+

249,275

840

CenterPoint

Energy

Inc

6.125%

N/A

(3)

BBB-

826,350

75

CMS

Energy

Corp

4.750%

6/01/50

BBB-

68,210

304

NiSource

Inc

5.650%

N/A

(3)

BBB-

294,897

475

Sempra

Energy

4.125%

4/01/52

BBB-

415,787

440

Sempra

Energy

4.875%

N/A

(3)

BBB-

422,400

2,429

Total

Multi-Utilities

2,276,919

Oil,

Gas

&

Consumable

Fuels

-

2.8%

410

Enbridge

Inc

7.625%

1/15/83

BBB-

422,702

630

Enbridge

Inc

5.750%

7/15/80

BBB-

596,163

220

Enbridge

Inc

5.500%

7/15/77

BBB-

205,540

155

Enbridge

Inc

6.000%

1/15/77

BBB-

147,279

295

Energy

Transfer

LP

6.500%

N/A

(3)

BB

276,675

60

Energy

Transfer

LP

7.125%

N/A

(3)

BB

54,810

300

MPLX

LP

6.875%

N/A

(3)

BB+

300,090

300

Transcanada

Trust

5.600%

3/07/82

BBB

268,500

298

Transcanada

Trust

5.500%

9/15/79

BBB

268,929

2,668

Total

Oil,

Gas

&

Consumable

Fuels

2,540,688

Trading

Companies

&

Distributors

-

3.6%

2,600

AerCap

Global

Aviation

Trust,

144A

6.500%

6/15/45

BB+

2,542,358

255

AerCap

Holdings

NV

5.875%

10/10/79

BB+

244,234

580

Air

Lease

Corp

4.650%

N/A

(3)

BB+

514,750

3,435

Total

Trading

Companies

&

Distributors

3,301,342

U.S.

Agency

-

1.2%

615

Farm

Credit

Bank

of

Texas,

144A

6.200%

N/A

(3)

BBB+

550,425

640

Farm

Credit

Bank

of

Texas,

144A

5.700%

N/A

(3)

Baa1

595,200

1,255

Total

U.S.

Agency

1,145,625

Wireless

Telecommunication

Services

-

1.0%

860

Vodafone

Group

PLC

7.000%

4/04/79

BB+

885,723

860

Total

Wireless

Telecommunication

Services

885,723

$

69,500

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$71,401,169)

68,325,433

47

Principal

Amount

(000)

Description

(1)

,(6)

Coupon

Maturity

Ratings

(2)

Value

X

41,956,630

CONTINGENT

CAPITAL

SECURITIES

-

45.8%

(31.0%

of

Total

Investments)

X

41,956,630

Banks

-

33.2%

$

1,555

Banco

Bilbao

Vizcaya

Argentaria

SA

6.500%

N/A

(3)

Ba2

$

1,521,972

740

Banco

Mercantil

del

Norte

SA/Grand

Cayman,

144A

7.500%

N/A

(3)

Ba2

711,880

1,600

Banco

Santander

SA

,

Reg

S

7.500%

N/A

(3)

Ba1

1,588,000

745

Barclays

PLC

8.000%

N/A

(3)

BBB-

742,206

1,000

Barclays

PLC

6.125%

N/A

(3)

BBB-

954,990

1,600

Barclays

PLC

7.750%

N/A

(3)

BBB-

1,587,952

675

Barclays

PLC

8.000%

N/A

(3)

BBB-

677,801

320

BNP

Paribas

SA,

144A

7.750%

N/A

(3)

BBB

331,200

2,605

BNP

Paribas

SA,

144A

6.625%

N/A

(3)

BBB

2,569,181

250

BNP

Paribas

SA,

144A

9.250%

N/A

(3)

BBB

271,500

2,035

Credit

Agricole

SA,

144A

8.125%

N/A

(3)

BBB

2,097,658

1,950

HSBC

Holdings

PLC

6.000%

N/A

(3)

BBB

1,872,780

2,730

HSBC

Holdings

PLC

6.375%

N/A

(3)

BBB

2,694,510

285

ING

Groep

NV

,

Reg

S

6.750%

N/A

(3)

BBB

279,656

2,545

ING

Groep

NV

6.500%

N/A

(3)

BBB

2,487,916

3,200

Lloyds

Banking

Group

PLC

7.500%

N/A

(3)

Baa3

3,168,800

580

Macquarie

Bank

Ltd/London,

144A

6.125%

N/A

(3)

BB+

533,906

200

NatWest

Group

PLC

8.000%

N/A

(3)

BBB-

202,250

2,080

NatWest

Group

PLC

6.000%

N/A

(3)

Baa3

1,986,400

680

Nordea

Bank

Abp,

144A

6.625%

N/A

(3)

BBB+

670,650

1,930

Societe

Generale

SA,

144A

7.875%

N/A

(3)

BB+

1,920,350

250

Societe

Generale

SA,

144A

9.375%

N/A

(3)

BB+

268,437

365

Standard

Chartered

PLC,

144A

6.000%

N/A

(3)

BBB-

358,612

545

Standard

Chartered

PLC,

144A

4.300%

N/A

(3)

BBB-

466,738

550

UniCredit

SpA

,

Reg

S

8.000%

N/A

(3)

BB-

542,438

31,015

Total

Banks

30,507,783

Capital

Markets

-

12.6%

2,900

Credit

Suisse

Group

AG,

144A

7.500%

N/A

(3)

BB-

2,747,750

1,000

Credit

Suisse

Group

AG,

144A

6.375%

N/A

(3)

Ba2

810,000

620

Credit

Suisse

Group

AG,

144A

9.750%

N/A

(3)

BB-

601,400

2,000

Deutsche

Bank

AG

6.000%

N/A

(3)

Ba2

1,815,308

2,040

UBS

Group

AG,

144A

7.000%

N/A

(3)

BBB

2,027,189

3,475

UBS

Group

AG

,

Reg

S

6.875%

N/A

(3)

BBB

3,447,200

12,035

Total

Capital

Markets

11,448,847

$

43,050

Total

Contingent

Capital

Securities

(cost

$43,855,074)

41,956,630

Shares

Description

(1)

Coupon

Ratings

(2)

Value

X

22,488,277

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

24.5%

(16.6%

of

Total

Investments)

X

22,488,277

Banks

-

6.3%

4,740

CoBank

ACB

6.200%

BBB+

$

469,260

15,000

Farm

Credit

Bank

of

Texas,

144A

6.750%

Baa1

1,496,250

19,366

Fifth

Third

Bancorp

6.625%

Baa3

483,569

8,100

KeyCorp

6.125%

Baa3

210,843

43,000

KeyCorp

6.200%

Baa3

1,102,090

21,268

Regions

Financial

Corp

6.375%

Baa3

554,457

10,600

Regions

Financial

Corp

5.700%

Baa3

263,622

13,258

Synovus

Financial

Corp

5.875%

BB-

328,401

16,400

Wells

Fargo

&

Co

4.750%

Baa2

348,172

7,900

Western

Alliance

Bancorp

4.250%

Ba1

169,613

15,308

Wintrust

Financial

Corp

6.875%

BB

398,773

Total

Banks

5,825,050

Capital

Markets

-

2.8%

5,577

Goldman

Sachs

Group

Inc/The

5.500%

BB+

139,146

33,800

Morgan

Stanley

5.850%

BBB

850,070

19,451

Morgan

Stanley

6.875%

BBB

490,554

Nuveen

Preferred

and

Income

Fund

(continued)

Portfolio

of

Investments

January

31,

2023

(Unaudited)

48

JPT

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

Capital

Markets

(continued)

12,974

Morgan

Stanley

7.125%

BBB

$

330,059

16,433

Morgan

Stanley

6.375%

BBB

420,027

11,600

Morgan

Stanley

6.500%

BBB

302,064

Total

Capital

Markets

2,531,920

Consumer

Finance

-

0.3%

11,900

Synchrony

Financial

5.625%

BB-

235,739

Total

Consumer

Finance

235,739

Diversified

Financial

Services

-

2.8%

12,213

AgriBank

FCB

6.875%

BBB+

1,221,300

18,500

Equitable

Holdings

Inc

5.250%

BBB-

418,470

35,623

Voya

Financial

Inc

5.350%

BBB-

897,700

Total

Diversified

Financial

Services

2,537,470

Diversified

Telecommunication

Services

-

0.2%

8,700

AT&T

Inc

4.750%

BBB-

182,526

Total

Diversified

Telecommunication

Services

182,526

Food

Products

-

2.0%

31,207

CHS

Inc

7.100%

N/R

797,651

31,132

CHS

Inc

6.750%

N/R

788,262

10,959

CHS

Inc

7.875%

N/R

284,057

Total

Food

Products

1,869,970

Insurance

-

6.9%

23,700

American

Equity

Investment

Life

Holding

Co

6.625%

BB

609,327

43,600

American

Equity

Investment

Life

Holding

Co

5.950%

BB

1,047,272

16,280

Aspen

Insurance

Holdings

Ltd

5.625%

BB+

360,114

38,688

Aspen

Insurance

Holdings

Ltd

5.950%

BB+

955,980

12,000

Assurant

Inc

5.250%

Baa3

275,040

24,100

Athene

Holding

Ltd

6.375%

BBB

615,755

27,700

Athene

Holding

Ltd

6.350%

BBB

705,519

23,000

Enstar

Group

Ltd

7.000%

BBB-

552,690

11,600

Reinsurance

Group

of

America

Inc

7.125%

BBB+

309,024

26,902

Reinsurance

Group

of

America

Inc

5.750%

BBB+

703,218

9,463

Selective

Insurance

Group

Inc

4.600%

BBB-

176,296

Total

Insurance

6,310,235

Oil,

Gas

&

Consumable

Fuels

-

1.9%

5,100

Energy

Transfer

LP

7.600%

BB

122,400

31,634

NuStar

Energy

LP

11.502%

B2

791,483

24,163

NuStar

Energy

LP

10.379%

B2

561,548

10,020

NuStar

Logistics

LP

11.526%

B

251,201

Total

Oil,

Gas

&

Consumable

Fuels

1,726,632

Thrifts

&

Mortgage

Finance

-

0.8%

31,600

New

York

Community

Bancorp

Inc

6.375%

Ba2

780,204

Total

Thrifts

&

Mortgage

Finance

780,204

Trading

Companies

&

Distributors

-

0.5%

11,571

Air

Lease

Corp

6.150%

BB+

284,531

7,500

WESCO

International

Inc

10.625%

B+

204,000

Total

Trading

Companies

&

Distributors

488,531

Total

$25

Par

(or

similar)

Retail

Preferred

(cost

$23,428,757)

22,488,277

49

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

X

1,935,265

CORPORATE

BONDS

-

2.1%

(1.4%

of

Total

Investments)

X

1,935,265

Banks

-

1.1%

$

1,000

Commerzbank

AG,

144A

8.125%

9/19/23

Baa3

$

1,009,165

1,000

Total

Banks

1,009,165

Insurance

-

1.0%

980

Fidelis

Insurance

Holdings

Ltd,

144A

6.625%

4/01/41

BB+

926,100

980

Total

Insurance

926,100

$

1,980

Total

Corporate

Bonds

(cost

$1,996,673)

1,935,265

Total

Long-Term

Investments

(cost

$140,681,673)

134,705,605

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

 0.7% (0.5%

of

Total

Investments)

X

634,573

REPURCHASE

AGREEMENTS

-

0.7%

(0.5%

of

Total

Investments)

X

634,573

$

635

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

1/31/23,

repurchase

price

$634,595,

collateralized

by

$665,900,

U.S.

Treasury

Note,

2.875%,

due

6/15/25,

value

$647,301

1.280%

2/01/23

$

634,573

Total

Short-Term

Investments

(cost

$634,573)

634,573

Total

Investments

(cost

$

141,316,246

)

-

147

.7

%

135,340,178

Borrowings

-

(47.4)%

(7),(8)

(

43,400,000

)

Reverse

Repurchase

Agreements,

including

accrued

interest

-

(1.1)%(9)

(

1,001,365

)

Other

Assets

&

Liabilities,

Net

-   0.8%

713,857

Net

Assets

Applicable

to

Common

Shares

-

100%

$

91,652,670

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(2)

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

of

Standard

&

Poor’s

Group

(“Standard

&

Poor’s”),

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

or

Fitch,

Inc.

(“Fitch”)

rating.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Ratings

below

BBB

by

Standard

&

Poor’s,

Baa

by

Moody’s

or

BBB

by

Fitch

are

considered

to

be

below

investment

grade.

Holdings

designated

N/R

are

not

rated

by

any

of

these

national

rating

agencies.

(3)

Perpetual

security.

Maturity

date

is

not

applicable.

(4)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(5)

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

$1,421,250

have

been

pledged

as

collateral

for

reverse

repurchase

agreements.

(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)

Borrowings

as

a

percentage

of

Total

Investments

is

32.1%.

(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.

(9)

Reverse

Repurchase

Agreements,

including

accrued

interest

as

a

percentage

of

Total

investments

is

0.7%.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

LIBOR

London

Inter-Bank

Offered

Rate

N/A

Not

Applicable.

Reg

S

Regulation

S

allows

U.S.

companies

to

sell

securities

to

persons

or

entities

located

outside

of

the

United

States

without

registering

those

securities

with

the

Securities

and

Exchange

Commission.

Specifically,

Regulation

S

provides

a

safe

harbor

from

the

registration

requirements

of

the

Securities

Act

for

the

offers

and

sales

of

securities

by

both

foreign

and

domestic

issuers

that

are

made

outside

the

United

States.

See

accompanying

notes

to

financial

statements

50

Nuveen

Variable

Rate

Preferred

&

Income

Fund

Portfolio

of

Investments

January

31,

2023

(Unaudited)

NPFD

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

LONG-TERM

INVESTMENTS

-

154.0%  

(100.0%

of

Total

Investments)

X

491,572,187

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

97.1%

(63.0%

of

Total

Investments)

X

491,572,187

Automobiles

-

4.1%

$

12,331

General

Motors

Financial

Co

Inc

(3)

5.750%

N/A

(4)

BB+

$

11,286,695

10,000

General

Motors

Financial

Co

Inc

5.700%

N/A

(4)

BB+

9,250,000

22,331

Total

Automobiles

20,536,695

Banks

-

39.1%

7,810

Bank

of

America

Corp

6.250%

N/A

(4)

BBB+

7,805,158

2,219

Bank

of

America

Corp

6.100%

N/A

(4)

BBB+

2,219,888

11,000

Bank

of

America

Corp

6.500%

N/A

(4)

BBB+

11,054,582

3,000

Bank

of

America

Corp

6.300%

N/A

(4)

BBB+

3,035,100

3,375

Citigroup

Inc

5.950%

N/A

(4)

BBB-

3,289,019

8,000

Citigroup

Inc

5.000%

N/A

(4)

BBB-

7,640,000

2,875

Citigroup

Inc

6.250%

N/A

(4)

BBB-

2,893,803

16,995

Citigroup

Inc

6.300%

N/A

(4)

BBB-

16,718,831

2,500

Citizens

Financial

Group

Inc

6.375%

N/A

(4)

BB+

2,394,750

4,290

Citizens

Financial

Group

Inc

4.000%

N/A

(4)

BB+

3,716,957

6,050

CoBank

ACB

6.450%

N/A

(4)

BBB+

6,108,356

3,271

Fifth

Third

Bancorp

4.500%

N/A

(4)

Baa3

3,140,165

5,600

First

Citizens

BancShares

Inc/NC

(3-Month

LIBOR

reference

rate

+

3.972%

spread)

(5)

8.741%

N/A

(4)

N/R

5,622,899

5,190

HSBC

Capital

Funding

Dollar

1

LP,

144A

10.176%

N/A

(4)

BBB

6,513,450

8,400

Huntington

Bancshares

Inc/OH

5.625%

N/A

(4)

Baa3

8,250,487

3,910

JPMorgan

Chase

&

Co

6.100%

N/A

(4)

BBB+

3,900,225

4,488

JPMorgan

Chase

&

Co

5.000%

N/A

(4)

BBB+

4,364,580

17,750

JPMorgan

Chase

&

Co

6.750%

N/A

(4)

BBB+

17,928,920

4,789

KeyCorp

5.000%

N/A

(4)

Baa3

4,647,246

8,000

M&T

Bank

Corp

5.125%

N/A

(4)

Baa2

7,424,004

3,990

PNC

Financial

Services

Group

Inc

6.200%

N/A

(4)

Baa2

3,991,197

2,825

PNC

Financial

Services

Group

Inc/The

6.000%

N/A

(4)

Baa2

2,810,592

3,534

PNC

Financial

Services

Group

Inc/The

5.000%

N/A

(4)

Baa2

3,322,721

2,820

Regions

Financial

Corp

5.750%

N/A

(4)

Baa3

2,801,069

4,000

SVB

Financial

Group

4.000%

N/A

(4)

Baa2

3,202,474

4,470

SVB

Financial

Group

4.700%

N/A

(4)

Baa2

3,419,550

4,970

Truist

Financial

Corp

(3-Month

LIBOR

reference

rate

+

3.102%

spread)

(5)

7.871%

N/A

(4)

Baa2

5,013,488

8,195

Truist

Financial

Corp

5.100%

N/A

(4)

Baa2

7,940,930

8,368

Truist

Financial

Corp

(3)

4.800%

N/A

(4)

Baa2

8,018,343

14,929

Wells

Fargo

&

Co

5.875%

N/A

(4)

Baa2

14,857,341

6,208

Wells

Fargo

&

Co

3.900%

N/A

(4)

Baa2

5,723,000

7,000

Wells

Fargo

&

Co

5.900%

N/A

(4)

Baa2

6,851,250

1,200

Zions

Bancorp

NA

7.200%

N/A

(4)

BB+

1,212,000

202,021

Total

Banks

197,832,375

Capital

Markets

-

7.0%

2,405

Bank

of

New

York

Mellon

Corp/The

4.700%

N/A

(4)

Baa1

2,350,821

15,373

Charles

Schwab

Corp

5.375%

N/A

(4)

BBB

15,253,091

5,700

Goldman

Sachs

Group

Inc/The

4.125%

N/A

(4)

BBB-

5,070,031

5,890

Goldman

Sachs

Group

Inc/The

5.300%

N/A

(4)

BBB-

5,793,177

7,045

Goldman

Sachs

Group

Inc/The

5.500%

N/A

(4)

BBB-

6,974,550

36,413

Total

Capital

Markets

35,441,670

51

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Consumer

Finance

-

3.9%

$

4,200

Ally

Financial

Inc

4.700%

N/A

(4)

Ba2

$

3,223,500

5,000

Ally

Financial

Inc

4.700%

N/A

(4)

Ba2

4,112,500

3,785

American

Express

Co

3.550%

N/A

(4)

Baa2

3,348,967

4,705

Capital

One

Financial

Corp

3.950%

N/A

(4)

Baa3

4,083,652

3,690

Discover

Financial

Services

5.500%

N/A

(4)

Ba2

3,247,200

1,745

Discover

Financial

Services

6.125%

N/A

(4)

Ba2

1,729,906

23,125

Total

Consumer

Finance

19,745,725

Diversified

Financial

Services

-

3.3%

3,250

Capital

Farm

Credit

ACA,

144A

5.000%

N/A

(4)

BB

2,957,500

3,000

Citigroup

Inc

5.900%

N/A

(4)

BBB-

3,013,233

350

Compeer

Financial

ACA,

144A

4.875%

N/A

(4)

BB+

308,875

6,310

Equitable

Holdings

Inc

4.950%

N/A

(4)

BBB-

6,119,968

4,352

Voya

Financial

Inc

6.125%

N/A

(4)

BBB-

4,338,509

17,262

Total

Diversified

Financial

Services

16,738,085

Electric

Utilities

-

4.6%

2,600

American

Electric

Power

Co

Inc

3.875%

2/15/62

BBB

2,229,863

4,530

Edison

International

5.000%

N/A

(4)

BB+

4,027,578

1,445

Edison

International

5.375%

N/A

(4)

BB+

1,349,891

14,093

Emera

Inc

(3)

6.750%

6/15/76

BB+

13,841,203

2,000

Southern

Co/The

4.000%

1/15/51

BBB-

1,902,660

24,668

Total

Electric

Utilities

23,351,195

Independent

Power

Producers

&

Energy

Traders

-

1.5%

2,685

AES

Andes

SA,

144A

7.125%

3/26/79

BB

2,599,751

1,700

AES

Andes

SA,

144A

6.350%

10/07/79

BB

1,606,500

2,215

Vistra

Corp,

144A

7.000%

N/A

(4)

Ba3

2,071,025

1,560

Vistra

Corp,

144A

8.000%

N/A

(4)

Ba3

1,529,190

8,160

Total

Independent

Power

Producers

&

Energy

Traders

7,806,466

Industrial

Conglomerates

-

1.7%

8,440

General

Electric

Co

(3-Month

LIBOR

reference

rate

+

3.330%

spread)

(5)

8.099%

N/A

(4)

BBB-

8,410,460

8,440

Total

Industrial

Conglomerates

8,410,460

Insurance

-

14.3%

2,595

Aegon

NV

5.500%

4/11/48

Baa1

2,473,214

2,250

American

International

Group

Inc

5.750%

4/01/48

BBB-

2,213,438

4,516

Assurant

Inc

7.000%

3/27/48

Baa3

4,470,818

3,000

Assured

Guaranty

Municipal

Holdings

Inc,

144A

6.400%

12/15/66

BBB+

2,842,500

3,050

AXIS

Specialty

Finance

LLC

(3)

4.900%

1/15/40

BBB

2,590,933

6,115

Enstar

Finance

LLC

5.500%

1/15/42

BBB-

5,043,650

1,000

Enstar

Finance

LLC

5.750%

9/01/40

BBB-

896,300

1,530

Legal

&

General

Group

PLC

,

Reg

S

5.250%

3/21/47

A3

1,475,685

10,345

Markel

Corp

6.000%

N/A

(4)

BBB-

10,319,138

8,000

MetLife

Inc

(3)

5.875%

N/A

(4)

BBB

7,940,000

3,395

Prudential

Financial

Inc

5.125%

3/01/52

BBB+

3,167,196

3,875

QBE

Insurance

Group

Ltd

,

Reg

S

6.750%

12/02/44

BBB

3,863,871

8,205

QBE

Insurance

Group

Ltd,

144A

(3)

7.500%

11/24/43

Baa1

8,247,861

1,600

QBE

Insurance

Group

Ltd,

144A

5.875%

N/A

(4)

Baa2

1,576,000

3,915

SBL

Holdings

Inc,

144A

6.500%

N/A

(4)

BB

3,000,064

14,500

SBL

Holdings

Inc,

144A

7.000%

N/A

(4)

BB

12,019,433

77,891

Total

Insurance

72,140,101

Media

-

0.4%

2,235

Paramount

Global

6.375%

3/30/62

Baa3

1,949,970

2,235

Total

Media

1,949,970

Nuveen

Variable

Rate

Preferred

&

Income

Fund

(continued)

Portfolio

of

Investments

January

31,

2023

(Unaudited)

52

NPFD

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Multi-Utilities

-

4.2%

$

5,955

Algonquin

Power

&

Utilities

Corp

4.750%

1/18/82

BB+

$

5,031,975

8,050

CenterPoint

Energy

Inc

6.125%

N/A

(4)

BBB-

7,919,187

2,500

CMS

Energy

Corp

(3)

4.750%

6/01/50

BBB-

2,273,650

3,210

Sempra

Energy

4.875%

N/A

(4)

BBB-

3,081,600

3,400

Sempra

Energy

4.125%

4/01/52

BBB-

2,976,163

23,115

Total

Multi-Utilities

21,282,575

Oil,

Gas

&

Consumable

Fuels

-

5.9%

7,490

Enbridge

Inc

7.625%

1/15/83

BBB-

7,722,047

8,546

Enbridge

Inc

5.500%

7/15/77

BBB-

7,984,284

2,350

Enbridge

Inc

6.000%

1/15/77

BBB-

2,232,948

5,345

Energy

Transfer

LP

6.500%

N/A

(4)

BB

5,012,969

545

Energy

Transfer

LP

7.125%

N/A

(4)

BB

497,857

2,730

MPLX

LP

6.875%

N/A

(4)

BB+

2,730,819

2,155

Transcanada

Trust

5.600%

3/07/82

BBB

1,928,725

2,000

Transcanada

Trust

5.500%

9/15/79

BBB

1,804,893

31,161

Total

Oil,

Gas

&

Consumable

Fuels

29,914,542

Trading

Companies

&

Distributors

-

5.1%

6,200

AerCap

Global

Aviation

Trust,

144A

(3)

6.500%

6/15/45

BB+

6,062,546

13,900

AerCap

Holdings

NV

5.875%

10/10/79

BB+

13,313,142

4,841

Air

Lease

Corp

4.650%

N/A

(4)

BB+

4,296,388

3,673

ILFC

E-Capital

Trust

I,

144A

6.288%

12/21/65

B+

2,359,902

28,614

Total

Trading

Companies

&

Distributors

26,031,978

U.S.

Agency

-

0.0%

50

Farm

Credit

Bank

of

Texas,

144A

6.200%

N/A

(4)

BBB+

44,750

50

Farm

Credit

Bank

of

Texas,

144A

5.700%

N/A

(4)

Baa1

46,500

100

Total

U.S.

Agency

91,250

Wireless

Telecommunication

Services

-

2.0%

10,000

Vodafone

Group

PLC

7.000%

4/04/79

BB+

10,299,100

10,000

Total

Wireless

Telecommunication

Services

10,299,100

$

515,536

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$535,987,220)

491,572,187

Shares

Description

(1)

Coupon

Ratings

(2)

Value

X

147,957,223

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

29.2%

(19.0%

of

Total

Investments)

X

147,957,223

Banks

-

5.8%

38,600

CoBank

ACB

6.200%

BBB+

$

3,821,400

1,000

Farm

Credit

Bank

of

Texas,

144A

6.750%

Baa1

99,750

121,601

Fifth

Third

Bancorp

6.625%

Baa3

3,036,377

245,000

KeyCorp

6.200%

Baa3

6,279,350

62,700

KeyCorp

6.125%

Baa3

1,632,081

163,723

Regions

Financial

Corp

5.700%

Baa3

4,071,791

168,058

Regions

Financial

Corp

6.375%

Baa3

4,381,272

136,600

Synovus

Financial

Corp

5.875%

BB-

3,383,582

99,600

Wintrust

Financial

Corp

6.875%

BB

2,594,580

Total

Banks

29,300,183

Capital

Markets

-

5.3%

151,400

Goldman

Sachs

Group

Inc/The

5.500%

BB+

3,777,430

166,500

Morgan

Stanley

7.125%

BBB

4,235,760

122,800

Morgan

Stanley

6.375%

BBB

3,138,768

122,400

Morgan

Stanley

6.875%

BBB

3,086,928

431,297

Morgan

Stanley

5.850%

BBB

10,847,120

53

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

Capital

Markets

(continued)

66,000

Morgan

Stanley

6.500%

BBB

$

1,718,640

Total

Capital

Markets

26,804,646

Diversified

Financial

Services

-

1.9%

31,750

AgriBank

FCB

6.875%

BBB+

3,175,000

261,000

Voya

Financial

Inc

5.350%

BBB-

6,577,200

Total

Diversified

Financial

Services

9,752,200

Food

Products

-

2.4%

157,200

CHS

Inc

6.750%

N/R

3,980,304

315,300

CHS

Inc

7.100%

N/R

8,059,068

300

Dairy

Farmers

of

America

Inc,

144A

7.875%

BB+

28,800

Total

Food

Products

12,068,172

Insurance

-

8.0%

180,150

American

Equity

Investment

Life

Holding

Co

6.625%

BB

4,631,657

310,550

American

Equity

Investment

Life

Holding

Co

5.950%

BB

7,459,411

340,200

Aspen

Insurance

Holdings

Ltd

5.950%

BB+

8,406,342

166,250

Athene

Holding

Ltd

6.375%

BBB

4,247,687

194,775

Athene

Holding

Ltd

6.350%

BBB

4,960,919

131,900

Enstar

Group

Ltd

7.000%

BBB-

3,169,557

188,600

Reinsurance

Group

of

America

Inc

5.750%

BBB+

4,930,004

93,300

Reinsurance

Group

of

America

Inc

7.125%

BBB+

2,485,512

Total

Insurance

40,291,089

Multi-Utilities

-

0.2%

31,600

NiSource

Inc

6.500%

BBB-

806,748

Total

Multi-Utilities

806,748

Oil,

Gas

&

Consumable

Fuels

-

3.1%

51,100

Energy

Transfer

LP

7.600%

BB

1,226,400

176,668

NuStar

Energy

LP

11.502%

B2

4,420,234

271,200

NuStar

Energy

LP

10.379%

B2

6,302,688

154,289

NuStar

Logistics

LP

11.526%

B

3,868,025

Total

Oil,

Gas

&

Consumable

Fuels

15,817,347

Thrifts

&

Mortgage

Finance

-

1.5%

81,399

Federal

Agricultural

Mortgage

Corp

6.000%

N/R

2,178,237

230,765

New

York

Community

Bancorp

Inc

6.375%

Ba2

5,697,588

Total

Thrifts

&

Mortgage

Finance

7,875,825

Trading

Companies

&

Distributors

-

1.0%

164,687

Air

Lease

Corp

6.150%

BB+

4,049,653

43,800

WESCO

International

Inc

10.625%

B+

1,191,360

Total

Trading

Companies

&

Distributors

5,241,013

Total

$25

Par

(or

similar)

Retail

Preferred

(cost

$160,894,967)

147,957,223

Principal

Amount

(000)

Description

(1)

,(6)

Coupon

Maturity

Ratings

(2)

Value

X

140,383,030

CONTINGENT

CAPITAL

SECURITIES

-

27.7%

(18.0%

of

Total

Investments)

X

140,383,030

Banks

-

20.1%

$

1,000

Australia

&

New

Zealand

Banking

Group

Ltd/United

Kingdom,

144A

6.750%

N/A

(4)

Baa2

$

1,008,500

3,200

Banco

Bilbao

Vizcaya

Argentaria

SA

6.500%

N/A

(4)

Ba2

3,132,032

2,200

Banco

Bilbao

Vizcaya

Argentaria

SA

6.125%

N/A

(4)

Ba2

2,039,085

715

Banco

Mercantil

del

Norte

SA/Grand

Cayman,

144A

7.500%

N/A

(4)

Ba2

687,830

1,595

Banco

Mercantil

del

Norte

SA/Grand

Cayman,

144A

7.625%

N/A

(4)

Ba2

1,577,104

4,000

Banco

Santander

SA

,

Reg

S

7.500%

N/A

(4)

Ba1

3,970,000

Nuveen

Variable

Rate

Preferred

&

Income

Fund

(continued)

Portfolio

of

Investments

January

31,

2023

(Unaudited)

54

NPFD

Investments

in

Derivatives

Principal

Amount

(000)

Description

(1),(6)

Coupon

Maturity

Ratings

(2)

Value

Banks

(continued)

$

3,000

Banco

Santander

SA

4.750%

N/A

(4)

Ba1

$

2,603,005

7,258

Barclays

PLC

7.750%

N/A

(4)

BBB-

7,203,347

3,800

Barclays

PLC

6.125%

N/A

(4)

BBB-

3,628,962

2,340

Barclays

PLC

8.000%

N/A

(4)

BBB-

2,349,711

735

BNP

Paribas

SA,

144A

7.750%

N/A

(4)

BBB

760,725

655

BNP

Paribas

SA,

144A

9.250%

N/A

(4)

BBB

711,330

5,150

BNP

Paribas

SA,

144A

6.625%

N/A

(4)

BBB

5,079,188

2,089

BNP

Paribas

SA,

144A

7.000%

N/A

(4)

BBB

2,068,110

5,800

Credit

Agricole

SA,

144A

8.125%

N/A

(4)

BBB

5,978,582

2,465

Credit

Agricole

SA,

144A

7.875%

N/A

(4)

BBB

2,462,535

910

Danske

Bank

A/S

,

Reg

S

7.000%

N/A

(4)

BBB-

882,700

925

Danske

Bank

A/S

,

Reg

S

4.375%

N/A

(4)

BBB-

812,844

6,290

HSBC

Holdings

PLC

6.000%

N/A

(4)

BBB

6,040,916

7,000

HSBC

Holdings

PLC

6.375%

N/A

(4)

BBB

6,909,000

8,441

ING

Groep

NV

,

Reg

S

6.750%

N/A

(4)

BBB

8,282,731

1,098

Intesa

Sanpaolo

SpA,

144A

7.700%

N/A

(4)

BB-

1,036,509

9,185

Lloyds

Banking

Group

PLC

6.750%

N/A

(4)

Baa3

8,967,889

2,000

Lloyds

Banking

Group

PLC

7.500%

N/A

(4)

Baa3

1,985,180

1,500

Macquarie

Bank

Ltd/London,

144A

6.125%

N/A

(4)

BB+

1,380,790

7,000

NatWest

Group

PLC

8.000%

N/A

(4)

BBB-

7,078,750

795

NatWest

Group

PLC

6.000%

N/A

(4)

Baa3

759,225

2,100

Nordea

Bank

Abp,

144A

6.625%

N/A

(4)

BBB+

2,071,125

1,500

Societe

Generale

SA,

144A

4.750%

N/A

(4)

BB+

1,334,400

1,500

Societe

Generale

SA,

144A

9.375%

N/A

(4)

BB+

1,610,625

3,345

Societe

Generale

SA,

144A

8.000%

N/A

(4)

BB

3,386,813

1,700

Standard

Chartered

PLC,

144A

7.750%

N/A

(4)

BBB-

1,708,211

755

Standard

Chartered

PLC,

144A

6.000%

N/A

(4)

BBB-

741,788

1,660

UniCredit

SpA

,

Reg

S

8.000%

N/A

(4)

BB-

1,637,175

103,706

Total

Banks

101,886,717

Capital

Markets

-

7.4%

9,004

Credit

Suisse

Group

AG,

144A

7.500%

N/A

(4)

BB-

8,335,517

2,460

Credit

Suisse

Group

AG,

144A

7.500%

N/A

(4)

BB-

2,330,850

3,325

Credit

Suisse

Group

AG,

144A

9.750%

N/A

(4)

BB-

3,225,250

5,850

Credit

Suisse

Group

AG,

144A

6.375%

N/A

(4)

Ba2

4,738,500

6,000

Deutsche

Bank

AG

6.000%

N/A

(4)

Ba2

5,445,923

3,710

UBS

Group

AG,

144A

4.875%

N/A

(4)

BBB

3,334,919

9,550

UBS

Group

AG

,

Reg

S

6.875%

N/A

(4)

BBB

9,473,600

420

UBS

Group

AG,

144A

7.000%

N/A

(4)

BBB

417,362

40,319

Total

Capital

Markets

37,301,921

Commercial

Banks

-

0.2%

1,220

HSBC

Holdings

PLC

6.375%

N/A

(4)

BBB

1,194,392

1,220

Total

Commercial

Banks

1,194,392

$

145,245

Total

Contingent

Capital

Securities

(cost

$153,059,025)

140,383,030

Total

Long-Term

Investments

(cost

$849,941,212)

779,912,440

Borrowings

-

(31.5)%

(7),(8)

(

159,314,000

)

Reverse

Repurchase

Agreements,

including

accrued

interest

-

(7.1)%(9)

(

35,855,302

)

Taxable

Fund

Preferred

Shares,

net

of

deferred

offering

costs

-

(16.7)%(10)

(

84,499,075

)

Other

Assets

&

Liabilities,

Net

-   1.3%(11)

6,133,211

Net

Assets

Applicable

to

Common

Shares

-

100%

$

506,377,274

Futures

Contracts

-

Short

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

U.S.

Treasury

5-Year

Note

(448)

3/23

$

(

48,520,228

)

$

(

48,940,500

)

$

(

420,272

)

55

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)

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

$53,309,292

have

been

pledged

as

collateral

for

reverse

repurchase

agreements.

(4)

Perpetual

security.

Maturity

date

is

not

applicable.

(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)

Borrowings

as

a

percentage

of

Total

Investments

is

20.4%.

(8)

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

$340,633,981

have

been

pledged

as

collateral

for

borrowings.

(9)

Reverse

Repurchase

Agreements,

including

accrued

interest

as

a

percentage

of

Total

investments

is

4.6%.

(10)

Taxable

Fund

Preferred

Shares,

net

of

deferred

offering

costs

as

a

percentage

of

Total

Investments

is

10.9%.

(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.

Reg

S

Regulation

S

allows

U.S.

companies

to

sell

securities

to

persons

or

entities

located

outside

of

the

United

States

without

registering

those

securities

with

the

Securities

and

Exchange

Commission.

Specifically,

Regulation

S

provides

a

safe

harbor

from

the

registration

requirements

of

the

Securities

Act

for

the

offers

and

sales

of

securities

by

both

foreign

and

domestic

issuers

that

are

made

outside

the

United

States.

See

accompanying

notes

to

financial

statements

Statement

of

Assets

and

Liabilities

January

31,

2023

(Unaudited)

See

accompanying

notes

to

financial

statements.

56

.

JPC

JPI

JPS

JPT

NPFD

Assets

Long-term

investments,

at

value

†

$

1,364,382,453‌

$

734,498,623‌

$

2,630,187,517‌

$

134,705,605‌

$

779,912,440‌

Short-term

investments,

at

value

◊

6,169,002‌

2,086,097‌

43,663,483‌

634,573‌

–‌

Cash

4,742,894‌

1,315,103‌

166,294‌

269,247‌

–‌

Cash

denominated

in

foreign

currencies

^

–‌

–‌

174‌

–‌

–‌

Cash

collateral

at

brokers

for

investments

in

futures

contracts

(1)

–‌

–‌

–‌

–‌

582,046‌

Unrealized

appreciation

on

interest

rate

swaps

14,190,005‌

1,325,917‌

26,636,987‌

–‌

–‌

Receivable

for

dividends

88,346‌

61,915‌

390,550‌

10,699‌

134,643‌

Receivable

for

interest

19,083,304‌

9,550,740‌

34,172,626‌

1,806,620‌

9,627,167‌

Receivable

for

investments

sold

1,054,007‌

145,500‌

393,749‌

–‌

–‌

Receivable

for

reclaims

49,905‌

–‌

–‌

1,843‌

28,877‌

Deferred

offering

costs

187,362‌

–‌

198,422‌

–‌

–‌

Other

assets

486,759‌

83,488‌

922,992‌

1,859‌

76,756‌

Total

assets

1,410,434,037‌

749,067,383‌

2,736,732,794‌

137,430,446‌

790,361,929‌

Liabilities

Cash

overdraft

–‌

–‌

–‌

–‌

138,641‌

Cash

collateral

due

to

broker

14,727,118‌

1,319,656‌

27,630,008‌

–‌

–‌

Borrowings

249,400,000‌

198,400,000‌

459,300,000‌

43,400,000‌

159,314,000‌

Reverse

repurchase

agreements,

including

accrued

interest

102,518,768‌

65,402,830‌

276,127,924‌

1,001,365‌

35,855,302‌

Payable

for

dividends

4,848,114‌

2,587,494‌

8,138,937‌

463,491‌

2,319,374‌

Payable

for

investments

purchased

-

regular

settlement

5,803,671‌

3,674,780‌

–‌

604,379‌

417,894‌

Payable

for

offering

costs

116,466‌

–‌

67,875‌

–‌

–‌

Payable

for

variation

margin

on

futures

contracts

–‌

–‌

–‌

–‌

94,500‌

Taxable

Fund

Preferred

("TFP")

Shares,

net

of

deferred

offering

costs

**

149,335,943‌

–‌

268,984,657‌

–‌

84,499,075‌

Accrued

expenses:

Custodian

fees

150,897‌

88,552‌

268,958‌

29,639‌

809‌

Interest

1,101,907‌

883,504‌

2,030,026‌

192,744‌

650,566‌

Investor

relations

24,270‌

13,714‌

47,433‌

1,542‌

15,038‌

Management

fees

925,319‌

524,064‌

1,811,174‌

48,898‌

602,978‌

Trustees

fees

357,742‌

71,135‌

687,057‌

1,689‌

9,721‌

Professional

fees

—‌

15,389‌

34,442‌

16,381‌

24,652‌

Shareholder

reporting

expenses

93,327‌

41,967‌

184,403‌

12,978‌

16,985‌

Shareholder

servicing

agent

fees

296‌

21‌

694‌

21‌

232‌

Shelf

offering

costs

38,172‌

–‌

25,650‌

–‌

–‌

Other

18,359‌

5,141‌

9,679‌

4,649‌

24,888‌

Total

liabilities

529,460,369‌

273,028,247‌

1,045,348,917‌

45,777,776‌

283,984,655‌

Commitments

and

contingencies

(as

disclosed

in

Note

8)

Net

assets

applicable

to

common

shares

$

880,973,668‌

$

476,039,136‌

$

1,691,383,877‌

$

91,652,670‌

$

506,377,274‌

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

.38‌

$

20

.90‌

$

8

.22‌

$

20

.87‌

$

20

.96‌

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)

(

169,330,918‌

)

(

62,064,114‌

)

(

188,518,603‌

)

(

19,456,461‌

)

(

97,694,078‌

)

Net

assets

applicable

to

common

shares

$

880,973,668‌

$

476,039,136‌

$

1,691,383,877‌

$

91,652,670‌

$

506,377,274‌

Authorized

shares:

Common

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Preferred

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

†

Long-term

investments,

cost

$

1,412,072,160‌

$

760,381,309‌

$

2,737,280,054‌

$

140,681,673‌

$

849,941,212‌

◊

Short-term

investments,

cost

$

6,169,002‌

$

2,086,097‌

$

43,663,483‌

$

634,573‌

$

—‌

^

Cash

denominated

in

foreign

currencies,

cost

$

—‌

$

—‌

$

164‌

$

—‌

$

—‌

**

TFP

Shares,

liquidation

preference

150,000,000‌

—‌

270,000,000‌

—‌

85,000,000‌

(1)

Cash

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

derivatives.

Statement

of

Operations

Six

Months

Ended

January

31,

2023

(Unaudited)

See

accompanying

notes

to

financial

statements.

57

JPC

JPI

JPS

JPT

NPFD

Investment

Income

Dividends

$

8,504,141‌

$

5,020,089‌

$

9,823,637‌

$

813,981‌

$

4,880,158‌

Interest

34,526,761‌

18,286,091‌

67,678,729‌

3,277,528‌

14,175,185‌

Rehypothecation

income

61,103‌

46,124‌

92,051‌

—‌

—‌

Total

Investment

Income

43,092,005‌

23,352,304‌

77,594,417‌

4,091,509‌

19,055,343‌

Expenses

–

–

–

–

–

Management

fees

5,545,120‌

3,105,648‌

10,758,883‌

577,505‌

3,469,195‌

Shareholder

servicing

agent

fees

912‌

62‌

2,106‌

62‌

198‌

Interest

expense

and

amortization

of

offering

costs

10,451,286‌

5,815,662‌

20,806,727‌

955,271‌

5,768,977‌

Liquidity

fees

637,836‌

—‌

1,335,253‌

—‌

331,140‌

Remarketing

fees

69,583‌

—‌

138,000‌

—‌

36,597‌

Stock

exchange

listing

fees

15,577‌

3,641‌

30,551‌

6,123‌

—‌

Investor

relations

expenses

25,283‌

13,365‌

48,991‌

3,176‌

17,381‌

Custodian

expenses

103,504‌

63,656‌

205,328‌

17,513‌

51,637‌

Trustees

fees

16,175‌

8,639‌

32,005‌

1,626‌

9,064‌

Professional

fees

146,512‌

36,809‌

172,460‌

42,436‌

89,498‌

Shareholder

reporting

expenses

78,725‌

36,055‌

148,109‌

11,922‌

17,835‌

Other

9,291‌

7,348‌

12,111‌

5,102‌

5,574‌

Total

expenses

before

expense

reimbursement

17,099,804‌

9,090,885‌

33,690,524‌

1,620,736‌

9,797,096‌

Expense

reimbursement

—‌

—‌

—‌

(

288,908‌

)

—‌

Net

expenses

17,099,804‌

9,090,885‌

33,690,524‌

1,331,828‌

9,797,096‌

Net

investment

income

(loss)

25,992,201‌

14,261,419‌

43,903,893‌

2,759,681‌

9,258,247‌

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

from

investments

and

foreign

currency

(

4,756,776‌

)

(

4,816,633‌

)

3,293,809‌

(

655,440‌

)

(

11,522,737‌

)

Net

realized

gain

(loss)

from

futures

contracts

—‌

—‌

—‌

—‌

2,631,333‌

Net

realized

gain

(loss)

from

swaps

969,062‌

629,382‌

2,222,647‌

—‌

—‌

Net

realized

gain

(loss)

(

3,787,714‌

)

(

4,187,251‌

)

5,516,456‌

(

655,440‌

)

(

8,891,404‌

)

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

and

foreign

currency

(

4,429,868‌

)

(

1,627,880‌

)

(

24,626,789‌

)

(

203,145‌

)

15,076,998‌

Change

in

net

unrealized

appreciation

(depreciation)

of

futures

contracts

—‌

—‌

—‌

—‌

(

243,675‌

)

Change

in

net

unrealized

appreciation

(depreciation)

of

swaps

11,918,611‌

384,499‌

21,966,999‌

—‌

—‌

Change

in

net

unrealized

appreciation

(depreciation)

7,488,743‌

(

1,243,381‌

)

(

2,659,790‌

)

(

203,145‌

)

14,833,323‌

Net

realized

and

unrealized

gain

(loss)

3,701,029‌

(

5,430,632‌

)

2,856,666‌

(

858,585‌

)

5,941,919‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

$

29,693,230‌

$

8,830,787‌

$

46,760,559‌

$

1,901,096‌

$

15,200,166‌

Statement

of

Changes

in

Net

Assets

See

accompanying

notes

to

financial

statements.

58

JPC

JPI

Unaudited

Six

Months

Ended

1/31/23

Year

Ended

7/31/22

Unaudited

Six

Months

Ended

1/31/23

Year

Ended

7/31/22

Operations

Net

investment

income

(loss)

$

25,992,201‌

$

68,799,874‌

$

14,261,419‌

$

36,046,491‌

Net

realized

gain

(loss)

(

3,787,714‌

)

(

18,003,286‌

)

(

4,187,251‌

)

(

3,730,826‌

)

Change

in

net

unrealized

appreciation

(depreciation)

7,488,743‌

(

140,874,946‌

)

(

1,243,381‌

)

(

90,451,707‌

)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

29,693,230‌

(

90,078,358‌

)

8,830,787‌

(

58,136,042‌

)

Distributions

to

Common

Shareholders

Dividends

(

32,781,600‌

)

(

66,660,132‌

)

(

17,033,769‌

)

(

35,659,439‌

)

Decrease

in

net

assets

applicable

to

common

shares

from

distributions

to

common

shareholders

(

32,781,600‌

)

(

66,660,132‌

)

(

17,033,769‌

)

(

35,659,439‌

)

Capital

Share

Transactions

Common

shares:

Proceeds

from

shelf

offering,

net

of

offering

costs

—‌

11,703,948‌

—‌

—‌

Net

proceeds

from

shares

issued

to

shareholders

due

to

reinvestment

of

distributions

—‌

382,390‌

—‌

154,363‌

Net

increase

(decrease)

in

net

assets

from

applicable

to

common

shares

from

capital

share

transactions

—‌

12,086,338‌

—‌

154,363‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

(

3,088,370‌

)

(

144,652,152‌

)

(

8,202,982‌

)

(

93,641,118‌

)

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

884,062,038‌

1,028,714,190‌

484,242,118‌

577,883,236‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

880,973,668‌

$

884,062,038‌

$

476,039,136‌

$

484,242,118‌

See

accompanying

notes

to

financial

statements.

59

JPS

JPT

Unaudited

Six

Months

Ended

1/31/23

Year

Ended

7/31/22

Unaudited

Six

Months

Ended

1/31/23

Year

Ended

7/31/22

Operations

Net

investment

income

(loss)

$

43,903,893‌

$

118,936,222‌

$

2,759,681‌

$

7,516,570‌

Net

realized

gain

(loss)

5,516,456‌

545,509‌

(

655,440‌

)

(

809,709‌

)

Change

in

net

unrealized

appreciation

(depreciation)

(

2,659,790‌

)

(

338,880,802‌

)

(

203,145‌

)

(

19,819,462‌

)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

46,760,559‌

(

219,399,071‌

)

1,901,096‌

(

13,112,601‌

)

Distributions

to

Common

Shareholders

Dividends

(

53,073,479‌

)

(

121,278,321‌

)

(

3,159,773‌

)

(

8,310,452‌

)

Decrease

in

net

assets

applicable

to

common

shares

from

distributions

to

common

shareholders

(

53,073,479‌

)

(

121,278,321‌

)

(

3,159,773‌

)

(

8,310,452‌

)

Capital

Share

Transactions

Common

shares:

Proceeds

from

shelf

offering,

net

of

offering

costs

—‌

9,114,000‌

—‌

—‌

Net

proceeds

from

shares

issued

to

shareholders

due

to

reinvestment

of

distributions

—‌

287,954‌

—‌

54,398‌

Cost

of

shares

repurchased

and

retired

through

tender

offer

–‌

–‌

–‌

(

57,097,582‌

)

Net

increase

(decrease)

in

net

assets

from

applicable

to

common

shares

from

capital

share

transactions

—‌

9,401,954‌

—‌

(

57,043,184‌

)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

(

6,312,920‌

)

(

331,275,438‌

)

(

1,258,677‌

)

(

78,466,237‌

)

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

1,697,696,797‌

2,028,972,235‌

92,911,347‌

171,377,584‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

1,691,383,877‌

$

1,697,696,797‌

$

91,652,670‌

$

92,911,347‌

See

accompanying

notes

to

financial

statements.

60

NPFD

Unaudited

Six

Months

Ended

1/31/23

Unaudited

For

the

Period

12/15/21

(commencement

of

operations)

through

7/31/22

Operations

Net

investment

income

(loss)

$

9,258,247‌

$

14,428,732‌

Net

realized

gain

(loss)

(

8,891,404‌

)

(

4,412,968‌

)

Change

in

net

unrealized

appreciation

(depreciation)

14,833,323‌

(

85,282,367‌

)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

15,200,166‌

(

75,266,603‌

)

Distributions

to

Common

Shareholders

Dividends

(

17,651,905‌

)

(

20,007,909‌

)

Decrease

in

net

assets

applicable

to

common

shares

from

distributions

to

common

shareholders

(

17,651,905‌

)

(

20,007,909‌

)

Capital

Share

Transactions

Common

shares:

Proceeds

from

sale

of

common

shares

—‌

604,003,525‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

(

2,451,739‌

)

508,729,013‌

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

508,829,013‌

100,000‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

506,377,274‌

$

508,829,013‌

Financial

Highlights

62

The

Funds'

fiscal

year

end

is

July

31st. 

The

following

data

is

for

a

common

share

outstanding for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

to

Common

Shareholders

Common

Share

Beginning

Common

Share

NAV

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Accumulated

Net

Realized

Gains

Return

of

Capital

Total

Shelf

Offering

Costs

Premium

per

Share

Sold

through

Shelf

Offering

Ending

NAV

Ending

Share

Price

JPC

2023(e)

$

8.41

$

0.25

$

0.03

$

0.28

$

(0.31)

$

—

$

—

$

(0.31)

$

—

$

—

$

8.38

$

7.96

2022

9.91

0.66

(1.52)

(0.86)

(0.64)

—

—

(0.64)

—(g)

—(g)

8.41

8.20

2021

8.83

0.67

1.05

1.72

(0.64)

—

—

(0.64)

—(g)

—(g)

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)

—

—(g)

(0.77)

—

—

10.16

9.44

JPI

2023(e)

21.26

0.63

(0.24)

0.39

(0.75)

—

—

(0.75)

—

—

20.90

20.37

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.

See

accompanying

notes

to

financial

statements.

63

Ratios

of

Interest

Expense

to

Average

Net

Assets

Applicable

to

Common

Shares

JPC

JPI

2023

(e)

2.63

%

(f)

2.54

%

(f)

2022

0.72

0.69

2021

0.49

0.44

2020

1.17

1.01

2019

1.73

1.43

2018

1.29

0.97

Common

Share

Supplemental

Data/

Ratios

Applicable

to

Common

Shares

Common

Share

Total

Returns

Ratios

to

Average

Net

Assets

Based

on

NAV(b)

Based

on

Share

Price(b)

Ending

Net

Assets

(000)

Expenses(c)

Net

Investment

Income

(Loss)(c)

Portfolio

Turnover

Rate(d)

3.62‌

%

1.19‌

%

$

880,974

4.03‌

%

(f)

6.12‌

%

(f)

6‌

%

(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

2.14‌

3.28‌

476,039

3.96‌

(f)

6.22‌

(f)

4‌

(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

preferred

shares

(as

described

in

Note

5

–

Fund

Shares)

and/or

borrowings

and/or

reverse

repurchase

agreements

(as

described

in

Note

9

-

Borrowing

Agreements

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:

(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)

Unaudited.  For

the

six

months

ended

January

31,

2023.

(f)

Annualized.

(g)

Value

rounded

to

zero.

Financial

Highlights

64

The

Funds'

fiscal

year

end

is

July

31st. 

The

following

data

is

for

a

common

share

outstanding for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

to

Common

Shareholders

Common

Share

Beginning

Common

Share

NAV

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Accumulated

Net

Realized

Gains

Return

of

Capital

Total

Discount

Per

Share

Repurchased

and

Retired

Shelf

Offering

Costs

Premium

per

Share

Sold

through

Shelf

Offering

Ending

NAV

Ending

Share

Price

JPS

2023(f)

$

8.25

$

0.21

$

0.02

$

0.23

$

(0.26)

$

—

$

—

$

(0.26)

$

—

$

—

$

—

$

8.22

$

7.63

2022

9.91

0.58

(1.65)

(1.07)

(0.59)

—

—

(0.59)

—

—(h)

—(h)

8.25

7.77

2021

9.06

0.63

0.83

1.46

(0.61)

—

—

(0.61)

—

—(h)

—(h)

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)

—(h)

—

—

9.84

9.79

2018

10.39

0.69

(0.62)

0.07

(0.73)

—

—

(0.73)

—

—

—

9.73

8.94

JPT

2023(f)

21.16

0.63

(0.20)

0.43

(0.72)

—

—

(

0.72)

—

—

—

20.87

19.35

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.

See

accompanying

notes

to

financial

statements.

65

Ratios

of

Interest

Expense

to

Average

Net

Assets

Applicable

to

Common

Shares

JPS

JPT

2023

(f)

2.75

%

(g)

2.16

%

(g)

2022

0.73

0.41

2021

0.49

0.22

2020

1.14

0.55

2019

1.73

0.83

2018

1.22

0.60

Common

Share

Supplemental

Data/

Ratios

Applicable

to

Common

Shares

Common

Share

Total

Returns

Ratios

to

Average

Net

Assets

Based

on

NAV(b)

Based

on

Share

Price(b)

Ending

Net

Assets

(000)

Expenses(c)

Expenses

After

Reimbursement(d)

Net

Investment

Income

(Loss)(c),(d)

Portfolio

Turnover

Rate(e)

3.00‌

%

1.86‌

%

$

1,691,384

4.15‌

%

(g)

N/A‌

%

(g)

5.41‌

%

(g)

7‌

%

(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

2.27‌

(0.71‌)

91,653

3.66‌

(g)

3.01‌

(g)

6.23‌

(g)

5‌

(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

Agreements

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:

(d)

During

the

six

months

ended

January

31,

2023

and

the

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.

(f)

Unaudited.  For

the

six

months

ended

January

31,

2023.

(g)

Annualized.

(h)

Value

rounded

to

zero.

Financial

Highlights

66

The

Fund's

fiscal

year

end

is

July

31st. 

The

following

data

is

for

a

common

share

outstanding for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

to

Common

Shareholders

Common

Share

Beginning

Common

Share

NAV

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Accumulated

Net

Realized

Gains

Total

Ending

NAV

Ending

Share

Price

NPFD

2023(e)

$

21.06

$

0.38

$

0.25

$

0.63

$

(

0.73)

$

—

$

(0.73)

$

20.96

$

18.92

2022(g)

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.

See

accompanying

notes

to

financial

statements.

67

Ratios

of

Interest

Expense

to

Average

Net

Assets

Applicable

to

Common

Shares

NPFD

2023

(e)

2.53

%

(f)

2022

0.74

Common

Share

Supplemental

Data/

Ratios

Applicable

to

Common

Shares

Common

Share

Total

Returns

Ratios

to

Average

Net

Assets

Based

on

NAV(b)

Based

on

Share

Price(b)

Ending

Net

Assets

(000)

Expenses(c)

Net

Investment

Income

(Loss)(c)

Portfolio

Turnover

Rate(d)

3.22‌

%

(1.39‌)

%

$

506,377

4.04‌

%

(f)

3.82‌

%

(f)

10‌

%

(12.48‌)

(16.77‌)

508,829

2.13‌

(f)

4.33‌

(f)

14‌

(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

Agreements

and

Reverse

Repurchase

Agreements),

where

applicable.

•

Each

ratio

includes

the

effect

of

all

interest

expenses

pai

d

and

other

costs

related

to

preferred

shares

and/or

borrowings

and/or

reverse

repurchase

agreements,

where

applicable,

as

follows:

(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)

Unaudited.  For

the

six

months

ended

January

31,

2023.

(f)

Annualized.

(g)

For

the

period

December

15,

2021

(commencement

of

operations)

through

July

31,

2022.

68

Financial

Highlights

(continued)

The

following

table

sets

forth

information

regarding

each

Fund's

outstanding

senior

securities

as

of

the

end

of

each

of

the

Fund's

last

five

fiscal

periods,

as

applicable.

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

2023(c)

$

249,400

$

5,134

$

150,000

$

3,206

$

3.21

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

2023(c)

198,400

3,399

—

—

—

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

2023(c)

459,300

5,270

270,000

3,319

3.32

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

2023(c)

43,400

3,112

—

—

—

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

2023(c)

159,314

4,712

85,000

3,073

3.07

2022(d)

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

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

results

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)

Unaudited.  For

the

six

months

ended

January

31,

2023.

(d)

For

the

period

December

15,

2021

(commencement

of

operations)

through

July

31,

2022.

Notes

to

Financial

Statements

(Unaudited)

69

1.

General

Information 

Fund

Information

The

funds

covered

in

this

report

and

their

corresponding

New

York

Stock

Exchange

(“NYSE”)

symbols

are

as

follows

(each

a

“Fund”

and

collectively,

the

“Funds”):

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)

The

Funds

are

registered

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

as

amended,

as

diversified

closed-end

management

investment

companies.

JPC,

JPI,

JPS,

JPT

and

NPFD

were

each

organized

as

Massachusetts

business

trusts

on

January

27,

2003,

April

18,

2012,

June

24,

2002,

July

6,

2016

and

June

1,

2021,

respectively.

Current

Fiscal

Period

The

end

of

the

reporting

period

for

the

Funds

is

January

31,

2023,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

six

months

ended

January

31,

2023

(the

"current

fiscal

period").

Investment

Adviser

and

Sub-Adviser

The

Funds’

investment

adviser

is

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”),

a

subsidiary

of

Nuveen,

LLC

(“Nuveen”).

Nuveen

is

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(TIAA).

The

Adviser

has

overall

responsibility

for

management

of

the

Funds,

oversees

the

management

of

the

Funds’

portfolios,

manages

the

Funds’

business

affairs

and

provides

certain

clerical,

bookkeeping

and

other

administrative

services,

and,

if

necessary,

asset

allocation

decisions.

For

JPC,

JPI,

JPT

and

NPFD,

the

Adviser

has

entered

into

sub-advisory

agreements

with

Nuveen

Asset

Management

LLC

(“NAM”),

a

subsidiary

of

the

Adviser.

For

JPS,

the

Adviser

has

entered

into

a

sub-advisory

agreement

with

Spectrum

Asset

Management,

Inc.

(“Spectrum”).

Spectrum

and

NAM

are

each

a

“Sub-Adviser”

and

collectively,

the

“Sub-Advisers”

for

their

respective

Funds.

The

Sub-Advisers

manage

the

investment

portfolio

of

each

Fund.

The

Adviser

is

responsible

for

managing

JPC’s,

JPI’s

and

JPS’s

investments

in

swap

contracts.

Developments

Regarding

the

Funds’

Control

Share

By-Law

On

October

5,

2020,

the

Funds

and

certain

other

closed-end

funds

in

the

Nuveen

fund

complex

amended

their

by-laws.

Among

other

things,

the

amended

by-laws

included

provisions

pursuant

to

which,

in

summary,

a

shareholder

who

obtains

beneficial

ownership

of

common

shares

in

a

Control

Share

Acquisition

(as

defined

in

the

by-laws)

shall

have

the

same

voting

rights

as

other

common

shareholders

only

to

the

extent

authorized

by

the

other

disinterested

shareholders

(the

“Control

Share

By-Law”).

On

January

14,

2021,

a

shareholder

of

certain

Nuveen

closed-end

funds

filed

a

civil

complaint

in

the

U.S.

District

Court

for

the

Southern

District

of

New

York

(the

“District

Court”)

against

certain

Nuveen

funds

and

their

trustees,

seeking

a

declaration

that

such

funds’

Control

Share

By-Laws

violate

the

1940

Act,

rescission

of

such

fund’s

Control

Share

By-Laws

and

a

permanent

injunction

against

such

funds

applying

the

Control

Share

By-Laws.

On

February

18,

2022,

the

District

Court

granted

judgment

in

favor

of

the

plaintiff’s

claim

for

rescission

of

such

funds’

Control

Share

By-Laws

and

the

plaintiff’s

declaratory

judgment

claim,

and

declared

that

such

funds’

Control

Share

By-Laws

violate

Section

18(i)

of

the

1940

Act.

Following

review

of

the

judgment

of

the

District

Court,

on

February

22,

2022,

the

Board

of

Trustees

(the

“Board”)

amended

the

Funds’

by-laws

to

provide

that

the

Funds’

Control

Share

By-Law

shall

be

of

no

force

and

effect

for

so

long

as

the

judgment

of

the

District

Court

is

effective

and

that

if

the

judgment

of

the

District

Court

is

reversed,

overturned,

vacated,

stayed,

or

otherwise

nullified,

the

Funds’

Control

Share

By-Law

will

be

automatically

reinstated

and

apply

to

any

beneficial

owner

of

common

shares

acquired

in

a

Control

Share

Acquisition,

regardless

of

whether

such

Control

Share

Acquisition

occurs

before

or

after

such

reinstatement,

for

the

duration

of

the

stay

or

upon

issuance

of

the

mandate

reversing,

overturning,

vacating

or

otherwise

nullifying

the

judgment

of

the

District

Court.

On

February

25,

2022,

the

Board

and

the

Funds

appealed

the

District

Court’s

decision

to

the

U.S.

Court

of

Appeals

for

the

Second

Circuit.

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates.

Each

Fund

is

an

investment

company

and

follows

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

—

Investment

Companies.

The

net

asset

value

("NAV")

for

financial

reporting

purposes

may

differ

from

the

NAV

for

processing

security

and shareholder

transactions.

The

NAV

for

financial

reporting

purposes

includes

security

and

common

share

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the

NAV

used

for

processing

security

and

common

share

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds.

70

Notes

to

Financial

Statements

(Unaudited)

(continued)

Compensation

The

Funds pay

no

compensation

directly

to

those

of

its

trustees

or

to

its

officers,

all

of

whom

receive

remuneration

for

their

services

to

each

Fund

from

the

Adviser

or

its

affiliates.

The Board has

adopted

a

deferred

compensation

plan

for

independent

trustees

that

enables

trustees

to

elect

to

defer

receipt

of

all

or

a

portion

of

the

annual

compensation

they

are

entitled

to

receive

from

certain

Nuveen-advised

funds.

Under

the

plan,

deferred

amounts

are

treated

as

though

equal

dollar

amounts

had

been

invested

in

shares

of

select

Nuveen-advised

funds.

Distributions

to

Common

Shareholders

Distributions

to

common shareholders

are

recorded

on

the

ex-dividend

date.

The

amount,

character

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Foreign

Currency

Transactions

and

Translation

To

the

extent

that

the

Funds

invest

in

securities

and/or

contracts

that

are

denominated

in

a

currency

other

than

U.S.

dollars,

the

Funds

will

be

subject

to

currency

risk,

which

is

the

risk

that

an

increase

in

the

U.S.

dollar

relative

to

the

foreign

currency

will

reduce

returns

or

portfolio

value.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

Funds’

investments

denominated

in

that

currency

will

lose

value

because

their

currency

is

worth

fewer

U.S.

dollars;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value.

Investments

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

converted

into

U.S.

dollars

on

a

spot

(i.e.

cash)

basis

at

the

spot

rate

prevailing

in

the

foreign

currency

exchange

market

at

the

time

of

valuation.

Purchases

and

sales

of

investments

and

income

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

on

the

respective

dates

of

such

transactions.

The

books

and

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

end

of

each

day.

Purchases

and

sales

of

securities,

income

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

dates

of

the

transactions.

Net

realized

foreign

currency

gains

and

losses

resulting

from

changes

in

exchange

rates

associated

with

(i)

foreign

currency,

(ii)

investments

and

(iii)

derivatives

include

foreign

currency

gains

and

losses

between

trade

date

and

settlement

date

of

the

transactions,

foreign

currency

transactions,

and

the

difference

between

the

amounts

of

interest

and

dividends

recorded

on

the

books

of

the

Funds

and

the

amounts

actually

received

are

recognized

as

a

component

of

“Net

realized

gain

(loss)

from

investments

and

foreign

currency”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

currency

exchange

rates

and

changes

in

foreign

exchange

rates

associated

with

(i)

investments

and

(ii)

other

assets

and

liabilities

are

recognized

as

a

component

of

“Change

in

net

unrealized

appreciation

(depreciation)

of

investments

and

foreign

currency”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

exchange

rates

associated

with

investments

in

derivatives

are

recognized

as

a

component

of

the

respective

derivative’s

related

“Change

in

net

unrealized

appreciation

(depreciation)”

on

the

Statement

of

Operations,

when

applicable.

As

of

the

end

of

the

reporting

period,

the

Funds’

investments

in

non-U.S.

securities

were

as

follows:

JPC

Value

%

of

Total

Investments

Country:

United

Kingdom

$

163,242,756

11.9

%

Switzerland

100,155,627

7.3

France

72,324,939

5.3

Spain

33,453,812

2.4

Canada

32,210,184

2.3

Netherlands

29,927,120

2.2

Australia

24,715,072

1.8

Ireland

20,924,934

1.5

Germany

19,906,637

1.4

Bermuda

15,286,970

1.1

Other

35,090,651

2.7

Total

non-U.S.

Securities

$547,238,702

39.9%

71

JPI

Value

%

of

Total

Investments

Country:

United

Kingdom

$

89,773,984

12.2

%

Switzerland

53,576,482

7.3

France

39,602,080

5.4

Spain

17,994,270

2.4

Canada

17,426,354

2.4

Netherlands

16,811,433

2.3

Australia

15,684,444

2.1

Germany

11,074,598

1.5

Bermuda

9,362,227

1.3

Ireland

8,722,961

1.2

Other

19,099,491

2.5

Total

non-U.S.

Securities

$299,128,324

40.6%

JPS

Value

%

of

Total

Investments

Country:

United

Kingdom

$

300,082,985

11.2

%

France

247,331,334

9.2

Switzerland

223,741,822

8.4

Canada

107,538,898

4.0

Finland

78,886,387

2.9

Spain

61,726,884

2.3

Netherlands

35,563,419

1.3

Australia

33,604,757

1.3

Norway

31,490,910

1.2

Japan

31,396,380

1.2

Other

85,217,458

3.2

Total

non-U.S.

Securities

$1,236,581,234

46.2%

JPT

Value

%

of

Total

Investments

Country:

United

Kingdom

$

15,815,775

11.7

%

Switzerland

9,633,539

7.1

France

7,458,326

5.5

Canada

3,263,288

2.4

Spain

3,109,972

2.3

Netherlands

3,034,431

2.2

Germany

2,824,472

2.1

Ireland

2,786,592

2.1

Australia

2,571,424

1.9

Bermuda

2,242,194

1.7

Other

2,500,222

1.8

Total

non-U.S.

Securities

$55,240,235

40.8%

NPFD

Value

%

of

Total

Investments

Country:

United

Kingdom

$

66,855,606

8.6

%

Canada

40,546,075

5.2

Switzerland

31,855,998

4.1

France

23,392,307

3.0

Ireland

19,375,688

2.5

Australia

16,077,023

2.0

Spain

11,744,122

1.5

Netherlands

10,755,945

1.4

Bermuda

8,406,342

1.1

Germany

5,445,924

0.7

Other

12,911,538

1.6

Total

non-U.S.

Securities

$247,366,568

31.7%

72

Notes

to

Financial

Statements

(Unaudited)

(continued)

Foreign

Taxes

The

Funds

may

be

subject

to

foreign

taxes

on

income,

gains

on

investments

or

foreign

currency

repatriation,

a

portion

of

which

may

be

recoverable.

The

Funds

will

accrue

such

taxes

and

recoveries

as

applicable,

based

upon

the

current

interpretation

of

tax

rules

and

regulations

that

exist

in

the

markets

in

which

the

Funds

invest.

Indemnifications

Under

the

Funds'

organizational

documents, their

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Funds.

In

addition,

in

the

normal

course

of

business,

the Funds

enter

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Funds'

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Funds

that

have

not

yet

occurred.

However,

the Funds

have

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

Investments

and

Investment

Income

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Dividend

income

is

recorded

on

the

ex-dividend

date

or,

for

certain

foreign

securities,

when

information

is

available.

Non-cash

dividends

received

in

the

form

of

stock,

if

any,

are

recorded

on

the

ex-dividend

date

and

recorded

at

fair

value.

Interest

income,

which

is

recorded

on

an

accrual

basis

and

includes

accretion

of

discounts

and

amortization

of

premiums

for

financial

reporting

purposes.

Interest

income

also

reflects

payment-in-kind

(“PIK”)

interest

and

paydown

gains

and

losses,

if

any.

PIK

interest

represents

income

received

in

the

form

of

securities

in

lieu

of

cash.

Rehypothecation

income

is

comprised

of

fees

earned

in

connection

with

the

rehypothecation

of

pledged

collateral

as

further

described

in

Note

9

–

Borrowing

Arrangements

and

Reverse

Repurchase

Agreements.

Netting

Agreements

In

the

ordinary

course

of

business,

the

Funds

may

enter

into

transactions

subject

to

enforceable

master

repurchase

agreements,

International

Swaps

and

Derivatives

Association,

Inc.

(ISDA)

master

agreements

or

other

similar

arrangements

(“netting

agreements”).

Generally,

the

right

to

offset

in

netting

agreements

allows

each

Fund

to

offset

certain

securities

and

derivatives

with

a

specific

counterparty,

when

applicable,

as

well

as

any

collateral

received

or

delivered

to

that

counterparty

based

on

the

terms

of

the

agreements.

Generally,

each

Fund

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

With

respect

to

certain

counterparties,

in

accordance

with

the

terms

of

the

netting

agreements,

collateral

posted

to

the

Funds

is

held

in

a

segregated

account

by

the

Funds’

custodian

and/or

with

respect

to

those

amounts

which

can

be

sold

or

repledged,

are

presented

in

the

Funds’

Portfolio

of

Investments

or

Statements

of

Assets

and

Liabilities.

The

Funds’

investments

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

if

any,

are

further

described

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives.

New

Accounting

Pronouncements

and

Rule

Issuances

Reference

Rate

Reform

In

March

2020,

FASB

issued

Accounting

Standards

Update

("ASU")

2020-04,

Reference

Rate

Reform:

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

The

main

objective

of

the

new

guidance

is

to

provide

relief

to

companies

that

will

be

impacted

by

the

expected

change

in

benchmark

interest

rates,

when

participating

banks

will

no

longer

be

required

to

submit

London

Interbank

Offered

Rate

(LIBOR)

quotes

by

the

UK

Financial

Conduct

Authority

(FCA).

The

new

guidance

allows

companies

to,

provided

the

only

change

to

existing

contracts

are

a

change

to

an

approved

benchmark

interest

rate,

account

for

modifications

as

a

continuance

of

the

existing

contract

without

additional

analysis.

For

new

and

existing

contracts,

the

Funds

may

elect

to

apply

the

amendments

as

of

March

12,

2020

through

December

31,

2022.

In

December

2022,

FASB

deferred

ASU

2022-04

and

issued

ASU

2022-06,

Reference

Rate

Reform:

Deferral

of

the

Sunset

Date

of

Topic

848,

which

extends

the

application

of

the

amendments

through

December

31,

2024.

Management

has

not

yet

elected

to

apply

the

amendments,

is

continuously

evaluating

the

potential

effect

a

discontinuation

of

LIBOR

could

have

on

the

Funds’

investments

and

has

currently

determined

that

it

is

unlikely

the

ASU’s

adoption

will

have

a

significant

impact

on

the

Funds’

financial

statements

and

various

filings.

New

Rules

to

Modernize

Fund

Valuation

Framework

Take

Effect

A

new

rule

adopted

by

the

Securities

and

Exchange

Commission

(the

"SEC")

governing

fund

valuation

practices,

Rule

2a-5

under

the

1940

Act,

has

established

requirements

for

determining

fair

value

in

good

faith

for

purposes

of

the

1940

Act.

Rule

2a-5

permits

fund

boards

to

designate

certain

parties

to

perform

fair

value

determinations,

subject

to

board

oversight

and

certain

other

conditions.

Rule

2a-5

also

defines

when

market

quotations

are

"readily

available"

for

purposes

of

Section

2(a)(41)

of

the

1940

Act,

which

requires

a

fund

to

fair

value

a

security

when

market

quotations

are

not

readily

available.

Separately,

new

SEC

Rule

31a-4

under

the

1940

Act

sets

forth

the

recordkeeping

requirements

associated

with

fair

value

determinations.

The

Funds

adopted

a

valuation

policy

conforming

to

the

new

rules,

effective

September

1,

2022,

and

there

was

no

material

impact

to

the

Funds.

FASB

issues

ASU

2022-03-Fair

Value

Measurement

(Topic

820),

Fair

Value

Measurement

of

Equity

Securities

Subject

to

Contractual

Sale

Restrictions

("ASU

2022-03")

In

June

2022,

the

FASB

issued

ASU

2022-03

to

clarify

the

guidance

in

Topic

820,

Fair

Value

Measurement

("Topic

820").

The

amendments

in

ASU

2022-03

affect

all

entities

that

have

investments

in

equity

securities

measured

at

fair

value

that

are

subject

to

a

contractual

sale

restriction.

ASU

2022-

03

(1)

clarifies

the

guidance

in

Topic

820,

when

measuring

the

fair

value

of

an

equity

security

subject

to

contractual

restrictions

that

prohibit

the

sale

of

equity

security,

(2)

amends

a

related

illustrative

example,

and

(3)

introduces

new

disclosure

requirements

for

equity

securities

subject

to

contractual

sale

restrictions

that

are

measured

at

fair

value

in

accordance

with

Topic

820.

For

public

business

entities,

the

amendments

in

ASU

2022-03

are

73

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

those

fiscal

years.

For

all

other

entities,

the

amendments

are

effective

for

fiscal

years

beginning

after

December

15,

2024,

and

interim

periods

within

those

fiscal

years.

Early

adoption

is

permitted

for

both

interim

and

annual

financial

statements

that

have

not

yet

been

issued

or

made

available

for

issuance.

Management

is

currently

assessing

the

impact

of

these

provisions

on

the

Funds'

financial

statements.

3.

Investment

Valuation

and

Fair

Value

Measurements 

The

Funds’

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Adviser,

subject

to

oversight

of

the Board.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the

Funds’

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Equity

securities

and

exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

last

reported sales

price

or

official

closing

price of such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

on

a

foreign

exchange

are

valued

at

the

last

reported sales

price

or

official

closing

price

on

the

principal

exchange

where

traded,

and

converted

to

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the valuation

date.

For

events affecting

the value

of

foreign

securities

between

the

time

when

the

exchange

on

which

they

are

traded

closes

and

the

time

when

the

Funds'

net

assets

are

calculated,

such

securities

will

be

valued

at

fair

value

in

accordance

with

procedures

adopted

by

the

Adviser,

subject

to

the

oversight

of

the

Board. To

the

extent

these

securities

are

actively

traded

and

no

valuation

adjustments

are

applied,

they

are

generally

classified

as

Level

1. When

valuation

adjustments

are

applied

to

the

most

recent

last

sales

price

or

official

closing

price, these

securities

are

generally

classified

as

Level

2.

Prices

of

fixed-income

securities

are

generally

provided

by

pricing

services

approved

by

the

Adviser,

which

is

subject

to

review

by

the

Adviser

and

oversight

of

the

Board. Pricing

services

establish

a

security’s

fair

value

using

methods

that

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

In

pricing

certain

securities,

particularly

less

liquid

and

lower

quality

securities,

pricing

services

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

These

securities

are

generally

classified

as

Level

2.

Investments

in

investment

companies

are

valued

at

their

respective

NAVs

or

share

price on

the

valuation

date

and

are

generally

classified

as

Level

1. 

Repurchase

agreements

are

valued

at

contract

amount

plus

accrued

interest,

which

approximates

market

value.

These

securities

are

generally

classified

as

Level

2.

Futures

contracts

are

valued

using

the

closing

settlement

price

or,

in

the

absence

of

such

a

price,

the

last

traded

price

and

are

generally

classified

as

Level

1. 

Swap

contracts

are

marked-to-market

daily

based

upon

a

price

supplied

by

a

pricing

service.

Swaps

are

generally

classified

as

Level

2. 

For

any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

Adviser

deems

the

valuations

derived

using

the

valuation

procedures

described

above

not

to

reflect

fair

value,

the

Adviser

will

determine

a

fair

value

in

good

faith

using

alternative

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

is

the

amount

that

the

owner

might

reasonably

expect

to

receive

for

it

in

a

current

sale.

A

variety

of

factors

may

be

considered

in

determining

the

fair

value

of

such

securities,

which

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as

Level

2;

otherwise

they

would

be

classified

as

Level

3.

The

following

table

summarizes

the

market

value

of

the

Funds’

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

74

Notes

to

Financial

Statements

(Unaudited)

(continued)

JPC

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

$1,000

Par

(or

similar)

Institutional

Preferred

$

12,518,428

$

669,618,613

$

–

$

682,137,041

Contingent

Capital

Securities

–

436,801,676

–

436,801,676

$25

Par

(or

similar)

Retail

Preferred

221,344,121

20,475,426

–

241,819,547

Corporate

Bonds

–

3,624,189

–

3,624,189

Short-Term

Investments:

Repurchase

Agreements

–

6,169,002

–

6,169,002

Investments

in

Derivatives:

Interest

Rate

Swaps**

–

14,190,005

–

14,190,005

Total

$

233,862,549

$

1,150,878,911

$

–

$

1,384,741,460

1

JPI

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

$1,000

Par

(or

similar)

Institutional

Preferred

$

11,723,607

$

346,153,296

$

–

$

357,876,903

Contingent

Capital

Securities

–

237,265,159

–

237,265,159

$25

Par

(or

similar)

Retail

Preferred

119,949,195

16,044,422

–

135,993,617

Corporate

Bonds

–

3,362,944

–

3,362,944

Short-Term

Investments:

Repurchase

Agreements

–

2,086,097

–

2,086,097

Investments

in

Derivatives:

Interest

Rate

Swaps**

–

1,325,917

–

1,325,917

Total

$

131,672,802

$

606,237,835

$

–

$

737,910,637

1

JPS

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

$1,000

Par

(or

similar)

Institutional

Preferred

$

–

$

1,345,126,672

$

–

$

1,345,126,672

Contingent

Capital

Securities

–

906,809,398

–

906,809,398

$25

Par

(or

similar)

Retail

Preferred

230,406,052

23,800,955

–

254,207,007

Corporate

Bonds

–

77,748,068

–

77,748,068

Convertible

Preferred

Securities

28,000,459

–

–

28,000,459

Investment

Companies

18,295,913

–

–

18,295,913

Short-Term

Investments:

Repurchase

Agreements

–

43,663,483

–

43,663,483

Investments

in

Derivatives:

Interest

Rate

Swaps**

–

26,636,987

–

26,636,987

Total

$

276,702,424

$

2,423,785,563

$

–

$

2,700,487,987

1

JPT

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

$1,000

Par

(or

similar)

Institutional

Preferred

$

1,987,052

$

66,338,381

$

–

$

68,325,433

Contingent

Capital

Securities

–

41,956,630

–

41,956,630

$25

Par

(or

similar)

Retail

Preferred

20,797,717

1,690,560

–

22,488,277

Corporate

Bonds

–

1,935,265

–

1,935,265

Short-Term

Investments:

Repurchase

Agreements

–

634,573

–

634,573

Total

$

22,784,769

$

112,555,409

$

–

$

135,340,178

1

NPFD

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

$1,000

Par

(or

similar)

Institutional

Preferred

$

–

$

491,572,187

$

–

$

491,572,187

$25

Par

(or

similar)

Retail

Preferred

140,932,023

7,025,200

–

147,957,223

Contingent

Capital

Securities

–

140,383,030

–

140,383,030

Investments

in

Derivatives:

Futures

Contracts**

(420,272)

–

–

(420,272)

Total

$

140,511,751

$

638,980,417

$

–

$

779,492,168

1

*

Refer

to

the

Fund's

Portfolio

of

Investments

for

industry

classifications.

75

The

Funds

hold

liabilities

in

preferred

shares,

where

applicable,

which

are

not

reflected

in

the

tables

above.

The

fair

values

of

the

Funds’

liabilities

for

preferred

shares

approximate

their

liquidation

preference.

Preferred

shares

are

generally

classified

as

Level

2

and

further

described

in

Note

5

—

Fund

Shares.

4.

Portfolio

Securities

and

Investments

in

Derivatives

Portfolio

Securities

Repurchase

Agreements

In

connection

with

transactions

in

repurchase

agreements,

it

is

each

Fund's

policy

that

its

custodian

take

possession

of

the

underlying

collateral

securities,

the

fair

value

of

which

exceeds

the

principal

amount

of

the

repurchase

transaction,

including

accrued

interest,

at

all

times.

If

the

counterparty

defaults,

and

the

fair

value

of

the

collateral

declines,

realization

of

the

collateral

may

be

delayed

or

limited.

The

following

table

presents

the

repurchase

agreements

for

the

Funds

that

are

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

and

the

collateral

delivered

related

to

those

repurchase

agreements.

Zero

Coupon

Securities

A

zero

coupon

security

does

not

pay

a

regular

interest

coupon

to

its

holders

during

the

life

of

the

security.

Income

to

the

holder

of

the

security

comes

from

accretion

of

the

difference

between

the

original

purchase

price

of

the

security

at

issuance

and

the

par

value

of

the

security

at

maturity

and

is

effectively

paid

at

maturity.

The

market

prices

of

zero

coupon

securities

generally

are

more

volatile

than

the

market

prices

of

securities

that

pay

interest

periodically.

Investment

Transactions

Long-term

purchases

and

sales

(including

maturities

but

excluding

derivatives

transactions,

where

applicable)

during

the

current

fiscal

period

were

as

follows:

The

Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period.

The

Funds

have

earmarked

securities

in

their

portfolios

with

a

current

value

at

least

equal

to

the

amount

of

the

when-issued/

delayed

delivery

purchase

commitments.

If

a

Fund

has

outstanding

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

Investments

in

Derivatives

Each

Fund

is

authorized

to

invest

in

certain

other

derivative

instruments. Each

Fund

limits

its

investments

in

futures,

options

on

futures

and

swap

contracts

to

the

extent

necessary

for

the

Adviser

to

claim

the

exclusion

from

registration

by

the

Commodity

Futures

Trading

Commission

as

a

commodity

pool

operator

with

respect

to

the

Fund.

The

Funds

record

derivative

instruments

at

fair

value,

with

changes

in

fair

value

recognized

on

the

Statement

of

Operations,

when

applicable.

Even

though

the

Funds'

investments

in

derivatives

may

represent

economic

hedges,

they

are

not

considered

to

be

hedge

transactions

for

financial

reporting

purposes.

**

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

$

6,169,002

$

(6,292,404)

JPI

Fixed

Income

Clearing

Corporation

2,086,097

(2,127,861)

JPS

Fixed

Income

Clearing

Corporation

43,663,483

(44,536,845)

JPT

Fixed

Income

Clearing

Corporation

634,573

(647,301)

Fund

Purchases

Sales

and

Maturities

JPC

$

79,858,195

$

99,631,285

JPI

30,711,963

45,413,953

JPS

179,818,662

209,222,725

JPT

6,315,938

9,083,128

NPFD

77,922,938

87,435,651

76

Notes

to

Financial

Statements

(Unaudited)

(continued)

Futures

Contracts

Upon

execution

of

a

futures

contract,

a

Fund

is

obligated

to

deposit

cash

or

eligible

securities,

also

known

as

“initial

margin,”

into

an

account

at

its

clearing

broker

equal

to

a

specified

percentage

of

the

contract

amount.

Cash

held

by

the

broker

to

cover

initial

margin

requirements

on

open

futures

contracts,

if

any,

is

recognized

as

“Cash

collateral

at

brokers

for

investments

in

futures

contracts”

on

the

Statement

of

Assets

and

Liabilities.

Investments

in

futures

contracts

obligate

a

Fund

and

the

clearing

broker

to

settle

monies

on

a

daily

basis

representing

changes

in

the

prior

days

“mark-to-market”

of

the

open

contracts.

If

a

Fund

has

unrealized

appreciation

the

clearing

broker

would

credit

the

Fund’s

account

with

an

amount

equal

to

appreciation

and

conversely

if

a

Fund

has

unrealized

depreciation

the

clearing

broker

would

debit

the

Fund’s

account

with

an

amount

equal

to

depreciation.

These

daily

cash

settlements

are

also

known

as

“variation

margin.”

Variation

margin

is

recognized

as

a

receivable

and/or

payable

for

“Variation

margin

on

futures

contracts”

on

the

Statement

of

Assets

and

Liabilities.

During

the

period

the

futures

contract

is

open,

changes

in

the

value

of

the

contract

are

recognized

as

an

unrealized

gain

or

loss

by

“marking-to-

market”

on

a

daily

basis

to

reflect

the

changes

in

market

value

of

the

contract,

which

is

recognized

as

a

component

of

“Change

in

net

unrealized

appreciation

(depreciation)

of

futures

contracts”

on

the

Statement

of

Operations.

When

the

contract

is

closed

or

expired,

a

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

contract

on

the

closing

date

and

value

of

the

contract

when

originally

entered

into,

which

is

recognized

as

a

component

of

“Net

realized

gain

(loss)

from

futures

contracts”

on

the

Statement

of

Operations.

Risks

of

investments

in

futures

contracts

include

the

possible

adverse

movement

in

the

price

of

the

securities

or

indices

underlying

the

contracts,

the

possibility

that

there

may

not

be

a

liquid

secondary

market

for

the

contracts

and/or

that

a

change

in

the

value

of

the

contract

may

not

correlate

with

a

change

in

the

value

of

the

underlying

securities

or

indices.

During

the

current

fiscal

period,

NPFD

invested

in

short

interest

rate

futures

to

manage

the

Fund’s

exposure

to

various

points

along

the

yield

curve,

with

a

net

effect

of

decreasing

the

Fund’s

overall

interest

rate

sensitivity.

The

average

notional

amount

of

futures

outstanding

during

the

current

fiscal

period

was

as

follows:

The

following

table

presents

the

fair

value

of

all

futures

contracts

held

as

of

end

of

the

reporting

period,

the

location

of

these

instruments

on

the

Statement

of

Assets

and

Liabilities

and

the

primary

underlying

risk

exposure.

The

following

table

presents

the

amount

of

net

realized

gain

(loss)

and

change

in

net

unrealized

appreciation

(depreciation)

recognized

on

futures

contracts

on

the

Statement

of

Operations

during

the

current

fiscal

period,

and

the

primary

underlying

risk

exposure.

Interest

Rate

Swap

Contracts

Interest

rate

swap

contracts

involve

a

Fund’s

agreement

with

the

counterparty

to

pay

or

receive

a

fixed

rate

payment

in

exchange

for

the

counterparty

receiving

or

paying

a

variable

rate

payment.

Forward

interest

rate

swap

contracts

involve

a

Fund’s

agreement

with

a

counterparty

to

pay,

in

the

future,

a

fixed

or

variable

rate

payment

in

exchange

for

the

counterparty

paying

the

Fund

a

variable

or

fixed

rate

payment,

the

accruals

for

which

would

begin

at

a

specified

date

in

the

future

(the

“effective

date”).

The

amount

of

the

payment

obligation

for

an

interest

rate

swap

is

based

on

the

notional

amount

and

the

termination

date

of

the

contract.

Interest

rate

swap

contracts

do

not

involve

the

delivery

of

securities

or

other

underlying

assets

or

principal.

Accordingly,

the

risk

of

loss

with

respect

to

the

swap

counterparty

on

such

transactions

is

limited

to

the

net

amount

of

interest

payments

that

the

Fund

is

to

receive.

Fund

Average

Notional

Amount

of

Futures

Contracts

Outstanding*

NPFD

$52,239,819

*

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

fiscal

quarter

within

the

current

fiscal

period.

Location

on

the

Statement

of

Assets

and

Liabilities

Underlying

Derivative

Asset

Derivatives

(Liability)

Derivatives

Risk

Exposure

Instrument

Location

Value

Location

Value

NPFD

Interest

rate

Futures

contracts

-

$

-

Payable

for

variation

margin

on

futures

contracts*

$

(420,272)

*

Value

represents

the

cumulative

unrealized

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Fund’s

Portfolio

of

Investments

and

not

the

asset

and/or

liability

derivatives

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

NPFD

Interest

rate

Future

contracts

$

2,631,333

$

(243,675)

77

Interest

rate

swap

contracts

are

valued

daily.

Upon

entering

into

an

interest

rate

swap

contract

(and

beginning

on

the

effective

date

for

a

forward

interest

rate

swap

contract),

the

Fund

accrues

the

fixed

rate

payment

expected

to

be

paid

or

received

and

the

variable

rate

payment

expected

to

be

received

or

paid

on

the

interest

rate

swap

contracts

on

a

daily

basis,

and

recognizes

the

daily

change

in

the

fair

value

of

the

Fund’s

contractual

rights

and

obligations

under

the

contracts.

For

an

over-the-counter

(“OTC”)

swap,

that

is

not

cleared

through

a

clearing

house

(“OTC

Uncleared”),

the

amount

recorded

on

these

transactions

is

recognized

on

the

Statement

of

Assets

and

Liabilities

as

a

component

of

“Unrealized

appreciation

or

depreciation

on

interest

rate

swaps.”

Upon

the

execution

of

an

OTC

swap

cleared

through

a

clearing

house

(“OTC

Cleared”),

the

Fund

is

obligated

to

deposit

cash

or

eligible

securities,

also

known

as

“initial

margin,”

into

an

account

at

its

clearing

broker

equal

to

a

specified

percentage

of

the

contract

amount.

Cash

deposited

by

the

Fund

to

cover

initial

margin

requirements

on

open

swap

contracts,

if

any,

is

recognized

as

a

component

of

“Cash

collateral

at

brokers

for

investments

in

swaps”

on

the

Statement

of

Assets

and

Liabilities.

Investments

in

OTC

Cleared

swaps

obligate

the

Fund

and

the

clearing

broker

to

settle

monies

on

a

daily

basis

representing

changes

in

the

prior

day’s

“mark-to-market”

of

the

swap

contract.

If

the

Fund

has

unrealized

appreciation,

the

clearing

broker

will

credit

the

Fund’s

account

with

an

amount

equal

to

the

appreciation.

Conversely,

if

the

Fund

has

unrealized

depreciation,

the

clearing

broker

will

debit

the

Fund’s

account

with

an

amount

equal

to

the

depreciation.

These

daily

cash

settlements

are

also

known

as

“variation

margin.”

Variation

margin

for

OTC

Cleared

swaps

is

recognized

as

a

receivable

and/or

payable

for

“Variation

margin

on

swap

contracts”

on

the

Statement

of

Assets

and

Liabilities.

Upon

the

execution

of

an

OTC

Uncleared

swap,

neither

the

Fund

nor

the

counterparty

is

required

to

deposit

initial

margin

as

the

trades

are

recorded

bilaterally

between

both

parties

to

the

swap

contract,

and

the

terms

of

the

variation

margin

are

subject

to

a

predetermined

threshold

negotiated

by

the

Fund

and

the

counterparty.

Variation

margin

for

OTC

Uncleared

swaps

is

recognized

as

a

component

of

“Unrealized

appreciation

or

depreciation

on

interest

rate

swaps”

as

described

in

the

preceding

paragraph.

The

net

amount

of

periodic

payments

settled

in

cash

are

recognized

as

a

component

of

“Net

realized

gain

(loss)

from

swaps”

on

the

Statement

of

Operations,

in

addition

to

the

net

realized

gain

or

loss

recorded

upon

the

termination

of

the

swap

contract.

For

tax

purposes,

payments

expected

to

be

received

or

paid

on

the

swap

contracts

are

treated

as

ordinary

income

or

expense,

respectively.

Changes

in

the

value

of

the

swap

contracts

during

the

fiscal

period

are

recognized

as

a

component

of

“Change

in

net

unrealized

appreciation

(depreciation)

of

swaps”

on

the

Statement

of

Operations.

In

certain

instances,

payments

are

made

or

received

upon

entering

into

the

swap

contract

to

compensate

for

differences

between

the

stated

terms

of

the

swap

agreements

and

prevailing

market

conditions

(credit

spreads,

currency

exchange

rates,

interest

rates,

and

other

relevant

factors).

Payments

received

or

made

at

the

beginning

of

the

measurement

period,

if

any,

are

recognized

as

“Interest

rate

swaps

premiums

received

and/or

paid”

on

the

Statement

of

Assets

and

Liabilities.

During

the

current

fiscal

period,

JPC,

JPI

and

JPS

continued

to

use

interest

rate

swap

contracts

to

partially

hedge

the

interest

cost

of

leverage.

The

average

notional

amount

of

interest

rate

swap

contracts

outstanding

during

the

current

fiscal

period

was

as

follows:

The

following

table

presents

the

fair

value

of

all

swap

contracts

held

by

the

Funds

as

of

the

end

of

the

reporting

period,

the

location

of

these

instruments

on

the

Statement

of

Assets

and

Liabilities

and

the

primary

underlying

risk

exposure.

The

following

table

presents

the

swap

contracts

subject

to

netting

agreements

and

the

collateral

delivered

related

to

those

swap

contracts

as

of

the

end

of

the

reporting

period.

Fund

Average

Notional

Amount

of

Interest

Rate

Swap

Contracts

Outstanding*

JPC

$

325,500,000

JPI

157,000,000

JPS

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

Derivative

Asset

Derivatives

(Liability)

Derivatives

Risk

Exposure

Instrument

Location

Value

Location

Value

JPC

Interest

rate

Swaps

(OTC

Uncleared)

Unrealized

appreciation

on

interest

rate

swaps**

$

14,190,005

-

$-

JPI

Interest

rate

Swaps

(OTC

Uncleared)

Unrealized

appreciation

on

interest

rate

swaps**

$

1,325,917

-

$-

JPS

Interest

rate

Swaps

(OTC

Uncleared)

Unrealized

appreciation

on

interest

rate

swaps**

$

26,636,987

-

$-

**

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.

78

Notes

to

Financial

Statements

(Unaudited)

(continued)

The

following

table

presents

the

amount

of

net

realized

gain

(loss)

and

change

in

net

unrealized

appreciation

(depreciation)

recognized

on

swap

contracts

on

the

Statement

of

Operations

during

the

current

fiscal

period,

and

the

primary

underlying

risk

exposure.

Market

and

Counterparty

Credit

Risk

In

the

normal

course

of

business

each

Fund

may

invest

in

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

the

transaction

to

perform

(counterparty

credit

risk).

The

potential

loss

could

exceed

the

value

of

the

financial

assets

recorded

on

the

financial

statements.

Financial

assets,

which

potentially

expose

each

Fund

to

counterparty

credit

risk,

consist

principally

of

cash

due

from

counterparties

on

forward,

option

and

swap

transactions,

when

applicable.

The

extent

of

each

Fund’s

exposure

to

counterparty

credit

risk

in

respect

to

these

financial

assets

approximates

their

carrying

value

as

recorded

on

the

Statement

of

Assets

and

Liabilities.

Each

Fund

helps

manage

counterparty

credit

risk

by

entering

into

agreements

only

with

counterparties

the

Adviser

believes

have

the

financial

resources

to

honor

their

obligations

and

by

having

the

Adviser

monitor

the

financial

stability

of

the

counterparties.

Additionally,

counterparties

may

be

required

to

pledge

collateral

daily

(based

on

the

daily

valuation

of

the

financial

asset)

on

behalf

of

each

Fund

with

a

value

approximately

equal

to

the

amount

of

any

unrealized

gain

above

a

pre-determined

threshold.

Reciprocally,

when

each

Fund

has

an

unrealized

loss,

the

Funds

have

instructed

the

custodian

to

pledge

assets

of

the

Funds

as

collateral

with

a

value

approximately

equal

to

the

amount

of

the

unrealized

loss

above

a

pre-determined

threshold.

Collateral

pledges

are

monitored

and

subsequently

adjusted

if

and

when

the

valuations

fluctuate,

either

up

or

down,

by

at

least

the

predetermined

threshold

amount.

5.

Fund

Shares

Common

Shares

Tender

Offer

The

Board

has

authorized

JPT

to

conduct

a

tender

offer

pursuant

to

which

the

Fund

would

offer

to

purchase

up

to

100%

of

its

then

outstanding

shares

for

cash

on

a

pro

rata

basis

at

a

price

per

share

equal

100%

of

the

NAV

per

share

as

determined

as

of

the

close

of

regular

trading

on

the

NYSE

on

the

expiration

date

of

the

tender

offer.

On

January

19,

2022,

Nuveen

announced

the

Fund’s

tender

offer,

which

commenced

on

January

20,

2022

and

expired

on

February

17,

2022.

In

the

tender

offer

2,454,617

shares

were

tendered,

representing

approximately

36%

of

the

Fund’s

common

shares

outstanding

from

participating

shareholders.

The

final

results

of

the

tender

offer

are

as

shown

in

the

accompanying

table.

Common

Shares

Equity

Shelf

Programs

and

Offering

Costs

The

following

Funds

have

filed

a

registration

statement

with

the

SEC

authorizing

each

Fund

to

issue

additional

common

shares

through

one

or

more

equity

shelf

programs

(“Shelf

Offering”),

which

became

effective

with

the

SEC

during

prior

fiscal

periods.

Fund

Counterparty

Gross

Unrealized

Appreciation

Interest

Rate

Swaps***

Gross

Unrealized

(Depreciation)

Interest

Rate

Swaps***

Net

Unrealized

Collateral

Pledged

to

(from)

Counterparty

Net

Exposure

JPC

Morgan

Stanley

Capital

Services

LLC

$

14,190,005

$

-  

$

14,190,005

$

(14,730,574)

$

(540,569)

JPI

Morgan

Stanley

Capital

Services

LLC

1,325,917

-  

1,325,917

(1,320,574)

5,343

JPS

Morgan

Stanley

Capital

Services

LLC

26,636,987

-  

26,636,987

(27,651,571)

(1,014,584)

***  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

$

969,062

$

11,918,611

JPI

Interest

rate

Swaps

629,382

384,499

JPS

Interest

rate

Swaps

2,222,647

21,966,999

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

79

Under

these

Shelf

Offering,

the

Funds

subject

to

market

conditions,

may

raise

additional

equity

capital

by

issuing

additional

common

shares

from

time

to

time

in

varying

amounts

and

by

different

offering

methods

at

a

net

price

at

or

above

the

Fund’s

NAV

per

common

share.

In

the

event

the

Fund’s

Shelf

Offering

registration

statement

is

no

longer

current,

the

Fund

may

not

issue

additional

common

shares

until

a

post-effective

amendment

to

the

registration

statement

has

been

filed

with

the

SEC.

Maximum

aggregate

offering,

common

shares

sold

and

offering

proceeds,

net

of

offering

costs

under

each

Fund’s

Shelf

Offering

during

the

Funds’

current

and

prior

fiscal

period

were

as

follows:

Costs

incurred

by

each

Fund

in

connection

with

their

initial

shelf

registration

are

recorded

as

a

prepaid

expense

and

recognized

as

“Deferred

offering

costs”

on

the

Statement

of

Assets

and

Liabilities.

These

costs

are

amortized

pro

rata

as

common

shares

are

sold

and

are

recognized

as

a

component

of

“Proceeds

from

shelf

offering,

net

of

offering

costs”

on

the

Statement

of

Changes

in

Net

Assets.

Any

deferred

offering

costs

remaining

after

the

effectiveness

of

the

initial

shelf

registration

will

be

expensed.

Costs

incurred

by

the

Funds

to

keep

the

shelf

registration

current

are

expensed

as

incurred

and

recognized

as

a

component

of

“Other

expenses”

on

the

Statement

of

Operations.

Common

Shares

Transactions

Transactions

in common

shares during

the

Funds' current

and

prior

fiscal

period,

where

applicable, were

as

follows:

*

Prior

to

the

commencement

of

operations,

the

Adviser

purchased

4,000

shares,

which

are

still

held

as

of

the

end

of

the

reporting

period.

Preferred

Shares

Taxable

Fund

Preferred

Shares

JPC,

JPS

and

NPFD

has

issued

and

has

outstanding

Taxable

Fund

Preferred

(“TFP”)

Shares,

with

a

$1,000

liquidation

preference

per

share.

These

TFP

Shares

were

issued

via

private

placement

and

are

not

publicly

available.

Each

Fund

is

obligated

to

redeem

its

TFP

Shares

by

the

date

as

specified

in

its

offering

documents

(“Term

Redemption

Date”),

unless

earlier

redeemed

by

the

Fund.

TFP

Shares

are

initially

issued

in

a

pre-specified

mode,

however,

TFP

Shares

can

be

subsequently

designated

as

an

alternative

mode

at

a

later

date

at

the

discretion

of

the

Funds.

The

modes

within

TFP

Shares

detail

the

dividend

mechanics

and

are

described

as

follows.

At

a

subsequent

date,

the

Funds

may

establish

additional

mode

structures

with

the

TFP

Share.

JPC

JPS

Six

Months

Ended

1/31/23

Year

Ended

7/31/22

Six

Months

Ended

1/31/23

Year

Ended

7/31/22

Maximum

aggregate

offering

Unlimited

Unlimited

Unlimited

Unlimited

Common

shares

sold

-

1,185,860

-

921,252

Offering

proceeds,

net

of

offering

costs

$              -

$

11,703,948

$               -

$

9,114,000

JPC

JPI

JPS

Six

Months

Ended

1/31/23

Year

Ended

7/31/22

Six

Months

Ended

1/31/23

Year

Ended

7/31/22

Six

Months

Ended

1/31/23

Year

Ended

7/31/22

Common

Shares:

Sold

through

shelf

offering

—

1,185,860

—

—

—

921,252

Issued

to

shareholders

due

to

reinvestment

of

distributions

—

38,614

—

6,156

—

29,125

Total

—

1,224,474

—

6,156

—

950,377

Premium

to

NAV

per

shelf

offering

sold

–%

1.18%

–%

–%

–%

1.16%

JPT

NPFD*

Six

Months

Ended

1/31/23

Year

Ended

7/31/22

Six

Months

Ended

1/31/23

Year

Ended

For

the

Period

December

15,

2021

(commencement

of

operations)

through

July

31,

2022

Common

Shares:

Sold

—

—

—

24,160,141

Repurchased

and

retired

through

tender

offer

—

(2,454,617)

—

—

Issued

to

shareholders

due

to

reinvestment

of

distributions

—

2,174

—

—

Total

—

(2,452,443)

—

24,160,141

Tender

offer:

Price

per

common

share

$—

$23.26

$—

$—

Discount

per

common

share

—%

0.00%%

—%

—%

80

Notes

to

Financial

Statements

(Unaudited)

(continued)

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.

The

fair

value

of

TFP

Shares

while

in

VRM

are

expected

to

approximate

their

liquidation

preference

so

long

as

the

fixed

“spread”

on

the

shares

remains

roughly

in

line

with

the

“spread’

being

demanded

by

investors

on

instruments

having

similar

terms

in

the

current

market.

In

current

market

conditions,

the

Adviser

has

determined

that

the

fair

value

of

the

shares

are

approximately

their

liquidation

preference,

but

their

fair

value

could

vary

if

market

conditions

change

materially.

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.

The

Funds

will

pay

a

liquidity

and

remarketing

fee

on

the

aggregate

principal

amount

of

all

TFP

Shares

while

within

VRDM.

Payments

made

by

the

Funds

to

the

liquidity

provider

and

remarketing

agent

are

recognized

as

“Liquidity

fees”

and

“Remarketing

fees”,

respectively,

on

the

Statement

of

Operations.

For

financial

reporting

purposes,

the

liquidation

preference

of

TFP

Shares

is

recorded

as

a

liability

and

is

recognized

as

a

component

of

“Taxable

Fund

Preferred

(“TFP”)

Shares,

net

of

deferred

offering

costs”

on

the

Statement

of

Assets

and

Liabilities.

Dividends

on

the

TFP

shares

are

treated

as

interest

payments

for

financial

reporting

purposes.

Unpaid

dividends

on

TFP

shares

are

recognized

as

a

component

on

“Interest

payable”

on

the

Statement

of

Assets

and

Liabilities.

Dividends

accrued

on

TFP

Shares

are

recognized

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Subject

to

certain

conditions,

TFP

Shares

may

be

redeemed,

in

whole

or

in

part,

at

any

time

at

the

option

of

the

Funds.

Each

Fund

may

also

be

required

to

redeem

certain

TFP

shares

if

the

Fund

fails

to

maintain

certain

asset

coverage

requirements

and

such

failures

are

not

cured

by

the

applicable

cure

date.

The

redemption

price

per

share

in

all

circumstances

is

equal

to

the

liquidation

preference

per

share

plus

any

accumulated

but

unpaid

dividends.

JPC

and

NPFD

both

incurred

offering

costs

of

$685,000

and

$520,000

respectively,

in

connection

with

their

offering

of

TFP

Shares,

which

were

recorded

as

a

deferred

charge

and

are

being

amortized

over

the

life

of

the

shares.

These

offering

costs

are

recognized

as

a

component

of

“Taxable

Fund

Preferred

(“TFP”)

Shares,

net

of

deferred

offering

costs”

on

the

Statement

of

Assets

and

Liabilities

and

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Details

of

the

Fund’s

TFP

Shares

outstanding

as

of

the

end

of

the

reporting

period,

were

as

follows:

The

average

liquidation

preference

of

TFP

Shares

outstanding

and

the

annualized

dividend

rate

for

the

Fund

during

the

current

fiscal

period

were

as

follows:

*

For

the

period

August

18,

2022

(first

issuance

date

of

shares)

through

January

31,

2023.

**

For

the

period

September

1,

2022

(first

issuance

date

of

shares)

through

January

31,

2023.

Preferred

Share

Transactions

Transactions

in

preferred

shares

during

the

Funds’

current

and

prior

fiscal

period,

where

applicable,

are

noted

in

the

following

table.

Transactions

in

TFP

Shares

for

the

Funds,

where

applicable,

were

as

follows:

Fund

Series

Shares

Outstanding

Liquidation

Preference

Liquidation

Preference,

net

of

deferred

offering

costs

Term

Redemption

Date

Mode

JPC

A

150,000

$

150,000,000

$

149,335,943

August

1,

2037

VRDM

JPS

A

270,000

270,000,000

268,984,657

July

1,

2032

VRDM

NPFD

A

85,000

85,000,000

84,499,075

February

1,

2034

VRDM

JPC*

JPS

NPFD**

Average

liquidation

preference

of

TFP

Shares

outstanding

$150,000,000

$270,000,000

$85,000,000

Average

dividend

rate

3.76%

3.64%

3.86%

81

6.

Income

Tax

Information

Each

Fund

is

a

separate

taxpayer

for

federal

income

tax

purposes.

Each

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

Each

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund's

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

the

Fund's

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund's

financial

statements.

As

of

the

end

of

the

reporting

period,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

As

of

prior

fiscal

period

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

As

of

prior

fiscal

period

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

Six

Months

Ended

January

31,

2023

JPC

Series

Shares

Amount

TFP

Shares

Issued

A

150,000

$

150,000,000

NPFD

Series

Shares

Amount

TFP

Shares

Issued

A

85,000

$

85,000,000

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

$

1,432,325,229

$

22,643,637

$

(70,227,406)

$

(47,583,769)

JPI

768,448,382

5,618,784

(36,156,529)

(30,537,745)

JPS

2,793,458,386

48,505,610

(141,476,009)

(92,970,399)

JPT

142,156,103

895,688

(7,711,613)

(6,815,925)

NPFD

859,160,414

1,276,655

(80,944,901)

(79,668,246)

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)

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

82

Notes

to

Financial

Statements

(Unaudited)

(continued)

7.

Management

Fees

and

Other

Transactions

with

Affiliates

Management

Fees

Each

Fund’s

management

fee

compensates

the

Adviser

for

overall

investment

advisory

and

administrative

services

and

general

office

facilities.

The

Sub-

Advisers

are

compensated

for

their

services

to

the

Funds

from

the

management

fees

paid

to

the

Adviser.

Spectrum

also

receives

compensation

on

certain

portfolio

transactions

for

providing

brokerage

services

to

JPS.

During

the

current

fiscal

period,

JPS

paid

Spectrum

commissions

of

$25,556.

Each

Fund’s

management

fee

consists

of

two

components

–

a

fund-level

fee,

based

only

on

the

amount

of

assets

within

each

individual

Fund,

and

a

complex-level

fee,

based

on

the

aggregate

amount

of

all

eligible

fund

assets

managed

by

the

Adviser.

This

pricing

structure

enables

each

Fund’s

shareholders

to

benefit

from

growth

in

the

assets

within

their

respective

Fund

as

well

as

from

growth

in

the

amount

of

complex-wide

assets

managed

by

the

Adviser.

The

annual

fund-level

fee,

payable

monthly,

for

each

Fund

is

calculated

according

to

the

following

schedule:

The

annual

complex-level

fee,

payable

monthly,

for

each

Fund

is

calculated

by

multiplying

the

current

complex-wide

fee

rate,

determined

according

to

the

following

schedule

by

the

Fund’s

daily

managed

assets:

*

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

January

31,

2023,

the

complex-level

fee

for

each

Fund

was

as

follows:

Beginning

February

8,

2022,

and

for

a

one-year

period,

the

Adviser

is

waiving

50%

of

JPT's

net

management

fees.

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

Fund

Complex-Level

Fee

JPC

0.1580%

JPI

0.1580%

JPS

0.1580%

JPT

0.1580%

NPFD

0.1580%

83

8.

Commitments

and

Contingencies

In

the

normal

course

of

business, each

Fund

enters

into

a

variety

of

agreements

that

may

expose

the

Funds

to

some

risk

of

loss.

These

could

include

recourse

arrangements

for

certain

agreements

related

to

preferred

shares,

which

are

described

elsewhere

in

these

Notes

to

Financial

Statements.

The

risk

of

future

loss

arising

from

such

agreements,

while

not

quantifiable,

is

expected

to

be

remote.

As

of

the

end

of

the

reporting

period,

the

Funds

did

not

have

any

unfunded

commitments.

From

time

to

time,

the

Funds

may

be

a

party

to

certain

legal

proceedings

in

the

ordinary

course

of

business,

including

proceedings

relating

to

the

enforcement

of

the

Funds' rights

under

contracts.

As

of

the

end

of

the

reporting

period,

management

has

determined

that

any

legal

proceeding(s)

the

Funds

are

subject

to,

including

those

described

within

this

report,

are

unlikely

to

have

a

material

impact

to

any

of

the

Funds’

financial

statements.

9.

Borrowings

Arrangements

and

Reverse

Repurchase

Agreements

Borrowings

Each

Fund

entered

into

a

borrowing

arrangement

(“Borrowings”)

as

a

means

of

leverage.

As

of

the

end

of

the

reporting

period,

each

Fund’s

maximum

commitment

amount

under

these

Borrowings

is

as

follows:

As

of

the

end

of

the

reporting

period,

each

Fund’s

outstanding

balance

on

its

Borrowings

was

as

follows:

For

JPC,

JPI

and

JPS

interest

is

charged

on

these

Borrowings

at

OBFR

(“Overnight

Bank

Funding

Rate”)

plus

0.85%

per

annum

on

the

amounts

borrowed.

JPT’s

interest

is

charged

on

the

Borrowings

at

a

rate

equal

to

the

1-Month

Term

SOFR

(“Secured

Overnight

Financing

Rate”)

plus

0.825%

(this

is

comprised

of

a

0.05%

credit

adjustment

spread

to

account

for

SOFR

basis

plus

0.775%

prior

to

drawn

rate)

per

annum

on

the

amount

borrowed

and

a

0.125%

per

annum

commitment

fee

on

the

undrawn

portion

of

the

Borrowings.

For

NPFD,

interest

is

charged

on

these

Borrowings

at

OBFR

plus

0.75%

per

annum

on

the

amounts

borrowed

and

0.25%

per

annum

on

the

undrawn

balance

if

the

undrawn

portion

of

the

Borrowings

on

a

particular

day

is

more

than

25%

of

the

maximum

commitment

amount.

During

the

current

fiscal

period,

the

average

daily

balance

outstanding

and

average

annual

interest

rate

on

each

Fund’s

Borrowings

were

as

follows:

Fund

Maximum

Commitment

Amount

JPC

$

320,000,000

JPI

255,000,000

JPS

560,000,000

JPT

47,000,000

NPFD

190,000,000

Fund

Outstanding

balance

on

Borrowings

JPC

$

249,400,000

JPI

198,400,000

JPS

459,300,000

JPT

43,400,000

NPFD

159,314,000

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

JPC

184

$

271,530,435

4.19

%

JPI

184

204,748,913

4.23

JPS

184

471,908,696

4.24

JPT

184

44,738,043

4.15

NPFD

184

158,778,239

4.19

84

Notes

to

Financial

Statements

(Unaudited)

(continued)

In

order

to

maintain

these

Borrowings,

the

Funds

must

meet

certain

collateral,

asset

coverage

and

other

requirements.

The

Funds’

borrowings

outstanding

are

fully

secured

by

eligible

securities

held

in

each

Fund’s

portfolio

of

investments.

(“Pledged

Collateral”)

Borrowings

outstanding

are

recognized

as

“Borrowings”

on

the

Statement

of

Assets

and

Liabilities.

Interest

expense

incurred

on

the

borrowed

amount

and

undrawn

balance

and

amendment

fees

are

recognized

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Rehypothecation

JPC,

JPI

and

JPS

have

each

entered

into

a

Rehypothecation

Side

Letter

(“Side

Letter”)

with

its

prime

brokerage

lender,

allowing

it

to

re-register

the

Pledged

Collateral

in

its

own

name

or

in

a

name

other

than

the

Funds’

to

pledge,

repledge,

hypothecate,

rehypothecate,

sell,

lend

or

otherwise

transfer

or

use

the

Pledged

Collateral

(the

“Hypothecated

Securities”)

with

all

rights

of

ownership

as

described

in

the

Side

Letter.

Subject

to

certain

conditions,

the

total

value

of

the

outstanding

Hypothecated

Securities

shall

not

exceed

the

lesser

of

(i)

98%

of

the

outstanding

balance

on

the

Borrowings

to

which

the

Pledged

Collateral

relates

and

(ii)

33

1⁄3

%

of

the

Funds’

total

assets.

The

Funds

may

designate

any

Pledged

Collateral

as

ineligible

for

rehypothecation.

The

Funds

may

also

recall

Hypothecated

Securities

on

demand.

The

Funds

also

have

the

right

to

apply

and

set-off

an

amount

equal

to

one-hundred

percent

(100%)

of

the

then-current

fair

market

value

of

such

Pledged

Collateral

against

the

current

Borrowings

under

the

Side

Letter

in

the

event

that

the

prime

brokerage

lender

fails

to

timely

return

the

Pledged

Collateral

and

in

certain

other

circumstances.

In

such

circumstances,

however,

the

Funds

may

not

be

able

to

obtain

replacement

financing

required

to

purchase

replacement

securities

and,

consequently,

the

Funds’

income

generating

potential

may

decrease.

Even

if

a

Fund

is

able

to

obtain

replacement

financing,

it

might

not

be

able

to

purchase

replacement

securities

at

favorable

prices.

The

Funds

will

receive

a

fee

in

connection

with

the

Hypothecated

Securities

(“Rehypothecation

Fees”)

in

addition

to

any

principal,

interest,

dividends

and

other

distributions

paid

on

the

Hypothecated

Securities.

As

of

the

end

of

the

reporting

period,

JPC,

JPI

and

JPS

each

had

Hypothecated

Securities

as

follows:

JPC,

JPI

and

JPS

earn

Rehypothecation

Fees,

which

are

recognized

as

“Rehypothecation

income”

on

the

Statement

of

Operations.

During

the

current

fiscal

period,

the

Rehypothecation

Fees

earned

by

each

Fund

were

as

follows:

Reverse

Repurchase

Agreements

During

the

current

fiscal

period,

Each

Fund

used

reverse

repurchase

agreements

as

a

means

of

leverage.

Each

Fund

may

enter

into

a

reverse

repurchase

agreement

with

brokers,

dealers,

banks

or

other

financial

institutions

that

have

been

determined

by

the

Adviser

to

be

creditworthy.

In

a

reverse

repurchase

agreement,

a

Fund

sells

to

the

counterparty

a

security

that

it

holds

with

a

contemporaneous

agreement

to

repurchase

the

same

security

at

an

agreed-upon

price

and

date,

reflecting

the

interest

rate

effective

for

the

term

of

the

agreement.

It

may

also

be

viewed

as

the

borrowing

of

money

by

the

Fund.

Cash

received

in

exchange

for

securities

delivered,

plus

accrued

interest

payments

to

be

made

by

the

Fund

to

a

counterparty,

are

reflected

as

a

liability

on

the

Statement

of

Assets

and

Liabilities.

Interest

payments

made

by

the

Fund

to

counterparties

are

recognized

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

In

a

reverse

repurchase

agreement,

the

Fund

retains

the

risk

of

loss

associated

with

the

sold

security.

Reverse

repurchase

agreements

also

involve

the

risk

that

the

purchaser

fails

to

return

the

securities

as

agreed

upon,

files

for

bankruptcy

or

becomes

insolvent.

Upon

a

bankruptcy

or

insolvency

of

a

counterparty,

the

Fund

is

considered

to

be

an

unsecured

creditor

with

respect

to

excess

collateral

and

as

such

the

return

of

excess

collateral

may

be

delayed.

As

of

the

end

of

the

reporting

period,

the

Funds'

outstanding

balances

on

its

reverse

repurchase

agreements

were

as

follows:

*

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

Hypothecated

Securities

$186,388,673

$184,582,319

$426,393,902

JPC

JPI

JPS

Rehypothecation

Fees

$61,103

$46,124

$92,051

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)

$

(102,518,768)

JPI

BNP

Paribas

OBFR

+

0.80%

(65,000,000)

N/A

(65,000,000)

(65,402,830)

JPS

BNP

Paribas

OBFR

+

0.80%

(275,000,000)

N/A

(275,000,000)

(276,127,924)

JPT

Royal

Bank

of

Canada

5.46%

(1,000,000)

2/23/23

(1,000,000)

(1,001,365)

NPFD

Royal

Bank

of

Canada

5.18%

(35,683,000)

2/3/23

(35,683,000)

(35,855,302)

85

During

the

current

fiscal

period,

the

average

daily

balance

outstanding

and

average

annual

interest

rate

on

the

Funds’

reverse

repurchase

agreements

were

as

follows:

**

For

the

period

September

26,

2022

(initial

purchase

of

reverse

repurchase

agreements)

through

January

1,

2023.

The

following

table

presents

the

reverse

repurchase

agreements

subject

to

netting

agreements

and

the

collateral

delivered

related

to

those

reverse

repurchase

agreements.

10.

Inter-Fund

Borrowing

and

Lending

Inter-Fund

Borrowing

and

Lending

The

SEC

has

granted

an

exemptive

order

permitting

registered

open-end

and

closed-end

Nuveen

funds

to

participate

in

an

inter-fund

lending

facility

whereby

the

Nuveen

funds

may

directly

lend

to

and

borrow

money

from

each

other

for

temporary

purposes

(e.g.,

to

satisfy

redemption

requests

or

when

a

sale

of

securities

“fails,”

resulting

in

an

unanticipated

cash

shortfall)

(the

“Inter-Fund

Program”).

The

closed-end

Nuveen

funds,

including

the

Funds

covered

by

this

shareholder

report,

will

participate

only

as

lenders,

and

not

as

borrowers,

in

the

Inter-Fund

Program

because

such

closed-end

funds

rarely,

if

ever,

need

to

borrow

cash

to

meet

redemptions.

The

Inter-Fund

Program

is

subject

to

a

number

of

conditions,

including,

among

other

things,

the

requirements

that

(1)

no

fund

may

borrow

or

lend

money

through

the

Inter-Fund

Program

unless

it

receives

a

more

favorable

interest

rate

than

is

typically

available

from

a

bank

or

other

financial

institution

for

a

comparable

transaction;

(2)

no

fund

may

borrow

on

an

unsecured

basis

through

the

Inter-Fund

Program

unless

the

fund’s

outstanding

borrowings

from

all

sources

immediately

after

the

inter-fund

borrowing

total

10%

or

less

of

its

total

assets;

provided

that

if

the

borrowing

fund

has

a

secured

borrowing

outstanding

from

any

other

lender,

including

but

not

limited

to

another

fund,

the

inter-fund

loan

must

be

secured

on

at

least

an

equal

priority

basis

with

at

least

an

equivalent

percentage

of

collateral

to

loan

value;

(3)

if

a

fund’s

total

outstanding

borrowings

immediately

after

an

inter-fund

borrowing

would

be

greater

than

10%

of

its

total

assets,

the

fund

may

borrow

through

the

inter-fund

loan

on

a

secured

basis

only;

(4)

no

fund

may

lend

money

if

the

loan

would

cause

its

aggregate

outstanding

loans

through

the

Inter-Fund

Program

to

exceed

15%

of

its

net

assets

at

the

time

of

the

loan;

(5)

a

fund’s

inter-fund

loans

to

any

one

fund

shall

not

exceed

5%

of

the

lending

fund’s

net

assets;

(6)

the

duration

of

inter-fund

loans

will

be

limited

to

the

time

required

to

receive

payment

for

securities

sold,

but

in

no

event

more

than

seven

days;

and

(7)

each

inter-fund

loan

may

be

called

on

one

business

day’s

notice

by

a

lending

fund

and

may

be

repaid

on

any

day

by

a

borrowing

fund.

In

addition,

a

Nuveen

fund

may

participate

in

the

Inter-Fund

Program

only

if

and

to

the

extent

that

such

participation

is

consistent

with

the

fund’s

investment

objective

and

investment

policies.

The

Board

is

responsible

for

overseeing

the

Inter-Fund

Program.

The

limitations

detailed

above

and

the

other

conditions

of

the

SEC

exemptive

order

permitting

the

Inter-Fund

Program

are

designed

to

minimize

the

risks

associated

with

Inter-Fund

Program

for

both

the

lending

fund

and

the

borrowing

fund.

However,

no

borrowing

or

lending

activity

is

without

risk.

When

a

fund

borrows

money

from

another

fund,

there

is

a

risk

that

the

loan

could

be

called

on

one

day’s

notice

or

not

renewed,

in

which

case

the

fund

may

have

to

borrow

from

a

bank

at

a

higher

rate

or

take

other

actions

to

payoff

such

loan

if

an

inter-fund

loan

is

not

available

from

another

fund.

Any

delay

in

repayment

to

a

lending

fund

could

result

in

a

lost

investment

opportunity

or

additional

borrowing

costs.

During

the

current

reporting

period,

none

of

the

Funds

covered

by

this

shareholder

report

have

entered

into

any

inter-fund

loan

activity.

Fund

Utilization

period

(days

outstanding)

Average

daily

balance

outstanding

Average

annual

interest

rate

JPC

184

$

(102,100,000)

4.14%

JPI

184

(65,000,000)

4.40

JPS

184

(275,000,000)

4.14

JPT**

128

(1,000,000)

4.86

NPFD

184

(54,634,832)

3.73

Fund

Counterparty

Reverse

Repurchase

Agreements***

Collateral

Pledged

to

Counterparty

JPC

BNP

Paribas

$

(102,518,768)

$

259,427,523

JPI

BNP

Paribas

(65,402,830)

148,932,303

JPS

BNP

Paribas

(276,127,924)

642,595,104

JPT

Royal

Bank

of

Canada

(1,001,365)

1,421,250

NPFD

Royal

Bank

of

Canada

(35,855,302)

53,309,292

***

Represents

gross

value

and

accrued

interest

for

the

counterparty

as

reported

in

the

preceding

table.

86

Risk

Considerations

(Unaudited)

Fund

shares

are

not

guaranteed

or

endorsed

by

any

bank

or

other

insured

depository

institution,

and

are

not

federally

insured

by

the

Federal

Deposit

Insurance

Corporation.

Nuveen

Preferred

&

Income

Opportunities

Fund

(JPC)

Investing

in

closed-end

funds

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Closed-end

fund

shares

may

frequently

trade

at

a

discount

or

premium

to

their

net

asset

value.

Preferred

securities

are

subordinated

to

bonds

and

other

debt

instruments

in

a

company’s

capital

structure,

and

therefore

are

subject

to

greater

credit

risk.

Debt

or

fixed

income

securities

such

as

those

held

by

the

Fund,

are

subject

to

market

risk,

credit

risk,

interest

rate

risk,

derivatives

risk,

liquidity

risk,

and

income

risk.

As

interest

rates

rise,

bond

prices

fall.

Lower

credit

debt

securities

may

be

more

likely

to

fail

to

make

timely

interest

or

principal

payments.

Leverage

increases

return

volatility

and

magnifies

the

Fund’s

potential

return

and

its

risks;

there

is

no

guarantee

a

fund’s

leverage

strategy

will

be

successful.

Certain

types

of

preferred

or

debt

securities

with

special

loss

absorption

provisions,

such

as

contingent

capital

securities

(CoCos),

may

be

or

become

so

subordinated

that

they

present

risks

equivalent

to,

or

in

some

cases

even

greater

than,

the

same

company’s

common

stock.

These

loss

absorption

features

work

to

the

benefit

of

the

security

issuer,

not

the

investor.

These

and

other

risk

considerations

such

as

concentration

and

foreign

securities

risk

are

described

in

more

detail

on

the

Fund’s

web

page

at

www.nuveen.com/JPC

.

Nuveen

Preferred

and

Income

Term

Fund

(JPI)

Investing

in

closed-end

funds

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Closed-end

fund

shares

may

frequently

trade

at

a

discount

or

premium

to

their

net

asset

value.

Preferred

securities

are

subordinated

to

bonds

and

other

debt

instruments

in

a

company’s

capital

structure,

and

therefore

are

subject

to

greater

credit

risk.

Debt

or

fixed

income

securities

such

as

those

held

by

the

Fund,

are

subject

to

market

risk,

credit

risk,

interest

rate

risk,

derivatives

risk,

liquidity

risk,

and

income

risk.

As

interest

rates

rise,

bond

prices

fall.

Lower

credit

debt

securities

may

be

more

likely

to

fail

to

make

timely

interest

or

principal

payments.

Leverage

increases

return

volatility

and

magnifies

the

Fund’s

potential

return

and

its

risks;

there

is

no

guarantee

a

fund’s

leverage

strategy

will

be

successful.

Certain

types

of

preferred

or

debt

securities

with

special

loss

absorption

provisions,

such

as

contingent

capital

securities

(CoCos),

may

be

or

become

so

subordinated

that

they

present

risks

equivalent

to,

or

in

some

cases

even

greater

than,

the

same

company’s

common

stock.

These

loss

absorption

features

work

to

the

benefit

of

the

security

issuer,

not

the

investor.

For

these

and

other

risks,

including

the

Fund’s

limited

term

and

concentration

risk,

see

the

Fund’s

web

page

at

www.nuveen.com/JPI

.

Nuveen

Preferred

&

Income

Securities

Fund

(JPS)

Investing

in

closed-end

funds

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Closed-end

fund

shares

may

frequently

trade

at

a

discount

or

premium

to

their

net

asset

value.

Preferred

securities

are

subordinated

to

bonds

and

other

debt

instruments

in

a

company’s

capital

structure,

and

therefore

are

subject

to

greater

credit

risk.

Debt

or

fixed

income

securities

such

as

those

held

by

the

Fund,

are

subject

to

market

risk,

credit

risk,

interest

rate

risk,

derivatives

risk,

liquidity

risk,

and

income

risk.

As

interest

rates

rise,

bond

prices

fall.

Leverage

increases

return

volatility

and

magnifies

the

Fund’s

potential

return

and

its

risks;

there

is

no

guarantee

a

fund’s

leverage

strategy

will

be

successful.

Certain

types

of

preferred

or

debt

securities

with

special

loss

absorption

provisions,

such

as

contingent

capital

securities

(CoCos),

may

be

or

become

so

subordinated

that

they

present

risks

equivalent

to,

or

in

some

cases

even

greater

than,

the

same

company’s

common

stock.

These

loss

absorption

features

work

to

the

benefit

of

the

security

issuer,

not

the

investor.

These

and

other

risks

such

as

concentration

and

foreign

securities

risk

are

described

in

more

detail

on

the

Fund’s

web

page

at

www.nuveen.com/JPS

.

Nuveen

Preferred

and

Income

Fund

(JPT)

Investing

in

closed-end

funds

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Closed-end

fund

shares

may

frequently

trade

at

a

discount

or

premium

to

their

net

asset

value.

Preferred

securities

are

subordinated

to

bonds

and

other

debt

instruments

in

a

company’s

capital

structure,

and

therefore

are

subject

to

greater

credit

risk.

Debt

or

fixed

income

securities

such

as

those

held

by

the

Fund,

are

subject

to

market

risk,

credit

risk,

interest

rate

risk,

derivatives

risk,

liquidity

risk,

and

income

risk.

As

interest

rates

rise,

87

bond

prices

fall.

Lower

credit

debt

securities

may

be

more

likely

to

fail

to

make

timely

interest

or

principal

payments.

Leverage

increases

return

volatility

and

magnifies

the

Fund’s

potential

return

and

its

risks;

there

is

no

guarantee

a

fund’s

leverage

strategy

will

be

successful.

For

these

and

other

risks,

such

as

concentration

risk,

see

the

Fund’s

web

page

at

www.nuveen.com/JPT

.

Nuveen

Variable

Rate

Preferred

&

Income

Fund

(NPFD)

Investing

in

closed-end

funds

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Closed-end

fund

shares

may

frequently

trade

at

a

discount

or

premium

to

their

net

asset

value.

Preferred

securities

are

subordinated

to

bonds

and

other

debt

instruments

in

a

company’s

capital

structure,

and

therefore

are

subject

to

greater

credit

risk.

Debt

or

fixed

income

securities

such

as

those

held

by

the

Fund,

are

subject

to

market

risk,

credit

risk,

interest

rate

risk,

derivatives

risk,

liquidity

risk,

and

income

risk.

As

interest

rates

rise,

bond

prices

fall.

Lower

credit

debt

securities

may

be

more

likely

to

fail

to

make

timely

interest

or

principal

payments.

Leverage

increases

return

volatility

and

magnifies

the

Fund’s

potential

return

and

its

risks;

there

is

no

guarantee

a

fund’s

leverage

strategy

will

be

successful.

Certain

types

of

preferred,

hybrid

or

debt

securities

with

special

loss

absorption

provisions,

such

as

contingent

capital

securities

(CoCos),

may

be

or

become

so

subordinated

that

they

present

risks

equivalent

to,

or

in

some

cases

even

greater

than,

the

same

company’s

common

stock.

These

loss

absorption

features

work

to

the

benefit

of

the

security

issuer,

not

the

investor

(this

fund).

For

these

and

other

risks,

such

as

concentration

risk,

see

the

Fund’s

web

page

at

www.nuveen.com/NPFD

.

88

Additional

Fund

Information

(Unaudited)

Portfolio

of

Investments

Information

The

Fund

is

required

to

file

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

You

may

obtain

this

information

on

the

SEC’s

website

at

http://www.sec.gov.

Active

Shelf

Offering

Statement

of

Additional

Information

(SAI)

for

JPC

and

JPS

The

SAI

for

the

active

shelf

offerings

for

each

JPC

and

JPS

contains

additional

information

about

the

Fund’s

Board

of

Trustees.

You

may

obtain

a

copy

of

the

fund’s

SAI

without

charge,

upon

request,

by

calling

Nuveen

at

(312)

917-7700,

by

writing

to

the

Fund,

or

on

Nuveen’s

website

at

www.nuveen.com.

You

may

also

obtain

this

information

on

the

SEC’s

website

at

http://www.

sec.gov.

Nuveen

Funds’

Proxy

Voting

Information

You

may

obtain

(i)

information

regarding

how

each

fund

voted

proxies

relating

to

portfolio

securities

held

during

the

most

recent

twelve-month

period

ended

June

30,

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787

or

on

Nuveen’s

website

at

www.nuveen.com

and

(ii)

a

description

of

the

policies

and

procedures

that

each

fund

used

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787.

You

may

also

obtain

this

information

directly

from

the

SEC.

Visit

the

SEC

on-line

at

http://www.sec.gov.

CEO

Certification

Disclosure

Each

Fund’s

Chief

Executive

Officer

(CEO)

has

submitted

to

the

New

York

Stock

Exchange

(NYSE)

the

annual

CEO

certification

as

required

by

Section

303A.12(a)

of

the

NYSE

Listed

Company

Manual.

Each

Fund

has

filed

with

the

SEC

the

certification

of

its

CEO

and

Chief

Financial

Officer

required

by

Section

302

of

the

Sarbanes-Oxley

Act.

Common

Share

Repurchases

Each

Fund

intends

to

repurchase,

through

its

open-market

share

repurchase

program,

shares

of

its

own

common

stock

at

such

times

and

in

such

amounts

as

is

deemed

advisable.

During

the

period

covered

by

this

report,

each

Fund

repurchased

shares

of

its

common

stock

as

shown

in

the

accompanying

table.

Any

future

repurchases

will

be

reported

to

shareholders

in

the

next

annual

or

semi-annual

report.

FINRA

BrokerCheck

:

The

Financial

Industry

Regulatory

Authority

(FINRA)

provides

information

regarding

the

disciplinary

history

of

FINRA

member

firms

and

associated

investment

professionals.

This

information

as

well

as

an

investor

brochure

describing

FINRA

BrokerCheck

is

available

to

the

public

by

calling

the

FINRA

BrokerCheck

Hotline

number

at

(800)

289-9999

or

by

visiting

www.FINRA.org.

Board

of

Trustees

Jack

B.

Evans

William

C.

Hunter

Amy

B.R.

Lancellotta

Joanne

T.

Medero

Albin

F.

Moschner

John

K.

Nelson

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

NPFD

Common

shares

repurchased

0

0

0

0

0

Glossary

of

Terms

Used

in

this

Report

(Unaudited)

89

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

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’

CoCoswill

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.

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

grade

USD-denominated

preferred

stock

and

hybrid

debt

publicly

issued

by

Glossary

of

Terms

Users

in

the

Report

(Unaudited)

(continued)

90

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.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

ESA-B-0123D

2766035-INV-B-03/24

Nuveen:

Serving

Investors

for

Generations

Since

1898,

financial

advisors

and

their

clients

have

relied

on

Nuveen

to

provide

dependable

investment

solutions

through

continued

adherence

to

proven,

long-term

investing

principles.

Today,

we

offer

a

range

of

high

quality

solutions

designed

to

be

integral

components

of

a

well-diversified

core

portfolio.

Focused

on

meeting

investor

needs.

Nuveen

is

the

investment

manager

of

TIAA.

We

have

grown

into

one

of

the

world’s

premier

global

asset

managers,

with

specialist

knowledge

across

all

major

asset

classes

and

particular

strength

in

solutions

that

provide

income

for

investors

and

that

draw

on

our

expertise

in

alternatives

and

responsible

investing.

Nuveen

is

driven

not

only

by

the

independent

investment

processes

across

the

firm,

but

also

the

insights,

risk

management,

analytics

and

other

tools

and

resources

that

a

truly

world-class

platform

provides.

As

a

global

asset

manager,

our

mission

is

to

work

in

partnership

with

our

clients

to

create

solutions

which

help

them

secure

their

financial

future.

Find

out

how

we

can

help

you.

To

learn

more

about

how

the

products

and

services

of

Nuveen

may

be

able

to

help

you

meet

your

financial

goals,

talk

to

your

financial

advisor,

or

call

us

at

(800)

257-8787.

Please

read

the

information

provided

carefully

before

you

invest.

Investors

should

consider

the

investment

objective

and

policies,

risk

considerations,

charges

and

expenses

of

any

investment

carefully.

Where

applicable,

be

sure

to

obtain

a

prospectus,

which

contains

this

and

other

relevant

information.

To

obtain

a

prospectus,

please

contact

your

securities

representative

or

Nuveen,

333

W.

Wacker

Dr.,

Chicago,

IL

60606.

Please

read

the

prospectus

carefully

before

you

invest

or

send

money.

Learn

more

about

Nuveen

Funds

at:

www.nuveen.com/closed-end-funds

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this filing.

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.

Not applicable to this filing.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this filing.

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 to this filing.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.

(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 registrant’s independent public accountant. Not applicable.

(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2 (b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.

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 Opportunities Fund

By (Signature and Title)	/s/ Mark L. Winget
	Mark L. Winget
	Vice President and Secretary

Date: April 6, 2023

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: April 6, 2023

By (Signature and Title)	/s/ E. Scott Wickerham
	E. Scott Wickerham
	Vice President and Controller
	(principal financial officer)

Date: April 6, 2023