NPORT-EX 2 tiaa_JPC.htm
1
Nuveen
Preferred
&
Income
Opportunities
Fund
Portfolio
of
Investments
April
30,
2022
(Unaudited)
JPC
Principal
Amount
(000)
/
Shares
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
LONG-TERM
INVESTMENTS
-
154.2%  (51.0%
of
Total
Investments)
X
734,492,005
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
80.3%
(51.0%
of
Total
Investments)
X
734,492,005
Automobiles
-
3.0%
(1.9%
of
Total
Investments)
$
9,140
General
Motors
Financial
Co
Inc
(3)
5.750%
N/A
(4)
BB+
$
8,408,892
7,485
General
Motors
Financial
Co
Inc
5.700%
N/A
(4)
BB+
7,307,231
11,750
General
Motors
Financial
Co
Inc
(3),(5)
6.500%
N/A
(4)
BB+
11,338,750
Total
Automobiles
27,054,873
Banks
-
31.3%
(19.9%
of
Total
Investments)
1,415
Bank
of
America
Corp
6.100%
N/A
(4)
BBB+
1,429,935
5,560
Bank
of
America
Corp
(3)
6.300%
N/A
(4)
BBB+
5,685,100
3,540
Bank
of
America
Corp
6.250%
N/A
(4)
BBB+
3,583,542
21,125
Bank
of
America
Corp
(3)
6.500%
N/A
(4)
BBB+
21,534,403
3,685
Bank
of
America
Corp
4.375%
N/A
(4)
BBB+
3,261,225
9,981
Citigroup
Inc
5.950%
N/A
(4)
BBB-
9,756,427
1,820
Citigroup
Inc
4.150%
N/A
(4)
BBB-
1,609,972
13,145
Citigroup
Inc
6.300%
N/A
(4)
BBB-
12,997,119
6,290
Citigroup
Inc
(3)
5.000%
N/A
(4)
BBB-
5,951,912
16,055
Citigroup
Inc
(3),(5)
6.250%
N/A
(4)
BBB-
16,044,885
1,685
Citizens
Financial
Group
Inc
6.375%
N/A
(4)
BB+
1,630,237
2,015
Citizens
Financial
Group
Inc
(3)
4.000%
N/A
(4)
BB+
1,788,313
3,150
CoBank
ACB
(3)
6.250%
N/A
(4)
BBB+
3,150,000
1,900
Fifth
Third
Bancorp
(3)
4.500%
N/A
(4)
Baa3
1,842,842
14,985
First
Citizens
BancShares
Inc/NC
(5)
5.800%
N/A
(4)
N/R
14,988,746
910
Goldman
Sachs
Group
Inc/The
4.400%
N/A
(4)
BB+
850,850
925
Goldman
Sachs
Group
Inc/The
3.800%
N/A
(4)
BBB-
813,985
2,314
HSBC
Capital
Funding
Dollar
1
LP,
144A
10.176%
N/A
(4)
BBB
3,378,440
3,025
Huntington
Bancshares
Inc/OH
(3)
5.700%
N/A
(4)
Baa3
2,850,155
5,525
Huntington
Bancshares
Inc/OH
5.625%
N/A
(4)
Baa3
5,508,259
2,660
JPMorgan
Chase
&
Co
(3)
6.100%
N/A
(4)
BBB+
2,665,586
4,280
JPMorgan
Chase
&
Co
3.650%
N/A
(4)
BBB+
3,841,300
7,275
JPMorgan
Chase
&
Co
5.000%
N/A
(4)
BBB+
6,894,517
28,555
JPMorgan
Chase
&
Co
(3),(5)
6.750%
N/A
(4)
BBB+
29,057,140
2,485
KeyCorp
(5)
5.000%
N/A
(4)
Baa3
2,376,157
6,970
M&T
Bank
Corp
(3)
6.450%
N/A
(4)
Baa2
7,004,850
1,440
M&T
Bank
Corp
(3)
3.500%
N/A
(4)
Baa2
1,209,618
1,880
M&T
Bank
Corp
5.125%
N/A
(4)
Baa2
1,847,100
21,977
PNC
Financial
Services
Group
Inc/The
(3-Month
LIBOR
reference
rate
+
3.678%
spread)
(3),(6)
3.804%
N/A
(4)
Baa2
21,786,542
1,922
PNC
Financial
Services
Group
Inc/The
5.000%
N/A
(4)
Baa2
1,845,120
4,245
PNC
Financial
Services
Group
Inc/The
6.000%
N/A
(4)
Baa2
4,234,388
2,835
PNC
Financial
Services
Group
Inc/The
3.400%
N/A
(4)
Baa2
2,438,100
8,290
Regions
Financial
Corp
(5)
5.750%
N/A
(4)
Baa3
8,455,800
875
SVB
Financial
Group
4.100%
N/A
(4)
Baa2
708,750
3,690
SVB
Financial
Group
4.000%
N/A
(4)
Baa2
3,209,193
785
SVB
Financial
Group
4.700%
N/A
(4)
Baa2
642,240
1,930
Truist
Financial
Corp
5.050%
N/A
(4)
Baa2
1,838,325
4,690
Truist
Financial
Corp
5.100%
N/A
(4)
Baa2
4,672,413
9,458
Truist
Financial
Corp
(5)
4.950%
N/A
(4)
Baa2
9,446,178
9,735
Truist
Financial
Corp
(5)
4.800%
N/A
(4)
Baa2
9,274,535
6,490
Wells
Fargo
&
Co
5.900%
N/A
(4)
Baa2
6,352,088
11,747
Wells
Fargo
&
Co
(3)
3.900%
N/A
(4)
Baa2
10,718,550
13,950
Wells
Fargo
&
Co
(3),(5)
5.875%
N/A
(4)
Baa2
14,054,625
1,385
Wells
Fargo
&
Co
(3)
7.950%
11/15/29
Baa1
1,687,663
1,105
Zions
Bancorp
NA
5.800%
N/A
(4)
BB+
1,088,369
Nuveen
Preferred
&
Income
Opportunities
Fund
(continued)
Portfolio
of
Investments
April
30,
2022
(Unaudited)
2
JPC
Principal
Amount
(000)
/
Shares
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Banks
(continued)
$
9,666
Zions
Bancorp
NA
(5)
7.200%
N/A
(4)
BB+
$
9,946,314
Total
Banks
285,951,808
Capital
Markets
-
3.7%
(2.3%
of
Total
Investments)
2,040
Bank
of
New
York
Mellon
Corp/The
4.700%
N/A
(4)
Baa1
2,034,900
7,425
Charles
Schwab
Corp/The
5.375%
N/A
(4)
BBB
7,481,207
1,825
Charles
Schwab
Corp/The
(3)
4.000%
N/A
(4)
BBB
1,654,819
4,325
Charles
Schwab
Corp/The
(3-Month
LIBOR
reference
rate
+
4.820%
spread)
(6)
6.106%
N/A
(4)
BBB
4,303,375
9,704
Goldman
Sachs
Group
Inc/The
5.500%
N/A
(4)
BBB-
9,711,666
7,411
Goldman
Sachs
Group
Inc/The
5.300%
N/A
(4)
BBB-
7,313,693
1,555
Goldman
Sachs
Group
Inc/The
4.125%
N/A
(4)
BBB-
1,394,557
Total
Capital
Markets
33,894,217
Communications
Equipment
-
0.2%
(0.1%
of
Total
Investments)
2,315
Vodafone
Group
PLC
(3)
4.125%
6/04/81
BB+
2,000,322
Total
Communications
Equipment
2,000,322
Consumer
Finance
-
2.8%
(1.8%
of
Total
Investments)
10,109
Ally
Financial
Inc
(3)
4.700%
N/A
(4)
Ba2
8,729,121
6,365
Ally
Financial
Inc
4.700%
N/A
(4)
Ba2
5,479,056
3,060
American
Express
Co
3.550%
N/A
(4)
Baa2
2,635,731
3,215
Capital
One
Financial
Corp
3.950%
N/A
(4)
Baa3
2,789,012
6,175
Discover
Financial
Services
(3)
6.125%
N/A
(4)
Ba2
6,283,063
Total
Consumer
Finance
25,915,983
Diversified
Financial
Services
-
4.9%
(3.1%
of
Total
Investments)
9,325
American
AgCredit
Corp,
144A
(3)
5.250%
N/A
(4)
BB+
8,485,750
2,590
Capital
Farm
Credit
ACA,
144A
(3)
5.000%
N/A
(4)
BB
2,343,950
1,100
Compeer
Financial
ACA,
144A
4.875%
N/A
(4)
BB+
973,500
12
Compeer
Financial
ACA,
144A
(3)
6.750%
N/A
(4)
BB+
12,726,000
7,470
Equitable
Holdings
Inc
4.950%
N/A
(4)
BBB-
7,455,058
13,001
Voya
Financial
Inc
(3)
6.125%
N/A
(4)
BBB-
12,935,995
Total
Diversified
Financial
Services
44,920,253
Electric
Utilities
-
4.5%
(2.8%
of
Total
Investments)
2,070
American
Electric
Power
Co
Inc
3.875%
2/15/62
BBB
1,854,808
6,070
Edison
International
(3)
5.000%
N/A
(4)
BB+
5,494,100
995
Edison
International
(3)
5.375%
N/A
(4)
BB+
917,718
1,565
Electricite
de
France
SA,
144A
(3)
5.250%
N/A
(4)
BBB-
1,549,350
21,680
Emera
Inc
(3)
6.750%
6/15/76
BB+
21,978,100
7,475
NextEra
Energy
Capital
Holdings
Inc
(3)
5.650%
5/01/79
BBB
7,348,523
1,905
Southern
Co/The
4.000%
1/15/51
BBB-
1,810,055
Total
Electric
Utilities
40,952,654
Food
Products
-
4.8%
(3.0%
of
Total
Investments)
2,145
Dairy
Farmers
of
America
Inc,
144A
7.125%
N/A
(4)
BB+
2,102,100
7,435
Land
O'
Lakes
Inc,
144A
(3)
7.000%
N/A
(4)
BB
7,550,243
3,860
Land
O'
Lakes
Inc,
144A
(3)
7.250%
N/A
(4)
BB
4,024,050
28,560
Land
O'
Lakes
Inc,
144A
(3)
8.000%
N/A
(4)
BB
29,916,600
Total
Food
Products
43,592,993
Independent
Power
Producers
&
Energy
Traders
-
1.8%
(1.2%
of
Total
Investments)
2,200
AES
Andes
SA,
144A
(3)
7.125%
3/26/79
BB
2,134,022
4,775
AES
Andes
SA,
144A
6.350%
10/07/79
BB
4,584,048
8,525
Vistra
Corp,
144A
(5)
8.000%
N/A
(4)
Ba3
8,578,281
1,550
Vistra
Corp,
144A
7.000%
N/A
(4)
Ba3
1,507,375
Total
Independent
Power
Producers
&
Energy
Traders
16,803,726
3
Principal
Amount
(000)
/
Shares
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Industrial
Conglomerates
-
0.9%
(0.6%
of
Total
Investments)
$
9,026
General
Electric
Co
(3-Month
LIBOR
reference
rate
+
3.330%
spread)
(3),(5),(6)
4.156%
N/A
(4)
BBB-
$
8,528,397
Total
Industrial
Conglomerates
8,528,397
Insurance
-
13.5%
(8.6%
of
Total
Investments)
1,615
Aegon
NV
5.500%
4/11/48
Baa1
1,653,938
1,550
American
International
Group
Inc
(3)
5.750%
4/01/48
BBB-
1,498,912
10,404
Assurant
Inc
(3),(5)
7.000%
3/27/48
BB+
10,741,714
11,519
Assured
Guaranty
Municipal
Holdings
Inc,
144A
(3),(5)
6.400%
12/15/66
BBB+
11,651,469
2,465
AXIS
Specialty
Finance
LLC
(3)
4.900%
1/15/40
BBB
2,292,450
5,720
Enstar
Finance
LLC
5.500%
1/15/42
BB+
5,319,600
2,395
Enstar
Finance
LLC
5.750%
9/01/40
BB+
2,355,756
1,485
Legal
&
General
Group
PLC
5.250%
3/21/47
A3
1,483,144
5,075
Markel
Corp
6.000%
N/A
(4)
BBB-
5,189,187
11,660
MetLife
Capital
Trust
IV,
144A
(3)
7.875%
12/15/37
BBB
13,234,100
1,790
MetLife
Inc
3.850%
N/A
(4)
BBB
1,704,617
8,088
MetLife
Inc,
144A
9.250%
4/08/38
BBB
9,993,714
1,430
MetLife
Inc
5.875%
N/A
(4)
BBB
1,414,077
575
Nationwide
Financial
Services
Capital
Trust
7.899%
3/01/37
Baa2
681,375
9,550
Nationwide
Financial
Services
Inc
(3)
6.750%
5/15/37
Baa2
10,254,312
2,485
PartnerRe
Finance
B
LLC
(3)
4.500%
10/01/50
Baa1
2,323,475
7,281
Provident
Financing
Trust
I
(3)
7.405%
3/15/38
BB+
8,309,441
745
Prudential
Financial
Inc
3.700%
10/01/50
BBB+
652,449
1,190
Prudential
Financial
Inc
(5)
5.125%
3/01/52
BBB+
1,157,275
2,960
QBE
Insurance
Group
Ltd,
144A
(3)
5.875%
N/A
(4)
Baa2
2,974,800
9,055
QBE
Insurance
Group
Ltd,
144A
(3)
7.500%
11/24/43
Baa1
9,406,129
1,215
QBE
Insurance
Group
Ltd
(3)
6.750%
12/02/44
BBB
1,255,630
10,685
SBL
Holdings
Inc,
144A
(3)
7.000%
N/A
(4)
BB
9,589,787
9,700
SBL
Holdings
Inc,
144A
(5)
6.500%
N/A
(4)
BB
8,511,750
Total
Insurance
123,649,101
Media
-
0.3%
(0.2%
of
Total
Investments)
3,110
Paramount
Global
6.375%
3/30/62
Baa3
3,014,103
Total
Media
3,014,103
Multi-Utilities
-
2.2%
(1.4%
of
Total
Investments)
2,125
Algonquin
Power
&
Utilities
Corp
(3)
4.750%
1/18/82
BB+
1,943,249
6,420
CenterPoint
Energy
Inc
6.125%
N/A
(4)
BBB-
6,177,452
610
CMS
Energy
Corp
4.750%
6/01/50
BBB-
585,600
3,400
Dominion
Energy
Inc
4.350%
N/A
(4)
BBB-
3,105,220
1,320
NiSource
Inc
5.650%
N/A
(4)
BBB-
1,273,800
3,005
Sempra
Energy
4.125%
4/01/52
BBB-
2,640,799
4,750
Sempra
Energy
4.875%
N/A
(4)
BBB-
4,678,750
Total
Multi-Utilities
20,404,870
Oil,
Gas
&
Consumable
Fuels
-
2.2%
(1.4%
of
Total
Investments)
5,765
Enbridge
Inc
5.750%
7/15/80
BBB-
5,721,763
2,578
Enbridge
Inc
5.500%
7/15/77
BBB-
2,469,496
1,540
Enbridge
Inc
(3)
6.000%
1/15/77
BBB-
1,547,040
3,320
Energy
Transfer
LP
(3)
6.500%
N/A
(4)
BB
3,154,365
1,735
MPLX
LP
(3)
6.875%
N/A
(4)
BB+
1,698,565
1,400
Transcanada
Trust
5.500%
9/15/79
BBB
1,347,500
3,930
Transcanada
Trust
5.600%
3/07/82
BBB
3,802,275
Total
Oil,
Gas
&
Consumable
Fuels
19,741,004
Nuveen
Preferred
&
Income
Opportunities
Fund
(continued)
Portfolio
of
Investments
April
30,
2022
(Unaudited)
4
JPC
Principal
Amount
(000)
/
Shares
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Trading
Companies
&
Distributors
-
2.5%
(1.6%
of
Total
Investments)
$
7,560
AerCap
Global
Aviation
Trust,
144A
(3)
6.500%
6/15/45
BB+
$
7,333,200
3,205
AerCap
Holdings
NV
5.875%
10/10/79
BB+
3,004,688
4,180
Air
Lease
Corp
(3)
4.650%
N/A
(4)
BB+
3,762,000
8,474
ILFC
E-Capital
Trust
I,
144A
4.300%
12/21/65
BB+
6,779,200
1,960
ILFC
E-Capital
Trust
I,
144A
4.050%
12/21/65
B+
1,528,800
Total
Trading
Companies
&
Distributors
22,407,888
U.S.
Agency
-
0.9%
(0.6%
of
Total
Investments)
5,835
Farm
Credit
Bank
of
Texas,
144A
(3)
6.200%
N/A
(4)
BBB+
6,126,750
2,420
Farm
Credit
Bank
of
Texas,
144A
(3)
5.700%
N/A
(4)
Baa1
2,516,800
Total
U.S.
Agency
8,643,550
Wireless
Telecommunication
Services
-
0.8%
(0.5%
of
Total
Investments)
6,644
Vodafone
Group
PLC
7.000%
4/04/79
BB+
7,016,263
Total
Wireless
Telecommunication
Services
7,016,263
Total
$1,000
Par
(or
similar)
Institutional
Preferred
(cost
$757,881,696)
734,492,005
Principal
Amount
(000)
Description
(1)
,(7)
Coupon
Maturity
Ratings
(2)
Value
X
388,300,009
CONTINGENT
CAPITAL
SECURITIES
-
42.5%
(27.0%
of
Total
Investments)
X
388,300,009
Banks
-
31.2%
(19.8%
of
Total
Investments)
$
2,025
Australia
&
New
Zealand
Banking
Group
Ltd/United
Kingdom,
144A
(3)
6.750%
N/A
(4)
Baa2
$
2,121,187
3,805
Banco
Bilbao
Vizcaya
Argentaria
SA
(3)
6.125%
N/A
(4)
Ba2
3,533,894
5,975
Banco
Bilbao
Vizcaya
Argentaria
SA
(5)
6.500%
N/A
(4)
Ba2
5,788,281
4,700
Banco
Mercantil
del
Norte
SA/Grand
Cayman,
144A
7.500%
N/A
(4)
Ba2
4,505,185
3,120
Banco
Mercantil
del
Norte
SA/Grand
Cayman,
144A
(3)
7.625%
N/A
(4)
Ba2
3,088,800
5,600
Banco
Santander
SA
(3)
7.500%
N/A
(4)
Ba1
5,638,640
4,905
Banco
Santander
SA
4.750%
N/A
(4)
Ba1
4,332,679
19,365
Barclays
PLC
(5)
7.750%
N/A
(4)
BBB-
19,534,444
6,440
Barclays
PLC
6.125%
N/A
(4)
BBB-
6,315,193
1,220
Barclays
PLC
4.375%
N/A
(4)
BBB-
1,017,175
14,810
Barclays
PLC
(5)
8.000%
N/A
(4)
BBB-
15,263,556
13,145
BNP
Paribas
SA,
144A
(5)
6.625%
N/A
(4)
BBB
13,241,464
13,810
BNP
Paribas
SA,
144A
(5)
7.375%
N/A
(4)
BBB
14,374,967
1,000
BNP
Paribas
SA,
144A
7.000%
N/A
(4)
BBB
1,030,000
7,445
Credit
Agricole
SA,
144A
(5)
8.125%
N/A
(4)
BBB
8,003,375
7,754
Credit
Agricole
SA,
144A
7.875%
N/A
(4)
BBB
7,947,850
5,100
Credit
Suisse
Group
AG,
144A
5.250%
N/A
(4)
BB+
4,481,625
1,815
Danske
Bank
A/S
6.125%
N/A
(4)
BBB-
1,792,312
1,840
Danske
Bank
A/S
4.375%
N/A
(4)
BBB-
1,660,600
1,600
Danske
Bank
A/S
(3)
7.000%
N/A
(4)
BBB-
1,589,619
7,010
HSBC
Holdings
PLC
(3)
6.375%
N/A
(4)
BBB
6,985,465
21,344
HSBC
Holdings
PLC
(5)
6.375%
N/A
(4)
BBB
21,435,352
21,850
HSBC
Holdings
PLC
(3),(5)
6.000%
N/A
(4)
BBB
20,976,000
4,585
ING
Groep
NV
6.500%
N/A
(4)
BBB
4,573,537
9,280
ING
Groep
NV
5.750%
N/A
(4)
BBB
8,908,800
12,425
ING
Groep
NV,
Reg
S
(3)
6.750%
N/A
(4)
BBB
12,487,125
3,805
Intesa
Sanpaolo
SpA,
144A
(3)
7.700%
N/A
(4)
BB-
3,833,537
14,395
Lloyds
Banking
Group
PLC
(5)
7.500%
N/A
(4)
Baa3
14,792,302
11,190
Lloyds
Banking
Group
PLC
(3),(5)
7.500%
N/A
(4)
Baa3
11,413,800
3,350
Macquarie
Bank
Ltd/London,
144A
6.125%
N/A
(4)
BB+
3,226,050
9,649
NatWest
Group
PLC
(3)
6.000%
N/A
(4)
BBB-
9,509,572
7,440
NatWest
Group
PLC
8.000%
N/A
(4)
BBB-
7,830,600
3,985
Nordea
Bank
Abp,
144A
6.625%
N/A
(4)
BBB+
4,034,812
1,975
Societe
Generale
SA,
144A
8.000%
N/A
(4)
BB
2,058,543
2,066
Societe
Generale
SA,
144A
(3)
6.750%
N/A
(4)
BB
1,970,481
5
Principal
Amount
(000)
Description
(1),(7)
Coupon
Maturity
Ratings
(2)
Value
Banks
(continued)
$
6,536
Societe
Generale
SA,
144A
7.875%
N/A
(4)
BB+
$
6,688,978
2,820
Societe
Generale
SA,
144A
4.750%
N/A
(4)
BB+
2,500,310
5,406
Standard
Chartered
PLC,
144A
6.000%
N/A
(4)
BBB-
5,372,213
5,300
Standard
Chartered
PLC,
144A
4.300%
N/A
(4)
BBB-
4,385,750
2,010
Standard
Chartered
PLC,
144A
7.750%
N/A
(4)
BBB-
2,060,793
3,820
UniCredit
SpA,
Reg
S
(3)
8.000%
N/A
(4)
BB-
3,849,452
285,715
Total
Banks
284,154,318
Capital
Markets
-
11.3%
(7.2%
of
Total
Investments)
8,090
Credit
Suisse
Group
AG,
144A
6.375%
N/A
(4)
BB+
7,615,845
6,925
Credit
Suisse
Group
AG,
144A
7.500%
N/A
(4)
BB+
6,929,778
8,750
Credit
Suisse
Group
AG,
144A
(5)
7.500%
N/A
(4)
BB+
8,665,125
10,229
Credit
Suisse
Group
AG,
144A
(3),(5)
7.250%
N/A
(4)
BB+
9,975,321
18,020
Deutsche
Bank
AG
(3)
6.000%
N/A
(4)
BB-
16,758,600
15,645
UBS
Group
AG
(3)
7.000%
N/A
(4)
BBB
15,938,657
15,780
UBS
Group
AG
(3)
6.875%
N/A
(4)
BBB
15,977,250
13,430
UBS
Group
AG,
144A
(3)
7.000%
N/A
(4)
BBB
13,648,238
2,800
UBS
Group
AG
5.125%
N/A
(4)
BBB
2,688,000
2,940
UBS
Group
AG,
144A
4.875%
N/A
(4)
BBB
2,690,100
3,755
UBS
Group
AG,
144A
3.875%
N/A
(4)
BBB
3,258,777
106,364
Total
Capital
Markets
104,145,691
Total
Contingent
Capital
Securities
(cost
$403,683,109)
388,300,009
Shares
Description
(1)
Coupon
Ratings
(2)
Value
X
274,543,964
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
30.0%
(19.1%
of
Total
Investments)
X
274,543,964
Banks
-
8.0%
(5.1%
of
Total
Investments)
63,000
Bank
of
America
Corp
4.375%
BBB+
$
1,157,940
93,724
CoBank
ACB
(5),(8)
6.200%
BBB+
9,747,296
127,675
CoBank
ACB
(8)
6.250%
BBB+
12,831,337
165,500
Farm
Credit
Bank
of
Texas
(3),(5),(8)
6.750%
Baa1
17,087,875
221,181
Fifth
Third
Bancorp
(3)
6.625%
Baa3
5,726,376
152,267
FNB
Corp/PA
(3)
7.250%
Ba1
3,911,739
138,275
KeyCorp
6.125%
Baa3
3,693,325
219,461
Regions
Financial
Corp
(3)
6.375%
Baa3
5,640,148
61,900
Regions
Financial
Corp
5.700%
Baa3
1,501,075
91,115
Synovus
Financial
Corp
5.875%
BB-
2,329,811
66,100
Truist
Financial
Corp
4.750%
Baa2
1,342,491
68,200
Wells
Fargo
&
Co
4.750%
Baa2
1,326,490
141,500
Western
Alliance
Bancorp
(3)
4.250%
Ba1
3,108,755
160,747
Wintrust
Financial
Corp
6.875%
BB
4,274,263
Total
Banks
73,678,921
Capital
Markets
-
3.7%
(2.4%
of
Total
Investments)
57,993
Goldman
Sachs
Group
Inc/The
5.500%
BB+
1,475,342
203,611
Morgan
Stanley
(5)
5.850%
Baa3
5,137,105
110,293
Morgan
Stanley
6.875%
Baa3
2,867,618
100,352
Morgan
Stanley
6.375%
Baa3
2,612,163
534,260
Morgan
Stanley
(3)
7.125%
Baa3
13,960,214
90,333
Stifel
Financial
Corp
(3)
6.125%
BB-
2,270,972
228,112
Stifel
Financial
Corp
(3)
6.250%
BB-
5,759,828
Total
Capital
Markets
34,083,242
Consumer
Finance
-
0.5%
(0.3%
of
Total
Investments)
84,573
Capital
One
Financial
Corp
(3)
5.000%
Baa3
1,757,427
132,414
Synchrony
Financial
(3)
5.625%
BB-
2,738,322
Total
Consumer
Finance
4,495,749
Nuveen
Preferred
&
Income
Opportunities
Fund
(continued)
Portfolio
of
Investments
April
30,
2022
(Unaudited)
6
JPC
Shares  
Description
(1)
Coupon
Ratings
(2)
Value
Diversified
Financial
Services
-
1.7%
(1.1%
of
Total
Investments)
74,600
AgriBank
FCB
(5),(8)
6.875%
BBB+
$
7,795,700
114,400
Equitable
Holdings
Inc
5.250%
BBB-
2,489,344
204,839
Voya
Financial
Inc
5.350%
BBB-
5,049,281
Total
Diversified
Financial
Services
15,334,325
Diversified
Telecommunication
Services
-
0.5%
(0.3%
of
Total
Investments)
52,800
AT&T
Inc
(3)
4.750%
BBB-
1,024,848
169,674
Qwest
Corp
6.750%
BBB-
3,807,485
Total
Diversified
Telecommunication
Services
4,832,333
Equity
Real
Estate
Investment
Trusts
(Reits)
-
1.0%
(0.6%
of
Total
Investments)
113,302
Pebblebrook
Hotel
Trust
6.375%
N/R
2,520,969
122,210
Pebblebrook
Hotel
Trust
5.700%
N/R
2,380,651
63,800
Summit
Hotel
Properties
Inc
5.875%
N/R
1,411,256
116,627
Sunstone
Hotel
Investors
Inc
6.125%
N/R
2,659,096
Total
Equity
Real
Estate
Investment
Trusts
(Reits)
8,971,972
Food
Products
-
2.9%
(1.9%
of
Total
Investments)
345,175
CHS
Inc
7.100%
N/R
9,129,879
334,672
CHS
Inc
6.750%
N/R
8,862,114
229,411
CHS
Inc
(3)
7.875%
N/R
6,297,332
23,900
Dairy
Farmers
of
America
Inc
(8),(9)
7.875%
BB+
2,407,925
Total
Food
Products
26,697,250
Insurance
-
8.0%
(5.1%
of
Total
Investments)
366,279
American
Equity
Investment
Life
Holding
Co
(5)
5.950%
BB
9,043,428
165,974
American
Equity
Investment
Life
Holding
Co
6.625%
BB
4,297,067
277,612
Argo
Group
US
Inc
(3)
6.500%
BBB-
6,837,583
357,481
Aspen
Insurance
Holdings
Ltd
5.950%
BB+
8,754,710
107,800
Aspen
Insurance
Holdings
Ltd
5.625%
BB+
2,510,662
82,800
Assurant
Inc
5.250%
BB+
1,810,008
236,052
Athene
Holding
Ltd
6.375%
BBB
6,227,052
411,533
Athene
Holding
Ltd
(3)
6.350%
BBB
10,473,515
63,400
Delphi
Financial
Group
Inc
(8),(9)
3.696%
BBB
1,299,700
365,346
Enstar
Group
Ltd
(3)
7.000%
BB+
9,389,392
219,645
Maiden
Holdings
North
America
Ltd
7.750%
N/R
4,480,758
157,800
Reinsurance
Group
of
America
Inc
(5)
5.750%
BBB+
4,080,708
113,445
Reinsurance
Group
of
America
Inc
(3),(5)
6.200%
BBB+
2,883,772
46,100
Selective
Insurance
Group
Inc
4.600%
BBB-
890,652
Total
Insurance
72,979,007
Multi-Utilities
-
0.1%
(0.1%
of
Total
Investments)
35,674
Algonquin
Power
&
Utilities
Corp
6.200%
BB+
913,254
Total
Multi-Utilities
913,254
Oil,
Gas
&
Consumable
Fuels
-
1.7%
(1.1%
of
Total
Investments)
60,200
Energy
Transfer
LP
7.600%
BB
1,456,840
235,591
NuStar
Energy
LP
7.625%
B2
5,055,783
212,148
NuStar
Energy
LP
7.592%
B2
5,091,552
156,195
NuStar
Logistics
LP
8.020%
B
3,950,171
Total
Oil,
Gas
&
Consumable
Fuels
15,554,346
Thrifts
&
Mortgage
Finance
-
1.2%
(0.7%
of
Total
Investments)
75,580
Federal
Agricultural
Mortgage
Corp
6.000%
N/R
1,987,754
337,570
New
York
Community
Bancorp
Inc
(3)
6.375%
Ba2
8,682,300
Total
Thrifts
&
Mortgage
Finance
10,670,054
7
Investments
in
Derivatives
Part
F
of
Form
N-PORT
was
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
in
conformity
with
the
applicable
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
related
to
interim
filings.
Part
F
of
Form
N-PORT
does
not
include
all
information
and
footnotes
required
by
U.S.
GAAP
for
complete
financial
statements.
Certain
footnote
disclosures
normally
included
in
financial
statements
prepared
in
accordance
with
U.S.
GAAP
have
been
condensed
or
omitted
from
this
report
pursuant
to
the
rules
of
the
SEC.
For
a
full
set
of
the
Fund’s
notes
to
financial
statements,
please
refer
to
the
Fund’s
most
recently
filed
annual
or
semi-annual
report.
Fair
Value
Measurements
Shares  
Description
(1)
Coupon
Ratings
(2)
Value
Trading
Companies
&
Distributors
-
0.5%
(0.3%
of
Total
Investments)
167,841
Air
Lease
Corp
6.150%
BB+
$
4,196,025
Total
Trading
Companies
&
Distributors
4,196,025
Wireless
Telecommunication
Services
-
0.2%
(0.1%
of
Total
Investments)
98,638
United
States
Cellular
Corp
6.250%
BB+
2,137,486
Total
Wireless
Telecommunication
Services
2,137,486
Total
$25
Par
(or
similar)
Retail
Preferred
(cost
$280,279,811)
274,543,964
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
X
12,909,272
CORPORATE
BONDS
-
1.4%
(0.9%
of
Total
Investments)
X
12,909,272
Banks
-
0.1%
(0.1%
of
Total
Investments)
$
1,180
Commerzbank
AG,
144A
8.125%
9/19/23
Baa3
$
1,228,142
Insurance
-
1.3%
(0.8%
of
Total
Investments)
2,575
Fidelis
Insurance
Holdings
Ltd,
144A
6.625%
4/01/41
BB+
2,589,162
7,117
Liberty
Mutual
Group
Inc,
144A
(3)
7.800%
3/15/37
Baa3
9,091,968
9,692
Total
Insurance
11,681,130
$
10,872
Total
Corporate
Bonds
(cost
$10,728,321)
12,909,272
Total
Long-Term
Investments
(cost
$1,452,572,937)
1,410,245,250
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
 3.2% (2.0%
of
Total
Investments)
X
28,817,957
REPURCHASE
AGREEMENTS
-
3.2%
(2.0%
of
Total
Investments)
X
28,817,957
$
28,818
Repurchase
Agreement
with
Fixed
Income
Clearing
Corporation,
dated
4/30/22,
repurchase
price
$28,817,957,
collateralized
by
$34,194,800,
U.S.
Treasury
Bond,
2.250%,
due
8/15/46,
value
$29,394,373
0.000%
5/02/22
$
28,817,957
Total
Short-Term
Investments
(cost
$28,817,957)
28,817,957
Total
Investments
(cost
$
1,481,390,894
)
-
157
.4
%
1,439,063,207
Borrowings
-
(47.4)%
(10),(11)
(
433,400,000
)
Reverse
Repurchase
Agreements,
including
accrued
interest
-
(11.2)%(12)
(
102,001,984
)
Other
Assets
Less
Liabilities
-
1.2%
(13)
10,664,594
Net
Assets
Applicable
to
Common
Shares
-
100%
$
914,325,817
Interest
Rate
Swaps
-
OTC
Uncleared
Counterparty
Notional
Amount
Fund
Pay/Receive
Floating
Rate
Floating
Rate
Index
FixedRate
Fixed
Rate
Payment
Frequency
Effective
Date
Optional
Maturity
Date
Value
Unrealized
Appreciation
(Depreciation)
Morgan
Stanley
Capital
Services,
LLC
$
277,500,000
Receive
1-Month
LIBOR
1.994%
Monthly
6/01/18
7/01/25
7/01/27
$
4,996,514
$
4,996,514
Morgan
Stanley
Capital
Services,
LLC
48,000,000
Receive
1-Month
LIBOR
2.364%
Monthly
6/01/18
7/01/25
7/01/28
326,917
326,917
Total
unrealized
appreciation
on
interest
rate
swaps
$
5,323,431
Nuveen
Preferred
&
Income
Opportunities
Fund
(continued)
Portfolio
of
Investments
April
30,
2022
(Unaudited)
8
JPC
The
Fund’s
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board
of
Directors/
Trustees.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
$1,000
Par
(or
similar)
Institutional
Preferred
$
–
$
734,492,005
$
–
$
734,492,005
Contingent
Capital
Securities
–
388,300,009
–
388,300,009
$25
Par
(or
similar)
Retail
Preferred
223,374,131
51,169,833
–
274,543,964
Corporate
Bonds
–
12,909,272
–
12,909,272
Short-Term
Investments:
Repurchase
Agreements
–
28,817,957
–
28,817,957
Investments
in
Derivatives:
Interest
Rate
Swaps*
–
5,323,431
–
5,323,431
Total
$
223,374,131
$
1,221,012,507
$
–
$
1,444,386,638
*
Represents
net
unrealized
appreciation
(depreciation).
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(2)
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
of
Standard
&
Poor’s
Group
(“Standard
&
Poor’s”),
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
or
Fitch,
Inc.
(“Fitch”)
rating.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Ratings
below
BBB
by
Standard
&
Poor’s,
Baa
by
Moody’s
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
(3)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
reverse
repurchase
agreements.
As
of
the
end
of
the
reporting
period,
investments
with
a
value
of
$312,594,796
have
been
pledged
as
collateral
for
reverse
repurchase
agreements.
(4)
Perpetual
security.
Maturity
date
is
not
applicable.
(5)
Investment,
or
portion
of
investment,
is
hypothecated.
The
total
value
of
investments
hypothecated
as
of
the
end
of
the
reporting
period
was
$334,134,589.
(6)
Variable
rate
security.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(7)
Contingent
Capital
Securities
(“CoCos”)
are
hybrid
securities
with
loss
absorption
characteristics
built
into
the
terms
of
the
security
for
the
benefit
of
the
issuer.
For
example,
the
terms
may
specify
an
automatic
write-down
of
principal
or
a
mandatory
conversion
into
the
issuer’s
common
stock
under
certain
adverse
circumstances,
such
as
the
issuer’s
capital
ratio
falling
below
a
specified
level.
(8)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
2.
(9)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(10)
Borrowings
as
a
percentage
of
Total
investments
is
30.1%.
(11)
The
Fund
may
pledge
up
to
100%
of
its
eligible
investments
(excluding
any
investments
separately
pledged
as
collateral
for
specific
investments
in
derivatives,
when
applicable)
in
the
Portfolio
of
Investments
as
collateral
for
borrowings.
As
of
the
end
of
the
reporting
period,
investments
with
a
value
of
$948,057,774
have
been
pledged
as
collateral
for
borrowings.
(12)
Reverse
Repurchase
Agreements,
including
accrued
interest
as
a
percentage
of
Total
investments
is
7.1%.
(13)
Other
assets
less
liabilities
includes
the
unrealized
appreciation
(depreciation)
of
certain
over-the-counter
("OTC")
derivatives
as
well
as
the
OTC
cleared
and
exchange-traded
derivatives,
when
applicable.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
LIBOR
London
Inter-Bank
Offered
Rate
N/A
Not
Applicable.
Reg
S
Regulation
S
allows
U.S.
companies
to
sell
securities
to
persons
or
entities
located
outside
of
the
United
States
without
registering
those
securities
with
the
Securities
and
Exchange
Commission.
Specifically,
Regulation
S
provides
a
safe
harbor
from
the
registration
requirements
of
the
Securities
Act
for
the
offers
and
sales
of
securities
by
both
foreign
and
domestic
issuers
that
are
made
outside
the
United
States.