1
Nuveen
Preferred
&
Income
Opportunities
Fund
Portfolio
of
Investments
October
31,
2022
(Unaudited)
JPC
Principal
Amount
(000)
/
Shares
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
LONG-TERM
INVESTMENTS
-
158.7%
(99.2%
of
Total
Investments)
X
659,123,291
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
81.2%
(50.7%
of
Total
Investments)
X
659,123,291
Automobiles
-
2.3%
$
7,485
General
Motors
Financial
Co
Inc
5.700%
N/A
(3)
BB+
$
6,362,250
14,640
General
Motors
Financial
Co
Inc
(4)
5.750%
N/A
(3)
BB+
12,003,336
22,125
Total
Automobiles
18,365,586
Banks
-
32.3%
1,415
Bank
of
America
Corp
6.100%
N/A
(3)
BBB+
1,365,475
5,560
Bank
of
America
Corp
(4)
6.300%
N/A
(3)
BBB+
5,421,334
3,540
Bank
of
America
Corp
6.250%
N/A
(3)
BBB+
3,445,969
3,685
Bank
of
America
Corp
4.375%
N/A
(3)
BBB+
2,957,212
16,125
Bank
of
America
Corp
(4)
6.500%
N/A
(3)
BBB+
16,004,062
9,981
Citigroup
Inc
5.950%
N/A
(3)
BBB-
9,034,597
1,820
Citigroup
Inc
4.150%
N/A
(3)
BBB-
1,421,594
6,290
Citigroup
Inc
(4)
5.000%
N/A
(3)
BBB-
5,596,213
16,055
Citigroup
Inc
(4)
6.250%
N/A
(3)
BBB-
15,494,680
13,145
Citigroup
Inc
6.300%
N/A
(3)
BBB-
12,257,712
2,015
Citizens
Financial
Group
Inc
(4)
4.000%
N/A
(3)
BB+
1,593,898
1,685
Citizens
Financial
Group
Inc
6.375%
N/A
(3)
BB+
1,536,305
8,820
CoBank
ACB
6.450%
N/A
(3)
BBB+
8,555,462
3,150
CoBank
ACB
(4)
6.250%
N/A
(3)
BBB+
3,008,250
1,900
Fifth
Third
Bancorp
(4)
4.500%
N/A
(3)
Baa3
1,742,934
14,985
First
Citizens
BancShares
Inc/NC
(3-Month
LIBOR
reference
rate
+
3.972%
spread)
(5),(6)
7.265%
N/A
(3)
BB-
14,816,419
925
Goldman
Sachs
Group
Inc/The
3.800%
N/A
(3)
BBB-
711,045
910
Goldman
Sachs
Group
Inc/The
4.400%
N/A
(3)
BB+
746,783
2,314
HSBC
Capital
Funding
Dollar
1
LP,
144A
10.176%
N/A
(3)
BBB
2,837,015
8,525
Huntington
Bancshares
Inc/OH
5.625%
N/A
(3)
Baa3
7,747,916
24,555
JPMorgan
Chase
&
Co
(4),(6)
6.750%
N/A
(3)
BBB+
24,555,000
7,275
JPMorgan
Chase
&
Co
5.000%
N/A
(3)
BBB+
6,702,458
2,660
JPMorgan
Chase
&
Co
(4)
6.100%
N/A
(3)
BBB+
2,604,326
4,280
JPMorgan
Chase
&
Co
3.650%
N/A
(3)
BBB+
3,541,486
2,485
KeyCorp
5.000%
N/A
(3)
Baa3
2,176,494
1,440
M&T
Bank
Corp
(4)
3.500%
N/A
(3)
Baa2
1,066,866
1,880
M&T
Bank
Corp
5.125%
N/A
(3)
Baa2
1,638,765
6,970
M&T
Bank
Corp
(4)
6.450%
N/A
(3)
Baa2
6,728,151
4,245
PNC
Financial
Services
Group
Inc/The
6.000%
N/A
(3)
Baa2
3,937,238
2,835
PNC
Financial
Services
Group
Inc/The
3.400%
N/A
(3)
Baa2
2,115,619
1,922
PNC
Financial
Services
Group
Inc/The
5.000%
N/A
(3)
Baa2
1,645,654
1,740
PNC
Financial
Services
Group
Inc/The
6.200%
N/A
(3)
Baa2
1,648,128
16,977
PNC
Financial
Services
Group
Inc/The
(3-Month
LIBOR
reference
rate
+
3.678%
spread)
(4),(5)
3.804%
N/A
(3)
Baa2
16,934,201
4,290
Regions
Financial
Corp
5.750%
N/A
(3)
Baa3
4,161,300
785
SVB
Financial
Group
4.700%
N/A
(3)
Baa2
523,987
875
SVB
Financial
Group
4.100%
N/A
(3)
Baa2
537,893
3,290
SVB
Financial
Group
4.000%
N/A
(3)
Baa2
2,302,328
17,735
Truist
Financial
Corp
(6)
4.800%
N/A
(3)
Baa2
15,921,596
1,930
Truist
Financial
Corp
(3-Month
LIBOR
reference
rate
+
3.102%
spread)
(5)
6.395%
N/A
(3)
Baa2
1,872,100
4,690
Truist
Financial
Corp
5.100%
N/A
(3)
Baa2
4,104,094
13,625
Wells
Fargo
&
Co
(4),(6)
5.875%
N/A
(3)
Baa2
13,080,000
6,490
Wells
Fargo
&
Co
5.900%
N/A
(3)
Baa2
5,885,619
11,747
Wells
Fargo
&
Co
(4)
3.900%
N/A
(3)
Baa2
9,973,203
1,385
Wells
Fargo
&
Co
(4)
7.950%
11/15/29
Baa1
1,516,540
1,105
Zions
Bancorp
NA
5.800%
N/A
(3)
BB+
1,044,225
Nuveen
Preferred
&
Income
Opportunities
Fund
(continued)
Portfolio
of
Investments
October
31,
2022
(Unaudited)
2
JPC
Principal
Amount
(000)
/
Shares
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Banks
(continued)
$
9,666
Zions
Bancorp
NA
7.200%
N/A
(3)
BB+
$
9,714,330
279,722
Total
Banks
262,226,476
Capital
Markets
-
3.5%
2,040
Bank
of
New
York
Mellon
Corp/The
4.700%
N/A
(3)
Baa1
1,953,300
7,425
Charles
Schwab
Corp/The
(6)
5.375%
N/A
(3)
BBB
7,248,656
1,825
Charles
Schwab
Corp/The
(4)
4.000%
N/A
(3)
BBB
1,500,424
9,704
Goldman
Sachs
Group
Inc/The
5.500%
N/A
(3)
BBB-
9,213,560
7,411
Goldman
Sachs
Group
Inc/The
5.300%
N/A
(3)
BBB-
6,964,043
1,555
Goldman
Sachs
Group
Inc/The
4.125%
N/A
(3)
BBB-
1,220,675
29,960
Total
Capital
Markets
28,100,658
Communications
Equipment
-
0.2%
2,315
Vodafone
Group
PLC
(4)
4.125%
6/04/81
BB+
1,641,937
Consumer
Finance
-
2.2%
6,365
Ally
Financial
Inc
4.700%
N/A
(3)
Ba2
4,280,462
6,609
Ally
Financial
Inc
(4)
4.700%
N/A
(3)
Ba2
4,791,525
3,060
American
Express
Co
3.550%
N/A
(3)
Baa2
2,360,025
3,215
Capital
One
Financial
Corp
3.950%
N/A
(3)
Baa3
2,404,949
3,175
Discover
Financial
Services
(4)
6.125%
N/A
(3)
Ba2
3,050,222
1,465
Discover
Financial
Services
5.500%
N/A
(3)
Ba2
1,132,591
23,889
Total
Consumer
Finance
18,019,774
Diversified
Financial
Services
-
4.5%
4,570
American
AgCredit
Corp,
144A
(4)
5.250%
N/A
(3)
BB+
4,181,550
2,590
Capital
Farm
Credit
ACA,
144A
(4)
5.000%
N/A
(3)
BB
2,201,500
12
Compeer
Financial
ACA,
144A
(4)
6.750%
N/A
(3)
BB+
12,474,000
1,100
Compeer
Financial
ACA,
144A
4.875%
N/A
(3)
BB+
970,751
7,470
Equitable
Holdings
Inc
(6)
4.950%
N/A
(3)
BBB-
6,947,100
9,696
Voya
Financial
Inc
(4)
6.125%
N/A
(3)
BBB-
9,453,600
25,438
Total
Diversified
Financial
Services
36,228,501
Electric
Utilities
-
2.6%
2,070
American
Electric
Power
Co
Inc
3.875%
2/15/62
BBB
1,589,454
995
Edison
International
(4)
5.375%
N/A
(3)
BB+
811,821
6,070
Edison
International
(4)
5.000%
N/A
(3)
BB+
4,916,700
1,565
Electricite
de
France
SA,
144A
(4)
5.250%
N/A
(3)
BBB-
1,471,530
11,680
Emera
Inc
(4)
6.750%
6/15/76
BB+
10,887,185
1,905
Southern
Co
4.000%
1/15/51
BBB-
1,656,378
24,285
Total
Electric
Utilities
21,333,068
Food
Products
-
5.0%
2,145
Dairy
Farmers
of
America
Inc,
144A
7.125%
N/A
(3)
BB+
1,994,852
7,435
Land
O'
Lakes
Inc,
144A
(4)
7.000%
N/A
(3)
BB
6,858,787
3,860
Land
O'
Lakes
Inc,
144A
(4)
7.250%
N/A
(3)
BB
3,589,800
28,560
Land
O'
Lakes
Inc,
144A
(4),(6)
8.000%
N/A
(3)
BB
28,203,000
42,000
Total
Food
Products
40,646,439
Independent
Power
And
Renewable
Electricity
Producers
-
0.6%
4,775
AES
Andes
SA,
144A
(6)
6.350%
10/07/79
BB
3,879,463
1,550
Vistra
Corp,
144A
7.000%
N/A
(3)
Ba3
1,371,138
6,325
Total
Independent
Power
And
Renewable
Electricity
Producers
5,250,601
3
Principal
Amount
(000)
/
Shares
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Independent
Power
Producers
&
Energy
Traders
-
1.2%
$
2,200
AES
Andes
SA,
144A
(4)
7.125%
3/26/79
BB
$
1,805,609
8,525
Vistra
Corp,
144A
8.000%
N/A
(3)
Ba3
8,098,750
10,725
Total
Independent
Power
Producers
&
Energy
Traders
9,904,359
Industrial
Conglomerates
-
1.7%
14,026
General
Electric
Co
(3-Month
LIBOR
reference
rate
+
3.330%
spread)
(4),(5),(6)
6.623%
N/A
(3)
BBB-
13,517,558
Insurance
-
14.4%
1,615
Aegon
NV
5.500%
4/11/48
Baa1
1,427,660
1,550
American
International
Group
Inc
(4)
5.750%
4/01/48
BBB-
1,385,281
10,404
Assurant
Inc
(4)
7.000%
3/27/48
Baa3
9,903,984
11,519
Assured
Guaranty
Municipal
Holdings
Inc,
144A
(4)
6.400%
12/15/66
BBB+
10,482,290
2,465
AXIS
Specialty
Finance
LLC
(4)
4.900%
1/15/40
BBB
1,996,650
5,720
Enstar
Finance
LLC
5.500%
1/15/42
BBB-
4,494,433
2,395
Enstar
Finance
LLC
5.750%
9/01/40
BBB-
2,122,885
1,485
Legal
&
General
Group
PLC
,
Reg
S
5.250%
3/21/47
A3
1,306,800
8,710
Markel
Corp
6.000%
N/A
(3)
BBB-
8,339,351
11,660
MetLife
Capital
Trust
IV,
144A
(4)
7.875%
12/15/37
BBB
12,211,527
1,430
MetLife
Inc
5.875%
N/A
(3)
BBB
1,282,769
1,790
MetLife
Inc
3.850%
N/A
(3)
BBB
1,572,942
4,088
MetLife
Inc,
144A
9.250%
4/08/38
BBB
4,692,931
575
Nationwide
Financial
Services
Capital
Trust
(6)
7.899%
3/01/37
Baa2
603,751
9,550
Nationwide
Financial
Services
Inc
(4)
6.750%
5/15/37
Baa2
9,024,750
2,485
PartnerRe
Finance
B
LLC
(4)
4.500%
10/01/50
Baa1
2,029,759
7,488
Provident
Financing
Trust
I
(4)
7.405%
3/15/38
BB+
7,712,640
1,190
Prudential
Financial
Inc
5.125%
3/01/52
BBB+
1,014,677
745
Prudential
Financial
Inc
3.700%
10/01/50
BBB+
579,096
7,593
QBE
Insurance
Group
Ltd
,
Reg
S
6.750%
12/02/44
BBB
7,307,655
9,055
QBE
Insurance
Group
Ltd,
144A
(4)
7.500%
11/24/43
Baa1
9,008,470
2,960
QBE
Insurance
Group
Ltd,
144A
(4)
5.875%
N/A
(3)
Baa2
2,694,645
9,700
SBL
Holdings
Inc,
144A
6.500%
N/A
(3)
BB
7,323,500
10,685
SBL
Holdings
Inc,
144A
(4)
7.000%
N/A
(3)
BB
8,601,425
126,857
Total
Insurance
117,119,871
Media
-
0.3%
3,110
Paramount
Global
6.375%
3/30/62
Baa3
2,629,253
Multi-Utilities
-
2.2%
2,125
Algonquin
Power
&
Utilities
Corp
(4)
4.750%
1/18/82
BB+
1,711,103
7,999
CenterPoint
Energy
Inc
6.125%
N/A
(3)
BBB-
7,512,527
1,210
CMS
Energy
Corp
(4)
4.750%
6/01/50
BBB-
1,003,237
1,320
NiSource
Inc
5.650%
N/A
(3)
BBB-
1,214,400
3,005
Sempra
Energy
4.125%
4/01/52
BBB-
2,261,262
4,750
Sempra
Energy
4.875%
N/A
(3)
BBB-
4,314,601
20,409
Total
Multi-Utilities
18,017,130
Oil,
Gas
&
Consumable
Fuels
-
2.8%
2,578
Enbridge
Inc
5.500%
7/15/77
BBB-
2,212,180
4,075
Enbridge
Inc
7.625%
1/15/83
BBB-
3,918,390
1,540
Enbridge
Inc
(4)
6.000%
1/15/77
BBB-
1,385,748
5,765
Enbridge
Inc
(4)
5.750%
7/15/80
BBB-
5,094,011
3,320
Energy
Transfer
LP
(4)
6.500%
N/A
(3)
BB
2,855,200
630
Energy
Transfer
LP
7.125%
N/A
(3)
BB
522,503
1,735
MPLX
LP
(4)
6.875%
N/A
(3)
BB+
1,691,625
3,015
Transcanada
Trust
5.600%
3/07/82
BBB
2,581,594
3,010
Transcanada
Trust
(4)
5.500%
9/15/79
BBB
2,520,875
25,668
Total
Oil,
Gas
&
Consumable
Fuels
22,782,126
Nuveen
Preferred
&
Income
Opportunities
Fund
(continued)
Portfolio
of
Investments
October
31,
2022
(Unaudited)
4
JPC
Principal
Amount
(000)
/
Shares
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Trading
Companies
&
Distributors
-
3.7%
$
15,493
AerCap
Global
Aviation
Trust,
144A
(4)
6.500%
6/15/45
BB+
$
14,137,363
6,030
AerCap
Holdings
NV
5.875%
10/10/79
BB+
5,425,191
4,180
Air
Lease
Corp
(4)
4.650%
N/A
(3)
BB+
3,483,617
1,960
ILFC
E-Capital
Trust
I,
144A
5.115%
12/21/65
B+
1,195,600
8,474
ILFC
E-Capital
Trust
I,
144A
5.365%
12/21/65
BB+
5,508,100
36,137
Total
Trading
Companies
&
Distributors
29,749,871
U.S.
Agency
-
0.9%
2,420
Farm
Credit
Bank
of
Texas,
144A
(4)
5.700%
N/A
(3)
Baa1
2,163,228
5,835
Farm
Credit
Bank
of
Texas,
144A
(4)
6.200%
N/A
(3)
BBB+
5,115,055
8,255
Total
U.S.
Agency
7,278,283
Wireless
Telecommunication
Services
-
0.8%
6,644
Vodafone
Group
PLC
7.000%
4/04/79
BB+
6,311,800
$
707,890
Total
$1,000
Par
(or
similar)
Institutional
Preferred
(cost
$724,138,059)
659,123,291
Principal
Amount
(000)
Description
(1)
,(7)
Coupon
Maturity
Ratings
(2)
Value
X
400,026,253
CONTINGENT
CAPITAL
SECURITIES
-
49.3%
(30.8%
of
Total
Investments)
X
400,026,253
Banks
-
35.5%
$
2,025
Australia
&
New
Zealand
Banking
Group
Ltd/United
Kingdom,
144A
(4)
6.750%
N/A
(3)
Baa2
$
1,939,358
3,805
Banco
Bilbao
Vizcaya
Argentaria
SA
(4)
6.125%
N/A
(3)
Ba2
2,921,919
12,820
Banco
Bilbao
Vizcaya
Argentaria
SA
6.500%
N/A
(3)
Ba2
11,451,594
3,120
Banco
Mercantil
del
Norte
SA/Grand
Cayman,
144A
(4)
7.625%
N/A
(3)
Ba2
2,561,161
4,700
Banco
Mercantil
del
Norte
SA/Grand
Cayman,
144A
(4)
7.500%
N/A
(3)
Ba2
3,668,660
7,905
Banco
Santander
SA
4.750%
N/A
(3)
Ba1
5,563,763
10,600
Banco
Santander
SA
,
Reg
S(4)
7.500%
N/A
(3)
Ba1
10,039,663
6,440
Barclays
PLC
6.125%
N/A
(3)
BBB-
5,586,700
3,785
Barclays
PLC
8.000%
N/A
(3)
BBB-
3,390,808
19,365
Barclays
PLC
(6)
7.750%
N/A
(3)
BBB-
18,227,306
10,185
Barclays
PLC
8.000%
N/A
(3)
BBB-
9,583,554
13,810
BNP
Paribas
SA,
144A
7.375%
N/A
(3)
BBB
13,382,852
13,145
BNP
Paribas
SA,
144A
6.625%
N/A
(3)
BBB
12,302,301
1,850
BNP
Paribas
SA,
144A
7.750%
N/A
(3)
BBB
1,744,245
1,000
BNP
Paribas
SA,
144A
7.000%
N/A
(3)
BBB
893,180
7,754
Credit
Agricole
SA,
144A
(4)
7.875%
N/A
(3)
BBB
7,702,653
12,445
Credit
Agricole
SA,
144A
8.125%
N/A
(3)
BBB
12,382,775
1,815
Danske
Bank
A/S
,
Reg
S
6.125%
N/A
(3)
BBB-
1,683,209
1,840
Danske
Bank
A/S
,
Reg
S
4.375%
N/A
(3)
BBB-
1,467,400
1,600
Danske
Bank
A/S
,
Reg
S(4)
7.000%
N/A
(3)
BBB-
1,476,218
23,364
HSBC
Holdings
PLC
6.375%
N/A
(3)
BBB
20,793,960
20,270
HSBC
Holdings
PLC
(4),(6)
6.000%
N/A
(3)
BBB
16,422,754
7,585
ING
Groep
NV
6.500%
N/A
(3)
BBB
6,903,116
12,425
ING
Groep
NV
,
Reg
S
6.750%
N/A
(3)
BBB
11,757,156
9,280
ING
Groep
NV
5.750%
N/A
(3)
BBB
7,927,616
3,805
Intesa
Sanpaolo
SpA,
144A
(4)
7.700%
N/A
(3)
BB-
3,293,924
20,395
Lloyds
Banking
Group
PLC
7.500%
N/A
(3)
Baa3
18,916,363
11,980
Lloyds
Banking
Group
PLC
(4)
7.500%
N/A
(3)
Baa3
11,422,616
3,350
Macquarie
Bank
Ltd/London,
144A
6.125%
N/A
(3)
BB+
2,849,580
11,190
NatWest
Group
PLC
8.000%
N/A
(3)
BBB-
10,547,135
9,649
NatWest
Group
PLC
(4)
6.000%
N/A
(3)
Baa3
8,586,645
3,985
Nordea
Bank
Abp,
144A
6.625%
N/A
(3)
BBB+
3,753,769
6,268
Societe
Generale
SA,
144A
8.000%
N/A
(3)
BB
6,172,549
2,820
Societe
Generale
SA,
144A
4.750%
N/A
(3)
BB+
2,167,170
11,536
Societe
Generale
SA,
144A
(6)
7.875%
N/A
(3)
BB+
11,231,582
2,066
Societe
Generale
SA,
144A
(4)
6.750%
N/A
(3)
BB
1,681,201
5
Principal
Amount
(000)
Description
(1),(7)
Coupon
Maturity
Ratings
(2)
Value
Banks
(continued)
$
5,300
Standard
Chartered
PLC,
144A
4.300%
N/A
(3)
BBB-
$
3,484,366
2,010
Standard
Chartered
PLC,
144A
7.750%
N/A
(3)
BBB-
1,986,227
5,406
Standard
Chartered
PLC,
144A
6.000%
N/A
(3)
BBB-
4,924,710
5,500
UniCredit
SpA
,
Reg
S
8.000%
N/A
(3)
BB-
5,135,625
318,193
Total
Banks
287,927,383
Capital
Markets
-
13.4%
18,750
Credit
Suisse
Group
AG,
144A
(6)
7.500%
N/A
(3)
BB-
16,617,188
8,210
Credit
Suisse
Group
AG,
144A
(6)
7.500%
N/A
(3)
BB-
7,429,902
10,229
Credit
Suisse
Group
AG,
144A
(4)
7.250%
N/A
(3)
BB-
8,009,307
3,445
Credit
Suisse
Group
AG,
144A
9.750%
N/A
(3)
BB-
3,273,188
8,090
Credit
Suisse
Group
AG,
144A
6.375%
N/A
(3)
Ba2
6,031,959
20,620
Deutsche
Bank
AG
(4)
6.000%
N/A
(3)
Ba2
16,130,823
17,870
UBS
Group
AG,
144A
(4)
7.000%
N/A
(3)
BBB
17,284,098
15,645
UBS
Group
AG
,
Reg
S(4)
7.000%
N/A
(3)
BBB
15,136,538
3,755
UBS
Group
AG,
144A
3.875%
N/A
(3)
BBB
2,862,061
15,780
UBS
Group
AG
,
Reg
S(4)
6.875%
N/A
(3)
BBB
14,957,988
1,655
UBS
Group
AG,
144A
4.875%
N/A
(3)
BBB
1,320,692
124,049
Total
Capital
Markets
109,053,744
Commercial
Banks
-
0.4%
3,415
HSBC
Holdings
PLC
(4)
6.375%
N/A
(3)
BBB
3,045,126
$
445,657
Total
Contingent
Capital
Securities
(cost
$454,278,723)
400,026,253
Shares
Description
(1)
Coupon
Ratings
(2)
Value
X
224,620,394
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
27.6%
(17.3%
of
Total
Investments)
X
224,620,394
Banks
-
7.6%
93,724
CoBank
ACB
6.200%
BBB+
$
9,372,400
165,500
Farm
Credit
Bank
of
Texas,
144A(4)
6.750%
Baa1
16,343,125
221,181
Fifth
Third
Bancorp(4)
6.625%
Baa3
5,578,185
427,000
KeyCorp
6.200%
Baa3
10,410,260
138,275
KeyCorp
6.125%
Baa3
3,227,338
219,461
Regions
Financial
Corp
6.375%
Baa3
5,420,687
61,900
Regions
Financial
Corp
5.700%
Baa3
1,288,758
91,115
Synovus
Financial
Corp
5.875%
BB-
2,013,641
68,200
Wells
Fargo
&
Co
4.750%
Baa2
1,227,600
141,500
Western
Alliance
Bancorp
4.250%
Ba1
2,830,000
160,747
Wintrust
Financial
Corp
6.875%
BB
4,071,722
Total
Banks
61,783,716
Capital
Markets
-
3.2%
57,993
Goldman
Sachs
Group
Inc/The
5.500%
BB+
1,427,208
203,611
Morgan
Stanley
5.850%
BBB-
4,664,728
115,800
Morgan
Stanley
6.500%
BBB-
2,871,840
100,352
Morgan
Stanley
6.375%
BBB-
2,437,550
110,293
Morgan
Stanley
6.875%
BBB-
2,759,531
484,260
Morgan
Stanley(4)
7.125%
BBB-
12,130,713
Total
Capital
Markets
26,291,570
Consumer
Finance
-
0.5%
84,573
Capital
One
Financial
Corp(4)
5.000%
Baa3
1,567,138
132,414
Synchrony
Financial(4)
5.625%
BB-
2,247,065
Total
Consumer
Finance
3,814,203
Nuveen
Preferred
&
Income
Opportunities
Fund
(continued)
Portfolio
of
Investments
October
31,
2022
(Unaudited)
6
JPC
Shares
Description
(1)
Coupon
Ratings
(2)
Value
Diversified
Financial
Services
-
1.7%
74,600
AgriBank
FCB
6.875%
BBB+
$
7,404,050
114,400
Equitable
Holdings
Inc
5.250%
BBB-
2,130,128
204,839
Voya
Financial
Inc
5.350%
BBB-
4,340,538
Total
Diversified
Financial
Services
13,874,716
Diversified
Telecommunication
Services
-
0.1%
52,800
AT&T
Inc(4)
4.750%
BBB-
914,496
Food
Products
-
2.8%
229,411
CHS
Inc(4)
7.875%
N/R
5,886,686
295,991
CHS
Inc
7.100%
N/R
7,414,575
279,909
CHS
Inc
6.750%
N/R
6,838,177
23,900
Dairy
Farmers
of
America
Inc,
144A
7.875%
BB+
2,282,450
Total
Food
Products
22,421,888
Insurance
-
7.9%
226,000
American
Equity
Investment
Life
Holding
Co
6.625%
BB
5,234,160
460,300
American
Equity
Investment
Life
Holding
Co
5.950%
BB
10,370,559
107,800
Aspen
Insurance
Holdings
Ltd
5.625%
BB+
2,080,540
423,677
Aspen
Insurance
Holdings
Ltd
5.950%
BB+
9,664,072
82,800
Assurant
Inc
5.250%
Baa3
1,559,124
236,052
Athene
Holding
Ltd
6.375%
BBB
5,884,776
411,533
Athene
Holding
Ltd
6.350%
BBB
9,798,601
63,400
Delphi
Financial
Group
Inc
6.095%
BBB
1,394,800
319,645
Enstar
Group
Ltd
7.000%
BBB-
7,025,797
219,645
Maiden
Holdings
North
America
Ltd
7.750%
N/R
3,725,179
116,700
Reinsurance
Group
of
America
Inc
7.125%
BBB+
2,956,011
157,800
Reinsurance
Group
of
America
Inc
5.750%
BBB+
3,706,722
46,100
Selective
Insurance
Group
Inc
4.600%
BBB-
771,484
Total
Insurance
64,171,825
Oil,
Gas
&
Consumable
Fuels
-
1.9%
60,200
Energy
Transfer
LP
7.600%
BB
1,386,406
242,497
NuStar
Energy
LP
9.126%
B2
5,150,636
221,982
NuStar
Energy
LP
10.249%
B2
5,141,103
163,651
NuStar
Logistics
LP
10.813%
B
4,076,547
Total
Oil,
Gas
&
Consumable
Fuels
15,754,692
Thrifts
&
Mortgage
Finance
-
1.1%
71,562
Federal
Agricultural
Mortgage
Corp
6.000%
N/R
1,839,144
337,570
New
York
Community
Bancorp
Inc
6.375%
Ba2
7,220,622
Total
Thrifts
&
Mortgage
Finance
9,059,766
Trading
Companies
&
Distributors
-
0.8%
207,815
Air
Lease
Corp
6.150%
BB+
4,468,022
76,500
WESCO
International
Inc
10.625%
B
2,065,500
Total
Trading
Companies
&
Distributors
6,533,522
Total
$25
Par
(or
similar)
Retail
Preferred
(cost
$243,956,402)
224,620,394
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
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
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
X
5,077,410
CORPORATE
BONDS
-
0.6%
(0.4%
of
Total
Investments)
X
5,077,410
Banks
-
0.1%
$
1,180
Commerzbank
AG,
144A
8.125%
9/19/23
Baa3
$
1,175,729
Insurance
-
0.5%
2,575
Fidelis
Insurance
Holdings
Ltd,
144A
6.625%
4/01/41
BB+
2,439,812
1,328
Liberty
Mutual
Group
Inc,
144A
7.800%
3/15/37
Baa3
1,461,869
3,903
Total
Insurance
3,901,681
$
5,083
Total
Corporate
Bonds
(cost
$5,022,434)
5,077,410
Total
Long-Term
Investments
(cost
$1,427,395,618)
1,288,847,348
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
1.2% (0.8%
of
Total
Investments)
X
9,880,878
REPURCHASE
AGREEMENTS
-
1.2%
(0.8%
of
Total
Investments)
X
9,880,878
$
9,881
Repurchase
Agreement
with
Fixed
Income
Clearing
Corporation,
dated
10/31/22,
repurchase
price
$9,881,106,
collateralized
by
$10,072,600,
U.S.
Treasury
Bond,
4.250%,
due
5/15/39,
value
$10,078,503
0.830%
11/01/22
$
9,880,878
Total
Short-Term
Investments
(cost
$9,880,878)
9,880,878
Total
Investments
(cost
$
1,437,276,496
)
-
159
.9
%
1,298,728,226
Borrowings
-
(30.7)%
(8),(9)
(
249,400,000
)
Reverse
Repurchase
Agreements,
including
accrued
interest
-
(12.6)%(10)
(
102,416,052
)
Taxable
Fund
Preferred
Shares,
net
of
deferred
offering
costs
-
(18.4)%(11)
(
149,324,406
)
Other
Assets
Less
Liabilities
- 1.8%(12)
14,471,638
Net
Assets
Applicable
to
Common
Shares
-
100%
$
812,059,406
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
$
16,674,073
$
16,674,073
Morgan
Stanley
Capital
Services,
LLC
48,000,000
Receive
1-Month
LIBOR
2.364%
Monthly
7/01/19
7/01/26
7/01/28
2,815,483
2,815,483
Total
unrealized
appreciation
on
interest
rate
swaps
$
19,489,556
Nuveen
Preferred
&
Income
Opportunities
Fund
(continued)
Portfolio
of
Investments
October
31,
2022
(Unaudited)
8
JPC
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
$
–
$
659,123,291
$
–
$
659,123,291
Contingent
Capital
Securities
–
400,026,253
–
400,026,253
$25
Par
(or
similar)
Retail
Preferred
187,823,569
36,796,825
–
224,620,394
Corporate
Bonds
–
5,077,410
–
5,077,410
Short-Term
Investments:
Repurchase
Agreements
–
9,880,878
–
9,880,878
Investments
in
Derivatives:
Interest
Rate
Swaps*
–
19,489,556
–
19,489,556
Total
$
187,823,569
$
1,130,394,213
$
–
$
1,318,217,782
*
Represents
net
unrealized
appreciation
(depreciation).
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(2)
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
of
Standard
&
Poor’s
Group
(“Standard
&
Poor’s”),
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
or
Fitch,
Inc.
(“Fitch”)
rating.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Ratings
below
BBB
by
Standard
&
Poor’s,
Baa
by
Moody’s
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
(3)
Perpetual
security.
Maturity
date
is
not
applicable.
(4)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
reverse
repurchase
agreements.
As
of
the
end
of
the
reporting
period,
investments
with
a
value
of
$250,045,601
have
been
pledged
as
collateral
for
reverse
repurchase
agreements.
(5)
Variable
rate
security.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(6)
Investment,
or
portion
of
investment,
is
hypothecated.
The
total
value
of
investments
hypothecated
as
of
the
end
of
the
reporting
period
was
$171,457,932.
(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
19.2%.
(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
$860,977,925
have
been
pledged
as
collateral
for
borrowings.
(10)
Reverse
Repurchase
Agreements,
including
accrued
interest
as
a
percentage
of
Total
investments
is
7.9%.
(11)
Taxable
Fund
Preferred
Shares,
net
of
deferred
offering
costs
as
a
percentage
of
Total
Investments
is
11.5%.
(12)
Other
assets
less
liabilities
includes
the
unrealized
appreciation
(depreciation)
of
certain
over-the-counter
("OTC")
derivatives
as
well
as
the
OTC
cleared
and
exchange-traded
derivatives,
when
applicable.
(13)
Effective
date
represents
the
date
on
which
both
the
Fund
and
counterparty
commence
interest
payment
accruals
on
each
contract.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
LIBOR
London
Inter-Bank
Offered
Rate
N/A
Not
Applicable.
Reg
S
Regulation
S
allows
U.S.
companies
to
sell
securities
to
persons
or
entities
located
outside
of
the
United
States
without
registering
those
securities
with
the
Securities
and
Exchange
Commission.
Specifically,
Regulation
S
provides
a
safe
harbor
from
the
registration
requirements
of
the
Securities
Act
for
the
offers
and
sales
of
securities
by
both
foreign
and
domestic
issuers
that
are
made
outside
the
United
States.