Washington, D.C. 20549
Gifford R. Zimmerman
Form
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ITEM 1. REPORTS TO STOCKHOLDERS.
Closed-End Funds
31 January 2020
Nuveen Closed-End Funds
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JPC
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Nuveen Preferred & Income Opportunities Fund
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JPI
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Nuveen Preferred and Income Term Fund
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JPS
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Nuveen Preferred & Income Securities Fund
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JPT
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Nuveen Preferred and Income 2022 Term Fund
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Beginning on January 1, 2021, as permitted by regulations adopted
by the Securities and Exchange Commission, paper copies of the Funds annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made
available on the Funds website (www.nuveen.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to
receive shareholder reports and other communications from the Funds electronically anytime by contacting the financial intermediary (such as a broker-dealer or bank) through which you hold your Fund shares or, if you are a direct investor, by
enrolling at www.nuveen.com/e-reports.
You may elect to receive all future shareholder reports in paper free of charge at any time by contacting your financial
intermediary or, if you are a direct investor, (i) by calling 800-257-8787 and selecting option #2 or (ii) by logging into your Investor Center account at www.computershare.com/investor and clicking on Communication Preferences. Your
election to receive reports in paper will apply to all funds held in your account with your financial intermediary or, if you are a direct investor, to all your directly held Nuveen Funds and any other directly held funds within the same group of
related investment companies.
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NOT FDIC INSURED MAY LOSE
VALUE NO BANK GUARANTEE
Table of Contents
3
Chairs Letter to Shareholders
Dear Shareholders,
The
COVID-19 crisis is taking an unprecedented toll on our health, societies, economies and financial markets. The extreme social distancing efforts needed to contain the coronavirus are causing a severe contraction in economic activity and amplifying
market volatility, as global supply chains and consumer and business demand remain significantly disrupted. However, the full economic impact remains to be seen. The number of confirmed cases is still accelerating in the U.S. and many parts of the
world, and previous epidemics offer few parallels to todays situation. The recent spike in market volatility reflects this uncertainty, and we expect that large swings in both directions are likely to continue until there is more clarity.
While we do not want to understate the dampening effect on the global economy, we also note that markets occasionally overreact. Differentiating short-term interruptions
from the longer-lasting implications to the economy may provide opportunities. Some areas of the global economy were already on the mend prior to the coronavirus epidemic. Momentum could pick up again as factories come back online and consumer
demand resumes once the virus is under control and temporary bans on movement and travel are lifted. Central banks and governments around the world have announced economic stimulus measures. In the U.S., the Federal Reserve has cut its benchmark
interest rate to near zero and reintroduced programs that helped revive the U.S. economy after the 2008 financial crisis. The U.S. government has approved more than $100 billion in emergency spending and relief and is set to deliver a
trillion-dollar package to further aid workers and businesses.
In the meantime, patience and a long-term perspective are key for investors. When market fluctuations
are the leading headlines day after day, its tempting to do something. However, your long-term goals cant be met with short-term thinking. We encourage you to talk to your financial advisor, who can review 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.
Sincerely,
Terence J. Toth
Chair of the Board
March 24, 2020
4
Portfolio Managers Comments
Nuveen Preferred & Income Opportunities Fund (JPC)
Nuveen Preferred and Income Term Fund (JPI)
Nuveen Preferred & Income
Securities Fund (JPS)
Nuveen Preferred and Income 2022 Term Fund (JPT)
Nuveen Asset Management, LLC (NAM) and NWQ Investment Management Company, LLC (NWQ), both affiliates of Nuveen Fund Advisors, LLC, the Funds investment adviser,
are sub-advisers for the Nuveen Preferred & Income Opportunities Fund (JPC). NAM and NWQ each manage approximately half of the Funds investment portfolio. Douglas Baker, CFA and Brenda
Langenfeld, CFA, are the portfolio managers for the NAM team. The NWQ income-oriented investment team is led by Thomas J. Ray, CFA and Susi Budiman, CFA. The Nuveen Preferred and Income Term Fund (JPI) features management by NAM. Douglas Baker, CFA,
and Brenda Langenfeld, CFA, have served as the Funds portfolio managers since its inception. The Nuveen Preferred & Income Securities Fund (JPS) is sub-advised by a team of specialists at
Spectrum Asset Management, Inc. (Spectrum), a wholly owned subsidiary of Principal Global Investors Holding Company (U.S.), LLC. Mark Lieb and Phil Jacoby lead the team. The Nuveen Preferred and Income 2022 Term Fund (JPT) features management by
NAM. Douglas Baker, CFA, and Brenda Langenfeld, CFA, have served as the Funds portfolio managers since its inception.
Here the team discusses their
management strategies and the performance of the Funds for the six-month reporting period ended January 31, 2020.
What key strategies were used to manage the Funds during this six-month reporting period ended January 31, 2020 and how
did these strategies influence performance?
Nuveen Preferred & Income Opportunities Fund (JPC)
The table in the Performance Overview and Holding Summaries section of this report provides total return performance for the Fund for the
six-month, one-year, five-year and ten-year periods ended January 31, 2020. For the
six-month reporting period ended January 31, 2020, the Funds common shares at net asset value (NAV) outperformed the ICE BofA U.S. All Capital Securities Index and the JPC Blended Benchmark.
JPC seeks to provide high current income and secondarily, total return, by investing at least 80% of its managed assets in preferred securities and contingent capital
securities (sometimes referred to as CoCos), and permitting it to invest
This material is not intended to be a recommendation or
investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances
of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investors objectives and circumstances and in consultation with his or her advisors.
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as
recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those
anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements
or views expressed herein.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating
agencies: Standard & Poors (S&P), Moodys Investors Service, Inc. (Moodys) or Fitch, Inc. (Fitch). 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, while BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
5
Portfolio Managers Comments (continued)
up to 20% opportunistically over the market cycle in other types of securities, primarily income
oriented securities such as corporate and taxable municipal debt and common equity.
JPC is managed by two experienced portfolio teams with distinctive,
complementary approaches to the preferred market, each managing its own sleeve of the portfolio. NAM employs a debt-oriented approach that combines top down relative value analysis of industry sectors with fundamental credit analysis.
NWQs investment process identifies undervalued securities within a companys capital structure that offer the most attractive risk/reward potential. This multi-team approach gives investors access to a broader investment universe with
greater diversification potential.
Nuveen Asset Management (NAM)
For
the portion of the Fund managed by NAM, the Fund seeks to achieve its investment objective of providing a high level of current income and total return by investing in preferred securities and other income producing securities, which include, but
are not limited to, contingent capital securities (aka, CoCos). The Fund seeks to benefit from strong credit fundamentals across the largest sectors within the issuer base, as well as the categorys healthy yield level. In addition, NAM will
actively manage its sleeve to allocate both interest rate and credit risk consistent with its outlook for the broader financial markets, as well as to capitalize on inefficiencies that often arise between the $25 par retail and the $1,000 par
institutional sides of the market. The Funds strategy has a bias toward highly regulated sectors, such banks, insurance companies and utilities, with the intent to benefit from the added security of regulatory oversight.
NAM employs a credit-based investment approach, using a bottom-up approach that includes fundamental credit research, security
structure selection, and option adjusted spread (OAS) analysis, while also incorporating a top-down process to position the portfolio in a manner that reflects the investment teams overall macro-economic
outlook. The process begins with identifying the primary investable universe of $1,000 par preferred, $25 par preferred, and CoCo securities. In an effort to capitalize on the inefficiencies between different investor bases within this universe, NAM
tactically and strategically shifts capital between the various segments of the market. Periods of volatility may drive material differences in valuations between the $25 par preferred, $1,000 par preferred, and CoCo markets. This divergence is
often related to differences in how retail and institutional investors measure and price risk, as well as differences in retail and institutional investors ability to source substitute investments. In addition, technical factors such as new
issue supply or redemption activity may also influence the relative valuations between the $25 par preferred, $1,000 par preferred market and CoCo markets. During the reporting period, technical factors played a material role in both absolute and
relative performance.
During the reporting period, the Blended Benchmark Index for the sleeve managed by NAM, which represents the combined preferred securities and
CoCos markets, returned 6.30%. This figure fell between both comparable financial senior debt and financial equities. NAM typically expects the Blended Benchmark Index to perform between these two categories given the hybrid nature of its
constituent securities. While investment performance was positive across broad categories within our market, performance varied. For example, CoCos outperformed all other components of the market. While $1,000 par preferreds underperformed CoCos,
they outperformed $25 par preferreds, which lagged all other broad categories within the investable universe.
Looking more closely at asset class level performance,
the positive absolute returns were broadly due to a combination of a rally in U.S. treasury rates and credit spread compression, as defined by OAS. The Federal Reserve (Fed) cut interest rates on three occasions in 2019 in response to the global
economic downshift and trade-related uncertainties in a benign inflation environment. U.S. Treasury yields declined in response to the Fed cuts, illustrated by a yield decrease of 51 basis points on the U.S.
10-year Treasury, which drove prices higher. Within the Blended Benchmark Index, OAS compressed disproportionately more for the CoCo segment of our universe. The CoCo segments outperformance was
primarily due to United Kingdom election results and subsequent Brexit passage in late January 2020, eliminating some uncertainty surrounding Brexit and its possible carryover issues to other European countries. Meanwhile, the domestic
6
$1,000 par market experienced modest spread
compression as a favorable supply technical bolstered that side of the market. Even before the start of this reporting period, most U.S. banks already had issued enough preferreds to meet, or even slightly exceed, their Additional Tier 1 regulatory
capital requirements. As a result, NAM had expected that net new issue supply out of the U.S. bank sector would be relatively flat for the foreseeable future. In the $25 par segment of the universe, NAM witnessed a moderate amount of new issuance,
which did put some pressure on valuations, thus the reason for its relative underperformance during the reporting period.
Importantly, the fundamental credit story
of NAMs largest sector, the bank sector, continued to improve during the reporting period. During 2018, and for the first time ever, the six largest U.S. banks generated aggregate profits exceeding $100 billion for a calendar year. The
trend continued in 2019 where those banks posted approximately $120 billion in net income, slightly higher than that of 2018. In addition to recent record profitability, bank balance sheet metrics continued to display incredible strength. 2019
U.S. bank stress tests again validated the resiliency of U.S. bank balance sheets as the sector was subject to conditions worse than the 2008 - 2009 Great Financial Crisis itself. Like last year, this years stress test results were so
convincing that even the sectors toughest critic and regulator, the Fed, allowed the banks once again to increase the amount of capital returned to common shareholders via both higher dividends and additional share buybacks.
NAM incorporated several active themes relative to the Blended Benchmark Index during the reporting period, including an underweight to CoCos and a corresponding
overweight to domestic issuers, an overweight to the $1,000 par side of the market and an overweight to securities that have coupons with reset features (floating rate,
fixed-to-floating rate, fixed-to-fixed rate).
During the reporting period, the underweight to CoCos detracted modestly from performance relative to the Blended Benchmark Index, as CoCos outperformed during the
reporting period. As of January 31, 2020, the Fund had an allocation of approximately 32% to CoCos, well below the 40% allocation within the Blended Benchmark Index. The average OAS for the CoCos segment of the Blended Benchmark tightened
approximately 80 basis points, significantly more than the preferred securities segment of NAMs universe, which was essentially flat. In December 2019, Boris Johnson won the United Kingdom election which paved the way for the United Kingdom to
officially leave the European Union on January 31, 2020. This provided the market with some much needed clarity on Brexit. United Kingdom CoCos rallied on the news as well as their European banking counterparts, which moved in sympathy with
United Kingdom banks.
Within the investable universe, $25 par preferred securities on average underperformed $1,000 par preferred securities. Given the
underperformance of the $25 par preferred retail side of the market during the reporting period, NAMs underweight to those structures was accretive to the Funds relative performance. As has been the case for some time, NAM maintained an
overweight to $1,000 par securities for two primary reasons, relative value and interest rate risk management. First, with respect to relative value, the $1,000 par side of the market continues to be significantly cheaper than the $25 par side of
the market on an OAS basis. As previously mentioned, new issue supply within the $25 par side of the market pressured valuations, which resulted in its underperformance. Meanwhile, and also previously mentioned, the $1,000 par segment of our
universe experienced minimal new issuance and this supply technical helped the segment to outperform.
With respect to managing interest rate risk, NAMs
underweight to the $25 par preferred securities was due to NAMs desire for greater exposure to securities that have coupons with reset features, like floating rate coupons,
fixed-to-floating rate coupons and fixed-to-fixed rate coupons. These structures are more
common on the institutional $1,000 par preferred side of the market and help to mitigate duration and duration extension risk during a rising interest rate environment. Duration extension can be a significant risk for callable securities with
fixed-rate coupons. As of January 31, 2020, the Fund had about 91% of its assets invested in securities that have coupons with reset features, compared to approximately 74% within the Blended Benchmark Index.
7
Portfolio Managers Comments (continued)
Fixed rate coupon structures meaningfully underperformed
non-fixed rate coupon securities during the reporting period. In NAMs opinion, underperformance of the fixed rate coupon structures was due to an ancillary effect from the underperformance of $25 par
preferred securities, as a vast majority of that universe is indeed comprised of fixed rate coupon structures.
The Fund used short interest rate futures during the
reporting period to manage its exposure to various points along the yield curve, with a net effect of decreasing the Funds overall interest rate sensitivity. During the reporting period, the interest rate futures had a negligible impact on
overall Fund performance.
NWQ
For the portion of the Fund managed by
NWQ, NWQ seeks to achieve high income and a measure of capital appreciation. While the Funds investments are primarily preferred securities, a portion of the Fund allows the flexibility to invest across the capital structure in any type of
debt, preferred or equity securities offered by a particular company. The portfolio management team then evaluates all available investment choices within a selected companys capital structure to determine the portfolio investment that may
offer the most favorable risk-adjusted return potential. The Funds portfolio is constructed with an emphasis on seeking a sustainable level of income and an overall analysis for downside risk management.
During the reporting period, NWQs preferred, high yield bond, equity and investment grade bond holdings contributed to performance, while the Funds preferred
holdings were the top performers for the reporting period on an absolute basis. Those industries that contributed to the Funds performance included NWQs holdings in utilities, insurance and industrials, while the Funds banking and
financials holdings were the largest detractors on an absolute basis.
During the reporting period, several individual holdings contributed to performance,
including the L Brands Inc. The bonds moved higher during the reporting period as the continued bifurcation of performance between Victoria Secret and Bath & Body Works prompted suggestions that the business be split, after rumors that the
company held preliminary discussions on strategic alternatives for the brands. This could prompt management to address the debt load depending on how the transaction, if any, will be structured. In addition, The Southern Co. mandatory convertible
preferred contributed to performance. The underlying Southern Co. common stock rallied on progress in the Vogtle nuclear project and a favorable rate hike for its biggest subsidiary, Georgia Power. Lastly, Sempra Energy convertible preferred stock
outperformed as the underlying Sempra common stock moved higher on better than expected earnings. Furthermore, recent developments at Sempra including the recent Cameron refinancing, South America asset sales, favorable rate case and revised
liquefied natural gas (LNG) financing expectations all point to improved outlook for Sempras already diversified portfolio of assets.
Several holdings
detracted from absolute performance, including the preferred stock of CenterPoint Energy Inc. Their preferred stock shares fell sharply after the Public Utilities Commission of Texas (PUCT) discussion of CenterPoint Energys outstanding Houston
electric rate case indicated a lower than expected return on equity. Investors expected that there would be potential significant equity needs if the final decision is in line with what the PUCT discussed. The Fund no longer holds the preferred
stock of CenterPoint Energy. Also detracting from performance was Stifel Financial Corp preferred stock. Cost pressure at Stifel has been intense as advisor count has stayed almost flat. Net interest revenue is expected to dip due to Fed rate cuts.
The Fund no longer holds Stifel. Lastly, the notes of Apollo Investment Corp detracted from performance. The Apollo notes short duration detracted from performance. In addition, the issuer redeemed the notes during the reporting period.
8
Nuveen Preferred and Income Term Fund (JPI)
The table in the Performance Overview and Holding Summaries section of this report provides total return performance for the Fund for the six-month, one-year, five-year and since inception periods ended January 31, 2020. For the six-month reporting period ended
January 31, 2020, the Funds common shares at net asset value (NAV) outperformed the ICE BofA U.S. All Capital Securities Index and the JPI Blended Benchmark Index.
The Fund seeks to achieve its investment objective of providing a high level of current income and total return by investing in preferred securities and other income
producing securities, which include, but are not limited to, contingent capital securities (CoCos). The Fund seeks to benefit from strong credit fundamentals across the asset class largest sectors, as well as the categorys healthy yield.
In addition, the management team will actively allocate to both interest rate and credit risk consistent with its outlook for the broader financial markets, while seeking to capitalize on inefficiencies that often arise between the $25 par retail
and the $1,000 par institutional sides of the market. The Funds strategy has a bias toward highly regulated sectors, such banks, insurance companies and utilities, with the intent to benefit from the added security of regulatory oversight.
NAM employs a credit-based investment approach, using a bottom-up approach that includes fundamental credit research,
security structure selection, and option adjusted spread (OAS) analysis, while also incorporating a top-down process to position the portfolio in a manner that reflects the investment teams overall
macro-economic outlook. The process begins with identifying the primary investable universe of $1,000 par preferred, $25 par preferred, and CoCo securities. In an effort to capitalize on the inefficiencies between different investor bases within
this universe, NAM tactically and strategically shifts capital between the various segments of the market. Periods of volatility may drive material differences in valuations between the $25 par preferred, $1,000 par preferred, and CoCo markets. This
divergence is often related to differences in how retail and institutional investors measure and price risk, as well as differences in retail and institutional investors ability to source substitute investments. In addition, technical factors
such as new issue supply or redemption activity may also influence the relative valuations between the $25 par preferred, $1,000 par preferred market and CoCo markets. During the reporting period, technical factors played a material role in both
absolute and relative performance.
During the reporting period, the Blended Benchmark Index, which represents the combined preferred securities and CoCos markets,
returned 6.30%. This figure fell between both comparable financial senior debt and financial equities. NAM typically expects the Blended Benchmark Index to perform between these two categories given the hybrid nature of its constituent securities.
While investment performance was positive across broad categories within our market, performance varied. For example, CoCos outperformed all other components of the market. While $1,000 par preferreds underperformed CoCos, they outperformed $25 par
preferreds, which lagged all other broad categories within the investable universe.
Looking more closely at asset class level performance, the positive absolute
returns were broadly due to a combination of a rally in U.S. treasury rates and credit spread compression, as defined by OAS. The Federal Reserve (Fed) cut interest rates on three occasions in 2019 in response to the global economic downshift and
trade-related uncertainties in a benign inflation environment. U.S. Treasury yields declined in response to the Fed cuts, illustrated by a yield decrease of 51 basis points on the U.S. 10-year Treasury, which
drove prices higher. Within the Blended Benchmark Index, OAS compressed disproportionately more for the CoCo segment of our universe. The CoCo segments outperformance was primarily due to United Kingdom election results and subsequent Brexit
passage in late January 2020, eliminating some uncertainty surrounding Brexit and its possible carryover issues to other European countries. Meanwhile, the domestic $1,000 par market experienced modest spread compression as a favorable supply
technical bolstered that side of the market. Even before the start of this reporting period, most U.S. banks already had issued enough preferreds to meet, or even slightly exceed, their Additional Tier 1 regulatory capital requirements. As a result,
NAM had expected that net new issue supply out of the U.S. bank sector would be relatively flat for the near future. In the $25 par segment of the
9
Portfolio Managers Comments (continued)
universe, NAM witnessed a moderate amount of new issuance, which did put some pressure on
valuations, thus the reason for its relative underperformance during the reporting period.
Importantly, the fundamental credit story of NAMs largest sector,
the bank sector, continued to improve during the reporting period. During 2018, and for the first time ever, the six largest U.S. banks generated aggregate profits exceeding $100 billion for a calendar year. The trend continued in 2019 where
those banks posted approximately $120 billion in net income, slightly higher than that of 2018. In addition to recent record profitability, bank balance sheet metrics continued to display incredible strength. 2019 U.S. bank stress tests again
validated the resiliency of U.S. bank balance sheets as the sector was subject to conditions worse than the 2008 - 2009 Great Financial Crisis itself. Like last year, this years stress test results were so convincing that even the
sectors toughest critic and regulator, the Fed, allowed the banks once again to increase the amount of capital returned to common shareholders via both higher dividends and additional share buybacks.
NAM incorporated several active themes relative to the Blended Benchmark Index during the reporting period, including an underweight to CoCos and a corresponding
overweight to domestic issuers, an overweight to the $1,000 par side of the market, and an overweight to securities that have coupons with reset features (floating rate,
fixed-to-floating rate, fixed-to-fixed rate).
During the reporting period, the underweight to CoCos detracted modestly from performance relative to the Blended Benchmark Index, as CoCos outperformed during the
reporting period. As of January 31, 2020, the Fund had an allocation of approximately 31% to CoCos, well below the 40% allocation within the Blended Benchmark Index. The average OAS for the CoCos segment of the Blended Benchmark tightened
approximately 80 basis points, significantly more than the preferred securities segment of our universe which was essentially flat. In December 2019, Boris Johnson won the United Kingdom election, which paved the way for the United Kingdom to
officially leave the European Union on January 31, 2020. This provided the market with some much needed clarity on Brexit. United Kingdom CoCos rallied on the news as well as their European banking counterparts, which moved in sympathy with
United Kingdom banks.
Within the investable universe, $25 par preferred securities on average underperformed $1,000 par preferred securities. Given the
underperformance of the $25 par preferred retail side of the market during the reporting period, NAMs underweight to those structures was accretive to the Funds relative performance. As has been the case for some time, NAM maintained an
overweight to $1,000 par securities for two primary reasons, relative value and interest rate risk management. First, with respect to relative value, the $1,000 par side of the market continues to be significantly cheaper than the $25 par side of
the market on an OAS basis. As previously mentioned, new issue supply within the $25 par side of the market pressured valuations which resulted in its underperformance. Meanwhile and also previously mentioned, the $1000 par segment of NAMs
universe experienced minimal new issuance and this supply technical helped the segment to outperform.
With respect to managing interest rate risk, NAMs
underweight to the $25 par preferred securities was due to NAMs desire for greater exposure to securities that have coupons with reset features, like floating rate coupons,
fixed-to-floating rate coupons and fixed-to-fixed rate coupons. These structures are more
common on the institutional $1,000 par preferred side of the market and help to mitigate duration and duration extension risk during a rising interest rate environment. Duration extension can be a significant risk for callable securities with
fixed-rate coupons. As of January 31, 2020, the Fund had about 90% of its assets invested in securities that have coupons with reset features, compared to approximately 74% within the Blended Benchmark Index.
Fixed rate coupon structures meaningfully underperformed non-fixed rate coupon securities during the reporting period. In
NAMs opinion, underperformance of the fixed rate coupon structures was due to an ancillary effect from the underperformance of $25 par preferred securities, as a vast majority of that universe is indeed comprised of fixed rate coupon
structures.
10
The Fund used short interest rate futures during the
reporting period to manage its exposure to various points along the yield curve, with a net effect of decreasing the Funds overall interest rate sensitivity. During the reporting period, the interest rate futures had a negligible impact on
overall Fund performance.
Nuveen Preferred & Income Securities Fund (JPS)
The table in the Performance Overview and Holding Summaries section of this report provides total return performance for the Fund for the
six-month, one-year, five-year and ten-year periods ended January 31, 2020. For the
six-month reporting period ended January 31, 2020, the Funds common shares at net asset value (NAV) outperformed the ICE BofA U.S. All Capital Securities Index and the JPS Blended Benchmark.
The investment objective of the Fund is to seek high current income consistent with capital preservation with a secondary objective to enhance portfolio value relative
to the broad market for preferred securities. Under normal market conditions, the Fund seeks to invest at least 80% of its net assets in preferred and other income-producing securities, including hybrid securities such as contingent capital
securities (CoCos). At least 50% is invested in securities that are rated investment grade
The basic strategy of the Fund calls for investing in junior
subordinated, high income securities of companies with investment grade ratings. Spectrum has tactical exposure to both institutional sectors of the junior subordinated capital securities, which includes both preferred and CoCos.
The Federal Reserve (Fed) announced additional rate cuts in July, September and October 2019, but has been on hold since then. The big news for the market was in
September 2019 when funding markets faced a spike in short-term rates which forced the Fed to intervene in the repurchase (repo) market after two years of automatic balance sheet run offs or reductions. This sent equities soaring and spreads
tighter. The market systems had become dependent on the trillions of cash that had been injected over the course of the past ten years. More recently, the Fed had allowed its balance sheet to run-off and in
the process, had taken back massive amounts of cash that served the purpose of bidding up risk assets and bidding down yields to perpetuate the economic expansion. This has been ongoing in Europe and by October 2019, the Fed announced its third cut
of 2019, which was a jolt for the equity markets and impetus for the yield curve to steepen a bit helping to ease deflation concerns. Fed policy combined with already active qualitative easing QE in Europe was the primary driver and the most
significant factor of positive performance during the reporting period.
During the reporting period, the Fund was tactically 17% overweight the $1,000 par
institutional sector of the preferred securities market and 17% underweight the retail $25 par sector and was equally weighted to the CoCo sector compared to the benchmark, the ICE BofA U.S. All Capital Securities Index. The institutional
preferred securities sector traded in a range of 154 basis points and 334 basis points wider on spread compared to the retail $25 par sector, which explains the primary reason for being overweight the higher yielding institutional sector. In
general, the CoCo sector was cheaper than the institutional sector, which allows the Fund to earn higher income in the sector compared to preferred securities and is the primary reason for the Funds equal weight.
Spreads tightened significantly during the reporting period, so the sectors with the highest duration outperformed. Overall, the Funds 63% allocation to the middle
of the yield curve the 3-10 year sector contributed about 70% of the total return for the reporting period. The Funds 4.1 year modified duration was modestly longer compared to the Funds combined
benchmark.
All of the Funds security sectors contributed positively during the reporting period. The top three performing sectors were the $25 par
dividend received deduction (DRD), CoCos and utility hybrids. There were few (if any) constraining factors during the reporting period. The bottom performing sectors, though still positive, were cash, corporate hybrids and subordinated debt.
11
Portfolio Managers Comments (continued)
Nuveen Preferred and Income 2022 Term Fund (JPT)
The table in the Performance Overview and Holding Summaries section of this report provides total return performance for the Fund for the
six-month, one-year and since inception periods ended January 31, 2020. For the six-month reporting period ended
January 31, 2020, the Funds common shares at net asset value (NAV) outperformed the ICE BofA U.S. All Capital Securities Index.
The Fund seeks to achieve
its investment objective of providing a high level of current income and total return by investing in preferred securities and other income producing securities. The Funds portfolio is actively managed, seeking to capitalize on strong credit
fundamentals and intense regulatory oversight across our largest sectors, the categorys healthy yield level, and inefficiencies that often evolve between the $25 par retail and the $1,000 par institutional sides of the market. The Funds
strategy has a bias toward highly regulated industries, like utilities, banks and insurance companies, with a current emphasis broadly on financial services companies. The Fund does not invest in contingent capital securities (otherwise known as
CoCos).
NAM employs a credit-based investment approach, using a bottom-up approach that includes fundamental credit
research, security structure selection and option adjusted spread (OAS) analysis, while also incorporating a top-down process to position the portfolio in a manner that reflects the investment teams
overall macro-economic outlook. The process begins with identifying the primary investable universe of $1,000 par preferred and $25 par preferred securities. In an effort to capitalize on the inefficiencies between different investor bases within
this universe, NAM tactically and strategically shifts capital between the various segments of the market. Periods of volatility may drive material differences in valuations between the $1,000 par preferred and $25 par preferred markets. This
divergence is often related to differences in how retail and institutional investors measure and price risk, as well as differences in retail and institutional investors ability to source substitute investments. In addition, technical factors
such as new issue supply or redemption activity may also influence the relative valuations between the $1,000 par preferred and the $25 par preferred markets.
Within JPT, NAM incorporated several prominent active themes within the Fund relative to its benchmark during the reporting period, of particular note an overweight to
the $1,000 par versus $25 par side of the market, and an overweight to securities that have coupons with reset features (floating rate, fixed-to-floating rate, fixed-to-fixed rate).
Given the underperformance of the $25 par preferred side of the
market during the reporting period, NAMs overweight to $1,000 par preferred structures was accretive to the Funds relative results. As has been the case for several quarters, NAM maintained an overweight to $1,000 par securities for two
primary reasons, relative value and interest rate risk management.
First, from a relative value perspective, the $1,000 par side of the market continued to be
significantly cheaper than the $25 par side of the market on an OAS basis. In general, OAS for $25 par preferred securities has been driven lower by retail investors disproportionate bias for income-generating investment solutions, exacerbated
by a prolonged period of low interest rates. Within the preferred securities universe, the $25 par preferred side of the market is best positioned to meet this retail demand given the small denomination and the ease of sourcing these securities as
most are exchange-traded. During the reporting period, new issue supply within the $25 par side of the market did pressure valuations which resulted in its underperformance relative to the other segments of NAMs universe. Because of this, the
relative underweight was accretive to performance during the six-month reporting period. Despite the underperformance, $25 par securities as of the end of the reporting period were still less attractive from a
credit spread perspective.
Second, with respect to interest rate risk, NAMs overweight to $1,000 par securities allows NAM to gain greater exposure to
securities that have coupons with reset features, like floating rate coupons, fixed-to-floating rate coupons and fixed-to-fixed rate coupons. These structures are more common on the institutional $1,000 par side of the market
12
and help to mitigate duration and duration extension
risk during a rising interest rate environment. Duration extension can be a significant risk for callable securities with fixed-rate coupons.
As of January 31,
2020, the Fund had about 83% of its assets invested in securities that have coupons with reset features, compared to approximately 60% within the ICE BofA U.S. All Capital Securities Index. Interest rates dropped considerably during the reporting
period, as evidenced by the 10 year U.S. Treasury yield moving from 2.01% to 1.51%. All else equal, fixed rate coupon structures would typically outperform in this rate environment. Contrary to expectations, securities that have coupons with reset
features outperformed their fixed rate counterparts. NAM believes this was due to a positive supply technical where issuance in $1,000 par space was muted during the reporting period that increased demand for those securities.
The Fund used short interest rate futures during the reporting period to manage its exposure to various points along the yield curve, with a net effect of decreasing the
Funds overall interest rate sensitivity. During the reporting period, the interest rate futures had a negligible impact on overall Fund performance.
An
Update on COVID-19 Coronavirus
The COVID-19 coronavirus pandemic has delivered an exogenous shock to the global economy. Containment efforts around the world
have halted business and manufacturing operations and restricted peoples movement and travel. The disruptions to global supply chains, consumer demand, business investment and the global financial system are just beginning to be seen.
Although the virus was detected in China as early as December 2019, markets didnt fully acknowledge the risks until February 2020, when large outbreaks were
reported outside of China. Global stock markets sold off severely, reaching a bear market (a 20% drop from the previous high) within three weeks, the fastest bear market decline in history. Demand for safe-haven assets, along with mounting recession
fears, drove the yield on the 10-year U.S. Treasury note below 1% in March, an all-time low. Additionally, oil prices collapsed to an 18-year low in March on supply glut concerns, as shutdowns across the global economy curb oil demand while Saudi
Arabia and Russia are flooding the market with cheap oil in a price war.
Central banks and governments have responded with liquidity injections to ease the strain
on financial systems and stimulus measures to buffer the shock to businesses and consumers. But markets will likely remain volatile until the health crisis itself is under control (via fewer new cases, slower spread and/or verified treatments).
There are still many unknowns and new information is incoming daily, compounding the difficulty of modeling outcomes for epidemiologists and economists alike.
Nuveen is monitoring the situation carefully and continuously refining our views. Our portfolio management teams remain attuned to opportunities to seek risk-adjusted
returns through all market environments.
13
Fund Leverage
IMPACT OF THE FUNDS LEVERAGE STRATEGIES 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 as well as the use of reverse repurchase agreements for JPC, JPI and JPS. 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. This has been particularly true in the recent market
environment where short-term rates have been low by historical standards.
However, use of leverage can expose Fund common shares to additional price volatility.
When a Fund uses leverage, the Funds 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, which will make the shares net asset value more volatile, and 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 tax-exempt interest rates. While fund leverage expenses are somewhat higher than their all-time lows after the
2007-2009 financial crisis, which has contributed to a reduction in common share net income and long-term total return potential, leverage nevertheless continues to provide the opportunity for incremental common share income. Management believes
that the potential benefits from leverage continue to outweigh the associated increase in risk and volatility previously described.
The Funds use of leverage
had a positive impact on total return performance during this reporting period. Subsequent to the close of the reporting period, the outbreak of the COVID-19 pandemic led to a significant downturn in global economies and capital markets. As security
prices fell, each Funds use of leverage impacted total returns negatively. In response, the Funds have been taking steps to reduce risk by paying down leverage levels pursuant to their leverage risk management protocols, as summarized in
The Funds Leverage section below.
JPC, JPI and JPS continued to use forward starting interest rate swap contracts to partially hedge the interest
cost of leverage, which as mentioned previously, is through the use of bank borrowings. During this reporting period, these swap contracts had a negative impact to overall Fund total return performance.
As of January 31, 2020, the Funds percentages of leverage are shown in the accompanying table.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPC
|
|
|
JPI
|
|
|
JPS
|
|
|
JPT
|
|
Effective Leverage*
|
|
|
36.02
|
%
|
|
|
33.31
|
%
|
|
|
36.79
|
%
|
|
|
19.82
|
%
|
Regulatory Leverage*
|
|
|
30.50
|
%
|
|
|
28.46
|
%
|
|
|
30.26
|
%
|
|
|
19.82
|
%
|
*
|
Effective leverage is a Funds effective economic leverage, and includes both regulatory leverage and the leverage
effects of reverse repurchase agreements, certain derivative and other investments in a Funds portfolio that increase the Funds investment exposure. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of
these are part of the Funds 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 Funds effective leverage ratio. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.
|
14
THE FUNDS LEVERAGE
Bank Borrowings
As noted above, the Funds employ regulatory leverage through
the use of bank borrowings. The Funds bank borrowing activities are as shown in the accompanying table. Paydowns reflect on-going leverage management activity that seeks to maintain each Funds leverage ratio within a specified internal
operating range.
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Reporting Period
|
|
|
|
|
|
Subsequent to the Close of
the Reporting Period
|
|
Fund
|
|
Outstanding
Balance as of
August 1, 2019
|
|
|
Draws
|
|
|
Paydowns
|
|
|
Outstanding
Balance as of
January 31, 2020
|
|
|
Average Balance
Outstanding
|
|
|
|
|
|
Draws
|
|
|
Paydowns
|
|
|
Outstanding
Balance as of
March 27, 2020
|
|
JPC
|
|
$
|
455,000,000
|
|
|
$
|
22,000,000
|
|
|
$
|
|
|
|
$
|
477,000,000
|
|
|
$
|
465,315,217
|
|
|
|
|
|
|
$
|
|
|
|
$
|
(170,690,000
|
)
|
|
$
|
306,310,000
|
|
JPI
|
|
$
|
210,000,000
|
|
|
$
|
25,000,000
|
|
|
$
|
|
|
|
$
|
235,000,000
|
|
|
$
|
218,804,348
|
|
|
|
|
|
|
$
|
|
|
|
$
|
(79,300,000
|
)
|
|
$
|
155,700,000
|
|
JPS
|
|
$
|
853,300,000
|
|
|
$
|
55,000,000
|
|
|
$
|
|
|
|
$
|
908,300,000
|
|
|
$
|
859,876,087
|
|
|
|
|
|
|
$
|
|
|
|
$
|
(333,000,000
|
)
|
|
$
|
575,300,000
|
|
JPT
|
|
$
|
42,500,000
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
42,500,000
|
|
|
$
|
42,500,000
|
|
|
|
|
|
|
$
|
3,000,000
|
|
|
$
|
(18,200,000
|
)
|
|
$
|
27,300,000
|
|
Refer to Notes to Financial Statements, Note 8 Fund Leverage, Borrowings and Note 10 Subsequent Events,
Borrowing for further details.
Reverse Repurchase Agreements
As noted
above, JPC, JPI and JPS used reverse repurchase agreements, in which the Fund sells 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. Sales reflect on-going leverage management activity that seeks to maintain each Funds leverage ratio within a specified internal operating range.
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|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Reporting Period
|
|
|
|
|
|
Subsequent to the Close of the Reporting Period
|
|
Fund
|
|
Outstanding
Balance as of
August 1, 2019
|
|
|
Sales
|
|
|
Purchases
|
|
|
Outstanding
Balance as of
January 31, 2020
|
|
|
Average Balance
Outstanding
|
|
|
|
|
|
Sales
|
|
|
Purchases
|
|
|
Outstanding
Balance as of
March 27, 2020
|
|
JPC
|
|
$
|
135,000,000
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
135,000,000
|
|
|
$
|
135,000,000
|
|
|
|
|
|
|
$
|
108,500,000
|
|
|
$
|
23,500,000
|
|
|
$
|
50,000,000
|
|
JPI
|
|
$
|
60,000,000
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
60,000,000
|
|
|
$
|
60,000,000
|
|
|
|
|
|
|
$
|
35,000,000
|
|
|
$
|
5,000,000
|
|
|
$
|
30,000,000
|
|
JPS
|
|
$
|
260,000,000
|
|
|
$
|
|
|
|
$
|
50,000,000
|
|
|
$
|
310,000,000
|
|
|
$
|
265,978,261
|
|
|
|
|
|
|
$
|
117,000,000
|
|
|
$
|
|
|
|
$
|
193,000,000
|
|
Refer to Notes to Financial Statements, Note 8 Fund Leverage, Reverse Repurchase Agreements and Note 10
Subsequent Events, Reverse Repurchase Agreements for further details.
15
Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds distributions is current as of January 31, 2020. Each Funds distribution levels may vary over time based on
each Funds investment activity and portfolio investment value changes.
During the current reporting period, each Funds distributions to common
shareholders were as shown in the accompanying table.
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Common Share Amounts
|
|
Monthly Distributions (Ex-Dividend Date)
|
|
JPC
|
|
|
JPI
|
|
|
JPS
|
|
|
JPT
|
|
August 2019
|
|
$
|
0.0610
|
|
|
$
|
0.1355
|
|
|
$
|
0.0560
|
|
|
$
|
0.1185
|
|
September
|
|
|
0.0610
|
|
|
|
0.1355
|
|
|
|
0.0560
|
|
|
|
0.1185
|
|
October
|
|
|
0.0610
|
|
|
|
0.1355
|
|
|
|
0.0560
|
|
|
|
0.1185
|
|
November
|
|
|
0.0610
|
|
|
|
0.1355
|
|
|
|
0.0560
|
|
|
|
0.1185
|
|
December
|
|
|
0.0610
|
|
|
|
0.1355
|
|
|
|
0.0560
|
|
|
|
0.1185
|
|
January 2020
|
|
|
0.0610
|
|
|
|
0.1355
|
|
|
|
0.0560
|
|
|
|
0.1185
|
|
Total Distributions from Net Investment Income
|
|
$
|
0.3660
|
|
|
$
|
0.8130
|
|
|
$
|
0.3360
|
|
|
$
|
0.7110
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Distribution Rate*
|
|
|
7.00
|
%
|
|
|
6.25
|
%
|
|
|
6.59
|
%
|
|
|
5.69
|
%
|
*
|
Current distribution rate is based on the Funds current annualized monthly distribution divided by the Funds
current market price. The Funds 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 Funds cumulative net ordinary income and net realized
gains are less than the amount of the Funds distributions, a return of capital for tax purposes.
|
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 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 the Funds during the
current reporting period were paid from net investment income. If a portion of the Funds 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 Funds distributions for the reporting period are presented in this reports 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.
CHANGE IN METHOD OF PUBLISHING NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS
During November 2019, the Nuveen Closed-End Funds discontinued the practice of announcing Fund distribution amounts and timing via press release. Instead, information
about the Nuveen Closed-End Funds monthly and quarterly periodic distributions to shareholders are posted and can be found on Nuveens enhanced closed-end fund resource page, which is at www.nuveen.com/closed-end-fund-distributions, along
with other Nuveen closed-end fund product updates. Shareholders can expect regular distribution information to be posted on www.nuveen.com on the first business day of each month. To ensure that our shareholders have timely access to the latest
information, a subscribe function can be activated at this link here, or at this web page (www.nuveen.com/en-us/people/about-nuveen/for-the-media).
16
COMMON SHARE REPURCHASES
During August 2019, the Funds Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to
approximately 10% of its outstanding shares.
As of January 31, 2020, and since the inception of the Funds repurchase programs, the Funds have cumulatively
repurchased and retired their outstanding common shares as shown in the accompanying table.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPC
|
|
|
JPI
|
|
|
JPS
|
|
|
JPT
|
|
Common shares cumulatively repurchased and retired
|
|
|
2,826,100
|
|
|
|
0
|
|
|
|
38,000
|
|
|
|
0
|
|
Common shares authorized for repurchase
|
|
|
10,335,000
|
|
|
|
2,275,000
|
|
|
|
20,380,000
|
|
|
|
685,000
|
|
During the current reporting period, the Funds did not repurchase any of their outstanding common shares.
OTHER COMMON SHARE INFORMATION
As of January 31, 2020, and during the current
reporting period, the Funds common share prices were trading at a premium/(discount) to their common share NAVs as shown in the accompanying table.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPC
|
|
|
JPI
|
|
|
JPS
|
|
|
JPT
|
|
Common share NAV
|
|
$
|
10.52
|
|
|
$
|
25.95
|
|
|
$
|
10.27
|
|
|
$
|
25.16
|
|
Common share price
|
|
$
|
10.45
|
|
|
$
|
26.02
|
|
|
$
|
10.20
|
|
|
$
|
25.01
|
|
Premium/(Discount) to NAV
|
|
|
(0.67
|
)%
|
|
|
0.27
|
%
|
|
|
(0.68
|
)%
|
|
|
(0.60
|
)%
|
6-month average premium/(discount) to NAV
|
|
|
(1.42
|
)%
|
|
|
(0.89
|
)%
|
|
|
(0.67
|
)%
|
|
|
(0.24
|
)%
|
17
Risk Considerations and Investment Policy Updates
Risk Considerations
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 Funds 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 companys 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 Funds potential return and its risks; there is no guarantee a funds 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 companys 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 Funds 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 Funds 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 companys 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 Funds potential return and its risks; there is no guarantee a funds 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 companys common stock. These loss absorption features work to the benefit of the security issuer, not the investor. For these and other risks, including the Funds limited term and concentration risk,
see the Funds 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 Funds 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 companys 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 Funds potential return and its risks; there is no guarantee a funds 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 companys 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 Funds web page at www.nuveen.com/JPS.
18
Nuveen Preferred and Income 2022 Term Fund (JPT)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Funds 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 companys 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 Funds potential return and its risks; there is no guarantee a
funds leverage strategy will be successful. For these and other risks, including the Funds limited term and concentration risk, see the Funds web page at www.nuveen.com/JPT.
Investment Policy Updates
Change in Investment Policy
The Funds have recently adopted the following policy regarding limits to investments in illiquid securities:
While there are no such limits imposed by applicable regulations, certain Nuveen Closed-End Funds formerly had investment policies that placed limits on a Funds
ability to invest in illiquid securities. All exchange-listed Nuveen Closed-End Funds now have no formal limit on their ability to invest in such illiquid securities, but each Funds portfolio management team will monitor such investments in
the regular, overall management of the Funds portfolio securities.
19
|
|
|
JPC
|
|
Nuveen Preferred & Income Opportunities Fund
Performance Overview and Holding Summaries as of January 31, 2020
|
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, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative
|
|
|
Average Annual
|
|
|
|
6-Month
|
|
|
1-Year
|
|
|
5-Year
|
|
|
10-Year
|
|
JPC at Common Share NAV
|
|
|
7.49%
|
|
|
|
17.16%
|
|
|
|
7.84%
|
|
|
|
10.19%
|
|
JPC at Common Share Price
|
|
|
9.29%
|
|
|
|
22.26%
|
|
|
|
10.23%
|
|
|
|
12.35%
|
|
ICE BofA U.S. All Capital Securities Index
|
|
|
5.18%
|
|
|
|
13.93%
|
|
|
|
6.40%
|
|
|
|
8.19%
|
|
JPC Blended Benchmark(1)
|
|
|
5.28%
|
|
|
|
13.59%
|
|
|
|
6.86%
|
|
|
|
7.56%
|
|
Past performance is not predictive of future results. Current performance 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 Funds shares at NAV only. Indexes are not available for direct investment. Performance for indexes that were created after the Funds inception are linked to the Funds previous benchmark.
Common Share Price Performance Weekly Closing Price
1.
|
The Blended Index consists of: 1) 50% of the return of the ICE BofA Preferred Securities Fixed Rate Index, 2) 30% of the
return the ICE BofA U.S. All Capital Securities Index and 3) 20% of the return of the ICE BofA Contingent Capital Securities USD Hedged Index.
|
20
This data relates to the securities held in the
Funds 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 & Poors
Group, Moodys 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
|
|
|
76.3%
|
|
$25 Par (or similar) Retail Preferred
|
|
|
44.2%
|
|
Contingent Capital Securities
|
|
|
26.8%
|
|
Corporate Bonds
|
|
|
4.7%
|
|
Convertible Preferred Securities
|
|
|
3.2%
|
|
Common Stocks
|
|
|
0.3%
|
|
Repurchase Agreements
|
|
|
0.9%
|
|
Other Assets Less Liabilities
|
|
|
(0.1)%
|
|
Net Assets Plus Borrowings and Reverse Repurchase
Agreements
|
|
|
156.3%
|
|
Borrowings
|
|
|
(43.9)%
|
|
Reverse Repurchase Agreements
|
|
|
(12.4)%
|
|
Net Assets
|
|
|
100%
|
|
Portfolio Composition
(% of
total investments)
|
|
|
|
|
Banks
|
|
|
30.1%
|
|
Diversified Financial Services
|
|
|
15.1%
|
|
Insurance
|
|
|
13.1%
|
|
Capital Markets
|
|
|
10.8%
|
|
Food Products
|
|
|
5.0%
|
|
Consumer Finance
|
|
|
4.2%
|
|
Electric Utilities
|
|
|
2.8%
|
|
Other
|
|
|
18.3%
|
|
Repurchase Agreements
|
|
|
0.6%
|
|
Total
|
|
|
100%
|
|
Country Allocation1
(% of total investments)
|
|
|
|
|
United States
|
|
|
73.0%
|
|
United Kingdom
|
|
|
7.5%
|
|
France
|
|
|
4.2%
|
|
Switzerland
|
|
|
4.1%
|
|
Canada
|
|
|
2.5%
|
|
Spain
|
|
|
2.1%
|
|
Australia
|
|
|
1.7%
|
|
Netherlands
|
|
|
1.5%
|
|
Ireland
|
|
|
1.0%
|
|
Italy
|
|
|
0.9%
|
|
Other
|
|
|
1.5%
|
|
Total
|
|
|
100%
|
|
Top Five Issuers
(% of
total long-term
investments)
|
|
|
|
|
Citigroup Inc.
|
|
|
3.9%
|
|
JPMorgan Chase & Company
|
|
|
3.8%
|
|
Bank of America Corporation
|
|
|
3.2%
|
|
Morgan Stanley
|
|
|
2.7%
|
|
Wells Fargo & Company
|
|
|
2.7%
|
|
Portfolio Credit Quality
(%
of total long-term fixed-income investments)
|
|
|
|
|
A
|
|
|
0.6%
|
|
BBB
|
|
|
51.8%
|
|
BB or Lower
|
|
|
41.0%
|
|
N/R (not rated)
|
|
|
6.6%
|
|
Total
|
|
|
100%
|
|
1
|
Includes 1.1% (as a percentage of total investments) in emerging market countries.
|
21
|
|
|
JPI
|
|
Nuveen Preferred and Income Term Fund
Performance Overview and Holding Summaries as of January 31, 2020
|
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, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative
|
|
|
Average Annual
|
|
|
|
6-Month
|
|
|
1-Year
|
|
|
5-Year
|
|
|
Since
Inception
|
|
JPI at Common Share NAV
|
|
|
8.61%
|
|
|
|
18.98%
|
|
|
|
8.40%
|
|
|
|
9.24%
|
|
JPI at Common Share Price
|
|
|
10.73%
|
|
|
|
25.89%
|
|
|
|
10.30%
|
|
|
|
9.04%
|
|
ICE BofA U.S. All Capital Securities Index
|
|
|
5.18%
|
|
|
|
13.93%
|
|
|
|
6.40%
|
|
|
|
7.48%
|
|
JPI Blended Benchmark(1)
|
|
|
6.30%
|
|
|
|
14.87%
|
|
|
|
7.46%
|
|
|
|
6.75%
|
|
Since inception returns are from 7/26/12. Past performance is not predictive of future results. Current performance 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 Funds shares at NAV only. Indexes are not available for direct investment.
Common Share Price
Performance Weekly Closing Price
1.
|
The Blended Index consists of: 1) 60% of the return of the ICE BofA U.S. All Capital Securities Index and 2) 40% of the
return the ICE BofA Contingent Capital Index.
|
22
This data relates to the securities held in the
Funds 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 & Poors
Group, Moodys 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
|
|
|
69.6%
|
|
Contingent Capital Securities
|
|
|
45.7%
|
|
$25 Par (or similar) Retail Preferred
|
|
|
34.0%
|
|
Other Assets Less Liabilities
|
|
|
0.7%
|
|
Net Assets Plus Borrowings and Reverse Repurchase
Agreements
|
|
|
150.0%
|
|
Borrowings
|
|
|
(39.8)%
|
|
Reverse Repurchase Agreements
|
|
|
(10.2)%
|
|
Net Assets
|
|
|
100%
|
|
Portfolio Composition
(% of
total investments)
|
|
|
|
|
Banks
|
|
|
35.3%
|
|
Diversified Financial Services
|
|
|
17.3%
|
|
Insurance
|
|
|
13.4%
|
|
Capital Markets
|
|
|
12.2%
|
|
Food Products
|
|
|
4.6%
|
|
Other
|
|
|
17.2%
|
|
Total
|
|
|
100%
|
|
Country Allocation1
(% of total investments)
|
|
|
|
|
United States
|
|
|
58.8%
|
|
United Kingdom
|
|
|
11.1%
|
|
France
|
|
|
7.4%
|
|
Switzerland
|
|
|
7.3%
|
|
Spain
|
|
|
3.9%
|
|
Australia
|
|
|
3.1%
|
|
Netherlands
|
|
|
2.1%
|
|
Ireland
|
|
|
1.8%
|
|
Italy
|
|
|
1.6%
|
|
Canada
|
|
|
1.4%
|
|
Other
|
|
|
1.5%
|
|
Total
|
|
|
100%
|
|
Top Five Issuers
(% of
total long-term
investments)
|
|
|
|
|
JPMorgan Chase & Company
|
|
|
4.0%
|
|
Credit Suisse Group AG
|
|
|
3.8%
|
|
Citigroup Inc.
|
|
|
3.8%
|
|
UBS Group AG
|
|
|
3.2%
|
|
Credit Agricole SA
|
|
|
3.1%
|
|
Portfolio Credit Quality
(%
of total long-term fixed-income
investments)
|
|
|
|
|
A
|
|
|
0.8%
|
|
BBB
|
|
|
54.2%
|
|
BB or Lower
|
|
|
42.6%
|
|
N/R (not rated)
|
|
|
2.4%
|
|
Total
|
|
|
100%
|
|
1
|
Includes 0.7% (as a percentage of total investments) in emerging market countries.
|
23
|
|
|
JPS
|
|
Nuveen Preferred & Income Securities Fund
Performance Overview and Holding Summaries as of January 31, 2020
|
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, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative
|
|
|
Average Annual
|
|
|
|
6-Month
|
|
|
1-Year
|
|
|
5-Year
|
|
|
10-Year
|
|
JPS at Common Share NAV
|
|
|
7.91%
|
|
|
|
18.09%
|
|
|
|
8.24%
|
|
|
|
10.47%
|
|
JPS at Common Share Price
|
|
|
7.74%
|
|
|
|
19.62%
|
|
|
|
9.67%
|
|
|
|
11.51%
|
|
ICE BofA U.S. All Capital Securities Index
|
|
|
5.18%
|
|
|
|
13.93%
|
|
|
|
6.40%
|
|
|
|
7.14%
|
|
JPS Blended Benchmark(1)
|
|
|
6.30%
|
|
|
|
14.87%
|
|
|
|
7.46%
|
|
|
|
8.10%
|
|
Past performance is not predictive of future results. Current performance 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 Funds shares at NAV only. Indexes are not available for direct investment. Performance for indexes that were created after the Funds inception are linked to the Funds previous benchmark.
Common Share Price Performance Weekly Closing Price
1.
|
The Blended Index consists of: 1) 60% of the return of the ICE BofA U.S. All Capital Securities Index and 2) 40% of the
return the ICE BofA Contingent Capital Securities USD Hedged Index.
|
24
This data relates to the securities held in the
Funds 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 & Poors
Group, Moodys 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
|
|
|
71.5%
|
|
Contingent Capital Securities
|
|
|
62.1%
|
|
$25 Par (or similar) Retail Preferred
|
|
|
17.7%
|
|
Investment Companies
|
|
|
1.3%
|
|
Convertible Preferred Securities
|
|
|
0.9%
|
|
Corporate Bonds
|
|
|
0.9%
|
|
Repurchase Agreements
|
|
|
2.7%
|
|
Other Assets Less Liabilities
|
|
|
1.1%
|
|
Net Assets Plus Borrowings and Reverse Repurchase
Agreements
|
|
|
158.2%
|
|
Borrowings
|
|
|
(43.4)%
|
|
Reverse Repurchase Agreements
|
|
|
(14.8)%
|
|
Net Assets
|
|
|
100%
|
|
Portfolio Composition
(% of
total investments)
|
|
|
|
|
Banks
|
|
|
43.9%
|
|
Insurance
|
|
|
18.0%
|
|
Diversified Financial Services
|
|
|
11.8%
|
|
Capital Markets
|
|
|
9.5%
|
|
Electric Utilities
|
|
|
3.6%
|
|
Other
|
|
|
10.7%
|
|
Investment Companies
|
|
|
0.8%
|
|
Repurchase Agreements
|
|
|
1.7%
|
|
Total
|
|
|
100%
|
|
Country Allocation
(% of
total investments)
|
|
|
|
|
United States
|
|
|
46.7%
|
|
United Kingdom
|
|
|
20.2%
|
|
France
|
|
|
10.6%
|
|
Switzerland
|
|
|
7.2%
|
|
Canada
|
|
|
2.9%
|
|
Finland
|
|
|
2.7%
|
|
Australia
|
|
|
2.6%
|
|
Netherlands
|
|
|
1.6%
|
|
Sweden
|
|
|
1.2%
|
|
Norway
|
|
|
1.0%
|
|
Other
|
|
|
3.3%
|
|
Total
|
|
|
100%
|
|
Top Five Issuers
(% of
total long-term
investments)
|
|
|
|
|
Barclays PLC
|
|
|
4.3%
|
|
BNP Paribas SA
|
|
|
3.9%
|
|
Credit Suisse
|
|
|
3.5%
|
|
Royal Bank of Scotland Group PLC
|
|
|
3.5%
|
|
JPMorgan Chase & Co
|
|
|
3.5%
|
|
Portfolio Credit Quality
(%
of total long-term fixed-income investments)
|
|
|
|
|
A
|
|
|
7.1%
|
|
BBB
|
|
|
66.5%
|
|
BB or Lower
|
|
|
26.4%
|
|
Total
|
|
|
100%
|
|
25
|
|
|
JPT
|
|
Nuveen Preferred and Income 2022 Term Fund
Performance Overview and Holding Summaries as of January 31, 2020
|
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, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative
|
|
|
Average Annual
|
|
|
|
6-Month
|
|
|
1-Year
|
|
|
Since
Inception
|
|
JPI at Common Share NAV
|
|
|
6.82%
|
|
|
|
16.34%
|
|
|
|
6.75%
|
|
JPI at Common Share Price
|
|
|
7.70%
|
|
|
|
17.43%
|
|
|
|
6.09%
|
|
ICE BofA U.S. All Capital Securities Index
|
|
|
5.18%
|
|
|
|
13.93%
|
|
|
|
7.48%
|
|
Since inception returns are from 1/26/17. Past performance is not predictive of future results. Current performance 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 Funds shares at NAV only. Indexes are not available for direct investment.
Common Share Price
Performance Weekly Closing Price
26
This data relates to the securities held in the
Funds 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 & Poors
Group, Moodys 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
|
|
|
87.7%
|
|
$25 Par (or similar) Retail Preferred
|
|
|
36.5%
|
|
Other Assets Less Liabilities
|
|
|
0.5%
|
|
Net Assets Plus Borrowings
|
|
|
124.7%
|
|
Borrowings
|
|
|
(24.7)%
|
|
Net Assets
|
|
|
100%
|
|
Portfolio Composition
(% of
total investments)
|
|
|
|
|
Insurance
|
|
|
21.9%
|
|
Banks
|
|
|
21.0%
|
|
Diversified Financial Services
|
|
|
19.2%
|
|
Capital Markets
|
|
|
9.5%
|
|
Food Production
|
|
|
6.7%
|
|
Electric Utilities
|
|
|
3.6%
|
|
Other
|
|
|
18.1%
|
|
Total
|
|
|
100%
|
|
Country Allocation1
(% of total investments)
|
|
|
|
|
United States
|
|
|
79.1%
|
|
United Kingdom
|
|
|
5.4%
|
|
Australia
|
|
|
4.2%
|
|
Canada
|
|
|
2.7%
|
|
France
|
|
|
2.4%
|
|
Ireland
|
|
|
2.2%
|
|
Germany
|
|
|
1.7%
|
|
Japan
|
|
|
1.2%
|
|
Bermuda
|
|
|
0.4%
|
|
Netherlands
|
|
|
0.4%
|
|
Other
|
|
|
0.3%
|
|
Total
|
|
|
100%
|
|
Top Five Issuers
(% of
total long-term investments)
|
|
|
|
|
JPMorgan Chase & Co
|
|
|
4.7%
|
|
Morgan Stanley
|
|
|
4.1%
|
|
Citigroup Inc.
|
|
|
4.0%
|
|
Assured Guaranty Municipal Holdings Inc.
|
|
|
3.8%
|
|
Bank of America Corp
|
|
|
3.6%
|
|
Portfolio Credit Quality
(%
of total long-term
fixed-income investments)
|
|
|
|
|
A
|
|
|
2.9%
|
|
BBB
|
|
|
60.4%
|
|
BB or Lower
|
|
|
33.1%
|
|
N/R (not rated)
|
|
|
3.6%
|
|
Total
|
|
|
100%
|
|
1
|
Includes 0.4% (as a percentage of total investments) in emerging market countries.
|
27
|
|
|
JPC
|
|
Nuveen Preferred & Income
Opportunities Fund
Portfolio of Investments January 31, 2020
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)/
Shares
|
|
|
Description (1)
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
LONG-TERM INVESTMENTS 155.5% (99.4% of Total Investments)
|
|
|
|
|
|
|
|
$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED 76.3% (48.8% of Total
Investments)
|
|
|
|
|
|
|
|
|
|
|
Air Freight & Logistics 0.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,153
|
|
|
XPO Logistics Inc., 144A, (3)
|
|
|
6.500%
|
|
|
|
6/15/22
|
|
|
|
BB
|
|
|
$
|
5,243,177
|
|
|
|
|
|
|
|
|
|
|
Automobiles 2.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,465
|
|
|
General Motors Financial Co Inc., (4)
|
|
|
5.750%
|
|
|
|
3/30/68
|
|
|
|
BB+
|
|
|
|
11,539,522
|
|
|
10,100
|
|
|
General Motors Financial Co Inc., (4)
|
|
|
6.500%
|
|
|
|
N/A (5)
|
|
|
|
BB+
|
|
|
|
10,774,781
|
|
|
|
|
|
Total Automobiles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,314,303
|
|
|
|
|
|
|
|
|
|
|
Banks 33.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,335
|
|
|
Ally Financial Inc., (3)
|
|
|
8.000%
|
|
|
|
3/15/20
|
|
|
|
BBB
|
|
|
|
3,355,844
|
|
|
3,415
|
|
|
Bank of America Corp
|
|
|
6.250%
|
|
|
|
N/A (5)
|
|
|
|
BBB
|
|
|
|
3,803,456
|
|
|
33,875
|
|
|
Bank of America Corp, (3), (4)
|
|
|
6.500%
|
|
|
|
N/A (5)
|
|
|
|
BBB
|
|
|
|
38,278,750
|
|
|
8,300
|
|
|
Bank of America Corp, (3)
|
|
|
6.300%
|
|
|
|
N/A (5)
|
|
|
|
BBB
|
|
|
|
9,664,271
|
|
|
2,070
|
|
|
Bank of America Corp
|
|
|
6.100%
|
|
|
|
N/A (5)
|
|
|
|
BBB
|
|
|
|
2,320,491
|
|
|
3,075
|
|
|
Barclays Bank PLC, 144A
|
|
|
10.179%
|
|
|
|
6/12/21
|
|
|
|
A
|
|
|
|
3,404,069
|
|
|
13,725
|
|
|
CIT Group Inc.
|
|
|
5.800%
|
|
|
|
N/A (5)
|
|
|
|
Ba3
|
|
|
|
14,068,125
|
|
|
23,645
|
|
|
Citigroup Inc., (3)
|
|
|
6.250%
|
|
|
|
N/A (5)
|
|
|
|
BB+
|
|
|
|
26,987,930
|
|
|
6,790
|
|
|
Citigroup Inc.
|
|
|
5.000%
|
|
|
|
N/A (5)
|
|
|
|
BB+
|
|
|
|
7,111,574
|
|
|
1,650
|
|
|
Citigroup Inc.
|
|
|
6.125%
|
|
|
|
N/A (5)
|
|
|
|
Ba1
|
|
|
|
1,700,408
|
|
|
10,551
|
|
|
Citigroup Inc., (4)
|
|
|
5.950%
|
|
|
|
N/A (5)
|
|
|
|
BB+
|
|
|
|
11,526,967
|
|
|
4,330
|
|
|
Citigroup Inc.
|
|
|
6.300%
|
|
|
|
N/A (5)
|
|
|
|
BB+
|
|
|
|
4,700,691
|
|
|
4,159
|
|
|
Citizens Financial Group Inc., (3)
|
|
|
5.500%
|
|
|
|
N/A (5)
|
|
|
|
BB+
|
|
|
|
4,174,596
|
|
|
3,455
|
|
|
Citizens Financial Group Inc.
|
|
|
6.375%
|
|
|
|
N/A (5)
|
|
|
|
BB+
|
|
|
|
3,696,850
|
|
|
3,150
|
|
|
CoBank ACB, (3)
|
|
|
6.250%
|
|
|
|
N/A (5)
|
|
|
|
BBB+
|
|
|
|
3,487,995
|
|
|
1,180
|
|
|
Commerzbank AG, 144A
|
|
|
8.125%
|
|
|
|
9/19/23
|
|
|
|
BBB
|
|
|
|
1,387,127
|
|
|
1,385
|
|
|
First Union Capital II
|
|
|
7.950%
|
|
|
|
11/15/29
|
|
|
|
Baa1
|
|
|
|
1,932,276
|
|
|
2,659
|
|
|
HSBC Capital Funding Dollar 1 LP, 144A, (4)
|
|
|
10.176%
|
|
|
|
N/A (5)
|
|
|
|
Baa2
|
|
|
|
4,388,334
|
|
|
3,675
|
|
|
Huntington Bancshares Inc./OH, (3)
|
|
|
5.700%
|
|
|
|
N/A (5)
|
|
|
|
Baa3
|
|
|
|
3,855,149
|
|
|
2,615
|
|
|
JPMorgan Chase & Co
|
|
|
6.100%
|
|
|
|
N/A (5)
|
|
|
|
Baa2
|
|
|
|
2,885,417
|
|
|
35,840
|
|
|
JPMorgan Chase & Co, (3), (4)
|
|
|
6.750%
|
|
|
|
N/A (5)
|
|
|
|
Baa2
|
|
|
|
40,404,582
|
|
|
5,694
|
|
|
JPMorgan Chase & Co, (3-Month LIBOR reference rate +
3.470% spread), (3), (6)
|
|
|
5.240%
|
|
|
|
N/A (5)
|
|
|
|
Baa2
|
|
|
|
5,728,221
|
|
|
3,030
|
|
|
JPMorgan Chase & Co
|
|
|
5.300%
|
|
|
|
N/A (5)
|
|
|
|
Baa2
|
|
|
|
3,051,422
|
|
|
8,535
|
|
|
JPMorgan Chase & Co
|
|
|
5.000%
|
|
|
|
N/A (5)
|
|
|
|
Baa2
|
|
|
|
8,927,610
|
|
|
2,850
|
|
|
KeyCorp
|
|
|
5.000%
|
|
|
|
N/A (5)
|
|
|
|
Baa3
|
|
|
|
3,045,425
|
|
|
19,110
|
|
|
Lloyds Bank PLC, 144A, (3)
|
|
|
12.000%
|
|
|
|
N/A (5)
|
|
|
|
Baa3
|
|
|
|
23,366,179
|
|
|
3,050
|
|
|
M&T Bank Corp
|
|
|
5.125%
|
|
|
|
N/A (5)
|
|
|
|
Baa2
|
|
|
|
3,332,125
|
|
|
6,970
|
|
|
M&T Bank Corp, (3)
|
|
|
6.450%
|
|
|
|
N/A (5)
|
|
|
|
Baa2
|
|
|
|
7,741,927
|
|
|
3,467
|
|
|
PNC Financial Services Group Inc., (4)
|
|
|
5.000%
|
|
|
|
N/A (5)
|
|
|
|
Baa2
|
|
|
|
3,742,176
|
|
|
23,637
|
|
|
PNC Financial Services Group Inc., (3), (4)
|
|
|
6.750%
|
|
|
|
N/A (5)
|
|
|
|
Baa2
|
|
|
|
25,182,387
|
|
|
3,528
|
|
|
Royal Bank of Scotland Group PLC
|
|
|
7.648%
|
|
|
|
N/A (5)
|
|
|
|
BBB
|
|
|
|
5,101,312
|
|
|
13,335
|
|
|
Truist Financial Corp
|
|
|
4.800%
|
|
|
|
N/A (5)
|
|
|
|
Baa2
|
|
|
|
13,750,652
|
|
|
5,325
|
|
|
Truist Financial Corp, (3-Month LIBOR reference rate + 3.860%
spread), (6)
|
|
|
5.754%
|
|
|
|
N/A (5)
|
|
|
|
Baa2
|
|
|
|
5,364,937
|
|
|
3,250
|
|
|
Truist Financial Corp
|
|
|
5.050%
|
|
|
|
N/A (5)
|
|
|
|
Baa2
|
|
|
|
3,347,500
|
|
|
1,600
|
|
|
USB Realty Corp, (3-Month LIBOR reference rate + 1.147% spread),
144A, (6)
|
|
|
2.978%
|
|
|
|
N/A (5)
|
|
|
|
A3
|
|
|
|
1,433,616
|
|
|
3,630
|
|
|
Wachovia Capital Trust III
|
|
|
5.570%
|
|
|
|
N/A (5)
|
|
|
|
Baa2
|
|
|
|
3,688,988
|
|
|
1,196
|
|
|
Wells Fargo & Co, (3-Month LIBOR reference rate + 3.770%
spread), (6)
|
|
|
5.664%
|
|
|
|
N/A (5)
|
|
|
|
Baa2
|
|
|
|
1,203,535
|
|
|
36,455
|
|
|
Wells Fargo & Co, (4)
|
|
|
5.875%
|
|
|
|
N/A (5)
|
|
|
|
Baa2
|
|
|
|
41,179,933
|
|
|
2,530
|
|
|
Wells Fargo & Co
|
|
|
5.900%
|
|
|
|
N/A (5)
|
|
|
|
Baa2
|
|
|
|
2,749,882
|
|
28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)/
Shares
|
|
|
Description (1)
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
Banks (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,196
|
|
|
Zions Bancorp NA
|
|
|
7.200%
|
|
|
|
N/A (5)
|
|
|
|
BB+
|
|
|
$
|
12,343,590
|
|
|
|
|
|
Total Banks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
367,416,319
|
|
|
|
|
|
|
|
|
|
|
Capital Markets 2.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,344
|
|
|
Goldman Sachs Group Inc.
|
|
|
5.500%
|
|
|
|
N/A (5)
|
|
|
|
Ba1
|
|
|
|
6,826,842
|
|
|
5,721
|
|
|
Goldman Sachs Group Inc.
|
|
|
5.300%
|
|
|
|
N/A (5)
|
|
|
|
Ba1
|
|
|
|
6,221,587
|
|
|
8,620
|
|
|
Goldman Sachs Group Inc., (4)
|
|
|
5.375%
|
|
|
|
N/A (5)
|
|
|
|
Ba1
|
|
|
|
8,684,219
|
|
|
3,600
|
|
|
Morgan Stanley, (3)
|
|
|
5.550%
|
|
|
|
N/A (5)
|
|
|
|
BB+
|
|
|
|
3,651,300
|
|
|
625
|
|
|
State Street Corp
|
|
|
5.250%
|
|
|
|
N/A (5)
|
|
|
|
Baa1
|
|
|
|
636,719
|
|
|
|
|
|
Total Capital Markets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,020,667
|
|
|
|
|
|
|
|
|
|
|
Chemicals 1.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,525
|
|
|
Blue Cube Spinco LLC, (3)
|
|
|
9.750%
|
|
|
|
10/15/23
|
|
|
|
BB+
|
|
|
|
11,222,492
|
|
|
|
|
|
|
|
|
|
|
Commercial Services & Supplies 1.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,290
|
|
|
AerCap Global Aviation Trust, 144A
|
|
|
6.500%
|
|
|
|
6/15/45
|
|
|
|
BB+
|
|
|
|
6,997,625
|
|
|
3,980
|
|
|
AerCap Holdings NV
|
|
|
5.875%
|
|
|
|
10/10/79
|
|
|
|
BB+
|
|
|
|
4,258,600
|
|
|
|
|
|
Total Commercial Services & Supplies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,256,225
|
|
|
|
|
|
|
|
|
|
|
Consumer Finance 1.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,526
|
|
|
American Express Co, (3-Month LIBOR reference rate + 3.428%
spread), (6)
|
|
|
5.338%
|
|
|
|
N/A (5)
|
|
|
|
Baa2
|
|
|
|
2,541,788
|
|
|
7,560
|
|
|
Capital One Financial Corp, (3)
|
|
|
5.550%
|
|
|
|
N/A (5)
|
|
|
|
Baa3
|
|
|
|
7,616,700
|
|
|
8,165
|
|
|
Discover Financial Services, (3)
|
|
|
5.500%
|
|
|
|
N/A (5)
|
|
|
|
Ba2
|
|
|
|
8,665,106
|
|
|
|
|
|
Total Consumer Finance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,823,594
|
|
|
|
|
|
|
|
|
|
|
Diversified Financial Services 3.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,040
|
|
|
Citigroup Inc.
|
|
|
4.700%
|
|
|
|
N/A (5)
|
|
|
|
BB+
|
|
|
|
2,077,638
|
|
|
14
|
|
|
Compeer Financial ACA, 144A
|
|
|
6.750%
|
|
|
|
N/A (5)
|
|
|
|
BB+
|
|
|
|
14,933,000
|
|
|
7,336
|
|
|
ILFC E-Capital Trust II, 144A
|
|
|
4.150%
|
|
|
|
12/21/65
|
|
|
|
BB+
|
|
|
|
6,052,714
|
|
|
3,290
|
|
|
JPMorgan Chase & Co
|
|
|
4.600%
|
|
|
|
N/A (5)
|
|
|
|
BBB
|
|
|
|
3,358,761
|
|
|
10,951
|
|
|
Voya Financial Inc., (3)
|
|
|
6.125%
|
|
|
|
N/A (5)
|
|
|
|
BBB
|
|
|
|
11,868,146
|
|
|
|
|
|
Total Diversified Financial Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38,290,259
|
|
|
|
|
|
|
|
|
|
|
Electric Utilities 3.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,775
|
|
|
AES Gener SA, 144A
|
|
|
6.350%
|
|
|
|
10/07/79
|
|
|
|
BB
|
|
|
|
2,898,487
|
|
|
2,620
|
|
|
Electricite de France SA, 144A
|
|
|
5.250%
|
|
|
|
N/A (5)
|
|
|
|
BBB
|
|
|
|
2,756,240
|
|
|
23,505
|
|
|
Emera Inc., (3), (4)
|
|
|
6.750%
|
|
|
|
6/15/76
|
|
|
|
BBB
|
|
|
|
27,035,451
|
|
|
7,475
|
|
|
NextEra Energy Capital Holdings Inc., (3)
|
|
|
5.650%
|
|
|
|
5/01/79
|
|
|
|
BBB
|
|
|
|
8,371,654
|
|
|
|
|
|
Total Electric Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41,061,832
|
|
|
|
|
|
|
|
|
|
|
Entertainment 1.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,850
|
|
|
Liberty Interactive LLC, (3)
|
|
|
8.500%
|
|
|
|
7/15/29
|
|
|
|
BB
|
|
|
|
12,978,500
|
|
|
|
|
|
|
|
|
|
|
Equity Real Estate Investment Trust 1.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12
|
|
|
Sovereign Real Estate Investment Trust, 144A
|
|
|
12.000%
|
|
|
|
N/A (5)
|
|
|
|
BB+
|
|
|
|
12,319,512
|
|
|
|
|
|
|
|
|
|
|
Food & Staples Retailing 0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,350
|
|
|
Albertsons Cos Inc. / Safeway Inc. / New Albertsons LP /
Albertsons LLC, 144A, (3)
|
|
|
7.500%
|
|
|
|
3/15/26
|
|
|
|
BB
|
|
|
|
3,710,125
|
|
|
|
|
|
|
|
|
|
|
Food Products 3.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,245
|
|
|
Dairy Farmers of America Inc., 144A
|
|
|
7.125%
|
|
|
|
N/A (5)
|
|
|
|
BB+
|
|
|
|
2,072,135
|
|
|
4,305
|
|
|
Land O Lakes Inc., 144A, (3)
|
|
|
7.250%
|
|
|
|
N/A (5)
|
|
|
|
BB
|
|
|
|
4,078,987
|
|
|
29,840
|
|
|
Land O Lakes Inc., 144A, (3)
|
|
|
8.000%
|
|
|
|
N/A (5)
|
|
|
|
BB
|
|
|
|
29,989,200
|
|
|
7,035
|
|
|
Land O Lakes Inc., 144A, (3)
|
|
|
7.000%
|
|
|
|
N/A (5)
|
|
|
|
BB
|
|
|
|
6,472,200
|
|
|
|
|
|
Total Food Products
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
42,612,522
|
|
29
|
|
|
|
|
JPC
|
|
Nuveen Preferred & Income Opportunities Fund (continued)
|
|
Portfolio of Investments January 31, 2020
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)/
Shares
|
|
|
Description (1)
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
Health Care Providers & Services 0.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,475
|
|
|
HCA Inc., (3)
|
|
|
7.500%
|
|
|
|
2/15/22
|
|
|
|
Ba2
|
|
|
$
|
8,205,233
|
|
|
|
|
|
|
|
|
|
|
Independent Power & Renewable Electricity Producers 0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,350
|
|
|
AES Gener SA, 144A
|
|
|
7.125%
|
|
|
|
3/26/79
|
|
|
|
BB
|
|
|
|
1,444,451
|
|
|
|
|
|
|
|
|
|
|
Industrial Conglomerates 3.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35,855
|
|
|
General Electric Co, (4)
|
|
|
5.000%
|
|
|
|
N/A (5)
|
|
|
|
BBB
|
|
|
|
35,460,954
|
|
|
|
|
|
|
|
|
|
|
Insurance 10.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,240
|
|
|
Aegon NV
|
|
|
5.500%
|
|
|
|
4/11/48
|
|
|
|
Baa1
|
|
|
|
2,478,583
|
|
|
4,275
|
|
|
American International Group Inc., (4)
|
|
|
5.750%
|
|
|
|
4/01/48
|
|
|
|
Baa2
|
|
|
|
4,831,178
|
|
|
9,384
|
|
|
Assurant Inc., (4)
|
|
|
7.000%
|
|
|
|
3/27/48
|
|
|
|
BB+
|
|
|
|
10,617,434
|
|
|
21,219
|
|
|
Assured Guaranty Municipal Holdings Inc., 144A, (4)
|
|
|
6.400%
|
|
|
|
12/15/66
|
|
|
|
BBB+
|
|
|
|
22,533,729
|
|
|
2,115
|
|
|
AXIS Specialty Finance LLC
|
|
|
4.900%
|
|
|
|
1/15/40
|
|
|
|
BBB
|
|
|
|
2,189,832
|
|
|
7,117
|
|
|
Liberty Mutual Group Inc., 144A
|
|
|
7.800%
|
|
|
|
3/15/37
|
|
|
|
Baa3
|
|
|
|
9,430,025
|
|
|
9,335
|
|
|
MetLife Capital Trust IV, 144A, (3)
|
|
|
7.875%
|
|
|
|
12/15/37
|
|
|
|
BBB
|
|
|
|
12,695,600
|
|
|
5,560
|
|
|
MetLife Inc., 144A, (3)
|
|
|
9.250%
|
|
|
|
4/08/38
|
|
|
|
BBB
|
|
|
|
8,367,800
|
|
|
1,780
|
|
|
MetLife Inc.
|
|
|
5.875%
|
|
|
|
N/A (5)
|
|
|
|
BBB
|
|
|
|
2,012,646
|
|
|
575
|
|
|
Nationwide Financial Services Capital Trust, (3)
|
|
|
7.899%
|
|
|
|
3/01/37
|
|
|
|
Baa2
|
|
|
|
649,750
|
|
|
9,550
|
|
|
Nationwide Financial Services Inc., (3)
|
|
|
6.750%
|
|
|
|
5/15/37
|
|
|
|
Baa2
|
|
|
|
11,238,440
|
|
|
7,360
|
|
|
Provident Financing Trust I
|
|
|
7.405%
|
|
|
|
3/15/38
|
|
|
|
Baa3
|
|
|
|
9,163,200
|
|
|
13,375
|
|
|
QBE Insurance Group Ltd, 144A, (4)
|
|
|
7.500%
|
|
|
|
11/24/43
|
|
|
|
Baa1
|
|
|
|
15,118,431
|
|
|
1,740
|
|
|
QBE Insurance Group Ltd, Reg S
|
|
|
6.750%
|
|
|
|
12/02/44
|
|
|
|
BBB
|
|
|
|
1,953,063
|
|
|
2,400
|
|
|
Swiss Re Finance Luxembourg SA, 144A
|
|
|
5.000%
|
|
|
|
4/02/49
|
|
|
|
A
|
|
|
|
2,727,000
|
|
|
|
|
|
Total Insurance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
116,006,711
|
|
|
|
|
|
|
|
|
|
|
Machinery 0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,500
|
|
|
Dana Financing Luxembourg Sarl, 144A, (3)
|
|
|
6.500%
|
|
|
|
6/01/26
|
|
|
|
BB+
|
|
|
|
3,710,000
|
|
|
|
|
|
|
|
|
|
|
Metals & Mining 0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,630
|
|
|
BHP Billiton Finance USA Ltd, 144A
|
|
|
6.250%
|
|
|
|
10/19/75
|
|
|
|
BBB+
|
|
|
|
2,694,961
|
|
|
1,600
|
|
|
BHP Billiton Finance USA Ltd, 144A
|
|
|
6.750%
|
|
|
|
10/19/75
|
|
|
|
BBB+
|
|
|
|
1,880,000
|
|
|
|
|
|
Total Metals & Mining
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,574,961
|
|
|
|
|
|
|
|
|
|
|
Multi-Utilities 0.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,090
|
|
|
CenterPoint Energy Inc.
|
|
|
6.125%
|
|
|
|
N/A (5)
|
|
|
|
BBB
|
|
|
|
6,485,850
|
|
|
3,235
|
|
|
NiSource Inc.
|
|
|
5.650%
|
|
|
|
N/A (5)
|
|
|
|
BBB
|
|
|
|
3,380,575
|
|
|
|
|
|
Total Multi-Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,866,425
|
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels 1.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,125
|
|
|
Enviva Partners LP / Enviva Partners Finance Corp, 144A, (3)
|
|
|
6.500%
|
|
|
|
1/15/26
|
|
|
|
BB
|
|
|
|
7,600,736
|
|
|
1,225
|
|
|
MPLX LP
|
|
|
6.875%
|
|
|
|
N/A (5)
|
|
|
|
BB+
|
|
|
|
1,234,188
|
|
|
5,165
|
|
|
Transcanada Trust, (3)
|
|
|
5.875%
|
|
|
|
8/15/76
|
|
|
|
BBB
|
|
|
|
5,604,025
|
|
|
2,060
|
|
|
Transcanada Trust
|
|
|
5.500%
|
|
|
|
9/15/79
|
|
|
|
BBB
|
|
|
|
2,222,225
|
|
|
|
|
|
Total Oil, Gas & Consumable Fuels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,661,174
|
|
|
|
|
|
|
|
|
|
|
U.S. Agency 1.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,835
|
|
|
Farm Credit Bank of Texas, 144A, (3)
|
|
|
6.200%
|
|
|
|
N/A (5)
|
|
|
|
BBB
|
|
|
|
6,229,301
|
|
|
9
|
|
|
Farm Credit Bank of Texas
|
|
|
10.000%
|
|
|
|
N/A (5)
|
|
|
|
Baa1
|
|
|
|
9,596,875
|
|
|
|
|
|
Total U.S. Agency
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,826,176
|
|
|
|
|
|
|
|
|
|
|
Wireless Telecommunication Services 0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,845
|
|
|
Vodafone Group PLC
|
|
|
7.000%
|
|
|
|
4/04/79
|
|
|
|
BB+
|
|
|
|
4,534,119
|
|
|
|
|
|
Total $1,000 Par (or similar) Institutional Preferred
(cost $774,090,131)
|
|
|
|
829,559,731
|
|
30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Description (1)
|
|
Coupon
|
|
|
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
$25 PAR (OR SIMILAR) RETAIL PREFERRED 44.2% (28.3% of Total
Investments)
|
|
|
|
|
|
|
|
|
|
|
Banks 9.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
425,616
|
|
|
Citigroup Inc., (4)
|
|
|
7.125%
|
|
|
|
|
|
|
|
BB+
|
|
|
$
|
12,368,401
|
|
|
179,775
|
|
|
CoBank ACB, 144A, (7)
|
|
|
6.250%
|
|
|
|
|
|
|
|
BBB+
|
|
|
|
19,235,925
|
|
|
38,725
|
|
|
CoBank ACB, (7)
|
|
|
6.125%
|
|
|
|
|
|
|
|
BBB+
|
|
|
|
3,959,631
|
|
|
93,724
|
|
|
CoBank ACB, (4), (7)
|
|
|
6.200%
|
|
|
|
|
|
|
|
BBB+
|
|
|
|
10,215,916
|
|
|
253,881
|
|
|
Fifth Third Bancorp, (4)
|
|
|
6.625%
|
|
|
|
|
|
|
|
Baa3
|
|
|
|
7,423,480
|
|
|
178,757
|
|
|
FNB Corp/PA, (3)
|
|
|
7.250%
|
|
|
|
|
|
|
|
Ba2
|
|
|
|
5,341,259
|
|
|
434,200
|
|
|
Huntington Bancshares Inc./OH, (4)
|
|
|
6.250%
|
|
|
|
|
|
|
|
Baa3
|
|
|
|
11,393,408
|
|
|
170,075
|
|
|
KeyCorp
|
|
|
6.125%
|
|
|
|
|
|
|
|
Baa3
|
|
|
|
5,120,958
|
|
|
82,000
|
|
|
Peoples United Financial Inc.
|
|
|
5.625%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
2,342,740
|
|
|
41,605
|
|
|
PNC Financial Services Group Inc.
|
|
|
6.125%
|
|
|
|
|
|
|
|
Baa2
|
|
|
|
1,143,306
|
|
|
494,096
|
|
|
Regions Financial Corp, (3)
|
|
|
6.375%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
14,145,969
|
|
|
87,500
|
|
|
Regions Financial Corp
|
|
|
5.700%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
2,494,625
|
|
|
128,000
|
|
|
Synovus Financial Corp
|
|
|
5.875%
|
|
|
|
|
|
|
|
BB
|
|
|
|
3,440,640
|
|
|
113,600
|
|
|
US Bancorp
|
|
|
6.500%
|
|
|
|
|
|
|
|
A3
|
|
|
|
3,126,272
|
|
|
236,722
|
|
|
Western Alliance Bancorp, (3)
|
|
|
6.250%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
6,251,828
|
|
|
|
|
|
Total Banks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
108,004,358
|
|
|
|
|
|
|
|
|
|
|
Capital Markets 7.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
95,221
|
|
|
B Riley Financial Inc.
|
|
|
7.500%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
2,400,521
|
|
|
52,673
|
|
|
B Riley Financial Inc.
|
|
|
7.250%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
1,337,894
|
|
|
115,605
|
|
|
Charles Schwab Corp
|
|
|
6.000%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
3,070,469
|
|
|
129,169
|
|
|
Charles Schwab Corp, (3)
|
|
|
5.950%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
3,456,562
|
|
|
128,425
|
|
|
Cowen Inc.
|
|
|
7.350%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
3,341,618
|
|
|
61,600
|
|
|
Goldman Sachs Group Inc.
|
|
|
5.500%
|
|
|
|
|
|
|
|
Ba1
|
|
|
|
1,658,888
|
|
|
370,280
|
|
|
Ladenburg Thalmann Financial Services Inc.
|
|
|
8.000%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
9,297,731
|
|
|
864,097
|
|
|
Morgan Stanley, (3), (4)
|
|
|
7.125%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
25,447,657
|
|
|
251,600
|
|
|
Morgan Stanley, (4)
|
|
|
6.875%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
7,236,016
|
|
|
181,500
|
|
|
Morgan Stanley, (4)
|
|
|
5.850%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
5,219,940
|
|
|
170,452
|
|
|
Morgan Stanley, (4)
|
|
|
6.375%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
4,909,018
|
|
|
95,828
|
|
|
Oaktree Specialty Lending Corp
|
|
|
6.125%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
2,490,570
|
|
|
61,445
|
|
|
State Street Corp
|
|
|
5.350%
|
|
|
|
|
|
|
|
Baa1
|
|
|
|
1,753,026
|
|
|
216,759
|
|
|
Stifel Financial Corp
|
|
|
6.250%
|
|
|
|
|
|
|
|
BB
|
|
|
|
5,826,482
|
|
|
150,000
|
|
|
Stifel Financial Corp
|
|
|
6.250%
|
|
|
|
|
|
|
|
BB
|
|
|
|
4,180,500
|
|
|
|
|
|
Total Capital Markets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
81,626,892
|
|
|
|
|
|
|
|
|
|
|
Consumer Finance 4.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
184,800
|
|
|
Capital One Financial Corp, (3)
|
|
|
5.000%
|
|
|
|
|
|
|
|
Baa3
|
|
|
|
4,721,640
|
|
|
1,173,445
|
|
|
GMAC Capital Trust I, (3)
|
|
|
7.695%
|
|
|
|
|
|
|
|
BB
|
|
|
|
31,272,309
|
|
|
366,100
|
|
|
Synchrony Financial
|
|
|
5.625%
|
|
|
|
|
|
|
|
BB
|
|
|
|
9,536,905
|
|
|
|
|
|
Total Consumer Finance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45,530,854
|
|
|
|
|
|
|
|
|
|
|
Diversified Financial Services 2.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
96,000
|
|
|
AgriBank FCB, (7)
|
|
|
6.875%
|
|
|
|
|
|
|
|
BBB+
|
|
|
|
10,368,000
|
|
|
114,400
|
|
|
Equitable Holdings Inc.
|
|
|
5.250%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
3,003,000
|
|
|
284,100
|
|
|
Voya Financial Inc.
|
|
|
5.350%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
7,940,595
|
|
|
|
|
|
Total Diversified Financial Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,311,595
|
|
|
|
|
|
|
|
|
|
|
Diversified Telecommunication Services 0.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
284,914
|
|
|
Qwest Corp, (3)
|
|
|
6.875%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
7,419,161
|
|
|
|
|
|
|
|
|
|
|
Food Products 3.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
312,011
|
|
|
CHS Inc., (3)
|
|
|
7.875%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
8,689,506
|
|
|
517,298
|
|
|
CHS Inc.
|
|
|
7.100%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
14,536,074
|
|
|
506,088
|
|
|
CHS Inc.
|
|
|
6.750%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
13,952,846
|
|
|
23,000
|
|
|
Dairy Farmers of America Inc., 144A, (7)
|
|
|
7.875%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
2,300,000
|
|
|
24,500
|
|
|
Dairy Farmers of America Inc., 144A, (7)
|
|
|
7.875%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
2,437,750
|
|
|
|
|
|
Total Food Products
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41,916,176
|
|
|
|
|
|
|
|
|
|
|
Insurance 9.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
274,600
|
|
|
American Equity Investment Life Holding Co
|
|
|
5.950%
|
|
|
|
|
|
|
|
BB
|
|
|
|
7,210,996
|
|
|
302,283
|
|
|
Argo Group US Inc., (3)
|
|
|
6.500%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
7,904,700
|
|
31
|
|
|
|
|
JPC
|
|
Nuveen Preferred & Income Opportunities Fund (continued)
|
|
Portfolio of Investments January 31, 2020
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Description (1)
|
|
Coupon
|
|
|
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
Insurance (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
359,828
|
|
|
Aspen Insurance Holdings Ltd
|
|
|
5.950%
|
|
|
|
|
|
|
|
BBB
|
|
|
$
|
10,215,517
|
|
|
73,500
|
|
|
Aspen Insurance Holdings Ltd
|
|
|
5.625%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
1,966,125
|
|
|
583,800
|
|
|
Athene Holding Ltd, (3)
|
|
|
6.350%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
16,696,680
|
|
|
117,200
|
|
|
Axis Capital Holdings Ltd, (4)
|
|
|
5.500%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
3,057,748
|
|
|
68,900
|
|
|
Delphi Financial Group Inc., (4), (7)
|
|
|
5.100%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
1,584,700
|
|
|
415,500
|
|
|
Enstar Group Ltd, (3), (4)
|
|
|
7.000%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
12,041,190
|
|
|
220,272
|
|
|
Globe Life Inc., (3)
|
|
|
6.125%
|
|
|
|
|
|
|
|
BBB+
|
|
|
|
5,903,290
|
|
|
305,780
|
|
|
Hartford Financial Services Group Inc., (3)
|
|
|
7.875%
|
|
|
|
|
|
|
|
Baa2
|
|
|
|
8,690,268
|
|
|
219,645
|
|
|
Maiden Holdings North America Ltd, (4)
|
|
|
7.750%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
5,146,282
|
|
|
76,400
|
|
|
National General Holdings Corp
|
|
|
7.500%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
1,965,390
|
|
|
153,954
|
|
|
National General Holdings Corp, (4)
|
|
|
7.500%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
3,896,576
|
|
|
88,895
|
|
|
National General Holdings Corp, (3)
|
|
|
7.625%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
2,324,604
|
|
|
182,233
|
|
|
PartnerRe Ltd, (3)
|
|
|
7.250%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
4,951,271
|
|
|
121,496
|
|
|
Reinsurance Group of America Inc., (3)
|
|
|
6.200%
|
|
|
|
|
|
|
|
BBB+
|
|
|
|
3,361,794
|
|
|
347,400
|
|
|
Reinsurance Group of America Inc., (3)
|
|
|
5.750%
|
|
|
|
|
|
|
|
BBB+
|
|
|
|
10,248,300
|
|
|
|
|
|
Total Insurance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
107,165,431
|
|
|
|
|
|
|
|
|
|
|
Mortgage Real Estate Investment Trust 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
96,986
|
|
|
MFA Financial Inc., (4)
|
|
|
8.000%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
2,536,184
|
|
|
|
|
|
|
|
|
|
|
Multi-Utilities 0.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
288,200
|
|
|
Algonquin Power & Utilities Corp, (3)
|
|
|
6.200%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
8,354,918
|
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels 0.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
123,400
|
|
|
NuStar Energy LP
|
|
|
8.500%
|
|
|
|
|
|
|
|
B1
|
|
|
|
3,047,980
|
|
|
94,229
|
|
|
NuStar Energy LP
|
|
|
7.625%
|
|
|
|
|
|
|
|
B1
|
|
|
|
2,141,825
|
|
|
133,617
|
|
|
NuStar Logistics LP
|
|
|
8.565%
|
|
|
|
|
|
|
|
B1
|
|
|
|
3,536,842
|
|
|
|
|
|
Total Oil, Gas & Consumable Fuels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,726,647
|
|
|
|
|
|
|
|
|
|
|
Thrifts & Mortgage Finance 1.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
143,124
|
|
|
Federal Agricultural Mortgage Corp, (4)
|
|
|
6.000%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
3,835,723
|
|
|
319,095
|
|
|
New York Community Bancorp Inc.
|
|
|
6.375%
|
|
|
|
|
|
|
|
Ba2
|
|
|
|
9,119,735
|
|
|
|
|
|
Total Thrifts & Mortgage Finance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,955,458
|
|
|
|
|
|
|
|
|
|
|
Trading Companies & Distributors 0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
104,800
|
|
|
Air Lease Corp
|
|
|
6.150%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
2,920,776
|
|
|
|
|
|
|
|
|
|
|
U.S. Agency 2.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
196,900
|
|
|
Farm Credit Bank of Texas, 144A, (3), (7)
|
|
|
6.750%
|
|
|
|
|
|
|
|
Baa1
|
|
|
|
21,265,200
|
|
|
|
|
|
|
|
|
|
|
Wireless Telecommunication Services 1.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
415,473
|
|
|
United States Cellular Corp
|
|
|
7.250%
|
|
|
|
|
|
|
|
Ba1
|
|
|
|
10,985,106
|
|
|
|
|
|
Total $25 Par (or similar) Retail Preferred (cost
$448,380,966)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
480,718,756
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
CONTINGENT CAPITAL SECURITIES 26.8% (17.1% of Total Investments) (8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banks 22.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,715
|
|
|
Australia & New Zealand Banking Group Ltd/United Kingdom, 144A
|
|
|
6.750%
|
|
|
|
N/A (5)
|
|
|
|
Baa2
|
|
|
$
|
4,267,606
|
|
|
10,040
|
|
|
Banco Bilbao Vizcaya Argentaria SA
|
|
|
6.125%
|
|
|
|
N/A (5)
|
|
|
|
Ba2
|
|
|
|
10,564,088
|
|
|
6,400
|
|
|
Banco Bilbao Vizcaya Argentaria SA
|
|
|
6.500%
|
|
|
|
N/A (5)
|
|
|
|
Ba2
|
|
|
|
6,816,000
|
|
|
2,310
|
|
|
Banco Mercantil del Norte SA/Grand Cayman, 144A
|
|
|
7.625%
|
|
|
|
N/A (5)
|
|
|
|
BB
|
|
|
|
2,589,510
|
|
|
5,200
|
|
|
Banco Santander SA, Reg S
|
|
|
7.500%
|
|
|
|
N/A (5)
|
|
|
|
Ba1
|
|
|
|
5,786,123
|
|
|
2,500
|
|
|
Barclays PLC
|
|
|
8.000%
|
|
|
|
N/A (5)
|
|
|
|
BB+
|
|
|
|
2,821,525
|
|
|
7,825
|
|
|
Barclays PLC
|
|
|
7.750%
|
|
|
|
N/A (5)
|
|
|
|
BB+
|
|
|
|
8,568,375
|
|
|
8,190
|
|
|
Barclays PLC, Reg S
|
|
|
7.875%
|
|
|
|
N/A (5)
|
|
|
|
BB+
|
|
|
|
8,865,511
|
|
|
800
|
|
|
BNP Paribas SA, 144A
|
|
|
7.000%
|
|
|
|
N/A (5)
|
|
|
|
BBB
|
|
|
|
946,000
|
|
|
12,935
|
|
|
BNP Paribas SA, 144A
|
|
|
7.375%
|
|
|
|
N/A (5)
|
|
|
|
BBB
|
|
|
|
15,029,176
|
|
|
5,140
|
|
|
BNP Paribas SA, 144A
|
|
|
6.625%
|
|
|
|
N/A (5)
|
|
|
|
BBB
|
|
|
|
5,602,600
|
|
|
7,810
|
|
|
Credit Agricole SA, 144A, (4)
|
|
|
7.875%
|
|
|
|
N/A (5)
|
|
|
|
BBB
|
|
|
|
8,883,875
|
|
32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
Banks (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
15,140
|
|
|
Credit Agricole SA, 144A, (4)
|
|
|
8.125%
|
|
|
|
N/A (5)
|
|
|
|
BBB
|
|
|
$
|
18,369,665
|
|
|
1,950
|
|
|
Credit Agricole SA, 144A
|
|
|
6.875%
|
|
|
|
N/A (5)
|
|
|
|
BBB
|
|
|
|
2,152,313
|
|
|
13,534
|
|
|
HSBC Holdings PLC
|
|
|
6.375%
|
|
|
|
N/A (5)
|
|
|
|
Baa3
|
|
|
|
14,794,286
|
|
|
2,405
|
|
|
HSBC Holdings PLC
|
|
|
6.000%
|
|
|
|
N/A (5)
|
|
|
|
Baa3
|
|
|
|
2,579,363
|
|
|
2,600
|
|
|
ING Groep NV, Reg S
|
|
|
6.875%
|
|
|
|
N/A (5)
|
|
|
|
BBB
|
|
|
|
2,782,000
|
|
|
5,595
|
|
|
ING Groep NV
|
|
|
6.500%
|
|
|
|
N/A (5)
|
|
|
|
BBB
|
|
|
|
6,161,214
|
|
|
5,285
|
|
|
ING Groep NV
|
|
|
5.750%
|
|
|
|
N/A (5)
|
|
|
|
BBB
|
|
|
|
5,657,593
|
|
|
6,575
|
|
|
Intesa Sanpaolo SpA, 144A
|
|
|
7.700%
|
|
|
|
N/A (5)
|
|
|
|
BB
|
|
|
|
7,372,219
|
|
|
18,615
|
|
|
Lloyds Banking Group PLC, (4)
|
|
|
7.500%
|
|
|
|
N/A (5)
|
|
|
|
Baa3
|
|
|
|
20,860,900
|
|
|
3,350
|
|
|
Macquarie Bank Ltd/London, 144A
|
|
|
6.125%
|
|
|
|
N/A (5)
|
|
|
|
BB+
|
|
|
|
3,559,375
|
|
|
3,845
|
|
|
Nordea Bank Abp, 144A
|
|
|
6.625%
|
|
|
|
N/A (5)
|
|
|
|
BBB
|
|
|
|
4,337,583
|
|
|
6,100
|
|
|
Royal Bank of Scotland Group PLC
|
|
|
8.000%
|
|
|
|
N/A (5)
|
|
|
|
BB+
|
|
|
|
7,117,968
|
|
|
6,740
|
|
|
Royal Bank of Scotland Group PLC
|
|
|
8.625%
|
|
|
|
N/A (5)
|
|
|
|
BB+
|
|
|
|
7,279,200
|
|
|
2,655
|
|
|
Societe Generale SA, 144A
|
|
|
8.000%
|
|
|
|
N/A (5)
|
|
|
|
BB+
|
|
|
|
3,156,131
|
|
|
1,725
|
|
|
Societe Generale SA, 144A
|
|
|
7.375%
|
|
|
|
N/A (5)
|
|
|
|
BB+
|
|
|
|
1,903,382
|
|
|
6,886
|
|
|
Societe Generale SA, 144A
|
|
|
7.875%
|
|
|
|
N/A (5)
|
|
|
|
BB+
|
|
|
|
7,781,180
|
|
|
4,541
|
|
|
Societe Generale SA, 144A
|
|
|
6.750%
|
|
|
|
N/A (5)
|
|
|
|
BB+
|
|
|
|
5,102,949
|
|
|
5,970
|
|
|
Standard Chartered PLC, 144A
|
|
|
7.500%
|
|
|
|
N/A (5)
|
|
|
|
Ba1
|
|
|
|
6,380,437
|
|
|
6,245
|
|
|
Standard Chartered PLC, 144A
|
|
|
7.750%
|
|
|
|
N/A (5)
|
|
|
|
Ba1
|
|
|
|
6,900,725
|
|
|
19,080
|
|
|
UBS Group AG, Reg S
|
|
|
7.000%
|
|
|
|
N/A (5)
|
|
|
|
BBB
|
|
|
|
21,736,279
|
|
|
3,010
|
|
|
UBS Group AG, 144A
|
|
|
7.000%
|
|
|
|
N/A (5)
|
|
|
|
BBB
|
|
|
|
3,314,341
|
|
|
6,845
|
|
|
UniCredit SpA, Reg S
|
|
|
8.000%
|
|
|
|
N/A (5)
|
|
|
|
B+
|
|
|
|
7,589,394
|
|
|
221,556
|
|
|
Total Banks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
247,628,886
|
|
|
|
|
|
|
|
|
|
|
Capital Markets 3.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,045
|
|
|
Credit Suisse Group AG, 144A
|
|
|
6.375%
|
|
|
|
N/A (5)
|
|
|
|
Ba2
|
|
|
|
6,702,394
|
|
|
9,814
|
|
|
Credit Suisse Group AG, 144A
|
|
|
7.250%
|
|
|
|
N/A (5)
|
|
|
|
BB
|
|
|
|
11,126,623
|
|
|
8,240
|
|
|
Credit Suisse Group AG, 144A, (4)
|
|
|
7.500%
|
|
|
|
N/A (5)
|
|
|
|
BB
|
|
|
|
9,341,243
|
|
|
8,180
|
|
|
Credit Suisse Group AG, 144A, (4)
|
|
|
7.500%
|
|
|
|
N/A (5)
|
|
|
|
BB
|
|
|
|
9,013,133
|
|
|
4,695
|
|
|
UBS Group AG, Reg S
|
|
|
6.875%
|
|
|
|
N/A (5)
|
|
|
|
BBB
|
|
|
|
5,265,440
|
|
|
36,974
|
|
|
Total Capital Markets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41,448,833
|
|
|
|
|
|
|
|
|
|
|
Diversified Financial Services 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,505
|
|
|
ING Groep NV, Reg S
|
|
|
6.750%
|
|
|
|
N/A (5)
|
|
|
|
BBB
|
|
|
|
2,752,494
|
|
$
|
261,035
|
|
|
Total Contingent Capital Securities (cost $270,894,159)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
291,830,213
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
CORPORATE BONDS 4.7% (3.0% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
Automobiles 0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,825
|
|
|
Ford Motor Co, (3)
|
|
|
7.450%
|
|
|
|
7/16/31
|
|
|
|
BBB
|
|
|
$
|
3,405,889
|
|
|
|
|
|
|
|
|
|
|
Capital Markets 0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,960
|
|
|
Donnelley Financial Solutions Inc., (3)
|
|
|
8.250%
|
|
|
|
10/15/24
|
|
|
|
B
|
|
|
|
4,108,500
|
|
|
|
|
|
|
|
|
|
|
Chemicals 0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,675
|
|
|
CVR Partners LP / CVR Nitrogen Finance Corp, 144A, (3)
|
|
|
9.250%
|
|
|
|
6/15/23
|
|
|
|
B+
|
|
|
|
4,867,844
|
|
|
|
|
|
|
|
|
|
|
Consumer Finance 0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,468
|
|
|
Navient Corp, (3)
|
|
|
8.000%
|
|
|
|
3/25/20
|
|
|
|
BB
|
|
|
|
4,499,276
|
|
|
|
|
|
|
|
|
|
|
Health Care Equipment & Supplies 0.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,619
|
|
|
Avantor Inc., 144A, (3)
|
|
|
9.000%
|
|
|
|
10/01/25
|
|
|
|
BB
|
|
|
|
9,525,719
|
|
|
|
|
|
|
|
|
|
|
Media 1.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,375
|
|
|
Altice Financing SA, 144A, (3)
|
|
|
7.500%
|
|
|
|
5/15/26
|
|
|
|
B
|
|
|
|
3,606,862
|
|
|
3,650
|
|
|
DISH DBS Corp, (3)
|
|
|
7.750%
|
|
|
|
7/01/26
|
|
|
|
B1
|
|
|
|
3,832,500
|
|
|
4,725
|
|
|
ViacomCBS Inc., (3)
|
|
|
6.875%
|
|
|
|
4/30/36
|
|
|
|
BBB
|
|
|
|
6,540,261
|
|
|
11,750
|
|
|
Total Media
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,979,623
|
|
33
|
|
|
|
|
JPC
|
|
Nuveen Preferred & Income Opportunities Fund (continued)
|
|
Portfolio of Investments January 31, 2020
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment 0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,650
|
|
|
Amkor Technology Inc., 144A, (3)
|
|
|
6.625%
|
|
|
|
9/15/27
|
|
|
|
BB
|
|
|
$
|
3,964,812
|
|
|
|
|
|
|
|
|
|
|
Specialty Retail 0.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,450
|
|
|
L Brands Inc., (3)
|
|
|
6.875%
|
|
|
|
11/01/35
|
|
|
|
Ba2
|
|
|
|
6,466,125
|
|
$
|
46,397
|
|
|
Total Corporate Bonds (cost $48,844,882)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50,817,788
|
|
|
|
|
|
|
|
Shares
|
|
|
Description (1)
|
|
Coupon
|
|
|
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
CONVERTIBLE PREFERRED SECURITIES 3.2% (2.0% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
Electric Utilities 0.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
106,400
|
|
|
Southern Co
|
|
|
6.750%
|
|
|
|
|
|
|
|
BBB
|
|
|
$
|
6,042,456
|
|
|
|
|
|
|
|
|
|
|
Multi-Utilities 1.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
146,300
|
|
|
CenterPoint Energy Inc.
|
|
|
7.000%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
7,031,178
|
|
|
79,300
|
|
|
Sempra Energy
|
|
|
6.750%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
9,915,672
|
|
|
|
|
|
Total Multi-Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,946,850
|
|
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment 1.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,850
|
|
|
Broadcom Inc.
|
|
|
8.000%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
11,313,710
|
|
|
|
|
|
Total Convertible Preferred Securities (cost $31,517,930)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34,303,016
|
|
|
|
|
|
|
|
Shares
|
|
|
Description (1)
|
|
|
|
|
|
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
COMMON STOCKS 0.3% (0.2% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Markets 0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
184,035
|
|
|
Ares Capital Corp
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,463,539
|
|
|
|
|
|
Total Common Stocks (cost $3,036,662)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,463,539
|
|
|
|
|
|
Total Long-Term Investments (cost
$1,576,764,730)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,690,693,043
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
Coupon
|
|
|
Maturity
|
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS 0.9% (0.6% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPURCHASE AGREEMENTS 0.9% (0.6% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
9,945
|
|
|
Repurchase Agreement with Fixed Income Clearing
Corporation,
dated 1/31/20, repurchase price $9,945,890,
collateralized by $9,485,000 U.S. Treasury Notes,
2.625%, due 12/31/25, value $10,147,214
|
|
|
0.650%
|
|
|
|
2/03/20
|
|
|
|
|
|
|
$
|
9,945,351
|
|
|
|
|
|
Total Short-Term Investments (cost
$9,945,351)
|
|
|
|
|
|
|
|
9,945,351
|
|
|
|
|
|
Total Investments (cost $1,586,710,081)
156.4%
|
|
|
|
|
|
|
|
1,700,638,394
|
|
|
|
|
|
Borrowings (43.9)% (9), (10)
|
|
|
|
|
|
|
|
(477,000,000
|
)
|
|
|
|
|
Reverse Repurchase Agreements (12.4)%
(11)
|
|
|
|
|
|
|
|
(135,000,000
|
)
|
|
|
|
|
Other Assets Less Liabilities (0.1)%
(12)
|
|
|
|
|
|
|
|
(1,461,000
|
)
|
|
|
|
|
Net Assets Applicable to Common Shares
100%
|
|
|
|
|
|
|
$
|
1,087,177,394
|
|
34
Investments in Derivatives
Futures Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Contract
Position
|
|
|
Number of
Contracts
|
|
|
Expiration
Date
|
|
|
Notional
Amount
|
|
|
Value
|
|
|
Unrealized
Appreciation
(Depreciation)
|
|
|
Variation
Margin
Receivable/
(Payable)
|
|
U.S. Treasury 10-Year
Note
|
|
|
Short
|
|
|
|
(272
|
)
|
|
|
3/20
|
|
|
$
|
(35,226,534
|
)
|
|
$
|
(35,810,500
|
)
|
|
$
|
(583,966
|
)
|
|
$
|
(93,500
|
)
|
Interest Rate Swaps
OTC Uncleared
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty
|
|
Notional
Amount
|
|
|
Fund
Pay/Receive
Floating Rate
|
|
|
Floating Rate Index
|
|
|
Fixed Rate
(Annualized)
|
|
|
Fixed Rate
Payment
Frequency
|
|
|
Effective
Date (13)
|
|
|
Optional
Termination
Date
|
|
|
Maturity
Date
|
|
|
Value
|
|
|
Unrealized
Appreciation
(Depreciation)
|
|
Morgan Stanley Capital Services, LLC
|
|
$
|
277,500,000
|
|
|
|
Receive
|
|
|
|
1-Month LIBOR
|
|
|
|
1.994
|
%
|
|
|
Monthly
|
|
|
|
6/01/18
|
|
|
|
7/01/25
|
|
|
|
7/01/27
|
|
|
$
|
(16,132,860
|
)
|
|
$
|
(16,132,860
|
)
|
Morgan Stanley Capital Services, LLC
|
|
|
48,000,000
|
|
|
|
Receive
|
|
|
|
1-Month LIBOR
|
|
|
|
2.364
|
%
|
|
|
Monthly
|
|
|
|
7/01/19
|
|
|
|
7/01/26
|
|
|
|
7/01/28
|
|
|
|
(4,388,492
|
)
|
|
|
(4,388,492
|
)
|
Total
|
|
$
|
325,500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(20,521,352
|
)
|
|
$
|
(20,521,352
|
)
|
Total unrealized depreciation on interest rate
swaps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(20,521,352
|
)
|
For Fund portfolio compliance purposes, the Funds 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 & Poors Group
(Standard & Poors), Moodys Investors Service, Inc. (Moodys) 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 & Poors, Baa by Moodys 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 $363,081,650 have been pledged as collateral for reverse repurchase agreements.
|
(4)
|
Investment, or portion of investment, is hypothecated as described in Notes to Financial Statements, Note 8 Fund
Leverage, Rehypothecation. The total value of investments hypothecated as of the end of the reporting period was $401,486,021.
|
(5)
|
Perpetual security. Maturity date is not applicable.
|
(6)
|
Variable rate security. The rate shown is the coupon as of the end of the reporting period.
|
(7)
|
For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements,
Note 3 Investment Valuation and Fair Value Measurements for more information.
|
(8)
|
Contingent Capital Securities (CoCos) are hybrid securities with loss absorption characteristics built into
the terms of the security for the benefit of the issuer. For example, the terms may specify an automatic write-down of principal or a mandatory conversion into the issuers common stock under certain adverse circumstances, such as the
issuers capital ratio falling below a specified level.
|
(9)
|
Borrowings as a percentage of Total Investments is 28.0%.
|
(10)
|
The Fund may pledge up to 100% of its eligible investments (excluding any investments separately pledged as collateral for
specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings. As of the end of the reporting period, investments with a value of $1,065,150,750 have been pledged as collateral for borrowings.
|
(11)
|
Reverse Repurchase Agreements as a percentage of Total Investments is 7.9%.
|
(12)
|
Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the counter
(OTC) derivatives as presented on the Statement of Assets and Liabilities, when applicable. The unrealized appreciation (depreciation) of OTC cleared and exchange-traded derivatives is recognized as part of 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.
|
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.
|
LIBOR
|
London Inter-Bank Offered Rate
|
See accompanying notes to financial statements.
35
|
|
|
JPI
|
|
Nuveen Preferred and
Income Term Fund
Portfolio of Investments January 31, 2020
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)/
Shares
|
|
|
Description (1)
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
LONG-TERM INVESTMENTS 149.3% (100.0% of Total Investments)
|
|
|
|
|
|
|
|
$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED 69.6% (46.6% of Total
Investments)
|
|
|
|
|
|
|
|
|
|
|
Automobiles 1.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
10,748
|
|
|
General Motors Financial Co Inc., (3)
|
|
|
5.750%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
$
|
10,817,862
|
|
|
|
|
|
|
|
|
|
|
Banks 26.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,190
|
|
|
Bank of America Corp
|
|
|
6.250%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
3,552,862
|
|
|
7,165
|
|
|
Bank of America Corp, (3)
|
|
|
6.500%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
8,096,450
|
|
|
5,320
|
|
|
Bank of America Corp
|
|
|
6.300%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
6,194,448
|
|
|
1,915
|
|
|
Bank of America Corp
|
|
|
6.100%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
2,146,734
|
|
|
2,805
|
|
|
Barclays Bank PLC, 144A, (5)
|
|
|
10.179%
|
|
|
|
N/A (4)
|
|
|
|
A
|
|
|
|
3,105,175
|
|
|
2,845
|
|
|
CIT Group Inc., (3)
|
|
|
5.800%
|
|
|
|
N/A (4)
|
|
|
|
Ba3
|
|
|
|
2,916,125
|
|
|
6,140
|
|
|
Citigroup Inc., (5)
|
|
|
6.250%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
7,008,073
|
|
|
6,235
|
|
|
Citigroup Inc.
|
|
|
5.000%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
6,530,290
|
|
|
1,545
|
|
|
Citigroup Inc.
|
|
|
6.125%
|
|
|
|
N/A (4)
|
|
|
|
Ba1
|
|
|
|
1,592,200
|
|
|
9,859
|
|
|
Citigroup Inc., (3), (5)
|
|
|
5.950%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
10,770,957
|
|
|
4,015
|
|
|
Citigroup Inc., (3)
|
|
|
6.300%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
4,358,724
|
|
|
3,180
|
|
|
Citizens Financial Group Inc.
|
|
|
6.375%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
3,402,600
|
|
|
1,085
|
|
|
Commerzbank AG, 144A
|
|
|
8.125%
|
|
|
|
9/19/23
|
|
|
|
BBB
|
|
|
|
1,275,452
|
|
|
1,230
|
|
|
First Union Capital II
|
|
|
7.950%
|
|
|
|
11/15/29
|
|
|
|
Baa1
|
|
|
|
1,716,028
|
|
|
2,396
|
|
|
HSBC Capital Funding Dollar 1 LP, 144A
|
|
|
10.176%
|
|
|
|
N/A (4)
|
|
|
|
Baa2
|
|
|
|
3,954,287
|
|
|
2,280
|
|
|
JPMorgan Chase & Co
|
|
|
6.100%
|
|
|
|
N/A (4)
|
|
|
|
Baa2
|
|
|
|
2,515,775
|
|
|
15,752
|
|
|
JPMorgan Chase & Co, (3)
|
|
|
6.750%
|
|
|
|
N/A (4)
|
|
|
|
Baa2
|
|
|
|
17,758,175
|
|
|
456
|
|
|
JPMorgan Chase & Co, (3-Month LIBOR reference rate +
3.470% spread), (6)
|
|
|
5.240%
|
|
|
|
N/A (4)
|
|
|
|
Baa2
|
|
|
|
458,741
|
|
|
2,780
|
|
|
JPMorgan Chase & Co, (3)
|
|
|
5.300%
|
|
|
|
N/A (4)
|
|
|
|
Baa2
|
|
|
|
2,799,655
|
|
|
7,815
|
|
|
JPMorgan Chase & Co, (5)
|
|
|
5.000%
|
|
|
|
N/A (4)
|
|
|
|
Baa2
|
|
|
|
8,174,490
|
|
|
2,430
|
|
|
KeyCorp
|
|
|
5.000%
|
|
|
|
N/A (4)
|
|
|
|
Baa3
|
|
|
|
2,596,625
|
|
|
1,905
|
|
|
Lloyds Bank PLC, 144A
|
|
|
12.000%
|
|
|
|
N/A (4)
|
|
|
|
Baa3
|
|
|
|
2,329,282
|
|
|
2,800
|
|
|
M&T Bank Corp, (3)
|
|
|
5.125%
|
|
|
|
N/A (4)
|
|
|
|
Baa2
|
|
|
|
3,059,000
|
|
|
1,570
|
|
|
M&T Bank Corp
|
|
|
6.450%
|
|
|
|
N/A (4)
|
|
|
|
Baa2
|
|
|
|
1,743,878
|
|
|
3,168
|
|
|
PNC Financial Services Group Inc., (3)
|
|
|
5.000%
|
|
|
|
N/A (4)
|
|
|
|
Baa2
|
|
|
|
3,419,444
|
|
|
2,309
|
|
|
PNC Financial Services Group Inc.
|
|
|
6.750%
|
|
|
|
N/A (4)
|
|
|
|
Baa2
|
|
|
|
2,459,962
|
|
|
3,071
|
|
|
Royal Bank of Scotland Group PLC, (3)
|
|
|
7.648%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
4,440,512
|
|
|
12,285
|
|
|
Truist Financial Corp, (5)
|
|
|
4.800%
|
|
|
|
N/A (4)
|
|
|
|
Baa2
|
|
|
|
12,667,923
|
|
|
2,980
|
|
|
Truist Financial Corp
|
|
|
5.050%
|
|
|
|
N/A (4)
|
|
|
|
Baa2
|
|
|
|
3,069,400
|
|
|
1,500
|
|
|
USB Realty Corp, (3-Month LIBOR reference rate + 1.147% spread),
144A, (6)
|
|
|
2.978%
|
|
|
|
N/A (4)
|
|
|
|
A3
|
|
|
|
1,344,015
|
|
|
3,345
|
|
|
Wachovia Capital Trust III
|
|
|
5.570%
|
|
|
|
N/A (4)
|
|
|
|
Baa2
|
|
|
|
3,399,356
|
|
|
1,100
|
|
|
Wells Fargo & Co, (3-Month LIBOR reference rate + 3.770%
spread), (5), (6)
|
|
|
5.664%
|
|
|
|
N/A (4)
|
|
|
|
Baa2
|
|
|
|
1,106,930
|
|
|
11,748
|
|
|
Wells Fargo & Co, (3)
|
|
|
5.875%
|
|
|
|
N/A (4)
|
|
|
|
Baa2
|
|
|
|
13,270,658
|
|
|
2,256
|
|
|
Wells Fargo & Co, (3)
|
|
|
5.900%
|
|
|
|
N/A (4)
|
|
|
|
Baa2
|
|
|
|
2,452,069
|
|
|
1,415
|
|
|
Zions Bancorp NA
|
|
|
7.200%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
1,560,038
|
|
|
|
|
|
Total Banks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
157,246,333
|
|
|
|
|
|
|
|
|
|
|
Capital Markets 3.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,918
|
|
|
Goldman Sachs Group Inc.
|
|
|
5.500%
|
|
|
|
N/A (4)
|
|
|
|
Ba1
|
|
|
|
6,368,419
|
|
|
5,267
|
|
|
Goldman Sachs Group Inc.
|
|
|
5.300%
|
|
|
|
N/A (4)
|
|
|
|
Ba1
|
|
|
|
5,727,863
|
|
|
7,890
|
|
|
Goldman Sachs Group Inc., (3)
|
|
|
5.375%
|
|
|
|
N/A (4)
|
|
|
|
Ba1
|
|
|
|
7,948,780
|
|
|
600
|
|
|
State Street Corp
|
|
|
5.250%
|
|
|
|
N/A (4)
|
|
|
|
Baa1
|
|
|
|
611,250
|
|
|
|
|
|
Total Capital Markets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,656,312
|
|
36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)/
Shares
|
|
|
Description (1)
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
Commercial Services & Supplies 1.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,795
|
|
|
AerCap Global Aviation Trust, 144A, (5)
|
|
|
6.500%
|
|
|
|
6/15/45
|
|
|
|
BB+
|
|
|
$
|
6,446,938
|
|
|
3,670
|
|
|
AerCap Holdings NV, (3)
|
|
|
5.875%
|
|
|
|
10/10/79
|
|
|
|
BB+
|
|
|
|
3,926,900
|
|
|
|
|
|
Total Commercial Services & Supplies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,373,838
|
|
|
|
|
|
|
|
|
|
|
Consumer Finance 1.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,320
|
|
|
American Express Co, (3-Month LIBOR reference rate + 3.428%
spread), (6)
|
|
|
5.338%
|
|
|
|
N/A (4)
|
|
|
|
Baa2
|
|
|
|
2,334,500
|
|
|
3,640
|
|
|
Capital One Financial Corp
|
|
|
5.550%
|
|
|
|
N/A (4)
|
|
|
|
Baa3
|
|
|
|
3,667,300
|
|
|
4,135
|
|
|
Discover Financial Services, (3)
|
|
|
5.500%
|
|
|
|
N/A (4)
|
|
|
|
Ba2
|
|
|
|
4,388,269
|
|
|
|
|
|
Total Consumer Finance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,390,069
|
|
|
|
|
|
|
|
|
|
|
Diversified Financial Services 4.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,910
|
|
|
Citigroup Inc.
|
|
|
4.700%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
1,945,240
|
|
|
13
|
|
|
Compeer Financial ACA, 144A
|
|
|
6.750%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
13,843,000
|
|
|
6,817
|
|
|
ILFC E-Capital Trust II, 144A, (5)
|
|
|
4.150%
|
|
|
|
12/21/65
|
|
|
|
BB+
|
|
|
|
5,624,502
|
|
|
3,075
|
|
|
JPMorgan Chase & Co
|
|
|
4.600%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
3,139,267
|
|
|
3,692
|
|
|
Voya Financial Inc., (5)
|
|
|
6.125%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
4,001,205
|
|
|
|
|
|
Total Diversified Financial Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,553,214
|
|
|
|
|
|
|
|
|
|
|
Electric Utilities 2.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,550
|
|
|
AES Gener SA, 144A, (5)
|
|
|
6.350%
|
|
|
|
10/07/79
|
|
|
|
BB
|
|
|
|
2,663,475
|
|
|
2,370
|
|
|
Electricite de France SA, 144A
|
|
|
5.250%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
2,493,240
|
|
|
9,150
|
|
|
Emera Inc., (5)
|
|
|
6.750%
|
|
|
|
6/15/76
|
|
|
|
BBB
|
|
|
|
10,524,330
|
|
|
|
|
|
Total Electric Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,681,045
|
|
|
|
|
|
|
|
|
|
|
Equity Real Estate Investment Trust 2.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12
|
|
|
Sovereign Real Estate Investment Trust, 144A
|
|
|
12.000%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
12,943,645
|
|
|
|
|
|
|
|
|
|
|
Food Products 4.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,360
|
|
|
Dairy Farmers of America Inc., 144A, (3)
|
|
|
7.125%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
2,178,280
|
|
|
2,665
|
|
|
Land O Lakes Inc., 144A
|
|
|
7.250%
|
|
|
|
N/A (4)
|
|
|
|
BB
|
|
|
|
2,525,087
|
|
|
12,520
|
|
|
Land O Lakes Inc., 144A
|
|
|
8.000%
|
|
|
|
N/A (4)
|
|
|
|
BB
|
|
|
|
12,582,600
|
|
|
6,993
|
|
|
Land O Lakes Inc., 144A
|
|
|
7.000%
|
|
|
|
N/A (4)
|
|
|
|
BB
|
|
|
|
6,433,560
|
|
|
|
|
|
Total Food Products
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,719,527
|
|
|
|
|
|
|
|
|
Independent Power & Renewable Electricity Producers 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,240
|
|
|
AES Gener SA, 144A, (5)
|
|
|
7.125%
|
|
|
|
3/26/79
|
|
|
|
BB
|
|
|
|
1,326,755
|
|
|
|
|
|
|
|
|
|
|
Industrial Conglomerates 3.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,982
|
|
|
General Electric Co, (3)
|
|
|
5.000%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
20,751,408
|
|
|
|
|
|
|
|
|
|
|
Insurance 12.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,920
|
|
|
Aegon NV, (3)
|
|
|
5.500%
|
|
|
|
4/11/48
|
|
|
|
Baa1
|
|
|
|
2,124,499
|
|
|
3,930
|
|
|
American International Group Inc., (3), (5)
|
|
|
5.750%
|
|
|
|
4/01/48
|
|
|
|
Baa2
|
|
|
|
4,441,293
|
|
|
8,750
|
|
|
Assurant Inc., (5)
|
|
|
7.000%
|
|
|
|
3/27/48
|
|
|
|
BB+
|
|
|
|
9,900,101
|
|
|
19,800
|
|
|
Assured Guaranty Municipal Holdings Inc., 144A, (3), (5)
|
|
|
6.400%
|
|
|
|
12/15/66
|
|
|
|
BBB+
|
|
|
|
21,026,808
|
|
|
1,965
|
|
|
AXIS Specialty Finance LLC
|
|
|
4.900%
|
|
|
|
1/15/40
|
|
|
|
BBB
|
|
|
|
2,034,525
|
|
|
5,030
|
|
|
MetLife Inc., 144A, (5)
|
|
|
9.250%
|
|
|
|
4/08/38
|
|
|
|
BBB
|
|
|
|
7,570,150
|
|
|
1,580
|
|
|
MetLife Inc., (5)
|
|
|
5.875%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
1,786,506
|
|
|
6,759
|
|
|
Provident Financing Trust I, (5)
|
|
|
7.405%
|
|
|
|
3/15/38
|
|
|
|
Baa3
|
|
|
|
8,414,955
|
|
|
11,560
|
|
|
QBE Insurance Group Ltd, 144A, (3), (5)
|
|
|
7.500%
|
|
|
|
11/24/43
|
|
|
|
Baa1
|
|
|
|
13,066,846
|
|
|
2,650
|
|
|
QBE Insurance Group Ltd, Reg S
|
|
|
6.750%
|
|
|
|
12/02/44
|
|
|
|
BBB
|
|
|
|
2,974,493
|
|
|
2,200
|
|
|
Swiss Re Finance Luxembourg SA, 144A, (5)
|
|
|
5.000%
|
|
|
|
4/02/49
|
|
|
|
A
|
|
|
|
2,499,750
|
|
|
|
|
|
Total Insurance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
75,839,926
|
|
|
|
|
|
|
|
|
|
|
Metals & Mining 0.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,290
|
|
|
BHP Billiton Finance USA Ltd, 144A, (5)
|
|
|
6.250%
|
|
|
|
10/19/75
|
|
|
|
BBB+
|
|
|
|
2,346,563
|
|
|
1,395
|
|
|
BHP Billiton Finance USA Ltd, 144A, (5)
|
|
|
6.750%
|
|
|
|
10/19/75
|
|
|
|
BBB+
|
|
|
|
1,639,125
|
|
|
|
|
|
Total Metals & Mining
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,985,688
|
|
37
|
|
|
|
|
JPI
|
|
Nuveen Preferred and Income Term Fund (continued)
|
|
Portfolio of Investments January 31, 2020
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)/
Shares
|
|
|
Description (1)
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
Multi-Utilities 1.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,610
|
|
|
CenterPoint Energy Inc.
|
|
|
6.125%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
$
|
5,974,650
|
|
|
2,815
|
|
|
NiSource Inc.
|
|
|
5.650%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
2,941,675
|
|
|
|
|
|
Total Multi-Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,916,325
|
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels 0.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,145
|
|
|
MPLX LP
|
|
|
6.875%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
1,153,588
|
|
|
1,935
|
|
|
TransCanada Trust
|
|
|
5.500%
|
|
|
|
9/15/79
|
|
|
|
BBB
|
|
|
|
2,087,381
|
|
|
|
|
|
Total Oil, Gas & Consumable Fuels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,240,969
|
|
|
|
|
|
|
|
|
|
|
U.S. Agency 0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,180
|
|
|
Farm Credit Bank of Texas, 144A
|
|
|
6.200%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
1,259,739
|
|
|
1
|
|
|
Farm Credit Bank of Texas
|
|
|
10.000%
|
|
|
|
N/A (4)
|
|
|
|
Baa1
|
|
|
|
780,200
|
|
|
|
|
|
Total U.S. Agency
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,039,939
|
|
|
|
|
|
|
|
|
|
|
Wireless Telecommunication Services 0.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,555
|
|
|
Vodafone Group PLC, (3)
|
|
|
7.000%
|
|
|
|
4/04/79
|
|
|
|
BB+
|
|
|
|
4,192,144
|
|
|
|
|
|
Total $1,000 Par (or similar) Institutional Preferred
(cost $380,919,243)
|
|
|
|
410,674,999
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
CONTINGENT CAPITAL SECURITIES 45.7% (30.6% of Total Investments) (7)
|
|
|
|
|
|
|
|
|
|
|
Banks 38.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,400
|
|
|
Australia & New Zealand Banking Group Ltd/United Kingdom, 144A, (3)
|
|
|
6.750%
|
|
|
|
N/A (4)
|
|
|
|
Baa2
|
|
|
$
|
3,905,750
|
|
|
9,285
|
|
|
Banco Bilbao Vizcaya Argentaria SA
|
|
|
6.125%
|
|
|
|
N/A (4)
|
|
|
|
Ba2
|
|
|
|
9,769,677
|
|
|
6,200
|
|
|
Banco Bilbao Vizcaya Argentaria SA
|
|
|
6.500%
|
|
|
|
N/A (4)
|
|
|
|
Ba2
|
|
|
|
6,603,000
|
|
|
2,140
|
|
|
Banco Mercantil del Norte SA/Grand Cayman, 144A
|
|
|
7.625%
|
|
|
|
N/A (4)
|
|
|
|
BB
|
|
|
|
2,398,940
|
|
|
4,800
|
|
|
Banco Santander SA, Reg S
|
|
|
7.500%
|
|
|
|
N/A (4)
|
|
|
|
Ba1
|
|
|
|
5,341,037
|
|
|
2,300
|
|
|
Barclays PLC
|
|
|
8.000%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
2,595,803
|
|
|
7,300
|
|
|
Barclays PLC
|
|
|
7.750%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
7,993,500
|
|
|
7,505
|
|
|
Barclays PLC, Reg S
|
|
|
7.875%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
8,124,012
|
|
|
750
|
|
|
BNP Paribas SA, 144A
|
|
|
7.000%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
886,875
|
|
|
11,945
|
|
|
BNP Paribas SA, 144A
|
|
|
7.375%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
13,878,895
|
|
|
3,975
|
|
|
BNP Paribas SA, 144A
|
|
|
6.625%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
4,332,750
|
|
|
7,035
|
|
|
Credit Agricole SA, 144A, (3)
|
|
|
7.875%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
8,002,312
|
|
|
14,069
|
|
|
Credit Agricole SA, 144A, (3)
|
|
|
8.125%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
17,070,199
|
|
|
1,800
|
|
|
Credit Agricole SA, 144A
|
|
|
6.875%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
1,986,750
|
|
|
12,636
|
|
|
HSBC Holdings PLC
|
|
|
6.375%
|
|
|
|
N/A (4)
|
|
|
|
Baa3
|
|
|
|
13,812,664
|
|
|
2,210
|
|
|
HSBC Holdings PLC
|
|
|
6.000%
|
|
|
|
N/A (4)
|
|
|
|
Baa3
|
|
|
|
2,370,225
|
|
|
2,774
|
|
|
ING Groep NV, Reg S
|
|
|
6.875%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
2,968,180
|
|
|
5,340
|
|
|
ING Groep NV, (3)
|
|
|
6.500%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
5,880,408
|
|
|
4,780
|
|
|
ING Groep NV
|
|
|
5.750%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
5,116,990
|
|
|
6,019
|
|
|
Intesa Sanpaolo SpA, 144A, (5)
|
|
|
7.700%
|
|
|
|
N/A (4)
|
|
|
|
BB
|
|
|
|
6,748,804
|
|
|
17,565
|
|
|
Lloyds Banking Group PLC, (3), (5)
|
|
|
7.500%
|
|
|
|
N/A (4)
|
|
|
|
Baa3
|
|
|
|
19,684,217
|
|
|
3,050
|
|
|
Macquarie Bank Ltd/London, 144A
|
|
|
6.125%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
3,240,625
|
|
|
3,335
|
|
|
Nordea Bank Abp, 144A, (3)
|
|
|
6.625%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
3,762,247
|
|
|
5,660
|
|
|
Royal Bank of Scotland Group PLC
|
|
|
8.000%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
6,604,541
|
|
|
6,200
|
|
|
Royal Bank of Scotland Group PLC
|
|
|
8.625%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
6,696,000
|
|
|
2,605
|
|
|
Societe Generale SA, 144A, (3)
|
|
|
8.000%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
3,096,694
|
|
|
1,590
|
|
|
Societe Generale SA, 144A
|
|
|
7.375%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
1,754,422
|
|
|
6,163
|
|
|
Societe Generale SA, 144A
|
|
|
7.875%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
6,964,190
|
|
|
4,253
|
|
|
Societe Generale SA, 144A, (3)
|
|
|
6.750%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
4,779,309
|
|
|
5,470
|
|
|
Standard Chartered PLC, 144A, (3)
|
|
|
7.500%
|
|
|
|
N/A (4)
|
|
|
|
Ba1
|
|
|
|
5,846,063
|
|
|
5,830
|
|
|
Standard Chartered PLC, 144A, (3)
|
|
|
7.750%
|
|
|
|
N/A (4)
|
|
|
|
Ba1
|
|
|
|
6,442,150
|
|
|
16,927
|
|
|
UBS Group AG, Reg S
|
|
|
7.000%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
19,283,543
|
|
|
3,735
|
|
|
UBS Group AG, 144A, (5)
|
|
|
7.000%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
4,112,646
|
|
|
6,390
|
|
|
UniCredit SpA, Reg S
|
|
|
8.000%
|
|
|
|
N/A (4)
|
|
|
|
B+
|
|
|
|
7,084,912
|
|
|
205,036
|
|
|
Total Banks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
229,138,330
|
|
38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
Capital Markets 6.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,570
|
|
|
Credit Suisse Group AG, 144A, (5)
|
|
|
6.375%
|
|
|
|
N/A (4)
|
|
|
|
Ba2
|
|
|
$
|
6,175,738
|
|
|
9,321
|
|
|
Credit Suisse Group AG, 144A
|
|
|
7.250%
|
|
|
|
N/A (4)
|
|
|
|
BB
|
|
|
|
10,567,684
|
|
|
7,787
|
|
|
Credit Suisse Group AG, 144A, (3)
|
|
|
7.500%
|
|
|
|
N/A (4)
|
|
|
|
BB
|
|
|
|
8,827,701
|
|
|
7,525
|
|
|
Credit Suisse Group AG, 144A, (5)
|
|
|
7.500%
|
|
|
|
N/A (4)
|
|
|
|
BB
|
|
|
|
8,291,421
|
|
|
4,080
|
|
|
UBS Group AG, Reg S
|
|
|
6.875%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
4,575,718
|
|
|
34,283
|
|
|
Total Capital Markets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38,438,262
|
|
|
|
|
|
|
|
|
|
|
Diversified Financial Services 0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,290
|
|
|
ING Groep NV, Reg S
|
|
|
6.750%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
2,516,252
|
|
$
|
241,609
|
|
|
Total Contingent Capital Securities (cost $248,897,767)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
270,092,844
|
|
|
|
|
|
|
|
Shares
|
|
|
Description (1)
|
|
Coupon
|
|
|
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
$25 PAR (OR SIMILAR) RETAIL PREFERRED 34.0% (22.8% of Total
Investments)
|
|
|
|
|
|
|
|
|
|
|
Banks 7.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,689
|
|
|
Citigroup Inc.
|
|
|
7.125%
|
|
|
|
|
|
|
|
BB+
|
|
|
$
|
949,942
|
|
|
162,500
|
|
|
CoBank ACB, 144A, (8)
|
|
|
6.250%
|
|
|
|
|
|
|
|
BBB+
|
|
|
|
17,387,500
|
|
|
62,728
|
|
|
CoBank ACB, (8)
|
|
|
6.200%
|
|
|
|
|
|
|
|
BBB+
|
|
|
|
6,837,352
|
|
|
119,833
|
|
|
Fifth Third Bancorp
|
|
|
6.625%
|
|
|
|
|
|
|
|
Baa3
|
|
|
|
3,503,917
|
|
|
154,612
|
|
|
Huntington Bancshares Inc.
|
|
|
6.250%
|
|
|
|
|
|
|
|
Baa3
|
|
|
|
4,057,019
|
|
|
54,100
|
|
|
KeyCorp
|
|
|
6.125%
|
|
|
|
|
|
|
|
Baa3
|
|
|
|
1,628,951
|
|
|
207,078
|
|
|
Regions Financial Corp
|
|
|
6.375%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
5,928,643
|
|
|
80,200
|
|
|
Regions Financial Corp
|
|
|
5.700%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
2,286,502
|
|
|
117,500
|
|
|
Synovus Financial Corp
|
|
|
5.875%
|
|
|
|
|
|
|
|
BB
|
|
|
|
3,158,400
|
|
|
|
|
|
Total Banks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45,738,226
|
|
|
|
|
|
|
|
|
|
|
Capital Markets 4.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
54,600
|
|
|
Goldman Sachs Group Inc.
|
|
|
5.500%
|
|
|
|
|
|
|
|
Ba1
|
|
|
|
1,470,378
|
|
|
160,656
|
|
|
Morgan Stanley
|
|
|
7.125%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
4,731,319
|
|
|
227,700
|
|
|
Morgan Stanley
|
|
|
6.875%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
6,548,652
|
|
|
166,900
|
|
|
Morgan Stanley
|
|
|
5.850%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
4,800,044
|
|
|
164,900
|
|
|
Morgan Stanley
|
|
|
6.375%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
4,749,120
|
|
|
46,250
|
|
|
State Street Corp
|
|
|
5.350%
|
|
|
|
|
|
|
|
Baa1
|
|
|
|
1,319,513
|
|
|
|
|
|
Total Capital Markets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,619,026
|
|
|
|
|
|
|
|
|
|
|
Consumer Finance 1.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
173,726
|
|
|
GMAC Capital Trust I, (5)
|
|
|
7.695%
|
|
|
|
|
|
|
|
BB
|
|
|
|
4,629,798
|
|
|
208,600
|
|
|
Synchrony Financial
|
|
|
5.625%
|
|
|
|
|
|
|
|
BB
|
|
|
|
5,434,030
|
|
|
|
|
|
Total Consumer Finance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,063,828
|
|
|
|
|
|
|
|
|
|
|
Diversified Financial Services 3.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
88,300
|
|
|
AgriBank FCB, (8)
|
|
|
6.875%
|
|
|
|
|
|
|
|
BBB+
|
|
|
|
9,536,400
|
|
|
105,500
|
|
|
Equitable Holdings Inc.
|
|
|
5.250%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
2,769,375
|
|
|
261,100
|
|
|
Voya Financial Inc.
|
|
|
5.350%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
7,297,745
|
|
|
|
|
|
Total Diversified Financial Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,603,520
|
|
|
|
|
|
|
|
|
|
|
Food Products 2.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100,400
|
|
|
CHS Inc.
|
|
|
7.875%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
2,796,140
|
|
|
166,429
|
|
|
CHS Inc.
|
|
|
7.100%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
4,676,655
|
|
|
180,399
|
|
|
CHS Inc.
|
|
|
6.750%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
4,973,600
|
|
|
24,000
|
|
|
Dairy Farmers of America Inc., 144A, (8)
|
|
|
7.875%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
2,400,000
|
|
|
20,500
|
|
|
Dairy Farmers of America Inc., 144A, (8)
|
|
|
7.875%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
2,039,750
|
|
|
|
|
|
Total Food Products
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,886,145
|
|
|
|
|
|
|
|
|
|
|
Insurance 7.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
256,300
|
|
|
American Equity Investment Life Holding Co
|
|
|
5.950%
|
|
|
|
|
|
|
|
BB
|
|
|
|
6,730,438
|
|
|
330,543
|
|
|
Aspen Insurance Holdings Ltd
|
|
|
5.950%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
9,384,116
|
|
|
62,000
|
|
|
Aspen Insurance Holdings Ltd
|
|
|
5.625%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
1,658,500
|
|
|
164,300
|
|
|
Athene Holding Ltd
|
|
|
6.350%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
4,698,980
|
|
|
108,900
|
|
|
Axis Capital Holdings Ltd
|
|
|
5.500%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
2,841,201
|
|
39
|
|
|
|
|
JPI
|
|
Nuveen Preferred and Income Term Fund (continued)
|
|
Portfolio of Investments January 31, 2020
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Description (1)
|
|
Coupon
|
|
|
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
Insurance (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
70,700
|
|
|
Delphi Financial Group Inc., (5), (8)
|
|
|
5.100%
|
|
|
|
|
|
|
|
BBB
|
|
|
$
|
1,626,100
|
|
|
119,500
|
|
|
Enstar Group Ltd, (5)
|
|
|
7.000%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
3,463,110
|
|
|
65,400
|
|
|
Globe Life Inc.
|
|
|
6.125%
|
|
|
|
|
|
|
|
BBB+
|
|
|
|
1,752,720
|
|
|
200,629
|
|
|
Maiden Holdings North America Ltd, (5)
|
|
|
7.750%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
4,700,737
|
|
|
200,600
|
|
|
Reinsurance Group of America Inc., (5)
|
|
|
5.750%
|
|
|
|
|
|
|
|
BBB+
|
|
|
|
5,917,700
|
|
|
|
|
|
Total Insurance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
42,773,602
|
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels 1.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
115,200
|
|
|
NuStar Energy LP
|
|
|
8.500%
|
|
|
|
|
|
|
|
B1
|
|
|
|
2,845,440
|
|
|
88,000
|
|
|
NuStar Energy LP
|
|
|
7.625%
|
|
|
|
|
|
|
|
B1
|
|
|
|
2,000,240
|
|
|
124,769
|
|
|
NuStar Logistics LP, (5)
|
|
|
8.565%
|
|
|
|
|
|
|
|
B1
|
|
|
|
3,302,636
|
|
|
|
|
|
Total Oil, Gas & Consumable Fuels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,148,316
|
|
|
|
|
|
|
|
|
|
|
Thrifts & Mortgage Finance 2.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
142,108
|
|
|
Federal Agricultural Mortgage Corp
|
|
|
6.000%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
3,808,494
|
|
|
293,887
|
|
|
New York Community Bancorp Inc.
|
|
|
6.375%
|
|
|
|
|
|
|
|
Ba2
|
|
|
|
8,399,291
|
|
|
|
|
|
Total Thrifts & Mortgage Finance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,207,785
|
|
|
|
|
|
|
|
|
|
|
Trading Companies & Distributors 0.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
96,500
|
|
|
Air Lease Corp, (5)
|
|
|
6.150%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
2,689,455
|
|
|
|
|
|
|
|
|
|
|
U.S. Agency 3.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
177,100
|
|
|
Farm Credit Bank of Texas, 144A, (5), (8)
|
|
|
6.750%
|
|
|
|
|
|
|
|
Baa1
|
|
|
|
19,126,800
|
|
|
|
|
|
Total $25 Par (or similar) Retail Preferred (cost
$185,838,780)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
200,856,703
|
|
|
|
|
|
Total Long-Term Investments (cost $815,655,790)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
881,624,546
|
|
|
|
|
|
Borrowings (39.8)% (9), (10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(235,000,000
|
)
|
|
|
|
|
Reverse Repurchase Agreements (10.2)%
(11)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(60,000,000
|
)
|
|
|
|
|
Other Assets Less Liabilities 0.7% (12)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,028,803
|
|
|
|
|
|
Net Assets Applicable to Common Shares
100%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
590,653,349
|
|
Investments in Derivatives
Futures
Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Contract
Position
|
|
|
Number of
Contracts
|
|
|
Expiration
Date
|
|
|
Notional
Amount
|
|
|
Value
|
|
|
Unrealized
Appreciation
(Depreciation)
|
|
|
Variation
Margin
Receivable/
(Payable)
|
|
U.S. Treasury 10-Year
Note
|
|
|
Short
|
|
|
|
(248
|
)
|
|
|
3/20
|
|
|
$
|
(32,118,311
|
)
|
|
$
|
(32,650,750
|
)
|
|
$
|
(532,439
|
)
|
|
$
|
(85,250
|
)
|
Interest Rate Swaps OTC Uncleared
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty
|
|
Notional
Amount
|
|
|
Fund
Pay/Receive
Floating Rate
|
|
|
Floating Rate Index
|
|
|
Fixed Rate
(Annualized)
|
|
|
Fixed Rate
Payment
Frequency
|
|
|
Effective
Date (13)
|
|
|
Optional
Termination
Date
|
|
|
Maturity
Date
|
|
|
Value
|
|
|
Unrealized
Appreciation
(Depreciation)
|
|
Morgan Stanley Capital Services, LLC
|
|
$
|
112,000,000
|
|
|
|
Receive
|
|
|
|
1-Month LIBOR
|
|
|
|
1.928
|
%
|
|
|
Monthly
|
|
|
|
6/01/18
|
|
|
|
3/01/23
|
|
|
|
3/01/24
|
|
|
$
|
(3,376,252
|
)
|
|
$
|
(3,376,252
|
)
|
Morgan Stanley Capital Services, LLC
|
|
|
45,000,000
|
|
|
|
Receive
|
|
|
|
1-Month LIBOR
|
|
|
|
2.333
|
%
|
|
|
Monthly
|
|
|
|
7/01/19
|
|
|
|
10/01/23
|
|
|
|
7/01/24
|
|
|
|
(2,219,357
|
)
|
|
|
(2,219,357
|
)
|
Total
|
|
$
|
157,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(5,595,609
|
)
|
|
$
|
(5,595,609
|
)
|
Total unrealized depreciation on interest rate
swaps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(5,595,609
|
)
|
40
For Fund portfolio compliance purposes, the Funds 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 & Poors Group
(Standard & Poors), Moodys Investors Service, Inc. (Moodys) 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 & Poors, Baa by Moodys 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 as described in Notes to Financial Statements, Note 8 Fund
Leverage, Rehypothecation. The total value of investments hypothecated as of the end of the reporting period was $216,188,387.
|
(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 $153,041,566 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 issuers common stock under certain adverse circumstances, such as the
issuers capital ratio falling below a specified level.
|
(8)
|
For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements,
Note 3 Investment Valuation and Fair Value Measurements for more information.
|
(9)
|
Borrowings as a percentage of Total Investments is 26.7%.
|
(10)
|
The Fund may pledge up to 100% of its eligible investments (excluding any investments separately pledged as collateral for
specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings. As of the end of the reporting period, investments with a value of $529,758,190 have been pledged as collateral for borrowings.
|
(11)
|
Reverse Repurchase Agreements as a percentage of Total Investments is 6.8%.
|
(12)
|
Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the counter (OTC) derivatives as presented on the Statement of Assets and Liabilities, when applicable. The unrealized appreciation (depreciation) of OTC cleared and exchange-traded derivatives is
recognized as part of 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.
|
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.
|
LIBOR
|
London Inter-Bank Offered Rate
|
See accompanying notes to financial statements.
41
|
|
|
JPS
|
|
Nuveen Preferred & Income
Securities Fund
Portfolio of Investments January 31, 2020
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)/
Shares
|
|
|
Description (1)
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
LONG-TERM INVESTMENTS 154.4% (98.3% of Total Investments)
|
|
|
|
|
|
|
|
$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED 71.5% (45.5% of Total
Investments)
|
|
|
|
|
|
|
|
|
|
|
Automobiles 0.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,000
|
|
|
General Motors Financial Co Inc., (3)
|
|
|
5.750%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
$
|
1,006,500
|
|
|
|
|
|
|
|
|
|
|
Banks 25.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,300
|
|
|
Bank of America Corp
|
|
|
6.500%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
21,809,000
|
|
|
17,000
|
|
|
Bank of America Corp
|
|
|
6.300%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
19,794,290
|
|
|
12,300
|
|
|
Bank of America Corp
|
|
|
6.100%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
13,788,423
|
|
|
7,000
|
|
|
Citigroup Inc.
|
|
|
6.250%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
7,989,660
|
|
|
48,000
|
|
|
Citigroup Inc., (3), (5)
|
|
|
6.125%
|
|
|
|
N/A (4)
|
|
|
|
Ba1
|
|
|
|
49,466,400
|
|
|
8,500
|
|
|
Citigroup Inc.
|
|
|
5.950%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
9,286,250
|
|
|
24,389
|
|
|
Citizens Financial Group Inc.
|
|
|
5.500%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
24,480,459
|
|
|
10,000
|
|
|
Citizens Financial Group Inc.
|
|
|
6.000%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
10,550,000
|
|
|
1,000
|
|
|
Citizens Financial Group Inc., (5)
|
|
|
6.375%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
1,070,000
|
|
|
18,000
|
|
|
CoBank ACB
|
|
|
6.250%
|
|
|
|
N/A (4)
|
|
|
|
BBB+
|
|
|
|
19,931,400
|
|
|
1,250
|
|
|
DNB Bank ASA
|
|
|
2.188%
|
|
|
|
N/A (4)
|
|
|
|
Baa2
|
|
|
|
960,938
|
|
|
1,250
|
|
|
DNB Bank ASA
|
|
|
2.188%
|
|
|
|
N/A (4)
|
|
|
|
Baa2
|
|
|
|
960,938
|
|
|
25,580
|
|
|
First Union Capital II, (3), (5)
|
|
|
7.950%
|
|
|
|
11/15/29
|
|
|
|
Baa1
|
|
|
|
35,687,810
|
|
|
30,000
|
|
|
HSBC Capital Funding Dollar 1 LP, 144A, (3)
|
|
|
10.176%
|
|
|
|
N/A (4)
|
|
|
|
Baa2
|
|
|
|
49,511,100
|
|
|
3,600
|
|
|
JPMorgan Chase & Co
|
|
|
8.750%
|
|
|
|
9/01/30
|
|
|
|
Baa1
|
|
|
|
5,388,950
|
|
|
7,000
|
|
|
JPMorgan Chase & Co, (5)
|
|
|
6.100%
|
|
|
|
N/A (4)
|
|
|
|
Baa2
|
|
|
|
7,723,870
|
|
|
54,000
|
|
|
JPMorgan Chase & Co
|
|
|
6.750%
|
|
|
|
N/A (4)
|
|
|
|
Baa2
|
|
|
|
60,877,440
|
|
|
12,338
|
|
|
JPMorgan Chase & Co, (3-Month LIBOR reference rate +
3.470% spread), (6)
|
|
|
5.240%
|
|
|
|
N/A (4)
|
|
|
|
Baa2
|
|
|
|
12,412,151
|
|
|
4,900
|
|
|
JPMorgan Chase & Co
|
|
|
5.300%
|
|
|
|
N/A (4)
|
|
|
|
Baa2
|
|
|
|
4,934,643
|
|
|
8,000
|
|
|
KeyCorp Capital III
|
|
|
7.750%
|
|
|
|
7/15/29
|
|
|
|
Baa2
|
|
|
|
10,429,464
|
|
|
12,000
|
|
|
Lloyds Bank PLC, 144A, (5)
|
|
|
12.000%
|
|
|
|
N/A (4)
|
|
|
|
Baa3
|
|
|
|
14,672,640
|
|
|
20,900
|
|
|
Lloyds Bank PLC, Reg S
|
|
|
12.000%
|
|
|
|
N/A (4)
|
|
|
|
Baa3
|
|
|
|
25,557,356
|
|
|
2,450
|
|
|
Lloyds Banking Group PLC, 144A
|
|
|
6.657%
|
|
|
|
N/A (4)
|
|
|
|
Baa3
|
|
|
|
2,989,000
|
|
|
28,700
|
|
|
PNC Financial Services Group Inc., (3)
|
|
|
6.750%
|
|
|
|
N/A (4)
|
|
|
|
Baa2
|
|
|
|
30,576,406
|
|
|
25,000
|
|
|
Standard Chartered PLC, 144A, (3)
|
|
|
7.014%
|
|
|
|
N/A (4)
|
|
|
|
Ba1
|
|
|
|
30,712,250
|
|
|
42,000
|
|
|
Truist Financial Corp
|
|
|
4.800%
|
|
|
|
N/A (4)
|
|
|
|
Baa2
|
|
|
|
43,309,140
|
|
|
16,823
|
|
|
Wells Fargo & Co, (3-Month LIBOR reference rate + 3.770%
spread), (6)
|
|
|
5.664%
|
|
|
|
N/A (4)
|
|
|
|
Baa2
|
|
|
|
16,928,985
|
|
|
3,000
|
|
|
Wells Fargo & Co, (3)
|
|
|
5.875%
|
|
|
|
N/A (4)
|
|
|
|
Baa2
|
|
|
|
3,388,830
|
|
|
|
|
|
Total Banks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
535,187,793
|
|
|
|
|
|
|
|
|
|
|
Capital Markets 3.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,400
|
|
|
Bank of New York Mellon Corp
|
|
|
4.950%
|
|
|
|
N/A (4)
|
|
|
|
Baa1
|
|
|
|
10,510,136
|
|
|
18,700
|
|
|
Charles Schwab Corp
|
|
|
7.000%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
20,394,781
|
|
|
6,000
|
|
|
Goldman Sachs Group Inc.
|
|
|
5.500%
|
|
|
|
N/A (4)
|
|
|
|
Ba1
|
|
|
|
6,456,660
|
|
|
6,600
|
|
|
Goldman Sachs Group Inc.
|
|
|
4.950%
|
|
|
|
N/A (4)
|
|
|
|
Ba1
|
|
|
|
6,897,000
|
|
|
5,000
|
|
|
Goldman Sachs Group Inc.
|
|
|
5.375%
|
|
|
|
N/A (4)
|
|
|
|
Ba1
|
|
|
|
5,037,250
|
|
|
942
|
|
|
Goldman Sachs Group Inc., (3-Month LIBOR reference rate + 3.884%
spread), (6)
|
|
|
5.785%
|
|
|
|
N/A (4)
|
|
|
|
Ba1
|
|
|
|
943,178
|
|
|
5,900
|
|
|
Morgan Stanley
|
|
|
5.550%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
5,984,075
|
|
|
10,000
|
|
|
State Street Corp, (3-Month LIBOR reference rate + 1.000%
spread), (6)
|
|
|
2.894%
|
|
|
|
6/15/47
|
|
|
|
A3
|
|
|
|
8,875,000
|
|
|
2,600
|
|
|
State Street Corp
|
|
|
5.250%
|
|
|
|
N/A (4)
|
|
|
|
Baa1
|
|
|
|
2,648,750
|
|
|
|
|
|
Total Capital Markets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
67,746,830
|
|
42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)/
Shares
|
|
|
Description (1)
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
Consumer Finance 0.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,987
|
|
|
Capital One Financial Corp
|
|
|
5.550%
|
|
|
|
N/A (4)
|
|
|
|
Baa3
|
|
|
$
|
17,114,403
|
|
|
|
|
|
|
|
|
|
|
Diversified Financial Services 3.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,861
|
|
|
Bank of America Corp, (5)
|
|
|
8.050%
|
|
|
|
6/15/27
|
|
|
|
Baa2
|
|
|
|
3,772,458
|
|
|
10,000
|
|
|
Citigroup Inc.
|
|
|
4.700%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
10,184,500
|
|
|
9,250
|
|
|
Citigroup Inc.
|
|
|
5.950%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
9,874,375
|
|
|
6,000
|
|
|
JP Morgan Chase & Company
|
|
|
6.000%
|
|
|
|
N/A (4)
|
|
|
|
Baa2
|
|
|
|
6,468,000
|
|
|
14,900
|
|
|
JPMorgan Chase & Co
|
|
|
4.600%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
15,211,410
|
|
|
26,440
|
|
|
Voya Financial Inc., (5)
|
|
|
5.650%
|
|
|
|
5/15/53
|
|
|
|
BBB
|
|
|
|
28,092,500
|
|
|
5,000
|
|
|
Voya Financial Inc.
|
|
|
6.125%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
5,418,750
|
|
|
|
|
|
Total Diversified Financial Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
79,021,993
|
|
|
|
|
|
|
|
|
|
|
Electric Utilities 3.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,800
|
|
|
Duke Energy Corp
|
|
|
4.875%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
8,278,998
|
|
|
33,455
|
|
|
Emera Inc., (5)
|
|
|
6.750%
|
|
|
|
6/15/76
|
|
|
|
BBB
|
|
|
|
38,479,941
|
|
|
1,000
|
|
|
NextEra Energy Capital Holdings Inc., (3-Month LIBOR reference
rate + 2.068% spread), (5), (6)
|
|
|
3.977%
|
|
|
|
10/01/66
|
|
|
|
BBB
|
|
|
|
945,000
|
|
|
11,450
|
|
|
NextEra Energy Capital Holdings Inc., (3-Month LIBOR reference
rate + 2.125% spread), (5), (6)
|
|
|
4.019%
|
|
|
|
6/15/67
|
|
|
|
BBB
|
|
|
|
10,777,083
|
|
|
1,600
|
|
|
NextEra Energy Capital Holdings Inc.
|
|
|
4.800%
|
|
|
|
12/01/77
|
|
|
|
BBB
|
|
|
|
1,680,802
|
|
|
21,482
|
|
|
PPL Capital Funding Inc.,
(3-Month LIBOR reference rate + 2.665% spread), (5), (6)
|
|
|
4.626%
|
|
|
|
3/30/67
|
|
|
|
BBB
|
|
|
|
21,015,841
|
|
|
|
|
|
Total Electric Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
81,177,665
|
|
|
|
|
|
|
|
|
|
|
Food Products 0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,705
|
|
|
Dairy Farmers of America Inc., 144A, (5)
|
|
|
7.125%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
6,188,715
|
|
|
|
|
|
|
|
|
|
|
Insurance 24.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,598
|
|
|
ACE Capital Trust II
|
|
|
9.700%
|
|
|
|
4/01/30
|
|
|
|
BBB+
|
|
|
|
5,504,940
|
|
|
9,800
|
|
|
AIG Life Holdings Inc., (5)
|
|
|
8.500%
|
|
|
|
7/01/30
|
|
|
|
Baa2
|
|
|
|
13,351,311
|
|
|
4,400
|
|
|
Allstate Corp, (5)
|
|
|
5.750%
|
|
|
|
8/15/53
|
|
|
|
Baa1
|
|
|
|
4,763,000
|
|
|
1,200
|
|
|
Allstate Corp
|
|
|
6.500%
|
|
|
|
5/15/57
|
|
|
|
Baa1
|
|
|
|
1,554,000
|
|
|
20,000
|
|
|
American International Group Inc., (5)
|
|
|
5.750%
|
|
|
|
4/01/48
|
|
|
|
Baa2
|
|
|
|
22,602,000
|
|
|
13,605
|
|
|
American International Group Inc., (5)
|
|
|
8.175%
|
|
|
|
5/15/58
|
|
|
|
Baa2
|
|
|
|
18,978,975
|
|
|
2,299
|
|
|
Aon Corp, (5)
|
|
|
8.205%
|
|
|
|
1/01/27
|
|
|
|
BBB
|
|
|
|
2,977,205
|
|
|
6,210
|
|
|
Argentum Netherlands BV for Swiss Re Ltd, Reg S
|
|
|
5.750%
|
|
|
|
8/15/50
|
|
|
|
BBB+
|
|
|
|
6,854,287
|
|
|
2,100
|
|
|
Argentum Netherlands BV for Swiss Re Ltd, Reg S
|
|
|
5.625%
|
|
|
|
8/15/52
|
|
|
|
BBB+
|
|
|
|
2,346,709
|
|
|
16,550
|
|
|
AXA SA, (5)
|
|
|
8.600%
|
|
|
|
12/15/30
|
|
|
|
A3
|
|
|
|
24,533,058
|
|
|
17,819
|
|
|
AXA SA, 144A
|
|
|
6.379%
|
|
|
|
N/A (4)
|
|
|
|
Baa1
|
|
|
|
23,610,175
|
|
|
900
|
|
|
AXA SA, Reg S
|
|
|
5.500%
|
|
|
|
N/A (4)
|
|
|
|
A3
|
|
|
|
918,054
|
|
|
2,200
|
|
|
AXIS Specialty Finance LLC
|
|
|
4.900%
|
|
|
|
1/15/40
|
|
|
|
BBB
|
|
|
|
2,277,840
|
|
|
14,550
|
|
|
Cloverie PLC for Zurich Insurance Co Ltd, Reg S
|
|
|
5.625%
|
|
|
|
6/24/46
|
|
|
|
A
|
|
|
|
16,442,664
|
|
|
1,200
|
|
|
Everest Reinsurance Holdings Inc., (3-Month LIBOR reference rate +
2.385% spread), (5), (6)
|
|
|
4.295%
|
|
|
|
5/15/37
|
|
|
|
BBB
|
|
|
|
1,160,724
|
|
|
5,521
|
|
|
Hartford Financial Services Group Inc., (3-Month LIBOR reference
rate + 2.125% spread), 144A, (5), (6)
|
|
|
4.035%
|
|
|
|
2/12/47
|
|
|
|
BBB
|
|
|
|
5,313,963
|
|
|
31,200
|
|
|
Legal & General Group PLC, Reg S
|
|
|
5.250%
|
|
|
|
3/21/47
|
|
|
|
A3
|
|
|
|
34,008,000
|
|
|
30,860
|
|
|
Liberty Mutual Group Inc., 144A, (5)
|
|
|
7.800%
|
|
|
|
3/15/37
|
|
|
|
Baa3
|
|
|
|
40,889,500
|
|
|
10,390
|
|
|
Lincoln National Corp, (3-Month LIBOR reference rate + 2.040%
spread), (5), (6)
|
|
|
3.859%
|
|
|
|
4/20/67
|
|
|
|
BBB
|
|
|
|
8,935,400
|
|
|
19,800
|
|
|
M&G PLC, Reg S
|
|
|
6.500%
|
|
|
|
10/20/48
|
|
|
|
A3
|
|
|
|
23,091,750
|
|
|
6,800
|
|
|
Meiji Yasuda Life Insurance Co, 144A, (5)
|
|
|
5.100%
|
|
|
|
4/26/48
|
|
|
|
A
|
|
|
|
7,729,968
|
|
|
29,600
|
|
|
MetLife Capital Trust IV, 144A, (3), (5)
|
|
|
7.875%
|
|
|
|
12/15/37
|
|
|
|
BBB
|
|
|
|
40,256,000
|
|
|
36,531
|
|
|
MetLife Inc., 144A
|
|
|
9.250%
|
|
|
|
4/08/38
|
|
|
|
BBB
|
|
|
|
54,979,155
|
|
|
3,000
|
|
|
MetLife Inc., (5)
|
|
|
10.750%
|
|
|
|
8/01/39
|
|
|
|
BBB
|
|
|
|
5,024,250
|
|
|
4,652
|
|
|
MetLife Inc.
|
|
|
5.250%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
4,687,123
|
|
|
15,000
|
|
|
Mitsui Sumitomo Insurance Co Ltd, 144A
|
|
|
4.950%
|
|
|
|
N/A (4)
|
|
|
|
A
|
|
|
|
16,865,550
|
|
|
41,904
|
|
|
Nationwide Financial Services Inc., (3), (5)
|
|
|
6.750%
|
|
|
|
5/15/37
|
|
|
|
Baa2
|
|
|
|
49,312,627
|
|
|
3,890
|
|
|
Progressive Corp
|
|
|
5.375%
|
|
|
|
N/A (4)
|
|
|
|
BBB+
|
|
|
|
4,094,225
|
|
|
6,225
|
|
|
Prudential Financial Inc., (5)
|
|
|
5.875%
|
|
|
|
9/15/42
|
|
|
|
BBB+
|
|
|
|
6,691,875
|
|
|
27,180
|
|
|
Prudential Financial Inc., (5)
|
|
|
5.625%
|
|
|
|
6/15/43
|
|
|
|
BBB+
|
|
|
|
29,394,376
|
|
43
|
|
|
|
|
JPS
|
|
Nuveen Preferred & Income Securities Fund (continued)
|
|
Portfolio of Investments January 31, 2020
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)/
Shares
|
|
|
Description (1)
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
Insurance (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,400
|
|
|
Swiss Re Finance Luxembourg SA, 144A
|
|
|
5.000%
|
|
|
|
4/02/49
|
|
|
|
A
|
|
|
$
|
27,724,500
|
|
|
8,700
|
|
|
Willow No 2 Ireland PLC for Zurich Insurance Co Ltd, Reg
S
|
|
|
4.250%
|
|
|
|
10/01/45
|
|
|
|
A
|
|
|
|
9,126,300
|
|
|
|
|
|
Total Insurance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
515,999,504
|
|
|
|
|
|
|
|
|
|
|
Metals & Mining 1.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,315
|
|
|
BHP Billiton Finance USA Ltd, 144A, (5)
|
|
|
6.750%
|
|
|
|
10/19/75
|
|
|
|
BBB+
|
|
|
|
25,045,125
|
|
|
|
|
|
|
|
|
|
|
Multi-Utilities 1.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,720
|
|
|
Dominion Energy Inc.
|
|
|
4.650%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
28,755,896
|
|
|
2,000
|
|
|
NiSource Inc.
|
|
|
5.650%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
2,090,000
|
|
|
3,000
|
|
|
WEC Energy Group Inc.,
(3-Month LIBOR reference rate + 2.113% spread), (5), (6)
|
|
|
4.022%
|
|
|
|
5/15/67
|
|
|
|
BBB
|
|
|
|
2,790,717
|
|
|
|
|
|
Total Multi-Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33,636,613
|
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels 1.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,200
|
|
|
Enbridge Inc., (5)
|
|
|
6.250%
|
|
|
|
3/01/78
|
|
|
|
BBB
|
|
|
|
8,950,382
|
|
|
3,000
|
|
|
Enterprise Products Operating LLC, (5)
|
|
|
5.250%
|
|
|
|
8/16/77
|
|
|
|
Baa2
|
|
|
|
3,099,000
|
|
|
24,530
|
|
|
Transcanada Trust, (5)
|
|
|
5.875%
|
|
|
|
8/15/76
|
|
|
|
BBB
|
|
|
|
26,615,050
|
|
|
1,500
|
|
|
Transcanada Trust
|
|
|
5.500%
|
|
|
|
9/15/79
|
|
|
|
BBB
|
|
|
|
1,618,125
|
|
|
|
|
|
Total Oil, Gas & Consumable Fuels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40,282,557
|
|
|
|
|
|
|
|
|
|
|
Road & Rail 1.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,485
|
|
|
BNSF Funding Trust I
|
|
|
6.613%
|
|
|
|
12/15/55
|
|
|
|
A
|
|
|
|
28,543,200
|
|
|
|
|
|
|
|
|
|
|
U.S. Agency 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,000
|
|
|
Farm Credit Bank of Texas, 144A
|
|
|
6.200%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
4,270,300
|
|
|
|
|
|
|
|
|
|
|
Wireless Telecommunication Services 2.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
59
|
|
|
Centaur Funding Corp, 144A, (5)
|
|
|
9.080%
|
|
|
|
4/21/20
|
|
|
|
BBB
|
|
|
|
60,441,402
|
|
|
|
|
|
Total $1,000 Par (or similar) Institutional Preferred
(cost $1,335,338,635)
|
|
|
|
|
|
|
|
1,495,662,600
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
CONTINGENT CAPITAL SECURITIES 62.1% (39.5% of Total Investments) (7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banks 53.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
46,739
|
|
|
Australia & New Zealand Banking Group Ltd/United Kingdom, 144A, (3)
|
|
|
6.750%
|
|
|
|
N/A (4)
|
|
|
|
Baa2
|
|
|
$
|
53,691,426
|
|
|
12,800
|
|
|
Banco Bilbao Vizcaya Argentaria SA
|
|
|
6.500%
|
|
|
|
N/A (4)
|
|
|
|
Ba2
|
|
|
|
13,632,000
|
|
|
5,000
|
|
|
Banco Santander SA, Reg S
|
|
|
7.500%
|
|
|
|
N/A (4)
|
|
|
|
Ba1
|
|
|
|
5,563,580
|
|
|
7,000
|
|
|
Barclays Bank PLC, (5)
|
|
|
7.625%
|
|
|
|
11/21/22
|
|
|
|
BBB+
|
|
|
|
7,894,390
|
|
|
26,000
|
|
|
Barclays PLC
|
|
|
8.000%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
29,343,860
|
|
|
63,300
|
|
|
Barclays PLC
|
|
|
7.750%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
69,313,500
|
|
|
31,100
|
|
|
Barclays PLC, Reg S
|
|
|
7.875%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
33,665,128
|
|
|
5,500
|
|
|
BNP Paribas SA, 144A
|
|
|
7.000%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
6,503,750
|
|
|
38,585
|
|
|
BNP Paribas SA, 144A
|
|
|
7.375%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
44,831,911
|
|
|
10,000
|
|
|
BNP Paribas SA, Reg S, (5)
|
|
|
7.375%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
11,619,000
|
|
|
58,750
|
|
|
BNP Paribas SA, 144A, (3)
|
|
|
7.625%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
61,834,375
|
|
|
19,653
|
|
|
Credit Agricole SA, 144A, (3)
|
|
|
7.875%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
22,355,287
|
|
|
31,550
|
|
|
Credit Agricole SA, 144A, (3)
|
|
|
8.125%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
38,280,246
|
|
|
4,466
|
|
|
Credit Agricole SA, Reg S
|
|
|
8.125%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
5,418,687
|
|
|
11,588
|
|
|
Danske Bank A/S, Reg S
|
|
|
6.125%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
12,326,735
|
|
|
600
|
|
|
Danske Bank A/S, Reg S
|
|
|
7.000%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
668,250
|
|
|
11,000
|
|
|
DNB Bank ASA, Reg S
|
|
|
5.750%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
11,033,000
|
|
|
17,200
|
|
|
DNB Bank ASA, Reg S
|
|
|
6.500%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
18,296,500
|
|
|
4,800
|
|
|
HSBC Holdings PLC, (5)
|
|
|
6.250%
|
|
|
|
N/A (4)
|
|
|
|
Baa3
|
|
|
|
5,082,000
|
|
|
10,000
|
|
|
HSBC Holdings PLC, (5)
|
|
|
6.500%
|
|
|
|
N/A (4)
|
|
|
|
Baa3
|
|
|
|
11,137,500
|
|
|
5,000
|
|
|
HSBC Holdings PLC
|
|
|
6.375%
|
|
|
|
N/A (4)
|
|
|
|
Baa3
|
|
|
|
5,465,600
|
|
|
1,600
|
|
|
HSBC Holdings PLC, (5)
|
|
|
6.000%
|
|
|
|
N/A (4)
|
|
|
|
Baa3
|
|
|
|
1,716,000
|
|
|
66,505
|
|
|
HSBC Holdings PLC, (3)
|
|
|
6.875%
|
|
|
|
N/A (4)
|
|
|
|
Baa3
|
|
|
|
69,719,187
|
|
44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
Banks (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
9,700
|
|
|
ING Groep NV, Reg S
|
|
|
6.875%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
$
|
10,379,000
|
|
|
26,700
|
|
|
ING Groep NV
|
|
|
6.500%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
29,402,040
|
|
|
3,134
|
|
|
ING Groep NV
|
|
|
6.000%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
3,149,983
|
|
|
9,600
|
|
|
Intesa Sanpaolo SpA, 144A
|
|
|
7.700%
|
|
|
|
N/A (4)
|
|
|
|
BB
|
|
|
|
10,764,000
|
|
|
73,428
|
|
|
Lloyds Banking Group PLC, (3)
|
|
|
7.500%
|
|
|
|
N/A (4)
|
|
|
|
Baa3
|
|
|
|
82,287,088
|
|
|
4,800
|
|
|
Lloyds Banking Group PLC
|
|
|
7.500%
|
|
|
|
N/A (4)
|
|
|
|
Baa3
|
|
|
|
5,490,000
|
|
|
5,075
|
|
|
Macquarie Bank Ltd/London, 144A
|
|
|
6.125%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
5,392,188
|
|
|
35,090
|
|
|
Nordea Bank Abp, 144A, (3)
|
|
|
6.125%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
37,897,200
|
|
|
18,988
|
|
|
Nordea Bank Abp, Reg S, (3), (8)
|
|
|
6.125%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
20,507,040
|
|
|
26,400
|
|
|
Nordea Bank Abp, 144A
|
|
|
6.625%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
29,782,104
|
|
|
72,886
|
|
|
Royal Bank of Scotland Group PLC
|
|
|
7.500%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
74,562,378
|
|
|
22,075
|
|
|
Royal Bank of Scotland Group PLC, (3)
|
|
|
8.000%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
25,758,876
|
|
|
12,000
|
|
|
Royal Bank of Scotland Group PLC
|
|
|
8.625%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
12,960,000
|
|
|
1,000
|
|
|
Skandinaviska Enskilda Banken AB, Reg S
|
|
|
5.625%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
1,041,250
|
|
|
5,400
|
|
|
Societe Generale SA, 144A
|
|
|
7.375%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
5,749,920
|
|
|
73,300
|
|
|
Societe Generale SA, 144A, (3)
|
|
|
8.000%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
87,135,375
|
|
|
9,000
|
|
|
Societe Generale SA, Reg S
|
|
|
7.875%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
10,170,000
|
|
|
4,550
|
|
|
Societe Generale SA, 144A, (3)
|
|
|
6.750%
|
|
|
|
N/A (4)
|
|
|
|
BB+
|
|
|
|
5,113,063
|
|
|
15,000
|
|
|
Standard Chartered PLC, 144A
|
|
|
7.500%
|
|
|
|
N/A (4)
|
|
|
|
Ba1
|
|
|
|
16,031,250
|
|
|
13,000
|
|
|
Standard Chartered PLC, 144A
|
|
|
7.750%
|
|
|
|
N/A (4)
|
|
|
|
Ba1
|
|
|
|
14,365,000
|
|
|
4,700
|
|
|
Standard Chartered PLC, Reg S
|
|
|
7.500%
|
|
|
|
N/A (4)
|
|
|
|
Ba1
|
|
|
|
5,023,125
|
|
|
2,000
|
|
|
Standard Chartered PLC, Reg S, (3)
|
|
|
6.500%
|
|
|
|
N/A (4)
|
|
|
|
Ba1
|
|
|
|
2,006,776
|
|
|
25,786
|
|
|
Svenska Handelsbanken AB, Reg S
|
|
|
5.250%
|
|
|
|
N/A (4)
|
|
|
|
BBB+
|
|
|
|
26,353,705
|
|
|
12,000
|
|
|
Swedbank AB, Reg S
|
|
|
6.000%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
12,570,000
|
|
|
16,609
|
|
|
UBS Group AG, Reg S
|
|
|
7.000%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
18,921,272
|
|
|
3,000
|
|
|
UBS Group AG, 144A
|
|
|
7.000%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
3,303,330
|
|
|
15,000
|
|
|
UniCredit SpA, Reg S
|
|
|
8.000%
|
|
|
|
N/A (4)
|
|
|
|
B+
|
|
|
|
16,631,250
|
|
|
1,008,957
|
|
|
Total Banks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,112,139,125
|
|
|
|
|
|
|
|
|
|
|
Capital Markets 9.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,000
|
|
|
Credit Suisse Group AG, 144A
|
|
|
6.375%
|
|
|
|
N/A (4)
|
|
|
|
Ba2
|
|
|
|
3,326,250
|
|
|
12,000
|
|
|
Credit Suisse Group AG, 144A
|
|
|
7.250%
|
|
|
|
N/A (4)
|
|
|
|
BB
|
|
|
|
13,605,000
|
|
|
58,000
|
|
|
Credit Suisse Group AG, 144A, (3), (5)
|
|
|
7.500%
|
|
|
|
N/A (4)
|
|
|
|
BB
|
|
|
|
65,751,468
|
|
|
20,000
|
|
|
Credit Suisse Group AG, Reg S
|
|
|
7.500%
|
|
|
|
N/A (4)
|
|
|
|
BB
|
|
|
|
22,673,320
|
|
|
1,700
|
|
|
Credit Suisse Group AG, Reg S
|
|
|
7.125%
|
|
|
|
N/A (4)
|
|
|
|
BB
|
|
|
|
1,833,875
|
|
|
4,900
|
|
|
Credit Suisse Group AG, 144A
|
|
|
6.250%
|
|
|
|
N/A (4)
|
|
|
|
BB
|
|
|
|
5,401,976
|
|
|
11,000
|
|
|
Credit Suisse Group AG, 144A
|
|
|
7.500%
|
|
|
|
N/A (4)
|
|
|
|
BB
|
|
|
|
12,120,350
|
|
|
12,178
|
|
|
UBS Group AG, Reg S
|
|
|
7.125%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
12,191,517
|
|
|
11,700
|
|
|
UBS Group AG, Reg S
|
|
|
6.875%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
12,144,460
|
|
|
35,100
|
|
|
UBS Group AG, Reg S
|
|
|
6.875%
|
|
|
|
N/A (4)
|
|
|
|
BBB
|
|
|
|
39,364,633
|
|
|
169,578
|
|
|
Total Capital Markets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
188,412,849
|
|
$
|
1,178,535
|
|
|
Total Contingent Capital Securities (cost $1,190,985,315)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,300,551,974
|
|
|
|
|
|
|
|
Shares
|
|
|
Description (1)
|
|
Coupon
|
|
|
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
$25 PAR (OR SIMILAR) RETAIL PREFERRED 17.7% (11.3% of Total
Investments)
|
|
|
|
|
|
|
|
|
|
|
Banks 6.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
161,300
|
|
|
Bank of America Corp
|
|
|
5.375%
|
|
|
|
|
|
|
|
BBB
|
|
|
$
|
4,314,775
|
|
|
645,113
|
|
|
Citigroup Inc.
|
|
|
6.875%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
18,746,984
|
|
|
47,500
|
|
|
CoBank ACB, 144A, (9)
|
|
|
6.250%
|
|
|
|
|
|
|
|
BBB+
|
|
|
|
5,082,500
|
|
|
53,000
|
|
|
CoBank ACB, (9)
|
|
|
6.200%
|
|
|
|
|
|
|
|
BBB+
|
|
|
|
5,777,000
|
|
|
84,563
|
|
|
Fifth Third Bancorp
|
|
|
6.625%
|
|
|
|
|
|
|
|
Baa3
|
|
|
|
2,472,622
|
|
|
724,000
|
|
|
KeyCorp
|
|
|
6.125%
|
|
|
|
|
|
|
|
Baa3
|
|
|
|
21,799,640
|
|
|
2,158,300
|
|
|
PNC Financial Services Group Inc.
|
|
|
6.125%
|
|
|
|
|
|
|
|
Baa2
|
|
|
|
59,310,084
|
|
|
189,200
|
|
|
Regions Financial Corp
|
|
|
5.700%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
5,394,092
|
|
|
249,285
|
|
|
Wells Fargo & Co
|
|
|
5.850%
|
|
|
|
|
|
|
|
Baa2
|
|
|
|
6,775,566
|
|
|
182,000
|
|
|
Wells Fargo & Co
|
|
|
5.625%
|
|
|
|
|
|
|
|
Baa2
|
|
|
|
4,823,000
|
|
|
|
|
|
Total Banks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
134,496,263
|
|
|
|
|
|
|
|
|
|
|
Capital Markets 1.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
124,248
|
|
|
Affiliated Managers Group Inc.
|
|
|
5.875%
|
|
|
|
|
|
|
|
Baa1
|
|
|
|
3,403,153
|
|
|
369,239
|
|
|
Goldman Sachs Group Inc.
|
|
|
5.500%
|
|
|
|
|
|
|
|
Ba1
|
|
|
|
9,943,606
|
|
45
|
|
|
|
|
JPS
|
|
Nuveen Preferred & Income Securities Fund (continued)
|
|
Portfolio of Investments January 31, 2020
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Description (1)
|
|
Coupon
|
|
|
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
Capital Markets (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38,534
|
|
|
Morgan Stanley
|
|
|
7.125%
|
|
|
|
|
|
|
|
BB+
|
|
|
$
|
1,134,826
|
|
|
640,000
|
|
|
Morgan Stanley
|
|
|
5.850%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
18,406,400
|
|
|
74,642
|
|
|
State Street Corp
|
|
|
5.900%
|
|
|
|
|
|
|
|
Baa1
|
|
|
|
2,100,426
|
|
|
|
|
|
Total Capital Markets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34,988,411
|
|
|
|
|
|
|
|
|
|
|
Consumer Finance 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
111,540
|
|
|
Capital One Financial Corp
|
|
|
5.000%
|
|
|
|
|
|
|
|
Baa3
|
|
|
|
2,849,847
|
|
|
|
|
|
|
|
|
|
|
Diversified Financial Services 1.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
105,300
|
|
|
AgriBank FCB, (9)
|
|
|
6.875%
|
|
|
|
|
|
|
|
BBB+
|
|
|
|
11,372,400
|
|
|
239,000
|
|
|
Equitable Holdings Inc.
|
|
|
5.250%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
6,273,750
|
|
|
471,970
|
|
|
National Rural Utilities Cooperative Finance Corp
|
|
|
5.500%
|
|
|
|
|
|
|
|
A3
|
|
|
|
13,134,925
|
|
|
39,705
|
|
|
Voya Financial Inc.
|
|
|
5.350%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
1,109,755
|
|
|
|
|
|
Total Diversified Financial Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31,890,830
|
|
|
|
|
|
|
|
|
|
|
Electric Utilities 1.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
160,000
|
|
|
Alabama Power Co
|
|
|
5.000%
|
|
|
|
|
|
|
|
A3
|
|
|
|
4,430,400
|
|
|
200,000
|
|
|
Duke Energy Corp
|
|
|
5.750%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
5,650,000
|
|
|
16,000
|
|
|
Entergy Texas Inc.
|
|
|
5.375%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
426,400
|
|
|
299,756
|
|
|
Integrys Holding Inc., (5), (9)
|
|
|
6.000%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
8,243,290
|
|
|
114,962
|
|
|
Interstate Power & Light Co
|
|
|
5.100%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
2,926,933
|
|
|
202,000
|
|
|
NextEra Energy Capital Holdings Inc.
|
|
|
5.650%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
5,589,340
|
|
|
86,891
|
|
|
Southern Co
|
|
|
5.250%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
2,304,349
|
|
|
310,000
|
|
|
Southern Co
|
|
|
4.950%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
7,901,900
|
|
|
|
|
|
Total Electric Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37,472,612
|
|
|
|
|
|
|
|
|
|
|
Equity Real Estate Investment Trust 1.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,100
|
|
|
Kimco Realty Corp
|
|
|
5.250%
|
|
|
|
|
|
|
|
Baa2
|
|
|
|
55,797
|
|
|
82,301
|
|
|
Prologis Inc., (9)
|
|
|
8.540%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
6,007,973
|
|
|
245,000
|
|
|
Public Storage
|
|
|
5.600%
|
|
|
|
|
|
|
|
A3
|
|
|
|
6,864,900
|
|
|
4,343
|
|
|
Public Storage
|
|
|
4.875%
|
|
|
|
|
|
|
|
A3
|
|
|
|
114,091
|
|
|
213,400
|
|
|
Public Storage
|
|
|
4.750%
|
|
|
|
|
|
|
|
A3
|
|
|
|
5,576,142
|
|
|
69,865
|
|
|
SITE Centers Corp, (5)
|
|
|
6.250%
|
|
|
|
|
|
|
|
Ba1
|
|
|
|
1,812,997
|
|
|
|
|
|
Total Equity Real Estate Investment Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,431,900
|
|
|
|
|
|
|
|
|
|
|
Food Products 0.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
91,900
|
|
|
Dairy Farmers of America Inc., 144A, (9)
|
|
|
7.875%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
9,190,000
|
|
|
32,500
|
|
|
Dairy Farmers of America Inc., 144A, (9)
|
|
|
7.875%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
3,233,750
|
|
|
|
|
|
Total Food Products
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,423,750
|
|
|
|
|
|
|
|
|
|
|
Insurance 2.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
608,741
|
|
|
Allstate Corp, (5)
|
|
|
5.100%
|
|
|
|
|
|
|
|
Baa1
|
|
|
|
16,716,028
|
|
|
73,339
|
|
|
American Financial Group Inc./OH
|
|
|
5.875%
|
|
|
|
|
|
|
|
Baa2
|
|
|
|
2,033,690
|
|
|
39,193
|
|
|
Arch Capital Group Ltd
|
|
|
5.250%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
1,016,666
|
|
|
1,331
|
|
|
Arch Capital Group Ltd
|
|
|
5.450%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
35,391
|
|
|
307,730
|
|
|
Hartford Financial Services Group Inc., (5)
|
|
|
7.875%
|
|
|
|
|
|
|
|
Baa2
|
|
|
|
8,745,687
|
|
|
30,000
|
|
|
MetLife Inc.
|
|
|
4.750%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
767,400
|
|
|
416,864
|
|
|
Prudential PLC
|
|
|
6.750%
|
|
|
|
|
|
|
|
BBB+
|
|
|
|
11,467,929
|
|
|
416,100
|
|
|
Reinsurance Group of America Inc., (5)
|
|
|
6.200%
|
|
|
|
|
|
|
|
BBB+
|
|
|
|
11,513,487
|
|
|
10,000
|
|
|
WR Berkley Corp, (5)
|
|
|
5.625%
|
|
|
|
|
|
|
|
Baa2
|
|
|
|
256,900
|
|
|
|
|
|
Total Insurance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52,553,178
|
|
|
|
|
|
|
|
|
|
|
Multi-Utilities 0.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
188,300
|
|
|
Algonquin Power & Utilities Corp
|
|
|
6.200%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
5,458,817
|
|
|
2,000
|
|
|
Algonquin Power & Utilities Corp
|
|
|
6.875%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
56,840
|
|
|
280,000
|
|
|
DTE Energy Co
|
|
|
5.250%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
7,445,200
|
|
|
244,972
|
|
|
WR Berkley Corp
|
|
|
5.100%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
6,359,473
|
|
|
|
|
|
Total Multi-Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,320,330
|
|
46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Description (1)
|
|
Coupon
|
|
|
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
U.S. Agency 0.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
177,750
|
|
|
Farm Credit Bank of Texas, 144A, (3), (5), (9)
|
|
|
6.750%
|
|
|
|
|
|
|
|
Baa1
|
|
|
$
|
19,197,000
|
|
|
|
|
|
|
|
|
|
|
Wireless Telecommunication Services 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46,323
|
|
|
Telephone & Data Systems Inc.
|
|
|
7.000%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
1,192,817
|
|
|
131,990
|
|
|
Telephone & Data Systems Inc., (5)
|
|
|
6.875%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
3,421,181
|
|
|
11,826
|
|
|
United States Cellular Corp, (5)
|
|
|
7.250%
|
|
|
|
|
|
|
|
Ba1
|
|
|
|
310,669
|
|
|
|
|
|
Total Wireless Telecommunication Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,924,667
|
|
|
|
|
|
Total $25 Par (or similar) Retail Preferred (cost
$338,061,824)
|
|
|
|
|
|
|
|
370,548,788
|
|
|
|
|
|
|
|
Shares
|
|
|
Description (1), (10)
|
|
|
|
|
|
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
INVESTMENT COMPANIES 1.3% (0.8% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
966,571
|
|
|
BlackRock Credit Allocation Income Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
13,899,291
|
|
|
646,421
|
|
|
John Hancock Preferred Income Fund III
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,682,780
|
|
|
|
|
|
Total Investment Companies (cost $34,063,200)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,582,071
|
|
|
|
|
|
|
|
Shares
|
|
|
Description (1)
|
|
Coupon
|
|
|
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
CONVERTIBLE PREFERRED SECURITIES 0.9% (0.6% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banks 0.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,640
|
|
|
Wells Fargo & Co
|
|
|
7.500%
|
|
|
|
|
|
|
|
Baa2
|
|
|
$
|
19,535,878
|
|
|
|
|
|
Total Convertible Preferred Securities (cost $15,131,410)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,535,878
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
CORPORATE BONDS 0.9% (0.6% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance 0.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,000
|
|
|
AIG Life Holdings Inc., 144A, (5), (11)
|
|
|
8.125%
|
|
|
|
3/15/46
|
|
|
|
Baa2
|
|
|
$
|
7,062,500
|
|
|
6,150
|
|
|
Liberty Mutual Insurance Co, 144A, (5)
|
|
|
7.697%
|
|
|
|
10/15/97
|
|
|
|
BBB+
|
|
|
|
9,396,628
|
|
|
11,150
|
|
|
Total Insurance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,459,128
|
|
|
|
|
|
|
|
|
|
|
Wireless Telecommunication Services 0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,600
|
|
|
Koninklijke KPN NV, 144A, (5)
|
|
|
7.000%
|
|
|
|
3/28/73
|
|
|
|
BB+
|
|
|
|
1,764,000
|
|
$
|
12,750
|
|
|
Total Corporate Bonds (cost $14,858,880)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,223,128
|
|
|
|
|
|
Total Long-Term Investments (cost
$2,928,439,264)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,231,104,439
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
Coupon
|
|
|
Maturity
|
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS 2.7% (1.7% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPURCHASE AGREEMENTS 2.7% (1.7% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
57,092
|
|
|
Repurchase Agreement with Fixed Income Clearing Corporation, dated
1/31/20, repurchase price $57,095,470,
collateralized by $57,415,000 U.S. Treasury Notes,
1.625%, due 10/31/26, value $58,235,747
|
|
|
0.650%
|
|
|
|
2/03/20
|
|
|
|
|
|
|
$
|
57,092,377
|
|
|
|
|
|
Total Short-Term Investments (cost
$57,092,377)
|
|
|
|
|
|
|
|
57,092,377
|
|
|
|
|
|
Total Investments (cost $2,985,531,641)
157.1%
|
|
|
|
|
|
|
|
3,288,196,816
|
|
|
|
|
|
Borrowings (43.4)% (12),
(13)
|
|
|
|
|
|
|
|
(908,300,000
|
)
|
|
|
|
|
Reverse Repurchase Agreements (14.8)%
(8)
|
|
|
|
|
|
|
|
(310,000,000
|
)
|
|
|
|
|
Other Assets Less Liabilities 1.1%
(14)
|
|
|
|
|
|
|
|
23,432,804
|
|
|
|
|
|
Net Assets Applicable to Common Shares
100%
|
|
|
|
|
|
|
$
|
2,093,329,620
|
|
47
|
|
|
|
|
JPS
|
|
Nuveen Preferred & Income Securities Fund (continued)
|
|
Portfolio of Investments January 31, 2020
|
|
|
(Unaudited)
|
Investments in Derivatives
Interest Rate Swaps OTC Uncleared
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty
|
|
Notional
Amount
|
|
|
Fund
Pay/Receive
Floating Rate
|
|
|
Floating Rate Index
|
|
|
Fixed Rate
(Annualized)
|
|
|
Fixed Rate
Payment
Frequency
|
|
|
Effective
Date (15)
|
|
|
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
|
|
|
$
|
(30,289,081
|
)
|
|
$
|
(30,289,081
|
)
|
Morgan Stanley Capital Services, LLC
|
|
|
90,000,000
|
|
|
|
Receive
|
|
|
|
1-Month LIBOR
|
|
|
|
2.364
|
%
|
|
|
Monthly
|
|
|
|
7/01/19
|
|
|
|
7/01/26
|
|
|
|
7/01/28
|
|
|
|
(8,228,422
|
)
|
|
|
(8,228,422
|
)
|
Total
|
|
$
|
611,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(38,517,503
|
)
|
|
$
|
(38,517,503
|
)
|
Total unrealized depreciation on interest rate
swaps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(38,517,503
|
)
|
For Fund portfolio compliance purposes, the
Funds 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 & Poors Group
(Standard & Poors), Moodys Investors Service, Inc. (Moodys) 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 & Poors, Baa by Moodys 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 as described in Notes to Financial Statements, Note 8 Fund
Leverage, Rehypothecation. The total value of investments hypothecated as of the end of the reporting period was $754,517,686.
|
(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 $488,508,012 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 issuers common stock under certain adverse circumstances, such as the
issuers capital ratio falling below a specified level.
|
(8)
|
Reverse Repurchase Agreements as a percentage of Total Investments is 9.4%.
|
(9)
|
For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements,
Note 3 Investment Valuation and Fair Value Measurements for more information.
|
(10)
|
A copy of the most recent financial statements for these investment companies can be obtained directly from the Securities
and Exchange Commission on its website at http://www.sec.gov.
|
(11)
|
Investment, or portion of investment, has been pledged to collateralized the net payment obligations for investments in
derivatives.
|
(12)
|
Borrowings as a percentage of Total Investments is 27.6%.
|
(13)
|
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 $1,899,709,084 have been pledged as collateral for borrowings.
|
(14)
|
Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (OTC) derivatives as presented on the Statement of Assets and Liabilities, 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.
|
(15)
|
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.
|
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.
|
LIBOR
|
London Inter-Bank Offered Rate
|
See accompanying notes to financial statements.
48
|
|
|
JPT
|
|
Nuveen Preferred and
Income 2022 Term Fund
Portfolio of Investments January 31, 2020
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)/
Shares
|
|
|
Description (1)
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
LONG-TERM INVESTMENTS 124.2% (100.0% of Total Investments)
|
|
|
|
|
|
|
|
$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED 87.7% (70.6% of Total
Investments)
|
|
|
|
|
|
|
|
|
|
|
Automobiles 2.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,484
|
|
|
General Motors Financial Co Inc.
|
|
|
5.750%
|
|
|
|
N/A (3)
|
|
|
|
BB+
|
|
|
$
|
3,506,646
|
|
|
|
|
|
|
|
|
|
|
Banks 33.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,540
|
|
|
Bank of America Corp
|
|
|
6.250%
|
|
|
|
N/A (3)
|
|
|
|
BBB
|
|
|
|
1,715,175
|
|
|
2,960
|
|
|
Bank of America Corp
|
|
|
6.500%
|
|
|
|
N/A (3)
|
|
|
|
BBB
|
|
|
|
3,344,800
|
|
|
1,835
|
|
|
Bank of America Corp
|
|
|
6.300%
|
|
|
|
N/A (3)
|
|
|
|
BBB
|
|
|
|
2,136,619
|
|
|
465
|
|
|
Bank of America Corp
|
|
|
6.100%
|
|
|
|
N/A (3)
|
|
|
|
BBB
|
|
|
|
521,270
|
|
|
1,695
|
|
|
Barclays Bank PLC, 144A
|
|
|
10.179%
|
|
|
|
6/12/2021
|
|
|
|
A
|
|
|
|
1,876,390
|
|
|
525
|
|
|
BNP Paribas SA, 144A
|
|
|
7.195%
|
|
|
|
N/A (3)
|
|
|
|
BBB
|
|
|
|
591,938
|
|
|
660
|
|
|
CIT Group Inc.
|
|
|
5.800%
|
|
|
|
N/A (3)
|
|
|
|
Ba3
|
|
|
|
676,500
|
|
|
1,530
|
|
|
Citigroup Inc.
|
|
|
6.250%
|
|
|
|
N/A (3)
|
|
|
|
BB+
|
|
|
|
1,746,311
|
|
|
1,970
|
|
|
Citigroup Inc.
|
|
|
5.000%
|
|
|
|
N/A (3)
|
|
|
|
BB+
|
|
|
|
2,063,299
|
|
|
2,712
|
|
|
Citigroup Inc.
|
|
|
5.950%
|
|
|
|
N/A (3)
|
|
|
|
BB+
|
|
|
|
2,962,860
|
|
|
910
|
|
|
Citigroup Inc.
|
|
|
6.300%
|
|
|
|
N/A (3)
|
|
|
|
BB+
|
|
|
|
987,905
|
|
|
890
|
|
|
Citizens Financial Group Inc.
|
|
|
6.375%
|
|
|
|
N/A (3)
|
|
|
|
BB+
|
|
|
|
952,300
|
|
|
933
|
|
|
CoBank ACB
|
|
|
6.250%
|
|
|
|
N/A (3)
|
|
|
|
BBB+
|
|
|
|
1,033,111
|
|
|
1,000
|
|
|
Commerzbank AG, 144A
|
|
|
8.125%
|
|
|
|
9/19/23
|
|
|
|
BBB
|
|
|
|
1,175,531
|
|
|
805
|
|
|
First Union Capital II
|
|
|
7.950%
|
|
|
|
11/15/29
|
|
|
|
Baa1
|
|
|
|
1,123,092
|
|
|
805
|
|
|
JPMorgan Chase & Co
|
|
|
6.100%
|
|
|
|
N/A (3)
|
|
|
|
Baa2
|
|
|
|
888,245
|
|
|
4,085
|
|
|
JPMorgan Chase & Co
|
|
|
6.750%
|
|
|
|
N/A (3)
|
|
|
|
Baa2
|
|
|
|
4,605,266
|
|
|
1,235
|
|
|
JPMorgan Chase & Co
|
|
|
5.300%
|
|
|
|
N/A (3)
|
|
|
|
Baa2
|
|
|
|
1,243,732
|
|
|
2,270
|
|
|
JPMorgan Chase & Co
|
|
|
5.000%
|
|
|
|
N/A (3)
|
|
|
|
Baa2
|
|
|
|
2,374,420
|
|
|
4,845
|
|
|
Lloyds Bank PLC, 144A
|
|
|
12.000%
|
|
|
|
N/A (3)
|
|
|
|
Baa3
|
|
|
|
5,924,078
|
|
|
1,200
|
|
|
M&T Bank Corp
|
|
|
5.125%
|
|
|
|
N/A (3)
|
|
|
|
Baa2
|
|
|
|
1,311,000
|
|
|
465
|
|
|
M&T Bank Corp
|
|
|
6.450%
|
|
|
|
N/A (3)
|
|
|
|
Baa2
|
|
|
|
516,499
|
|
|
1,266
|
|
|
PNC Financial Services Group Inc.
|
|
|
5.000%
|
|
|
|
N/A (3)
|
|
|
|
Baa2
|
|
|
|
1,366,482
|
|
|
480
|
|
|
PNC Financial Services Group Inc.
|
|
|
6.750%
|
|
|
|
N/A (3)
|
|
|
|
Baa2
|
|
|
|
511,382
|
|
|
1,835
|
|
|
Royal Bank of Scotland Group PLC
|
|
|
7.648%
|
|
|
|
N/A (3)
|
|
|
|
BBB
|
|
|
|
2,653,318
|
|
|
3,925
|
|
|
Truist Financial Corp
|
|
|
4.800%
|
|
|
|
N/A (3)
|
|
|
|
Baa2
|
|
|
|
4,047,342
|
|
|
1,100
|
|
|
Truist Financial Corp
|
|
|
5.050%
|
|
|
|
N/A (3)
|
|
|
|
Baa2
|
|
|
|
1,133,000
|
|
|
400
|
|
|
USB Realty Corp, (3-Month LIBOR reference rate + 1.147% spread),
144A, (4)
|
|
|
2.978%
|
|
|
|
N/A (3)
|
|
|
|
A3
|
|
|
|
358,404
|
|
|
1,035
|
|
|
Wachovia Capital Trust III
|
|
|
5.570%
|
|
|
|
N/A (3)
|
|
|
|
Baa2
|
|
|
|
1,051,819
|
|
|
661
|
|
|
Wells Fargo & Co, (3-Month LIBOR reference rate + 3.770%
spread), (4)
|
|
|
5.664%
|
|
|
|
N/A (3)
|
|
|
|
Baa2
|
|
|
|
665,164
|
|
|
3,425
|
|
|
Wells Fargo & Co
|
|
|
5.875%
|
|
|
|
N/A (3)
|
|
|
|
Baa2
|
|
|
|
3,868,914
|
|
|
910
|
|
|
Wells Fargo & Co
|
|
|
5.900%
|
|
|
|
N/A (3)
|
|
|
|
Baa2
|
|
|
|
989,088
|
|
|
355
|
|
|
Zions Bancorp NA
|
|
|
7.200%
|
|
|
|
N/A (3)
|
|
|
|
BB+
|
|
|
|
391,388
|
|
|
|
|
|
Total Banks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
56,806,642
|
|
|
|
|
|
|
|
|
|
|
Capital Markets 5.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,750
|
|
|
Dresdner Funding Trust I, 144A
|
|
|
8.151%
|
|
|
|
6/30/31
|
|
|
|
Ba1
|
|
|
|
2,390,938
|
|
|
1,328
|
|
|
Goldman Sachs Group Inc.
|
|
|
5.500%
|
|
|
|
N/A (3)
|
|
|
|
Ba1
|
|
|
|
1,429,074
|
|
|
3,934
|
|
|
Goldman Sachs Group Inc.
|
|
|
5.300%
|
|
|
|
N/A (3)
|
|
|
|
Ba1
|
|
|
|
4,278,225
|
|
|
1,545
|
|
|
Goldman Sachs Group Inc.
|
|
|
5.375%
|
|
|
|
N/A (3)
|
|
|
|
Ba1
|
|
|
|
1,556,510
|
|
|
|
|
|
Total Capital Markets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,654,747
|
|
|
|
|
|
|
|
|
|
|
Commercial Services & Supplies 2.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,085
|
|
|
AerCap Global Aviation Trust, 144A
|
|
|
6.500%
|
|
|
|
6/15/45
|
|
|
|
BB+
|
|
|
|
2,319,563
|
|
|
955
|
|
|
AerCap Holdings NV
|
|
|
5.875%
|
|
|
|
10/10/79
|
|
|
|
BB+
|
|
|
|
1,021,850
|
|
|
|
|
|
Total Commercial Services & Supplies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,341,413
|
|
49
|
|
|
|
|
JPT
|
|
Nuveen Preferred and Income 2022 Term Fund (continued)
|
|
Portfolio of Investments January 31, 2020
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)/
Shares
|
|
|
Description (1)
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
Consumer Finance 1.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
720
|
|
|
American Express Co, (3-Month LIBOR reference rate + 3.428%
spread), (4)
|
|
|
5.338%
|
|
|
|
N/A (3)
|
|
|
|
Baa2
|
|
|
$
|
724,500
|
|
|
955
|
|
|
Capital One Financial Corp
|
|
|
5.550%
|
|
|
|
N/A (3)
|
|
|
|
Baa3
|
|
|
|
962,162
|
|
|
1,075
|
|
|
Discover Financial Services
|
|
|
5.500%
|
|
|
|
N/A (3)
|
|
|
|
Ba2
|
|
|
|
1,140,844
|
|
|
|
|
|
Total Consumer Finance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,827,506
|
|
|
|
|
|
|
|
|
|
|
Diversified Financial Services 4.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
580
|
|
|
Citigroup Inc.
|
|
|
4.700%
|
|
|
|
N/A (3)
|
|
|
|
BB+
|
|
|
|
590,701
|
|
|
2
|
|
|
Compeer Financial ACA, 144A
|
|
|
6.750%
|
|
|
|
N/A (3)
|
|
|
|
BB+
|
|
|
|
2,180,000
|
|
|
1,620
|
|
|
ILFC E-Capital Trust II, 144A
|
|
|
4.150%
|
|
|
|
12/21/65
|
|
|
|
BB+
|
|
|
|
1,336,613
|
|
|
895
|
|
|
JPMorgan Chase & Co
|
|
|
4.600%
|
|
|
|
N/A (3)
|
|
|
|
BBB
|
|
|
|
913,706
|
|
|
2,070
|
|
|
Voya Financial Inc.
|
|
|
6.125%
|
|
|
|
N/A (3)
|
|
|
|
BBB
|
|
|
|
2,243,362
|
|
|
|
|
|
Total Diversified Financial Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,264,382
|
|
|
|
|
|
|
|
|
|
|
Electric Utilities 4.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
725
|
|
|
AES Gener SA, 144A
|
|
|
6.350%
|
|
|
|
10/07/79
|
|
|
|
BB
|
|
|
|
757,262
|
|
|
1,270
|
|
|
Electricite de France SA, 144A
|
|
|
5.250%
|
|
|
|
N/A (3)
|
|
|
|
BBB
|
|
|
|
1,336,040
|
|
|
4,500
|
|
|
Emera Inc.
|
|
|
6.750%
|
|
|
|
6/15/76
|
|
|
|
BBB
|
|
|
|
5,175,900
|
|
|
|
|
|
Total Electric Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,269,202
|
|
|
|
|
|
|
|
|
|
|
Food Products 4.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,100
|
|
|
Dairy Farmers of America Inc., 144A
|
|
|
7.125%
|
|
|
|
N/A (3)
|
|
|
|
BB+
|
|
|
|
1,938,300
|
|
|
2,800
|
|
|
Land O Lakes Inc., 144A
|
|
|
7.250%
|
|
|
|
N/A (3)
|
|
|
|
BB
|
|
|
|
2,653,000
|
|
|
1,550
|
|
|
Land O Lakes Inc., 144A
|
|
|
8.000%
|
|
|
|
N/A (3)
|
|
|
|
BB
|
|
|
|
1,557,750
|
|
|
2,525
|
|
|
Land O Lakes Inc., 144A
|
|
|
7.000%
|
|
|
|
N/A (3)
|
|
|
|
BB
|
|
|
|
2,323,000
|
|
|
|
|
|
Total Food Products
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,472,050
|
|
|
|
|
|
|
|
Independent Power & Renewable Electricity Producers 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
355
|
|
|
AES Gener SA, 144A
|
|
|
7.125%
|
|
|
|
3/26/79
|
|
|
|
BB
|
|
|
|
379,837
|
|
|
|
|
|
|
|
|
|
|
Industrial Conglomerates 3.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,567
|
|
|
General Electric Co
|
|
|
5.000%
|
|
|
|
N/A (3)
|
|
|
|
BBB
|
|
|
|
5,505,819
|
|
|
|
|
|
|
|
|
|
|
Insurance 18.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
780
|
|
|
Aegon NV
|
|
|
5.500%
|
|
|
|
4/11/48
|
|
|
|
Baa1
|
|
|
|
863,078
|
|
|
1,530
|
|
|
American International Group Inc.
|
|
|
5.750%
|
|
|
|
4/01/48
|
|
|
|
Baa2
|
|
|
|
1,729,053
|
|
|
3,230
|
|
|
Assurant Inc.
|
|
|
7.000%
|
|
|
|
3/27/48
|
|
|
|
BB+
|
|
|
|
3,654,551
|
|
|
7,560
|
|
|
Assured Guaranty Municipal Holdings Inc., 144A
|
|
|
6.400%
|
|
|
|
12/15/66
|
|
|
|
BBB+
|
|
|
|
8,028,418
|
|
|
2,205
|
|
|
AXA SA
|
|
|
8.600%
|
|
|
|
12/15/30
|
|
|
|
A3
|
|
|
|
3,268,604
|
|
|
1,045
|
|
|
AXIS Specialty Finance LLC
|
|
|
4.900%
|
|
|
|
1/15/40
|
|
|
|
BBB
|
|
|
|
1,081,974
|
|
|
1,000
|
|
|
MetLife Inc., 144A
|
|
|
9.250%
|
|
|
|
4/08/38
|
|
|
|
BBB
|
|
|
|
1,505,000
|
|
|
1,495
|
|
|
MetLife Inc.
|
|
|
5.875%
|
|
|
|
N/A (3)
|
|
|
|
BBB
|
|
|
|
1,690,396
|
|
|
1,800
|
|
|
Provident Financing Trust I
|
|
|
7.405%
|
|
|
|
3/15/38
|
|
|
|
Baa3
|
|
|
|
2,241,000
|
|
|
5,000
|
|
|
QBE Insurance Group Ltd, 144A
|
|
|
7.500%
|
|
|
|
11/24/43
|
|
|
|
Baa1
|
|
|
|
5,651,750
|
|
|
818
|
|
|
QBE Insurance Group Ltd, Reg S
|
|
|
6.750%
|
|
|
|
12/02/44
|
|
|
|
BBB
|
|
|
|
918,164
|
|
|
600
|
|
|
Swiss Re Finance Luxembourg SA, 144A
|
|
|
5.000%
|
|
|
|
4/02/49
|
|
|
|
A
|
|
|
|
681,750
|
|
|
|
|
|
Total Insurance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31,313,738
|
|
|
|
|
|
|
|
|
|
|
Metals & Mining 1.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
BHP Billiton Finance USA Ltd, 144A
|
|
|
6.250%
|
|
|
|
10/19/75
|
|
|
|
BBB+
|
|
|
|
1,024,700
|
|
|
1,250
|
|
|
BHP Billiton Finance USA Ltd, 144A
|
|
|
6.750%
|
|
|
|
10/19/75
|
|
|
|
BBB+
|
|
|
|
1,468,750
|
|
|
|
|
|
Total Metals & Mining
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,493,450
|
|
|
|
|
|
|
|
|
|
|
Multi-Utilities 1.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,495
|
|
|
CenterPoint Energy Inc.
|
|
|
6.125%
|
|
|
|
N/A (3)
|
|
|
|
BBB
|
|
|
|
1,592,175
|
|
|
1,529
|
|
|
NiSource Inc.
|
|
|
5.650%
|
|
|
|
N/A (3)
|
|
|
|
BBB
|
|
|
|
1,597,805
|
|
|
|
|
|
Total Multi-Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,189,980
|
|
50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)/
Shares
|
|
|
Description (1)
|
|
Coupon
|
|
|
Maturity
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels 1.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
865
|
|
|
Enterprise Products Operating LLC
|
|
|
5.250%
|
|
|
|
8/16/77
|
|
|
|
Baa2
|
|
|
$
|
893,545
|
|
|
380
|
|
|
MPLX LP
|
|
|
6.875%
|
|
|
|
N/A (3)
|
|
|
|
BB+
|
|
|
|
382,850
|
|
|
505
|
|
|
Transcanada Trust
|
|
|
5.500%
|
|
|
|
9/15/79
|
|
|
|
BBB
|
|
|
|
544,769
|
|
|
|
|
|
Total Oil, Gas & Consumable Fuels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,821,164
|
|
|
|
|
|
|
|
|
|
|
U.S. Agency 3.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
615
|
|
|
Farm Credit Bank of Texas, 144A
|
|
|
6.200%
|
|
|
|
N/A (3)
|
|
|
|
BBB
|
|
|
|
656,559
|
|
|
5
|
|
|
Farm Credit Bank of Texas
|
|
|
10.000%
|
|
|
|
N/A (3)
|
|
|
|
Baa1
|
|
|
|
5,187,500
|
|
|
|
|
|
Total U.S. Agency
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,844,059
|
|
|
|
|
|
|
|
|
|
|
Wireless Telecommunication Services 0.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
905
|
|
|
Vodafone Group PLC
|
|
|
7.000%
|
|
|
|
4/04/79
|
|
|
|
BB+
|
|
|
|
1,067,198
|
|
|
|
|
|
Total $1,000 Par (or similar) Institutional Preferred
(cost $143,590,589)
|
|
|
|
|
|
|
|
150,757,833
|
|
|
|
|
|
|
|
Shares
|
|
|
Description (1)
|
|
Coupon
|
|
|
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
$25 PAR (OR SIMILAR) RETAIL PREFERRED 36.5% (29.4% of Total
Investments)
|
|
|
|
|
|
|
|
|
|
|
Banks 8.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,122
|
|
|
Citigroup Inc.
|
|
|
7.125%
|
|
|
|
|
|
|
|
BB+
|
|
|
$
|
236,026
|
|
|
16,050
|
|
|
CoBank ACB, 144A, (5)
|
|
|
6.250%
|
|
|
|
|
|
|
|
BBB+
|
|
|
|
1,717,350
|
|
|
34,640
|
|
|
CoBank ACB, (5)
|
|
|
6.200%
|
|
|
|
|
|
|
|
BBB+
|
|
|
|
3,775,760
|
|
|
50,000
|
|
|
Fifth Third Bancorp
|
|
|
6.625%
|
|
|
|
|
|
|
|
Baa3
|
|
|
|
1,462,000
|
|
|
75,000
|
|
|
Huntington Bancshares Inc./OH
|
|
|
6.250%
|
|
|
|
|
|
|
|
Baa3
|
|
|
|
1,968,000
|
|
|
14,200
|
|
|
KeyCorp
|
|
|
6.125%
|
|
|
|
|
|
|
|
Baa3
|
|
|
|
427,562
|
|
|
100,000
|
|
|
Regions Financial Corp
|
|
|
6.375%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
2,863,000
|
|
|
20,000
|
|
|
Regions Financial Corp
|
|
|
5.700%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
570,200
|
|
|
29,300
|
|
|
Synovus Financial Corp
|
|
|
5.875%
|
|
|
|
|
|
|
|
BB
|
|
|
|
787,584
|
|
|
|
|
|
Total Banks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,807,482
|
|
|
|
|
|
|
|
|
|
|
Capital Markets 5.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43,200
|
|
|
Morgan Stanley
|
|
|
7.125%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
1,272,240
|
|
|
181,800
|
|
|
Morgan Stanley
|
|
|
6.875%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
5,228,568
|
|
|
58,300
|
|
|
Morgan Stanley
|
|
|
5.850%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
1,676,708
|
|
|
23,100
|
|
|
Morgan Stanley
|
|
|
6.375%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
665,280
|
|
|
22,821
|
|
|
State Street Corp
|
|
|
5.350%
|
|
|
|
|
|
|
|
Baa1
|
|
|
|
651,083
|
|
|
|
|
|
Total Capital Markets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,493,879
|
|
|
|
|
|
|
|
|
|
|
Consumer Finance 0.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52,800
|
|
|
Synchrony Financial
|
|
|
5.625%
|
|
|
|
|
|
|
|
BB
|
|
|
|
1,375,440
|
|
|
|
|
|
|
|
|
|
|
Diversified Financial Services 4.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,620
|
|
|
AgriBank FCB, (5)
|
|
|
6.875%
|
|
|
|
|
|
|
|
BBB+
|
|
|
|
3,522,960
|
|
|
26,200
|
|
|
Equitable Holdings Inc.
|
|
|
5.250%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
687,750
|
|
|
123,600
|
|
|
Voya Financial Inc.
|
|
|
5.350%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
3,454,620
|
|
|
|
|
|
Total Diversified Financial Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,665,330
|
|
|
|
|
|
|
|
|
|
|
Food Products 3.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,859
|
|
|
CHS Inc.
|
|
|
7.875%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
748,023
|
|
|
68,707
|
|
|
CHS Inc.
|
|
|
7.100%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
1,930,667
|
|
|
31,132
|
|
|
CHS Inc.
|
|
|
6.750%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
858,309
|
|
|
81,867
|
|
|
CHS Inc.
|
|
|
7.500%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
2,310,287
|
|
|
|
|
|
Total Food Products
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,847,286
|
|
|
|
|
|
|
|
|
|
|
Insurance 9.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
63,100
|
|
|
American Equity Investment Life Holding Co
|
|
|
5.950%
|
|
|
|
|
|
|
|
BB
|
|
|
|
1,657,006
|
|
|
73,215
|
|
|
Aspen Insurance Holdings Ltd
|
|
|
5.950%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
2,078,574
|
|
|
74,900
|
|
|
Aspen Insurance Holdings Ltd
|
|
|
5.625%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
2,003,575
|
|
|
93,200
|
|
|
Athene Holding Ltd
|
|
|
6.350%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
2,665,520
|
|
|
109,736
|
|
|
Delphi Financial Group Inc., (5)
|
|
|
5.100%
|
|
|
|
|
|
|
|
BBB
|
|
|
|
2,523,928
|
|
51
|
|
|
|
|
JPT
|
|
Nuveen Preferred and Income 2022 Term Fund (continued)
|
|
Portfolio of Investments January 31, 2020
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Description (1)
|
|
Coupon
|
|
|
|
|
|
Ratings (2)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
Insurance (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31,900
|
|
|
Enstar Group Ltd
|
|
|
7.000%
|
|
|
|
|
|
|
|
BB+
|
|
|
$
|
924,462
|
|
|
65,687
|
|
|
Maiden Holdings North America Ltd
|
|
|
7.750%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
1,539,046
|
|
|
37,716
|
|
|
Reinsurance Group of America Inc.
|
|
|
6.200%
|
|
|
|
|
|
|
|
BBB+
|
|
|
|
1,043,602
|
|
|
35,002
|
|
|
Reinsurance Group of America Inc.
|
|
|
5.750%
|
|
|
|
|
|
|
|
BBB+
|
|
|
|
1,032,559
|
|
|
|
|
|
Total Insurance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,468,272
|
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels 2.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
83,400
|
|
|
NuStar Energy LP
|
|
|
8.500%
|
|
|
|
|
|
|
|
B1
|
|
|
|
2,059,980
|
|
|
46,600
|
|
|
NuStar Energy LP
|
|
|
7.625%
|
|
|
|
|
|
|
|
B1
|
|
|
|
1,059,218
|
|
|
9,796
|
|
|
NuStar Logistics LP
|
|
|
8.565%
|
|
|
|
|
|
|
|
B1
|
|
|
|
259,300
|
|
|
|
|
|
Total Oil, Gas & Consumable Fuels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,378,498
|
|
|
|
|
|
|
|
|
|
|
Thrifts & Mortgage Finance 2.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,135
|
|
|
Federal Agricultural Mortgage Corp
|
|
|
6.000%
|
|
|
|
|
|
|
|
N/R
|
|
|
|
405,618
|
|
|
103,800
|
|
|
New York Community Bancorp Inc.
|
|
|
6.375%
|
|
|
|
|
|
|
|
Ba2
|
|
|
|
2,966,604
|
|
|
|
|
|
Total Thrifts & Mortgage Finance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,372,222
|
|
|
|
|
|
|
|
|
|
|
Trading Companies & Distributors 0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,000
|
|
|
Air Lease Corp
|
|
|
6.150%
|
|
|
|
|
|
|
|
BB+
|
|
|
|
780,360
|
|
|
|
|
|
|
|
|
|
|
U.S. Agency 0.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,000
|
|
|
Farm Credit Bank of Texas, 144A, (5)
|
|
|
6.750%
|
|
|
|
|
|
|
|
Baa1
|
|
|
|
1,620,000
|
|
|
|
|
|
Total $25 Par (or similar) Retail Preferred (cost
$60,357,082)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
62,808,769
|
|
|
|
|
|
Total Long-Term Investments (cost $203,947,671)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
213,566,602
|
|
|
|
|
|
Borrowings (24.7)% (6), (7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(42,500,000
|
)
|
|
|
|
|
Other Assets Less Liabilities 0.5% (8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
890,862
|
|
|
|
|
|
Net Assets Applicable to Common Shares
100%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
171,957,464
|
|
Investments in Derivatives
Futures
Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Contract
Position
|
|
|
Number of
Contracts
|
|
|
Expiration
Date
|
|
|
Notional
Amount
|
|
|
Value
|
|
|
Unrealized
Appreciation
(Depreciation)
|
|
|
Variation
Margin
Receivable/
(Payable)
|
|
U.S. Treasury 10-Year
Note
|
|
|
Short
|
|
|
|
(62
|
)
|
|
|
3/20
|
|
|
$
|
(8,029,578
|
)
|
|
$
|
(8,162,688
|
)
|
|
$
|
(133,110
|
)
|
|
$
|
(21,313
|
)
|
52
For Fund portfolio compliance purposes, the Funds 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 & Poors Group
(Standard & Poors), Moodys Investors Service, Inc. (Moodys) 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 & Poors, Baa by Moodys 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)
|
For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements,
Note 3 Investment Valuation and Fair Value Measurements for more information.
|
(6)
|
Borrowings as a percentage of Total Investments is 19.9%.
|
(7)
|
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.
|
(8)
|
Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (OTC) derivatives as presented on the Statement of Assets and Liabilities, 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
|
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.
53
Statement of Assets and Liabilities
January 31, 2019
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPC
|
|
|
JPI
|
|
|
JPS
|
|
|
JPT
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term investments, at value (cost $1,576,764,730, $815,655,790, $2,928,439,264 and $203,947,671,
respectively)
|
|
$
|
1,690,693,043
|
|
|
$
|
881,624,546
|
|
|
$
|
3,231,104,439
|
|
|
$
|
213,566,602
|
|
Short-term investments, at value (cost approximates value)
|
|
|
9,945,351
|
|
|
|
|
|
|
|
57,092,377
|
|
|
|
|
|
Cash
|
|
|
|
|
|
|
|
|
|
|
105,001
|
|
|
|
24,561
|
|
Cash collateral at brokers for investments in
futures(1)
|
|
|
319,997
|
|
|
|
289,997
|
|
|
|
|
|
|
|
75,027
|
|
Cash collateral at brokers for investments in
swaps(1)
|
|
|
18,838,147
|
|
|
|
4,977,983
|
|
|
|
33,667,821
|
|
|
|
|
|
Receivable for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
|
|
|
256,243
|
|
|
|
47,340
|
|
|
|
1,182,793
|
|
|
|
7,125
|
|
Interest
|
|
|
18,038,646
|
|
|
|
10,305,402
|
|
|
|
43,384,456
|
|
|
|
2,010,159
|
|
Investments sold
|
|
|
2,586,745
|
|
|
|
2,345,543
|
|
|
|
|
|
|
|
77,858
|
|
Reclaims
|
|
|
49,905
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets
|
|
|
347,563
|
|
|
|
61,415
|
|
|
|
637,231
|
|
|
|
251
|
|
Total assets
|
|
|
1,741,075,640
|
|
|
|
899,652,226
|
|
|
|
3,367,174,118
|
|
|
|
215,761,583
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash overdraft
|
|
|
5,539,672
|
|
|
|
762,504
|
|
|
|
|
|
|
|
|
|
Borrowings
|
|
|
477,000,000
|
|
|
|
235,000,000
|
|
|
|
908,300,000
|
|
|
|
42,500,000
|
|
Reverse repurchase agreements
|
|
|
135,000,000
|
|
|
|
60,000,000
|
|
|
|
310,000,000
|
|
|
|
|
|
Unrealized depreciation on interest rate swaps
|
|
|
20,521,352
|
|
|
|
5,595,609
|
|
|
|
38,517,503
|
|
|
|
|
|
Payable for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
|
|
|
6,196,925
|
|
|
|
3,039,667
|
|
|
|
11,300,552
|
|
|
|
784,825
|
|
Investments purchased regular settlement
|
|
|
6,543,890
|
|
|
|
3,076,853
|
|
|
|
|
|
|
|
285,153
|
|
Variation margin on futures contracts
|
|
|
93,500
|
|
|
|
85,250
|
|
|
|
|
|
|
|
21,313
|
|
Accrued expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
|
|
|
1,278,212
|
|
|
|
616,072
|
|
|
|
2,480,699
|
|
|
|
4,005
|
|
Management fees
|
|
|
1,159,951
|
|
|
|
633,557
|
|
|
|
2,199,689
|
|
|
|
155,119
|
|
Trustees fees
|
|
|
322,861
|
|
|
|
57,924
|
|
|
|
617,921
|
|
|
|
382
|
|
Other
|
|
|
241,883
|
|
|
|
131,441
|
|
|
|
428,134
|
|
|
|
53,322
|
|
Total liabilities
|
|
|
653,898,246
|
|
|
|
308,998,877
|
|
|
|
1,273,844,498
|
|
|
|
43,804,119
|
|
Net assets applicable to common shares
|
|
$
|
1,087,177,394
|
|
|
$
|
590,653,349
|
|
|
$
|
2,093,329,620
|
|
|
$
|
171,957,464
|
|
Common shares outstanding
|
|
|
103,332,549
|
|
|
|
22,757,308
|
|
|
|
203,779,868
|
|
|
|
6,835,876
|
|
Net asset value (NAV) per common share
outstanding
|
|
$
|
10.52
|
|
|
$
|
25.95
|
|
|
$
|
10.27
|
|
|
$
|
25.16
|
|
Net assets applicable to common shares consist of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares, $0.01 par value per share
|
|
$
|
1,033,325
|
|
|
$
|
227,573
|
|
|
$
|
2,037,799
|
|
|
$
|
68,359
|
|
Paid-in-surplus
|
|
|
1,023,294,121
|
|
|
|
534,854,086
|
|
|
|
1,839,186,122
|
|
|
|
166,014,186
|
|
Total distributable earnings
|
|
|
62,849,948
|
|
|
|
55,571,690
|
|
|
|
252,105,699
|
|
|
|
5,874,919
|
|
Net assets applicable to common shares
|
|
$
|
1,087,177,394
|
|
|
$
|
590,653,349
|
|
|
$
|
2,093,329,620
|
|
|
$
|
171,957,464
|
|
Authorized shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
|
|
|
Unlimited
|
|
|
|
Unlimited
|
|
|
|
Unlimited
|
|
|
|
Unlimited
|
|
Preferred
|
|
|
Unlimited
|
|
|
|
Unlimited
|
|
|
|
Unlimited
|
|
|
|
Unlimited
|
|
(1)
|
Cash pledged to collateralize the net payment obligations for investments in derivatives.
|
See accompanying notes to financial statements.
54
Statement of Operations
Six Months Ended January 31, 2019
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPC
|
|
|
JPI
|
|
|
JPS
|
|
|
JPT
|
|
Investment Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
|
|
$
|
17,151,359
|
|
|
$
|
6,982,396
|
|
|
$
|
13,782,236
|
|
|
$
|
2,104,376
|
|
Interest
|
|
|
32,053,443
|
|
|
|
18,321,589
|
|
|
|
80,852,701
|
|
|
|
4,022,589
|
|
Other
|
|
|
155,639
|
|
|
|
51,308
|
|
|
|
154,081
|
|
|
|
|
|
Tax withheld
|
|
|
(287
|
)
|
|
|
3,234
|
|
|
|
|
|
|
|
|
|
Total investment income
|
|
|
49,360,154
|
|
|
|
25,358,527
|
|
|
|
94,789,018
|
|
|
|
6,126,965
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management fees
|
|
|
6,741,462
|
|
|
|
3,624,457
|
|
|
|
12,665,001
|
|
|
|
907,674
|
|
Interest expense
|
|
|
7,982,844
|
|
|
|
3,698,457
|
|
|
|
14,953,363
|
|
|
|
583,068
|
|
Custodian fees
|
|
|
95,428
|
|
|
|
57,246
|
|
|
|
169,595
|
|
|
|
21,568
|
|
Trustees fees
|
|
|
22,347
|
|
|
|
11,515
|
|
|
|
42,272
|
|
|
|
2,898
|
|
Professional fees
|
|
|
40,390
|
|
|
|
30,904
|
|
|
|
55,459
|
|
|
|
20,802
|
|
Shareholder reporting expenses
|
|
|
75,165
|
|
|
|
40,219
|
|
|
|
147,484
|
|
|
|
12,925
|
|
Shareholder servicing agent fees
|
|
|
970
|
|
|
|
72
|
|
|
|
2,632
|
|
|
|
73
|
|
Stock exchange listing fees
|
|
|
14,656
|
|
|
|
3,459
|
|
|
|
28,901
|
|
|
|
3,459
|
|
Investor relations expenses
|
|
|
47,681
|
|
|
|
23,991
|
|
|
|
91,467
|
|
|
|
6,324
|
|
Other
|
|
|
38,937
|
|
|
|
27,730
|
|
|
|
26,105
|
|
|
|
11,315
|
|
Total expenses
|
|
|
15,059,880
|
|
|
|
7,518,050
|
|
|
|
28,182,279
|
|
|
|
1,570,106
|
|
Net investment income (loss)
|
|
|
34,300,274
|
|
|
|
17,840,477
|
|
|
|
66,606,739
|
|
|
|
4,556,859
|
|
Realized and Unrealized Gain (Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments and foreign currency
|
|
|
6,624,498
|
|
|
|
3,703,136
|
|
|
|
11,751,558
|
|
|
|
316,420
|
|
Futures contracts
|
|
|
(81,131
|
)
|
|
|
(74,014
|
)
|
|
|
|
|
|
|
(18,463
|
)
|
Swaps
|
|
|
65,039
|
|
|
|
33,056
|
|
|
|
120,932
|
|
|
|
|
|
Change in net unrealized appreciation (depreciation) of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments and foreign currency
|
|
|
46,958,625
|
|
|
|
29,284,562
|
|
|
|
98,041,216
|
|
|
|
6,394,108
|
|
Futures contracts
|
|
|
(583,966
|
)
|
|
|
(532,439
|
)
|
|
|
|
|
|
|
(133,110
|
)
|
Swaps
|
|
|
(10,211,541
|
)
|
|
|
(2,622,713
|
)
|
|
|
(19,167,746
|
)
|
|
|
|
|
Net realized and unrealized gain (loss)
|
|
|
42,771,524
|
|
|
|
29,791,588
|
|
|
|
90,745,960
|
|
|
|
6,558,955
|
|
Net increase (decrease) in net assets applicable to common shares
from operations
|
|
$
|
77,071,798
|
|
|
$
|
47,632,065
|
|
|
$
|
157,352,699
|
|
|
$
|
11,115,814
|
|
See accompanying notes to financial statements.
55
Statement of Changes in Net Assets
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPC
|
|
|
JPI
|
|
|
|
Six Months
Ended
1/31/20
|
|
|
Year
Ended
7/31/19
|
|
|
Six Months
Ended
1/31/20
|
|
|
Year
Ended
7/31/19
|
|
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
|
$
|
34,300,274
|
|
|
$
|
72,203,943
|
|
|
$
|
17,840,477
|
|
|
$
|
37,284,869
|
|
Net realized gain (loss) from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments and foreign currency
|
|
|
6,624,498
|
|
|
|
(10,856,687
|
)
|
|
|
3,703,136
|
|
|
|
(4,553,349
|
)
|
Futures contracts
|
|
|
(81,131
|
)
|
|
|
(150,472
|
)
|
|
|
(74,014
|
)
|
|
|
(131,654
|
)
|
Swaps
|
|
|
65,039
|
|
|
|
1,058,625
|
|
|
|
33,056
|
|
|
|
499,227
|
|
Change in net unrealized appreciation (depreciation) of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments and foreign currency
|
|
|
46,958,625
|
|
|
|
35,636,098
|
|
|
|
29,284,562
|
|
|
|
17,542,434
|
|
Futures contracts
|
|
|
(583,966
|
)
|
|
|
|
|
|
|
(532,439
|
)
|
|
|
|
|
Swaps
|
|
|
(10,211,541
|
)
|
|
|
(24,220,305
|
)
|
|
|
(2,622,713
|
)
|
|
|
(7,172,833
|
)
|
Net increase (decrease) in net assets applicable to common shares
from operations
|
|
|
77,071,798
|
|
|
|
73,671,202
|
|
|
|
47,632,065
|
|
|
|
43,468,694
|
|
Distributions to Common Shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
|
|
|
(37,819,713
|
)
|
|
|
(72,875,999
|
)
|
|
|
(18,501,691
|
)
|
|
|
(36,597,335
|
)
|
Return of capital
|
|
|
|
|
|
|
(2,763,427
|
)
|
|
|
|
|
|
|
(406,048
|
)
|
Decrease in net assets applicable to common shares from distributions
to common shareholders
|
|
|
(37,819,713
|
)
|
|
|
(75,639,426
|
)
|
|
|
(18,501,691
|
)
|
|
|
(37,003,383
|
)
|
Capital Share Transactions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net proceeds from shares issued to shareholders due to reinvestment of distributions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of shares repurchased and retired
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets applicable to common shares
from capital share transactions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets applicable to common shares
|
|
|
39,252,085
|
|
|
|
(1,968,224
|
)
|
|
|
29,130,374
|
|
|
|
6,465,311
|
|
Net assets applicable to common shares at the beginning of
period
|
|
|
1,047,925,309
|
|
|
|
1,049,893,533
|
|
|
|
561,522,975
|
|
|
|
555,057,664
|
|
Net assets applicable to common shares at the end of
period
|
|
$
|
1,087,177,394
|
|
|
$
|
1,047,925,309
|
|
|
$
|
590,653,349
|
|
|
$
|
561,522,975
|
|
See accompanying notes to financial statements.
56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPS
|
|
|
JPT
|
|
|
|
Six Months
Ended
1/31/20
|
|
|
Year
Ended
7/31/19
|
|
|
Six Months
Ended
1/31/20
|
|
|
Year
Ended
7/31/19
|
|
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
|
$
|
66,606,739
|
|
|
$
|
133,526,435
|
|
|
$
|
4,556,859
|
|
|
$
|
9,307,947
|
|
Net realized gain (loss) from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments and foreign currency
|
|
|
11,751,558
|
|
|
|
3,420,882
|
|
|
|
316,420
|
|
|
|
(2,053,791
|
)
|
Futures contracts
|
|
|
|
|
|
|
|
|
|
|
(18,463
|
)
|
|
|
(69,157
|
)
|
Swaps
|
|
|
120,932
|
|
|
|
1,985,867
|
|
|
|
|
|
|
|
|
|
Change in net unrealized appreciation (depreciation) of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments and foreign currency
|
|
|
98,041,216
|
|
|
|
65,302,095
|
|
|
|
6,394,108
|
|
|
|
4,900,089
|
|
Futures contracts
|
|
|
|
|
|
|
|
|
|
|
(133,110
|
)
|
|
|
(15,501
|
)
|
Swaps
|
|
|
(19,167,746
|
)
|
|
|
(45,466,395
|
)
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets applicable to common shares
from operations
|
|
|
157,352,699
|
|
|
|
158,768,884
|
|
|
|
11,115,814
|
|
|
|
12,069,587
|
|
Distributions to Common Shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
|
|
|
(68,470,036
|
)
|
|
|
(134,125,759
|
)
|
|
|
(4,858,962
|
)
|
|
|
(9,714,536
|
)
|
Return of capital
|
|
|
|
|
|
|
(2,824,952
|
)
|
|
|
|
|
|
|
|
|
Decrease in net assets applicable to common shares from distributions
to common shareholders
|
|
|
(68,470,036
|
)
|
|
|
(136,950,711
|
)
|
|
|
(4,858,962
|
)
|
|
|
(9,714,536
|
)
|
Capital Share Transactions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net proceeds from shares issued to shareholders due to reinvestment of distributions
|
|
|
|
|
|
|
|
|
|
|
77,918
|
|
|
|
29,313
|
|
Cost of shares repurchased and retired
|
|
|
|
|
|
|
(281,341
|
)
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets applicable to common shares
from capital share transactions
|
|
|
|
|
|
|
(281,341
|
)
|
|
|
77,918
|
|
|
|
29,313
|
|
Net increase (decrease) in net assets applicable to common shares
|
|
|
88,882,663
|
|
|
|
21,536,832
|
|
|
|
6,334,770
|
|
|
|
2,384,364
|
|
Net assets applicable to common shares at the beginning of
period
|
|
|
2,004,446,957
|
|
|
|
1,982,910,125
|
|
|
|
165,622,694
|
|
|
|
163,238,330
|
|
Net assets applicable to common shares at the end of
period
|
|
$
|
2,093,329,620
|
|
|
$
|
2,004,446,957
|
|
|
$
|
171,957,464
|
|
|
$
|
165,622,694
|
|
See accompanying notes to financial statements.
57
Statement of Cash Flows
Six Months Ended January 31, 2020
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPC
|
|
|
JPI
|
|
|
JPS
|
|
|
JPT
|
|
Cash Flows from Operating Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase (Decrease) In Net Assets Applicable to Common Shares from Operations
|
|
$
|
77,071,798
|
|
|
$
|
47,632,065
|
|
|
$
|
157,352,699
|
|
|
$
|
11,115,814
|
|
Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from
operations to net cash provided by (used in) operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of investments
|
|
|
(203,520,049
|
)
|
|
|
(119,924,116
|
)
|
|
|
(219,993,792
|
)
|
|
|
(17,640,749
|
)
|
Proceeds from sales and maturities of investments
|
|
|
178,767,918
|
|
|
|
98,329,192
|
|
|
|
170,061,496
|
|
|
|
17,483,104
|
|
Proceeds from (Purchases of) short-term investments, net
|
|
|
8,364,087
|
|
|
|
|
|
|
|
(34,048,333
|
)
|
|
|
|
|
Taxes paid
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(144
|
)
|
Amortization (Accretion) of premiums and discounts, net
|
|
|
2,856,614
|
|
|
|
971,590
|
|
|
|
1,235,903
|
|
|
|
273,896
|
|
(Increase) Decrease in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receivable for dividends
|
|
|
(120,947
|
)
|
|
|
(28,571
|
)
|
|
|
96,303
|
|
|
|
(7,125
|
)
|
Receivable for interest
|
|
|
(1,454,109
|
)
|
|
|
(1,361,502
|
)
|
|
|
(2,595,149
|
)
|
|
|
(164,767
|
)
|
Receivable for investments sold
|
|
|
(2,291,263
|
)
|
|
|
(2,271,912
|
)
|
|
|
705
|
|
|
|
982,350
|
|
Receivable for reclaims
|
|
|
3,821
|
|
|
|
15,745
|
|
|
|
125,369
|
|
|
|
|
|
Other assets
|
|
|
31,938
|
|
|
|
(1,941
|
)
|
|
|
(53,031
|
)
|
|
|
3,740
|
|
Increase (Decrease) in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payable for investments purchased regular settlement
|
|
|
3,060,487
|
|
|
|
3,076,853
|
|
|
|
|
|
|
|
285,153
|
|
Payable for variation margin on futures contracts
|
|
|
93,500
|
|
|
|
85,250
|
|
|
|
|
|
|
|
21,313
|
|
Accrued interest
|
|
|
(246,453
|
)
|
|
|
(81,682
|
)
|
|
|
(396,191
|
)
|
|
|
(96,862
|
)
|
Accrued management fees
|
|
|
38,373
|
|
|
|
36,497
|
|
|
|
90,805
|
|
|
|
4,093
|
|
Accrued Trustees fees
|
|
|
36,574
|
|
|
|
5,107
|
|
|
|
69,845
|
|
|
|
(1,233
|
)
|
Accrued other expenses
|
|
|
(626
|
)
|
|
|
800
|
|
|
|
35,549
|
|
|
|
(9,946
|
)
|
Net realized (gain) loss from investments and foreign currency
|
|
|
(6,624,498
|
)
|
|
|
(3,703,136
|
)
|
|
|
(11,751,558
|
)
|
|
|
(316,420
|
)
|
Change in net unrealized (appreciation) depreciation of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments and foreign currency
|
|
|
(46,958,625
|
)
|
|
|
(29,284,562
|
)
|
|
|
(98,041,216
|
)
|
|
|
(6,394,108
|
)
|
Swaps
|
|
|
10,211,541
|
|
|
|
2,622,713
|
|
|
|
19,167,746
|
|
|
|
|
|
Net cash provided by (used in) operating activities
|
|
|
19,320,081
|
|
|
|
(3,881,610
|
)
|
|
|
(18,642,850
|
)
|
|
|
5,538,109
|
|
Cash Flows from Financing Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease) in cash overdraft
|
|
|
5,539,672
|
|
|
|
(377,713
|
)
|
|
|
|
|
|
|
(662,404
|
)
|
Proceeds from reverse repurchase agreements
|
|
|
|
|
|
|
|
|
|
|
50,000,000
|
|
|
|
|
|
Proceeds from borrowings
|
|
|
22,000,000
|
|
|
|
25,000,000
|
|
|
|
55,000,000
|
|
|
|
|
|
Cash distributions paid to common shareholders
|
|
|
(37,826,341
|
)
|
|
|
(18,509,212
|
)
|
|
|
(68,470,207
|
)
|
|
|
(4,776,144
|
)
|
Net cash provided by (used in) financing activities
|
|
|
(10,286,669
|
)
|
|
|
6,113,075
|
|
|
|
36,529,793
|
|
|
|
(5,438,548
|
)
|
Net Increase (Decrease) in Cash and Cash Collateral at Brokers
|
|
|
9,033,412
|
|
|
|
2,231,465
|
|
|
|
17,886,943
|
|
|
|
99,561
|
|
Cash and cash collateral at brokers at the beginning of
period
|
|
|
10,124,732
|
|
|
|
3,036,515
|
|
|
|
15,885,879
|
|
|
|
27
|
|
Cash and cash collateral at brokers at the end of period
|
|
$
|
19,158,144
|
|
|
$
|
5,267,980
|
|
|
$
|
33,772,822
|
|
|
$
|
99,588
|
|
|
|
|
|
|
Supplemental Disclosure of Cash Flow Information
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for interest (excluding borrowing costs)
|
|
$
|
8,199,297
|
|
|
$
|
3,760,139
|
|
|
$
|
15,309,554
|
|
|
$
|
678,055
|
|
Non-cash financing activities not included herein consists of
reinvestments of common share distributions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
77,918
|
|
See accompanying notes to financial statements.
58
THIS PAGE INTENTIONALLY LEFT BLANK
59
Financial Highlights
(Unaudited)
Selected data for a share outstanding throughout each period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Operations
|
|
|
Less Distributions to
Common Shareholders
|
|
|
Common Share
|
|
|
|
Beginning
Common
Share
NAV
|
|
|
Net
Investment
Income
(Loss)(a)
|
|
|
Net
Realized/
Unrealized
Gain (Loss)
|
|
|
Total
|
|
|
From
Net
Investment
Income
|
|
|
From
Accumulated
Net
Realized
Gains
|
|
|
Return
of
Capital
|
|
|
Total
|
|
|
Discount
per
Share
Repurchased
and Retired
|
|
|
Ending
NAV
|
|
|
Ending
Share
Price
|
|
|
|
|
|
|
|
|
JPC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended 7/31:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020(e)
|
|
$
|
10.14
|
|
|
$
|
0.33
|
|
|
$
|
0.42
|
|
|
$
|
0.75
|
|
|
$
|
(0.37
|
)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(0.37
|
)
|
|
$
|
|
|
|
$
|
10.52
|
|
|
$
|
10.45
|
|
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
|
)
|
|
|
|
|
|
|
|
*
|
|
|
(0.77
|
)
|
|
|
|
|
|
|
10.16
|
|
|
|
9.44
|
|
2017
|
|
|
10.53
|
|
|
|
0.72
|
|
|
|
0.40
|
|
|
|
1.12
|
|
|
|
(0.77
|
)
|
|
|
|
|
|
|
(0.01
|
)
|
|
|
(0.78
|
)
|
|
|
|
|
|
|
10.87
|
|
|
|
10.59
|
|
2016
|
|
|
10.45
|
|
|
|
0.77
|
|
|
|
0.11
|
|
|
|
0.88
|
|
|
|
(0.80
|
)
|
|
|
|
|
|
|
|
|
|
|
(0.80
|
)
|
|
|
|
|
|
|
10.53
|
|
|
|
10.43
|
|
2015
|
|
|
10.67
|
|
|
|
0.80
|
|
|
|
(0.25
|
)
|
|
|
0.55
|
|
|
|
(0.77
|
)
|
|
|
|
|
|
|
|
|
|
|
(0.77
|
)
|
|
|
|
*
|
|
|
10.45
|
|
|
|
9.19
|
|
|
JPI
|
|
|
Year Ended 7/31:
|
|
2020(e)
|
|
|
24.67
|
|
|
|
0.78
|
|
|
|
1.31
|
|
|
|
2.09
|
|
|
|
(0.81
|
)
|
|
|
|
|
|
|
|
|
|
|
(0.81
|
)
|
|
|
|
|
|
|
25.95
|
|
|
|
26.02
|
|
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
|
|
2017
|
|
|
24.60
|
|
|
|
1.75
|
|
|
|
1.46
|
|
|
|
3.21
|
|
|
|
(1.77
|
)
|
|
|
|
|
|
|
(0.07
|
)
|
|
|
(1.84
|
)
|
|
|
|
|
|
|
25.97
|
|
|
|
25.15
|
|
2016
|
|
|
24.88
|
|
|
|
1.86
|
|
|
|
(0.01
|
)
|
|
|
1.85
|
|
|
|
(1.95
|
)
|
|
|
(0.18
|
)
|
|
|
|
|
|
|
(2.13
|
)
|
|
|
|
|
|
|
24.60
|
|
|
|
24.59
|
|
2015
|
|
|
25.51
|
|
|
|
1.96
|
|
|
|
(0.65
|
)
|
|
|
1.31
|
|
|
|
(1.94
|
)
|
|
|
|
|
|
|
|
|
|
|
(1.94
|
)
|
|
|
|
|
|
|
24.88
|
|
|
|
22.28
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings at the End of Period
|
|
|
|
Aggregate
Amount
Outstanding
(000)
|
|
|
Asset
Coverage
Per $1,000
|
|
|
|
|
JPC
|
|
|
|
|
|
|
|
|
|
Year Ended 7/31:
|
|
2020(e)
|
|
$
|
477,000
|
|
|
$
|
3,279
|
|
2019
|
|
|
455,000
|
|
|
|
3,303
|
|
2018
|
|
|
437,000
|
|
|
|
3,403
|
|
2017
|
|
|
540,000
|
|
|
|
3,079
|
|
2016
|
|
|
404,100
|
|
|
|
3,526
|
|
2015
|
|
|
404,100
|
|
|
|
3,506
|
|
|
|
|
JPI
|
|
|
|
|
|
|
|
|
|
Year Ended 7/31:
|
|
2020(e)
|
|
|
235,000
|
|
|
|
3,513
|
|
2019
|
|
|
210,000
|
|
|
|
3,674
|
|
2018
|
|
|
225,000
|
|
|
|
3,467
|
|
2017
|
|
|
225,000
|
|
|
|
3,627
|
|
2016
|
|
|
225,000
|
|
|
|
3,488
|
|
2015
|
|
|
225,000
|
|
|
|
3,516
|
|
(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 Funds 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.
|
60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Share Supplemental Data/
Ratios Applicable to Common Shares
|
|
Common Share
Total Returns
|
|
|
|
|
|
Ratios to Average Net Asset(c)
|
|
|
|
|
Based
on
NAV(b)
|
|
|
Based
on
Share
Price(b)
|
|
|
Ending
Net Assets
(000)
|
|
|
Expenses
|
|
|
Net
Investment
Income (Loss)
|
|
|
Portfolio
Turnover
Rate(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.49
|
%
|
|
|
9.29
|
%
|
|
$
|
1,087,177
|
|
|
|
2.82
|
%**
|
|
|
6.43
|
%**
|
|
|
11
|
%
|
|
7.48
|
|
|
|
13.52
|
|
|
|
1,047,925
|
|
|
|
3.04
|
|
|
|
7.10
|
|
|
|
23
|
|
|
0.57
|
|
|
|
(3.76
|
)
|
|
|
1,049,894
|
|
|
|
2.59
|
|
|
|
7.19
|
|
|
|
29
|
|
|
11.16
|
|
|
|
9.73
|
|
|
|
1,122,751
|
|
|
|
1.92
|
|
|
|
6.82
|
|
|
|
32
|
|
|
9.01
|
|
|
|
23.47
|
|
|
|
1,020,717
|
|
|
|
1.73
|
|
|
|
7.58
|
|
|
|
17
|
|
|
5.36
|
|
|
|
6.76
|
|
|
|
1,012,766
|
|
|
|
1.63
|
|
|
|
7.55
|
|
|
|
44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.61
|
|
|
|
10.73
|
|
|
|
590,653
|
|
|
|
2.61
|
**
|
|
|
6.19
|
**
|
|
|
12
|
|
|
8.29
|
|
|
|
12.79
|
|
|
|
561,523
|
|
|
|
2.72
|
|
|
|
6.90
|
|
|
|
27
|
|
|
0.37
|
|
|
|
(1.40
|
)
|
|
|
555,058
|
|
|
|
2.22
|
|
|
|
6.56
|
|
|
|
26
|
|
|
13.62
|
|
|
|
10.29
|
|
|
|
591,018
|
|
|
|
1.93
|
|
|
|
7.04
|
|
|
|
19
|
|
|
7.96
|
|
|
|
20.97
|
|
|
|
559,722
|
|
|
|
1.77
|
|
|
|
7.73
|
|
|
|
23
|
|
|
5.30
|
|
|
|
4.83
|
|
|
|
566,137
|
|
|
|
1.66
|
|
|
|
7.80
|
|
|
|
26
|
|
(c)
|
Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to borrowings
and/or reverse repurchase agreements (as described in Note 8 Fund Leverage), where applicable.
|
|
|
Each ratio includes the effect of all interest expense paid and other costs related to borrowings and/or reverse
repurchase agreements, where applicable, as follows:
|
|
|
|
|
|
|
|
JPC
|
|
Ratios of Interest Expense
to Average Net Assets
Applicable to Common Shares
|
|
|
Year Ended 7/31:
|
|
2020(e)
|
|
|
1.50
|
%**
|
2019
|
|
|
1.73
|
|
2018
|
|
|
1.29
|
|
2017
|
|
|
0.70
|
|
2016
|
|
|
0.50
|
|
2015
|
|
|
0.41
|
|
|
|
JPI
|
|
|
|
|
|
Year Ended 7/31:
|
|
2020(e)
|
|
|
1.28
|
**
|
2019
|
|
|
1.43
|
|
2018
|
|
|
0.97
|
|
2017
|
|
|
0.67
|
|
2016
|
|
|
0.50
|
|
2015
|
|
|
0.41
|
|
(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, Investment Transactions) divided by the average long-term market value during the period.
|
(e)
|
For the six months ended January 31, 2020.
|
*
|
Rounds to less than $0.01 per share.
|
See accompanying notes to financial statements.
61
Financial Highlights (continued)
(Unaudited)
Selected data for a share outstanding throughout each period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Operations
|
|
|
Less Distributions to
Common Shareholders
|
|
|
Common Share
|
|
|
|
Beginning
Common
Share
NAV
|
|
|
Net
Investment
Income
(Loss)(a)
|
|
|
Net
Realized/
Unrealized
Gain (Loss)
|
|
|
Total
|
|
|
From
Net
Investment
Income
|
|
|
From
Accumulated
Net Realized
Gains
|
|
|
Return
of
Capital
|
|
|
Total
|
|
|
Discount
per Share
Repurchased
and Retired
|
|
|
Offering
Costs
|
|
|
Ending
NAV
|
|
|
Ending
Share
Price
|
|
|
JPS
|
|
|
Year Ended 7/31:
|
|
2020(h)
|
|
$
|
9.84
|
|
|
$
|
0.33
|
|
|
$
|
0.44
|
|
|
$
|
0.77
|
|
|
$
|
(0.34
|
)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(0.34
|
)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
10.27
|
|
|
$
|
10.20
|
|
2019
|
|
|
9.73
|
|
|
|
0.66
|
|
|
|
0.12
|
|
|
|
0.78
|
|
|
|
(0.66
|
)
|
|
|
|
|
|
|
(0.01
|
)
|
|
|
(0.67
|
)
|
|
|
|
**
|
|
|
|
|
|
|
9.84
|
|
|
|
9.79
|
|
2018
|
|
|
10.39
|
|
|
|
0.69
|
|
|
|
(0.62
|
)
|
|
|
0.07
|
|
|
|
(0.73
|
)
|
|
|
|
|
|
|
|
|
|
|
(0.73
|
)
|
|
|
|
|
|
|
|
|
|
|
9.73
|
|
|
|
8.94
|
|
2017
|
|
|
9.67
|
|
|
|
0.71
|
|
|
|
0.75
|
|
|
|
1.46
|
|
|
|
(0.74
|
)
|
|
|
|
|
|
|
|
|
|
|
(0.74
|
)
|
|
|
|
|
|
|
|
|
|
|
10.39
|
|
|
|
10.30
|
|
2016
|
|
|
9.75
|
|
|
|
0.69
|
|
|
|
(0.07
|
)
|
|
|
0.62
|
|
|
|
(0.70
|
)
|
|
|
|
|
|
|
|
|
|
|
(0.70
|
)
|
|
|
|
|
|
|
|
|
|
|
9.67
|
|
|
|
9.63
|
|
2015
|
|
|
9.95
|
|
|
|
0.68
|
|
|
|
(0.15
|
)
|
|
|
0.53
|
|
|
|
(0.73
|
)
|
|
|
|
|
|
|
|
|
|
|
(0.73
|
)
|
|
|
|
|
|
|
|
|
|
|
9.75
|
|
|
|
9.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended 7/31:
|
|
2020(h)
|
|
|
24.24
|
|
|
|
0.67
|
|
|
|
0.96
|
|
|
|
1.63
|
|
|
|
(0.71
|
)
|
|
|
|
|
|
|
|
|
|
|
(0.71
|
)
|
|
|
|
|
|
|
|
|
|
|
25.16
|
|
|
|
25.01
|
|
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
|
|
2017(e)
|
|
|
24.63
|
|
|
|
0.74
|
|
|
|
0.94
|
|
|
|
1.68
|
|
|
|
(0.64
|
)
|
|
|
|
|
|
|
|
|
|
|
(0.64
|
)
|
|
|
|
|
|
|
(0.05
|
)
|
|
|
25.62
|
|
|
|
25.24
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings at End of Period
|
|
|
|
Aggregate
Amount
Outstanding
(000)
|
|
|
Asset
Coverage
Per $1,000
|
|
|
|
|
JPS
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended 7/31:
|
|
|
|
|
|
|
|
|
2020(h)
|
|
$
|
908,300
|
|
|
$
|
3,305
|
|
2019
|
|
|
853,300
|
|
|
|
3,349
|
|
2018
|
|
|
845,300
|
|
|
|
3,346
|
|
2017
|
|
|
845,300
|
|
|
|
3,506
|
|
2016
|
|
|
945,000
|
|
|
|
3,086
|
|
2015
|
|
|
465,800
|
|
|
|
3,521
|
|
|
|
|
JPT
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended 7/31:
|
|
|
|
|
|
|
|
|
2020(h)
|
|
|
42,500
|
|
|
|
5,046
|
|
2019
|
|
|
42,500
|
|
|
|
4,897
|
|
2018
|
|
|
42,500
|
|
|
|
4,841
|
|
2017(e)
|
|
|
42,500
|
|
|
|
5,113
|
|
(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 Funds 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.
|
62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Share Supplemental Data/
Ratios Applicable to Common Shares
|
|
Common Share
Total Returns
|
|
|
|
|
|
Ratios to Average Net Assets
Before Reimbursement(c)
|
|
|
Ratios to Average Net Assets
After Reimbursement(c)(d)
|
|
|
|
|
Based
on
NAV(b)
|
|
|
Based
on
Share
Price(b)
|
|
|
Ending
Net Assets
(000)
|
|
|
Expenses
|
|
|
Net
Investment
Income (Loss)
|
|
|
Expenses
|
|
|
Net
Investment
Income (Loss)
|
|
|
Portfolio
Turnover
Rate(f)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.91
|
%
|
|
|
7.74
|
%
|
|
$
|
2,093,330
|
|
|
|
2.75
|
%*
|
|
|
6.50
|
%*
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
5
|
%
|
|
8.53
|
|
|
|
18.01
|
|
|
|
2,004,447
|
|
|
|
3.02
|
|
|
|
6.91
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
16
|
|
|
0.66
|
|
|
|
(6.43
|
)
|
|
|
1,982,910
|
|
|
|
2.48
|
|
|
|
6.77
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
13
|
|
|
15.83
|
|
|
|
15.50
|
|
|
|
2,118,545
|
|
|
|
2.03
|
|
|
|
7.18
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
13
|
|
|
6.77
|
|
|
|
14.48
|
|
|
|
1,970,819
|
|
|
|
1.84
|
|
|
|
7.31
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
36
|
|
|
5.47
|
|
|
|
10.35
|
|
|
|
1,174,259
|
|
|
|
1.64
|
|
|
|
6.92
|
|
|
|
1.64
|
(g)
|
|
|
6.92
|
(g)
|
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.82
|
|
|
|
7.70
|
|
|
|
171,957
|
|
|
|
1.86
|
*
|
|
|
5.39
|
*
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
8
|
|
|
7.76
|
|
|
|
9.78
|
|
|
|
165,623
|
|
|
|
2.00
|
|
|
|
5.83
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
26
|
|
|
(0.84
|
)
|
|
|
(2.36
|
)
|
|
|
163,238
|
|
|
|
1.77
|
|
|
|
5.82
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
28
|
|
|
6.69
|
|
|
|
3.54
|
|
|
|
174,791
|
|
|
|
1.61
|
*
|
|
|
5.73
|
*
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
22
|
|
(c)
|
Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to borrowings
and/or reverse repurchase agreements (as described in Note 8 Fund Leverage), where applicable.
|
|
|
Each ratio includes the effect of all interest expense paid and other costs related to borrowings and/or reverse
repurchase agreements, where applicable, as follows:
|
|
|
|
|
|
|
|
JPS
|
|
Ratios of Interest Expense
to Average Net Assets
Applicable to Common Shares
|
|
|
Year Ended 7/31:
|
|
2020(h)
|
|
|
1.46
|
%*
|
2019
|
|
|
1.73
|
|
2018
|
|
|
1.22
|
|
2017
|
|
|
0.77
|
|
2016
|
|
|
0.50
|
|
2015
|
|
|
0.40
|
|
|
|
JPT
|
|
|
|
|
|
Year Ended 7/31:
|
|
2020(h)
|
|
|
0.69
|
*
|
2019
|
|
|
0.83
|
|
2018
|
|
|
0.60
|
|
2017(e)
|
|
|
0.42
|
*
|
(d)
|
After expense reimbursement from the Adviser, where applicable.
|
(e)
|
For the period January 26, 2017 (commencement of operations) through July 31, 2017.
|
(f)
|
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, Investment Transactions) divided by the average long-term market value during the period.
|
(g)
|
During the fiscal year ended July 31, 2015, the Adviser voluntarily reimbursed the Fund for certain expenses incurred in
connection with a common share equity shelf program. As a result, the Expenses and Net Investment Income (Loss) Ratios to Average Net Assets Applicable to Common Shares reflect this voluntary expense reimbursement from Adviser.
|
(h)
|
For the six months ended January 31, 2020.
|
**
|
Rounds to less than $0.01 per share.
|
N/A
|
The Fund does not have or no longer has a contractual reimbursement agreement with the Adviser.
|
See accompanying notes to financial statements.
63
Notes to Financial Statements
(Unaudited)
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 2022 Term Fund (JPT)
|
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 and JPT were each organized as Massachusetts business trusts on January 27, 2003, April 18, 2012, June 24, 2002 and July 6, 2016, respectively.
The end of the reporting period for the Funds is January 31, 2020, and the period covered by these Notes to Financial Statements is the six months ended
January 31, 2020 (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. The Adviser has entered into sub-advisory agreements with NWQ Investment Management Company, LLC (NWQ), an affiliate
of Nuveen, Spectrum Asset Management, Inc. (Spectrum), and/or Nuveen Asset Management LLC (NAM), a subsidiary of the Adviser, (each a Sub-Adviser and collectively, the Sub-Advisers). NWQ and NAM are
each responsible for approximately half of JPCs portfolio. NAM manages the investment portfolio of JPI and JPT, while Spectrum manages the investment portfolio of JPS. The Adviser is responsible for managing JPCs, JPIs and
JPSs investments in swap contracts.
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. The Fund is an investment company and follows the 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
common share 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 Fund.
Compensation
The Funds pay no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their
services to the Funds from the Adviser or its affiliates. The Funds Board of Trustees (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.
64
Foreign Currency Transactions and Translation
To the extent that the Funds invests 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 its 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 Fund
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 derivatives 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
|
|
$
|
126,962,303
|
|
|
|
7.5
|
%
|
France
|
|
|
71,683,511
|
|
|
|
4.2
|
|
Switzerland
|
|
|
69,226,453
|
|
|
|
4.1
|
|
Canada
|
|
|
43,216,619
|
|
|
|
2.5
|
|
Spain
|
|
|
35,485,724
|
|
|
|
2.1
|
|
Australia
|
|
|
29,473,437
|
|
|
|
1.7
|
|
Netherlands
|
|
|
24,783,154
|
|
|
|
1.5
|
|
Ireland
|
|
|
17,308,939
|
|
|
|
1.0
|
|
Italy
|
|
|
14,961,613
|
|
|
|
0.9
|
|
Other
|
|
|
25,546,972
|
|
|
|
1.5
|
|
Total non-U.S.
securities
|
|
$
|
458,648,725
|
|
|
|
27.0
|
%
|
|
|
|
JPI
|
|
|
|
|
|
|
Country:
|
|
|
|
|
|
|
|
|
United Kingdom
|
|
$
|
98,190,575
|
|
|
|
11.1
|
%
|
France
|
|
|
65,245,636
|
|
|
|
7.4
|
|
Switzerland
|
|
|
64,334,201
|
|
|
|
7.3
|
|
Spain
|
|
|
34,657,359
|
|
|
|
3.9
|
|
Australia
|
|
|
27,173,402
|
|
|
|
3.1
|
|
Netherlands
|
|
|
18,606,329
|
|
|
|
2.1
|
|
Ireland
|
|
|
15,998,340
|
|
|
|
1.8
|
|
Italy
|
|
|
13,833,716
|
|
|
|
1.6
|
|
Canada
|
|
|
12,611,711
|
|
|
|
1.4
|
|
Other
|
|
|
12,525,848
|
|
|
|
1.5
|
|
Total non-U.S.
securities
|
|
$
|
363,177,117
|
|
|
|
41.2
|
%
|
65
Notes to Financial Statements (continued)
(Unaudited)
|
|
|
|
|
|
|
|
|
JPS
|
|
Value
|
|
|
% of Total
Investments
|
|
Country:
|
|
|
|
|
|
|
|
|
United Kingdom
|
|
$
|
663,831,682
|
|
|
|
20.2
|
%
|
France
|
|
|
348,072,902
|
|
|
|
10.6
|
|
Switzerland
|
|
|
238,361,951
|
|
|
|
7.2
|
|
Canada
|
|
|
93,861,935
|
|
|
|
2.9
|
|
Finland
|
|
|
88,186,344
|
|
|
|
2.7
|
|
Australia
|
|
|
84,128,739
|
|
|
|
2.6
|
|
Netherlands
|
|
|
53,896,020
|
|
|
|
1.6
|
|
Sweden
|
|
|
39,964,955
|
|
|
|
1.2
|
|
Norway
|
|
|
31,251,375
|
|
|
|
1.0
|
|
Other
|
|
|
109,750,297
|
|
|
|
3.3
|
|
Total non-U.S.
securities
|
|
$
|
1,751,306,200
|
|
|
|
53.3
|
%
|
|
|
|
JPT
|
|
|
|
|
|
|
Country:
|
|
|
|
|
|
|
|
|
United Kingdom
|
|
$
|
11,520,984
|
|
|
|
5.4
|
%
|
Australia
|
|
|
9,063,364
|
|
|
|
4.2
|
|
Canada
|
|
|
5,720,669
|
|
|
|
2.7
|
|
France
|
|
|
5,196,581
|
|
|
|
2.4
|
|
Ireland
|
|
|
4,678,026
|
|
|
|
2.2
|
|
Germany
|
|
|
3,566,469
|
|
|
|
1.7
|
|
Japan
|
|
|
2,523,928
|
|
|
|
1.2
|
|
Bermuda
|
|
|
924,462
|
|
|
|
0.4
|
|
Netherlands
|
|
|
863,078
|
|
|
|
0.4
|
|
Other
|
|
|
681,750
|
|
|
|
0.3
|
|
Total non-U.S.
securities
|
|
$
|
44,739,311
|
|
|
|
20.9
|
%
|
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 expect 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 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 reflects the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. 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. Other
income is comprised of fees earned in connection with the rehypothecation of pledged collateral as further described in Note 8 Fund Leverage, Rehypothecation.
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.
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
FASB Accounting Standards Update (ASU) 2017-08 (ASU 2017-08) Premium Amortization on Purchased Callable Debt Securities
The FASB has issued ASU 2017-08, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 specifies
that the premium amortization period ends at the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15,
2018. During the current fiscal period, ASU 2017-08 became effective for the Funds. The Funds have adopted and applied ASU 2017-08 on a modified retrospective basis through a cumulative-effect adjustment as of the
66
beginning of the period of adoption. As a result of
the adoption of ASU 2017-08, as of August 1, 2019, the amortized cost basis of investments was reduced and unrealized appreciation of investments was increased for JPC, JPI, JPS and JPT by $11,233,471, $3,608,742, $30,054,671 and $1,879,360,
respectively. The adoption of ASU 2017-08 had no impact on beginning net assets, the current period results from operations, or any prior period information presented in the financial statements. Management has evaluated the impact of this ASU and
has adopted the changes into these financial statements.
Fair Value Measurement: Disclosure Framework
During August 2018, the FASB issued ASU 2018-13 (ASU 2018-13), Fair Value
Measurement: Disclosure Framework Changes to the Disclosure Requirements for Fair Value Measurements. ASU 2018-13 modifies the disclosures required by Topic 820, Fair Value Measurements. The amendments
ASU 2018-13 are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has early implemented this guidance and it did not
have a material impact on the Funds financial statements.
3. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
The Funds investments in securities is recorded at their estimated fair value. Fair value is defined as the price that would be received upon selling an investment
or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of
unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market
data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entitys own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are
based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
|
|
|
Level 1
|
|
Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
|
Level 2
|
|
Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
|
Level 3
|
|
Prices are determined using significant unobservable inputs (including managements assumptions in determining the fair value of investments).
|
Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are
primarily traded and are generally classified as Level 1. Securities primarily traded on the Nasdaq National Market (Nasdaq) are valued at the Nasdaq Official Closing Price and are generally classified as Level 1. However,
securities traded on a securities exchange or Nasdaq for which there were no transactions on a given day or securities not listed on a securities exchange or Nasdaq are valued at the quoted bid price and are generally classified as Level 2. Prices
of certain American Depositary Receipts (ADR) held by the Funds that trade in the United States are valued based on the last traded price, official closing price or the most recent bid price of the underlying non- U.S.-traded stock,
adjusted as appropriate for the underlying-to-ADR conversion ratio and foreign exchange rate, and from time-to-time may also be adjusted further to take into account material events that may take place after the close of the local non-U.S. market
but before the close of the NYSE, which may represent a transfer from a Level 1 to a Level 2 security.
Prices of fixed-income securities are provided by an
independent pricing service (pricing service) approved by the Board. The pricing service establishes a securitys 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 obligors credit characteristics considered relevant. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information
about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs.
Prices of swap contracts are also provided by a pricing service approved by the Board using the same methods as described above, and are generally classified as Level 2.
Investments in investment companies are valued at their respective NAVs on 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.
Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing
services. As a result, the NAV of the Funds shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other
than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares. If significant market events occur between the time of determination of the closing price of a
foreign security on an exchange and the time that the Funds NAV is determined, or if under the Funds procedures, the closing price of a
67
Notes to Financial Statements (continued)
(Unaudited)
foreign security is not deemed to be reliable, the security would be valued at fair value as determined in accordance with procedures established in good faith by the
Board. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs.
Certain securities may not
be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities
(securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that
have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially
affect the value of the security after the market has closed but before the calculation of a Funds NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable
market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the securitys fair value. As a general principle, the fair value of a security would appear to be 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 obligors
credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs. Regardless of the method employed to value a particular security, all
valuations are subject to review by the Board and/or its appointee.
The inputs or methodologies used for valuing securities are not an indication of the risks
associated with investing in those securities. The following is a summary of each Funds fair value measurements as of the end of the reporting period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPC
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Long-Term Investments*:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$1,000 Par (or similar) Institutional Preferred
|
|
$
|
|
|
|
$
|
829,559,731
|
|
|
$
|
|
|
|
$
|
829,559,731
|
|
$25 Par (or similar) Retail Preferred
|
|
|
409,351,634
|
|
|
|
71,367,122
|
**
|
|
|
|
|
|
|
480,718,756
|
|
Contingent Capital Securities
|
|
|
|
|
|
|
291,830,213
|
|
|
|
|
|
|
|
291,830,213
|
|
Corporate Bonds
|
|
|
|
|
|
|
50,817,788
|
|
|
|
|
|
|
|
50,817,788
|
|
Convertible Preferred Securities
|
|
|
34,303,016
|
|
|
|
|
|
|
|
|
|
|
|
34,303,016
|
|
Common Stocks
|
|
|
3,463,539
|
|
|
|
|
|
|
|
|
|
|
|
3,463,539
|
|
|
|
|
|
|
Short-Term Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreements
|
|
|
|
|
|
|
9,945,351
|
|
|
|
|
|
|
|
9,945,351
|
|
|
|
|
|
|
Investments in Derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate Swaps***
|
|
|
|
|
|
|
(20,521,352
|
)
|
|
|
|
|
|
|
(20,521,352
|
)
|
Futures Contracts***
|
|
|
(583,966
|
)
|
|
|
|
|
|
|
|
|
|
|
(583,966
|
)
|
Total
|
|
$
|
446,534,223
|
|
|
$
|
1,232,998,853
|
|
|
$
|
|
|
|
$
|
1,679,533,076
|
|
|
|
|
|
|
JPI
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Investments*:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$1,000 Par (or similar) Institutional Preferred
|
|
$
|
|
|
|
$
|
410,674,999
|
|
|
$
|
|
|
|
$
|
410,674,999
|
|
Contingent Capital Securities
|
|
|
|
|
|
|
270,092,844
|
|
|
|
|
|
|
|
270,092,844
|
|
$25 Par (or similar) Retail Preferred
|
|
|
141,902,801
|
|
|
|
58,953,902
|
**
|
|
|
|
|
|
|
200,856,703
|
|
|
|
|
|
|
Investments in Derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate Swaps***
|
|
|
|
|
|
|
(5,595,609
|
)
|
|
|
|
|
|
|
(5,595,609
|
)
|
Futures Contracts***
|
|
|
(532,439
|
)
|
|
|
|
|
|
|
|
|
|
|
(532,439
|
)
|
Total
|
|
$
|
141,370,362
|
|
|
$
|
734,126,136
|
|
|
$
|
|
|
|
$
|
875,496,498
|
|
|
|
|
|
|
JPS
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Investments*:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$1,000 Par (or similar) Institutional Preferred
|
|
$
|
|
|
|
$
|
1,495,662,600
|
|
|
$
|
|
|
|
$
|
1,495,662,600
|
|
Contingent Capital Securities
|
|
|
|
|
|
|
1,300,551,974
|
|
|
|
|
|
|
|
1,300,551,974
|
|
$25 Par (or similar) Retail Preferred
|
|
|
302,444,875
|
|
|
|
68,103,913
|
**
|
|
|
|
|
|
|
370,548,788
|
|
Investment Companies
|
|
|
26,582,071
|
|
|
|
|
|
|
|
|
|
|
|
26,582,071
|
|
Convertible Preferred Securities
|
|
|
19,535,878
|
|
|
|
|
|
|
|
|
|
|
|
19,535,878
|
|
Corporate Bonds
|
|
|
|
|
|
|
18,223,128
|
|
|
|
|
|
|
|
18,223,128
|
|
|
|
|
|
|
Short-Term Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Agreements
|
|
|
|
|
|
|
57,092,377
|
|
|
|
|
|
|
|
57,092,377
|
|
|
|
|
|
|
Investments in Derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate Swaps***
|
|
|
|
|
|
|
(38,517,503
|
)
|
|
|
|
|
|
|
(38,517,503
|
)
|
Total
|
|
$
|
348,562,824
|
|
|
$
|
2,901,116,489
|
|
|
$
|
|
|
|
$
|
3,249,679,313
|
|
68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPT
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Long-Term Investments*:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$1,000 Par (or similar) Institutional Preferred
|
|
$
|
|
|
|
$
|
150,757,833
|
|
|
$
|
|
|
|
$
|
150,757,833
|
|
$25 Par (or similar) Retail Preferred
|
|
|
49,648,771
|
|
|
|
13,159,998
|
**
|
|
|
|
|
|
|
62,808,769
|
|
|
|
|
|
|
Investments in Derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures Contracts***
|
|
|
(133,110
|
)
|
|
|
|
|
|
|
|
|
|
|
(133,110
|
)
|
Total
|
|
$
|
49,515,661
|
|
|
$
|
163,917,831
|
|
|
$
|
|
|
|
$
|
213,433,492
|
|
*
|
Refer to the Funds Portfolio of Investments for industry classifications, when applicable.
|
**
|
Refer to the Funds Portfolio of Investments for securities classified as Level 2.
|
***
|
Represents net unrealized appreciation (depreciation) as reported in the Funds Portfolio of Investments.
|
4. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Repurchase Agreements
In connection with transactions in repurchase agreements, it is each Funds 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund
|
|
Counterparty
|
|
Short-Term
Investments, at Value
|
|
|
Collateral
Pledged (From)
Counterparty*
|
|
|
Net
Exposure
|
|
JPC
|
|
Fixed Income Clearing Corporation
|
|
$
|
9,945,351
|
|
|
$
|
(9,945,351
|
)
|
|
$
|
|
|
JPS
|
|
Fixed Income Clearing Corporation
|
|
|
57,092,377
|
|
|
|
(57,092,377
|
)
|
|
|
|
|
*
|
As of the end of the reporting period, the value of the collateral pledged from the counterparty exceeded the value of the
repurchase agreements. Refer to the Funds Portfolio of Investments for details on the 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 derivative transactions, where applicable) during the current fiscal period, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPC
|
|
|
JPI
|
|
|
JPS
|
|
|
JPT
|
|
Purchases
|
|
$
|
203,520,049
|
|
|
$
|
119,924,116
|
|
|
$
|
219,993,792
|
|
|
$
|
17,640,749
|
|
Sales and maturities
|
|
|
178,767,918
|
|
|
|
98,329,192
|
|
|
|
170,061,496
|
|
|
|
17,483,104
|
|
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 derivative instruments such as futures, options and swap contracts. 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
69
Notes to Financial Statements (continued)
(Unaudited)
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.
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 broker 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 Funds account with an amount
equal to appreciation and conversely if a Fund has unrealized depreciation the clearing broker would debit the Funds 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, JPC, JPI and JPT invested in short interest rate futures to manage the Funds exposure to various points along the yield curve,
with a net effect of decreasing the Funds overall interest rate sensitivity.
The average notional amount of futures contracts outstanding during the current
fiscal period was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPC
|
|
|
JPI
|
|
|
JPT
|
|
Average notional amount of futures contracts outstanding*
|
|
$
|
11,742,178
|
|
|
$
|
10,706,104
|
|
|
$
|
2,676,526
|
|
*
|
The average notional amount is calculated based on the absolute aggregate notional of contracts outstanding at the
beginning of the current fiscal period and at the end of each quarter within the current fiscal period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Location on the Statement of Assets and
Liabilities
|
|
Underlying
Risk Exposure
|
|
Derivative
Instrument
|
|
Asset Derivatives
|
|
|
|
|
|
(Liability) Derivatives
|
|
|
Location
|
|
Value
|
|
|
|
|
|
Location
|
|
Value
|
|
JPC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate
|
|
Futures contracts
|
|
|
|
$
|
|
|
|
|
|
|
|
Payable for variation margin on futures contracts*
|
|
($
|
583,966
|
)
|
JPI
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate
|
|
Futures contracts
|
|
|
|
$
|
|
|
|
|
|
|
|
Payable for variation margin on futures contracts*
|
|
($
|
532,439
|
)
|
JPT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate
|
|
Futures contracts
|
|
|
|
$
|
|
|
|
|
|
|
|
Payable for variation margin on futures contracts*
|
|
($
|
133,110
|
)
|
*
|
Value represents unrealized appreciation (depreciation) of futures contracts as reported in the Funds Portfolio of
Investments and not the asset and/or liability derivative location as described in the table above.
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund
|
|
Underlying Risk
Exposure
|
|
Derivative
Instrument
|
|
Net Realized
Gain (Loss)
from Futures
Contracts
|
|
|
Change in Net
Unrealized Appreciation
(Depreciation)
of Futures
Contracts
|
|
JPC
|
|
Interest rate
|
|
Futures contracts
|
|
$
|
(81,131
|
)
|
|
$
|
(583,966
|
)
|
JPI
|
|
Interest rate
|
|
Futures contracts
|
|
|
(74,014
|
)
|
|
|
(532,439
|
)
|
JPT
|
|
Interest rate
|
|
Futures contracts
|
|
|
(18,463
|
)
|
|
|
(133,110
|
)
|
Interest Rate Swap Contracts
Interest rate
swap contracts involve a Funds 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 Funds
agreement with a counterparty to pay, in the future, a
70
fixed or variable rate payment in exchange for the
counterparty paying the Fund a variable or fixed rate payment, the accruals for which 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.
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 Funds 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 days mark-to-market of the swap contract. If the Fund has
unrealized appreciation, the clearing broker will credit the Funds account with an amount equal to the appreciation. Conversely, if the Fund has unrealized depreciation, the clearing broker will debit the Funds 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 forward starting interest rate swap contracts to partially hedge the interest cost
of leverage, which is through the use of bank borrowings.
The average notional amount of interest rate swap contracts outstanding during the current fiscal period
was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPC
|
|
|
JPI
|
|
|
JPS
|
|
Average notional amount of interest rate swap contracts
outstanding*
|
|
$
|
325,500,000
|
|
|
$
|
157,000,000
|
|
|
$
|
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.
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Location on the Statement of Assets and
Liabilities
|
|
Underlying
Risk Exposure
|
|
Derivative
Instrument
|
|
Asset Derivatives
|
|
|
|
|
|
(Liability) Derivatives
|
|
|
Location
|
|
Value
|
|
|
|
|
|
Location
|
|
Value
|
|
JPC
|
|
Interest rate
|
|
Swaps (OTC Uncleared)
|
|
|
|
$
|
|
|
|
|
|
|
|
Unrealized depreciation on interest rate swaps**
|
|
$
|
(20,521,352
|
)
|
JPI
|
|
Interest rate
|
|
Swaps (OTC Uncleared)
|
|
|
|
$
|
|
|
|
|
|
|
|
Unrealized depreciation on interest rate swaps**
|
|
$
|
(5,595,609
|
)
|
JPS
|
|
Interest rate
|
|
Swaps (OTC Uncleared)
|
|
|
|
$
|
|
|
|
|
|
|
|
Unrealized depreciation on interest rate swaps**
|
|
$
|
(38,517,503
|
)
|
**
|
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.
|
71
Notes to Financial Statements (continued)
(Unaudited)
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
|
|
Counterparty
|
|
Gross
Unrealized
Appreciation on
Interest Rate
Swaps***
|
|
|
Gross
Unrealized
(Depreciation) on
Interest Rate
Swaps***
|
|
|
Net
Unrealized
Appreciation
(Depreciation) on
Interest Rate
Swaps
|
|
|
Collateral
Pledged
to (from)
Counterparty
|
|
|
Net
Exposure
|
|
JPC
|
|
Morgan Stanley Capital Services LLC
|
|
$
|
|
|
|
$
|
(20,521,352
|
)
|
|
$
|
(20,521,352
|
)
|
|
$
|
18,838,147
|
|
|
$
|
1,683,205
|
|
JPI
|
|
Morgan Stanley Capital Services LLC
|
|
|
|
|
|
|
(5,595,609
|
)
|
|
|
(5,595,609
|
)
|
|
|
4,977,983
|
|
|
|
617,626
|
|
JPS
|
|
Morgan Stanley Capital Services LLC
|
|
|
|
|
|
|
(38,517,503
|
)
|
|
|
(38,517,503
|
)
|
|
|
35,354,346
|
|
|
|
3,163,157
|
|
***
|
Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Funds Portfolio of
Investments.
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund
|
|
Underlying
Risk Exposure
|
|
Derivative
Instrument
|
|
Net Realized
Gain (Loss)
from Swaps
|
|
|
Change in Net
Unrealized
Appreciation
(Depreciation)
of Swaps
|
|
JPC
|
|
Interest rate
|
|
Swaps
|
|
$
|
65,039
|
|
|
$
|
(10,211,541
|
)
|
JPI
|
|
Interest rate
|
|
Swaps
|
|
|
33,056
|
|
|
|
(2,622,713
|
)
|
JPS
|
|
Interest rate
|
|
Swaps
|
|
|
120,932
|
|
|
|
(19,167,746
|
)
|
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 Funds 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
pre-determined threshold amount.
5. Fund Shares
Common Share
Transactions
Transactions in common shares during the Funds current and prior fiscal period were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPS
|
|
|
|
|
|
JPT
|
|
|
|
Six Months Ended
1/31/20
|
|
|
Year Ended
7/31/19
|
|
|
|
|
|
Six Months Ended
1/31/20
|
|
|
Year Ended
7/31/19
|
|
Common shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued to shareholders due to reinvestment of distributions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,156
|
|
|
|
1,221
|
|
Repurchased and retired
|
|
|
|
|
|
|
(38,000
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Price per share repurchased and retired
|
|
$
|
|
|
|
$
|
7.38
|
|
|
|
|
|
|
$
|
|
|
|
$
|
|
|
Discount per share repurchased and retired
|
|
|
|
%
|
|
|
17.59
|
%
|
|
|
|
|
|
|
|
%
|
|
|
|
%
|
72
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 to 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.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require
recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also
not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to
recognition of premium amortization and timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital
accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
The table
below presents the cost and unrealized appreciation (depreciation) of each Funds investment portfolio, as determined on a federal income tax basis, as of January 31, 2020.
For purposes of this disclosure, derivative tax cost is generally the sum of any upfront fees or premiums exchanged and any amounts unrealized for income statement
reporting but realized in income and/or capital gains tax reporting. If a particular derivative category does not disclose any tax unrealized appreciation or depreciation, the change in value of those derivatives have generally been fully realized
for tax purposes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPC
|
|
|
JPI
|
|
|
JPS
|
|
|
JPT
|
|
Tax cost of investments
|
|
$
|
1,598,557,008
|
|
|
$
|
816,813,559
|
|
|
$
|
3,005,780,947
|
|
|
$
|
205,475,099
|
|
Gross unrealized:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Appreciation
|
|
$
|
110,188,948
|
|
|
$
|
66,021,837
|
|
|
$
|
283,560,865
|
|
|
$
|
10,840,611
|
|
Depreciation
|
|
|
(29,212,880
|
)
|
|
|
(7,338,898
|
)
|
|
|
(39,662,499
|
)
|
|
|
(2,882,218
|
)
|
Net unrealized appreciation (depreciation) of investments
|
|
$
|
80,976,068
|
|
|
$
|
58,682,939
|
|
|
$
|
243,898,366
|
|
|
$
|
7,958,393
|
|
Permanent differences, primarily due to bond premium amortization adjustments, treatment of notional principal contracts, complex
securities character adjustments, federal taxes paid and expiration of capital loss carryforwards resulted in reclassifications among the Funds components of common share net assets as of July 31, 2019, the Funds last tax year end.
The tax components of undistributed net ordinary income and net long-term capital gains as of July 31, 2019, the Funds last tax year end, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPC
|
|
|
JPI
|
|
|
JPS
|
|
|
JPT
|
|
Undistributed net ordinary income1
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
570,768
|
|
Undistributed net long-term capital gains
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Undistributed net ordinary
income (on a tax basis) has not been reduced for the dividend declared on July 1, 2019 and paid on August 1, 2019. Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if
any.
|
|
The tax character of distributions paid during the Funds last tax year ended July 31, 2019 was designated for purposes of the
dividends paid deduction as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPC
|
|
|
JPI
|
|
|
JPS
|
|
|
JPT
|
|
Distributions from net ordinary income2
|
|
$
|
72,875,999
|
|
|
$
|
36,597,335
|
|
|
$
|
134,127,887
|
|
|
$
|
9,714,392
|
|
Distributions from net long-term capital gains
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return of capital
|
|
|
2,763,427
|
|
|
|
406,048
|
|
|
|
2,824,952
|
|
|
|
|
|
|
2 Net ordinary income consists
of net taxable income derived from dividends, interest, and net short-term capital gains, if any.
|
|
As of July 31, 2019, the Funds last tax year end, the following Funds had unused capital losses carrying forward available for
federal income tax purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPC3
|
|
|
JPI
|
|
|
JPT
|
|
Not subject to expiration:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
|
|
|
|
|
|
$
|
16,618,703
|
|
|
$
|
3,167,279
|
|
|
$
|
1,087,615
|
|
Long-term
|
|
|
|
|
|
|
8,594,354
|
|
|
|
2,939,903
|
|
|
|
2,447,575
|
|
Total
|
|
|
|
|
|
$
|
25,213,057
|
|
|
$
|
6,107,182
|
|
|
$
|
3,535,190
|
|
3
|
A portion of JPCs capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and
related regulations.
|
73
Notes to Financial Statements (continued)
(Unaudited)
As of July 31, 2019, the Funds last tax year end, $10,012,042 of JPSs capital loss carryforward expired.
During the Funds last tax year ended July 31, 2019, JPS utilized $684,331 of its capital loss carryforward.
7. Management Fees
Each Funds 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 $38,563.
Each Funds
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 Funds 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Daily Managed Assets*
|
|
JPC
|
|
|
JPI
|
|
|
JPS
|
|
|
JPT
|
|
For the first $500 million
|
|
|
0.6800
|
%
|
|
|
0.7000
|
%
|
|
|
0.7000
|
%
|
|
|
0.7000
|
%
|
For the next $500 million
|
|
|
0.6550
|
|
|
|
0.6750
|
|
|
|
0.6750
|
|
|
|
0.6750
|
|
For the next $500 million
|
|
|
0.6300
|
|
|
|
0.6500
|
|
|
|
0.6500
|
|
|
|
0.6500
|
|
For the next $500 million
|
|
|
0.6050
|
|
|
|
0.6250
|
|
|
|
0.6250
|
|
|
|
0.6250
|
|
For managed assets over $2 billion
|
|
|
0.5800
|
|
|
|
0.6000
|
|
|
|
0.6000
|
|
|
|
0.6000
|
|
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 Funds daily managed assets:
|
|
|
|
|
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
|
|
*
|
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 trusts 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 Advisers 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 the funds advised by an affiliate of the Adviser during the 2019 calendar year. As of
January 31, 2020, the complex-level fee rate for each Fund was 0.1556%.
|
8. Fund Leverage
Borrowings
JPC, JPI, JPS, and JPT have each entered into a borrowing
arrangement (collectively, Borrowings) which permit the Funds to borrow on a secured basis as a means of leverage. As of the end of the reporting period, each Funds maximum commitment amount under these Borrowings is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPC
|
|
|
JPI
|
|
|
JPS
|
|
|
JPT
|
|
Maximum commitment amount
|
|
$
|
485,000,000
|
|
|
$
|
235,000,000
|
|
|
$
|
910,000,000
|
|
|
$
|
45,000,000
|
|
74
As of the end of the reporting period, each
Funds outstanding balance on its Borrowings was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPC
|
|
|
JPI
|
|
|
JPS
|
|
|
JPT
|
|
Outstanding balance on Borrowings
|
|
$
|
477,000,000
|
|
|
$
|
235,000,000
|
|
|
$
|
908,300,000
|
|
|
$
|
42,500,000
|
|
For JPC, JPI and JPS interest is charged on these Borrowings at 1-Month LIBOR (London Inter-Bank Offered Rate) plus 0.75% (0.70% prior to
December 31, 2019) per annum on the amounts borrowed and 0.50% per annum on the undrawn balance if the undrawn portion of the Borrowings on a particular day is more than 20% of the maximum commitment amount. During the current fiscal
period, JPC and JPS incurred a 0.10% amendment fee on the increase in their respective maximum commitment amounts. JPTs interest is charged on the Borrowings at a rate equal to the 1-month LIBOR plus
0.70% per annum on the amount borrowed. JPT is also charged a 0.125% commitment fee on the undrawn portion of the Borrowings.
During the current fiscal period, the
average daily balance outstanding and average annual interest rate on each Funds Borrowings were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPC
|
|
|
JPI
|
|
|
JPS
|
|
|
JPT
|
|
Average daily balance outstanding
|
|
$
|
465,315,217
|
|
|
$
|
218,804,348
|
|
|
$
|
859,876,087
|
|
|
$
|
42,500,000
|
|
Average annual interest rate
|
|
|
2.58
|
%
|
|
|
2.58
|
%
|
|
|
2.58
|
%
|
|
|
2.65
|
%
|
In order to maintain these Borrowings, the Funds must meet certain collateral, asset coverage and other requirements. Borrowings
outstanding are fully secured by eligible securities held in each Funds portfolio of investments.
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 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) 331⁄3% 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
|
|
|
JPS
|
|
Hypothecated Securities
|
|
$
|
401,486,021
|
|
|
$
|
216,188,387
|
|
|
$
|
754,517,686
|
|
JPC, JPI and JPS earn Rehypothecation Fees, which are recognized as Other income on the Statement of Operations. During the
current fiscal period, the Rehypothecation Fees earned by each Fund were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPC
|
|
|
JPI
|
|
|
JPS
|
|
Rehypothecation Fees
|
|
$
|
155,639
|
|
|
$
|
51,308
|
|
|
$
|
154,081
|
|
Reverse Repurchase Agreements
During the
current fiscal period, JPC, JPI and JPS used reverse repurchase agreements as a means of leverage.
In a reverse repurchase agreement, the Funds sell to the
counterparty a security that it holds with a contemporaneous agreement to repurchase the same security at an agreed-upon price and date, with the Funds retaining the risk of loss that is associated with that security. The Funds will pledge assets
determined to be liquid by the Adviser to cover its obligations under reverse repurchase agreements. Securities sold under reverse repurchase agreements are recorded as a liability and recognized as Reverse repurchase agreements on the
Statement of Assets and Liabilities.
75
Notes to Financial Statements (continued)
(Unaudited)
Payments made on reverse repurchase agreements are recognized as a component of Interest expense on the Statement of Operations.
As of the end of the reporting period, the Funds outstanding balances on its reverse repurchase agreements were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund
|
|
Counterparty
|
|
Rate
|
|
Principal
Amount
|
|
|
Maturity*
|
|
|
Value
|
|
|
Value and
Accrued Interest
|
|
JPC
|
|
BNP Paribas
|
|
1-Month LIBOR plus 0.70%
|
|
$
|
(135,000,000
|
)
|
|
|
N/A
|
|
|
$
|
(135,000,000
|
)
|
|
$
|
135,282,997
|
|
JPI
|
|
BNP Paribas
|
|
1-Month LIBOR plus 0.70%
|
|
|
(60,000,000
|
)
|
|
|
N/A
|
|
|
|
(60,000,000
|
)
|
|
|
60,125,776
|
|
JPS
|
|
BNP Paribas
|
|
1-Month LIBOR plus 0.70%
|
|
|
(310,000,000
|
)
|
|
|
N/A
|
|
|
|
(310,000,000
|
)
|
|
|
310,619,414
|
|
*
|
The Fund may repurchase the reverse repurchase agreement prior to the maturity date and/or counterparty may accelerate
maturity upon pre-specified advance notice.
|
During the current fiscal period, the average daily balance outstanding and weighted average interest
rate on the Funds reverse repurchase agreements were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPC
|
|
|
JPI
|
|
|
JPS
|
|
Average daily balance outstanding
|
|
$
|
135,000,000
|
|
|
$
|
60,000,000
|
|
|
$
|
265,978,261
|
|
Weighted average interest rate
|
|
|
2.58
|
%
|
|
|
2.58
|
%
|
|
|
2.58
|
%
|
The following table presents the reverse repurchase agreements subject to netting agreements and the collateral delivered related to those
reverse repurchase agreements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund
|
|
Counterparty
|
|
|
Reverse Repurchase
Agreements**
|
|
|
Collateral
Pledged to
counterparty***
|
|
|
Net
Exposure
|
|
JPC
|
|
|
BNP Paribas
|
|
|
$
|
(135,282,997
|
)
|
|
$
|
135,282,997
|
|
|
$
|
|
|
JPI
|
|
|
BNP Paribas
|
|
|
|
(60,125,776
|
)
|
|
|
60,125,776
|
|
|
|
|
|
JPS
|
|
|
BNP Paribas
|
|
|
|
(310,619,414
|
)
|
|
|
310,619,414
|
|
|
|
|
|
**
|
Represents gross value and accrued interest for the counterparty as reported in the preceding table.
|
***
|
As of the end of the reporting period, the value of the collateral pledged to the counterparty exceeded the value of the
reverse repurchase agreements.
|
9. Inter-Fund Lending
Inter-Fund Borrowing and Lending
The Securities and Exchange Commission
(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 funds 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 funds 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 funds inter-fund loans to any one fund shall not exceed 5% of the lending funds 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 days 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 funds 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 days 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 have entered into any inter-fund loan activity.
76
10. Subsequent Events
Borrowings
During March 2020, JPC decreased the outstanding balance on its
Borrowings to $306,310,000.
During March 2020, JPI decreased the outstanding balance on its Borrowings to $155,700,000.
During March 2020, JPS decreased the outstanding balance on its Borrowings to $575,300,000.
During February and March 2020, JPT amended its borrowings and increased the maximum commitment amount and decreased the outstanding balance on its Borrowings to
$47,000,000 and $27,300,000, respectively. All other terms of the Borrowings remained unchanged.
Reverse Repurchase Agreements
During March 2020, JPC decreased the outstanding balance on its reverse repurchase agreement to $50,000,000.
During March 2020, JPI decreased the outstanding balance on its reverse repurchase agreement to $30,000,000.
During March 2020, JPS decreased the outstanding balance on its reverse repurchase agreement to $193,000,000.
Other Matters
The COVID-19 coronavirus pandemic was first detected in China in
December 2019 and subsequently spread internationally. Containment efforts around the world have halted business and manufacturing operations and restricted peoples movement and travel. The disruptions to global supply chains, consumer demand,
business investment and the global financial system are just beginning to be seen. The impact of the coronavirus may last for an extended period of time and through the date these financial statements are issued, has resulted in substantial market
volatility and may result in a significant economic downturn.
77
Additional Fund Information
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Board of Trustees
|
|
|
|
|
|
|
Jack B. Evans
|
|
William C. Hunter
|
|
Albin F. Moschner
|
|
John K. Nelson
|
|
Judith M. Stockdale
|
|
|
Carole E. Stone
|
|
Terence J. Toth
|
|
Margaret L. Wolff
|
|
Robert L. Young
|
|
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|
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
|
Portfolio of Investments Information
Each 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 SECs 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 Nuveens 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.