Nuveen Preferred & Income Opportunities Fund (JPC) NPORT-P Nuveen Preferred & Income Opportunities Fund (Apr 2022 report)

1

Nuveen

Preferred

&

Income

Opportunities

Fund

Portfolio

of

Investments

April

30,

2022

(Unaudited)

JPC

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

LONG-TERM

INVESTMENTS

-

154.2%  (51.0%

of

Total

Investments)

X

734,492,005

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

80.3%

(51.0%

of

Total

Investments)

X

734,492,005

Automobiles

-

3.0%

(1.9%

of

Total

Investments)

$

9,140

General

Motors

Financial

Co

Inc

(3)

5.750%

N/A

(4)

BB+

$

8,408,892

7,485

General

Motors

Financial

Co

Inc

5.700%

N/A

(4)

BB+

7,307,231

11,750

General

Motors

Financial

Co

Inc

(3),(5)

6.500%

N/A

(4)

BB+

11,338,750

Total

Automobiles

27,054,873

Banks

-

31.3%

(19.9%

of

Total

Investments)

1,415

Bank

of

America

Corp

6.100%

N/A

(4)

BBB+

1,429,935

5,560

Bank

of

America

Corp

(3)

6.300%

N/A

(4)

BBB+

5,685,100

3,540

Bank

of

America

Corp

6.250%

N/A

(4)

BBB+

3,583,542

21,125

Bank

of

America

Corp

(3)

6.500%

N/A

(4)

BBB+

21,534,403

3,685

Bank

of

America

Corp

4.375%

N/A

(4)

BBB+

3,261,225

9,981

Citigroup

Inc

5.950%

N/A

(4)

BBB-

9,756,427

1,820

Citigroup

Inc

4.150%

N/A

(4)

BBB-

1,609,972

13,145

Citigroup

Inc

6.300%

N/A

(4)

BBB-

12,997,119

6,290

Citigroup

Inc

(3)

5.000%

N/A

(4)

BBB-

5,951,912

16,055

Citigroup

Inc

(3),(5)

6.250%

N/A

(4)

BBB-

16,044,885

1,685

Citizens

Financial

Group

Inc

6.375%

N/A

(4)

BB+

1,630,237

2,015

Citizens

Financial

Group

Inc

(3)

4.000%

N/A

(4)

BB+

1,788,313

3,150

CoBank

ACB

(3)

6.250%

N/A

(4)

BBB+

3,150,000

1,900

Fifth

Third

Bancorp

(3)

4.500%

N/A

(4)

Baa3

1,842,842

14,985

First

Citizens

BancShares

Inc/NC

(5)

5.800%

N/A

(4)

N/R

14,988,746

910

Goldman

Sachs

Group

Inc/The

4.400%

N/A

(4)

BB+

850,850

925

Goldman

Sachs

Group

Inc/The

3.800%

N/A

(4)

BBB-

813,985

2,314

HSBC

Capital

Funding

Dollar

1

LP,

144A

10.176%

N/A

(4)

BBB

3,378,440

3,025

Huntington

Bancshares

Inc/OH

(3)

5.700%

N/A

(4)

Baa3

2,850,155

5,525

Huntington

Bancshares

Inc/OH

5.625%

N/A

(4)

Baa3

5,508,259

2,660

JPMorgan

Chase

&

Co

(3)

6.100%

N/A

(4)

BBB+

2,665,586

4,280

JPMorgan

Chase

&

Co

3.650%

N/A

(4)

BBB+

3,841,300

7,275

JPMorgan

Chase

&

Co

5.000%

N/A

(4)

BBB+

6,894,517

28,555

JPMorgan

Chase

&

Co

(3),(5)

6.750%

N/A

(4)

BBB+

29,057,140

2,485

KeyCorp

(5)

5.000%

N/A

(4)

Baa3

2,376,157

6,970

M&T

Bank

Corp

(3)

6.450%

N/A

(4)

Baa2

7,004,850

1,440

M&T

Bank

Corp

(3)

3.500%

N/A

(4)

Baa2

1,209,618

1,880

M&T

Bank

Corp

5.125%

N/A

(4)

Baa2

1,847,100

21,977

PNC

Financial

Services

Group

Inc/The

(3-Month

LIBOR

reference

rate

+

3.678%

spread)

(3),(6)

3.804%

N/A

(4)

Baa2

21,786,542

1,922

PNC

Financial

Services

Group

Inc/The

5.000%

N/A

(4)

Baa2

1,845,120

4,245

PNC

Financial

Services

Group

Inc/The

6.000%

N/A

(4)

Baa2

4,234,388

2,835

PNC

Financial

Services

Group

Inc/The

3.400%

N/A

(4)

Baa2

2,438,100

8,290

Regions

Financial

Corp

(5)

5.750%

N/A

(4)

Baa3

8,455,800

875

SVB

Financial

Group

4.100%

N/A

(4)

Baa2

708,750

3,690

SVB

Financial

Group

4.000%

N/A

(4)

Baa2

3,209,193

785

SVB

Financial

Group

4.700%

N/A

(4)

Baa2

642,240

1,930

Truist

Financial

Corp

5.050%

N/A

(4)

Baa2

1,838,325

4,690

Truist

Financial

Corp

5.100%

N/A

(4)

Baa2

4,672,413

9,458

Truist

Financial

Corp

(5)

4.950%

N/A

(4)

Baa2

9,446,178

9,735

Truist

Financial

Corp

(5)

4.800%

N/A

(4)

Baa2

9,274,535

6,490

Wells

Fargo

&

Co

5.900%

N/A

(4)

Baa2

6,352,088

11,747

Wells

Fargo

&

Co

(3)

3.900%

N/A

(4)

Baa2

10,718,550

13,950

Wells

Fargo

&

Co

(3),(5)

5.875%

N/A

(4)

Baa2

14,054,625

1,385

Wells

Fargo

&

Co

(3)

7.950%

11/15/29

Baa1

1,687,663

1,105

Zions

Bancorp

NA

5.800%

N/A

(4)

BB+

1,088,369

Nuveen

Preferred

&

Income

Opportunities

Fund

(continued)

Portfolio

of

Investments

April

30,

2022

(Unaudited)

2

JPC

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Banks

(continued)

$

9,666

Zions

Bancorp

NA

(5)

7.200%

N/A

(4)

BB+

$

9,946,314

Total

Banks

285,951,808

Capital

Markets

-

3.7%

(2.3%

of

Total

Investments)

2,040

Bank

of

New

York

Mellon

Corp/The

4.700%

N/A

(4)

Baa1

2,034,900

7,425

Charles

Schwab

Corp/The

5.375%

N/A

(4)

BBB

7,481,207

1,825

Charles

Schwab

Corp/The

(3)

4.000%

N/A

(4)

BBB

1,654,819

4,325

Charles

Schwab

Corp/The

(3-Month

LIBOR

reference

rate

+

4.820%

spread)

(6)

6.106%

N/A

(4)

BBB

4,303,375

9,704

Goldman

Sachs

Group

Inc/The

5.500%

N/A

(4)

BBB-

9,711,666

7,411

Goldman

Sachs

Group

Inc/The

5.300%

N/A

(4)

BBB-

7,313,693

1,555

Goldman

Sachs

Group

Inc/The

4.125%

N/A

(4)

BBB-

1,394,557

Total

Capital

Markets

33,894,217

Communications

Equipment

-

0.2%

(0.1%

of

Total

Investments)

2,315

Vodafone

Group

PLC

(3)

4.125%

6/04/81

BB+

2,000,322

Total

Communications

Equipment

2,000,322

Consumer

Finance

-

2.8%

(1.8%

of

Total

Investments)

10,109

Ally

Financial

Inc

(3)

4.700%

N/A

(4)

Ba2

8,729,121

6,365

Ally

Financial

Inc

4.700%

N/A

(4)

Ba2

5,479,056

3,060

American

Express

Co

3.550%

N/A

(4)

Baa2

2,635,731

3,215

Capital

One

Financial

Corp

3.950%

N/A

(4)

Baa3

2,789,012

6,175

Discover

Financial

Services

(3)

6.125%

N/A

(4)

Ba2

6,283,063

Total

Consumer

Finance

25,915,983

Diversified

Financial

Services

-

4.9%

(3.1%

of

Total

Investments)

9,325

American

AgCredit

Corp,

144A

(3)

5.250%

N/A

(4)

BB+

8,485,750

2,590

Capital

Farm

Credit

ACA,

144A

(3)

5.000%

N/A

(4)

BB

2,343,950

1,100

Compeer

Financial

ACA,

144A

4.875%

N/A

(4)

BB+

973,500

12

Compeer

Financial

ACA,

144A

(3)

6.750%

N/A

(4)

BB+

12,726,000

7,470

Equitable

Holdings

Inc

4.950%

N/A

(4)

BBB-

7,455,058

13,001

Voya

Financial

Inc

(3)

6.125%

N/A

(4)

BBB-

12,935,995

Total

Diversified

Financial

Services

44,920,253

Electric

Utilities

-

4.5%

(2.8%

of

Total

Investments)

2,070

American

Electric

Power

Co

Inc

3.875%

2/15/62

BBB

1,854,808

6,070

Edison

International

(3)

5.000%

N/A

(4)

BB+

5,494,100

995

Edison

International

(3)

5.375%

N/A

(4)

BB+

917,718

1,565

Electricite

de

France

SA,

144A

(3)

5.250%

N/A

(4)

BBB-

1,549,350

21,680

Emera

Inc

(3)

6.750%

6/15/76

BB+

21,978,100

7,475

NextEra

Energy

Capital

Holdings

Inc

(3)

5.650%

5/01/79

BBB

7,348,523

1,905

Southern

Co/The

4.000%

1/15/51

BBB-

1,810,055

Total

Electric

Utilities

40,952,654

Food

Products

-

4.8%

(3.0%

of

Total

Investments)

2,145

Dairy

Farmers

of

America

Inc,

144A

7.125%

N/A

(4)

BB+

2,102,100

7,435

Land

O'

Lakes

Inc,

144A

(3)

7.000%

N/A

(4)

BB

7,550,243

3,860

Land

O'

Lakes

Inc,

144A

(3)

7.250%

N/A

(4)

BB

4,024,050

28,560

Land

O'

Lakes

Inc,

144A

(3)

8.000%

N/A

(4)

BB

29,916,600

Total

Food

Products

43,592,993

Independent

Power

Producers

&

Energy

Traders

-

1.8%

(1.2%

of

Total

Investments)

2,200

AES

Andes

SA,

144A

(3)

7.125%

3/26/79

BB

2,134,022

4,775

AES

Andes

SA,

144A

6.350%

10/07/79

BB

4,584,048

8,525

Vistra

Corp,

144A

(5)

8.000%

N/A

(4)

Ba3

8,578,281

1,550

Vistra

Corp,

144A

7.000%

N/A

(4)

Ba3

1,507,375

Total

Independent

Power

Producers

&

Energy

Traders

16,803,726

3

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Industrial

Conglomerates

-

0.9%

(0.6%

of

Total

Investments)

$

9,026

General

Electric

Co

(3-Month

LIBOR

reference

rate

+

3.330%

spread)

(3),(5),(6)

4.156%

N/A

(4)

BBB-

$

8,528,397

Total

Industrial

Conglomerates

8,528,397

Insurance

-

13.5%

(8.6%

of

Total

Investments)

1,615

Aegon

NV

5.500%

4/11/48

Baa1

1,653,938

1,550

American

International

Group

Inc

(3)

5.750%

4/01/48

BBB-

1,498,912

10,404

Assurant

Inc

(3),(5)

7.000%

3/27/48

BB+

10,741,714

11,519

Assured

Guaranty

Municipal

Holdings

Inc,

144A

(3),(5)

6.400%

12/15/66

BBB+

11,651,469

2,465

AXIS

Specialty

Finance

LLC

(3)

4.900%

1/15/40

BBB

2,292,450

5,720

Enstar

Finance

LLC

5.500%

1/15/42

BB+

5,319,600

2,395

Enstar

Finance

LLC

5.750%

9/01/40

BB+

2,355,756

1,485

Legal

&

General

Group

PLC

5.250%

3/21/47

A3

1,483,144

5,075

Markel

Corp

6.000%

N/A

(4)

BBB-

5,189,187

11,660

MetLife

Capital

Trust

IV,

144A

(3)

7.875%

12/15/37

BBB

13,234,100

1,790

MetLife

Inc

3.850%

N/A

(4)

BBB

1,704,617

8,088

MetLife

Inc,

144A

9.250%

4/08/38

BBB

9,993,714

1,430

MetLife

Inc

5.875%

N/A

(4)

BBB

1,414,077

575

Nationwide

Financial

Services

Capital

Trust

7.899%

3/01/37

Baa2

681,375

9,550

Nationwide

Financial

Services

Inc

(3)

6.750%

5/15/37

Baa2

10,254,312

2,485

PartnerRe

Finance

B

LLC

(3)

4.500%

10/01/50

Baa1

2,323,475

7,281

Provident

Financing

Trust

I

(3)

7.405%

3/15/38

BB+

8,309,441

745

Prudential

Financial

Inc

3.700%

10/01/50

BBB+

652,449

1,190

Prudential

Financial

Inc

(5)

5.125%

3/01/52

BBB+

1,157,275

2,960

QBE

Insurance

Group

Ltd,

144A

(3)

5.875%

N/A

(4)

Baa2

2,974,800

9,055

QBE

Insurance

Group

Ltd,

144A

(3)

7.500%

11/24/43

Baa1

9,406,129

1,215

QBE

Insurance

Group

Ltd

(3)

6.750%

12/02/44

BBB

1,255,630

10,685

SBL

Holdings

Inc,

144A

(3)

7.000%

N/A

(4)

BB

9,589,787

9,700

SBL

Holdings

Inc,

144A

(5)

6.500%

N/A

(4)

BB

8,511,750

Total

Insurance

123,649,101

Media

-

0.3%

(0.2%

of

Total

Investments)

3,110

Paramount

Global

6.375%

3/30/62

Baa3

3,014,103

Total

Media

3,014,103

Multi-Utilities

-

2.2%

(1.4%

of

Total

Investments)

2,125

Algonquin

Power

&

Utilities

Corp

(3)

4.750%

1/18/82

BB+

1,943,249

6,420

CenterPoint

Energy

Inc

6.125%

N/A

(4)

BBB-

6,177,452

610

CMS

Energy

Corp

4.750%

6/01/50

BBB-

585,600

3,400

Dominion

Energy

Inc

4.350%

N/A

(4)

BBB-

3,105,220

1,320

NiSource

Inc

5.650%

N/A

(4)

BBB-

1,273,800

3,005

Sempra

Energy

4.125%

4/01/52

BBB-

2,640,799

4,750

Sempra

Energy

4.875%

N/A

(4)

BBB-

4,678,750

Total

Multi-Utilities

20,404,870

Oil,

Gas

&

Consumable

Fuels

-

2.2%

(1.4%

of

Total

Investments)

5,765

Enbridge

Inc

5.750%

7/15/80

BBB-

5,721,763

2,578

Enbridge

Inc

5.500%

7/15/77

BBB-

2,469,496

1,540

Enbridge

Inc

(3)

6.000%

1/15/77

BBB-

1,547,040

3,320

Energy

Transfer

LP

(3)

6.500%

N/A

(4)

BB

3,154,365

1,735

MPLX

LP

(3)

6.875%

N/A

(4)

BB+

1,698,565

1,400

Transcanada

Trust

5.500%

9/15/79

BBB

1,347,500

3,930

Transcanada

Trust

5.600%

3/07/82

BBB

3,802,275

Total

Oil,

Gas

&

Consumable

Fuels

19,741,004

Nuveen

Preferred

&

Income

Opportunities

Fund

(continued)

Portfolio

of

Investments

April

30,

2022

(Unaudited)

4

JPC

Principal

Amount

(000)

/

Shares

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Trading

Companies

&

Distributors

-

2.5%

(1.6%

of

Total

Investments)

$

7,560

AerCap

Global

Aviation

Trust,

144A

(3)

6.500%

6/15/45

BB+

$

7,333,200

3,205

AerCap

Holdings

NV

5.875%

10/10/79

BB+

3,004,688

4,180

Air

Lease

Corp

(3)

4.650%

N/A

(4)

BB+

3,762,000

8,474

ILFC

E-Capital

Trust

I,

144A

4.300%

12/21/65

BB+

6,779,200

1,960

ILFC

E-Capital

Trust

I,

144A

4.050%

12/21/65

B+

1,528,800

Total

Trading

Companies

&

Distributors

22,407,888

U.S.

Agency

-

0.9%

(0.6%

of

Total

Investments)

5,835

Farm

Credit

Bank

of

Texas,

144A

(3)

6.200%

N/A

(4)

BBB+

6,126,750

2,420

Farm

Credit

Bank

of

Texas,

144A

(3)

5.700%

N/A

(4)

Baa1

2,516,800

Total

U.S.

Agency

8,643,550

Wireless

Telecommunication

Services

-

0.8%

(0.5%

of

Total

Investments)

6,644

Vodafone

Group

PLC

7.000%

4/04/79

BB+

7,016,263

Total

Wireless

Telecommunication

Services

7,016,263

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$757,881,696)

734,492,005

Principal

Amount

(000)

Description

(1)

,(7)

Coupon

Maturity

Ratings

(2)

Value

X

388,300,009

CONTINGENT

CAPITAL

SECURITIES

-

42.5%

(27.0%

of

Total

Investments)

X

388,300,009

Banks

-

31.2%

(19.8%

of

Total

Investments)

$

2,025

Australia

&

New

Zealand

Banking

Group

Ltd/United

Kingdom,

144A

(3)

6.750%

N/A

(4)

Baa2

$

2,121,187

3,805

Banco

Bilbao

Vizcaya

Argentaria

SA

(3)

6.125%

N/A

(4)

Ba2

3,533,894

5,975

Banco

Bilbao

Vizcaya

Argentaria

SA

(5)

6.500%

N/A

(4)

Ba2

5,788,281

4,700

Banco

Mercantil

del

Norte

SA/Grand

Cayman,

144A

7.500%

N/A

(4)

Ba2

4,505,185

3,120

Banco

Mercantil

del

Norte

SA/Grand

Cayman,

144A

(3)

7.625%

N/A

(4)

Ba2

3,088,800

5,600

Banco

Santander

SA

(3)

7.500%

N/A

(4)

Ba1

5,638,640

4,905

Banco

Santander

SA

4.750%

N/A

(4)

Ba1

4,332,679

19,365

Barclays

PLC

(5)

7.750%

N/A

(4)

BBB-

19,534,444

6,440

Barclays

PLC

6.125%

N/A

(4)

BBB-

6,315,193

1,220

Barclays

PLC

4.375%

N/A

(4)

BBB-

1,017,175

14,810

Barclays

PLC

(5)

8.000%

N/A

(4)

BBB-

15,263,556

13,145

BNP

Paribas

SA,

144A

(5)

6.625%

N/A

(4)

BBB

13,241,464

13,810

BNP

Paribas

SA,

144A

(5)

7.375%

N/A

(4)

BBB

14,374,967

1,000

BNP

Paribas

SA,

144A

7.000%

N/A

(4)

BBB

1,030,000

7,445

Credit

Agricole

SA,

144A

(5)

8.125%

N/A

(4)

BBB

8,003,375

7,754

Credit

Agricole

SA,

144A

7.875%

N/A

(4)

BBB

7,947,850

5,100

Credit

Suisse

Group

AG,

144A

5.250%

N/A

(4)

BB+

4,481,625

1,815

Danske

Bank

A/S

6.125%

N/A

(4)

BBB-

1,792,312

1,840

Danske

Bank

A/S

4.375%

N/A

(4)

BBB-

1,660,600

1,600

Danske

Bank

A/S

(3)

7.000%

N/A

(4)

BBB-

1,589,619

7,010

HSBC

Holdings

PLC

(3)

6.375%

N/A

(4)

BBB

6,985,465

21,344

HSBC

Holdings

PLC

(5)

6.375%

N/A

(4)

BBB

21,435,352

21,850

HSBC

Holdings

PLC

(3),(5)

6.000%

N/A

(4)

BBB

20,976,000

4,585

ING

Groep

NV

6.500%

N/A

(4)

BBB

4,573,537

9,280

ING

Groep

NV

5.750%

N/A

(4)

BBB

8,908,800

12,425

ING

Groep

NV,

Reg

S

(3)

6.750%

N/A

(4)

BBB

12,487,125

3,805

Intesa

Sanpaolo

SpA,

144A

(3)

7.700%

N/A

(4)

BB-

3,833,537

14,395

Lloyds

Banking

Group

PLC

(5)

7.500%

N/A

(4)

Baa3

14,792,302

11,190

Lloyds

Banking

Group

PLC

(3),(5)

7.500%

N/A

(4)

Baa3

11,413,800

3,350

Macquarie

Bank

Ltd/London,

144A

6.125%

N/A

(4)

BB+

3,226,050

9,649

NatWest

Group

PLC

(3)

6.000%

N/A

(4)

BBB-

9,509,572

7,440

NatWest

Group

PLC

8.000%

N/A

(4)

BBB-

7,830,600

3,985

Nordea

Bank

Abp,

144A

6.625%

N/A

(4)

BBB+

4,034,812

1,975

Societe

Generale

SA,

144A

8.000%

N/A

(4)

BB

2,058,543

2,066

Societe

Generale

SA,

144A

(3)

6.750%

N/A

(4)

BB

1,970,481

5

Principal

Amount

(000)

Description

(1),(7)

Coupon

Maturity

Ratings

(2)

Value

Banks

(continued)

$

6,536

Societe

Generale

SA,

144A

7.875%

N/A

(4)

BB+

$

6,688,978

2,820

Societe

Generale

SA,

144A

4.750%

N/A

(4)

BB+

2,500,310

5,406

Standard

Chartered

PLC,

144A

6.000%

N/A

(4)

BBB-

5,372,213

5,300

Standard

Chartered

PLC,

144A

4.300%

N/A

(4)

BBB-

4,385,750

2,010

Standard

Chartered

PLC,

144A

7.750%

N/A

(4)

BBB-

2,060,793

3,820

UniCredit

SpA,

Reg

S

(3)

8.000%

N/A

(4)

BB-

3,849,452

285,715

Total

Banks

284,154,318

Capital

Markets

-

11.3%

(7.2%

of

Total

Investments)

8,090

Credit

Suisse

Group

AG,

144A

6.375%

N/A

(4)

BB+

7,615,845

6,925

Credit

Suisse

Group

AG,

144A

7.500%

N/A

(4)

BB+

6,929,778

8,750

Credit

Suisse

Group

AG,

144A

(5)

7.500%

N/A

(4)

BB+

8,665,125

10,229

Credit

Suisse

Group

AG,

144A

(3),(5)

7.250%

N/A

(4)

BB+

9,975,321

18,020

Deutsche

Bank

AG

(3)

6.000%

N/A

(4)

BB-

16,758,600

15,645

UBS

Group

AG

(3)

7.000%

N/A

(4)

BBB

15,938,657

15,780

UBS

Group

AG

(3)

6.875%

N/A

(4)

BBB

15,977,250

13,430

UBS

Group

AG,

144A

(3)

7.000%

N/A

(4)

BBB

13,648,238

2,800

UBS

Group

AG

5.125%

N/A

(4)

BBB

2,688,000

2,940

UBS

Group

AG,

144A

4.875%

N/A

(4)

BBB

2,690,100

3,755

UBS

Group

AG,

144A

3.875%

N/A

(4)

BBB

3,258,777

106,364

Total

Capital

Markets

104,145,691

Total

Contingent

Capital

Securities

(cost

$403,683,109)

388,300,009

Shares

Description

(1)

Coupon

Ratings

(2)

Value

X

274,543,964

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

30.0%

(19.1%

of

Total

Investments)

X

274,543,964

Banks

-

8.0%

(5.1%

of

Total

Investments)

63,000

Bank

of

America

Corp

4.375%

BBB+

$

1,157,940

93,724

CoBank

ACB

(5),(8)

6.200%

BBB+

9,747,296

127,675

CoBank

ACB

(8)

6.250%

BBB+

12,831,337

165,500

Farm

Credit

Bank

of

Texas

(3),(5),(8)

6.750%

Baa1

17,087,875

221,181

Fifth

Third

Bancorp

(3)

6.625%

Baa3

5,726,376

152,267

FNB

Corp/PA

(3)

7.250%

Ba1

3,911,739

138,275

KeyCorp

6.125%

Baa3

3,693,325

219,461

Regions

Financial

Corp

(3)

6.375%

Baa3

5,640,148

61,900

Regions

Financial

Corp

5.700%

Baa3

1,501,075

91,115

Synovus

Financial

Corp

5.875%

BB-

2,329,811

66,100

Truist

Financial

Corp

4.750%

Baa2

1,342,491

68,200

Wells

Fargo

&

Co

4.750%

Baa2

1,326,490

141,500

Western

Alliance

Bancorp

(3)

4.250%

Ba1

3,108,755

160,747

Wintrust

Financial

Corp

6.875%

BB

4,274,263

Total

Banks

73,678,921

Capital

Markets

-

3.7%

(2.4%

of

Total

Investments)

57,993

Goldman

Sachs

Group

Inc/The

5.500%

BB+

1,475,342

203,611

Morgan

Stanley

(5)

5.850%

Baa3

5,137,105

110,293

Morgan

Stanley

6.875%

Baa3

2,867,618

100,352

Morgan

Stanley

6.375%

Baa3

2,612,163

534,260

Morgan

Stanley

(3)

7.125%

Baa3

13,960,214

90,333

Stifel

Financial

Corp

(3)

6.125%

BB-

2,270,972

228,112

Stifel

Financial

Corp

(3)

6.250%

BB-

5,759,828

Total

Capital

Markets

34,083,242

Consumer

Finance

-

0.5%

(0.3%

of

Total

Investments)

84,573

Capital

One

Financial

Corp

(3)

5.000%

Baa3

1,757,427

132,414

Synchrony

Financial

(3)

5.625%

BB-

2,738,322

Total

Consumer

Finance

4,495,749

Nuveen

Preferred

&

Income

Opportunities

Fund

(continued)

Portfolio

of

Investments

April

30,

2022

(Unaudited)

6

JPC

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

Diversified

Financial

Services

-

1.7%

(1.1%

of

Total

Investments)

74,600

AgriBank

FCB

(5),(8)

6.875%

BBB+

$

7,795,700

114,400

Equitable

Holdings

Inc

5.250%

BBB-

2,489,344

204,839

Voya

Financial

Inc

5.350%

BBB-

5,049,281

Total

Diversified

Financial

Services

15,334,325

Diversified

Telecommunication

Services

-

0.5%

(0.3%

of

Total

Investments)

52,800

AT&T

Inc

(3)

4.750%

BBB-

1,024,848

169,674

Qwest

Corp

6.750%

BBB-

3,807,485

Total

Diversified

Telecommunication

Services

4,832,333

Equity

Real

Estate

Investment

Trusts

(Reits)

-

1.0%

(0.6%

of

Total

Investments)

113,302

Pebblebrook

Hotel

Trust

6.375%

N/R

2,520,969

122,210

Pebblebrook

Hotel

Trust

5.700%

N/R

2,380,651

63,800

Summit

Hotel

Properties

Inc

5.875%

N/R

1,411,256

116,627

Sunstone

Hotel

Investors

Inc

6.125%

N/R

2,659,096

Total

Equity

Real

Estate

Investment

Trusts

(Reits)

8,971,972

Food

Products

-

2.9%

(1.9%

of

Total

Investments)

345,175

CHS

Inc

7.100%

N/R

9,129,879

334,672

CHS

Inc

6.750%

N/R

8,862,114

229,411

CHS

Inc

(3)

7.875%

N/R

6,297,332

23,900

Dairy

Farmers

of

America

Inc

(8),(9)

7.875%

BB+

2,407,925

Total

Food

Products

26,697,250

Insurance

-

8.0%

(5.1%

of

Total

Investments)

366,279

American

Equity

Investment

Life

Holding

Co

(5)

5.950%

BB

9,043,428

165,974

American

Equity

Investment

Life

Holding

Co

6.625%

BB

4,297,067

277,612

Argo

Group

US

Inc

(3)

6.500%

BBB-

6,837,583

357,481

Aspen

Insurance

Holdings

Ltd

5.950%

BB+

8,754,710

107,800

Aspen

Insurance

Holdings

Ltd

5.625%

BB+

2,510,662

82,800

Assurant

Inc

5.250%

BB+

1,810,008

236,052

Athene

Holding

Ltd

6.375%

BBB

6,227,052

411,533

Athene

Holding

Ltd

(3)

6.350%

BBB

10,473,515

63,400

Delphi

Financial

Group

Inc

(8),(9)

3.696%

BBB

1,299,700

365,346

Enstar

Group

Ltd

(3)

7.000%

BB+

9,389,392

219,645

Maiden

Holdings

North

America

Ltd

7.750%

N/R

4,480,758

157,800

Reinsurance

Group

of

America

Inc

(5)

5.750%

BBB+

4,080,708

113,445

Reinsurance

Group

of

America

Inc

(3),(5)

6.200%

BBB+

2,883,772

46,100

Selective

Insurance

Group

Inc

4.600%

BBB-

890,652

Total

Insurance

72,979,007

Multi-Utilities

-

0.1%

(0.1%

of

Total

Investments)

35,674

Algonquin

Power

&

Utilities

Corp

6.200%

BB+

913,254

Total

Multi-Utilities

913,254

Oil,

Gas

&

Consumable

Fuels

-

1.7%

(1.1%

of

Total

Investments)

60,200

Energy

Transfer

LP

7.600%

BB

1,456,840

235,591

NuStar

Energy

LP

7.625%

B2

5,055,783

212,148

NuStar

Energy

LP

7.592%

B2

5,091,552

156,195

NuStar

Logistics

LP

8.020%

B

3,950,171

Total

Oil,

Gas

&

Consumable

Fuels

15,554,346

Thrifts

&

Mortgage

Finance

-

1.2%

(0.7%

of

Total

Investments)

75,580

Federal

Agricultural

Mortgage

Corp

6.000%

N/R

1,987,754

337,570

New

York

Community

Bancorp

Inc

(3)

6.375%

Ba2

8,682,300

Total

Thrifts

&

Mortgage

Finance

10,670,054

7

Investments

in

Derivatives

Part

F

of

Form

N-PORT

was

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”)

and

in

conformity

with

the

applicable

rules

and

regulations

of

the

U.S.

Securities

and

Exchange

Commission

(“SEC”)

related

to

interim

filings.

Part

F

of

Form

N-PORT

does

not

include

all

information

and

footnotes

required

by

U.S.

GAAP

for

complete

financial

statements.

Certain

footnote

disclosures

normally

included

in

financial

statements

prepared

in

accordance

with

U.S.

GAAP

have

been

condensed

or

omitted

from

this

report

pursuant

to

the

rules

of

the

SEC.

For

a

full

set

of

the

Fund’s

notes

to

financial

statements,

please

refer

to

the

Fund’s

most

recently

filed

annual

or

semi-annual

report.

Fair

Value

Measurements

Shares  

Description

(1)

Coupon

Ratings

(2)

Value

Trading

Companies

&

Distributors

-

0.5%

(0.3%

of

Total

Investments)

167,841

Air

Lease

Corp

6.150%

BB+

$

4,196,025

Total

Trading

Companies

&

Distributors

4,196,025

Wireless

Telecommunication

Services

-

0.2%

(0.1%

of

Total

Investments)

98,638

United

States

Cellular

Corp

6.250%

BB+

2,137,486

Total

Wireless

Telecommunication

Services

2,137,486

Total

$25

Par

(or

similar)

Retail

Preferred

(cost

$280,279,811)

274,543,964

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

X

12,909,272

CORPORATE

BONDS

-

1.4%

(0.9%

of

Total

Investments)

X

12,909,272

Banks

-

0.1%

(0.1%

of

Total

Investments)

$

1,180

Commerzbank

AG,

144A

8.125%

9/19/23

Baa3

$

1,228,142

Insurance

-

1.3%

(0.8%

of

Total

Investments)

2,575

Fidelis

Insurance

Holdings

Ltd,

144A

6.625%

4/01/41

BB+

2,589,162

7,117

Liberty

Mutual

Group

Inc,

144A

(3)

7.800%

3/15/37

Baa3

9,091,968

9,692

Total

Insurance

11,681,130

$

10,872

Total

Corporate

Bonds

(cost

$10,728,321)

12,909,272

Total

Long-Term

Investments

(cost

$1,452,572,937)

1,410,245,250

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

 3.2% (2.0%

of

Total

Investments)

X

28,817,957

REPURCHASE

AGREEMENTS

-

3.2%

(2.0%

of

Total

Investments)

X

28,817,957

$

28,818

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

4/30/22,

repurchase

price

$28,817,957,

collateralized

by

$34,194,800,

U.S.

Treasury

Bond,

2.250%,

due

8/15/46,

value

$29,394,373

0.000%

5/02/22

$

28,817,957

Total

Short-Term

Investments

(cost

$28,817,957)

28,817,957

Total

Investments

(cost

$

1,481,390,894

)

-

157

.4

%

1,439,063,207

Borrowings

-

(47.4)%

(10),(11)

(

433,400,000

)

Reverse

Repurchase

Agreements,

including

accrued

interest

-

(11.2)%(12)

(

102,001,984

)

Other

Assets

Less

Liabilities

-

1.2%

(13)

10,664,594

Net

Assets

Applicable

to

Common

Shares

-

100%

$

914,325,817

Interest

Rate

Swaps

-

OTC

Uncleared

Counterparty

Notional

Amount

Fund

Pay/Receive

Floating

Rate

Floating

Rate

Index

FixedRate

Fixed

Rate

Payment

Frequency

Effective

Date

Optional

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

$

4,996,514

$

4,996,514

Morgan

Stanley

Capital

Services,

LLC

48,000,000

Receive

1-Month

LIBOR

2.364%

Monthly

6/01/18

7/01/25

7/01/28

326,917

326,917

Total

unrealized

appreciation

on

interest

rate

swaps

$

5,323,431

Nuveen

Preferred

&

Income

Opportunities

Fund

(continued)

Portfolio

of

Investments

April

30,

2022

(Unaudited)

8

JPC

The

Fund’s

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Board

of

Directors/

Trustees.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

The

following

table

summarizes

the

market

value

of

the

Fund's

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

$1,000

Par

(or

similar)

Institutional

Preferred

$

–

$

734,492,005

$

–

$

734,492,005

Contingent

Capital

Securities

–

388,300,009

–

388,300,009

$25

Par

(or

similar)

Retail

Preferred

223,374,131

51,169,833

–

274,543,964

Corporate

Bonds

–

12,909,272

–

12,909,272

Short-Term

Investments:

Repurchase

Agreements

–

28,817,957

–

28,817,957

Investments

in

Derivatives:

Interest

Rate

Swaps*

–

5,323,431

–

5,323,431

Total

$

223,374,131

$

1,221,012,507

$

–

$

1,444,386,638

*

Represents

net

unrealized

appreciation

(depreciation).

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(2)

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

of

Standard

&

Poor’s

Group

(“Standard

&

Poor’s”),

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

or

Fitch,

Inc.

(“Fitch”)

rating.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Ratings

below

BBB

by

Standard

&

Poor’s,

Baa

by

Moody’s

or

BBB

by

Fitch

are

considered

to

be

below

investment

grade.

Holdings

designated

N/R

are

not

rated

by

any

of

these

national

rating

agencies.

(3)

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

$312,594,796

have

been

pledged

as

collateral

for

reverse

repurchase

agreements.

(4)

Perpetual

security.

Maturity

date

is

not

applicable.

(5)

Investment,

or

portion

of

investment,

is

hypothecated.

The

total

value

of

investments

hypothecated

as

of

the

end

of

the

reporting

period

was

$334,134,589.

(6)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(7)

Contingent

Capital

Securities

(“CoCos”)

are

hybrid

securities

with

loss

absorption

characteristics

built

into

the

terms

of

the

security

for

the

benefit

of

the

issuer.

For

example,

the

terms

may

specify

an

automatic

write-down

of

principal

or

a

mandatory

conversion

into

the

issuer’s

common

stock

under

certain

adverse

circumstances,

such

as

the

issuer’s

capital

ratio

falling

below

a

specified

level.

(8)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

2.

(9)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(10)

Borrowings

as

a

percentage

of

Total

investments

is

30.1%.

(11)

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

$948,057,774

have

been

pledged

as

collateral

for

borrowings.

(12)

Reverse

Repurchase

Agreements,

including

accrued

interest

as

a

percentage

of

Total

investments

is

7.1%.

(13)

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.

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.