NPORT-EX 1 JPI.htm
JPI
Nuveen Preferred and Income Term Fund
Portfolio of Investments    April 30, 2019
(Unaudited)
Principal
Amount (000)/
Shares 
  Description (1) Coupon Maturity Ratings (2) Value
    LONG-TERM INVESTMENTS – 146.7% (99.8% of Total Investments)        
    $1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 69.2% (47.1% of Total Investments)        
    Automobiles  –  1.7%        
$9,783   General Motors Financial Co Inc, (3) 5.750% N/A (4) BB+ $9,147,105
    Banks  –  26.1%        
7,365   Bank of America Corp 6.300% N/A (4) BBB- 8,046,262
3,560   Bank of America Corp 6.100% N/A (4) BBB- 3,818,100
1,210   Bank of America Corp 6.250% N/A (4) BBB- 1,303,775
7,165   Bank of America Corp 6.500% N/A (4) BBB- 7,847,896
4,000   Barclays Bank PLC, 144A, (5) 10.179% 6/12/21 A- 4,523,954
3,775   BNP Paribas SA, 144A 7.195% N/A (4) BBB 4,001,500
6,815   Citigroup Inc 6.125% N/A (4) BB+ 7,045,006
7,260   Citigroup Inc, (3) 5.875% N/A (4) BB+ 7,359,825
3,655   Citigroup Inc, (5) 5.950% N/A (4) BB+ 3,828,613
5,895   Citigroup Inc 6.250% N/A (4) BB+ 6,315,019
3,610   Citizens Financial Group Inc 5.500% N/A (4) BB+ 3,628,050
3,065   Commerzbank AG, 144A, (5) 8.125% 9/19/23 BBB 3,507,671
1,230   First Union Capital II, (5) 7.950% 11/15/29 Baa1 1,563,777
3,496   HSBC Capital Funding Dollar 1 LP, 144A 10.176% N/A (4) BBB+ 5,235,260
17,314   JPMorgan Chase & Co, (3) 6.750% N/A (4) BBB 19,180,622
1,116   JPMorgan Chase & Co, (3-Month LIBOR reference rate + 3.470% spread ), (6) 6.053% N/A (4) BBB 1,121,881
7,770   JPMorgan Chase & Co 5.300% N/A (4) BBB 7,907,529
2,020   KeyCorp 5.000% N/A (4) BB+ 2,004,850
1,905   Lloyds Bank PLC, 144A 12.000% N/A (4) BB+ 2,292,668
1,820   M&T Bank Corp 6.450% N/A (4) BBB- 1,945,125
3,495   M&T Bank Corp 5.125% N/A (4) BB+ 3,547,425
2,770   PNC Financial Services Group Inc/The 6.750% N/A (4) BBB- 2,946,588
4,995   PNC Financial Services Group Inc/The 5.000% N/A (4) BBB- 5,007,487
3,071   Royal Bank of Scotland Group PLC 7.648% N/A (4) BB- 3,887,456
2,980   SunTrust Banks Inc 5.050% N/A (4) BB+ 2,946,475
3,795   Wachovia Capital Trust III 5.570% N/A (4) BBB- 3,772,496
5,541   Wells Fargo & Co, (3-Month LIBOR reference rate + 3.770% spread), (5), (6) 6.381% N/A (4) BBB- 5,568,705
11,018   Wells Fargo & Co, (3) 5.875% N/A (4) BBB- 11,899,440
1

JPI Nuveen Preferred and Income Term Fund (continued)
  Portfolio of Investments April 30, 2019
  (Unaudited)
Principal
Amount (000)/
Shares 
  Description (1) Coupon Maturity Ratings (2) Value
    Banks (continued)        
$2,256   Wells Fargo & Co 5.900% N/A (4) BBB- $2,343,984
    Total Banks       144,397,439
    Capital Markets  –  3.1%        
1,800   Bank of New York Mellon Corp/The 4.950% N/A (4) BBB 1,824,750
5,600   Goldman Sachs Group Inc/The 5.300% N/A (4) BB+ 5,796,000
8,985   Goldman Sachs Group Inc/The 5.375% N/A (4) BB+ 9,194,081
600   State Street Corp 5.250% N/A (4) BBB 612,000
    Total Capital Markets       17,426,831
    Commercial Services & Supplies  –  1.5%        
0   AerCap Global Aviation Trust, 144A, (5) 6.500% 6/15/45 Ba1 0
5,995   AerCap Global Aviation Trust, 144A 6.500% 6/15/45 Ba1 6,114,900
2,765   ILFC E-Capital Trust II, 144A, (5) 4.850% 12/21/65 Ba1 2,129,050
    Total Commercial Services & Supplies       8,243,950
    Consumer Finance  –  2.7%        
3,110   American Express Co 5.200% N/A (4) BB+ 3,113,888
3,190   American Express Co 4.900% N/A (4) BB+ 3,199,793
4,450   Capital One Financial Corp, (3) 5.550% N/A (4) BB 4,533,438
4,135   Discover Financial Services 5.500% N/A (4) BB- 4,005,781
    Total Consumer Finance       14,852,900
    Diversified Financial Services  –  3.9%        
765   Citigroup Inc 5.950% N/A (4) BB+ 794,070
14   Compeer Financial ACA, 144A 6.750% N/A (4) BB+ 14,419,250
2,392   Cooperatieve Rabobank UA, 144A 11.000% N/A (4) BBB 2,421,449
3,567   Voya Financial Inc, (5) 6.125% N/A (4) BB+ 3,709,680
    Total Diversified Financial Services       21,344,449
    Electric Utilities  –  2.5%        
1,240   AES Gener SA, 144A 7.125% 3/26/79 BB 1,298,590
2,370   Electricite de France SA, 144A 5.250% N/A (4) BB 2,405,550
9,525   Emera Inc, (5) 6.750% 6/15/76 BBB- 10,247,662
    Total Electric Utilities       13,951,802
    Equity Real Estate Investment Trust  –  2.4%        
12   Sovereign Real Estate Investment Trust, 144A 12.000% N/A (4) BB+ 13,343,330
    Food & Staples Retailing  –  0.2%        
1,150   Land O'Lakes Capital Trust I, 144A, (5) 7.450% 3/15/28 Ba1 1,244,875
    Food Products  –  4.3%        
2,360   Dairy Farmers of America Inc, 144A, (3) 7.125% N/A (4) BB+ 2,206,600
3,275   Land O' Lakes Inc, 144A 7.250% N/A (4) BB 3,201,312
2

Principal
Amount (000)/
Shares 
  Description (1) Coupon Maturity Ratings (2) Value
    Food Products (continued)        
$11,020   Land O' Lakes Inc, 144A 8.000% N/A (4) BB $11,323,050
7,068   Land O' Lakes Inc, 144A 7.000% N/A (4) BB 6,838,290
    Total Food Products       23,569,252
    Industrial Conglomerates  –  3.9%        
22,622   General Electric Co, (3) 5.000% N/A (4) BBB- 21,413,307
    Insurance  –  13.6%        
2,420   Aegon NV, (5) 5.500% 4/11/48 Baa1 2,474,450
4,315   American International Group Inc, (5) 5.750% 4/01/48 Baa2 4,361,904
8,600   Assurant Inc, (5) 7.000% 3/27/48 BB+ 8,772,000
20,060   Assured Guaranty Municipal Holdings Inc, 144A, (5) 6.400% 12/15/66 BBB+ 19,934,625
5,030   MetLife Inc, 144A, (5) 9.250% 4/08/38 BBB 6,891,100
1,740   MetLife Inc, (5) 5.875% N/A (4) BBB 1,813,950
1,220   MetLife Inc 5.250% N/A (4) BBB 1,234,896
7,399   Provident Financing Trust I, (5) 7.405% 3/15/38 Baa3 7,879,935
2,275   Prudential Financial Inc, (5) 5.875% 9/15/42 BBB 2,416,050
12,260   QBE Insurance Group Ltd, 144A, (5) 7.500% 11/24/43 Baa1 13,332,750
1,925   QBE Insurance Group Ltd, Reg S 6.750% 12/02/44 BBB 2,071,781
3,800   Swiss Re Finance Luxembourg SA, 144A 5.000% 4/02/49 A 3,919,214
    Total Insurance       75,102,655
    Metals & Mining  –  0.7%        
2,290   BHP Billiton Finance USA Ltd, 144A, (5) 6.250% 10/19/75 BBB+ 2,393,737
1,395   BHP Billiton Finance USA Ltd, 144A, (5) 6.750% 10/19/75 BBB+ 1,569,375
    Total Metals & Mining       3,963,112
    Multi-Utilities  –  1.4%        
4,720   CenterPoint Energy Inc, (3) 6.125% N/A (4) BB+ 4,820,064
2,815   NiSource Inc 5.650% N/A (4) BB+ 2,825,472
    Total Multi-Utilities       7,645,536
    U.S. Agency  –  0.4%        
1,180   Farm Credit Bank of Texas, 144A 6.200% N/A (4) BBB 1,195,164
1   Farm Credit Bank of Texas, (3) 10.000% N/A (4) Baa1 846,000
    Total U.S. Agency       2,041,164
    Wireless Telecommunication Services  –  0.8%        
4,255   Vodafone Group PLC 7.000% 4/04/79 BBB- 4,470,112
    Total $1,000 Par (or similar) Institutional Preferred (cost $369,964,188)       382,157,819
    
3

JPI Nuveen Preferred and Income Term Fund (continued)
  Portfolio of Investments April 30, 2019
  (Unaudited)
Principal
Amount (000)
  Description (1) Coupon Maturity Ratings (2) Value
    CONTINGENT CAPITAL SECURITIES – 43.8% (29.8% of Total Investments) (7)        
    Banks – 36.8%        
$3,750   Australia & New Zealand Banking Group Ltd/United Kingdom, 144A 6.750% N/A (4) BB+ $4,064,062
10,990   Banco Bilbao Vizcaya Argentaria SA 6.125% N/A (4) BB 10,014,637
1,110   Banco Mercantil del Norte SA/Grand Cayman, 144A 7.625% N/A (4) BB 1,152,180
6,560   Barclays PLC 7.750% N/A (4) B+ 6,781,400
11,980   Barclays PLC, Reg S 7.875% N/A (4) B+ 12,623,925
2,205   BNP Paribas SA, 144A 6.625% N/A (4) BBB- 2,249,100
8,015   BNP Paribas SA, 144A 7.375% N/A (4) BBB- 8,666,219
1,495   BNP Paribas SA, 144A 6.750% N/A (4) BBB- 1,545,456
8,335   Credit Agricole SA, 144A 7.875% N/A (4) BBB- 9,052,960
15,169   Credit Agricole SA, 144A, (3) 8.125% N/A (4) BBB- 17,271,575
4,586   HSBC Holdings PLC 6.375% N/A (4) BBB 4,780,905
1,960   HSBC Holdings PLC 6.375% N/A (4) BBB 2,011,450
4,890   ING Groep NV 6.500% N/A (4) BB 4,937,433
1,000   ING Groep NV, Reg S 6.875% N/A (4) Ba1 1,042,360
7,644   Intesa Sanpaolo SpA, 144A, (5) 7.700% N/A (4) BB- 7,486,381
19,545   Lloyds Banking Group PLC, (5) 7.500% N/A (4) BB+ 20,522,250
1,565   Lloyds Banking Group PLC 7.500% N/A (4) BB+ 1,624,079
3,335   Nordea Bank Abp, 144A 6.625% N/A (4) BBB 3,410,038
1,055   Nordea Bank Abp, 144A 6.125% N/A (4) BBB 1,041,813
1,966   Royal Bank of Scotland Group PLC 7.500% N/A (4) B+ 2,022,523
7,579   Royal Bank of Scotland Group PLC 8.000% N/A (4) B+ 8,251,636
6,225   Royal Bank of Scotland Group PLC 8.625% N/A (4) B+ 6,691,875
8,403   Societe Generale SA, 144A 7.875% N/A (4) BB+ 8,865,165
6,205   Societe Generale SA, 144A 6.750% N/A (4) BB+ 6,018,850
2,495   Societe Generale SA, 144A 7.375% N/A (4) BB+ 2,594,800
7,300   Societe Generale SA, 144A 8.000% N/A (4) BB+ 7,911,375
5,470   Standard Chartered PLC, 144A 7.500% N/A (4) BB+ 5,769,138
8,185   Standard Chartered PLC, 144A 7.750% N/A (4) BB+ 8,727,256
16,727   UBS Group Funding Switzerland AG, Reg S 7.000% N/A (4) BB+ 17,960,616
8,505   UniCredit SpA, Reg S 8.000% N/A (4) B+ 8,186,062
194,249   Total Banks       203,277,519
    Capital Markets – 7.0%        
10,887   Credit Suisse Group AG, 144A, (3) 7.500% N/A (4) BB 11,662,699
6,790   Credit Suisse Group AG, 144A, (5) 7.500% N/A (4) BB 7,121,013
8,021   Credit Suisse Group AG, 144A 7.250% N/A (4) BB- 8,337,829
3,050   Macquarie Bank Ltd/London, 144A 6.125% N/A (4) BB 2,908,938
3,535   UBS Group Funding Switzerland AG, 144A, (5) 7.000% N/A (4) BB 3,685,131
4

Principal
Amount (000)
  Description (1) Coupon Maturity Ratings (2) Value
    Capital Markets (continued)        
$4,515   UBS Group Funding Switzerland AG, Reg S 6.875% N/A (4) BB $4,664,487
36,798   Total Capital Markets       38,380,097
$231,047   Total Contingent Capital Securities (cost $238,676,364)       241,657,616
    
Shares   Description (1) Coupon   Ratings (2) Value
    $25 PAR (OR SIMILAR) RETAIL PREFERRED – 33.7% (22.9% of Total Investments)        
    Banks – 7.7%        
38,889   Citigroup Inc, (3) 7.125%   BB+ $1,077,614
162,500   CoBank ACB, (8) 6.250%   BBB+ 16,859,375
62,728   CoBank ACB, (3), (8) 6.200%   BBB+ 6,391,983
149,726   Fifth Third Bancorp, (3) 6.625%   Baa3 4,301,628
154,612   Huntington Bancshares Inc/OH, (3) 6.250%   Baa3 4,023,004
54,100   KeyCorp 6.125%   Baa3 1,476,389
4,600   PNC Financial Services Group Inc/The 6.125%   Baa2 122,406
221,878   Regions Financial Corp, (3) 6.375%   BB+ 6,163,771
80,200   Regions Financial Corp, (8) 5.700%   BB+ 2,037,080
    Total Banks       42,453,250
    Capital Markets – 4.4%        
54,600   Goldman Sachs Group Inc/The 5.500%   Ba1 1,419,600
160,656   Morgan Stanley, (3) 7.125%   BB+ 4,458,204
227,700   Morgan Stanley, (3) 6.875%   BB+ 6,275,412
204,000   Morgan Stanley, (3) 5.850%   BB+ 5,357,040
164,900   Morgan Stanley, (3) 6.375%   BB+ 4,463,843
38,800   Northern Trust Corp, (3) 5.850%   BBB+ 987,460
54,750   State Street Corp, (3) 5.350%   Baa1 1,408,170
    Total Capital Markets       24,369,729
    Consumer Finance – 0.9%        
185,926   GMAC Capital Trust I, (5) 8.469%   B1 4,889,854
    Diversified Financial Services – 1.9%        
98,900   AgriBank FCB, (8) 6.875%   BBB+ 10,569,938
    Food Products – 3.4%        
185,400   CHS Inc, (3) 7.875%   N/R 5,079,960
166,429   CHS Inc 7.100%   N/R 4,368,761
187,941   CHS Inc, (3) 6.750%   N/R 4,886,466
24,000   Dairy Farmers of America Inc, 144A, (8) 7.875%   BB+ 2,393,088
20,500   Dairy Farmers of America Inc, 144A, (8) 7.875%   BB+ 2,050,000
    Total Food Products       18,778,275
    Insurance – 7.0%        
357,643   Aspen Insurance Holdings Ltd, (3) 5.950%   BBB- 9,434,623
5

JPI Nuveen Preferred and Income Term Fund (continued)
  Portfolio of Investments April 30, 2019
  (Unaudited)
Shares   Description (1) Coupon   Ratings (2) Value
    Insurance (continued)        
62,000   Aspen Insurance Holdings Ltd, (3) 5.625%   BBB- $1,543,180
108,900   Axis Capital Holdings Ltd, (3) 5.500%   BBB 2,671,317
70,700   Delphi Financial Group Inc, (5), (8) 5.874%   BBB- 1,590,750
119,500   Enstar Group Ltd, (5) 7.000%   BB+ 3,089,075
295,125   Kemper Corp, (5) 7.375%   Ba1 7,546,346
163,333   Maiden Holdings North America Ltd, (5) 7.750%   N/R 3,331,993
62,847   Reinsurance Group of America Inc, (5) 6.200%   BBB+ 1,682,414
200,600   Reinsurance Group of America Inc, (3), (5) 5.750%   BBB+ 5,422,218
74,800   Torchmark Corp, (3) 6.125%   BBB+ 1,986,688
    Total Insurance       38,298,604
    Mortgage Real Estate Investment Trust – 0.5%        
114,600   Wells Fargo REIT, (3) 6.375%   BBB 2,955,534
    Oil, Gas & Consumable Fuels – 1.5%        
84,700   NuStar Energy LP, (3) 8.500%   B1 1,987,062
40,000   NuStar Energy LP 7.625%   B1 825,600
206,369   NuStar Logistics LP, (5) 9.310%   B1 5,214,945
    Total Oil, Gas & Consumable Fuels       8,027,607
    Thrifts & Mortgage Finance – 2.6%        
145,808   Federal Agricultural Mortgage Corp, (3) 6.000%   N/R 4,041,798
100,642   Federal Agricultural Mortgage Corp, (3) 6.875%   N/R 2,607,634
293,887   New York Community Bancorp Inc, (3) 6.375%   Ba1 7,802,700
    Total Thrifts & Mortgage Finance       14,452,132
    Trading Companies & Distributors – 0.4%        
90,700   Air Lease Corp, (5) 6.150%   BB+ 2,380,875
    U.S. Agency – 3.4%        
177,100   Farm Credit Bank of Texas, 144A, (5), (8) 6.750%   Baa1 18,684,050
    Total $25 Par (or similar) Retail Preferred (cost $180,358,207)       185,859,848
    Total Long-Term Investments (cost $788,998,759)       809,675,283
    
6

Principal Amount (000)   Description (1) Coupon Maturity   Value
    SHORT-TERM INVESTMENTS – 0.3% (0.2% of Total Investments)        
    REPURCHASE AGREEMENTS – 0.3%        
$1,819   Repurchase Agreement with Fixed Income Clearing Corporation, dated 4/30/19, repurchase price $1,818,761, collateralized by $1,920,000 U.S. Treasury Notes, 1.375%, due 6/30/23, value $1,858,182 1.200% 5/01/19   $1,818,700
    Total Short-Term Investments (cost $1,818,700)       1,818,700
    Total Investments (cost $790,817,459) – 147.0%       811,493,983
    Borrowings – (38.0)% (9), (10)       (210,000,000)
    Reverse Repurchase Agreements – (10.9)% (11)       (60,000,000)
    Other Assets Less Liabilities – 1.9% (12)       10,667,584
    Net Assets Applicable to Common Shares – 100%       $552,161,567
Investments in Derivatives
Interest Rate Swaps - OTC Uncleared            
Counterparty Notional
Amount
Fund
Pay/Receive
Floating Rate
Floating Rate Index Fixed Rate
(Annualized)
Fixed Rate
Payment
Frequency
Effective
Date(13)
Optional
Termination
Date
Termination
Date
Value Unrealized
Appreciation
(Depreciation)
Morgan Stanley Capital Services, LLC $112,000,000 Receive 1-Month LIBOR 1.928% Monthly 6/01/18 3/01/23 3/01/24 $736,740 $736,740
Morgan Stanley Capital Services, LLC 45,000,000 Receive 1-Month LIBOR 2.333 Monthly 7/01/19 10/01/23 7/01/24 (447,321) (447,321)
Total $157,000,000               $289,419 $289,419
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
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1  –     Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2  –     Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3  –     Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
7

JPI Nuveen Preferred and Income Term Fund (continued)
  Portfolio of Investments April 30, 2019
  (Unaudited)
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
  Level 1 Level 2 Level 3 Total
Long-Term Investments:        
$1,000 Par (or similar) Institutional Preferred $ — $382,157,819 $ — $382,157,819
Contingent Capital Securities  — 241,657,616  — 241,657,616
$25 Par (or similar) Retail Preferred 125,283,584 60,576,264  — 185,859,848
Short-Term Investments:        
Repurchase Agreements  — 1,818,700  — 1,818,700
Investments in Derivatives:        
Interest Rate Swaps*  — 289,419  — 289,419
Total $125,283,584 $686,499,818 $ — $811,783,402
    
* 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, is hypothecated. The total value of investments hypothecated as of the end of the reporting period was $171,397,482.  
(4) Perpetual security. Maturity date is not applicable.  
(5) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in reverse repurchase agreements. As of the end of the reporting period, investments with a value of $152,168,432 have been pledged as collateral for reverse repurchase agreements.  
(6) Variable rate security. The rate shown is the coupon as of the end of the reporting period.  
(7) Contingent Capital Securities (“CoCos”) are hybrid securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer. For example, the terms may specify an automatic write-down of principal or a mandatory conversion into the 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) Borrowings as a percentage of Total Investments is 25.9%.  
(10) The Fund may pledge up to 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings. As of the end of the reporting period, investments with a value of $484,435,660 have been pledged as collateral for borrowings.  
(11) Reverse Repurchase Agreements as a percentage of Total Investments is 7.4%.  
(12) Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as well as the unrealized appreciation (depreciation) of OTC cleared and exchange-traded derivatives, when applicable.  
(13) Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract.  
144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.  
LIBOR London Inter-Bank Offered Rate  
N/A Not applicable  
Reg S Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States.  
REIT Real Estate Investment Trust  
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