Nuveen Preferred & Income Fund (JPT) NPORT-P Nuveen Preferred and Income Fund (Oct 2023 report)

1

Nuveen

Preferred

and

Income

Fund

Portfolio

of

Investments

October

31,

2023

(Unaudited)

JPT

Principal

Amount

(000)

/Shares

Description

(a)

Coupon

Maturity

Value

LONG-TERM

INVESTMENTS

-

154.8% 

(98.9%

of

Total

Investments)

X

–

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

82

.5

%

(

52

.7

%

of

Total

Investments)

X

64,561,085

Automobiles

&

Components

-

2.2%

$

1,384

General

Motors

Financial

Co

Inc

5.750%

N/A

(b)

$

1,078,893

744

General

Motors

Financial

Co

Inc

5.700%

N/A

(b)

624,784

Total

Automobiles

&

Components

1,703,677

Banks

-

33.6%

550

Bank

of

America

Corp

6.250%

N/A

(b)

540,557

730

Bank

of

America

Corp

6.300%

N/A

(b)

710,301

240

Bank

of

America

Corp

6.100%

N/A

(b)

231,402

365

Bank

of

America

Corp

4.375%

N/A

(b)

294,592

685

Bank

of

America

Corp

6.500%

N/A

(b)

676,015

630

Citigroup

Inc

5.000%

N/A

(b)

596,240

900

Citigroup

Inc

6.250%

N/A

(b)

844,885

490

Citigroup

Inc

7.625%

N/A

(b)

471,842

890

Citigroup

Inc

6.300%

N/A

(b)

863,045

420

Citigroup

Inc

4.150%

N/A

(b)

327,018

240

Citigroup

Inc

7.375%

N/A

(b)

228,907

1,337

Citigroup

Inc

5.950%

N/A

(b)

1,271,154

444

Citizens

Financial

Group

Inc

6.375%

N/A

(b)

361,040

880

CoBank

ACB

6.450%

N/A

(b)

817,466

833

CoBank

ACB

6.250%

N/A

(b)

784,980

615

Farm

Credit

Bank

of

Texas,

144A

6.200%

N/A

(b)

550,425

640

Farm

Credit

Bank

of

Texas,

144A

5.700%

N/A

(b)

598,400

200

Fifth

Third

Bancorp

4.500%

N/A

(b)

170,008

50

(c)

Fifth

Third

Bancorp

(TSFR3M

reference

rate

+

3.295%

spread)

8.689%

N/A

(b)

45,094

925

(c)

First

Citizens

BancShares

Inc/NC

(TSFR3M

reference

rate

+

4.234%

spread)

9.643%

N/A

(b)

940,961

775

Huntington

Bancshares

Inc/OH

5.625%

N/A

(b)

602,680

1,290

JPMorgan

Chase

&

Co

5.000%

N/A

(b)

1,248,350

345

JPMorgan

Chase

&

Co

6.100%

N/A

(b)

340,299

1,910

JPMorgan

Chase

&

Co

6.750%

N/A

(b)

1,908,550

315

KeyCorp

5.000%

N/A

(b)

209,806

515

M&T

Bank

Corp

5.125%

N/A

(b)

388,373

220

M&T

Bank

Corp

3.500%

N/A

(b)

147,116

345

M&T

Bank

Corp

6.450%

N/A

(b)

321,859

170

PNC

Financial

Services

Group

Inc/The

6.200%

N/A

(b)

151,247

420

PNC

Financial

Services

Group

Inc/The

6.000%

N/A

(b)

352,069

485

PNC

Financial

Services

Group

Inc/The

3.400%

N/A

(b)

348,978

1,635

(c)

PNC

Financial

Services

Group

Inc/The

(TSFR3M

reference

rate

+

3.302%

spread)

8.711%

N/A

(b)

1,612,381

875

PNC

Financial

Services

Group

Inc/The

6.250%

N/A

(b)

720,126

266

PNC

Financial

Services

Group

Inc/The

5.000%

N/A

(b)

221,218

310

Regions

Financial

Corp

5.750%

N/A

(b)

284,362

525

(c)

Truist

Financial

Corp

(TSFR3M

reference

rate

+

3.364%

spread)

8.773%

N/A

(b)

497,984

605

Truist

Financial

Corp

5.100%

N/A

(b)

484,533

1,265

Truist

Financial

Corp

4.800%

N/A

(b)

1,036,683

805

(d)

Wells

Fargo

&

Co

7.950%

11/15/29

849,082

1,040

Wells

Fargo

&

Co

5.875%

N/A

(b)

1,010,417

885

Wells

Fargo

&

Co

5.900%

N/A

(b)

870,225

680

Wells

Fargo

&

Co

7.625%

N/A

(b)

680,882

355

(c)

Zions

Bancorp

NA

(3-Month

LIBOR

reference

rate

+

4.440%

spread)

10.111%

N/A

(b)

334,445

Nuveen

Preferred

and

Income

Fund

(continued)

Portfolio

of

Investments

October

31,

2023

(Unaudited)

2

JPT

Principal

Amount

(000)

/Shares

Description

(a)

Coupon

Maturity

Value

Banks

(continued)

$

355

(c)

Zions

Bancorp

NA

(3-Month

LIBOR

reference

rate

+

3.800%

spread)

9.471%

N/A

(b)

$

293,465

Total

Banks

26,239,462

Capital

Goods

-

4.2%

2,600

(d)

AerCap

Global

Aviation

Trust,

144A

6.500%

6/15/45

2,550,565

255

AerCap

Holdings

NV

5.875%

10/10/79

239,331

580

Air

Lease

Corp

4.650%

N/A

(b)

493,663

Total

Capital

Goods

3,283,559

Energy

-

2.4%

630

Enbridge

Inc

5.750%

7/15/80

525,139

350

Enbridge

Inc

7.625%

1/15/83

313,054

220

Enbridge

Inc

5.500%

7/15/77

187,176

155

Enbridge

Inc

6.000%

1/15/77

134,879

295

Energy

Transfer

LP

6.500%

N/A

(b)

267,176

60

Energy

Transfer

LP

7.125%

N/A

(b)

49,826

300

Transcanada

Trust

5.600%

3/07/82

231,547

223

Transcanada

Trust

5.500%

9/15/79

176,684

Total

Energy

1,885,481

Financial

Services

-

12.2%

475

Ally

Financial

Inc

4.700%

N/A

(b)

277,310

470

Ally

Financial

Inc

4.700%

N/A

(b)

305,076

305

American

AgCredit

Corp,

144A

5.250%

N/A

(b)

279,075

435

American

Express

Co

3.550%

N/A

(b)

341,475

205

Bank

of

New

York

Mellon

Corp/The

4.700%

N/A

(b)

194,027

425

Capital

Farm

Credit

ACA,

144A

5.000%

N/A

(b)

382,500

500

Capital

One

Financial

Corp

3.950%

N/A

(b)

347,990

595

Charles

Schwab

Corp/The

5.375%

N/A

(b)

564,987

250

Compeer

Financial

ACA,

144A

4.875%

N/A

(b)

225,000

2

Compeer

Financial

ACA,

144A

10.206%

N/A

(b)

1,993,196

335

Discover

Financial

Services

6.125%

N/A

(b)

309,343

145

Discover

Financial

Services

5.500%

N/A

(b)

96,700

630

Equitable

Holdings

Inc

4.950%

N/A

(b)

574,155

360

Goldman

Sachs

Group

Inc/The

4.125%

N/A

(b)

285,233

605

Goldman

Sachs

Group

Inc/The

7.500%

N/A

(b)

593,355

709

Goldman

Sachs

Group

Inc/The

5.300%

N/A

(b)

660,863

1,483

Goldman

Sachs

Group

Inc/The

5.500%

N/A

(b)

1,446,106

180

(c)

Goldman

Sachs

Group

Inc/The

(TSFR3M

reference

rate

+

3.136%

spread)

8.501%

N/A

(b)

178,731

560

Voya

Financial

Inc

7.748%

N/A

(b)

549,800

Total

Financial

Services

9,604,922

Food,

Beverage

&

Tobacco

-

6.2%

2,005

Dairy

Farmers

of

America

Inc,

144A

7.125%

N/A

(b)

1,804,500

1,550

Land

O'

Lakes

Inc,

144A

8.000%

N/A

(b)

1,364,000

1,275

Land

O'

Lakes

Inc,

144A

7.000%

N/A

(b)

930,750

980

Land

O'

Lakes

Inc,

144A

7.250%

N/A

(b)

764,400

Total

Food,

Beverage

&

Tobacco

4,863,650

Insurance

-

15.3%

280

Aegon

NV

5.500%

4/11/48

253,049

260

American

International

Group

Inc

5.750%

4/01/48

236,587

1,490

(d)

Assurant

Inc

7.000%

3/27/48

1,427,101

3,390

(d)

Assured

Guaranty

Municipal

Holdings

Inc,

144A

6.400%

12/15/66

2,881,264

440

AXIS

Specialty

Finance

LLC

4.900%

1/15/40

346,146

220

Enstar

Finance

LLC

5.750%

9/01/40

193,563

3

Principal

Amount

(000)

/Shares

Description

(a)

Coupon

Maturity

Value

Insurance

(continued)

$

375

Enstar

Finance

LLC

5.500%

1/15/42

$

298,907

845

Markel

Group

Inc

6.000%

N/A

(b)

816,954

900

MetLife

Inc,

144A

9.250%

4/08/38

974,844

205

MetLife

Inc

5.875%

N/A

(b)

180,548

450

PartnerRe

Finance

B

LLC

4.500%

10/01/50

369,851

750

Provident

Financing

Trust

I

7.405%

3/15/38

725,128

200

Prudential

Financial

Inc

5.125%

3/01/52

170,048

125

Prudential

Financial

Inc

3.700%

10/01/50

98,483

268

QBE

Insurance

Group

Ltd

,

Reg

S

6.750%

12/02/44

263,573

640

QBE

Insurance

Group

Ltd,

144A

7.500%

11/24/43

640,298

940

QBE

Insurance

Group

Ltd,

144A

5.875%

N/A

(b)

898,377

740

SBL

Holdings

Inc,

144A

6.500%

N/A

(b)

417,395

1,290

SBL

Holdings

Inc,

144A

7.000%

N/A

(b)

783,829

Total

Insurance

11,975,945

Media

&

Entertainment

-

0.3%

375

Paramount

Global

6.375%

3/30/62

275,977

Total

Media

&

Entertainment

275,977

Telecommunication

Services

-

1.1%

860

Vodafone

Group

PLC

7.000%

4/04/79

831,553

Total

Telecommunication

Services

831,553

Utilities

-

5.0%

355

AES

Andes

SA,

144A

7.125%

3/26/79

333,944

245

AES

Andes

SA,

144A

6.350%

10/07/79

226,429

345

American

Electric

Power

Co

Inc

3.875%

2/15/62

270,937

75

CMS

Energy

Corp

4.750%

6/01/50

62,195

370

Edison

International

5.000%

N/A

(b)

329,286

160

Edison

International

5.375%

N/A

(b)

143,387

1,125

(d)

Emera

Inc

6.750%

6/15/76

1,057,992

440

Sempra

4.875%

N/A

(b)

410,901

475

Sempra

4.125%

4/01/52

365,880

360

Southern

Co/The

4.000%

1/15/51

328,458

200

Vistra

Corp,

144A

8.000%

N/A

(b)

190,000

195

Vistra

Corp,

144A

7.000%

N/A

(b)

177,450

Total

Utilities

3,896,859

Total

$1,000

Par

(or

similar)

Institutional

Preferred

(cost

$72,841,520)

64,561,085

Principal

Amount

(000)

Description

(a)

,(e)

Coupon

Maturity

Value

X

–

CONTINGENT

CAPITAL

SECURITIES

-

46

.0

%

(

29

.4

%

of

Total

Investments)

X

35,952,126

Banks

-

38.5%

$

285

Banco

Bilbao

Vizcaya

Argentaria

SA

9.375%

N/A

(b)

$

274,812

1,355

Banco

Bilbao

Vizcaya

Argentaria

SA

6.500%

N/A

(b)

1,276,570

225

Banco

Bilbao

Vizcaya

Argentaria

SA

6.125%

N/A

(b)

178,674

740

Banco

Mercantil

del

Norte

SA/Grand

Cayman,

144A

7.500%

N/A

(b)

638,727

800

Banco

Santander

SA

,

Reg

S

7.500%

N/A

(b)

775,178

1,200

Banco

Santander

SA

4.750%

N/A

(b)

862,956

1,385

Barclays

PLC

8.000%

N/A

(b)

1,225,033

745

Barclays

PLC

8.000%

N/A

(b)

728,643

1,000

Barclays

PLC

6.125%

N/A

(b)

893,220

250

BNP

Paribas

SA,

144A

9.250%

N/A

(b)

254,122

1,670

BNP

Paribas

SA,

144A

6.625%

N/A

(b)

1,646,634

730

BNP

Paribas

SA,

144A

8.500%

N/A

(b)

699,478

Nuveen

Preferred

and

Income

Fund

(continued)

Portfolio

of

Investments

October

31,

2023

(Unaudited)

4

JPT

Principal

Amount

(000)

Description

(a),(e)

Coupon

Maturity

Value

Banks

(continued)

$

995

BNP

Paribas

SA,

144A

7.750%

N/A

(b)

$

922,537

2,035

Credit

Agricole

SA,

144A

8.125%

N/A

(b)

2,009,562

2,730

HSBC

Holdings

PLC

6.375%

N/A

(b)

2,573,537

1,345

HSBC

Holdings

PLC

6.000%

N/A

(b)

1,171,448

920

HSBC

Holdings

PLC

8.000%

N/A

(b)

902,750

2,545

ING

Groep

NV

6.500%

N/A

(b)

2,381,228

285

ING

Groep

NV

,

Reg

S

6.750%

N/A

(b)

282,910

200

ING

Groep

NV

5.750%

N/A

(b)

175,909

570

Intesa

Sanpaolo

SpA,

144A

7.700%

N/A

(b)

532,305

2,500

Lloyds

Banking

Group

PLC

7.500%

N/A

(b)

2,319,500

300

Lloyds

Banking

Group

PLC

8.000%

N/A

(b)

263,432

580

Macquarie

Bank

Ltd/London,

144A

6.125%

N/A

(b)

513,377

365

NatWest

Group

PLC

8.000%

N/A

(b)

354,340

1,880

NatWest

Group

PLC

6.000%

N/A

(b)

1,722,284

480

Nordea

Bank

Abp,

144A

6.625%

N/A

(b)

448,730

1,315

Societe

Generale

SA,

144A

9.375%

N/A

(b)

1,269,466

1,230

Societe

Generale

SA,

144A

7.875%

N/A

(b)

1,218,726

705

Standard

Chartered

PLC,

144A

7.750%

N/A

(b)

676,407

365

Standard

Chartered

PLC,

144A

6.000%

N/A

(b)

343,445

550

UniCredit

SpA

,

Reg

S

8.000%

N/A

(b)

541,750

Total

Banks

30,077,690

Financial

Services

-

7.5%

1,800

Deutsche

Bank

AG

6.000%

N/A

(b)

1,449,281

200

Deutsche

Bank

AG

7.500%

N/A

(b)

177,212

200

Deutsche

Bank

AG

,

Reg

S

4.789%

N/A

(b)

165,000

2,685

UBS

Group

AG

,

Reg

S

6.875%

N/A

(b)

2,526,155

1,570

UBS

Group

AG,

144A

7.000%

N/A

(b)

1,556,788

Total

Financial

Services

5,874,436

Total

Contingent

Capital

Securities

(cost

$39,004,874)

35,952,126

Shares

Description

(a)

Coupon

Value

X

–

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

24

.8

%

(

15

.8

%

of

Total

Investments)

X

19,387,083

Banks

-

7.2%

4,740

CoBank

ACB

6.200%

$

457,647

15,000

Farm

Credit

Bank

of

Texas,

144A

9.681%

1,492,500

19,366

Fifth

Third

Bancorp

6.625%

471,949

43,000

KeyCorp

6.200%

718,530

8,100

KeyCorp

6.125%

144,585

31,600

New

York

Community

Bancorp

Inc

6.375%

667,392

21,268

Regions

Financial

Corp

6.375%

445,990

10,600

Regions

Financial

Corp

5.700%

189,210

11,558

Synovus

Financial

Corp

5.875%

262,598

16,400

Wells

Fargo

&

Co

4.750%

291,920

7,900

Western

Alliance

Bancorp

4.250%

123,872

15,308

Wintrust

Financial

Corp

6.875%

366,474

Total

Banks

5,632,667

Capital

Goods

-

0.6%

11,571

Air

Lease

Corp

6.150%

279,092

7,500

WESCO

International

Inc

10.625%

199,950

Total

Capital

Goods

479,042

5

Shares  

Description

(a)

Coupon

Value

Energy

-

2.3%

5,100

Energy

Transfer

LP

7.600%

$

126,072

31,634

NuStar

Energy

LP

12.438%

805,718

24,163

NuStar

Energy

LP

11.315%

606,491

9,992

NuStar

Logistics

LP

12.389%

259,592

Total

Energy

1,797,873

Financial

Services

-

4.7%

4,913

AgriBank

FCB

6.875%

491,300

13,351

Equitable

Holdings

Inc

5.250%

326,432

33,800

Morgan

Stanley

5.850%

738,868

16,433

Morgan

Stanley

6.375%

386,504

18,500

Morgan

Stanley

6.875%

333,555

12,974

Morgan

Stanley

7.125%

325,648

7,300

Morgan

Stanley

6.500%

180,018

11,900

Synchrony

Financial

5.625%

175,763

35,623

Voya

Financial

Inc

5.350%

737,040

Total

Financial

Services

3,695,128

Food,

Beverage

&

Tobacco

-

2.3%

31,207

CHS

Inc

7.100%

771,749

31,132

CHS

Inc

6.750%

736,272

10,959

CHS

Inc

7.875%

280,331

Total

Food,

Beverage

&

Tobacco

1,788,352

Insurance

-

7.3%

43,600

American

Equity

Investment

Life

Holding

Co

5.950%

922,140

23,700

American

Equity

Investment

Life

Holding

Co

6.625%

543,204

38,688

Aspen

Insurance

Holdings

Ltd

9.593%

978,033

16,280

Aspen

Insurance

Holdings

Ltd

5.625%

276,923

12,000

Assurant

Inc

5.250%

224,640

27,700

Athene

Holding

Ltd

6.350%

585,301

22,400

Athene

Holding

Ltd

6.375%

543,648

23,000

Enstar

Group

Ltd

7.000%

547,170

26,902

Reinsurance

Group

of

America

Inc

5.750%

659,637

11,600

Reinsurance

Group

of

America

Inc

7.125%

295,800

9,463

Selective

Insurance

Group

Inc

4.600%

149,515

Total

Insurance

5,726,011

Telecommunication

Services

-

0.2%

8,700

AT&T

Inc

4.750%

150,510

Total

Telecommunication

Services

150,510

Utilities

-

0.2%

4,700

NiSource

Inc

6.500%

117,500

Total

Utilities

117,500

Total

$25

Par

(or

similar)

Retail

Preferred

(cost

$22,270,898)

19,387,083

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

CORPORATE

BONDS

-

1

.5

%

(

1

.0

%

of

Total

Investments)

X

1,204,377

Energy

-

0.6%

$

470

Enbridge

Inc

8.500%

1/15/84

$

450,245

Total

Energy

450,245

Nuveen

Preferred

and

Income

Fund

(continued)

Portfolio

of

Investments

October

31,

2023

(Unaudited)

6

JPT

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

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:

Principal

Amount

(000)  

Description

(a)

Coupon

Maturity

Value

Financial

Services

-

0.6%

$

2,900

Credit

Suisse

Group

AG

7.500%

6/11/72

$

304,500

1,000

Credit

Suisse

Group

AG

6.380%

2/21/72

105,000

620

Credit

Suisse

Group

AG

7.500%

1/17/72

65,100

Total

Financial

Services

474,600

Insurance

-

0.3%

295

Fidelis

Insurance

Holdings

Ltd,

144A

6.625%

4/01/41

279,532

Total

Insurance

279,532

Total

Corporate

Bonds

(cost

$5,295,462)

1,204,377

Total

Long-Term

Investments

(cost

$139,412,754)

121,104,671

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

1.7% (1.1%

of

Total

Investments)

X

–

REPURCHASE

AGREEMENTS

-

1

.7

%

(

1

.1

%

of

Total

Investments)

X

1,310,000

$

1,310

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

10/31/23,

repurchase

price

$1,310,192,

collateralized

by

$1,954,000,

U.S.

Treasury

Note,

2.875%,

due

5/15/52,

value

$1,336,200

5.280%

11/01/23

$

1,310,000

Total

Repurchase

Agreements

(cost

$1,310,000)

1,310,000

Total

Short-Term

Investments

(cost

$1,310,000)

1,310,000

Total

Investments

(cost

$

140,722,754

)

-

156

.5

%

122,414,671

Borrowings

-

(49.6)%

(f),(g)

(

38,800,000

)

Reverse

Repurchase

Agreements,

including

accrued

interest

-

(7.5)%(h)

(

5,853,000

)

Other

Assets

&

Liabilities,

Net

-  0.6%

474,280

Net

Assets

Applicable

to

Common

Shares

-

100%

$

78,235,951

7

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

$1,000

Par

(or

similar)

Institutional

Preferred

$

1,993,196

$

62,567,889

$

–

$

64,561,085

Contingent

Capital

Securities

–

35,952,126

–

35,952,126

$25

Par

(or

similar)

Retail

Preferred

18,438,136

948,947

–

19,387,083

Corporate

Bonds

–

1,204,377

–

1,204,377

Short-Term

Investments:

Repurchase

Agreements

–

1,310,000

–

1,310,000

Total

$

20,431,332

$

101,983,339

$

–

$

122,414,671

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.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(b)

Perpetual

security.

Maturity

date

is

not

applicable.

(c)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(d)

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

$8,479,962

have

been

pledged

as

collateral

for

reverse

repurchase

agreements.

(e)

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.

(f)

Borrowings

as

a

percentage

of

Total

Investments

is

31.7%.

(g)

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.

(h)

Reverse

Repurchase

Agreements,

including

accrued

interest

as

a

percentage

of

Total

investments

is

4.8%.

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

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.

TSFR

3M

CME

Term

SOFR

3

Month