UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number		811-22699

Nuveen Preferred and Income Term Fund

 

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

 

(Address of principal executive offices)  (Zip code)

Mark L. Winget

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

 

(Name and address of agent for service)

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

Date of fiscal year end:   July 31                       

Date of reporting period:   January 31, 2022                    

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

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

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ITEM 1. REPORTS TO STOCKHOLDERS.

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Closed-End Funds

 

31 January 2022

 

Nuveen Closed-End Funds

 

JPC		Nuveen Preferred & Income Opportunities Fund
JPI		Nuveen Preferred and Income Term Fund
JPS		Nuveen Preferred & Income Securities Fund
JPT		Nuveen Preferred and Income Fund (formerly Nuveen Preferred and Income 2022 Term Fund)
NPFD		Nuveen Variable Rate Preferred & Income Fund

 

As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will not be sent to you 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.

You may elect to receive shareholder reports and other communications from the Funds electronically at any time 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, 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.

 

Semiannual Report

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Life is Complex

 

Nuveen makes things e-simple.

It only takes a minute to sign up for e-Reports. Once enrolled, you’ll receive an e-mail as soon as your Nuveen Fund information is ready—no more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report and save it on your computer if you wish.

 

Free e-Reports right to your email!

www.investordelivery.com

If you receive your Nuveen Fund dividends and statements from your financial professional or brokerage account.

or

www.nuveen.com/client-access

If you receive your Nuveen Fund dividends and statements directly from Nuveen.

NOT FDIC INSURED  MAY LOSE VALUE  NO BANK GUARANTEE

 

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Table of Contents

 

Chair’s Letter to Shareholders			4
Important Notices			5
Fund Leverage			7
Common Share Information			9
Performance Overview and Holding Summaries			12
Shareholder Meeting Report			22
Portfolios of Investments			23
Statement of Assets and Liabilities			57
Statement of Operations			58
Statement of Changes in Net Assets			59
Statement of Cash Flows			62
Financial Highlights			64
Notes to Financial Statements			70
Risk Considerations			85
Additional Fund Information			87
Glossary of Terms Used in this Report			88
Annual Investment Management Agreement Approval Process			91

 

3

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Chair’s Letter to Shareholders

 

 

4

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Important Notices

 

For Shareholders of

Nuveen Preferred & Income Opportunities Fund (JPC)

Nuveen Preferred and Income Term Fund (JPI)

Nuveen Preferred & Income Securities Fund (JPS)

Nuveen Preferred and Income Fund (JPT)

Nuveen Variable Rate Preferred & Income Fund (NPFD)

Portfolio Manager Commentaries in Semiannual Reports

Beginning with this semiannual shareholder report, the Funds will include portfolio manager commentary only in their annual shareholder reports. For the Funds’ most recent annual portfolio manager discussion, please refer to the Portfolio Managers’ Comments section of the Funds’ July 31, 2021 annual shareholder report.

For current information on your Fund’s investment objectives, portfolio management team and average annual total returns please refer to the Fund’s website at www.nuveen.com.

For changes that occurred to your Fund both during and subsequent to this reporting period, please refer to the Notes to Financial Statements section of this report.

For average annual total returns as of the end of this reporting period, please refer to the Performance Overview and Holding Summaries section within this report.

Fund Restructuring for Nuveen Preferred and Income Fund (JPT)

Events that occurred during the current reporting period

On January 19, 2022, shareholders of Nuveen Preferred and Income Fund (JPT) approved a proposal to restructure the fund (the “restructuring”). The restructuring allowed shareholders the opportunity to maintain their investment in JPT and its exposure to a leveraged strategy focused on preferred and other income producing securities in lieu of the scheduled termination of the fund. The effectiveness of the restructuring was contingent on the success of the fund’s tender offer.

On January 20, 2022, JPT conducted a tender offer, which allowed shareholders to offer up to 100% of their shares for repurchase for cash at a price per share equal to 100% of the net asset value (“NAV”) per share determined on the date the tender offer expired.

Events that occurred subsequent to the current reporting period

JPT’s tender offer expired on February 17, 2022. In the tender offer 2,454,617 shares were tendered, representing approximately 36% of JPT’s common shares outstanding. Properly tendered shares were repurchased $23.2613 per share, which was the NAV of the fund as of the close of ordinary trading on the New York Stock Exchange on February 17, 2022.

As a result of the successful completion of the tender offer, the restructuring of the JPT was completed and on February 28, 2022 the following changes became effective.

 

•

JPT’s declaration of trust was amended to eliminate the term structure of the fund.

 

•

JPT’s investment policies were amended to permit investment in contingent capital securities (CoCos).

 

•

JPT’s use of leverage is expected to increase from current levels.

 

5

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Important Notices (continued)

 

•

JPT’s name changed to Nuveen Preferred and Income Fund.

 

•

Nuveen Fund Advisors, LLC, the investment adviser to the fund, will waive 50% of the fund’s net management fees beginning February 8, 2022 and continuing over the first year following the elimination of the term structure.

More details about JPT’s restructuring is available on www.nuveen.com/cef.

Additional Market Disruption Risk

In late February 2022, Russia launched a large scale military attack on Ukraine. The invasion significantly amplified already existing geopolitical tensions among Russia, Ukraine, Europe, NATO and the West, including the U.S. In response to the military action by Russia, various countries, including the U.S., the United Kingdom, and European Union issued broad-ranging economic sanctions against Russia. Such sanctions included, among other things, a prohibition on doing business with certain Russian companies, large financial institutions, officials and oligarchs; a commitment by certain countries and the European Union to remove selected Russian banks from the Society for Worldwide Interbank Financial Telecommunications (“SWIFT”), the electronic banking network that connects banks globally; and restrictive measures to prevent the Russian Central Bank from undermining the impact of the sanctions.

Additional sanctions may be imposed in the future. Such sanctions (and any future sanctions) and other actions against Russia may adversely impact, among other things, the Russian economy and various sectors of the economy, including but not limited to, financials, energy, metals and mining, engineering and defense and defense-related materials sectors; resulting in a decline in the value and liquidity of Russian securities; resulting in boycotts, tariffs, and purchasing and financing restrictions on Russia’s government, companies and certain individuals; weaken the value of the ruble; downgrade the country’s credit rating; freeze Russian securities and/or funds invested in prohibited assets and impair the ability to trade in Russian securities and/or other assets; and have other adverse consequences on the Russian government, economy, companies and region. Further, several large corporations and U.S. states have announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses.

The ramifications of the hostilities and sanctions, however, may not be limited to Russia and Russian companies but may spill over to and negatively impact other regional and global economic markets (including Europe and the United States), companies in other countries (particularly those that have done business with Russia) and on various sectors, industries and markets for securities and commodities globally, such as oil and natural gas. Accordingly, the actions discussed above and the potential for a wider conflict could increase financial market volatility, cause severe negative effects on regional and global economic markets, industries, and companies and have a negative effect on your Fund’s investments and performance beyond any direct exposure to Russian issuers or those of adjoining geographic regions. In addition, Russia may take retaliatory actions and other countermeasures, including cyberattacks and espionage against other countries and companies around the world, which may negatively impact such countries and the companies in which your Fund invests.

The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on Fund performance and the value of an investment in the Fund, particularly with respect to Russian exposure.

 

6

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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 JPS and NPFD. 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 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 Fund’s common shares will experience a greater increase in their net asset value if the securities acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the securities acquired through leverage decline in value. All this will make the shares’ total return performance more variable, over time.

In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. In recent quarters, fund leverage expenses have generally tracked the overall movement of short-term tax-exempt interest rates. While fund leverage expenses are somewhat higher than their all-time lows, leverage nevertheless continues to provide the opportunity for incremental common share income, particularly over longer-term periods.

The Funds’ use of leverage had a negative impact on total return performance during this reporting period.

JPC, JPI and JPS continued to use interest rate swap contracts to partially hedge the interest cost of leverage. During the period, these interest rate swaps had a positive impact on the overall fund performance of JPC, JPI and JPS.

As of January 31, 2022, the Funds’ percentages of leverage are as shown in the accompanying table.

 

		JPC				JPI				JPS				JPT				NPFD
Effective Leverage*			37.42	%			35.31	%			37.20	%			22.27	%			34.50	%
Regulatory Leverage*			32.13	%			29.97	%			31.05	%			22.27	%			24.71	%

*

Effective leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of reverse repurchase agreements, certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of the Fund’s capital structure. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund’s effective leverage ratio. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.

 

7

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Fund Leverage (continued)

 

THE FUNDS’ LEVERAGE

Bank Borrowings

As noted previously, the Funds employ leverage through the use of bank borrowings. The Funds’ bank borrowing activities are as shown in the accompanying table.

 

		Current Reporting Period																								Subsequent to the Close of the Reporting Period
Fund		Outstanding Balance as of August 1, 2021				Draws				Paydowns				Outstanding Balance as of January 31, 2022				Average Balance Outstanding								Draws				Paydowns				Outstanding Balance as of March 23, 2022
JPC		$	462,700,000			$	10,700,000			$	—			$	473,400,000			$	470,192,120							$	—			$	(40,000,000	)		$	433,400,000
JPI		$	234,800,000			$	1,200,000			$	—			$	236,000,000			$	235,060,870							$	—			$	(5,000,000	)		$	231,000.000
JPS		$	873,300,000			$	—			$	—			$	873,300,000			$	873,300,000							$	—			$	(59,000,000	)		$	814,300,000
JPT		$	47,000,000			$	—			$	—			$	47,000,000			$	47,000,000							$	—			$	—			$	47,000,000
NPFD		$	—			$	193,200,000			$	—			$	193,200,000			$	166,533,333	*						$	12,000,000			$	(1,600,000	)		$	203,600,000

*	For the period January 11, 2022 (initial draw) through January 31, 2022.

Refer to Notes to Financial Statements, Note 8 – Fund Leverage for further details.

Reverse Repurchase Agreements

As noted previously, JPC, JPI, JPS and NPFD used reverse repurchase agreements, in which the Funds sell to a counterparty a security that it holds with a contemporaneous agreement to repurchase the same security at an agreed-upon price and date. The Funds’ transactions in reverse repurchase agreements are as shown in the accompanying table.

 

		Current Reporting Period																								Subsequent to the Close of the Reporting Period
Fund		Outstanding Balance as of August 1, 2021				Sales				Purchases				Outstanding Balance as of January 31, 2022				Average Balance Outstanding								Sales				Purchases				Outstanding Balance as of March 23, 2022
JPC		$	121,000,000			$	7,000,000			$	(3,500,000	)		$	124,500,000			$	124,274,457							$	—			$	(22,400,000	)		$	102,100,000
JPI		$	56,500,000			$	9,100,000			$	(600,000	)		$	65,000,000			$	63,853,804							$	—			$	—			$	65,000,000
JPS		$	275,000,000			$	—			$	—			$	275,000,000			$	275,000,000							$	—			$	—			$	275,000,000
NPFD		$	—			$	120,000,000			$	(3,200,000	)		$	116,800,000			$	102,577,778	**						$	—			$	(8,398,000	)		$	108,402,000

**	For the period January 5, 2022 (initial purchase of reverse repurchase agreements) through January 31, 2022.

Refer to Notes to Financial Statements, Note 8 – Fund Leverage for further details.

 

8

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Common Share Information

 

COMMON SHARE DISTRIBUTION INFORMATION

The following information regarding the Funds’ distributions is current as of January 31, 2022. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investment value changes.

During the current reporting period, each Fund’s distributions to common shareholders were as shown in the accompanying table.

 

		Per Common Share Amounts
Monthly Distributions (Ex-Dividend Date)		JPC				JPI				JPS				JPT
August 2021		$	0.0530			$	0.1305			$	0.0505			$	0.1185
September			0.0530				0.1305				0.0505				0.1185
October			0.0530				0.1305				0.0505				0.1185
November			0.0530				0.1305				0.0505				0.1185
December			0.0530				0.1305				0.0505				0.1185
January 2022			0.0530				0.1305				0.0505				0.1185
Total Distributions		$	0.3180			$	0.7830			$	0.3030			$	0.7110
Current Distribution Rate*			6.92	%			6.46	%			6.47	%			5.96	%

*

Current distribution rate is based on the Fund’s current annualized monthly distribution divided by the Fund’s current market price. The Fund’s monthly distributions to its shareholders may be comprised of ordinary income, net realized capital gains and, if at the end of the fiscal year the Fund’s cumulative net ordinary income and net realized gains are less than the amount of the Fund’s distributions, a return of capital for tax purposes.

NPFD declared its first distribution of $0.1380 during January 2022, for shareholders of record on February 15, 2022 and payable on March 1, 2022 (subsequent to the end of the reporting period). Each Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. Distributions to common shareholders are determined on a tax basis, which may differ from amounts recorded in the accounting records. In instances where the monthly dividend exceeds the earned net investment income, the Fund would report a negative undistributed net ordinary income. Refer to Note 6 – Income Tax Information for additional information regarding the amounts of undistributed net ordinary income and undistributed net long-term capital gains and the character of the actual distributions paid by the Fund during the period.

All monthly dividends paid by each Fund during the current reporting period were paid from net investment income. If a portion of the Fund’s monthly distributions is sourced or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders will be notified of those sources. For financial reporting purposes, the per share amounts of each Fund’s distributions for the reporting period are presented in this report’s Financial Highlights. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 – Income Tax Information within the Notes to Financial Statements of this report.

NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS

The Nuveen Closed-End Funds’ monthly and quarterly periodic distributions to shareholders are posted on www.nuveen.com and can be found on Nuveen’s enhanced closed-end fund resource page, which is at https://www.nuveen.com/resource-center-closed-end-funds, along with other Nuveen closed-end fund product updates. To ensure timely access to the latest information, shareholders may use a subscribe function, which can be activated at this web page (https://www.nuveen.com/subscriptions).

 

9

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Common Share Information (continued)

 

COMMON SHARE EQUITY SHELF PROGRAMS

During the current reporting period, JPC and JPS were authorized by the Securities and Exchange Commission to issue additional common shares through an equity shelf program (Shelf Offering). Under these programs, JPC and JPS, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above each Fund’s NAV per common share. The maximum aggregate offering under these Shelf Offerings, are as shown in the accompanying table.

 

		JPC				JPS
Maximum aggregate offering			Unlimited				Unlimited

During the current reporting period, JPS and JPC sold common shares through their Shelf Offerings at a weighted average premium to its NAV per common share as shown in the accompanying table.

 

		JPC				JPS
Common shares sold through shelf offering			1,185,860				921,252
Weighted average premium to NAV per common share sold			1.18	%			1.16	%

Refer to Notes to Financial Statements, Note 5 – Fund Shares for further details of Shelf Offerings and each Fund’s transactions.

COMMON SHARE REPURCHASES

During August 2021, the Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing JPC, JPI, JPS and JPT to repurchase an aggregate of up to approximately 10% of its outstanding common shares. NPFD is currently not authorized to repurchase its common shares.

During the current reporting period, the Funds did not repurchase any of their outstanding common shares. As of January 31, 2022 (and since the inception of the Funds’ repurchase programs), each Fund has cumulatively repurchased and retired its outstanding common shares as shown in the accompanying table.

 

		JPC				JPI				JPS				JPT
Common shares cumulatively repurchased and retired			2,826,100				0				38,000				0
Common shares authorized for repurchase			10,380,000				2,275,000				20,475,000				680,000

OTHER COMMON SHARE INFORMATION

As of January 31, 2022, the Funds’ common share prices were trading at a premium/(discount) to their common share NAV and trading at an average premium/(discount) to NAV during the current reporting period, as follows.

 

		JPC				JPI				JPS				JPT				NPFD
Common share NAV		$	9.52			$	24.21			$	9.43			$	23.96			$	24.36
Common share price		$	9.19			$	24.25			$	9.28			$	23.87			$	24.78
Premium/(Discount) to NAV			(3.47	)%			0.17	%			(1.59	)%			(0.38	)%			1.72	%
Average premium/(discount) to NAV			(0.53	)%			1.19	%			(0.46	)%			0.26	%			2.40	%

 

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11

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JPC		Nuveen Preferred & Income Opportunities Fund Performance Overview and Holding Summaries as of January 31, 2022

 

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, 2022*

 

		Cumulative				Average Annual
		6-Month				1-Year				5-Year				10-Year
JPC at Common Share NAV			(0.76)%				5.48%				5.64%				8.14%
JPC at Common Share Price			(5.03)%				7.02%				6.03%				9.08%
ICE BofA U.S. All Capital Securities Index			(2.31)%				1.63%				5.86%				6.81%
JPC Blended Benchmark			(2.48)%				1.21%				5.79%				6.14%

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 Fund’s shares at NAV only. Indexes are not available for direct investment. Performance for indexes that were created after the Fund’s inception are linked to the Fund’s previous benchmark.

Daily Common Share NAV and Share Price

 

 

*

For purposes of Fund performance, relative results are measured against the JPC Blended Benchmark. The JPC Blended Benchmark consists of: 1) 50% ICE BofA Fixed Rate Preferred Securities Index, 2) 30% ICE BofA U.S. All Capital Securities Index and 3) 20% ICE USD Contingent Capital Index (CDLR). Prior to December 31, 2013: 1) 82.5% ICE BofA Fixed Rate Preferred Securities Index and 2) 17.5% Bloomberg Capital Securities Index. Refer to the Glossary of Terms Used in this Report for further details on the Fund’s Blended Benchmark compositions.

 

12

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This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

 

 

 

 

1	Includes 1.3% (as a percentage of total investments) in emerging market countries.

2	See the Portfolio of Investments for the remaining industries comprising “Other” and not listed in the Portfolio Composition above.

 

13

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JPI		Nuveen Preferred and Income Term Fund Performance Overview and Holding Summaries as of January 31, 2022

 

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, 2022*

 

		Cumulative				Average Annual
		6-Month				1-Year				5-Year				Since Inception
JPI at Common Share NAV			(1.57)%				5.19%				6.74%				7.94%
JPI at Common Share Price			(4.71)%				6.60%				7.54%				7.79%
ICE BofA U.S. All Capital Securities Index			(2.31)%				1.63%				5.86%				6.65%
JPI Blended Benchmark			(2.01)%				1.86%				6.38%				5.98%

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 Fund’s shares at NAV only. Indexes are not available for direct investment.

Daily Common Share NAV and Share Price

 

 

 

*

For purposes of Fund performance, relative results are measured against the JPI Blended Benchmark. The JPI Blended Benchmark consists of: 1) 60% ICE BofA U.S. All Capital Securities Index and 2) 40% ICE USD Contingent Capital Index (CDLR). Prior to December 31, 2013: 1) 65% ICE BofA Fixed Rate Preferred Securities Index and 2) 35% Bloomberg Capital Securities Index. Refer to the Glossary of Terms Used in this Report for further details on the Fund’s Blended Benchmark compositions.

 

14

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This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

 

 

 

 

1	Includes 2.1% (as a percentage of total investments) in emerging market countries.

2	See the Portfolio of Investments for the remaining industries comprising “Other” and not listed in the Portfolio Composition above.

 

15

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JPS		Nuveen Preferred & Income Securities Fund Performance Overview and Holding Summaries as of January 31, 2022

 

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, 2022*

 

		Cumulative				Average Annual
		6-Month				1-Year				5-Year				10-Year
JPS at Common Share NAV			(1.84)%				3.42%				6.51%				8.41%
JPS at Common Share Price			(4.43)%				5.75%				6.54%				8.64%
ICE BofA U.S. All Capital Securities Index			(2.31)%				1.63%				5.86%				6.48%
JPS Blended Benchmark			(2.01)%				1.86%				6.38%				6.78%

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 Fund’s shares at NAV only. Indexes are not available for direct investment. Performance for indexes that were created after the Fund’s inception are linked to the Fund’s previous benchmark.

Daily Common Share NAV and Share Price

 

 

 

*

For purposes of Fund performance, relative results are measured against the JPS Blended Benchmark. The JPS Blended Benchmark consists of: 1) 60% ICE BofA U.S. All Capital Securities Index and 2) 40% ICE USD Contingent Capital Index (CDLR). Prior to December 31, 2013: 1) 55% ICE BofA Fixed Rate Preferred Securities Index and 2) 45% Bloomberg Capital Securities Tier-1 Index. Refer to the Glossary of Terms Used in this Report for further details on the Fund’s Blended Benchmark compositions.

 

16

---

 

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

 

 

 

 

1	Includes 0.0% (as a percentage of total investments) in emerging market countries.

2	See the Portfolio of Investments for the remaining industries comprising “Other” and not listed in the Portfolio Composition above.

 

17

---

JPT		Nuveen Preferred and Income Fund Performance Overview and Holding Summaries as of January 31, 2022

 

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, 2022*

 

		Cumulative				Average Annual
		6-Month				1-Year				5-Year				Since Inception
JPT at Common Share NAV			(1.51)%				4.06%				5.55%				5.49%
JPT at Common Share Price			(3.46)%				2.79%				5.25%				5.15%
ICE BofA U.S. All Capital Securities Index			(2.31)%				1.63%				5.86%				5.90%

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 Fund’s shares at NAV only. Indexes are not available for direct investment.

Daily Common Share NAV and Share Price

 

 

 

*	For purposes of Fund performance, relative results are measured against the ICE BofA U.S. All Capital Securities Index.

 

18

---

 

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

 

 

 

1	Includes 2.8% (as a percentage of total investments) in emerging market countries.

2	See the Portfolio of Investments for the remaining industries comprising “Other” and not listed in the Portfolio Composition above.

 

19

---

NPFD		Nuveen Variable Rate Preferred & Income Fund Performance Overview and Holding Summaries as of January 31, 2022

 

Refer to Glossary of Terms Used in this Report for further definition of terms used in this section.

Cumulative Total Returns as of January 31, 2022*

 

		Since Inception
NPFD at Common Share NAV			(2.56)%
NPFD at Common Share Price			(0.88)%
ICE Variable Rate Preferred & Hybrid Securities Index			(0.73)%
NPFD Blended Benchmark			(0.83)%

Since inception returns are from 12/15/2021. 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 Fund’s shares at NAV only. Indexes are not available for direct investment.

Daily Common Share NAV and Share Price

 

 

 

*	For purposes of Fund performance, relative results are measured against the NPFD Blended Benchmark. The NPFD Blended Benchmark consists of: 1) 80% ICE Variable Rate Preferred & Hybrid Securities Index and 2) 20% ICE USD Contingent Capital Index (CDLR).

 

20

---

 

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

 

 

 

1	Includes 1.8% (as a percentage of total investments) in emerging market countries.

2	See the Portfolio of Investments for the remaining industries comprising “Other” and not listed in the Portfolio Composition above.

 

21

---

Shareholder Meeting Report

 

A special meeting of shareholders was held on December 17, 2021 for JPT. The meeting was held virtually due to public health concerns regarding the ongoing COVID-19 pandemic; at this meeting shareholders were asked to approve an amendment to the Fund’s Declaration of Trust. The meeting was subsequently adjourned to January 19, 2022 in order to seek additional shareholder participation.

 

		JPT
		Common Shares
To approve an amendment to the Fund’s Declaration of Trust
For			3,462,697
Against			299,684
Abstain			186,995
Total			3,949,376

 

22

---

JPC		Nuveen Preferred & Income Opportunities Fund   Portfolio of Investments    January 31, 2022
		(Unaudited)

 

Principal Amount (000)/ Shares				Description (1)		Coupon				Maturity				Ratings (2)				Value
				LONG-TERM INVESTMENTS – 158.2% (99.0% of Total Investments)
				$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 80.5% (50.4% of Total Investments)
				Auto Components – 1.1%
$	3,625			Adient US LLC, 144A			9.000%				4/15/25				BB-			$	3,841,412
	6,600			American Axle & Manufacturing Inc, (3)			6.500%				4/01/27				B+				6,798,000
				Total Auto Components															10,639,412
				Automobiles – 3.1%
	7,485			General Motors Financial Co Inc			5.700%				N/A (4)				BB+				8,411,643
	9,140			General Motors Financial Co Inc, (3)			5.750%				N/A (4)				BB+				9,645,442
	11,750			General Motors Financial Co Inc, (3), (5)			6.500%				N/A (4)				BB+				12,807,500
				Total Automobiles															30,864,585
				Banks – 32.1%
	3,685			Bank of America Corp			4.375%				N/A (4)				BBB+				3,639,306
	3,540			Bank of America Corp			6.250%				N/A (4)				BBB+				3,752,400
	27,985			Bank of America Corp, (3), (5), (6)			6.500%				N/A (4)				BBB+				30,117,457
	5,560			Bank of America Corp, (3)			6.300%				N/A (4)				BBB+				6,088,200
	1,415			Bank of America Corp			6.100%				N/A (4)				BBB+				1,525,243
	1,820			Citigroup Inc			4.150%				N/A (4)				BBB-				1,775,810
	16,055			Citigroup Inc, (3)			6.250%				N/A (4)				BBB-				17,740,775
	6,290			Citigroup Inc, (3)			5.000%				N/A (4)				BBB-				6,360,071
	9,981			Citigroup Inc			5.950%				N/A (4)				BBB-				10,529,955
	7,145			Citigroup Inc			6.300%				N/A (4)				BBB-				7,347,204
	2,215			Citizens Financial Group Inc, (3)			4.000%				N/A (4)				BB+				2,173,469
	1,685			Citizens Financial Group Inc			6.375%				N/A (4)				BB+				1,727,125
	3,150			CoBank ACB, (3)			6.250%				N/A (4)				BBB+				3,449,250
	2,420			Farm Credit Bank of Texas, 144A, (3)			5.700%				N/A (4)				Baa1				2,571,250
	1,900			Fifth Third Bancorp, (3)			4.500%				N/A (4)				Baa3				1,957,000
	14,985			First Citizens BancShares Inc/NC			5.800%				N/A (4)				N/R				15,546,937
	910			Goldman Sachs Group Inc/The			4.400%				N/A (4)				BB+				889,525
	925			Goldman Sachs Group Inc/The			3.800%				N/A (4)				BBB-				889,656
	2,314			HSBC Capital Funding Dollar 1 LP, 144A			10.176%				N/A (4)				BBB				3,748,680
	3,025			Huntington Bancshares Inc/OH, (3)			5.700%				N/A (4)				Baa3				3,040,125
	5,525			Huntington Bancshares Inc/OH			5.625%				N/A (4)				Baa3				6,203,028
	2,660			JPMorgan Chase & Co, (3)			6.100%				N/A (4)				BBB+				2,822,925
	33,555			JPMorgan Chase & Co, (3)			6.750%				N/A (4)				BBB+				35,927,338
	4,665			JPMorgan Chase & Co			3.650%				N/A (4)				BBB+				4,484,791
	7,275			JPMorgan Chase & Co			5.000%				N/A (4)				BBB+				7,402,313
	2,485			KeyCorp			5.000%				N/A (4)				Baa3				2,615,463
	12,655			Lloyds Bank PLC, 144A			12.000%				N/A (4)				Baa3				12,655,000
	1,440			M&T Bank Corp, (3)			3.500%				N/A (4)				Baa2				1,353,758
	1,880			M&T Bank Corp			5.125%				N/A (4)				Baa2				1,997,848
	6,970			M&T Bank Corp, (3)			6.450%				N/A (4)				Baa2				7,325,121
	2,222			PNC Financial Services Group Inc/The			5.000%				N/A (4)				Baa2				2,310,880
	1,710			PNC Financial Services Group Inc/The			3.400%				N/A (4)				Baa2				1,611,658
	21,977			PNC Financial Services Group Inc/The, (3-Month LIBOR reference rate + 3.678% spread), (3), (7)			3.804%				N/A (4)				Baa2				22,130,950
	8,290			Regions Financial Corp			5.750%				N/A (4)				BB+				8,912,496
	785			SVB Financial Group			4.700%				N/A (4)				Baa2				779,270
	875			SVB Financial Group			4.100%				N/A (4)				Baa2				826,193
	3,690			SVB Financial Group			4.000%				N/A (4)				Baa2				3,586,570
	10,155			Truist Financial Corp, (5)			4.800%				N/A (4)				Baa2				10,358,100
	2,690			Truist Financial Corp			5.100%				N/A (4)				Baa2				2,918,650
	1,930			Truist Financial Corp			5.050%				N/A (4)				Baa2				1,910,700

 

23

---

JPC		Nuveen Preferred & Income Opportunities Fund (continued)
		Portfolio of Investments    January 31, 2022
		(Unaudited)

 

Principal Amount (000)/ Shares				Description (1)		Coupon				Maturity				Ratings (2)				Value
				Banks (continued)
$	9,458			Truist Financial Corp, (5)			4.950%				N/A (4)				Baa2			$	10,010,536
	1,385			Wells Fargo & Co, (3)			7.950%				11/15/29				Baa1				1,848,155
	7,780			Wells Fargo & Co, (3)			3.900%				N/A (4)				Baa2				7,705,701
	20,134			Wells Fargo & Co, (3), (5)			5.875%				N/A (4)				Baa2				21,524,252
	3,490			Wells Fargo & Co			5.900%				N/A (4)				Baa2				3,577,250
	11,196			Zions Bancorp NA, (5)			7.200%				N/A (4)				BB+				11,847,160
	1,105			Zions Bancorp NA			5.800%				N/A (4)				BB+				1,126,609
				Total Banks															320,642,153
				Capital Markets – 3.3%
	2,040			Bank of New York Mellon Corp/The			4.700%				N/A (4)				Baa1				2,149,650
	2,250			Charles Schwab Corp/The, (3)			4.000%				N/A (4)				BBB				2,222,843
	4,325			Charles Schwab Corp/The			7.000%				N/A (4)				BBB				4,352,031
	11,935			Charles Schwab Corp/The			5.375%				N/A (4)				BBB				12,818,190
	5,069			Goldman Sachs Group Inc/The			5.500%				N/A (4)				BBB-				5,316,621
	1,555			Goldman Sachs Group Inc/The			4.125%				N/A (4)				BBB-				1,518,069
	4,411			Goldman Sachs Group Inc/The			5.300%				N/A (4)				BBB-				4,730,797
				Total Capital Markets															33,108,201
				Communications Equipment – 0.2%
	2,315			Vodafone Group PLC, (3)			4.125%				6/04/81				BB+				2,205,084
				Consumer Finance – 3.5%
	14,134			Ally Financial Inc, (3)			4.700%				N/A (4)				Ba2				13,973,579
	6,365			Ally Financial Inc			4.700%				N/A (4)				Ba2				6,301,350
	3,335			American Express Co			3.550%				N/A (4)				Baa2				3,193,262
	3,215			Capital One Financial Corp			3.950%				N/A (4)				Baa3				3,142,663
	8,120			Discover Financial Services, (3)			6.125%				N/A (4)				Ba2				8,761,967
				Total Consumer Finance															35,372,821
				Diversified Financial Services – 4.4%
	9,325			American AgCredit Corp, 144A, (3)			5.250%				N/A (4)				BB+				9,511,500
	2,590			Capital Farm Credit ACA, 144A, (3)			5.000%				N/A (4)				BB				2,654,750
	13,000			Compeer Financial ACA, 144A, (3), (9)			6.750%				N/A (4)				BB+				13,104,000
	1,100			Compeer Financial ACA, 144A			4.875%				N/A (4)				BB+				1,116,500
	3,670			Equitable Holdings Inc			4.950%				N/A (4)				BBB-				3,770,925
	13,001			Voya Financial Inc, (3)			6.125%				N/A (4)				BBB-				13,456,035
				Total Diversified Financial Services															43,613,710
				Electric Utilities – 4.6%
	2,070			American Electric Power Co Inc			3.875%				2/15/62				BBB-				2,030,551
	5,880			Edison International, (3)			5.000%				N/A (4)				BB+				5,857,538
	1,200			Edison International, (3)			5.375%				N/A (4)				BB+				1,217,250
	1,565			Electricite de France SA, 144A, (3)			5.250%				N/A (4)				Baa3				1,590,431
	21,680			Emera Inc, (3)			6.750%				6/15/76				BB+				24,444,200
	7,475			NextEra Energy Capital Holdings Inc, (3)			5.650%				5/01/79				BBB				8,307,373
	2,165			Southern Co/The, (6)			4.000%				1/15/51				BBB-				2,181,259
				Total Electric Utilities															45,628,602
				Food Products – 4.6%
	2,145			Dairy Farmers of America Inc, 144A			7.125%				N/A (4)				BB+				2,236,162
	3,860			Land O’ Lakes Inc, 144A, (3)			7.250%				N/A (4)				BB				4,159,150
	29,460			Land O’ Lakes Inc, 144A, (3)			8.000%				N/A (4)				BB				31,632,675
	7,435			Land O’ Lakes Inc, 144A, (3)			7.000%				N/A (4)				BB				7,881,100
				Total Food Products															45,909,087
				Health Care Providers & Services – 0.5%
	4,900			Tenet Healthcare Corp, 144A, (3)			7.500%				4/01/25				B+				5,104,683
				Independent Power & Renewable Electricity Producers – 1.6%
	1,350			AES Andes SA, 144A, (3)			7.125%				3/26/79				BB				1,380,443

 

24

---

 

Principal Amount (000)/ Shares				Description (1)		Coupon				Maturity				Ratings (2)				Value
				Independent Power & Renewable Electricity Producers (continued)
$	2,775			AES Andes SA, 144A			6.350%				10/07/79				BB			$	2,822,716
	8,525			Vistra Corp, 144A			8.000%				N/A (4)				Ba3				8,844,687
	2,815			Vistra Corp, 144A			7.000%				N/A (4)				Ba3				2,800,925
				Total Independent Power & Renewable Electricity Producers															15,848,771
				Industrial Conglomerates – 0.9%
	9,026			General Electric Co, (3-Month LIBOR reference rate + 3.330% spread), (3), (7)			3.533%				N/A (4)				BBB-				8,822,915
				Insurance – 13.1%
	1,615			Aegon NV			5.500%				4/11/48				BBB				1,816,270
	1,550			American International Group Inc, (6)			5.750%				4/01/48				BBB-				1,690,384
	9,409			Assurant Inc			7.000%				3/27/48				BB+				10,655,692
	11,519			Assured Guaranty Municipal Holdings Inc, 144A, (6)			6.400%				12/15/66				BBB+				12,651,080
	2,465			AXIS Specialty Finance LLC			4.900%				1/15/40				BBB				2,568,062
	2,395			Enstar Finance LLC			5.750%				9/01/40				BB+				2,478,754
	5,720			Enstar Finance LLC			5.500%				1/15/42				BB+				5,640,608
	1,485			Legal & General Group PLC, Reg S			5.250%				3/21/47				A3				1,579,298
	5,075			Markel Corp			6.000%				N/A (4)				BBB-				5,417,563
	11,660			MetLife Capital Trust IV, 144A, (3)			7.875%				12/15/37				BBB				15,536,950
	8,088			MetLife Inc, 144A, (6)			9.250%				4/08/38				BBB				11,952,431
	2,275			MetLife Inc			3.850%				N/A (4)				BBB				2,292,063
	1,430			MetLife Inc			5.875%				N/A (4)				BBB				1,577,639
	575			Nationwide Financial Services Capital Trust			7.899%				3/01/37				Baa2				718,797
	9,550			Nationwide Financial Services Inc, (3), (6)			6.750%				5/15/37				Baa2				11,245,125
	2,485			PartnerRe Finance B LLC, (6)			4.500%				10/01/50				Baa1				2,546,280
	5,065			Provident Financing Trust I			7.405%				3/15/38				BB+				6,191,962
	745			Prudential Financial Inc, (6)			3.700%				10/01/50				BBB+				729,301
	9,055			QBE Insurance Group Ltd, 144A			7.500%				11/24/43				Baa1				9,802,037
	1,215			QBE Insurance Group Ltd, Reg S			6.750%				12/02/44				BBB				1,319,842
	2,960			QBE Insurance Group Ltd, 144A, (3)			5.875%				N/A (4)				Baa2				3,130,200
	9,700			SBL Holdings Inc, 144A			6.500%				N/A (4)				BB				9,215,000
	10,685			SBL Holdings Inc, 144A			7.000%				N/A (4)				BB				10,524,725
				Total Insurance															131,280,063
				Multi-Utilities – 2.5%
	2,125			Algonquin Power & Utilities Corp			4.750%				1/18/82				BB+				2,099,556
	6,420			CenterPoint Energy Inc			6.125%				N/A (4)				BBB-				6,565,156
	850			CMS Energy Corp, (6)			4.750%				6/01/50				BBB-				898,620
	3,400			Dominion Energy Inc			4.350%				N/A (4)				BBB-				3,425,500
	1,320			NiSource Inc			5.650%				N/A (4)				BBB-				1,343,100
	3,005			Sempra Energy			4.125%				4/01/52				BBB-				2,925,679
	7,280			Sempra Energy			4.875%				N/A (4)				BBB-				7,614,516
				Total Multi-Utilities															24,872,127
				Oil, Gas & Consumable Fuels – 1.8%
	1,540			Enbridge Inc, (3)			6.000%				1/15/77				BBB-				1,634,147
	800			Enbridge Inc			5.500%				7/15/77				BBB-				816,138
	3,765			Enbridge Inc			5.750%				7/15/80				BBB-				4,122,675
	1,705			Energy Transfer LP			6.500%				N/A (4)				BB				1,743,891
	1,735			MPLX LP			6.875%				N/A (4)				BB+				1,726,325
	6,450			Transcanada Trust, (3)			5.875%				8/15/76				BBB				6,888,600
	1,400			Transcanada Trust			5.500%				9/15/79				BBB				1,470,000
				Total Oil, Gas & Consumable Fuels															18,401,776
				Trading Companies & Distributors – 2.2%
	7,560			AerCap Global Aviation Trust, 144A			6.500%				6/15/45				BB+				8,092,753
	3,205			AerCap Holdings NV			5.875%				10/10/79				BB+				3,251,472
	2,180			Air Lease Corp, (3)			4.650%				N/A (4)				BB+				2,196,830
	1,960			ILFC E-Capital Trust I, 144A			3.370%				12/21/65				B+				1,631,700

 

25

---

JPC		Nuveen Preferred & Income Opportunities Fund (continued)
		Portfolio of Investments    January 31, 2022
		(Unaudited)

 

Principal Amount (000)/ Shares				Description (1)		Coupon				Maturity				Ratings (2)				Value
				Trading Companies & Distributors (continued)
$	8,474			ILFC E-Capital Trust I, 144A			3.620%				12/21/65				BB+			$	7,351,195
				Total Trading Companies & Distributors															22,523,950
				U.S. Agency – 0.6%
	5,835			Farm Credit Bank of Texas, 144A, (3)			6.200%				N/A (4)				BBB+				6,258,038
				Wireless Telecommunication Services – 0.4%
	3,285			Vodafone Group PLC			7.000%				4/04/79				BB+				3,775,638
				Total $1,000 Par (or similar) Institutional Preferred (cost $766,961,950)															804,871,616
Shares				Description (1)		Coupon								Ratings (2)				Value
				$25 PAR (OR SIMILAR) RETAIL PREFERRED – 34.2% (21.4% of Total Investments)
				Banks – 9.1%
	63,000			Bank of America Corp			4.375%								BBB+			$	1,489,320
	389,931			Citigroup Inc, (5)			7.125%								BBB-				10,457,949
	127,675			CoBank ACB, (8)			6.250%								BBB+				13,252,665
	93,724			CoBank ACB, (8)			6.200%								BBB+				10,098,761
	165,500			Farm Credit Bank of Texas, 144A, (3), (8)			6.750%								Baa1				17,046,500
	236,981			Fifth Third Bancorp, (3)			6.625%								Baa3				6,495,650
	178,757			FNB Corp/PA, (3)			7.250%								Ba1				4,853,253
	138,275			KeyCorp			6.125%								Baa3				3,975,406
	72,962			People’s United Financial Inc			5.625%								BB+				2,000,618
	247,561			Regions Financial Corp, (3)			6.375%								BB+				6,941,610
	61,900			Regions Financial Corp			5.700%								BB+				1,648,397
	91,115			Synovus Financial Corp			5.875%								BB-				2,434,593
	66,100			Truist Financial Corp			4.750%								Baa2				1,680,262
	68,200			Wells Fargo & Co			4.750%								Baa2				1,694,088
	187,400			Western Alliance Bancorp, (3)			4.250%								Ba1				4,726,228
	91,847			Wintrust Financial Corp			6.875%								BB				2,546,917
				Total Banks															91,342,217
				Capital Markets – 4.5%
	79,169			Charles Schwab Corp/The			5.950%								BBB				2,036,227
	33,793			Goldman Sachs Group Inc/The			5.500%								BB+				884,363
	741,766			Morgan Stanley, (3), (5)			7.125%								Baa3				20,087,023
	110,293			Morgan Stanley			6.875%								Baa3				2,991,146
	209,211			Morgan Stanley			5.850%								Baa3				5,774,224
	100,352			Morgan Stanley			6.375%								Baa3				2,735,595
	276,907			Stifel Financial Corp, (3)			6.250%								BB-				7,205,120
	130,906			Stifel Financial Corp, (3)			6.125%								BB-				3,385,229
				Total Capital Markets															45,098,927
				Consumer Finance – 0.7%
	84,573			Capital One Financial Corp, (3)			5.000%								Baa3				2,120,245
	204,314			Synchrony Financial, (3)			5.625%								BB-				5,310,121
				Total Consumer Finance															7,430,366
				Diversified Financial Services – 1.7%
	74,600			AgriBank FCB, (8)			6.875%								BBB+				7,944,900
	114,400			Equitable Holdings Inc			5.250%								BBB-				2,932,072
	204,839			Voya Financial Inc			5.350%								BBB-				5,868,637
				Total Diversified Financial Services															16,745,609
				Diversified Telecommunication Services – 0.8%
	52,800			AT&T Inc, (3)			4.750%								BBB-				1,297,296
	259,100			Qwest Corp			6.750%								BBB-				6,573,367
				Total Diversified Telecommunication Services															7,870,663

 

26

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Shares				Description (1)		Coupon								Ratings (2)				Value
				Electric Utilities – 0.3%
	100,000			Duke Energy Corp, (3)			5.750%								BBB-			$	2,673,000
				Equity Real Estate Investment Trust – 1.2%
	142,800			Pebblebrook Hotel Trust			6.375%								N/R				3,571,428
	132,500			Pebblebrook Hotel Trust			5.700%								N/R				3,113,750
	66,300			Summit Hotel Properties Inc			5.875%								N/R				1,630,980
	138,800			Sunstone Hotel Investors Inc			6.125%								N/R				3,472,776
				Total Equity Real Estate Investment Trust															11,788,934
				Food Products – 3.7%
	295,811			CHS Inc, (3)			7.875%								N/R				8,134,803
	487,106			CHS Inc			7.100%								N/R				13,322,349
	468,864			CHS Inc			6.750%								N/R				12,771,855
	23,900			Dairy Farmers of America Inc, 144A, (5), (8), (9)			7.875%								BB+				2,413,900
				Total Food Products															36,642,907
				Insurance – 8.4%
	274,600			American Equity Investment Life Holding Co			5.950%								BB				7,359,280
	137,600			American Equity Investment Life Holding Co			6.625%								BB				3,784,000
	302,283			Argo Group US Inc, (3)			6.500%								BBB-				7,756,582
	249,028			Aspen Insurance Holdings Ltd			5.950%								BB+				6,721,266
	66,100			Aspen Insurance Holdings Ltd			5.625%								BB+				1,693,482
	48,200			Assurant Inc			5.250%								BB+				1,226,208
	411,533			Athene Holding Ltd, (3)			6.350%								BBB				11,444,733
	370,852			Athene Holding Ltd			6.375%								BBB				10,061,215
	63,400			Delphi Financial Group Inc, (8), (9)			3.346%								BBB				1,378,950
	459,098			Enstar Group Ltd, (3)			7.000%								BB+				12,840,971
	255,780			Hartford Financial Services Group Inc/The, (3)			7.875%								Baa2				6,514,716
	219,645			Maiden Holdings North America Ltd			7.750%								N/R				4,821,010
	113,445			Reinsurance Group of America Inc, (3)			6.200%								BBB+				2,932,553
	157,800			Reinsurance Group of America Inc			5.750%								BBB+				4,541,484
	46,100			Selective Insurance Group Inc			4.600%								BBB-				1,101,790
				Total Insurance															84,178,240
				Multi-Utilities – 0.7%
	271,210			Algonquin Power & Utilities Corp			6.200%								BB+				7,252,156
				Oil, Gas & Consumable Fuels – 1.2%
	35,700			Energy Transfer LP			7.600%								BB				888,930
	167,226			NuStar Energy LP			6.969%								B2				4,115,432
	148,751			NuStar Energy LP			7.625%								B2				3,269,547
	127,137			NuStar Logistics LP			6.975%								B				3,205,124
				Total Oil, Gas & Consumable Fuels															11,479,033
				Thrifts & Mortgage Finance – 1.1%
	75,580			Federal Agricultural Mortgage Corp			6.000%								N/R				2,023,276
	337,570			New York Community Bancorp Inc, (3)			6.375%								Ba2				9,354,065
				Total Thrifts & Mortgage Finance															11,377,341
				Trading Companies & Distributors – 0.3%
	124,215			Air Lease Corp			6.150%								BB+				3,259,402
				Wireless Telecommunication Services – 0.5%
	177,000			United States Cellular Corp			6.250%								BB+				4,543,590
				Total $25 Par (or similar) Retail Preferred (cost $330,762,660)															341,682,385
Principal Amount (000)				Description (1)		Coupon				Maturity				Ratings (2)				Value
				CONTINGENT CAPITAL SECURITIES – 30.7% (19.3% of Total Investments) (10)
				Banks – 23.3%
$	2,025			Australia & New Zealand Banking Group Ltd/United Kingdom, 144A, (3)			6.750%				N/A (4)				Baa2			$	2,257,875

 

27

---

JPC		Nuveen Preferred & Income Opportunities Fund (continued)
		Portfolio of Investments    January 31, 2022
		(Unaudited)

 

Principal Amount (000)				Description (1)		Coupon				Maturity				Ratings (2)				Value
				Banks – 23.3% (continued)
$	3,805			Banco Bilbao Vizcaya Argentaria SA, (3)			6.125%				N/A (4)				Ba2			$	3,904,881
	5,975			Banco Bilbao Vizcaya Argentaria SA			6.500%				N/A (4)				Ba2				6,206,531
	1,400			Banco Mercantil del Norte SA/Grand Cayman, 144A			7.500%				N/A (4)				Ba2				1,424,500
	3,120			Banco Mercantil del Norte SA/Grand Cayman, 144A, (3)			7.625%				N/A (4)				Ba2				3,186,830
	5,600			Banco Santander SA, Reg S, (3)			7.500%				N/A (4)				Ba1				5,949,104
	4,905			Banco Santander SA			4.750%				N/A (4)				Ba1				4,713,705
	9,910			Barclays PLC			8.000%				N/A (4)				BBB-				10,799,125
	8,865			Barclays PLC			7.750%				N/A (4)				BBB-				9,419,063
	6,440			Barclays PLC			6.125%				N/A (4)				BBB-				6,848,618
	1,600			Barclays PLC			4.375%				N/A (4)				BBB-				1,510,560
	1,000			BNP Paribas SA, 144A			7.000%				N/A (4)				BBB				1,132,500
	10,495			BNP Paribas SA, 144A, (5)			7.375%				N/A (4)				BBB				11,736,558
	8,145			BNP Paribas SA, 144A			6.625%				N/A (4)				BBB				8,590,532
	2,165			Credit Agricole SA, 144A			4.750%				N/A (4)				BBB				2,124,406
	5,985			Credit Agricole SA, 144A			7.875%				N/A (4)				BBB				6,486,244
	7,445			Credit Agricole SA, 144A			8.125%				N/A (4)				BBB				8,612,004
	5,100			Credit Suisse Group AG, 144A			5.250%				N/A (4)				BB+				5,085,720
	1,815			Danske Bank A/S, Reg S			6.125%				N/A (4)				BBB-				1,878,561
	1,840			Danske Bank A/S, Reg S			4.375%				N/A (4)				BBB-				1,775,600
	1,600			Danske Bank A/S, Reg S, (3)			7.000%				N/A (4)				BBB-				1,716,992
	4,010			HSBC Holdings PLC, (3)			6.375%				N/A (4)				BBB				4,210,500
	15,344			HSBC Holdings PLC, (5)			6.375%				N/A (4)				BBB				16,221,984
	11,850			HSBC Holdings PLC, (3)			6.000%				N/A (4)				BBB				12,509,215
	6,130			ING Groep NV, Reg S			6.750%				N/A (4)				BBB				6,520,788
	3,210			ING Groep NV			6.500%				N/A (4)				BBB				3,434,700
	5,280			ING Groep NV			5.750%				N/A (4)				BBB				5,550,600
	7,590			Intesa Sanpaolo SpA, 144A, (3)			7.700%				N/A (4)				BB-				8,330,025
	11,565			Lloyds Banking Group PLC, (3)			7.500%				N/A (4)				Baa3				12,550,107
	6,995			Lloyds Banking Group PLC			7.500%				N/A (4)				Baa3				7,759,728
	3,350			Macquarie Bank Ltd/London, 144A			6.125%				N/A (4)				BB+				3,504,938
	6,385			NatWest Group PLC			8.000%				N/A (4)				BBB-				7,191,106
	5,405			NatWest Group PLC, (3)			6.000%				N/A (4)				BBB-				5,692,006
	3,985			Nordea Bank Abp, 144A			6.625%				N/A (4)				BBB+				4,420,879
	1,975			Societe Generale SA, 144A			8.000%				N/A (4)				BB				2,230,387
	6,536			Societe Generale SA, 144A			7.875%				N/A (4)				BB+				7,000,710
	2,066			Societe Generale SA, 144A, (3)			6.750%				N/A (4)				BB				2,200,290
	2,820			Societe Generale SA, 144A			4.750%				N/A (4)				BB+				2,785,906
	4,845			Standard Chartered PLC, 144A			4.300%				N/A (4)				BBB-				4,530,075
	2,010			Standard Chartered PLC, 144A			7.750%				N/A (4)				BBB-				2,115,364
	3,120			Standard Chartered PLC, 144A			6.000%				N/A (4)				BBB-				3,260,400
	5,060			UniCredit SpA, Reg S			8.000%				N/A (4)				BB-				5,477,450
	218,766			Total Banks															232,857,067
				Capital Markets – 7.4%
	2,090			Credit Suisse Group AG, 144A			6.375%				N/A (4)				BB+				2,181,438
	10,229			Credit Suisse Group AG, 144A, (3)			7.250%				N/A (4)				BB+				10,932,244
	3,925			Credit Suisse Group AG, 144A			7.500%				N/A (4)				BB+				4,183,030
	8,750			Credit Suisse Group AG, 144A			7.500%				N/A (4)				BB+				9,105,600
	14,020			Deutsche Bank AG, (3)			6.000%				N/A (4)				BB-				14,125,150
	10,095			UBS Group AG, Reg S, (3)			7.000%				N/A (4)				BBB				10,970,741
	1,640			UBS Group AG, Reg S			5.125%				N/A (4)				BBB				1,693,457
	7,950			UBS Group AG, 144A, (3)			7.000%				N/A (4)				BBB				8,402,196
	6,455			UBS Group AG, Reg S, (3)			6.875%				N/A (4)				BBB				7,011,382
	1,715			UBS Group AG, 144A			4.875%				N/A (4)				BBB				1,712,599
	4,590			UBS Group AG, 144A			3.875%				N/A (4)				BBB				4,407,547
	71,459			Total Capital Markets															74,725,384
$	290,225			Total Contingent Capital Securities (cost $296,032,532)															307,582,451

 

28

---

 

Principal Amount (000)				Description (1)		Coupon				Maturity				Ratings (2)				Value
				CORPORATE BONDS – 8.3% (5.2% of Total Investments)
				Banks – 0.1%
$	1,180			Commerzbank AG, 144A			8.125%				9/19/23				Baa3			$	1,281,752
				Containers & Packaging – 0.4%
	3,444			Sealed Air Corp, 144A, (3)			6.875%				7/15/33				BB+				4,115,580
				Entertainment – 1.2%
	11,350			Liberty Interactive LLC, (3)			8.500%				7/15/29				BB				11,787,883
				Food & Staples Retailing – 0.8%
	7,675			Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC, 144A, (3)			7.500%				3/15/26				BB				8,147,012
				Health Care Providers & Services – 0.3%
	3,350			MEDNAX Inc, 144A			6.250%				1/15/27				B+				3,500,181
				Insurance – 1.2%
	2,575			Fidelis Insurance Holdings Ltd, 144A			6.625%				4/01/41				BB+				2,697,312
	7,117			Liberty Mutual Group Inc, 144A, (3)			7.800%				3/15/37				Baa3				9,679,120
	9,692			Total Insurance															12,376,432
				Interactive Media & Services – 0.7%
	6,605			TripAdvisor Inc, 144A, (3)			7.000%				7/15/25				BB-				6,918,738
				Media – 1.3%
	6,275			DISH DBS Corp, (3)			7.375%				7/01/28				B-				6,063,846
	4,725			ViacomCBS Inc, (3), (6)			6.875%				4/30/36				BBB				6,486,373
	11,000			Total Media															12,550,219
				Oil, Gas & Consumable Fuels – 0.7%
	6,510			Enviva Partners LP / Enviva Partners Finance Corp, 144A, (3)			6.500%				1/15/26				BB-				6,725,676
				Semiconductors & Semiconductor Equipment – 0.7%
	6,358			Amkor Technology Inc, 144A, (3)			6.625%				9/15/27				BB				6,683,848
				Specialty Retail – 0.6%
	5,600			Bath & Body Works Inc			6.875%				11/01/35				BB				6,440,000
				Technology Hardware, Storage & Peripherals – 0.3%
	2,500			Dell International LLC / EMC Corp			6.200%				7/15/30				BBB				3,036,200
$	75,264			Total Corporate Bonds (cost $79,400,600)															83,563,521
Shares				Description (1)		Coupon								Ratings (2)				Value
				CONVERTIBLE PREFERRED SECURITIES – 4.1% (2.5% of Total Investments)
				Banks – 0.9%
	6,400			Wells Fargo & Co, (3)			7.500%								Baa2			$	9,114,304
				Electric Utilities – 1.0%
	159,500			NextEra Energy Inc			6.219%								BBB				8,196,705
	24,600			Southern Co/The			6.750%								BBB-				1,311,180
				Total Electric Utilities															9,507,885
				Multi-Utilities – 0.7%
	72,900			Dominion Energy Inc			7.250%								BBB-				7,437,258
				Semiconductors & Semiconductor Equipment – 1.5%
	8,050			Broadcom Inc			8.000%								N/R				14,744,541
				Total Convertible Preferred Securities (cost $34,059,116)															40,803,988

 

29

---

JPC		Nuveen Preferred & Income Opportunities Fund (continued)
		Portfolio of Investments    January 31, 2022
		(Unaudited)

 

Shares				Description (1)														Value
				COMMON STOCKS – 0.4% (0.2% of Total Investments)
				Multi-Utilities – 0.4% (0.2% of Total Investments)
	26,568			Sempra Energy														$	3,670,635
				Total Common Stocks (cost $3,534,924)															3,670,635
				Total Long-Term Investments (cost $1,510,751,782)															1,582,174,596
Principal Amount (000)				Description (1)		Coupon				Maturity								Value
				SHORT-TERM INVESTMENTS – 1.5% (1.0% of Total Investments)
				REPURCHASE AGREEMENTS – 1.5% (1.0% of Total Investments)
$	15,251			Repurchase Agreement with Fixed Income Clearing Corporation, dated 1/31/22, repurchase price $15,251,018, collateralized by $16,117,400, U.S. Treasury Bond, 1.875%, due 2/15/41, value $15,556,083			0.000%				2/01/22							$	15,251,018
				Total Short-Term Investments (cost $15,251,018)															15,251,018
				Total Investments (cost $1,526,002,800) – 159.7%															1,597,425,614
				Borrowings – (47.3)% (11), (12)															(473,400,000	)
				Reverse Repurchase Agreements, including accrued interest – (12.5)% (13)															(124,670,820	)
				Other Assets Less Liabilities – 0.1% (14)															979,602
				Net Assets Applicable to Common Shares – 100%														$	1,000,334,396

 

 

30

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Investments in Derivatives

Futures Contracts – Short

 

Description		Number of Contracts				Expiration Date				Notional Amount				Value				Unrealized Appreciation (Depreciation)				Variation Margin Receivable/ (Payable)
U.S. Treasury 10-Year Note			(310	)			3/22			$	(40,142,026	)		$	(39,670,313	)		$	471,713			$	(4,844	)

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		$	277,500,000				Receive				1-Month LIBOR				1.994	%			Monthly				6/01/18				7/01/25				7/01/27			$	(9,109,368	)		$	(9,109,368	)
Morgan Stanley Capital Services, LLC			48,000,000				Receive				1-Month LIBOR				2.364				Monthly				7/01/19				7/01/26				7/01/28				(2,670,428	)			(2,670,428	)
Total		$	325,500,000																															$	(11,779,796	)		$	(11,779,796	)

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.

 

(1)	All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

 

(2)

For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

 

(3)	Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in reverse repurchase agreements. As of the end of the reporting period, investments with a value of $130,133,031 have been pledged as collateral for reverse repurchase agreements.

 

(4)	Perpetual security. Maturity date is not applicable.

 

(5)	Investment, or portion of investment, is hypothecated. The total value of investments hypothecated as of the end of the reporting period was $129,386,542.

 

(6)	Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives.

 

(7)	Variable rate security. The rate shown is the coupon as of the end of the reporting period.

 

(8)	For fair value measurement disclosure purposes, investment classified as Level 2.

 

(9)	Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

 

(10)

Contingent Capital Securities (“CoCos”) are hybrid securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer. For example, the terms may specify an automatic write-down of principal or a mandatory conversion into the issuer’s common stock under certain adverse circumstances, such as the issuer’s capital ratio falling below a specified level.

 

(11)	Borrowings as a percentage of Total Investments is 29.6%.

 

(12)

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 $940,232,132 have been pledged as collateral for borrowings.

 

(13)	Reverse Repurchase Agreements, including accrued interest as a percentage of Total Investments is 7.8%.

 

(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.

 

LIBOR

London Inter-Bank Offered Rate

 

N/A	Not Applicable

 

Reg S

Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States.

 

See accompanying notes to financial statements.

 

31

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JPI		Nuveen Preferred and Income Term Fund   Portfolio of Investments    January 31, 2022
		(Unaudited)

 

Principal Amount (000)/ Shares				Description (1)		Coupon				Maturity				Ratings (2)				Value
				LONG-TERM INVESTMENTS – 153.5% (99.9% of Total Investments)
				$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 72.7% (47.3% of Total Investments)
				Automobiles – 2.4%
$	3,610			General Motors Financial Co Inc.			5.700%				N/A (3)				BB+			$	4,056,918
	8,463			General Motors Financial Co Inc, (4)			5.750%				N/A (3)				BB+				8,931,004
				Total Automobiles															12,987,922
				Banks – 25.7%
	3,430			Bank of America Corp			4.375%				N/A (3)				BBB+				3,387,468
	3,290			Bank of America Corp			6.250%				N/A (3)				BBB+				3,487,400
	3,620			Bank of America Corp			6.500%				N/A (3)				BBB+				3,895,844
	3,815			Bank of America Corp			6.300%				N/A (3)				BBB+				4,177,425
	1,330			Bank of America Corp			6.100%				N/A (3)				BBB+				1,433,620
	1,695			Citigroup Inc			4.150%				N/A (3)				BBB-				1,653,845
	2,870			Citigroup Inc, (5)			6.250%				N/A (3)				BBB-				3,171,350
	5,850			Citigroup Inc, (4)			5.000%				N/A (3)				BBB-				5,915,169
	9,343			Citigroup Inc, (4)			5.950%				N/A (3)				BBB-				9,856,865
	6,565			Citigroup Inc, (4)			6.300%				N/A (3)				BBB-				6,750,790
	2,075			Citizens Financial Group Inc			4.000%				N/A (3)				BB+				2,036,094
	1,580			Citizens Financial Group Inc			6.375%				N/A (3)				BB+				1,619,500
	2,270			Farm Credit Bank of Texas, 144A			5.700%				N/A (3)				Baa1				2,411,875
	1,815			Fifth Third Bancorp			4.500%				N/A (3)				Baa3				1,869,450
	2,670			First Citizens BancShares Inc/NC			5.800%				N/A (3)				N/R				2,770,125
	850			Goldman Sachs Group Inc/The			4.400%				N/A (3)				BB+				830,875
	860			Goldman Sachs Group Inc/The			3.800%				N/A (3)				BBB-				827,139
	2,121			HSBC Capital Funding Dollar 1 LP, 144A			10.176%				N/A (3)				BBB				3,436,020
	5,140			Huntington Bancshares Inc/OH			5.625%				N/A (3)				Baa3				5,770,781
	2,370			JPMorgan Chase & Co			6.100%				N/A (3)				BBB+				2,515,163
	10,092			JPMorgan Chase & Co			6.750%				N/A (3)				BBB+				10,805,504
	4,340			JPMorgan Chase & Co			3.650%				N/A (3)				BBB+				4,172,346
	6,800			JPMorgan Chase & Co, (5)			5.000%				N/A (3)				BBB+				6,919,000
	2,430			KeyCorp			5.000%				N/A (3)				Baa3				2,557,575
	705			Lloyds Bank PLC, 144A			12.000%				N/A (3)				Baa3				705,000
	1,340			M&T Bank Corp			3.500%				N/A (3)				Baa2				1,259,747
	1,765			M&T Bank Corp			5.125%				N/A (3)				Baa2				1,875,639
	1,570			M&T Bank Corp			6.450%				N/A (3)				Baa2				1,649,992
	1,907			PNC Financial Services Group Inc/The			5.000%				N/A (3)				Baa2				1,983,280
	1,595			PNC Financial Services Group Inc/The			3.400%				N/A (3)				Baa2				1,503,272
	799			PNC Financial Services Group Inc/The, (3-Month LIBOR reference rate + 3.678% spread), (6)			3.804%				N/A (3)				Baa2				804,597
	1,745			Regions Financial Corp, (4)			5.750%				N/A (3)				BB+				1,876,032
	730			SVB Financial Group			4.700%				N/A (3)				Baa2				724,671
	830			SVB Financial Group			4.100%				N/A (3)				Baa2				783,703
	1,320			SVB Financial Group			4.000%				N/A (3)				Baa2				1,283,000
	9,280			Truist Financial Corp, (5)			4.800%				N/A (3)				Baa2				9,465,600
	2,520			Truist Financial Corp			5.100%				N/A (3)				Baa2				2,734,200
	1,805			Truist Financial Corp, (5)			5.050%				N/A (3)				Baa2				1,786,950
	1,230			Wells Fargo & Co, (5)			7.950%				11/15/29				Baa1				1,641,322
	7,240			Wells Fargo & Co, (4)			3.900%				N/A (3)				Baa2				7,170,858
	5,803			Wells Fargo & Co			5.875%				N/A (3)				Baa2				6,203,697
	3,256			Wells Fargo & Co			5.900%				N/A (3)				Baa2				3,337,400
	1,415			Zions Bancorp NA, (5)			7.200%				N/A (3)				BB+				1,497,296
	1,050			Zions Bancorp NA			5.800%				N/A (3)				BB+				1,070,534
				Total Banks															141,628,013

 

32

---

 

Principal Amount (000)/ Shares				Description (1)		Coupon				Maturity				Ratings (2)				Value
				Capital Markets – 3.5%
$	1,895			Bank of New York Mellon Corp/The			4.700%				N/A (3)				Baa1			$	1,996,856
	1,950			Charles Schwab Corp/The			4.000%				N/A (3)				BBB				1,926,463
	4,215			Charles Schwab Corp/The			5.375%				N/A (3)				BBB				4,526,910
	4,595			Goldman Sachs Group Inc/The			5.500%				N/A (3)				BBB-				4,819,466
	1,450			Goldman Sachs Group Inc/The			4.125%				N/A (3)				BBB-				1,415,563
	4,127			Goldman Sachs Group Inc/The, (5)			5.300%				N/A (3)				BBB-				4,426,207
				Total Capital Markets															19,111,465
				Communications Equipment – 0.3%
	1,920			Vodafone Group PLC			4.125%				6/04/81				BB+				1,828,838
				Consumer Finance – 2.5%
	3,690			Ally Financial Inc			4.700%				N/A (3)				Ba2				3,648,118
	2,570			Ally Financial Inc			4.700%				N/A (3)				Ba2				2,544,300
	3,110			American Express Co			3.550%				N/A (3)				Baa2				2,977,825
	3,005			Capital One Financial Corp			3.950%				N/A (3)				Baa3				2,937,388
	1,820			Discover Financial Services			6.125%				N/A (3)				Ba2				1,963,889
				Total Consumer Finance															14,071,520
				Diversified Financial Services – 4.5%
	2,010			American AgCredit Corp, 144A			5.250%				N/A (3)				BB+				2,050,200
	2,425			Capital Farm Credit ACA, 144A			5.000%				N/A (3)				BB				2,485,625
	12,000			Compeer Financial ACA, 144A, (8)			6.750%				N/A (3)				BB+				12,272,000
	1,050			Compeer Financial ACA, 144A			4.875%				N/A (3)				BB+				1,065,750
	3,430			Equitable Holdings Inc			4.950%				N/A (3)				BBB-				3,524,325
	3,171			Voya Financial Inc, (5)			6.125%				N/A (3)				BBB-				3,281,985
				Total Diversified Financial Services															24,679,885
				Electric Utilities – 2.8%
	1,920			American Electric Power Co Inc			3.875%				2/15/62				BBB-				1,883,410
	1,935			Edison International			5.000%				N/A (3)				BB+				1,927,608
	1,120			Edison International			5.375%				N/A (3)				BB+				1,136,100
	1,460			Electricite de France SA, 144A			5.250%				N/A (3)				Baa3				1,483,725
	6,300			Emera Inc, (5)			6.750%				6/15/76				BB+				7,103,250
	2,025			Southern Co/The			4.000%				1/15/51				BBB-				2,040,208
				Total Electric Utilities															15,574,301
				Food Products – 4.7%
	2,250			Dairy Farmers of America Inc, 144A			7.125%				N/A (3)				BB+				2,345,625
	2,240			Land O’ Lakes Inc, 144A			7.250%				N/A (3)				BB				2,413,600
	12,550			Land O’ Lakes Inc, 144A, (4)			8.000%				N/A (3)				BB				13,475,563
	7,223			Land O’ Lakes Inc, 144A, (4)			7.000%				N/A (3)				BB				7,656,380
				Total Food Products															25,891,168
				Independent Power & Renewable Electricity Producers – 0.9%
	1,240			AES Andes SA, 144A			7.125%				3/26/79				BB				1,267,962
	2,550			AES Andes SA, 144A, (5)			6.350%				10/07/79				BB				2,593,847
	1,180			Vistra Corp, 144A			7.000%				N/A (3)				Ba3				1,174,100
				Total Independent Power & Renewable Electricity Producers															5,035,909
				Industrial Conglomerates – 1.5%
	8,392			General Electric Co, (3-Month LIBOR reference rate + 3.330% spread), (4), (6)			3.533%				N/A (3)				BBB-				8,203,180
				Insurance – 14.5%
	1,505			Aegon NV			5.500%				4/11/48				BBB				1,692,561
	1,447			American International Group Inc, (9)			5.750%				4/01/48				BBB-				1,578,055
	8,815			Assurant Inc, (5)			7.000%				3/27/48				BB+				9,982,987
	10,595			Assured Guaranty Municipal Holdings Inc, 144A, (4), (9)			6.400%				12/15/66				BBB+				11,636,270
	2,320			AXIS Specialty Finance LLC, (5)			4.900%				1/15/40				BBB				2,417,000
	1,540			Enstar Finance LLC, (5)			5.750%				9/01/40				BB+				1,593,854

 

33

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JPI		Nuveen Preferred and Income Term Fund (continued)
		Portfolio of Investments    January 31, 2022
		(Unaudited)

 

Principal Amount (000)/ Shares				Description (1)		Coupon				Maturity				Ratings (2)				Value
				Insurance (continued)
$	1,505			Enstar Finance LLC			5.500%				1/15/42				BB+			$	1,484,111
	1,375			Legal & General Group PLC, Reg S			5.250%				3/21/47				A3				1,462,313
	4,755			Markel Corp			6.000%				N/A (3)				BBB-				5,075,962
	3,440			MetLife Inc, 144A, (9)			9.250%				4/08/38				BBB				5,083,625
	2,115			MetLife Inc			3.850%				N/A (3)				BBB				2,130,863
	1,270			MetLife Inc, (5)			5.875%				N/A (3)				BBB				1,401,120
	2,335			PartnerRe Finance B LLC, (5), (9)			4.500%				10/01/50				Baa1				2,392,581
	4,734			Provident Financing Trust I, (5)			7.405%				3/15/38				BB+				5,787,315
	700			Prudential Financial Inc			3.700%				10/01/50				BBB+				685,250
	8,495			QBE Insurance Group Ltd, 144A, (4)			7.500%				11/24/43				Baa1				9,195,837
	1,135			QBE Insurance Group Ltd, Reg S			6.750%				12/02/44				BBB				1,232,939
	2,770			QBE Insurance Group Ltd, 144A			5.875%				N/A (3)				Baa2				2,929,275
	2,600			SBL Holdings Inc, 144A			6.500%				N/A (3)				BB				2,470,000
	10,005			SBL Holdings Inc, 144A, (4)			7.000%				N/A (3)				BB				9,854,925
				Total Insurance															80,086,843
				Multi-Utilities – 2.8%
	1,975			Algonquin Power & Utilities Corp			4.750%				1/18/82				BB+				1,951,352
	6,005			CenterPoint Energy Inc			6.125%				N/A (3)				BBB-				6,140,773
	795			CMS Energy Corp, (9)			4.750%				6/01/50				BBB-				840,474
	1,215			NiSource Inc			5.650%				N/A (3)				BBB-				1,236,262
	2,785			Sempra Energy			4.125%				4/01/52				BBB-				2,711,486
	2,365			Sempra Energy			4.875%				N/A (3)				BBB-				2,473,672
				Total Multi-Utilities															15,354,019
				Oil, Gas & Consumable Fuels – 1.9%
	1,440			Enbridge Inc			6.000%				1/15/77				BBB-				1,528,034
	745			Enbridge Inc			5.500%				7/15/77				BBB-				760,028
	3,520			Enbridge Inc, (5)			5.750%				7/15/80				BBB-				3,854,400
	1,590			Energy Transfer LP			6.500%				N/A (3)				BB				1,626,268
	1,620			MPLX LP, (5)			6.875%				N/A (3)				BB+				1,611,900
	1,320			Transcanada Trust			5.500%				9/15/79				BBB				1,386,000
				Total Oil, Gas & Consumable Fuels															10,766,630
				Trading Companies & Distributors – 3.8%
	7,045			AerCap Global Aviation Trust, 144A, (5)			6.500%				6/15/45				BB+				7,541,461
	2,915			AerCap Holdings NV			5.875%				10/10/79				BB+				2,957,268
	2,045			Air Lease Corp			4.650%				N/A (3)				BB+				2,060,787
	1,855			ILFC E-Capital Trust I, 144A, (5)			3.370%				12/21/65				B+				1,544,288
	7,902			ILFC E-Capital Trust I, 144A, (5)			3.620%				12/21/65				BB+				6,854,985
				Total Trading Companies & Distributors															20,958,789
				U.S. Agency – 0.2%
	1,180			Farm Credit Bank of Texas, 144A			6.200%				N/A (3)				BBB+				1,265,550
				Wireless Telecommunication Services – 0.7%
	3,180			Vodafone Group PLC			7.000%				4/04/79				BB+				3,654,956
				Total $1,000 Par (or similar) Institutional Preferred (cost $378,284,310)															401,098,988
Principal Amount (000)				Description (1)		Coupon				Maturity				Ratings (2)				Value
				CONTINGENT CAPITAL SECURITIES – 51.9% (33.8% of Total Investments) (10)
				Banks – 39.3%
$	1,970			Australia & New Zealand Banking Group Ltd/United Kingdom, 144A			6.750%				N/A (3)				Baa2			$	2,196,550
	3,570			Banco Bilbao Vizcaya Argentaria SA, (5)			6.125%				N/A (3)				Ba2				3,663,713
	5,600			Banco Bilbao Vizcaya Argentaria SA			6.500%				N/A (3)				Ba2				5,817,000
	1,300			Banco Mercantil del Norte SA/Grand Cayman, 144A			7.500%				N/A (3)				Ba2				1,322,750
	2,930			Banco Mercantil del Norte SA/Grand Cayman, 144A, (5)